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5
.
1
I
finanrial
ommenria
INCLUDING
& Quotation
Sank
Railway
Section
Industrial Section
SATURDAY. AUGUST
111.
^be ©hronicle
of Subscription
$6 30
.176 00
100 00
S
612,989,872
Chlcago
CLEARING HOUSE RETURNS.
table, made up by telegraph. &c.. Indicates that the total bank
clearings of all the clearing houses in the United States for the week ending to-day
—Returns hy Telegraph.
1920.
1919.
$3,421,968,275
33,749.013,273
5 16, 026 ..390
364,197.090
291,971,090
14.
809,664,006
712,008,980
+ 6.1
108.840,207
27,975,000
32,841,621
21,814,334
10,981,165
94,999,402
25,043,000
22.810,344
13,198,323
11,726.609
6.500,000
2.969,359
4,998,468
3,320,399
1,842,847
1,048.899
1.812.875
1,671.931
996,520
558,367
14,656,500
14,191,275
Peoria
5,944.499
4,9.57.257
Grand Rapids
Dayton
Evansvilie
8,035.403'
4.723,740'
4,707.6.53
Springfield, 111...
4,025,911
8.974,000:
1,898.981
6,961,191
4,628,304
4,769,448
2,892,635
10,010,000
1.787.961
1,100.000
2.216,301
4,373,552
1,828,224
1,623,116
1,504,829
4,215,434
1.610.484
Fort Wayne
Lexington
Rockford
1,275,000
2,500,000
._
Yoimgstown
4,3.55,882
1.777,487
1.751.961
1,555,716
5.1.54.385
New York
Chicago
502,41.5.606
Philadelphia
Boston.. Kansas City
St. Louis
San Francisco
Pittsburgh
.
.
.
.
_
.
390,142.170
272,619,677
200,592,239
132.693.977
125,600 000
134,197,008
*115,000,000
81,877,331
61,075,442
.-
.......
Baltimore.
New Orleans
.
Total
all cities,
1
Danville
Lima
Owensboro
Jacksonville,
Ann .Arbor
Ill_.
Adrian
238,1.53,734
148,582,897
136.088.132
116,597,725
100,401,213
74,237,916
51,482,509
Portland
—8.8
—2.6
+7
1
— 6.6
—15.8
— 10.7
—7.7
15,1
^-14.
-f
-1-10.3
-f
18.6
$5,4.38.181.725
1,100.442,276
5 days
day
$5,786,751,960
1.015,546.261
—6.0
86.538,624.001
1.275,293,371
Eleven cities, 5 days
Other cities, 5 days
All cities,
M.anslield
Seattle __
Cent.
$6,802,298,230
1,379.529,790
—3.9
—7.6
-f 8.3
Lake City...
Spokane
Salt
Tacoma
Oakland
Sacramento
San Diego
Pasadena
all cities for
week
_
S7. 813, 917. 372
.S8,
181.828.020
—4.5
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
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Aug. 7 show:
full details of
2,869,992,
San Jose
Yakima
Reno
Long Beach
Santa Barbara
Total Pacific.
Clearings at
Week ending August
—
7.
1920.
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wllkes-Barre
Wheeling
Trenton
York
Erie
Cheater
Lancaster
Altoona
Greensburg
Blnghamton
Montdalr
Bethlehem.
Huntington
1919.
S
S
4,516.501,460 4,757,400,921
461,384,731
411.438,642
173,413.850
125.631,519
106,858,269
93,675,173
46,714.314
36.816,.500
4,000.000
4,994,774
17.569.228
15,614,242
11,1.55.415
8,715.8.58
4,995,796
5,232,946
2,500.000
3,139,936
4,405,207
3.990.207
2,381,724
4.035,288
3.194,7.57
2. .500 .000
5,531,831
4,190.636
1.420,192
2,803,673
1,415,:?24
2,600,000
1,203,991
1,491„547
1.393,900
480,108
5.078,874
2,004.220
New Haven
PortlatKl
Springfield
Worcester. .
Pall River..
New
Bedford...
Lowell
Holyoke
Bangor
Total
NewFnc
344,761,077
13,022,100
12,638,311
7,000.000
3,000,000
4.692,474
4,.5*0,269
2,251,613
1.700.961
1,218,000
960,000
835,571
396.620.376l
Dec.
%
—5.1
4-12.1
-f38.0
-H4.1
4-26.6
—19.9
-f
-f
12.5
28.0
+ 13.4
+ 30.9
+ 5,0
—22.2
+ 27.8
+ 13.4
+ 45.7
+ 5.7
+ 30.4
+ 9.7
4,876,417
2,875,051
1.344,303
2,149,120
1,290,793
—0.2
2,604,195
969,159 + 24.1
760,000 + 90.3
1,222,700 + 14.0
414.329 + 17.6
Not included In tot.-il
Not Included In total
Total Middle.. 5,339,197,904 5,490,113,122
Boston
Providence
Hartford
Omaha
337,034.169
10,454,700
9,625,279
5,954,235
2,600.000
4,190,59S
4,417,845
2,493,662
1,716,177
1,090,.513
800.000
689,473
381.066.581
—2.7
+ 2.3
+ 24.6
+ 31.4
+ 17.7
+ 15.4
+ 12.0
+ 2.8
—9.7
—0.9
+ 11.7
+ 20.0
+ 21.2
+ 4.1
1918.
1917.
S
S
3,050,814,4.56 3,485,448,706
351.333,507
300,571.271
115,607,9.50
66,566,427
68,953,912
40, 7 24, .503
19 282 278
24,130,464
4,470,611
4,563,007
13,624,712
10,298.515
7,148,696
5,609,425
3,724,104
3.054..501
3,797,958
4,004.695
2.393,270
2.216,325
4,176,965
3, 285. .575
2,223,020
1,984,621
3,380,994
3,702,087
2, .560 ,995
2,068,734
1,106,716
1.343,717
1 769 733
2,130,877
1 261 975
2,317,260
1,231,488
1,820, .530
704,286
719,497
800,760
893,100
329,317
800.000
936,300
431,70r.
3,667,915,418 3,962.464,188
280,795,461
10,317,800
7,581,7.59
4,889.631
2,592,788
3,8.54.735
3,499,424
1,921,802
1,463,429
1,321,810
760,000
603,781
319,602.510
Paul
Denver
Jcseph
Des Moines
1,1,50,000
1,283,051
773,342
1,159,723
211,659.320
8.530,200
7,894,102
4.495,071
2,296,747
3,437,491
3,221,493
1,631.787
1,466,080
l.n3O,.S0fl
711,098
609,661
247,017.516
+ 3.4
+22.3
+ 14.5
+ 89.0
+ 20.5
+ 9.6
—13.7
—15.1
+30.0
—22.5
+ 56.4
—12.0
+ 20.3
—1.8
+ 0.6
+ 7.8
+ 11.6
+ 18.3
+ 43.5
+ 33.8
+ 138.2
+ 5.4
+ 23.9
+ 9.8
+ 20.0
+ 54.4
4,136 ,698
4,247 ,224|
2.869 ,032
5.290 .000
1.466 .147
800 ,000
1,904 ,381
3,482 ,3.50
1,504 ,688
1,246 ,288
1.008 .665
1,466 .159
1,463 .391
1,066 .735
1,009 ,485
.525 ,290
720 ,000
'741 ,238
1,050 ,000
6. 844. .548
4,655,297
6.007,507
4.010,081
2,283,857
812,445
2.132.480
2,337.104
1,228.023
712,046
472,500
1.005,722
•
4,50,000
795,918
361,898,226
316,413,384
+ 14,4
234,953,937
194,743,261
265.812.816
40.050.511
59,814,466
18,958,834
24,920,127
—12.7
204.27o..561
—15.3
+ 88.3
+ 106.2
26.443,646
56.440.957
14.183,316
—18.6
—26.4
21.531.9.30
151,217,516
21,662,771
30,438,394
11,478,014
14,249,061
14,886,661
18,882,071
11.483,413
10,366,399
16,138,905
6.175,093
3.960,879
+
3.5
-21.3
—8.1
17,091,669
9.476 .968
7.672.858
12„391,139
3.822.110
4.100.000
4.166.071
2.102.783
826,623
833,493
1,642,177
7.568..587
1,918,236
1.947.746
1.675 .,8.54
937.315
948.971
1,202.707
1.2S3.776
—6.3
1.086.973
6.492,461
7,.59 1,998
3,799,265
3.864,527
3.605,837
2,596,685
933,351
659,382
1,526,659
2,624,367
1,727,860
933.502
614,419
442.339
1.168.437
501,040.920
498,949,2791
+0.4
394,387,107
290,083,193
148,483.194
Wichita
Duluth
Topeka
—
Cedar Rapids
Colorado Springs
Pueblo
Fargo
Waterloo
Helena
Aberdeen
Fremont
..
Billings
Tot. Oth. West.
St,
+7.9
4, .524 ,764'
5,556 ,999;
912,.5.58
Sioux City
Hastings
142,593,646
47,022.000
39,347,901
27.809,514
14,208.508
10,750,607
4,444,823
9,339.704
5,492,919
2,000,000
—4.0
—2.8
2,021,430
1.510,3.56
6,416,000
2,693.196
3,922,493
3.722,749
2,451,269
1,978.717
1,357,407
1,236,044
480,000
400.000
2,875.339
1.862.700
913.641 Not incbid''d in total
160,427,587
55.401.958
15.351.149
18.788.887
10.847.600
52,721.158
—7.4
1.50,318.440
125,622.1,37
+ 10.2
+ 82.1
+ 46.5
41.545.618
21,035.984
13,900,000
29.924.778
19.302.522
9.600,000
3.000,000
26.236.627
8,1.58,1.32
Lincoln
Inc. or
New York
17. ,342 ,000
232,119.876
75,421,667
50,641 „546
39,089,780
20,292,527
13.901,773
11.881,802
Kansas City
St.
151,300,000
73„569,000
34.644.185
33.455.643
14.000,145
10.817.780
4,790,766
6.500.000
Stockton
Fresno
St.
Partly estimated.
The
1.633.810
2,171,912
1,546,616
847,014
1,000,823
620,191
1,820,000
806,685
711,251
237.456
10.426.777l
Minneapolis
Total
«
39,903,88.^
+6.7
14.398. 24ll
San Francisco
Los Angeles
Per
.8
438,170,499
Tot.Mld.West. 1,067,644,924 1,000,672,281
Toledo
26,715,125
last year.
Week ending August
Detroit
week and $8,181,828,020 the
S
494,125, 284
57,627, 686
81,753 ,8,50
62,237 ,613
25,014 ,.521
17,345 ,000
11,787 ,400
11,251 ,.565
780 .328
299 ,359
325 ,866
30,000,000
20.106,000
15,257,000
Lansing
The following
t
—0.7'
+ 22.6
+ 30.5
+ 18.2
+ 12.3
+ 15.9,
+ 4.ll
+ 1.5|
+ 19.9
-H5.4
+ 2.1
—1.3;
+ 39.5
—10.3
+ 6.2
+ 15.8
+ 12.8
+ 42.4
+ 144.3
90,8,80,569
Columbus
Indianapolis
South Bend
Clearinus
%
617,614,508
54,851,037
95,806,599
1917.
1918.
730,494
1,400,000
1,040,700
499,871
98,761
Milwaukee
Canton
Bloomington
DANA
Dec.
67,898,302
60,310,965
23,941,477
13,840,000
9,812,300
9,444,699
5,097,182
4,429,654
3,082,544
2,839.400
2,502,728
5,412,000
1,331,720
530.000
1.646,797
2,904,889
1,144,084
945,180
1,329,244
3,403,292
1,227,076
1.040,189
779,498
559,268
600.000
784,823
1,124,879
525,145
365,916
81,945
Cleveland
Detroit
Springfield, Ohio.
COMPANY, PresiPublished everylSaturday morulng by WILLIAM B.
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Rlgga; Secretary, Herbert D. Selbert. Addresses of all, Office of the Company.
I
I
67,261,464'
125, 064 ,.300
114.481,6711
Cincinnati
Quiney
Decatur
IK^IIililAm B. DANA CORIPAIVY, Publishers,
Front. Pine and Depeyuter Sts.. Hew York.
last
1919.
Akron
— Per Inch Space
Transient matter per inch space (14 agate lines) for each insertion
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per inch
CHICAGO Office— 19 South La salle Street, Telephone State 5594.
London Office— Edwards & Smith, 1 Drapers' Gardens, K. C.
corresponding week
7.
Inc. or
1920.
—
have been $7,813,917,372, against $8,242,527,591
SectiofiT
NO. 2877
Week ending August
— Payable in Advance
of Advertising
State and City
Section
Clearings at-
$10 00
for One Year
6 00
For Six Months
13 50
European Subscription (Including postage)
7 75
Subscription six months (including postage)
European
$11 50
Canadian Subscription (including postage)
NOTICE. On account of th« fluctaatlont in the rates of ezchant*.
tanUttances for Burovean aubicriptlon* and advertisements must be made
la New York funds.
Subscription includes following SupplementsBANK AND QUOTATION (monthly) Railway and Industrial (semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
State and City (semi-annually) Backers' Convention (yearly)
Terms
Railway
14, 1920
PUBLISHED WEEKLY.
Terms
Electric
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Louis
Orleans
14,833.275
8,055,318
3,662.666
5,647,700
3,368,012
1.234,433
1.083.240
3.300,000
1.904.900
1,617.795
1.702.242
New
61.034.2.50
Louisville
27.952.708
Houston
27.518..531
6. .500 .000
.50.803.047
Galveston
Richmond
Fort Worth
Memphis _
5.7.54.967
2.509,297
1,311,887
862,534
3,361,5.56
822..597i
Savannah.
21,928.498
16,231.107
51,019,490
18.809.219
6.968,143
16.069.262
49.409,458
15,097.109
7.893.848
Norfolk
10, 683. .505
9,8,59.761
Birmingham
17,731.747
10.114.055
3.570,339
5.762,321
2,601,863
2.520,441
14,81S,0S8
9.217,027
11.090,604
7.956,640
3,044.639
5.612.640
2.233.732
Atlanta.
N.ashviUe
_.
Jacksonville
KnoxvUlc
Chattanooga
Mobile
Augusta
-.
Oklahoma
Lltt le Rock
Charleston
Macon
Austin
Vlcksburg
Jackson
Tulsa
Muskogee
Dallas...
Shreveport
Total Southern
Total .all
Outside N, Y.
15,115,7,50
2.810.6.52
6,000,000
1,200.000
470.607
645.086
11,704.919
4,000.000
29.129,023
4. 208 .033
14,709,422
7,609.430
3,544.618
1.760,000
2,100.000
347.560
495.319
10.089,720
2, 923. .505
26.134.394
3,123.354
!41
,533.169.76;
4 ,500 ,000
.576,12.'i
8.242,527,591 S,220.3S4.1(t9
3.726.020.131 3,462.983.488
+ 30.4
—7.3
—18,6
+ 34.2
—5.9
+ 25.6
—1.8
+ 24.3
—16.9
+ 1.6
—2.7
+ 15.3
—
—3.7
10.
+ 45.1
+ 1.0
+ 3.2
+ 24,6
—11.7
+ 8.3
+ 51.7
+ 27.1
+ 17.3
+ 2.7
+
— 16.5
10.3
+ 0.7
+ 21.1
+ 26.9
+ 240.9
+ 35!4
+ 30,3
+ 16.0
+ 36.8
+ 1 .5
+ 3t.4
1
+ 8.1
1.6.54.872
1.763.535
1.190,421
880,852
806,1,53
3.9.50.0,50
46.946.4H0
11,690,979
8,9.52.063
35.240,347
15.480.448
4,871.344
8.102.218
5,4,52,1.50
4,110.793
2.634.009
5.006,376
1.021.078
2.661,690
8.327,461
4,715,383
2.816.811
1.1)00.009
3.422.76S
299.191
446.218
8.373,748
1.723,24.
15.000.1X10
2,018 .>:)
432.263 7s
10..502.386
8.868.366
22.089.307
8.579,.59S
6,096,715
5,264,542
3.170,035
3.382.328
2.199,057
3.676.313
1.1.50.000
1.7,50.08'.)
8,143,000
3,102,110
2,141,103
1,393,271
2,340,000
275,243
443,000
5,708.201
1.U1.621
10.855.105
1.300.000
.'93.1,53
-0 3 5.857. 7"<6SO't 5.735.610.491
+ 7.0
2.806,972303 2.248.161,785
THE CHRONICLE
620
[Vol. 111.
What had been vaguely apprehended was that Europe
A PERSONAL SEMI-CENTENNIAL.
drift into another war because of pride or
obstinacy on the part of the statesmen concerned;
On Wednesday
the world would not learn what the real purpose
Jr., editor and owner of this pubhcation, passed the that
of the governments was, until they had committed
half century mark in his connection with the paper.
themselves too far to withdraw. But the speech of
He entered the office as a boy thirteen years of age
Lloyd George in London on the Polish crisis, hardly
on Aug. 11, 1870, and has been continuously identi- less than the plain declaration of our own State DeHe had already partment, shows that at any rate this will be no 1914.
fied with the paper ever since.
pjjssed examination for admission to the College of
The British Premier was altogether in his best form
of the present
the City of
New York when
week Jacob
might
Seibert,
beginning his work and
in his speech to Parliament
on Tuesday.
It contained
completed his education by taking the five year night none of his somewhat frequent equivocations; it
course in the School of Science at the Cooper Union, embodied no shifting of policies, but was a plain,
frank and straightforward statement of the facts in
from wliich he graduated in 1878. An academic
the Polish complication, the duty of the Allies as he
course would have better met his requirements, but
conceived them, and the purposes of the British
he had to take what he could get.
Government. The calmness and manifest honesty
He contributed news and statistical matter to the of INlr. Lloyd George's exposition of the matter were
columns of the Chronicle almost from the first day. exactly what was needed to remove the feeling of
In 1880 he began to write editorial articles and from panicky dismay which evidently seized on the English
that time until the death in 1910 of William B. people at the beginning of the week, when they
Dana, the founder of the paper, he was Chief Asso- seemed to be confronted with the possibility of an
attempt to send a British army into Poland in face
ciate Editor. From 1895 to 1910 he was also VicePresident of the company.
Mr.
Dana
of the threat of a general strike
very early
if
placed a large measure of responsibility upon him,
leaving him, for instance, in entire charge of the
by the labor unions
anything of the sort were done.
The facts of the situation as the Premier outlined
them did not differ from what the world already
columns during his tour in Europe in 1881, knew. Poland's original attack on Russia "was not
when Mr. Seibert was only twenty-four years of warranted"; it "was made in spite of warnings from
age. During the later years of Mr. Dana's life the France and England," and, the Petrograd Government is now "entitled, in any conditions of peace, to
entire direction of the paper devolved upon Mr.
take these two facts into account." The Alhes proSeibert.
Since Mr. Dana's death he has been in
posed to Russia and Poland a peace conference at
undivided control. Having had the benefit of Mr.
London. Russia answered that she proposed to deal
Dana's guidance for so many years, and being thor- directly with the Poles. Poland thereupon appHed
oughly imbued with the principles that governed on July 22 for an armistice preliminary to peace disMr. Dana in his conduct of the paper, the editorial cussions. The Soviet Government put off the Polish
policy remains the same to-day as it was at the be- delegates on the ground of inadequate credentials and
ginning.
Mr. Seibert has never had any outside the Russian army crossed the Polish frontier. When
the Allies next pressed for a temporary truce, even of
associations or connections.
His entire time and
a few days, the Russians rejected the proposal on the
energy throughout the whole fifty years have been
ground that they were now ready to discuss the
given to the conduct and management of the paper. armistice this week.
editorial
It
has been his
life
work
as it
was that
of
Mr. Dana.
THE FINANCIAL SITUATION.
What was
the attitude of the Allies then to be?
First, the Premier states, they are acting in harmony.
Second, there is no question of a "time limit" on
Russia's answer, with war as the penalty for delay.
Third, the Allies will continue to urge Poland to
accept Russia's terms, always supposing the continued independence of Poland is recognized in those
terms. Fourth, if Poland does accept the terms, the
During the present week, financial sentiment in
Europe and America has passed through several
phases; ranging from the acute misgiving under
which the stock market and the foreign exchange
market broke on Monday, when it seemed as if Allies will not intervene at all.
the refusal of Petrograd to listen to the plea for an
But suppose the armistice conference at Minsk
should fail. If it failed because of refusal by the
armistice would force an impossible situation regarding Allied intervention, to a display of considerable
reassurance towards the close of the week. This
and calmer view of the complication was
undoubtedly based in large part on the feeling,
which grew with reflection, that no nation in Europe
wants such a war as was lately discussed as possible,
and that Russia in particular would have nothing to
gain by it and much to lose, even if the Allied Powers
were to be placed by it in an awkward military and
diplomatic situation.
later
—
is
probable, however notwithstanding the
rather evident divergence of opinion between France
It
and England as to policy to be immediately pursued
towards Bolshevik Russia that reassurance has
come through the plain setting forth of underlying
facts and purposes by the responsible governments.
—
Poles of conditions which,
"having regard to the
military position, the Soviets are entitled to exact
from them," the
If it failed
would not support Poland.
because the terms were inconsistent with
Allies
Polish independence, then the situation, while very
serious,
would
still
be plain as regards the duty
of
the Allies.
•Summing up that duty and responsibility, the
Premier declared that the covenant entered into by
the nations in the Peace Treaty "depends upon the
nations signing that treaty banding themselves together to defend those of their members who cannot
defend themselves". England and France then
were "morally bound to interest ourselves" in the
case of an ally "in the event of its national existence
being endangered." But this help, if the emer-
Aug. 14
THE CHRONICLE
1920.]
gency were to come, would be in supplies, transport,
artillery,
and co-operation by experienced Allied
commanders. It would not mean French and
English armies in Eastern Europe.
"No Allied
troops," Lloyd George reiterated, "will be sent to
Poland," and he added his belief that such help
would in any case "not be necessary if Polish resources were thoroughly organized and well directed."
But as to applying economic pressure upon Russia
to compel her to abandon an attempt to overthrow
Poland's independence, that action" has always been
contemplated in cases of this kind," and would be
adopted "either by naval action or by international
action or
This was not England's purpsoe, for Lloyd George
merely declared on Tuesday that military stores
available in that part of
Europe might be 'sent to
Wrangel, and even the British fleet dispatched to
his support, but only "on the assumption that the
negotiations break down" between Russia and
Poland. Nor was the French move in line with our
own Government's purpose; for the Secretary of
State, in his note of Tuesday regarding Russia, said
that the attitude of the United States was that "as
far as possible all decisions of vital importance to it,
and especially those concerning its sovereignty over
the territory of the former Russian Empire, be held
by both,"
in
Neither France nor England will recognize the
Soviet dictatorship of Russia except in so far as
circumstances require interchange of communications with them as a de facto military organization.
In this our own State Department concurs in its
formal reply of Tuesday to the Italian Ambassador's
in Russia, the
maintenance of their own rule, depends,
and must continue to depend, upon the occurrence
of revolutions in
all
other great civilized nations,
including the United States, which will overthrow
and destroy
their
governments and
set
Our Government "cannot
recognize, hold official
relations with or give friendly reception to the agents
a Government which is determined and bound to
conspire against our institutions; whose diplomats
will be the agitators of dangerous
revolt; whose
of
spokesmen say that they sign agreements with no
intention of keeping them."
Therefore the United
States does not believe that "recognition of
the
Soviet regime" by the Allies would help in the existing
troubles of Europe,
and is "averse to any dealings
with the Soviet regime beyond the most
narrow
boundaries to which a discussion of an armistice can
be confined."
a sober and statesmanlike attitude, which,
we believe, is certain to meet the approval both of
our own people and of the people of Western
Europe.
It remains to be seen how the
present position of
is
Poland can be adjusted to the anomalous
which must prevail between the other
Powers and this outlaw government at
Petrograd
The French Foreign Office has dealt with the
problem
on its own account and somewhat
impetuously liy
recognizing formally the South Russian
separatist
government of General Wrangel, and sending
commissioners to represent France at his
headquarters
affairs in
relations
no sign whatever of discord
on the main question—which
in the
that
is
Poland must suffer the consequences of her owti unwarranted military venture, but that Polish independence must be respected by Russia. In adhering
to these principles the Western Governments occupy
firm ground; it can be shaken neither by Russian
obstinacy nor (what is possibly more important) by
a back-fire of Labor opposition in France or
England.
Transvaal
gold-mining
operations
continue to"
output for July
1920, as reported by cable, having been the
heaviest
for any monthly period since August
1918 and only
a little under the aggregate then announced.
In
fact, only twice since October 1917
has the July
yield been exceeded, but comparison with
almost all
months prior to that time back to and including
March 1915 discloses more or less conspicuous declines.
The July production is stated as 736,099
fine ounces, this contrasting with
725.497 fine
ounces last year, 736,199 fine ounces two years
show improving
results, the total
ago,
and 757,890
fine ounces in 1917.
The seven mouths^
yield, however, is the smallest for the
period since
standing at 4,831,945 fine ounces, against
4,872,981 fine ounces a year ago, 4,992,533
fine
ounces in 1918, and the high record of 5,392,954
fine
1914,
ounces, established in 1916.
up Bolshevist
rule in their stead."
This
is
Allied councils
not possible for the Government of the
United States to recognize the present rulers of Russia
as a Government with which the relations common
to friendly governments can be maintained."
Perfectly undisputed facts "have convinced the Government of the United States, against its will, that the
existing regime in Russia is based upon lyhe negation
of every principle of honor and good faith, and every
usage and convention, underlying the whole structure of international law."
Its responsible leaders,
"have frequently and openly boasted that they are
willing to sign agreements and undertakings with
foreign Powers while not having the slightest intention of observing such undertakings or carrying
out
such agreements," and its responsible spokesmen
"have declared that the very existence of Bolshevism
is
abeyance."
But there
inquiry as to our position.
Secretary Colby sets
forth that position in language equally dignified and
convincing:
"It
621
Further improvement in the grain crop situation
as a whole during July in the United
States is indicated by the report of the Crop Reporting
Board
of the Department of Agriculture for
August
1,
issued last Monday.
The only crop adversdy affected by weather conditions during the
month
appears to have been spring Avheat, with the result
notwithstanding an improved outlook for the
winter variety, tlie present promise for all wheat
is
taken to be for a yield 14 million bushels less
than
prognosticated a month ago. But the corn forecast has been raised some 224 million bushels,
making the outlook now, as officially interpreted,'
for a
production in excess of 3 billion bushels. Oats
that,
prospects are believed to have advanced to the
extent
of 80 million bushels.
Altogetlier, it is now
esti-
mated, the yield of the three principal
grains
(wheat, corn and oats) promises to reach in
1920
some 5,200 million bushels (the July i approximation was only 1,910 million bushels")
against 5,106
million bushels last year, 4.962 million
bushels
in
1918,
and 5,893 million bushels
in 1915.
For corn the average condition on August
1 is
given as 8(5.77? f>f a normal, an advance of
2.1 poi:its
over July 1, and comi)aring with 81.7
at the same
time a year ago, 78.5 in 1918, and a teu-vear
average
THE CHRONICLE
622
Improvemeut during the month was quite
general in the large producing States and most no-
[Vol. Ill,
of 77.3.
special stress in a few branches in either the
ticeable, although moderate withal, in Iowa, IlliOn the
nois. South Dakota, Xehraska and Texas.
basis of the average condition on August 1, a production of close to 29 bushels j)er acre is indicated,
foreshadowing a total crop of 3,003,322,000 bushels,
as against an aggregate of 2,917,450,000 bushels in
1919 and the high record of 3,159 million bushels in
lines conditions continue
1917.
Winter wheat on August
1
was seemingly more
promising than on July 1, the approximate yield
per acre having been raised from about 15.2 bushels
to 15.6 bushels, this latter affording a total product
more
than the estimate of a month earlier, but comparing
with an aggregate of 7311/2 millions in 1919. The
of 532,641,000 bushels, or 14^/2 million bushels
quality of the grain, however,
is
stated to be
much
better than a year ago and above the average. Spring
wheat, on the other hand, showed deterioration, due
particularly to rust. The condition is stated as 73.4,
or 14.6 points lower than on July 1, but much better
than in 1919, when it was reported as 53.9, and a little above the ten-year average.
The indicated yield
figures out about 13.4 bushels per acre, upon which
basis the crop would reach 261,506,000 bushels,
against 209,351,000 in 1919. For winter and spring
wheat combined, the latest official i)ronunciamento
of 795 million bushels,
is, consequently, a yield
against 941 millions a year ago, and the high record
of 1,026 millions the outcome of the 1915 harvest.
Oats condition, as already intimated, improved
during July, and is now stated as 87.2, against 76.5
last year and a teu-year average of 81.0.
A yield
of about 34.1 bushels per acre is the estimate worked
out from the current condition, and that on the
acreage i)lanted would give a crop of 1,402,064,000
bushels, against 1,248,310,000 bushels last year, and
Barley likewise makes a
1,538 millions in 1918.
better promise than a year ago and the same is
true of rice.
Passing beyond the cereal production, Ave note
that the white potato crop showed improvement in
July and the indications at the moment are that
the yield will exceed 400,000,000 bushels and come,
therefore, Avithin about 10% of the high record jjroduct of 1917. Tobacco, which has done well all
through the season, now promises, from an area
a little under that of 1919, a yield of close to 1,550
million pounds, or some 200 million pounds in excess of the established high record of 1918.
—
The commercial
failures statement for the United
States for July 1920 furnishes further evidence of
economic readjustment. The number of insolvencies, in fact,
was
slightly in excess of the total for
June, and therefore the heaviest since December
1918, although, with the exception of July 1919, the
smallest for that particular month since the early
nineties.
Increasing liabilities are to be expected
with such a marked augmentation in the number of
mercantile defaults as has recently been shown and
that is true of. July, for which the volume of indebtedness is the heaviest for that month since 1916,
but the aggregate is very much under that of June,
which was inordinately swelled by heavy disasters
in the brokers, agents, etc., division. It happens
frequently that a very noticeable increase in the
number of insolvencies and consequent important
Bwelling of the aggregate of liabilities is due to
manu-
facturing or trading branches or both, while in other
in
markedly favorable. But
July the augmentation in number and the expan-
sion in indebtedness Avas so Avidespread, as compared Avith last year, as to clearly reflect the opera-
some general adverse influences, and they
not appear to be far to seek. Slackening of trade
do
in some important lines, transportation difficulties, tight money and increased cost of many commodities Avould seem to be sufficient explanation.
And a striking feature of the July returns is the
very considerable increase in the number of large
failures Avith monetary stringency doubtless the poThese large failures covered an untent factor.
usual proportion of the month's total of indebtedness tAvo-thirds, in fact.
According to Messrs. R. G. Dun & Go's compilation, the total liabilities in all mercantile and industrial lines in July 1920 reached |21,906,412, representing 681 defaults, these comparing Avith only
15,507,010 and 452 in the previous year, $9,789,572
and 786 tAVO years ago, .$17,240,424 in 1917, and $11,647,499 and 1,207 in 1916. In each of the various
divisions into which the insolvency statistics are
segregated the number of failures runs much above
1919, and the liabilities also shoAv decided augmentation. In fact, in the manufacturing group all but
tAVO of the fifteen branches disclose heavier indebtedness than a year ago, with the total of all in excess of July of any year since monthly statistics
AA-ere first compiled in 1894.
In the trading division the showing is somewhat better, although
marked stress is reflected among those catering to
the consumers table grocers, butchers, etc. and in
clothing and furnishings and dry goods and carpets,
all reflecting the disinclination of the public to purchase as freely at the highly inflated prices ruling.
As a result of the comparatively poor July exhibit,
the showing for the seven months of 1920 is less
favorable than for the like period of 1919, although
more satisfactory than for a very extended time
prior thereto. The insolvencies for the seA^en months
of this year numbered 4,033, and contrast with 3,915
tion of
—
—
—
last year, 6,675 in 1918,
bilities at $108,650,288
and 8,625
in 1917.
much above
are
The
lia-
the |74,217,-
806 of a 3'ear ago, and moderately heavier than in
1918, but smaller than in all earlier years back to
and including '1910. The debts in manufacturing
lines for the period reached a total of $37,002,844,
against $35,201,327 in 1919 the comparison in trading branches is betAveen $30,658,353 and $22,686,437,
and in the brokerage division $40,989,091 contrasts
;
Avith $16,330,132.
The Dominion
of
Ganada
able shoAving for July than in
In
makes a
1919 and
also
less favor-
in 1918 as
the various branches of business there
AA'ere 69 failures during the month, for an aggregate of $638,429, against 43 for $308,483 in 1919, and
well.
all
54 for $496,141 in 1918. For the seven months ended
July 31 the mercantile defaults were greater in number than in 1919, but the volume of debts is the smallThe comparison is
est for the period since 1912.
between 484 for $8,275,062 this year, 427 for $9,625,128 in 1919, and 555 for $9,150,835 in 1918. In the
manufacturing division the seven months' total of
liabilities was only $4,913,940, against $6,418,739 a
year ago, but in trading lines a small expansion is
indicated, $2,828,316 contrasting with $2,621,854.
Aug. 14
1920.]
THE CHRONICLE
other commercial failures covered |532,806, against
!i?5S4,535.
693
through the Black Sea, thereby drawing the attention
of the advancing Bolsheviki from the Pohsh front
to the
Just at the close of last week and the week before,
rumors were received from several European centres
that an armistice between Soviet Russia and Poland
Crimea and the Ukraine." He added that
"even this project is held in abeyance until Premiers
Millerand and Lloyd George receive more authentic
information from J. Jusserand, French Ambassador
to the United States and Lord d'Abernon, British
would soon be arranged. Unfortunately in each
instance the rumor proved to have been unfounded. Ambassador
to Germany, who have been in Warsaw
The hostilities on the battlefields went forward with on a special mission
and who are expected to arrive
added intensity and fierceness, while the Allied in Paris from
the Polish capital tomorrow." (Last
diplomats were unable to agree upon a policy for Saturday.).
The
dealing with the Russo-Polish situation, until a few
days ago. A week ago last evening the European
London
New York
correspondent
of
the
"Tribune" cabled that "the British Gov-
ernment decided to accept the Moscow Soviet note
the situation was at least regarding Poland, which
means that it has reversed
easier.
The cablegrams the following morning, itself and will agree to
a peace conference between the
however, did not offer additional encouragement, Poles and
the Bolsheviki at some other place than
but on the contrary, seemed to show that no real London."
He stated also that "this action was
change for the better had taken place. Monday decided
on after a long and fully attended Cabinet
afternoon of this week the rumor was in circulation meeting."
Continuing his account of the situation
in London and in the financial district of New York
at the moment the correspondent said
that "thus
that something favorable with respect to the Polish the
danger of a general war against the Bolsheviki
situation was about to happen.
The securities has grown considerably less in the last 24
hours."
markets at both of these great centres rallied moder- According
to a cablegram from Paris received here
ately, only to be followed the next day by fresh
last Saturday evening. Premier Millerand
was plandeclines, upon the realization that matters were
ning to leave at 7.30 o'clock Saturday night "for
practically if not actually as serious as ever.
Premiers Hythe, England, where he will confer with
Premier
Lloyd George and Millerand based special hopes Lloyd
George relative to the Polish situation." The
on the results of the armistice negotiations scheduled dispatch
stated also that Marshal Foch would acto be held at Minsk on Wednesday.
In advance company the Premier. It thus became
known here,
of that important gathering they drew up a, tentative
that the diplomatic conference would be held at
program of policy and action for the Allied Govern- Hythe instead
of Folkestone.
A half hour earher,
ments, to be approved by their respective legislative according
to a London cablegram, Premier Lloyd
bodies, and to be contingent very largely upon the
George, Earl Curzon, Secretary of State for Foreign
outcome of the Minsk gathering.
Affairs, and Field Marshal Sir Henry Wilson,
left
Through London advices received here a week ago London for Hythe.
The author of the message
this morning it became known that the British and
declared that "all England is awaiting with tense
French Prime Ministers would meet, probably at expectancy
the decision of this conference, which is
Folkestone the following day, "to discuss the Polish expected
to be announced formally by the Premier in
situation," which according to the London cor- the
House of Commons Monday. Th6 newspapers
respondent of the New York "Times" is generally generally are
striking a note of optimism, although
believed to be the pivotal question upon which the not
disregarding the gravity of the crisis."
destinies of Europe turn.
The Paris advices received a week ago to-day from
At that time there apeared to be a more hopeful the Polish battlefields
were equally as encouraging
feeling in British Government circles over Polish
as those that came to hand from London.
The
affairs.
In a cablegram from the British capital Paris correspondent
of the New York "Times" said
special attention was directed to the fact that "the that,
"Avhile the Poles have not won any startling
note from. Kameneff and Krassin shows the Soviet victories, the
impression of French officials is that
Government is taking a more conciliatory tone than the defenders are stiffening
before the danger to their
in previous messages" but it was admitted, on the
capital."
Paris heard also that "the Russian infanother hand, that, "in official quarters here it is still try is worn
out and the cavalry is tired, and their
regarded as unsatisfactory, in that it puts the onus hues of
communication are not good." In an Assoof stopping the advance on Warsaw on the Poles and
ciated Press dispatch from Warsaw it was said that
gives no explicit assurance that the Allied Powers
"preparations had been begun for transferring the
are to be included in the discussion of the fundaGovernment, if that move is necessitated by the
mental conditions of peace between Russia and Russian
advance." Washington heard that "Soviet
Poland." Announcement was made in the same
Russia has followed up its successes against Poland
advices that "the Russian delegates are sending
with a thrust into SouthAvestern Asia, and its forces
another wireless communication to Moscow and are
already are threatening the Persian capital of Teasking for an early reply which can be considered
heran." The dispatch stated also that "this rather
by Lloyd George and Millerand when they meet
at unexpected move by the Bolsheviki is beheved by
Folkestone on Sunday." The Paris correspondent
some officials and diplomats to be directed against
of the "Sun and New York Herald,"
in a cablegram British and French domain in the
near East and
filed last Friday evening and
made pubhc here the Asia." London advices called special attention
to
following morning, said that "doubting
their abihty the fact that last Friday "the British
Labor Party
to send military aid to Poland by
way of Danzig or issued a formal manifesto, signed by sixteen of
the
through Germany, the Allies have practically
de- principal leaders, warning the Government that
it
cided that the only assistance they
can possibly would refuse to co-operate against Russia
to help
render the Poles consists in greater
support by them the Poles." It was asserted that "the
Laboritcs are
of General Baron Wrangel's
offensive in Southern seeking to arouse the countrv
against the war with
Russia and the sending of troops, munitions
and food the Bolsheviki."
advices indicated that
THE CHRONICLE
624
A
correspondent
"Sun and New York morning cHscussion," and one correspondent reported
giving what purported to be the that "it has been learned from an official source that
of
the
Herald" in Berlin, in
sentiment at that centre with regard to the Polish
situation, cabled that "in official circles the
situation
is
regarded as so hopeless that
Allied aid for
Poland
will centre in
Marshal Foch."
European The
it is
feared
small likelihood of an extension of the RussoThe Berlin correPolish conflict being avoided."
the New York "Tribune" said that "the
spondent of
there
[Vol. 111.
is
British diplomatic party arrived at the meeting
place first and it was stated that "after the arrival of
the French party a cordon was thrown around the
residence of Sir PhilHp Sassoon."
In addition to the
names given as making up the British delegation it
seems that "a last minute decision to include Arthur
advance of the Russians in Poland has provoked
grave uneasiness on the part of the German Govern- Balfour in the meeting came as a surprise to British
ment, which foresees the possibility that the Allies and French circles, and was the cause of much specumay demand authorization for the transport of troops lation." In one cablegram it was said that "the
Other advices from the accepted view was that Lloyd George desired to
across German territory."
that the Junkers and Com- avail himself of the mature experience of a statesman
German capital stated
munists would oppose any plan of the Allies to send such as Mr. Balfour in the present crisis." During
troops through Germany to the aid of Poland. Ad- the day the Premiers received two notes from Moscow
vices received in London a week ago this afternoon in reply to the British request for a truce.
Another
indicated that "Russian Bolshevik armies, hammering note was sent to the Soviet Government, while
the Polish lines northeast and east of Warsaw, seem Poland was advised "to seek a truce direct from the
The advices Bolsheviki, who indicated in their refusal of the truce
to have encountered stern resistance."
also stated that "with the exception of the area along that if the request came direct from the Poles it
Brest-Lit ovsk, east of the Polish capital, no new ad- might have a better chance of being granted." The
vances by Soviet troops have been reported, and even situation was regarded as so important, and critical
there they have been limited by the desperate fighting even, that the British and French delegations did not
leave Hythe as soon as they had planned and it was
of the Poles."
Italian Minister of Foreign Affairs, announced that Premier Lloyd George "has deferred
Count Sforza,
in a speech in the Italian Chamber a week ago yes- his promised statement in the House of Commons toterday, made a strong plea in favor of allowing Russia morrow [Monday] until Tuesday." The Hythe conBeto develop her Government along her own lines, ference lasted until 8 o'clock Sunday evening.
without foreign interference." He was said to have fore it broke up "M. Millerand presented for the
declared that "this formed the basis of the Italian approval of the British delegates a declaration he
In substance it was said to constitute
policy in admitting a Russian representative to Italy had drafted."
and in the senchng of an Italian emissary to Russia." "a warning to Germany that if an attempt is made in
any way to co-operate with the Bolsheviki an army
the memoran- of the AlHes will occupy the Ruhr region and other
Monday morning the substance of
dum presented by Premier Lloyd George to the Rus- points in German territory." At that time it was
sian emissaries a week ago yesterday became available said that Lloyd George had not "incUcated his apAccorchng to an Associated Press dispatch, the proval of the declaration." A dispatch from Warsaw
here.
most important conditions were "First, the Poles to received here Monday morning stated that "the quesrefrain from re-equipping their armies and moving tion of transporting through the border States two
troops and munitions, and the Soviet to refrain from divisions of cavalry, which have been offered to
strengthening their front; second, the Allies to refrain Poland by the Hungarian delegation, is under confrom sending troops or munitions to Poland; third, sideration." A special correspondent in Berlin of
Soviet representatives to be "stationed at Danzig or the "Sun and New York Herald" declared that "the
any other point to see that the terms were carried existence of a military convention between France
out, on the condition that they refrain from propa- and Hungary is assumed in Vienna to be unquesganda; and, fourth, the Russian and Polish delegates tionable."
Monday evening a report was received from
to meet to define lines between the armies and to
troops have
arrange armisitce conditions." In another Asso- London that "Russian Bolshevik
from Hythe, under date broken into the town of Sokolow, about 40 miles
ciated Press dispatch direct
of Aug. 9, the assertion was made that "Great Britain northeast of Warsaw, and have captured several
and France are convinced that the Bolsheviki intend points south of Brest-Lit ovsk." An official stateto capture Warsaw and set up a Soviet Government ment to this effect was said to "have been issued in
Specific reference was made to the re- Moscow the day before and to have been forwarded
in Poland."
'
fusal
by the
latter of the ten-days truce "requested
by Premier Lloyd George as a result of Friday's
meeting with the Russian mission headed by M.
Kameneff and M. Krassin." The correspondent
further said that "in British and French circles it is
admitted that the situation thus created has brought
about a crisis only second in gravity to that which
confronted the AlUes in 1914." It was learned that
the rejection by the Bolsheviki of the British proposal
reached the Allied Premiers while they were in conference at the home of Sir Phillip Sassoon at Lympne,"
near Hythe. The assertion was made that "it came
as
a
severe
blow to Mr.
Lloyd George's
peace
to
London by
wireless."
It
became known Monday
evening also that "the Allied conference at Hythe
reached a complete agreement on plans for deahng
with the Russo-Polish crisis." The preliminary -advices received here direct
from Hythe stated that
"they include the reimposition of the blockade, but
on the advice of the experts, no Allied troops will be
employed." It was made plain also that "the plans
are subject to the approval of the British Parliament,
which Premier Lloyd George will address to-morrow"
(Tuesday). Upon the Premier's return to London
his first important act was to preside over a full
Cabinet Council. He reported to his colleagues the
Hythe conference "and cUscussed
efforts."
result of the
Marshal Foch and Field Marshal Sir Henry Wilson
were said to have taken a "prominent part in the
bearings in relation to the statement which he was
Special
to make to Parliament the following day."
its
Aug. 14
THE CHRONICLE
1920.]
625
Government was negatived without counting the House."
On Tuesday Premier Lloyd George received from
Leo Kameneff, Russian Soviet emissary in London,
"an outline of the terms which Soviet Russia is laying down for an armistice with Poland." Briefly
the Labor
attention was called to the understanding that, while
at the conference "Lloyd Geo'rge succeeded in getting
M. Millerand to consent to withhold application of
aid until after the preliminary results of the conference
member,
for a division against the
Minsk between Bolshevist and Polish representaIt was added that "M. Millerand,
tives are known."
who had been firm in urging the French policy, which stated, they were: "First, that the strength of the
included the blockade and strong defensive measures, Polish army shall be reduced to one contingent of
was obliged to yield somewhat to the milder policy of 50,000 men; second, demobilization of the Polish
the British Premier, who was determined that no army shall occur within one month; third, all arms,
at
excluding those needed for the army forces specified,
shall be handed to Soviet Russia and the Ukraine;
fourth, all war industries shall be demobilized; fifth,
no troops or war material shall be allowed to come
from abroad; sixth, land shall be given free to the
AUied troops should be used in Poland."
The British Premier, upon his return found also
that one of the biggest problems with which he had
home, in his effort to give assistance to
Poland, was the attitude of British labor on the quesAt
tion of Great Britain engaging in another war.
meeting of many prominent union leaders in London
a
on Monday it was decided to issue a statement in
which the following assertions were made: "This conference feels certain that war is being engineered
between the Allied Powers and Soviet Russia on the
issue of Poland, and declares that such a war would
It therebe an intolerable crime against humanity.
fore warns the Government that the whole industrial
power of the organized workers will be used to
to deal at
families of
all
Polish citizens killed,
wounded
or in-
capacitated in the war."
One
most important documents which
President Wilson has issued for a long time, was his
statement on the Polish situation forwarded to the
European Powers through Secretary of State Colby
Tuesday evening. The document was signed by the
Secretary of State and addressed directly to the Italian Ambassador, but according to a Washington disof
the
viewpoint of
President Wilson who has had the matter under
consideration for some time." In a word the President "called upon the Allied Powers to announce
that they will safeguard Russia proper against ter-
defeat this war."
patch
In beginning his address in the House of Commons
on the Polish situation Tuesday, Premier Lloyd
George said "I am still hopeful of peace." He made
the assertion that the "Polish attack was not justified,
in the opinion of the British Government, and that
the Soviet Government in any conditions of peace
was entitled to take into account the fact of the
dismemberment; declared his unalterable
determination to oppose any recognition of the Soviet
regime and promised to use every effectual means
to preserve Polish political independence and terri-
made by
it was pointed out also that
Mr. Wilson proposes that all final peace
settlements in Europe in which Russia may be interested shall await the coming of the time when Russia
shall have found herself and shall have thro^vTi off
French diplomatic circles
the Bolshevist yoke."
were reported to have been greatly upset by the
publication in Paris Monday evening and Tuesday
morning, "through the medium of the French Foreign Office, of what was described as an official
statement of the American Government to the
the Allies are agreed."
Referring further to the dereached at the Hythe conference, the Premier
said that "if they negotiate an agreement at Minsk
we do not propose to intervene to upset any arrangement which is acceptable to the Poles. It is their
cisions
it
will
mean
In
"in effect
engage this country in a diswhether it means much or little upon the difference between Monday and Wednesday, and there
sincerely trust
personal
a Washington dispatch
pute,
I
the
torial integrity against Bolshevist aggression."
quarrel, or propose to
affair.
"represents
ritorial
the Poles upon Russia and that these
attacks were delivered, despite the warnings of the
Allies to Poland."
He declared, furthermore, that
"the Soviet was entitled to demand such guarantees as would be exacted by any Power against
a repetition of attacks of that kind." Continuing,
the Premier said: "We are not going to have a
attacks
it
United States on the Russo-Polish
question, wherein Washington seems to take the
side of the Soviets, who were likened in this French
press
the
of
summary
peace, but,
it did not, we have got to face that."
In
reply to a question regarding the position of America
supposing
to the
American patriots
of 1776."
The
statement was characterized subsequently as a
Attention was drawn to the fact that in
"fake."
Secretary Colby's note "there is nothing that can be
construed as upholding the Soviet Government."
According to a Washington dispatch to the New
York "Times" yesterday morning, Secretary of
State Colby will issue a statement soon regarding
the matter, "explaining the circumstances of the
Lloyd George said that "we are cergoing to appeal to America. There is, of
course, the difficulty in America that up to the present time she has not ratified the Treaty, and that the
Treaty is the subject of conflict between the two
in this matter,
tainly
great parties."
According to a dispatch from Paris,
railroad men in France were of the same mind with
respect to that country going into another war as
has been indicated regarding British labor.
At a
meeting held in the French capital Monday night,
resolutions were adopted to the effect that "railroad
men throughout France will strike if called upon to
transport troops to Poland."
More complete advices
error."
Word came from
that "General
Weygand,
Wednesday morning
the French Army, has
Paris
of
been offered supreme command of the Polish forces
It
by the Polish Council of National Defense."
meeting
was stated that "the decision was taken at a
of the
body
called to discuss the defense of
Warsaw
and the reorganization of the army." According
Wednesday morning regarding the session to a dispatch received from Warsaw it was believed
of the House of Commons the day before stated that there that "General Weygand will accept the comPremier Lloyd George's speech was "punctuated with mand under conditions that the troops in Eastern
cheers and applause and brought a vote of confidence." Galicia and the Lublin region be evacuated to conIt was added that "a motion by John R.
Clynes, centrate all available forces for a big offensive."
received
I
THE CHRONICLE
626
A
dispatch from Paris last evening stated that
"France sent a note to the United States to-day declaring that it holds the same views with regard to
Russia as were expressed by President Wilson in
The
Polish
[Vol. 111.
Government
proclamation in
which
it
sent out from
Warsaw
a
appealed to the whole world
Announcement was made in the British
capital on Wednesday that "in view of the uncernote to the Italian Ambassador." The message tainty of the Polish situation, and in response to the
his
stated also that "the communication was delivered to urgent request of Liberal and Labor leaders, Premier
Leland Harrison, of Illinois, who is Charge d' Affaires Lloyd George has consented to have the House of
and at present the ranking American official at the Commons reassemble on Monday instead of adjournUnited States Embassy in Paris." The note was ing tomorrow [Thursday] until October, as had been
signed by Premier Millerand.
arranged." It was also stated that the Prime
Minister "has postponed until next week his proposed
Another startling announcement in regard to the trip to Lucerne, Switzerland, for a holiday."
whole Polish situation was received Wednesday
In a London cablegram Thursday evening the unthrough the medium of Paris advices. It was reserved statement was made that "Great Britain
to the effect that "France had decided to recognize has been officially notified of the recognition by
the Government of General Wrangel as the de facto France of the Government of General Baron Wrangel
Government of South Russia, because of his military as the de facto Government of South Russia, and the
success, his democratic prejudice, and his promises question is being discussed between the two GovernIt was claimed that ments."
to pay the debts of old Russia."
The adcUtional statement was made that
"England has been notified of this action, in which "something akin to consternation is shown by the
England does not participate." In one Paris cable- evening newspapers over the French action which is
gram the assertion was made that "France also characterized as contrary to British ideas and a
instructs her commercial attache at London to menace to Entente relations."
Announcement was
have nothing to do with the Soviet representatives made also that "meanwhile King George, who was
there." The Associated Press in its account of the to leave for Scotland to-morrow [Friday] has postaction of the French Government also declared that poned his trip, owing to the situation." There was
"France notified Premier Lloyd George yesterday
In the same
dispatch the assertion was made that the French
Foreign Office announced that "France will send a
high commissioner to Sebastol immediately." Dispatches from Warsaw received Wednesday evening
stated that "a feeling of intense apprehension has
spread through the city as reports circulate that the
enemy is gradually drawing near- and is attempting
a huge encircling movement. Crowds are striving
to leave the city by all available means carts,
[Tuesday] of her action to this effect."
—
automobiles, and the few remaining trains."
In spite of the assertions in the Paris cablegrams,
London advices Thursday morning declared that the
statement was made there that "the French Premier
M. Millerand is unaware of the publication of the
note; that he is at present absent from Paris, visiting
the devastated districts of France and that the note
was issued by an official of the French Foreign
Office."
Lloyd George was quoted as saying that he
had read the reports of the decision of the French
Government to recognize General Wrangel, but
declared that "no information of this kind, either
official or otherwise, has been communicated to
me." He added that "since I saw the report I
have made inquiries as to whether the Foreign
Office has heard anything, and they say they have
received nothing— no communication of any kind."
It was added that "the Foreign Office was equally
surprised when it read the announcement in the
Naturally the situation was regarded as a
papers.
remarkable one. The Foreign Secretary instituted
inquiries at once, but up to the time of the filing
of the American newspaper dispatches Wednesday
evening apparently nothing had been learned that
would help to clear up the situation. Premier Lloyd
George received another communication from M.
Kamenef f of the Russian Soviet delegation on Wednesday which he said was based upon advices received
for help.
an unofficial report in circulation that "Premier
Lloyd George and Earl Curzon, Secretary for Foreign
Affairs, planned to meet Premier Millerand at
Boulogne on Sunday to discuss the situation arising
from the recognition of General Wrangel." Advices
received by the French Foreign Office stated that a
"great battle is in progress on the Russo-Polish front,
upon which hangs the fate of Warsaw." In a cablegram direct from that centre the assertion was made
that "the Poles have launched a counter-offensive
with bayonets in the region of Pultusk, where the
Russians have been striving to break the Polish
defensive lines." Pultusk is thirty-one miles north
of Warsaw.
The advices from the latter centre declared that every possible means was being taken to
defend the capital, women, boys and old men "streaming through the Polish capital toward the battle
In a Paris cablegram Thursday evening it
front."
was said that "Premier Millerand of France has informed the Cabinet that Premier Lloyd George's
message, asking Poland to accept the Bolshevik
peace terms, was a violation of the agreement reached
by the two Premiers at Hythe." It was stated also
that evening newspapers demand the immediate convocation of the Chamber of Deputies and the Senate
to take up the Russian problem, especially the recogDispatches received
nition of General Wrangel.
from Warsaw late Thursday night said that the
Polish Council of Defense had issued a manifesto
on the eve of the armistice negotiations at Minsk,
in which it declared that "Poland must defend itself
any Bolshevik offer of a dishonorable peace."
Premier Millerand was quoted in Paris advices
yesterday morning as having declared that "the
AHies are united and will remain so." Continuing,
he was reported to have asserted that "there are
unavoidable differences, due to the different characteristics of the nations, but their bond of unity
from Moscow "concerning the proposed Russo- was forged amid severe trials, and a union firmly
PoHsh Peace Conference at Minsk." The note formed in such conditions must not be dissolved."
concluded as follows: "We have no intentions in- At the French Foreign Office, according to the
compatible with Poland's liberty, independence and Associated Press, there was a disposition to mini-
sovereign rights.
We
recognize the same in full."
to the end, spurning
mize the action of the French Government in rec-
Aug. 14
THE CHRONICLE
1920.]
M.
ognizing General Wrangel.
Paleologue,
Gen-
was quoted as follows: "Too much
importance is being given by the French and British
press to tke divergency in views between the French
and British governments on the Wrangel incident.
France follows its own traditional policy toward
Russia and toward Poland." Washington dispatches
stated that Prince Lubomirsky, the Polish Minister,
was in conference Thursday with Secretary of State
Colby over "the reiterated pleas for and from the
Polish Government, for permission to purchase
war materials from the United States."
eral Secretary,
As illustrative of the ambitious political plans of
Leon Trotzky and Nikolai Lenine, it may be well
to refer to statements said to have been made, a
few days ago, by the former in Vilna, the capital
Among other things he was quoted
of Lithuania.
as having asserted that "Bolshevism is more powerful
than ever and will soon spread to other countries."
He was even said to have gone so far as to predict
It
that "in a year all Europe will be Bolshevik."
became known in London Thursday that Premier
Lloyd George had received advices that up to nine
o'clock Tuesday evening "Poland had not received
a reply from the Moscow Government to the message
Poland expressing a willingness to send delegates
the armistice and peace conference at Minsk,
Poland further stated she was notifying the Soviet
authorities that she was prepared to start her armistice and peace delegation for the scene Wednesday
night." According to a Moscow dispatch yesterday
morning "the armistice terms drawn up for Poland
by Soviet Russia include a clause demanding that the
workers be armed as a guarantee to the rights of the
The
637
news was received yesterday morning
that Eleutherios Constantine Venizelos, Greek Prime
Minister, had been shot at 9:45 o'clock the evening
before while entering the Lyons railway station in
Paris.
The assailants were said to have been former
Greek officers who had lost their command because
of
pro-Germanism. At midnight Thursday the
Premier's condition was declared to have been "as
distressing
as possible." According to a Paris
cablegram last evening, only one bullet entered his
body, and that in the shoulder. It was extracted
yesterday morning. With favorable developments it
was expected that the patient would be "able to leave
the hospital in about three days."
satisfactory
The
discussion of the Irish Coercion Bill in the
House of Commons a week ago yesterday afternoon
must have been a lively one, according to all the
cabled accounts. Joseph Devlin, (Nationahst) and
one of the leading spokesmen for Ireland, is said to
have shaken his fist at the Chairman and to have
shouted "I have no respect for the House of ComBring in the Army of Occume out." It appears that he was
promptly suspended by a resolution of the House,
mons.
I
despise
it.
pation and put
and
was stated that
followed him out
it
'
'all
the Laborites and National-
House." One member,
crowd outside the door, is
said to have asserted that "Ireland and England are
of the
of
ists
to
as he passed through the
The correspondent of the
"Sun and New York Herald" said that "the storm
broke when Mr. Devlin commented on the absence
of Premier Lloyd George when such an important
discussion was taking place."
He is reported to have
separate nations today."
shouted also that "last night the Prime Minister
Polish proletariat".
declared war on Ireland. Now he is not prepared
Advices last evening from Paris and Washington to come here and fight for his bill but goes to another
stated that arrangements were made during the day department to concoct war against Russia."
The
for an armistice conference at Minsk to-morrow.
official title of the measure which caused so much
The Polish delegation is said to be "composed of discussion and disorder is "The Restoration of
Under Secretary of Foreign Affairs Domboki, Under Order in Ireland." At last Friday's session it
Secretary Wrozlewski and representatives of the Diet passed its third reading by a vote of 206 to 18.
Mr.
and the Military Staff." Newspaper correspondents Devlin's suspension was carried by a vote of 229 to 43.
are to be admitted, according to a cablegram received Announcement was made on Mondaj^ that "the
at the Polish Legation in Washington from Foreign Irish Coercion Bill is now a law and ready to be put
Minister Sapieha at Warsaw.
into effect.
The Royal assent was given to the
measure to-day, after the House of Lords passed it
Announcement was made in dispatches from Paris on second reading without a division." AnnounceTuesday evening that "Turkey, the last Power to ment was made through an Associated Press dispatch
remain in the state of Avar with the Entente, signed from London that Premier Lloyd George had received
the Treaty to-day and is now officially at peace." from Alexander Carlisle, a director of the National
The accounts said that "it was a simple ceremony." Bank of London, and a prominent Belfast Irishman,
Premier Venizelos affixed his signature to the three now a resident in the British capital, "a definite
voluminous documents the treaty itself, and an offer to arrange a meeting between the Sinn Fein
Italio-Greek protocol and a protocol on Asia Minor and the British Premier." The latter is said to have
and the zones of influence with trembling hands "replied through one of his assistants that until the
and sombre face, ascribed by some to illness and invitation came direct from the Sinn Fein, and the
overwork." It was stated also that "the three details were made clearer, there could not be a
Turkish delegates looked away as the Premier passed meeting." Announcement w^as made in a cablegram
their seats, not bowing to him as they did to the other from Dublin on Monday that "the Government
delegates."
Count Zamoyski, Polish Minister to to-day refused grants of $850,000 to the Dublin
Paris, is said to have attracted much attention as he Council."
It was added that "it can get the grants
signed the three documents, "being the centre of only by refusing to recognize the Irish Parliament."
inquiring groups as the delegates were signing their This was said to be "the first step in the amiounced
names." The ceremonies were opened by Premier policy of the Government to cut off financial support
Millerand with a few words. It was related that from Irish officials and departments which recognize
"the business was concluded at 4:30 o'clock and the the Irish Republic."
delegates hurried out through the soldier guard,
which presented arms as they filed out." The Treaty
From her ovm point of view the trade of Great
Was signed in a chateau at Sevres, a suburb of Paris. Britain is moving in the right direction. The figures
—
—
THE CHRONICLE
628
[Vol. 111.
show that the exports of purely British prod- total reserve was expanded no less than £92 1,000 as the
ucts were a good bit more than twice what they were result of a shrinkage in note circulation of £961,000.
The greatly expanded scale The proportion of reserve to liabilities, furthermore,
for July of last year.
Britain's goods are being produced and sent recovered to 11.41%, which compares with 10.20%
on which
out of the country is clearly shown by the single fact a week ago and 24.20% last year. Deposits were all
for Jul}'
that the July figures represent larger exports than for
any month prior to the war. To be somewhat more
specific, the £137,451,000 British exports for last
month
month
contrast with only £47,164,000 for the
The
same
stood for the
largest total for any month of that pre-war year.
During July of this year there was an increase of
£10,277,000 in imports, but the other side of the
picture was that the excess of imports over exports
taking account
re-exports) decreased
of
(after
£67,951,000. The following figures give a summary
of the results of Great Britain's trade for July and
for the seven months|from Jan. 1 to July 31:
of
1913.
latter figures
7 Months
-Month of July1920.
Imports
1919.
1920.
to
July 31
1919.
Re-exports
£163,417,000 £153,140,000 £1,196,752,000 £869,956.763
65,315,000
774,919.000 400,070,679
137,451,000
153,689.000
67.192,553
17.848,000
11.757,000
Total exports
Excess of Imports
£155,300,000
£8,116,000
British exports
The
£928,607,000 £467,263,232
£268,145.000 £402,693,531
£77,073.000
£76.067,000
British Treasury statement of national finan-
cing for the
week ending Aug.
7,
reduced, public deposits declining £1,463,000, while
other deposits registered a cut of £6,667,000. Gov-
ernment
were also curtailed, viz.: £8,015,000.
A contraction of £983,000 in loans (other
securities) was reported.
The Bank's stock of gold
now stands at £123,067,560, which compares with
£88,287,745 a year ago and £68,234,116 in 1918.
Circulation totals £125,527,825.
In the corresponding week of 1919 it amounted to £79,723,435, and
the year before to £56,690,990. Reserves amount to
£15,990,000, as against £27,014,310 a year ago and
in 1918 £29,993,126.
The total of loans is £73,805,in comparison with £81,222,618 and £100,187,000,
874 one and two years ago, respectively. The Bank's
official minimum discount rate has not been changed
from 7%. Clearings through the London banks
were £715,278,000, as against £688,298,000 last week
and £584,340,000 a year ago. We append a tabular
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
securities
showed that outgo
again exceeded income, with the result that the
Exchequer balance sustained a further loss of £86,000.
Expenditures for the week totaled £20,725,000,
against £13,618,000 last week, while the total outflow, including Treasury bills, advances and other
items repaid, was £119,528,000 (against £113,935,000
for the week ended July 31).
The total of receipts
from all sources was £119,442,000, as against £113,585,000 a week earlier. Of this total, revenues contributed £18,638,000, against £23,434,000. Savings
1920.
Aug.
£
Circulation
Public deposits
125,527,825
15,999.000
Other deposits
124,018,000
Govermn't securities 68,251,361
Other securities
73,805,396
Reserve notes & coin 15,990,000
Coin and bullion... 123,067,560
Proportion of reserve
13.
1918.
Aug.
£
1916.
1917.
li.
Aug.
£
Aug. 16.
£
15.
79.723,435 56,690,990 40,044,695
22,454,852 34,095,776 45,509.651
89,157,643 137,726,266 126.958,632
21,390,356 59,702,332 56,541,328
81,222,618 100,187,874 101,975.407
27,014,310 29,993,126 32,041,226
88,287,745 68,234,116 53,635.921
35,705,795
54,221,928
93,862,127
42,188,270
83,811,349
40,157.976
57,413.771
11.41%
rate--
-
The Bank
24.20%
17.50%
18.58%
27.10%
7%
to liabilities
Bank
1919.
Aug.
£
II.
5%
5%
5%
6%
France reports a further small gain
of 295,000 francs in its gold item this week.
The
certificates yielded £700,000, against £750,000, and Bank's gold holdings now aggregate 5,589,774,975
advances £18,250,000, against £16,250,000 the pre- francs, comparing with 5,572,148,931 francs last year
vious week. Sundries brought in £72,000, against and with 5,434,073,882 francs the year previous;
£100,000 a week ago. Sales of Treasury bills totaled these amounts include 1,978,278,416 francs held
£81,512,000. This compares with £72,741,000 last abroad in both 1920 and 1919 and 2,037,108,484
week. Treasury bond sales were small, equahng francs in 1918. During the week gains were regisonly £270,000, against £310,000 a week ago. As re- tered in nearly all the items, viz.: silver, 42,000 francs;
payments of Treasury bills were again in excess of advances, 50,491,000 francs; Treasury deposits,
of
amount sold, the volume outstanding continues 12,587,000 francs; general deposits, 84,491,000 francs.
to recede, and the total is now £1,046,980,000, in Bills discounted, on the other hand, were reduced
comparison with £1,058,348,000 the week precedihg. 395,360,000 francs. A contraction of 166,936,000
Temporary advances, however, were expanded, to francs occurred in note circulation, bringing the
£218,341,000, against £203,841,000 last week. The amount outstanding down to 38,048,432,370 francs.
the
now
stands at £1,265,321,000.
Last week the total was £1,262,189,000, and a year
ago £1,181,802,000. The Exchequer balance, after
deducting this week's reduction, aggregates £3,021,000, which compares with £3,107,000 a week ago.
total floating debt
Official discount rates at leading
European centres
continue to be quoted at 5% in Berlin, Vienna, Spain
and Switzerland; 53^% in Belgium; 6% in Paris and
Petrograd; 7% in London, Sweden and Norway,
In London the private bank
and
in Holland.
rate is no w^reportedf a^ 6^ @6_lJ-16_%jOT_sixty
and 6"^11-16@6^% for" ninety days, as against
Money
6 9-16% and 6^(^6 11-16% a week ago.
not been changed from 5%.
on call in London has
No reports have been received by cable, so far as we
have been able to ascertain, of private discounts at
other centres.
4^%
This contrasts with 35,151,563,880 francs at this
time last year and with 29,408,025,360 francs on the
corresponding date in 1918. In 1914, just prior to
the outbreak of war, the total outstanding was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of last
week and corresponding dates in 1919 and 1918 are
as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
—
for Week.
Francs.
God Holdings
-.-Inc.
295,000
In France
Abroad
No change
Total
SUver
Bills
discounted
Inc.
Inc.
295,000
42,000
Dec 395 ,360 ,000
Inc. 50,491,000
Advances
Note circulation-. .Decl66,936,000
Treasury deposits.. Inc. 12,587,000
General deposits. ..Inc. 84.491,000
Aug. 15 1918
Francs.
3,611,496,559
1,978,278,416
Francs.
3,593,870,514
1,978,278,416
Francs.
3,396,965,397
2,037,108,484
5,589,774.975 5,572,148,931 5,434,073,882
315,627,914
298,484,403
247,333,495
942,934,471
944,194,871
1,967,347,298
843,446,654
1,985,100,000 1,275,446,024
38,048,432.370 35,151,563,880 29.408,025.360
99,610,416
86,374,970
69,561,000
3,319,643,894 2,879,170,893 3,685.694,234
sent in two
England announced a further reduc- statements this week, one under date
gold item of £40,623, although this week and the other issued as of August 9,
of July 31,
The Bank
in its
Aug. 14 1919.
Germany has
The Imperial Bank
on
-Status as of-
Aug. 12 1920.
of
of
Aug. 14
THE CHRONICLE
1920.]
In the earlier statement total coin and bullion are
shown to have increased 206,000 narks, gold increased
40,000 marks, while Treasury notes gained 619,266,Notes of other banks were expanded
000 marks.
703,000 marks, bills discounted, 6,640,003,000 marks
serve banks
630
reduced
their
borrowings
by
$11,-
739,000.
With the change in last Saturday's bank statement of the Clearing House institutions from a
and advances 6,605,000 marks. There was an ex- deficit to a surplus, the sentiment in speculative
pansion of 29,592,000 marks in other investments, stock circles at the beginning of the week regarding
314,769,000 marks in other securities and 148,177,- the call money market was more cheerful. Nothing
000 marks in other liabilities. Note circulation occurred as the days advanced to change this attitude.
registered the large increase of 1,785,449,000 marks. Practically there were only two rates for call money
Further changes of a drastic character are recorded for the greater part of the week, namely 7% in the
Wednesday
in the statement of the week following, chief among forenoon and 6% in the afternoon.
expansion afternoon a 63^2% quotation was reported.
This
which may be mentioned another heavy
Bills
note circulation of 1,785,400,000 marks.
discounted were increased by the huge sum of
5,641,000,000 marks, and deposits gained no less
in
Coin and bullion inthan 2,686,400,000 marks.
creased 200,000 marks, but gold declined 100,000
Advances expanded 1,100,000 marks and
marks.
Notes
Treasury certificates 1,759,100,000 marks.
of other banks showed a gain of 700,000 marks and
other liabihties of 148,200,000 marks. Investments
were reduced 29,600,000 marks and securities
314,700,000 marks. The Bank reports its stock of
gold on hand as 1,091,600,000 marks, which compares with 1,108,010,000 marks last year and 2,347,620,000 in 1918. Note circulation has reached the
phenomenal total of 55,768,500,000 marks. A year
ago it stood at 28,426,680,000 marks and in 1918
at 12,786,340,000.
The New York
associated banks
and trust com-
panies succeeded in materially improving their reserve
position, and last week's statement (issued on Saturday) showed an increase in surplus of more than
$21,000,000. This was the two-fold result of a gain
in reserves with the Federal Reserve Bank and a
heavy contraction in deposits. Net demand deposits
dechned $52,887,000 to $4,058,281,000.
exclusive of $38,369,000 Government deposits,
which decreased $21 ,579,000 during the week. There
was also a substantial reduction in loans, amounting
in own vaults of members of
Bank was increased $1,447,000
to $90,483,000, while the reserve of member banks
with the Federal Reserve Bank gained $14,717,000
Cash
the Federal Reserve
Reserves in vault of State banks
and trust companies were increased $175,000 to
$8,137,000, but reserves held in other depositories
by State banks and trust companies showed a falhng
off of $626,000 to $8,559,000.
In aggregate reserves
the gain totaled $14,266,000, so that the total now
held has advanced to $552,635,000.
Surplus, as
above indicated, registered an increase of $21,257,640,
which, after allowing for last week's deficit of $6,086,520, leaves a total of excess reserves above legal requirements of $15,171,120. The figures here given
for surplus are on the basis of 13% reserve above
legal requirements for member banks of the Federal
Reserve system, but do not include cash in vault
to the amount of $90,483,000 held by these banks
on Saturday last. Less improvement was shown in
the Reserve Bank statement.
As a matter of fact,
the cash reserve ratio which for three weeks had been
held shghtiy above 40% fell below that figure to
39.8%. Cash reserves fell $5,798,000. Members
increased their borrowings on Government paper
$39,863,000, and on commercial paper $2,134,000, a
fact which had much to do with the overcoming of the
deficit in the Clearing^HouscIstatement.
Other Reto $535,939,000.
the
in
many
in the
time that a fractional rate has appeared
months. Really there is very little change
first
monetary
position.
There
is
absolutely none
time money market.
Further reports
of a slowing down in some lines of business have
come to hand. In some banking circles a lessening in
the commercial demand for money has been noted.
There is a growing feeling, in speculative circles at
least, that money will not be as tight in this country
during the Autumn as has been predicted for several
months. It is believed that a sufficient degree of
conservatism has been practiced and that the preparations have been so complete as to provide a larger
volume of funds than actually may be needed. With
conditions such as they are in Europe nothing is
heard just now regarding the probability of American
loans to any country in Europe in the near future.
Poland is trying hard to buy materials here, but it
would seem that conditions do not justify our bankin the local
our Government participating in European
affairs until a greater degree of stability is established.
ers
A
or
little
later
considerable
railroad
financing
is
looked for, but at the present time relatively little is
being done either for the railroads or the industrial
corporations.
This
is
to $45,515,000.
is
specific rates for money, loans on
have covered a range during the week of 6@7%,
When
which compares with 6@8% a week ago.
contrasted with recent weeks, quotations have shown
very sHght variation. On Monday and Tuesday the
range was 6@7% with renewals at 6% on both
days. Wednesday the high was still 7% and also
the basis at which renewals were negotiated, but
Thursday and Friday, howthe low was 63^%.
ever, call rates again ranged between 6 and 7%, with
7% still the ruhng figure. The above figures apply
to mixed collateral and all-industrials alike. Owing
to the renewed hquidation in securities, call funds
were in increased supply while the inquiry was
In time money the market is quiet
rather light.
but firm and absolutely devoid of new feature.
for regular
Quotations continue nominally at
mixed collateral, unchanged, and 9@,9}4% for '^H"
industrial money, the same as a week ago. Trading
is as dull as ever and no trades of consequence were
Deahng with
call
8^%
reported in any maturities.
Mercantile paper rates remain as heretofore at
8% for sixty and ninety days' endorsed bills receivable and six months' names of choice character, with
names less well known requiring 83^%. The market
continues firm and only moderately active. Nearly
all of the business transacted was by out-of-town
institutions as local banks were practically out of
the market.
Banks' and bankers' acceptance have ruled firm
Offerings were still
at levels previously current.
THE CHRONICLE
630
New York
which are
by savings banks, who under the law
those sought
ajre debarred from purchases of out-of-town bills.
The latter were in freer supply but are not as readily
absorbed. According to brokers, the bills held bj^
these institutions are approaching maturity and
the banks are seeking renewals in order to keep their
The market was called stead5^
funds employed.
Loans on demand for bankers' acceptances continue
to be quoted at 5}4%. Quotations in detail are as
that
light;
is,
of
prime
bills,
follows:
Delivery
Spot
Delivery
SUty
Thirty
fctthin
Days.
Ninety
Days.
Days.
30 Day*
[Vol. 111.
During most of the time the market, though less
"panicky" than a week ago, was nervous and unsettled and large operators appear to be holding off
pending some definite decision in the present crisis.
As a result trading was less active than for some little
Later in the week announcement that the
time.
French Government had decided to formally recognize General Wrangel, leader of the anti-Bolshevist
forces
and ignore Leonid Krassin, gave
rise to reports
that French and British leaders were not in comThis latter
plete accord on the Russian question.
rumor was subsequently officially denied, but
ground and closing quotation was
3.65 for checks. The supply of grain and other
7
Eligible bills oJ non-member banks
Ineligible bills
7H bid commercial bills is still large, but in the opinion
of most market observers the declines that have
So far as om- knowledge goes, there have been no already taken place have practically discounted
changes in Federal Reserve bank rates this week. this as an important factor and the market is likely
The following is the schedule of rates now in effect for the time being at least to be swayed almost
for the various classes of paper at the different Re- entirely by foreign developments.
serve banks:
Interest in the arrangements likely to be made
Elglble
6H@6H 6}i@6
65i®6)^ 6H@6H 6H@6K
7H®6>^ 7H®6H 7H@6H
member banks
bills of
6H®6>i
7
for the
Discounted bills maturing
vHthin 90 days (.incl. member banks' l^day collateral
notes) secured by
Bankers'
acceptances
—
—
Treasury
Liberty
certifi-
New York
Philadelphia ..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
and
Otherwise
secured
member
indebtedness
Boston
bonds
cates of
Victory
notes
and
banks
5%
tural ana
live-stock
tances
paper
maturing maturing
wUhin 91 to 180
90 days
days
unsecured
5H
5H
t6
5H
6
t6
t6
t6
•5>^
6
disc'ted
for
7
6
7
6
6
6
6
6H
5%
5H
6
5M
6
5H
6H
5H
t6
t6
to
*5}i% on paper secured by
and
AgrictUr
Trade
6
5Ji
%
certificates,
7
6
6
55i
6
6
7
6
6
6
6
5M
6
5H
6
5H
5^
7
and
7
5H
5H
6
7
6
6
5%
payment
France's share of the AngloFrench loan maturity was mildly revived this week
by advices from Paris that M. Casenave, Director-
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 12 1920.
Federal Reserve
Bank of
sterling again lost
bid
bid
6^
6
6
6
on paper secured by 4ii
certificates.
Discount rate corresponds with Interest rate borne by certificates pledged as
with minimum of 5% In the case of Philadelphia, Atlanta, Kansas City
and Dallas and 5J^% In the case of RichmonJ, Chicago and San Francisco.
Note. Rates shown for Atlanta, St. Louis, Kansas City and Dallas are norma
rates, applying to discounts not In excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts In excess of the basic line are
subject to a
}4% progressive Increase for each 25% by which the amount of accommodation extended exceeds the basic line.
t
collateral
—
of
General of the French Services in the United States,
had authorized the statement that the French
Government is "prepared to meet in full her share of
the $500,000,000 Anglo-French loan due to the
United States in October." It is stated furthermore
that the French budget has disregarded entirely the
probable receipt of German indemnity before the
loan falls due and has provided for its payment by
means of taxation. A cablegram from the French
centre states that M. Parmentier, a specialist attached to the French Ministry of Finance, is on his
way to New York for the purpose of discussing large
financial questions now under consideration between
France and America. Notwithstanding all this,
the belief persists in certain quarters that by some
form of financial arrangement Great Britain will
eventualy take up and finance the French part of
It is pointed out that since England has
already amply provided for her share of the loan,
the continued selling of sterling by London has in
all probability some connection with the preliminary
Rumors were for a
stages of such an arrangement.
time current that large shipments of gold were en
route from France, although it later developed that
the gold in reality originated in London.
As regards the day-to-day rates, sterhng exchange
on Saturday of last week was dull and the volume of
transactions light; the undertone was about steady
with quotations shghtly under the highest point of
the previous session, and demand bills ranged at
the loan.
The ster ling exchange market continues to wait
upon developments in the European pohtical situation
and sharp fluctuations have again followed
in
quick succession the receipt of reports, favorable
or otherwise, concerning the progress of events in
the Russo-Pohsh debacle.
On Monday sensational
weakness once more developed as a result of news
that Lloyd George's plea for a ten-day truce had been
rejected by the Russian Soviet Government, and
demand bills broke 63^c. to $3 60. The news revived
fears of a general outbreak of hostilities and had an
extremely depressing influence on market sentiment.
London sent materially lower quotations 3 66K
3 68
3 67M; cable transfers. 3 67^
here and for a time English banks were heavy sellers and sixty days 3 63^
market
3 64. Monday's
of sterling bills in this market. Offerings from local was nervous and unsettled and prices fluctuated
institutions also made their appearance and in the sharply, breaking nearly 7 cents in the pound on
absence of bids, except at severe concessions, prices, renewed uneasiness over the Pohsh situation, though
as shown above, sustained substantial losses. Sub- subsequently part of the loss was recovered and the
sequently, however, advices took a less gloomy range was 3 60
3 64
3 63M for demand, 3 60^
view of affairs and the British Premier's declaration for cable transfers and 3 5Q%
3 60 for sixty days.
in the House of Commons on Tuesday to the effect There was a more hopeful feeling on Tuesday followthat the Allies were still hopeful of bringing about ing the British Premier's speech in Parhament
peace, coupled with reports from the Pohsh front regarding a possible settlement of the Russo-PoUsh
that Bolshevist forces had been temporarily obliged dispute, and though movement were still erratic,
to fall back for lack of ammunition, brought about a demand bills rallied to 3 61%
3 64, cable transfers
better feeUng in exchange circles, so that recoveries to 3 Q2J4
3 60%.
3 64% and sixty days 3 58K
of nearly 8c. in the pound occurred.
Sterhng checks On Wednesday rates moved sharplj^ upward and
sold up to 3 673<4 on an improvement in the inquiry. recoveries of about 5c were noted; the day's range
@
@
@
@
@
@
@
@
@
Aug. 14
THE CHRONICLE
@ 3 68}^ for Another
1920.]
@ 3 67M for demand, 3 64^
transfers and 3 QO^A @ 3 64^ for
was 3 64
cable
sixty days.
Transactions on Thursday were featured by a heavy
selling movement, and after early firmness there was
631
held this week
foreign exchange
between representatives of leading
dealers for the purpose of discussing the movement
conference
has
been
inaugurated some time ago to change the method
exchanges from the number of
a fresh reaction downward and demand ranged be- of quoting the Latin
63i^@3 69^ units per dollar to the number of cents per unit.
tween 2M@8M, cable transfers to 3
to
and sixty days to 3 59K@3 653^. On Friday the Although considerable opposition still appears
those
market ruled quiet but irregular with attention still exist, it is understood that the majority of
has been
centred upon the battle for Warsaw; consequently present favor the change, and a committee
distributed among
trading was very light and rates which were little appointed to draft a circular to be
bankers to ascertain the attitude of these institutions
and 3 59K@ in the matter and also to arrange for simultaneous
63K@3
Closing quotations were 3 61^ putting into effect of the new method by all dealers
3 62 for sixty days.
for sixty days, 3 65 for demand and 3 65M for cable in exchange.
The official London check rate on Paris closed at
Commercial sight bills finished at 3 64^^,
transfers.
a week ago.
sixty days 3 57%, ninety days 3 56%, documents 50. 27^, which compares with 50. 18^/^
French centre finished
bills on the
for payment (sixty days) 3 58K,and seven-day grain In New York sight
62M@3
better than nominal ranged at 3
66 for cable transfers
mand, 3
653^ for de-
Cotton and grain bills closed at 3 64%.
More gold has been received this week, $1,350,000
on the SS. Imperator, which arrived on Monday
and $1,555,000 on the American liner New York
later in the week, a total of $2,905,000.
Gold coin to the amount of $750,000 has been withdrawn from the Sub-Treasury for shipment to
bills
3
63K-
Bombay.
at 13.74,
against
13.60;
cable transfers at
13.72,
commercial sight bills at 13.78,
against 13.64, and commercial sixty days 13.85,
Belgian francs,
against 13.70 the preceding week.
following a recession to 13.02 recovered and closed
against
13.58;
at 12.80 for checks and 12.78 for cable remittnaces
Closing quotaagainst 12.75 and 12.73 last week.
tions for Reichsmarks were 2.14 for checks and 2.16
Last week the close was 2.18
and 2.20. Austrian kronen finished at 00.53 for
checks and 00.54 for cable transfers, against 00.53
and 00.54 a week earlier. For Italian lire the
close was 20.00 for bankers' sight bills and 19.98
This compares with 19.40 and
for cable transfers.
Exchange on Czecho-Slovakia
19.38 last week.
finished at 1.80, against 1.84; on Bucharest at 2.20,
for cable transfers.
Continental exchanges, of
course, closely paralleled those in sterling and here
Less exalso violent fluctuations were recorded.
citement was shown than during the preceding week
Movements
in
the
and trading was at no time particularly active,
though attempts to sell were frequently in evidence
and the market was again under the pressure of
and on
Lire exhibited weakness almost against 2.25; on Poland at 48, against 49,
excessive offerings.
week before.
throughout and rate variations in this currency were Finland at 3.15, against 3.50 the
In the early dealings ex- Greek exchange has ruled irregular with a further
erratic in the extreme.
week, but the
change on Rome fell 77 centimes, to 20.22, as against fractional decline recorded dming the
11.76 for checks and 11.80 for cable
last week's low point of 22.22, later rallied 50 points, close was
but subsequently sagged off again, and while there was transfers, the same ar a week ago.
Neutral exchange is still marking time and rate
a partial recovery on Wednesday, fresh declines set
French francs Hkewise variations, which for the most part have been in
in and the close was weak.
moved
irregularly, losing at one time 32 points to
though afterward regaining 22 points, with the
BerUn marks were
final figure 13.74 for checks.
under severe selling pressure, but displayed considerable resiliency and losses were confined to a few
points.
The low for the week was 2.07; the close was
Austrian kronen and Antwell above this figure.
14.12,
werp francs as usual moved in sympathy with the
German and French exchanges. The Czecho-Slovakian and other mid-European exchanges also
shared in the general weakness, but to a lesser extent.
Speculators were less in evidence, the disposition
being apparently to await the outcome of the struggle
for Warsaw between the Russian "Reds" and its
Polish defenders, before making new commitments.
Coincident with reports that one of the heaviest
handicaps to the recovery of the German mark has
been the enormous amount of German currency held
by foreigners, a cablegram has been recei\{ed from
the U. S. Commercial Attache at Copenhagen to the
effect that plans are under consideration for an international conference at The Hague between interested
parties in The Netherlands, Switzerland, Sweden,
Norway and Denmark for the purpose of discussing
the readjustment of German exchange.
It is claimed
that of the 64,000,000,000 marks
20,000,000,000 are held outside
Denmark
000,000
alone there
in
mark
is
notes.
said to
now
in circulation,
sympathy with the other continental exchanges,
were without special significance. Here as elsewhere
everything awaits the outcome of the Polish struggle
and trading was again at a low ebb. Guilders
continue at or near the low figures of a week ago,
while Swiss francs were again weak. The Scandinavian exchanges moved irregularly with the te ndency still fractionally down, and the same is true of
Spanish pesetas which were as heretofore under
considerable pressure.
Bankers' sight on
Amsterdam
closed
at
333/^,
(unchanged); cable transfers at 33% (unchanged);
commercial sight at 33 1-16, (unchanged), and commercial sixty days 32 11-16. Swiss francs finished
and 5.98 for cable
remittances. A week ago the close was 5.97 and
Copenhagen checks closed at 15.05 and
5.95.
cable transfers 15.15, against 15.35 and 15.45.
Checks on Sweden finished at 20.60 and cable
transfers 20.70 (unchanged), while checks on Norway closed at 15.05 and cable remittances 15.15, in
comparison with 15.40 and 15.50 the week previous.
at 6.00 for bankers' sight bills
Final quotations for Spanish pesetas were 15.13 for
checks and 15.15 for cable transfers, which compares
with 15.25 and 15.27 on Friday of- last week.
With regard to South American quotations, a
Germany. In fresh accession of weakness has been noted for
be upward of 1,500,- Argentine exchange which established a new low
record of 37.99 for checks, and 38.19 for cable transof
THE CHRONICLE
63«
[Vol. 111.
It is notable, also, that
although the close was 38.33 and 38.58, against turn to "world peace."
38.26 and 38.50 last week. For Brazil also the quo- speakers Avere imbued with the feeling that the
tation has been reduced and the final figure was "Imperial Press" as a factor in the British Empire
20.90 for checks and 21.00 for cable transfers, in possesses exceptional power to spread the princicomparison with 21.75 and 21.85 a week ago. Chili- j)les of unitj^ and liberalism throughout the world,
an exchange was a small fraction higher, at 193^, albeit this is, naturally, coupled with pride in and
against 18^ last week, and Peru closed at 5.02 loyalty to the Empire. The power of the press is
(unchanged). Investigation by the Chamber of always a subject of solemn contemplation. When
Deputies into the recent action of the Argentine it is coupled with and to the i^ublic opinion of the
Government in suspending the release of gold de- world, the magnificence of the emprise and the
posits in the United States and thereby still further majesty of the beneficence are engaging and pleasurreducing the level of exchange, shows that the meas- able as the mind dwells upon them.
We are disposed to express, however, our feeling
ure was inevitable and holds out very little hope of
improvement until either Argentina's exports are that this moulding of the public opinion of the
increased or her imports from this country materially world toward and for universal and perpetual peace
is something above and far removed from considcurtailed.
fers,
Far Eastern rates follow: Hong Kong 773/^@783^,
against 783^@79; Shanghai 110@111, against 108^^
@109; Yokohama, 51M@51M against 5lK@52;
Manila, 463^^46%, against 473^@48; Singapore,
46@47, against
against
47^@48M; Bombay, 36M@363^,
37i^@37H,
against 3734(2^373^
and
36i^@363^,
Calcutta,
week.
last
The New York Clearing House banks, in their
operations wath interior banking institutions, have
gained $6,198,000 net in cash as a result of the currency movements for the week ending August 13.
Their receipts from the interior have aggregated
19,384,000, while the shipments have reached |3,186,000. Adding the Sub-Treasury and Federal Reserve
operations and the gold exports and imports, which
together occasioned a loss of $115,418,000, the combined result of the flow of money into and out of
the New York banks for the week appears to have
been a loss of $109,220,000, as follows
Week ending Aug.
Banks
Banks' Interior movement
Sub-Treasury and Federal Reserve
operations and gold Imports
Total.
A'et Change In
Bank Holdings.
Out of
Banks.
Into
13.
$9,384,000
S3, 186,000
Gain $6,198,000
130,645, OOo'loss 115.418,000
15,227,000
824,611,000 $133,831 ,000:LossS109. 220,000
The
following table indicates the
in the principal
amount
of bullion
European banks:
Aug. 12 1920.
Aug. 14 1919.
England . 123,067.552
France a.. 144,299,862
.
Aus-Hun..
Spain
Italy
Netherl'ds
Nat. Bel .
Switz'Iand
Sweden
Denmark .
Norway ..
9,920 ,000
306 ,850
10,944,000
2,369 ,000
98,096,000 24,379 ,000
32,191,000
2,999, 000
53,028.000
1,279, 000
10.660,000
1,068, 000
21,564,000
3,570, 000
14,516,000
12,658,000
143,000
8,120,000
.54,581,600
Gold.
£
Germany
Total.
Silver.
£
123,067
154,219
54,888
13,313
122,475
35,190
54,307
11,728
25.134
14.516
12,801
552
287,745
,862 143 ,754,820
450
000
000
000
000
000
000
000
000
8,120, 000
Silver.
Total.
£
,287,745
11,920 ,000 155 ,674,820
984 .050 56 ,384,5.50
55 ,400,500
10 926,000
2,369 000 13 ,295,000
93 ,928,000 26.048 000 119 ,976.000
32 ,365,000
2,r73 ,000 35 ,338,000
507 000 54 ,385,000
53 .878,000
10 642,000
1 ,239 000 119 ,881,000
18 725,000
2,690 ,000 21 ,415,000
16 023,000
16 ,023,000
10 410,000
157,000 10 ,567,000
173,000
,173,000
Total week 583,726,014 46,033,850 629,759,864 542.513,065 48,887.050 591,400,115
Prev. week 583,998,837 45,853.500 629.852.337 542.777.371 48.910.050 591,687.421
a Gold holdings of the
held abroad.
Bank
ol France this year are exclusive of £79,131,137
THE PRESS AND THE PEACE OF THE WORLD.
At a banquet
the press, but in its provincial or local power and
duty. It has becojne the ambition of certain journals of the day to cover the world in gathering and
printing news. And it is a magnificent and helpful
work, educative in the highest degree to constituents and readers. But by no process of imagination
can it be established, w^e think, that the influence
of any journal can with like scope bring its power
to bear upon the public opinion of the world. At
the great centres of civilization. New York, London, Paris, Berlin, there begins a press influence
that spreads to the confines of earth, but finds its
chief lodgment in the journalistic endeavors of
same
In a word, the direct influence
of a journal upon public opinion is local in the
sense that it is national. Perhaps this statement
should be qualified not national in a political sense
but in a popular one. Our meaning is not easy to
express, but it includes this central idea, that the
particular journel should receive impressions from
the world only that it may more fully perform its
work of influencing public opinion (in the matter
of unity and peace) in its own natural domain
and
thus help its oavu "people" to understand, and thus
enable them to radiate that good-will to all, without
which there can never be either universal or perthese
centres.
—
—
petual peace.
Banks ofGold.
erations of democracy or empire and finds its highest exemplification, not in the cosmopolitanism of
to the Imperial Press Conference,
meeting in Montreal, the proprietor of "The Montreal
Star," Lord Atholstan, in welcoming delegates, expressed an opinion which the Associated Press words
"Many people believe this press conference would [will] develop into a great world conference in which the great press of the United States
would exercise a beneficent and far-reaching influence for universal peace. If such a beneficent newsas follows:
paper combination should ever materialize, it would
be a keen competitor to the League of Nations, he
said." It is significant, as we read the account, that
the thought of the conference should repeatedly
whose
and social or economic-commercial whisperings, even murmuriugs, of the
world, cannot promote universal concord by becoming the partisan of any people or race or nation.
And, Avhile it cannot escape that "love of country"
which is the essence of patriotism, it may not carry
It is manifest that the metropolitan journal
listening ear hears the political
chauvinism to the point of affront to the sentiments
of other peoples or to their forms of government.
And
we
conceive it, that this suggested rivalry betAveen the influence of a united
world press and that of a League of Nations wiU
arise.
And here appears the truth, which is universally conceded, that no League of Nations not
backed by unified world opinion can succeed or
function long.
From this Ave deduce the couA-iction that the machinery of Avorld-peace is not so important as the
universal desire and the uniA'ersal purpose in that
behalf. And no nation or people insisting upon its
poAver rather than its persuasion can properly or
effectively influence the peace of the Avorld.
We
our oavu people, Avhether in
have our oavu duties to
it is
I)olitics
just here, as
The letter is impotent withmust live peace, we must invite
or journalism.
out the spirit.
We
—
Aug. 14
THE CHRONICLE
1920.]
coufideuce,
respect,
regard,
before
we can gain
A metropolitan journal in any country
either.
which in its cosmopolitanism shows favoritism to
any other country or people defeats its power at
home and prevents the consummation of that very
world unity and peace it so devotedly desires.
General Sir Arthur Currie (we much prefer, in
keeping with our thought, the term, ''McGill's new
principal"), speaking for the Canadian press, said,
apropos of the world press: "It is probably true
that no other body of men exerts so potent an influence on public opinion. Whatever objections may
be taken to the natute of that influence in isolated
cases, it must be said that on the whole it runs in
the right direction. Biased opinions may sometimes
be expressed. Unfair advantage may sometimes be
taken of their position, to serve some personal or
party purpose, and 'to make the worse appear the
better cause,' but, nevertheless, the general effect
of their operation is the enlightenment and elevation
of the public mind." And this is all true. But how
shall this power be brought to bear upon a unified
world-opinion that makes for peace? Can it be by
the constant exhibition of vanity over a certain
world-wide viewpoint that is indifferent to country
and nation in which the journal exists and thrives ?
Can it be by the proud insistence that only the "liberal" peoples of the world are to be factors in worldpeace? Can it be by the eternal reiteration of the
thought that only the English-speaking peoples are
fit to dominate the world in an era of world-peace?
"Hands Across the Seas" an appetizing expression
in so many mouths.
But which way? The prof-
—
hand that shall unite for peace, must it find
a waiting hand in a London pressroom more than
one in Montreal, Melbourne, Rome, Tokyo, Pekin,
fered
Paris,
Brussells,
or Vladivostok?
Is
there any-
where on earth an international hand that can be
extended, by as many arms as were possessed by
the mythologic figure?
Whence proceeds this
"good-will to all" but out of our essential selves as
a distinct and independent people. No mechanism
can spread it abroad. No cosmopolitanism of press
intent can waft it to the little peoples and the
large
it runs and broadens and glows and elevates
as the light runs. And its central sun is the feeling
heart of a free people in a constitutionally ordained
and organized republic.
But, you ask, since world-peace is dependent upon
world-deliverance, may we not nurse the dream and
speed the ideal of democracy of political independence and territorial integrity may we not point
with commendatory pride to the liberalism of England, may we not express sympathy for Egypt, India, Ireland
may we not revive again our interest
in the German people
any and all these things
since the "war is over," and we love peace? And
why not if with equal impartiality we do them all?
But because New York City, for instance, rests on
the Atlantic's shore, eyes ever turned eastward,
may not fully sense what lies in the westward interior, and may not therefore clearly reflect to tlie
waiting peoples of the whole world, west and east,
the feelings of amity, of encouragement, of generous, general sympathy, felt by an entire people
bound up in their own enforced toil and concerned
—
—
—
—
—
though confident of their own destiny. And the
reverse of this is true as to attitude when applied to
the journalism of any other central city,
or any
country.
A
prophet
may
be not without honor save
633
own country, but a nation or a national journal that sets forth with the feeling that God called
it to save the world will sometime return in order
to save itself.
in his
contemplate a united worldpress moulding world-opinion toward world-peace.
The sublimity of such a cause is inspiring. But we
shall never promote harmony by taking sides in
quarrels that do not concern us. We shaU never
promote unity by interferences, social, political or
economic, in the grounded rights, beliefs and interIt is pleasant to
ests of other peoples
and nations.
And what we
should not do in journalistic enterprise, acumen and
good-will we should not do as a political entity. It
is easy to mistake the letter for the substance, the
We
form for the
spirit.
seem to believe we can
cultivate strength of national character by dissi-
pating it. We seem sometimes to believe that in
journalism the cable is more important than the
overland telegraph. And yet can it be doubted anywhere that that journal has most influence on
world-opinion which is most active, intensive, and
devoted, in the expression of the whole of public
opinion at home the opinion of one people under
one rule? We conclude, therefore, that a League of
Nations, or a League of the Press of the World,
must in either case concern itself with the recognition, interpretation and preferment, first, of that
good-will which proceeds from within outward, an
essentially local and national influence which, meeting and commingling with the same impalpable
force proceeding from other peoples and nations,
creates that benign spirit which shining above and
over all establishes the peace of the world.
—
THE DEVELOPING TASK OF THE TWENTIETH
CENTURY.
There is a fine saying of George Macdonald, the
Scotch novelist: "God is easy to please and hard to
satisfy."
We may readily believe that God is pleased
that the war is over, but it is by no means yet possible
to conceive that he is satisfied.
His contentment
would surely involve many results for which the world
is still anxiously looking.
The Twentieth Century
started in
its
task with
high hopes and
Two decades have
There were high winds, and some
nearly passed.
storms, and then the great war. The fighting phase
we hope has nearly passed; one fifth of the century
is gone, and if we would know whether we are making
progress, or whether indeed we are on the particular
job that is ours among the centuries, it is necessary
to stop and think. The evidcMce does not lie on the
face of things nor is it to be read in the headlines of
Oxenstein, the famous Prime
the newspapers.
Minister of Sweden, counseled his son to "watch and
see with how little wisdom the world is governed."
Many years have passed, but the advice remains
good.
The Nineteenth Century found itself called to
take up the new doctrine of the individual, in the
line which the centuries had opened, in the emancipation of conscience, of the Church and of the State,
and to develop the individualism which lias come to
be regarded the specific contribution of the century.
The rights of birth, of wealth, of the State, of
all flags flying.
the Monarch, as
of the direction and control of the individual life
have all been looked at from the same standpoint
labor,
of intellectual
culture,
of
THE CHRONICLE
634
[Vol. 111.
the fashion to regard the Victorian era as com.
monplace. But the Nineteenth Century began with
advance and leave the uncivilized or half-civilized
Whether that great section of the
world behind.
Bonaparte and WelHngton and Pitt and led on with world was stirring or not before the war it is certainly
a splendid list of great names in many lands and in tremendously stirred now. Think of a million men
every department of life, coupled with deeds that of India largely led by their own officers volunteering
have pushed forward human achievement and for service under the British flag far across the sea.
attainment, the great Reform Bill in England, the The horizon has lifted for uncounted millions in Asia
abolition of slavery in the British colonies, and then and in Africa.
Speaking on the economic side alone,
in the United States, the English rule in India and South Mr. E. M. Friedman, in his new book on "InterAfrica, the establishing of the American Union in the national Commerce and Reconstruction," says:
Civil war and the upholding of the Democracy repre"As the Crusader brought on the Renaissance
sented by us as the ideal for the progress of the world. and the modern age, who dares predict what new
France had maintained her Republic for thirty years; Hfe the crusade of 1914-18 may stimulate? Senethe South American States were all moving in the galese, Kaffirs, Hindus, Chinese, Australians, Canasame line; and Italy redeemed found all doors open dians, Americans, all met in a great common cause
for the development of her democracy in what lines with the older European peoples on the fields of
and at what times she might choose. Wilberforce France. Millions from all the continents, and from
and Russell, Canning and Peel, the Lawrences and distant lands, will carry back to their homes new
Havelock, Lincoln, Grant and Lee, Cavour and economic wants and new intellectual concepts. Africa,
Gambetta, Gladstone and D'Israeli, Bismarck and as large as Europe and North America combined,
von Moltke, are names sufficient to indicate the has one-tenth the railroad mileage of the United
place which the individual in the Victorian Era had States. In Asia are hundreds of millions, whom the
come to occupy, and how great in the world's thought mechanics of Western civilization will convert into
was the individualistic idea which underlay the a new world of producers and consumers on the
conception of Democracy which the Nineteenth Occidental scale of living. At present they live on
Century was passing over to the Twentieth Century a low scale, and as producers are a menace to the
with the general conception that it is the panacea for Western democracies. The awakening of Asia will
all political and economic ills and the normal line
mean greater productivity, higher wages, more wants,
of development for the free man and the free State. increased consumption, greater leisure and a higher
It
is
Now,
How
far
making
which
twenty years, we are forced to ask:
individualism true, and what use are we
after
is
of it to insure
life
for the Oriental."
This, purely on the economic side.
and develop the Democracy attendant
our trust?
adopt the initial thesis of Prof. Wm.
Sloane of Columbia University in his book, "The
is
We may
of
and moral awakening?
silken fabrics changed the
intellectual
introduction
life
What
of
Europe as
of the
The
social
effectually as the Rennaissance did
The vision of a new world, no longer
dream, but now a realitj^' close at hand, is fast pene-
its intellectual.
Powers and Aims of Western Democracy." "The a
Democractic Nation is the best form of human trating both Asia and Africa. In the near to-morrow
association so far devised.
It is a tremend- we shall have the railway, the telephone and the
ous gain that the concept both of lasting peace and a aeroplane threading Africa, and the day after,
republic of mankind is at last considered a working practically covering Asia. If you ask what does that
mean, think how short a time since the New Hampshire
hypothesis, even if fulfilment be postponed."
We are obliged, however, to give emphasis to his farmer watched the telegraph wires to see the letters
qualifying statement, "But neither democracy nor fly by, and the universal acceptance of electrical
civilization since.
nationality insures enduring peace."
We cannot get on without the
This is even more evident than it was when the other half of the world; and the war is making it
Armistice was signed. The war was, in fact, both the clear that they will not be left behind. The rapidity
consummation of Individualism and its nemesis. of their change who can forecast ?
The other great fact which the war has made clear
Germany's point of view was her right and duty to
take any step that appeared to be to her own interest. is that Unity is now the great task of the Twentieth
The point of view of the Allies was not materially Century. Unity of heart and hfe, of purpose and
different, though when these interests were merged, effort. By no means uniformity! That is of the outside and violates every law of development.
Our
they assumed a more altruistic aspect.
The noble sentiments which inspired America face is toward the rising, not the setting sun. We have
when we entered the war, and to which the country done with talk of "entangling alliances."
.
.
.
responded so amazingly, dropping our differences
at once in the presence of what seemed the call of
humanity and the world's emergency, have been
subjected to a rather severe pressure and filtering
process in the discussions of the Senate Chamber.
Since the drawing of the Peace Treaty we have
officially done nothing to justify any claim of exceptional nobility in our conduct. What then has become
of Prof. Sloane's "tremendous gain"? Is Democracy
simply a counsel of perfection? And a "republic of
mankind," which certainly means the wide acceptance of the fact of human brotherhood; is it merely
"a working hypothesis" which cannot be of any
early fulfilment, or "insure enduring peace"?
Two great facts have been set in a new light by
the war.
One is that civilization cannot hope to
The only question
Where shall the world find
There is
the new democracy?
is:
the inspiration for
only one adequate source, one teaching and cult
which it is fundamental.
Because it is the latest, the Twentieth is so far
the best century.
As no other it is charged with
in
the task of making real the unity of
of a
common
men
as children
Father.
The unrest which
and continuous in
Italy, lying
countries like Spain, Portugal and
quite outside the turmoil of Central Europe, must
be looked upon as akin to the deep unrest that is
is
so real
spreading below the surface in Egypt, India, Persia,
Central Asia and China, and of which there are
very clear symptoms both in the North African
provinces and in the South African Union. There
Aug. 14
THE CHRONICLE
1920.]
are signs of its existence and recognition in Islam.
It is spoken of as a fire in the grass. But analogies
635
unnumbered methods, there are infallible panaceas,
there are political and economic theories, counted
Such fires burn themselves out with certain to bring the desired end.
But was earth ever intended to be Heaven? Is
Great human
the consumption of the material.
movements always start and are sustained, by some there no force in spiritual energies that persists and
The conception of the has purpose? Can equalibrium exist without there
universal human appeal.
with the corresponding duty of be opposing forces, either in the spiritual or material
human Community,
What is it we seek in peace, inertia or prosacrifice and service in its behalf more or less imper- world?
What do we mean by sacrifice, is it the
fectly understood and ineffectively grasped must gress?
the Twentieth Century's conception. giving up of life or the directing of it, is it mere rebe recognized as
It is the product of the past, and the newest ideal, linquishment without further effort, or eternal renewal in new fields and environs ? What is co-operaand it is available for all.
its revolutionary power should
tion but the drawing together of individual efforts
We may imagine
Here in the free expression of life through necessary and
Buddhism and Mahomedanism adopt it.
The centuries have therefore common work and helpfulness or love?
is the challenge to Christianity.
Democracy is a dream and the Brother- If a man so love his home and family that he work
taught that
hood of Man a cant phrase, unless we accept the in the tasks of the world that they have comfort and
Kingdom of God as here. Christ is to come into joy, does he therefore work against his neighbor who
His own among men. The nations shall see it. The does likewise ? What is civilization but the co-operatask of the Century is pre-eminently His task to tion that exists in competition, the unity that lies
gather up the aims and desires and achievements in diversity?
Do these toilers need a master to think for them
of all men of good will, and to make the Christian
community in its progress "the new heavens and the more than one to drive them? Is the State, the free
If the
State, more important than the free man?
new earth, wherein dwelleth righteousness."
philosopher, State be supreme must not the man be servant; if
Prof. Josiah Royce, Harvard's great
died having given to the world his conception of the man be supreme must not the State be servant?
"The Beloved Community" as the goal and reward But why resort to something outside the free man to
Had he lived a few bring peace and plenty to mankind ? Will they ever
of man's struggle on our earth.
years longer he would have seen how definitely its come by this method of organized or State control
recognition has become the Task of the Century, until the man is so exalted as not to need the restraint
Why do we make
however slow may be its ultimate attainment.
or compulsion of the law he erects ?
so often the common-sense assertion that a law canare deceptive.
.
TRUE SACRIFICE CANNOT BE COMPULSORY.
not be enforced that is contrary to the will of the
people, contrary to public opinion, and then propose
calmly to surrender all initiative and control to the
State? Why do we beheve that peace can come
through harmony of political or economic organisms
when there is yet no peace in the human heart?
"God's in his Heaven, all's right with the world!"
Yes because there is in man the capacity for peace
There was printed the other day the story of a
woman's twenty-seven years service in the Salvation
Army. She held the rank of Major and the field
of her effort was a tenement district down on the
"East Side." Her removal to other work no less
self-sacrificing was the occasion of her talk to the
reporter.
She said in explanation of it all that she
had felt "the call." She was interested in her ser- and prosperity. If the world is not right, man makes
vice
was an angel of helpfulness and peace to the it so. He has infinite gifts for service and sacrifice
poor loved the children of the quarter. "They are
then wars incomprehensibly, fiercely, futilely, over
splendid, honestly they are," she said.
She was the methods of State control. If four million brave
loth to leave them for her higher position.
All of soldiers would as completely dedicate their lives to
which serves to show that love and kindness are peace and progress now as they unselfishly did in the
not alone the prerogative of station in life and that Great War, who could dare to estimate the cumulasacrifice requires no spectacular arena for its per- tive effect on the good of the world ?
Must there be
formance. Everyone has read the story of Father conscripts of peace as there were conscripts of war?
Damien who went out to live with the lepers at If so, then in the new era there caimot come the
Molokai, and died of the dread disease through his glory of voluntary sacrifice. If all is not right with
ministering.
A simple priest, a heroic man and the world is this not the call to each man? If love
brave as the bravest one who made the "supreme of home and family are worthy incentives, can they
sacrifice."
ever minister to hate, envy, profligacy, waste, want
We talk and write now^ continually of service and and woe?
peace.
But do we rightly connect the two? Peace
The fact remains that man is the architect of his
is some august accomiilishment, some final consumown fortune, whether as individual or as mass. Then
mation but yonder afar off. It must needs have who in extremity accept the help of others do not
machinery some law or league to enforce it some quarrel much with methods. Then who seek for
talisman to bring it about.
Government is to be some opportunity to do good in the world do not
its agency.
And then we look about us and there is wait upon collective plans. Those who work for
the ever-present need of food, fuel, clothing, shelter. wages or profits can still apply them to the common
A vast intricate web of exchange of toil and products good. But the man who waits for orders never does
IS woven over the whole earth, which we call commerce
anything. The vast energies of millions, though in
or "business."
And then we discover that in these conflict, are more potent still for the general advance,
multi-millioned efforts to live and thrive there is than the petty activities of minions who receive their
conflict,
"competition," and therefore we must only largess to work and win by permission of some
"pull together," "co-operate," "organ ze," be im- power outside themselves dedicated to the task of prebued with a mighty and valorous "purpose," have venting one from outstri]i]>ing another. If tliove
some great unified spiritual enthusiasm. There are is no "excellence without great[_lal>or," antl nour may
—
—
—
—
—
—
—
—
—
—
THE CHEONICLE
6S6
EVOL. 111.
days bring medio- crease for the present occasion. The rule of just
and reasonable rates without setting any definite
The painful truth is that in life we want pay for standard with respect to which they must be "just
But who rewards and reasonable" brought the properties to a depleser\'ice and glorj^ for sacrifice.
the dead in Flanders Fields ? We will not work in our tion that prepared the way for their seizure and
own way and let the good we do live after us, we must aggravated the disastrous consequences of that
constrain other men and other generations to work seizure. It is, therefore, really an achievement to
We will not vote with entire un- get, at last, a specific standard of test, "a. standard
as we elect to do.
silfishness for the best form of Government, we more definite than that rates should be just and
campaign by means of party fidelity to force our form reasonable."
The new rule is that the rates shall yield, "under
on others. We are not bound by the will of majoriself.
We honest, efficient, and economical management and
ties but by the unbending will of one
not willing to use our own fortune large or small reasonable expenditures for maintenance of way,"
are
for the general good through our independent fami- etc., "a fair return upon the aggregate value." For
lies, but we would make every man use his fortune two years this return is specified; thereafter, the
according to our formula, though he too have a Commission is to determine both what percentage
family and a free will. We will not abstain from on aggregate value will be "fair," and what that
The physical valuation
intoxicants because temperance promotes justice and aggregate value really is.
peace, we would compel others to total abstinance, under the act of 1913 is not completed, and since
though justice is not the product of law but the changing conditions make its findings resemble
reverse, though peace is not the result of force applied, writings in the sands at low tide, there is no present
reason to expect that it wiU ever be completed.
but the reverse.
We come back then to this the way is open to But the Commission had to arrive at some total
every man who would live for others and until forthwith, and it has guessed one, by putting presmen are willing to live at peace with the world there ent estimates together with the results which have
can be no world-peace. The sacrifice to service of been reached. So the aggregate value is now determinthe one life given to each man does not warrant him ed to be 18,900 millions, or about 1,1401^ millions
in compelling others to live as he does.
For in that "less than the amount claimed by representatives
compulsion is his undoing and theirs. There is a of the carriers." Perhaps it is not captious to say
legendary belief that the secret and infinite power that the Commission felt bound to fend off clamor
which halted the Roman soldiery on their approach by naming a total somewhat less than the carriers
to the Cross could have annihilated them, could have claimed, but Mr. Esch says this reduction can doubtprevented the crucifixion itself. But it was not in- less be justified "on the ground that the property
voked. The dead in France live in others; do these investment account prior to 1907, when the uniform
others now live in the death of those who lie in name- system of accounting was ordered, was unreliable,
less graves?
When all men serve, will not auto- even padded items properly chargeable to operating
cracy, political, economic, or even spiritual, cease, expenses being included in capital account." This
will not peace be lasting?
Who can do more than sounds like a dying echo of the old charges of
give his life to his cause, that others may have liberty "water," and Mr. Esch seems to attempt quieting
those ancient charges by adding that "while in the
to live as he lives?
past the financial condition of many roads showed
BETTER DAYS FOR THE RAILROADS.
excess capitalization or watered stock, the best auCongressman Esch, head of the House committee thorities now concede that the physical valuation of
from which came the new transportation act, has the roads, soon to be completed, will show little difgiven his views thereon at some length. He is quite ference between capitalization and valuation; this
optimistic as to its probable results, naturally and has already been demonstrated in valuations made
even justifiably. He is right in saying that the pro- in Minnesota and New Jersey."
It is "soon to be completed," yet even now the
visions of Section 422 (providing for the first two
years a named definite rate of return and thereafter thing to be discovered -namely, what the "value"
for such rates as will furnish "a fair return upon the is is not determined. Value in place, or to replace,
aggregate value of the railway property" held and one or the other, presumably, but which? And Mr.
used for transportation) is a distinct improvement Esch gives up his "own apologetic assurances and
on the old rule of rate-making, "in that they fix a apparently decides on "to replace" by immediately
standard more definite than that rates shall be just adding "that the roads could not be reproduced toand reasonable." For, while the words ''just and day for the amounts represented in their stocks,
reasonable" do mean much, in the moral law, we can bonds, and certificates of indebtedness none will
add to Mr, Esch the comment that when they are deny." They certainly could not be, since they could
taken as a rule for business contracts and conduct not be replaced at all under present conditions the
they are so indefinite as to possess barely any value. water has been overtaken and absorbed. Take, for
The Interstate Commerce Commission has been example, one statement of the New York Central
nominally following justice and reasonableness on lines that the rolling-stock bought in 1914-19 cost
rates these many years. Eates might be deemed to ^129,717,930, and that identical new equipment
comply with those moral terms if they suited com- would now cost .f245,378,150. If Mr. Esch owns his
plaining shippers, or if they were guessed sufficient home in La Crosse he probably takes its value in
for a fair return on what the roads did cost, or might place to be about the same as to replace this is the
or should have cost, or upon the conjecture of the usual rule, market value or replacement cost being
Commission's majority as to what would probably taken to be the "fair" amount invested, the differbe enough to live on if the executives were not ence between that and original cost being gain or
frightened before they were hurt, or upon any other loss to the owner. Is there any sound reason why
guess that might serve to put by any material in- an unfavorable exception should be made in case
excel, these six-hour State ordered
crity, apathy!
—
—
—
—
—
;
;
Aug. 14
THE CHRONICLE
1920.]
637
was settled, except as to the incident of
date, when the business interests of the city detransportation?
Yet, while one may agree with Mr. Eseh that the cided that this port cannot and shall not be closed
Commission's acceptance of the wage award of the by anybody or any issue as to any sort of "shop."
Labor Board and promptly ordering a rate increase They heard the illumining experience of San Franof property used for the vital public
purpose of
match it ''ought to bring peace to the labor situation and lead to greater efficiency and a better moto
not as they "ought" to be,
and there is no sound reason for deceiving ourselves
as to this matter; if experience teaches anything
surely it is that a stern and clearly immovable stand
by the public, and not any renewed surrenders to
threatening demands, will bring peace to the labor
Still there is much for encouragement
situation.
in the new law, and, most of all, in the changing
rale," things often are
attitude of the public as to transportation.
For
in-
stance, there is a plain suggestiveness in the recent
statement that on July 1 the Pennsylvania had the
number of stockholders in its history and
the largest ever reported by an American road the
number in^creased 1,396 in June, and the total is
Since this year opened the number of
126,468.
stockholders has increased 8,743, with a present
average holding of a small fraction under 79 shares,
and the distribution, the statement tells us, has been
widening for months and steadily.
•It would be interesting to know how many members of a railway brotherhood are direct owners of
any railway stock, and when they get into operation their projected brotherhood banks (which are
apparently projected upon the inveterate "class" notion in unionism and upon the obsession that banking
and other business can be conducted upon that notion) whether they wiU attain a new estimate of the
value of railway properties. At least, it is interesting
largest
;
and in
its
way encouraging
to see evidence of a faith
in the future of railroads exhibited
by the American people, notwithstanding all the past. The roads
must live and thrive, because the people must; this
was not axiomatic, a century ago, when people managed very weU without them, but is almost axiomatic now. So the basis for faith in better days
for the indispensable carriers is not in the increased
rates granted directly, but in the new feeling which
compels the increase. Mr. Warfield's Association
of Security Owners approves and is fuU of hope, of
course, for that Association was born out of a serious realization of a broad common interest at stake
and a peril to be averted; it came somewhat late
upon the stage, yet it was timely; it has done good
work, and it has good work yet to do. It is credibly
reported, for instance, that a number of the largest
life insurance companies will participate in
taking
bonds for new equipment.
The new public understanding of transportation
is therefore our firm ground of faith.
It will be
tried, it will encounter its difficulties, but
it will
stand.
LONGSHOREMEN'S STRIKE ENDS— CITIZENS' TRUCKING CO. EFFECTIVE.
The longshoremen's strike seems now to be
over,
for the present at least, the teamsters'
union having come to an arrangement by which the
coastwise
steamship lines Avere reopened to that union's
employees on Thursday. On what pretext the thing
began is of comparatively small consequence.
The
struggle has been long
and obstinate, covering just
months; it has been foolish, hurtful to everybody, and futile, inasmuch as it
was doomed to failfive
ure.
It
under like circumstances related to them, they
caught the lesson and acted upon it by organizing
the Citizens' Trucking Company for the sole and
stern purpose of handling freight and keeping things
moving. The organization took form rapidly, went
promptly into action, and moved freight. Patience
and waiting had ceased to be of the virtues; something had to be done, and something effectual was
done. The malcontents are beaten.
In course of this trouble two cases over freight
halted by refusal of the carriers to handle it have
been taken into court. About two months ago,
Judge Fawcett, of the Supreme Court of this State,
passed upon this in the action brought by a lumber
concern, which recited that because of refusal of
certain steamship lines to receive its goods, it was
unable to fulfill its contracts for delivery in either
domestic or export trade. Directing his decision
and warning to both the carriers and the unions,
Judge Fawcett said that it appeared that all the defendants are "engaged in a conspiracy to commit a
tort against the plaintiff," and he laid down in no
uncertain terms the doctrine that both carriers and
the employees of carriers are bound to serve the
public indiscriminately. That certain products or
certain lots of such products had acquired a taint,
according to the lexicon of unionism, and every person or thing coming into contact with them must
be forthwith boycotted, does not agree with the public welfare and is not to be tolerated.
A like case has lately come before Judge Hand, of
the Federal District Court, a firm here complaining
that the Old Dominion Transportation Company
and certain unions refuse to carry its goods between
this city and Norfolk. A restraining injunction was
granted, several weeks ago, and was to have been
reargued on briefs submitted during this week. The
firm says it agreed with the Citizens' company to
take its goods to and from the piers, but the malcontent longshoremen and truckmen interposed with
such threats that the steamship company refused
to receive the goods, "for fear of difficulties with
the unions." In substance, the company replied
that it has no selfish interest in the matter and does
not intentionally use discriminations between shippers, yet that if it cannot peaceably handle freight
it would have to go out of business.
Here we are brought back to the non possumus
plea, and what reply shall be made to it? The officisco
cers
real
and stockholders who constitute the non-corpo"company" cannot don working garb and jack
own
persons; if they really cannot
hire somebody to do that w^hat shall or can they do?
He who does an act through another does it himself, says the law if he cannot do it through others
and is physically unable to do it himself, albeit his
duty requires that it be done somehow, shall the law
demand impossibilities? If the train hands unitedly
say they will not serve the train unless that obnoxious red-haired or dark-skinned person gets off,
Avhat then? Judge Hand has not yet spoken, but
Judge Fawcett refrained from quite condemning
the plea of inability, although he read to all carriers
an admonition (not wholly superfluous) to stand on
their feet "if the carriers and their terminal agenfreight in their
;
;
THE CHRONICLE
638
cies," said he, "instead of joining witli the
unions in
combination by submitting to this discrimination for fear of a strike, had stood squarely for the
performance of their public duties, it is doubtful if
the plaintiff would now be in court."
Stand upright, and stand "squarely." This is for
the public, and the public is gradually learning.
this
The "real
fight" as to Avhich the last five
months
have been a preliminarj^ skirmish, is deferred (according to some reports) to next month, when
a new agreement with the carrier companies
will come up for discussion, the present one with
the deep-sea longsSioremen expiring Avith the end of
September. Meanwhile, hope keeps springing in
Mr. Gompers's breast, for he is said to contemplate
tackling U. S. Steel for a fall, and to be still strong
toward the grand climax of a general federated
union of all labor in all the country, that same old
"centralized" dream. He is a human katydid, saying "undisputed things in such a solemn way," a way
so very solemn that it is as if he thought himseK
announcing discoveries both momentous and new.
The right of labor to organize, he says, is at stake,
and must be upheld. That has never been denied;
all that has been denied and will never be accepted
is its
right to disorganize.
Yet
if
the equal right
of employers and capital to organize were declared,
Mr. Gompers would vicAV that differently and deny
that it exists, except under some such qualification
as that labor, having organized, must first give its
consent. He is appealing to unions for "solidarity,"
warningly saying it was never so necessary as now
"that the wage-earners, particularly the organized
wage-earners, should be alert and determined," in
striving for their rights. This seems to half admit
that some persons really do work who are neither
organized nor in "the working class" and then Mr.
Gompers, with his usual facility of misstatement,
asserts that "under the pretense of the so-called open
shop, employers' associations and chamber of commerce have launched a campaign of antagonism,
with the destruction of the labor movement as its
aim it is therefore the duty of all more steadfastly
to unite for the purpose of the common good."
;
;
Certainly, and more and more clearly so.
To
unite "for the common good" of saving all the people from the destruction which organized, a selfblinded Samson, would pull down upon the heads of
Events keep moving toward that saving, and
as one incident therein the Merchants' Association
will keep its Citizens' Trucking company in existence, although retiring it from business until again
all.
needed.
TEE HOUSING PROBLEM AND MEASURES
OF RELIEF—ATTITUDE OF LABOR.
[Vol. 111.
so serious a condition in the thirty years of his own
experience. Five years ago, a six-story apartment
on Washington Heights was getting $15 monthly
per room, but is now commanding |50 a room. To
this we are able to add that the large though
naturally limited section of Brooklyn called the
"Heights," adjacent to and overlooking the East
Eiver, formerly the most exclusive residential section yet having several boarding-houses on nearly
every block of all but a few of its streets has been
undergoing for several years (and swiftly accelerated in the last two years) a transformation into
what are called "bachelor apartments," though
sometimes adorned with some selected special title.
In this process, the original main entrance becomes
a window; the new entrance is through the former
l)asement the former basement dining-room and the
Iv:itchen behind it have toilets and baths placed in
a corner and become "apartments" at -|50 to $70
each, and so on. One cheaply-built apartment building overlooking the water, which rented thirty years
ago at about $.50 for eight rooms and bath and latterly at about $75 for the same, is now in process of
splitting into two by a partition parallel with the
street, and the eager owner expects to get $125 for
The former
the one half and $85 for the other.
boarding-house has disappeared.
Restaurants increase in number and size, and are increasingly
;
crowded.
Under such
conditions, the
was and normally should be
is
home
as
it
menaced and the fam-
indispensable unit of a civilized country) is
threatened also.
In the mere money view, what will be left for
other subsistence after people have paid these extravagant amounts for cover against the weather
is problematical, but the effects otherwise are more
serious still. Many will be without other than temporary abode in October, says Mr. Stabler, unless
something is done people are being herded, twenty
in the proper space for five, and if something is not
done "you are going to lower the morals of the
country." This forecast comes from an officer of
an insurance company which has been a leader in
what is known as "social" or "welfare" work, by
which tuberculosis, a disease avoidable only by
fresh air and sunlight, has been very largely reduced
in prevalence. The herding process, it is positively
certain, makes towards undoing what has been accomplished in sanitation, and it is certain that the
tendency of that process will be to simultaneously
raise mortality and lower morality.
Who ever
knew, and now remembers, the housing and health
conditions of this city fifty years ago, conditions
which were changing rapidly in the last decade of
the century, wiU dread any tendency to their reily (the
;
turn.
4
The housing problem has come again into current
Mr. R. E. MiUer, building superintendent for this
discussion, and doleful forecasts of a still sharper borough and head of the Association of Building
October are offered; 40,000 apartments re- Commissioners for the United States, told the Senquired and only 300 available, 10,000 eviction orders ate committee that while normally some 35% to
already signed in the Bronx, insufficient pro- 40% of contemplated buUding is for housing uses,
tection against rapacious landlords such are the that proportion in this borough is now only about
disturbing predictions, and Governor Smith has 6%, and that while about 170 housing buildings,
called a special session for Sept. 20. It is impossible supplying about 6,000 apartments, are ajinually
not to believe the extent of shortage is exaggerated, erected in normal times, only 76 such buUdings, covyet the problem does demand very serious study, ering about 3,000 apartments, were put up in the
at least. Speaking, on Tuesday, at a hearing by a three full years 1917-1919, combined. Private capicommittee of the U. S. Senata, headed by Senator tal, said Mr. Stabler, is turning out of building
Calder of this State, Mr. Walter Stabler, comptrol- mortgages at 5% or 6% to go into industrials at
ler of the Metropolitan Life, said he has not known 7% and 8% in the last six months, he said, more
crisis in
—
;
Aug. 14
THE CHRONICLE
1920.]
639
than 29 millions in such mortgages in Manhattan of the people (including its own membership thereand Bronx has been thus unloaded. He knows one in) in this as in other cases. For this knotty housing
large investor with 15 millions on mortgage at 5i^%, problem Mr. Stabler has no method of untying.
and after paving his various fees and taxes he has There seems to be none, except time and suffering.
he knows another case in which
left a net of 1%%
the net is 1 1-15%. Therefore mortgages are called RAILROAD GROSS AND NET EARNINGS FOR
The usury law limits the mortgage rate to 6%,
in.
JUNE.
upon which "we have to pay 25% income tax." The
The June return of the earnings of United States
Metropolitan has 2S8 millions on real estate mort- railroads is of the same unfavorable character as the
gages in the great cities, and 44 millions on farms, returns for the months preceding. There is no occaand it is so well known as a lender that since its sion for fault-finding, as far as the gross revenues
announcement of intention to do its utmost to place are concerned these revenues this time show a very
funds in direct service for building moderate homes, substantial gain as compared with the same month
it has been inundated with applications.
of last year.
As in previous months, however, the
As to remedial propositions, Mr. Stabler does not gain is attended by a very heavy augmentation in exwholly approve rej)ealing the usury law. He wants penses. As is well known, railroad managers had
to keep the rich man in the building market, and very distressing conditions
of operations to contend
when he has left it to induce him to return. He with, the troubles experienced in that respect in
does not favor any proposition for getting the city April and May having extended into June. What
into building work with public funds all that would with
car shortages, freight congestion, outlaw
better be left to private initiative, although "home strikes on the railroads themselves
and additional
banks" might help. The proposal to entirely exempt labor troubles at terminal points by reason of
new structures from city taxation for five years strikes of teamsters, draymen and the like, which
agrees with his judgment, "but if you do not exempt interfered with unloading and the removal of freight
mortgages from tax you will soon have no mortintensifying the congestion existing and with
gages to tax."
So he puts the responsibility wages high, it was impossible to avoid heavy insquarely up to Congress, and renews his proposi- creases in
expenses, even though comparison be
tion to exempt mortgages from income taxes, at
with large totals of expenses in the year preceding.
least up to an amount of !}?40,000.
Stated in brief, gross earnings show a gain in the
The Metropolitan is much the largest investor in very respectable sum of 161,705,722, or
16.99%,
mortgages, having more funds thus placed than any
but expenses have run up in amount of no less than
other of the Life companies operating in this State,
-^101,984,354, leaving net diminished therefore in
and a little over 41% of the entire amount thus amount of
|40,278,632, as will be seen from the folheld by them all its comptroller, Mr. Stabler, is the
lowing
officer most directly in charge of this part of the
June—
Inc. (-1-) or Dec. — ).
1920.
1919.
Amount.
191 Roads—
%
company's finances, so that he is in a position to Mllesotroad
213,525
208,598
+4,927 2.36
16.99
$430,931,483 3369.225,761 +561,705,722
speak with some weight of authority. For his prop- Gross earnings
406,784.268 304,799,914 +101.984.354 33.45
Operating expenses
osition to exempt mortgages from income tax this
Netearnings
§24,147,215 §64,425.847 —540,278,632 62.51
may at least be said it would directly tend toward
We have stated that comparison is with heavy
returning loanable funds to the mortgage market, totals of expenses in June of last year. It is true
and it is wholly within the normal and natural pow- that our return for June, 1919, actually recorded
ers of the law-making body, while all such bills as
178,703,342 reduction in expenses coincident with a
were rushed through at Albany last spring (and gain of 130,769,974 in gross revenues, yielding thereare certain to be re-proposed in increased number fore an addition to net in the huge sum of §109,and with sharper "teeth") are in a bad and danger- 533,316. But this followed entirely from the excepous direction. Emergencies make laws for them- tional nature of the result in June of the year preselves, yet that is one of the dangers they bring with
cecling. In this preceding year (1918) there was inthem. Nobody loves landlords overmuch, nor have cluded in the expenses one item of huge magnitude
they ever been loved greatly. They are greedy, and and wholly abnormal in character.
William G.
some of them are behaving so as to forfeit claim to McAdoo was then Director-General of Kailroads,
sympathy; if they were beaten in their rapacity and after granting a big increase in wages to railthere would be small regret, yet it is a dangerous road employees, retroactive back to January
1, .he
thing to make precedents in "regulating" private directed that the whole of the extra compensation
trading and the use and control of property in the for the six months should be included in the reway we have been doing. It is quite time we began turns for the month of June. The increases in
halting on that process, and there is also grave
wages at that stage (subsequently there were nudoubt whether anti-landlord laws are or can be en- merous other increases) added, it was estimated,
tirely helpful to the end desired.
somewhere between .'^300,000,000 and ,«s350,000.000
There are profiteering landlords, but nobody is to the annual payrolls of the roads. Accordingly,
more ready than the thief himself to join the cry the June expenses in that year included .^150,000,000
and the pursuit. There is no worse profiteer, in to
1175,000,000, representing the wage increases for
this as in many another case, than organized
labor; the six months to June 30.
The result was that
vociferously denouncing profiteering, it sturdily re- with
gain in gross earnings for the month of
a
fuses to lighten one jot or tittle its own demands as
!if40,002,412, there was an augmentation in expenses
to either wages or working hours.
So it did, last of no less than $182,340,983, or over 84%, leaving
Spring.
It raged and denounced, yet would not
therefore a diminution in the net of .$142,338,571.
attend the arranged meeting in Albany, and would
With that large item included, the railroads actunot even give one of those promises which
it noally fell .$40,136,575 short of meeting their bare
toriously never keeps unless entirely
agreeable. It running expenses from which an idea may be
is as cruelly and
as blindly insensible to the needs gained of the abnormal character of the exhibit at
;
;
;
—
—
;
:
•
:
—
(
THE CHRONICLE
640
that time. The reduction lu expenses in the ensuing
year (1919), with the elimination of the special item
referred to, followed, therefore, as a matter of
Actually the net earnings of 1919, with
course.
N Y Chicago &
[Vol. 111.
Increases.
$387 ,864 Norfolk Southern
377,763 Louisville & Ai-kansas
St Louis.
Chesapeake & Ohio
Toledo St Louis & West.
Duluth & Iron Range...
Texas & Pacific
Chicago & Alton RR
Colorado & Southern (2)
Increases.
$161,340
152,442
1 50 765
138,972
134,735
127,948
124,360
113,810
113,087
] 06 ,096
103,431
Monongahela Connecting
344.268
343,908
336 758
316,833
303,455
,
Detroit Toledo & Ironton
Orl Tex & Mex (3)
New
Georgia
Bangor & Aroostook
298,549 Cincinnati Northern
Central of Georgia
297,583 Alabama Great Southern
Florida East Coast
279,725 Bessemer & Lake Erie
Western Maryland
267,994 Philadelphia & Reading.
Western Pacific RR
Haute & S E.
255,603 St L Merch Edge & Term
Chic Terre
101 ,943
255,272
Chic St Paul Minn & Cm
251,770
Representing 96 roads
Lake Erie & Western
246,551
in our compilation.. 30,773,846
Chicago Indianap & Lou
236,780
Cine New Orl & Tex Pac
Decreases.
235,729 Richm Fred & Potomac
A'irginian
$401,902
235,011 Denver & Rio Grande ..
Toledo & Ohio Central..
229,559
214,870 Northern Pacific
Minneapolis & St Louis..
177,344
213,042 Pittsburgh & Lake Erie.
& Western.
Y Ontario
168,012
210,787 Atlantic & St Lawrence..
Mobile & Ohio RR
136,834
205,067 Port Reading.. .
Spokane Portl & Seattle.
133,920
175,819 Duluth Missabe & North
New England
Central
100,774
175,799
Indiana Harbor Belt
Representing 7 roads
166,321
Hocking Valley..
164,864
in our compilation. -SI, 348,345
Internal & Great North
All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads, so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
b These figures cover merely the operations of the New York Central
Including the various auxiliary and controlled roads, like the
itself.
Michigan Central, the "Big Four." &c., the whole going to form the
New York Central System, the result is a gain of $5,927,908.
which the 1920 comparison is now made, showed
decided shrinkage from the figures that used to be
recorded only a few years previously. This will
appear when we say that the net of $69,396,741 for
June, 1919, and the net of 124,147,215, now recorded for June, 1920, compares with no less than
N
§106,181,619 in 1917. This latter amount, moreover,
was earned with gross of no more than $323,163,116,
while now the amount of the gross at $430,931,483
has yielded net of only $24,147,215. In the following we furnish the June comparisons back to 1906.
For 1909, 1910 and 1911, we use the Interstate Commerce totals (which then were far more comprehensive than they are now) but for preceding years we
give the results just as registered by our own tables
each year a portion of the railroad mileage of
the country being always unrepresented in the totals, owing to the refusal of some of the roads in
those days to furnish monthly figures for publica-
—
PRINCIPAL CHANGES IN NET EARNINGS IN JUNE.
Increases
$691 ,954 Chesapeake
Missouri Pacific
Elgin Joliet & Eastern...
593,113
433,871
382 ,458
269 ,809
256,714
244.318
236,145
232,093
228,111
226,151
214,793
205,986
199 .439
194.476
182,977
1 74 ,922
173,395
137,395
127.297
104,433
101,354
Northern Pacific
Chicago Milw & St Paul.
Los Angeles & Salt Lake.
Union
RR of Penna
Maine Central
&
Chicago
Alton
Kansas City Southwen..
Great Northern
N Y Chicago & St Louis.
tion.
Gross Earnings.
Chic
Net Earnings.
Year
Given.
June.
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
Year
Preceding.
Inc.
Dec.
(,
+
(
)
—
or
).
Year
Year
Given.
Preceding.
$
$
S
100.364 722 90, ,242.513! + 10 ,122.209 31,090,697 27.463.367
132,060 814114 ,835.774' + 17 ,225,040 41.021.559 36.317,207
126,818 ,844153 ,806,7021 —26 ,987.858 41,818,184 46,375.275
210.356 ,964184, ,047.216' + 26 ,309.748 74.196.190 59,838.655
237.988 1241210 ,182.484 + 27 ,805.640 77.173,345 74.043.999
231.980 2591238, .499.885
,519.626 72.794.069 77.237.252
243.226 498 228, ,647,383 + 14 ,579,115 76.223 732 71,689,581
259,703 .994242 ,830.546 + 16 ,873,448 76.093.045 76.232.017
230,751 850 241 107.727 —10 ,355.877 66.202.410 70.880.934
248,849 .716 247 ,535.879 + 1 ,313.837 81.649.636 69.481 653
285,149 .746 237 ,612,967 + 47 ,536.779 97 636,815 76,693.703
351,001 ,045 301 ,304,8031 + 49 ,696,242 113,816,026 103.341.815
363,165 528 323 ,163,116 + 40 ,002,412 —36 1569521 106,181,619
424.035 872393 ,265.S98i + 30, ,769,974 69.396,741 df40136575
430.931 483 369 225,76ll + 61 705.722: 24,147.2151 64,425,847
—6
Inc.
Dec.
(
+
(
or
)
—
).
+ 3,627.330
+
—4,704.352
4,557.091
+ 14,357,535
+ 3,129,346
—4,443,183
+ 4.534,151
—138,972
—4,678.524
+ 12.167.983
+ 20.943,112
+ 10 474 211
—142338571
+ 109533316
—40,378,6*2
—
Note.
In 1906 the number of roads Included for the month of June was 80; in
1907, 84; in 1908 the returns were based on 147,436 miles of road; In 1909. 234,183;
in 1910, 204,596; in 1911, 244.685; in 1912, 235,385: In 1913 230,074; In 1914
222,001; in 1915. 240.219; in 1916, 226.752; in 1917, 242.111; in 1918. 220,303: in
1919. 232,169; in 1920, 213,525.
no longer Include the Mexican roads or the
coal-mlning operations of the anthracite coal roads In our totals.
For 1909, 1910 and 1911 the figures used are those furnished by the Inter-State
We
Commerce Commission.
As
&
Duluth
Ytar.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
—
far as the separate roads are concerned, their
Chic St
Eastern nUnois..
&
Iron Range...
P Minn & Omaha
Florida East Coast
Western Pacific
Nashville Chatt & St L. .
Chic Terre Haute & S E.
Alabama Great Southern
NY
Ontario
&
Western.
St Louis-San Fran
Ry...
Minn StPaul& S SM..
Chicago
T)BCT€{1S€S
& Ohio
Burl & Qumcy..
$1 1 58 ,098
1,125,573
1,109,928
.
Central
Southern Pacific (7)
Pittsburgh & Lake Erie . .
Illinois
949,605
9 1 6 ,986
905,216
780,859
742,336
709,046
600,867
572,078
509,670
507 1 20
412,153
385 ,330
378,055
332,542
314,152
274 ,825
263,048
262,780
261,393
224,266
Denver & Rio Grande. . .
Atlantic Coast Line
Erie (3)
Missouri Kansas
.
.
& Texas
Grand Trunk Western..
Delaware & Hudson
Western Maryland . .
Delaw Lack & Western . .
Richm Fred & Potomac.
,
Chicago & Great AVestern
Mobile & Ohio RR
Central of Georgia
Indiana Harbor Belt
Minneapolis & St Louis . .
Lake Erie & Western
Hocking Valley
Long Island
Chicago Junction
St Joseph & Grand Island
Representing 22 roads
in our compilation.. $5,611,204 Toledo & Ohio Central..
Decreases.
Duluth Missabe
21
,998
207,003
202,228
202,337
199,701
180,285
176,986
176,413
158,293
133,524
124,781
121,192
119,426
112,057
100,085
& North
New York Central
&$10,452,871 St Louis Southwestern (2)
Norfolk & Western
2,761,081 Detroit Gr Hav &. MUw.
Michigan Central
2.149,506 Kanawha & Michigan
Chicago & North West.. 1 ,997.681 Rutland RR
Cleve Cine Chic & St L.. 1,811,806 Atlantic & St Lawrence.Seaboard Air Line
1,801,931 Southern Railway
Toledo Peoria & Western 1,596,094 Chi Det & Can Gr Trunk
Lehigh Valley.
1 ,462 ,050 Pere Marquette...
Baltimore & Ohio RR... 1,460,874 Wheeling & Lake Erie...
Union Pacific (3)
1 ,407 ,539 Bait & Ohio, Chic Term.
Chic Rock Isl& Pac (2). 1,363,718 Monongahela
Philadelphia & Reading.
1,295,690 Central Vermont
Wabash
1,291,630
Representing 65 roads
Louisville & Nashville
1,289,246
in our compilation.. $49, 431, 789
Mo Kan & Tex of Texas. 1.168.836
6 These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
experience has been a duplicate of that reflected by York Central System, the result is a loss of $16,389,437.
the general totals. Just a few roads are able to
When the roads are arranged in groups, according
show increases in net, but the vast majority have to their location, the part played by increased exsuffered losses some in prodigious amounts, too
penses in affecting results is further emphasized.
and this in face of very substantial additions in most Every group, or geographical division, without any
cases to the gross revenues. As one of the extreme exception, records substantial improvement in gross
instances of losses in net, we may mention the case earnings, while on the other hand, with almost equal
of the New York Central Railroad, whose expenses uniformity, every group, with only a single excepfor the month ran up in amount of no less than $14,- tion, shows a loss in net. The exception is that of
328,981, as against a gain in gross of $3,876,110, leav- the Pacific Coast group, where there is a gain in
ing net diminished in amount of $10,452,871. This the net. Our summary by groups is as follows
means that for June, 1920, the road feU $4,363,039
-Gross BarningsInc.{ + or Dec. — ).
Section or Group—
1920.
1919.
short of meeting bare operating expenses, whereas
—
S
S
Mau
21,375.249 17.813.862
+ 3,561 387 19.99
Group 1 (8 roads), New Kngland
in June, 1919, there was actual net of $6,089,832 Group 2 (35 roads). East & Middle.. 96.990.119 84.325,861 + 12,664 .258 13.05
40.910,244 35,619,954
14.85
+
above the running expenses. In the following we Group 34 (285 roads). Middle West... 61.754.948 53.121.9.32 + 5,290 .290 16.25
8,6.33 016
Groups & (34 roads). Southern
Groups 6 & 7 (30 roads) Northwest. 105.884,765 93.106.915 +12,777 850 13.72
show all changes for the separate roads for amounts Groups 8 & 9 (45 roads) Southwest. 74.317.880 61,510.102 +12,807 ,778 20.82
Group 10 (11 roads). Pacific Coast... 29.698.278 23.727.135 +5.971 ,143 25.16
in excess of $100,000, whether increases or decreases,
430,931.483 369,225,761 +61.705,722 16.99
Total (191 roads)
and in both gross and net:
—
)
(
.
.
-Net Earnings-
PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
JttCTCdSBS.
Southern Pacific (7)
4,966,454
New York Central
6S3,876.110
Atch Top & Santa Fe (3) 3, 04.5, .585
Illinois Central
2,600.027
Chicago Burl & Quincy.. 2,548,078
Chic Roclj Isl & Pac (2)
2,419,332
Baltimore & Ohio
2.351,690
Union Pacific
(3)...
2,320,786
Missoiiri Pacific
2,034,435
Southern Railway
1,908,006
LouisviUe & Nashville
1 ,683 ,048
Erie
(3)
.
Great Northern.
H & Hartford...
N YN
Bo.ston & Maine
St Louis-San Fran
Ry...
Delaware & Hudson
Chicago Milw & St Paul.
Norfolk & Western
Cleve Cine Chic & St L. .
1,653,569
1,.541,639
1,520,998
1,480,638
1,288,753
1,249,261
Increases.
Wabash
St Louis Southwestern (2)
Centra! RR of New Jers.
Chicago
& North Western
Elgin Joliet & Eastern. .
Buffalo Roch & Pittsb..
Seaboard Air Line
Michigan Central
Atlantic Coast Line
NashviUe Chatt&StL..
Minn St Paul & S S M.Pere Marquette
Union RR of Penna
Chic & Eastern IlUnois.Missouri Kansas & Texas
Lebigh Valley RR
Kansas City Southern
962 ,742 Maine Central
929 162 Los Angeles & Salt Lake.
903 .523 Delaware Lack & West..
$834,744
808, 1 86
716,182
681 .440
673 ,509
630,047
614,035
610,980
598,459
544,123
536,569
524,680
458.990
451.944
430,391
425,933
412,585
412,333
405,490
392.476
Mileage1920.
1919.
6,899
6.971
June—
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4
Groups Nos. 6
Groups Nos. 8
Group No. 10
& 5...
& 7...
& 9...
17,366dfl.864.577
15.724 def. 873.440
36.948df3.403.049
66.380 12.501.312
51.863 7.115.696
13.418 8.523,638
1919.
Inc + )orDec.(—).
S
S
—36.038
1.65
2,183,671
15.405.999 -17.270.576 112.12
7.180.455 —8.053.895 112.16
5.617.046 —9.020.095 160.56
17.417.254
4.915.942 28.22
10.700.762 —3.685.066 34.43
5,920.660
2.602.978 43.96
(.
%
—
+
213,525 208.598 24.147.215 64.425.847 —40.278 632
Total...
NOTE.
17.466
16.773
39.597
66,716
52,726
13,376
1920.
S
2,147,635
Group
I.
Includes
all of
the
New
62.52
England States.
Group II. Includes all of New York and Pennsylvania except that portion west
and Buffalo, also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
of Pittsburgh
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
:
Aug. 14
THE CHRONICLE
1920.]
Groups VI. and VII. combined include the northern peninsula of Michigan, all oJ
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing tlirough Denver.
Groups VIII and IX. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
whole of Texas and the bulk of I,oulsiana, and that portion of
north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon. Idaho. California. Nevada, Utah
and Arizona and the western part of New Mexico.
of Denver, the
New Mexico
movements of the leading staples are
concerned, Western roads had a diminished grain
movement to contend against and Southern roads a
diminished cotton movement. Keceipts of wheat
and corn at the Western primary markets ran heavier than a year ago, but on the other hand the receipts of oats, barley and rye fell below those of the
couresponding period in the previous year. Combining wheat, corn, oats, barley and rye, it is found
that the receipts at the Western primary markets
for the four weeks ending June 26 aggregated only
As
.
the details of the Western grain
movement
in our
usual form:
RECEIPTS AT WESTERN PRIMARY MARKETS.
Four weeks
Flour.
Wheat.
Corn.
end. June 26.
(bbls.)
(bush.)
(.bush.)
Oats.
(bush.)
Barley.
(bush.)
1,402,000
849,000
7,475,000
7,958,000
4,140,000
9,740.000
763,000
3,435,000
420,000
147,000
56,000
76,000
206,000
268,000
1,958,000
646,000
1,214,000
3,885,000
612.000
2,639,000
281,000
200,000
306,000
163,000
2,143,000
486,000
2.897,000
2,198,000
1,468.000
2.692,000
28,000
65,000
21,000
15,000
122,000
68,000
248,000
67,000
195,000
489,000
59,000
80,000
42,000
124,000
134,000
188,000
At the
Southern outports aggregate receipts the present
year were no more than 132,107 bales, as against
614,841 bales in June, 1919, and 229,396 bales in
June, 1918, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JANUARY TO JUNE 30 1920. 1919 AND 1918.
1
Since Jan.
JUTie.
1
Pons.
1920.
Galveston
Texas City, &c
New
Orleans
Mobile
Pensacola.
&c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
,
Newport News, &c
Total
1919.
1920.
1919.
1918.
860,567
208,943
713.368
86,856
15.864
439,601
65,327
265,185
47,208
130,620
2.727
879,398
114,985
790,569
67,629
7,713
488,015
86.230
101,973
81,347
186.124
1.329
537,718
72,822
784,002
35,460
21,437
406,700
41.100
45,908
35.081
105.900
3,035
1918.
34.830 149,701 54,551
1,348
9,363 25,955
56,907 151,635 116,265
3,575 10,547
3,588
2,926
248
1,450
14,035 146,016 38,983
700 53,000
4,000
2.562 28,762
1,910
111 28,572
2,189
7,044 19,942
5,112
54
463
_. 132.107 614,841 229,396 2,836,266 2,775,312 2,089,163
^xxvtnt %vimts and discussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The
usual offering of ninety-day British Treasury' billa
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%, the rate which has been in effect for
some time
August 9.
past.
The
bills in this
week's offering are dated
(bush.)
737,000
729,000
and 187,986 bales in June, 1918.
in 1919,
far as the
55,166,000 bushels, as against 64,315,000 bushels in
the same weeks of 1919. In the following we give
641
—
Chicago
1920
1919
Milwaukee
—
1920
1919
Louis—
St.
1920
1919
Toledo —
1920
1919
DetTOU
1920
1919
—
—
Rye.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT&y2%.
The French ninety-day Treasury biUs were disposed of
week on a discount basis of 6J^% the figure to which
the rate was advanced March 26; it had previously for
some time been 6%. The bills in this week's offering are
this
—
dated August 13.
FRENCH GOVERNMENT PREPARED TO PAY
SHARE OF ANGLO-FRENCH LOAN.
Cleveland
1920
1919
—
ITS
Peoria
108,000
65.000
193,000
190,000
1920
1919
2,058,000
2,041,000
990,000
688,000
55,000
126,000
129,000
21,000
Duluth—
1919.
—
338,000
782,000
2,548,000
2,589,000
675.000
1,980,000
3.880,000
546,000
1,208,000
1,290,000
217.000
875,000
1.731,000
386,000
Total 0/
5,196,000
3,871,000
1.974,000
2.463.000
17,446,000
7,758,000
21,924,000
18,737,000
11,036,000 2,212,000
23,041,000 12,190,000
4,561,000
4,290,000
8,882,000
11,730,000
38,557,000
33,078,000
32,212,000 5,201,000 «, 522 ,000
36,417,000 17,509,000 5,257,000
297,000
367,000
1,881,000
3,365,000
7,717,000
2,907,000
2,171.000
1,462,000
9,085,000
8,114,000
17,167,000
12,274,000
15,935,000
17,264,000
1,200,000
1,164,000
1,091.000
730,000
1,454,000
2,565,000
9,000
348,000
508,000
731,000
767,000
1,109,000
34,000
314,000
563,000
1,508,656
6,000
3,000
1,554,000
1,770,000
1.755.000
534,000
12,906,000
10,579,000
6.919,000
3,571,000
255,000
7,140,000
611,000
172,000
8,851,000
14.666.000
3,000
311,000
267,000
626,000
2,521,000
8,256,000
7,871,000
42.604.000
34.297,000
4.931,000
4,480,000
6.470,000 4,771,000
12,996,000 21,769,000
3,880,000
8,769,000
26,099,000
7,937,000
11.588.000
3.470,000
7.846,000
24,514,000
23,788,000
15.314.000
16.134,000
6,000
Indianapolis
—
All—
1920
1919
1,292,000
1,164,000
to
— June
26.
Milwaukee —
1920
1919
St.
692,000
4,358,000
842,000
542,000
1920
1919
1
1,359,000
1,424,000
City
Omaha &
Jan.
62,000
1,567,000
5,299,000
3,295,000
—
1920
1919
Chicago
1920
1919
29,000
41,000
2,496,000
1,215,000
1920
Minneapolis
1920
1919
Kansas
9.647.000 3,873,000
11.919.000 11,824,000
2,237,000
3,191,000
236,000
572,000
167,000
162,000
Louis—
1920
1919
Toledo—
1920
1919
Detroit—
1920
1919
'Cleveland
—
1920
1919
1920
1919
900,000
29.000
Dululh1920
1919
Minneapolis
1920
1919
—
—
City
1920
1919
— 6,714,000
68,000
48,000
4.000
Omaha & Indianapolis
1920
1919
Totals of
ium
1919
statement that the French Government was "prepared
meet in full her share of the $500,000,000 Anglo-French
loan due to the United States in October," regardless of the
receipt of German indemnity before that time, was authorized Sunday by M. Casenave, Director-General of the French
Services in the United States. Upon the authority of M.
Casenave, the statement was made public by M. W. Biggs
It is stated that the
of the French High Commission.
French budget has disregarded entirely the probable receipt of German indemnity before the loan comes due on
M.
Oct. 15 and has provided for its payment by taxation.
Casenave said that returns from taxation in the last -year
had greatly exceeded estimates and that the returns from
indirect taxation for the first six months of this year
were 180% higher than the returns for the same period
M. Casenave added:
of 1914.
9,258,000
4.555,000
While France intends to obtain full payment of the indemnity which
flue to her from Cermany, she is now acting as though such payments
would not be made. Tlie budget for 1920 not only makes pi-ovision for
is
Peoria—
Kansas
A
to
All8.5S3.000 109.963.000 1 15..'>54.000 92,632,000 15,010.000 18.673,000
S.000.000 85.961,000 100,754.000 111.596,000 54,944.000 25.429.000
The Western live stock movement seems to have
been smaller than that for June last year. At all
Chicago for the even month the receipts
comprised 22,358 carloads in 1920, as against 24,252
carloads in June, 1919. At Kansas City the receipts
were 9,360 cars, against 9,709, and at Omaha 8,097
events, at
cars, against 8,803.
In the South the shipments of cotton overland in
June, 1920, were 131,830 bales, against 161,800 bales
balancing her ordinary expenditures out of ordinary receipts but allocates
also, out of ordinary receipts, 9,400,000,000 francs for the purpose of interest on and amortization of the national debt.
Moreover, the actual returns from direct taxation during June, 1920,
Finally, the
exceeded budget estimates by 277,694,300 francs, or 44%.
returns from indirect taxation during the fir-st six months of this year
were 180% in excess of the returns for the same period in 1914.
France is prepared to meet in full her share of the $500,000,000 AngloFrench loan due to the United States in October.
It was also learned, however, on Monday, that M. Parmontier, official envoy of the Minister of Finance of France,
had left Holland last Saturday and would probably arrive
in this city next Monday for the purpose of conferring with
the firm of J. P. Morgan & Co. relative to the payment on
October 1 of the Anglo-French loan. This led to consid-
erable speculation as to whether France would pay her full
share of the $500,000,000 loan or would seek an extension
for a portion of it. The ".Tournal of Commorco" of this city,
in its issue of Tuesday, had the following to say with re-
gard to the matter
In some quarters it was pointed out that the chances were she would
seek an extension for approximately half of the $250,000,000 allowed to
It is understood that French interests have purchased approximately
her.
$40,000,000 o( the Anglo-French bonds in the market. It is expected that
France will send about $.")0.000,000 in gold to this country before the
maturity date. With a chance to obtain an extension on $125,000,000 of
the $250,000,000 this would le.^ve, it was pointed out, between $30,000,000
and $40,000,000 unaccounted for. Local comment had it that this amount
would be taken up through exchange
remittance.s.
THE CHRONICLE
64S
The reasons advanced for the belief that France would welcome the
opportunity to extend half of her share of the loan were that with a fivevear renewal at a rate of 9% interest greater time would be allowed for
a resumption to normal conditions, both with regard to business conditions
The feeling here is that M.
and also with regard to the money market.
Parmentier is coming to this countrj' with the idea of seeking a renewal
on a part of the French oblisration.
.
BOSTON BANK TAKES ENCOURAGING VIEW
OF EUROPEAN SITUATION.
That the future is far from being as black as some reports
would paint it; that the situation throughout Western
Europe, at least is, in fact, distinctly encouraging, is the
impression formed by John Bolinger, Vice-President of the
National Shawmut Bank of Boston during his three months'
study of the business and financial situation in Etirope.
While abroad Mr. Bolinger attended the International
Congress of Chambers of Commerce at Paris, as one of the
delegates from The American Bankers Association and from
the Chamber of Commerce of the United States. Mr.
Bolinger received a general impression of the spirit of the
people in each of the countries visited, which was distinctly
reassuring as an evidence of the iindiminished courage of
the people and their apparent ability to see a way out of thenpresent difficulties.
"Progress toward readjustment through
out Western Europe," he said, "is more general than some
may
beUeve." In discussing his impressions of Great
Britain Mr. Bolinger said:
of us
I was particularly struck by the interest manifested throughout Great
Britain in the coming elections.' They are not so niuch Interested in the
success of one or amother candidate as they are anxious to see the signing
of the Peace Treaty, which they regard as essential to any general undertaking leading toward improvement.
There seems to be a strong current of
unfavorable opinion as to the attitude assumed by President Wilson in
making the signing of the Peace Treaty dependent upon the acceptance
of his views with regard to the League of Nations, thereby delaying actual
peace for a full year. That English merchants should be, to some extent,
disturbed because of our progress
The
foreign commerce is but natural.
recently enacted Merchant Marine Law has given British merchants and
shippers considerable concern. Far reaching and comprehensive plans
have been formed with the backing of the Govenuhent to meet the growing
competition of the United States.
Among the European countries involved in the war. Great Britain has
been most successful, since the signing of the Armistice, in carrying out
plans for the restoration of her former position in international commerce.
Commercial relations have been quite solidly established and active trade
in considerable volume has already begun with the central powers, Germany,
Poland, and Czecho Slovakia. Important advances have been made
towards securmg the future trade of the Scandinavian countries as an inlet
into Russia.
With regard to France and Italy, Great Britain continues
to maintain the attitude of an Ally and to that extent is generous in her
support of their efforts toward reconstruction and rehabilitation.
The carrying out of this broad constructive program necessarily involves
the extension of credit facilities in large amounts, and on every occasion it
has been found that the British banks are courageously facing their responsibihty in the matter of extending credits.
One very noticeable difference among British banking Institutions, as
compared with our American banks, is the freedom from hampering restrictions generally enjoyed by the British banks.
There can be little
question that Great Birtain's relatively strong financial position is largely
due to the freedom of action enjoyed by her financial institutions. British
banks are always in position to give adequate support to their international
commerce in the full assiu-ance that their efforts will be unhampered and that
they can always count upon the solid backing of the Bank of England.
m
It is quite remarkable, says Mr. Bolinger, how Belgium
has come back to its pre-war position. The Belgians,
unlike their French neighbors, went to work immediately
after the armistice rebuilding their wrecked homes and
factories, and within a comparatively short time their
industries were in full swing.
Probably about 80% of the
devastated Belgian villages have been rebuilt; the war has
been forgotten; and the industrial population, and in fact
every one in Belgium, is hard at work.
Taking everything into consideration, France, Mr. Bolinger finds has made phenomenal progress in the rehabilitation
of her industries and in the reorganization of her commerce.
.
He
adds:
There appears, however, to be a rather general opinion that France's
ta.sk would be further advanced but for her seeming reluctance to devote
her entire energies to the work of reconstruction immediately following
the armistice. Almost a whole year was lost to her through delay in the
negotiation of the Peace Treaty, and as a result of her elections.
In some
quarters there is a tendency to charge up a portion of the delay in the
Peace Treaty as a matter for which we are to some extent responsible.
Those who take that particular view express their disappointment that
President Wilson, by his insistence on his definition of phrases in the League
of Nations Covenant contributed to the postponement of final acceptance
of the Treaty.
.
France like Belgium is fortunate this year In having a very large, fine,
crop of grain.
Some criticism has been directed by certain elements among the population toward the unsatisfactory financial condition in which the French
Government has been placed. This situation is largely the result of disinclination on the part of the Government to adopt at once a policy of
high taxation on the people of France. Cause for reproach on that score
no longer exists, however. The new taxes, now levied upon every citizen
of the Republic, give ample promise of a revenue more than sufficient to
cover theordinary expenses of her budget. Belief that Germany would
pay large indemnities is in great measure responsible for France's reluctance
to charge herself with amounts which might properly be secured from
[Vol. 111.
Germany. The desire of the contesting political parties in the recent election to avoid the suggestion of huge tax biu"dens upon the community
was also a factor in delaying the adoption of a practical plan of taxation.
Nothing speaks more eloquently of the coxu*age of the French people or
gives greater promise of the ability of France to successfully overcome her
financial obstacles than the uncomplaining acceptance of this tax burden
Speaking broadly the financial condition of France, Bel-
gium and Great Britain may be regarded as
favorable in Mr. Bolinger's estimation.
distinctly
FRENCH CHAMBER OF DEPUTIES APPROVES SPA
COAL AGREEMENT MAKING FINANCIAL
ADVANCES TO GERMANY.
By a vote of 356 to 169 in the Chamber of Deputies,
Premier MUlerand of France on July 30, as briefly announced
by us last week (page 541) won support for the Government
in the coal agreement with Germany, entered into at the
This agreement, which eaUs for
recent Spa Conference.
the granting of financial advances to Germany by France,
had met with considerable opposition in the latter country,
as was noted in these columns on July 31, pages 436-7.
In announcing that the French Premier had obtained a
favorable vote on the agreement in the Chamber of Deputies,
the Associated Press in Paris advices of July 30, said:
Premier Millerand began his fight in the face of conflicting reports. The
Chamber's commission on finances
ad\'lsed against supporting the government's bill authorizing advances of 1,200,000,000 francs (within a period
of six months) while the Foreign Affairs Commission approved the measure
as the only thing to be done, although deploring the bitterness of France's
fate.
"Coal is the question of the hour," said Premier Millerand. "The Spa
agreement gives us 80% of our needs at a price one-fifth less than now.
If there were no opposition party this arrangement would be approved
unanimously."
The Premier explained how Germany would be interested in deliveries
through the 5 marks gold a ton payment for feeding the miners and through
the advances if full deliveries are made.
