Full text of Commercial and Financial Chronicle : August 20, 1921, Vol. 113, No. 2930

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at

The
inm
ni'ttia
V
IN C L U D IN G

Ijranirle

Hank & Quotation Section

Railway & Industrial Section

Electric Railway SecticA

Kailway Earnings Section

Bankers’ Convention Section

State and City Secticw

V O L . 113

S A T U R D A Y , A U G U S T 2 0 , 1921

i/iu iL'hromclc

1

of S u b s c r i p t i o n — Payable

in

1921.

Advance

F or O n e Y e a r ___________ ____________________ ____________________ ______ ____$ 1 0
F or Six M o n t h s _________________
(i
E u ro p e a n S u b s c r ip tio n (in c lu d in g p o s t a g e ) ______________________________ 13
E u ro p e a n S u b s c r ip tio n s ix m o n th s (in c lu d in g p o s t a g e ) _____________
7
C a n a d ia n S u b s c rip tio n (in c lu d in g p o s t a g e ) ______________________________ 11

00
00
50
75
50

N O T I C E .— O n a c c o u n t o f th e f l u c t u a t io n s in th e rates o f e x c h a n g e ,
remittances for Eu rop ean s u b s c r ip tio n s a n d adv ertisem en ts m u s t be made
In New Y o r k fu n d s .

S u b scrip tion in clu d es
B ank and Q uotation ( m on th ly )
R a ilw a y E arnings (monthly)
S t a t e a n d C i t y ( s e mi - a n n u a l l y )

fo llo w in g S u p p lem en ts—
R a i l w a y & I ndustrial (semi-annually)
E le ctric R a i l w a y (semi-annually)
B a n k e r s ’ C o n v e n t i o n (yearly)

T erm s of Ad ve r ti si n g
T r a n s ie n t d is p la y m a tte r per a g a te lin e ___________________________ „_ 4 5 c e n ts
C o n t r a c t a n d C a r d r a t e s ____________________________________________O n r e q u e s t
C h i c a g o O f f i c e — 19 S o u th L a S alle S tr e e t, T e le p h o n e S ta te 5 5 9 4 .
L o n d o n O f f i c e — E d w a r d s & S m ith . I D r a p e r s ’ G a r d e n s . E . C .

W ILLIAM
Front,

B.
Pine

DANA
and

COMPANY,

Deoeyster

Streets.

Pu bl is h er s,
New

York.

Published every S i turd ay morning b y W IL L IA M B . D A N A C O M PA N Y. presi­
dent. Jacob Seibert Jr.; Vice-President, A rnold G . D ana; Business M anager, W iliam
D . Riggs; Secretary, Herbert. D . Seibert.. Address of all. O ffice of the C om pany.

CLEARING HOUSE RETURNS.
T h e follow ing table, m ade up b y telegraph, & c.. Indicates th at the total bank
clearings o f all the clearing houses o f the U nited States for the w eek ending to-d a y
have been S6.026,133,962, against 86,037,107,066 last week and 87,945,044,896
the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending A u g . 20.

Per
Cent.

1921

1920.

New Y o r k ___
C h icago______
Philadelphia _ Boston_______
Kansas C ity -.
St. Louts_____
San Francisco.
Pittsburgh
D e t r o it ______
B a ltim ore ___
New O rlean s..

82,620,200,000
433.715,425
302.000. 000
211,722,808
134,527,240
93,300,000
101.520.000.

83,424,870,872
505,376,469
399,143,258
284,304,071
202,992,590
140,066,689

112 , 000,000
96,826,227
53.727,367
34,367,436

135,511,614
111,715,509
77,084,413
58,659,397

— 23.5
— 14.2
— 24.3
— 25.5
— 33.7
— 33.4
— 12.9
— 17.4
— 13.3
— 30.3
— 41.4

Eleven cities, 5 days.
Other cities, 5 d a y s___

84,193,906,503
897,754,761

85,459,724,882
1,200,004,697

— 23.1
— 32.7

T otal all cities, 5 days.
A ll cities, ! d a y _________

85,004,661,264
1,021,472,698

86,659,729,579
1,285,315,317

-24.9

*

120, 000,000

-

20.6

T ota l all cities for week.
86.026,133,962
87,945,044,896 I — 24.2
* Estim ated.
T h e full d.itiils o f the week covered by the above will be given next Saturday.
W e cannot furnish them to-day, clearings being m ade up b y the clearing houses
at noon on S itu rd a y , and hence in the above the last day of the week has to be in
all case.3 estim ated, as we go to press Friday night.
Detailed figures for the week ending August 13 follow :
Week ending August 13.

Clearings at—
1921.

1920.

8
3
New Y o r k ______ 3,209,530,463 4,080,500,892
Philadelphia
339,000,000
467.902,936
P it t s b u r g h -..
_ *135,640,000
164,197,218
B altim ore04,298,251
97,583,474
B u ffa lo ______
31,342,204
42.744,467
A lb a n y ___
3,500,000
4.559,229
W ashington.
14.916,433
15,769,603
R o ch e ster__ ____
7,055,6010,678,438
Scranton______ .
4,197,499
4,986,508
Syracuse________ .
3,033,911
4,633,477
R e a d in g ______
2,100,000
2,650,000
W ilm ington
2,339,001
2,862,617
2,702,72P
W ilkes Barre
2,821,089
Wheeling
3,311,377
5,304,552
Trenton
3,081,259
3,789,577
Y o rk _____
1.157,081
1.426,168
E rie_______ ____
1,957,075
3,050,581
Chester
1,000,000
1,417,190
( ireon -burg
1,021,93'
1,266,461
Binghamton
991,640
1,359,700
A ltoon a . .
995,222
J, 167,994.
Lancaster
2,278,280
2,814.587
.Montclair
321,882
550,926
Bethlehem 2,070,519
3,767.820
Huntington
1,363,203
1,943,423
8,575,022
I.
mrg
4,000.000
T ota l M iddle
3,842,841,87.* 4,983,778.927

In c. or
D ec.

1919.

1918.

S
S
%
— 21.3 4,568,624,891 3,260,803,846
— 27.6
435,007,724
388,747,727
— 17.4
137,136,741
123,359,088
- 3 4 .1
89,369,353
74,919,144
— 26.7
35,754,620
21,839,571
— 23.2
4,600,537
4,470,611
— 5.5
14,422,185
13,050,145
— 33.9
7,669,482
10,268,982
1.5.8
4,405,342
3,666,659
— 34.5
3,939,810
5,310,877
— 20.7
2,741,067
2,899,362
18.3
4,208,104
3,516,943
2,1
2,000,000
1,970,180
37.6
5,398,900
4,535,738
18.7
3,080,189
2,940,911
18.9
1,529,753
1,334,893
35.8
2.334,672
2,340,139
-2 9 .4
1,461,240
1.863,085
19.4
870,572
1,098,710
-28.6
1.037,900
794,200
14 7
J ,003,731
887,689
19.0
2,700,000
2,495,741
41.0
393,679
386,988
•45,0
-29.9
10.0
22.1 5,333,124,777 3,930,670,130

B o ton
247,558,350/
334,893,321
2 6 .J
Providence.
9,285,30b
12,549,905
-26.0
H artford.
7,32 0,80 J
8,903.351
J7.8
New Haven
5,110,51.7
6,950,000
26.5
Portland
3,000,000
2,850,000
+ 5,3
Springfield
8.417,221
4,456,85;
•23.5
W orce iter
3,890,000
4,581,05)
28.0
Fall R iver
1,288,706
2,013,72'.
36.0
New Bed j oi d
1,862, u;/g
1,886,032
27.8
Lowell
942,186
J,200,000
21.5
H olyoke
650,009
840.000
22.0
1Jangor
700,855
946,819
25.9
Stamford
2,051,818 N ot Included in total
Lynn
1,278,857 N ot Included In total
T o t New Lng
288,936,057
882,080,567
25.7
* L i imated on basis of last officially reported week.
Note. - Canadian bank clearings on page 822.

Week ending August 13. '

Clearings at—•

P U B L IS H E D W E E K L Y

T erm s

N O . 2 9 30

350,057,349
1 1,480,400
7,628,190
6,652,288
2,625,000
3,954,121.
3 ,6 3 J ,63
2.289,60'
1,872,002
1,093,8.7
700,000
787,286

300,150,186
12.054,300
7,523,798
6,128,503
2,63.4,50.5
3,697,606
4,339,718
2,381,107
2,1 14,71.0
1,250,000
685,706
564,973

392,783,180

343,526,1 18

1920.

<Jhioago_________
Cincinnati
ClevelandD e tr o it. _ _ ___
M ilwaukee
Indianapolis... _
C olum bus.
—
T o le d o __________
P eoria. ................
Grand Rapids —
D ayton n --------Evansville _
Springfield, 111 - _ Fort W a y n e. ___
Youngstown
Lexington. - ____
A k ron . __________
R ock ford
C a n to n ______ _
South B en d .........
Springfield, O h io.
B lo o m in g to n ____
Q uincy ------------D e c a tu r ________
M ansfield_______
Lansing
__
L im a .
_ _ _
D a n ville------------Jacksonville, 111._
Ann Arbor
Adrian ____
Owensboro _ _ _
T o t.M id . W est.

$
%
471,435,834
599,439,095
49,733,662
67,951,576
129,241,433
73,340,951
119,511,231
86,047,690
34,770,357
23,405,230
16,552,000
20,889,000
11,534,700
16,112,500
11,834,204
16,282,786
3,248,896
5,500,000
7,293,174
5,800,000
4,500,000
4,691,779
4,942,332
4,166,870
2,373,238
3,013,601
1,843,563
2,185,963
4,577,585
3,273,328
850,000
1,200,000
9,558,000
6,561,000
1,773,931
2,545,927
3,037,878
5,205,470
2,142,719
2,119,477
1,157,244
1,665,922
1,300,000
1,729,835
1,124,083
1,797,868
1,761,832
1,386,648
1,674,287
1,139,601
1,450,000
1,500,000
887,783
800,000
709,724
898,441
327,049
715,561
628,975
598,963
150,000
235,080
319,034
566,206
799,111,757 1.071,510,339

San Francisco___
Los Angeles_____
Seattle
P ortlan d______ _
Salt Lake C ity ___
Spokane
____ _
T acom a - _
Oakland _ .
Sacramento
San D i e g o ..
S tockton ________
San Jose__ _____
F r e s n o __________
Pasadena _______
Y akim a .
_ _
R en o _ . _____
Long B e a c h ..
Santa B arbara—
T ota l P a c ific ..

129,000,000
76,364,000
27,874.355
29,724,047
10,425,945
10,498,793
3,075,866
10,811,898
5,500,000
3,203,084
4,662,000
1,745,365
3,849,626
2,941,407
1,120,375
767,120
3,459,199
864,837
325,887,915

Kansas C i t y . __
M inneapolis__ _ _
Omaha _ _________
St. Paul .
D enver —
__
St. J o se p h ______
D es M oin es. _
Sioux C ity ______
W ic h it a _________
D u lu th ____ ._
T o p e k a _________
Lincoln
______
Cedar R ap id s___
C olorado Springs.
Fargo _____
Pueblo _
Fremont
W aterloo _ _____
H elena
_______
Aberdeen . _
Hastings
_____
B illings__________
T o t . Oth. W est-

145,954,598
60,456,096
36,966,970
28,499,740
17,030,293
11,079,214
7,602,874
5,530,443
11,764,598
5,809,461
3,096,060
3,251,690
1,895,933
1,515,210
2,000,000
834,047
550,767
1,206,515
2,996,887
1,283,075
687,822
661,076
350,673,369

In c. or
D ec.

1919.

1918.

8
/o
— 21.4
60S,769,098
— 26.8
60,456,903
— 43.3
110,390,017
— 28.0
110,508,057
— 18.3
27,753,824
— 20.8
18,718,000
— 28.4
14,689,300
— 27.3
15.505,473
— 40.9
4,383,378
— 20.5
0,545,079
4,216,444
— 1.1
— 15.7
4,763,242
— 34.3
2,599,137
— 15.4
1,807,162
— 28.5
6,062,420
— 29.2
1,000,000
— 31-4
9,576,000
— 30.3
2,000,000
— 41.6
4,507,905
1,100,000
+ 1.1
— 30.5
1,484,282
1,581,614
— 24.9
— 38.0
1,689,398
— 21.3
1,424,557
— 32.0
1,523,272
— 3.3
1,200,000
— 9.9
1,182,308
+ 26.6
907,870
— 54.2
611,170
— 4.8
458,826
— 36.2
95,511
— 43.6
707,952
— 25.4 1,034,217,804

8
518,287.05C
46,097,882'87,303, J 1872,504,542'31,641,812’
18,603,000*
12,775,200*
11,139,440*
4,608,571
6,040,2463,740,631
4,201,198 ‘
2,558,001
1,408,6333,861,541
990,000'
6,248,000'
1,800,000’
2,357,747
1,104,558/*
1,217,5341,466,85+
1,412,270
1,474,288'
867,001
1,000,000
700,000
510,000
781,913
351,469
69,952
801.248
857,736,717

153,000,000
78,288,000
39,443,438
35,710,150
14,326,189,
11,996,000
5,163,886
11,043,500.
7,000,000
3,366,625
5,937,400
2,576,833
4,658,525
2,550,793
1,305,801
900,000
3,271,972
1,157,805
382,696,918

— 15.7
— 2.5
— 29.3
— 19.0
— 27.2
— 12.5
— 40.4
— 2.1
— 21.4
— 4.S
— 21.5
— 32.3
— 17.4
+ 15.3
— 14.2
— 14.8
+ 5.7
— 25.3
— 14.8

161,551*,558
47,101,000
44,287,444
33.000,000
15,602,769
10,396,449
4,987,588
10,180,970
6,550,537
2,468,099
2,865,075
2,291,703
3,887,701
1,477,097
1,656,258
816,796
1,776,246
_ __
____
355,877,290

119,766,428
31,530,000
38,562,541
27,323,456
11,583,863
8,282,771
5,686,421
7,058,550
4,441,423
2,592,078
1,986,102
1,302,173
2,151,375
918,991
750,017
500,000
1,023,641
5 __ __ _ _. _
265,459,830

228,947,119
73,996,0481
50,750,024
39,043,170
20,424,674
16,931,858
10,604,507
7,980,024
15,690,591
7,859,812
3,497,072
5,387,536
3,323,174
1,275,782
3,000,000
1,051,095
823,222
1,863,428
1,605,792
1,863,144
885,818
1,202,707
498,006,597

— 36.3
— 18.3
— 27.2
— 27.0
— 16.6
— 34.6
— 2S.3
— 30.7
— 25.0
— 261
— 11.5
— 39.6
— 43.0
+ 18.8
— 50.0
— 20.6
— 33.2
— 35.3
+ 86.6
— 31.1
— 22.4
— 45.0
— 29.6

262,969,091
44,467,329
63,245,301
18,192,699
22,922,757
17,892,800
10,198,968
9,062,265
16,370,796
6,887,175
3,804,901
5,830,458
2,733,129
1,362,303
3,097,097
746,414
973,884
1,917,876
1,788,715
1.809,135
725,023
1,258,034
508,256,150

220,728,435
28,627,6477
53,421,949*
13,878,950’
22,659,377'
18,705,462-':
9,283,354
8,161,78210,668,048
4,79 1,98 9'
3,500,60(0
3,820,38*5
1,998,493
944,264
1,642,177
781,174
710,975
1,529,285
1,733,194
1,245,095
822,597
1,034,427
410,688,161

St. L ou is. _ . . .
109,100,000
154,038,841
New Orleans____
57,738,927
33,829,109
28,399,134
L ou isville.
21,175,446
H ou ston . . . _____
48,4.83,611
25,370,939
5,766,157
G alveston__
8,031,297
R ic h m o n d __ ___
51,355,031
36,302,010
A tla n ta __________
34,244,680
52,962,986
. i emphls
1 1,389,505
18,087,286
14,192.993
Nashville
23,093,564
Fort W o rth .
10,301:157
21,075,807
7,490,182
Savannah
3,504,886
N o rfo lk ..
6,088,244
10,968,516
Birmingham.
16,149,573
13,263,988
K n oxville.
3,463,832
2,900,000
Chattanooga
4,935,005
7,791,320
Jacksonville
7,380,844
10,810,1.15
M obile .
2,400,000
1.700,000
2,892,158
Augusta
1,555,843
7,502,864
Li tih Rock
.10,044,609
4,200,000
( Charleston
2,200,000
31,587,581.
( )kiahoma
23,928,801
M acon
1,100,000
5,400,000
A ustlii
1,400,000
1,200,000
348,836
Vicksburg
269,502
596,908
Jackson
702,320
4,464,608
M uskogee
2,336,590
5,448,285
13,310,000
Tulsa
28,533,878
18,301,477
i >allas _
4,447,040
3,487,773
Shreveport
434,050,09() 004,188,628
T otal Southern
0,037,107,000 7,872,261 ,976
T otal all
OiH.Hldu w V
V. XV7 570 603 3 701 76 1 084

— 29.2
174,282,363
167,963,011
— 41.4
41,677,193
50,848,626
— 25.4
21,716,879
16,843,0,31
15,142,802
22,494,376
+ 91.1
4,024,087
+ 39.3
10.558,400
55,131,429
46,375,930
— 30.9
36,347,269
— 35.3
52,918,042
17,363,902
8,705,503
— 37.0
14,289,788
— 38.5
15,529,592
21,858,471
10,856,793
— 51.1
7,893,848
— 53.2.
5,384,510
— 44.5
9,402,224
7,023,888
5,518,002
— 17.9
13,331,643
2,687,738
— 16.3
3,256,681
4,718,064
— 30.7
5,870,621
0,996,217
5,360,626
— 31.7
2,000,000
1,443,046
— 29.2
3,082,515
2,405,468
— 46.2
8,316,095
4,635,341
- -25.3
3,000,000
2,500,000
47.6
14,294,255
24.2
9,219,309
79 0
1,500,000
1,450,000
2,000,000
j , 000,000
— 14.3
— 22.7
308,212
290,396
— 17.8
500,000
479,778
3,962,574
— 47.7
3,430,867
10,637,483
— 59.1
10,090,155
35.9
25,000,000
14,500,000
-21.6
3,181,172
2,106,249
501 ,809,843
28.1
454,014,621
-23 .3 8,180,069,04.4 0,262,095,577
- *25.4 3.617.744.153 3 001 291 7311

7ti2

THE CHRONICLE

[ V o l . 113.

for the income that now goes to pay taxes is needed
THE FINANCIAL SITUATION,
to start business a going, and no enduring recovery
The Tax Revision Bill was submitted in the in business can be counted upon until this income
House of Representatives at Washington on Mon­ is once more returned to its old uses in widening
day evening by the Ways and Means Committee, and extending trade. By reason of business de­
and is being rushed through in accordance with a pression, profits and incomes are going to be heavily
pre-arranged program. A final vote on it is to be reduced anyway, and the Government should not
taken this (Saturday) afternoon, after which it goes further encroach upon them by excessive levies. The
to the Senate, where it will be referred to the proper other defects of the bill are that it removes the very
•committee, and then both Senate and House are taxes that there is the least warrant for taking off
to take a recess of several weeks. The thoughts of in existing circumstances—that is the luxury taxes,
the members of both houses are centred entirely on soda water and the like. These are the least harm­
this recess, they being anxious to obtain some kind ful and the least objectionable of the “ consump­
of a respite from the irksomeness of summer work, tion” taxes. Then the personal exemptions are ex­
and it is only in deference to the wishes of the tended still further— that of the head of a family
President that they are being kept in Washington from $2,000 to $2,500. There is already too much
to pass the measures deemed urgently necessary by exemption, the grand aggregate reaching into bil
Mr. Harding. Revision of taxation is certainly lions, and now it is proposed to add still further to
one of these urgent measures. But in the form in the amount. The further exemption will be at least
which the bill stands in the House there is no need $750,000,000. We think all efforts ought to be di­
for haste whatever, for in the matter of the income rected to the complete elimination of the personal
taxes, which are choking enterprise and from the income tax, but so long as there is to be any income
burdens of which there is need of speedy relief, the tax at all no one ought to be exempt. The tax on the
wishes of the President have been entirely disre­ smaller incomes should, of course, be light, but a
garded, and relief is to be postponed.
levy of only one per cent, which would not be a
The Ways and Means Committee had arranged hardship on anyone, would yield a perfectly enor­
for the repeal of the excess profits taxes on corpora­ mous sum. In numerous other directions this Fordtions and a reduction of the surtaxes on personal ney bill simply shifts taxes, a manufacturers’ tax,
incomes as of January 1, 1921, but a caucus of the for instance, replacing stamp taxes.
In brief the bill under consideration does not pro­
Republican members of the House, held Monday,
upset this arrangement, and decreed that these in­ vide for genuine tax revision— revision downward
come tax changes should not become effective until through repeal and reduction. The most burden­
January 1, 1922. Thus the taxes on the income of some taxes are left untouched or replaced by others
the calendar year 1921, and which are payable in equally burdensome. In the direction where im­
four quarterly installments in 1922, are continued mediate relief is especially urgent, relief is post­
at the old oppressive rates now in force, and hence poned instead of being advanced. Generally speak­
as far as these income taxes are concerned abso­ ing, the bill is a make-shift, framed to appeal to
lutely nothing can be gained from the new bill at the masses, and a sham. Possibly the Senate will
the moment, and legislation might as well be de­ change the bill for the better, but in the absence of
ferred for three months, or six months, or even a such improvement, the best thing that could happen
year, for whatever the tax rates to be levied on the would be for Congress to go home and stay home.
incomes of 1922 the taxes derived from the same will It will be better to let tax legislation at this stage
fail than that the present grave tax problem shall
not be payable until 1923.
It would hence be far better to have no tax legis­ not be settled in the right way, in accord with
lation at all at this time, rather than accept the economic needs. And if revision of the income
results of ill-considered action like that embodied taxes is not to become effective until another year,
in the House bill. In other respects, also, the bill it will not matter anyway, even if months are al­
is largely devoid of merit. As previously pointed lowed to elapse before new legislation is enacted.
out by us, onerous though the existing taxes are, Delay at least would give opportunity for more
business men would be willing to bear them another deliberate action and for leisurely consideration,
year, provided there wore then assurance of gen­ besides allowing time for public sentiment to make
uine and permanent relief. But this bill, while pro­ itself felt.
viding for the repeal of the excess profits taxes only
Transvaal gold mining operations for July 1921
after another year, even then does not grant the
boon undiminished, but raises the normal tax on failed to maintain the slight improvement in per
corporations 25% by increasing the rate from 10% diem output noted in June, although the aggregate
to 12% % . What would be gained in one direction yield was heavier than in any preceding month of
would accordingly be lost in another. Certainly if 1921, or, in fact, than for any such period since
the Government is to have the benefit of the excess August 1920. A t the same time, however, it com­
profit yield for another year, then business ought pares unfavorably with July of earlier years, and
thereafter to be wholly freed from such extra tax for a smaller total we must go back to 1913. Briefly,
without the impairment of the benefit through an as announced by cable, the 1921 July production is
increase in the regular tax. Then the treatment of stated as 689,555 fine ounces, against 736,099 fine
the surtaxes on personal incomes is equally lame. ounces last year, 725,497 fine ounces two years ago,
These surtaxes being, like the excess profits taxes, and 736,199 fine ounces in 191S. The high record
retained for another year, are then cut, but only for the period was 770,355 fine ounces in 1915. The
moderately, leaving them still as high as 32%, and seven months’ product, at 4,618,056 fine ounces,
no provision is made for their ultimate complete moreover, falls below that of all years since 1910,
elimination. In no direction is tax revision so contrasting with 4,831,945 fine ounces last year,
imperative as in the removal of the income taxes, 4,872,981 fine ounces in 1919, and the high mark of

A ug. 20 1921.]

THE CHRONICLE

5,892,954 fine ounces set in 1916.
In connection
with this July statement of yield, it is of interest
to observe that cablegrams from Johannesburg in­
dicate that the threatened strike of South African
miners has been averted, through an agreement un­
der which they have accepted a reduction in wages
of Is 6d per shift. The agreement runs to October 3,
after which wages will be adjusted quarterly upon
the basis of the cost of living for the second preced­
ing period. In communicating the strike settlement
to the Department of Commerce, Mr. Stevenson,
U. S. Trade Commissioner at Johannesburg, re­
marked that South African business interests be­
lieved it would not merely stabilize the mining in­
dustry but have great weight in stabilization of
other industries.
On Thursday of this week Adolph S. Ochs com­
pleted the 25th anniversary of his acquisition of
the New York “ Times,” and it is a superb record
of achievement he has to his credit. Under his guid­
ance the “ Times” has attained to eminence and dis­
tinction of a kind and in a way that is absolutely
unique. In his conduct of the paper Mr. Ochs has
not only maintained the best traditions of journal­
ism, but has set new high standards. He has kept
both the news and the editorial columns of the paper
untarnished. W ithal he has displayed enterprise of
a rare type, devoting all he had of money, skill and
ingenuity, in unstinted fashion, in the endeavor to
make his paper as nearly perfect in all its depart­
ments as it is possible for man to do. And lie has
succeeded. The “ Times” is a truly wonderful paper
— one of the greatest, if not the greatest, in the
world. Mr. Ochs may well take pride in what he
has accomplished. And the whole community will
rejoice with him.
Building operations in the United States in July
1921, reflecting the consistent efforts being made to
relieve the shortage of housing accommodations in
the country as a whole, exhibits considerable expan­
sion over the same time a year ago, this notwith­
standing the high figures at which labor costs still
rule, and the failure of materials in most cases to
show the decline in prices that had been looked for.
In most sections, in fact, the contracts entered into
during the month covered estimated expenditures
in excess of the corresponding period of 1920, and
in the aggregate for all cities the outlay contem­
plated was only a little under that for June, and
theretofore has been exceeded to any material ex­
tent only in April of 1920.
In connection with the present comparative activ­
ity in building operations, and having in mind the ut­
most economy in cost of dwelling-house construction
at this time of manifest shortage, the Building Code
Committee of the U. S. Department of Commerce is
seeking information as to whether 8-inch brick walls
can safely be used in the construction of dwelling
houses and small commercial buildings not in ex­
cess of three stories in height. With this purpose in
view, the National Board of Fire Underwriters has
been asked whether they would consider 8-inch
walls for the type of buildings mentioned reason­
ably safe construction from a fire protection stand­
point. Prof. Ira H. Woolson, Consulting Engineer
of the National Board of Fire Underwriters, who
has been appointed a member of the Building Code
Committee by Secretary of Commerce Hoover, has
pointed out that an examination of building codes

703

discloses the fact that a large number of cities now
permit 8-inch walls for one and two-story, and in
some cases three-story, buildings, irrespective of lo­
cation. It is claimed by advocates of this kind of
construction that the walls are amply strong, are
serving their purpose satisfactorily, and contend,
therefore, that possibly the requirement of any
greater thickness for such buildings is an uneco­
nomical waste of materials. Questions on the sub­
ject have been addressed to all rating bureaus and
underwriting organizations, as well as to members
of the National Board, with the view of determining
how far the requirements of the National Board’s
building code can be modified without jeopardizing
structural or fire safety. The Building Code Com­
mittee, in fact, is appealing for information from
every source from which it can be reliably secured,
with the purpose of unifying and standardizing
structural requirement specifications in the in­
terest of the economical use of building materials.
The building permits issued in July in 171 cities
of the country call for only a moderately smaller
outlay than was required for the 214 cities included
in our June compilation, and, moreover, the expend­
iture arranged for is well above that for the like
period of last year, with 105 out of the 171 cities
included showing expansion in operations. A t some
points, in fact, very notable activity is exhibitedthese including New York, Chicago, Detroit, Minne­
apolis, Omaha, Seattle, Jersey City, Denver, Dal
las, Toledo, Atlanta, Oklahoma City, Pasadena,
East Orange and Lawrence, but at a number of
other points the opposite is the case, and particu­
larly so at Cleveland, St. Louis, St. Paul, Boston,
Baltimore, Akron, New Bedford, Duluth and Roch­
ester. It is to be said, however, that great activity
characterized the course of operations at those cit­
ies in 1920. The current total for Greater N e r
York at $45,737,445 compares with only $18,646,976
in 1920, all boroughs showing important increases.
Outside of New York the work contemplated under
the contracts entered into involves an approximate
outlay of $104,713,336, which contrasts with $100,060,508 a year ago, and including New York, the
aggregate for 171 cities is $150,450,781, this compar­
ing with $118,707,484 last year, 141 millions in 1919,
and less than 50 millions in 1918.
Preparations are going forward for the disarma­
ment conference in Washington in November. Sec­
retary of State Hughes is to head the American dele­
gation, and it is expected that he will be the pre­
siding officer. Premier Briand of France has sent
word to the State Department through Ambassador
Herrick that he is planning to attend. Opposition
to this decision has developed in his own country.
Apparently Premier Lloyd George is awaiting fur­
ther developments before deciding whether he will
head the British delegation. Unquestionably he *.s
planning to come if possible. The Chinese Govern
ment has sent formal acceptance of President Har­
ding’s invitation “ to participate in the coming con­
ference on Pacific and Far Eastern questions.”
Premier Lloyd George delivered an address in the
House of Commons, in which he urged the merging
of the alliance of Great Britain with Japan into a
greater understanding with the United States— in
fact a tripartite entente on Pacific issues. In part
he said: “ If the alliance with Japan could emerge
into a greater understanding with Japan and the

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United States on all problems of the Pacific, that
would he a great event which would be a guarantee
for the peace of the world. The United States, Ja­
pan, the British Umpire and China— these four
great countries are primarily concerned in having
a complete understanding with regard to the Pa­
cific. The surest way of making a success of the
disarmament conference is first to have such an un­
derstanding. We were all agreed in the Imperial
Conference in the desire to have complete friendship
with the United States of America and to make
arrangements which would remove every conceiv­
able prospective obstacle to such friendship. Noth­
ing would please the British Dominions, as well as
the mother country, more than a settlement which
would make them feel that the British Empire and
the United States could work side by side in com­
mon partnership for the preservation of peace and
for guaranteeing the peace of the world. I do not
know any guarantees that would be equal to that—
the United States of America and the British Em­
pire in common agreement on the principle on which
a world policy ought to be based. I am still hopeful
that such an understanding as would make us feel
that this partnership could be established will en­
sue as a result of the coming conference in Wash­
ington.”
Premier Lloyd George returned to London from
Paris a week ago last night, where he had been for
a week attending sessions of the Allied Supreme
Council. He at once proceeded to his official resi­
dence in Downing Street, “ where he had interviews
with the Chief Secretary for Ireland and other Min­
isters.” These interviews were preliminary to a
meeting of the full Cabinet the next morning. Noth­
ing definite or authoritative relative to Eamonn de
Valera’s reply to Premier Lloyd George was obtain­
able in London, even up to that time. According
to an Associated Press cablegram from Dublin a
week ago last evening, “ the letter from Eamonn de
Valera, Irish Republican leader, delivered to Pre­
mier Lloyd George yesterday, is neither an accept­
ance nor a rejection of the Irish peace proposals, it
was learned here to-day. It raises various questions
to which an answer is necessary. The answer may
serve to facilitate future dealings, it was said, and
is not expected to lead to a break in negotiations.”
The British Cabinet met last Saturday morning,
and was in session two hours, according to London
dispatches. There were in attendance, also, Vis­
count Fitz Alan, the Lord Lieutenant of Ireland;
General Sir Neville McCready, Commander-in-Chief
of the British forces in Ireland, and General Tudor,
Commander of the Royal Irish Constabulary Auxil­
iaries. The Cabinet drafted a reply, “ and after sign
ing it in the afternoon, Premier Lloyd George mo­
tored out to Chequers, where he expects to remain
till Monday morning.” The London correspondent
of the New York “ Times” added that “ it is of much
significance that shortly before his departure the
Prime Minister decided to issue to the press copies
of a letter which General Smuts addressed to De
Valera before sailing for South Africa.” The letter
was a long document. It revealed the British offer
to the leader of the Irish Republic. In a Avord, it
urged the Sinn Fein “ to accept freedom under Do­
minion status and await unity later.”
Naturally there was considerable speculation as
to the character of the British reply, but it did not

[V ol. 113.

become known in London until Sunday night and m
this country Monday morning. The reply of both
De Valera to a former offer of the British Govern­
ment and the Cabinet’s second reply were both made
public. The London representative of the Associ­
ated Press outlined the two documents in part as
follows: “ Eamonn de Valera, leader of the Irish
Republicans, has refused to accept the proposals of
the British Government, constituting Dominion
Government, and having as their basis the bringing
about of peace in Ireland, declaring that the condi­
tions sought to be imposed constitute interference
in Irish affairs and control which cannot be per­
mitted. On the other hand, Mr. Lloyd George has
informed Mr. De Valera that there can be no com­
promise on the question of the right of Ireland to
secede from her allegiance to the King.” The offer
of Great Britain was summarized as follows: “ 1.
Full status as a British dominion. 2. Complete au­
tonomy in taxation and finance. 3. Right of Ire­
land to maintain her own home defense force, con­
stabulary and police. 4. Right to manitain her own
postal and educational systems and to control all
her own industrial affairs.” What Great Britain
insisted on follow s: “ 1. Control of the seas around
Ireland by the British navy. 2. Keeping of Irish
territorial forces within reasonable limits as to
numbers. 3. Granting to Great Britain of air de­
fense and communications facilities. 4. Ireland’s
agreement that there shall be no tariffs or trade re­
strictions between the islands. 5. Assumption by
Ireland of a share of the United Kingdom’s present
debt, to be fixed by arbitration.”
A t the same time that the correspondence between
Premier Lloyd George and Eamonn de Valera was
made public, a note to the Premier from Sir James
Craig, the Ulster leader, was given out. The Asso­
ciated Press said that “ this note, after declaring the
loyalty of the people of Ulster to the Empire, says
that in the interest of peace they consented to the
establishment of a Parliament in Northern Ireland
and now are carrying out their part of that com­
pact, while the Southern Irishmen ‘have chosen to
repudiate the Government of Ireland Act and press
Great Britain for wider powers.’ It adds that to
join in such pressure would be repugnant to the
people of Northern Ireland.” It became known that
Dail Eireann would meet on Monday “ to take up
the Premier’s answer.”
W hat was spoken of in a Dublin cablegram Mon­
day afternoon as “ an informal meeting of the Irish
Republican Parliament” was held in the Mansion
House in that city at noon of that day. The Dail
Eireann held its first public session on Tuesday to
consider the British peace proposals. In his open­
ing address Eamonn de Valera “ reiterated Ireland’s
claim for seperation from Great Britain and de­
clared the only Government the people recognized
was the Ministry of the Dail Eireann, the Irish Re­
publican Parliament.” According to the Associ­
ated Press account of the meeting, the Irish Repub­
lican leader, “ referring to the peace negotiations
with David Lloyd George, said there were people
who desired to negotiate in order to save their
faces. The Sinn Fein, however, would negotiate
only to save possible bloodshed and for right and
principle. He declared that the Cabinet in refusing
the proffer of a Dominion form of Government by
Mr. Lloyd George had taken this step because it
considered his proposals unjust.” One correspond

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1921.]

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7 65

ent added that “ the address of Mr. De Valera was
According to dispatches from Riga a week ago
listened to attentively by the 130 members of the this morning, Secretary of State Hughes had cabled
Dail Eireann gathered from all parts of Ireland. Walter L. Brown, European Director of the Ameri­
It was delivered after Professor John MacNeill had can Relief Administration, who had arrived in Riga,
been chosen as Speaker of the Parliament. Mr. De to proceed with negotiations with Maxim Litvinoff,
Valera promised that at the session to-morrow he the Soviet Envoy, relative to the distribution of food
would outline the negotiations he had carried on to sufferers in Russia. This was taken as evidence
with Mr. Lloyd George, and afterwards the Parlia­ that “ the United States regarded the release of the
ment might consider the situation behind closed Americans who already have crossed the frontier,
doors.” That it was feared the situation might not and M. Litvinoff’s promises that all Americans now
work out satisfactorily was shown by the issuance in Russia would be given every opportunity to leave,
of an order by General Headquarters in Dublin, “ re­ as satisfactory assurance that the Soviet was carry­
calling to their units all soldiers on leave from the ing out its part of the bargain to obtain relief for
Irish command.” It was added that “ a large pro­ famine sufferers.” It was added that “ a conference
portion of the Irish military forces had been allowed between Mr. Brown and M. Litvinoff was immedi­
to go on leave after the signing of the truce on July ately called.” The Associated Press representative
11.” It was understood that “ the order does not in­ in Riga asserted that “ an absolute guaranty of the
clude the police.” Announcement was made in Dub­ protection of food supplies sent into Russia was
lin Wednesday afternoon that the public meeting asked of the Russian Government in a draft agree­
of the Dail Eireann had been “ adjourned to an in­ ment presented to Maxim Litvinoff, representative
definite date.” It was added that “ private sessions of the Soviet Relief Committee, by W alter L. Brown,
will be held in the meantime, beginning to-morrow.” European director of the American Relief Adminis­
The Associated Press correspondent said that “ it tration, this afternoon.” He further declared that
was pointed out in political quarters here that, al­ “ in addition to the regular requirements for the re­
though Mr. De Valera has announced definitely that ceipts of American Relief Administration supplies
the Sinn Fein would not accept the Government’s special proposals are included in Mr. Brown’s draft
offer of what the British term Dominion status, an agreement. These are based generally on the uncer­
outstanding feature of his Parliament speech was tainty of Russian conditions. Mr. Brown proposes
his expression of willingness to go a long way to that the Relief Administration deliver goods at
meet Ulster, and to make sacrifices to meet her, not ports, from which the Soviet Government in Russia
only in her interest, but in her sentiment.”
is to transport them to the famine districts. An
Speaking before the Dail Eireann in Dublin on absolute guarantee of freedom of travel and com­
Tuesday, De Valera “ unequivocally declared that munication for Relief Administration workers in
Premier Lloyd George’s proposals for a settlement Russia also is requested.”
of the Irish question would be rejected.” After ad­
Dispatches from Riga Sunday morning told of
mitting the necessity of co-operation, he made the two long conferences between Director Brown and
following statements, which were regarded as spe­ Envoy Litvinoff the day before. It was said that
cially significant: “ But it is not likely that we will following the first meeting, which lasted two and
seek a combination, if it is simply a combination, a half hours, Mr. Brown had nothing to report, but
with our enemy, hitherto our greatest despoiler, that after the second meeting, which lasted for three
that she may seek by such a combination to despoil hours, he was in a position to make public an out­
us further. Still, an association that will be con­ line of the agreement that had been reached. The
sistent with our right to see that we are the judges essential features were said to have been the fo l­
of our own interests and not others— a combination lowing : “ Free entry, exit and movement, with dip­
of that kind would, I believe, commend itself to our lomatic privileges at the frontiers and power to in­
colleagues. But it must be a combination amount­ troduce all supplies necessary, with the exception
ing to Tree and friendly’ co-operation with which of alcohol, are guaranteed to the American per­
Great Britain herself describes co-operation with sonnel. Alcohol can only be obtained by a doctor’s
her other dominions. ‘Free and friendly’ is one certificate. The Soviets accept the American Re­
thing; ‘forced’ co-operation is another.”
lief Administration principle that it is to deliver
In an Associated Press dispatch from Dublin supplies at ports and that thereafter they are to be
Thursday evening it was asserted that “ the peace handled by the Soviet authorities at their own ex­
negotiations between the British Government and pense to final consumption. They also accepted
the Irish Republican leaders were not mentioned the important principle that all ownership and title
during this morning’s secret session of the Dail Ei­ remains vested in the American Relief Administra­
reann, or Irish Republican Parliament, it was an­ tion until the food is actually handed out for con­
nounced officially this afternoon. It was the gen­ sumption. The Soviets agree to replace or reim­
eral belief that the Dail Eireann would not break burse the cost of any supplies that fail to reach their
off the negotiations with Great Britain, and it was destination.
They guarantee priority of transit
thought that some action might be taken to ap­ over everything except their own relief supplies,
proach Ulster in an effort to secure her co-operation which enjoy equal privilege. They have agreed to
in carrying on the conversations with London.” limit the usage of foods to children and sick persons
Announcement was made in London on Thursday ‘without distinction of sex, race, creed or political
that Parliament would be adjourned until Oct. 18, color,’ and that it is not to go to adults, the army,
and in the meantime will be held in readiness to act etc.” Announcement was made in Riga at that
in the Irish situation, whatever the decision of the time that “ if full agreement is reached relief work
Hirm Fein may be. Speaking in the House of Com­ will begin at the earliest possible moment in Mos­
mons yesterday morning, Lloyd George declared cow and Petrograd.”
that the Government had gone the limit in its offers
In spite of the foregoing statement of a general
to the Hinn Fein.
agreement having been reached, the dispatches

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[V ol. 113.

from Riga during the next day or two indicated that will be easier to reach an agreement in the larger
the negotiations between Director Brown and M. body than it was in the smaller.
Litvinoff were not proceeding altogether smoothly.
Commenting on the failure of the Premiers and the
The New York “ Times” correspondent cabled on Allied Supreme Council to reach a settlement, a Paris
Tuesday morning that the negotiations had been correspondent of the New York “ Times” said that
suspended the day before, “ so that certain mooted “ the move maintains the entente between England
points might be submitted to Mr. Hoover in Wash­ and France.” He added that “ two important ef­
ington for his personal consideration.” He added fects of to-day’s action will be, first, to enhance the
that “ the Soviet attitude is one of acute suspicion. importance of the League of Nations, and second, to
They admit frankly that there is nothing to make eliminate the United States from the negotiations,
them doubtful of the Hoover relief organization in since the United States is not a member of the
particular, but claim a sort of veto or censorship League.” Another correspondent in the French
over local committees as a general principle. The capital of the same paper cabled his understanding
Bolsheviki assert that in the case of other non- of the situation in part as follows: “ The general im­
American welfare organizations which have worked pression made by the reference of the Silesian ques­
in Russia, such committees have been used as a tion to the League of Nations was that it was a strik­
medium for counter-revolutionary action.” In a ing vindication of the need of this organization for
cablegram from Riga Wednesday morning it was such duties, and that from now on the League would
said that “Walter L. Brown, European Director of grow in importance, recovering from the early effects
the American Relief Administration, to-night re­ of American non-participation. While it would be
ceived a telegram from Herbert Hoover, reiterating necessary for the United States to come in to secure
the American Relief Administration’s insistence the full development of the League, as a world agency
that it have control over food distribution in the for peace, the successful handling of the Silesian ques­
famine centres of Russia.” Later advices from Riga tion by its Council would put the League into busi­
said that, following the receipt of Mr. Hoover’s ness on an important scale, demonstrating its useful­
cablegram, Mr. Brown arranged another conference ness and making it difficult for America to continue
with Maxim Litvinoff, and that they “ reached an its opposition.”
agreement on all subjects except the contention of
The representative in Paris of the New York
the Bolsheviki for the right to limit the number of “ Herald” discussed the matter in quite a different
American relief workers and to expel any individ spirit. He said: “ The effects of the Allied Premiers
ual among them. The Relief Administration firmly to settle the Upper Silesian dispute and to remove it
opposes this, and Litvinoff has submitted a modi­ as quickly as possible as a dangerous and disturbing
fied proposal, which Mr. Brown probably will send factor in Europe’s rehabilitation ended almost farci­
to Mr. Hoover. Litvinoff conceded the right of cally to-day. With England and France unable to
the Americans to select any area in Russia for their agree over the attribution of five towns in the Upper
work that they desired, with the understanding, Silesian industrial triangle, the whole question was,
however, that it would be where food was needed. at the suggestion of the British Prime Minister, Mr.
Mr. Brown, by way of explanation, said the Relief Lloyd George, turned over to the Council of the
Administration always permitted Government rep­ League of Nations, which only two days ago the
resentation on local committees, which seemed to Allied Prime Ministers utterly ignored in dealing
clear M. Litvinoff’s misapprehensions in this re­ with the Greco-Turkish war and the neutrality and
spect. The Bolsheviki will be represented on these munition issues involved. This action will postpone
committees, but the Relief Administration will a decision in fixing the line separating Polish and
maintain control of them.”
German Silesia at least several months. To-day’s
Speaking in the House of Commons Tuesday af­ unexpected action of the Supreme Council in post
ternoon, Premier Lloyd George said that “the Rus­ poning the settlement and leaving it in the hands of a
sian famine was the most terrible visitation that had body whose peace making efforts have so far been
afflicted Europe or the world for centuries. It was marked by notorious failures, and which is composed,
very difficult to get news,” he said, “ but such news as is the Supreme Council, of representatives of
as they had pointed to most appalling catastrophe. Great Britain, France, Italy and Japan, with addi­
Pestilence was rampant on a gigantic scale.”
tional delegates from Belgium, Spain, Brazil and
Secretary Hoover received a cablegram from Wal­ China, provoked from the United States ‘observing’
ter Lyman Brown late Thursday .afternoon that “ he representative in the Supreme Council, Ambassador
had reached an understanding in his conferences George Harvey, a declaration wherein some fine irony
at Riga with Maxim Litvinoff, by which everything was contained.” Referring specifically to the part
demanded by the American representative had been played by the American Ambassador, the corre­
conceded.”
spondent observed that “ apparently, everyone save
the grave and reverent European statesmen sitting
The final disposition of the Upper Silesian question around the table knew that Mr. Harvey had tilted
is in the hands of the League of Nations. It was most successfully with the League in America.
placed there by the Allied Supreme Council, an execu­ Consequently, there was great interest when Am­
tive committee, as it were, of the League, because bassador Harvey was asked what he had to say
neither the British and French Premiers nor the Coun­ before Lloyd George’s resolution to refer the Silesian
cil could reach an agreement. The sessions of that problem was formally adopted. Looking almost
body, at which the matter was discussed actively for quizzically over his spectacles at the proposer of this
the best part of a week, were dominated by those plan, whom he knew could appreciate the nuances
two political leaders and Premier Bonomi of Italy. of the English language better than could his French
They will exert a dominating influence in the sessions colleagues, Ambassador Harvey , speaking very slowly
of the League of Nations at which it will come up. and solemnly, said: ‘The President of the United
It is rather difficult, therefore, to understand how it States has felt from the beginning that the question

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THE CHRONICLE

was one of distinctly European concern. It will be
with a sense of relief, therefore, that he will hear of a
confirmation of this view by the Supreme Council in
referring the question to a body with which the
United States is not associated. Consequently, as
the representative of the President of the United
States, I shall refrain from participation.’ ”
Commenting upon proceedings at the session of the
Supreme Council a week ago to-day, the Paris
representative of the New York “ Times” observed
that “ the stock of the League of Nations which
advanced sharply yesterday when the Supreme
Council turned the important Upper Silesia dispute
over to it took a further rise to-day when the English,
French, Italian and Belgian Governments agreed
that all future differences among them over the
financial adjustments of the Treaty of Versailles
would be submitted to arbitration under the League,
provided all parties concerned were not unanimous
on the choice of a judge.” At that session it was
agreed that the economic barriers set up on the Rhine
by the Allies should be removed on Sept. 15, if by
Sept. 1 the Germans had completed payment of the
first 1,000,000,000 marks. This proposal was con­
ditioned also on assurance that “ the German boycott
of French goods cease, and that the German Govern­
ment desist from refusing import licenses for French
goods.” Lord Curzon of the British delegation
“ suggested that the troops be also withdrawn from
Dusseldorf, Duisburg and Ruhrort. Premier Briand
then asked that this debate go over to the next meet­
ing of the Supreme Council, which was agreed to.”
Viscount Ishii, President of the League of Nations,
and Japanese Ambassador to France, promptly sent
out telegrams to the representatives in the Council
of the League of Nations, “ asking their opinion
as to whether the Council would meet in Paris or
Geneva, and on what date, or if the Council should
await the regular schedule meeting in Geneva on
Sept. 1, to consider the Upper Silesian question.”
It was added that “ Viscount Ishii will be unable to
decide before he hears from his colleageus.” Ac­
cording to cablegrams that came to hand Thursday,
it has been definitely decided to hold the meeting of
the Council in Geneva on Aug. 29.
Government officials and the people of France
generally were greatly upset when they learned that
the Inter-Allied Finance Conference had ruled that
France should get no part of the first billion
gold marks paid by Germany on account of her
reparations obligations. Under the terms of the
Versailles Treaty, Belgium was given “ a priority
claim on the first 2,500,000,000 marks paid by Ger­
many.” It was also true that “ the cost of the armies
of occupation must be reimbursed first.” The New
York “ Times” correspondent said that “ when the
accounts were reckoned up last week England claimed
that she had expended 1,200,000,000 marks gold, for
her army of occupation, which was 100,000,000 less
than France’ s bill, with ten times as many troops.
Belgium had been paid by deliveries in kind by
Germany for her cost of occupation, and so had
Italy.” The correspondent added that “ it was not
a matter of dividing up the billion. The English
and Italian delegates held that France should be
credited with the value of the Sarre coal mines to the
total extent of what she would get in the next fifteen
years that she will hold them. In other words, the
value of all coal France will extract for the whole

707

term of the tenure of the Sarre Busin should be con­
sidered as already paid. This figure was fixed at
300.000. 000 to 400,000,000 gold marks. England
had received about 800,000,000 gold marks and
claimed 900,000,000 more, while France claimed the
balance due, some 300,000,000, which she wanted
from the first 1,000,000,000. But the majority of
the experts held that she had nothing coining to her
on her Army of Occupation account because she had
the Sarre Basin. It was decided to pay England
100.000. 000 gold marks and let Belgium have the
balance on her priority account.” Paris dispatches
stated that the newspapers of that city were strongly
against the decision of the Commission.
The British Government on Aug. 15 did what the
United States Government did on Feb. 29 1920
turned back the railroads of the country to their
owners. The British properties had been under
Government control since Aug. 4 1914, “ the day on
which she entered the World War,” a period of seven
years and eleven days. The railroads of the United
States were in the hands of the Government for two
years and two months. According to London dis­
patches the undertaking was costly for the British
Government, as it certainly was for our Government.
The correspondent in that centre of the Philadelphia.
“ Public Ledger” said that according to official figures
compiled up to Aug. 13, only two days before the end
of Government control, “ the net cost of operation,
when all is paid, will be something more than £150,000,000.” This correspondent added that “ although
the railroads are being returned to private ownership,
in no sense will they go back to pre-war. conditions.”
It seems that the grouping system is to be put into
effect, as is proposed in the Transportation Act,
under which the railroads of the United States are
being operated. In England there are to be four
geographical groups. In explaining the new plan
for the railroads further the “ Ledger” correspondent
said: “ The British Ministry of Transport, although a
wan-time creation, is to be continued as a peace-time
Ministry. Although a number of the functions will
be eliminated with the attendant dismissal of a large
number of employees, which will save the country
several million pounds, the new railway bill gives it
definite and useful functions. Among those various,
functions are supervisory work connected with
docks, harbors and terminals, the public health,
canals, the regulation of traffic in London, safety
appliances and temporary regulations along the
railways’ right of way which formerly were scattered
among local Government boards.”
Official discount rates at leading European centres
continue to be quoted at 5% in Berlin and Belgium;
in Paris and London; 6% in Rome, Denmark,
Sweden, Norway and Madrid; and 43^% in Holalnd
and Switzerland. In London private discount rates
are now quoted "at 4 ^ % for short bills and 4 % %
for three months, in comparison with 4 ^ % and
4M % a week ago. Open market discounts in Paris
for long and short bills are still reported at 5%, and
Switzerland at 4J^%. Money on call in London is
still at 4%,' the same as last week. No reports have
been received by cable of open market rates at other
centres, so far as we have been able to ascertain.
A small gain in gold was reported by the Bank of
England in its weekly statement,amounting to£26,426.

708

THE CHRONICLE

Furthermore, note circulation was again reduced
— £1,329,000— so that the total reserve increased
£1,356,000 to £20,622,000, which compares with
£16,686,566 last year and £27,217,910 in 1919. The
proportion of reserve to liabilities was further ad­
vanced to 14.75% as against 14.54% a week earlier
and 12.52% a year ago. Other changes included a
reduction in public deposits of £973,000, and an
increase in other deposits of £8,350,000. Loans
on Government securities expanded £7,625,000, but
loans on other securities were curtailed £1,582,000.
The Bank’s gold holdings aggregate £128,407,080.
A year ago the total was £123,081,476 and £88,268,000 in 1919. Circulation is now £126,235,000 in
comparison with £124,844,910 in 1920 and £79,500,770 a year earlier. Loans amount to £79,526,000.
Last year the total was £76,116,925 and in 1919
£83,014,743. Clearings through the London banks
for the week totaled £615,294,000, which compares
with £648,722,000 last week and £697,264,000 a
year ago. No revision has been made in the Bank’s
minimum discount rate, which continues at 5J^%.
We append herewith a tabular statement of compari­
sons of the principal items of the Bank of England
return:
BANK OF ENGLAND’S COM PARATIVE STATEM ENT.
1921.
1920.
1919.
1918.
1917.
Aug. 17.
Aug. 18.
Aug. 20.
Aug. 21.
Aug. 22.

£

£

Circulation________ 126,235.000 124.844,910
Public deposits____ 17,285,000 16,114.575
Other deposits____ 122,546,000 117.134,568
Govemm'tsecurities 57,740,00 > 58,508,475
Other securities___ 79,526.000 76,116.925
Reserve notes &,coin 20,622.000 16.686,566
Coin and bullion.-,128,407,080 123,081,476
Proportion of reserve
to liabilities____
14.75%
12.52%
Bank rate_________
5M %
7%

.

£

£

£

79,500,770 56,748,580 39,933,515
23,397,012 33,697,898 44,700,857
95,219,451 135,996,495 127.244.116
26.418,356 58,422,014 56,483,328
83,014,743 98,950,731 100,889,240
27,217,910 30,366,098 39,933,515
88,268,680 68,664,678 54,152,640
2 2 .9 %
5%

17.90%
5%

19.00%
5%

The Bank of France in its weekly statement reports
a further small gain of 272,100 francs in the gold
item this week. The Bank’s gold holdings now total
5,521,868,875 francs, comparing with 5,590,036,980
francs at this time last year and with 5,572,284,949
francs the year before; of these amounts, 1,948,367,056 francs were held abroad in 1921 and 1,978,278,416
francs in both 1920 and 1919. During the week,
silver gained 245,000 francs, Treasury deposits rose
4,914,000 francs and general deposits were augmented
by 19,909,000 francs. Bills discounted, on the other
hand, fell off 70,477,000 francs, while advances were
reduced 11,830,000 francs. Note circulation regis­
tered a contraction of 242,547,000 francs, bringing
the total outstanding down to 36,983,253,000 francs,
which compares with 37,899,776,195 francs on the
corresponding date last'year and with 35,064,119,045
francs in 1919. Just prior to the outbreak of war,
in 1914, the amount was only 6,683,184,785 francs.
Comparisons of the various items in this week’s
return, with the statement of last week and corre­
sponding dates in 1920 and 1919, are as follows:
BAN K OF FRANCE’S COMPARATIVE STATEM ENT.
Changes
—---------------------- Status as of-----------------------of Week
Aug. 18 1921. Aug. 19 1920. Aug. 21 1919.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France________Inc.
272.100 3,573,501.819 3,611,758,564 3,594,006.533
Abroad__________
No change 1,948,367,056 1,978,278,416 1,978,278,416

[V ol. 113.

recent weeks; that is, gold continues to pile up while
the system is still reducing the volume of its obliga­
tions. For the week under review a gain of $25,000,000 in gold reserves was reported. The total of
bills on hand is $1,554,000 or $17,000,000 less than
a week ago and only a little more than a half of the
total of bills outstanding last year. Earning assets
are likewise smaller, $32,000,000, and Federal Reserve
notes in circulation have been brought down $17,000,000. As a result of this showing and despite an
increase in deposits of $9,000,000, the ratio of reserve
gained slightly to 65.8, against 65.0% last week.
In the New York bank conditions are similar. An
addition of $29,000,000 to the gold reserves is re­
ported. Bills discounted secured by Government
obligations fell $6,000,000, all others $13,000,000.
Total bills on hand have been reduced $25,000,000,
to $388,000,000. The shrinkage in this item is
even more striking than for the twelve banks com­
bined, since in the corresponding week of 1920, the
volume of bills outstanding was $997,700,000. There
was a decline in deposits of $2,000,000. As a result
of this and the steady inflow of gold the bank’s
reserve ratio advanced 2.3% to 72.2.
Saturday’s bank statement of New York associated
members was chiefly interesting by reason of a fur­
ther drawing down in the item of loans and invest­
ments, which declined $41,246,000, reducing the
total to $4,418,252,000, or a total reduction of
$168,000,000 since July 1 and of $694,000,000 as com­
pared with the corresponding week of August a
year ago. This showing is especially significant when
taken in conjunction with the recent declines in de­
posits. This week net demand deposits increased
$11,231,000, but Government deposits decreased
$15,299,000. The total of demand deposits is $3,562,347,000, which is exclusive of Government de­
posits of $142,080,000. In net time deposits there
was a gain of $318,000, to $208,056,000. Other
changes were relatively unimportant and included
a decrease of $600,000 in cash in own vaults of mem­
bers of the Federal Reserve Bank, to $72,370,000
(not counted as reserve), a reduction in reserves in
own vaults of State banks and trust companies of
$70,000, and an increase of $366,000 in reserves kept
in other depositories by State banks and trust com­
panies. Member banks reduced their reserves with
the Reserve Bank $2-,739,000, and this, together with
the expansion in deposits, caused a decrease in sur­
plus reserves of $3,976,340, so that the total of ex­
cess reserves now on hand is $15,803,950, against
$19,780,290 a week earlier. The above figures for
surplus are based on reserves above legal require­
ments of 13% for member banks of the Federal Re­
serve System, but not including cash in vault to the
amount of $72,370,000 held by these member banks
in their own vaults last Saturday. The bank state­
ment in fuller detail will be found on a subsequent
page of this issue.

The local call money market did not show any real
sign of relaxation, until the last hour of business
Thursday afternoon, when the rates dropped from
6 to 5-3^%. This was the first recession from the
6% level for some time. On the Stock Exchange
5^2% was the prevailing rate yesterday but it was
The Federal Reserve Bank statement, which was reported that loans were made outside as low as 5‘\ issued at the close of business on Thursday, was of the Bankers say that the greater part of money that they
same general tenor as all other statements issued in are offering just now is for the account of out-of-town

Total________ ..In c .
272,100 5,521,868,875
Silver...... ..............Inc.
245,000
276,193,495
Bills discounted.. .D ec.
70,477,000 2,442,623,298
11,830,000- 2,181.940.000
Advances............D e c .
Note circulation..Dec. 242,547,000 36,983,253,000
Treasury deposits.Inc. 4,914,000
44,329,000
General deposits..Inc. 19,909.000 2,661,755,000

5,590,036,9S0 5,572,284,949
254*202,329
297,685,317
1,980,083,369
912,436,511
1,963,508,122 1,264.432,046
37,899,776,195 35,064,119,045
129,838,835
56,899,323
3,203,750,551 2.969.321,670

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THE CHRONICLE

institutions. There has been no change in the dis­
count rate of the New York Federal Reserve Bank,
as had been predicted for this week. The same
statement applies to the Bank of England rate.
According to one cablegram from London yesterday
an advance in that rate is looked for by some auth­
orities rather than another reduction. The money
market continues just about as puzzling as it has been
for a long time. The position of the Federal Reserve
banks, as disclosed by the statements from week
to week, is steadily strengthening. One might be
led to think from the figures of these institutions that
cheaper money in this country might be expected
for an indefinite period. The simple fact is that
it does not come. Special significance was not
attached to the drop of 3^ of 1% in the quotation for
call money here late in the week. The end of the
month is only a little more than ten days away.
During that period increased firmness rather than
ease would seem logical, in view of the disbursements
that will be made on Sept. 1. Gold continues to
pour into this country in large volume and at a rapid
rate. Although some uneasiness was expressed in
local banking circles over the eratic character of the
foreign exchange market and the severe declines in
some currencies, there was general satisfaction over
the announcement that the German Government
would meet its Aug. 31 reparations installment some
days in advance of that day. It was reported that
the payments that are to be made here have already
been arranged. There is not much happening in
the general business of the country having a very
pronounced effect upon the money market one way
or the other.
Referring to the more detailed money rates, loans
on call this week covered a range of 5^4@6%,
as against a flat rate of 6% a week ago. For the
first three days, namely, Monday, Tuesday and
Wednesday, the 6% level was maintained without
change and all transactions were put through at this
figure. Thursday call money, for the first time in
nearly two weeks, eased off a trifle and the minimum
was 5)4% , although the high was still 6% and re­
newals were negotiated at this level. On Friday
there was a further decline to 5)4% , which was the
only rate quoted, being the high, low and ruling for
the day. Toward the end of the week call loans were
placed outside of the Exchange as low as 4]^% .
Funds were in freer supply. For fixed date funds
also the undertone was reported as easier and offer­
ings were more plentiful, with the result that the
range for all periods from sixty days to six months,
after having ruled at 6@6]/£% in the first part of
the week, relaxed to 6 @ 6)4% , as compared with 6%
the previous week. In the case of call funds the
above rates apply to mixed collateral and all-indus­
trials alike. For time money all-industrial money,
whenever dealt in, was quoted at about ^ of 1%
above the rates here given. Although trading was
still quiet, loans were put out for moderate amounts.
The increase in the supply was said to come from
interior institutions, as a result of liquidation in the
stock market.
Commercial paper rates remain at 6% for sixty and
ninety days' endorsed bills receivable and six months’
names of choice character, unchanged, while names
not so well known stand at 6(&6)4%, the same as
heretofore. A fair demand was reported, but sup­
plies of the best names continue light.

Banks’ifandf bankers’ acceptances have ruled firm,
though without quotable change. A better inquiry
was noted, especially toward the end of the week when
quite liberal orders were received from corporations
and country banks. For call loans against bankers’
acceptances the posted rate of the American Ac­
ceptance Council is now 5)4% , against 6% last week.
The Acceptance Council makes the discount rates on
prime bankers’ acceptances eligible for purchase by
the Federal Reserve Bank 5)4. bid and 5% asked for
bills running 120 days; 5)4@ 5 for ninety days;
5)4@ 5 for sixty days and 5)4@ 5 for thirty days.
Open market quotations are as follows:
SPOT DELIVERY.
90 Days.
Prime eligible) bills.--------------------------— 6'A@5

60 Days.
b'A © 6

30 Days.
5}^@5

FOR DELIVERY WITHIN TH IRTY DAYS.
Eligible member banks-------------------------------------------------------------------o'A M<1
Eligible non-member banks---------------------------------------------------------------------6 % bid
Ineligible bank Mils----------------------------------------------------------------------------- 6 V% bid

There have been no charges this week in Federal
Reserve Bank rates. The folio wingb's the schedule
of rates now in effect for the various classes of paper
at the different^ Reserve^banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 19 1921.

Federal Reserve
Bank of—■

Boston___________ __
New York____________
Philadelphia__________
Cleveland ___
Richmond__________
Atlanta. ___ ____
Chicago___________ _
St. Louis__________
Minneapolis________
Kansas City. _________
Dallas_____________
Ran F rancisco.-._____

Discounted bills maturing
within 90 days (including
Agricul­
member banks' 16-day col­ Rankers'
Trade tural and
lateral notes) secured by— * accep­
accep­ live-stock
tances
paper
Treasury Liberty
Other­
disc'led
tances
maturing maturing
for
notes and bonds
wise
certf. of
and
secured mem.ber within 91 to 180
banks
90 days
days
indebt­
Victory
and
edness
notes unsecured
5A
5H
5A
5A
6
6
6
6

6

6
6
5A

5'A

6A
6 'A

5A

6
6
6
6

6
6
6
5K

5'A ’
5 'A
5A
5A

6
6
6

6
0'A

6

6
5K

5H
5A
5'A i
5M •

6

6
6
5M

6

6
6
5A

6A
5A
5H
5K

6
6
6

6
6 Y2
6
6
5H

6A
5A
o'A
m
6
6
6

6

6A
6
6
5 lA

The sterling exchange market has been more or less
in neglect this week with attention centring chiefly
upon the gyrations in Reichsmarks. Therefore,
trading during the greater part of the time was dull
and devoid of special feature, while quotations
ranged at not far from the levels prevailing at the
close on Friday last.
Some irregularity was noted,
however, and although fluctuations were generally
narrow, the trend was downward. Cable quotations
from London were heavy and almost from the start
there was renewed selling, presumably incidental to
reparations settlements. On Tuesday sterling rates
broke nearly 3 cents in the pound as a result of the
influences noted above, but trading remained in­
active and later on part of the loss was regained in
consequence of moderate short covering operations.
At the extreme close profit taking sales induced a
fractional lowering and the final quotation was
3 55%.
Detailed inquiry in the financial district regarding
the foreign excliange outlook reveals the same
diversity of views as has existed for such a pro­
longed period, although most bankers seem to feel
that while no really important change is likely for the
present at least in the international monetary situa­
tion, violent fluctuations in exchange prices are
almost inevitable under current conditions. Despite
relaxation at some points in the political tension
in European affairs and a moderate increase in trade
activity abroad, there is not apparently a great
deal upon which to base hopes df either a rapid or

770

THE CHRONICLE

permanent recovery in currency values. Not a few
financiers as well as economists look with disapproval
upon the continued outpouring of gold from Europe
to this country, claiming that it is draining Europe’s
resources in no purpose since America can have no
possible use for such vast supplies of the precious
metal, while its presence is apt to tend eventually
toward dangerous inflation. Moreover, little or
no progress is being made in the way of improving the
international credit situation.
News that the Treasury Department contem­
plated the calling of an international conference of
financiers to formulate plans for the stabilization of
foreign exchange during the Disarmament Conference
in November came in for considerable discussion,
though it developed subsequently that Government
officials were not in favor of the scheme. It appears
that while private interests advocate Government
intervention, Washington authorities claim the
United States cannot possibly benefit by such a
step.
Referring to the day-to-day rates, sterling exchange
on Saturday of last week was quiet and fractionally
lower, with demand at 3 6 5% @ 3 66% , cable trans­
fers at 3 66 % (3}3 67 % and sixty days at 3 60@3 60%.
Monday’s market was a dull affair and rates conse­
quently moved within narrow limits at almost un­
changed levels; the range was 3 65 13-16@3 66% for
demand, 3 66 5-16@3 67 for cable transfers and
3 60 1-16@3 60% for sixty days. Weakness devel­
oped on Tuesday and rates ran off nearly 3 cents, with
demand at 3 63%(5*3 65% , cable transfers at 3 64%
@ 3 65% and sixty days at 3 58@3 59% ; renewed
selling and lower London quotations were responsi­
ble for the slump. On Wednesday sterling failed
to share in the improvement in marks and there was
a further slight decline to 3 6 2% @ 3 64 1-16 for de­
mand, 3 6 3% @ 3 64 9-16 for cable transfers and
3 57(ft>3 58 5-16 for sixty days; trading was inactive.
Dulness characterized Thursday’s dealings, although
the undertone was steady and demand was a shade
firmer at 3 63@ 3 64, with cable transfers at 3 64@
3 65 and sixty days at 3 57@3 58. On FridayJdie
market ruled quiet but somewhat firmer; hence de­
mand bills moved up to 3 6 4% @ 3 66, cable transfers
to 3 64%@,3 66% and sixty days at 3 5 8% @ 3 60% .
Closing Quotations were 3 59% for sixty days, 3 65%
for demand and 3 65% for cable transfers. Commer­
cial sight bills finished at 3 65% , sixty days at 3 60,
ninety days at 3 57% , documents for payment (sixty
days) at 3 60% and seven-day grain bills at 3 64.
Cotton and grain for payment closed at 3 65% . Gold
arrivals continue heavy. The week’s receipts in­
clude:
22 boxes of bar gold on the Berengaria from Southampton;
55 boxes of bar gold on the Lapland, also from Southampton;
20 cases of gold on the Niagara from Havre; 2 cases of gold
on the Noordam from Rotterdam; 136 pkgs. of bar gold on
the Stockholm from Gothenburg and 44 cases of gold valued
at $1.700,000 on the Paris from France. Smaller miscel­
laneous amounts from-South America and elsewhere were re­
ceived as follows: 10 pkgs. on the Hellas from Colombia;
43 pkgs. gold on the Vauban from Montevideo, valued at
S I .072.900; 8 pkgs. on the Yucatan from Vera Cruz; 1 box
gold and silver currency and 1 box white gold on the A n­
tonio Lopez from Spain; 34 cases gold and silver"bullion and
one silver bar and two gold and silver bars on the Quilpue
from Nicaragua. Brown Bros, state that they have received
Turkish gold and English sovereigns valued at $60,000 from
Haifa. Consignments of the precious metal now on the way
are numerous, among them being approximately $800,000
from India. $250,000 from France on the Paris and the Ro-

[V o l . 113.

chanbeau. Gold is also coming from Uruguay, Sweden and
from London. A cable from Consul-Genei’al Skinner at
London states that the British Government has agreed to
receive shipments of gold exported by the Russian Soviet
Government in parcels of not under 25,000 ounces, consigned
to the Bank of England. J. P. Morgan & Co. have received
80 cases of gold coin from the Reiehsbank. It is valued at
about $2,800,000 and is to be applied on the German repara­
tions account. The Equitable Trust Co. has received
word that the Rotterdam is bringing 31 boxes of gold from
Amsterdam. The Sudbury, which brought the German
gold for J. P. Morgan & C o ., also had one consignment of
about 3 Y<i million ounces of silver bullion, valued at about
$2,500,000, for the International Acceptance Bank, Inc.,
and another of 135 cases, valued at 65,000,000 paper marks
for the Equitable Trust Co.

Trading in the Continental exchanges was featured
by a sensational decline in Berlin marks, which under
heavy selling pressure broke to 1.05 for checks, a new
low record for the current year and the lowest since
January 1920, when the quotation was down to 1.01.
The weakness emanated from London where Berlin
exchange sold off to 330 to the pound sterling, as
against a parity of 24.02, but soon spread to this
market as a result of persistent selling by several
large banking institutions having German con­
nections. This, of course, was mainly in response
to preparations for meeting reparations payments,
but was also in some measure due to the recent
abnormally heavy expansion in note circulation at
the Reiehsbank, which is now reported as 77,600,000,000 marks, or an increase of more than 5,000,000,000 marks in the past month. Trading in this
class of currency was active and excited for a time
and vast quantities of mark exchange changed hands
both here and abroad; so much so that according
to cable advices received at this centre, the Berlin
Bourse was forced to close for a couple of days for
the purpose of enabling members to settle up ac­
counts. This, however, was not regarded as an
occasion for alarm, since it is claimed that there
has been a tremendous amount of speculation" in
both exchange and stocks on the recent decline and it
is simply a precautionary measure to allow operators
to fill their orders. Before the close there was a re­
covery to 1.20% for checks. Still another influence in
depressing mark quotations is said to have been sales
of marks by Western packers and grain dealers who
are accepting marks in payment for commodities, but
with the proviso that the mark in which payment is
made fetch a certain stipulated amount in United
States currency. Such transactions are said to be of
almost daily occurrence. Mark quotations have
been extremely erratic since the armistice, having
been the object of more than one speculative on­
slaught during that period.
Apart from the activity and excitement in German
marks, trading in Continental exchange was dull and
the volume of business comparatively small. French
and Belgian francs moved irregularly, with alternate
losses and gains, and the range for the week 7.65@
7.81% for the former and 7.51 @ 7.61 for the latternamed currency. Lire, o n 'th e other hand, were
heavy practically throughout and ruled around
4.38 for sight bills, as against a high point of 4.54
last week. Greek drachma, after a decline to 5.45,
rallied and advanced to 5.60, apparently on the
successes attending Greece’s military campaign
against Turkish Nationalists. Exchange on the
Central European Republics was sluggish and
without important change.

A

ug.

UO 1921.]

771

THE CHRONICLE

The official London check rate on Paris closed at
47.40, against 46.90 last week. In New Y ork
sight hills on the French centre closed at 7.76,
against 7 .81% ; cable transfers 7.74, against 7.82% ;
commercial sight bills at 7.66, against 7.79 % ; and
■commercial sixty days 7.66, against 7 .73 % a week ago.
Closing quotations on Antwerp francs were 7.58 for
checks and 7.59 for cable transfers, in comparison with
7 .5 9 % @ 7 .6 0 % the week previous. Reichsmarks fin­
ished at 1.17% for checks and 1.18% for cable trans­
fers, which compares with 1.21 and 1.22 last week.
Austrian kronen, after remaining almost motionless
during the week, closed at 00.11% for checks and
00.12% for cable remittances. Last week the
close was 0 0.11% and 0 0.1 2% . For lire the final
range was 4 .2 9 % for bankers’ sight bills and 4 .3 0 for
cable transfers, against 4.39 and 4.40 in the pre­
ceding week. Czecho-Slovakian exchange closed
at 1.24, against 1.25; Bucharest at 1.25, against
1.31% ; Poland at 4 % , against 5 % , and Finland at
1.50, against 1.60. Greek exchange finished at
5.55 for checks and 5.60 for cable transfers.
In the former neutral exchanges very little ani­
mation was discernible and rate variations were
•correspondingly limited. Guilders m oved within
narrow limits, ranging between 31.15@ 30.85 for
checks, and the same is true of Swiss francs, which
after an advance to 16.92, sagged off to 16.81.
Scandinavian exchange displayed some irregularity,
although here weakness in the initial dealings was
followed later on by gains of from 20 to 30 points,
though all on light trading. Spanish pesetas were
firm and weak by turns and fluctuated between
12.98 and 12.84.
Bankers’ sight on Amsterdam finished at 31.00,
against 31.05; cable transfers 31.05, against 31.10;
commercial sight at 30.95, against 31.00, and com ­
mercial sixty days 30.59, against 30.64 on Friday of a
week ago. Swiss francs closed at 16.87, for bankers’
sight bills and 16.89 for cable remittances. A week
ago the close was 16.87 and 16.89. Copenhagen
checks finished at 16.35 and cable transfers 16.40,
as contrasted with 15.85 and 15.90. Checks on
Sweden closed at 21.30 and cable transfers at 21.35,
against 20.95 and 21.00, while checks on N orway
finished at 13.00 and cable transfers 13.05, against
12.90 and 12.95. Spanish pesetas closed at 12.94
for checks and 12.96 for cable remittances. This
compares with 12.95 and 12.97 the preceding week.
As to South American exchange weakness has again
been in evidence and Argentine rates declined to
29% for checks, with the close 2 9 % , and cable
transfers 2 9% , which compares with 3 0% and 3 0%
last week. For Brazil the quotation was a small frac­
tion firmer at 12% for checks and 1 2% for cable trans­
fers, against 12.00 and 12.12% the week previous.
Chilian exchange finished at 10.35, against 10% , the
previous quotation, but Peru remains at 3.80, un­
changed.
Far Eastern rates were as follows: H ong K ong,
5 1@ 5 1 % , against 51 % @ 5 2 ; Shanghai, 7 1 % @ 7 2 % ,
against 7 '1 % @ 7 1 % ; Yokoham a, 4 8 % @ 4 9 , against
1 8 % @ 4 8 % ; Manila, 4 8 % @ 4 8 % , against 4 8 % @
4 8% ; Singapore, 4 2 % @ 4 3 % , against42% @ 4-3; Bom ­
bay 2 5 % @ 2 5 % , against 2 5 % (« 2 5 % , and Calcutta,
26 % @ 2 6 % , against 2 5 % @ 2 (>.
Pursuant to the requirements of Sec. 403 of the
Emergency Tariff Act of May 27 1921, the Federal

Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers
on the different countries of the world. We give
below the record for the week j ust past. The Federal
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
for Thursday noon, announced on Friday:
cable

r a t e s f ix e d iiy f e d e r a l r e s e r v e
AU G . 12 T O AU G . 18 1921, IN C LU SIVE .

b u y in g

ban k

,

Noon Buying Hate fo r Cable Transfers in New York,
Value in United' States Money.
( 'ounlry and Monetary Unit.

Aug. 12. Aug. 13. Aug. J5. Aug. 10. Aug. 17. Aug. 18.

EUROPE—
.001208 .001192 .0012
Austria, krone______ ___
.001255 .001231 .00123
.0759
.07609
.07527
.7549
.0761
Belgium, franc__________
.0701
.0088
.0087
.0089
.0086
Bulgaria, lov------ _ . . . .0087
.012188 .01172
.012481 .01.24
.01 1900 .0122
Czooho-Slovakia, krone..1584
.1593
.1634
.1640
.1638
.1593
Denmark, krone___ . . .
England, pound ......... ... 3.607375 3.665
3.664125 3.64925 3.6375
3.0656
.0149
.0151
.0153
.0150
.0149
Finland, markka_________
.01509
.0777
.078055 .07734
France, franc- __
.07607
____ .078265 .07806
.01174
.0117
.0120
.011655 .01093
Germany, reichsmark___
.01215
.05529
.0554
.0559
.0559
.0554
.0557
Grooce, drachma-------------.3108
Holland, florin or guilder- _ .3113
.3111
.3114
.3083
.3097
.00263
.0026
Hungary, k r o n e -----.002794 .00268
.002575 .0026
.043905 .04380
.04384
.04333
.04301
Italy, lira________________
.0435
.005988 .0059
.00577
Jugoslavia, k r o n e . . .
.0002
.0061
.0059
.1303
.1293
Norway, krone. . . . . .
. 1292
.1306
.1300
.1295
.0005
Poland, Polish m ark______ .000508 .0005
.0005
.0005
.0005
.0959
.1003
.0979
Port ugal, escuda______ . . .0983
.0978
.1013
.0125
.0120
.0119
Rumania, leu_____________ .01291
.01285
.0128
Serbia, dinar_______ _____
.0244
.0237
.02395
.0237
.0231.
.0248
.1291
.1289
.1284
.1300
Spain, peseta_____________ .1296
.1292
Sweden, krona____________ .21.00
.2139
.2101
.2108
.2120
.2123
Switzerland, franc_______ .1691
.1689
.1694
.1690
.1691
.16825
ASIA—
.50025
.49975
.5015
.5025
.5025
.6820
.6820
.6750
.6760
Shanghai, tael_____ _ . _ .6775
.6785
Shanghai. Mexican dollar. .4950
.4944
.4988
.49125
.4931
.4950
.2418
India, rupee__ ___________ .2372
.23758
.2405
.23758
.2388
Japan, yen________ _____
.4842
.4850 .
.48475
.4838
.48375
.48458
Java, florin or g u ild e r ____ .3050
.3063
.3060
.3073
.3058
.3050
Manila, peso_____________
__ l
Singapore, dollar__________ .4192
.4200
.4200
.42
.42
.4200
N ORTH A M E R IC A —
Canada, dollar______ ____ .899792 .899479 .899479 .897708 .89792
.9003
Cuba, p e s o ._______
____ .9933
.993542 .9933
.994375 .994375 .9944
Mexico, p e s o ___________
.4831
.48708
.48792
.48542
.48458
.48125
80U T H A M E R IC A —
Argentina, peso (gold)____ .66951
.6598
.6645
.6644
.6607
.6671
Brazil, m ilrels..
.1191
.11984
.1198
.11636
.1188
.11926
Uruguay, p e s o ._ - . . . .
.6489
.6507
.6474
.6454
.6451
.64.81

.0089

___

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,141,270 net in cash as a result of the cur­
rency movements fo r the week ending Aug. 18.
Their receipts from the interior have aggregated
$7,145,570, while the shipments have reached $1,004,300, as per the follow in g table:
C U R R E N C Y R E C E IP T S A N D SH IPM E N TS B Y
IN S T IT U T IO N S .
Week finding Aug. 18.
Banks’ interior movement. . _ . .

N E W Y O R K B A N K IN G

Gain or Loss
to Banks.

Int.o
Banks.

Out of
Banks.

$7,145,570

$1,004,300 Gain $6,141,27

As the Sub-Treasury was taken over by the Fed­
eral Reserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
the Clearing H ouse institutions. The Federal R e­
serve Bank o f New Y ork was creditor at the Clear­
ing House each day as fo llo w s:
D A IL Y C R E D IT BA LA N C ES OP N E W Y O R K F E D E R A L R E SE RVE B A N K
A T C L E A R IN G HOUSE.
Saturday,
Aug. 13.

■*<-n
Monday,
Aug. 15.

Tuesday, Wednesd'y, Thursday, Friday,
Aug. 16. Aug. 17.
Aug. 18. Aug. 19.

Aggregate
for Week.

$
$
$
%
S
S
$
39,200,000 58,800,000 39,400,000 *8,100,000 47,200,000 40,100,000 Cr. 272,800,000

The foregoing heavy credits reflect the huge mass
of checks which come to the New York Reserve Bank
from all parts of the country, in the operation of
the Federal Reserve System’s par collection scheme.
These large credit balances, however, show nothing
as to the results o f the Reserve B ank’s operations
with the Clearing House institutions. They repre­
sent only one side o f the account, as checks drawn
upon the Reserve Bank itself are presented directly
to the bank and never go through the Clearing
House.
The follow ing table indicates the amount o f bul­
lion in the principal European banks:

772

THE CHRONICLE
Aug. 18 1031.
Qold.
£
128 407 OHO

Silver.

Aug. 19 1920.
Total.

Gold.

SUM.

Tolal.

s

£
£
£
£
128,407,080 123,081,476
123,081,476
11,040.000 153,980,073 144.470,342 10,100,000 154,630,342
54 ,577.700
004,250 55, LSI,950 54,579,550
3 17,200 54,926,760
A.US - Hull. 10,944,000 2,309,000 13,313,000 10,944,000 2,300,000 13,313,000
Spain
< 90 .744,000 24,929,000 124,073,000 98,096,000 24,008,000 122,164,000
Ita ly .
33 ,141,000 3,001.000 36,142.000 i- 191,000 2,999,000 35,190,000
50,497,000
899,000 51,306,000 53,018,000 1,298,000 54,316,000
N a t 'b e i s 10,063,000 1,000,000 12,260.000 10,660,000 1,075,000 11,735,000
S w i t a 'l a u d
21 ,778,000 4,428,000 26,206,000 21,687,000 3,009,000 25,296,000
Sw eden
15,838,000
15,838,000 14,516,000
14,516,000
D e n m a r k _ 12
200,000 12,853.000, 12,658,000
143,000| 12,801,000
N o r w a y _ I 8,115,000
8,115,000 8,187,000
8,187,010
E n g la n d
k’ r a u c e a

1143.940,073

Total week 580 ,290,853 49,082.250 838,373,103 584,088,36s 40,008,200 330,150,608
P r e v . w e e k ! 588 .939,09311 40,211.350 638,151,043'1583,724,164 40.059,7001029,783,804
u Cold holdings of the Bank of France this year are exclusive of £77,934,082
held abroad.

WHAT SHALL WE DO W ITH OUR
M ILLION AIRES?
A book has recently been published advocating
the “ limitation of fortunes, especially those for­
tunes in possession of heirs,” and an amendment
to the Constitution is suggested to accomplish this
purpose. There is nothing new about the proposal.
It has long been a common thing to hear men say:
“ Oh, I believe no man should be allowed to accumu­
late over a hundred thousand dollars”— or some
such sum far short of a million. No consideration,
usually, is given by the ordinary advocate to the
effect of such a policy on our economic advance.
In truth— it is a mere sentiment induced through
the common clamor against the imagined evils of
concentrated wealth “ in the hands of the few.” All
sorts of estimates would appear as to what a “ man
ought to have.” And there is complete disregard of
the fact that an equal division would leave all men
“ poor.”
Just why death, which usually provides for some
sort of division of fortunes, should be singled out
for the period at point at which further accumula­
tion should cease, and heirs be deprived of legacies
above a certain sum, we do not know. Nor do we
know where the surplus could go unless to the
State. In this event we would establish a form of
socialism— and the confiscation of unusual sums by
heavy inheritance taxes is already tending in that
direction. W e discern, however, one gratifying ad­
mission in this suggestion to amend the Constitu
tion, and this is that under our present form of Gov
ernment a man has the right to have and to hold all
the property, wealth, the “ millions,” he may acquire
by his own exertions in the field of free business.
Bolshevists in Russia are ready for seizure willy
nilly.
Now, it is our belief that there are few men who
would not like to be millionaires. There are some
who would dread the responsibility of caring for so
large an ownership. Many would be satisfied with
less; though few would refuse to have more if hon­
estly acquired. And very, very many men are con­
vinced they cannot acquire such a property, for
divers reasons— lack of opportunity, lack of ability,
lack of courage in enterprise. But a “ million” is
set as a goal that represents practically the acme
of independence— a sum at which personal enjoy­
ment of life must be at its full. And since it is so
far beyond the hope of the majority, it has come to
be set forth as an attainment which prevents the
poor from rising— an evil in itself— one that should
be abolished.
Time and again it is shown in rebuttal that this
million is not in money, but in capital, and this capi­
tal invested in going enterprises that employ labor
and afford opportunity. It is rehearsed over and
over that the little properties added to the big, by

[ V o l . 113.

means of corporate stocks, afford us great indus­
tries we could not otherwise possess. It is repeated
and re-repeated that there is really no point at
which in safeguarding ambition accumulation can
stop—and that the man with fifty thousand dollars
would want the hundred thousand man to stop at
his station. But all this does not seem to stop men
from holding up the millionaire as a type to be pro­
hibited by law. From “ shirt-sleeves to shirt-sleeves”
impresses them not— they just know that no man
should be allowed to accumulate such a sum.
Funny, isn’t it, that there should be a law to pre­
vent men from doing what so few are ever liable to
do? All these undeveloped resources of ours for
the next generation to exploit, all the past progress
we have made, where every man had and has his
“ chance,” and yet “ the millionaires” are the great­
est danger to civilization we have! When the pres­
ent crop dies confiscate their fortunes— and amend
the Constitution so that no more of them can ever
infest the country! Is there any envy in this senti­
ment against the accumulation of great wealth—
that like a small secret voice whispers, “ if you have
a million I ought to have one also? And since I
have no hope, you should be deprived of oppor­
tunity— or, if some of us must be poor let us all be
poor together?”
Really, how could we ever have banks, factories,
mines, railroads, unless there were somewhere some
large accumulations of capital? If all had equal
possessions mathematics sufficiently proves they
must be small— and so small they could not be read­
ily combined. Pass by the dead level of society
wherein everybody is poor, by comparison with
these “ few” millionaires, the utter lack of author­
ity in business undertakings, the apathy and hope­
lessness of men (and women, now) condemned to
poverty, how could we institute and operate our in­
stitutions and industries? And for that matter,
how could a mythical State under Socialism do so?
Why, then, allow this fantasy of equal property
accumulation longer to poison our minds?
Oh, but these “ few” millionaires control the lives
and destinies of the people! Well, suppose this
were true, though it is not. Millionaires die, but
their “ millions” do not. And not one of these rich
men but has investments in many stock concerns.
They know enough of the uncertainty of million­
aires holding on to their invested millions not to
carry all their eggs in one basket. But the poor
millionaires of yesterday receive no consideration
by those who would pull down what is really a
house of cards— namely great wealth! Why, these
millionaires do not control even the saving and per­
petuity of their fortunes. They are just plain men,
we may concede ability, leaving out luck, who, ad­
venturing to “ make money” in the midst of inter­
acting, self-operating commercial forces, have won,
and must continue to operate or lose!
THE SPIRIT OF ECONOMY.
While Congress is wrestling with the problem of
lowering taxes ,it is pertinent to ask how far the
people themselves exhibit a spirit of economy. W e
do not refer to the matter of personal saving. That
is being forced upon many by the course of events,
by conditions that cannot be escaped. But are the
people of this country willing to forego for a time
certain “ improvements,” so-called, that cost money ?
Let us say, broadly, that we need “ better roads.”

An;. 20 1921.]

THE CHRONICLE

Can we “ get a long” without them until we can more
easily appropriate funds to build them? Let us say
we need “ water-ways” ; is this the time to expend
vast sums to secure them ? We approve, in general,
the principle and policy involved in certain gigantic
plans, but can we not wait a more opportune time,
husbanding our resources ?
The popular desire, in certain classes, for Utopia
may be scotched, but is it killed? The high cost of
living may slowly recede in certain productive in­
dustries, but is the clamor for Governmental help
stilled? There is believed to be a demand for the
lessening of expenditures for war, but does it take
any definite form ? W e talk “ economy” very loudly,
but we think intensively upon “ prosperity” that is
to come through vast new works we have no money
to exploit. Have we really the true spirit of econ­
omy? On analysis it is much to be doubted. What
does the individual do when the money is gone?
Plainly, he must “ do without.” Just what as a
people are we willing to “ do without” — that can
by any manner of means be procured by Govern­
ment?
Suppose we agree that our boasted “ progress”
shall halt for a few years, what would it mean to
us? In the first place, it would mean more work
for less pay. Enterprise, or business, if you will,
would become more stable, because capital would
seek the largest production at the least outlay. And
wages would become more certain, because the cost
of the use of capital would be reduced and could
be more intensively applied. Larger production at
less cost would lower prices. The hysteria of sud­
den riches would correspondingly disappear. W e
would simply meet conditions with sounder minds
and braver hearts. But while we continue to want
the most and best of everything, by reason of a
feverish activity to “ forge ahead,” there is no chance
for conservatism to work its will.
It is a fact that the burdens of the war are
fastened upon us. W e cannot escape them. Put­
ting the very best side possible upon it, we must be
willing to take some “ chance” on peace if we are to
practice it— and we cannot practice it without faith
in ourselves, and hope in and for humanity. Nor
can we “ economize” in this ample field until we do
have and cultivate faith and hope. No one will dis­
pute that here is our present great opportunity.
But of what use to demand of Congress reduction
in outlay for army and navy while we continue to
talk ultra-preparedness? But even were this done,
can we expect to proceed with a brass band on the
highway of “ better times,” as if we were going to a
picnic?
W e cannot reach the true spirit of economy as a
people until we are content to live on the plane of
the “ simple life.” You may say this is pleading
for a reduction in the volume of business. In one
sense this is true. In a more important one it is
not. It does force us to do without many luxuries.
This increases the output of essentials. It results
in transforming luxuries into taxes. When we have
our full of essentials, without feeling the burdens
of taxation, we are stable and prosperous. The in­
crease of capital becomes certain in proportion to
our constancy in work and trade. Time works its
cure. We do not pay high rates to engage in ex­
tensions that often carry “ business” into fields of
loss. Sufficient unto the day is the economy there­
of.

773

Summed up in a single statement, tin* true spirit
of economy demands that the American people must
have more self-reliance, must show Jess dependence
upon Government, before we can expect or procure
national, economy. Take the matter home to any
class, any industry, any single “ business.” Are we
willing to respond to tax-need by holding our ef­
forts down to essentials, down to needed service;
willing to work harder that we may produce more
at less cost; willing to refrain from doubtful profits
to insure fixed ones; willing to think economy for
the Government as well as talk it? Can we eat our
cake and have it? Can we conquer the world on
an empty treasury?

8 0 H E M E 8 T O P U T U N I T P I ) N T A T IT S' B O N D U
TO PAR.
It is of course not desirable that Liberty bonds
should be at a discount, and on Tuesday Congress­
man Herrick of Oklahoma introduced a bill provid­
ing that any holder of a Liberty bond or a United
States Certificate of Indebtedness shall receive the
full face amount in currency on presentation. The
first objection to this is that the Treasury has not
the funds to carry it out, and it is not many weeks
since the cash bonus scheme was with some diffi­
culty halted for the present by a grim statement of
the financial labors which will come before the
Treasury within the next few years. Of course no
action will be taken on Mr. Herrick’s proposal, and
it will be speedily forgotten, but his is not the first
wild thing of the kind, for in February of 1918 Con­
gressman Cordell Hull, then a member of the House
Ways and Means Committee, and the putative au­
thor of the income tax law of 1913, introduced a bill
for keeping Liberty bonds at par by setting aside a
fund equal to 1% of the bonds already authorized
and issued, but not to exceed 60 millions, to be used
in purchasing in the open market and canceling the
bonds “ whenever the market price of such bonds
falls below the issue price.”
“ If the true value of these bonds,” then said Mr.
Hull, “ were less than the issue price, in the light of
conditions present and prospective, the proposed
legislation to prevent depreciation would not be so
fully justified; the truth is, however, that in point
of safety and a fair return on the investment there
is not a more desirable investment anywhere to-day
than these bonds, when the tax-exemption privileges
are considered.” True enough, yet the bonds are
lower in market now than they were then, and what
is deemed “ desirable” depends on many factors.
The Victory issues are higher than the Liberties,
because of a better interest rate and of their near­
maturity date; the same is true of the temporary
certificates. An issue of 6s by the city of Paris,
maturing October 15 next, has sold in spiall lots of
late at a point or so under par, although nobody
doubts that they will be met; presumably, some
holders want immediate cash so much that they are
willing to take a slight cut. Many considerations
other than the faith in redemption at maturity en­
ter into the market price of securities, and “ desira­
bility” has many qualifications in the circum­
stances and minds of sellers and buyers.
If any direct statutory intervention could put up
the price of Liberty bonds that might be accom­
plished forthwith by the other part of Mr. Herrick’s
proposition, whereby any person or corporation of­
fering to sell the bonds for anything under par shall

774

THE CHRONICLE

be liable to a tine up to $10,000 for each offense.
Incidentally, one might inquire why there should
not be a like prohibition of offering to buy at any
discount, since offers to buy and offers to sell are
alike temptations to do an assumed wrong. But
Hr. Herrick is not the first to offer foolish proposi­
tions to this desirable end, for in August of 1917 a
bill actually appeared in the House proposing to
make it unlawful for the head of any Executive de­
partment, or for any Congressman, to buy or own
Liberty bonds. In explanation of this queer pro­
posal, the introducer said he assumed that most
Congressmen had patriotically bought some of the
bonds, as private citizens had done, but inasmuch
as they were convertible into any later issue bear­
ing a higher rate and such a rate was expected,
Congressmen might have to vote on a matter in
which they were personally interested, and this
would embarrass them, would it not? And early in
1918 there was an almost unnoticed news dispatch
from Washington, consisting of a single brief sen­
tence: "Compulsory purchase of Liberty bonds by
property owners, with the alternative of a pro rata
tax on all property to be levied at the time of each
loan, is provided in a bill introduced in the House
to-day by Representative Green of Iowa.”
The limit to the foolishness and childishness of
proposed legislation still seems undiscovered, and
the lesson of the attempt, more than fifty years
ago, to legislate the gold premium out of existence,
seems to have been long ago forgotten. The huge
volume of the Liberty bonds, notwithstanding the
unquestioned certainty that they will be met at
maturity and will gradually rise to par as their
dates draw near, is one reason why they are de­
pressed now, but only one reason, the competition
of other issues at higher rates and the almost profli­
gate handling of Governmental finances in the past
being prominent among the others.
Congressmen who really desire to help appreciate
the public credit (and with that to improve the
credit of many other securities than Governmental)
have a clear path before them to take and adhere
to. Dismiss to oblivion such reckless schemes as
that of a cash bonus; reduce taxation; as indispen­
sable to that reduction cut and cut and still cut
down expenses; turn the greater part of the army
of tax-eaters into producers; bring business sense
and business responsibility into all operations of
Government. Then let Government leave private
business more alone, while it heals itself.
THE E RIE AND OUTSIDE R E PA IR SHOPS.
The labor problem, as respects transportation es­
pecially, had a new angle of view presented to pub­
lic consideration by the action of the Erie in
Marion, Ohio, when the Railway Service Company
took over, on Monday, the operation of the com­
pany’s shops and roundhouse in that city. The new
company takes a lease of the Erie’s property here­
tofore used for repair purposes, and undertakes to
do all repair and like work heretofore done there by
the road’s own employees. The former workers are
offered continuance of employment on the former
terms, and they are promised “ fair treatment in
accordance with the practice of the extensive manu­
facturing concerns of Marion.”
To the men this appears to mean, and according
to the prevalent practice in Marion it naturally
appears to mean, the open shop; but it also means,

[ V o l . 113

as the men see it, an attempt to escape what they
think the friendly but what to the outsider really
looks more like a malign influence of the Labor
Board. A request has been sent to the head of the
railway workers’ department of the Federation of
Labor that he obtain from the Board a definition of
the status of Erie employees who do not accept
employment with the new company. The Board, it
is announced, promptly took notice of the matter,
apparently admitting that it does not clearly come
under the Board’s jurisdiction, according to the
Transportation Act, but dropping a hint that if any
disposition to follow this line of escape is shown by
railroads generally it may attempt to intervene.
But President Underwood disclaims any thought
of undertaking private operation, saying that about
GOO out of the 1,400 normal shop force have de­
clined to continue employment under existing rules
as to physical examinations and necessary occa­
sional work on Sundays and holidays, so that when
an association of business men in Marion voluntar­
ily offered to undertake the work the assistance
was gladly accepted.
Any power of intervention in such a contingency
would apparently be discoverable only by an exer­
cise of inferential interpretation akin to that which,
in some cases already pointed out by the “ Chroni­
cle,” has been lately applied to the Federal Consti­
tution. The company which takes over the Erie’s
repair work in Marion is not a carrier in any sense,
and the Transportation Act aims at and deals with
common carriers alone. If it were said that repair
work is an indispensable adjunct to common car­
rying, that is quite true, but building locomotives
and cars and making steel rails are equally essen­
tial to it, and the list might be extended farther; if
whatever is closely related to transportation can
be drawn under the cover of a law which clearly
did not foresee or intend anything of such sort,
where on earth should the impassable line be found ?
This question, however, need not be answered
now; it can wait. The Service Company is organ­
ized by local manufacturers and business men,
many of them already in the membership of the
Marion Employers’ Association, a body where the
open shop is held to be the only safe and the ulti­
mately destined rule of industrial work, and it is
•not reasonably possible to suspect them of anything
more or less than a desire to get necessary work
done on a feasible basis. The road’s management
puts this very tersely and admirably when it says
that it has long held the belief that “ the most favor­
able results to both the railroad and the community
it serves can be best obtained by the fullest co-op­
eration and amalgamation of interests as far as
possible.” If this be deemed a mere generalization
to which nobody can object, how of the following
remark that the road “ recognizes that its duty tothe public and the communities along its line is that
of furnishing transportation, and that all the ener­
gies of its employees and officers should be direct­
ed, as far as possible, solely to this end” ?
Certainly nothing can be more indisputable, more
fundamental, and more ridiculously simple as well,
than this. The sole duty of a common carrier is to
carry. The part of a railroad begins and ends with
“ furnishing transportation.” It must employ labor,
it must purchase and replace material, it must pay
wages, it must do any and every act which forms a
part of this service: but it does not itself exist in

A ug. 20 1921.]