"If you refuse to vote this bill," M. Millerand said, "then our obligation
to make advances ceases, but at the same tune there disappears the coal
protocol for 2,000,000 tons monthly to the AUies. The control commission
vanishes and finally there vanishes the provision for occupation of the Ruhr
Germany does not deliver 6,000,000 tons at the date fixed. You take
also from our Belgian and Italian friends the coal Germany promised to
if
deliver."
Referring to remarks that the treaty should be executed, he reminded the
deputies that France had been getting only 500.000 to 800,000 tons monthly.
"Let me confront you with your responsibilities," the Premier added.
"There will be not only responsibility for a coal shortage just before winter,
but a higher and more serious one."
M. Millerand referred to the present closeness of the Allies. It was not
only necessary in facing Germany but also, he said, in looking to the East.
"There is needed the close, intimate, confident union of all the AlUes and
of the Allies alone," he declared.
The Premier reminded the Deputies that the Spa arrangement obliged
Germany to get advances through the Allies. He pointed out Germany's
financial subordination, and added that the Allies controlled Germany's
possessions so that she could not dispose of them to neutrals.
In Berlin dispatches dated July 29, it was stated that in
order to meet the coal demands of the Allies' imposed upon
the Germans at the Spa conference an agreement had been
entered into with the German coal miners whereby larger
coal ppoduction is assured.
The agreement provides that
the miners shall work ten and a half hours a day and two
Sundays a month in consideration of many concessions,
including better food, housing and social conditions, and
an early report from the Socialization Commission on the
nationalization of the coal industry.
The spirit of the German Government in seeking to fulfill
the treaty terms received the commendation of Premier
Lloyd George on July 21 in the British House of Commons.
Reciting the results at Spa, the British .Premier declared:
We have proof that the Germans have grappled with the problem o
indemnity and are making a real effort to deal with it. There are schemes
for raising money to enable Germany to pay and there is no attempt to
evade obligations.
I am glad to be able to say that arrangements were made at Spa which
will enable the question of the trial of the criminals to be dealt with effectvely and promptly.
Commenting on the fact that the United States was not
represented at the Spa conference a Paris correspondent of
the New York "Times" on July 26 said:
To show to what extent the United States is concerned in the deliberations of the powers with whom America fought in the World AVar, the
following series of facts is cited:
Under the Peace Treaty the Allies, and especially France, receive a
certain amount of coal from Germany.
The French Government sells this coal at current prices.
The Germans are credited on the reparations bill with the German interior
price for this coal, about 70 francs per ton; the difference between 70 francs
and the current price represents a big profit for the French Government.
The French Govermnent had intended using this profit in payments
on her war debt to America.
This week the new coal delivery compact goes into effect. France receiving
1,600,000 tons of the 2.000,000 tons monthly to be delivered.
The French Goverrmient will continue to sell this coal, but she will turn
over her profits in a loan to Germany instead of paying them to America.
It is a matter of $15,000,000 monthly, or ,$500,000 daily.
This arrangement was made at Spa. America was not represented at
Spa. Germany was.
,
Aug. 14
PROPOSED CORPORATION FOR DEVELOPING FOREIGN
MARKETS FOR AMERICAN PRODUCTS.
Bankers
President Richard S. Hawes of the American
from St. Louis that the AdministraAssociation announces
approved plans for
tive Committee of the Association has
for maintaining and developing
a proposed corporation
purpose of the
foreign markets for American products. The
enlist co-operation in ways suitable
corporation would be to
and proto bankers, exporters, importers, manufacturers
maintenance and development
ducers in general in the
of America's foreign trade.
organization of a
It was following conferences on the
on lines endorsed by
foreign trade financing corporation
a special
the American Bankers Association, held between
Hawes and representacommittee appointed by President
in the maintives of other national organizations interested
foreign trade, that
tenance and development of America's
at
the Administrative Committee of the Association adopted
with approval and
Chicago, July 26, a resolution noting
in
satisfaction the development of the Association's poUcy
and urging
the plan for the formation of the corporation
Mc
John
as essential to its success the acceptance by Mr.
and Marine
Hugh, Chairman of the Association's Commerce
Committee, of the position of Chairman of the Board of
Directors of the corporation. The resolution follows:
John
Whereas, the foreign trade financing plan formulated by Mr.
McHugh, Chairman of the Commerce and Marine Committee of the
Council
American Bankers Association and endorsed by the Executive
April
Association at the Spring Meeting at Pinehurst, No. Car.,
of the
a manner making possible co-operaiion in it on a
28 1920, is developing in
and importers,
wide and effective scale by banks of the country, exporters
of
manufacturers and producers generally and whereas the identification
American Bankers Association with this plan has been consistently
the
Associaand progressively in accordance with the reiterated policy of the
be it resolved that the Administrative Committee of the
the
American Bankers Association notes with approval and satisfaction
essential
development of this policy in Mr. McHugh's plan and urges as an
tion, therefore,
position of Chan-man
to Its success the acceptance by Mr. McHugh of the
corporation to be
of the Board of Directors of the foreign trade financing
by the
organized under the plan formulated by his committee and endorsed
Executive Council of the Association.
The plan formulated in the first instance by Mr. McHugh,
who is vice-president of the Mechanics & Metals National
Bank of New York and president of the Discount Corporaby
tion of New York, is, according to a statement made
and Marine
WiUiam F. ColUns, Secretary of the Commerce
Committee of the American Bankers Association, to meet
the need for a strong and constructive influence in the
with
interest of America's foreign trade. This corporation,
and thoramply sufficient resources and with an efficient
oughly responsible personnel, would be designed, in accordance with Mr. McHugh's plan, to enlist, as pointed out by
President Hawes in his announcement, the co-operation
exporters
in ways considered entirely suitable, of bankers,
and importers, manufacturers and producers in general of
the United States in the maintenance and developnient of
In this it is
foreign trade as related to national welfare.
planned to have every possible emphasis placed, by practicathe
ble methods on the encouragement of national thrift and
it is recognized that only by such
production can the foundation of foreign trade be
and
increase of production, for
thrift
securely established.
The capitalization of the corporation we are informed,
may be $100,000,000, and the tentative date for its organization is Jan. 1 1921. It is announced that in the Board of
Directors adequate representation would be given stockholding interests, state or regional distribution of stock
being carefully kept in mind, as well as the co-operative
effort of any affihated national organization, the idea
being to have representation on the Board of Directors
reflect stock subscriptions in various sections, and, duo
regard being had to other national interests, to have the
foreign trade interests of various sections of the country
given special attention by the corporation proportionately
to the absorption of the corporation's debentures in those
sections, the procedure being obviously in the line of encouraging thrift and production.
Mr. McHugh sailed July 31 for Europe, and any announcement as to the personnel of the Board of Directors and the
officers of the
corporation wdll not be
643
THE CHRONICLE
1920.]
made
until after his
return.
NEW YORK STATE BANKING DEPARTMENT DISCONTINUES WEEKLY SUMMARIES OF STATE
BANKS AND TRUST COMPANIES.
In addition to the weekly returns of "State banks and trust
companies in New York City not in the Clearing House,"
furnished by the State Banking Department and published
regularly in the "Chronicle" (page 668 of this issue), the
Department has heretofore prepared a weekly statement
covering all the institutions of the two classes mentioned in
the City of New York. A circular issued by the Department under date of Aug. 2 states that these returns will not
The circular is as follows:
hereafter be compiled.
This Department on Saturday of each week has been in the custom of
supplying the following data for publication:
1.
Summary of Weekly Statement of State Banks in Greater New York.
2.
Summary of Weekly Statement of Trust Companies in Greater New
—
—
York.
— Simimary of Weekly Statement of State Banks and Trust Companies
Clearing House.
3.
n Greater New York not included in the New York
In view of the clerical services required to prepare th&se figures and from
the fact that the New York Clearing House supplies similar information
for member banks, no real purpose is gained by the Department continuing
this practice. Therefore, beginning with Saturday, August 7, the figures
which will be given for publication will be those confined as heretofore
in Summary No. 3, viz.:
"State Banks and Trust Companies in Greater New York not members
of the New York Clearing House."
COMPTROLLER OF THE CURRENCY AMPLIFIES HIS
CRITICISM OF NEW YORK CITY BANKS FOR
ALLEGED HIGH INTEREST RATES.
John Skelton Wilhams, Comptroller of the Currency, has
week reiterated the charges previously made by him
against New York City banking institutions to the effect
this
that they are exacting inordinate rates of interest. He
says that he is convinced that "the unjustifiable and excessive interest rates maintained in New York City in the
past ten months" "have been one of the potential causes
rather than the result, of the unsettling of values in our
market, and of the burdensome rates which our
industrial corporations and other concerns and
railroad
of the highest credit, have been required to pay
individuals,
The following is the statement in full
for new capital."
under date of Aug. 10:
issued by him
securities
and
As there seems to be some confusion in the public mind as to the amount of
or call loans in New York City banks which have been and are
subject, more or less, to the excessive and oppressive interest rates which
have been exacted from time to time during the past six or eight months,
demand
the following figures may be instructive to the public:
The total amount of caU or demand loans made by all
National banks in New York City as of the date of the
SSOO 000 000
callJune 30 1 920 was approximately
assumed that the amount of money which New York
City State banks and trust companies were lending on call
loans, plus demand loans placed by New York City banks
for outside correspondents, amoimted on same date to
500,000,000
more than
last
It
,
,
,
is
..$1,000,000,000
New York City
June 30 1920, exclusive of "acceptances was reported at 2,205 million
dollars, of which 430 million dollars were secured by stocks and bonds.
The aggregate »f the loans (both demand and time) which the New York
City National banks had placed for their correspondent banks, was reported to this office as of Feb. 1 1920, at more than 635 miUion dollars.
Interest at 1% on ,'$1,000,000,000 of call loans would amount to 10
Therefore whenever
million dollars per annum or about $30 ,000 per day
banks in New York City raise the rate on all call loans under their control
1%, it adds to the net profit of the lending banks about $30,000 per day
Making a total of such demand loans of over
The total amount of time loans in all National banks
in
'
,
.
,
or more.
6%
to 12%, would, therefore,
in the call rate from
of
to an additional profit to the banks of $180,000 per day; and if the
interest rate on aU call loans should bo made 16% instead of 6%. the increase in interest charges for each day would be $300,000, while a 20% call
money rate would mean a net profit per day of $600,000, which means
An advance
6%
amount
enormous earnings to the lending banks but a burdensome if not a ruinous
exaction upon borrowers.
call loans in Now
It is not believed, however, that the interest rates on all
York City are affected by the daily changes in the call money rate; but it
the call money rate has affected
is unquestionably true that the change in
and does affect scores of millions of dollars of demand loans and has imposed a heavy and wholly unnecessary burden on legitimate borrowers.
Unquestionably the general banking community of New York deserves
generosity
the warm gratitude and admiration of the country for the loyal
with which it stood by and co-operated with the Government in time of
That is history. With the fading of the appeal of war. and dange r
cri.sis.
some members of that comto our patriotism, there has developed, among
munity, a tendency to take advantage of situations to force inordinate pro
upon the general welfare
fits for themselves, regardless, perhaps, of effects
of the country.
there are, nor what proportion
1 do not know yet how many of these cases
I hope they arc few by comparison with the
of the bankers they represent.
bankers who realize the
great number of really far seeing and conservative
sound wisdom of "live and let live" and cuiisistent 1y abstain from
snatching all the possibiUties of temporary gain that may appeiir. It is
far as
ray function and duty to use what power is given me to restrain, as
exaction of improper profits which endanger
I may within the law, the
general business and which, if unrestrained, would threaten our fhiancial
,,,.,.,
structure.
Bankers who have refrained—
It is a case of "let the galled jade wince.
and I know many who have from extorting exorbitant rates of interest
have no cau.se for complaint against what I havo said. To the contrary,
they havo every rea.sou both on business and ethical principles, to approve.
exorbitant intere.st rates mean
.\ble and thinking business men know that
destruction in the end, to the detriment of all, and that stability and
permanent prosperity can be assured only by fair and rea.sonable methods of
If the number of those who have yielded to the
the financial powers.
temptation to exact unro;isonablo interest rates be few, as I see .some newsthe opporand 1 hope o;irncstly is true
papers quote bankers as saying
tunity to have the general body of New York bankers cleared of blame and
vindicated before the public should bo wclconicHl.
—
—
—
THE CHRONICLE
644
trying to get the facts and truth and put the reproach for practices
admit to be unjust and especially improper in the midst of the
process of restoration and readjustment, where it belongs. I submit that
nobody should, or properly can, object to this.
I will emphasize, in conclusion, what I stated a few days ago, that I am
convinced that the unjustifiable and excessive interest rates maintained in
New York City in the past ten months covered by my request for data, and
which I am informed have in some cases gone as high as fifteen and twenty
per cent or more have been one of the potential causes, rather than the
result, of the unsettling of values in our securities market, and of the burdensome rates which our railroad and industrial corporations and other concerns and individuals, of the highest credit have been required to pay for
new capital essentially needed for the coimtry's development and well-being.
Note. (The New York City National Banks referred to here are the
Central Reserve City Banks and do not include the outlying districts of
I
am
which
all
—
New York.)
Complete data regarding interest rate's charged by banks
on call loans and business paper has been asked for by the
Comptroller of the Currency, in a communication sent to all
Greater
New York
national banks. The Comptroller asks parfor the aggregate amount collected by the banks
ticularly
on call loans in excess of
from Jan. 1 to July 31 of this
year. He also asks the amount charged by the banks for
paper bought from October of last year to the present time,
month by month. The request is said to be the most
e.xaeting ever made by the Comptroller.
6%
CHARLES PONZI SURRENDERS TO THE
AUTHORITIES.
Charles Ponzi, head of the so-called "Securities Exchange
Company" of Boston, whose professed dealings in international exchange have been attracting widespread interest
during the last few weeks and whose financial methods have
been under investigation by the Federal authorities since
July 30, surrendered to the latter on Aug. 12. He was
arraigned before United States Commissioner Hayes and
held for a hearing on Aug. 19 in $25,000 bail on a charge of
using the mails to defraud. Immediately upon his release
on bail he was re-arrested on a charge of larceny brought by
the State and was again released on bail in the same amount
furnished by the same bondsman. The day before he gave
himself up (Aug. 11), Ponzi had confessed that he had served
prison sentences in Montreal and Atlanta, Ga.— in the
first named place for forgery, the guilt of which he said he
had assumed in order to shield his employer, and in the latter
place for smuggling five Itahans into the United States.
The Federal complaint on which Ponzi was arrested as
reported by the Associated Press is as follows:
"that the speculator on Dec. 1 1919, and since devised and operated a scheme
to defraud the public bj representing that he was in a position to pay his
clients interest on money given him for investment at the rate of 50% for
every forty-five days that the money was in his hands. That, on the contrary, throughout this time I'onzi was not in a position to make .such returns
and that it was his intent to defraud his clients for his own pocket.
It is further alleged that in pursuit of his fraudulent scheme Ponzi used the
mails specifically by sending letters to various parties notifying them to call
upon him in regard to notes and transactions. The complaint describes the
alleged methods of Ponzi and his organization, the Securities Exchange
Company. At the time Ponzi knew, the complaint says, that he coidd not
make such returns, and in fact he was not dealing in International Postal
coupons and obtaining the profits represented."
The liabilities of Ponzi, it is estimated, will total $7,000,-
000 against which he claims to have assets amounting to
Following the surrender of Ponzi U. S. District
.$4,000,000.
Attorney Gallagher, who has charge of the investigation into
the affairs of the Securities Exchange Company, said:
In a conference Monday with Post Office inspectors and myself, Mr.
Ponzi said that Friday he would show assets to cover all his liabilities.
Pressed to-day, he said he would be unable to do what he had promised and,
1 feel that the case against him is complete.
therefore, siu'rendered.
Later in the day. Federal Auditor Edwin L. Pride, made
official report of Ponzi's affairs to District Attorney
Gallagher and soon after Mr. Gallagher issued the following
statement:
Mr. Pride made a partial report to the United States District Attorney
an
to-day that Mr. Ponzi's liabilities are upward of $7,000,000 and that Mr
made a statement to Mr. Pride that his assets will not exceed
$4,000,000.
Mr. Pride ftu-ther states that, owing to the fact that a great many notes
are being sent to his office of which he had no record, and that there are
more cancelled notes to be returned, for which be should give Ponzi credit,
it will be some time before a more accurate statement can be prepared of the
liabilities.
Mr. Ponzi's admissions, which are deemed to be particularly
significant, were made to Mr. Pride yesterday.
On Aug. 11 Mr. Ponzi had resigned as a director of the
I'onzl has
Hanover Trust Co. of Boston, the closing, of whose doors by
Bank Commissioner AUen on account of its connection with
the financial affairs of Mr. Ponzi is referred to elsewhere in
these columns to-day.
PROPOSED CHANGES IN COMMISSION RATES BY
BY NEW YORK STOCK EXCHANGE.
The Governing Committee of the New York Stock Exchange on Wednesday proposed amendments to the Stock
Exchange Constitution for the purpose of increasing the
fVoL. 111.
rates of commission charged.
unless disapproved within one
They will go into effect',
week by a majority vote of
the entire membership.
Three actual changes in commisbuying and selling bonds are embodied in the amendment, and the commissions on stock are set down on the
basis of cents per share instead of dollars for each 100 shares
sions for
and cents per share
for odd-lot transactions.
suggested are as follows, in part:
The changes
"(a) On railroad, public utility and industrial bonds having more than
five years to run:
"(al) On business for parties not members of the Exchange, including
joint account transactions in which a non-member is interested: transactions for partners not members of the Exchange, and for firms of which the
Exchange member or members are special partners only, the commission
shall be not less than $15 per $10,000 par value."
This is an increase from the present commission of $12 50 per $10,000 par
value
in
bonds.
On
members
of the Exchange when a principal is given
be not less than .$3 75 per $10,000 par value."
The present rate is $2 50 per $10,000 in bonds.
"(a3) On business for members of the Exchange when a principal Is not
given up the commission shall be not less than $5 per $10,000 par value."
The present rate is $3 75 per $10,000 in bonds.
Further suggestions contained in the proposed amendment follow:
"(b) On seciu-ities of the United States, Porto Rico and the Philippine
"(a2)
business for
up the commission
shall
and of States, Territories and municipalities
Islands,
threin:
On
business for parties not members of the Exchange, including
joint account transactions in which a non-member is interested; transactions
for partners not members of the Exchange; and for firms of which the
Exchange member or members are special partners only, the commission
shall be not less than $6.25 per $10,000 par value.
"(b2) On business for members of the Exchange when a principal is given
lip the commission shall be not less than .$2 per $10,000 par value.
"(b3) On business for members of the Exchange when a principal is not
given up the commission shall be not less than $3,125 per $10,000 par value
"(bl)
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The Federal Reserve Board at Washington makes public
the following list of institutions which were admitted to the
Federal Reserve System in the week ending Aug. 6
Capital.
Surplus.
Total
Resources.
$30,000
$10,500
$41,449
Oxford Bank of Frankford. Philadelphia,Pa.250,000
55,000
1
20,000
2,283,004
100,000
25,000
554,198
25,000
15,000
535.862
No.
District
Bank
2:
of Blasdell, Blasdell,
District
No.
N.
Y
3:
No. 4:
American Trust
town, Ohio
District No. 7:
.898,020
District
First Trust
&
&
Savings Bank, Middle100,000
Savings Bank, Rock Island.
Ill-
Farmers
&
Merchants State Bank, Seneca,
Wis
District No. 10:
First Bank of Okarche. Okarche, Okla
50,000
15,000
610,683
District No. 11:
First State Bank, Mathis, Texas
30.000
16,000
137,081
District No. 12:
Rideout Bank, Marysville, Calif
250,000 308,930 5,843,632
Farmers State Bank, Tetonia, Ida
25,000
2,500
114,875
Authorized to accept drafts and bills of exchange up to 100% of capital
and sm-plus: The First National Bank, New Haven. Conn.
NEW
ISSUE OF
TREASURY CERTIFICATES OF
INDEBTEDNESS.
U. S.
Under date of August 9 Secretary of the Treasury D. F.
Houston announced a new issue of Treasury Certificates of
Indebtedness. The new issue will be for an aggregate of
$150,000,000.
They will be loan certificates and not availal)Ie in payment of taxes.
They will be known as Series C,
1921, will be dated August 16, 1920, and payable August 16,
1921, and bear interest at the rate of 6% per annum payable
semi-annually. Other particulars of the issue are as follows
:
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The certificates will have two interest coupons attached, payable Feb. 16, 1921 and Aug. 16, 1921.
Said certificates sliall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing autliority, except (a) estate or inheritance taxes, and (b) graduated additional
income taxes, commonly known as surtaxes, and excess-profits and warprofits taxes, now or liereafter imposed by the United States, upon the
income or profits of individuals, partnerships, associations or corporations.
The interest on an amount of bonds and certificates authorized by said act
approved Sept. 24, 1917 and amendments thereto, the principal of which
does not exceed in tlie aggregate $5,000, owned by any individual, partnership, association or corporation, shall be exempt from the taxes provided
for in clause (b) above.
The certificates of this series do not bear the circulation pri\'ilege and
will not be accepted in payment of ta.xes.
The right is reserved to reject any subscription and to allot less than
the amount of certificates applied for and to close the subscriptions at any
time without notice. Payment at par and accrued interest for certificates
allotted must be made on or before Aug. 16, 1920 or on later allotment.
After allotment and upon payment Federal Reserve Banks may issue
interim receipts pending deliveiy of the definitive certificates. Any qualified depositary will be permitted to make payment by credit for certificates allotted to it for itself and its customers up to any amount for
which it shall be qualified in exce.ss of existing deposits, when so notified
by the Federal Reserve Bank of its district.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotment in full
in the order of the receipt of applications up to amounts indicated by
the Secretary of the Treasury to the Federal Reserve Banks of the respective districts.
The issue will be for $150,000,000 or thereabouts.
Aug.
THE CHRONICLE
U 1920.]
LIBERTY LOAN BONDS
NOW READY
IN PERMANENT
FORM.
The Federal Reserve Bank of New York on Aug. 11 made
the following announcement regarding the exchange of
permanent Liberty bonds for the temporary certificates
issued during the period of the war:
4%
4M%
coupon T^iberty bonds
and
Holders of six million temporary
in this Federal Reserve District who have not exchanged their temporary
bonds for the permanent bonds with all coupons attached are entitled to
do so, under regulations of the United States Treasury, by surrendering
their temporary bonds to their own banks or to the Federal Reserve Bank
York. The permanent bonds on all issues are now ready for delivof
New
ery except the permanent First Liberty Loan, Second Converted and Fourth
4 Ms, which will be available on dates to be announced later.
There is no way for the holders of the temporary bonds to collect interest
due after the date of the last coupon on the temporaries unless they exchange
them. The exchange should, therefore, be made without delay. The new
permanent bonds have all coupons to maturity and do not have to be exchanged again. These exchanges have been taking place for several months
and the larger investors in Liberty oonds have promptly effected the exchange and obtained the new bonds.
It is the small investors, composing the mass of Libertylbondholders,
not accustomed to cashing bond coupons who are lu-ged to get the permanent
bonds to which they are entitled and thus benefit by being able to clip their
coupons and collect the interest when due.
The banks are ready to accommodate their customers in effecting these
exchanges and the Federal Reserve Bank of New York has established a
branch of its Government bond department at 19 West 44th Street in New
York, where exchanges can be made over the counter by individual holders
who do not use the facilities of the banks. Over 4.000,000 of the Third
Liberty Loan 43^s are now outstanding, and unless these bonds are exchanged before Sept. 15 the holders will have no way of collecting their
interest on that date.
The Federal Reserve Bank of New York as fiscal agent of the United
States urges bondholders owning temporary coupon First Liberty Loan
Converted 4s and 4 Ms, Second 4s and 4 Ms and Third 4 Ms to exchange
them at once through their own banking channels where possible and receive the new permanent bonds.
SPEECH OF ACCEPTANCE OF GOVERNOR COX,
DEMOCRATIC CANDIDATE FOR PRESIDENT.
Gov. James M. Cox, of Ohio, was on Saturday last (Aug.
7), formally tendered the nomination for President as the
candidate of the Democratic party The notification took
place at the Dayton Fair Grounds before a large and enA spectacular feature of the day's
thusiastic assemblage
events at Dayton, which preceded the notification ceremonies was a great parade for two miles through the streets of
Dayton, at hte head of which marched Gov. Cox and the
Vice-Presidential candidate, Franklin D. Roosevelt.
Gov.. Cox's address of acceptance is of unusual length.
We print it in full below, but it is so inordinately long that
few are likely to read it. His position with reference to
the Covenant of the League of Nations is by no means altogether clear. He declares that this is "a time which calls
for straight thinking, straight talking and straight acting,"
and "no time for wabbling," and yet indulges in phrases
that leave many things in doubt. After urging that Senator Harding, the Republican candidate for President, "proposes in plain words that we remain out of it (the League),
he declares that as the Democratic candidate he favors
"going in." He also says that "the first duty of the new
Administration clearly will be the ratification of the Treaty"
and, interpreting Senator Harding's promise of "formal and
effective peace so quickly as a Republican Cougress can
pass its declaration for a Republican executive to sign," as
meaning a separate peace with Germany, he expresses abhorrence of such an idea and says it would be "the most
disheartening event in civilization since the Russians made
their sepai'ate peace with Germany."
But there is an evident desire not to antagonize those not altogether of the
same mind, and accordingly many paragraphs and passages
like the following appear in the speech.
Unquestioned friends of the League have made other propos.ils.
Our
platform clearly lays no bar against any additions that will be helpful, but
it speaks in a firm resolution to stand against anything that
disturbs the
vital principle.
We hear it said that interpretations are unnecessary. That may be true,
but they will at least be reassuring to many of our citizens, who feel that
in signing the treaty there should be no mental reservations that
are not
expressed in plain words, as a matter of good faith to our associates. Such
interpretations possess the further virtue of supplying a base upon which
agreement can be reached, and agreement, without injury to the covenant,
is now of pressing importance.
On
the question of the reduction of taxation, his attitude
and unmistakable. He says that "one of the first
things to be done is the repeal of war taxes"; also that
"Federal taxation must be heavily reduced ,and it will be
is
clear
done at once, if a Democratic Administration is chosen in
November." He gives it as his opinion that "without hampering essential national administrative departments by
the elimination of all others, and strict economy everywhere, national taxes can be reduced in excess of $2,000,000,000 yearly."
645
Upon the subject of the relations of capital and labor, he
delivers himself as follows:
The disposition to
Disputes between labor and capital are inevitable.
gain the best bargain possible characterizes the whole field of exchange,
If strikes are proit be product for product or labor for money.
longed public opinion always settles them.
Public opinion .should determine results in America. Public opinion is the most interesting characteristic of a democracy, and it is the real safety valve to the institutions
of a free government.
It may at times be necessary for the Government
to inquire into the facts of a tie-up, but facts, and not conclusions, should
be submitted.
The determining form of unprejudiced thought will do the rest. During
this process, governmental agencies must give a vigilant eye to the protection of life and property, and maintain firmness but absolute impartiality.
This is always the real test, but if official conduct combines
courage and fairness our governmental institutions come out of these affairs untarnished by distrust.
whether
Morals cannot easily be produced by statute.
The writ of injunction
should not be abused.
Intended as a safeguard to person and property,
it could easily by abuse cease to be the protective device it was intended
to be.
Capital develops into large units without violence to public sentiment
or injury to public interest
the same principle should not be denied to
labor.
Collective bargaining through the means of representatives selected
by the employer and employee respectively will be helpful rather than harmful to the general interest.
Besides, there is no ethical objection that can
be raised to it.
should not, by law, abridge a man's right either to labor or to
quit his employment.
However, neither labor nor capital should at any
time or in any circumstances take action that would put in jeopardy the
public welfare.
need a definite and precise statement of policy as to what business
men and workingmen may do and may not do by way of combination and
collective action.
The law is now so nebulous that it almost turns upon
the economic predilections of judge or jury.
This does not make for confidence in the courts nor respect for the laws, nor for a healthy activity
in production and distribution.
There surely will be found ways by which
co-operation may be encouraged without the destruction of enterprise. The
rules of business should be made more certain so that on a stable basis
men may move with confidence.
—
We
We
The problem of the railroads, he says, is still with us.
"The Government and the public should render every co-operation in the utmost good faith, to give thorough test to
private ownership.
The railroads have had their lesson.
Government regulation is accepted now as not only a safeguard to the public, but as a conserving process to the
utility.
Financial credit is necessary to physical rehabilitation and it should be sufficient for the periods of maximum
demand. We should not lose sight, however, of the vast
The
possibilities of supplementary service by water.
Great Lakes and St. Lawrence navigation project, particuHe
larly, should claim the interest of the Government."
extols the Federal Reserve Law, and says it "is admitted to
be the most constructive monetary legislation."
plete address follows herewith.
The com-
Chairman Robinson and Members of the Notification Committee:
The message which you bring from the great conference of progressive
thought assembled under the formal auspices of the Democratic Party inme a pride and an appreciation which I cannot voice. At
the same time I am mindful of the responsibility which this function now
As I measure my own limitations the task ahead
officially places upon me.
of us should be approached with more than a feeling of diffidence if I
were not strengthened and reassured by the faith that one has only to
spires within
practice true fidelity to conscience.
It is not the difficult thing to know what we ought to do: the sense of
The mistakes of
right and wrong has been given with Divine equality.
I
history are the result of weakness in the face of tempting interests.
thank God, therefore, that I take up the standard of Democracy a free man,
unfettered by promises and happy in the consciousness of untrammeled opportunity to render a service in the name of government that will hold for
it the confidence which it deserves.
"No Time
for Wabbling."
We
are in a time which calls for straight thinking, straight talking and
Never in all our history
This is no time for wabbling.
straight acting.
Never was sacrifice more sublime.
has more been done for Goveriunent.
The most precious things of heart and 'home were given up in a spirit
which guarantees the perpetuity of our institutions if the faith is kept
The altar of our Republic is
with those who served and suffered.
drenched in blood and tears, and he who turns away from the tragedies and
obligations of the war, not consecrated to a sense of honor and of duty
which resists every base suggestion of personal or political expediency, is
unworthy of the esteem of his countrymen.
The men and women who by express, d policy at the San Francisco Convention charted our course in the open seas of the future sensed the spirit
It is not necessary to
of the hour and phrased it with clarity and courage.
It is a
read and reread the Democratic platform to know its meaning.
document clear in its analysis of conditions and plain in the pledge of servIt carries honesty of word .ind intent.
ice made to the public.
Proud of the leadership and achievement of the party in war, Democracy
Indeed, its pronouncement has but
faces unafraid the problems of peace.
to be read along with the platform framed by Republican leaders in order
that both spirit and purpose as they dominate the opposing orpmizations
may be contrasted. On the one hand we see pride expressed in the nation's
On the other a captious,
glory and a promise of service easily understood.
unliappy spirit and the treatment of .subjects vit.al to the present and the
future, in terms that have completely confused the public mind.
—
Senate Oligarchy's "Creed of Bate."
clear that the Senatorial oligarchy had been given its own way in
the selection of the Presidential candidate, but it was surprising that it was
able to fasten into the party platform the creed of hate and bitteniess and
the vacillating policy that possesses it.
In the midst of war the present Senatorial cabal, led by Senators Lodge,
Superficial evidence of loyalty to the
Penrose and Smoot, was forme<I.
President was deliberate in order that the great rank and file of their party,
It
was
faithful
and patriotic to the very
core,
might not be offended.
But under-
THE CHRONICLE
646
neath this misleading exterior conspirators planned and plotted with bigoted
seal.
With victory to our arms they delayed and obstructed the works of
If deemed useful to the work in hand no artifice for interfering
with our constitutional peacemaking authority was rejected.
Before the country knew, yea, before these men themselves knew the depeace.
tails of the composite plan formed at the peace table they declared their
Before the treaty was submitted to the Senate in the
<^position to it.
manner the Constitution provides, they violated every custom and every
consideration of decency by presenting a copy of the document, procured
unblushingly from enemy hands, and passed it into the printed record of
Senatorial proceedings.
From that hour dated the enterprise of throwing the whole subject into
The
a technical discussion, in order that the public might be confused.
plan has never changed ia its objective, but the method has.
At the outset there was the careful insistence that there was no desire
to interfere with the principle evolved and formalized at Versailles. Later,
But
it was the form and not the substance that professedly inspired attack.
pretense was futile when proposals later came forth that clearly emasculated the basic principle of the whole peace plan.
It is not necessary to recall the details of the controversy in the Senate.
Senator Lodge finally cry.stallized his ideas into what were inown as the
Lodge reservations, and when Congress adjourned these reservations held
the support of the so-called regular Republican leaders.
From that time the processes have been interesting. Political expediency
in its truest sense dwarfed every consideration either of the public interest
The excluor of the maintenance of the honor of a great political party.
sive question was how to avoid a rupture in the Republican organization.
The Plank that Won Johnson.
interest, to say the least, the announcement
from Chicago, where the national convention was assembled, that a platform plank, dealing with the subject of world peace, had been drawn, leaving out the Lodge reservations, and yet remaining agreeable to all interests, meaning thereby the Lodge reservationists, tlie mild reservationists
and the group of Republican Senators that openly opposed the League of
Nations in any form.
As the platform made no definite committal of policy and was, in fact,
so artfully phrased as to liiake almost any deduction possible, it passed
Senator Johnson, howthrough the convention with practical unanimity.
ever, whose position has been consistent and whose opposition to the League
in any shape is well known, withheld his support of the convention's choice
until the candidate had stated the meaning of the platform and announced
definitely the policy that would be his if elected.
The Republican candidate has spoken, ard his utterance calls forth the
following approval from Senator Johnson
"Yesterday in his speech of acceptance Senator Harding unequivocally
took his stand upon the paramount issue in this campaign the League of
The Republican Party stands committed by its platform.
Its
Nations.
standard bearer has now accentuated that platform. There can be no mis-
The country received with
'
—
understanding his words."
Senator Harding, as the candidate of the party, and Senator Johnson are as
one on this uestioB, and, as the letter expresses it, the Republican Party is
committed both by platform in the abstract and by its candidate in speciThe threatened revolt among leaders of the party is averted, but
fication
the minority position as expressed in the Senate prevails as that of the
In short, principle, as avowed in support of the Lodge reservations,
party.
or of the so-called mild reservations, has been surrendered to expediency.
Denounces Separate Peace Plan.
Senator Harding makes this new pledge of policy in behalf of his party
"I promise you formal and effective peace so quickly as a Republican
Congress can pass its declaration for a Republican Excutive to sign."
This means but one thing a separate peace with Germany.
This would be the most disheartening event in civilization since the Russians made their separate peace with Germany, and infinitely more unThey were threatworthy on our part than it was on that of the Russians.
ened with starvation and revolution had swept their country.
Our soldiers fought side by side with the Allies. So complete was the
coalition of strength and purpose that General Foch was given supreme
command, and every soldier in the Allied cause, no matter what flag he
followed, recognized him as his chief.
We fought the war together, and
now before the thing is through it is proposed to enter into a separate peace
—
with Germany.
In good faith we pledged our strength with our associates for the enforcement of terms upon offending Powers, and now it is suggested that this be
withdrawn.
Suppose Germany, recognizing the first break in the Allies, proposes
something we cannot accept.
Does Senator Harding intend to send an
army to Germany to press her to our terms? Certainly the Allied army
could not be expected to render aid.
If, on the other hand, Germany should
accept the chance we offered of breaking the bond it would be for the express purpose of insuring a German-American alliance, recognizing that the
Allies
in fact, no nation in good standing
would have anything to do
with either of us. .
Says It Would Be Plain Dishonesty.
—
League No One Man's Idea.
Illustrating these observations by concrete facts, let it be remembered
that those now inveighing against an interest in affairs outside of America
criticized President Wilson in unmeasured terms for not resenting the in•
tinguished a Republican as ex-President Taft, who, before audiences in
every section advocated the principle and the plan of the present league.
They charge experimentation, when we have as historical precedent the
Monroe Doctrine, which is the very essence of Article X of the Versailles
Skeptics viewed Monroe's mandate with alarm, predicting recurcovenant.
ring wars in defense of Central and South American States, whose guardians
they allege we need not be. And yet not a shot has been fired in almost one
hundred years in preserving sovereign rights on this hemisphere.
They hypocritically claim that the League of Nations will result in our
boys being drawn into military service, but they fail to realize that every
high school youngster in the land knows that no treaty can override our
Constitution, which reserves to Congress, and to Congress alone, the power
to declare war.
They preach Americanism with a meaning of their own invention, and
artfully appeal to a selfish and provincial spirit, forgetting that Lincoln
fought a war over the purely moral question of slavery, and that McKinley
broke the fetters of our boundary lines, spoke the freedom of Cuba, and
carried the torch of American idealism to the benighted Philippines.
They
lose memory of Garfield's proplieey that America, under the blessings of
God-given opportunity, would by her moral leadership and cooperation
become a Messiah among the nations of the earth.
Our Duty More Than National.
Organized government has a definite duty all
These are fateful times.
The house of civilization is to be put in order. The suover the world.
preme issue of tlie centui-y is before us and the nation that halts and delays
The finest impulses of humanity, rising above nais playing with fire.
tional linos, merelj' seek to make another horrible war impossible.
Under the old order of international anarchy war came overnight, and
the world was on fire before we knew it. It sickens our senses to think of
We saw one conflict into which modern science brought new
another.
forms of destruction in great guns, submarines, airships, and poison gases.
It is not secret that our chemists had perfected when the contest came
to a precipitate close, gases so deadly that whole cities would be wiped out,
The public
armies destroyed, and the crews of battles'nips smothered.
prints are filled with the opinions of military men that in future wars
the method, more effective than gases or bombbs, will be the employment
Any nation
of the germs of diseases, carrying pestilence and destruction.
prepared under these conditions, as Germany was equipped in 1914, could
conquer the world in a year.
A definite plan has been
It is planned now to make this impossible.
The League of Nations is in operation. A very important
agreed upon.
work, under its control, just completed, was participated in by the Hon.
Elihu Root, Secretary of State under the Roosevelt Administration.
At a Council of the League of Nations, Feb. 11, an organizing committee
of twelve of the most eminent jurists in the world was selected. The duty
of this group was to devise a plan for the establishment of a Permanent
This assignCourt of International Justice, as a branch of the League.
ment has been concluded by unanimous action. This augurs well for world
'
progress.
Shall We Join or Not f
The question is whether we shall or shall not join in this
humane movement. President Wilson, as our representative
practical and
at the peace
table, entered the League in our name, in so far as the executive authority
permitted.
Senator Harding, as the Republican candidate for the Presidency, proposes in plain words that we remain out of it.
As the Democratic candidate, I favor going in.
Let us analyze Senator Harding's plan for making a German-American
peace and then calling for a "new relationship among nations," assuming
for the purpose of argument only that the perfidious hand that dealt with
Germany would possess tlie power or influence to draw twenty-nine nations
away from a plan already at work and induce them to retrace every step
and make a new beginning.' This would entail our appointing another
commission to assemble with those selected by the other powers. With
the Versailles instrument discarded the whole subject of partitions and divisions of territory on new lines would be reopened.
The difficulties in this
rgard, as any fair mind appreciates, would be greater than they were at the
peace session and we must not attempt to convince ourselves that they
did not try the genius, patience and diplomacy of statesmen at that time.
History will say that great as was the allied triumph in war, no less a
victory was achieved at the peace table.
The Republican proposal means dishonor, world confusion and delay. It
would keep us in permanent company with Germany, Russia, Turkey and
Mexico.
It would entail, in the ultimate, more real injury than the war
itself.
The Democratic position on the question, as expressed
vasion of Belgium in 1914.
They term the League of Nations a military alliance, which, except for
their opposition, would envelop our country, when, as a matter of truth,
the subject of a League of Nations has claimed the best thought of America
for years, and the League to Enforce Peace was presided over by so dis-
in the platform, is:
"We
advocate immediate ratification of the treaty without reservations
which would impair its essential integrity, but do not oppose the acceptance of any reservation making clearer or more specific the obligations of
the United States to the League associates."
—
This plan would not only be a piece of bungling diplomacy, but plain,
unadulterated dishonesty, as well.
No less an authority than Senator Lodge said, before the heat of recent
controver.sy, that to make peace except in company with the Allies would
"brand us everlastingly with dishonor and bring ruin to us.".
And then after peace is made with Germany, Senator Harding would, he
says, "hopefully approach the nations of Europe and of the earth, proposing that understanding which makes us a willing participant in the consecration of nations to a new relationship."
In short, America, refusing to enter the League of Nations (now already
established by twenty-nine nations) and bearing and deserving the contempt of the world, would submit an entirely new project.
This act would
either be regarded as arrant madness or attempted international bossism.
The plain truth is that the Republican leaders, obsessed with a determination to win the Presidential election, have attempted to satisfy too many
divergent views.
Incon.sistencies, inevitable under the circumstances, rise
to haunt them on every hand, and they find themselves arrayed in public
thought at least against a great principle.
More than that, their conduct
is opposed to the idealism upon which their party prospered in other days.
(Vol. 111.
Reservations That
He
Favors.
duty of the new administration clearly will be the ratification
of the treaty.
The matter should be approached without thought of the
bitterness of the past.
The public verdict will have been rendered, and
I am confident that the friends of world peace as it will be promoted by
the League, will have in numbers the constitutional requisite to favorable
The
first
Senatorial action.
The captious may
that our platform reference to resen'ations is
meaning, in brief, is that we shall state our interpretation of the covenant as a matter of good faith to our associates and
as a precaution against any misunderstanding in the future.
The point is, that after the people shall have spoken, the League will
be in tlie hands of its friends in the Senate, and a safe index as to what
they will do is supplied by what reservations they have proposed in tiie
vagiie
and
indefinite.
say
Its
past.
Some months ago, in a contributed article to the New York Tivies,
my own opinion of the situation as it then was. I reproduce
expressed
here:
I
it
"There can be no doubt but that some Senators have been conscientious
in their desire to clarify the provisions of the treat}'.
Two
things appar-
have disturbed them
First, they wanted to make sure that the
League was not to be an alliance, and that its basic purpose w.is peace and
not controversy.
Second, they wanted the other powers signing the instrument to understand our constitutional limitations beyond which the
Dealing with these two questions in
treaty-making power cannot go.
order, it has always seemed to me that the interpretation of the function
of the League might have been stated in these words
"In giving its assent to this treaty the Senate has in mind the fact
that the League of Nations, which it embodies, was deWsed for the sole
purpose of maintaining peace and comity among the nations of the earth
and preventing the recurrence of such destructive conflicts as that through
ently
:
THE CHRONICLE
Aug. 14,1920.]
which the world has just passed. The co-operation of the United States
with the League and its continuance as a member thereof, will naturally
depend upon the adherence of the Lea^e to that fundamental purpose.'
"Such a declaration would at least express the view of the United States
and justify the course which our nation would unquestionably follow if the
It would also
basic purpose of the League were at any time distorted.
appear to be a simpler matter to provide against any misunderstanding in
the future and at the same time to meet the objections of those who believe that we might be inviting a controversy over our constitutional
rights by making a Senatorial addition in words something like these:
"It will, of course, be understood that in carrying out the purpose of
the League the Government of the United States must at aU times act in
strict harmony with the terms and intent of the United States Constitution,
which cannot in any way be altered by the treaty-making power."
No Changes That Mar Principles.
Our
Unquestioned friends of the League have made other proposals.
platform clearly lays no bar gaainst any additions that will be helpful, but
it speaks in a firm resolution to stand against anything that disturbs the
647
The belief of the reactionaries is that Government should not function more widely than it did in the past, but they
seem to forget that the fundamental of our plan is equal rights for all
sive kinds of thinking.
and special privileges for none.
Modern life has developed new problems. Civilization continues to build
along the same basic lines, and. altruistic as we all be disposed to be,
the fact remains that except for the exchange of products between individuals, commercial units and nations, our development would be slow.
All of this growth goes on under the protection of and with the encouraagement of Government. The least, therefore, that might be rendered unto
Government for this continued service is a polic3' of fair dealing.
Too often the genius of man prompts him to play for governmental
advantage, and the success which has been achieved in this particular has
led to the formation of groups which seek this very advantage.
We are
a busy people, preoccupied in too large degree with purely commercial
considerations, and we have not recognized, as we should that the failure
of Government to prevent inequalities has made it possible for mischievous
spirits to develop prejudice against the institutions of Government, rather
than against administrative policy.
vital principle.
That may be
hear it said that interpretations are unnecessary.
true, but they will at least be reassuring to many of our citizens, who feel
that in signing the treaty there should be no mental reservations that are
not expressed in plain words, as a matter of good faith to our associates.
Such interpretations possess the further virtue of supplying a base upon
which agreement can be reached, and agreement, without injury to the
covenant, is now of pressing importance.
It was the desire to get things started that prompted some members of
Those who conscientiously
the Senate to vote for the Lodge reservations.
voted for them in the final roll calls realized, however, that they acted under duress, in that a politically bigoted minority was exercising the arbitrary power of its position to enforce drastic conditions.
Happily the voters of the Republic, under our system of government, can
remedy that situation, and I have the faith tliat they will, at the election
Then organized government will be enabled to combine impulse
this Fall.
The agencies of
and facility in the making of better world conditions.
exchange will automatically adjust themselves to the opportunities of comNew life and renewed hope will take hold of every
mercial freedom.
Mankind will press a resolute shoulder to the task of readnation.
justment, and a new era will have dawned upon the earth.
We
For Quick Repeal of War Taxes.
We
They are most pressing.
have domestic pioblems to be settled.
Many conditions growing out of the war will not and should not continue.
The work of readjustment will call for our best energy, ingenuity, unselfishness and devotion to the idea that it is the general welfare we must
promote.
One of the first things to be done is the repeal of war taxes. The entry
of America into the World War projected our people into an unparalleled
financial emergency, which was faced with a determination to make every
sacrifice necessary to victory.
Billions in Liberty loans subscribed
by pa-
their financial condition were instantly placed at the
disposal of the Government, and other billions were gladly paid into the
triots regardless of
Treasury through many forms of taxation. To have paid by current taxes
more than one-third of the expense of the greatest war in the history of
mankind is a reflection of the high sense of national duty with which we
of America view the obligations of this generation.
Immediately following the armistice, measures to modify onerous and
annoying taxation should have been taken and the Republican Congress
in which all tax laws must originate, and which for almost two years has
exclusively held the pov?er to ameliorate this condition, has not made a
single effort or passed a single law to lift from the American people a
load of war taxation that cannot be tolerated in a time of peace.
Federal
taxation must be heavily reduced, and it will be done at once if a Democratic administration is chosen in November.
Without hampering essential national administrative departments, by
the elimination of all others and strict economy everywhere, national taxes
can be reduced in excess of $2,000,000,000 yearly. Annoying consumption
taxes, once willingly borne, now unjustified, should be repealed.
The incomes from war-made fortunes, those of non-producers and those derived
from industries that exist by unfair privilege, may be able to carry their
pre.sent load, but taxes on tlie earnings of the wage earner, of the salaried
and professional man, of the agricultural producer and of the small tradesman should be sharply modified.
Affainst Excess Profits Tax.
form of taxation than the so-called excess profits
found, and I suggest a small tax, probably 1 to IVa per cent.,
on the total business of every going concern. It is to be understood that
the term "business' as used does not include income received by wage earners, salaried men, agriculturists and the small business man, who should be
exempt from this tax.
The profiteer and some of the highly capitalized
units have used the excess profits tax as a favorite excuse for loading on
the consumer by means of highly inflated selling prices many times the
amount actually paid the Government.
A necessary condition to the national contentment and sound business is
a just proportion between fair profits to business and fair prices to the
consumer.
It is unquestioned that the enormous ex-pansion of public and
private credit made necessary as a part of war financing, the diversion of
the products of many industries from their usual channels, as well as the
disturbance to general business caused by the withdrawal of millions of
men from producing fields, all contributed to the rise in prices. Reversion of the.se various agencies to a more stable condition will tend toward
a recession in the enormously inflated present prices of many commodities
and property values and there are now evidences that a sane adjustment is
I
tax
believe that a better
may be
not far distant.
Deep patriotic sentiment enthralled our people during the war and
attention was given to the enonnous economic changes that were
then in progress and when observed tliese changes were generally
accepted
as one of the trials ncessary to be endured, and they were
submerged in
the thought and purpose for victory.
Sinister Profiteering.
There is a very important difference here.
This difference bears directly on profiteering, which is today the most sinister influence in American life. It is not a new thing in America. The tribe of profiteers has
simply multiplied under the favoring circumstances of war.
For years
large contributions have been made to the Republican campaign fund for
no purpose except to buy a governmental underhold. and to make illegal
profits as the result of preference.
Such largesses are today a great menace
to our contentment and our institutions than the countless temporary
profiteers who are making a mockery of honest business, but who can live
and fatten only in time of disturbed prices.
If I am called to srevice as President, means will be found, if they do not
already exist, for compelling these exceptions to the great mass of squaredealing American business men to use the same yardstick of honesty that
governs most of us in our dealings with our fellow-men, or in language
that they
the very hour that civilization lay prostrate to secure
for themselves fortunes wrung from the public and from the Government,
by the levying of
prices that in many cases were a crime.
Under present taxation laws
much capital is drawing out of industry and finding investment
in nontaxable securities.
This will cea.se if the changes suggested are made.
In the an-ilysis of Govenmicnt, as the events of
today enable ns to penetrate the subject, we see the difference
between the old and the progres-
is
Must Teach Our
Aliens.
It is the mere recital of experinot an academic obsei-vation.
ence.
Um-est has been reinforced in no small degree by the great mass
of unassimilated aliens.
Attracted by an unprecedented demand for labor,
they have come to our shores by the thousands.
As they have become
acquainted with the customs and opportunities of American life thousands
of them have become citizens, and are owners of their own homes.
However, the work of assimilation too long was merely automatic.
One million six hundred thousand foreign-born in this country cannot read or
Our interest in tliem in the main has been simply
write our language.
as laborers assembled in the great trade centers, to meet the demand of
Without home or community ties, many have been more or less
the hour.
nomadic, creating the problem of excessive turnover, which has perplexed
This
is
manufacturing plants.
But this has not been the worst phase of the situation. Unfamiliar with
law, having no understanding of the principles of our Government, they
liave fallen an easy prey to unpatriotic and designing persons.
Public
opinion has had no influence upon them, because they have been isolated
from the currents of opinion, all due to their not being able to read or
It is the duty of the Federal Government to stimuwrite our language.
late the work of Americanization on the part of church, school, community
agencies. State Governments and industry itself.
In the past, many industries that have suffered from chronic restlessness liave been the chief contributors to their own troubles.
The foreigner
with Kuropean standards of living was welcomed, but too often no attempt
was made to educate him to domestic ideals, for the simple reason that
It has been my observation tliat the man
it adver.sel3' affected tlie ledger.
who learns our langu.igc yields to a controlling public opinion and rebesides, in proportion as his devotion to American life
spects our laws
;
develops,
We
his interest
in the impulsive processes of revolution diminishes.
in the work of assimilation and studiously avoid
must be patient
oppressive inea.sures in the face of mere evidence of misunderstanding. We
have a composite nation. The Almighty doubtless intended it to be such.
We will not, howe^e^, develop patriotism unless we demonstrate the difference betwee/i despotism and democracy.
Freedom
slight
What Repeal Would Do.
While millions of free men, regardless of wealth or condition, were
giving of their blood and substance, many corporations
and men seized
may
understand, to suffer the penalty of criminal law.
another reason for the fabulous contributions to the present Republican campaign fund.
Much money, of course, has been subscribed in
proper partisan zeal, but the great bulk has been given with the definite
idea of gaining service in return.
Many captains of industry, guided by a most dangerous industrial philo-sopliy, believe that in controversy between employer and employee their
will should be enforced, even at the point of the bayonet.
I speak knowingly.
I have passed through many serious industrial troubles.
I know
something of their psychology, the stages through which they pass, and the
dangerous attempts that are sometimes made to end them.
Disputes between labor and capital are inevitable.
The disposition to
gain the best bargain possible characterizes the whole field of exchange,
whether it be product for product or labor for money. If strikes are prolonged public opinion always settles them.
Public opinion should determine results in America. Public opinion is the most interesting characteristic of a democracy, and it is the real safety valve to the institutions
of a free government.
It may at times be necessary for the Government to
inquire into the faets of a tieup, but facts, and not conclusions, should be
submitted.
The determining form of unprejudiced thought will do the rest. During
this process, governmental agencies must give a vigilant eye to the protection of life and property, and maintain firmness but absolute partiality.
This is always the real test, but if official conduct combines courage and
fairness our governmental institutions come out of these affairs untarnished by distrust.
There
of Speech
and of the Press.
The necessity for the drastic laws of war days is not present now, and
we should return at the earliest opportunity to the statutory provisions
passed in time of peace for the general welfare. There is no condition now
that warrants any infringement on the right of free speech and assembly
nor on the liberty of the press. The greatest measure of individual freedom consistent with the safety of our institutions should be given. Excessive regulation causes manifestations that compel restraint.
The police
power, therefore, is called to action because the legislati\'e authority acted
unwisely.
No Forbearance
A
forbearing policy
for
Foe of Oovernmenl.
not the proper one for the deliberate enemy of
our institutions. He is of the kind that knows conditions abroad and here.
Tlie difference between autocracy and democracy is well marked in his
mind.
He is opposed to gorernment in any form, and he hates ours beis
THE CHKONICLE
648
cause it appeals to those whom he would convert to his creed. Any policy
Those whom he seeks to
of terrorism is fuel to his flame of anarchy.
arouse, in time, realize the difference between his and their mental attitude, so that when the law lays hand upon his willful menace to government, the purpose of it becomes plain to them.
Official contempt for the law is a harmful exhibition to our people.
It is difficult to follow the reasoning of any one who would seek to make
The Executive obligation,
an issue of the question of law enforcement.
both national and State, on assuming the oath of office is to "preserve,
The Constiprotect and defend the Constitution of the United States."
tution, in its essence, is the license and limitation given to and placed
upon the law-making body. The legislative branch of government is subjected to the rule of the majority.
The public official who fails to enforce the law is an enemy both to
It
the Constitution and to the American principle of majority rule.
would seem quite unnecessary for any candidate for the Presidency to
Any one who is
say that he does not intend to violate his oath of office.
false to that oath is more unworthy than the law violator himself.
Some
Principles of Labor.
The vrit of injunction
Morals cannot easily be produced by statute.
should not be abused. Intended as a safeguard to person and property, it
could easily by abuse cease to be the protective device it was intended
to be.
Capital develops into large units without violence to public sentiment
the same^ principle should not be denied to
or injury to public interest
Collective bargaining through the means of representatives selected
labor.
by the employer and employee respectively will be helpful rather than harmBesides, there is no ethical objection that can
ful to the general interest.
—
be raised to it.
We should not, by law, abridge a man's right either to labor or to quit
However, neither labor nor capital should at any time or
his employment.
in any circumstances take action that would put in jeopardy the public
welfare.
We
need a definite and precise statement of policy as to what business
men and workingmen may do and may not do by way of combination and
collective action.
The law is now so nebulous that it almost turns upon the
economic predilections of judge or jury.
This does not make for confidence in the courts nor respect for the laws, nor for a healthy activity in
production and distribution.
There surely will be found ways by which
co-operation may be encouraged without the destruction of enterprise.
The rules of business should be made more certain so that on a stable
men may move with confidence.
Government, however, should provide the means in the treatment of its
employees, to keep in touch with conditions and to rectify wrong.
It is
basis
needless to say that, in order to be consistent, facts should at all times jusGovernment employees are properly compensated.
The child life of the nation should be conserved ; if labor in immature
years is permitted by one generation it is practicing unfairness to the
next.
tify the pre-supposition that the
Helping Farmer and Consumer.
Agriculture is but another form of industry.
In fact, it is the basis
of industry because upon it depends the food supply.
The drift from
countryside into the city carries disquieting portents.
If our growth in
manufacturing in the next few years holds its present momentum, it will
be necessary for America to import foodstuffs.
It therefore devolves upon
government, through intensive scientific co-operation, to help in maintaining as nearly as possible the existing balance between food production and
consumption.
Farming will not inspire individual effort unless profits,
are equal to those in other activities.
additional check to depleted ranks in the fields would be the establishment of modern State rural school codes.
The Federal Government
should maintain active sponsorship of this.
Rural parents would be lacking in the element which makes civilization enduring if they did not
desire for their children educational opportunities comparable to those in
the cities.
The price the consumer pays for foodstuffs is no indication of what the
producer receives.
There are too many turn-overs between the two. Society and Government, particularly local and State, have been remiss in
not modernizing local marketing facilities.
Municipalities must in large
measure interest themselves in, if not directly control, community marThis is a matter of such importance that the Federal Government
kets.
can profitably expend money and effort in helping to evolve methods and
to show their virtues.
The farmer raises his crop, and the price which he receives is determined by supply and demand. His products in beef and pork and produce
pass into cold storage, and ordinarily when they reach the consumer the
law of supply and demand does not obtain.
The preservation of foodstuffs by cold storage is a boon to humanity,
and it should be encouraged. However, the time has come for its vigilant
regulation and inasmuch as it becomes a part of interstate commerce, the
responsibility is with the Federal Government.
Supplies are gathered in
from the farm in times of plenty. They can easily be fed out to the consumer in such manner as to keep the demand in excess of that part of the
supply which is released from storage.
This is an unfair practice and
should be stopped.
Besides, there should be a time limit beyond which
perishable foodstuffs should not be stored.
[Vol. 111.
Reserve and the Farm Loan acts, encouragement has come to thousands
who find that industry, character and intelligence are a golden security
to the people's banker, the Government of the United States.
Borne
Owning Balks
Sedition.
the way of the seditious
Bring into the picture of American life more
agitator more difficult.
families having a plot of garden and flowers all their own and you will
find new streams running into the national current of patriotism.
Help to equalize the burdens of taxation by making the holders of hidIn
den wealth pay their share with those whose property is in sight.
short, remove the penalty imposed upon home-building thrift, and thousands of contented households under the shelter of their own roof will
look upon government with affection, recognizing that in protecting it
they protect themselves.
There are more home owners in America than ever before. The prosperity of the country under Democratic rule has been widely diffused.
Never before has the great mass of the people shared in the blessings of
plenty. There is much to be done, however, in multiplying our home-owners.
Nothing will bring more golden return to the welfare of the Republic.
Common prudence would suggest that we increase to our utmost our
The race between increased consumption and added
area of tillable land.
Modern methods of soil treatment have
acreage has been an unequal one.
been helpful, but they have their limitations.
There are stiU vast empires in extent, in our country, performing no
They require only the applied genius of men to
service to humanity.
The Govcover them with the bloom and harvest of human necessities.
ernment should turn its best engineering talent to the task of irrigation
Every dollar spent will yield compensating results.
projects.
Multiply our
home owners, and you
will
make
Our Transportation Problem.
Any
discussion of the question of food supply leads very quickly to the
There is no one thing which
closely related matter of transportation.
brings us so intermittently to critical conditions than the insufficiency of
Both the railroads and the public are to
our transportation facilities.
There has been no material addition to the total mileage in the
blame.
last ten years, and the increase in terminals has been much less than required.
At the beginning of the war the rolling stock was sadly reduced and
The public had not given in pay for service sufficient reveinadequate.
Moral assistance was
nues on which credit could be allowed by the banks.
Many
withheld because of railroad policies that did not bring approval.
of these corporations had made themselves a part of political activities,
local, State and national.
Then there were more or less sporadic instances of stock-watering operaAbuses
tions and the exploitation of utility properties for personal gain.
were not general, but they were sufficient to bring the entire railroad systems of the country in disrepute. The good suffered with the evil.
When the transportation lines were taken over by the Government they
were barely able to limp through the task of the day. Unity in operation,
the elimination of the long haul and the merging of every mile of track
and terminal and every car and engine into a co-ordinated plan of operation enabled the Government to transport troops and supplies, at the
same time affording, under great stress, a satisfactory outlet for our industries.
It should be remembered in this connection that except for the motor
truck, which supplemented transportation by rail, and except for the
great pipe lines, which conveyed oil for commercial purposes, we should
not, in all probability, have been able to throw our deciding strength
into the balance and win the war.
all things considered,
Praise for
An
For Farmers in Executive Posts.
Every successful modern business enterprise has its purchasing, producing and selling departments.
The farmer has maintained only one,
the producing department.
It is not only fair that he be enabled both
to purchase and to sell advantageously, but it is absolutely necessary because he has become a competitor with the manufacturer for labor.
He
has been unable to compete in the past and nis help in consequence has
been insufficient.
Therefore the right of co-operative purchasing and selling, in the modem view, should be removed from all question.
Agricultural thought has not been sufficiently represented in affairs of
government.
Many of the branches of the Government which deal remotely or directly with the soil and its problems and its possibilities would
be more valuable to the general welfare if the practical experience of the
farmer were an element in their administration.
To bo specific, the Interstate Commerce Commission, the Federal Reserve Board, the Federal Trade Commission and the United States Tariff
Commission are administered by business men.
Does any one contribute
more to the making and success of railroads than the farmer, or to the
creation and prosperity of the banks, or to the stability of manufacturing
and trade units, or to the agencies interested in exporting?
Our
objective should be a decreased tenantry.
With the period
of occu-
pancy uncertain, the renter strips land of its fertile elements, and each
year diminishes our national assets.
Under the operation of the Federal
Rail Service in
War.
Any attempt
to discredit the Federal operation of railroads during the
years of grave emergency is unfair.
In the case fo those who know the
facts it is insincere.
Too much cannot be said in praise of those who
directed this work, nor of the men who physically operated the lines
under the discouraging conditions of poor equipment.
But all of this is water over the wheel. The problem of the railroads
is still with us.
The Government and the public should render every cooperation in the utmost good faith, to give thorough test to private ownership.
The railroads have had their lesson.
Government regulation is
accepted now as not only a safeguard to the public, but as a conserving
process to the utility.
Financial credit is necessary to physical rehabilitation and it should be sufficient for the periods of maximum demand.
We should not lose sight, however, of the vast possibilities of supplementary service by water. The Great Lakes and St. Lawrence navigation
project, particularly, should claim the interest of the Government.
About
one-third of our States would be supplied with an outlet for every ton of
their exports.
The opportunity to make of the lake harbors great ocean
ports of entry is inspiring to contemplate.
In the crop-moving period, the call on the railroads is staggering.
Grain piles up in the elevators. With stagnation more or less general, the
farmer sells his product under the most unfavorable conditions.
The
trackage and the terminals in Middle States particularly, are clogged with
this traffic and interference with local movements of freight is inevitable.
The solution would be simplified by utilizing the waterways.
Aside from this, the accruing gain from every crop would be a consideration, for the reason that the price of grain in this country is made
by the Chicago market and it is determined by the London quotations.
The price in the British metropolis is a stated figure less the cost of transportation.
The routing of these commodities by water would effect a
saving of approximately 8 cents a bushel, which means that American
grain would net just that much more.
Triumph of the Reserve Act.
For more than forty years before Woodrow Wilson was elected President
in 1912, a reform of our banking and currency system had been almost
universally demanded, and had been year after year deferred or refused
by the stand-pat element of the Republican party in obedience to orders.
The control of money and interest rates had long been held by favored
groups, who were thus able to dominate markets, regulate prices, favor
friends, destroy rivals, precipitate and end panics, and in short, through
their financial, social and political outposts, be the real rulers of America.
The Federal Reserve act was originated, advocated and made a law by a
Democratic President and Congress against the bitter protests of the Restand-patters, who almost without exception voted against it.
these men are the familiar names of Senators Lodge, Penrose and
Smoot, the inside Senate cabal responsible for the existing status in the
leadership of their party.
The Federal Reserve act is admitted to be the most constructive monetary legislation in history.
At a stroke it transferred the power over
money and credit and all they represent from one financial district out
publican
Among
,
—
Aug. 14
THE CHRONICLE
1920.]
one center to
into the keeping of the people themselves, and instead of
all paid tribute there are twelve citadels of financial freedom where
every citizen has an equal right and where the principle that the credit
What
649
—
Government itself confirming the faith of our fathers as
meet the storms of time?
the sneer at labor with the veiled charge that it was a mere
of the
which
sufficient to
of American business shall be free is the basis of administration.
Every citizen should be alert to g:uard this great Institution, which is his
It should be kept from the hands of
guarantee of credit independence.
those who have never been its friends, and who by changes in a few obscure phrases could translate it into a greater power for evil than it ever
slacker
has been for good.
Marshalled Nation's Wealth for War.
almost unnecessary to speak of the Federal Reserve system in
connection with the winning of the war, as, next to the consecration of
our manhood and womanhood itself, the greatest factor was the marshaling
into one unit through the Federal Reserve banks of the stupendous wealth
of America.
To those of vision who look out beyond our shores into that commercial
domain where we are so justly entitled to enter in a time of peace, latent
power of the Federal Reserve system can be seen promoting in every quarWe will
ter of the globe an ever-widening flow of American commerce.
soon have a merchant marine fleet of 11,000,000 tons aggregate, every ship
flying the American flag and carrying in American bottoms the products of
This would seem to be a guarantee
mill and mine and factory and farm.
of continued prosperity.
Our facilities for exchange and credit, however, in foreign parts, should
be enlarged and under the Federal Reserve system banks should be established in important trading centers.
I am impressed also with the importance of improving, if not reorganThe certain increase in foreign trade would
izing, our Consular service.
seem to demand it.
Our Ambassadors to foreign countries
This suggests another change.
The staff
have had assigned to them a military and a naval attache.
should be enlarged, so as to include an officer of the Government whose
exclusive duty would be to make observation and report development and
improvement in educational and social problems generally.
It
is
Budget System Necessary.
Government burreaus during the war had close contact with the business
That experience revealed the modem need of
organization of the country.
The advantages of a democreorganization along purely business lines.
It has been held by experts
racy in government need not be recounted.
that it involves the disadvantage of disbursements, authorized by the lawmaking power without sufficient knowledge of the need of the service or
the possibilities of extravagance.
The answer to this is the budget system. No successful business enterFor a hundred years the Federal
prise of any size can operate without it.
unit, and the States as well, made appropriations without determining the
difference between department need and caprice, at the same time paying
Many of the
little attention to the relation as between income and expense.
States have adopted a budget system, and with a success that carries no
exception.
Efficiency has been improved departmental responsibility has
been centered, and economies have been effected.
The same can be done
by the Federal Govenmient.
The system will reveal at once, as it did in the States, a vase surplusage
It awakens individual interest, encourages greater effort
of employees.
The normal course of
and gives opportunity for talent to assert itself.
least resistance develops in Government bureaus and hardpan which retards
progress.
When the reorganizition is made, pay should be commensurate
with service.
Many Federal departments, whose ramifications touch the
country generally, have lost valuable men to business.
This has badly
crippled Post Offices, the Railway Mail Service and other branches.
I am convinced, after considerable study of the subject, that the expense of the Government can, without loss of efficiency, be reduced to a
maximum of $4,000,000,000, including sinking fund and interest on the
national debt.
When we enter the League of Nations, we should at the same time diminish our cost for armament. To continue expenditures in either the War
or the Navy Department on a vast scale, once our membership in the
League is assured, would seem to be a very definite refutation of the
advantages of the world plan which we believe it possesses.
An appealing fundamental in the League method is the reduction of
armaments. We cannot afford to do it until other nations do likewise. If
we do not enter the League, hundreds of millions of dollars must be spent
for armaments.
If we go in
and I believe the people will insist on it
then we can count on economies.
—
—
War Won, But No Pepublican
Pride.
Since the last national conventions of the two great parties a world war
has been fought historic, unprecedented.
For many, many months civilization hung in the balance.
In the despair of dark hours it seemed as
though a world dictator was inevitable, and that henceforth men and women
who had lived in freedom would stand at attention in the face of the drawn
sword of military autocracy.
The very soul of America was touched as never before with a fear that
our liberties were to be taken away. What America did needs no reiteration here.
It is known of all men.
History will acclaim it ; poets will
find it an inspiration throughout the ages.
And yet there is not a line in the Republican platform that breathes an
emotion of pride or recites our national achievement.
In fact, if a man
from Mars were to depend upon the Republican platform or its spoken interpretation by the candidate of that party as his first means of information he would not find a syllable telling him that the war had been won
and that America had saved the worldHow ungenerous, how ungracious all of this is ; how unfair that a mere
group of leaders should so demean themselves in the name of the party of
Lincoln and McKinley and Roosevelt.
The discourtesy to the President is an affair of political intrigue. His^tory will make it odious.
As well might it be directed at a wounded
soldier of the war.
One fell in the trench ; the strength of the other was
broken in the enormous labors of his office.
—
Others
Who Helped the Victory.
the men and women who
—
But others were ignored
labored at home
with an industry and a skill that words cannot recount
What of the hands that moved the lathe by day and the needle by night?
What of the organizations, superbly effective, that conserved food and
fed the world
that carried nourishment to the very front trenches in
1
—
—
—
the face of hell's furies
that nursed the wounded back to life
that
burled the dead in the dark shelter of the night— that
inspired business
men and artisans of all parties to work in liarmony?
What of the millions of men, women and children of all creeds, religious
and otherwise, who stood in the ranks as firm as
soldiers overseas, undivided by things they once quarreled about?
Why
?
is sufficient to convince any unprejudiced man that the
Republican leaders who have taken charge of their party and nominated
its candidate are no more possessed of the spirit of the hour than they
were in 1912 when they precipitated a revolution within the rank and file
of a great organization.
If further proof were needed, the action of the
present Congress supplies it.
Not a constructive law can be cited. Money
and time were wasted in seeking to make a military triumph an odious
chapter in history and yet is it not significant that, after two years of
sleuthful inquiry, there was nothing revealed in that vast enterprise, carrying billions of dollars in expense, upon which they could base even a
whisper of dishonesty?
The Mexican situation, trying to our patience for years, begins to show
signs of improvement.
Not the least of the things that have contributed
to it is a realization by the people of that country that we have neither the
The spectacle
—
for their domain nor disposition to disturb their sovereign rights.
Peace smiles upon the border and incentive to individual effort seems to
be making a national aspiration.
lust
Gratitude to Our Fighters.
Many
elements have
made our Republic enduring
;
not
the
least of
which is a sustained gratitude.
The richest traditions of our land are
woven from historic threads that tell the bravery of our soldiers of every
war.
They make the first impressions of history upon the minds of our
children and bind the hearts of generations together.
Never in all time will the performance of our soldiers in the late war
From farm, forest and factory they gathered together in
be surpassed.
the training camps from countryside and city men whose hands were
calloused by labor, others whose shoulders showed the stoop of office task
the blood of many nations flowing in their veins and the same impulse
ran from the front trench in Europe back to the first day in training.
We must not forget that war breaks into the plans of young men, and
their first chart of life is in a sense more important than any calculation
later on.
In college and shop in every calling, they were building the
base for their careers.
Thousands of them by the circumstances of injury
or the disturbance of domestic conditions which war always brings were
compelled to change their whole course of life.
We owe a debt to those who died, and to those the honored dead left
dependent. We owe a debt to the wounded but we must realize that considerable compensation is due those also who lost much by the break in
their material hopes and aspirations.
The genius of the nation's mind and
the sympathy of its heart must inspire intensive thoughtful effort to
—
—
—
—
—
;
assist those
I
who
saved our
all.
feel deeply that the rehabilitation of the disabled
cent war
candidate,
soldiers of the reone of the most vital issues before the people, and I, as a
pledge myself and my party to those young Americans to do
power to secure for them without unnecessary delay the imme-
is
all in my
diate training which is so necessary to fit them to compete in their struggle to overcome that physical handicap incurred while in the service of
their Government.
I believe also that the Federal Board of Vocational
Rehabilitation as far as possible should employ disabled soldiers themselves to supervise the rehabilitation of disabled soldiers, because of their
known sympathy and understanding.
The board itself and all agencies
under it should be burdened with the care of securing for the disabled
soldier who has finished his training, adequate employment.
These men
will inspire future generations no less than they have themselves been inspired by the heroes of the past.
No greater force for patriotic effort was found when we were drawn
into the late conflict than the example and activity of our veterans of previous wars. Under the colors they loved gathered the soldiers of the past,
bringing quickly to their support the new army of the republic. Response
in the Southland by veterans who wore the gray inspired the youth with
a zeal which aided g^reatly in the quick mobilization of our forces.
Women
Entitled to Ballot.
The women of America, in emotion and constructive service, measured up
during the war to every requirement, and emergency exacted much of them.
Their initiative, their enthusiasm and their sustained industry, which carried many of them to the heavy burdens of toil, form an undying page in
the annals of time, while the touch of the mother heart in camp and hospital gave a sacred color to the tragic picture that feeble words should
not even attempt to portray. They demonstrated not only willing^ness but
capacity. They helped win the war, and they are entitled to a voice in the
readjustment now at hand.
Their intuition, their sense of the humanitarian in government, their
unquestioned progressive spirit will be helpful in problems that require
public judgment.
Therefore they are entitled to the privilege of voting as
a matter of right and because they will be helpful in maintaining wholesome and patriotic policy. It requires but one more State to ratify the
national amendment and thus bring a long-delayed justice.
I have the
same earnest hope as our platform expresses, that some one of the remaining States will promptly take favorable action.
Senator Harding's theory of the great office to which he aspires, putting
a thoroughly fair interpretation on his own words, is that the Government
of this country, so far as it is embodied in the Executive, aliould be what
he is pleased to call "government by party," as in contrast with the exercise by the President of his own best final judgment under the responsibility assumed by his solemn oath of office, taking into consideration the
views of others, of course, in arriving at that final judgment, but recognizing no group of any kind, not sworn, as he is, to the faithful performance of the particular duties in question, and not subject to impeachment,
as he is, in case of serious malfeasance in the performance of those duties.
Will Be
The
Adams
No Mere "Party
President."
latter is the conception of the Presidency held by Washington, John
and Thomas Jefferson in initiating our great experiment in political
and personal freedom under the Constitution. It is the conception held bjr
Lincoln and Roosevelt, by Cleveland and Wilson, and all other Presidents
of the past to whom history has assigned a significant place in the normal
growth of our free institutions. It is the conception of the Presidency to
which, in case of success of the Democratic Party in the coming election,
my own best efforts shall be dedicated, with a solemn sense of responsibility to the Power above, to the people of the United St..te8 as a whole,
and to the sacred oath of allegiance to the Con.<;titution and the laws.
There is, and will alw.iys be, a useful place for parties in the conduct
but any theory of a "g^)vernment by party," which
of a free Government
must weaken this solemn sen.se of personal responsibility, er alter its traditional direction and turn toward party or faction. c;in only accentuate
the possible evils of party and thwart its possible advantages.
;
THE CHRONICLE
650
I am sincerely grateful to the Democratic Party for the opportunities
of public service which it has brought to me in the past, and for the willingness which it has shown to extend those opportunities to a still greater
but I am glad to say that it has always recognized that my official
duties were to the people as a whole, and has in no case attempted to interfere under pretext of party responsibility, with my right of personal
judgment, under oath, in the performance of those duties.
There must be an awakened interest in education. The ass\miption that
There is more or less of a general idea
things are all right is an error.
that because our school system generally is satisfactory and in most inThe plain fact reveals
stances excellent, sufficient progress is being made.
two startling things one, a growing decimation in the ranks of teachers,
and the other, the existence of 5,500,000 illiterates. It is true that 1,600,The army of instructors has been more
000 of these are foreign born.
or less demoralized through financial temptation from other activities which
owe too much to the next generation to be remiss
pay much better.
field
;
:
We
in this matter.
Very satisfactory progress is being
made in several States in the teaching
The moonlight school in Kentucky has, in fact,
of native-born illiterates.
become a historic institution. The practice has spread in other Commonwealths, and bands of noble men and women are rendering great service.
There should be no encroaclmient by the Federal Government on local
It is the healthful, reasonable individualism of American national
control.
life that has enabled the citizens of this republic to think for themselves,
and, besides, State and community initiative would be impaired by anyThe Central Government, however, can inthing approaching dependence.
ventory the possibilities of progressive education, and in helpful manner
create an enlarged public interest in this subject.
Won't Compete in Political Funds.
There will be no attempt in this campaign to compete by dollars with
our opposition. So many people have been in the money-gathering business
for the
nominee of the party at Hyde Park, N. Y., his home, on
Monday, Aug. 9. In his acceptance of the nomination, Mr.
Roosevelt takes an unequivocal stand in favor of the
League of Nations. To him it "is a practical solution of a
practical situation." He says
"It is no more perfect than
our original Constitution, which has been amended eighteen
times and will soon, we hope, be amended the nineteenth,
:
perfect. It is not anti-national, it is anti-war. N o super-nation, binding us to the decisions of its tribunals, is
was
suggested, but the method and machinery by which the opinion of civiliation may become effective against those who
seek war is at least within the reach of humanity. Through
it we may with nearly every other duly constituted Government in the whole world throw our moral force and our
potential
scale of peace."
:
Mr.
less a
;
power into the
In his view "a peace by resolution of Congress is an insult and a denial of our national purpose." He summarizes
"We oppose money in politics, we
his creed as follows
oppose the private control of national finances, we oppose
the treating of human beings as commodities, we oppose the
saloon-bossed city. We oppose starvation wages, we oppose
rule by groups or cliques, in the same way we oppose a
mere period of coma in our national life."
The acceptance speech in full is as follows
reactionary cause that the millions already in hand are more or
matter of general information. All that we ask is that both parties
deal in the utmost good faith with the electorate and tell the plain truth
as to the amounts received, the contributors and the items of disburseThe public judgment in elections should be rendered after the fullments.
est hearing possible.
Each side has the right to properly present its case.
This is a legitimate expense.
There is no narrow dividing line between the legitimate and illegitimate
in political campaigns.
One contemplates the organization and maintenance of such facilities as are necessary to advise the people of the facts
bearing upon the issues
the other carries the deliberate purpose to interfere with the honest rendering of a verdict.
How misguided some of our people are
Recognizing that readjustment must be made, they believe that they will fare 'better if they cast
their fortunes with those with whom they dealt on the base of campaign
contributions in days gone by.
They do not sense the dangers that
(Vol. 111.
Cummins and
ladies
and gentlemen of the committee:
accept the nomination for the office of Vice President with humbleness
and with a deep wish to give to our beloved country the best that is in
No one could receive a higher privilege or opportunity than to be
me.
thus associated with men and ideals which I am confident will soon receive the support of the majority of our citizens.
In fact, I could not conscientiously accept it if I had not come to know
by the closest intimacy that he who is oor selection for the Presidency,
and who is my chief and yours, is a man possessed of ideals which are also
mine.
He will give to America that kind of leadership which will make
us respect him and bring further greatness to our land. In James M. Cox
I recognize one who can lead this nation forward in an unhalting march
I
!
threaten.
The sort of readjustment which will appeal to our selfrespect and ultimately to our general prosperity is the honest readjustment. Any unfair
adjustment simply delays the ultimate process, and we should remember
the lesson of history that one extreme usually leads to another.
Reactionary Settlement
We
desire
industrial peace.
We
Won't Satisfy.
want our people
to have an abiding
confidence in government, but no readjustment made under reactionary
auspices will carry with it the confidence of the country.
If I were
asked to name in these trying days the first essential overshadowing every
other consideration, the response would be confidence in govenmient.
It would be nothing less than a calamity if the next administration
were elected under corrupt auspices. There is unrest in the country our
people have passed through a trying experience.
The European war before it engulfed us aroused e\ery racial throb in a nation of composite
citizenship.
The conflict in which we participated carried anxieties into
every community and thousands upon thousands of homes were touched
by tragedy.
The inconveniences incident to the war have been disquieting the failure of the Republican Congress to repeal annoying taxes has added to our
troubles.
The natural impulse is to forget the past, to develop new interests, to create a refreshened and refreshing atmosphere in life.
We want to forget war and be free from the troubling thought of its
possibility in the future.
We want the dawn and the dews of a new morning.
We want happiness in the land, the feeling that the square deal among
men and between men and Government is not to be interfered with by a
;
;
purchased preference.
We want a change from the old world of yesterday, where international
intrigue made the people mere pawns in the chessboard of war.
We want a change from the old industrial world where a man who
toiled was assured "a full dinner pail" as his only lot and portion.
At the Forks
of the
Road.
But how are we
to make the change?
Which way shall we go?
stand at the forks of the road and must choose which to follow. One
leads to a higher citizenship, a freer expression of the individual and a
fuller life for all.
The other leads to reaction, the rule of the few over the
We
many, and the restriction of the average man's chances to grow upward.
Cunning devices backed by unlimited prodigal expenditures will be used
to confuse and lure.
But I have an abiding faith that the pitfalls will be avoided and the
right road chosen.
The leaders opposed to democracy promise to put the
country "back to normal."
This can only mean the so-called normal of
former reactionary administrations, the outstanding feature of which was
a pittance for farm produce and a small wage for a long day of labor.
My vision does not turn backward to the "normal" desired by the Senatorial oligarchy, but to a future in which all shall have a normal opportunity to cultivate a higher stature amidst better environments than that
of the past.
Our view is toward the sunrise of tomorrow with its progress and its
eternal promise of better things.
The opposition stands in the skyline
of the setting sun, looking backward, to the old days of reaction.
I accept the nomination of our party, obedient to the Divine Sovereign
of all peoples, and hopeful that by trust in Him the way will be shown
for helpful service.
THE SPEECH OF ACCEPTANCE OF THE DEMOCRATIC
VICE-PRESIDENTIAL CANDIDATE, FRANKLIN
D.
ROOSEVELT.
The candidate for Vice-President on the Democratic national ticket was formally notified of his selection as the
of progress.
Two great problems will confront the next administration ; our relations
with the world and the pressing need of organized progress at home. The
latter includes a systematized and intensified development of our resources
and a progressive betterment of our citizenship. These matters will require the guiding hand of a President who can see his country above his
party, and who, having a clear vision of things as they are, has also the
independence, courage and skill to guide us along the road to things as
they should be without swer\'ing one footstep at the dictation of narrow
partisans who whisper "Party" or of selfish interests that murmur
"Profits."
Outlines Foreign Relations.
we must either shut our eyes, sell our newly
merchant marine to more far-seeing foreign powers, crush utterly by
embargo and harassing legislation our foreign trade, close our ports and
build an impregnable wall of costly armaments and live, as the Orient
used to live, a hermit nation, dreaming of the past or, we must open our
eyes and see that modern civilization has become so complex and the
lives of civilized men so interwoven with the lives of other men in other
We
countries as to make it impossible to be in this world and not of it.
must see that it is impossible to avoid except by monastic seclusion those
honorable and intimate foreign relations which the fearful-hearted shudderingly miscall by that devil's catchword, "international complications."
As for our home problem, we have been awakened by this war into a
startled realization of the archaic shortcomings of our governmental machinery and of the need for the kind of reorganization which only a clearthinking business man, experienced in the technicalities of governmental
Such a man we have. One who has so successprocedure, can carry out.
fully reformed the business management of his own great State is obviously
This is no time to experiment with men
capable of doing greater things.
who believe that their party can do no wrong and that what is good for
the selfish interests of a political party is of necessity good for the nation
In our world problems
built
;
as well. I, as a citizen, believe that this year we should choose as President
not to talk about them.
a proved executive. We need to do things
Much has been said of late about good Americanism. It is right that it
should have been said, and it is right that every chance should be seized
to repeat the basic truths underlying our prosperity, and our national existence itself.
But it would be an unusual and much-to-be-wished-for thing
if in the coming presentation of the issues a new note of fairness and generosity could be struck.
Littleness, meanness, falsehood, extreme partisan;
— these are not
American spirit. I like to think that in
are moving forward.
Let us be definite.
We ha^e passed through a great war— an armed
conflict which called forth every effort on the part of the whole populaMen
The war was won by Republicans as well as by Democrats.
tion.
Men and women of all parties
of all parties served in our armed forces.
They strived honestly as Americans, not
served the Government at home.
Republicans and Democrats alike worked in adminisas mere partisans.
trative positions, raised Liberty Loans, administered food control, toiled
The war was brought to a successful conin munition plants, built ships.
clusion by a glorious common effort
one which in the years to come will
be a national pride.
I feel very certain that our children will come to
regard our participation as memorable for the broad honor and honesty
which marked it, for the absence of unfortunate scandal and for the
splendid unity of action which extended to every portion of the nation.
It would, therefore, not only serve little purpose, but would conform
ill to our high standards, if any person should in the heat of political
rivalry seek to manufacture political advantage out of a nationally conducted struggle.
We have seen things on too large a scale to listen in
this day to trifles or to believe in the adequacy of trifling men.
ship
this respect also
in accord with
we
—
Forward- Looking Party Will Prevail.
the bigger outlook of national and individual
demand that the men who represent
us in the affairs of our Government shall be more than politicians or the
errand boys of politicians that they shall subordinate always the individual
In the long run
ambition and the party advantage to the national good.
the true statesman and the honestly forward-looking party will prevail.
It is that
life
which
same vision
will, I
am
of
sure, lead us to
—
;
Aug. 14
1920.]
THE CHRONICLE
Even as the nation entered the war for an ideal, so it has emerged from
It is idle to
the war with the determination that the ideal shall not die.
pretend that the war declaration of April 6, 1917, was a mere act of selidefense, or that the object of our participation was solely to defeat the miliWe knew then, as a nation,
tary power of the Central Nations of Europe.
even as we know today, that success on land and sea could be but half a
The other half is not won yet. To the cry of the French at Vervictory.
dun: "They shall not passl" the cheer of our own men in the Argonne:
"W? shall go through!" we must add this: "It shall not occur again."
This is the positive declaration of our own wills, that the world shall
be saved from a repetition of this crime.
To this end the Democratic Party offers a treaty of peace which, to
make it a real treaty for a real peace, must include a League of Nations
because this peace treaty, if our best and bravest are not to have died
in vain, must be no thinly disguised armistice devised by cynical statesmen
to mask their preparations for a renewal of greed-inspired conquests later
'Teace" must mean peace that will last. A practical, workable, peron.
manent, enforcible kind of peace that will hold as tightly as the business
We must indeed be, above all things, business
contracts of the individual.
like and practical in this peace treaty making business of ours.
The League of Nations is a practical solution of a practical situation.
It is no more perfect than our original Constitution, which has been
amended eighteen times and will soon, we hope, be amended the nineteenth,
was perfect. It is not anti-national, it is anti-war. No super-nation, binding us to the decisions of its tribunals, is suggested, but the method and
machinery by which the opinion of civilization may become effective
against those who seek war is at least within the reach of humanity.
Through it we may with nearly every other duly constituted Government
in the whole world throw our moral force and our potential power into
—
the scale of peace.
That such an object should be contrary to American policy is unthinkbut if there be any citizen who has honest fears that it may be perable
verted from its plain intent so as to conflict with our established form
of Government, it would be simple to declare to him and to the other
nations that the Constitution of the United States is in every way supreme.
There must be no equivocation, no vagueness, no doubt, in dealing with
The league will not die. An idea does not die
the people on this issue.
which meets the call of the hearts of our mothers.
;
fort.
this also has been called to the attention of the present Congress without
and Congress only can authorize the remedy.
result,
—
their part.
The fundamental outlook on the associations between this Republic and
the other nations can never be very different in character from the principles which one applies to our own purely internal affairs.
A man who
opposes concrete reforms and improvements in international relations is of
necessity a reactionary, or at least a conservative in viewing his home
problems.
We can well rejoice in our great land, in our great citizenship brought
hither out of many kindreds and tongues, but to fulfill our true destiny we
must be glad also for the opportunity for greater service. So much calls to
us for action, and the need is so pressing that the slacker of peace is a
greater menace than the slacker of war.
Progress will come not through
the talkers but through the doers.
It is for this reason that I am especially happy in the pledges given in
the platform of the Democratic Party.
That document is definite. It is a
solemn pledge that, given the authority, our party will accomplish clear
aims.
Among
the most pressing of these national needs I place the bettering
our citizenship, the extension of teaching to over 5,000,000 of our
population above the age of 10 who are illiterate, the strengthening of our
immigration laws to exclude the physically and morally unfit, the improvement of working conditions, especially in the congested centers, the
extension of communications to make rural life more attractive, the further
of
protection of child life and women in industry.
All of these demand action.
If we raise the standard of education, of physical fitness, of moral
sense, the generations to come will have no difficulty in coping with the
problems of material economics.
For Co-ordinated Plan of Development.
So also with regard to the further development of our natural resources
we offer a constructive and definite objective. We begin to appreciate
that as a nation we have been wasteful of our opportunities.
We need not
merely thrift by saving, but thrift by the proper use of what we have at
hand.
Our efforts in the past have been scattered.
It is now time to
undertake a well-consiuered co-ordinated plan of development, so that
each year will see progress along definite lines.
The days of "pOrk-barrel"
legislation are over.
Every dollar of our expenditures for port facilities,
for inland waterways, for flood control, for the reclamation of swamp and
arid lands, for highways, for public buildings, shall be expended only by
trained men in accordance with a continuing plan.
The golden rule of the true public servant is to give to his work the
same or even higher rate of interest and efficiency that he would give to
his private affairs.
There is no reason why the effectiveness of the National Government should not at least approximate that of well-conducted
private business.
Today this is not the case. I may be pardoned if I draw
on my experience of over seven years in an administrative position to state
uneqviivocally that the Governmental macliinery requires reorganization.
The system, especially since the war, has become antiquated.
No mere
budget system, much as we need that, will correct the faults.
First of all, the methods of the legislative branch of the National Government, especially in the upper House, require drastic changes.
It is
safe to say that the procedure of the Congress has progressed less with the
times than any other business body in the country.
Yet is is upon the
Congress that every executive department must wait.
Appeals to the
House and Senate in the last session fell on apparently deaf ears.
In the administrative branch also great changes must take place.
The
lunctioiis of the departments should be redistributed along common sense
Cox Engineer-Statesman.
Calls
a particular pleasure to know that if we are sustained by the
people in the election, the country will have as its chief executive a man
who has already amply established his reputation as a successful administrator by the reorganization of the business methods of a great State.
He
is an engineer-statesman.
The task before the National Government can
also be assisted by a sympathetic co-operation between the executive and
the legislative branches, and in this work partisanship must not enter.
In the consideration of the needs of the country and the conduct of its
affairs I like to dwell particularly on that part of Lincoln's immortal
phrase which speaks of "Government for the people." Service on the part
of men and women in the Government is not enough ; it must be unselfish
service
it must be service with sufficient breadth of view to include the
needs and conditions of every kind of citizen, of every section of the land.
Such a body of workers would make impossible a return to the conditions of twenty years ago when men in the halls of Congress and in the
executive branches almost openly represented special interests or considered
the obtaining of appropriations for their own localities as of more weight
than the welfare of the United States as a whole.
Such a spirit of unselfishness would prevent also the formation of cliques or oligarchies in
the Senate for the retarding of public business.
Some people have been saying of late
"We are tired of progress, we
want to go back to where we were before, to go about our own business,
to restore 'normal' conditions."
They are wrong. This is not the wish of
America.
We can never go back. The "good old days" are gone past
forever
we have no regrets. For our eyes are trained ahead forward to
It
is
;
:
—
;
new
days.
am
strengthened by the firm belief that the women of
to receive the national franchise, wiU throw their
weight into the scale of progress and will be unbound by partisan prejudices and a too narrow outlook on national problems.
We cannot anchor
our ship of state in this world tempest, nor can we return to the placid
harbor of long years ago. We must go forward or founder.
In this faith
War may
It must be
be "declared," peace cannot.
established by mutual consent, by a meeting of the minds of the parties in
From the practical point of view alone a peace by resolution of
interest.
From the point of view of the millions of splenCongre.'is is unworkable.
did Americans who served in that whirlwind of war, and of those other
millions at home who saw, in our part of the conflict, the splendid hope
of days of peace for future generations, a peace by resolution of Congress
is an insult and a denial of our national purpose.
Today we are offered a seat at the table of the family of nations to the
end that smaller peoples may be truly safe to work out their own destiny,
to the end that the sword shall not follow on the heels of the merchant,
to the end that the burden of increasing armies and navies shall be lifted
from the shoulders of a world already staggering under the weight of taxation.
We shall take that place. I say so, because I have faith faith that
this nation has no selfish destiny, faith that our people are looking into
the years beyond for better things, and that they are not afraid to do
So too, with peace.
and methods provided to standardize and prevent duplication of efFurther, it is high time that Government employment be placed upon
a proper level.
Under the safeguard of civil service the salaries must
approximate those paid in private employ.
Today we are faced with the
fact that the majority of the most efficient Government employees leave
the service when tliey are becoming most valuable. The less useful remain.
Many millions of dollars could be saved to the taxpayers by reclassification
of the service, by the payment of adequate compensation and by the rigid
elimination of those who fail to measure up to a high standard.
All of
lines
better
Peace by Resolution Unworkable.
651
this nation,
I
now about
America's Opportunity at Hand.
America's opportunity is at hand.
We can lead the world by a great
example, we can prove this nation a living, growing thing, with policies
that are adequate to new conditions.
In a thousand ways this is our hour
of test.
The Democratic program offers a larger life for our country, a
richer destiny for our people.
It is a plan of hope.
In these chiefly let it
be our aim to build up, not to tear down. Our opposition is to the things
which once existed, in order that they may never return. We oppose money
in politics, we oppose the private control of national finances, we oppose
the treating of human beings as commodities, we oppose the saloon-bossed
city, we oppos-e starvation wages, we oppose rule by groups or cliques.
In
the same way we oppose a mere period of coma in our national life.
A greater America is our objective. Definite and continuing study shall
be made of our industrial, fiscal and social problems.
Definite and continuing action shall result therefrom, and neither the study nor the action
shall be left to emotional caprice or the opportunism of any groups of
men. We need a co-operation of the ablest and the wisest heads in the
land, irrespective of their politics.
So we shall grow -sanely, humanly,
—
—
honorably, happily conscious at
the end that we handed on to those that follow us the knowledge that we
have not allowed to grow dim the light of the American spirit brought
hither three hundred years ago by the Pilgrim Fathers.
The coming years are laden with significance, and much will depend on
the immediate decision of America.
This is the time when men and women
must determine for themselves wherein our future lies.
I look to it for
progress. In the establishment of good-will and mutual help among nations,
in the ending of wars and the miseries that wars bring, in the eztensicn
of honorable commere, in tlie international settlement which will make it
unnecessary to send again two million of our men across the sea.
1 look
in better citizenship, in less waste, in fairer
to our future for progress
remuneration for our labor, in more efficient governing, in higher standards
;
of living.
To this future
dedicate myself, willing, whatever
may be
the choice
the faith which
is in me that makes me very certain that America will choose the path of
progress and set .Tside the doctrines of despair, the whisperings of cowardice, the narrow road to yesterday.
May the Guiding Spirit of our land
keep our feet on the broad road that leads to a better tomorrow and give
us strength to carry on.
I
of the people, to continue to help as best
I
am
able.
It
is
STEEL PRODUCTION IN JULY.
According to a statement compiled by the American Iron
& Steel Institute the production of steel ingots in July 1920
by 30 companies, which in 1919 made about 85% of the
total output in that year, totaled 2,802,818 tons, of which
2,135,633 tons were open hearth, 653,888 tons Bessemer and
13,297 tons all other grades. In July 1919 the make of
30 companies, which in 1918 produced about 84.03% of the
total output in that year, was 2,508,176 tons, including
1,988,651 tons open hearth, 748,212 tons Bessemer and
9,218 tons all other grades.
The production by months in 1920 was as follows:
Month
Open Hearth.
—
Griss Tons.
2,212.758
2,152.106
.January 1920
February
March
April
May.
June
July
2,487.2-15
---
2.056.336
2,251.544
2.287.273
2.135.633
Bessemer. All Other.
Total.
Gross Tons Gross Tons. Gross Tons
lo.f.sr
714.657
2,968,102
700.151
12.867
2.865,124
705.164
16.610
3.299,049
568,952
13.017
2.638,305
615.932
15. OSS
2.883,164
675,954
17.463
2.980,690
653,888
13,297
2,802,818
THE CHRONICLE
652
THE DENVER TROLLEY DISTURBANCES— ORDER
RESTORED.
Denver was placed under martial law Saturday, Aug. 7,
and radical unionism siiffered a swift and decisive defeat.
During two nights, Aug. 3 and 4, terror reigned, in which
mobs
of
sympathizers of the tramway employees' strikers
ove^tiirning cars manned by armed
strike-breakers; attacking a car bam; beating strike-breakers;
ransacking the printing plant of the "Denver Post," the
terrorized the city
by
paper in the West, and killing and mortally
wounding seven persons and injuring fifty.
Local authorities, unable to cope with the situation, and
the State being without adequate militia, the American
Legion and volunteers assisted in maintaining order until
the arrival of 700 Federal troops under the command of
Col. C. C. BaUou and the direction of Maj.-Gen. Leonard
Wood. Street cars began again to run under troop guard,
and the business of the city became normal.
In the meantime strike leaders were adjudged in contempt
largest afternoon
having permitted the strike in face of the injuncby the city two weeks before restraining the
tramwaj^ company from reducing the wage from 58 to 48
cents an hour and the imion from striking. The union had
struck demanding an increase from 58 to 75 cents an hour;
two weeks vacation annually with full pay; no employee to
be discharged without approval of union, and that the
company shall discharge any employee who has not paid his
imion dues. Upon the city being placed under martial law,
the union abandoned its demands and asked for a working
agreement, the removal of strike-breakers and a recognition
of court for
tion obtained
-
The court released the strike leaders in order
that they might call off the strike, which was done, but the
men refused to work with strike-breakers. The tramway is
demanding an open shop and pubUe opinion, after what the
city has suffered, is overwhelmingly for an open shop as the
only way definitely to settle the controversy and insure car
of the union.
service.
"Section 41 of the Public Utilities Act declares that nothing in the act
be construed to repeal 'an act to establish and regulate the maximiua
rate of charges for the transportation of companies operating or controUing
railroads in part or in the whole of this state."
shall
Refuse to Ignore Policy.
shall not undertalie, therefore, to set aside directly or indirectly
the declared policy of the general assembly in the performance of its duty
under the constitution.
"We
"The carrier has not asserted its intention to continue to charge the rates
named in these schedules after Aug. 31 1920, regardless of the action of this
commission. On the contrary it has stated that, if the application for approval of these rates is finally denied, it intends to apply to the inter-state
commerce commission and to the courts for an adjudication as to its rights
in the premises. Until there is some further act or declaration on the part
of the carrier, there will be no basis for a direction of the proceedings pursuant to the Public Utilities Act.
Can't Grant Higher Rate.
"We find that this commission is without authority to authorize or approve
the act approved May 27
passenger fares higher than those prescribed
1907, and in force JiUy 1 1907.
." That the tarjgswhich^erelas t filed w it h thls_commission and in effect
prior to the schedules established by the director general of railroads during
the period of Federal control will be lawful rates after Aug. 31 1920, under
the laws of this state.
"That the rates named in said schedules last mentioned are the reasonable rates of charges for the intra-state transportation of passengers on the
different railroads in this state under the constitution of this state and the
statutes enacted in pursuance hereof.
"And that the rates named in_the_schedules invol ved in this pro ceeding
are imlawful under the state statute and'such'schedules, so far as the state
law is concerned, are void and of no effect."
Tbe next step is up to the roads, which will undoubtedly take the question
into the coiu' ts and before the Inte r-state Commerc e Co mmis s ion in an
effort to obta in an af firmati ve decision o n the continued legality of the
Federal war-time transportation__ratte_o£_3c.^a^_mile now being_^charged,
as well as in the further increase of .6 of a cent a mile granted r^ently by
the Inter-State Commerce Commission.
m
REPRESENTATIVE ESCH GIVES HIS VIEWS ON
RAILROAD WAGE AND RATE INCREASESFORESEES BETTER SERVICE AS RESULT.
Acceptance by the Inter-State Commerce Commission
of the findings of Railroad Labor Board permitting an increase of over $600,000,000 for wages of railroad employees
and ordering an increase
in transportation rates to meet
"ought to bring peace to the labor situation and lead
it
to
and a better morale," in the opinion of
Representative John J. Esch. "The effect of the advances
on the cost of living," says Mr. Esch, "is important. Its
"Profiteers,"
effect, however, is generally exaggerated."
he warns, "should not be permitted to capitaUze increases
in freight rates nor to exact a cent more than the increase."
Mr. Esch, who is Chairman of the House Committee on
Inter-State and Foreign Commerce, in which body the present Esch-Cummins law (Transportation Act) originated
at the last session of Congress, gave to "The Sun and New
York Herald' his views on the recent wage and rate advances.
In a telegram from La Crosse, Wis., on Aug. 8, to the newspaper referred to, Mr. Esch said:
greater efficiency
PUBLIC UTILITIES COMMISSION OF ILLINOIS DENIES INCREASED PASSENGER RATES TO RAILROADS—GRANTS FREIGHT RATE ADVANCE.
The State Public Utihties Commission of lUinois granted
increase in intrarailroads operating in that State a 33 1-3
%
The Commission at the same
state freight rates Aug. 10.
time denied a petition that passenger rates be increased to
3 .6 cents per mile
The passenger rate decision was rendered
it is stated, on the ground that the Commission did not have
authority under the State law which fixes the rate at two
The railcents a mile to grant a rate beyond that amount.
roads had asked a 40% freight rate increase.
The Commission pointed out in its statement concerning
passenger fares that the present rate of three cents a mile is
in effect through Federal war-time laws, and that when the
.
roads emerge from under jurisdiction of the war-time transportation Act on Sept. 1 passenger rates in Ilhnois will automatically revert to two cents a mile under the State law unless
action is taken by the State Legislature prior to that date.
Commenting on the action of the Illinois Public Utilities
Commission, and quoting the Commission's order, the Chicago "Tribune" on Aug. 11 said:
Unless action is talfen by the legislature toward repealing the Illinois
Transportation Act and the granting to the public utilities Commission of
jurisdiction over railroad rates within the State, railroad fare in Illinois
automatically wUl revert to 2 cents a mile on Sept. 1. This is the date
the roads emerge from under control of the Federal Wartime Transportation
Act.
The Utilities Commission yesterday refused the request of the railroads
for an increase to 3.6 cents a mUe on the ground that it lacked jurisdiction
to nullify the Illinois Transportation Law. This act fixes the legal rate of
railroad fare in Illinois at 2 cents a mile.
Bates and State Law Clash.
According to the order issued by the Commission, the Federal Transportation Act grants the power of fixing both intra-State and Inter-State
Commission until Sept. 1 1920, when tbe Federal
Transportation Act ceases to be in effect.
Continuing, the Commission says, "While the rates of fare named in the
schedules have a validity to Sept. 1 1920, arising out of the Federal Act.
they are rates which are contrary to the provisions of the Illinois statute"
fixing the fares at 2 cents a mile.
"The question involved in this proceeding is the authority of the Com
mission to authorize and approve rates effective after Aug. 31 1920, which
are higher than permitted by the State statute.
Cite Commission's Limits.
"We shall not undertake now, in view of the limitations of time, to
analyze the contention of the carriers. We shall state our conclusion and
make findings in accordance therewith.
"Section 12 of article 1 1 of the constitution of Illinois provides: 'The general assembly shall, from time to time, pass laws establishing reasonable
masimum rates •f charges for the transportation of passengers and freight on
the different railroads of this State.'
"The general assembly, pursuant to the mandate of the constitution, ha.s
passed a law establishing maximum rates of charges for the transportation
fares to the Inter-State
passengers.
[Vol. 111.
'
Section 422 of the Transportation Act prescribes that the Inter-State
in determining just and reasonable rates shall
initiate, modify, establish or adjust such rates so that carriers as a whole
(or as a whole in each of such rate groups or territories as the Commission
maj from time to time designate) wiU, imder honest, efficient and economical management and reasonable expenditures for maintenance of way,
structures and equipment, earn an aggregate annual net railway operating
income equal, as nearly as may be, to a fair return upon the aggregate
value on the railway property of such carriers held for and used in the
Such fair return shall be determined from time
service of transportation.
to time and the percentage shall be uniform for all rate groups or territories
which may be designated by the Commission.
In making each determination it shall give due consideration, among
other things, to the transportation needs of the coimtry and the necessaity
(vmder honest, efficient and economical management of existing transiwrtation facilities) of enlarging such facilities in order to provide the people
of the United States with adequate transportation, provided that during
the two years beginning March 1 1920 the Commission shall take as such
fair returns a sum equal to 514% of such aggregate value, allowing in its
of such aggregate value for improvements,
of 1
discretion an additional
betterments or equipment chargeable to capital account.
Property Valuation Made.
These provisions changed the rule of rate-making which had been enforced since the original Inter-State Commerce Act was enacted in 1887 in
that they fix a standard more definite than that rates should be just and
The new rule, in the opinion of Chairman Clark, wiU be
reasonable.
simpler, will avoid endless controversies and wiU put an end to interminable
Commerce Commission
H
%
discussion and argxmient.
In carrying out the rate-making provisions of the Transportation Act
and giving application to the new rule, it was necessary to determine the
aggregate value of the railway property held and used in the service of tran-sportation as a whole or by groups or territories. The Commission, owing to
the
diversities of climate, production and traffic conditions, has divided
railroads into groups corresponding in the main to the three existing traffic
In determining aggreterritories, adding the Pacific Mountain territory.
its
gate value the Commission under the Act could utUize the results of
was
investigations to date under the Physical Valuation Act of 1913 and
further directed to give to the property investment account of the carriers
in
only that consideration which under the law of the land it is entitled to
values for rate-making purposes. When the valuation under
establishing
the Act of 1913 is completed such valuation is to be the basis of aggregate
value.
The Commission, guided by these provisions, has just determined the
aggregate value of the roads under its jurisdiction to be $18,900,000,000.
which is $1,140,572,611 less than the amount claimed by representatives
The Commission can doubtless justify this reduction on
of the carriers.
when the
the ground that the property investment account prior to 1907,
.
Aug. 14
THE CHRONICLE
1920.]
uniform system of accounting was ordered, was unreliable, even padded
items, properly chargeable to operating expenses, being included in capital
deemed at
if
partially used
wiU be redeemed at proportionate
Tickets of any class sold prior to Aug. 1 1920, must not be dated ahead
for use on or after Aug. 26 1920 unless the increased fares are collected:
sur-charge must also be collected where sleeping or parlor space is used.
Milk and cream tickets purchased prior to Aug. 26 1920, wUl not be
honored on or after that date, but will be redeemed at face value on presentation to general passenger department.
Water Is Squeezed Out.
This matter of aggregate value is important, as it has a direct bearing
upon the amount of the fair return based on the new rule. While in the
past the financial condition of many roads showed excess capitalization or
watered stock, the best authorities now concede that the physical valuation
of the roads soon to be completed will show little difference between capitaliThis has already been demonstrated in valuation
zation and valuation.
The Commerce Commission has
Indicated that it will probably authorize the recommendations of the carriers and is
expected to issue its decision shortly.
in Minnesota and New Jersey.
That the roads could not be reproduced to-day for the amounts represented in their stocks, bonds and certificates of indebtedness no one will
deny. As the Commission was required to give due consideration to all
elements of value recognized by the law of the land, and as it had in its
possession the financial history of each carrier and had much valuable
data already prepared by its division of valuation, it is believed that its
estimate of $18,900,000,000 is within reason and fair to the carriers.
With this value established as a present basis for applying the 6% return,
there is reason to believe that confidence will be restored in railroad investments. The effect may not be immediate because much preUminary work
along rehabilitation lines must first be done, and such work will require
financing in a large way. While the $300,000,000 revolving fund provided
in the Transportation Act will be of material aid, the restoration of credit
through the recent decision of the Commission will be of immediate benefit.
made
Made
and
fare.
account
Exploitation
fare paid,
653
A UTHORIZES RAILROADS TO FILEBLANKET
SUPPLEMENTS ON FREIGHT AND PASSENGER
I.-S. C. C.
RATES.
file blanket schedules to make effective the
passenger, PuUman, excess baggage and milk rates
recently authorized was granted the railroads by the InterState Commerce Commission on Aug. 11.
Similar permission as to blanket schedules covering the increased freight
rates already had been granted on Aug. 6, and the roads are
preparing to put aU of the new rates into effect on Aug. 26.
Under the Commission's order the roads are required to
issue the regular printed schedules, local tariffs by March 1
1921, interdivision tariffs by June 1 1921 and interline or
joint tariffs by Oct. 1 1921.
The text of the order relative to the f ilingof blanket schedules covering freight rates, issued on Aug. 6, was given in
Washington advices of that date to the New York "Commercial" as follows, the order being designated as Special
Permission No. 50,340:
WTiereas, carriers have represented to the Inter-State Conunerce Commis-
Permission to
new
Impossible.
increase of approximately $1 ,500.000,000 revenue to the carriers will
not immediately aid in issuance and sale of stock, however desirable this
method of raising money maj be. instead of selling bonds or short term
certificates and increasing indebtedness.
However, increased business
because of increase of equipment under increased rate schedules wUl inevitably beget confidence and lower cost of money.
Another reason for optimism lies in the provisions of the Transportation
Act, which gives to the Commission control over stock and bond issues.
The mere fact that such issues hereafter must be certified by the Commission ought to increase the confidence of the public in them stimulate their
purchase and stabilize their value. Under this provision financial fiascos
The
,
and exploitation of such roads as the Frisco, Rock Island, Pere Marquette,
Chicago and Alton and the New Haven will no longer be possible.
%
of
The provision of the act requiring the division of the excess over 6
the net operating income between the Government and the carriers earning
such excess, while not destroying the incentive or initiative of such carrier,
will be a soiu-ce of encom-agement to weaker roads by providing a fund from
which they can borrow at 6% and out of which the Government can supply
equipment at a rental equivalent to 6% of its valuation, plus allowance
for depreciation.
Wage Award a Big Help.
sion that increased freight rates are necessary to meet operating expenses
and to Lnsiu-e returns on property permitted by Section 15 (a) of the InterState Commerce Act:
And whereas, carriers have requested such modification of the tariff rules
of the Commission as will permit the filing of special supplements to freight
tariffs in abbreviated form, thereby enabling them, in the present emergency to secure in an economical and expeditious manner increased revenue
to be derived from such increases in freight rates; and
It appearing, ttfat the Commission's rules and regulations. Tariff Circular 18-A, in Section (B) of Rule 4 require tariff publications to show the
forms and numbers of powers of attorney and concurrences under authority
of which participating carriers are named; in Section (1) of Rule 4 require
an explicit statenaent of rates, in cents or in doUars and cents, per 100
pounds, per barrel, or other packages, per ton or per car, together with the
name or designation of the places from and to which they apply in Section (e)
of Rule 9 limit the number of, and the volume of effective supplements as to
any tariff and forbid supplements to tariffs issued in loose-leaf form, and
tariffs of less than five pages; in Section (k) of Rtile 9 prohibit changes in
any rate sought to be increased by a rate which is under suspension by order
of the Commission, and in Section (a) of Rule 54 provide that rates filed
must be allowed to go into effect, and cannot be changed for at least thirty
days after the date when the rates have become effective;
It is ordered, that the provisions of Tariff Circtilar 18-A in Rules 4 (b),
4 (i), 9 (e) 9(k) and 54 (a) be, and they are hereby temporarily waived in
the particulars hereinafter set forth, but not otherwise, as to, and confined
to, special supplements filed under authority hereof; provided, that there
shall not be in effect at any one time more than one such special supplement
to the same tariff other than the special supplement pro%iding minimum
weights on grain and the products of grain and commodities listed therewith;
It is further ordered, that carriers be, and they are hereby permitted to
fUe special supplements to freight tariffs to provide for the changes in
rates and charges approved by the Commission in its opinion dated July 29
1920, in ex parte No. 74, provided, that such si)ecial supplement shall be
issued substantially in the manner and form shown in Exhibit "A" attached
hereto and made a part hereof, which form may be, where necessary, modified to the extent necessary to clearly indicate the increase authorized in the
report in ex parte No. 74, provided, that such modifications shall in aU
particulars conform to all other provisions herein; and further provided
that such special supplement may bo issued and filed amending schedules
containing rates to become effective upon a later date and those which have
,
of the findings of the Railroad Labor
Board permitting an increase of over $600,000,000 for wages and salaries of
railroad officials and employees and ordering an increase in freight and
passenger and other rates to meet it ought to bring peace to the labor situation and lead to greater efficiency and a better morale.
The fact that the decision of the Commission was tmanimous and that the
three State Commissioners who sat with the Commission concurred therein
wUl strengthen its force and effect and hasten the action of the several State
Commissions in ordering corresponding increases in inter-State rates.
What amount of revenue the advance of 40% in the East, 25% in the
South, 35% in the West and 25% in the Pacific mountain territory allowed
by the Commission will produce is not exactly determinable. Flat increases without regard to peculiar conditions of production and transportation may as to some commodities lessen traffic, hence the revenue derived
therefrom.
However, under past and present demands shippers are more concerned
with service than with the rate. With good crops in sight and heavy
The acceptance by the Commission
demands the immediate future
to
justifies
;
,
the hope that traffic will continue
move notwithstanding the
increases in rates.
of the advances allowed by the Commission on the cost of living
is important.
Its effect, however, is generally exaggerated.
Mr. Hines,
the former, Director-General of Railroads, predicts that the advances will
be paid five fold by the ultimate consumer.
There was no such effect resulting from the 15% advance authorized
by the Commission in 1917. That there will be an increase in the cost of
living cannot be doubted, but the Department of Justice, under existing
law, ought to protect the people, especially in view of the fact that the exact
increases in freight charges per unit of any commodity is readily ascertainable and is a matter of record.
Profiteers should not be permitted to
capitalize increases in freight rates nor to exact a cent more than the in-
The effect
crease.
ASSOCIATION OF RAILWAY EXECUTIVES SUBMITS
TO I.-S. C. C. PLAN OF DISPOSITION OF TICKETS
PURCHASED PRIOR TO AUG. 26.
Proposals for
the
disposition of tickets, return
not been in effect for 30 days.
that carriers be, and they are hereby permitted to
regular supplements to freight tariffs which explicitly publish the said
increased freight rates in manner and form required by Section (1) of Rule
4 of tariff circular 18-A without regard to the number of or volume of the
effective supplements to the tariffs thus supplemented.
It is further ordered. First: That such special supplement may be deeignate<l as supplement to one or more tariffs, including loose-leaf tariffs and
tariffs of less than five pages when desirable, may be filed without regard to
the number of or the volume of the effective supplements to the tariff thus
supplemented, and need not specifically name carriers participating therein
or show power of attorney or concmrence forms and numbers:
It is further ordered,
file
coupon
and Pullman car tickets bought before the effective date of
the advanced passenger fares authorized by the Inter-State
Commerce Commission were submitted to the Commission
on Aug. 9 by the Association of Railway Executives representing a majority of the railroads.
The program of the
Association is as follows:
One way tickets sold prior to August 26 1920 held by passengers en
Second: That such special supplement shall be posted with each tariff
it is a supplement as required by the Commission's order of Oct. 12,
to which
1915:
route Aug. 26 1920, will be honored to destination in accordance with
tariff
imder which sold.
Passengers actually en route at mid-night Aug. 25 1920, will bo carrier
to destination of sleeping or parlor car ticket without additional charges,
Sur-charge will apply in connection with all one way and round trip tickets
of every kind whether sleeping or parlor car space is purchased for use on
or after Aug. 26 1920.
Outstanding sleeping or parlor car tickets covering space to be used on
or after Aug. 26 1920, will be honored only upon payment of the sur-charge.
Comnmtation or other multiple forms of tickets sold prior to Aug. 1
1920, will be honored within their limits.
Comnmtation and other multiple forms of tickets bearing calendar
month limit or limit not exceeding thirty-five days from date of sale, sold
on or after after August 1 1920, and prior to Aug. 26 1920, vriW bo honored
within their limits.
Commutation or other multiple forms of tickets bearing longer limits
than calendar mouths or exceeding thirty-five days from date of sale
sold on or after Aug. 1 1920, and prior to Aug. 26 1920, will not be honored
on or after Aug. 26 1920; but such tickets if wholly unusued will bo re.
'
Third: That such special supplement may not contain any matter other
than the provisions for increasing freight rates and charges referrod to;
Fourth: That no special supplement, issued in the form herein authorized
to bo filed, shall at any time be reissued in like form unless authorized by
special permission of the commission.
Fifth: That, unlass otherwise authorized by the commission, no subsequently filed supplement to a tariff may be made subject to the rules or
rates contained in the special supplement herein authorized to bo filed:
and that such subsequent supplement shall bear at top of the title page the
following notation in bold t.vpc, viz:
Ratos and charges named in tills supplement are not subject to incrctksos
shown in special supplement No.
Sixth: That except as otherwise providixl supplomouts to tariffs issuc<l
and filed subsequent to the filing of the special supplement herein authorized
shall conform in all particulars with the Conuui.«sion's rules and regulations,
tiu-iff circular IS-A; provided, that a rate or ratos reissued from a previous
.<!Upploniont shall be revised so as not to change such rates as applicable
under the special supplement and shall be shown as reissued items in tho
THE CHRONICLE
651
cusjomary manner, the effective date of such reissued items to be the date
upon whcih the change was effected by the special supplements.
It is further ordered that carriers or agents whose tariffs are supplemented
hereunder, be, and they are hereby, required to reissue not less than 16 2-3%
of the number of pages contained in all tariffs supplemented under authority
of this special permission within three months from Sept. 1, 1920, and to
reissue not less than the same number of pages of said tariffs each three
months thereafter untU all tariffs so supplemented shall have been reissued
;
and:
It is further ordered, that each carrier and agent, on or before Oct. 1 1920,
shall report the total number of pages in tariffs supplemented under authority of this special permission, and shall report each three months thereafter,
the number of pages of said tariffs as to which the special supplement has
,
been cancelled in full.
This special permission is void if schedules issued hereunder are not fUed
with the Commission on or before Oct. 1, 1920.
S30,000,000
/.¥
WAGE INCREASES AWARDED TO
RAILWA Y EXPRESS WORKERS.
On Aug.
weeks after granting wage advances
approximately $625,000,000 to railroad employes and
harbor men, the Railroad Labor Board at Chicago awarded
to the railway express workers an annual wage increase of
10, just three
of
§30,000,000. The award which amounts to an increase of
16 cents an hour is retroactive to May 1, 1920, and affects
between 75,000 and 80,000 workers. The decision of the
Labor Board wiU be submitted to the men in a referendum,
with a recommendation that the award be accepted.
Under the Transportation Act the express companies will
seek permission to raise their rates sufficiently to meet the
increased labor cost.
Arguments in the rate case already
have been presented before the Interstate Commerce Commission at Washington.
The new award does not go into the question of rules and
working conditions. As was the case last month when the
Labor Board granted a $625,000,000 increase to railway
employees, it was announced that a decision covering new
working rules would be handed down
The
express
decision applies
to
later.
all
express employees
save 2,500 shopmen, who were given an increase of 13 cents
an hour in the railway award last month. The award to
expressmen is slightly better than the average increase to
[Vol 111.
and conductors and to the employes of a short line railroad in Maine.
Workers on all other short lines will be heard later.
The general effect of the wage award for the American Railway Express
Company
will
be to reduce the turnover problem, according to Louis P.
Gwynn, assistant to George C. Taylor, President of the company.
The award will enable us to retain our good workers and fill vacancies that
have existed for some time," he said. "In wages it will amount to nearly
840,000.000 annually, instead of §30,000.000 as figured by the board. The
board dealt with only straight time. The total number of our emplojes.
including both the regular and the temporary at busy periods of the year,
We figure on another ?>10,000,000 in overtime payments.'
is around 90,000.
The chiefs of the four organizations affected went into joint session tonight to study the award, and will refer it back to the various locals with
recommendations that it be either accepted outright, accepted "under
Indications tonight are that the union chiefs will
protest" or rejected.
recommend that the award be accepted without further ado.
A. Bollinger, Grand President of the Order of Railway Expressmen, said
tonight:
"I am of the opinion that the majority of the employes will accept the
award as granted and in a manner be satisfied. In our demands there was a
request for a change of working conditions. However, the board did not
see fit to touch upon the same at this time.
This matter is left open and
our order expects to ask for a hearing on working conditions in the near
future."
HOW THE WAGE AWARD
TO RAILWAY EXPRESS
WORKERS WILL AFFECT EXPRESS RATES.
The present contract between
American Railway
the
Express Co. and the railroads must be materially altered in
order that the increase of $30,000,000 in wages of express
employes granted by the Railroad Labor Board may not be
passed to the public in double that amount, it was stated
at the offices of the Interstate Commerce Commission on
Aug. 10. Washington press dispatches of that date had
the following to say regarding the effect of the wage award
on express
rates:
The present contract between the
railroads and the express company
gives the railroad approximately 50% of the total express receipts.
For
the express companies to secure $30,000,000 to meet the increased wages,
rates must be raised to yield a $60,000,000 return, as the railroad would
receive one-half of the return from the increased rates under the present
arrangement, officials pointed out.
The Interstate Commerce Commission has pending an application for
increased rates by the express companies totalling $72,000,000 and they
will ask further increases to absorb the wage advance, T. B. Harrison,
Counsel for the company announced today.
the railroad men, the Board finding that the express employes
as a class were not so well paid as men in other lines of
railroad work.
Four unions are affected by the Board's decision. They
AMERICAN EXPRESS COMPANY ASKS I. C. C. FOR
INCREASED RATES TO ABSORB WAGE ADVANCES.
are:
increase the operating expenses of that company by $43,800,805 annually, according to a petition filed by the company with the Interstate Commerce Commisison for permission to put into effect still higher express rates than those
The Brotherhood
of Railway
and Steamship Clerks, Freight Handlers,
Express and Station Employees.
The International Brotherhood of Teamsters, Chauffeurs, Stablemen and
Helpers of America.
The Railway Express Drivers, Chauffeurs and Conductors, Local 720, of
Chicago.
The Order of Railway Expressmen.
Commenting on
the award of the Labor Board and
explaining its general features dispatches from Chicago on
Aug. 10 to the N. Y. "Times" had the following to say:
The award appears to have satisfied the unions with which the men
are affiliated, and the controversy which has existed so long between the
railway express workeis and the American Railway Express Company, is
thias terminated.
The average flat increase to the men involved is 16 cents
an hour.
The increase is awarded according to the monthly earnings of two classes
The actual average raise for exi^ress workers on trains,
of employes.
numbering 10,000 is $38.40 a month. For the 65,000 other employes.
Including chauffeurs, clerks, etc., the actual average raise is .S32.64 a month.
The award dates back to May 1 at the rate of pay the workers were
getting March 1. By this arrangement the workers whose wages wore
increased by adjustments which the Railway Express Company voluntarily
made during the fiist four months of this year receive no unfair advantage
over the other men in the new award.
Officials of the unions who arrived in Chicago to pass upon the scale
expressed themselves as satisfied with the increases.
The award, which is the second to be made by the Railway Labor Board,
created by the Esch-Cummins Transportation Act, affects four unions.
(These are named further above.)
A flat increase of 25 cents an hour, or $51 a month, was asked by the
first two unions.
The other two organizations asked a flat increase of $31
a|month.
All of the nation's express employes who did not benefit by the recent
railroad wage award were included in the award, with the exception of the
big executives. Among them are 30,000 chauffeurs, chauffeurs' helpers,
conductors, drivers and wagon helpers at present receiving wages ranging
from $85 to $125 a month; 20,000 depot men, truckers, .sorters, callers,
billers and foremen at present receiving from $100 to $125 a month; 15,000
office clerks with wages from $95 to $150 a month and 10,000 messengers
and road men getting $80 to $145 a month.
In making the award the Wage Board followed the policy of giving the
lower paid employes the greatest increase, as in the rail wage award. The
award was confined to "flat increases" on the basis of monthly earnings,
instead of a complicated sliding scale, with varying amounts for different
"runs" and "extras" for overtime.
fk As soon as the award was made public copies were rushed to the heads of
the various expressmen's organizations gathered here. The general opinion
was that the unions would accept the award. It is practically assuied that
the companies will abide by the decision and probably use it as an argument
to obtain permi.ssion for higher express rates from the Interstate Commerce
Commission
Immediately after the issuance of the expressmen's increase, officials of
the Board, of which R. M. Barton is Chairman, stated that the members
would give a hearing on Friday to the wage demands of Pullman porters
)^
The award
to the
of the Railway Labor Board of increased pay
employees of the American Railway Express Co. will
asked. The increase in operating expenses
caused by the Labor Board's decision would, the petition
states, make the company's "estimated yearly deficit at the
present rates $76,375,650, or $6,364,637 per month."
The petition was further quoted in Washington dispatches
of Aug. 12 to the N. Y. "Commercial" as follows:
previously
The applicant, the American Railway Express Co., the petition sets forth,
respectfully calls the attention of the Commission to the fact that since
the submission of this case the United States Railroad Labor Board, on
Aug. 10. 1920, has made an award increasing the pay of its employees,
retroactive to and from May 1, 1920, the necessary effect of which, as
nearly as can be now estimated, is as follows:
Agency and Miscellaneous Employees.
Regular employees
Temporary employees
,
Overtime
Train employees:
Regular employees
Overtune
Annual Increase$29,061,504
4,1 32, 692
5,314.752
4 ,095,504
581,112
Vacations (increased costs)
Agency employees
Train employees
1
Total annual increase
-.-
538,176
77,065
...$43,800,805
In making the above estimate, consideration has been given to the fact
that the salaries of a great many of the employees of the applicant, who are
in the official class, will have to be increased as a direct result of the order
of the United States Railroad Labor Board, to keep those salaries in proper
relation to the wages required to be paid the employees by said order.
That as shown in this proceeding the applicant has been operating under
a large deficit since it commenced business July 1 1918; that for the months
of March, April and May, 1920, as reported to the Commission, its deficit
has been: March, .$2,065,437.88; April $3,625,699.88. and May, $2,452,573.70; total, .$8,143,711.46, or at the rate of $32,574,845.84 per annum;
that the increase in operating expenses caused by the Labor Board's decision
of .$43,800,805, would make its estimated yearly deficit at the present rate,
$76,375,650, or $6,364,637 per month; that it has been and is now operating
under a guaranty from the United States Government against loss and that
the deficit up to and including Aug. 31, 1920, will be paid by the Government; that from and after Sept. 1, 1920, it should be allowed rates which
will be compensatory in order to pay its operating expenses and taxes,
together with proper compenstion to the railroads.
Applicant further shows that by order made by the said United States
Railroad Labor Board on July 20, 1920, the operating expenses of the
railroads of the country were increased $625,000,000 per annum, as shown
by supplemental application filed July 22, 1920, in docket ex parte 74;
that the Commission, in an order dated the 29th day of July, 1920. granted
to the railroads certain increases in rates; that said increases, however, as
.
.
Aug. 14
THE CHRONICLE
1920.]
the applicant believes and states, did not take into consideration the
need of the railroads for increase of revenue from express.
The applicant states further, in order that the express business of the
country may be properly conducted and pay its due proportion of the operating expenses and taxes of the railroads as well as the operating expenses
and taxes of the applicant, together with an adequate return on the
property of both, devoted to the business, the request of the applicant herein
for increased rates .should be granted as soon as possible; that the applicant
should be allowed to increase its rates on milk and cream by an amount
equal to that granted the railroads on the same commodities, and that if
necessary in another proceeding, to be presented to the commission after a
study, and consideration of the situation, the applicant should be allowed
to make another application to the commission for further increased rates.
Therefore, the applicant respectfully requests the authority of the Commission to file as soon as possible, the tariffs of increased rates as requested
in its original petition herein: to at the same time, increase its milk and cream
rates to the same amount allowed the railroads, and to grant it such other
and proper relief as the Commission may deem necessary.
The hearings in behalf of the employees of the American
Railway Express Company for increased wages were opened
in Chicago before the Railway Labor Board on July 23.
Under the award to the railway employees last month 2,500
of the employees of the American Railway Express Company
were affected; these included blacksmiths, machinists,
workers, and their apprentices and helpers. The
was made included
and other express
employees.
The Order of Railway Expressmen appeared before the
Railway Labor Board on July 22 through a committee
headed by Addison Bollinger, Grand President, and Edgar
W. Wilson, Grand Lodge Organizer, to present their demands
electrical
others in whose behalf this week's award
as stated above, 70,000 clerks, drivers
as follows:
1
A flat increase of $35 per month added
2.
Two hundred and
to salaries of present date.
eight hours to constitute a basic month's work for
employees engaged in train service.
3. Some plan to be devised by the board whereby a universal wage scale
can be placed in effect by the companies.
4. Time and one-half to be paid for all Sunday work and holidays, or a
day's vacation be given in lieu thereof.
At the advance express rate hearing before the Inter-State
Commerce Commission in W9,shington on July 23 T. B.
Harrison, of New York, representing the American Railway
Express Co. estimated that a further increase of 15%in express
rates would be necessary to meet the expected wage award to
Advanced rates of approximately 25%
express employees.
asked by the express companies to make an added
have been
return of about $70,000,000, and Mr. Harrison estimated that
about $30,000,000 additional probably would have to be obMr. Harrison stated at this time that his figures
tained.
were only a rough estimate and that as soon as the Labor
Board's award was announced he would present a formal
proposal to the Commission for meeting the increased expense in a similar manner to the suggestions presented by
the raihoad companies.
On the 10th inst. Mr. Harrison made known his intention
anew to file with the Inter-State Commission a petition that
express rates be increased $30,000,000 to absorb the wage
award announced on that date by the Railroad Labor Board.
AMERICAN GOVERNMENT MAKES KNOWN ITS
POSITION ON RUSSO-POLISII CONFLICT.
A few hours after Premier Lloyd George had laid before
the British
House
of
Commons
the policy of the Allied
Governments' on the Russo-Polish situation, the Government at Washington on Aug. 10 made public a note setting
forth its views on the question.
Lloyd George's speech is
given in a separate article in these columns today. The
American note goes over the history of Russian public
affairs from the initial success of the revolution in 1917 and
records the regret of this Govermnent at the surrender to
at Brest-Litovsk and the ascendancy of the
Germany
Leniue Govermnent.
The President reiterates his purpose not to recognize the
present Government of Russia but at the same time takes
a firm stand against the dismemberment of the territory of
the Russian Empire as well as of that of Poland.
The note is in the form of a reply by Secretary Colby to a
request from the Italian Ambassador, Baron Camillo
Romano Avezzana, for a "statement of views" and was
made public after a long Cabinet meeting. This Government expresses its sympathy with the establishment between
Poland and Russia of an armistice, but deprecates any
attempt to include in that action a general European con-
which it is predicted, would inevitably i-esult in
two things, the recognition of the Bolshevik Government
and the dismemberment of Russia.
ference,
The note
said:
not possible for the Government of the United States to recognize
the present rulers of Russia as a government with which the relations common to friendly governments can bo maintained. This couvictiou has
It is
655
nothing to do with any particular political or social structure which the
Russian people themselves may see fit to embrace. It rests upon a wholly
different set of facts.
These facts, which none disputes, have con\inced
the Government of the United States, against its will, that the existing
regime in Russia is based upon the negation of every principle of honor and
good faith, and every usage and convention underlying the whole structure
of international law
the negation, in .short, of every principle upon which
it is po.ssible to base harmonious and trustful relations, whether of nations
—
or of individuals.
The note
to the Italian
Ambassador
in full reads as follows:
Department of State.
Washington, Aug. 10. 1920.
Excellency:
The agreeable intimation, which you have conveyed to the State Department, that the Italian Government would wlecome a statement of the
views of this Government on the situation presented by the Ru.s,sian advance into Poland deserves a prompt response, and I will attempt without
delay a definition of this Government's position, not only as to the situation
arising from Russian military pre.ssure upon Poland, but also as to certain
cognate and inseparable phases of the Russian question viewed more
broadly.
This Government believes in a united, free and autonomous Polish State,
and the people of the United States are earnesly solicitous for the maintenance of Poland's political independence and territorial integrity. From
this attitude we will not depart, and the policy of this Government will be
directed to the employment of all available means to render it effectual.
The Government therefore takes no exception to the effort apparently
being made in some quarters to arrange an armistice between Poland and
Russia, but it would not, at least for the present, participate in any plan for
the expansion of the armistice negotiations into a general European conference, which would in all probability involve two results, from both of
which this country strongly recoils, viz: The recognition of the Bolshevist
regime and a settlement of the Russian problem almost inevitably upon
the basis of a dismemberment of Russia.
Sympathy With the Russian People
the beginning of the Rus.sian revolution in March, 1917, to the
pre.sent moment, the Government and the people of the United States have
followed its development with friendly solicitude and with profound sjTnpathy for the efforts of the Russian people to reconstruct their national life
upon the broad basis of popular self-government. The Government of the
United States, reflecting the spirit of its people, has at all tunes desired to
help the Ru.ssian people.
In that spirit all its relations wth Russia and
with other nations in matters affecting the latter's interests have been conceived and governed.
The Government of the United States was the first Government to acknowledge the validity of the revolution and to give recognition to the
Provisional Government of Russia. Almost immediately thereafter it
became necessary for the United States to enter the war against Germany,
and in that undertaking to become closely associated mth the allied nations, including, of course, Russia.
The war weariness of the masses of
the Russian people was fully known to this Government and sympathetically
comprehended. Prudence, self-interest and loyalty to our associates made
it desirable that we .should give moral and material support to the Provisional
Government, which was struggling to accomplish a twofold task to carry
on the war with vigor and, at the .same time, to reorganize the life of the
nation and establish a stable government based on popular sovereignty.
Quite independent of these motives, however, was the sincere friendship of
the Government and the people of the United States for the Great Russian
nation.
The friendship manifested by Russia toward titis nation in a time
of trial and distress has left with us an imperishable sen.se of gratitude. It
was as a grateful friend that we sent to Russia an expert commission to
aid in bringing about such a reorganization of the railroad transportation
system of the country as would reinvigorate the whole of its economic life
and .so add to the well being of the Russian people.
While deeply regretting the withdrawal of Russia from the war at a
critical time, and the disastrous surrender at Brest-Litovsk, the United
States has fuly understood that the people of Russia were in no wise
From
—
responsible.
Faith in Overcoming Anarchy.
The United
States maintains unimpaired its faith in the Russian people,
in their high character and their future.
That they will overcome the
existing anarchy, suffering and destitution we do not entertain the slightest
doubt. The distres.sing character of Russia's transition has many historical parallels, and the United States is confident that restored, free and
united Russia will again talie a leading place in the world, joining with the
other free nations in upholding peace and orderly justice.
Until that lime shall arrive the United States feels that friendship and
honor require that Rus.sia's interests must be generously protected, and
that, as far as possible, all decisions of vital importance to it. and especially
those concerning its sovereignty over the territory of the former Russian
Empire, be held in abeyance. By this feeling of friendship and honorable
obligation to the great nation whose brave and heroic self-sacrifice contributed so nuich to the successful termination of the war. the Government of
the United States was guided in its reply to the Lithuanian National
Council, on Oct. 15, 1919, and in its persistent refusal to recognize the
The same spirit
Baltic States as separate nations independent of Russia.
was manifested in the note of this Government of March 24, 1920. in
which it was stated with reference to certain proposed settlements in the
Near East that "no final decision should or can be made without the consent
of Ru.s.sia."
In line with these important declarations of policy, the United States
withheld its aproval from the decision of the Supreme Council at Paris
recognizing the independent of the so-called Republics of Georgia and
Azerbaijan, and so Instructed its representative in Southern Russia, Rear
Admiral Newton A. McCuUy.
Want Russian Backing for Armenia.
Finally, while gladly giving recognition to the independence of Armenia,
the Government of the United States has taken the position that final
determination of its boundaries must not be made without Russia's co-
Not only is Russia concerned because a conoperation and agreement.
siderable part of the territory of the new State of Armenia, when it shall be
definwl. formerly belonged to the Russian Empire: equall.v important is
the fact that Armenia must have the good-will and the protective fircuds&ip
of Russia if It is to remain independent and free.
These illustrations show with what consistency the Government of the
United States luvs been guided in its foreign policy by a loyal frioiulship for
We are unwilling that while it is helpless in the grip of a nonRussia.
representative Government, whose only .sanction is brutal force. Ru.ssia shall
bo weakened still further by a policy of dismemberment conceived in other
,
than Kus.sian interests.
With the de-sire of the allied powers to bring aVwut a peaceful solution of
the existing difficulties in Europe this Government is, of course, in hearty
THE CHRONICLE
656
It is unable to
accord, and will support any justifiable steps to that end.
perceive, however, that a recognition of the Soviet regime would promote, much less accomplish, this object, and it is therefore averse to any
dealings with the Soviet regime beyond the most narrow boundaries to
which a discussion of an armistice can be confined.
That the present rulers of Russia do not rule by the will or the consent of
any considerable proportion of the Russian people is an incontestible fact.
Although nearly two and a half years have passed since they seized the
machinery of government, promising to protect the Constituent Assembly
a gainst alleged conspiracies against it, they have not yet permitted anything
At the moment when the work of
i n the nature of a popular election.
creating a popular representative government, based upon universal
suffrage, was nearing completion the Bolsheviki, although in nimiber an
inconsiderable minority of the people, by force and cunning seized the powers
and machinery of Government, and have continued to use them with savage
oppression to maintain themselves in power.
Without any desire to interfere in the internal affairs of the Russian
people, or to suggest what kind of government they should have, the
Government of the United States does express the hope that they will soon
find a way to set up a government representing their free will and purpose.
When that time comes the United States will consider the measures of
practical assistance which can be taken to promote the restoration of
Russia, pro\'ided Russia has not taken itself wholly out of the pale of the
friendly interest of other nations by the pillage and oppression of the Poles.
It is not possible for the Government of the United States to recognize the
present rulers of Russia as a Government with which the relations common
This conviction has nothing
to friendly Governments can be maintained.
to do with any particular political or social structure which the Russian
people themselves may see fit to embrace. It rests upon a wholly different
set of facts.
These facts, which none disputes, have convinced the Government of the United States, against its will, that the existing regime in
Russia is based upon the negation of every principle of honor and good
faith, and every usage and convention, under l>ing the whole structure of
international law, the negation, in short, of every principle upon which it
is possible to base harmonious and trustful relations, whether of nations or
of individuals.
The responsible leaders of the regime have frequently and openly boasted
that they are willing to sign agreements and undertakings with foreign
powers while not having the slightest intention of observing such undertakings or carrying out such agreements.
This attitude of disregard of obligations voluntarily entered into, they base upon the theory that no compact
or agreement made with a non-Bolshe\ist government can have any moral
force for them.
They have not openly avowed this as a doctrine, but have
exemplified it in practice.
Indeed, upon numerous occasions the responsible spokesmen of this
power, and its official agencies, have declared it is their understanding
that the very existence of Bolshevism in Russia, the maintenance of their
own rule, depends and must continue to depend, upon the occurrence of
revolutions in all other great civilized nations, including the United States,
which will overthrow and destroy their governments and set up Bolshevist
rule in their stead.
They have made it quite plain that they intend to use
every means, including, of course, diplomatic agencies, to promote such
revolutionary movements in other coimtries.
It is true that they have in various ways expressed their willingness to
give "assurance," and "guarantees" that they will not abuse the privileges
and immunities of diplomatic agencies by using them for this purpose. In
view of their own declarations, already referred to, such assurances and
guarantees caimot be very seriously regarded.
Threats of the Internationale.
Moreover, it is within the knowledge of the Government of the United
States that the Bolshevist Government is itself subject to the control of a
political faction with extensive international ramifications through the
Third Internationale, and that this body, which is heavily subsidized by
the Boshevist Government from the public revenues of Russia, has for its
openly avowed aim the promotion of Bolshevist revolutions throughout the
world. The leaders of the Bolsheviki have boasted that their promises off
non-interference with other nations would in on wise bind the agents o
this body.
no room for reasonable doubt that such agents would receive
the support and protection of any diplomatic agencies the Bolshevik
might have in other countries. Inevitably, therefore, the diplomatic
service of the Bolshevist Government would become a channel for intrigues
and the propaganda of rcTolt against the institutions and laws of countries,
with which it was at peace, which would be an abuse of friendship to which
enlightened Governments cannot subject themselves.
In the view of this Government, there cannot be any common ground
upon which it can stand with a power whose conceptions of international
relations are so entirely alien to its own, so utterly repugnant to its moral
sense.
There can be no mutual confidence or trust, no respect even, if
pledges are to be given and agreements made with a cynical repudiation
of their obligations already in the mind of one of the parties.
We cannot
There
is
recognize, hold official relations with, or give friendly reception to the
agents of a Government which is determined and bound to conspire against
our Institutions: whose diplomats will be the agitators of dangerous revolt;
whose spokesmen say that they sign agreements with no Intention of
keeping them.
Opposes Invasion of Russia.
To summarize
the position of this Government, I would say, therefore.
In response to jour Excellency's inquiry, that it would regard with satisfaction a declaration by the allied and associated powers that the territorial
Integrity and true boundaries of Russia shall be respected.
These boundaries should properly Include the whole of the former Russian Empire,
with the exception of Finland proper, ethnic Poland, and such territory as
may by agreement form a part of the Armenian State.
The aspirations of these nations for independence are legitimate. Each
was forcibly annexed, and their liberation from oppressive alien rule involves no aggressions against Russia's territorial rights, and has received the
sanction of the public opinion of all free peoples.
Such a declaration presupposes the withdrawal of all foreign troops from the territory embraced by
these boundaries, and In the opinion of this Government should be accompanied by the announcement that no tran.sgression by Poland, Finland, or
any other power, of the line so drawn and proclaimed will be permitted.
Thus only can the Bolshevist regime be deprived of its false but effective
appeal to Russian nationalism and compelled to meet the inevitable challenge of reason and self-respect which the Russian people, secure from
Invasion and territorial violation, are sure to address to a social philosophy
that degrades them and a tyranny that oppresses them.
The poUoy herein outlined will command the support of this Government.
Accept, Excellency, the renewed assurance of my highest consideration.
BAINBRIDGE COLBY.
His Excellency, Baron Cammillo
Romano Avezzana, Ambassor
of Italy.
[Vol. Ill
RUSSIAN SOVIET'S ARMISTICE TERMS TO POLAND.
Following shortly after his address to the House of Comthe Russo-PoUsh situation, Premier Lloyd George
read to the House the proposed Russian armistice terms as
communicated to him by M. Kameneff, Soviet trade envoy.
He added that M. Kameneff had made the reservation that
the terms might be supplemented by details of a secondary
character. The Premier said that immediately after consulting with his colleagues he had communicated the terms
to Poland, France and Italy.
A summary of the terms, as given in press dispatches of
Aug. 10 from London, follows:
The first of these terms, the outline shows, is that the strength of the
Polish Army shall be reduced to one annual contingent of 50,000 men,
together with the army command and an "army of administration" (ap-
mons on
parently a permanent force) to aggregate 10,000 men.
Second Demol^ilization of the Polish Army shaU occur within one month.
Third All arms, excluding those needed for the army forces specified,
shall be handed to Soviet Russia and the Ukraine.
Foiu-th
All war industries shall be demobilized.
Fifth No troops or war material shall be allowed to come from abroad.Sixth The line of Wolkovlsk, Bialystok and Prawevo shall be placed fuUy
at the disposal of Russia for commercial transit to and from the Baltic.
Seventh Land shall be given free to the families of all Polish citizens
killed, wounded or incapacitated in the war.
—
—
—
—
—
—
What Russia
On
Offers.
the other hand, the terms for Russia are:
Simultaneously with the Polish demobilization, the Russian and
First
Ukrainian troops shall withdraw from the Polish front.
Second Upon the tainlnation of these operations the nmnber of Russian
troops on the Russian frontier Une shall be considerably reduced and fixedat a figure to be agreed upon.
Third The armistice line shall be the status quo, but not further east
than the line indicated In the July 20 note of Earl Curzon, the British Foreign
Secretary.
The Polish Army shall withdraw to a distance of 50 versts
from that line, the zone between the two lines being neutral.
Fourth The final frontier of the independent State of Poland shall be
In the main indicated with the line indicated in Lord Curzon's note, but
additional territory shall be given Poland on the east in the regions of
Bialystok and Chelm.
—
—
—
—
FRANCE INDEPENDENTLY RECOGNIZES
GEN. WRANGEL, ANTI-BOLSHEVIST
LEADER.
On
Aug. 11 occur ed, what
is considered to be one of thedevelopments concerning the pohcy of the
most important
This was the announcement
Allied nations toward Russia.
that France had recognized the South Russian Government
of Gen. Wrangel, anti-Bolshevist leader.
The announcement pointed out that Gen. Wrangel plans to set up a genuinely democratic government, and to have Russia fulfill the
obligations of the Czar's regim e, including payment of debts
His military success, the statement said,
to other nations.
demonstrated that he was capable of maintaining his position
against Bolshevik assaults. The decision of the French Government to recognize the Wrangel Government was made
known
in the following note:
The French Government, taking into consideration the
and strengthening of the Government of General Wrangel,
military success
as well as assur-
ances received as to the democratic form of his administration and his
respect for engagements of the former Russian State, has decided to recognize as a Government of fact the Government of the South of Russia.
A French diplomatic agent will be sent to Sebastopol with the title of High
Commissioner.
In'addition the following semi-official statement] was issued
at Paris on Aug. 11:
In according recognition to the Government of South Russia France manifests, in
of
the
first place,
the Importance she attaches to the national character
any Government in Russia.
General Wrangel has taken measures which, show him and
his collaborators as freely accepted representatives of the populations they govern and
defend
The Soviet Regime, on the contrary,
and
declares itself that
methods have excluded, up to the present,
it is
a dictatorship,
possibility of a truly
France is ready to recognize any government of
national constitution.
fact which shall exist In Russia, whatever be the form of its institutions, but
on the express condition that it appears truly as a representative of the
its
all
Russian nation, or part of the Russian nation.
Great astonishment was expressed in the British House of
11 by Premier Lloyd George, on hearing
unofficially the report that France had recognized Gen.
Wrangel. Mr. Lloyd George proceeded to admit confhct
of views between the French and British Governments
respecting Gen. Wrangel, but he added that neither Government was under any obligation with respect to Gen. Wrangel
The British Premier,
neither to each other nor as to Russia.
the action of France:
said with reference to
When we met
I can hardly believe the statement published is accurate.
Commons on Aug.
the French Prime Minister and French Foreign Minister the whole situation
was discussed at great length, both on Sunday and Monday, and there was
no proposal put before the conference in respect of recognition of General
Wrangel. There was discussion as to what would take place if the Soviet
terms were of the character I described yesterday, and as to what action
should be taken in the contingency that I have cormnuuicated to the
House, but there was no proposal put forward for recognition of General
Wrangel.
I feel certain that Millerand, from aU I know of hmi, would ha-ve communicated such intention of the French Government if he had had it in his-
—
Aug. 14
mind.
That
is
THE CHRONICLE
1920.]
why
I
am
assuming that
this
communication must be
inaccurate.
It is well
657
Sforza deprecated the employment either of what Premier Clemenceau
called "a barbed wire cordon" or of the blockade against Russia.
He declared the former had failed, while the latter gave the Bolsheviki moral
advantages which far outweighed any material damages they suffered.
Either policy, he said, was opposed to the temperament of the Italian
known that the attitude of the French Government towards
General Wrangel has not been the one adopted by the British Government
they hold themselves quite free to support him except in the contingency
If the French Foreign Minister
I placed before the House yesterday.
meant to issue a proclamation of this character recognizing General Wrangel's government as a de facto government he would have intimated it to the
Therefore I must conclude that
representatives of the Allied countries.
some unfortunate mistake has occurred in the report, although it comes from
a very reliable agency and that the French Government have not authorized
nation, which, he explained, had always sympathized with pesple whom it
believed subjected to violent pressure from a foreign nation.
"The Russian Communist movement must be allowed to develop freely
to its conclusion," the Foreign Minister asserted.
"Its death or its maintenance must depend solely upon itself.
It must
not be made a martyr. The more free are our relations with Russia the
it.
less
—
the British Prime
The following day, (i. e. Aug. 12)
Minister was officially informed of France's resignation of
General Wrangel and it became known also on that date
that the French Government had sent to the Polish Government a note advising it not to accept the Bolshevist peace
terms as announced in London by the Soviet envoys because
it regarded these terms as endangering the independence
and life of Poland. The British Government had advised
the Poles to accept the Soviet's terms as laid down by
Kameneff, the Soviet representative. "This, coupled with
France's independent recognition of Wrangel yesterday,"
said Edwin L. James, Paris correspondent of the New York
"Times," "definitely spUts the British and French Governments on their Russian pohey which automatically weakens
their Entente with respect to other questions. The development is of tremendous importance for the future of Europe."
The "Times" correspondent, under date of Aug. 12, added:
am
authorized to state that the French Government regards itself as
perfectly in accord with the American Government on Russia. The French
Government, moreover, intends to co-ordinate its Russian Policy with the
American Russia policy as laid down in the State Department's note to
Italy. Therefore France will- take no part in any general conference with
the Soviet authorities nor will it fm-ther follow Lloyd George in the path to
recognition of the Soviet Government so long as America does not do so.
The American note on Russia was before the French Cabinet yesterday
prior to its recognition of Wrangel.
It is not true that the Millerand Cabinet recognized Wrangel in retort
to Lloyd George's independent advice to Poland to accept the Red peace
terms. The French Cabinet decision was taken at 10 o'clock. It was 12;30
when Millerand learned of the British note to Moscow.
The EngUsh report that the recognition of Wrangel was an act by the
French Foreign Office without Millerand's consent is characterized in
It was on Millerand's proposal that
official French circles as "childish."
the Cabinet voted recognition of Wrangel's Government.
After careful investigation I am persuaded that the American note
played an important part in the French decision. I cabled from Boulogne
at the last meeting of Lloyd George and Millerand that the American attitude on Russia might well be the determining factor in the situation. That,
pwhaps, has proved to be true now.
Millerand and the French generally have fought against following Lloyd
George's policy of tolerance of the Soviets, and have done it only to preserve the Entente. It has all along been plain that Millerand did not break
away because he did not wish France to play a lone band. With America's
powerful diplomatic support Millerand now takes another path from the
British Premier.
I
On Aug.
11,
M.
de Giers, repi'esentative at Paris of Gen.
Wrangel, published this statement:
considering
of South Russia, in full legal power and
as representing the national Russian idea, faithful to the alliances and
friendships of Russia and in full accord with the democratic and patriotic:
Russian movement, adopts the following principles as the base of its policy
First, in that which concerns the future organization of Russia the principal end sought by the South Russian Government is to give to the people
an opportunity of determining the form of government by a free expression
of its will.
Second, equality in civil and political matters and the personal inviolability of all Russian citizens without distinction of origin or of religion.
Third, granting the full right of ownership of land to those who actually
cultivate it as a legal consecration of the seizure of land by the peasants in
the revolution. This reform is in process of execution.
Fourth, defense of the interests of the working classes and professional
organizations.
Fifth, in that which concerns the relations with political formations, which
are created on Russian soil, the South Russian Government wiU feel in
spirit, reciprocal confidence and collaboration with them the union of the
different parties in Russia into a large assembly, freely constituted, a union
which will naturally result from community of interests, especially economic.
Sixth, as for the economic considerations-re-establishment of the productive forces of Russia on a basis common to all modern democracies leaving
large play to private initiative.
Seventh, formal recognition of international engagements contracted by
the preceding Governments of Russia toward foreign countries.
Eight, the payment of the debts of Russia, of which the best guarantee
resides in the execution of a program of economic reconstruction.
The government
itself
ITALY AGREES WITH SOVIET GOVERNMENT TO
ADMIT RUSSIAN TRADE REPRESENTATIVES.
A strong plea in favor of allowing Russia to develop her
Government along her own lines without foreign interference
was made by Count Sforza, Itahan Minister of Foreign
Affairs, in a speech to the Chamber on Aug. 6.
He declared
this formed the basis of the Italian policy.
He said an
agreement had been made with the Russian Soviet to admit
a Russian representative to Italy and send an Italian emissary to Russia to secure development of the economic relations of the two countries.
His statement to the Chamber
was further quoted in press dispatches
which
of
Aug. 6 from Rome,
said:
After oxprssing hope for a speedy peace between Russia and Poland and
an independent Poland in accordance with the Versailles Treaty, Count
will
we be departing from our time-honored
tradition.
With that
object in view we cone uded an agreement with the Moscow Government
for the admission of a Russian representative to Italy and an Italian representative to Russia to secure the development of the economic relations
between the two countries.
"The Russian representative is now expected and we wiU do our best to
facilitate his journey.
He will enjoy the greatest hospitality in this country, but, of course, it is understood he in no way will interfere with our
internal affairs.
"Whether the Russians favor it or whether they are merely putting up
with it, the Soviet Government exists, and we cannot desire that Europe
continue to live in assumed ignorance of Russia."
LLOYD GEROGE'S ADDRESS TO HOUSE OF COMMONS
ON RUSSO-POLISH SITUATION.
Returning from a conference at Hythe (England) -with
Premier Millerand relative to the war between Poland and
Russia, Lloyd George, the British Prime Minister, announced
on Aug. 10 the poUcy decided upon by the Allies in regard
to the Russo-Polish crisis.
The announcement was made
in a long speech to the House of Commons
In the spectators
gaUery at the time were Leo Kameneff and Leonid Krassin,
.
the Russian Soviet trade envoys. The Premier's statement
brought a vote of confidence, a motion by John R. Clynes,
the Labor member, for a division against the Government
being negatived without counting the House. "It was recognized even by the Independent Liberals and the Labor
Party," said the London press dispatches of Aug. 10, "that
the Prime Minister's statement set at rest all immediate
anxiety."
In summarizing some of the chief points in the Premier's
speech the press dispatches said:
While he blamed Poland for bringing her present plight upon herself by
her aggression made in defiance of advice of the Entente, and emphasized
that in her dire extremity she must rely chiefly upon herself, the Premier
declared that her subjugation would be a menace to the whole of Europe
and reveal the Red Republic of Russia as an imperialistic and militarist
power.
The Soviet, he said, was entitled to demand such guarantees as would be
exacted by any power against a repetition of attacks. WTiat was challenged,
he said, was that "nothing justifies retaliation, reprisal or punishment which
goes to the extent of wiping out national existence.
In the event that the Soviet should refuse to give fair terms to Poland the
Allies would feel free to give aid to General Wrangel whose movement
from the Crimea he characterized as fonnidable.
The Premier retorted to the protests of British labor in the interest of the
Moscow Soviet. He cited the articles of Bertrand Russell, the radical
leader who went with the British labor mis.sion to Russia, which explained
that all the real power was in the hands of the Communist Party, numbering
600,000 in a population of 120.000.000. Using these figures for local
comparison, Mr. Lloyd George pointed out that in that proportion 200,000
men would govern in the United Kingdom and all the rest be ruled out.
"It would only mean one-thirtieth of the trade unionists of the country,"
he said, "so they must not imagine that Soviet Government means a
government of trade unionists. It means a Government by that little
section of trade unionists who assume that they have got all the intelligence
all the intellect, all the knowledge and all the prescience of the party and
try to tryannize over the workers of the trade union world."
Answering the contention of the Labor deputations that the Soviet
Government was being attacked merely 'oecause it was a revolutionary
government, the Prejnier pointed out that the first three governments following the downfall of the Imperial regime had been recognized and that
the Allies had only broken with the Moscow Government because it \iolated
the Allied bond by making a separate peace.
"We made an offer," he said, "which if the Soviet Government really
meant peace they would have accepted. They could have met all the
nations of Europe, and probably America, at the council table and discussed all conditions. If you get a real desire for peace you can have it,
but if you are out to challenge the institutions upon which the liberties and
civilization of Europe depend then we shall meet at Philippi."
With regard to the further discussion of the Russo-Polish
situation in the House of Commons on Aug. 10 the press
dispatches added:
Following Lloyd George. Mr. .\squith, leader of the Opposition, arpiiod
that Poland's action in invading Russia was a wanton adventure which
ought to have been repudiated by the united voice of Europe. He made the
point that if the negotiations broke down or there was a deadkK-k the
machinery of the League of Nations should he brought in.
Lord Robert Cecil also argued that the situation should be taken out of
the hands of the Supreme Council and put into the hands of the Lcagtie of
Nations.
The New York "Times" published the full te.xt of Lloyd
George's address on Wednesday morning in a copyrighted
special cablegram from which wo reproduce the address
herewith:
I should like to ntaltc a statement to the IlouiJC upon the condition of
1 promised on behalf of the Government. Ix-fore
affairs In Central Europe.
wc committed ourselves to any definite action, to take the House into its
confidence and to state clearly what wo proposed to do.
I am still hopeful of pe.ice. but the House rises at the end of the week and
conditions may arise, although I am still hopoful they will not. that will
render it necessary for the Government to tak« stops, and therefore 1 pro-
THE CHRONICLE
658
pose to Stat* the steps which we should take in certain emergencies and seek
the approval of the House upon these proposals.
The last time I spoke upon the Polish question I gave a summary of events
up to that date. I thinlc it was immediately after the Spa conference.
Since then communications between the Soviet Government and the British
Government have either been placed on the table of the House or communicated to the public in some other way, and therefore the House and public
have full knowledge of the communications which have passed between the
one side and the other.
But in order to make clear what the position is I should like to restate very
With regard to the Polish attack
shortly what I conceive to be the position.
upon Russia I have ejcpressed my view very frankly to the Hou.se and I had
already expressed it on behalf of his Majesty's Government to the Polish
Government staff. The Polish attack was not justified in our judgment,
and I sincerely regret that it was made in spite of warnings of France and
England, and the Soviet Government are entitled, in our judgment, in any
conditions of peace to take these two facts into account.
Limit of Polish Penalties.
want to
state the facts quite frankly and quite fairly whether they tell
in favor of the Polish Government or against them, because it is essential
in a grave situation like this that the full facts should be stated.
The Soviet Government in any conditions of peace are entitled to take
into account the fact of attacks made by the Polish armies upon Russia and
that these attacks were delivered in spite of warnings of the Allied Powers,
and they are also entitled to demand such guarantees as would be exacted
by any Powers against repetition of an attack of that kind,
I do not challenge that on behalf of the Government and I am not aware
that any of our Allies have done so. AVLat we have challenged is this: that
whatever mistakes may be committed by a Government in the way of aggression upon another nation it justifies retaliation or reprisal or a punishment
which goes to the extent of wiping out its national existence. In 1870
there was an appearance of an act of aggression upon Prussia.
know
now that was not the case. But no one, not even those who thought France
was the offender at that time, would for a moment have justified Gennany
in imposing terms of peace which would destroy the national existence and
independence of France, and if Germany had done so she would have the
whole of civilization against her.
The same thing applies to 1914. There was no doubt that Germany was
the aggressor, but though Germany was completely defeated and overthrown, if the Allies had insisted upon the extinction of the German nationality and the wiping out of German national existence, the whole civilized
world would have been justly outraged,
1 therefore draw a distinction between guarantees exacted from a defeated
nation against a repetition of an act of aggrression and any terms which
invohe the destruction of the national independence of any people.
I
We
Peace of Europe Concerned.
Apart altgether from the question of the moral right of any Power to
demand the extinction of another nation as a punishment for the aggression
of its Government, Europe must be considered and Europe has something
to say to the independence of Poland.
The independence of Poland and its exiistence as an independent nation are
an essential part of the structure of European peace and its extinction
could not be regarded with indifference by any of the nations which are
Interested in preserving the peace of Europe.
The repartition of Poland
it would be a menace, and we have considered
both these contingencies as the basis of our policy.
When the Polish representatives came to us at Spa we made it quite clear
that we could not support Poland in any act of aggression upon Russip
or upon any other border State, and that it was an essential condition of any
Allied support, moral or material, that the Polish armies should retire to
the ethnological frontier of Poland. At that time they were about 50 or
100 miles beyond that frontier. We made it a condition that thej did
apply for an amii.tice with a view to negotiation of peace.
Poland accepted these proposals and the first step we took was to telegraph to the Soviet Government proposing a conference w ith a view to establishing peace, not merely in Central Europe, but throughout the whole of
Europe, We made it clear that we insisted upon the independence of Poland
and that if it were challenged or menaced seriously we would have to consider the giving of such .support as it was in our power to give to Poland's
struggle for independence. We sent that telegram to the Soviet Government
immediately after the Spa conference. It took either six or seven days to
reply
The reply was on the very last day upon which they could reply
would not merely be a crime,
.
London Conference
When
Rejected.
the telegram was sent they rejected the idea of a London confer
ence. They said that they preferred dealing direct. We wired back to sa>
that the London conference was suggested with a view not merely to clearing up the Polish situation, but to try and establish peaceful relations
throughout Europe, But we did not insist on it. We advised the Poles
to apply immediately for an armistice and they did so without delay
on July 22.
The an.swer came from Soviet Army Headquarters on the 24th, fixing
July 31 for the reception of the Polish delegation on the Bolshevist frontier
a quite unnecessary lapse of time if there had been a real desire to stop
the fighting and to have peace, I cannot imagine why there was such a
long interval. When the Polish delegates arrived there our information
is they were kept there three days and treated with great insolence during
these three days. The conditions of an armistice were not communicated
to them. The Russiann challenged not so much the credentials of the Polish
envoys, but they stated they had not full authority and sent them back
without communicating any of the conditions under which an armistice
would be granted.
Under these circumstances we again communicated with Moscow and
urged them to take immediate action with a view to ijutting an end to
hostilities.
By that time the Soviet army had crossed the ethnographical
frontier and were inside Poland,
Last Friday Mr, Bonar Law and I met Kameneff and his colleagues and
suggested to them that after such a considerable delay in the negotiations
for an armistice, and if it would assist that peace terms should be added
such time had elapsed with considerable fighting, a good deal of bloodshed and loss of life would it not be better to have a truce lasting for a
few days which would give time for negotiations for an armistice and, if
necessary, peace. They pressed for reasonablle guarantees that the interval should not be utilized by either the Poles or the Allies to re-equip,
reconstruct or strengthen the Polish forces and the Polish position. All
these guarantees we were prepared to advise our Allies and the Poles to
accept
They promised to communicate at once with Moscow and inform us by
Sunday morning. The answer has been published. It is a refusal of a
truce on the ground that the Poles had accepted the arrangement for the
discussion of an arjnistice at Minsk to-morrow and under these conditions
they thought it would be the speediest way to achieve the purpose we had
in view.
—
—
—
That
fVoL. 111.
the position up to the meeting of the Allies at Lympne.
So far
there is no condition put forth in reference to General Wrangel
which would in the least interfere with the negotiations. I cannot recollect
that any difficulty aro.se over General Wrangel. There has been what I
consider a very suspicious delay in coming to a discussion of an armistice
and to stop fighting and to negotiate for peace. The Soviet Government
and Soviet army could have fixed a date at least a week or ten days ago.
Somebody has said: "You are going to have a war, not on the question
of the independence of Poland, but on the question of forty-eight hours,"
AVe are not. That is the second point of agreement. The third point is
this: That the Allies should advise Poland to endeavor to negotiate an armistice and to make peace as long as the independence of ethnographical
Poland is recognized. It was agreed that the recommendation should go
from the Allies, and it has gone. I felt confident we need not await the
sanction of the Hou,se to that. I felt certain the House would agree on that
.subject, and as time mattered we sent it yesterday.
The fourth point is this: If Poland accepts the terms, the Allies will
certainly not intervene at all, either to prevent or to upset any arrangement
if they agree to terms.
If they negotiate an agreement at Minsk we do
not propose to intervene to upset any arrangement which is acceptable to
the Poles.
It is their affair.
I sincerely trust it will be peace.
Suppose it is not.
have got to
face that.
Well, that is a .small matter compared with the peace of Europe.
I hope no one will take any personal party point into account when there is
such a grave situation of this kind in existence.
as
I
is
know
We
Now
I
will take
If the Minsk Conference Fails.
two suppositions. Supposing the Minsk conference
fails.
There are two alternative suppositions as to the possible reasons for its
failure.
Supposing it fails because the Poles refuse the conditions which in
the circumstances, and having regard to the military position, the Soviets
are entitled to exact from them.
The Allies in that contingency could not
support Poland. Take the other supposition. Supposing the Bolsheviki
insist upon terms which are absolutely inconsistent with the Independence
and existence of Poland and the Poles are prepared to fight for their independence. Then undoubtedly a very serious situation arises.
As I have already stated, the Allies cannot be indifferent to the existence
of Poland.
There is the moral right of a nation. We are responsible for
the resurrection of Poland at the price of much blood and treasure spent
by the Allies.
We have entered into a covenant with the nations who signed the Peace
Treaty to have recourse to other methods than the brutal methods of war
for the purpose of settling international disputes, and the whole governing
and root idea of that covenant, the whole sanction of it, depends upon the
nations who signed it banding themselves together to defend those of their
members who cannot defend themselves. Unless that is recognized that
covenant is a scrap of paper, a miserable scrap of paper. To put it in industrial language, it is a trade union of nations where the whole of the
community engages to defend and protect the weak members. Unless that
is recognized in principle the covenant goes.
No amount of appeals,
meetings, pamphlets, speeches or prayers for it can keep it alive, and.
therefore, we cannot, unless we abandon the whole basis of the League of
Nations, disinterest ourselves in the attack upon the existence of a nation
is a member of the League and whose life is in jeopardy.
[Cheers,]
We have entered into a covenant with the nations who signed the Peace
Treaty to have recourse to other methods than the brutal methods of war
for the purpose of settling international disputes, and the whole governing
and root idea of that covenant, as I understand it, does not contemplate,
necessarily, military action in support of an imperiled nation: it contemplates economic action and pressure.
It contemplates support of the
struggling people, and when it is said that if you give any support at all to
Poland it involves a great war, with conscription and all the mechanism
of war with which we have been so painfully acquainted during the last
few years, that is inconsistent with the whole theory of the covenant into
which we have entered. It contemplates other methods of bringing
pressure to bear upon recalcitrant nations which are guilty of acts of aggression against their neighbors and endanger their independence.
The second point is this: I have already referred to it, but I think it is
necessary when we come to consider action that I should repeat it. It is
not merely that we are morally bound to interest ourselves in the life of a
nation which is an ally and which we have undertaken to give support to in
the event of its national existence being endangered. There is in addition
to that the danger which is involved to the peace of Europe.
If you have a great aggressive Soviet empire coterminous with Germany,
I have pointed out before what that means.
There are those who believe
that the Soviet Republic is essentially a peaceful one. Let them believe it;
but if in spite of every effort to make peace they reject the conferences for
a purpose, if they postpone, if they introduce conditions which involve
practical annexation of another country, whatever the Soviet Republic
was yesterday, to-day and to-morrow it will become an imperialist, militaristic power.
That is the point I want to put. It is one of the perils
one has always had in mind, and that is the real peril.
If the Soviet Republic insists upon overrunning Poland when she can
exact all the guarantees which she is entitled to and which another country
with the same conditions would exact, if she prefers to overrun Poland
practically to annex it. whether she nominally annexes it from that
moment, whatever the Soviet Republic was a week or a month ago, from
that moment it becomes an aggressive, imperialist State, which is a menace
to the freedom and independence of the whole of Europe,
If that is the new
policyI don't assume it, I am not going to a.ssume it until I see the result
of the Minsk conference, but I have taken two contingencies, and I am
bound, since the House is separating in a few days, to take into accoimt
both contingencies. Even if it did not separate, I should put forth the
whole of the policy to-day. There is no time to lose. Not merely the
House of Commons but the whole country is entitled to know to what we
are committed, and therefore I am examining both contingencies I am
hoping that the second contingency will not arise, but it would be blind, I
should be indeed reckless, if 1 assumed that it would not arise and took
no precautions.
Who will tell us whether that assumption is correct or whether it is not?
I am not sure that the Soviet Government themseh-es know which of those
two assumptions is correct. I wish I were certain of that.
I am going to give an indication of what the Allies have in their minds
as far as I can without giving information which would be injurious to the
efficiency of action which we take.
The first is that no action will be taken
except to support the struggle for Polish existence and independence.
The second point is that we can only give that support to a nation that
struggles itself. The Poles are a brave people; no braver in Europe. They
have always made fine soldiers and some of the greatest military genius
They have got their diffiin the history of Europe stands to their record.
culties.
They are a nation which has been split up into three very unequal
parts for over a century and a half. They are not a people who had control
of their own destinies during that period.
They were suddenly called upon without preliminary preparation or
training to undertake the fimctions- of nationhood in the most parilous post-
which
—
—
—
—
—
Aug. 14
THE CHRONICLE
1920.]
—
you could place them enemies behind them, enemies in front of themsouth and difficulties to the north, great hatreds toward
them, some of them traditional some racial and some religious furious
savage hatreds surging around them a nation with no frontier which is a
defensive one, no great mountains to defend them. There is no nation in
the world placed in such a position of jeopardy by Pro\'idence as Poland.
She struggled for centuries, she fell, she was torn to pieces.
tion
difficulties to the
—
—
—
Poland Has Blundered.
Now
there has been a resurrection and .she was starting a new life. But
it was a new life without training, without discipline, with tradition lost,
with none of her leaders trained either in govermnent or in war. Of course
she blundered. It was a blunder of responsibility. (Some Opposition
Well, it is nothing to laugh at.
(Cheers.)
cheers.)
They are people who have been trampled upon for a long time. Theirs
were mistakes of inexperience and of a people who had no chance to learn
how to govern. And that is their weakness in their struggle for indepenThere
It is not lack of gallantry, bravery, heroLsm or patriotism.
dence.
is no more heoric, patriotic or gifted race in the world than the Poles, but
they have not had the necessary training, and catastrophe has come upon
them before they found themselves or their leaders or their strength or were
able to organize themselves.
I appeal to a party which is organized and claims to be organized to protect the weak and knows what organization means In protection of the weak,
not to be too hard on the unorganized and very largely unskilled labors of
statesmanship in Poland.
(Cheers.)
in Moscow.
Well, that is a very different story. There they have machinery at their
It
disposal which is a very old one and in many senses a very perfect one.
is because they have that machinery that they have been able to survive
But that is another matter. The Poles and I must
so many attacks.
speak very friendly here not having this experience must trust to those
who possess it. I do not want to disparage the Soviet armies, but with
the force at the disposal of the Poles, if it is well directed and well organized,
there ought to be no difficulty in rasisting. They are no doubt very ably
led, but as we know armies in Western Europe they are not formidable.
The equipment, transport and artillery are not formidable. They have
— Or
An Honorable Member
—
—
brought no artillery forward that would reduce a second-rate fortress, and
could not in the time at their dispo.sal. It is therefore essential that if the
Poles are to defend their freedom they must accept the advice and direction
of people who have had four years' experience in the greatest war the world
has ever seen and who have shown capacity for it. No support would be
of the slightest avail unless that is done.
No Allied Troops to Poland.
one condition. The next point is that no Allied troops will be
I made that clear before in this House, and it is a position
sent to Poland.
we have taken definitely.
Colonel Wedge wood Does that include Hungarian troops?
I am talking now about France and those who were present at the conThat
is
—
ference
—
.
Lieutenant-Colonel Murray Does that include all the Allies?
Colonel John Ward Does it include Montenegro?
We are sending no AlUed troops to Poland, and that is an essential we
should make clear to this country, and it would not be necessary if Polish
resources were thoroughly organized and well directed.
The next point is this ^this is on the assumption that the Minsk conference fails, and fails not because of any obstainacy on the part of Poland
and not because Poland refuses to accept terms which we think in the circumstances are as good as she has a right to expect; it is on the assumption
that the Bolshevist Government imposes conditions which are inconsisten
with national freedom and existence in that case the Allies, out of the stores
at their disposal, will help equip the Polish people for their own defense.
The next point is that they will be supplied with the necessary military
advice and guidance. The next action we shall be prepared to take is action
which has always been contemplated in cases of the kind, and that is the
exercise of economic pressure upon Soviet Russia in order to release her
stranglehold on the lives of the Poles. We propose to do so either by naval
action or by international action, or by both.
Now I come to what we shall be forced to do very reluctantly in the contingency I have described
Interruption by an Honorable Member And America?
We certainly should appeal to America. America up to the present time
as not ratified the treaty, and there is the confusion which exists when the
reaty was the subject of a conflict between the two great parties and cannot
be settled, and it is not for me to say what view the American Executive
will take.
All I can say is this: I am only judging from the attitude of
America at the Peace Conference. America was a strong protagonist of
Polish independence.
No man took such an active, determined and I may
say zealous part in setting up Polish independence as President Wilson
[cheers], and I am quite certain that, whatever differences of opinion there
may be in America with regard to the League of Nations, there will be no
differences of opinion in the general attitude toward Polish independence.
—
—
—
—
(Cheers.)
I was just
coming to another point. We have taken no steps to assist
the attack upon Soviet Russia iaside her own territory. There is a very
formidable attack which has developed upon Southern Russia. We have
sent no supplies.
—
An Honorable Member Batum.
That is not so. Batum is not in
our hands. If any, they are sent by
Georgians. We have absolutely no control. We have evacuated Batiun.
We are not there, and therefore we cannot bo supplying them.
At any rate, I can assure the House that if we really wished to support
General Wrangel we could have done so much more effectively, and any one
who knows the condition of things there knows that there is no country that
we could have supported so effectively. We have not done so, because we
are anxious to secure peace.
Britain
May Aid
Wranycl.
But
in the contingency I have indicated, we should consider ourselves
free to equip his forces.
There are stores available in that quarter of the
world, very substantial stores, captured and othorwi.se, which up to the
present have not been allowed to go to General Wrangel, which we should
feel ourselves free to agree to dispatch to his support, and we should also feel
ourselves free to use our fleet for the purpose.
All this is on the assumption
that the negotiations break down.
These are measures which wo should bo called upon to take.
Honorable Member War with Russia.
1 am not going into that question.
I believe the honorable gentleman is a
great supporter of the League of Nations and if that is his view ho will
render the League ineffective and nugatory if he says that every time you
bring economic prassure to bear in order to compel nations to conform to
decrees of the League it means war.
I come to another point.
In view of statements made in the pre.ss, especially the subsidized press [ironical cheers] and especially of the statements
made to me to-day by Labor representatives.
—
659
An Honorable Member— Why did you receive them.
If any responsible body of men representing a large body
of citizens of
country asked to present their case to men, as long as I am here it
''' my duty
to receive them.
In view of statements made to me I am bound
to make one or two observations.
I gathered from them, as I gathered
from the press, that we were supposed to be engaged in a reactionary
conspiracy to destroy a democratic Government represented by the peasants
and workmen. If any one was imder that impression it must have been
thi:
is
dispelled since the recent Socialist visits to Russia.
One distinguished
Socialist came bick and said that the Soviet Government was neither Socialist, democratic nor Christian, and that the working classes were in a condi"
tion which approximates in many respects to slavery.
What then becomes
of this claim that we are a reactionary Government trj'ing to destroy a free
Government ?
I come to another member of the House who is a singularly able spokesman of his party. I mean Thomas Shaw. It is really important in view
of the statements which have been circulated that this is an organized conspiracy of great capitalists like myself [laughter] against the workmen
and peasants of Russia, that we should understand exactly what the position is.
This is what Shaw said a few days ago at a Socialist conference
at Geneva: "In Russia there is no freedom, no democracy, only autocratic rule by a small group."
Will Thorne, interrupting: "He did not say that. I was there."
In the absence of Mr. Shaw I accept that statement. But I will quote
another statement which he did make. This is what Shaw said in an interview in "The Edinburgh Evening News" of June 22: "The people are submitting not only to military compulsion but to industrial compulsion, which
the workers of Britain have never dreamt of."
Colonel Wedgewood (interrupting) Not even under this reactionary
—
Government. (Laughter.')
We have listened a good deal to the honorable member extolling Bolshevism, but he miist bear with me for a few moments while I assure the House
of Commons, and through the Hou.se of Commons the country, that this is
really not a sort of trade union organiz.Ttion representing six millions
of downtrodden workmen and ten millions of downtrodden peasants, but
quite the reverse.
Quotes Bertrand Russell.
I
members
trust the
of the
House and the country
will
read the very
remarkable articles of Bertrand Russell.
—
—
Mr. Lawson
(interrupting)
You prosecuted htm.
Lloyd George (continuing) We did prosecute him, and I believe he was
sentenced. I should have though he had everything that would commend
him to the Bolshevists. He qualified in every possible way. and he went
there a Communist pacifist sympathizer with Bolshevism in every respect, and he has written liis account of it.
He said: "All the real power
is in the hands of the Communist Party, who number about 600,000 in a
population of about 120,000,000." That means, if you reduce them to
the same proportion, that 200,000 men in this country would govern and all
It would mean only one-thirtieth of the trade
the rest would be ruled out.
unionists of the country, so they must not imagine that Soviet government
means a government of trade unionists. It means a government by that
little section of trade unionists who assume that they have got all the intelligence, all the intellect, all the knowledge and all the prescience of
the party and try to tyrannize over the workers of the trade union world.
Let use see how this democratic government is constituted, this Soviet
Government of the people, this reign of the people. [Laughter.] I would
really like to have the attention especially of the honorable members opposite.
It is really worth their while, because this is what I am afraid they
are trying to negotiate.
—
—
Will Thorne Are you trying to get us out of temper? [Labor cheers.]
Lloyd George I know my honorable friend is a very good-tempered man.
Surely we must not lose our tempers the moment we have something we
do not like. That is all very well in the Soviet system [laughter], but in
the Parliamentary system we are accustomed to listen to disagreeable
things about one another and about one's friends.
Now, this is what Russell says about this great democratic Government:
"No conceivable system of free election would give majorities to the Communists either in the town or country. Various methods are therefore
adopted for giving the victory to the Government candidates."
A Labor Member The coupon. [Loud laughter
Lloyd George (continuing) I can assure my honorable friends they have
improved enormously on it [laughter], and if they will only listen they will
see how much better they understand electioneering there than we poor in-
—
—
)
[Laughter.]
In the first place, the voting is by a show of hands, so that all whovote
against the Government are marked men. In the next place, no candidate
who is not a Communist can have any printing done. [Laughter.] It is
quite right the printing works are all in the hands of the Slate. In the
third place, he cannot address any meetings, becau.se the halls all belong to
the State. The whole of the press is, of cour.se. official. No independent
daily is permitted.
Now, that is how they elect representatives of the peasants and work
men in this great democratic State which we poor, wretched reactionaries
[Laughter.] That is what they have done in the
are trying to suppress.
towns. It is nothing to the coimtry. There are few Communists among
the workmen, but there are none among the peasants.
In the country districts the method employed was different: (Reading)
"It was impossible to secure that village Soviets should consist of Communists because in the \1llages where I was there were no Communists
When I asked whether they were represented I was met with the reply that
they were not represented at all, but all agreed in the assertion that if they
elected a non-Communist representative he could not obtain a pass on the
railways and, therefore, could not go near the Soviets."
fants.
—
There
is
so
Not a War on Workmen's liulc.
much that Indicates the democratic kind of government, repworkmen and peasants of Russia, whom we are supposed to
resenting the
be fighting against.
I am all for peace, and I do not think it makes a difference whether it Is the Czarist Government or a government you approve
or do uot approve, but do not let us pretend that a Parliament which is
elected by practically universal suffrage, whether in France or in Great
Britain, where the vast majority of the electors are workingmeu, that they
are simply out to destroy a workmen's government in Russia. There are
no workmen or peasants in the Russian Govornnient. Lenin. I believe, is
an aristocrat and Trotzky is a journalist. In fact, my ri,ght honorable friend,
the Secretary for War (Winston Churchill) is the embodiment of both.
(Laughter )
Anstpcr to Lobar Deputation.
I want to say this because of a misconception In the minds of people
deliberately sown in their minds. [Cries, "There is none.")
Yes, there is. I listened to a trade union deputation to-day and I told
them I would give my answer here. Here is the theme before mc and my
friends: "You are fighting this Government because it is a revolutionary
THE CHRONICLE
666
Government. The workmen of tliis country will not tolerate your overthrowing a government merely because it is revolutionary."
When the revolution took place we instantly recognized the Government.
The second Government was a moderate one with Socialists interspersed,
and the third Government was purely a SociaUst Government with as good
SociaUsts as any in this House. AYe recognized it and we supported it. AVe
gave it support in munitions as long as they were faithful to Russia's bond.
(Cries of "Bonds.") I say "bond." (cheers). What is the bond of a nation
that will not stand by her word? She was in the war before us. France came
in to support Russia. Belgium came in to support France. We came in to
support Belgium and France.
Russia was in first and we agreed that no one should go out and negotiate
a separate peace. Who broke that word ? (Cries of "The Czar ") No, he did
not. (Considerable interruption during which the speaker said that honorable members would have plenty of opportunity to reply later.] I want to
make it clear to the people of this country, because up to the present we
have had propaganda. [Cheers.] AVe will have real facts in the minds of the
people. [Interruptions.] I make this assertion: These three revolutionary
governments were recognized and supported, and if we broke with the
present one it was not because it was revolutionary, but because it broke
the bond with us to piu-sue the war to the end.
Ready for Peace with Sovietism.
say now that if they want peace they can get it. The London conference
proposal was intended to establish peace with Sovietism. We are prepared
to fight it with the same weapons as we fight other political creeds with which
we do not agree. In the end one or the other will triumph, or something
else will emerge better suited to the conditions of the time. If any one here
wants to preach the doctrines of Sovietism we can meet them I trust in the
common sense of the people of this country. (Cheers.) Peace is essential
for all creeds that are worth preserving.
We made the offer which, if the Soviet Government really meant peace,
they would have accepted. They could have met all the nations of Europe
and probably America at the council table and discussed all conditions.
I do not beUeve that mere revenge on Poland, mere punishment of Poland,
mere destruction in Poland, is enough in itself to induce the Soviet Government to decline peace. The point is this: Are they for peace or have they
something else in view? Frankly, I think they themselves are divided.
In every land you get men who urge wild, extravagant, irrational methods.
In every land you get divisions and shades of opinion in every Government.
The whole point is whether these were of that type. They are in the minority in Russia. AVhether they are in a minority in the Soviet I do not know.
These are men who are out merely to destroy and shatter, who only dance
to the music of smashing furniture. The doubt is whether these men are
to be in control or whether saner elements. I saw a crazy charlatan, who
is writing to-day, who wanted us to widen the conflict, as if it was not
wide enough. If you get a real desire for peace you can get it, but if you
re out to challenge the institutions upon which the liberties and clvilizaion of Europe depend, then we shall meet at Phillippi.
I
—
DISCOUNT ON NON-INTEREST BEARING MUNICIPAL OBLIGATIONS NOT TAXABLE.
It has been understood for some time that the Treasury
Department, by rulings in particular cases, held that noninterest bearing short-time municipal notes sold at a discount were not tax-exempt. The matter is now set at rest
by the following ruling, which is said to meet the suggestion
made to the Department on behalf of the Investment Bankers Association of America:
Washington, August 9, 1920.
Reed, Dougherty and Hoyt, Attorneys and Counselors at Law,
15 William Street, New York. N. Y.
Sirs:
Reference is made to your letters of July 8 and July 27 1920. and
to a recent conference between your representative, Mr. Robert R. Reed,
and officials of the Bureau, relative to the taxability of discount on noninterest-bearing obligations of a municipaUty.
You are advised that profit derived from state and municipal securities
purchased at a discount and held until maturity is not taxable where it
clearly appears that the return from the investment in the hands of the
taxpayer is due solely to the compensation received from the state or
mimicipality in lieu of interest for the use of the taxpayer's money. In no
case may such exemption exceed the total discount at which the securities
were originally sold by the state or municipality.
—
Respectfully,
PAUL
H.
MYERS,
Acting Commissioner.
RULINGS DEFINING TAXABILITY OF
STOCK DIVIDENDS.
Rulings bearing on the taxability, under the income tax
law of stock dividends based on the Supreme Court decision
in the Eisner vs. Macomber case, have been issued by the
Bureau of Internal Revenue to cover various situations
arising from transfers of surplus and capital account in the
form of dividends. The foUoAving is the ruling as announce-
ment made by the Bureau on August 5.
No decision of the Supreme Court of the United
States In recent years
has been of greater importance to the financial interests of the country than
that handed down on March 8, 1920, in the case of Eisner vs. MacComber,
this decision has given rise to numerous inquiries as to just what stock dividends are for the purpose of the income tax acts, how they are to be determined and treated, and distinguished from other dividends.
The following rulings, embodied in Treasury decision .3052, cover the
questions which will most frequently arise and which are of widest interest
to corporations and taxpayers generally.
Where a corporation, being authorized so to do by the laws of the state
in which it is incorporated, transfers a portion of its surplus to capital
account, issues new stock, representing the amount of the surplus so transferred and distributes the stock so issued to its stockholders, such stock is
not income to the stockholders and the stockholders incur no liability for
income tax by reason of its receipt.
Where a corporation, being thereunto lawfully authorized, increases its
capital stock and simultaneously declares a cash dividend equal in amount
to the increase in its capital stock and gives to its stockholders a real option
either to keep the money for their own|or to reinvestlitlinithe new shares.
[Vol. 111.
such dividend is a cash dividend and is income to the stockholders whether
they reinvest it in the new shares or not.
AVhere a corporation which is not permitted under the laws of the state
in which it is incorporated to issue a stock dividend, increases its capital
stock and at the same time declares a cash dividend under an agreement with
the stockholders to reinvest the money so received in the new issue of
capital stock, such dividend is subject to tax as income to the stockholder.
Where a going corporation having a surplus accumulated in part prior to
March 1, 1913, and being thereunto lawfully authorized, tran.sfers to its
capital account a portion of its surplus, issues new stock representing the
amount so transferred to the capital account and then declares a dividend
payable in part in c»sh and in part in shares of the new issue of stock, that
portion of the dividend paid in cash will be deemed to have been paid out
of the surplus accumulated since March 1 1913, and is subject to tax, but
the portion of the dividend paid in stock will not be subject to tax as income.
A dividend paid in stock of another corporation, held as a part of the
assets of the corporation paying the dividend, is income to the stockholder
at the time the same is made available for distribution to the full amoimt of
the then market value of such stock. This ruling is based upon the decision
of the Supreme Court of the United States in Peabody vs. Eisner (247U.S.
347) which was not modified by the case of Eisner vs. Macomber.
If such
stock be subsequently sold by the stockholder the difference between its
market value at date of receipt and the price for which it is sold is additional
Income or loss to him, as the case may be.
The profit derived by a stockholder upon the sale of stock received as a
dividend is income to the stockholder and taxable as such, even though the
stock itself was not income at the time of the receipt by the stockholder.
For the purpose of determining the amount of gam or loss derived from the
sale of stock received on a dividend or of the stock, with respect to which such
dividend was paid, the cost of each share of stock (provided both the dividend stock and the stock with respect to which it is issued, have the same
rights and preferences), is the quotient of the cost of the old stock (or
its fair market value as of March 1 1913, if acquired prior to that date)
di^^ded by the total number of shares of the old and new stock.
,
SENATOR HARDING ON DOLLAR WHEAT AND EXCESS
PROFITS TAXES.
The
campaign literature by the Democratic
Party of extracts of a speech made by Senator Harding in
the Senate in 1917 tending to convey the impression that the
latter favored dollar wheat, brought forth a reply from the
Senator in his first "front porch" speech delivered at Marion,
Ohio, on July 31, before members of the Richland County
Harding and Coolidge Club. His disclaims was made
circulation of
when
in cautioning against "class distinction and class
confUct at every step" he said:
Here
in the
Middle West, where farming
is
free
from tenantry and holds
to the normal way, and manufacturing is mainly confined to the plants
of that moderate size which indexes the surpassing fabric of American
industry, we have the touch of intimacy and that closer understanding
We carmot promote agriculI have in mind.
because the factory is necessary to the making of a market.
We cannot foster the factory and ignore agriculture, because the farm is our
base of food supply.
I can readUy recall 40-cent wheat flayed from the fields of Richland and
Morrow. That was before industry developed the home consumer. That
was before railways and improved highways opened the way to markets.
That was when farming was a fight for subsistence, instead of the present
day pursuit of attainment. That was before luxury became the by-product
of farm and factory.
That was before the age of agricultiu-al machinery.
That was when we cradled the wheat and toiled from sunrise to sunset.
That was before wealth had been taken from the earth to alter the way of
our civilization.
I trust no one will misquote me as saying I beUeve in forty-cent wheat
because I have indulged my memory. Sometimes we are very unfair in
handling the utterances of public men. I remember when the Senate was
discussing the wartime guarantee on wheat, when we felt we ought to give
the American farmer that assurance which would encourage a seeding to
guard against war famine, a Western Senator was arguing that wheat could
not be raised for less than $2.50 per bushel. I interrupted him to say that
I well recalled that Ohio farmers, in pre-war days, had rejoiced to get a
doUar for their wheat. I was speaking of normal days prior to the war.
You wiU bear me witness that I spoke fairly and correctly. Yet there are
those today who seek to convey that I said a dollar a bushel is enough for
wheat today. I am not so annoyed at the sUly untruth as I am distressed
at the affront to ordinary intelligence.
Pardon the diversion. I am recalling the old-time low level of prices to
recall at the same time the people's inability to buy, and to remind you that
mounting farm prices, mounting wages, mounting expenditures all are
inseparably linked, and a grim mutually wiU ultimately assert itself, no
matter what we do. But a mindfulness of this mutuality will spare us the
inequalities and the grievances which come of forced adjustment.
There is no living today or tomorrow according to the standards of
We collect more
yesterday. Every normal being is looking forward.
Federal taxes in one year than the entire wealth of the Republic a century
ago.
Only a little while ago our grievances about taxes were wholly local,
because a half century of Republican control of the Federal Government
But the changed policy, the Democratic
held us free from direct burdens.
drift to freedom of trade which is international rather than national, and
mounting cost of government, and finally war burdens, turned Federal
taxation to a colossal burden.
No one seriously complained while the national crisis hung over us, but we
must work a readjustment for stabilized and prosperous peace.
which emphasize the thought
tiu-e alone,
Declaring in the same speech that "we ought to
wealth bear its full share of tax burdens, and we ever
he added:
make
Avill,"
Having this thought in mind and also thinking of the excessive cost of
doubt if the excess profits tax for war precisely accomplishes the end
we seek in peace, though we do not disagree about the worthy intent. Its
operations have been disappointing, its costs multiplied and pyramided, and
righteous changes and modifications ought to be sought at an early day.
I would gladly recommend a change, but I am not yet prepraed to suggest
an equitable substitute, though I should have no hesitancy in asking ConThe reduced cost of Government
gress to seek the earliest possible solution
Is already pledged, and reduced appropriation by Congress is already
We must not paralyze American production by taxation at
recorded.
home or destructive competition from abroad, because oiu' mutual interest
in productiTity has made us what we are.
living, I
.
Aug. 14
THE CHRONICLE
1920.]
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week.
A New
York Stock Exchange membership was reported
posted for transfer this week the consideration begin stated
661
The Broadway National was organized in March
The stock was disposed of at its par value, namely
$100 per share. The proposal to increase the capital was
ratified by the stockholders on July 10 1920. The enlarged
capital became effective July 31 1920.
$200,000.
of 1919.
We are advised by the Alliance Bank of Rochester, N. Y.
that that institution has arranged to purchase the assets
Omer V. Clairborne has been appointed Assistant Secre- of the Lincoln National Bank of that city, the combinedtary of the Constantinople Office of the Guaranty Trust capital and surplus of which is $2,000,000. The AUiance
Company of New York.
Bank, which is a State institution and a member of the Federal Reserve system, has a combined capital and surplus
The Mercantile Bank of the Americas announces the of $1,500,000. The resulting institution is to be known as
appointment of A. F. Lindberg as Assistant Manger. Mr. the Lincoln-AUiance Bank and will have an aggregate capital
Lindberg is a former member of the Nicaraguan High
and surplus in excess of $4,500,000 with deposits of more
Commission. According to a cable just received by the
than $35,000,000 and resources of upwards of $40,000,000,
Mercantile Bank of the Americas from Buenos Aires, its
which wiU make it, it is said, the largest State bank of disnew affiliate in the Argentine, the Banco Mercantil y count between
New York and Buffalo. Under the merger
Agricola de Buenos Aires, will open on or about September 1.
plan, the Alliance Bank will increase its capital from $1,000,000 to $2,000,000, "the increase to be used in payment for
The Mercantile Bank of the Americas also announces the assets of the Lincoln National Bank to an amount equal to
opening of a branch of its affiliate, the Banco Mercantil the net assets of the AUiance Bank." The number of direcAmericano de Caracas, at Valencia, Venezuela.
tors of the Alliance Bank will be increased from 13 to 26,
the additional directors to be chosen from the present direcDuring the year 1919 the net profits of Andresens Bank of torate of the Lincoln National Bank. Both institutions will
Christiania, Norway, increased from Kr. 6,200,000 to Kr. remain for the time being at least in their present quarters.
The deposits rose to Kr. 294,291,000. Since The Alliance Bank owns its banking house which is desirably
8,000,000.
1907 deposits of this bank have increased over 30% and located at the corner of Main Street East and Stone Street,
reserves have increased 80%.
The bank last year paid a and sufficient additional space for future enlargement to
regular dividend of 15% and an additional dividend of 5%. meet the needs of increasing business. The official staff
of the Alliance Bank, we understand, is to be retained and
The New York Agency of the Banco Naeional Ultramarino will be added to from the official organization of the Lincoln
(head office Lisbon, Portugal) reference to which was made National Bank. James G. Cutler is President of the AUiance
Bank and Charles H. Babcock, President of the Lincoln
in these columns in our July 17 issue, was formally opened
National Bank.
in the Singer Building, 93 Liberty Street, on Monday of
as $91,000 as against $95,000 the last previous transaction.
week, August 9. The Banco Naeional Ultramarino
has 71 branches throughout the various countries of the
world (including the New York Branch). Its resources
amount to $1,159,000,000 at par of exchange. Joseph McCurrach, late of the Continental & Commercial Bank of
Chicago, of which he was a Vice-President, is in charge of
the New York Agency.
this
R. R. Appleby,
West
New York
Agent of the Bank of British
has received cable advice from the
directors in London, announcing the allotment of 100,000
new shares in that bank in equal proportion between the
London County Westminster & Parrs Bank, Ltd., the
National Provincial Union Bank, Ltd., and the Standard
Bank of South Africa, Ltd., each of which three banks will
have one director on the board of the Bank of British West
Africa, Ltd.
It will be remembered that last year Lloyds
Bank Ltd., took 37,500 shares of the Bank of British West
Africa, Ltd., and placed Mr. J. W. Beaumont on the board
of that bank.
Africa,
Luke
J.
merce in
the
Ltd.,
Murphy, formerly
New
of the National
Bank
of
Com-
York, has been elected Assistant Cashier of
North American Bank.
In order that the First National Bank of Hoboken, N. J.
a capital and surplus commensurate with its
rapid growth and assets, the directors of the institution have
called a meeting of the stockholders for September 2 vote
upon the proposed increasing of its capital from $220,000
to $500,000 and of its surplus from $440,000 to the same
amount.
Present stockholders, we understand, will be
given the right to subscribe to the new stock, which consists
of 11,200 shares (par value $25) at $30 36, on the basis of
I 3-11 shares of new stock for each share of their present
may have
holdings. Subscriptions to the new stock on this basis will
necessarily produce fractional shares for which script will
be issued, which must bo converted into full shares, as the
bank will not issue certificates of stock for fractions of a
share, or pay dividends on fractional script. Arrangements
will be made for either the purchase or sale of such script.
The stockholders may assign their rights if they so desire,
or they will be permitted to subscribe for a part only and
assign the balance. William Shippen is President of the First
National
Bank of Hoboken and W. W. Young,
Vice-President
and Cashier.
The Broadway National Bank of Buffalo, N. Y., now has
a capital of $300,000 having increased the amount from
On the ground that the Hanover Trust Co. of Boston was
"conducting its business in an unsafe manner and that it
is unsafe and inexpedient for it to continue business,"
Bank Commissioner, Joseph C. AUen, took possession of the
on Wednesday afternoon, August 11. The Hanis the bank in which Charles Ponzi, head of
the Securities Exchange Company of Boston, whose aUeged
operations in foreign exchange are being investigated by
United States District Attorney, Daniel J. Gallagher and
Attorney General, J. Weston Allen, of Massachusetts,
has had large funds on deposit. On Aug. 9, according to a
statement appearing in the New York "Times" of Aug. 10,
Bank Commissioner AUen halted the Hanover Trust Co.
from honoring any more checks drawn by Mr. Ponzi or any
institution
over Trust Co.
of his agents.
The
following notices, as printed in the
Boston "Transcript" of Aug. 11, the first of which was
posted on the front door of the bank, were given out by
Commissioner AUen when he oraered the doors of the
company closed:
"Under the authority vested
trust
in me by law, I hereby
take possession of the property and busiress of the Hanover
Trust Company. Joseph C. Allen, Commissioner of Banks."
"Last Saturday morning this department began an examination of the affairs of the Hanover Trust Co. It appears
from the examination as conducted thus far that the bank
is conducting its business in an unsafe manner and that it
is unsafe and inexpedient for it to continue business. (Signed)
Joseph C. AUen, Commissioner of Banks.'
After stating that he washed to make it clear that the real
reason for his taking possession of the Hanover Trust Co.
is the condition of its loans, the Bank Commissioner further
made the following specific charges against the officials of
the company:
"The Hanover Trust officials, acting contrary to law, and
against the direction the Commissioner of Banks, have given
Ponzi, either himself or one of his agents almost $500,000
of the $1,500,000 certificates of deposit that he has had.
"I read to them the stature covering that law. I read to
them also the written opinion of a former attorney general
of the Commonwealth, and told them that the present attorney general agreed with that opinion
I then directed the
bank, as was my duty, not to pay out any part of that
certificate of deposit
Nevertheless, almost $500,000 has
been paid out, and whether there is any penalty covering
such offence, aside from a fine of $1,000, as provided by law,
"
1 do not know
"Last Satiu-day morning I sent a corps of examiners to
the Hanover Trust Company to make an examination. The
I
THE CHRONICLE
662
examiners -worked all daj' Saturday and Sunday and are
there. The reason that I felt it necessary to take possession of the bank was, in a large part, due to the condition
still
of the loan.
The
reports
[Vol. Ill,
Citizens Commercial & Savings Bank of FUnt, Mich.,
a capital of $450,000 the amount having been
increased from $150,000. The new stock was disposed of to
present stockholders at its par value, $100 per share. The
increase was ratified by the stockholders on Jan. 13 1920,
but did not become effective until July 27 1920.
"Not only did I find loans that were excessive, and beyond the legal limit, but I found also many loans that are
either bad or very doubtful value."
On July 31, a new State Bank was opened in Chicago
That the capital of the Hanover Trust Company was
probably completely wiped out was announced by Bank the Fidelity Trust & Savings Bank with a capital and surCommissioner Allen on the afternoon of Aug. 12, the day plus aggregating $440,000. The new bank is controlled by
The statement of Edward Morris, President of Morris & Co. and his associates.
foUo-R-ing the closing of the institution.
the Commissioner, as reported in the "Evening Post" of It is located on Wilson Avenue at Broadway. This Bank
is featuring a Ladies Department with a Lady Manager,
this city is as follows:
"I wish to correct a statement which appeared in at least assisted by Lady Tellers. A very successful opening, we are
one morning paper to the effect that the capital of the informed, was experienced, more than 3,000 accounts
Hanover Trust Company is not impaired. That statement having been opened by First Day Depositors.
The officers are E. C. Hart, President; John A. Nylin,
is not correct. There is no doubt whatsoever that the capital
Vice-President and Cashier;
John T. Benz, Assistant
is very badly impaired, and it is probably wiped out comCashier.
The directors are Edward Morris, C. M. Macpletely.
"It should be remembered, however, that the stockholders farlane; A. MacLean, L. H. Heymann, Forest Pratt, Charles
have a liability of a 100% assessment, provided such assess- Hollenbach, William H. Vehon, William C. Smith, Dr.
ment is necessary to enable the bank to pay 100 cents on the Henry R. Taecker, E. C. Hart, John A. Nylin and John
—
Before the depositors can suffer
therefore, the capital stock of $400,000, the siirplus
of $100,000, and the stockholders' hability of $400,000,
dollar to all depositors.
loss,
pro\aded the stockholders can pay, must first be used to
take care of losses."
In addition to his formal statement the Commissioner
added that he would complete the investigation of the
bank's affairs before an annoueement could be made of
its exact condition. This he said in reply to an inquiry as to
whether he thought the $900,000 assets suggested would be
sufficient to cover all claims.
Wilham S. MoNary, a Vice-President of the Hanover
Trust Co. after the suspension of his company by the Commissioner, and speaking with the approval of the President
Henry Chmielinski, made the statement, it is said, that the
bank
is
"absolutely sound and solvent."
The Hanover
Trust Co. began business on May 1 1916. In June of this
year Charles Ponzi was elected a director of the company,
from which he has now (Aug. 11) resigned, and, it is said,
is a large stockholder. It is said, the State of Massachusetts
has $125,000 on deposit in the institution.
A new banking institution, namely the People's Bank &
Trust Co., has been organized in Hartford, Conn., with a
capital of $100,000, consisting of 1,000 shares of the par
value of $100 per share. The organizers, who are weU known
in Hartford, are as follows: Ferdinand D'Esopo, Samuel
E. Herrup, William C. Brown, James F. Ryan, Michael
Schrepfer, Anthony M. Le Roy, Joseph M. Motto, Joseph
T. Corosa, Nicholas F. Rago, Abraham Katten, P. M.
D'Esopo, Chauncey N. Le Roy, Thomas F. Nolan, Michael
W. Delaney, Daniel D. Bidwell, Abraham Hoffman, Louis
Pascucci, Timothy A. Clancy, Rocco A. D'Esopo and Hanford L. Curtis.
T. Benz.
The Security National Bank of Sheboygan, Wisconsin has
increased its capital from $250,000 to $500,000. The additional stock was disposed of at $200 per share, the par value
being $100. The proposal to increase the capital was ratified
by the stockholders on June 28 and the increase became
effective July 31 1920.
W.
Sexton, a director of the First National Bank
and of the Minneapolis Trust Co., and
prominent in banking, business and insurance circles of
Minneapolis for the past forty years, died on Aug. 1 after
a brief illness. Mr. Sexton was born in Forestville, N. Y.,
in 1854 and moved to Minneapolis thirty years later.
Charles
of Minneapolis
We are advised by the Security National Bank of Sheboygan, Wis., that, effective July 31 last, the instituion increased its capital and surplus from $250,000 each to $500,000 each, making the combined capital and surplus of the
bank $1,000,000. The increase was effected by the sale of
2,500 shares of new stock (of the par value of $100) at $200
per share. A statement of the bank as of July 31 shows a
reserve fund of $53,465; deposits of $4,368,837; liquid assets
of $1,109,609, and total assets of $5,422,302.
Plans are
nearing completion for the erection of a bank and office
building as a permanent home for the institution, but, owing
to the scarcity of materials and labor, work will not be
started until next spring.
The
distribution to its stockholders of stock of the Title
Guaranty Trust Company of St. Louis
of their holdings is announced by the
amount of 10%
The following circular issued to the stockholders on June 30 explains the action of the company:
To
to the
institution.
the stockholders:
We
Announcement was made on Aug, 4
amalgamation
of the Fidelity Trust & Savings Bank of Lewes, Del. with
the Delaware Trust Co. of Wilmington. By this consolidaof the
tion, it is said, the stockholders of the first-named institution
will receive a
advance in their stock. The Delaware
20%
Trust Co. is controlled by WiUiam and Alfred I du pont,
the former being the President of the company. We understand it is proposed to create a chain of banks throughout
Delaware with headquarters at the Delaware Trust Co.
The Fidehty Trust & Savings Bank of Lewes was established
twenty-two years ago by John F. Sipple of Baltimore and
associates, Mr. Sipple becoming its President. Subsequently
the bank became a State institution.
The capital of the
enlarged Delaware Trust Co. is $862,900 and the surplus
and undi\dded profits, $354,796.
The merger became
effective July 31 1920.
take pleasure in enclosing our check in payment of Dividend No. 63
for quarter ending June 30 1920, same being 1 1^
on the Capital stock of
this company standing in yoiu" name on June 20 1920.
Under the terms of the agreement for the sale of the American Trust
%
Company stock to William R. Compton the stock of the Commonwealth
Farm Loan Company was retained by this company. Among the Farm
Loan Company's
assets there were 982 1-6 shares of Title
Guaranty Trust
Company stock. This rendered useless a large part of the capital of the
Farm Loan Company, and it was believed to be to the best interests of
Ijoth the Farm Loan Company and the Title Guaranty Trust Company for
the Title Company to acquire this stock and distribute same as a dividend
to the stockholders of the Title Guaranty Trust Company, rather than hold
same in the treasury of the company.
At a meeting of the board of directors it was decided to distribute on
1920, a portion of the stock above referred to, said distribution to
to 10% of the stock held by stockholders as shown by the books\t
the close of business June 20 1920.
It was decided that stockholders entitled to receive fractional shares be
given scrip certificates, entitled to no dividends, interest or voting rights.
Stockholders receiving scrip can, upon surrender of same, together with
other similar scrip certificates, or, together with stock heretofore issued in
fractional shares, have delivered to him a certificate for a full share, or
shares, or stock of the company, which will entitle him to all rights there-
July
1
amount
under.
&
The
Zanesville Bank
Trust Co. is the name of a new
Zanesville, Ohio, institution which began business on Aug.
1, with a capital of $150,000 and surplus of $15,000.
The
stock, par $100, was disposed of at $110 per share.
The
officers of the
O.
W.
new
institution are:
Wendell, Vice-President;
Vice-President;
was granted the
and
J.
E. F. O'Neal, President;
C. E. Zimmer, Second
H. GaiTett, Cashier.
institution
on
May
25.
A
charter
The firm of Stix & Company, investment brokers, 509 Olive Street, have
arranged to buy and sell the scrip above described, or, if you prefer to have
us execute your orders, you can deposit your scrip with us and we will be
pleased to carry out yoiu- instructions. We believe this to be an excellent
opportunity for you to convert your fractional holdings into full shares.
The 10% distribution of stock to which you are entitled, as explained
above, is enclosed herewith.
Respectfully,
The
Title
$1,000,000.
FRANK GOTTLIEB, Secretary.
Guaranty Trust Company has a capital of
—
.
Aug. 14
THE CHRONICLE
1920.]
Charles Eldredge has been appointed Assistant Secretary
New York Life Insurance and Trust Company. Mr.
Eldredge has been associated -mth. the company since 1906.
selling
price
663
The proposed
$110 per share.
Mayor John G.
officers
are:
of the
Mitchell, President; Edward
Vice-President; John E. Bermann, Cashier.
recent changes in the official staff of the Wheeling
Bank & Trust Company of Wheeling, West Virginia is the
election of M. C. Magee, of the Federal Reserve Bank of
Cleveland as Managing Vice-President and Cashier to suceed
George W. Jeffers, resigned. At the directors meeting on
July 15, S. O. Laughlin was elected Vice-President without
active duties; Carl Laing, heretofore Teller was made Assistant Cashier and George Carenbauer was made Secretary and
many years Vice-President of the VanBank of Vancouver, Wash., was on July 12
elected President of the institution in place of Roy Hesseltine,
whose interest in the bank he has purchased
The Vancouver
National Bank was organized in 1901 and is said to be one
Among
Trust Officer.
The National Bank of Suffolk, at Suffolk, Va. has issued
$360,000 of new stock, its capital as a result being increased
from $140,000 to $500,000. The new stock was disposed
The
of $160 per share, the par value being $100 per share.
increase in capital was ratified by the stockholders on April
1 1920 and become effective Aug. 3 1920.
W.
S. Schultz,
Manager
of the
New York
office of the
Hibernia Securities Co., Inc., at 44 Pine Street, announces
the appointment of Everett Sanderson, who will be associated with Mr. Schultz, and who will have charge of the
bond and investment business of the New York office of
the company. Mr. Sanderson's experience as an investment banker has been gained through several years' association with Hay den. Miller & Co. of Cleveland and as
Assistant Manager of the New York office of Stacy & Braun.
He is familiar with the municipal business has had experience
as a general dealer and in syndicate operations.
,
The Guardian Trust Co. of Houston, Texas, on Aug. 2
opened a savings department. In our issue of Aug. 7 we
referred to the increase in the capital and surplus of this
institution, the former now being $300,000 and the latter,
including undivided profits, $159,419.
Dr. John Willis Baer, formerly President of Occidental
Union National
Bank and the Union Trust & Savings Bank of Pasadena,
succeeding H. I. Stuart, who desired to give up the Presidency of the two banks in order to take a long rest. Mr.
Stuart will, however, continue to take an active interest in
College, has been elected President of the
the affairs of the institutions as Chairman of the executive
committees. Mr. Stuart has been a banker in Pasadena for
nearly thirty- three years, for many years being connected
with the First National Bank of that city and rising to the
Subsequently he purchased a controlling
position of Cashier.
interest in the Union Savings Bank, out of which the Union
National Bank and the Union Trust & Savings Bank have
grown. Dr. Baer has had considerable banking and business
experience, having been for years with the firm of G. W.
Van Dusen & Co. of Minneapolis. Other official arrangements planned by the directors of the two institutions are:
C. J. Hall, Vice-President of both banks and Triist Officer;
W. A. Barnes, Vice-President and Cashier; H. P. Thayer
and H. H. Lehman, Assistant Cashiers, and R. T. Segner,
Frank C. Bolt will continue as
Assistant Trust Officer.
The capital of both
was recently enlarged, making that of the Union
National Bank together with its surplus $500,000 and that
of the Union Trust & Savings Bank with its surplus $1,000,000. The present banking quarters of the institutions has
been Increased by the leasing of an adjoining building.
Chairman
of both boards of directors.
institutions
F. G. Willis, heretofore Assistant Cashier of the Crocker
National Bank of San Francisco, was on July 23 elected
Cashier of the institution to succeed Wellington Gregg, who
for several years had held the dual position of Vice-President
and Cashier. Mr. Gregg will continue as active VicePresident of the bank. Mr. Willis entered the service of
the Crocker National Bank sixteen years ago as a messenger
boy and was rapidly promoted. His appointment now as
Cashier comes as a recognition by the bank of his hard work
and
faithful service.
The American National Bank of Santa Ana is the name of
an institution for which a charter is sought. The bank is
to 1)0 organized with a capital of $200,000 and a surijlus of
$20,000. The par value of the shares is to be $100 and the
S. Short, for
couver National
.
the
of
strongest
financial
institutions
southwestern
in
Washington
The branch of the Bank of Nova Scotia in London, Eng.,
the proposed opening of which was referred to in these colums in our issue of July 3, was opened at 55 Old Broad
Street on Aug. 3. As before stated by us, the new branch
is in charge of E. C. MacLeod, who was formerly Manager
of the Kingston, Jamaica, branch of the Bank of Nova
Scotia. The London branch is the 44th branch of this bank
to be established outside of the Dominion. It fulfills plans
undertaken by the bank just before the outbreak of the
Great
Harold
H. Richards,
War and which had
disturbed conditions.
Scotia is in Toronto.
The
postponed on account of
to be
Bank
general office of the
Nova
of
THE ENGLISH GOLD AND SILVER MARKETS.
We
reprint the following from
Samuel Montagu
&
the weekly circular of
Co. of London, written under date of
July 29 1920:
GOLD.
The Bank
of England gold reserve against its note Issue is £121,473,630,
a slight increase of £3,620 as compared with that of last week.
A large amount of gold came into the market and was taken for the United
States of America and India.
The export of gold has been prohibited from Canada except under license.
The keen demand for gold from the Indian Bazaars suggests some interesting reflections:
First, if it continue with the same energy, a time might
arrive when there might not be much, if any, to spare for discharging in
gold our debts to the United States of America.
Second, the Scandinavian
countries are now feeling the effects of the policy pursued by them during
Xow that their
the war of declining to receive gold when it was available.
balance of trade has become adverse, gold cannot be spared to finance imports.
The objection to accepting gold was not the fear of inflation, but
lest the banks would be compelled under their charter to hold large amounts
of gold without obtaining corresponding profit.
SILVER.
The Indian Bazaars seemed
to have been seized with a metallic fever,
for, beside the inquiry for gold, orders have been received this week or
silver irrespective of such remittances being of a paying character at the
Indian rates current. As a consequence prices here have been jumpy, even
though, at the higher figures quoted, .some American supplies have come
on offer. The Continent has sold of late but sparingly.
According the the Tientsin "Evening News,' rich silver mines have been
discovered in the Province of Kirin, between Ticnpaoshan and the River
Tumen. The construction of a light railway for the conveyance of the
ores is proposed.
The preference of the public for metallic money, not necessarily gold or
silver, is exemplified by the fact that the new nickel money issued in France
disappears as soon as it is issued.
INDIAN CURRENCY RETURNS.
—
In Lacs of Rupees
Notes in circulation
July
July 15.
July 22.
16424
4698
7.,
16312
4850
16200
4602
and bullion in India
and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
Silver coin
Silver coin
4572
4306
4664
234
5
3780
4062
3780
3278
3277
2828
No rupees were coined during the week ending July 22. The stock in
Shanghai on the 24th inst. consisted of about 36.730,000 ounces in sycee,
.$19,800,000 and 1,700 bars of silver, as compared with about 38,050.000
The
ounc&s in sycee, .$19,300,000 and 2,610 bars of silver on the 17th inst.
Shanghai exchange is quoted at 5s. 6d. the tad.
Gold per oz.
Bar Silrer per oz. Standard
Quotations
Fine.
Cash.
2 Mos.
54^d.
.54d.
lOSs. 3d.
July 23
54J^d
-.54Md.
July 24
—
--56^d.
26-
56Hd.
SSMd.
108s. 9d.
108s. 9d.
108s. 9d.
55J^d.
:..109s. 9d.
56«d.
56d.
2955.54Id.
55.229d. lOSs. 10.2d
Average
The silver quotations to-day for cash and forward delivery are respectively
%d. and IHd. above those fixed a week ago.
July
July
July
July
55Mid.
56.Hd.
27
28
ENGLISH FINANCIAL MARKETS— PER CABLE.
daily closing quotations for securities. &c.. at London,
as reported by cable, have been as follows the past week:
The
London,
Week ending Aug. 13
Silver, per oz
Gold per
Atig.S.
—
Sat.
d.
iSH
Aug. II. Aug. V2.
Wed.
Thurs.
SOH
59H
5SH
Aug.
10.
46 ?i
Holiday
Holld,iy
77\
77'i'
77»<
56.45
56.20
55
French Rentes (In Paris), fr. 58.40
French War Loan (lnParls).{r
The
Tues.
9.
n33.3d. 113s,8d. 1138.
46 ?8
46 H
46 U
85
84 15-16 85
fine o«
Consols, 2 H per cents
British, 5 per. cents
British, 4 'i per cents
Mon.
Aug.
New York on
price of silver in
InN. V., peroz (els.)
991^
Domestic
the
.itig.
58H
59'i
Ills. lid.
46 H
84"4
78
53.80
Il2.s.lld.
46 ij
84 15-16
78>»
same day has been:
silver
Foreign
95
99^
96
99'i
95
13.
frt.
994
94H
99H
99'i5
95»i
95H
THE CHRONICLE
664
TRADE AND TRAFFIC STATISTICS.
UNFILLED ORDERS OF STEEL CORPORATION.—
Tlie United States Steel Corporation
on Tuesday, Aug.
10,
issued its regular monthly statement sho-^ving unfilled orders
on the books of the subsidiary corporations as of July 30
1920 to the amount of 11,118,468 tons. This compares with
10,978,817 tons on June 30 last, an increase of 139,651 tons.
On July 31 1919 unfilled orders on hand totaled only 5,578,-
661 tons.
The current
figures are the largest reported since
June 30 1917.
In the following we give comparisons with previous months
May
30
30
31
Apr.
30
July
June
Mar. 30
Feb.
Jan.
28
31
Dec. 31
Nov. 30
Oct
31
Sept. 30
Aug. 31
July 31
June 30
May
Apr.
Mar.
Feb.
Jan.
Dec.
Nov,
31
30
31
28
31
31
30
31
Got.
Sept. 30
Aug. 31
July
June
May
AprU
Mar.
Feb.
Jan.
Deo.
31
30
31
30
31
28
31
31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May
31
AprU 30
Tons.
1920-. 11, 118,468
1920.. 10,978,817
1920.-10,940,466
1920.-10,359,747
1920.. 9,892,075
1920.. 9.502,081
1920.- 9,285,441
1919.- 8,265,366
1919-- 7,128,330
1919-- 6,472,668
1919.- 6,284,638
1919
6,109,103
1919.. 6,578,661
1919.. 4,892,855
1919-. 4,282,310
1919.. 4,800,685
1919.. 5,430,572
1919.. 6,010,787
1919.. 6,684,268
1918.- 7,379,152
1918-- 8,124,663
1918. 8,353,298
1918. 8,297,905
1918. 8,759,042
1918. 8,883,801
1918- 8,918,866
1918- . 8,337,623
1918. - 8,741,882
1918. . 9,056,404
1918- . 9,288,463
1918. . 9,477,863
1917. . 9,381,718
1917. - 8,897,106
1917 . 9,009,675
1917 . 9,833.477
1917 .10,407,049
1917.-10,844,164
1917.-11,383,287
1917-.11,886,591
Tdm.
ToTU.
Mar. 31 1917—11,711.644 Oot. 31 1913
Feb. 28 1917—11,676,697 Sept.
Jan. 31 1917—11,474,054 Aug.
Deo. 31 1916.-11,647.286 July
Nov. 30 1916-.1 1,058, 542 June
Oot. 31 1916.-10,015,260 May
Sept. 30 1916— 9,522,584 AprU
Aug. 31 1916— 9,660,367 Mar.
July 31 1916— 9,693,692 Feb.
June 30 1916-- 9,640,468 Jan.
May 31 1916— 9,937,798 Deo.
AprU 30 1916— 9.829,551 Nov
Mar. 31 1916— 9,331,001 Oot.
Feb. 29 1916-. 8,568,966 Sept.
Jan. 31 1916— 7,922,767 Aug.
Deo. 31 1916— 7,806,220 July
Nov. 30 1916— 7,189,489 June
Oot. 31"1915-- 6,165,452 May
Sept, 30 1915— 5,317,618 Aprll
Aug. 31 1915— 4,908,455 Mar.
July 31 1915— 4,928,540 Feb.
June 30 1916. 4,678,196 Jan.
May 31 1915. 4,264,698 Deo.
April 30 1916. 4,162.244 Nov.
Mar. 31 1916- 4,265,749 Oot.
Feb. 28 1916. 4,346,371 Sept,
Jan. 31 1916. 4,248,571 Aug.
Deo. 31 1914- 3,836,643 July
Nov. 30 1914- 3,324,692 June
Oot. 31 1914- 3,461,097 May
Sept. 30 1914- 3.787,667 AprU
Aug. 31 1914- 4,213,331 Mar.
July 31 1914- 4,158,689 Feb.
June 30 1914- 4,032,857 Jan.
May 31 1914— 3,998,160 Deo.
AprU 30 1914— 4,277,068 Nov.
Mar. 31 1914— 4,653,825 Oot.
Feb. 28 1914- 6,026,440 Sept.
Jan. 31 1914— 4,613,680 Aug.
1917—12.183.083 Deo. 31 1913— 4.282,108 July
Nov. 30 1913— 4,396.347
4,513,767
5,003,785
5,223.468
6.399.368
6,807,317
6,324,322
6,978,762
7,468,956
7,666,714
7,827.368
7.932.164
7,862.883
7,594,381
8,651,507
6,163,375
6,967,073
6,807.349
5,760,986
5,664,885
6,304,841
6,464.201
6.379,721
6,084,765
4,141,958
3,694,327
3,611,316
3,695,985
3,684,088
3,361,087
3,113,164
3,218,700
3,447,301
3,400.543
3.110.919
2,674.750
2.760.413
2.871.949
3.148.106
3,637.128
3.070.931
30 1913
31
31
1913—
1913—
30 1913—
31 1913-30 1913—
31 1913-28 1913—
1913—
1912—
30 1912—
31 1912—
31
31
30
31
31
30
31
30
31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31
1912-.
1912—
1912—
1912—
1912--
1912—
1912—
1912..
1912—
1911.-
1911—
1911—
1911—
1911-.
1911—
1911
1911
1911
—
—
—
1911—
1911—
1911—
1910—
1910—
1910—
1910-
1910—
1910—
LAKE SUPERIOR IRON ORE SHIPMENTS.— Shipof Lake Superior iron ore during the month of July
1920 totaled 9,638,606 tons, which compares with 9,173,429
tons during the same month last year, an increase of 465,177
tons.
The movement to Aug. 1 aggregated 26,079,111
tons, as against 25,181,848 tons during the corresponding
period in 1919 and 29,608,933 tons in 1918.
The comparative shipments by ports for July 1920, 1919
and 1918 and for the respective seasons to Aug. 1 foUow:
ments
1920.
Escanaba.tons 1.174,468
Marquette
610,321
Ashland
1,293,239
Superior
2,249,431
Duluth
2.783,537
Two Harbors. 1,527,610
July
1919.
1,007,036
1918.
1,109,511
630,341
1,337,047
2,352,679
3,636,948
1,592,677
443,850
1,176,553
2,244,907
3,122,098
1,178,985
Season to Aug. 1
1920.
1919.
1918.
3,117,277 2,421,563 2,842,877
1,538,724
891,726 1,684,019
3,606,108 2,944,845 3,373,115
6,694,927 5,486,468 7,051,244
7,000,222 9,821,136 9,913,087
4,121,853 3,616,110 4,744,591
GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details
Government
and 1919.
9.638,606
9.173,429 10,659,203 26,079,111 25,181.848 29,608.933
receipts
of
and disbursements
Receipts.
—
for July 1920
Jvly 1920.*
JlUy 1919.
§
20,498,245 83
$
30,694,297 30
Ordinartf
Customs .-
Internal revenue'
Income and
proflts tax
64,917,691
107,670,917
26,657,193
426,425
Miscellaneous
Miscellaneous revenue
Panama Canal tolls, &CTotal ordinary
90
44.043,414
110,038,601
52,821,655
379,786
32
23
70
230,366,525 45
30
29
11
49
227,781,703 02
Public Debt —
Liberty bonds and Victory notes.
Certificates of indebtedness
War Savings securities
Postal Savings bonds
Deposits for retirement of national bank notes and
Federal Reserve bank notes (Acts ol July 14
1890 and Dec. 23 1913)
4,065
734,061,500
2,359,274
72,800
00
423,846,990 56
00 1,374,500.842 87
53
00
5,176,865 12
103.140 O'O
144,650 00
742,614 12
736,642,289 53 1,804,370,452 67
Total
Grand
967,008,814 98 2,032,152,155 69
total receipts
Disbursements.
—
Ordinary
& warrants paid (less balances repaid, &c.)
Interest on public debt paid
Panama Canal- Checks paid (less balances repaid, &c.)
.-
Checks
239,960,416 81
47,951,186 63
Principal
838,092,708 84
40,318,394 27
629,400 29
11,000,000 00
Purchase of obligations of foreign Governments.Purchase of Federal Farm Loan bonds-
212,467 23
97,650,000 00
6,900,000 00
60,835 58
-
Accrued Interest
976,273,570 34
306,501,839 31
Total ordinary
—
Public Debt
Bonds, Interest-bearing notes, and certificates
retired
National bank notes and Federal reserve bank
notes retired (Acts of July 14 1890 and Dec. 23
1913)
811,572,071 86 1,486,578,923 58
1,474,671 00
2,264,152 50
813,046,742 86 1,488,843.076 08
Total
Grand
*
.1,119,548,582 17 2,465,116,646 42
total disbursements
Receipts and disbursements for June reaching the Treasury in July are Included
.
BANK NOTES—CHANGES
AND
IN TOTALS OF,
IN
DEPOSITED BONDS, &c.—We
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and Legal Tenders
on Deposit for
Circulation Afloat
—
Under—
1919-20.
Legal
Tenders.
Bonds.
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec.31
Nov. 29
Oct. 31
Sept. 30
Aug. 30
July 31
Total
[Vol. 111.
1920..
1920..
1920..
1920..
1920..
1920..
1920.1919..
1919..
1919..
1919..
1919..
1919-.
S
709,436,400
707,963,400
706,307,750
704,884,000
703,000,000
701,469,450
699.936,250
699,357,550
698,196.300
695,822,060
696,288,160
694.621,710
693.343,210
Legal
Tenders.
Bonds.
$
698,099,990
689,327,635
686,225,000
692,104.195
691,498,920
689,748,578
699,866.398
691,689,258
688,995,580
687,666,753
687,460,223
689,235,005
686,278,555
S
28,363,714
29,710,095
31,039,887
31,288,577
32,439,832
32.892,677
33,241.792
32,649,434
33,146,580
34,727,572
34,024,987
35,328,665
34.629,207
Total.
S
726,463,704
719,037,730
717,264,887
723,392,772
723.938,752
722,641,255
733,108.190
724,338,692
722,142,160
722,394,325
721,485,210
724,563,670
720,907,762
S
28,363,714
29,710,095
31,039,887
31,288,677
32,439,832
32,892,677
33.241,792
32,649,434
33.146,580
34,727,572
34,024,987
35,328,665
34.629,207
$207,400,000 Federal Reserve bank notes outstanding July 31
bonds), against 5210,699,800 in 1919.
(all
secured by
TJ. S.
®0mmer ciat atitlf*XisccXIatiJeausl|jettr]g
FOREIGN TRADE OF NEW YORK— MONTHLY
STATEMENT.
The following shows the amount of each class of U. S. bonds
held against national bank circulation and to secure pubUo
moneys held in national bank depositaries on July 31:
U.
Merchandise Movement
at
New
Customs Receipts
York.
at
Month.
Imports.
1919-20.
1918-19.
$
$
1919-20.
1918-19.
179,457, ,378 96,101, 747 237, 532,410 237 731,667
August
163,182 ,188 122,452, 147 264, ,759,378' 209 108,295
September 251,529, ,881 115,731, 618 267, 365,966 197 725,054
October .. 214,756, 732 105,821, 699 324, ,627,015 182 657,189
November 231,808, ,185 98,787, 677 237, 666,749 231 464,051
December. 221,159, ,962 91,969, 882 204 ,779,114 222 ,987,829
January .. 280,997, ,659 85.880, 20S 257 151,089 264 ,544,534
February - 260,144, ,811 110,759, ,849 301, ,626.954 311 ,376.177
Marcb
292.275, ,8561 130.844 316396 .929,064312 904,175
April
270,147, 137145,065, 1571302 ,495,893 331 394,915
May
224,033, 443 178,233, 477 343 ,323,392|280 404,527
June
315,350 ,911152,314 929 254 ,306,437,429, 160,599
Movement
Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
9,215,233
8,589,023
8,438.132
7,350.250
7,390,251
6,342,530
8,026,387
9.856,349
10.600.101
12,881,216
12,318,060
13,964,223
1
14.971 ,755
2s,
43.
2s.
2s,
2s,
and
silver for the 12
Ooia Movement at
New
months:
—New York.
York.
TJ. S.
..
1-year Certifs of Indebtedness
Totals
S
13,888,400
2,593,000
383,500
285,300
259,375,000
570,814,200
65,628,900
47,713,040
25,280,260
$
584,702,600
68,221,900
48,096,540
25,565,560
259,375,000
709,436,400
985,961,600
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits July 1 and
Aug. 1 and their increase or decrease during the month of
July:
—
—
National Bank Notes Total Afloat
afloat July 1 1920...
Net amount Issued during July
Silver
Amount
$719,t37,730
7,425,974
of bank notes afloat Aug. 1 1920
Legal-Tender Notes
deposit to redeem national bank notes July
Net amount of bank notes retired In July
Imports.
1919-20.
July
August .-.
September
October ..
November
December.
January ..
February .
March
AprU
May
June
$
393,587
1,310,313
287,011
2,883,735
1,230.283
791,436
183,085
1.458.285
1.708,182
55,156,705
1,682,127
6,963,355
Total... 72,848,104
Exports.
1918-19.
S
627,829
688,892
559,988
456,282
531,690
861.071
649.358
629,787
668,246
699,827
606,758
414.262
1919-20.
1918-19.
S
$
23,609,186
a,903,7!3
268,600
3,921,003
737,990
5,279,491
3.080,163
381,200
12,110,147
221,832
985,950
22,246,193
2.517.289
17,790,299
24,814,399
2,346.310
2,311,250
35,247.500
1,187,332
34,820,300
2.649.762
1,422,830
1.436,853 58.876.463
Imports.
EzpoTU.
1919-20.
1919-20.
S
1,193,471
1,901,535
2,881,673
549,939
1.738,094
261,913
1,858,736 14,251,986
709,700
2,327,316
232.476
3,132,386
460.250
1,770,699
1.903,704
3,315,928
1,009,870
1,106,666
165,821
1.715,881
S
1,974,668
1,680,894
1,777,994
2,039,169
7,193,990 187,005,096 75.160.759 22,962,160 26,998,519
Amount
$726,463,704
—
Amount on
Month.
Total
Held.
276,525,200
Consols of 1930
U. S. Loan of 1925
TJ. S. Panama of 1936.
TJ. S. Panama of 1938
TJ. S.
Amount
of gold
Secure-
1918-19.
S
15,281,139
15,444,278
16,740,934
16,792,158
21,023,969
19,376,716
21,284,852
19.323,968
22,429.000
19.999,693
17.981,669
21,434.068
29048441431 1433962706 33925634621 321 1459012 227.1 12 ,424
to
On
BoTtOs on Deposit
July 31 1920.
York.
1919-20.
July
Total.
New
Exports.
Bonds Beia July 31
S.
$29,710,095
—
1920.
1
1,346,381
on deposit to redeem national bank notes Aug. 1 1920
$28,363,714
—
Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By
Shares.
Messrs. Adrian H. Muller
100 Pilgrim Gold Mg.. $2 each.
10 Electro-Pneumatic Transit
certifs. of
180
Bay
&
Sons,
Shares.
Stocks.
pref
I
^$6
deposit
State Gas. N. Y.
$50 each..
213 Cent.
I
ctfs..
I
lot
)
6,000 Internationa Comml. Corp..
$100 lot
$10 each
New
York:
Stocks.
Hudson Steamboat,
$16 per sh.
40 Gloversv. Hotel Assoc. $10 per sh.
1,000 Metropol. Sew. Mach..$10 per sh.
10,000 Durango Mines, $1 each.. $50 lot
10,489 Great Peck Mine, $5 each.. $5 lot
—
Aug. 14
By
H
.
THE CHRONICLE
1920.]
Messrs. R. L.
Day &
Shares.
148 J-2
39 Continental Mills
By
Messrs. Wise,
&
Hobbs
Shares.
180H
Messrs. Barnes
&
200
40
Co
Lofland, Philadelpliia:
Shares.
Stocks.
$ per sh.
4 Fire Assoc, of Phila., $50 each. 320 J4
4 Phila. Bourse, com., $50 each..
289
2 Penn National Bank
12 Philadelphia National Bank. ..339
225
2 South wark National Bank
i.lSO
6 Bank of Germantown
10 Farmers & Meeh. Nat. Bank
(in liquidation)
6 Continental-Equit. T.
S per sh.
Stocks.
15 Pepperell Mfg
10 Mass. Real Estate
$ per sh.
Stocks.
& T.,S50
Bank of Corning, N. Y., to "First National Bank
Tnist Co. of Corning."
The Wall National Bank of Worden, 111., to 'The First National Bank
First National
of Worden."
DIVIDENDS — Change
in
4M
16H
Method
of Reporting
Same.
have changed the method of presenting our dividend
record. We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
6^
87
15 Union Passenger Ry
200 U. S. Loan Society
7}i
Per cent.
Bonds.
$100 University Club of Phila. 1st
70
5s, 1922
$500 Montgomery Trans. & Lt. 1st
& ref. 6s, 1947
1
$3,000 Philadelphia, City, 4s, 1922. 95H
107
51
each
S Real Estate Trust, com
1 Philadelphia Finance
&
The
We
1
2-3 West Point Mfg.
1 Nasliawena Mills
2 Boston Railroad Holding, pref- 36
5 American Mfg., com
150Ji
By
&
Bedf. Gas
American Textile Soap, pref... 82
82 }4
2 Emerson Shoe, first pref
92Ji
4 Mississippi River Power, com.. 10
lOH
101^-102
138
2-H Bates Manufacturing
3 Commonwealth Trust
10 Arlington Mills
Shares.
New
Arnold, Boston:
$ per sh.
Stocks.
Shares.
1,795
lOX
West Point Mfg
$ per sh.
Stocks.
Ed. Lt
135
10TheGlnterCo.,pref.,S10ea. lOH
7c.
4 Niitl. Lt., Ht. &Pow., com..
li4
5 Masa. Cremation Soc, SIO ea
20 Beacon Falls Rubber Shoe, pf. 92
Bank, Boston-325-325K
2 International Trust, Boston .3471-2'
355
1 Sagamore Manufacturing
7-3
CHANGES OF TITLE APPROVED.
Co., Boston:
S per sh.
Stocks.
Shares.
22 First Nat.
605
—
Canadian Bank Clearings. The clearings for the week
ending Aug. 5 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate of
Name
Per
Cent.
of Companjj.
Booki Closed.
Days
Inclusive.
Railroads (Steam).
& Maine, pref
Buffalo & Susquehanna, com.
Boston
Canadian
Pacific,
com.
(quar.)
(quar.)
Preferred
Delaware & Bound Brook (quar.)
North Pennsylvania (quar.)
Plttsb. Youngstown & Ash., pref. (qu.).
Southern Pacific Co. (quar.)
Union
common
Pacific,
2
*\>A
2H
*2
*2
$1
IM
IV2
2H
(quar.)
Preferred
11.1%.
When
PaiiabU.
2
Sept. 1 Holders of rec. Aug. 16a
Sept. 30 Holders of rec. Sept. 15
Oct.
1
Holders of rec. Aug. 31
Oct.
1 *Aug. 22
to
Oct.
1
Aug. 20 •Holders of rec. Aug. 13
Aug. 25 Aug. 12
to
Aug. 19
Sept. 1 Holders of rec. Aug. 2O0
Oct.
1
Holders of rec. Aug. 31a
Holders of rec. Sept. 1
Oct.
1
Holders of rec .Sept. 1
Oct.
1
&
Clearings at
Street
Electric Railways.
El Paso Elec. Co., com. (quar.)
Frankford & South wark Pass, (quar.)
2d & 3d Streets Pass., Phila. (quar.)
Weelc ending August 5.
—
Inc. or
1920.
1919.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Calgary
145,321,010 135,168,135
90,064,583 77,848,380
41,089,759 40,538,833
16,971.174 12,935,704
7,245,311
6,460,216
9,194,293
8,809,248
7,897,956
6,306,432
3,094,931
2,450,740
7,161,582
6,067,557
5,053,386
4,865,810
4,910,689
4,494,301
4,045,125
3,015,864
3,552,462
2,971,494
4,334,753
4,196,210
2.431,971
2,208,559
1,883,783
1,648,128
850,908
911,789
790,578
875,703
1,288.793
1,123,969
888,606
857,002
811,323
689,145
558,117
547,102
859,326
842,189
1,366,987
845,502
1,243,438
969,642
3,004,954
1,730,858
459,484
470,417
Ottawa
Quebec
Victoria
Hamilton
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Jort William
New Westminster.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Total Canada.
366,376,282 329,849,529
1918.
Dec.
%
+ 7.5
+ 28.5
+ 13.6
+ 31.2
+ 12.2
+ 4.4
+ 25.2
+ 26.3
+ 18.0
+ 3.9
+ 9.3
+ 34.2
+ 19.6
+ 3.3
+ 10.1
+ 14.3
I9I7.
S
77,915,850
56,807,914
34,711,501
15,384,457
6,869,807
6.066,143
4,842,297
2,359,439
4,421,049
2,897,782
4,737,611
2,781,719
2,101,097
3,327,395
1,826,672
1,385,380
78,263,060
51,029,187
32,240,178
7,904,553
5,904,849
5,283,313
3,808,295
1,608,738
3,734,020
2,624,492
3,183,045
2,171,875
2,018,638
2,437,963
1,844,470
1,000,000
777,557
1,015,356
644,543
451,796
772,600
753,653
804,479
559,122
617,639
301,421
427,092
586,113
730,341
646,128
885,642
585,058
619,983
492,824
785,899
236,283
—6.7
—9.7
+ 14.7
+ 3.6
+ 17.7
+ 2.0
+ 2.0
+ 61.6
+ 28.3
+ 73.6
—2.3
+11.1 235,737,171 210,498,147
—
National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
national banks
CHARTERS ISSUED.
Capital.
$25,000
Original organizations:
President, Jacob
Fallsburg,
M.
N. Y...
Beck; Cashier, A. B. Rosenstraus.
The Minnesota National Bank of Duluth, Minn
President, B. M. Peyton; Cashier, J. N. Peyton.
The First National Bank of Hanover, Kan
President, E. W. Thiele; Cashier, T. W. Snodgrass.
The Security National Bank of Emery, So. Dak
President, J. J. Hofer; Cashier, A. A. Mettler.
The First National Bank of Blissfield, Mich.._
President, John D. Heinrich; Cashier, Otto H. Johnson.
The First National Bank of Valley Falls, Kan..
President, Geo. W. McCoy; Cashier, E. G. Boughner.
The First National Bank of Bandera, Texas
President, W. J. Davenport; Cashier, A. Meadows.
Succeeds private bank of W. J. Davenport, Bandera.
Total-
75,000
600,000
25,000
..
25,000
60,000
•
&
&
Trust (quar.)
Trust (quar.)
25,000
--
la
la
lo
5
Mlsceilaneous.
American Locomotive, common (quar.)
Preferred
(quar.)
Amer. Power & Light, com. (quar.)
American Window Glass Co., pref
Amparo Mining (quar.)
Extra
Atlantic Refining, com. (quar.)
Atlas Powder, com (quar .)
.
Common
(payable in common stock) . .
British-American Chemical, common
Common (payable in common stock) . .
Preferred
British- American Tobacco, ord (interim)
Aug.
2
Holders of rec. July 20a
IV2
Oct.
1
Sept. 16
*1H
*1H
1
3H
3
2
5
3
/5
2H
/5
2
Aug. 25
Aug. 25
Aug. 25
Sept. 30
Oct.
9
Sept. 1
Aug. 20
Sept. 1
Oct.
1
Aug. 16
Aug. 18
Hudson Safe Deposit
5
Internal. Cotton Mills, com. (quar.)
$1.50 Sept. 1
Preferred (quar.)
IH Sept. 1
Lit Brothers
Aug. 20
*50c.
Aug. 20
Extra
•30c.
Manhattan Shirt, com. (quar.)
43MC. Sept. 1
Manati Sugar, com. (quar.)
214 Sept. 1
*4
Sept. S
Niitional Candy, common
»5
Common (extra)
Sept. 8
First and second preferred
*3H Sept. 8
Nat. Sugar Refining (quar.)
3K Oct. 2
Nebraska Power, pref. (quar.)
IM Sept. 1
New River Co.. pref. (quar.)
*S1.50 .\ug. 25
Peerless Truck & Motor (quar.)
1
SI. 25 Oct.
Philadelphia Electric Co. (quar.)..
Sept. 15
43
Porto Rican-Amer. Tobacco (quar.) .. ;3
Sept. 2
*3
Oct. 15
Quaker Oats, common (quar.)
Common (payable In common stock).. */25 Sept. 30
Preferred (quar.)
*1H Nov. 30
Sinclair Cons. Oil Corp., pref. (No. 1).. *S2
Sept. 1
Southwestern Power & Light, pref. (qu.)
*3
Sept. 15
Standard Oil (Kansas) (quar.)
*3
Sept. 15
Extra -*4
Standard Oil of New York (quar.)
Sept. 15
Steel Products, preferred (quar.)
IH Sept. 1
United Gas Improvement, pref. (quar.). *lJi Sept. 15
•1
Sept. 30
U. S. Gypsum, common (quar.)
Preferred (quar.)
*1H Sept. 30
*214 Sept. 15
Valvollne Oil, common (quar.)
Van RaalteCo., 1st pref (quar.)
IH Sept. 1
Second preferred (quar.)
IH Sept. 1
Weber & Heilbroner, preferred (quar.).. *1H Sept. 1
Engineering, com. (quar.)
White (J. G.)
IH Sept. 1
Sept. 1
Common (extra)
6
Sept. 30
White Motor (quar.)
*S1
Woolworth (F. W.) Co., pref. (quar.).. *1% Oct. 1
.
to
Sept. 30 Holders of rec.
Sept. 30 •Holders of rec.
Sept. 1 Holders of rec.
to
Sept. 1 Aug. 21
Aug. 10 Holders of rec.
Aug. 10 Holders of rec.
Sept. 15 Holders of rec.
to
Sept. 10 Sept. 1
to
Sept. 10 Sept. 1
4
Canadian Car & Foundry, pref. (quar.).
IM
Cerro de Pasco Copper (quar.)
$1
Davenport Coal (No. 1)..
1
Decker (Alfred) & Cohn, pref. (quar.).. *1H
Famous Players-Lasky Corp., com. (qu.) *$2
Great Lakes Transit, com. (quar.)
$1.25
m
.
25,000
Holders of rec. Sept.
Holders of rec. Sept.
Holders of rec. Sept.
Trust Companies.
Farmers Loan
Lawyers Title
M
Conversions of State banks and trust companies:
The First National Bank of Warroad, Minn
Conversion of State Bank of Warroad.
President, Paul Marschalk; Cashier, Amed Soderstrom.
The South Fallsburg National Bank, South
2)4 Sept. 15
$4.50 Oct.
1
Oct.
1
S3
Oct.
1
Sept. 13
Sept. 13
Aug.|14
Aug. 31
Julyl 31
July! 31
Aug. 21
Sept. 9
Sept. 9
Holders of rec Aug. 16
Holders of rec Aug. 16
Holders of rec Aug.U6'
Holder of coup. No.*S2J
Holders of rec. Sept. 25
Holders of rec. Aug. 20
Holders of rec. Aug.115
•Holders of rec. Aug. 20
•Holders of rec. Sept.'lS
Holders of rec. Aug. 12
to
Aug .18
Aug. 17
Holders of rec. Aug. 16
Holders
•Holders
•Holdeis
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
•Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
•Holders
Holders
•Holders
•Holders
of
of
of
of
of
•Holders
•Holders
Holders
Holders
of
of
rec. .Aug. 16
rec. Aug.
9
rec. Aug. 9
rec. Aug. 20
rec. Aug. 17a
of rec. Aug. 17
of rec. Aug. 17
of rec. Aug. 17
of rec Sept. 13
of
of
of
of
of
of
of
of
of
of
of
of
Holders of
Holders of
•Holders of
Holders of
Holders
Holders
Holders
•Holders
•Holders
of
of
of
of
of
of
of
rec
rec
rec
Aug. 20
.\ug. 14
Sept.
lo
rec. Aug. 12
rec. -Aug. 14
rec. Oct
1
rec. Sept. 1
rec. Nov. 1
rec. Aug. 15
rec.
Aug. 14
rec.
rec.
rco.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
.'\ug.
31
Aug. 31
.'^ug. 25
Aug. 14a
Aug. 31a
Sept. 15
Sept. 15
Sept. 8
.Aug. 16
Aug. 16
Aug. 25
Aug. 16
Aug. 16
Sept. 15
Sept. 10'
$860,000
APPLICATIONS FOR CHARTER.
Conversions of State banks and trust companies:
The First National Bank of Minatare, Neb
Conversion of the Minatare Bank.
Correspondent, G. F. Haas, Minatare.
$25,000
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Original organizations:
First National
Bank
in
Braidwood,
111
Correspondent, James A. Smith, Braidwood.
First National Bank of CoUyer, Kan. (succeeds Collyer
Per
25,000
Name
0/
Companv.
Cent.
Wfiert
Pat/atle.
Books Closed.
Days
Inciutit4.
The
State Bank)
50,000
Correspondent, Charles E. Downio, Collyer, Kan.
The First National Bank of Kanorado, Kan
Correspondent, W. J. Detwiler, Kanorado, Kan,
The Hydro National Bank of Niagara Falls, N. Y
Corrospondonti, C. T. Canavan, Niagara Falls.
The First National Bank of Ravia, Okla..
Correspondent, James H. Wilkinson, Ra\ia.
The First National Bank of Jerome, Pa
Correspondent, J. C. Trovorrow, Jerome.
The First- National Bank of Amherst. Wis
Correspondent, Bert Solverud, Amherst.
The First National Bank of Stanley, Wis
Correspondent, A. O. Wall, Stanley.
25,000
.
Railroads (Steam.)
Alabama Great Southern, preferred
Atch. Topeka & Santa Fe, com. (quar.).
200,000
25,000
.......
25,000
30,000
25,000
Baltimore & Ohio, preferred
Buffalo Rochester & Pittsburgh, com...
Preferred
Chic. St. Paul Minn. 4 Omaha, common
Preferred
Cleveland & Pittsburgh, reg. gu. (qu.)
Special guar, (quar.)
Cripple Creek Ci'ntral, pref. (quar.)
Delaware * Hudson Co. (quar.)
Illinois Central (quar.)
Norfolk
&
Western,
Preferred
Total
$430,000
CAPITAL STOCK INCREASED.
The
The
The
The
The
The
The
The
The
An%t. of
Increase.
Lycoming National Bank of Williamsport, Pa..
$100,000
First National Bank of Frackville, Pa
10,000
Merchants' & Planters' Nat. Bank of Ada, Okla.
.50,000
First National Bank of Grove City, Pa
.50,000
First National Bank of Cooburn, Va.. . .
50,000
First National Bank of Richmond, Ind.
,50,000
National I'.irk Bank of New York, N. Y
2,500,000
First N,ational Bank of Ocean City, N. J
50.000
Farmers' National Bank of Luverne, Minn
25,000
Total
$2,885,000
Cap.
When
Increased.
$200,000
60,000
100 000
1,50.000
100,000
1,50 000
7,500 000
100,000
50,000
common
(quar.)
(quar.)
$ 1.75
m
2
2
3
2H
3H
l?i
1
1
2H
IH
1«
1
Aug. 20
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
16
16
20
20
Sept.
Sept.
Sept
.
.Sept.
IH
IH
Reading Company,
60c. Sept.
Street and Electric Railways.
Cent. Arkansas Ry. & L. Corp., pf (qu.)
Connecticut Ry. & Lf«.. pref. (quar.)..
Detroit United Ry. (quarj..
Montreal Lt., Ht. & P. Cons. (quar.)..
.
Pacific
Gas &
El., Ist pf.& orlg. pf. (qu.)
5%
preferred
Electric Co. (quar.)
Washington (D. C.) Ry. & Kleo., pref..
West Pcnn Rys., pref. (quar.)
Water Pow., pf. (qu.).
West Penn Tr.
Philadelphia Co.,
Tnmpa
A
IH
IH
2
IH
IH
1
1
20
Sept.
9
1
Aug. 16
Sept.
1
Aug. 16
Aug. 16
SI. 25 Sept.
2H
•2H
IH
IH
1
Sept. 1
Sept. 18
Aug. 19
Aug. 31
Aug. 31
Pennsylvania ((luar.)
Pittsburgh A West Virginia, pref. (quar.)
first pref. (quar.) ..
1
1
1
Aug. 16
Aug. 20
Sept. 16
Aug. 16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rco.
rec.
rrc.
rec.
rec.
rec.
rec.
rec.
July 18
July 30a
July 170
Aug. 60
.\ug.
Aug.
AUK.
60
2a
2a
.\UE. 100
Aug. 100
.\ug. 14
.\UB. 280
Aug.
30
31a
July 310
Aug 20
Aug. 3a
Aug. 240
.\ug.
.
Holders of rec. Aug.
Aug.
Aug. 1
to
Holders of rco. .\ug.
Holders of rec. July
Holders of rec. July
Holders of roc. Aug.
Holders of rec. Aug.
•Holdros of ri>c. .\ug.
Holders of rec. Sept.
Holders of roc. Aug.
16a
15
160
31a
31a
100
20
5
1
2
THE CHRONICLE
666
Per
Kame
When
Cent.
Company.
of
Payable
Books Closed.
Days
Per
Name
Inclusive.
preferred iquar.)
Advance-Rumely Co., pref. (guar.)
AlUs-CUalmers Co., common (No. 1)
American Bant Note, com. (quar.)
Tea.
lirst
Am. Brake Shoe &
—
Fdy., com. (special)
Sept.
Oct.
1
Aug.
Aug.
Aug.
•IH Axig.
*IH Aug.
American Brass (quar.)..
Extra
American Chicle, preferred (quar.)
American Druggist Syndicate
American Gas (quar.)
l!^
40c.
1
Amer.HJde & Leather, pref. (quar.)
Amer. La France Fire Eng., com. (qu.).
American Radiator, common (quar.)
IH
2^
Sept.
Aug.
Nov.
(quar.)
Elec
.
Anaconda Copper Mining
Armour Leather, common
pr ef . (qu. )
(quar.)
.
,
Dry Goods, pref. (quar.)
Second preferred (quar.)
Atlantic Sugar Refineries, com. (quar.).
Preferred (quar.)
Preferred (acct. accum. dividends)
Bamet Leather, common (quar.)
Common B
common
(quar.)
(quar.).
Non-cumulative preferred (quar.)
Cumulative convertible pref. (quar.)..
common
orden Co.,
Preferred (quar.)
Preferred (quar.)
British Columbia Fish
1%
$1
& Pack.
(quar.)..
IH
154
2H
IM
ft28
IH
2
Brown Shoe, common
\H
(quar.)
Brunswlck-Balke-Collender, com. (quar.) *1H
Common (payable in new Com. B stk.) kl50
Brunswick-Balke-Coilender, pref. (quar.) "IVi
Buckeye Pipe Line (quar.)
S2
Burns Bros., common (quar.)
2H
By-Products Coke Corp. (quar.)
Canada Cement, preferred (quar .)
Canada Foundries & Forg., com. (qu )..
(q uar .)
Canadian Converters, Ltd. (quar.)
Caracas Sugar (No. 1)
C«dar Rapids Mfg. & Power (quar.)
Chicago Mill & Lumber (quar.)
Oct.
Oct.
Sept.
Sep;.
Sept.
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept.
m
Brooklyn Edison (quar.)
Preferred
Holders
rec
rec
rec
rec.
rec
rec
rec Sept. IS
rec July 3la
rec Aug. 18a
rec Sept. I la
rec Aug. 2a
to
Sept. 30
to
Aug. 16
of rec
Nov. 1
.
Holders
Holders
43
k3
ly^
*30c.
Associated
Steel,
•Holders
Holders
Holders
Holders
Holders
Holders
Sept. 23
•Aug. 8
Aug. 20a
Sept. 150
July 31a
Aug. 2a
Aug. 20a
July 31
July 31
rec,
•IH
*1«
American Sumatra Tobacco, preferred..
American Tobacco, com. (in com. B stli.)
Common B (payable in com. B stls.)..
Bethlehem
Holders
of
of
of
of
of
of
of
of
of
of
of
of
S1.50 Aug.
IVi Oct.
IK Oct.
Oct.
2
Oct.
4
.^.ug.
I'A
'A
Amer Water WorliS &
Sept.
Sept.
Aug.
(qu.)
(extra)
Preferred
Holders
Holders
Holders
Holders
Holders
Aug. 21
to
Aug. 29
Aug. 14
to
Aug. 22
Holders of rec July 31
Holders of rec Sept. la
Holders of rec Sept. la
Holders of rec Aug. 16a
Aug. dl5 to
Sept. 15
Aug. dI5 to
Sept. 15
Aug. dI5 to
Sept. 15
Holders of rec. July 31
Holders of rec. July 17a
Holders of rec. Aug. 14
Holders of rec. Aug. 9a
Holders of rec. Aug. 9a
Holders of rec. Sept. 20
Holders of rec. Sept. 20
Holders of rec. Aug. 20
Holders of rec. July 30a
Holders of rec. Sept. 15a
Holders of rec. Sept. I5a
Holders of rec. Sept. 15o
Holders of rec. Sept. 15a
Holders of rec. July 31a
IH
(quar.)
American Soda Fountain (quar.)
Amer. Sugar Refg., com. & pref.
Common
.\ug.
SI
Amer. Roiling Mlii, com. (in com. stock) »/25
I
Amer. Smelt. & Refg., common (quar.)Preferred
Oct.
Sept.
Sept.
Oct.
*1H
(quar .)
Preferred
1%
IH
$1
S2
*1M
1%
3
I5i
15i
$1
H
Sept.
Dec.
Aug.
Sept.
Sept.
.
Holders
Holders
Holders
of
of
of
of
of
B
Preferred
(monthly)
Cities Service, bankers' shares (monthly)
Cleveland Automatic Mach. (quar.)
Colorado Fuel
Iron, com. (quar.)
Preferred (quar.)
Electric (quar.)
Columbia Gas
42c
Columbia Giaphophone Mfg., com.(qu.)
25c.
&
&
Common
(payable in
Preferred
common
stock).
%
2
IH
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Aug.
Aug.
Consolidated Cigar, pref. (quar.)
Consolidated Gas (quar.)
Consumers Co. preferred
(Continental Motors Corp. com (quar.).
Continental Motors Corp. pref (quar.).
Continental Paper&Bag Mliis,com.(qu.)
,
,
.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
I'A
IH
Sept.
(P)
Aug.
20c. Aug.
*3'A
*1H
IVi
Oct.
.4ug.
(quar.)
I'A
Com. pref. (payable In com. stock). /50
Cosden & Co., preferred (quar.)
IH
Cramp (Wm.)
Sons 8.&E.B. (in stk.) el50
(iresoent Pipe Line (quar.)
75c.
Crucible Stee; Com. (pay. in com. stock) /14 2-7
Cuban-American Sugar, com. (quar.)..
I'A
Preferred (quar .)
i'A
Aug.
Aug.
Davison Chemical
Deere & Co., pref. (quar.)
Aug.
Preferred
&
&
$1
IH
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
2
Sept.
Oct.
Sept.
Dominion Bridge (quar.)
Dominion Oil (monthly)
2
Aug.
I
Sept.
Dow Chemical, com.
Common (e.\tra)
\H
IH
IH
Aug.
Detroit Iron
&
Steel pref
(quar.)
,
.
(quar.
*\H
)
Diamond Match
(quar.)
Preferred
(quar.)
Eastern Steel, common (quar.)
E^astman Kodak, common (quar.)
Common (extra)
(Common (extra)
2}^
5
Preferred (quar .)
Elsenlohr (Otto) & B:
iros., com. (quar.)..
1
1
Common (extra)
Electric Investment, pref. (quar.)
Electric Storage Batt., com.
pf. (qu.)
Erie Lighting, preferred (quar.)
...
Federal Utilities, pref. (quar.)
Firestone Tire & Rubber, pref. (quar.)..
General Asphalt, pref. (quar.)
_
General Chemical, com. (quar.)
General Cigar, preferred (quar.)
Debenture preferred (quar.)
&
General Developmen t(quar.)
Gillette Safety Razor (quar.)
Goodrich (B. F.) Co., common (quar.)..
Goodrich (B. F) Co., com. (quai >
Dock
(quar.j
Greene Cananea Copper
Guantanamo Sugar (quar.)
Extra
Harbison-Walker Refract., com. (Oi.)..
Preferred
(quar.)
Hart. Schaffner
£
Marx. com. (guar.)..
Hartman Corporation (quar.)
Hunp Motor Car Corp., pref. (quar...
Illuminating & Power Sec. pref. (quaf.).
Indian Refining,
Preferred
common
1%
I
IH
IH
2
IH
IH
50c.
IH
SI. 50
2
50c.
50c.
50c.
IH
1^
•Holders of
Holders of
Holders of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
Aug.
Aug.
Oct.
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
Oct.
Aug.
•vug.
Nov.
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
of the
Common
Woods
Milling, com. (quar.)
Ltg-MarCoai Mining
3fock dividend
8
rec.
rec.
rec,
rec.
rec.
rec,
rec.
rec.
rec.
rec.
of
of
of
of
of
of
of
of rec.
Aug. 5
Aug. 23
Aug. 2a
Aug. 6
July
July
July
July
Oct.
July
31
31
31
31
1
31
Aug. 7
Sept.
Sept.
Sept.
IH
Aug.
50c.
SI
•e60
..Aug.
2c.
eSc.
..
Madison Safe Deposit
Martin-Parry Corp. (quar.)
Payable.
•3
3
3
*2
50c
30c
3
Sept.
Sept.
Sept.
Books Closed.
Dai/s Inclusive.
Preferred
2
I'A
2
(quar .)
Merrimack Mfg., common
(quar.)
2H
Preferred
Merritt Oil Corp. (quar.)
Miami Copper
(quar.)
Middle States Oil (monthly)
Minnesota Sugar, common (quar.)
Preferred
(quar.)
Moline Plow, Ist pref. (quar.)
Second preferred (quar.)
Montreal Lt., Heat & Power (quar.)
National Acme (quar.)
National Biscuit, com. (quar.)
„
Preferred
(quar.)
Nat. Cloak
Suit, pref. (quar.)
National Lead, com. (quar.)
Preferred (quar. )
&
Preferred
Preferred
Preferred
Preferred
Preferred
Sept.
.Aug.
;Aug.
rec. Aug. 15
rec. Aug. 15
rec. Aug. 15
rec. Aug. 15
5o
rec. Aug.
rec. July 3Ia
rec. July 31a
rec. July 3la
rec. Sept. 10a
rec. Sept. 10a
rec. Sept. 10a
rec. Aug. 163
rec. Aug. 11a
rec. Aug, 10
to
Aug.
16
to
Sept, 15
Aug. 25
Holders of rec. Aug.t)15
Holders of reo. Sept. lOo
2
IH
(quar.)
(quar.)
2
2
2
2
.
(quar .)
(quar.)
(quar.).
(quar.)
(quar .)
(quar.).
(quar .)
Development Corp. (quar.)
Patchogue-Plymouth Mills, pref. (quar.)
Penmans, Ltd., common (quar.)
Pierce Oil Corporation
Common (quar.) (pay. In com. stock)
Pittsburgh Oil & Gas (quar.).
Pittsburgh Steel, pref. (quar.)
Pratt & Whitney, preferred (quar.)
Pressed Steel Car, com. (quar.)
Preferred (quar.)
Procter & Gamble, common (quar.)
Common (payable In common stock).
Pullman Company (quar.)
Pure Oil, common (quar.)
Common (payable in com. stock)
Quaker, Oats, preferred (quar.)
Rainier Motor Corp pref. (quar.)
Reynolds (R. J.) Tobacco Co., com. and
,
Aug.
Aug.
.A.ug.
of
of
of
of
„.
of
of
of
6
6
6
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Aug. 31a
July 31
Aug. 10
Aug. 16
Aug. 16
Aug. 16
Aug. la
Aug. 310
Aug. 310
July 310
Aug. 31a
Aug. 1
Aug. 10
Aug. II
of rec. Aug. 16a
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders of
Holders
to
to
to
rec
rec
rec
rec
Sept. 10«
July 30
Aug. I4a
Oct.
1
of
of
of rec
of rec.
of rec.
of reo.
of rec. Sept. 13a
of rec. Sept. 15
of rec. Aug. 14
of rec. July 31a
Holders
Holders
Holders
Holders
Holders of
Holders
Holders
rec.
rec.
rec.
rec.
...„.
rec.
rec.
rec.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec,
rec,
rec
rec
rec
rec
rec
Aug 20a
Aug. 250
Sept. 24o
Aug. 5a
July 31
Aug. 5
Nov. 50
Sept. 21o
Aug. 9
I
Aug.
6o
Sept. 10a
Sept. lOo
Aug. 20o
9a
Oct.
Aug. 20
Aug. 18o
Sept. 20
July 31
Sept. 8
Sept. 8
July 17
Aug. 10
Aug. 20
Aug. lOo
Aug. 6a
July 31
Aug. 20
Aug.
Aug.
Aug.
Aug.
21
21
21
210
reo. Aug I4a
rec. July 310
rec.
rec.
rec.
June
Aug.
Aug.
81
•2
2
2
I'A
6
/4
2
50c.
/50c.
2
(extra)
Preferred (quar.)
Common
Stewart Mfg., common (quar.)
Stewarts Warner Speedometer (quar.)..
Studebaker Corp., com. & pref. (qu.)..
Superlor Oil Corporation (quar.)
Superior Steel Corporation
First and second pref. (quar.)
Swift International
Taeoma Gas & Fuel, preferred (quar.)..
Texas Chief OU (monthly).
Thompson-Starrett Co., preferred
TImken-Detroit Axle Co., pref. (quar.).
Tobacco Products Corp., com. (quar.)..
Underwood Computing Mach., pf. (qu.)
Underwood Typewriter, com. (quar.)..
Preferred
(quar.)
Union Tank Car com
,
.
(quar.)
Preferred (quar.)
United Cigar Sttires. preferred (quar.)..
United- Drug, second pref. (quar.)
United Retail Stores Corp., com. (in stk.)
United States Steel Corp., com. (quar.).
Preferred (quar.)
Virginia-Carolina Chemical, com. (extra)
Wabasso Cotton
Wayagamack Pulp & Paper
Welch Grape Juice, common
(quar.)
(quar.)
Preferred (q uar .)
West India Sug. Fin. Corp., com. (qu.).
Preferred (quar )
White (J. G.) & Co., preferred (quar.)..
White (J. G.) Engineering, pref. (quar.).
White (J. G.) Man,igement. pref. (quar.)
Woods Mfg., common
Woolworth
(F.
(quar.)
W.) Co.. com.
(auar.)
Mayiie
Aug. 16
Sept.
I
Aug. 16
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
Holders
•Holders
Holders
Holders
Holders
Holders
July 25
July 25
Holders
Holders
Holders
•Holders
Holders
Aug.
Aug.
Aug.
Aug.
Sept
Sept
Sent.
Sept.
Holders
Holders
Oct.
Oct.
•Holders
•Holders
•Holders
Holders
Holders
•Holders
Holders
Holders
Holders
2H
1
*3
•5
*3
hlH
Sept.
Sept.
Sept.
$1
Aug.
Aug.
*1'A
IH
SI
50c.
Sept.
Sept.
2
Aug.
$1.20 Aug.
*1H
Hi
4
*1H
Aug.
Sept.
Oct.
Sept.
fflH
Aug.
2
I'A
•I'A
*1'A
Oct.
Oct.
Oct.
Sept.
Sept.
IH
IH
IH
Sept.
Sept.
;5
Aug.
IH
Sept.
I'A
Aug.
2
Oct.
Sept.
Sept.
75c
I '4
*1H
•2
dl'A
IH
2
2
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
rec. July 29
rec. July 29
rec. July 31a
2a
rec. Aug.
rec. Sept. lOO
rec. Aug. 15
rec. Aug. 15
rec. Aug. 18a
rec. Aug. 18
rec. July 31
reo Aug.
rec July
rec Aug.
rec Aug.
rec Aug.
rec Aug.
Aug.
to
Aug.
to
of rec July
of rec Aug.
of re. Aug.of rec . Aug.
of rec . July
of
of
of
of
of
of
.
31a
.
31
14a
50
.
18a
lOa
.
310
.
.
3
Sept.
Sept.
Sept.
Sept.
I7a
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holdersofrec. Jan31'21
Holdersofrec.Apr.30'21
Holdersofrec. July 30'21
2a
Holders of rec. July
Holders of rec. Aug. 20
Holders of rec. Aug. 5
2
2
•2
IH
(quar.)
Sept. I
Sept. 20
Aug. 20
Aug. 16
Nov. 15
Feb .115
19
19
10
rec. Aug. 14a
rec. Sept.30o
rec. Aug. 160
rec. Aug. 20o
rec. Sept. lOo
rec. Aug. 20
reo. July 17
rec. Aug.
1
of rec. Aug. 6
of rec. Aug. 10
of rec. Aug. 12
of lec. Sept. lo
of rec. Aug. 5a
of rec. July 31
of rec. Oct. 30
of rec. Jan 31 '21
of rec. Apr 30 "21
of rec. July 31
of rec. Oct. 30
4
$2
•1
(extra)
Preferred (quar.)
Stern Brothers, pref. (quar.).
Pref. (acct accumulated dividends)..
Aug. 23
Aug. 16
Aug.
Aug.
Aug.
Aug.
16
160
160
31
of reo. Aug 16a
of rec. Sept. 15a
of
of
of
of
of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
I'A
I'A
1
2
IH
Standard OU (Calif,) (quar.)
Extra
Standard Oil (Indiana) (quar.)
Extra
Standard Oil of Ohio, common (quar.)..
I
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
3
Common
1
rec.
rec.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Preferred (extra)
E.) Co., com.(qu.) (No. 1)
Preferred (quar.)
Sears, Roebuck & Co., com. (quar.)
Semet-Solvay Co. (quar )
Smith (A. O.) Corp., pref. (quar.)
Southern Calif. Edison, common (quar.)
Southern Pipe Line (quar.)
Standard Milling, com. (quar.)
1
Sept. 1
Sept. 30
Sept, 15
Aug. 15
Aug. 15
*IH Aug.
4
Seamans (R.
1
to
to
Holders of
Holders of
Aug. 31
/2H Oct.
*2H Aug,
IH Sept.
IH Aug.
..
Scottr-Adams Corp., pref. (quar.)
Sept.
Oct.
Sept.
Sept.
rec. Aug.
rec. Aug.
rec. .\ug.
rec. July
of
of
of
of
Aug. 10
Aug. 10
IH Aug. 16
IH Nov. 15
IH Feb .116
IH Mayzl5
IH Aug.zI5
com. class B (in new class B com. stk.) tc200
Rlordon Pulp & Paper, common (quar.)
2H
RiordoQ Pulp & Paper, pref. (quar.)
IH
Savage Arms Corp., com. (quar.)
IH
Second preferred (quar. )
IH
Schulte Retail Stores, com. (in com. etk.) fbO
.
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
IH
IH
IH
5
$1
Ontario Steel Products, com. (quar.)
Common
Common
Common
Aug.
Aug.
Aug.
Aug.
25c. Aug. 14
50c.
Aug. 16
40c. Oct.
1
*2K Sept. I
*1H Sept. I
I'A Sept. 1
IH Sept. 1
2
Aug. 16
87HC Sept. 1
I'A Oct. 15
I'A
40c.
4
25c.
National Leather
National Refining, com. (quar.)
New Cornelia Copper
New England Fuel Oil
New York Shipbuilding
Nlies-Bement Pond, common (quar.)
Preferred
•Holders
Holders
Holders
•Holders
50c. Sept.
May Department Stores
Common (quar.)
,
Aug.
Sept.
Sept.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
to
Oct. 15
Holders of rec Aug. 7
Holders of rec. Aug. 7
Holders of rec Aug. 9
Holders of rec Aug. 16a
Sept, 10
Aug. II
to
IH
3
(quar.)
E.xtra
Aug. d21a
rec
7
*\H
25
"J^
Aug.
Oct.
Holders
l\i
(special)
Preferred (quar.)
Lan8t/)n Monotype Machine (quar.)
Lee Rubber & Tire Corp. (quar.).
Lehigh Coal & Navigation (quar )
Llbby, McNeill & Libby (In stock)
Holders
Holders
Indiana Pipe Line (quar.)
.4ug.
S2
Inland Steel (quar.)
*75c.
.Sept.
Internal. Harvester, com. (In com.stk.^. */12J4 Sept.
Internat. Harvester, pref. (quar.)
.
IH Sept
Jefferson & Clearfield Co.il & Iron, prel.
2H Aug.
Kamlnlstiqua Power, Ltd. (quar.)
2
Aug.
Kelly-Sprlngfleld Tire. pref. (quar.)
2
Aug.
Lake
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
IH
*IH
(quar.)
Oct.
Oct.
Sept.
Oct.
Holders
Holders
Holders
Sept.
Oct.
*I
*5
(quar.)
Aug.
Aug.
Aug.
$2.50 Sept.
IH
Preferred
(quar.).
Great Lakes Dreflee &
m
3
Common B
Lindsay Light, common
Lit Brothers Corporation
Pacific
Oct.
Oct.
Oct.
Sept.
IH
(quar.)
When
Cent.
Company.
Miscellaneous {Cone uded)
Liggett & Myers Tob., com.&com.B(qu.)
Liggett & Myers Tobacco, com. (quar .).
rec. Sept. 1
rec. Dec.
1
rec. Aug. 10
rec. Aug. 20a
Cities Service
Common and preferred (monthly)
Common (payable In common stock) _ . *flH
of
—
Miscellaneous.
Acme
[Vol. 111.
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
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rec
rec.
rec,
rec.
rec,
rec,
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rec
rec.
rec,
rec.
rec,
rec
rec,
rec,
rec
rec
rec,
rec
rec
rec
rec
rec
15
15
14
14
2
15
Aug. 16
Aug. 6
Sept. 24
Sept. lo
Sept. la
Aug. 9
Aug. 1
Aug. 1
Aug. 16
AUg. 16
July 310
Aug. 5
Aug.
2
July 31
Aug. 16
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
210
210
210
14
14
16
16
27
27
July 30
rec.
Aug. 20a
Aug. 20a
rec
July 31
July 310
Aug. lOo
rec Aug. 23
rec,
rec.
2a
Holders of
Holders of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug.
Holders of
Holders of
Holders of
rec.
rec.
rec.
Aug. 16
Aug. 25
Aug. lOO
July 20
July 31
Holders of
Aug. 5
Holders of
Sept. 20
Holders of
Aug. 20
Holders of
Aug. 2
Holders of
Sept. 18
Holders of
Sept. 4a
Holders of
Sept. 4o
Holders ol
Aug. 5
•Holders of
Aug. 5
•Holders of
Aug. 31a
Holders of
Aug. 16
Holders of
Aug. 2a
Holders of
Aug. 31
Aug. 3
Holders of rec. Sept. 15a
Holders of rec. Aug. 16
Holders of rec. Aug. 16
Holders of rec. Aug. 20
Holders of rec. Aug. 20
•Holders of rec. Aug. 14
•Holders of rec. Aug. 14
Holders of rec. Aug. 16
Holders of rec. Aug. 16
unofficial sources,
t Conditional on receipt from the U. S. Government
YBrk Stock Exchange
of an adequate payment of the rental now due.
t The
has ruled that stock will not be quoted ex-dlvldend on this date and not until ftu-ther
notice,
o Transfer books not closed for this dividend. 6 Less British Income tax.
4 Correction. * Payable In itock. / Payabl« In common stock, o Payable In scrip.
h On account of accumulated dividends, i Payable in Liberty Loan bonds
*
From
New
J
New York
Stock Exchange has ruled that South Porto Rico Sugar
100% stock dividend on Aug. 9.
common
stock be quoted ex the
k Payable In
I
be
Common B
stock.
All transfers received In order in London on or before Sept. 14 will
passed for payment of dividend to transferees.
New York Stock Exchange has ruled that Ouclble Steel
quoted ex the stock dividend on Aug. 31.
w Payable in new class B common stock, par value $35.
«>
I 1921.
be in time to
common
stock be
.
Aug. 14
THE CHRONICLE
1920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forward from page 671.
—
Week ending
Aug. 13 1920.
Railroad,
&c..
Stocks.
Par Value.
Shares.
246,971
1,000,980
493,155
464,400
421,325
374,401
State,
Monday
Tuesday
---
-
Wednesday
Friday
Total.
$20,122,100
87,930,500
42,851,000
41,104,500
33,525,500
31,360,100
$10,523,000
Week ending Aug.
s
BOSTON CLEARING HOUSE MEMBERS.
$2,212,000
5,742,000
6,799,500
8,774,000
6,971,000
5,179,600
S2.786,.5O0 .$35,678,100
Jan.
13.
1 to
Avg. 13.
New
Exchange.
— No.
Bank
1920.
shares...
Stocks
shares, par
1919.
—
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Bonds
$242,000
480,000
585,500
533,500
535,000
410,500
$1,205,000
1,897,000
1,994,000
1,807,000
1,740,000
1,880,000
Sales at
York Stock
u
Foreign
Bonds.
3.001.232 $256,809,700
Saturday
Mun.
&
Bonds.
1919.
1920.
667
187 336,068
145,797,9,30
3,001,232
5,014,643
$256,899,700 $453,801,300 $12,868,916,375 $17,442,365,730
$1,400
$47,200
Aug.
Changes from
JUVZI.
previous week.
7
1920.
1920.
9
2,966,000 Inc.
t Investments. 596,559,000 Dec.
IndlTldual deposits, Inol. U.S. 4.55,276,000 Dec.
Due to banks
113,203,000 Inc.
Time deposits
15,204,000 Dec.
United States depositB
3,362,000 Dec.
Exchanges for Clearing House 18,032.000 Inc.
Due from other banks
47,932,000 Dec.
Cash Id bank *. In F. R. Bank 74,892,000 Inc.
Reeerre exeeci In bank and
Federal Reserve Bank
24,185,000 Inc.
...
Circulation
Leans, dlse'te
July 24
1920.
9
9
16,000
2,950.000
2,948,000
1,341,000 697,900,000 598,328,000
5,316,000 460.592,000 465,393,000
1,772,000 111.431,000 114,965,000
333,000 15.537,000 16,273,000
1,295,000
4.657.000
5,322,000
925,000 17.107.000 17,170,000
13,000 47.945.000 53,269,000
1,271,000 73.621,000 78,683,000
9
1,727,000
22,458,000
27,203.000
Bonds.
.
. ,
,
Total bonds
$52,721,700
2,500,500
8,097,500
$1,820,226,000
225,928,000
364,430,500
$1,462,330,700
199,732,500
340,586,500
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
MS. 987.600 $63,319,700
Government bonds
State, mun &c bonds
RR. and misc. bonds..
$2.410..584,.500
$2,002,649,700
shows the condition of the
$35,678,100
2,786,500
10,523,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Aug. 13 1920.
Shares.
Saturday
Bond
Shares.
494
3,481
3,515
7,272
1,702
1.008
8,144
3,453
1,599
4,370
28,182
$306,700
19,068
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
$263,050
—Follow-
Non-Member Banks and Trust Companies.
is the report made to the Clearing Plouse by
clearing
included in the
non-member institutions which are not
"Clearing House Returns" in the next column:
RETURN OF NON-MEMBER rNSTITUTIONS OF NEW YORK CLEARING
HOUSE.
<n thousanda of dollarit
—
CLEARING
HOUSE
CLEARING
NON-MEMBERS
MEMBERS
i.K\n omitted.)
Week
Net
Loans,
endlne'state.
June30
Tr.Cos..June30
\
Members of
Fed. Res. Bank;
Week ending
Aug.
Statebks.Jun.30 menti,
Tr. COS. June30| &c.
7 1920.
Nmt't
Bank
Cash
Members of
Fed'I Res. Bank.
Battery Park Nat.
9
1.500
Mutual Bank
S
1,494
Netherland..
R Grace & Go's
YorkvlUe Bank...
First N Bk. Jer Cy
697
682
W
toriei.
Total
State Banks.
200
600
500
200
400
1,108
6.071
62.420
1,532
755
1,332
ttttiom
Average Average Average Average Average Avermf
9
9
9
9
9
9
194
72
15,168
2,104
13.179
192
222
1,479
10,521
305
10,509
256
9,872
202
1,103
6.875
455
25
1.740
719
3,833
13,666
363
7,539
1,240
6,698
"""§94
9,372
526
765
7,504
3.400
New
Oircm-
7.147
47,358
8,050
686
Not Members of the
Fed'I Reserve Bank.
Bank
of
Colonial
Wash Hts
100
444
214
1,400
1.905
1,541
3,572
15,436
30
600
3,452
14,261
455
Bank
700
1,845
17,713
2,360
1.75^
19,008
30
Total
Atlantic Nafl..
Nat Butch & Dr
Amer Kxch Nat
9
6,862
15,974
14,929
6,10S
58,826
14,491
1,076
1,000
300
158
5,000
6,856
25,000 31,533
Bank.
Hamilton Tr.Bkln.
Mech Tr. Bayonne
Fed'I Reserve
Grand aggregate..
500
200
1,005
452
9,029
8,778
590
423
373
428
7,466
5,349
919
4,909
700
Total
1.458
17,807
1,013
801
12,815
5,828
4.800
9.374
97,940
4,905
9.703 a79.181
+ 203 —1.644
13,908
586
+ 90
+ 11
—756
Comparison prevlo us week
Gr'd aggr July 31
Gr'd aggr July 24
Gr'd aggr July 17
1,765
1,000
7,000
7,470
3,000 19,995
Metropolitan ..
2,000
2,988
Corn Exchange. y6,000 y7,758
Imp & Trad Nat 1,500 8,338
National Park..
6,000 21,820
East River Nat.
764
1,000
Second National
1.000
4,439
First National- . 10,000 36,185
Irving National. xl2,.500 xl0,520
443
Y CountyNat 1,000
Continental Bk.
783
1.000
Chase National. xl5,000 x22,667
Fifth Avenue..
500
2,253
Commercial Ex.
980
200
Commonwealth
400
801
Lincoln Nat'l..
2,173
1,000
Garfield Nat'l..
1,496
1,000
Fifth National
665
1,000
Seaboard Nat'l.
4,442
1,000
Nat Bk 5,000 7,211
Liberty
Coal & Iron Nat
1,534
1,500
Union Exch Nat 1,000 1,466
Brooklyn Trust
2,596
1,500
Bankers Trust. 20,000 17,407
Mtge&Tr. 2,000 4,6.50
Guaranty Trust 25,000 33,260
Fidelity Trust.. gl,500 (Sl„500
Columbia Trust 5,000 7,206
1,500
1,900
Peoples Trust..
New York Trust 3,000 11,292
1,060
Lincoln Trust..
2,000
2,000
3,282
Metropolitan Tr
1,370
1,000
Nassau N,Bklyn
Farm Loan * Tr 5,000 10,713
1,374
Columbia Bank
2,000
N
U8
Trust Companies
Not Members of the
4.800
4.800
6.300
9.374 98,696
9.374 98.875
9.736 106,755
—89
4.994
5,231
6.029
9.500 a80.825
9.922
80.785
10.398
88.231
13.818
13.800
14,182
575
581
579
and other
liabilities.
Net
Legal
Demand
Deposit DevotiU.
Time
fiaati
Cireu-
De-
posits. latiou.
toriet.
Average
9
50,.561
139,306
205,874
56,756
576,669
164,546
21,220
4,641
128,880
332,087
24,478
123,729
121,810
33, .591
149,698
42,296
211,011
11,150
23,996
291,130
198,878
14,482
7,994
382,346
19,756
7,068
8,968
19,430
15,237
15,125
61,818
93,181
20,013
19,176
41,274
297,784
57,813
509,189
19,447
80,135
34,075
91,691
24,881
37,124
17,578
127,087
22,287
234,40o!423,397 4,947,266
9
9
775
4,464
2,830 13,589
11,142 22,298
2,033;
7,308
14,233i 61,876
1,502 14,811
371
2,282
101
527
1,479 12,237
2,515 34,106
1,289
3,209
4,469 14,721
5,361 18,324
2,012
6,015
6,085 19,614
686 3,917
1,250 20,453
348
1,376
824
2,663
807 23,063
5,930 25,397
689
1,679
129
1,026
5,379 38,469
897
2,961
442
1,059
499
1,156
1,194
3,664
447
2,048
272
1,609
1,065
6,474
534 10,869
765
2,137
Average.
9
32,788
101,051
158,337
54,044
*596,629
109,763
16,628
3,679
89,158
260,637
23,394
105,854
123,765
37,411
148,908
29,798
156,9,59
10,329
18,336
175,981
189,149
12,515
6,514
289,809
19,955
6,995
8,934
20,667
14,586
11,791
47,978
82,722
14,897
17,903
28,432
431
2,319
775
3,942
822 31,948
640
6,814
2,189 53, .502
560
2,625
1,151 10,332
1,083
3,303
526
8,879
455
3,333
614
3,822
461
1,425
3,246 15,279
657
2,752
Average A*tt.
9
9
4.261
760
11.240
3,599 1,000
1,812
34,813! 1,379
2,159 1,404
830
240
34
292
5,717 4,863
7,029
19
13,252 4,649
100
l"0,208
46
51
3,385 4.909
905
.50
100
636
5,905 7.460
2,110 2,275
857
197
100
11,396 1,089
26
210
129
389
632
248
503
67
2,704 1,948
651
405
46ll
394
239,743
6,3731
16,118!
49,744
8,190
501,915 32,104
17,714
79,457
32,606
63,325
24,656
27,192
13,828
1,269
4,232
2,050
1,8,59
477
132,463
1,381
1,087
13,920
21,301
112
50
91,964 535,576 c3,980,172 123,844 35,055
Totals, actual CO ndltlon Aug. 7 4,937,580 90,483 .535,939 3,960,566 212,788 34,984
Totals, actual condition July 31 4.9,S0 989 89.0.36:521,222 4.011,355 213.4,33 35.183
Totals, actual oo ndltlon July 24 5,001,690 90,518 522,001 4,001,823 213,672 34,935
a U.
S. deposits deducted. $319,000.
Bills payable, rediscounts acceptances
&e.
wUh
Average. .Average Average
1
Bk of NY, NBA 2,000
Manhattan Co. 5,000
Mech & Metals. 10,000
Bank of Amerlc«i 5,500
National City.. 25,000
Chemical Nat..
4 ,,500
Bank...
Chath & Phenlx
Hanover Nat'l.
Reserve
Net
Net
with Demand Time
Legal
DeDein
Vault. Deposi- posit/.
potiti.
Dis-
Nat.bks.June30 /noest-
Naf
Reserve
7 192«.
NatBkofComm
that i$, three cipheri 1000] omitted.)
\Loant,
Capital.] Profit/.
that is, three ciphers (.000) omitted.)
Ctpitca. Profits. Discount. Cash
Investin
June30 ments,
Vault.
Nat'i.
Pacific
Net
—
$79,300
1,341
10,871
ing
(.Stated
New York City Clearing House
week ending Aug. 7. The figures for the
{StatM in thousands of dollars
Aug.
Total...
for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
Bond Sales.
Shares.
$19,000
3,000
26,000
6,000
1 6,300
9,000
$21,450
62,000
29,100
92,950
51,550
6.000
81.745
Friday
Sales.
$25,200
12,100
177,700
17.800
65.900
8,000
5.884
18.521
16.129
20,956
10,272
9,983
Tuesday...
Wednesday
Thursday
Bond
members
Baltimore.
Philadelphia.
Sales.
—
$6,919,000.
Excess reserve. $377,240 Increase.
Philadelphia Banks.
—The Philadelphia Clearing House
statement for the week ending Aug. 7 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
on time deposits, all
are 10% on demand deposits and
to be kept wdth 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
3%
required
is
15% on demand
•with legal depositaries"
deposits and includes "Reserve
in vaults."
and "Cash
Week ending Aug. 7 1920.
Tu>o cipberi (00) omitted.
Members of,
F.R. System
Capital
Burplus and profits
Loans, dlac'ts & investm'tg.
Erchangea for Clear. House.
Due from banks
deposits
Individual deposits
515,8.34,0
fleposlts
7,384,0
656,481,0
Total dojx>8ltB
U.
8. flcpoalts (not Inclurtod)
Rei've with Fed. Res. Bunk
Reserve with logal deposit's.
Cash In Tauit*
Total reserve and cash held.
ReserTe required
ExoesB res. A cash In vault..
*
717,7.56,0
25,3.53,0
107,286,0
133,209,0
Bank
Time
$33,225,0
89,465,0
Cash
In vault
Ib
54,207,0
12,089.0
66,296,0
51,803.0
14,433.0
Companies
66,650
3,341
1,903
18,473
5,324
28,367 38,773
4,566
90,261
6,26l|
3,338
52,164 38,773]
Totals, actual CO ndltlon Aug. 7
Totals, actual co ndltlon July 31
Totals, actual CO ndltlon July 24
90,267
91.377
91.127
6,246
6,094
6.169
3,389
4.085
3.845
51,647 38.828
63.481 38.657
53,284 38.476
State
Bank
Average
2,500
2,007
3,750
Trust Compan ie>. N ot Mem bers of Fe deral Re serve Ba nk
Title Guar & Tr y6,000y 12,316
47.034
1.003
3.428
Lawyers T.4 Tr 4,000^ 6,167
28.080
1.539
973,
Average
Juv 24
1920.
Total.
$4,500,0 .$37,725,0 $37,629,0
12 478,0 101,943,0 101,943,0
36,362,0 754,118,0 748,955,0
468,0
25,821,0
27,3.57,0
14,0 107,300.0 110,045,0
3,5.';0,0 133.564.0 131,017,0
20,09 1 ,0 536..525.0 531,797,0
2.50,0
7.688.0
7,763,0
21.296,0 677,777.0 670,577.0
4,342,0
7,1,33,0
54,207,0
51,443,0
2,493,0
2,493,0
2.517,0
872,0
12,961,0
12,936,0
3,365,0
69,661,0
66,896,0
3,906,0
54,9,59,0
53,780,0
14.702.0'
269.0
13.116.0
$37,629,0
101,860,0
750,369,0
26,343,0
1
29,518
16,410
18,483
75.114
1.976
4.967
45,928
Totals, actual CO ndltlon [Auk. 7
Totals, actual co.ndltlon July 31
Totals, actual CO ndltlon July 24
74,298
75,294
75,442
1.891'
5,170
5.100
6,000
46,068
46.332
46.475
10,000
1
July 31
1920.
Trust
State Banks. Not Me mhers a / Federal Reserve \Bank
Greenwich Bank
18,166
2,260
1,116
1,716
1,000
842
5,445
660
319
Bowery Bank..
2.50
o,(o 150 ^ 1 « A AT C 112,641
Gr'd ftRgr, avKe'248, 1 r.t\ 446,4476, 1 1 O HAt
Comparison, pre! vlous wieek ...I —28,518;
Gr'd aggr,
act'l ndltlon
'Aug
Comparison, previous week
1,868
1,918
1.459J
1.462|
1.458|
1.442
1
—830+3,295
—250
f4,058,'.^Sl
—
405
ino .101 545,881 A t\TG *tRA Ot:.! r\ra OK fttC
100,201 C^C OQ1 e4,078,'264 254,07635,055
98,620 644,498
15.515+1.622 + 14091
7 5,102,145
1.054
—52.887,
+579|
+26
253,07834.984
170,
—199
118,2.33,0
141.916.0
536.007.0
7.891.0
85.874,0
7,571,0
62,120,0
2,630,0
13,177,0
67,927,0
54„S92,0
13.3.1.5.0
not ooanted as reserve (or Federal Reserve Bank members.
Includes deposits in forclan branches not Included In total footing as follows:
National City Bank. $127, .562,000; Bankers Trust Co., $2,298,000: Guaranty Trust
Co., ?100„W9,000: Farmers' Loan & Trust Co., $19,539,000.
Balances carried In
banks In (orolgn countries as reserve tor such deposits were' National City B.ink.
$41,209,000: Bankers Trust Co., $93,0tl0; Gu;»ranty Trust Co., S. .S62,0iW; Farmers' Loan & Trust Co., 53,131.000.
c Deposits In forclsn branches n.it Incladcd.
e U. S. deposits deducted, $49,577,000. f U. S. (lep!>slts de.Iucteil. S3s.3(V.i,(X)0.
Bills payable, rediscounts, acceptances and other liabilities. $1,092,289,000.
g As
» As ot July 24 1920.
of July 20 1920.
y As of July 31 1920.
THE CHRONICLE
668
STATEMENTS OF RESERVE POSITION OF CLEARXNO HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Raene
Reterce
<n
in VauU.
DevotUarUt
Catb
Sarplnt
May
Rettrt*.
_
%
11,738,320
209,480
53,800
540,116.400
540.172.440
544,613,080
548.297.820
12,001,600
8.672.560
7,962,920
13,273,180
8,237.000
8.259.000
8,409,000
8,498.000
Aug. 7
July 31
July 24
July 17
543.881.000
540.586.000
544,067,000
553.073.000
552,118,000
548.845.000
552.476.000
561.571.000
Caib
<
Members
Total
Reterte
SUTVltU
Reiervt.
Rejiuirea.
Reterne.
$
14.681.780
338,640
150,800
S
Tota Aug.
8.137,000
7.962.000
8,087.000
8,332,000
7
Total July 31
Total July 24
Total July 17
544.498.000
530,407.000
530,846,000
571.577.000
552,635,000
538 369.000
538.933.000
579.909.000
537.463,880 15,171.120
544.455.520 df6.086.520
543,209.520 dI4.276,620
550.672.870 29,236,130
Not members
of Federal Reserve Bank.
tbe reserve required on net demand deposits In the case of State bank*
•Dd trust companies, but in tbe case of members of tbe Federal Reserve banks
Inelades also amount of reserve required on net time deposits, whlcb was as follows:
Aug. 7, S6,415,320; July 31. 56.403,410: July 24, §6,388,740; July 17, $6,412,660.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve reqtilred on net time deposits, which was as follows:
Aug. 7, $6,383,640, July 31, $6,402,990, July 24, $6,410,160. July 17, $6,382,830.
•
Tbis
July
3
July 10
July 17
July 24
July 31
Aug. 7...
b
Re$eTte
<n
DevoiUaries
s
$
535,939,000 535.939.000 521.257,220
6'.2"46'66o
3,389,000
9.635.000
9.296.460
1,891.000
5,170,000
7.061,000
6.910,200
Federal
Reserve banks
State banks*
Trust companies*...
iB
Banks and Trust Companies Not in Clearing
—The
State Banking Department reports weely
showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES
(.Figures
GREATER
IN CLEARING HOUSE STATEMENT.
Aug.
Specie
Currency and bank notes
Deposits with Federal Reserve Bank of
New
Differences from
previous week.
7.
$775,644,600
8.029,500
17,484.900
York ..
73,689,800
827,503,200
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies In N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 19.3%.
Bank
778,949.900
137,151,400
Cash
silver, legal tenders, national
New York
at
Inc.
Dec.
Inc.
Dec.
136,000
187.000
656,900
8.360,800
Dec. 10,031,200
Inc.
1,330,300
T^ust Companies
—
10,865,500
6.93%
$75,268,400
27.081,700
14.04%
5.05%
...$34,801,300
22.21%
$102,350,100
& trust companies.
Resources
York.
Aug. 6 1920. July 30 1929. Aug. 8 1919.
S
$
S
—
89,755,120
50.689.242
40,931,550
88,016,858
67,503,590
40,931,560
158,540,000
177,225,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
181,275,912
278,644,031
35,943,200
186,451,998
279.138,931
36,977,400
335,765,000
285,578,000
24,588,000
Total gold reserves.
Legal tender notes, sliver, etc
496,763,143
119,527,801
601,568,329
119,520,829
645,931,000
47,589,000
615,633,944
621,089,158
693,520,000
537,261,532
14,657,276
497,399,073
22,804,002
641,565,000
561,918,808
620,203,076
641,565,000
294,031,631
12,627,781
291,898,083
16.220,281
53,626,000
306.659.410
134.575,713
308.118.364
135.195,306
53,626,000
106,980,000
993,153,934
963,516.745
1,456,900
50,000
81,501,600
802,171,000
1,257,000
50,000
63,191,000
1,063.409,231 1,046,626,145
3,784,086
3,868,837
866,669,000
3,994,000
3.156,200
3,126.900
2,135,000
154,069,614
599,166
150,977,559
801,648
159,345,000
2,114,000
—
Total reserves
Bills discounted:
Secured by Government war obUg'ns:
For members
For other Federal Reserve banks...
All Other:
For members
For other Federal Reserve banks...
BUia bought In open market
Tota!
U.
U.
D.
bills
on hand
8. Government bonds
S. victory notes
8. certUlcates of Indebtedness
Bank premises
1.462,347
50,000
68,743,000
6% redemption fund against F. R. Bank
notes
Uncollected Items and other deductions
from gross deposits
All other resources
==
=
govt, credits
28,680,650
51,307,534
10,013,692
722,701,388
94,727.674
21,341,291
24,679,400
51,307,534
409,634
710,488,073
101,074,925
26,024,814
21,535,000
32,922,000
54,660,000
732,343.000
130,987,000
48,694,000
Total gross deposits
F. R. Notes In actual circulation
F. R. Bank notes In circulation—net llab
AU other liabilities
648.784.045
852,368,575
35.360.000
27,883,238
837,997,446
849,589,010
35,958,000
26,773,106
966,684,000
745,723,000
39,405,000
6.766,000
=
1.840,384,042 1,826,304,496 1,813,035.000
Total resources
LlaMiUiet
Capital paid In
Surplus...
—
to
deposits
members—reserve
account
Deferred avaUablllty items
Other
deposits, incl. foreign
1,840,384,042 1.826.304,496 1,813.035,000
Total LlabUitles
Banks and Trust Companies in New York
—
City.
The
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the
New
19.09%,
in vaults..
Total
bank notes and Federal
of
Gold and gold certificates
Gold settlement fund F. R. Board
Gold with foreign agencies
Due
Banks
$23,935,800 15.28%
700.111,800
697,625,700
699,402,600
662.435,000
685,640.800
721,682,800
669,101,300
691,297,100
041,112,900
647,841.700
650.841.70
Dec. $5,755,700
RESERVE.
Deposits in banks
of
Government
State
S
129.100,600
133,387.300
131,309.500
128.548.900
127.495.800
124.612,200
138.243.400
129,651,100
124,771,600
129,596.400
126,715.400
Total earning assets
IN
Furnished by State Bankino Department.)
Loans and Investments.
S
4,985,879,800
5,032,577.100
4.975.186.300
6.034.693.800
4,907.609.000
4.985.928.900
4,972,091.500
4.955.519.800
4,909,587.400
4.867,495,100
4,857,213,900
oomparison with the previous week and the corresponding
date last year:
follows:
NEW YORK, NOT INCLUDED
Reserve in
Depositaries.
Condition of the Federal Reserve Bank of
—
House.
•Total Cash
<n VaiUt.
Reserve
the condition of the
—The following shows the close business Federal 1920, in
Aug. 6
New York City State Banks and Trust Companies.
For explanation of discontinuance of these returns see item
on page 643.
State
29
Demand
Deposits.
• This Item Includes gold,
Beeerve notes.
Actual Figures.
Reierve
Vault.
Loaru and
Investmeras.
—
June 5
June 12
June 19
June 26
S
Reserve banks
State banks*
Trust companies*
Total
Total
Total
Total
a
Retene
IN
%
5,901,424,000
6,918,063.600
5.911.312.000
6,930,652,500
6,930,986,600
5.965.438.500
6,938,601.400
5,933,082,000
5,939.839.600
5,922,559.300
5,888,285.600
Weet enOea
$
$
S
535.576.000 535,576,000 .523.837.680
9.599.000
9.389,620
3.338.000
6.26'l'66o
6.943,000
6.889,200
4.967.000
1.976,000
Members Federal
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Reguired.
Total
Reserve.
(Vol 111
New York
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes in
circulation after deducting 36% against
47.2%
40.4%
39.8%
59.1%
deposit liabilities.
Ratio of reserves to net deposits after deducting 40% gold reserves against
F. R. notes in circulation
Contingent liability on bills purchased
for foreign correspondents
39.6%
40.9%
6,093,355
6,091,836
-
—
Following is the weekly statement issued by the Federal Reserve Board on Aug. 6.
system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities
separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board say:
The Federal Reserve Banks.
The
figures for the
Increases in discount operations and in Federal Reserve note circulation,
as against a small gain in casli reserves, are indicated in the Federal Reserve
Board's weekly bank statement issued as at tlie close of business on Aug. 6
1920.
The Bank's reserve ratio shows a decline from 44.2 to slightly
over 44%.
Holdings of paper secured by U. S. war obligations increased by 44.4
millions, and other discounts on hand
by 13.8 millions, while holdings of
acceptances purchased in open market show a decline of 5.9 millions. A
decrease of 27 millions in Treasury certificates is accounted for largely by
the redemption of all the special temporary certificates held by four banks
on the previous Friday. Total earning assets of the Reserve banks stood
at 3,187.6 millions, or 25.3 millions in excess of the previous week's total.
Of the total of 1,285.4 millions of loans secured by United States war
obligations held, 618.4 millions, or 48.1%, were secured by Liberty bonds,
322.3 millions, or 25.1%, by Victory notes, and 344.7 millions, or 26.8%,
by Treasury certificates, as against 47.2, 24.9 and 27.9% of a corresponding
total of about 1,241 miliions reported tlie week before.
Discounted paper
held by the Boston, New York and Cleveland Reserve banks is inclusive of
150.9 millions of paper discounted for six Reserve banks in the South and
Middle West, compared with 138.7 millions the week before, while accept-
—
ance holdings of the Boston, Philadelphia, Cleveland and San Francisco
banks include 38.5 miUions of bank acceptances purchased from the INew
York and Chicago banks, compared with 42.6 miUions reported at tne
close of the previous week.
„_„„
.„.
,
—an
Government
<
is
shown.
._
,
,
„ gam
a
Gold reserves show a gain of 2.9 miUions and other cash reserves— nearly
Of the total increase of $116,000 in paid-in capital,
of 0.2 million.
Chicago BanK.
on^half represents the increase of the paid-in capital of the
smaller increases being shown by nearly all the other Reserve banks.
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business Aug.
Avg.
1920. July 30 1920. July 23 1920. July 16 1920.
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents.
Gold redemption fund
Total gold reserree
S
185,165,000
381,259,000
111.531,000
174.179,000 $180,529,000
387,345,000
389.389,000
111,531.000
111,531,000
,
increase of 8.1 millions, members reserve
increase of 8.6 milUons, other deposits, mcluding foreign
credits and non-members' clearing accounts, declmea b.a
millions, while the "float" carried by the Reserve banks and treated as a
deduction from gross deposits shows an increase of 9.5 millions. Asfa
consequence, calculated net deposits, about 1,698 milhons, are 0.7 miUion
Increases in Federal Reserve note circulation
larger than the week before.
ana
are reported bv all Federal Reserve banks, except those of Cleveland
Minneapolis, the total increase for the week being 21. mUhons. in aaoicu-culation
tion an increase of 2.7 millions in Federal Reserve bank note
Government deposits show an
deposits
S
168,767,000
393.905,000
111.531,000
6,
1920«
July^ 1920. July 2 1920. June 25 1920 June 18 1920. Aug. 8 1919.
168,929,000
402,760,000
111,531,000
171,176.000
402,760,000
111,631,000
171,120.000
402.628.000
111.631,000
162.878,000
400,833,000
111.631.000
S
262,745,000
618,636,000
881,381,000
675.242,000
683,220,000 685,467.000 685,279.000
674,203.000
677,955,000 675.099,000
679,405.000
1,161.784.000 1,084,047,000
1,150,343.000 1,153,712.000 1.160,216.000 1.152.875.000 1,145,102,000 1,146,944,000 1.150,175.000
119,328,000
125.295.000
133,921.000
139,285,000
142,994,000
144,343.000
152,307,000
148.893.000
143.651.000
1.962,321.000 2,084.756.000
1,980,605,000 1,977.704,000 1.983,271,000 1.971,421,000 1,971.316.000 1,971,096.000 1, 969,375.000
.
.
.
Aug. 14
.
THE CHRONICLE
1920.]
Aua. 6 1920 July 30 1920. July 23 1920 July 16 1920
Legal teDder notes, silver, &c.
150.936,000
151,139,000
150,741,000
669
July 9 1920. July 2 1920 June 25 1920 June 18 1920
147,626,000
136,877,000
137,805,000
139,230,000
Aug. 8 1919.
138,579,000
67,362,000
Total reserves
Bills discounted'
Secured by Govt, war obligations
All other
Bills bought in open markp*.
2,131,744,000 2,128,640,000 2,134,012,000 2.119,047.000 2,108,193, 00 2,109,501,000 2,108,605,000 2,100,900,000 2,152,118,000
Total bills on hand
O. 8. Government bonds
U. S. Victory Notes
U. 8. eertlJlcates ol Indebtedness
2,889,223,000 2,836,935,000 2,823,450,000 2,846,619,000 2,934,184,000 2,935,279,000 2.830,979,000 2,694,728,000 2,2)5.359,000
26,791,000
26,791,000
26,791,000
26,793,000
26,793,000
26,795,000
26,792,000
27,095,000
26,810,000
69,000
68,000
69,000
69,000
69,000
69,000
69,000
280,000
69,000
298,520,000
287,909,000
294.182,000 281,942,000 309,379,000
325,434,000
347,091,000
229,724,00*
271,490,000
1,285,398,000 1,241,017,000 1,247,371,000 1,255,258,000 1,296,350.000 1,294,892,000 1,277,980,000 1,231,841,000 1,608,583,000
225,535,000
1,264,435,000 1,250,613,000 1,222,536,000 1,234,890,000 1,265,243,000 1,250,302,000 1,153,814,000 1,064,296.000
353,543,000
356,471,000 371.592,000 390,085,000
399,185,000
398,591,000
381,241,000
339,390,000 345,305,000
All other earning assets
Total earning assets
Bank premises
DncoUected Items and other deductions
from gross deposits
6% redemp. fund agst. F. R. bank notes
3,187,592,000 3,162,315,000 3,138,218,000 3.167,661,000 3,242,988,000 3,271,519,000 3,183,275,000 3,068,683.000 2,472,458,000
14,243,000
13,492,000
14,289,000
14,084,000
13,734,000
13,254,000
13,658,000
11,805,000
14.444,000
All other resources
Total resources
711,074,000
12,684,000
3,767,000
733,688,000
12,644,000
3,331,000
772,333,000
12,742,000
3,576,000
890,554,000
12,400,000
4,271,000
797,347,000
12,293,000
3,822,000
785,059,000 •750,486,000
12.148,000
12,424,000
6.590,000
5,191,000
949,977,000
12,110,000
8,053,000
793,301,000
10,803,000
9,816,000
6,083,443,000 6,032,769,000 6,075,124,000 6,208,017,000 6,178,377,000 6,197,352,000 6,074,596,000 6,152,977,000 5,450,301.000
LIABILITIES.
Capita paid In
95,341,000
164,745,000
20,253,000
ac( )unt
1,816,798,000
Deferred availability Items
549,778,000
Other deposits, Incl. for'n gov't credits..
44,821,000
I
Surplus
Government deposits
Due to members, reserve
95,225,000
95,008,000
94,639,000
94,462,000
94,730,000
94,594,000
94,506,000
83,807.000
164,745,000
164,745,000
164,745,000
120,120,000
164,745,000
120,120,000
164,745,000
81,087,000
11,280,000
12,167,000
15,919,000
14,189,000
56,356,000
11,700,000
21,704,000
108,686.000
,808,156,000 1,825,564,000 1,867,428,000 1,839,704,000 1,874,161,000 1,831.916,000 1,800,017,000 1,756,807.000
536,690,000
572,109,000
626,580,000
647,782,000 594,434,000 572,105,000 550,012,000
555,485.000
51,296,000
49,024,000
55,159.000
•76,592.000
84,627,000
50.585.000
71,980,000
107,882,000
Total gross deposits
2,431,6.50,000 2,408,309,000 2,457,977,000 2,577.495,000 2,505,216,000 2,539,950,000 •4,472 709000 2,567,580,000 2,528,860,000
F. R. notes In actual circulation
3,141,861,000 3,120,138,000 3,118,205,000 3,135,893,000 3,180,948,000 3,168,814,000 3,116,718,000 3,104,810,000 2,532,057,000
F. R. bank notes tn circulation netllab.
190,067,000
183,904,000
192,168.000
189,375,000
190,287,000
185,604,000
189,232.000
194,834,000
205.318,000
All other liabilities
82.101,000
49,122,000
42,542,000
84,939,000
52,184,000
45,779,000
40,017,000
19,172,000
55,012,000
—
TOUI llabUltleg
Batlo of gold reserves to net deposit and
F. R. note llabirt es combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to F. R. notes In
40.9%
41.1%
41.3%
40.9%
40.3%
40.4%
40
7%
41.6%
44.0%
44.2%
44.4%
43.9%
43.1%
42.8%
43
6%
44.5%
50.4%
4S.9%
49.2%
49.5%
48.7%
47.5%
47.2%
48
3%
49.4%
61,0%
36%
oirculatlon after setting aside
against net deposit liabilities
Dittribtttion by
6,083,443,000 6,032,769,000 6,075,124,000 6,208,017,000 6,178,377,000 6,197,352,000 •6,074 596000 6,152,977,000 5.450,301,000
—
MaturUUi
119,338,000
days bills bought In open market.
105,303,000
97.177,000
101,612,000
109,527,000
120,799,000
99,100,000
114,800,000
93,019,000
days bills discounted
I,529,.341,000 1,464,290,000 1,422,134,000 1,437,321.000 1.437,411,000 1,389,732,000 1,283,470,000 1,193,472,000 1,541,882,000
86,316,000
days U. 8. certlf of Indebtedness..
26,705,000
31,136,000
36,987,000
53,794,000
42,325.000
62,873,000
17,967,000
23,628,000
days municipal warrants
days bills bought In open market
77,966,000
88,680,000
67,968,000
86,034,000
72,802,000
76,971,000
83,588,000
69,882,000
9l",V69',o6o
291,222,000
days bills discounted
240,829.000
285,693,000 291,845,000
241,400,000
225,623,000
335,105,000
189,930,000
53,405,000
days U.S. certlf. of Indebtedness
8.655.000
6,600,000
13,773,000
5,600,000
4,400,000
7,559,000
12,000,000
12,900,000
5,000,000
days municipal warrants
days bills bought In open market
153,773,000
163,173,000
138,714,000
142,024,000
129.544,000
158,984,000
152.918,000
122,345,000
152,212,666
495,258,000
days bills discounted
449,893,000 486,603,000 511,758,000
469,460,000
426,928,000 416,780,000
434,400,000
97,738,000
81-80 days U. 8. certlf. of Indebted less..
8,600,000
23,680,000
36,975,000
19,400,000
27,430,000
17,600,000
13,100,000
37,738,000
22,713.000
81-80 days municipal warrants
'36,147"600
61-90 days bills bought tn open market..
•47,"5V4",66o
32,3"63',006
"4'l',88b',000
'2'8',97'2',66o
'4"d,"o'3"3",6oo
44,6b3"00O
'3d,"62'7",666
44."64r,666
81-90 days bills discounted
237,256,000
316,347,000
284,650,000
272,743,000 261,835,000 259,993,000
304.257,000
342,326,000
127,428,000
81-90 days U. 8. certlf. of Indebtedness..
27,918,000
36,533,000
43.945.000
31,252,000
29,867,000
28.144,000
28,023,000
40,273,000
22,484,000
81-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
78,929,000
73,817,')00
76,884,000
79,143,000
83,766,000
90,024,000
70,532.000
53,836,000
13,665.000
Over 90 days oertif of Indebtedness
183,368,000
192,704,000
175,375,000
205,562,000
212,035,000 215,602,000
188,621,000
162,612,000
155,899,000
Over 90 days municipal warrants
1-15
1-15
1-16
1-16
18-30
18-30
19-30
18-30
81-80
81-80
.
.
Federal Reierve
—
Nota
Outstanding
Held by banks
3,438,500,000 3,425,788,000 3,434,186,000 3,450,964.000 3,454,488,000 3,419,457,000 3,396,168,000 3,375,826,000 2,725,263,000
271,016,000
315,981,000
315,071,000 273,540,000 250,643,000
279,450,000
296,639,000
305,650.000
193,206,000
In actual circulation
Fta. Ret. N*iei (Agenlt Account!)
Received from the Comptroller
Returned to the Comptroller
—
3,141,861,000 3,120,138,000 3,118,205,000 3,135,893,000 3,180,948,000 3,168,814,000 3,116.718.000 3,104,810,000 2,532,057,000
3,408,446, 000 3,381 434,000
241,340,001
350,921,000
231,560, 000 7,200 920,000 7,131,660, 000 7,091, 560,000 7,049,580,000 4,912,140.000
319,113, 000 3,292, 919,000 3,271,334, 000 3,240, 103,000 3,213,860,000 1,787,679,000
Amount chargeable to Fed. Res. agent 3,882,314 ,000 3,895 106,000
Id bands of Federal Reserve Agent... .
443,814 ,000
469 318,000
,890,419,000
456,233,000
,912,447 000 3,908 001,000 3,860,326 000 3,851 457,000 3,835,720,000 3,124.461,000
290.760 ,000 7,276 540.000
461,483 000
453 513,000
440,869 000
455 289,000
459,894,000
399.198.000
Issued to Federal Reserve banks
How Secured
By gold and gold certificates
By lawful money
3,438,500,000 3,425,788,000 3,434.186,000 3,450,964,000 3,454,488,000 3,419,457,000 3,396,168,000 3,375,826,000 2,725,263.000
259,226,000
259,226,000
By
2,288,157, 000 2,272 076,000
117,784 000
111 633,00Q
773,333, ,000
782, 853,000
,273.971,000
107,700,000
793,289,000
—
paper
Gold redemption fund
With Federal Reserve Board
eligible
Total
ciphers (00) omilled.
Federal Reserve Bank of
—
RESOURCES.
Boston.
Gold. Settlement l-uiid, F. R. B'd
Gold with lorcign agencies
S
11,934,0
39,644,0
8,142,0
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Gold'and gold
ccrtitioates
259,226,000
261,227,000
223,248,000
.298,089, ,000 2,309, 386,000 2,272,513 000 2,245, 993,000 2,214,042,000 1,641,216.666
113,987,000
111,695, 000
116, 285,000
113, 081,000
110,637, 000
84,764,000
786,570,000
777, 868,000
781,954, 000
769, 591,000
777,081, 000
776,035,000
&c
Total reserves
by Government war obligations (a):
All other
bought in open market
(b) .
bills on hand
Government bonds
Government Victory notes.
Total
Indebtedness
Total earning assets
Bank premises
Uncollected items and other deductions from gross deposits..
S% r<Klenii)tl()n fund against
Federal Reserve bank notes...
All other resources
Total rosotu-ces
LLilllLlTIBS.
Capital paid in
Surplus
Government deposits! "11" II"
Due to nienibers, reserve accoimt
Deterred availabilit.v items
Oth.deposlts, incl..tor. Gov.cred.
Total gross deposits
F.iR. notes in actual circulatioiirr
F. R, bank notes In circulation
—net
liability.
All other liabilities
Total
Ilal)llltle3._
York.
89,755,0
50,589,0
40,932,0
Phlla.
S
1,196,0
50,116,0
8,922,0
OF EACH OF THE
Cleveland Richmond
S
12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.
Atlanta.
S
7,840,0
7,212,0
4,015,0
Chicago.
24,364,0
71,364,0
13,272,0
St.
Louis.
Minneap Kan.City
S
S
3,096,0
11,721,0
5,242,0
6 1920.
I
Dallas
7,209,0
8,250,0
3,011,0
S
532,0
26,359,0
5,353,0
S
5,690,0
5,312,0
2,900,0
San Fran.
S
20,783,0
25,957,0
5,131,0
Total.
10,351,0
65,364,0
9,146,0
2,415,0
19,371,0
5,465,0
59,720,0
134,754,0
19,919,0
181,276,0 60,234,0 84,861,0
278,544,0 103,727,0 148,633,0
35,943,0 11,145,0
2,347,0
27,251,0
44,008,0
5,961,0
19,067.0 109,000,0
47,720,0 l.M, 529,0
9,012,0 43,481,0
45,775,0
i; 5,173,0
18,470,0
30,904,0
188,0
32,244,0
37,867,0
3,578,0
13,902,0
26,348,0
4,943,0
214,393,0
6,752.0
495,763,0 175,106.0 235,841,0
119,528.0
255,0
2,283,0
77,220,0
145,0
75,799,0 307,010,0 71,007,0
1,669,0
8,416,0 47,742,0
49,562,0
75,0
73,689,0
1,829,0
45,193,0 160,022,0 1,980,605,0
1,525,0
920,0
151,139,0
615,291,0 175,361,0 238,124,0
77,365,0
77,468,0 315,426,0
78,'.49,0
49,637,0
75,518,0
46,718,0 100,942,0 2,131,744,0
105,030,0
58,031,0
25,009,0
551,919,0 138,296,0
306,6.W,0 .36,175,0
134,576,0 11,158,0
41,,533,0
63.163,0
6,451,0
56,121,0 155,956,0
59,780,0 284,473,0
3,472,0 39,924,0
35,427,0 10,014,0
73,079,0 i70,593,0
2,619,0 ik2,905,0
47,319,0
61,957,0
3,916,0
17,299,0 49,416,0 1,285,398.0
55,929,0 102,813,0 1,264,435,0
1,123,0 53,371,0
339,390,0
188,670,0
557,0
993,154,0 185,629,0 222,517.0 111,147,0 119,373,0 480,3,53,0 111,725,0
1,462,0
4,490,0
1,153,0
114,0
1,386,0
834,0
1,233,0
50,0
3,0
10,0
08,743,0 32.165,0 23,322,0 12,260,0 15,065,0 39,723,0 17,274,0
83,512,0 113,192,0
116.0
8,867,0
12,842,0
74,351,0 205,600,0 2.889,223,0
3,966,0
2,632,0
26,810,0
69,0
8,300,0 11,174,0
271.490,0
92,109,0 134,902,0
566,0
762,0
86,617,0 219,406,0 3,187,592,0
992,0
232,0
14,444,0
Bills discounted: Secured
S.i certificates of
New
LIABILITIES
221,145,0
Total gold regervra
Legal toudtTtnotes, silver,
S.
S.
259,226,000
Revised figures.
Two
U.
U.
U.
259,226,000
R. Agent.. 2,818,486.000 2,777,081,000 2,737,010,000 2,765,693,000 2,855,592,000 2.884.290,000 2.788,397,000 2,641,202,000 2,150,291.000
WEEKLY STATEMENT OF RESOURCES AND
Bills
259,226,000
3,438,500,000 3,425,788,000 3,434.186,000 3.450,964,000 3,454,488,000 3,419,457,000 3,396,168,000 3,376,826,000 2,725,263,000
Eligible paper delivered to F.
•
259,226,000
IIIIIIII
5,0
21,541,0
77,068,0
90,583,0
54,866,0
20,0.59,0
ia
210.773,0 1,063,409,0 219,180,0 246,6,83,0 124,640,0 135,155,0 524„566,0 130,152,0
1,582,0
3,869,0
866.0
2,118,0
619,0
603,0
1,150,0
1,079,0
57,362,0
1,072,0
288,0
154,059,0 159,798,0
3,156,0
508,0
71,8.58,0
1,300,0
9.59,0
371,0
53,904,0
227,0
451,0
242,0
M
1,0
8,481,0
185,165,0
381,259,0
111,531,0
51,871,0
677,955,0
97,534,0 1,1 50, .343,0
10,617,0
152,307,0
23,534,0
99,966,0
46,329,0
19,078,0
08,089,0
42,304,0
37.407.0
733.68S.0
526,0
161.0
2,505,0
451,0
169,0
152,0
339,0
916,0
283,0
586,0
182,0
665,0
271,0
12,644,0
3,331,0
105,0
492,222,0 1,840,382,0 456,629,0 559,007,0 257,681,0 237,447,0 945,032,0 256,417,0 161,834,0 280,470,0 177,399,0 418,923,0 6,083,443.0
7,586,0
12,351,0
1,110,0
117,7-27,0
43,036,0
3,386,0
165,8.59,0
289,872,0
14,297,0
2,257,0
24,680.0
13,.5,')0,0
4,272,0
3,,S04,0
3,311,0
8,312,0 10,106,0
4,878,0
51,308,0 i 13, 009,0 13,712,0
7,0.">0,()
23,917,0
5,884,0
5,178,0
8.067,0
10,014,0
134.0
1,064,0
533,0
1,039.0
316,0 §2,218,0 i)l,l()0.0
722,701,0 100,997,0 142,913,0 58,593,0 4i> ,757,0 258,318,0 ; 00 ,80 1,0 48,174.0
91,727,0 46,8,'')3,0 53,2.58,0 ^42,416,0 ,20,361,0 .64,987,0 .44,902,0 ^8,419,0
21,310,0
1,676,0
941,0
2,773,0 i2,416,0
1,350,0 k 1,055,0 .3, .808,0
b
*
848,782,0 157,002,0 198,903,0 104,577,0 72,333,0 328,177,0 107,513,0
852,309,0 255,705,0 314,771,0 128.224,0 140,787,0 537,951.0 128,214,0
35,300,0
27,883,0
19,405,0
2,356,0
492.222.0ll. 840. 382.0
4.56. 629 .0
18,675,0
2,780.0
10,572,0
1,363,0
11,805,0
1,608,0
34,312,0
7,125,0
8,776,0
1.758,0
4,322,0
8,395,0
643,0
79,652,0
67,966,0
1,471,0
68,067,0 149,732,0
76,052,0 100.454,0
7,720,0
1,506,0
15,486.0
2,081,0
3,924,0
6,476,0
4,152,0 11,662,0
1,638,0
384,0
53,077,0 117,488.0
24,836,0 27,417,0
889,0
3,716,0
95,341,0
164.745,0
20.253,0
,816.798.0
549.778,0
44,821.0
81.040,0 149,005,0 2,431.650,0
79.509,0 237.893.0 3.141.861,0
7,278,0
l,4i)6.0
ll,OSS,0
2,799,0
194,834,0
55,012,0
5.59.007.0 2.17.681.0 237.447.0 945.032.0 2.')6,417,0 161,834,0 280.470.0 177.399.0 418.923,0 6.083.443.0
THE CHRONICLE
670
Tico ciphers (00) omitud.
Boston
Xeu> York.
PhUa.
Cleveland.
LIABILITIES (Concluded)—
%
S
S
$
Richmond Atlanta.
S
[Vol 111.
Chicago.
S
Louis.
St.
S
mmhined
Dcr cent
— Ctontlngent
-
liability
55.5
39.8
as endor ser on:
40 9
28,183,0
784,0
576,0
53 9
Discounted paper rediscounted
witti other F. R. banks
Bankers' acceptances sold to
other F. R. banks
43 2
24,924,0
49.6
S
$
Ratio of total reserves to net deix)slt and F. R. note liabilities
Memoranda
Minneap. Kan.City.
41.2
Dallas.
San Fran.
Total.
S
%
%
$
41.6
39.7
41.5
39.5
31,904,0
12,226,0
25,756,0
27,889,0
752,0
432,0
768,0
416,0
46.1
44.0
150,882,0
-
Ck)ntlng. Uabll. on bills purch. tor
foreign correspondents
1,168,0
Includes bills discounted for
59.514,0
other F. R. banks. vlz.-_
(6) Includes bankers' acceptances bought fr
6,093,0
1,280,0
1,312,0
27,285,0
om other F. R. banks:
64,083,0
loVor4.0
9.329.0
1,904,0
736,0
16,221,0
(a)
With their endorsement
Without their endorsement...
2,51S,0
150,882,0
16',59b,6
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG.
Federal Reserve Agent at
—
—
Boilon. .Veu) Yo-k
(In Thousands of Dollars)
S
43,300
Federal Reserve notes on hand
299,841
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding:
900
and gold certificates
Gold
16,854
Gold redemption fund
Resources
—
Gold settlement fund
— Federal Reserve Board
/Amount required
amount held
Total
LiabilUics^
Federal Reserve notes received froTu CDmptroller. gross.
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
/Gold
Collateral received from
Federal Reserve bauk:iEli»ible paper
St.L.
Rlchm'd Atlanta Chicago.
Minn. K.Cily.
$
11,095
5,640
77,240 105.983
S
196,608
32,025
18,938 17.338 13.60^
63.000 86.389 100,000
696,128 165,603 132.237
263,734
6.381 38,003
•23,583
6 1920.
$
Cleosl.
22.^80 30,750 26,714
239,335 330,870 133,928
117,000
155,0S7
Eligible paper:\ E.^cess
66,140 17,040
599,764 145,279
3,810
2„508
41,500
89,920
19,697
9,384
145,145
445,235
35,131
13.052
2,052
15,800
46,336
26,790
2,9.34
39.031
99,504
12,101
Dallas. San Fr.
S
Total.
S
$
12,110
5,080
443,814
83.157 271,738 3,438,500
10,331
5.283
10,734
259,226
18,160
117,784
79,374
773,333
56.809 174,204 2,288,157
17,542 22,088
530,329
2, .507
35.360
68,116
44,887
366,565 2,348,074 567.831 730,493 314.267 381,947 1,300,799 319,699 192,365 262,493 195,966 570,644 7,850,143
Q15.700 2.238.960 605.880 624,820 345,900 331,720 1,095,600 346,960 169.580 236,080 171,980 477,580 7,290,760
272,559 1,129,290 313,765 263,200 185,258 146,830
429,698 184,641 81,245 124.457 76,713 200,762 3,408,446
513,141 1.109,370 292, Hi 331,620 160,642 214.850
134,751
278,544 103,727 148.633 44,008 47,720
1S3,870
953,860 171,989 220,210 100.617 119,387
635,904 162,319
154, .529 45,775
480, .366 111,605
88,335 111.623
30,904 37,867
73,126 113,003
95.'267 276,818 3,882,314
26,348 97,534 1,150,343
74,351 196,292 2,818,486
666.565 2.348.074 587,831 730.493 314,287 381,947 1,300,793 319,699 192,365 262,493 195,966 570,644 7,851,143
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
Fed^n]
Phlla.
'3"8,45"l',0
Ro'5orvp
974.670 289.335 330,870 153.928 146,695
122,301 13,.570 13,099
5,704
5,908
2^1.872
nnt-^ts In q,r»fvil cir-^'il^Mon
599,764 145,279
61,813 17,063
77,240 105,983
1.188
5,529
83,157 271,738 3,438,500
3,648 33,847
296,639
852.361
299,841
9,969
'>37.951 128.214
78.052 100, *i4
79,509 237 893 3.141.861
•l">.7<)'-,
31
771 12S 224 1*0.787'
1
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Definitions of the different items
Board giving the principal items of the resources and liabilities of the Member Banks.