THE CHRONICLE

order to furnish employment or pay anybody a liv­
ing wage. Heretofore we have been talked, and
threatened, and frightened, into forgetting what
railroads are for. A ll through that long and mis­
erable course of ostensible arbitration of the regu­
larly recurring demand of employees for more wage,
the arbitrators put aside, as at once aliunde and
ultra vires, the two questions whether the roads
could afford to pay any more and whether the cur­
rent wage rate were not as high as the general in­
dustrial market warranted, and considered what the
men “ ought” to have. Railroads are no more an
instrumentality for keeping up the wages of labor
than insurance companies are organizations for sup­
plying housing to the people. It would clarify our
minds considerably if we would dismiss collateral
and incidental uses and concentrate upon the pur­
poses for which carrying and insurance corpora­
tions are formed and exist;
How the Labor Board will attempt to deal with
this plan of “ outside repair shops” (not an abso­
lutely new thing, by the w ay), and whether any evi­
dence will be suspected of “ a concerted plan” by
which to slip in some degree from the control of the
Board need not be considered now. Yet does not
this suggest anew the unnatural and mischievous
tendency of all attempts at Governmental or out­
side intervention in industrial disputes, especially
of that worst form of the evil, the attempt to regu­
late such matters from one central authority? A
referee or arbitrator, voluntarily accepted by the
parties to a dispute and chosen by them, is a famil­
iar and feasible instrument for avoiding trials in
cou rt; to set up an outside body to which the parties
to disputes must go, and to which either contestant
may drag the other, is a quite different matter.
W ARN ING A G AIN ST T A X E VASION — TA X
REDUCTION THE SOVEREIGN REMEDY.
Probably the general public hardly noticed a re­
cent Washington press item concerning income tax
“ experts,” yet there is really a warning suggestion
in it as to the defectiveness of what is miscalled a
“ system” of taxation in this country. The dispatch
said that the newly inducted Internal Revenue Com­
missioner, Mr. Blair, had issued a warning against
“ fake” experts on that subject. Seeing revised leg­
islation in immediate prospect, he thinks these pro­
fessed experts, if they adhere to their practice in the
past, are preparing to offer to taxpayers advice on
making up their next tax returns, and so he deems
a warning to be timely and proper. The evils re­
sulting from the activity of these practitioners must
and will be stamped out, he avers. “ Persons who
knowingly offer advice or suggestions by which the
income tax law may be evaded, and which eventually
lead the taxpayer into difficulties with the Govern­
ment will be dealt with in accordance with the ex­
treme penalties provided by law.” During the last
30 days, he added, over forty attorneys and agents
for taxpayers had been disbarred from practice be­
fore the Treasury; a new system of enrollment for
such practice has been adopted, and all applicants
must satisfy a committee as to their ability to ren­
der to their clients any valuable service; persons
appearing for claimants must also produce a powerof-attomey from their principals.
This last-named requirement is ordinary and
proper, for proof of authority to appear in the case
is a just preliminary; but whether the agent is ca­

775

pable of rendering the principal any real service is
for the principal’s own determination, and this pro­
posed inquiry into qualifications resembles the cate­
chising of an applicant for a license to act as broker
in insurance as to his ability to handle that subject
so as to benefit anybody. In that matter, as in this
of tax-collecting, even a benevolent intervention
may be pushed too far, since everybody must be
allowed the right to select his own lawyer, provided
the person employed has not been disbarred for
proven misconduct in the past.
Stories appear in the newspapers about tax-dodg­
ing. These are usually vague generalizations, but
we are told that vast sums are lost to the revenue
and the Treasury is periodically just ready to begin
a great “ drive” by which the delinquents will be
rounded up and duly squeezed, all this stuff being
greedily received and unhesitatingly believed by
the large number of persons to whom the alleged
misconduct of the rich seems to be a large cause
of the world’s troubles. The tone of this announce­
ment from the official whose part it is to collect in­
come taxes carries the implication that persons of
large incomes are dodging their just share of tax
and are hiring agents of keen wits and dull con­
sciences to teach them how to do it safely. Such an
implication, however, is plainly unwarranted.
When a man employs a lawyer to draw his will, or
to prepare or pass upon a mortgage or some other
business instrument, it. is not to be inferred that he
means to defraud somebody, but that he wants aid
In complying with statute and carrying out his own
intentioris without hazard of interference; men em­
ploy lawyers, as they employ physicians, that they
may have experienced advice on specialties. More­
over, a large individual or corporate taxpayer can­
not afford to spend time upon details, or to do per­
sonally what another can be set to d o ; on the very
considerable task of making out income tax returns,
lawyers (or professional accountants) are employed
for the same reason that stenographers and private
secretaries are employed, and the intent is presum­
ably innocent in all these cases alike.
The truth most essential in this matter (and the
truth we wish to especially press home) is that such
announcements as this from the collecting agency
are really a very strong indictment of the income
tax as we have it. A moderate, simple, and just tax
scheme, expressed in an intelligent and easily com­
prehended manner, would neither offer temptation
and opportunity for dodging nor require so much
expert counsel in order to be sure of not robbing
one’s self by failing to note or understand the al­
lowed exemptions, and, on the other hand, to be sure
of not unwittingly becoming subject to heavy pen­
alties. It might be an interesting inquiry (were it
practicable) how many “ Chronicle” readers have
ever read the income tax law from start to
finish, and how many of those who have read
it conceived that they quite understood it, or even
how many did not cast it aside with a half-fear lest
further poring over it might unsettle the intellect.
As a piece of unjust, involved, verbose and unintel­
ligible statutory chowder, it is certainly the most
triumphant success of our day. If its authors had
deliberately intended to make it difficult of com­
prehension and provocative of just wrath, they could
hardly have more skillfully done their work. Did
they know what they meant to exact? Does any­
body know now? Of course, every tax return that

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[V ol. 113.

has been filed has been made on an assumption that frains from taking is by an exercise of grace. Fig­
the party had somehow gone through the mess and ures of the 1919 tax, now published, do not contro­
reached the end; but that is only assumption, and vert this, for 65 especially nefarious persons con­
to expect general concurrence as to any except the fessed to incomes of a million or more, of which Gov­
simplest cases would be like expecting the doctors ernment “ gave” them something over one-third, re­
to agree on the cause and the cure of rheumatism. taining a little over 99 out of a total of about 152^
If this seems like unjust or flippant criticism, re­ millions. Now if this 99 millions had been thus
member that when this law was first enacted there diverted from yachts and other luxurious superflui­
came almost a flood of pamphlets, carefully com­ ties, the net effect upon the country’s industries and
piled and with the most helpful intentions, from welfare would have been less bad than it really w as;
various financial institutions and large investment but the unhappy fact is that this money is mainly
firms, containing digests and summaries of the just so much capital forcibly withheld from invest­
meaning and also the complete text of the law. The ment in production and trade instruments, so that
number of these offered aids proves the occasion it is not merely taken, it is largely and in a multi­
for them, and still more elaborate treatises were plying sense wasted. The same is true, on a smaller
published. Before us is an advertisement of one of scale, of the taking from other incomes, down to the
these, a 1,600-page manual, entitled, “ Income Tax smallest which are touched. The number of per­
Procedure 1920, Excess Profits Tax Procedure,” the sonal returns filed was only 5,332,760, but the over­
author being an attorney and a public accountant. whelming majority of the people make a very hurt­
As a special point, he announced that his work cov­ ful mistake in assuming that the “ rich” pay it all
ered both the Federal and the New York tax, with and they themselves are not hit, so they can chuckle
“ tables for working out both returns together.” It in satisfaction over it. Their satisfaction is unsta­
was “ definite, specific advice in plain English,” and bly based on ignorance of the fact that taxes dif­
it was complete in two volumes for the low price of fuse themselves and are re-collected again and again,
$9. Was this offered counsel presumably intended of the whole mass of consumers, this being most true
to teach rich persons how to wriggle out of the mess of taxes which largely go off into wastes, as in sup­
without being caught and duly scalded?
porting an army of place-holders who chiefly hold
The lately retired Collector of Internal Revenue, down desk-lids and go out to lunch. The per capita
“ Big B ill” Edwards, once told the newspaper men net income in this State, according to the enumer­
(so they said) that"some business men, to his knowl­ ated population in 1920, was $330.89, and it is a
edge, had got aid from their wives in making out hard and fundamental fact that every one of those
their tax returns, which was, of course, not necessar­ mathematical net incomes bore some share in the
ily an unwise thing to do. More remarkable was taxes gathered and again scattered.
Now we talk dislike of taxation, but we do not act
the story he told of one wealthy surtax target, who
made out a schedule of his gross income by items, it. W e squirm and squeal when the thrust reaches
then inclosed this, together with a check signed in us, but we do not resist and resent it. We look on,
blank, with a line to the effect that he could not fix like unconcerned spectators at a play, when a possi­
up the thing, and he wished the Collector would do ble half-dozen billions more as a bonus is talked of
it for him and then fill out and deposit the check in a Senate some of whose members say that will
and it would be honored for whatever amount was not mean any felt additional tax, as if it were to be
called for. Was this a bit of sarcasm on the rich gathered out of the breezes or the dew. We receive
man’s part, or a confession that he was not an ex­ with half-amused incredulity the accounts of the
pert at every mundane problem, or just the result efforts now being made in Washington for real re­
of a wish to get rid of the whole matter in the quick­ trenchment, but we do not openly second them. Tax
est and easiest manner? Perhaps a mixture of all reduction is impossible without reducing the squan­
three, but the story is not incredible. For, while we der, but we act as if we did not believe it or were
know that responsible business men do not issue not interested enough to keep it in mind and be in­
checks signed in blank, is not this income tax, when fluenced by it. W e wait to see whether Congress­
one seriously reflects upon it, practically equivalent men will really cut down taxation, and how they
to demanding that all persons bad enough to have will manage to do it; we do not tell Congress that
taxable incomes shall do exactly that thing? To it must be done somehow. As well expect to go out,
tell the citizen to sign a blank check and mail it, for uncovered, into the rain and not be wetted as to
filling out in the tax office, and to claim and exer­ permit expenditures to continue on the present scale
cise the power to take any or all of the income of and then expect lighter taxes. Yret we wait upon
every citizen, are not essentially unlike. To thrust Congressional action, when we should send a per­
a hand into the pocket and extract a man’s wallet, emptory order for action— for less idle talk and im­
and to compel him to extract it and turn it over practicable proposition and some definite procedure
with his own hand, differ in regularity and cour­ for reducing expenses and reducing them not by a
tesy of procedure, but the wallet is taken in either few paltry millions, but by the billions.
Unpleasant experience is the world’s best teacher,
case.
About four years ago the highest court of North and burdensome taxation ought to cure itself by
Daktota, in an action involving inheritance taxes, moving its subjects. Is it to prove so, or not? W ill
announced the extreme doctrine that no relative or the country awake, bestir itself, and issue a man­
legatee has any vested interest in the property left date which will be self-interpreting?
by a deceased person, but that everything rightfully
IS AMERICA GOING UP OR DOWN f
reverts to the State; “ the heirs,” said this decision,
There
is an optimism that is supreme folly ; it is
“ are purely donees, and take by the bounty of the
State,” so that they should gratefully receive and that which refuses to look facts in the face. And
never utter a whimper of complaint. Similarly, our there is a pessimism that may inspire; it is the soincome tax laws seem to assume that all incomes called “pessimism” that demands attention to exist­
belong to the nation and whatever Government re­ ing evils.

A ug. 20 1921.]

THE CHRONICLE

777

The “ tides in the affairs of men” are unquestion­ the higher animals were evolved long before moun­
ably running heavily to-day, and cross-currents are tain ranges such as the Alps assumed their pres­
many and strong. Drifting is easy and easily jus­ ent form ; and they may well survive when all the
tified, even for communities and States. Great na­ mountains that we know shall have worn away.
tions and highly developed civilizations have risen The higher elements which appear in man are cer­
and fallen and disappeared; and there is no reason tainly as enduring. Early descriptions of the moral
to think that the experience has ended, or that the qualities of the inhabitants of Europe, the Gauls,
human forces then operating have ceased to exist, for instance, which have come down to us from
Tacitus, Csesar and others, correspond to the pecu­
or have lost their power.
It has been the habit of historical students to liarities which mark them now, and have played
regard these forces as chiefly biological and eco­ their parts in determining the forms of their art,
nomic, and many interesting facts have been their customs and their institutions.
The progress of the race and the existence of civi­
brought to light, though their conclusions have not
been held convincing. To-day wider and more satis­ lization depend upon the preservation of this insti­
fying knowledge is sought in anthropological lin es; tutional inheritance and, more, particularly, upon
and already we have a group of valuable studies of the continuing strength of the moral and mental
the forces to be found in humanity itself which are qualities of the men to whom they belong. As the
universal and permanent, and which are more im­ larger proportion of men so endowed will be found
mediately effective in the history of the race than in the upper strata of society the future is in their
those forces which have hitherto been made promi­ hands. Individuals will continually arise in the
nent. The results have been recently presented in lower strata with exceptional native endowment
a course of lectures given in the Lowell Institute of who will consequently pass up into the class of the
Boston by Prof.W illiam McDougall of Harvard, and leaders. The function of the community w ill be
are now gathered in a volume entitled “ Is America always to provide every facility for such exceptional
individuals; but its chief concern must be to see
Safe for Democracy?” published by Scribner.
While recognizing the importance of certain bio­ that the number of special groups who may be ex­
logical facts, like the principles of physical hered­ pected to be born with the native gifts which make,
ity, and what has been adduced by the students of them capable to become the leaders and teachers
political, economic or social science, he finds that and inspirers of the community, not only does not
“ the social stratification which exists to-day in in­ diminish in the increase of the population, but that
dustrial communities is positively correlated with a they appreciate their responsibility and fit them­
corresponding stratification of innate moral and in­ selves for their task.
tellectual quality,” or, in other words, a far larger
Just here is where the situation arises which
number of persons with superior natural endow­ marks our peril to-day. It is so real that our au­
ments is contained in the higher strata of humanity thor opens his book with this sentence: “ As I
than in the lower. A truth sufficiently obvious, but watch the American nation speeding gaily, with in­
in its national significance little understood.
vincible optimism, down the road to destruction, I
Much has been made of the leading characteris­ seem to be contemplating the greatest tragedy in the
tics of certain great races, and the influence of the history of mankind.”
distinctive traits of the three groups into which
The justification of this statement is the purpose
those who have settled Europe are divided, the Nor­ of his book. It lies in two directions; the men and
dic, the Alpine, and the Mediterranean, is readily women upon whom the responsibility rests are not
traced both in their history and the various result­ fulfilling their task; and meanwhile their number
ing populations. B ut these groups are more or less proportional to the growth of the population is
composite, and no one of them gives evidence of rapidly diminishing. The wide diffusion of wealth,
power to perpetuate the institutions or the social the growth of luxury and the breaking up of estab­
status it has produced. Whatever forces have cre­ lished habits, with the recklessness incident to the
ated the great civilization in which we live the ques­ war, have spread a spirit of irresponsibility. While
tion is, W ill it endure; and is it ascending or de­ in connection with the increase of luxury the devel­
clining?
opment of the physical sciences which has brought
Our author holds that the answer is to be sought to man’s use innumerable newly mastered forces of
in the character of the institutions which a nation nature available for his advantage, and the growing
possesses, in which the innate mental qualities of the complexity of modern life combine to absorb the
people are revealed, and in the use which at any attention of successful men and make them indif­
given time the people make of them. These institu­ ferent to the welfare of the State. To succeed, they
tions in our modern civilization are the family, the say, their business must have all their time. The
right of property, individual liberty in the organ­ character of the public men who find it so easy to
ized state, the rule of law, with the practice of mor­ win control and perpetuate themselves in office is
ality and the recognition of religion in worship an illustration; and the confusion in the minds of
and the ordering of life. These with the customs the public as to what ought or ought not to be tol­
and habits connected with them constitute the erated in the customs of society as it exists to-day
means and the materials with which our civilization is another.
has been created. They are the mores, upon which
Even more important, if that is possible, is the
Prof. Sumner of Yale used to lay such stress as the feeble birth-rate among the well-to-do and the well
basic materials of society.
educated, compared with the fecundity of the less
Human nature, that is the sum of the various in­ favored groups. Here the facts are presented in
nate impulses and desires which called these insti­ eloquent tables and in convincing variety and ex­
tutions and habits into being, does not change, and tent. W e can only give a few.
belongs to the race. The biologists consider it
W e start with the fact that no one can as yet fully
proved that the great instincts common to most of appreciate the terrible destruction wrought by the

77H

THE CHRONICLE

war among the younger of the abler class in every
nation that was involved. Multitudes of children
to be born in these nations will have fathers of a
class distinctly lower in virility and capacity than
would have been the case apart from the war. The
application of the new doctrine of eugenics is dis­
tinctly limited; and it already begins to appear
that the widely heralded birth-control not only
does not reach the lower classes, where large
families prevail, but is increasing the restriction
of children among the well-to-do, where bachelor
maids ami bachelor men were already over abund­
ant.
Meanwhile the social ladder which enables men
easily to pass up and down the social scale, and
must be provided if talent is to find due scope, and
natural leaders in every form of activity are to
arise, is lifting the better material in the lower
classes into the class where children are few. The
towns are having a similar influence in drawing the
best element away from the rural districts and like­
wise putting them in conditions where small fami­
lies are the rule.
The widely recognized fact is that the upper
strata of society have become relatively infertile,
and do not sustain their own ranks, whatever the
cause, whether late marriage, celibacy, intentional
restriction of parentage, or still others. Meanwhile
the lowest strata continue to breed at a normal
rate, and, as a matter of fact, the birth rate is hignest among the actual mental defectives.
For further particulars we must refer our read­
ers to the book itself, limiting ourselves to quoting
a single statement: “ A t the present rate of repro­
duction 1,000 graduates of Harvard College will
have only 50 descendants 200 years hence. On the
other hand, recent immigrants and the less effective
descendants of the earlier immigrants will continue
to have large families, so that from 1,000 Ruma­
nians now in Boston, at the present rate of breeding,
will come 100,000 after the same space of time.”
This from “ one of the highest authorities on these
matters.”
“ The Harvard graduate has on the average seventenths of a son, the Yassar graduate one-half a
daughter” (Prof. J. McK. Cattell). “ The prolific
quarter of the population of Great Britain pro­
duces 50% of the children of each generation” (Prof.
K. Pearson).
The prominent features of our American life to­
day seem to unite to accelerate the movement
toward the attainment of the climax of our progress
and the subsequent decline, all save one. That one
is the increasing knowledge of human nature and
human society and of the condition which make for
its flourishing. Keen workers, investigators, edu­
cators and sociologists are increasing and spreading
this knowledge, and there is a strong general ten­
dency to accepting and applying it.
Herein, our author believes, lies the hope of the
future. It is virtually a new factor in history. It
furnishes the test by which every wide measure of
social legislation, every social custom and institu­
tion must be appraised. Prohibition, immigration,
marriage and divorce, educational systems, the re­
lation of labor and capital, State interference with
■ersonal liberty, the distribution of population beuveen town and country, the type of the city, all
have a profound effect upon the quality of the in­
habitants.

[ V o l . 113.

Most important of all is the acceptance of indi­
vidual responsibility in all these matters in their
relation to the public, and the clear realization of
the actual situation. The future will be determined
by the sum of the individual choices and conduct
as these are made to-day. The situation would be
hopeless, on the basis of the analysis of this author,
were it not for the enthusiasm with which so many
of our young people,, especially those coming out
of our colleges and universities, are devoting them­
selves to public service, not only studying the great
social problems, but eager to have some part in
solving them.
CANADIAN MUNICIPALITIES AND THE
METHOD OF COMPUTING THEIR DEBTS.
Ottawa, Canada, Aug. 19 1921,
For some months past a rather clarifying form
of discussion has been proceeding between the or­
ganized bond dealers of Eastern Canada and repre­
sentatives of prairie province municipalities. The
points at issue are of such interest and importance
that the daily press has joined in the controversy,
and finance commissioners of the criticised admin­
istrations have added their bit to the sum of fiscal
theory. Since the failure of a few Western towns
to pay bond interest, and the refusal of the Provin­
cial Governments to stand the loss, a general criti­
cism has been made concerning the proper method
of estimating the solvency of an organized com­
munity.
It was contended by certain of the Toronto bond
houses that if a city’s gross debt per capita is with­
in reasonable bounds the city’s position may be
taken as sound. As a matter of fact, very many of
the summaries of municipal finances in this country
deal only in figures of gross debt. Now come the
leaders of the prairie province municipalities, de­
manding that in their cases municipal ownership
and operation of utilities has proceeded rapidly and
that the listing of gross debt for paying utilities
gives the investor erroneous information. One city,
they argue, may have a source of revenue from its
capital investments, with a flourishing sinking fund;
a neighboring city may have no utilities, or have
put its funds into losing ventures, with a starved
sinking fund, but in too many instances the distant
investor is not given this data on which to found his
opinion. The city of Edmonton, capital of Alberta,
for example, has a very high per capita gross debt,
but makes money from its utilities, and its finance
commissioner asserts that these utilities could be
sold any day to a private Company for the money
invested less the sinking fund and depreciation al­
ready raised.
On the other hand, the cardinal mistake of many
Western towns has been the investment of bond
money in local improvements, which oftentimes had
no prospect Avhatever of giving a return in taxes.
Municipal ownership has caused trouble for the
Western bond holder at times, it is true, but the
commonest manacle on the treasury of the over­
night town is excessive investment in pavements,
sewers and roads. Unlike the successful municipal
railway, which is a liquid and tangible asset, the
local improvement debt is a definite liability.
Underlying the controversy as to whether a com­
parison of municipal gross debts per capita is fair
to the municipality or the investor is the fact that
no uniform method of computing a financial state-

A ug. 20 1921.]

THE CHRONICLE

779

per pound and at the same time this year 12.1 cents.
During the same interval the recession in corn was
from .$1 94 per bushel to 75.2c; rice, II .8c. per pound
to 3c.; wheat, $2 92 per bushel to $1 58; flour, $11 42
per barrel to $7 14; copper, 19.8c. per pound to 13.3c;
sole leather, 53.5c. to 39.2c.; leaf tobacco, 57.2c. to
30c.; cotton goods reduced about one*-half generally,
provisions noticeably lower as a rule, and dairy
products, vegetables and fruits likewse.
The most striking shrinkage in the value of exports
FOREIGN TRADE OF UNITED STA TES IN
of a commodity in the late fiscal year was in cotton,
1920-21.
due to the very'decided decline in price. In fact,
We have awaited the receipt of full details before while the quantitative outflow was some 20% less
reviewing the foreign trade figures for the fiscal year than in 1919-20, the value fell over 56%. We have
ending June 30. A not unexpected development of that to note, furthermore, that despite gains in quantita­
year was an important decrease on both the export tive efflux there was a falling off in value in oleo oil,
and import sides of the account, in the value of the lard, spirits, turpentine, cottonseed oil, fertilizers,
foreign trade of the United States, leaving the linseed cake and meal and many other articles as
export total, nevertheless, the heaviest of any twelve well, while instances of an increase in value in face
months period prior to 1918-19, and the import total of a lesser quantity sent out are practically confined
second only to 1919-20. We say a ndt unexpected to a few. commodities such as tin plate, crude oil,
development because with the war in Europe at an illuminating oil, salt and pine wood. Passing
end a long time before and urgent necessities for some further comment along these lines, it is to be stated
commodities and supplies a thing of the past, it was that breadstuffs shipments for the 12 months of
certain the high prices prevailing could not be main­ 1920-21, reflecting a very large increase in the out­
tained and that consequently the aggregate value of flow of wheat, were 263 million dollars greater than
the exnorts would necessarily fall off. For a time, those of 1919-20; but meat and dairy products exhibit
as it happened, rulfillment of expectations in that a drop of 368 millions, and cotton 781 millions. In
regard was delayed m the face of depression in trade mineral oils, however, a gain of 109 million dollars
both here and abroad and the accompanying gradual is indicated. Other losses of more or less importance
deflation in prices of many classes of goods, the were in leaf tobacco, 35 millions; cotton manufac­
outward and inward movements of commodities both tures, 124 millions; leather and manufactures, 193
continuing of very full volume for several' months, millions; fruits, 50 millions; vegetable oils, 58 millions;
furnishing, in each case, for the half year ended Dec. copper, 59 millions; chemicals, 48 millions; fish, 23
31 new high record aggregates for the period. There­ millions; sugar, 88 millions; cars for railways, 27
after, however, the totals, month by month, exhibited millions; wool manufactures, 35 millions, and (in
a more or less marked shrinkage from recent earlier amounts running from 2 to 20 millions) confectionery,
years and a final outcome as indicated above. At rubber tires, naval stores, oil cake and meal, glucose,
the same^time, as the falling off in imports in the hides, furs and fur skins, wood and manufactures,
late year was almost as heavy as in exports, the tobacco manufactures, paints, paraffin, hops, eggs,
favorable balance of trade shows only a very moderate photographic goods, corn starch, malt, automobiles
decline as compared with that built up in 1919-20, and parts, seeds, fertilizers, vegetables, coffee and
although dropping decidedly below the net credit miscellaneous vehicles. With such a formidable list
that accrued to us in 1918-19, when the gain in trade of decreases there is no difficulty in realizing that the
was almost wholly on +he export side.
general decline has been 1,592 million dollars even
We have referred above to deflation as a factor though there were noteworthy increases in a few
in our foreign trade in 1920-21 and, without attempt­ articles such as coal, 180 millions; iron and steel
ing to definitely determine its potency, it is interesting manufactures, 105 millions; electrical machinery,
to follow its course in a general way and point out 32 millions; explosives, 18 millions, and smaller
its effect in specific instances. For many articles of amounts in agricultural instruments, brass, coke,
export the zenith in prices was reached in the closing earthen stone and china ware and paper.
month of the fiscal year 1919-20, or a little earlier.
Reference already made to prices in this article
This is true of such commodities as corn, rice, coffee, has had to do with the comparison of the level at
cotton, most fruits, leather, the majority of items in specific times—June 1920 and 1921—and not with
the meat and dairy products schedule, naval stores, the averages for the fiscal years, as disclosed by the
and a large number of articles of lesser prominence official export totals. These latter, however, while
in our foreign trade. Wheat and flour, however, not showing such radical differences, reflect in no
did not reach the top until a little later, the same is uncertain way the downward trend of prices. From
true of copper, the general run of cotton goods, the returns for the twelve months we find that
tobacco, some classes of wood and iron and steel, the average export price of raw cotton in 1920while in a number of other articles the drop has been 21 was only 21.4c. per lb., against 38.9c. in
inappreciable. Still, taking commodities as a whole, 1919-20; of rice, 4%c., against 103^c.; hides and
the price basis now is well below what it was a year skins, 18 2-3c., against 44c.; sole leather, 44.3c.,
ago and has, therefore, been a considerable factor against 49.4c., and a similar comparison for sugar is
in the contraction in the value of the year’s merchan­ bet ween 73^c. and 9c.; butter, 45.9c. and 57c.; cheese,
dise outflow, although quantitative decrease has also 26.7c. and 33c.; copper, 16c. and 20.6c.; barley, per
in many cases contributed to the same end. Indicat­ bushel, $1 23 and $1 56; corn, 90c. and $1 65;
ing specifically the decline that has occurred in some wheat, $2 35 and $2 50; flour, per barrel, $9 55 and
commodities within the year we note that the official $1111; fertilizers, per ton, $21 75and$29 44; boots and
export price of cotton in June 1920 was 40.8 cents shoes, per pair, $3 53 and $3 85; rosin, per barrel,

meat lias yet been worked out by Canadian local
governments, so that the bond dealer and his clients
have to use a clumsy and inaccurate basis of com­
parison. This constitutes one of the reforms which
undoubtedly will be brought about in the near fu­
ture through enactments of the Provincial Govern­
ments.

780

THE CHRONICLE

$>11 82 and $>18 80; spirits of turpentine, per gallon,
$1 16 and $1 49; calf upper leather, per square foot,
51c. and 70c.; kid, 50c. and 64^c*5 apples, per
barrel, $7 and $9 10; all dried fruit, except raisins,
lower, and the same is true of provisions, oil cake,
vegetable oils and many other articles of lesser
prominence. Coal, on the other hand, ruled higher
at $10 38 per ton for anthracite against $8 02, and
bituminous $8 77 against $5 70. Tobacco, too,
belongs in the same category at 4 9^ c. per lb., against
42 l-3c,, as also cement, most items in the iron and
steel schedules, mineral oils and some varieties ot
chemicals and lumber.
One noteworthy change in our foreign outward
trade in 1920-21 was the decreasing prominence of
Europe therein. In the past our shipments in that
direction have made up much the greater part of the
export total, standing at 60% or over for a series of
years prior to the war, and advancing to 70% or
more during 1914-15, 1915-16 and 1916-17. The
proportion receded somewhat in the next two years,
however, and was down to 60% in 1919-20, while
for the fiscal year just closed the European percentage
has dropped very close to 50. And this serves to
draw attention to the immense expansion made in
recent times in our trade with other quarters of the
globe, and especially since the war in Europe fur­
nished the opportunity which the United States was
not slow in grasping. Only ten years ago— in
1910-11—our exports to all countries outside of
Europe reached a value of only 749 million dollars,
but, advancing quite steadily, had risen to 1,334
millions in 1915-16 and to 1,966 millions in 1916-17.
High prices assisting, the 2,000 million mark was
crossed in 1917-18, the 2,500 million line in 1918-19,
and the total reached no less than 3,245 millions in
1919-20. In 1920-21, with the grand total showing a
contraction of 1,592 millions, the decline in this par­
ticular portion of it was but 137 millions. As re­
gards our trade with Europe in 1920-21, the most
striking losses are shown in the shipments to the
United Kingdom, Franc'e and Belgium. On the
other hand, with more or less amicable relations re­
stored, we have to note a decided increase in the
outflow to Germany.
For the twelve months
of the fiscal year 1920-21, it is to be pointed out
that the exports of goods to Germany, in fact, rose
from a value of 202 million dollars in 1919-20 to
382 millions. Contrariwise, the shipments to Den­
mark fell from 125 to 63 millions; Belgium, from 317
to 184 millions; France, from 717 to 432 millions;
Italy, from 397 to 302 millions; Greece, from 49 to 38
millions; Norway, 115 to 58 millions; Russia, 65 to 17
millions; Sweden, 129 to 77 millions; United King­
dom, 2,151 to 1,326 millions; Turkey, 30 to 19
millions and Japan 453 to 189 millions. As against
these decreases, we have gams in Cuba from 396 to
403 millions; South America, as a whole, 491. to 523
millions; China, 120 to 138 millions; the East Indies,
127 to 165 millions; and Africa, 128 to 134 millions.
Sufficient to offset to only a moderate extent the
large falling off elsewhere, but at the same time in­
dicative of continued expansion of our trade in the
newer fields.
For the purpose of denoting the changes in the
foreign trade totals, we subjoin a compilation showing
the imports, exports and balances of merchandise,
month by month, and quarter by quarter, and quar­
terly aggregates of gold and silver for the last two
fiscal years:

[V ol. 113.

EORE1GN TRADE MOVEMENT IN 1919-20 AND 1920-21.

♦Excess of Imports.

The total value of the merchandise exports for the
fiscal year 1920-21, it will be observed, was only
$6,516,324,146, as against the high record aggregate
of $8,108,988,663 for 1919-20, and $7,232,282,686
for 1918-19. The decline from a year ago is, of
course, heavy, but at the same time the sum of the
twelve months’ exports is still over 4 billion dollars in
excess of the heaviest pre-war total—that of 1912-13.
Much of this gain naturally finds its explanation in
the higher prices now prevailing, as compared with
these earlier years, but the recent expansion in the
value of our trade with Latin America, Asia, other
than Japan, and Africa has been so great as to leave
a good margin of quantitative increase after allowing
therefor. The imports of 1920-21, at $3,654,449,430.
also exhibit a decided decrease from 1919-20, com­
parison being with the peak total of $5,238,352,114,
but there is an increase of 559 millions over 1918-19.
The balance of exports in the latest fiscal year was,
nevertheless, but little smaller than a year earlier,
although very much below two years ago, and quite
well under 1916-17, $2,861,874,716 contrasting with
$2,870,636,549 and $4,136,562,618 and $3,630,693,209. The total foreign trade of the country (imports
and exports combined) was in 1920-21 a little over
10 billion dollars ($10,170,773,576), against no less
than $13,347,340,777 in 1919-20 but comparing with
only 3,576 millions a decade ago.
While lower prices were a contributing factor in
the decrease in the value of the imports, as in the
exports, the chief cause of the contraction in the
import total was the falling off in quantity in many
commodities. In illustration we would draw atten­
tion to the drop in the inflow of such leading items as
hides and skins of some 446 million pounds. Itidia
rubber 276 million pounds, raw cotton 220 million
pounds, soya bean oil 147 million pounds, wool,
undressed furs and cocoa each about 100 million

A ug.

20 1921.]

THE CHRONICLE

pounds, hemp, &c., 44,000 tons and smaller but
important losses in coffee, copper, fish, tin, tobacco,
nuts, millinery materials, &c. As against these
decreases there were no quantitative gains worthy of
special mention aside from the expansion in the
imports of wheat from Canada and crude oil from
Mexico. Analyzing the data for the twelve months
by values we note a few exceptions to the quite
general rule in that due to the higher average price
paid, sugar imports show a loss of only 23 million
dollars, with quantity quite a little decreased. Im­
ports of sugar from Cuba, our chief source of supply,
decreased materially, but the shortage was in great
measure offset by shipments sent here from Hawaii,
Philippine Islands, South America, &c., when prices
ruled very high. A proportionately greater increase
in value than in quantity also occurred in crude oil,
wood pulp and printing paper. The decreases
are in many instances strikingly heavy. The list
comprises raw silk, 256 millions, hides and skins
210 millions, India rubber 162 millions, wool 135
millions, coffee 134 millions, raw cotton 112 mil­
lions, vegetable oils 87 millions, diamonds and
other precious stones 72 millions, furs and fur skins
62 millions, seeds 58 millions, fibers and manu­
factures 60 millions, cocoa 42 millions, fruits and
nuts 40 millions, silk manufacturers 32 millions,
tin 31 millions, and in addition animals, chemicals,
copper, fertilizers, fish, hats and bonnets, leather
and manufactures, tea and vegetables in amounts
ranging from 6 to 20 million dollars. Many of these
items, if not all, showed large increases in 1919-20
over 1918-19.
The gold movement of the twelve months was very
appreciably heavier than in either of the three pre­
ceding ficsal years, but was quite a little smaller than
in 1916-17. It netted, however, a considerable gain
to the United States. July and August 1920 showed
small net exports, but in each month thereafter the
inflow exceeded the outflow, and largely so in most
instances. In the final month the imports reached
$43,842,126, with exports of only $773,603, leaving a
net influx of $43,068,523. For the twelve months of
1920-21 the aggregate of imports was $646,139,948,
of which there came from Great Britain direct about
315 million dollars, from Canada 29 millions, France
123 millions, Sweden 44 millions, the Netherlands 17
millions, the Far East 75 millions, South America
21 millions, and Mexico and the West Indies 11
millions. The gold exports were $133,537,902, of
which approximately 92 millions went to Japan, 12
millions to China, 9 millions to Hong Kong, 4 millions
to Canada and 3 millions to Mexico. The net influx
of the metal at $512,602,046 compares with an ad­
verse or export balance of $315,880,406 the preceding
year, $54,211,802 in 1918-19 and $66,438,741 in
1917-18, but with net imports of no less than $685,254,801 in 1916-17 and import balances also, though
much less in amount, in the two previous years. In
the seven years since the breaking out of the war in
Europe, our net gold imports have reached the stu­
pendous total of $1,190,086,258. Exports of silver
for the twelve months were much less than in any
recent preceding year, having reached only $52,536,171, of which 15^2 millions to China, 13 millions to
Hong Kong and 9 millions to Great Britain. Against
this there were imports of $59,432,631, Mexico con­
tributing 36 millions and South America 12 millions.
The net silver inflow for the year was, consequently,
$6,896,460, which contrasts with a net efflux of
$76,137,226 in 1919-20 and of $222,349,284 in 1918-19

781

RAILROAD CROSS AND NUT DARN I NOS FOR
THE SIX MONTHS END!NO JUNE 30.
In reviewing the earnings of United States railroads
for the first half of the current calendar year, the fea­
ture which stands out with commanding pre-emi­
nence is that the country’s rail carriers during this
period made substantial progress towards better re­
sults from their conduct of the transportation busi­
ness. The conditions were exceedingly trying—in
some respects more trying even than in the year or
two immediately preceding, when the roads were
called upon to endure hardships which it was supposed
would never again be repeated. Two main diffi­
culties confronted them. On the one hand intense
business depression prevailed, involving a tremendous
shrinkage in the volume of traffic moved over the
roads and preventing them from getting the benefit
of the advances in rates authorized the previous
July and put in force in August, and which were in­
tended to place them once more on a satisfactory in­
come basis. On the other hand, their expenses
were running very heavy by reason of the further big
boost in wages made by the United States Railroad
Labor Board the previous summer, and also by rea­
son of unfavorable labor conditions— conditions de­
structive of economy of operations and efficiency of
management—inherited from the period of Govern­
ment administration of the roads.
The business depression with its resulting loss of
traffic was beyond the control of the managers of the
roads and accordingly their efforts had to be directed
towards cutting down the expenses. We shall pres­
ently see how difficult this was. The effects of the
shrinkage in traffic are seen in a falling off of-$67,476,090 in the gross earnings for the half-year as com­
pared with the first- six months of 1920, notwith­
standing the much higher rates in force in accord­
ance with the authority granted the previous summer
as already mentioned. These rate advances were of
large proportions, the roads in Eastern territory
having been granted authority to raise their freight
rates 40% (on top of previous advances) , those in the
Southern and the Mountain Pacific groups 25%, and
those in the Western group 35%, besides which the
carriers received permission to advance passenger
fares 20%, Pullman rates 50%, and excess baggage
and milk rates 20%. It was estimated at the time
that these rate increases were authorized that they
would add $1,500,000,000 to the annual gross reve­
nues of the roads, or $125,000,000 per month. This
estimate was predicated on the idea, of course, that
the volume of traffic would be maintained on the
1920 level. That it was not maintained is evident
from the fact that instead of the $750,000,000 increase
in gross earnings for the six months on that basis, we
have now an actual falling off in the gross earnings,
according to the tabulations appearing further below,
of $67,476,090, and the wide disparity in these two
results attests thfe severity of the depression through
which the country is passing.
With gross earnings declining when large gains
had been counted upon, the necessity for getting
control of the expenses with the view of effecting
drastic reductions became all the more imperative,
and here a large measure of success attended the
efforts of the managers. There would obviously
have been a heavy augmentation in the expenses
had the volume of traffic been maintained at the old
level. The wage award of 1920, it had been figured,

78 i

THE CHRONICLE

would add (on the same volume of traffic) not less
than $1)00,000,000 to the annual payroll of the roads,
or, say, $300,000,000 for the half-year. Instead our
tab es show a reduction in expenses in amount of
$209,284,120. The falling off in traffic, with the
decrease in the force of employees required to handle
it, was of course one factor in the reduction in ex­
penses- and a very important one. But in addition
operating efficiency was practiced in every direction.
The managers discerned very early in the year that
with gross earnings receding and costs of operations
continuing high, aided by the further increases in
wages made by the Labor Board, there was danger
of general insolvency unless expenses were taken
actively in hand. They sought, of course, to avert
such a catastrophe and succeeded in the effort, even
though handicapped by the rulings of the Labor
Board and the hostility and opposition of the em­
ployees.
The carriers sought to have the so-called national
agreements put into effect during the period of
Government control and continued in force by the
Labor Board (pending further consideration of the
question) abrogated. These national agreements
prescribed uniform scales of wages at high figures
all over the country and also embodied working con­
ditions which added still further to the cost of opera­
tions. The railroads wanted these national agree­
ments abolished so that they could avail of the much
lower wage rate for common labor prevailing in the
respective localities of the different roads. But the
Labor Board would not listen to suggestions of this
kind. The situation rapidly getting desperate, a
great many of the carriers then undertook to make
wage reductions on their own account without con­
sulting the Labor Board. Again the Labor Board
intervened and prevented the carrying out of the
movement. The Board said this could not be done
without its consent except on agreement with the
employees themselves, and of course the employees
would not and did not agree. The Erie arranged to
reduce wages in this way at the very beginning of
February, and the Pennsylvania, the New York
Central, the New Haven and numerous other roads
undertook to make reductions in March, but in all
cases the move was thwarted by the Labor Board and
non-agreement of the employees.
On April 14, however, the Railroad Labor Board
promulgated an order providing for the abrogation
of the national agreements for the hiring of unskilled
labor, but did not make the order effective until
July 1. Under the order each carrier was left free
to settle with its own employees beforehand so much
of the rules question as could be agreed upon between
them. The decision affected all railroad emplojmes
except those, in the train vservice, these latter being
under separate agreements between the individual
railroads and the four big brotherhoods. Unfor­
tunately few roads found it possible to reach agree­
ments with their own employees and accordingly on
June 28, the Labor Board issued an order providing
for the further continuance of the national agree­
ments until the Board could announce its own con­
clusions with reference to the agreements.
Late on May 17, there came quite unexpectedly
an announcement from the Labor Board with
reference to the appeals which had been made to the
Board to authorize wage reduction in view of the
decreases in wages in other fields and the reduction
in the cost of living. The announcement was to the

[V o l . 113,

effect that “ prevailing conditions justify to an
extent yet to be determined a readjustment down­
ward of the wages of the employees ©f the carriers
which are parties to the disputes already heard by the
Board.” But it appeared that there was to be further
delay in putting the wage reductions in effect. Nev­
ertheless the resolutions adopted by the Board,
embodying the announcement referred to, were
exceedingly broad in their scope and made it apparent
that by the beginning of the second half of the year
wage reductions for all classes of railroad employees
could be obtained by the carriers if they chose to
avail of the opportunity offered instead of obtaining
reductions merely in the case of common labor and
men in the shop crafts to which the hearings had been
confined up to the date of the announcement.
The resolutions pointed out that the Board had
now heard the evidence and arguments of both
parties to all disputes filed and docketed prior to
April 18 1921, but that since that date a large num­
ber of applications for decisions on similar disputes
had been filed, and there were reasonable grounds
for believing that still other applications were about
to be filed, and then went on to declare that the
Board would on June 1 1921 announce its decision
covering the disputes as to wages theretofore heard
by the Board, to become effective July 1 1921, and
furthermore resolved: “ That Monday, June 6 1921,
be set as the date when this Board will hear the
representatives of the parties to disputes filed since
April 18 1921, or which may yet be filed and docketed
prior to June 6, it being the purpose of the Railroad
Labor Board to make its decision of the disputes
heard June 6 1921 effective July 1 1921.”
The carriers were not slow in taking advantage
of the latitude here allowed of bringing other classes
of railroad employees within the purview of the
Board, and obtain quick action on the same, and
filed the necessary applications to that end where
they had not previously done so. On May 31 the
Railroad Labor Board announced the extent of the
wage reductions in the cases already heard, and t
appeared that the decrease averaged 12%, involving
a saving in the annual payroll of the carriers of about
$400,000,000.
It is evident from the foreoing that in the half year
covered by our present tabulations the carriers
received no benefit from the wage decreases author­
ized by the Labor Board nor from the modifications
and changes in the National agreements. They
nevertheless got gradual control over their expense
accounts. Efficiency of operations was promoted
through the restoration of discipline among the
employees and by the weeding out of the weak and
the incompetent, this being possible because of the
large number of idle railroad employees owing to
business depression. All this contributed to import­
ant reductions in expenses, besides which of course
expenses naturally contracted with the shrinkage
in the volume of traffic handled. Doubtless, also,
maintenance work was carried no further than was
absolutely necessary. In addition certain exception­
al conditions that had added greatly to the expense
account in 1920 were not repeated in 1921. It is
in these various ways that a reduction in the operat­
ing expenses of $209,284,120 was effected when if
the volume of traffic had not diminished the increase
in the labor bill alone for the six months would have
caused an addition of $300,000,000. The final
result therefore is that though gross earnings for the

A

u g . 20

half year were reduced in amount of $07,470,000, the
saving of $209,284*120 in the operating expenses
brought an increase in the net earnings (before the
deduction of taxes) of $141,808,030 or nearly 84%.
The comparative totals for the two years are as
follows:
Jan. 1 to June30 (202 roads).
192.1.
1020.
Inc. ( + ) or Dec, ( -■•)
MUCH Of rottd...............238,484
234,723
'
-1-701 00.32%
(iro-uI'ftvnln'iH
$2,071,3(19,048 *2,738,845,188
-$07,470,000 2.40%
- 2 0 0 ,2 8 1 . 1 2 0 k.M%
Operating expes'sew
2,3K>,478,683 2 ,0 0 0 ,7 0 2 ,8 0 3
N e t e a rn ln sa .

.. .

78

THE CHRONICLE

1921.

* 3 10 ,8 0 0 ,3 0 0

$ 1 0 0 ,0 8 2 ,3 3 0

I *1 4 1 .8 0 8,0 3 0 8 3 .8 7 %

While the improvement in net earnings here dis­
closed is extremely gratifying in revealing such
marked progress in the right direction, it should not
be forgotten that comparison is with very poor totals
in the preceding year. There is only one particular
in which the roads had an advantage in 1921 which
they did not have in 1920. We have reference to the
extremely mild winter wheather which prevailed.
In that respect, indeed, the winter of 1921 was quite
unique. In this city the temperature on Feb. 16
reached 63 degrees, a high record for that date. At
Chicago the thermometer on the same day registered
64 degrees, and several Middle Western cities re­
ported one of the warmest February days on record.
On Feb. 18, however, intelligence was received that
a cold wave was on its way from the Northwest.
Winnipeg, Manitoba, wired on the same day that a
big blizzard was sweeping over the territory and that
the Canadian Northwest was virtually cut off for the
time being from wire and railroad communication
with the rest of the world. This storm reached
New York Saturday night, Feb. 19 (just about mid­
night), and in the ensuing twenty-four hours New
York City suffered from an exceptionally heavy fall
of snow—the fall reaching a depth of 12)^ inches,
making it one of the notable storms on record, though
it could hardly be denominated a blizzard, since the
thermometer did not go below 22 degrees and the
wind was not very high. Prior to this storm there
had been absolute freedom from snow—at least as far
as this city was concerned—and the people had been
blessed with really genial weather. As the snowfall
was so heavy it took a few days (with the aid of the
Street Cleaning Department) to recover from the
effects. In a sudden cold wave the thermometer on
Feb. 25 dropped to 11 degrees above zero, but this
was quickly followed by warm weather again, and on
Sunday, Feb. 27, an unusually heavy and prolonged
fall of rain washed away the remnants of the great
storm of the previous Sunday. Barring these rela­
tively trifling exceptions, there was scarcely any
manifestation of winter.
In 1920, on the other hand, the winter was an
unusually severe one. Not only that, but so many
other adverse influences and conditions existed at
the time, all combining to cut down the net, that in
our review of the earnings for this half-year period
we were prompted to say that it was not likely that
we would ever be called upon to record a poorer
statement of net earnings of United States railroads
for any period of six months than that for the first
half of 1920. Rising costs of operation—induced
by wage increases, advancing prices for material,
fuel, supplies and everything else entering into the
operating accounts of the railroads, and by heavy
extra expenses arising out of special unfavorable cir­
cumstances of one kind or another—it was stated
had been a feature of railroad affairs for many years,
but in 1920 the movement, unquestionably, might
be said to have reached its climax and its apex,
many of the roads failing to earn bare operating

expenses. In February and a part of March of that
year (and in lesser degree the latter part of January]
the severity of the winter weather experienced was an*
adverse influence of large moment. On account o f
the depth of the snow over large areas embargoes had
to be placed on traffic and altogether the conditions
under which transportation had to be carried on were
quite unusual. The situation greatly improved in
that particular the latter part of March, but in April
new difficulties appeared that served further to add
to the unhappy lot of the railroad manager. It was
during April last year that the "outlaw” strike which
had such a paralyzing effect on railroad traffic and
railroad transportation originated. The freight sit­
uation continued extremely bad throughout April
in fact grew steadily worse and eventually became
so desperate that the next month (May 20), on the
recommendation of the railway executives themselves r
the Inter-State Commerce Commission exercised the
emergency powers granted to it under the new Trans­
portation Act and undertook to regulate the dis­
tribution of cars without regard to ownership_
Altogether the result of this array of unfavorable^
influences on earnings in the first half of 1920 was
that as against a gain in gross earnings of $358,015,357
out compilations showed an addition to expenses of
no less than $425,461,941, leaving the net diminished
in amount of $67,446,584.
It should be noted, furthermore, that the falling
off in net in 1920 was merely one of a long series of
losses in net. In the first six months of 1919 the
higher rates then in force (as compared with 1918)
for the transportation of passengers and freight
barely sufficed to meet the great rise in expenses;
our compilations then showed $265,635,870 addition
to gross earnings, with a coincident increase in
expenses of $265,952,855, leaving net slightly smaller,,
namely by $316,985. In the preceding two years the
results were even worse, huge increases in expenses
acting to cause heavy losses in the net. For instance,
in 1918 the addition to expenses (over 1917) reached
the prodigious sum of $457,054,265, or about 34%,.
with the result that a gain of $181,848,682 in gross
was turned into a loss of no less than $275,205,583 in
the net, or over 50%. Not only that, but in 1917
a gain of $205,066,407 in gross was concurrent with
an addition of $212,222,155 to expenses, leaving a
loss of $7,155,748 in net. For the four years com­
bined (1920, 1919, 1918 and 1917) the loss in net
aggregated $350,124,900, and the gain in net now of
$141,808,030 in 1921 represents the recovery of only
a part of this antecedent loss. In the following we
furnish the half-yearly comparisons back to 1906.
We give the results just as registered by our tables
each year, but it should be borne in mind that in
1908 and prior years a portion of the railroad mileage
of the country was always unrepresented in the totals,
owing to the refusal of some of the roads in those
days to furnish monthly figures for publication.
Year.

Gross Earnings.
Year
Given.

Year
Preceding ■

Net Earnings.
Increase or
Decrease.

Year
Given.

Year
Preceding.

Increase or
Decrease.

$
$
$
$
$
$
Jan. 1 to June 30.
1906. 923,554,268 815,486,025 + 108,088,243 272,101,047 226,345,855 + 45,755,192
1907. 999,082,691 884,426,163 + 114,656,528 280,697,496 261,423,946 + 19,273,550'
1908. 863,860,965 1036,729,560 — 172,868,595 231,254,071 294,738,973 —63,484,902
1909. 1172,185,403 1051,853,195 + 120,332,208 371,591,341 294,951,102 + 76,640,239
1910. 1351,570,837 1172,481,315 + 179,089,522 408,380,483 371,502,668 + 36,817,815
1911; 1310,580,765 1339,539,563 —28,958,798 378,852,053 104,569,430 —25,717,377
1912. 1365,355,859 1309,006,353 + 58,349,500 373,370,171 375,407,648 —2,037,477
1913. 1502,472,942 1366,304,199 + 136,1.68,743 400,242,544 373,442,875 + 26,799,669
1914. 1401,010,280 1486,043,708 — 85,033,426 343,835,677 394,495,885 —50,660,208
1915. 1407,465,982 1447,464,542 — 39,998,560 394,683,548 347,068,207 + 47,615,343
1916. 1731,460,912 1.403,448,334 + 328,012,578 559,476,894 393,225,507 + 168151381
1917. 1946,395,684 1.741,329,277 + 205,066,407 555,083,025 502,838,773 — 7,155,747
1918. 2071,337,977 1889,489,295 + 1.81,848,682 285,705,922 540,911,505 -275,205,58.8
— 316,985
1919. 2339,750,126 2074,1 14,256 + 285,635,870 265,007,159 265,324,144
1920. 2684,072,507 2326,657,150 + 358,015.357 1.95.582,649 26.3,029,233 -67,446,5841
1921. 2671,369,048 2738,845,138 — 07,476,090 310,890,385 169,082,335 1- 141808 030

784

THE CHRONICLE

[ V o l . 113.

The part flint businessjdepression played the RE CE IPTS OF FLOUR AN D G R A IN AT SEABOARD JAN. 1 TO JUNE 30
R eceip ts o f 1921.
1920.
19t9.
1918.
19 17.
present year in diminishing tlie tonnage of the rail­ F lo u r ___ . -bbbs- 11,789,000 10,195,000 19,970,000 12,948,000 11,006,000
bush - 97.169.000 65.861.000 102,845,000 13.977.000 128,738,000
roads, and the intensity of the depression, becomes WheatC o r n ___
40.725.000
8,940,000
6,965,000 13.811.000 35.322.000
____
23.452.000 10.270.000 36.197.000 65.796.000 70.851.000
apparent when we note the great falling off in the Oats__
Barley _
. ;
ioo 17.682.000
8,389,000
0,760,000
8.794.000
R
y
e
________
12.341.000
27.845.000 22.460.000
2,736,000
6.264.000
production of iron and steel and of coal. The coal
Total grain
181,976,000 118,612.000 i 16, i 19,000 93,080,000 249.969,000
traffic, it is certain, suffered a great shrinkage. This
The livestock movement in the West apparently
is evident from the fact that the United States
Geological Survey reports that in the first half of did not differ greatly from that of the first six months
1921 the output of bituminous coal was only 196,- of 1920. At Chicago the re ceipts comprised 135,996
000,000 net tons as against 258,000,000 tons in 1920, carloads against 131,748 in 1920, but on the other
214,000,000 tons in 1919 and 282,000,000 tons in hand at Omaha they were only 55,778 cars against
1918. The shipments of anthracite coal to tide­ 58,091 and at Kansas C ity only 53,988 against
water make a much better comparison, they having 56,691 cars.
In the South, the cotton movement, as measured by
been 35,237,707 tons in the first six months of 1921
against 33,994,850 tons in the first half of 1920. As the receipts at the Southern outports, ran a trifle
indicating the depression in the iron and steel indus­ lighter than last year, but heavier than in the years
try, the shipments by water of iron ore from the immediately preceding. For the six months of 1921
Lake Superior region were only 6,371,227 tons for these receipts aggregated 2,800,856 bales against
the season of 1921 up to July 1 as against 16,440,505 2,836,475 bales in 1920; 2,775,312 bales in 1919 and
tons for the season of 1920 and 16,008,419 tons in 2,089,163 bales in 1918, as will be seen by the
1919. The make of iron in the United States in following:
the first half of 1921 was only 9,530,981 tons against R E C E IPTS OF C O TTON AT SOUTHERN PO RTS F R O M JAN. 1 TO JUNE 30.
— ------------------------------------------------ Since Janua'v I -----------;-------------------------------------18,435,602 tons in the first half of 1920. The com ­
Perns—
1921.
1920.
1919.
1918.
1917.
1916.
860,567
879,398
537,718
846,706 975,058
G alveston___ bales .1,291,042
parison in the case of the production of steel is much Texas City, &C-_ . 224,725 210,113 114,985 72,822 61,529 176,173
New Orleans_
676,483 713,368
790,569
784,002
486,633 517,515
49,034 86,856
67,629
35,460
29,915
88,341
the same. From figures furnished by the American Mobile
Pensacola, &c.........
13,807
15,841
7,713
21,437
24,333
48,075
306,149
439,661
488,015
406,700
164,674 359,386
Iron & Steel Institute covering 30 companies it ap­ Savannah___
Brunswick__
. 4,216
65,337
81.230
41,100
65,670
80,400
.
45,873 264,185
1)1,973
45,908
39,341
63,617
pears that these companies produced only 9,006,855 Charleston_______
G eorgetow n........ .
_
____
loi
41,239
47,198
81,347
35,081
9,009
78,116
ilm ington...............
tons of steel ingots in the first half of 1921 as against W
Norfolk------------ .... 147,265 130,620
186,124
105,900
177,657 314,496
Newport News, & c._
1,623
2,729
1,329
3,035
3,738
49,419
17,634,434 tons in the first half of 1920; 14,862,680
Total __ .
.2,800,856 2,836,475 2,775,312 2,089,163 1 909,205 2,800,697
tons in the first half of 1919 and 17,122,056 tons in
The cotton shipments overland for the six months
the first half of 1918.
On the other hand, Western roads and Eastern of 1921 were 1,245,165 bales, as against 1,105,534
roads alike appear to have had the advantage of a bales in 1920; 1,250,995 bales in 1919; 1,293,570
larger grain movement. For the 26 weeks from bales in 1918; 1,106,698 bales in 1917 and 1,308,994
Jan. 1 to June 25 the receipts of wheat at the Western bales in 1916.
When we examine the record of the 1921 earnings
primary markets were 141,488,000 bushels as. against
109.863.000 bushels in the corresponding period of by months, it is seen that there was a loss in the gross
1920. and the receipts of corn 157,089,000 bushels earnings in every month except April and a gain
as against 115,554,000 bushels. The receipts of in the net in all the months except January, and that
oats, rye and barley did not run as heavy as in the this gain in the net was a gradually growing item,
previous year, but nevertheless for the five cereals being the heaviest in amount in the last month—
combined the aggregate of the receipts was 407,- June. In January control over the expenses was
087.000
bushels in 1921 as against 351,832,000still weak, but there was also a large special item
bushels in 1920. The details of the Western grain accounting for the great falling off recorded in that
movement in our usual form appear in the table month. In January of the previous year both gross
and net had been enlarged roughly in amount of
we now introduce:
Jan . 1 to
Flour.
Corn.
Oats.
Bariev.
Rye.
Wheat.
no less than $53,000,000 through the inclusion of
Ju n e 25.
(bbls.)
(brisk.)
(,bush.)
(bush.)
(bush.)
(bush.)
Chicago—
arrears of back mail pay for the years 1918 and 1919
1921_____4,932,000
9.927.000 82,631,000 33.6S3.000 3,996,000 1,392,000
1920_____4,561,000
S.SS2.000 38,557,000 32,212,000 5,201,000 3,522,000
accruing to the Railroad Administration as a result
lilwavkee—
1921_____ 662,000
9,9S8,000 5,455,000 3,990,000 2,024,000
8,238.000
of a decision of the Inter-State Commerce Commis­
1920_____ 297,000
7,717,000
1.SS1.000
9,647,000 3,873,000 2,237,000
St. Louis—
sion on Dec. 23 1919. This exceptional item, of
1921_____1,954,000 18,472,000 15,060,000 13,976,000
292,000
110,000
1920_____2.171,000
9.085,000 17,167,000 15,935,000
236,000
167,000 course,
was not repeated in 1921, diminishing,
Toledo—
1921_____
______
1,296,000
1,677,000 2,068,000
therefore, to that extent the totals of both the gross
1920_____
______
1,200,000
1,091,000 1,454,000
Detroit—
and the net. In the table we now annex we furnish
1921_____
______
S04.000
715,000 1,546,000
1920_____
______
348,000
731,000
900,000
a summary of the monthly totals of gross and net
Peoria—
1921_____1.172.000
387.000
8,062,000 4,050,000
3SS.OOO
355,000
earnings.
1920-_ --1,554,000
1,755,000 12,906,000 6,919,000
255,000
611,000

Duluth—
1921_____
______
1920_____
______
inn eapolis—1921_____
95,000
1920_____
______
Kansas City—
1921_____
1,000
1920_____
______
Omaha & Indianapolis—
1921_____
______
1920_____
______

10,822,000
8,851,000

v
1.751,000
3,000

3,432,000
311,000

978,000
626,000

4,572,000
8,256,000

39,356,000
42,604,000

7,459,000
4,931,000

7,490,000
6,470,000

4,410,000
4,771,000

2,735,000
3,SS0,000

41,533,000
26,099,000

8,917,000
7,937,000

2,241,000
3,470,000

50,000
48,000

10,653,000
9.25S.000

20,829,000 9,277,000
24,514,000 15,314,000

—

—

Totals o f All—
1921_____8,816.000 141.4SS.000 157.0S9.000 S3,218.000 14,104,000 11,188,000
1920......... S.5S3.000 109,963,000 115,554,000 92,632,000 15,010,000 18,673,000

Net Earnings.

Gross Earnings.
1921.

1920.

Inc.( + )or Dec.(— )

1921.

1920.

Inc. or Dec.

s
§
S
S
S
S
Jan _ 469,784,542 503,011,129 — 33.226,587 6.60 28,451,745 88,803,107 — 60,351,362
Fob 105,001,273 424.172.34S — 19,171,075 4.52 20,771,731 9,234,932 +11.536.799
Mar- 456,978,940 458,462,330 — 1,483,390 00.32 5S,538,958 39,882,642 t-18.666.316
514,403 + 52,005.300
April 411,279,831 381,112,844 + 30,166,987 7.91 ■•>2,549.703
M ay 444.02S,885 457,243,216 — 13,214,331 2.89 34.882,813 20,043,003 + 14,839.810
June 460.582,512 494,161.607 — 33,582,095 6.79 80,521.999 15,131,337 4 65.390,662
Note.— Percentage of Increase or decrease In net. for the above mouths has been:
anuary, 67.96% decrease: February. 124.92% increase: March. 46 7X% Increase:
April, 9.570.30% Increase; M ay, 223.72%, increase: June, 432.15% Increase.
In January the length of road covered was 232.192 miles In 1921. against 231.513
miles in 1920: In February, 235.653 miles, against 234.510 miles; In March. 234 S32
miles, against 233.839 miles; April 220.310 miles, against 219.7 It miles: May. 235 333
miles, against 234.916 miles; June, 235.208 miles, against 235.059 miles.

The Seaboard movement of grain also ran heavier
than last year, the receipts of Avheat, corn, oats,
barley and rye combined for the six months of 1921
There is nothing special to say with reference to
having been 181,976,000 bushels as against 118,642,000 bushels in the same period for 1920, but compar­ the returns of the separate roads except that reduced
ing with 186,149,000 bushels in 1919, as will be seen expenses are a feature with nearly all of them, though
by the following:
of course there are exceptions to the rule. Not with-

THE CHRONICLE

A ug. 20 1921.]

standing that the grand total of the gross earnings
falls below that of last year (speaking of the whole
body of roads collectively) not a few roads and sys­
tems are able to show increases in the gross over the
totals for 1920.
On the other hand, though net
earnings generally are very much better than in 1920,
there is a considerable number of roads and systems
obliged to report reduced net.
The Pennsylvania
Railroad (taking the entire Pennsylvania system, in­
cluding all roads owned and controlled) reports an
increase in gross of $15,365,815 and an increase of
$55,622,336 in net. The New York Central system,
though having suffered a loss of $11,471,722 in the
gross, is able to report a gain of $26,669,070 in the
net. In the following we show all changes for the
separate roads for amounts in excess of $500,000,
whether increases or decreases and in both gross and
net:
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S F O R S IX M O N T H S .

I ncrease.

Decrease.

P e n n R y & C o ( 2 ) _______< 4 1 0 , 7 9 2 , 1 4 7
D e la w a r e L a c k & W e s t _ _
7 ,5 1 2 ,6 1 2
L e h ig h V a l l e y _____________
5 ,7 5 9 ,2 9 5
C e n t r a l R R o f N e w J e r s_
4 ,2 7 3 ,1 9 6
E r ie (3 )
4 ,0 6 0 ,8 4 6
D e la w a r e & H u d s o n _____
3 ,6 9 0 ,5 3 3
I llin o is C e n t r a l ___________
3 ,0 9 6 ,7 3 3
W a b a s h ______________________
3 ,0 4 5 ,0 9 9
C h e s a p e a k e & O h i o _______
2 ,9 9 6 ,8 8 2
V ir g in i a n ____________________
2 ,3 5 2 ,7 3 3
L o n g I s la n d ________________
2 ,1 0 0 ,5 2 4
N e w Y o r k C o n n e c t in g -_
1 ,7 8 3 ,7 3 3
S o u th e r n P a c ific ( 8 ) _____
1 ,6 5 6 ,9 9 5
In te rn a t & G re a t N o r th _
1 ,3 2 5 ,6 7 5
M a i n e C e n t r a l ___________ 1 ,3 1 7 ,4 2 4
K a n s a s C i t y S o u t h e r n .1 ,2 9 3 ,0 7 4
C h i c a g o & A l t o n __________
1 ,2 9 2 ,6 1 4
C e n tr a l R R o f N e w E n g _
1 ,2 2 4 ,5 2 6
N Y O n ta r io & W e s t e r n .
1 ,1 3 1 , 5 9 9
P h ila d e lp h ia & R e a d i n g .
1 ,1 1 1 ,9 1 5
N Y C h ic a g o & S t L o u i s .
9 7 3 ,8 9 8
C h i c a g o J u n c t i o n ________
9 6 2 ,9 6 2
F lo r id a E a s t C o a s t _______
9 4 7 ,1 7 2
N o r f o l k & W e s t e r n ______
8 8 6 ,7 9 7
B essem er & L a k e E r i e . .
8 0 2 ,5 3 8
W e s t M a r y l a n d ___________
8 0 1 ,1 6 0
D e tr o it T o le d o & Ir o n to n
7 9 1 ,1 8 6
L o s A n g e le s & S a lt L a k e .
7 4 0 ,9 7 6
C h ic a g o G r e a t W e s t e r n .
6 8 8 ,4 8 4
San A n t & A ran sa s P a s s .
6 8 3 ,4 3 6
B e l t R y o f C h i c a g o ______
6 3 2 ,3 6 1
I n d i a n a H a r b o r B e l t _____
6 0 3 ,3 5 6
G a lv e s t o n W h a r f __________
5 9 5 ,9 1 9
C h i c R I & P a c if ic ( 2 ) ____
5 7 5 ,0 7 5
B a n g o r & A r o o s t o o k _____
5 6 3 ,1 5 9
U n io n R R o f P e n n s y l v . .
5 4 4 ,2 2 7

Southern R a ilw a y _______ $10,332,896
C h icago M ilw & St P a u l. 8,504,754
A tch T o p & Santa F o (3) 8 ,220,918
C h icago Burl <fc Q u in c y . 6,217,748
N ew Y o rk C e n t r a l.____ 65,556,126
C h icago & N orth w estern 5,230,981
M ich iga n C e n tra l______
4,639,415
Y a z o o & M ississippi V a il 4 ,203,038
B altim ore & O h io ______
3,555,771
D en ver & R io G ran d e___ 3 ,001,167
St L ou is San Fran ( 3 ) ___ 2 ,582,980
M o K ansas & T exas (2)_ 2,555,882
Seaboard A ir L in e_______ 2,498,853
St Louis South W est (2)_ 2,024,766
M issouri P a cific_________
1,999,813
M in n St Paul & S S M _ _
1,.950,837
Louisville & N ash ville___ 1,942,653
C h ic St Paul M in n & O m 1,864,149
N ash v C h att & St L o u is .
1,699,121
B u ffa lo R o ch & P i t t s b ..
1,646,646
Texas & P a cific_________
1,531,995
D u lu th M issa be & N o rth 1,485,736
D u lu th & Iron R a n g e ___
1,466,215
A tla n ta B irm & A tla n tic 1,378,884
B oston & M a in e _________
1,263,170
C olora d o Southern (2)__
1,252,791
C en tral o f G eorgia ______
1,182,191
M onongahela, C on n ectin g 1,143,103
W estern P a cific_________
1,133,501
E l P aso & S ou th w est____
1,035,917
T o le d o St L ou is & W e s t .
909,419
C h icago & E ast I llin o is ._
897,597
B ingham & G a rfield ____
802,561
P ittsbu rgh & L ake E r ie .
779,207
L ake E rie & W estern ____
764,608
N ev a d a N o rth e rn _______
731,815
Pere M a rq u e tte _________
600,694
G eorg ia ---------------------------544,098
C in e N ew Orl & T e x P a c
521,184

R e p r e s e n t in g 4 7 r o a d s
in o u r c o m p i l a t i o n .

73,611,161
D ecrea se.

U n io n P a c if ic ( 3 ) _________ $ 1 5 , 0 3 3 , 6 1 8
G r e a t N o r t h e r n ___________ 1 3 , 0 4 5 , 3 5 3
R e p r e s e n t in g 5 1 r o a d s
i n o u r c o m p i l a t i o n .$ 1 3 8 ,3 3 2 ,7 2 0
N o r t h e r n P a c if ic __________ 1 0 , 6 0 0 , 5 4 9
N ote. — A l l t h e fig u r e s in t h e a b o v e a r e o n t h e b a s is o f t h e r e tu r n s file d
w it h t h e I n t e r -S t a t e C o m m e r c e C o m m i s s io n .
W h e r e , h o w e v e r , th e se
re tu rn s d o n o t s h o w t h e t o t a l fo r a n y s y s t e m , w e h a v e c o m b in e d th e
s e p a r a te r o a d s so a s t o m a k e t h e r e s u lts c o n fo r m a s n e a r ly a s p o s s ib le to
th o s e g iv e n in th e s t a t e m e n t s fu r n is h e d b y t h e c o m p a n ie s t h e m s e lv e s .
a T h i s is t h e r e s u lt fo r t h e P e n n s y lv a n ia R R . (in c lu d in g t h e fo r m e r
P e n n s y lv a n ia Company a n d t h e P it t s b u r g h C in c in n a t i C h ic a g o & S t . L o u is
c o m b in e d , t h e P e n n s y lv a n ia R R . r e p o r tin g $ 1 3 , 9 2 3 , 7 7 0 in c r e a se a n d th e
P it t s b u r g h C in c in n a ti C h ic a g o & S t . L o u is $ 3 , 1 3 1 , 6 2 3 d e c r e a s e .
F o r th e
e n tir e P e n n s y lv a n ia s y s t e m , in c lu d in g a ll r o a d s o w n e d a n d c o n t r o lle d , th e
r e s u lt is a n in c r e a s e in g ro ss o f $ 1 5 , 3 6 5 , 8 1 5 .
b T h e s e fig u r e s c o v e r m e r e ly t h e o p e r a tio n s o f t h e N e w Y o r k C e n t r a l
i t s e lf .
In c lu d in g th e v a r io u s a u x ilia r y a n d c o n t r o lle d r o a d s , lik e th e
M i c h ig a n C e n t r a l, t h e “ B ig F o u r ,” & c ., t h e w h o le g o in g t o fo r m th e
N e w Y o r k C e n t r a l System, t h e r e s u lt is a lo s s o f $ 1 1 , 4 7 1 , 7 2 2 .
P R IN C IP A L

CHANGES

IN

NET

T Y l C Y P fl C P C

E A R N IN G S

FOR

S IX

M ONTH S.

Increases.

P e n n s y lv . R y . & C o . ( 2 ) < z $ 5 7 ,3 7 3 ,0 0 2 W e s t J e r se y & S e a s h o r e .
$ 7 3 1 ,5 2 4
N e w Y o r k C e n t r a l ________ 6 2 0 , 5 4 5 , 4 6 8 N Y O n t & W e s t e r n _____
6 4 5 ,8 8 5
E r ie ( 3 ) ______________________
9 , 0 8 1 , 5 3 8 P o r t R e a d i n g ______________
5 2 2 ,7 1 4
8 , 7 2 8 , 1 6 3 T o l e d o & O h io C e n t r a l . _
B a lt im o r e & O h io __________
5 0 6 ,4 4 9
Illin o is C e n t r a l _____________
6 ,3 6 3 ,3 7 3
W a b a s h ______________________
5 ,7 3 4 ,4 0 8
R e p r e s e n t in g 5 8 r o a d s
5 ,5 1 5 ,5 9 5
L e h ig h V a l l e y ---------------------in o u r c o m p ila t i o n _ $ 1 8 7 ,6 2 f > ,0 3 0
M is s o u r i K a n . & T e x . (2 )
5 ,3 7 9 ,3 0 8
Decrease.
C h ic a g o B u r l . & Q u in c y _
5 ,3 2 7 ,1 0 7
Decrease.
5 , 1 5 8 , 0 1 3 U n i o n P a c i f i c ( 3 ) ___________ $ 7 , 7 2 2 , 7 2 9
C e n tr a l R R . o f N . J _____
N o r f o lk & W e s t e r n _______
5 , 1 0 8 , 3 6 4 S o u th e r n R a i l w a y ________
6 ,4 0 8 ,0 9 9
C h i c . R . I . & P a c ific ( 2 ) .
3 , 9 7 4 , 2 1 9 N o r t h e r n P a c if ic ___________
6 ,3 6 7 ,8 4 7
D el a w a re L a c k . & W e s t _
3 ,8 3 8 ,4 9 3 M in n St P au l & S S M _ .
3 ,1 6 0 ,2 7 9
D e la w a r e & H u d s o n _____
3 , 3 2 2 , 2 0 5 L o u is v ille & N a s h v i l l e ___
3 ,1 2 3 ,2 8 8
P h ila d e lp h ia & R e a d i n g .
3 ,2 4 1 ,2 7 7 C h ic a g o & N o rth w e ste rn
2 ,5 6 7 ,8 9 8
S e a b o a r d A ir L i n e ________
2 ,7 0 2 ,7 0 6 C h ic S t P a u l M in n & O m
2 ,1 4 3 ,5 0 0
P it t s b u r g h & L a k e E r i e . .
2 , 5 9 0 , 9 7 2 A t c h T o p & S a n t e F e (3 )
2 ,0 6 7 ,9 8 2
W e s t e r n M a r y l a n d _______
2 , 2 3 4 , 9 6 0 G r e a t N o r t h e r n ___________
1 ,9 7 5 , 6 2 4
M i c h ig a n C e n t r a l ________
1 ,7 9 3 ,2 8 3
2 , 2 1 5 , 4 3 0 D e n v e r & R i o G r a n d e ___
S o u th e r n P a c ific ( 8 ) _____
1 ,7 1 5 ,3 2 0
2 , 1 6 7 , 8 2 7 D u lu t h M i s s a b e & N o r t h
C e n tra l R R . o f N . E n g _ _
1 ,6 4 1 ,4 0 2
2 ,0 1 7 ,6 4 5 N a s h v C h a tt & S t L o u is .
C h e s a p e a k e & O h io ______
1 ,4 5 2 ,1 3 2
1 ,7 7 3 , 3 3 0 D u l u t h & I r o n R a n g e ___
V ir g in ia n ____________________
1 ,6 6 2 ,2 6 4 W e s t P a c i f i c _________________
1 ,0 3 1 ,5 5 3
N . Y . C o n n e c t i n g ________
1 ,6 4 0 ,2 0 5 E l P a s o & S o u th w e s t.
9 8 0 ,3 6 1
S t L o u is S a n F ra n ( 3 ) ___
1 ,5 0 4 ,2 9 9 N Y N H & H a r t f o r d .. .
9 4 2 ,7 1 5
In te r n a t. & G re a t N o r t h .
1 , 4 9 9 , 5 9 9 C h ic a g o & Blast I l l i n o i s ..
9 1 9 ,5 8 4
C h i c G r e a t W e s t e r n _____
1 ,4 7 2 ,5 1 4 Y a z o o & M is s is s ip p i V a i l
9 0 0 ,9 2 8
C h ic a g o J u n c t io n _________
1 , 4 5 5 , 6 1 0 A l a b a m a G r e a t S o u th e r n
8 4 0 ,5 4 1
C h i c M i l w & S t P a u l _____
1 ,3 4 6 ,5 5 6 C in e N e w O r l & T e x P a c
7 5 9 ,3 8 6
P e r e M a r q u e t t e ___________
1 ,2 6 7 ,0 0 3 L o s A n g e le s & S a lt L a k e .
7 5 8 ,6 2 8
I n d ia n a H a r b o r B e l t _____
1 ,2 3 9 ,1 6 3 Uichrn F re d & P o t o m a c .
7 2 5 ,6 4 2
C o lo r a d o S o u th e r n ( 2 ) . .
1 ,0 6 6 ,1 7 3 C Jov C in e C h i c & S t L _ _
6 9 2 ,6 9 2
B uffaJo R o c h & P itts b .
1 ,0 6 2 ,6 1 3 M is s o u r i P a c i f i c ___________
6 6 5 ,0 1 2
M o b i l e & O h i o ................... ...
J , 0 4 8 ,9 4 3 H o c k in g V a lle y
5 9 5 ,8 9 6
K a n s a s <Jity S o u th e r n
1 , 0 1 8 , 1 3 6 1A t la n t a B ir m & A t la n t i c
5 8 1 ,2 4 7
L o n g I s la n d .
1 ,0 1 8 ,0 8 9 1
A t la n t i c C o a s t L in e . .
9 1 3 ,3 0 8
R e p r e s e n tin g 3 0 r o a d s
D o t T o le d o & \r o n to n
8 6 4 ,3 7 1
in o u r c o m p i l a t i o n . . $ 5 2 , 5 3 3 , 5 6 8
U n io n R R o f Perm
7 4 7 ,2 0 9 a I h is is th e r e s u lt fo r t h e P e n n s y lv a n ia R R . (in c lu d in g t h e fo r m e r
P( a m s y lv a r n a Company a n d t h e P itts b u r g h C in c in n a ti C h ic a g o Sc S t . L o u is
rnbbin
meodd , tth
com
h e P e n n s y lv a n ia R R . reporting
r e p o r tin g $ 5 5 , 5 8 8 , r0 7 in c r e a se a n d th e
tt.sb
Louis
P itts
b u rrg
g h C in c in n a ti C h ic a g o & S t . L
o u is $ 1 , 7 8 4 , 4 9 5 in c r e a s e .
F o r th e
e n tir e P e n n s y lv a n ia S y s t e m , in c lu d in g a)) ro a d s o w n e d a n d c o n t r o lle d , t h e
r e s u lt is an in c rea se in n e t o f $ 5 5 , 6 2 2 , 3 3 6 .
b .T .h e. s e fig
. .u
. r e s merely c o v e r th e o n e ra t ion s o f t h e N o w Y o r k C e n tr a l
itself
If
In c lu d in g t h e v a r io u s a u x ilia r y an d c o n tr o lle d r o a d s , lik e t h e
MlcJ iigan C e n t r a l, t h e B i g F o u r , ’ ! Scc . f t h e r e s u lt Is a g a in o f $ 2 6 , 6 6 9 , 0 7 0

785

When the roadn arc arranged in groups or geo­
graphical divisions, according to their location, it
is found that both the New England group and the
Eastern and Middle groups show gains in the gross,
but that all the other groups fall behind in the gross.
In the net, three out of the seven geographical
sections show diminished totals. These three are
(1) the Southern Division, where the low price of
cotton has been a depressing influence of large
moment, (2) the Northwestern group, where tlx;
decline in grain prices has played an important part
in the results, and(3) the North Pacific group, where
similar conditions have exerted an adverse influence
along with depression in the lumber trade. Our
summary by groups is as follows:
Jan. 1 to June 30.
Section or Group—

Total (202 roads)

Group No. 1_____
Group No. 2_____
Group No. 3 _____
Groups Nos. 4 & 5.
Groups Nos. 6 & 7.
Groups Nos. 8 & 9.
Group No. 10-------

SU M M A R Y B Y GROUPS.
------------------------- Gross Earnlngs1921.
/ nc. ( + ) or Dec. (— ;
1920.
$
S
S
%
117,296,231
114,706,008 +2,500,223 2.1.7
753,247,064 + 36,159,947 4.77
794,407,011
271,220,190
277,767,081 — 6,546,891 2.36
369,775,011.
388,621,999 — 18,816,988 4.85
530,273,823 5 82,295,007 — 52,021,184 8.93
436,008,002
455,821,272 — 19,813,270 4.35
161,296,707 — 8,907,927 5.52
152,388,780

______ _____ 2 ,671,360,048 2,738,845,138 — 67,476,090 2.46
-M ileaqe------ ------ ■---------------Net Earning sInc.(-[-) or D ec.{— ).
1921.
1920.
1921
1920.
$
S
S
%
-1-2,,388,217 ____
7,406
7,387 defl.400,191 def3,788,408
30,737 30,618 93,677,129df32,131,582 + 125, 808,711 ____
120.77
,
19,551 19,541 27,541,003 12,475,191 + 1 5 .,065,812
__2 ,724,708 6.81
39,009 38,866 37,289,107 40,013,815
— 3].,337,136 5.62
66,794 68,599 56,079,194 59,416,330
12 ,976,655 23.13
55,280 55,005 69,069,971 56,093,316
16,727 16,707 28,634,152 37,003,673
— 8,,369,521 22.61

+ ,

Total___________ 235,484 234,723 310,890,365 169,082,335 +141,808,335 83.87
NOTE.— Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware anti Maryland, and
the extreme northern portion of West Virginia.
Group I II . includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania we3t of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
cast of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
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 through 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
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico 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.

W e now give our detailed statement for the half
year. It shows the results for each road separately:
E A R N IN G S

OF U N IT E D

ST A T E S R A IL W A Y S J A N . 1 TO

JU N E 30.

-------------- Gross----------------------------------------- N et------Inc. or D ec.
Group 1.
1921.
19201921.
1920.
New England.
$
s
s
s
+ 495,422
1,438,334
def42,372 def53S,794
Atlantic & St Lawr. 1,573,470
+
191,443
3,213,000
529,774
338,331
Bangor & Aroostook 3,776,159
+ 432,414
Boston & Maine____ 37,149,810 38,412,980 def1,566,649. def1,999,063
— 24,416
3,090,173 dsf677,692 def653,276
Central Vermont__ 3,086,836
+ 391,079
1,571,377
179,232 def211,847
Internat R y of M e . _ 1,599,809
9.159,347 def820,658 def653,719 — 166,939
Maine Central_____ 10.476,771
________
1.259.355 def380,850 + 1,640,205
N Y Connecting___
1,783,733
636,613 — 942,715
N Y N H & Hartford 55,055,001 55,310,150 def306,102
+ 370,724
44,921 def325,803
Rutland___________
2,794,642 2,600.647
Total (9 road s)...117,296,231 114,796,008defl,400,191def3,788,408 +2.388,217
-----Nel-GrossInc. or Dec.
Group I I .
1921.
1920
1921.
1920.
East <fc Middle.
$
$
S
$
1,854,074
-9 7 ,4 0 0
45. 545
def 51,855
Atlantic City______ 1,865,232
4.070, 007 + 8 ,728,163
Baltimore & O h io.. 98,230,951 99.786.722 12,798,170
187,1.09 de!202, 118
Brooklyn E D Term.
661,057
471,623
+ 389,227
111,557
Buffalo & Susq_____ 1,035,466
1,341,785 def273,427 def 161, 870
150,122 def 912, 491 + 1, 062,613
Buff Roch & Pittsb. 7,128,024
8,774,670
1,100,295 def 917, 350 + 2 ,017,645
2,885,141
Cent R R of N E n g .. 4,109,667
Cent R R of N Jersey 25,149,836 20,876,340
4,704,811 def453, 202 + 5, 158,013
Delaware & Hudson 22,411,256 18.720.723
2,956,480 del365, 725 + 3, 322,205
2 775, 503 + 3, 838,493
6,613,990
Del Lack & W est. _ _ 42,279,985 34,767,373
2,649,203 def6,59S 374 + 9, 247,577
Erie_______________ 49,596,485 45,619,293
Chicago & Erie—See Group III.
+71,282
80,074
8, 792
594,630
New Jersey & N Y
7 J9,990
+285,674
393,305
107, 631
1,215,528
Lehigh & Hud River 1,594,706
— 1,238
424,484
425, 722
Lehigh & New E ng. 2,210,735
2.081,488
224,209 def 5,291.,386 +5,515,595
Lehigh Valley______ 36,842,040 31,082,745
def27,588
40£ 650 — 433,238
Monongahela Conn _
370,064
1,513,167
+138,006
M ontour__________
def7,462 def145 ,468
803,784
551,273
5,649 774 + 20,545,468
New York C entral.. 157,526,612 103,032,738 26,195,242
For other auxiliary and controlled roads see Group III.
+ 645,885
504,193 def 141,692
N Y Ontario & West 6,479,855
5,348,256
+ 481,127
84.2S6 def396,841
N Y Susq & Western 2,157,441
2.025,827
Pennsylvania Lines East of Pitts & Erie—
Pennsylvania____248,584,923 234,661,153 26,538,218 df29.050,289 + 55,588,507
+ 117,825
def82,8S7 def200,712
Balt Ches & At,lan
719,258
628,931
+ 306,120
def34,075
272,051
Cumv Val <fe'Mart
347,363
732,957
667,923 def350,166 + 1,018,080
Long Island_____ 12,767,134 10,666,610
+ 123,807
def 59,010 def182,817
Mary’d Del & V a.
539,665
500,816
def 82,124
+ 359,760
277,638
J ,712,846
M onongahela. _
1,885,173
+ 21,979
3,500,853 def332,314 def354,293
N Y Phil a & Norf 3,072,357
+ 731,524
5,187,791 def203,140 def934,664
West Jersey & Sea 5,543,077
Pennsylvania Lines West of Pitts & Erie— See Group TIT.
+ 96,208
332,256
236,048
Perk ionien
555,423
646,207
5,290,427
2,049,150 -1-3,241,277
Phil a At Reading
42,321,725 41,209,810
82,133
— 181,405
def99,272
764,355
Pittsb & Shawmut. .
617,230
— 15,319
675,832 dof227,40l def212,082
Pitts Shaw & North
596,21.1
575,754
53,040
+ 522,714
843,712
1,206,703
Port Reading
def 51,487 def106,681
f 55,194
1,040,427
Staton i land R T
1,107,108
def68,040 def 104,755
+ 36,716
577,616
684,579
Ulster Ac Delaware
+ 747.209
4,440,957
577,150 def170,050
4,085,184
Union R R of Penn
1,563,609 def671,351 + 2,234,960
8,332,174
0,133,334
West Maryland___
Total (36 roads)_.794,407,011 768,247,06411803,677,129df32,131,532+ 125808711

7SO

THE CHRONICLE
1920

iesscuter A L Ernj
hie Terre H A 8 E _
lud A Wtust . ..
Detroit A Mackinac

3
2,304,146
2 285,800
5,120.813
5,923,351
6,984,955
7.313,188
2,3 *>6,766 • 2,507,382
l ,697.748
2,048,122
916,794
881,394
i)')7 (j,)j
1,172,607
2,241,886
3,033,072

Dei Tol A Ironton Krl/e- Bee Group 11.
Chicago A E rie.. . 5.325,183
5,366,889
New Jersey A New York— See Group l l .

1921.
3
190,568
def147,311
838,961
def39,785
def372,536
1,889
331,536
820,477
290,918

Inc. or Dec.
1920.
8
i
+149,148
41,420
— 330,448
183,137
+ 430,974
407,987
22,724
— 62,509
— 64,791
def307,745
def 57,514
+ 59,403
+ 91.778
239,758
def43,894
+ 861,371
528,239

Atlantic A St. LiVSirente— See Group I
35,524
Chi Det Cun G 1 ./
963,476
297,546
764,633
Det Or Uav A Mil l ,793.968
1,953,521 def273,922 def390,069
103,094
7,008,356
329,563
Grand Trunk Weal 6,909,786
519,969
Hocking Valley.
. 6,380,872
6,449,518
def75,927
52 4,520 def233,928
163,609
74,139
49,004
Lake Terminal - - def75,868
697,619
610,184
Newburgh A Bo Hh.
618,942
d0/34,005
774,826
51,753
New York Central— See Group II
411,142
1,574,283
181,652
Cine In Northern. l ,752,663
5,684,454
Ole Cin c m a St l 39,593.766 39,875,872
6,377.146
Indiana Harbor Ht2lt— See Groups VI and V II.
Kanawha & Mich 2,280.863
2,258,840
def28,468 de!171,487
55,330
Lake Erie A West 4,454,359
5,218,967
163,559
6,186.039
Michigan Central 31,484,224 39,123,639
3,970,609
1,153,661 d efl,4 37 ,3ll
Pitts A Lake Erie 12,360,145 13,139,352
Tol A Ohio Cent. 4,994,529
548,884
42,435
5.247,548
X Y Chic A St L __ 13,120,307 12.146,409
2.670,630
2,391,084
Pennsylvania Lines West of Pittsburgh A Erie—
530,880
Cine Leb A North
542,347 def 105,212 def 126,568
<ir Rapids of Ind. 4,086,038
66,812
4,172.353
def93,643
Pitts CinChAHt L 48.177,641 51,309,264
1,744,173
def40,322
Tol Peoria A West-—See Group V I . A V1 1.
Penn Lines East of Pitts A Erie— See Group 11.
2,120,819
Fere Marquette____ 16,953,667 17,554,361
853,816
Pitts A West Virgin.
949,978
def97,316 def 187,397
950,071
Toledo St L A West. 4,357,888
720,172
5.267,307
933,598
Wabash________
28,832,268 25,787,169
3,111,859 de/2,622,549
Wheeling A Lake E_ 6,748,924 7,109,361
1,039,218
704,803

— 237,32 1

+ 262,022
+ 116,147
+ 226,469
— 595,896
— 397,537
+ 124,872
+ 86,358
+ 229,490
— 692,692
+143,019
108,229
+ 2,215.430
+ 2,590,972
+ 506,449
+ 279,546
+ 21,356
+ 160,455
+ 1,784,495

27,541,003

12,475,1914-15.065,812

1921
S
def33,984
125,190
def90S,375
5,246,526
723,530
592,714
defl07,816
7,343.141
1.208,474
def63,656
de/63,366
170,174
75,789
def83,065
201,943
def26,716
614,002
def 119,382
def344,950
182,426
5,422,114
421,477
955,219
2,518,417
6,598,906
389,925
1.065,968
def257,261
224,164
47,788
def102,008
3,355,586
93,102
823,111

—Net------------------------1920.
Inc. or Dec.
*
3
381,417
— 415.401
— 226,041
351,231
— 581,247
def327,128
+ 913,308
759,000
— 35,470
530.902
+ 61,812
— 96.391
def 11,425
5.569.811 + 1.773,330
— 341,916
2,550,390
def412.296
+ 348.640
— 98.064
34,698
+ 222,680
def52,506
def244,182
+ 319,971
3,040,223 — 3.123,288
243,884
— 41,941
def293.964
+ 267.248
def434.941 + 1,048,943
+ 21,963
def 141,345
1.296.452 — 1,641.402
+ 58,264
124,162
313,750 + 5,108,364
102.299
+ 319,178
— 725,642
,. 1,680.861
defl84,289 + 2,702.706
13.007,005 — 6.408,099
— 840,541
1,230.466
1,825,354
— 759,386
241,809
— 499,070
— 394,097
618,261
— 110,484
158,272
32,784 — 134,792
1,693,322 + 1,662,264
— 179,179
272,281
— 900,928
1,724,039

569,775,011 38S.621.999

37,289,107

40.013,815 — 2,724.708

-N et------------------------Groups VI. & VII. 1921.
1921.
1920.
1920.
Inc. or Dec.
Northwest.
S
S
S
$
S
B & O Chic T e rm .. 1.208,657
975,668 defl79,913 def594,960
+ 415,047
Belt R y of Chicago _ 2,503,440
456,725
1,871,079
+ 361,129
95,596
Chicago & Alton__ 14,467,083 13,174,469
1,237,254
1,082,499
+ 154,755
Chic A East Illinois. 12.S50.81S 13,748,415
— 919,584
def22,912
896,672
Chic & N orthw est.. 67,606,357 72.S37.338
826,450
3,394,348 — 2,567,898
Chic Burl & Quincy. 78,397,916 84,615,664 16,206,969 10,879.862 + 5,327,107
Chicago Great W est. 11,659,885 10,971,401
1,355,402 defll7,112 + 1,472,514
Chi cago J unction__
1,498,448
616,429 def839,181 + 1,455.610
2,461,410
Chic Milw A St Paul 67,769.580 76,274,334
3.491,586
2.145,030 + 1,346,556
Chic Peoria & St L ._
956,618
— 121,886
1.165,145 def310.599 defl88,713
Ch St P Minn & Om 13,046,971 14,911,120
288,737
2,432.237 — 2,143,500
3.594,474 def362,423
1,089,709 — 1,452,132
Duluth & Iron Range 2,128,259
Dul Missabe & N or. 4.497,117
442,119
5,982,853
2,157,439 — 1.715.320
Dul So Shore A A tl. 2.252,068
2,935 — 245.979
2,518.625 def243,044
Dul Winn & Pacific. 1,390,987
1,185,212
107,679
140,428
— 32,749
East St Louis Conn.
808,486
222,851 def149,329
+ 372,180
607.606
2,368,774
Elgin Joliet & East. 10,414.301 10.S64.529
+ 199.922
2,568,696
Great Northern____ 41,903,787 54,949,140
4,670,821 — 1,975,624
2,695,197
Green Bay & W e st..
690,298
124,254
599,549
28,279
+ 95,975
Illinois Central_____ 68,876,746 65,780,013 12,318,793
5,955,420 + 6,363.373
3,799,399
Indiana Harbor Belt 4,402,755
595,158 def644.005 + 1,239,163
Mlnneap & St Louis 7.692,033
+ 34.294
7,781,124 defl26,0Sl defl60,375
Minn S t P & S S M . 19.37S.742 21,329,579 def800,147
2.360,132 — 3.160,279
Northern Pacific___ 40,427,220 51.027,769
1,009,752
7.377.599 — 6,367.847
Peoria & Pekin Un . .
def8,824
751,749
830,611
def87,763
+ 78,939
628,264
631,281
Quincy Om & K C . .
def49.456 defl42,355
+ 92.899
807,315
Tol Peor & Western.
998,28/ def266,929
21,720
— 2S8.649
Union Pacific______ 48.705,977 56,329,591 13,776,697 15,371,049 — 1.594,352
Oregon-S Oregon Short Line— See Group X .
Oregon-Washington R R A Nav— See Group X .
St Jos & Grand Isl 1,510,122
1,521,146
108,774 defl30,426
+239,200
-Gross-

59,416,330
Net1920.
S
24,446,305
721.643
defl51,27C
5,061.571
708,901
1,038.242
519,146
def281,636
128,996
3.430.855
def647,590
def20,583
136,424
def946,099
def294,664
def422,417
def 120,596
1.598,904
422,309

—-—-------Gross------------—
1921.
1920.
Kansas City Term ..
757,712
713,013
Louisiana a Arkau. 1,683,880
2,021,055
Louisiana R y A Nav 1,846,383
1,965,815
Midland Valley___
2,251,298
2,281,691
M o A Nor Arkansas
917,734
566,083
M o Kansas A Texas 16,004.242 18,507,913
M o K A T of Texas. 13,200,106 13,252,317
Missouri Pacific___ 52.400,955 54,400,768
New Orl Tex A Mex 1,385,214
1,172,118
Beaum S L & Wes 1.111,033
998,230
St L Browns A M . 2,992,732
3,503,966
St Louis San Fran - . 39,950,388 42,523,274
Ft Worth A ltio G
832,494
918,211
St L s F of Texas.
780,144
855,767
St Louis Southwest. 8,294,988
9,702.735
St I, S VV of Texas 3,613.713
4,230,732
St Louis Transfer
566,072
648,282
San Ant A Aran Pass 2,813,338
2,129,902
San Ant Uval A Gulf
619,497
727,401
Southern Pacific—See Group X
Arizona Eastern - See Group >C.
Galv Harr A S A . 12.831,852 11,889,207
llous A Texas Cen 6,071,871
5,321,101
Hous E A W Tex. 1,353.630
1,454,248
Louisiana Western 2.097,288
2,509,263
Morg l a A TexRR
of Texas______ 4,295,347
5,162,544
Texas A New Orl
4.587,241
4,253,797
Term It It Assn ofStL 2.176,331
2.113,150
St L Mer BdgATer 1,742,584
1,778,682
Texas A Pacific___ 17,840,491 19,372,486
Utah ______________
560,861
879,410
Vicks Sttrgve A Pac
2,047,287
2,241,991
Wlch Falls A N W ._ 1,124,993
1,284,185

— 3,337,136
Inc. or Dec.
S
— 4,635,969
+ 1,899,203
+ 66S.7S4
+ 4,071.630
— 97,411
+ 69.41S
+ 996,755
+ 326.037
+ 70,106
— 1,793,283
+ 491,996
— 18,192
+ 419.3S6
+ 1,499,599
+ 58,561
+ 86.956
+ 111.90S
+ 1,018,136
— 73.240

1921.

----- Net -----Inc. or Dec.
1920.