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Statement showing principal resource and liability ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK and branch CITIES AND ALL OTHER REPORTI NQ BANKS AS AT CLOSE OF BUSINESS JULY 30 1920.
York City banks a corresponding reduction of 30.8 millions is indicated.
All classes of deposits show declines for the week; Government deposits
millions: other demand deposits (net)- by 28.4 rnillions; and
time deposits by 9.5 millions. For the New York City banks, a decrease
of 15.4 millions in Government deposits is accompanied by increases of 11.1
millions in other demand deposits and of 0.2 million in time deposits.
Accommodation of reporting banks at the Federal Reserve banks, as shown
Few and ou the whole unimportant changes in principal asset and liability items, reflecting the general mid-summer quiet in the financial an'J
barUiing fields, are indicated by the Federal Reserve Board's weekly statement of condition on July 30 of 814 member banks in leading cities.
Only nominal changes are shown in the holdings of United States bonds
and Victory notes. Treasury certificate holdings, apparently in consequence of sales of tax certificates to corporate investors largely In
York City, show a further decline of 28.1 millions. Loans secured by Government war oijligations show a slight reduction for all reporting banks
York City.
hough an increase of 6.2 millions for member banks In
by about 27
New
on the books of the latter, increased from 1,953 to 1,971.9 millions. Less
than 49% of the latter amount is composed of war paper compared with
65% at the beginning of the year. Accommodation of the New York City
banks at the local Federal Reserve Bank, 683.8 milUons, shows a slight
reduction for the week.
Reserve balances (all with the Federal Reserve banks) show a further
decline by 19.3 milUons and cash in vault, mainly Federal Reserve notes
a decline of 6.2 millions.
For the New Yorls City banks corresponding
New
Total loans secured by stocks and bonds are practically unchanged, while
the New Yorls City banks report net liquidation under this head of 16-2
Other loans and investments show an increase of 8,3 million
millions.
for all reporting institutions, and a decline of 1.7 millions in New York
In consequence of these changes total loans and investments of
City.
reporting institutions show a reduction of 19.2 millions For the New
J.
Data
for all reporting
member banks
Boston.
Federal Reserte District.
Alanta.
\Clcncland Richm'd.
$74,836 $142,785
$81,763
552,509 $478,315
194,430 1,284,542
785,210 4,005,139
$89,805
203,814
571,493
107,443;
392,55i;
60,810, 461.995
423,755;i, 765,305
086,987 6,383,663
83,029 647.267
22,406 115,403
832,429 5,170,254
140,322 426,606
6,646
68,424
Loans and investments, including bills rediscounted with Federal Reserve Bank
I-oans sec. by U. S. war ooligations
Loans sec. by stocks and bonds
All other loans and investments
939,9481,487,919
100.035
68,331
32,789
15,741
686,861 918,246
33,290 364,319
614,190
35,387
569,682 2.507,024
30,988 189.558
56
$11,347
29,150
9,014
25,325
114
$46,657
254.792
82,781
231,437
$75,376
326,700
943,058
1920.
Three ciphers
Kan.
City
(000) omitted.
Dallas.
SanFran.
Total.
35
$7,321
9,676
997
2,878
83
$15,396
39,747|
59,7.53
35
$16,924
12,260
2,689
6,398
$56,949 $177,914
$38,271
$20,872
$53,868
$49,804 $135,472 $1,503,039
101,810
34,983
127,175
411,522
16,765
30,583
285,971
25,656
79,664
511,596
9,975
38,729
252,736
354,191
21,328
9,180
209,915
64,102
670,784
44,044
14,919
412,481
245
4,718
351,244 1,306,132 16,883,715
24,570
84,567 1,368,659
11,900
27,933
354,749
219,866 632,024 11,388,036
54.161 519,826 2,705,852
371
6,603
115,287
5,471
450
26,975
85
17,156
145
26,064
85
708,812
2,122
2,506
47.801
6,101
61,675
1,655
23,036
2,139
63,433
255,787
107]
$21,549;
56.885
4,3171
9,404
32,433
?.0
Chicago. St. Louis. Minneap.
854,838 $615,667
.
TJ. S. secu.-itles
New York Philadel.
47
$14,310
28.918
§12,311
14,214
6,981
21,332
S. certificates of indebtedness
Total
each Federal Reserve District at close of business July
82
$28,350
33,851
7,391
12,171
46
of reporting banks
bonds to secure circulation
Other U. S. bonds, incl. Liberty bonds
U. >S. Victory notes
S.
U.
reductions of 4.5 and 2 millions are noted.
92
$42,095
58,982
19,407
22,301
Number
U.
In
—
—
28,388
23,458;
4,579
10,435
49
$19,573
21,659
3,194
5,378
68
$32,535
63,770
12,021
27,146
814
$268,368
607,595
193,118
433,958
34,902
980.897
144,6341 3,060,319
991,12411,339,460
Total loans and investments. Including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash in vault
Net demand deposits
Time deposit b
Government deposits
payable with F, R. Bank:
Secured by U. S. war oblgations
Bills
—
—
22,619
All other
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations
AU
20,130
37,918
other
2.
York
32,602
826
98,588
21,964
495
126,074
4,436
38,355
6,761
56.105
15,876
245,733
283,117'
5,952
59,008
336,930
City.
9,7981
16,.546
342,066
106,704
820
7,462
26,293
36
35,142
12,733
42,834
46,765
34,281
Data of reporting member banks
New
1,501
611,951
41,555
9,095
318,248
124,364
2,747
in Federal Reserve
City of Chicago.
All P. R.
13,205i
65,632;
263,5341,402,132'
150,582 624,945'
Bank and branch
Bank
Cities. F. R.
10,612
70,949
cities
and
all
Branch Cities
96,631|
H
1,005.238
other reporting banks.
AU
Other Reprt.Bks.i
Total.
Three ciphers (OOU) omitted.
July 30.
1
73,38l!
212,480;
21,254
12,355
23,728
544.674
563,828
58,775
60,481
Total U. S. securities
Loans and investments, incl. bills rediscounted with F. R. Bank:
Loans sec. by U. S. war obligat'ns
Loans sec. by stocks and bonds. .
All other loans and investments..
Cash
in vault
payable with F. R. Bank:
Secured by U. S. war obligations.
Jaly 23
72
$36,961
218,057
73,880
235,130
72
836,961
221,852
Net demand deposits
Time deposits.
Government deposits
July 30.
50
1,438
22,412
12,489
24,142
Niunber of repor ng banks
U.S. bonds o secure circulation
Other U. S. bonds, incl. Lib. bonds.
U. S. Victory notes
U. S. certificates of Indebtedness...
Total loans & investments, incl.
rediscounts with F. R. Bank:
Reserve balance with F. R. Bank..
July 23.
50
1,438
July 30.
July 23.
July 30.
July 23
July 30.
July 23.
|
July 30.
July 23.
Aug.
1.
278
96,752
342,734
103,248
305,196
278
96,752
340,403
103,319
329,250
198
71,194
142,875
51,358
80,970
198
71,119
142,737
51,548
82,845
100,422
121,986
38,514
47,792
338
100,424
122,983
38,834
50,004
847,930
869,689
346,395
348,249
308,714
312,245 1,503,039 1.530,183 2,386.30
338
814
268,368
607,595
193,118
433,958
814
268,260
606,123
193,701
462,099
770
269,743
645,116
337,239'
,134,206
445,829 439,555
,130,5191 146,701
,532,276 3 534,016
740,130 141,781
139,212
99,647 102,372
739,469
980,897
981,714 al.353.109
72,720
341,531 2,1.59,564 2,162,126 481,852 479,496 418,903 418,176 3,060,319 3,059,798
,054,602 1,054,645 7,251,822 7,282,268 2,199,577 2,187,6361,888,061 1,881,30911,339,460 11,331,213 al 1057662
,653,2985 ,684,100
608,3171 610,846
102,579 104,555
525,730 1,529,37710,998,785 11,034,213 3,169,605 3, 154,593[2,715,325 2.714.102 16,883,715 16,902,908
199,244 208,047 158,195 162,408 1,368,659 1,388,021
135,921
136,552| 1,011,220 1,017,566
71,106
205,055
201,150
70,790
82,493
85,042
354,749
360,887
36,185
36,256
974,303; 8,006,287 8,005,534 1,740,097 1,745,3001,641,652 1,665,551 11,388,036 11,416,385
972,089
282,679 282,640; 1,224,573 1,232,470 881,243 884,438 600,036 598,530 2,705,852 2,715,438
121,649
9,786
12,131
8,496
115.287
142,276
98.633
6,868
7,976
6,435
,664,731,4 ,653,813
301,766
65.624
301,823
81,009
300,999
66,144
346,209
311,606
15,134,198
1,353,542
338,966
10,776,645
1,861,519
517.149
Bills
All other
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations.
All other...
Ratio 01 U. S. war securities and war
paper to total loans and Invest-
120,890
261,925
120,263
252,218
36,687
8,684
174.325
ments, per cent
16.9
17.0
a E.xclusive of rediscounts with Federl Reserve Banks.
472,973
150
477,140
150
143,234
996
147,345
3,527
92,605
976
9,097
169,092
212,824
715,474
214,678
702,143
29,162
146,393
28,990
144.022
13,802
143.370
8.6
13,6
13.7
13,2
13.2
11.3
37,612
88,917
486
708,812
2,122
14.865
255,788
131,167 1,005,237
11.6
13,
713,402 1.092.941
4,163
258,533
977,332
13.3
337,123-
1
Aug. 14
.
THE CHRONICLE
1920.]
^nnlitts^
(Sa^jettje*
Wall Street, Friday Night, Aug. 13 1920.
Railroad and Miscellaneous Stocks. The precariousness of the Russo-Polish situation and a closer tightening of
the money market have restricted operations at the Stock
Exchange throughout the week. Prices declined precipitately on Monday, when railway shares showed a drop
averaging nearly 3 points from last week's closing prices.
The market rallied on Wednesday, however, and the earlier
Since Wednesdecline was, in most case, fully recovered.
day fluctuations have been relatively narrow in both direc-
—
671
The market for railway and industrial bonds has been
moderately active with a good many issues included in the
transactions day by day.
Prices have not been very well
maintained, however. Of a list of 2.5 representative issues
of the different groups, 15 have declined -within the week.
Among the relatively strong features are Penn. 7s, New York
Cent. 6s, St. Paul 4J^s, Brooklyn R. T., Consol. Gas, and
Tel. & Tel. issues.
On the other hand Inter. Mer.
Mar. have been notably weak and U. P., So. Pa., Rock
Island, Atchison, Reading and some of the local tractions
Am.
are lower.
—
United States Bonds. Sales of Grovernment bonds at
the Board include $1,000 4s coup, at 105, .?1,000 4s reg. at
105 and the various Liberty Loan issues.
tions.
A
been done in the loan
department at the Exchange. Practically aU renewals of
coal loans have been at 7%, with money offered near the
But for time money from 9 to
close of each day at 6%.
has been asked, which is, of course, almost prohibitive
10%
small
amount
of business has
for legitimate business.
exchange sold down to .13 60 or fractionally
on Thursday,
below on Monday, but recovered to $3 67
and somewhat higher to-day.
The new life which increased traffic rates is sure to put
into railway operations has caused a feeling of hopefulness
in railway circles which has been unknown for a long time
Already railway managers are planning new financing
past.
new equipment orders which give promise of renewed
and
M
activity in the transportation business.
Although the volume of business was the smallest of the
week, to-day's market was generally firm and in some cases
closing prices are the highest.
New
First Liberty Loan
3H8, 16-30 year. 1932-47
NEW YORK STOCK EXCHANGE
WEEKLY AND YEARLY.
York, Boston, Philadelphia and Baltmore ex
IClose
Total Bales In $1,000 units
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
46, 10-25 year oodt,
Range for Week.
Sales
for
Week
Lowest.
Highest.
Range since Jan
Lowest.
.
SeoOBd Liberty
4e. convertible,
Highest.
Par Shares $ per share.
S per share. $ per share S per share.
Aug 9 59 H Aug 9 53 Ji July 60
July
300 59
100 30
Aug 44
Jan
Aug 7 30 Aug 7 30
American Snuff
Feb n5« Jan
100
100 100
Aug 11 100 Aug 11 86
Amer Tobac com B.-lOO 1.700 102
Aug 9 108 Aug 7: 102
Aug 210
June
Am Wholesale pref.-lOO IW) 89 K Aug 10 89 K Aug 10[ 80 'A Aug 95
Apr
26i.i Aug 11 26 M Aug 111 20
Ann Art)or pref
100
May 30 July
100
Aug 6M Apr
Aug 9 2Ji Aug 7i 2
Aug 12 20 M Aug 12, 20
Aug 20« Aug
May 114
Aug 9 105^ Aug 9 103
Feb
Aug 7 21 M Aug 9 20
Aug 24
May
Aug 10 41.8 Aug II
4
Aug 19K Jan
Barnet Leatlier
no par
Aug 9 50 Aug 9: 50
Aug 93
Jan
Buffalo & Susq v I C-100
June 69 J^^ Mar
Aug II 66M Aug 11 65
Preferred v t c
100
41 Ji Aug 11 41?i Aug 11 45
July 45
July
Canada Southern
100
125 38
Aug iS'A Jan
Aug 13 38 Aug 13 38
Case Thresh Mach pf 100
400 91 H Aug 12 92
Aug 71 91H Aug 101
Jan
Chicago & Alton
100
Feb
100
9
Feb
Aug 7 9 Aug 7 6
Chic & E Ills trust reels
300
Feb nv» Mar
8
Aug 13 8H Aug 7\ 4
8 '4 Aug 10
Preferred trust rects_
90f)
Aug 10
9
Jan 11
Mar
Cluett, Peabody & Co 100
400 72
Aug 106
Aug 11 72 Aug lO! 72
Jan
Computlng-Tab-Rec.lOO
300 43 K. Aug 9 40 K Aug 12, 43 K Aug 56
Jan
Continental Insur
100 68}^ Aug 9 68'A Aug 9 68
Aug 82
25
Jan
Crex Carpet
Aug 12j 45 H Aug 64
:..100
500 45 H Aug 9 53
Apr
DeBeersConMinesnopar
200 27 H Aug 10 27H Aug 101 27
Aug 36H May
Detroit United Ry. . _ 100
100 90S Aug 11 90^.^8 Aug 11
July 101
Jan
Elec Stor Batt rishls
3li Aug 13!
2,400
2H Aug 3% July
2yi Aug 11
Fairbanks Co (The).. 25
200 47
Aug 83
Aug 9 47 H Aug 7, 47
Jan
General Chemical... 100
950 107
Aug 13' 150
June 192
Aug 12 171
Mar
Preferred
300 94
Aug 13!
100
Jan
Aug 9 95
iH May iOO
Guantanamo Sug.KO par
Aug 19M Aug
200 19 H Aug 13 1914 Aug 13! 19
Homestake Mining.. 100
200 50
Aug 10 50 Aug 9| 50
Aug 71
Jan
•100 80H Aug 12 80Ji Aug 12! 80
Internat Nickel pref. 100
June 88
Feb
Kresge (S S) Co
Aug 155
100
300 120
Aug 11 125 Aug 9i 120
Jan
Lake Erie & West... 100
100
9 UK Aug 9
Vi Aug
8H Feb 12 M Mar
Loews Inc rights
l,40f) 12^2 Aug 12 12 M Aug 12
Aug
12'A Aug
Mallins'n(HH)&Corao/'ar
100 15
Aug 11 15 Aug 11 15
Aug 45
Mar
Preferred
400 .52
Aug 80 H Apr
1 00
Aug 11 65 Aug 9 52
Marlln-Rork V t c.no par
100 40
Aug 11 40 Aug 11 40
Aug 63
Feb
Maitin-Parry
700 19".iJ Aug
21
Aug 12 19H Aug 30!^^ Jan
no par
Malhle.son Alkali
100 30
Aug 9 29
Feb 33
50
Aug
30
July
Maxwell Motor
Apr
100 21,000
7H Aug 10 V.iH Aug 7 7 '4 Aug 38
Certificates of deposit
300 12
Aug 11 13 H Aug 11 lOH Aug 35 « Jan
First preferred
Aug 63 'A Jan
1 00 0,300
16
Aug 10 22 H Aug 11 16
Certlfs of deposit
100 15
Aug 10 15 Aug 10 15
Aug 62 M Jan
Second preferred . . 100
Aug 12 OH Aug 30 Ji Jan
100
Aug 11 11
9J4
Certlfs of deposit
7
Aug 30,'i Jan
300
7
Aug 11 7 Aug 11
MStP&SSMarle.-lOO
400 71
Feb 80
Mar
Aug 9 72 H Aug 7 63
Preferred
82
Aug 13 80}i June 94
100
100 82
Aug 13
Fob
Mulllns Body
33
Aug 7 32H Aug 51
900 32 H Aug
Jan
National Biscuit
July 125
Jan
100
300 105
Aug 11 io55.i Aug n 105
Preferred
100
200 105
Aug 9 105 Ji Aug 13 103 H July 110
Jan
Nat Ry sot Mex Istpf 100
5 'A Aug 12
5 'A Aug 14
5 U Aug 12
100
Miir
Norf k Sout hern . . 1 00
Aug 13 10
100 17
Feb 29
Aug 13 17
Mar
Peoria & ICa.stern
Aug 11
9
June 16
Mar
100
100 11
Aug 11 11
Phillips Jones
no par
July 68
100 50
Mar
Aug 9 50 Aug 9 .50
Pitts Steel pref.
94 -^i Jan
130 85
100
Aug 10 85 Aug 10 73 H Junf
Rand Mines
Aug 12 26 H Aug 29
no par
June
200 26;ii Aug 13 27
Rels (Robt) & Co.no par
Aug 23
Apr
100 13
Aug 10 13 Aug 10 13
First preferred
Aug 10 75
100
Aug 10
June 84
Apr
100 75
.'^ears. Rnehuck pref 100
100 105>^ Aug II 105!^ Aug 11 105 M Aug 119H Mar
ShatHick-.Arlz (•(ii)per_ 10
700
Aug 7 8H Aug 9
June 12^ Jan
8H
8H
.So Porto HIco Sugar.
100
Apr
500 100
Aug 10 135 Aug 13 ilOO Aug 310
Standard on N. I subscrli
reels pjirt paid
July
400 103
Aug 10 103M Aug 9 100^ June 105
Superior .steel 1st pf. 100
Aug 12 97
100 97
Aug 102
Jan
Aug 12 97
Stern Urns pref
94
Aug 7 94
JOO
100 94
Aug 97!-!; Juno
Aug
Third Avenue Ry...lOO
Aug 17 >i Mar
200 10
Aug 12 10 Aug 12 10
Wisconsin Central... lOO
Aug 10 25
Aug 9 26
May 33
Feb
500 25
1,100
2
200 20
200 105%
600 20
200 4
200 50
3 66 M
!)
.
—
and Railroad Bonds. Sales of State bonds at
Board are limited to .SI 15,000 Virginia 6s deferred trust
receipts at 59 to 62.
State
the
90.94
90.82
90.82
1,230
84.54
84.34
84.40
88.68
88.54
88.54
88.62
88.46
88.50
46
Hl^h
(Low.
Lo.-ui
(
1932-47
IClose
Total sales In J1,000 units
Third Liberty Loan
High
(Low.
(
4Ulofl928
IClose
Totel galea in Jl.OOO units
Third Liberty Loan
High
4)igof l8tLLoonv,'32-'47<Low.
r
IClose
ToUI
sales
n $1,000 units
Third Liberty Loan
4M8 of 2d L L CQPV.
High
f
Low.
•27-'42<
IClose
Total laies \n $1,000 units
Fourth Liberty Loan
4^8
IClose
Total sales In $1,000 units
Fourth Liberty Loan
504
85.40
85.26
85.26
99
84.88
84.72
84.76
407
High
<Low.
(
of 1933-38
85.30
85.16
85.16
978
664
85.50
85.36
85.40
63
84.80
84.50
84. .50
1,154
85.20
85.00
85.04
1,718
Hlgb
f
LL 2d conv.'32--47<Low.
Total sales In $1,000 units
Victory Liberty Loan
f High
45isconv gold Dote8,'22-"23<Low.
Total sales In $1,000 units
Victory Liberty Loan
( High
notes, •22-'23<Low
SMs.conv gold
IClose
In *1
nno
nnltji
.
95.70
95.66
95.68
218
95.70
95.68
95.68
.
95.68
95.62
95.66
798
95.68
95.64
95.64
8?
90.82
90.70
90.76
471
84. .56
84.40
84.42
72
85.40
85.10
85.10
90.74
90.60
90.60
1,062
84.40
84.30
84.40
149
90.70
90.50
90.50
271
84.48
84.40
84.48
39
85.10
85.10
85.10
8
88.60 '88".66
88.48
88.40
88.56
88.40
790
1.238
85.40
85.50
85.10
85.02
85.20
85.10
96
113
84.60
84.60
84.50
84.42
84.60
84.44
1,328
1,456
85.04
85.06
84.96
84. S4
84.96
84.84
2,022
3,021
96.90
96.90
96.90
5
95.84
95.72
95.60
95.66
95.84
95.66
1.9.«
632
95.66
95.72
95.64
95.66
95.64
95.70
41.S
S65
90.52
90.26
90.34
522
84.22
84.10
84.12
8
85.00
84.70
84.70
2
88.36
88.00
88.04
1,303
85.08
84.80
84.88
116
84.50
84.28
84.34
88.50
88.32
88.40
1,074
85.10
85.00
85.00
31
84.50
84.30
84.42
1,737
85.00
84.82
84.86
2,403
899
84.90
84.60
84.78
1,389
95.70
95.60
95.60
769
95.68
95.62
95.62
96.62
95.52
95.58
763
95.62
95.52
95.58
164
•SO?
—
Foreign Exchange. The market for sterling exchange,
has again shown marked irregularity -with, sharp declines.
Continental exchange was likewise under pressure and sustained severe breaks on adverse foreign news.
59K@3
55%@3
To-day's (Friday's) actual rates for sterling exchange were 3
62
for sixty days, 3 62?i@3 65
for cheques and 3 63^(3.3 66 for cables.
65i^, sixty days 3
Commercial on banlcs sight 3
58J^,
ninety days 3
57 and documents for payment (sixty days) 3 555i@
Cotton for payment 3 623^@3 65J^ and grain for payment
3 58 Is.
3
653^.
To-day's (Friday's) actual rates for Paris bankers' francs were 13.83®
Germany bankers' marks are
13.95 for long and 13.76(ai3.88 for short.
not yet quoted for long and short bills. Amsterdam bankers' builders were
32 11-16 for long and 33 1-16 for short.
Exchange at Paris on London, 50. 27^ francs; week's range, 50.16 francs
W
54H@3
62H@3
62H@3
high and 50.90 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual
Sixty Days.
Cheques.
High for the week
3 65J^
3 68Ji
Low for the week
...3 56M
3 60
Paris Bankers' Francs
High for the week...
-..13.72
13.62
Low for the week
14.23
14.12
—
—
Germany Bankers' Marks—
High
Low
for the week..
for the week
Cables.
3
3
69^
60%
13.60
14.10
2.16
2.07
Amsterdam Bankers' Guilders—
High for the week
.33
Low for the week
32
Domestic Exchange. Chicago, par. St.
discount.
Boston, par. San Francisco, par.
premium. Cincinnati, par.
—
1-16
11-16
2.18
2.0&
.33H
3331
33%
33}i
Louis, 15@25c. per $1,000
Montreal, S125 per $1,000
—
1
1)1
91.02
90.96
90.96
169
84.68
84.68
84.68
4
Aug.n. Aug.12. Avo.13.
I
Am Bnike S & F_.reo par
Am Miilt & Grain. no par
Aasets Realization
10
Atlantic Fruit
no par
Atlantic Ref pref
100
Austin.Nichi.ls&Cowoprir
Auto Sales Corp
50
1942
ICloee
Total saliw
13.
High
<Low.
f
(Close
The
Week ending Aug.
(
IClose
changes see page 667.
STOCKS.
High
<Low.
Second Liberty Loao
4>is,lst
TRANSACTIONS AT THE
For transactions on
Record of Ubertu Lean Prlcet. .iug. 7. Aug. 9. Aug.lO.
Total sales In J1,000 units
Sterling
DAILY,
DaUv
"Outside Market. Selling pressure at the opening of
week caused a heavy decline in "curb" issues
and new low levels were reached in a number of instances.
trading this
Thereafter the market showed decided improvement and
General Asphalt com. on a
prices made good recoveries.
good business dropped from 50 to 40 H. moved up to 50 J^
and closed to-day at the high figure. United Retail Stores
to 9 and up
Candy was heavily traded in down from 1 1
William Farrell & Son com. declined from
finally to 12.
26 to 20 and recovered to 21. Submarine Boat improved
from 10 to 113^. Chicago Nipple experienced a sharp break
from 12 J4^ to 8J^, the close to-day being at 9I4. Standard
Oil of N. Y. at first lost about 10 points to 343 but on talk
of a 200% stock dividend jumped to 407 and reacted finally
Carib Syndicate after loss of over a point to 9 sold
to 385.
up to 11% and reacted finally to 11. Maracaibo Oil weakened from lS5<t to 17 but recovered to 18 'i- Tropical Oil
after earl.v loss of over a point to Xl^i advanced to 19?^.
Internat. Petrol, sold up from 30 to 35' 2 and ends the week
Mcrritt Oil gained over 2 points to 13' witli the
at 343''2.
Midwest Refg. sold down from
final figure to-dav at 13.
to 140, then up to 148. the close to-day being at 143.
146
Simms Petrol, receded from 12 ^^ to 9^8 «"<! recovered
M
j
H
Reported dissolution of the syndicate, it is
to 10J<t.
was responsible for the break in SineLiir Oil 7J^%
bonds from 97^8 to 86 "s. the close to-day being at S73<i.
A complete record of "curb" market transactions for the
finall.v
stated,
week wHI bo found on
pa^jo G80.
New York
673
Stock
Exchange—Stock Record,
Weekly and Yearly
Daily,
OCCUPYING THREE PAGES
For record of sales durlntt the week of stocks usually InactUe, see preceding page
HIGH A.\D LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday
Monday
Tuesday
Aug. 7
Aug. 9
Aug. 10
S per share
S per share
78^8 79^8
75I2 7512
Friday
Aug. 13
PER SHARE
STOCKS
Sales
for
the
Week
On
EXCHANGE
Range for Previous
Year 1919
1
basis of lOO-share lots
S per share
SOU SI
75I4 75U
6
84
34%
35I4
45I2
32»4
45I8
3334
45I2
10
*6S4
10
7
10
10
634
6I2
II8I4
5612 5612
*734
8
22I4 22I4
33I2 34I2
5OI2 511;
IIGU
8478
33I2
*45
10
45I;
634
II3I2 116
5358 56
•734
75I2
•6
6
84
•6
SO
6I2
11412
54
•734
8
•22I4
2338
2178
32U 33I2 3234
49I2 5OI2
495s
67l2 6818
68
70
*6S
•101
IOOI2
*101
105
...
32I2 34
32^8
34 '4 34'8
71l8
73I2 73I2
7038 7038
*61i2
6312
63
63
6312
25I2
*46
*35
93
240
5
24I2
26
49
"9358
245
5I4
10
10
1278
I9I2
127,
*13l2
72I2
31 ?8
14
*29
*83
3
9I4
1758
25I2
*46
*35
20
23Sl2
5
478
434
9I2
1218
1334
95I2
10
91 >
1234
20
71
32 14
30
14
14
85
3
934
17%
*43
*42
*29
82
3
9
17
7234
3112
14
32
8212
3
9
I7I4
72I4
31
*11
29
*82
3
9
1734
*42
45
44
"41'
1218
1878
*13
1434
72I2
301;
*24
*46
*35
49
40
93I8 95
235 240
4Y
IOI2
24I2
43I2
•4I2
*36
71I4
35
*60
*50
34
"
"¥l2
IOI2
25I4
43^8
5
39
7134
35
70
51
3434
1734
1734
89
74
89
4038
2415
74
4038
2434
4334
94
95
13
"h'
4334
13U
*42l2
95I2
4OI4
13
6
*9
24
6I2
6I2
4OI4
4I2
*36
70
32
60
*50
32l2
12
10
24 12
42
24I2
4158
4I2
4I2
37
39
7II4
7OI4
32
32
60
52
*55
51
3k378
33
20
89
I7I2
8778
73
40
7334
4OI2
23I8
24
*17
87I2
71
4038
23I8
Wednesday
Aug. 11
Thursday
Aug. 12
Lowest
8734
2334
27I4
72
1558
758
2418
*15
934
I3I2
*26l2
*63
30
3OI2
2418
2012
3II2
8
1834
24
33
20
23I2
2258
33
*28
117
*64
sou
86
2038
3034
•7
*13l2
9178
2738
5914
*35l2
72
8734
88^8
*28
7I2
*27
26l8
65
8
16
*59
31
*28
114
63
734
14
734
7I2
24I4
23I2
17
934
I3I2
27I2
66I2
*14
9'4
*13
26
*H3
9I2
I6I4
*34U
35I8
3II2
*27
62
31
26
62
58U
44
"Us "ih
Vz
ih
1
II2
13
90
2612
60
59
35I2
3184
•28
33
II6I2
64
758
1534
758
24
15
•758
•15
938
2618
6OI2
13
2612
*62l2
978
978
26
72
88I2
2334
2378
2458
33
29
I9I2
1938
29
20
30
25I2
•68
87
7
13
91
2718
59I2
33I8
33
7=8
15
8
24
17
93
13
2612
66I2
1018
30
7
•1234
9034
2678
758
I3I2
915s
2712
2334
•29
76
*85
43
*41
7978
*
8312
3234
89
31
77
95
43
48
7578
84
84
33I2
89
28
33
33
27
59
45
27U
llg
II2
5812
4434
1
II2
33
28
59I2
45
•28
116
3378
30
117U
•6412
28
30
30
3012
•13
90U 91U
265s
32
2812
116
"io" Yd'
*130 130
1334
1334
978
2934
11634
75I4
3912
6734
6912
9I2
7I2
1618
778
15
778
•24
•14
24I2
I6I2
938
93,
65
'94'
101
1278
1958
*73
54
8878
34I4
*85
•no
*100
|«80
*82
101
13is
2034
75
55
8878
3478
87
120
¥2"
He,u
34
32
II6I4 11738
•734
9
1578
778
16
16U
16U
2418
8
2438
8
24I2
•16
9
8 '8
I6I2
9I4
131
2618
•15
9I2
2458
*12l2
13
26
•63
26I4
77
¥3"
84
•31U
10
lOU
lOU
lOU
IOI4
2,300
100
•32
35
•33I4
2812
35I2
•3312
35I2
3034
500
64
283
2812
6038
60
46
61
45
46
3218
•87
133
90
25
79
2418
10
9I2
30
29
6038
47I8
2934
71
84
84
32
90
I33I2
25U
934
28
29
28U
71
7012
76U
7578
76I4
*S5i2
90
42
48
78
84
85
42
75I2
•75
85
•85
76
90
43U 43U
•41
•76
•75
8512
48
78
83
87
3234
87
87
2534
9I2
97s
3278
88
934
•127
128
130
130
I3I4
14
14
14
73
74I2
75I4
74
75
3778
39
37
37
37I2
4858
ll8
11
29I8
•85
44
•39
3058
"7"8'
77I2
87
3434
'107U
25
65
no
2612
37I2
128
130U
1358
1334
6512
68U
68
•10
62
*80
05
86
92I2 94 U
100 100
62U
90
91
94
'100
102
1238 131s
19U
*73
1258
22U
2018
75
5234
54I8
72
53
88
88
88
33U
34U
*85
115
6912
11
•61
•81
33U
I3I8
2134
72
5358
S8is
3334
87
117
10634 IO7I2
75I4 79I2
I
1141s 110
IO6I2 IO7I2
74I4 78-54
81
81
73I2
74
75
69U
III2
7134
III2
6412
64
I4I2
74I8
58
7OI2
09
•10
*10
64
027s
•82
•82
88
9334 9578
94
lOOU lOOU •100
13
1278
21
•71
5378
21U
2034
•88
89
125s
73
54I4
35I8
86I2
IIOI2
10578 1057s
3334
•85
115
77
•13
80
Bid and asked prlew; no sales on this day.
70
533s
8818
7OI4
•10
6412
•82
95
90
9534
102
1318
2II4
75
54I2
74
III2
68I2
96
•70
•54
•87
75
55
...100
100
100
..100
100
Twin City Rapid Transit. .100
Dnlon Pacific
100
Do pref
100
United Railways Invest. ..100
Do pref
100
Wabash...
100
Do prefA
100
Do prefB.
100
Western Maryland (n<u>)..100
Do 2d pref
100
Western Pacific
100
Do pref
100
Wheeling 4 Lake Erl« Ry.lOO
Do pref.
..100
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do pref
100
AJax Rubber Ino
60
Alaska Gold Mines
10
Alaska Juneau Gold MIn'g.lO
AlUs-Chalmers Mfg
100
Do pref
100
Amer
Do
Agricultural
pref
Chem..l00
100
60
60
American Beet Sugar
100
Do pref
100
Amer Bosch Magneto.. iVo var
American Can
100
Do pref
100
American Car 4 Foundry. 100
Do pref
100
American Cotton Oil
100
Do pref
100
Amer Druggists Syndicate. 10
American Express
100
American Hloe 4 Leatber.lOO
Do pref
100
American Ice
100
Do pref
100
Amer International Corp.. 100
Am La France F E
10
American Linseed
100
Do pref
100
American Locomotive
100
Do pref
..100
American Safety Razor
25
Am Ship 4 Comm Corp.no par
Smelt Secur pref ger A. 100
Am
Amer Smelting 4 Refining. 100
Do prel
100
Preferred
3.700
l.SOO
19.100
500
5,200
100
4,200
100
7,800
2,
900
200
5,700
1,000
100
18,900
100
8,200
89
IOOI2 IOOI2
13
133s
2OI2 2034
6
800 American Bank Note
88
65
978 10
•127 140
10
135
2.100
1,600
2.100
1.600
4.S00
7,700
1.000
3.100
83
8634
321s
I34I2 13638
2434
200
92
44
44
88
3134
13518 136
2438
61
I's
II2
"77"
300
3,700
65
4734
•75
109U 108U
25
*59
77I2
88
3134
13418 13612
1338
7434
I26I4
13l8
2,300
65
13
20I2
II2
'7"6'l4
2.100
2'800
1.700
4.100
•I2I2
2534
63I2
13
261s
lU
29
400
12.250
17
9I2
60
pref
pref...
1,000
30,000 Texas 4 Paclfle
900
8
71s
1st
2d pref
Do
•63
10
•41
9I9
6358
5934
•28
50'
Do pref
200
27,800 Southern Pacific Co
35,000 Southern Railway
65
7I2
58
7438
39I2
271'>
59
112
76
*65
9058
265s
712
14
9134
3234
Us
42I2
23I4
27
59
33
II2
•107U 110
26
•7l8
•13
14
Us
76
13118 13334
2518
32
30
7I2
100
100
11,500 St Louls-San Fran tr ctfs. .100
Preferred A trust ctfs. .100
100
5,500 St Louis Southwestern
100
Do pref
3,700
100
000 Seaboard Air Llns
100
30
•7
4 West Va
pref
2458
1978
1
42I2
'76'
•78
Do
000
65,500 Reading
I9I2
1
7578
3058
30
24
•29
C &St Lctfsdep...
2,400 Pittsburgh
8878
1978
59
3278
2418
15s
43
48
*87
8712
li8
75
"82"
76
I6I4
43
*41
75
2OI2
•68
I9I2
71
3018
•25I2
26
76
Do
Do
11618
6418 6412
7I2
25I2
•67
8678
115U
2378
I6I2
9I2
131
2638
6678
8734
29U 30
7
7
I3I4
9118
2738
8934
II7I2
1834
7
28
37
34
*27
I3I4
I4I2
92I2
59I4
26l2
2518
6678
2534
*68
Lowest
H
Pitts Cln
27I4
*68
Highest
S per share S per share S per share Shares
Railroads
Far $ per share
S per share
SOI2 81
SOI2 81
8OI2 8138
8O34
5.900 Atob Topeka A Santa Fa. .100
76 Feb 11
8012 Mario
75I2 76
7638 7638 •75li> 7812
76
1,600
Do pref
72 May20
100
82 Jan 3
6I2
7l8
•6
6I0
6I2
734
7
1,000 Atlanta Blrm & Atlantic. 100
6
Apr21
878 Feb 24
8412 8478
S478
85
85
8434 8434
800 Atlantic Coast Line RR..100 xS2i8 JunelS
93 Jan 7
34I2
34
3334 34I2
34
2758 1-60 13
100
3878 Feb 24
34U 351 22,000 Baltimore A Ohio
45I8 45I8
4578 46
47
4538 4678
4018 June28
1,700
Do pref
100
4978 Feb 24
10
10
10
10
10
9.8
10
978 Aug 13
2,400 Brooklyn Rapid TranBlt..lOO
17
Marl5
6I2
638
638
678
7
500
»6U
Certillcatea of deposit
6 % Aug 12
*6U
13U Marl5
II5I2 11512 11712 H5I2 11618 116
100 110 MayaO 134 Jan 3
118U 12,700 Canadian Paelflo
*54
541
54
5434
56
54 Is 56
2,900 Chesapeake A Ohio
47 Feb 13
100
5912 Mario
734
8I2
•734
8
8
8
812
7
Feb 13
300 Chicago Great Western. ..100
107* Feb 20
22
2118 22
2112 2112
2134 2134
27I8 Feb 28
1.500
Do pref...
1978 May24
100
33
33
33
33
3234 33
4,3U0 Chicago MUw 4 St Paul.-lOO
30U Feb
4212 Marl 1
49I2 50
4938 5038
50
4938 5038
4554 Feb 13
6,800
Do pref
.100
6112 Marll
69
70
69
7012
7012
70
70
67 June24
4,100 Chicago A Northwestern.. 100
9112 Mario
•101
•10012
101 103
103
98 June28 120 Jan 6
Do pref
100
3353
2312 Feb 13
34.500 Cblo Rock Isl 4 Pa«
33U 3378 32U 33I4 3234 34
100
41
Mar 8
72I2 73
7OI2 7134
7118
72
74
1,200
7% preferred
100
64U Feb 13 78 Feb 21
62I4 62U
6II2 6II2
63
6212 62I2
Feb 1
64
500
0% preferred
100
eeij Mar 1
51
52
42 Feb
200 Clev Cln Chlo 4 St Louis.. 100
5678 Aug 2
62 Mayl9
Do pref
100
68 Feo 24
25I2
2478 2478 •24
26
20 Feb 1
700 Colorado 4 Southern
100
27 Feb 19
•46
•46
49
49
49
46 July 6
Do 1st pref
100
5112 Mar26
•33
40
35
40
35
100
Do 2d pref
^.
100
35 .\ug 1
43 Jan 16
97I2 97I2
!I612
98
9778 98
9612
2.300 Delaware 4 Hudson
100
83U June29 9934 Marl3
245
244 250U 245
!49
5,450 Delaware Lack 4 Western.. 50 166 Feb 10 250I4 Aug 11
230U 240
478
478
478
478
434
5
4 June 17
5
2.000 Denver 4 Rio Grands
100
9 Jan 3
958
10
934
978
978
958
9 Feb 11
2.200
Do pref
163g Feb 24
97s
100
1258
1258
912 Feb 13
5.800 Erie
12U 1258
12U 1258
121s
100
1558 Feb 24
I9I2
I9I2 1934
19
19
1712 May20
3.200
Do Ist pref
100
25 Feb 24
•14
12ij Feb .
14
14
15
15
200
Do 2d pref
100
1712 Feb 24
7234 73
721;
7278 73
6534Junel2
73
73
84S4 Maris
3.600 Qieat Northern pref
100
3II2 32
3II2
31
3114
31U 3134 6.000 Iron Ore properties.. ATo var 30 Aug
4178 Marl9
*12l2 14
•I2I2 14
•I2I2 14
15
7 Jau 24
500 Gulf Mob 4 Nor tr Otf8...1fl0
15 May 6
•28
29
31
*2S
28
28 Jan 24
28
200
Preferred
31U
100
34
Aprl4
8278 8278
807gFeb 13
8234 8234
84
83
84
1.400 Illinois Central
100
9d'4 Mario
3l8
314
3
3
3 Aug _
3
484 Maris
3U 3U 2,100 Interboro Ccns Corp..JVo Par
•9
•9
9I8
91;
9
912
834 July29
800
leij Marl5
Do pref
100
9U
1734
1758 18
1734
1778
1358 May .
2.000 Kansas City Southern
17U I7I2
1934 Aug 2
100
43I4 44I2
•42
44I2 44I2
46
45
40 May 19
600
Do pref
4812 Mar
100
4358 4434
4334 45
3934 May24
44
4434 4434
2,000 Lelilgh Valley
60
47U Mario
95I2 •96
•96
98
98
98
98
700 Louisville 4 Nashville
94 Aug 9 112i2Jan 5
100
4OI4
300 Manhattan Ry guar
38U July 2 6218 Mar20
100
9 Feb 13
13
13
1378
3,500 Mlnneap 4 St L (n<tc)
I8I2 Mar 9
13U I3I2
100
6I2
3I2 May22
6I2
658
6
638
3,200 Missouri Kansas 4 Texas. 100
11
Feb 21
*9
10
12
7 May24
200
Do pref
100
18 Feb 19
24I4 2478
24I2 25U
2434 25U 10,000 Missouri Pacific trust otfs.lOO
21 Feb 11
25
3118 Feb 28
42I2 4278
4134 421s
4234
36 Feb 11
42 U 421
12.301)
Do pref trust ctfs
49»4 Feb 24
100
*4l2
4I0
•434
5
5
5
5
900 Nat Rys of Mex 2d pref. ..100
758 Mar29
4U Feb 13
'
•36I4 39
*36l4 39
31 JunelS
37
100 New Orl Tex 4 Mex v t 0..IOO
4712 Feb 20
•36U 39
7OI4 7138
7II2
70 12 7134
7078 721,
14.700 New York Central
64U Feb 13 7712 Mario
100
32I2 32I2
33I2
2334 Feb 13
32
33
33
32
900 N Y Chicago 4 St Louis.. 100
3612 Marll
•55
•60
•55
Aprl3
50
70
70
70
70
First preferred
100
62
100
Marll
•50
41 14 May 4
51
5II2
5112 *50
51
52
400
Second preferred
100
52 July 19
34I4
32I2 33
23i»Feb 11
3238 3334 51,900
3378
33
Y N
4 Hartford
3tj34 Mario
100
I7I2
•18
I8I2
19
18
500
Y Ontario 4 Western. ..100 10 Feb 6 2178 Mario
88I2
8414 JunelO lOOis Mario
88
8812
1,200 Norfolk 4 Western
100
73I2
6634Junel2
7318 735s
74
73
74
74
8,700 Northern Pacific...
8458 Maris
100
4OI2 4034
377g May24
4038 4058
4078
4012 4034
9,560 Pennsylvania
4312 Mario
60
22I4 May20
2378
2334 24
23
8,200 Pere Marquette V t c
82 Feb 19
100
23U 2318 24
56 Aug 5
Do prior pref V t
100
68 Feb 27
39 June 8
Do pret V t
61 Jan 5
100
N
N
19,000
400
5,000
7,900
100
5,000
1
700
3612 J0,000 Am Steel Found tem cttt.33>i
35
35
35U
Pref temp ctfs
No par
85I4
•85
200
86
85
II6I2 11534 11534
3,900 American Sugar ReflnlD(r..l00
115
Do pref
100
'IO4I4
000
10434
100
8II2 '^"l2 13,500 Amer Sumatra Tobacco
7812 "8Y12
preferred
...100
Do
*80l2 86I2
100
89
t Ex-rlgbta.
S
89
Less than 100 shares,
a Ex-dlv. and rights,
69
May28
2]i2±'eb 11
Aug 10
Feb 11
Mar 9
Mar 9
15U Feb 13
23i2Jan 14
6678
6434
327«
3314
11
Feb 11
2018 May24
July 1
6
10
July
8818
Feb 13
Feb 14
18
1
50 Feb 13
26 Feb 13
27i4June23
110 Feb 13
61 U May24
7 Is .'^ug 12
14 Aug 9
7
May20
201>Feb 11
14
858
11
June2l
Feb 13
Ju!y30
20i2leb 13
64i« Feb
9 June23
15
May20
25
25
Feb
11
Aug 6
58UAug
Aug
Aug
1
i
Aug
28 Aug
44
9
9
9
H
9
70l2Aug 12
75
Aug 9
8458
June 2
Feb 13
39
4OI2
74»4
80
May 19
Feb
13
Aug 3
SlisAug 6
3058
87
Aug
Aug
9
11
I24I8 I'eb 26
10534 July 7
33U Apr 26
Mar26
80
6
3
13
80
82
Aug
Feb
9612 June 1
11^ Apr 16
Feb 13
1634
72
5234
88
Aug
Aug
Aug
10
9
9
9
33i4Aug
June22
Aug 10
85
II4IS
102
Aug
z Ex-dlvldend.
10
7U Jan
21
Dec
3418
4878
Dec
Dec
Nov
85
116
Dec
28U July
17078 July
esitMay
12
July
3078 May
62*4 July
76
105
133
July
May
Jan
2218
Jan
32U Jlny
68
Dec
Aug
Feb
84
Sept
Dec
Dec
Feb
Dec
31>4 May
681; July
511: May
6SI4
32
03
19
48
46
9112
I7212
Jons
73
July
547|
Junt
74
July
May
116
Mar 217 May
3i2
6i8
12^8
I8I2
13»4
7618
31>4
Apr
Feb
Dec
Dec
Dec
Dec
7
Sept
Jan
1512 July
24
July
20U May
33
2314
10058
52>4
1278
40ii
July
July
May
July
July
July
3i8
Dec
Dec 104
May
Mar
30
857g
Junt
Dec
10
13
918
SlUJuns
May
May
Nov
40
4012
I047g
37*8
9lg
45g
8I2
2218
3712
26I4
Dec
Dec
Aug
Dec
67
6038 Juns
122*4 May
Jan
88
Jan
2412 July
Feb
1658 July
Jan
2518 July
3878 July
58*4 June
Nov
Dec
4U Dec
14
Mar
28>4 Apr
66»4 Dec
23»4 Sept
6OI2 Dec
60
Sept
40
Nov
2618
1812
Nov
95
77
397»
12ig
Dec
Dec
Dec
Dec
Jan
83*4 Jun*
33U July
Apr
70
63it July
4078 July
24U July
ll2i2May
9978
4818
33lj
May
May
Deo
Dec
Dec
66
39
Mar
Apr
6318
24
75
Deo
Dec
Deo
Deo
Dec
44*4 Jun*
84it Juni
935gJunf
70
33»4
IOS4
Jan
20
Dec
Dec
Dec
Dec
Dec
37
May
23*8
3778
12
23*4
Jun*
Jun*
Nov
115
33
Jun*
60
Jun*
34
22
Feb 20
Aug 4
32U Aug 4
737»
1078
23
Feb 19
668
I8I2 Mar 1
10538 Jan 3
3078 Julyl2
12
91^8
9^8
62
47
Aug 4
Mar22
35l8 July20
U5i2 Mario
69U Jan 3
I33g
Maris
Jan
Feb
Feb
2012 Feb
2934
lOij
31
20U Dec
6278 Dec
271; Jan
29>4 Dec
11918 Aug
63
Dec
38it Feb
3912 May
27*4 July
July
July
May
7212 May
70ij July
ISSijMay
Mar
74*4
7U Jan
1578 July
Jan
34*4 July
13*8 July
15
27
24
24
2OI4
19
14
7U Dec
Deo
May
3
2512
1478
30ij
26
6II2
Feb 24
2OI2 Feb 19
8234 Apr 7
16
17
67
Julyl2
1418 Feb 20
22I2 Feb 20
8218
Dec
Apr
Dec
Feb
Feb
7»4
Mar
17
Jan
4234
4658
Apr
Mar29
29Sti
Apr
64
64
July
72
Jan 12
Jan 5
Jan
661a Jan
66
Jan
76
113
Jun*
1278
88S4
238
3
Mar24
MarSl
537g Jan
3
92 Jan 3
96 Jan 28
96l2Jan 16
4812
Apr
1
46ijJan 28
Aprie
93 Jau 6
128»4 Jan
6U4 Jan
101 Jan
14738 Apr
116i2Feb
543g Jan
10334
86
Mar26
15i8Jan 14
175
MarSl
68
Jan
120lj Jan
14I2
2
3
9Sg
21
Dec
414
Jan
30
Jan
8178 Jan
3U
lij
1*4
87
X92
33
42
62
Sept
8412
4278
*tf8
8418
113
Apr 7
9958 Jan 27
109U Apr 8
107
Mar 9
86
68
100
Jat
Jul}
97
Oot
Sept
May
6168
66
49
101*4
95
Mar
July
Oct
Oct
May
Jan
119
Jan
7612 Sept
441*
July
Feb
Dec
Feb
lOU Nov
1318
7114
37i«
64*4
62*8
May
14378 Nov
6868 Sept
10768 Jun*
148*8 Nov
May
39°8 Jan
88
Jan
11354
Dec 103
Jan
Jan
Jan
84*4 Jan
July
July
July
July
I8I4 Sept
28*4 Sept
6712
93
I4I4
103
July
JuU
Apt
Mar
May
Jan
Jan
431* July
142*8 Oot
Auk
76liJun«
76I4 Jun*
132U Oet
Jan
Feb
Jan 22
95
Mar
Mar
Jan
Jan
89
Nov
98*8 Apr
I1712 Oot
109*4 July
1778Junel6
3OI2 Jan
83
72
5
MarSO
Jan
3
lOOUJan 13
60 Mar23
931? Jan 19
142^8 Apr 14
May20 llS'dJan
74U Feb 13
8OI2
Dec
Dec
Dec
Dec
May
55U May
6912 May
3318 July
33
6
7
10
5
12618
61lj
I512 July
107
Apr 27
Aug 9 3038 Jan i
Aug 4 122 Jan 3
Aug 10 53I2 Marl9
5
Dec
Dec
Dec
45
Feb
eiUAUg
Mar
26'4 Julyl2
13'8
Feb 13
e
87ij
28*4
38ij
46
95
Aug
Aug
S per share S per share
8OI2 Deo 104 May
7678 Deo
89
Jaa
AprJ 7
Apr 27
94«4
9
13
10
64I2
9I2
Highest
June24
7512
23UAug
65 Aug
9I2 Aug
73
37
63
PER SHARE
I
Range since Jan.
NEW YORK STOCK
10634
105
20
Mar22
Apr 12
t Full paid.
26
79*8
Oils
94
Dec
Dec
Dec
Dec
47i» Oat
9411 Jon*
89*4 July
10958 July
33U May
47
July
91
Deo
lllU Jan
961|
148*8
Aug
119
May
II3I1
Jan
Oct
73
Aug
I20''t June
9058
Dec
100
May
""
'
1
New York
Stock
Record— Continued— Page
Fo« racord of •alei durlntf the waek of stocks asually inactive, see secoad
aiea and xjow balb pkicbs—pbr shars, not per cent.
SatuTdaij
Aug. 7
Monday
Tuesday
Aug. 9
Aug. 10
S per share
9554 96
*107
115
89
»S7
76
75
S ver share
95 14 96
S per share
IO4I4 IO6I4
Wednesday
Aug. 11
"42l'>
44I'
III2
III2
11
44I2
5OI4
44I2
5034
*40l2
49I2
49
25
25
III2
7234
•90
89
74 14
•90
75%
74
94
41% 42%
45
94
45
11
11%
11%
11'4
49
•44
44
50%
•86
13S
•63
139
66
10434
106%
90
•25
38
57% •57
61
64
Z5758
65%
•55
90
•80
•82
8934
I3OI2 140
50%
•551''
•80
133
132%
135%
•62
100
104
IO2I4 IO4I4
*35
I36I4 137
128
.... .-.. *100
•35
*78
97
43I2 •35
43
133
131% 132
108 •100
105
35
60
105
1
.
I6I2
71
7234
1434
16
1434
I5I0
14%
I6I4
71
*lbH
65
68
65
68
68
6878
69
70%
68%
70%
69%
7138
74
92U 92I4
10434 10434
7
7
68
,
IO4I4 IO4I4
7
6%
634
*S4
IOOI2
7
13
IS
13
6412
2334
84
90
6I2
I2I4
678
I2I4
6%
16
17I'>
1218
12%
63
22I4
68
55
66
65
*50l2
66
55
1134
51^8
"49r2
50%
971')
3378
7912
97I2
35I2
82I4
6%
92
97
678
1234
I6I2
1234
64I4
2338
•66
*50l'>
III2
o0"8
•96
100
40
•87
94%
95
94%
6%
16%
1634
I2I4
1634
13
13
13
13%
I3I4
64
63%
63%
64%
6434
2334
2334
24
60
55
64% 65%
25I4 25%
•52
10%
5OI4
•97
24
65
•52
7%
7
25
66
55
52%
52%
8314
821
76
77
74I4
77
77
Y3'34
12%
13%
13%
1338
13%
2618
351s
3134
5034
26I4
3518
3134
5114
2114
24I4
13
25I2
25
1934
51
2078
81
65
81
SO
60
80
60
8II4
IOI4
28I4
7434
7834
24% 25
33% 3578
33
50
51
51
20»
*10i2
85%
*100
8078
27
28%
27
74I2
7434
74%
11
IOI2
1034
86I2
IQis
27%
74U
83I4
104
33
321'.
978
•100
85
104
30% 32
34%
"51'
20%
21
7834
61
8034
lOls
9%
i79
81
77
77I4
77
77I4
40
38f2
39%
10
*20"
2Y"
20
*32i4
S8I4
6778
•25
•67
•92
95
65
92
7018
67
66
"12'
•io"
*33l2
•105
34I2
110
26%
2118
2634
21Is
6I2
84
*10
578
59
•7834 83
13812 13834
*73l2 77
2OI4 2034
70
SO
*6S
80
50^8
8534
Silo
85781
33
23
33
20
2434
45"8
72
2434
4578
80
19
32I4
67
92
67
84
67
I2I2
3278 33
10212 IO3I2
2578 27
2012 21%
68
"59"
IOI2
59I2
•80
•92
67
84
•10
•32
100
21
23I2
41
85
34
21
2434
44%
95
3434
35
30% •30% 33
51
2OI4
52
21
2II4
7834
61
'eo"
79
38%
77
19
•19
•3238
•98
27
2II4
8%
69
95
70%
12%
35
105
27%
2II4
81
81
80
21
24% 24%
45
45%
13%
43%
45I4
6%
10
10
35
104
32%
98
2678
2II4
27%
2II4
128
93
33I4
134
95
38I4
3734
'3934 '4112
III4
12
19
2078
32I4 38I4
71
71
7OI4
7034
82
84
934
32%
99
12%
35
102
28%
21% 21%
27
8I4
9
71
61
834
142
77
21
•68% 69
142%
1421'>
139
75
75
•73
143
77
21
22
69
69%
81%
140
•72
20% 21%
08% 69%
20%
80
51
84
*
26'
•80
80
52%
51%
•84
86
34
21%
30
20
81
81
52%
52% 53
84% 8434
86
34
22
25
2534
90
95"
23
25
47
79
70
26
95
14
14
14
I4I4
45%
25
80
78I4
66
90%
69
24
92
13%
14
2314
3034
88
25
41%
67%
•30
•20
25
47
2438
2434
73
78%
68%
5%
6%
634
4434
46I4
4534
17
1684
1634
I6I4
4638
17
73
634
77
SO
119
123
119% 121
101*1
IOII4 106
123%
42% 43
65
65
17
73
73
33
1712
17%
1634
17%
74
73
72
7334
73
37
16%
71%
72%
3OI4
33%
32% 33%
33
3534
4134
4178
40
41
40
41
41
5%
578
6%
534
•2012
2210
20I4
201-
•20
76
95
90
23%
73%
77
68
76
'24"
24
24%
7434
76
43
68%
24i'>
76
•63
80
12434
'46%
'2'4'l4
75
73
17%
73%
68
40
5%
'4"6"S4
17
77%
77%
600
12434 125
IO3I4 IO3I4
3.400
23% 25
74% 76%
8,800
10.000
2.600
100
100
39.500
19.100
65
8%
76»4
75
76
I9I4
75^8
3334
36
34I4
36%
87. .500
41%
5%
411'
41
41
6
9
3.300
32.200
500
24
78
95
70
500
2OI4
78
8%
22%
74I2
7434
95
9
9
9
20% 20%
74
90
7634
95
60
22%
5%
9
9
20
75
20
•90
*50
23
95
•20
75
•90
76%
70
'50
6.500
I7I2
18%
13%
17
1538
16%
15%
16%
15l>
1534
65
35
16%
23S4
16
65I4
63
65
63 14
64
63U 65%
65%
66I4
67
67%
20%
12%
2078
121;
•45
48
•105'4 128
12S1'> 1281
•90
2234
35
136" 150
'
8OI1
*691;
21% 21%
12%
20^8
12%
•35
50
105»4 128
126% 12678
•90
110
oni
60
fiOl
60
60
60
100
2234
2378
21%
•130
99
t20
*Bld aad Baked
prioea:
300
19%
57,
2OI4
20%
2038
130
•97
145
99
2034
125
•85
130
110
125
85
140
99
61
61
•60
61
•59%
60
•r.i^
60
aalea
23%
211-
CD tbU day.
125
•85
•60
r.O'i
i
I3OI4
101
20% 20%
1214
1234
1234
13
12%
•43% 50
43% 48
45
105% 105% 104 10534 104
DO
2334
1234
45
10534
130
100%
20%
13
•43%
104
135
125
99
•85
•60
61
593i
140
lOO^s
2034
13
48
104
135
99
5031
Leas t&an 100 Oaree
Superior Mining.. 10
Oil
4
Ref..l0O
California Packing
California Petroleum
Do pref
No
par
100
100
Calumet 4 Arizona Mining. 10
Case (J I) Plow Wks.. no par
Central Leather..
iOO
Do pref
100
Cerro de Pasco Cop
No par
Cbsndler Motor Car
No par
Chicago Pneumatic Tool.. 100
Chile Copper
25
Chlno Copper
Coca Cola
Nc
Colorado Fuel 4 Iron
Columbia Gas 4 Elec
Columbia Graphophone No
Do
pref
Consolidated Cigar
No
preferred
5
par
100
100
par
100
par
100
Gas (N Y)..100
Cons Inter-State Call Mg..l0
Consolidated
Consolidated Textile
Continental Can, Inc
No
Greene Cananea Copptr..lOO
Texas
100
!•
6
20
100
100
Do preferred
100
Inter Harvester intw)
100
Do Preferred, new
100
Int Mercantile Marine
100
Do preferred
Internat Motor Truck.no par
100
Do Ist pref
100
Do 2d pref
International Nickel (The). 25
International Paper
100
100
Do stamped pref..
Invincible Oil Corp
50
Iron Products Corp...A'o par
Island Oil & Transp v t 0..10
100
Jewe (Tea. Inc
100
Do preferred
100
Jones Bros Tea. Inc
Kelly-SprlngfleUI Tire
25
Temporary 8% preferred 100
100
Kelsey Wheel. Inc
No par
Kennecott Copper
Keystone Tire 4 Rubber
10
Lackawanna Steel
IOO
(Ht Louis)
100
Laclede Oas
No par
Lee Rubber 4 Tire
Liggett 4 Myers Tobacco.. 100
100
Do preferred
no par
Loew's Incorporated
na par
Loft Incorporated
Loose-Wiles Biscuit tr otfs.lOO
100
Do 2d preferred
3.500 Hupp Motor Car Corp
4.400 Indlahoma Refining
8.200 Inspiration Cons Copper
1.800 Intemat Agrlcul Corp
18
534
4
M
18%
5%
t
W
17
•62
Zinc v
par
100
Do preferred
IOO
2,400 Cont Inental Candy Corp No par
23,900 Com Products Refining.. 100
350
Do preferred
100
no par
4,500 Cosden 4 Co
38,200 Crucible Steel of America. 100
100
Do preferred
100
No par
28,060 Cuba Cane Sugar
100
Do preferred
2,600
21,400 Cuban-American Sugar
10
10
3,800 Dome Mines. Ltd
500 Elk Horn Coal Corp
60
Do preferred
50
50
2,000 Endlcott-Johnson
Do preferred
100
100
Famous Players Lasky No par
6,000
Do preferred (8%)
200
100
100 Federal Mining 4 Smelting 100
100
200
Do preferred
No par
700 Fisher Body Corp
25
9,700 FIsk Rubber
No par
4,100 Freeport Texas Co
4 W, Inc
No par
10.100; Gaston
500 Gen Amer Tank Car.. no par
100
900 General Cigar. Inc
Debenture pref
100
200
100
1,600 General Electric
500 General Motors Corp pref. 100
94.700
Do temporary ctfB.. no par
Do Deb stock (6%). ..100
1.400,
Do deben stock (7 % ) . . 100
800
100
8.200 Goodrich Co (B F).
100
Do preferred
1.100
8 4 P
100
100 Granby Cons
100' Gray 4 Davie. Ino
25
400
51,1
Butte
Caddo Central
3.100, Houston Oil of
43% •43
44
77% •75% 77% •75% 77%
•75%
3,900
3,900
5,300
2,500
4
Butterick
100
c..5
100
1.700 Gulf States Steel tr ctfS-.lOO
100
100 Hartman Corporation
No par
11.800 Haskel 4 Barker Cs r
100
1 .600 Hendee Manufacturing
43
42%
74%
300
9,000
6,300
2,200
6,500
7,900
6,300
1,100
3,800
28.300
500
2.100
2, 000
684
45
!^
44
22% 23
84
33I4
•7934
2134
72I4
23'
7II4
87
8f
101% 101%
80
73%
22%
7014
10%
1038
61
231->
50
11%
21
38%
69% 70%
IOI4
•68
7II4
4134
74
•90
IO84
1,000
14,000
Burns Bros
Butte Copper
Do
61
81
21%
95
66%
69
74I2
44I4
76
80
8
24l'>
90
79%
6334
61
74I4
44I4
77'
22%
68
24
75%
2OS4
8I4
'eo"
77
•63
53
"6"0""
60
86
34
95
•S3
84
7%
69
634
53
79%
•32I4
5834
67
22
14%
2,000
5,100
700
3,900
3,100
3,600
4,700
1,000
81
38%
76% 77
38% 40%
1034
69
72
"64"'
37
38I4
69
•82
•10
2034
7%
92
93
•92
12%
1334
118
'103% 104
35
30%
1034
33
102
86%
119
104
35
19
•32I4
65I4
84
14
85
35%
'52""
77
68%
86
*77
118
104
26%
38% 40
70
95
1334
6I»
I7I4
77I4
25%
93
381,
2134
84lB
17
77
117
25%
36%
20
141s
678
46I4
1718
2434
10% 10%
85
87% 86% 8734
100 100
100% 100%
32% 33
33
34%
128% 13034 12738 I3OI4
32
25
90
678
26
86
10%
14
451s
1718
so
14%
8234
13%
10%
25
88
6612
8OI4
13%
10%
21S4
68I2
SOU
78%
29% 29%
76% 79
82
68
22
87
'64"
8434
IOI4
2034
20
97
76
26%
•83
•33
3834
2884
13612 13812 '138
140
72I2 73I2 •7234 77
197, 2OI2
20
20%
6878 69
6834 68S4
•7912 81
•80
81
4912 51
50% 51
84
•33
'3834
8534
*
IOI4
26%
8
68
60
83
100
39
53%
75
38%
77% 77%
36% 393s
10% 1034
20
38
55
10
52
53I4
27%
3534
3SI4
53
55
76
•92
40
51%
76
127% 131%
95
3812
66I4
10% 10%
27% 28%
10%
•93
3612
65% 66
25% 25I'>
66 68%
76
I22I2 128
95
13%
27%
»92
39I2
17%
13%
7938
I27I4 12812
3Sl8
17%
12
19
7934
10% 10%
84% 85%
100 105
32
7%
12
10
52
97
36%
33% 3518
30% 30% •30
96
7%
7I4
I2I4
10%
52
100
'1334
35
82
I2I4
I714
66I4
83I4
8OI2
•90
95
I2I4
1634
97
38
85
80
21
81
•62
•79
86
684
3734
8234
36
35
35
42
•34
7g
50
W
13634
I32I4 13734
100
78
114
55
67
90
10334 IO5I4
96%
43I2
Lotceit
S per share Sharet Induo. & Miacell. (Con) Par
9534 9534
4,000 Amer Telephoue A Teleg..l00
102 110
1,200 American Tobacco
100
Do pref (nfir)
200
8734 8734 /S734 8734
100
74 14 7634
761
79
16,500 Amer Woolen of Maes
100
Do pret.94
200
9134 92% 91
100
441, 441,
3.400 Amer Writing Paper pret. .100
44% 4478
I2I4
1134
2,800 Amer Zinc Lead 4 Smelt
12
25
12%
45 48
100
Do pref
48
25
51
5134
52% 5234 19,900 Anaconda Copper Mining. .50
1,100 Associated Dry Goods
100
28% 28%
26% 27
54 61
100
Do lat preferred
56% 61
100
Do 2d preferred
65
61
.100
100 Associated Oil
100
85% 85%
134" 137% 137% 139% 11,350 AtlGuIf 4
I S3 .Line -.100
62 66 62 63%
Do pref
100
103% IO5I1 10334 106% 202,200 Baldwin Locomotive Wka.lOO
400
do
pref
100
Barnsdall Corp CI A
43
25
43
I39I4
5,500 Barrett Co (The)
.IOC
135
136% 136%
•100 105 •100 105
Do preferred
100
34
34
34
800 Batoplias Mining
_ . 20
%
I514
7,800 Bethlehem Motors
15% 15%
No par
15
800 Bethlehem Steel Corp
69%
100
"69 1*4 "7"l"i4
70% 73% 61,100 Do Clat<3 B common.. 100
93I4
500
92
9238
93
Do preferred
100
300
Do cum conv 8% pref 100
106% 106%
7
Boeth Fisheries
•6%
2,050
No par
7
6%
•85
Brooklyn Edison, Inc
•85
92
92
100
200 Brooklyn Union Gas
49
100
49%
45
49
50% 5178
27% 28
•57% 61
5038
EXCHANGK
Wtek
10.600
23,200
5, son
10(1
200
700
200
7.900
4.900
100
200
600 Lorlllard (P)
Do
preferred
300 Msckay Companies
no pref
600
61
60
t
Ki-rlsbu
a E^-dlv
and
rights,
pan SB A MS
Mtnfift for
I
1001
100'
IOO'
100
Aug 2
May20
Aug 9
44% Aug 2
49% Aug 9
25 Aug 9
65 May24
9134
37
11
June 6
60
85% Aug
13
130% Aug
9
6
184
July
Aug
96% Aug
loo
1
9
lO
S per Ittare
10034 Marlfe
Jan
97«4 Jaa
165% Jan
105% Jan
61% Jan
21% Jan
69% Jan
06% Apr
6714 Jan
74% Jan
283
5
7
2
2fJ
'A
June 4
Aug
14% Aug
65 Aug
68 Aug
90 Aug
34
104
13
11
9
9
3
July28
11
40
6
3
17
75S4
17%
61
148% Apr
102% Jan
100
Dec
103
110
Jan
6^7,
96% May
6
5
97«4 June22
10234 Jan 22
May24
14% Aprl6
106% Aprl4
3
9
5
14
16
18
May 24
28
Jan
33
62
92
Feb
45
Mar26
Aug
Aug
147
104
II
96
Jan
Jan
Jan
2
6
3
5
May
49% Aug
84 Aug
94
9
9
85% Jau
1021^4
Jan
66% Jan
19% June24
49^1 Jan
;>
3
3
6
Aug 6 38% Jan 3
Aug 9 847« Jan 8
Aug 3 109% July23
Aug 9 78% July 8
2134 Aug 9
40% Aprl9
123
41
75
64
75
July 2
108
Aug
21% Aug
I03I4
13
Apr 9
Apr (5
Apr 8
Aprl4
Aprl6
Apr 13
Jau 24
116
9
61% Jan
Aug 9 111% Jan
Aug 9 170 Apr
Feb 4
feb 18
15% May20
62% May20
70 Feb 16
84
Apr
71
26^1 Jhb
Aug
5
7
Apr
D«
20% Jan
64% Jan
56% Oct
86% Sept
Mar
86»4 July
66% Feb
104% Jan
116% July
66*4
31
90
68
114
67%
Jan
Nov
July
July
141% Nov
113% Nov
Apt
Dec
32% Feb
29I4 July
507t July
43»» Nov
16 »4
371.
34>4
Nov
60«4
Oct
75% Oct
91% Dec
96% Oct
Aug
AU«
Dec
86»t Jaly
106*8 July
Feb
39% Feb
64
(78
78»4
69
Oct
75
6% Apr
Dec
65% Feb
100% Oct
23
June
Oct
37l| Nov
103«, June
30't
110
15%
10>4 Sept
46
July
69
Jan
Jan
99
June
Oct
o«
lC97i July
Feb 261
Jan
Jas
106
65
Mar
8778
Oct
July
Dee
Dec
Jan n410
Oct
I6I4 Maj
Jan
23% Dec
43
Joly
39
July
Dec
49
80 June 160
Dec
101'~ AU« 107% Dec
83
Dec 123 July
7
Maris
'23'% July
Dec
Dec
48% July
38% Jao
39% Nov
317s Dec
IS
Dec
47
173
56
38S4 July
96% July
Aug
Jan
Dec
144% Feb
90
82
101
176
96
Jan
82% Feb
66lj
94*«
102
47%
46%
32%
49%
64%
93% Oct
109% Apr
80
Jan
40
Feb
63% Nov
47% Jul}
89% Oct
100I« Dec
71% July
42tj
Feb
687s July
lOit
Jan
Jan
37% July
Feb
Janj
48
917| July
110% Jan{ 149% July
111
Dec 120 June
21% Jan
67>« July
92»4 Feb 128% May
I
20% Dec
30% Jan
33% June
\j^
06
16
Dee
48
91
44
164
Jau
Jan
162% Jan
105 Jan
96 Apr
30
9J
10
el
6
21
9
83% Apr
48% Jan
6
Vl>t Jan
6;
7
Mar 16
MaySl 70 Jan
Aug 13 116% Jan
Aug 10 183*4 Jan
3
19
3'
110% Jan V,
60
A tig Ol 6934 Jao 7'
58% Juivi3; 64% M;ir.'2'
July 9
s
Apr
Jan
84
43
OCX
June
Aug
Dee
Dec
Dec
Jan
2l^l
7
Oct
Oct
64% July
62
45% Jau
Feb26
n Par value $100.
9
26
9
Aug 6
38% Jan 61
130
Aug 61 207 Jan 10'
99 June21| 109% Jan 311
July30
19
36 Apr 12
28 Jan 3
12% Aug 7
104
125
loo
Auc
May
64% May
871«
3
»4
79% Jan
May 21
Aug
3
21
44
Jan
47% JulylS
61% Jan 27
7% July 9
9
31% July 1
20
Aug 5
71% Aug 3
Aug 4
91
53% May20
Aug 6
22
13% Aug 9
63
35
Oct
Jul;
Sept
July
Oct
17
39«t July
37% July
82
80
91
36% Mar 1
si Aug 10
5'4
8
Oei
Jul}
Jan 19
72
60
30 14
112
106
116
25
102
92
166
July 9
Feb 18
2314
5% Aug 11
94t
43% Aug 9
61%
13% Feb 13
27
69 Feb 11
88%
11234 Feb 17 142%
13
7II4
4134
107H
Jaa
Jul?
May
Mav
Apr 20
3
Feb 25
31
45
Sept
Oc
June
May20
91% Apr 15
Jao 6
16% Mar30
26I4 Jan
2
4434 Mayl4
loo Aug lO 134% Mar20
25% Aug 6 48 Jan 3
2(1
May20 36% Jan 6
578 Aug 9
19% Jan 5
49 JunelO
77% July23
68% Fet) 27
75% Jaij 3
79% May25
9434 Jan
6
134 May20 172 Jan 2
Aug 9 89«4 Jan 3
72%
1978 Aug 9
42 Mar 26
68% Aug 12
86% Jnn 6
80
2 If
16% Feb
19% Dec
4SU Jan
Aug 11 107 Jan 9 102
May24 43% Apr 29
115% May24 278% Apr 7
52%
92% June30 100 Jau 7
91
3534 Aug 10
Apr 14
20%
59%
76% Aug 12
85% Jan 21
69%
36% Aug 10 n605 Aprl7 nl60
914 Mayl9
3
13 Jan
10%
65% Feb
145
119
90
Dec
101% Jaa
11
Dec
86% Dec
Dec
41
115
Dec
6% Feb
loo
30
17
5
6
156'
11178
55% Jan
70% Mar22
SStj Apr 1
93% Mar22
20% Jan 5
46% Apr 26
98 Apr 9
Z7614
Jan
Jan
29
55% Feb 10
Feb 13
73% July 28
(S9% Aug 9
25 Feb 27
74I4 Aug -7
Jan
Jan
66% Jan
92»4 Jan
192% Oct
76% May
Feb
1% Jan
653s
No*
142
fl
44I4
67
I
Jan
Feb
9
102% Jan 3
10214 Feb 24
114 Jan 5
May20
Mayl9
1934 Aug 9
7834 Aug H
80
10
Jau
58% Feb
Julj
July
77% July
65% Dec
82
AU«
80i«Ma/
Mu
68
92
64
111% Jaa
1% Jan
32% Apr
!*/>'
29
66
Ja£
Jao
54% Not
Jaa
125 Jan
176% Jan
75 Jan
28
50
76% Feb 13
$ IMf
De« 108<( Mar
191% Feb 314% Oc":
93ta Dec 10«
Jao
4S>4 Jan 169lt Dee
94% Feb 110»i Jtme
27% Jaa
69
Oc
95
'J
6% Aug 10
15 Jan 9
85 Julyl2
9634 Apr 1
48% June30 62 Mar20
84 Aug 9 129 Apr 7
6% May20
11% Jan 9
12 May21
26 Jan 8
29I4 Jan 12
16 Aug 9
12 Aug 5
28% Jan 6
63 Aug 9
85% Jau 28
22% Aug 9
46 Jan 3
65 Feb 10
75% Jan 6
52 Aug 6
69
Mar26
10 Aug 13
1934 JunelS
49 Aug 4 104»4 Jan 5
95% July 19 108% Jan 5
33% Aug 9
61% Jan 3
79% Aug 9 I6434 Mar29
74I4 Aug 10 111% Apr 8
12% Aug 9
21% Jan 3
24I4 Aug 9
41% Jan 3
30% May20 40»4 Jan 2
101,
\
Vtit <t«r<.
9
Aug 4 60% Mar26
Mar 3 154% Jimel9
39
114
102
Bitkml
&«s««<
Bie/teit
$ per ituire
921, May22
IO4I4 Aug 9
85I4 May20
7234 Aug 10
Prtmtmt
ye*' 1»1»
Ott batit of 10(htLaTt tott
S per share S per share
96I4
9534 96%
96
95% 96
IO5I4 106% 106
106 110
106
87I4
75
93
42
73
*90
41
Range linee Jan.
WBW YORK STOCK
fof
the
Friday
Aug. 13
Thursday
Aug. 12
PER SHARE
STOCKS
SaUt
673
2
patfe precedlatf.
Old stook.
38% Dec
24H Dec
68
Jan
101% 1>*
34
Jau
27% Nov
38% 1>«
62% Jan
38
21
106
107
Dec
Jau
94
107
03
•08
I14A>
Nov
Mai
Mar
July
Nov
Oct
Oct
43
July
126% July
107H No*
S3
40
Jao
Oct
Dw
26()U
AU«
Jan
116
July
26% De*
40% Feb
147*4
110%
Not
JulF
Feb
Apr
Janl
Dee
Jane'
27H
D«
81
July
lafi
Juiw'
7*6
116
Ju»>
Jul}
7«% Ma>
Of
x Bx-dlvldend.
July
New YorK Stock Record
674
— Concluded —Page 3
For record of sales during the week of stocks usuallylnactlve, see third pafie precedlne
PKicas—rat aHAita, not rat cbnt
j/»ti ».nu t^uw 8A.La
Saturday
Aug. 7
Monday
Aug. 9
Tuesday
Aug. 10
Wednesday
Aug. 11
$ per share
S per share
101
10112
S per share
101
10434
S per share
101
101
•101
72
107
72
12U
3778
•59
•95
30 'i
35
77
•42'
90
19
13
38i8
1S»S
lllo
37I4
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61
99
3OI2
46"
7
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95
74
2812
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35
75
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8438
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45
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92
88
52
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72
95
7134
10-i8
2184
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11
89
20
98
92
21
50
55
47
334
*35
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45
55
48
'ie"
47
28'
3878
38%
•61
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61
97
2934
34
6912
39
63
61
29
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2812
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50
52
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15
4334
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15
50
334
51
358
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12058
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23
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56
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116
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47
47
47
39
45
28
42
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"4'5'U
28
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358
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334
35s
7558
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534
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27
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iir 111 *li2 112
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7434
7334 75
76
77 Is
3758 3812
3678 37I4
3738 38
36
37
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9214 93
9218 92I4
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95
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IOOI2
IOOI2 *98l2 IOOI2 *96l2 IOOI2 •96
I3I4
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52
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6634
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80
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93
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3818 39
3812 3Sl2
39
39
41
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74 18
6918 72
73
73
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13212 133
5634 6018
2318 25
130
61
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60
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620
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100
59
61
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35
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79I8
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31
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34I4 34I4
36I4 3778
42
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8OI2
7412
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2812
18
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116
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23
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52
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91
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40
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6
5634 5734
5578 5714
58
8OI2"' 821s
8OI4 8178
81
8518
IO512 10578
5858 59I2
758
938
9
59I4
165
1434
44I8
39
9
42
38
39
27
42
40
•161
63
9I4
9
405s
37I2
2538
938
I3I2
131s
86I4
IO6I2
61
8
778
67I4
64I2
6518
65
105
104
10478
104
1334
*13l2
*S5
61
61
61
82I4
8218
8218
103"
IOII4 102
45I8 4612
45I4 46
451s
44
4534
4534
4534
46
4612
473s
4634
4634
47
47
4634
47
*27l2
*8034
•5234
54
1558
I6I4
1534
8O34 *79l2
5038 52I2
SUs 52
IO5I4 IO5I4 ^10412 105
*104
60
•
i
*63
60
90
65
16
16
*79l2
5212
80
55
6212
59
90
63
• Bia aniH aaked prices;
57I4
*
*61li
no
110
105
*103
57I2
90
64
salea
on
5812
»
~63"
I6I2
8478
53I2
lOSis IO5I8
16
•79I2
1638
53 12
's'2'li
105
110
*103
5812
90
63
this flay,
5858
*
*61l2
i
110
1618
80
53
106
*103
59I2
90
65
PBR SBARb
STOCKS
5812
*
*6l'
Bang* for PrtHiut
Low$tt
HBW Y0RK STOCK
EXCHANGE
Htotttt
Lowtst
BiotMt
than
ISHj Apr 14
S Ptr ikan
% v*r ttef 1
Om ba$U
Industrlal&Ml8C.(Coa.)
1,700 Manatl Sugar
Par
S V*T $}>art
IOII4
100 10014 Aug 12
24
Aug 6
Manhattan Shirt
26
74
266 May Department Stores. -100
72
Aug 5
97I2
97I2 Aug 13
200
Do preferred
100
15634 33,000 Mexican Petroleum
Aug 9
100 148
95
88
Maris
Do prel
100
I8I2 Aug 6
19
2,600 Miami Copper
5
1014 Aug 5
10
125s 73,200 Middle Slates Oil Corp
37I4 Aug 3
3934 17,000 Mldvale Steel A OrdnanecSO
59 May 19
61
400 Montana Power
lOd
95 May 4
97
Preferred
.100
2734 Aug 9
29
4,000 Mont Ward&CoIIlsCorp no par
32I2 May24
1,100 National Acme
50
'7"5"34
44
Febl3
26,850 Nat Aniline A Chem vtc.nv par
83
FeblS
8878
1,100
Do preferred V t c
100
40
Aug 4
47
300 National Cloafe A Suit
100
200
AuglO
95
88
Do preferred
100
6I2
6I2 Aug 4
2,400 Nat Conduit A Cable. A'a par
55I4
4,700 Nat EnBci'g A Stamp's
50
Aug 9
100
90 Aug 11
95
200
Do pref
100
73
1,700 National Lead
.100 7018 Aug 9
103
300
100 ilOO « May21
Do pref
I0I4 AuglO
1058
3,500 Nevada Consol Copper
6
2,100 New York Air Brake
89 Aug 9
100
'2'4"
20
Aug 9
1,800 New Yort! Dock
100
it,
J-eb;
60
100
Do preferred
48 May20
400 North American Co.
56
lOo
421 AugU
44 12
2,000 Nova Scotia Steel A Cos!
100
l434.\ug 7
15
100 Nunnally Co (The)
no par
44
Febl3
100 Cb!oFueISupi)l>
50
.
.26
334 11,500 Oklahonja Prod A Kef of Am 6
35s Aug 6
FeblW
6
700 Ontario Silver Mining. ..100
l'2'0%
400 Otis Elevator
no par 107 May20
I9I4 Aug 9
22
4,500 Otis Steel
no par
47 July21
48
400 OwenB Bottle
.•26
Augl3
37
1,300 Pacific Development
35
. ..
41I4 May20
4434
800 Pacific Gae A Electric
100
28
100 Pacific Mall 8S
28 Aug 9
5
Janl3
37
40
600 Pacific Teleph 4 feles
100
7134 Febl3
62,600 Pan-Am Pet * Trans
83
60
6734 FeblS
77
14,200
Do Class B
50
29I2
2812 Aug 9
700 Parish & Bingham
rto par
AuglO
19
2,200 Penn-Seaboard Sfl v 1 iVo j>ar
16
27
Aug 9
2,000 People's Q L A C (Chlo)..100
3OI2 AuglO
2,100 Philadelphia Co (PlttBb)...50
33I2 Aug 9
36
2,400 Phillips Petroleum
no par
39I2 29,100 Plerce-Arrow
Car
No var 3618 Aug 9
88 July 2
Do pref..
100
Aug 6
11
12,500 Pierce Oil Corporation
25
117s
79
Augl2
79
800
Do pref
100
51 12 FeblS
5812
3,700 Pittsburgh Coal of Pa
100
85 July30
8512
Do pref
100
I2I2 Aug 2
16
2,200 Pond Creek Coal
10
FeblS
84
96
4,400 Pressed Steel Car
lOO
96 June S
Do pref
100
63 Mayl9
60
Public Serv Corp of N J.. 100
IIII2
1,600 Pullman Company
100 10834 May24
75I2 28,600 Punta Alegre Sugar
73
Aug 6
60
Aug 9
36
3734 19,100 Pure Oil (The)
.25
92I2
8834 May20
1,500 Railway Steel Spring
100
92i2May 3
IOOI2
Do pref
100
I3I4 Aug 9
I4I2 10,100 Ray Consolidated Copper.. 10
45
AuglO
52
6,500 Remington Typewriter v 1 100
S4l2 Feb26
6938 33,600 Replogle Steel
no par
82I4 44,200 Republic Iron A Steel
76'8 Aug 9
100
100
93 July27
93
Do pref
100
Mar 4
3,200 Republic Motor Truck. JVo var
37
'7'6'38
69i8 Aug 9
13,500 Royal Dutch Co (N Y shares).
141, Jan 2
1512
100 St Joseph Lead
10
l4-'4 Aug 9
1614
1,600 San Cecilia Sugar v t c.no par
39I4 AuglO
300 Savage Arms Corp
42
100
6I4 Aug 9
3,000 Saxon Motor Car Corp No par
7
AuglO
135
1,200 Sears, Roebuck A Co
100 130
4858 20,600 Shell Transp & Trading
£2 t4558 Augl2
2718 90,300 Sinclair cons OH Corp
No par 23'8 Aug 9
59
Aug 9
6312
800 Sloss-Sheffleld Steel A Iron 100
87 June 5
89
Do preferred
100
AuglO
§600
637
684 Standard Oil of
J
100
IO5I2
4,400
do pref non-voting
100 100i8Junel7
88I4
86i2Aug 9
100 Steel & Tube of Am pref.. 100
32I4
26^8 Aug 9
8,100 Stewart warn Sp Corp. .no par
Feb 13
50
13,000 Stromberg-Carburet ..No par
69
59 May24
6334 62,800 Studebaker Corp (The) -.100
92 June 7
100
91
Do pref
100
FeblS
41
300 Superior Steel Corp'n
100
Aug 9
40
4178
400 Tem tor Corn A F pref A no par
38 Mar2e
do pref class B
no par
9I2
July29
8,800 Tenn Copp A C tr ctts.No par
40I4 Aug 6
45I4 65,500 Texas Company (The)
25
3710 Aug 9
3934
5,800 Texas Pacific Coal & OH... 10
25I8 AuglO
1,700 Times Sq Auto Supply. no par
26
57 Aug 10
60
13,200 Tobacco Products Corp.. 100
83I2 Augl2
700
Do pref
85
100
9I4 Aug 9
lOls 19,400 Transcontinental Oil.. No par
Aug 9
40
4558
3,400 Tranaue A Williams St. iVo par
100 0nderwood Typewriter
165
100 161 Aug 9
7312 May 22
8II2
1,800 Union Bag A Paper Corp. 100
2578 Aug 9
no par
2734 13,400 Union Oil- .500 United Alloy Steel
41
No par 3934 Aug 9
Aug 9
200 United Drug
130
.100 106
44
Aug 2
Do Ist preferred
500
44
60
Febll
176
4,800 United Fruit
190
100
63 14 33,100 United Retail Stores
No par 59 Aug 9
I2I2 AuglO
2,500 U S Cast I Pipe A Fdy
100
15
4134 Aug
Do pref
500
100
42
^
6I4
Apr20
6
600 U S Express
100
5338 FeblS
5812 11,400 U S Food Products Corp. .100
7712 FeblS
100
8134 14,200 U S Industrial Alcohol
90
Aug 6
Do pref
100
95
40
FeblS
4818
2,500 U SRealty A Improvement 100
80
Aug 9
100
8534 30,900 United States Rubber
Aug 9
Do 1st pref
100 101
104
1,900
Aug 9
50
50
1,700 U S Smelting Ref A
4178 Junel4
Do pref
200
60
United States Steel Corp--100
837s Aug 9
8734 211,700
Do pref
100 10438 Junel5
107
2,100
56is Aug 9
10
61
7,700 Utah Copper
7i8 Mayl9
100
600 Utah Securities v t
8
FeblS
67I2 72,200 Vanadium Corp
42
no par
5918 FeblS
2,600 Virginia-Carolina Chom-.-lOG
66
Do pref
100 104 May 3
10478
300
FeblS
76
100
200 Virginia Iron C A C
104
12^8 AuglO
VVlvaudou
I4I2
no par
2,400
48 May 19
100
100 Wells, Fargo Express
6078
80ig JulylS
400 Western Union TeIegraph-100
103"
50 lOlUAug 9
300 Westlnghouse Air Brake
4412 May20
47
5,300 Westlngbouse Elec A Mf8-.60
AuglO
44
50
47
5,800 White Motor
25I4 July 2
Wlckwlre Spencer Steel
5
2812
1553 Aug 9
26
1634 19,400 Willys-Overland (The)
7778May21
Do pref (fisK)
100
300
80
5038 Aug 9
54
2,600 WIlBonACo.Ino, V 1 0..N0 par
100 100 June 3
106
900 Woolworth (F W)
103 Julyl9
pref
Do
100
110
Aug 9
v t 0--100
55
5934
1,950 Worthtngton P A
100
Do prel A
80 July20
90
100 62 1= Aug 9
Do orefB
65
300
Leae than 100 sharea.
Jan 6
Aprl9
107
Janl2
222
Jan 3
Jan 6
106
26
Jan 6
7134 Jan 6
6234 Jan 6
6918 Jan 7
10034 Jan 6
40 Mar25
40 Many
3312
1371J
M
M
a Ex-dlv. and rights.
• Ex-Olv.
•
Dec
99
21
32
110
1712
117U
4812
61
5918
77U
2238
651-.
534
Apr 7
Jan 2
Jan 7
Aprl2
Jan 3
Jan 6
Jan 5
Jan 3
Jan 3
June26
Jan 6
Apr 17
Apr 8
Mur
»» Apr
8
6
Oct
Oct
Feb
IO6I4 Feto
Jan
291:
Sept
83
Nov lOU]
Jan
Dec
Dec
Feb
8i|
4518
93
64
102
May
112
Nov
91U Fob
Feb
44U Mar
47
46
Jan
Jan
43
Jan
Mar
Nov
612
Oct
941]
July
2178 July
14534 Oct
70»4 July
75 July
67 July
97
Junt
65
July
III4
No*
Nov
No?
128
341]
Dec
39I4
Jan 2
Jan 2
6II4 Jan 6
Jan 9
46 June22
46
Mar
70«4
58la
29lj
Dec
Dec
Feb
74
80
417.
65
78
11638
11134
47I2
3614
42
Aprl4
Aprl4
Jan 6
Apr 8
Feb 9
JanlO
42I2
4412 July 2
8278 Jan 3
IO8I2 Jan 8
23I4 Jan 8
Jan 7
98
66
Apr 8
9II4
2758
11S»4
IO412
Jan24
Jan 6
Aprl2
Feb 2
Jan28
68
124
120
243
9OI4
4834
8214
9414
i860
Apr 6
JanlS
Aprl4
Jan28
Jan 6
Jan26
Apr 19
Apr 8
Apr
Jan 3
Jan 7
Jan 6
Jan 3
Aprls
200
Aprl4
127
Jan 6
38
Jan 6
63
Janl4
148
JanlS
63
Ai*14
224
9612 Jan 3
2512 Jan 3
Apr 7
Apr 6
Jan 6
Jan 8
Jan 6
Apr 8
Jao 6
Janl3
Jan 3
Mar27
Jan 6
Jan28
Jan 3
Jan 2
Aprl6
97
8OI4 Aprl4
Jan 7
1121
119 Junel7
21 June 7
109
115»4
80»4
127t
76
89I4
93
46
Dec
Feb
Mar
86I1
1238
Feb
Feb
iS9
100
Mar
Dec
104
Feb
Feb
19
88
Mar
Ang
46
Dec
681:
71lj
Jan
Jan
4412 Sept
84
Aug
100
Got
Oct
Apr
285g May
1051] Oct
74*8 July
98
May
Oct
Oct
311]
109
106
Juir
91>4 Ja>
1321] July
98I4 Dec
1071]
Nov
112
JUD*
271] July
1061] Oot
63 »4 Dee
Nov
145
1061) Jidy
741] Nov
July
July
1212
Dec
121
17
5318
Jan
"94I] '6'ot
eu Mar
Aug
29
Feb 23014 Dec
8H4 Dee
I68i»
Dec
Dec
74
Feb
97I] July
an
Jan
Jan
Jan
1091s Oct
Oct
161
1041] Nov
647] June
Dec
86
e4U Nov
89 Nov
Mar
4118
46i2
36*4
46>4
92
32
934
nl84
ITUMay
Jan
72»8
971]
34>4
3714
116
JUB*
Dec 120 Jons
6258 Nov
Dec
Oct
Jan
Jan
Jan
34^8
37«8
901]
747g
1971]
Dec
100
July
Dec
116
75
45ig Oot
6838 July
17618 July
58ig May
Jan
Jan
60 July
167
Feb
80 ig Aug
14
Jan
Jan
421]
16>4
OOS
216
II9I4 Oot
38>4 Aug
74>4 July
3214 May
9l»g Oct
Feb
Apr
Z9718 Dec 167
ee
May
May
9614
Jan
Jan
73
Jan
109
Jan
43I4 Jan
45
Jan
111
1714
607] June
I3914 Nov
1191] July
88I4
IIII4
66ig
1161]
1171]
971]
21>a
51
Feb
Dee
Feb
Dec
Dec
Feb
110
64
Mar
8«4
641]
Jan
6II4
Nov
82
Sept
Jan 8
Jao 3
941]
401]
Jaa 3
Jan 5
8218 Jan <
Aprl4
145
II6I4 Jan 6
95^. Jan27
93»4 JanlS
Jan 6
76
Ooi
Jan n346
MarSl
Maris
6618
691s Mar29
3178 July23
32
93
99
111
Jsn
May
Mar26
3834
6612
119
Jan
16
Nov
July
68
87
43
Mar26
Mar26
9612
475,
S8»4
Ooi
JunelS
106
76
Dee
lOHs Jan
Apr
1314 MarSl
c57Si Jan 2
5338 July 7
34I4 Julyl5
65I4
3778
783g
11638
10334
6934
14334
II6I2
Dec
Jan
Nov
11338
9II2 June24
6II2 Mar2C
118ij Apr 8
126% Apr 8
101 12 JanSl
60
47
38
41
I4014
I047g
47«4
32
61
1233gMaylO
177a Aprl2
Oct
Oct
7514 July
423g July
30
27tj
Aprl9
Jan 3
149
Dec
Dec
Apr
Dec
60
110
9SI2 July 7
12434 Jan 3
10634 JanlS
5534 Jan 2
2514
835s
2158
Jan
Jan
92»4
Mario
427, July 7
IO6I2 Aprl2
106'4 Feb20
2234 Jan 6
94
22
67
42
II
8838 Juoi
604
Bept
ISlj
No?
»
92 ijir
108 14 Maf
2434 July
Jan
Jan
I314
July
431] July
76
Aprl4
Jan 6
157
Reduced
Ma;
Nov
Nov
54
100
87
70
103
13
8912
IO2I4
9S14
Get
131*4
110
264
11834 Bept
3234 July
71»4 Nov
6234 July
Nov
4014
June28
Jan 3
IO212 Jan IS
98
80
I
H
Jan
Jan
Jan
162>4
46
_
N
Aug 137 Deo
Dec 3812 JOU
130
28
60
104
86^8 July 9
.
M
Ytar 19 IB
$ P4T
.
tIEx-rights.
PUk BUAaM
Ratige since Jan. 1
0/ 100-(*af« loll
Shane
*103
10218 10218
Ills
11
•40
•45
30
44
*80
7
SO
*85
90
21I2
61
*9o
61
99
84
77
98
1834
I2I4
2734
34I2
7134
35
7
I8I2
1178
3734
Week
S per share
S per share
IOOI4 101
I
*97l2 100
I54I2 157
*93l2 96
1834 1834
96
53I2
•85
•72
*97i2 100
154I2
152
Aug. 13
Thursday
Aug. 12'
i
I
74
73
73
*97l2 102
15212
148
»97l2 102
153% I55I2
•93
19
|
Friday
8alt$
for
the
46
Jan
Jan
Jan
78I4
60
62
Nov
Mar
July
July
July
June
Deo
921] July
1167» Oot
z88
Dec
79
May
May
921]
126
July
b9^t Juii*
86
0«t
Jan
Jan
66^ Jan
3314
87S4
120
Feb
ll2«i
Dec
60
88
66
Feb
to basis of $25 par.
Jan
Jan
n Par JIOO
—
—
—
.
New York
StociJ
BxcnaDge— Bond Record,
—
Jan. 1909 (A« Bicltangt attbod of taoting bontli mat etanetd ana prtcei are note
H. Y.
BONDS
STOCK EXCHANGE
Week ending Aug.
13
U. S. GoTsrnment.
First Liberty Loan
3^3
lat 16-30
Feat..l932-'47 J
Second Llbeity Loan
iBt L Loon7...1932-"47 J
is
ZndLL
is
1927-'42
M
Third Liberty Loan
iHa lat L L conv. . . 1932-'47 J
iHs 2n<l L L oonv..l927-'42
-.1928
4Hs Srd L L..
Fourtb Liberty Loan
M
M
l8t L L 2nd conv 1932-*47 J
1933-'38 A
4th LL...
Liberty Loan
Victory
4M8 oonv K notes— .1922-*23
3Ha conv g notes. -.1922-*23
iHa
#1930
41930
1925
1926
4i eoupon
»1936
Pan Canal 10-30-yr as
Canal 10-30-yr Sa reg-.1938
Pan
1961
Panama Canal 3a S
1961
Registered
D
D
1014-34
High
100.40
D
90.26
91 .02 5725 89 10
84 70
85.40
84.68
84.88 Sale
84.34 Sale
N
84.10
11 83.00 93.48
318| 81.40 92.90
85.50 515 84.00 94.00
84.88 69811 81.10 92.86
88.68 5573 85.80 95.00
84.80
84.28
S 88.04 Sale 88.00
Y.
D
96.00
84. 7S Sale
O
95.58 Sale
95. .58 Sale
IOII2
100
100 IOII2
IO6I2
105
IO6I2
105
100 IOII2
5 86 00 101.10
85.30 11531 82.00 93.00
96.90
84.60
96. 90
95.72 5113 94.70
95.72 2070 94 64
100
Juiy"20
100
IOOI2 June'20
IOOI2
105
i.uly'20
105
105
105
104
95..52
95..52
83
87
78
85
98I4
Apr 20
79I2
Mar'20
Feb '15
86%
41)
IOII4
101
IO6I4
IO8I4
July'18
7912
8712
99
Mar" 19
99
Q N
Q M
Q M
Q ?
99.40
100
89I4
87ls
Argentine Internal Ss ol 1909.
Belgium 25-yr ext 8l7>is g.l945
Jan 1921
1-year 6% notes
5-year 6% notes
Jan 1925
Bordeaux (City ol) 15-yr 06.1934
Otalnese (Hukuang Ry) es oi 1911
Copenhagen 2e-yr a I 6^3.-1944
Cuba External debt Ss of 1904.
Bzter dt 68 ol 1914 aer A ..1949
External loan 4^e
1949
M
J-
Registered-.
M
O
99I2 Sale
9938
08
97I2 Sale
98% 9812
90 Sale
831s 8334
43 Sale
75I4 Sale
8734 90
8II2 82i8
S
N
—
73
"84" Sale
DomlnlcanRep ConsAdm s t Ss'SS
Oomlnlon ol Canada s Oa
1921
do
..1926
do
do
-.1931
do
97^8 Sale
89
.
Sale
90^4 Sale
963.1
1929
<Kingdomof).SerA6H3'25
Japanese U07t £ loan 4HB-1926
Second aerlea 4Ha
192E
do do "Oerman atamp".
BterUng loan ia
1931 J
Lyons (City ot) 15-yr fla
1934
Marseilles (City ot) 15-yr 6b1934
Mexico Exter loan £ 5a o! 1899 Q
Gold debt ia of 190i
1964 J
Paris (City of) »-year 6a
1921 A
Switzerland (Govt of) s t 83 1940 J
Tokyo City 6b loan of ISla
M
M
M
M
—
D K of Gt
x'ioh Sale
Sale
t 70
J
J
D
O
J
S
Brit A IrelaBd
N
6-year 5 >i
notea
_1921
20-year gold bond 6HB-.1937 F A
10-year oonv 5Ha
1929 F O
6-year oonv 6Hb
..p'922 F A
tTbese are prices on the basU of $5to£
%
t
M
N
State and City Securities.
H Y City 4Ji3 Corp «ook.i9BO W S
4Hs Corporate atock
1964 M 8
4Ji8 Corporate stock
1966 A O
i}6s Corporate stock July 1967
_.
i}4 3 Corporate stock
1965 J D
iHs Corporate stock
1963 M 8
4% Corporate Block
1959 IW N
4% Corporate atock
N
1958
i% Corporate atook
1957 M N
53^8 Sale
83I4 Sale
8318
t
M
4%Corporate atook reg..l95fi M N
New 4>4s
1957 M N
*H%
3M%
Corporate atock... 1957
Corporate atook... 1954
—
Canal Improvement
NY
state
M N
N
M 8
9618 Sale
82
Sale
8538 Sale
90% Sale
M
ma.
617
70i8
9758
9838
2
69
345
39
97
9818
89I2
83I4
42^8
43
75
75I4
88I2
8II2
7134
89
91
8334
7012
12'
96
8412
9212
93% 98%
6710
83'8
27
91.2
96I4
95%
69
82
82
77
134
14
52I2
"46
8312
29^4
8
103
52
9712
92
76
'10
34I2
89I4
83%
26
97
302 102
3 60
88I2
9238
8538
207
216
136
90%
147
9O14
83
71
9234
9312
43
37
94
103%
61
9714
81% 90%
83% 95«4
9434
85I4
91
91
91
80
8514
91
86
July'20
86
90
85
85I4 July'20
8534
Aug
Sale
9134
91
91
Aug
91
'20
9514
95I4
93
100%
90%
91%
IOOI2
lOOig
8O84 9038
91l2
82
82
8218 July 20
80
83
01
July'20
8II4
8212
9138
Aug '20
7134 Aug '20
98i2 Aug '1»
82%
90
89
8212
9118
9118
8534
9134
9II2
92
86
90
88
'20
82I2
92
92
91
9134
81^8
•90
9234 100
7134
lOOlj
June'20
July'20
81
Nov'19
91
91
91% 100%
93
92
J
IO712
e
8
99
102
.- 102
May'20
July'20
78^8
Sale
91
97
107% 108
99
99
100 I07I2
95
95
Jan '20
Mar'20
95
62
91
93
Doc
59
'18
115
62
50
66
Railroad.
4812
O
1995 A O
»1995 Nov
«1995 Nov
41996 M N
Stamped
Oonv gold is
1955 J
Conv is issue of 1010
1960 J
Eaal Okia DIv lot g 4a...l928' IH
Rocky Mtn Dtv lat iB...1965 J
Trans Oon Short L lat ia.l958 J
Cal-Arlz 1st
M
M
LAN
M
F* W
Bav
98
iBtBOtdOs
1934
1934
1925
Registered
»1925
1st SO-year gold ia
41948
Registered
41948
lO-yr oonv iKa
1933
Refund A gen 6a Serlea A. 1995
Temporary IQ-yr 6»
1929
Pitta Juno iBt gold OT
1922
P June A
Dlv lat g 3 HB 1925
PLEA
Va SyB ref iS--1941
Sale
70i8
86
67I4
N
A O
A
Ohio prior
8He
M
W
Routhw Dlv
1st gold 3H8-1925
Cent Ohio
lat
g iHs. .1930
CI Lor
oon let g 5b. .1933
Ohio River
lat g 0B-..1936
General gold 6a
1937
Pitta Olev
Toi lat g 6a. .1922
Toi
CIn dlv lat ref ia A. 1959
A
A
Buffalo
R
W
RR
gen B Sa
1937
Consoi i^a
1967
All & West lat g ia gu
1998
Clear A Mah lat gu g ea..l943
Rooh A Pitta 1st gold 6a. .1921 .
Oonaol 1st g 6a
1922 J
Canada Sou cons gu A 8a. ..1962 A
Car Clinch A Ohio lat 30-yr ea '38
Dentral of Oa ist gold 6a...pl946
Consol gold ea
1945
10-yr temp seour Oa June 1929
.
Jl*
No
price Friday; latest tuis
weot.
65I4
65I4
216
69
82»4
""4
67% 79
62
71i«
7312 June'l8
65I4
6738
64
6412
62
60
80
84
71%
69%
77%
89»4
82
64%
88
69
67
761s
81
Aug
'20
64lj June'20
Aug
'20
72
July'20
7234
9734
743g
98I4
Aug
68% 81
82
03%
Aug
81
Apr 20
6II2
'20
6134
63
171
61
62I4
85I2
87
174
89
60%
86% Sale
60
112
6712
72
57i>8
Sale
Sale
95
"89
6O34 Sale
6OI2
02^8 Sale
6134 Sale
68
57
70
86
78
92%
78
60% 72li
98% 100
'20
8OI2
9838
78
July'15
79%
69%
95%
9258
63%
1O6
Feb
78
81
57%
60
June'20
58
71S4
9018
Mar'20
Mar'20
Mar'20
88
88
Aug
971?
9918
46%
87
81
70
60
8II2
92
60
37
30
75
61!l4
61
67%
77 Is
Mar' 18
46i8 Sale
847,
57% 06%
67% 69
'12
Jan
82
8U
68
17
35
'20
100
7912 Sale
70
58
92% Mar'20
78 Jan '20
129% Aug '15
91
74
"6334 Safe
8038
A
RAP
4734
76
71% July'20
70
lat gold ea
Bait
48
75
70
72
82
7338 Sale
M
m
66
6634 Sale
64I2 Sale
81 Sale
82I4 8334
04I2 66I2
80
M
W
75I2 Sale
74I4
65I4 Sale
70
72
& ref iH8"'A"i962 M
SFe Pres& Ph lat s 6B-..1942
Atl Coastv L 1st gold 43
1)1952
10-yeur secured 7s
1930
Gen unified i^a
1984 J
Ala Mid lat gu gold ea...l92H
Bruns A.
let
gold i8.193S J
OharlBS A Sav 1st gold 7s. 1936 J
coll golfl ie
01962
4734
50
72
86
86
91
901a
91%
00%
4638
44'4
8818 July'20
7238 July'20
53
88 Is
91
75I4
73 U
85
9812 10112 100
97I2 98
98
78
7812 79
7()i'>
68
70
eo's
87I4 Sale
7712 SO
8414 SO
a DueJan.
87%
79
84
Jan
'19
'20
Apr '20
May'20
June'2o
Aug
Aug
'20
"20
87I4
80
85
dDueAprll.
70%
92»4
8312
7314
73%
85
85
99»4 lOOig
97% 100
77% 87
70
85
70
9S%
75% 88
68
77
«
Sale
Sale
77
70
81%
63«4
61% 73
58% 65
Sept' 16
Feb 15
4238
33
98
68
Sale
66I4
77
'19
60
88%
33%
61
141
67%
41%
421'
82%
June' 19
113
85%
34
13
42
41
19
13
98
64
73
49
38
98
76
S4
83>4
Feb '20
68%
76%
77%
lat oonaol gold 6a
Oeneral consol lat 58
92
193-
60
*60
42
*60
1937
75
50
2W.4
93%
63
80
65'% Sale
6434
64
68
68
'62% '62%
36
59'4
82
72
53%
607a
14
59%
87,
67^8
52i8
78
56
63%
20
90
80
68
76%
66
76
65
68
77
5834
5834
15
5,
9458 -94% June'20
9634 93 14 Feb '20
9534 96% 9534
96
5858 62
62
62
9S34 102
Sept' 19
60
61
70
63
94%
08>4
68
66
78
78
94
84% Aug
8II4
'20
81
69% 68%
67
70
July'20
92
99
Sale
93
10
99
IO912
94
June'20
'92'
«4i2
Feb
'97%
98
98
Aug
831
9334
8912
98%
Asbiand Dlv lat g 6S-..1925 IH
Mich Dlv 1st gold 6a.. 1924 J
Mil Spar A N
Ist gu 48 1947 M
8t L Peo A N
lat gu 6b 1948 J
I hlo R IA
"> gen ia ...1988 J
Registered
1988 J
aoJunding gold ia
.1934 A
B I Ark A louls Ist 4HB-. 1934 IN
Burl C R A N lat g 58
1934 A
O R I F A N lat gu 68—1921 A
ChOkIa A G cons g 58
1952 M
Keok A Dea Molneo Ist 5a 1023 A
St Paul A K O 8h L iBt i^a'il F
Ohlc St P
A O cona 68
1930 J
Gone 6b reduced to 3HB--1930 J
Debenture 6b
1930 M
North Wisconsin lat Ob. -.1930 J
Superior Short L Ist 58 g.cl930
Ohio T H A 80 Beat let 5b.. 1980 J
Ohlc A West Ind gen g 6B..fl932 Q
Consol 60-year 48
1952 J
1937 J
Oln H A D 2d gold 4H8
O Find A Ft Ist gu 4b g 1923
Day A Mich lat cona i Ha I93I J
Olev Cla Ch A St L gen ia.-1993 J
1931 J
ao-year deb 4Hb
1993 J
General 5b Series B
1930 J
Oalro Dlv let gold 48
Dlv 1st g ia..l991 J
Oln
at L Dlv 1st coll tr g 4a. ..1990
1940
Spr A Col Dlv 1st g 4a
1940 J
Val Dlv lat g 4a
I St L A C lat g ia .. .111936 q
O
Reglatered
41936
Oln B A CI cons 1st g 8a. .1928 J
O C C A I gen cona g fla.. 1934 J
let prel 48
1940 A
Ind B A
O Ind A lat pref 68...i{1938 Q
Peoria A East lat oona ia.I9i0 A
Income is
1990 Apr
.
W
M
M
M
M
M
W
W
leveShortL lBtguiH8...1981 A
O
1929
A Sou 1st g ia
1936
Refund A Kxt iHB
Ft
A Don C iBt g 6S...1921
Conn A Pas Rlva Ist g 4a. -.1943
Cuba RR 1st 60-year 68 g...l062
Del Lack A Western
MorrlaA Km Ist gu 3Ha--2000
1921
N Y Lack A lat 61
Colorado
"94"
9958
9934
973s
101
100
96%
69
82
70
72
81
73
94
Sale
63% Sale
86
60
72
92
"82"
Sale
81
Sale
99*t
99»4
96%
'20
i(}0%
72%
121
36
70
79
66
76%
eo'u
6818
86>4
67**
6534
909|
66
68
98
30
73
8734
'19
70
611
100
78
118
86%
lOi
81
14
05
66
72
78
69
56
64
80
913$
08
103
52% 61
'I
May 17
60
69
79
68
Mar" 11
81
81
70
57% July'20
66%
77
84
76
62
63J4 July'20
60*4
66%
7i7g
77I4
75
June'20
SO
70
64
66
79
69
72
68
74% Jan '19
84
Nov'16
Aug
'20
74% June'20
SS
101%
6S%
70%
66
20
871j
12
Jan '20
67
Sale
62%
61%
74%
78
Nov'16
90
SS
81
65
71
S2I4 Sept' 19
»3i| May'lS
10214 Oct '19
76»4 Nov'19
58%
Sale
67
93
94
63
68I2
66
1
15
16
27
1
73
74
38%
86%
77%
77
69
July'20
66
S
37;
66% 76
91% 98
13
63
90
70%
08% 100%
02% 97**
June'20
Due Deo.
73
63
July'20
90% Aug '20
92% May'20
yDueNov.
47
67%
56
20
56
20
22
77% Sale 77%
74% 75% 74I2
•98% ..95%
Got.
Oct
100
6914
9934 100
1923
95»8
96 May'18
70
67% June' 19
98% 103 100 June'20
54%
54% Sale 53%
04
94
98%
July'20
89
65% 69
W
907«
83% Nov'19
68
92
•55
W
98
83%
143 '99% 100%
Sept'lu
June'20
Aug
65% 69% 70
61% Sale 61%
100
100
69%
70
76% Mayl9
66
67%
6434
63%
8718 Apr 20
9714 Feb '19
Sale
70
"es'is
4'
9834 July'20
9934 Apr '20
94% 100
,
06
83%
lOlii Oct '16
IO6I2 Nov'19
88 Jan 17
75%
Man Q B A N W 1st 3H8.1941
Mllw A 8 L 1st gu 3Ha— 1941
MIILSA West 1st g 6a— -1921 M
Bxt A Imp a gold 6a---l929 F
"9 '7'
94% 04%
Nov'18
97
9934 100
71
103
Mar'19
83%
Sale
'20
'20
80
84% 98
Apr 20
Apr '16
100
77»4
96*4
02
81
'19
7212 July'20
71
93
'20
64
70% Apr
73%
77»4
July'20
64
66
06%
97»4
7K
81
64
797|
03%
7734 Jan '20
96 July'20
8234
73
9314
75%
Jan
01%
72%
94%
SO
96
1886-1926
1987
Reglatered
pl987
General 4a
1987
Stamped 48
1987
General 59 stamped
1987
Sinking fund 88
1879-1929
Registered
..1879-1929
Sicking fund 88
1879-1929
Registered
1879-1929
Debenture 6s
1921
Registered
1921
Sinking fund deb 68
1933
Reglatered
1933
10-year secured 7a g
1930
Dea Plaines Val lat gu 4H8 '47
From E'.k A Mo V Ist 68. .1933
Conatructlon 6s
1
68
Mar'20
58.'s
7438
56
Registered
General gold SHa
WW
50% 677«
93% 97
80
80%
Feb '16
53% Aug '20
71
69%
56
72
Sale
Sale
Sale
71
56
1886-'26
W AM
70
60
52
70
92.>8
W
W
31
5
93%
Mar'2u
Mar'20
May'19
62% May'20
70% 77
«198S
el989
«1989
o2014
a2014
1932
Permanent 4b
1926
85-year debenture 4b
1934
Ohio A L Sup Dlv g 6a
1921
Ohio A Mo Riv Dlv 5b. ..1926
Ohio A P
lat g 5s
1921
O A Fuget 8d lat gu 4b. 1949
Fargo A Sou assum s 6s.. 1924
MIIw A Nor lat ext 4Hb. -1934
Cona extended 4H8
1934
Wl8 A Minn Dlv g 68
1921
P—
29
90%
6412
54
J.
68
63
70
I914
90i!
Mar'17
80).
75
81%
20% 28%
67
68
50
50
'
53I4 Sale
Sale
17j
"35'
May'20
Mar'20
Feb '13
93%
B
General 4Ha Series C
Gen A ref Ser A 4H8
Gen ref conv Ser B 68
Oonvertibie 4H8
W
W
19
June'20
Apr 20
32
53
Reglatered.
Gen'l gold 3>ia Ser
N'weat Ex 4s
68
60
50
70
97^4
M
A
85%
Oct
9078
Chic A Ind C Ry let 5fl..-193e
Chicago Great West Ist 4a. .1969
Ohio Ind 4 Louisv— Ref 68.1947
Refunding gold SB
1947
Refunding 48 Serlea O
1947
Ind A Louiav Ist gu 4a. ..1956
Ohio Ind A Sou 60-yr 48
1956
Ohio L S A East lat 4 Ha
196S
Oh
A atP gen g 4s aer A.el989
Ohio
85%
8734
75% 79% 77
77%
20% 26
25 Aug '20
25% 23
23%
85% 87% 9012 Feb 2ui
Term A Improv ii..l023
Due May. ffDueJuno. /lUuoJuly. tDueAus;. f Due
84
Dec
60
-
95
78i8
69»4
57%
49
7334
72%
7634
76
6334 July'20
82^4 May'lli
78'8
411.>
85'4
Mar'17
69
60%
9834
80
84
72
67% 66%
67
60
f
Ann Arbor lat g ia
*19S5 Q
Atchison Topeka & Santa Fe
Gen g 43
1995 A
70 "s
60
Stamped
Guar Tr Co ctfs of dep
Purch money 1st coal 58. .1942
87
96%
87I4
86!,
81%
100%
87% 99%
80
87%
891)
79
90
'18
80
71
73"% Sale
7534 Sale
6334
O S Mtg A Tr Co ctfs Of dep.
98%
18'
100% Jan
70% Sale
Registered
1927
General 4b
1958
Ohio A E 111 rel A Imp 4b g..l966
XS 8 Mtg A Tr Co otle of dop..
8734
27
70
22
---
03% Aug '20
90% July'20
9734 Aug '20
.
79
76
It!
78 ig June'20
Dlv 3H8
1948
Dlv ia
1949
Joint bondB
See Great North
Nebraska Extension 4b
192'
95I4
91
54I8
9534
8112
84^8
9012
50
80.34
94
72
72
Aug
92%
1.
High
June'l.
Jan 'Id
80% July 20
Sale
87%
Illinois
Illinois
43
Jan '20
52I2
83i8
83I2
33I2
26I4
41
74
98
&Q —Denver
May
97.'s
91'i4
99
78
80
g 3S-..1949
195(
Dlv 4s. 1922
92%
89I4
86I2
97I2
9112
9234
90
89I2
83I4
B
90
-..'.
*90%
3Hb
86
97%
97I8
88^8
85'8
9634
98% 98%
Chic
Since
Jan.
High ^0. Louj
Ask Lou
75%
81%
93% 96
6s. .1929
801a
7134
19
J
Virginia funded debt 2-3B..1991 J
58 deferred Brown Broa etfa
Registered
Adjustment gold 4s
Registered
RR ref
So
74% May'19
1939
Registered
1836
General gold 4H8
1992
Registered
1992
30-year convertible 4H8--1930
80-year conv secured 58.-1946
Big Sandy Ist 48
1944
Coal River Ry 1st gu 4s. .1946
Craig Valley lat g 6s
1940
Potta Creok Br Ist 48
194t!
H A A Dlv Ist con g 4a... 1989
2d consol gold 4b
1989
Greenbrier Ry Ist gu g 4b. 1940
Warm Springs V 1st g 6s. .1941
Alton
Rang*
Lait Sale
"76
lat consol gold 68..
A
Week's
Range for
Bid
..41987
A Impt
Price
Friday
Aug. 13
88I2
2
72
85
84
70
76
61
8
9
3
19
75
101
'»'9
I3
151
8II2
J
J
M
fund
M
J
Highway Improv't iHa..l963
Highway Improvt i)i8..1966
43
93I2 100
99 Ve
Sale
29I2
91
9138 Sale
102 Sale 102
52
531
52
IH
1961
4B...1961
Oanal Improvement 4s.. .1962
Canal Improvement ia
1960
Casal Improvement
1964
Oanal Improvement iMe-1965
8334
34
28
—
—
99
69
97
92I2
93
Italy
—
Sale
86I2 Sale
.
Aug 1921
2-yr 512a gold notes
10-year 6ija
AO
and defaaluC tomdi-
for interen
BONDS
STOCK EXCHANGE
Kailtoay lat lien
D
—except
Am Dock A Imp gu 68 1921
N Y A Iwong Br gea g 48.. 1941
Ohio
Foreign Government.
Anglo 'Fi'CDon 6-yr SsExcer loan. A
interett"
Cent of Ga (Cone.)
Cbatt Uiv pur money g 4s 1961
Mac A Nor Dlv let g 6b. .1946
Mid Qa A Atl Dlv 6a
1947
Mobile Dlv lat g 6s
1946
Cent Rn A B ol Ga ooll g as. 1937
Cent ol N J gen gold fla
1987
Obesa
675
Friday, Weeiily and Yearly
"and
Week ending Aug.
1.
High No. Low
84.70 Sale
84.12 Sale
2b oonaol registered
28 oonaol coupon
4s registered
Philippine Island is
Jan.
90-34 Sale
N
N
Since
Last Sale
Ask Lou
Bid
Rangt
Week's
Range or
Price
Friday
AUJ. 13
2
00
«
Option
Oi
sale
New York Bond Record— Continued— Page
676
81
Week ending Aug.
Delaware Lack * Weat Concl.
Warren Ist rel gu g 8H9. 2000
Delaware & Hudson
922
Istlleaaqulp g4Hs
043
lat * rel 4a
935
80-7ear oonv 5a
930
secured 79
10-year
946
Alb A aoea conv 3H8
Renss 4 Saratoga 1st Ts.. 921
Denver it Rio Qrande
836
936
B2S
955
OOIMOl gold 4^9
Imr-rovement gold 5s
Ist A refunding 5e
Trust Co certts of deposi
939
Rio Or June 1st gu g 58
940
Rio Or Sou let gold 48
940
Quarantesd
Bio Qr West 1st gold 48.. 939
Mtge A ooll vrust 4a A.. 949
Oel A Macs l3t Hen g 48.. 995
995
Gold 4s
Oet RIv Tun Ter Tun 4^8.. 961
Dal Ml333be A Nor gen 58.. 641
937
Dul A Iron Range let 5e
937
aeglatered
Dal Sou Stiore A A.tl g 59... 937
Slgln Jollet A East lat g 53 .
941
Srie lat conaol sold 78
920
48..- 947
N Y A Erie lat ext g
923
Jrd exc gold 4Hb
A
J
1
M N
A O
J D
A O
M N
J
J
J
75
7912
100
65
99
63
65
72
47
45
43
D
F
9484
A
J
J
.
92(;
99>)
lien g 43.
Registered
P»nn coll trust gold 48..
SO-year oonv 49 8er A _
Serloa B
Qen conv 49 Series . . Jtilo A Erie Ist gold 69
JUv A .Mahon Vail g 58..
aria A Jersey 1st a 1 6a
Jtnesee River let a I 68
uong Dock conaol g 68
Ooal
lat cur gu 68..
i3ock A Impt Istext 58
Y A Green L gu g 58
f T Suaq
la t reJ 58 .
do
D
A RR
N
AW
id gold 4Vi8
rjeaera! gold 6b
Terminal lat gold 5a
•^Id of
'^llk
N
J l9t ext Se
A
East l9t gu g S3..
XT A led Ifrt cons gu g 6s..
Svansv A T H 1st cons 68..
llt general gold 59
Mt Vernon Ist gold 6b
Sull Co Branch 1st g 68..
riorida
Coast l9t i'A'--rort 8t
Co 1st e ^rxt-Rio Gr lat g 4e.
rt Worth
Hen Ist 6a
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A
A
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ft PaulM A Men 48
lit OOQSOl g 6s
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Reduced to gold 4 Ka.
Registered
Mont ext lat gold 4a
Registered
Pacific ext guar 4e £
<£ Minn Nor Dtv Ist g 48..
Union 1st g 6a
<4ont O let ga g Oa
Registered
l8t guar gold 59
WIH
F Istgold 68..
^cn
AS
jreen Bay
AW
deh
otfs
996
996
951
953
953
953
982
938
95S
957
936
922
943
946
937
937
94n
943
940
942
926
931
942
923
930
969
941
928
933
921
921
991
961
933
933
933
933
933
937
937
940
948
922
937
937
837
938
"A"
ctfs "B"
Ist ref A t g 6a. .6
lat cons g 4H8
Debenture
A
9
I
J
A
A
O
O
J
J
^!
46,
65
lOOU July'20
2
66
73
64%
6434
1
2
72
72
45
73
45I2
4712
43I2
45
7018 July'20
61 14 Apr "11
34
Sale
Sale
6
5
99;
4
A
72
69
July'20
93 Is June'20 IIIj
86 June'20
86
77"8
7Si2 84
98^4 Sale
O
D
96
J
J
J
49I2 Sale
53
}
F
A
SB's Sale
J
:
6312
35%
(W
71^4
75I8
74I8
36
37''8
N
J
721j
IOOI4
5334
6278
67%
72%
63
38
39
A O
IN
95
75
J
7834
N
J
M N
J
1
'ig'il
r
A
—*——
F
A
M N
75
72I4
A O
cons gold 6a-.
A
1st consol gold 4s
General gold 49
Ferry gold 4^e
72
49
45
75
MarOS
68^8
Sale
Sale
Sale
73
83
58
48
69
88
50
73
Unified gold 4b
Debenture gold 68
30-year p
deb 6s
Guar refunding gold 48
Registered
Y B A B Isl con g 68.
Y
lat gold 58
Nor Sb B Ist con g gu 6a.
LoulHlana A Ark Ist g 68
LoulBVilie A Nashv gen 68..
m
80
92% 92%
86
90%
Dec
84
99%
80
92
96
'T-
'47' '56
'
'16
85
74% Apr '20 "14
3634
35%
37I4
3634
3834
30
36
7212
72 12
1
106% Jan
47
38
"'73'l4
'7"9'34
30%
4134
30
34
41
44
66l8 83
L A N-9outh
8884 Mar'2i1
8834
79
79
June'20
8epfl9
103 Jan '18
100
'91" "91
91
Feb -20
83
85 Jan '18 ....
'40' '52"
60
49
July'20
IOOI4 Dec '06
*3"9% '39%
437« 39% May'20
88
97 Deo '18
72
Nov' 19
59
48 June'20 :::: '48' "65
23I2 Jan '17 "'2
'92'
90
86
86
*81U
75
"15
Nov-11
Aug'20 *a.. "73% 'so
Aug 10
51% Aug'20
76 Dec '19
92
55I8
64
70
9334 Sale
9312
93%
76% 78
78
96
84
99
118
90% 85
87
75
*
103
105
91
79
79
85^8
*6S
96
98
851-.
84%
Feb
Feb
J
M
M
M
M
M
9612
103
8834
87l2
63ig
60
7
8
64I2 --67I2
66
7
2
"98'
95I4
85I2
89
70
Apr '17
86%
8
"83U
105%
"92"
'76% 'ssu
'8'2"" '83"'
Mar'20
July'20
97
96I4 IO6I2
1
86
86
'85l2
94
91% Apr 20
91% 91%
65l2 Mar'20
8
Aug'20 ....
64I2
641
55
7
5512
IOI2
68I2
5934
65
73
Aug'20
67
6418
95
80
92
8118
78
Sept' 17
'62'4 '62S4
62«4 June'20
80
72
84
Nov 16
84
"esu '67\
78
79% 83%
64% July'20
6514
69
Sale
J
70^8 Sale
6212 63I2
N
N
66
63
J
85S4 Sale
O
Bale
53I4
J
62
J
J
J
J
A
A
D
8
D
53I2
51=4
65%
55
61
5812
6534
60
6712
6638
July'20
85%
85%
60
62
102
100
...
65"
62l2
"76I2
63»4
'46
59% 72%
"7
63
63
83
63
93I2
62
69
52
53
62
53
Aug'20
Jan '20
6II2
Feb
80
Jane' 10
II7I2
73
85
6II2
'20
61%
65la
74I2
6958
77I2
64'8
7OI2
82
72
N
D
«
tnd aaked
90»4
68I4
70'8
6312 Sale
66
68
70»4
62
60
Sale
Sale
75
67
81
77I2
75I4
93
78
Nov'lO
May'lO
Mar'19
84
80
chia
Feb '20
Nov' 17
Aa8'19
Dee '19
Nov"19
78
46
WMk.
•
27
46
73I2
Aug
1
78
49% 69
76I4
63%
62% 76%
72
81%
-17
'19
MStPASSMcong48intgu.
l8t
Ist
oonaes
Chic Term
4a
a f
80
8714
8ept'19
>
Doe
Feb.
t
Due
Ist g 4b
1st extg 4s..
Unified A ret gold 4s ..
Registered
RIv A G DIv Ist g 4a...
Verdi V I A
l9t g 68...
Mob A Ohio new gold 68
lat ext gold 6a
ft
General gold 4s
Montgomery Div iBt g 68St Louis Div 6a
St L A Cairo guar g 48..
Nashv Chatt A 8t L Ist 5a..
Jasper Branch 1st g 69
Dec '19
90% Juno' 19
Mar'20
May'20
7334
78%
81%
July'20
79
Sept'19
8534
10134 Sale
91
85
8534
S534
1
101%
102%
42
85
85
84
92% 100
98
49
78
97U
Aug'20
68
68
4084
49
45
45
68%
39
Mar'lO
Nov'lO
47
45
80
2
1
87%
8534 July'20
5284 Sale
5234
29
29
27% June'20
30
25
35
35
28
30%
30%
24
24
Aug'20
17
30%
17
27% 24
Feb
'20
24
23
45
June'20
45
'45
20
32%
98»4
Dec
Dec
26
23
45
33% 38
48% 50
May '20
61
3834
28
20
20
77
84
83%
91%
74%
89»8
61
69
96%
T8I4
'16
'19
9734 July'20
58 Oct '18
"1
'60 ' 'afi*
6234
65
65
68
7134
77I2
83%
7034 July'20
70
83
79% Aug'20
82%
83
14
76% 87
80
94%
17
68
83
Sale
89
'67% 71%
64% 67
98
89
58
76
75
91
83%
65
Jime'19
69%
71
80% Oct '17
67
67
80
6388
May'20
91%
Apr 20
91%
91
80
91%
15
15
5834 Sale
95%
92
Jan
Sale
50
52
8878 Sale
88
65
73
8878
51
67%
997
997
934
934
998
998
998
998
989
936
936
936
Reg Istered
936
Beech Gr Eit Ist g 3 Ha. 961
Cart A Ad 1st gu g 4b
981
Oouv AOewe Istgu g 68.. 942
Ka A A Q R Ist gu Ss
938
71
73
Registered
Debenture gold 4b
Registered
Lake Shore coll s 3HB
Registered
Mich Cent coil gold 3HB-.
Registered
Battle Cr A Stur Ist gu 3b.
Beech Creek lat gu g 4b..
Registered
ad guar gold 6a
74
Aug'20
74
66
65
63
Aug'20
7084 July'20
66% June'20
59
59% 59
52% May'20
54% 58
June'20
5834 60% 66
59
Mar'17
Feb '20
75
49
58
*40%
82% Jan
72%
'20
•
Due
Dot.
16
4
IS
e67|
90>4
06
96
-s| 41% 59%
192
'58
26l
86
03
93%
09%
72
79
61«4
70
61
69
64%
82%
60% 70%
66
62
62% 00
64
61%
49
491c
828|
8S
73
7»
May'16
73
(
23
Nov'16
9584
154
57
61
17% 30
20
'19
'20
5334
59
9084 JUQe'20
72
86
1027g
9S%
61% 59
76% 77I2
76% 78
f»
74%
88% 97«4
June'20
Dec
78
91
21B4 July'20
20
25
20%
79«4
July' 14
102
56% Aug'20
77% Mar'20
78 Apr "20
'6834
68% Aug'20
'92'
90% Aug'20
90%
9512 99
110% Mar'17
55
67
Sale
n Due Sept.
62% Dec '14
33% July'20
48% Aug'20
'
'36
37
23% 28
23
30
29
55
9734
3978
25
June'20
77% 77 July'20
87I4 Augi20
87% 88
83
82% Aug'20
84
5234 Sale
133
53
52%
26
17
30%
31
3038 Aug'20
2484 Aug'20
40
40%
33%
48%
92%
62% 607*
23% 32
27% 33
5334
28% 30
27
17
36%
70%
89%
55
45
71
44
82
91
69
'16
Dec
95
70
42
40
96%
67% 76
34% 43<4
Nov'19
__
88
69
99
95
8fi
7
15
70
38S4
39% '30
1
75%
75%
89% Aug'20
Sale
8534
86
96
94
July'20
75% 76
89
93% 93%
70% 81%
61
66%
July'20
67%
40%
Sale
es
89
Mar'20
95% Feb '20
89% 97
67% Sale
40% Sale
65
61
July,
63% 75
79S4 87%
72
82%
May'20
77
76
99
as
loo
101% 104
7934 July'20
90% 99
91
102%
90
96% 100
45% 6178
60% 76
47%
Aug'20
95% Nuv'l9
Aug'20
104
64
72
63
95
89
84
99
85
100% 103
63% June'20
68
83
75
62
72% 75
91% 94
87% 100
72
84%
100
Feb '05
Mar'20
88%
9778 May'16
71% ...
98'% 98% Deo '19
93% Jan '20
76% July'20
79
83
61 June'20
61% 67
Hew York Cent A Hud-Rlv
Mortgage 3H8
Due
2
98
47I4
Sale
66
73
A
35
101% Apr 20
100 Feb '20
79% Jan '19
95
97
65% 66%
47
40
67
Jan 11
Aug'19
94
89
59I4
7378
59% 68
60
69%
63
70% 73
73%
79
86
99S
2013
June,
63
67
986
923
926
975
920
945
938
948
938
9S8
931
931
929
929
933
926
927
927
938
947
927
931
928
923
9£7
977
926
951
953
925
936
Missouri Pacific (reorg Co)
Ist A refunding 59 Ser A..
lat A refunding 58 Ser Ba
iBt A refunding 68 Ser
General 4s
Missouri Pac let cona g 6a..
40-year gold loan 48
8d 78 extended at 4%
l8t 48
63
95
92
90
64
76
73
64% 72
77
67
940
990
942
942
942
942
943
A Pac 1st g 4b..
Mo K A E let gu g 6s
M K A Okia Ist guar 6s..
M K A T of T Ist gu g 68
Sher Sh A 80 1st gu g 68..
Texas A Okla Ist gu g 68..
Term
73
Oct '19
99% Oct '06
63% June'20
67 Jan •'20
92
98
47
103
98% 98%
67
92
*75
'66%
92
84% 92
Sale
'16
City
Orleans
16
Jan 20
63
89
78
72
83
89% 95
'60% 59% July'20
.
High
'13
Oct
5934
.
60
1.
86% Aug'20
79 May'20
65
Trust Co certfs of dep
sinking fund 4H8.
936
Trust Co certfB of deposi
at Louis DIv l8t ref g 4s.. 2001
of Mex prllen4H8Quaranteed general 48
Hat of Mex prior Hen 4Hb.
73
80
73
'edu
Oen
W
Mar'i;
96
95%
83% 86%
75%
67"
66
86
65%
—
2d extended gold 59
at L Ir
A 8 gen con g 58
Gen con stamp gu g 68..
Sale
75
Mlaslsalppl Central let 6a
949
Kan A Tex let gold 4a 990
3a gold 4a
990
Trust Co certfs of deposi
lat ext gold 68
944
iBt A refunding 4e
2004
Cent Br U P
Pac R of Mo
24
89% June'20
IO6
M S S M A A Ist g 48 Int gu .'26
Kan
Sine*
98i8 Jan '20
ft
May'20
D«« Jan.
D
Consol 48 Series A.
Ref A imp 4Hs "A'
93
70% 83%
69% 69%
Jan '20
54
78 Oct "09
66I2
67
68
66
65
80
78
79^8
A
RR—
75
80% Feb
Pacific Ext
let consol gold 6s
Ist
refunding gold 48..
Ref A ext 60-yr 6s Ser A.
Des
A Ft Ist gu 48.
Iowa Central 1st gold 6a.
Refunding gold 48
71%
71
113
Mexico Ist 6€...
Non-cum Income 68 A
Hew York Central
Conv deb 69
936
52U
73I2
Ist 78
Ist gold 68
iBt consol 4s
19
65I2 July' 18
66
66
—
Minn St Louis
New
85
7434
69I2
Stamped guaranteed
Midland Term 1st a f g 6a
N O Tex A
95% Feb
60
—
Internat 1st cons g 4s.
Wat Rys
80% N0VI6
79lj May' 19
92
70
85
74I2
62
June' 16
54
63
80
65U ...
'22
Aug'20
Dec'l9
62
70
54
Sale
A
A
Aug'20
64
63
73
J
12
67%
6912
9558 Sept' 12
7134
70%
Mex
M
July'09
3
O
O
N
cons gu 50-year 69
Bdge Co gu g a..
Manila RR Sou lines 4b..
Jeff
65
loo
Range
Jaa.
High No. Lota
"
6 60
65%
Ask Low
96
921
938
963
946
936
977
977
925
927
921
934
949
962
936
938
961
938
938
941
C.
Mar'20
May'20
78
Gen
'OS
Lasi Sale
86
937
945
5% secured notes "exf
Dall A Waco lat gu g 6a..
78
99
78
Feb '20
9834 July'20
13614 May'06
LA
Mo
88I2
83
9612
IO2I2 May' 16
77I4 July'20
80 Sept'19
83
78
97
"92"l2
"6'6'%
7312 June'18
7312 Oct '18
76I4 Apr 19
65
m
M
.-
247
June' 16
June'20
July'20
81
7912
loo
94
93
78
"51%
i
N Fla A 8 1st gu g 5s
N A C Bdge gen gu g 4 Via
Pensac A Atl 1st gu g 68.
9 A N Ala cons gu g 68..
M
June' 12
73^8
M Joint 48..
BeglBtered
90
79
IO8I2
Deo
M
LANAMAMlstg4^S
'17
78^8
68
108
95
Unified gold 4e
Registered
Oollateral trust gold 68 ..
10-year secured 7s
L CIn A Lex gold 4^8
Ist gold 6a
OA
2d gold 69
Paducah A
DIv 4b..
at L,oul8 DIv l8t gold 08..
3d gold 38
Atl Knox A Cln DIv 48
Atl Knox A Nor 1st g 58..
Hender Bdge let s f g 68..
Kentucky Central gold 48.
Lex A East lat 50-yr 68 gu
Mem
June 16
36
5s
W
421.
3978
86
80
92
93
June'20
84
9313
2'
99
Jan 20
Jan '20
9434 Nov'15
9812 Ang'19
5034
4912
M
ARB
N
N
Gold
May'20
9334
Aug. 13
65I4 68%
71
Sale
931
931
938
922
932
949
934
937
949
949
935
927
932
927
930
937
940
940
931
930
931
930
930
946
921
980
956
946
931
987
965
946
952
962
Isld 1st
Gold 4s
67
52
83
J
J
Long
Jane'19
73
A O
A O
A O
J
J
J
97I2
991s
26
50l2
83
86
80
92
93
87
J
65
Deo 16
82
251j July' 13
65
IO5I2
S
8518
101%
70%
78
70
M N
M »
M N
M S
81
9978
Week's
Range or
Bii
Julyl7
63I2
4834
^a.
Lehigh Val (Pa) ooas g4e..20o3
General oont 4^8
2003
Leh V Term Ry Ist gu g 68. 941
Registered
941
Leh Val RR i.O-yr ooll 68. .« 928
Leh Val Coai Co Ist gu g oa. 933
Registered
933
lat Int reduced to 48
933
Leh A N Y l8t guar g 4s
945
Registered
945
96%
lOOU
24
63
7973
AH
pdM mday; Utart Ud
8OI2
Friday
High
67
73
75
100%
6212
J
aocklngVal
* Ifo
100
1.
9484
70'8
m N
952 J
999
aeglatered
999
V l8textg48
948
CJoI
966
Col A Tol lat ext 4s.
aouscon Belt A Term lat Ss. 937
(UlDOls Central Ist gold 4a.. 961
Registered
961
gold 3Ha
951
Registered
961
Rxtended 1st gold 3HB... 961
Registered
96]
lit gold .38 sterling..
961
Registered
951
Oollateral trust gold 48... 952 A
Reglstered
952 A
»st refunding 4s
955
952 J
Purchased lines 3M8
'.NO* Texas gold 4«. .. 953
Re^atered
963
934 J
Ift-year secured 8i«a
950
Cairo Bridge gold 48
Ut«hrield DIv lat gold 3b. 961
Looisv Dtv A Term g 3Hb 953
921
Middle DIv reg 6s
961
Oaiaba DIv lat gold 3a
•t Loul8 DIv A Term g 38. 961
961
Gold 3Ha
Registered
961
Sprlngt DIv latgSHa
951
Western Lines Ist g 4s
951
Re«l8 tere<5
951
Bellev A Car lat 88
923
Oarb A Bhaw lat gold 48. 932
Ohio St L A N O gold 68- 951 J
Registered
951
Gold 3H8
961
Registered
961
Joint Ist ref 5i Series A- 963
Memph DIT Ist g it... 961
Registered
951
et Louia Sou lat gu g 4a.- 931
SM 111 A Iowa iBt g 4s
950
lit A Great Nor Ist g 6b
919
Junea Frank A Clear Ist 48. 959 J
Kaneaa City Sou 1st gold 3s. 960
Registered
960
Rel A Impt Sa
Apr 960
KBBsaa City Term Ist 4b... 960
ij«k« Brlc A West Ist g Sa.. 937
K«M 8«...
MI
north Ohio IM zaat g ss.. 945
Lab Val N Y 1st gu g 4H8.- 944)
040
Jolf
Sale
75
82i2 SOI2
Sale, 100
Sale
65
6
95I2
50
M
aeglatered
Jan.
Price
n. Y. STOCK EXCHANGE
Week ending Aug. 13
Sinc4
63I2 Sale
48^4 Sale
let g Id 7a_- 920
N'
993 J
Srle Ist cone g 48 prior
Ut oonaol gen
9434
36"s
92^ S
W
96h
Sale
7018
—
V LEA
13
BONDS
llang4
If
AsK Lota
High No. Lew
10218 Feb 08
Btd
F
—
ttb ^xt gold 5e
6th eit gold te
Week's
Katigt or
&M< Sait
Auo
13
Ist cons 8 4a
^3
a
Price
Friday
BONDS
8TOCK EXCHANGE
Y.
[Vol. 111.
2
June'20
Opdon
sale.
J
Aug. 14
New York Bond Record— Gontinuecl— Page
1920.]
"a
BONUS
Friday
Aug. 13
f>Bt * H R RB (Con)—
Lake Shore gol 3i2S..-..1997
NT
Week't
Range or
66U 69
Aug
65
1997
1928
r>eben*;iire Bolfl 49
1931
ilS-year goM 4s..
1931
ti.»K 18 tared
Moh A Mai l8t gu 8 48. ..1991
C'l RR Ist 68
Mabon
1934
Michigan Central Ss
1931
..1931
Registere-J
1940
43
Registered
1940
J L A 8 lat gold 348. ..1951
lat gold 3 4s..
1952
20-year UeueDture 4s.. 1929
Y Chi 4 St L l8t g 4s -.1937
Registered.
1937
69
69
Jan
Keg'«M>rea
7912 Sale
7634 Sale
78
821s
64
70
"
"78
67I4 Sale
1931
55
65
»•
80
62
60
76
'es""
69
NTOoaneot let gu 4Hb A..1953
N T K H 4 Hartford—
deben 4a
1947
deben 3He
1947
deben ZHa
1954
deben 4t
1956
deben 48
1956
OOBT debenture 3^8
1956
Oonv debenture 68
1948
Gone Ry non-oonv 4e
1930
Won-oonv deben 4s
1954
!fon-oonT deben 4«
1955
Ifon-oonv deben 49
1955
Won-oonv deben 49
1956
Harlem R-Pt Ghee let 48.1954
B 4 N Y Air Line 1st 48.. 1955
Cent New Eng lat gu 4s.. 1961
Hartford 8t Ry lat 49
1930
Houaatonlo R aons g 58.. 1937
Fangatuok RR lat 48
1964
N Y Prov 4 Boston 48... 1942
WVWcbea4B lat ser I 4Hs"48
Boston Terminal 1st 4a... 1939
New England oong Ss
1945
Coaaol 48
1945
Provldenoe Seeur deb 49 ..1967
Prov 4 Springfield lat Ss-1922
Aug
58
60
93% 93%
95% 95%
6434 74%
64
71%
"gVlj
97%
6534
10
44
15
73I2
52
79
45
'20
'20
4514
'20
61
45% 4518
40% 48%
44i^
"
45
65
65
39% 50
65
76%
Oct 17
'12
July'18
Oct
'19
62% 62%
"44
"
"
58
July'14
83
Aug '13
41U
42%
70
32
38
35
56
57
June' 12
32
Si's
8334
107
...
M
1-22
40
Feb
103
74
75
79
70'2 70
73
76
72i8 --76
Dot
—
Sale
7353
74''^
94%
56%
loo
103'
67
60
77%
104%
'
"
103
67% 80
'19
70
Aug
1
'20
Mar'20
Dec
9634
99
'
71%
'20
75
"70"
70
76
78U
77%
76
'19
98
99
35
7334
73%
19
98% Jan
'20
71
76
69
July'20
74I4
75
76
74
72
53
7514
July'20
"27
54
65
94%
72% 80
98% 98%
10434
Nov'19
69
77
rail-
53^8 Sale
75'8
75
82
97I2 '98'2
9612
93
'94
61
60<g
IO4I8
70
May 19
65%
65
66
89
77%
88%
75%
103% 108
29
Sale
90%
77
84%
10234
96'8
.
6512
97
9534
951
95%
69% Mar -ill
66
tiS
3
2
109
111
721.1
7712 Sale
69
64
1948
.1950
1940
1940
69
74'j
8412
1
1
77%
66
80
65l8
June'2o
.
79
90ij
77l«
75
65
i»33
1942
A 1940
Swiss B guar
1942
Sartes O guar
. . 19*2
B«rl«a D 48 guar .
i«4b
Sen- K SijegUftr gold. 1949,.
Barles P guar 4a gold...l9A3
Series O 48 guar
1957
Bsrieal oons gu 4H8...1963lp
.
«:l
Apr
8234
87% N'.v 10
88% Sept' 17
74i,s
74%
79% Ann '20
80 Apr '20
90% O-t '19
72% May'20
82 U Apr "20
'17
74% 90
79% 90
80
80
87l»
72% 84
82% 82%
7338 73%
76
76
aDaeJan.
June'20
^.
•
Oaa Feb
97
78
102
03
High No. Low
97
78
Jan '93
May20
May 20
»
SS^
Due June
i
,
Htgt
99
82%
J
S
N
80
77
60
40%
76
79
'17
June 17
Marie
76%
78
60
42
78
65
60
79
8538
79
20' 75%
58 58
Apr
93% Apr
97% Dec
7S%
79%
75% May 20
4434
80
80%
78%
Dec
92
100
87
77
F
Sale
'20
'20
'17
40
87%
71%
42
93% 93%
41
71
87%
"5
77
72
7834
55
79
60
52
59%
A
M
M
lat g 5a Int
A
1921
g 68 '30
»*N WlatgugSs
J
J
J
i
J
A
O
M N
A O
A O
M N
3
J
D
48
93
56%' 484
67%! 29
22
84%
6I34 118
48% 874
93
3
93
85%
85%
85
67
83%
61%
Sale
Sale
Sale
89
May
May
78
66
90
92% 94%
eiu Sale
9234
61i»
Aug
62%
71»4
81
87%
56% 66
39% 50%
1
102
92'4
161
17|
'20
92'4 100
63
56%
70
86
60
64i'>
3934
fio
48%
5534
49
13
89
I
Jan
86
'20
55
63%' '32
5
48
56% 53
5538
56341
61%
Sale
Sale
55I' Sale
5618 5634
63
48
48
!
Sale
57
Sale
33%
40% 42
M
a
J
J
J
D
D
65%
9ale
S
75
Safe"
Sale
Sale
86%
54% 62
65
60%
I
51
53%:
33U
33
40 '4
41%|
52
54 June 20'
7234 64
May'20
99% Nov'igj
104 101
Dec ue'
81
75
M3r'20l
84% 93 Jaly'19|
July'20
84
81
'si'
51
21
98% Jan '14
"19
58
57%
57%'
57%
2
33
4938
13
61
30
38
54
64
4
32
41%
49
64%
64
96% May' 191
J
M
J
D
95%
F
F
A
A
70
J
M
J
M
M
M
61% 73
23
107 *73% "93%
97 93% 108
72 65% 78
D
O
A
f
'75%
60%
2
N
J
N
N
N
M
82%
70
84%
J
94
85
-I
9334
93
J
A O
M N
gu 4b g..l937 J
lat
J
55%
61%
4SU
90% 93
84% 8734
66%
58
55
1941 J
Louisiana West 1st 6s
1921
No of Cal guar g 6s
193«
Ore 4 Cal 1st guar g 89
1927
So Pao of Gal Gu g 59.. .1937
O
Oet
J
gu...l937 J
Gen gold 43 Int guar
Waco 4 N W dlv lat
—
ao Pac Coast
84
»19rtn
6s
July20
60
56% Sale
67% Sale
"87
91% '93%
85N 93%
'
26
N
96
96
80% 83
2
J
4 N O con gold 8a... 1943
So Pac RR l9t ref 4s
195£
aan Fran Termi Ist 49. ..1950
Southern lat cons g 59
1994
Tex
68
—
Registered
1994
Develop 4 gen 48 Ser A...195«
Mob 4 Ohio coil tr g 49 ..1938
Mem Dlv lat g 4H9-59.. .1996
58%
55% 55% 56
83
77%
75
6I34
64%
.
St Loula dlv lat g 4a
Ala Gt Sou lat coq9 A 58
1951
. 1
80
76
Hlr prior lien g 5i. 194.5
Mortgage gold 4a
..1945
Rich
Dan deb 5b atmpd 19'27
Bloh
Meok Ist g Ss . 1948
4
4
.
.
D 4-88. .1921
Ser
ir26
1926
1936
5834
60
,
1
83
76 »•
74%
74% 80»8
81% 88%
85
60%
81
1
68
'
91
98
96%
80
51
99% 100
96
97%
80% 90%
66
87% 96
56
00
60
95%
86% 91
82% 100
95
95
53
82%
7934
60
81%
60
1
89% 90
98
82
70
86
70
85
82
10
.960
SO-year gold 48.. . .
.1917
Ooll truat 49 g 8er A .
Trust CO ctfe of depoelt
Tor Hara 4 Buff let g 4a .M!»4"
192s
Ulster 4 Dol let oona g 5e
196.'
let refunding g 4a
1947
Union Pacific Ist g 4s
1947
Reulatered
.19'.r7
30-year oonv 4<i
i;'.WOS
l9t * rrlunding 4s
lO-yrar perm secured (*e.li»2>
Ore RR A Nav ocn g 4g . 194rt
O-e Short Line Irt g 89 . 19'^'.'
194*'
Ist 000901 g 5s..
.192o
Guar rnfnnd 4s
Utah * Vor gold 8e.. l(»2fl
l**^
iBt extended 48
VHndalu. oone g 4e 8er A..
in.',5
>n»>>- 49 'eriaa
tDueJuly.
4 P
t
lat
B
.
55
81%
80
70
80% 80%
79
83
82 >•
81
85
85%
62% 73%
82
82
78^ 85
63% 66
53
60% 79%
83%
83%
77%
S13i
05% S0%
60
SO
25
75
44
I
70
8
56 1>
70
65
83
73
I!
62%
II
801'
74
85
35
--
.
-
46
75%
43% 47%
12%
...
...
7134
82%
I
*49
...I
63
49
25
8138 Sale
I
SOI" Sale
74
96%
72
Sale
Sale
73
86',<l
77%
1
SS
77%'
...
1
M
Due Oct
74%
77
85%
77
78% SS%
66
95
lOS
SI
101
81
93
i
82
,
74% 85
88
92%
27
...
64% 68
85%
82
68%
M-^
II
96% 98%
.
19.57
84%
34%
gu 4%s..l934 J
Due Aug.
79»4
77%
77%
65% Sale
72
M
W
W
C
91
5«19'10
Tol 4 Ohio Cent lat gu .59.. 1935
19^5
Western Dlv lat g 58
General gold 5e.. .
1936
l8t KU g 49
Kan 4
1990
20-year Ba
...\9-n
2d
1917
Tol P 4
lat gold 48
pr Ilen g 3 Hb 19'J.'t
Tol 3t L 4
V«ra Crus
92%
79%
51
73
M N
.
.
3!
96
N
7634
81%
93%
9434
M
65
.
92
83
44%
M
.
58%
90
61% 67%
76-34.
!
58%
M M
W 04 W
g<i
"eflj
I
83% 87% 83
Oeneral 59
Va 4 ao'w'n let gu 89.. 2003
lat cone 80-year 89..195S
1924
lat oy gu -is
Spokane Internat lat g 88.. 1955
Term Aaan of St L latg4H9.1939
1894-1944
Ist oona gold 8a
Gen refund a f g 48
1953
8tL
Bridge Ter gug 89.1930
2000
Texaa 4 Pao 1st gold Ba
l»nd gold Income 59
f20(Ky Mar
J
La Dlv B L l9t i 58.. . 19X1 J
W MIn W 4 N W lat
87
82
55
an 4s
ET
71-%
1
..
'
943
1948
Atl 4 Yad lat g guar 49. .1949
Va 4 Ga Dlv g 59... 1930
Oons lat gold 59
1956
S, Tenn reorg lien g 68
193S
^a Midland lat 3b
1946
1922
Oa Pao Ry Ist g 69
Enosv 4 Ohio lat g 6a. .1925
54
50
132
9
I
Atl4CbarlALletA4H:i 1944
1st 30-year 59 S»r B
1944
Atl4Danv iBt g 4a
1948
Mid
E 59
F 58
7934
62% 73%
77
87%
.
73'8 June'20
74'>8
.
75
MaVIO
93^1
74
74%
75%
83%
79% 80%
Nov 19
82
7458
M
•ad Mina
8534
74IS Sale
7912 871}.
.
68
)
.
95% 95%
69% 89%
66
71%
73% 73%
I
88% Feb 17
7
Apr "20
79% May' 19
76% Apr '20
.
651s
7OI2
•
98
80
80
84% 84%
Fel> '20
Oo»
83
9534
67
66
84% June'20
98% May I''
104 Dec '1.1
»6i4 Fob 12
OOig
.
Series
M
W
Serlea
8er1e9
8.3
29
Nov 19
77%
Income
St Loula 4 San Fran gen 6s. 1931
General gold 5s
1931
St L 4 S F RR cons g 4a. .1996
Southw Dlv lat g 5s
1947
K C Ft S 4 oong g 6a. 1928
K C Ft S 4 Ry ref g 48.1936
K C 4 R 4 B 1st gu 58.1929
St L a
lat g 4a bond ctfa..l989
3d g 48 Income bond ctfa.pl989
Oonsol gold 48
...1932
ist terminal 4 unlfylns 69.1952
Gray 'a Pt Ter lat gu g 5i.l947
S A 4 A Pass Ist gu g 4fl
1943
Seaboard Air Line g 4a
1950
Gold 4s stamped
1950
Adjustment 58
01949
Refunding 4b
1959
Atl BIrm 30-yr Ist g 43..el933
Oaro Cent lat con g 49. ..1949
Fla Cent 4 Pen lat eit 69.1923
1st land grant ext g 6s. .1930
Conaol gold 68
1943
Qa 4 Ala Ry Ist con 53. .01946
Qa Car 4 No Ist gu g 5a. .1929
Seaboard 4 Roan 1st 5a. .1926
Boutbera Pacific CoGold 4a (Cent Pac ooIl)..iH949
Reg|.^tered
*1949
30 year conv 49
(7192P
JO-year oonv 8a
1934
Cent Pao lat ref gu g 48. .1949
Registered
194(?
Mort guar gold 3H8-.iH929
Through St L lat gu 4a. 1954
5al93I
3d exten 89 guar
1931
Gila V O 4 N lat gu g 88. .1924
H0U8 E 4
T 1st g 5a... 1933
lat guar Sa red
1933
Virginia
72% 82
July'20
77
at Jo94 Grand lal l9tg49 ..1947
St Louis 4 San Fran (reorg Co)
Prior Ilen Ser A 4a
1950
Prior lien Ser B 5s
1950
Prior Hen Ser C 6fl
192S
Oumadfuat Ser A 6b
M955
721''
103%
Ask Low
97
Sine*
Jan. 1.
.
69%
93%
81% 8338
75% 86%
83
92%
73
84%
82
93%
215 101
73% Jan 20
63
62
65
89
'20
72% June'20
83 Feb '20
74
102%
100%
BUI
96
76
Ranr*
•3a
Co
Range or
Last Sale
J
Registered
1997
Jeraey Central coll g 49... 1951
Atlantic City guar 4a g
.195!
'17
78
88'2 no's
7513 Sale
841: Sale
84
102-8 Sale 102
'81%
O
N
Mnh \
June'20
Sm Apr
78
69
96
June 20
100% Feb
80%
67% 70%
49% 66%
69
'97'%
Juno'20
73
75
93I2
97
..-
io
97% July'20
96
97
69-'4
66
70
itfi!i
lataat bid
76
149
Feb '19
76% Oct '19
37% Dec '16
108
Juiy20
48 g l<>3«
.
75
76
M
H4TC
61%
51
60
49
Nov'16
Sale
74
11
Apr
Aug '20
71%
71%
loo Aug "20
60
52
M
W
July20
Weeks
PHct
Friday
M
W
677
3
Auj. 13
Pennsylvania Co (Con.)
O 8t L 4 P lat cons g 53. .1932 A
Phila Bait 4
lat g 4»..i943
Solus Bay 4 9i)u isc i 59.19:^4 J
Sunoury 4 Ljwis lat g 48.1936 J
U c« J RR 4 Can gen 49.. 1944
Feoria 4 Pekln Un lat 68 g..l921 Q
2d gold 4Ha
61921
Pere Marquette Ist Ser A 69.1956
lat Series B 4a
1956
Philippine Ry lat 30-yr s f 4a 1937
Pitta Sh A L E iBt g 5a
1940
Ist oonsol gold 68
1943
Beading Co gen gold 4s
1997
aH43AM*Pl8t
34% 44
Sept' 17
Dec 13
88% Feb '14
74% Dec '19
Sale
loo
98
1 ex Ist gu « 4H<
1941
Ohio Connect let gu 4'(
.1943
P1w» Y 4 AKh lat cons »b. 1927
TOI
V 4 O gu 4 H9 A . . 1931
R* p*lM Friday:
97%
62
53
9514 June'20
6912
71
67I4
67I4
9912 Feb '19
9712 June'20
70I4
65^4
92%
.
*
'
64
95
62% July'20
79i2Deo '17
49%
49%
58
014 Mar isr itu g 4He
193!.
01 4 P gen gu 4 He ser A 194'.>
Series B
. .1942
lot reduced to 8 Ha .1942
H 443
C 4a
75
92% 92%
'211
9H2Jan
65
53
56
15-28-V8ar gold 4e
1931
••-year guar in rtfa fler K 19S-.'
OIn Lnb * Nor gu 4e g. .194V
Series
Series
Feb
42I4
7212
1
POC48t Lgu4H8
64"
'
'19
'20
44
73
74
'» ."r
W
"
64
Juiy20
6758
Ooar 3H9 0OII :ru9t^<«j A. 1937
Qaar 3 Ha noil trust ser B 1941
Quar 3 He truut >itfe C
1942
Qoar '!Ha tniBt otfe D
1944
K4
8134
99^8
Pennsyl Co gu 1st g 4'iS ..1921
Or
81
67%
Aug
31'4
Tile lat a
« Ha . 1956
Pennsylvania RR iBt g 49..19ZH
0)0Sdl gold 4b
1943
Oansol gold 4b
.194s
OsQSol 4He
..I960
Osnefal 4Hb..
.1966
Q»ner»l 5«
.196v,
10-ye«r secured 78. .1.1. .1930
4lleg Vsi geu guar g 48.
1942
O
Au?
87
.
Series
Oct
48
6978
4II2 Sale
Oiaat Co iBt g 89... 1946
.
72
106% MaF'15
WMb
D SHs
77
66% 66%
6338 70%
May20
4OI2
4514
50
Nor Pao Term Co lat g fla.. 1933
OregOD-Waeh lat 4 ref 4a . 1961
SerlesOSHa
May'20
49
t
t
ErioAPi'teguga^, b
"3
60
Bet 4 Imp 4 Ha 8«r A.. ..2047
Paul-Dulutb DIv g 49 .1996
P 4 N P gen gold 6,8. 1923
Registered certlfloates .1923
St Paul 4 Duluth lat 89 .1931
lat oonaol gold 4i
..1968
Cent l9t gold 4a.. .1948
..
67I4
Feb '16
50
land grant g 4a
1997
Begtatered
1997
Qeneral Ilea gold Se.. ..<j2047
Registered.
...o2047
uenijterMu
67I4
89I2
49
72
Way A
iri)
Nov'17
45% Feb
44I2 --
10-28-year oonv 48
19'32
lO-20-year oonv 48
1932
10-38-year conv 4 Ha. .1938
10-year oonv fla
1929
Pooah C 4 C lolnt 49. .1941
C O 4 T lat guar gold 88.1922
Scio V 4 N E At gu g 4a. .1989
1st
77
20
42i'>
W
err
May'20
6618 Mar20
66I2 July'20
73I4
73I2
7012 Aug '20
4812
45'8
.
D R RR 4 B
Nov'18
Nov'19
47
Frovldenoe Term let 4a .195H
Con East 1st 4H9... 1943
N T O 4 vV ref l9t g 4s
91992
Registered S6.000 only..»1992
Oeneral 48
1955
Norfolk Sou 1st 4 ref A 8b ..1961
Norf * 9ou lat gold 69
1941
Non 4 Wegt gen gold 89
1931
'"O'-ovement 4 ext g 6b. .1934
New River Ist gold 6fi
1932
& Ry let eons g 48. .1996
Beglitered
1996
Olv'l lat Hen 4 gen g 48. 1944
Series
77
45
42
42
Non^3onv
Non-oonv
Nan-oonv
Non-<onv
Non-eonv
87%
74% 84%
'17
Nov'16
Nov'16
93% Jan '20
103 Ma7'17
130% Jan '09
99U
9412
65i2
70
69
75% 75%
93% 93%
May 20
Aug
High
65
67
76
101
103
72
69
67I2
2361
tr 38.. 1920-22
B«iUd trust 4Hs.. 1020-1926
NT
Padueah
Nov" 19
Jan 20
77
58
60
9OI2
Baglaterea
C Lines eq
Pacific
94
96% 97U 95
ODD g 4M8...1941
Og& LChum lat gulsg. 1948
ttnt-Canada lat gu g 48.1949
St Lawr 4 Adlr lat g 68... 1996
2i1 gold 68
1996
Utlra 4 Blk RIv go g 4s -.1922
Pitts 4 L Erie 2d g 8a. ..01928
Pitts MoK 4 Y iBt «u 88. .1932
2d gaaranteed «fi
1934
West Shore let 4s guaj-..2361
Ist
ilen
77
92% Jan '20
Apr '19
113 May'15
88
>v
Northern Pacific prior
7634
8412
75I2
9314
99I2
9812
1.
78I4
71
..
»"
N
13!
64
73U
N J Jaao R guar 1st 4s ..1936
N * darlem g 3*^8 2000
NY & northern Ist g Se-1923
N * Pu Isf oona gu g 4b. 1993
Kne Creek rogguarBs
1932
R A O con iBt ext 58..*1922
W4
7934
85
72U
66
N
Debenture 4s
'20
"20
78%
82
77
64%
Jan.