+169,226
159,805
def 9,421
612,136
— 356,514
255.622
225,426
139,482
+ 485,994
356,718
— 117,979
238,739
— 146,014
def 311.288 def 165.274
+ 738,388
1,546,043
2,284,431
2,256,344 def2,384.576 + 4,640,920
-6 6 5 ,0 1 2
4,964,568
5,629,580
369,399
82,364
+ 287,035
249,044
+ 39,976
209,068
+ 22,623
565,588
542,965
9,576,263
7,040,796 + 1,635,407
def59,320
— 79,325
def 138,645
def98,922
— 51,843
def 150,765
2,749,734
3,501,300
— 751,566
de/708.647 def 1,105,346
+ 486,699
+ 80,690
238,859
158,169
+ 336,421
def298,882 def635,303
+ 258,133
120,571 def 137,562
1,738,600
468,684
104,171
391.156

def64,907 + 1,803,597
+ 316,816
151,868
def 155.946
+ 260,417
— 308,375
699,531

def39,153
de/219,046
535,542
217,927
2,250,935
55,093
224,768
196,219

1,106,096 — 1,145,549
— 278,493
59,447
+ 210.446
325.097
+ 450,798
de/232,871
2,033,986
+ 216,949
380,174
— 325,081
611,124
— 386,356
+ 377,838
d e f181,619

69,069,971

56,098,316 + 12,976,655

Group X .
1921.
1920.
1921.
Pacific Coast.
S
S
$
Bingham A Garfield
106,494
909,055 def 121.824
El Paso A Southwest 6.003,017
7,038.934
1,202,043
Los Ang A Salt Lake 9,964.066
1,545,453
9,223,090
def22,795
207,743
939,558
Nevada Northern. _
658.731
3,355,665
Northwest Pacific. _ 3,690,774
Southern Pacific 91,967,338 89,813,230 19,990.152
Arizona Eastern _ 1.536,998
239,119
2,004.292
For remainder of System see Group V III and IX .
175,151
Spokane Internat. _
633,117
741.047
4,029,975
Spok Portl A Seattle 3,530,877
961,530
Union Pacific— See Groups VI and V II.
2,706,742
Oregon Short Line 15,652,677 20.758,848
835.424
Ore-Wash R R A N 13,489.989 15,793,822
6,689,191
464,427
yVestern Pacific___
5,555,690

Inc. or Dec.
1920.
$
8
— 370,654
248,830
2,182,404
— 980,361
2,304.081
— 758,628
333,384 — 356,179
602,876
+ 55,855
18,170.442 + 1,819,710
539,415
— 300,296

28,634,152

37,003,673 — 8,369.521

Total (50 roads). _ 136,008,002 455,821,272
+ 1.267.003
+ 90.081
— 213,426
4-5,734,408
4-334,415

Total (32 roads) _ .271,220,190 277,767,081
- GrossGroups IV . & V.
1921.
1920.
Southern.
3
3
Ala A V ick sbu rg... 1,598,223
1,662.786
Atlanta & West P t . . 1,254,772
1.482.698
vtlanta Birm A Atl_ 1,489,894
2,868.778
Atlantic Coast Line. 36,615,406 36,918,935
Caro Clinch A Ohlo. 3,581,720
3.393.461
Central of Georgia. _ 11,132,682 12,314,873
Charleston A W Car 1,698,092
1,734,860
Chesapeake & Ohio. 41,883.146 38,886.264
Florida East Coast. 8,295,665
7.348,493
Georgia A Florida. 691.402
655.262
Georgia___________
2,636.265
3.180.363
Gulf A Ship Islan d.. 1,391.473
1.386.295
Gulf M ob A North. 2.049.326
1,766.364
Louisv A Nashville. 57,004.139 59.546,792
Louisv Hend A St L 1.4C6.9S5
1,469,583
Mississippi Central.
513.415
454,542
8.756,786
Mobile A Ohio_____ 9,241,562
Col A Greensville.
908,375
769,811
Nash Chatt & St L. 10,096,138 11,795,259
New Orl Great N or. 1,260,648
1,231,718
Norfolk A Western. 39,191,070 3S,304,273
Norfolk Southern. _ 3,931,406
3,856,079
Rich Fred & Potora. 5.397,385
5,540,288
Seaboard Air L in e.. 22,178,211 24.677.064
Southern R a ilw a y.- 62.416.7S5 72,749.681
Ala Great South. 4.704,441
5,179,696
Cin N O&Tex Pac 8.827,258
9.348.442
Georgia Sou A Fla 2.22S.121
2,628,093
New Orl&No East 3,261,3S6
3,627.225
Northern Alabama
444,843
745,861
Tennessee Central. , 1.178,396
1.398,029
9,596.649
7,243,916
Virginian__________
West R y of Alabama 1,214,117
1,363,648
Yazoo & Miss Valley 9.994,179 14,197,217

Total (29r o a d s )..530.273,823 582,295,007 56,079,194
-GrossGroups VIII. & I X . 1921.
1920.
1921.
South?rest—
$
8
S
Atch Top & Santa Fe S9,200,128 99,492,068 19,810.336
2,620,846
Gulf Colo A S F e. 14,011,191 12.0S0.907
3,992,826
517,514
Panhandle&SFe.
4,133,564
9,133,201
C h icR I & P a cific-. 62,313,356 62.120,995
3,185,681
Chic R I & G u lf-. 3,568,395
611,490
1,107,660
•Colorado Southern. 6,196.754
6,791,739
5,896,060
1,515,901
Ft Worth & Den C 5,238,254
864,797
44,399
Trin & Brazos Val 1,297,283
199,102
Wichita Valley__
786,842
835,333
1,637,572
Denv A Rio Grande 14,240,766 17,241,933
Denv A Salt L a k e,. 1,161,268
1.174.485 defl55,594
def3S,775
Ft Smith & Western.
913,912
858,097
649,342
555,810
Galveston Wharf___ 1,245,1^61
553,500
Internat A Grt N or. 9,473,963
8,148,288
753,312 def236,103
K C Mex A Orient..
833.331
837.970 def335,461
K C M e x & O r o f Tex 1,016,538
1,132,964
defS.688
Kansas Okla & Gulf. 1,147.873
8,703,292
2,617.040
Kansas City South. 9,996.366
1,012,374
349,069
Texark & Ft Smith 1,090,730

[V ol. 113

Total (1 2 roa d s)._ 152,388,780 161,295,707
Grand to ta l.___ 26713:39048 273SS45138

ifnvxcnt

281,360
1,174,359

— 105,209
— 212,829

6,764,227 — 4,057,485
2,906,316 — 2,070,892
1,495,979 — 1,031,553

310890365 169,082,335+ 141808030

gncitls and discussions

SHRINKAGE IN GREAT BRITAIN’ S REVENUE
RECEIPTS.
A w arning o f deficiencies in the revenu e receipts o f G reat
B rita in w as g iv en b y Sir R o b e r t H o m e on A u g . 17, the
press a d vices fro m L on d on on th at da te m aking this kn ow n
as follow s:
S ir R o b e r t H o r n e , C h a n c e llo r o f t h e E x c h e q u e r , s t a t e d in t h e H o u s e o f
C o m m o n s t o - d a y t h a t th e r e w e re s e r io u s d e fic ie n c ie s in t h e r e v e n u e r e c e ip ts
fo r th e fir s t fo u r a n d o n e -h a l f m o n t h s o f t h e c u r r e n t fin a n c ia l y e a r as
c o m p a r e d w i t h th e b u d g e t e s t i m a t e s .
T h e s e r e s u lt e d , h e s a id , fr o m th e
s a le o f s u r p lu s w a r s t o r e s a n d m a t e r ia ls , w h ic h b r o u g h t m u c h less th a n
w a s a n t i c i p a t e d , a n d fr o m lo s s o f r e v e n u e in e x c e s s p r o f i t s d u t ie s , u n a v o i d ­
a b le in t h e p r e s e n t s t a t e o f t r a d e .
T h e s e d e fic ie n c ie s w o u ld n o t w ip e o u t t h e e n tir e £ 7 8 , 0 0 0 . 0 0 0 e s tim a te d
s u r p lu s s e t a s id e in t h e b u d g e t fo r r e d u c tio n o f t h e n a t i o n a l d e b t . Sir R o b e r t
d e c la r e d .
A v e r y s u b s t a n t i a l a m o u n t w o u ld b e r e a liz e d fr o m G re a t
B r i t a i n ’ s s h a r e o f th e G e r m a n r e p a r a t io n s fu n d to h e lp o u t r e v e n u e s fo r th e
cu rren t y e a r .
T h e r e f o r e , h e w a s n o t v ie w in g th e g e n e r a l fin a n c ia l p o s itio n fo r th e y e a r
g lo o m i ly , o u t s a id h e d id fe e l r e a l a p p r e h e n s io n r e g a r d in g t h e b u d g e t fo r
1922.
N e x t y e a r th e re w o u ld b e a c o n s id e r a b le sh r in k a g e o f r e c e ip ts fr o m th e
e x c e s s p r o fit s t a x , s a le s o f w a r m a t e r ia l a n d a ls o in c o m e t a x r e c e ip t s . Sir
R o b e r t a s s e r te d , a n d t o b a la n c e a c c o u n ts h e e s t im a te d e x p e n d itu r e s m u s t
b e r e d u c e d b y £ 1 3 0 .0 0 0 ,0 0 0 a s c o m p a r e d w it h th e c u r r e n t fin a n c ia l y e a r .

APPOINTMENT OF COMMITTEE TO EFFECT REDUC­
TION IN BRITISH EXPENDITURES.
T h e a p p o in tm en t o f a com m ittee to advise the B ritish
T rea su ry resp ectin g national finan ces, an d to m a k e recom ­
m en da tion s to the C hancellor o f the E x ch eq u er fo r effectin g
fo rth w ith all possible redu ction s in n a tion al expen ditures on
su p ply services, was an nou nced in the H ou se o f C om m on s on
A u g . 16 b y Sir R o b e rt H orn e, C h a n cellor o f the E x ch eq u er.
T h e co m m itte e will consist o f Sir E ric G ed d es, M in ister of
T ra n sp orta tion , C hairm an; L ord F a rrin g ton , L ord In eh oa pe,
Sir Josep h P a ton M a c la y and Sir W illia m G u y G arn et.
A cco rd in g to press a d vices from L o n d o n qu estion s o f policy
w ou ld x-emain fo r the exclu sive con sid eration o f the C a b in e t,
the C hancellor said, b u t it w ou ld be o p e n to the com m ittee
to deal w ith expenditures in co n n e ctio n w ith qu estion s of
p o lic y .

______ _____________________

BRITISH REPORT CRITICIZES PUBLIC EXPENDI TURPS
APPROVED BY TREASURY.
In a x-eport m ade p u b lic in L on d on A u g . 15 the C om m ittee
o f P u b lic A cco u n ts is said to h a ve called atten tion to " t h e
w id e-spread practioe o f the T reasury in sa n ction in g paym en ts
of large sutxxs fo r pu rposes not au th orized by Pnrliamexttarx

\uo.

20 1921.]

787

Ti 1,10 CHRONICLE

g ra n ts.”
O llier criticism s con tain ed in the rep ort are
referred to as follow s in the press a ccou n ts from L on d on .
G if t s o f p u b lic p r o p e r ty t o a llied p o w e r s a n d t o th e d o m in io n s are p a r t lc u la r ly refe rre d t o .
T h e r e p o r t m e n t io n s t h e w a r whip e n c o u n te r , w ith g u n s a n d s t o r e s , a n d
th r e e m in e -s w e e p e r s as h a v in g boon g iv e n t o th e A u s t r a lia n C o m m o n w e a lth ;
t w o s u b m a r in e e n g in e s w ith sp a r e p a r ts t o t h e A u s tr a lia n N a v y , tw o s u b ­
m a r in e s w ith to r p e d o e s a n d s to r e s t o C a n a d a a n d certain} h u lls to a n allied
G o v e rn m e n t,
T h e r e p o r t a d d s t h a t £ 2 , 0 0 0 , 0 0 0 in s u r p lu s a r m y s to r e s w o r e g iv e n to th e
P o lish G o v e r n m e n t w it h o u t c h a r g e a n d n e a r l y £ 1 8 , 0 0 0 , 0 0 0 w ere t h e sto re s
issu e d t o t h e R u s s ia n fo r c e s fr o m 1 9 1 8 t o 1 9 2 0 , t o g e t h e r w ith £ 0 . 5 0 0 , 0 0 0
in c a s h .
S u r p lu s a ir p la n e s w ith s p a r e p a r ts w e r e p r e se n te d t o G r e e c e , th e
d o m in io n s a n d I n d i a .
O n t h e la t t e r t w o g ifts th e c h a r g e s o f p a c k in g a n d
o th e r c o s ts w e re d e fr a y e d b y t h e T r e a s u r y .
D e a lin g w ith t h e d e p a r t m e n t a l t r a d in g a c c o u n t c o v e r in g v a r io u s p e r io d s
u p to M a r c h 3 1 1 9 2 0 , s o m e c a se s d a t in g fr o m t h e b e g in n in g o f t h e w a r ,
th e r e p o r t a sse rts t h a t In th e c a s e o f th e s u g a r a c c o u n t it is e x p e c t e d t h a t a

T h e b ill w a s c e r t ifie d b y t h e S p e a k e r , s in c e t h e H o u s e o f L o r d s Is p o w e r ­
less to a m e n d i t , b e c a u s e o f Its b ein g a m o n e y b ill.
T h e m e a s u r e is t h e
e m b o d im e n t o f t w o r e so lu tio n s In tro d u c e d In th e C o m m o n s la s t M a r c h b y
Mir R o b e r t /-'o n t o , C h a n c e llo r o f th e E x c h e q u e r , w h o a t t h a t t im e .;■ i<1 t h e y
w o u ld fo r m th e b a sis fo r th e G o v e r n m e n t .; p r o p o s e d c u s t o m s legislation
O n e o f th e s e r e s o lu tio n s p r o v id e s fo r t h e le v y in g o f a cu sto m s, d u t y o f
3 3 1 - 3 % ad v a lo r e m o il i m p o r t a t io n s in to t h e U n ite d K in g d o m o f o p t ic a !
g la s s , o p tic a l in s t r u m e n t s , s c ie n tific g la s s w a r e , p o rcela in in s t r u m e n t s ,
m a g n e t o s , t u n g s t e n a n d i t s p r o d u c t s , s y n th e tic , a n d o rg a n ic c h e m ic a ls ,
e x c e p t d y e s t u f f s ; c o lo r s , c o lo r in g m a t t e r s an d fin e c h e m ic a ls .
T h e o th e r r e so lu tio n p r o v id e s fo r c u s t o m s d u t ie s o n a n y a r t ic le , n o t
m e n tio n e d in th e fi r s t r e s o lu t io n , w h ic h t h e B o a r d o f T r a d e u n d er t h e A d
will h a v e t h e p o w e r t o s p e c ify o n th e g r o u n d t h a t t h e sa id a r tic le s a r e b e in g
so ld o r o ffe r e d in t h e U n ite d K in g d o m a t p r ic e s b elo w th e ir p r o d u c t io n , o r ,
o w in g t o e x c h a n g e d e p r e c ia t io n , a t p r ic e s b e lo w w h a t t h e y c a n p r o fit a b ly
b e p r o d u c e d fo r in G r e a t B r ita in .

T h o N e w Y o r k “ T im es” o f A ug. 13 in referring to tho
a b ov e said:

lo s s o f £ 2 4 , 5 0 0 , 0 0 0 w ill a c c r u e .
T h e r e p o r t s a y s t h a t t h e e x p e n d itu r e o f t h e G o v e r n m e n t h o s p i t a li t y fu n d
n e e d s t o b e c a r e fu lly w a t c h e d .
I t r e m a r k s t h a t th o r e is w a n t o f fin a n c ia l
g r a s p o v e r e x p e n d itu r e s in c o n n e c tio n w it h t h e F o r e ig n O ffic e a n d sp e c ia l

W h e n Sir R o b e r t H o r n e a n n o u n c e d h is f i r s t r e s o lu tio n fo r n e w t a r i f f
d u tie s in t h o C o m m o n s , e a r ly la st A p r il, it w a s e x p la in e d t h a t t h e a r tic le s

m is s io n s .
W i t h r e g a r d t o t h e M i n i s t r y o f S h ip p in g , t h e r e p o r t m e n t io n s t h a t t h e
e s t im a te d g ro ss c o s t o f n a tio n a l s h ip y a r d s is £ 6 . 5 0 0 , 0 0 0 w h ile t h e a m o u n t
re a liz e d fr o m s a le s a n d d is p o s a ls w a s £ 2 , 5 0 0 , 0 0 0 .
T h e c o m m it t e e is n o t s a tis fie d t h a t t h e M i n i s t r y o f M u n i t i o n s in J a n .
1 9 1 9 , t o o k a d e q u a t e s te p s t o a sc e r ta in w h e th e r th e r e w c u ld b e s u ffic ie n t
d e m a n d a b r o a d fo r r a ilw a y c a r s o f th e C o n t in e n t a l t y p o t o ju s t i f y th e ir
c o n tin u e d c o n s t r u c t io n .
I f t h e s e s to p s h a d b e e n t a k e n , it s a y s , it w o u ld
h a v e b e e n p o s s ib le t o b u ild c a r s m o r e c h e a p ly fo r t h e u s e o f t h e E n g lis h
lin e s , w h e re t h e y w e re b a d ly n e e d e d .

G r e a t B r ita in .
W i t h ro g a rd t o t h e s e c o n d r e s o lu tio n it w a s t h e n s a id t h a t t h e p r o v is io n

APPRECIATION IN VALUES OF GREAT
BRITAIN’S WAR SECURITIES.
A n increase o f a p p roxim ately £ 1 50,000 ,000 in the m arket
value o f the principal outstand ing securities issued b y the
B ritish G ov ern m en t fo r w ar purposes was a feature o f the
past h a lf-year in G reat B ritain . D e ta ile d figures received
b y the B ankers T ru st C om p a n y o f N e w Y o r k , from its E n g ish In form a tion S ervice, in dicate the follow in g appreciation,
o f values in the period betw een Jan. 1 and J u ly 1 1921
in v olv in g the m ore a ctive issues:
Security—

Increased
Market Value.

3M %
W a r L o a n ________ £ 2 , 8 9 9 . 8 7 5
4 1 i % W a r L o a n ___________
6 0 8 ,0 0 0
4 % W a r L o a n ______________
3 ,5 2 8 ,0 0 0

5 % W a r L o a n _______________1 0 7 , 2 1 1 , 5 0 0
4 % F u n d in g L o a n ________ 1 5 , 2 6 2 , 5 0 0
4 % V i c t o r y B o n d s ________ 1 6 , 9 9 0 , 7 5 0

T h e C om p a n y also says:
T h e a p p r e c ia tio n is fig u r e d o n t h e a m o u n t s o f th e s e v a r io u s se c u ritie s
s t a t e d b y t h e C h a n c e llo r o f t h e E x c h e q u e r t o b e o u t s t a n d in g o n N o v . 3 0
1 9 2 0 (in t h e a g g r e g a te £ 2 , 8 5 6 , 7 0 0 , 0 0 0 ) .
T h i s in c r e a se w a s a fa v o r a b le
p h a s e o f th e B r it is h b a n k in g h a lf -y e a r in t h a t it g a v e a n i m p r o v e d i n v e s t ­
m e n t w o r t h t o la r g e b a n k h o ld in g s o f G o v e r n m e n t is s u e s .

c o v e r e d c a m e c h ie fly fr o m G e r m a n y a n d w e re a lr e a d y s u b j e c t t o a 5 0 %
t a x u n d e r t h e R e p a r a tio n R e c o v e r y A c t , a p p ly i n g to s u c h g o o d s e n te r in g

w a s m e a n t t o p r o te c t E n g lis h g o o d s a g a in s t c o m p e t it io n o f i m p o r t s s o ld a t
less t h a n th e ir c o s t o f p r o d u c t io n , w h e t h e r b y r e a s o n o f a c t u a l s a c r ific e b y
G e r m a n m a n u fa c t u r e r s o r o f lo w e r m o n e y c o s t s b y r e a s o n o f d e p r e c ia te d
exch ange.
B ritish fr e e t r a d e p a p e r s a t t h a t t i m e a t t a c k e d b o t h r e s o lu tio n s a s " o p e n ­
in g t h e d o o r w id e t o p r o t e c t i o n ," c o n t r a r y t o B r i t i s h p o lic y fo r m a n y y e a r s
b e fo r e t h e w a r .

___________________

BRITISH GOVERNMENT'S REVISED EXPORT CREDIT
PLAN.
D etails o f the B ritish G o v ern m en t’s revised export cred it
plan are published as follow s in “ C om m erce R e p o r ts ” of
A u g . 2 (the official organ o f the D ep a rtm en t o f C om m erce,
Bureau o f F oreign and D om estic C om m erce, W a sh in g ton ):
fC o n s u l I r v i n g N .

L i n n e ll, L o n d o n , J u n e 6

1 9 2 1 .]

I n t h e H o u s e o f C o m m o n s o n M a y 3 0 1 9 2 1 th e r e w a s c o n s id e r e d in
c o m m it t e e th e fo llo w in g r e s o lu tio n c o n c e r n in g c r e d its a n d in s u r a n c e s in
o v e r s e a s tr a d e :
T h a t it is e x p e d ie n t t o e x t e n d th e o v e r s e a s t r a d e (c r e d its a n d in s u r a n c e )
A c t , 1 9 2 0 , to t h e g iv in g o f g u a r a n tie s in c o n n e c tio n w i t h e x p o r t t r a n s a c ­
tio n s , a n d to a m e n d t h e s a id A c t a s r e g a r d s t h e c o u n tr ie s in r e s p e c t o f w h ic h
i t a p p lie s , a n d to a u th o r iz e t h e p a y m e n t , o u t o f m o n e y s p r o v id e d b y P a r lia ­
m e n t , o f a n y s u m s r e q u ir e d in c o n n e c tio n w it h t h e g iv in g o f s u c h g u a r a n ­
tie s , s o . h o w e v e r , t h a t t h e a m o u n t s o u t s t a n d in g a t a n y t im e in r e s p e c t o f
c r e d its a n d g u a r a n tie s s h a ll n o t to g e t h e r e x c e e d t h e a m o u n t n o w a u th o r iz e d
u n d e r th e sa id A c t a s r e g a r d s c r e d its , a n d o f a n y e x p e n s e s in c u r r e d b y
t h e B o a r d o f T r a d e b y r e a so n o f s u c h e x te n s io n a n d a m e n d m e n t o f t h e s a id
A c t a s a fo r e s a id .
T h e S e c re ta r y o i t h e O v e r s e a s T r a d e D e p a r t m e n t e x p la in e d t h a t u n d e r
th is r e so lu tio n it w a s t h e p u r p o s e o f t h e G o v e r n m e n t t o e x t e n d t h e e x p o r t c r e d it s c h e m e b e y o n d t h e i m m e d ia t e c o u n tr ie s w it h w h ic h it w a s e n t it le d t o
o p e r a te it u n d e r t h e A c t , to t h e w h o le B r it is h E m p i r e , a n d a lso t o e x te n d
it so a s to o p e r a te i t b y w a y o f g u a r a n t e e o f b ills o f e x c h a n g e d r a w n a g a in s t
s h ip m e n t in s te a d o f , as p r e s e n t , b y d ire c t a d v a n c e .

Trade with Russia.

GREAT BRITAIN'S TAX YIELD.
In its first report issued in pre-w ar form since the close
o f the war the B ritish Inland R even u e D ep a rtm en t furnishes
the latest available detailed returns o f the B ritish tax y ield ,
including the revenue derived from in com es, w h ich is the
largest single item o f the receipts. T h e item ized figures as
received b y the Bankers T ru st C o . o f N e w Y o r k fro m its
E nglish in form a tion service place the net receipts o f the
departm ent fo r the fiscal year 1919-20 at £ 7 1 7 ,5 5 0 ,7 7 1 , o f
w hich am oun ts £ 3 59,434 ,072 represents in com e tax p a y ­
m ents, including £ 4 2,4 04,5 97 super-tax. T h e trust co m ­
pan y in its statem ent in the m atter issued A u g . 11 says:
A n a n a ly s is fo r t h e a b o v e y e a r o f t h e y ie ld u n d e r t h e s e p a r a t e s c h e d u le s
o f t h e in c o m e t a x le v y h a s n o t b e e n c o m p le t e d , b u t s t a t i s t ic s p r e s e n te d in
d e ta il fo r t h e fi s c a l y e a r 1 9 1 8 -1 9 (e x c lu s iv e o f s u p e r -t a x ) in d ic a te h o w
h e a v ily G r e a t B r it a in h a s b e e n t a x i n g t h e e a r n in g s o f h e r p e o p le t o m e e t
t h e n a tio n a l o b lig a tio n s .
T h e fig u r e s s h o w t h a t t a x a b le in c o m e fo r t h e

D u r in g t h e d isc u ssio n o f t h e r e s o lu tio n t h e q u e s t io n w a s ra is e d a s to
w h e th e r R u s s ia w a s in c lu d e d a m o n g t h e c o u n tr ie s t o w h ic h it w a s in t e n d e d
t o e x te n d t h e c o n d itio n s o f th is m e a s u r e .
L ie u t. C o m m a n d e r K e n w o rth y
a r g u e d th e im p o r ta n c e t o G r e a t B r it a in o f t r a d e w ith R u s s ia a n d c o n t e n d e d
t h a t a ssista n c e s h o u ld b e g iv e n t o B r it is h m a n u fa c t u r e r s in th is tr a d e
as w e ll a s in t h e t r a d e w it h o th e r c o u n tr ie s .
T h e r e p r e s e n t a t iv e o f t h e
O v e r se a s T r a d e D e p a r t m e n t s t a t e d , h o w e v e r , t h a t it w a s n o t p r o p o s e d
a t t h e p r e se n t s t a g e t o e x t e n d t h e s c h e m e t o R u s s i a a n d r e fe rre d t o a
sta te m e n t m a d e b y h im

on M a y

30:

T h e b a sis o f c r e d it m u s t b e th e a c c e p ta n c e o f t h e h o n o r in g o f o b lig a t i o n s
w h e th e r in th e im m e d ia t e p a s t o r in th e fu t u r e .
I t h in k i t w o u ld b e h a r d ly
r e a so n a b le to a s k th e c o m m it t e e a t t h e p r e s e n t s t a g e , w h e n w e d o n o t y e t
k n o w t o w h a t e x t e n t R u s s ia is g o in g t o a c k n o w le d g e o b lig a t io n s .
I n a n sw e r t o a n o t h e r q u e s t io n it w a s s t a t e d t h a t th e r e w a s n o p r e s e n t
id e a o f in c lu d in g G r e e c e in th is s c h e m e .
[F r o m T r a d e C o m m is s io n e r W i l b u r J . P a g e , L o n d o n , J u ly 7 1 9 2 1 .]

Bill Passed on Second Reading.

A b ill g iv in g e ffe c t t o p r o p o s a ls fo r e x t e n d in g c r e d it fa c ilitie s p a s s e d th e
H o u s e o f C o m m o n s u n a n im o u s ly o n it s s e c o n d
r e a d in g .
D e t a ils o f t h e
n e w c o n d itio n s b e c a m e a v a ila b le t o - d a y .
T h e y a re s e t fo r t h in t w o s e p a r ­
a te s t a t e m e n t s r e la tin g t o t h e B r it is h E m p ir e a n d t o fo r e ig n c o u n tr ie s ,
y e a r a m o u n t in g t o £ 1 ,2 8 7 ,2 7 8 ,1 7 1 y ie ld e d a r e v e n u e o f £ 3 0 3 ,6 3 0 ,3 7 6 .
r e s p e c tiv e ly , b u t t h e s c h e m e in it s g e n e r a l p r in c ip le s in t h e s a m e in b o t h
T h e a m o u n t s o f in c o m e u p o n w h ic h t a x w a s r e c e iv e d u n d e r t h e v a r io u s
cases.
s c h e d u le s a n d t h e n e t p r o d u c e o f t h e t a x a r e g iv e n in t h e fo llo w in g t a b le :
T h e G o v e r n m e n t p r o p o s e s t o p r o c e e d b y t h e g u a r a n t e e in g o f d r a ft s
Incom e Tax
A m t. o f Incom e. Tax Produced.
d r a w n a g a in s t s h ip m e n t s o f g o o d s t o t h e c o u n tr ie s in c lu d e d in t h e s c h e m e .
Schedules.
£
£
T h e s y s t e m , t h e r e fo r e , w ill a p p r o x im a t e , m u c h m o r e c lo s e ly th a n d o e s t h e
A . L a n d s , h o u s e s , & c ---------- ---------------------------1 7 5 ,8 3 2 ,4 0 9 4 3 ,3 1 0 ,6 4 6
e x is t in g m e th o d o f a d v a n c e s , t o th e o r d in a r y c h a n n e ls o f t r a d e , a s th e
B . P r o f it s f r o m o c c u p a tio n o f la n d s ______________ 3 9 , 9 8 0 , 0 3 3
7 ,9 0 8 ,7 1 7
g u a r a n te e d d r a fts c a n b e d is c o u n t e d in t h e u s u a l m a n n e r .
T h e c o n d itio n s
O . I n c o m e f r o m B r it is h a n d fo r e ig n s e c u r i t ie s . 7 0 , 4 6 6 , 1 4 7
1 9 , 4 6 6 ,2 2 1
h a v e b een e x te n d e d t o c o v e r tr a d e w it h a ll p a r t s o f th e B r it is h E m p i r e a n d
D . P r o f it s f r o m
b u s in e s s , p r o fe s s io n s ,
em ­
w ith B r it is h p r o te c t o r a t e s a n a m a n d a t e d te r r it o r ie s , e x c e p t t h a t it is n o t
p lo y m e n t s -----------------------------------7 4 4 , 7 5 4 , 9 8 8 1 9 0 , 2 5 6 , 7p1 r0o p o s e d a t p r e s e n t t o a p p ly t h e m in r e s p e c t o f B r it is h I n d i a , C e y l o n , or
W e e k l y w a g e e a r n e rs ---------------------------------------- 7 3 , 8 4 5 , 5 6 9
8 ,3 1 7 ,6 5 2
B r itis h p o sse ssio sn in t h e F a r E a s t , sin c e it is u n d e r s to o d t h a t th o se m a r k e t s
K. S a la r ie s , G o v e r n m e n t , c o r p o r a t io n , p u b ­
a re still fu lly su p p lie d w ith fo o d s a n d t h a t s p e c ia l fa c ilitie s a re r o t re q u ir e d
lic c o m p a n y o ffic ia ls ......................................
1 8 2 ,3 9 9 ,0 2 5
3 1 ,3 7 0 ,4 3 0
fo r fin a n c in g e x p o r ts t o t h e m .
A s r e g a r d s fo r e ig n c o u n tr ie s , t h e s c h e m e is
a p p lic a b le t o F i n la n d , L a t v i a , E s t h o n i a . L i t h u a n ia , P o la n d , C z e c h o ­
s l o v a k i a , J u g o s la v ia , R u m a n i a , G e o r g i a , A r m e n i a , B u lg a r ia , A u s t r i a a n d
H un gary.
P r o v is io n is m a d e fo r p a r tic ip a tio n b y t h e G o v e r n m e n t w ith B r itis h
33 1 -3 %
b a n k s , b a n k in g h o u s e s , c r e d it a s s o c ia t io n s , e t c . , in t h e r isk s in c u r r e d in
th e fin a n c in g o f t r a d e w it h t h e S t a te s a n d te r r ito r ie s c o n c e r n e d .
The

BRITISH HOUSE OF COMMONS PASSES RESOLUTION
LEVYING DUTIES OF
ON CERTAIN
IMPORTS.

T h e B ritish H ou se o f C om m ons on A u g. 12 passed a resolution lev y in g a d u ty o f 33 1 -3 % on chem icals, o p tica l instrumerits, & c. D etails regarding this and an a ccom p a n y in g
resolution are given as follow s in A ssociated Press advices
from London A ug. 12:
/ b e G o v e r n m e n t & S a fe g u a r d in g o f In d u str ie s Bill t o - d a y w a s p a s s e d on
bird r e a d in g in t h e H o u s e o f C o m m o n s b y a v o t e o f 176 t o 4 .
T h e v o te
w as ta k e n a ft e r fo r m e r P r e m ie r A s q u it h , in I n tr o d u c in g a m o t io n fo r its
r e je c tio n , b a d d e s c r ib e d It a s “ a h a lf-h e a r te d a t t e m p t t o in t r o d u c e a t a r i f f
w it h o u t ca llin g it o n e . "

id e a b a c k o f th e p la n is t o g iv e t h e w id e s t p o s s ib le d js c r e tio n in th e e x te n s io n
o f c r e d it , so t h a t , w h ile n o t c o u n te n a n c in g a n y t h in g u n d u ly s p e c u la t iv e .n o
s o u n d b u sin e ss w h ic h o u g h t t o b e d o n e w ill b o e x c lu d e d .

Official Explanation o f the Revised Plan.
T h e o ffic ia l s t a t e m e n t , o u t lin in g th e a p p lic a t io n o f th o n e w p la n , a p ­
p e a r e d in t h e [G o v e r n m e n t] B o a r d o f T r a d e J o u rn a l fo r J u n e 2 3 .

A s ^ th e

J o u r n a l e x p la in s :
T h o o r ig in a l e x p o r t c r e d its s c h e m e o f S e p t. 1 9 1 9 [see, a m o n g o th e r issu es,
C o m m e r c e R e p o r t s fo r S e p t . 2 7 a n d 3 0 a n d N o v . 4 1 9 1 9 ] , w a s p re p a re d
in a n c it ip a t io n o f a n eed w h ic h d id n o t i m m e d ia t e ly a ris e .
T h ere cam e a
g r e a t b o o m in tr a d e d u r in g th o a u tu m n a n d w in te r o f 1 9 1 9 -2 0 a n d lit t le
d e m a n d a ro se fo r sp e c ia l c r e d its .
W h e n , la t e r , m e r c h a n t s a n d m a n u fa c ­
tu rers h a d o c c a sio n to lo o k a b o u t for a m e a n s o f fin a n c in g e x p o r t t r a d e , t h e y

THE CHRONICLE

788

fo u n d <1 soi iouts o b s t a c le in th o p r o v is io n in th e G o v e n n u ^ i i t 's opigiiuil s c h e m e
li m i t i n g a d v a n c e s to 8 0 % o f th e c o s t o f g o o d s .
I n m a n y c a se s th e y w ere
u n a b le t h e m s e lv e s to c a r r y th e r e m a in in g 2 0 % .
A d e m a n d th e re fo re aro se
for a n e x te n s io n o f a d v a n c e s to 1 0 0 % • T h i s c o n c e ssio n w as u lt i m a t e ly
m a d e a n d t h e s c h e m e c a m e m o re fr e e ly in t o u se , b u t e v e n th e n th e c r e d its
g r a n te d were s m a ll in c o m p a r is o n w ith th e s u m ( £ 2 6 . 0 0 0 , 0 0 0 j a u th o r iz e d
b y P a r lia m e n t, t h e t o t a l a m o u n t s a n c t io n e d b e in g £ 2 , 6 1 1 , 6 6 7 , a n d th e
a m o u n t a c t u a lly p a id o u t £ 8 9 1 ,4 4 3 .
'T h r o u g h o u t 1 9 2 0 th e tr a d e p o s itio n w e n t fr o m b a il t o w o rse.
S to ck s o f
g o o d s , m o s t o f t h e m m a n u fa c t u r e d a t h ig h p ric es w e re r a p id ly a c c u m u la t in g
a n d o v e r s e a s m a r k e ts s e e m e d in c a p a b le o f a b s o r b in g t h e m .
U n e m p lo y m e n t
in c re a se d s t e a d ily ,
T o w a r d th e en d o f th e y e a r the* la te P r e s id e n t o f th e
B o a r d o f T r a d e to o k u p in a series o f c o n fe r e n c e s w ith b a n k e r s , in su ra n c e
.•xp erts, etc*
th e e x a m in a t io n o f th e p o s s ib ilit ie s o f g iv in g a ss is ta n c e to th e
fin a n c in g o f fo r e ig n tra d e
T h e c o m p a r a t iv e fa ilu r e o f th e o rig in a l s c h e m e
c o n v in c e d h im th a t it w a s d e sir a b le to e v o lv e a s y s t e m w h ich w o u ld fa c ilit a t e
m o re e ffe c t iv e c o o p e r a t io n o f th e G o v e r n m e n t w ith th e o r d in a r y c h a n n e ls
th ro u g h w h ic h tr a d e is fi n a n c e d , a n d h e s o u g h t to e v o lv e a p la n fo r c o ­
o p e r a t io n b e t w e e n th e G o v e r n m e n t: a n d b a n k s a n d In su r a n c e c o m p a n ie s
o n th e b a s is o f p a r t ic ip a t io n in th e risk i n v o lv e d .
T h e s e c o n fe r e n c e s ,
h o w e v e r , p r o v e d u n p r o d u c t iv e .
I t w a s d e c id e d , th e r e fo r e , t o p r o c e e d b y a m e n d m e n t o f th e e x p o r t c r e d its
s c h e m e , b e a r in g in m in d th e d e s ir a b ilit y o f a p p r o x im a t i n g m o r e c lo s e ly t o th e
o r d in a r y c h a n n e ls o f trade
In ste a d o f m a k in g a d v a n c e s t h e n ew s c h e m e
pre pose's t h a t th e e x p o r t c r e d its d e p a r t m e n t s h o u ld g u a r a n te e b i l ls d r a w n b y
tr a d e rs in r e sp e c t o f e x p o r ts to th e c o u n tr ie s in c lu d e d in t h e s c h e m e .
The
g e n e r a l n a tu re o f th e se p r o p o s a ls w ere e x p la in e d to th e H o u s e o f C o m m o n s
b y Sir R o b e r t H o r n e in th e d e b a t e o n th e v o t e o f a c c o u n t o n M a r c h 9 .
S in c e th e n th e d r a f t c o n d it io n s h a v e b e e n m o s t f u l l y d is c u s s e d w ith th e
A s s o c ia t io n o f C’ h a m b e r s o f O o rn m e rc e a n d w it h th e F e d e r a tio n o f B r it is h
I n d u s t r ie s , a n d th e s c h e m e h as b e e n m o d ifie d in v a r io u s p a r tic u la r s t o m e e t
th e v ie w s p u t fo r w a r d in th e se c o n fe r e n c e s .
T h e s c h e m e a s it s t a n d s h a s
b e e n a c c e p te d b y b o t h th e se b o d ie s
A t th e ir la s t m e e t in g w it h S ir P h ilip
L l o y d -G r e a m e , p a r lia m e n t a r y s e c r e ta r y to th e D e p a r t m e n t o f O v e r s e a s
T r a d e , th e A s s o c ia tio n p a sse d a r e s o lu t i o n t h a t : “ T h i s m e e t in g o f r e p r e ­
s e n t a t i v e s o f c h a m b e r s o f c o m m e r c e w e lc o m e s th e s c h e m e a n d r e s o lv e s to
r e c o m m e n d to m e m b e r s o f th e c h a m b e r s o f c o m m e r c e t o d o th e ir b e s t t o
m a k e u se o f t h e s c h e m e a n d w o r k u n d e r i t . ”
T h e d e la y in b r i n g in g th e
n e w s y s t e m in to o p e r a t io n h a s b e e n m a i n l y d u e t o t h e p r o lo n g a t io n o f th e se
d is c u s s io n s , o w in g to th e d e sir e o f th e d e p a r t m e n t to m e e t th e v i e w s o f th e
c h a m b e r s o f c o m m e r c e a s fa r a s p o s s ib le .

N ecessity fo r the A m ending Bill.
In th e o v e r s e a s t r a d e (c r e d it s a n d in su r a n c e ) a c t . 1 9 2 0 , th e B o a r d o f
T r a d e w a s a u t h o r iz e d t o g r a n t c r e d its u p to a m a x im u m o f £ 2 6 . 0 0 0 , 0 0 0 .
T h e t o t a l a m o u n t a t r isk w ill b e in n o w a y a ffe c te d b y th e in t r o d u c t io n o f th e
new s c h e m e , b u t it h a s b een h e ld t h a t t h e w o r d in g o f th e 1 9 2 0 act c a n n o t b e
i n t e r p r e t e d a s a u t h o r iz in g th e g iv in g o f g u a r a n tie s a s a n a lt e r n a t iv e o r in
s u b s t it u t io n fo r th e m a k i n g o f a d v a n c e s .
I t w a s , t h e r e fo r e , n e c e ssa r y
t o p r o v id e <h a t t h e p o w e r g iv e n t o th e B o a r d o f T r a d e to g ra n t c r e d its u n d e r
t h a t a c t s h o u ld b e d e e m e d to in c lu d e p o w e r t o g iv e g u a r a n t ie s .
I t w a s a lso
n e c e s s a r y to m a k e in r e s p e c t o f g u a r a n t ie s a n a m e n d m e n t in r e g a rd to th e
d a t e s laid d o w n in S e c tio n 2 o f t h e 1 9 2 0 a c t g o v e r n in g th e p e r io d o f th e
sch em e
T h i s s e c tio n p r o v id e s t h a t c r e d its m a y b e g r a n te d a t a n y t im e
w i t h i n th e p e rio d o f th r e e y e a r s f r o m S e p t . 8 1 9 1 9 . i . e . , u p t o S e p t . 8 1 9 2 2 .
T h e s a m e d a t e s w i n h o ld g o o d in r e s p e c t t o t h e g iv in g o f n e w g u a r a n t ie s , b u t
in o rd e r t h a t g u a r a n t ie s m a y b e p la c e d in t h e s a m e f o o tin g as a d v a n c e s it.
b e c a m e n e c e s s a r y t o in c lu d e a p r o v is io n t h a t g u a r a n t ie s g iv e n b e fo r e
S e r e 8 1 9 2 2 . m a y b e r e n e w e d i f n e c e s s a r y a ft e r t h a t d a t e u p to S e p t . 8
192 1
T h e r e a s o n fo r th is is t h a t it w i ll n o t b e p o s s ib le t o g iv e g u a r a n tie s
fo r m o r e t h a n 1 2 m o n t h s a t a t i m e , a s th e b a n k s w o u ld b e u n w illi n g t o d is­
c o u n t b ills h a v i n g a c u r r e n c y o f r b e a c t s t a n d s , th e B o a r d o f T r a d e m a y
o n ly in c lu d e in t h e s c h e d u le o f liq u i d a t e d b y S e p t . 8 1 9 2 5 , w ill h o ld g o o d fo r
th e g u a r a n ty sch em e.

An am en dm en t o f th e 1920 a ct was also necessary to p rovid e fo r th e in­
clu sion o f the B ritish E m p ire in the sch em e, in a ccord an ce w ith th e prom ise
m ade b y th e late Presiden t o f th e B oard o f T rad e in the d eba te on M a rch 9.
A s section 3 o f th e a ct stan d s, th e B oa rd o f tra d e m ay o n ly inclu de in the
sch edule o f cou n tries to w hich the schem e applies th e nam e o f a n y co u n try
“ th e fin ancial and industrial con d ition o f w hich has been disorgan ized b y
th e w a r ," a d escription w hich cou ld n ot p ro p e rly be applied to a n y part o f
th e B ritish E m p ire
T h ere has been, h ow ever, a real d iffilc u ty a bou t fi­
nancing exp orts to m a n y parts o f th e E m p ire, a lth ou gh such cou n tries h ave
been in a far stron ger p osition than th ose to w h ich th e sch em e origin ally
a pp lied
A s is well k n ow n , there h av e been serious d ifficu lties in trade w ith
A u stralia a n d S ou th A frica , ow in g to disturbances in th e balan ce o f in­
debted n ess betw een th ose D om in ion s a n d th e U nited K in gd om . T h ere
h ave also been serious d ifficu lties in resp ect o f India and B ritish possessions
in th e F a r E a st, th ou g h it is n o t p rop osed to a p p ly th e schem e a t present to
th o s e areas. T h e m arkets there h av e n o t y e t a bsorb ed th e g lu t o f good s
exp orted .
Summary of Scheme.
T h e new sch em e is b rie fly as follow s: T h e G ov ern m en t w ill en tertain
p roposals to guarantee d rafts draw n against sh ipm ents o f good s to the
cou n tries already n am ed
T h e gu a ra n ty w ill be given to an exten t n o t
exceedin g 8 5 % o f th e tota l a m ou n t o f the bill draw n against th e shipm en t.
T h e E x p o rt C redits D ep a rtm en t w ill d ecide th e p ro p ostion in each case,
takin g in to con sideration m arket valu es, net p ro fit, and secu rity
.In
o th e r w ords, the a d va n ce is n o longer based on th e actual co s t o f th e good s,
a n d th e G overn m en t o n ly guarantee u p t o a m axim u m o f 8 5 % o f th e bill,
instead o f granting a dvan ces u p to th e fu ll 100% o f th e co st o f th e good s.
A n oth er im p orta n t p rovision o f th e new sch em e as com p a red w ith the
o ld on e is th a t the G ov ern m en t no lon ger insist u pon secu rity being p u t
u p b y th e im p orter su fficien t to co v e r th e w hole a m ou n t o f th e d ra ft,
plu s a reasonable m argin. I t was fou n d th a t this p rovision was deterrent
on th e utilization o f th e schem e as it p la ced to o h e a v y a b urden o n the
im p orter, and alternatives are n ow p rov id e d
I f the im p orter puts up
secu rity deem ed su fficien t to co v e r th e w h ole a m ou n t guaranteed, the
G overn m en t w ill h a v e no recourse against th e exp orter, b u t it is prepared,
altern ately, to give advances in cases w here th e im p orter p uts up secu rity
less th an th a t deem ed su fficien t to cov er the w h ole a m ou n t guaranteed
or even in cases w here th e im p orter p uts u p no secu rity a t a ll. In su ch cases,
i f th ere is a loss the G ov ern m en t w ill retain recou rse against th e exporter
fo r h a lf th e loss after th e d edu ction o f th e a m ou n t, i f a n y , p aid b y the
im p orter and o f th e am ou nt realized b y the secu rity (in th e cases in w hich
secu rity has been p u t u p .)
A lth ou gh it p rov ed im p racticable to a rrive a t a coop era tive arrangem ent
w ith banks, e tc ., fo r fin a n cin g foreign trad e, th e new sch em e offers certain
con d ition s on w h ich th e G ov ern m en t is prepared to m ake arrangem ents
w ith p riv a te banks or ban k in g houses or cred it associations fo r participation
in a n y losses incu rred b y th em in resp ect o f transactions carried throu gh
b y th em fo r exporters to th e cou n tries con cern ed . T h e arrangem ent
p rop osed is th a t in con sideration o f an agreed prem ium H is M a je s t y ’s
G ov ern m en t w ill take a share n o t exceeding 7 0 % o f a n y loss in cu rred b y
ban k s, e tc ., in resp ect o f su ch transactions u p to a to ta l a m ou n t to be
arranged in each case b y the ban k o r oth er organ ization con cern ed w ith the
E x p o r t C red its D ep artm en t.
v
A p p lica tion of Scheme to British E m pire.
1. In ord er to facilita te th e resu m p tion o f th e ord in a ry m eans w h ereby
traders and oth er can ob ta in facilities fr o m their bankers to en able th em
to fin ance their exp ort trad e, th e G overn m en t is p repared under th e fo l­
lo w in g con d ition s to en tertain proposals to guarantee drafts against ship­
m ents o f good s fro m th e U nited K in gd om to oth er parts o f "the B ritish
E m p ire, in clu d in g protectorates* and m an dated territories. I t is n o t p r o ­
posed for th e present to a p p ly th e schem e in th e case o f sh ipm ents to
B ritish In d ia , C ey lon , or to B ritish possessions in the Far E ast.
2 . G u a r a n tie s w ill o n l y be g r a n t e d in r e s p e c t o f g o o d s w h o lly o r p a r t ly
p r o d u c e d o r m a n u fa c t u r e d in t h e U n i t e d K i n g d o m , in c lu d in g c o a l p r o d u c e d
in th e U n ite d K in g d o m .
3 . A p p lic a t i o n s fo r g u a r a n tie s s h o u ld b e m a d e b y t h e e x o o r t o r to th o
e x p o r t c r e d its d e p a r t m e n t , 7 3 , B a s in g h n ll S t r e e t , L o n d o n , E . C . 2 . o n f o r m ;
w h ic h m a y b e o b t a i n e d f r o m t h e d e p a r t m e n t .
A p p lic a t i o n s s h o u ld b e
s u b m i t t e d t h r o u g h th e e x p o r t e r ’s b a n k e r , a n d t h e b a n k e r ’ s r e c o m m e n d a t io n
s h o u ld b e a t t a c h e d .
F o r t h e c o n v e n ie n c e o f e x p o r t e r s , t h e d e p a r t m e n t is
p r e p a r e d to r e c e iv e a n d g iv e a d e c isio n u p o n a p p lic a t io n s in a d v a n c e , a lim it
o f t im e b e in g s t a t e d w it h in w h ic h t h e t r a n s a c t io n w ill b e c o m p le t e d .
4 . N o a p p lic a t io n c a n b e e n t e r t a in e d f r o m a n a lie n o r f r o m a f i r m in w h ic h
t h e m a j o r i t y o f t h e p a r tn e r s a r e a lie n s , o r f r o m a c o m p a n y w h e r e B r itis h
s u b je c t s d o n o t fo r m a m a j o r i t y o f t h e d ir e c to r s , o r w h e r e a m a j o r i t y o f t h e
v o t i n g p o w e r is not: in t h e h a n d s o f B r it is h s u b je c t s .
5 . T h e g u a r a n t y w ill be g iv e n t o a n e x t e n t not. e x c e e d in g 8 5 % o f t h e t o t a l
a m o u n t o f th e b ill o f e x c h a n g e d r a w n a g a in s t t h e s h ip m e n t .
T h e export
c r e d its d e p a r tm e n t, w ill d e c id e t h e p ro p o rt ion t o b e g u a r a n t e e d in e a c h c a s e ,
t a k in g in t o c o n s id e r a tio n r e le v a n t c ir c u m s t a n c e s s u c h a s c u r r e n t m a r k e t

[V ol. 113.

v a lu e s , th e a m o u n t in c lu d e d a s n e t p r o f it , a n d t h e s e c u r it y o ffe r e d b y th e
i in p o r t e r .
6 T h e d e p a r t m e n t w ill n o t r e q u ir e t h e b ills t o b e a c c e p t e d b e fo r e g u a r ­
a n t e e in g t h e m , b u t —
(a) in ca se s w h e r e n o s e c u r it y is t o b e d e p o s it e d , t h o d e p a r t m e n t w ill
re q u ire th a t th e b ills s h o u ld b e a c c o m p a n ie d b y a le t t e r o f g u a r a n t y o f t h e
im p o r t e r 's b a n k , w h ich m u s t be a n a p p r o v e d b a n k , o r b y o th e r s a tis fa c t o r y
e v id e n c e , to th e e f f e c t t h a t t h e y w ill b e a c c e p t e d .
(b) In r a se s w h e r e s e c u r it y is to b e d e p o s it e d , th o d e p a r t m e n t w ill r e q u ir e
a let ter o f g u a r a n t y a s a fo r e s a id f r o m th e i m p o r t e r ’s b a n k t o th e e f fe c t t h a t
th e b ills w ill b e a c c e p t e d a n d t h a t the', s t ip u la t e d s e c u r it y w ill b e d e p o s it e d
i m m e d ia t e ly u p o n t h e fir s t p r e s e n t a t io n o f th e d o c u m e n t s t o th e im p o r t e r .

Recourse in Case o f D efa u lt.
7
In th e e v e n t o f d e fa u lt b y t h e im p o r t e r th e G o v e r n m e n t w ill h a v e a
fir st c h a r g e o n a ll p r o c e e d s o f th e b i ll, a n d —
(i) in c a se s w h ere th e im p o r t e r p u t s u p s e c u r it y d e e m e d s u ff ic ie n t t o c o v e r
t h e w h o le a m o u n t g u a r a n t e e d , th e G o v e r n m e n t w ill h a v e n o re c o u r s e
a g a in s t t h e e x p o r te r .
(ii) In c a se s w h ere th e im p o r t e r p u t s u p s e c u r it y le s s th a n t h a t d e e m e d
su ffic ie n t t o c o v e r t h e w h o le a m o u n t g u a r a n t e e d , t h e G o v e r n m e n t w ill
r e ta in r e c o u r se a g a in s t t h e e x p o r te r to t h e e x t e n t o f h a l f th e d iffe r e n c e
b e tw e e n th e a m o u n t g u a r a n te e d o n t h e o n e h a n d , a n d o n th e o th e r h a n d
su ch am ount
if a n y , a", m a y b e p a id b y t h e im p o r te r p lu s t h e a m o u n t
d e e m e d to b o c o v e r e d b y t h e s e c u r it y (o r w h ic h th e s e c u r it y e v e n t u a lly
r e a liz e s , w h ic h e v e r is t h e g r e a t e r ).
! Hi.) In c a s e s w h e re th e im p o r te r p u t s u p n o s e c u r i t y , t h e G o v e r n m e n t w ill
r e ta in r e c o u r se a g a in s t t h e e x p o r te r t o th e e x t e n t o f h a lf th e d iffe r e n c e
b e tw e e n th e a m o u n t g u a r a n t e e d o n t h e o n e h a n d , a n d . o n th e o th e r h a n d ,
s u c h a m o u n t , i f a n y . a s m a y be p a id b y th o i m p o r t e r .
8 . T h e d e p a r t m e n t w ill c o n s id e r s u c h p r o p o s itio n s fo r s e c u r it y a s m a y b e
la id b e fo r e it b y th e e x p o r t e r , in c lu d in g d e p o s it o f a p p r o v e d p r o d u c e ,
G o v e r n m e n t s e c u r itie s , o r a n a p p r o v e d b a n k e r ’ s g u a r a n t y in s u r in g d u e
p a v i n e n t in s te r lin g a t m a t u r i t y , & c .
9 . T h e p e r io d s fo r w h ic h th e b ills to b e g u a r a n t e e d a r e d r a w n w ill b e
a m a t t e r o f a r r a n g e m e n t , a n d a r r a n g e m e n t s m a y a ls o b e m a d e fo r r e n e w a ls .
10 T h e d e p a r tm e n t well f i x a n d c h a r g e p r e m iu m s t o d e f r a y t h e e x p e n s e s
o f th e d e p a r t m e n t a n d to fo r m a fu n d t o m e e t lo s s e s .
1 1 . A s so o n a s th e b ills h a v e b e e n fin a lly liq u id a t e d a n d th e lia b i li t y o f
t h e d e p a r t m e n t is b r o u g h t to a n e n d th e s e o u r itv lo d g e d w ill b e r e tu r n e d to
th e im p o rte r .
I n th e e v e n t o f d e fa u lt t h e d e p a r t m e n t m a y c a u s e th e
n e c e s s a r y s t e p s t o bo t a k e n t o r e a liz e t h e s e c u r it y o r to h o ld th e s a m e , a s
m a y b e d e e m e d e x p e d ie n t .
T h e d e p a r t m e n t w ill b e at li b e r t y to r e q u ir e th e e x p o r t e r to t a k e s u c h s t e p s
a s t h e d e p a r t m e n t m a y t h in k n e c e s s a r y t o r e a liz e th e s e c u r it y a n d t o e n fo r e c e
p a y m e n t b y th e im p o r t e r s .

Participation With Banks, Credit A ssocia tion s, A c.
1. I n a d d itio n to th e fo r e g o in g m e th o d o f g r a n t in g g u a r a n t ie s to i n d i v i d ­
u a l e x p o r te r s , H is M a j e s t y ’s G o v e r n m e n t is p r e p a r e d u n d e r t h e fo llo w in g
c o n d it io n s t o m a k e a r r a n g e m e n t s w ith a p p r o v e d b a n k s o r b a n k in g h o u s e s
or c r e d it a s s o c ia t io n s fo r p a r t ic ip a t io n in a n y lo ss in c u r r e d b y s u c h b a n k s ,
b a n k in g h o u s e s , o r c r e d it a s s o c ia t io n s in r e s p e c t o f tr a n s a c t io n s c a rrie d
t h r o u g h b y t h e m fo r e x p o r te r s in t h e U n it e d K i n g d o m to th e B r it is h E m p i r e ,
e x c e p t B r itis h I n d i a , C e y l o n , or B r it is h p o s s e s s io n s in th e F a r E a s t :
2 . H i s M a j e s t y ’s G o v e r n m e n t in c o n s id e r a t io n o f a n a g r e e d p r e m iu m
w i.l t a k e a sh a r e n o t e x c e e d in g 7 0 % o f a n y lo s s in c u r r e d b y b a n k s , & c . ,
in r e s p e c t o f s u c h t r a n s a c t io n s , p r o v id e d t h e t r a n s a c t io n s c o m p ly w ith th e
c o n d it io n s a s t o n a t u r e o f g o o d s a n d n a t i o n a lit y o f e x p o r t e r s or e x p o r t in g
fi r m s p r e sc r ib e d in P a r t T.
T h e E x p o r t C r e d it s D e p a r tm e n t, w ill a r r a n g e
w it h a n y a p p r o v e d b a n k or b a n k tn g h o u s e or c r e d i t a s s o c ia t io n w h ic h
m a y a p p ly fo r p a r t i c i p a t i o n in t h is s c h e m e t h e t o t a l a m o u n t in e a c h ca se
u p to w h ich t h is u n d e r ta k in g w o u ld b e g iv e n .
3 . A p p li c a t i o n s h o u ld b e m a d e b y e x p o r te r s d ir e c t to t h e b a n k , b a n k in g
h o u s e , or c r e d it a s s o c ia t io n c o n c e r n e d .

A p p lica tion o f Scheme to Foreign Countries.
A s a lr e a d y s t a t e d , t h e fo r e ig n c o u n tr ie s t o w h ic h th e a m e n d e d s c h e m e
a p p lie s a re F i n la n d , L a t v i a , E s t h o n i a , L i t h u a n i a , P o la n d . C z e c h o s lo v a k ia ,
J u g o s la v i a , R u m a n i a , G e o r g i a , A r m e n i a , B u lg a r i a . A u s t r i a , a n d H u n g a r y .
T h e g e n e r a l p la n o f g u a r a n t e e in g d r a ft s d r a w n o n t h e s e c o u n tr ie s is th e s a m e
a s fo r t h e B r it is h E m p i r e , w i t h t h e e x c e p t io n o f p a r a g r a p h 8 , r e la t in g to
s e c u r i t y , w h ic h r e a d s :
8 . T h e f o llo w in g c la s s e s o f s e c u r itie s w i ll b e c o n s id e r e d fo r t h e p u r p o s e
o f th e s c h e m e :
,
.
(a ) B o n d s is s u e d in a c c o r d a n c e w ith t h e in t e r n a tio n a l c r e d its s c h e m e fo r
t h e L e a g u e o f N a t i o n s (s o -c a lle d T e r M e u l e n b o n d s ) .
(b) D e p o s i t o f c u r r e n c y c o u p le d w ith a n a p p r o v e d g u a r a n t y fo r th e
m a in t e n a n c e o f t h e c u r r e n c y d e p o s it e d t o c o v e r a n y d e c lin e in th e r a te o f
exchange.
I n c e r ta in c a s e s t h e d e p o s it o f fi x e d a m o u n t s o f c u r r e n c y
m ig h t b e a cce p te d .
. .
(c) D e p o s i t o f a p p r o v e d p r o d u c e , a p p r o v e d G o v e r n m e n t s e c u r itie s , or
a n a p p r o v e d b a n k e r s g u a r a n t e e in s u r in g d u e p a y m e n t in s t e r lin g a t m a ­
tu rity .
_ . . _
(d) A n u n d e r ta k in g b y an a p p r o v e d B r it is h b a n k or B r it is h a c c e p tin g
h o u s e t h a t t h e p u r c h a s e r w i ll
f i n d a t m a t u r i t y c u r r e n c y o f t h e b u y in g
c o u n t r y to a n a g r e e d a m o u n t .
(e) F ir s t c h a r g e s o n r a i lw a y s c o n t r o lle d b y B r it is h c o m p a n ie s a n d u n d e r
r e p a ir , e q u i p m e n t , a n d r e c o n s t r u c t io n b y t h e m w h e n th e f i r s t c h a r g e is
lim it e d to t h e a m o u n t r e q u ir e d t o p r o v id e i m p o r t o f g o o d s fo r t h o s e p u r p o s e s .
T h e E x p o r t C r e d it s D e p a r t m e n t w ill b e p r e p a r e d t o c o n s id e r o th e r p r o ­
p o s a ls a s to s e c u r i t y w h ic h m a y b e p u t b e fo r e t h e m .

Larger Use M a d e o f Credits in June Quarter.
T h e n ew sch em e

w a s p u t in t o

o p e r a t io n o n J u n e 2 9 .

T h e r e fo r e , th e

fig u r e s o f a d v a n c e s m a d e b y t h e G o v e r n m e n t fo r t h e th r e e m o n th s e n d in g
J u n e 3 0 a p p l y t o a d v a n c e s m a d e u n d e r t h e o ld s c h e m e .
T h e fig u r e s fo r
t h e s e th r e e m o n t h s a r e : T o t a l a m o u n t o f a d v a n c e s s a n c t io n e d , £ 2 , 6 1 9 , 5 4 9
1 6 s . 9 d . ; t o t a l a m o u n t a d v a n c e d , £ 9 5 9 ,3 6 7 1 8 s . I d .
I t w ill b e s e e n , w h e n t h e s e fig u r e s a r e c o m p a r e d w it h th o s e s h o w n in
C o n s u l G e n e r a l S k in n e r ’s r e p o r t in “ C o m m e r c e R e p o r t s ” fo r M a y 2 8 1 9 2 1 .
t h a t e x p o r te r s h a v e u s e d t h is s c h e m e t o a m u c h g re a te r e x t e n t t h a n th e y
d id d u r in g t h e f i r s t q u a r t e r o f t h e y e a r .
I n f a c t , t h e y m a d e u s e o f fu n d s
w h ic h t o t a l e d m o r e d u r in g t h i s p a s t q u a r te r t h a n th e t o t a ls lo r t h e w h o le
p r e v io u s p e r io d s in c e t h e e s t a b lis h m e n t o f th is s c h e m e ,
th a t is , fio m
S e p te m b e r, 1 9 1 9 , to M a r . 31 1921*

GERMAN

REPARATIONS PAYMENT

AUGUST 30.

In a special cable dispatch from B erlin y esterd a y ,u n d er
the co p y rig h t of the P u b lic L ed ger C o ., the N e w \ork
‘ ‘E v e n in g P o s t” said:
T w o announcem ents o f particular im p orta n ce to G erm an y , fro m a
fin a n cia l and econ om ic p oin t o f view , were m ade last n ig h t. T h e first > a
statem en t, su pposedly em anating from o fficia l sources, t o th e e ffe ct that the
G overn m en t intends t o m ake its reparations p a ym en t o f 1 ,0 0 0 .0 0 0 .0 0 0
gold m arks p ro m p tly on A ug. 31, o r p ossibly a few d a y s earlier, and that
en ou gh foreign cu rren cy has been ob tain ed to m ake unnecessary th e pur­
chase o f m ore dollars and p o u n d s .
v
T h is con firm s the ru m or circu lated tw o d a y s a go, w h ich generally was
credited w ith a bru p tly h alting th e d ow n w ard course o f th e m ark, but in
view o f th e fa c t that th e sam e ann ou n cem ent was m ade a few weeks ago
and th at th e sam e effect fo llo w e d , it indicates th at the m o tiv e for spreading
such a report is to m ake it possible fo r the G ov ern m en t to com plot e lt he
&
puchase o f foreign currencies at a m ore fa v o ra b le rate.
T h e secon d ann ou n cem ent takes the form o f a decision o f the execu tiv e
com m ittee o f th e F ederation o f G erm an T ra d e U nions regarding t heir stand
on the new G erm an fin ancial p rogram . T h eir represen tative will urge at
th o open in g session o f th e R eich sta g next m on th that the direct instead ot
the indirect taxes bo increased: that all w orkm en bo paid higher wages;
th a t th e pensions for th e sick and aged be increased, and that there be a
ch an ge in p o lic y t o th e exten t th a t all possible m oans o f p rod u ction be
tu rn ed o v e r to com m u n ity ow nership and m anagem ent.

Vug. 20 1921.]
PA Y MEN T

IN

789

TH E O iinO N IC LE
NEW YORE ACCOUNT
REP A RA TIOm S.

GERMAN

T h e arrival from H am burg on (Be sfceumor S u dbu ry o f a
consignm ent o f SO canes o f gold coin , sJiippod b y the Roicljsbank to J. P. M organ & C o ., to bo used, for reparation
a ccou n t, was reported in the “ W all Street J ou rn a l” o f last
night.
In stating that the gold is valued, at 12,000,000
gold marks or a b ou t $2,800,000, (lie paper referred to added:

til© value o f Ihose j.iin< , together with the vahn o f r i> ration . in kind
already received by France exceed FranceE e-qx nee 1'<>" her re / o f o c c u ­
pation , the Conuiii ion will take the excem-; Into a ccou n t at fije end o f five
y e a r q w ixu i 11 • i ■ i
A

h

o d B e lg iu m 's p r io r i!

■

to th e a b o v e , a c o p y r ig h t c a b le g r a m

earn© to th e N o w

I
fr o m

tisfied

P a r is A u g .

M

Y o r k ‘ “ r im e s ” a s fo llo w s :

A ruling o f the In ter-A llied Finance C on feren ce, m ade late, lank night,
that o f the first billion marie: gold cash paid by G erm an y I , .-in < should
got not one pfennig, is received in Paris with the greatest resentm ent.
T h e finding o f the financial expert:, was m ade after the adjou rn m en t o f the
Supreme C om util and does not becom e effectiv e until a pproved by the
T w o c o n s ig n m e n ts o f silv e r co in a lso a r r iv e d o n t h e S u d b u r y s h ip p e d b y
Allied ( lovornm o& ts.
t h e R e ic h ,sh a n k , 2(h) c a se s t o t h e I n t e r n a tio n a l A c c e p t a n c e B a n k , v a lu e
T his result was reached b y the application o f arrangem ents to which vari ­
1 3 0 . 0 0 0 . 0 0 0 p a p e r m a r k s ; a n d 1 3 5 c a s e s fo r th e E q u it a b le T r u s t O o ., v a lu e
ous French G overn m en ts had agreed, b u t th e stark, cold fact th a t the
6 5 .0 0 0 .
0 0 0 p ap er m ark s.
French G overn m en t, w hich is in utm ost financial difficulties and facing the
A r r iv a l o f G e r m a n g o ld co in to J . P . M o r g a n & C o . fr o m th e R o ic h s b a n k
danger o f h avin g to Interrupt recon stru ction w o rk , gets none o f the first
w a s a m a t t e r o f su r p r ise to b a n k e r s h e ro b e c a u s e t h a t fir m h a s n o t b e e n
billion paid causes a painful im pression.
m e n tio n e d h it h e r t o in c o n n e c tio n w it h r e p a r a tio n p a y m e n t s .
Though
It will be recalled that the trea ty gives B elgium p riority on the first
G e r m a n y ’ s a r r a n g e m e n ts in reg a rd t o r e p a r a tio n s e t t le m e n t s t o b e m a d e in

N e w Y o r k h a v e b e e n c o n d u c t e d w ith a g r e a t d e a l o f s e c r e c y , it h as b e e n
u n d e r s to o d t h a t s u c h t r a n s a c t io n s w o u ld b e c a rried o n b y t h e E q u it a b le
T r u s t C o . , G u a r a n t y T r u s t C o . , S p e y e r & C o . a n d H a llg a r t e n <fe G o .
The
n o v e lt y o f so large a s h ip m e n t o f G e r m a n g o ld t o t h is c o u n t r y is a lso a m a t ­
t e r o f in te r e s t t o b a n k e r s .
T h i s c o n s ig n m e n t e v id e n t ly c a m e t o t h e M o r g a n
f i r m a s fis c a l a g e n t s o f t h e G o v e r n m e n t s t o w h o m G e r m a n y is i n d e b t e d .
S ilv e r w h ic h a r r iv e d o n t h e S u d b u r y , c o n s ig n e d t o t h e I n t e r n a tio n a l
A c c e p t a n c e B a n k , h a s n o re fe r e n c e t o r e p a r a tio n p a y m e n t s , b u t a c c o r d in g
to in fo r m a t io n r e c e iv e d a t t h e b a n k w a s p u r e ly a b a n k in g t r a n s a c t io n .
S ilv e r r e c e iv e d b y t h e E q u it a b le T r u s t C o . w a s c o n s ig n e d t o i t m e r e ly
a s t h e a g e n t o f t h e c o n s ig n e e .
T h e c o m p a n y h a s h a d n o a d v ic e s a s t o its
u s e , t h o u g h it is t h e g e n e r a l im p r e s s io n t h a t t h e s h ip m e n t r e la te s t o r e p a ­
r a tio n .
E q u it a b le T r u s t C o . h a s b e e n a d v is e d t h a t 3 1 b o x e s o f g o ld f r o m A m s t e r ­
d a m h a v e b e e n s h ip p e d o n t h e H o lla n d -A m e r i c a lin e r R o t t e r d a m .

N otw ith stan d in g the statem ent a b o v e as to J. P . M o rg a n 's
id en tification w ith the reparation paym en ts, a p a ym en t of
$5,000,000 b y G erm any on reparations a cco u n t was m ade
to the firm on A u g . 15 b y the fo u r bank ing institutions
acting in N ew Y o r k fo r the R oich sba n k . T his credit was
deposited to the credit o f the G reat B ritain and the B elgian
G overn m en t. R egarding this p a ym en t the “ Journal of
C om m erce” o f A u g . 16 said:
G e r m a n y y e s t e r d a y p a id a n a d d itio n a l $ 5 , 0 0 0 , 0 0 0 o n r e p a r a tio n s a c c o u n t.
T h e fe a t u r e o f th is t r a n s a c t io n , w h ic h a tt r a c t e d a tt e n t io n in th e fin a n c ia l
d is tr ic t , w a s t h a t t h e fu n d s w e re t r a n s m it t e d u p o n o rd e r f r o m t h e R e ic h s b a n k t o th e a c c o u n t o f t h e B r it is h a n d B e lg ia n G o v e r n m e n t s fo r w h ic h
J . P . M o r g a n & C o . a re t h e fis c a l a g e n t s in th is c o u n t r y , t h e fi r m a c tin g
in th is c a p a c it y fo r B e lg i u m J o in tly w it h th e G u a r a n t y T r u s t C o .
H it h e r t o
t h e p a y m e n t s o n th is s id e h a v e a ll b e e n t o t h e a c c o u n t o f th e B a n k 'o f E n g ­
la n d o r th e B a n k o f F r a n c e a t th e N e w Y o r k F e d e r a l R e s e r v e B a n k , w h ic h
is th e a u th o r iz e d d e p o s it o r y o f th e A llie d R e p a r a tio n s C o m m is s io n in th e
U n it e d S t a te s .
T h e d e p a r tu r e fr o m p r e c e d e n t w h ic h th e p a y m e n t a t th e M o r g a n o ffic e s
i n v o lv e s w a s in te r p r e te d in b a n k in g circles a s c o n fir m a to r y o f th e n e w s
d is p a tc h e s fr o m a b r o a d t o t h e e ffe c t t h a t t h e p r o c e e d s o f t h e s e t t le m e n t
w h ic h G e r m a n y is c a lle d u p o n t o c o m p le t e A u g . 3 0 a re t o b e d iv id e d e x ­
c lu s iv e ly b e tw e e n G r e a t B r it a in a n d B e lg i u m .
F r a n c e , a c c o r d in g t o th e se
a d v ic e s , is n o t t o s h a r e in th is in s ta n c e w it h h e r a llie s , t h e v a lu e o f c o a l
r e c e iv e d fr o m G e r m a n y b e in g d e d u c t e d fr o m h e r p a r tic ip a tio n in th e
c a s h s e t t le m e n t .
I n v ie w o f t h e fa c t t h a t t h e F e d e r a l R e s e r v e B a n k is t h e o n ly in s titu tio n
or b a n k in g h o u s e k n o w n t o h a v e b e e n d e s ig n a te d b y t h e R e p a r a tio n s C o m ­
m is s io n t o r e c e iv e f u n d s , b a n k e r s w e re s o m e w h a t p u z z le d b y t h e a p p e a r a n c e
o f J . P . M o r g a n & C o . a s t h e d e p o s it o r y in t h is t r a n s a c t io n .
I t ra ise d a
q u e s tio n a s t o w h e th e r t h e p la n s o f t h e A llie s h a d r e a c h e d a p o in t w h ere
p a y m e n t s m i g h t b e m a d e d ire c t t o t h e r e s p e c tiv e g o v e r n m e n t s w it h o u t
p a r tic ip a tio n b y t h e C o m m is s io n .
I n q u i r y a t t h e o ffic e s o f t h e M o r g a n fi r m e lic ite d t h e f a c t t h a t i f a p a y m e n t
h a d b e e n r e c e iv e d fo r r e p a r a tio n s a c c o u n t t h e y w e r e n o t a w a re t h a t th is w a s
th e p u rp o se .
A s fis c a l a g e n t s fo r t h e B r it is h a n d B e lg ia n G o v e r n m e n t s t h e
o n ly n o tific a tio n w h ich t h e y re c e iv e is t h a t ce rta in b a n k e r s w ill m a k e d e p o s its
o f s p e c ifie d a m o u n t s o n in d ic a te d d a t e s .
T h e ir in s t r u c t io n s , it w a s s a id ,
d o n o t c o v e r th e n a tu r e o f t h e t r a n s a c t io n r e s u ltin g in t h e p a y m e n t s t o
fo r e ig n g o v e r n m e n t a c c o u n ts .
B a n k e r s w h o a re in c h a r g e o f th e R e i c h s b a n k ’s b a la n c e s in t h is c o u n tr y
a n tic ip a te fu r t h e r p a y m e n t s fr o m t im e t o t im e u n t i l t h e e n tir e s e t t le m e n t is
c o m p le t e d .
T h e ir a c tio n is a lto g e th e r g o v e r n e d b y a d v ic e s r e c e iv e d fr o m
t h e R e ic h s b a m k , i t w a s s a id , a n d t h e s e u s u a lly d o n o t r e v e a l a n y p r o g r a m m e
in a d v a n c e .
T h e e x p e c t a t io n o f a d d it io n a l p a y m e n t s , t h e r e o fr e , is b a s e d

2 . 5 0 0 . 0 0 0 . 0 0 0 m a r k s p a id b y G e r m a n y , b u t t h e c o s t o f th e a r m ie s o f o c c u ­
p a t io n m u s t b o r e im b u r s e d f i r s t .
W h e n t h e a c c o u n ts w e re r e c k o n e d up
la s t w e e k , E n g la n d c la im e d t h a t s h e h a d e x p e n d e d 1 , 2 0 0 , 0 0 0 , 0 0 0 m a r k s
g o ld fo r h er a r m y o f o c c u p a t io n , w h ic h w a s 1 0 0 , 0 0 0 . 0 0 0 le ss t h a n F r a n c e ’ s
b ill, w it h to n tim e s a s m a n y t r o o p s .
B e lg i u m h a d b e e n p a id b y d e liv e r ie s
in k in d b y G e r m a n y fo r h e r c o s t o f o ccu x>ation , a n d s o h a d I t a l y .

Credited W ith Value o f Claimed Coal.
B u t it w a s n o t a m a t t e r o f d iv id in g u p th e b illio n .
T h e E n g li s h a n d
I t a lia n d e le g a te s h e ld t h a t F r a n c e s h o u ld b e c r e d ite d w ith t h e v a lu e o f th e
Sarre co a l m in e s to th e t o t a l e x t e n t o f w h a t sh e w o u ld g e t in th e n e x t fift e e n
y e a r s t h a t sh e w ill h o ld t h e m .
I n o th e r w o r d s , t h e v a lu e o f a ll co a l F r a n c e
w ill e x t r a c t fo r th e w h o le t e r m o f th e t e n u r e o f th e S a rre B a s in s h o u ld b e c o n ­
sid e re d a s a lr e a d y p a i d .
T h i s fig u r e w a s fix e d a t 3 0 0 , 0 0 0 , 0 0 0 to 4 0 0 , 0 0 0 , 0 0 0
g o ld m a r k s .
E n g la n d h a d r e c e iv e d a b o u t 3 0 0 , 0 0 0 , 0 0 0 g o ld m a r k s a n d c la im e d 9 0 0 , 0 0 0 , 0 0 0 m o r e , w h ile F r a n c e c la im e d t h e b a la n c e d u e , s o m e 3 0 0 , 0 0 0 , 0 0 0 ,
w h ic h sh e. w a n t e d fr o m t h e fir s t 1 , 0 0 0 , 0 0 0 , 0 0 0 .
B u t th e m a jo r i t y o f th e
e x p e r ts h e ld t h a t sh e h a d n o t h in g c o m in g to h e r o n a r m y o f o c c u p a tio n
a c c o u n t b e c a u s e s h e b a d t h e S a rre B a s in .
I t w a s d e c id e d t o p a y E n g la n d
6 0 0 .0 0 0 .

0 0 0 g o ld m a r k s a n d le t B e lg iu m h a v e t h e b a la n c e o n h er p r io r t y

a c c o u n t.
F r a n c e r e c e iv e d s o m e s a tis fa c t io n in a n a r r a n g e m e n t t h a t s e a -b o r n e c o a l,
d e liv e r e d t o h e r b y G e r m a n y u p t o A u g . 31 s h o u ld b e c h a r g e d a t t h e in te r ­
n a l G e r m a n p rice r a t h e r t h a n t h e B r it is h e x p o r t p r ic e .
T n i s r e lie v e s h e r
o f p a y i n g 1 4 0 ,0 0 0 ,0 0 0 g o ld m a r k s , b u t d o s e n o t m e a n t h a t s h e w ill g e t a n y ­
t h in g o f th e fir s t 1 , 0 0 0 , 0 0 0 , 0 0 0 c a s h G e r m a n y p a y s .
I n c id e n t a lly , in s p lit t i n g u p t h e m o n e y f o r t h e a r m ie s o f o c c u p a t io n ,
it m ig h t b e a sk e d w h e re t h e U n i t e d S t a te s g e t s o f f .
T h e a n s w e r is t h a t t h a t
is a m a t t e r t o b e a d ju s t e d b e tw e e n W a s h in g t o n a n d B e r lin .
D e s p it e th is r u lin g , t h e e x p e r ts in c lu d e d t h e A m e r i c a n s o ld ie r s in w o r k in g
o u t a s c h e m e fo r n e w c h a r g e s .
I t w a s fig u r e d t h a t fo r e a c h F ren ch , s o ld ie r
o n th e R h in e G e r m a n y s h o u ld p a y 1 6 fr a n c s p e r d a y ; fo r e a c h B r it is h s o ld ie r ,
th is s u m p lu s 2 g o ld m a r k s , a n d fo r e a c h A m e r i c a n s o ld ie r , 16 fr a n c s p lu s
3 g o ld m a r k s .
I t is p r e s u m e d th e A m e r ic a n G o v e r n m e n t w ill a c c e p t th is
a r r a n g e m e n t o r m a k e a s e p a r a te a r r a n g e m e n t w it h G e r m a n y .
T h e A llie s a re n a t u r a lly a n x io u s t o see t h e c h a r g e fo r th e A m e r ic a n so ld ie r s
p u t a s lo w a s p o s s ib le , fo r t h e le ss G e r m a n y h a s t o p a y o n th is a c c o u n t th e
m o r e sh e c a n p a y t o t h e g e n e r a l r e p a r a tio n s a c c o u n t , o f ■which th e U n it e d
S ta te s g e ts n o t h in g .
T h e M a t i n t o - d a y c a lls t h e fin a n c ia l a r r a n g e m e n t fo r t h e d is tr ib u t io n o f
t h e fir s t b illio n d e p lo r a b le fo r F r a n c e , a n d p o in t s o u t t h a t in a d d it io n t o
g e t tin g n o n e o f i t , F r a n c e , u n d e r e x p e r t s ’ r u li n g , o w e s 1 0 0 , 0 0 0 , 0 0 0 g o ld
m a r k s t o t h e o th e r A lli e s .
T h e M a t i n t h in k s it a b s u r d t h a t F r a n c e s h o u ld
b e c r e d ite d w it h t h e v a lu e o f c o a l w h ic h w ill n o t b e m in e d fo r t e n y e a r s ,
a n d w a n t s t o k n o w w h y t h e v a lu e o f t h e G e r m a n s h ip s t u r n e d o v e r t o
E n g la n d w a s n o t d e d u c t e d f r o m h e r o c c u p a t io n b a la n c e .
P r a c tic a lly t h e w h o le o f t h e p re ss d e m a n d s t h a t th e . F r e n c h G o v e r n m e n t
r e fu se t o a c c e p t t h e fin a n c e e x p e r t s ’ a r r a n g e m e n t .
T h e “ J o u rn a l d e s D e b a t s ’ ’ t h in k s w it h t h e “ M a t i n ” t h a t it is a b s u r d t o
m a k e F r a n c e p a y a t t h is t i m e fo r a ll c o a l t o b e m in e d f r o m t h e S a rre .
T h e T e m p s p o in t s o u t t h a t w h a t F r a n c e h a s e x p e n d e d fo r h e r a r m y o n
t h e R h in e sh e h a s p a id o u t in c a s h , w h e r e a s sh e c a n n o t t o - d a y d is c o u n t
h e r e q u i t y in t h e S a r r e , e x t e n d in g o v e r fif t e e n y e a r s , fo r c a s h .
T h e n ew s­
p a p e r s a y s it w ill b e a s c a n d a l i f s u c h a s e t t le m e n t h o ld s .
I f su ch a s y ste m
p r e v a ils F r a n c e w ill g e t n o t h in g f r o m t h e s e c o n d b illio n p a id b y G e r m a n y ,
fo r B e lg ia n p r io r ity w ill t a k e t h a t , a n d t h e T e m p s a s k s h o w F r a n c e c a n
r e c o n s tr u c t h e r d e v a s t a t e d r e g io n s i f s h e h a s t o w a it u n t i l la s t t o b e p a i d .

GERMAN CREDITS OBTAINED FROM AMSTERDAM
BANKERS—OTHER CREDITS.

u p o n th e ir ju d g m e n t o f c u rre n t c o n d itio n s a n d o f G e r m a n y ’s r e q u ir e m e n ts .

On A u g . 1 a special radio m essage to the “ Jou rn al o f C o m ­
m erce” from F ra n k fo rt-on -th e-M a in said:

SPECULATION CAUSES TEMPORARY CLOSING OF
BERLIN STOCK EXCHANGE.

o f 5 0 , 0 0 0 , 0 0 0 g o ld m a r k s t h r o u g h M e n d e ls s o h n & C o . o f A m s t e r d a m .
T h is b r in g s t h e t o t a l c r e d its a rr a n g e d th r o u g h t h is b a n k in g h o u s e fo r a p ­
p lic a t io n t o r e p a r a tio n s u p t o 2 5 0 , 0 0 0 , 0 0 0 g o ld m a r k s .

T h e closing o f the B erlin S tock E xchan ge fo r tw o days,
ow ing to the rush o f the pu blic to sell paper m o n e y an d rein­
vest in “ industrials” was an n ou n ced in a C entral N ew s
cablegram from B erlin A ug. 17. A ssociated Press advices
from B erlin, A u g. 18, said:

T h e same paper rep orted a cred it o f 50 ,00 0,00 0 gold m arks
to G erm any b y the A m sterdam bankers o n J u ly 22. In
reporting the A u g . 1 p a y m en t, the “ Jou rn al o f C om m erce”
o f A u g . 2 said:

A n n o u n c e m e n t is m a d e t h a t t h e R e ic h s b a n k h a s o b t a in e d a fu r th e r c r e d it

O w in g t o a b n o r m a l s p e c u la tio n , r e s u ltin g in m o r e b u s in e s s t h a n it c o u ld
h a n d le , kne B o e r s e w a s c lo s e d y e s t e r d a y a n d w i ll a ls o b e c lo s e d fo r t w o a d d i­
tio n a l d a y s t o e n a b le it t o g e t c a u g h t u p .
T h e o t h e r c lo s in g d a te s w ill b e A u g . 2 3 a n d 2 5 .

GREAT BRITAIN AND BELGIUM TO GET FIRST
BILLION MARKS PAID BY GERMANY FEELING
IN FRANCE.
Paris cablegram s to the daily papers A u g . 14 reported
(hat the first 1,000,000,000 marks paid over b y G erm any to
i he Allies is to be* divided between paym en ts o f the costs o f
he British arm y of occu pation and the paym en ts to Belgium
under the latter's priority claim , under a decision o f the
Allied Pmaneia! C om m ission.
It was further stated in
these cablegram s:
T b o I C om m ission a ls o d ecid ed t h a t th e v a lu e o f tin ; S a r re m in e s is t o b o
reck o n ed a s a m o n g th e p a y m e n t s rece iv ed b y F r a n c e b e fo r e M a y I .
As

N e w Y o r k b a n k e r s b e lie v e t h a t t h e b u lk o f t h e c r e d its w h ic h G e r m a n y
h a s o b t a in e d t h r o u g h M e n d e ls s o h n & C o . h a v e b e e n a rr a n g e d in L o n d o n ,
w h e re th is D u t c h b a n k in g h o u s e h a s im p o r t a n t a ffilia tio n s a n d c o n n e c tio n s .
T h e a g g r e g a te in v o lv e d is t h e e q u iv a le n t r o u g h ly o f $ 6 2 , 5 0 0 , 0 0 0 , a n a m o u n t
o f c r e d it w h ic h is g r e a te r t h a n i t is t h o u g h t c o u ld b e g r a n te d b y D u t c h
in te r e s ts .
T a k i n g in to c o n sid e r a tio n t h e c r e d its w h ic h G e r m a n y h a s s u c c e s s fu U y
n e g o t ia t e d in H o l l a n d , D e n m a r k a n d t h e U n it e d S t a te s a n d t h e b a la n c e s
w h ic h t h e R e ic h s b a n k a n d o th e r G e r m a n b a n k in g in s titu tio n s a n d h o u s e s
h a v e a b r o a d , b a n k e r s w h o a re in c lo s e t o u c h w it h t h e s itu a t io n b e lie v e t h a t
G e r m a n y is n o w f u l l y p r e p a r e d t o m e e t th e r e p a r a tio n s p a y m e n t d u e in
A u g u st.
A d v a n c e s e t t le m e n t s a re c o m p u t e d t o h a v e r e d u c e d t h e a m o u n t
r e m a in in g t o b e p a id t o a p p r o x im a t e ly $ 1 6 0 ,0 0 0 ,0 0 0 .
T o m e e t th is r e q u ir e m e n t G e r m a n y h a s a rr a n g e d t h e fo llo w in g c r e d its ,
t h e a m o u n t s b e in g c o n v e r te d a p p r o x im a t e ly in to d o lla r s : H o lla n d , $ 6 2 , 5 0 0 , 0 0 0 ; U n it e d S t a te s , $ 1 5 , 0 0 0 , 0 0 0 ; D e n m a r k , $ 4 , 0 0 0 , 0 0 0 -

T o t a l, $ 8 2 ,-

5 0 0 ,0 0 0 .
T h u s G e r m a n y h a s c lo s e d cre d its c o v e r in g m o r e t h a n h a l f th e a m o u n t
r e m a in in g t o b e p a id th is y e a r in s e t t le m e n t o f t h e r e p a r a tio n s a c c o u n t .
B a la n c e s a lr e a d y c r e a te d in v a r io u s c o u n tr ie s , a c c o r d in g t o in fo r m a t io n
In t h e h a n d s o f lo c a l b a n k e r s , w ill f a r m o r e t h a n p r o v id e fo r t h e d iffe r e n c e ,
a lt h o u g h th e r e is n o a s su r a n c e t h a t a d d itio n a l c r e d its m a y n o t b e n e g o -

790

THE CHRONICLE

tuned. The principal effect of the credit arrangements, as bankers view
iho situation, aside from putting Germany in a position to pay on the stip­
ulated date, vvill be to spread over a considerable period the influence of
the payment on tile exchange market. The first of the credits obtained
for reparations will fall due in October, it was said yesterday, and there is
much conjecture
to how they will be taken up by Germany at maturity.
ThU is regarded as one of the most r< id'using factors contributing to the
uncertainty of the outlook for the foreign exchanges.
The reparations credits obtained from American bankers include one of
15,00o,000 definitely closed. This is understood to be secured by the guar­
antee of the principal German banking institutions and houses. The
additional $10,000,000 is to be based on silver as collateral. Germany
already having begun the shipment of this metal to the United States. The
extent of the movement it was learned yesterday, w ill be about $13,000,000,
of which something less than $1,000,000 has been received here to date.
Germany Is exported to draw rather heavily against balances here in
connection with the settlement at the end of the month. The Reichsbank
has already had recoin-c to this procedure in making advance payments,
according to surface indications, although bankers have been unable to
trace the operation with any degree of precision. Private German bank
balances on this side are reported as considerably in excess of those of the
Reichsbank at present but these will be made available as needed if prece­
dent is followed.
Other credit negotiations undertaken by Germany here are meeting with
only moderate success. The $9,000,000 wheat credit has not yet been
used, a banker interested in the operation said yesterday, for the reason
that Germany found it cheaper to finance her rather heavy purchases in
the grain market by drawing upon the £3,000,000 credit obtained in Lon­
don. The London credit runs approximately .half as long again as that
concluded here, while the co s t to Germany is computed at about 2% less.
The project for a $25,000,000 foodstuffs credit is reported to have virtu­
ally been abandoned because of lack of support on this side. Many o f the
banking houses and institutions which have been asked to participate in the
transaction have refused, several on the ground that they could render a
more useful contribution to the situation through continuing to operate in
conjunction with their regular banking connections in Germany on behalf
o f their customers here.

[ V ol.

113

dead of the Council, replied to attacks made by Lord Curzon, the British
Foreign Secretary, and Sir Robert Stevenson Horne, Chancellor o f the
British Exchequer, against what was termed the present expensive system
of administering the treaty, especially as concerned occupation of tho
Ruhr region.
This, Lord Curzon said, “ is very costly and also irritating to German
national sentiment and pride."
The Chancellor of the British Exchequer argued that continuance of
the present system impoverished every one of the interested powers, and
that means ought to be examined for reducing the cost, as the high expense
meant less reparations.
It was agreed to create an Inter-Allied Commission of financial experts,
on which the United States would be represented, to study ways and means
whereby a reduction in occupation costs might be devised.
The French Premier in a long speech, indulged in some sarcastic utter­
ances regarding Lord Ourzon's reference to German national sentiment.
I L opposed strongly discontinuance of occupation of the three Ruhr cities.
“ The French Government," declared M. Briand, “ has no intention what­
soever of hurting Germany's national sentiment or maintaining occupation
of the Ruhr cities indefinitely. But there is also the national sentiment of
France to bo taken into account.
“ Occupation o f Duisburg, Kuhrort and Duse,seldorf was decided jointly by
France, England, Italy and Belgium because of the repeated failures of the
German Government to fulfill its obligations under the Versailles Treaty."
He was convinced that tho Wirth Government now was making all efforts
to live up to the undertakings entered upon after tho London ultimatum,
but added:
“ The Wirth Government may fall, another with more reactionary ten­
dencies may be formed, and another crisis reach between France and
Germany."
The matter, however, was not so pressing, M . Briand concluded, that it
might not bo postponed until the next meeting o f the Council. All the
delegations agreed to this suggestion.
Marshal Foch's military committee, after it had been decided to maintain
military control in Germany, was intrusted with the task of deciding how
such control was to be exercised— whether by commissions on the spot,
as now is the case, or otherwise.

REPARATIONS COMMISSION DENIES GERMANY'S RECOMMENDATIONS OF ALLIED FINANCIAL COM­
PROTEST AGAINST 26% EXPORT TAX.
MISSION FOR PAY OF AMERICANS ON RHINE.
In answer to a protest by the German Government against
the collection of the 26% tax on exports the Reparations
Commission decided on Aug. 9 that the contentions raised
cannot be admitted. The Associated Press in Paris cable­
grams on that date in reporting this said:
The German Treasury has been informed by the Reparations Com­
mission that Germany’s contentions agains tthe collection o f 26% o f the
value o f German exports as custom duties cannot be admitted. The
Commission has restated its claim that it must collect 26% ui)on Germany’s
total exports as an index figure, but stated the Commission was quite ready
to discuss with Germany subtractions from the total exports covered by
reparations in kind.

Germany’s protest was made known in Paris cablegrams
(Associated Press) on Aug. 4 as follows:
One o f the questions regarded as of much importance to America now
before the Reparations Commission is the determination o f what is mean:
by the “ value of exports’ ’ in fixing the variable annuity o f 26% on German
exports.
Germany represents that the value o f exports should not include the cost
o f raw materials imported from America or elsewhere, nor the goods re­
exported from Germany, nor goods partly finished abroad, nor coal and
other reparations staples exported to the Allies.
Representatives of the German Treasury insist that the value of exports
should be limited to the total value o f articles manufactured from German
raw materials and the value added to imported rawr materials by German
labor. . They affirm that German manufacturers already have entered into
large contracts in the United States and elsewhere abroad for raw materials
or partly finished goods which would unjustly be affected by the Allies’
collecting 26% o f that part o f the finished articles based on the cost .of
raw materials.
German Government leaders also aver that although 26% o f the value
o f exports is defined by the Allies as an index figure for variable annuities,
it must in reality be 26% tax on various classifications o f exports. Some
classifications they say, cannot stand this levy and, consequently, the
German exports of those categories w ill be wholly extinguished to the detri­
ment o f Germany and the Allies as well as to the importing o f neutral
countries.
Although the Reparations Commission has not informed Germany of its
rulings on these disputed points, it is understood the Commission has
approached and dealt with these questions upon the general ground that this
is not an economic agreement between Germany and the Allies, but a means
o f Germany’s paying her debts, and that efforts to reduce the variable
annuities by ingenious interpretations should be accompanied by sug­
gestions for other means o f equivalent payments.
The Reparations Commission has notified the German Government that
29,400 horses, 130,000 sheep and 175,000 horned cattle must be delivered
by Germany to the Commission in the next six months. This decisior
comes under Annex 4 o f Part 8 o f thevTreaty of Versailles.

ALLIED SUPREME COUNCIL TO REMOVE
RHINELAND BARRIER SEPT. 15.
A decision to lift the economic barrier of the Rhineland
on Sept. 15 was reached by the Allied Supreme Council on
Aug. 13, its conclusions being subject to the proviso that
Germany shall pay the amount she undertook to pay by
Sept. 1 under the London ultimatum and agrees to remove
the boycott against French goods. The Associated Press
has the following to say in its Paris account of the decision
of the Council:
It was decided, however, to maintain the occupation of Ruhrort, Duis­
burg and Dusseldorf until the next meeting o f the Council, which, it is
understood will be held previous to the Washington disarmament conference.
At that time Premier Briand consented the question of the occupation of the
right bank o f the Rhine should be reconsidered.
With the question of tho disposition of Upper Silesia out o f its hands, tho
Council went to work to-day on tho other matters which it had to take
under advisement. The decisions were reached after M . Briand, as Presi-

According to a recommendation by the Allied Financial
Commission on Aug. 13, tlie United States and British
Armies of Occupation should be paid by Germany at the
rate of the upkeep of French soldiers on the Rhine, plus two
gold marks daily a man. Tho Associated Press (Paris cable­
grams) states that it is proposed that this new rate of reim­
bursement shall date from May 1. A copyright “ Chicago
Tribune” cablegram from Paris, Aug. 5, published by the
New York “ Times,” said that the United States must treat
directly with Germany on the subject:
The Reparations Commission has decided against paying any part of the
cost of the American forces in Germany on the ground o f America’s failure
to ratify the Peace Treaty. America, consequently, must treat directly
with Germany on the subject.
The funds which Germany has transmitted to the Commission for the
cost of the Allied armies, therefore, are divided among the British, French
and Belgian armies. The actual costs o f the French and Belgian armies are
already fully paid through deliveries o f goods before M ay 1.
The Commission now has considerable funds available, chiefly Luxemburg
money for German coal deliveries, also money from American and Japanese
textile manufacturers for German dyes which will be paid to Britain for the
British army. Other funds received will be paid proportionately to each,
according to expense.

In reporting that Brigadier-General H. T. Allen, Commander-in-Chief of the American Army of Occupation, was
to consult with Colonel George Harvey, the American Am­
bassador to Great Britain, on the subject of the cost of
maintaining the army on the German front. Paris press
cablegrams of Aug. 7 noted that the Reparations Commission
decided this was a matter strictly between the United States
and Germany.

GERMANY OWES U. S. $240,744,511 FOR COST OF
KEEPING TROOPS ON RHINE.
In advices to the Senate regarding the cost of maintaining
United States troops in Europe, Secretary of War Weeks
reported that the cost from Dec. 18 1918 to April 30 1921
had been $275,324,192, and that the balance due the United
States by Germany is $240,744,512. The following is the
communication from Secretary Weeks:
W a r D ep a rtm e n t, W a s h in g to n , J u ly 26 1921.
T h e P resid en t o f the S en ate, W a sh in g to n , D . C .:
Sir: In response to Senate Resolution No. 114, directing the Secretary

o f War to advise the Senate o f the number of United States troops in Europe,
the cost o f maintaining them and the amount o f indebtedness of Germany
to the United States on their account, by direction of the President I
transmit to you the following information:
1. The number of troops which the United States now has in Europe:
Commissioned officers-----------------4S0
Warrant officers---------20
Army Nurse Corps-------------- ----------------------- - -------- --------------- -------^ ^4
Enlisted men-----------------------------------------------------------------13,241
A ggregate---- ----------------------------------------------------- ----------- ---------- 1 ‘ w*
The above figures are taken from reports of June 30 1921, the latest
available.
2. The total cost for keeping those troops in Europe from Doc. IS 191S
to April 30 1921 (the latest data available) has boon $275,324,192 IS or an
average o f $966,049 SO per month.
3. On April 30 1921 the balance due the United States by Germany
was $240,744,511 S9.
Respectfully,
JOHN W W EEKS,
c

A ug.

79i

THIS CHRONICLE

20 1921.

i l l ERICA N ARBITRATION TO SETTLE QUESTION OF ESTA BLISII MEN T OF FOREIGN BA N KS IN NE W
ITALIAN TERRITORY.
GERMANY'S REIMBURSEMENT OF
BELGIUM'S DEBTS.
U nder date o f June 29, the D epartm ent o f C om m erce a t
C ablegram s from Paris A ug. 13 in annou ncing that
arbitration had been agreed upon b y the Allied fin a n cia l
C om m ission as a fixed p olicy and the League ol N ation s is
proposed as the proper au th ority to a p p oin t arbitrators in
future disputes o f a financial nature added
A m e r ic a n a r b it r a tio n , h o w e v e r , is r e c o m m e n d e d t o s e t t le w h e t h e r
G e r m a n y ’s r e im b u r s e m e n t o f B e lg i u m 's d e b t s t o t h e U n it e d S t a te s , G r e a t
B r ita in a n d F r a n c o s h o u ld b o a t t h e w a r o r t h e c u r r e n t r a te o f e x c h a n g e .

W ashington, m ade p u b lic the follow in g:
T h e G a z e t t a U ffle la le o f A p r il 2 8 sol;s fo r t h t h e reg u la tio n *; g o v e r n in g tin
o p e n in g o f b r a n d i e s o f fo r e ig n b a n k s In P r o v in c e s a c q u ir e d b y I t a l y a s a
r e su lt o f t h e w a r .
A n o ffic e o f a n o n -I t a lia n b a n k m a y bo o p e n e d in t h is
te r r ito r y o n ly b o p e r m issio n o f t h e M i n i s t r y o f t h e T r e ;» ;,u r y .
T h e appiicn
tlo n fo r th is p e r m is s io n m u s t b e a c c o m p a n ie d b y a c o p y o f th e a n , b y w h ich
th e b a n k w a s I n c o r p o r a te d , a n d a ls o b y a s t a t e m e n t o f th e c a p ita l w h ich i
t o bo e m p lo y e d b y t h e p r o p o s e d b r a n c h o r b r a n c h e s In I t a l y .
T h e o ffic e r; ,
d ir e c to r s , a n d m a n a g e r s o f th e p r o p o s e d b r a n c h e s m u s t be, n a m e d a t the
t im e o f m a k in g a p p lic a t io n .

COST OF WAR TO FRANCE PUT AT 240 BILLION
FRANCS.