's
W. Y. STOCK EXCHANQB
Week ending .Aug. 13
Since
High No. Low
Ask Low
Bti
1
S o
-2
BONDS
Rang*
Last Salt
Price
a. T STOCK EXCHANGE
Week enling Aug. 13
Rutland
—
—
.
«l>
t'
v Due
Nov
«
Die
Om
(Option
aiia
New York Bond Record— Coucluded -Page
678
BONOS
H Y STOCK EXCHANQK
Week ending Aug.
13
Bid
A
Virginian let 5a series
Wabasb 1st gold 5a
ad gold 53
S5i2
Income 5a
M
3)1943
A
78%
50
75I8
68I2
6534
82
Nov
6s
Sale
SOI2
78
75
47I2
65''s
A Duldlv A term let 4a '36
6312
1
79
73
91
83
88%
52%
47
82
July'20
81
53
92
64
63%
82
66
36
78
63
Ool'17
39
7912
9012
8378 100
53^8
53
50
5
53
53I4
62I4 Apr '20
65
67
67
64
64
55%
"72"
Apr 2U
Feb '17
90% Mar' 17
86
Gas
&
Electric Lt
53
76% 88
90% 92%
45%
53
56
62 14
50
62%
60%
Aug'20
Aug'20
71
61
70
M deb 6b A
6a aeries B
S3 of
Va lat 5s
Armour A Co Ist real est 4 Ka "39 J
Booth Flaherlesdeb of 68. ..1926
Braden Cop
coll tr a f 68. .1931
Buah Terminal let 4a
1952
Consol 6e
1955
Buildings 5s guar tax ex. .1960
Conv deb
Am
W
1928
1st s
BtlynQCoAS
Bklyn
Un
23
J
J
2II4
38
3612
34
El let g 4-58. ..1950
Stamped guar4-6a
1956
Klnga County E let g 4a. .1949
Stamped guar 4a
1949
Naaaau Eleo guar gold 4a. 1951
Obicago Rye lat 58
1927
Oonn Ry A L lat A ref g 4H8 1951
Stamped guar 4H8
1951
Det United let oonag 4^8. .1932
Vt Smith Lt 4 Tr let g 5a-. .1936
Bad 4 Manhat 68 ser A
1957
Adjust Income 6s
1957
Y 4 Jersey 1st 6a
1932
Jatsrboro-Metrop coll 4 Hb 1966
Certificates of Deposit... .
loterboro Rap Tran Ist 5a. .1906
Manhat Ry (NY cons g 4a. 1990
Stamped tai-exempt.
1990
Manila Elec Ry 4 Lt s f 6s. .1953
Metropolitan Street Ry
Bway 4 7th Av 1st o g 58.1943
Ool A9th Av latgu g5a 1993
Lei Av 4 P F Ist gu g 58. .1993
«aet
8 El (Chic Ist g 48 1938
Mllw Eleo Ry A Lt cons g 68 1926
Refunding A exten 4 Hs 1931
Montreal Tram let A ref 68.1941
HewOrlRy & Ltgen4He 1935
II T Munlclp Ry let 8 f 68 A. 1966
Y Rys IstRE Aref 48. 1942
Certif Icatee of depoelt
BO-year ad] ino 58
01942
W
Mercan Marines f
Montana Power 1st 58 A.. .1943
W
55
55
5112
Certlflcatee of depoelt.
yortld Ry Lt 4 P lat ref 68.1942
Portland Qen Elec let 68 1935
at Jos Ry L
A P lat g 58 1937
It Paul City Cab cone g 58.. 1937
Third Ave lat ref 48
1960
Ad] Income 5a
ol960
Third AveRy Ist g 68
1937
Tri-Clty Ry A Lt lat e f 5s. 1923
Undergrof London4>i8... 1933
Income 6b
1948
United Rys Inv 58 Pitts 18811926
Onlted Rye St L let g 48
1934
St Louis Transit gu 58
1924
Onlted RRe San Fr a f 48
1927
H
DnlonTr(NY ctfedep
2aultTr(NY Inter otfa
Va By A Pow let A ref as. ..1934
21% 28
Mtge Bonds
37
36
33
39
36
35
35
57% 70
60
66%
1932 J
1951 F
Niagara Falls Power 1st 58.. 1932 J
Ref A gen 68
al932 A
Nlag Loo. A O Pow let 58. .1954
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F lat 5a. .1943 F
Ontario Transmission 58
1945
Pub Serv Corp N J gen 68.. 1959 A
Tennessee Cop let conv 8a. .1925
Waah Water Power let 58.. 1939 J
Wllaon 4 Co let 25-yr 9 f 88.1941 A
10-yr oonv e t 68
1928 J
597^ '69"
manufacturing
38
35
A
O
J
J
A
A
O
O
M
O
M
S
S
M
F
M
F
J
N
A
10 14 Sale
41% Sale
50 Sale
50 Sale
40
20
45
30
22I2
3y.8
4I2
4612
69
52
Oct 19
June'20
June'20
Mar 20
518
20
434
50
Sale
48
59
55
HI
J
N
A O
A O
12
5%
Aug'20
Deo
19I4
JulylT
Jun '20
40
20
1O3
68%
71
86% 86
78I4
81
85
Sale
97
97
93
"8"l% 01 U
80
74
81
82
87
96%
85% 91
81%
80
87% 100
86
89%
87%
58
72I4
70
75
Sale
83
HYAQ
78
77
59
89
89
Corp unlfwlng A ref 58. ..1937
Pacific G A E gen A ref 5a _. 1942
Pao Pow A Lt 1st 4 ref 20-yr
84
85
75
Sale
Os International Series.. 1930
A Passaic A El 58
1949
Paop Gas A C Ist conB g UO_it?^<J "^
— waif ^.^ul; UK. \_/ xaij \j\JlAO H 68 1943
Refunding gold 58. ... 1947
Ch O-L A Coke 1st gu g 68 1937 J
ConOCoofCb l8tgug5s 1936!
74
58%
G A E tUo — Cal G A E—
80
80
37%
4134
19I4
31
84
30
65
7514
47% 47%
June' 17
15
10
64
1
3ept'15
July'20
July'20
21% 30
21
66I4
70
79
81
81
'20
July'20
July'20
June' 19
72
97I4
30
20% 30
63
79
86
89
87%
96'4 10134
95% 95%
82h 95
July'20
77i8
94
Feb '18
Feb 13
79
June'20
Sept 19
84
79
90
85%
92% Deo 19
81%
81%
81% 84%
90
June'20
Apr' 19
85
89 Is
Fob
75'>4
77
98
77
'20
72% July'20
82% Ma.v'20
70
82%
82% 87%
104% Apr 17
75
Aug'20
59% Aug'20
89 Apr '20
78% May'20
M
76% 75%
G
M
105
.5b'%
'7434
58%
65''4
89
58
70
Mu
19261
Syracuse Lighting lat g 5a..l951|J
9yraeu8e Light A Power 68-. 1954 J
Trenton G A El let g 6b
1949,
QnloD Elec Lt A P iBtg 5a. 1932iM
Refunding A extenalon 68.1933
Cnitefl Fuel Gas let n f «fl..l936 J
M
86
Sale
8234
100
89
75
86
90%
72% 83
88%
57
71l8
67
80
\or'l7
Mar'l7
May' 19
13
86
July'20
85
80%
89
91
-
86
.
89%
74
82
.
82
90
•No price Friday; latest 5)ld and asked. aOueJao.
ft
May'20
Due April.
70
70
-
74
'84%
.
July'20
July 191
88
947g
«
1934
58
conv 73 ..1930
Distill Sec Cor conv lat g 58.1927
E I du Pont Powder 4)^ 8... 1936
General Baking lst26-yr 6B.1930
Gen Electric deb g 3)^8
1942
Debenture 5a
1952
.-^ugar
N
105
93
Sale
70'4 71
81
80
92
90
8 134 Sale
81
80
82
N
A
O
N
J
O
D
A O
F A
M N
20-yr p m 4 Imp a
Buff A Suaq Iron s f
C M Co let
Colo F A I Co gen a
Col Indue lat A coll
11926
a
gu 8a
86%
83%
79
75
117
'7'5"
"76% Sale
M N
J
J
A O
J
J
D
D
F
A
M
S
J
J
A ~6
F A
A O
F
A
J
D
J
J
M
N
J
J
M N
M N
90
75%
95
87
65
85
76
—
837g
97
68
90
817g
98
97%
"
100"%
6
75
95
89
95
1
95
89
60
July'20
July'20
65% 65
86
Sale
85
17
38
9734
Nov
96
76
76%
94
91
Sale
78
Sale
77
100
76
91
89%
110
88
97IJ
93%
'20
93%
93%
89'%
90
87
91
9934
87
20
"14
74"
4
80
8*484
I
97
11
99l2«
78%, 118
6
96
92
7,
I
3
10
93%
103%
76%
94%
91%
92%
90
105
95%
101
93
9784
89% July '20
89%
9738
77
77
89
94
7934
7934
77% 86%
78%
93% Juiyi9
91
7u%
9934 111
88
Oct
91%
93% 93%
83 '4
70
99%
83
May
77
76
97
9584
June'20
78%
97%
8
81
84
July'20
87
95
85% 89
77% 79
78% Sale
91
70%
84%
99% 99%
81
86%
89% May'20:
J
95%
76
July'20
84
92
88
87
90
100
83
18
76
93% 93 Is Apr
i
M
'31
74
9184
4
76
94
76%
119
73% 73%
75%
Sale
M N
J D
A
m 8
87% 100
91% 9934
79
89%
74
86%
100
89
94
78%
98U
96%
89% 100%
J
68
66
85
96
86
83
117
,Aug'20
90
95
A
F A
U
J
J
D
A
88
86
90
96
Sale
1943 F
58% 67%
85% 93
14
91%
M
83%
86
79
91% 96
95
95%
92
Sale
773s Sale
D
2
42
99% Jan '20
86% 84 May'20
102 Sale 101%
102*
77% 78 14 77%
78
102%
102%
10234
7934 77%
77.'.s
77%
83
84
84
8I34
7534
90
98
W
3
79
76
100%
91
89
84
95
89
Sale
Sale
86% 88
78% Sale
J
1
91%
May'20
68
90
J
M N
SSI"
78% 73% Dec 18
'89'%
101
98 May'20
89% 95
89%
89%
98%
J
48
73% July'20
76
76%
91% July '20,
91
70
Sale
95%
90
7
84
80
86
88
76% 85
65
75%
53% 66
May20
83
10884
85
70
90% July'19
86
87%
75% Sale
90
13
65
60
60
90
105
'19
May20
85
70% 83
100
92
70
80
90
94
89
75
73% July'20
78% July'20
Sale
J
10
July'20
88% 90
88%
91% 91% 91%
79
48
'20
101% Oct
95
84
87
117
J
83
80%
Apr
68% 65
192'^ J
6b..
58 gu.. 1934
Cona Coal of Md latAref 6s 1950
Elk Horn Coai oonv 68
1925
Illinois Steel deb 4 Ha
1940
Indiana Steel Ist 6s
1952
Jeff A Clear C 4 I 2d 6s... 1926
Lackawanna Steel Ist g 6a. 1923
lat oons 59 aeries A
1950
Mid vale Steel A O conv e f 58 1936
Pleasant Val Coal lat a f 58. 1928
Pocah Con Collier let a f 5a. 1957
Repub I A 8 10-30-yr 59 a 1. 1940
St L Roc. Mt A P 68 9tmpd- 1955
Tenn Coal 1 A RR gen 53.. 1951
U S Steel Corp fcoup
d 1963
af 10-60-year 63 ireg
d 1963
Utah Fuel lat s f 6a
1931
Victor Fuel let a t os
1953
Va Iron Coal ACo. e latg 5a 1949
f
91%
80
Apr '20
Mar'20
Apr' 14
June' 16
61%
62
7334
A O
A O
F A
f 58..
1936 J
1932 i
68
Debenture 58
76
39
17
8
83
May 20
8134
Sale
73%
76
65
60
33'
93%
70%
79%
75
83
94
56
76%
70
83
92
95
89
98% 85%
O
71
9234
8734
94
88
797g
70% 82
71
82%
Maris
103%
104%
62
M
Cababa
Sale
July "20
70% Aug'20 ""3
71
58
76
73% 84%
"93"
84
65
'S
01
78
70
72
98
76
Nov'19
Deo'l4
June'20
70
July'20
Feb
78
74
76
'19
72% 84
83% 93%
12
5
76
85»8
95%
70
72
87
93
90%
9034
8334
Sale
90%
94%
99%
75% 85%
90
84
6
9984
8434 Aug'20
J
76%
J
J
J
S
75%
83ii
8(1% Ma'y"20
80
86
63
90
70
85
86% July'20
80% 96
A
J
J
J
J
M
M
M
N
N
J
IW
79
,76
70
83%
91%
J
N
45
Sale
84%
85
62
82
8
80
i
75% Sale
63% 70
78% Sale
91
72
93
88%
9984
88
99%
80
99
90%
8684
3
92
90%
80
80
67
June'20
71
84%
"82%
83%
Nov' 19
Mar' 19
70
80
1
81
7912
75% 75%
75%
July'17
M.ir'20
80%
80%
80% 97% May'17i
67% 72
70 Apr 20
98% Oofl7 .
74
Induitrlal
f
f
78
68
20
17
89
78%
12
10
83%
75%
87% 88%
58% 58%
58%
71
71% Apr 20
Ind
NatGa8AOII30-yr5sl936|M
Fuel Ga8 iBt gu g 6a
1947 M
Philadelphia Co oonv g 68
1922 M
74%
&
Am Agric Chem Ist 6e
1928
Conv deben 6e
1924
Am Cot on debenture 68. ..1931
Am 8m 4 R let 30-yr 6s der A "47
Am Tobacco 40-year g 6s 1944
Gold 48
1951
Am Writ Paper s 7-6a
1939
lat 25-year s
71%
75
M N
M
Talegraph
83
J
67
72
71
10-20-year 633 erlee 3
Y Doc. 50-yr let g 48
82%
7%
81
84% 84
4^8
62
74%
75%
90% 90 Feb '18
87%
86% "14
70
O
11
102
Sale
4Baer2..1966 A
Coal, Iron & Steal
Beth Steel lat ext a f 8a... 1926 J
lat A ref oa guar A
1942 M
734
Apr 20
95% Apr 20
SS'a Aug'20
91
let g 58-192i
De. '19
67
Apr
(NY
74I''
67%
1939 J
70
31
4%
75
79
100
.-
20
5
87% 92
May 19
64
f
20-year .leb. 63
Feb. 1940
Ingeraoll-Rand lat 58
1935
Int Agrlo Corp let 20-yr 6a. .1932
Int Paper conv e f g 68
1935
let 4 ref B f conv ser A. ..1947
Liggett 4 Myers Tobac 78. .1944
6a
1951
Lorlllard Co (P 78
1944
Sa
1951
Nat Enam A Stampg let 58.1929
Nat Starch 20-year deb 6a.. 1930
National Tube let 5b
1942
Y Air Bra.e let conv 68.1938
Standard Milling let 5s
1930
Union Bag A Paper let 68.. 1930
Stamped
1930
Union on Co of Cal lat 68. .1931
U 8 Realty A I oonv deb g 68 1924
U 8 Rubber 5-year see 78 1922
lat A ref 5a series A
1947
U S Smelt Ref A conv 88.1926
Va-Caro Chem lat 16-yr 68.1923
Conv deb 6e
el924
West Electric lat 68 Dec
.1922
1922
64%
22
25
21% Aug'22
21%
22
21%
21%
50
23
75%
77
75
55
47% Apr 20
80
80
94I:
59
89% June'2u
65
N
lata
98
85
Cuba Cane
48
May"20
73
60
July 20
40
42
'19
75
11
10
67I4
2
38I4
14%
Baldw Loco Wor.s lat 5s.. 1940 M N
Cent Foundry lat 9 f 68
1931 F A
Cent Leather 20-year g 68.. 1926 A O
Consol Tobacco g 48
1951 F A
Corn Prod Refg e f g 5s
1931 M N
90% Feb' 17
Sale
7114
41% 58
49% 60
4934 60%
2i
31
71
...j
48
59
95
80
38
2II2 Sale
22
64
19%
19% 32
Aug'20
50
30
21
10%
92
77
69
20
6512
J
1934
V.i
July'19
July'19
68
60
40
30
64
11
19
70% July'20
61
57
20
20
5
73
68
60
23
78
40
'20
Jan
68
54
10
21
1
7
Dec
Apr
28
Aug'20
S
40
50
50
90
g 68
Il952
g 58..
1949
8 f fia
12%
45
11%
42% 324
Sale
7514
20
73
NY
Gas A Eloonv
17%
Apr'20 '"52
77
66
94
3818
89
52
5534
92
6%
70
atanrt
21
40
54
Sale
2OI2
20
20
5
BYaELH4Pg
P4t
40
94
80
73
60
J
1937
Purchase money fis
1997
Convertible deb 68
1925
Kd El III Bkn lat con g 48. 1939
tac Gaa L of St L Ref 4 ext 58 '34
Milwaukee GaB L let 4e
1927
Wewark Con Gae g 69..
1948
68
1948
Purchase money g 48
1949
Kd Eleo III lat oong g 58.. 1996
El LAP t»t con g 58.1930
Paeiflo
20
41%
50
50
76
N
J
6O34
Jan
10%
J
M
23
50>4
11
A
A O
M N
50U
64
63
60
55
55I4
Aug'20
1534
78
III2 Sale
69
tr 68 1933
ref 58 ser A..
41940
L
1st cons g 68.. .1932
Eleo Berg Co o g 58..194ti
IlngBCoEIL4 Pa
58
55
78
70
..1927
Havana Eleo consol
Hodeon Co Gas lat
Can City (Mo Gae
60
6O34
6
J
Detroit Edison let coll
qG
Qas A
51%
60
66% June'20
77
July'19
5514 Sale
1712 18
Oolumbua Oaa let gold 6b.. 1932
Oonaol Gag 6-yr conv Ts.. 1926
Oong Gas ELAP of Hal 1 6-yr 58'2
Detroit City Gas gold 58..
1923
4
55
6OI4
23
60
'19
Aug'20
Aug'20
51%
60
70
66
May '18
6O34 Sale
Qai and Elactrlc Llgiit
G L Co lat g Sa
1947
Bkly Bllson Inc gen 09 A 1946
Bklyn Un Gas let cone g 6e.l945
OIncIn Gas A Eleo IstAref 5b 1956
OolumblaQ A E let 58
1927
l8t
55
56
31%
Apr 20
40% Deo
61
53
56
Atlanta
Stampei!
66
80
Aug'20
60
W
W Y State Rye lat cons 4 Hs 1962
?OftlandRy Ist Aref 5B-. 1930
2II4
50
47
45
66
65
J
2II4
27I4
57I2
F
ACo
55
11
10
Oct' 19
121,
D
81%
95
N0VI9
58
N
A O
22
Sale
Morria
High
95
Mar'20
10%
M
21
75
80
58
J
A
68. ..1940
1941
6a
25%
3334
1.
7034
55I4
m N
M N
23%
5973
J
M N
lat58 ...1941 J
f
Jan.
No. Low
72
8
8
m N
MS&P con 68 A
80
95
87
88
76
l.st Ser C 6%3 (Clt.s)
1963
Chile Copper 10-yr conv 78.1923
Coll tr A conv 6s ser A. ..1932 A
Computing-Tab- Rec a f 6s. .1941 J
'28
7034
88%
D
ChloC A Conn Rys e f 5a.-. 1927
Chio Un Stat'D 1st gu 4 J^a A 1963
Pow
Since
^^
Uiglt
71%
J
M
Granby Cone
Stamped
Range
Range or
Ask Low
71
J
MN
28
O
A
M
M
M
1948
1925
1926
1920
coll tr g 48
Alaska Gold
Int
S-yr 7% secured notes.. 41921 J
Certificates of deposit
Oertlfloates of deposit stmp'd
Bk City 1st cons 58. .1916-1941 J
Bk Q Co A 8 con gu g 6a. .1941
1960 J
MUcellanaoui
Adame Ex
Great Falle
Street Railway
•fooklyc Rapid Tran g 53. .1946 A
lit refund oonv gold 4a. ..2002 J
Week't
Last Sale
{Concl.)
A Lt let 6a
1944 F
Utloa Eleo L A P lat g 5a. ..1950 J
Otica Gaa A Eleo ref 68
1957 J
Utah Power
Weatohester Ltd gold 6a
88I4
Price
Friday
Aug. 13
^a.
Aug. 13
ling
[Vol. 111.
Bid
High
72% S5U
61
5II4
53 14 Sale
60
78%
AuglS
Week en
1.
July'20
7412 Oof 19
66 July'20
82 Aug 'IS
Sale
Sale
60
22
78
20
53
69
52''8
8
8512
97I2 July' 19
7034 Nov'19
88^8 Mar'20
SO
Aug' 12
"ei's
"53"U
Jan.
79%
78%
95U
Since
High No. Low
77S4
8418
8712
Sale
90
.1946
«lieellDg 4 L E 1st g 53.. .1926
Wheel Dlv lat gold 5a.. .1928
Bxtcn A Impt gold 6a.. .1930
Befundlng 4 Ha aerlea A .1966
RK Ist consol 48
1949
*ln3ton-Sale!n 8 B lat 48. .1900
sis Cent 50-Fr Ist gen 48.. .1949
tiup
Low
BONOS
N Y STOCK EXCHANGE
Range
S's
La»t Sali
7SU Sale
.1939
.1939 F
.1939 J
1921
1954
1941
1939
1941
ToIAChDlvg 48
1941
«B8l] Terml Ist gu 3 Ha
1945
lat 40-rr guar 4a
1945
;Ve8t Maryland let g 4a
1952
•Seat N Y A Pa lat g 6a... 1937
Gen gold 48
.1943
Vestero Pao Ist ser
A.sk
.1962iM
Debenture aerlas B
iBt Hen equip s (d g os
Igt Men oO-yr g term 4a..
Det 4 Ch Eit lat g 5s
Dea Molnea Dlv 1st g 4a.
Om Dlv lat g 3^8
Week't
Kange or
Price
Friday
Aui. 13
4
Dim May.
f
80
& Telephon •
Am Telep A Tel coll tr 4a
19-29 J
Convertible 48
1936
20-yr convertible 4 Vis
1933
30-yr temp ooll tr 59
1946
7-year convertible 68
1925
Cent DIst Tel let 30-yr 58.. 1943
Commercial Cable let g 48.. 2397
Registered
2397
Cumb T 4 T l9t 4 gen 56... 1937
Keyetone Telpphone 1st 58. . 1936
MIoh State Teleph let 5s
1924
N Y Telep lat A gen a f 4 HS- 1939
30-yr deben 9 I 68
Feb 1949
Pacific Tel 4 Tel l9t5a
1937
South Bell Tel A T Ist 8 f 58. 1941
West Union coll tr cur 58
19.3H
Fund 4 real est g 4^8
1950
Mut Un Tel gu ext 68
1941
Norrhwest Tel gu 4 Hs g 1834
Due June. ADueJaly. *Due.\ug.
M
M
8
9
J
D
F
A
Sale
9534 Sale
77
82%
J
g
y
J
J
64
»
J
79% 81
J
J
88
F
A
N
M
.
J
J
J
.
1
i
i
M N
IN N
J
751'.
95
--74
97
7584'
87%
80
79
July'20
191% Sept 17
J
Due Got pDuaNov.
94
»
Nov 16
Due Deo.
5
3
j
.
73
80%
62% 69
77% 85
72% 8334
92
99%
81% 96
60
I
80%
79
74
I
60
"70"
5
80
13
8
86
75% Sale 7484
86% Sale 86%
80% 8234 79%
80% 80% 80
79
70
73
90
81% July'20
60 Apr '20
68% J.in 18
79% July 20
98 Apr '161.
86
85
27
77
62% juiy20
78%
78% ""i
76%
78% 47
823g
86%
96
72% 81%
84
963«
76% 88%
78% 85lj
70% 86%
70
81%
.
.
>
Option
sale.
"
Aug. 14
1
1
1
BOSTON STOCK EXCHANGE— stock
1920.]
BHAMM PMICMS—NOT PER CENTUM PRICES.
STOCKS
B08T0N STOCK
Salufet
the
Saturday
Monday
Tuesday
Aug. 7
Aug. 9
Aug. 10
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•
d Ex-dlvldend and
26
6
26
28
26
6
26
25
25
25
Mohawk...
New
New
New
Cornelia Copper
Idrla Quicksilver
River Company
Do pref
75
534 Nlplsalng Mines
North Butte
1,464
100 North Lake 50 OJIbway Mining
330
211
70
24;i
10
1,450
60
160 Superior
425 Superior
126 Trinity
4I2
""l'78
6
6
100
..100
6
16
26
26
26
Old Dominion Co
25
Osceola
26
Quincy
St Mary's ^tIno^al Land.. 26
par
Seneca Copper Corp...Bo
10
Shannon
26
South Lake
South Utah
A
M
A 8
6
26
Boston Copper 10
26
500 Tuolumne Copper
300 Utah-Apex Mining
.60
184
6
6
Feb 18
Feb 11
Jan 6
Jan 28
384
1,735
Utah Metal
Aug
4
Lewtit.
Mar
l6
67'4 Jan
87I2 Jan
2
2
132
38l2'Augl3
46 May 28
143 Mar 15
Mar
Mar
7
11
Nov
Nov
3I2
2l8
8
5
Jan a
Jan 2
132
86
118
Deo
62
Dec
85
Dec
28
Jan
40
Oct
130 Sept
108 Dec
132
84
Oct
Feb
9938
68
60
Jan 12
Jan 3
72
70
2312
Feb
365,
80
77
11
July 9
July 21
July 8
Jan 20
70 June 15
38 May 17
48 July 7
73
15
"
3
AugU
1
Feb 24
Feb 10
Apr 30
5
80
74
July 29
71 July 26
5 July 2
_
Il5 June 21
2438 Aug 7
July 28
734
Feb 11
ll3Aug 5
6
I'sJunelS
I2I2 Apr 23
Feb 14
Feb 13
334
2734
Aug 13
Aug 10
1714
62
140
May
2412
Aug
15
13
July 27
3784 July 27
16
Apr 14
1434June 19
42 Aug 9
434 Mar 4
11
Aug 10
913 Apr 30
14
92l3JuIy20
6884
Feb
6
57 June 8
122 Aug 5
31 Aug 10
8268May 8
8«
89
86
Mar 30
Mar 5
Mar 10
Jan
July 7
Apr 1
25i2Marll
Jan 31
87
4534 Jan
55I2 Jan
7I4
2
3
6
15
June 7
8i4June24
lOO^sMar 18
Apr 20
167
83
19
38
Jan 13
Jan 6
Apr 20
35I4
10
127g
338
7
70
5978
2614
86
94
Z71
Apr 17
Apr 23
Apr 14
Jan 3
Jan 6
Mar
Mar
Higtul.
8OI4
Apf
API
97
Jao
146
88i| Jul7
Jao
Jan
60
168
70o
Noy
JaD
Feb
Jan
June
June
11
30
135
00
110
78ij July
Dec
Dec
Dec
Jan
83
40<4 Joiy
9911 Aug
Oct
Dec
Dec
105
82
Oct
Ool
Jan
lis
15
3812 Sept
May
23
100
60
58
Jan
Apr
Jan*
47
Sept
5
Dec
714
56C
Jan
2
95
79
Apr
Dec
Feb
108i|
May
162
No»
78i2
Jan
IB
Dec
1712
7
Mar
2i2
212
6
Nov
AUB
9U Aug
Deo
Not
Jan
84li
2II1
26lj
Dec
Dec
Dec
13Jj
47j
16it
May
e7g
June
Dee
Nov
Maf
14l2May28
Mar 23
412
Jan
Jan 3
283sMay 7
88 Apr 8
157
Feb 20
361 2 Jan 2
26 June 3
3118
Dee
6
Jan
39
Apr
6I2
3612
fiO
27I4
Aug
Deo
Dee
Jan
23I2
Oct
Oct
28
Apr
19
76
Mar
68ij
July
90
138
88«4
38
Nov
May
13
45
Jan 2
8OI2
Feb
Apr
Apr
81r
Nov
34
24
79
172
May 25
5»4
Nov
Feb
11
Jan
99
88
90
6714
-
13812
fan 21
53
Jan 26
3
May
Aug
10
17618 Jan 19
Jan 12
99
16
Jan 2
Jan 3
65
3112 Jan 7
2512 Apr 6
4954 Apr 8
133
Jan 2
Nov
938
Deo
Feb
Oct
Jan
Mar
Jan
Jan
June
71
47IJ
Nov
83
Sept
149
72
96
145
Feb
199
93
14
35
30
Jan
Jan
Feb
July
Mai
34i8Mar30
July 26
90 June 16
60
130
Cot
Sept
36
858
83i4July
63
Jan 89i2 Jan
3638 Jan
Dec
28*8
317,
11
Jan
101'2 Jan
20
24
2478
1.50
Aug
Aug
Aug
Feb
Aug
Aug
4
13
6
13
11
9
6434 July
1
24l3JuIy
1
78
28
39i2Junel8
2378June25
3
49
26
1313
34
20,%
13
33
104
I2I4
17
23
Feb 11
Feb 16
Aug 10
16i2Augl0
Mar
2
May
51
59
5
Feb 6
Feb 25
60
23
400 Aug lo'
56 Aug 2
25c June 9
20 Aug 12
Aug 5
Aug 9
6l2Marl8
2
884
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15ij
32i8
116
5212
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Dec
Jan
Jan
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No»
99i| Deo
16 May
69lj Oot
86 14
D«o
27I4
69:4
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o«t
May
160
7412
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66
May
Apr 13
Jan 2
Feb 11
.„
19 Mar 19
2314 Apr 7
44ij Jan 26
Feb 3
26
79 June 18
66
Jan 21
70
Jan 9
3l'2Jul5 2l
.59
7'-.
»
Ametimenl
paid,
fl
Ei-rlghta.
s
42
4I2
Feb 27
Jan 3
Jan e
Jan 7
44
2518
784
16
Jan
Oct
Jan
May
28
Aug
17
15
37
38
Mar
31
Jan
2058 Nov
2iij July
Oct
Feb
43
26
83
July
July
Jan
Jan
72ij
May
80
July
Jan 6
107s
Apr 27
Jan
Jan
Jan
Jan
Jan
3
318
Aug
7
9
3
II4
2o
July 30
4
5S34 .\ug 13
May 20
16
5
21
79
July lo
Mar
12
Feb 16
SUJuly 19
1384 Aug 6
u Feb 2
lU -Vug 2
21
Aug 10
36 Aug 6
Aug
44
1
37l2Aug 2
12ijMay 24
Aug
1
11
Mar
10
lOeMay
11
10c
4
3
5
.\ug
July 27
Apr
l>t
1
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I'li Aug„7
June 26
9,->c
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I84 .\ug
1
4
4O0 June 15
12
Aug
9
65s
11>4
7ij
72
24
2I2
2
Ei-dlvldwd.
Apr
Dec
£2
10»4
8
2O0
860
Feb
Nov
Jan
Mar
12l4May
12
39
2
484
8
13j
4
2O0
6O0
42
78
24
311
Mar
Mar
Mar
Feb
Feb
May
May
Feb
Mar
Apr
Apr
Jan
Oct
3
Jae
Jan 3
Jan 21
Jan 3
Jan 2
Jan 2
2
2l8
Apr
Apr
Feb
2ij
Jan
Feb
M;ir27.
Jan 5
4913
14»4
Mar
4
2
878
Feb
67»4
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8I4
Jan
Feb
9
250
75c
30I|
46
52
40
13
Apr
400
15
FchiO
Jan
Jan
Jan
Jan
• Half-paJd.
6
8
7
10
Feb
e'tMay
Jan 6
Jan 7
1
23
213 July
91
Mar
25o Jan 10
6
Jan 7
aig Jan 29
2«< Jan 19
13s Jan 10
3
Jan 23
9»4
3>i
3ii
10c
32ii
Apr
Mar
99c
7t.> Jan
8
29 M.'iy 12
90 July 8
I2I2 Jan 3
2II3 Apr 20
80c Jan 27
258 Jan 26
37it Jan 6
Jan 3]
58
Jan 3i
66
68
Jan 6
19
2
.60
62ij
II4
July
July
July
Apr 7
153.1
2i4Aug
278 Aug
484 July
6
26
28
26
Winona
Wolverine
I2
2
40c
6 409
290 Aug
3
1712 Feb 13
10
4018
10,
11
Aug
16lt
5
3.114 Aug 13
4858
6
Jan 3
3
47sM.ir 3
7I4 Aug 13
I4I4 Jan 5
97s Aug 6
16
Jan 3
40c Aug 11
412 Apr 7
SUAUg 2
fiisM ir31
Us July 27
Jan 6
4
60c Mar 26
3, Jan 14
39 Feb 13
5934 July 13
77 Apr 21
82 June 21
27 Aug 10
Jan 3
38
3 Aug 3
5 Mar 24
138 July 10
214 Jan 6
2i3Aug 3
7
4'?s Apr
I4 .1'llv
13
^.
134
77
July 19
3e
1
A Tunnel
Victoria
100
.."iO
rlgbta.
Aug 6
Aug 12
Jan 30
1
140 Utah Consollilato'l
678
•Us
Hi
178
Aug'20
12
1
830 Mayflower-Old Colony
210 Michigan
44
•25
pref..
Keweenaw Copper
205 Lake Copper Co
50 La Salle Copper
Mason Valley Mine
1(
10 Mass Consol
40
"•158
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11?!
.60
I
243 Isle Royale Copper
825 Kerr Lake
184
•4I4
26
26
25
26
Franklin
Do
884
1484
.75
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44
•37
414
3'8
10
10
10 Hancock Consolidated
405 Helvetia
Indiana Mining
405 Island Creek Coal
4
2
3812
381
I3I2 14
14
14
•1
1'2
Vo
•lit
Last Sale 2
July'20
Last Sale .15 July'20
4I4
25
25
20
,651
3
1613
2II3
40
1
205 Daly-West...
4I4
7I2
1013
•114
I84
211-.
"
26
,360 Davis-Daly Copper
,955 East Butte Copper MIn
35
*.50
Hecla
Gold
20 Centennial
976 Copper Range Co
IOI2
July'20
26
26
•82I3 90
*8l2
A
,710 Carson Hill
5
59
143s
25
25
26
26
26
6
10
150l Bingham Mines
Copper.. 10
635 Butte-Balaklava
300
23
I6I4
684
100
100
6
let pref
2d pref
10 Adventure Consolidated..
25 Abmeek
Algomah Mining
293 AUouei
90 Arcadian Consolidated
488, Arizona Commercial
.95
5S84
60
Prnumi
Mining
I81
•3
3I3
478
44
38
Llbby...lO
60 Wlckwlre Spencer Steel
9I2
8I2
.09
.04
296
22
•36
I4I4
1
«
I
1634
•.50
6l2
12
•4
•59
84
.55
lu
478
85
.60
•178
1%'
•3
85s
1434
.75
31s
8I3
.05
Last Sale
•25I4 27I2'
39I3
"l"9"5i
*3l8
3li
31
Last Sale 138 July'20
23.,
3I4
•213
234
*2l2
*2U
3
3
"
8I2
I4I2
4
25I2
4138
24I2
*3is
•.50
238
.20
106
65
Last Sale .75 June'20
52I2 52I2
52
53
Last Sale 78
July'20
2712 27l'> *27
2712
•Uj
A
5
95 Slmms Magneto
no par
12 Stewart Mfg Corp
100
585 Swllt A Co
26
65 Torrlngton
5
40 Union Twist Drill
25
2,091 United Shoe Maoh Corp
25
Do pref..
270
6
1,150 Ventura Consol Oil Fields.
10
1,245 Waldorf System Ino
100
190 Waltham Watch
646 Walworth Manufacturing. 20
100
Bros
10 Warren
3
7I4
8I3
14>2
I's!
14
•9
•8
4
4
2
McNeill
^
34I4
2II2
1534
•214
734
.60
434
•3
.34I3
2I4
9I2
4I4
10
•3
I6I2
*.50
*56l2
.80
58
738
IQis
C213
•312
158
314
I'a
39I2
14
79
60
*
»4
2712
26
S5
*.03
296
22
•10
t'.bl V.
10
15
Ist pref. 100
175
100
339 Massachusetts Oaa Cos
100
Do pref
61
Linotype
Mergenthaler
100
,460 Mexican Inveptment Inc. 10
148 New England Telephone.. 100
no par
45 Ohio Body A Blower
1
550 Orpheum Circuit Inc
PaoUlc Mills
67
100
Plant (Thos O) pref
10
35 Reece Button-Hole
560 Root A V Dervoort CI A no par
Shawmut SS
26
71
'1612 '17I2
734'
3I4
•138
•234
•213
•1
I6I3
'igU
4I2
44
•38
14
158
•..55
238
.50
12
35I2
46
31.,
nu
300
22
45
2
1313
•8
21
391
645
58
Last Sale .25 July'20
20
201
20
22
9
.08
2713
4
28
85
58
2I4
3l8
158
•4
59
*.40
•9
27I2
5
4
59
6
1234
Last Sale 60
Aug'20
Last Sale 66
July'20
•2612 29
*26l2 29
9I4
38
45
•Us
•.25
21
2
21
*3l8
IK.
7713
79
I
.40
»3f>
iU
1'4
.80|
58
•50
53
I
28I3
if.
238
•6
97s
.40
•313
•158
4084
24I2
60
60
64
64
22
.20,
4I2I
1%.
17
21
36
I334I
158
17
4fi
1338
•1
6'i>
17
768
5334
»o par
1,895 Internat Products
Do pref
100
50
780 Island Oil A Trans Corp.. 10
27
23
36
*.15
•4
.58
27
3512
*4
.75
•33
105
65
•25
I5I4
I9I2
11
2I2
158
3I2
434
1913'
2418!
ISI4
I9I2
2134
3
3
24
'2'5"l2
*.03
.70
21'>
278
5'8
•33
2II2
•1412
1534
15I2
291
10
3
•lU
134
238
.20
;^«
31s
•138
33
9I4
*8l4
4
*.50
34
2458'
2078
2
2
.75
*13l2
251'
4018
24I2
58
*.20
4I4
778
4
14
34
23
I6I2
•.40
23I4
11
3513
*158
•1313
•2114
*14l2
21
4018
•27"
295
7812
•33
14
34I2
4034
•60"
2I4
9I3
884
.08
Oorton.Pew Fisheries
50
167 Greenfield Tap A Die
26
1,762 Intemat Cement Corp.no par
•23
24
25
25
165
167
165
165
Last Sale 95
Aug'20
•65
•25
*__
23
7S1
1,165
142
99
1,408
25I4
17
.40i
50
340
24
•2434
NH
LoeWs Theatres
MoElwaIn (W H)
10434 105
*
.40
1.36
,241
,600
60
193s
24ls
60
2
141s
.50
24
37
50
42
60
64
64
29
4
•4
•3
.}!*
4I4
734
97,
.50
778
8I2
I4I2
.75
•.15
1%
*.03
290
23
•.50
I's
•6
•20
.40
8^8
14?8
.75
*Va
.55
.40
58l2
60
'3
8I2
I418
*66'
,240
Last Sale 122" Au"g"26
•31
32I2
33
32
86I2
86
8GI4
86
I5I4
I6I2
538
III2
92I3
7812
•23
Ry A
10
Amer Pneumatic Service.. 26
Do pref..
50
Amer Telep A Teleg
100
Amosfceag Mfg
no par
Do pref
no par
Anglo-Am Comml Corp.oo par
Art Metal Construe Ino
10
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
Blgheart Prod A Refg
10
Boston Mex Pet Trusteesno par
Century Steel of Amer Ino. 10
Connor (John T)
10
East Boston Land
10
Eastern Manufaoturlnz
S
Eastern 88 Lines Ino
25
Do pref
100
Ediaon Electric Ilium
100
Elder Corporation
no par
2,074
165
44
lOU
3978
*24ls
I9I2
17
•314
•138
*234
•213
•27I2
•85l2
•8I4
1438
•.50
I5I2
I9I4
17
*eb'
•78
60
534
12
IO4I2 105
25I2
4OI4
2458
I5I2
17
60
64
64
534
pref
May 25
6
130
72
Am Oil Engineering
675
50
•42
•65
*25
25
.75
54I2
•16
•3
I5I2
1934
40
24
23
•.50
54I3
•7713
•59l2
25I3
29
IOI4
.65
•3
5
•4
25I2
4OI2
24I4
•25
lO's
.55
•3I2
•158
•28
24I4
I514
I9I2
29
25
'•2r4
40
•15
33
65
13
•734
734
8
834
878
884
9
•2
2I4
2
2
•2
•2
3
3
I3I4
I3I2 1334
13
Last Sale 5
AuK'26
29I2 29I2
29
30
18
18
•65
75
•65
75
147
147
150
150
11
IOI2
92I2
60
14
•25
534
10
94
79
93
36
105
525
26
12
35
23
*33
104
65
*25
26
8
*42
10
79
61
122
2
256
5I2
III2
5I3
12
N
27
50
15I2
43
23
36
106
65
15I3
*41l2
•34
15
15I4
1814
*1358
25I2
4038
2458
75
147
AUSY
Bigttil
Feb 17
119
60
80
30
39
134
Miscellaneous
1734
38I4
IOI2
93I2
90
3%
23 14
24
18
43
14
4OI4
•24I4
•1538
1934
5
Eleo pre
100
loo
100
100
100
100
no par
ao par
ao var
100
100
Eleo Btampd.lOO
Do pref
100
Maine Centra]
100
Y
A Hartlord
100
Northern New Hampshire. 100
Norwich A Worcester pref .100
Old Colony
100
Rutland pref
100
Vermont A Massaohuaetts 100
West End Street
60
Do pref
50
1,472
24I2 25
2434 25I4
Last Sale I4I2 July'20
*38l4 39
39
39
25l8
27I4
24
24
I7I3 I7I2
I6I2 18
•13
14
38I4
Do
75
78
75
75
Last Sale 513 July'20
*25
pref
Georgia
23
2434
14
3838
2313
2434
2478
35
23
65
9
2
3
19
•34
•20
*33
104
8
I3I2
•1358
37
2534
29'
6512
3
I5I4
I3I2
*41o
14
65
8
17
29I2
131
35
24
IO6I2
79I2
5
29I2
35
•20
•15
•35
106
65
•25
I4I2
76
834
•I3I2
I6I4
961
79I2
•513
Do
A Wore
ChloJunoR
50 Bost
136"jun"e"20
2
2
15s
Last Sale 7I4
Aug'20
96
9638
9.534
96 14
75I2 751''
75I2 751
8
•119
'32"
32I2
32
31
32
86
85
86
8534 86I2
24I2
*23
24I2
24
24
25
2478 2478 •2434 25
*165
173
168
170
II8I2 122
86I2
965|
A Providence
Boston Subjrban Eleo
27 Boston
140
Dec'19
Aug'20
*1H
2
*7
96
•75
2
*2
38I4
2434
2OI4
•85
•158
8
178
38I4
2434
•1912
•42I2
538
III2
134
3I4
•15
26
•10
52
3
Do pre
5
1,121 Boston A Maine
Do Dref_.
*20
23
Last Sale 75 June'20
39I3 40
40
41
*48l2 50
•48 12 50
40
3I4
10c.
334
Mau(i4 for
Tear 1919.
Lowtil.
Railroads
65 Boston A Albany
261 Boston Elevated
74 *
74
Last Sale 10334 Oct' 19
Last Sale 72
Mar'20
*60
6II2 611
62
3234 335s
33
32.5s
Last Sale 80
July'20
*76
*76
86
86
*75
75
76
...
•20
78
40
*48i2
134
13
5
3OI2
I9I2
"2*2"
50
•734
858
2
3
'8"3'
40
16
25I2
8
9
•25
•13
7812
*
60
19
61
9
133
74
33I4
20
•118U 122
•3II2 33
"&'
34
20"
•138
140
Last Sale
Last Sale
6
6
Last Sale
Mattel Siut* Jan. 1.
Sltarei
125
62
86
125
62
•85
62
86
*138
6II3
*19l2
6
12
'
6II2
85
125
679
Sa« Next Pag*
EXCHANGE
Week.
Friday
Aug. 13
38I4
37I4 3812
Last Sale 41
Aug'20
33
13
IOI2
34I2
6
*
*
86
37
*44
I35I3 ho"
*10c.
125
62
*85
37
34
29
6
*85
*6
9
125
62
6II2
5
3OI2
1134
6158
33
*60
*75
•74
20
30U
•10
•93
•78
•60
125
62
85
35
Thursday
Aug. 12
*81
1318
15
125
334
"e
133
"74'
74
3I2
1334
14612 14612
•124
'124
125
6II2 62
Wednesday
Aug. 11
BONDS
Record
lij
8c
4
1
Apr
Mar
Mar
Mar
Marl
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Dec
Dec
li4May
II4
710
Jan
lU Jan
7it
II4
6O0
Mar
Jan,
Mar
Or Mar
16
18
July
lO'i
May
90o May
480 July
3658
20
62
3'4
1413
21
Dec
July
July
May
Oet
Auf
6»4 July
912 July
7J4
May
2
July
5534 July
8813 July
July
41
6i8
May
2»8 July
7»« July
61] July
Hi Oot
10
July
1314
June
10
83
July
July
2914 July
<.2ii
July
28
87
Nov
Ool
ISifMay
20ig July
1<4
July
4I4 July
62i| July
73
83
75
July
July
July
July
26>i
4>4 July
3>l
June
60c
.<us
III4
June
5%
5ii
Nov
June
2"^. 8epl
3&8
June
12>4
6
4»4
3
SI
July
July
July
July
July
1'V.
X««T
THE CHRONICLE
680
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Aug, 7 to Aug. 13, both inclusive:
Friday
Last Week's Range
Sale.
Price.
Bonds—
US
Lib Loan 3 K'S- 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib Loan 4 '4s.'32-'47
2d Lib Loan 4 J4S.'27-'42
3d Lib Loan 4 'iS-.. 1928
4th LiD Loan 4 !4s •33-"38
1922-28
Victory 4 Ms
AmTel&Telcoll4s 1929
Carson Hill Gold 7s... 1923
Chic June & XJ S Y 53_ 1940
GtXor-C
B& Q43...1921
MassGas4Hs
1929
Miss River Power 5s. .1951
1932
N E Telephone 5s
New
78
77H
1934
1944
Swift i Co 1st 5s
Western Tel & Tel 5s. 1932
River 5s
Range since Jan.
for
1
^yeek.
Low.
Low.
High.
89.74
85.04
84.04
85.14
84.24
88.24
84.64
95.44
753^
102 «
78
93 H
80
73
77 Vi
79
83 K
78
90.74
85.04
84.74
85.50
84.94
88.80
85.44
95.84
75 K
103
78
93H
80
73
79
79
84
78
Friday
Last Week's Range
Par
Price
Amer Wind Glass Mach 100
Arkansas Nat Gas com. 100
High.
S550
600
89 .04 May
3,300
1,500
51,300
49,900
34,850
13,700
3,000
5,400
2,000
1,000
1,000
2.000
17,000
22,000
5.000
1,000
82 .04 May
82.04May
82.14May
81. 60 May
86 .00 May
8 1.74
May
94 .84 May
72 ?4 Apr
100
Feb
July
74
93 Vg July
80
July
69 H Mar
77H Aug
Feb
75
82
77
May
June
100.00
93.04
92.34
93.80
92.98
94.96
92.98
99.30
81
150
American Radiator
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
84 V^
995^
91
H Mar
76
85
80
93 H
84
Jan
Mar
Mav
Jan
Jan
5
5
Preferred
&
Carnegie Lead
Zinc
Guffey-Gllleaple Oil
(*)
(*)
Habishaw El Cable
Harbison- Walker Refr. 100
4M
3H
26
14
H
Indep Brewing com
Preferred
Kay County Gas
50
Preferred
Plttsb Coal preferred -.100
1
Plttsb-Jerome Copper
Pittsburgh Oil & Gaa ... 1 00
100
Plttsb Plate Glass
(*)
Transcontinental Oil
100
Union Natural Gas
100
U S Bteel Corp com
50
West'house Air Brake
com. 50
Wesfh'se El & Mfg
West Penn Rys pref...l00
WestPennTr& WPcom 100
iH
3H
3'A
2534
410
m
26 H
51 '4
51
4^
12%
4
12
87
102
ios'
H
45 H
70
25 ^ June
14H June
Aug
90
93
July
2J4 July
8
Jan
IM
25
M
21
•
No
Feb
29}^ July
Aug
4
Jan
Jan
Jan
Jan
35^
5
ll!4
39
Apr
Feb
17
119
102
54
1514
2
Jan
Apr
Apr
Apr
common
Briscoe,
Bunte Bros.
Case (J I)
34 '4
hhYi
8H
July
July
May
18
Apr
Apr
Jan
18%
4c
11
Jan
Mar
Aug 172
9H Aug 37 H
20 117H June 130
95
84 M Aug 107 H
745 103
Aug 118H
9'/,
myi
87
104
47
Apr
149
Jan
Jan
Jan
Jan
Jan
Jan
i-i
515
455-8
May
70
9
100
65 J^ July
7H Jan
70
70
.S26.000
66 4 July
10
14%
11
1
7
8
Chicago Elev Ry, pref-100
Commonw'th Edison. .100
Continental Motors
10
Cudahy Pack Co, com. 100
Great Lakes D & D
100
Hartman Corporation. . 100
Holland-St Louis Sugar. 10
Llbby, McNeill &
5
101
85
80
15%
14%
12%
10
Llbby. 10
Warrants
Lindsay Light
Mitchell Motor Co
(*)
National Leather
10
Orpheum Circuit, Inc
1
People's G L & Coke. . - 100
Pick (Albert) & Co
(*)
Piggly Wiggly "Class A"._
Pub Serv of
111, com. 100
Quaker Oats Co
100
Preferred-.
100
Reo Motor
10
W, com
10%
55
79
15H Mar
754
Jan
62
77
15% 15%
13% 14%
11% 12%
11
11%
480
260
33
32
240
215
21%
39%
137
36
32H
106
30%
28
614
19%
344
103% 106
28% 31
39% 40%
25% 28
58% 62
16% 20
27% 28%
16
100
15
19
50%
(*)
25
44
Jan
Jan
July
17% Mar
24% Apr
10
Jan
Jan
11% June
%
6
3
101
15
13
1%
May
Feb
Feb
June
8%
Feb
Aug 108
Jan
8% Aug 13% Feb
77
Aug 101
Feb
60
Aug 92
Jan
74
Aug 105
Jan
18% May
23% Apr
11% Aug
11
Aug
May
5
Apr
32
12%
July
July
94
Aug
Aug
9% Aug
July
35
Mar
28% Aug
394 Aug
41
Feb
Jan
25
Jan
22
44
Apr
15%
Jan
50%
32
21
38
32
130
61
35
27
858
682
100
26,710
May
May
Mar
28
52%
Apr
90
Apr
42% Feb
50% Apr
Feb
July
4
1,070
8,321
4
39%
25%
54%
2,520
144
20
33
July
200
270
200
'4
1,340
105
855
300
25
155
725
894
75
44
Jan
Jan
4 Aug 52
Aug 243
Aug
Aug 128
Aug 55
Aug 49
Aug
52%
Apr
74%
Aug 42
3,387
10,781
101
16
52
4%
13%
75
18
25
70%
Mar
58
11
1,545
80
110%
17% Mar
95% Feb
14% Feb
1,080
75
100
28% 30%
100
Jan
Jan
Jan
80%
Aug 43
July
55
66% Aug 79% Feb
94 215
Aug 310
Mar
102
87% Aug 98% Jan
34
50
19
U'ard, Montgomery & Co.
Preferred
100
Western Knitting Mills. ("*)
7
35
1,213
137
65
36
34
48
Aug
Aug
Aug
Aug
Aug
Mar
Aug
300
50
690
33
67
240
90
27;-^
July
15
91
Mar
85
120
7,035
89%
21% 21%
39
39 H
32 V2 32%
130
63
35
90%
350
25
66%
July
40
1.
High.
68
94
70
5
39%
Waldorf, Inc
Co, com
12,576
18%
10%
9%
50
Preferred
250
68
590
330
7
11
25
Wahl Co
Wrlgley Jr., com
Rights
180
709
4,242
325
100
170
1,025
150
635
50
175
446
596
2,085
322
28% 28%
39% 39%
15
"A".('*)
&
81
25
Swift International
Wilson
8%
77
60
74
18
.(*)
Stand Gas & Elec, pref.. 50
Stew Warn Speed, com. 100
Swltt & Co.100
8%
1024
11
N
Republic Truck.
()
Root & Van Dervoort..(*)
Sears-Roebuck, com... 100
5%
5
101
6%
10
Utll. com. 100
Middle West
W
11%
1
(*)
Preferred
Shaw
36
15
pt sh com(*)
Vesta Bat
52% Mar
85
7
(•)
Ch C&Con Ry
16
94%
42%
35
Low.
10
70%
91% 91%
15
91
Range since Jan.
loa
70
102
40
10
Apr
Jan
Jan
Jan
61M
6H
91%
15%
(*)
(*)
(*)
Mar
4
45 H
103%
28
Jan
Apr
Feb
Aug
Aug
15
Aug
50 4 Aug
Aug,
70% Aug
4% Aug
Mar
56
23
40
116
28 "4
100
80
Mar
Mar
29
40
Feb
36% Mar
19
Jan
Jan
May
Apr
Apr
Mar
Jan
23% Jan
Mar
76
98% Jan
814 Apr
44
July
Bonds
Armour* Co 7s
1930
Chic City &Con Rys5s. 1927
96%
96% 96%
37% 37%
Chicago Railways 5s.. 1927
Commonw- Edison 53.1943
Swift & Co 1st sfg 58-1944
62
78
60
78
83
62
78
83 4
6,000
2,000
4,000
3,000
6,000
954
Feb
May
77% May
82%
Aug
96%
July
34
57
42
I
I
June'
June
70
87
Mar
Feb
Jan
92%
par value.
—
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, August 7 to August 13,
both inclusive, compiled from official sales hsts:
Friday
Sales
Last Week's Range
for
SaU.
of Prices.
Week.
Par. Price. Low.
High. Shares
StocksAlliance Insurance
American Gas
American Stores
10
100
no
-par
35
43
1st preferred
50
Elec Storage Battery. .100
116
Warrants
'.
CoofNA
.00
100
50
50
Lehigh Valley
28
9H
12
58
&
50
Minehill &
50
Northern Central
50
Pennsylvania Salt Mfg.. 50
Pennsylvania
50
Philadelphia Co (Pitts) . .50
Pref (cumulative 6%)_50
Phila Electric of Pa
25
Phila ln.sul Wire
no -par
Phila Rapid Transit
50
Philadelphia Traction. . .50
Tono-Belmont Devel
Tonopah Mining
Union Traction
United Gas Impt
9%
57
37 H
40
6C5
05
40
9K
12
58
44 %
38
40
66
65
41
31H 314
214
"i4H
30
21'A
IH
1%
1
24
41
Wm
.30%
22
51H 51%
14H 15 '4
50 H
..1
50
50
Preferred
50
U S Steel Corporation. - 100
Warwick Iron & Steel... 10
West Jers & Sea Shore. _S0
Westmoreland Coal
50
Cramp & Sons
100
York Railways
50
Preferred
50
15
48 H
80
28 4
77
27 Ji
H'A
42%
Ord
S H__
Steel
Low.
60
600
36
45
817
45
100
00
. 1
10
Keystone Telephone
Lake Superior Corp
Lehigh Navigation
Mldvale
36
35
43
43%
90
90 4
37>^ 38 4
113 4 116
Range since Jan.
5
13
tJeneral Asphalt
Preferred
Insurance
H 194
19
Cambria Iron
U
Beaver Board
Booth Fisheries, new
70
102
70
Temtor Prod C&F
Thompson, J R, com
25
Union Carb & Carbon. .10
United Iron Works v t c
Unit Paper Board, com. 100
92
25c
9
1949
Jan
Jan
Apr
XWi June
Bonds
Plttsb Brewing 6s
Aug
44
280
583
710
60
190
40
4,000
1,290
130
100
Jan
June
48 H July
4
May
3,609
1234
84 M
May
^Vs June
^Vi Aug
1,050
195
150
9%
45
47
320
4H
85
7c
117H
Aug
635
4
12
12
July
30
45
20
27
52
30H
149
135
10
36
13
85
7c
12H
107H Aug
1,215
10
l^A
22
47
21
45
30
1.
High.
285
328
165
3!^
3
26H
30M
IH
4H
91
96
3
10
22
46
Low.
6,480
145
26H
14H 14H
96
1
25
Lone Star Gaa
50
frs' Light & Heat
5
Marland Petroleum
1
Ohio Fuel Oil
25
Ohio Fuel Supply
25
Oklahoma Nat Gas
Pittsburgh Brewing com. 50
M
Range since Jan.
High. Shares.
91
100
50
50
Preferred
Low.
Sales
for
Week.
of Prices.
100
Preferred
100
Amer Shlpbldg, pref. -.100
Armour & Co, pref
100
Armour Leather
Preferred
Hupp Motor
107!^ 112
10
10^
38
36
Bamsdall Corp class A.. 25
5
Carbo-Hydrogen com
Friday
Sales
Last Week's Range
for
Sale.
of Prices.
Week.
Par. Price. Low.
High. Shares
Stocks-
.
—
Stocks-
Chicago Stock Exchange.— Record of transactions at
Chicago Stock Exchange Aug. 7 to Aug. 13, both inclusive,
compiled from official sales lists:
Sales
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Aug. 6 to Aug. 13, both inclusive, compiled from official sales lists:
Sale.
[Vol. 111.
J^
40 H
51
14
IH
25 4
41
50
50
84 ^x^ 85 H
84
8'A
36
36
73
73
139% 140
9
9
30
31
31
Apr
37% Feb
23
56 4
46 'i
93
40
Stocks
Jan
Feb
Mar
141
Feb
Feb
Jan
13
25
July
45
77
1.30
Jan
Jan
Jan
Jan
90
35
99
July
June
Feb
Aug
Aug
Aug
27% Aug
8H Aug
9% Aug
1,546
300
500
163
210
5,520
218
185
625
40
57
June
40 4 May
37% Aug
40
65
May
64
10
41
July
July
Feb
193
374
13
Mar
Mar
47% Mar
514 Jan
22
65
50
69%
76
Jan
Jan
Jan
37K
31% Aug
43% Mar
42% Jan
600
29 4
36.4
1,096
110
1.945
504
124
July
July
50
June
4,220
10
May
20% May
55
1% Aug
1,600
25
585
927
5
720
10
40
25
10
50
26
1
3-16 July
23
40
50
July
July
June
84% Aug
8
35
71
100
8%
29
Feb
Jan
June
25%
51% Aug
Jan
Jan
Jan
3 1-16
2% Feb
37
Jan
Jan
57
50
June
108% Jan
8% Jan
40
Feb
75
Jan
28
63
Mar
150
Jan
12
Aug
Jan
Jan
32
Mar
Mar
1st Lib L'n 4 J^s. 1932-47
2d Lib L'n4%s_. 1927-42
3d Lin Loan 4 )<is. . 1928
.
4th Lib L'n 4 }is_ 193.3-38
1922-23
Victory 4%s
Amer Gas & Elec 5s .-2007
Elec & Peop tr ctfs 4s. 1945
do
small
1945
Leh C & Nav cons 4 J^sl954
Lehigh Vail coll 6s
1928
Natl Properties 4-6S-.1946
do
small
1946
Penn RR 10-year 73.-1930
Phila Electric Ist 53.-1966
do
small
1966
Reading gen 4s
1997
United Rys gold tr ctf 4s '49
United Rys Invest .5s. 1926
71
52
96%
80!'
"34"
90.98 $42,200
85.00
1.000
85.00 24,300
88.70 28,950
85.38 41,950
95.76 12,400
71
2,000
52 4 14,500
52% 52 '4
100
83 y^ 83 'A
1,000
96'4 96 "4
2,000
4
44 26,0f)0
600
4H 5
102 >4 1024 19,000
80
80% 1 1 ,000
84
83
1,400
78 4 78%
8,000
34
34
1,000
66
66
1,000
90.86
85.00
84.36
88.36
84.90
95.62
71
52
90,60 May
85.00 Aug
83 .20 May
86 .40 May
82 .30 May
70
May
51%
52%
100.00
91.78
91.90
94.60
92.88
99.34
82 4
July
July
July
65
66
90 '4
94.70M.ay
83
924 June 102%
34 June
44 Aug
100 % Apr
794
82
72
34
65
July
July
Apr
Aug
June
30
30
103
93
93 'i
82 4
49
76
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jvily
Jan
Feb
Apr
Jan
Jan
Sale.
Price.
Low.
3%
l.K
74
1
1
20
7%
77
33
69%
33
66%
Preferred v t r
Northern Central
100
50
Pennsyl Wat & Power. .100
United Ry & Electric... 50
Wash Bait & Annap
50
4
34
43
350
1.50
16,531
7%
4
300
406
220
111
49
.30
95%
77%
Sales
for
33%
10
EL&
August
96
78
70
33
67
78
61
78
114
15
70
95
93
93
96
86
80
78%
70
95
93
93
96
87
80
78
88
98
88
98
30
96
20
100
10
40
114
15
61
13,
both
in-
lists:
High. Shares.
30
Cent Teresa Sugar, pref. 10
Cons<5l Gas,
Pow.lOO
Consolidation Coal
100
Davison Chemical.. no par
Houston on pref tr ctfs. 100
Mt V-Wood Mills V t r.lOO
7 to
Range since Jan.
1.
Week.
of Prices.
50
Celest Ine Oil
4
Low.
High.
June
2% Feb
1.05 June
30
7
4 Aug
95 H
Feb
74% June
32 4 Feb
67 4 May
33
Aug
66
Aug
60
July
74
Feb
Jan
40
4 4 Apr
3.40 Jan
11
103
89
%
Jan
Jan
May
44% Apr
93
70
95
70
%
Jan
Jan
Jan
Jan
84% Mar
11
Feb
13
May
70
95
Mar
95%
Jan
June
June
Jan
95
96
Jan
May
93
15
20%
Jan
Jan
Bonds
Charles Con Ry. G&E53 '99
City & Suburb 1st 5s. . 1922
Cons G, E L & P 5% notes
-6% notes...
Consol Coal conv 6s-.1923
Cosden
& Co
conv
s
87
f
Norfolk St Ry 5s
1944
Pennsylv
& P 53. - - 1940
Public Service Bldg 53
Sav Fla & West 1st 6s-1934
United Ry & Elec4S--1949
Income 43,
1949
Wash Bait & Annap 53 1941
W
88
'61%
.55,000
1,000
1,000
\i
614 61%
44%
44
69
69
Ne'W York "Curb" Market.
2,000
1,000
17,000
1,000
4
92
93
96
83
80
2,000
1,000
1,000
6,000
14,000
10.000
Aug
4
Apr
.fan
98% Apr
4
.\pr
Aug
92%
Aug
Aug
77
Jime
88
98
55
Aug
Aug
May
86 4
88
98
69
42
69
Mar
Aug
48%
76%
—Below we give a record
Jan
Jan
Jan
Jan
Jan
of
the transactions in the outside security market from August 7
It covers the week ending Frito August 13, both inclusive.
dti.y
S Lib Loan 3Hs_1932-47
Par.
Arundel Corporation
Atlantic Petroleum
Jan
Bonds
— Record of transactions at
Friday
Last Week's Range
1.
High.
19% Aug
Baltimore Stock Exchange.
Baltimore Stock Exchange, August
clusive, compiled from official sales
afternoon.
It
should be understood that no such reliability attaches
on the "Curb" as to those on the regularly
organized stock exchanges.
to transactions
On
the
New York
Stock Exchange, for instance, only
in business, and they
that
are permitted to deal only in securities regularly listed
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
members
of the
Exchange can engage
in the official list at the
end
of the
—
day, are authentic.
—
K
Aug. 14
.
—
M
H
.
THE CHEONICLE
1920.]
the "Curb," on the other hand, there are no restrietione
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
The possibility that fictitious transacof he transactions.
tions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
In the circumstances,
particularly as regards mining shares.
the question for any one to vouch for the absolute
it is out of
"Curb"
trustworthiness of this record of
give
what
for
if
Week ending August
it
may
Sale.
Par.
Stocks
Industrial
&
Last
Price
High
Low.
-i
Expletives. r(no par>
IH
I;
Aluminum Mfr8.r(no par)
20%
100
Preferred- r
Amer Cant! yC()Com(no par)
(no par)
Amer Chlcle-r
100
Preferred, r
93
Amer Vitrified Prod com 50
Armour Leather com.r. . 15
5M
63
20 H
80
39 H
63
15?i
931.^
91
24 J^
58
28
Automatic Fuel s.r
Bllsa (E W) Co, com.wl(t)
Bliss (E W) Co. com old. 50
100
BordCB Co com.r
100
Preferred. r..
(no par)
Brier Hill Steel
10
BritLsh-Amer Cliera.r
Brlt-Am Tob Ord bear . r£l
British Empire Steel, com.
7% preferred
10
Buick Carburetor. r
50
Caracas Sui;ar.r
25
Car LtB A Power, r
Cent Teresa Sugar, com. 10
Chicago Nipple. r
Cities Serv Bankers "hs
Cleve Auto Co, new
r(t)
29
95 H
H
82
D:ivies(vVm,)Co.Inc.r.(t)
Dominion Steel. r
EmplreTube&Steel(no par)
Gardner Motors. .(no p
>o
"52""
2H
Grape Ola Prod Corp com
3214
2m
IK
GR&
of
10
113
85
2Jl
26Ji
Indian Packing Corp.r.
Peerless Truck
Perfection T &
Radio Corn nf
Preferred x
&
39 ?4
12
H
10
'
36 M
of
. t
c..(t
Amer.r
?fs Candy r (t'
U S High Sp Steel & Tool(t)
Retail
USLlKht & Heat, com.r.
Willys
80
30 H
2H
29
9
7
IH
12
1%
IVs
2%
IM
4
58
300
750
515
600
5,800
1,600
1,800
7.50
300
300
IK
30
2H
30 K
2H
2H
2%
Aug
Feb
June
18
Feb
90 H
91
AU-.C
24I2
Aug
51
May
28
320
94
80
Aug
Au^
Aug
July
29I2
Aug
5?i
12 ?i
18
41
July
10-/8
July
52
4.'-2
Aug
Aug
Aug
3H
June
Ih
Aug
Aug
Aug
1,800
10,500
60
250
July
94
95 H July
Aug
25
61
June
July
48
390
July
July
July
108
91
33
9H
28 K
June
Jan
Jan
39
5212
llJi
60
July
July
July
July
3H
Apr
Jan
9
UH
Aug
44
Aug
91
Mar
4H
June
25
29
Jan
Jan
20
Aug
1
July
31
50
Aug
Aug
7H
July
20
107
25
40 H
77
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
1
1
14
'2
H
Aug
5H
Aug
Aug
July
10
K Aug
39 « -Aug
8
44 K'
12
30 'i
II4
Aug
Aug
May
Aug
Aug
IH June
IH May
Feb
30
July
May
62
117
220
July
July
12
Aug
Jao
54
170
29
130
165
34
132
100
2)4
Apr
Mar
July
Jan
Mar
Jan
June
June
Jan
July
Jan 2 13-16 July
June
25
Mar 33
Apr
June
8'S
IH
Jan
Aug
3« Aug
28
40
't
6U
60
July
7Vi
40
101
17
20
Mar
Jao
Jan
Jan
Jan
2H Apr
Apr
32
53
35
47
39
Jan
Jan
17
TH
July
Jan
.May
June
Mar
Mar
28
47
5H
Jan
Jan
4H Jan
Apr
54!^
6
Jan
5414 Jan
7
June
3
July
67
Mar
160
Aug 735
Apr
Aug
19
Mar
6"8 Jan
Aug
50
Aug
Jan
Aug 37
Aug
Jan
Aug 32
78
Aug
Jan
Aug 66
.Apr
Aug
Jan
3H
June
10
28 H
37
9
58 .'2
39
'>j
1
Aug
19
Jan
40^
Feb
IH May
2H Aug
July
62
May
3H
4^
Jan
Jan
Jan
June
Jan
Jan
Jan
June
9
27
Jan
4
50
H
IS'A
1,800
80
56
50 H
68
80
59
50 K
76
200
750
80
50
Julv
26
100
85
100
2,400
60
June
51
68
Aug
77
13
July
29 H
48
5
800
100
22,500
26,400
2,750
4,900
Feb
Apr
10
35
60
39
ll'A
68
Aug
100
200
July
6
15
900
500
85
1.400
Jan
July
IH Aug
10
July
69
3,2,50
3,700
12,800
1,200
11%
40
97
July
14K Aug
3H Aug
Mar
20
1
4M Apr
58
100
39,100
500
600
7,300
2,000
2,000
800
G5i4
125
12
May
39 H May
5
18
220
IH
Feb
Aug
4,100
4,500
1,000
2.100
5Ji
U14
May
83
8.50
35
30
37
7
20
80
900
45
H
I'i Jan
1,209
300
37
10
1.
High.
Low.
10
102
f>H
33
36
600
44,000
750
40
3
2'A
3,400
1,700
500
2,300
3,800
1,050
5^
6H
60
14
80
400
2,400
700
17,700
8.500
300
3,000
85
13 >^
1414
m
par)
.
H
214
Fi rst prcf ."ried r
1 00
Second pref erred. r.. 100
Wood Iron <t Steel
1,300
2,600
3',2
14^
1
100
Corp.comr. (no
50;.^
IH
10 H
39 ?i
8
44
12 V2
9
12
10
Id
8 StaimshlD
Warren Bros r
26
12
10
113
102
85
83
2
2^
214
2H
18 ^ 20
25i4 27M
'4
United Profit sharing.. 25i
Prefcrre<l
25
40 '4
77
28 H
37
9
58 K
39
Tobacco Prod Exports. r(t)
Union Caib A- Carbon r (t)
United Motors- r_ (no par)
U
119
119
Timken Det Axel
Un
26
220
10
15
5.50
900
IM
65
"nli
Co
Int«rnat-r
6
38
52 H
5H
Submarlue Boat
90
625
955
600
4.100
300
22
-
35
35
5
123
8wlf(
13M
22 H
47 H
llJi
53
2\i
1
I'A
Schulte Ret'l Stores.com (t)
Singer Mfg.r
.100
Stutz Mot Car -r-- (no par)
Sweets
85 H
30 H
7
20
m
5
Rainier Motor. r.. (DO oar)
Republic Rubber -r (no par)
Root & 'Vandcrv't. com, 100
Roy de FranceTollet Pro
97
12J4
32 H
48
31
32
(t)
200
200
300
500
1,450
3K
Motor. r.
R.r
91
25
60
40
375
6
1%
1
Am.r
93 H
8-4
29 K
48
5
28
82
SVs
83
(t)
Kay County Gas.r
1¥
.500
3M
par)
Libby.McXeiil<tLibby-r 10
Lincoln Mot Co CI A. r.. 50
Locomobile Co. r. . (no par)
Liicey Mfe, ClassA.r
50
Mercer Motors. r. (no par)
N Y Transportation
10
Nor Am I'lilp & Paper. (t>
Packard Mot Car. com.r. 10
145
1.075
107
2>1
100
Ire.r-il
40
64
12
Hydraulic Steel com.r.(ti
Preferred .r
410
800
400
20
1
Heyden Chem r.-(no
52
12
iGuantanamo Sugar. r.-(t)
Hercules Paper.r..(no par)
10 -^
31
50 J.^
6,660
7.800
1,300
93
50
38
52
1
Preferred
20'4
4'/,
119
100
Preferred- r
.100
Picture r (no par)
Goldwyn
Goodyear Tire & Rubb.r..
Preferred- r100
20
41
r)
Gen Asphalt, com.r
S2i4
29 H
12%
22
41
FarrellCWm)&Son,com.r(t)
& Rubb com
320
95'A
6H
(t)
Colombian Emer Synd new
Conley Tin Foil
(t)
Crude Chemical, com.r
2
7
100
Preferred. r
Imp Tob
Range since Jan.
Shares.
6
Armour & Co. Dref.r.-lOO
Atlas Tack Corp.r
(t)
Firestone Tire
Sales
for
Week.
0/ Prices.
Otber Oil
Stocks (.Qmdaded)
Par.
(Wm)
.Ir
com.r. 25
72
13H Aug
Aug
^
Aug
Rilihts.
49
(E W), com.r.
Blisii
50
43
IH
Preferred .r
New Jersey Zlno
I'A
I
IIH
11
19}4
4?i
16Ji
4
19H
1,740
1,000
12
Shell Transport <t Tradlngr
Wrigley (Wni) Jr Co.r
Former Stundard Oil
SulvsldlarlcK
Anglo- Amer Oll.r
f
Galena-sig Oil, com.r. 100
Indiana, Pipe Line.r..
50
Ohio Oll.r.
25
South Penn Oll.r
100
Standard oil (C.-iIlt) r 100
Standard Oil of X Y.r. 100
Vacuum oll.r
100
Other
on
4Ji
Boone
Allen
Oil,
600
10,700
8,600
43
1
17
16»i
Aug
Aug
Aug
Aug
July
4
70
4
20
3)
434
Jidy
July
Apr
June
Aug
Boston-Mexican Pet.r
Arcadia Oll.r
10
Week.
Cent
2H
2
1
20H
260
300
385
19H 20M
42
88
279
260
300
401
350
42
88
273
260
300
343
350
3,000
100
10
70
10
10
720
10
in
May
31
Jan
41
-Aug
05
87
273
260
300
343
350
May
101
Mar
Mar
Aug 388
Aug 3,55
.Aug
Aug
May
355
4S0
448
Jan
Mar
Mar
Mav
Mar
4
4
3
IH
19c
1
'A
1
2U
1
IH
22c
1
.550
6,000
60,000
4,000
8,200
8
Mar
15-16
Jan
May
1
June
3
Apr
Aug
Aug
3
IH
Jan
19c
Aug
.500
M
3H Am
1-16
2-A
7H
Omar
Oil
& Gas
9
26 i4
y«
4
8-16 9-16
3
3H
3-16
15
16
20!i 21
H
16
203-^
34 H
143
20
1
25
.10
rlOO
29
70
5^
Vulcan
Oil
White Oil Corp.r.. (no
Woodburn
Oil
12^
%
H
6
%
4
\^Vi
20 H
30
2714
30
5
4H
IH
5
19
m
lOH
IH
12 'g
i>%
82
9
3ii
82
82
9H
3H
4H „5H
19
18
19 H
19
9H
19
IH
15-16
Aug
July
Aug
June
42 H
Aug
7H
•Aug
90
June
Apr
June
Feb
Feb
IIH
18
20
H June
4 Aug
H Apr
.Inly
May
1
600
200
-Aug
16
Jaa
Jan
Jan
Mar
June
1 t'a June
IH Jan
23 H Jan
IH Jan
*2H Jan
9H
Jan
•50
Jan
Jan
8H
19
Feb
15
Aug
H
13
7 '2
15 H
-Aug
3
Jao
Jan
Jan
June
Jaa
Jan
73
S2
Feb
3K
Mar
9H
H
14 Mar
40 H May
56
Feb
7K Jan
IH July
16
10
Aug
82
9
Feb
Jao
41
29
July
22 H Jan
4 Vi
Jan
Jan
190
H Jan
Jan
8
5H Jao
35
Mar
'4-
July
12.100
H 13H
H 1
H 9-16
Jan
5H -Aug
H May
18 H -Aug
57
.\ug
4H May
IH July
9H Aug
1,000
5.200
1,800
4
3H
(t)
Aug
38
6H Aug
700
18
3»f
16
June
IH Aug
11
May
May
6
Jan
July
77
.Aug
11
Mar
200
Feb
59
Apr
Jan
May
Apr
14
July
2H
s
Jan
Jaa
17
21
May
May
28
'
8
.Aug
2
19
17,200
2H
18
1
Aug
4"
1,600
1
par)
May
128
56.400
3,400
7.500
5..500
'-V
16
39 4
3-i
3-16 May
Aug
15
July
19
Aug
195
.Aug
27
400
V»
3H
-Aug
4
July
15
60 H
Jan
6
25Ji June
2,100
100
1,300
1,770
6,700
3,800
7,700
2.300
1,400
1,500
35,800
100
8,560
11.000
%
4
17 H 19
11-16 4
H IH
'A
%
1
Corp.r..
5H
H
13
5H
6
10
6
r-
.
5H
12K
26
Victoria Oll.r
70
70
7H Feb
H Mar
4% Jan
IH May
500
950
24
2H
1
United Tex Petrol. r
20
29 H
148
10c
28
& R.l
Land.r
Corp.r
6H
2H
IH
7c
6-H
2
19
6H
2%
10
6
11.700
8.400
5,585
6,900
2,900
1,200
ViVi
140
10c
1
m4
'4
llH Mar
Feb
Aug
4?i
25
2
16
10-4
Jan
10
May
200
500
500
4,700
11
10
3
July
3
Jan
July
July
5H May
4 Jan
Jan
IM Aug
39 H Jan
Aug
6H .Aug
H July
4 July
5H Aug
2H Aug
6H Aug
1
May
7-16
Jan
Jan
IH Mar
July
26
2
'
53
35
73
May
11,000
7H
3
Apr
Aug
9
16
68
3
IH
17
Vi
1,200
1,300
50
6
27
26
Vi
700
5,000
7H
IH Apr
15,-500
V4
18
13
1.,'
\y»
6
10
10
13
Aug
Apr
Apr
90
2
35 H
IH
26
Aug
8H Aug
1.000
6,400
3,900
1,300
2.400
8.400
200
200
30
IH
&
Oil &
Tropical Oil
23/r
7H
75 H
900
14
31
25 ?i
Sinclair Oil, pref
10
Skelly Oil Co.r
Transp.r. 10
Southern Oil
Steiner Oil Corp.r. (no par)
Superior Od.r
(no par)
receipts..
Superior Oil C
Texas-Ranger Prod
H
2H
28 H
2
2%
I
Texon
\Vk
'4
Penhandle Pr & Ref ,pf
Pennok Oll.r
10
Plttsb Oil & Gas.r
100
Producers & Ref. r
10
Red Rock Oil & Gas.r
Ryan Cons'd.r.w
Salt Creek Prodaoer8-r..25
5
Sapulpa Refining. r
Settled Prod.r
SImms Petroleum r(no par)
T
3H
7Va.
10
par)
Oil Explor.r(t)
North American Oll.r
Ohio Fuel Oil-r
Oklahoma Nat Gas.r
'4
14
7
H
Manhattan Oll.r. (no
National Oll.r..
6H
1
Oil
50
3
H
10
Merrltt Oil Coro.r
Mexico Oil Corp
Midwest Refg.r.
Mldwest^Texas Oll.r
73
IH
6H
2H
6H
15i
6H
Hercules Petroleum - r
1
Hudson Oll.r
Imperial Oll.r
Indian Refining new
Indian Refining old
Internat Petrol. r
£1
Leetone Petroleum. r
1
Livingston Petroleum. r
Lone St.ar Gas-r
25
Maracalbo
33
71
3
6 '4
Federal Oil.
5
Fet sland Oil
(no par)
Gllllland Oil com.r. (no par)
Gleurock Oll.r
10
Grenada Oil Corp cl A . r. 10
Guffey-Glllespie Oil.r..(t)
Harvey Crude
IH
UH
9
33
IC
5
new.r
2»/,
2H
I '4
y»
I.
Htah.
Late.
600
2.800
14.800
3,600
39.500
14,000
100
500
500
1,000
16,500
4,300
10,200
1.800
7,700
1.000
1,200
10,200
9H
85^
Central Petrol, pref.r
Continental Refining. r. 10
Cosden & Co, com.r
5
Gushing Petr Corp com r.5
Del Tex Pet Corp.r
1
Gum Cove Oil,
76 H
Range since Jan.
Shares.
Low.
Am Petrol Corp.r. (t)
Dominion Oll.r
Duquesne Oil.r
High
75 H
2H Aug
ii
Mining Stocks
Alaska-Brit Col Metals. .1
Alvarado Min & Mill. r. 20
1
America Mines. r
1
Arizona Globe Copper
1
Mlnes.r
Atlanta
Belcher-Dlvlde.r
Belcher Extension
Big Ledge Copper
Co
13M
—
Candalaria Silver. r
3c
3c
7-16
2
2c
lO.SOd
23,000
4,900
11,700
3,100
16,900
6,800
11.900
200
91,350
34.200
500
22.900
22.900
2c
H
7-16
19c
5c
64c
19c
H
H
1
M
23 H
23 H
6Hc
1
7c
7-16
2
62c
Con Arizona Smelt
5
Consol Virginia Silver. r. .5
1
Cortez Silver. r
1
Divide Extension
5
Dolores Esperanza
El Salvador Silver Mln.r.l
Emma
IH
62c
23c
5
15c
4
3H
1
1
Kewanus. r
"iic"
4 He
IHc IHc
1
Knox Divide. r
10c
Louisiana Ci msol
1
MacNamara Mlulu«.r..
Magma
4Hc
H
Jers<!y Zlnc.r
Nlpls.slng Mines
Opblr Silver
Mlmw.r
Prince Cons
1
12HC
H
26
1
76c
185
5H
7Re
183
2
7-16 7-16
5c
6c
1-16 1-16
1-16
1
14
2c
5o
1
Minim;
Simburnt Cons Mlnes.r..!
Sucoenfl
1
1
1
le
7-16
]
1
.5-16
I
Tonopah Mining. r
1
United Eastern Mining..!
U S Continental Mlnes.r.!
10c
Victory Divide. r
(.xiarti.l
IS
IH
2'-^
6Hc
5c
1.
H
Ic
1
l>.ic
3-16
1'4'
!H
IH
2^4
6c
So
I'h
;
7-16
IH
IH
2 9-16
5Hc
6c
12c
H
I
ij
July!
June;
80
May
2V^c Aug|
He July
24
15c
15c
4p
40c
Jan
Jan
Jan
Feb
Jan
Jaa
4K Mar
Feb
7-16
20
Feb
Feb
Feb
Aug
27c
Jaa
12c
Mar
He
July
July
l.-)C
40
.\ug
150
H
4HcMar
74c
183
.Ian
Aug
8H Aug
'«
4
H
May
.Aug
June
Aug
5c
l-ie
Mar
H
June
Apr
IHcJuly
12
2c
J .in
H Auu
5H May
3- in
3r
12c
1
1
JaJi
Jan
Atig
HeJune
Aug
3-16
.\ug
I
5-16 June
1
JtUy
2ii Aug
60 May
4V^cjuly
W
4
Jan
1-1« May
24 '2 Aug
lOo June
1 1
,400
2H
.'Vug
15, .500
1
1
16
Mar
15-16 Jan
15-16 Apr
H
2,200
1,400
4,000
22,800
2,400
3.600
8.910
4.900
17,000
15,700
I
4';
,.300
.200
1.S25
16-16 Jan
2", M-ar
May
lie
4c
3,800
3,990
Jan
Jan
July
15 H
3
400
1
Mar
3H Mar
4
13,100
1,300
600
460
1
.Aug[
June
15-16 Jan
Jan
Jan
Jan
Jan
62o
July
He
Apr
10
July|
5
3-16 .Aug:
U-16 Feb
16,800
l.SOO
2,700
2,600
10.700
2,800
1
40
May
July
»
iH
1
13,700
17.600
8.000
15.000
6,000
9,500
6c
4
1
Mar
200
2Hc
3-16
4c
6c
12c
14c
IH
1-16
Feb
19c
11. ,500
H
3H
1
Tonopah lielraont Dev
Tonopah Divide. r
14'.(
2c
5c
'3-16
Sutherland Divider
14
14
\U
ExU>nslon
.5-16
»«
^4'
I
1
8H
6-16
July
Aug
I
76e
188
S4
SH
1
H
13c
10c
5H
Seneca C'opp Corp (no par)
1
Sliver King Divide. r
Silver Pick Conp'd. r...1
1
Simon Sliver A Lead
So Am CJold & Plat-r...l0
Washington Gold
H
3-16
24
10
Rico Divl le.r
Hex Consolidated Mln...l
Stjindard Silver-Lead
6c
H
..6
100
5
4c
3-16
1
Copper
Miirsh Mining. r..
Motherlode -r
Mvirray Mog M, Ltd
15H
3
3H
5-16 ,5-16
lie
12c
4c
5c
314
10c
Jumbo Extension
4H
15M
7e
91c
42c
Mar
520
11.600
4,700
25,700
5.645
150
1,000
13e
4
July
IH Aug
10, .500
16c
Jan
Jan
June
Jan
May
3-16
5,6.50
9c
-Aug
4HoJuDe
800
4,700
2Hc 5c
He He
<
20
33.000
He
He
June
2
4 May
2,000
K
3-16
1
H
H
'4
H
380
49c
3-16 Mar
15-16 June
Mar
40
1
H
13 ,,500
6
3-16
'
Apr
July
3-lb
3e
58c
17c
300
8c
3
1
Iron Blossom. r.
Jim Butler. r
IH
IH
m
5H
5-16
Hondviras-Araer Synd.r(t)
Howe Sound Co
24c
IH
"V%
Sliver
1
Eureka Croesus MIn.r
1
Eureka Holly. r
1
Forty-nine Mining. r
Gate Explor'n.r..6
Golden
10
Gold field Consol'd r
10c
GoldflPid Devel.r
1
Goldfidd Merger, r
1
Gold Ziine Divide. r
26c
Hecla Mining
60c
22c
2
2H
15 H
May
Ic
3c
62c
17c
64c
,300
H July
H Aug
H June
H July
He 3}4c
He 34e
2
3Hc
1
13
34.rion
1
Carson Hill Gold.r
Cash Boy Consol
mc
IHc
10c
10c
6
1
Booth. r
Boston & Montana Dev..5
-.1
Caledonia Mining
Canada Copper Co Ltd..
13
7-16
St Croix Silver
i
1
of Prices.
I
Boston-Wyoming 011.r..l
Carlb Syndicate new.r
Roper Group Mining
StockK
Class A.r
OM.t
Allied Oll.r
Anna Bell
Sale.
Ptict.
6
Oil
Tonop.'ili
AJax
Sties
for
Atlantic Gulf Oil Corp. 100
Blgheart Prod & Ref
10
New
Wrigley
Week's Range
Elk Basin Petrol. r.
5
Engineers Petrol <3o.r
1
Esmeralda Oil & Ga8.r..l
Miscell.
Acme Coal.r
Aetna
be worth.
Friday
Last Week's Range
13.
transactions, and
681
Friday
On
we
H
6
July
97c
30
320
Jan
Jan
Jan
Jan
.\pr
Jan
RHcMay
7Sc
300
!2H
IH
I
Jan
Apr
Jan
Feb
3-l«l:in
H
July
*\
Jau
Jan
IH
July
12c
19
14c
Jan
Jan
30c Mar
1 9-16 June
8'»
Jan
H
J.<iO
Jan
Apr
Jan
3H Jan
4H Jan
15-16 Jan
3H Jan
4H Jan
lie
Apr
Jan
2s>c
IH Apr
7c
41c
7c
THE CHRONICLE
68^
Friday
West End Consol'd
White Caps Exten
White Caps Mining
Wllbert Mining
Yukon Gold Co
5
1
10c
10c
1%
l%c 1%C
1-16
Range since Jan.
'"95"
9c
4c
7c
3c
1
1%
Bonds
Amer Tel & Tel
6%
67%
93%
92%
r'39
6s. r.. 1922
1924
notes. r
Aflglo-Amer Oil
7Hs ..25
Armour & Co 7%
notes r'30
6s r 1929
CCC*
L Ry
St
66% 68M
93% 94%
92
92%
98% 98%
96% 96%
98J^
96M
86
85
51
61
French Govt 4s. r
French Govt 5s. .r
^
French Govt 5'~r prem.r..
Goodrich (BF) Co 7s. 1925
Kennecott Cop 73-r..l930
73% 73%
93%
91% 93
94% 94%
25
25%
86% 97%
92% 92%
81% 81%
84M 84%
97% 98%
96% 96%
97% 98%
90
"91%
Pan-Amer Petrol & Tr 7s'20
Russian Govt 5 ^s
1921
SlnclalrConOll7%sr... '25 "87%
Southern Ry 6% notes 1922
Swedish Govt 6s June 15 '39 '"§!«
Switzerland Govt 5%s.'29
Texas Co 7% notes-r.l923
Union Tank Car eq 7s_1930
U S Rubb 7M notes. 1930
"97"%
96%
%
52%
64
Wavne Coal6s
70
Western Elec conv 7s.r.'25
70
97% 97%
97%
Low.
Aug
Ic
May
6%cJune
3c
Aug
%
200
S
139,000
160,000
72,000
16,000
130,000
23,000
70,000
120,000
16,000
35,000
6,000
14,000
19,000
665,000
15,000
1,000
8,000
66,000
68,000
180,000
3,000
26,000
Jan
66% Aug
June
June
93
1.
New York City Realty and Surety Companies.
High.
1
5,990
3,500
15,900
8,200
1
5
AlUed Pack conv debOe
All prices dollars per share.
2 7-16 Jan
3c
Jan
20c
Apr
Mar
12c
%
Feb
98%
97%
96%
89
62
77
86
99
Bid
Alliance R'lty
70
Amer Surety- 68
Bond 4
G. 210
Olty Investing
60
Fraferrad..
75
M
Apr
Aug
Jan
Aug
73% Aug
Aug
90
90
May
94%
July
Jan
23
86%
92%
81%
82%
97%
96%
97%
Aug
July
Aug
July
June
70
Aug
Aug
Aug
96%
July
BU
Alt
80
Lawyers Mtge 113
Mtge Bond.. 80
118
72
220
70
85
87
192
120
Nat Surety.. 188
N Y
98%
94%
38
98
96
97
93
4
Mortgage.. 110
West
4
July
July
Apr
Jan
July
Feb
Apr
Jan
Jan
Jan
Aug
99% Apr
Marks
\9%
19
20
21
20
21
18%
Bremen 4s. r
4HS-r
Cologne 4s-r
Dresden 4s-r
20%
21
20% 20%
Dusseldorf 4s r
Frankfort 4s. r
20
18
21% 21%
German Electric 4%s.r
German Govt 3s
Hamburg 48. r.
4>^8-r
Leipzig 4s-r
23
23
15%
14%
19
19
20%
20%
20
20
15%
20%
21%
4%S-r...
20
5s. r
21%
19%
21% 21%
Nuremberg 4s_r
17
18
21
202, 427,000
20
298,500
22
50,000
21
23
20
18
July
Aug
Aug
Aug
20
Aug
20
20% Aug
18
Aug
21% Aug
180,000
20,000
10,000
72,000
5,000
10,000
24,000
115,000
2109000
130,000
240,000
6,000
20,000
22
July
14% Aug
19
19
20
Aug
July
Aug
19% Aug
21% Aug
18
Aug
28
26
28
June
June
July
29% June
29% June
27
28%
31
29%
17
28
June
June
June
July
July
June
27% June
27% July
28% June
30
27
160
Quotations for Sundry Securities
All
bond
prices are
"and Interest" except where marked
"f.'
RR. Equipments— PerCt
Baltlmoie A Ohio 4H9
Anglo-Amtrloan Oil now. £1 •2014 2084 Buff Rooh & Pittsburgh 4>i»
100 1075 11 50
Equipment in
Atlantic Refining
.
100 IO5I2
Equipment 68
Preferred
.
Borne-Scrymser Co
100 42o 460
Canadian Pacific &^-i & 6e..
90
Caro CUnchfleld & Ohio 65..
Buckeye Plpo Line Cc... 50 *86
100 220 230
Central of Georgia ii^t
Chesebrough Mfg
new
100 100 105
Preferred
Chesapeake 4 Ohio
100 113 120
Equipment 58
Continental on
..
28
Chicago 4 Alton 4H>
60 •26
Crescent Pipe L!n« Co
Equipment 5s
Cumberland Pipe Line.. .100 140 145
..
ChIcago4 Eastern III 6XS.
Eureka Pipe Line Co
100 100 IO5
44
Chic Ind 4 Loulsv 4Hf
G.alena-Slgnal Oil com...lOO
40
95
Chlo St Louis 4 N O Sa
..100
90
Preferred old
100 88
92
Chicago 4 N
Preferred new
...
AHi
155
Illinois Pipe Lln«
100 145
Chicago R I 4 Pao 4^i
92
Indiana Pipe Line Co
60 *88
Equipment 68
International Petroleum. £1 *34
36
Colorado & Southern 8».,..
26
Erie 6s
National Transit Co.. .13.60 *25
.....
160
New York Transit Co.-.IOO 150
Equipment lyis
...
98
Hocking Valley «iia
Northern Pipe Line Co. 100 93
...26*275 280
Equipment 58
Ohio Oil Co
44
Illinois Central 5|
Penn-Mei Fuel Co
25 '40
...
Prairia Oil 4 Gas
100 535 550
Equipment 4Hn
Prairie Plpo Line
100 188 194
Kanawha 4 Michigan il4n..
LoulBvUle 4 Nashville 9i...
Solar Refining
100 340 360
Michigan Central Si
Southern Pipe Line Co..l00ill6 121
.
Equipment 6e
South Penn Oil
100 260 270
65
Minn St P 4 8 S
Southwest Pa Pipe Lines. 100 62
«>ii
Standard Oil (California) .100 :r300 305
Equipment 63 & 7s
Standard Oil (Indiana) . .100 3:640 650
Missouri Kansas 4 Tazai 'jB.
Standard Oil (Kan6aB)...100 510 530 ;Ml8sourI Pacific 68
Standard Oil fKentucky) 100 325 350 jMoblle 4 Ohio 6b
Standard on (Hsbraeka). 100 400 440
Equipment 4Hb
Standard OH of New Jer .100 620 635
New York Cent 4^8, 6s, 78 .
105i; N Y Ontario 4 West 4>il...
Preferred
100 105'8
Norfolk 4 Western 4Hi
Standard Oil of New Y'k. 100 385 .390
Standard Oil (Ohio)
Northern Pacific 7s
100 415 440
Preferred
100 IO5
Pacific Fruit Express 7s
80
Swan 4 Flnob
100 65
Pennsylvania RR «>ii.„...
Union Tank Car Co
Equipment 48
100 119 123
Preferred..
95
Reading Co 4^3
90
St Louis Iron Mt 4 Sou 6a..
Vacuum on
100 360 365
33
Washlnstonon
St Louis 4 San Fr&nclBOO 6s.
10 *27
Other on Stocks.
Seaboard Air Lice 63
Imperial Oil...
Equipment 4H8
25 *95 100
Southern Pacific Co 4Hs. 7s
Magnolia Petroleum
100 340 360
.50*143 145
Southern Railway 4Ms
Midwest Refining
Standard Oil Stocks
Pe t Shar e
Par Bid. Ask.
new—
July
July
M
!
I
I
*
Odd
lots,
Exchange
this
w
i Listed as a prospect.
I Listed
on the Stock
t No par value,
week, where additional transactions will be found.
New stock,
When issued, i Ex-dividend, y Ex-rlghts. z Ex-stock dividend
r Unlisted,
* Dollars per 1,000 lire, flat,
k Correction.
CURRENT NOTICES
—The firm of Ludwlg and Crane has been dissolved by mutual consent.
A new partnership has
been formed by Charles B. Ludwig and Thomas H.
Bauchle, Jr., under the name of Ludwig & Bauchle, as dealers in investment securities, with offices at 61 Broadway, New York.
The United States Mortgage «& Trust Co. has*)een appointed Registrar
or the Capital stoclfs of the National Life Preserver Co. and of the Southwest Metals Co. and has also been appointed Transfer Agent of the Capital
stock of the Universal Oil Corp.
The Empire Trust Company has been named as Depository for various
ecurities of the Union Apple Company, Inc. and Blue Mountain Orchards,
Inc., under a Reorganization Committee Agreement, dated July 20 1920The Guaranty Trust Co. of N. Y. has been appointed Transfer Agent
of the Capital stock of the International Combustion Engineering Corp.j
and also as Registrar of the stock of the Liggetts International Ltd., Inc.
The Liberty National Bank of N. Y. has been appointed Registrar of
the Adirondack Power & Light Corp. 7% Cumul. Pref. and Common stocks
—
Ordnance Stocks Per sitare.
75
Aetna Explosives pref
100
Atlas Powder common
100 155
—
—
Inc., Pref.
and
Common
stocks.
— The Metropolitan Trust Co. has been appointed Registrar of the Pref.
and
the
Common stocks and of the Voting Trust
Durango Silver & Copper Co., Inc.
Certificates for such stocks, of
— The Columbia Trust Company has received appointment as Registrar
of 40,000 shares of Pref. and 90,000 shares of
Common stock
of the Service
Finance Corp.
—McKinley
Wall Street to
&
1
Morris announce the removal of their offices from 44
Wall Street.
New York
City
Banks and Trust Companies.
All prices dollars per share.
SoDkc— A^ Y
Bit
Alt
210
270
Industrial*
BM
Bank!
206
AmerExoh... 260
215
AtlLitlc
Battery Park. 190
426
Bowery*
Broadway Ces 145
Bronx Boro*. 105
Bronx Nat
160
Bryant Park* 1*5
Butch 4 Drov 38
Gent Mero
195
Ohaee
398
Phen. 274
Chat 4
Obeisea Exoii* 145
Obemlcal
650
Olty
365
Ooal 4 Iron.. 250
Colonial*
350
4merlCB'
200
166
125
IflO
165
42
205
Commerce
Oomm'I Ex*.
Oommoa-
405
280
160
560
375
Com
175
218
425
220
130
335
120
,
160
Avenue* 900
158
yiret
900
Garfield
230
Qotbam
195
areenwicb*.. 225
Hanover
816
Harrlman
325
Imp 4 Trad.. 510
925
168
New York Co
New York...
iPaclflc *
jPark
Public
1
210
327
140
460
135
465
330
190
470
475
340
Republic*...
625
6.i0
450
190
200
200
Onion Exch.. 180
United States* 173
Wash H*t8*.. 350
lYorkvllIe*... 375
470
200
j
Brooklyn
Coney Island*
i
:
First
Greenpolnt...
915 'Hillside*
236 Homestead*..
210 Mechanics'*..
140
205
185
110
95
(
1
88
BU
Ali
365
368
310
160
300
292
75
:
Fidelity
200
Fulton
265
Guaranty Tr. 338
Hudson
150
375
376
320
Trust Co'i
Ntw
Yort
American
Bankers Trust
Central Union
Columbia
Commercial -.
Empire
Equitable Tr.
Farm L 4 Tr.
Law Tit 4 Tr 135
Lincoln Trust 150
Mercantile Tr 315
Metropolitan. 260
Mutual (West-
298
385
210
275
345
165
143
270
106
126
600
600
310
398
United States 815
625
615
320
406
830
chester)
Life Ins
N Y
4 Trust...
185 N Y Trust...
183 Title Gu 4 Tr
.— U 8 Mtg 4 Tr
....
166
216
120
Montauk*... 100
830
350
520
Banks marked with
Week.
210
405
!
190
Fifth
Fifth
this
200
A$t
215
of
j
Bast River...
change
Nat
i,
Exch*.. 325
Oosmop'tan*. 110
Cuba (Bkol). 184
*
NY
{Seaboard
Second
185 State*
224 Tradesmen's*
'23d Ward*...
wealth*... 210
Continental*.
Irving
204
Liberty
395
Lincoln
325
iManhattan *. 200
Mech 4 Met. 320
Mutual*
490
Nat American 150
;New Neth*.. 180
I
„
Columbia*
!
..
216
206
150
Manufacturers 195
People's
270
505
272
700
205
290
92
110
Nassau
205
North Side*.. 106
BrooUvn
Brooklyn Tr. 490
Hamilton
262
Kings County 660
160
People's
1
State banks,
t Sale at auction or at Stock Exstock, x Ex-dlvidend. y Ex-rights.
Bliss (E
4 Wllooi
100
W) Co common. 60
78
107
50*
Preferred
Canada Fdys 4 Forglngi. 100 100
70
Carbon Steel common
100
1st preferred
100 90
2d preferred
100
60
Colt's Patent Fire Armi
Mfg
36 *44
(laFont (E I) de Nemoun
4 Co common
100 260
78
Debenture stools
100
70
Sastem Steel
100
Empire Steel 4 Iron com. 100 31
Pieferred
70
100
Hercules Powdw com.. .100 205
Preferred
90
100
nnes-Bement-Ponfl com. 100 87
Preferred
...100 90
Phelps-Dodge Corp
100 176
Soovin Manufacturing. ..100 375
Thomas Iron
60 '23
Winchester Co oom_.
100 390
1st preferred
100 90
100
50
tod preferred
Woodward Iron
49
100
Preferred
80
Public Utilities
AmerGas 4 Eleo 00m... 80 *95
Preferred
60 *33i2
Amer Lt 4 Tras 00m
100 112
Equipment 6s
& Ohio Central 4s..
Union Pacific 7s
Toledo
163
80
HO
4l0
70
120
76
lOO
70
Virginian
Ry
6s
Tobacco Stocks
f
Per sbare.
Preferred
100
Amer Machine 4 Fdry 100
Brltlsb-Amer Tobae ora..£l
Flat price,
7.85
8.00
8.75
8.25
8.25
8 25
9.00
9.00
8.87
8.25
8.00
7.50
8.50
8.50
8.62
8.75
8.75
8.40
7.00
7.00
7.00
7.50
7.25
7.20
7.20
7.50
7.S0
7.50
7.25
7.00
6.50
7.50
7.50
7.25
7.60
7.60
7.26
8.40, 726
7.60' 6.50
7.60: 6.50
8.OOI 7.00
7.60' 6.50
7.62 6.75
7.75
.00
7.25 7.00
7.251 7.00
8.65! 7.50
8.75' 7.50
8.25 7.37
8.25 7.37
7.50 6.75
8.00 7.00
7.60 6.75
7.25 6.75
7.00 6.75
7.50 6.50
7.50 6.50
7.50 6.75
8.75 7.60
8.75; 7.60
8.5O, 7.50
8.50 7.50
7.40 6.75
8.00, 7.00
8.00 7.00
8.12 7.12
6.90 6.50
7.37 7.00
Ask.
120
78
83
145 155
*12l2 14
•13
I3I2
*20
25
100 110
100 110
78
83
*70
*34 r3-7-97
99
125 135
BrIt-Am Tobao, baareT..£l
Conley Foil (new)
no par
JobnsoD Tin Foil 4 Met. 100
MasAndrewg 4 Forbes. .100
Preferred
...100
Baynolds (R J) Tobacco. 25
B common stock
25
Preferred
100
Toung (J S) Co
.
100
93
83
Preferred.
100
Short Term Securities fe r Cent
Am Cot on OS 1924.. M4S 3 89 91
1
48
270
81
76
36
73
215
95
90
95
200
410
33
420
94
60
52
90
1
\
I
Amer Tel 4 Tel
B%
notes 1922
7s 1920.
notes 1921
notes 1922
notes 1923
Amer Tobacco
7%
7%
7%
Og 1924. F4A
A40
M4N
M4N
M4N
M4N
d Purchaser also pays acorued dividend,
n Nominal, x Ex-dlvidend. y Ex-rights.
b Basis,
7.8.5i
American Cigar oommoa.lOO 110
,
*
Basis.}
8.75| 7.50
7,85l 7.00
Per SA are.
Pari Bid.
Anaconda CopMln •29.J4J
Anglo-Amer Oil T^ts '25 A40
Arm'r&Co7sJulyl5'30 J&J 15
99
BethSt78july 15'22.J4J 16
34i2
7% notes July 16 '23J4J16
114
Canadian Fac na 1924.M4S 2
85
Federal Sug Rfg 6s 1924M4N
Preferred
82
100
48
Goodrich (BF)Co7s '26 A40
Amer Power 4 Lt 00m. ..100 ^45
68
Preferred
65
Great North 6s 1920. ..M4S
100
8
Amer Public Utilities oomlOO
K C Term Ry 4Hs 1921.J4J
20
Preferred
68 Nov 16 1923. .M4N 16
100
28
Laclede Gas 7s Jan 1929F4A
Carolina Pow4LIght com 100
25
274
Llggett4Myer8Tob68'31J4D
Cities Service Co com. ..100^271
64i2 65
Preferred
Penn Co 4^s 1921. .J4D 15
100
6I2
8
Pub Ser Corp NJ 78 '22.M4S
Colorado Power com
100
90
Reyn (RJ) Tob 68 '22.F4A
Preferred
..100 80
Oom'w'thPowRy 4Lt..lOO 16 18^2 Sloss-Slief S 4 I 68 •29-F4A
3012 Southern Ry 68 1922... M43
Preferred
37
100
Swlft4Co OS 1921... F4A 15
Eleo Bond 4 Share pref.. 100
83
79
10
TeXMS Co 7s 1923
M4S
Federal Light 4 Traction. 100
6
Preferred
45
40
U .S Rubber 712s 1930.. -F&A
100
Otsh fleoCorp08aa.M4S 18
Great West Pow 6s 1946 J4J
74
70
I2I2 West Elec conv 7s 1926. A40
Mississippi RIvPow com. 100
10
Industrial
51
Preferred
..100 48
72I4 73U
and Miscellaneous
First Mtge 5s 1951-.. J4J
American Brass
100
Northern Ohio Eleo Corp. (t)
12
'7
American Chicle com. no par
Preferred
35
100
24
Preferred
100
Worth'n States Pow aom.lOO
29
31
76i2 American Hardware
100
Preferred
75
100
73
Amer Typefounders com. 100
Worth Texas Eleo Co oom 100 70
Preferred
100
Preferred
70
100
66
82
Borden Company com ..100
Pacific Gas 4 Elsolst prof 100
78
Preferred
...100
Puget 8d Pow & Light ..100
13^2 IS'a
Celluloid Company
100
Preferred
57
IOC
53
Havana Tobacco Co
100
Republic Ry * Light
9
100
7
Preferred.
100
Preferred
100
28
33
S3
1st g 58 June 1 1623. .J-D
South Calif Edison oom. .100 80
Intercontlnen Rubb oom. 100
92
95
Preferred
100
International Salt
100
13
Standard Ga8 4 El (Del). 50 *12
1st gold 6s 1951
A-O
Preferred
36
50 *35
Tennessee Ry L 4 P oom .100
h 1 International Sliver pref. 100
Preferred
2
312 Lehigh Valley Coal Sales. 50
...100
Royal Baking Pow com.. 100
19
Onlted Lt & Rysoom
100
17
58
Preferred
lOOi
1st preferred.
100
55
lOOi
2012 Singer Manufacturing
Western Power Corp
15
100
-.£1'
'>r«f»rr«fl.
mo 59 61l2 Singer Mfg Ltd
(•) are
New
..100
Preferred
Baboock
—
and of Weeks-Hand Co.,
160
Bronx
&MG
W
Municipal Bonds
(Dollart per 1,000 Marks)
no
June
99% May
96% Aug
98% July
70
Title
Aft
Bid
Realty Aseoo
(Brooklyn). 105
U 8 Casualty. 150
U 8 Title Guar 90
Title
91%
98% Aug 100% Mar
94% July 96% Aug
82
51
61
A(t
Jan
Jan
Jan
1
German Go«ernment and
Berlin 4s r..
Greater Berlin 4s. r
111.
Saies
for
Week's Rartge
Week.
Sale.
of Prices.
High. Shares.
(Concludea) Par. Price. Low.
Last
Mining
[V(tt..
e
9134 92ll
93U' 94U
9934 100
9934 100
9933 99'4
99I2
99
90
88
98I4' 9334
96
9638
9734' 98I4
97I2
97
9234 93U
I
I
90
90
i
94
92
99U
93
92
96
95
89
97'8' 97^8
9634' 97I4
80
82
96
88
I
9534
85
I
92U
92'4
97I2 9734
9734 98I4
97'8,
82I2'
98
84
97'8 97lS
1S4
18S
40
65
140
43
88
96
84
156
38
60
135
40
84
94
81
1,50
134
1
10
57
4
AS
IOI2
ll'j
60
67
TO
_
_
*.S9
83
130
87
126
•SO
120
S3
122
(l'2lt
New
3IJ
stock.
.
.
. .
.
.
THE CHRONICLE
Aug. 14 1920.]
683
anxl ^ailma^d %nUllxQtntti
RAILROAD GROSS EARNINGS
^nwstm^ut
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Alabama
Week or
Month.
Current
Year.
Vicksb. June
254.739
227,152
3d wk July
Ann Arbor
96,856
91,400
Atch Topeka & S Pe June16321964 13679380
Gulf Colo & SFe. June
1,714,112 1.530.033
Panhandle & S Fe June
506,688
725,611
Atlanta Blrm & Atl. June
467,558 401,058
Atlanta & West Pt. June
240,850 200,229
Atlantic City
June
409,392 394,948
Atlantic Coast Line- June
5,502,056 4,903,597
Atlantic & St LaWT- June
225,783
362,617
Baltimore & Ohio.. June
17584907 15233216
OChTerm.. June
146,700
175.465
Bangor & Aroostook June
497,759 373.399
Beliefonte Central. June
9,510
7.858
Belt Ry of Chicago. June
321,869 319.266
Bessemer & L Erie. . June
1,474,848 1,368,752
Bingham & Garfield June
74.795
157.483
Birmingham South. June
38,648
55.536
Boston & Maine
June
7,600,946 6,120.307
Bklyn E D Terminal June
104,131
79,575
Buff Koch &Pittsb. July
2,017.317 1,276.472
Buffalo & Susq
June
212,136
178,499
Canadian Nat Rys_ 1st wk Aug 2,235,110 1,846,508
B&
,
W
175,247
124,379
526,007
481.039
2,028.650 1.730.100
4.271,777 3,555,594
658,842
483,023
453,457
507,854
261,163
180,090
7,089,677 6.711,914
2.504.936 2,188,104
14767 613 12219535
2.455.465 2.003.521
1.882,800 11,785.432
1,327.997 1.081,446
255,839 310,094
13846253 12883510
12744632 11335680
W
N
& Nashv. June
St L June
Hend &
Maine Central
June
Mineral Range
June
Minneap & St Louis June
Minn St P & S S M. June
Mississippi Central June
_
135.427
153.113
10999228 8.787.315
554,581
2.540.920
547.432
361,855
Colo & Southern
2,344,882
July
Ft
& Den City. June
999,963
Trin & Brazos Va June
125.572
Colo & Wyoming
June
91.806
Copper Range
May
65,129
Cuba Railroad
1,427.950
May
Camaguey & Nuev May
213,684
Delaware & Hudson June
4.118.567
Del Lack & Western June
6,622.859
Denv & Rio Grande Junel
2,339,872
Denver & Salt Lake June
267.059
Detroit & Mackinac June
163.582
Detroit Tol & Iront. June
408.573
Det&Tol Shore L.. May
180.298
Dul & Iron Range.. June
1,630,993
Dul Missabe & Nor. June
3,109.024
Dul Sou Shore & Atl 3d wk July 112,203
Duluth Winn & Pac June
206,633
East St Louis Conn. June
110.630
Elgin Joliet & East. June
2,135,894
El Paso & So West. May
1.021.969
Erie Railroad
June
8.896.433
Chicago & Erie.. June
1.090,732
New Jersey & Y June
104,460
Florida East Coast. June
1,030,725
Fouda Johns & Glov June
119,308
Ft Smith & Western June
125.342
Galveston Wharf
Juile
132.594
Georgia Railroad
525.152
June
Georgia & Florida. . June
108,606
Grand Trunk Syst. . 1st wk Aug 2,576.894
Ch D & C G T Jet June
106.001
Det Gr H & Milw June
331,778
Grd Trunk West. June
1,200.721
Great Northern Syst June
10472912
Green Bay & West. June
95,721
Gulf Mobile & Nor. May
313.012
Gulf& Ship Island.. May
262.390
Hocking Valley
June
1.355.280
Illinois Central
11179188
June
Illinois Terminal
May
85,413
Internat & Grt Nor. June
1,416.116
Kan City Mex & Or June
128,702
K C Mex & O of Tex June
155.370
Kansas City South. June
1,663,741
Texark&FtSm.. June
177.411
Kansas City Term. . June
134. I5r
Kansas Okla & Gulf May
193.042
Lake Terminal
June
115.867
Lohigh & Hud River June
252,871
Lohigh & New Eng. June
351,845
Lehigh Valley
June
5,910,834
Los Ang & Salt Lake June
1,852,180
Louisiana & Arkan. June
298.982
Louisiana Ry &; Nav June
332,644
Louisvillo
Date.
,331,733
1,569 ,702
2,537 579
99.492 ,068
,416,846
12,080, 906
3,992, 826
2,785, 175
1,482, ,698
1.849, 101
856,832
501,288
403,257
335,347
925.885
36.919 ,086
,858.908
.130.206
212,532
1 .473 ,935
99.786, 722
1.014, 188
3.213, 000
759.851
796.655
611.728
44.845
588.073
688,416
583,295
304.739
47 ,983
1,861, 140
5,018, 070
909 .055
291. .709
38,402 ,714 32 ,045.780
440,147
471 ,622
10,790 ,858 7 ,756.569
1.343, .872 1 .006.750
56,803 ,608 51 229,143
10124211
242,383
1,851,802
46,107
1,375,524
4,071.941
74.Sri3
347.162
2,285,648
291,829
248,045
2.195.778
843,422
86,211
95,864
79,051
1,282,646
184,781
2,869.306
6.230.382
2,569,432
304.405
136,489
269.601
154.179
1,287.086
3,209,797
117,250
129.356
94.951
1.462.385
1.053,023
7.531,199
808,418
98,440
734,142
108,330
109.381
77.240
397.202
67,243
1.894.875
164,506
370.078
1.269.024
8.931.273
92.106
251.791
204,974
1,188,960
8,579,160
69.597
1,251,252
80.287
82.126
1.191,071
130,316
108.243
104.063
1,374 ,040 1 435,195
2,713 ,454 2 277,126
12,239 ,723 10 104.559
20,876 ,340 20 ,197,406
2,860 ,559 3 .057.399
3,020 ,173 2 .629,991
1.699 ,616 1 .478.481
38.886 ,264 34 .778.132
13.174 469il2 .081.991
83.918 674168 .485.084
13,642 815111 .510,535
10,971 4011 9 ,812.065
6,984 956; 5 ,604,328
1,500 457 1 .688.745
76.001 059162 550.323
58,977 .889 50 .069,946
781 081
496.282
62.120 995^49 082.858
3.154 ,4631 2 .176,504
14,754 295
640,380
847,296
2,470, 562
2.036, 036
381,004
7,9.33, 544
.367.184
5,900 ,623
.989.915
587,564
865, 253
569,387
451, 866
402.772
354 ,616
671
.172,343
6.558,
1
18.114 ,946
33.162 ,829
16.848 ,888
1,157 ,709
881 ,433
2.241 ,886
705 ,012
3,574 ,599
5,967 ,174
2,775 ,453
1.185 ,212
.9b8a27
.162,323
,098,587
,202,984
719.953
,716,587
735,293
.339,757
,300,020
.399,678
964.484
557,456
607, ,606
7,362 ,843
5,681, 762
45,695 ,796
5,358 ,902
592 ,855
7.249, 706
669 ,052
858, 097
649, 342
3.165. 020
661, ,828
745,782
1,924,021
6,960,377
54,240,435
585,231
1,505,193
1,176.490
6,449,518
65,780.013
361.802
8.261.699
742.328
821,117
8.893.693
962.674
715.433
959.457
80. .383
610,484
212,543 1,187.020
307,659 2,076,171
5,484.901 30,969,441
1.446.690 9,223,090
146.539 2,020,587
279.087 1,965,815
8.4-11,163 58,323.051
239,560
955.641
1,439,469 9.154.931
39.621
318.788
1,160,6.53 7.680.947
3.535,373 20.194,488
76.6SI
4.''>9,R31
.254,004
,233,845
.831.624
.952.461
505.200
,390,728
579,818
703,831
403,623
,954.220
468,555
949,884
1,883,163
6,518,694
47.272,184
573,473
1,020,223
926,658
4.528.293
50.353,827
397.863
6.757,763
545.973
486.545
•7.087.498
670.884
625.578
503.113
540.970
1.184.405
1.591,508
29.325.282
8.386.095
1.015.988
1.682.460
50.459.171
1.433.646
8.156.465
415.660
6.021.753
18.979.823
474,911
ROADS.
Week
lit
week
2d week
oa week
4th week
lit
May (15
May as
May (16
May (16
road.s).
wtick .Juno (12 roads),
week June
week June
4tll week Juno
let week July
2a week July
~^ vinvK. juiy
aa _ week Jul y
2a
Sd
*
roads).
roads).
roads).
We
(16 roads).
(15 roads).
(17 roads).
(13 roads).
(l6ro.ads).
(,1b roaas)
(16 roads)
Current
Year.
8.717.923
12.366.554
12.180.226
17.271.709
10 4.50.316
12.3.!'.),r,i.l,S
11.609.S4H
16.721.323
10.402,544
13.021.426
13.2.30.796
no longer include Mexican roads in
Previous
Year.
7,517,103
11,088.114
10.885,509
15,097.292
8,878.546
10.627.110
9.820,863
12.893.479
9.026.900
10.808.0,89
11. .302. 6.50
+
any^f^ur
totals
1
.928 .116 17.60
Current
Year.
to Latest
Previous
Year.
Current
Year.
Previous
Year.
Date.
$
3,234.369 2,803,978 17.981 946 15.609.924
2.099,309 2,031,913 13,383 ,548 11,371.-309
703.348
Mo & North Arkan. June
907 .3451
112,671
148.715
610,441
Okla & Gulf
June
107,328 1,132 .964!
173,507
Missouri Pacific
June
9.407,646 7,373,212 53,575 ,506 42,039,701
Monongahela
June
275,936 1,638 .6371 1.757,784
288,852
832,668
Monongahela Conn. June
98,485 1,513 ,167,
249.250
559,143
Montour
551 ,272
June
150.066
113,543
Nashv Chatt & St L June
2.004.493 1.460,370 11,795 ,216 9.061.398
142,645
142 708
Nevada-Cal-Oregon 1st wk'July
8.251
7.780
820,259
939 558
Nevada Northern.. June
171,134
145,462
841.164
Newburgh & Sou Sh June
774 ,826
136.368
139.664
New Orl Great Nor. June
205,513
173.107 1,231 718 1.054.885
889.148
O Texas & Mex . June
231,540 144,974 1,194 900
604,314
991 ,463
BeaumSL& W.. June
155,554
80,845
St L Browns &
June
399,413 425,952 3,496 251 2.460.168
New York Central.. June
30216937 26340826 159367 030 141813 609
Ind Harbor Belt. June
708,219 532,420 3,665 .566, 3.001,705
ft
Lake Erie & West June
747,741 4,982 .984! 4.429.792
999,510
Michigan Central Junel
7,006,792 6,395.813 38.384 .004 35.083,567
Cincinnati North. June
245,7.39 1,567 .513 1.409.470
289.766
6.944,253 6.040.7.30 40,152 .510.32.304.999
ClevCC&StL.. JuneS
Pitts & Lake Erie Juneii
1,909.848 2,077,860 12.855 .945 13,558,113
Tol & Ohio Cent. June
846.699 5.132 ,612 3,970,457
1,081,711
Kanawha & Mich June
428.021
429.321 2.268 .486 1.975.871
Y Chic & St Louis June
2.180,442 1,792.578 12.240 .635 11,830,523
N Y H & Hartf June
10485898 8,964,900 ,55.404 ,937 47,535.174
Ont & Western June I
947,793 5.095 ,937 4,610,066
1,160,835
Y Susq & West.. Junel
375,809 309,538 2,017 ,012 1,834.823
Norfolk Southern . _ June
622.606
461.265 3,864 ,602 2,981.226
Norfolk & Western. |June
6.396.562 5.467,401 36,696 ,997!35,358,7«r6
June
Northern Pacific
7.868.443 8,045.787 50.273 ,974 45.570.224
642 ,188
542,550
Minn & Internat. June
86,276
96.498
681.763
612,902 3,361 .254 2,741,499
NorthwesternPacific Junel
Pacific Coast
June
509.026
325,020 3.076,.715 2,406,077
Pennsyl RR & Co.. May
40408 665 40321410 190279 592 183730 589
626,,9311
655,638
Bait Ches & Atl.. June
122.033
138.853
June
Long Island
2,434,762 2,520.876 10,666,.610|ll.409.562
560,026
500,,815
Mary Del & Va._ June
105.232
108,822
607,544 2,878,,911 3,061,404
Y Phila & Norf May
549.590
785,564
921,,502
Tol Peer & West. JuneS
171,588
144,862
970.714
870,298 4,102,.913 3,890.657
Jersey & Seash May
Pitts C C & St L_ June
8,204,964 7,135,402 40,961 .753 35,889.446
586,778
93.887
737,,402
Peoria & Pekin Un. June
107,677
Pere Marquette
June
3,368.062 2,483,381 17.398 ,467 15,638,076
511,192
93,031
554,,673
Perkionien
Junel
81.947
414,699
Phila Beth &
615,,278
128,074
56,558
E.. Junej
33,649.604
Phila & Reading
June
7.093.297 6.989.861 41,281,,911
764,.356
535,973
89.179
Pittsb & Shawmut. June
120.526
488,117
82.007
675,.832
Pitts Shaw & North June
108,627
642,190
908,,912
Pittsb & West Va.. June
193.473
113.031
841,.513 1.259,590
Port Reading
70.072
203.992
June
631,,484
504.022
June
109.653
85.251
Quincy Om & K
814.204 1.216.107 5,540.,288 6.376.312
Rich Fred & Potom. June
485,387
407.932 2.595 .250 2.201.432
Rutland
June
254.068 334.543 1,521 ,146 1,396,789
St Jos & Grand Isl'd June
7,648.942 6.260.189 42,523 ,274, 35.480.667
Louis-San Fran.. June
St
541.182
787 .268'
134.898
117.529
Ft
& Rio Gran May
674 ,507
513.622
139,444
St L S P of Texas May
100.933
2,106,322 1.620,806 5.669 ,073 3,981,930
St Louis Southwest. Junel
728,141
564.170 4.290 ,893 2,925.294
St L S
of Texas June
648 .282
471.397
St Louis Transfer.. June
104,528
73.451
San Ant & Aran Pass June
342,646 325.048 2.134 ,900 1,940,858
538.679
124.886
726 ,694
94.848
San Ant Uvalde &G. June
3.970.125 3.356,089 24.677 ,065 20,449,365
Seaboard Air Line.. Junej
554,526
657 ,63
June
124.487
57,994
South Buffalo
18080938 13955116 89.813 230176,001,925
Southern Pacific
June
359.241
Arizona Eastern. June
314,390 2.004 ,292! 1,875,671
Galv Harris & S A June
1,993,585 1,820.464 11,487 ,498110,112,155
859,084
739,712 5,295 .045 4.103.179
Hous & Tex Cent. June
919,944
253,276
191,841 1,171. 912
Hous E &
Tex. May
Louisiana Western June
446,735 358,383 2.516. 631 1,969.408
661,249 5.089, 137 3,644,659
Morg La & Texas June
1,014.861
728,779 667.453 4.461. 966 3.740.160
Texas & New Orl. June
11777264 9.869.257 72,749. 681 59.052.113
Southern Railway.. June
Ala Great South. June
984.663 871.577 5.179. 696 4,947.457
1.617,742 1.380.962 9.348, 442 8.303,699
Cin O & Tex Pac June
Mobile & Ohio
June
1,370.528 1,159,741 8,756. 786 7,136,696
377.933 308,-457 2.628. 093 2,130,119
Georgia Sou & Fla June
636,155
New Orl & Nor E . June
554.680 3.627,,225 3.095,768
745.,861
558,791
112,436
79.345
NorthernAlabama June
908 376
818,040
South Ry in Miss. June
122,562
126.090
465.129
136,698
94.823
741, 047
Spokane Internat.. June
609,834 4.029, 975 3,378,203
Spok Portl & Seattle June
814.901
210.211 1.038, 608 1,073,279
212.949
Staten Island R T.. June
,s.
(Hi
103, 390
67.533
17,003
Tenn Ala & Georgia July
is'.»,ii,:i
209.193
1,401, 771 1.241.9.59
Tennessee Central.. June
225.072 290.913 1.380. 026 1.171.623
TermRRAssnofStL April
313.566 211,624 1.778, 682 1.299.336
St L Mcr Bridge T Juno
3.111.065 2,984,573 22,483, 5.50 19.329.545
Texas & Pacific
July
943.626
Toledo St L & West. June
599.358 5,068 016 3,452,878
571 396
461,718
121,786
83.245
Ulster «fe Delaware- . June
Union Pacific
June
9,854,262 8.246.299 56.329 591 49,452,256
3.0.52.16S 20.7,->S S4,S 17,055,942
Oregon Short Line June
3,345.839
2.704,259 2.285,108 15.793. 822 12.765.162
Oro-WashRR&N June
1,128,062
669.072 4.440. 956 3.757,636
Union RR (Penn).. June
515,843
June
165,640
86.865
879. 410^
Utah
330,665 269,061 2.103. 8871 1.,53 2. 702
Vicks Shreve & Pac. June
1,372,154 1.136,424 7.225 443 5.109.859
Virginian RR
June
Juno
4,844.527 4.009.782 25,164 109 22.730.851
Wabash
Western Maryland. 1st wk Aug 435.410 277.146 10,3,58. 2,33^ ,805,086
Pacific
Juno
1.403.839 1,135,845 6,081, 6301 5.358.385
Western
213,750
178,942 1,363. 648- 1.302.075
Western Ky of Ala. . Juno
Wheel & Lake Erie. June
1.460.575 1.368,986 7.089. 707; 5.686,277
188,1961 1.273. 302,
926.513
June
193,579
Wichita Falls &
422.138
113,923
70,505
836, 113:
Wichita Valley Co.. Juno
Yazoo & Miss Valley May
2.388.805 1.961.896 11.841, 406 9.297.937
Kan & Tex June
Mo K & T Ry of Tex June
Missouri
Mo
i
N
M
j
N
N
NY
N
i
i
1
•
N
W
N
C.
W
W
W
N
,
NW
Increase or
Decrease.
+ 1.200 .820 13.81
+ 1.278 .440 15.97
+ 1,294 717|11.63
+2,174 417 11.89
+ 1.571 .770!l7.70
+ 1.812 ..5.88J17.22
+ 1.78S .985 18.22
+3.827 .844 29.69
+ 1.375 ,644 15.24
+ 2.213 .33720.49
or
Month
AOGREQATE OF GROSS EABNINQS— Weekly and
^Weekly Summaries.
Jan. 1
Latest Gross Earnings.
Previous
Year.
16480575 13577274 92,057 ,.586 76 722.267
M
Louisv
to Latest
Current
Year.
Previous
Year.
&
Canadian Pacific
June
Can Pac Lines in Me May
Caro Clinch & Ohio. June
Central of Georia . . J une
CentralRRof N J.. Junel
Cent New England. June
Central Vermont
June
Charleston &
Car June
Ches & Ohio Lines. June
Chicago & Alton.. June
Chic Burl & Quincy June
Chicago & East 111. June
Chicago Great West June
Chic Ind & Louisv. . June
Chicago Junction.. June
Chic Milw & St Paul June
Chic & North West. May
Chic Peoria & St L. May
ChicR I & Pacific. June
ChicRI&Gulf.. June
Chic St P
& Om. June
ChicTerreH&SE. June
Cine Ind & Western June
Jan. 1
*Monthlii Summaries.
Mileage.
July
August
September
October
January ..
February .
Previous
Year.
Increase or
Decrease.
,
%
S
Curr.Yr. Prcv.Yr.
S
..226,654 226.934 454.588 513 469 .246.733 —14.658.220 3.1.1
..233.423 233.203 469.868 678 502 .505.334 —32,636,656 6.40
..232.772 232.349 495.123 397 IS5 870.475 + 9.252.922 1.9V
..233.192 233.136 .508.023 Sol 1S9 081.35S + 18.942.496 3.87
..233.032 232.911 436.1.16 5.51 139 029. 9S9
2.593. I3S
,')B
.-233.899 233.814 4.51.991 ,330 440 481.121 + 11,610.209 3.01
232,210 494.706 ,125 392 927.365 + 101778760 25.90
-.232.511
.-231.301 231.017 121. ISO, S76 3 IS 749.787 + 72.431.089 20.77
213.434 212.770 408..5S2. 467 317 090.277 +61.492.190 17.72
..221.725 220.918, 387,6,80, 982 372 S2S.115 + 12. 852. .867 3.45
-213.206 211.0401 ,3,87.330. 4.87 SIS. 701.414 +38,629.073 11.08
—
March
April
Current
Year.
—
N()v«rabi»r
Decembr-
May
Monthly.
684
Net Earnings Monthly to Latest
follo-u-ing
THE CHRONICLE
Dates. — The table
Name Road
shows the gross and net earnings
STEAM
surplus of
ported this w^eek:
railroad
and
industrial
Gross Earnings
Current
Previous
Year.
Year.
Roads.
c
c
and
Avith charges
companies
AX
c
Previous
Year.
c:
Ala& Vicksburg.b
June
254,739
227,152
56,193
7.349
June 30
1.569,702 1.331.733
357.266
94.520
362,617 defl25. 984
Atlan& StLaMrrence-b.June 225.783
50.428
Jan 1 to June 30
1.473.935 2.130.206 def426.590 def391.996
Atlanta & West Pt_b... June
240,850
200.229
19.319
20,829
Jan 1 to June 30
1.482,698 1.335,347
355,322
343,295
BeUefonte Cent RR.b..June
9,510
7,858
defSO
273
Jan 1 to June 30
47,983
44,845
3.712
2.006
Central of Georgia. b... June 2.028.650 1.730.100 def 122, 737
209.805
Jan 1 to June 30
12.239,923 10,104.560 1,142.664
949,723
Central RR of N J. b... June 4.271.777 3,555.595
686,364
738,423
Jan 1 to June 30
20,876,340 20,197,407 def380,079 1,741.152
Chic Burl & Quincy-b..Junel4, 767.613 12,219,535
786,004 1,911,578
Jan 1 to June 30
83,918,674 68.485,084 10,504,352 12.587,244
Chicago Det & Canada Grd
Trunk Junct Ry Co. -June
106,001
164.506 def61,387
72.136
Jan 1 to June 30
745,782
949,884
26,076
357,866
Chicago Great West.b_. June 1,882,800 1,785,433 defll0,828
274,502
Jan 1 to June 30
10,971.401
9,812,065 deflOO.961
694,410
Chic R I & Gulf.b
June
347.162
554..581
140.285
13.400
Jan 1 to June 30
3.154.463 2.176.504
825.506
182,634
Colorado-Southern Co
Ft Worth & Den C.b. June
999,963
843,422
140,345
253,317
Jan 1 to June 30-._'-.. 5,900,623 4,989,915
564,525 1,394.693
Wichita Valley Ry.b. June
113,923
70,505
2,285
14,849
Jan 1 to June 30
836,113
422,138
135,061
37,060
Denv & Rio Grande. b.. June 2,339,872 2,569,433 def457. 183.
448,033
Jan 1 to June 30
16,848,888 14,098,588 3,322,081 2,143.560
Det & Mackinac Ry.b -.June
136.489
163.582
3,849
10,211
Jan 1 to June 30
881,433
719.953 def45,293 defll5,139
Duluth Winn & Pac Ry.June
206,6.33
129,356
21,506
def4.183
Jan 1 to June 30
1,185.212
964,484
140,428
100,854
Det Gr H & Milw Ry.. June
331.778
370.078 defl36,.576
63,124
Jan 1 to June 30
1.924.021
1.883,163 def368,544
236.400
Fonda Johns &Glov.b.. June
119,308
108,330
46,478
47,399
Jan 1 to June 30
669,052
579,818
239,251
209,423
Grand Trunk West. b.. June 1.200,7211 ,269,024 def 190, 508
410,359
Jan 1 to June 30
6,960,377 6,518.694
131,951
1,524,664
Green Bay & West RR.June
95,721
92,106 defl3,647
7,208
Jan 1 to June 30
585,231
573,473
18,797
38,022
IlUnois Central-b
Junell,179,188 8.579.161
122,817 1,232.745
Jan 1 to June 30
65,780,013 50,353,827 6,073,078 4,379,324
Kansas City Term-b.-- June
134,157
108.243
17,732
25,720
Jan 1 to June 30
715,433
625,578 defl3,641
65,050
Louisiana Ry & Nav-b- June
def6,634
332,644
279,087
25,024
Jan 1 to June 30
1,965,815 1,662,460
139,481 def43,584
Mineral Range.b
June
46,107
39,622 def21,143 def20,567
Jan 1 to June 30
318,788
415,660 def67,809 def28,719
Mo Kan & Tex Ry_b--. June 3,234,369 2,803,978 defl65,673
543.373
Jan 1 to June 30
17,981,946 15,609,924 1,926,630 1.580.399
Mo
Ry of Tex- b- June 2,099,309 2,031,913 def689, 497
479,339
Jan 1 to June 30
13,383,548 11,371, 309dfl,359,526
592,164
New York Central
June 6,944,253 6,040,730 def323, 955 1.487,851
Jan 1 to June 30
40,152,510 32,304,999 7,224,677 6,445.874
Jan
1
to
K&T
NY Central RyR Co. --June30, 216,937
Jan
1
to
June 30
159367,030
289,766
CincNor Ry Co.b_--June
Jan
1
to
June 30
Nor Alabama Ry-b
1,567,513
June
112.436
745,861
Jan 1 to June 30
Pennsylvania Co
Beaum S L & West. b. June 155,5.54
Jan 1 to June 30
991,463
Quin Omaha & K C.b.. June
109,653
Jan 1 to June 30
631.484
St L So West of Tex
June
728,141
Jan 1 to June 30
4.290.893
San Ant Uvalde & G.b- June
124,886
.Tan 1 to June 30
726.094
cSeaboard Air Line
June 3,970,125
Jan 1 to June 30
24,677,064
Southern Pacific
June
728,779
Jan 1 to June 30
4,461,966
Union Pacific
June 3,345,839
Jan 1 to June 30
20.758,848
Ore Wash RR & N-b-June 2.704,259
Jan 1 to June 30
15.793,822
Vicks Shreve & Pac Ry-June
330,665
Jan 1 to June 30
2,103,887
Wabash Ry...
.--June 4.844,527
Jan 1 to June 30
25,164.109
Western Maryland. b.- -June 1,405,527
Jan 1 to June 30
8.282,264
Western Ry of Ala- b--- June
213,750
Jan 1 to June 30
1.363.648
Wichita Falls & NW-b- June
193,579
Jan 1 to June 30
1,273,302
_
26,340,826df4,363,039 6.089,832
141813,609 3,088,180 20,945,166
245,739 def32,543
61,235
1,409,470
220,891
312,212
def5,788
79.345
8,091
558,791
158,272
11,211
80,845
38.874 def27,842
604,314
251,261
3,541
85,251 def26,838 d^f29,658
504,022 defl27,502 def47,4S4
564,170 defl56, 354 defUl, 260
2,925,294 Dl, 115, 709 def680,568
94,848
20,826
7,741
538,679 def43,041 def58,454
3, -356, 089 df 1,192, 1,38
609,791
20,449,364 defl55,361 1.940,497
667,453 def78,648
110,218
3.740,160
34,821
254,721
3,052,168
765,771
551,496
17.055,943 6,810,918 4,060,610
2.285,108
374,648
400,369
12,765,152 2,855.158 1,897,141
269.061
58,191
59,610
.539.049
1,532.702
231.339
4,009,782 def775.150
516,480
22.730,85102,115,251
963,058
1,125,802 def423.033
86.636
6.763,162 def471,698 defl22,904
178,942
def9,.590
21.948
1.302,075
276,336
301,414
188,196 def39,845
8,869
926,513 def48,364 def51,063
a Net earnings here given are after the deduction of taxes.
b Net earnings here given are before the deduction of taxes,
c The return of this company was published incorrectly in our issue of
July 31 1920: these are the corrected figures.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name
or
of Road
Company.
Month.
Pow Co
Alabama Power Co-Atlantic Shore Ry
Bangor Ry & Electric
Baton Rouge Elec Co
Blackstone V G & El/Brazilian Trac. L & P
Adirondack El
Bklyn Rap Tran Sys-
June
June
April
Jmie
June
June
June
March
March
March
March
March
South Brooklyn
March
New York Consol- March
Bklyn Qu Co & Sub March
Cape Breton Elec Co- June
oBklynCity RR-..
aBklyn Hts RR..Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric
Cent Miss V E) Prop. June
Chattanooga Rv;& Lt June
Cities Service Co
June
CI eve Painesv
eCoIumbia Gas
& East May
& Elec June
Current
Year.
Previous
Year.
Jan.
1 to
Current
Year.
Latest Date.
Previous
Year.
.$
.$
$
$
177.464 123.891 1.051.433
807.945
335.612 215,972 1.956.254 1.372.919
17.396
10.8.32
54,738
45.487
100.839
84,769
577,319
498,693
37.449
29,498
227.583
172.549
271.326 201.721 1.585.960 1.314,240
10874000 9369,000 61.040,000 53,963,000
849.189
6.924
185.641
767,824
148.329
3.839
4.649
504.046 4.33.424
73,663
52.596
1859.981 1324.840
145.009 120.721
49.174
46.529
39.453
34.523
107.218
82.373
2137.241 1601,017
69,879
54.064
1233.720 11067.919
2.401,385
20.156 (2,147.196
529.209
415.898
12.945
9.695
1.450.105 1.207.888
217.101
169.014
5.085.766 3.728.507
418.154
328.167
285.839
277.413
237.359
199.257
648.517
472,163
12.743.300 10.762.818
287.8.35
243,521
7.500.727 6.108.464
Latest Gross Earnings.
Jan.
1
to Latest
Date.
of
or
re-
Earnings
Current
Year.
[V©!,. 111.
Company.
Month
Columbus (Ga) El Co June
Comw'th P. Ry & Lt
Connecticut Power Co
Consum Pow (Mich) Cumb Co (Me) P;& L
Dayt»n Pow & Lightd Detroit Edison
Duluth-Superior Trac
East St Louis & Sub.
Eastern Texas Elec-.
Edison El of Brockton
;Elec Light & Pow Co
e El Paso Electric Co.
Equitable Coke Co..
Fall River Gas Works
Federal Light & Trac
Fort Worth Pow & Lt
Galv-Hous Elec Co-.
Georgia Lt. P & RysGreat Nor Pow Co
e Great West Pow Sys
Harrisburg Railways.
Havana El Ry. L & P
Haverhill Gas Lt Co.
Honolulu R T & Land
Houghton Co El Co..
Houghton Co Trac Co
June
June
Jvme
June
June
June
June
June
June
June
June
June
June
June
AprU
June
June
April
June
May
May
April
June
April
Jime
June
Hudson & Manhattan March
d Illinois Traction
llnterboro Rap Tran-
June
Kansas Gas
June
& Elec Co
May
Keokuk Electric Co- . June
Key West Electric Co June
Lake Shore Elec Ry.. April
Long Island ElectriC- March
Louisville Railway
April
Lowell Electric Corp. June
Manhattan & Queens March
Manhat Bdge 3c Line March
cMUwElRy&Lt Co. June
Miss River Power Co- June
Nashville Ry;& Light Jtme
Nevada^Oalif El Corp June
New England Power- June
Newp N&H Ry.G& E June
New York Dock Co- June
N Y Long Island-. March
N Y & North Shore. March
N Y & Queens County March
cfe
6N Y Railways
March
March
March
6Eighth Avenue
6Ninth Avenue
Nor Caro Pub Ser Co
Northern Ohio Elec-North Texas Electric.
Ocean Electric (L I) - Pacific Power & Light
Phila & Western
Rap
Jvme
June
June
March
May
June
Co June
Portland Gas & Coke. June
Port(Ore)Ry,L&PCo May
Puget Sd Pow & Lt Co June
Republic Ry & Lt Co June
Ricnmond Lt & RR.. March
St L Rocky Mt & Pac March
Second Avenue
March
Phila
Transit
Southern Cal Edison. June
Electric Co.. June
Tennessee Power
June
hTenn Ry, Lt & P Co Jime
Tampa
Texas Power & Lt Co Jime
Third Avenue System. June
Twi" City Rap Tran. April
Virginia Ry & Power. \lay
Wash Bait & Annap.. May
Youngstown & Omo. May
a The Brooklyn City RR.
Current
Year.
S
130.288
2430,318
117,543
1090,510
249.264
255.315
1607.804
160.639
316.517
134.052
111,006
29.193
.48.482
123.916
71.130
369.621
200.801
325.157
137.629
179.549
466.878
142.745
946.301
35.984
73.523
36.811
24.344
594,846
1602,389
4597,479
248,225
29.526
21,301
273.799
20.199
342.575
94.137
19.294
23.723
1430.843
232,182
307,142
360,412
486,254
253,162
464.030
33,209
67
88,514
614.9151
54.570
9.368J
82.095
954,068
331.492
11.000
204.110
65,856
3177,849
194.623
741,360
735.578
639,557
46,449
416.537
42.017
1314.259
109.836
207,635
536,946
326,.561
Previous
Year.
%
.«
104.852
783,705
1992.372 15,004,378
96,005
717,801
859,710 6,805,894
221,793 1,429,769
200,133 1,790,210
1185,753 10,309,003
159,782
969,693
235,006 1,977,956
110,620
759,393
81,003
676,982
20,295
162,970
123,870
911.466
107.025
457.893
63.243
412.723
316,314 1.552.585
94,480 1.011.872
255,778 1.760.161
114.681
554.880
131.650
951.118
402.693 2.337,185
124.379
563.017
740,304 4.587.376
29,389
219.577
60,770
269.527
31,552
251,661
22,706
161.291
545.728 1.673.827
1341.228 9.988.413
4019,001 22.986.327
179,295 1.671,238
26.548
170.433
18,700
128.621
193.517
995.044
16.430
57.558
339.350 1.319.111
72.367
606,914
20.658
53,643
12.807
62,442
1120,942 8,902.463
192.146 1,282,970
2.56. .521
1,847,681
316,016 1,502,832
297,766 2,760,062
2.59,448 1,283,206
477.525 2,734,855
42.773
94,156
15,353
11.869
233,556
83.155
1, 793,018
1081.850
163,592
54,324
66,510
937,132
746,220 5,659,210
282,415 1,911,217
7,731
28,804
166,572 1,007,920
361.476
64.826
2963,632 18,653,593
176,246 1,233,538
711,453 3,700,267
666,787 4,908,666
474,708 3.965,987
42.648
131.982
282.074 1,193,874
64.017
122.011
954.590 6,094.998
97,926
732,203
1,53,567
426.663
241, ,561
1094,819 1002,976
1017814 882.221
863.441
213.068
51.338
Current
Year.
743,505
214.687
38.933
Previous
Year.
610,516
12,319,674
597.297
5,426,739
1,244,238
1.411.791
7.837,060
933.765
1.5,56,348
650,802
529,381
132.109
750.870
460.677
341.253
1.311,718
607,366
1,469,882
466,254
661,195
2,078,068
517,109
3,576,815
177,246
237,782
219,467
148,911
1,504,915
8,256,098
19,341.036
1,328,184
150,760
112.989
745.184
46.026
1.303.102
484.661
68.864
36.917
7,071.301
1.108,850
1.577,844
1,231.457
1,816,938
1,321,846
2,582,163
117,853
33,310
233,796
2.961,697
770,687
4.312.936
1,558,568
21.584
816.604
343,248
17.174.966
1,047,531
3.544.323
3.012",62i
116.256
968,467
179,074
4.874,110
613.813
1,185,8,30 1.122.280
3,187,676 2,775,425
2,043,163 1.622,601
5,696,666 5,352,534
4.135.038 3,500,724
9.043.079 7,673,497
584,750
783,577
230,768
182,209
Is no longer part of the Brooklyn Rapid Transit
the receiver of the Brooklyn Heights RR. Co. having, with th«
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18. 1919 the Brooklyn City RR. has 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
separately, c Includes Milwaukee Light. Heat & "Traction Co. d Includes
all sources, e Includes constituent or subsidiary companies. / Earnings
given in milreis. g Subsidiary 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 Abmeton & Rockland CMass.).
System
Electric Railway and Other Public Utility Net Earnings.— The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross EarningsCurrent
Previous
Year.
Year.
Companies.
Net Earnings
Current
Year.
& Lt. Co.- June 1.608.774 1.208.145
504.7.85
July 1 to June 30
18.604.321 14.962,920 7,010,936
Barcelona Traction Co.. Junec2, 523,998 cl, 972, 612
c905,811
MarltoJune30
clO,3Sl,553 c7, 748,734 c6,848,5,52
Huntington Gas Co_a.. June
137,264
60,231
61,118
July 1 to June 30
591.357
1,357,186
978.288
Kansas City Ry Co
June
97.583
94,204
36.908
Jan 1 to June 30
198.267
544.091
480.602
SouthwPow & LtCo...June 702,150
223,594
461,508
July 1 to June 30
7,763,864 6,039,527 3,079,146
Previous
Year.
Amer. Pow.
& Electric Co
Subsidiaries
June 2.395,536 1,961,564
828,992
Jan 1 to June 30
29,478,902 25.630,028 10,858,479
440.779
5.5,39.118
C843.364
193.465
24.046
447.599
48,535
215,874
147,733
2,116,288
c4.
Standard Gas
728,492
9,480,961
a Net earnings here given are after deducting taxes,
c
Given
in pesetas.
Gross
Earnings.
Bangor Ry
Co
&
Elec June '20
'19
'20
'19
Chattanooga Ry
June '20
'19
Light Co (Ry Dept
excluded)
12 mos '20
•19
Commonw'th Pow, June '20
•19
Ry Lt System
12 mos '20
'19
Consumers Power June '20
'19
Co (Michigan)
12 mos '20
•19
12
&
&
mos
Net
100.839
84.769
1.173.303
980,653
107,218
82,373
1,211.210
996,226
2,430,318
1,992,372
32.775
32.687
451.958
345.295
a35.924
024.334
a420,021
0361,796
595,699
677.521
9.162.552
8.118.577
232.483
303.640
4.281.925
3,810,120
28,6.55.495
23.904.157
1.090.510
859.710
12.818.248
10,387,411
after
Taxes.
Fixed
Charges.
21,266
20,547
259,470
243,822
21,309
20.943
252.525
252.589
587.301
544.198
6.697.052
6.346.150
176.207
143.003
1,836.807
1,722.244
Balance,
Surplus.
$
11,509
12.140
192,488
101,473
14,615
3,391
167,496
109.207
8.398
133.323
2,465.500
1.772.427
56.276
160.637
2.445.118
2.087.876
-
Aug. 14
THE CHRONICLE
1920.]
Gross
Earnings.
$
•20
'19
Pow & Light Co
mos •20
12
'19
Sub June '20
East St Louis &
'19
Co Sys (excl Alton
Gran & St L 12 mos '20
'19
& E Co)
Trac & Alt
Fort Worth Power June •20
•19
& Light
12 mos '20
•19
Huntington Devel June •20
•19
& Gas Co
12 mos •20
Cumberland Co
316. ,517
•19
July •20
7
Ry &
Co
June
NashviUe
Light
mos
•19
•20
•19
•20
•19
•20
•19
12
Power Co
&
mos
June
Republic Ry;&
& Light Co
12
Tennessee Ry, Lt
Light
June
12
&
mos
June
12
'19
'20
•19
•20
•19
mos 20
& Power Co
Texas Power
Light Co
1,005,501
921.391
Jxme •20
12
Portland Ry, Lt
mos
mos
$
70,975
65,316
1,004,237
893.543
62,373
51.989
814.227
767.474
84.069
45,562
910.050
576.089
61.118
24,046
591,357
447,599
43.172
37.701
348,283
295.290
52,788
60.082
798,553
883.949
249.054273,476
2.814.746
2,724.942
142,845
118,786
1,758,554
1,341,267
178,422
147,927
2.162,705
2,175,685
70,094
63,549
1,311.198
1,064,012
235.006
3.634.759
3.315.017
200,801
94.480
1,802.827
1,275,517
137,264
60,231
1..
357. 186
978.288
143,050
133.471
G
•19
•20
•19
•20
•19
•20
•19
•20
19
after
Taxes.
249,264
221,793
2,954.131
3,004,447
June
Keystone Telephone Co
Net
307,142
256.521
3.494.221
3,132.328
806,733
725,633
8,828.046
8,279.444
639,557
474.708
7,212,941
5,752.758
536.946
426,663
5,999,999
5,660,122
326,561
241,561
3.908,758
3.390.209
Filed
Xharges.
$
54.450
56.030
667.676
767,464
55,159
56,215
658,066
665,248
16,470
12,846
167.157
154.938
16.357
17,225
198,714
193,006
36.672
29,779
251.335
204,723
39,891
39,281
476,965
475,416
188,360
191,125
2.267,652
2,262,643
125,596
114.448
1.420,045
1,321,283
130,014
129,131
1,549.387
1,529.362
.58,141
54,724
662.717
677,214
Balance,
Surplus.
$
16.525
9.2S6
336.561
126.079
7,214
def4,226
156,161
102,226
168,842
132.913
«751,346
1425,436
44.761
6,821
392,643
254,593
6..500
7,922
96,948
90.567
12,897
20.801
321.588
408,553
60,694
82.351
547,094
462,299
a;30.212
132,527
1499,709
1259,932
48,408
18,796
613.318
646.323
112.546
Z9.912
1654.322
1392,915
Income received.
a After deducting certain expenses incurred in railway operation.
X After allowing for other
control.
The putting of all cla.sses of employees on an eight-hour day
basis cannot be viewed otherwise than as a calamity to the railways from
which they cannot recover in years, if ever.
European thinker, viewing the eight-hour day as a general proposition,
says: "One cancer eating away the economic solvency of the world, the
greatest folly of which mankind has been guilty since its beginning, is the
enactment of the statutory eight-hour day in the face of such an economic
crisis.
Products whose prices were formerly determined by competition have become disproportionately costly, because the decrease in output
has killed competition and the cost of production, instead of ••
being diminished by shorter working hours, has been doubled or trebled.
A
Financial Reports.
—An index to annual reports of steam
which
and miscellaneous companies
have been published during the preceding month will be given
on the last Saturday of each month. This index will noi
include reports in the issue of the "Chronicle" in which it is
pubhshed. The latest index will be found in the issue of
July 31. The next will appear in that of August 28.
railroads, street railway
Delaware Lackawanna
& Western RR.
{Report for Fiscal Year ending Dec. 31 1919.)
W. H. Truesdale, N. Y., June 15, wrote in subst.:
from Federal Operation of RR. -The Governmenfs net income
from its operation of your railway during the year was less than in 1918
While the gross earnings inci-eased $3 .083 ,970 the operating
by $4 ,064 .292
President
—
Results
.
.
The Federal and corporate fiscal statements for 1919 were
given last week (p. 585) in comparative form.
COAL DEPARTMENT OPERATIONS— SALES
Coal Sales
,
from equipment hire.
Sub-Matntenance. The expenditures made during Federal control were
not sufficient to renew rails, ties and ballast to the extent necessary fully to
cover wear and tear, nor equal to the quantities used during the test period.
Likewise the company's freight equipment was not kept in the condition
of the test period.
The company will be entitled to some allowances on
these accounts when its transactions with the Government are finally
—
adjusted.
—
Government Accounts. The status of the accounts with the Government
are shown below. A substantial portion of the amount shown to be due
ihe company on Dec. 31 1919 has been paid since that date, and the accounts
to the end of Federal control are in such shape that a final accounting and
adjustment can probably be made at an early date.
Company's Coal Business. The company's coal mining operations were
somewhat reduced as respects tonnage mined (see tonnage table below], due
in part to the mild winter of 1918-1919 and the decreased demand for coal
early in the year.
Later conditions became more normal and for the last
half of the year the anthracite interests generally had a ready market for
During that period this company's output was
all they could produce.
con.siderably reduced, owing to the scarcity of labor, many of its mine
employees being enticed away into other work by higher wages. This situation still continues to some extent and is resulting in reduced output in
the early part of 1920.
Improvements, &c. The company has continued its improvement work
at a number of its collieries, but on a somewhat reduced scale, owing to
scarcity and high cost of labor and materials.
The expenditures on this
account for the year aggregated $1,019,819.
These expenditures will continue during the coming year on a reduced
scale, but will include the construction of a new steel breaker for the Uellevtie
and Dodge; the completion of an important addition to the Nanticoke
electric power plant and a transmission line connecting that plant with the
Hampton power plant in Scranton, enaoling the mining department to
use the power from these plants interchangeably and thus protect its operations in event either power plant is crippled through accident.
The expenditures for adcfitions and betterments to our transporation
facilities during the year aggregated $869,556.
Rolling Stock, &c.
The charge for replacement of equipment (amounting
to $2,325,827, of which $2,154,092 was charged against opiu-ating expenses)
covers chiefly improviincnts to old rollint; stock which the Diiiclor-General
with our consent cliargod against the compensation due tlio company.
This statement does not include an agreement with the Director-General,
covering 800 all-steel hopper cars of 50 tons capacity and 800 steel underframe box cars of 40 tons capacity, at a cost of about $4,800,000. It has
been agreed by the Director-General that the amounts due the company
on account of equipment retired and the reserve for accrued depreciation
Itogother aggregaiing $4,832,813. shall bo applied toward the cost of
this equipment.
The railways worn returned to their o'wners with their physical condition
more or less Impaired and with their equipment scattered far and wide over
the Country. Without question, the railways %Vill be seriously crippled
until their properties can l)o restored to something like their normal con-
—
—
—
.
I^bor Disorganization.
— The most serious Injury which the railways hare
on their
suffered, however, is the disorganizing effect
resulted from the policy established in dealing
employees which has
with the latter during Federal
-1919.
—
Tons.
98,963
777,929
8.404.005
Atmines
Company's supply
D., L.
& W.
Coal Co
Total sales
Coal land rents
Earnings.
8.537. 973
2,675.635
41,002,836
AND
EARNINGS.
-1918.Tons.
Earnings.
121.992
$518,326
1,071,850
2,533,108
9,656,892 36.6.58.851
-$9,280,897 S44,216,444$10,850,734 $39,710,285
..
109,044
114,681
Total sales & earnings
Coal on hand Dec. 31
Total.
$9,280,897 $44,325,488510,850,734 $39,824,966
31,966
43,267
27,130
34,800
—
$44,368,755
Cost and Expenses
Cost of coal mined, washed
and purchased
9.285,733
Local handling & gen. exp-.
Deprec. struc. & facilities.
Taxes
Value in ground of coal produced from co's. fee lands
Workmen's comp. reserve..
—
Total cost and expenses
$39,859,766
33,209.029 10,848,301
671.866
2,147,179
30,179,558
413,705
1,123.650
1.993,663
1,956,616
2,125.631
372.076
355,725
987, .507
9,285,733 $39,344,273 10.848.301 $36,191,9.33
4,989,682
3,626,710
27,130
34.801
29,563
41,123
Profit
Coal on hand Jan.
1
Total.
$44,368,755
$39,859,767
DEFERRED AND UNADJUSTED ACCOUNTS WITH U. S. GOVT—
CONSOLIDATED IN THE GENERAL BALANCE SHEET
BELOW AND SHOWN AS "OTHER DEFERRED
ASSETS" AND "OTHER DEFERRED
— United
LIABILITIES."
—
Government Obligations to Company
Cash account Dec. 31 1917
Agents' and conductors' balances, Dec. 31 1917
Revenue prior to Jan. 1 1918
Materials and supplies, Dec. 31 1917
Assets, Dec. 31 1917 collected
Road property retired and not replaced
Director-General of RR. Equipment retired 1918 and 1919
Reserve for accrued depreciation 1918 and 1919
Certified compensation for 1918 and 1919..
States
$4,014,029
1,072,292
464.316
4,915,917
5,599,842
18,509
317,756
4,515.057
31,498,953
—
Total
,
.$52,416,673
Obligations of Company to United States Government
Additions and betterments during 1918 and 1919
$4,934,700
Expenses prior to Jan. 1 1918
1,126, .562
Company's liabilities, Dec. 31 1917 paid
14.002,064
Balance.due on corporate transactions
4,950,823
Director-General of RR. advances on account of compensation,
1918 and 1919
14,873,097
Liabilities
—
—
—
Total
$39,887,247
Balance due Dec. 31 1919
..$12,529,426
GENERAL BALANCE SHEET—DECEMBER
,
expenses increased $6,139,566. Tax accruals increased $508,217 and income from hire of equipment decreased $509,279.
The increase in operating expenses was due chiefly to important increases
in wages paid to all classes of employees, which the Federal Administration
was compelled to make to meet living and wage conditions growing out of
the war. For years 1917 and 1919 the difference in the total pay-rolls
was $12,436,948, or 55.5%.
It is interesting to note that the number of tons of freight moved one
mile in 1919 was less than in 1917 by 776.265.297 ton miles, or 13.4%; on
the other hand the number of passengers carried one mile in 1 91 9 increased
58,074,860 passenger miles, or 107o.
The wage cost per unit of traffic handled during the year 1919 thus shows
a very considerable increase over pre-war years.
"The balance of the decrease in net income from the Government's operation of the railroad is due to the Increase in taxes and the decrease in income
dition
.
.
Assets
FINANCIAL REPORTS.
685
1919.
S
Invest,
1918.
S
road
in
& equipment-. 76,771,151
Improvem'ta on
76,498.741
leased ry. prop. 12,595,846
MIscel. physical
12,004,103
property
Invest. In
4,217.593
4,212,953
affll.
companies:
Stocks
10,207,046
2,164,743
1,576,482
2,273,783
Bonds
Notes
Advances
Other Invest:
10,433,601
2,174,067
1,551.483
2,140,382
553.624
579.424
Bonds
21.473,679
1,121
Notes
7,065.666
Advances
Cash
1,917,302
Loans & bills rec.
3.569
18.220.180
Stocks
Miscel.accts.rec.
Materials & sup.
Work, fund adv.
5,429,477
1,470,297
7,746
Other det. assets
52,416,673
(see above)
Prepaid rent &
103.042
Ins. premiums.
136,156
Oth.unad. debits
—
1,121
7.070,139
3,167.959
3.589
5,588,729
2,285,483
20,061
—
31.
1919.
LtaMlUies
S
stock. 42.277.000
Prem.on cp. stk.
70.720
Fd. debt unmat.
320.000
Loans&bUlspav.
24.000
Traffic &c., bal110
Accts. & wa?e3
payable
1.891.340
Miscel. accts...
419.908
Interest matured
3.302
Diva, matured.
24,525
Unmat. dlvs... 2,111,027
Unm .rents acc'd
913.513
Oth. cur. llab-105.843
Deferrcd llablll.
(see above).-. 39.887,247
Tax liability2,772.657
In3.& casual.rea.
857.999
Acer, deprecla.. 18.490.701
Oth. unartj.cred. 1.183.615
Add. to property
tliru Inc & sur. 24.429.612
Profit & loss... 64.875,729
Common
1918.
S
42.277.000
70.720
320.000
24.000
4.832
4.968.161
972.197
3.353
23.286
2.111.020
1,782.277
105.843
25.295,913
2,182.968
698.063
16.412.463
637,562
23,560.056
57,247.984
32.207,975
151,995
111,710
Sec. Issued or as-
sumed unpl
273,850
274,000
200.658,849 178,697,698
Total
-V. 111. p. 585.
Total
200,658,849 178,697.698
& Pennsylvania Railway
Annual Report Year ended Dec. 31 1919.)
Pres. John P. Green, Phila., Pa., .\pril 5, wrote in subst.;
Western New York
—
(26th
—
The operation of your road during the year was entirely under
Results.
Federal control, and the compensation due your Co. under the contract
made with the Government by The Pennsylvania RR. Co. for the roads
in its system oast of Pittsburgh. $1,156,106. was duly paid by that Co.
Other income, mainly from miscellaneous rents, increased tlie aggregate
to $1,271,542.
Vour fixed charges amounted to $899,500, and after adding (he interest
on your unfunded debt, representing advances made for construction and
other puraoses, rentals for leased property and corporate and other miscellaneous expenses, there was a total of $2,382,202. the result being a
deficit of $1 .110.661 which was carried to the debit of your l^rofit and Ixvss
Account, which stood at the close of the ye^ir at $21,187,085. After oretliting to tliat amount the additions to the property made through income. In
accordance with the instructions of the Interstate Commerce (^ouunission.
there is a net debit balance to I'rofit and Loss Account of $13,821,900.
The increase in Investment in Road and Equipment during
Additions.
the year amounted to $2,316,426. notably (o) For running track, second
track, change of grade. Sec. $219,419; engine house .ind shop facilities at
.
—
four points. .'J980.<28; for improvement of road, ballast, rails, tics, bridges.
&c., $141,241; equipment (net). $540,524. &c.