R. S. IIECIIT ON CONDITIONS IN EUROPE
MEULEN PLAN FAVORED FOR CREDITS.

T h e receipt o f the follow in g co p y rig h t a d vices (cablegram )
from Paris was an n ou n ced b y the N ew Y o r k “ H e ra ld ” on
J u ly 29:

TER

T h e l a t e s t e s t im a te o f w h a t t h e w a r c o s t F r a n c e , a s g iv e n b y P a u l D o u m e r ,
M i n i s t e r o f F in a n c e , in h is in itia l r e p o r t o n t h e b u d g e t f o r n e x t y e a r , is
2 1 0 .0 0 0 , 0 0 0 ,0 0 ® fr a n c s .
T h i s is c o n s id e r a b ly le ss t h a n p r e v io u s c a lc u la ­
t io n s , s o m e e x p e r ts g iv in g th e m i n im u m c o s t a t 4 0 0 , 0 0 0 , 0 0 0 , 0 0 0 fr a n c s .
F r a n c e 's t o t a l d e b t is 2 6 4 , 3 4 1 , 0 0 0 , 0 0 0 fr a n c s , o f w h ic h a m o u n t 3 5 , 2 8 6 , 0 0 0 , 0 0 0 fr a n c s is o w in g a b r o a d , in c lu d in g 1 5 , 2 8 5 , 0 0 0 , 0 0 0 fr a n c s t o th e
U n it e d S t a t e s , i f th is d e b t is t o b e r e p a id a t t h e p r e se n t r a t e o f e x c h a n g e .

W ith his return from a tw o m on th s’ trip a b roa d , It. If*
H ech t, P resident o f the H ib ern ia B a n k & T ru st C o . o f
N ew Orleans, rep orts E u rop ea n con d ition s as “ slow ly but
surely im p ro v in g .”
Tie observes that “ th ey h a ve m any
serious p roblem s y e t to ov e rco m e , the m ost d ifficu lt being
that o f striking a ba lan ce betw een their receipts and expen d i­
tures w ith ou t bringing a b ou t fu rth er in fla tio n .”
H e is also
q u oted in p a rt in the N ew Orleans “ Ite m ” as saying:

CESSATION

O n ly in E n g la n d h a s t h e G o v e r n m e n t h a d t h e c o u r a g e t o p u t t a x e s h ig h
e n o u g h t o b a la n c e h er b u d g e t .
T h e o th e r n a t io n s a r e s t ill c o v e r in g th e ir
d e fic its b y a d d it io n a l w o r k o f t h e p r in t in g p r e s s e s in t u r n in g o u t m o r e p a p e r

OF STATE LOANS CONTEMPLATED
IN FRENCH BUDGET.

Suppression o f extra ord in a ry exp en d itu re, and special
a ccou n ts caused b y the w ar, also cessation o f state loans are
con tem p la ted in the p rop osed F ren ch b u d g et fo r 1922 w hich
has ju st been pu t before the C h am ber o f D ep u ties b y M .
D ou m er M in ister o f F in a n ce. In an an n ou n cem en t to
this effect m ade p u b lic J u ly 31 the B ankers T ru st C om p a n y
o f N e w Y o r k says:
T h e b u d g e t s h o w s a n e t d e c re a se in e s t i m a t e d e x p e n d itu r e o f 1 ,0 0 3
m illio n fr a n c s o v e r t h e b u d g e t o f 1 9 2 1 .
I n a c t u a l f a c t , t h is w o u ld m e a n a
r e d u c tio n in e x p e n s e s o f 2 , 5 4 8 m i llio n s , a s in t h is b u d g e t a r e in c o r p o r a t e d
fo r t h e f i r s t t i m e t h e e x p e n se s o f A ls a c e -L o r r a i n e w h ic h a m o u n t t o 1 4 5
m i llio n s .
F u r t h e r m o r e , t h e in te r e s t o n t h e p u b lic d e b t is in c r e a se d b y o n e
b illio n in 1 9 2 2 , a n d its s in k in g fu n d is in c r e a s e d b y 4 0 0 m i llio n s .
T h e fo r e g o in g p r o p o s a ls o f M . D o u m e r a r e s e v e r e m e a s u r e s o f e c o n o m y ,
a n d r a d ic a l c h a n g e s o v e r t h e p r e c e d in g b u d g e t .
T h e B an k ers T ru st
C o m p a n y o f N e w Y o r k , is a d v is e d b y it s F r e n c h I n f o r m a t i o n S e n d e e t h a t
o n ly a c o n s o lid a t io n lo a n is c o n t e m p la t e d a n d a d v a n c e s fo r r e c o n s tr u c tio n
p u r p o s e s a re t o b e m e t b y lo c a l lo a n s , a n d sp e c ia l o r g a n iz a t io n s su c h a s t h e
C r e d it N a t i o n a l , e t c .
T h e F i n a n c e M i n i s t e r e m p h a s iz e s t h e fa c t t h a t
r e c e ip ts m u s t c o v e r e x p e n d it u r e , a n d t h a t F r a n c e ’s a lr e a d y fo r m id a b le
d e b t m a y n o t b e in c r e a s e d fu r t h e r .
T h e g e n e r a l s t a t e m e n t o f t h e p r o p o s e d b u d g e t is a s fo llo w s :
Receipts— *
Million Francs.
P r o d u c tio n o f t a x a t i o n ________________________________________________________
3 ,3 0 0
I n d ir e c t t a x e s , c u s t o m s , e t c ___________________________________________________ 1 6 , 1 2 0
E x c e p t io n a l re s o u r c e s p r o d u c e d b y liq u i d a t i o n o f s t o c k , i n c o m e fr o m
A ls a c e -L o r r a i n e a n d w a r p r o fit s t a x _____________________
3 ,0 5 0
N e w t a x e s ___________________________________________________________________________
3 ,0 4 4
T o t a l _____________________________________ — _______________________________________ 2 5 , 5 1 4
E x p e n s e s _______________________________________
2 5 ,4 9 6
R e s e r v e ____________________________________

18

I n w e ll in fo r m e d circle s i t is s t a t e d t h a t t h e t a x o n b u s in e s s t u r n o v e r w ill
b e in c r e a s e d in o r d e r t o p r o v id e t h e n e c e s s a r y r e v e n u e , a lt h o u g h b y a
c o in c id e n c e t h e u n p a id t a x e s fo r th is y e a r a r e e s t i m a t e d a t j u s t 3 b illio n s .
F r o m t h is t h e d e d u c t io n is d r a w n t h a t i f t h e G o v e r n m e n t t ig h t e n s it s c o n t r o l ,
n e w t a x a t io n n e e d n o t b e v e r y h e a v y .

DEPOSITS IN FRENCH SAVINGS BANKS IN 1920
GREATER THAN IN 1913.
D espite abnorm al con d ition s existing during the w ar and
since, the balan ce reported on d ep osit in F ren ch savings
banks at the end o f the y ea r 1920 was 1 ,8 00 ,000 ,00 0 francs
greater than in 1913. D etailed figures received b y the B a n k ­
ers T ru st C o. o f N e w Y o r k from its F ren ch in form a tion
service (w hich is a u th ority fo r this sta tem en t) com p are
the balances as follow s:
Deposits.
1 9 1 3 ----------------------------------------------------- 8 7 0
1 9 2 0 ------------------------------------------------------2 , 0 0 0

Withdrawals
(.Million Francs) .
924
1 ,5 0 0

Balance,
December 31
4 ,0 0 0
5 ,8 0 0

I n e x p la n a tio n o f t h e w it h d r a w a ls , i t m a y b e s t a t e d t h a t s in c e t h e w a r
n u m e r o u s in te r io r a n d m u n ic ip a l lo a n s h a v e a t t r a c t e d t h e s a v in g s o f th e
F ren ch p e o p le fr o m t h e b a n k s a n d a d d itio n a l s a v in g s t h a t w o u ld o th e r w is e
h a v e g o n e in to th e b a n k s .
I t is a lso t o b e n o t e d t h a t t h e m a x im u m d e p o s it
fo r a n y d e p o s ito r in t h e F r e n c h s a v in g s b a n k s is 5 , 0 0 0 fr a n c s .
U n til c o m ­
p a r a t iv e ly recently th e m a x im u m s u m w a s lo w e r .

PAYMENT OF THE SPANISH DEBT TO FRANCE.
A m bassad or J. E . W illard reported from M a d rid early last
m onth that a recent issue o f a Spanish p u b lica tion annou nced
that the Spanish G ov ern m en t had accep ted the proposal o f
the French G ov ern m en t to liquidate its d e b t in th ree years
Three pa ym en ts will b e m ade during the present y ea r, and
after O ctob er, 1922, installm ents will bo paid every tw o
m ont h' until the entire d eb t is liquidated.

m o n e y , or b y h e a v y lo a n s fr o m t h e G o v e r n m e n t b a n k s , w h ic h i n d i r e c t ly
p r o d u c e t h e s a m e e f fe c t .
A s a r e s u lt o f th is p o li c y p r ic e s o v e r t h e r e h a v e n o t d e c lin e d a s th e y
h a v e w it h u s , a n d t h e in d u s t r ia l d e p r e s s io n h a s t o u c h e d t h e m m o r e lig h tly
t h a n t h e ric h er n a t io n s .
T h e d e p r e c ia tio n o f a ll fo r e ig n c u r r e n c ie s a s c o m p a r e d w ith t h e d o lla r i s
p r o v in g a se rio u s b a r r ie r t o o u r e x p o r t t r a d e a n d is m o r e e f f e c t i v e th a n a n y t a r i f f t h e s e fo r e ig n n a t io n s c o u ld en act- a g a in s t u s .
W i t h a ll I lo o k fo r a s t e a d y c o n t in u e d e x p o r t m o v e m e n t o f o u r r a w
m a te r ia ls s u c h a s c o t t o n , n a v a l s t o r e s , c o f f e e , & c . , a n d o u r f o o d s t u f f s ,
b e c a u s e a ll o f t h e s e a r e in d is p e n s a b le fo r t h e E u r o p e a n n a t i o n s , a n d , p o o r
a s t h e y a r e , t h e y a lw a y s s e e m t o m a n a g e t o fi n a n c e s u c h s h ip m e n t s w i t h o u t
se r io u s d i f f i c u l t y .
I a m m u c h le s s o p t i m i s t i c , h o w e v e r , a b o u t t h e fu t u r e v o l u m e o f o u r
e x p o r t t r a d e in m a n u fa c t u r e d p r o d u c t s , e s p e c ia lly t h o s e in w h ic h t h e la b o r
c o s t m a k e s u p a c o n s id e r a b le p e r c e n t a g e o f t h e t o t a l p r ic e .
L a b o r w it h ush a s a lw a y s b e e n b e t t e r p a id t h a n a n y w h e r e , b u t t h e d iffe r e n c e w a s n o t
s u ffic ie n t t o p r e v e n t u s f r o m c o m p e t in g s u c c e s s fu lly w i t h m o s t o f t h e
E u r o p e a n n a t io n s .
H o w e v e r , a n e n t ir e ly n e w f a c t o r h a s n o w b e e n a d d e d w h ic h I fe a r w ill
e n a b le o th e r n a t io n s t o u n d e r b id u s in t h e w o r ld ’s m a r k e t s , a n d w ill c a u s e
u s to lo s e s o m e o f t h e t e m p o r a r y a d v a n t a g e w e g a in e d in . t h e e x p o r t b u s in e s s
d u r in g t h e w a r .
T h a t u n fa v o r a b le f a c t o r is t h e s t a t u s o f t h e i n t e r n a t i o n a l
exch an ges.
T h e b e s t illu s t r a t i o n ' I c a n u s e is t o q u o t e t h e e x a m p le o f G e r m a n y .
B e fo r e t h e w a r a G e r m a n s k ille d m e c h a n ic r e c e iv e d a b o u t 8 m a r k s a d a y ,
w h e r e a s h e n o w r e c e iv e s a b o u t 6 4 m a r k s a d a y , w h ic h c o n s t it u t e s , a fa ir
liv in g w a g e u n d e r p r e s e n t c o n d it io n s in t h a t c o u n t r y .
B u t 6 4 m a rk s,
c o n v e r t e d in to d o lla r s a t t h e p r e s e n t r a t e o f e x c h a n g e is o n ly a b o u t 8 6 c e n t s *
w h e r e a s a w o r k m a n o f t h e s a m e t y p e g e t s a t le a s t $ 8 a d a y in A m e r i c a .
T h e r e lies t h e e x p la n a tio n o f G e r m a n y ’s a b ili t y t o u n d e r b id u s in the*
w o r ld ’s m a r k e t , a n d t h e s a m e , o f c o u r s e , a p p lie s t o t h e o t h e r E u r o p e a n
n a t io n s w h o s e
our o w n .

cu rren cy

has

d e p r e c ia t e d

so

m uch

in

c o m p a r is o n

w it h

T h e f a c t t h a t t h e d o lla r c o m m a n d s a b i g p r e m i u m m a y lo o k lik e a n
u n m ix e d b le s s in g t o t h e t o u r i s t , w h o n o w g e t s 1 2 3 ^ fr a n c s fo r t h e d o lla r
w h e r e h e fo r m e r ly r e c e iv e d 5 f r a n c s , o r t o t h e A m e r i c a n s o ld ie r in C o b l e n z ,
w h o s e $ 3 0 a m o n t h g iv e s h i m a b o u t 2 , 1 0 0 m a r k s in G e r m a n m o n e y (w h ic h
fo r m e r ly w o u ld h a v e b e e n a b o u t 1 2 5 m a r k s ) b u t in r e a lit y i t is a d o u b le e d g e d s w o r d w h ic h c u t s b o t h w a y s a n d w ill p e r h a p s c a u s e u s t o lo s e t h e
c o m m e r c ia l f o o t h o ld w e g a in e d in c e r ta in c o u n tr ie s d u r in g t h e w a r .
O r d in a r y t a r i f f m e a s u r e s a n d e v e n a n t i -d u m p i n g la w s w ill s c a r c e ly s u ff ic e
t o o v e r c o m e th is d i f f i c u l t y , a n d w h e t h e r w e lik e i t o r n o t w e m u s t t a k e a n
a c t iv e in te r e s t in t h e e c o n o m ic r e a d ju s t m e n t o f E u r o p e .
P o li t ic a lly w e
a ll w a n t t o k e e p o u t o f E u r o p e a n a ffa ir s , b u t c o m m e r c ia lly t h is is a v e r y
s m a ll w o r ld , a n d t h e e ffe c t o f t h e r e p a r a t io n s s e t t le m e n t a n d t h e u lt i m a t e
d is tr ib u tio n o f t h e r a w m a t e r ia ls w ill b e f e lt v e r y n e a r ly a s m u c h b y u s
a s b y t h o s e o th e r c o u n tr ie s 3 , 0 0 0 m ile s a w a y .
M o s t o f t h e E u r o p e a n n a t io n s w ill s h o w a n u n fa v o r a b le b a la n c e o f t r a d e
fo r m a n y y e a r s t o c o m e b e c a u s e th e ir n e e d fo r r a w m a t e r ia l is v e r y g r e a t ,
a n d t h e e v e r -in c r e a s in g t a r i f f w a ll w h ic h w e a re b u ilg in g h e r e is m a k i n g
im p o r t s q u it e d i f f i c u lt .
G o ld s h ip m e n t s a r e n o lo n g e r s u ff ic ie n t t o c u r e t h e s i t u a t io n , a n d w e m u s t
r e m e d y it b y e x t e n d in g c r e d its t o t h e s e n a t io n s in o n e fo r m o r a n o t h e r .
B a n k c r e d its t o fir s t* c la s s c o m m e r c ia l h o u s e s w ill, o f c o u r s e , fa c i lit a t e
t h e m o v e m e n t o f g o o d s t o s o m e e x t e n t , b u t t h e y m u s t n e c e s s a r ily b e re­
s t r ic t e d b o t h in t im e a n d in a m o u n t , a n d m u s t b e o f a s e lf-liq u id a t in g n a t u r e .
W h a t is n e e d e d is p e r m a r e n t in v e s t m e n t s in fo r e ig n e n te r p r is e s a n d in
G o v e r n m e n t o b lig a t i o n s , a n d w h ile w e m u s t n e c e s s a r ily u s e t h e u tm o stc a u t io n in m a t t e r s o f th is k i n d , m y ju d g m e n t is t h a t th e r e is n o d o u b t
w h a t e v e r o f t h e r e c u p e r a t iv e p o w e r o f t h e p r in c ip a l E u r o p e a n n a t io n s .
I a m n o t u n d e r -e s t im a t in g t h e d iffic u lt ie s in t h e w a y o f m a k i n g s u c h
c r e d its a v a ila b le , b u t I b e lie v e t h a t t h e s o -c a lle d “ t e r M e u l e n ” p la n *
w h ic h w a s fi r s t s u g g e s t e d a t t h e fin a n c ia l c o n fe r e n c e in B r u x e lle s , d o e s
p o in t t h e w a y t o w a r d s a s a fe s o lu t i o n , a n d I h o p e w e sh a ll h e a r m o r e o f
th is p la n in t h e n e x t fe w m o n t h s .

STAMP DUTY ON COUPONS IMPOSED IN
SWITZERLAND.
W e learn fr o m the U n ion B an k o f Sw itzerland at Zurich >
that on June 25 1921, the law im posin g a stam p d u t y f on
cou pon s received the assent o f the Swiss F ederal assem blies.
In w riting us un der date o f J u ly 20, the bank says:
I n v ie w o f t h e f a c t t h a t a t v a r io u s t im e s m is le a d in g a rtic le s a p p e a r e d in
t h e p ress a b r o a d r e g a r d in g t h e p e r c e n ta g e o f th e t a x a s w e ll a s w it h r e s p e c t
to th e c la ss o f s e c u r itie s fa llin g w it h in t h e r a n g e o f th e t a x , w e b e g t o g iv e
y o u h ero b e lo w a r e c a p itu la tio n o f t h e c h ie f p r o v is io n s o f s a id la w ;

793

THE CHRONICLE

Subject to the Tux arc.
1. Coupons ot *SwisB securities. Exempt from the tax are only coupons
ol securities issued by the Swiss Confederation, the Swiss Federal Railways
and the Cantons, il before the law entering into force they have been declared
tax-free.
2 The coupons of foreign securities circulating in Switzerland, in so far
as— after the law entering into force—they will be issued here or quoted on
any of the Swiss Stock Exchanges.
In ah other uudanees, especially so if the foreign securities are merely
deposited in Switzerland, no tax will he levied on the coupons.
3 Interest from money depusited with Swiss banks, provided that same
Is invested for a period exceeding six months or that the repayment can only
be demanded upon notice of more than six months.
Tax free, therefore, is the interest from all current accounts and from
deposits at notice, if the time of investment does not exceed six months.
With regard to the percentage o f the tax no distinction whatsoever is made
between Swiss and foreign securities subject to the tax.
The tax is only:
2 % on coupons of bonds or debentures and on credited interest subject to
the tux.
3 % on shares, stocks, founders' shares, bonus-shares and bonus-cer­
tificates.
6% on premiums o f bonds drawn for redemption with a premium.
The new law on coupons duty is yet subject to the vote of the people if
they should choose to avail themselves of that right, which, however, wall
hardly be the case. After expiration of the so-called referendum limit—
which extends to Oct. 4 192.1— the Swiss Federal Council is to fix the date
onjwhich those provisions--are to become effective.

FRENCH LOAN IN AID OF SUGAR INDUSTRY.
The French Government has just issued a loan of 200,000,000 francs through the “ Comptoir National d’ Escompte de
Paris” in aid of the sugar industry in France. According to
advices received by the Bankers Trust Company of New
York, from its French Information service. In making this
known on Aug. 13 the company says:
French sugar production for 1921 is estimated at 280,000 tons as against
155,000 tons last year, and 877,000 tons in 1913. But for the very severe
drought it would probably have attained 350,000 tons this year, as the area
planted in beets had been increased by nearly 20% over that of last year.
In 1913 the area in beets was 266,200 hectares (a hectate=2.47 acres),
and in 1920. only 81,840 hectares, owing to destruction by the war. Out of
213 factories that were running in 1913 only 70 exist now. These are, how­
ever, more than able to take care of the present crop.
France’s normal consumption of sugar is about 700,000 tons a year, and
aside from home production she gets 100,000 tons from her colonies. This
is imported free of duty and only pays the excise tax of 500 francs a ton
which is levied on all sugar consumed in France.
The duty on foreign sugar has just been raised from 200 frs. to 500 frs.
per ton, so that the customer now has to pay in taxes alone 1,000 frs. per
ton, whereas the pre-war price of sugar was only 350 frs. a ton.

RESULTS OF FRENCH TREASURY BOND OFFERING—
33 BILLIONS IN LOANS SUBSCRIBED IN 1920.
The Bankers Trust Company of New York, under date of
Aug. 10, says:
Over 5,000,000,000 francs have been realized from the last issue o
French treasury bonds at 6% reimbursable in two years, according to officia
returns.
The public subscribed 33 billions in various loans and other securities dur­
ing 1920, and 11 billions during 1919. It was therefore, to be assumed that
the amount o f money on deposit in the large banks would show' a marked
decrease at the close of 1920, as also the paper currency of the Bank of
France, since subscriptions were paid in bank-notes and checks. But the
following figures just received by the Bankers Trust Company o f New York,
from its French Information Service, indicate that this was not the case,
and that the various loans in 1920 brought out 33 billions of fresh money.
The five large French deposit banks: the Credit Lyonnais, Comptoir
National d ’Escompte, Societe Generale, Credit Industriel and Banque
National© de Credit, saw their cash on hand rise from 1.580 millions at the
end o f 1919 to 2,150 millions at the end of 1920, and the credit balance of
their current accounts rose from 14,106 millions to 15,689 millions, as
follows:
I n M illio n s o f F r a n c s —
E n d 0/1919. E n d o f 1920
Cash on hand__ ______ *.***„___ _____________ _
1,580
2,150
Credit account of 5 banks_______________
14,106
15,689
Current account o f Bank of France_______________
2,382
3,518
Total of creditor current account.________________
16,488
19,207
Monetary circulation of Banque de France__________
31,055
37,902

NEW FRENCH LOAN DELAYED TILL FALL.
A copyright cablegram from Paris Aug. 8 to the New York
“ Tribune” , said:
Flotation of a new government loah has been definitely postponed until
autumn, it is believed, because municipalities of the devasted regions are
coming into the market for funds. Despite the objection of the Finance
Ministry, the town of Albert has floated a loan here and it is expected that
Verdun and Rheims will be the next to sell securities here.
For this reason it is believed the Finance Minister, Paul Doumer, will
postpone the contemplated government offering. In the meantime sub­
scriptions to the new two-year 6% treasury bonds are satisfactory and will
help delay further government borrowing.

FRANCE DENIES REPORT OF RUSSIAN DEBT
RECOGNITION.
Under date of Aug. 3, a Paris cablegram to the daily papers
said:
Reports that negotiations for recognition o f the Russian debt to France
were impending which have been in circulation for several days were
given official denial to-day.
The denial seems to have been prompted by a circumstantial statement,
declared to be on reliable authority, printed here this morning that such
negotiations had been begun last night by Louis Loucheur, French Minister
of Liberated Regions, and Leonid Krassin, Russian Soviet Minister of Trade
and Commerce.

[ V ol .

113.

CALLING IN OF MUTILATED BILLS OF SMALL
DJ VOMINA T10 N I N C VBA -CORRECTI ON.

With regard to reports to the effect that a decree lias
been signed by President Zayas of Cuba, ordering* the
withdrawal of all American bills of one and two-dollar de­
nomination, worn or damaged (referred to in our issue of
July 30, page 4(19), the following advices have come to us
from G. L. Laughery, Director of the Bureau of Public Ser­
vice, disseminating “The Truth About Cuba” :
The news in your story connects the statement of the coming issue of
Cuban currency with signing of the special decree by President Zayas, or­
dering bills of small denomination, which are worn or damaged, to be
withdrawn from circulation.
In the interest of accuracy, I desire to give you a statement of the facts
as supplied to me by an official of the National City Bank of Havana, as
follows: “ The Secretary of the Treasury issued a decree calling in all
old and mutilated bills of small denomination. These, the banks ship
out of the country, and if needed they call for a special supply of new
United States currency.
“ There is, however, no issue of Cuban National currency, and it is prob­
able, from present indication, that there will not be. The Government and
some of the banks are over-stocked with small Cuban silver, which it is
desired to place into increasing circulation, and this is being done in a
practical way.”

OBSERVATIONS ON CONDITIONS IN BUENOS
AIRES .

Willard Shrewsbury, manager of the Buenos Aires
branch of the National City Bank, New York, Lee C.
Shearer, manager at Montevideo, and Lloyd W. Berry, man­
ager at Itosario, have just returned oil the Munson liner
“Aeolus,” from Buenos Aires, and a statement regarding
their observations is furnished as follows:
Mr. Berry reports on the difficulty- almost the impossibility— of cus­
tomers protecting themselves against exchange fluctuations. These changes
appear to be unaccountable. At one time the demand for $100,000 will
upset the market several points, while the next day the purchase of five
times that amount will have no influence on levels. While the Argentine
paper money is still “ guaranteed” with gold in the Conversion Bank, Mr.
Berry admits that the guarantee is “ temporarily inactive” and may re­
main so permanently.
Some business houses represented in Argentina, who are carrying heavy
reserves of paper money in the hope that exchange conditions will improve,
are now borrowing against this money as security. Mr. Berry believes the
many millions of pesos in the banks there in the accounts of the American
fund are latent demands for dollar drafts and constitute a “ sword of
Damocles” hanging over the present rate. Should all American and Eng­
lish companies decide to remit, the exchange value of the peso or milreis
would drop out of sight, so that it is really the foreign exporter who is
maintaining these exchanges at the present rates.
Many banks in Argentina and Brazil have loans out on wheat, wool,
coffee and cattle— all of which are down and likely to cause heavy losses.
It is understood that a big bank loaned up to 175 pesos per head on cat­
tle which are now selling at 25, and it is beginning to write off the loss.
An important improvement in South American trade through some ports
is pointed out by Mr. Berry. It is now safe to promise definite time of
delivery, with a bonus and forfeiture clause, as the Munson line service has
been developed to certainty and promptness of schedule. The substantial
cut in sailing time made by the new Munson boats further facilitates
trade.

CONDITIONS IN VENEZUELA.

The following lias come to us from the New York agency
of the Venezuelan Commercial Agency:
Rapid progress in developing the natural resources of Venezuela is
expected to come as the result of the nearing completion of a system of
excellent roads throughout the country. The two important roads on
which work is now concentrated are the Gran Carretera Occidental and
the Gran Carretera Oriental, which will traverse the republic from east
to west and connect the main productive areas of the country.
Important roads have already been built to join Caracas, Valencia and
other important cities with their respective ports. Since 1908 a total of
3,000 kilometers of roads have been constructed or repaired by the Fed­
eral and State Governments, while work on an additional 2.000 kilometers
of roads is under way.
One result of the building of new roads, according to a statement by
P. L. Bell, Trade Commissioner of the U. S. Department of Commerce,
who recently returned from Venezuela, will be that 2,000 additional light­
weight automobiles will be needed there. Additional demands are likely
to be made as well in other fields, while a general expansion in industry
and agriculture is expected in line with the increased transportation fa­
cilities.

GOVERNMENT CONTROL OF BRITISH RAILWAYS
TERMINATED.

Control of railways by the British Government, which
was assumed with the opening of the world war, ceased at
midnight August 14. The press accounts from Loudon,
August 14, in announcing the return of the roads to their
owners, said:
The stockholders of the railway companies during the last seven years
have bad their dividends guaranteed on pre-war basis.
The new Act governing the future of the Railroad Administration be­
comes operative almost immediately. Under the Vet rates and fares will
be fixed by a tribunal. Wages and labor conditions generally also will be
in the hands of the tribunal.

Copyright cable advices by the Public Ledger Oo., from
London, Aug. 15, published in the New York “ Evening Post/'
had the following to say regarding the termination of Gov­
ernment conrol:

Great Britain, going through i.lio same ordeal of economic reconstruc­
tion through which the United States already has passed, to-day returns to
private management the control of the railroads which she took under
Governmental direction August 4, 191.4, the day, on which she entered the
World War. While the public is rejoicing at the prospect of a return to
railway "norm alcy,” there is a considerable section of the hard headed
British public which is wondering how much State management of the
railways has cost these taxpayers. Through the courtesy of .fames Robin
son, financial secretary of the Ministry of Transport, your correspondent;
is able to state that, as in the United States, the national treasury will
suffer heavily from Government operation.
According to official figures
compiled up to two days ago, the net cost of operation when all in paid
will be something more than £ 1 5 0 ,0 0 0 ,0 0 0 .
Although the railroads are being returned to private ownership, in no
sense will they go back to pre-war conditions.
Competitive traffic han­
dling will be reintroduced, but this is to be limited under the now railways
act by a new “ four group” system, by which the roads will be grouped into
four divisions according to the territory served, and effort is being made
by sensible co-operation to give the public more, better, faster and cheaper
service. These improvements will be facilitated by an agreement with the
unions to accept a cut averaging 1 5 % in wages.
Among the pre-war facilities to be reintroduced are cheap week-end and
commercial travellers’ tickets and a system of inexpensive tourist tickets.
The British Ministry of Transport, although a war-time creation, is to
be continued as a peace-time ministry.
Although a number of the func­
tions will be eliminated with the attendant dismissal of a large number
of employees, which will save the country several million pounds, the new
railway bill gives it definite and useful functions.
Among those various
functions are supervisory work connected with docks, harbors and termi­
nals, the public health, canals, the regulation of traffic in London, safety
appliances and temporary regulations along the railways’ right-of-way
which formerly were scattered among local Government boards.
The Ministry of Hygiene and the Board of Trade also now are concen­
trated permanently in its hands. Furthermore it will be also the execu­
tive and statistical department of the new “ rates tribunal,” which is al­
most a duplicate of the American Inter-State Commerce Commission.

H A R VEY BLODGETT'S BOOK, “D O U BLE YOUR
SAVIN G S .”
“ D o u b le Y o u r S a v in g s — I t C a n B e D o n e ,” is th e c a p tio n
under

w h ic h

C h ic a g o ,

th e

N ew

H arvey

Y ork,

B lo d g e t t

B o sto n

and

C om pany,

of

L o s A n g e le s ,

S t. P a u l,

th e

b a n k in g

pow er

of

th e

n a t io n

by

a tta c k in g

"v i g o r o u s ly th e q u e s tio n o f in c r e a s in g o r d o u b lin g p r e s e n t
b a n k a c c o u n ts .”
p repared

by

T h e b o o k , w h ic h is c o p y r ig h te d , h a s b een

H arvey

A.

B lo d g e t t .

It

is c o n te n d e d

in th e

f o r e w o r d t h a t th e s a v in g s o f th e n a t io n s h o u ld a n d

can be

d o u b le d w it h in th e n e x t fo u r o r f i v e y e a r s .

I t arg u es fu r ­

th e r :

‘ T he only reason why savings are not growing n o w at a rate fast
enough to double them in five years is that the bankers are not striving
toward that end. They have no goal of achievement.
They are supinely
awaiting the processes which they believe, if they think about it at all,
are the results of natural phenomena.
“ Americans saved and invested 20 billions in Liberty bonds during the
short period of the war. Can’ t they add 6 billions to the Nation’ s savings
in the next half decade? The only way to create 6 billions of new saved
capital is to buckle down to the job, work and s a v e it.

R e f e r r in g to th e s lo g a n a d o p te d b y th e M u t u a l S a v in g s
B a n k A s s o c ia t io n , “ T w e n t y M i lli o n S a v e r s in M u t u a l S a v ­
in g s B a n k s b y 1 9 3 0 ,” t h e b o ok s a y s :
“ This is most worthy and it implies more than doubling the number
of savings depositors. But there is not a hint here of in c r e a s in g th e b a l­
a n c e s of those who already have accounts. The number of depositors could
be doubled or quadrupled without doubling the present total deposits ; for
a large crop of new accounts, especially as now handled, w ill require years
of growth before they attain the status of what are, at this moment ‘satis­
factory’ accounts.”
. . .
“ The slogan, ‘Twenty Million Savings Depositors in Mutual Banks in
1930,’ gives some hundreds of banks, collectively, in the mutual class,
something to do in the next nine years.
But it doesn’ t suggest definite
things for any particular bank to do. It is, however,, a challenge to every
mutual bank to get busy and find out how to do its share; it is also
a challenge to incorporated banks to get busy and see that they are not
outdistanced by the mutual banks, which are now showing great signs
of activity.
“ A friendly rivalry between these two classes of banks w ill be a great
boon to the public, for it will result in popularizing the thrift idea. . . .
“ I would like to see the slogan, ‘D o u b le Y o u r S a v in g s ; I t C a n B e d o n e ,’
henceforth the watchword, the goal of every bank in the land.
“ It is a challenge to the bank, its management, its every employee, to
do something.
“ It is a challenge to every depositor to do twice as well as he has done.

I t is c o n te n d e d t h a t “ w ith
w ith

th e

s e lf.”

a c c o u n ts a r e o p e n e d w i ll t a k e

care o f it­

C h a p t e r s a r e d e v o te d to “ T h e L i n e o f I n q u i r y ,” th e

sa id

th a t gen eral

und

t h a t th e

s id e r a b le p r o m is e .

r e n d it io n s

in

fu tu r e a p p ea rs

The

in d u s tr y

of

Europe,

are

to

fo r th

h old

Eu ropean ;-:

m uch
con ­

in g e ttin g

back to w o r k , lie s a id , s h o u ld g o f a r to In flu en ce A m e r ic a n
m a n u fa c t u r e r s a n d

b a n k e r s in e x t e n d in g ered il

abroad .

NORWEGIAN INDUSTRIES LAIR.
It is a n n o u n c e d t h a t Hie F i r s t N o r w e g ia n

In d u str ie :

lAiir,

h e ld in S e p te m b e r 1 9 2 0 , h a v in g p r o v e d so s u c c e s s fu l

if h a s

bet'll r e so lv e d to h old th e f a i r a g a in th is y e a r .

II is seh ed -

ulod

The

fo r

C h r i s t ia n ia

o f th e f a i r

th e

w eek

of

S e p t. 4 -1 1 .

is to p r o m o te t h e s a le o f N o r w e g ia n

o b je c t

p r o d u c ts

a n d m a n u fa c t u r e s in h o m e a n d a ls o in fo r e ig n m a r k e ts .
t h e r e fo r e

c o n s t it u t e s

an

I m p o r ta n t

lin k

in

th e f u r t h e r a n c e o f N o r w a y ’ s fo r e i g n r a d e .

th e

t h e m s e lv e s w it h N o r w e g ia n p r o d u c ts a n d
e v e r y d e sc r ip tio n , a n d o f g e t t i n g
tact

w ith

fir m s

in

every

lin e

w ork

It
fo r

F o r e ig n b u y e r s

a r e t h u s a f f o r d e d a n e x c e lle n t o p p o r t u n it y

o f a c q u a in t in g

m a n u fa c t u r e s o f

in to c lo s e r p e r s o n a l c o n ­

of

tr a d e .

C h r i s t ia n ia ,

th e

c a p ita l o f N o r w a y , w h e r e th e f a i r is a g a in to be h e ld , h a s
e x c e lle n t

d ir e c t

p r in c ip a l

E u rop ean

r a i lw a y

or

and

s t e a m s h ip

oversea

s e r v ic e s

t r a d in g

to

c e n tr e s ,

t h u s c o n v e n ie n tly lo c a t e d f o r fo r e i g n v is it o r s .

W ith

a ll

th e

and

is

regard

to th e e x h ib it s , a n o f f i c i a l n o tic e s a y s :
Exhibits belonging to any one group are collected in the same hail or
section. The following classification arrangement has been decided upon:
1
Machines and implements.
2. Electricity and gas.
3. Metal manu­
factures and tools.
4. Instruments.
5. Gold and silver work.
6. Glass,
porcelain, stoneware and small-wares.
7. Textiles and made-up clothing.
8. Wood manufactures, wood pulp, cork, etc.
9. Furniture.
10. Requi­
sites for sports and games.
11. Rubber and leather goods.
12. Building
articles.
13. Book, paper and graphic work.
14. Foods and drinks, to­
bacco, canned goods, etc.
15. Chemical and pharmaceutical products. 16.
Oils, paints and colors, varnishes and lacquers.
17. Straw and wicker
work.
18. Minerals, iron and steel.
19. New Norwegian patents and in­
ventions.
20. Ammunition and pyrotechnical products.

A s to a d m is s io n c a r d s , p a s s p o r t s , e tc ., th e a n n o u n c e m e n t
sta te s:
Admission cards available for the duration of the fair will be issued in
advance on application being made to the Fair Office.
Intending visitors to the fair will get their passports promptly vised
on applying to the nearest Norwegian Legation or Consulate.
Applications for hotel accommodation may be made to Bennett’s Reisebureau, - Christiania.
A ll applications relating to other matters connected with the fair should
be addressed to the Fair Office, care the Trade Intelligence Bureau of
Norway, Christiania.
Telegr. Address: Lys, Christiania. ’

ADVANCE

BY

WAR

FIN A N C E

CORPORATION

A C C O U N T OF C O T TO N E X P O R T S .
T h e W a r F in a n c e C o r p o r a t io n a n r o u n c e d o n A u g . 5 t h a t
it h a d a g r e e d t o m a k e a n a d v a n c e o f $ 5 0 0 ,0 0 0 t o a S o u th e r n
e x p o r te r t o fin a n c e th e e x p o r t a t io n o f c o t t o n f r o m G e o r g i a ,
N o r t h C a r o lin a a n d S o u t h C a r o lin a .

T h e c o t t o n u n d e r th is

lo a n is t o b e h e ld in w a r e h o u s e s fo r e x p o r t w it h ir a p e r io d o f
six m o n t h s .
T h is w e e k , A u g .
h a d a p p r o v e d an

1 8 , t h e C o r p o r a tio n

a p p lic a t io n f r o m

a n n o u n c e d t h a t it

an im p o rta n t

b a n k in g in s t it u t io n fo r a n a d v a n c e o f

S o u th e r n

$ 5 ,000,000— t o fin a n c e

c o t t o n , c o t t o n se e d c a k e , p e a n u t c a k e , a n d n a v a l s t o r e s , fo r
e x p o r t s a le .
m ost

p art

T h e c o m m o d it ie s in
p ro d u c ts

C a r o lin a .

fr o m

q u e s t io n w ill b e fo r th e

G e o r g ia ,

A la b a m a ,

and

S o u th

____________ _______________ ______

.1 1) VA N C E S B Y
ACCOUNT

W A R F I N A N C E CORPORATION
OF E X P O R T S
TO B E L G I U M .

T h e W a r F in a n c e C o r p o r a t i o n a n n o u n c e d o n A u g . 1 6 t h a t
a g r e e d t o m a k e a n a d v a n c e o f $ 1 4 0 ,0 0 0 t o a n ex­
porter fo r th e p u r p o s e o f a s s is tin g in f in a n c in g t h e e x p o r t a ­

it h a d

t io n o f c o t t o n t o B e l g i u m .

REPAYMENT

TO

FIN AN C IN G

t h is s lo g a n n a t io n a liz e d , a n d

doubling of savings th e o b je c t iv e , th e m a t t e r o f

how m a n y new

W a tts

im p r o v e d

h a s g o tte n

o u t a b o ok , th e p u r p o r t o f w h ic h is to sp u r b a n k e r s to in ­
c r e a s in g

703

THE CHRONICLE

A ug. 20 1921.]

WAR

FIN AN C E

OF E X P O R T S

CORPORATION

FOR

TO B E L G I U M .

O n A u g . 10 t h e W a r F i n a n c e C o r p o r a t i o n a n n o u n c e d t h a t
it

had

r e c e iv e d

repaym ent

of

$ 2 ,8 3 4 ,8 3 0

on

account

of

p r in c ip a l d u e in c o n n e c t io n w it h a n a d v a n c e f o r fin a n c in g
th e e x p o r t a t io n o f ^ r a in t o B e l g i u m .

g e t tin g o f n e w d e p o s ito r s th r o u g h th e “ d ir e c t b y m a i l ” s y s ­
tem , a d v e r tis in g , th e in d o o r p o ste r , e t c .; th e “ P e r s o n a l S o ­
C o -o p e r a tio n ,” etc ., etc.

RESOLUTION
OF N E W
YORK
STOCK
EXCHANGE
DECLARING A G A IN S T EXCESSIVE CHARGES
ON P AR TIAL P A Y M E N T PURCHASES.

E. O. WATTS REDOUTS TRAD E CONDITIONS ABROAD

o f th e N e w

lic it a t io n o f S a v in g s A c c o u n t s ,”

“ O f f i c e r s ’ a n d E m p lo y e e s ’

T h e fo llo w in g r e s o lu tio n w a s a d o p t e d b y

I&IDRO VED.

E xcbango on A u g .

th e G o v e rn o rs
1 0 d e c la r in g it

t o b e d e t r im e n t a l t o th e in te r e s t a n d w e lfa r e o f t h e E x c h a n g e

V. (). W a t t s , P r e s id e n t o f th e F i r s t N a t i o n a l B a n k o f St.
L o u is , c a m e th r o u g h N e w Y o r k on h is w a y h o m e fr o m
I n t e r n a t io n a l T r a d e C o n fe r e n c e h e ld
C om m erce,

Y o r k S to ck

th e

by th e I n t e r n a t io n a l

C ham ber

of

w here

he

w as

A m e r ic a n

fin a n c i a l d e le g a tio n .

In

a

C h a irm a n

of

th e

b r ie f In te r v ie w , M r .

fo r m e m b e r s to m a k e e x c e s s iv e c h a r g e s fo r th e c a r r y in g o f
se c u ritie s p a id fo r in i n s t a lm e n t s b y c u s t o m e r s .

R eso lv e d , that it is detrimental to the interest and welfare of the Exchange
for a ruombor thereof or a firm registered thereon, engaged in the business
o f purchasing securities for customers under agreements providing that the
customers are to pay tho member or firm the price thereof in stallments,’ or

THE CHRONICLE

794

)j i surtoa of partial payments to make any charge for purchasing and
:un . mg any such securities that exceeds a reasonable commission on the
purchase and a reasonable rate of interest on the balance due by the re­
quirement- of a minimum carrying charge or otherwise.
E.

VC D . C O X ,

Secretary,

NO MONE I LOAN SON NEW YORK STOCK EXCHANGE
AFTER 2:30 F, M.

A. i uuuoti nctuiieut tu the eft cot tiuit *tho uiouoy clerk
'ill not accept- orders for borrowing or loaning money later
than 2:30 p. m., ' was made by E. V. D. Cox, Secretaiy of
the New York Stock Exchange, on Aug. 5. In its issue of
the LOth inst. the New York “ Times” said:
Members of the New York Stock Exchange are circulating a petition
which will be presented to the Governors, asking the appointment of a
committee which will attend the loan crowd meeting each day and will
establish the official rate at which stocks are to be lent. This, it is ex­
plained, will eliminate a great deal of clerical work and telephone communi­
cation.
________________ _________

REFEREE IN BANKRUPTCY APPOINTED FOR
CHANDLER BROTHERS <& CO.

According to a press dispatch from Philadelphia dated
Aug. 17, Judge Dickenson of the United States District
Court on that day appointed John M. Hill referee in bank­
ruptcy for the failed stock brokerage firm of Chandler Bro­
thers & Co. The parties named in the bill of bankruptcy,
it is said, art being proceeded against as individuals and as
a co-partnership. They are Earl Mendenhall, Louis E.
Waring, Fred T. Chandler Jr. and Edward S. Little.
According to the Philadelphia “ Ledger” of Aug. 16, Judge
Thompson in the United States District Court on Aug. 15
gave the receivers of Chandler Brothers & Co. the power to
deliver the certificates of stock to customers of the firm who
had, within a few days of the company’s failure, given orders
for the purchase of stock. The buyers, however, it is said,
under the Court’s order, must make payment of the purchase
price to the receivers before the deliveries will be made.
The Court’s order, it is said, concerns accounts under which
stocks had been purchased, but before delivery could be made
the firm announced its failure, and the purchasers stopped
payment of the checks given to cover the transactions.
WOOSTER , THOMAS & CO., N E W

YORK , FAIL.

An involuntary petition in bankruptcy was filed on Tues­
day of this week (Aug. 16) against the stock brokerage firm
of Wooster, Thomas & Co., 20 Broad Street, this city,
according to statements appearing in the New York daily
papers. The firm, it is understood, consists of Harry F.
Eichhorn and William H. Thomas. Liabilities, it is said,
are approximately $300,000 with assets of about $175,000.
On the same day (Aug. 16), it is said, Mr. Eichhorn, as a
member of the co-partnership, made an assignment for the
benefit of creditors’to Max Reich of 280 Broadway and Ed­
ward J. Dowling of 233 Broadway. The firm, it is said, had
offices in Philadelphia, Pittsburgh and Chicago. According
to the New Y"ork “ Times” of Aug. 17, Mr. Eichhorn bought
out the interest of Frank Wooster in the firm in June of
this year.
___________ ___ _______
EXPIRATION OCT. 31 OF A M E N D M E N T TO FEDERAL
RESERVE ACT PERMITTING LOANS OF
20% ON LIBERTY BONDS.

Attention is called by the Federal Reserve Bank of New
York in the following circular, to the expiration by limitation
on Oct. 31 next of the provision in the Federal Reserve Act
permitting Federal Reserve Banks to discount for member
banks paper up to 20% of the latter’s combined capital and
surplus when secured by Liberty bonds and other Govern­
ment obligations.
F E D E R A L RESERVE B A N K OF N E W Y O R K .
[Circular N o. 393, Aug. 6 1921.]
Provision of Federal Reserve Act Expiring by Limitation on October 31 1921.
To All Members in the Second Federal Reserve District:
W e desire to recall to your attention the expiration by limitation on
Oct. 31 1921 of the provisions of the under-quoted extract from the Federal
Reserve Act, i. e .t subsection (m) of Section 11 of the Federal Reserve Act,
as amended Feb. 27 1921:
“ (m) Upon the affirmative vote o f not less than five of its members, the
Federal Reserve Board shall have power to permit Federal reserve banks to
discount for any member bank notes, drafts, or bills of exchange bearing the
signature or endorsement of any one borrower in excess of the amount
permitted by Section 9 and Section 13 of this Act, but in no case to exceed
20 per centum of the member bank’s capital and surplus: Provided, however.
That all such notes, drafts, or bills of exchange discounted for any member
bank in excess of the amount permitted under such sections shall be secured
by not less than a like face amount of bonds or notes of the United States
issued since April 24 1917, for which the borrower shall in good faith prior
to Jan. 1 1921, have paid or agreed to pay not less than the full face amount
thereof or certificates of indebtedness of the United States: Provided further.
That the provisions of this subsection (m) shall not be operative after
•October 31 1921.”
Very truly yours,
B EN JAM IN STRONG. Governor.

A reference to this provision appeared in our issue of
March 5 last, page 893.

[ V ol. 113

W. C. DURANT SUGGESTS A FEDERAL RESERVE
DISCOUNT RATE OF 3% W I T H 1% CALL MONEY.

To the issue of Commerce and Finance for Aug. 10,
W. C. Durant until a year ago so prominently identified
with the General Motors Corporation, but now President
of Durant Motors, Inc., has contributed an article on
“ The Automobile Industry—And Other Things” which is
deserving of more than passing notice. It is not what Mr.
Durant has to say with reference to the future of the auto­
mobile industry, which is optimistic in the extreme, that
attracts attention, but his expression of the view that our
banking system ought to provide easy and “ elastic” credits
at low rates. In this respect ho goes further than the most
radical advocate of the doctrine that the banks should always
facilitate borrowing and it is for that reason it seems desirable
to give the article here. It is his idea that the Federal Re­
servo Bank should establish a discount rate of 3%, and that
the business men of the country should have 1% call money.
We reproduce below the greater part of the article.
I contend that much of our present distress is due to extortionate interest
rates and restricted credits. In this financial crisis the bankers have not
mot the situation and are largely responsible for the chaotic condition now
existing.
The Federal Reserve Bank is also under suspicion. Never in the history
of this country was there greater need for low interest rates and more elastic
credits. Instead o f helping to relieve the situation and restore order, the
bankers and those in control of the money supply and credits have been
taking advantage of a situation. For months, call money rates have been
outrageously high, with time money almost impossible at any price— and
this condition existing with our natural and accumulated wealth, with
nearly one-half the gold of the world in our possession and with a great
Federal Reserve Bank created for the purpose of doing a real service to busi­
ness in an emergency.
Supply and demand aro supposed to regulate production and price, but
if the supply is controlled, the law of supply and demand does not apply.
If money and credit are available only for certain preferred purposes and at
•certain rates, business is bound to suffer. The Sherman Law and Clayton
Act are intended to prevent monopoly and control, but no good plan has
yet been worked out which gives to a perfectly solvent concern the ability
to obtain a line o f credit to which it is entitled at terms that are just and
legal.
At a time when business in every industry and commercial line is suffering
and business men in all lines aro carrying tremendous burdens, the bankers
are exacting the highest rates ever known and forcing liquidation beyond all
reason. Word went forth some time ago “ liquidate and pay” — and liquida­
tion has been going on at a fearful rate and at a terrific sacrifice.
Is it any wonder that the business men of this country are a bit dis­
couraged and disheartened?
I made the statement a moment ago that the Federal Reserve Bank is
under suspicion, which I wish to repeat.
The Federal Reserve Bank was created for the purpose of meeting emer­
gencies. How did it meet this present emergency? B y establishing
unattractive and prohibitive rates, making last year the enormous profit of
200% . B y advocating and encouraging liquidation in the face of a business
and industrial crisis such as this country has never before known. Result—
business paralysis, with industry, the life of our country, so weakened and
enfeebled as to make recovery slow and painful. In the meantime our grea
and noble bankers are “ waxing fa t.”
I recall having recently heard of many of our old established and well
managed concerns in industrial pursuits reducing or passing dividends, but
I have yet to hear of a single well established or well managed bank reducing
or passing dividends or showing any falling off of earnings.
The bankers have been and are at sea, with no real leadership and no real
remedy. Their position reminds me of the story of the doctor who was
unable to diagnose his patient’s case and was sorely puzzled. After trying
many remedies without success, he decided to throw the patient into tits as,
according to his statement, with his professional reputation at stake, he
was “ hell on fits.”
The bankers, not knowing what to do (or unwilling to change the situation
because of the enormous toll which they are able to exact), seem to be in the
doctor’s position, except that, having thrown business and industry into
fits, they seem disposed to let nature cure this awful disease.
And what have you to suggest, you ask? M y answer— give the business
men of this country 1% call money. Let the Federal Reserve Bank estab­
lish a discount rate of 3 % . Let our banks stop forcing liquidation. Let
our banks stop forcing liquidation. Let our banks extend rather than cur­
tail credit. Let the big bankers of this country, who control the money
situation, do the right, fair, honest, decent, unselfish thing just this once,
and for their own good and safety and the benefit and safety o f this country
and our people, do it now. And, lastly, by legislation it necessary until the
situation rights itself, discontinue foreign loans of all kinds.
And all of the above for what purpose you ask? M y answer— to meet
our existing emergency to give needed encouragement and confidence to the
harassed and worried business man in all lines, to permit with cheap money
and continued credit the carrying of these business burdens until we have
adjusted ourselves to new conditions; to stop forced offerings of commodities
and securities at a time when we have no market, no demand. and no buyers
excepting the bargain hunters; to allow, because the carrying charges will be
reasonable and possible, the withholding and warehousing for the time being
and until a reasonable demand is created, commodities that are now being
unnecessarily sacrificed and to no good purpose.
When cheaper money is available for business men who need it , when
credit is extended in generous measure to business men who are entitled to
it, when Government securities have been put on a 100% basis, we will hear
less about “ frozen credits,” courage will be restored and in place of indif­
ference and apathy, the usual American action which we all so much admire
will be in evidence and we will quickly get back to normalcy.
The automotive industry, which is fundamentally sound, is suffering
from the same troubles that bex the steel, the cotton, the woolen, the
leather, the furniture, the jewelry and ad other industries. Because it is the
largest in the country, because it employs more men and more capital
in its various branches and accessories, because the motor oar is always in
evidence and because its usefulness is universally acknowledged, a de­
pression, however slight , is much more noticeable in it than in an> other
industry.
But you can accept this statement from me. that its recovery will be
surprisingly rapid, taking the lead In industrial activity.

THE CHRONICLE

Aug. 20 1921.]

795

oxomption accorded 'married melt with ineorm ; of 1< than
$5,000 will mean a loss in revenue of about 830,000,000,
The increase in the exemption for each dependent will, if i..
figured result in a loss of $20,000,000, these two cut: rep­
resenting a total loss of $50,000,000. The Committee
in repealing the income surtaxes above 32% effective fan. I
1921 decided on the 12 inst. to stand on the present surtax
rates on individual incomes below the proposed new maxi­
mum of 32%, applying to incomes above $06,090 notwith­
standing
the suggestion of Secretary of the Treasury McSTATE INSTITUTIONS A D M I T T E D TO FEDERAL
Adoo,
(referred
to in our issue of Saturday last, page 688) for
RESERVE SYSTEM.
the reduction of the surtaxes to a maximum of 25% effective
The following institutions wore admitted to the Federal
Jan. I 1922. The further action of the Committee on the
Reserve system in the week ending Aug. 12:
13th inst. was detailed as follows in. the press dispatches from
Total.
Washington.
Resources.
Capital.
Surplus.
District No. 6—

The automotive industry is and will continue to be an essential factor
in the development of our whole civilization. It has gone through Its
period of reconstruction. It has reorganized Its policies and methods to
mcot the now order of things and is better prepared to-day for a running
start than almost any other branch o f Industry.
A liberal expansion of credits will hearten our business men and will
create a new confidence.
Confidence will bring back prosperity.
Prosperity means an expansion o f transportation facilities. The burden
o f transportation expansion will fall to the automobile.
The autmoblle will moot the demand upon It.

Central Bank & Trust C o. Jasper Ala
The Bank o f Henry County M eDonough, Ga_ ------------------------------Algiers Trust & Savings Bank, New
Orleans, L a ....... .......... — _ _ __
District No. 1—
Hinckley State Bank, Hinckley, Ill__
Farmers’ Trust & Savings Bank,
Seneca ,111
. _
— —
State Bank of Seneca, Seneca. Ill-----District N o. 9—
Farmers State Bank o f Rockham,
Rockham , S. D . _ _ _ ------------District N o. 11—
Hamilton Bank & Trust C o., Hamilton, Texas__
------------District N o. 12—
Grants Pass & Josephine Bank, Grants
Pass, Oregon
------

§50 000

$10 000

§086 412

50,000

30,000

263,716

200,000

50,000

250,000

50,000

25,000

459,704

25.000
50,000

5,000
25,000

144,131
493,959

25,000

10.000

503,069

50,000

50,000

362,046

75.000

20,000

1,131,394

INS TITU TIO N AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.

The Federal Reserve Board has granted permission to
the following institution to exercise trust powers:
The Commercial National Bank of Anniston, Anniston, Ala.
W elcome National Bank. W elcome, Minn.

The

T A X REVISION BILL I N HOUSE.

The Administration’s tax revision bill was introduced in
the House on Aug. 15 after it had been amended on that
day at a conference of Republican members of the House.
At the Republican conference the bill was changed so as to .
make the proposed repeal of the excess profits tax and the
reduction of the income surtax to 32% effective Jan. 1 1922,
instead of Jan. 1 1921, as provided in the bill as drafted by
the Republican members of the House Ways and Means
Committee. The latter in the bill as completed by it on
Aug. 13 also proposed to increase the income tax on corpora­
tions from 10 to 15%, effective Jan. 1 1921. On the 15th
inst., however, the committee, in view of the action of the
Republican conference in postponing the repeal of the taxes
indicated above, decided to fix the corporation tax at 12p£%,
effective Jan. 1 1922. The committee also on the 15th
decided that the manufacturers tax on cereal beverages
should be 6 cents a gallon instead of 12 cents. Following
the introduction of the bill in the House on the 15th it was
referred to the House Committee on Ways and Means and
formally reported from the Committee to the House by
Representative Fordney on the 16th. The majority report
presented by the latter is referred to elsewhere. On the
17th inst. the House adopted (by a vote of 223 to 115) a,
rule whereby general debate (begun on the 17th) would con­
tinue on the 18th, with the discussion of the bill under the
five-minute rule on the 19th, and a final vote taken at 3
p. m. to-day (Aug. 20). The Democratic members of the
House pledged themselves on the 17 to vote against the bill,
a resolution adopted by them stating:
That H. R . 8245 is subversive of the principle that should govern taxa­
tion for the support of this Government, in that it relieves profiteers and
tax-payers of large incomes from their just share o f the load o f taxation and
leaves an unfair portion of the burden to be born by the people o f moderate
means. It violates the promise o f all parties to reform and revise the
system o f taxation so that all citizens and corporations shall bear a just
portion o f the tax load.

Before completing their labors on the bill on the 13th
preparatory to the Conference of Republican members of the
House, the Republican members of the Ways and Means
Committee decided on the 12th inst. to increase the exemp­
tion apply to individual incomes from $2,000 to $2,500 in
the ease of a married man having an annual net income of
$5,000 or less. This action was taken on motion of Repre­
sentative Longworth of Ohio. No change was made in the
present $1,000 exemption applying to single persons. The
exemption of $400 for each, dependent had been agreed upon
earlier in the week, this amount being twice the present $200
exemption. It was estimated that the $500 increases in the

Repeal o f the express tax o f one cent on every twenty cents o f value
war; decided upon to-day by the Ways and Means Committee.
The Committee also voted to levy a flat license tax o f S10 on all retailers
o f soft drinks and to fix the manufacturers' tax on cereal beverages at
twelve cents a gallon in place o f the present manufacturers' tax o f 15%
on the sale price.
The Committee also voted to impose a manufacturers’ tax o f 5% on
the following articles, the wholesale price o f which exceeds the amounts
givGTi:
Carpets and rugs, $3 50 a square yard; trunks, $30; valises, traveling
bags, suitcases. &c., SI5; purses, pocketbooks, shopping and handbags, $4;
portable lighting fixtures, including lamps o f all kinds and lamp shades,
$10; umbrellas, parasols and sunshades, $2 50; fans, $1 each; house or
smoking jackets and bath or lounging robes, $3.
That tax would become effective immediately upon passage o f the bill.
The so-called luxury tax on those articles and on wearing apparel, now
collected by the retailer, would be repealed as o f next Jan. 1.
Repeal o f the 8% on the amount paid for the transportation o f oil by pipe
line also was voted by the committee. B y that action all o f the transpor­
tation taxes were eliminated.

The other revisions made by the Committee were summar­
ized as follows in these accounts:
Besides the changes agreed upon to-day, the bill as it will be presented to
the conference o f House Republicans M onday will contain, members said,
these provisions:
Repeal o f the excess-profits tax and an increase in the income tax on cor­
porations from 10 to 15% with the §2,000 exemptions retained, effective
Jan. 1 1921.
Repeal o f the income surtax brackets above 3 2 % , effective Jan. 1 1921.
Repeal of all forms o f transportation taxes, effective Jan. 1 1922.
An increase from §2,000 to S2.500 in the exemption to married men
having an annual net income o f §5,000 or less, effective Jan. 1 1921.
An increase in the exemption to heads o f families on account o f dependents
to §400for each dependent, instead o f §200 as at present, effective January 1
1921.
Exemption from tax o f the first §500 o f income received b y individuals
from investments in building and loan associations, effective Jan. 1 1921.
Repeal o f the tax on fountain drinks and ice cream and the substitution
o f a flat tax o f ten cents a gallon on all fountain sirups, to be paid direct
by the manufacturer or maker, effective upon enactment o f the bill.
Repeal o f the stamp taxes on perfumes, extracts, tooth paste and toilet
preparations and proprietary medicines and the substitution o f a manu­
facturers’ tax o f 5% on the sale prices, effective on the enactment o f the
bill.
Substitution o f a manufacturers’ tax o f two cents a gallon for the present
10% on the sale price o f unfermented juice beverages and carbonated waters
or beverages or other soft drinks sold in containers, effective on the enact­
ment o f the bill.
A reduction in the manufacturers’ tax on candy from 5 to 3 % , the manu­
facturers’ taxes on furs from 10 to 5% and on sporting goods from 10 to
5 % , and the levy on art and art works from 10 to 5 % , effective on the enact­
ment o f the bill.
Imposition o f a manufacturers’ tax o f three cents a gallon on certain
classes of grape juice and two cents a gallon on other classes, in lieu o f the
present tax o f 10% on the manufacturers’ selling prices, effective on enact­
ment o f the bill.
The levying o f five cents a pound on carbonic acid gas sold to manufac­
turers o f carbonated gases, effective on enactment o f the bill.
Numerous changes also were made in the administrative features o f the
present law on recommendation o f Treasury experts. These included
insertion o f a prevision authorizing the Secretary o f the Treasury to settle
disputes over back taxes without resort to the courts. In effect there would
be set up a tribunal to pass on such claims, and the time for their settle­
ment would be reduced from five to three years except that the Secretary
o f the Treasury could extend the time within his discretion.
Treasury experts and members o f the committee believe that provision
will greatly simplify the task o f collecting the taxes now in dispute, esti­
mated to total approximately §1,500,000,000Another change in the administrative features would give the secretary
authority to call in representatives o f the taxpayers in framing new tax
return forms in an effort to simplify those.
In passing finally upon the various changes in levies the majority mem­
bers o f the committee rejected all o f the Treasury suggestions for new taxes
and also the proposal that the income surtax rates be reduced to 25%
effective next Jan. 1. The Republican committeemen also went much
further in revising levies that were suggested at the W hite House conference.

As to the conference of the Republican members of the
House on the 15th* and some of the features of the bill as
introduced in the House the current week not indicated in
the outline above, we take the following from the Asso­
ciated Press dispatches from Washington Aug. 15:
The Republican conference lasted1several hours, the Western members
leading the fight to reject the plan for retroactive repeal o f the excess profits
and higher income surtax rates, which was agreed upon at the W hite House
tax conference last Tuesday. Representative Frear o f Wisconsin, a mem­
ber o f the Ways and Means Committee, was understood to have insisted
that the House pass on the effective date o f the repeals, but the conference
finally adopted, 90 to 87, a motion by Representative Mann o f Illinois that
the repeal date be next Jan. 1.
These changes carried with them delay until next Jan. 1 in the proposed
Increase o f 5% in corporation income taxes. N o change in this figure was
made by the conference, but the Committee members decided to cut it

THE CHRONICLE

no

it* it vvas cou (6adiB d liutL it 5 % in c r e a se w o u ld bo u n n e c e s s a r y if th e
p r o fit s a n d h ig h e r s u r t a x e s w o re im p o s e d fo r th is tax a b le: y e a r .
T h e ta x i
ire a s i ►reseitiled iiii t h e H o u s e is en t it le d “ a bill t o r e d u c e a n d
eq u a liz e ta] ca tio t i , to a a im s,t a n d s im p lify th e R e v e n u e A c t o f 1 9 1 8 , a n d fo r
i ich t>f its 1 0 ,0 0 0 o d d wox d s o i t e x t is d e v o t e d to
o f h er pu rp
an ciendm eul;s o f t h e A d m ini:s tr a th
a n d d e f in it e s<i d ion s o f t h e p r e s e n t law ,
winich w ere ! d r a f te d b y T r e a s u ry e x p e r t s w it h a v ie w t o c la r ify in g s p e c ific

pt ►rtioxua o f th e

1 9 1 8 1l e t a m l m e e tin g s it u a t io n s arisi n g fr o m d e c is io n s o f

A s i d e fre>m th e r e v ii >ions o f tin 3 le v y s e c tio n s a! read y r e fe r r e d t o , t h e bill
p i ouoS6»s reipeal io f a ll <>f th ' b t r a il s p o r ta t io n ta x e s , effe< l i v e n e x t J a n . 1; in or e a s e d exe n ip tu JUS t o h e a d s o f faunities a n d m a rri e d m<tin h a v in g in c o m e s o f
let•>£ t h a n $,5 ,0 0 0 ; d ecrc;ases in th t ) le v ie s o n c a n d y , sp o i Ling g o o d s , f u r s a n d
ar t a n d a r t w ork:s; t h e s u b s t it u ilt m o f m a n u fa c t u r •ers’ t a x e s fo r t h e s o -c a lle d
n u is a n c e airid lu:x u ry l<Bvies a n d <cither c h a n g e s .
A d d i t i o n a l rev isio u s
m i p t io n f r o m t a x a tio n o f t h e s a la r ie s o f t h e
Pire s id e n t l>f t h e U n ite d St<t ie s ajad t h e J u d g e s o f t h e £iu p r e m e a n d In fe r io r
C<o u r ts a m 1 a ls o a m o u n ts i'eceivtid b y in d iv id u a l!s a s c o m p e n s a t i o n , f a m i ly
a llo t m e n t s a m i a 1lo vva n e e s nndei v p r o v is io n s o f t h e w ;•ir in s u r a n c e r isk in su r u n c e a n d v o c a tio n a l r e h a b ilita tio n A c t s .
A c h a n g e a ls o is m a d e in Lite in s u r a n c e c o m p a n y t a x a t io n , t h e b ill r e q u ir in g
t h e m to p a y t h e n o r m a l c o r p o r a tio n t a x in lieu o f t h e le v ie s o n p o lic ie s w h e n
w r it te n , a n d a ll o t h e r p r e s e n t t a x e s , e x c e p t t h e c o r p o r a tio n s t o c k t a x a n d
c e r ta in s t a m p t a x e s .
F o r e ig n life in s u r a n c e c o m p a n ie s w o u ld p a y o n t h e
n e t in c o m e fr o m s o u r c e s w ith in t h e U n ite d S t a te s .
A n o th e r i m p o r t a n t s e c tio n o f th e new bill o u tlin e s a g e n e r a l yilan t o t a x
A m e r ic a n c o n c e r n s d o in g p r a c t ic a lly a ll o f th e ir b u sin e ss in fo r e ig n c o u n tr ie s
o n ly o n th e in c o m e re c e iv e d fr o m A m e r ic a n s o u r c e s .
T h e y n o w a re ta x e d
o n th e ir e n tir e in c o m e w h ic h is c o n te n d e d to p la c e t h e m a t a d is a d v a n t a g e
w ith c o m p e t in g fo re ig n h o u s e s .
P e r s o n a l se r v ic e c o r p o r a t io n s , freed b y th e S u p r e m e C o u r t fr o m c o r p o r a ­
tio n t a x e s , w o u ld b e b r o u g h t s p e c ific a lly u n d e r th e c o r p o r a t io n in c o m e t a x
b y t h e b ill, a n d p r o v is io n is m a d e t h a t i f th e p a r tn e r s h ip t a x o f t h e 1 9 1 8
A c t o n in d iv id u a l s to c k h o ld e r s o f s u c h c o r p o r a tio n s s h o u ld b e d e c la r e d in­
v a li d , “ th e re s h a ll, in a d d it i o n to a ll o th e r t a x e s , b e le v ie d , c o lle c te d a n d
p a id o n th e n e t in c o m e r e c e iv e d d u r in g t h e c a le n d a r y e a r s 1 9 1 8 , 1 9 1 9 a n d
1 9 2 0 , b y e v e r y p e r s o n a l se r v ic e c o r p o r a t i o n ,” a ta x e q u a l t o t h e t a x e s im ­
p o s e d u n d e r th e e x c e ss p r o fit s a n d in c o m e s u r ta x e s p r o v is io n s o f t h e p r e se n t
la w .
E x e m p t io n fr o m t a x a t io n w o u ld b e g r a n te d to fa r m e r s ’ c o -o p e r a t i v e p u r ­
c h a s in g o r g a n iz a t io n s , a s w e ll a s t o s e llin g o r g a n iz a t io n s , w h e r e th e m a t e r ­
ials p u r c h a s e d a re tu r n e d o v e r to m e m b e r s o f t h e o r g a n iz a tio n s “ at a c t u a l
c o s t p lu s n e c e s sa r y e x p e n s e s ,”
D is tille d s p ir its d iv e r t e d to b e v e r a g e p u r p o s e s o r in t h e m a n u fa c t u r e o f
a n y a r tic le in te n d e d fo r b e v e r a g e u se w o u ld b e t a x e d a t t h e r a t e o f $ 4 2 0
a g a llo n , t h e ta x to b e p a id b y th e p e r s o n s r e s p o n s ib le fo r s u c h d iv e r s io n .

Estate Tax.
U n d e r a n a m e n d m e n t t o th e e s t a te t a x s e c tio n s o f th e p r e se n t la w a m o u n t s
r e c e iv a b le a s in su r a n c e u p o n th e life o f a n o n -r e s id e n t d e c e d e n t , a n d a n y
m o n e y s d e p o s ite d in a n y b a n k , b a n k in g i n s t it u t io n o r t r u s t c o m p a n y in
th e U n it e d S t a t e s , b y o r fo r a n o n -r e s id e n t d e c e d e n t w h o w a s n o t e n g a g e d
in b u s in e s s in th e U n i t e d S t a t e s a t th e t im e o f h is d e a t h w o u ld b e ex em p t,
fr o m t a x a t i o n .
O th e r r e v is io n s p r o v id e t h a t n o a m u s e m e n t t a x s h a ll b e le v ie d o n a d m i s ­
s io n s , a ll th e p r o c e e d s o f w h ic h in u re e x c lu s iv e ly t o th e b e n e f it o f p e r s o n s in
t h e m ilit a r y a n d n a v a l s e r v ic e , o r to p e r s o n s w h o h a v e s e r v e d in : u c h fo rc e s
a n d a re in n e e d , t h a t t h e jew elers* t a x o f 5 % o n e y e g la s s e s a n d s p e c t a c le s ,
a n d th e m a n u fa c tu r e r s * t a x o f 5 % o n p o rta o le e le c tr ic fa n s s h a ll t e r e p e a le d ,
a n d t h a t a t a x o f 1 0 % s h a ll b e i m p o s e d o n le n se s fo r c a m e r a s w e ig h in g n o t
m o re th a n 1 0 0 p o u n d s .

New Administrative Features.
S o m e o f t h e n e w a d m i n i s t r a t i v e fe a t u r e s in t h e b ill a re d e s ig n e d t o sp e e d
u p s e t t le m e n t o f c la im s i n v o lv in g b a c k t a x e s , e s t im a t e d t o t o t a l S I , 5 0 0 , 0 0 0 .
T h e t i m e fo r d e t e r m in a t io n a n d fin a l a s s e s s m e n t o f a n y t a x d u e u n d e r
th e n e w b ill w o u ld b e th r e e y e a r s a ft e r t h e r e t u r n w a s f i l e d , in s te a d o f f i v e
a s a t p r e s e n t , a n d t h e a m o u n t o f t a x d u e u n d e r a n y r e tu r n m a d e u n d e r
p r io r t a x A c t s w o u ld h a v e t o b e d e t e r m in e d a n d a sse sse d w it h in f i v e y e a r s
a f t e r t h e r e t u r n w a s m a d e , u n le s s t h e C o m m i s s io n e r o f I n t e r n a l R e v e n u e
a n d t a x p a y e r c o n s e n t e d in w r it in g t o a la te r t i m e .
P r o v is io n a ls o is m a d e t h a t n o s u it o r p r o c e e d in g s fo r c o lle c t io n o f ta x e s
s h a ll b e b e g u n a fte r t h e e x p ir a tio n o f f i v e y e a r s a ft e r t h e d a t e t h e r e tu r n is
file d .
T h e b ill a ls o d e c la r e s t h a t a ft e r a d e t e r m in a t io n a n d a s s e s s m e n t
in a n y c a s e t h e t a x p a y e r h a s w ith o u t, p r o te s t p a id in w h o le o r in p a r t a n y t a x ,
a n d a n a g r e e m e n t is m a d e in w r it in g b e t w e e n t h e t a x p a y e r a n d t h e C o m m i s ­
s io n e r w it h t h e a p p r o v a l o f t h e S e c r e ta r y o f t h e T r e a s u r y , t h e c a se s h a ll n o t
b e r e o p e n e d a n d “ n o s u it o r a c t io n t o c h a n g e s u c h d e t e r m in a t io n o r a sse ss­
m e n t s h a ll b e e n t e r t a in e d b y a n y c o u r t o f t h e U n i t e d S t a t e s .”
A f t e r a n a s s e s s m e n t is m a d e a n d b e fo r e fin a l p a y m e n t o f t h e t a x e s d u e ,
in t e r e s t o n t h e a m o u n t w o u ld b e c o m p u t e d a t t h e r a t e o f 6 % a y e a r , in s te a d
of 1%

a m o n th , as a t p resen t.

Income Tax Amendments.
A m o n g a m e n d m e n t s t c i n c o m e t a x p r o v is io n s is o n e p e r m i t t in g , a ft e r
D e c . 3 1 1 9 2 0 , d e d u c t io n o f a n e t lo s s fr o m n e t i n c o m e o f t h e s u c c e e d in g t a x ­
a b le y e a r .
I f t h e n e t lo s s is in e x c e ss o f th e n e t in c o m e fo r t h e n e x t t a x a b le
y e a r t h e b ill p r o v id e s t h a t t h e a m o u n t o f s u c h e x c e ss s h a ll b e a llo w e d a s a
d e d u c t io n in c o m p u t i n g n e t in c o m e fo r t h e t a x a b le y e a r f o llo w in g .
U nder
t h e p r e s e n t la w lo s s e s m u s t b e t a k e n fo r t h e y e a r o n w h ic h a r e t u r n is m a d e .
A n o t h e r a m e n d m e n t , d r a w n t o m e e t a S u p r e m e C o u r t d e c is io n , p r o v id e s
s p e c ific a lly fo r t h e e x e m p t io n o f s t o c k d iv id e n d s f r o m t a x a t i o n , b u t s a y s
“ a d is tr ib u t io n m a d e b y a c o r p o r a tio n t o it s sh a r e h o ld e r s o r m e p a b e rs s h a ll
b e in c lu d e d i n t h e g ro ss i n c o m e o f t h e d is tr ib u te e s a s o f t h e d a t e w h e n th e
c a s h o r o th e r p r o p e r t y is u n q u a lif ie d ly m a d e s u b je c t t o th e ir d e m a n d s .”
O t h e r c h a n g e s s e t f o r t h t h a t t h e b a sis fo r d e t e r m in in g t h e g a in d r iv e d or
lo s s s u s t a in e d f r o m a s a le o r o th e r d is p o s itio n o f p r o p e r t y o f a n y k i n d , a c ­
q u ir e d a ft e r F e b . 2 8 1 9 1 3 , sh a ll b e t h e c o s t o f s u c h p r o p e r t y , e x c e p t t h a t :
I n t h e c a s e o f p r o p e r t y a c q u ir e d b y g if t a ft e r D e c . 31 1 9 2 0 t h e b a s is s h a ll
b e t h e s a m e a s t h a t w h ic h i t w o u ld h a v e b e e n in th e h a n d s o f t h e d o n o r or
t h e l a s t p r e c e d in g o w n e r b y w h o m i t w a s n o t a c q u ir e d b y gift., a n d in ca se
o f s u c h p r o p e r t y a c q u ir e d b y b e q u e s t , d e v is e o r in h e r ita n c e , t h e b a s is w o u ld
b e t h e fa ir m a r k e t p r ic e o r v a lu e a t t h e t im e o f s u c h a c q u is it io n .
I n t h e c a s e o f th e s a le o r Owher d is p o s itio n o f p r o p e r t y a c q u ir e d b e fo r e

[V ol. 113

•-tin fr o m th e sa le or e x c h a n g e o f c a p ita l a s s e ts c o n s u m m a t e d a ft e r D e c . 31
1 9 2 0 , ” a n d c a p ita l lo s s to m e a n “ d e d u c t ib le lo ss r e s u ltin g fr o m t h e s a le or
e x c h a n g e o f c a p ita l a s s e ts c o n s u m m a t e d a ft e r D e c . 3 1 1 9 2 0 .”

Capita t A ssel s D efined.
C a p i t a l a s s e ts a re d e c la r e d to in c lu d e “ p r o p e r ty a c q u ir e d a n d held b y
th e t a x p a y e r fo r p r o f it o r i n v e s t m e n t (w h e th e r o r n o t c o n n e c te d w it h h is
tr a d e o r b u s in e s s ) but d o e s n o t in c lu d e p r o p e r ty h eld fo r th e p e r so n a l u s e
o r c o n s u m p t io n o f th e t a x p a y e r o r h is f a m i l y , o r s t o c k in tr a d e o f the
ta x p a y e r o r o th e r p r o p e r ty o f a k in d w h ic h w o u ld b e in c lu d e d in th e in v e n ­
to ry if o n h a n d a t t h e c lo se o f Hie t a x a b le y e a r . ”
In th e ca se o f a n y t a x p a y e r o th e r th a n a c o r p o r a tio n w h o s e o r d in a r y n e t
in c o m e a n d c a p ita l n e t g a in to g e th e r e x c e e d $ 3 2 , 0 0 0 , th e ta x e s p a id w o u ld
in c lu d e th e reg u la r in c o m e a n d s u r ta x r a te s o n th e o r d in a r y n e t in c o m e ,
p lu s 1 5 % o f th e c a p i t a l n et g a in , or less 1 5 % o f t h e c a p ita l n e t lo s s , a s th e
ca se m i g h t he.
A m o n g le g is la tiv e fe a tu r e s in t h e b ill is o n e g iv in g t h e S e c re ta r y o f th e
T r e a s u r y a u t h o r i t y to is s u e $ 5 0 0 ,0 0 0 ,0 0 0 a d d it io n a l s h o r t -d a t e d s e c u r itie s ,
m a k i n g th e t o t a l a u th o r iz a t io n fo r su ch s e c u r itie s $ 7 , 5 0 0 , 0 0 0 , 0 0 0 .
S e c re ­
t a r y M e llo n w r o te th e W a y s a n d M e a n s C o m m i t t e e la st w e e k t h a t th is
a d d it io n a l a u t h o r i t y w a s n e c e s s a r y “ in o rd e r t o c a r r y o u t th e t a x r e v is io n
p r o g r a m a g r e e d u p o n a t th e W h i t e H o u s e c o n fe r e n c e la s t T u e s d a y , a n d
p r o v id e fu r th e r fo r t h e fin a n c in g o f th e s b o r .- d a t e d d e b t . ”

Amends Liberty Loan Acts.
A n o t h e r le g is la tiv e fe a tu r e a m e n d s th e L ib e r t y L o a n A c t s to m a k e clea rer
e x e m p t io n s fr o m in c o m e t a x o f th e in te r e s t o n L i b e r t y b o n d s , b u t it w a s
s t a t e d o ffic ia lly t h a t n o s u b s t a n t ia l c h a n g e s in th e a m o u n t s o f s u c h in te r e s t
to be e x e m p te d w a s m a d e .
W i t h a v iew to s im p lif y in g p r e s e n t t a x r e tu r n f o r m s , th e o ill p r o p o s e s
c r e a tio n o f a “ T a x S im p lific a t io n B o a r d ” t o b e c o m p o s e d o f th re e m e m b e r s
r e p r e s e n tin g t h e p u b lic , to b e a p p o in te d b y t h e P r e s id e n t , a n d th re e m e m ­
b e r s, o ffic e r s o f th e I n t e r n a l R e v e n u e B u r e a u , to lx? a p p o in te d b y the
S e c r e ta r y o f th e T r e a s u r y , th e p u b lic r e p r e s e n ta tiv e s to s e r v e w it h o u t p a y .
T h e b o a r d w o u ld r e p o r t p r o g r e s s t o C o n g r e s s e a c h y e a r a n d w o u ld ce ase t o
ex ist a fte r D e c . 31 1 9 2 4 .

The presentation of the report of Chairman Fordney oc­
curred on the 16th along with the formal introduction of the
bill, and on the 17th debate on it was begun. In stating on
the 18th inst. that many amendments would be offered in
behalf of the Republican members of the Ways and Means
Committee before a final vote on the bill is taken to-day,
press dispatches from Washington on the I8th inst. said:
S e v e r a l c h a n g e s w e re a g r e e d u p o n t o - d a y b y t h e R e p u b lic a n C o m m i t t e e m e n , a n d u p w a r d s o f h a l f a h u n d r e d o th e r s w ill b e c o n s id e r e d e a r ly t o ­
m o r r o w b e fo r e t h e b ill is t a k e n u p in t h e H o u s e fo r a m e n d m e n t .
O n e c h a n g e v o t e d t o - d a y b y t h e C o m m i t t e e w a s e lim in a tio n o f t h e p ro ­
p o s e d a n n u a l lic e n se t a x o f $ 1 0 o n v e n d e r s o f s o f t d r in k s .
U n d e r a n o th e r
a lte r a tio n in d iv id u a l t a x p a y e r s w o u ld p a y 12lA % o n p r o fit s f r o m t h e sa le
o f c a p ita l a s s e ts i f s u c h p r o fit s a n d t h e t a x p a y e r s ’ n e t n o r m a l in c o m e e x ­
ceeded $ 2 9 ,0 0 0 .
U n d e r t h e b ill b e fo r e t h e H o u s e t h e t a x p a y e r s w o u ld b e
r e q u ir e d to p a y 1 5 % o n t h e e x c e s s o v e r $ 4 0 , 0 0 0 .
I t a lso w a s d e c id e d t e n t a t i v e l y t o e x e m p t fr o m t a x a t io n t h e G o v e r n m e n t
a llo w a n c e s r e c e iv e d b y v e t e r a n s o f t h e C iv il a n d S p a n is h -A m e r ic a n w a r s o r
th e ir b e n e fic ia r ie s , a s w e ll a s t h o s e r e c e iv e d b y in d iv id u a ls u n d e r t h e W a r
R i s k a n d V o c a t i o n a l R e h a b ilit a t io n A c t s .
T h e r e is a m o v e m e n t b e fo r e t h e C o m m i t t e e to p r o p o s e c r e a tio n o f a s p e c ia l
c o m m is s io n t o d e v is e s o m e fo r m o f p la n b y w h ic h in c o m e s d e r iv e d fr o m t a x e x e m p t s e c u r itie s c a n b e t a x e d .

Regarding the debate on that date the dispatches said:
G e n e r a l d e b a t e o n th e t a x b ill e n d e d t o - n i g h t .
P r in c ip a l s p e a k e r s fo r th e
D e m o c r a t s w e r e R e p r e s e n t a t iv e s O ld fie ld o f A r k a n s a s a n d C o c k r a n o f
N e w Y o r k , a n d fo r t h e R e p u b lic a n s R e p r e s e n t a t iv e s G r e e n o f I o w a a n d
L o n g w o r th o f O h io , m e m b e r s o f t h e W a y s a n d M e a n s C o m m i t t e e .
U s i n g T r e a s u r y e s t im a te s t o s u p p o r t h is a r g u m e n t t h a t t h e t a x b ill w o u ld
r e s u lt in a h u g e G o v e r n m e n t d e fic it a t t h e e n d o f t h is fis c a l y e a r , R e p r e ­
s e n t a t i v e C o c k r a n d e c la r e d t h a t i f t h e T r e a s u r y w e n t in to t h e m a r k e t fo r
$ 1 , 0 0 0 , 0 0 0 , 0 0 0 t o h e lp p a y o r d in a r y e x p e n s e s o f t h e G o v e r n m e n t th e re
w o u ld b e a p a n ic .
R e a d in g o ffic ia l s t a t e m e n t s b y fo r m e r P r e s id e n t W i l s o n a n d fo r m e r D e m o ­
c r a tic S e c re ta r ie s o f t h e T r e a s u r y u r g in g r e p e a l o f t h e e x c e s s p r o fits t a x .
R e p r e s e n t a t iv e L o n g w o r t h t o l d t h e D e m o c r a t s t h a t in o p p o s in g th is rep ea l
t h e y w e r e “ r e p u d ia t in g t h e D e m o c r a t ic p l a t f o r m .”
R e p r e s e n t a t iv e W o o d r u f f , R e p u b li c a n , M i c h i g a n , a n n o u n c e d th a t h e
w o u ld o p p o s e t h e b ill.
F i r s t R e p u b li c a n o p p o s it io n t o t h e b ill w a s v o ic e d b y R e p r e s e n t a t iv e N e l ­
s o n o f W i s c o n s i n , w h o a t t a c k e d th e p r o p o s e d r e p e a l o f th e ex c e ss p r o fit s t a x
a n d h ig h e r in c o m e s u r t a x e s .
I f h e v o t e d fo r t h e b ill, h e s a id , i t w o u ld m e a n
th e e n d o f h is p o lit ic a l lif e .
T h e m e a s u r e r e lie v e d o n e c la s s o f th e p e o p le a n d
b u r d e n e d a n o t h e r , h e d e c la r e d , a d d in g t h a t fo u r “ s c a r e c r o w s o f p r o p a ­
g a n d a ” h a d b e e n u s e d t o “ p u t o v e r ” re p e a l o f t h e ex c e ss p r o f it s a n d h ig h e r
s u r ta x e s , a ll o f t h e m w i t h o u t b a s is .

Regarding yesterday’s action the press dispatches last
night said:
E l im in a t i o n o f t a x e s o n p r o p r ie ta r y m e d ic in e s w a s a g r e e d u p o n t o - d a y b y
t h e H o u s e W a y s a n d M e a n s C o m m i t t e e , w h ic h a p p r o v e d m o r e t h a n s i x t y
c h a n g e s in t h e R e p u b li c a n t a x b ill.
S u b s e q u e n t ly t h e m a j o r i t y m e m b e r s o f t h e C o m m i t t e e v o t e d t o r e d u c e t h e
t a x o n c e re a l b e v e r a g e s fr o m t h e p r o p o s e d 6 c e n ts a g a llo n t o 4 c e n t s , a n d
to b r in g fir e a n d m a r in e in s u r a n c e c o m p a n ie s u n d e r t h e 1 2 %> % c o r p o r a tio n
in c o m e t a x o n t h e s a m e b a s is as life in s u r a n c e c o m p a n ie s .
A m e n d m e n t s t o t h e t a x b ill w e re t a k e n u p in t h e H o u s e t o - d a y , se v e r a l
p r o p o s e d b y R e p u b lic a n m e m b e r s o f t h e W a y s a n d M e a n s C o m m i t t e e b e in g
g iv e n p r io r it y in c o n s id e r a tio n .
U n d e r t h e a g r e e m e n t a ll a m e n d m e n t s w ill
be s u b m itte d th ro u g h th e C o m m itte e .
D is c u s s io n o f t h e a m e n d m e n t s w a s u n d e r f i v e -m i n u t e li m i t a t i o n , fo llo w in g
th e c o n c lu s io n o f g e n e r a l d e b a t e la t e la s t n ig h t .
W i t h t h i s l i m it a t io n , t h e
H o u s e e x p e c te d t o w o r k u n d e r h ig h p r e s s u r e in o rd e r t o d is p o s e o f a ll s u g ­
g e s tio n s b e fo r e 3 o ’ c lo c k t o -m o r r o w a f t e r n o o n , w h e n a fin a l v o t e w ill b e

M a r c h 1 1 9 1 3 , t h e b a s is o f a s c e r ta in in g Hie g a in d e r iv e d or t h e lo s s s u s ta in e d
s h a ll b e th e c o s t o f th e p r o p e r t y o r t h e in v e n t o r y v a l u e , b u t , if t h e fa ir
m a r k e t v a lu e a s o f M a r c h 1 1 9 1 3 is in e x c e ss o f s u c h b a s i th e g a in t o b e
in c lu d e d in th e g ro ss in c o m e s h a ll b e th e e x c e ss o f t h e a m o u n t r e a liz e d o v e r

ta k e n .

th e fa ir m a r k e t p r ic e o r v a lu e .
I f th e fa ir m a k e t p r ic e or v a lu e a s o f
M a r c h 1 1 9 1 3 Is lo w e r t h a n s u c h b a s is , th e d e d u c t ib le lo r s is th e e x c e ss o f
t h e fa ir m a r k e t p r ic e o r v a lu e a s o f M a r c h 1 1 9 1 3 , o v e r t h e a m o u n t r e a liz e d .
I n t h e c a s e o f th e e x c h a n g e o f p r o p e r t y , t h e Dill p r o v id e s th a t n o g a in o r
lo s s sh a ll be r e c o g n iz e d u n le s s th e p r o p e r ty r e c e iv e d in e x c h a n g e h a s a
r e a d ily m a r k e t a b le v a lu e , a n d e v e n th e n e x c e p tio n s a re m a d e in se v e r a l

The Cuban mission, which is now in Washington seeking
a loan to rehabilitate the financial condition of the Island
Republic, issued a statement on Aug. 15 that the economic
future of Cuba is threatened by the duty on sugar. The
“ Journal of Commerce” of the 16th inst. said:

s p e c ific c a s e s .
T o m e e t th e t e r m s o f a n o t h e r d e c isio n o f t h e S u p r e m e C o u r t , t h e bill
r e d e fin e s c a p ita l g a in a n d c a p ita l lo s s , d e c la r in g th e fo r m e r t o m e a n “ ta x a b le

CUBAN MISSION OPPOSES DUTY ON SUGAR.

A c c o r d i n g t o t h e C u b a n m is s io n t h e fin a n c ia l a n d e c o n o m ic fu t u r e o f
C u b a is t h r e a t e n e d b y t h e p r o p o s e d d u t y in t h e F o r d n e y t a r i ff M il o f
corn s

A ug. 20 1921.

THE CHRONICLE

a p o u n d o n s u g a r ; fu r th e r m o r e , t h e e x p e c te d rovomioH w ou ld n o t b o d e r iv e d
th e r e fr o m a n d th e A m e r ic a n c o n s u m e r w ill p a y a h ig h e r p rice fo r su g a r
w it h o u t a n y in c re a se in r e v e n u e to t h e G o v e r n m e n t .
U . 1C. D e s v o r n in e ,
o f llo r n b lo w e r , M i lle r & G a r r is o n , N e w Y o r k C i t y , c o u n se l o f th e C u b a n
C o m m e r c ia l M i s s io n , s t a t e s th a t h ig h e r d u t i e s 'a r e n o t n eed ed t o p r o te c t
s u g a r p r o d u c tio n in t i e U n ite d S t a te s , b u t h a v e “ fo r th o ir a v o w e d p u rp o se
t h e c r e a tio n o f a n e w u n n a tu r a l in d u s tr y In t h e U n it e d S t a t e s an d t h e s tlm u
la t lo n o f th e s a m e a t th e e x p e n se o f C u b a n p r o d u c t i o n ."

MAJORITY

71)7

Tin* bill h erein r e c o m m e n d e d g ra n ts an a d d itio n a l <;•;< o p t i o n ol
,00 on
In com es o f $ 5 ,0 0 0 or levs received b y h e a d s o f fa mil k . a n d ln ep -a <• . . no
e x e m p tio n o f dopeiidn n Is fro m $ 2 0 0 to $ 1 0 0
T h e e q u ity o f <In • l/je n a ed
e x e m p t io n s is s e l f -e v i d e n t ,
It relieve;; the tu " p a y e r :• lea st a b le to b<-ar
tax b u r d e n s.
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t io n . t a x e s

s h o u ld

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g e n e r a l.”

in

have

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rem arks

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upon

tra n sp o rta ­

b u s in e : : c o n ­

fo llo w :

T h e c o s t o f t r a n s p o r ta tio n is r e fle c te d in all lines o f com m erce, and Ji
d m : t r y , and m u c h o f th o e x c e s s iv e c o st o f ce rta in prod u ct:* ean, be a ttrid u i <*d

REPORT OF Oil A I RMA N FORDNEY ON to t r a n s p o r ta tio n c o s t s . E s p e c ia lly Is th is true w ith regard to b u ild in g
m a te r ia l.
T h o re p e a l o f th o t r a n s p o r ta tio n la x will reliev e tin
h ip per
R EV IS ED T A X PILL.
a n d to s o m e e x t e n t in crease ra ilro a d ton n age; and th e re.venue.; o f i he. r a il­
According to the majority report of Chairman Fordney of r o a d s. T h e re p e a l o f th is t a x s h o u ld h a v e s a lu t a r y e f f e H u p o n b u s ie r s
the Ways and Means Committee on the revised tax hill, a c o n d itio n s in g e n e r a l. T h e r e m o v a l o f th o ta x o n t r a n s p o r t a t io n (In c lu d in g
reduction of $103,040,000 in the present fiscal year, $377,- fr e ig h t, p a ssen ger a n d ex p re ss) re d u c e s th e revenue. c o lle d Ions $ 2 6 2 ,0 0 0 ,0 0 0 .
a s u m a m o u n t i n g to m o r e th a n $ 2 p e r c a p ita p er a n n u m .
790,000 in the calendar year 1922 and $790,330,000 in 1923
Regarding the provisions fo r determ ining gain or loss in
in the Nation’s annual tax bill would result from the changes
sales of p ro p e rty , the report says:
in the 1918 revenue act which the pending measure would
In th e ca se o f p r o p e r ty a c q u ir e d b e fo r e M a r c h J 1 9 1 3 , u n d er e x is tin g Jaw .
effect. The majority report was filed with the House on t h e b a sis fo r d e te r m in in g g a in o r loss is t h e fa ir m a r k e t p rice or v a lu e o f
s u c h p r o p e r ty as o f t h a t d a t e .
T h e d e c is io n o f t h e S u p r e m e C o u r t in th e
the 10th inst. The report says:
Inasm uch as th e repeal o f th e excess p rofits ta x and reduction o f surtax
rates on individu al incom es d o n ot b ecom e e ffe c tiv e until th e calendar
year 1922, $406,250,000 o f th e con tem plated loss o f reven ue will n ot be
reflected in revenue collection s p rior to 1923.

Actual reductions in taxes for this fiscal year, the report
states, are estimated at approximately $200,000,000, total
collections under the new bill being figured at $3,376,000,000, as against estimated collections of $3,570,000,000,000
under the present law. Chairman Fordney stated in the
report that in framing the tax legislation recommended/ the
Committee has sought out methods of reducing rather than
shifting tax burdens, lie added:
W ith few m in or exception s, new ta x levies (m an y o f w hich w ere suggested)
h ave been a void ed . In th e opinion o f y ou r com m ittee th e exacting o f th e
present excessive sum o f taxes fro m th e cou n try con trib u tes in no small
degree to th e depressing influences under w hich business a n d industry in
general are staggering as an afterm ath o f th e w orld war. T h e cost o f th e
w ar, th e extent o f its d estru ction and th e financial loss it occasion s is felt
not during th e period o f com b a t, b u t after th e cessation o f hostilities, at
w hich tim e the dem and for w ar supplies term inates, w ith a resulting shrink­
age o f values. T h e nation is now passing th rou gh th e tryin g p eriod o f
liquidation and read ju stm en t. T h e red u ction o f th e ta x burdens is essential
to business recov ery , and su ch redu ction can on ly b e based on a rigid
enforcem ent o f a p o licy o f th e strictest econ om y in th e running expenses
o f th e G overn m en t.

Chairman Fordney estimated reductions in levies, some
of which will not become fully effective until 1923, as follows:
R epeal o f excess p rofits, Jan. 1 1922----------------------------------------- $450,000,000
R e d u ction o f surtax rates on individu al incom es to 3 2 % ,
Jan. 1 1922__________________________________________________ _ 90,000,000
Increased exem ptions o f heads o f fam ilies to $ 2,500 for- incom es
n o t in excess o f $ 5 ,0 0 0 ___________________ _____________________ 40,000,000
A dd ition al exem ptions for dependents, increased to $400 from.
$200 _____________________________
30,000,000
R epeal o f all tran sportation taxes, Jan. 1 1922_________________ 262,000,000
R epeal o f tax on life insurance__________________________________
6,300,000
Repeal o f taxes on b evera ges_____________________ _____________
60,000,000
R edu ction o f taxes on ca n d y _ ___________________________________
S ,000,000
Sporting g o o d s ________________________________________
Furs __________________________________________________
So-called luxury ta xes____________
15,000,000

The estimated gains in taxes, beginning with the calen­
dar year 1923, are given as follows:

c a se o f M e r c h a n t s L o a n & T r u s t C o . v s . S m io ta n k a (d e cid e d M a r c h , 2 8 , 1 9 2 1 )
m a k e s n e c e s s a r y n o t a f u n d a m e n t a l m o d i fi c a t i o n o f t h a t r u le , b u t a m o r e
d e ta ile d s t a t e m e n t o f its a p p lic a t io n .
T h e p r o p o s e d b ill g iv e s e x p lic it e ffe c t t o t h e d o c tr in e a p p r o v e d in t h a t
d e c isio n ; p r o v id e s t h a t t h e g e n e r a l b a sis f o r a s c e r ta in in g t h e g a in d e r iv e d
o r lo ss s u s ta in e d fr o m th o s a le o r o th e r d is p o s itio n o f p r o p e r ty s h a ll b e t h e
c o s t o f su c h p r o p e r ty ; b u t t h a t in t h e c a s e o f p r o p e r ty a c q u ir e d b e fo r e M a r c h

1 1 9 1 3 (1 ) i f it s fa ir m a r k e t p r ic e o r v a lu e a s o f M a r c h 1 1 9 1 3 is in ex c e ss
o f t h e c o s t , t h e g a in t o b e in c lu d e d in th e g ro s s in c o m e sh a ll h e t h e e x c e s s
o f th e a m o u n t r e a liz e d t h e r e fo r o v e r th e fa ir m a r k e t p r ic e o f v a lu e a s o f
M a r c h 1 1 9 1 3 ; (2 ) i f it s fa ir m a r k e t p r ic e o r v a lu e a s o f M a r c h I 1 9 1 3 is lo w e r
t h a n th e c o s t , t h e d e d u c t ib le lo s s s h a ll b e th e e x c e s s o f th e fa ir m a r k e t p ric e
o r v a lu e as o f M a r c h 1 1 9 1 3 o v e r t h e a m o u n t r e a liz e d th e r e fo r e ; a n d (3 ) if
th o a m o u n t r e a liz e d t h e r e fo r is m o r e th a n c o s t b u t le ss t h a n it s fa ir m a r k e t
p ric e or v a lu e a s o f M a r c h 1 1 9 1 3 o r le ss t h a n c o s t b u t m o r e t h a n s u c h fa ir
m a r k e t p r ic e o r v a lu e , n o g a in o r lo s s s h a ll b e r e c o g n iz e d .