It will bo noted tliat the largest outlay on road was made In providing
additional enginohouso and yard and track facilities In counoctfon therewith. Another important expenditure was upon the second track and change
of grades embracing the revision at controlling points on your main freight
and passenger linos from Otl ("^ity and Kmporitnn Jiniction to Uuffalo.
Incroiised sliop facilities wore also brovldixl. and the work of strengt honing
your bridges further prosecutotl. The elimination of the grade crossings at
Mineral Springs Road and tho Hamburg ttirnplko. IJuff.-Uo. w.ij nocossarlly
deiayed, but will probably be complototl this year.
M
THE CHRONICLE
686
—
Adrances bii Pcnn. RR. The necessary funds for your capital expenditures
were furnished by The Pennsylvania RR. Co. your lessee, and the advances
therefor appear on your balance sheet together with the interest due on
former advances made for similar purposes.
,
FEDERAL OPERATING ACCOUNT FOR YEARS
PARED WITH CORPORATE ACCOUNT IN
1919
1917
1918.
1919.
Freight revenue
Passenger revenue
Mail, express, &c
1917.
1916.
Total revenue
$17,815,353 $17,526,248 $14,710,397 $13,682,411
Maint. of way & struct
3.134,942
3,535,2
2,253,723
1,851,104
Maint. of equipment. .
5,872,624
5,982.146
3.840,202
3,179,4«5
.
163,425
8,473,364
461,640
Traffic
Transportation
:Miscellaneous
149,224
8,812,406
396,444
D. $800,499 D.$839,392
Net
Tax accruals-
378,932
316,584
Ry. oper. sur. or def. .D$l .179 ,431
D$l ,155,976
160,829
7,121,664
348,783
144,956
5.356,418
299,379
S.$985,198S.$2,851,090
283,508
267,412
S.$701 ,688 S$2.583,677
INCOME STATEMENT FOR CALENDAR YEARS.
1919.
Operating income
Federal compensation. a
Misc. rent income
1918.
&
$1,156,106
113,829
accounts.
1,606
$1,156,106
40,518
Gross income
Miscellaneous rents.
Miscellaneous tax accruals.
Interest on funded debt
Interest on unfunded debt.
Miscellaneous
$1,271,542
$311,919
3,443
899.500
1,130,515
36,826
$1,198,227
$214,4^4
3.752
899,500
989,743
23,726
Inc.
from unfunded
Def
sec.
1917.
def. $66, 579
.. _ _
$37,473
462
1.603
$28, 645
$224,176
f.
899",500
838,953
8,405
to prof it and loss
$1,110,661
$932,988 $1,999,679
a Compensation accrued under contract between the Government and
the Pennsylvania RR. Co., Eastern lines, under Federal control.
.
BALANCE SHEET DECEMBER
31.
1918.
Liabilities
1919.
1918.
equip- -876,028,136 $73,711,710 Capital stock. ..$19,972, 756 $19,972,756
Funded debt... 29,595,000 29,595,000
Securities of affili37,506 Misc. accts. pay 38,054,242 34,575,020
ated cos
37.506
Misc. phys.prop
39,853
37,804 Mortgages
6,092
Current .assets.. 1,383,242
1,179,155 Deferred Ilab
14,874
18,304
Miscellaneous ..
7,111
5,835 Matured interest
314,670
385,140
Profit and loss -a 13,821,900
12,711,511 Funded debt mat
529,928
523,836
Unmat'u interest
100,000
100,000
Unadj. credits.. 2,736,278
2,507,373
—
Road
—
1919.
Assets
&
Total
Total
$91,317,747 $87,683,521
$91,317,747 $87,683,521
a .\fter allowing for $7,365,186 additions to property through income.
—V. 110, p. 2659.
New York
$
j].csctc
Road & equipt.747 ,967.813
Impro. on leased
railway prop. 102. 630,916
Misc. phys. prop. 8.846.444
Inv. tnaffil.cos.:
Stocks
133.497.346
Bonds
9,742.963
44.995.158
Notes
12,609.862
-^.dvances
Other Invest'ts. 50.266 904
4.341.948
Cash
916.728
Special deposits.
31.432
Loans&bills rec.
169.995
Traffic.&c.bals.
6.362.174
Miscell. accts..
Int. & divs. rec.
4.070 608
Compensa'n due
from U.S.Govt. 29.299.170
1. 160.322
Ins. &oth. funds
U. S. Govt, (see
V. 111. p. 503) 76.172.058
O ther
def. assets
Unadjust. debits
1.095.451
9.236,447
1918.
31 (See also V. Ill, p. 503).
—
1919.
1.243.419.7411.217.536.306
Total
Total
1.243,419.7411.217.536.306
Securities issued or assumed, unpledged, $264,005; pledged, $20,000,000.
Expenditures for additions and improvements were chiefly as follows
Improvements in station, yard and terminal facilities, $5,608,872; roadway
and bridge improvements, .$7,639,203; elimination of grade crossings,
$292,967, and land, $256,485; total, $13,797,527, less adjustments, .$3,963.515, leaving $9,834,012, to which was added net increase in equipment
invested, $7,747,280, making a final total of $17,581,292.
The net increase in equipment investment included equipment assigned
by U. S. RR. Admin., namely 16 steam locomotives, $944,714, and 1,944
freightr-train cars, $5,939,185. and other investments, $863,381.
Equipment owned aggregated $2,296,045 as compared with equipment retired,
$2,306,817, or a decrease in equipment owned of $110,773 (compare
V. Ill, p. 502).
Improvements on leased or controlled property aggregated $5,727,342,
namely New York & Harlem RR., $861,080; West Shore RR., $1,049,685;
New York State Realty & Terminal Co., piers, &c., $955,712; other
companies, $2,860,865.— V. Ill, p. 487.
&
Electric Corporation.
{Report for Fiscal Year ending Dec. 31 1919.)
Secretary D. H. Thomas, N. Y., Mar. 24, wrote in subst.:
Results.
The gross revenue from all sources amounted to $1,104,890;
operating expenses and taxes were $756,417, leaving gross income of $348,4/2. Interest on Georgia-Carolina Power Co. 1st M. 5% bonds and other
requirements under the operating agreement of July 1 1912 amounted to
$167,853. After deducting all other interest, discount and expenses there
remained a net deficit for the year of $33,224.
In the electric department earnings increased $59,772. or 11.6%, while
the expenses increased $69,196, or 47.2%. In the railway department the
earnings Increased $23,319, or 4.6%, and the expenses increased $113,956.
or 34.3%. The large increase In expenses was occasioned by the very high
cost of labor and materials.
Additions, &c.
There was expended during the year for Improvement and
betterments, $93,463, including $34,339 for pav^ag and track replacements,
$47,752 for line extensions, meters and transformers to connect with new
—
—
business.
—
turn for the property.
[V.-Pres. .lackson in July 1920 secured options on a majority of the stock
on a basis that would enable the city to obtain control for $262,500, viz.:
20.000 shares of Common stock at $10 and 25,000 shares of Pref. at $25 a
share.
V. 110. p. 2191; V. Ill, p. 293.— Ed.]
INCOME ACCOUNT FOR YEARS ENDING DEC.
1919.
Gross earns, (all sources) $1,104,890
exp., incl. taxes..
Oper.
756,417
Net earnings
$348,472
on Ga.-Caro. Power
Co. 1st M. 5s, and
other requirements under operat'g agreem't
dated July 1 1912
$167,853
Int. on Aug. Ry.&El.lst 5s
44,783
Int. on Aug. -Aiken Ry.
& Elec. Corp. S. P. 5s
144,550
Int. on 5-yr.5% gold notes
12,648
Other interest
10.001
Bonds. During the year $33,000 face amount Georgia-Carolina Power
Co. 1st M. .5s and $4,000 Augusta Ry. & Electric Co. 1st M. 5s were retired
through operation of the sinking funds of the mortgages.
31.
1918.
$1,023,832
*655,546
1917.
1916.
$925,524
523,100
$838,456
431.721
$368,286
$402,424
$406,735
$165,670
45,221
$137. ,500
45,770
$137,500
46,251
145,042
147,419
149.241
8,695
1,860
7,832
1,950
15,682
Int.
.4mort. of debt, disc,
1.860
«&c.
Balance, surplus
def. .$33, 224
$1,799
$61,954
$58,061
* Includes $90,000 reserved for special depreciation, including obsolescence.
For 1917 a similar reservation of $50,000 was made, but, instead of
being reserved out of current earnings, it was appropriated out of sm^jlus
after the books had been closed for the year and the annual report had
been sent out to stockholders.
CONSOLIDATED BALANCE SHEET DECEMBER
Assets
—
1919.
$
Property,
plants.
franchises, &o.. 11,950,791
Materials
Accts
&
&
supp.
rec,
125,555
bills
lese reserve
85,390
17.525
Cash...
Unamortized debt
discount,
&c
287.903
27,714
8,325
Miscellaneous
for sink,
fund
Total
31.
1919.
1918.
Liabilities-
$
stock... 2.250,000
1,913,231 Pref. 6% cum
2,250,000
117,092 Aug. -Aiken Ry. &
Elec. sk. fd. 5s- 2,891,000
5-yr.5%gold notes a433.650
108,669
26,500 Augusta Ry. & El.
Co. 1st M..5s...
894,000
12,709 Ga.-Caro .Pow.Co.
2,745,000
24,295
1st s. f. 5s
162.554
731 Bills payable
Common
taxes,
12,503,204 12,203,227
1918.
$
2.250,000
2,250,000
2,891,000
898,000
2,750,000
273.905
&..
payable
Reserves.
Surplus
160,658
613,486
102,856
163.197
580,746
146,379
12,503.204 12,203,227
Total
a Including $35,650 face amount held by depository or bondholders
have not turned in their bonds and coupons. V. Ill, p. 293.
—
Newport News
& Hampton Railway,
Gas
&
who
Electric Co.
{Report Jor Fiscal Year ending Dec. 31 1919.)
1918.
$
Liabilities
$
$
730.386. 521 Capital stock. ..249. 597.355 249.597.355
Equip, oblig'ns- 39.670.456 41,591.201
96.903, 574 Mortgage bonds526.194 000 526.194.000
8.701. 439 Debentures
105.500.000 105.500.000
Notes
290.326 15.000.000
133.447. 347 Loans&bllls pay. 49 829.500 41 963.000
9,735. 838 Traffic.&c.bals.
869,947
2.239.090
43 500. 927 Accts. & wages. 2.629.414
4,380.971
14.968. 986 Miscell. accts..
6.453.242
5.921,123
47.503. 409 Int. matured
2.818,971
3.955,549
8.993. 280 Div. payable
3.119.904
3.119.903
Div. & funded
981. 245
debt matured.
59. 109
241.056
175.420
41, 510 Int.&rents accr.
6.467.306
6.990.153
6.815. 013 Oth. cur't Uabils 3.088.507
4.596.903
4.354.,564 Liabil. to lessor
cos. for equlpt. 14.715 323
14.715.323
27,672.,085 U. S. Govt, (see
V. 111. p. 503) 86.910.401 59.018.896
1.033.,003
Other def. liabil.
136.108
192.861
69.346,,373 Tax liability
2.105.274
2 553.256
4,097,,746 Ins.. &c.. rcs'ves
551.0.30
915.110
8.994,.337 Accrued deprec. 33.477.779 32.806,680
Liab.to lessor cos
for sec. acquired
457.851
457.851
Oth. unadj. cred. 20.574.272 13.970.889
Sink. fund. res.
643.547
Add'ns to prop.
98.576
thr. inc. & sur.
93.925
80.943.298
Profit and loss.. 87.623,145
Augusta-Aiken Railway
—
Accts.,
(Report for Fiscal Year ending Dec. 31 1919.)
The balance sheet of Dee. 31 1919, and comparative income account for 1918 and 1919, were given, together with
the remarks of President Alfred H. Smith, in detail in V.
Ill, p. 487, 501, 502 and 503.
1919.
—
Interest Funded.
On account of the impossibility under existiog conditions of selling bonds to provide necessary capital expenditures and rehabilitation requirements, the holders of the Augusta-Aiken Ry. & Electric Corp
5% Sinking Fund bonds were requested to defer the payment of interest on
their bonds for a period of 3 years, funding the same into an issue for 5- Year
Coupon Gold Notes, dated .lune 1 1919, with interest pavable semiannually. The holders of over 92% of the outstanding bonds have turned
in then- coupons and received the coupon notes.
Outlook.
General business in Augusta has been excellent, notwithstanding
the closing of Camp Hancock and the departure of the soldiers. This condition, to a certain extent, has been influenced by the high prices and ready
market for cotton. It is hoped, with the prosperous conditions prevailing
in Augusta in other lines, that the attitude of the public toward the company
will be less radical and more sympathetic, both of which are essential in
order to continue proper service and obtain anything like a reasonable re-
Cash
Central Railroad.
COMPARATIVE BALANCE SHEET DEC.
Ul.
AND 1918 COM- 5%
AND 1916.
660
660
659
659
§14,707,030 $14,561,941 $12,050,103 $11,280,767
1,935,199
1,736,525
1,486,998
1,366,249
1,173,124
1,227,782
1,173.296
1,035,395
Mileage
[Vol,
President J.
the
submitted
Managers,
—
N. Shannahan, Halnpton, Va., March 16
report
of
Peck-Shannahan-Cherry,
Inc.
in brief:
Results.The total operating revenues show an increase of $550,350 over
The increase in each department continued to be due
1918, or 25.38%.
WhUe the revenue
to the activities in this territory, incident to the war.
increased substantially early in 1919, later they showed a marked decrease.
The cost of labor and materials increased materially, and om* operating
expenses for 1919 were $408,779 greater than for 1918, or 27.75%, the sev-
eral
departments showing:
Operat. Increase. Inc.
Increase Inc.
Gross
Amount. %.
Exp.
Earnings. Amount.
%.
Railway
$1,061,509 $145,609 15.89 $812,798 $164,270 25.33
Gas
55,958 27.98
274,746
47,741 21.03 255,920
Electric light & power
63,734 20.95
814,019 197,230 31.97 367.930
Ice
568,563 159,770 39.08 444,829 124,816 39.00
The ratio of operating expenses to gross earnings for the entire property
was 69.20%, as compared with 67.67% in 1918During the year there were added in the gas department 288 meters,
bringing the total number to 7,352, while in the electric department there
were connected 1 ,669 meters, making a total of 9,573 at the end of the ye«ir.
Taxes amounted to $104,762, as compared with $84,755 for 1918.
Non-operating revenue increased $5,503 during the year, due to the
profit from the sale of real estate no longer necessary.
Income deductions increased $50,339 during the year, due to increase
in bUls payable and interest paid to the Govermnent on moneys loaned for
the construction of Hilton extension, Hilton lighting system and additiona
Department
—
rolling stock.
The net income was $440,856. an increase of $76,729, or 21.07%. Of
amount $208,734 or 7.68% of the gross earnings has been credited to
"reserve for depreciation, extraordinary renewals, or pm-chase of bonds."
During the year $650,000 three
Outside Sesurities Convertible Notes.
year 7% Convertible Notes were issued and sold [secured by $1,000,000 of
The proceeds were
the $4,740,000 of issued First Refunding 5% bonds
used in paying for capital additions and betterments during the year.
There were also issued diu-ing the year, under authority of your directors.
$67,000 7% Cumul. Pref. stock in payment for the property and plant of
he Phoebus Coal & Ice Co.
Improvements and Betterments. The capital improvements and betterments carried out diu-ing the year are summarized as follows: Railway,
$31,264; power, $305,883; gas, $228,610; electric, $131,360; ice, $79,359;
total, $776,477.
.
,
As it has become necessary again to increase the capacity of the power
station at Hampton, we decided to take out the obsolete 1800 K. W. Vertical Turbine and install in its place a 5000 K. W. Horizontal Curtis Turbine.
The result of these and other improvements has been to add 3200 kilowatts
of capacity in the power station, and gives a total capacity of 15,000 K. W.
The installation of transformers and transmission Une, to increase our
capacity for supplying the plant of the Newport News ShipbuiMing & Dry
Dock Co., has been completed. The cost proved to be $155,576.
At the gas plant there was added an 8-foot 6-inch water gas set of the
latest type with a capacity of 2,000,000 cubic feet daily, and the usual
auxiliaries and accessories.
The cost of these improvements was about
$200,000.
The paving requirements, both as to repair of old pavements and conthis
—
—
.
—
struction, were severe.
_^
The railway extension
Construction Under Contract with Federal Bodies.
to Hilton, contract for which was signed with the Emergency Fleet Corporation in
1918, was completed and the cost of the same mcludtag
the ten passenger cars provided for in the contract, was $315,981. The
contract stipulates that there shall be an appraisal of this line within six
months after the President's proclamation of peace, and that the amount
thus determined to be due shall be paid in five annual Installments.
The electric lighting system in HUton VUlage was built by your company,
and the cost, $21,434. financed by the Shipbuilding Realty Corporation.
This amount is repaid in five annual installments. This Ime added 482
electric light consumers to our system.
There were contracted for during 1918. 20 additional passenger cars, the
10 above mentioned, to be financed by the Emergency Fleet Corporation,
and the second lot of ten by the U. S. Housing Corporation. It w^as found
possible to cancel the contract for the last mentioned ten cars, without cost
—
May
and
this
was accordingly done.
—
1
Aug. 14
THE CHRONICLE
1920.]
The extension from Hilton Village to Camp Morrison, built under contract mth the U. S. Housing Corporation, and completed in 1918, cost
$25,472. The sudden termination of the war caused the Housing Corporation to abandon the project of building 350 houses at Morrison, which this
raUway extension was to serve. The contract provided that in such an
event the appraisers were to report the salvage value as the appraisal figure.
This was ascertained to be $4,324 and this amount was paid the Housing
Corporation.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues
Railway
Gas
—
1918.
1919.
-. $1,061,509
&
Electric light
Ice
power..
Gross eariiings
Operating expenses
274.746
814,019
568,563
-- $2,718,837
-- $1,881,477
104,762
Taxes
Net earnings
$732,598
13,903
Other income
Total income
$746,501
281,940
Bond. int. and discount.
Other int., rents, &c
23,704
Pref. dividends.. _
(7%)80,322
Common dividends
(5%)63,750
Depreciation
208,734
Balance, surplus.
$88,051
1917.
1916,
$915,900
227,005
616,789
408,793
$541,227
185,847
369,555
260,678
$414,519
142,779
253,890
202,523
12,168,487
$1,472,698
84,755
$1,357,308
$759,302
57,721
$1,013,711
$558,543
35,519
.$611,034
$540,284
2.917
$419,650
3,273
$619,433
242,062
13.243
$543,201
242,252
13,665
$422,923
228,687
5,804
(7)77,553
(5)63,750
177,925
(6)59,957
(5)64,382
106,619
(6)60,000
(3)33,750
71.209
$44,900
$56,326
$23,474
.
8,399
CONSOLIDATED BALANCE SHEET—DECEMBER
1919.
1918.
A sscts
S
S
Land, plants* equip. 8,493, 534 7,717,057
Organization exp...
Investments
Materials and suppl.
Accts. & notes rec...
U.S.Ub.bds.
Cash
Cash
for
bd
.
(par).
Int
.
&c
,
.
Prepaid Ins. & taxes.
Deterred charges
23,943
30,868
192,891
221,255
81,050
38,645
156 103
7,393
67,736
,
23,943
41,368
164,361
221,418
39,004
36,085
157 ,74
6,143
47,789
9,313,417 8,454,910
31.
1918.
1919.
S
LiabilUies—
S
Pref. stock, 7% cum. 1,179,100 1,115,800
1,275,000
1,275,000
Common stock
6 ,833
6 ,833
Capital surplus
4,814,500 4,814,500
Bonded debt. a
3-y. eonv. 7% notes. b645,000
110. 000
Bills payable.
Old Dom. Land Co.
Accts. pay. & consumers' deposits.Interest accrued
Prov. for Fed. taxes.
Pref. dlv. payable..
Depreciation reserve
Reserve for divs..&c.
Surplus-c
Total
3,600
377,114
152,987
33,000
41,268
402,064
95,879
177,071
307,500
6,900
242,075
114,581
33,350
39,053
303,890
61,856
133,572
9,313,417 8,454,910
Total
(a) Citizens Railway, Light & Power Co. 1st
$800,000, less deposited as collateral seciu-lty for first and refunding
bonds. $734,000, balance, $66,000: (b) Newport News Gas Co., 1st 6s,
$75,000, entire amount deposited as collateral; (c) Newport News & Old
Point Railway & Electric Co. 1st 5s, $900,000; (d) Newport News & Old
Point Railway & Electric Co. General Mortgage 5s. $1,094,000, less deposited as collateral $1,050,000. balance $44,000: (e) Hampton Roads
Traction Co. 1st 4}^s. $700,000, less $632,000 deposited as collateral and
$2,000 in treasury, balance $66,000; and (/) Newport News & Hampton
Railway. Gas & Electric Co., 1st Ref. 5s, $4,740,000, less $1,000,000 deposited as collateral and $1,500 in treasury; total as above, $4,814,500.
b Secured by $1,000,000 first and refunding 5s.
c After deducting $5,000 bonus voted managers for 1918. and $39,553
V. 110. p. 2488.
reserve for future dividends.
a Funded debt includes:
5s,
—
—
Consolidating the assets and liabilities of the companies proposed to be
acquired and giving effect, as at that date, to the introduction and application of proposed new capital.
Liab. (Cond.)
Assas
$
Land, bidgs., plant, mach,
Common stock. 210,000,000 67,000,000
—
—
vessels & coal & iron ore
deposits & equip, as apTotal
..500,000,000 198,532,815
praised
a394,076,921 Deduct.'To be held by constit.
79,209
companies:
4,750,000
26,522,760
7% cum. 2d pref. stock
2,000,000
Call loans
1,526,204
Common stock
Can. &U. S. Gov't bonds... 4,229,833
.191,782,815
Balance
Notes & accounts receivable. 16,494,523
b43,419,094
Inventories
25,941,640 Funded debt
1,484,000
Investments
2 ,968 .044 Deterred payments
6,198,516
Deferred charges
1,986,805 Bank & oth. loans (part, sec.)
392,431
Cash for bond redemption
190,412 Notes payable
Ace' ts pay., taxes & Divs
14,410,197
Total
9,468,647
474,016,350 Pay. on uncom. contracts
Authorized. To be Issued. Deterred credits...
LiaMHties
1,308,231
Capital stockReserves: For rellnlng turn.,
S
S
renewals, &c
1 ,982 ,489
7% cum.pf.stk. 40.000,000 36,250,000
Deferred balances
Cash
—
''-
8% cum & par-
atk. 100,000,000
25,000,000
7% cum.2dpt.
stock
7%
135 ,000 ,000
For anticlp. exchange loss on
Engl sh funds
For organization expenses..
56,782,815 Capital surplus
1,250,000
600,000
c201, 719,930
non-cumul.
pref.
stock... 15,000,000
13,500,000
Total...
474,016,350
a To be acquired by purchase or by virtue of stock ownership.
b Funded debt, represented by bonds and debenture stocks of constituent companies, $43,463,593, less $2,411,998 held for sinking fund in
treasury or by constituent companies, balance $41,051,594. credit, bonds
to be issued in terms of Purchase Agreements less bonds to be retired
$2,367,500, total, as above, $43,419,094.
c Represented by excess of appraised value over cost of properties.
—V. Ill, p. 496.
Great Western Power System.
President Mortimer Fleishhacker, San Francisco, Cal.,
1, wrote in substance:
This company, when its new power plant is completed early next year,
Aug.
become one of the largest hydro-electric producing companies
country.
At the present time
we
report
(1)
in this
Installed electric generating capa-
steam 34,500 K. W., hydro-electric 65,000 K. W.; total 99,500 K. W.
of customers: Lighting 23,505, power 5,229: total 28,734.
Connected load: Lighting 42,504 K. W., power 163,059 K. W.; total
205,563 K. W. (4) Sales for the year: all lighting 32,139,710 K. W. hrs.,
power 267,914,548; total 300,054,258 K. W. hours.
Merger. The consolidation of the operating companies, under name
of the Groat Western Power Co. of California, was completed on June 1
city:
(2)
(3)
Number
—
1919.
Financial.— Early in 1919 $6,000,000 of
bonds (V. 108, p. 2126,
883; V. 109. p. 1703) and $1,500,000 of
Preferred stock (V. 108, p.
682) wore sold on account of tlie new Caribou development and the construction of a new steel tower transmission lino to San Fraucitco Bay.
Successful efforts were made to interest our employees ajid consumers in
the Pref. stock.
Early in 1920 a second issue of $1,,500, 000 of
Preferred stock was
authorized by the KR. Commission of California. The proceeds will also
be used in the construction of the Caribou project. (V. 110, p. 2571).
.1 Dividend of Holding Company.
For the quarter ending Sept. 30 1919.
the Western Power Corporation Pref. stock was placed on a
basis.
IProviously4%, V. 109, p. 2446.]
Lnrninns.
The gross earnings were as follows: (a) Electric operations
»4,803.S/0 an increase of $424,471; (ft) the steam heat sales, $341,898, iucrea.se .$-19,350; (c) water sales by the Western Canal, $117,121, increase
$52,220; total of all operations, $5,172,878, an increase of $528,471 over
6%
7%
7%
—
—
The total net income before depreciation was $1,386,339 an increase of
$263,715 over 1918.
Rates.
The average rate per kilowatt hour, for current sold, increased
from 13.079 mills per kilowatt hom- in 1918 to 16. 042 in 1919. This was
due partly to the increase in rates granted by the Railroad Commission in
July 1918, but also to our policy of selling less power wholesale to other
public service companies. All of the power is now being distributed direct
to consumers and our returns per kilowatt hour are considerably higher than
that formerly obtained.
New Business. The year closed with a total of over 20,000 h. p. under
contract, but not yet connected. This business is of a widely diversified
nature and includes domestic and commercial hghting consumers and a
considerable amount of agricultural and industrial power.
Considerable
activity in the copper mining belt in Plumas Co. was noted during the
year and three new mines were connected to the lines.
Outlook.
The new Caribou plant, wnen in full operation next year, is
planned to generate and deliver at our load factor over 300.000,000
kilowatt horn's.
When all this power is eventually distributed it will increase our gross
sales, at the average rate and load factor prevailing during 1919, to the
extent of over $3,000,000 annually.
Oper. Expenses, Etc.
Operating expenses and maintenance increased
in 1919 by $360,311 due to the increased cost of fuel oil, materials and labor;
also to the fact that considerably more maintenance was done in 1919 than
in 1918. When the Caribou plant is in operation the necessitj' for large
aniounts of power from oiu- steani plants will be done away with, and this
will relieve us of tihe purchase of enormous quantities of fuel oil. This oil
is constantly increasing in price. We set up as a depreciation reserve $360,000
in 1919, and $180,000 in 1918.
New Construction. ^The Caribou development wiU probably be placed
in operation early in 1921. The 165.000 volt steel tower line from Caribou
plant to the Valona sub-station, in the San Francisco Bay District, should
be completed in the fall of 1920.
The rapidly growing industrial load in the Richmond territory made
it necessary to extend the 22,000 volt feeder, on the east side of San Francisco Bay, into that city and to construct a sub-station at its terminus.
Nine miles of 44,000 volt line have been constructed along the North
Fork of the Feather River, to provide auxiliary service to the Caribou
construction work and eventually to supply power to the Pliunas County
mining district.
General.
The increase in the price of fuel oil practically relieves the
hydro-electric companies from aU competition by other sources of power
—
—
—
—
—
—
in California.
Oiu" enormous body of water stored in Lake Almanor at an elevation of
over 4,500 feet, and the water rights lying below the Lake, practically aU
of which are at oiu- disposal, have really only been partly exploited, and,
as time goes on, the distribution and sale of water for irrigation after the
power has been developed should become one of our most secure and profitable activities.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Western Power Corp.
—
Inter-Co. Items Eliminated.]
1918.
1919.
1917.
.$4,803,870 $4,379,398 $3,814,181
and Sub. Cos.
Electric revenue...
Steam revenue
Water revenue
241,898
117,121
9,989
192,548
64,901
7,560
151.579
43,344
deb.551
$5,172,878
$1,753,995
311.898
$4,644,407
$1,415,146
290,436
$4,008,553
$1,249,688
283,586
$3,106,985
$174,478
32,984
32,654
$2,9.38,826
$27,534
28,841
$2,475,279
$13,654
27,239
Gross income
$3,347,101
Deduct Interest on notes and accounts
$ 1 8,51
Rehtals, leases, &c
47,076
Uncollectible accoimts
9,000
Amortization bond discount, &c
79,017
Interest on funded debt (net)
1 ,667 ,840
Depreciation
360.000
1919 corporation income tax
119,000
Accounts written off. &c..
20,313
$2,995,200
$41,251
51,172
18,792
69,631
1,553,629
$2,516,172
$13,182
52.534
20.396
68,067
1.557,694
$1,7.34.476
$1,260,723
$1,711,873
$804,299
(5%)353.672
$1.50,000
(4)277,085
(4)276,840
$522,667
$833,638
8377,459
Other
Total
Operating, general. &c., expenses
Taxes
Net earnings
— Interest
Rentals and leases
Add
Miscellaneous
Total deductions
Net income
$2,320,762
—
for year
$1,026,339
(Inserted by Ed.)
Divs. on Pref. Stocks
California Electric Generating Co..(6%)$150,000
—
Western Power Corporation
Balance, sm-plus
Western Power
—The to 114%. — Ed. Co. in Oct. 1919 increased
dend from
Note.
its
$150,000
quarterly divi-
1
CONSOLIDATED BALANCE SHEET DECEMBER
31.
(.Western Power Corporation and Sub. Cos.)
Liabilities—
1919.
1919.
191s.
1918.
(Continued)
Assets
S
S
S
S
Plant, prop.&lran.49, 737.286 46,411,979 Cal. El. Gen. Co.
Preferred stock. 2,500,000 2,500,000
Subsc. to pref. stk.
G. W. P. Co. Cal.
of G. W.P. Co.
17,920
372,614
Preferred stock. 1,358.226
Invest, in secur
173.684
276,160
781 l.'?tM.5%s.f.bds.
Cash In sink, funds
1.507
302,381
G. W. P. Co-_e21,411,000 21.444,000
Mat.,rials & supp.
429,395
City Electric Co.f 1.584,000 1,630.000
Insur. premiums..
5,164
5,423
Cal. El. Gen. Co.
966,000
992,000
Expense funds and
120,801
Cen„.Oak.L.&P
68,000
142,482
68,000
prepaid taxes
Cons. L.&P.Co.
79,833
84,000
Cash
87,551
85,000
649,131
G.W.P.Co..Cal.,
Special deposits... 3,908,303
974.020
Acct.s. receivable.
1,028,093
6% con v. deb. 4,440,900 4,835.000
97,188 1st & Ref. M. 63."
Notes& Int. rccclv.
138,886
Series "A"
6,000,000
Unamortized disc.
660.766 Cons. El. Co. Gen.
on sees. & exp.. 1,444,9111
M.5%3.f. bds. gl ,602 ,200 1,602.200
Sundry
127,955/
Accounts payable608.252
415.332
734.477
Tot.al
57,345,871 49,674,658 Notes payable
Miscellaneous
147,525
196,403
Accrued Int., &c.. 1,001,324
904,418
LiabilUies
741,991
Depreciation
West. Pow. Corp.:
119.000
Preferred stock. a7,079,882 7,076,932 Corp. Income tax.
d263,076
284,597
Common stock. 53,665,375 3,665,350 Reserves
Surplus
3,696.080 3,057,124
West. Power Co.:
1,042
c40
Preferred stock.
9,100
Total
57,345,871 49,674,658
c9,000
Common stock.
—
—
—
(Report for Fiscal Year ending Dec. 31 1919.)
will
687
—
British Empire Steel Corporation, Ltd.
{Projected Financial Statement
Dec. 31 1919.)
ticip pref
6
-
6%
6%
cum. stock. $7,076,814, and to be Issued against
b Includes common stock without par
$3,068.
value, $3,657,675, and to bo issued against certificates of deposit, $7,700.
c After deducting $3,598,464 capital dividend on pref. and S2.401.496 pref.
and $14,661,000 com. stock held in treasury, b Includes in 1919 liability
insurance, $99,758; income invested in fixed capital since Dec. 31 1912,
$125,280. and misc., $38,038. e Includes $651,000 pledged with trustee
of the California Electric Generating Co. bonds and not bearing interest,
but not $2,700,000 held in treasury, f After deducting $2,566,000 held In
treasury,
g After deducting $472,800 held in treasury .^V. 110, p. 2571.
a Includes pref.
certificates of deposit,
Ajax Rubber Co., Inc.,
New
York.
{Report for Half-Year ended June 30 1920.)
Continued Increase in Businats. The business for the six months ended
June 30 1920 was greater in volume than for any similar period in the history of the company, exceeding the first six months of 1919 by about \(\'~;,
President Horace DoLisser says: "Not only has our pro.-v-i business
net.
shown a decided increase, but we have earned a sufficient pe<ifit during the
first six months to provide the di\idend for the entire year 1920. two quarIn addition, there is a
terly payments of which already have been made.
substantial amount added to our surplus account, which, a-s of June 30.
There
.shows to be S3. 000. 000 after deducting all dividends paid to date.
—
every indication that, our business for the romaiiidor of the year will
continue to show an Increase in volume over any previous year."
is
THE CHRONICLE
688
1920.
Net earns,
bef. Fed. taxes.$l,686.506
Diiidends
Pro^"ision for
(6%)600,000
income taxes
157,871
$928,635
xS2 .982 ,638
Balance, surplus
and
Profit
loss
1918.
SI. 959, 608
1919.
SI .886,730
(6)488,528
1917.
$1,257,461
(6)426,000(5^)390,500
Amounts not shown
$1,398,202
$2,530,411
$1,533,608
$2,302,449
$866,961
$1,016,712
Vol
111.
These producers try to get the best price they can secure in competition with one another, and we have to pay this price for the very large quanAmerican petrol necessary to satisfy the requirements of our clients
cannot, as a matter of fact, buy
over and above Eastern production.
petrol in the United States at less than £25 at Atlantic ports instead of the
buy.
tities of
We
—
suggested by the Committee.
"For the present, so far as we can judge, the only possible remedy for
is a drastic reduction in the consumption of petrol."
Sgd.: H. W. A. DETERDING.
£7.10
existing high prices
X There was also deducted from surplus $74,845 for additional 1919 Federal taxes.
BALANCE SHEET JUNE
1919.
1920.
S
—
Assets
Payment on Liberty bonds
Aco'ts & notes rec. 7.256,583
90,426
Deferred assets
Inventories
7.853,017
Patents & goodwill 1,874,875
acc't.
Investment
Plant, equip.. &c. 3",66b^577
28,365
Miscellaneous
1920.
—
Liabttittes
S
S
761,365 Stock
10 ,000,000
Prem. on cap. stock
820.000
234,923 Accounts payable. 1 ,754,212
4,877,150 Notes & loans pay. 4, ,800,000
100,175 Reserves:
Bonuses
6,539.782
131,497
Taxes and insur, .
1.874,875
2.573 State and excise
taxes payable..
136,800
2,223,184
Accrued Fed. taxes
532,684
393.987
Cash
—
30.
2 ,982,638
Surpliis
Total 21, 157,832 16,614,026
-V. 110, p. 2194.
Total
1919.
S
8,200,000
1,697',726
2,900,000
149.447
1.136,447
2.530,411
21,157,832 16,614,026
&
incl. selling
$16,966,027
13,862.259
$12,518,128
10.328.699
$3,103,769
$290,051
34.535
700,000
60,000
774,710
admin, expenses
1919.
$2,189,428
$241,222
$1,244,472
sales
$1,278,720
Earnings
Depreciation
Contribution to pension fund
Reserve for taxes and contingencies
Preferred dividends
Common dividends
Undivided profits
29,371
325,000
51,666
263,450
GENERAL BALANCE SHEET.
30 '20. Dec. 31 '19.
June 30 '20 Dec 31 '19.
LiablUtis
s
S
S
858,956 Preferred stock
Cash
762,191
2,000,000 2, 000,000
Accts. receivable.. 6,732,854 5.137,278 Common stock.. 6,856,560 2, 500,000
Notes receivable.. 1,759,260 1,084,944 Accounts payable. 3,032,433 3, 0,38,016
Onini; for employNotes payable
1,975,000
Accrued expense.. 551,182
ees' stock
1.0.30.777
245,765
Inventories
15,050,828 11.138.538 Reserve for taxes
For. branch houses
939,058
799.683
& contingencies. 1,923,650 1,643,895
257,133
213,339 Surplus and undiCurrent Investm'ts
105,324
.54,667
vided profits.-. 19,544,697 18,300,225
Deferred charges.
Asses
—
—
./unc
Prop., equip., &c. 7,746,097
Pat'ts, trade-mks.
1
and good- will
Captal stock,
6.940.494
Total
1.500.000
27,727,901
35.883,522
Total
35.883,522 27,727,901
At Dec. 31 1919 there were outstanding 25,000 shares of $100 par value.
At June 30 1920 309,558 shares of no par value. V. Ill, p, 592.
*
—
Tide Water Oil Company.
{Report for Half-Year ended June 30 1920.)
INCOME & SURPLUS ACCOUNTS FOR SIX MONTHS END. JUNE 30.
1920.
Total volume of business
Operating expenses...
1918.
1919.
a$31,005,869 $22,816,054 $19,629,088
13.783,285 10,810,325
b 20,517,933
Operating income
Other income
...$10,487,936
233.087
$9,062,768
169,952
$8,818,763
230,941
Total income for six months
$10,721,023
Depreciaton & depletion charged off. $2,019,8.50
Federal income and profits taxes
1 ,880,860
Outside stockholders' proportion
16,035
.$9,232,720
$9,049,704
$1,718,364
1,395,662
262,437
$1,950,045
1.326,722
18,370
Tide Water
Oil Co. stockholders'
proportion of total net income... $6,804,277 $5,937,583 $5,673,241
Dividends paid in March
(4)1,323,480(4)1,275,988 (5)1,594,975
do
do
June
(4)1,323,480(4)1,323.472(4)1.275.980
Balance, surplus
Profit
-
and loss surplus June 30
$4,157,317
$2,802,286
$3,338,123
..$21,661,778 $17,248,985 $15,719,287
a Represents business "done by the Tide Water OU Co. and its subsidiaries
as represented by their combined gross sales and earnings exclusive of intercompany sales and transactions." b Including repairs, maintenance, pensions, administration, insiu-ance, costs and all other charges.
GENERAL BALANCE SHEET (INCLUDING SUBSIDIARIES).
June 30
—
Assets
S
Dec. 31 '19.
S
'20.
—
June 30
LiaMHHes
'20.
S
Dec. 31 '19.
S
Prop. & equip't..a35.702.323 32,922,429 Accts. payable, &c. 2,595,666 6,196,113
Other investments 4.427.771 1,978,988 Accrued taxes
3,169,896 2,417,977
Cash
1.383,584 1,359,606 Subscript'ns to new
TrusteeFed. tax fd 660,992
1,400,000
capital stock... 5,391,736
6,150
Liberty bonds
1,206,860 1,321,740 Capital stock
33,087,000 33,087,000
Accts. & notes rec. 8,042,193 4,467,505 Subsidiaries,
outPrepaldexpenses..
82,603
379,520
side Interests...
101,338
101,333
Crude oil & prod. .11, 526, 287 11,223,900 Res. for tire loss. . 441 ,225
441 ,225
Supplies & mat'ls. 2,925,236 2,937,307 Surplus
Tide
Oil Co. 21,661,778 17.659,919
Deferred items...
592,826 2,010,767
W
Subsidiaries, outside Interests.
Total
in
66,550,675 60,001,763
Total
102,042
92,041
66,550.675 60,001,763
a After deducting reserve for depreciation and depletion,
1920 and $13,800,835 in 1919.— V. 110. p. 2664.
viz.,
$15,933,835
Royal Dutch Company.
{Report for Fiscal Year ending Dec. 31 1919.)
The report dated at
substance:
—
The Hague, June
1920,
says in
—
General.
An enormous increase of demand in America the richest petroleum country of the world caused the price of crude oU, and consequently
of the refined product, to rise considerably, while the export from Russia
and Rumania was almost completely paralyzed.
Limited ship capacity hindered transport, and the resulting high freights
remained a factor of supreme importance. On the other hand the demand
for oil products was everywhere greatly augmented.
These circumstance
lead to the supply, in many cases, being but inadequately met and only at
—
"very high prices.
No Trust. In view of the report of the Profiteering Committee in London
ascribing the high price of petrol to an (alleged) petroleum trust, our General
Managing Director. Mr. H. W. A. Deterding. on March 4 1920, wrote to
the President of the Board of Trade in London, saying, in part: "In view
of the general Impression abroad as to the existence of a world-wide petrolring we desire to make the statement deliberately and emphatically that no
—
suchlring exists.
\» No one is in a position to dictate any reduction to the thousands of
producers in the United States who sell in the open market In which
'
'
we have been accustomed.
—
Fuel Oil. Although the oil-output of the exporting countries was larger
year than in 1918, it was, as we foresaw, inadequate to meet the demands of the American mercantile fleet. 1,700 to 1,8(50 vessels are built to
Other countries also have been induced to adopt this fuel; and
stoke oil.
the quantities at disposal have not sufficed to meet requirements.
Additions.
By the expansion of our crude-oil production, by the installation of new refineries and the enlargement of old ones, by the extension of old conduits and the laying down of entirely new pipe lines and
by the creation of fresh means of transport, we have succeeded in maintaining the position already gained by our concern.
Late in 1919 the
Netc Capital Stock. For this much money is needed.
Anglo-Saxon Petroleum Co., Ltd. doubled its capital of £8,000,000. The
new capital was provided in full by the Bataafsche Petroleum Co., who
therefore had to inform the Royal Dutch Co. and its other shareholders that
they could only receive an interim dividend of 90 million guilders, provided
an increase of capital by a like sum was agreed to; and even this increase
was not adequate to meet the enormous demands for new capital.
An increase of our own capital is therefore advisable and should, in otur
opinion, amount to not less than 50% of the ordinary share capital at
present alloted [and this was offered to stockholders of record June 14 1920;
V. 110, p. 2573, 26631.
On June 30 1919 the nominal capital of our company was raised from
f230,000,000 to/400,000,000, divided into /1, 500,000 preference, /28,500,000 priority and /370,000.000 ordinary shares of /1 ,000 each; and as per
prospectus of June 14 1919. ordinary shares to the nominal value of /42.763.600 were issued at par (V. 108. p. 25.33. 26.36).
Our property in the Asiatic Petroleum Co., Ltd. was increased in 1919 by
taking up £1.500,000 shares issued by that company. So, too, our property in the Shell "Transport & Trading Co., Ltd. (which see below) was
increased by £483,732 in an issue of 1919, one new share at par being offered
to holders of every two old shares.
The Roxana Petroleum Co. of Oklahoma has been liquidated and we are
now hold $2,247,000 Ordinary shares and .$840,000 Preference shares of
the newly formed Roxana Petroleum Corporation of Virginia, and of $179,760
Ordinary shares of the Ozark Pipe Line Corporation established in 1919.
Our share property in various other petroleum companies was increased
in 1919 by /526,383.
An up-to-date distilling installation was started at
Netherlands India.
Pangkalan Brandan, and a small one for crude oil at Ceram. In view of the
considerably increased output at Balikpapan, the refinery there was again
extended and the niunber of tanks hicreased.
The output of the oil fields in Netherlands India has (embracing South
Siunatra, North Sumatra, Borneo, Java and Ceram) increased from 1,706,675 tons in 1918 to 2,092,917 tons in 1919, Borneo affording 1,372,006 tons
against 999.174 tons in 1918.
On Dec. 31 1919 the storage capacity aggregated 868.390 tons as against
835.900 tons in 1918. There are under construction 18 tanks with a capacity of 58.000 tons.
Serawak.
In 1919 the output totalled 84,342 tons as against 71.366 tons
The new refinerj- commenced working in 1919.
in 1918.
Egypt.
The output during 1919 amoimted to 231.179 tons of crude oU
as against 277.300 tons in 1918.
Russia.
The situation in Russia remains chaotic. The Grozny. Baku
and Ural districts are once more in the power of the Bolsheviks; our employees, however, were able to leave the country in safety.
The output of the Grozny fields could not be exported at all; that of
Baku only in inconsiderable quantities; while inland sales from the output
of the properties were also insignificant. Nor did any appreciable quantities from the Ural district find a market.
We are still wnable to give any reliable survey of the financial position of
our Russian interests.
Rumania. Because of the transport crisis and the prohibition of free
During
export, almost all disposable storage space has been taken up.
the S limm er, all work was stopped for about 6 weeks by a strike. Boring
and production had to be reduced to a minimum on account of the shortage
of storage space; so that the output of the Astra Romana in 1919 amoimted
to only 238.632 tons, as against 300,140 tons in 1918.
On the Baicoi field a gusher was started in Sept. which, in the 5 months
up to Jan. 1920, delivered 38,869 tons.
The refinery recommenced work on a limited scale in Jan. 1919, and the
lubricating oil factory, for whose extension materials have been ordered
has also been working since May. Both closed down several times for the
reasons already mentioned.
The Royal Decree of last September, temporarily rescinding the Rumanian Consolidation Act, and the difficulties placed in the way of exports
and new borings, have not faOed to awaken uneasiness in the petroleum
world, as they were associated with the Intention, ascribed to the Government, of monopoUzing the petroleum industry.
The pipe-line to Constantza was put into service again on Aug. 31, with
frequent inteiTuptions; no export, via Constantza, took place in 1919.
The Franco-British-Rumanian Commission is engaged in determining
the damage caused to our interests by the devastations of war.
Subsequent to the Armistice, the Astra Romana was placed under a
—
—
1
E.&
TFairbanksiCo. 1,500,000
If Rumania and Ku.ssia recommence an appreciable export of oil, the situation will undoubtedly improve; on the other hand it must not be forgotten
that it is anything but certain whether America, that shipped about 1.000,000 tons in 1919, will be able to maintain the export quantities to which
—
1920.
Ket
present circumstances.
last
Fairbanks, Morse & Co., Inc.
{Report for Six Months ended June 30 1920.)
Cost of sales,
Automobiles in U. S. In the United States the number of automobiles
which a few years ago figured at 4 million, reached 6 million in 1918, exexceeded 7 million in 1919 and is expected to pass the 10th million by 1921.
Such a rapid increase naturally causes a great shortage of petrol under
oiM
wo^
—
—
—
—
military director but this
—-The
was withdrawn in March 1920.
North America.
Roxana Petroleum Corporation once more acquired
favorably situated claims. The fields in North-CentralTexas fell short of anticipations, but the Covington output was raised to
800 baiTels of very light oil per day. The output of the Yale property was
Suice Jan. 1 192(1 the Roxana
likewise increased to 1.000 ban-els per day.
has been able to obtain from the Jennings exploration territorj- in Oklahoma, an additional yield of 6.000 barrels per day.
The total output for 1919 amoimted to 2,888.000 barrels.
From Healdton to Cushing. 126 miles. 2,573.000 barrels were pumped:
while the pipe line from Cushing to St. Louis. 428 miles, carried 4.849.000
barrels, of which 2,173,000 barrels were for account of third parties.
The refinery at St. Louis handled 2,591,000 barrels of crude oU.
A conunencement was made with the extension of the factory, so that the
nominal capacity vnW soon reach 16.000 barrels per day.
The total storage capacity of the Roxana for crude oil and products is
about 3,000.000 barrels. The dehvery equipment was Increased by 100
tank-wagons.
The projected reorganization of the Roxana Petroleiun Co. of Oklahoma
and the expansion of its capital were carried through; the properties of
this company were transferred to the Roxana Petroleum Corporation of
Virginia and the Ozark Pipeline Corporation; while the headquarters of
these companies were removed from Tulsa to St. Louis, Mo.
In 1919 a start was made with the erection of a refinerj' at New Orleans
for the New Orleans Refining Co.. an American concern in our groups
The refinery is now ready and will, for the present, work Mexican crude oil.
The capacity totals about 5,000 barrels a daj'.
California.
The exploration work of the SheU Co. of CaUfomia waB
contmued uninterruptedly.
Some exploration tenitories. aU situated in Eastern Ventura, were
abandoned on account of disappointing results, but a couple of Ventura,
Development is being prosecuted vigorously
wells are producing regularly.
In the Los Angelos district (MontebeUo) several new exploration fields
have been leased. The exploration is being assiduously undertaken.
The total output in 1919 was 6,703,295 barrels.
The pipe line from CoaUnga to Martinez, with a length of 1*0 mues,
carried 6. 120,861 barrels in the year.
.«
j
„
The refhiery of Martmez worked, in 1919, 6,124,000 barrels oil crude oU.
Mid-Continent.
in 1919, various
—
—
—
.
Aug. 14
THE CHRONICLE
1920.]
The tank fleet of the Shell Co. of California, requisitioned by the U. S.
Government in 1918. was restored at the beginning of 1919.
The Shell Co. of California now has at disposal storage accommodation
about 5,000.000 barrels.
Mexico. Not until the issue of the decree of Jan. 17 last was an opportunity again provided for obtaining temporary boring concessions.
The territorial property of the Petroleum Company "La Corona" was
extended by about 6,800 acres. The San .lose de las Rusias property was
returned to its owners and the lease of the Punitete of the Tampico Panuco
Petrolemn Co. was not renewed.
Borings are about to be commenced on Panuco and Topila territories to
the nortli. as well as on the Zacamixtle field in the south.
Our output in 1919 was still held in check by the shortage of shipping.
In 1920 a considerable improvement in this respect has come about.
The output for 1919 was 853.000 barrels.
The stock of crude oil in iron reservoirs on Dec. 31 1919 amounted to
1.608.210 barrels.
It has appeared wise to extend the pipe-line capacity to about 30,000
Schemes for the laying of a pipeline from the southern terbarrels per day.
New tanks with a total caparitories to the coast are under consideration.
city of about 6,000,000 barrels were ordered.
We decided to build a factory for working 30,000 barrels of crude oil per
day at Chijol. the terminus of the pipe-lme and likewise the landing stage
The necessary material has been ordered.
for our tank steamers.
The Mexican Eagle (El Aguila) with which co-operation was established,
has been developing as expected. The Naranjos field of this company
proved to be a very rich oil district.
Curacao. ^Owing to lack of transport, it was possible in 1919 to handle
only sUght quantities of Venezuelan oil, but a regular supply at the factory
The capital of the
in the second half of 1920 may be confidently expected.
Curacao Petroleum Co. was raised to /7, 500, 000 in 1919.
Venezuela. -Various tracts were handed back to the Government, but
the fields retained will, we hope, before long contribute largely to our crude
The output totalled, in 1919, 42,500 tons.
oil output.
The local sales of our San Lorenzo factories increase regularly, local
demands in 1919 being mainly satisfied by our company.
Expansion of Fleet. -Our ship carrying capacity, which last year aggregated 263,746 tons, is now ,544,669 tons, an increase naturally necessating
heavy expenditure. The control of other vessels places at our disposal a
jarger capacity than that named above.
Financial Situation.
The financial results have been in every way
satisfactory.
The balance sheets of the Anglo-Saxon Petroleum Co., the Asiatic Petroleum Co. and the Bataafsche Petroleum Co. could not be dra^^^l up before
the publication of this report, so that in our balance sheet one item is entered as dividend for all the companies togetlier.
The profits for the past year figure at /100,099,883, which permits of a
on the Priority shares and
dividend of 4% on the Preference shares, 4i^
45% on the Ordinary shares, of which 15% has already been paid as interim
balance of /927.664 remains
dividend [and 30% was paid in July 1920].
to be carried forward.
[Signed by H.. W. A. Deterding. General Managing Director and H.
Loudon and A. J. Cohen Stuart. Managing Directors.)
for
—
General Cigar Co.,
—
—
—
%
A
AND
PETROLEVM PRODUCTION OF ROYAL DUTCH
CO.
Calendar Years
(1) Netherlands-India
1919.
No. Tons.
(d)
South-Sumatra
North-Sumatra
Borneo
Java
(e)
Ceram
301.274
176,703
1,372.006
235.814
7.120
1918.
No. Tons.
283,651
194.417
999.174
225.879
3.554
2.092.917
1.706.675
1,687,391
84,342
231,179
See text
238.632
71,366
277,300
See text
300.140
76,738
134,700
1,561.186
See text
2.888,000
6,703,295
853.000
42,500
3,261.000
6,789,170
336,200
57.203
3,410,000
6,357,000
737,200
— —
(a)
(b)
(c)
Total
•
all
(2) Serawak (tons)
(3) Egypt (tons)
(4) Russia (tons)
(5) Astra-Romana (see text)
(bbls.)
(6) North America
(a) Roxana Petroleum Co.,
—
(b) Shell
(7)
(8)
Mexico
Okla.-
Co. of California
(bbls.)
Venezuela (tons)
SUBSIDES.
1917.
Tons.
No
266,050
317.334
869,123
232.636
2.248
ROYAL DUTCH CO.—PROFIT AND LOSS ACCOUNT.
1919.
1918.
In Florins.
In Florins.
Dividends from Shares
Bataafsche Petroleum Mij
[86,198.125
af
Shell Transportation & Trading Co3,782,301
Shares Shell Co. of California and-|112,682,080^
Roxana Petroleum Co
1,152.942
Other companies (estimated)
228,232
I
Interest and difference in exchange. .
5,586,834
5,021.290
Sundry revenues
294.254
-477
—
1
I
I
Income from investments, &c
Admuiistration, &c., expenses
1.447,853
140.878
4,050.675
126.246
118,269.391
18,169,508
Priority .shares (4}^ %)
Ordmary shares (6%,)
96.677.145
24,486,834
49,740,074
5,366,505
..100,099,883
60.000
1,282,500
12,829.080
Balance for dividends..
Preference .shares (4%)
72,190.311
60.000
1,282,500
10,263.264
44.373.569
60,000
1,282,500
5.131,632
Balance, surplus
85.928,303
Gross profits
—
60,584,547
37,899,437
Available for Dividends
of above surplus
79.913,322
12.829,080
6% on ordinary shares.
Undivided .surplus carried forward... 1,146,230
Commis.saries' excess
3,257.132
56,343,629
10,263,264
737,716
2.223,382
35,246.477
5,131,632
106,685
1.305.978
97,145,764 69,567,990 41,790,772
(45%)96,218, 100 (40)68421760(48)41053056
Undivided balance
927,664
1,146,230
737,716
The report for 1919 says that on account of the above dividend of 45%
an interim dividend of 15% was distributed on Jan. 15, leaving 30% still
to be paid on dividend coupon No. 47.
a Includes dividends on Anglo-Saxon Petroleum Co., Ltd., and Asiatic
Petroleum Co., Ltd.
Note.
[In 1917 the Dutch florin had an average value of about 46 cents.
1918 about 47 cents, 1910 about 38 cents as against 40.2 cents, the
normal rate of exchange. Ed.]
—
BALANCE SHEET DECEMBER
A.tscts
—
1919.
III,
Florinx.
N2 ,000
1918.
Iti t'lorims.
LlabUities
31.
1919.
1918.
In Florins.
—
In Florins.
28.945.600 Share capital. ..370,000,000 200.000.000
Sh'sfoielKiicosji. 149.810, 154 127,446,055 Pref. share cap_
1,500,000
1„500.0(K)
Shares American
Priority sh. cap. 28,500.000
28.500.000
companies ... 58,469.213 55,776,213 Creditors
44.095.094
5,154.283
Cash
65.013.439 Unclaimed dlv.
28.253,611
Securlles
priority stock.
4.757.251
198.437
424,382
Debtors
185,023.407 77.025,021 Unclaimed diva.
541.700 20.083.031
Dividend priorUndivided dlv.. 1,146,230
737.710
ity stock
041.250
641.2,50 Interest account
571,116
50,005
Reserve
31,726,574 30,9frl.441
Protif & loss acctl00,099.883
72.190.311
I'nls.iiied
Total
shares
.
578.379,6;J4 359.604,829
Total
678.379.634 359.004.829
1
,
1918.
S3. 620.951
a420,339
1.824.628
$3,045,082
312.296
1,281.068
Profit from operation
Miscellaneous profits, interest, &c
$1,815,405
90.240
Sl.375,983
50.463
$1,451,718
32,058
$1,905,645
$91,225
$1,426,448
$163,686
$1,483,776
262,799
175,000
175.000
175.000
$1,228,622
$677,023
$700,766
.$725,682
.$754,900
.$728,876
Total profit
Interest on loans, &c
Reserve for shrinkage in value of
materials, &c
Dividends on Pref. stock (33^%)
raw
.$217,820
Dividends on Common stock
(3%)543,120 (2%)362.080 (2)362,080
Dividends on Debenture Pref. stock.
156.478
Total
Balance, surplus
a Includes provision for "1919 Federal taxes. &c."
CONSOLIDATED BALANCE SHEET JUNE
—
1920.
1919.
A.i.'sets
.S
S
Capital assets*... 2 1,922 ,984 21.686,148
Common stock for
employees
154,847
Debent. Preferred
stock (cost)
137,620
Insurance &c ., prepaid
238,196
205,921
Supplies. &c
16,750.479 11,982,916
Bl!s receivable...
390.304
328,468
Accts. receivable,
lessieserve
3.643,156 2,664,315
Cash
2,167,030
715,479
Liberty bonds
4,550
292,289
,
Total
30.
1919.
1920.
UaMlltles—
-S
Common
stock. ..18. 104, 000 18.104,000
Preferred stock... 5,000,000 5,000,000
Debent. Pref. stock 4,620,800
Accts. payable, &c.al ,781 ,367
1.596,043
Bills payable
6,697,854 6,224,257
Spec'l cap. reserve 1,000,000
1,000.000
Deb. Pref. div. pay.
78,239
Reserve
for
war
taxes (cur. year)
565,000
Re.torshrlnk.inval.
of rawmat'I,&c.
609,288
Surplus
6,728,949
Insurance reserve.
224,267
45.409.766 37,875,536
Total.
420.339
5,392,762
138,135
37.875.536
.45.409,766
Includes as of June 30 1920 good-will, trade-marks, patent rights,
$19,326,003; real estate, buildings, machinerv. equipment and furniture
and fixtm-es, $1,578,112, and mvestments in affiliated cos., $1,018,869.
a Includs previous year's Federal taxes unpaid.- V. 110, p. 1752.
*
—
Certain-teed Products Corporation.
{Report for Half-Year ended June 30 1920
Cal.
Year Results.)
President Geo. M. Brown says in brief:
For the six months ending June 30 1920 our corporation established new
high records for the first six months of any year in volume of sales and
shipments and in gross and net profits. Shipping and labor conditions
prevented even higher records. The demand, especially for our advertised
Certain-teed brands, was at all times much greater than could be supplied,
but was below normal.
The net income, after deducting all expenses and after setting aside
reserves for depreciation and Federal taxes and after paying all accrued
dividends on the Preferred stocks, left available to the Common stock ,$12 69
per share for the six months as against $22 47 per share for the year ending
June 30 1920.
In view of this condition the board voted to put the Common stock on a
regular quarterly dividend basis of SI per share beginning July 1 1920, and
also declared a special extra dividend of $1 per share on Common stock
payable July 1 1920. It is believed that the fixed quarterly dividend on
the Common stock should be limited and that extra dividends along conservative lines should be declared at such times as the condition of the
business will justify.
First Six Months
Cal. Year
1920.
1919.
1919.
Gross operating profit x
$2,862,062 $1,108,495 ,$3,637,125
19,873
Other income
1,557
29,735
Total income
$2,881,935
Selling, general expenses
Net
and interest..
profit
Federal taxes (1920 est. for 6 mos.) ..
.4dd Federal taxes 1917-18
First prefrrrrd dividends
Second preferred dividends
Conmion dividends ($2)
War donations, &c
Miscellaneous
1
,627,8g2
$1 ,110,0,52
1 ,107,070
.$3,666,800
.$2,982
$1.104. ,599
$1,254,053
200,000
2.562.261
205.000
6.544
_.
110,6881
67,375/
140,000
180.2501
225.7.50
I
134.750
33.591
.$735,990 def$210.859
Balance for period
and loss surplus end of period. .$2,446,396 $1,013,022
Profit
28.120
30 140
.$474,289
Sl.698,169
X After deducting repairs, maintenance and depreciation.
GENERAL BALANCE SHEET JUNE 30
—
1920 (Total eachside, Sll ,930,198)
LiaMlities—
5340,583 Notes payable
Cash
SI ,125,000
Accounts and notes receivable. 1.876,515 Accotmts payable
569,569
24,288 Dividends payable July 1
Miscellaneous
227,938
2,039,061 Accrued taxra
Inventories
109,094
Empl. stock purchase acc'ts.. •466.249 Res'ves for dtiUbtful acc'ts,<tc.
27.193
123.022 Reserve for 1920 Federal taxes
Prepaid expenses
200,000
85.000 First Preferre<l stock
Invcstment.s In other cos
3,100,000
3.390,213 •Second Preferred stock
Real estate. &c...
1,925,000
289.630 Com. stock (70,000 sh.ares)... 2,200,000
Water power rights
3,295,631 Surplus
Good win. &c
2 ,446,396
* The market value of the .stock collateral held against employees' stock
purchase accounts is in excess of the amounts due by them.
[Writing of the year 1919, President Brown on Feb. 2S said:
Over 98% of our products are going out under our factory
Orders.
brands. The demand for buildings of every kind and description factories, homiw, apartments, theatres, hotels, schools, railroad stations,
It seems impossible to catch up with
&c., &c., is at enormous figures.
—
—
demand for several years. The i)rescnt demand is for everything wo produce and covers every part of the country.
During the year we spent and charged
Depreciation, &c.. Charged Off.
off our largest annual fund for advertising the name Certain-tetxl: we set
ample reserve for depreciation and made ainiile expenditures for upaside
keep, all of these amoiuits charged off being larger than for any previous year].
this pressing
—
COMPARATIVE BALANCE SHEET.
1 ."iO. 1
xlncluoesin 1919 shares in the Bataafsche Petroleum Maatschappij.
lib.OOO.non florins; Anglo-Saxon Potroleum Co. (£4.800.000). .57.600.000
norms; Shell Transport & Trading Co., Ltd. (£1,451,196), 17,414,3,52
tlorins; Asiatic Petroleum Co., Ltd.
(£2,100,0001, 25,200.000 florins;
Sooietate Anoninia .V.slra Koniatia iLci
.()23,9()()i
2.219,172 florins; and
other petroleum conipanifSi, 2,195.710 florins; total all shares.
230,929 504
Uorlns; less 81.119,410 florins r(>served difference between par and
book
values: balance as above, 149,810.154 florins —V. HI. p. 395.
York.
$5,083,072
Provision for Fed. taxes (current year)
565,000
Administration and seUtng expenses. . 2,702,667
Assets
93%
Total
Ordinary dividend
1917.
In Florins.
41,793,125
2,181,297
New
(Report for Half- Year ended June 30 1920.)
Six Months to June 30—
1920.
1919.
.
—
689
.•1
ssets
1919.
S
—
Real estate <te... 3.059,499
2S9.630
Water i)cwer rights
227,728
Cash
12.329
Customers' notes.
Accts. receivable
1.2.52.983
Cusl'rs leas res.
03,891
Mlscel. aceotmts
Raw materials, &c 1,719.074
lOxp.pd. In
advance
47.918
Invest. In other cos
94,821
Sink. fd. 1st pf. stk
trade(;ood-wllI,
mks. patents, &c 3,295,630
Liberty Loan
Empl .stk .pur .acct 416"265
,
Total
-V. 110.
10. 4.80. ,108
p.
2490.
1918,
S
3,025.526
289,030
199,435
12,043
—
Liabilities
First pref, 7''; stk.
2d pref. 7'"c slock.
1919.
S
3.225.000
1.925,000
1918.
$
3.225.000
1.925,000
Com. stock— no
par val.<leclared00.000 shs at S30 l.SOO.OOO
839,005
10.000 shs. at S40
400.000
194.821
39,882 Notes payable
1.871.000 .\ecounts payable .
037.364
.50,7,')5 Pref. dividends...
90.12,-1
10,000 AcrriUHl taxes
209.828
1 ,026 Surplus
1.698.169
l.SOO.OOO
200.000
1,185.000
200.173
90.125
5.<,64l
1.223.881
3,295,630
25.000
248.022
9.908.820
Total ...
10.480,308
9.908.820
THE CHRONICLE
690
The "Shell" Transport & Trading
Co., Limited,
London.
(22d Annual Report — Year Ended Dec. 31 1919.)
This company, a close ally of the Royal Dutch Compan\%
which o-ftTis some 17J49c of the outstanding ordinary stock
(Compare V. Ill, p. 395) reports over signatures of Chairman Sir Marcus Samuel, Bart, and Director R. J. Black
(Compare Royal Dutch Co. above.):
in brief as follows
Including the balance. (£1.136.877) brought forward from 1918, there
a credit to the Profit and Loss Account of £5,899,601 [created by adding
'"interest on investments, loans, etc." £189 ,.383 and "dividends from sundry
companies and other credits less debits," £4,573,341. Ed.] Dedvicting
management, interest, legal and other expenses, which in all amount to
£49,355, there remains £5,850.247 to be carried to the balance sheet. From
this amount Preference Dividends (absorbing £100,000) and interim
dividends (absorbing £1,285.764) have already been paid.
After payment of the dividends distributed there remains a balance
of £4,464.483 from which your dii-ectors recommend that a further and
final dividend for the year 1919 of 5s. per share be paid on the 5th July
(making 35% for the year), leaving a sum of £1,242.622 to be carried forward to the current year subject to provision for Excess Profits Duty.
The Dividends on the Ordinary Shares are paid free of Income Tax.
This company's profits depend on the dividends declared by the Companies in which it is a shareJiolder. and it is on this basis that the accounts
are presented.
During the year under review, there have been issued in New York
750,000 Shares at a premium of £4,390,625. of which your Directors have
placed £4,000.000 to Reserve Account and the balance, £390,624 13s. 8d.,
to Securities Depreciation Account.
The Directors are satisfied that ample provision for depreciation has been
made over the numerous companies in which they are interested, and the
reports received from them enable the directors to assure the shareholders
of the continued prosperity of the business.
The representation of the company on the Boards of the Anglo-Saxon
Petroleum Co., Ltd., and the Bataafsche Petroleum Maatschappij remained
unaltered, but Sir Marcus Samuel having now resigned from the Board of
the latter company, Mr. R. J. Black has been appointed in his place.
[As to sale to shareholders of 50% new Ordinary stock at par in July
1920. see V. 110, p. 1754. 2663; V. Ill, p. 79.1
Digest of Statement of Chairman at Annual Meeting on Jaly 6.
The production from the company's fields in the
Netherland Indies.
Netherlands Indies in 1919 amoimted to 2,092,917 tons, compared with
1,706.675 tons in 1918.
We have high hopes that now that matters have become nearer normal
and boring material and shipping opportunities more available, we shall, in
these productive fields as well as in many others, increase out output of
crude oil, and so meet the ever-increasing demand for petroleum and its
products.
Among om- many ventures Venezuela is developing satisfacVenezuela
We have purchased from the British Government a number of
torily.
monitors and these ships of shallow draft have been converted into tankers
and will be used to convey oil from Maracaibo to otir refineries at Curacao.
It is anticipated that we shall upon delivery of the whole of the crafts purchased enable Venezuela to take its place among the large oil producing
areas of the world.
Mexico was
Mexico. Although during 1919 our output of petroleum
limited to under 140,000 tons, seeing that we had in our reservoirs 200,000
But we are now laying a pipeline having
useless to increase it.
tons, it was
a capacity of 5,000 tons a day, and we are erecting a refinery capable of
treating the same quantity and we entertain strong hopes that our production -will suffice to keep these facilities fully employed.
The coupline of our resources in Mexico with those of the Mexican Eagel
Co., who also possess great productive power, adds calculable to our petroleum strength and enables us to affirm that we could, in case of need,
furnish the British Government with their requii-ements of petroleum
products from fields so widely placed as to render it, humanely speaking,
improbable that we co jl;l not fulfill them.
North America. In Nor. America we have greatly improved our position,
having produced from fresh districts acquired by us no less than 2,888,000
bbls. in 1919. while the total production of the Roxana Co. was nearly
3.000,000 bbls. We anticipate that this production will be still larger in
tiie current year.
^^
,
,
During 1919 the company issued 750,000 shares in New \ ork
Neiv Stock.
AVith our large interests in the United States it is
(see V. 109, P- 377).
thought a source of strength to the group that American capital should be
invested in the business. The issue was a complete success.
A premium of £4.390.624 was realized, and of this £4.000,000 sterling
has been placed to reserve fund, bringing up this amount to £5,000,000,
whilst £390,624 has also been taken from the proceeds of the issue to write
down our holdings in Investments.
[Ordinary shareholders in July 1920 were allowed to subscribe for a further
50% of new ordinary stock at par, payable on or before Aug. 14. V. Ill,
p. 79; V. 110. p. 2663.]
Is
—
—
NEM
,
—
m
—
—
—
—
and Ralph Budd.]
—2
(1)
—
.
—
PROFIT
AND
LOSS
ACCOUNT FOR CALENDAR YEAR.
1919.
Int.
on
1918.
1919.
1918.
£
£
£
£
2.852,945
1,239,032
inv., loans,
&c
189,38.3
Balance
121,700 Previous surplus-
-
4,713,369
1,136,877
Divs. from sundry
&c
COS.,
4,573,341
4,091,977
100,000
41,172
2,893,603 Reserve account..
16,365 OrdinTy dividend.x4,507,625 x2.813,927
1,425
8,368
14,500
Total
2,771,903
Preferred dividend
General, &c., exp.
4,762,724
19,754
Deprec.on invest's
Exp'n'son new iss-
9,601
Stamp
20,000
duties
x35%,
2,852,945
paid in January
4,713,369
Balance
viz.:
10%
5,850,246
100,000
Balance, surplus 1,242,621
and 25% paid in July.
31.
1919.
1
Utica
Leetonia (H)
7
—
1918.
£
I
1
I
25.958,433 15,535,863
Total
2,000.000
8,039,791
1,000,000
60,000
86.770
373,498
25,000
3,950,804
25,958,433 15,535,863
Total
X Reduced to £1,242,622 (subject to excess profits duty) by following
further deductions included in foregoing income account, viz.: Dividend
on Ordinary shares, interim div. paid in Jan. 1920 £1,285,764; final div.
on Ordinary shares, payable in July 1920, £3,221,861.
y Include British trustee securities, £57,335; other British securities,
£17,738, foreign government and municipal stocks, £31,087; colonial government railway and municipal stocks, £192,355, foreign treasury bills,
£22,800.
b% War Loan, 1929-1947, £928,580; National War bonds,
£3,551,184; 4%, Victory bonds, £845,532; Exchequer bonds, £1,368,216;
and British treasury bills, £1,488,305; less depreciation being part premium
on new issue in United Stales, £390,625.— V. Ill, p. 395.
Great Northern Iron Ore Properties.
Annual Report Year ended Dec. 31 1919.)
{\Zth
—
May
31,
text of the report, dated at St. Paul, Minn.,
is in brief, as follows:
During the year the followProperties Leased to Clcceland-Cliffs Iron Co.
ing properties were leased to The Cleveland-Cliffs Iron Co., of Cleveland.
O., viz. (a) Big North Star Iron Co.. the NJ^-SWM of Section 17 and
NEji-SEJi of Section 18 in Township 56 North, Range 23 West, Itasca
Co., Minn., now known as Tiumbull Mine; the NJ^-NEM of section 21 in
Township 56 North, Range 24 West, Itasca Co., Minn., known as North
Star Mine; and the NWM-SEK of Section 21, in Township 56 North,
Kangc 24 AVest, Itasca Co., Minn., now the Bingham Mine, (fi) By
The
—
cl920
Royalty
Trust,
Minimum. Tons
to
Net.
West Stevenson (K).North Stevenson (M)Sweeney (>^)
Totals
11 Harrison
300,000
100,000
150,000
200,000
2,012,099 54,008,521
do
do
do
do
do
do
.Stevenson
825,000
15%
287,055
527.982
119.861
do
do
do
Lamberton-Annex
No. Uno G.N. (part),
Kevin
Leasehold
oJ
75,000
total!
Ore
30%
total ore\
344
27,606
32.617
620,209
1,840,009
591,236
30%
total ore
36,801
357,390
250,000
/
/
150,000
100,000
(a)
SI 10
30%
total ore\
less un'ly.roy-j
15 Smith
do
16 L. & W. (K)
Feehold
17 Mace No. 1 (H)
do
18 Mace No. 2 (K)
do
19 Warren (M)
do
20 Enterprise
do
21 Harold
do
22 No. Uno G.N. (part), do
23
24
25
26
27
28
29
30
31
South Uno G.N
Thorne (90.61%)
Wab'nNo. 1 (90.61%)
Wab'n No. 2 (90.61%)
Fay
74.389
742
of proceeds
§100
221.939
7.990
9,955
99,153
2,029,273
1,326,154
1,261,358
303,588
Mississippi
South Agnew
15%
total ore
SI 10,95c,65cl
85c
SI 00, 70c
SI 00, 70c
70c
}
SI 15 to 70c
65c
45c, 40c
70c, 40c
SI 05, SI 00
75c
SI 25, 95c, less
1
1
Hill-Annex
15,549
670,835
61,307
235,933 10,185,145
448,119
535,992
3,069'.647
1.531,688
do
do
do
105,522
^.Feehold
Leasehold
Hill
..Feehold
North Star (90.61%). do
Trumbull (90.61%).. do
Bingham (90.61%)... do
575,758
211,888
1,391,607
279,465
Miscellaneous
do
—
totals
75c to 35c
SI 10 to 70c
net proceeds
SI 10 to 60c
85c to 60c
SI 10 to 60C >
85c to 60c J
H
6,531,120
1,167,410
9,899
3,086,939
18,489
300,000
700,000
dock
30c
45c
1,659.958
Boeing
Walker
750,000
1
do
do
do
do
Wade
10,000
10,000
200,000
SI 00
918,607
448,187
Ireight to
32
33
34
35
36
37
38
39
40
41
42
75,000
75c
50%
1,0.53,267
Leasehold
Dean
Dunwoody
363,783
73.590
112.288
159,150
do
do
do
do
Leonard (H)
Missabe Chief
Grand
I
—
1,237,167 29,159,768 27Hcto 12HC
326,338 3,994,260 20c to 12J^c
375,178 6,925,659
36c
73,416 11,600,801 20c to 12 He
1,846,174 20c to 12 He
473,524
36c
25c
8,335
Feehold
(2)
New Leases":
8 Ann(M)
Feehold
9 Patrick 04)
do
10 North Harrison (H)..
do
12
13
14
ol
of Trust.
Mahoning
2
3
4
5
6
Number
-Gross Tons Shipped1919. To Jan. '20.
Interest.
Totals
BALANCE SHEET DECEMBER
1918.
1919.
LiaMlUies—
£
£
£
account. 12 ,036,905 11,019,820 Preterence shares
Property
issued
2 ,000,000
Debtors and other
153,026 Ordinary sh's iss'dl2 ,857,641
412,484
accounts
Keserve account.. 5 000,000
Dlvs. In sundry
4 635,614 1,387,525 Exc. adjust, acc't- .
cos. accrued
Investments
y8 112, .506 2.764,923 Sundry cred. on
cur. acc't
290,867
Asiatic Petroleum
'Divid'ds unclaim'd
34,677
Co. .Ltd. (ruble
25,000
73,128 Pref. div. accrued
account)
100,000 Profit & loss acc't.xS ,750,247
100,000
Fixed deposits
37,441,
600,923
.Cash
Assets
1,136 878
Mine.
"Old Leases":
100.000
50.000
500,000
80.000
250.000
150,000
1
Not
250,000
leased
3,880,000
4,705,000
Crete Mining
3,865,145 40,804,648
5,877.244 94,813,169
Nos. 1 to 42 OperatlJig Interests.— (.1) Mahoning Ore & Steel Co., (2)
Co. (Pickands Mather & Co.), (3) Leetonia Mining Co. (Jones & LaughUn Steel,
Co.), (4) Stevenson Iron Mining Co. (McKinney Steel Co.), (5-6) McKinney Stee
Co. (mines worked out)", (7) Donora Mining Co. (U. S. Steel Corporation), (8-15Butler Brothers, (16) Hanna Ore Mining Co. (under contract, mine exhausted DecJ
1918), (17-18) Mace Iron Mining Co., (19) Mead Iron Co. (Tod-Stambaugh Co.).
(20-29) Hanna Ore Mining Co., (30) Dean Iron Co. (Tod-Stambaugh Co.), (31)
Orwell Iron Co. (Tod-Stambaugh Co. and Inland Steel Co.), (32-34) Inter-State
Iron Co. (Jones & Laughlin Steel Co.), (35) Cleveland-Clilts Iron Co. and Struther
Furnace Co., (36-40) Mesaba-CUIIs Iron Mining Co., (41) see text, (42) Idle (not
now under lease)
Total shipments and royalty rates are shown In this table, the proportions ol the
trustees being indicated where their interest is less than the whole.
(a) Lease to Butler Brothers provides lor exhaustion of mine before June 30 1931
(c) Minimum shipments lor year 1920 called lor by leases of property to others.
TRUSTEES' STATEMENT OF RECEIPTS AND DISBURSEMENTS.
1916.
1917.
1918.
1919.
from—
52,000,000
West Missabe Land Co
100,000
Leonard Iron Mining Co
5200,000
II.
Receipts
North Star Iron Co
176,370
1,062,000
150,000
770,000
1,433,000
85,000
1,940,000
5174,900
1,260,000
570,000
448,000
1,748,000
217,600
138,500
55,816,370
27,879
54,557,000
37,725
590,958
52.100,000
78,548
Total receipts
S5 ,844 ,249
Expenses, &c.
893,617
Dividends on trust certificates.. 6,000,000
Amount per share
(S4)
S4.594.725
572,222
6,000,000
890,958
8101,366
2,250.000
52,178,548
S89,663
1.S75.000
Arthur Iron Mining Co.
Grant Iron Mining Co.
Harrison Iron Mining Co
Tyler Iron Mining Co
Van Buren Iron Mfg. Co
Fillmore, Polk. &c., M. Cos.
Total dlvs. received
Interest,
&c
Balance for period
Balance brought forward.
Total surplus Dec. 31.
\
'
Developed Mines, Operated by Others, Showing (1) Whether Held on Feehold or
Leasehold: (2) Shipments & Minimums; Also Royalties Receivable by Trust.
I.
,
—
SEH-NW
Polk Iron Mining Co., the
and
'4 of Section 17 in Town,
ship 56 North, Range 23 West, Itasca Co., Minn., known as Hill Mine
(c) By Arthur Iron Mining Co., the SEM-SW^ and SW^-SEM of Section
6 in Town.ship 57 North, Range 20 West, St. Louis Co., Minn., now known
as Boeing Mine and formerly known as Longyear No. 2 Mine.
The es-sential terms of the leasee are .set forth in lines Nos. 36 to 40 of
Table I, below. In addition to the royalty provided in the contracts, the
lassee of these properties will reimburse the several proprietary companies
all moneys heretofore paid by them for taxes, explorations, &c., on account
of the Trumbull, North Star, Bingham and Hill Mines, and all advances
royalties heretofore paid on account of the Boeing Mine.
All of the interest of The Cleveland-Cliffs Iron Co. in mines and auxiUary
lands leased to it during 1919 have been as.signed to The Mesaba-Cliffs Iron
Mining Co. of Cleveland, O., a subsidiary company organized by The
Cleveland-Cliffs Iron Co.
Exchange of Interests in Hill and Walker Mines. As of Dec. 2 1919,
the I'olk and Jackson Iron Mining Companies deeded their undivided
on^half interest in certain ore lands in Itasca County, to the Lorain Iron
Mining Co., a sub.sidiary of the United States teel Corporation, and received deeds conveying to them the Lorain Company's undivided one-half
interest in certain other ore lands in which they previously owned an undivided one-half interest. The most Important lands included in this trade
are the Hill and the Walker Mines. The full interest is now owned in
the Hill Mine, and no Interest is owned in the Walker Mine.
Lease to Int. Harvester Corp. By agreement da'ed Aug. 22 1919, the
Grant Iron Mining Co. gave an option to the International Harvester Co.
to lease its undivided one-fourth interest in the EJ^-WNM of Section 27 in
Township 58 North, Range 20 West, St. LouLs County, Minn., now known
as the Bruce Mine.
This option was exercised in 1920, and the essentialterms of the lease will be shown in Table G of report for 1920.
Map. This report is accompanied by a map of the Mesabi Range showing, among other features, properties of the Proprietary Companies located
in and near the mineral belt of the Range.
The general features of the map
are the same as in previous years, with the table, revised to date, giving
shipments from mines owned or held under lease by the Proprietary Companies, also from such other Mesabi Range mines as have attained an
output of 1 ,000,000 tons of iron ore. The map shows further, by distinctive
shading, the lands covered by several of the inore important leases which
have been made to operating companies.
Proprietary Companies.
All business of a general character of the Proprietary Companies, the shares of Capital stock of which are held by the
Trustees, is carried on in the name of the Arthur Iron Mining Co., which
company has been constituted, in all matters of finance and operation, the
agent of each of the other proprietary companies, excepting that the Leonard Iron Mining Co. and the North Star Iron Co. of W. Va. have separate
bank accounts.
[Signed by Trustees, Louis W. Hill, James N. Hill. Edward T. Nichols
—
.
(Vol. Ill
(S4)
(SI. 50)
(51.25)
defS249,368dfSl,477,496dfS2,260,408 surS213,SS4
4,126,299
2,079,775
4,340,183
602,279
5352,911
5602,279
S2,079775
54.340,183
—
.
Aug. 14
THE CHRONICLE
1920.]
PROPRIETARY COMPAN lES— RESULTS OF MINING,
III.
[Part ot the disbursements are in the nature
1919
Revenue from
5316,741
•'Old leases" see table I\'
633,534
do
Irou M. Co.
Arthur
2,910,470
"New leases," see table V
526,617
Interest received
73,760
Advance royalty
Kefund of advance royalty:
of investments.
—
(ft)
To Dean
76,154
43,777
214,024
23,580
Iron
$5,162,987
$5,240,781
$4,999,593
$2,951,429
$67,605
10,538
653 ,007
$154,183
356,564
89 ,760
$77,271
Cr.80,737
353,359
$54,529
438,771
38,270
Cr.59,173
10,000
Cr.29,550
11.642
Cr.23,048
Cr.47,750
12,500
27,450
121,584
Cr. 120,000
Cr.31,157
28,598
14,996
25,587
175,864
M. Co
Total revenue
Deductions
Sundry expenses, &c
--.
—
Taxes on prop., &c
War and stock taxes
(t) Advances to Alexandria Iron
(0)
&c
Notes— Alex.
---
Co.,
— State
Co
minimum
Iron
Other leases
(t)
(k)
ik)
Advance
74,255
63,750
Cr. 110, 000
Cr. 125,000
--
royalties-
Dean Iron Co. bonds
Adv. to Dean Iron Co
Mine devel. & plant
Cr. 1,079
Concentrator development
Undistributed equipment, &c...
11,135
Temp. adv. Alworth lease
Mace Iron M. Co. adv
Cr. 279, 243
Mine operating expense
Divs. paid to trustee (as in pre5,816,370
ceding table)
218,270
-To others
-Producers' SS. Co. stock
Cr. 13,423
Bros
(0 Adv. to Butler
Cr. 100,000
Adv. to Orwell Iron Co
(0
Cr.200,000
(0 Notes—Hanna O. M. Co
649,779
(k) U. S. Liberty Loan
53,500
indebt-..
(t) U. S. certificates of
517
Cr.47"6",i86
6,591
597,001
11,220
47,158
Cr. 587
Cr.52,153
56,220
Cr.305,632
-
2,100,000
100,000
4 19, 400 (pur. at par)
131,896
1,373,472
800,000
90,000
1,000,000
4,557,000
18,118
----Cr.22,2o5
Cr. 100,000
Cr.200,000
3,302,160
Cr .750,000
«255, 279 $3,550,909
-. $6,755,120 86,849,141
Total net deduction-def .1 ,692 ,133 def 1 ,608,360sur4 ,744,315 Jdef .599 ,480
Balance surplus or deficit
paid on account of (ft) Dean,
(6 c d, e) Return, in part, of advance royalties
advances
Mississippi, Smith and Dunwoody mines; (c) Itasca and Eddy mines; (d)
Mining Co. There reto Sargent Land Co. of $3,750,285 assumed by Keewatin
mains unpaid a balance of principal, on the non-interest-bearing notes of the latter
of
company, of $260,693; (£) of $948,802 advanced Dean Iron Co. for development
Dean and Itasca mines.
,
,„,,„„,„
,
the proprietary companies under leases made in 1917 were
(ff) Taxes refunded to
In excess of payments, resulting in a net credit for that year.
Some of the amounts nave
(k) These items are In the nature of investments.
already been greatly reduced by collections.
„,,„„i
reimbursement of amounts princi(t) Represent balances owing from lessees as
mine expenditures in previous years.
pally reported as
,
,
IV.
SHIPMENTS AND RECEIPTS— ''OLD LEASES" AND ARTHUR
MINING CO.
-(2) Arthur M. Co.Great West
-(1) Under "Old Leases"
Royalty, &
Tons
Tons
Revenue
Average
Tons
Shipped.
Shipped.
137,270
41,624
5,344,078
6,008,074
Lease
Received.
Net Inc.
Royally.
Shipped.
$406,229
13.9940c.
-2.902,880
443,611
14.9664c.
-2,964,051
305,089
17.3525c.
1,758,182
336,203
18.4168c.
-1,825,519
$223,584
324,540
481,846
16.1540c.
2,982,821
544,994
617,287
ended
562,706
17.5457c.
3,207,091
955,274
'15.
539,409
Jan. 1
505,506
15.3908c.
3,284,469
1,468,155
633,913
392,680
14.3592c.
2,734,678
633.534
346.870
316,741
17.3603c.
--1,824,510
The "old leases' cover the Mahoning, Utica, Leetonla (H) Stevenson
jL.Li^
w^v. .^^..w.,
jYt/io
Note.
named,
and Sweeney (J^) mines (owned in fee by the controlled companies above
are
along with the other fee holds) and were made prior to March 1 1912. They
beld by the several companies above mentioned.
interests (see above) In and smce
The "new leases" have been made to various
19071909
1911
1914
1915
1916
1917
1918
1919
Accounting Difficulties. The labor strike throughout the bituminous
coal regions, which started on Nov. 1, lasting about six weeks, caused a
total suspension of operations at your mines. The RR. Administration,
in charge of coal distribution, confiscated a great deal of coal without
prompt notification as to where the coal was consigned; the result was
great confusion in accounting. The voluminous reports required by the
Coal Commision and the various Governmental departments have taxed
our accounting capacity to the utmcst.
Jan. 1919 the stocks of coal held by consumers were
General Conditions.
unusually large due to the cessation of the war and the mild winter. Readjustment to peace conditions left many consumers in doubt as to the
future. After the middle of the year, when the demand again increased,
our production was considerably restricted by shortage of railroad cars,
It was not until
until Nov. 1, when the strike stopped all operations.
late Dec. that production was resumed on a small scale, and our total
for the year was but 2,600,879 tons, being 800,000 tons less than
output
in 1918.
^
,
,
Market Conditions. Early in 1919 prices for coal went somewhat below
the Government prices, which remained effective until Feb. 1 1919. About
mid- year contracts were closed at about the former Government prices,
and the better grades sold at a slight premiiun. Government prices were
restored Oct. 30 1919, immediately following the strike and remained in
force until Mar. 31 1920. Existing contracts, however, were not affected
by the resumption of Government regulation.
Outlook.
As a result of the great strike and unusually severe winter a
marked storage in railroad cars, and a pronounced shortage and advance
in the price of fuel oil, coal supplies at the present time are very short and
consumers are clamoring for coal. Your company has adopted a policy of
conservatism and, while entitled to a liberal margin of profit, our policy
will be to dispose of our coal on a reasonable margin and to discourage any
are looking for a substantial
speculative or runaway market prices.
increase in our tonnage over last year and hope to show substantially better
results from operations.
Wages Following National Strike. A Commission appointed by the
President of the United States, after exhaustive hearings awarded an increase in wages appro.ximating 27%, this effective April 1 1920 and to be
the basis of the wage scale for a period of two years.
Lands. During the year the company purchased 129 acres and 13 small
pieces of coal rights, 2 small pieces of coal and surface, 112 acres of surface
to be used for a future town site and 86 town lots in the Borough of Cresson
for sale to our employees or others.
The coal rights purchased during the year are estimated to contam
600,000 tons; 74 acres of coal, estimated to contain 370.000 tons, were
leased, making a total addition to oiu- reserves of 970.000. tons.
An estimate as of Jan. 1 1920 shows our unmined caal as follows: (o)
Controlled by lease, 148.921,636 tons; (6) Coal rights owned in fee, 16,839,345 tons; Total, 165.760,981 tons.
^,„,„^
. ^
Our tax returns for the years 1917 and 1918 have not been
Taxes.
finally adjusted. For 1919 our estimates show that there will be no Excess
Profits The Income Tax for 1919 for the Corporation and its subsidiaries
is astimated at $63,987. [There was deduced from working capital in 1919,
Ed.]
1918.
.S772. 096 on account of Federal taxes for
Appraisal.— For the tax adjustments of 191/ and 1918, independent
appraisals were made as of Jan. 1 1914. by H. M. Chance & Co. ol Philadelphia and Jos. S. Sillyman & Co. of Altoona, authorities on bituminous coal properties. The two reports show as of Jan. 1 1914 the value
of the property without including working capital as about 39.500.000.
Our engineers estimate that a replacement of improvements and equipment at the present tune would cost not less than .S12.697.801 witliout
including anything for working capital or increased value of coal lands pr
leaseholds since 1914; although there has been a substantial increase in
value of leaseholds and coal rights since that time.
—
—
—
We
—
—
—
—
INCOME ACCOUNT FOR CALENDAR YEARS.
—
,
by the Arthur
On account of leasing its operating properties, mining operations hand 1,38(),082
Iron Mining Co., ceased as of June 30 1917. The company had on
of by lessees and the
tons in stock piles of wliich 1,366,991 tons have been disposed
balance will be disposed of during 1920.
V.
SHIPMENTS AND RECEIPTS UNDER "NEW LEASES."
Shipments.
Tons.
1915.. .. 420.988
1916.- ..1.215.776
1,637,051<
I
I
Hill-Annex,
also
Kevin, Smith and
Dunwoody (open pit), North Uno, G. N. Pattrick (M int.), Thorne (90.6% int.), Warren
(Vi int.), Leonard (H Int-).
,
(All
3.136.749
1918
1,819,207{
I
1919
3,267,052
above;
also
Wabigon No.
2,910,470 All above: also
CONSOLIDATED BALANCE
—
.
1918.
1919.
--$83,317,171 $84,929,483
36.143
43,869
182,421
^'^11 'J??
33,014
1,575,247
22,479
1,898.653
631 ,232
96.000
2,077,897
1,053,906
96,000
3,451.004
2,872,260
967.241
1,582,187
,,,
„
444,400
5,260,703
444,400
7,117.121
1,039,728
7.633
$3,'272,504
720.413
24,954
Bonds, Dean Iron Co., $210,000; Notes. Alexandria Iron
Co., $165,300; Keewatin Mining Co., $260,693; Hanna
Ore Co., $341,248.Stock— Mace Iron Mining Co., $25,000 (total Issue,
$50,000); Producers' SS. Co., $419,400 (total Issue,
--$960,000)
Cash (trustees, $390,707; proprietary cos., $4,869,996)
Royulties receivable, $100,331; acc'ts receivable, $146,750;
due on ore sales, $792,647; total (proprietary companies).
Int. accrued, not due
Total assets
LiabilUics—
Capital stock (of proprietary companies
.
$98,567 ,934$102,734,911
owned by the
812.988.400 $12,988,400
[The Great Northern Iron Ore Properties, the "trust
certificates ot beneficial
has outstanding 1,500,000
interest of no par value.]
038,406
951 ,954
Current liabilities (notably unpaid taxes, est. $495,510)
1,135,006
1,020.227
Deferred accounts (chiefly suspense receipts, $458,489)
Surplus paid in, earned, &c.:
Pald-lu surplus at date of acquisition, $37,919,037;
earned surplus by development, $36,422,732; earned
surplus {uon-mlneral land.s). $338,162; paid in surplus
76,321,629
- 74,892,232
(nou-mlnoral lands), $212.310
(c)
Undivided surplus, proprietary cos., $8,302,210;
8,715.121 11,051,410
undistributed receipts, trustees, $352,911
"trust")
—
liabilities
Net
subsidiary companies
$98,567 ,934$102,734,911
$2,232,372
228,908
S2. 589.614
.$2,003,464
$2,182,354
41.217
50,399
$2,273,968
1,020,117
15,000
445,196
(4)246,781
$935,978
$546,874
$151,945
BALANCE SHEET DECEMBER
Coal rights, mach.,
equipment, &c.- 7,500,000
buildings,
Ottlcc
boats, &c
857,010
592,960
Cash
897,132
Acc'ts & bills rec'Ie
U. S. Govt, oblig's 1„564,673
122,354
Miscell's assets--.
45,375
Securities owned-.
Trcas. stock (Sl,1
330.500 par)...
193,059
Inventories
3,070
charges. .
Deferred
407.260
481.267
206,768
58,597
r-r--^
(Note below)
(8%)493,56o (10)647.799
::::::::::-.--
1918.
$
1919.
$
T5'?:|§
46. 9.5 .^
123.041
^^''^•Si.l
Balance, surplus..
—
$8,811,111
6,088,192
133.305
$696,229
116,744
39.300
-
Gross income
Amortization, other reserves, &c
War fund contributions
Federal taxes
oSnds..
1917.
3,'288,400
$800,158
103,929
&c
-
Assets
their interests in prop y COS.]
Mineral and non-mineral lands and leases
Automobiles, furniture, office building, &c
Cost of 231,712 tons of ore in stock pile, $181,443, &c
Advance royalty disbursements (leaseholds 1st class,
$1,066,497; 2d class, $310,642)
Advance account Alworth lease
Dean Iron Co., $628,964;
Advance under mining contracts:
Butler Bros., $96,217; Orwell Iron Co., $1.173,472
Deterred accounts, chiefly royalties receivable. - Securlties^Bonds— $100,000 C. B. & Q. Gen. M. 4s U. S.
Govt. ctfs. ot Indebt., $178,500; Liberty Loan bonds,
Tola
Neteariiings
Repairs, depreciation,
Lamberton-Annex, Mississippi,
(90.6% int.) and Wade (90.6%)
Fay and Harold.
SHEET DEC. 31.
and
-
Sellmg and shipping expense
int.).
[Trustees Great Nor. Iron Ore Prop,
Assets
2
Coal receipts
Cost df production-
From
Dean and Mace No. 1 (^ Int.)
984,968iAbove 2; also Mace No. 2 (H int.), Harrison
North Harrison (H int.), and L. & W. OA int.)
\
$330,855
(AH above;
2,247,634
1917
1918.
1919.
2,600,879 ,3,412,558
$7,560,297 .S10,5.'<9.6.56
8,177,5(>3
6,611,345
1^9, <22
148,794
Production, net tons...
Miscellaneous income
Mines Included.
Total
Royalty.
Coke Corporation
—
Cr. 60, 000
CV.51,907
Cr. 130,833
2.450
&
{Report for Fiscal Year ending Dec. 31)
President T. H. Watkins writes in substance:
75,000
55,527
Cr. 1,562 Cr.3,391,743
(0
Pennsylvania Coal
235,784
18,982
class
sale of per'l prop
Royalties
370,015
35,000
364,741
53,546
—
d<;ft.28,703
dt'6.2,100
Co
(fc)
$505,506
955,274
1,637,051
230,521
deft. 19. 720
102,539
41,870
392,098
104,842
636,968
319,749
92,895
M. Co
(e)
Divs. Mace Iron
Miscellaneous
$562,706
544,994
984,967
399,403
$392,680
1,468,155
1,819,207
461,703
23,069
65 ,338
id)
do
2d
To Keewatin
From
1916.
1917.
1918.
This balance sheet shows only such amounts as represent the interests of the
trustees after elimination of outside stockholdings In the Leonard Iron Mining Co.
and the North Star Iron Co.
(c) The proprietary companies are reserving funds to meet such needs as may
develop, this being necessary, due to uncertainty of tax situation and possible
cancellation of some leases, in which latter case it might be necessary to resume
mining operations. V. Ill, p. 77.
OP'NS.
See foot notes)
141,776
112,210
276,148
64,914
42,478
leaseholds, 1st class
(f)
&c.,
691
Liabilities
7,500,000
908,369
814,412
1.377,959
1,235.387
90,205
46,000
31.
—
Capital stock, I
Mortgage payable.
Vouchers payable.
Unpaid royalty
Accrued taxes
Miscell. reserves..
1919.
S
,500.000
7.000
Mlscell. Uabiilties-
508.183
2.734
42.983
85,183
81.702
Amorlization, &c.
Surplus
.793.400
,754,449
1918.
S
7,500,000
2.646
566,776
8,661
32,656
160.469
8.747
1.571.972
2.417.381
259,976
39,999
Total assets. ...11, 775, 633 12.272,309
Total
liabilities.
11,775.633 12.272.309
X Includes $1,330,500 in treasury (see contra), yj^ter deducting S772.096 for 1918 income tax and $12,782 for 1918 and 1917 income tax adjustnieuts.— V. 110, p. 2198.
Union Natural Gas Corporation, Pittsburgh.
{Semi-Annual Report
— Six Months C7uling June 30 1920.)
CONSOLIDATED INCOME ACCOUNT
(INCL.
AFFILIATED
Gross earnings, gas, &c
$4,021,785
425,499
7,760
Miscellaneous
--- $4,455,045
.Total earnings
$282,509
Taxes, drilling, rentals, royalties, &c.
2,012,221
Gas purcliasod, oper. expenses, &c
636,000
Depreciation ..
Sl.524.315
Netoarninps
162.919
Interest, dividends, &c., received
Oil (74.438 barrels in 1920).
—
Gross income
Interest on bonds, &c
Dividends (10% per annum)
Miscellaneous
Total deductions
Balance, surplus
a
Compared with 98,688
—
—
COS.).
S3,762,M9
1918$3,026,661
372,5.53
412.671
12.778
.<.4, 147.980
SI. 4 72 .4-10
803.135
$4.0,')0.132
1919.
1920.
10. SOD
$1,900,456
887,312
$1,872,405
11 7. .584
$1,989,989
S130.966
492.000
$l,,">l..s.>Vi3
199
Cr. -240
Cr. 15. 876
„,^5S"?'3«S
$622,726
$1,307,263
$605,737
$963,096
^^i^^V^'ol
*}i^"e'^;J5
''"-'vAll
r.
^
51,091,899
bbls. In 1919
and 106,897
$129,613
492.000
bbls. In 1918.
THE CHRONICLE
692
CONSOLIDATED BALANCE SHEET JUNE
1920.
—
1919.
S
S
Property invesft-33,087,237 36,518,756
Assets
Lib. Loan bonds &
other securities. 4,8^1.366
852,511
Warehouse mat'l_.
713,200
970,762
Notes and accounts
866,856
1,305,632
673.629
552,715
117,957
98,384
30,140
44,217
receivable
Cash
10,347
116,877
Prepaid rents, royalties,
&c
Special dep., sinking fund, &c.._
Deferred charges. .
1919.
S
9,840,000
Capital stoclv
9,840,000
2,159,000
611,500
4,275
1,020,180
Bonds, "Union" xl, 578,000
Affil'd CO. bonds.. x61 1,000
Mat'd bds. & coup
19,640
Notes payable
463,650
Consumer's depos.
151,072
Accounts payable.
748,214
Dividends July 15.
246,000
Acer. int. & taxes.
583,005
Deferred credits..
1,526
Reserve for deprec. 8,915,227
"'6Yo',2i3
246,000
495,148
46,643
7,139,018
7.647,973
24,901
9,809,820
Plant invent, adj. 7,629,149
Other reserves
20,172
Surplus
10,339,261
41,145,916 39,654,670
Total
Delaware
30.
1920.
S
Liabilities—
Total
41,145,916 39,654,670
X Union Corporation bond.s, $3,000,000: less in treasury, .$1,422,000 since
Jan. 1 1920, bonds amounting to .§581,000 have been retired, .\ffiliated
companies' bonds, .S956,000, less in treasury, S345,000. V. HO, p. 2189.
—
—
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
as may be practicable.
New York P. S. Commission decides to consider new intra-State
Rales.
"N. Y. Times" Aug. 12. The Illinois P. U. Comfreight rates Aug. 17
mission on .\ug. 10-11 decided that the return of the roads to private control
—
make.s operative again the 2 ct. pass, rate fixed by State statute: application for increase from 3 cts. to 3.6 cts. denied.
—
Miscellaneous.- Subway and commuter ticket sales in Queensboro for
first quarter of 1920, see "N. Y. Times," Aug. 8.
Matters Noted in "Chronicle" of Aug. 7.
(a) Order increasing RR., &c.,
rates and comments thereon, p. 549 to 559, and 534: (b) intra-State rates,
p. 558.
—
—
The "Engineering News-Record"
of Aug. 5 gives a table showing the
average cost per mile of several sections of the Government Alaskan road.
The table shows that the Section Mile 1 to Mile 70.7 cost .S59,457 per
mile to Dec. 31 1919 with the estimated average cost per mile to complete
of S13,120 or a total of .S72,577 upon completion.^ V. 110, p. 359.
—
Ann Arbor RR. — Government
Loan.
—
See D elaware & Hudson Co.. below — V. 110, p. 2655.
""Ashland Coal & Iron Ry. Notes Authorized.—
—
Interstate
ing maturing notes.
— V.
109, p. 2441.
&
—
—
Maine RR. Stockholders Suits.
Boston
Judge Morton of the United States District Court at Boston, has dismissed the application for receivership filed by E. F. Brown and
Green, stockholders. Judge Morton in his decision says: "The bill states
that both plaintiffs are citizens of Massachusetts and that the defendant
CM.
railroad is a corporation organized tinder the laws of that State: on such
allegations there is no jiu-isdiction in this court upon the ground of diversity
of citizenship."
group of minority stockholders filed a bill of complaint in the Federal
Court at Concord, N. H. on Aug. 12 charging that operations had resulted in
an annual deficit of about §3,000,00(1 since 1913. and asking that a receiver
be appointed. A hearing on the petition will be held at Concord Aug. 19.
—V. Ill, p. 188, 73.
A
—
—
Boston Revere Beach & Lynn RR. Obituary,
Col Melvin O Adams, President of road since 1891, died suddenly Aug 9.
—V. Ill, p. 389.
Brooklyn Rapid Transit Co. Refuses Union's Dernands.
—
M.
Garrison, receiver has refu.sed to grant the demands of the
of Street and Electric Railway Employees of
America, recently submitted to him. In a letter to Edwin L. Smith,
chairman of a committee which waited on him he asserts that if he were
to grant the demands for increases in salaries the railway company would
have to pay out an additional .$15,000,000 and that the" agreements submitted to him would make an absolutely closed shop which he is always
opposed to. The committee are to lay their demands before Federal
Judge Mayer. See V. Ill, p. .")88.
Lindley
Amalgamated Association
—
Charleston
Isle of
Palms Traction Co.
— Fare Decision.
opinion handed down by Judge Smith of the Federal District Court
holds that the rates charged by the Company are illegal in that they
violate the terms of a State law limiting fares to 3c. a mile. The South
Carolina RR. Commission last year authorized the company to charge a
straight fare of 3c. a mile with a minimum charge of 5c. The company
was later ordered by the Commission to cease charging these rates. The
company thereupon sought an injiznction to restrain the Commission from
interfering with it in the collection of the 3c. rate.
The court held that the company has the right to abandon operation and'
V. 96, p. 862.
to liquidate its assets.
An
—
Chicago Elevated Rys.
— Fare Increase. —
In connection with the increase in cash fares from 8c. i-o 10c. the "Electric
Railway Journal" of Aug. 7 gives a review of the Illinois P. U. Commission's
order authorizing the fare increase, together with a short history of pre\'ious
V. Ill, p. 588.
fare Increases, &c.
—
— Government Loan. —
—
Electric Ry. — Wage Increase. —
Chicago Great Western RR.
See Delaware
Chicago
& Hudson
&
Joliet
Co., below.
V. Ill, p. 294.
The new wage increase recently accepted by the employees is as follows:
Main line, interurban division, 65c per hoiu"; Lyons, Lockport & Dellwood Park divisions of interurban line, 62c. per hour: Joliet city lines:
First three months, 56c.: next nine months, 58c.: Second year and thereNine hours will constitute a day's work, with
after, 60c. per hour.
time and one-half for overtime. V. 109. p. 981.
—
Cleveland
Ry. — Increased
Div. Rate Defeated.
—
Increase.
P. U. Commission has authorized the Company to file a new
schedule of rates on one day's notice to the public. The present ticket fare
will be increased from 7c. to 8c., and the present cash fare from 9c. to 10c.
The Commission refused the company's request for a 9c. ticket fare on the
ground that through loss of patrons the company would eventually lose
revenue. V. 109, p. 268.
The Maine
—
Denver
&
Rio Grande RR.
— Settlement with Creditors, &c.
See Western Pacific Ry. below.
The directors have declared the regular semi-annual interest of 3 ^
on the Adjustment Mortgage bonds for the six months ended June 30,
payable Oct. 1. V. 110, p. 2291.
%
—
Fare Referendum.—
The employes recently placed in circulation petitions for a second referendum Vote on the 6c. fare ordinance, defeated at the municipal election
on June 21 by a vote of 5,963 to 7.286. The circulation of these petitions
—
— To Dismantle. —
The Colorado
P. U. Commis.sion has granted the companv's application
to scrap the road.
On Oct. 1 1919 the Commission refused a similar application, but granted the company the right to charge a 7-cent fare.
The
system to be dismantled is an electric line 2H miles long.
Erie RR.— To Extend Bonds.—
The company has asked the T.-S. C. Commission for authority to extend
for ten years (a) .$2,926,000 New York & Erie RR. 4th Mtge. 5s due Oct. 1:
(b) $16,891,000 Erie Ry. Consols. 7s due Sept. 1 and (c) .$3,699,500 New
York, Lake Erie & We.stern RR. First Consol. 7s due Sept. 1. For the
offer to the holders of the last two issues to extend their bonds see V. 111.
p. 588.
—
Holyoke (Mass.) Street Ry. Bo7ids Approved.
The Mass. Department of Public Utilities has approved an
—
issue of
$85,000 First Mortgage 6% bonds, due April 1, 1935, to refund a
amount of 6%, debentures due Oct. 1 V. Ill, p. 389.
—
like
—
—
Indianapolis Street Ry. Bonds Exempt from Taxation.
Judge Louis B. Ewbank, sitting in the Circuit Court at Indianapolis, Ind.,
has ruled that bonds issued by the IndianapoUs Street Ry. and the Indianapolis Traction & Terminal Co. and later bought up by the companies and
put into the sinking fimd are not taxable.
In annoimcing his ruling. Judge Ewbank said that he was unable to see
how he could increase his wealth by writing checks to himself, or by keeping
a promissory note which he had given and redeemed.
The ruling was in a suit brought by the State for collection of $313,413
in taxes said to be due on the bonds for the years frcm 1904 to 1918.
Of
this simi $192,653 has been placed on the tax duplicate on alleged valuations
of the bonds from .$38,104 in 1904 to $1,138,310 in 1918. The taxes were
placed on the tax duplicate after a report was made by W. F. Charters,
a tax expert, that the bonds were being withheld from tax returns. The
company appealed the case to the Circuit Court ("Electric Railway Jour-
—
Intern. Traction Co., Buffalo.
Time for Deposits.
The Pi-otective Committee for the Collateral Trust 4% bonds of 1912 of
which Elliott C. McDougal is chairman, has fixed Aug. 16 1920 as the last
day on which bonds may be deposited under the Protective Agreement
dated Dec. 10 1918.
Bonds may be deposited with Guaranty Trust Co. New York, depository,
or its London office, 32 Lombard St., E. C. or with its agents. City Trust
Co., Buffalo, N. Y. or Fidehy & Coltmibia Trust Co., Louis^^lle.
V.'lll.
,
—
p. 493.
Jacksonville (Fla.) Traction Co.
—
Receivers' Certificates.
Receiver, E. J. Triay has received permission from the U. S. District
Court to is,sue certificates of indebtedness to the p,mount of $143,690, the
proceeds to be used to meet the cost of street paving and to jaj' Stateand
county taxes.- V. 109, p. 1700.
—
Kansas Oklahoma
Cyril F.
&
Gulf Ry.
Dos Passos has been
Litchfield &
The Railway and
— New
elected a director.
Madison Ry.
Director.
—
—
—V. 109, p. 776.
— Dividends
Revised.
Industrial Section for Mav 1920, on page 75, should
read for year 1917: "Preferred dividends (4%) $20,000: Common dividends
and not as printed: "pref. divs. (15%) $75,000; Common
(15%) $75,000,
divs, (4%) $20,000."— V. 107, p. 1192.
—
—
Long Island RR. To Issue Equip. Trusts.
The Inter-State Commerce Commission has set Aug. 16 for a hearing on
the application of the company for authority to issue $1,668,000 6% equip,
trusts
and $419,270 6%, notes.
Louisiana
—V.
& Arkansas
The company has asked the
Ill, p. 588.
Ry.
— Equip.
Notes.
—
C. Commission for permission to issue
equipment trust notes aggregating $220,000 for the purchase of new equipment.— V. 110, p. 2192.
I.-S.
—
—
Louisville (Ky.) Railway.
New Or din. in Preparation.
Both the company and the City of Louis\-ille have under preparation for
presentation to the City CouncU two ordinances to replace the service-at
cost bill (V 111, p. 188) which was -svithdrawn from the Council. The
company's ordmance provides a 7-cent fare until rescinded by theCouncil,
and for the payment by the company to the city of $168,000 annually for
The city's ordinance
street repau-s as long as this fare remains in force.
provides for the payment of a 7-cent fare for two years, with an automatic
return to .o-cent fares at the end of that time, and the paj-ment of $168,000
annually for street repairs "every year hereafter." It also stipulates that
a valuation of the entire property of the company shall be made during the
two-year period. V. Ill, p. 188.
—
Montreal Tramways.
— Wage Award
—awarded
'
Rejected.
reThe employees have rejected an Increase of 25% to 30%
cently bv a board of conciliation. The men want a substantial increase
in wages over t he amounf offered by the board, an 8-hoiu- day and time and
a half for overtime. The full report of the Conciliation Board with tables
of wage Increases for the past few years, &c., may be found in the "Montreal
Gazette" of Aug. 6.— V. 110, p. 1089.
&
Rj.—
Interest Defaulted.
Marcellus (N. Y.)
Otisco Lake
William G. Littleton, successor trustee to the Fidelity Tnist Co., Philadelphia, for the $200,000 First Mrge. 5s of 1905, due June 2 1935, mterest
on which has been m default since Jime 1919 has brought .suit at SjTacuse to
foreclose the mortgage. Mr. Littleton also asks for the appointment of a
rccftivGr.
voters on Aug. 10 defeated a proposal to increase the dividend rate
on the stock of the Company from 6 to 7%.— V. Ill, p. .588, 389.
The
Cumberland County Power & Light Co. —-Fare
—
Duluth (Minn.) Street Rj.—Wage
nal ").—V. 110, p. 1415.
Commerce Commission has authorized the company to
issue promissory notes to the amount of $150,000 for the purpose of refundThe
•
Durango Ry. & Realty Co.
—
of Road.
'
in consequence of the Company's inability to pay the employees an increase in wages on the present rate of fare. The employees expect to obnames to place the ordinance before the voters again. V.
General Railroad and Electric Railway News. The
following table summarizes recent railroad and electric railway news of a more or less general character news concerning which detailed information is commonly published
on a preceding page under the heading "Current Events and
— Cost
Loans.—
The Inter-State Commerce Commission {has approved additional loans
from the .,$300,000,000 revolving fund to the following companies:
Delaware & Hudson Co. (to aid in making additions and betterments to promote the movement of freight cars)
_
,«i 125 QOO
Chicago Great Western RR. (to aid carrier in purchasing 1() fieavy
freight locomotives at a total estimated cost of $552 000 and in
reconstructing 697 box cars, 200 steel hopper cars and 75 refrigerator cars at an estimated cost of $1,142,000, and also in
making additions and betterments to roadways and structures
which will expedite the movement of freight cars at an estimated cost of $301,000)
Ann Arbor RR. (to enable road to provide 3 new switching loco- 997 830
motives at estimated cost of $116,775, of which 50% is to be
financed by Issue of equipment notes, about 20% is to be paid
in cash by carrier and about 30% is represented by the
Government loan)
35,000
The loans were made by the Commission," conditional upon extension
by the railroads of similar amounts for the same purposes. V. 110, p. 2291
tain enough of
111. p. 73.
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Government Road.
& Hudson Co.— Government
111.
is
GENERAL INVESTMENT NEWS.
—
Vol
The company was incorp. in 1905 as successor to the Marcellus Electric
RR. Co. (V. 76, p. 811). Road rims from Martlsco on the Auburn Division
of the New York Central RR. to Otisco Lake, about 9 miles.
National Tehauntepec Ry. Settlement Annulled.
—
—
was recently annomiced by General Salvador Alvarado. Minister of
Finance, that the De la Huerta Government has annulled the settlement
which the Carranza Administration made with S. Pearson & to., l^ta.,
bv the terms of which the road reverted to the control of the JMexican
Government. The effect of the annullment, it is stated, is to turn the line
back to S. Pearson & Son, Ltd., of which Lord Cowdray is the head, and to
recognize as still binding the contract (which has still about 18 years to run)
under which that British firm was to mauitain and operate that transIt
isthmian raih-oad for a period of 51 years. According to G eneral Alyaraoo,
the Mexican Government was the loser to the amount of about S4,oOU,UUU
gold by the settlement which Carranza made, V. lOi p. 803.
—
,
.
.
Aug. 14
V
.
1
.
THE CHRONICLE
1920.]
Central RR.
New York
.
— Financing. —
—
New York
Rys.
— Straw
—
Vote Favors Higher Fares.
called to a letter in the New York "Tribune" of Aug. 9,
addressed to the editor of that paper, which shows that a recent straw vote
talien among employees of a factory shows that a va.st majority of the
employees are in favor of the New York surface lines getting higher fares.
V. lli, p. 294.
Our attention
is
&
Northern Ohio Traction
Light Co.
— Fares. —
Gus Kasch. of the Akron (O.) City Coimcil, has applied to Judge H. C.
Spicer of the Coumion Pleas Court for an injunction to restrain the company
from collecting a straight 5-cent fare and, further, to restrain
See V. 1
fusing to sell 6 tickets for 25 cents or 25 tickets for $1
it
1
from rep 494.
Northern Pacific Ry. — RR. Bonds Exch. for Liberty Bondi.
.
,
Bank of New York, acting as agent for the company,
4k% Liberty bonds in exchange for the St. Paul-Duluth Dividue Dec. 1 1996, of which $8,080,000 outstanding at latest advices.
These bonds constitute an underlying lien of the Northern Pacific system.
The bonds, it is stated, are being exchanged bond for bonds and it is
understood a substantial amoimt has been exchanged since the offer has
First National
sional 4s
—V.
Ill, p. 589.
—
—
Sept. 1, to charge 7-cent fare on city street cars, or 9 tickets for 50 cents,
with free transfers. The company asked for an 8-cent fare. V.110,p.2292.
Ohio Valley Electric Ry.,
effective Aug.
V. 108. p. 2123.
Oklahoma Railway.
—
— Freight
Service Discontinued.
discontinued its fright service.
9,
— Wage
—
Increase.
—
The company has increased the wages of its platform men 3 cents an hour
The pay award is retroactive to .lune 1
The company has announced that
.
grant a further increase of 3 cents an hour to take effect on Oct. 1
The company has an application pendmg for an increase in fare from
cents to 7 cents be fo re the City Co ntmission.—
5
110, p. 78. ^_'>
_
It will
.
—
—
_
Pacific Electric Ry., Los Angeles.
Bonds Authorized.
^ The CaUf RR. Commission has authorized the company to issue $200,000
.
bonds to refund $200,000 4<rc bonds of the Riverside & Arlington Ry.,
which became due Aug. 14 1919. The bonds are owned by the Southern
Pacific Co., which is willing to accept I'acific Electric Ry. bonds in payment
^
»•therefor.
V. Ill, p. 1 90 ."'
>.
__^^
—
>-
,.
i^-
.'.
Co. — Earnings,
,
—
,
.
-
""Pennsylvania-Ohio Electric
&c.
(Formerly Mahoning & Shenango Railway & Light Co.)
"Harper & Turner, Phila., who are offering the 7% Pref. stock on an 8%
income basis, submit the following:
pi Capital outstanding: 7% Pref. stock, $5,467,700: Common stock, $10,628,600; 5% bonds, $11,200,000; 6% bonds, $1,142,000; 5% bonds underlying companies, $4,660,000.
Results for May and Years ending
Gross earnings
Oper. exp., deprec.
&
May 31
Including Subsidiary Companies
1920—A/a;/— 1919.
1£20— 12 Mos.— 1919.
$614,065 S484,4,'i6 $6,980,501 $5,607,548
taxes-. 488,116
361,321
5,183,549
4,289,506
Netearnings
Other income.
,
$125,949
25,059
Net income
—V. 111. p. 589.
Philadelphia
$1,796,952
175,852
$1,318,042
226,588
$148,673
$75,229
8,717
$1,972,804
$910,547
104,896
$1,544,630
$871,723
88.414
$65,775
Discount on bonds
$123,136
25,537
8151,009
$76,419
8,815
Gross income
Interest
,727
$957,362
$584,493
& Western
Results for
Ry.
—Earnings. —
1920—6 Mos.— 1919.
.1920— Juwe— 1919.
$64,826
$26,060
$27,221
14,872
$12,349
—V. 109, p. 2357.
Pittsburgh •& Lake Erie RR.
$.361,476
$1,50,965
14,087
.$65,856
Balance, surplus
88,140
$124,227
84,509
$11,973
$62,825
$39,718
.$343,248
— New
—
Yohe
—
Republic Railway & Light Co. — Earnings. —
J.
B.
Officer.
has been elected Vice-President.
— V.
Ill, p. 74.
V. Ill, p. 494, 389.
Capital outstanding: 7% Collateral Ti-ust Sinking Fimd Convertible
due .Ian. 15 1923. $1,318,000; 6% Preferred stock, $5,191,400;
and Conim on stock ._$6 .20 6.000.
i'.;,i-»--
.
s,
..
i.».
.v-a^.^i,^«..>d
Netearnings
Otherincome
$142,845
rCrossmcome
$155,809
$88,062
$118,786
28,190
.758,5.55
$146,976
$82,713
8,717
23,018
$1,919,755
13,328
24,207
130,865
281,783
$1,590,216
$965,318
91,689
273,276
.$30,213
$32,528
$499,710
$2,59.933
12,964
161,201
$1,007,.397
$1,341,267
248,949
— Div. Record.
wore
5%
—
9% perann. was
~~~~"
Ry. —
Earnings. —
Richmond Fredericksb. & Potomac RR.
Dividends at tlio rc^ul.ir rate of 9';
In 1918 and 1919 the full rate of
Seaboard Air Line
Results for
paid in 1917 with
extra.
paid.
V. 110, p. 2193.
-Revised
June and Twelve Months ending June
30.
Ti^nc— 1919.
1920—6 Mos.— 1919.
1920
Average miles operated.
3, .563
3. .563
3,563
3.563
Freiglil revenue..
$2,830,479 $1,886,870 $16,492,089 $12,451,292
Passenger revenue
1,025,622
789,944
4,911,556
6,210,703
Mail, express, &c
349,702
263,598
3,273,420
1,787..369
Total oper. revenue
Operutinfi Exprnsi-s
—
.
.970,125
Maint. of way & struct.. $1,069,616
Maint. of equipment... 1,311,572
.Traffic
109,633
Transportation
.I
2,449.976
Miscellaneous
30,357
General
191,111
Total ry. oper. exp... $5,162,264
def. $1.192. 1.39
RaUway ta# accruals. . .
150.000
Uncollectible revenues.
826
Net revenue
Railway oper. inc..def.$l,342.9(>4
Equipment rents
Joint facility rents
Net Income
—V.
110, p. 2658.
54 cents
"
57
•'
61
Underground
Electric Ry. of
London.
—
Traffic Problem.
The
"Electric Railway .lournal" (N. Y.) of Aug. 7 has an abstract of an
article by Lord Ashfield which was contributed to the "Nineteenth Century
and After," which treats of (a) comparison of transportation in London and
other cities on basis of carrying capacitiesland weights per seat; (b) as auxiliary to rapid transit lines bus has many adantages; (c) all transportation
means should be co-ordinated with imity of financial Interests. V. Ill,
•'^'•^ '^
p. 494. ,,ia.,j
kii*
b.»
jsi^v- '•>„:.i.i:_
...
—
'-:^'-:
— Further 4% on Bonds of Old
{Defunct) Western Pacific Ry. —
Western
Ry.
—
Western Pacific Ry. — Further 4% From Assets— Status
Judgment Against D. & R. G. — Report of Mortgage Trustee.
1.
'
Western Pacific RR. Corp.
See
107 .364
5.400
.def.$1.455.729
$3,3,56,090 .$24,677,065 $20,449,304
$380,983
640,lf)9
54,420
1,5.37,410
33.137
101,179
above.
Pacific
V. Ill, p. 75.
of
— The Equitable Trust Co. of N. Y. in a eu-eular dated Aug.
10 addressed to holders of First Mtge. bonds of 1903 of the
defunct Western Pacific Ry. (foreclosed in 190.5) announces
a further cash distribution of $40 a bond, saying in substance:
On Sept. 9 1918, this company, as successor trustee of the first mortgage
of Sept. 1 1903, sent you a circular (V. 107, p. 1102) regarding the steps
taken to collect the judgment secured by it against The Denver & Rio
Grande RR. Co. for defaults in interest on said 1st Mtge. bonds, and informing the bondholders that the trustee would distribute out of the cash
which had been collected $150 per .$1 ,000 bond. This distribution has been
made to such of the bondholders as have applied therefor.
The trustee has since collected additional amounts on said judgment.
On Mav 26 1920, the trustee caused certain unmortgaged assets of The
Denver & Rio Grande RR. Co. which were held in N. Y. State to be sold
These assets brought in each case the following upset
at execution sale.
S. Court, the aggregate thereof being $1,282,235 and
prices approved by
the amount realized less expenses being $1,268,696:
$1,000,000
3,000 shares ol stock of The Western Realty Co
168 ,000
30 .000 shares of stock of The Globe Kx|)r<-ss Co
44.745
$523,000 4S'o Gold bonds of Colorado Midland Ry. Co
25,266
shares of Pref. stock of The Western Pacific RR. Corp
412
20.395
stock of The Western Pacific RR. Corp.
712H sharesof Common
23,829
bonds of The Western Pacific RR. Co
$30,000
Since Sept 1918 this company as trustee has been made substituted plaintiff in the receivership suit against The Denver & Rio Grande RR. Co. in
the U.S. District Court of Colorado. Substantially all of the unsecured
creditors of The D. & R. G. RR. Co. have been paid and a fund has been
Upon our petiset aside to pay the few remaining unsecured claimants.
tion the Court ordered the Receiver to pay to your trustee on accoimt of
its judgment against The D. & R. G. RR. Co. out of the funds in the hands
of the Receiver the sum of $1,000,000 reserving at the same tune sufficient
fmids for the continued administration of the Receivership and the lines
under its control. This amount was paid to this company on June 7 1920.
The entire amount received on tin- judgment against The Denver & Rio
Grande RR. Co. since the last distril)ution is $2,268,696. Having deducted from the money so collected the expenses of collection and reserved
a reasonable sum to meet future requirements this company will make a cash
distribution to holders of the 1st M. bonds of the Western Pacific Ry. Co.
(the old company) on and after Aug. 16 at the rate of $40 on each Sl.OOO
bond upon presentation of the bond to this company at 37 A\ all St. ,N.\ .
City, for endorsement of pajinent thereon.
The amount which still remains due on the judgment as of this date, including interest accrued thereon, is approximately $35,869,193.
[The Western Pacific RR. Corporation the new holding company formed
under plan of 1916 owns all except about $2,500,000 of the $50,000,000
Ld.j.
1st M. bonds of 1903 of the said defunct Western Pacific Ry. Co.
—V. 107, p. 1102.
U
.
4
.
,
.
—
$4,510,173
6,144,457
521,490
12. ,566, 374
279.902
810,030
$2.95(),803
4,429,260
360,935
9.96S.439
181.404
612.025
$2,746, 98 .$24,832,427 $18„50S.867
.$609.792dof.$155,.362 $1.9 to. 197
siiiiiiii)
135,000
900,000
656
:i,.'i.-.
4,783
$474. 136dr$l ,060.145
1,164,614
500
34,600
$1,127,282
$489, 261 df$2, 259, 359
$1,215,346
CY. 15,625
^ __
— Wage Agreement. —
Officers of the Street Railwa^'men's Union have signed an agreement
with the company providing for a wage increase of about 10%. The
agreement is for one year, and as the award is retroactive to May 1, the
employees will receive back pay aggregating $70.000. V. 111. p. 590.
—
INDUSTRIAL AND MISCELLANEOUS.
,
income
—Net110. p. 2568.
V.
New Rate.
50 cents
"
53
"
55
,.'.
Subsidiary Companies for June and Six Months end. June 30.
1920— 6 Afos.— 1919.
1920— Jwne— 1919.
Gross earnings
$639. .5.57
$474,708 $7,212,942 $5,752,758
Oper. exp., depr.& taxes
496,712
355,921
5,454,387
4,411.491
Discount on bonds
Subsidiary co. dividends
Old Rate.
Toledo voters on Aug. 10 rejected the proposal to bond the city for
$7,000,000 for the purchase of the transportation system., V.lll ,p.589,494
'
Interest
Rate.
52 cents
"
55
59
New
& Light Co. — Municipal Ordinances Defeated.
—
Toledo Rys.
Winnipeg Electric Ry.
gold notes,
Results, Incl.
Old Rate.
months
48 cents
"
Next nine months
52
Second year and thereafter.. 54 "
—
.
June and Six Months ended June 30.
Gross earnings
Net earnings
Charges and taxes
—
.
Ohio Electric Ry. Fare Increase.
The Lima (O.) City Council has authorized the company, beginning
Tae companv,
The exact amounts taken over from the French Government and placed
by the bankers were: (a) $5,159,250 St. Louis-San Francisco Prior Lien
Mortgage 4% Bonds, Series 'A"; (b) $5,846,750 St. Louis-San Francisco
6% Cumulative Adjustment Mortgage Bonds, (c) $10,318,500 St. LouisSan Francisco 6% Income Mortgage Bonds. V. Ill, p. 74.
San Francisco Oakland Terminal Rys. Wage Increase.
The company has increased the wages of its trainmen as follows:
Inlerurban Trainmen
City Trainmen-
.
is offering
been in effect.
—
&
First three
The Canton (Ohio) City Council has passed an ordinance over the veto
of Mayor Herman R. Witter, giving the company the right to a rate of fare
of 6 cents or 17 tickets for $1
The
—
Louis-San Francisco Ry. Bonds Sold. Speyer
Co. announce that all of the S2 1,000, 000 bonds for which
they negotiated with the French Government have been sold.
St.
Reports are In circulation tbat company is negotiating with its bankers
for the issuance of from $20,000,000 to ,'525.000,000 securities to meet the
§15.000.000 6% notes maturing Sept. 15 next. While official information
on the matter is being withheld it is expected that a formal announcement
concerning the financing program will be made at an early date. V.
Ill, p. 487, 589.
693
Cr. 12 1.064
3,000
General Industrial and Public Utility News.— The
following table summarizes recent industrial and public
utihty news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
the "Editorial Department"), either concurrently or as
early as practicable after the matter becomes pubhc.
—
See Ainorican Railway ExprefrS Co. ujider
Express Rates and Wages.
below.
"Industrial Companies
Wage increases in
Labor.
(a) "Eng. News Record" Aug. 5 reports:
Boston, Denver, Minneapolis and Pittsburgh. Bricklayers are paid *1 50
per hour in Pittsburgh, as against $1 \2\i. following seven weeks' strike.
Carpenters to receive $1 25 per hour in I'itlsburgh after Sept. 16 on strike
sen Icment. In Minneapolis 5c. increase in common labor rate, (b) \\ age
auncinont bar mills grants increases of about 10%. "Iron Age" Aug. .>.
being by
(c) Widespread mining strike in Mexico .settled at least for time
"Eng. & Mm.
President of Re^iublic with temporary 40% wage advance
'
—
'
—
—
.Journal." Aug.
..
^
,„
,
,
v
(Compare Commorcial Epitome below).—
Notable Changes.
Prices
No. 2 foundry formerly .$16 valley, now $1, to s^oO
(a) Pig iron market.
(.)ther iron and steel prices also higher.
{"Iron Trade Review" Aug. 12).
(b) Standard open hearth rails, car load lots (Pittsburgh). $4. -i-Sb2,
(c) Cement in N. Y. City raised 30 cts. to $4 10,
against .$47 in 1919.
(d) Fire clay brick, Penn 1st quality raised at Pittsburgh
exclusive of bags,
from .$15 to $,50 up to $,50 to .$60. (e) Raisins advaiuv 50' i to 15c. a pound
(f) sutrar. cotton, wheat and flour prices, see "Commercal
at Fresno Calif,
Epitome." (g) Le.ad advanced 8 k' to 9 cts. by .\m, S. & R. Co. .\ug. 12.
Proposed Government Settlement in Mexico, tiasoline Shortage
0,7
(a)
Concessions in Venezuela to U. S. Companies, "Homer
in Clalifornia
Slowly Declining." see "Oil Trade Review" of N. Y. for .\ugust. (b)
—
i
.
—
.
,
.
'
—
.
Approaching European Conference. "N. Y. Times" Aug. S.
Production shows large increa.so. See "N. Y. Times" .\ug. 9 vV 10.
Coal.
Miscellaneous.
(a) Housing crisis; special session of N. V. Legislature
called for Sept. 30; suggested use of StiO.OOO.OOO of N. Y. City sinking fund
(b) Chinese Merchants' .\ssociatiou. i-epre-sentiHi
for house construction,
Ijy Edward D. Shank, architect of Chicago, plans extensive construction of
"Cliicago Economist"
liolcls. theatres and restaurants In I'. S. and China.
"N. V. Times Aug. 9.
\C) Federal aid spurs highway Duildlng.
.\ug.7'
"N. Y. Times" Avig. S.
(d) Proposed foreign trade financing corporation.
.Applications filed for over 500.000 h. p. under Water Power .Vet of
{e"i
.lune 11.
(f) N. v. teamsters' locals vote to return to work but many stay
"Am.
(g1 Heavy imports of sugar.
out.
See N. Y. Evo. Sun" -Vug. 12.
8 ; r 13 11 in
—
—
'
'
'
'
.
THE CHRONICLE
694
—
(a) Allan Ryan (Stutz) suit,
^Tatters Noted in "Chronicle" of Aug. 7.
p. 544: (b) Motor truck credits, p. 545; (c) Cotton loans, p. 546; (d) Milk
prices advance in N. Y.. p. 547: (e) Sugar price reduction, p. 547; (f) Haverill shoe factories close because of wage demands, p. 547.
—Obituary. —
Long
Company— Earnings. —
Alabama Power Company.
President James Mitchell died at his home, St. James,
July 22.— V. Ill, p. 495.
Alaska Gold Mines
Results for Quarters
N, Y.,
and Six Months ending June 30.
1920—3 A/os.— 1919. 1920— 6 Mos.— 1919.
Gross revenue...
Operating expenses
Mining
Island,
$364,866
426,537
$354,701
409,961
$778,112
924,418
$658,718
828,335
$61,670
855,260
$146,306
deb. 11 deb. 1,223
2,956
$169,618
6,350
$143,299
Total operating loss
$61,681
$56,483
—V. 110, p. 2569.
American Bosch Magneto Corp.— Contract Approved.
&
See Gray
Da\ns Inc., below.
American Chain Co.
— V.
—
—
&
A
Oil Co.
— Neio Treasurer. —
Reed has been elected Treasiu-er to succeed Lyman N. Hine
Mr. Htne continues as First Vice-President. V. Ill, p. 690.
Waldo
S.
resigned.
—
American
Glue
Co.
— German Purchase Denied. —
.\n official of the company, it is stated, has denied the report that American capitalists under the leadership of this company are to take over
5.000,000m. of the newly issued shares of the Scheidemandel Chemical
"Works of Berlin. V. Ill, p. 186.
—
American Light
&
Traction Co.
— Rate Increases. —
Company
reports the granting of substantial rate increases to several
subsidiaries, including increases on rates for gas of 50c. per 1,000 cu. ft. at
Binghamton, N. Y.; 50c. per 1,000 at Grand Rapids and at Muskegon,
Mich.; increases in street railway fares at Muskegon, Mich, to a 10c. cash
fare and 4 tickets for 30c., and the abolition of all increment rates at St.
Paul. Applications for increases in rates have also been filed by the company at Long Branch, N. J., at Detroit, St. Paul, St. Joseph and San Ajitonio.
The coal properties acquired in 1917 are stated to be of great value
in enabling it to obtain a part of its coal supply at prices materially below
the prevailing market rates. V. Ill, p. 586.
—
— Court
Allows Exca-
New York Supreme
Court has denied
American Pneumatic Service Co.
vators to Tear
Justice
Edward
Up Mail
J.
Glermon
New
Tube.
in
the
—
York Pneumatic Service Co. (a subsidiary) for
injiuiction restraining Rodgers & Hagerty, Inc., who were awarded the
contract to excavate the site for the new Coimty Court House, from tearing
up .500 feet of pneumatic mail tubing around Pearl and Worth streets. N. Y.
JvLstice Glennon said: "The tubes in question have not been used for the
purpose for which they were constructed for a period of more than two years.
The work sought to be enjoined is a public improvement." V. 110, p. 2389.
the application of the
an
American Railway Express Co.
— Wage
—
Increase.
—
The Federal Railway Labor Board announced on Aug.
10 a wage increase
to about 75.000 railway express employees amounting to from .$38,000,000
The increases range from .832.50 to .$38.60 a
to $43,000,000 annually.
month, on the basis of a flat advance of 16 cents an hour. The employees
had asked increases of $35 to $51 a month. The award was made retroactive on May 1.
The company has applied to the I.-S. C. Commission for permission to
increase its rate so as to cover the award of wage increases granted to
employees. V. Ill, p. 296.
—
American Sumatra Tobacco Co.
—
Listing.
The New York Stock Exchange has authorized the
—Earnings. —
$10,000,000
additional Common stock (par .$100) on official notice of issuance and payment in full and application of proceeds or statement of property, or on
conversion of its $6,564,000 5-year iy-.% S. F. Conv. Gold Notes, due
June 1 1925, (V. 110, p. 2489) making the total amount applied for $24,-
Income Account for Period From .July Z\, \9\9 to April \^ 1920
$8,868,513 Admin. & selling exp
$ ,580,418
.
Sales
Cost of
5,250,613 Net
sales
3,037,482
profit
income
87,815
Net before taxes, dep. ..$3,125,297
Other
Gross profit
.$3,617,900
Net earnings for the present fiscal year are estimated at $4,.300,000
(before taxes and allowance for depreciation).^ Compare offering of notes
in V. 110, p. 2489.
—
Tel. & Teleg. Co.^Maintains
See Cincinnati & Suburban Bell Telephone Co. V.
American
—
American Writing Paper Co.
Results for
Interest.
—
Ill, p. 495.
—Earnings. —
Half Year ended June 30 1920 and Full Calendar Year 1919.
Gross sales
Cost of sales,
taxes,
30%
6 iWos. 1920. Ymt 1919.
$15,619,684 $16,936,648
deprec, maint., reserves,
int.,
local
&c
14.198.125
Net before Federal
—Vol. 110, p. 1745.
15.509,967
$1,421,559
taxes
$1,426,681
—
—
—
Atlantic Fruit Co. Listing of Bonds and Stock Earns.
The N. Y. stock Exch. has auth. the listing of (a) $10,000,000 7% 15-year
Sink. Fund Conv. Gold Deb. Bonds, Series "A," due Dec. 1 1934 (V.
109, p. 2441) (6) temporary certificates for 389,113 shares issued and
outstanding (auth. 1,000.000 shares no par value) Common stock with
authority to have listed 205.887 additional shares as follows; (a) 3.382
shares (reserve for issue in exchange for old Common stock of the company)
upon official notice of issuance upon such exchange, (b) 2,505 shares (in the
treasury) upon official notice of issuance, (c) 200,000 shares upon official
notice of issuance upon conversion of the above bonds, making the total
amoimt applied for 595,000 shares.
Consolidated Income Account for Five Months Ended May 31 1920.
Profit from operations
$803,848
Income from investments, $3,561; Interest $133,422; total
136,983
,
Merger Pending.
— New Name. —
name
& Metals
—
Billings & Spencer Co., Hartford. — Capital Increase. —
Co., Inc.
The stockholders voted Aug.
Corporation.
Minerals
int.
on bonds $279,208, exch. 19,016
$940,832
387,070
to IntemationaJ
9 to change the
V. Ill, p. 495.
The stockholders voted Aug. 9 to create a new issue of $1,000,000 8%
Cum. Pref. stock (par $25) and to increase the authorized Common stock
from $1 .000,000 to $2,000,000 (par $25).
Stockholders of record Aug. 9 are given the right to subscribe at par ($25)
on or before Aug. 26 (subscriptions to be payable on or before September 1)
for 30,000 shares of the new 8% Convertible Pref. (a. & d.) stock in the
proportion of three new shares for four shares of Common stock held.
Dividends Q.-J. Convertible after Sept. 1 1922 and prior
Preferred Stock.
to Sept. 1 1925 into Common stock in ratio of five shares of Pref. stock to two
shares of Common stock, subject, however, to the right of the company
during said period to call and retire all of the outstanding Pref. stock (except
such shares as, prior to the date set for such retirement, may have been
surrendered for conversion) at $27 50 a share, upon 90 days' notice. After
Sept. 1 1925 all or any part of the Pref. stock outstanding may be retired
at $27 50 a share and company is required to make provision by a sinking
fund for such retirement. Company has no bonded debt.
Subscriptions for the new stock should be made at office of Richter &
Co., Hartford, Conn.— V. Ill, p. 591.
—
—
—
Capital Readjustment Plan Ratified.
(E. W.) Bliss Co.
The stockholders on Aug. 11 ratified the capital readjustment plan as outlined in V. 111. v. 391.
British- American Chemical Corp.
—^5%
Stock Dividend.
stock div. of 5% in Common stock has been declared on the Common
s hares in addition to the usual quarterly cash dividend of 2}4% both payCompany was organized in
able Aug. 25 to holders of record Aug. 16.
New Jer.soy in Aug. 1919 with authorized capital of 175.000 shares of ComCumulative Pref. stock, par
mon stock, par $10. and 25,000 shares of 8%
$10.—V. 110, p. 1851.
A
,
British-American Tobacco Co.
— Interim
Dividend.
—
on Aug. 12 declared an interim di\'idend of 4%, free of
Coupon
British income tax on the Ordinary shares, payable on Sept. 30.
No. 82 must be used for div'idend. V. 110, p. 2195.
The
directors
—
Bronx Gas
&
Electric Co.
—Enjoined. —
Public Service Commissioner Nixon has obtained from Justice Mc.\voy
of the Supreme Court an injunction restraining the company from charging
or collecting its proposed rate of $1 75 per 1.000 cu. ft. for gas imtil the
determination of the motion which the Commission is making to the Supreme
Court for an order vacating the temporary injunction obtained by the company on Aug. 1 1919 restraining the enforcement of the statutory ratesXor
for an order modifying the said injunction so as to prevent charging'or
collection at a greater rate than $1 50 during the pendency of the action
V. Ill, p. 391.
for the injunction.
—
Brunswick-Balke-Collender Co.
—
Sales.
—
months ending June 30 are reported at $15,243,178. as
compared with $10,061,375 in 1919. Net profits after all taxes amomited
Sales for the six
to $2,309,826,
Calumet
1920— July
it is
&
stated.
—V.
111. p. 592.
Arizona Mining Co.
—
Production (in Pounds)
Decrease.
Decrease
1920— 7 Mos. 1919.
1,324,000
26,482,000
766,000|25,15S.000
— 1919.
\
3,528,000
4,294,000
V. Ill, p. 592. 192.
—
—
—
Canada Copper Corporation,
Default
Ltd: (N.-P. L.).
Readjustment Plan. ^The committee named below
has prepared a plan of readjustment dated .July 1 1920. and
will receive deposits of stock thereunder at Empire Trust
Co., 120 Broadway, N. Y., depositary, on or ]jefore Sept. 1.
Digest of Plan Substantially as Presented by Readiustment Com-
July
—
1
mittee in Circular of Jul.v 1.
to be organized under the laws of the Dontinion of Canada
or one of its provinces, with a total authorized capital of 2,000,000 shares of
no par value or of the par value of $5 each, as the committee may determine,
being the same number as the authorized shares of present company.
The new company to acquire all of the property and assets: and to assume
all obligations, including the mortgage securing $2,500,000 of Ten- Year 6%
First Mortgage Convertible gold bonds and the $710,000 Five- Year 6%
A company
gold debentures.
The plan also provides for the issue of 1,088.209 shares of the new company and the setting aside of 833,333 shares for conversion of the First
Mortgage bonds, leaving a balance of 78.458 shares which will be held for
future corporate purposes. This share position is therefore identical with
that of the present company.
Stockholders have right to participate upon following alternative basis:
(a) Payment of 50 cents with each share of stock surrendered on or before
Sept. 1 1920 will entitle the owner to one share of stock of the new company; or
(ft) Without anv payment, each three shares of stock surrendered on or
before Sept. 1 1920 entitles the owner to one share of stock of the new company. To avoid fractional shares the committee will purchase or sell at
the option of the stockholder one or two shares of the old stock, as the case
may be, at the closing market price on the day deposit is made.
Payments upon subscriptions are to be made by check. New York funds,
to the order of readjustment committee, and mailed to Empire Trust Co.,
120 Broadway. N. Y., as follows: 25c. per share to accompanj- deposit of
stock on or before Sept. 1 1920 (plus an amount to cover transfer taxes at
the rate of 4c. for every $100 of stock or for every 20 shares or fraction
thereof deposited): and balance of 25c. per share on or before Oct. 1 1920.
Payments in full may be anticipated but no interest will be allowed on sucn
i
prepayments.
Total revenue
Exp.: Adm. chgs., .$88,845;
—
—
&
Beer-Sondheimer
listing of
901.800.
— Chemical
of the consolidation of Semet Solvay Co., National Aniline
& Chemical Co.. Barrett Co. and General Chemical Co. is expected within
the next three or four weeks, according to a statement in the New York
"American," which says in substance:
A new Company is to be formed with a total capital of about $250,000,000,
of which about $213,000,000 of stock will be issued to shareholders of the
foiu" companies.
Of the aggregate capital about $200,000,000 is to be Common and $50,000,000 Preif. An exchange of shares of the old companies
for those of the new is expected to be made on the basis of $70 a share for
the new Common. The Preferred stock of the old companies will be exchanged par for par into new Preferred.
In exchanging the Common shares, one share of Semet Solvay is expected
to be given 3.4 shares of new Common: one share of Barrett 2.29 shares of
new Common and one share of General Chemical 3.1 shares of new Common.
The exact basis of exchange with regard to National Aniline & Chemical has
not been decided upon but one share is expected to receive in the neighborhood of 1.37 shares of new Common. V. 110. p. 2569.
Ill, p. 590.
—
Stock Offered.
Hincks Bros.
Co., Bridgeport, Conn., are offering at 107 and div. yielding 9.34% a block of 10% Class
stock.
Divs. Q. J.
Compai-e V. Ill, p. 190, 296, 495, 590.
American Cotton
Barrett Co.
Announcement
$163,268
loss
Miscellaneous income
(Vol. 111.
_
Cash Rcuirements of $500,000 Under the Plan.
Int. due July 1 on 1st M. ,3ds.$75.000 Expenses of readjustment. ..$25,000
225,000
Bills due and to become due. . 1 75,000 Working capital
1
1
Profit for five
months ended
May
31, 1920
Balance .Ian. 1, 1920..
Misc. deductions (net)
.$553,761
$2,099,070
187,833
Profit
surplus
—Compare and report May 31, 1920
annual
V. ill
292;
$2,465,005
loss
in
,
p.
—
.^___^_____
Stock Div. of 5%.
on the Common stock and an extra dividend of 5
in stock have been declared, both payable Sept. 10 to holders of record
Aug. 31. This stock distribution will increase the outstanding Common
stock from $5,002,400 to $5.252.520.— V. 110, p. 657.
..^ ,™.___^_
Atlas
Powder
Co., Philadelphia.
A cash di\adend of 3 %
Austi^Machinery C o^ConsolidatioriT-^ ;,>;&';M^^li;
'
These cash requirements have been completely underwritten the underwriters agreeing without commission to pay a sum eoual thereto for the
stock now offered for subscription to the stockholders. If however they
are called upon to take less than the full amount of stock offered to the
stockholders for subscription then the underwriters will receive a commission
of 5% only on such subscriptions as may be paid by the stockholders. The
underwriting, however, as well as the plan, is conditional upon the adoption
of the latter by the committee and the deposit of a majority of the capital
stock on or before Sept. 1 1920.
^
t
[Readjustment committee: August Heckscher, Colgate Hoj-t and luuus
W. "Mayer, with Richard H. Eggleston as Secretary. 42 Broadway. N. \ .!
Digest of Statement by Sec. R. H. Eggleston, 42 B'way, N. V,, Julv 31.
,
.
—
The present company is a A^irginia Corporation
(a) 1,088.209 shares of capital stock of the par value
$2,500,000 Ten- Year 67o Sinking Fund 1st M. Convertible
(6)
gold bonds, maturing .Tan. 1 1928, and convertible at any time before
maturity into stock at .$3 per share: (c) $710,000 Five-Year 6% gold debentures, maturing Oct. 1 1924. which are not convertible.
Delays.
When the $710,000 of debentures were issued the director
believed that the moneys received from the sale thereof would be amp J
Present Capitalization.
;?:?:
Tins corporation has been formed as a consolidation of the F. C. Austin
Machiner>' Co.. Inc., the Linderman Steel & Machine Co., the F. C.
Austin Drainage Excavator Co., the Municipal Engineering & Contracting
Co. and the Toledo Bridge & Crane Co. Before the merger is finally completed additional properties may still be acquired. B. A. Linderman will
be President of the new organization. ("Chicago Economist.")
•
and has outstanding:
of $5 each;
—
Aug. 14
THE CHRONICLE
1920.]
were beKun before
sufficient to cover all contingencies until operations
The original plan called for the operation of the plant in
Dec 31 1919
provided by
July 1919 at which time the railroad and power facilities t^ be delay of over
The
the Canadian Pacific RR. interests were also to be ready. railroad and po\\er
a vears duration is due entirely to the failure of the
comcompanies to complete their construction. During this period your
charges
pany has been burdened with heavy overhead and mamtenance
mine
and the necessity of hauhng materials by truck to the mill and
The mine [on Copper Mt., B. C.) has for some time been ready for excompieted,
traction of ores, and since the concentrator [at AUenby, B. C.l is
deliver ores
the plant can be placed in operation as soon as the railroad can
will be fully completed m
We are now advised that the railroad
to it
September and the power line shortly therealtcr, so that we may expect to
hezln operating during October.
„
,
^
^
meet
Plan —Your company now finds itself without sufficient funds to J<irst
July 1 1920 on its
its obligations and unable to pay the interest due
operations.
Mortgage bonds. It will also need working capital to carry on its ot the plan
The largest stockholders consulted have signified their approval
for the
and the directors recommend that all of the stockholders subscribe moneys
new stock. The company has found it impossible to borrow any
while the present indebtedness remains and the existing default contimies.
and the
Failure, therefore, to accept the plan will result in a foreclosure
V. 108, p. 25ciU.
entire equity repre.sented by the stock will be lost.
—
Steamship Lines, Ltd.
Canada
— Merger. —
See balance sheet British Empire Steel Corporation imder "Financial
Reports" above. V. Ill, p. 496.
—
—
—
Canadian Car & Foundry Co., Ltd. Pref. Dividends
The directors, it is stated, have favored the proposal to issue ten-year 7%
income bonds m Ueu of cash to retire the arrears on the Preferred stock,
Action on the matter is expected to be taken
amounting to about 22'! %
—
at the directors'
meeting to be held Sept.
2.
^V.
110, p. 973.
Central Aguirre Sugar Co. — Plans 100% Stock Dividend.
vote Aug. 31 (a) on increasing the authorized
common stock from 84,000,000 to .S6, 000,000 (par .$20) (6) on authorizing
the directors to issue any or all the authorized and unissued stock including
the contemplated authorized stock for cash or for cash atod property or
against the surplus assets of the company heretofore incapitalized.
The stockholders
will
President J. D. Luce in a circular to the Stockhiolders,
dated at Boston Aug. 6, says:
1919 (V. 110,
capital of S3,000,000, and a surplus of
July 31 1920 are not
13,373,762. While detailed figures for the year ending
yet available, there is undoubtedly a substantial balance which will be carThe company's
ried to siu-plus after deduction for taxes and dividends.
assets are believed to have a present sound value much in excess of the book
in the consolidated balance sheet as of July 31
As shown
p. 358, 374) the
company had a
figures.
The irrigation service maintained by the Island government has demonstrated during the last six years that it is capable of maintaining an adequate
water supply even in seasons of drought, thereby relieving the company
from the danger of a totally inadequate crop in seasons when there is no
rainfall. The properties of the company are in excellent condition and the
management looks forward to a volume of business which on any fair
margin of profit would seem to warrant a capitalization greatly in excess
of the present capitalization of the company.
The directors believe that under the above conditions it is desirable to
capitalize ,$3,000,000 of the surplus by distributing additional stock to this
amount to the stockholders. The directors, therefore, desire that the authorized amount of stock be increased so that they may be able to take such
action as soon as it seems desirable.
In case the directors should later determine that it is not wise to distri
but the additional shares to the stockholders by means of a stock dividend,
the meeting is asked to authorize the directors to issue these shares for cash
or property. This will give the directors the same authority' over the newly
authorized stock as over the stock at present authorized but unissued.
V. Ill, p. 192.
— Modification of Plan—One-Year
Time Limit
Declare Plan Operative Stricken Out. —
—
Maxwell Motor
Chemical Products, Ltd. — Preferred Stock Offered. —
Chalmers Motor Corp.
to
Co., Inc., below.
See
V. Ill, p. 75.
Co., Toronto, are offering at 100, with a bonus of
stock with each share of Pref. stock, 8% Cumulative
Dlvs. Q.-J. Afterpayment of divs. equivaPartic. Pref. (a. & d.) shares.
lent to .$8 per share on both the I'ref and Can men shares, directors may
declare and pay further an additional div. equally per share upon the Pref.
and Common shares out of any surplus or net profits.
Graham. Sanson
one share
Common
&
.
Capitalization
—
Authorized.
8% Cum. Partic. Pref. shares (par
Common shares (no par value)
Issued.
$1,700,000
75,000 shs.
Company was incorporated Feb. 28 1920 in Canada. Was formerly
known as Chemical Products of Canada, Ltd., org.anizcd In 1916 to manufacture a varied line of chemicals.
Plant situated at Toronto, Out. Products
manufactured include salicylic acid, sodium salicylate, methylsalicylate,
phenacetin, potassium permanganate, epsom salts, arsenic acid, glycerophosphate, &c., &c.
Estimated earnings, allowing only for its four principal products and not
taking into consideration any profit from surplus sulphuric-acid or other
chemical products, should amount to $1,483,188 per annimi, equivalent
to about $18 per share on the outstanding Common stock.
The directors include: R. J. Copeland. Pros. & Gen. Mpr. (V.-Pres
Thermos Boltle Co., Ltd.); J. C. Graves (formerly of Dow Chemical Co.).
W, H. Van Winckel (late V.-l*i-es. Aniline Dyes & C hemicals, Ltd., N. 'V'.):
Chino Copper Co.
4,360,932
$2,000,000
100,000shs.
$100)
— Copper
—
Output {in Pounds).1920 7 Mos. 1919.
Increase.
25,887,173
629,782
3,626,354
734,578 26.516,955
Rcwltsfor Quarter and Six Months ending June 30.
— 1919.
1920— July
—
Increase.]
1
1920—3 Mos.— 1919.
mcome
Operating
Dividends
a$330,152
326,242
$370,415
652,485
1920— 6 Afos.— 1919.
$1,139,879
652,485
$196,974
1,304,970
Balance, surplus
$3,910dcf.$282,070
.$487,394df$l,107,996
a Includes miscellaneous income. &c.
V. Ill, p. 192.
—
Cincinnati
&
—
—
—
—
Suburban Bell Telephone Co. —
Stock.
—
P. V. Commission recently authorized the Company to issue
If 1,878, 300 additional capital stock and has also authorized the American
Teloiihone <& Telegraph t^o. to buy $1,450,000 of said stock in order that
it may maintain its pro rata investment of 30% in the stock of the Cincinnati Company. The total outstanding stock of the Company at the present
time is S10,214,3.')0 of which the American Company holds $3,281,600.
The now stock will bo issued from time to time as the money is iiceded
and not all at one time. When this is done and all of the .stock at present
authorized has been issued there will bo outstanding a total of $16,000,000.
It is contemplated that this stock will be issued as heretofore to the stockholders at par in proportion to their holdings at the time the issue is made.
Fractioii;iI shares, of which there will of course be only a very small amount,
are usually sold at the best price obtainable at the time of the issue.
(official) .—V 110, p. 2389.
695
Continental
Boston.
Mills,
—Extra
Dividend.
—
An
extra dividend of 5% was payable Aug. 10 to stockholders of record
Aug. 5 on the Capital stock [at last accotmts, $1,500,000 outstanding],
together with the regular semi-annual dividend of 3%. 'V. 107, p. 406.
—
Continental Motors Company,
W.
—Earnings,
&c.
—
quoted as saj-ing: "Our business and earnings for
the first quarter have been the largest in our history. We have been and
still are adding materially to our productive capacity, especially at the
Muskegon plant, where truck motors are produced. Even with these
conditions, we have not been able to satisfy the demand for otu" product.
We have had no cancellations, although during the past 10 days, in a few
V. 110, p. 1293.
in.stances, the delivery schedules have been extended.
R. Angell Sec.,
is
—
—
—
Consolidated Gas Co. of N. Y. Permission to Invest
To Appeal Decision.
Extra Charge in Liberty and Other Bonds
In filing the formal order permitting the company to charge SI 20 for
gas instead of the statutory 80c., Federal Judge Learned Hand modified
his decision of Aug. 4 permitting the company to use the extra 40c. per
1,000 cu. ft. in the operation of its business and to invest that amoimt in
Liberty bonds at their market value, or other bonds legal for savings banks
The interest on all bond.s so issued
in New York or surety compnay bonds.
and no single surety company will be allowed to issue a bond
must be 7
in excess of $500,000.
,
,
tt a
State, coimty and city officials have joined to take an appeal to the U. S.
Supreme Court from the decision of Judge Hand in the Federal Court, fixing
See V. Ill, p. 592.
the rate of $1 20 per 1,000 cu. ft. for gas.
%
—
Continental Paper
The company
Paper
(Pa.)
Cosden
Six
Net
& Bag
Mills.
— Acquisition.—Haven
recently acquired the capital stock of the
Co.— V. HI,
—
&
p. 76.
—
Co. Listing Earnings.
1920.
Months Ending Jjme 3(y—
after all interest and taxes
York
—
Increase.
1919.
$6,410,177 .$4,281,533 .$2,124,644
(Fed. taxes est.)
The New York Stock Exchange has authorized the listing of temporary
interchangeable certificates for 51.881 additional shares of Common stock
exno par value (auth. 1,400,000 shares), on official notice of is.suancesnares.
change for property making the total amount applied for 1,044,268 in exshares
The stock applied for will be issued as follows: (a) 29.412
change for all of the Capital stock of the Cosden Building Co. of Okla
which company was incorporated in April, 1920. ^vith S1,00(),000 auth.
(concap. stock and acquired title in fee simple to a new lo^story building
In this building, which is to be free from all
crete and steel construction)
executive offices; (b) 22,4b9
liens the Cosden Co, lease seven floors for its
Company
shares in consideration of the transfer and assignment to this
corporation wnth
of all of the property of The Process Co., a ISIaryland
now in use
patents, rights and formulas covering the "cracking process
at Cosden refinery at West Tulsa, Okla. Through improvements the capacity
refine over
of the plant at West Tulsa has been increased to handle and
30,000 barrels of crude oil per day Instead of 25,000 barrels.
Consolidated Income Accounts for Five Months ending May 31 1920.
Income: Income from refining, production and transportation,
$19,019,333; interest on bonds of and loans to Sub. Cos.,
m
.
—
:ji»,o,5.i,iiot
S435,878; miscellaneous income, .$377, Oi3
ExTienditures: Cost of refining, production and transportation,
$13,180,670; gen. & admin, expense, $582,846; interest and
discount, $43.3,809; int. on bonds owned by and loans from
Cosden & Co. of Del., $435,878
.
Net earnings
Estimated amount of Federal income
period Jan. 1 1920 to May 31 1920
Dividends paid
&
14,633,204
$5,199,079
V^-;;^^
excess profits tax tor
'^-a'^Tfi
b^s.^io
Balance surplus
f^'n^'Stq
May 31 1920
-,---:->,---7is--,-r-- h G,,^Li,i!3'rip«
Subsidiaries
sheet of May 31 of Cosden & Co. /.Del.) and
.,90
shows: total assets $66,699,432; current assets (incl$ 1.1 2, *l,814,-5b
inc uding
.?12,067.695; against current liabilities of f6-4??.34/
S.S,594.&.w
unsecured notes; securities outstanding (a) ^^ef. s^t_ock 4-5^^ares Deing
759,423 shares of common stock without par value, 46, •^16
agents to be
in hands of the public and the balance held by the t'-a^^^'^^
per share one
exchanged for thf outstanding stock of the par y?l"e of $5
share -^thout pir value for each 5 shares of tne V^\^ ^.^}^%g^LHnnpublcSS, 04o. 000
15-year 6% conv. S. F. Gold Bonds of 1917 in hands of
(d) 1st mtge. S. F. conv. 6% Gold Bonds of 1916, .S60o.p00, ie„' 'o oS^^ (a^
Conv. Mtle. Notes of 1916. .$4,000; (f) car trust notes, $329,993, (g)
V. Ill, p. lolease purchase obligations. $388.211.
Profit
and
loss surplus
The balance
W
.
—
Cleveland, O.— Notes Offer ed.-Cromwell
Cjev'eland,
Otis & Co. and Guardian Savings & Trust Co.,
int., yielding about 8%%, ?^i,UUU,UUU
are offering at 98 and
First Mortgage 7% gold notes, due Oct. lo 1921.
Trust
Dqnom. $1 000 and $.500. Interest A..& O at <3"='fd.an Sav-^ngs &
Steel Co.,
Co., Cleveland, trustee (in so far as pernnssible by f^ .^^^""^^'l^^if ^"'j"any
or part on "n",
the normal Federal income tax up to 2%). Callable all
interest date at 101 and interest.
« July oc ic90.
i
26 ISZC*
Data from Letter of Pres. Veryl Preston, Cleveland, O.,
at Lorain, .<;^-J^^Pe
Compa nv-—incorp- ui Ohio. Plant located
;;:f ^^
structed in 1917 and 1918 and upon completion };-a,«;e'i»'%V^mtnt con"
and operated to 1007, faPa^^'t^ oPi^^^^/'r^-t^ment
U. S. Government
Go% ernmens
Following termination of the war and completion of plant for the
tracts.
refit the
contracts, readjustments were iirjnediately begun to
manufacture of seamless tubing rounds.
t„^„„^„ioiw nnrlino 000
slabs and 100,0^^^
Plant capacity 50,000 tons of forging blooms. Pjftes and
tons of seamless tubing rounds. Plant ail<V.''"Vi"?o9n «t S^/fi34^06-l
1920 at S'*-634.UMas of Sent 1 1919 at 9^3 544,688, and as of May 31
''A'arS.-Sincb April 1920 the plant. has been statement showed a nit
"P«;='t'{'„?,X'^eTi nee
and during April and^Iay the company's earning
\e&T
operating profit of $138,652 or at the rate of S831 .912 a
Cnpitnlitation. -Authocized §3,500,000. outstanding J^3 61 10^^^^^
capital.
p„rnose.—To provide for extensions and additional T\orUing ^Geo H
The board of ^directors includes: Verj'l l^eston (Pi'esidentO Cie'veiana
(of
Beaumont (of Pickands, Mather v% Co.), H. A. Raj-mond
V. 110. p. 81.
Cliffs Iron Co.). &c.