T h e report discusses cap ita l gain an d capita l losses (Sec.
206) as follow s:
T h e sa le o f f a r m s , m in e r a l p r o p e r tie s , a n d o th e r c a p i t a l a s s e ts is n o w
se r io u sly r e ta r d e d b y t h e f a c t t h a t g a in s a n d p r o fit s e a r n e d o v e r a series o f .
y e a r s are u n d e r t h e p r e s e n t la w t a x e d a s a lu m p s u m (a n d th o a m o u n t o f
s u r ta x g r e a t ly e n h a n c e d th e r e b y ) in t h e y e a r in w h ic h th e p r o fit is r e a liz e d .
M a n y su c h s a le s , w i t h th e ir p o s s ib le p r o fit t a k in g a n d c o n s e q u e n t in c r e a se
o f t h e t a x r e v e n u e , h a v e b e e n b lo c k e d b y t h is fe a t u r e o f t h e p r e s e n t la w .
I n o rd e r t o p e r m it s u c h t r a n s a c t io n s t o g o fo r w a r d w i t h o u t fe a r o f a p r o ­
h ib it iv e t a x , t h e p r o p o s e d b i l l, in S e c tio n 2 0 6 a d d s a n e w S e c tio n (2 0 7 ) t o
t h e in c o m e t a x , p r o v id in g t h a t w h e r e t h e n e t g a in s e r v e d f r o m t h e sa le
o r o th e r d is p o s itio n o f c a p i t a l a s s e ts w o u ld , u n d e r t h e o r d in a r y p r o c e d u r e ,
b e s u b je c t e d t o a n in c o m e t a x in e x c e s s o f 1 5 % , t h e t a x u p o n c a p ita l n e t
g a in s h a ll b e lim it e d t o t h a t r a t e .
I t is b e lie v e d t h a t t h e p a s s a g e o f t h is
p r o v is io n w o u ld m a t e r ia lly in c r e a s e t h e r e v e n u e , n o t o n ly b e c a u s e it w o u ld
s t im u la t e p r o f i t -t a k i n g t r a n s a c t i o n s , b u t b e c a u s e t h e lim it a t io n o f 1 5 % is
a lso a p p lie d t o c a p ita l lo s s e s .
U n d e r p r e s e n t c o n d it io n s th e r e a re lik e ly t o
b e m o r e lo sse s t h a n g a in s .

On the qu estion o f net losses (See. 204) the report says:
U n d e r e x istin g la w a b u s in e s s o p e r a t e d a t a lo s s fo r a n y y e a r c a n t a k e
n o c r e d it o r d e d u c t io n fo r t h a t lo ss a g a in s t a n y p r o f it s w h ic h m a y b e e a rn e d
in su c c e e d in g y e a r s , a lt h o u g h t h e r e v e n u e a c t o f 1 9 1 8 a u t h o r iz e d a d e d u c t io n
fo r n e t lo sse s fo r a n y t a x a b le y e a r b e g in n in g a f t e r O c t . 3 1 1 9 1 8 , a n d e n d in g
p2,000,000
r io r t o J a n . 3 1 1 9 2 0 .
T h e p r e s e n t b ill p r o p o s e s t o r e v iv e t h e n e t lo ss
4,510,000
a llo w a n c e in m o d ifie d f o r m b y p r o v id in g t h a t i f fo r a n y t a x a b le year, b e g in ­
n in g a ft e r D e c . 3 1 1 9 2 0 , i t a p p e a r s u p o n t h e p r e s e n t a t io n o f e v id e n c e
s a tis fa c t o r y t o t h e C o m m i s s io n t h a t a n y t a x p a y e r h a s s u s t a i n e d a lo s s , th e
a m o u n t t h e r e o f s h a ll b e d e d u c t e d f r o m t h e n e t in c o m e o f t h e t a x p a y e r fo r
t h e su c c e e d in g y e a r ; a n d i f s u c h n e t lo s s is in e x c e s s o f t h e n e t in c o m e fo r
e a c h su c c e e d in g t a x a b le y e a r t h e a m o u n t o f s u c h e x c e s s s h a ll b e a llo w e d a s a

Increase o f corporation incom e ta x from 10 to 1%M % ,J a n .l 1922 $133,750,000
License to sellers o f s o ft drinks__________________________________
10,000,000
T a x o f six cents on cereal b everages_____________________________
12,000,000
d e d u c tio n in c o m p u t in g t h e n e t in c o m e fo r t h e n e x t s u c c e e d in g t a x a b le y e a r .
T ax o f fiv e cen ts on ca rb on ic acid g a s_________________________
2,000,000
Taxes on fru it juices, still drinks and foun tain syru p s_________
12,000,000
T h e report also contains the follow in g:
S u bstitu tion o f m anufacturers’ taxes on toilet preparations and
S e c tio n 2 0 1 a d d s to t h e e x is tin g la w t w o n e w t e r m s — “ fo r e ig n t r a d e r ” a n d
p rop rietary m edicines for existing stam p ta xes________________
8,000,000

The total loss in revenue is thus placed at $968,080,000,
and the total gains at $177,750,000, leaving the net loss of
$790,330,000 estimated by the report. Applying to indi­
vidual taxpayers the net difference of $790,330,000 between
these losses and gains, Mr. Fordney said they represented a
reduction of $7 per capita, “ or a saving to the average
family of $35 per year.” Since the repeal of the excess
profits tax and the reduction of surtax rates on individual
incomes do not become effective until 1922, Mr. Fordney
said $406,250,000 of the contemplated loss of revenue would
not be reflected in the revenue collections prior to the calen­
dar year 1923. Discussing elimination of these levies, Mr.
Fordney quoted two former Democratic Secretaries of the
Treasury— Glass and Houston— as urging their repeal, Mr
Glass in 1919 and Mr. Houston in 1920. On the question of
invested capital the report has the following to say:
T he question o f invested capital has been a m ost troublesom e and v ex a ­
tious one, ana the abandoning o f “ invested ca p ita l’ ' as a basis fo r com pu tin g
tax dedu ction s will sim plify corporation tax statem ents and rem ove a source
o f prolific ta x discrim ination. T h e revenue lost b y the excess p rofits tax
repeal will be partially recovered b y the im position o f an additional 2 lA %
incom e fax on corporate earnings. Under existing law corp ora te earnings
in excess ol $2,000 are su bject to a tax o f 1 0 % . U nder provisions herein
recom m ended corporate earnings in excess o f $2,000 will b e su b je ct to an
incom e tax o f 12j^ % .
It is estim ated the 2 jA % additional will provide
$138,750,000 o f reven ue.

Discussing surtaxes the report says:
I he com m ittee recom m ends the lim itation o f 3 2 % on surtaxes m ainly
because the higher rates have proven to be beyon d the p o in t o f p ro d u ctiv ity
and have driven investm ents from the usual channels o f trade and Industry.
I he excessively high rates in existing law have resulted in various m ethods
of tax evasion, the m ost ou tstanding one being the transfer o f investm ents
to tax exem pt securities.

“ fo r e ig n t r a d e c o r p o r a t io n ” — d e fin e d t o m e a n , r e s p e c t i v e ly , a c itiz e n or
r e sid e n t o f t h e U n it e d S t a t e s a n d a c o r p o r a tio n less t h a n 2 0 % o f w h o s e g r o s s
in c o m e fo r t h e t h r e e -y e a r p e r io d e n d in g w it h t h e c lo s e o f t h e t a x a b le y e a r
(or fo r s u c h p a r t o f s u c h p e r io d a s m a y b e a p p lic a b le ) w a s d e r iv e d fr o m
so u r c e s w ith in t h e s e U n it e d S t a te s .
T h e s e a m e n d m e n t s c o n s t it u t e p a r t o f a
g e n e ra l p la n t o t a x A m e r ic a n b u s in e s s c o n c e r n s w h o s e b u s in e s s is p r a c t ic a lly
a ll c o n d u c te d in fo r e ig n c o u n tr ie s o n ly o n th e ir i n c o m e d e r iv e d f r o m s o u r c e s
w ith in t h e U n it e d S t a te s .
U n d e r e x istin g la w a n A m e r ic a n c itiz e n o r d o m e s t i c c o r p o r a tio n is t a x e d
u p o n h is , or i t s , en tire in c o m e , e v e n t h o u g h all o f it is d e r iv e d fr o m b u s in s s s
tr a n s a c te d w it h o u t t h e U n it e d S t a t e s .
T h i s r e s u lts in d o u b le t a x a t io n ,
p la c e s A m e r ic a n b u s in e s s c o n c e r n s a t a s e r io u s d is a d v a n t a g e in t h e c o m ­
p e t it iv e s tr u g g le fo r fo r e ig n t r a d e a n d e n c o u r a g e s A m e r i c a n c o r p o r a t io n s
d o in g b u sin e ss in fo r e ig n c o u n tr ie s t o su r r e n d e r th e ir A m e r ic a n c h a r te r s a n d
in c o r p o r a te u n d e r t h e la w s o f fo r e ig n c o u n tr ie s .
I n o rd e r t o r e m e d y t h is
s itu a t io n fo re ig n t r a d e r s a n d fo r e ig n t r a d e c o r p o r a t io n s , a s a b o v e d e fin e d ,
w ill, u n d e r t h is b ill (S e c . 2 2 3 ) b e t a x e d s u b s t a n t i a lly a s n o n -r e s id e n ts —
i.

e . . o n ly o n in c o m e d e r iv e d f r o m s o u r c e s w it h in t h e U n it e d S t a t e s .

Surtax evasion (Sec. 226) is dealt w ith as follow s:
S e c tio n 2 2 0 o f t h e e x is tin g la w p r o v id e s t h a t i f a n y c o r p o ra tio n is fo r m e d
o r a v a ile d o f fo r th e p u r p o s e o f e v a d in g t h e s u r ta x u p o n its s to c k h o ld e r s
th r o u g h th e m e d iu m o f p e r m it t in g it s g a in s a n d p r o fits to a c c u m u la t e in ste a d
o f b e in g d iv id e d , t h e s to c k h o ld e r s s h a ll be t a x e d in th e s a m e m a n n e r as
p a r tn e r s .
B y r e a so n o f th e r e c e n t d e c is io n o f th e S u p r e m e C o u r t in th e
s t o c k d iv id e n d ca se (E isn e r v s . M a c o m b e r ) c o n sid e ra b le d o u b t e x is ts a s to
th e c o n s t it u t io n a lity o f t h e e x is tin g la w .
S e c tio n 2 2 6 o f th e b i ll, t h e r e fo r e ,
p r o p o se s t o a m e n d S e c tio n 2 2 0 o f th e e x is tin g la w so as t o im p o s e u p o n
c o r p o ra tio n s o f th e c h a r a c te r a b o v e d e s c rib e d a f l a t a d d itio n a l in c o m e t a x
o f 2 5 % o f th e n e t in c o m e ; b u t i f t h e s to c k h o ld e r s a g r e e , t h e y m a y b e t a x e d
u p o n th e ir d is tr ib u t iv e sh a re s in t h e n e t in c o m e o f t h e c o r p o ra tio n in th e
s a m e m a n n e r a s m e m b e r s o f a p a r tn e r s h ip , s u c h t a x e s t o be in lie u o f a ll
in c o m e t a x e s u p o n th e c o r p o r a t io n .

D ed u ction s allow ed are sum m arized as follow s:
S e c tio n 2 1 3 w o u ld p e r m it (in th e c o m p u t a t io n o f n e t in c o m e ) th e d e d u c ­
t io n o f a ll tr a v e lin g e x p e n se s in c u rred in th e p u r s u it o f a tr a d e or b u s in e s s ,
in s te a d o f t h e m o re lim it e d d e d u c tio n fo r s u c h e x p e n se s a llo w e d u n d e r th e
p r e se n t l a w .
SS
S e c tio n 2 1 4 w o u ld lim it th e r e d u c tio n s fo r lo sse s b y p r o v id in g t h a t h o
d e d u c tio n sh a ll b e a llo w e d fo r lo sse s s u s ta in e d in th e s a le o f s e c u r itie s

where

798

THE CHRONICLE

tlle taxpayer a,t or about the time iof such sale [_>urcha ed ideal icai se<mrit ies.
T his change will, if adopted, prevt;nt (evasion ol' the titx through the jmedium
Under the in'esfiml. law vvortid e.:s dc bt s are didduntilbio in full or not at all,
biLit Section 2 14 v\iouId au laarize the Comm 1st Loner to permit a ded u e ion
toir debts reivetera ble only in part, or in his di cretioil to recognize a rest>rve
tch' bad debt &—a met od of proY dir•g for batl debt s much loss su bjec t to
ai3Use than thes im*th- d of wriRing iAT 1bad debts requiii*ed by the presiHit law.
Section 216 WGlild allow the de<iuc t i in, ui.dor pro per restriction, Of Cson ■
tr i tuitions or ;5if is to a connintuit;y c]nest fund or foi nidation.
Section 217 deud with eates where proper! y is in voluntarily cu-UYOi•fed
and
inLto cash as a reselit of file , fchipw reell, coride inmatin! i or related cau
P«armits the t;LtApiilyer to oinIt or deiluce the gains involuntarily lvulized,
when he procBeds forthwith in g<uod faith to inves!l the proceeds of : uch
eoiiv ersion in the acquisition of .similar property or in the estabii hment of a
replacement fund uierefor.
Section 219: Coder existing law persons receiving by gift, bequest, device
or inheritance a life or other terminable interest in proi>erty, frequently
capitalize the expected future income, set up the value of this expectation
as corpus or principal, and thereafter claim a deduction for exhaustion of
this so-called principal on the ground that with the passage o f time the
“ principal.. or corpus is gradually shrinking or wasting. This section ex­
plicitly states that no such deduction shall be recognized.
Section 220: Under existing law dividends are properly exempted from
normal tax when received from a corporation which is taxable upon its net
income. The stockholder is exempt, if the corporation is subject to tax
upon the smallest part— if only $1— of its net income. Any corporation
may, therefore, secure the benefit of the deduction for its stockholders by
purchasing a hundred-do liar bond or in any other way subjecting a few
dollars o f its income to our tax. A. theoretically correct solution of this
problem would require complicated anti difficult schemes o f pro-rating, to
avoid which it is proposed in Section 220 to adopt the simple solution <f
exempting from the normal tax all dividends reported by the taxpayer.
Section 225 removes certain obscurities in existing law relating to the in­
come o f estates or property held in trust by explicitly adopting the con­
struct ion which lias uniformly been given to this section of the law by the
Treasury Department.

DEBATE ON TAX BILL— VIEWS OF RE PRESENT ATI VE
FREAR.

With the opening of debate on the new tax bill in the House
on the 17th inst. Representative Fordney, whose majority
report on the bill is referred to in another item, discussed
the changes and stated that his committee believed it had
given to the House “as equitable a measure as was possible
under the circumstances.” Representative Garner of Texas,
ranking minority member of the Ways and Means Com­
mittee, opened the Democratic-fight on the bill. He said
he believed and hoped his party would say that the law put
on the statute books should provide that those most able to
pay should pay. He added that the Republican proposal
was for a lifting of the tax burden from the classes and plac­
ing it on the masses. Urging repeal of all the minor war
taxes the Texas member said he would propose as a peace­
time policy the obtaining of all Government revenue from
five sources—inheriLance taxes, individual income and cor­
poration taxes, tobacco taxes, customs receipts, and post
office and miscellaneous receipts. Air. Garner charged that
Secretary Mellon, in proposing tax revisions, had only one
object—“ the relieving of the rich and the taxing of the poor.”
He also declared that in the light of all the Treasury recom­
mendations it was only fair to assume that the administra­
tive changes in the new bill had “ been drawn always in favor
of those who pay high taxes and against those who pay small
taxes.”
Representative Ogden Mills of New York urged before the
House on the 17th inst. the value to the Government and to
the great body of taxpayers of the bill he has submitted for
consideration, which would lay a graduated rate on all
spendings above the exemption of $2,000 for the individual
and $4,000 for the head of the family, the rate increasing
by 1% on every $1,000 increase of expense up to $50,000,
and a 40% rate on all expenditures above that amount.
The “Journal of Commerce” which is authority for this
statement says:
M r. Mills said it was entirely too soon to expect much interest to be shown
in the proposition and that the patience of the Americna people with the
present system must be exhausted before it would seriously consider any­
thing else.
The action of the Republican conference in moving the date of the
repeal of the excess profits and income surtaxes from Jan. 1 1921, to Jan. 1
1922, was criticised. “ If it is right to do a thing, it is right to do it now”
declared Mr. Mills, and there were cheers at the statement. “ I believe,”
he continued, “ that a spendings tax would stop waste and extravagance.
I f men of wealth want to spend their money as they go along let them be
willing to be taxed for it.
Representative Frear of Wisconsin, a member of Ways and Means,
followed Mr. Mills, saying he was opposed to repealing the excess profits
taxes, but would vote for the bill.
I have had a number of the experts of the Treasury Deparrment meet me
in consultation on this form of taxation and they all agree that it is a just
and equitable tax, placing the burden on the ability to pay, said Mr. Frear.
A comparison with rates of taxation in England was also made by Mr.
Frear and he showed that in both excess profits and surtaxes the British
taxpayer had a much heavier burden. England's ability to pay was about
one-third, he said, of that of the United States and yet her heavy surtaxes
began at an income of $250,000 and the rates ran on up to 80% , very much
higher than those of our revenue law. The flat corporation tax in England,
he said, was 30% as against ours of 12 H % as fixed in tho pending bill.

Representative Frear, for himself and other members of
the majoiity of the Ways and Means Committee, presented

[Vol. 113

on the Kith inst. in the form of “ additional views,” obser­
vations on tho proposed changes in the taxing system. Air.
Fi t a , as well as those associated with him, will support the
bill. This reoort, among other things, we learn from the
“ Journal of Commerce,” says:
l.i! rtici ;i ( tariff rev i.- ion i lit; revenue bill is not a matter of entire agreen if ; but if Congress and the Administration will hew to the line with
P - si id ciiis of .several hundred millions of dollars annually an appropria­
tion dra He cuts in taxation set forth In the bill may be made; otherwise
deficits will occur.
V corporation flat tax of $223,000,(100 added to the bill affects the excess
profi’ . is epeal only to the extent that the same kind of corporations are
affected by the* hitting o f the tax compared with the existing taxes, and it Is
j’onnou.sly contended that a much larger part of the proposed flat tax sublitution will be borne by email corporations, to be levied irrespective of'
profits or losses in business.
L ' iii consideration was given a proposal to tax corporation undistributed
profis suggested by Secretary of the Treasury Houston loss than ninemonth ago, when he c.-. Unrated a 20% undistributed profits tax would yield
$(>90,000,000 annually in revenues. On a modest 5% basis such tax is
estimated to yield over 890,000,000 and womd more nearly place corpora­
tions on the same tax level with partnerships.
Gifts o f money and property that now escape the collector should be
taxed and an increased inheritance tax would materially help to meet a
continuing debt burden of $24,000,000,000, which must be whittled down if
we are to adopt ordinary business principles equally practiced by prudent
men and governments. The committee’s effort to relieve from tax burdens
deserves unstinted praise, but where experts differ and tax returns based on
bu m e s s conditions are so uncertain some of the foregoing taxes should find
place in the great revenue measure we have reported.
The proposed reduction o f personal income surtaxes from 65% to 32%
was also opposed. Arguments for and against this tax are familiar, but it is
designed to reach those best able to pay, and surtaxes are reduced on the
plea tha otherwise investments are discouraged excepting in tax-exempt
oonris by those who are subject to high surtax payments. It is estimated
$90,000,000 was not so invested, bin no argument Is hero offered on a con­
troverted proposal which is founded on just principles o f taxation. If
passed on, as often contended, to be paid uy the ultimate consumer during
the year in which the tax i ; collected then upward of $90,000,000 will have
to be passed on by those called on to pay the tax they have collected and
are not holding to await the tax collector.

REPRESENTATIVE KITCIIIN IN OPPOSITION TO T A X
BILL .

Urging House Democrats to line up solidly in caucus
against the Republican tax revision bill, Representative
Claude Kitchin, Democratic leader, in a telegram on Aug. 17
to Representative Garrett of Tennessee, acting minority
leader, declared the proposed repeal of the excess profits
tax and the substitution of the 15% corporation tax meant
that the big “ profiteering corporations” will be relieved of
at least $500,000,000 in taxes which will be paid by corpora­
tions with smaller incomes. Support of the bill by House
Democrats, Representative Kitchin added, would “ prove a
fatal mistake for every individual Democrat voting for it.’7*
Representative Kitchin said:
The 'corporations in the United States made net profits from Jan. 1
1916 to Jan. 1 1921 of approximately $50,000,000,000. After deducting
all taxes, paid since Jan. 1 1915. they have a clear profit left of $38,000,000,000, more than four-fifths of winch was made by less than 10,000 corpora­
tions, more than half of which was made by 1,026 of the profiteering cor­
porations, which include the Steel Trust, the Bethlehem Company, the du
Pont Company, the various Standard Oil companies, the coal combine, the
W ool Trust, tho meat packers, &c.
Let our fellow Democrats bear in mind always that these same corpora­
tions were filling their coffers with these fabulous billions for the profits of
their stockholders while our brave boys in France were spilling their blood
for the protection and defence of their country.
In the face of these ugly facts, is it possible that any one of our fellowmembers can get the consent o f his mind, as a matter of right and justice,
as well as good politics, to join with the Republicans in relieving these big
profiteering corporations of hundreds of millions of dollars yearly and put­
ting these, millions upon the small and weak and non-profiteering corpora­
tions, making from 8 to 10% and less upon invested capital, which a 15%
flat rate will do, especially in face of the further fact that the Republicans
passed a tariff biil which gives these same profiteering corporations the
power to exact yearly from the people from three to five billion dollars
profits above the world market price?

FARMERS' OBJECTIONS TO TAX BILL.

A delegation representing the American Farm Bureau
Federation called on President Harding to voice their objec­
tion to the “ abandonment of the theory of taxing a. man
according to his ability to pay taxes for the support of the
National Government and the lowering of surtaxes,” follow­
ing the introduction of the tax revision bill. The delegation
commented favorably upon the proposed repeal of the
transportation tax and establishing an authority for final
settlement of disputed taxes. The Federation was repre­
sented by President J. R. Howard, Gray Silver, Washing­
ton representative, and II. C. AIcKenzie, special tax repre­
sentative. In their representations to the President the
delegation, according to the “Journal of Commerce," said:
The new bill will raise the porportion to be collect oil out of the living
wage and pay envelope from 25.4% to over 50H
In 1920 tho percentage
of tax raised by income and excess profits taxes was 73.6% of tho total ami
the amount raised by consumption and other taxes was 26. u .
The bur­
den o f both the personal income tax and the excess profits tax is on net
income and tho repeal o f one and cutting in two o f tho other is one ouovt
to shift the burdens.
Tho flat tax on corporations will be easier to pass on to the consumethan the excess profits tax

A ug. 20 L921.]

79!)

THE CHRONICLE

HE A Rl NOS OF SENATE COM MI TTEE ON TA RIFF RILL.

Open 1roarings on the ponding tariff bill worn begun by
the Senate Finance Gommittoo on Monday last, An/'. 15.
The Committee on tlio 12th inst. adjourned until the I5Mi,
Senator Penrose on the 12th, in announcing Mm adjourn­
ment, stating that two sub-committees had been named to
reaeh a solution on the much-disputed question of a <lye
embargo. Senator Penrose’s statement said:
VVo discussed the embargo question and the American valuation plan.
After a brief Interchange of views, In which it was evident that every one
was united in desiring to furnish full protection to the American dye Indus
try, it appeared that there still existed opposition to the idea o f a dye
embargo.
Then Mr. Fordney and myself agreed on the selection o f a sub-committee
o f the two committees, which was named. It includes Senators Smoot and
Dillingham for the Finance Committee, and Representatives Frear and
Longworth for the W ays and Means Committee. They are to confer and
see if some solution can bo agreed upon, and are to report to the Finance
Committee next M onday.
it will be noted that all phases o f opinion are represented on the sub­
committee, Senator Smoot being opposed to it [a dye embargo], while
Senator Dillingham is of an open mind and is fair in his attitude on the
subject. Mr. Frear, it is known, is opposed to the dye embargo, while
M r. Longwort h favors at. The subcommittee was entirely satisfactory to
all members o f both committees.
The Finance Committee agreed to direct Senator M cCum ber to make a
favorable report upon the Longworth resolution for extending the dye
embargo, with an amendment. This amendment is to provide that the
resolution shall be broadened to cover everything in the Emergency Tariff
bill, extending the life o f that measure to Jan. 1 1922, or until an earlier
date if a law is passed to take its place.
The meeting considered the House paragraph on American valuation.
The Finance Committee agreed to a substitute which does not differ radically
from the House provision. It was read to the assembly and was unani­
mously agreed upon. It adheres substantially to the House provision, but
the amendment will also cover some small articles, like laces, penknives,
toys, fashion goods and similar things on which there is no comparable
value.
There was no tentative vote upon the question o f the dye embargo.
The Finance Committee adjourned until M onday. A t that time we shall
proceed openly with hearings on the chemical schedule, with Democratic
members as well as Republican members present. About 500 applications
for hearings are on file. The committee will make an effort to limit the
character o f the testimony, but I cannot estimate how many days it will
require. W e shall restrict the spokesmen to one man for each group,
require that he make his statement uninterruptedly, and that no one shall
speak longer than fifteen minutes. The committee is determined to adhere
to this rule, so as to shorten the hearings as much as possible. I f that is
done we will m ove along very rapidly. All witnesses will be permitted
to file briefs, which will be carefully considered by the experts.

tative Rhodes, Republican, of Missouri, a kod for higher
duties o n barium and barytes ores, mined lartql;, in his
State, in view of heavy imports coming from G< rmany.
()n the 17th inst. representatives of the North * ■roiina
division of the Southern Tariff Association urged Mu adop­
tion of tariff rates which would equalize Airu*n<-.in and
foreign production costs. They also asked that Hu- embargo
on dyes importations in the Emergency Tariff Act be. con­
tinued. Those appearing included E. Ik Wh? /‘ton and:
A. II. High, of Greensboro, N. (h, and J. A. Arnold, of
Fort Worth, Texas Secretary of the Southern Tariff Associa­
tion. As to further developments at the committee hear­
ings, it is stated in the. press advices:
Proponed duties on vegetable oils and fats were the I?;..- i around which
union o f the d a y ’s discussion centred. Users o f the oils prot< led against
high rates, declaring there was an exportable surplus o f the eon medlLns in
this country. Dairy interests joined with some o f the oil producers, on the
other hand, in urging the tariff, declaring their business was being run
at a loss. The dairy industry continually felt the competition o f butter
substitutes A. M . Loomis, Secretary o f the Dairy Union, said in asking for
rates which some members o f the committee declared would amount to an
embargo when based on American valuation.
Chairman Penrose announced that the committee would continue cot sideration o f the tariff bill through next week, regardlc;;;; o f passage by the
House o f the tax bill scheduled for Saturday. Whether the tax bill would
precede the tariff on the floor of the Senate, he added, had not been deter­
mined. He believed the tax bill could be disposed o f before the start o f
the tax year without great haste.
Requests for increases over House tariff rates appear to be based “ largely
on worry and not on tangible bases,” M r. Penrose declared to-day after
half a dozen witnesses had appealed for higher figures for certain articles.
Ilis remark was directed to Carl F. Speh, representing the Turpentine
Producers’ Association, who asked for a 25% ad valorem duty on rosin
and turpentine, put by the House on the free list.
M r. Speh said producers were worried about increasing imports, but
M r. Penrose said he found that 60 % o f the world production came from the
United States.

With the completion of its hearings on the chemical
schedule on the 18th inst. the Committee decided to press for
passage the House resolution extending the dye embargo
in the emergency tariff act to Nov. 27, without urging its
own amendment to continue the entire emergency lav/ to
Jan. 1. The change was made, it was said, because it was
desired to pass the resolution before the proposed recess.
The House resolution as indicated in these columns last week,
page 689, passed that body on Aug. 11. At the Senate
Committee hearing on the 18th Representatives of the
American Farm Bureau Federation urged the elimination of
the House tariff on ammonium sulphate of $12 a ton. Wit­
nesses said it was the first time in any recent tariff that such
import duties had been voted, and they contended that
there would be danger of impairing the fertility of the coun­
try’s soil if farmers were compelled to pay higher prices for
fertilizers.

It was stated on the 15th inst. that the sub-Committeee
studying the dye-protection phase of the bill had made no
progress, and that a report from it might be delayed several
days. On the 12th inst., the Senate Finance Committee
and members of the House Ways and Means Committee
agreed to embody in the tariff bill a valuation plan assessing
ad valorem duties on the basis of the American wholesale
selling price on all imports where comparable and competitive
articles of domestic manufacture are found. The press
dispatches that day relative to this said:
HOUSE PASSES BILL IMPOSING D U T Y ON REIMPORTS
This provision, it was believed, would apply to about 75% o f all imports.
W here no comparable and com petitive American-made article was found,
the duty would be assessed on the American wholesale selling price o f a
comparable and com petitive imported com modity.
In event no such basis existed, then the duty would be levied on the value
o f the article in its home land at the time of export, plus necessary expens­
es to an American port, and a reasonable profit, totaling not less than 16%
o f the article's value.
I f no basis was found in the first three alternatives, the basis o f assess­
ments would revert to the production cost, plus the necesssary expense
o f laying the shipment down in America.

OF A R M Y SUPPLIES.

On August 12 the House passed a joint resolution (183)
imposing a duty of 90% on ail goods exported from the
United States for the use of the American Expeditionary
Forces and its allied forces which have been sold to any for­
eign Government or persons when reimported into the
United States. The measure is designed to prevent dumping
of this merchandise on the A^merican market to the detriment
With the start of the open hearings on the bill on the 15th of domestic producers.
inst. Senator Penrose stated that it was evident that in some
schedules reductions would be made. Regarding the views PRESIDENT HA RDING SIGNS RESOLUTION CALLING
presented to the Committee on that day the press advices
FOR COMMISSION TO CONFER REGARDING CAN­
from Washington said:
A D I A N WOOD PULP RESTRICTIONS.
Growers o f citrus fruits were far apart as to what protection the industry
needed. G. Harold Powell, Director o f the California Citrus League,
proposed 20 cents a pound on citric acid, 12 cents on citrate o f lime and
40% ad valorem on lemon and orange oils. He also wanted juices made
from these fruits transferred to the dutiable list at 70 cents per gallon.
George N . Hamilton o f Claremont, Cal., representing several growers’
associations, suggested 70 cents a pound on citric acid, 40 cents on citrate
o f lime, 50% ad valorem on the oils and $2.10 a gallon on fruit juices, as an
inducement to the growers to expand their operations.
Salt mine owners asked re-establishment o f the Payne-Aldrich rates,
W . T . Chisholm, Scranton, Pa., saying the House bill rates would not
check German shipments.
American producers must “ oppose any effort on the part o f the interests to
place farm products on the tariff free Ust,” said a telegram sent to-day
by five Senators from Western States to the Southern Tariff Association,
meeting at Greensboro, N . C. The telegram was signed b y Senators
Gooding, Idaho; M cN ary, Oregon; Capper, Kansas; Johnson, California,
and Nicholson, Colorado, and said it must be made clear to leaders o f both
political parties “ that agriculture and its affiliated industries are entitled
to th e same consideration as the, manufacturers.”

On the 16th inst., when hearings on the chemical schedule
were under consideration, five out of six witnesses heard,
warned of dangers to their business unless German competi­
tors were checked. Increases over House bill rates were
sought by fr ost witnesses, who also used employment condi­
tion:, as arguments for tariff rates which would check imports
and allow home industries to get on their feet. Represen­

President Harding on Aug. 16 signed the joint resolution
authorizing the appointment by the President of a Com­
mission to confer with the Canadian Government or th©
Provincial Governments of Quebec, Ontario, and New
Brunswick in respect to the cancellation of orders restricing exports of pulp wood from Canada to the,United States.
The resolution, as we reported in these columns July 2,
page 31, was passed by the Senate on June 17. In amended
form the House passed the resolution on Aug. 1, and the
Senate concurred in the amendments on Aug. 4. The only
material amendment was one reducing the amount for th©
investigation from $50,000 to $10,000.
SENATOR L A D D I N OPPOSITION TO TARIFF BILL —PROPOSES A LL I A N C E OF FARMERS.

The Fordney Tariff bill was characterized as a “ sap” by
Senator E. F. Ladd of North Dakota in a speech before the
Southern Tariff Association at Greensboro on Aug. 15;
if accepted, he declared, it will plunge the farmers more
deeply into debt than ever before. Senator Ladd is quoted
to this effect in the Raleigh “ News and Observer” which

800
Bt&tab that he advocated an alliance
and West to prevent the farmers from

of the great manufacturing centers.”

THE CHRONICLE

[VOL.

113.

between the South successor, Mr. Edwards , familiarly known as “ Big Bill”
becoming the “ prey made known the receipt of the following letter from former
He is also quoted as President Wilson:

fo llo w s :

l
banner is uot justified, he said, "in remaining silent under the
treatingut which affords 10% protection on raw ladies and then gives 150^
protection on leather products, so hidden that the average person does not
know' what is the trouble."
H Ho >aid the bill did not afford adequate protection either to the stock
man, the sheep industry, the grain grower, or to the agricultural products
o f the South.
Unless the farmers of the South and West make their demands felt,”
Senator Ladd said
ihey will be fooled into quiescence until it is too late
and tin Eastern manufacturer has built a wall of protection about him that
win enslave the American farmer and force him to lower his standard of
living
The Eastern manufacturer stood for high tariff on manufactured
goods but for no tariff on raw products which in reality were the farmers'
finished products."
Senator Ladd said some progress was being made in the enactment of
laws beneficial to agriculture and declared the present session of Congress
had passed or had under consideration more constructive and helpful
legislation dealing wit h agriculture than had been enacted during the pre­
ceding ten years.

A uqust 12 1921.
My dear Edwards. -Your letter gave me a great deal of pleasure. It was
a matter of great satisfaction to me to be able to show my confidence in you
by the appointment as Collector. You have entirely fulfilled my expecta­
tions and my most cordial friendship will always follow you.
Cordially and sincerely yours,
W O O D K O W W ILSON.

Mr. Edwards in greeting his successor, said:
1 have been happy here in this job of seeing this service grow over double
its size during the four years and four months I have been here. This office
has been the largest collecting agency for Uncle Sam. We have collected
during my term o f office nearly $5,000,000,000. During the past year the
taxpayers paid $964,492,750. It has ever been my desire to make good,
viy chapter here is closed. I wish you all the success that can come to a
man who gives himself to his job. This I know you will do. 1 hope you
will make a better collector than I have been though you can never be a
bigger one.

E. I). DURANl ), C H I E F OF EA STE RN E U ROPE A N
DIVISION OF FOREIGN A ND DOMESTIC COM MERGE.

In also reporting Senator Ladd as stating that 43 billion
Secretary of Coinmorce Hoover announced on Aug. 11
dollars has been lost by the people oi‘ the United States
through “ unnatural deflation, forced through,” the paper the appointment of E. Dana Durand, former Director of the
United States Bureau of the Census and professor at Harvard,
referred to adds:
as
chief of the newly created Eastern European Division of
Basing his figures on recent testimony of John Skelton Williams, former
Comptroller of the Currency, Senator Ladd said the nation "is indebted the Foreign and Domestic Commerce. Mr. Durand was
to M r. Williams for enlightening it as to the w orkings o f the Federal lteserve Director of the Census Bureau from 1909 to 1913. From
system
now carried out by seven men who have the power to inflate and
1903 to 1909 he was connected with the Bureau of Corpora­
wm tnuq without regard to the government.
Having inflated the currency until the dollar is worth about 40 cents,” he tions of the Department of Commerce and Labor, first as
said, the Government proceeds to borrow $24,000,000,000 to help pay
economic expert and later as Deputy Commissioner. Dur­
the expenses of a great world war. The real value of those dollars was not
to exceed $12,000,000,000 in the purchasing power under normal conditions. ing 1917-18 he was assistant chief of the meat division of the
The same seven men proceed to deflate the purchasing power of the United States Food Administration, leaving that position
dollar and now the Government will have to liquidate that debt; that is,
to act as adviser to the Minister of Food of Poland. At an
the common people, the real workers of the land, will pay for the most of
it on a basis representing the value of $50,000,000,000 when expressed in earlier date he was Secretary of the United States Industrial
terms of agricultural products.
Commission at Washington, and at another time acted as an
expert on the Minnesota Commission for Reorganization of
I N D I A N A FINANCE CORPORATION PROPOSED TO the State Government. He has served in other official and
FURTHER WORK OF U. S. GRAIN GROWERS INC.
semi-official capacities. His experience in educational cir­
A resolution favoring the formation of a Farmers’ Finance cles includes Harvard, Stanford, and Minnesota Universities,
Corporation of Indiana for the purpose of carrying out the in each of which he taught economics. Mr. Durand is the
objects of the Farmers’ Finance Corporation and the U. S. author of “ The Finances of New York City,” “ The Trust
Grain Growers Inc. was adopted at a meeting of the direc- Problem” and various magazines, Government reports, Ac­
tors of the Indiana Federation of Farmers’ Associations,
the Indiana State Grange and the Farmers’ Grain Dealers POSTMASTER-GENERAL H A Y S ON CENSORSHIP OF
NEWSPAPERS— APPLICATION OF N. Y.
Association in Indianapolis on Aug. 8. According to the
“ VOLKSZEITUNG” APPROVED.
Indianapolis “ News,” “ the meeting of the directors of the
three organizations had been called to discuss the situation
The Postmaster General Will H. Hays personally issued
created by the action of the Indiana Securities Commission the following statement, addressed to the Newspaper
in refusing to permit the sale of stock in Indiana of the Farm­ Publishers and Editors of the United States and made public
ers’ Finance Corporation, a $100,000,000 corporation formed Aug. 15.
under the laws of the State of Delaware to finance the na­
The New York "Volkszeitung” has made a new application for secondtional marketing activities of the grain growers.” The class privileges. This application has received the usual consideration of
the Department and has been approved.
resolution adopted reads as follows:
I want again to call the attention of the publishers to the fact that I am
Resolved, That we favor the formation o f a Farmers’ Finance Corporation
of Indiana for the purpose o f carrying out the objects of the Farmers’
Finance Corporation and the work of the U. S. Grain Growers’ Inc., and
other agricultural activities. And be it further
Resolved, That a committee o f three be appointed by the chair upon the
recommendation o f the organizations here represented to counsel and devise
the form and decide upon the ways and means of creating such a corporation.

The “ News” also says:
The committee, appointed by John G. Brown, President of tho Indiana
Federation of Farmers Associations, on the recommendations of the execu­
tive committeees o f the other organizations, will devise a plan for the or­
ganization o f such a corporation and report back to the directors of the
three organizations for confirmation. John J. Brown of Rockport. a mem­
ber of the State Board of Tax Commissioners, will represent the Farmers’
Federation on the Committee, while the Grain Dealers' Association will be
represented by its President, Joseph Minch, of Monon. Everettt McClure,
Master of the Indiana State Grange, has been appointed to represent the
State Grange on the Committee.
The directors of the farmers’ organizations also adopted resolutions
indorsing the cooperative marketing plans of the grain growlers and urging
farmers to join the organization. Other resolutions recommending support
for the federated marketing service and urging farmers to pool their orders
for fertilizer and send them through this service were adopted.
Methods for conducting the campaign for membership in the U. S.
Grain Growers, Inc., were discussed at a meeting of membership solicitors
with James K. Mason [a director o f the U. S. Grain Growers, Inc.] at the
Hotel English.
There are no restrictions, M r. Mason said, on the solicitation of member­
ship in the U. S. Grain Growers, Inc., in Indiana, although there have been
reptrts to the contrary. He said that the solicitors would sell stock in the
Farmers’ Finance Corporation of Indiana within two or three weeks, or as
soon as the corporation was organized. This would be done, he said, with
tho solicitation o f stock in the Grain Growers.

F. K. BOWERS SWORN I N AS INTERNAL REVENUE
COLLECTOR.

Frank K. Bowers, who as announced in these columns
July 30, page 495, has been appointed by President Harding
as Collector of Internal Revenue for the Second District of
New York, succeeding William H. Edwards, resigned, was
sworn into office on Aug. 15. With the induction of his

not, and will not allow myself to be made, a censor o f the press. I believe
that any publication that is entitled to the use of the mails at all is entitled
to the second-class privileges, provided that it meets the requirements of the
law for second-class matter. A publication once entered as second-class
matter is entitled to the best best and most prompt service and to the least
possible interference with its constitutional freedom of thought- and action.
There is, however, placed upon me by certain statutes responsibilities in
this connection that must be upheld so long as the law' remains as it is. I
will at aii times act with moderation and consideration for the freedom of
the press, but I must and will enforce in good faith, without evoking tech­
nicalities, these statutes declaring certain matters nonmailable, one of
which is the Act o f June 15 1917 (40 S. 230), providing that:
"E very letter, writing, circular, postal card, picture, engraving, photo­
graph, newspaper, pamphlet, book or other publication, matter, or thing,
of any kind, containing matter advocating or urging treason, insurrection,
or forcible resistance to any law o f the United States is hereby declared to
be nonmailable.”
and another o f which is Section 211 o f the Penal Code of the United States
which declares that there shall not be carried in the mails any "obscene,
lewd, lascivious, filthy or indecent” matter, and also "matter of a character
tending to incite arson, murder, or assassination.”
W e intend, however, that there shall be no secrecy in regard to any matter
which, under these laws, may be held to be nonmailable. We will have the
actual copies of any newspaper or periodical that may be withheld from the
mails available to representatives of the press and others interested, together
with a complete file of each case. I am not only making these records
available, but I hope that the newspapers will not pass unchallenged or
unnoticed any case in which, in their opinion, the Department goes beyond
a fair interpretation of the law, if such case should arise. N o one can feel
stronger than we do on the importance of upholding the freedom o f the press.
remembering that I must uphold tho specific statutes on the subject to
which I have already referred.

RANK OF AMERICA ON STATE AID FOR WORLD WAR
VETERANS— INCREASES AY STATE DERI'S.

A chart giving details of State aid provided for veterans
of the world war has been compiled by the Bank of Amer­
ica of this city. According to this compilation, made public
Aug. 7, cash bonuses totaling more than $184,000,000 are
being received by veterans of the war in fourteen States.
The bank’s chart embraces information relative to legisla­
tion, nature of bonus or aid, the beneficiaries of those meas

Aug. 20 1921.]

THE CHRONICLE

801

of different method:: of financing I.Jo* work are used in Home
urea and the source and administration of funds. Impor of Atheliimib<‘i'
Staten other than tho is.nance of Hccmitm: , via sachuwettH ha divert
tanfc fiscal data on the sale of securities, the financial its soldiers two boimiHCH, the first one, during tho war, being paid out of
houses handling them, the amounts and dates of issue, do an appropriation of $3,7*39/200. The hccoikI, a cash boon of $100 for
tails of maturity and of price and yield also are recorded. all veterans, in financed out of a $20,000,000 appropriation. To cover
part of these expenditures, two issues of short-term noh- totaling #9,000,
The cash bonuses range from $10 a month for service in a 000 have been nold.
Nebraska in giving Its veterans aid in the form of care and relief for
number of States to $25 a month in North Dakota. A mini
her of States fix a maximum, ranging from $100 in Now the needy. The expenses of the work arc being me! by th« intercut on the
sum of $2,000,000, which the Stele has set a i - for investment in bonds,
Jersey to $500 in Oregon. Four States- 'Maine, Massachu­ of the United States, of the Stab', or of its municipalities.
North Dakota is “ paying as it goes” in carrying out its bonus legisla­
setts, New Hampshire and Rhode Island have given $100
outright cash bonuses, The other seven States which have tion. The bonuses being distributed are higher than those of any other
State, $25 per month of service, and the funds are being obtained from
passed cash bonus legislation are Michigan, Minnesota, New direct taxation of one mill on each dollar. The bonuses are being paid
York, South Dakota, Vermont, Washington and Wisconsin. as rapidly as the money becomes available.
Wisconsin is paying for its bonus measures from $20,090,000 set aside
Massachusetts has been paying two bonuses—$10 a month
in the treasury which is being reimbursed by the counties. The counties
of service until January 15, 1918, and a $100 cash bonus have llie option of obtaining the funds by direct taxation or by the i u
since. North Dakota claims the honor of having been the mice of county securities, and twenty of them have chosen the bond
first State to pay its soldiers bonuses. Illinois heads the method.
Serial bonds are specified in nine of the issues sold or proposed. The
list with $55,000,000 to he paid out if the referendum ap maturities range from one to ten-year serial in Maine to one to fifty-year
proves. California, Illinois, Iowa, Kansas, Missouri, Mon­ serial in Rhode Island. The New Hampshire bonds are due in 1926, while
tana, Ohio and Pennsylvania are awaiting the results of the Michigan, Montana, New Jersey and one of the Washington issues run
referenda on the subject. Bonus legislation is reported as for twenty years.
pending in Colorado and Florida. Such legislation has
been considered, but has thus far failed of passage in D E C R E A S E S I N W H O L E S A L E P R I C E S O F C O M M O D I ­
Connecticut, Delaware, Indiana, Maryland, Oklahoma, Ten­
TIES I N J U L Y .
nessee, Texas and Utah. Bonus legislation i§ reported as
Except for foodstuffs and farm products the wholesale
pending in Colorado and Florida. As to State aid other
prices
of commodities were slightly lower in July than in
than bonuses, the Bank says:
June, according to figures made public on Aug. 18 by the
With the exception of Alabama, Georgia and Mississippi, every State in
the Union has passed legislation giving to or authorizing for World War U. S. Department of Labor, Bureau of Labor Statistics
veterans aid, exemptions or benefits of some kind.
at Washington. The Bureau's statement follows:

State civil service preference for veterans has been adopted in California,
Colorado, Connecticut, Illinois, Iowa, Massachusetts, Michigan, Minnesota,
Missouri, Montana, Nevada, New Jersey, Oregon, South Dakota, Washing­
ton and Wisconsin.
Exemption from taxation has been granted by Connecticut, Iowa, Massa­
chusetts, Michigan, New Jersey, North Dakota, South Carolina, Texas
and Wyoming.
Aid for education of veterans is available in California, Colorado, Illi­
nois, Indiana, Iowa, Kentucky, Minnesota, Nebraska, New York, Oregon,
South Carolina, South Dakota, Tennessee, Utah and Wisconsin. In Cali­
fornia a bill has been pased providing for vocational education of veter­
ans’ dependents, the funds to come from the sale of lands on account of
delinquent taxes.)
Help in buying homes is provided in Arizona, California, Oregon and
South Dakota.
Assistance in settling on farms is offered by Arizona, California, Colo­
rado, Idaho, Minnesota, New Mexico, Oregon, South Dakota and Wash­
ington.
Veterans’ welfare commissions or boards have been instituted in Cali­
fornia, Idaho, Iowa, Montana, Oklahoma, Oregon, Washington and Wis­
consin.
Veterans are aided in finding employment in Massachusetts, Nebraska,
Nevada and Washington.
Relief for needy veterans is provided for in Connecticut, Idaho, Maine,
Massachusetts, Minnesota, Montana, Nebraska, New York, Oklahoma,
Oregon, South Dakota, Tennessee, Washington, West Virginia and Wis­
consin.
Funds out of which loans are made to veterans have been authorized by
Oregon, South Dakota and Washington.
Admission to State hospitals and State soldiers’ homes and the provi­
sion of special hospitals for insane or tubercular veterans are the subjects
of legislation in most of the States.

The most popular method of financing these payments
are bond issues, the statistics of the Bank of America indi­
cate. In twenty-one States issues of bonds, notes or certifi­
cates have been authorized and sold or are awaiting popu­
lar approval. The Bank says:
Of the total $370,939,200 definitely provided for in bonus and related
legislation by the States, laws involving bond issues aggregating $191,500,000 still await referenda to make them effective. The sum of $45,939,200 of this total consists of appropriations from the State funds or
provided for by tax levy— including $9,000,000 for which Massachusetts
sold notes, and $20,000,000 in Wisconsin part of which twenty of the
counties have sold bonds to repay. Definite authorization for bonded in­
debtedness totals $133,500,000 in ten States (not including the $9,000,000
m Massachusetts). The amounts involved in Nebraska, North Dakota and
Oregon have not been definitely estimated.

Wholesale Prices in July.
N o change in the general level o f wholesale prices from June to July is
shown by information gathered by the United States Department of Labor
through the Bureau o f Labor Statistics. The bureau’s weighted index
number, which includes a larger number o f commodities than any other
currently published series, and which gives to each com m odity an influence
equal to its importance in the country’s markets, again registered 148 in
July, as compared with 100 representing the level of prices in the year 1913.
Farm products and foodstuffs were slightly higher than in June, the former
group advancing 1 % % and the latter l } 4 % over the level o f the previous
month. In all other groups decreases took place, varying from one-half
o f 1 % in the case o f cloths and clothing to 6% in the case o f house-furnishing
goods. Building materials were 1 % cheaper than in June, fuel and lighting
materials were 13^% cheaper, and chemicals and drugs \ % % cheaper.
Metals and metal products declined 5M % in average price from June to
July. In the group of miscellaneous commodities, including such impor­
tant articles as cottonseed meal and oil, lubricating oil, jute, rubber, news­
print and wrapping paper, soap, tobacco, and w ood pulp, the decline was
less than three-fourths o f 1% .
Below are shown the index numbers o f wholesale prices in the United
States, by groups o f commodities, as computed b y the Bureau o f Labor
Statistics for the months named. The figures for the last named month
are preliminary and subject to revision. The base used in computing these
index numbers is the average for the calendar year, 1913.
Index Numbers of Wholesale Prices, by Groups of Commodities.
(1913 equals 100).
-----1921----1920.
July.
June. July
Farm products___________
_236
115
113
Food, &c____________ _____
132
134
-268
Cloths and clothing_______
179
-317
180
184
Fuel and lighting_________
_252
187
_191
132
125
Metals and metal products.
Building materials_______
202
200
-333
163
Chemicals and drugs______
-217
166
House-furnishing goods _ _.
.362
235
250
M iscellan eous___________
150 * 149
_243
148
Ail commodities__________
-262
148
Comparing prices in July with those o f a year ago, it is seen from the
foregoing table that farm products and foodstuffs have declines 50% , and
clothing materials 4 3K % * Building materials, measured by changes in
their index number, show a decrease o f 40% and miscellaneous commodities
a decrease o f 3 8 ^ % . House-furnishing goods were 35% cheaper in July
than in the same month last year, and metals and metal products were
343^% cheaper. Fuel and lighting materials decreased 27% and chemicals
and drugs approximately 25% in the 12-month period. All com modities,
considered in the aggregate, decreased 43 lA % .

In pointing out, in a statement issued Aug. 16, that State
I N C R E A S E I N R E T A I L PR IC ES O F FOOD.
debts are being materially increased by the various p r o ­
The retail food index issued by the United States Depart­
grams for aid for World War veterans, the Bank adds:
ment of Labor through the Bureau of Labor Statistics shows
Already bond issues totaling $69,500,000 have been sold to pay for
that there was an increase of 2.7% in the retail cost of food
cash bonuses for veterans in nine States.
In eight others bond issues
to the average family in July as compared with June. Prices
aggregating $191,500,000 are awaiting referenda to make them effective.
A total of at least $370,939,200 has been definitely provided for in of 43 food articles are reported to the Bureau of Labor
bonus and other veterans’ legislation by twenty-one States. In addition
Statistics each month by retail dealers in 51 important cities,.
many States are spending millions of dollars out of their treasuries, from
special appropriations or from the proceeds of special tax levies, for all From these prices average prices are made for each article.
kinds of aid and relief.
These average prices are then “ weighted" according to the
While some of the States have been devising ways of financing these
quantity
of each article consumed in the average workingexpenditures other than by bond issues, the majority are providing for
From Jan. 1913 to Dec. 1920 22 articles of
some form of bonded indebtedness, according to the Bank of America sur- man's family.
hcate oi note have been sold by: Maine, $3,000,000; food were used in this index, but from Jan. 1921 43 articles
Massachusetts, $9,000,000 ($23,739,200 appropriation) ; Michigan, $30,are included in tho index number. Details of the changes
000,000; Minnesota, $21,000,000 ($2,000,000 additional appropriation);
:.ev/ Hampshire, $1,500,000; New Jersey, $12,000,000; Rhode Island, in retail food pricesjin July were announced as follows by tho
$2,500,000; South Dakota, $6,000,000; Vermont, $1,500,000, and Wash­ Bureau on Aug. 18:

ington, $11,000,000. Large bonds issues have been approved by legisla­
tive enactment, but must be given popular approval at referendum elec­
tion ; in California, $10,000,000; Illinois, $55,000,000; Iowa, $22,000,000;
Kansas, $25,000,000; Missouri, $15,000,000; Montana, $4,500,000; Ohio,
$25,000,000 and Pennsylvania $35,000,000.

Chanyes in One Month.
During the month from JunoJlS 1921 to July 15 1921, 10 o f tho 43 articles
on which monthly prices are secured, increased in price as follows: Potatoes,
2 6% ; Strictly fresh eggs, 20% ; butter, 16%; ham, 4 % ; lard, 3 % ; oranges,
3 % ; sirloin steak, round steak, pork chops, bacon, leg o f lamb, hens, canned

802

T11E CHRONICLE

foimate
tea iuul prunes, 1% . The price of nut margarine increased less
th-ilH fiv tentiis of 1%
T weuit y -Lhree articles decreased in price during the month from June 15
to Jut:v 15i as follows: Sugar, 9 % ; cjabbajge, 8% ; plate beef, 6 % ; onions,
huek ruast, 4% ; oleomargarine, 3 % ; rib roast, canned salmon,
5/
.1 ml Ik, flour, cornmeal atid baitanas, 2 % ; fresh milk, crLsco,
ev apot
bnta d . Cornflak;es, rice, 1baked beans, (:*anue<d corn, canned peas, and raisins,
1 &• The* pric:e o f macaroni and ere*im of wheat decreased less than fiveteiuths of 1 % .
Frit6b pi3mailtied unebiinged for cheese, rolied oat s, navy beans and coffee.
Changes in One Year.
Fur the year period, July 15 1920 to<July 15 1921L, the percentage decrease
m all a.rticies ol' food conibined was 321% . rLite pric;e o f raisins increased 9 % .
1'b.e price of all the other articles decreased as follows: Sugar, 73% ; pota­
toes, 62% ; rice, 53% ; lard and erisco, -12%; cormneal, 37% ; prunes, 35% ;
navy beans, 34% ; flour, 33% ; oleomargarine, 32% ; plate beef and butter,
31% ; cheese and coffee, 28% ; chuck roast and strictly fresh eggs, and
cabbage, 27% ; nut margarine and canned tomatoes, 25%', oranges, 23% ;
pork chops, 22% ; bacon, 21% ; round steak, 20% ; onions, 19% ; rio roast,
bread and cornflakes, 18%.; sirloin steak, 17%; fresh milk, baked beans and
canned corn, 16% ; ham, 15%; leg of iamb and hens, 14%; evaporated milk
and bananas, 12% ; rolled oats, 10%; canned salmon and canned peas, 9 % ;
tea, 7 % ; macaroni, 4 % , and cream o f wheat, 2% .
Changes Since July 1913.
For the 8-year period July 15 1913 to July 15 1921 the percentage increase
in all articles o f food combined was 48% . The articles named showed in­
crease as follows
Ham, 81% ; leg o f lamb, hens and potatoes, 79% ;
flour, 76% bread, 73% ; fresh milk, 59 % ; pork chops, 58% ; round steak,
54% bacon, 54%.; sirloin steak, 52% ; cornmeal, 47% ; rib roast, 45% ;
strictly fresh eggs, 40% ; cheese, 35% ; butter, 34% ; granulated sugar, 29% ;
tea, 27% ; chu- k roast, 26% ; coffee, 20% ; plate beef, 8 % ; lard. 5 % . The
price o f rice was the same as in July 1913.
The index number, based on 1913 as 100 was 144 in June, and 148 in
July 1921.
Changes in Retail Prices of Food, by Cities.
The average family expenditure for food increased, from June 15 to July
15 1921 in 45 cities and decreased in 5 cities. In St. Louis the expenditure
was the same on these two dates.
In St. Paul the increase was 9 % . In Milwaukee and Minneapolis the
increase was 8 % . In Buffalo, Detroit and Rochester the increase was 7 % .
In Butte and Indianapolis the increase was 6 % . In Boston, Cleveland,
Columbus, Denver, Peoria, Portland, M e ., Providence and Springfield, the
increase was 5% . In Jacksonville, Kansas City, Manchester, New Haven,
Portland. Ore. .Salt Lake City and Seattle the increase was 4 % . In Bridge­
port, Chicago, Fall River, Louisville, M obile, Savannah and Scranton the
increase was 3 % . In Baltimore, Houston, Memphis, Newark, New
Orleans, New' York and Washington, II. C ., the increase was 2 % . In
Atlanta, Birmingham, Charleston, Pittsburgh and Richmond the increase
was 1% . In Cincinnati, Philadelphia and San Francisco the increase was
less than five-tenths o f 1 % .
In Los Angeles there was a decrease o f 2 % ; in Norfolk, a decrease of 1 % ,
and in Dallas Little Rock and Omaha the decrease was less than fivetenths of 1 % .
For the year period, July 1920 to July 1921, the following decreases were
shown. In Omaha, 38% ; in Memphis, 36% ; in Butte, Cleveland, Detroit,
Indianapolis, Louisville, Milwaukee, Minneapolis, Mobile, St. Louis and
Springfield, 35% ; in Manchester, Peoria, Philadelphia and St. Paul, 34% ;
in Atlanta, Buffalo, Baltimore, Chicago, Denver, Fall River, Kansas City,
Newark, New Haven and Rochester, 33% ; in Birmingham, Cincinnati,
Columbus, New Orleans, •Pittsburgh, Portland, Ore., Salt Lake City,
Savannah. Scranton and Seattle, 32% ; in Bridgeport, Dallas, Little Rock,
Los Angeles, New' Arork, Norfolk and Portland, M e., 31% ; in Boston,
Houston, Providence and Richmond, 30% ; in Charleston, Jacksonville,
San Francisco and Washington, D. C ., 29% .
As compared with the average cost in the year 1913 the cost o f food in
July 1921 in the various cities showed the following percentage increases:
Providence and Washington, D. C ., 57% : Richmond, 56% ; Detroit, 55% ;
Boston and Scranton, 54% ; Charleston and Chicago, 53% ; Milwaukee,
52% ; Birmingham. Cincinnati and Manchester, 51% ; Buffalo. New York,
and St. Louis, 50% ; Baltimore and Minneapolis. 49% ; Fall River, Kansas
City' and Pittsburgh, 48% ; Cleveland, 47% ; New Haven, 46% ; Atlanta,
Indianapolis, 45% ; Dallas, New Orleans and Philadelphia, 44% ; Jackson­
ville. Memphis and Omaha, 43% ; Little Rock and Newark, 42% ; Denver,
41%;. San Francisco, 40% ; Seattle, 38% ; Louisville, 37% ; Los Angeles and
Salt Lake City, 34% ; Portland, Ore., 33% .

c o m p a r is o n

[Vol. 113.

of e m p l o y m e n t

in

id e n t ic a l

e s t a b l is h m e n t s

in

J U L Y 1920 A N D J U L Y 1921.

Industry.

Number on Pay % of
Mo. of Period Roll in Ju g.
InEstab­ of
July
July or De­
lish­ Payments Roll. 1920. 1921. crease .

iron and steel
118
Autom obiles .
49
Car building and
repairing.___
62
C otton mfg
61
16
C otton finishing
Hosiery and un
d e r w e a r____
63
Woolen
_____
51
Silk _
47
M e n ’s clothing
45
Leather
35
Boots and shoes
82
Paper making
57
Cigar manufac’ g
57
Coal (hitumin's)
99

Amount of PayRoll in July.
July

July

1920.

1921.

K mo. 189,770 101,638
1 wk. 126,997 80,188

-4 6 .4 8 13,683,927
-3 6 .9
4 ,33 5 ,63 9

u mo.
1 wk .
1 wk.

65,386 44,282
59,818 59,574
12,339 12,266

-32.3
— 0 .4
— 0 .6

4,082,301
1,396.375
328,436

1
1
2
1
1
1
|l
1
c

3 l ,664
2 1,6 17
19,840
3 1,0 7 0
14,909!
60 >78
33,564
16,226
25,796

18.9
25,091
50,713 i 105.8
19,272
2.9
29,732 - 1 . 3
12.138 -1 8 .6
59,253 | — 2.2
21,725 1 35.3
16,335 -+-0.7
23,043 — 10.7

601,577
645,963
808 ,0 98
995,111
399,181
1 449,344
983 ,8 09
342,053
1 906,439

wk.
wk.
wks.
wk,
wk.
wk.
wk.
wk.
ino

% of

In ­

crease
or De­
crease.

8 3 ,9 0 9,7 3 9
71.4
2 ,6 5 6 ,0 0 0 — 38.7
2 ,6 2 7 ,2 8 6 — 35.6
1,006,377 — 27.9
271 837 — 17.2
396,282
34.1
1,142,135 + 7 6 .8
820 ,7 85 — 5 .5
932,001 — 0.3
267,933 — 3 2.9
1,332,222 — 8.1
527.031 —46.4
303 ,9 66 — 11.1
1 ,303,632 — 3 1.6

Comparative data for July 1921, and June 1921. appear in the following
table. The figures show that in 8 industries there was an increase in the
number of persons on the pay roll in July as compared with June, and
in 6 a decrease. The largest increase reported, 8.9% appears in men’s
ready-made clothing
Leather shows an increase of 3.7% , boots and shoes
an increase of 3.1% , and automobiles an increase o f 3 % . Iron and steel
shows the most important decrease • 12.7 %; while in hosiery and underwear
and cigar manufacturing, respective decreases of 3.4% and 3.1% appear.
In comparing July 1921, and June 1921,4 industries show an increase in
the amount of money paid to employees and 10 show a decrease. The
most important increase is 13.8%, which appears in men’s ready-made
clothing. Iron and steel shows a decrease of 24.4% , and car building and
repairing a decrease o f 11.9%.
C O M P A R IS O N OF E M P L O Y M E N T IN I D E N T IC A L
J U N E 1921 A N D J U L Y 1921.

In d u stry .

N o. o f P e r io d
Estab­ o f
lish­ P a y ments R o ll.

Iron and steel
118
45
Autom obiles .
Car building and
59
repairing..... - Cotton mfg
60
Cotton finishing
16
Hosiery and un­
64
derwear _____
51
W o o le n ____ ___
S ilk ____ _ ____
47
M e n ’s n othing45
35
Leather________
83
Boots and shoes.
Paper m aking.
56
Cigar manufac’ g
57
Coal (bitum in’s)
96

V- mo.
1 wk.

15 mo.
1 wk.
1 w k.
1
1
2
1
l
1
1
1

w k.
w k.
wks.
wk.
wk.
w k.
wk.
wk.

14 mo.

N u m ber on P ayR o ll in

June

J u ly

1921.

1921.

%

of
In c.
or
D ec.

E S T A B L IS H M E N T S ,

A m ount o f P ayR oll in

%

June

J u ly

of
In c.
or

1921.

1921.

Dec.

1 15,411 100,778 — 12.7
7 6,7 3 4 79,064 + 3.0

$5,088,831
2 ,6 2 0 .0 8 4

$ 3,846,541 — 24.4
2 ,6 2 2 ,5 9 6
I o.i

3 8,378 — 2.4
59,254 + 1.6
12,266 — 1.0

2 ,67 0 ,02 1
1,015,987
276 ,7 58

2 ,2 7 2 ,0 5 4 — 14.9
1 ,00 2 ,69 4 — 1.3
271.837 — i .8

2 7,628 26,677 — 3.4
50,609 5 0,713 + 0.2
18,965 19,272 + 1.6
2 5,998 28,314 + 8.9
11,701 12,138 + 3.7
57,600 59,385 + 3.1
2 0.344 2 0,810 + 2 .3
16,434 15,918 — 3.1
2 3,3 5 3 2 2,989 — 1.6

459 ,3 85
x.184,555
844 ,1 75
788 ,8 13
207 .7 08
1,33 6 ,42 0
497 ,1 26
319,214
1 ,42 2 ,44 6

415 ,5 50
1,142,135
820 ,7 85
897,371
267 ,9 33
1,33 0 ,25 5
508,628
299 ,7 37
1 .2 9 8 ,0 6 4

39,335
58.313
12,389

— 9 .5
— 3.6

— 2.8

+ 13.8

+ 1.0

— 0.5
+ 2.3
— 6.1

—8.7

Changes in Wage Rates and Per Catpia Earnings.
During the period June 15 to July 15 1921, there were wage rate changes
made by establishments reporting to the bureau in 11 o f the 41 industries.
Iron and Steel.— In one mill 75% o f the men were reduced approximately
18% in wages. Four establishments reported wage rate decreases o f 15%,
affecting the entire force in two establishments, 38% o f the force in the
third establishment, and salaried foremen and rollers only in the fourth
establishment. A wage rate decrease of approximately 10%, affecting the
entire force, was reported by four plants. One firm cut the wages of 10%
of the force 9 % . About 2% of the men in another mill were reduced 7%
in w'ages. Business depression is reported throughout the industry, caus­
ing part-time employment and general reduction inthe number of employees.
The per capita earnings for July are 13.4% less thanthe per capita earnings
for June.
Automobiles.— The entire force of one establishment was reduced 20% in
wages. One plant reported a wage decrease of approximately 11%, affect­
ing 5% of the employees, while another plant reduced the wages of all em­
ployees 10% . Although more time is being worked in this industry, the
per capita earnings show a decrease of 2.9% when comparing June and July.
Car Building and Repairing.— A large number of car-building employees
were affected by the decision handed down by the U. S. Railroad Labor
Board. The exact effect o f this decision cannot be estimated, but it is
doubtless the greatest factor in the changes in wage rates noted by this
C O M P A R I S O N OF E M P L O Y M E N T A N D
W A G E S I N report, which shows a decrease’ of approximately 12% in the general wage
level. The per capita earnings for July are 12.7% less than for June.
S E L E C T E D I N D U S T R I E S I N J U L Y 1921 A N D 1920.
Colton Manufacturing.— The entire forces of two establishments had re­
spective
wage rate decreases of 30% and 10%. When comparing per
The figures of employment in 14 selected industries in capita earnings
for June and July, a decrease of 2.9% is shown.
July, made public on Aug. 18 by the United States De­
Cotton Finishing.— Employment remained much the same as during the
partment of Labor, Bureau of Labor Statistics, at Wash­ previous month. The per capita earnings show a decrease of 0.8% when
and July earnings are compared.
ington, shows that in eight industries there was an increase June
Hosiery and Undenvear.— Three mills reported a decrease of 10% in wage
in the number of employed in July as compared with June, rates, which affected 99% of the force in the first mill, 90% of the force in
and in 6 a decrease. As compared with July 1920, in 12 of the second mill; the number offected in the third mill was not stated. Sev­
establishments were partly closed during this period and the per capita
the 14 industries there were decreases in July 1921 and in but eral
earnings show a decrease of 6.3% when comparing June and July.
two increases. The following is the statement of the
Woolen.— N o changes were reported in rates of wages in this industry, but
Bureau showing the comparison of employment and wages in the per capita earnings are 3.8% less for July than for June.
Silk.— A decrease of 10% in wage rates was made to practically all em­
July.
ployees in one mill. The per capita earnings for July, when compared with
The U. S. Department o f Labor through the Bureau o f Labor Statistics those for June, show a decrease o f 4 .3% .
Men's Ready-Made Clothing.— One establishment made a decrease of
received and tabulated reports concerning the volume of employment in
July 1921, from representative establishments in 13 manufacturing indus­ 15% to 68% of the force. In two concerns a 10% decrease was made in
rates of wages, affecting all employees in one concern, but the number af­
tries and in bituminous coal mining.
Comparing the figures o f July 1921. with those for identical establishments fected in the second concern was not stated. Increased production was
for July 1920, it appears that in 12 o f the 14 industries there were decreases reported and the per capita earnings for July show an increase of 4.4% over
in the number of persons employed, while in only 2 were there increases. those for June.
Leather.— A wage decrease of 10% was made to all employees in one tan­
The two increases are 105.8% in woolen and 0.7% in cigars. The great
increase reported for the woolen industry for July 1921, over July 1920, is nery. The per capita earnings for July, when compared with those for
due to the recovery from sliort-timo operations of all milis last year. The June, show a decrease of 3.5% .
Boots and Shoes.— An increase of 5% was granted to 3% of the men in
largest decrease reported, 46.4% appears in iron and steel. Automobiles,
paper and car building and repairing show respective decreases o f 36.9% , one factory, while in another factory an increase was made but no specific
data given. Comparing per capita earnings for Juno and July, a decrease
35.3% . and 32.3% .
Thirteen o f the 14 industries show a decrease in the total amount of the of 3.4% is noted.
Paper. One mill made a 15$ wage decrease to 62% o f the men
Do
pay roll for July 1921, as compared with July 1920. The one increase
reported 76.8% , appears in the woolen industry. The most important creases in wage rates ranging from 13 to 30% were made to the entire torcc
percentage decrease is 71.4% which appears in iron and steel. Paper mak­ in two plants. One establishment reported a decrease of 13 a hi w age
rates, which affected all employees, while another establishment reported a
ing shows a decrease o f 46.4 % , and automobiles show a decrease o f 38.7 % .

A ug.

803

TH E CHRONICLE

20 1921.]

■decrease o f 1 2 . 5 % , a ffe c t in g 7 1 % o f t h e e m p lo y e e s .
in t w o c o n c e r n s a
d e c re a s e o f 1 0 % in r a t e s o f w a g e s w a s r e p o r te d .
In t h e f i r s t c o n co rn a b o u t
9 5 % o f t h e fo r c e w ere a ff e c t e d , b u t t h e p e r c e n ta g e o f e m p lo y e e s a ffe c te d in
t h e s e c o n d co n c e rn w a s n o t s t a t e d .
O n e p la n t r e p o r te d an in c rea se o f 5 %
to 1 2 % o f th e fo r c e a n d d e c re a se s r a n g in g f r o m I t o 1 0 % t o 5 0 % o f th e fo r c e .
T h e p e r c a p ita e a r n in g s fo r J u ly s h o w n o c h a n g e w h e n c o m p a r e d w ith t h o s e
fo r J u n e .

Cigars. -O n e th ird o f t h e fo r c e in o n e p la n t w a s g r a n t e d a n in c r e a se in
w age ra tes o f 1 0 % .
O n e e s t a b lis h m e n t r e p o r te d a d e c r e a s e o f 7 . 5 % in
r a t e s o f w a g e s , a ffe c t in g 7 5 % o f t h e e m p lo y e e s .
A n o t h e r e s t a b lis h m e n t
m a d e a (\% d e c re a s e bill- th e n u m b e r o f e m p lo y e e s a ffe c t e d W as n o t s t a t e d .
D e c r e a s e d p r o d u c tio n , d u e to c u r ta ile d o p e r a t io n s , w a s r e p o r te d , a n d t h e
p e r c a p ita e a r n in g s fo r J u ly s h o w a

decrease

of 3 %

w h e n c o m p a r e d W ith

t h e p e r c a p ita e a rn in g s fo r J u n o .
Bituminous Coal. -L o s s t im e w a s w o r k e d d u r in g t h is p e r io d , a s m a r k e t
c o n d it io n s w e re d u ll.
T h e p e r c a p ita e a r n in g s fo r J u ly a r e 7 . 3 % less th a n
fo r June.

F IE L D CROPS OF C A N A D A .
The Dominion Bureau of Statistics issued on Aug. 10 its
monthly crop report containing (1) a preliminary estimate
of the yield of fall wheat, hay and clover and alfalfa (first
cutting), (2) the condition of other field crops on July 31,
expressed numerically as a percentage of the decennial aver­
age for the period 1911-20, and (3) a forecast of the total
yields of all crops, by provinces, as deduced from their
condition on July 31. The Bureau’s statement says:
T h e r e p o r t is b a s e d o n t h e r e tu r n s o f c r o p c o r r e s p o n d e n ts t h r o u g h o u t
Canada.
T h e s e s h o w t h a t in M a n i t o b a c r o p c o n d itio n s d e te r io r a te d c o n ­
s id e r a b ly d u r in g J u ly in c o n s e q u e n c e o f h e a t , d r o u g h t a n d r u s t .
I n S a s­
k a tc h e w a n m o is tu r e h a s o n t h e w h o le b e e n a b u n d a n t a n d t h o u g h t h e e x ­
c e lle n t p r o s p e c ts o f a m o n t h a g o h a v e n o t b e e n m a i n t a in e d , t h e fa llin g o f f is
n o t s o m a r k e d as in M a n i t o b a .
I n A lb e r t a c o n d it io n s a re u n e v e n , b u t
w h e a t h a s i m p r o v e d b y six p o in t s sin c e t h e e n d o f J u n e .

Fall Wheat and Hay and Clover.
T h e a v e r a g e y ie ld p e r a cre o f fa ll w h e a t is p la c e d a t 2 1 % b u s h e ls , as
c o m p a r e d w it h 2 4 b u s h e ls la s t y e a r a n d w it h 2 3 b u s h e ls , t h e d e c e n n ia l
average.
T h e t o t a l y ie ld o n t h e h a r v e s t e d a r e a o f 7 0 9 , 1 0 0 a cre s is 1 5 ,4 7 3 0 0 0 b u s h e ls , a s a g a in s t 1 9 ,4 6 9 , 2 0 0 b u s h e ls fr o m 8 1 4 , 1 3 3 h a r v e s t e d a cres
la s t y e a r .
I n O n ta r io th e t o t a l y ie ld th is y e a r is 1 4 , 2 9 6 , 0 0 0 b u s h e ls , a n d in
A lb e r t a 7 7 5 , 0 0 0 b u s h e is , th e a v e r a g e y e ild s p e r a c r e b e in g 2 1 % b u s h e ls in
O n t a r io a n d 2 1 b u s h e ls in A l b e r t a .
T h e t o t a l y ie ld o f h a y a n d c lo v e r in
C a n a d a is e s t im a te d a t 1 0 , 3 7 4 , 0 0 0 t o n s , a s c o m p a r e d w it h 1 3 .3 3 8 , 7 0 0 t o n s
in 1 9 2 0 a n d 1 6 ,3 4 8 , 0 0 0 t o n s , th e re c o rd c r o p o f 1 9 1 9 .
O w in g t o t h e p r o ­
lo n g e d d r o u g h t in e a ste r n C a n a d a , t h e a v e r a g e y ie ld p e r a cre is t h e lo w e st
o n r e c o r d , b e in g o n ly 1 t o n p e r a c r e , c o m p a r e d w it h 1 . 3 0 t o n la s t y e a r
a n d w it h 1 % t o n , t h e d e c e n n ia l a v e r a g e .
O f a lf a lf a (fir st c u t t i n g ) , t h e t o t a l
y ie ld is 3 6 1 , 5 0 0 t o n s , a s a g a in s t 5 8 3 , 7 9 0 t o n s la s t y e a r , t h e a v e r a g e p e r acre
b e in g 1 . 4 5 t o n , as c o m p a r e d w i t h 2 . 4 5 la s t y e a r a n d t h e t e n -y e a r a v e r a g e .

Condition of Other Field Crops,
F o r a ll C a n a d a t h e c o n d it io n o f t h e p r in c ip a l fie ld c r o p s in p e r c e n ta g e
o f t h e d e c e n n ia l a v e r a g e is a s f o llo w s , t h e fig u r e s fo r la s t m o n t h a n d fo r
J u ly 31 1 9 2 0 b e in g g iv e n w it h in b r a c k e t s : S p r in g w h e a t 9 4 ( 1 0 0 ; 9 2 ) ; o a t s ,
8 8 ( 9 5 ; 9 6 ) ; b a r le y , 8 8 ( 9 7 ; 9 5 ) ; r y e , 9 7 ( 1 0 1 ; 9 5 ) ; p e a s , 8 9 ( 1 0 5 ; 1 0 2 ) ; b e a n s ,
9 5 (9 4 ; 1 0 3 ) ; b u c k w h e a t , 9 0 (9 4 ; 1 0 1 ) ; m ix e d g r a in s , 8 7 ( 9 6 ; 1 0 5 ) ; f l a x , 9 7
( 9 9 ; 9 3 ) ; co rn fo r h u s k in g , 9 7 ( 9 5 ; 9 5 ) ; p o t a t o e s , 8 9 (9 6 ; 1 0 4 ) ; t u r n ip s , & c . ,
8 7 (9 3 ; 9 5 ) ; fo d d e r c o r n , 1 0 1 ( 9 8 ; 8 6 ) ; s u g a r b e e t s , 9 3 (8 9 J u n e 3 0 1 9 2 1 ) .
At
t h e e n d o f J u ly in M a n i t o b a th is y e a r s p r in g w h e a t is 8 7 a n d o a t s a n d b a r le y
a re 8 9 ; in S a s k a tc h e w a n a ll th r e e o f c e re a ls a re 9 9 ; in A lb e r t a sp r in g w h e a t is
8 9 , o a t s a re 8 3 a n d b a r le y is 8 8 .
w a n a n d 9 1 in A lb e r t a .

R y e is 9 6 in M a n i t o b a , 1 0 7 in S a s k a tc h e ­

Forecast of Total Yields.
In c lu d in g t h e p r e lim in a r y e s t im a te o f f a ll w h e a t , t h e c o n d itio n a t t h e en d
o f J u ly in d ic a te s t o t a l y ie ld s a s fo llo w s : W h e a t , 2 8 8 , 4 9 3 , 0 0 0 b u s h e ls , as
c o m p a r e d w it h 2 6 3 , 1 8 9 , 3 0 0 b u sh e ls la s t y e a r ; o a t s , 4 5 7 , 5 4 4 , 0 0 0 b u s h e ls ,
a s a g a in s t la s t y e a r ’s r e c o r d cro p o f 5 3 0 , 7 0 9 , 7 0 0 b u s h e ls ; b a r le y , 5 8 , 0 2 7 , 0 0 0
b u s h e ls , a s a g a in s t 6 3 , 3 1 0 , 5 5 0 ; r y e , 1 1 , 7 0 7 , 1 0 0 b u s h e ls , a s a g a in s t 1 1 , 3 0 6 , 4 0 0
b u s h e ls ; fla x s e e d , 6 , 9 3 0 , 0 0 0 b u s h e ls , a s a g a in s t 7 , 9 9 7 , 7 0 0 b u s h e ls ; p o t a t o e s
9 9 , 9 3 7 , 0 0 0 b u s h e ls , a s a g a in s t la s t y e a r ’s b u m p e r c r o p o f 1 3 3 ,8 3 1 ,4 0 0
b u s h e ls .
T h e in d ic a t e d a v e r a g e y e ild s in b u s h e ls p e r a cre fo r th e s e cro p s
a re :
W h e a t, 1 5 %
( 1 4 % ; 1 6 % ) ; o a ts, 2 9 %
( 3 3 % ; 3 3 % ) ; b a r le y , 2 2 %
( 2 4 % ; 2 5 % ) ; r y e , 1 6 ( 1 7 % ; 1 6 % ) ; f la x s e e d , 8 % ( 5 .6 0 ; 9 ) ; p o t a t o e s , 1 3 4
(1 7 0 % ; 1 5 1 % ).
T h e y ie ld s w it h in b r a c k e t s a re r e s p e c tiv e ly t h o s e o f 1 9 2 0
a n d t h e t e n -y e a r a v e r a g e .

B R IT ISH RUBBER CONTROL SC H E M E — C R IT IC IS M S .
Serious criticisms have been directed against the plan
(outlined in the “ Chronicle” of Aug. 13, p. 692, 693) by
which the Rubber Growers Association of London would
assist in forming a company with £2,000,000 of nomina
capital and borrowing powers of £8,000,000, to control the
output and prices of crude rubber from not less than twothirds of the rubber planted area in all parts of the world.
The author of these criticisms is J. II. Welch, who is de­
scribed as a director of several well known comxianies, and
how seriously his criticisms are regarded appears from the
fact that Sir Stanley Rois, chairman of the aforesaid asso­
ciation, has felt called upon to issue a defence of the scheme
in the form of a seriatim reply to the various objections
which he quotes in full.
r\he criticisms grouped under twenty headings and the
answers of Sir Stanley, as printed in the London “ Financial
News” of Aug. 3, would require too much space to be
reproduced in extenso in the columns of the “ Chronicle,”
but the following extracts will serve to disclose difficulties
that even the friends of the plan are obliged to admit are,
fo say the least, not trifling. The urgency of the situation,
liowever, for the rubber producers appears from the intimatiom of the promoter, Sir Stanley, that “ 95% of the industry

is losing money and that il* the proposed “ corporation does
not eventuate and matters are allowed to take their course
unguided, it seems clear that a huge acreage of rubber will
have to be abandoned or sold to the highest bidder.” “ The
object of the proposed corporation,” he says, “ is to save:
industry collectively, not to inflate the price of rubber in
an unsound wave.”
Question Whether Rubber Plantation Industry is Sailed for Combination.
(1 ) B y re a so n o f Its c ir c u m s t a n c e s t h o r u b b e r p la n ta tio n I n d u s tr y U not
s u it e d fo r a c o m b in a tio n w h ic h will p u t u p t h e c o s t o f p r o d u c tio n a n d th e
p ric e o f s a le .
A n y p e r m a n e n t m a c h i n e r y fo r r e s t r ic t io n o f o u t p u t a n d
c o n s e q u e n t a r t ific ia l m a in t e n a n c e o f p r ic e s o f c r u d e r u b b e r Jh lik e ly t o
p r o v e t o b o f u n d a m e n t a lly u n s o u n d a n d w ill u ltim a t e ly p la c e th e in d u s t r y
in a p o sitio n o f e v e n g r e a t e r g r a v it y t h a n t h a t w ith w h ic h it is n o w fa c e d .
R e p ly :
T h e r e g u la tio n o f s u p p ly t o d e m a n d . Is n o t a r tific ia l b u t i , in
u n iv e r sa l ‘ o p e r a tio n .
W h e r e a s in m o s t in d u s t r ie s t h is r e g u la tio n is n o t
d o n e b y a g r e e m e n t, b u t b y t h e In d e p e n d e n t a c t io n o f t h e indi v id u a l u n it s ,
th e r e a r e n u m e r o u s i m p o r t a n t i n d u s t r ie s w h e r e t h e r e g u la tio n is d o n e b y
a g r e e m e n t, a s in t h e L a n c a s h ir e c o t t o n i n d u s t r y .

Possibility of Securing Effectual Control Without Stimulating Outside
Competition.
(2 ) T h e fa t a l d e f e c t o f t h e s c h e m e is t h a t t h e c o m b in e c a n n o t e f f e c t u a lly
c n tr o l su p p lie s o f c r u d e r u b b e r a n d i t s c o m p e t it iv e s u b s t it u t e s , a n d , so
f r a s it su c c e e d s in ra is in g p r ic e s , i t m u s t s t im u la t e a ll o u t s id e p r o d u c e r s
a n d co n q p etito rs t o g r e a te r p r o d u c t io n .
R e p ly :
A c o r p o r a tio n c o n tr o llin g th e o u t p u t o f t w o -t h i r d s o f t h e t o t a l
p la n te d a rea w ill h a v e t h e c o m m a n d in g p o s it io n in t h e m a r k e t .
C o n tro l
o f t w o -t h ir d s o f t h e t o t a l p la n t e d a r e a c a n o n ly b e o b t a in e d w it h t h e s u p p o r t
o f a b o u t 8 0 % o f t h e a re a o w n e d a n d m a n a g e d b y E u r o p e a n s .
T h e ir e sta te s
a r e m o r e p r o d u c t iv e a n d y ie ld a h ig h e r p r o p o r t io n o f t h e s t a n d a r d q u a lit ie s
o f r u b b e r t h a n d o t h e C h in e s e a n d n a t i v e .
H e n c e t h e c o r p o r a t io n w o u ld
c o n tr o l m o r e t h a n t w o -t h i r d s o f t h e n o r m a l o u t p u t , a n d c o n s id e r a b ly m o r e
th a n t w o -t h ir d s o f t h e s t a n d a r d q u a lit ie s o f r u b b e r .
A s t h e tir e t r a d e , w h ic h c o n s u m e s a b o u t 7 0 % o f a ll r u b b e r , r e q u ir e s s t a n d ­
a rd q u a litie s fo r la rg e sc a le p r o d u c t io n , m e m b e r s o f t h e c o r p o r a t io n w ill
c e r ta in ly b e in a p o s it io n t o s e c u r e t h e b u lk o f t h e o r d e r s fo r t h e s e g r a d e s .
T h e m a jo r i t y o f t h e a c r e a g e o u t s id e t h e c o r p o r a tio n w o u ld b e C h in e s e a n d
n a t i v e , m u c h o f w h ic h h a s b e e n b a d l y h a n d le d in t h e p a s t , a n d t h e r>reduc­
tio n fr o m w h ic h c a n n o t b e la r g e ly in c r e a s e d in t h e n ea r fu t u r e .
C o n s id e r ­
a b le a re a s o f n a t i v e r u b b e r a r e o u t o f p r o d u c t io n e n t ir e ly , a n d it is d o u b t f u l
w h e th e r t h e w o r s t o f t h e s e w ill e v e r b e r e o p e n e d .

Would Two-Thirds of the Planted Area Avail for Control?
(3 ) I t w o u ld n o t c o n t r o l
o f t h e p la n t e d a re a s c a m e
R e p ly : U n le s s t w o -t h i r d s
p o r a t io n , t h e la t t e r w ill n o t

s u p p lie s e v e n s u p p o s in g o w n e r s o f t w o -t h i r d s
in t o t h e c o m b in a t i o n , w h ic h is v e r y u n li k e ly .
o f t h e p la n t e d a re a a g re e t o c o m e in t o t h e c o r ­
b e b r o u g h t in t o e x is te n c e .

Future Effect of Proposed Combination.
(4 ) I f t h e p r o p o s e d c o m b in a tio n s u c c e e d s in it s m a i n o b j e c t , i t w ill g r a d ­
u a lly u n d e r m in e t h e e c o n o m ic fo u n d a t io n s o f t h e i n d u s t r y .
I t w ill k e e p
in b e a r in g n o n -e c o n o m ic a re a s a t t h e e x p e n s e o f e c o n o m ic o n e s — i t w ill
e n c o u r a g e c o m p e t it io n a n d u n r e s tr ic te d t a p p in g fr o m p r o d u c e r s o f r u b b e r
o u ts id e t h e c o m b in e , m a n y o f w h o m m i g h t o th e r w is e h a v e r e s tr ic t o r c e a s e
t a p p in g .
I t w ill k e e p in p r o d u c t io n t h e e x p e n s iv e a s w e ll a s t h e c h e a p e r
p r o d u c in g a re a s in sid e t h e c o m b in e b y
R e p ly : I f t h e p r o p o s e d c o r p o r a t io n
s a v e a v a s t a m o u n t o f c a p i t a l, r u n n in g
w o u ld o th e r w ise h a v e t o b e w r itte n o f f

r e s t r ic t in g p r o d u c t io n o f a ll.
s u c c e e d s in i t s m a i n o b j e c t i t w i ll
in t o t e n s o f m illio n s s t e r lin g , w h ic h
as lo st.

Plan Does Not A im at Economics Though These M a y Occur.
(5 ) A c o m b in a tio n w h ic h lo w e r s c o s t a n d p r ic e b y e ffe c t in g e c o n o m ie s in
w o r k in g a n d b y g r e a te r e f fic ie n c y n e e d n o t c o n t r o l t h e c o m p e t it iv e s u p p lie s ,
b e c a u s e th e n i t c a n f i g h t it s c o m p e t it o r s .
B u t th is c o m b in a t io n w ill b e
u n a b le t o p e n a liz e it s c o m p e t it o r s in a n y w a y .
O n th e c o n tr a r y , b y p u ttin g
u p c o s t a n d b y r e s tr ic tin g t h e o u t p u t s o f it s m e m b e r s , i t w ill p e n a liz e its
o w n m e m b e r s a s c o m p a r e d w it h t h e o u ts id e p r o d u c e r s o f c r u d e , w i ld , a n d
rem ad e ru b b ers, & c .
G e n e r a lly , i t is b y e c o n o m ie s t h a t g r e a te r p r o fit s
a re m a d e b y t r u s t s a n d m o n o p o li e s , n o t b y in c r e a s in g c o s t a n d p r ic e o f th e ir
p ro d u c ts.
R e p l y : T h e r e is n o t h i n g in t h e s c h e m e t o p r e v e n t e v e r y m e m b e r o f t h e
c o r p o r a tio n e ffe c t in g e c o n o m ie s a n d in t r o d u c in g g r e a te r e ffic ie n c y in
w o r k in g .

Difficulty of Securing United Action by Tens of Thousands of Producers.
(6 ) T h e sp e c ia l c ir c u m s ta n c e s o f t h e in d u s t r y w h ic h m a k e i t u n s u it a b le
fo r su c h a c o m b in e a s is p r o p o s e d in c lu d e :
(a)
T h e g r e a t n u m b e r o f p r o d u c e r s a n d o f t h e c o u n tr ie s o f p r o d u c tio n
T h e p r o d u c e r s a r e n u m b e r e d in te n s o f t h o u s a n d s , a n d r u b b e r c a n b e
p r o d u c e d in O e y lo n , I n d ia (in c lu d in g B u r m a ) , M a l a y a , S u m a t r a , J a v a ,
A f r i c a , S o u t h A m e r i c a , p r o b a b ly t h e P h ilip p in e s , N e w G u in e a , a n d o t h e r
p la c e s ;
(&) T h e v a r io u s n a tio n a litie s in te r e s te d in t h e o w n e r s h ip o f p la n t a t io n s
o r so u r c e s o f c r u d e r u b b e r .
A n in te r n a tio n a l c o m b in a tio n is t h e m o s t
d i ffic u lt to w o r k s u c c e s s fu lly , a n d a ls o to m a in t a in t h e l o y a lt y o f its m e m b e r s ;
(c) T h e la r g e a re a s in t h e w o r ld s u it a b le fo r r u b b e r a n d s t ill u n p la n t e d ;
(d) T h e g r e a t n u m b e r o f p r o d u c e r s o f r u b b e r w h o c a n n o t b e b r o u g h t in to
t h e c o m b in a tio n ;
( e) T h e c o m p e t it io n a c o m b in e w o u ld h a v e t o fa c e f r o m :
(1 ) P la n t a t i o n
r u b b e r fr o m e s t a te s n o t in t h e c o m b in e ; (2 ) w ild r u b b e r ; (3 ) r e c la im e d
r u b b e r ; (4 ) fille r s a n d s u b s t it u t e s ; a ll o f w h ic h a re s o m e t i m e s r e fe r r e d to
in th is m e m o , a s “ C o m p e t i t i v e s u p p lie s a n d s u b s t it u t e s ’ ’ ;
( / ) T h e g r e a t d i f f i c u lt y in e n s u r in g t h e lo y a l a d h e r e n c e o f it s m a n y m e m ­
b e r s a n d in p r e v e n tin g e v a s io n o f th e ir o b lig a t io n s .
R e p l y t o (a) (b ) ( d ) : U n t i l t h e e f fo r t h a s b e e n m a d e i t c a n n o t f a i r ly b e
a s s u m e d t h a t a n y o f th e s e c o n s id e r a tio n s a re in s u p e r a b le o b s t a c le s .
About
o n e -t h ir d o f t h e t o t a l p la t e d a re a is c o n tr o lle d in t h e U n it e d K i n g d o m , a n d
th is r e p r e se n ts o n e -h a lf o f th o a c r e a g e r e q u ir e d t o j u s t i f y t h e e s t a b lis h m e n t
o f t h e c o r p o r a t io n .
T h e D u t c h , F r e n c h , a n d B e lg ia n in te r e s ts a re m o s t l y
m e m b e r s o f t h e I n t e r n a t i o n a l A s s o c ia t io n fo r R u b b e r C u lt i v a t io n in t h e
N e t h e r la n d I n d ie s a t th o H a g u e w h ic h h a s t a k e n u p t h e q u e s tio n o f t h e
e s t a b lis h m e n t o f t h e D u t c h c o r p o r a tio n r e fe rre d t o in t h e s c h e m e , a n d th e r e
a re lo c a l a s s o c ia tio n s in t h e E a s t e r n p r o d u c in g c o u n tr ie s w h ic h fa c ilit a t e t h e
w o r k o f a s c e r ta in in g w h a t s u p p o r t c a n b e o b t a i n e d .

Possibility of Adverse Competition New and Old.
R e p l y t o ( o ) : I n v ie w o f th o p o t e n t i a l o u t p u t o f t h e a re a a lr e a d y p la n t e d
w ith r u b b e r , i t is m o s t im p r o b a b le t h a t c a p ita l w ill b e fo u n d t o p la n t u p
n e w are as o f r u b b e r w h ic h c a n n o t b e t a p p e d t ill f i v e or six y e a r s h e n c e a t t h e
e a r lie s t, s o lo n g a s a re a s o f m a t u r e r u b b e r a re p u r c h a s a b le a t s u b s t a n t i a lly
le s s th a n r e p la c e m e n t c o s t — a s is t h e ca se a t p r e s e n t .
I f t h e c o r p o r a tio n
d o e s c o m e in t o e x is te n c e it is n o t u n r e a s o n a b le t o e x p e c t t h a t th e G o v e r n ­
m e n t s w h ic h a re v it a lly c o n c e r n e d in t h e r e e s t a b lis h m e n t o f t h e p r o s p e r it y
o f th e in d u s tr y w o u ld g iv e it s u p p o r t a t le a s t t o t h e e x t e n t o f p r o h ib itin g
fu r th e r p la n tin g o f r u b b e r u n til th e p o s it io n h a s b o o n r ig h t e d .

HOI

TILE CHRONICLE

Reply tu >ej flie question o f com petition from plantation rubber outside
ha* already been referred to. With regard to wild rubber, the output of
this has been declining for some years past. The cost o f collection is such,
and with the exception of fine Para) the quality is so inferior that com­
pel. uion from this source is negligible so long as there is a sufficient supply
o f good quality plantation rubber available at a reasonable price. Fillers
and substitutes ail play their part in the building up of various classes of
rubber goods other than pneumatic tires, and a proportion of them will
continue to be used irrespective of the price of raw rubber. The risk of
more reclaimed rubber and fillers being used will be equal whether the price
of plantation rubber is raised by means of the corporation or by allowing a
large portion of producers to go to the wall.
Reply to (f) If the corporation is established and managed successfully
the advantages of membership will render this risk negligible, for “ unity is
strength." In any event it is intended that the penalties for breach of
agreement shall be substantial.
Unique Form of Combination.
7 1 The form and conditions o f this proposed combination are unique,
and have no precedent, and this should make us pause. There is no fusion
of interests of the members, no compulsory purchase by the combine o f the
rubber produced by its members, no sharing of profits as between members.
'The combine is international, will consist of two corporations, and will
combine huge numbers of producers of different nationaities and with vary­
ing interests.
Reply There is nothing novel in a combination for mutual protection
on the part of those engaged in the same industry The primary interest
of the several producers is, and must be, to preserve their capital assets and
to do their utmost to earn a reasonable profit thereon. Plantation rubber,
properly prepared, is of equal market value whatever its country of origin,
and all nationalities thus meet on common ground. At the moment
Ceylon and South India and Burma have an advantage over other coun­
tries by reason o f the low rupee exchange, but the par of the rupee has been
fixed at 2s., and when exchange rises the temporary advantage enjoyed by
producers in those countries will vanish.
The Dutch' Affiliated Corporation.
( 14) It is proposed that there shall not be one combine for the British
and Dutch owners, but two. They will be “ similar,” but it is not clear
that they will be identical in capitalization, subscription per acre, constitu­
tion, regulations, &c. A joint committee of the two corporations is to be
formed, but the scheme is vague about its constitution and powers. Will
the committee control both combines or will it be advisory only? How
is it to be constituted? What will be the respective voting powers of the
Dutch and British members?
Reply: it is not essential that the capitalization of the Dutch corporation
should be identical with the British corporation, but it is essential that
both should have identical primary objects, as set out in the scheme,
and should be established for a like period o f time.
Position of Outsiders, It Is Admitted, Will Be Greatly Improved.
(16) Areas outside the combine, other conditions being similar, will
always be worth much more per acre than these inside, probably at least
50% more. This fact is obvious, and shows the great weakness of the
scheme. Once outside there will be nothing to induce a plantation owner
to join. Outside he has unrestricted production, larger profits, freedom to
sell, & c., and all the benefits o f being insido without its obligations or the
extra cost per pound to be borne by insiders.
Reply: This is absolutely disputed.
Financing by Means of £3,000,000 Debentures.
(17) The scheme suggests [immediately] raising £3,000,000 by debentures
or other finance. If by this other finance is meant temporary.bank finance
it might mean a serious menace to the stability o f the combination.
Reply: The other finance would have to be secure for at least as long a
period as the debentures.
Powers of Corporation to Buy Rubber— Danger of Speculation.
(18) The corporation is to be empowered to buy rubber. This means
speculative buying to maintain price
It is a most dangerous game, and
most efforts of the kind, Government or private, in other commodities
have, sooner or later, had disastrous results. Losses on purchases of rub­
ber, interest on loans, and debentures and all working expenses and amounts
carried to reserve are to be assessable upon the members from the price
received for their rubber. This is a very uncertain liability to be borne
by members.
Reply: Power is given to the directors to buy rubber belonging to the
members, but this is not likely to be exercised in a speculative sense. In
any event, the directors must be trusted to exercise their powers with
reasonable prudence.
Loans to Estates— Will They Result in Frozen Assets ?
(19) The corporation is to lend money on security of estates. To the
extent it does so its resources will become “ frozen.” Further fresh loans
will tend to maintain immature areas as potential producers which other­
wise might not be maintained. Any such corporation as that proposed
should keep its assets liquid.
Reply: This power must obviously be most cautiously exercised. I f the
corporation comes into being it is anticipated that confidence in the future
o f the industry will be re-established and that finance of this nature will be
forthcoming without the necessity for encroaching on the corporation’s
resources.

FURTHER

REDUCTION

IN'U

.

S.

STEEL

WAGES.

A statement by Elbert H. Gary. Chairman United States
Steel Corporation, yesterday (Aug. 19), said:
In view o f the x^revailing low selling prices of steel as compared to costs of
production, it is necessary to make reductions in wrage rates, and therefore
we will recommend to subsidiary companies that the general rates o f day
labor be decreased to thirty cents per hour, to become effective on Monday,
Aug. 29, and that other wages and salaries be equitably adjusted.

M E X I C A N OIL DIFFICULTIES— DUTCH INTERESTS
CLOSE DOWN— VIEWS OF STANDARD OIL CO.