.
—
i
—
Crucible Steel Co. of America. Listing.-^ o" ul =mer
The Now York Stock Exchange h^s authorized ^h? "f "^f
f
The Ohio
.
—
Cities Service Co., N. Y. City.
ISth Monthly Dislrib'n.
The ISth montldv distribution on CMties Service Co. bankers' shares,
payable Sept.
1 to bankers' shares of record Aug. 15 will be 42 cents a bankThe distribution on Critics Service Co. bankers' shnres made
.imountmg to 45.62 cents a bankers' share was made toll ,660 holders
of record, being a gain of 59,'J holders of record in the 30 days preceding Aug.
l-„Tliis compares with 5,538 holders of banlcers' shares Jan. 1 1920.
er's share.
Aiig.
1
—V.
Ill, p. ,592. 391.
Consol. Interstate-Callahan
Mtiiilh
of—
51 '; zinc
59%
concentrates
(lbs.)
lead concentrates (lbs.)
Silver
— \. 111.
(ozs.)
p. 392, 193.
Mining Co.
Julii
1920.
4,400,000
1,946,000
19,460
—
—
Shipmetits.
June 1920. Mau 1920.
5.-t0O.000
2,100.000
23.100
5.060.000
2,162.000
23,782
applied for $.50,000,000.
Compare V.
Cuban Ports Co. — Option
to
392, 49/, o92.
Purchase.
—
announce that.the voting trust ccr'Jf'f ,^-VxXnKe for
shares in Havana Marine Terminals, Ltd. to be ?Vf' "' ,'-Y,\, nrcha^o
Cuban Ports Co. shares, will be issued yer>- short y /^" 'X^''^'d i'cli^iro!:
the entire assets of the company has been P'^^t^'^.^^y '^p''.j:!''r/\.r';7;fi(,i^^
ANeeklj Otiiciai
tune to a Cuban syndicate. (London Stock Exchange
IntelUgence.)— V. 109, p. 1894.
The
liquidators
Dominion Steel Corporation.— .l/crj/rr.—
See bnlanco sheet British Empire Steel Corporation under
Reports" above.— V. UI. p. 392.
—
Unanciai
—
Davison Chemical Co. Listing Earnings.
tl\<". "':|.'"»',"^
The New York Stock Exchange has authorized (auth.
.^i^Tj/rilsV
shares (v. t. c.) of Common stock, no par value
-',V,;'i^,n 'J^ I
her au
Additional shares (v. t. c.) of Cou'ni.in. stock; and yihfui
16.481
thority to add additional voting trust certificates for :^-;-' ^". ,^^' ll)-^oa^
"'l^-"?;
shares, on official notice of issuance, on convei-sion "foutstai dmt,
Sulphur & Phosphate (^x, makmi? the total
6' f bonds due 1927, of Davison
amount applied for 235,000 shares o". t. c) Common stock.to ruii fZ-tWe
for live
The Common stock is held in a voting trust agi-eement
l..
vears from June 1 1920. The vothig trustees are Jolui J. Nelligan.
Waldo Newcomer.
and
,j .
.,
t^
J^i,..,«iral
The stock of the company was formerly held by the Davison Ch.nucaa
its
Corp. of New York, incorp. in Dec, 1915 to finance the company and
The Davis-ou Chemical
siib.sidiary. the Davison Sulphur & Phosphate Co.
Corp. was dissolved June 3 1920.
isiiller
,
,
.
THE CHRONICLE
696
Xet Earnings of Company Inch Davison Sulphur & Phosphate Co.
Calendar Year
—First Quarter \<d20—
1917.
1918.
1919.
8996,384 S822.621 S934,310xS655,001 ydef.S36,093
profit
Net
127,882 149.611
32,555
Interest and discount.- 120,222
37,215
.
"•'
• Net
income
8876.162 3694,739 $784,699 $622,446 def.S73,308
Keser\-efordeprec'n.._$150,000 $185,304 $204,607 $51,633
Kes. for Fed. taxes. &c. 117.032 125,311
105.025
58,758
Other deductions
35,759
48,963
93,149
•
Surplus
$573,370 S335,161 $381,917 $512,054
def..?73,308
this co.
^ X Davison Ctiemical Co. y Davison Sulphur & Phosphate Co.,
was placed on an operating basis as of Jan. 1 1920. V. 111. p. 77.
—
—
—
Dort Motor Car Co., Flint, Mich. Bonds Offered.
First Trust & Savings Bank, Chicago, are offering at prices
ranging from 99.50 and int. to 96.12 and int. to yield from
7.70% to 8% according to maturity $1,500,000 1st mtge.7s.
Dated May 1, 1920. Maturing serially $300,000 each Mav 1 1921 to
Int. payable M. & N.
1925.
Denom. $1,000 (c*). Red. as a whole upon
60 days' notice at 102 J4 and int; in part on same terms in reverse of numerical order.
Int. payable without deduction for Federal normal income
tax up to 4%
First Trust & Savings Bank, Chicago, Illinois, and Melvin
A. Traylor, Trustees.
Data From Letter of Pres. J. D. Dort, Dated Flint, Mich.. Aug. 2.
Security.
A first mortgage on entire property now owned or hereafter
acquired, including plant in course of construction for which these bonds
have been issued. Physical assets including property to be acquired are
valued at $3,457,747. Company covenants to maintain quick assets of at
Ic^st 150% of its outstanding liabiUties, excluding this issue.
Company. Has been engaged since organization in 1915 in the production
and sale of automooiles, its output of automobiles manufactured in that
year having been increased to a production of 30,000 automobiles in 1920.
.
—
—
—
4.ssets & Earnings.
After giving effect to this issue and sale of $.500,000
stock, total assets amount to $8,871,698.
Earnings for 1919
applicable to interest charges were $1 ,161,119, or over 10 tunes the maximum
requirements, while average earnings for past four years were more than
5 times these charges.
Purpose.
Proceeds will be used to extend present plant facilities and to
purchase additional equipment. V. Ill, p. 193.
Common
—
(E. I.)
Col.
Va.
—
du Pont de Nemours & Co.
Edmund
— V.
of Dela.
— Obituary. —
G. Buckneo, Vice-President, died Aug. 4 at Hot Springs.
110. p. 2294.
—
—
—
Electric Storage Battery Co. Listing Earnings.
The New York Stock Exchange has authorized the listing on and
after
Aug. 17 of $3,329,900 additional Common stock (autb. $30,000,000),
making the total amount appUed for $19,979,325.
The stockholders of record July 17 were given the right to subscribe on or
before Aug. 16, at par, to the above stock, equal to 20% of their respective
holdings (V. 110, p. 2660).
The proceeds of the stock will be used for the construction of a new plant
at Crescentville. Pa., comprising 40 acres of land, upon which will be
erected 15 buildings haveing a floor space of about 8 acres. These facilities
will increase the company's output from 30 to 40%.
It is expected plant
will be completed in the early part of 1921.
X Consolidated Income Account for Five Months ending May 31 1920.
Gross sales, less cost of manufacture and purchases and all
expenses incident thereto
.$2,918,495
Oper. exp. (Incl. salaries), commissions, engineering, selling and
traveling expenses and rent of branch offices
824,414
Net earnings from
Dividend paid April
sales
1920, 214
1
$2,094,081
416,230
% Common and Preferred
Balance after dividends.
,677,851
Other income
205,151
Total net earnings, five months ended May 31 1920
$1,883,002
X Subject to adjustment at end of fiscal year. V. Ill, p. 298, 193.
—
Hawaii. —Extra Dividends. —
E-wa. Plantation Co.,
Cable advices from Honolulu state that three extra dividends of $1 each
have been declared in addition to the regular dividend of 20 cents; viz.:
$1 20 payable Aug. 31; $1 20 payable Sept. 30; and $1 20 payable Oct. 30.
—V. 101. p. 134.
Ford Motor Co.
—Plant Additions. —
stated that a 2-story addition, to cost about $8,000,000, will be
added to the present 6-storj' assembling plant at Milwaukee. V. Ill p. 592.
It is
Company. —Earnings.—
Freeport Texas
Six Months ending May
31
Gross sales
Cost of sales
1920.
$2,225,375
1,011,362
'Gross profit
,214,013
General expenses, &c
Net
480,045
profit
$733,968
4,525
Other income
Net income
Dividends
$738,493
—
1919.
$1,438,371
239,041
,
Increase.
$787,004
772,321
— Co.—
— Rights OilOfficial
—
—
—
—
Consolidated Balance Sheet [Dec. 31 1919 Inserted by Ed.]
June30'20. Dec. 31 '19.
June30'20. Dec.31'19
Assets
Liabilities
S
S
S
S
Plants, equip., &c. 7,973,825 2,093,626 Pref. stock (old)..
2,000,000
Patents and tradeNew pref. outst... 5,988,500 3.984.600
15,400
marks
do sub. act
6,950,000 6,950,000
Inventories
7,651,551 2,875,623 Common stock.. .16, 000 ,000 16,000,000
Securities
2,800,000
1,714,603 8,599,640 Bonds_x
Bills &acc'tsrec.- 9,982,106
7,558,758 Bills & acc'ts pay. 7,477,207 6,in",55S
Cash
11.500
999,909 1,345,861 Treas. stock subsc.
—
—
Adv.
Suspense account.
Deferred charges. .
Total
2,519,181
92,772
Contlng., &c., res. 2.535.681
670,603
1,300,000 Surplus
11,201
200 ,295
35,483,490 30,723,509
35,483,490 30,723,509
Total
X Authorized $3,800,000, less $1,000,000 in treasury.
— V.
110, p.
2197
$881,227 dec. 142, 134
112,989 dec. 112,989
1920
1919.
July
2,400,000
2,050.000
V. 111. p. 392, 77,
—
—
7%
1920, at rate of .$100 in principal sum thereof for every 3 2-3 shares as well as
for fractional excess of the even multiple of 3 2-3 .shares.
Holders of less
than 3 2-3 .shares shall also have the privilege of subscribing to one $100
Debenture bond.
Stockholders are invited also to subscribe for such additional amount of
Debentiu-e bonds as they may wish, subject to the right of the company to
accept such additional subscription.
Subscription price in every case will be $93.04 for each $100 of Debentures
(which includes adjusted int. from Sept. 10 to Oct. 1 1920), which shall
yield 8% p. a. if held to matiu-ity.
Subscriptions are payable in cash
or in New York funds at the office of Blah & Co., Inc., 24 Broad St., N. Y.
City, and may be paid (a) either in full before Sept. 10 1920, or (b) in equal
instalments of 257c on Sept. 10 and Nov. 30 1920, Jan. 31 1921 and March
31 1921. respectively.
Interest at the rate of 7% p. a. will be allowed on each instalment payment from the last day that each Instalment is due to April 1 1921.
Condensed Statement by
Pres. L. J. Drake, Franklin, Pa., Aug. 6.
Purpose. -As indicated in the annual report (V. 110. p. 968), it has been
necessary to borrow substantial sums. The present £>ebenture bonds are
for the purpose of liquidating this floating debt and they will therefore not
materially change the present interest charges.
—
—
—
—
Granby Consolidated Copper Mining, Smelting &
Power Co., Ltd. Copper Production {In Pounds).
7%
Capitalization
—
$779,370 dec.$45.402
101,857 dec.97.382
Issue $6,000,000 10- Fr.
Statement
Earnings
Balance
Sheet.
The directors have decided that it is advisable for
the purpose of liquidating present floating debt and to provide funds necessary for the successful operation ofthe business, to issue the $6,000,000
Convertible Debenture
bonds, authorized by the stockholders last May (V. 110,
p. 1294, 2197).
All stockholders of record are given the right to sub.scribe up to Sept. 10
T^o
—
$14,683
60.085
$1,199,330
419,960
$738,493
$768.2,38 dec. $29, 745
From profit and loss there were deducted: taxes, .$50,191; reserve for
depreciation, $130,223; reserve for depletion, $538,201, lea-ving a final
profit and loss surplus of .$4,799,439.
V. 110, p. 1418.
Galena Signal
There are outstanding $2,800,000 1st M. 6% bonds of Petroleum
Refining Co., of Texas, (now Galena-Signal OU Co. of Texas), due July
1
1933. The Galena-Signal OU Co. is also the guarantor of $720,000.
Marine Equipment 6% bonds to be secured upon a modern tank steamer
now under construction for the Galena Navigation Co.. a subsidiary.
Description.
The Debenture bonds are to be dated as of April 1 1920,
will be due on April 1 1930, and will bear Interest at 7% p. a., payable
April 1 and Oct. 1.
Total authorized issue $6,000,000. Redeemable all
or part at 110 and int. on any interest date during 1920: similarly at 109 and
int. diu-ing 1921; the premium decreasing 1% each subsequent year until
maturity. Denominations, $100 and $1,000. To be issued under an
indenture with Bankers Trust Co. of New York, as trustee, which will
provide:
(1) Neither the company nor any subsidiary shall create any
additional mortgage "unless these Debentures shall share equally and ratably in the lien of such mortgage, but this shall not apply to mter-company
or purchase money mortgages or pledges of personal property to secure
temporary loans in the usual course of business, and shall not restrict the
acquisition of additional property subject to lien or mortgage."
(2) The
consolidated net ciuick assets shall be maintained in an amount at least
equal to 125% of the principal amount of these Debenture bonds then outstanding.
Convertible Feature.
The Debenture bonds are to be convertible at option
of holder at any time into Common Capital stock, at rate of $100 in par
value of stock for each $100 in principal sum of Debenture bonds with an
adjustment of accrued interest and cash dividends.
Sinking Fund. The company, beginning in 1921, will maintain a sinking
fund for the redemption of these bonds, and will annually pay into this fund
5% of the Debentiu-e bonds sold and issued.
Tax Provisions. The company agrees to pay principal and interest without deduction for any taxes except for inheritance .succession and-or income
taxes and understood to be free of present Penn. personal property tax to
holders, residing in Pennsylvania.
Assets.
The consolidated general balance sheet as of Jime 30 1920 (see
below) for this company and the Texas subsidiaries, does not reflect the proceeds of the sale of any of the Debentures. The consolidated total net
assets therein are several times the proposed issue of Debentures, and the
net quick assets show a substantial margin over the proposed issue. The
plant account is carried at original cost less depreciation.
Earnings.- -The net earnings of this company after interest,
depreciation and provision for all taxes for the five years ended
Dec. 31 1919, have averaged
$1,267,021
The approximate consolidated net earnings of this company
and its subsidiaries, after interest, depreciation and estimated
Federal taxes, for the six months ended June 30 1920, were
801,997
It is anticipated that the earnings for the last six months of this
year should be considerably in excess of this amount.
The annual interest charges of this company and all its subsidiaries, including the interest on the entire present issue of
Debentures, will amoimt to
631.200
Properties.
-The properties owned by the company or its subsidiaries
include compounding plants at Franklin, Penna., Bayway, N. J., Whiting,
Ind., and Toronto, Canada.
A compounding plant at Parkersburg, W. Va.
is operated under lease.
Extensive improvements have recently been made
at the Bayway plant, including the dredging of the water-front to a depth
of 25 feet, new bulkhead and additional large capacity steel storage tanks.
The company owns and maintains storage and distributing warehouses at
various points throughout the United States.
The properties owned by the Galena-Signal Oil Co. of Texas and its
subsidiary, the Galena Pipe Line Co. of Texas, include producing properties in the Humble Oil Field on which there are some 40 wells.
The crude
oil produced is a Naphthene base oil from which the finest quality of lubricating oils are obtained.
The company's refinery, now in operation with
a capacity of 3,000 barrels (lubricating rating) of crude oil daily, located on
the Houston Ship Channel, is one of the most modern and best equipped In
the United States. The properties include one tank farm on which there
are 48 steel tanks of 55,000-barrels each, giving a net capacity of upward
of 2,500,000 barrels, with approximately 1,900,000 barrels of high grade
crude oil in storage, which, with the company's current production, assures
the refinery of an ample supply of its own crude oil for several years. Otir
pipe line connects the producing properties with the tank farm, refinery
and the Houston Ship Channel.
I feel very sanguine for the future of the business both in this coimtry
and abroad and look forward to an improved showing for the company
and its stockholders.
to Gal. Sig.
Oil Co. Texas..
Balance, surplus
Debentures
(Vol. 111.
Auth.
Outstdg.
Preferred stock (original) 8%, cumul
$2,000,000 $2,000,000
New Pref. stock 8% cumul. (*Includes $11,500 subscription account)
8,000,000 *4,000,000
Common stock
.22,000,000 16,000,000
—
—
Increase.
1
1920— 7 A/os.
1919.
14,304,747
350,000114,966,558
—
—
Increase.
661,811
Gray & Davis Inc. Approve Contract with American
Bosch Magneto Corp. Capital Increase.
The stockholders on Aug. 4, approved an arrangement by which American Bosch Magneto Corp. will become the exclusive selling agent of the
—
—
and lighting products of the company, and the officers of .American
Bosch Magneto Corp. will assume executive control of the management.
The proposed .selling agency contract will run until Jan. 1 1936, subject
to prior termination at the option of this company on the first day of Jan.
or July of any year on one year's notice and subject to termination by
American Bosch" Magneto Corp. if at any time its officers are not left in
control of the management of this company. The contract wUl apply to
the starting and lishting products of this company, but will not cover
products not related to motor vehicles, such as the imit car, houselighting
system, and induction motor. It is expected that other plans wUl be made
to develop these other products. The commission payable to the American
Bosch Magneto Corp. will be 10%, of the net prices except as to articles
sold at retail through service stations which will be sold to American Bosch
Magneto Corp. at a fixed discount from list prices.
As a condition of entering into the selling agreement American Bosch
starting
Magneto Corp. requires that its officers be given control of the operation
company, and in order to secure their interest in the management
an option running until Jan. 1 1924, was given by this company on any
of this
Common
stock at par $25 in cash.
its
also voted to retu-e the $131,800 Preferred stock held
in the treasiirv and to increase the Common stock froni $2,722,600 to
part or
all
of 30,000 shares of
The stockholders
$3,472,600 the" increa-se being the 30,000 shares mentioned above.
pare V. Ill, p. 593, 498.
Greene Cananea Copper Co.
Seven months 1920
Seven months 1919
— V.
111. p. 194.
Greenfield Tap
—Production. —
Copper (lbs.).
3„500,000
3,200,000
25,658,000
21,400,000
Julv 1920
July 1919
&
Die Corp.
—Com-
Silver (ozs.).
130,750
143,560
992.540
893,313
Gold
(.ozs.)
770
^
.,00
5,4So
4,930
— Dividend. —
quart eriv dividend of 75 cents per share (3%) has been declared on
the 120.000 shares of Common stock, par $25, payable Oct. 1 to holders pt
Dividends of $1 per share (4%) were paid AprU and July
record Sept. 15.
mcreasing the
last.
A stock dividend of 50% was also paid in July last, 120,000 shares,
outstandmg Common stock from 80,000 shares, par $25, to
par .$25.— V. 111. p. 593.
A
I
—
.
Aug. 14
—Earnings. —
is at the
Net earnings for the quarter ending June 30 were $113,000; thisit is said.
'
rate of approximately 50% per annum on the Class "A" stock,
109, p. 177.
&c. —
Hupp Motor Car Corporation. —
—
Co. — Listing—Earnings. —
Indian Refining
The New York Stock Exchange has authorized the listing of $3,000,000
7% Cum. Conv. Votmg Pref. stock (par $100) and $3,000,000 Common
stock (par $10) with authority to add $1,500,000 additional Common
on official notice of issuance on conversion of the $3,000,000 Pref. stock
and $4,500,000 additional Common upon official notice of issuance and
payment in full making the total authorization for the list $3,000,000 Pref.
and $9,000,000 Common.
Income Account, Period Jan. 1 to May 31 1920.
$2,168,315
$1 ,454,630 Balance Jan. 1 1920
Gross earnings
..$1,133,720
Net earnings
.$3,264,908
13,151 Total surplus
Other Income
52,500
Preferred dividends. .
90,000
$1,146,880 Common dividends..
Total income
Deductions
50,288
Profit
and
May
Net before Fed. taxes. ^$1,096,592
Compare V. 110, p. 2661; V. Ill,
loss, surplus.
$3,122,408
31
p. 498, 594.
—
Inspiration Consolidated Copper Co. Output
/rtcrease. 11920— 7 Mos.— 1919.
1920— Jm/i/— 1919.
500,000l48, 200,000
6.000,000
—V. Ill, p. 194.
International Cement Corporation.
First
Annual Report for
the
45,200,000
—
(lbs.).
Increase.
3,000,000
Year ending Dec. 31 1919.
Sales, less discounts. &c., $4,492,624; cost of sales, $3,435,732;
$1 ,056 ,892
manufacturing profit
386,733
Selling administration and general expense
Balance to
siutjIus
$670,160
72, 879
425,435
$317,604
account.
-V. 111. p. 299.
International Harvester Co.
—
—
Listing.
The New York Stock Exchange has authorized the listing of $40,000,000
additional 7% Cum. Pref. stock (par $100) and $50,000,000 additional
Common stock (par $100) making the total amoimt applied for, Pref. stock
$100,000,000; Common stock, $130,000,000, being the total auth. issues.
The $40,000,000 Pi-ef. stock and the $50,000,000 Common stock will be
issued for the following purposes:
(1) 100.000 shares Common stock as a stock dividend of 12H% on the
Common stock on Sept. 15 to holders of record Aug. 20 (V. 111. p. 498.)
(2) 200.000 shares of Common stock will be available for the issue to the
holders of the Common stock of the company of semi-annual stock dividend
amounting to 2 '2% thereon, the same to be declared on the first daysof
January and July of each year if the company's condition at such times, in
the opinion of the board of directors, warrants such action.
(3) 400,000 shares of Pref. stock and 200,000 shares of Common stock
will be available for issuance for the purposes of the extra compensation
and stock ownership plan for the employees.
This plan for extra compensation provides that the company will set apart
out of its earnings for 1920, and annually thereafter, for the benefit of its
employees who are not employed in any managerial or executive capacity,
an extra compensation fund which will equal 40% of the profits for the year
in excess of 7% upon the invested capital in the business of the company,
the same to be distributed in the proportion which the actual earnmgs of
each employee for the year bear to the aggregate earnings of said employees.
Another fund shall be set apart equal to 20% of the profits for the year
In excess of 7 % upon the invested capital in the business, and shall be apportioned among the employees who are engaged in a managerial or executive
capacity in proportion to the value of their services to the company as
determined by the directors.
These extra compensation funds are to be distributed partly in cash and
partly in stock.
The employees who are not engaged in any managerial
Or execufivo capacity will receive from said fund Preferred stock at par
and those employees wbo are engaged in a manageral or executive capacity
will receive Com. stock at par. Compare V. 110, p. 2662; V.lll. p. 77, 498.
International Minerals'& Metals Corp.
— New
Name.
—
See Beer-Sondhelmer Co., Inc., above.
International Paper
80%
Co.— To
New
on Contract Purchases
Lyman says in substance:
—
Limit
Plant.
Commitmenis
to
—Vice-President
For the past two or three years, in spite of precautionary measures,
we have not succeeded in limiting our commitments of news print paper
to the capacity of our news print machines, and only by the use of specialty
machines have we been able to carry out our obligations with a fair measure
of satisfaction. In so doing, we have furnished thousands of tons of paper
at an absolute loss.
Notwithstanding innumerable oljstaclcs such as embargoes, car. coal
and other shortages, storms, blockades, epidemics, strikes. &c., wholly
beyond our control, we have been fortunate enough to produce nearly
normal tonnage. Indications are that next winter most of these trouljlcs
will continue, and we anticipate that coal, cars and pulp wood especially
will be scarcer than ever lioforo. We are extremely apprehensive, therefore,
that we will not be able to turn out full production in 1921.
In view of the troubles of the past, the uncertainties of the future
and
necessities of the small iiublishors, we have decided to offer to extend over
1921 our present ((uartirly adjustment contracts on the basis of a
tonnage for 1921 of
shall be
of the net contract tonnage for 1920.
glad to receive applications for such exii'iision before Sept. 30 1920. from
any customer to
addnssi-d.
this letter is
—
Oper. profit after deprec.
&c
int.,exp.,
We
Wo strongly advise curtailment of consumption as we anticipate a continued over demand for paper next year in spite of new tonnage coming on
the market and in spite of the higher prices for all grades of paper likely to
prevail on account of the rapidly mounting cost of pulp wood and other
_
elements of cost.
Present prices for paper do not nearly reflect current prices in the general
market for raw material, viz.: $35 per cord for pulp wood; $140 per (on for
ground wood pulp and $170 per ton for sulphite pulp. This advance in
costs is world wide and if it continues must inevitably cause a higher level
in prices for paper.
We expect to have a new mill of upwards of 200 tons dail.v capacity now
under construction at Three Rivers, (Juoboc, in oixu'ation the latler part
of 1921 and In disposing of its output for the remainder of the year (1921)
while giving no positive assurance on account of building uncertainties,
wo now intend to give i)riority to the needs of our contract customers (o
compensate as far as possible for the contemplated reduction in their 1921
contracts.
V. ]|i. i>. 77.
$764,980
$3,513,421
950,000
&c
contingencies,
Net
profits
*119,043
1,350,000
*457.780
$2,163,421
$1,185,783
$1,195,364
.$645,946
* Includes armortization.
V. Ill, p. 594.
—
—
Kaministiqua Pulp & Paper Co., Ltd. Bonds Offered.
& Co., Toronto, are offering at 100 and int., with a bonus of
40% in Common stock, $500,000 7% First Mtge. Sinking Fund Gold Bonds.
Dated July 1 1920. due July 1 1935. Int. payable J. & J. in New York,
A. E. Osier
Montreal. Toronto or Port Arthur. Denom. $1,000 and $500 (c*).
Data from Letter of Pres. U. M. Waite, Pt. Arthur, Ont., July 26.
Company. Incorp. June 4 1920 in Canada. Will manufacture groundwood pulp. Is constructing a 4-grinder pulp mill at Port Arthur with a
capacity of 24 tons of dry pulp per day, and it is intended to extend this
mill into a complete pulp and paper mill having a capacity of 250 tons daily.
aw ,»«<».
Company has obtained valuable timber limits.
^^4
w><
~-''^Capitalizalion
•'='*^'4i^'AMtl'SrTAuthorized. 0^ Issued.
$500,000 $.500,000
77o Fu-st Mtge. Sinking Fund Gold Bonds
Common Stock
1,000.000
650.000
Earnings. It is estimated that the annual earnings based on an output
of 7,000 tons at a price of $65 per ton at mill, will show net income of
$210,000.
Among the directors are U. M. Waite (V.-Pres. of Reliance MiU & Trading Corp., N. Y., and Gen. Mgr. Wolfe River Pulp & Paper Co., Ltd.);
A. E. Osier (A. E. Osier & Co., bankers); John Ball (Pres. Reliance Mill &
Trading Corp.); F. R. Graham (director AVestern Canada Pulp & Paper
—
—
—
Co., Ltd.)
Kelsey Wheel Company.
—
Status.
—
Kerr Lake Mining Co.
Month
—
of July
Seven months to
— V. Ill, p. 393.July 31
(S. H.) Kress &,
1920 July— 1919.
$2,084,-524
$1,793,687
— V. 111. 299.
—
Silver Output' {irTOzs'.y^
1918.
1920.
1919.
196.637
231,890
55,228
531,037
1,532.6.59
832,507
Co.— July
Sales.—
—
1920 7 Mos.
Increase
19i9.
$209,837 ($14,909,721 $12,273,398 $2,636,323
Increase.]
p.
Lake Superior Corp.
—
—
Int. on Inc. Bonds
Earnings, &c.
have declared the payment of 5% interest on the outstanding income bonds, payable Oct. 1 1920.
Earnings for the fiscal year ended June 30 1920. after all interest charges
Out before deprec. reserve, were $2,591,183. Net balance carried forward
amounted to $1,570,314, making the total surplus $2,793,444 (sub. to taxes).
President W. H. Cunningham, reporting the outcome of his \isit to London, stated that the committee's action in withdrawing from the agreement
of settlement arranged last Feb. (V. 110, p. 1752) was due to technical
reasons and to the absence of tangible evidence of an early fulfillment of the
The
directors
conditions provided in the settlement for financing the constraction of new
However, he stated that no change toward bringing the matter to an
early solution was evident, and that negotiations would be renewed as soon
as financial conditions offered an opportunity to proceed with the construction of the mills. Compare V. 110, p. 1752.
mills.
—
Stock
(H. D.) Lee Mercantile Co., Kansas City, Mo.
Dividend of
30% New Stock Offered at Par.—
The company on July 1 1920 declared a stock dividend of 20% and also
offered to the stockholders new stock at par equal to about 30% of their
20%—
We
holdings.
understand they also put approximately $1,000,000 into
The outstanding capital stock was thus increased
their surplus account.
from $6,500,000 to about $10,000,000.
Recent dividends are reported as follows: Jan. 1 1916, 25% cash; Jan. 1
1917. 50% ca.sh; Jan. 1 1918, 15% cash: Jan. 1 1919. 17.15% cash and
42.5% stock; Jan. 1 1920. 10% cash; July 1 1920. 207o stock dividend.
The market for the stock at the time the books closed for the payment of
the recent cash and stock dividend was $120 per share. On July 27 it was
quoted by the H. P. Wright Investment Co. of Kansas City at 99 bid, 102
asked.
Lit Brothers Corporation.
—Extra
Dividend.
—
Results for First
— Earnings. —
and Second Quarters of 1920
Net
Net
Net
profit on production...
Profit on .rude oil sales
profit on refining, trading,
Other operations (net)
1st
{Incl. Subsidiaru
Companies).
Quarter
.$2,787,;«6
.$4,685.2.32
Quarter.
$1.S97.896
S2,419
&c...
185,051
1,824
2(/
6 Mos.
74,080
427. S21
7.691
012.872
9.514
$2,167,190
291.872
$3,296,928
397.072
$5,464,118
688,944
Net Income! without provision for
depletion and depnyiation
$1,875,318
Minority interest in above earnings..
$2,899,855
$4,775,174
514.152
$4,261,022
Total income
& general expense
Office
Balance, applicable to Invincible Oil Corp. stock
—V. Ill, p.170.
1.56,.")00
—
extra dividend of 3% (30 cents) has been declared on the outstanding
Capital stock together with the regular semi-annual dividend of 5%, both
payable Aug. 20 to holders of record Aug. 9. An extra dividend of 2J^
has been paid semi-annually from Feb. 1917 to Feb. 1920, both inclusive.
—V. 110, p. 366.
An
%
—
—
Ludlow Typograph
Initial Div., &c.
Co., Chicago.
dividend on the 7% Cimiulative Preferred stock was paid on
Aug. 1 to shareholders of record March 31 1920.
Incorporated in Illinois as of Jan. 1 1920, succeeding Maine corporation
of like name. Capital stock authorized: Common, 30,000 shares of no par
value; Pref. 7%, cmn. non-votmg (Pref. a. & d.) par $100, $2,000,000: callable by lot at 110 and divs. Outstanding, 23.000 shares of Common and
$1,300,000 I'ref. No bonds or notes. Directors: WiUiani A. Reade (Pres.),
George O. Cromwell (V.-Pres.), 11. J. Poppenhagen (Sec.-Treas.). Robert
M. Eastman and Henry II. AVindsor, Chicago, HI.; Jesse B. Fay and FredNo bankers interested e.xcept as individual
erick Metcalf, Cleveland, O.
The
initial
,
stockholders.
The company manufactures the Ludlow TjiJograph equipment for producing display typo faces on slugs, and. effective Aug. 1, has taken over
from the Elrod Slug Casting Macliiuf Co., of Omaha, Neb., the exclusive
manufacture and sale of the Elrod had, slug and rule ca-stcr, for producing
The caster is now being manufactured
leads, slugs, rules ajid line borders.
"
"
......
"
~
"
in
improving
—
—
(W. H.) McElwain Co. Capital Increase.
The stockholders (a) on June 25 voted to retire 2,500 shares
of First Pref.
stock (par $100) already issued which had been purchasi>d by the Treasurer
from earnings of the fiscal year ended May 31 1920. thereby reducing the
outstanding First I'ref. stock from $7,390,000 to $7,100,000; (b) on July 26
voted to increase the authorized Second I'rcf. stock from $2,500,000 to
S3, 500, 000 (par .$50), the new stock to be Issued and disposal of for cash
The authorizwl and
at not less than par, as the directors shall determmc.
Issued Common stock amounts to $3,500,000 (par $50). Compare V. Ill,
p. 489. 595.
—
—
Manhattan Elect. Supply Co., Inc. Plan Approved.
The stockhoUlers on .\ui.'. 10 approved the rt^financing plan as outlined
in V. Ill, p. 300. 394.
IW.
,
Invincible Oil Corporation.
$1,643,563
$2,145,364
maximum
80%
whom
—
International Motor Truck Corp.- -Earnings.
1920 6 Mos. — 1919.
1920—3 Mos.— 1919.
L. C. Brooks, Sec. is is quoted as saying: "The first six months' business
this year has been the best we have ever enjoyed, and we are not at all
pessimistic regarding the second half of the year."
.
110, p. 1083.
—Earnings. —
Gross profit
Miscellaneous income
Interest, taxes and miscellaneous charges
697
Ees. for Federal taxes,
Status,
\ Von Schlegell. Vice-Pres., is quoted assaying in substance: "Our busiof
ness has kept up with practically no cancellations. In fact, the volume
new business is as large as it has been during the past six months. It looks
per
to us as though our shipments would continue at the rate of 2,000
month, which has been the schedule so far this year." V. 110, p. 2572.
6.500,000
V
THE CHRONICLE
1920.]
Hercules Petroleum Co.
—V.
—
,
Marconi Wireless Teleg. Co.
of
America.
—
Dissolved.
—
The company on Aug.
2 fiUxl a certificate of dissolution in the office
of the Secivtar.v of State of New Jersey. The company has been acquired
by the Kadio Corporation of America. V. 110, p. 20S1.
—
—
—
Maxwell Motor Co., Inc. Modification of Plan Time
Limit of One Year in Which to Declare Plan Operative Stricken
The eommitteo of which Harry Brounor is Chairman,
Out.
—
has notified the holdors of certifioalos of deposit (of the
Maxwell Motor Co., Inc., and the ClKihners Motor Corp.).
issued under the Plan of Aj^reement of Readjust nient dated
Aug. 30 1019 {V. 100, p. 08.")). that the eoininittee intends
modify said iilan. The announcement reads:
Existing conditions in the financial and busiiu>ss world have made it impracticable to ileclare operative or to carry out the Plan and Agreement of
Readjustment In its present form. The committw has been in conference
wii h financial and businiKs interest.s as well as with creditors of Maxwell
to
THE CHRONICLE
698
Inc., regarding plans for the supply of new money urgently
required, for the readjustment or reorganization of the Maxwell and
Chalmers companies, and for the management of their respective properties.
The committee believes that in the near future a modified plan, the general
features of which have already received the approval of the interests consulted, maj- be formulated for the approval of certificate holders and credThis, however, cannot be done in time to prevent the pre.sent Plan
itors.
and Agreement of Readjustment, in accordance with its terms, from becoming inoperative unless modified as hereinafter stated.
The committee has accordingly determined to modify the Plan and
Agreement of Readjustment by striking out from article or paragraph 7 of
the Readjustment Agreement the woi-ds "the failure to declare operative the
Plan or any modified plan within one year after the date of this Agreement
shall be conclusively deemed an abandonment of the Plan and of this
Agreement and of any modified plan or modified or supplemental aKrceinent."
Holders of certificates of deposit issued under the Plan and Atirtriiunt of
Readjustment may at any time on or before Aug. 31, upon surrender of
their respective xertificates of deposit, properly endorsed in blank for
transfer, to the depositary. Central Union Trust Co., New York, and upon
payment of such taxes as may be payable upon the transfer and delivery of
the securities withdrawn, withdraw from the Plan and Agreement of
Readjustment, and thereupon will be entitled to receive the deposited
securities represented by the certificates of deposit so surrendered.
Every depositor not so surrendering and withdrawing on or before Aug. 31
will be deemed to have assented to the above mentioned modification and
whether or not otherwise objecting will be bound thereby as fully and
Depositors who do not
effectively as if he had actually assented thereto.
so withdraw will have the right upon announcement of the proposed modified plan, to signify their approval thereof or, if they decline to approve the
same, to withdraw theii- deposited securities. Compare plan in V. 109,
p. 985.
Motor Co..
,
—
New
Committee Appointed to Work Out Readjustment.- It
was announced on Aug. 10 that a strong group representing
prominent financiers and leading factors in the automobile
industiy had taken hold of the company. A management
committee has been appointed with a view to readjusting
the financial interest of the Maxwell and Chalmers cos.
The management committee includes Walter P. Chrysler, formerly
V.-Pres. of Genera] Motors Corp.; J. R. Harbeck, V.-Pres. of American
Co.; George W. Davison. Pres. Central Union Trust Co., N. Y.;
B. F. Everitt, Detroit; E. R. Tmker, of Chase Nat. Bank. N. Y.; Ralph
Van Vechten, V.-Pres. Continental & Commercial Nat. Bank, Chicago;
James C. Brady, New York; Leo Butzell, representing First & Old Detroit
National Bank and other Detroit interests, and Hugh Chalmers.
[It is stated that Mr. Chrysler, who is Executive Vice-Pres. and Gen.
Mgr. of the Willys-Overland Co., has in no way discontinued his active
connection with that company. It is also stated that Mr. Chrysler's
appointment to the Management committee has nothing whatsoever to do
with any of the AVillys companies, and no combination of Willys and Maxwell interests is contemplated.]
V. Ill, p. 499.
Can
—
Metropolitan Tobacco Co.
increasing its
filed notice
Midwest Refining Co.
to
—
—
Capital Increase.
with the Secretary of State at Albany
capital from .§3,000,000 to $10,000,000.
V. 109, p. 583.
The company has
—
—
Standard Oil Co. of Ind. Reported
Interest.
See Standai-d Oil Co. of Ind. below. V. Ill, p. 499.
Have Acquired Large
Mobile Cotton
—
—
Mills.
—Guaranteed Bonds
Offered.
—Wm.
Co., New York, and First National Bank,
Cleveland, are offering at prices to net 8%, $1,500,000
Serial gold bonds.
(See adv. pages).
First Mortgage
Dated Feb. 15 1920. Due .1150,000 annually Feb. 15 1921-1930. Principal and interest unconditionally guaranteed by endorsement by the
Standard Textile Products Co. Denom. $1,000 fc). Callable all or part
on any int. date at 103 and int. Auth. $1 ,800,000; reserved $300,000, due
Feb. 15 1931
Free from any income tax or taxes, deductible at the source,
up to 4%. Int. payable F. & A. at First Trust & Savings Co., trustee.
Data from Letter of Alvin Hunsicker, Pres. of Mobile Cotton Mills
and v. 'Pres. & Qen. Mgr. of Standard Textile Products Co.
Security.
Secured by first mortgage on entire property, real and personal (including current assets) of Mobile Cotton MUls, which owns 3 mills
located at Mobile, Ala., McComb, Miss., and Selma, N. C. In addition
company covenants to maintain at all times net current assets equal to the
amount of these bonds outstanding.
Mobile Cotton Mills, manufactm'ing cotton cloths, is owned by the
&
A. Read
7%
.
—
Standard Textile Products Co. the largest producer in the country of lightweight oil cloths, leather doth and washable wall coverings.
The Standard Textile Products Co.. under contract pledged with the
trustee, agrees to take the entire output of the Mobile Cotton Mills at
prices which will assure the funds required for payment of principal and
These mills will furnish about 2-3 of the normal
interest of these bonds.
requirements of the Standard Textile Products Co.
Total net assets of the Mobile Cotton Mills, as at June 26
Assets, &c.
1920, were $3,331,485, or over 200% of the amoimt of Fu-st Mortgage
bonds. Current assets amounted to .52,104,894, with current liabilities
of $216,381 leaving net quick assets of .$1 ,888.513. Total cost of the land,
buildings and equipment of the Mobile Cotton Mills as at June 26 1920
was $1,552,153, and upon completion of additional construction and e.xtensions in process and contemplated will represent the expenditure of
about $2,000,000. Geo. W. Goethals & Co., who have reported on these
properties, give their market value completed as $2,332,000.
Earnings of the Standard Textile Products Co., Calendar Years.
&
Morris
[YOL. 111.
Co.
— Packing Industry Readjusting
Itself.
—
Pres E Morris is quoted as saying: "The meat packing industry appears
to be emerging from conditions of readjustment that seem ahead of industry
There may still be a little more in the way of readjustment
generally.
ahead of packers, but I believe the ground has now been rather fully covered.
"First there was the drastic marking down of inventories, and after that
the severe curtailments in foreign business due to the fail in exchange.
Following this came higher wage schedules, the highest in history of the
industry. At present the industry is adjusting itself to a decline in hide
and leather prices and in prices of by-products generally.
"From now on it is reasonably believed conditions will work out along
normal and better lines. True, high labor costs will remain, but this condition is being offset by improvements in management, and by installation of labor-saving machinery.
"Conditions among livestock producers are still unsettled. This is
especially true of the sheep industry.
The sheep grower has gone thi-ough
the worst winter in many years, and has been handicapped with high-priced
labor and high-priced feed. At present there is practically no market for
coarse wools, and with the British Government shipping large stocks of
New Zealand lamb to these shores, the market for dressed lamb and mutton
has been hurt, and the sheep grower is being punished on aU sides. This
is certainly to be regretted, since it is bound to react unfavorably upon
food production." V. Ill, p. 595.
.
—
—
—
Motor Products Corp. Half Yearly Beamings.
Morton Lachenbruch & Co., specialists in the stock, from official figures
report for the first six months of 1920 gross sales of .$9,352,958 and net
earnings after reserves for State and Federal taxes of $1,183,510, being
an annual rate of $18,700,000 for the gross sales as compared with $11,727,274 in 1919 and $2,360,000 for the net earnings after taxes as against
$979,027 in 1919.
Assets
Comparative Balance Sheet.
June 30
Dec. 31
—
1920.
bidgs.
Land,
machinery
1919.
Total
Total assets
§8,506,200 §6,923,060
-V. 107, p. 2294.
W.) Murray Mfg.
& Treas.
Dec. 31
1919.
1920.
payable
$1,074,614
Acc'd int.& recerv.
539,311
1st Mtge. Bonds-400,000
Equity represented
by 80,000 sh.of
stock of no par
value
6,492,275
S2,251,257 §2,196,116
3,231
40,661
Deferred charges.1,539,797
Inventories
1,993,558
Notes &accts.rec'd 1,960,979 1,412,301
Misc. investments
42,500
36,520
Cash
2,224,675 1,697,665
(J.
June 30
—
Liabilities
Accts.
ft
liabilities
8925,480
"500",6o5
5,497,580
38,506,200 S6, 923, 060
Co.— Status, Etc.—
quoted as saying; "We are doing business
with several of the larger producers of motor cars, including particularly
the Chevrolet, Oakland, Scripps-Booth, Chandler, Cleveland, Paige, and
Columbia, and up to the present time have not received a single cancellation on any of our contracts. Our production schedules at present are absolutely controlled by the supply of steel that we are able to get from the mills,
as our customers would willingly take right at the present time at least
V. 109, p. 1184.
one-third more than we are able to produce."
J.
R. Murray, Sec.
is
—
National Sugar Refining Co., N. Y.
The
directors
— Dividend. —
have declared a dividend of 314% on the capital stock,
payable Oct. 2 to holders of record Sept. 13. This dividend will make a
total of 10% paid to the stockholders during the year 1920.
In July last a
was paid quarterly from Jan.
like amount was paid, prior to which
1918 to April last.— V. 110, p. 2081.
\%%
— Production
{in lbs.)-*
1920 7 Mos.
1919.
943,897129,521,938
27,084,585
2.437,353
Nevada Consolidated Copper Co.
—
1920 July 1919.
4,650,000
3,706,103
/ncrea.w.
Results for Quarter
Copper output
(lbs.)
Operating profit
Miscellaneous income...
Net
I
—
Increase
and Six Months Ending June 30.
1920—6 Afos.— 1919
1920—3 Mo.s.— 1919
13,063,667 11,149,362
$47,276 def$329,971
336,724
514,748
24,201,892 23,350,806
$179,805 def$726,140
799,759
419,778
Dividends
$384,000
499,864
$184,777
749.796
$599,683
999,728
$73,619
1,499,593
—NetIll,
V.
$115,864
$565,019
$400,145
$1,425,974
profit.
deficit
p. 195.
National Cloak & Suit Co.— To Create $5,000,000 10Year S% Conv. Notes and Increase Common Stock Rights, &c.
The stockholders will vote Aug. 27; (a) on approving the issuance of
$5,000,000 10-year S% Convertible Sinking Fimd Gold Notes; (6) on in-
—
creasing the authorized
Common
stock from $12,000,000 to $17,000,000-
,
—
,
Net
sales
Net, after Federal taxes.
Fixed charges
Bal. for divs.
&
1918.
1919.
1917.
$15,779,187 $15,290,671 $10,627,566
1,903,036
1,921,567
1,080,592
153,733
304,131
303,681
depr. $1,598,905
$926,859
$1,617,886
1916.
$8,947,275
1,125,007
123,332
$1,001,675
Net sales for the first 5 months of 1920 are at annual rate of $25,854,000
and balance for divs. and depreciation at rate of $3,137,000 p. a.
Condensed Balance Sheet of Standard Textile Products Co.
Assets
—
Land, bldgs.& equip
Investments
Current assets
Liabilities
—
May 29
1920.
Capital stocks
*$13 ,000 ,000
7.30,000
1,677,363 Serial bonds
3,393,648
9,629,067 Current liabilities
2,853,376
Deferred charges
130,300 Reserves
1,117,747
Total (each side)
$21,094,771 Surplus
* Consists of $5,000,000 7% Series A Pref. stock, $3,000,000 7% Series B
Pref. stock and $5,000,000 Common stock.
&
Co., Chicago,
—
—
—
Sales
Offices.
Increase.
1920.
1919.
Month of July
$7,353,431 $5,297,376 $2,056,055
Seven months to July 31
66.642,316 49,141,514 17,500,802
Silas H. Strawn, Chicago, has been elected President succeeding Robert
P. Thorne, Harry P. Kendall, Boeton, has been elected a director. Pres.
Strawn is quoted as saying; "The change in the presidency does not mean
there will be any change in the policy or in the direct management of the
company. The company has made a good showing in the first seven months
of this year, -with a sales increase of 35% and a corresponding net profit
increase over the same period last year, and we are looking for a good fall
business.
"Company is in a particularly fortunate position from the fact that nearly
80% of its customers are engaged in agricultural pursuits. With wonderful
crop yields, lioth as regards prices and volume, there is every reason to expect a splendid buying movement immediately following the harvests."
V. Ill, p. 595, 195.
„,.____«__
Montreal Light, Heat
The
& Power
Co.
Rosenbaum
in circular says in subst:
the continued growth of the business the directors have determined to procure additional working capital for the company's business
by the issuance and sale of .$5,000,000 of notes.
Common stockholders of record Aug. 12 are given the right to subscribe
up to Sept. 7 at par and int. for the notes in the ratio of $100 notes for each
2 2-5 shares of Common stock owned. A substantial amount of the notes
will be offered for subscription to such Preferred stockholders as may desire
.Subto subscribe therefor at the same price and within the same period.
scriptions by Preferred stockholders wiL be received subject to allotment.
[The Committee on Securities of the N. Y. Stock Exchange rides that the
Common stock be not quoted ex rights on Aug. 12, not till further notice.]
In view
jf
Offering of $5,000,000 Ten-Year
8%
Convertible
Notes.—
Brothers and Goldman, Sachs & Co., New York,
are offering at 100 and int., to yield 8% (subject to authorization by the stockholders and the waiving of the stockholders of their right to subscribe), $5,000,000 Ten-Year
8% Conv. Sinking Fund Gold Notes. (See adv. pages.)
Lehman
•
Dated Sept. 1 1920, due Sept. 1 1930. Int. payable M. & S. -n-ithout
deduction of normal Federal income tax not in excess of 2%. Denom.
$100, $500 and $1,000 (c*). Redeem., all or part, on any day prior to
maturity upon 30 days' notice at 1063^ or for smking fund at 105 and int.
Convertible up to and including March 1 1930 at par into Conmaon stock
at $100 per share. Notes called for redemption retain right of conversion
until redemption date.
Company will make payment to the trustee on or
before Dec. 1, in each calendar year during the life of notes, of cash sufficient
to call and redeem notes at 105 and int., as follows: 5% of the total auth.
issue in each of the years 1921 and 1922 and 10% thereof in each subsequent
calendar year, the notes so to be retired to be dra\vn by lot by Columbia
Trust Co., N. Y., trustee.
Data from Letter of Pres. R. Q. Rosenbaum, New York, Aug. 5
Company. Is the third largest and one of the oldest retail mail order
houses in the U.S.
Business established in 1888, consists in the retailing
by mail (strictly* for cash) of all kinds of wearing apparel for women and
children; also clothing, shoes and furnishings of all kinds for men and boys.
Has recently added the line of graphophones and records manufactiu-ed by
the Columbia Graphophone Co. Has more than 2,700.000 customers, the
number having doubled in the past five years.
Company occupies two plants, one in New York City and the other, com,
.$9,658,041
Montgomery, Ward
President S. G.
— Rate Increase.—
Public Utilities Commission has granted the petition of the company
for an increase in rates from $1 to $1 20 per 1,000 cu. ft.
This increase is
to go into effect from Aug. 1 with the discount of 10 cents on iiaymont of
bills within 10 days of sending.
This judgment is limited to a duration of
6 months from Aug. 1, when it will be subject to modification, abrogation
or renewal l>y the Commission, as circumstances then may warrant.
V. 109, p. 1179.
—
pleted this year, in Kansas City, Mo. The New Yoi-k plant, owned free
and clear, represents a pre-war cost of over S4 ,250,000. It contains about
Company owns about 14,000 sq. ft. of
(575,000 sq. ft. of floor space.
property adjoining its buildings, which is suitable for farther extensipns.
For the purpose of constructing the new Kansas City plant, a subsidiajy
corporation National Improvement Co. was organized (V. 109. p. lS9i).
all of the capital stock of which is owned by National Cloak & Suit Co.
Property consists of a plot of about 21 J^ acres, on which the first unit, a
12-story reinforced concrete building containing about 600,000 sq. ft. floor
space, has been erected.
Authorized. Outstand'g.
Capitalization after This Financing
10-year 8% Conv. Sinking Fund Notes (this issue) ..$5,000,000 $5,000,000
5,000,000 4,180,000
7% Cum. Pref. stock, ($820,000 amortized)
17,000,000 12.000,000
Common stock (par value $100)
Of the Common stock, ,$5,000,000 is to be authorized and reserved for
conversion of this present is.sue of notes.
Purpose.
Proceeds will be applied to reduce current liabilities and mcrease working capital.
—
—
—
—
—
—
—
Aug. 14
—
—
—
THE CHRONICLE
1920.]
—
Company and subsidiaries: (a) will at all times mainProvisions of Issue.
these
tain an excess of tangible assets over all liabilities (exclusive of
notes) equal to at least 200% of notes outstanding; (b) wUl at all times
current assets equal to at least 125% of notes outstanding;
maintain net
stock at any time when
(c) Company will declare no dividend on its Common
net current assets shall not be at least 150% of the aggregate principal
amount of notes outstanding.
Income Account for Calendar Years [For 1919 see V. 110, p. 656].
1918.
1919„
1916.
1917.
$21,554,231 $27,649,538 $33,485,015 $39,449,986
Net sales
Profit avail, for int., aft.
_
„ _„_
2,656,707
2,006,475
2,800,076
2,229,287
depreciation
1,649,133
1.358,178
1,995,524
Net, after depr. & taxes- 2,039,298
Net sales have increased from $15,164,727 in 1914 to $39,449,985 in 1919.
As the Kansas City plant has recently been put in full operation, it is
believed that the annual sales of the company will very soon reach a volume
of $50,000,000.
X Financial Position Based upon Balance Sheet at Dec. 31 1919.
Total current assets and prepaid expenses, Dec. 31 1919, after
including proceeds of present is.sue, $16,627,179; Deduct: cur$9,128,683
rent liabilities, $7,498,496; net current assets.
5,151,583
Capital assets (excluding goodwill)
Total net tangible assets
National Cloak & Suit Co.
to emplyees, at cost
Goodwill.:...-..
Common
$14,280,266
stock purchased for resale
102,250
12,000.000
.
Total assets, le.ss current liabilities
Represented by: 10-Year Notes, $5,000,000;
Common
$26,382,516
7%
Cumulative
stock, $12,000,000; total.. $21, 180,000
Pref. stock, $4,180,000;
Surplus and reserve: unappropriated surplus, $3,382,516; ap5,202,516
propriated surplus, $820,000; special reserve, $1 ,000,000
X Includes proceeds of present issue of notes, but does not give effect to
the expenditures on fixed assets of about $1 ,000,000 from Jan. 1 to June 28
1920, and does not include any other changes arising in the regular course
V. Ill, p. 595.
of business during that period.
—
New
Cornelia Copper
Co. — Production
—
Increase.}
Increase.
3.810.000
1
Ill, p. 595. 195.
New England
Pounds). —
(in
1919.
1920 7 Mos.
21.044,000
282.000 24,854,000
1920 July— 1919.
3,240,000
3.522,000
—V.
Fuel Oil Co. of Mass.
— Dividend. —
A
dividend of 5% has been declared on the outstanding 50,000 shares of
capital stock, par $5, payable Aug. 16 to holders of record Aug. 10.
V. 109, p. 1993.
Newmarket Mfg.
Co. —Extra Dividend. —
%
An
has been declared in addition to the regular
extra dividend of 2 !^
quarterly dividend of 2i4 7o, both payable Aug. 16 to holders of record
Aug. 10. An extra dividend of 33^% was paid in May last. V.llO. p. 2198.
New
River Co.
—
— Dividend. —
directors on Aug. 11 declared Pref. dividend No. 31, of $1 50 per
1 1914), payable Aug. 26 on stock of record Aug. 14 1920.
Ill, p. 195.
The
New York & Queens County Gas
Co.
Attorney-General Charles B. Newton, P. S. Commissioner Lewis Nixon
and Denis O'Leary, District Attorney of Queens County, have filed 75 exceptions to the report of Special Master A. F. Gilbert in the injunction suit
of the company challenging the constitution of the 80-Cent Gas Law of 1906.
The Special Master in his report found that for the period from Dec. 31
1918 to Dec. 31 1919 and for that portion of 1920 covered by proofs submitted to him that the company was unable to make a fair and reasonable
return to its stockholders upon its property investment, owing to the increased costs the company was obliged to make.
The defendants in their exceptions protested against the period selected
by the Special Master on the grounds that they were abnormal and did not
make a fair basis upon which to justify the company's claims for an inV. Ill, p. 394.
crease in the price of gas.
—
New York Tank Car
Line, Inc.
—Incorporated. —
Incorporated in Delaware July 28 1920 with an authorized capital of
manufacture and sell tank cars, &c. Corporation Trust Co.
company's Delaware representative.
North American Co.
— New
—
Nova Scotia
Steel
&
Nyanza
Mills,
— Merger. —
—Extra Dividend. —
R.
Coal Co.
Woonsocket,
I.
An extra di\idend
%
,
—
Oswegatchie Textile Co., Pawtucket, R.I.
—Receivership.
Judge Doran of the Rhode Island Superior Com-t has appointed Russell
H. Handy temporary receiver.
Tlie company's attorneys claim that, while unable to pay its debts in
the regular course of business, the company has assets amoimting to $1 ,088,866. wiiile its liabilities are but $896,147.
Pi-esent market conditions and
cui'tailment of bank credits are said to be the cause of its present difficulties.
&
Offered.— W. C.
Langloy & Co. and Blvth, Witter & Co. have purchased
from the Electric Bond and Share Co. $1,000,000 Pacific
Power & Light CO. First Lien & General Mortgage 8%
bonds, due Aug. 1 1-930.—V. 109, p. 677.
Power
Light
Packard Motor Car Co.
Co.— Bonds
—Earnings,
Etc.
—
statciuent coming from the office of the Gen. Mgr. is quoted as saying:
^^
'Our earnings for the last quarter, ending May 31, were .$1,921,991; for
the nine months ending on that date, $5,068,798. Sales are slightly below
the spring record. Out of 2!0 cancellations of passenger cars, reported by
dealers during the past quarter, 173 have already been resold, leaving a not
of ()7 cancellations, and these will undoubtedly be quickly taken up."
V. 110. p. 2193.
—
—
Paige Motor Car Co. Earnings, Etc.
M. Jcwett, Pros, is quoted as saying: "We have had
H.
a most satis-
factory year so far. AVe have earned, from Jan. 1 to June 30, $1,522,000
and with all of (his slow-down in business we cannot begin to fill orders,
and are increasing our production daily. From our present estimate, the
output and orders that we have on hand, and the estimate of our dealers,
we should ship enough cars within the next three months to make an additional profit of .$900.000."— V. 110, p. 1978.
—
People's Natural Gas Co., Pittsburgh.
Rate Increase.
The CDiupaiiy has announced an increase of 10 cents per 1,000 cu. ft. in
gas rales, ol'fectivc Sept. 8.
The rate for gas for all consumers, excepting
churches and charitable institutions, is increased from 37 cents per 1,000
cu. ft., less a discount of 2 cents per 1,000 cu. ft. for prompt payment, to
47 cents, less a discoiuit of 2 cents for proDipl payment. V. 10/, p. 1197.
Philadelphia Insulated Wire Co.
— — —
Listing.
The Philadelphia Stock Exchange has authorized the
snart's of
listing of
25,000
Capital stock, no par value. Doing the total authorized and otit"ojjuing amount, lias no funded or mortgaged debt and no Pref. stock.
The company was oritanized in Pennsylvania April 29 1920, and has acquired the entire assets, processes and Kood-^^illof llie insulated wire
UiiRiness of tJK- Alfred P. Moore Estate.
Business was established in 1820.
and for many years has been engaged in the manufacture of insulated wires
and cables of all kinds. Tlio property acquired and owned consists of a
tract of land of about 16,250 sq. ft. area. Phila., on which is erected the
main factory.
in
in stock and scrip from March 1918 to June 1919, both inclusive, but none
until March 1920, owing to strike, which tied up the plant for several
months.— V. 110, p. 1978.
— Shipments.—
—
Quaker Oats Co., Chicago. — The Directors Declare
Stock Dividend of 25% Payable in Common Srock. —
Prairie Pipe Line Co.
Shipments in July are said to amount to about 4,200,500 bbls. of oil as
compared with 3,001,000 bbls. (approximate) in Jimelast. V. 108, p. 2246.
a
"The directors on Aug. 4 declared a 25% stock dividend, payable Sept. 30
on stock of record Sept. 1, thereby increasing the outstanding Common
stock from .$9,000,000 to $11,250,000.
"The directors declared the regular quarterly dividend of 3% on the
Common, payable Oct. 15 on stock of record Oct. 1. The new stock will
participate in this distribution, and it was stated the present 12% rate will
be maintained."
"Chicago Herald" of Aug. 10. V. 110, p. 2392.
—
Rand
Mines, Ltd.
—Output of Gold
—
{Ozs.).
—
1920.
736,099
4,840,945
Mont
of July
Seven months to July 31
V. Ill, p. 300.
—
1919.
725,497
4,872,981
1918.
736,199
4,992,433
—
Ray Consolidated Copper Co.— Production
(in lbs.)
Increase
1919.
1920 7 Mos.
27.792,000 1,312.073
635,000 (29, i04.073
Results for Quarters and Six Months Ending June 30.
1920—3 Mos.— 1919
1920—6 Mos.— 1919
Gross production (lbs.).. 12,880,605 11,306,118 24.427,708 23. .'597,499
Net profits
$343,651
$18,275
$930,816 def$226, 392
Miscellaneous income...
390,459
43,605
93,739
298,090
—
1920 July 1919.
4,500,000
3,865,000
Total
Dividends
—
Increase.]
$387,255
394,295
— NetIll,
V.
def
..
p. 195.
—
$316,365
788,590
$1,024,555
788,590
$164,067
1,577,179
$7,039 def$472,224 sur.S235,966defl ,413,112
Rich-Sampliner Knitting Mills Co., Cleveland. Stock.
Samuel Ungerleider & Co., Cleveland, and Westheimer & Co., Cincinnati
June offered at 100 and div., with a bonus of one share of Com. stock
with every four shares of Pref., $900,000 7% Cum. Pref. (a. & d.) Stock,
par $100. Divs. Q.-J. Red., all or part, on any div. date on 60 days
notice at $110 and div. per share.
Capitalization: Authorized Pref. stock.
$1,000,000; issued, $900,000: Common stock, auth. and issued, 50,000
shares (no par value). No bonds.
Companij. Organized in Ohio to acquire the established business and
assets of the Rich-Sampliner Co. of Cleveland.
Business founded in 1896.
consists in the manufactiu-e and sale of all styles of outside knitted wearing
apparel, principally articles consisting of knitted cloth, sweaters, bathing
suits, knitted head wear and fancy knit goods of all kinds.
Purpose. Proceeds will be used for expansion of business and acquisition
—
—
—
of additional facilities.
Earnings. Sales show an increase of 350% in the last five years and for
1920 company has already booked orders in excess of $3,000,000. Net
earnings for the past five years, after Federal taxes and depreciation, have
averaged over 48% of its then average Common stock outstanding.
— Re-incorporation. —
—
Corp. —
Roxana Petroleum Corp. (of Va.).
See Royal Dutch Co. imder "Reports above.
— V.
Schulte Retail Stores
110, p. 567.
Sales.
The gross sales in July 1920 showed an increase over July 1919, store for
store, of 31 %
The aggregate sales of all stores in July this year compared
with those of July last year, show an increase of more than 90%. V.
—
Ill, p. 596.
Shawinigan Water
& Power
—
Sherwin-Williams Co., Cleveland.
A
50%
—
—
New Director.
Province of Queuec, has been
Co.
—
Stock
Dividend.
—
stock has been declared, payable Aug. 16
The directors have also voted to reduce
to stockholders of record Aug. 1
the par value of the shares from $100 to $25. Including the stock dividend,
the stoclvliokiers will therefore receive six shares of new stock, par $25, for
each share of old $100 stock held. At last accounts there was outstanding
$9,686,800 Common stock. Compai-o V. 110, p. 567, 771.
special dividend of
in
—
—
Southwestern Power & Light Co. Notes Offered.
Bonbright & Co. and Halsey, Stuart & Co. are offering at
98 and int. to yield about 8.50% $2,000,000 Five-Year 8%
Bond Secured Gold notes, Series "A." (See adv. pages).
Dated Aug. 1 1920. Due Aug. 1 1925. Red. all or part on any int. date
up to and iucl. Aug. 1 1922; thereafter at 102 and int. up to
Aug. 1 1924, and thereafter at 101 and int., upon 60 days' notice.
Int. payable F. & A. at office of Bank of America, New York, trustee.
Denom. $1,000, $500 and $100 (c*). Company agrees to pay int. without
deduction for any Federal income tax not in excess of 2% which it may be
required to jjay or retain at the source. Penn. State tax of 4 mills refunded.
Data from Letter of Pres. F. G. Sykes, New York. July 31 1920.
Company. Incorp. July 30 1912, in Maine. Owns all the outstanding
stocks (except directors' qualifying shares) of various companies cngagi'a
in supplying electric power and light, gas and othei" public utihty service,
including Wichita Falls Electric Co., West Texas Electric Co., International
Electric (^o.. Oil Cities Electric Co., El Paso Gas Co., Galveston Gas Co..
Wichita Falls Water Co., Sweetwater Ice & Cold Storage Co., Paris Transit
Co., Eagle l*ass Water Co., Newton Gas & Fuel C'o. and Hutchinson Gas
& Fuel Co. Also controls Texas Power & Light Co. through owiiorship of
all its Conunon stock, except directors' shares, and Fort "iVortli Power c&
Light Co. through ownership of more than 93% of its Conuuou stock. The
above companies serve a population estimated at 751,450.
Auth.
Outsldg.
Capilal'n After this Financing
at 103 and int.
and
incl.
,
—
,
A
.
to
.
of 2^0 has been declared on the outstanding $1,000,000
capital stock (par $100) together with the repular quarterly di\idend of 2
both paval)le Aug. 14 to holders of record Aug. 5. An extra dividend o'
f
2% was also paid in May last. V. 110, p. 2082.
Pacific
—
—
Porto-Rican American Tobacco Co. Dividend.
regular quarterly dividend of 3% has been declared payable Sept. 2
holders of record Aug. 14, in 3-year 6% scrip. A like amount was paid
3-year 6% scrip in March and June last. Dividends were also paid
The
Sir Lonier Gouin, former Premier of the
elected a director.
V. Ill, p. 79.
See balance sheet British Empire Steel Corporation under "Financial
Reports" above. V. Ill, p. 394.
—
Four Fiscal Years ending Sept. 30.
1916-17.
1917-18.
1918-19. 4Yr.Aver.
Net sales.
$2,497,624 $3,169,323 $2,653,666 $1,824,605 $2,536,304
Net profits before
depreciation ..
326,420
204,717
328,889
393,425
378,647
Per share of stock
8.18
13.05
13.15
15.73
15.14
Net earnings for the 6 months, Sept. 30 1919 to March 31 1920, were
$155,198.
.
Officers.
Harrison Williams has been elected Chairman of the Executive Committee
and Edwin Gruhl, Vice-President.- V. Ill, p. 78.
—
Profits for the
1915-16.
"
$8,00().000 to
is
699
and
Sales
in
share (due Feb.
—V.
—
.
—
5-Y. 8% Bond Sec. Notes, Series "A" (this issue).. aS5,000,000 $2,000,000
x
y3, 797 .000
1.St Lion 30-Year 5% bonds, due June 1 1943
12,000,000
Preferred stock, 7% cumulative
3,923.000
3,000.000
Second Preferred stock, 7% cumulative
461.000
Common stock
20,000,000 15.125.000
a Balance may be issued only upon deposit of 1st Lien 30- Year 5% bonds
and-or cash and Gen. Lien bonds in the ratio of 100% of each class ofbonds
for each 100% of notes and only when coml)incd net earnings of co. and stib.sidiaries, all of whose securities are pledged uiuler the 1st Lion bonds, .shall
bo equal to at least twice the antuial int. charges on the 1st Lieu bonds and
notes, otUstanding, including those to be issued.
X Authorized issue limitwl by restrictions of the Trust Deed.
v Not including $2,000,000 plwlgwf to .secure notes.
-Texas Power & Light Co. has outstanding in hands of public
A'o/c.
$10,205,000 1st M. 5%. bonds, due June 1 1937. and $4,000,000 7% (^im.
I'ref. stock, and Fort Worth Power & Light t\i. has oulstandine in hands
of public ,$3,490,000 1st M. 5% bonds, due Aug. 1 1931. and §1,472,800
7% Cum. Pref. stock and S1S1.700 t\nnmon stock.
Securi>d by $2,000,000 l'"irsl Lien 30-Year 5% Gold bonds due
Securili/.
.Tune 1 1913. and $2,000,000 Gen. Lieu bonds dtie Aug. 1 1925 (with the
right of company to deposit cash in whole or in part in lieu of First Lieu
—
—
30- Year 5% l>onds)
Purpose. To provide funds for extensions
perties and for other corporate purposes..
—
and improvemenis
to the pro-
THE CHRONICLE
700
under the agreement, registered holders will receive certificates of Conamon
stock for the amoimt represented by voting trust certificates surrendered.
V. 109, p. 267.
Earnings for 12 Months ended June 30.
Total.
yl920.
X1919.
xl920.
-Sl,562,725 $2,511,658 $5,254,912 $7,766,570
Gross earnings
463,836
853,790 2,221,248 3,075,038
after oper. exp. & taxes.
Net
Int. & divs. on bonds and stocks of sub.
COS. In hands of public
1,237,511
Union Land & Cattle Co.
$853,790
349,850
Balance.
all
$983,737 $1,487,677
owned and pledged
—
Initial Pref. Div., &c.
quarterly dividend of 2% has been declared on the 8% Pref.
stock, payable to stockholders of record Aug. 15.
Present outstanding 8% Pref. stock represents conversion of some of
recently issued 7 J4
notes, which ccarry the privilege of converting, par for
par, into 8% Pref. stock with an additional
of one share of Common
stock for each $100 note thus converted. CompareV. 110, p. 1755, 1857.
The company's pipe lines delivered 1,236,591 bbls. of crude oil in July,
of which 9.31,404 bbls. were delivered to Sinclair refineries.
The sjTidicate headed by Blair & Co. and others which offered $50,000,000
Five-Year
Conv. Notes has asked members to take up the unsold
portion of their participations. The syndicate members, it is announced,
are requested to hold the unsold bonds until the expiration of the syndicate
(to-day) Aug. 14.
The company, it is stated, has acquired 1,000 additional railroad tank
cars, of which more than 700 have already been dehvered.
Not including
those to be delivered the company ,it is said, has in operation about 5,000
railroad tank cars.
V. Ill, p. 597, 500.
initial
%
H
—
cities.
—
—
Standard Oil Co. of New York. Meeting Sept. 1 to
Increase Capital Stock from .$75,000,000 to $225,000,000
Preparatory to a Stock Dividend of 200%.
The directors on
Aug. 13 voted:
(1) That a special meeting of the stockholders be held on Sept. 1 1920,
at 9:30 a. m., at the office. No. 26 Broadway, N. Y. City, for the purpose
of voting upon a proposition to increase the Capital stock from $75,000,000
to $225,000,000. to consist of 2,250,000 shares of the par value of $100 each.
(2) "That the Secretary ad\ase each stockholder that "if the vote at said
meeting shall be in favor of such increase, it is proposed at the next meeting
thereafter of the board of directors to pass upon the question of the distribution of such increase as a stock dividend, to stockholders of record at
3 p. m.. Sept. 10 1920."
(The G. M. Standifer Construction Co., Portland, Ore., it is stated, has
been awarded a contract by the company for the constrviction of 2 additional
oil tankers having a gross register of 8,000 tons each.
Prior to this order
the company had contracted for the building of tlu-ee of this same design
and type. The keels for the oil tankers are to be laid within the next few
weeks, it is stated. V. 110, p. 2083.
—
Standard Textile Products Co.
Earnings— Balance
Sheet as of
May
Bonds
—
29 1920.
MobUe Cotton Mills above. See
Studebaker Corporation.
See
— Guarantees
V.'llO.p. 2494, 2574; V. Ill, p. 80Status.
A. R. Erskine, Pres., is quoted as saying: "At the present time we have
on hand a large number of unfilled orders, with no finished cars on hand
and the general demand is such that we are compelled to allot production
among dealers on a percentage basis." V. Ill, p. 597.
—
—
—
Suncook
Mills,
Boston.
—Extra Dividend. —
extra dividend of 5% has been declared on the Common stock, together with a auarterly di\adend of 2% both payable Aug. 16 to holders of
record July 29. In February last an extra di\idend of 2% was paid.
Compare V. 110, p. 18.57.
An
—
Sales.
—
& Foundry
Co.
— Dividends. —
third quarterly dividend of 6% on $4,617,700 outstanding Common
stock has been paid, together with the regular Preferred dividend for the
third quarter at the rate of 7% per annum.
V. 106, p. 1229.
The
—
United States Gypsum Co., Chicago.
To Re-incorp.
of Common from -SlOO to $20.
The stockholders will vote Aug. 17 (o) on transferring the business and
all property of the present New Jersey corporation to an Illinois corporation
of the same name (6) on reducing the par value of the Common stock from
SlOO to .S20 a share. Compare V. 110, p. 666, 1639, 1650, 2200.
and Reduce Par
in Illinois
—
—
U. S. Mail Steamship Co., Inc. First Sailing.
On Aug. 4 the company started service between New York, Danzig and
This is the comsailing of the steamship Susquehanna.
boat to be put in operation.
It is understood that passenger accommodations were completely booked
and that a good load of general cargo was procm-ed. V. 110, p. 2574.
Bremen with the
pany's
an exchange.
regular quarterly dividend of $3, both payable Sept. 15 to holders of record
Aug. 31.— V. no, p. 2083.
of America.
—
United Engineering
of their personal holdings for 25,000 shares of Standard Oil of Ind. stock in
the ratio of four shares for one. The proposal to make the exchange was
made by the Indiana company to large individual shareholders in the Midwest company but was not made to the company direct. Therefore, it is r.ot
believed that there will be any offer made to all Midwest shareholders for
S%
stated are exceeding expectations.
United Cigar Stores Co.
—
—
it is
Sales for July are reported at $6,906,623. as against $5,077,472 in 1919;
and for the 7 months ending July 31 were $43,254,338, as against $32,966.564 in 1919. V. 111. p. 196.
Standard Oil Co. of Indiana. Reported to Have Acquired Large Interest in Midivest Refining Co.
Large holders of the Midwest Refining Co. ha.ve exchanged 100,000 shares
—
Sales
—
(S. S.) Stafford, Inc.— Bonds Offered.—
Robert P. Marshall & Co., New York, are offering at par and int., yielding 8%, S300.000 1st Ref. M. 20-year 8% gold bonds, dated June 1 1920,
due June 1 1940. Int. payable J. & D. in New York. Denom. $1,000
and $500 c*. Red., all or part, after 60 days' notice on any int. day at
110% and int. Columbia Trust Co., N. Y., trustee.
The corporation is one of the largest manufacturers of writing inks, adhesives, carbon papers and typewriter ribbons in the world.
Business was
established in 1858.
Products are marketed throughout the world. Proceeds of this issue will be used to retire all floatipg debt and to furnish additional working capital, &c.
Earnings for the last 5 years have averaged
more than 4 times the interest charges on this issue. President, W. S.
Stafford, 603 Washington St., N. Y. City.
—
—
The purchase of the King Philip Chocolate Co., it is understood, will
be financed out of the company's treasury and the transaction will not
make necessary the issue of additional stock. V. 110, p. 881.
—
So far as is known the Indiana company will not be represented on the
Midwest board but will, to a large extent, direct the activities of the latter
company. ("Wall Street Journal.")
In connection with the report "that Imperial Oil interests in Midwest
would remain intact," Pres. C. O. Stillman of Imperial Oil. Ltd., stated that
Imperial Oil does not now and never has owned or controlled a single share
of Midwest stock.
V. Ill, p. 597.
Standard Oil Co. of Kansas. Usual
Extra Div.—
The usual extra dividend of $3 per share h.as been declared, along with the
New
Co.,
U. R. S. Candy Stores, Inc. Buys Additional Factory.
The company has acquired King Philip Chocolate Co. in East 12th St.,
a New York five-story factory equipped with most modern machinery for
production of chocolate candies. Company has now six stores operating
Plans
in N. Y. City, and another will probably be added this month.
are under way for establishment of stores in Philadelphia, Newark and other
7H%
—
&
bonvis, $500,000 8
standing: Pref. stock, $500,000; Common stock, auth., $3,500,000: reserved
for conversion of Preferred, $1,000,000; held in Treasury, $350,000; out^
standing, $2,150,000.
The company was incorporated in Kansas in March 1917. Holds leases
covering an aggregate of 26,826.74 acres in Kan.sas and 160 acres in Texas.
About 1 ,000 acres in Kansas have proven wells thereon, produce about 220
bbls. of oil per day and some 124,000,000 cubic feet of gas.
The proceeds of this issue wiU be used to liquidate present debt and for
other corporate purposes.
Earnings for the calendar year 1919, before taxes and depreciation, appliIn the last six months of the year the
cable to interest, were $90,511.
earnings were $52,72 8. Jos. C. Jordan, Vice-President, Wichita, Kan.
—
—
Kan.—
Pre/. Stock Offered.—
York, are offering at .$10 per share, with 5
% Cum. Conv. Pref. stock. Callable at
105% and div. Divs. Q.-F. Conv. on the basis of $2 par value of Common
stock for each $1 par value of Pref.
Capitalization, authorized and outshares Common
of whose securities are
Sinclair Consolidated Oil Co.
Oil Co. of Wichita,
Chas. H. Jones
under First Lien bonds.
y Properties controlled through stock ownership and having bonds and
stock in hands of public.
Management. Operation under direction of Electric Bond & Share Co.
—V. 109, p. 1898.
An
—
—
Union
$983,737 $1,837,527
349.850
$503,940
X Properties of companies
—
Receiver.
T. Smith of Elko, Nev. has been appointed receiver by Federal Judge
E. S. Farrington at Reno, Nev. V. Ill, p. 597.
W.
1,237,511
Total earns, appl. to 1st Lien 30- Year
bonds and 8% notes, Series "A"
Ann. int. on 1st Lien bonds & 8% notes.
[Vol. 111.
*
first
—
— Unfilled Orders. —
—
Co. — Output
United States Steel Corporation.
See "Trade and Traffic
V. Ill, p. 489, 396.
Movement" on
a preceding page of this issue.
United Verde Extension Mining
— 1919.
{lbs.)
—
Increase.
1919.
1920 7 Mos.
10,581,842
12,673,590
1,277,494 123,255,432
3,304,878
4,582,372
substance:
President James S. Douglas in statement of Aug. 1 1920 says
Development of the ore on the 1 ,500 foot-level proves the grade to average
about 5.9% copper, and the area of the ore on thelevel is about two-thirds
in size, so far as development has progressed up to date, of the area of the
ore on the 1,400 foot-level. Development is proceeding on the 1.600 and
1.700 foot-levels. Advices from Jerome on July 19 states that the breast
of the cross-cut on the 1,600 foot-level is in 5% ore. We are producmg
about 3,000,000 lbs. of copper a month.
,!„
,
April 1 1920.
July 1 1920.
.$930,014
Cash on hand
$1,635,180
3,364,400
Liberty bonds
3,364,400
20,815,542 lbs. 23,857,634 lbs.
Copper on hand
usual quarterly dividendiof 50 cts. per share was paid Aug.il.J
[The
1920^July
Decrease.]
m
,
-:^V._1 11,
p^302.
.1
,.,-
s^^.t^-
i-^^aAt,'
ta-<_^.
'^•.'-»
^.B...
I
J-
—^
—
Utah Copper Co.— Copper
Production${lbs.).
1919.
1920 7 Mos.
Increase.]
— 1919.
^
- »M
.
Decrease.
1,161,864
65,679,863
94,137 164, 517, 999
8,405,863
Results for Quarter and Six Months Ending June 30.
1920—6 A/os.— 1919
1920 3 Mos.— 1919
Production (lbs.)
28,697,127 27,523,600 55,954,673 56,494,689
Net oper. profit
$1,254,033 $1,043,757 $3,545,046 $1,030,809
1,352.244
665,764
Miscel. income
1,233,159
536,312
750.3<6
900.250
Inc. from other cos
450,125
375,188
1920 July
8,500,000
—
Total net profits
Dividends
$2,240,470
2,436,735
def$196,265
Balance surplus,..
—V. HI,
$2,652,104
2,436,735
$215,369
p. 196.
.?5,ia,060
4,873,470
$237,590defl, 704.042
Wabasso Cotton Company. —-Earnings.
June 30 Years—
1919-20.
$489,425
100,000
53,410
Profits
Depreciation
Bond
interest.
Written off
Dividends
140,000.
$3,133,428
4.837.470
—
1918-19.
$477,551
100,000
54,000
100,625
1917-18.
$515,868
65,402
54,610
10,418
43,750
,
Texas City Transportation Co.
—
Sold.
—
Augustus S. Peabody, of Peabody, Houghteling& Co.. Chicago, on Aug. 4.
bought the company's terminal facilities at receiver's sale at Galveston.
The decree for the sale of the properties was entered at the Instance of the
Central Trust Co. of Illinois.
The property covered by the sale consists of the entire holdings of the
•company at Texas City, including 1,200 acres of land, 3 miles of undeveloped water frontage and docks, warehouses and railway terminal faculties
to accopimodate 22 vessels at one time.
Forty miles of trackage, two oil
docks, power plant and railway shops, a half-milhon-bushel grain elevator,
warehouses and storage yards.
It is .stated that extensive improvements will be made ui the near future
and that the new company to be formed uill bear the same name. Vi
91, p. .341.
Timken Detroit Axle
Co.
—Earnings, Etc. —
V. Pres. C. W. Dickerson, is quoted as .saying: "For the first six months
of 1920 our total volume of business was some $11,000,000 in excess
of the same period of 1919 and our estimated earnings were in excess of
$1,800,000 for the earlier period, or an average of $300,000 net after taxes
per month. Our customers have been obliged to defer their schedule, so
we are not anticipating the same ratio of business for the last six months
that we enjoyed for the first six months of the year. But even with a 50%
reduction, our total volume should be in excess of oiu* total last year."
V. Ill, p. 80,71.
Tobacco Products Corp.
Series
— To Pay "5"
"B" dividend
maturity, Aug.
140 Broadway,
Div. Certificates.
certificates, issued on Aug. 15 1918. will
15, both principal and interest, at the Guaranty
York City. V. Ill, p. 500.
New
—
Triangle Film Corp.— E'xcA.
of V.
be paid at
Trust Co.,
T. C. for Stock Ctfs.—
Holders of voting trust certificates have been 'notified that upon delivery
to the Title Guarantee & Trust Co. of certificates issued
and surrender
$341,687
Balance, surplus..
$222,916
$196,015
$580,347
Profit and lo.ss surplus
b$299,278
a$603,263
a After deducting $200,000 as provision for business profits war tax.
1919-20. V. Ill, p. 500.
b After deducting $500,000 reserve in
Wells Fargo
&
—
— To
—
Sell Interest in Bank.
This company's interest said to amount to $2,000,000 in the WellsFargo-Nevada National Bank of San Francisco is for sale. V. 110, p, 2290.
Co.
—
—
Wheeling Steel Corporation. —
Officers.
The officers as rivised for the "Chronicle are as follows: Isaac M. Scott,
President of the Wheeling Steel & Iron Co., President; Andrew Glass, D.'A.
Burt and W. H. Abbott, Vice-Presidents; D. A. Burt, Treasurer, and G. W.
Hocking, Secretary.— V. Ill, p. 490, 302.
"
Whitman
Mills,
New
Bedford.
— Dividend. —
A
quarterly dividend of $10 per share has been declared on the outstanding $2,000,000 capital stock, payable Aug. 14 to holders of record .\ug. 3.
In May last a quarterly dividend of like amount was paid. V. 110, p. 2083.
—
(R. F.)
Willingham Corporation.
— Receivership.—
J. A. Streyer and Jesse B. Hart have been appointed receivers by J. N.
Talley, referee in bankruptcy. The appointments were made as a result of
three petitions in bankruptcy filed against the corporation, which, it is
stated, is a $500,000 canning concern established only a few months ago
on the site of old Camp Wheeler. The liabilities are said to amount to
about .$2,000,000, and assets are yet to be estimated.
Willys-Overland Co.
—
—
Production.
announced that the company's plant Avill be operated
for five days
a week as long as present handicaps in the automobile industry continue.
Production will be maintained at 5,50 cars daily. V. Ill, p. 490, 506.
July Sales.—
(F. W.) Wool worth
Increase.
1920— 7 A/os. 1919.
Increase.]
1920 July 1919.
$11,282,810 .$8,717,793 .$2, 565,017|$71, 677,419 $59,776,871 $11,900,548
It is
—
—
—V.
111. p. 200.
Co.—
—
Aug. 14
THE CHRONICLE
1920.]
"^^cffidxls
TOl
and ^Gcxxmtnts.
GUANTANAMO SUGAR COMPANY
(Organized under the laws of
OFFICIAL
New Jersey.)
STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE
LISTING OF ITS CAPITAL STOCK.
(Without nominal or par value.)
New
workmen's houses,
York, July SO 1919.
offices, residences for the officials,
cane
Guantanamo Sugar Company hereby makes application carts, oxen and all other appurtenances necessarj^ and
to have listed on the New York Stock Exchange temporary proper for the management of sugar estates.
The original purchase of 5,630 shares of stock of the
certificates for 300,000 shares (total authorized issue) of its
Capital Stock without nominal or par value on official notice Guantanamo Railroad Company has since been increased to
7,688 shares out of a total issue of 9,989 shares. The Guanof issuance in exchange for present outstanding certificates
the par value of $50 per share, in the ratio of five shares tanamo Railroad Company was organized April 16 1857
of
nominal or par value for one share
stock of the par value of .foO per share.
of
AH of said stock is full paid and non-assessable, and no
personal liability attaches to the shareholders.
Guantanamo Sugar Company was organized on February 9 1905, under the laws of the State of New Jersey, with
an authorized capital of $4,000,000 Capital Stock. Its
duration is perpetual.
The Company in accordance with the terms of its charter
is engaged in the business of owning and operating sugar
estates and factories in the Republic of Cuba, in the growing
of sugar cane, in the manufacturing of raw sugar therefrom,
and in the sale of such sugar, and has been so engaged since
incorporation.
The foUowdng is a statement of the capitahzation and purposes for which the stock of the Company was issued:
of Capital Stock without
1905.
Shares.
Par.
Feb. 17
40,000 Capital Stock
$100
Issued in exchange for thefollowing
sugar properties:
Soledad, Ysabel, Los Canos and
San Carlos, consisting of 49, .597
acres in fee, together with all
buildings and factories for the
making and storing of sugar,
railroad tracks, rolling stock,
dwelling houses, live stocks
tools, implements and all usual
appurtenances and fittings for
1909.
Apr. 26
40,000 Capital Stock
5Q
May
60,000 Capital Stock
plants of this description 5,f).30
shares being a majority of the
Capital Stock of the Guantanamo Railroad Company.
Capital Stock was reduced from
S4,000,000 to S2, 000,000, by the
reduction in par value of shares
from $100 to ,'550, and then increased from .$2,000,000 to .S3,000,000, by the issue of 2u,000
additional shares sold to the
public and the proceeds used to
retire .$862,000 par value 3-year
50
27
debentures maturing on June
1
1909.
Proper certificates of amendments
and assents filed on the same
dates with the Secretary of the
New .Jersey.
The Company has no bonded debt and has no preferred
[
State of
and was incorporated in Havana, Cuba, and Madrid, Spain,
July 10 1858; duration of charter perpetual by royal decree
issued April 7 1860. Business of the Company, transportation by rail of cane and sugar and all Idnds of merchandise
and materials. Capital stock authorized, $1,000,000, consisting of 10,000 shares of par value of $100 each, of which
9,989 shares are issued and outstanding and 11 shares are
remaining in the treasury all Common Stock, there being
no bonds nor Preferred Stock issue.
The Guantanamo Railroad Company o'wns outright 46.14
miles of standard gauge track, extending from Guantanamo
Bay through the town of Guantanamo and reaching the
factories and plantations of the Guantanamo Sugar Company, and operates 26.93 miles owned by the Guantanamo
Sugar Company and built on plantations of that Company.
There are in contemplation three small extensions to be
built by the Guantanamo Sugar Company totaUng 2.81
miles.
The equipment consists of 10 locomotives, 3 inspection cars, 95 box cars, 86 flat ears, 163 cane cars, 19 tank
cars, 2 repair gang coaches, 9 passenger coaches and 3
caboose cars. The Railroad Company has docks at Deseo,
Guantanamo Bay, warehouses and the usual station buildings
along its line.
A reserve for depreciation is established by charging
annually depreciation rates on the value of the plant from
5% to 10%, according to the class of property.The annual output for the preceding five years has been
—
as follows:
Tons Cane
(2,000
—
Ground.
382.475
326 075
418,761
473,963
522,296
328,141
Crop
1914-15
1915-16
1916-17
1917-18
1918-19
1919-20
The low production
The authorized Capital Stock of the Company now conof 300,000 shares without nominal or par value and is
all being issued in exchange for 60,000 shares of $50 par value
each, all of which had been issued and were outstanding in
the hands of the public.
The Directors are not authorized to dispose of the property
of the Company as a whole mthout consent in writing of
the holders of sixty-five per centum of all the issued and
outstanding stock of the Corporation.
The Company owns in fee 56,147 acres of land in the
Province of Oriente, near the town of Guantanamo, Cuba,
15,763 acres of which are under cultivation.
There are
26.93 miles of standard gauge track and 31.03 miles of
narrow gauge owned by the Company. The roadbed is of
dirt with 60 pounds per yard steel rails on the standard
gauge and 40 pound steel rails on the narrow gauge. The
railway equipment consists of 7 narrow gauge locomotives,
240 narrow gauge cane cars and 58 standard gauge cane cars,
all in good working condition.
The Company has tlu-ee
modern sugar factories with a capacity for the production of
400,000 bags of raw sugar (320 pounds each) in the grinding
season from December to June.
In addition thereto, the
estates are equipped with warehouses, machine shops, stores,
down
from normal.
There are employed on
grinding about 4,500 men.
Profits
After Depreciation
and Taxes.
81,032,960
873,277
522,183
624,650
1,012,506
(Es«.) 1,857,688
was due
the
18
23
60
69
62
to a very
the yield of cane nearly
all
58
40%
during the
properties
DIVIDENDS PAID.
stock.
sists
for the current j-ear
severe drought which cut
Net
Bags Sugar
320 lbs.
Each.
248,978
238,428
251.106
306,974
358,397
241.066
lbs.)
1915, a cash dividend of .$6 per share on 49,791 shares outstanding
and a stock dividend of S5 on the same number of shares.
July
1 1916, a cash dividend of .56 per .share on 54,995 shares outstanding
and a stock dividend of S4 50 per share on the same
number of shares.
May 31 1917. a cash di\'1dend of 2)^ 7o on total Capital Stock of 83,000,000
outstanding.
Tuly 31 1917, acashdi^^dendof 2 }ij% on total Capital Stock of 83,000,000
outstanding.
July
1
Thereafter quarterly cash di\"idends at the rate of SI 25
per share on 60,000 shares outstanding have been paid.
In addition to the above there was an extra dividend of
$5 per share paid on July 1 1920.
On July 9 1920 a regulai- quarterly dividend of S.50 per
share and an extra di\-idend of $.50 per share were declared
on the new stock of 300,000 shares of no par value, payable
September 30 1920 to stockholdcTs of record September 10th.
Net
profits after depreciation:
Amount
—
Year ended
June 30 1915.
Juno 30 1916
September .30 1917
September :50 191S
Soptomber :W 1919
September 30 1920
Amount
Before
Taxes.
After
Taxes.
81,043,51030
81,032,96058
8S0,.574 .52
,565,474 33
.S01,872 17
873.277 18
522.1 S3 23
(V24.(>.50
1,485,754 70
1 ,012,.">0e
2,957.688 62 (Es<"d.)
'
bO
69
Amount of
Federal and
Excess Profits
Taxes.
8 10, .555 72
13.297 34
43,29110
177.221.57
473.24801
THE CHRONICLE
703
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING SEP-
TEMBER
Gross sugar sales,
sions, &C-.
Molasses sales
commis-
.
Lands
Add:
Interest (net)
$50,781 83
47,684 86
17,364 41
(net)
Miscellaneous (net)
115,831 10
Equipment and plant
..
.
Betterments in progress
,,.
,,
^
•
.
Miscellaneous mvestments ,., ,
(bank
term notes)..
United States Victory Loan
Guantanamo Railroad shares
Guantanamo Railroad Co.:
Loan account.
Account current
$1,789,661 90
—
Deduct Provision for depreciation of mills and equipment
and for replanting of cane
270,427 81
$1 519 234 09
—
Deduct Provision for United States Federal Income taxes
and contingencies (estimated) for year October 1 1918 to
September 30 1919
400,000 00
—Approximately one-third of the difference between$1,119,234 09
pre-war and actual cost of new work charged
to capital
during the year ending September 30 1918
33,479 39
.-$1,085,754 70
and short-
2,055,574 89
180,000 00
j.oo
$788,198 23
5 622 45
,
793,820 68
market and
.
sales prices
$1,896,205
571,026
43 ,532
360.858
275,674
158,144
Materials and supplies at cost
Merchandise
in transit at cost
Cane farmers..
Deduct
profit for year
acceptances
68
59
99
97
-$5,152,051 23
^
Current and working:
Raw sugar on hand and in transit at present
,
Net
1920.
$1,092,027
530,933
3,201,339
327.749
.
Cultivations
.
Profit on operations before providing for depreciation of
mills and equipment or for replanting of cane
$1,673,830 80
Rents
31
ASSETS.
$6,034,696 16
64,561 23
$6,099,257 39
^
J
,
Deduct -Producing and manufactunng costs and shipping
expenses, including New York and Guantanamo office
e5:penses
4,425,426 59
—^
BALANCE SHEET AS OP MAY
30 1919.
sea freight,
less
(Vol. 111.
Accounts receivable
Cash
28
10
97
08
34
55
3.305,441 32
Deferred:
Growing crop carried over
Insurance, rent and taxes
Charges
$132,183 84
34,405 65
103,157 83
for future operations
269,747 32
BALANCE SHEET SEPTEMBER
$11,756,636 44
30 1919.
LIABILITIES.
ASSETS.
Cost of properties:
Lands
$1,113,386 57
4,154,658 65
.
Buildings and equipment
—
Deduct Betterments charged to surplus July
June 30 1915
$5,268,045 22
1
1911 to
425,643 07
-
$4,842,402 15
788,198 23
Advances to Guantanamo Railroad Company
Investment:
7,673 shares held in the
Guantanamo Railroad Company--
1
00
Current and working assets:
Growing crop carried over to 1919-1920 season $382,868 68
k.
Inventories:
Raw sugar on
hand and in tran85,588 bags at selUng price,
less estimated expenses
$1,424,978 49
Capital Stock authorized and issued
Current:
Sight drafts (Cuba on New York)
$3,000,000 00
.$50.000 00
Accounts payable
Contingent
Taxes accrued (New York)
197,117 18
3,190 00
207,985 02
458,292 20
Reserves:
Idle season factory repairs
00
73
33
65
83
$45 .000
371,170
977,721
87 ,670
21,610
Replanting cane
Depreciation plant
Depreciation live stock
For doubtful accounts
1,503,173 54
6,795,170 70
Surplus, as above
sit
Molasses at selling price, less
estimated expenses
15,003 32
Stores and supplies In stock and
in transit at cost
Materials and spare parts at cost
$11,756,636 44
587,848 04
89,545 65
* Dividend 2M % regular quarterly and 10% extra amounting to $375,000
paid and charged against this account as of July 1 1920.
2.117,375
11,447
33,479
149,532
585,942
175,000
York and Cuba)
48,980
Insurance unexpired, &c
Deferred charges to operations
Svmdry accoimts receivable
Advances to Colonos (Cane Farmers)
United States Liberty Bonds
Cash in bank and on hand (New
The
50
44
following
Railroad
39
82
14
00
15
is
Company
1919.
3,504,636 12
$9,135,227 50
—
1916.
Net earnings from op-
00
$3,000,000 00
00
$66,73185
64,93161
16
$87,163 52
.$82,115 76
63,93161
63,93161
65,973 44
$1,800 24
erations
Interest charges
Profit
$23,23191
$18.184 15
$21,338 48
BALANCE SHEET JUNE
43
00
1,177,382 59
Unexpended
funds:
For 1919 dead season, current repairs
1917.
$122,734 89 $137,062 77 $122,064 39 $141,550 31
49,899 25
56,003 04
39,948 63
54,238 39
Depreciation
—
1918.
Gross income..
$446,666 62 $417,132 87 $286,747 28 $308,548 82
Operating expenses and
..323,93173 280.070 10 164,682 89 166,998 51
taxes--
'
LIABILITIES.
Captal Stock:
Authorized 60,000 shares of $50 each
.$3,000,000
Issued and outstanding 60,000 shares of $50 each
Current liabilities:
320,000
*Bms payable and sight draft
Accoimts payable
231.604
Provision for taxes and contingencies accrued
and impaid
483.778
142,000
*Bank loan (per contra U. S. Liberty bonds).
the result of operations of Guantanamo
for the years ended June 30th:
30 1919.
ASSETS.
Capital assets:
Land
maintenance
For depreciation and extraordinary repairs
For depreciation of live stock
For replanting
Reserve for doubtful accoimts
.$45,000 00
-
952,654
83,140
317,957
21,610
$9,200 22
1,530.289 74
561.755 91
Cost of road and buildings
Rolling stock, equipment. &C-
and
Working
20
67
13
83
assets:
$8,857 00
47,947 59
2,694 35
Fuel at cost
Material and supplies at cost. .
Insurance unexpired
1.420,362 83
Claim Cuban Government account damages from revolution.
Surplus:
Current assets:
Accounts receivable
United States Victory Bonds
Balance at September 30 1918
$2,784,956 77
Less Approximately one-third of difference
between pre-war and actual cost of new
work charged to capital account during the
33,229 39
year ending September 30 1918
—
Cash
—
Capital Stock:
Authorized— 10,000 shares of $100 each
),
135,227 50
MAY
$998,900 00
788 198 23
,
liabilities:
Loan repayable
in services
-
$93,081 36
11,338 69
4,099 33
108,519 38
1
1919
TO
31 1920.
(Subject to adjustment at end of fiscal year.)
Sugar and molases receipts
Miscellaneous income
$1,000,000 00
1.100 00
— 11 shares unissued
9,989 shares outstanding
Loan— Guantanamo Sugar Company
Current
Less
Audited vouchers unpaid
Miscellaneous accounts payable
* Since paid.
GUANTANAMO SUGAR COMPANY.
INCOME ACCOUNT FOR PERIOD FROM OCTOBER
52,254 77
5,000 00
3,324 39
LIABILITIES.
$3,837,482 08
300,000 00
$3,537,482 08
—Dividends paid
-
59.498 94
82.307 89
$2,303,631 86
$2,751.727 38
Add Profits on operations for the year, as
1.085.754 70
per above account
Deduct
$87.31192
$7,953,276 25
285.579 96
Reserves:
For maintenance of way and structures
For maintenance of equipment
For depreciation
MisceUaneous
For doubtful accounts
$42,213
90,585
52,854
19,937
947
38
19
72
18
61
206,538 OS
Surplus:
Deduct
—Manufacturing and sundry expenses
$8,238,856 21
4.831.167 69
Operating profits to date
$3,407,688 62
Operating expenses for months of June, July, August and SepNote.
tember estimated at $450,000. which would leave a net profit at end of
year of $2,957,688 62. Income and excess profits taxes on this amoimt
estimated at $1,100,000. leaving net at end of fiscal year $1,857,688 62
—
SURPLUS ACCOUNT AS OF
MAY
31 1920.
(Subect to adjustment at end of fiscal year.)
Surplus balance October 1 1919
$3,537,482 08
Operating proits from October 1 1919 to May 31 1920
3.407.688 62
Deduct
—Two dividends of 214 % each on Capital Stock
$6,945,170 70
150.000 00
$6,795,170 70
Balance at June 30 1918
Deduct Loss on sale of launch "FaraUon"..
—
Add
—Profits for year ending June 30 1919-
$200,775 93
1,100 00
$199,675 93
1 ,800 24
Balance at June 30 1919.-
.
201,476 17
$2,3D3,631 86
INCOME ACCOUNT FOR ELEVEN MONTHS ENDING MAY 31
$462,428 72
368, 956 ol
Earnings
Operating expenses and taxes
^^3,471 91
58,852 !£
Net from operation
Deduct interest
Net
profit
1920.
J-
$34,619 79
Aug. 14
THE CHRONICLE
1920.]
BALANCE SHEET AT MAY
703
31 1920.
ASSETS.
$9,200 22
_
,^j^^s
Koadandbuildiiigi::::
^-llVrlklm
T4nV2n Ifi
14U..'^/U lb
Equipment...-
niDrovements in progress..
$2,2ti5,159 72
Material and supplies at cost
Fuel at cost..--
Accounts receivable
Claim Cuban Government account damages
Cash
m
?n'§?o it
Iq'wQ nq
ooqI^t 89
82,307 co
'^'^^^ S^
$2,492,291 31
evolution
---
LIABILITIES.
$1,000,000 00
Capital Stock
Less Treasiu-y Stock
Current
lOOOOO
Guantanamo Sugar Company loan
Accounts payable,...
Reserve for depreciation and renewals
Reserve for doubtful accounts
Surplus
Net
'^^^^^^^^
liabilities:
profit 11
788,198
242,092
226,056
947
23
91
60
61
$201,476 17
34.619 79 —236.09.5 99
$2,492,291 31
months
Th^ Guantanamo Sugar Company agrees with, the NewYork Stock Exchange as follows:
Not to dispose of its stock interest in any constituent, subsidiary, owned or controlled company, or allow any of said
constituent, subsidiary, owned or controlled companies to
dispose of stock interests in other companies unless for retirement and cancellation, except under existing authority or
on direct authorization of stockholders of the company
holding the said companies.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually an income account and
balance sheet of all constituent, subsidiary, owned or controlled companies, or a consolidated income account and a
consolidated balance sheet.
To maintain, in accordance with the rules of the Stock
Exchange, a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
securities with interest or dividends thereon shall be payable;
also a registry office in the Borough of Manhattan, City of
New York, other than its transfer office or agency in said
all listed securities shall be registered.
to make any change in listed securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of the Committee on Stock List, and not to select as a trustee an officer
or director of the Company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights subscriptions or allotments shall be transferable, payable and deliverable in the Borough of Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities, and make immediate application
for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange and to give to the
Stock Exchange at least ten days' notice in advance of the
closing of the transfer books or extensions, or the taking of a
record of holders for any purpose.
The fiscal year of the Company ends September 30th.
The annual meeting is held at the principal office of the
Company, No. 15 Exchange Place, in the City of Jersey
City, N. J., on the second Wednesday in December.
The Company has an office at 129 Front Street, New York,
city,
where
Not
,
at Guantanamo, Cuba.
The Directors (elected annually) are: Ernest Brooks,
George R. Bunker, Thomas A. Howell, R. Walter Leigh,
C. Lewis and James H. Post (one vacancy), all. of New York.
The office of President held by Mr. Wm. Moore Carson,
recently deceased, has not j^et been filled.
President;
The "Officers are
James H. Post, Vice-President; O. G. Sage, Vice-President
and General Manager; George H. Bunker, Secretary and
Treasurer, and M. McDougall, Assistant Secretary and
and
,
Assistant Treasurer.
Transfer Agent, National City Bank,
Registrar,
Bank
of America, 44
.55 Wall Street.
Wall Street.
GUANTANAMO SUGAR COMPANY,
O. G.
SAGE,
Vice-President.
This Committee recommends that the above-described
temporary certificates for .300,000 sharo^ of Capital Stock,
without nominal or par value, be admitted to the list on
official notice of issuance in exchange for present outstanding certificates of its par value of .f50 per share, in the ratio
of five sliares of Capital Stock, without nominal or par value,
for one share of the par value of $50, in accordance with the
terms of this application; with authority to substitute pernianent engraved certificates on official notice of issuance
exchange for outstanding temporarv certificates.
E. V. D. COX,
ROBERT GIBSON,
Secretary.
Chairman.
m
COMMERCIAL EPITOME
New York, Friday Xight, Aug. 13, 1920.
In the main trade is quiet, but this does not apply to iron
and steel, which are wanted and for which prices are firm.
Also there is a good demand for coal, coke, hardware, paper, and some other commodities.
And in some sections
the drygoorts trade is somewhat better, notably in the
Southwest. More iron furnaces are in blast. Pig iron Is
higher. Coke is moving more freely, and of course this is
a very important thing. Cars are more plentiful. They
are still scarce, but the gratifying thing is that progress
is being made towards an increase in the supply.
Sooner
or later this is bound to tell favorably on trade, as facilitating the distribution of manufacturers' products and also
the forwarding of raw materials and fuel to the mills and
factories of the country.
It is generally recognized that
the high frei.ght rates granted to the railroads will inure
immeasurably, not only to their advantage, but also to that
of the trade of the country in promoting better service, releasing funds, improving credits and in general encouraging
bu.siness, in a hundred lines of trade. And the railroads are
buying supplies more freely. On the whole the crop outlook is favorable. In some cases crop estimates have been
increased.
This applies to both grain and cotton. The
lumber trade is in rather better shape, partly from increased buying by the railroads. The cost of living is gradually declining.
Exports of wheat are large and thus far this season are
over 30,000,000 bushels more than in the same time last
year. It is believed that Europe will want large quantities
of American wheat.
Good crops of feed, like corn, hay
and barley, are in prospect, and will tend to reduce the
cost of food, including meats. On the other hand, there is
still a note of conservatism all over the country.
Trade at
the Northwest is less active. The stock market has fallen;
And time money is not
Some damage has been done to the spring wheat
crop by rust. The unsettled condition of European poli-
also rates for foreign exchange.
plentiful.
notably the invasion of Poland by Soviet Russia, has
not been without its effect on American trade, prices of
grain and cotton, for instance, not to mention stocks, rising
or falling as probabilities seem to favor an early armistice
or its refusal. Textile trades in the main have been quiet.
Some cotton goods have declined. Woolens are dull. Though
lumber is more active there is still plenty of room for improvement in the demand. There is some congestion of
iron and steel supplies at Pittsburgh, despite an increase in
the supply of cars. Some branches of the automobile trade
are notably quiet. The tendency of prices in this country
for commodities in general is believed to be downward. Recently there has been a lowering of quotations for meats,
dairy products, groceries and textiles, as well as hides and
leather, drugs and chemicals. Building is still restricted by
the high cost of materials. And taking American trade as a
whole the tendency is undoubtedly to keep close to the safe
side until money and cars are more plentiful and the general outlook, including the political situation in Europe,
tics,
clears up.
Steel and iron exports from the U. S. are large, though
Germany has been buying more
smaller than recently.
freely than other countries, taking ship steel shapes and
Drygoods have been dull
plates, in all some 32,000 tons.
and unusual measures have been adopted it seems in the
A
ca.se of Goldman Bros., jobbers in silk and dress goods.
corporation has been formed, it is stated, to take over
their affairs and a plan is being worked out to offer creditors a settlement on the basis of 50% in cash and an extension for the remainder for one year. The direct liabilities are said to be .$1,250,000.
Immigration is increasing at so rapid a rate that with
growing unemployment in this country it suggests a considerable increase in the labor supply in the next few
Lloyd George has told the Conmions that the
months.
British government expected much uneuiployment during
the winter and is considering precautionary measures. The
pendulum was bound to swing tlie other way sooner or
later after lalwr's prolonged dominance of the field.
The Shipping Board states that port congestion in the
United States recently has been responsible for greater delay in the turn around of shipping than in European ports.
The Winnipeg Exchange will resume trading in wheat
Wild speculation
futures ou Au.gust 10 at 10.30 o'clock.
will not be permitted. A .$200,000,000 chemical merger has
been completed and an official announcement will be made
The plans of the combination call for the
liy Sept. 1.
broad development of the dye business in this country.
The Suez Canal Co., after Oct. 1 next, will reduce tolls of
the canal by one-fourth of a franc. The teamsters' strike
here, which halted Iransiiortation in the port of New York
since last March, has been virtually settled. This is interpreted in banking circles as one of the most constructive
factors in the recent news. One banker expressed the opinion that at least $300,000,000 had been tied up tightly by
the strike and that frozen credit would thaw and flow back
to its normal channels after congested freight is removed.
THE CHRONICLE
704
Illinois coal mines have voted to return
The striking Denver street car men offer to reto work.
turn to work without conditions.
Granulated sugar is down from 21c. to IT.lOe. per lb. and
raw sugar is 10c. per lb. lower than the high level of three
months ago. Coffee is much lower.
Some 16,894 factories in Japan organized during the
boom period have collapsed, it is reported, with either
Employees of OUO
shutdowns, suspensions or contractions.
LARD lower; prime western 1 9. 10 @ 19.20c.; refined
to the Continent 21.50c.; South American 21.75c.; Brazil
in kegs 22.75c. Futures declined vnth grain early and also
from a lack of any sort of support. For European news was
bearish, exports were light and the speculative buying was
confined for the most part to covering.
To-day prices
advanced and they end about where they were a week ago.
Shorts were covering.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
September delivery.cts. 19. 00
19.37
October delivery
18.75
19.00
18.52
18.92
18.65
19.00
18.62
19.00
18.95
19.32
PORK
quiet; mess $32@$33; family $46@$50. September closed at 25.30e. a decline for the week of 20 points.
Beef quiet; mess $18@$19; packet $19@$20; extra India
mess S32@$34; No. 1 camied roast beef $3 25. No. 2
$8 25. Cut meats lower; piclded hams 10 to 20 lbs. 295^0;
28c.
Butter, creamery
pickled belUes 6 to 12 lbs. 27
Cheese, flats 20@28e.
extras 55M@56e.
Eggs, fresh
gathered extras 56@57c.
@
COFFEE
and lower; No. 7 Rio 9J^e.;
No. 4 Santos 15H@16Mc-; fair to good Cucuta 16@l(iliG.
Futm-es in some cases broke below the 9 cent level early in the
week on weak Brazilian cables, fine weather in Sao Paulo,
and general liquidation. The European demand for some
time past has been nothing like what was expected. This
on the spot
dull
much in the big decline.
Russo-Polish question seems to make bad worse.
Supplies are large in face of a light demand. Already the
crop movement to Rio and Santos this season is some 450 ,000
bags larger than in the same time last year. Yet a rally has
occurred at times at Santos and New York and to some the
recent decline here seems excessive making coffee relatively
cheap. Today prices declined again and they are much
lower for the week.
.30 March
9.29(
9.54@9.55
September -8.55@8.56 January
9.64@9.66
December.. -9.16@9.18|
iMay
disappointment has counted for
And now the
)
1
SUGAR. — Spot
^
96 degrees
test
1
raws were quiet and lower; Centrifugal
15.25c.; Porto Rican 13.04c. Futures
Cuban
also declined and offerings of refined increased significantly,
on a dull market. Refiners finding trade poor have held
aloof from the raw sugar market. The beet sugar crop in
the United States is estimated by the Department of Agriculture at 8,900,000 tons against 6,420,000 tons last Dec-
ember and 6,050,000 tons the five-year average from 1914
The condition of the American beet
to 1918, inclusive.
root crop on Aug. 1 was 91.9% against only 75.6 on Aug. 1
Sales
last year and a 10-year average for Aug. 1, of 87.8.
of Cuban cane sugar here early in the week were made for
shipment before Aug. 20, at M^c. cost and freight; later
Cuba afloat sold at 14:}4g. cost and freight, Brazilian whites
in port or pompt at 14c. c. i. f. supposedly a trifle off color.
Later in the week 20,000 bags of Porto Rico were sold at
Continued
f. for Cuba.
13.04c. e. i. f. or equal to 12c. c.
weakness in raw and increased sales caused a lowering of
prices in refined when Arbuekle Bros, reduced their price
But prices of other refiners
to 17.50c. prompt deUvery.
&
remained unchanged at 21@22J^c. To-day prices declined
further and they end 100 to 120 points lower for the week.
September-ll.60@ll.65 October... 11. 50® 11. 55) January.. .10.60@10.70
December.ll .45® 11 .50
OILS.^ Linseed quiet and unchanged; carloads $1 40
$1 45; less than carloads $1 33@$1 48; five bbls. or more
$1 36@$1 56. Cocoanut oil, Ceylon bbls. 15M@'15Mc.
Cochin 16@16Mc. Olive .13 10@f3 25. Lard, strained
40.
Cod, domestic $1 00@.fl 05; Newfoundland
winter
$1 05 ©$1 15. Spirits of turpentine $1 70. Common to
good strained rosin $14.
1
—
I
U
PETROLEUM
active and steady; refined in bbls. 23.50
13.50@14.50c.; cases 26@27c. Gasoline
in good demand and steady; steel bbls. 30c., consumers 32c.,
gas machine 49c. Fuel oil is very scarce on the eastern
seaboard. One well in the Kansas Okla. fields, which was
reported recently in Okmulgee County with a flow of 1,800
bbls., was brought in at the 2,636 foot level, and is said to be
42 degrees gravity. The Empire pool seems to be developing into a gas district and oil men think it is on the decline.
Several good producers are reported in the Phillip ville pool.
One was brought in with a flow of 100 bbls. an hour in that
There were also several other good producers redistrict.
ported in the Kansas and Okla. field.
©24.50c.; bulk
Pennsylvania
Corning
$6 10 Indiana
4 25 Princeton
Cabell
4
Somerset, 32 deg.
and above
4
Ragland
2
Wooster
4
North Lima
3
South Lima
3
17
00
35
05
73
73
$3 63
3 77
Illinois
3 77
Plymouth
3 98
Kansas & Oklahoma
3 50
Corsicana, light
3 00
Corsicana, heavy. 1 75
Electra
3 50
Strawu-
..$3 00
3 00
Healdton
2 75
Moran
3 00
Henrietta
3 00
Caddo, La., light. 3 50
Caddo, crude
2 50
De Soto
3 40
ThraU
RUBBER firmer on covering of shorts and light offerings.
Ribbed smoked sheets were quoted at 313^c. spot and Au-
fVoL. 111.
gust, 32 1/20. for September, 34i^c. for Oct .-Dec, 38c. for
Jan.-March and 39J4c. for Jan.-June. First latex pale
crepe was put at a premium of half a cent on the above
prices.
Paras were dull at 33Hc.@34c. for up-river fine.
Centrals were inactive; Corinto, 19c.
OCEAN FREIGHTS have remained quiet. Both exports
and imports have lagged.
Chartering is very slow. Now
and then grain cargoes are engaged from Gulf or Canadian
ports and some coal is going out.
But traffic is far short of
what would be regarded as a satisfactory total. Grain rates
for fall loading at Montreal to the United Kingdom are reported as Us. 6d. Northern range American ports. Us.,
and Gulf ports, 12s. 6d. to 13s. per quarter, with Antwerp
and Rotterdam 6d to Is. per quarter more respectively.
Coal rates have been rather weak. Meanwhile ears are
gradually becoming rather more plentiful.
Charters included coal from New York to Copenhagen $12 25, option of
Stockholm or Geere $12 75. prompt; merchandise from New York to five
ports in South Africa, 100s. August; coal from Atlantic range to French
Atlantic ports, $13 50; to Antwerp or Rcftterdam, $13 75 prompt; to Monte\-ideo or Buenos Aires, $11 prompt; to River Plate, $10 75 prompt; lumber
from Bathurst to Buenos Aires, $30. Sept.; 2,600 quarters graiil from
Atlantic range to picked ports in United Kingdom. 12s. 6d., option Hamburg 13s. 6d., Nov. and Nov. -Dec. loading; 15.000 quarters grain from
Philadelphia to London, lis., Sept.: 18.000 quarters grain from a Gulf
port to Genoa, 13s., Sept.; 28,000 quarters from a Gulf port to United
Kingdom. Antwerp or Rotterdam, 12s., option Hamburg 13s., Sept. 30;
coal from Virginia to River Plate, 70s., prompt; from Baltimore to Montevideo. 70s., Aug. -Sept.; deals from Bathurst, N. B., to West Britain or
Belfast, 200s., prompt.
TOBACCO
has been quiet throughout for domestic leaf
in foreign tobacco seems none too brisk where
it is not actually slow for the moment.
But world's stocks
are belieA^ed by not a few to be down to a very moderate
total while consumption proceeds apace.
The U. S. Department of Agriculture puts the American crop at 1,544,000,000
lbs. against 1,389,000.000 Dec.
1st last, and a five vear
average from 1914 to 1918 of 1,188,000,000 lbs. The
condition of the American crop on Aug. 1 is officially stated
and the trade
% against 75.1 on Aug. 1, 1919, and a 10 year average
Aug. 1 of 78.5 from which it appears that the crop is in
good shape and promises to be unusually large.
COPPER isisaid to be in rather better demand; certainly
the talk is more hopeful; electrolytic 18M @ 19e. There
are some inquiries from domestic consumers, but this
business mil probably go to the small dealers, who show a
mllingness to shade the producers quotations. The foreign
demand is light due largely to the lowness of exchange.
About 200 tons of copper bars were exported to Holland
on the nth' inst. The total thus far this month is 4,175
tons.
However, large interests are confident that domestic
consumers will soon be in the market for big quantities, as
their stocks are now believed to be low.
Tin declined in sympathy with a lower London market.
Spot tin was quoted at 47^^. Lead quiet but firm at 9c.
Zinc quiet but firm at 7.90c. for East St. Louis. Offerings
have been light. And the feeUng is widespread that if
buyers should become more active prices would advance
because of the market's statistical strength combined with
at 84.1
for
light offerings.
PIG IRON has been firm with an upward tendency as
supplies decrease.
VaUey quotations have been quite generally $46 for foundry iron, $46 50 for basic and $47 for bessemer. Some ask more. The increase in freight rates on
raw material is computed as averaging $1 70 per ton. It is
argued that the consumer will have to stand this as well as
increased costs of production.
In any case there is a persistent demand that would seem to give some sort of color to
this argument.
Later it was stated that a sale of 5,000
tons by a Valley producer to a Pittsburgh steel interest
established the price of basic at $48 50 Vallev; an advance
of $2.
No. 2 foundrv is now $47 to $50 vaUev furnace;
Bessemer iron $47. Coke rather weaker at $18@$18 50.
STEEL people look for a better trade as a result of the
higher freight rates granted the railroads. They believe it
A^dll spur the railroads to increased efforts to supply cars,
that deliveries will increase, that purchases of railroad equipment will augment and that a far reaching stimulus will be
given to the steel trade, so long artificially quiet from a
lack of transportation to and from the mills. Open top cars
to the number of 50,000 are said to be needed to say nothing
of locomotives and freight cars in great numbers.
Cars
are more plentiful than recently but the evil of ear scarcity
is very far from being relieved.
Meanwhile the dullness of
the automobile industry is a drawback that nobody attempts
to minimize. And this fact has caused some weakening of
prices here and there..
COTTON
Friday Night, Aug. 13 1920.
as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
32,599 bales, against 24,820 bales last week and 26,945 bales
the previous week, making the total receipts since Aug. 1 1920
50,719 bales, against 144,774 bales for the same period
of 1919, showing a decrease since Aug. 1 1920 of 94,055
THE MOVEMENT OF THE CROP,
bales.
.
•
.
. .
.
•
•
Aug. 14
Mon.
Sat.
Galveston
Texas City
Port Arthur, &c.
New Orleans
Mobile
Pensacola
50
l"i23
16
2",855
705
1.007
2,555
"256
"233
"233
130
2,563
""97
.setback to the crop before this. They
it was bound to come In August.
97
9,630
424
1.148
312
"69
69
40
300
1,.597
r.749
300
Charleston
1
Wilmington
'302'
'156
187
""94
"312
246
374
"329
""24
"503
""95
New York
"546
"106
Norfolk
N'port News, &c.
Boston
Baltimore
155
Totals this week.
The
Aug.
1
6.067
3,513
26
26!
Philadelphia
6,312
4.925
6,.594
94
1.430
586
5861
197
5.188' 32.599
following shows the week's total receipts, total since
1919 and stocks to-night, compared with last year:
1920.
Receipts to
Aug. 13.
Galveston
Texas City
Pt. Arthur, &c...
New Orleans
Mobile
Pensacola
This
467
97
9,630
424
1920
Week.
22,467
467
97
16,480
627
1
15,932
Jacksonville
1919.
Since Aug
This
Week.
20,567
100
15,613
10,000
1,448
2,387
1,871
27
4,057
241
69
Savannah
Brunswick
1,597
Charleston
1
Norfolk
N'port News, &c.
1,749
Boston
1,430
2,466
26
94
2,602
213,217
2,738
1,646
55,790
2,250
221.421
32.844
25,444
586
197
1,601
272
638
705
2,100
40,812
13,000
4,353
3,527
4,342
55
4,057
550
744
1,120
32.599
50,719
72,104
144,774
Wilmington
17
26
94
New York
Baltimore
Philadelphia
Totals
may
In order that comparison
Receipts at
—
1920.
Galveston
Texas City,&c.
New Orleans.
Mobile
1919.
Savannah
Brunswick
20.567
680
&c
Wilmington
"1^749
Norfolk
N'port N., &c.
26
2,376
All others
1,411
15.613
10,000
1,448
2,387
1,871
27
5,741
._
7,736
6,601
4,965
136,127
8,980
6,396
705
128
2,068
322"246
11.330
4,038
20„537
241,940
38,852
33,049
58,321
80,376
84'366
6,555
5,388
7,541
716,671 1,059,640
made with
18.449
137
8,831
989
1
3"3,3.39
1917.
12.781
300
Charleston,
be
1918.
932
564
9,630
424
1,597
1
8,721
23,889
1,950
989
78
99,959
1919.
35
12,781
300
1920.
43,595
645
645
35
219
2,906
300
Stock.
Since Aug
1 1919.
other years,
1916.
15,779
1915.
8,329|
17,330
163
8,376
6,344
8,831
1,500
2.411
1,308
10,449
131
1.638
9,702
641
5,369
50
160
1,472
3,530
'""328
217
5,474
1,425
13,068
300
648
8,500'
685
i
21
1
7,208i
102
7,417
246
Total this wk_
.32, .599
72,104
39.074
60,808
58,481
28.735
Since Aug. l._
50.719
144,774
81,347
120,978
146,802
66,656
The exports
for the week ending this evening reach a
total of 40,670 bales, of which 12,949 were to Great Britain,
8,217 to France and 19,504 to other destinations. Below are
the exports for the week and since Aug. 1 1920:
Week ending Aug. 13 1920.
Exported
to
From Aug.
—
EiportR
from
—
Great
Other.
Galveston .
Texas City^
New Orleans
7,139
5. 116
6,969
Great
Britain.
Total.
1 1920 to Aug. 13 1920.
Exported to
—
France.
OtJier.
Total.
19,224
2,709
13,846
2,687
2,204
13,070
12,949
8,217 19.504 40,670
20,057
8,717|
31,071
59,845
22,14.5
2,871, 46,124
132,544
38.843
12,498
40,629
108,179
76.905
253,221
156.377
2,709
3.123
2,687
Savannah
New York
'l'o',723
392
Total
Total 1919.
TotTl 191S_
1,812
5.116
2,709
4,300
2,687
892
71,140
14.042 21.944 32.228 69.114
6,969
2l",327
'2'
775
25,155
2,709
25,627
2,687
3,667
In addition to above exports, our telegrams to-night also
give us the follo-^ving amounts of cotton on shipboard,
not
cleared, at the ports named.
add similar figures for
We
New York.
On Shipboard, Not
Aug. 13
at
—
Galveston.
New Orleans..
Savannah.
Charleston
Mobile
5.122I
8.808
8,438
1,576
Other
Conft.
3,100
8,674
Coastwise.
1,000
.
York*...
Total 1920Total 1919.
Total 1918
816
500
900
16,146
3.116
2..583
10.000
'""900
800
100
.38.990
27,80:^
And some
spot trade reports from Texas have been more
The basis there is rer)orted to have risen
somewhat under the spur of a better demand. The Continent is said to have purchased freely to say nothing of England. The quality of the Texas cotton this year is said to
be superior to that of last year.
It would be a boon to
textile interests at home and abroad, after the sorry experiences of the season just ended with its dislocation of
differences and the straights to which the mills have been
put to get the kind of cotton they wanted. At times, moreover, foreign exchange has rallied after some sharp declines.
The stock market, too, has not been uniformly
weak. And souie think the tendency is towards a gradual
easing of the monetary tension. Finally there has been an
evident tendency to oversell the market at a time when
the general opinion leaned to the view that the price for
cotton could not resist the forces of deflation at work in
the business community of the United States. It has been
generally held that cotton like so many other commodities
must decline. This of itself has tended to strengthen the
technical position. The short account for home and British interests is believed to have been considerably expanded.
Some sharp rallies have been traceable largely to this cause
alone.
Besides some are disinclined to go much further
on the short side with futures so far below spot prices.
British exports of yarns and cloths are running far ahead
of the last two years.
On the other hand the idea is deep-seated that the trend
of cotton prices must inevitably be downward.
The majority of the speculative interests in cotton it is safe to
say hold tenaciously to this opinion. They look for a crop
of 13,000,000 bales or more.
They think the talk of boll
weevil is exaggerated. The crop, too, seems to be of better
quality than the last. It means a larger supply of tenderable cotton on future contracts. India and Egypt will have
large crops. Europe's buying power has been seriously reduced by the great decline in the rates of exchange. As
for this country no day goes by without reports of mills
curtailing their output of cotton or woolens or silks. Latterly Fall River and New Bedford cotton mills to the number of ten or more have curtailed their output. Cotton mill
encouraging.
shares have become quiet.
The world's trade has slowed down after five years of
feverish and unexampled activity.
The horse is blown
after a hard race. Under such circumstances rallies in the
price are seized upon by many as good opportunities for
selling.
The South as well as Wall St. has sold freely.
Trade buying has been small. Liverpool, if at times it has
bought, has sold at others. Today prices were irregular,
closing lower on the near months though slightly higher
on 1920 deliveries. The National Ginners' Association puts
the condition of the crop at 75.5 and the Southern Products
Co. at 72.4.
There was a rumor that spot interests sold
some 20.000 bales today, mostly October. Weakness of August had some effect on later months and spot prices here
were lowered 150 points. Reports of an armistice seemed
to be belied by other reports of a continued advance by the
Reds on War.saw. Sentiment here is generally bearish, on
the trade, crop and political outlook. Prices are lower for
the week.
Spot cotton closed here at 37.50 for middling, a decline for
the week of 200 points.
The official quotation for middhng upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs.
Aug. 7 to Aug. 13—
Fri.
Middling uplands
Leaving
Total.
10,014
7,275
13,474
77,7441
22,500
^.39.50
Saturday,
Stock.
Aug.
7.
39.00
39.00
17,660
22,074
1,000
500
400
816
400
220.921
1.922
25.044
1,500
1.700
31.8.39
Range
2,900 45,650
5,164 131,756
5.200 65.503
671.021
927.884
767.213
39.00
37.5
Aug.
9.
Aug.
10.
Aug.
Aug.
11.
12.
Aug.
13.
Week.
October—
63.063
;i9.00
closing prices at
follows:
Monday, Tuesday, Wed' day. Thursday, Friday,
Augu.ft —
500
3,016
.
Other ports.'*.
*
Ger-
many.
been expecting a more or less serious
have contended that
FUTURES. — The highest, lowest and
New York for the past week have been as
—
""l",666
Norfolk _.
New
Great
Britain. France.
Cleared for
Many have
pected.
15,932
467
2,173
200
I
705
Total.
Fri.
2,608
137
i
Jacksonville
Thurs.
2,161
46
130
l",336
Wed.
Tues.
4,472
1,561
Savannah
Brunswick
~
THE CHRONICLE
1920.]
Receipts at-
—
.
82.299
191.143
.54.790
—
— 33.70-.90 34.00
33.50 — 34.25
— — — ——
33.70
Range
33.40 — 32.60 — 33.70
Closing
Range
Closing
September
Closlni;
Kstinialed.
S])oculation in cotton for future delivery has remained
within v(<ry modest bounds and prices have been
irregular
under the sway of European politics, the stock market
and
the weather. The end is lower. As the chances
seemed to
favor an early armistice between Toland and
Soviet JUissia or to discourage such a hope prices
have alternately
advanc(Ml or declined, although naturally there have
been
other factors which have helped to shape the
course of
prices.
For instance the heavy rains in the Atlantic States
and some rain in the central belt have aroused fears of boll
weevil activity and damage. In fact damage is already
reported.
There was an erroneous rumor that the National
Ginners Association would issue an unfavorable crop
report.
The soverninent weekly report on the 11th in.stant was
exliected to break the practical uniformity of good
re[)orts for
five or six weeks previous.
But it was better than ex-
Noeember —
Range
Closing
December
—
Unnge
—
Range
CUoslng
February
—
Range
Closing
March—
Range
Closing
April—
Riinge
Closing
— 34.50 — 32.28-/55 32.28-(50
— 34.00 — 32.25-.75
— 32.65-.75 32.50-.56 32.50-170
— 32.75 — 32.25 —
— 31.05 — 31.80 — 31.35 — 30.95-20 30.70 — 30.95-.2O
30.95 —
30.10-.70
30
10 39.40-(44 30J3-.75 29.98-.42 29
30.76-.78 30.26-.27 31
30.55-.62 30.22 — 30.15-.18
31.55
30. 18-.
.02-.05
.98-144
29.47-.S8 28.92-.53 29.00- .90 29.05-/18 28.95-.50 28.82-.25 2S.82-/18
29 .06- .07 29. 83-. 85 29. 15- .30 28. 93- .00 29.04-08
29.56
—
— — —— — —— — —
— — — — 28.75 — 2«.75^—
29.35 — 28.85 — 29.60 — 29.05 — 28.75 — 28.85 — —--l—
29.10-.50 28.65-.05 28.57-.45 28.70-.65 28.50-.06 2S.40-.S8 28.40 A65
29.20-.22 28.68-.70 29.37 — 29.00 — 28.50 — 28.69 —
— — — .— — — —
^——
28.95 — 28.40 — 29.05 — 28.65 — 28.35 — 28.50 —
__
28.70-.07 28.10-.R0 28.00-.87 28.2.V.02
00
58 28.
28.75 — 2S.15-.20 28.78 — 28.40 — 28.24 — 28.35-40
28.00 — 28.10 —
28.00 — 28.0O-.1O
28.65 — 28.05 — 28.65 — 28.26 — 28.10 — 28.20 —
27.90-. 15 28.30 — 28 .00-50 28.10 — 27.90-28
—
—27.90 —
—'27,90 — 28.0.5-10 27.90-.50
.
.
Mail—
Range
28. 24-.
Closing
June —
Range
Closing
—
Julu
Range
Closing
/34c.
— 34.50
— 34.00
— 33.35
— 33.00
31.90-.40 31.35-.95 31.30-.20 31. 62-^65 3 1.34- .95 31.12-65 31.12-;65
32.02-.03 31.37-.40 32.14-.20 3 1.73- .85 31.37-.40 31.31-33
.65- .00
Closing
Januartj
34.50
34.40
2S..50
1330.
J 32c.
'2S..'iO
/
31c.
/ 30c.
I'J.S.IO
h 29e.
28. 17-.
17- .07
THE CHRONICLE
706
THE VISIBLE SUPPLY OF COTTON
to-night, as made
Foreign stocks, as
as follows.
well as the afloat, are this wek's returns, and consequently
ail foreign figures are brought do-mi to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
includfng in it the exports of Friday only.
up bv cable and telegraph,
August 13—
Stock at Liverpool
Stock at London
Stock at Manchester
is
1920.
Total Great Britain
Stock at Ghent
Stock at Bremen
Stock at Ha\Te
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Triests
191S.
1917.
977.000
12,000
115,000
742.000
13.000
99.000
216.000
44.000
231.000
26.000
22.000
1.104.000
20.000
79.000
154.000
bales.
1910.
'54.000
2S2.000
279,000
155.000
4.000
58.0 »0
48,000
113.000
190.000
3.000
78.000
10.000
75 ,000
79.000
2l'.i)00
16.656
4.000
407.000
265.000
133.000
281.000
1,511 ,000
Total European stocks
107.000
India cotton afloat for Europe
American cotton afloat for Europe 164 .388
50 .000
EgiT)! .Brazil ,&c .af loatforEurope
71,000
Stock in Alexandria, Egypt
1.322,000
in Bombay. India
Stock
716,671
Stock in U. S. ports
808.327
Stock in TJ. S. interior towns
700
U. S. exports to-day
,119.000
415,000
18,000
115.000
54.000
214.000
*570.000
832.716
655,211
25.424
560.000
35.000
202,000
30,000
47.000
*960.000
484.353
256,517
9.792
.
27,000
448.018
43,000
182.000
,031,000
.059.640
694.551
21.972
—
bales.
Liverpool stock
Manchester stockContinental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocksL. S. exports to-day-
-.
87 000
.54.000
13 000
142.000
16,000
233.000
448,018
716,6711,059,640
808,327
694,551
700
21.972
*118 000
249.000
115, 000
832, 716
202.000
484,353
256.517
9.792
647,000
103.000
337,000
164,388
532,000
655 211
25 424
<&c.
210.000
330,000
12,000
13,000
12,000
45,000
70,000
32,000
107,000
27.000
50,000
43,000
71,000
182,000
1.322,000 1.031.000
Continental stock
India afloat for Europe
Egypt. Brazil. &c.. afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
&c
129.000
22,000
31,000
*15,000
18,000
54.000
214.000
*570,000
89.000
26.000
6,000
*32.000
35,000
30,100
47,000
*960,000
1,374.000 1.583,000 1.053.000 1,225,000
2.774,086 3.043,181 1.84(3,351 1,359,662
Total visible supply
4.751,086 4.626.181 2.899.351 2,5-<4,662
Middling upland. Liverpool
27.19d.
18.40d.
23.09d.
lfl.80d.
Middling upland. New York
37.50c.
31.50c.
3 4.,50c.
26.15c.
Egypt, good sakil. Liverpsol
73.00d.
33.00d.
33.92d.
37.00d.
Peruvian, rough good. Liverpool- 44.00d.
29.50d.
26.80d.
39.00d.
Broacn. fine, Liverpool
20.60d.
17.85d.
21.71d.
19.20d.
Tinnevelly. good. Liverpool
*
-1920Since
August 13
Shipped
—
Via
Via
Via
Via
Via
Via
Via
Week.
Louis
2,6,57
Mounds, &c
Rock Island
-
21.85d.
18.10d.
19.38d.
21.96d.
Estimated.
Continental imports for past week have been 55,000 bales.
The above figures for 1920 show a decrease from last week
of 119,014 bales, a gain of 124,905 bales over 1919, an excess
of 1,851,735 bales over 1918 and a gain of 2,168,424 bales
over 1917.
AT THE INTERIOR TOWNS
the
movement— that
is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night and the same items for the
coiTesponding period of the previous year is set out in
detail below.
—
,
Movement
2,214
.St.
Aug. 13 1920.
to
Receipts.
1
Week.
Season.
\
Ala.. Eufaula.-
Montgomery
Shipmcnts.
Week.
Movement
lo:
33;
141
362
5,581
18
358
560
3,049
209 15.241
1,090 25,115
1
914
200i
300
1.112
2.050
200 14,800
1.140 12.890
8.071 49.509
700
3,004
1.457
9,514
6.984
3,329
553 25,500
130|
Pine BIu(t_..
Ga.. Albany
1
Athens
Atlanta
526
1.640
"""57,
'""138
213,
225j
213
475
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.. Columbus
580
60
8
20
Clarksdale ..
Greenwood . _
Meridian
Natchez
Vicksburg
160
154
2o:
1
Yazoo City..
Mo.. St. Louis,
N.C.Gr'nsboro
40
2,342
165
Raleigh
12
1,595
3
Okla., Altus
Aug. 14 1919.
to
Chickasha.
:.750
325
92
i,376
S.C, Greenville
575
875
4.416
7.185
100
27
891
2,417
2.109
I'.ssi
1.341
7,559
'
"6".475
602
490
25
50
250
260
105
448
13
17
15;
8.3,i0
l,i>75
2.000
14,598
2,727
2.422 17.995
5,145 21.051
8.8131116.154
1 .000, 14,000
2,854 30.522
2.783'
7,019
914; 36.000
....
1 .500
50 10,000
300
8.800
630 7.580
49 3.650
400
2.490
1.139
5,864
8.040
400 5,279
52
25
1,041
448
100
"u'ois
100
100
1.774
37
.015
301
3.342
1.834
3,658
11,233
9.036 271,315
1,643
15.819
600 13.500
6,095;
210
4".79:
15.
271
302
200
205
90
159
82
Aug.
300!
100
14
537
2".962
979
838
20,940
6.132
6,245, 17.784148,228
601
""l",057
4",6i7
50.
50
797
Brenham
52
52
143
143
.
Dallas
Honey Grove
l'7".344
Paris
'2"5".796
569
382
San AntonloFort Worth*.
162
378
816
1,738
Total. 41. town'i
:<0 .S"8
.'iO.182
•
182
50
999
315
2,711
Houston
14
444
""50
Greenwood
Tenn., Memphis
Nashville
Tex.. Abilene..
Season.
120
43
56
32
18.279
94
Oklahoma.
Stocks
ments
Week.
.
2111
2,150
39
5,400
215
4.147
2.657 13,089
2.482
3.679
90
9.989
1,205
Ship-
Receipts.
Week.
360 40, .500
Hugo
Clarksville
Stocks
AU'T
13.
24'
1.058|
33
._
Selma
Ark., Helena ._
Little Rock__
1,133
1,780
4.995
121 16,887
2.899
"2'o',441 184,879
622 13,340
1.105
'"l".363 12.154
2
""so
9",724
10,024 10,145
2,500
1,480
7,215
335
10,593
30
700
64.917808.327 3'i,449
"2"5",749
22".305 127.251
30
2.829
46
891
1.20o! 24.000
1
,600,
81.51' 0> 8n9fiQ4
.i'il
Last year's figures are for Cincinnati.
The above
Sin4e
Week.
a5,864
1.
5.869
3.494
50
260
6.693
43
Aug.
1.
al4.280
15,318
43
l6o
50
460
100
1,214
2,986
3,064
5,473
7.685
1.225
12.823
Total gross overland
9, 481
Deduct Shipments
Overland to N. Y., Boston, &c--. 2,307
18.510
22.458
45.882
4.569
621
2.084
5.641
601
2.643
6.471
Louisville
Cincinnati
Virginia points
other routes, &c
—
Between
interior
towns
294
1.061
Total to be deducted
Leaving
total net
745
500
928
1.393
800
997
8,279
3,662
7.274
8.885
15.747
5,819
overland*
11.236
13,573
30.135
Including movement by rail to Canada, a Revi.sed.
The foregoing shows the week's net overland movement
this year has been 5,819 bales, against 13,573 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 18,899
1920
1919
In Sight and Spinners'
Since
Takings.
Week.
Receipts at ports to Aug .13
32, 599
Net overland to Aug. 13
5,819
Southern consumption to Aug. 13a 75,000
Total marketed
113. 418
*34.319
Interior stocks in excess
Aug.
Since
50.719
11,236
139,000
Week.
72,104
13.573
60,000
200,955
t51,614
145,677
*52.353
1.
Aug.
1,
144.774
.30,135
130.000
304,909
il07.436
into sight during week
79.099
93.324
Total in sight Aug. 13
149,.341
197.473
North, spinn's' takings to Aug. 13 53,145
74,.563
42. .531
73.354
* Decrease during week,
x Less than Aug. 1.
a These figures are consumption; lakings not available.
Movement into sight in previous years:
Bales.
Since Aug. 1
Week
1918— Aug. 16
112, 947 1918—Aug. 16
115,1221 1917— Aug. 17-.1917—Aug. 17--127,51011916— Aug, 18
1916—Aug. 18
—
totals show that the interior stocks have decreased during the week 34,319 bales, and are to-night 113,776
bales more than at the same period last year.
The receipts
at all the towns have been 7,851 bales less than the same
week last year.
Ba'es.
I
240.344
1
WEATHER
281.,54o
312,265
TELEGRAPH.—
Telegraphic
REPORTS BY
advices to us this evening from the South indicate that rain
has been general during the week and from some Atlantic
and Gulf sections, as well as from Texas, there are comTexas advices are to the
plaints of excess of moisture.
effect that the rain has tended to retard farm work and
propagate weevils. The plant there, however, .continues in
a healthy condition and the quality of the cotton picked
is good.
TEXAS. General. -Rain has been quite general over
Texas retarding cultivation and other farm work and also
tending to propagate weevils. Plant continues in healthy
Quality of picked cotton good.
condition.
—
Rain. Rainfall.
4 days 0.59 in.
1.44 in.
2 days
5.03 m.
6 days
Galveston
Abilene
Brenham
dry
Brownsville
4 days
5 days
2 days
Cuero
DalLas
Henrietta
Hunts^alle
3 days
Lamoasas
1
1
Long\'iew
Towns.
Aug.
-1919-
Came
2,777.086 3,043,181 1,846,351 1,359,662
Londonstock
Manchester stock
Total East India.
Total American
movement for the week and since Aug. 1, as made
up from telegraphic reports Fridaj' night. The results for
the week and since Aug. 1 in the last two years are as follows:
overland
bales.
4,751,086 4.626,181 2.899,351 2,584.662
Total visible supply-Of the above, totals of American and other descriptions are as follows-
Total American
East Indian, Brazil,
Liverpool stock
OVERLAND MOVEMENT FOR THE WEEK AND
1. — We give below a statement showing the
SINCE AUG.
Inland, &c., from South
Total Continental stocks
American
111
day
day
Nacogdoches
3 days
2 days
Palestine
Paris
2 days
Sua Antonio
Taylor
Weatherford
Ardmore. Okla
4 days
3 days
3 days
LuHng
5 days
3 days
day
Altus
1
•Musliiogee
3 days
Oklahoma City
Brinklev. Ark
Eldorado
2 days
3 days
4 days
Little Rock
Marianna
Alexandria.
1
day
2 days
La
Amite
3 days
5 days
4 days
Shreveport
New Orleans
Columbus. Miss
Greenwood
Okalona
7 days
4 days
2 days
4 days
1.13 in.
0.53 in.
2.05 in.
1.65 in.
3.00 in.
1.92 In.
4.68 in.
3.41 in.
3.85 in.
0.87 in.
1.84 in.
3.801n.
0.25 in.
2.97 in.
1.10 in.
1 .27 in.
1 .07 in.
2.49
1.59
1.84
1.80
1.45
4.40
0.64
1.26
in.
in.
in.
in.
in.
in.
in.
in.
1.61 in.
1.03 in.
3.28 in.
0.13 in.
Thermometer
high 86 low 76 mean
high 94 low 63 mean
high 92 low 75 mean
high 98 low 76 mean
high 98 low 72 mean
high 90 low 66 mean
high 97 low 67 mean
high 91 low 67 mean
high 95 low 69 mean
high 94 low 63 mean
high 97 low 73 mean
high 94 low 67 mean
high 94 low 68 mean
high 97 low 69 mean
ow 70 mean
high 96
low 68
high 92 low 68 mean
high 98 low 62 mean
high 9.5 low 59 mean
high 97 low 65 mean
high 94 low 60 mean
high 93 low 65 mean
high 92 low 66 mean
high 89 low 67 mean
high 96 low .57 mean
high 95 low 71 mean
high 92 low 70 mean
high 91 low 68 mean
1 day
Vicksburg
Mobile. Ala. Weather less favorable too much rain
Weevils increasing to some extent
shedding
high 86
5 davs 2.93 in.
high 89
6 days 2.51 in.
_
Decatur
high S-^
5 days 2.66 in.
Montgomery
6 days 2.00 in. high 90
Selma
4 days 2.06 in. high Ml
Gainesville. Fla
high 93
1.50 in.
7 days
Madison
high 90
4 davs 0.34 in.
Savannah. Ga
high 89
5 days 3.46 in.
-__
Athens
5 days
140 in. high 90
Augusta
_
days 0.67 in. high 93
Columbus
4
Charlislon. S. C
4 days 1.42 in. high 88
high 86
4 days 2.41 in.
Grei nwnod
5 davs 3.10 in. high 89
_
Columbia
days 2.98 in. high 89
5
Conway __
5 days 2.40 in. high 85
Charlotte. N. C
4 davs 1.66 in. high 89
Newbern
high 89
1.17 in.
5 days
Weldon
high 92
1.27 in.
3 days
Dyersburg, Tenn
3 days 0.54 in. liigh 92
Memphis.-
—
—
.
79
84
87
85
78
82
79
82
79
85
81
81
83
83
80
80
77
81
77
79
79
78
77
83
81
80
mean 80
mean 82
mean 79
mean 82
mean 79
-_
high 95
high 92
high 96
high 89
_„
81
low
low
low
low
69
66
68
69
causing rot and
—
mean
mean 79
mean 80
71
70 mean 80
69 mean 80
69 mean 81
low 70 mean 80
low 68 mean 79
low 67 mean 79
low 70 mean 82
low 71 mean 79
low 60 mean<3
low 62 mean. 6
low 66 meaniS
low 63 mean M
low 67 mean (8
low 57 mean /3
low 68 mean 80
low 70 mean 81
low
low
low
low
low
low
72
69
1
The following statement we have also received by telgraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Aug. 13 1920
New Orleans
Memphis
Nashville
Shrevpport
Vicksburg
Au^. 15 1919.
Feet.
Feet.
5.9
10.8
13.6
8.1
4.6
7.4
7.6
6.3
16.8
10 9
Above zero of gaugeAbave zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
—
c
Aug. 14
c
.
—
c
,
.
MARKET AND SALES AT NEW YORK.
707
BOMBAY COTTON MOVEMENT.— The
1919-20.
Ju
!/
22
Market
Closed.
Spot.
Total.
Contr't.
Quiet
Quiet, 50 pts. dec_. Barely steady..
1,807
1,200
3,007
3.0071
NEW YORK QUOTATIONS FOR 32 YEARS.
11.90
12.40
15.60
12.80
10.50
13.30
10.60
10.65
1908
1907
1906
12.00 1905
1904.
1903
1902
lS9rt.c._ ...
...
1895
1894
...
...
1893
1892
...
1891
...
10.55
12.75
9.00
8.00
10.25
6.50
1901
1900
1899
1898
1897
8.00
7. .56
7.00
7.69
7.10
8.09
..-12.06
..-11.31
1890
8.00 1889
6. 00
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-—Below
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton on
Week ending
Aug. l-^.
36.00
36.25
36.25
39.00
40.50
40.00
40.00
39.25
37.50
38.00
34.65
35.25
37.00
35.00
36.00
36.75
36.75
39. oe
Galveston
New Orleans..
Mobile
Savannah
40.50
Charleston
Norfolk
Baltimore
Philadelphia
40.00
'40.00
39.75
..
Augusta
'38.00
Memphis
38.00
Dallas
Houston
Little Rock
35.25
37.50
Fort Worth _
28.000 .^.480.000
_ _
36.00
35.75
36.25
39.00
40.50
40.00
35.50
35.25
35.25
.35.75
.35.75
.39.00
Aug.
Aug.
7.
9.
Aug.
42 000
1.
i.n.5fi.ooo
Since August 1
Conti- Japandc
neru.
China.
Great
Britain.
Total.
1919-20
1918-19
1917-18
Oth. India.*
1919-20
1918-19
1917-18
Japan
Coraineru.
<t
China.
Total.
5,000
1.000
2,000
Total all—
1919-20.
1918-19.
1917-18..
*
No
19,000 24.000
1,000
10,000 25,000 35.000
1,000
3,000
6,0001
46.000)
15,000 44,000 59,000|
1.000
3,000
7.000
lOl.OOOl
684,000 1.923,00012.747.000
150,000 869.0004.120.000
151,000
14 6,000ll ,284.000
3,000,
39.25
36.75
37.50
35.10
35.50
37.00
35.00
88.000
55.000
151.000
482.0001,708,000 2.278.000
137,000 774.000 966.000
146.0001.284.000 1.581.000
52.000
140.000
'
1
1
202.000
13,000
data for 1917-18. figures for 1918-19 are stace Jan.
215,000
95.000
469.000
154.000
1
.581 .000
1.
MANCHESTER MARKET.—
Our report received by
cable to-night from Manchester states that there is a good
demand for both yarns and goods, but the turnover has been
small.
give prices for to-day below and leave those for
previous weeks of this and last year for comparison:
,
8H
1919.
»». Shirt-
Cofn
f^nmmnn
Mid.
Upfs
ina^.
.39.00
39.00
June
.37.75
18
36.00
37.00
25
July
d.
d.
52
50
8.
.34.75
10
40 6
40
40
40
40
39 6
@43
©43
@43
6
(0,42
6
39 6
38 6
(^'42
30
49
(<*
54
52^3
m
@
70
69
Tuesday, Wed'day, Thursd'y,\ Friday.
Aug. 10. Aug. II. Aug. V2.^Aug. i3.
6
13
d.
@46
@44
74 J^
74
69
70
69
Aug.
d.
8.
41
W
49 H
©
49 H
««
48
©
60
®
2
36.00
d.
75
74
««
9
16
23
.34.60
.35.00
NEW ORLEANS CONTRACT MARKET.— The closing
Monday
.il.OOO '?.471.000
1920.
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday,
Great
Britain
32s Cov
39.00
38.50
39.00
39.25
36.25
37.00
34.60
35.00
36.50
34.75
.39.00
.39.00
37.25
38.00
35.40
35.75
37.00
35.25
from —
35.00
35.25
35.25
.35.25
40.50
.39.00
.39.25
Since
Week.
1.
We
—
Monday. Tuesday. Wed'day.iThursd'y, Friday.
Saturday.
Aup.
Week.
1.
Bombay
Total-
1911
1910
1909
Aug.
1917-18.
Since
For the Week.
1,807
1,200
,
37. .50 1912.
of
Biports
Tuesday
Quiet unchanged _ Barely steady..
Wednesday. Quiet, unchanged.. Firm
Thursday _. Quiet, unchang<^d_. Steady
Friday
Quiet, 150 pts. dec Very steady
31.85
33.40
26.10
14.10
9.30
B'->Tnh iv
unchanged . . Barely steady __
Saturday
Monday
1918-19.
Since
Week.
Market
Closed.
—
SALES.
Futures
Spot
receipts
India cotton at Bombay for the week ending .July 22 and for
the season from Aug. 1 for three years have been as follows:
Receipts at
,
.
THE CHRONICLE
1920.]
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and future
closed on same days.
1920.
1919
1918
1917
1916
1915
1914
1913
K
•
8)i
Cop
32.1
a.
26.64 36
26.38 .38
26.38 38
d.
H
ii
25 12 40
®42
(a
27.10 42
27.19 40
@41
41
m
26.65 41
26.77 42
26.15 42
(<*
Mia.
vvr$
d.
19.82
20.39
d.
a.
(2,27
6
@28
3
(328 3
23 9
25 6
26 3
27
27
@31
tazi 6
6
19.44
20.98
21.24
21.45
19.88
ff31 6
@31 6
18.53
18.40
@30
@31
45
27
43!^ 27
@
V2
Vi
44
45
45
45
Cofn
d.
a.
40 H 23 3
41Ji 23 9
@
Vi
SMrl-
fmnJiion
«»s.
i'it/'t
—
SHIPPING NEWS. As shown on a previous page, the
exports of cotton from the United States the past week have
reached 40,670 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:
—
—
— 32.51 — 31.20 —31.76 —31.62 —
—30.96 —30.82
31.71
October
30.
95
40 31.01-.05
60 30.26-.29|30.12-.20
Total
29.96-.9 29.55-.56 3.020-.24 29.
December
82 29.48-.50l29.46-.50
NEW YORK— To Havre— Aug. — Burmese Prince, 392
392
January
32 28.83 — 29.47 — 28.92-.95 28.70-.75l28.70-.80
Hamburg—Aug. 10— Mar Rojo, 1,557
To
1,557
March
28.97 — 28.50
29.20 — 28.52 —28.32 —,28.47 —
To Danzig—Aug. 10— Vasconia, 192
192
May
28.50 — 27.92 — 28.45 — 28.45
27.92
28.05 —
To Genoa—Aug. 5— Tarantia. 63
63
Tone —
GALVESTON— To Liverpool— Aug. 7— Barbadian, 7,139...
7,139
Quiet
Quiet
Quiet
Quiet
Quiet
Spot
Quiet
Havre— Aug. 6—
To
5.116
5.116
Steadv
Steady
Steady
Steady
Options
Steady
Steady
To Bremen —Aug. 7— Fourth Alabama, 6.219
6,219
To Barcelona— Aug. 7— Conde Wilfredo. 450.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
To Rotterdam—Aug. 7 — Fourth Alabama. 300
300
The following brief but comprehensive statement indicates TEXAS CITY—To Havre— Aug. 6— Edgehill. 2.709
NEW ORLEANS —To Liverpool— Aug. 7— Benefactor, 2,800--- 2,709
at a glance the world's supply of cotton for the week and
Aug. 9— Antillian, 323
3,123
To Bremen —Aug. — Sacandaga, 3.858
3,858
since Aug. 1 for the last two seasons, from all sources from
12 — Hercules. 100
To Bergen — Aug.
100
which statistics are obtainable; also the takings, or amounts
To Copenhagen — Aug. 12 —-Hercules. 400
400
To Gothenbiu-g—Aug. 11 — Bethno, 890
gone out of sight, for the like period.
890
To Antwerp— Aug. — Olympier. 600
600
4,0"5
To Venice—Aug. 10— Szerenyl. 4.075
1920.
1919.
Cotton Takings.
To Triests—Aug. 10— Szerenyl. 600
600
Week and Season.
To Christiania— Aug. 12 — Hercules, 200
200
Season.
Week.
Week.
Season.
SAVANNAH— To Liverpool—
10—Concordia,
August
September
32.40
31.60
—31.86
—31.06
90-.
.32.00
.30. 50-.
.30 .36-.
bales.
74-.
11
29. .30-.
Edgeliill.
4,50
7
7
1
Visible supply Aug. 6
4,870,100
Vbcible supply Aug. 1
79",6§9
in sight to Aug. 13
American
Bombay receipts to Aug. 12
^50,000
'>3,000
Other India ship'ts to Aug 12..
')3.000
Alexandria receipts to Aug. 11..
11*
Other supply to Aug.
M.OOO
4.956.257
149.341
90.000
7,000
3,000
5,000
5.006,199
—
Total takings to Aug. 13.0
5.210,598 4,881.257
5,105,991
4,751,086
Total supply
Deduct
Visible supply Aug. 13
3,000
2.000
4,792,018
197,473
103,000
3,.500
4.000
6.000
4,751,086 4,626,181
4.626,181
2.55,113
4,59,512
9y,324
55.000
1,.500
4 79,810
—
bales American.
6
—
The f ollo-\\-ing are the receipts and shii)ments for
the week ending July 21 and for the corresponding week
of the two previous years:
.
1919-20.
Alexandria, Egypt,
July 21.
Receipts (cantars)
This weelt
Since Aug.
1918-19.
Great
Britain. France.
..392
Galveston
New
7,139
(jity
5,116
2,709
Orleans.- 3,123
Savannah
2,687
Total
12,949
4".
Week. Aug.
To I.,iverpool
To Manchester, &c
To Continent and India.
To America
Total exports
"",50
1.
lbs.
1.190
8,217 11,634
2.709
4,675 13,846
2.687
1,190
492
1,000
1,000
5.188 40,670
from
Burrows. Inc., are
as follows, quotations being in cents per pound:
rates for cotton
&
York, as furnished by Lambert
Stockholm, 2.25c.
Bombay,
Manchester, I.8O0.
Antwerp, 85c.
Ghent, via Antwerp, 1.00c.
Havre. .85c.
Rotterdam. 1.00c.
Genoa, 1.35c.
Trieste. 1.75c.
Flume, 1.75c.
Lisbon, 2.25c.
Oporto. 2.25c.
Barcelona, direct. 2.250.
Japan, 1.75c.
Sbanghat, 1.75c.
Vladivostok, 1.75c.
Christiania, 2.25c.
July 23.
week
American
of the
Sales,
Week. Aug.
1.
1
Since
Week. Aug.
1.
238.859
404 220.206
8.745 133.6.341 2.311 262.717
1.182 161.820 10.045 95.888
65.230|
75,420
,058 828..5.59 23.138 .599..543I 12,760 6.54.231
Egyptian bales weigh about 750 lbs.
that the receipts for the week ending July 12
were 3.486 cantars and the foreign sihipmonts 1.058 bals
Is
300
63 2.204
450 19.224
COTTON FREIGHTS.— Current
New
Sale-s
6.088.167
.Since
249.,586| 13.211
148.616
1,008 141.232
289.125
1
— A cantar 99
This statement shows
Note.
6.219
Total
Italy.
192
1.75o.
Gothenburg. 2.25c.
Bremen. 1.92SC.
Hamburg. 1.92Ko.
Danzig, 2.25c.
Reval. 2.25c.
Riga. 2.250.
—
25 628
826' 26.3
Since
—
1..5.57
3.858
Aetna export
Forwarded
I
Exports (bales)
Poland Swed.c^ Belg.A SpainzA
Ger-
many. JiHoll. Norway Den' k.
LIVERPOOL. By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
1917-18.
3.486
5. 649..592
^.
1
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Liverpool, 1.80c.
Es'imated.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON
40,670
The
New York
Of which American
3,57.512
199,113
175..576
351.310
56.000
102.000
Of which other
79. .500
125.500
* Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
139.000 bales in 1920 and 130.000 bales in 1919— takings not being available
and aggregate amounts taken by Northern und foreign spinners, 320,512
bales in 1920 and 349,810 bales in 1919, of which 218,512 bales and 224,310
2.687
Total
Texas
255.076
2,687
.\ug.
1
4,726,433
Total stock
Of which American
Total
im|)i)rts for
July 30.
47.000
33.000
6.000
51.000
988.000
672.000
31. (KM)
the week
;fS.000
Of
whlcli .\nierlcan
Amount afloat
Of whicli Aiuerican
The tone
27.000
101 .000
56.000
23,000
Aug.
6.
25.000
17.000
Aug.
Ico.
20.000
1
1
.000
4.0110
5.00(1
•J.O'IO
51.000
943.000
50.000
991.000
666.000
60.000
6;<
1
.000
14.000
9.000
110.000
56.000
9<'7.000
119.01)0
647.000
40.000
22.000
119.000
6>\000
tiS.OOO
J
1
1
.000
.000
market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
of the Liverpool
THE CHRONICLE
708
Monday.
Market.
Tuesday.
Wednesday.
Thursday.
Quiet.
Moderate
Quiet.
Quiet
I
12:15
P. M.
<
I
26.99
27.32
27.18
27.19
6,000
8,000
.
7,000
5,000
5,000
HOLIDAY
opened
10^
pts.
20@26
15 pts.
Steady
Quiet
advance.
Very st'dy
30@72
I
36^46
<
M.
7(3'21 pts,
pts.
pts
advance.
advance.
(ieoline.
I
Quiet
pts
advance.
decline.
I
Market,
4
The
32@4l
1
Steady
Steady
Barely st'y
Futures.
Market
P.
demand
26.95
Mid.UpI'ds
Sales
probable that any amount of these grains will be available
for export in 1920, although a surplus of corn on hand is
expected owing to increased acreage during the past few
years, according to the report of the American trade commissioner at Warsaw, Poland, to the Department of Commerce dated June 18 1920. In Bulgaria and Jugoslavia the
wheat and rye situation is considerably better, and the corn
crop in both of these countries is also expected to be above
the average."
Robert McGiU, Sec'y of the Winnipeg Grain Exchange,
declares that farmers in Western Canada would obtain from
"The only wheat Europe
$3 to $5 for their wheat this year
will be able to buy" said Mr. McGiU, "Mali be that from
North America and Argentina. Rumania will have none
India is prohibiting export. Australia's acreage
to spare.
has been considerably reduced and there is no prospect of
shipments from Russia. The acreage planted to wheat in
Western Canada this year is slightly smaller than last but a
larger crop is expected because of unusually favorbale
weather and soil conditions during seeding and growing
time." Today prices advanced sharply and then reacted
with spring wheat markets down 5 to 10 cents. Also it was
reported' that an embargo had been put on shipments from
Gulf ports owing to congestion. A reaction was considered
natural in futures here after a recent advance of some 14
Prices however close higher for the week.
to 16 cents.
Friday.
Fair
business
doing.
Saturday.
Spot.
20® 29
pts
decline.
Steady
8@18
pts
decline.
prices of futures at Liverpool for each
pts.
decline.
Quiet
Steady
25@32
5@24
pts.
decline.
day are given
below:
Mon.
Sat.
Aug.
7
uyA
to
Aug.
13.
p.
i2y2
m. p. m.
d.
. -
November
December
..
January
February
—
March
April
May
June
uly
4
d.
24.70
23.55
22.83
Augtist
September
October
12i.i[
p. m.ip.
HOLI-
DAY.
Wed.
Tues.
12M
4
m. p. m.p.
m
Thurs.
>4
4
12Kl 4
m.p. m. p. m. p. m
12
p.
Frl.
12M
p.
4
m.p. m.
d.
d.
d.
d.
d.
d.
d
d.
6124.74 24.68 25.07 25.24 24.93 24.96 24.94 24.80
23.99 23.89 23.75
3923.56 23.59 24.06 24.31 23.94
66'22.83 22.86 23.23 23.34 23.01 23.08 22.99 22.84
22.23i22 0522.22 22.26 22.60 22.69 22.39 22.44 22.35 22.23
2I.8II2I 60 21.771 21.80 22.13 22.16 21.83 21,88 21.78 21.70
21.5521 34 21.51| 21.54 21.87 21.90 21.58 21.60 21.50 21.43
21.25 21
20.95 20
20.69 20
20.43120
20.21120
19 9s!l9
2I.22I 21.22 21.52 21.57 21.27 21.28
74'20.93| 20.92 21.24 21.27 20.96 20.98
5020.70 20.68 20.98 21.00 20.68) 20.72
2620.4.5' 20.43 20.73 20.74 20.43 20.46
06|20.23 20.22 20..53 20.52 20.23 20.25
83'20,01 20. on 20 31 20.30 20.03 20.04
21.19
20.89
20.63
20.37
20.14
19.93
[Vol. 111.
21.13
20.83
20.57
20.39
2O.I0
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
20.8 fi
No. 2 red
ctS-260
DAILY^ CLOSING PRICES OF
Friday Night, Aug. 13 1920.
Flour trade has shown no very striking features. Buyers,
not to put too fine a point upon it, are playing a waiting
game. They are pretty well supplied, they insist, by old
contracts on which flour is steadily arriving and it seems will
continue to do so for some little time to come. Meanwhile
grinding wheat on a large
it is stated that the mills are not
And it is worth while to recall the
scale at the moment.
fact that according to current reports the output since April
has not kept pace with the consumption. It is true that
before long in the natural order of things the output wiU
It is predicted in fact that by Sept. 15
increase markedly.
decidedly larger than at the present time. The
it wiU be
mentioned look very large. Whether they will
actually be attained or not remains to be seen. Meanwhile
there is no doubt at aU that trade is sluggish pending further
developments. Possibly there will be no great revival^ of
business until production greatly increases or wheat prices
Naturally there is a
show signs of becoming stabihzed
even by those not very well suphesitancy about buying,
market.
plied, from a fear of becoming loaded up on a falling
figures
declined early in the week in sympathy with lower
for corn, but more particularly because of what was
prices
taken to be a more pacific outlook in Europe, i. e., a speedy
Wheat
armistice between Poland and Soviet Russia. Also crop
advices from this country were in the main favorable. And
Cerexporters at that time were apparently indifferent.
The British commission was suptainly they bought little.
posed to he out of the market for a week. On the recent
advance, too, the interior plainly showed a disposition that
suggested an impending increase in the receipts. In any case
to
export sales for shipment beyond Aug. 31st are supposed
It. seemed on the whole an
have been of no great volume.
unavoidable inference that exporters were awaiting a larger
movement of the crop under the spur of tight money throughout the West. The Winter wheat crop estimate gained
somewhat in July. Cash wheat has at times declined in the
Southwest. For the fourth time in history the potato crop
bushels.
will exceed 400,000,000 bushels, i. e., 402,000,000
time fell 3 to 10 cents even when
Kansas City prices at one
Chicago was 1 to 2 cents higher and Minneapolis stood un-
...
^-
J
1
On the other hand, Minneapolis prices at one time advanced
Also the
.
with some increase in the domestic demand.
Canadian crop advices, in strong contrast with those from the
American belt, were bad. Moreover, the Russo-Pohsh situmenacing.
ation was by not a few regarded as distinctly
some cases reduced.
North Dakota crop estimates were
The Government report, too, of Aug. 9 was considered bullRust hurt spring wheat in July and the production
ish
bushels from
forecast of the crop was reduced 29,000,000
bushels.
of a month ago or to a total of 262,000,000
that
of winter wheat production was
The prehminary. estimate
making
15,000,000 bushels larger than was forecast in .July,
spring wheat only 14,00U,UUU
the combined crop of winter and
i he total
bushels smaller than was estimated a month ago.
5c
Tues.
260
262
m
latest report,
of 795,000,000 bushels is predicted in the
809,000,000 last month and 940,987,000 the final
against
outturn last year. Spring wheat condition is put at /3.4%
The Department of Agriculture
against 88 a month ago.
market "Reporter" says: "The exportable surplus of gram
more
in southeastern Europe will probably not amount to
than one-fourth of pre-war quantities. The wheat and rye
situation in Rumania, which comprises old Rumania, Bessarabia and Transylvania, is unsatisfactory, and it is hardly
Wed.
268
Thurs.
Fri.
271M
WHEAT FUTURES
Sat.
in elevator.cts_2323^
BREADSTUFFS
changed.
Mon.
290(a;295
IN CHICAGO.
Mon.
Fri.
Tues. Wed. Thurs.
237^4 23S}4 23TA 241 }i
232
241 J^ 244
235J^ 2413^ 242
December deUvery
March delivery in elevator
235M
declined early owing to beneficial rains in
Indian Corn
They apparently
Illinois, Indiana, Missouri and Iowa.
broke the drought. That was the signal for heavy selling.
It looked to many as though a large crop was assured beyond
Also "it was expected that receipts after a proquestion.
longed period of very small anivals would increase. Moreover the government report of Aug. 9, estimated the crop
at 3,003,000,000 bushels against 2.779,000,000 bushels
last month 2,917,450,000 last year and 2,582,814,000 two
years ago. The condition on Aug. 1 was 86.7 against 84.6
on .July 1, 81.7 on Aug. 1 1919 and a 10-year average of 77.3.
The visible supply decreased last week 625,000 bushels
against 556,000 in the same Aveek last year lea^-ing it 5,527,000 bushels against 1,902,000 a year ago. It is said that a
round lot of new crop Argentine corn sold here to-day at
$1 55 c. i. f. said to be equal to domestic No. 2 yellow,
which is quoted at 1 78 @1 80 per shipment. Yet receipts
have continued small, the Russo-Polish situation has seemed
to many menacing and the market has raUied at times in a
way that suggested the presence of a considerable short
interest.
To-day prices declined -ndth reports of a Pohsh
armistice, though later on they seemed to lack confirmation.
There was a good demand for cash corn at high premiums,
with receipts still light. Prices end higher on September for
the week, but a little lower on December.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
No. 2 yellow
Dx\ILY'
Mon.
Wed. Thurs.
Tues.
Fri.
I74M 169M 184M 183M
.cts.172}^ 172Ji
-
CLOSING PRICES OF CORN FUTURES IN CHICAGO..
Fri.
Thurs.
Sat.
Mon.
Tues.
Wed.
152H 149
148
12/>^ 125Ji
December delivery in elevator
123M 122^ 124M 125
prospects seem to
Oats declined with other grain as the
brighten for an armistice between Poland and Soviet Russia.
The weakness of cash oats also could not be ignored. Also
the U. S. Government report on Aug. 9 was bearish. It
put the condition on Aug. 1 as 87.2 7o against 84.7% on
July 1, 76.5% on Aug. 1 last year and a 10 year average for
Aug. 1 of 81 %. It points to a crop of 1,402.000,000 bushels
against 1,322,000,000 a month ago, 1,248,000,000 last year
and the high record, 1,592,740,000 in 1917. The quantity
of oats remaining on farms Aug. 1 is estimated at 4.5% of
last year's crop, or about 56,420,000 bushels as compared
with 93,045,000 bushels on Aug. 1 1919. and 72,212,000
bushels, the average of stocks on Aug. 1 for the five years
1914-1918. Tightness of money if it continues may hasten
marketing. On the other hand there has been a fair cash
demand at times in part for export. And some hedge buying was at times not without its effect. As for the U. S.
visible supply it increased only 30,000 bushels lea\dng the
total still only 3,640,000 bushels agamst 20,539,000 bushels
a year ago. So that the Statistical position which actually
faces the trade can hardly be called otherwise than bullish
whatever may be said of the coming crop. To-day prices
declined and they end lower for the week.
OATS IN NEW YORK.
DAILY CLOSING PRICES OFTues.
Fn.
Thurs.
Wed.
Mon.
Sat
98@100 98@100 99@100 99@100
No. 1 white. _-_ct9-100@102 98@100
100@102 98@100 98(3100 98(3100 99@100 99@100
No. 2 white
Septemberdeliveryinelevator.cts_146% 143% 147
OATS IN
DAILY CLOSING PRICES OFMon. Tues. CHICAOO.
Wed Thurs.
September deUvery
December deUvery
Rye
Sat.
in elevator.cts. 72 5|
.OH
in elevator
naturally
70|4
69?i
72|i
tlVs
i2}i
lOyi
Fn.
>2%
U^
.lY*
<U>i
moved more or less in unison with other
The news from Russia seemed more
grain, declining early.
But the trade in rye is not making the stir that it
some time back. StiU it is worth while to note t_hat the
United States visible supply decreased last week obO,OOU
and
bushels, against an increase last year of 978,000 hushels,
pacific.
did
is
now
therefore only 1,995,000 bushels
^
against 10,844,000
——
—
——
.
Aug. 14
THE CHRONICLE
1920.]
bushels a year ago. The preliminary Government estimate
of the crop on Aug. 1 is 77,900,000 bushels, against 88,500,DOO, the estimate of December last, and 59,900,000 bushels,
the five-year average for 1914-18.
To-day futures advanced
early and decUned later, with rumors of a Polish armistice.
The ending is higher for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Mon.
Fri.
Tues. Wed. Thiirs.
183?^ 189M 191
195M 192
168
173}^ 176}^ 181H 177M
Sat.
September delivery
December
The
in elevator.cts, 183
delivery in elevator
170
following are closing quotations:
FLOUR.
Spring patents
00@$14 00 Barley goods
$13
00@
50@
00®
Winter straights, soft 11
Kansas straiglits
12
Clear
10
10
Ryeflour
Corn goods, 100
00"
11
13
11
11
50
50
00
~~
00
lbs.:
Yellow meal
Cornflour
3 90
4 00
No.
1
90®
Nos. 2 3 and 4 pearl
Nos. 2-0 and 3-0--.
Nos. 4-0 and 5-0.-.
Oats goods Carload
6 50
7 25®
,
7 40
7 50
—
spotdelivery
9
50®
9 85
Oats
$2 95
Nominal
S3M
35H
-.. 99(ai00
99@100
Barley
Feeding
2
No. 2
99®100
No. 1
No. 2 whiteNo. 3 white
1
Malting
Rye
135
140
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, &c., TO AUG. 1.— The Agi-icultural
Department issued on the 9th inst. its report on the cereal
crops for the month of August as follows:
The Crop Reporting Board of the Bureau of Crop Estimates makes the
following estimates from reports of its correspondents and agents:
The condition of com on Aug. 1 was 86.7, against 84.6 on July 1 1920,
81.7 on Aug. 1 1919 and 77.3 the Aug. 1 ten-year average. The indicated
production of corn this year is 3,003,000,000 bu.shels, compared with
2,917,450,000 bushels harvested in 1919 and 2,502,665,000 bushels in 1918.
The condition of spring wheat on Aug. 1 was 73.4, against 88 on Julv 1
1920 53.9 on Aug. 1 1919, and 72.9 the Aug. 1 ten-year average. The indicated production of spring wheat this year is 262,000,000 bushels, against
209,351,000 bushels in 1919 and 356,339,000 bushels in 1918. The indicated production of all wheat this year is 795.000,000 bushels, against 940,987,000 bushels in 1919 and 921.438,000 Vjushels in 1918.
The condition of oats on Aug. 1 was 87.2, against 84.7 on July 1 1920,
76.5 on Aug. 1 1919, and 81 the Aug. 1 ten-year average. The indicated
production of oats this year is 1,402,000,000 bushels, against 1,248,310,000
bushels in 1919 and 1,538,124,000 bushels in 1918. The amount of oats
remaining on farms Aug. 1 is estimated at 4.5% of last year's crop, or about
56,420,000 bushels, as compared with 93,045,000 bushels on Aug. 1 1919.
and 72,212,000 bushels, the average of stocks on Aug. 1 for the five years
1914-1918.
The acreage of twenty crops totals 339,127,100, compared with 358,608,500 acres in 1919.
Production (in Millions) for the United States.
1920.
Augiist
Estirrwle.
19141918
Average.
732
209
941
2,917
563
259
822
2,760
1,402
196
a77.9
14.8
1,248
166
88.5
1,415
"
"
Crop —
Winter wheat
402
3.58
bushels
Spring wheat
"
wheat
Corn
Oats
"
"
"
"
"
All
Barley
Rye
Buckwheat
White potatoes
Sweet potatoes
Tobacco
Flax
262
795
3,003
Rice
Cotton
Sugar beets
Apples, total
Apples, commercial. c
Peaches
Peanuts
lOl
lbs. 1,544
bushels
14.3
"
52
tons
88.6
"
18.6
bales
tons
8.9
bushels
213
,59.9
15.3
382
75
104
1,389
8.9
41.1
91.3
17.3
1,188
12.9
33.4
81.4
17.9
bll.3
bl2.4
6.42
"
Kafirs
203
"
45.5
3H.7
126
stage in Iowa.
in that
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
—
wheat
Corn
Oats
All
.
Chicago
Minneapolis.
147,000
Duluth
Milwaukee--.
Toledo
373,000
48,000
222,000
18,000
1,854,000
294,000
2,094,000
Rye.
Barley.
89,000
111.000
170,000
70,000
11.000
4,000
18,000
2,000
3,939,000
5.957,000
7,960.000
413,000
1.625,000
778,000
479,000
558.000
534,000
3,939,000
5.957,000
7.960,000
413,000
1,625,000
778.000
479,000
558,000
534.000
359 ,000
24 000
"2b6",66o
579,000
391 000
135, 000
196, 000
456, 000
263,000 10,571,000
288,000 15,843,000
293,000 20,130,000
2,567,000
1,567,000
3,495,000
263,000 10,571,000
288,000 15,843,000
293.000 20.123,000
2.567,000
1,567,000
3,495,000
81 .000
35,000
Omaha
1,2.38,000
Indianapolis.
Total wk. '20
Same wk.
Same wk.
'19
'18
24, ,000
572, 000
Since Aug. 1-
1920
1919
1918
Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 7 1920 follow:
FlOUT.
Wheat.
Barrels
Receipts at-
Bushels.
Buckwheat...
White potatoes
Sweet potatoes
Tobacco
Flax..
1
Avg.
1919.
53.9
.-
1
Aiig. 1
10- Yr. Av.
72.0
_
81.7
76.5
73.6
...
77.3
81.0
79.3
88.1
75.1
87.1
75.1
88.3
79 9
83.1
78.5
72.9
88.2
84.8
75.6
87.8
Cotton
Sugar b eets
91.9
all.--
New Orleans.*
Galveston
84.1
80.1
88.7
90.5
...
Rice
211,000
58,000
16,000
119,000
Baltimore
in barrels (millions).
90.5
87.0
86.9
Rye
.52.7
90.4
91.0
67.1
75.6
Jiihi 1
19.>0.
88.0
82 5
84.6
84.7
87.6
83.5
Oats.
Barley.
Rye.
Bushels
Corn.
"
Bushels.
Bushels.
257.000
11.000
589,000
44,000
120,000
134.000
3,000
351,000
239.000
660.000
650,000
809.000
Total wk.
12,445,000 15.260.000i 6.6.34.000 34.593.000
Since Jan.1'20 15,192,000
176.000
555.000
177,000
1.970,0001 1.316,000
Week 1919_
8.153.000 48 .580 .000 26 ,937 .000 24 .490 .000
Since .Tan.ri9 23.551 .000
* Receipts do nat include grain passing through New Orleans for foreign porta
on through bills of lading.
8,011,000
103.232.000
5.889.000
119.332.000
The exports from the several seaboard ports for the week
ending Aug. 7 are shown in the anne.xed statement:
89.1
90.0
86.7
70.7
89.9
Exports from
New York
WEATHER BULLETIN FOR THE WEEK ENDING
—The influences of weather on the crops as sum-
Montreal
maiized in the weather bulletin issued by the Department
of Agriculture for the week ending Aug. 10, were as follows:
Week 1919...
.lulv 1
—
Week
Aug.
!
7.
1920.
Barrels.
Kingdom.
I
31,785,
205.442
Continent
So. & t:ent. Amer. 53.773
56.911
West Indies
s'.ooo
28".666 isV.ooo
"iV.OOO
242".666
'38.649
week and
since
Barrels.
Corn.
Wheat.
Week
Since
July 1
1920.
Aug. 7
1920.
I
423,814
1.609.492
Bushels
3,736.987
3.837,013
lii9.524
157.188
Brit. No. Am. Cols-
Other Countries..
84,864
,355.712 713.051' 326.S64
46.921 .363.891
69.000 574 .,845 1.193.490 115.400 2.120.201
Flour.
Total
Total 1919
'
13".6o6
destination of these exports for the
1920 is as below:
Exports for Week
and Since
July 1 to
II tilted
319.712 412,051
iVs'.ooo
3.041.4.32
''COTTON.—Tlio week averaged cooler than
Peas,
Bushels.
Barley,
Bushels.
Rye,
Bushels.
189'66o
27'.666
7,632,030
The
Oats.
Bushels.
19,921 141,891
753,030
132,000
348,060
932,000
1.006,000
2.806,000
1.655,000
Total week
normal in most of the cotton
belt and there was a Lack of sunshine in the eastern part.
There wore
frequont light to moderate rainfalls in the South and East, with exces.sivo
falls in parts of Texas and the extreme Eastern States. <:;otton was unfavorably affected by tho.so conditions, particularly in the central and southern
parts of the bolt from Louisiana and soutliorn Arkansas eastward. Thoro
was some deterioration in parts of Florida and bolls were opening slowly
m southoastorn districts. The weather conditions favored the activity o"f
wee\nl and thoro was some shedding. Cotton pi-ogi'i^sscd fairly well in"tlio
northern and weslcni parts of tlie bolt. The proiiioss was from "very good to
excellent in most of Oklahoma and Texas, varied from j)oor to very good in
Ai'kansas. was satisfactory in North (\arolnui .-uid Toiniessee. and the plants
were bloomini; and fruiting well in most of South Carolina and Tennessee,
incknig made s.itisfactory progress in southern Texas, but elsewhere in
that State picking was delayed by rain. The condition of cotton was from
good to excellent in Okl.-ihoma and Texas, very good in most of Arkansas
from good to very good hi South Carolina, fairly satisfactory In Georgia'
varied from poor to very good in Louisiana and North Carolina
but from
Flour,
Bushels. Barrels.
Bushels.
—
Baltimore -.
New Orleans
Galveston
Corn,
Wheat,
—
Philadelphia
fan- in Florida.
278,000
86,000
58.000
84,000
105,000
25,000
215,000
59,000
1.239,000
891,000
1,392.000
1,413,000
1,621,000
1,345,000
38"l',6o6
'20
Bushels
6.000
87.2
84.3
Condition relates to 25th of preceding month.
Very .poor to only
Oais.
24,000
25,000
217,000
397,000
73,000
160,000
224,000
Detroit
St. Louis
Peoria
Kansas City..
Philadelphia..
86.7
87.2
84.9
Barley
10.
Corn.
bush. 56 lbs bush. 56 lbs. bush.4Slbs bush.56lbs.
114,000
2,359,000
1,164,000
165, 000
138,000
105.000
1,492,000
77,000
127, 000
60,000
bbls.lOeibs. busn.eoibs
Montreal
1920.
73.4
.
Spnngwheat
AUG.
Wheat.
Flour
Receipts at
New York
33.3
126
b Census, c Commercial crop
Aug.
*
—
RYE AND BARLEY. The weather conditions were favorable
for harvesting and threshing oats, rye and barley in regions where this
work had not been completed. Some rust was reported on oats in Michigan,
but quite satisfactory yields are reported in the Northwest: the crop im
proved m Wyoming. The rye harvest was delayed by rain in Eastern
Texas and in Louisiana; some of the early crop is being threshed and marketed in the last name State, with good yield.
OATS,
47.5
.50.4
Condition.
Hay.
,
6.05
147
Condition of the crops was:
„
CORN. The lack of moisture was unfavorably affecting com in many
central and Northwestern districts, although the crop made fairly satisfactory progress in the South and East. The week averaged warmer than
the normal in the Northern States and cooler in the Southern, with the
temperature not far from the normal over the principal com growing States.
Com deteriorated in the south central part of Kansas but was in very good
condition in other sections of that State. The rainfall was rather hea\'y
in the north central and western parts of Kansas, but rain is needed in the
other portions of that State. Good showers came in the driest regions of
Nebraska and com made good growth. The progress was fair in Iowa, but
the cool weather preceding has made com about one week late in that State.
More rain is badly needed in the western and southeastern portions of Iowa.
Com made from fair to very good growth in Missouri, except in the eastern
part, where further deterioration occurred due to prolonged drouth. The
period is critical in this State, and almost immediate general rains are necessary for best results. The crop is suffering from drouth in most areas in
Illinois, but was benefited where rain fell. Chinch bugs are doing considerable damage in places in southwestern Illinois. The progress of com varied
greatly in Ohio and Indiana, dependent upon the amount of rainfall. It
is earing well in Ohio, except where too di-y and the condition is mostly fair
to excellent in Indiana, although tiiere was some firing where dry conditions
prevailed. The rains that occurred from Kentucky south and east were very
beneficial, although it was too cool in Southeastern States. Late com made
excellent growth in Texas, and the condition is generally good. Com is in
the roasting ear stage as far north as eastern Kansas, and the earhest is
26.2
bushels
est.
215
16.3
"
Hay, tame
Hay. wild
a Preliminary
1919.
December
Forecast.
a.533
—
SPRING WHEAT. The cutting of spring wheat was imder way in
Washington, was beginning in northern New Mexico, was more general
at lower elevation in Colorado and made rapid progress in North Dakota.
The quality and yield of spring wheat in North Dakota are very variable.
The reports indicate only a fairly good yield for the State, as there was
considerable deterioration during ripening, due to rust, drouth and high
temperatures. Spring wheat is turning out fairly well in South Dakota;
it is poor to very poor in Iowa.
.Spring wheat harvest is nearing completion
in southern Minnesota; yields are poor.
WINTER WHEAT .^The weather conditions were favorable for harvesting and threshing winter wheat and this work made satisfactorj' progress
Threshing winter wheat was nearly completed in the central valley districts, and this work was laegun in the mountain region as far north as
Montana, and was becoming general in western Oregon. The first threshing in Montana developed a better yield of winter wheat than had been
—
barley:
— Portage $7 25
GRAIN.
$2
709
expected.
4 10
Wheat
No. 2 red
No. 1 spring
Corn
No. 2 yellow
.
.
I
1.500J
Week
Since
July 1
1920.
Aug. 7
1920.
Since
July I
1920.
Bushels.
Bushels.
Bushels.
95.565
14.862.213
2S..S99
21.720.3.50
46.000
3,500
3.(KW
36,938
15,980
178,643
56"630
"494", lis
"6",9«3
363.891
574.845
2.588.661
3 998.114
7.632.030
3.041.432
37.126.178
46.921
69.000
13. 761. .109
5.270
156.060
57.000
12.152
3.54.646
.341.2.55
THE CHRONICLE
710
The
ending
shipment of wheat and corn for the week
1920 and since July 1 1920 and 1919 are
-R-orld's
Aug
7
sho^-n in the follo-nang:
Wheat.
Corn.
1920.
Exports.
Week
1919.
1920.
Week
7.
Since
July 1.
Since
July 1.
Aun.
Bushels.
Bushels.
Bushels.
Aug.
7.
Since
July 1.
Bushels.
Bushels.
Bushels.
Xorth Amer. 6.181,000 53,022,000 42,080,000
Russia
1919.
Since
July 1.
338,000
156,000
Danube
Argentina
4,482,066 32,162,000
672,000
7,064,000
Australia ...
India
Oth. countr's
17',
106, 656
2,658,000
14,544,000
11,298,000
11,511,000
559,000
11.335.000 02. 248.000
240,000
240,000
695,656
7 1.2 56 .000
2.29S.O00
15.122.000
12,149,000
The \asible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 7 1920 was as follows:||
GRAIN STOCKS.
—
Vheal,
bush.
United States
New York
Corn.
Philadelphia
New Orleans
Galveston
3,410,000
170,000
105.000
17.000
923,000
Buffalo
Toledo
Detroit
Chicago
i
!
163,000
105,000
120,000
530,000
56,000
i3i',656
2"5'6',666
53,000
11,000
,2 17, 000
32,000
43,000
1,139,000
3b9",666
3 ,693 .000
bush
367,000
564',666
2,138.000
240,000
Newport News
294,000
16,000
273.000
69,000
110,000
143,000
77,000
130.000
53,000
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
1
1
Peoria
Indianapolis
Omaha
On Lakes
On Canal and
18,000
602,000
,287,000
213.000
,956,000
116,000
74,000
819,000
152,000
81,000
River
Ifye.
bush
606,000
171,000
1 ,415 ,000
Baltimore
Oats,
bush
240,000
37,000
16,000
376.000
1.916.000
130,000
Boston
43',666
234,000
353,000
93,000
339,000
424,000
47,000
146.566
113,000
Barley.
hush.
189,000
i6".656
9,000
917,000
70,000
171,000
'i9",666
172,000
113,000
11,000
112,000
117,000
9,000
48,000
400,000
176,000
39.000
529,000
9,000
'l7",66o
45,000
69,566
48,000
Total Aug.
7 1920
TotalJuly 31 1920
Total Aug. 9 1919
19,475,000 5.527,000 3,640,000 1,995,000 2,642,000
17„583,000 6,152,000 3,610,000 2,555,000 2,923,000
32,093,000 1.90.''>.000 20..539,000 10,844,000 8,131,000
.Yotc.
Bonded gr.ain not included above: Oats, 36,000 New York: total, 36.000,
against 36,000 bushels in 1919: barley. New York, 49,000: total, 49,000 bushels,
against 72,000 bushels In 1919.
—
Canadian
—
—
American
Canadian
_
26,000
151,000
604,000
35,000
342,000
213,000
248,000
14,000
6,009,000
4,606,000
4,074,000
Aug. 7 1920
TotalJuly 31 1920
Total Aug. 9 1919
Tofcal
26,000
8,000
1,000
790,000
681,000
4,040,000
342,000
513,000
390,000
475,000
894.000
2,395,000
19 ,475 ,000
5,527,000
26,000
3,640,000
790,000
1,995,000
342,000
2,642,000
475,000
6,009,000
Total Aug. 7 1920
Total July 31 1920
Total Aug. 9 1919
25,484,000
22,189,000
36,167,000
4,4.30,000
2,337,000 3,117,000
6,160,000 2,491,000 3,068,000 3,817,000
1,906,000 24,579,000 11,2.34,000 10,526,000
5,.553,000
THE DRY GOODS TRADE.
New York, Friday Niffhf. Aug. 13. 1920.
Sentiment in the trade seems to be about evenly divided
between optimism and pessimism. Prices are receding in
primary circles but the recession is slow, and many leaders
frankly express their conviction that the low levels some
buyers are apparently exjiectlng will not be reached. As
a rule, buyers have been jiurchasing just enough to fill up
gaps in depleted stocks and to be able to offer consumers a
fair assortment.
In the orders being placed for fall, onepiece dresses are maintaining a strong lead over suits, according to some buyers and the explanation is that the
donning of a suit necessitates the wearing of a waist, and
high laundry costs at present are rendering waists unpopular with the female sex. Retailers are getting their normal
volume of business onl.v by shading prices; and many retail
stores are inclined to favor in their purchases those articles
which usually have a quick turn-over. Retailers of men's
clothing are hoping for an early and cold fall, otherwise
men will continue to wear their summer clothing well
into the fall months and delay purchase of their winter
garments. Manufacturing clothiers are not looking with
favor upon any fabrics the cost of which is .such as to
demand that the finished garment retail at over $50. Cutters are doing little in making up women's garments for
the fall trade. The contraction of credit in the dry goods
markets is having a very far-reaching influence. Money
is very dear and very scarce, regardless of the collateral
offered. The best commercial paper is charged 8%, while
8Vi% is required on that not so well known. There is considerable idleness among mill hands in New England as a
result of shutting down so many mills; and much of this
labor, it is reported, is now filtering on the farms, where
An improvement is reported in the
it is badly needed.
handling of freight, and in the shipments since the first
of the month. Conditions in the cotton goods trade, according to a number of leaders, continue to be lacking in development toward any definite trend. There is considerable
talk in the markets about lower cotton prices. Jobbers are
doing very little selling and no buying to speak of. All factors in the trade are endeavoring to conserve expenditures.
Financing of purchases is somewhat harder than it was.
and credit men are not disposed to take the chances they
used to. Payments on old accounts are delayed. As long
terms as possible are being demanded from sellers. What
the
said to be anyone's guess.
Rethe weapon employed by the
manufacturers to ward off the inevitable lower prices. A
number of manufacturers and producers have taken the
stand not to turn out anything unless they have a specific
order for it at a satisfactory price. In the export division,
there has been a partial closing of export outlets, due in
some part to fluctuating exchange rates, to the difficulty
in financing transactions, and to the cancellation of orders
by foreign purchasers, who are expecting reductions in
is
is
DOMESTIC COTTON GOODS.—The
gray goods mar-
kets are still very weak and irregular. The futility of a
resistance to price reductions seems more and more apparent as time passes, according to some trade leaders.
Prices in the gray or unfinished goods division of the market continue their downward trend without interruption
because of the lack of buying. Spot deliveries of the standard G4 X 60 38%-inch print cloths were* reported sold at
the close of the week at IGc. a yard. But reductions on
goods in the gray have not sufficed to bring much business.
Sheetings were easier and could be had on a basis of 22c.
for 3-yard goods from second hands.
Five-.vard goods, 36inch, were available at 14c. 'Wash goods are not selling to
any extent because there remain on shelves a lot of them
still unsold to consumers.
Announcements of new pricelists on several lines of branded bleached goods was one of
the principal constructive developments in the cotton goods
market during the week. Bleached goods prices show a reduction with guarantees up to October 1. The hosiery and
underwear markets are still inactive. The knit goods men
are doing nothing. Buying is conspicuous by its absence.
Yarns are weakening. Practieall.v no orders are being
placed for future delivery of dry goods. Current quotations
for the week are: Print cloths. 28y2-inch 64x64s, 13c.: 28inch 64x60s, 12yoc. 27-inch 64x60c, 12c. gray goods. 381/2inch 64x64s, leVoC. 39-iuch 68x72s, I614C. 39-inch, 80x80s,
brown sheetings, 3-yard, 23I/2C. brown sheetings,
21c.
brown sheetings, Southern stand4-yard, 56x60s, 18%c.
tickings, 8-ounce, 44i4c.
denims, 2.20s, 44c.;
ards, 24%c.
standard staple ginghams, 27%c. dress ginghams, 35 to
37 %c. standard prints, 23c.
GOODS. Announcements for the spring season are awaited with interest.
The extent of the price
reductions being guessed by consumers is anywhere from
20% to 30%. Neither the larger woolen manufacturer nor
the clothing manufacturer feels easy about the immediate
No progress is reported toward
situation in the markets.
reviving interest in heavyweight goods, or in going forward
into the spring lightweight season.
In the men's clothing
trade business is still at low ebb. The vogue for wearing
old clothes and doing without things is an abiding fact.
Some men's wear mills are making up samples and will be
prepared to name prices for spring by the first week in
September, it is reported. Failure of retailers to come forward with their orders is causing manufacturers of clothing not a little embarrassment, and some plants are closing
down. Medium price worsteds are reported to be the type
of merchandise in best favor on the men's wear market at
the present time. Mill selling agents scout the idea that
there are large accumulations of goods in first hands.
Some of the mills of the American Woolen Co. have begun
There
to resume operations in their sample departments.
is some talk of an earl.v resumption of mill activity, but the
chances favor a continuance of present conditions until
Worsted yarn spinners have for the
after Labor Day.
most part curtailed oi)erations and a number of plants
are shut down. Dress goods lines will probably open up
soon, but not much interest has been shown regarding them.
The wool trade is still waiting for the much desired upturn
in the market.
FOREIGN
GOODS.—There is a better feeling in
the linen market at present than for some weeks past. One
of the largest retail factors in New York said recentl.v that
business during this summer has surpassed his fondest exl)ectation.s.
But prices continue high, due to the shortage
of flax. Imports arriving in this country aluiost daily are
said to be sufficient to meet the demand here. Buyers are
withholding their orders, but it is not thought they expect
a recession in linen prices as they do in other textile fields.
Cable and letter news of conditions abroad in the linen
industry indicate that a price revision is about to be made
in Belfast.
The depreciation may be 20%. But it is explained by dealers in this country that such a move could
not provoke a like reduction here, as importers in this country have not advanced linens up to the peaks reached in
Great Britain. Some American importers contemplate announcing a price guarantee selling plan, owing to the hesitancy of retail merchants to place orders for linens for
immediate or fall delivery, because they do not believe that
prices are as low as they are going to be: the customers
to be billed under the plan at lower price if goods decline
up to day of shipment; and should reductions occur within
30 days after shipment, the difference will be credited to
the customer's account for all goods in his hands. In the
burlap markets, lightweights are available from 7.85c. to
8c., and heavies from 10.25c. to 10.50c.. these figures applyThe Calcutta market is reported
ing to actual spots.
;
;
;
;
;
:
;
;
;
;
;
Montreal
2,500,000
Ft. William &Pt. Arthur. 2,335,000
Other Canadian
1,174,000
Summary
the future holds forth
of production
striction
prices.
-
Total
[Vol. 111.
—
WOOLLEN
DRY
strong.
56
45
66
5
6
Aug. 14
THE CHRONICLE
1920.]
J^tate
and ®ity
Page.
gje^ravtm^txt
711
Namr.
Maturity.
Amount.
534
1924-1949
152,000
514
1921-1930
534
411 --Herkimer, N. Y.
1921-1946
5
312--Holgate S. D., Ohio
1921-1944
6
312--Hollister S. D., Calif
1921-1952
6
312- -Homestead, Fla
.
516. .Hood River Co. S. D. No.
3, Ore
1940
6
715- -Howard Co. S. D., Neb-. .534 cfl925-1940
516.. Humboldt, Tenn
534
312- -Hudson Co., N. J
6
1925
312--Hud.son Co., N. J
6
1925
411 -.Humphreys
Co.,
Miss.
Rate.
411. -Hempstead (T.) U. F. S.
D.N0.22.N. Y
S.D.No.
312. .Hennepin Co.
...
411--Hennepin Co. Con.
No.l43,Minri
MUNICIPAL BOND SALES IN JULY.
We
present herewith our detailed I'st of the mun cipal
bond issues put out during the month of July, which the
crowded condition of our columns prevented our publishing
at the usual time.
The re\iew of the month's sales was given on page 611
of the "Chi-onicle" of Aug. 7.
Since then several belated
July returns have been received, changing the
total for the
month
to
$52,751,136.
The number of municipalities
issumg bonds in July was 270 and the number
of separate
issues 353.
JULY BOND SALES.
^^«'"«CiT- A„
^l"--AJlen ^
County, Ind
409. _ Allen County, lud
Rate
6
6
j'^"'^®- Neb. (2 issues). Is
§}9--^
514..AUiauce City S. D., Ohio 6
514.. Allen Par. Rd. D. No. l.LaS
514-. Allen Par. Rd. D.No.2,La.5
214. .Apple Creek, O. (2 issues).
214..ArcadiaS. D.. Calif .
6
'"q
(Id-.Argyle. Minn
_
514. .Arthur County, Neb _
6
bl2_. Ashland County, Ohio
6
310-. Athens, Pa
.
5
514-. Auburn, N.- V
_
I
5
6i2-.Auburn Twp., Ohi8iri""6
214 .Barnstable County, Mass-5.40
612__Barron, Wise. _
6
^'"i- ~^- D., Minn! ..
rlV-J^'^'""'^-''
-13_. Benton Co. S.
Maturity.
1921-1940
dl925-1940
1928-1940
1944
1944
1921-1929
01931
1921-1935
ai938
1922-1930
'l9~21-i928
1924-1929
1921-1930
1921-1925
"1921-1930
„Minn
S.
.S3O.0U0
55,000
35,000
t)5,000
225,000
200,000
5,895
25,000
30.000
10,000
83.000
30,0U0
40,000
60,500
15,000
20,000
235,000
3,980
Price. Basis.
100.413
100.28
5.94
100'.72"
5'94
100
100.08
6.00
5.99
5.83
101
100
100
100
100
5.00
6.00
5.40
6.00
fob"
"4~50
100
100
100
5.40
10,000
100
5.50
50.000
26.000
100,000
110.000
15,000
100
100
5. 50
41.000
25.000
70.000
400,000
395.000
100
100
100
6.00
5.50
5.50
500,000
119,000
100
100
6.00
1921-1936
70,000
12,000
136,500
100
100
100
1926-1940
1921-1930
1929-1939
135,000
D.
issues)
..
-Huron County, Ohio
6
614.. Indian Creek Twp., Ind.
'15-
(2
5H
issues)
1921-1929
411..rsolaS. D.,Miss
..
216. .Jackson Co. Minn. (4 iss.) .6
614.. Jackson Co. Dr. D. No. 8,
,
Ark
Amount.
101.123
12,
...
(2
.6
313. . Jackson Sch. Twp., Ind. -.6
Two. R. S. D., 0.6
614. .Jackson Twp. S. D., Ohio. ..
516- -Jefferson Co., Tenn
6
516- -Johnson City, N. Y
6
313.. Johnson Co., Ind. (2iss.).4i4
216.. Joint S.D.No. 46 of Kings
Co. and Nos. 23 to 77 of
Snohomish Co., Wash.. ..
516-. Kansas City, Mo
..
516- - Kenmore, Ohio
6
516-_Kenmore, Ohio
6
516-. Kenmore, Ohio
6
516.. Kenmore, Ohio
6
313.. King Co. S. D. No. 64,
3 13 -.Jackson
5.7-5
Wash
Price. Basis.
5M
5K
79,
5M
'1925-1955
1921-1933
1921-1930
1922-1929
l'92'6^i94i
1932-1941
a 1926
01923
101.18
48 .000 100
100.000
80.000
185,000 100
130.000 100.04
28,300 100
_
5,.500
'o'oo
&'.66
6.00
5.99
4.50
100
3,750
100
5.75
8.000
100
5.75
313- .King Co. S. D. No. 135,
Wash
516. .King Co. S. D. No.
7
'53^
_
5.50
8,000
625.000
117,000
60,000
41,000
15,000
Wash
10,000 100
313. .Kitsap Co., Wash
300.000 100
6
313- -Lafferty R. S. D., Ohio. -.6
1922-1950
75.000 100
1926-1938
975,000
500 411- .Lake Chelan Rec.D .Wash.6
90.36
83.000
1921-1940
80,000
4.50
313- .Lake Co., Ind. (2 issues)..
140,000
'l¥2"(>i935
Mont
614. ,Lakewood S. D., Ohio
50,000
6
'e
(il 921-1930
3,000 100
6.00
613. -Birmingham, Ala
.'"5
313- -Lakewood City S. D. Ohio6
300,000 100.28
i922-l'9"46
1930
49,000 100
5.00
514- -BlKkiiawkCo.,Iowa '"_6
313- .Laurel, Miss
1921-1926
50,000 100
6
1927
235,000
514. -BLvtheville, Manilla &
411 --Laurens Co., So. Caro1924-1932
100,000 100
Leachville Road Impt.
516_-Lenawee Co., Mich
-.
276,000
Dist., Ark
313-. Leominster, Mass
l'92'l-i936
46,000 l'ob'32'
53^2
o,,
„
1926-1930
5;^
200,000
^11 -.Boone County, md
3 13 ._ Leominster Mass
1921-1930
16,000 100.32
534
4K 1921-1930
7,280 100
^
4.50
§13.. Boston, Mass ...
313- -Leominster, Mass
1921-1925
16,000 100.32
534
5
1921-1931
115,000 100
5.00
/li--Broadwater, Neb. (2'iis."):6
313-. Leominster, Mass. (2iss.)-534
1921-1925
20,000 100.32
1939
18,700 100
6.00
County, Ind..
313..Levviston, Mont. (2 iss.)..
140.000
414 1921-1930
?}l--n''°l™
9,600 100
4.50
411 ..Lexington, No. Caro
1921-1936
6
250.000 ibb
2l§--g"'i'ianan County, Mo.. .5
1921-1924
200,000
4 11.. Lexington, No. Caro
1921-1950
oJ3. .Buffalo, N. Y...
6
75,000 100
4
1945
20,500
613. .Buffalo, N. Y
516--Lindsay H. S. D., Calif.. .6
1925-1945
154.000 100.247
I
Z"!
1921
14,060
515 !^,^fler IVp. R. sT DVOhioTe
516- .Lindsay S. D Calif
1921-1945
6
61,000 100.386
1924-1950
175,000
714. Caldwell. Ohio
313-. Lisbon, Ohio
1935
3,000 100
5H
r
1930
7.61)0
105.ii63
5.33
714- Carroll, Neb
313-. Little Falls, N. Y
1921-1952
160,000 100.33
5
q
1940
15,000 100
6.00
913. Carthage S. D., Mo.
"q
313-. Logan Co. S. D. No. 62.
1921-1940
1.50,000
311- Charlotte, No. Caro
Colo
dl930-1940
6
20,000
.
6
75,000 ibb
¥.66
515 Cmcinnati, Ohio
516. .Long Beach City H. S. D.
_.
"e
cri"9"3"0-i955
255,000 102.959 5.79
"
515- -Cmcinnati, Ohio
UalU
1921-1940
6
100.000 100.507
'"a
1940
400,000 106.89
5.43
51o-. Cincinnati. Ohio I
516.. Long Beach City S. D.,
6
dl930-1940
25,000 102.96
5.75
015-. Cincinnati, Oliio
Calif
1921-1940
200,000 100.501
6
"'."e
dl 930- 1950
46,500 102.94 5.75
"'
510.. Cmcinnati, Oliio
715- -Long Pine, Neb
1940
6.000 100
6
"r dl930-l950 109,500 102.96 5.79
517--Lorain S. D., Ohio
-Cmcinnati, Ohio
1924-1931
300,000
6
6
f}^rfl930-1945
99,000 102.96
5.77
'"q
515-. Cmcinnati, Ohio
411-.Luverne. Minn
6
15.000
.
dl 930- 1950
230,000 102.99
5.75
4}0..Clay County, ind
412-. Madison County. Ind
130,000 100.227
6
"s
1921-1933
60,000 100.302 5.94
410- -Clay & Norman Cos. Cons.
615-. Mahoning County, Ohio. .6
1921-1930
72,912 100
412. -Margarita Black U. U. S.
S.D.No.66,Minn-.. 7
(il930-1935
80,000
714- Clearwater, Fla.
D.. Calif
50,000
5
.
6
19.50
30.000 100
6.00
311. Cleveland, Ohio
517. .Marion, Ala
1921-1928
20,000 100
6
.'5}4
1970
900,000
714- Cleveland Heights, Ohio.
412-. Marion County, Ore
1924-1925
170,000 100
5
-6
1927-1931
474,000 i'o"o"""' "6'.56 412..
515- ClovisU.H. S. D., CalifMarshall, Tex
37,000
..
-5
35,000 100
5.00
108- Coliunbus City S D OhioC
412. .Mattoou S. D. No. 100,111.5
1925-1939
105.000
"l"93"6^i94i 1,170,000
102.786 5.75 412- -Maxwell, N. Mex
714. Cozad. Neb
dl935-1950
15.000 100
6
6
1940
40,000 100
6.00
613. Crawford County, Ohiolll
412-.
.Meagher County, Mont
70.000
6
6
47 .500
517.. Mercer < ounty, N. J
-Crawford C8unty Ohiol -6
'l"9"21-i934
660,000 lb"l'.563
6
123.000
f^J?
517.. Middlcport. N. Y
192.5-1937
26.000 102
6
*i',3-. Crawford Ridge S. D., O .6
1921-1923
5,000 100
6.00
615-. Middlesex Boro. 8. D.,N.J.5
1921-1948
112,000
410__Cuipeper, Va^6
dl930-1950
30.000 100
6.00
517.. iMill Jownship, Ohio
1921-1928
7,500 I'o'o""
534
51? --Cumberland, Md
5
1921-1930
250.000
94.11
6.59
314.. Mingo Junction, O. (2 iss.) 6
1920-1924
36,940 100
^}1--Cutler S. D., Calif
6
10,000 100
6.00
517.. Monroe, Mich
5H 1922-1937 100,000 100.01
350,000
95
412-. Montgomery County, Ohio534
1921-1935
225,000 100
§15- -Dallas, Tex. (4 issues)
5
1921-1960 2,475,000
715- -Morrill. Neb
1940
11.000 100
6
Rii--^'^'^'*^'^Co., Ind. (3issues)4K
1921-1930
30,919 100
4.50
6 13.. Dayton, Ohio ...
615. .Morrow County, Ohio
1921-1929
45.000 100
6
6
1921-1940
100,000
517-.Mt. Storhng, Ohio
^U. -Dearborn, Mich..6
1936
8,000 100.125
6
1921-1940
40,000 100.6625 5.91
314-.Mt. Vernon S.D.No.80,111.5
92.81
1921-1936
311.. Decatur, Ind--.
40,000
65,000
412. -Musselshell Co. S. D. No.
27 ,800 100
o}, -S®'^^*'"*'. Ohio (2 issues).
6.00
12, Mont...
rf 1928- 1935
12,000
6
g}}--DeltaCo.S.D.No.lO,Colo-6
(11930-1940
3,000
615. .NcwBloomfieldS. D., Mo. ..
30,000
g}l--JJelta Co.S.D.No.l4,Colo.6
dl935-1950
4,000
412- .New Castle County, Del.. 434
61,000 100
01 -3 . - Des Moines Iowa
6
593,111
'
412. .New Castle County, Del..4 3'i
'14. .Detroit, Mich...
"'"1950"'
83.29
1955-1960
75.000
5
100,ouO 100
5.00
615. .New Hanover Co., No.Car.5
714. .Dix, Neb
175,000 100
6
dl925-1940
7.800 100
6.00
517- .Nilcs, Ohio (3 issues)
63.000
6
"l"9'2'2"-"l93"l
410..Duluth, Minn.- .
5
1934
300,000
93.62
5.66
517. -Niles. Ohio
19315.000
6
410.. East Chicago, Ind
6
200,000
716- -North Bond, Neb
""1935'""
dl921-1940
13,500 100
6
olo.-East Cleveland, O. (2iss.).6
10,000 Too""" '6"00
615. .North Dakota (State of)..
8.350 100
1931-1940
400,000 100.15
p o- -?^^* Cleveland S. D., Ohio.
5.98
412..0gden S. D., Utah
90.03
.5
rf"l93b^l946
100,000
Vj^--l^astMolineS. D. 37, 111..
01931
51,000
716. .Old Fort R. S. D., Ohio-. .6
1925-1934
10,000
410. -Edmonds, Wash
25.000
6""
412- .Orange, 'onn
6
1925
150,000 160
3l2.-Endicott, N. Y.."l"921-i935
45,000 100.33
5.95
413. -Oregon (State of)
89.34
al935
,500,000
43-2
312..Endicott, N. Y
6
1921-1929
27,000
100.33
5.92
517. -Ortouvilk, Minn
312 Bndicott, N. Y-6
1930
10,000
6
1921-1930
30.000 100.33
5.93
314- .Owensville, Ohio
1921-1936
515 Essex Fells, N. j
4.000 I'o'o""
6
-5
1921-1960
175,000
3i4. -Palmertou S. D., Pa.
01937
90.000 100
215- Etna Borough S. D., Pa -534
534
1926-1930
100.000 100^975 5T34
517. .Pelham Manor, N. Y
1925-1942
36.000 100.67
515_. ExoierU. H.S.D., Calif -.6
534
1922-1949
55,000 100.10
5.99
517..Polham Manor, N. Y
1925-1944
60,000 100.67
410. K:!irrit'ld, N. Y
534
..5
1921-194G
26,000 100
5.00
413. -Pennsylvania (State of)
1>)23
100
12 ,000.000
43-2
410- Finrliaven S. D Calif. . -.6
1921-1940
10.000
100
6.00
.Perry CJounty, Ind
51
1921-1930
9,500 100
108. .Fall Kiver,Mass
434
--534
1921-1940
290.000 100.03
5.49
517. .Pershing S. D., Cahf
6
1921-1939
19,000 100
ol6_. Fergus Countv, Mont.. -.6
1931-1940
300,000 100
6.00
413. .Pildadelpiiia, Pa
1940
.000.000 100
5
410--Findlay, Ohio
6
1921-1928
30,000 100
6.00
314. -Pilfe County, Ind
1921-19.39
150.000 100
5
v|6--Fort Lupton, Colo
6
dl930-1940
25,000
93.63
517. .Pike County, Ind
1921-1925
14,.500
t) 14..
43-^
100
Freeborn County, Minn..5H
"5"
1926-1940
70,000 100
50 517. -I'iiio Countv, Minn
37,000
614 Freeborn County, Minn ,6
6
1930
150,000 100
6.00 218. .Plain Twp. R. S. D., Ohio-6
2,500 ro'o"""
410 Fremont Co. S. D. No. 1,
Y92'l'-i925
314- Polk County, Alinn. (2 iss.) .100
Colo
51^ dl930-1940
'"1935" 310.000 100
40,000
314.-PoU{ Co. I.S.D.No.3'.Minu6
140,000
410.
---(ardne-r. Mass
6
1921-1924
8.000 100.05
5.98
bl6..l'ope County, Minn
6
60,000
flO.-Gastoiiia, No. Caro
6
430.000 100
'93'.
6.00
616. .Port of .\storia. Ore
6
500,000
io"
^12,-(icnova, N. Y
5
1920^1929
31.500
314. -Portia S. D., Ark.
1922-1937
8,000 100
6
41 l.-Centry County, Mo
6
100.000
218. .Powell Countv, Mont
..
100.000
^U. .Gentry County, Mo
6
85.000 1/96
413.. Port Chesttr, N. Y
1921-1923
15.000 ib'o'"""
5
411-. Gentry Coimty, Mo
6
85,000 y97,,515
314. -Portland, Ore. (3 issues). -5W
74.016 100.06
-Giles County, Tenn
6
1921-1955
350.000 100
6.00 314.-Por(land, Ore
516- -(iloiulaleCity S. D., Calif
100.000 •'100
6
1921-1952
32,000 100.625 5.94
4 13.. Portsmouth, N. H. (2 iss.).
715. -GlciiDs Foiry S. D., Ida
1922-1938
100.000
98.08
40.000
517.. Posey County, Minn
411- (Iranilo County, Mont
4H
10.600 100
6
30.000 100
e'oo 314..Powtrs Co.S.D.No.21,Col.6
411- Grant Co.S.D.No.3,Wa;h:5J-i
d'l93"-i946
3,500
(/i925-r940
3,000 100
5.75 314.. Prince George's (^o., Md..5
109. Greonburgh (T.) U. F. S.
1950
15,000 ibb""""
314.. Ramsey County, Minn
dl925-19.30
6
250,000 100.25
D. No. 1. N. Y
6
1921-1945
.,,
100.000 101
5.53
3i t-.lvanger, Tex
5^ 1921-1910
40,000
^ll.-Giconvlllc Twp.R.S.D.,0.6
1921-1922
7,100
100
6.00
413. -Ranger. Tex
OH).. Grundy County, Tenn
54 1921-1922
67.000
534
1920-1959
200.000 100
5. 50
517. -Ravalli County, Mont
G
1936-1940
312.. Gullport. Miss ..
100.000 100
6
12,500 100
6.00
616.. Hono t'ountv, Kans - - 5
?lo--ll!irh(>r Springs. Mich..
1921-1940
216.000
89. 97
22.000
617..Uhodo Island (State of).. .4 li
^12 Harrison Co., Ind
1970
400.000 100
4V<5
1921-1925
2.200 106'" '4.'5"0
216 lla/.loton. Pa.
100,000 100.135
'.III5
1930-1949
100.000 100
5.00
7l6.. Richland Coimty, Ohio
312 Haxtem. Colo
6
1922-1929
16.319
1(X)
6
1935
19.500
413-.Ripou Gram. S. D., Calif. ..
18.500 100.067
D. No.
Vi'ash
409- -§3rks County, Pa. (2"iss".):5
713_ -iiethleuem, Pa
41^
409- .Big Horn Co. S. D. No 1
5.00
5.875
5.75
6.00
6.00
.
,
,
.
5.97
6.00
5.00
I'.ii
5.42
5.33
5.37
6"6o
6.00
,
"
"
5.50
5.47
5.93
5.93
6.00
.^
.
.
,
_
6.00
6.00
5.00
6.00
"5".74
,'
,
•
. ,
.
5.75
"5"
55
6.00
5.74
5.50
6.00
6.00
5.88
6.00
4.50
5.57
5.00
6.00
4.00
5.875
e'oj
5.58
6"66
5.50
5.43
5.43
4.50
4.50
6.00
5.00
5.00
4.50
"6".06
"6".00
"7".66
•
vm""
6.00
"5".6o
5.21
4.50
"5".6o
6.00
6.43
4.50
4.49
6.00
THE CHRONICLE
713
Alaturity.
Amount.
1939
518 Rigbyl.S. D.No.5, Ida.-6
6
1930
315 .Rock County. Minn
dl930-1940
413. -Rosebud Co.S.D.15.Mout.6
315-.Rush County. Ind
4H 1921-1930
6
1923-1935
413 .Salisbury. No. Caro
218-.Sandusky City S.D.. Ohio. 5H 1921-1929
6
315-. Sandusky County, Ohio
1929
1921-1923
518.. Sandusky Twp. R.S.D..0.6
Joaquin Co. Red. D.
413--San
No. 756. Calif
413--San Joaquin Co. Red. D.
..
No. 2074. Calif
6l6..San Miguel Co. S. D.No.6,
6
Colo
1931-1940
413. .Santa Maria S. D.. Calif.-6
315--Saugus, Mass
5K 1921-1925
315--Saugus, Mass
1921-1937
5)4
14,000
150,000
15,000
31.600
175.000
27,000
250,000
3,000
100
100
100
61,000
100
Name.
Page.
Rate.
518.-Scarsda]e. N. Y
5
616--Seattle. Wash. (10 issues)-6
413--Sedff\rick & PhUlips Cos.
Joint S. D. No. 4, Colo.
414..Sioux City, Iowa6
6
414. -Sioux City, Iowa
518.-Stark County, Ohio
6
6
518. -Sterling. Colo
616--Stevens Co. S. D. No. 113.
"Wash _ - -5 ^
518--Steuben Sch.'Twpr."fnd-'--6
616_-StmwaterCo. S. D. No.l5,
"Y932"""
616..TerraBuenaS. D.,Canf..
518.-TeiTe Haute, Ind
6
315. . Thompson T^vp., Ohio
6
717. .Thurston Co. S. D. No. 17.
Wash
5H
315.. Todd County, Minn
6
518..Topeka, Kans4H
617. -Troy, N. Y
4^
617--Troy, N. Y
-6
414--Troy, N. Y
6
518--Troy. Ohio
6
518-.Twin Falls Co. I. S. D. No.
7, Ida
6
219--tJhrichsville, Ohio
6
617--Union (T.) U. F. S. D.
No.
Y
N.
6
School Twp., Ind--6
1.
518--Umon
617.. Vanderburgh County, Ind_4M
414. -Vanderburgh Co., Ind. (2
issues)
4yi
518. -Van Wert County, Ohio. . _6
6l7..Wabek S. D. No. 10, No.D4
414.-Walla Walla Co. S. D. No.
74,
Wash
1930
1920-1928
dl924-1939
1930
1921-1930
1921-1930
1925
1921-1940
1928-1946
1930-1940
1921-1950
1921-1928
1921-1930
5.00
100
100
5.00
5.00
5
411- -Jefferson Co. S. D. No.
22, Idaho (February) -.5
411--.Teromo Co. Ind. S. D.
10,200
100
5.00
15,000
100
5.00
100
5.00
100
100.288
100.288
100
No. 33, Idaho (March)
40,000
411--Jeromo Co. Ind. S. D.
No. .33, Idaho (May) --5
30,000
412--Madrid, Neb
6
dl925-1940
4,300
615- -Manitowoc, Wisc.(May)_5
1921-1940
200,000
517- -Michigan (State of) (May)4}4
1925
2,750,000
100
100
100
5.00
6.00
5,00
6.00
5.20
5.36
5.00
6.00
6.00
100
100.20
101.115
101.115
100
6.00
5.48
5.85
5.75
5.50
100.416
iob""
6.00
15.000 100
50,000 100.64
164,000 100
25,000 *100
8,000 100
28,000 101.286
200,000 100
5.50
5.92
4.75
4.75
6.00
5.81
6.00
160.000
14,788
22,800
100.162
100
100
5.99
6.00
4.50
5,000
700,000
8,300
300,000
21,000
100
1925-1949
1921-1930
1930-1939
5.75
100
4"50
1940
4.50
6.00
4.00
100
6.00
lbb"069
100
100.15
5'98
4.50
100
6.00
100
100.30
100
100.32
6.00
5.94
6.00
6.94
102.07
101.78
5.75
5.77
42,000
613- -Brookfield
Name.
No Daro (May
100
4.00
Amount
Ust)
(February list) _.
$63,000
- - 100 000
".'
I
lo'500
D.
2215-Buncombe County, No. Caro. (May hst)
2507. Laurens County. So Caro. (Aprillist)
.V.V.V.V.'$150',000
716_-Portales. N. Mex. (June List) _
_
_
3t 000
4}?--?^?^"''^'^ ^/"^^'P^ Co.s J. S. D. No. 4, c6ro7(June'fistT.V
V.OOO
414. -Wheaton, Mo. (Aprillist)-.
_ _
_
.
__
25 000
317..Yuma Co. S. D. No. 7, Colo. (May list).. IIIII..IIIZIII
19^000
have also learned of the following additional sales for
S.
We
previous months:
Page.
Name.
No. Dak
409. -Balfour Spec.
Afaturity.
1922-1960
1921-1949
Basis.
45,000
28,000
dl935-1950
Price.
16,000
26,000
1940
21,300
100
4.00
4
1940
41,000
100
4.00
1921-1937
C1935
16,500
15,000
100.02
100
5.99
5.00
1940
17,500
100
4.00
6,000
100
5.00
6,000
100
5.00
42.000
18,000
100
100
5.00
5.00
36,000
300,000
ICO
96.50
5.00
6.72
100,000
100
5.00
15,000
5,900
7.400
52,000
10,000
85,000
3,225
100
100
100
6.0c
6.00
166
100
100
6".
9,000
25,000
100
100
4.00
6.00
D. No.
Ohio
(May)
6
409. .Ben Avon S. D.. Pa
5
409..Beulah S. D. No. 27,
No. Dak
. ..4
409. -Blaine Co. S. D. No. 9,
Idaho (February)
5
409.. Bonner Co. S. D. No. 4,
Idaho (February)
5
409- -Bonn viile Co. Ind. S. D.
No. 19, Idaho (May)--5
613-. Brookfield S. D., Mo_- -5
515--Bryant. So. Dak. (April;
5
2215-Buncombe Co.,N.C.(May)6
409--Cassia Co. Ind. S. D.
No. 1, Idaho (May) --.5
409- -Cherry Co. S. D. No. 70.
Neb
Amount.
4
S.
56, No. Dak
.Bellefontaine S. D.,
311-.
(2 is.sues)
314. -Minerva, Ohio
6
412. .Morrow Co., Ohio (May).
412..Nekoma S. D., No. Dak.4
413.. North Dakota (State of)
4
issues)
1926
5'A dl925-1940
410- -Dunning, Neb
dl92'9-1939
6
410-.
-Elsie. Neb
rfl92.5-1940
6
312- .Geary County, Kan
1921-1940
5
411. -Grandfield, Okla. (Feb.)-6
1944
411..Grandfield, Okla. (Feb.).
01932
312. -Greenfield, Ohio. .
6
1923
4H-. Greenland S. D. No. 47,
No. Dak
4
1940
312-. Haskell, Okla. (2 issues).
1940
1921-1930
1940
1923-1945
1921-1929
1940
1930
4
6
issues)
6
413..0snabrockS.D.,No.Dak.4
413. .Owyhee Co. S. D. No. 17,
Idaho (January)
5
413. -Paul Ind. S. D. No. 3,
Idaho (May)
6
2317.. Pueblo Co. S. D. No. 8,
1940
315.-Tacoma, Wash
6
414. .Thurston Co. S. D. No.
Neb
'6.00
100
100
100
100
4.00
6.00
5.00
4.00
5,200
100
4.00
7,600
14,000
10,000
20,000
100
100
100
100
4.00
6.00
6.00
4.00
100
5.00
100
100
6.00
5.50
ibb'
6"o6
5.50
16,500
(21921-1925
5H
(21924-1939
6
6
192.5-1939
(21925-1940
(21921-1940
518..Toppenish, Wash. (May)7
414..Viroqua, Wis
6
No. Dak
317--Yuma Co.
100"
18,000
dl92.5-1940
dl925-1940
1940
d 1935-1950
Colo
6
6
dl921-1940
413.. Randolph, Neb
518.. Schuyler, Neb.
5H
5l8..Seabright, N. J
6
""T9"2'6""'
1932
315. -Seattle, Wash. (9 issues).
414.. Superior, Neb
5}4 dl921-1940
17,
1,000
28,000
50.000
40,205
30,000
of)"
412-. North Loup, Neb
413..0shkosh, Neb
18,000
45,000
18,000
50,000
124,082
12,827
1,133
100
10,000
122,000
100,000
7,500
25,000
100
100
6.00
6.00
65,000
100
4.00
(21930-1940
20,000
---
(21935-1950
17,000
---
1932
101
26,
4
D. No. 7,
Colo. (May)
6
1669. -Yuma Co. S. D. No 24,
Colo. (May)
6
1940
S.
.
All of the above sales (except as indicated) are for June.
These additional June issues wiU make the total sales (not
including temporary loans) for that month $45,222,903.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY.
Rate.
.-6
6
5J4
Maturity.
A7tiount.
Price.
1921,1940
"'1950'""
94.27
$15,707
415--Brownsville, Ont
15,000
519--Brandon, Man
75,000
317--Brandon S. D., Man
5
1950
50,000
317--BritishColumbia (Prov.of) 6
1925
,500,000 m88
415--BritishColumbia (Prov.of) 6
1925
,300,000 1100
\ 99.78
90.25
1950
150,000
519-.East Kildonan S. D., Man- 6
13,000
92
415--Grand Prairie, Alta
1935
6M
94.53
415.-Hawkesbury, Ont. (3 iss.)-6
179,000
6,000
3 17 -.Hillsborough R. M., Man
99"27"
61,000
519..1ngersoll, Ont. (2 iss.)
6H
Alta
1930
618. -Medicine Hat,
6
50,000
97'".25'
6
1930
28,000
618--New Glasgow, N. S98.317
618--Ontario (Province of).
6
1930
5,000,000
519--Pomt Grey, B. C-. ....5H
1940
135,000
46,250 ibb
618. .Prince Rupert, B. C.-.6K-7
97.35
618..Regina, Sask...
102,153
..6J4 193~0&i95b
1922-1931
7,500 100.25
317.. St. Chrysostome, Que
6
317.. Saskatchewan S. Ds., Sask. ..
8,500
415--Swan River R. M., Man--6
58,000
"mV-igso
519-.WaUaceburg, Ont
23,000
519--Windsor, Ont. (5 issues). .6
95,631
269,0001
519..AVindsor, Ont
5}4
107,548J
95.155
519--Winmpeg, Man
6
600,000
1940
5..50
00
6.00
6.00
Basis
6.75
.00
6.37
6.23
6.75
6.95
7'.o5
6.44
Total amount of debentures sold in Canada
n$9,799.658
dm-Lug July 1920
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
Name.
317--Assiniboia, Sask
317--Drummondville, Que
618--Esterhazy, Sask
317--Ituna, Sask
317.-Meota, Sask
317--Oxbow, Sask
618.-Saskatchewan
S.
Rate.
7
6
-.
317.-Teck Twp., Ont
317--Vantage, Sask
Maturity.
'"1936"
Amount.
$13,500
83,000
1,000
2,150
2,000
6,750
Price. Basis.
96".53'
D., Sask.
--
(4 issues)
317- -Viscount, Sask
Rate.
2693-Aberdeen, N. C. (May) .6
2693. Aberdeen, N. C. (May). ..6
1661--Adams & Arapahoe Cos.
Jt. S. D.,Colo. (May).
409-.Adams Co. S. D. No. 25,
Idaho (April)
5
409- .Amidon S. D. No. 28,
.6
4
—
The following items, included in our totals for previous
months, should be ehminated from the same. We give the
page number of the issue of our paper in which the reasons
for these ehminations may be found:
2693-Aberdeen
of) (3 issues)
Page.
Name.
519--Alliston, Out--
lbb"952
Total bond sales for July 1920 (270 municipalities, covering 353 separate issues)
fc$52,751,136
Page.
of) (2 issues)
414..Watmeta,Neb
414. -Wayne, Neb
414--Woodlawn S. D. No.
44,000
15,000
100
100
100
4
411--Idaho (State
(March)
411 -.Idaho (State
411 --Idaho (State
(May)
(3
100
4,000
10,000
125,000
50,000
41,000
34,000
200,000
250,000
No. Dak
100
3,700
4,000
5.50
6.00
6.00
(O
65,000
24,000
200,000
15,500
dl930-1940
1921-1930
1922-1941
1924-1928
1921-1930
1921-1927
1923-1942
1922-1941
617- -Youngstown S. D. No. 19
8,000
5
of) (April) --5
fo"o""'
February)
412.. North Dakota' (Sta'te"
35,000
4,500
415--YorkT'svi).R.S.D.,Ohio_.6
414--Youngstown, Ohio (2 iss.)-6
414.-Youngstown, Ohio
6
414.-Youngstown, Ohio
6
414. - Youngstown, Ohio
6
414. - Youngstown, Ohio
6
5.00
100
2,595
1928-1934
1921-1925
Price. Basis.
5
(
79,400
217,700
6,250
.
Amount.
100
412-.Milton,No.Dak
5,000
40,000
20,000
22,000
50,000
316- -White County, Ind
414- -AVhitemar-sh Twp.S .D ,Pa .5
316- -Woodstock Com. IJ. S. D.,
Ill
5
316.-Xema, Ohio
6
414- -Yellowstone Co. S. D. No.
37, Mont----6
519--Yorkvllle, N. Y
5
(.January)
5
411--Id.alio (State of ( (3 issues)
313--Milford, Ohio.-
4,000
93,000
500,000
67,000
1921-1925
dl935-1950
6
1921-1925
1921-1930
4J4
Maturity.
(3 iss.)
8,000
1922-1929
1940
316..Weathersfie]dTwp. R.S.D.
Ohio
.--6
316-.West York, Pa
5
220- -Weymouth, Mass
5.99
294,571
1.400
15,000
5M
316. -Ware County, Ga
5
414. .Warren County, Ind
43^
414. -Washington County, Ida-_6
518--Waterford S. D., Calif
6
40,000
30,000
17,000
70,000
2,000
250,000
104,000
90,000
50,000
..
Rate.
411 --Idaho (State of)
34,000
1921-1928
Name.
Pnge.
100
275,000
dl935-1950
1935-1945
1940
1921-1930
1935
Mont
dl925-1930
6
414-. Summit. N. J
5M 1921-1940
518-. Summit County. Ohio
1921-1940
6
518. -Summit Co., Oliio (2 iss.).6
1921-1930
716- -Superior. Neb
5J4 dl921-1940
315. -Sweet Grass County. Mont . .
Price. Basis.
100.03
100.006
[Vol. 111.
6
18,500
15,000
1,200
7,000
96.54
6.50
All the above sales of debentures (except as indicated) took
place in June. These additional June sales make the total
sales of debentures for that month $9,175,752.
o Average date of maturity, d Subject to call in and after the earher
year and mature in the later year, k Not including $23,974,380 of temporary loans reported, and which do not belong in the list, x Taken by
sinking fund as an investment,
y And other considerations, m U. S. funds.
n Not including a $100,000 temporary loan reported negotiated, which does
not belong in the Ust.
NEWS ITEMS.
Income Tax. — Discount on Non-Interest-Beaiing
Obligations Not Taxable. — An item referring to
Federal
Municipal
this matter will be found on a previous page in our Department devoted to "Current Events and Discussions."
—
Georgia (State of ).^" Blue- Sky" Bill Passed. Repealing
the "blue-sky" law, enacted in 1913 and providing for the
creation of a securities commission, the Georgia house of
representatives on Aug. 9 passed the senate bill introduced by
Senators Kea and Dorris, known as the "Georgia securities
law." This law which was passed by a vote of 120 to 0,
provides for the creation of a commission composed of the
Secretary of State, chairman; the Attorney-General and the
ComptroUer-General, with power to employ a chief examiner
and other clerks and examiners for the purpose of classifying
and defining securities offered for sale in the State.
— ——
——
Aug. 14
—
THE CHRONICLE
1920.]
New York City. Graded Wage Increase for City Employees
The new salary increase schedule
Passes Board of Estimate.
affecting all classes of city employees and superseding the
flat 20% plan as vetoed by Mayor Hylan on July 26
V. Ill, p- <312 passed through the Board of Estimate on
Aug. 9 over the most violent opposition on the part of CompIn explaining his reasons for not voting for
troUer Craig.
the new plan, the Comptroller said:
Every member of the board kno^^'s that there can be no increase in salaries
Every member knows that the high cost of
unless le'-T'slation is passed.
living will at least operate until the end of this year, and yet, not a single
member of th-s board, if I may eliminate the Comptroller, took any inter-
—
—
having legislation passed. Members of the board, however, took a
great interest in approaching the Legislature to grant relief to the poor
Borough Presidents and the President of the Board of Aldermen. The Borought Presidents of Manhattan, Brooklyn and the Bronx were increased
33 1-3%, and the poor, suffering Borough Presidents of Queens and Richest in
mond 100%.
New
York State. Special Session of Legislature Called
Governor Smith on Aug. 11 called a special
by Governor.
session of the Legislature for Sept. 20 to formulate measures
He also ordered
for the relief of the shortage of dwellings.
a special election in the five Assembly Districts whose repre-
—
sentatives were expelled by the Legislature because they were
The special election will take place Sept. 16.
Socialists.
The Governor called attention of organizations interested
in the solution of the housing problem to the fact that he had
fixed a date for the assembling of the Legislature which was
remote enough to permit them to prepare any data and recommendations they might desire to lay before it. His
statement follows:
After a conference with several members of the Legi.slative Committee
on Housing, at which conference I was informed that the committee was
prepared to make recommendations to the legislature that would go a considerable distance toward relieving the acute situation throughout the State
in relation to the matter of housing facilities for om- people, I have decided
to call the Legislature in extraordinary session to convene at the Capitol
on Sept. 20.
In addition, I have been requested by Individuals and organizations of
citizens generally throughout the State to give an opportunity for the presentation of measiu-es intended to bring relief.
The Legislature at its
regular session gave earnest consideration to the question of housing.
statutes were passed to affect the relations of landlord and tenant
number of
to the end that there may be a check upon some of the abuses made possible
by the shortage of buildings.
These measures have undoubtedly served a useful purpose, but it was
never expected that they would have any influence in ciiring the underlying
evil.
The crying need is more houses, and nothing short of the active resumption of building on a large scale will bring adequate relief.
This fact was emphasized in the report of the Reconstruction Commission
have had six months' experience
that I submitted to the Legislature.
with the recent rent legislation. I am informed that the Joint Legislative
Committee on Housing has some reconunendations for the strengthening
Committees of citizens, civic organiof certain features of the legislation.
zations and officials of the cities throughout the State have been grappling
with the complicated problem of housing, and no doubt from their efforts
will come some suggestion looking to permanent relief.
I am setting the extraordinary session at a date that will give them all
ample opportunity to present for consideration their suggestions along
Judging from the public statements made by officials of the
this line.
cities the emergency is so great that a saving of four months in the passage
of helpful legislation is a gain of which advantage must be taken.
Accompanying the proclamation for the extraordinary session I have
issued proclamation calUng special elections on Sept. 16 1920. in the five
large Assembly districts that would not be represented in the Assembly
at the extraordinary session.
I am unable to bring myself to the undemocratic way of thinking that five
large Assembly districts, containing a population of approximately 250,000
people, in the congested portions of the counties wherein the unrepresented
A.ssembly districts lie and vitally affected by the housing conditions, should
be without representation in the Assembly.
A
We
North Carolina. Legislature Opens Special
The North Carolina Legislature met on Aug. 10
session
to
consider
amendment and
ratification of
local tax matters.
the
Federal
—
Session.
in special
Suffrage
BOND CALLS AND REDEMPTIONS.
— The
valuation.
—
—
—
women
are looking to the Tennessee Legislature to give them a voice
and share in shaping the destiny of tho Republic.
Experience has fully demonstrated that government by political parties
is the best, safast and most responsive to the will of tho people.
From the
very early history of this Government, political parlies through their
representatives in convention have adopted platforms which have been
accepted as party law and are so regarded as sacred pledges by members
of those parties elected upon such platforms.
I, therefore, direct your
attention to tho platform declarations of the two great political parties with
regard to tho ratification of this amendment.
Toledo, Ohio.
— Mayor
Urge Passage of Milner ServiceMunicipal Railway Problem.
Immediately after ho had learned of tho defeat of the twin
municipal railway bond ordinances at tho Aug. 10 election,
Mayor Schrieber, according to the "Toledo Blade," authorized tho publishing of a statement.' to the effect that at the
next council meeting, to be held Aug. 23, he would endeavor
to show to tho Council tho necessity of approving the Milner
servico-at-cost railway franchise ordinance;, with a view to
having the ordinance placed before tho voters at tho next
to
at-Cost Ordinance, in Respect to
—
election, cithcT special or general.
The "Hlade" states that this oi'dinance is already ponding
Council, having been referred by tho latter to "the Com-
m
_
Warrant No.
5209
University
Universitj'
Prep
Central Normal
Central Normal
Northeast Normal
2042
1472
1322
1897
East Central Normal
Southeast Normal
C. A. & N. University
A. & M. College
1.582
939
10301
on the above warrants
interest
All
641
665
539
864
563
583
1211
4752
Northeast Normal
Northwest Normal
Southwest Normal
East Central Normal
Southeast Normal
C. A. & N. University
A. & M. College
15.35
Northwest Normal
Southwest Normal
The
Warrant No.
2843
New
College University
All University P>reparatory
1535 Central Normal
will cease
on and
after
Aug. 15 1920.
BOND PROPOSALS AND NEGOTIATIONS
week have been as follows:
ADAMS COUNTY
O. Decatur), \nd.—BOND OFFERING. —
this
(P.
Hugh D.
County Treasurer,
m. Aug. 20
improvement of the Fred Gallmeier.
Macadam Road, situated on the County Line between Preble Twp., Adams
County, and Jefferson Twp., Wells County. Denom. S600. Date Aug,
15 1920. Int. M. & N. Due $600 each, six months from May 15 1921 to
Nov. 15 1930, incl.
BOND SALE. It is reported that the county has disposed of three issues
Hite,
4}^% bonds
for .?12,000
will receive bids until 2 p.
for the
—
%
10-year serial road bonds, aggregating 838,400, at par, as follows:
$10,400 Martin L. Smith road bonds to the Adams County Bank, of
of 4^2
Decatur.
10,000 N. H. McLain road bonds to the Old Adams County Bank, of
Decatur.
18,000 O. N. Tyndall road bonds to the Peoples Loan & Trust Co., of
Decatur
ALBANY, Dougherty County, Ga.— BOND OlfFERING. —Bids will
be received until 12 m. Aug. 23, by J. R. De Graffenfried, Clerk of Council,
for the following 5% coupon bonds. — V. Ill, p. 612.
S28.000
12,000
10,000
10,000
street paving bonds.
sewer construction and extension bonds.
water main extension bonds.
school building and equipment bonds.
Denom, $1,000. Date Aug. 1 1920. Prin. and semi-ann. int. (F. & A.)
payable in gold at the Meclianics & Metals National Bank, N. Y. Duo
Feb. 1 1950. Cert, check for $1,000, required. The expense of printing or
lithographing said bonds will be borne by the purchaser. Total Bonded
Debt (including the above issues) $537,000 Sinking fund .562,229. Asses.sed
Estimated assessed value
value of taxable property 1919 .$7,886,455.
1920 $8,500,000. Tax rate (per SI. 000) 1919 $17.50. Population 1910
(Census) 8,140, 1920 (Cen.sus) 11,555.
ANDERSON COUNTY (P. O. Anderson), So. Care. BOND SALE.^
On Aug. 2 the $585,000 5% tax-free coupon road impt. bonds V. Ill,
were sold, it is stated, to the Security Trust Co. of Spartanburg.
p. 214
—
ARGYLE,
BOND SALE. —The
Marshall County, Minn.
Minnesota
Electric Distributing Co., of Minneapolis was the successful bidder on
1-15 year serial electric light bonds
July 31 for an issue of .$30,000
at 101 a basis of about 5.83%. Denom., .$1,000. Date June 1 1930. Int.
6%
& D. Duo
J.
$2,000 yearly on Juno
1
from 1921 to 1935
incl.
ARLINGTON, Tarrant County, Tex.—BON^DS REGISTERED.^
The State Comptroller registered $117,500 6% serial water works and
sewer bonds on Aug.
Tennessee. Legislature Convened. The Tennessee Legislature convened in special session on Aug. 9 and Gov. Roberts
delivered the following message to the general assembly:
To the Sixty-first General Assembly of the State of Tennessee Gentlemen: There is herewith transmitted to you a copy of the resolution submitted to the legislatures of the several States of the United States by the
Congress, proposing an amendment to the Constitution extending the
right of suffrage to women.
The law directs that I shall submit this amendment to you. I am al.so handing you, herewith, a letter from Hon. Frank
L. Polk, Acting Secretary of the State of the United States, which accompanied the copy of said resolution.
The Legislatures of thirty-five States have r<Ttificd this amendment, only
one more State Iicing required to make it effective as a part of the Constitution of the United States.
The prompt ratification of this proposed amendment is earnestly and urgently recommended. Tennessee occupies a pivotal
fiosition upon this question; and the eyes of all America are upon us.
Mil-
—
Colorado Springs, El Paso County, Colo. Call.
Refunding water supply bonds dated March 1 1891 and due
March 1929, numbered 6, 7, 8, 9, 10, 11, 12, 13 and of
-f 1,000 denomination together with refunding water supply
bonds dated April 2 1906 and due April 2 1926 numbered 41 to
65 both inclusive and SI, 000 denomination have been called
for payment on Sept. 1 at Colorado Springs or Chemical
National Bank, N. Y. City.
Cripple Creek, Teller County, Colo. Bond Call.—
Bonds numbered 25 to 27, inclusive, for $1,000 each, dated
Nov. 1 1916, are called for payment on Aug. 15 1920.
Oklahoma (State of).— Warrant Call. Notice has been
given that there are now funds in the State Treasury with
which to pay the following warrants:
—
City's Bonds Legal for New York Savings
City Treasurer of Portland states that the
city's municipal bonds are now legal investments for the
funds of savings banks of the State of New York as the city's
bonded indebtedness is below 7% of the total assessed
ions of
713
mittee on Railways and Telegraphs, "after Henry L. Doherty
had been forced to accept its terms, after weeks and months
of battling with the Milner Commission," but too late to
have the question voted on at the Aug. 10 election, as the
$7,000,000 bond ordinances had already been authorized to
be submitted.
Portland, Ore.
Banks.
— —
— —
— —
.
,
ATTLEBORO,
1.
Bristol
County,
Mass.
LOAN OFFERING. —The
City Treasurer will receive bids until 10 a. m. Aug. 17, it is stated, for the
purchase at discount of a temporary loan of $50,000, dated Aug. IS and
maturing Nov. 18 1920.
Imperial County, Calif. NO BIDS
— On Aug. 2 no bids were received for the $10,000 6% bonds
BARD SCHOOL DISTRICT,
RECEIVED.
—
V. Ill, p. 409.
BARTHOLOMEW COUNTY
ING.
Aug.
(P.
O. Columbus), Ind.— BO.YD OFFER-
— Smith Carmichaci. County Treasiu-er,
bonds:
following
21 for
tlio
$16,000
6,200
5%
will receive bids until 10 a.
m.
ro.ad
Joseph Gilmore ct al Ohio Twp. bonds. Denom. .?S00.
Uarry Talkington et al Uockcrcek Twp. bonds. Denom.
4H%
$310.
Date Aug. 21 1920. Int. M. & N. Due one bond of each issue each six
months from May 15 1921 to Nov. 15 1930, incl.
NO BIDDERS. There were no bidders for tho $6,900 4H% Arthur
Herrin ct al Rockcreek Twp. road bonds offered on Aug. 3. V. Ill p. 409.
BENTON COUNTY SCHOOL DISTRICT NO. 7, Wash.— BO.VD
SALE. The $5,500 school bonds offered on July 31 V. HI. p. 511 have
been sold, it is stated, to the State of Washington at par for 5 'i-s.
BETHEL SCHOOL DISTRICT, Madera County, Calif.— BO.VD
SALE. The 87,200 scliool bonds mentioned in V. 110, p. 889 were sold
—
—
,
—
—
—
—
—
on Aug. 4 to the Bank of
Italy.
BETHLEHEM, Northampton County, Pa.— BO.VD S,\LE.—The
Bethlehem National liank of nethlehem, bidding i)ar and intori-st, was
awarded the $80,000 4).^% coupon or registered Boulevard Street Lighting bonds, offered on July 28— V. Ill, p. 400. Date Jan. 1 1920. Due
$4,000 yearly on Jan. 1 from 1921 to 1940, incl.
BOONE COUNTY (P. O. Lebanon), Ind.— BOA'D OFfERlNG.—
Proposals for the following four issues of 4 j % road bonds will bo received
until 10 a. ni. Aug. 19 b.v (iranviUo Wells, County TrcJsurer:
.$13,300 James K. Hart et al. Center & Jackson Twi>s. bonds, Denom. SG65.
Denom. $:<33.
6,660 George O. Cook et al. Worth Twp. bonds.
14,400 Caleb P. Shera et al, Center & Jackson Twi)s. bonds. Denom. S~20
'
2,120
Schooler et al. Eagle Twp. bonds. Donom. $106.
1020. Int. M. & N. Due one bond of each issue semi-annually
15 1021 to Nov. 15 1030, incl
Emory
Date July 6
May
BRIGHAM,
from
Boxelder County, Utah.— BOA'D ELECTION.— Mig. 31
has been set for date of election to vote upon issuing $200,000 miuiicipa
electric power plant bonds.
BROADWATER, Morrill County, Neb.— BO.VD S.'\.LE. DurinK
July the following 6% bonds. were purchased by the State of Nebraska at
—
par:
THE CHRONICLE
714
—
SI' 500 ^ater bonds. Due Dec. 1 1939 optional Dec. 1 1924.
6'200 lisht bonds. Due Dec. 1 1939 optional Dec. 1 1929.
Date, Dec. 1 1919.
CALDWELL, Canyon County, Idaho. NO SALE.—At the offering
6% bonds— V. 111. p. 311 —no bids were received,
Aug. 2 of the $23,500
reported.
is
it
Noble County, Ohio. BOND SALE.— The Noble
County National Bank, of Caldwell, was awarded the S7.600 6% 10-year
coupon Main Street impt. bonds, offered on July 8 (V. 110, p. 2694) for
SS.OOO equal to 105,263, a basis of about 5.33%. Date July 15 1920. Due
CALDWELL,
BOND OFFERING. Henry Steffens, ,Tr., City Comptroller, will receive
proposals vmtil 11 a. m. Aug. 16 for the following bonds:
$2,823,000 5% 1-30 year serial water bonds.
2,000,000 6% l-,30 year serial public sewer bonds.
1,000,000 5% l-,30 year serial general public impt. bonds.
750,000 5% 1-30 year serial general public impt. bonds.
740.000 6% 1-30 year serial general public impt. bonds.
500.000 6% 10-30 year serial general public impt. bonds.
462,000 6% general public impt. bonds, maturing in 1935.
306,000 4J^% 1-30 year serial general public impt. bonds.
198,000 6% general public impt. bonds, maturing in 1940.
DETROIT,
July 15 1930.
CAMERON COUNTY WATER IMPROVEMENT DIST. NO. 5, Tex.—
BOND SALE. —An issue of .§285,000 6% bonds was recently sold through
the Blanton Banking Co., of Houston to Schawbacher & Co. and
E. Mason & Co.
CANTON, Stark County, Ohio. BOND OFFERING. — Proposals for
S426,485 60 6% coupon funding bonds will be received until 12 m. Sept. 1
.
by Samuel E Bar, City Auditor. Denom. 1 for S485 60 and 426 for SI .000.
Date Sept. 1 1920. Prin. and semi-ann. mt. payable at the City Treasurer's office or at Kountze Bros., New York.
Due Sept. 1 1928. Cert,
check for 5% of amount of bonds bid for, payable to the City Treasurer.
.
required.
—
CARROLL, Wayne County, Neb. BOND SALE. The State of
Nebraska during July purchased 815,000 6% paving district bonds at
par. Date June 1 1920. Due June 1 1940 optional at any interest paying
date.
CENTRAL SCHOOL DISTRICT, Madera County, Calif.—BOiVD
—
bonds— V. 110, p. 231.3—were
6%
SALE. On Aug. 4. the $12,000
school
sold, it is stated, to the Bank of Italy.
CHENEY, Sedgwick County, Kans. BOND SALE. —An issue
$36,000 6% 1-10 year serial sewer bonds has been sold, it is reported,
Vernon H. Branch of Wichita. Date July
CINCINNATI,
Hamilton
County,
1
1920.
Ohio.
BOND. OFFERING.
of
to
—
Geo. P. Carrel, City Auditor, will receive bids until 12 m. Aug. 25 (date
changed from Aug. 23 V. HI. p. 515) for 82,580,000 6% deficiency funding
bonds. Denom. $1,000.
Date Aug. 1 1920. Prin. and semi-ann. int.
payable at the Amer. Exch. Nat. Bank of New York. Due Aug. 1 1928.
Cert check for 6 % of amount bid for payable to the City Auditor required
Delivery to be made at Cincinnati. Bids must be made on printed forms
fiu-nished t)y the Auditor.
Purchaser to pay accrued interest.
BOND OFFERING. Proposals for .$1,500 5% street impt. bonds will be
received until 12 m. Aug. 23. by Geo. P. Carrel. City Auditor. Auth. Sec.
3939 Gen. Code. Denom. .SoOO. Date July 15 1920. Prin. and semi-ann.
int. payable at the American Exchange National Bank of New York.
Due July 15 1940; redeemable on or after July 15 1930. Cert, check for 5%
of amount of bonds bid for, payable to the City Auditor, required. Purchaser to pay accrued interest.
CLAIRTON, Allegheny County, Pa. BOND SALE. On Aug. 9 the
$75,000 5}2 % 21 1-3-yr. (aver.) tax-free borough bonds offerod on that date
V. Ill, p. 409 were awarded to Lyon, Singer & Co. of Pittsburgh for
Date Aug. 1 1920.
875,953. eciual to 101.271. a basis of about 5.40%.
Due .$10,000 on Aug. 1 in 1929. 1934, 1938, 1942. 1945 and 1947, and $15,000
—
.
.
,
—
—
—
—
Aug.-
1
19.50.
COUNTY
O. Jeffersonville), Ind.— BONDS NOT SOLD.—
No sale was made of the .$30,000 5% memorial hospital bonds, offered on
Aug. 2.— V. Ill, p. 515.
CL.\RK
(P.
CLEARWATER, Pinellas County, Fla.— 730A'^D SALE.—The $30,000
6% 30-year bonds offered on July 17 — V. 111. p. 311 —have been sold,
Bank of Clearwater at par.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.— BOiVD SALE.—
The §474,000 6% coupon paving bonds, offered o-i July 2S V. 111. p. 311
have been purchased bv Otis & Co. of Cleveland, who are now offering the
issue to investors at i*r. Date Sept. 1 1920. Due $74,000 Oct. 1 1927;
and $100,000 on Oct. 1 in 1928, 1929, 1930 and 1931. Bonded Debt (incl.
this issue) $2,403,890. Water debt (incl.) .$33,400. Sinking Fund .$318,043.
according to reports, to the
—
—
Population 1920 Census, 15.236.
O. Clarksdale), Miss.— BOiVD ,SALE.—
Reports say that the $500,000 road issue voted on Aug. 3 V. Ill, p. 311
has been purchased at par by the Planters' Bank of Clarksdale.
Assessed value, .$51,350 000.
COAHOMA COUNTY
(P.
—
CORDELL, Washita County, Okla.— B0iVD5 APPROVED—The
—
$40,000 municipal impt. bonds recently voted V. 110, p. 2103 -have been
approved by the State Attorney General's Department, it is stated.
CORINTH,
ports, $15,000
—
Alcorn County, Miss. BOND SALE. According to reschool bonds were recently sold to the Corinth Bank &
6%
Trust Co. and the First Nat. Bank jointly, at par.
CORNING, Steuben County, N. Y.—BOND OFFERING.— Sea.\e, d
bids for $150,000 5% bridge bonds will be received until 7 p. m. Aug. 16
by Herbert R. Starner. City Chamberlain. Denom. $500 and 81,000.
Date Sept, 1 1920. Int. M. & S. Due yearly on Sept. 1 as follows: $2,500.
1921 to 1940, incl., and $5,000. 1941 to 1960, incl. Legality approved by
George S. Clay, of New York, a copy of whose opinion will be furni.shed
the piu"chaser. Purchaser to pay accrued interest.
COZAD, Dawson County, Neb. — BOJVD SALE. —An issue of $40,000
6% district paving bonds was purchased by the State of Nebraska at par
during July. Date, May 1 1920. Due May 1 1940, optional at any interest
paying date.
CRAWFORD COUNTY
(P. O. Bucyrus), Ohio.— BOJVDS iVOT SOLD.
road bonds, offered on July 22 V. Ill,
later report said that on July 31 the County
offer from Sidney Spitzer & Co. to take the
No report has yet been received as to whether
accepted the bid.
—
—The $136,811 27 6%
—were not
A
Commissioners received an
—BID.
p. 311
issue at par
sold.
and
interest.
or not the Commissioners
COUNTY
DAVIES
(P. O. Washington), Ind.— BOA'^D OFFERING.—
Proposals will be received until Sept. 7 bv Oliver M. Vance, County Trea.surer, for $70,000 bridge and $50,000 road repair 6% bonds. Int. M. & N.
Due, $12,000 semi-annually from May 15 1921 to Nov. 15 1925, incl.
BOND SALE. On Aug. 6 the White River Bank of Loogootee was awarded at par the $19,999 43.^% Frank M. Walls et al. Reene Twp. road bonds
V. Ill, p. 311.
Date May 15 1920. Int. M. & N.
offered on that date
Due 8999 95 each six months from May 15 1921 to Nov. 15 1930 incl.
—
—
—
DEER LODGE, Powell County, Mont.— BOiVD S.4LB. On Aug. 2
the .$20,000 6.% 15-20 year 1 (opt.) City hall bonds, V. Ill, p. 215 were
sold at public auction to Nelson and Pederson at par and interest. There
were no other bidders.
—
—
DEER TRAIL, Arapahoe County, Colo.— BOiVOS DEFEATED.—
On Aug. 3, the $40,000 water bonds—-V. Ill, p. 515 were defeated.
DEFIANCE, Defiance County, Ohio.— BON^D OFFERING.— Harry
R. W. Horn, City Auditor, will receive proposals until 12 m, Aug. 23 for
—
S15.000 6% water works bonds, in addition to the $50,000 6% coupon
water works bonds, the offering and description of which arc published in
Date
V. Ill, p. 613. Auth. Sec. 3939 Gen. Code. Denom. $1,000.
June 1 1920. Prin. and semi-ann. int. payable at the City Treasurer's
office.
Due $3,000 yearly on Sept. 1 from 1925 to 1929, incl. Cert, check
on a local solvent bank, for 2% of amount of bonds bid for, payable to the
City Treasiu-er, required.
DE KALB COUNTY
(P.
O. Auburn),
Ind.— BOiVD OFFERING.—
C. H. Baber, County Treasurer, will receive bids until 10 a. m. Aug. 20
for $24,000 57c Geo. W. Ditmars et al, De Kalb County, road bonds.
Denom. ,$600. Date Aug. 16 1920 let. M. & N. Due $1,200 each six
months from May 15 1921 to Nov. 15 1930. Incl.
DEMING, Luna County,
N.
Mex.— SL^CCESSFt/L BIDDER.—The
6%
successful bidder for the $100,000
as sold in V. Ill, p. 613 ^was C. M.
—
water supply system bonds reported
Cotton of Los Angeles.
DETROIT, Wayne County, Mich.—BOiVD ELECTION.— On
Aug. 31
the voters will have submitted to them pi-opositions, which if passed, will
give the city authority to issue $25,000,000 public sewer and $12,000,000
public water bonds, Avhich are to mature in 40 years and bear interest at
a rate not to exceed 6
%
(Vol. Ill
Wayne County,
Mich.
BONDS NOT SOLD. —The
$700,000 30-year street railway bonds, offered on Aug. 2 (V. Ill, p. 515)
were not sold, as the bids received were rejected,
DESCRIPTION OF BONDS. The $100,000 municipal street railway
bonds purchased at par by Mayor Couzens (V. Ill, p 515) bear 5%
interest, payable semi-annually in May and November, are dated Mav 1
1920, are in the denominations of 850 and $100, and mature May 1 1950.
—
—
—
DIX, Kimball County, Neb. BOiVD SALE. An issue of $7,800 6%
water bonds was obtained by the State of Nebraska at par during July.
Date April 24 1920. Date April 24 1940 optional after 5 years.
DUDLEY SCHOOL DISTRICT (P. O. Dudley), Laurens County,
Ga.— BOA'D OFFERING. On Sept. 5 at 10 a. m. bids will be received by
F. J. Gilbert, Secretary of the School Board, for the $15,090 6% coupon
Denoms. 40 for 8100 and 11 for
school bonds mentioned in V. Ill p, 410.
Date June 1 1920. Int. annually (June 1), payable at the Bank
81,000.
Due on June 1 as follows: $2,000, 1925; 83,000, 1930; $5,000.
of Dudley.
1935 and 85,000, 1940. Bonded debt Aug. 10 1920, this issus only. Assessed value 1919. $2.50,000.
EAST LANSDOWNE, Delaware County, Pa. BO.YD SALE. The
$29,000 5 3-5% tax-free coupon or registered 30-year bonds offered oa Aug.
9
V. Ill, p, 515 were awarded to the Landsdowne National Bank of
Lansdowne, at par plus $326 54 premium, equal to 101,123. a basis of
about 5.53% Mullin Briggs & Co. the only other bidder, offered a premium
—
,
—
—
—
—
.
,
of $305,
ECORSE, Wayne County, Mich.
BOND OFFERING.— John W.
Merritt, Village Clerk, will receive bias until 7:30 p. m. Aug. 24 for $80,000
water system extension, $38,223 20 Mill Street paving, $25,000 High Street
sewer, $25,000 Cicotte Street sewer, $15,000 pump-house sewer. $12,000
High Street opening, $4,412 87 Public Sewer and .$2,368 40 Public Sewer
bonds. Bonds will be awarded at the lowest rate of interest bic Due
Aug. 24 1950. Cert, check for 8500, required. Bonds to be delivered and
paid for on Sept. 7.
EL CENTRO SCHOOL DISTRICT Imperial County, Calif.— .VO
BIDS RECEIVED. There were no bids received for the $150,000 6%
— —
bonds offered on Aug. 2 V. Ill, p. 410.
ELDORADO, Butler County, Kans. BONDS AUTHORIZED.
Reports sav that an ordinance authorizing 822,000 bonds has been passed
Denom. $500.
by the City Coimcil. Int. rate 5J^2 %
ELECTRA INDEPENDENT SCHOOL DISTRICT (P. O. Electra),
BONDS REG I STERED .—This district registered
V.'ichita County, Tex.
$125,000 5% 20-40 year bonds with the State Comptroller on Aug. 4.
—
ELIZABETH, Allegheny County, Pa. — BOA^D OFFERING. Pro514% tax-free borough bonds will be received until 8 p.m.
Aug. 23 by R. W. Inglefield, Secretary of Borough Council. Denom.
Date July 1 1920. Int. J. & J. Due $1,000 yearly on July 1
81.000.
—
posals for SI 1 .000
Cert, check for $500, payable to the borough,
to 1940, incl.
Pm-chaser to pay accrued interest.
ELLISVILLE, Jones County, Miss. BOND OFFERING. Bids will
be received until Aug. 23 by H. P. Gough, City Clerk, for 810,000 6% muniCert, check for $100, required,
cipal bonds.
EL PASO COUNTY (P. O. El Paso), Tex.—BOiVDS REGISTERED.—
The State Comptroller on Aug. 2 registered 8800,000 5% serial bonds.
ELYRIA, Lorain County, Ohio. BOND SALE. On Aug. 9 the
$35,000 6% 10-16 year serial coupon water works bonds described in
V. Ill, p. 410, were awarded to E. H. RolUns & Sons, of Chicago, at 100.82
and interest, a basis of about 5.91%. Date Aug. 1 1920. Due $5,000
Other bidders were:
vearly on Aug. 1 from 1930 to 1936. incl.
*.$.35,315|Seasongood & Mayer
$35,071
Prudden & Co
35,107 |Safe Dep. Bk. & Trust Co..*.35.015
Federal Securities Corp
These bids were conditional, and consequently, were not considered.
EUCLID, Cuyahoga County, Ohio. BOND OFFERING. H. S.
Dunlop, Village Clerk, will receive bids until 12 m. Aug. 23 for the following
6% coupon special assessment bonds:
Due $800 Oct. 1 1926; and Si. 000
$1 800 Arms Ave. water main bonds.
from 1930
required,
—
—
—
Oct.
1
1930.
Arms Ave, sanitary sewer bonds. Due $300 Oct. 1 192,j; and $1 ,000
on Oct. 1 in 1927 & i9.30.
Due $800 Oct. 1 1926; and $1 ,000 Oct,
,800 Arms Ave, sidewalk bonds.
2,300
1
1
19.30
4,300 E. 230th St, sidewalk bonds. Due $300 Oct. 1 1923; and $1,000
on Oct. 1 in 1925, 1927, 1929 & 1930.
Due $400 Oct. 1 1923; and $1,000
3 400 E. 230th St. water main bonds.
on Oct. 1 in 1926, 1928 & 1930.
230th St. sewer bonds. Due $200 Oct. 1 1923; and $1,000 on
4,200 E.
Oct. 1 in 1925, 1927, 1929 & 1930.
Prin. and semi-ann. int. (A. & O.) payable at the Village Treasurers
office.
Cert, check on some bank other than the one making the bid, for
107o of amount of bonds bid for, payable to the Treasurer, required.
Bonds to be delivered and paid for at Euclid within 10 days from date of
award. Purchaser to pay accrued interest.
EVERETT,
Middlesex County, Mass.— BOA'D
OFFERJA'G—Nathan
Nichols, City Treasiu-er, will receive bids imtil 12 m. Aug. 17 for the following 5J4% tax-free bonds:
$50 000 sui-face drainage bonds. Denom. $1,008. Due yearly on July 1
as follows: $3,000, 1921 to 1930, incl.; and $2,000, 1931 to 1940, incl,
38,000 sidewalk bonds. Denom. 81,000. Due .$8,000 yearly on July 1
from 1921 to 1924, incl., and 86.000 July 1 1925.
4,500 paving bonds. Denom. $500. Due $500 yearly on July 1 from
1921 to 1929, incl.
Date July 1 1920. Prin. and semi-ann. int. (J. & J.), payable at the
Old Colony Trust Co,, of Boston,
.,.
^
The.se bonds will be engraved under the supervision of and certified as to
_,
.
The
their genuineness by the Old Colony Trust Company, of Boston,
favorable opinion of Ropes, Gray, Boyden & Perkins as to the validity of
All legal
these issues will be furnished without charge to the purchasers.
papers incident to these issues will be filed with the Old Colony Trust
may be referred to at any time.
Company, where they
Bonds to be delivered on or about Aug, 20.
FAIRFIELD, Jefferson County, Ala.—BIDS REJECTED.- The
.$42,500 school and 812,000 permanent equipment &% coupon or registered
bonus offered on Aug, 9 V, 111, p. 516— were not sold aU bids bemg re-
—
jected.
—
—
FR.4.NKLIN, Delaware County, N. Y. BOA'D SALE. An issue of
5% 15M year (aver,) road bonds has been awarded, it is stated, to
$14,000
—
&
Denom.
$500.
O. Brookville), Ind.— BOiVDS NOT SOLD.
No award wa.5 made of the $7,967 414% Wm. Harstman et al Melamord
V. HI, p. 410.
Saltcreek Twp. road bonds, offered on Aug. 2
local investors at par.
FRANKLIN COUNTY
(P.
—
FRANKLIN SCHOOL DISTRICT (P. O. Franklin), Franklin
County, Ida. BONDS VOTED. — School bonds amovmting to $10,000
carried 61 to 2 votes at a recent election.
FREEPORT, Nassau County, N. Y. BOND SALE. —In addition to
tho S63,000 5% 4-24 year serial light bonds, reported sold in V, 111, P- 614.
Both
the village disposed of $15,000 5% 4-18 year serial water bonds.
and the
were sold locally at par, the First National, the Citizens
The
Int. J. & J.
Freeport Banks taking $26,000 each, Denom. 81,000.
$63,000 light bonds mature $3,000 yearly on July 1 from 1924 to 1944, uicl.;
commencing July 1
and the $15,000 water bonds are payable $1,000 yearly
issues
1924.
FULTON COUNTY (P. O. Rochester), Ind.— BOA'D OFFERING.—
H. B. Kumler, County Treasurer, will receive bids until 10 a, m. Aug. 1/
for 821,000 4:14% Perrv Guise et al Aubbeenaubbee Twp. road impt.
Due
Date April 1 1920. Int. M. & N.
bonds, Denom, 81.050.
$1,050 each six months from May 15 1921 to Nov. 15 1930, mcl.
.
—
—
Aug. 14
—
—
—
—
—
GLENNS FERRY SCHOOL DISTRICT
O. Glenns
(P.
Ferry), El-
BONDS SOLD. —The $40,000 school bonds recentthe State of Idaho.
have been purchased by
O. Ridgewood), Bergen County,
ly voted (V. 110, p- 2314)
J.—NO BIDS.
N.
coupon (with
the
of
—GLEN ROCKsubmittedbonds offered on $12,000—6% Ill, 516. priviNo bids were
lege of registration) road
Aug. 9
(P.
issue
for
p.
-V.
GRANT COUNTY
(P.
GREENE COUNTY
(P.
O. Marion), Ind.— BOND OFFERING.—
Proposals for an issue of S71.50O V. V. Cameron et al Center Twp. road
bonds will be received until 9 a. m. Aug. 16 by Luther Warl, County
Trea.siu-er.
Denom. 120 for .S500, and 20 for $575. Date July 15, 1920.
Int. M. & N.
Due S3.575 each six months from May 15 1921 to Nov. 15
1930 incl.
O. Monroe),
Wise— BOND OFFERING.—
.5125,000 5% highway impt. bonds offered without success on May 1
V. 110, p. 1996 are now being offered for sale at par and interest at the
office of the County Treasurer.
Denom. $500. Date April 1 1920. Int.
semi-ann. Due April 1 1921. These bonds have all been approved by the
Attorney General as Bond Commissioner for the State of Wisconsin, as
to their legality and his signature is on each bond.
The
—
HAMBLEN SCHOOL TOWNSHIP, Brown
SALE.
sold to
— reported that Morgautown..$2,000 6%
an issue of
Romey Murphy, of
It is
County, Ind.— BOND
4-year bonds has been
HANCOCK COUNTY (P. O. Findlay), Ohio.—BONDS VOTED.—
election held July 27
V. Ill, p. 216 -the proposition to issue
$100,000 County Court house bonds carried by a vote of 515 to 115, accord-
—
—
At the
HENDRICKS
(P. O. Danville), \nd.—
m.
—AUen for Wilson.COUNTYTreasurer, et receive bidsBOND OFFERING.
County
until 10:15
Denom.
road-impt. bonds.
C, H. Da\vnward
J.
5%
al.
HENRIETTA INDEPENDENT SCHOOL DISTRICT (P. O. HenriClay County, Tex. BONDS REGISTERED. — This district on
Aug. 1 registered $35,000 5% 10-40 year bonds with the State Comptroller.
etta),
HENRY COUNTY
New
Castle), Ind.— BOiVD OFFERING.—
O. P. Hatfield. Coimty Treasurer, will receive bids until 10 a. m. Aug. 17
for $12,700 5% J. W. A. Bird et al. Stonv Creek Twp. road bonds. Denom.
$635. Date Aug. 17 1920. Int. M. & N. Due $635 each six months from
May 15 1921 to Nov. 15 19.30, incl.
(P.
O.
HERMAN SCHOOL DISTRICT
NO.
BONDS VOTED. — This
County, Mo.
3 (P.
district
O. Herman), Gasconde
has voted a bond issue of
$8,000 for the improvement of grade school buildings,
it is
reported.
HERRIN TOWNSHIP (P.
BONDS VOTED. — On Aug. 3
O. Herrin), Williamson County, HI.—
a large majority was cast in favor of the
issuance of $70,000 road bonds.
HOWARD COUNTY SCHOOL
DISTRICT, Neb.— BOA^D SALE.—
This district sold $25,000 53^2% high school bonus during July to the
State of Nebraska at par. Date, July I 1920. Due July 1 1940, optional
after 5 years.
HURON
COUNTY (P. O. Norwalk), Ohio.— BOND SALE.— On July
26 the $119,000 6% inter-county highway No. 290 impt. bonds. V. Ill,
were sold at par to the banks of Norwalk, according to reports.
p. 216
Date June 1 1920. Due $6,500 on April 1 and Oct. 1 in the years 1921 to
—
—
1928, incl.; and .$7„500 April
1
and Oct.
1
1929.
JALAMA SCHOOL DISTRICT, Santa Barbara County, Calif.—
NO BIDS RECEIVED.— BONDS RE-OFFERED.— No bids were submitted
on Aug. 2 for the $2,500 6% school bonds — V. 111. p. 516.
The above bonds will be re-offered for sale at 10 a. m. on Sept. 7.
JERSEY CITY, Hudson County, N. J.— BOND SALE.— Oa- Ang.
11
the issue of 53^% and 6% coupon or registered water bonds, dated Aug. 1
1920 V. Ill, p. 516 was awarded to a syndicate compo.sed of Estabrook
& Co., Remick, Hodges & Co., the Guaranty Trust Co., Graham, Parsons
& Co., the Wm. R. Compton Co., Eastman, Dillon & Co. and Merrill,
Oldham & Co. which offered 100.59 for $3,674 ,000 bonds, of which $460,000,
maturing .?92,000 yearly on Aug. 1 from 1921 to 1925, bear 6% interest, and
the remaining $3,214,000, maturing $92,000 yearly on Aug. 1 from 1926 to
1969. incl. and .?86,000 on Aug. 1 1960, bear 5H % which figures out to be
on a basis of about 5. 49%.
The bonds are now being offered to investors at prices ranging from 5.25%
to 5.85% as will be noticed in the advertising columns of this issue.
—
—
,
.
,
,
JOPLIN, Jasper County, Mo.— BOND SALE.— The .$291,500 6%
sewer bonds offered without success on May 4 V. 110. p. 1997 have
been purchased by Prescott & Snider aid .'^teir ^!o^. * ( r
Iftl of
St. Louis. Denoms. $1,000 and $500. Date Jime 1 1920. Due June 1 1940
optional June 1 1925.
KALAMAZOO SCHOOL DISTRICT NO. 1 (P. O. Kalamazoo),
Kalamazoo County, Mich
BOND OFFERING. H. W. Anderson,
Secretary of Board of Education, will receive proposals until 12 m. Aug. 16
for $910,000 5% bonds.
semi-ann. Cert, check for 2% of amount
Int.
of bonds bid for, payable to the Treasurer of the Board of Education,
required.
Purchaser to pay accrued interest,
KEMMERER, Lincoln County, Wyo.— BOiVD SALE. The .State
of Wyoming submitting a bid of par was awarded, it is reported, the $15,000
coupon sewerage system and irrigation bonds offered on Aug. 3. V. Ill
—
—
.
—
—
—
p. 411.
—
—
—
Date July
1
1920.
Due
July
1
1940.
LORAIN. Lorain County, Ohio.
Cleveland has purchased and
BOND
now
SALE.
of
—The Herrick Co.6%
—
offering to investors the .594.000
coupon street-impt. bonds offered unsuccessfully on July 1 V. Ill, p. 217.
Date April 15 1920. Int. M. & S. Due .$4,000 Sept. 15 1921 and $10,000
yearly on Sept. 15 from 1922 to 1930, inclusive.
is
LOS ANGELES, Calif.— BOA^D SALE.—An issue of $135,000 6%
5}4 year (aver.) tax-free sewer bonds has been purchased by Torrance,
Marshall & Co. of Los Angeles at 100.47 a basis of about 594%
Denom.
$1,000. Date Aug. 1 1920. Due yeariy on Aug. 1 as follows: $14,000
1921 to 1925 incl., and $13,000 1926 to 19.30 incl.
KERSEY, Weld County, Colo.—BOiVOS VOTED.—An
KING COUNTY SCHOOL DISTRICT NO.
—
5,
issue of $31,-
Wash.— BOiVD OFFER-
ING. Proposals will be received until 1 p. m. Aug. 23 by Wm. A. Gaines,
County Treasurer (P. O. Seattle) for $29,000 coupon school bonds at not
exceeding 6% interest.
Denom. $1,000. Prin. and int. payable at the
office of the County Treasurer. Due yearly as follows; $2,000, 1922 and
$3,000, 1923 to 1931 incl., optional in 2 years or at any interest paying
date thereafter. All bids excepting from the State of Washington must be
accompanied by a certified check or draft made payable to the County
Treasurer of said King County, in the siun of 1 % of the par value of said
bonds. Bonds will bo ready for delivery on Sept. 15 1920.
Financial Statement.
Assessed valuation.
$913,917
—
Cash on hand General fund
Cach on hand. Bond Redemption' fund
170
1,242
Uncollected taxes
Warrant s outstanding
Bonds outstanding
829
99
66, Wash.— BO.VD
OFFERING. —-Wm. A. Gaines, County Treasurer (P. O. Seattle) will receive
$3,000 coupon bonds at not exceeding
6% interest. Denom. $500. I'rin. and int. payable at the office of the
Coimty Treasurer. Duo $500 yearly from 1925 to 1930 incl., optional on
or after 8 years from date of issue or on any interest paying date thereafter.
All bids excepting from the State of Washington must be accompanied by a
certified chock or draft made payable to the County Treasurer oT s.iid King
County in the simi of 1 % of t li<' par value of said bonds. Bonds will l)e ready
for delivery on Sept. 15 1920:
m. Aug. 23
for
Financial Statement.
valuat ion
(leiiiral
— Sinlving
$213,844
fimd
fund
1
,516
1,942
1,828
635
Uncollected taxes
Warrants out standing
Bonds outstanding
3 ,000
— GRANGE COUNTY (P. O. La Grange), Ind.— BOA'D OFFERING.
m. Aug. 24 by George W. Hoff,
be received until 10
County
LA
I'ropos.ils will
a.
5%
bonds for tlio improvement of County
Unit Hoad No. 1 in Bloomfield and Springfield Twps., petitioned for bv
Claud H. Caton et al. Denom. $6.50. Date Aug. 24 1920. Int. M.&N.
Duo .$9,7,50 eaili six months from May 15 1921 to Nov. 15 1930, incl.
LAKE COUNTY (P. O. Crown Point), Ind.— BOND OFFERING.—
Treasurer, for $195,000
Rali)li B. Bradford, (bounty Trea.surer, will receive bids until 10 a, m.
Aug. 23 for the following 4}>-<''', road bonds:
K. MacCracken Ciilumet Twp. bontls.
110.000 L. K. Barnes llobart Twp. lioeds.
Douom. $1,000. Date May 15 1920. Int. M. & N. Due In ten In-
811."). 000 II.
stallments beginningiMay|15 1921.
valuation
Financial Statement.
(1919-20)
$533,665,000.00
1,067,330,210.00
38,106,087.50
3,679,306.02
Total net bonded debt
Revenue Producing Debt:
$34,426,761.48
Water
Power
Harbor
$19,606,282.34
6,882,364.64
3,314,401.00
29,803,047.98
Non-revenue
debt...
$4,623,733.60
Collins County, Tex.— BOARDS VOTED.— By a vote ef
more than 3 to 1 the citizens of McKinney authorized the issuance of
$30,000 worth of bonds, it is stated, for the purpose of building a live stock
pavilion on the market square property owned by the city, at the election
held Aug. 3 V. Ill, p. 412.
MANCHESTER, Hillsborough County, N. J.—BOND OFFERING.—
Until 2 p. m. Aug. 17 the City Treasurer will receive proposals for $350,000
5% school bonds. Date Aug. 2 1920. Due $17,500 yearly on Aug. 2
from 1922 to 1941, incl.
MARSHALL COUNTY (P. O. Warren). Minn.— BO A'D SALE.—
The Fii-st National Bank of Duluth, recently purchased $125,000 6%
10~year road bonds.
MARTIN COUNTY (P. O. Fairmont), Minn.— BOA^D OFFERING.—
Bids will be received until 1:30 p. m. Aug. 17 by H. C. Nolte, Coimty
Auditor, for the following ditch bonds.
$7,000 County Ditch No. 36 bonds. Due $1,000 on Aug. 2 in each of the
years 1923, 1925, 1927. 1929, 1931, 1933 and 1935.
29,000 County Ditch No. 38 bonds. Due yearly on Aug. 2 as follows:
.$2,000, 1924 to 1937, incl.: and $1,000, 1938.
6,000 County Ditch No. 40 bonds. Due $1,000 on Aug. 2 in each of the
years 1923, 1924, 1926, 1928, 1930 and 1932.
Due yearly on Aug. 2 as follows:
19,000 Judicial Ditch No. 86 bonds.
$2,000, 1924 and 1925, and $1,000, 1926 to 1940, incl.
21,000 Judicial Ditch No. 93 bonds. Due yearly on Aug. 2 as follows:
.$2,000, 1926 to 1930, incl.; and $1,000. 1931 to 1941, incl.
Denom. $1,000. Date Aug. 2 1920. Cert check for $5,000, payable
to the County Treasurer, required.
Bonds must be taken up and paid for
by the accepted bidder within (10) days from date of sale. Purchaser to
pay accrued interest.
BOND OFFERING. H. C. Nolte, County Auditor, will also receive
Denom. $1,000.
proposals for $50,000 6% road bonds until 2 p. m. Aug. 17.
Date July 1 1920. Prin. and semi-ann. int. payable at the banldng house
of the Merchants National Bank, St. Paul.
Due July 1 1930. Cert, check
Purchaser to pay
for $2,500, payable to the County Treasurer, required.
accrued interest. Bonds must be taken up and paid for by the accepted
bidder within (10) days from date of sale.
MARYLAND (State of .)—CERTIFICATES NOT SOLD.—The 51, 500,000 4>2% coupon tax-free road certificates of indebtedness offered on
Aug. 10 V. Ill, p. 313 were not sold, all bids being rejected.
The folloi^ing were the bidders:
Alexander Brown & Sonsl
93. 183 Mercantile Trust &Dep.Co.92.,5677
[National City Co
92.279
Harris Forbes & Co
/
89.29295
Estabrook & Co.93.17 lPoe& Dalies
McKINNEY,
—
—
—
—
1
MERIDIAN, Lauderdale County, Miss.— BOA'DS TO BE OFFERED
LOCALLY. Reports state that the City Council, not having been able to
—
the $290,000 6% tax free bonds as reported in V. Ill, p. 412, announces
that the entire issue will be offered for sale to the citizens of Meridian in
blocks of $1,000. The Council has already been as.sured of the purchase of
$50,000 of the issue and is confident that the entire issue can be sold to
investors because they realize the importance of the improvements and the
inability of the city to place the bonds because of market conditions.
BOND ELECTION. Reports also state that ordinances providing for
the issuance of $100,000 city auditorium and 520.000 hospital bonds will
be submitted to the qualified electors for approval as soon as the necessary
legal stops can bo taken.
—
MIDLAND COUNTY (P. O. Midland), Mich.— BO.VD SALE.— The
$225,000 5% court-house-con.struct ion bonds, offered on Aug. 4 V. III.
were awarded to the Midland C^ounty Savings Bank at par.
p. 313
MOHAVE COUNTY (P. O. Kingman), Ariz.— BO A"D SALE.—On
Aug. 5, the Bankers Trust Co.. of Denver was the successful bidder, at
par, it is stated, for the foUowng 6% bonds, aggregating 5380,000— V.
—
—
Ill, p. 314.
$300,000 highway bonds. Due yearly on .Tune
to 1936, incl.; $15,000 1936 to 1945,
1,800
KING COUNTY SCHOOL DISTRICT NO.
proposals until 11 a.
Assessed
Estimated real valuation
Bonded debt (including this issue)
Less sinking fund investment
sell
482 sewer bonds has been voted.
Cash on hand
Cash on hand
715
LAKE SCHOOL TOWNSHIP (P. O. Lake Village), Newton County,
Ind. BOND SALE. The $13,000 6% school-house bonds offered on
Aug. 7 (V. Ill, p. 411) were awarded to the Fletcher-American Co. for
$13,124, equal to 100.954, a basis of about 5.85%.
Date July 15 1920.
Due $1,000 yearly on Jan. 1 from 1922 to 1934, incl.
LIVERMORE, Alameda County, Calif.—BOND OFFERING.—The
Town Trustees will receive proposals, it is stated, imtil 8:30 p. m. Aug. 23
for the $10,000 5% fire apparatus bonds voted on Nov. 4
V. 109, p. 2006
Denom. $1,000. Due $1,000 yearly on Jan. 1 from 1921 to 1930 incl.
LOCKPORT, Niagara County, N. Y.—BOARDS NOT SOLD.—Two
issues of bonds, aggregating $95,253. offered on Aug. 4 at a rate not to
exceed 6%. -were not .sold, no bids being received for the $5,253 Street
Dept. Truck bonds, while the only bid received for the $90,000 school bonds
was rejected.
LONG PINE, Brown County, Neb. BOND SALE. During July
$6,000 6% water extension bonds were sold at par to the State of Nebraska.
a.
will
$29,000
Date Aug. 16 1920. Int. M. & N. Due $1,450 eacji six months
from May 15 1921 to Nov. 15 1930, incl. Purchaser to pay accrued int.
$1,450.
Assessed
—
—
.
ing to reports.
Aug. 23
— —
—
THE CHRONICLE
1920.]
more County, Idaho.
—
I
as follows: 510.000 1931
and $20,000 1946 to
incl.,
to 1950, incl.
Due yearly on June 1 as foUows: $3,000 1931 to
1940. incl., and $5,000 1941 to 1950. uicl.
1 1920.
80,000 hospital bonds.
Date June
COUNTY
MONROE
be received until 2
— Bids
Treasurer,
$17,600 4^.%
O. Bloomington), Ind.— BO.VD OFFERING.
p. m. .\u«. 26 by .lames B. Kerr. County
1). W. Ketchum et al Clear Creek Twp. road
Denom. $876. Date May 4 1920. Int. M. & N. Due
impt. bonds.
$875 each six mouths froru May 16 1921 to Nov. 15 1930, incl.
MONTGOMERY COUNTY (P. O. Hagerstown), Md.—PVRCII.\SERS
(P.
will
for
.ATTOR.XEY HOLDS BONDS ILLEGAL.
—
It is
reported that the $124,000
tax-free cou))on road and school. onds recently awarded to J. S. Wilson
V. Ill, p. 412 have been hold illegal by the purch.iser's atJr. & Co.
torney, who claims that the county did not have the right to sell the bonds
or to issue the bonds without public advertisement for bids.
below par
6%
—
—
—
MORRILL, Scotts Bluff County, Neb.— BOA'D SALE. During
Julv the State of Nebra.ska purcliaseil 511,000 6% electric light bonds at
par. Date Jan. I 1920. Due, Jan. 1 1940.
CITY, Salt Lake County, Utah.— BO.YDS VOTED. On
.\ug. 3 the 550.000 street improvcmeul and 510.000 water works s>-stem
bonds V. 111. i>. 217 carrie<l 206 to 63 votes.
BOND S.ALE. The
(P. O. Holbrooke Ariz.
NAVAJO
Bankers Trust Co. of Denver has purcliasi-d $150,000 6% road bonds.
—
MURRAY
—
Due from
—
COUNTY
—
1931 to 1910, incl.
NETTLE CREEK SCHOOL TOWNSHIP (P. O. Losantvillen Randolph County, Ind. BOND OFFERING. — Daniel E. Johnson. Town.ship
Trustee, will receive propos.nls inuil 1 p. m. .\ug. 26 for S7..600 6"^- couiKin
schoolhouso repair bonds. Denom. 5600. Date .Vug. 26 1920. I'rin. and
semi-ann. int. (J. & J.) payable at the Farmers Bank of LosantviUe. Due
THE CHRONICLE
716
$500 each
sLx
months from July
1921 to July
1
1928, incl.
1
Cert, check
for S500. payable to the Trustee, required.
—
TEMPORARY LOAN.
Bristol County, Mass.
A temporary loan of $250,000, dated July 28 and maturing Nov. 5 1920,
has been awarded, it is stated, to Solomon Bros. & Hutzler, of Boston,
NEW BEDFORD,
on a
6%
basis.
NEW CASTLE SCHOOL DISTRICT
—
(P.
O.
New
Lawrence
Castle),
County, Pa. BOXD SALE. On Aug. 10 Frazier & Co. and M. M.
Freeman & Co. were awarded, for 8303,851, equal to 101.284, a basis of
5^%
19i2-year (aver.) coupon (with privilege
about 5.89%, the S300.000
of registration) school-building bonds described in V. Ill, p. 314.
Date
July 1 1920. Due S30.000 yearly on July 1 from 1935 to 1944, Incl. The
bidders were:
First Nat. Bk. Sharon; LawHolmes. Bulkley & Wardrop
renceS.&T. Co., New Carand Harris, Forbes & Co-.?303.057
lisle, andLyon.Singer&Co. $301, 818
National City Co
302.037
Ftazier & Co. and M. M.
Glover & MacGregor and
Freeman & Co
Geo. G. Appelgate
303,851
300,525
A. B. Leach & Co
300.000
.
NORTH BEND,
Dodge County, Neb.
BOND SALE. — During
July
-513,500 6^0 pacing district bonds were sold at par to the State of Nebra-ska.
Date. June 1 1920. Due, June 1 1940, optional at any time.
NORTH POV/DER,
LAR.
Union County, Ore.
LEGALITY HELD REGU-
—The Attorney General has held $30,000 water bonds regular as to
legality.
OCALA, Marion County,
BOND OFFERING.— T>. W.
Fla.
Davis,
Chairman of the Sinking Fund Commission, will receive proposals until
10 a. m. Sept. 8 for 350.000 5% lC-20-year coupon street-impt. bonds.
Denom. .SI .000. Date Oct. 1 1920. Prin. and semi-ann. int. payable at
the office of E. J. Crook, Secretary-Treasurer of the Sinking Fund ComCertified check for 5% required.
mission.
OKALOOSA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
—
9,
BOND OFFERING. Until Aug. 20 bids wiU be received by the
Superintendent of the Board of Public Instruction (P. O. Crestview) for
S8.000 6% 30-year school bonds, it is stated. Denom. $1,000.
Fla.
OLD FORT RURAL SCHOOL DISTRICT
County, Ohio.— BOND SALE.— The $10,000
—
—
(P.
6%
O. Old Fort), Seneca
school building bonds,
June 7 V. 110, p. 241.3 ^have been .sold, it is stated, to the
Commercial National Bank, of Tiffin. Date Mar. 15 1920. Due $500 each
six months from Mar. 15 1925 to Sept. 15 1934, incl.
offered on
OMAHA SCHOOL
DISTRICT
O. Omaha), Douglas County,
Neb. NOTE OFFERING. Sealed proposals will be received until 6 p. m.
Aug. 23 by W. T. Bourke, Secretary Board of Education, for $1,000,000
6% 1-year coupon promissory notes. Denom. $500 or such multiple
Date Sept. 1 1920.
thereof as shall be requested by the successful bidder.
Prin. and semi-ann. int. payable in gold at the office of the County TreaDue Sept. 1 1921. Proposals must be accompanied by a certified
surer.
or cashier's check on a national bank, made payable to the School District
of Omaha, for 2% of the bid and such proposal must be without condition
except only that the said $1,000,000 is less than 75% of the unexpended
balance of the levy made in Aug. 1920. The district will furnish the
opinion of "Wood & Oakley of Chicago approving the validity of said notes
and the legality of the proceedings leading up to their issue and the sale
The above notes are issued under and by authority of an act of the
t hereof.
"An act to authorize and
Legislature of the State of Nebraska, entitled:
empower school districts in cities of the metropolitan class to borrow money,
deliver their iiromissory notes in evidence thereof, and
and to execute and
regulating their manner of payment and declaring an emergency, being
Chapter 245 of the Laws of Nebraska, approved March 7 1919."
OREGON
—
(State of).
(P.
BOND OFFERING. — Sealed bids will be received
m. Aug. 24 by Roy A. Klein, Secretary of the State Highway
Commission (P. O. Room 520 Multnomah County Court House, Portland)
for $1 .500.000 4 J^ % gold highway bonds. Denom. $1 ,000, except that each
thirty-eighth bond will be issued in denom. of $500. Date Aug. 1 1920.
Prin. and semi-ann. int. (A. & O) payable at the office of the State Treasurer
or at the office of the Fiscal Agent of the State of Oregon in New York City.
Due $37,500 on April 1 and Oct. 1 each year from 1925 to 1944 incl. Cert.
until 11 a.
5%
of the amount of bid, payable to the State Highway Commission, required. The bonds will be printed, executed and ready for delivery about Sept. 1 1920. The legality of this issue of bonds has been
passed upon by Storey, Thorndike, Palmer & Dodge of Boston and an
approving opinion will be furnished to the successful bidder. Total Bonded
Debt (including this issue), $16,243,750. The assessed valuation of the
State of Oregon for the year ending Dec. 31 1919, was $990,435,472. This
valuation represents about 65% of the wealth of the State. The State may
bond itself to the amount of 2
of its assessed valuation for Rural Credit
Farm Loan purposes and the constitutional limit for State road purposes
is
of its assessed valuation. The population of the State is estimated to
check for
%
4%
ORLAND, Glenn
be 900,000.
County, Calif.—BOiVD
ELECTION.— It
is
re^
ported that the City Trustees on Aug. 4 voted to call a bond election for
$20,000 to install an auxiliary pumping plant and to make such other improvements as are necessary in the local plant.
PALMER FIRE DISTRICT (P. O. Palmer), Hampden County,
Mass.—DISTRICT VOTES TO BUY WATER CO.—At a special citizens'
meeting held Aug. 3, it was voted that the district buy the Palmer Water
Co., the purchase price to be $107,000. It is provided that the district
assume the company's bonded debt of $30,000, and that the remainder of
the purchase price, $77,000, be raised by a bond issue, to bear Interest at
5K%,
free of tax.
PASSAIC COUNTY
Aug. 1 1 Harris, Forbes &
(P. O. Paterson), N. J.— BOND SALE.— On
Co. of New York, offering $306,826 60 for $306,000 bonds, equal to 100.27, which is on a basis of about 5.94%, were awarded
the issue of 6% gold coupon (with privilege of registration) road and bridge
Denom. $1,000. Date Aug. 1 1920. Prm. and semi-ann. int.
bonds.
(F. & A.) payable at the First National Bank, of Paterson.
Due $156,000
Aug. 1 1925 and $150,000 Aug. 1, 1926.
.
,
PAYSON, Utah County, Utah. BOND ELECTION.—An election has
been called to vote upon issuing $25,000 funding bonds.
PEABODY, Essex County, Mass. BOND SALE.—On Aug. 11 the
$100,000 5J^ % 1-10-year serial tax-free coupon street-paving bonds, offered
on that date V. 111. p. 616 were awarded, it is stated, to Estabrook &
Co. of Boston at 102 09. a basis of about 5.05%. Date Aug. 1 1920.
Due $10,000 yearly on Aug. 1 from 1921 to 1930, tncl.
PENNINGTON COUNTY (P. O. Rapid City), So. Vali.— BOND
ELECTION. An issue of $500,000 court house bonds may be submitted to
the voters at the election in November, it is reported.
—
—
—
PIERCE COUNTY SCHOOL DISTRICT NO. 324, Wash.—BOA'D
OFFERING.- Sealed bids will be received until 10 a. m. Aug. 21 by William
Turner, County Treasurer, (P. O. Tacoma) for $5,500 school bonds at
not exceeding 6% interest, it is reported. Denom. $500, or any multiples
thereof,.
Due as follows: $500, 1922 and $1 ,000, 1923 to 1927, incl.
—
PIERCEVILLE RURAL HIGH SCHOOL DISTRICT
ville),
Finney County, Kans.
Wichita has purchased .$15,000
6%
BOND SALE. — Vernon
high school
tildg.
O. PierceH. Branch of
(P.
bonds,
is it
reported.
PINAL COUNTY SCHOOL DISTRICT NO. 4 (P. O. Casa Grande),
Ariz.—BOA'D ELECTION.— On Aug. 23 $5,000 6% 20-year school bulid-
bonds wiU be voted upon. J. E. Miles, Clerk.
PITCAIRN, Allegheny County, Pa.—BOiVD SALE.—On Aug. 6 the
$30,000 514% 17M-year (aver.) tax-free coupon bonds described in V. Ill,
p. 314, were sold to Holmes, Bulkley & Wardrop, for $30,377
the price
thus being 101.257, which is on a basis of about 5.39%,.
Date Aug. 1
Due $5,000 on Aug. 1 in 1925, 1930, 1935. 1940, 1945 and 1950.
1920.
Lng
—
A
complete list of the bidders follows:
Holmes, Bulkley & Wardrop. $30, .377 Frazier & Co
.$30,000
Lyon, Singer & Co
30,0511
PITTSFIELD, Berkshire County, Mass. LOAN OFFERING.
It IS reported that proposals for the purchase at discount of a temporary
loan of $100,000, dated Aug. 18, and maturing Dec, 17, 1920, will be
received until 11 a. m. Aug. 18 by the City Treasurer.
—
T>?JH6,9FT^X?i'LE, Eldorado County, Calif.— BOND ORDINANCE
iA I UODL LED. An ordinance providing for the issuance of $30,000 in 5%
dO-year bonds for a municipal water system was introduced at a recent
meetmg of the Board of City Trustees.
—
[VOB. 111.
POLK?COUNTYT(P.S^O. Crookston), Minn.—DESCBIPTIOJV OF
BONDS. The two issues of 6% bonds, aggregating $310,000 awarded on
—
—
July 13 as reported in V. Ill, p. 314 are described as follows:
$210,000 ditch bonds. Due yearly on July 15 from 1922 to 1940
100,000 road bonds. Due July 15 1930.
Date JiUy 15 1920.
Financial Statement.
Assessed valuation, 1919
Total bonded debt, Including this issue (3.3%)
Population,
1920
-
incl.
$25,059,744
836.500
36.419
POPE COUNTY (P. O. Glenwood), Minn.— DESCRIPT/OJV OF
— Fiu-ther details are hand relative to the sale of the $60,000
6% tax-free road bonds awarded on July 12 to the Minneapolis Trust Co.
of Minneapolis at par —-V. Ill, p. 616. — Denom. $1,000.
Date Jtme 1
1920. Prin. and semi-ann. int. (J. & D.) payable at the Minneapolis
BONDS.
Due June
Trust Co., Minneapolis.
1 1925.
Financial Statement.
Actual valuation estimated
Assessed valuation, 1918
.
Total bonded debt including this issue
Population, 1920 estimated
$24 ,000,000
*.
,
9,741,000
163,000
16,000
PORTALES, Roosevelt County, N. ^/lex.^BONDS NOT SOLD.—
No sale was made on June 26 of an issue of $35,000 6% 20-30 year (opt.)
water bonds.
Apparently the report in V.
was
1 1 1
p. 218, stating that the
,
above were sold,
incorrect.
RED RIVER COUNTY LEVEE DISTRICT NO.
BONDS VOTED. — An issue of $100,000 Q%
Tex.
voted
in addition to
$100,000 already favored by
O. Clarksville),
levee bonds has been
the people.
1 (P.
RICHLAND COUNTY
(P. O. Mansfield), Ohio.— BOiVD SALE.—
On JiUy 30 an issue of $16,318 70 6% Matisfield-Miller.sburg Road impt.
bonds was sold to the Farmers & Merchants Bank, of Lucas, at par.
Date Aug. 15 1920. Prin. and semi-ann.
Denom. $1,000 & $1,318 70.
int. (J. & J.) payable at the County Treasury.
Due one bond each six
months from AprO 1 1922 to Oct. 1 1929, incl.
RICHMOND, Contra Costa County, Calif.—COBBECTIOiV.—The
warehouse bonds which are to be voted upon Sept. 28, amount to $150,000
(not $100,000 as reported in V. Ill, p. 518).
RICHMOND SCHOOL DISTRICT,
Contra Costa County,
Calif.
$.565,000 514% school bonds
V. Ill, p. 413 are still on the market.
BONDS STILL ON THE MARKET. — The
recently offered unsuccessfully
ROANE COUNTY
—
—
—
O. Spencer), W. Va.— AO BIDS RECEIVED.
No bids were received on Aug. 10 for the $67,000 5K % 2-30 year serial
Reedy Road District bonds V. Ill, p. 315.
(P.
—
—
Essex County, Mass. BOND SALE. Harris. Forbes & Co.,
of Boston, on Aug. 11 were awarded at their bid of 100.13, which is on a
basis of about 5.45%, an issue of $60,000 5!^% coupon tax-free paving
bonds. Denom. $1,000. Date June 1 1920. Prin. and semi-ann. int.
Due
(J. & J.), payable at the Merchants National Bank, of Boston.
$12,000 yearly on June 1 from 1921 to 1925. incl.
SALEM,
SALMON, Lemhi County,
BOND ELECTION. — An
Ida.
$25,000 bonds to purchase water rights
is
issue of
to be voted uopn soon.
SANDUSKY CITY SCHOOL DISTRICT (P. O. Sandusky), Erie
County, Ohio. BOND OFFERING. Proposals will be received imtil
12 m. Aug. 27, by Alice Baumeister, Clerk of Board of Education, for
$27,000 6% heating -plant bonds. Denom. $1,000. Date day of sale.
Due .$3,000 yearly on Aug. 27 from 1921 to 1929, incl.
Int. semi-ann.
Cert, check on a solvent bank for 1% of amount of bonds bid for, payable
Purchaser to pay accrued interest.
to the Board of Education, required.
A like amount of bonds, bearing 5!lj% interest, was reported as sold in
—
V. Ill, p. 218.
COUNTY
SCHOOL DISTRICT NO. 18 (P. O. FarmingSAN JUAN
ton), N. M.—BOND OFFERING.— On Aug. 21 at 3 p. m. $10,000 6%
Denom. $500. A. B. McClure, Clerk.
school bonds will be offered for sale.
SAVANNAH,
Tenn.-BOND OFFERING.— On
6% school impt. bonds by L. K.
County,
Hardin
Sept. 8 bids will be received for $25,000
Freetnan, Mayor. Int. annually.
A deposit of 10% of bid, required.
Due
$1,250 annually for 20 years.
SCHUYLKILL COUNTY (P.O. Pottsville), Pa.— BOND OFFERING.—
John E. Schlottman, County Controller, will receive bids imtU 11:30 a. m.
Aug. 30 for the following 5)4% coupon county bonds:
$700,000 highway bonds. Denom. 80 for $5,000, 200 for $1,000 and
200 for .$500. Int. J. & J. Due JvUy 1 1950, optional July 1 1930.
271,000 bridge bonds. Denom. 40 for $5,000, 50 for $1,000, and 42 for
Due Sept. 1 1950, optional Sept.
Int. M. & S.
$500.
Cert, check for 10% of amount of bonds bid for, required.
SHAW CONSOLIDATED SCHOOL
—
1
1930.
DISTRICT, Bolivar County,
The Mortgage Trust Co., and the National Bank
Miss. BOND SALE.
of Commerce both of St. Louis have purchased $75,000 6% tax-free school
bonds. Denom. $1,000. Date Aug. 1 1920. Prin. and semi-ann. mt.
Due yearly on
(F. & A.), payable at the Hanover National Bank, N. Y.
Aug. 1 as follows: $2,000, 1921 to 1925, incl.; $3,000. 1926 to 1930, incl.,
and .$5,000. 1931 to 1940, incl.
Financial Statement.
$7,878,468
Estimated actual value of taxable property
1.969,617
Assessed value of taxable property
150,000
Total bonded debt
9,220
Estimated population
SHERIDAN
SCHOOL DISTRICT NO. 55 (f. O. Raymond), Mont. BOND OFFERING. It is reported that on Sept. 10 bids
will be received by the District Clerk, for .$4,800 10-20 year (opt.) school
bonds at not exceeding 6% interest. Denoms. 4 for $1 ,000 and 1 for $800.
COUNTY
—
SNOHOMISH COUNTY SCHOOL DISTRICT NO. 30, Wash.
BOND OFFERIN^G. — Proposals will be received, it is reported, by D. Carl
Pearson, County Treasurer (P. O. Everett), for $60,000 school bonds at not
exceeding 6% interest imtil 2 p. m. Aug. 18. Denom. $1,000. Due
$4,000 yearly from 1921 to 1935, incl. optional after 1925.
$600, payable to the County Treasm-er, required.
,
Cert, check for
SPRINGFIELD, Clark County, Ohio.— BOiVDS OFFERED BY SINK-
—
FUND
ING
TRUSTEES. C. F. Moorehead, Secretary of Sinkrog Ftmd
Trustees, informs that the Trustees are offering for sale the following bonds
of the City of Springfield, for which proposals will be received until 11:30
m. Aug.
a.
$6,700
5%
17:
city share street impt. bonds.
Int. M. & S.
1 1919.
Date Sept.
5^%
Denom.
Due
1
Sept.
for .$700, 6 for $500.
1 1924.
storm water sewer bonds. Denom. 1 for $450 and 30 for
$500.
Date March 1 1920. Int. M. & S. Due $1,500 yearly from
March 1 1921 to 1929. incl.; and $1,950 March 1 1930.
city share street impt. bonds.
Denom. 1 for $550 and 4 for
2.550 53^%
15,450
$500. Int. M. & S. Due March 1 1928.
Cert, check for 5% of amount of bonds bid for. required.
delivered and paid for within 10 days from date of award.
STERLING, Logan County,
was made of $100,000
6%
Colo.
Bonds to be
BONDS NOT SOLD. —No
sale
storm sewer and $300,000 to $347,000 street
paving bonds recently offered.
STILLWATER COUNTY SCHOOL DISTRICT NO. 10
Mont. BOND OFFERING.—On Aug. 21. $2,000 6%
City),
will be offered for sale.
S. E. Kunkle, Clerk.
Denom.
$100.
(P.
O. Park
school bonds
Cert, check of $200, required.
SUPERIOR, Nuckolls County, Neb.— BOA^D SALE.—This city sold
$2,594 90 5)-i% paving district bonds during July at par to the State of
Nebraska. Date May 1 1920. Due May 1 1940. Optional at any time.
SWAINSBORO, Emanuel County, Ga.—BOA^D S.4LB.—The Robinson-Humphrey Co. of Atlanta has piu-chased and is now offering to investors
at a price to yield 514% interest the $75 ,000 water works and sewerage bonds
mentioned in V. 110. p. 2698. Denom. $1,000. Date May 1 1920.
Int. M. & N.
Prin. and interest payable in New York.
TAYLORS FALLS,
F.
W.
S.
Hobart,
untU8p. m. Aug.
Town
23.
Chisago County, Minn.— BOA'D OFFERING.—
6%
bonds
Clerk, will receive proposals for $10,000
Int. annually.
$1,000. Date JiilylH1920.
Denom.
—
—
—
Aug. 14
—
THE CHRONICLE
1920.]
$1,000 yearly on Dec. 1 from 1921 to 1930 Incl.
payable to the village of Taylors Falls, required.
Due
THURSTON COUNTY SCHOOL DISTRICT
—This
State of Nebraslva.
SALE.
any
district sold
interest
Date
17,
Neh.—BOND
5k>%
paying date after 5 years.
BONDS DEFEATED. —At
TOLEDO, Lucas County,
Aug. 10 primaries
NO.
funding bonds during July to the
15 1919. Due May 15 1939, optional at
$15,000
May
Cert, check for $300
Ohio.
—V. Ill, 414— the people defeated
bonds to acquire a transportation system.
p.
the
the proposals
The
$3,000,000 issue lost by a vote of 12,468 "against" to 8,534 "for," while a vote of
issue.
11,343 "against" to 7,901 "for" was cast against the $4,000,000
to issue $7,000,000
TUNICA COUNTY (P. O. Tunica), Miss.—BOA^D SALE.—This
county sold $200,000 road bonds to J. B. Tigrett&Co., at par, it is reported.
TUSCARAWAS TOWNSHIP SCHOOL DISTRICT (P. O. Massillon),
Stark County, Ohio. -NO BIDDERS. There were no bidders for the
$12,000 6% 1-6 year serial school bonds offered on Aug. 7 V. Ill, p. 518.
UNION COUNTY (P. O. Monroe), No. Caro.—BOND OFFERING.—
M. C. Long, Clerk Board of County Commissioners, will receive sealed
Denom.
proposals for $150,000 6% road and bridge bonds until Sept. 6.
Date Sept. 1 1920. Prtn. and semi-ann. int. payable at the
$1,000.
National Park Bank, N. Y. Due $5,000 yearly on Sept. 1 from 1921 to
1950 incl. Cert, check or cash on an Incorporated bank or trust company
The successful bidder will
for 2% of the amount of bonds bid for, required.
be furnished with the opinion of Reed, Dougherty & Hoyt of N. Y. that
the bonds are valid obligations of Union County and the bonds will be
printed under the supervision of the U. 8. Mtge. & Trust Co. of N. Y.
which will certify as to the geuumeness of the signatm-es and the seal on
—
UNION TOWNSHIP SCHOOL DISTRICT (P. O. Union), Union
County, N. J. BOND OFFERING. — On Aug. 23 at 8 p. m., proposals
are to be received by Chas. C. Mitchell, District Clerk for an issue of
$18,000 5H % coupon school bonds. Denom. $500. Date Oct. 1 1920.
Int. A. & O.
Due $1,000 yearly on Oct. 1 from 1921 to 1929, Incl.; and
$1,500 yearly on Oct. 1 from 1930 to 1935, incl. Cert, check for 2% of
amoxmt of bonds bid
for,
6%
coupon school bonds, offered on Aug.
— V.
6.
111.
p. 414.
VIVIAN, Caddo Parish, La.— BOND OFFERING.— On
be received by P. B. Rieves,
street impt. bonds, it is stated.
p.
m. bids
will
Town
Sept. 7 at 8
Clerk, for $34,000 5%
VISTA DEL RIO DRAINAGE DISTRICT (P. O. Phoenix), Maricopa
County, Ariz. BONDS VOTED. Canal drainage bonds to the amount
of $75,000 have been voted.
WABASH COUNTY (P. O. Wabash), Ind.—BOND OFFERING.—
Valentine Freising, County Treasurer, will receive proposals until 5 p. m.
—
Aug. 16
months from
for the following
414% road
bonds:
May
15 1921 to Nov. i5 ^930, incl.
WABASH COUNTY
(P. O. Wabash), Ind.—A'O BIDS.- No bids were
6% bridge bonds offered on Aug. 6—V. Ill p. 316,
WADSWORTH VILLAGE SCHOOL DISTRICT (P. O. Wadsworth).
Medina County, Ohio. NO BIDS. — As there vrce no bids for the issue,
the $40,000 6% Central School Bldg. heating plant impt. bonds, offered
received for the $12,000
on Aug. 7 and described
,
V. Ill, p. 414, were not sold.
in
WALLOWA COUNTY
without success on
until
.July 7
market conditions
Ore.—BO-VDS NOT TO
O. Enterprise),
(P.
BE RE-OFFERED AT PRESENT.—The
— V. Ill,
improved.
WASHINGTON COUNTY
—
(P.
p.
5% road bonds offered
not be re-offered for sale
.$100,000
414
—
^will
O. Hagerstown),
Md.— BONDS RE-
OFFERED.- -It is reported that the County Commissioners are re-advertising for sale the $40,000 5-24 year serial Hancock School and 5490,000
10-29 year serial school and road impt. tax-free coupon bonds, offered
unsuccessfully as 5s on June 22 -V. Ill, p. 112.
Proposals are to be
opened on Aug. 18. Date July 1 1920. The original issue of school and
road impt. bonds, amounted to $500,000, maturing $25,000 yearly on
July 1 from 1930 to 1949, incl. Of this amount $10,000 were disposed of
at 98, as already reported by us, thus leaving the $490,000 now offered.
—
WAVERLY INDEPENDENT CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. O. Waverly), Codington County, So. Dak.—BOA^Z>
OFFERING. — It is reported that .$100,000 school budding bonds at not
exceeding 7% interest will be offered for sale on Aug. 18. Proposals for
these bonds will be received iintil 8.30 p. m. on that day by M. L. Anthony,
Secretary Board of Education.
Date Aug. 1 1920. Prin. and semi-ann.
payable at the office of the Wells-Dickey Trust Co., Minneapolis.
Due yearly on Aug. 1 as follows: $5,000 1923 to 1939 incl., and $15,000
1940.
Cert, check for 10% of the amount of bonds bid for paj-able to the
School District, required.
int.
payable to the Board of Education, required.
VAN BUREN TOWNSHIP (P. O.Knightsville), Clay County, Ind.—
NO BIDDERS. —There were no bidders for the $58,000 School Twn. and
$52,000 Civil Twp.
$15,500 O. L. Hayes, Waltz Twp. bonds. Denom. $775.
16,000 James Endsley, Lagro Twp. bonds. Denom. .S800.
26,520 J. S. Crow et al, Liberty Twp. bonds. Denom. $663.
25,500 J. F. Ogan et al. Liberty & Waltz Twps. bonds. Denom. 3637 50.
Date Apr. 15 1920. Int. M. & N. Due one bond of each issue each six
—
the bonds.
717
COUNTY
WELLS
(P. O. Bluffton). Ind.— BOND OFFERING.—
O. E. Lesh, County Treasurer, will receive bids until Aug. 20 for $12,000
4}'2 % Jefferson Twp. Fred Gallmeier county line road impt. bonds. Denom.
$600. Date, Aug. 15 1920. Prin. and semi-ann. int. (M. & N.) payable
at the National City Bank of New York. Due $600 each six months from
May 15 ^921 to Nov. 15 1930, incl.
WESTMORELAND SCHOOL DISTRICT. Imperial County, Calif.—
NO BIDS SUBMITTED. On Aug. 2, no bias were submitted tor the $50.000 6% bonds.— V. Ill, p. 414.
—
WHATCOM COUNTY SCHOOL DISTRICT
NO. 19, Wash.— BOATD
3 purchased the $4,000
— The State of Wash ngton on Aug.
school bonds — V. Ill, p. 518 — at par.
SALE.
5M%
NEW LOANS
NEW LOANS
NEW LOANS
WANTED
$2,400,000
$60,000
Pennsylvania
Tax Free
TERRITORY OF HAWAII TOWN OF BROWNING,
GLACIER
Public Improvement Bonds, 43^^ Per
Cent, 1920 Issue, Gold, Tax-
Municipals
Free,
Coupon, Continuous
NOTICE OF SALE
of Sixty Thousand Dollars
($60,000) of "General Obligation Water
Bonds" of the Town of Browning, Glacier
104
Sealed proposals will be received for all or any
part of $2,400,000 Territory of Hawaii Public
Improvement Bonds of $1,000 denomination,
dated September 15, 1920, payable September 15,
1950, redeemable on or after September 15, 1940,
coupon form with privilege of registration as to
principal, annual interest 4}^ per cent, payable
semi-annually March J5th and September 15th,
principal and Interest payable In Honolulu,
Hawaii, or New York City, at option of holder.
& Henry
South Fifth Street
PHILADELPHIA
New York
Canal 8347-8-9
Telephone,
$150,000
J. Watelr
Bayonne, N.
Due Apr.
1926, to return
1,
5^8
6.65%
$45,000
Hoboken, N.
Due Juao
M. M.
iai
1,
J., Sewer 6s
1926, to return 5.65%
FREEMAN PhiUdelphU
& CO.
Tdephoae. Lombard 710
AMERICAN MFG
CO)
If bidder defaults in purchase.
Delivery will be made at United States Mortgage & Trust Company, New York City, unless
otherwise agreed, or at option of purcnaser at the
office of the Treasurer at Honolulu, at agreed date.
Bids WiU be received at United States Mort^
gage & Trust Company, 55 Cedar Street, New
York City, until 2 P. M. AUGUST 25, and at
the office of Territorial Treasurer, Honolulu,
Hawaii, untU 9 A. M. AUGUST 26, thereby
closing reception practically simultaneously in
New York and Honolulu
No bid received after
times stated will be
considered.
Bids must bo enclosed in an envelope marked
"Proposal for 4 34 per cent Territory of Hawaii,
20-30-Year Public Improvement Bonds, 1920
Issue," to be enclosed in a second envelope
addressed to the Treasurer of the Tcn-itory of
Hawaii. Envelopes and forms with pamphlet
CORDAGE
MANILA, SISAU iUTE
County; Montana.
Notice is hereby given that the Town of BrownMontana, will, on the 3RD DAY OF SEPTEMBER, 1920, at the hour of Eight O'clock
P
at the Counc i 1 Rooms of the Town Council
of said Town, in the Town of Browning, Glacier
County, Montana, sell at public auction to the
highest bidder for cash one nundred twenty (120)
coupon "General Obligation Water Bonds" of the
denomination of Five Hundred Dollars (.S500)
United States Mortgage & Trust Company of
New York have prepared and will certify the each. Said bonds to bear interest at the rate of
bonds, and the approving opinion of John C. six per cent (6%) per annum, payable semiThomson, Esq.. of New York City, wiU Be fur- annually on the first days of January and July of
Such each year. Said bonds to bear date of December
nished to successful bidder or bidders.
opinion will also state that said bonds are exempt 1st. 1920, to become payable twenty (20) years
from taxation by any State or municipal or from date and redeemable in their numerical
poUtical subdivision thereof, the same as bonds order, annually, conmiencing December 1st,
or other obligations or securities of the United 1931; the principal and interest payable at the
office of the Town Treasurer of said To->vn or at
States.
Bids must be accompanied by certified check the option of the holder at some bank in New
to order of Treasurer, Territory of Hawaii, for York City to be designated by the said Town
two per cent of par value of bonds bid for, the Treasurer. Each bidder is required to deposit a
same to be collected and retained as liquidated check fully certified by some duly authorized
damages
ChMtnut StTMt
MONTANA,
General Obligation Water Bonds
Free Registration.
Biddle
CO.,
fully describing these
bonds furnished upon
ing,
.
M
. ,
bank in the sum of Two Thousand Dollars
(S2,000)
payable to the Town Treasurer of said town, as a
guaranty that he will take up and pay for said
bonds as soon as the same are signed and ready
for delivery.
That the Council hereby reserves
the right to reject any bids. Bidders shall
satisfy themselves as to the l^ality of the bonds
before bidding.
Said bonds are
known
as "General Obligation
Water Bonds" and are issued for the purpose of
installing a Town Water Works System.
A complete transcript of all the proceedings, touching
the issue of said bonds will be furnished by the
undersigned upon application by letter or wire.
Dated July 24th, 1920.
By order of the Town Council of the Town of
Browning,
Montana.
A.
M.
S.
LANNON.
Town
Olerk.
ro-
quist.
The
•otol*
«k
W«*t StNata. BrevUyn, N. V.
Ctuv
right is reserved to reject any and all bids.
For further information apply to undersigned,
care United States Mortgage & Trust Company,
New York
1919
Numbers Wanted
J»Duar:F 16
July 1V»
August 2
Septembur 13
S«pt«;nil>or 20
1
BANK & QUOTATION SECTION
May
July
RAILWAY EARNINGS SECTION
January
Fcbruarv
ELECTRIC RAILWAY SECTION
March
DELBERT
\drian H. Mullci
&
Sod
AUCTIONEERS
MUNICIPAL BONDS
Beptienibur
JanoBry
E. METZGER,
Treasurer, Territory of Hawaii.
1919
CHRONICLES
JanuarF 4
Nov«D>b4a-
City.
Underwriting and distributing entire Uau**
County, School District and Road
of City,
District
Bonds of Texas.
and offerings solicited.
Dealer's inquiries
Circular 3 on Bequest.
OPPICB
No. • WILLIAM STRBIT
Com«r Ptaa Street
Regular Weekly Sales
o*
STOCKS
and
BONDi
EVERY WEDNESDAY
At thm Bxrhanse S«l«s RooaM
1«-1«
VMM
Street
THE CHRONICLE
718
WINDSOR SCHOOL DISTRICT (P.
—BOXD SALE. —ilerril, Oldham &
O. Windsor), Windsor County,
Co. of Boston were the successful
bidders at 91.57. a basis of about 5.55%. for the $60,000 4i4% 5-19 year
V. 111. p. 518. Date Aug. 1 1920.
serial school bonds, offered on Aug. 9
Int. F. & A. Due S4,000 j'early on Aug. 1 from 1925 to 1939, Incl.
Vt
—
WINSTON-SALEM, Forsyth County, No. Caro. BOND OFFERING.
Aug. 18, it
by W.
— Bids mil be received until 12 m.serial street is stated, Denoni.H. Holcomb,
bonds.
City Secretary, for 8301,000 6%
$1,000.
WINNETT, Fergus County, Mont.— BOiVD SALE. — On Aug. 2,
6% 15-20 year (opt.)
water bonds, dated Dec. 1 1919 V. Ill, p. 112 at public auction to the
First National Bank of Lewistown at par and interest.
COUNTY (P. O. Grand Rapids), V/isc— BONDS BEING
SOLD TO LOCAL INVESTORS. The .$200,000 5% road bonds offered
V. Ill, p. 414 are being sold to local in\vithout success on July 20
vestors. The amount of bonds sold to date is $10,000.
Nick Langshausen, To\vn Clerk, sold the $35,000
—
WOOD
—
— —
'
—
WOODRUFF. Spartan sburg County, So. Caro. BOND OFFERING,
Sealed bids will be i-eceived ou Aue. 26 at 3 p. m. by W. H. Shanklin
To^-n Clerk and Treasurer, for $47,500 SJa % 20-40 year (opt.) street and
sidewalk impt. bonds. Date July 1 1920.
Int. seml-ann.
—
YAKIMA COUNTY SCHOOL DISTRICT NO.
OFFERING.
Yaldma).
—
6%
YAMHILL COUNTY (P. O.
AS YET. — No date has yet been
ceeding
26,
Until 10 a. m. Aug. 14 J. F. Peters, Coimty
will receive bids, it is stated, for $6,000 school
interest.
road bonus.
—V.
CANADA,
McMinnville),
Wash.— BO AZ;
Treasurer (P
.
O.
bonds at not ex-
Ore.—ATO DATE SET
fixed for the re-offering of the $420,000
Ill, p. 414.
and
Provinces
its
Municipalities.
—
BRITISH COLUMBIA
(Province of)—DEBENTURE SALE. The
"Toronto Globe" reports that the province has disposed of an issue of
$3,000,000 6% 5-j'ear debentures, the purchasers being the Seattle National
Bank. Blj-th. Witter & Co. the British-North American Bond Corporation,
the Royal Financial Corporation, and Gillespie. Hart & Todd, who submitted a joint bid of 98.91 which is on a basis of about 6.26%
,
,
EAST SANDWICH TOWNSHIP, Ont.—DEBENTURE
Wood, Gundy & Co.,
reports, $42,094.84
SALE.—
of Toronto, have piu-chased at 94.33, according to
15-installment debentures.
6%
LETHBRIDGE, Alt.—DEBENTURES WILL BE RE-PURCHASED
BY CITY. — We learn from City Treasurer T. H. Fleetwood that the City
is prepared to re-purchase $70,000 of the City's debentures maturing in
June 1921 being part of an issue of $112,000, of which .$42,000 have already
been bought in by the City.
.
MEDICINE HAT, A\ta.—DEBENTURES OFFERED BY BANKERS.—
Aemilius Jar vis & Co. and Hausser, Wood & Co., of Toronto, are offering
to inve.stors at a price to yield 7%. the $55,000 6% 10-year debentures.
[Vol. 111.
by them. Prin. and semi-ann. int. (J. &
Medicine Hat, Montreal, or Toronto. Due July 1, 1930.
recently purchased
at
ONTARIO COUNTY, Ont.—DEBENTURES
J.)
payable
PROPOSED —News-
papers report that the County Council is considering the issuance of
000 road and bridge debentures.
It is further stated that a temporary loan of $12,000 was authorized.
OUTREMONT CATHOLIC SCHOOL BOARD
Que.
(P.O. Outremont).
—
DEBENTURE
.$50 -
SALE. It is reported that a syndicate composed of
Versailles-Vidricaire-Boulais. Ltd. Le Credit Canadien. Incorp. Beausoleil
Ltd., and L. G. Beaubien & Co., has purchased at 97, a basis of about
6.75%), an issue of .$400,000
5-year debentures, the funds to be usea in
pajnnent of a $335,000 debenture issue, matiu-ing in New York and to
consolidate the floating debt.
Date Mar. 1 1920. Prin. and interest
,
,
6%
payable in Montreal and
New
York.
PARRY SOUND, Ont.—DEBENTURE OFFERING.—J.
Town
D. Broughton
Clerk-Treasiu-er. is receiving proposals today (Aug. 14) for $75,000
30-year installment hydro power plant development debentures. Int.
Debenture debt, $374,878. Assessed value, $2,245,392.
F. & A.
6%
—
QUEBEC (Province of)— DEBENTURES DISPOSED OF IN PART
The "Monetary Times" of Toronto publishes a .statement by P>rovincial
W. G.
Treasurer
Mitchell, to the effect that the $5,000,000 debenture
issue, offered unsuccessfully on April 20— V. Ill, 1903
was divided into
two blocks of $2,500,000 each, one to mature in 10 years and the other in
5 years, both bearing 6%. The Treasurer further says that $1,000 000
of the 10-year debentures was sold privately, on the condition that the
purchasers would not retail the debentures until the $4,000,000 had been
sold, and that the remaining $4 ,-000, 000 debentures are being offered to the
public at par through the Bank of Montreal, which is working on a commission basis.
—
RENFREW, Ont.—DEBENTURE SALE POSTPONED.— The sale of
the following issues of coupon debentures, which was to have taken place
on July 26 (V. Ill, p. 317) was postponed until Aug. 31, $3,000 5% 23instalhnent, $4,783 5% 30- installment, and $10,200 6% 30-year installment
debentures.
SARNIA, Ont.—DEBENTURE OFFERING.— Ja.mes Woods, City
Treasurer, vrill receive separate tenders untU 5 p. m. Aug. 19 for each of
the following issues of coupon debentures:
864.00 6%, debentures, payable Dec. 31 1920 to 1929, incl.
6,460.00 6%> debentures, payable Dec. 31 1920 to 1939, incl.
debentures, payable Nov. 1 1920 to 1929, incl.
70,000.00
36,615.77 6%, debentures, payable April 1 1921 to 1930, incl.
12,043.76 6% debentures, payable April 1 1921 to 1925. incl.
43,850.06 6% debentures payable April 1 1921 to 1925, incl.
Prin. and interest payable at the City Treasm-er's office.
Debentures
to be delivered and paid for at the Sarnia branch of the Bank of Montreal
5M%
Purchaser to pay accrued interest.
SHERBROOKE, Que.—BIDS REJECTED.—AU bids received for the
5% 5-year debentures, offered on July 26 — V. Ill, p. 415—-were
$392,500
rejected.
FINANCIAL
ENGINEERS
A
STONE
National Bank of Commerce
IN New York
& WEBSTER
INCORPORATED
FINANCE
and public
and conduct an
investment banking business.
industrial
utility properties
DESIGN
steam power stations,
hydro-electric developments,
transmission lines, city and interrailvyays, gas and chemical
plants, industrial plants, warehouses and buildings.
urban
Capital, Surplus
Over
And
Undivided
Profits
CONSTRUCT
designs or from designs of
other engineers or architects.
Million Dollars
Fifty-five
from their
either
own
MANAGE
public utility and in-
companies.
dustrial
REPORT
^^^\
Illinois Trust
La
Salle at
on going concerns,
proposed extensions and new
& Savings Bank
Jackson
*
«
jJ^EWYORK BOSTON CHICAGO
Chicago
Capital and Surplus
projects.
$15,009,000
THE
Pays Interest on Time
Deposits, Current and Reserve
Accounts.^ Deals in Foreign Exchange.
Has on hand
at all times a variety of ex-
cellent securities.
Buys and
J.
G.
sella
Government, Municipal and
Corporation Bonds.
WHITE ENGINEERING
CORPORATION
Transacts a General Trust Business.
Constructof
Sngineera
Approved Investment
—
Issues
active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
and profitable investment.
Bids for and offers of bonds originating in this district
are solicited.
Long and
Mellon National Bank
Pittsburgh
Pennsylvania
Buildings Industrial Units
Public Utilities
Reports
4S
— Valuations— Estimates
EXCHANGE PLACE NEW YORK
MINING ENGINEERS
H, M.
IbIbs
CHANCE
&,
CO,
EBBinaara aad Gaoloclota
COAL AND MINERAL PROPERTY
SsBiBlnied.
KMawtBMIk
Managed, Appraiaa<C
PHILAOKLPH
.
@FedFRASER