The following table of exports, revised by the “ Chronicle”
to accord with the carefully prepared figures for the month
of June, published in the “ Oil Trade Journal” for August,
and also those for July, to be published by the same journal
in its forthcoming issue for September, indicates how heavily
the exports of crude oil through Tampico fell off last month,
following the imposition of the latest export tax on July 1.

[Vol. 113.

The total exports for July, it will be noted, are only 6,245,373
bbls., a decrease of 10,876,511 bbls. compared with June.
For August the decrease will no doubt bo made still heavier
through the stoppage of exports now announced by the Royal
Dutch allies, the Aguila and the Corona, and also due to the
removal of those special causes noted in the following quoted
article, which have served to necessitate more or less exten­
sive exports by certain of the companies in the weeks imme­
diately following July 1.
M E X IC A N OIL SH IPM ENTS THROUGH TA M PIC O IN JUNE AND
JULY 1921.
(Barrels.)
July.
June.
Changes.
Aguila (Mexican Eagle)________ 2,319,144
219.010
2,070,140 Inc.
Mexican Gulf __
114,496
952,128
1,066,624 Dec.
C o r te z _________________________
None
1,359,741 Dec. 1,359,741
Texas Co, o f M exico____ ___ - None
1,3 11,Q00 Dec. 1,311,000
None
International
.
885,903 Dec.
885,903
Freeport (Sinclair) _
87,609
736,166 Dec.
648,557
Atlantic Gulf Oil (Agwi)_ __ ...
415.987
526,429
942,416 Dec.
Huasteca (Mexican Petroleum)
494,406
2,719.540 Dec. 2,225,134
East Coast (S. P.)
378,722
110,995
267,727 Inc.
736,690 Dec.
498,405
238,285
Island Oil
Pierce Navigation (Pierce Oil)__
4,204
165,726
169,930 Dec.
Corona (Royal Dutch).
456,124 Dec.
316,361
139,763
N at’l Petroleum (Cities Service).
100,225 Inc.
34,988
135,213
Continental Mex. (GenI Petrol.)
68,591
133,419
202,010 Dec.
U. S. Mexican Oil
.. ___
108,330
158,220 Dec.
49,890
Tal Vez____ ______________ ___
Inc.
32,474
32.474
Transcontinental (Std. Oil, N.J.)
23,107
3,680,105 Dec. 3,656,998
Others
_____
_
. ______
8,110
351,216
359,326 Dec.
Total o x p o r t s _______ _____ 6.245,373 17,221,884 Dec. 10,976.511
Note.— The Texas, Cortez, International, France and Canada, Interocean, Penn Mex, and National Oil companies did not make any shipments
during July.

The Department of Commerce on or about Aug. 18 gave
out a report on the oil supply of Mexico, received from Claude
I. Dawson, Consul at Tampico, taking a most hopoful view
of the Mexican oil situation so far as the natural oil supply
of the country is concerned, although it is recognized that
even Mexican oil is not inexhaustible.
The imposition by the Mexican Government of extremely
burdensome export taxes, coming in conjunction with a
world-wide collapse in the price of crude oil, has produced a
condition of affairs in Mexico that, according to an Asso­
ciated Press despatch from Mexico City on Aug. 16, threat­
ens complete paralysis of the Mexican oil industry within
the next few weeks. The American operators in Mexico
shut down quite completely on July 1 and several days ago
the officials of the Royal Dutch Petroleum Company and the
Shell Transport & Trading Company arrived in Tampico
following a tour of investigation, and soon afterward issued
orders for a temporary suspension of work “ until market
conditions improve.” Mexican officials declare that the
new export tax was a mere coincidence with the drop in
the market and that complete exemption from taxes could
not help the situation. “ The Lamp,” a magazine published
in the interests of the employees of the Standard Oil Co.,
in its issue for August 1921, further elucidates from the
standpoint of the American company owning oil properties
in Mexico the effect of the export taxes put in effect July 1
1921 (see “ Chronicle” July 9, page 146). “ The Lamp” says:
Shipments Greatly Reduced— No Coercion Attempted by Companies.
Since July 1st little crude oil has come in from Mexico.
The average monthly exports for the first half of this year were 15,000,000
barrels. In the first twenty-seven days o f July, shipments totaled 4,847,000
barrels, o f which only 2,198,000 came to the United States. As will be
explained later on, much o f this comparatively small quantity o f oil was
exported because o f special circumstances beyond the owners’ control and
with no expectation of profit.
Mexican propaganda would have it that American capital has ruthlessly
exploited Mexican resources and that the reduction of shipments on July 1
is but one more attempt to impose terms that are not fair to the Mexican
people.
The plain truth is, however, that the present difficulty resolves itself
into nothing more nor less than the interruption o f an established business
by the levying of excessive taxes.
There is no politics in the issue; no attempt to deprive M exico of what is
rightfully hers; no effort to gain by pressure what should not be granted in
plain fairness.
Outside Capital in Single Decade Has Developed Mexican Business of
153,000,000 Barrels Annually.
First, a little petroleum history.
Mexican oil has been a factor in world trade for only about a decade.
Up to 1910 it was not definitely known that- oil existed there in such quant i­
ties as to make its production commercially profitable. It required courage
and capital to prove the fact. First one and then other American com­
panies ventured vast sums of money to develop production. This enter­
prise called for the sternest kind of pioneer work. Hundreds of geologists,
carpenters, drillers, railroad builders, pipe line experts, doctors and sani­
tarians were sent into the wilderness. There was not the m o n e y . talent
or incentive in Mexico to develop her own resources. Books have been
■written on the trials of these pioneers. Many of them died of disease and
injury. Others were killed or held for ransom. But eventually the
business became established and M exico rose to the position of the second
largest producer o f oil.
Quite properly, when oil began to be exported, the government sa>\ m
it a possible source o f revenue and various taxes were imposed, lu addition
the land owners received royalties from the producers,
fho business
rapidly increased until a record was made last year in the exportation ot

A ug. 20 1921. |

TH E CHRONICLE

153,000,000 barrels o f crudo potroloum , o f which 100,000,000 cam o Into the
U nited States.
If a balance wore to bo struck to -d a y , and the foreign Investm ent In
M e x ic o ’s oil closed ou t, It would be foun d that few com pan ies, If any, have
received enough Incom e to repay them. T h e y are dependent upon the
future for the am ortization o f their capital advances.
O utside o f a small naphtha con ten t m ost o f the M exican crude Is adap­
table on ly for use as fuel oil or In road building. F or this reason Its price
has always been relatively low as com pared w ith th e lighter gra v ity p etro­
leum produced in m an y sections o f the United States. T h e present m arket
for fuel oil and other p rodu cts from tho M ex ican cru de makes th a t oil
w orth a bou t $1 35 a barrel delivered at New Y o rk .
A pp aren tly m an y people believe th at an oil well In M e x ico pours forth
its treasure w ith few offsettin g expenses. As a m atter o f fa ct, the on ly
cheap thing in M ex ican operations is th e well itself.
It m ay co st $100,000
to drill, and prod u ce a p ayin g q u a n tity o f oil, b u t the drilling expense is
on ly the beginning. T o got th e tools and supplies in and th e oil ou t from
one good well m ay in volve expenditures o f $ 5 ,0 0 0 ,0 0 0 fo r tram roads, pipe
lines, pum ping stations, cam ps and incidentals.
Taxes o f M a y 24 and June 7 1921 Absorbed M ost o f the Profits.
Since July 1, w hen the new taxes w en t into effect, th e situation as regards
the m ost valuable oil, Southern light crude, has been as follow s:
T h e a verage value o f a barrel o f this oil in th e U nited States is ____
$1 30
T h e actual operating costs o f a typ ica l large co m p a n y for four m onths
in 1921, exclu din g depreciation and d ep letion , w ere, per b a r r e l___ 31
T h e roy a lty is_______________________________ ____________________ _______
05
A verage cost o f transportation to various p oin ts in th e U . S. is_ ......... ..
43
Taxes under decrees o f M a y 24 and June 7 are__________________________
36

T h e m argin rem aining ou t o f w hich th e p rod u cer m u st recover co st o f
wells, leases, pipe lines, term inals, e tc ., is 15 cents.
T h e M exican G ov ern m en t, in taxes, and the land ow ner in ro y a lty ,
thus receive m ore per barrel than the p rod u cer gets in gross p rofits after
ven tu rin g m illions in d evelop m en t w ork. T h e trade feels that the ta x is
to o high, at the current m arket for the oil. C ertainly it leaves the m argin
fo r th e produ cer so small as to m ake it d ou b tfu l if he w ou ld h ave undertaken
the risks had he k n ow n o f th e burden th e tax w ould p u t upon h im . Last
year th e M ex ican G overn m en t received close to $ 23 ,0 0 0 ,0 0 0 in oil taxes, and
directly or indirectly, p rob a b ly m ore than 6 0 % o f her to ta l revenues from
the oil indu stry.
Further Taxes Effective July 1 Doubled the Levy in M ost Cases.
W h ile the produ cers were p rotesting these taxes and other im position s
throu gh suits instituted in M exican cou rts (none o f w h ich th e G overn m en t
has ever allow ed to com e to tr ia l, although som e actions h av e been pending
three yea rs), President Obregon issued tw o decrees, im posin g new and
greatly increased taxes. In add ition to a specific tax based on g ra v ity and
the old surtax, there w as im posed an ad valorem ta x o f 1 0% and the value
fo r this purpose was fixed b y the M ex ica n authorities at w h at th ey arbitrar­
ily assum ed to be the m arket price in the U nited States. T hese new decrees
increase the to ta l ta x in m ost cases m ore than 1 0 0 % . T h e present tax on
light crude is equivalent to betw een 6 0 % and 8 4 % o f the present value o f
the oil at M ex ican p orts, and on h ea v y crude to betw een 6 0 % . and 83%
o f its value. On th e m ost im portan t grade o f light oil, fo r instance, th e new
tax is 36.17 cents a barrel as against th e form er le v y o f 17.14 cents a barrel.
T ak in g into con sideration the insufficient m argin o f p ro fit left the p ro­
ducer before the effect o f this increase m a y be im agined.
N early A ll o f the 172 A m erican Tankers in M exica n Service N ow Idle.
Som e com panies h ad tankers already on the w a y to M e x ico w hich cou ld
not be diverted to oth er p orts. These were loaded w ith oil after July 1. In
oth er cases con tract com m itm ents called for deliveries o f fuel oil w h ich the
com panies cou ld n ot ob tain elsewhere. Vessels under charter in the
M e x ica n trade for a certain n u m ber o f trips or fo r a certain period have
con tin u ed to run. E ven so, as p oin ted out at the beginning o f this article,
shipm ents for the first m on th after th e new ta x w en t into effect w ere rela­
tiv e ly sm a ll. T h e red u ction in shipm ents has increased the shipping
depression b y ty in g u p hundreds o f m illions o f dollars w orth o f vessels
ordinarily used in the M ex ica n trade. Out o f 246 steam ships regularly
in the M ex ican service all bu t 74 f ly the A m erican fla g . N early all o f these
A m erican ow ned ships are to -d a y being h eld in p ort, w ith a resulting loss
in em p loym en t t o a large part o f the p erson n el.
N ew Decrees Pronounced Illegal— Serious Curtailment o f M ex ico 's Revenue
T h e export m ovem en t has been p ra ctica lly suspended b y an econ om ic
barrier erected b y President O bregon osten sibly as a m eans o f increasing
his governem tnal revenues. T h e im m ediate effect at least has been to
reduce m aterially the current revenue o f the M ex ican G overn m en t to an
exten t n ot yet defin itely ascertainable.
T h e com panies h av e been advised b y their a ttorn eys th at the new decrees
are illegal and v o id , because issued b y President O bregon w ith ou t action
b y the M exican C ongress, and a num ber o f th ose w h o h av e shipped oil
durin g the past m on th h av e stated their in ten tion , on this grou nd, to refuse
to pay the taxes w hen th ey b ecom e due.

U. S. RAILROAD LABOR BOARD R U L E S ON N A T IO N A L
A G R EEM EN T S.
In announcing the ap p roval yesterday b y the U . S. R a il­
road Labor B oard at C hicago o f tim e and a half fo r shopm en,
a dispatch in the N ew Y o rk “ E ven in g Sun” last night said:
T h e United States R ailroad B oard to -d a y upheld th e principle o f tim e and
a h alf overtim e for all railroad shopm en a fter an eight-hour d ay.
T h e board also granted tim e and a h a lf to all shopm en on Sundays and
holidays and penalizes th e railroads fo r Sunday w o rk except w here su ch
Sunday w ork is “ absolu tely essen tial.”
T h e decision, how ever, m od ifies seven o f th e m ost im portan t rules
granted shopm en durin g Federal con trol o f railroads, granting th e ra'lroad s
several im portan t con ten tion s. T h e B oard declared th e con ten tion o f the
roads that th ese rules w ere “ u n ju st and unreasonable’ ’ to b e correct.
While the decision is considered a sw eeping v icto r y fo r th e em ployees
as regards overtim e th e railroads won m any p oin ts in th e m od ification s o f
the rules and A . <). W h arton , lab or m em ber o f the board, filed th e first
dissenting opinion on a decision b y th e b o d y .
T h e decision holds th a t:
!. W ork perform ed on Sundays and legal h olid ays by shopm e ■ shall be
P'mO i or at the rate o f tim e arid a h alf overtim e, excep t for operation o f
p ow er houses, millwright gang
train yards and oth er crews regularly
assigned to Sunday work
T h e y will be paid regular week d a y tim e.
z A fter eight hour-, work on week days, overtim e w!H be paid a t th e rate
o f tim e and a half.
' E m ployees required to w ork during any p eriod o f the lunch hou r
win be allowed one hour.

805

E m ployees called fo r regular w ork a t sh ops fo r em ergency work on
the road will b e paid from tho tim e th ey leave the shop
5. E m ployees sent from shops to fill vacancies at any poin t will be paid
hourly from tim e th e y leave th e shops.
(>. T h o eight h ou r d a y Is given full recognition
T h o Railroad L a bor Hoard has d ecided th at the seven rule , approved by
th e Hoard correspon din g to the seven rules o f the national agreement-*, are
ju st and reasonable, the decision declared. T h e y shall apply to each o f
the carriers set o u t herein, excep t in such Instances as a n y particulai carrier
m ay have agreed with. Its em ployees upon any on e or m ore o f said rule
A m ere com parison by an unbiassed m ind o f the rules adopted by Unroad and the correspon din g rules em braced In the national agreem ent which
were p roposed b y the em ployees fo r readoption by this B oard is su fficien t
the Hoard believes, to co n v in ce that tho m od ification s are Just and rea on
able and that the com plain ts m a de by th e carriers th at tho national agree­
ments rules were burdensom e, unreasonable and junust was well grounded.
T h e Board has felt im pelled, h ow ever, to decline m n ay o f the m o d ifica ­
tions o f the rules a d v o ca te d b y th e carriers because th ey appeared to g o to
an opposite extrem e.
T h e railroads w on their p oin t in ob ta in in g a m od ification o f the onerous
“ five h ou r ca ll’ ’ rule with p a y , w hich is cu t to one h ou r.

N O M I N A T I O N OF F R E D E R I C K I. COX A S M E M HER
OF I N T E R - S T A T E C O M M E R C E COM M I S S I O N
F A V O R A B L Y REPORTED.
T h o Senate C om m ittee on Inter-State C om m erce fa v ora b ly
reported on A u g. 17 the n om in a tion o f Frederick f. C ox , of
New Jersey, as a m em ber o f the Inter-S tate C om m erce
C om m ission, succeeding E dgar E . C lark, resigned. T h e
a p poin tm en t had been b efore the C om m ittee since J u ly 22,
and it was explained that the delay was due to the hop e that
, M r. C lark c o u ld be prevailed u p o n to w ithdraw his resig­
nation. B oth C om m ission er C la rk ’s resignation an d M r .
C o x ’s a p p oin tm en t w ere n oted in our issue of J u ly 30, page
489. M em b ers o f the Senate C om m ittee on A u g . 17 paid
high com p lim en t to the pu blic service o f C hairm an C lark,
and expressed regret at his decision to retire.
M r. C lark declared in a statem ent on A u g . 18, after he had
m ade a call on P resident H a rd in g at the W h ite H ou se, that
his resignation was n ot due to difference betw een the C o m ­
m ission and the P resident, and that fu rther the P resident
“ has not in an y w a y in dicated an y desire or disposition to
dictate or to direct the C om m ission or even to suggest h ow
the C om m ission should act in any m atter b efore i t . ”
“ T he speculative rum ors that friction betw een President
H arding and the In ter-S tate C om m erce C om m ission or be­
tw een the President and m yself had an yth in g w h atever to do
w ith m y resignation, h a ve no fou n d a tion in fa c t .”
Chairm an C lark said: “ M y resignation was con trolled
entirely b y personal reasons. T h e President n ot on ly ex­
pressed regret that I w an ted to retire, b u t he asked m e to
w ithdraw m y resignation, an d even after he had accep ted it
he gave m e an o p p p o rtu n ity to w ithdraw it. W h ile the
President has evinced an interest in the bigger aspects of the
transportation problem and expressed the h op e that redu c­
tions and readju stm ents in rates m ight com e a b ou t in proper
w ays, he has n ot in an y w a y in d ica ted an y desire or disposi­
tion to d ictate to or to direct the C om m ission or even to
suggest howr the C om m ission should act in an y m atter
before i t . ”

A D M I N I S T R A T IO N 'S RAILROAD F U N D IN G B IL L .
T h e A d m in istra tion ’ s railroad fu n d in g bill w as reported
to the Senate yesterd ay (A u g. 19); on the 18th the H ou se
C om m ittee on In ter-S tate and F oreign C om m erce agreed
to fa v o ra b ly rep ort the railroad b ill. W h ile the H ou se is
expected to a ct on the W in slow bill n ex t w eek, it was stated
yesterd ay that the Senate bill will n o t be called up fo r
consideration prior to the recess scheduled from A u g . 24 to
S ept. 21. In an nou ncing the fa v ora b le rep ort ordered b y
the H ouse C om m ittee, the N ew Y o r k “ C om m ercial of yes­
terday (A u g. 19) said:
T he C om m ittee’ : action was taken in a ccord an ce with a request from he
W h ite H ouse that th e bill be ad va n ced as far as possible .toward fin al e n act­
m ent before C ongre ”■ begins i s recess next W edn esd ay.
T h e bill will oe considered by the H ouse either M o n d a y or T u esd ay. I is
planned to report i w it h a special rule th at will insure-its passage in one d a y .
T he bill was re x rte 1 from the C om m ittee w ithout change. I t authorizes
the W a r F in a n c ' C o rp o ra 'io n to purchase securities deposited b y the rail­
roads w ith the United Stater; R ailroad A dm inistration and to sell th em in he
open m ark': . T h e fu n is, thus ob tain ed w ould then be loaned to th e lo a d s
fo r e i iem ent o f the roa Is’ indebtedness to the G overn m en t.
Bankers th rou gh ou t th e U nited States will b e called upon to assist the
G overn m en t in com in g to th e financial relief o f th e roads, E ugene M e y e r,
J r., M anaging D irector o f th e W ar Finance C orp ora tion , said to -d a y .
T h e G overn m en t will exp ect th e bankers to take part o f th e secu rities
th e railroads 'are to give th e R ailroad A dm inistration under th e refunding
plan o f President H arding. T h e W a r Finance C orp ora tion will take g a rt
o f th e roa d s’ secu rities, but p rob ab ly the small share.
Plans for th o app ortion in g o f the rail securities will b e m ade as soon as the
refunding plan is arranged betw een th e rail adm inistration and th e roads and
C ongress authorizes th e W ar Finance C orp ora tion to assist in the relief.
N o detailed plans for extending th o assistance to th e roads th rou gh the
corp oration and th e banks h ave y e t been m ade, said D irector M ey er,
bu t the banks will b e asked to help th e G overn m en t and the corp ora tion
to tho full exten t o f their a bility.

HOG

THE CHRONICLE

Assistance by the banks will probably be in the form o f a private pool, it is
Indicated, like those organized under Government direction to assist the
cattle and cotton growing industries. Several big bankers first will be
sounded out on the proposal. If they favor it as is believed certain, it is
likely that a meeting of bankers will be called by the Treasury Department.

A favorable report on the bill was ordered by the Senate
Inter-State Commerce Committee on Aug. 17 by a vote
of 7 to 2. The bill would authorize the War Finance Cor­
poration to use not to exceed $500,000,000 to purchase rail­
road securities from the Railroad Administration and pre­
scribe interest rates upon securities hereafter accepted from
the carriers. The press dispatches of the 17th irst .said:
A section to permit reopening o f settled accounts with the railroads for
the funding of securities o f those roads went out in committee and provision
added to prevent railroad funding from interfering with aid for financing
agricultural exports. The life of the corporation would bo extended to
July 1 1922, under another Committee proviso.
Senator La Folefcte, Republican, Wisconsin, voted with Senator Stanley,
Democrat, Kentucky, against reporting the bill, while Senator Pomerene,
Democrat, Ohio, voted for it.
It developed during consideration of the bill that the War Finance Cor­
poration is now attempting to form a syndicate to purchase Government
holdings o f railroad securities and relieve the Government of further rail­
road funding operations.

REDUCTION I N FREIGHT RATES ON GRAIN.

[ V ol.

113.

urally wanted their share of the movement, and the Canadian Railway
Commission granted them authority to moot the water rates. Under this
arrangement the grain moved to Green Bay ports by water and thence by
rail to Montreal.
To meet this condition and insure that the American producer would not
only get his full share o f t he sales in foreign markets but would also get the
highest possible price, a movement for reducing export rates was inaugurated
by the Administration.
The new rates thus far authorized apply only on Chicago-New York
business, but the railroads are already at work on sweeping revisions of
grain rates generally, which will adjust them to this new basis charge, so
that the entire agricultural interest will get the full share of benefits.
Reductions from Mississippi River points are under consideration, and if is
recognized that the lines to the Gulf will of necessity ask readjustment of
their rates also, in line with the general downward tendency.

Clyde M. Reed, Manager of the Western Grain Committee
and Chairman of the Kansas Public Utilities Commission
in a statement on Aug. 13, taking exception to the White
Ho use anno uncement said:
The proposed reduction referred to is simply a matter of adjustment in
order to preserve the grain traffic to certain roads. It will not result in
actual reduction of freight rates to the producer of export grain.

The press dispatches from Washington reported him also
to the following effect.
M r. Reed said the White House statement was “ misleading” in that it
indicated that grain rate reductions already made were to benefit pro­
ducers. The fact was, he asserted, that Canadian roads cut rates via lake
and rail to Montreal, and captured much export business. T o meet this,
certain American lines cut 4 cents per hundredweight off the lake— BuffaloNow York— rate and this in turn forced all rail carriers to New York to
propose a 73^-cent drop, Chicago to New York, as they were losing business
to both the Canadian and Buffalo routes.
Some carriers hauling to gulf ports saw danger o f disruption to their
export grain traffic in this proposal and protested, M r. Reed said.

The reduction of 7 lA cents per hundred weight in freight
rates on grain and grain products is the subject of a state­
ment issued at the White House on Aug. 12, which alludes
to this action as “ one of the most important measures the
Administration has initiated for the relief of agricultural and
Announcement of the cut in freight rates on grain came
of general industrial conditions.” The statement says that from Chicago on Aug. 4, in the following press dispatches.
Freight rates on grain, grain products and grain by-products from
“ these reductions of rates, together with the arrangements
and Central Freight Association territory to North Atlantic
for financial assistance to export trade and the assurance Chicago
seaboard ports for export will be reduced 7 lA cents per hundred pounds
that Europe is going to need extraordinary quantities of as a result of conferences between railway and shippers’ representatives.
American foodstuffs, constitute altogether a justification for It was announced to-night. The present rate for grain is 30 cents.
The Central Freight Association territory includes points located on and
strong hope that the tendency in the agricultural markets north of the Ohio River, on and east of the Mississippi River, south of the
will for some time be decidedly toward better prices.” It is Illinois-Wisconsin State lino, east o f Lake Michigan, south o f the Great
also learned from the statement that the cuts were agreed to Lakes and west of Buffalo and Pittsburgh.
The rates from points in this territory east o f the Indiana-Illinois State
as an incident to the settlement of the claims of the rail­ line on like traffic to the same ports for export will also be adjusted with
roads against the Government. The following is the state­ relation to the reduced rates from Chicago, it was announced. Applica­
tion will be filed immediately with the Inter-State Commerce Commission
ment issued by the White House:
for authority to make the reduced rates on export traffic effective on ten
One of the most important measures the Administration has initiated for
the relief of agricultural and of general industrial conditions, concerns the
reduction of transportation rates on grains for export. It is particularly
important, because the substantial reductions on other grains is certain to
be carried back directly to the producer and to enhance the price, not only
of grain exported but of grain consumed in this country.
The price of grain in exporting countries is determined broadly by the
price received for the surplus in importing countries. I f a reduction in
freights, therefore, increases the price that the farmer receives for his
exported grains, the price of grain for domestic consumption will advance
to the same degree.
When the railroads recently were urging early settlement o f their claims
dating from the era o f Government management, the President requested
Secretary of Commerce Hoover to confer with railway executives. A suc­
cession o f conferences were held, in which M r. Hoover, on behalf o f the
President, insisted that the railways must relinquish their claims, amounting
to about $900,000,000 on the grounds of inefficiency of labor. He also
insisted, with the Administration’s backing, that there must be concession
to the agricultural interests, and urged the reduction o f the export grain
rates. This was made the basis of the readjustment, the railroads relin­
quishing their so-called “ labor inefficiency claims, and undertaking to
inaugurate reductions in the export grain rates, while the Administration
undertook to assist them by securing early settlement of their claims against
the Government.
This reorganization of grain rates is a step toward the gneeral restoration
o f those normal conditions with which the war interfered. As a war
measure, it was necessary, in order to relieve the congestion of freight moving
to the North Atlantic ports, to make such adjustment o f grain rates from
the Middle West as would force export grain to the Gulf ports. But with
the war-time volume o f North Atlantic traffic withdrawn, it was possible
to return to the old basis.
In general advances in freight costs are passed on to the consumer by
adding them to selling prices. But in grains, whose domestic price is
dominated by the foreign price of the exported surplus, the producer
suffers when rates go up and benefits when they go down.
Therefore, though the exports represent a minor share of the total grain
production, the lowering o f export rates affects the entire crop. These
reductions of rates, together with the arrangements for financial assistance
to export trade and the appearance that Europe is going to need extra­
ordinary quantities of American foodstuffs, constitute altogether a justifi­
cation for strong hope that the tendency in the agricultural markets will
for some time be decidedly toward better prices.
The rate on export wheat from Chicago to New York is the basis from
which all other grain export rates are calculated. This rate has for some
time stood at 30 cents per bushel and is 4 cents lower than the rate on wheat
for domestic consumption.
The railroads were induced, in view jf the small movement of grain and the
unwillingness of the farmers to sell at prices they were offered, to request
authority from the Inter-State Commerce Commission to reduce the exportrate. This has been granted, the reduction being 7 A cents per hundred­
weight on wheat. The action was a recognition both of the insistence of the
agricultural interests that the rates were too high, and of the fact that there
had been a marked increase in the foreign demand for American grain.
The importance of the reduction has been further accentuated very recently
by the bad crop conditions of Europe. Practically throughout the Euro­
pean Continent and Great Britain the crops this year seem likely to bo the
poorest in many seasons on account of the unprecedented drought.
Europe will need to import all the grain it can possibly finance. It was
discovered some time ago that the Canadian railways and ports were getting
the lion’s share of the grain movement to Europe, which at first took the aliwter route from lake port s via the St. Lawrence River. Q u an tities of
American whoat were also sent by this route. The Canadian railways nat­

days’ notice, but in the event of the commission declining to approve this,
the reduced rates are to be filed with the commission to become effective
within thirty days. The reduced rates will expire Dec. 31 1921.
The proposition of the carriers that the domestic rates on grain, grain
products and grain by-products also be reduced 4 A cents per one hundred
pounds from Chicago, including points as far west as the Mississippi River
to points east of Buffalo and Pittsburgh, was also discussed at the confer­
ence. The proposed reduction on domestic shipments is subject to the
understanding that relative reductions will be made in the domestic rates
on like traffic from territory east of the Indiana-Illinois State line to the
same eastern destinations and to a further conference between the repre­
sentative o f the Central Freight Association and the Trunk Lines Associa­
tion and New England Freight Association in connection with the domestic
rates applicable east of Buffalo, Erie, Pa., &c., to the same territory, the
idea being that there will be no reduction in the domestic rates east of the
Lake ports named.
As to both the export and domestic rates, the usual differentials are to
govern as between New York and other North Atlantic seaboard ports.
In the event of its finally being decided to reduce the domestic rate, the
intention is to file an application with the Inter-State Commerce Com­
mission to make the rates effective on ten days’ notice, the lower rates to
expire Dec. 31 1921. All of the reductions will effect the freight charge
on shipments from points north and west of Chicago, also west of the
Mississippi River.
“ The cost of transportation service at the present time does not justify
the heavy reductions which the carriers will make in export grain rates,
the announcement read. “ Nevertheless, these reductions have either
been decided upon or are under discussion as a result of the plea ol the
farmers and others for a re-adjustment of existing rates.”
The present and proposed carload rates in cents per hundred pounds
from Chicago to New York are as follows:
-------- Export--------------Domestic-----Present. Proposed.
Present. Proposed.
Grain_______________________ 30
22 A
34
A
30
Grain products______________ 32
24 A,
35
30 >2
Flour_______________________ 31
23 At
--- — j
Grain by-products__________
34
263^
37
32 >2

DEVELOPMENTS OF NEGOTIATIONS LOOKING
SOLUTION OF IRISH PROBLEM.

TO

The differences between Ireland and Great Britain on the
question of the Government of the former appear to be as
far apart as ever, Eamonn de Valera, the so-called President
of the Irish Republic, having conveyed to Prime Minister
David Lloyd George during the past week advices indicating
the non-acceptance of the proposals of Great Britain for
tho adjustment of the Irish problem. The latter had pro­
posed that Ireland be given the status of a Dominion, with
the understanding that she would enjoy:
‘‘ Complete autonomy in taxation and finance; that she shall maintain
her military for home defence, her own constaouuvry tor her own police,
that she shall take o ver the Irish postal service and all matters relating
thereto— education, land, agriculture, mines and minerals, toivsu> . hous­
ing, labor, unemployment, transport, trade, public health, health insur­
ance, and liquor traffic, and in sum that she shall exercise all those p o w e r s

A ug. 20 1921. |

THE CHRONICLE

aiul privileges upon which the a u ton om y o f self-govern in g D om inions Is
based, su b ject to the considerations set forth In (ho ensuing paragraphs.

Do Valera states “ the Irish p eop le's' belief th at national
destiny can best be realized in p olitica l dotaclu nont, free
from Im perialistic en tan glem en ts.”
“ Like the small na­
tions o f E u r o p e ,” he says, “ th ey are prepared to hazard their
independence on the basis o f m oral r ig h t.”
D om in ion status
for Ireland, lie-asserts, “ is b y every one w ho understands the
con dition s know n to bo illu sory.”
lie states further:
T h e freed om which the British D om in ion s en jo y Is n ot so m u ch the re­
su lt o f legal enactm ents or treaties as o f the im m ense distances w hich sepa­
rate them from G reat Britain and make interference b y her im practicable.
M o s t explicit guarantees, Including the D om in io n ’s acknow ledged right to
secede, would be necessary to secure for Ireland an equal degree o f freedom .

H e also declares that “ in regard to the qu estion at issue
betw een the political m in ority and the great m a jo rity o f tho
Trish people, th at m ust rem ain a qu estion fo r the Irish them ­
selves to settle. W e can n ot adm it the righ t o f the B ritish
G overn m en t to m utilate ou r co u n try either in its ow n inter­
est or at tho call o f any section o f ou r p o p u la tio n .”
L lo y d
G eorge in den yin g the right o f Ireland to secede says:
In ou r op in ion , n oth in g is to be gained oy p rolon g in g tho theoretical
discussion o f the national status w hich y o u m a y be w illing to a cce p t, as co m ­
pared w ith th at o f tho great self-governin g D om in ion s o f th e B ritish C o m ­
m onw ealth. b u t we m u st d irect y o u r a tten tion to on e p o in t on which you
lay som o em phasis, and on w hich no British G overn m en t can com prom ise,
nam ely, the claim that we sh ould ack n ow ledge the right o f Ireland to secede
from her allegiance to the K in g.
N o such right can ever b e a ck n ow ledged by u s. T h e geographical p ro ­
p in q u ity o f Ireland to the B ritish Isles is a fun dam ental fa c t. T h e h istory
o f the tw o islands for m any centuries, h ow ever it is read, is su fficien t p ro o f
th a t their destinies are indissolubly linked.

T his exchange o f correspondence was m ade pu blic on A u g.
14, along w ith the proposals o f the B ritish G overn m en t
grow in g ou t o f the conferences betw een de V alera and L loyd
G eorge, last m on th , w hich w ere detailed in our issue o f
Ju ly 23, page 368. F ollow in g the con clu sion o f these
conferences on Ju ly 21, w hen it was announced in a jo in t
com m un iqu e that “ the basis fo r a further conference has n ot
y e t been fo u n d ,” the proposals were taken up b y de V alera
w ith his cabin et on J u ly 25. On J u ly 29, it was reported
that the B ritish G overn m en t had received a com m u n ication
from de V alera, the L o n d o n “ T im es” — the a u th ority for
this— stating that “ the con ten ts were n ot divu lged, b u t it
was noticeable in G overn m en t quarters that there was no
abatem ent in the hopefulness lately apparent th e re .”
T h e next d evelopm en t o f m om en t was the sum m oning o f
the Irish R ep u b lica n P arliam ent to m eet on A u g . 16, the
A ssociated Press in D u b lin cablegram s A u g . 4 in reporting
an announcem ent to this e ffect b y the “ Irish B u lletin ”
the official R epu blica n organ , stating:
T h e call for th e m eeting o f the P arliam ent, w ith all m em bers present,
involves the release from prison o f tw en ty -fiv e m em bers o f this b o d y , and
it has been declared the G overn m en t is w illing to facilitate their attendance.

On the sam e date A ssociated Press advices from L on d on
said:
T h e Irish situation to o k a sensational turn to -d a y w hen it was announced
in D u b lin that E am on n de Valera and his associates had decided to sum m on
a full m eeting o f the Irish R epu blican Parliam ent to consider th e British
G ov ern m en t’s Irish peace proposals.
It has been repeatedly stated in D u blin th at the D a il E ireann w ould n ot
be sum m oned until U lster’s attitude had been learned, bu t coin ciden t w ith
th e calling o f a m eeting o f this b o d y com e con flictin g reports from D u b lin
and B elfast con ceri 1 lg U lster’s position.
In D u blin it is rep orted th at U lster has been sounded and has returned
an answer u n fa vorab le to the Sinn Fein overtu res, w hile in B elfast, after
an im portant m eeting o f th e C ab in et, it was a u th oritatively stated that the
Ulster M in istry h ad received no com m u n ica tion from M r . d o Valera.
W h le these reports at first glance seem irreconcilable, it is p oin ted out
that possibly b oth m ay b e correct. T h e fa c t th a t the U lster C abin et
itself has n ot received a com m u nication w ou ld n o t, it is n o te d , preclu de th e
p ossibility o f an inform al discussion betw een the N orth ern and Southern
leaders.

In announcing the return to L o n d o n on A u g . 5 o f Sir
Jam es Craig after a m eeting o f the U lster C a b in et, the
N ew Y ork “ T im e s,” in a co p y rig h t cablegram , said:
F rom a w ell-inform ed source, it is gathered th a t th e Sinn Feiners, while
regarding the G overn m en t’s proposals for th e future o f Southern Ireland
fa v o ra b ly , are reluctant to abandon the ideal o f the u n ity o f Irelan d, and
doubtless in pursuit o f this ideal the Sinn Fein leaders h av e been urging a
m eeting between de Valera and Craig in Ireland. C raig has declin ed th o
p rop osal, on the ground th at Ulster had a ccep ted the P rim e M in iste r’s
invitation to the conference in L on don .
The feeling in Ulster seems to be the N orth cou ld n ot agree to m o d ify their
existing status until th ey had seen in w hat way the South govern ed itself.

Llic possibility o f the repudiation o f tho truce entered into
otj Ju ly 9 betw een E ngland am i Ireland in the e v en t th at
the British G overn m en t persisted in its refusal to liberate
Joh n M c K e o w n , a m em ber o f the Irish R ep u b lica n Parlia­
m ent, under con v iction fo r the m urder o f D istrict Inspector
M cG ra th , was forecast in the D u b lin press a d vices A u g . 7.
M cK e o w n was the on ly one o f the m em bers o f the D a il
Eireann interned or im prisoned w hose release had n o t been
prom ised. R esponsible Sinn Fein leaders, it was stated,
identified them selves with M cK e o w n 's a ct as part of the war

807

and considered refusal to release him as in dicatin g a w ant
o f g o o d faith on the part o f the G ov ern m en t. On the 8th
inst. the decision to release him was m ade known in A sso­
ciated Press advices from Paris:
T h o British G ov ern m en t has deckled to release John .1 M cK o o w n , the
sole rem aining Im prisoned m em ber o f the Irish R epu b lica n Parliam ent, It
was announced this evening by the British delegation to the Allied Suprem e
C ou ncil session here.

T h o annou ncem en t that do V alera's reply to the Priti h
G overn m en t's proposals had been delivered, on A u g. I I to
A usten C ham berlain in the absence o f L loy d G eorge, and
forw arded b y M r. C ham berlain to the Prim e M in ister b y
airplane was m ade o n A u g. I I ; as stated a b o v e , M r. do
V alera's letter was n ot m ade p u b lic until A u g . 14.
ft reads
as follow s:
Sir:— On the occasion o f ou r last interview I ga vo it as rny ju d gm en t th at
tho D ail Eireann co u ld n o t and that tho Irish p e o p le w ould n ot a cce p t the
proposals o f y o u r G overn m en t as sot forth in th o d ra ft o f July 20 which you
had presented t o m e. H avin g con su lted m y colleagues, and w ith th em
given these proposals m ost earnest con sideration , I n ow con firm th at
ju d gm en t. T h o ou tlin e given in th e d ra ft is self-con tra d ictory, and th e
principle o f the p act is n o t easy to determ ine. T o the extent that it im plies
recognition o f Irela n d ’s separate n ation h ood and her right o f self-determ ina­
tio n we appreciate and a ccep t it.
B u t in the stipulations and express con d ition s con cern in g m atters th at are
v ita l, principles strangely are set aside and the claim a dvan ced b y you r
G overn m en t to interference in our affairs and to co n tro l w hich w e can n ot
a dm it.
Irelan d’s right to ch oose fo r herself the path she should take to realize
her ow n destiny m ust be a ccep ted as indefeasible. It is a righ t th a t has
been m aintained through centuries o f oppression and a t a co st o f unparalleled
sacrifice and u n told suffering, and it w ill n ot be surrendered. W e ca n n ot
propose to abrogate o r t o im pair it, n or can G reat B ritain or a ny oth er
foreign State o r grou p o f States legitim a tely claim to interfere w ith its
exercise in order to serve their ow n special interests.
T h e Irish p e o p le ’s b e lie f is th a t N a tion a l d estin y can b e st be realized in
p olitical detach m en t free from im perialistic entanglem ents w h ich , they feel,
w ill in volve enterprises o u t o f h arm on y w ith th e N ation al ch a ra cter, p ro v e
d estru ctive to their ideals and be fru itfu l o f o n iy ruinous w ars, crushing
burdens, social d iscon ten t a n d general u nrest and unhappiness.
Like the sm all States o f E u ro p e , th e y are prepared to hazard their inde­
pendence o n the basis o f m oral righ t, co n fid e n t that th e y threaten no
n ation or p eople so th ey w o u ld , in tu rn , be free from aggression them ­
selves. This p o licy th ey h av e declared fo r in plebiscite after plebiscite, and
the degree to w h ich a n y oth er line o f p o licy deviates from it m ust be taken
as the m easure o f the exten t to w h ich external pressure is op era tive and
violen ce is being d on e to the wishes o f the m a jo rity .
A s fo r m yself and m y colleagu es, it is our deep co n v ictio n th at true
friendship w ith E n glan d, w h ich m ilitary coercion has frustrated fo r cen ­
turies, can be ob tain ed m o st readily n ow th rou gh am icable b u t absolute
separation. Fear, groundless th ou gh w e believe it to b e, th at Irish terri­
to ry m ay be used as a basis fo r a tta ck u p o n E n g la n d ’s liberties, can be m et
by reasonable guarantees n o t inconsistent w ith Irish sovereign ty.
D om in ion status fo r Ireland is b y e very on e w h o understands the co n d i­
tions know n to b e illu so ry . T h e freed om w h ich the B ritish D om in ion s e n jo y
is n o t so m u ch the result o f legal en actm en ts or treaties as o f th e im m ense
distances w hich separate them from G reat B ritain and m ake interferece
b y her im practicable. M o s t exp licit guarantees, inclu din g the D o m in io n ’s
acknow ledged righ t to secede, w ou ld be necessary to secure for Ireland an
equal degree o f freed om .
T h ere is no suggestion, h ow ever, in the p rop osals m ade o f a n y such guar­
antees. Instead, the natural p osition s are reversed and ou r geograph ical
situation w ith resp ect to G reat B ritain is m ade th e basis o f denials and
restrictions unheard o f in the c a s e 'o f the d om in ion s. T h e sm aller island
m u st give m ilitary safeguards and guarantees to the larger and suffer it s e lf
to be reduced to a position o f helpless d epen den ce.
I t should be ob viou s th at w e cou ld n o t urge accep ta n ce o f su ch proposals
u pon o u r people. A certain treaty-free association w ith th e B ritish co m ­
m on w ealth grou p, as w ith a partial League o f.N a tio n s , w e w ou ld h ave oeen
read y to recom m end and as a G ov ern m en t to n egotiate and take responsi­
b ility fo r, had w e assurance that en try o f the n ation as a w hole in to such
association w ou ld secure fo r it the allegiance o f the presen t dissenting
m in ority, to m eet w hose sen tim en t alone this step w ou ld b e con tem p lated .
Treaties dealing w ith proposals fo r free intertrade and m u tu al lim itation
o f arm am ents we are re a d y at a ny tim e to n egotiate. M u tu a l agreem ent
fo r facilitating air, railw ay and oth er com m u n ica tion s, ca n , w e feel certain ,
also be effected. N o ob sta cle o f a ny k in d will be p la ced b y us in th e w a y o f
th a t sm ooth com m ercial intercourse w hich is essential to th e life o f b oth
islands, each o f w hich is th e best cu stom er and best m arket o f the oth er.
It m ust, o f course, bo u n derstood th a t all treaties and agreem ents ysrould
h av e to be su bm itted fo r ra tifica tion to a N a tion a l legislature in the first
instance, and subsequ en tly to th e Irish p eople as a w h ole, under circu m ­
stances w hich w ou ld m ake it eviden t th a t their decision w ou ld b e a free
decision and that e very elem ent o f m ilitary com pu lsion was absent.
T h e question o f Irela n d ’s lia bility fo r a share o f th o present debt o f th e
U nited K in gd om w e are prepared to leave to b e determ ined b y a board o f
arbitrators, one t o be a p p oin ted b y Irelan d, on e b y G reat B ritain and the
th ird to be chosen b y agreem ent, o r, in defau lt o f such agreem ent, to be
n om inated, say, b y the President o f th e U nited States. ,
In regard to the question at issue betw een th e political m in ority and the
great m a jority o f the Irish p eople, that m ust rem ain a question fo r th e Irish
them selves to settle. W o can n ot adm it th e right o f th e British G ov ern ­
m ent to m utilate our cou n try either in its ow n interest or at the call o f any
section o f our popu lation . W e d o n o t con tem plate the use o f force. I f
y o u r G overn m en t stands aside, w e can effect, a com plete recon ciliation .
W e agree w ith y o u th at n o com m on action can be secured b y fo rce .
Our regret is th at this wise and true principle, w hich you r G overn m en t
prescribes to us for settlem ent o f our local p roblem , it seems unw illing to
app ly consistently to the fun dam ental problem , o f relations betw een our
island and yours. T h e principle w e reply on in one case w e are read y to
a pp ly in the oth er, b u t sh ould this principle n o t yield an im m ediate settle­
m en t, wo are willing that this question , t o o , b e su bm itted to externalarbitration .
T h u s w e arc ready to m eet you in all that is reasonable and just . R esp on ­
sibility for initiating and effectin g an h on orable peace rests prim arily n ot
w ith our G overn m en t b u t w ith you rs.
W e h av e no con dition s to im pose
and no claim s to adva n ce b u t o n e — that we b e freed from agression.
W e reciprocate w ith a sin cerity to b e m easured on ly b y th e terrible
sufferings our p e o p le h ave undergone, the desire you express fo r m u tu al,
lasting friendship. T h e sole cause o f th e ancient feu d s, w hich you d ep lore!
has been, as wo k n ow and as h istory p roves, the attacks o f English rulers

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[V ol. 113

T11E CHRONICLE

u[>uu Inish liberties».
These attacks ca n ettase fui th with if you r G o v e rn intuit h<iis the will.
T h e r<ja d to peac e and understanding lies open.
E AM .ON N D E V A L E R A .

T h e r e p l y o f P r im e M in i s t t 3i* L lo y d Gfc>orge <l a t e d A u g . 13
a j i d g i v e i l o u t Va t h t h e a b o v e , fo llo w s :
S ir
T h e earlier part o f you r letter Is so m uch o p p osed to ou r fun dam en ­
tal p osition th a t w e feel b ou n d to leave you in no d o u b t o f o u r m eaning.
Y ou s ta le that a fter consulting y ou r colleagu es you co n firm y o u r d eclaration
that our p roposals are su ch as the l)a il Eireann cou ld n ot and th e Irish
people w ould not a ccep t. Y ou a d d that the ou tlin e given b y ou r d ra ft is
self-con tradictory and that the principle o f the p a ct offered y o u is not
easy to determ ine.
VVre desire, th erefore, to m ake o u r position absolu tely
c le a r .
In ou r op in ion , nothing is to be gained by prolongin g the th eoretical
d iscu ssion o f th e national statu s w hich you m ay be willing to a cce p t, as
com p a red with that o f the great, self-governing dom in ion s o f the Hritish
com m on w ealth , b u t w e must direct you r atten tion to on e p oin t on w h ich you
lay som e em phasis and on w hich no B ritish G ov ern m en t can com prom ise,
nam ely, the claim th at we sh ould ack n ow led ge th e righ t o f Ireland to secede
from her allegiance to the king.
g ■, i iphical pro
pinquit y o f Ireland to the B ritish Isles is a fun dam ental fa ct
T h e h istory o f
i in- i. wo islands
er it is read is snifficient proof
that their destinies are indissolubly linked.
Ireland has sent m em bers to th e B ritish Parliam ent fo r m ore th an a
hu n dred years. M a n y o f her p eop le during all that tim e h a v e enlisted freely
a n d served gallantly in the forces o f th e C row n . G reat n u m bers In all th e
Irish p rovin ces are p rofou n d ly a ttach ed to the throne.
T h ese fa cts perm it o f on e answ er, and on e on ly , to th e claim th at G reat
B ritain sh ould n egotiate w ith Ireland as a separate and foreign Pow er.
W hen y ou , as the chosen represen tatives o f Irish national ideals, cam e
t o speak w ith m e I m ade on e con d ition on ly , o f w h ich ou r p rop osa l plainly
stated the effect
that Ireland should recognize the fo rce o f geographical
anti historical facts.
It is th ose facts w h ich gov ern the p rob lem s o f B ritish -Irish relations. If
th ey d id not exist th ere w ou ld be no p roblem s to discuss. 1 pass, th erefore,
t o th e con d ition s w hich are im posed b y th ese facts.
W e set th em ou t clearly in six clauses in ou r form er p rop osals and need
not restate th em here, except to say th a t th e B irtish G overn m en t can n ot
con sen t to th e reference o f any su ch question s w hich con cern G reatB ritain
and Ireland a lon e to the a rb itration o f a foreign p ow er.
W e are p rofou n d ly glad to h av e y ou r agreem ent th a t N orth ern Irelan d
ca n n ot b e coerced . T h is p oin t is o f great im portan ce, beca u se th e resolve
o f ou r p eop le to resist w ith fu ll p ow er any a tte m p t at secession b y o n e part
o f Ireland carries w ith it o f n ecessity an equal resolve to resist a n y e ffo rt to
co e r ce a n oth er part o f Ireland to a bandon its allegiance to th e C row n .
W e gladly g iv e you th e assurance th a t w e w ill co n cu r in a ny settle­
m ent w h ich Southern and N orth ern Ireland m a y m ake fo r Irish u n ity
w ith in th e six con d ition s already laid d ow n , w h ich a p p ly to Southern and
N orth ern Ireland alike, bu t w e can n ot agree to refer th e q u estion o f you r
relations w ith N orth ern Ireland to foreign a rb itration .
T h e con d ition s o f the p rop osed settlem en t d o n o t arise fro m a n y desire
to fo rce ou r w ill u p on th e p eop le o f an oth er race, b u t fro m fa cts w h ich are
as v ita l to Irela n d ’s w ellfare as to ou r ow n . T h e y con ta in n o d eroga tion
fr o m Irelan d's status as a d om in ion , no desire fo r B ritish a scen d a n cy o v e r
Ireland and no im pairm ent o f Irela n d ’s national ideals.
O ur p rop osa ls present to th e Irish p eop le an o p p o rtu n ity su ch as has
n ever daw n ed in th eir h is to ry b efore. W e h a v e m a de th em in a sincere
desire to a ch iev e peace, b u t b ey on d th em w e ca n n o t g o .
W e tru st y o u will b e able t o a cce p t th em in principle. I shall discu ss their
ap p lica tion in detail w h en ever you r a ccep ta n ce in p rin cip le is com m u n icated
t o m e.
D A V ID L L O Y D G E O R G E .

T h e fo llo w in g is th e d raft o f the B ritish p rop osals, (d ated
J u ly 20) as m ade p u b lic a lon g w ith the a b o v e letters) in
the A ssocia ted Press a d vices fro m L on d on .
T h e B ritish G overn m en t is actu ated b y an earnest desire to end the
u n h a p p y d ivision s betw een G reat B ritain and Ireland w h ich h a v e p rod u ced
so m a n y c o n flicts in the past .and w hich h ave on ce m ore sh attered th e
p ea ce and w ell being o f Irelan d. A t th e present tim e th ey lon g w ith His
M a je s ty th e K in g in the w ords o f his graciou s speech in Irelan d last m on th
fo r a sa tisfa ctory solu tion o f “ th ose age-lon g Irish p rob lem s which, fo r gen­
era tion s em barrassed our forefathers as th e y now w eigh h e a v ily u p on
u s ,” and th e y w ish to d o their u tm ost to secure th a t “ e very m an o f Irish
birth sh ould w ork in loy a l co-op era tion w ith th e free com m u nities o n w hich
th e B ritish E m p ire is b a s e d .”
T h e y are con v in ced th at th e Irish p eop le m a y fin d as w orth y and co m ­
p lete an expression o f th eir p olitica l and spiritual ideals w ith in th e em pire
as a n y o f th e num erous and varied nation s united in allegiance to His
M a je s t y ’s th ron e and th ey desire such con su m m a tion , n o t o n ly fo r the
w elfare o f G reat B ritain and Ireland and th e em pire as a w h ole, b u t also
fo r th e cause o f p eace and h arm on y th rou g h ou t th e w orld.
T h ere is n ot a p art o f th e w orld w here Irishm en h av e m a de their hom es
b u t suffers from ou r ancient feud s. N o part o f it b u t lo o k s to this m eeting
b etw een the B ritish G ov ern m en t and the Irish leaders t o resolve these
fe u d s in to a new understan din g, h on ora ble and sa tisfa ctory t o all the p eop le
in v o lv e d .
T h e free n ations w hich com p ose th e B ritish E m p ire are draw n fro m m an y
races w ith differen t histories, trad ition s and ideals. In th e D o m in io n o f
C a n a d a th e B ritish and French h av e lon g forg otten th e b itter co n flicts
w h ich d iv id ed their ancestors. In South A frica th e T ran svaal R ep u b lic
a n d th e O range Free State h av e join ed w ith tw o B ritish colonias to m ake a
g r e a t, self-govern in g u n ion u n der H is M a je s t y ’s sw ay. T h e B ritish p eople
ca n n ot believe th a t w here C an a da and South A frica , w ith equal or even
greater d ifficu lties h a v e so signally su cceed ed . Irelan d will fail, and th e y are
d eterm in ed th a t, so far as th ey them selves can assure it, n o th in g shall
h in d er Irish statesm en fro m join in g togeth er to build u p an Irish State
in free and w illin g co-op era tion w ith th e oth er peoples o f the em pire.
M o v e d b y these con sideration s, th e B ritish G overn m en t in vites Ireland
t o ta k e her p la ce in the great association o f free n ations o v e r w hich H is
M a je s ty reigns. A s an earnest o f its desire to ob litera te old quarrels and
t o en able Irela n d to fa ce th e fu tu re w ith hor ow n strength and h o p e , it
p rop oses th at Ireland shall assum e forth w ith th e s t a t u s 'o f a D o m in io n ,
w ith all the pow ers and privileges set forth in this d ocu m en t.
B y the a d op tion o f D om in ion status it is u n derstood th at Ireland shall
e n jo y com p lete a u ton om y in ta xa tion and fin ance; th at she shall m aintain
her ow n m ilitary forces fo r h om e defense, her ow n con sta bu lary and her
ow n p olice; th at she shall ta k e o v er th e Irish posta l services and all m atters
relatin g th ereto; ed u ca tion , lan d , agriculture, m ines and m inerals, forestry ,
h ou sin g, la b or, u n em p loym en t, tran sp ort, trade, p u b lic h ealth , health
insu ran ce and liq u or tra ffic, and in sum th at she shall exercise all those
p ow ers a n d p rivileges u pon w hich the a u ton om y o f self-govern in g d om in ­

ions is based, su b ject to the con sideration s set fo rth in the ensuing p a ra ­
graphs. G u aranteed in these liberties, w h ich no foreign p eople can ch al­
lenge w ithout ch allenging the em pire as a w h ole, th e D om in ion s h o ld each
and severally, b y virtue o f their British fellow ship, a stan din g a m on g th e
n ations equivalen t not m erely to their ind ivid u al strength b u t to the c o m ­
bined pow er and influen ce o f all the nations o f the com m on w ealth . T h a t
guarantee, that fellow sh ip , that freed om the w hole em pire look s to Ireland
to a c c e p t .
T h en follow six stip u lation s.
T h e fu st says that the com m on con cern o f b o th cou ntries in the defense
o f their interests o n land and sea shall be recogn ized .
“ G reat B rita in ,” it add s, “ lives by the sea, her fo o d and her co m m u n ica ­
tions depend on the freed om o f the great sea ro u te s . Ireland lies at B rit­
a in ’s side, across the seaw ays, north and sou th , th at link her w ith the sister
nation s o f the em pire, the m arkets o f the w orld and th e v ita l sources o f her
fo o d su p p ly .
In recogn itition o f this fa c t, w h ich nature has im posed and w hich no
statesm anship can ch an ge, it is essential that the R o y a l N a v y alone should
co n tro l the seas around Ireland and G reat B ritain , and th a t su ch rights and
liberties should be a ccord ed b y it the Irish State as are essential fo r naval
purposes in Irish harbors and on Irish coasts.
T h e secon d stip u lation says:
In order that the m ovem en t tow a rd lim itation o f arm am ents w hich is now
m aking progress in the w orld sh ould n ot be h am pered in a ny w a y th e Irish
territorial fo rce shall w ithin reason able lim its co n fo rm in num bers to the
m ilitary establishm ents in oth er parts o f the islands.
In the third stip u la tion it is d eclared th at G roat B ritain shall h a v e all the
necessary facilities fo r the d evelop m en t o f air defense and com m u n ica tion s.
T h e fou rth expresses the h op e that Irelan d w ill, o f her ow n free w ill, co n ­
trib u te in p rop ortion to her wealth to th e n aval and m ilitary forces o f the
em p ire, and assum es th a t v o lu n ta ry recruiting will be p erm itotd “ particu larly
fo r th ose fam ou s Irish regim ents w hich so lo n g and so ga llan tly h a v e served
H is M a je s ty in all parts o f th e w orld .
C o m p le te a u to n o m y in fin an ce and ta x a tio n , w ith th e agreem ent that
there shall be no tariffs or oth er tra d e restriction s betw een the tw o islands, is
p ro v id e d in th e fifth stip u la tion .
T h e sixth declares th at Irelan d is to assum e resp on sibility fo r a share o f
the U nited K in g d o m ’s present d e b t and pension s. In d efau lt o f an agree­
m en t the share w ou ld b e determ ined y b an arbitrator a pp oin ted fro m w ithin
th e D o m in io n .
T h e d ocu m en t proposes th at th e con d ition s o f settlem en t be em b od ied in
the fo rm o f a tre a ty , to w h ich effect shall be given b y th e B ritish and Irish
Parliam ents,
T h e form in w hich the settlem en t is to take e ffe ct, it add s, will depend
u p on Ireland herself. I t m ust allow fo r fu ll recogn ition o f th e existing
p ow ers and privileges o f th e P arliam ent and G overn m en t o f N orth ern
Irela n d.
T h e British G ov ern m en t entertains the earnest h o p e th at th e n ecessity o f
harm on iou s co o p e ra tio n a m on g Irishm en o f all classes and creeds w ill b e
recogn ized th rou g h ou t Ireland and will w elcom e th e d a y w hen b y th ese
m eans u n ity is a ch ieved. B u t no su ch co m m o n a ction can b e secured b y
fo r c e .
D eclarin g that union in th e oth er D om in ion s cam e b y con sen t, the
d ocu m en t contin u es:
In n o con d ition s can th e y con sen t to a ny p roposals w h ich w ou ld kindle
civ il w ar in Irelan d. Such a w ar w ou ld n ot to u ch Ireland a lon e, fo r par­
tisans w ou ld flo c k to eihter side from G reat B ritain , th e em pire and else­
w here w ith con sequen ces m ore devasta tin g to th e w elfare b o th o f Ireland
and th e em pire th at the co n flict t o w h ich a tru ce has been called this m o n th .
T h e d ocu m en t con clu d es as follow s:
T h e B ritish G ov ern m en t w ill, th erefore, leave Irishm en them selves to
d eterm in e b y n egotiation s betw een th em w h ether th e new pow ers w h ich the
new p act defines shall be taken over b y Ireland as a w h ole and adm inistered
b y a single b o d y , or taken over separately b y Southern and N orth ern Ireland
■with or w ith ou t a jo in t a u th ority to h arm on ize their co m m o n interests.
T h e y w ill w illingly assist in n egotiatin g such a settlem en t i f th e Irishmen
should so desire.
B y these p roposals th e B ritish G ov ern m en t sincerely believes th ey will
h av e sh attered the fou n d a tion s o f th at ancient h atred and distrust w hich
h a v e disfigu red ou r co m m o n h istory fo r centuries.
T h e fu tu re o f Ireland w ith in th e com m on w ea lth is fo r th e Irish people
to sh ape. In th e fo re g o in g p rop osals th e B ritish G overn m en t h ave at­
tem p ted n o m ore than a broa d ou tlin e o f a settlem en t, th e details o f which
th e y leave fo r discussion w h en th e Irish p eop le h ave signified their a ccep t­
ance o f th e p rincip le o f this p a ct.
T h e d ocu m en t is signed b y D av*d L lo y d G eorge.

A letter bearing on the Irish peace negotiations, addressed
on A u g . 4 b y G eneral S m uts, the S outh A frican Prem ier, to
M r . de V alera , b efore the form er’s departure fo r S outh
A frica , w as g iv en ou t b y Prim e M inister L lo y d G eorge on
A u g . 13, an d, as rep orted in a cop yrigh t cablegram from
L o n d o n to the N e w Y o r k ‘ ‘ T im e s,” is as follow s:
M y D ear
Valera.- L a n e [the G eneral’s private secretary] has d u ly reported
to m e the su bstan ce o f his conversations w ith y o u and has h an ded m e y o u r
letter o f the 31st o f J u ly . H e told m e o f y o u r an xiety to m eet and discuss
th e situ ation w ith the U lster representatives.
Since then 1 h a v e , as I w ired you yesterda y, d on e m y best t o b rin g a bou t
su ch a m eetin g, bu t Sit Janies C raig, while w illing to m eet y o u in con feren ce
w ith M r . L lo y d G eorge, still remains u nw illing to m eet y o u in his absence,
and n oth in g that I h av e been able to d o or say has m o v e d h im troin that
a ttitu d e . I f y o u w ere to request a m eeting w ith h im h e will rep ly, setting
fo rth Ills p osition and saying that U lster w ill not b e m oved fro m th e con sti­
tu tion al p osition w h ich she o ccu p ies u n der existing legislation. She is
satisfied w ith her present sta in s and will on n o a cco u n t agree to any change.
On th e oth er hand, b o th in y o u r con versation w ith L an e and in y o u r letter,
y o u insist on U lster com in g into a U nited Ireland C on stitu tion , and unless
th a t is d on e y o u sa y n o further progress can be m a de.
T h ere is. th erefore, an im passe w h ich I d o not at present know how to
get o v e r . B oth you and C raig are eq u a lly im m ova ble forces and a solu tion
o f the p rob lem is ou t o f th e qu estion , b o th on y o u r and his prom ises. T h e
process o f arriving at an agreem ent w ill therefore take tim e.
T h e result is that at this stag e I can b e o f no further use in this m atter,
and I h a v e , th erefore, d e cid e d to adhere to m y plan o f sailing for South
A frica to-m orrow . T h is I regret m ost d e e p ly , as m y desire to help in
pushing an Irish settlem ent on e stage further has been very great
But 1
m u st bow to the in evitable.
M u st Settle W ithout XIJster.
I should like to add a w ord in reference to the situation as 1 h ave tv me to
v iew it. I h ave discussed it very fully w ith you and you r colleagues
l
have also p rob ed as d eep ly as l cou ld into the Ulster p osition .
M y cou\ \o
tlon is th a t for the present n o solu tion based on Ulster com in g into iho Irish

A ug.

20 1921.]

S t a t e w ill s u c c e e d .
U ls t e r w ill n o t a g r e e , who c a n n o t b o fo r c e d , a n d a n y
s o lu tio n o n th o s e lin os is a t p r e se n t fo r e d o o m e d to fa ilu r e .
I b e lie v e th a t It Is In th e In te re st o f U ls te r to c o m e In, a n d t h a t th e fo rc e
o f a c o m m u n i t y o f In terests w ill o v e r a p e rio d o f y e a r s p r o v e so g r e a t a n d so
c o m p e llin g th a t U ls te r w ill h e r se lf d e c id e t o Join th e Irish S t a t e .
But. a t
p r e s e n t an Irish s e t t le m e n t Is o n ly p o ssib le If th e h a rd fa c t s a r e c a lm ly fa c e d .
I f U ls te r Is le ft a lo n e n o t o n ly w ill sh e n o t c o n s e n t to c o m e in , b u t e v e n If
s h e d o e s th e Irish S ta te w ill. I fe a r , s t a r t u n d e r su c h a h a n d ic a p o f In tern a l
fr ic tio n a n d d is c o rd a n c e t h a t th e r e su lt m a y w e ll b e fa ilu r e .
O n c e m o r e , m y s tr o n g a d v ic e to y o u Is to le a v e U ls te r a lo n e fo r th e
p r e s e n t a s th e o n ly lino a lo n g w h ich a s o lu tio n Is p r a c tic a b le , a n d to con
c e n tr a to o n a free c o n s t it u t io n fo r th e r e m a in in g t w e n t y -s ix c o u n tie s , a n d
th r o u g h su c c e s s fu l ru n n in g o f t h e Irish S t a t e a n d th e p u ll o f e c o n o m ic a n d
o th e r p e a c e fu l fo rce s e v e n t u a lly to b rin g U ls te r in to t h a t S t a t e .
I k n o w h ow r e p u g n a n t su ch a so lu tio n m u s t b e to a ll Irish p a t r io ts , w h o
lo o k u p o n Irish u n it y a s th e sin e q u a n o n o f a n y Irish s e t t le m e n t , o u t th e
w is e m a n , w h ile fig h t in g fo r h is id eal to th e u t t e r m o s t , lea rn s a lso to b o w to
th e in e v ita b le , a n d th e h u m b le a c c e p t a n c e o f f a c t s is o ft e n th e o n l y w a y
o f fi n a lly o v e r c o m in g t h e m .
i t p r o v e d so in S o u t h A f r i c a , w h e r e u lt i m a t e u n it y w a s o n ly r e a liz e d
t h r o u g h s e v e r a l s ta g e s a n d th e p ro ce ss o f y e a r s a n d w h e re t h e r e p u b lic a n
id e a l fo r w h ich w e h a v e m a d e u n h e a r d -o f sa c r ific e s h ad ult im a te ly t o g iv e
w a y to a n o th e r fo r m o f fr e e d o m .
M y b e lie f is t h a t I r e la n d is t r a v e lin g th e
s a m e p a in fu l r o a d a s S o u t h A f r i c a , a n d t h a t , w i t h w is d o m a n d m o d e r a tio n
in h er le a d e r s h ip , s h e is d e s tin e d t o a c h ie v e n o loss s u c c e s s .
A s 1 s a id t o y o u b e f o r e , I d o n o t c o n s id e r o n e sin g le c le a n -c u t s o lu tio n
o f t h e I r is h q u e s tio n p o s s ib le a t p r e s e n t .
Y o u w ill h a v e t o p a s s t h r o u g h
s e v e r a l s t a g e s , o f w h ic h a fr e e C o n s t it u t io n fo r S o u th e r n I r e la n d is t h e
f i r s t a n d t h e in c lu sio n o f U ls t e r a n d fu ll r e c o g n itio n o f Ir is h u n i t y w ill b o
t h e la s t.
O n ly t h e fi r s t s t a g e w ill r e n d e r t h e la st p o s s ib le .
T o reverse
t h e p r o c e s s a n d to b e g in w it h I r is h u n it y a s t h e fi r s t s t e p is t o im p e r il t h e
w h o le s e t t le m e n t .
I r is h u n it y s h o u ld b e t h e id e a l t o w h ic h t h e w h o le p r o c e s s
s h o u ld b e d ir e c te d .

Urges Freedom First , Unity Later.

I d o n o t a s k y o u t o g iv e u p y o u r id e a l, b u t o n ly t o r e a liz e i t in t h e o n ly
w a y w h ic h s e e m s to m e a t p r e s e n t p r a c t ic a b le .
F r e e d o m w ill le a d i n e v ita b ly
to u n ity .
W i t h a fr e e C o n s t it u t io n fo r t h e t w e n t y -s i x c o u n tie s , th e r e fo r e ,
b e g in w ith fr e e d o m a s t h e f i r s t a n d m o s t im p o r t a n t s t e p in t h e w h o le
s e t t le m e n t .
A s t o t h e f o r m o f t h a t fr e e d o m h e r e , t o o , y o u a r e c a lle d u p o n t o c h o o s e
b e t w e e n tw o a lt e r n a t iv e s .
T o y o u , a s y o u s a y , a r e p u b lic is t h e t r u e e x p r e s ­
sion o f n a tio n a l s e lf-d e t e r m in a t io n , b u t it is n o t t h e o n ly e x p r e s s io n , a n d
it is a n e x p r e s s io n w h ic h m e a n s y o u r fin a l a n d ir r e v o c a b le s e v e r a n c e fr o m
t h e B r it is h le a g u e a n d t o o , t h i s , a s y o u k n o w , t h e P a r lia m e n t a n d p e o p le o f
t h i s c o u n t r y w ill n o t a g r e e .
T h e B r it is h P r im e M i n i s t e r h a s m a d e y o u a n o ffe r o f t h e o t h e r fo r m o f
fr e e d o m , o f t h e d o m in io n s t a t u s , w h i c h is w o r k in g w it h c o m p le t e s u c c e s s
in a ll p a r t s o f t h e B r it is h le a g u e .
I m p o r t a n t B r it is h M i n i s t e r s h a v e d e s c r ib e d t h e d o m in io n s t a t u s in t e r m s
w h ic h m u s t s a t i s f y a ll y o u c o u ld le g it im a te ly w is h fo r .
M r . L lo y d G e o rg e ,
in h is h is to r ic r e p ly t o G e n e r a l H o r t z o g a t P a r is ; M r . B o n a r L a w , in h is
c e le b r a te d d e c la r a tio n i n t h e H o u s e o f C o m m o n s , a n d L o r d M i ln e r , a s
S e c r e ta r y o f S t a t e fo r t h e C o lo n ie s , h a v e s t a t e d th e ir v ie w s , a n d t h e y
c o in c id e w it h t h e h ig h e s t c la im s w h ic h t h e d o m in io n s t a t e s m e n h a v e ev e r
p u t fo r w a r d o n b e h a l f o f t h e ir fr e e n a t io n s .
W h a t is g o o d e n o u g h fo r t h e s e n a t io n s o u g h t s u r e ly t o b e g o o d e n o u g h
f o r I r e la n d , t o o .
F o r I r is h m e n t o s a y t o t h e w o r ld t h a t t h e y w ill n o t b e
s a tis fie d w i t h t h e s t a t u s o f t h e g r e a t B r it is h d o m in io n s w o u ld b e t o a lie n a te
a ll t h a t s y m p a t h y w h ic h h a s so fa r b e e n t h e m a in s u p p o r t o f t h e Ir is h c a u s e .

Dominion Status Offered.
T h e B r it is h P r im e M i n i s t e r o ffe r s a c o m p le t e d o m in io n s t a t u s t o t h e
t w e n t y -s i x c o u n tie s , s u b je c t t o c e r ta in s t r a t e g y s a fe g u a r d s , w h ic h y o u a re
a s k e d t o a g r e e t o v o lu n t a r ily a s a fr e e d o m in io n a n d w h ic h w e S o u t h A fr ic a n s
a g r e e d t o a s fr e e n a tio n s in t h e U n io n o f S o u t h A f r i c a .
T o m y m in d ,
s u c h o ffe r b y t h e B r it is h P r im e M i n i s t e r , w h o , u n lik e h is p r e d e c e s s o r s , is
in a p o s it io n t o d e liv e r t h e g o o d s , is a n e v e n t o f u n iq u e i m p o r t a n c e .
You
a r e n o lon g er o ffe r e d t h e h o m e ru le s c h e m e o f G la d s t o n e o r o f t h e A s q u it h
t y p e , w it h i t s lim ite d p o w e r s a n d r e s e r v a tio n s o f a fu n d a m e n t a l c h a r a c te r .
T h e fu ll d o m in io n s t a t u s , w it h all t h a t it is a n d im p lie s , is y o u r s i f y o u w ill
b u t t a k e it .
I t is fa r m o r e t h a n w a s o ffe r e d t o t h e T r a n s v a a l a n d F r e e S t a te , w h o
fo u g h t fo r fr e e d o m o n e o f t h e g r e a t e s t w a r s in t h e h is t o r y o f G r e a t B r it a in ,
a n d o n e w h ic h r e d u c e d th e ir o w n c o u n tr ie s t o a s h e s a n d th e ir little p e o p le to
r u in s .
T h e y a c c e p te d t h e fa r le ss g e n e r o u s o ffe r t h a t w a s m a d e t o t h e m .
F r o m t h a t fo o th o ld t h e y th e n p r o c e e d e d t o im p r o v e th e ir p o s it io n , u n til
t o - d a y S o u t h A f r i c a is h a p p y , c o n t e n t e d , u n ite d a n d a c o m p le t e ly fr e e
c o u n tr y .
W h a t t h e y h a v e fin a lly a c h ie v e d a ft e r y e a r s o f w a r fa r e a n d p o litic a l
e v o lu tio n is n o w o ffe r e d y o u , n o t in d o le s o r i n s t a lm e n t s , b u t a t o n c e a n d
c o m p le t e ly .
I f, a s I h o p e , y o u a c c e p t y o u w ill b e c o m e a s is te r D o m i n i o n in t h e g r e a t
circle o f eq u a l S t a t e s , w h o w ill s t a n d b e s id e y o u a n d sh ie ld y o u a n d p r o te c t
y o u r n ew r ig h ts a s if th e s e w e re th e ir o w n r ig h t s , w h o w ill v ie w t h e in v a s io n
o f y o u r r ig h t s o r t h e v io la tio n o f y o u r s t a t u s a s i f i t w a s in in v a s io n a n d
v io la tio n o f th e ir o w n , a n d w h o w ill t h u s g iv e y o u t h e m o s t e f f e c t i v e g u a r a n ­
t e e p o s s ib le a g a in s t a n y p o s s ib le a r b it r a r y in te r fe r e n c e b y t h e B r itis h
G o v e r n m e n t w ith y o u r r ig h t s a n d p o s i t i o n .
In f a c t , t h e B r it is h G o v e r n m e n t w ill h a v e n o fu r t h e r b a s is o f in te r fe re n c e
w ith y o u r a ffa ir s , a s y o u r r e la tio n s w it h G r e a t B r ita in w ill b e a c o n c e r n n o t o f
t h e B r it is h G o v e r n m e n t b u t o f t h e I m p e r ia l C o n fe r e n c e o f w h ic h G r e a t
B r it a in w ill b e o n ly o n e o f t h e s e v e n m e m b e r s .
A n y q u e s t io n s in is s u e
b e t w e e n y o u a n d t h e B r itis h G o v e r n m e n t will b e fo r t h e I m p e r ia l C o n fe r e n c e
to d e c id e .
Y o u w ill b e a fr e e m e m b e r o f a g r e a t le a g u e , o f w h ic h m o s t o f
t h e o th e r m e m b e r s will b e in t h e s a m e p o s itio n a s y o u r s e lf, a n d t h e co n fe r e n c e
will b e t h e fo r u m fo r th r a s h in g o u t a n y q u e s tio n sw h ic h m a y a rise b e tw e e n
th e m em b ers.
This is t h e n a tu r e a n d c o n s titu tio n a l p r a c tic e o f D o m in io n fr e e d o m .
The d i ffi c u lt y in Ire la n d is n o lo n g e r a c o n s t it u t io n a l d i ffi e lu t y .
I am
s a tis fie d t h a t fr o m t h e c o n s titu tio n a l p o in t o f v ie w a fa ir s e t t le m e n t o f t h e
Irish q u e s tio n is n ow p o ssib le a n d p r a c tic a b le .
I t is t h e h u m a n d i ffi c u lt y
w hich r e m a in s .
T h e Ir is h q u e -t io n is no lo n g e r c o n s t it u t io n a l, b u t m o s t ly
a h u m a n p r o b le m .
A h is to r y su ch a s y o u r s m u s t b r e e d a t e m p e r , a n o u t lo o k , p a s s io n s a n d
su s p ic io n s w h ich it is m o s t d iffic u lt t o d ea l w ith .
O n b o t h s id e s s y m p a t h y
is called for a n d g e n e r o s ity a n d real la rg e n e ss o f so u l.
/ am s u r e t h a t b o t h t h e E n g lis h a n d Irish p e o p le s a r e r ip e fo r a fr e s h s t a r t .
J h e tr a g ic h o r r o r o f re c e n t e v e n t s , fo llo w e d so su d d e n tly b y t h e t r u c e a n d t h e
fr a te r n iz in g all a lo n g t h e lin e, h a s set flo w in g d e e p fo u n ta in s o f e m o tio n in
b o th p e o p le s a n d h a s c r e a te d a n ew p o litic a l s i tu a t io n .
I t w o u ld b e t h e
g r a v e s t r e fle c tio n o n o u r s t a t e s m a n s h ip i f th is a u s p ic io u s m o m e n t is a llo w e d
to p ass.
y o u a n d y o u r fr ie n d s h a v e n ow a u n iq u e o p p o r t u n it y , su ch a s P arn ell a n d

h] - p r e d e c e s s o r s and s u c c e s s o r s n e v e r h a d , t o se c u r e an h o n o r a b le a n d la stin g
p e a c e fo r y o u r p e o p le .

809

TH E CHRONICLE

I p r a y G o d t h a t y o u m a y b e w ise ly g u id e d , a n d t h a t

p e a c e m a y n o w b e c o n c lu d e d b e fo r e te m p e r s a ga in
a n o t h e r g e n e r a tio n o f s t r ife e n s u e s .
E v e r y o u r s s in c e r e ly ,

ch an ge and

J.

O,

perh aps

SM UTS,

Thu Irish Republican Parliament’s publicity department
on Aug. 14 issued a statement declaring the letter of (Innera!
Smuts had been made public without the consent of Mr.
do Valera. The statement said:
P re sid e n t d o V a le r a c a n n o t b e lie v e G e n e r a l S m u t s w o u ld a u th o r iz e
p u b lic a tio n o f h is le tte r w ith o u t t h e P r e s id e n t's c o n s e n t .
T h i s c o n s e n t w as
n o t g iv e n a n d t h e le tte r c e r t a in ly s h o u ld n o t h a v e b een p u b lis h e d b e fo r e
full p u b lic a tio n o f t h e c o m m u n ic a t io n s w h ic h h a v e p a s s e d b e tw e e n t h e
B ritish a n d Irish G o v e r n m e n t s .
T h e le tte r o f G e n e r a l S m u t s s i m p ly
s u m m a r iz e s h is o w n v ie w s , w h ic h c a n r e a d ily b e u n d e r s to o d w h e n t h e
G e n e r a l's p o sitio n is r e c o g n iz e d , b u t w h ic h a r c n o t ju s tifie d b y t h e t e r m s
o f t h e B r itish p r o p o s a ls , a s w ill b e s e e n w h en t h e s e p r o p o s a ls a r e p u b lis h e d .

On Aug. 14 the text of the Ulster Cabinet's observations
on the British Government's proposal for peace in Ireland,
signed by Sir James Craig, the Ulster Premier was made
public at Belfast. The Associated Press says:
T h e s t a t e m e n t s a y s t h a t t h e a c c e p t a n c e b y t h e U ls te r le a d e rs o f th e
o rig in a l in v it a t io n o f t h e B r it is h G o v e r n m e n t to m e e t in c o n fe r e n c e w it h
it in L o n d o n still h o ld s g o o d , a n d t h a t t h e y w ill b e a v a ila b le a t a n y t im e
th e ir a s s is ta n c e is a g a in d e s ir e d .
T h e sta te m e n t read s:

liM y Dear Prime Minister:— Y o u r p r o p o s a ls fo r a n Ir is h s e t t le m e n t n o w
h a v e b een e x h a u s t iv e ly e x a m in e d b y m y C a b i n e t a n d m y s e lf
W o r e a liz e
th e p r e a m b le is e s p e c ia lly a d d r e s s e d t o M r . d e V a le r a a n d h is fo llo w e r s ,
a n d o b se r v e i t im p lie s t h a t d iffic u ltie s h a v e lo n g e x is t e d t h r o u g h o u t t h e
E m p ir e a n d in A m e r ic a , a t t r ib u t a b le to p e r s o n s o f Ir is h e x t r a c tio n
* ‘ I n fa irn ess to th e U ls te r p e o p le I m u s t p o in t o u t t h a t t h e y h a v e a lw a y s
a im e d a t r e te n tio n o f th e ir c itiz e n s h ip in th e U n it e d K i n g d o m a n d th e
E m p ir e o f w h ich t h e y a re p r o u d to fo r m a p a r t , a n d th e r e a re n o t to b e fo u n d
in a n y q u a rte r o f t h e w o r ld m o r e lo y a l c itiz e n s t h a n t h o s e o f U ls t e r d e s c e n t.
T h e y h o ld fa s t t o c h e rish e d t r a d itio n s a n d d e e p ly r e s e n t a n y in fr in g e m e n t
o f th e ir r ig h ts a n d p r iv ile g e s , w h ic h b e lo n g e q u a lly to t h e m a n d to o th e r
citize n s w ith in t h e E m p i r e .”
T h e t e x t th e n re c a lls t h e s a c r ific e s m a d e in a g r e e in g to s e lf-g o v e r n m e n t
a n d in c o n se n tin g to t h e e s t a b lis h m e n t o f a P a r lia m e n t in N o r t h e r n I r e la n d .
‘ ‘ A g a i n s t o u r w ish , b u t in t h e in te r e s ts o f p e a s e ,” th e s t a t e m e n t c o n tin u e s ,
“ w e a c c e p te d th is a s t h e fin a l s e t t le m e n t o f th e lo n g o u t s t a n d in g
w it h w h ich G r e a t B r it a in h a s b e e n c o n fr o n te d
W e a re b u s ily e n g a g e d Id
r a t ify in g o u r p a r t o f th is s o le m n b a r g a in , w h ile t h e I r is h m e n o u t s id e th e
n o r th e r n a r e a , w h o in t h e p a s t h a v e s t r u g g le d fo r h o m e r u le , h a v e c h o s e n t o
r e p u d ia te th e G o v e r n m e n t o f I r e la n d A c t a n d p r e s s G r e a t B r it a in fo r w id e r
p o w e rs.
T o jo i n in s u c h p r e s s u r e is r e p u g n a n t t o th e p e o p le o f N o r t h e r n
I r e la n d .
‘ ‘ I n th e fu r th e r in te r e s t o f p e a c e w e th e r e fo r e r e s p e c tfu lly d e c lin e .
W e are
d e te r m in e d n o t t o in te r fe r e w it h t h e t e r m s o f s e t t le m e n t b e tw e e n u s , t o
s a fe g u a r d t h e tie s t h a t b in d u s t o G r e a t B r it a in a n d t h e E m p i r e , t o in s u r e
t h a t w e a re n o t p r e ju d ic e d b y a n y te r m s e n te r e d in t o b e tw e e n t h e m a n d M r .
d e V a le r a , a n d to m a in t a in th e ju s t e q u a lit y e x h ib it e d t h r o u g h o u t t h e G o v
e r n m e n t o f I r e la n d A c t .
“ O u r a c c e p ta n c e o f y o u r o rig in a l i n v it a t io n t o m e e t in c o n fe r e n c e in
L o n d o n h o ld s g o o d a n d i f a t a n y t im e o u r a s s is ta n c e a g a in is d e s ir e d w e a r e
a v a ila b le .
B u t I fe e l b o u n d t o a c q u a in t y o u t h a t n o m e e t in g is p o s s ib le
b e tw e e n M r . d e V a le r a a n d m y s e l f u n til h e r e c o g n iz e s t h a t N o r t h e r n
I r e la n d w ill n o t s u b m i t t o a n y o t h e r a u t h o r i t y t h a n t h a t o f h is M a j e s t y
t h e K i n g a n d t h e P a r lia m e n t o f t h e U n it e d K i n g d o m , a n d a d m i t s t h e
s a n c t it y o f t h e e x is tin g p o w e r s a n d p r iv ile g e s o f t h e P a r lia m e n t a n d G o v e r n ­
m e n t o f N o r t h e r n I r e la n d .
‘ ‘ In c o n c lu sio n l e t m e a ssu r e y o u t h a t p e a c e is a s e a r n e s tly d e s ir e d b y m y
G o v e r n m e n t a n d m y s e l f a s b y y o u a n d y o u r s , a n d a lt h o u g h w e h a v e n o t h i n g
le f t t o g iv e a w a y , w e a re p r e p a r e d , w h e n y o u a n d M r . d e V a le r a a r r iv e a t a
s a tis fa c t o r y s e t t le m e n t , to c o -o p e r a t e w it h S o u th e r n Ir e la n d o n e q u a 1t e r m s
fo r t h e fu tu r e w e lfa r e o f o u r c o m m o n c o i m t r y .
I n o rd er to a v o id a n y m is ­
u n d e r s ta n d in g s o r m is r e p r e s e n ta tio n o f o u r v ie w s I in t e n d t o p u b lis h t h is
le tte r w h e n y o u r p r o p o s a ls a re m a d e p u b l i c .”

In art account of the opening of the sessions of the Dail
Eireann on the 16th inst., the Associated Press had the
following to say in part:
I.o
o p e n in g th e D a i l E ir e a n n a t i t s fi r s t p u b lic se ssio n h ere t o - d a y E a m o n n
d e V a le r a , th e R e p u b lic a n le a d e r , r e ite r a te d I r e la n d ’s c la im fo r s e p a r a t io n
fr o m G r e a t B r it a in a n d d e c la r e d t h e o n ly g o v e r n m e n t t h e p e o p le r e c o g n iz e d
w a s t h e M i n i s t r y o f th e D a i l E ir e a n n , t h e Ir is h R e p u b lic a n P a r li a m e n t .
H e an h is c o lle a g u e s , t h e h e a d s o f th e R e p u b lic a n C a b i n e t , h e s a id , h a d
a d o p t e d to w a r d s E n g la n d t h e p r in c ip le la id d o w n b y C a r d in a l M e r c ie r o f
B e lg iu m to w a r d s G e r m a n y — t h e p r in c ip le t h a t e x te r n a l a u t h o r i t y w a s
u n la w f u l.
T h e I r i s h , h e s a i d , s t o o d fo r t h e id e a ls e n th r o n e d in t h e A m e r i c a n
D e c la r a t io n o f I n d e p e n d e n c e .
M r . d e V a le r a p o in te d t o th e v i r t u a lly im p o s s ib le c o n d itio n s s u r r o u n d in g
n e g o tia tio n s w ith th e B r it is h G o v e r n m e n t , fo r t h e p o s it i o n , h e s a i d , w a s
t h a t o f a m a n u n a r m e d fa c in g a m a n p o in t in g a p i s t o l.
D u r in g h is t a lk s w it h L l o y d G e o r g e , s a id M r . d e V a le r a , th e s u b je c t o f
th e fr e e d o m o f s m a ll n a t io n s , w h ic h th e B r it is h P r e m ie r a d v o c a t e d d u r in g
t h e w a r , h a d c o m e u p , a n d h e h a d t o ld M r . L l o y d G e o r g e t h a t i f h e r e c o g ­
n iz e d th e p r in c ip le s in v o lv e d th e r e w o u ld b e n o n e e d fo r n e g o t i a t i o n s .
“ W e r e c o g n iz e t h e m
lea d er e x c la im e d .

a n d w ill liv e a n d d ie fo r t h e m , ”

th e R e p u b lic a n

T h e p r o p o s e d r e p ly to P r e m ie r L l o y d G e o r g e , c o n tin u e d t h e P r e s id e n t ,
w o u ld b e c o n sid e re d in p r iv a t e s e s s i o n .
A ll u n d e r s to o d th e s e r io u s n e s s o f
th e r e p ly , h e d e c la r e d , a s t h e B r it is h G o v e r n m e n t in t e n d e d t o m a k e it a n
issu e o f p e a c e or w a r w ith t h e I r is h n a t io n .

The oath of allegiance to the Irish Republic was taken with
the opening of the session by 130 members, the Associated
Press stating:
N o t w it h s t a n d i n g th e a t t i t u d e o f th e m e m b e r s o f th e D a ilfe i r e a n n in t a k in g
a n oat h o f a lle g ia n c e to th e Ir is h R e p u b li c — a n o a t h w h ic h in fo r m e r d a y s
w o u ld h a v e b e e n te r m e d h ig h tr e a s o n — a n d d e V a le r a ’s r e ite ra te d d e m a n d
fo r th e fr e e d o m o f I r e la n d , B r it is h c iv il o ffic ia ls in D u b l i n , m a n y o f w h o m
a s s e r t t h a t th e y h a v e c h a n n e ls o f c o m m u n ic a t io n w i t h t h e in n er w o r k in g s
o f th e S inn F e i n , a re soill h o p e fu l o f a s e t t le m e n t o f th e Ir is h p r o b le m .

The developments on the 17th inst., included the cancel­
lation of the leave of absence of all Royal Irish Constabulary,
and a declaration by Mr. de Valera that the Dail Eireann
would not accept the terms offered by the British Govern­
ment offering Ireland the status of a dominion. The
Associated Press in accounts from Dublin that day said:
A n o u t s t a n d in g fe a tu r e o f M r . d e V a le r a ’s s p e e c h w a s h is e x p r e ssio n o f
w illin g n e ss t o g o a. lo n g w a y to m e e t U ls t e r a n d to m a k e s a c r ific e s t o m e e t
h er, n o t o n ly in h e r in te r e st b u t in h er s e n t im e n t.
T h u s , it w as c o m m e n t e d , h o a p p a r e n t ly in d ic a te d t h a t U ls t e r c o u ld c o m e
in to th e n e g o tia tio n s w ith o u t a b a n d o n in g a n y o f h e r p r in c ip le s .
A ll th is , It w a s c o n s id e r e d , p o in te d t o c o n tin u e d e ffo r t s b e h in d t h e s c e n e s
to g e t in to fu r th e r c o m m u n ic a t io n w it h Sir .Jam es C r a i g , th e U ls t e r P r e m ie r *

810

THE CHRONICLE

Which U generally believed here to be tile cause o f the long draw n ou t m eet-

W e are not claiming the right to secede, said M r. d6 Valera. There
'Canuot be < question of itocebsiou, because there has never been union.
Noriheri: in f u.d lias regarded itr-i-Lf from its own viewpoint, and in
•ntorijtg m<. •,; i.i.ti■>i ■>they need not give up that point o f view, i would be
willing to iggetd to the Irish people that they give up a good deal in order
lo have Ireland able to look into the future without anticipating detracting
internal problems.
All the lime these negotiation-* have meant an attempt to get into touch
with *he people <>' the North and tell them we have no enmity and would
now make sacrifices for them which we would never think o f making for
Britain. We will be ready to give them every safeguard any reasonable
person could say they were entitled u>, and we arc ready to leave the question
*>f the North to external arbitration, or leave the whole question to external
arbii ration.
England's claim is unreasonable The claims o f the minority in Ireland
are unreasonable. But even unreasonable claims we would be ready to
consider, and i for one would be ready to go a long way to give way to them,
particularly it- tlicir sentiment, if we could get them to com e with us and
consider the interest o f their own country and not be allying themselves
with foreigners.
M r. dc Valera aid the Irish nation did not stand between England and the
world and was not shutting up the seas between the two islands.
W e have no enmity to England, he declared. At Least, if this question
were settled l believe there would oe none. The only enmity is to that rule
which the Irish people hate to the marrow o f their bones.
!»*■»*
Countess M arkievicz, Minister of Labor, and her substitute while the
in ! ii! told c ., assem bly how the B ritish L a b o r D ep artm en t
virtually had been ousted fr o m Ireland and an organization set up by th e
Dail Eireann to settle all labor disputes. This organization it was declared
already was working successfully.
Countess M arkievicz said this department has in charge the boycott
against Ulster and England and added that except in a few places nothing
made iu Ulster, or, more definitely, Belfast, now was on sale in the southwest
o f Ireland, where even the branches o f t he Bank o f Belfast had been closed.
Four hundred courts had been established to deal with this question and
certain Government merchants who ignored the orders o f the Dail Eireann
had been fined one hundred pounds sterling, while tho English firms which
had sent Belfast goods to Ireland as English goods had been placed on the
blacklist.
A certain amount of moral persuasion was required, the speaker said, to
effect this, and she thanked the Irish Republican Army and the Labor party,
which had refused to handle Belfast goods, for their assistance. Attention
was called to failures during the past year in Belfast, which it was asserted
numerically were the greatest in the history o f that city. It was intended
to make the boycott against England as effective as that against Belfast,
the Minister asserted, and in the meantime the truce did not mean that the
b oycott had been raised, but that at present “ drastic action cannot be
takon.”

In the House of Commons yesterday (Aug. 19) Premier
Lloyd George declared that the British Government in its
Irish peace offer conceded everything it was possible to
concede. The Associated Press reported him as saying
among other things:
I f there is rejection, and final rejection beyond hope o f negotiation,
steps will undoubtedly have to be taken which the Executive ought not
and w on ’t wish to take without first consulting Parliament and giving it
full opportunity o f expressing approval or disapproval o f any steps we might
propose to i t .
The Government is sincerely desirous that peace should be secured and
that the long misunderstandings, sometimes sulky, sometimes savage, which
make so many chapters o f British history painful reading, between these
tw o peoples who ought to live in peace and harm ony, even in affection
together should be brought to an end.
In spite o f the disquieting facts, I hope reason will prevail even over
logic, and that the Irish leaders will not reject the largest measures o f free­
dom every offered their country and take the responsibility o f renewing
a conflict which would be robbed of all glory and all gratutide by its over­
shadowing h >rror.

E X GLAND TO REMIT BO X E R INDEMNITIES.

A special cable dispatch from London yesterday, pub­
lished in the New York “Evening Post” of last night, and
copyrighted by the Public Ledger Co., said:
Following the lead taken by the United States many years ago in
dealing with China’s Boxer indemnities, the British are considering re­
mitting all future Boxer indemnity payments, with the stipulation that
such sums be applied to Chinese education. A special Parliamentary com­
mittee to-day reported a bill to make such action effective.
The move follows a long campaign by Eastern diplomats and publicists,
aU of whom pointed out that the United States by its wise generosity
toward China had won the respect, trust, and affection of the Chinese to
such an extent that American interests of all sorts were far more ad­
vanced than those of any other nation.

SENATE PASSES BILL FOR REMISSION OF FURTHER
CHINESE INDEMNITY PAYMENTS.

A bill to provide for the remission of further payments
of the annual installments of the Chinese indemnity was
passed by the United States Senate on Aug. 11. The bill
was introduced by Senator Lodge on July 21. Its text, as
passed by the Senate, is as follows:
Resolved by the Senate and House of Representatives of the United
States of America, in Congress assembled. That the President is hereby
authorized, in his discretion, to remit to China as an act of friendship any
or all further payments of the annual installments of the Chinese indemnity
due under the bond for $24,440,778.81 received from' China pursuant to
the protocol of September 7, 1901, as modified by Executive order on the
28th day of December, 1908, pursuant to the authority of the joint resolu­
tion of Congress, approved May 25, 1908, for indemnity against losses and
expenses incurred by reason of the so-called Boxer disturbances in China
during the year 1900, such remission to begin as from October 1, 1917, and
to be at such times and in such manner as the President shall deem just.

Senator Lodge, in a statement in the Senate on the 11th
inst., in explanation of the purposes of the bill, said:

[ V ol .

113.

1 ran imagine it possible that everybody has not understood the joint
resolution from its reading; but it is a very simple measure, and one to
which I know tlie Senate will agree.
A ftw tile Boxer rebellion there was a protocol drawn and signed by all
hie nations imposing punitive damages, to which we objected, and with
which we had no sympathy. But the protocol was agreed to, and we
weiv apportioned 7 'v of the total amount imposed on the Chinese nation.
Our share amounted to $24,000,000 gold.
On May 2 >, 1908, we remitted ten millions of that amount to China.
'1 tie balance wa - to be paid in ten annual installments. Four millions were
set aside for the payment of private claims, which have all been settled,
and the Government claim was for military expenses, amounting to $9,055,000. China, lias paid on that in annual installments $8,418,000, leav­
ing still outstanding a claim of $1,236,858, which was being paid in an­
nual installments.
When the World \\ar came on, and China entered the war with us, we
stopped the collection of those payments, and it is proposed now' that we
shall simply collect no more money under that Boxer indemnity. It is
an act of friendship and kindness to China, They have not asked for it,
but it is carrying out the policy we followed before of not exacting from
them an annual payment for something which has already been all paid
and settled, and cost this Government nothing.

iii answer to an inquiry by Senator King, as to whether
this installment if paid would liquidate the entire indebt­
edness or claim, Senator Lodge said:
This $1,230,000 would liquidate everything that remains. It is a small
balance from our claim for military expenses at the time of the Boxer
rebellion. It was punitive damages. I hope the Senate will agree to pass
the joint resolution and. remit the rest of the paymens.

The following report on the bill was submitted to the
Senate on the 10th inst., this report embodying a letter from
Secretary of State Hughes, recommending the proposed re­
mission of payments, and a communication from Assistant
Secretary of the Treasury Gilbert:
The Committee on Foreign Relations, to whom was referred the joint
resolution (S. J. Res. 85), to provide for the remission of further payments
of the annual installments of the Chinese indemnity, having had the same
under consideration, report it with the recommendation that it do pass
without amendment. The resolution has the strong approval of the State
Department, as shown by the following letter from the Secretary of State:
Department of State, Washington, July 19, 1921.
My Dear Senator Lodge: The delay in making a reply to your letter
of May 25, with reference to the indemnity paid to the United States by
China in consequence of the so-called Boxer rebellion, is due to the fact
that it has been necessary to make a somewhat searching examination of
the records, not only of the Department of State but of the Treasury De­
partment as well.
In the negotiaions which took place at Peking in connection with the
resumption of normal relations with China after the Boxer outbreak there
was much disagreement among the Powers as to the amount of indemnity
to be levied upon the Chinese Government. This difficulty was finally
overcome though the acceptance of a suggestion offered by this Govern­
ment that a lump sum should be assessed, which should later be apportioned
among the Powers. The amount thus assessed was fixed by Article 6
of the final protocol of September 7, 1901, at Ilaikwan taels 450,000,000
(equivalent to $333,900,000 United States currency), payable in annual in­
stallments, with interest at 4% , over a period of 40 years. The apportion­
ment of this sum among the various nations is shown in a table which
forms inclosure No. 1 of this letter.
The proportion of the principal sum thus fixed as payable to the United
States was 7.31979% of the total— i.e., Ilaikwan taels 32,939,055 (equiva­
lent to gold dollars 24,440,778.81). Under the joint resolution of May 25,
1908, referred to in your letter, this principal sum was reduced by the
remission to China of $10,785,286.12, leaving $12,655,492.69 as the prin­
cipal due the United States, payable annually, with interest at 4 % , over
the period ending 1940, made up as follows:
Sum set aside for payment of private claims_______________ $4,000,000.00
Amount of Government claim for military expenses__________ 9,655,492.69
Total _______ ______________________________________$13,655,492.69
Of this $13,655,492.69 a further sum of $1,175,835.64 was returned to
China after the remaining outstanding private claims of American citizens
had been settled, there remaining a net balance of $12,479,657.05 due,
with interest, under the bond as modified in 1908.
I am inclosing a copy of a letter from the Secretary of the Treasury
dated June 1, 1921, from which it will appear that to date there have
been received from China payments totaling $12,413,499.77, representing
the payments of principal and interest up to October 1, 1917, the date of
the beginning of the five-year period of postponement allowed by the A l­
lied and Associated Powers upon China’s entry into the war, as recalled in
your letter. Of that sum $2,819,030.43 has been actually applied to the
settlement of the private claims of American citizens out of the $4,000,000
which, as indicated above, was set aside to meet private claims, leaving
a balance of $1,180,969.57, which has been disposed of as follows:
Returned to China under authority of joint resolution of May
25, 1908 ______________ - _______________________________ $1,175,835.64
Balance on books of Treasury held as a trust fund and not re­
5,133.93
turnable under resolution of May 25, 190S-------------------T o t a l ______ - _______________________________________ $1,180,969.57
There has thus been paid by the Chinese Government, over and above
the amount devoted to the complete settlement of all private claims, a
sum of $S,41S,633.70 toward the satisfaction of the only other indemnity
charge— that is, the claim of the United States Government for the naval
and military expenses incurred by it in the Boxer relief expedition, repre­
sented by a principal sum of $9,655,492.69. This Government’s original
claim for military and naval expenses thus amounts to only $1,236,858.99
more than has actually been received from China on that account; and l
believe with you that the remission of further payments upon the principal
of such claim, as well as of interest, would be in accordance with the
spirit which has traditionally characterized our relations with foreign
countries, and I am heartily in sympathy with your proposal that we now
put an end to any further payments fronj China, As stated in your letter,
no appropriation would be necessary ; a resolution of Congress authorizing
the President, within his discretion and in such manner as seems to hiui
wise, to forego further payments as from October t. 19*17, would suffice
to accomplish that result. In accordance with youv request. I am ihow

A ug.

fore h ap p y to inclose h erew ith , for you r use in b r in g in g Ihe m a tte r to tin*
a tte n tio n of C on gress, a. d r a ft of a resolution to th a t end.
P e r m it m e, in co n clu sion , to express m y appreciation o f y ou r in terest
in this m a tte r, and to assure y ou of m y readin ess to fu rn ish m ore detailed
in fo rm a tio n , if th a t w ou ld be helpfu l to y o u , or oth erw ise to a fford such
a ssistance as m a y lie w ith in the power of this d e p a r t m e n t .
Sen ator L o d g e,
Sincerely you rs,

I am , m y dear

CHARLES E. HUGHES.
T h e H on .

HENRY

CABOT

LODGE,

United Stall's Senate.

Table Showing Apportionment o f Indemnity.
Original

Amount m

Origvna l
Percentage.

'Taels.

1 5 .7 5 0 7 2

G r e a t B r i t a i n _____
P o rtu g a l
__
___

1 1 .2 4 9 0 1
.0 2 0 5 0

5 0 ,6 2 0 .5 4 5
9 2 ,2 5 0

1 1 .2 6 9 6 9

5 0 ,7 1 2 ,7 9 5

I t a l y a -----------------------J a p a n ______ _
___
T h e N e th e r la n d s . _
R u s s i a b ___
1 n to r n a t io n ’ l c la im s
Sw eden & N o r w a y .
G ran d

t o t a l _____

5 .9 1 4 8 9
7 .7 3 1 8 0
.1 7 3 8 0
2 8 .9 7 1 3 6
.0 3 3 2 6
.0 1 3 9 6

D o.
D o.

2 6 .6 1 7 ,1 0 0
D o.
3 4 ,7 9 3 .1 0 0
7 8 2 ,1 0 0 N o ch a n g e
1 3 0 ,3 7 1 .1 2 0
D o.
1 4 9 .6 7 0
D o.
< 6 2 ,8 2 0

1 0 0 .0 0 0 0 0 4 5 0 , 0 0 0 , 0 0 0

* P a y m e n t p o s t p o n e d fo r f i v e y e a r s fr o m O c t . 1 1 9 1 7 .
T o b e resu m ed
S e p t. 1 1 9 2 2 .
a. I t a lia n G o v e r n m e n t fo r re a so n s o f in te r n a l a d m i n i s t r a t i v e c h a r a c te r
c o u ld n o t a t t h e t im e f i x t h e a m o u n t o f t h e p o r tio n o f t h e i n d e m n it y o f
w h ic h it w a s d is p o s e d t o g r a n t t h e p o s t p o n e m e n t .
N o record h as been
r e c e iv e d o f I t a l y ’ s d e c isio n in th is m a t t e r .
b R u s s ia a g r e e d t o a p o s t p o n e m e n t o f p a y m e n t u p o n a p o r tio n o f t h e
s u m o r ig in a lly a llo t t e d t o it e q u iv a le n t t o t h e a v e r a g e n e t sa c r ific e s m a d e
b y t h e o th e r a llie s .
T h i s a v e r a g e , c a lc u la t e d u p o n t h e p r o p o r tio n a l sh a r e s
o f e a c h o f t h e o th e r c o u n tr ie s w a s fi x e d a t 9 . 5 9 2 6 p e r c e n t o f t h e t o t a l
in d e m n it y ; a n d R u s s ia d e c la r e d i t s e lf w illin g t o b r in g th is u p t o 1 0 p e r c e n t ,
o r a p p r o x im a t e ly o n e -t h ir d o f t h e i n d e m n it y w h ic h it r e c e iv e d .
T rea su ry D e p a rtm e n t,

Washington, June 1 1 9 2 1 .

The Secretary of State.
Sir: I h ave th e honor to ack n ow led ge rece ip t o f y o u r le tte r o f th e
2 7 th u ltim o ,

req u estin g th a t you

be fu rn ish ed w ith

d a ta .supplem ental to

th a t set fo rth in letter of th is d ep a rtm en t o f N o v e m b e r 2 , 1 9 1 1 , to the
ch a irm an of th e C o m m itte e on E x p e n d itu re s in the D ep a rtm en t o f S ta te ,
H o u se o f R ep resen ta tiv es, in con n ection w ith th e C hin ese in d e m n ity re­
s u ltin g from th e so -ca lled B ox er insu rrection o f 1 9 0 0 .
In c o m p lian c e w ith you r request there is su b m itte d th e fo llo w in g s ta te ­
m e n t g iv in g th e in fo rm a tio n desired, v i z . :
1. R e c e ip ts b y years co v erin g p a y m e n ts of
th e U n ite d S tates fro m

J u ly

1903 ___________________
1904
________________
1905
________________
1906
________________
1907 ___________________
1908 ___________________
1909 .
1 9 1 0 ___________________
1 9 1 1 ___________________
1 9 1 2 ___________________

$962,902
987,772
1,128.200
1,493.278
1,438,841
1.013,606
892,974
533,535
533,473
105 081

C hin ese in d e m n ity m a d e

to

1913
___ ____________
1914
___ ____________
1915
_ ____________
1916
___ ____________
1917
___ ____________
1918
___ ____________
1919-1921
T ota l

$644,500
806,083
535,260
533,238
535,070
269,679

26
88
60
47
09
76

__________ $12,413,499 77

2 . C la im s a llo w ed and p a id fro m th e m o n ey s received b y th e Treasu ry
to date.
T h e S ecre ta ry o f S ta te b y le tte rs o f M arch 1 5 and 2 0 , 1 9 0 2 , a l­
lo tte d the su m o f $ 2 ,0 0 0 ,0 0 0 o u t o f th e in d e m n ity received fro m C h in a to
p a y th e cla im s of A m e ric a n citizen s fo r losses su stain ed b y th em in th e
B o x e r d istu rb an ces, th is a cco u n t b e in g set u p on th e books o f th e Treasu ry
D e p a rtm e n t u nder th e a p p ro p ria tio n t i t l e :
“ C hinese in d e m n ity , c la im s
o f citizen s o f th e U n ite d S ta te s g ro w in g ou t o f th e B ox er u p risin g in
N o rth C hin a in 1 9 0 0 ” :
P a y m e n ts u n der

th is

fu n d

to

M arch

6,

1907,

as show n

by

sta tem en t tra n sm itte d w ith le tte r o f N o v . 2 , 1 9 1 1 , referred
to above ____________________ ___________________________________________ _ $ 1 ,9 9 4 ,5 5 3 .6 5
N o fu rth er p a ym en ts since M arch 6 , 1 9 0 7 .
U n exp en d ed b alan ce sta n d in g on b o ok s o f T reasu ry D e p a rt­
m e n t under th is fu n d ________________________ 7____________________ ___

5 ,4 4 6 .3 5

T o t a l _____________________________________________________________ $ 2 ,0 0 0 ,0 0 0 .0 0
U n d er the provision s o f th e jo in t resolu tion of M a y 2 5 , 1 9 0 8

(3 5

S ta t.,

5 7 7 ; , in connection w ith decision o f the C o m p tro lle r of the T reasu ry,
-dated N ov. 2 6 , 1 9 0 9 , a fu n d n ot to exceed $ 2 ,0 0 0 ,0 0 0 w as set aside from
th e Chinese in d em n ity to p ay ju d g m e n ts a llow ed b y th e C ou rt o f C la im s,
th is account b e in g set up on th e books o f th e T reasu ry D e p a rtm e n t under
th e app rop riation t i t l e :
“ C la im s upon Chinese in d em n ity o f 1 9 0 0 , ju d g ­
m e n ts C ou rt o f C la im s” :
P ay m en ts under th is fund d u rin g period D ec. 1 , 1 9 0 9 , to D ec.
3 , 1 9 1 2 ________________________________________________________________
No

fu rth er p aym en ts since D ec. 3 ,

$ 8 2 4 ,1 6 4 .3 6

1912.

U n exp ended b alan ce under th is fund returned to C h in a as
show n below __________________________________________________________
T o ta l

1 ,1 7 5 ,8 3 5 .6 4

___________________________________________________________ $ 2 ,0 0 0 ,0 0 0 .0 0

A l l ju d gm en ts allow ed b y th e C ou rt o f C la im s h a v in g been p a id , the
b alan ce of the above-m ention ed fu n d , $ 1 ,1 7 5 ,8 3 8 .6 4 , u nder the provision s
of the jo in t resolu tion o f M ay 2 5 , 1 9 0 8 (in con n ection w ith decision
o f the C om p troller of th e Treasu ry, dated- N o v . 2 3 , 1 9 1 4 ) , w as m ade
a v a ila b le fo r return to the G overn m ent of C h in a, the a ccou n t coverin g th is
b a lan ce b ein g set up on the books o f the T reasu ry D ep a rtm en t under th e
ap p rop riation t i t l e :
“ B alan ce of Chinese in d e m n ity , 1 9 0 0 , reserved by
jo i n t resolution o f M ay 2 5 , 1 9 0 8 , returned to G overn m en t o f C h in a .”
P ay m en ts u nder th is fund were m ade b y settlem en t w arran ts draw n in
fa v or of a representative of

SOVIET RUSSIA TUJWINO IMIOM COMMUNISM TO
CAPITALISM.
Important and highly significant changes have appar­
ently taken place in recent weeks in the policy of Soviet
Itussia. The Bolslivist leaders, in an endeavor to continue
their regime, are invoking the aid of capitalism, for which
they have always expressed abhorrence and which they
have averred they would annihilate.
The present policy of the Soviet Russia, at home and
abroad, is detailed in a report made by Lenin to the Third
Internationale, under date of July 11, which has just reached
New York, and an account of which appeared in the New
York “ Times” of Aug. 10.
T h e R u s s ia n C o m m u n is t s a re u tiliz in g t h is b r e a t h in g s p a c e to s tr e n g th e n
th e p o w e r o f t h e S o v i e t s .
B u t t h e y n e v e r fo r g e t t h a t o p e n w a r m a y c o m e
a b o u t a t a n y in sta n t.
W h e n w e a c c o m p lis h e d t h e r e v o lu t io n w e w e re c a lc u la t in g o n a w o r ld
r e v o lu t io n c o m p le t in g w h a t w e h a d b e g u n ; o u r h is t o r ic t a s k is t o l a y t h e
r o a d fo r t h e c o m in g w o r ld -r e v o lu t i o n .
N o w , a s t h in g s a r e , S o v ie t R u s s ia
is s u r r o u n d e d o n a ll s id e s b y c a p ita lis t ic S t a t e s .
T h i s p r o c e e d s fr o m
s e v e r a l c a u s e s : F i r s t , t h e r e v o lu t io n a r y c o n s c io u s n e s s o f t h e w o r k e r s o f t h e
w h o le w o r ld h a s n o t y e t a tt a in e d t h e h e ig h t a fte r w h ic h w e a re s t r iv in g .
B u t o n t h e o th e r h a n d it is s t r o n g e n o u g h t o p r e v e n t t h e b o u r g e o is ie fr o m
s tr a n g lin g S o v ie t R u s s i a .
W e m u s t b e c a r e fu l t o u tiliz e t h is b r e a t h in g s p a c e t o p r e p a r e fo r r e v o lu ­
t io n in th e c a p ita lis t ic S t a t e s .
T h e m o r e p o w e r fu l t h e o r g a n iz a t io n o f t h e
p r o le ta r ia t in t h e le a d in g c o u n tr ie s o f c a p i t a lis m , t h e m o r e a n x io u s ly a n d
a s s id u o u s ly m u s t t h e r e v o lu t io n in t h o s e c o u n tr ie s b e p r e p a r e d .
A very
fa v o r a b le fa c t o r fo r t h e w o r ld r e v o lu t io n is t h e a w a k e n in g o f m illio n s o f t h e
m a s s e s in th e c o lo n ie s a n d t h e d e p e n d e n c ie s .
W e m u s t th e r e fo r e o r g a n iz e
th e se g ia n t m a s s e s , d e s p it e th e ir b a c k w a r d n e s s , a n d i m p e l t h e m o n t h e
p a t h o f w o r ld r e v o lu t io n .

A ll Capitalists Out of Russia.

1,- 1 9 0 2 , to presen t d a t e :

34
54
04
74
36
36
91
52
49
41

nmounted to $2,818,718.01 ; halano'- returned to China n.-id'-r $2,000,000
.set aside to pay judgment)-., Court of Claims, $1,175,855.04,
3. Balance on the bool-:-; of the Treasury ufhT paynu-ut of a ll claims.
The only unexpended balance standing on tin* books of the Treasury
Department under the funds established to pay claims an ing under UnBoxer disturbances is that referred to above under tin- appropriation
“ Chine; e indemnity, claims of eitizens of the United .Slate growing out
of the Boxer uprising in North China in 1900,” amounting to $5,440.35.
By direction of the Secretary.
Respectfully,

S. P. GILBERT, Jit,,
Assistant Secretary of the 'Treasury.

F r a n c o _______________

Austria Hungary
B e l g i u m ____________
S p a in
U nitecl S t a te s . . ___

From the above It Will be noted th.it Uu* Lol;j) poynu-nR undrr <J.ijju
presented and allowed in connection with the Bo
dr I,urban'"
Jiavi-

Present Status.

9 0 , 0 7 0 , 8 1 5 C a n c e ll e d .
4 ,0 0 3 ,9 2 0
D o.
8 ,4 8 4 ,3 1 5 P a y m e n ts p o stp o n e d .
1 3 5 ,3 1 5 N o c h a n g e .
3 2 , 9 3 9 , 0 5 5 R e d u c e d to H a ik w a n t a e ls ,
1 8 ,4 0 3 ,6 7 8 .9 6 ;
paym ent
p o stp o n e d . *
7 0 , 8 7 8 , 2 4 0 P a y m e n t p o s t p o n e d .*

2 0 . 0 I r,0 7
.8 8 0 7 6
1 .8 8 5 4 1
.0 3 0 0 7
7 .3 1 9 7 9

( J erm a n y

HI 1

TIIIO CHRONICLE

20 1921.]

the Chinese G o vern m en t, as fo llo w s :

Fiscal Year.
1015
1916

___________________________________________

1917

---------------------------------------------------------------------------------------------------

T h e c la ss w a r in R u s s i a h a s f i n a lly d is p o s e d o f th e c a p ita lis t s a n d l a n d "
lo r d s .
T h e r e m a in s o f t h e m a re g a t h e r e d in g r o u p s a b r o a d a n d in c it e
a tt a c k s o n t h e R e p u b li c o f R u s s i a , a n d in t h is t h e y a re s u p p o r t e d b y t h e
M e n s h e v ik i a n d S o c ia l R e v o lu t i o n a r i e s .
T h e i r s tr a te g ic a l d is p o s itio n s
sh o u ld a t t r a c t t h e a t t e n t i o n n o t o n ly o f R u s s ia n C o m m u n i s t s , b u t o f a ll
C o m m u n is t p a r tie s .
A f t e r t h e s o c ia l r e v o lu t io n t h e R u s s ia n p r o le t a r ia t m u s t t u r n it s a tt e n t io n
t o th e r e g u la t io n o f r e la tio n s w it h t h e p e a s a n t r y .
T here cannot be a n y
q u e s tio n o f e x p r o p r ia t io n .
O u r lo n g y e a r s o f e x p e r ie n c e s h o w u s t h a t t h e
p e a s a n t r y c a n o n ly s u b s is t u n d e r t h e le a d e r s h ip o f t h e b o u r g e o is ie o r o f t h e
p r o le ta r ia t.
T h e a llia n c e b e t w e e n t h e p r o le t a r ia t a n d t h e p e a s a n t r y a t
fir s t w a s m i lit a r y ; t h e p e a s a n t r y s a w t h a t t h e o ld la n d o w n e r s fo llo w e d in
t h e w a k e o f t h e W h i t e G u a r d s , a n d t h e p r o le ta r ia t g a v e t h e p e a s a n t s t h e
la n d a n d h e lp e d t h e m in t h e f i g h t a g a in s t t h e la n d lo r d s .
I n r e tu rn fo r t h is a id t h e p e a s a n t r y m u s t s u p p ly t h e r e q u is ite p r o v is io n s .
I n th is r e s p e c t w e h a v e m a d e m a n y m i s t a k e s , a s t h e S o v ie t a u t h o r i t y h a d
t o o b t a in s u p p lie s a t w h a t e v e r c o s t .
N o w t h e w a r is o v e r .
T h e p e a s a n t r y h a v e s u ffe r e d s e v e r e ly in t h e c o u r s e o f s e v e n y e a r s o f w a r
an d b a d h a rv e sts a n d seed .
T h e p r o le t a r ia t m u s t i m m e d ia t e ly e n a b le t h e m
t o r e s to r e th e ir e c o n o m ic p o s it io n .
H e n c e t h e c h a n g e in o u r e c o n o m ic
p o lic y , m a n ife s t e d e s p e c ia lly in t h e i m p o s t o n s u p p lie s .
T h e g r e a t e s t d e p r iv a t io n s a n d s u ffe r in g s h a v e b e fa lle n t h e R u s s ia n p r o ­
le ta r ia t, a n d , a b o v e a ll, t h e c la s s t h a t b r o u g h t a b o u t t h e r e v o lu t io n .
The
le a d in g r a n k s o f t h e R u s s i a n p r o le t a r ia t , w ih c h h a s b e e n fo r t h r e e a n d a h a lf
y e a r s o ffe r in g i t s b e s t t o f u r t h e r a r e v o lu t io n , a r e c o n s c io u s t h a t w i t h o u t a n
a llia n c e w it h t h e p e a s a n t r y t h e S o v ie t p o w e r c a n n o t s u b s is t .
T h e pro­
le ta r ia t m u s t t h e r e fo r e m a k e c o n c e s s io n s t o a ffi r m t h is a llia n c e a n d m a in ta in
its p o w er.
O u r p o lic y o f c o n c e s s io n s is c lo s e ly b o u n d u p w it h o u r e c o n o m ic p o lic y .
T h e s itu a t io n fo r c e s u s t o p a y d e a r ly fo r o u r b a c k w a r d n e s s in te c h n ic a l
a p p lia n c e s .
A t w h a t e v e r c o s t w e m u s t r e s t o r e o u r i n d u s t r y ; fo r e x a m p le ,
w e m u s t e le c t r ify t h e f a c t o r ie s o f t h e c o u n t r y , fo r , w i t h o u t e le c tr ific a tio n s ,
in d u s t r y c a n n o t b e r e s to r e d .
W e m u s t b e p r e p a r e d t o s a c r ific e a n y t h in g
t o c a r r y o u t t h e p la n fo r e le c t r ific a t io n , a s e la b o r a te d b y t w o s p e c ia lis ts .
T h i s is t h e o n ly m e a n s o f s a v in g t h e c o u n tr y f r o m a n e c o n o m ic c r is is , a n d
o f fr e e in g t h e p e a s a n t r y f r o m fa m i n e .
A l r e a d y t h e lit t le t h a t h a s b e e n
a c c o m p lis h e d h a s o p e n e d t o t h e p e a s a n t r y a n e w fie ld o f w o r k , n o t o n ly fo r
th e ir o w n b e n e f it , b u t fo r t h e c o m m o n w e a l.
A lt h o u g h t h e w a r is o v e r w e a re in a c o n d itio n o f w a r a n d m u s t p ro c e e d
a c c o r d in g ly .
T h e d ic ta to r s h ip o f t h e p r o le t a r ia t is in a c o n d itio n o f w a r , a n d
th e r e fo r e w e c a n n o t p r o m is e a n y o n e fr e e d o m a n d a d e m o c r a t ic s c h e m e .
U n d e r t h e f l a t o f d e m o c r a c y t h e c o u n te r -r e v o lu t io n a r ie s o f a ll c o lo r s a re
g a th e r in g t o g e t h e r .
T h e w o r ld is w it n e s s in g a n a m u s in g s p e c ta c le ; t h e
C a d e t s a re r o u s in g t h e S o c ia l R e v o lu t io n a r ie s a n d M e n s h e v ik i t o p r o c la im
“ A S o v ie t S t a t e b u t w i t h o u t t h e B o l s h e v i k i .”
T h e s ly b o u r g e o is e k n o w s
v e r y w e ll t h a t t h e S o v ie t s o f t h e M e n s h e v ik i a n d S o c ia l I le v o lu t io n a r ie s
a re o n ly a m e a n s o f r e s to r in g t h e c a p ita lis t s a n d la n d o w n e r s .
T h e r e fo r e
w o m u s t m e r c ile s s ly f i g h t t h e s e p a r tie s .
W e m u s t a n n o u n c e t o t h e p e a s a n t s t h a t t h e y m u s t jo i n t h e p r o le ta r ia t
w h ic h w ill m a k e t h e u t m o s t c o n c e s s io n s t o t h e m , or e ls e t h e y m u s t o p e n ly
t a k e t h e c o u r s e o f c iv il w a r .

$ 4 0 0 ,0 0 0 .0 0
5 0 0 ,0 0 0 .0 0
2 0 0 ,0 0 0 .0 0

1918 ______________________________
75,885:64
Total ------------------------------------------$1,175,885.64
Th e last, p a y m e n t of $ 7 5 ,8 3 5 .6 4 , c lo sin g th is a cco u n t, w a s m ad e to
th e Chinese M in ister b y d ip lo m a tic se ttle m e n t w a rra n t N o . 1 4 8 1 , J u ly 2 8 ,
1917.

Communist Party Approved.
L e n in ’ s s p e e c h w a s fo llo w e d b y lo n g a n d a c r im o n io u s d is c u s s io n s .

H is

r e s o lu tio n w a s u lt im a t e ly a d o p t e d a s fo llo w s :
T h e T h ir d C o n g r e s s o f t h e C o m m u n is t I n te r n a tio n a le p r o u d ly r e v n it s
t h e fo u r y e a r s o f s t r u g g le , o f t h e R u s s ia n p r o le ta r ia t t o r e ta in p o w e r ie w s h an ds.
T h e C o n g r e s s u n a n im o u s ly a p p r o v e s t h e p o lic y o f t h e iC o m
m u n is t P a r t y o f R u s s ia w h ic h in e v e r y c o n je c t u r e h a s b e e n a b le t o d is c o u n t
c o r r e c tly a t h r e a t e n in g p e r il, a n d f i n d m e a n s , c o r r e s p o n d in g t o t h e p r in c ip le s
o f r e v o lu t io n a r y M a r x i s m , t o s u r m o u n t t h e d a n g e r s .

813

THE CHRONICLE

In its policy in relation to the peasantry and. in regard to concessions, the
Ita lia n C'ouuuuuiai Party is inspired by the desire to restore the economic
life ot the country, and to maintain the dictatorship o f the proletariat until
tii*- proletariat o f Western Europe shall come to the aid o f its Russian
brothers.
The Congress expresses the opinion that Soviet Russia owing to the
consistent and deliberate policy of the Communist Party, will remain the
stronghold o f the world revolution.
1‘he <’ongress also affirms the treacherous conduct o f those parties which,
by their attacks on Soviet Russia, are serving the world counter-revolution.
The Congress calls on the workers o ff countries unanimously to support
the workers amt the peasants o f Russia and to accomplish all the world
over the November revolution o f Russia.

Leonid Krassin, Russian Soviet Minister of Commerce
and Trade, outlined tin* change of policy over two months
a-u. '1’his is evident from a statement made by him in
the London “Times” of Sunday, June 12. The statement
made In Krassin was given in substance in cablegrams of
that date by the New York “Times” as follows:
**\l.v Government at Moscow is accused of conspiring in Constantinople
and in Ireland. Both these statements are utterly false, and it would be as
'.veil ir the critics of Russian-British relations would understand that in the
la^.t few months a great change has taken place in the body politic of
Russia.
“ Before the trade agreement I often prophesied that with the cessation of
war and intervention against them the Moscow Government would find it
necessaiv to alter their internal policy. Moscow now finds it necessary to
enter into trade agreements with capitalists all over the world. Britain’s
example they wish to be followed by France, the Scandinavian countries,
Italy and America.
Moscow realizes that anything like a Communistic
revolution in Western Europe is more or less remote.”
Krassin, of course, maintains that in fundamentals there has been no
re frog i fusion, lie argues that the Soviet Government is “ advancing along
the path of economic progress toward an end which, while it takes cogni­
zance of the capitalistic element in industry, is determined that it shall
be used in accordance with the fundamental beliefs underlying the princi­
ples of their Government. In other words, Moscow, as far as foreign trade
is concerned, has recognized private ownership and private property. Mos­
cow h;: freed the peasants and allowed them as small holders to trade one
with another and with larger extra-territorial organizations. Moscow has
created the essential elements of a new bourgeoisie without the fundamental
evils of the old, and with stern democratic control.
“ Russia at the present moment welcomes the foreign capitalists, and this
policy finds its immediate and purely economic expression in our new policy
of concessions. She herself cannot wtihout assistance organize her trade.
She cannot bring together her resources in a productive manner, and she
must rely upon capital, the experience and initiative of foreign capitalistsj
to bring about a stable economic condition without which a prosperous
Russia will be impossible.
“ Thus,” he concludes, “ we hope to avail ourselves of foreign capital and
foreign brains and to preserve the main principles for which the Moscow
Government stands. But 1 must emphasize the fact that we wish to do all
this by peaceable means, living at peace and in confidence with our neigh­
bors, working on the friendliest of relations with the Western world, which
has not yet accepted our fundamental principles.”

Among other developments of interest with respect to
political conditions in Russia was the announcement that
Nikolai Lenin, the Soviet Premier, had given some sound
advice to the new Caucasian Soviet Republics in a letter
addressed to the Communists of Georgia, Armenia, Daghes­
tan, Azerbaijan and other new States. The letter, dated
April 14. was telegraphed officially from Moscow on June
7, it was said, by the Rosta Agency. Following is a sum­
mary of the letter as then reported to the Associated
Press:
After pointing out that “ the Entente has burned its fingers,” and that
therefore there is no longer danger to the Caucasus, and calling attention
to the fact that Russia has had to fight the White Guards, which the
Caucasian republics have not, Lenin says:
“ Do not copy our tactics, but ponder them according to the development
of practical facts. The Caucasian republics are even more nations of peas­
ants than Russia, Economically Russia is severed from the capitalistic
progressive countries and will be until she has established collaboration
and exchange of goods with the capitalistic West.”
He then advises more prudence and yielding toward the “ small bour­
geoisie intelligentsia,” and especially to the peasants, and the economic
use of the capitalistic West in the policy of exchange of goods and con­
cessions in petroleum, manganese and coal. This must be done, he adds,
“ extensively, firmly, capably and judiciously, in order to develop exchange
of commodities with Italy, America and other countries.”
The Soviet leader argues that Europe and the world are not the same
in 1921 as they were in 1917 and 1918, and considers it advisable that the
Caucasus take “ a slower path to socialism.” He urges electrification and
irrigation to improve the conditions of the peasants, and thus reconstruct
the country and strengthen it for the passage toward socialism.

In connection with the above, the correspondent of the
Associated Press at Riga said:
A Moscow dispatch announces that a decree is being prepared to prevent
further confiscation of money from private persons except by court trial.
Another decree provides that anyone arrested must be informed of the reason
for this within twenty-four hours and, if a member of a trade union, may
be released if the union vouches for him.

The Congress of the Communist Party, which closed its
sessions at Moscow the latter part of May, adopted a dec­
laration approving Lenin’s new and modified program,
which urges, among other things, that small producers and
peasants be given certain economical and political freedom,
while the big industries, including transportation,, be kept
in the hands of the Government as a necessary basis for
political strength. The chief points in Lenin’s new pro­
gram, presented by him to the Communist Party at Moscow,
were outlined in Associated Press dispatches from Riga on
June 1 as follows:

[ V ol .

113

First, collection from the peasants of a fixed amount of grain by a sys­
tem of tax in kind, estimated by Miliutin to amount to about one-third of
the crop. The remaining two-thirds of the crop is to remain at the dis­
posal of the peasant for trading through the newly restored co-operatives,
whose power is to be extended. The former system of requisitions, which
made the peasants the ardent and sometimes the fighting foes of commun­
ism, permitted the peasant to keep only a small quantity of grain for his
personal consumption, while the State forcibly took the rest.
Second, retention in the hands of the State of the largest industries and
na ans of transportation, particularly the leather, salt and textile industries.
These latter are turning out the manufactured goods now most needed by
the peasants. They are apt to be speeded up in order to satisfy the peas­
ants' needs, and tin* workmen are to be encouraged by a bonus system and
other inducements which will increase production.
Supervision is to be
undei the trade unions, which will fix the rates of pay instead of the
Government, as heretofore.
These large industries and transportation fa­
cilities, * well as natural resources, such as mines, etc., are regarded us
strong influences in maintaining the present regime.
Third, encouragement of small and medium-sized co-operatives and pri­
vate industries. Factories will be leased to these smaller industries, and
even financial assistance will be given. The trade unions will fix the
wages, the Government retaining the right of factory inspection. Personal
initiative of workers will be suitably rewarded and will supplant equal
pay. Government officials in charge of factories who prove lax in their
management will be strictly prosecuted. The chief purpose throughout
will be to increase production.
Besides the foregoing, there will be general relaxation of prosecution and
of hindrances to free trade.
In the course of his speech on Monday [May 80) Lenin said that the
development of capitalism, through the small industries and agriculture,
was not to he feared, for the reason that the proletariat always held firmly
in its hands all the large sources of industry. It must be remembered,
he went on, that the peasants’ economy could not be stabilized without
certain freedom of barter and without those capitalistic relations connected
with barter. He therefore urged the collection of taxes in kind, in order
to leave the peasant freedom to barter the remainder.

A significant incident throwing some light on the change
of policy by the Soviet leaders was reported to the New
York “Times” on May 28 by its political correspondent at
Washington, who stated that authentic advices from Mos­
cow and Petrograd had been received there announcing that
at a conference with railway delegates a decision was
reached by the Soviet authorities to entrust private con­
cerns with the task of obtaining fuel for the railways. The
“Times” correspondent added:
In pursuance of the Russo-British trade agreement several British com­
missions have left for Russia in order to acquaint themselves with the con­
ditions prevailing at the Russian ports and the stocks of goods. The main
object of the commissions is to overcome transport difficulties.
The Moscow Soviet lias issued licenses to trade to the following: Bars
in theatres, tea houses, restaurants, gastronomic shops, dairy shops, butch­
ers, green grocers and owners of kiosks. Selling and buying on every street
corner, on the market and elsewhere are becoming common in Moscow.
The prices of foodstuffs are reported to be dropping, sugar being sold at
7,000 rubles a pound, although recently the price was 20,000 rubles.
All Russian stations are said to be crowded by “ bagmen,” people who
take foodstuffs in bags from the country to the towns.
The report received to-day adds:
“ The workmen lack sufficient money, since their pay is sm all; therefore,
thefts of Government property are becoming very frequent indeed. What­
ever is got hold of goes to the market. As trade has increased, a shortage
of Government bank notes is felt. Everybody is anxious to obtain Soviet
money. Formerly one Czar ruble cost 150 Soviet rubles, whereas now only
90 Soviet rubles are paid. Lately many artisans’ workshops have been
opened, hatters, shoemakers, e t c .; big industries, however, are at a stand­
still, and the general economic life reminds one rather of the Middle
Ages.”

RUSSIA AND THE THIRD INTERNATIONALE.
An appeal to frustrate any move which it was intimated
might be made by “ Capitalist States and Capitalist Govern­
ments” in attempting “ to make use of the famine in Russia”
to reorganize attacks on Russia “ under the mask of charity
and benevolence, was made in a manifesto sent out on
Aug. 2 by the Executive Committee of the Third Inter­
nationale to the Workers of the World. The manifesto
follows:
Soviet Russia is stricken by a great national calamity, similar to that
which occurred in 1891. The great drought, continuing from M arch to
June, has caused famine and distress in the Volga provinces, which formerly
yielded 30% o f the entire Russian harvest. Even seeds for the coming
season are non-existent. Twenty million people are threatened with
hunger and death. N ot only this, but also next year. Famine is inevit­
ably accompanied by disease, which is mowing down the already weakened
people.
All these blows fall upon Soviet Russia at the moment when she is ex­
hausted and well-nigh ruined b y seven years o f imperialist and civil wars;
when she is as yet unable either to supplement the people's economic
struggle by new forces or to remove old wreckage. Soviet Russia fought and
suffered for the entire international proletariat . Her bleeding wounds she
received in fighting the world’s capitalism not alone for the Russian revo­
lutionary proletariat, but also for the world's workers.
The capitalists o f all countries, realizing this, have helped the Russian
bourgeoise to attack Russia, not only in an effort to save the profits formerly
squeezed out of the Russian people, but- also to destroy the State which
first raised the banner o f the working class revolution, which became a
pillar of light indicating the way to the awakeneing masses o f all countries.
Capitalist States and capitalist governments will now att empt to make use
of the famine in Russia— after being defeated by the arms o f the Red army
and the struggle o f the European proletariat in their attacks upon Russia
to reorganize this attack under the mask o f charity and benevolence
Fart
of the capitalist press declares openly and cynically. "Let the masses perish
from famine if they will not rise against the Soviet Governm ent."
The
French Imperialist Government sends troops and munitions to Roland to
prepare a base for another attack on Soviet Russia, which shall start in at
the moment o f deepest distress. The French diplomats are endeavoring to

A ug. 20 1921.]

TH E CHRONICLE

in v o lv e R u m a n i a ,.t h e B a lt ic S t a t e s a n d th e L i t t le E n t e n t e in t h e s e c r im in a l
d e s ig n s .
T h e E n g lis h a n d A m e r ic a n G o v e r n m e n t s , w h ic h o n c e v ie d w it h e a c h o th e r
in h u m a n ita r ia n p h r a s e o lo g y , n ow p r o te n d t o k n o w n o th in g a b o u t th e
m is e r y o f th e R u s s ia n p e o p le .
H a l f f u r t iv e ly , h o w e v e r , t h e y p r o m is e h elp
t o R u s s ia w h ile h in tin g th e ir re a d in e ss to r e a liz e th e ir p r o m is e if S o v ie t
R u s s i a w ill allow h e r a ffia r s t o b o m a n a g e d b y th e ir n o m in e e s a n d t h o s e o f
tlie R u s s ia n c o u n te r -r e v o lu t io n a r y b o u rg o o tso .
T h i s m e a n s t h a t th e y
w a n t th e R u s s ia n w o r k in g c la s s to p e r m it in r e tu r n fo r a c r u s t o f b r e a d th e
o r g a n iz a tio n o f t h e c o u n te r -r e v o lu tio n o n S o v ie t so il; o r , il t h e R u ssian
w o r k in g c la s s r e fu s e s to c a u s e r e b e llio n , b y s t a r v in g t h e m a s s e s ol p r o le ­
ta r ia n m e n a n d w o m e n o f t h e e n tir e w o r ld .
D o n o t fo r g o t th e b lo o d o f R u s s ia n w o r k e r s a n d p e a s a n t s sh e d fo r y o u r
sa k e .
D o n o t fo r g e t t h e h u n g e r w h ich t h e y h a v e s u ffe r e d t h e s e th r e e y e a r s
fo r t h e c o m m o n w o r k in g -c la s s c a u s e .
D o n o t fo r g e t t h a t c o u n t e r -r e v o ­
lu tio n a r y a t t e m p t s a g a in s t t h e R u ssia n p r o le t a r ia t a re a t t e m p t s a g a in s t
you.
P r e v e n t s u c h d e sig n s b y t h e w o r ld ’ s c a p it a lis t s .
N i p t h e m in
th e b u d .
T h e C o m m u n is t I n t e r n a tio n a le in v ite s not o n ly a ll C o m m u n i s t p a r tie s,
R e d tr a d e u n io n s a n d c o -o p e r a t o r s , b u t a ll h o n e s t w o r k e r s , irre sp e ctiv e
o f p a r t y , to fo rce th e ir r e s p e c tiv e Governments to u n d e r s ta n d t h a t t h e y
w ill n o t to le r a te p r e p a r a tio n s fo r a new w a r a g a in s t R u s s i a , a n d th a t (hoy
w ill n o t a llo w th eir G o v e r n m e n t s to m a k e a n y c o n d itio n s in h e lp in g S o v ie t
R u s s ia .
T h e S o v ie t G o v e r n m e n t , d is c a r d in g a ll p a r t y a n d p o litic a l c o n s id e r a tio n s ,
h as a lr e a d y in v it e d th e a ss is ta n c e o f th e h o n e s t b o u rg e o isie p a r tie s , w h o se
c o n s c ie n c e and h u m a n it y h a v e a sse r te d t h e m s e lv e s .
T h e y u n d e r s ta n d
t h a t th e S o v ie t G o v e r n m e n t w ish e s t o h e lp a ll e le m e n t s in d is tr e s s a n d a ll
s o u n d e le m e n t s in R u s s ia a rc r e a d y to c o -o p e r a t e w it h it in c o m b a t i n g th e
fa m in e .
H u t i is n o t o n ly a q u e s tio n o f p r e v e n tin g c o u n te r -r e v o lu t io n a r y d e s ig n s .
T h e in te r n a tio n a l p r o le ta r ia t m u s t a lso g iv e a c t iv e h e lp t o th e R u s s ia n
m a sses.
W e k n o w y o u are p o o r y o u r s e lv e s a n d h a v e n o t s u r p lu s b r e a d ;
b u t w e a lso k n o w t h a t w h e r e v e r m is fo r t u n e b e f a ils a w o r k in g fa m i ly th e
p o o rest w o rk e rs h e lp m o r e r e a d ily t h a n t h e r ic h w h o in d u lg e in p h ila n th r o p y .
W e a p p e a l t o a ll C o m m u n is t p a r tie s a n d R e d tr a d e u n io n s , t o a ll la b o r
o r g a n iz a tio n s a n d p a r tie s w ish in g t o h e lp th e R u s s ia n p e o p le , to s t a r t w o rk
im m e d ia t e ly .
T h e t im e h a s c o m e to sh o w t o w h o m in te r n a tio n a l w o r k in g
c la s s s o lid a r it y is a m e r e p h r a s e a n d to w h o m it is d e e d a n d t r u t h .
*
W e s u g g e s t t o t h e C o m m u n is t p a r tie s o f a ll c o u n tr ie s t h a t t h e y e s ta b lis h
im m e d ia t e c o n n e c tio n w it h a ll la b o r o r g a n iz a tio n s to c r e a te jo in t r e lie f
c o m m it t e e s w it h a v ie w to c o lle c tin g m o n e y to p u r c h a s e fo o d a n d m e d ic in e s .
E v e r y sh ip lo a d o f b r e a d s e n t b y w o r k e r s ’ o r g a n iz a tio n s in to th e fa m in e
d is tr ic t s w ill s tiffe n th e d e t e r m in a t io n o f R u s s ia n w o r k e r s in th e ir f i g h t
a g a in s t fa m in e .
I w ill d e m o n s t r a t e p r a c t ic a lly to t h e su ffe r in g t h a t t h e y
a re n o t a lo n e in th e h a r d s tr u g g le a g a in s t t h e c a p ita lis t w o r ld w h ic h se e k s
t o p r o fit b y th e ir h u n g e r , b u t t h a t th e r e is m u t u a l a id a m o n g th e in te r n a ­
t io n a l w o r k in g -c la s s f a m i l y , w h ic h sh a r e s its la s t c r u s t o f b r e a d w it h its
s u ffe r in g c o m r a d e s .
T o w o r k , w o r k in g m e n a n d w o m e n o f a ll c o u n tr ie s .
T o th e g r e a t w o r k
o f r e lie v in g t h e d is tr e s s e d in S o v ie t R u s s i a .
L o n g liv e in te r n a tio n a l p r o ­
le t a r ia t s o li d a r i t y .
L o n g liv e S o v ie t R u s s ia .
T h e m a n ife s t o is sig n e d b y m e m b e r s o f th e E x e c u t iv e C o m m i t t e e , r e p r e ­
s e n tin g t w e n t y c o u n tr ie s , in c lu d in g Z i n o v ie f f , B u k h a r in , R a d e k , L e n in
a n d T r o t z k y fo r R u s s ia a n d B a ld w in fo r A m e r i c a .

G E R M A N

A N D
BRITISH
INDUSTRIAL
INTERESTS
UNITE F O R T R A D E IN RUSSIA.

In announcing that Germ an in dustrial and fin a n cia l in ­
terests had allied them selves w ith a sim ila r group in E ng­
land fo r the purpose o f exploitin g trade in S oviet R ussia, a
correspondent o f the A ssocia ted P ress in B erlin w rote on
June 10 as fo llo w s :
W hile Germany, as England, has negotiated a trade agreement with
Russia, it is declared here that these German industrial and financial in­
terests were advised officially not to take the initiative in seeking to ap­
proach the Moscow Government independently of the other Powers.
It is believed here that official quarters have urged German b ig business
to defer any steps until the English attitude is made known.
For the
same reason Germany delayed announcement o f her trade agreement with
the Soviet Government until England had ratified the trade pact with
Leonid Krassin, Soviet Minister of Trade and Commerce.
An official communique issued yesterday s a id :
‘ ‘O fficial quarters have not been inform ed of any treaty between AngloGerman groups whose purpose is the commercial exploitation of Soviet
Russia.”
Since the conclusion of the German-Russian trade agreement Russian
Soviet headquarters in Berlin daily has been crowded w ith German trade
representatives seeking audiences with the Soviet delegation.

SOVIET C O N FE SSE S R U S S IA 'S D IST R E SS.
U nder the a b ov e head the follow in g special correspondence
(A ssociated Press, from R iga ) (L atvia ) J u ly 18, was p u b ished b y the N ew Y o rk “ E ven in g P o s t ” o f A u g . 6:
A ll R u s s ia n n e w s s o u r c e s, B o ls h e v ik and. a n t i -B o ls h e v i k a lik e , p a in t a
d is m a l p ic tu r e o f R u s s i a ’s e c o n o m ic c o n d it io n .
S o v ie t n e w s p a p e r s a d m it
th a t t h e fa m in e w h ich th r e a te n s t h e c o u n tr y m a y b e e v e n w o r s e t h a n in
p re c e d in g y e a r s o f th e B o ls h e v ik r e g im e .
T h e B o ls h e v ik G o v e r n m e n t ,
h o w e v e r , c o n te n d s t h a t , n o t w it h s t a n d in g t h e g r e a t d iffic u ltie s a tte n d in g
t h e c h a n g e o f L e n in ’s p o lic ie s d u r in g w h a t i t t e r m s a s t h e p r e s e n t p e r io d
o f tr a n s itio n fr o m c iv il w a r t o p e a c e , R u s s ia is s lo w ly y e t s t e a d ily a d v a n c in g
o n th e roa d t o r e s t it u t io n o f h er e c o n o m ic life .
T h e a g r ic u ltu r a l m a c h in e r y w h ich h a s a rr iv e d fr o m a b r o a d w ill b e o f
little a ss is ta n c e th is y e a r .
T h e c r o p fa ilu re s in m a n y g o v e r n m e n t s h a v e
a ffe c te d s o la r g e a p r o p o r tio n o f th e a re a s o w n t h a t t h e m a c h in e r y a lr e a d y
o n h a n d will b e a m p le t o h a r v e s t t h is y e a r ’s c r o p .
In f a c t , th e r e a re m o r e
m a c h in e s th a n liv e s t o c k t o d ra w t h e m a n d th e a lr e a d y d e p le t e d s u p p ly o f
d r a ft a n im a ls is th r e a te n e d w ith e x tin c tio n b e c a u se p a s t u r e la n d s are
d r y in g u p .
T h e R ig a B o ls h e v ik n e w sp a p e r . “ N o v y P u t , ” r e c e n t ly p r in te d th e fo llo w ­
in g fr o m M o s c o w :
'S e v e r a l m o n t h s a lr e a d y h a v e p a ssed sin c e th e n e w e c o n o m ic c o u r s e h a s
b e e n in a u g u ra te d in S o v ie t R u s s ia .
B u t to p u t , a s it w e re, t h e e n g in e o n
a n ew tr a c k is n o e a s y t a s k a n d o n e n o t t o b e s o o n a c c o m p lis h e d .
The
c o u n tr y is la r g e , th e p o p u la tio n is s p a r s e , c o m m u n ic a t io n s a n d r o a d s
g e n e r a lly b a d , a n d th e tr a n s p o r t se r v ic e is d is lo c a t e d .
T h e s a m e is
c a se w ith th e p o s ta l a n d te le g r a p h ic t r a f fi c .
T h e new e c o n o m ic p o lic y co u ld n o t , o f c o u r s e , a s y e t h a v e y ie ld e d
a p p r e c ia b le re-suits
A t th e .sam e t i m e , d u r in g t h e tr a n s itio n p e r io d

are
th e
any
th e

813

e c o n o m ic s itu a t io n o f R u ssia is a t p r e s e n t an e x c e p t io n a lly grave, o n e
The
o ld d is tr ib u tio n s y s te m h a s b e e n a b o lis h e d a n d d o e s n o t y ie ld a n y t h in g ,
w h ile t h e n e w (ta x In k in d ) s y s t e m c a n b e e x p e c te d to y ield r e s u lts o n ly
a fte r se v e r a l m o n t h s .
“ M o s c o w , P n tr o g ra d , a n d o th e r la rg e In d u stria l c e n tr e * a re e x p e r ie n c in g a
g r a v e s u p p ly c r isis, w h ich is o n ly in a s lig h t m e a s u r e a lle v ia te d b y Im p o r ts
fr o m a b r o a d , fr o m S ib e r ia , an d fr o m th e G a u c a s u s .
T h i s , In i t . tu r n ,
c a n n o t b u t in flu e n c e u n f a v o r a b ly t h e p r o d u c t iv it y o f in d u s tr ia l e s ta b lis h
m e rits.
In th e D o n e t z d is tr ic t th e o u t p u t o f co a l h a s b een o n ly 8 .0 %
o f th e p r o g r a m .
In t h e M o s c o w m in in g d is t r ic t , t o o , th e p r o d u c tio n
h a s d e c re a se d .
T o m a k e th e c a la m it y c o m p le t e , th e re are th e d r o u g h t s ,
fo llo w in g u p o n a n a lm o s t sn o w le s s w in te r -."
A c o n g r e ss o f fo o d s u p p ly o ffic ia ls o f all R u s s ia , c a lle d b y L e n in to w ork
o u t a p lan o f a v e r t in g th e w o rst e ffe c t s o f th e th r e a te n e d fa m in e and to
d e v is e m e a n s for c o lle c tin g t h e a v a ila b le fo o d s t u f f s , h a s ju s t c lo se d a t
M O scow .
M o s t o f t h e sp e a k e r s w e re p e ssim istic ,, a c c o r d in g to th e M o s c o w
B o ls h e v ik n e w s p a p e r s .
It w a s sh o w n t h a t , b e c a u s e o f th e d is o r g a n iz e d
s t a t e o f t r a n s p o r t a t io n , g ra in w o u ld r o t in t h e fie ld s in t h e p r o d u c tiv e r e g io n s ,
w h ile th e c itie s w o u ld h a v e t o b e p u t s h o r t r a tio n s u n le s s fo o d c o u ld Ire
m p o r t e d fr o m a b r o a d .

7 7 / A’ A ME RIVAS' ARAD ON 7 7 / L RHI NE
WI T HOUT A R I C K S

-“ 7 7 / A/ A R MY

M uch has been said in the public print and in Congress
w ith reference to ca llin g hom e the A m erican A rm y on the
Rhine, now that by A ct o f C ongress the w ar again st G er­
m any has been fo rm a lly term inated. T h e reasons fo r such
recall are greatly strengthened by the fo llo w in g article,
contributed by R oger W illiam R iis, and which appeared
in “ The A m erican L egion W eek ly ” fo r A ugust 12. It is
costin g a lo t o f m oney to keep this arm y o f 13,500 men
in Germ any, and even though G erm any m ay in the end
have to reim burse the U ntied States fo r the cost, the ex ­
pense in the firs t instance m ust be d efra yed by ou r G overn­
ment, and in the m eantim e a big bill is being run up against
Germany, w hich the la tter w ill find it d iffic u lt to pay, and
w hich when it is settled m ust tend fu rth er to derange the
foreig n e x c h a n g e s :
The army without a grouch. Ever see or hear of such an organization?
Did you ever, in your own service experience, know a tim e when there
wasn’t at least one general kick being made by all hands against something
that m ilitary life brought in its train— food, shoes, uniforms, bunks, hikes,
salutes ?
I answer for you.
There never has been such an army.
Never, till
now, but now there is one, and it wears the khaki of the American dough­
boy and its headquarters are in Coblenz, Germany. It has no kick ; it is
h a p p y ; it doesn’ t want to come back home ; it does want everything to
stay just as it now is, w ith the single possible exception of the rumor that
it may soon come home in spite of itself.
That it would like to have
abolished. And in that fact, after all, you perhaps have the grouch which
we have been looking for.
It is truly a remarkable story, that of the Am erican Forces in Ger­
many.
When I sat down beside Maj. Gen. Henry T. Allen’ s desk and
asked him what he and his men were doing in Coblenz, I unconsciously
expected, as anyone would, an answer to the effect that he was busy
holding down enemy territory.
But that’ s not what I got.
“ W e are running a b ig school of citizenship,” he said. “ Our idea is to
make every man a better citizen for having been in the army. If we don’ t
do that, we have failed to ju stify ourselves.”
Toward this surprising end the staff has built an elaborate and exhaus­
tive program covering every activity that men indulge in, from sewing
to shooting. And it has done so in such a way that everybody is happy.
Briefly, here is an outline, first, of the regulation duties that kept the
men busy during the past year, and second, of what the men do when o ff
duty that makes life in Coblenz so pleasant.
During the closed, or winter, season, the men bore up under three hours’
drill in the morning, regular old army drill. In the afternoon, the entire
time was devoted to the unit schools and to vocational training, which
was voluntary. This included special training of all kinds, such as com ­
mercial work, Signal Corps work, cooking, baking, horse-shoeing, me­
chanics, and so on. Every man in every company, moreover, was required
to qualify in special work w ith the Browning automatic rifle, which in­
volved, among many other fam iliar details, firin g on a thousand-inch
range.
In fact, an unusual amount of time has been devoted to target practice.
The machine gun companies, for example, have gone through hours of drill
in firing at landscape targets by squads and by companies.
This con­
tinued until the open season, when winter melted away and the country
was in usable condition.
As a result, every battalion up to date has
qualified 80%. of its personnel as marksmen or better, while one battalion
the other day qualified 9 1 % , and still another 9 8 % as sharpshooters. No,
there is no mistake in the figures ; it’ s just two below a hundred.
This
has not been accomplished w ithout effort. Since the open season has been
on, three hours in the morning and one in the afternoon have been spent
over preliminary target and firin g study, including drill in company and
section problems. The men then went to the range by battalions, where
they spent four weeks on the m iddle distances and two •on com bat and
range proficiency firin g by squads, sections, platoons and companies.
That’s what the men are doing right now. Most of the battalions have
come off the range, with the above-mentioned results. When they are all
off, they will go ahead to battalion fire problems, such as men of the
First Division will renfember doing* in the neighborhood of Moschheim.
A battalion is assumed to hold part of a regimental sector, is supported
overhead by machine gun and artillery fire and goes through regular
battle conditions with live ammunition.
More cartridges are being fired
into the Rhine hills than there are grapes on them at harvest time.
Then, looking into the future, there w ill come regimental maneuvers
and later brigade maneuvers, separately, and against one another, directed
by the War Plans Section.
Finally, the last step w ill be the division
maneuvers, with divisional attack problems and a grand, culm inating re­
view by the commanding general. The afternoon schools have been sus­
pended fro m July 1 to October 1, to give more time for the occasional
small-arms com petitions and outside work.
That is the routine Headquarters has laid down for the men.
It isn’ t
in that that one finds the b ig reasons, however, for the Garden-of-Eden
attitude that every Yank assumes, although certainly such work is pref-

T1IE CHRONICLE
e r a !tile t o

C 1 iy j i [
h o u r s ’ ch i l l a d a j /, w i t h a t e w hou r s ’ g u a r d d u t y
t o v u r y th e m o n o t o i iy.
b t’ s Ln o r e int<c r e s t i n g i Hid m o r e p r o f i t t h e W i i y som e o f t l i e o th Ler lu i n i e s o f o c c u p a t tio n a r e p a s s i n g

ablie th a n

b iit

iO
I^

11

1 h 1j
LUIS

t.
Li.

O i l ' l l .lei c u .

'h e m e n a re iru t e d in th re e > c o n d
c l a s s e s , f i r s t , sec •o n d , a n d t h i r d ,
JCCt o r d i r i g
t o t h e n urn b e r o f cci m p u r e V PLiin i sh m e n t s i n f l i c t i ed.
F irst grade
e n t i t i e s a m a n tc , b e a b s e n t fpioni b a r r a c k s , w h e i » n o t o n d u t y , f r o m f o u r
in t h e a f t e r n u o n u n t i l r e v e i l l e .
H e
d o e s ,n ’ t h a v e t o s t a n d r e t r e a t o r a n y thii [kg b u t C u b lei iz be t w e e n fo u r ohMock
.n d
Uae
n ex t e n s u in g reveille.
o n d chi l&is t n t i i d e e hd m to b e o u t !f r o m d r i l l ui it ii r e t m i t , b u t n o t a f t e r
reci' e a t , w h i c h he m u - t s t a n d .
T h i n .1 clt iss e a r n es n o t h i n g w i t h it a t a l l
lii
y o f It?ave, e x c e p t b y speiL-ial o r d e r .
E v e r y in o n t h g r a d e s a r e
o v e r h a u l e d , a n d i n e n vv h o h a ve a c i e a n ve c o r d t r a v e l i n t o t h e f i r s t g r a d e ,
muiL*h le i s i i r e , am; 1 l i t t le w o r k .
Y i r t h e r i n o p e , t h e r e a r e l i t t l . e t h ii I g S | a i l e d f u r l o u g h s .
T h irty d a y s a
y e a r, a c c o i r d i n g ti > r e g i i l l a t i o n s , c o m e t o e a c h m a n i, a n d a l l h e h a s to s h o w
ate a f i r s t - c l a s s co rn ! ia c t c a r d a n d <moil]g h m o n e ;y t o c a r r y h i m t h r o u g h
t h e m o n t h , a n d h e e a i 1i g o t o F r a n e e ( I n c i l u d i n g l ’ m i s ) , E n g l a n d , B e l g i u m ,
i t u l ly, S e a n d i n a v i a , hi id, i f hie w a i i t s , C z e c h o s l o v a k i a .
Or ap p aren tly
a n y w h e r e e l s e t h a t he c a n sh o v v isom<e reii s o n f o r w a n t i n g t o g o , a l t h o u g h
m e ri a r e iilot y e t a l lo w ^ 4 t u g e t o f f t h e t r a i n s ii i S w i t z e r l a n d .
T rav elin g
u p w i t h n ie f r o m P u r i s t o G o b !leuz w a s a p r i v a t e w h o h a d l s a v e d u p f o r a
1

lo n g

tim e ,

sh ifted

h is

pay

had b lo w n it a ll s k y h ig h .

in to

fra n cs,

and

in

one

lie w a s c o in in g b a ck

to

rap id

w eek

in

the a rm y to

P a r is

rest u p .

M a n y o f the m en w en t to the O ly m p ic g a m es la st su m m e r, and every
now and then th ey tak e a tou r o f th e b a ttle fie ld s , in ord er th a t th ose w h o

every

b o x in g

[V ol. 113

and

s m a ll-a r m s

ch a m p io n sh ip

of

a ll

th e

R h in e

a rm ie s,

a l­

th ou gh they n u m b er o n ly 1 3 ,5 0 0 , w h ile th e F re n c h , for ex a m p le , n u m ber
m ore th an 8 0 ,0 0 0 .
M uch w e ed in g o u t and c u ttin g dow n h as le f t a
m o u p of e x ce p tio n a l h ig h ch a racter and a b ility .
T h e rate of re-enlistment
is the h ig h e st o f an y p a r t o f th e a r m y , so th a t w h ile 7 5 % o f th e A m e r i­
can forces in G e rm a n y are m en w h o w ere n ot in th e w a r, th e great
m a jo r ity are m en in th e secon d e n lis tm e n t, th e fir s t h a v in g been fo r one
ye n
m it ,

T h ey are qu artered e x c e lle n tly , so th a t th e y w ill g r u d g in g ly a d ­
“ W e have no k ic k c o m in g on tills h an g ou t.
I ’ ve seen lo ts w o r s e .”

T h ey

are

all

w ith d ra w n

now

fro m

the

o u tp o sts

on

th e

t h ir t y -m ile

zone

lim it beyond the R h in e , w h ere th e y w ere b ille te d in G erm a n fa m ilie s and
in c a n to n m e n ts, so th a t now th ey are in C ob len z, M a y e n , A n d ern a ch , E n gens, W e i s e n t u m , N e u w ie d , and the two fo rts o p p osite C ob len z— E h ren b reitste in

and A ste r ste in .

They

h ave,

under

th e

a b le an d

e ffic ie n t d ire c­

tion of the V M. C. A ., th e S a lv a tio n A r m y , and th e R ed C ross, u nusual
en te rta in m e n ts, m o v ies, s w im m in g p o ols, ca rn iv a ls of a ll k in d s o f sp orts.
A n d they have ju s t h eld th e ir ow n J u ly F o u rth ce leb ration .
T h ey did
it in d ecid ed ly th eir ow n w a y , sh o o tin g rock ets th ro u g h th e p r in c ip a l
streets, not in the a ir, h u t a lo n g the g ro u n d .
T h ere w ere no ca su alties
ex cep t an eld erly G erm a n w h o w as h it in the ankle b y a ro c k e t ju s t as it
ex p lod ed and w h o fa in te d in access o f terror.
T h e w a r w as ce rta in ly
brou gh t

h o m e to

C ob len z

for

once.

The

n atives

crossed

th e

streets o n ly

on th e dead ru n , an d su ffered fr o m su ch bad cases o f nerves th a t th ey
ju m p e d an d fle d if a c ig a r e tte b u t t lan d ed b eside th e m .
B u t th a t w as
o n ly one d a y out o f 3 6 5 .
N o , th e A r m y

on th e

R hine d oesn ’ t w a n t to

com e b a ck .

M o r a le ?

I t ’s

were n o t in E u rope w hen the b a ttle fie ld s w ere b ein g co n stru c ted m a y have
an idea of w h at th ose w h o w ere th en in E u ro p e w e n t th ro u gh .

a lm o s t an issue c o m m o d ity .
“ T h ey even sa lu te m e across the s tr e e t,”
sa id one a m azed o ffic e r , and th ere can be no h ig h e r pro of of m o ra le th an

O h , there are p le n ty o f lit t le th in g s to m ak e life easy in C ob len z.
A ll
the m en h ave serge u n ifo rm s, ex c e p t on co m p a n y fo r m a tio n — ta ilo r -m a d e

th a t.
K ic k .

T h ey

are

happy.

They

a re

th e

w o r ld ’ s

fir s t

A rm y

W it h o u t

a

u n ifo r m s w h ich help to m a k e th em b y fa r th e b e s t-lo o k in g body o f so ld iers
I h ave ever w itn essed .
It is to be fr a n k ly sta ted th a t th ey o u tsh in e b o th
the F ren ch and B r itis h in th e m a tte r o f creased c lo th e s, w e ll-f i t t in g an d
clea n s u its , p o lish ed shoes, and
C oblen z under the o ld e m p ire

g en eral carriage.
w as a g arriso n to w n .

That

m ean s th a t

there are ex c e lle n t b a rra c k s, b u ilt for th e G erm a n A r m y in th e h e y d a y of
its e ffic ie n c y .
I t g iv e s one a m o re or less c u riou s sen sation to see the
S ta rs and S trip es flo a t in g over E h re n b re itste in , the h u ge rock y fortress
a cro ss the

riv er

fro m

th e

c ity ,

but up

there

is q u a rtered

a

m a c h in e -g u n

c o m p a n y , h ig h over th e su rro u n d in g c o u n try , in a ir y , lig h t , w e ll-d e c o ra te d
room s.
O n e m a n t o ld m e he had sp en t over 1 ,1 0 0 m a r k s in h a v in g h is
room a ttr a c tiv e ly p a in te d , an d he did h is b e st to lo o k g riev ed w h en he
said i t .
B u t m a r k s w ere th en w o rth a b o u t one ce n t ea ch , so th e y o u n g
m illio n a ir e w a sn ’ t

d eep ly d a m a g e d .

In th e m a tte r o f u n ifo r m s, h e lm e ts
oth er tim e s th e b a rrack s cap is u sed .

are w o rn o n ly on re v ie w s, and a t
F e e t are encased in a new c o m b i­

n a tio n b a rrac k s an d fie ld shoe, w ith o u t h ob s, w h ich these a m a z in g m en
a d m it is v ery c o m fo r ta b le and easy to w ear.
T h e tr u sty o ld h ob s are s till
k e p t in

th e lockers for u se

in fie ld

w o rk .

O ne h as h eard a g ood deal ab ou t in te r m a r r ia g e w ith th e fra u le in s. T h e
fig u res in d ica te th a t th e low er th e ra n k th e m ore freq u en t th e m a r r ia g e s.
T h u s, la st y e a r th ere w ere 2 8 4
and fo u r a b ov e g ra d e th ree.

such m a r r ia g e s o f m e n b e lo w g ra d e th re e,
T h e g en erals h a r d ly m a r r y a t a ll.
En­

lis te d m en u n der th e gTade of s e r g e a n t-m a jo r are sen t h om e w h en th ey
c o n tr a c t a w ife , and th is a cts so m e w h a t as a deterren t t o m a r r ia g e .
En­
liste d m en above s e r g e a n t-m a jo r h av e th e ir w iv es an d fa m ilie s w ith th e m ,
a s do

th e

co m m issio n e d

o ffic e r s,

an d

th e

a rm y

q u a rters

th e m

in g ly p le a sa n t c ity b ille ts .
N o w y o u b e g in to see w h y th e m en w a n t to sta y h ere.
th ro u gh

th re e

stag es o f re a c tio n

to

th in g s

G erm a n .

in

exceed­

T h e y h ave gon e

W hen

th ey

a rrive d ,

in D e c e m b e r, 1 9 1 8 , th e y w ere en th u sia stic a b o u t th e p la c e .
C o m in g fro m
w a r-to rn tren ch la n d s, w here e v e r y th in g w a s d isc o m fo r t, th e y fou n d th e m ­
selves in b e a u tifu l fa r m co u n try , w h ere h ills on b o th sides o f a m a je s tic
riv er

w ere

covered

w ere p leased.
d ele g a tio n a t

in

th e

su m m e r

season

w ith

p rosp erou s

crops.

T h ey

T h e n , w h en m o n th a fte r m o n th w e n t b y w h ile th e G erm a n
V e r sa ille s dickered an d h u n g b a c k , th e m e n tu rn ed arou n d

an d b eg a n to b e liev e th e G erm a n s w ere a m e a n so rt a fter a ll.

F i n a lly , as

t im e p assed an d th in g s se ttle d dow n and th e G erm a n s in th e n eig h b o rh o od
g o t to k n ow th e m en and th e m en g o t to o c cu p y a re g u la r p la c e in th e
c o m m u n ity , th e y b ecam e e n tir e ly sa tisfie d a g a in .
N o w th ey are c o m ­
p le te ly m e m b ers o f th e c o m m u n ity .
T h e y lik e th e G erm a n s an d th e G er­
m ans

lik e

su lle n ,

th e m — th e

o ften

w om en,

en ou gh , w h en

c e r ta in ly .

The

G erm en

th ey see th em selv es crow ded

m en

a re

out of

a

tr ifle

th eir w o o ­

BILL REGULATING PACKING INDUSTRY SIGNED BY
PRESIDENT HARDING.
O n A u g . 17 P resident H arding signed the bill regulating
the pa ck in g in dustry. A fte r the Senate had on June 17
a d a p te d w ith am endm ents the bill passed b y the H ouse on
June 2, the m easure was sent to con feren ce, and o n A u g . 4
the Senate a ccep ted the con feren ce report b y a v ote o f 48
to 10, w hile the H ouse agreed to the report on A u g . 9.
U n der the con feren ce agreem ent the H ou se bill, regarded as
far less drastic than the original K e n y o n -K e n d rick Senate
m easu re, virtually sta n d s. S en ator K e n y o n , R e p u b lica n ,
o f Iow a, told the Senate on A u g . 4 that the Senate conferees
had been com p elled to yield o n every am en d m en t excep t
three. H e said:
T h e a m e n d m e n t s fr o m

w h ic h t h e H o u s e ro c e d e d a re a m e n d m e n t n u m ­

b e r e d 1 6 , g iv in g t h e r ig h t t o t h e S e c r e ta r y o f A g r ic u lt u r e t o r e q u e s t th e
F e d e r a l T r a d e C o m m i s s io n t o “ m a k e i n v e s t ig a t io n s a n d r e p o r t in a n y c a s e ” ;
a m e n d m e n t n u m b e r e d 1 7 , w h ic h p r o v id e s t h a t t h e S e c r e ta r y m a y m a k e
r u le s a n d r e g u la t io n s ; a n d a m e n d m e n t n u m b e r e d 1 5 , w h ic h is n o t a n im ­
p o r ta n t a m e n d m e n t.
A s it w a s a q u e s t io n m e r e ly o f a c c e d in g t o t h e d e ­
m a n d s o f t h e H o u s e c o n fe r e e s or s e c u r in g n o le g is la tio n , w e d id n o t feel
w a r r a n t e d in s u c h in s is te n c e a s w o u ld b r in g a b o u t t h e fa ilu r e o f a ll le g is la ­
tio n .
A m e n d m e n t 1 6 g iv e s t o t h e F e d e r a l T r a d e C o m m i s s io n t h e r ig h t to
m a k e i n v e s t ig a t io n s a n d r e p o r ts w h e n r e q u e s t e d t o d o s o b y t h e S e c r e ta r y
o f A g r i c u lt u r e .
I t d o e s n o t , a s I u n d e r s ta n d i t , p e r m it t h e m a k i n g o f o r d e r s ,
a lt h o u g h t h e r e is d is p u t e a s t o t h a t p r o p o s it io n .

R egardin g Senate am end m en ts stricken ou t
Speaker K e n y o n said:

by the H ou se,

T h e a m e n d m e n t s in r e g a r d t o p u b lic it y a n d w h a t w e t e r m e d u n ifo r m
a c c o u n t i n g w e r e t h e t w o a m e n d m e n t s t h a t s o m e o f u s c o n s id e re d v e r y
im p o r ta n t.
T h e y a re n u m b e r e d 13 a n d 1 4 .
I o u g h t t o s a y , in fa ir n e s s ,
t h a t t h e H o u s e b ill d o e s p r o v id e t h a t in s p e c ific in s ta n c e s in v e s tig a tio n s
c a n b e m a d e a n d s y s t e m s o f a c c o u n tin g e s t a b lis h e d .
O u r p r o v is io n w a s
fo r u n ifo r m a c c o u n tin g s o t h a t t h e S e c r e ta r y c o u ld e s ta b lis h ru le s a n d
r e g u la tio n s w i t h o u t a n y p a r tic u la r c o m p la in t a s t o p a r tic u la r in s ta n c e s ;
b u t i f t h e S e n a to r w ill o b s e r v e a m e n d m e n t N o . 13 h e w ill s e e t h a t it d o e s in
a w a y c o v e r t h o s e q u e s t io n s .
I t is m u c h b e t t e r t h a n n o t h in g .

fa r b etter

In a statem ent in the H ou se on A u g . 9, R epresentative
H aughen said:

A n d b y th a t la st sta te m e n t h an g s a lo n g tale.
T h e Y a n k s here fin d th e m ­
selves lite r a lly m illio n a ire s.
T h e ir th ir ty -o d d d o lla r s a m o n th , tra n sla te d

T h e b ill a s a g r e e d t o in c o n fe r e n c e is s u b s t a n t i a lly th e s a m e a s i t w a s
p a ssed b y th e H o u s e .
I t w a s d r a ft e d w it h a v ie w n o t t o d e s tr o y b u t t o
b u ild u p , t o p r o m o t e w o r t h y a n d le g it im a t e e n te rp rise s a n d a c t iv itie s in
c o n n e c tio n w it h t h e g r e a t p a c k in g i n d u s t r y .
I t g iv e s th e S e c r e ta r y o f
A g r ic u lt u r e c o m p le t e v is it o r ia l, in q u is it o r ia l, s u p e r v is o r y a n d r e g u la t o r y
pow er over th e p a ck ers a n d sto c k y a rd s.
I t e x te n d s o v e r e v e r y r a m if ic a ­

in g b y stran g ers w h o
heeled.

are b e tte r m a n n ered , b e tte r

lo o k in g ,

and

in to m a rk s under p resen t e x ch a n g e ra tes, b ec om e a b o u t 2 ,4 0 0 of th e G e r ­
m a n coins o r th e ir p ap er e q u iv a len t.
A n d w h ile prices a re h ig h here,
th e y are n o th in g a t a ll lik e as h ig h as in th e S ta te s, n o th in g a t a ll.
O ne
p a y s fo r a room in a g oo d h o te l o n th e corner o f th e m o st im p o r ta n t
sq u are th e eq u iv a le n t of 2 5 cen ts a d a y.
T h e b e st w in e s an d c o g n a cs can
b e h ad fo r 2 5 cen ts a b o ttle to a t m o st $ 5 .
M e a ls fo r m o r e th a n 40 cents
a re p r a c tic a lly im p o ssib le .
F ir s t g ra d e ta ilo r -m a d e u n ifo r m s , m a d e b y
c ity ta ilo r s , a re a ll o f $ 1 8 , and h an d k erch iefs can be h ad fo r 3 or 4 cents.
I p erso n a lly liv e d fo u r days in th e to w n fo r $ 3 .2 0 , and I liv e d h ig h .
So it co m es a b o u t th a t each sold ier is a c a p ita lis t.
T h in g s
a lw a y s w a n te d he can n ow g e t w ith o u t p la n n in g an d sa v in g .
It

h e has
is o n ly

A m e r ic a n s th a t one sees d r iv in g cars a b o u t th e streets an d r id in g in ta x is
— of w h ic h , b y th e w a y , th ere a re n ’ t m ore th a n h a lf a dozen.
T h e streets
are s in g u la r ly bare of t r a ffic , fo r th e G erm a n s ca n ’ t a ffo r d to rid e .
But
th e Y a n k s can and do.
T h e y can b u y th eir g ir ls th e b e st o f w h a te v e r th e
g ir ls w a n t w ith o u t .m a k in g a n ic k in vth e b a n k -ro ll.
T h e y can in d u lg e in
a lit t le d ic k e rin g in e x ch a n g e on th e side an d clean up in one d a y ’ s drop
a n d rise as m u c h as a w e e k ’ s w o r k w o u ld b r in g th e m

b a ck h o m e .

N a tu r ­

a lly , th is m a k es a h it writh th e g ir ls , and w h o m th e m en w a n t th e y ta k e,
w h ile th e G erm a n m e n fro w n an d fu m e.
T h e A m e r ic a n s a re lord s in
th e ir

ow n

r ig h t.

O nce in a g re at w h ile th ere is a lit t le p iece o f tro u b le w ith th e in h a b i­
ta n ts , h u t n o t o ften .
W h e n i t does co m e , i t is u su a lly th e A m e r ic a n w h o
is th e a ggressor.
A s one so ld ie r rem a rk ed , “ T h e A m e r ic a n s m a y h av e th e
m oney,

but

W h ic h

th e G erm a n s

sure

h ave

the b r a in s .”

m e a n s th a t th e G erm an s kn ow

a good

th in g w h en th e y h ave

it,

an d are m a k in g th e m o st o u t o f a w illin g v ic tim .
I t isn ’ t th a t our
m e n h ave fo r g o tte n th e ir ow n c o u n t r y ; b u t :
“ W h y sh ou ld w e w a n t to rush b a ck to a c o u n try w h ere w e h ave a lw a y s
b een so rt o f o u tc a sts, w h en here we are ju s t th e o p p o s it e ? ” dem anded
one h ig h p riv a te .
“ Plere w e are r ic h , w e ll-tr e a te d , g e ttin g a lo t b o th ed u ­
c a tio n a lly and in th e lin e of pleasure ; n o, sir, a b o u t tw o m o re y ears o f it
w i ll s u it m e f i n e .”
W h a t do y ou kn ow a b o u t th e H a p p y A r m y , e h ?
G en eral A lle n says th ey
h ave a re m a rk a b ly h ig h m o ra le .
C e rta in ly th ey look it.
T h e y h old

t io n o f t h e p a c k e r s a n d s t o c k y a r d tr a n s a c tio n s in c o n n e c tio n w it h t h e
p a c k in g b u s in e s s .
I t p r o v id e s fo r a m p le c o u r t r e v ie w .
T h e b ill is d e s ig n e d
t o s u p e r v is e a n d r e g u la t e a n d t h u s s a fe g u a r d t h e p u b lic a n d a ll e le m e n t s
o f t h e p a c k in g i n d u s t r y , fr o m t h e p r o d u c e r t o th e c o n s u m e r , w i t h o u t i n ju r y
o r t o d e s t r o y a n y u n it in i t .
I t is th e m o s t fa r -r e a c h in g m e a s u r e a n d
e x t e n d s fu r th e r t h a n a n y p r e v io u s la w in t o t h e r e g u la tio n o f p r iv a t e b u s ­
in e ss— w it h fe w e x c e p t io n s , t h e w a r e m e r g e n c y m e a s u r e a n d p o s s ib ly
th e

I n t e r -S t a t e C o m m e r c e A c t .

R ep resen tative H aughen also said in pa rt:
T h e r e s u lt s o f t h e c o n fe r e n c e o n t h e p a c k e r -c o n t r o l le g is la tio n a re s e t fo r t h
in t h e p r in t e d r e p o r t a n d s t a t e m e n t .
I d id n o t in t e n d t o c o m m e n t o n it .
b u t w i t h t h e w h o le s a le m is r e p r e s e n ta tio n t h a t h a s b e e n s c a t t e r e d b r o a d c a s t ,
w h ile I a m a w a r e t h a t lit t le , i f a n y , a t t e n t i o n is g iv e n t o u n fo u n d e d a n d
u n c a lle d -fo r s t a t e m e n t s s u c h a s h a v e b e e n m a d e in r e fe r e n c e t o t h e b ill n o w
b e fo r e t h e H o u s e , n o t w it h s t a n d i n g , in v ie w o f t h e m is in f o r m a t i o n t h a t h a s
g o n e in to t h e “ R e c o r d ,” a b r i e f s t a t e m e n t o f f a c t s s e e m s t i m e l y a n d p r o p e r .
T h e s u b j e c t o f p a c k e r -c o n t r o l le g is la tio n h a s b e e n u n d e r c o n s id e r a tio n fo r
m o r e t h a n a t h ir d o f a c e n t u r y , o n e w h ic h h a s b e e n m o r e v ig o r o u s ly c o n ­
te ste d th a n a n y .
I t h a s b een b i t t e r ly o p p o s e d n a t u r a lly b y
b y t h e le g is la tio n , a n d i t s p r o g r e s s h a s b e e n s u b s t a n t i a lly
o b s t r u c t e d b y “ su pposed** fr ie n d s .
I n s e c u r in g t h e p a s s a g e
o f m o s t o t h e r m e a s u r e s , t h e d i f f i c u lt y h a s n o t b e e n so m u c h

t h o s e a ffe c t e d
h in d e r e d a n d
o f t h is b ill, a s
in o v e r c o m in g

t h e f r a n k , o p e n , o u t -a n d -o u t o p p o s it io n w h ic h it h a s e n c o u n te r e d a s t h e
o p p o s it io n f r o m t h e p r o fe s s e d fr ie n d s o f e f f e c t i v e le g is la tio n , a s . fo r in s ta n c e ,
t h a t c o n s t a n t p le a f o r d e la y , fo r t h e a d o p t io n o f a m e n d m e n t s d e s ig n e d to
w e a k e n , t o d e s t r o y t h e b ill, a n d t h e n u m e r o u s d e v ic e s r e s o r t e d to in d e la y ­
in g a n d d e fe a t in g t h e p a s s a g e o f e f fe c t i v e le g is la tio n .
I I . R . 6 3 2 0 , in tr o d u c e d a n d r e p o r te d b y m e , p a s s e d t h e H o u s e by p r a c ­
t ic a lly a u n a n im o u s v o t e o n J u n e 2 a n d p a s s e d th e S e n a te o n J u n e 17. b u t it
w a s n o t u n til 4 0 d a y s la te r , o n J u ly 2 S , th a t a n a g r e e m e n t w a s r e a c h e d in
c o n fe r e n c e .
T h e c o n fe r e e s ’ r e p o r t w a s a g r e e d to b y t h e S e n a te Vug
t
b y a v o t e o f 4 8 a y e s a n d 1 0 n oo s.

A ug. 20 1921.

TH E CHRONICLE

In a n o t h e r b o d y t h is b ln lia s b e e n c h a r a c te r iz e d a s a p a c k e r bin a n d It h as
b o o n a lle g e d to c o n ta in se v e n a m e n d m e n t s w r itte n b y an a t t o r n e y fo r tim
m e a t p a c k e r s a n d a c c e p t e d b y t h e H o u s e C o m m i t t e e o n A g r i c u lt u r e .
A
c a r e fu l r e a d in g o f t h e “ R e c o r d " d is c lo s e s n o e v id e n c e b e y o n d t h e b a r e
s t a t e m e n t o f a n a lle g e d c h a m p io n o f th e p e o p le ’s r ig h t s m a k in g t h e c h a r g e
t h a t s e v e n a m e n d m e n t s w o re w r itte n in to t h e bill b y a n a tto r n e y fo r t h e
m e a t p ack ers.
T h e p r o fe s s e d fr io n d o f e f f e c t i v e p a c k e r -c o n tr o l leg isla tio n
d id n o t e v e n g iv e a n y in t im a t io n a s to w h a t w o r e t h e a m e n d m e n t s to w h ic h
h o r e fe r r e d .
H e s p e c ifie d o n ly o n e , w h ic h h a d t o d o w it h ta k in g a w a y t h e
ju r is d ic tio n o f (h o F e d e r a l T r a d e C o m m i s s io n .
T h e c h a m p io n o f t h e p e o p le ’s r ig h t s w a s m is ta k e n a b o u t t h a t .
W h y he
d id n o t s p e c ify w h a t w o r e th e o t h e r six a m e n d m e n t s I k n o w n o t .
P r o b a b ly
t h e y w o re n ot o f en ough im p o rta n c e .
B u t , in a s m u c h a s n o a m e n d m e n t s
h a v e b e e n w r it te n in to t h e bill b y a n y p a c k e r o r a n y o t h e r interest, it
m a tte r s n o t.
l i e w a s m is ta k e n a s to t h e o n e s p e c ifie d a n d it g o e s w ith o u t
s a y in g t h a t h e w a s m is t a k e n a s t o all o f t h e m .
H e n c e t h e H o u s e bill did
n o t , a s s t a t e d o n p a g e 2 7 5 7 o f t h e “ C o n g r e s s io n a l R e c o r d " o f J u n o 1 6 ,
c a r r y s e v e n a m e n d m e n t s w h ic h th e p a c k e r s ’ a t t o r n e y w r o t e in t h e orig in a l
H a u g e n b ill.
I f h e h a d ta k o n t h e p a in s t o in fo r m h im s e lf o f t h e f a c t s h e
w o u ld n o t h a v e m a d e t h e s t a t e m e n t .
H e w o u ld h a v e fo u n d t h a t t h e s u g ­
g e s tio n g iv in g t h e ju r is d ic t io n to t h e S e c r e ta r y o f A g r i c u lt u r e w a s m a d e b y
m a n y e x c e lle n t p e r s o n s a n d w h ic h s e e m e d t o b e t h e c o n s e n s u s o f o p in io n o f
a ll.
I f h e h a d t u r n e d to S e c r e ta r y W a l la c e ’s s t a t e m e n t b e fo r e t h e C o m ­
m i t t e e , p a g e 2 3 4 o f t h e H o u s e h e a r in g s o f M a y 1 9 2 1 , lie w o u ld h a v e fo u n d ,
in r e s p o n s e t o a r e q u e s t fo r h is o p in io n a s t o t h e q u e s t io n o f ju r is d ic tio n
o v e r t h e p a c k e r s , a s fo llo w s :
“ S e c r e ta r y W a lla c e :
I t h in k t h e i n t e r e s t o f t h e p u b lic w ill b e s e r v e d if
y o u p u t a ll o f th is t h in g a n d a ll o f th is c o n tr o l a n d r e g u la tio n in t h e h a n d s o f
o n e s u p e r v is o r y b o d y a n d n o d is tr ib u t e i t a m o n g s e v e r a l. . . .
“ W e h a v e a la rg e n u m b e r o f p e o p le w h o a r e v e r y w e ll in fo r m e d , c e r t a in ly ,
o n a g r ic u ltu r e .
S o h t fr o m t h a t s t a n d p o in t I t h in k it w o u ld b e w iser to
p u t th is m a t t e r in t h e D e p a r t m e n t r a t h e r t h a n in t h e h a n d s o f s o m e c o m ­
m is s io n w h ic h w a s n o t s o c lo s e ly r e la te d to a g r i c u l t u r e ."
C e r t a in ly t h e c h a m p io n o f e f f e c t i v e le g is la tio n w o u ld n o t c o n t e n d t h a t
S e c r e ta r y W a l la c e a c t e d a s a n a t t o r n e y fo r t h e p a c k e r s .
W h i l e t h e o t h e r a m e n d m e n t s a lle g e d t o h a v e b e e n w r it te n in t h e b ill b y
a n a t t o r n e y fo r t h e p a c k e r s w a s n o t s p e c ifie d , I a s s u m e t h a t t h e y w e re
a m e n d m e n t s e n u m e r a t e d b y M r . L i g h t f o o t , a t t o r n e y fo r W i ls o n & C o . ,
w h ic h a p p e a r o n p a g e 2 8 1 0 o f t h e “ C o n g r e s s io n a l R e c o r d " o f J u n e 2 7 .
If
so , t h e y w e re a m e n d m e n ts su g g e ste d b y th e A m e r ic a n F a r m B u r e a u F e d ­
e r a tio n .
I r e fe r y o u t o p a g e s 2 8 0 9 - 2 8 1 0 o f t h e “ C o n g r e s s io n a l R e c o r d " o f
J u n e 1 7 , in w h ic h M r . L i g h t f o o t s t a t e s t h a t t h e s u g g e s t io n s m a d e b y h im
w e r e a r e s p o n s e t o M r . A t k e s o n ’s r e q u e s t fo r t h e p a c k e r s ’ v ie w s .
T h e fir s t
a m e n d m e n t re fe r r e d t o is t h e o n e c o n fe r r in g ju r is d ic tio n u p o n t h e S e c r e ta r y
o f A g r ic u lt u r e in s t e a d o f t h e I n t e r -S t a t e C o m m e r c e C o m m is s io n o v e r t h e
s t o c k y a r d s , c o m m is s io n m e n , a n d t r a d e r s .
T h is a m e n d m e n t, as I h a v e
s t a t e d , w a s s u g g e s t e d t o t h e C o m m i t t e e b y t h e p r e s e n t S e c r e ta r y o f A g r i ­
c u lt u r e a n d h is p r e d e c e s s o r , b y M r . A t k e s o n [r e p r e se n tin g t h e N a t i o n a l
G r a n g e ] a n d a ls o b y v a r io u s o t h e r r e p r e s e n t a t iv e s o f fa r m o r g a n iz a tio n s ,
a n d w a s in a c c o r d w it h t h e S e n a te b ill, w h ic h c r e a te d a liv e -s t o c k c o m m is ­
s io n e r in t h e D e p a r t m e n t o f A g r i c u lt u r e a n d g a v e h im c o m p le t e a u t h o r i t y
•over t h e s t o c k y a r d s , c o m m is s io n m e n a n d t r a d e r s .
T h e n e x t a m e n d m e n t r e fe r r e d t o w a s t o a m e n d t h e d e f in it io n o f t h e t e r m
■“ liv e -s t o c k p r o d u c t s ," so a s t o r e m o v e t h e o b je c t i o n t h a t t h e b ill s u b je c t e d
t o r e g u la tio n m a n y in d u s tr ie s n e v e r e n g a g e d in t h e s la u g h te r in g o f a n im a ls ,
s u c h a s ta n n e r ie s , fe r tiliz e r p la n t s , w o o le n m ills , a u t o m o b ile m a n u fa c t u r e r s ,
a n d m a n y o t h e r s u s in g b y -p r o d u c t s o f t h e p a c k in g i n d u s t r y .
M r . L ig h tf o o t ’s s t a t e m e n t d o e s n o t in d ic a t e t h e n a t u r e o f t h e a m e n d m e n t w h ic h h e
p rop osed to M r . A tk e s o n .
T h e o n ly s u g g e s t io n o f w h ic h t h e C o m m i t t e e
h a d a n y k n o w le d g e w a s o n e p r o p o s e d b y t h e A m e r i c a n F a r m B u r e a u F e d ­
e r a tio n (se e p . 4 8 1 o f t h e h e a r in g s ), w h ic h p r o p o s e d t o s t r ik e o u t f r o m t h e
b ill t h e d e fin itio n o f “ liv e -s t o c k p r o d u c t s ” a n d s u b s t it u t e a d e fin itio n o f
t h e t e r m “ m e a t -f o o d p r o d u c t s ," w h ic h w a s t o b e d e f in e d t o m e a n “ all
e d ib le p r o d u c t s a n d b y -p r o d u c t s o f t h e s la u g h te r in g a n d m e a t -p a c k in g
i n d u s t r y ."
o f th e te r m
fa c t u r in g o r
com m erce.

A t t h e s a m e t im e t h e F a r m B u r e a u s u g g e s t e d t h a t t h e d e fin it io n
“ p a c k e r " b e so a m e n d e d a s t o c o n fin e p a c k e r s t o t h o s e m a n u ­
p r e p a r in g m e a t s o r m e a t -f o o d p r o d u c t s f o r sa le or s h ip m e n t in
W h i l e r e c o g n iz in g t h e ju s t i c e o f t h e c o m p la in t t h a t t h e d e fi­

n itio n in t h e o rig in a l H a u g e n b ill m i g h t b e c o n s t r u e d t o in c lu d e in d e p e n d e n t
t a n n e r ie s , fe r tiliz e r p la n t s , a n d o t h e r in d u s t r ie s u s in g b y -p r o d u c t s o f t h e
p a c k in g in d u s t r y , t h e c o m m it t e e a t o n c e p e r c e iv e d t h a t t h e a d o p t io n o f t h e
s u g g e s tio n s o f t h e A m e r ic a n F a r m B u r e a u F e d e r a t i o n w o u ld b e t o le a v e
o u t s id e o f a ll r e g u la tio n s u c h in d u s tr ie s w h e n c o n d u c t e d a s s u b s id ia r ie s o f
t h e p a c k in g in d u s t r y .
I t th e r e fo r e a m e n d e d t h e H a u g e n b ill in s u c h
m a n n e r a s t o r e lie v e f r o m r e g u la tio n t h e s e o u t s i d e in d u s t r ie s o n ly w h e n
h a v in g n o a ffilia t io n w it h a p a c k e r , b u t s u b je c t i n g t h e p a c k e r t o c o m p le t e
r e g u la t io n , n o m a t t e r w h a t lin e o f b u s in e s s h e g o e s in t o .
T h e n e x t a m e n d m e n t w h ic h M r . L i g h t fo o t s t a t e s w'as s u g g e s te d t o M r .
A t k e s o n w a s t o S e c tio n 2 0 7 o f t h e o rig in a l H a u g e n b ill r e la tin g t o t h e a c ­
c o u n ts o f th e p a ck ers.
S e c tio n 2 0 7 p r o v id e d t h a t a n y p a c k e r w h o k e p t
a n y o th e r or d iffe r e n t a c c o u n ts t h a n t h o s e p r e s c r ib e d b y t h e S e c r e ta r y
h o u ld b e g u i lt y o f a c r im in a l o ffe n s e
H e r e a g a in t h e c o m m it t e e h a d n o
k n o w le d g e o f a n y a m e n d m e n t s u g g e s t e d b y t h e p a c k e r s ’ a t t o r n e y e ith e r t o
t h e C o m m i t t e e or t o M r . A t k e s o n , b u t t h e C o m m i t t e e d id r e c e iv e f r o m th e
A m e r ic a n F a r m B u r e a u F e d e r a tio n (see p . 4 8 1 o f t h e h e a rin g s) a su g g e s tio n
t o s tr ik e o u t th e s e w o r d s a n d t o in se r t a p r o v is io n t h a t a n y p a c k e r -who fa ils
to k e e p h is a c c o u n ts “ in t h e n a n n e r a n d fo r m p r e s c r ib e d o r a p p r o v e d b y
t h e S e c r e t a r y " sh a ll b e g u i lt y o f a c r im in a l o ffe n s e .
T h i s s u g g e s tio n w a s
a d o p t e d b y t h e C o m m i t t e e a n d a p p e a r s a s S e c tio n 4 0 1 o f t h e H o u s e b i ll.
T h e n e x t a m e n d m e n t w h ic h M r . L i g h t f o o t s t a t e s w a s s u g g e s t e d b y h im
t o M r . A t k e s o n w a s t o S e c tio n 2 0 5 (f) o f t h e o rig in a l H a u g e n b i ll, w h ic h
p r o v id e d t h a t t h e fin d in g s o f t h e S e c r e ta r y a s t o t h e f a c t s , i f s u p p o r t e d b y
e v id e n c e , s h o u ld b e c o n c lu s iv e .
T h e s u g g e s t io n w a s t o in se r t a fte r t h e
w o r d s “ s u p p o r t e d b y " t h e w o r d s “ t h e w e ig h t o f t h e . "
T h i s s u g g e s tio n w as n o t m a d e b y t h e p a c k e r s ’ a t t o r n e y t o th e C o m m i t t e e ,
b u t t h e s a m e s u g g e s tio n w a s m a d e b y t h e A m e r ic a n F a r m B u r e a u F e d e r a ­
t io n (see p . 4 8 1 o f th e h e a r in g s ), b u t w a s n o t a d o p t e d b y t h e C o m m i t t e e .
I t a d o p t e d a n a m e n d m e n t s tr ik in g o u t o f t h e b ill a ll r e fe re n c e t o t h e c o n ­
c lu s iv e n e s s o f fin d in g s o f fa c t o f th e S e c r e ta r y .
I n t h is c o n n e c tio n it s h o u ld
b e n o t e d t h a t t h e a m e n d m e n t s u g g e s te d b y t h e A m e r ic a n F a r m B u r e a u
F e d e r a tio n a p p e a r e d in t h e S e n a te b ill, b o t h a s r e p o r te d t o t h e S e n a te a t
th is se ssio n a n d a s p a s s e d b y t h e S e n a te in t h e la s t C o n g r e s s .
(S e e 6 6 t h
C o n g ., S . 3 9 4 4 .)
T h e a m e n d m e n t s , in c o n n e c tio n w i t h t h e o n e referred to
r e la tin g t o t h e ju r is d ic tio n o f t h e F e d e r a l T r a d e C o m m i s s io n , a m o u n t t o
o n ly fi v e in n u m b e r .
W h a t t h e o th e r t w o a m e n d m e n t s referred t o m a y b e
I h a v e n o k n o w le d g e or m e a n s o f s u r m is in g , b u t w h a te v e r t h e y m a y b e
t h e y w e re n o t p u t th e r e a s a r e s u lt o f a n y r e q u e s t m a d e t o t h e C o m m i t t e e
b y a n y p a c k e r or h is a tt o r n e y o r a n y o th e r o u ts id e in t e r e s t .
A n o t h e r in s in u a tio n m a d e w as t h a t t h e s u b -c o m m i t t e e w a s c a r e fu lly
s e le c te d .
T h e s u b -c o m m it t e e c o n s is te d o f t h e th r e e a u th o r s o f t h e b ills
th e n b e fo r e t h e C o m m i t t e e a n d w ere a p p o in te d o n a m o t io n u n a n im o u s ly
a d o p ted b y th e C o m m itte e .
I t is d iffic u lt t o see w h a t b e t t e r m e th o d o f
h a r m o n iz in g t h e c o n flic tin g view s o f t h e m e m b e r s h ip o f t h e C o m m i t t e e as
t o t h e fo r m th is le g isla tio n sh o u ld t a k e th a n t o c r e a te a s u b -c o m m it t e e

815

c o m p o s e d o f th e In d iv id u a ls w h o h a d a lr e a d y p u t fo rw a rd In bill fo r m th e s e
v ie w s.
T h e s t a t e m e n t t h a t th e hill fr a m e d h y th e >nl> c o m m it !u e war.
re p o r te d b y th e fu ll C o m m i t t e e w ith o u t c h a n g e a n d p a rsed th e H o u s e
w ith o u t a m e n d m e n t w o u ld s e e m to bo th e b e t po:. ibh* p r o o f th a t th e
a s p a ssed b y th e H o u s e , w as a m e r ito r io u s m e a s u r e .
T h e fo r e g o in g c o n ­
s id e r a tio n s s h o u ld c o n v in c e a n y fa ir -m in d e d p e rso n that th e charge, a lle g e d
t h a t th e C o m m i t t e e w a s v e r y “ c a r e f u l l y " s e le c te d , t h a t it w ro te In to th e
s e v e n i m p o r t a n t s u g g e s tio n s m a d e b y a n a t t o r n e y for t h e p a c k e r .
r a d ic a l

bin,

bill

s u g g e s tio n s
s u g g e s tio n s t h a t c o m p le t e ly c h a n g e th e c h a r a c te r
it w a s fir s t in tr o d u c e d , a re a b s o lu t e ly w i t h o u t fo u n d a t io n .

of th e

bill as

A s s t a t e d o n p a g e s 2 8 1 7 a n d 2 8 1 8 o f t h e “ O o n g ro.v d on a i R e c o r d , " a ft e r
t h e a d o p tio n o f c e rta in a m e n d m e n t s , th e M e m b e r p r e fe r r in g th e r h a r g e s
v o te d fo r t h e b ill.
A m e n d m e n t s r e fe rre d t o w e re a s folio.v:,
i Jr .t,
o. \3
t h e a d o p t io n o f t h e p u b lic it y s e c tio n o f t h e S e n a te b ill, a p r o v is io n p r a c ­
t ic a l! y t h e s a m e a s o n e c a r r ie d in t h e A g r ic u lt u r a l a p p r o p r ia tio n b ills fo r a
n u m b e r o f y e a r s , g iv in g t h e S e c r e ta r y a m p le a u t h o r i t y to gath er' a n d p u b lis h
a n y r e la te d in fo r m a tio n p e r t a in in g t o m a r k e t in g a n d d is tr ib u t in g o f liv e ­
s t o c k , m o a ts , f i s h , a n im a l b y -p r o d u c t s , a n d so fo r t h .
A t h e p u b lic it y h a d
a lr e a d y b e e n p r o v id e d fo r , it d id n o t s e e m n e c e s s a r y t o in c o r p o r a te it In t h e
b ill, c e r ta in ly n o t a s p r o p o s e d in t h is S e n a te a m e n d m e n t , w h ic h , a c c o r d in g
t o t h e d e fin itio n o f liv e -s t o c k p r o d u c t s a s g iv e n in t h e b ill, it e x c lu d e ; fr o m
t h e in v e s tig a tio n a n d r e p o r t t h e m e a t s a n d m e a t -f o o d p r o d u c t s .
T h e o th e r a m e n d m e n t r e fe r r e d to w a s t h e a d o p t io n o f t h e p r o v is io n o f
t h e S e n a te bill fo r u n ifo r m a c c o u n tin g .
T h e a m e n d m e n t N o . 13, p a g e 2 5 .
s tr ik e s o u t S e c tio n 4 0 1 o f t h e H o u s e b ill, t h a t w h e n e v e r t h e S e -rota ry fin d s
(h a t th e a c c o u n ts, record s, a n d m e m o ra n d a o f a n y p a c k e r, sto c k y a rd
o w n e r , m a r k e t a g e n c y , o r d e a le r d o n o t f u lly a n d c o r r e c t ly d is c lo s e a ll s u c h
t r a n s a c t io n s i n v o lv e d in s u c h b u s in e s s , t h e S e c r e ta r y m a y p r e s c r ib e th e
m a n n e r a n d fo r m in w h ic h s u c h a c c o u n t s , r e c o r d s , a n d m e m o r a n d a s h a ll b e
k e p t.
T h e a m e n d m e n t N o . 14 p r o v id e s t h a t t h e S e c r e ta r y m a y in h is
d isc r e tio n p r e s c r ib e a u n ifo r m s y s t e m o f a c c o u n ts a n d r e c o r d s a n d r e q u ir e
t h e in s ta lla tio n a n d u s e t h e r e o f b y p a c k e r s o r o p e r a t o r s , t h u s e lim in a tin g
fr o m t h e s e c tio n t h e s t o c k y a r d o w n e r , m a r k e t a g e n c y , a n d d e a le r , a s d e fin e d
in t h e b ill.
W h i l e t h e r e m a y b e n o s e r io u s o b je c t io n t o t h e u n ifo r m s y s t e m
o f a c c o u n ts , it s e e m s o f m u c h i m p o r t a n c e t h a t a c c o u n t s , r e c o r d s , a n d
m e m o r a n d a o f p a c k e r s , m a r k e t a g e n c ie s , s t o c k y a r d o w n e r s , a n d d e a le r s
s h o u ld f u lly a n d c o r r e c tly d is c lo s e a ll t r a n s a c t io n s in v o lv e d in th e ir b u s in e s s .
I f it is p r o p e r a n d n e c e s s a r y t o a p p ly it t o o n e , I c a n s e e n o o b j e c t i o n t o
a p p ly in g it t o a ll; b e s id e s , it w o u ld b e n e c e s s a r y in o r d e r t o c h e c k u p t h e
b ook s o f th e p ack ers.
T h e p e n a lt y t h a t m a y b e i m p o s e d u n d e r t h e H o u s e
b ill fo r fa ilu r e t o k e e p s u c h a c c o u n t s , r e c o r d s , a n d m e m o r a n d a , a r e u p o n
c o n v ic tio n n o t m o r e t h a n $ 5 , 0 0 0 o r i m p r is o n m e n t n o t m o r e t h a n t h r e e
years, or b o th .
I n t h e a m e n d m e n t p e n a lt ie s a r e u p o n c o n v i c t i o n n o t
m o r e t h a n $ 5 , 0 0 0 o r i m p r is o n m e n t fo r m o r e t h a n t h r e e y e a r s , o r b o t h .
P a s t e x p e r ie n c e h a s p r o v e n t h a t e x c e s s p e n a lt ie s , s u c h a s a r e p r o v id e d in t h e
p r o p o s e d a m e n d m e n t , a m i n im u m f i x e d a t m o r e t h a n t h r e e y e a r s i m p r is o n ­
m e n t h a s m a d e i t i m p o s s ib le t o c o n v ic t a n d h a s t h u s r e n d e r e d t h e la w s
in e ffe c t iv e .
I t g o e s w i t h o u t s a y in g , i f t h e m i n im u m fi n e s a n d p e n a lt i e s
a r e m a d e s o h ig h t h a t n o c o n v ic t io n c a n b e h a d , t h e w h o le s t r u c t u r e fa lls
a n d w o u ld fa il in i t s p u r p o s e .
T h e n e x t a m e n d m e n t r e fe r r e d t o “ t h e a d o p t io n o f t h e p r o v is io n w h ic h
m a k e s t h e S h e r m a n a n t i -t r u s t la w a p p lic a b le t o t h e p a c k e r s , o f w h ic h i t is
c la im e d t h a t i t r a d ic a lly i m p r o v e s t h e b i l l . ”
I n a s m u c h a s t h e p r o v is io n
w a s a lr e a d y c o n ta in e d in S e c tio n 4 0 5 o f t h e H o u s e b i ll, I a m a t a lo s s t o
k n o w w h y it is n e c e s s a r y t o in s e r t t h e p r o v is io n t w ic e a n d in w h a t r e s p e c t
it r a d ic a lly im p r o v e s t h e b ill.
(S e e S e n a te a m e n d m e n t N o . 1 8 .)
I t w o u ld s e e m t h a t i f t h e b ill w a s w o r t h y o f s u p p o r t a f t e r t h e S e n a te h a d
a d d e d 2 0 a m e n d m e n t s , t h r e e -f o u r t h s o f w h ic h m a t e r ia lly w e a k e n e d t h e b ill
a n d t h e r e m a in d e r o f w h ic h w e r e im m a t e r ia l o r m e r e ly r e s t a t e d w h a t w a s
in t h e b ill b e f o r e , t h is w o u ld s i m p ly in d ic a t e t h e b i ll a s p a s s e d b y t h e
H o u s e w a s a n e f f e c t i v e p ie c e o f le g is la tio n .
A s t o t h e S e n a te a m e n d m e n t s , I d e sire t o s a y t h e S e n a te re c e d e s f r o m
13 o f it s 2 0 a m e n d m e n t s a n d a g r e e s t o m o d i fi c a t i o n s o f 4 o f t h e a m e n d ­
m e n t s , w h ic h s u b s t a n t i a lly r e s to r e t h e p r o v is io n s o f t h e H o u s e b i ll.
The
H o u s e re c e d e s f r o m its d is a g r e e m e n t a n d a grees t o th r e e i m m a t e r ia l a m e n d ­
m e n t s , p r a c t ic a lly r e s ta tin g w h a t w a s a lr e a d y in t h e b ill.
T h e a m e n d m e n ts
a g r e e d t o are N o s . 1 5 , 16 a n d 1 7 .
A m e n d m e n t N o . 1 5 , S e c tio n 4 0 2 , p a g e 2 7 , lin e s 15 a n d 1 6 , s tr ik e s o u t t h e
w o r d s “ fo r t h e p u r p o s e o f s e c u r in g e f fe c t i v e e n fo r c e m e n t o f t h e p r o v is io n
o f th is A c t " a n d in s e r ts in lie u t h e r e o f “ fo r t h e e f fe c t iv e e x e c u tio n o f t h e
p r o v is io n o f t h is a n d in o rd e r t o p r o v i d e in f o r m a t i o n fo r t h e u s e o f C o n ­
g r e s s ." * T h e a m e n d m e n t is h a r m le s s , a n d t h e H o u s e r e c e d e s .
A m e n d m e n t N o . 1 6 , S e c tio n 4 0 5 , t o o k a w a y fr o m t h e F e d e r a l T r a d e
C o m m is s io n it s p o w e r a n d ju r is d ic tio n o v e r t h e p a c k e r a n d s t o c k y a r d s a n d
g a v e t h e S e c r e ta r y o f A g r ic u lt u r e e x c lu s iv e ju r is d ic t io n .
T h e S e n a te
a m e n d m e n t r e t a in s t h e p r o v is io n s o f t h e H o u s e b i ll a n d a d d s a c la u s e t o
c o n tin u e in fo r c e t h e p o w e r o f t h e C o m m i s s io n t o m a k e in v e s t ig a t io n s a n d
r e p o r t, t o b e e x e r c ise d o n ly o n r e q u e s t o f t h e S e c r e ta r y o f A g r i c u lt u r e .
S e c tio n 4 0 7 o f t h e b ill ^ lr e a d y p r o v id e s t h a t t h e S e c r e ta r y m a y c o -o p e r a t e
w ith a n y d e p a r t m e n t o r a g e n c y o f t h e G o v e r n m e n t , a n y S t a t e , T e r r i t o r y ,
D is t r i c t , or p o s s e s s io n , or d e p a r t m e n t , a g e n c y , o r p o lit ic a l s u b d iv is io n
t h e r e o f , or a n y p e r s o n , w h ic h d e a ls w it h t h e m a t t e r m o r e e f f e c t i v e ly , h e n c e
t h e S e n a te a m e n d m e n t is u n n e c e s s a r y ; it n e ith e r a d d s n o r d e t r a c t s .
A s it is
h a r m le s s , t h e H o u s e r e c e d e s .
N e x t, am endm ent N o . 17, page 3 0 .
T h e S e c tio n 4 0 7 “ e m p o w e r s th e
S e c r e ta r y t o m a k e s u c h r u le s a n d r e g u la t io n s a n d o rd e r a s is g iv e n t h e
F e d e r a l T r a d e C o m m i s s io n b y S e c tio n 6 o f t h e F e d e r a l T r a d e C o m m is s io n
A c t ."
T h e S e n a te a m e n d m e n t a d d s , o n lin e 1 1 , “ m a k e s u c h r u le s , r e g u la ­
t io n s , a n d o rd er a s m a y b e n e c e s s a r y t o c a r r y o u t t h e p r o v is io n s o f th is A c t ,
a n d m a y , " h e n c e i t is s u b s t a n t i a lly t h e s a m e a s t h e H o u s e b i ll, a n d t h e
H o u s e r e c e d e s.
T h e th r e e a m e n d m e n t s , N o s . 1 5 , 1 6 a n d 1 7 , u n lik e t h e o th e r 17 a m e n d ­
m e n t s , t h o u g h t h e y a d d n o t h in g n o r d o t h e y s tr e n g th e n t h e b ill in a n y
p a r tic u la r , a re h a r m le s s a n d w ill d o n o i n ju r y t o t h e b i ll, s o t h e H o u s e
re ce d e s o n th e s e th r e e .
A m e n d m e n t s N o s . 6 , 1 0 a n d 1 1 : T h e s e a m e n d m e n t s in s e r t t h e w o r d s
“ b u y in g or se llin g o n a c o m m is s io n b a s i s . "
T h e e ffe c t o f th e s e a m e n d m e n t s
w a s t o t a k e a w a y f r o m t h e S e c r e ta r y o f A g r ic u lt u r e a ll p o w e r t o r e g u la te
t h e p r a c tic e s in r e la tio n t o b u y in g or se llin g a t t h e s t o c k y a r d s u n le s s s u c h
b u y in g or se llin g " w a s d o n e o n a c o m m is s io n b a s is .
T h e packers an d
tr a d e rs d o n o t b u y or sell o n a c o m m is s io n b a s is , th e r e fo r e t h e e ffe c t o f t h e
S e n a te a m e n d m e n t w o u ld h a v e b e e n t o le a v e t h e m e n tir e ly o u ts id e o f a ll
r e g u la tio n , in s o fa r a s r e la t e d t o th e ir b u y in g or se llin g a t a s t o c k y a r d , t h u s
c u t t in g o u t o n e o f t h e m o s t im p o r t a n t p o r tio n s o f t h e b ill.
T h e H ou se
in s is te d o n a n d t h e S e n a te a g r e e d t o a n a m e n d m e n t t o it s a m e n d m e n t
m a k in g i t c le a r t h a t t h e S e c r e ta r y ’s p o w e r re la te s t o a ll b u y in g or s e llin g ,
w h e th e r o n a c o m m is s io n b a s is o r n o t .
T h i s w a s t h e e ffe c t o f t h e H o u s e
bill b e fo r e t h e in se r tio n o f t h e S e n a te a m e n d m e n t fo r th e w o r d “ m a r k e t i n g "
u se d in th e H o u s e bill c le a r ly in c lu d e d a ll b u y in g o r s e llin g , w h e th e r or n o t
o n a c o m m is s io n b a s is .
A m e n d m e n t s 1 a n d 2 , p a g e 2 , lin es 1 a n d 2 , e x c lu d e s h o r s e s , m u le s a n d
g o a t s fr o m t h e b in .
H o r s e s , m u le s a n d g o a t s a re s o ld in t h e s t o c k y a r d s
a n d s la u g h te r e d b y t h e p a c k e r s a n d a r e u n d e r t h e M e a t In si^ e c tio n A c t .
T h e r e s e e m s t o b e n o g o o d r e a s o n w h y t h e y s h o u ld b o e x c lu d e d fr o m t h e
A c t.

T h e S e n a te r e c e d e s .

816

TH E CHRONICLE

V m e n d m e u t N o . 3 , p a g e 2 , lin e s 14 a n d so f o r t h , s t r ik e s o u t t h e d e f in it io n
o f c o m m e r c e in t e n d e d to m a k e it c le a r t h a t C o n g r e s s in te n d e d to e x e r c ise
in t h e bill th e fu lle s t c o n t r o l o f p a c k e r s a n d s t o c k y a r d s w h ich t h e C o n s t i t u ­
t io n p e r m i t s .
K e c e n t d e c is io n s in t h e S u p r e m e C o u r t show ' th e w is d o m o f

113

[ V ol.

a n d 1 fe e l, M r . P r e s id e n t , t h a t s o lo n g a s it is th e s u b je c t o f n e g o t ia t io n
b e tw e e n th e E x e c u t iv e o f t h e U n i t e d S t a te s a n d t h e G o v e r n m e n t o f G r e a t
B r it a in , C o n g r e s s c o u ld a ffo r d t o d e fe r c o n s id e r a tio n o f i t .
S p e a k in g fo r
m y s e l f , l s h o u ld b e g la d if w e c o u ld p o s t p o n e th e c o n s id e r a t io n o f t h e bill
u n til t h e P r e s id e n t o f t h e U n ite d S t a te s in d ic a te d th e r e w a s n o d i p lo m a t ic

m a k in g c le a r th e in t e n t io n o f C o n g r e s s .
T h e S e n a te r e c e d e s .
A m e n d m e n t N o 4 , p a g e 4 , lin e 2 0 , s t r ik e s o u t o f t h e bill m a k in g it u n ­
la w fu l fo r a p a c k e r to e n g a g e in o r u se a n y u n ju s t ly d is c r im in a t o r y p r a c tic e

s i t u a t io n w h ic h s h o u ld o c c a s io n a n y p o s t p o n e m e n t o f a c t io n b y th e S e n a te
and by C on gress.

or d e v ic e in c o m m e r c e .
T h e S e n a te r e c e d e s.
A m e n d m e n t N o 5 , p a g e 4 , lin e 2 2 , s t r ik e s o u t m a k in g it u n la w f u l fo r a
p a c k e r to m a k e o r g iv e in c o m m e r c e a n y u n d u e o r u n r e a s o n a b le p r e fe r e n c e

T h e follow in g is the unanim ous con sen t agreem ent As
entered in to:

or a d v a n t a g e to a n y p a r tic u la r p e r s o n o r lo c a lity
It s e e m s p r o p e r to m a k e
u n ju s t ly d i s c r im in a t o r y p r a c tic e s u n la w fu l a n d t h a t fo r a n y p a c k e r t o g iv e in
c o m m e r c e u n d u e o r u n r e a s o n a b le p r a c tic e s o r a d v a n t a g e s s h o u ld b e p r o ­
h ib it e d
T h e S e n a te r e c e d e s.
A m e n d m e n t N o 7 , p a g e 14, lin e 19, s u b d i v i s io n ( b ) : T h e H o u s e b ill d e fin*. - d e a le r s to m e a n a n y p e r s o n e n g a g e d in t h e b u s in e s s o f b u y in g o r sellin g
in c o m m e r c e liv e s t o c k a t t h e s t o c k y a r d , e ith e r o n h is o w n a c c o u n t or a s t h e
e m p lo y e e o r a g e n t o f th e v e n d e r o r p u r c h a s e r
T h e S e n a te a m e n d m e n t

i t is a g r e e d b y u n a n im o u s c o n s e n t t h a t a t n o t la te r t h a n 4 o 'c lo c k p . m .
o n t h e c a le n d a r d a y o f M o n d a y , O c t o b e r 10 1 9 2 1 , i f t h e S e n a t e is in s e s s io n
o n s;tid d a t e , o r a t n o t la te r t h a n th e sa id n a m e d h o u r o n t h e f i r s t c a le n d a r
d a y a f t e r O c t . 10 o n w h ic h t h e S e n a t e m a y b e in s e s s i o n , t h e S e n a te w ill
p r o c e e d t o v o t e w ith o u t fu r t h e r d e b a t e u p o n a n y a m e n d m e n t t h a t m a y b e
p e n d i n g , a n y a m e n d m e n t t h a t m a y b e o ffe r e d , a n d u p o n t h e b ill (S . 6 6 5 )
t o p r o v id e fo r fr e e t o lls fo r A m e r i c a n s h ip s th r o u g h t h e P a n a m a C a n a l.

adds
a n d in c lu d in g a n y p a c k e r in id s c a p a c it y a s a b u y e r o r seller o f liv e ­
sto c k in c o m m e r c e a n d a n y e m p lo y e e o r a g e n t o f a n y p a c k e r in s u c h c a ­
p a c ity
W o r d s w h ic h m e r e ly r e p e a t w h a t w a s in t h e H o u s e b ill.
The

RESOLUTION PASSED BY SENATE PROVIDING FOR
ADMISSION OF ALIENS SAILING AFTER JUNE 8.

S e n a te rece d es.
,
A m e n d m e n t N o . 8 , p a g e 1 2 , line 2 2 : T h e S e n a te a m e n d m e n t a d d s a
p r o v is io n r e q u ir in g t h e p a c k e r s t o d is p o s e o f th e ir h o ld in g s in s t o c k y a r d s .
T h e S e n a t e a m e n d m e n t w a s t o t a lly i n e f fe c t iv e t o p r o d u c e a n y u s e fu l r e ­

A resolution perm ittin g the adm ission in to the U n ited
States o f certain aliens w ho sailed fro m foreig n ports on or
b e fo re June 8 was passed b y the Senate on A u g. 15.
In
in d icatin g in the Senate the o b je c t of the resolution Senator
D illin gh a m said:

s u l t s , in a s m u c h a s it p la c e d t h e p r o h ib itio n o n ly o n t h e p a c k e r , t h e e f fe c t
o f w h ic h w o u ld h a v e b e e n t o m a k e it p o s s ib le fo r t h e p a c k e r s t o in d ir e c tly
r e ta in th e ir in t e r e s t in s t o c k y a r d s b y se llin g th e ir s t o c k t o i n d i v i d u a l s t o c k ­
h o ld e r s a n d m e m b e r s o f th e ir fa m ilie s .
T h i s m a t t e r is n o w d e a lt w it h m o r e
e f fe c t i v e ly in t h e c o n s e n t d ecree, a s it r e la te s t o t h e B ig F i v e .
T h e S e n a te
reced es.
A m e n d m e n t N o . 9 re d u c e s fr o m o n e y e a r t o s i x t y d a y s th e p e r io d fo r i k in g
c o m p la in t s w it h t h e S e c r e ta r y a g a in s t s t o c k y a r d o w n e r s , c o m m is s io n m e n ,
a n d trad e rs.
In a s m u c h a s t h e c o m p la in a n t m a y n o t k n o w t h a t h is c a u s e o f
a c t io n h a d a c c r u e d u n til a fte r s i x t y d a y s , a n d in a s m u c h a s h e h a s , in m o s t
S t a t e y six y e a r s to file a c la im u n d e r th e S t a t e la w , it w o u ld s e e m t h a t th e
p e r io d fix e d b y th is a m e n d m e n t is t o o s h o r t .
T h e S e n a te a g r e e s t o an
a m e n d m e n t to its a m e n d m e n t w h ic h g iv e s n in e t y d a y s fo r filin g c o m ­
p la in t s w ith t h e S e c r e ta r y .
A m e n d m e n t N o . 1 2 , p a g e 2 5 : T h e H o u s e b ill m a k e s a p p lic a b le t o th e
ju r is d ic t io n a n d p o w e r s o f t h e S e c r e ta r y t h e p r o v is io n s o f t h e la w s r e la tin g
t o th e s u s p e n d in g or r e t a in in g th e e n fo r c e m e n t , o p e r a t i o n , o r e x e c u t io n or
t h e s e t t in g a s id e o f t h e I n t e r -S t a t e C o m m e r c e C o m m i s s i o n .
T h e S e n a te
a m e n d m e n t s tr ik e s o u t t h a t p r o v is io n a n d in lieu t h e r e o f in s e r ts a p r o ­
v is io n m a k i n g s e c tio n s 2 0 3 a n d 2 0 4 o f th is A c t a p p lic a b le in e n fo r c in g th e
p r o v is io n o f t h e s t o c k y a r d t it le .
T h i s a m e n d m e n t o f t h e S e n a te w a s e n ­
t ir e ly in c o n s is te n t w ith a ll o f t h e r e s t o f th e s t o c k y a r d t it le a n d it s a d o p t io n
w o u ld h a v e n e c e s s it a t e d a n e n tir e r e w r itin g o f t h e t i t l e , w h ic h w a s b e y o n d
t h e p o w e r o f t h e c o n fe r e e s .
F u r t h e r m o r e t h e a d o p t io n o f t h e a m e n d m e n t
w o u ld h a v e m a t e r ia lly w e a k e n e d t h e b ill.
A m e n d m e n t s 1 3 , 1 4 , 1 5 , 1 6 , 17
a n d 18 I h a v e a lr e a d y d is c u s s e d .
T h e S e n a te r e c e d e s .
A m e n d m e n t N o . 1 9 , p a g e 3 1 , d e a ls w it h t h e li v e -s t o c k e x c h a n g e s w h ic h
is t a k e n c a r e o f o n lin e s 3 , 4 , 5 , 6 , 7 a n d 8 , p a g e 1 7 .
T h e S e n a te r e c e d e s .
A m e n d m e n t N o . 2 0 . p a g e 3 1 , e x c lu d e s a ll p e r s o n s w h o s e c h i e f b u s in e s s
is t h e r a is in g o f li v e -s t o c k o r a g r ic u ltu r a l p r o d u c t s , w h ic h w o u ld d e p r iv e
fa r m e r s s h ip p in g l i v e -s t o c k fr o m a ll th e b e n e f it s o f t h e b i ll, in c lu d in g t h e
r ig h t t o p e t i t i o n t h e S e c r e ta r y o n h a v i n g h is d a m a g e s a s s e s s e d , w h ic h a sse ss­
m e n t b e c o m e s p r im a fa c ie ev id e n c e in a n a c tio n in t h e c o u r t s a n d e n title s
t h e p e t itio n e r to a t t o r n e y ’s fe e s a n d r e lie v e s h i m f r o m t h e p a y m e n t o f t h e
co st.
T h e a d o p t i o n o f th is a m e n d m e n t w o u ld b e t o d e p r iv e t h e fa r m e r s o f
t h e g r e a t e s t a d v a n t a g e s g iv e n b y t h e b ill, a n d t h e S e n a te r e c e d e s .
T h u s 1 h a v e m a d e it c le a r t h a t th r e e o f t h e a m e n d m e n t s a g r e e d t o , w h ile
a d d in g n o t h in g m a t e r ia lly t o t h e b i ll, d id it n o h a r m , b u t t h a t e v e r y o n e o f
t h e o th e r 17 a m e n d m e n t s m a t e r ia lly w e a k e n e d t h e b ill.
I n v ie w o f th is
f a c t , t h e H o u s e w ill a g r e e w it h m e t h a t t h e m a n a g e r s o n t h e p a r t o f t h e
H o u s e a c t e d w is e ly in in s is tin g u p o n t h e S e n a te r e c e d in g f r o m its a m e n d ­
m e n ts.
I t is in d e e d p le a s in g a n d g r a t if y i n g , e s p e c ia lly t o t h e m e m b e r s o f
t h e A g r ic u lt u r a l C o m m i t t e e , w h o w o r k e d a r d u o u s ly , n ig h t a n d d a y , t o
p r o m o t e j u s t , fa i r , a n d e f fe c t i v e le g is la tio n , t o k n o w t h a t t h e b i ll, i f t h e
c o n fe r e n c e r e p o r t is a g r e e d t o , is s u b s t a n t i a lly t h e s a m e a s r e p o r te d o u t o f
t h e C o m m i t t e e a n d t h a t it h a s s u c c e s s fu lly w i t h s t o o d a ll e ffo r t s in a n d o u t
o f C on gress to w eak en it.

A reference to the bill as it passed the H ou se and Senate in
June appeared in ou r issue o f J u ly 2, page 29.

SENATE POSTPONES VOTE ON FREE TOLLS BILL
UNTIL OCT. 10. •
A unanim ous consent agreem ent was entered in to b y the
Senate on A u g . 15 to p o stp o n e un til O ct. 10 the v o te on
Senator B o ra h ’s bill p ro v id in g free tolls fo r A m erica n ships
passing through the P an am a C an al. Senator B ora h in
stating that the bill h ad b een m ade the unfinished business
o f the Senate asked that the v o te thereon be deferred until
O ct. 3, in asm u ch as a n u m ber o f Senators had expressed a
desire fo r m ore tim e in w h ich to con sider the b ill. A t the
instance of Senator S im m ons, Senator B ora h chan ged the
da te to O ct. 10 to giv e m ore tim e to discuss the bill. Senator
B orah told the Senate o n A u g . 15 that the P residen t had
assured him he had no o b je c tio n to the con sideration o f the
bill and that he fa v o re d free tolls. H e a d ded:
T h a t w a s s o m e t im e a g o , h o w e v e r .
I d o n o t in t e n d t o p o s t p o n e it u n til
a fte r t h e d i s a r m a m e n t c o n fe r e n c e ; n e ith e r d o I in t e n d t o c o n s e n t t h a t th e
q u e s t io n a s t o w h a t w e s h a ll d o w it h o u r d o m e s t i c t r a d e s h a ll b e t a k e n u p

T h e p r e s e n t im m ig r a t io n la w w e n t in t o o p e r a t io n o n t h e 8 t h o f .June.
A t t h a t t im e t h e r e w e re a la r g e n u m b e r o f im m ig r a n t s o n t h e s e a s , a n d t h e y
c a m e in d u r in g t h e m o n t h o f J u n e .
T h e c o n d it io n w a s p r e s e n t e d w h e r e th e
d e p a r t m e n t w o u ld h a v e t o d e p o r t a b o u t 5 ,0 0 0 o f t h e m .
T h e h a r d s h ip w a s
s u c h t h a t t h e S e c r e ta r y o f L a b o r d id n o t fe el a t lib e r t y t o d o t h a t , a n d h e
a d m i t t e d t h e m t e m p o r a r i ly .
T h e jo in t r e s o lu tio n s i m p ly r a t i fi e s t h a t a c t a n d p r o v id e s t h a t t h e n u m b e r
so a d m i t t e d sh a ll b e a p p lie d o n t h e q u o t a u n d e r t h e e x is tin g la w , so t h a t
a t t h e e n d o f t h e y e a r n o m o r e w ill h a v e c o m e in t o t h e U n it e d S t a t e s f r o m
t h o s e c o u n tr ie s b y r e a s o n o f t h i s jo i n t r e s o lu tio n t h a n w o u ld h a v e c o m e in
in o th e r w is e .
I t s i m p ly p r o v id e s t h a t t h o s e w h o w e r e a d m i t t e d t e m p o r a r i ly
m a y b e a d m i t t e d p e r m a n e n t ly a n d t h e a c t o f t h e S e c r e ta r y r a t i fi e d , b u t t h a t
t h e y s h a ll b e c o u n te d u p o n t h e q u o t a t h a t w o u ld b e p e r m i t t e d t o c o m e
f r o m t h e c o u n tr ie s w h e n c e t h e y c a m e u n d e r t h e la w i t s e lf .

T h e follow in g is the resolu tion as a d o p te d b y the Senate:
Resolved, etc., T h a t a lie n s o f a n y n a t i o n a lit y w h o a r e b r o u g h t t o t h e
U n it e d S t a t e s o n v e s s e ls w h ic h d e p a r t e d f r o m fo r e ig n p o r t s o n o r b e fo r e
J u n e 8 1 9 2 1 , d e s t in e d f o r t h e U n ite d S t a t e s , a n d w h o a p p ly in t h e m o n t h o f
J u n e 1 9 2 1 , fo r a d m is s io n to t h e U n it e d S t a t e s , m a y , i f o th e r w is e a d m is s ib le ,
b e a d m i t t e d to t h e U n it e d S t a t e s , a lt h o u g h t h e lim it p r e s c r ib e d b y S e c tio n 5
o f t h e A c t e n t it le d “ A n a c t t o lim it t h e im m i g r a t io n o f a lie n s in t o t h e
U n i t e d S t a t e s . ” a p p r o v e d M a y 19 1 9 2 1 , m a y h a v e b e e n r e a c h e d b e fo r e
s u c h a p p lic a t io n fo r a d m i s s io n .
T h e n u m b e r o f a lie n s o f a n y n a t i o n a lit y
so a d m i t t e d s h a ll b e d e d u c t e d , u n d e r s u c h r e g u la t io n s a s t h e S e c r e ta r y o f
L a b o r m a y p r e s c r ib e , f r o m t h e n u m b e r o f a lie n s o f t h a t n a t i o n a lit y a d ­
m is s ib le , d u r in g t h e fis c a l y e a r b e g in n in g J u ly 1 1 9 2 1 , u n d e r t h e p r o v is io n s
o f s u c h a c t o f M a y 19 1 9 2 1 , b u t n o t h i n g in t h is r e s o lu t io n s h a ll p r o h ib it
t h e a d m is s io n o f o th e r w is e a d m is s ib le a lie n s o f a n y n a t i o n a lit y d u r in g t h e
m o n t h o f J u ly 1 9 2 1 , u p t o 2 0 % o f t h e n u m b e r o f a lie n s o f t h a t n a t i o n a lit y
a d m is s ib le d u r in g s u c h fis c a l y e a r u n d e r t h e p r o v is io n s o f s u c h a c t o f M a y 19
1 9 2 1 , a s h e r e to fo r e p r o m u lg a t e d .

NELSON BILL, TAXING NATIONAL BANK SHARES,
REFERRED TO COMMITTEE OF A. B. A.
C om m en tin g on the status o f the N elson bill, w hich w ou ld
perm it the States to tax N a tion a l b a n k shares at an y rate
they please, p ro v id e d on ly that the tax w ou ld n ot b e greater
than that im posed u p on the m on ey ed cap ita l “ used in b a n k ­
in g ,” G eneral C ounsel T h om a s B . P a to n , o f the A m erican
B ankers A ssocia tion , says the bill “ has been referred to a
su b -com m ittee o f the B an kin g and C u rren cy C om m ittee
o f the Senate. Senator N e w b erry , C hairm an o f the sub­
co m m itte e , has requested the view s o f the A m erican B ankers’
A ssocia tion u p on the bill an d m y o ffice is n ow in process
o f ob ta in in g the* view s o f the m em bers o f the E xecu tive
C ou n cil u p o n the p rop osition . T h e general feeling is one
o f o p p o sitio n , it b ein g the op in ion th at the result w ou ld be
u n just and d iscrim in a tory ta x a tio n .”

THE PROPOSED 12V2% INCOME TAX ON
CORPORA TIONS.
C om m en tin g on the p rop osed 12 3^ % tax on the n et in­
co m e o f co rp o ra tio n s, M a x R oln ik , o f Leslie, B an ks & C o .,
ch artered a ccou n ta n ts, and form erly D e p u ty C ollector o f
In tern al R ev en u e, criticised the proposal as giv in g insuffi­
cient tax relief to pu blic u tility and ba n k in g com p an ies that
n orm ally earn a sm all return on their in vestm en t. T h e
average co m p a n y , he said, w as, h ow ev er, receivin g a co n ­
siderable re d u ction in taxes from the high 1918 rates.
Phis is
show n in the follow in g table prepared b y his firm , based on
the Statistics o f In com e for 1918, the latest availa ble.

fo r c o n s id e r a tio n w it h fo r e ig n n a t i o n s .
T h a t is a b u s in e s s o f o u r o w n .
I t a k e t h e p o s it io n t h a t o u r d o m e s t i c t r a d e is a m a t t e r fo r t h e c o n s id e r a tio n
o f th is G o v e r n m e n t a n d t h a t w e a r e u n d e r n o o b lig a t io n s — t r e a t y o b lig a t io n ,
c o u r t e s y , c o m i t y , o r a n y o th e r o b lig a t io n — t o c o n s u lt fo r e ig n P o w e r s .

C om m en tin g o n the bill, and the proposal to p ostp on e the
v o te , Senator K in g said:
I s h o u ld h a v e b e e n v e r y g la d , M r . P r e s id e n t , i f t h e p a r a m o u n t re a so n
p r o m p t in g t h e S e n a to r fr o m I d a h o t o a p o s t p o n e m e n t o f a v o t e u p o n th is
m e a s u r e w a s b o t t o m e d u p o n t h e fa c t t h a t t h e P r e s id e n t o f t h e U n it e d S ta te s
is n e g o t i a t i n g w it h G r e a t B r it a in , a s I h o p e h e i s , w ith r e fe r e n c e t o th e
m a tte r.
A d is c u s s io n w ill r e v e a l t h e f a c t t h a t th e r e is s h a r p c o n t r o v e r s y
a s t o w h e t h e r or n o t t h e b ill o f t h e S e n a to r fr o m I d a h o , i f p a s s e d , w o u ld
c o n t r a v e n e a t r e a t y e x is tin g b e t w e e n t h e U n it e d S t a te s a n d G r e a t B r it a in .
I h o p e t h a t t h e P r e s id e n t o f th e U n it e d S t a te s is c o n s id e r in g t h e matte**

C O M P A R IS O N

OF

N EW

RATES

W IT H

Income Classes—
No

n et

i n c o m e -----------------------------------------------------------------

0 to $ 2 , 0 0 0 ---------- -------------------------------------- ---------------- - - $ 2 , 0 0 0 t o $ 5 , 0 0 0 __________________________________________
$ 5 , 0 0 0 to $ 1 0 . 0 0 0 _____________

1918

0

0

0
6 .0
1 3 .4

0
4 .8
9 .0

4 0 .9

1 2 .4

$ 1 0 ,0 0 0 to 8 5 0 .0 0 0 ---------------------------------------------$ 5 0 , 0 0 0 a n d o v e r --------------------

RATES.

Average Per Cent of Tax to
Net Income.
Year 1 9 1 S . Year 1 9 2 2 .

11 >8

E xplaining the e ffect o f the p rop osed 12 l i>( e rate, M r.
R o ln ik said: “ T h e new bill, like the present law, carries a
$2,00 0 exem p tion . A s a result all corp ora tion s earning less

A ug. 20 1021.]

rii o a v e n q ye tax of
than that am oun t will pay no tax.
corp ora tion s in the o ther in com e classes w mi range fre> ra 4 . 1 6 %
for cor] M i r a t i o n s eai ninfc $2,000 to 1 2 .4 8 % for cm p o r a t i o n s
earning $ 1 , 0 0 0 , 0 0 0 , as is show n in the fo l o w i n g t a b l e :
P R O P O S E D C O R F O R A T I O N T AX.
Net
Income.
$ 2 ,0 0 0
3 .0 0 0
4 ,0 0 0
5 ,0 0 0
6 ,0 0 0
7 ,0 0 0
8 ,0 0 0
9 ,0 0 0
1 0 ,0 0 0

of Tax to
Net Income.

%

Tax.
$0
125
250
375
500
625
750
875
1 ,0 0 0

817

TH E CHRONICLE

0%
4 .1 6 %
6 .2 5 %
7 .5 0 %
8 . 3 3 95
8 .9 3 %
9 .3 8 %
9 .7 2 %
1 0 .0 0 %

Net
income.

of Tax to
Net Income.

%

Tax.

$ 1 5 ,0 0 0

$ 1 ,6 2 5

2 0 ,0 0 0
4 0 ,0 0 0
8 0 ,0 0 0
1 5 0 ,0 0 0

2 ,2 5 0
4 ,7 5 0
9 ,7 5 0
1 8 ,5 0 0

3 0 0 ,0 0 0
5 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0

3 7 ,2 5 0
6 2 ,2 5 0
1 2 4 ,7 5 0

1 0 .8 3 %
11 .2 5 %

a n d t h u s k e e p ta x e s a w a y f r o m t h e G o v e r n m e n t
A ls o th e y d r iv e m o n e y
In to t a x -fr e e s e c u r it ie s , to th e d is tr e s s o f b u s in e s s ; a n d t h e y lead to fr a u d
an d e v a s io n s .
It lia s b een c a lc u la te d t h a t a s id e fr o m c u s t o m -., h a l f th e
T r e a s u r y p e r so n n e l is e n g a g e d in c o lle c tio n o f th e s e ta x e s , an d t h a t th e ir
r e a d ju s t m e n t will p e r m it t h e r e d u c tio n o f th i fo rce b y se v e r a l th o u s a n d
T h e b a s is o f t h e p r o g r a m , o f c o u r s e , is e c o n o m y In e x p e n d itu r e
T h e ta x

1 2 .1 9 %
1 2 .3 3 %

b u r d e n Is to b(5 r e d u c e d $ 5 5 0 ,0 0 0 ,0 0 0 b y c u t t in g t h a t a m o u n t o f th e ( i o v e m
m o n t ’s r e q u ir e m e n ts .
T o d o th is r e q u ir e s rig id a n d r a p id ly e x e c u te d < on
oru les, w hich t h e G o v e r n m e n t d e p a r t m e n t s h a v e u n d e r ta k e n to e f fe c t .
E x p e r ie n c e h a s s h o w n , in d e a lin g w ith t h e e x c e s s p r o f it s ta x e s , th a t w h ere

1 2 .4 2 %
1 2 .4 5 %
1 2 .4 8 %

t h e r e is p e r io d ic s e llin g , th is ta x is p y r a m id e d , m u lt ip ly in g th e b u rd e n o f
t h e c o n s u m e r a n d in d u c in g s p e c u la t io n a n d w a s t e .
I t h a s b een la rg e ly
r e s p o n s ib le fo r t h e in te n s e s p e c u la t io n t h a t fo llo w e d t h e w a r
I t is a n

11.88%
.

F o r e x a m p le , t h e r e d u c tio n o f 3 2 % o f t h e h ig h e s t in c o m e a n d s u r ta x
b r a c k e ts is e x p e c te d b y t h e e x p e r t s to p r o d u c e a c t u a lly m o re re v e n u e fro m
t h e s e s o u r c e s t h a n d o t h e p r e s e n t m u c h h ig h e r ra te .
T h e p r e s e n t r a te s
p r e v e n t tr a n s a c t io n s w h ich w ou ld In v o lv e a p p lic a tio n o f th e h igh r a te s ,

A M E R IC A N B A N K E R S ’ ASSOCIA T IO N 'S PROTEST
A G A IN S T C O N T IN U A N C E OF E X C E S S PROFITS
TAX.
A vigorou s protest against the con tin u ation o f the excess
p rofits tax until 1922 is con tain ed in a m essage from the
A m erican B ankers’ A ssocia tion w hich has been sent to
C ongressm an F o rd n ey and Senator P enrose b y J oh n S.
D r u m , President o f the A s s o cia tio n . T h e tax is characterized
as one o f the ch ief reasons fo r the con tin u ed high cost o f
p rod u ction and finished p rod u cts as against farm p rod u cts
and raw m aterials, and it is fu rther considered in the m es­
sage as retarding the re-em p loy m en t o f la bor. T h e m essage
reads:
T h e A m e r ic a n B a n k e r s ’ A s s o c ia t io n , r e p r e s e n tin g 2 3 , 0 0 0 b a n k s a n d m o r e
th a n 0 5 % o f th e c o u n t r y ’ s b a n k in g s t r e n g t h , w i t h o u t a t th is tim e g o in g
in to o th e r fe a tu r e s o f th e b ill n o w b e fo r e C o n g r e s s , m o s t e a r n e s tly p r o te s ts
a g a in s t t h e c o n tin u a tio n o f t h e e x c e ss p r o fit s t a x t o J a n . 1 1 9 2 2 , a n d u r g e s
th e s e o b je c t i o n s :

1. T h e excess p rofits tax never could be ju stified except on the ground
that it was an em ergen cy m easure required under the unusual con d ition s
o f war.
2 . T h e r e s to r a tio n o f p e a c e h a s d e s tr o y e d b o t h th e r e a s o n a n d th e e x c u se
fo r th e t a x .
3 . C o n t in u a tio n o f th e -a x is o n e o f t h e m o s t i m p o r t a n t fa c t o r s o p e r a tin g
to k e e p u p t h e c o s t o f p r o d u c t io n o f m a n u fa c t u r e d g o o d s , a n d th e h ig h e r
c o s t o f fin is h e d p r o d u c t s a s a g a in s t t h a t o f fa r m p r o d u c t s a n d ra w m a te r ia ls
p r e v e n ts th e r e s to r a tio n o f an e q u ita b le a n d h a r m o n io u s p r ic e le v e l.
4 . T h e e f f e c t o f th e se in e q u ita b le p r ic e s is t o r e d u c e a n d r e s tr ic t t h e
p u r c h a s in g p o w e r o f fa r m e r s , liv e s t o c k m e n , c o t t o n grow ers,' lu m b e r m e n ,
o il p r o d u c e r s , a n d m in e r s , fo r t h e r e a s o n t h a t t h e y a re fo r c e d to sell a t p ric e s
r e la t iv e ly t o o low' a n d w it h th e p r o c e e d s o f th e ir sa le s c a n b u y fin is h e d
p r o d u c t s o n ly a t p r ic e s r e la t iv e ly t o o h ig h .
5 . R e d u c e d b u y in g b y fa r m e r s a n d p r o d u c e r s o f r a w m a t e r ia ls n a t u r a lly
m e a n s r e d u c e d se llin g b y p r o d u c e r s o f m a n u fa c t u r e d g o o d s , a n d th e b u y in g
p o w e r o f m a n u fa c t u r e r s a n d th e ir e m p lo y e e s , th e r e fo r e , is lik e w ise r e d u c e d .

6. T h e so-called excess p rofits tax is a ctu ally n o t a tax on p rofits, but a
diversion o f w orking cap ital, and b y inhering the w orkin g capital o f the
co u n try it preven ts th at fu jl d sv elop m en t o f p rod u ctiv e enterprise w ith o u t
w hich there can n ot be full em p loym en t o f lab or.
C o n s id e r in g a ll th e fo r e g o in g f a c t s it is a p p a r e n t t h a t t h e e x c e ss p r o fit s
t a x , w h ile it w i ll p r o d u c e r e la t iv e ly s m a ll r e v e n u e , is a d e s t r u c t iv e in flu e n c e
t h a t w o r k s a g a in s t th e fa r m e r , th e c a t t le m a n , th e m in e r , th e lu m b e r m a n ,
th e o il p r o d u c e r , t h e c o t t o n g r o w e r , a n d t h e w o r k m a n .
I t is a t a x t h a t
im p a ir s t h e p r o s p e r ity o f all c la s s e s .
I t s e c o n o m ic a l fa lla c y h a s b e e n
r e c o g n iz e d b y o th e r n a t io n s t h a t im p o s e d th e t a x , a n d E n g la n d a n d C a n a d a
h a v e a lr e a d y r e p e a le d a n d s u b s t it u t e d o th e r a n d s o u n d e r m e t h o d s o f r a is in g
r e v e n u e s r e q u ir e d .
T h e A m e r i c a n B a n k e r s ’ A s s o c i a t i o n , t h e r e fo r e , is c o n v in c e d t h a t it s h o u ld
p la c e th e s e fa c t s b e fo r e C o n g r e s s , b e fo r e C o n g r e s s a s s u m e s th e r e s p o n s ib ility
fo r c o n tin u in g th is t a x u n t i l 1 9 2 2 a n d th e r e b y a d o p t s a co u rse w h ic h , th e
A m e r ic a n B a n k e r s ’ A s s o c ia tio n fi r m ly b e lie v e s , in te r fe re s w it h th e n a t u r a l
m o v e m e n t to w a r d r e s to r a tio n o f a p r ic e le v e l a t w h ic h a g r ic u ltu r a l p r o d u c ts
a n d raw' m a te r ia ls ca n b e e x c h a n g e d so a s t o r e c e iv e fu ll v a lu e in fin is h e d
g o o d s ; t h a t r e s tr ic ts t h e p u r c h a s in g p o w e r o f t h e fa r m e r , t h e c a t t le m a n ,
a n d th e m in e r ; t h a t k e e p s w o r k m e n o u t o f e m p lo y m e n t ; t h a t d e la y s , in
s h o r t , w it h d is a s t r o u s e f f e c t , th e o p e r a tio n o f n a t u r a l fo r c e s w h i c h , if
u n w is e le g is la tu r e d o e s n o t in te r fe r e , w ill r e s to r e n o r m a l c o n d it io n s .

P R E S ID E N T H A R D IN G S A Y S T A X R EV ISIO N W ILL
A S SIST BU SIN E SS.
A ccord in g to a W h ite H ouse statem ent issued on A u g . 13,
relative to the revision o f taxes n ow under w a y “ the w hole
tax reform program contem plates freeing business from w h at
have been fou nd paralyzing and exasperating restrictions,
encouraging to the u tm ost the resu m ption o f enterprise and
business.” F urtherm ore the statem ent indicates the revised
measures are intended to rem ove “ every possible in cen tive
to evasion and fr a u d ,” and to distribute “ the tax bu rden
with the greatest possible eq u ity am on g all classes o f peop le,
keeping in m ind the? purpose to im pose the larger share on
those best able to p a y .”
T h e follow in g is the statem ent:
D u r in g th e c o n s id e ra tio n o f th e r e v e n u e r e v isio n p r o g r a m o f w h ic h a n
o u tlin e h a s h e r e to fo r e b een g iv e n to t h e p u b lic t h e e f f o r t wra s to d e v is e a
m e a s u r e o f p r a c t ic a l, w o r k a b le t a x r e fo r m .
T h e a im wra s t o e s t a b lis h
m e th o d , th a t w o u ld raise th e n e e d e d r e v e n u e w ith in r e a s o n a b le c e r t a in t y ,
th ^ t w ou ld m a k e c o lle c tio n s su r e a n d in e x p e n s iv e , a n d t h a t w o u ld p r o p e r ly
a d ju s t th e b u r d e n a m o n g a ll c la sse s o f t h e c o m m u n i t y .
If is f e lt t h a t
h ig h ly im p o r t a n t p ro g re ss h a s been m a d e a lo n g th e se lin e s .
rI he so c ia l a n d e c o n o m ic b e a rin g s o f th e n e w p r o p o s a ls a re s ig n ific a n t .
1 iu rf; h as oeen n o e ffo r t t o r e lie v e th e ric h o f th e ir s h a r e o f b u r d e n s , b u t
r a th e r to in su re th a t rio c la s s w ill b e le ft an a v e n u e o f e s c a p e f r o m t h e s e .
A c a s u a l a n a ly s is o f t h e p r o p o s a l sh o w s t h a t w h a t m a y b e d e s c r ib e d a s “ th e
rich m a n 's t a x e s ” will p r o d u c e a b o u t SI , 8 0 0 . 0 0 0 , 0 0 0 , w h ile t h e b a la n c e
will \><■ d is tr ib u te d o v e r th e e n tir e c o m m u n i t y , r ic h a n d p o o r ; t h e ric h
b e in g c e r ta in , b e c a u s e jlh e y a re p r o p o r tio n a te ly th e g r e a t e s t c o n s u m e r s , to
p a y a p r o p o r t io n a t e ly m u c h g r e a te r s h a r e .

u n s a t is fa c t o r y t a x o n w h ich to b a s e r e v e n u e e s t i m a t e s b e c a u s e i t t, p r o d u c t
o f r e v e n u e is so e x t r e m e ly v a r ia b le a n d in th e p r e s e n t e p o c h o f r e d u c e d
e a r n in g s it w o u ld u t t e r ly fa il t o p r o d u c e t h e a m o u n t needed
T h e a lt e r n a t iv e t o th is t a x is t h e in c r e a s e o f t h e d ir e c t t a x on all c o r p o r a ­
tio n e a r n in g s r a th e r th a n o n e x c e s s p r o f it s .
T h e p r e s e n t c o r p o r a tio n ta x
is 1 0 % .
I t is p r o p o s e d t o in c r e a s e t h is to 1 2 or 1 5 % , a n d th r o u g h th is
in c r e a s e t o p r o d u c e $ 2 2 2 ,5 0 0 ,0 0 0 m o r e .
In in c r e a sin g t h e t a x o n c o r p o r a tio n e a r n in g s , a n e x e m p t io n is m a d e o f
t h o s e h a v in g e a r n in g s o f $ 2 , 0 0 0 o r less - t h e p o o r m a n ’ s c o r p o r a t io n s .
The
n u m b e r t h a t w o u ld t h u s b o e x e m p t e d w o u ld e x c e e d 3 0 0 ,0 0 0 .
T h e r e d u c tio n a n d u lt i m a t e w ip in g o u t o f t h e t r a n s p o r t a t io n

ta x

will

b r in g r e lie f to b o t h p r o d u c e r a n d c o n s u m e r .
T h e fa r m e r , a s a p r o d u c e r ,
fin d s th is t a x d e d u c t e d fr o m t h e v a lu e o f w h a t h e p r o d u c e s ; th e c o n s u m e r ,
a s to o th e r a r t ic le s , fin d s it a d d e d t o t h e p r ic e o f w h a t h e b u y s .
I t reaches
b o t h , a n d it s a b o lit io n w o u ld b e a g r e a t r e lie f t o b o t h .
T h e s o -c a lle d “ n u is a n c e t a x e s ” a r e t o b e d o n e a w a y w ith .
T h e y are a
s o u r c e o f c o n s t a n t a n n o y a n c e t o t h e p u b lic , o f e x p e n s e t o d e a le r s w h o m ustm a k e m in u t e c h a n g e o v e r th e ir c o u n te r s , a n d a r e e a s ily a n d c o n s t a n t ly
evaded.
I t is p r o p o s e d t o s u b s t i t u t e fo r t h e s e a n in c r e a s e in t h e im p o s it io n
t h r o u g h a t a x a t io n m e c h a n is m a lr e a d y e s t a b lis h e d , fu n c t io n in g e f fic ie n t ly ,
a n d s u r e t o p r o d u c e w h a t is d e m a n d e d .
I n s h o r t , t h e w h o le t a x r e fo r m p r o g r a m c o n t e m p la t e s fr e e in g b u s in e s s fr o m
w h a t h a v e b e e n fo u n d p a r a ly z in g a n d e x a s p e r a tin g r e s t r ic t io n s , e n c o u r a g in g
to th e u tm o s t th e
p o s s ib le in c e n tiv e
w it h t h e g r e a t e s t
m in d t h e p u r p o s e

r e s u m p t io n o f
t o e v a s io n a n d
p o s s ib le e q u i t y
t o im p o s e t h e

e n te r p r is e a n d b u s in e s s , r e m o v in g e v e r y
f r a u d , a n d d is tr ib u t in g t h e t a x b u r d e n
a m o n g all c la s s e s o f p e o p le , k e e p in g in
la rg e r s h a r e o n t h o s e b e s t a b le t o p a y .

I t is b e lie v e d t h a t a s t h e p r o p o s a ls a r e s t u d ie d a n d it is in c r e a s in g ly re a liz e d
t o w h a t e x t e n t t h e y a r e a d a p t e d t o t h e s e e n d s , t h e y w ill b e r e c o g n iz e d -a s
a lo n g s te p to w a r d r e s to r a tio n o f im p r o v e d c o n d itio n s o f g e n e r a l b u s in e s s .

ITE M S

ABOUT

BANKS,

TRUST

CO M PAN IES,

&c.

N o sales o f ba n k o r trust com p a n y stocks were m ade at
the S tock E xch an ge or at a u ction this w eek.
— —

Siri.ee his op era tion o f a w eek a g o, H . P . D a v iso n o f J. P .
M o rg a n & C o . has con tin u ed to im p rov e, his progress it
was said y e sterd a y , being so sa tisfa cto ry that he m a y be
able to leave the h osp ita l in a b ou t three weeks. T h e
operation p erform ed on M r . D a v ison was referred to in our
issue o f last S atu rd ay, page 704. T h e “ T im es” in stating
yesterd a y, that it is learned that no further op era tion on
M r . D a v iso n is co n tem p la ted , said:
T h e o p e r a tio n d id n o t in v o lv e t h e r e m o v a l b u t t h e lif t in g o f a c ir c u la r
s e c tio n o f t h e s k u ll o v e r t h e t u m o r .
T h e s e c tio n fo r m s a k in d o f lid w h i c h ,
w h e n t h e s c a lp a n d b o n e h a v e k n i t t e d , win fu r n is h p r o te c t io n o v e r t h e
r e g io n o f t h e g r o w t h w i t h o u t e x e r tin g a n y p r e s s u r e .

—

♦ ■

J. P . M o rg a n , w h o had planned to sail fo r E u rop e on
A u g . 6 on the W h ite Star liner C ed ric, b u t can celed his
reservation ju st b efore the departure o f the steam er, sailed
on the O ly m p ic on the 13th inst. Charles Steele, an oth er
m em ber o f the firm o f J. P . M o rg a n & C o ., accom p an ies
M r. M o rg a n , w h o b efore leaving sta ted th at he was goin g
on his usual au tu m n v a ca tio n to E n glan d an d F ra n ce, and
that he w ou ld rem ain aw a y as lon g as he co u ld . M r . M o r ­
gan is q u o te d as saying:
I c a n c e le d m y s a ilin g a w e e k a g o b e c a u s e o f M r . D a v i s o n ’ s s ic k n e s s a n d
t h e fin a n c ia l d i f f i c u l t y t h a t y o u k n o w o f .
A s I a m s a ilin g t o - d a y , y o u c a n
b e s u r e t h a t b o t h t h e s e m a t t e r s h a v e b e e n c le a r e d u p .
I s h a ll b e g o n e
a s lo n g a s p o s s ib le o n m y a n n u a l v a c a t i o n .

T h e finan cial d ifficu lty referred to b y M r . M o rg a n had
to d o w ith the affairs o f the M erca n tile B an k o f the A m ericas.
--------------- ♦

.

F inancial m easures look in g to the rightin g o f the affairs
of the M erca n tile B a n k o f the A m ericas w ere an n ou n ced in
a statem ent issued as follow s b y J. P . M o rg a n & C o. on
A u g . 12:
T h e M e r c a n t i le B a n k o f t h e A m e r i c a s , I n c ., o n M a y 3 1 la s t r e c e iv e d
fr o m i t s s h a r e h o ld e r s $ 2 0 , 0 0 0 , 0 0 0 o f fr e s h fu n d s a n d a t t h e s a m e t i m e a
b a n k in g s y n d ic a t e w a s o r g a n iz e d t o e x te n d $ 3 5 , 0 0 0 , 0 0 0 o f a d d itio n a l
c r e d its t o t h e b a n k .
A l t h o u g h , u p t o d a t e , o n ly a b o u t o n e -h a lf o f t h e s e
c r e d its h a v e b e e ii a v a ile d o f , it w a s c o n s id e r e d d e s ir a b le t o p r o v id e fo r
fu r t h e r fa c ilitie s w h ic h m i g h t p o s s ib ly b e r e q u ir e d fo r t h e e f fe c t i v e w o r k in g
o u t o f t h e b a n k ’ s a f fa i r s .
T h e s e fa c ilitie s h a v e n o w b e e n a rr a n g e d a n d
fu r t h e r c a u s e fo r a n x ie t y i s , in o u r o p in io n ,

e lim in a te d .

C om m en tin g on the occa sion fo r these m easures, the N ew
Y o rk “ H era ld ” o f the 13th inst. said:
D is lo c a t io n o f e x c h a n g e s b e t w e e n t h e U n it e d S t a t e s , C u b a , C e n tr a l a n d
S o u t h A m e r i c a , t h e d r o p in c o m m o d it y p r ic e s a n d t h e d e p r e s s io n w h ic h
o c c u r r e d in t r a d e w it h t h e c o u n tr ie s w h e re t h e M e r c a n t ile B a n k o f t h e
A m e r i c a s w a s in t e r e s t e d w e r e r e s p o n s ib le fo r t h e fr o z e n c r e d it s itu a t io n
w h ic h d e v e lo p e d , g iv in g t h e c o m p a n y s lo w a s s e t s w it h d e f in it e m a t u r it ie s
to b e m e t.
T h e b a n k w a s o r g a n iz e d in t h e w a r p e r io d t o fi n a n c e e x p o r t s a n d im p o r t s
w ith t h e c o u n tr ie s in w h ic h t h e b a n k w a s r e p r e s e n te d b y b r a n c h o r a g e n c y ,
t o h a n d le c o lle c t io n s , is s u e le t t e r s o f c r e d it fo r c o m m e r c ia l t r a n s a c t io n s ,

accept fo r e ig n d e p o s it s a n d t o t r a n s a c t o th e r b a n k in g fu n c t i o n s .

The

818

THE CHRONICLE

Mercantile! Hank has offices iu New Orleans, Paris, Madrid and Barcelona,
and its affiliated banks or branches are in Argentina ,Brazil, Colombia.
Costa Kiea, Cuba Honduras, Nicaragua, Peru and Venezuela. Agencies
are located in Ecuador, El Salvador and Guatemala.
A c c o r d in g to the “ W a ll S tr e e t J o u rn a l” of last n ig h t, a
c o m p le te s ta te m e n t of the a ffa irs of th e M e r c a n tile

B ank

[V ol.

in 1 8 7 6 a n d th e R h o d e Is la n d B a r in 1 8 7 7 .

113.

H is b u sin e ss

career b e g a n in 1 8 8 7 , w h en lie fo u n d e d th e In d u s tr ia l T r u s t
C o . of

P ro v id e n c e, of w h ich in stitu tio n h e w a s P resid e n t

u n til 1 9 0 8 w h en h e b e c a m e C h a ir m a n o f tho b o a r d of direc­
tors.

In 1 8 8 8 C o lo n e l C o lt w as called u p on to reorgan ize

o f th e A m e r ic a s w ill b e issued n ex t M o n d a y a t th e o ffice s of

the N a tio n a l R u b b e r C o . o f B r is to l.

J . 1'. M o r g a n A C o .

ru b b e r fa c to r ie s, th e resu lt b e in g th e N a tio n a l In d ia R u b b e r

A n ite m c o n cern in g th e b a n k a p p eared

H e c o n so lid a te d three

C o ., o f w h ich he b ec am e P r e sid e n t.

in ou r issue o f S a tu r d a y la st, page 7 0 4 .

c o m b in e d

At a meeting of the directors of The National City Bank
o f this city on Aug. Hi, It. \V. Stewart was elected a director
to succeed J. Ogden Armour, resigned. The latter resig­
nation was stated to be the result o f a possible conflict
arising under the Clayton Act. Mr. Stewart is Chairman
o f the Board of the Standard Oil Company o f Indiana and
is a director o f the Continental & Commercial National
Bank o f Chicago.
------- 4-------

m any

R ubber C o.

firm s

In 1 8 9 2 C o lo n e l C o lt

e sta b lish in g

th e

U n ite d

S ta te s

l i e b e c a m e P resid e n t o f th e c o m p a n y in 1 9 0 1 ,

serv in g iu th a t c a p a c ity u n til 1 9 1 8 , w h en he w a s m a d e C h a ir­
m a n o f th e b o a rd o f d ire cto rs.

In a d d itio n to th e a c tiv itie s

m e n tio n e d a b o v e , C o lo n e l C o lt a t th e tim e o f his d e a th w a s
p r o m in e n tly

id en tified

as

an

o fficia l

or

a

d ire ctor

w ith

n u m e ro u s o th er fin a n c ia l a n d in d u stria l o rg a n iz a tio n s.

In

1 8 7 6 C o lo n e l C o lt w a s e le cte d a m e m b e r of th e H o u s e o f
R e p r e se n ta tiv e s o f R h o d e I s la n d a n d w a s r e -e le c te d in tho
n e x t th ree y e a r s.

T h e C a p ito l N a tio n a l B a n k , th e n ew in stitu tio n w h ich ,

in

H e w as a p p o in te d A s s is t a n t A t t o r n e y -

G e n o ra l o f R h o d e Is la n d in 1 8 7 9 , a n o ffice h e filled fo r tw o

as s ta te d iu o u r issu e o f A u g . 6 , is b ein g o rg a n ize d b y M a x

y e a r s, a n d in 1 8 8 2 w a s elected A t t o r n e y -G e n o r a l.

R a d t , fo r m e r ly a V ic e -P r e s id e n t o f th e Irv in g T r u s t C o . of

ce iv ed th e title o f C o lo n e l w h en as a y o u n g m a n h e served

th is c i t y , will o p e n its d oors fo r b u sin ess in th e e a r ly fa ll.

as a n a id e -d e -c a m p to G o v e r n o r H e n r y
Is la n d .

T h e C a p ito l N a t io n a l, as also sta te d b e fo r e , w ill b e situ a te d
in

th e g a r m e n t cen tre C a p ito l B u ild in g

and 3 7 th

S t .,

a t S e v e n th

$ 1 2 5 per sh a re.

L ip p itt o f R h o d o

Ave.

a n d w ill h a v e a c a p ita l o f $ 2 ,0 0 0 ,0 0 0

su rp lu s o f $ 5 0 0 ,0 0 0 .

H o re­

and

T h e sto c k (p a r $ 1 0 0 ) w ill b e so ld a t

B e sid e s M r . R a d t , th o o rgan izers o f th e

b a n k a n d th ose w h o w ill co m p rise th e b o a r d o f d irectors are
th e fo llo w in g :
Joseph Durst of Joseph Durst, Inc., suits, 1333 Broadway; E . Eisman, of
Eisnian & C o.; John Farson, of Farson, Son & C o., bankers, 115 Broadway;
W . T . Grant, of the W . T . Grant Co.; Alexander Herbert, President of
Philip Morris & C o ., L td.; S. A . Lerner, of the Lem er Blouse Corporation;
F. A . Powdrell, of Boston; Leon Schinasi, of the Schinasi Commercial Cor­
poration; George L. Storm, of the American Safety Razor Corporation;
Arthur W orth of W orth & C o,, Inc., and Henry J. Topping, son of John
A . Topping, of the Republic Iron & Steel Co.

At a meeting on Aug. 16 o f the directors o f the First
National Bank o f Boston the follow in g promotions were
a u th orized : Charles F. Mills and W illiam O. LeFavre to
become V ice-Presidents; John IF Casey, Charles C. M c­
Cauley and W allace G. Rood, to become Assistant Cash­
iers, and W ilbur L. Lawson to become Auditor. Mr. W il­
liam F. Benkiser, Vice-President o f the Bank, in charge
o f its Foreign Department, will sail fo r Buenos Aires in
November to take up the supervision o f the Bank’ s South
American interests as Resident Vice-President. Mr. Ben­
kiser will make his headquarters at Buenos Aires, where a
branch o f the Bank is located.

John B. Ramsay, well known in banking and financial
circles o f Baltimore, recently resigned as Chairman o f the
Board of Directors and as a member o f the Executive Com­
mittee o f the Merchants National Bank o f Baltim ore on
account o f failing health. Mr. Ram say’s resignation was
accepted with deep regret.
Mr. Ram say went to Baltimore
from Port Deposit. Md., his home town, when a young man.
In January 1887 he was elected President o f the National
Mechanics’ Bank o f Baltimore, a position he held until
1913, when upon his institution being merged with the Mer­
chants National Bank of Baltimore, under the title o f the
Merchants-Mechanics’ National Bank, Mi1. Ramsay became
Chairman o f the Board o f D irectors and a Vice-President of
the new bank. Upon the death o f Douglas IT. Thomas, the
President o f the Merchants-Mechanics’ National Bank, in
1919. Mr. Ramsay yielded to the importunities o f his asso­
ciates and assumed the Presidency o f the institution, hold­
ing the same until June o f this year, when upon the con­
solidation o f the National Bank o f Commerce with the
Merchants National Bank (the bank had earlier in the
year adopted its original name) Mr. Ramsay became Chair­
man o f the Board o f Directors and a member o f the Execu­
tive Committee o f the enlarged Merchants National Bank,
the positions he recently resigned.

A press d isp a tc h fr o m B o s to n o n T h u r s d a y o f th is w eek
(A u g . 18) s ta te s t h a t S t a te B a n k C o m m issio n e r J o sep h C .
A lle n h a d o n t h a t d a y b r o u g h t su it in th e S u p re m e C o u r t
a g a in s t th e d irectors o f th e C o s m o p o lita n T r u s t C o . o f B o s ­
to n fo r a p p r o x im a te ly $ 5 , 0 0 0 ,0 0 0 .

S p e c ific a tio n , it is sa id ,

a lleg e th a t losses in cu rred in th e c o n d u c t o f th e b a n k ’ s b u si­
n ess ex ceed $ 4 ,7 6 4 ,1 5 9 .

We

q u o te fr o m

th e d isp a tc h

as

fo llo w s :
Charges against the directors allege “ gross and repeated negligence in
making loars and investments” and “ repeated violations of the banking
laws of trust companies, both in the commercial and savings departments.”
M r. Allen charges that the directors named “ did not exercise due diligence
in the matter of making investments” or “ in lending the funds of the plain­
tiff company.” He alleges that they are “ guilty of gross and repeated
negligence both as regards investments and loans,” and that they “ re­
peatedly violated” the laws governing the investment and lending of the
funds of trust companies.
“ The negligence and carelessness of the several defendants,” the bill reads,
“ in negligently and recklessly lending the funds of the plaintiff company and
in negligently making investments therefor, resulted in very large losses”
and “ wiped out its capital and surplus and undivided p rofits.”

C o m m is s io n e r A lle n closed th e C o s m o p o lita n T r u s t C o .
in S e p te m b e r of la s t y e a r .

W e la st referred to th e c o m p a n y

in th ese co lu m n s in o u r issu e of J u ly 9 1 9 2 1 .

C i t y N a tio n a l B a n k o f B r id g e p o r t, C o n n ., d ied a t his h o m e
d isea se.

M r.

D e a t h w a s d u e to h ea rt

M ille r w a s P re sid e n t o f th e

B a n k u n til a b o u t a y e a r a g o .

A press d isp atch fr o m C h ica g o d a ted y e ste r d a y (A u g . 19)
sta te s t h a t perm ission to assess th e stoc k h old ers o f the d e­
fu n c t M ic h ig a n A v e n u e T r u s t C o . o f C h ic a g o , w h o se a b ­
sc o n d in g P re sid e n t, W a r r e n C . S p u rg in , is su p p ose d to b e
h id in g in M e x ic o , tw ice th e a m o u n t o f th eir sto c k h a s been
g ra n te d b y J u d g e J o h n A . S w a n son in th e C ircu it C o u r t.
T h e p e titio n w a s filed in th e n a m e o f A n d r e w R u s s e l, S ta te
A u d it o r , b y J o h n W . O ’ L e a r y , th e R e c e iv e r , a n d seeks to
“ en force p a y m e n t o f in d iv id u a l lia b ility o n the p a rt o f s to c k ­
h old ers b y su it or o th e r w ise .”

C it y

N a tio n a l

T h e d isp a tc h fu rth e r sta tes

t h a t o f th e 2 ,0 0 0 shares o f sto c k o f th e M ic h ig a n A v e n u e
T ru st C o .,

F r a n k M i lle r , C h a irm a n o f th e b o a rd o f d irectors o f th e
in L o n g H ill, C o n n ., on A u g . 1 4 .

A new financial institution, namely the East Side State
Bank o f Indianapolis, Ind., will open its doors fo r business
on Sept. 12. The new institution will be situated at 2440
East W ashington Street. The bank will have a capital of
$35,000. Its stock is being sold at $150 per $100 share.
The officers a re : H arvey Coonse. President; Dr. M. J.
Spencer. V ice-President; Charles F. Bechtold, Cashier.

1 ,1 7 6 w a s ow n ed b y M r . S p u rg in , lea v in g 8 2 4

to b e lev ied a g a in st.

T h is , it is sa id , will a m o u n t to $ 1 6 4 ,8 0 0

a n d th e liabilities o f th e in stitu tio n are said to b e fa r in excess
o f $ 1 ,0 0 0 ,0 0 0 .

W e last referred to th e failu re o f th e M i c h i ­

g a n A v e n u e T r u s t C o . in th ese co lu m n s in o u r issue o f A u g . 6.

H e w a s 7 3 y e a rs o f a g e .
H a r r y H . M e r r ic k , fo rm e r P resid e n t of th e G r e a t L a k e s

C o lo n e l S a m u e l P . C o lt , C h a ir m a n o f th e b o a rd o f direc­

T ru st

C o.

of

C h ic a g o ,

and

n ow

a V ic e -P r e sid e n t

of

the

tors of th e In d u s tr ia l T r u s t C o . o f P r o v id e n c e , R . I . , a n d

C e n tra l T r u s t C o . o f Illin o is, C h ic a g o , w h ich rece n tly too k

w id e ly -k n o w n fin a n c ie r, died a t h is h o m e , “ L in d e n P la c e ,”

o v e r th e b u sin ess o f th e fo rm e r in stitu tio n exp lain ed

B r is to l, R . I . , o n A u g . 1 3 .

progress in liq u id a tio n

D e a t h w a s d u e to a stro k e of

a p o p le x y w h ich fo llo w e d a n illn ess o f tw o m o n t h s .
C o lt w a s b o rn in P a te r so n , N . J .

H e w a s g ra d u a te d fr o m

th e M a s s a c h u s e tts I n s t it u t e o f T e c h n o lo g y
21,

C o lo n e l

a t th e a ge of

s p e n t a y e a r a b r o a d , a n d a fte r g ra d u a tin g fr o m

the

C o lu m b ia L a w S c h o o l w a s a d m itte d to th e N e w Y o r k B a r

o f th e G r e a t L a k e s

T ru st

C o.

the
to

several h u n d red stock h old ers r e c e n tly , Recording to a press
d isp atch fro m C h io a g o ’ u n der d a te o f A u g . 15.

M r . M errick

e stim a te d , it is sa id , th e v a lu e ro f th e G re a t L a k e s T ru st C o .
s to c k , it is sa id , a t b e tw een $ 1 2 2 and $ 1 2 3 a sh are.
We
referred to th e ta k in g o v e r o f th e business o f the t l m u b a k es

A ug.

20 1921.]

THE CHRONICLE

Trust Co. by the Central Trust Co. of Illinois, in these col
umns in our issue of July 23.

—.— ». -----

A press dispatch from Rochester, Minn., Aug. IK, stated
that the People’s State Bank, of that city had been closed
by the State Banking Department because of lack of cash
reserves. The capital of tho bank is $50,000 and the de­
posits are estimated at $270,000.
The Nebraska State Bank at Sidney, N eb., has been
taken in charge by a State Bank Examiner, according to a
press dispatch from Lincoln, N eb., on Aug. 12. The dis­
patch says that J. .E. Hart, Secretary of the State Trade and
Commerce Department, attributes the cause of tho closing
to “ too much slow paper.”
Willis M . Marshall, President and founder of the Central
Savings Bank of Denvor, died suddenly in Los Angeles on
Aug. 15. M r. Marshall was born in Now C oncord, Ohio,
Tn 1890 he went to Denver, whero he established a private
bank under the name of Marshall Brothers. Two years
later (1892) M r. Marshall organized the N orth Side Savings
Bank and became its Cashier. In 1894 the bank was moved
to another location in Denver and its name changed to the
Central Savings Bank. Subsequently the institution was
reorganized under the trust law and M r. Marshall became
its President. He was 55 years of age.
The Yellowstone National Bank (capital $100,000) and
the Merchants National Bank (capital $250,000) both of
Billings, Montana, were consolidated on July 5 under the
title of the Merehants-Yellowstone National Bank. The
consolidated institution will occupy the quarters of the
Yellowstone National Bank. The officers of the combined
institution are: Chairman of the Board, Lewis C. Bab­
cock, formerly President of the Yellowstone National
Bank; President R oy J. Covert, formerly President of the
Merchants National Bank; Vice-Presidents, Charles M .
Bair, formerly Vice-President of the Merchants National;
W . A. Selvidge, formerly Vice-President of the Yellowstone
National; Edrov H. W estbrook, formerly Vice-President
of the Merchants National; W . L. Clark, formerly VicePresident of the Yellowstone National; and George M .
Hays formerly Vice-President of the Merchants National;
Cashier, Dean A . W hite, formerly Cashier of the Merchants
National Bank; Assistant Cashiers, P. E. Hanly, formerly
Assistant Cashier of the Yellowstone National, and W . J.
Tobin formerly Assistant Cashier of the Merchants National.
According to a press dispatch from M iam i, Okla., under
date of Aug. 15, the Miami State Bank of that place did
not open its doors on that date. A notice on the door of
the institution, it is said, stated that the bank was in the
hands of the State Bank Examiner. Walter E. Lindsey,
Assistant Cashier of the bank, it is stated, authorized a brief
statement that plans were being made for the reopening of
the bank with no loss to any one but the stockholders.
According to press dispatches from Denver, dated Aug.
16, Edwin F. Morse, for three years head Teller of the
International Trust Co. of that city, had disappeared, and
about $75,000 in cash of the institution’s funds were also
missing. John Evans, the President of the International
Trust Co., who announced the disappearance of Mr. Morse,
stated, it is reported, that the books of the bank had not
been tampered with in an effort to cover up the loss, and
that the condition of the bank would not be affected, as the
loss was fully covered by insurance.
According to the Denver “ R ocky Mountain News” of
Aug. 16, State Bank Commissioner Grant MacFerson on
Aug. 15 closed the First State Bank of Mesita, Colo. A . B .
Olson, Chief Deputy Commissioner, it is said, has taken
charge of the institution. According to the June 30 bank
statement,, it is said the First State Bank had total resources
of $65,613 with deposits of approximately $25,000. Tho
capital of the bank is $10,000 with surplus of like amount.
The Union Trust & Saving Bank of East St. Louis, 111.,
has changed its name to the Union Trust Company of East
St. Louis.
A press dispatch from Paris, Tenn., dated Aug. 12, re­
ported the arrest of Ed. Barton Lasater, a bookkeeper in
the Commercial Rank of Paris, for alleged misappropriation

811)

of tho bank’s funds. Tho extent of tho alleged borfage, if
was said, had not been determined, but officials of the bank
denied that if was a large sum arid declared that tho bank
woidd not be seriously affected by the lo: s. The ( ,'omniercial
Bank, the dispatch stated, according to il . Iasi, stateme nt
July I, had a combined capital and surplus of $250,000
and deposits of $600,000.
—— —

♦—

.—

i

The United States National Bank of Owensboro, Ky., was
placed in voluntary liquidation, effective June 23 1921, hav­
ing been absorbed by the Central Trust Company of Owens­
boro, Ky. The United States National Bank had a capital
of $250,000.
According to a press dispatch from Clarksdalo, Mis:-.,
dated Aug. 9, W . F. W all, former President of the First
National Bank of Rosedale, Miss., and his brother, It. F .
Wall, former Cashier of the institution, were arrested on
that date for alleged “ embezzling, abstracting and mis­
applying largo sums of money, funds and credits of the First
National Bank of Rosedale, and, without authority of the
directors of the bank, assigning numerous notes and making
false entries on the books, with intent to injure and defraud
the Federal Reserve Bank of Memphis, Tenn.” Further
charges made against the defendants, it is said, were the
alleged “ making of certain false entries with intent to de­
ceive the duly authorized agents or examiners appointed
to examine the affairs of the bank.” The accused officials,
the dispatch states, after a preliminary hearing before the
United States Commissioner at Clarksdale, were released
under $10,000 bond. We reported the closing of the First
National Bank of Rosedale in these columns in our July 30
issue. The dispatch further states that E. M . Burton o f
Greenville was recently appointed by the directors of the
bank to make an audit of the books, and during the course
of this audit discovered a number of notes which appeared
to have been tampered with. He reported his findings,
and Frank G. Paden, a National Bank Examiner of Rosedale,
“ then began an investigation which is even now (Aug. 9)
in progress.” W e quote further from the dispatch as
follows:
Paden in a conference with Assistant United States Attorney Longino
here about a week ago stated that he had found a total of about $150,000
in misapplied funds. It is believed that the total sum will after the investi­
gation is completed show somewhere in the neighborhood of $160,000. It
appears that President Wall of the Rosedale bank had allowed certainYf'
the bank’s customers to overdraw their accounts and the deficit had been
covered by notes being used as collateral to cover the funds secured from
Reserve banks.
When the bank failed to open its doors on July 16 it became known that
“ dummy” notes to the extent of $100,000 had been discounted. National
Bank Examiner Woods of St. Louis was placed in charge of its affairs.
There was no profit for any one in the “dummy” transactions, it was
declared. Planters and business men who required more money than usual
were financed by means of the notes.
The most recent statement of the bank showed deposits of $182,000. Of
this amount $55,000 was public funds. It was capitalized at $100,000 and
had $30,000 surplus. Bills payable at the time of closing amounted to
$756,000, of which nearly $400,000 was due the Federal Reserve. Of the
latter indebtedness $38,700 was secured by Government securities. The
remainder was borrowed on other collateral, at discount. The banking
laws forbid national banks to lend more than 10% of its combined capital
and surplus to any individual, firm or corporation.
The system practiced at the bank, it was said, was to permit planters to
borrow beyond their limit of credit. “ Dummy” notes, in some Instances
signed by men who had no accounts, were sent t >the Federal Reserve Bank
for rediscount, while the Rosedale bank held the original paper.
Plans to reorganize the institution are said to be under way.

The new bank building of the Third National Bank of Co­
lumbus, Ga., and its allied institution, the Columbus Sav­
ings Bank & Trust Co., was formally opened on August 11.
The building was originally the old Third National Bank
Building, at the southeast corner of Broad and Twelfth
Streets, which has been enlarged and transformed into a
modern banking home. The combined resources of the al­
lied banks as of Aug. 1 1921 were $5,390,990. W. C. Brad­
ley is President of both the institutions.
The Citizens Trust C o., a new Atlanta (Ga.) institution,
situated in the heart of the negro business district of the city,
was formally opened for business on Aug. 16. The capital
stock of tho new bank is said to be $250,000. The institu­
tion, it is understood, will do a general banking business.
The bank is located in spacious, handsome quarters at 176
Auburn Ave. II. C. Dugas is President.
The election of A. C. Way and W. H. Lutz as Junior
Vice-Presidents lias been announced by the Directors of
the First National Bank of Los Angeles. Both Mr. Way
and Mr. Lutz have been in the service of the bank for many
years, and until their new appointment each served as an

THE CHRONICLE

820

assistant cashier. Mr. Way located in Los Angeles in 1880.
The following year lie began his banking career with the
Los Angeles County Hank and remained with it until its
voluntar.v liquidation seven years later. On March 1 1804
he entered the employ of the First National Bank of Los
Angeles, with which financial institution he has served
continuously for the intervening twenty-seven years. Just
before the end of his term President Wilson appointed Mr.
Wav Chairman of the Southern California Committee of
the China Famine Fund, of which T. A. Lament of New
York was the national chairman.
Largely through Mr.
Ways efforts more than $75,000 was raised in approxi­
mately two months. Mr. Lutz began his banking career
with the Centennial National Bank of Philadelphia in 1889.
In 1S94 he came to Los Angeles and mitered the service of
the National Bank of California as Receiving Teller. At
the invitation of J. M. Elliott, now Chairman of the Board
of Directors, Mr. Lutz entered the employ of the First Na­
tional Bank of Los Angeles as Receiving Teller in March,
1898. During the twenty-three years’ service with this
bank, Mr. Lutz worked his way up through the various
grades until his appointment as Junior Vice-President.
■

-------------

W. M. Fitzmaurice, City Treasurer of Oakland for the
past four years, and actively connected with that office
since 1900, has been appointed Assistant Cashier of the
Bank of Italy in Oakland, effective Aug. 15, according to
announcement of A. 1*. Giannini, President of the Bank of
Italy. The association of Mr. Fitzmaurice with the Bank
of Italy’s business development activities in the East Bay
District follows the appointment of A. J. Mount as VicePresident in charge of the present and future branch or­
ganizations maintained in Alameda and Contra Costa coun­
ties. Mr. Fitzmaurice will maintain his office in the Bank
of Italy, at Broadway and 11th Streets.
---- ♦-----

It is reported that the voluntary petition in bankruptcy
iled by the bond brokerage house of Irving White House
Company, with offices in Spokane and Seattle, shows assets
at from $25,000 to $30,000 in value with liabilities of about
$100,000. The appointment of a receiver was referred to
by us last week, page 599.
------ »■

J. E. Chilberg, the former President and director of the
defunct Scandinavian-American Bank of Tacoma, was on
Aug. 6 freed of all charges in connection with the failure of
the institution, according to a press dispatch from Tacoma
of that date. Judge M. L. Clifford, who dismissed the five
indictments returned by the County Grand Jury against
Mr. Chilberg, held, it is said, that the same were vague
and did not charge definite crimes under the State law.
Mr. Chilberg surrendered himself to the Tacoma authori­
ties on July 1 last, as reported in these columns in our
July 16 issue.
----- »-----

[ V ol . 113

gations to the public for deposits, etc., are given at $41,048,•>88, as against $35,788,363 on June 30 1920. The paid-up
capital of the bank is $3,000,000 and its reserve fund $1,400,ooo The Provincial Bank confines its operations to four
Provinces of the Dominion, namely Quebec, Ontario, New
Brunswick and Prince Edward Island, in which it now has
108 regular branches and 177 sub branches. Sir Alexandra
Lacoste is President, and Hon. N. Perodeau, Vice-President.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
A u g . 4 1921:
GOLD.

The Hunk o f England gold reserve against its note issue is £126,663,335,
as com pared with £126,558,020 last week. A fair amount o f gold came on
offer and was taken for New Y ork
It is reported from Now York that
gold to the value o f $13,890,000 has been received there— $13,500,000
from France, $295,000 from South America and $95,000 from Columbia.
A substantial shipment o f gold from India to the United States has boon
announced b y cable
The total is given as 74 lacs o f rupees—-over £465,000.
As it has been stated for some time past that the free supplies o f gold in
the Indian market have been becoming scarce, this consignment probably
represents an accumulation over a period
Considering that the gold
equivalent o f the Indian rupee is now fixed officially at one-tenth o f a
sovereign, it is interesting to read in the “ Tim es” o f India, under date o f
the 9th ult., that the price o f sovereigns had advanced to 20 rupees per
coin, that is to say a premium o f 100% over their legal tender value
By
mail advice from Calcutta July 13 last we are informed that the following
gold shipments wore made: From B om bay to Kobe, 21,71,467 rupees,
and B om bay to New York, 62,78,411
From Calcutta sovereigns worth
19,500 rupees were exported to Mauritius and gold worth' 3,35,680 rupees
to San Francisco
Gold worth 21,84,247 rupees arrivod in Bombay from
various Asiatic ports
SILV E R .
The tendency o f the market has been somewhat easier. Inquiry from
the Indian Bazaars appears to have been satisfied for the present and
demand from other quarters is not much in evidonce. The tendency o f
the U S dollar to appreciate still checks sales from that quarter, but the
market has not lacked supplies, as the Continent seems more disposed to
sell The outlook remains doubtful, largely owing to the uncertainty attach­
ing to the movements o f the U S. exchange. W e hear that a duty has been
imposed upon the export o f silver from M exico, as from the 1st inst. The
rate is said to be 5% when the price in New York rules 60 cents or under,
and 534% when ovor that figure. Another o f the links between Chinese
currency and the remote past has been broken in A m oy
Accounts are no
longer kept in Spanish dollars
M ore than a year ago the option was given
by the banks o f opening accounts in Mexican dollars. A t the end o f M ay
this year all accounts were transferred at par from Spanish to Mexican
dollars, and fluctuating quotations in the former obsolete currency are no
longer a source o f annoyance to the public. During the last three months
the gradual increase in the total Indian note circulation has been accom ­
panied b y a similar increase in the total o f silver reserves. The increase o f
the former was 747 lacs and o f the latter 744. This indicates the confidence
held by the masses o f India in the Government system o f currency, and also
that the supplies o f silver rupees are somewhat redundant and that for
some time to come silver is not likely to be required for coinage purposes
in India upon a large scale. The stock in Shanghai on the 30th ult. con­
sisted o f about 34,200,000 ounces in sycee, 27,000,000 dollars and 840 bars
o f silver, as compared with about 34,300,000 ounces in sycee, 27,500,000
dollars and 300 bars o f silver on the 23d ult. The Shanghai exchange is
quoted at 3s 9d the tael
Statistics for the month o f July are appended:
-Bar Silver per oz. StandardBar Gold
Cash Delivery. For'd Deliv'y. per oz. Fine.
Highest p rice____________________ 3934cl
38^gd.
115s 2d.
Lowest price___________________ -.-3534(1
35M d.
110s. Id.
Average price______________ _____ 37.480d.
36 942d.
113s 1 0d .
-Bar Silver per oz. Standard- Bar Gold
Quotations—
Cash.
Two Mos.
per oz. Fine.
July 29_________________________ 3 8 Vsd.
38d.
115s 2d.
________
July 30__________________________ 3934d38^d.
Aug. 2 _________________________ 38Vsd.
3834d.
115s. 5d.
Aug. 3 _________________________ 3 8 ^ d .
3834d.
115s. 5d.
Aug 4 _________________________ 3 8 ^ d .
38J4d.
115s. Id
Average_________________________ 38.825d.
38 150d.
115s 3 2d.
The silver quotations to-day for cash and forward delivery are respec­
tively Vad and 34 d below those fixed a week ago.

A merger of the Guaranty Bank & Trust Co. of Seattle,
Wash., with the Northwest Trust & Savings Bank under
the title of the Northwest Trust & State Bank became
effective Aug. 15. The consolidated institution has a
capital of $350,000 and surplus and undivided profits of
$75,000. The officials of the new institution are: Edgar
E N G L I S H F I N A N C I A L M A R K E T S — P E R CABLE.
Ames, Chairman; E. Shorrock, President; E. L. Grondahl,
The daily closing quotations for securities, &c., at London,
T. S. Lippy and Hugo Carlson, Vice-Presidents.
as reported by cable, have been as follows the past week:
London,
Week ending Aug.

Aug. 1 3 .Aug. 1 5.Aug. 1 6 . Aug. 1 7 . Aug. lS .A t tt f, 19.
19— ■
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
S ilv e r , p e r o z _______________ d . 37VS
38
38
3S34
3SH
3S%
G o ld , p er f i n e o u n c e ______,. _ 1 1 2 3 . 1 d . 112s.
1 1 2 s .4 d . 1 1 3 s .9 d . 1 1 2 > .6 d . 1 1 2 s .5 d .
C o n s o ls , 2 y p e r c e n t s ----------- 4 8 %
48 34
4 8 34
4 8 34
48
4S
B r it is h . 5 p er c e n t s . __________ 88 34
8834
88H
8834
8S
88
B r itis h . 4 H p e r c e n t s _________8 U i
81 34
8134
8134
81H
81 H
French R en tes (in P a r is ),fr . H o lid a y 5 6 .3 5
5 6 .5 0
5 6 .3 0
56
5 6 .3 5
French W a r Loan (In Paris) Jr H o lld a y S 1 .4 5
S I .45
8 1 .4 5
8 1 .4 5
8 1 .4 5

The annual report of the Provincial Bank of Canada
(head office Montreal) for the fiscal year ending June 30
1921, was submitted to the shareholders at their 21st an­
nual meeting on Aug. 10, and makes a very satisfactory
showing for the period. Net profits, after deducting man­
The price of silver in New York on the same day has been:
agement expenses, interest, rebate on current discounts S ilv e r in N . Y . , p e r o z ( c t s .) :
D o m e s t i c ____________________ 99 34
9934
99 34
9934
99 V4
99 U
($81,504), etc., amounted to $425,64S, which, when added
F o r e ig n ____ __________________ 61
6134
6134
62
62
62 H
to the balance of profit and loss brought forward from
last year ($38,467), together with premium ou new stock,
TREASURY CASH AND CURRENT L IA B IL IT IE S.
$200,000. made the sum of $664,115 available for distribu­
The cash holdings of the Government as the items stood
tion. From this total the following appropriations were July 30 are set out in the following. The figures are taken
made: $264,024 to pay four quarterly dividends at the rate entirely from the daily statement of the United States
of 9% per annum on the paid-up capital; $29,114 to cover Treasury for July 30:
CURRENT ASSETS AND LIABILITIES.
war tax on circulation; $5,000 to pay first installment on a
GOLD.
subscription of $25,000 to ‘TUniversite de Montreal” ; $25,Assets
Liabilities
7 6 9 ,5 3 9 .6 0 9 00
c o i n --------- ................ 2 5 9 ,1 8 9 ,7 5 2 24 Gold otfs. outstanding-.
000 contributed to pension fund and $300,000 transferred to GG oo ld
ld b u llio n __ _________2 ,4 7 4 ,1 1 9 .4 3 0 41 Gold settlement fund.
Federal Reserve Board i
reserve fund, leaving a balance of $40,977 to be carried
1 5 2 .9 7 9 ,0 2 3 do
Gold reserve____________
Gold In general fund - - - 2 3 0 .1 3 5 , iS i 05
forward to next year’s profit and loss account. Total as­
sets are shown in the report as $45,629,743 (of which $28,2.733.309, IS2 63
2 ,7 3 3 .3 0 9 , IN2 63
T ota l
T ota l
Note.— Reserved against S346.68l.016 of U. S. notes and $ l , 56S.SSI of Dvasury
366,227 are quick assets) as compared with $39,077,524 at notes
of 1890 outstanding. Treasury notes are also secured bv diver dollars in the
the close of the preceding twelve months, while total obli­ Treasury.
—

—

A u g . 20 1921. |

T IIE
S IL V E R

Assets—

■IS
2 1 0 ,9 8 2 ,

S llvo r dollars

DOLLARS.

Liabilities—
100 00 811 vor c t fs . o u t s t a n d in g ..
T r e a s . n otes o f 1 8 9 0 o u t .
S llvor d o lla rs In g e n . fd_

2 X 6 ,9 8 2 ,1 0 9 0 0

T o t a l ....................................

T o ta l-.

GENERAL

Assets—
G o ld (sco a b o v o ) _________
811vor dollars (sco a b o v o )
U n i tod S ta to s n o te s _____
F ed era l R e se rv e n o t e s . _
F e d . R e s . b a n k n o to s ___
N a tio n a l b a n k n o to s _____
S u b sid ia ry silver c o in ___
M in o r c o in ________________
S llvo r b u llio n _____________
U n cla ssified (u n sorted
ou rron oy, & e .)._________
D odos .In F e d R e s .b a n k s
D e p o s its In special d e ­
positaries a c c ’ t o f salos
o f c t fs . o f ln d e b te d ’s s .
D e p o s . In foreign d e p o s .:
T o c re d it T r e a s . U . S .
T o cred it o f o th . G o v ­
e r n m e n t o ffic e r s___
D e p o s its In n a t . b a n k s .:
T o cred it T r e a s . U . S .
T o cred it o f o th . G o v ­
e r n m e n t o ffic e r s ___
D e p o s . In P h ilip . T r e a s .:
T o cred it T r e a s . U . S _

$
2 3 0 ,1 3 5 ,4 8 1
0 ,2 0 3 ,1 0 1
3 ,9 0 0 ,0 2 9
3 ,9 8 6 ,3 2 7
2 ,0 2 7 ,1 2 8
19 ,0 0 4 ,8 2 9
9 ,9 0 9 ,1 2 3
2 ,4 3 8 ,2 6 1
58 ,2 9 2 ,3 0 0

05
00
00
00
50
83
02
00
34

4 . 4 1 1 ,7 9 8 22
4 7 2 ,7 7 5 71

9 7 ,6 8 5 ,0 0 0 0 0
6 7 8 ,1 2 9 22
3 ,7 9 2 ,5 5 6 4 0
7 ,0 4 6 ,6 3 4 76
15 ,0 0 0 ,4 7 8 8 6
7 ,5 9 8 ,3 4 0 8 6

2 16 ,9 8 2 ,1 .0 9 0 0

Liabilities—
T r e a s . ch o ck s o u ts ta n d 'g
D e p o s . o f G o v t , officers:
P o st O ffic e D e p t ______
B o a r d o f T r u s t e e s ,P o s ­
ta l B a v s. S y s t e m —
6 % re se r v e ....................
O th e r d e p o s it s ______
C o m p tr o lle r o f C u r ­
re n c y ,
agent
for
cred itors o f In so lv ­
e n t b a n k s .......................
P o s tm a s te r s , clerks o f
c o u rts,
d isb u rsin g
o fficers, & o .................
D e p o s its for:
R e d e m p tio n o f F . R .
n o t e s ( 5 % fu n d .g o ld )
R e d e m p tio n o f F . I t.
b a n k n otos ( 5 % fd .)
R e d e m p tio n of n a t.b k .
n otos ( 5 % f u n d ) . . .
R e tir e m e n t o f a d d ’ l
c lr c u la t’g n o t e s ,A c t
M a y 3 0 1 9 0 8 ________
E x c h a n g e s o f cu rren cy
c o in , & c _ .......................

5 2 9 , 8 0 8 ,4 1 8 4 3

The Bureau of Statistics at Washington has iuHiied tho
statement of the country's foreign trade for July and from
it and previous statements we have prepared the following:
F O R E IG N

$

1 3 ,5 9 0 ,6 6 5 4 6

TRA D E

M OVEM ENT

2 2 1 . 0 0 3 .4 4 7 5 0
9 ,1 2 4 ,1 9 0 5 5
1 4 ,7 2 4 ,9 0 0 6 4

OOOa

Imports.

omitted.

ports.

192)
1920
1919
1918
1917
1.916 .

322,000
6 5 1, 136
568,687
507,468
372,758
441.714

Excess
of
Exports.

31 1921.
The preliminary statement of the public debt of the
U nited States for July 31 1921, as made up on the basis
of the daily Treasury statements, is as follows:
D E B T S T A T E M E N T OF U N I T E D S T A T E S J U L Y

T o t a l g ross d e b t J u n e 3 0 1 9 2 1 _____________________________________________$ 2 3 ,9 7 7 ,4 5 0 ,5 5 2 54
8 2 4 , 0 7 1 ,1 8 3 57
P u b lic d e b t r e c e ip ts J u ly 1 to 3 1 1921 _ _ ______
P u b lic d e b t d isb u rse m e n ts J u ly 1 t o 3 1 1 9 2 1 . _
2 3 0 , 2 8 4 ,7 2 7 4 4
2 0 6 , 2 1 3 ,5 4 3 8 7

T o t a l gross d e b t J u ly 31 1 9 2 1 ______________________________ ______________$ 2 3 ,7 7 1 ,2 3 7 ,0 0 8 6 7

Note.— T o t a l g ross d e b t b efo re d e d u ctio n o f th e b a la n c e h eld b y th e T rea su rer
fr e e o f cu rren t o b lig a tio n s, a n d w ith o u t a n y d e d u ctio n on a c c o u n t o f o b lig a tio n s of
fo reig n G o v e r n m e n ts or o th e r in v e s t m e n t s , w a s a s fo llo w s:
Bonds—
C o n s o ls o f 1 9 3 0 ____________________________ _ _ _ _ _ _ _ _
S 5 9 9 .7 2 4 .0 5 0 0 0
1 1 8 .4 8 9 .9 0 0 0 0
L o a n o f 1 9 2 5 ___________________________________________
P a n a m a ’ s of 1 9 1 6 -1 9 3 6 ______________________________
4 8 ,9 5 4 , 1 8 0 0 0
2 5 ,9 4 7 ,4 0 0 0 0
P a n a m a ’ s o f 1 9 1 8 - 1 9 3 8 . __________________________
P a n a m a 's o f 1 9 6 1 _____________________________________
5 0 ,0 0 0 ,0 0 0 0 0
C on v ersio n b o n d s _____________________________________
2 8 .8 9 4 ,5 0 0 0 0
P o s ta l S a v in g s b o n d s _________________________________
1 1 .7 7 4 ,0 2 0 0 0
----------------------------------$ 8 8 3 ,7 8 4 ,0 5 0 0 0
F ir s t L ib e r ty L o a n ____________________________________ $ 1 , 9 5 2 ,2 2 5 ,5 0 0 0 0
S econ d L ib e r ty L o a n ________________
3 ,3 1 5 ,9 1 9 ,3 5 0 0 0
T h ir d L ib e r ty L o a n __________________________________ 3 , 6 1 0 , 5 7 4 , 6 0 0 0 0
F o u r th L ib e r ty L o a n _________________________________ 6 3 5 3 , 9 2 7 ,2 0 0 0 0
------------------------------------ 1 5 ,2 3 2 .6 4 6 ,6 5 0 0 0

pons.

Silver

Excess
of
Ex
Exports ports.

Im
ports.

178,000
537,119
343,746
241,878
225,926
182,723

T o t a l g ross d e b t ----------------------------------------------------------------------------------------- $ 2 3 ,7 7 1 ,2 3 7 ,0 0 8 6 7

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation made up from the daily Governm ent state­
ments, shows the currency holdings of the Treasury at the
beginning o f business on the first of M a y , June, July and
August 1921:
$

S

000 5

omit­
ted.
1921
1920
1919
1918
1917
1916

_
_
_
.
_
_

Ex­
ports.

Im ­
ports.

$
2 ,8 5 6 ,2 6 5
4 ,8 9 7 ,1 2 0
4 ,6 2 6 ,1 0 0
3 ,4 8 1 ,6 9 4
3 ,6 6 0 ,7 8 6
2 ,9 2 5 ,3 3 5

$
1 ,4 9 8 ,4 6 6
3 ,4 8 1 ,6 1 7
1 ,9 5 4 ,2 5 7
1 ,7 8 7 ,8 8 1
1 ,7 7 8 ,7 4 3
1 .4 6 7 ,8 2 0

Excess
of
Exports.

Ex­
ports.

$
1 ,3 5 7 ,7 9 9 10$4 2 5
1 ,4 1 5 ,5 0 3 2 1 7 ,1 1 7
2 ,6 7 1 ,8 5 2 1 5 1 ,6 8 2
1 ,6 9 3 ,8 1 3 2 8 ,7 0 2
1 ,8 8 2 ,0 4 3 2 7 1 ,5 8 7
1 ,4 5 7 ,5 1 5 7 5 ,8 0 1

Gold.

Silver.

Excess
Im ­
Ex­
of
ports . Exports ports.

Im ­
ports.

Excess
of
Exports

%

%

%

%

4 1 6 ,4 5 3
1 4 4 ,2 6 9
5 2 ,2 9 2
5 2 ,3 3 7
5 0 5 ,4 6 9
2 4 9 .0 8 7

%

/ 4 0 6 0 2 8 2 6 ,1 5 4
7 2 ,8 4 8 8 7 ,6 1 6
9 9 ,3 9 0 1 5 0 ,3 6 8
/2 3 .G 3 5 1 3 4 ,6 0 8
/ 2 3 , 8 8 2 4 4 ,2 6 5
/ 1 7 3 2 8 6 3 5 ,3 7 9

4 4 4 ,9 4 3 ,0 0 2
7 9 ,3 5 4 ,8 7 6
7 ,2 8 2 ,6 7 2
1 5 ,2 6 3 ,0 9 2
4 ,3 6 7 ,8 3 9
1 ,9 7 5 ,1 0 2
9 ,4 9 4 ,8 1 4
7 ,9 1 0 ,3 4 3

4 3 1 ,4 2 7 ,8 1 6
7 4 ,3 6 4 ,9 6 8
1 2 ,2 5 6 ,2 9 4
1 7 ,4 9 8 ,8 7 1
4 ,2 8 0 ,4 1 8
4 ,2 8 7 ,7 9 6
9 ,8 0 8 ,6 7 1
7 ,3 2 9 ,2 8 2

4 1 6 , 0 4 0 ,5 4 2
6 6 ,8 2 6 ,2 4 9
4 ,0 3 1 ,4 7 9
1 3 ,7 3 9 ,8 6 1
4 ,2 1 7 ,1 0 3
2 ,4 2 2 ,8 4 7
9 ,6 7 1 ,2 4 7
2 3 .5 0 9 , 6 2 3

3 8 3 ,1 1 4 ,5 1 0
6 7 ,4 9 5 ,5 2 1
3 ,9 6 6 ,0 2 9
‘
1 9 ,6 6 4 ,8 3 0
3 ,9 8 6 ,3 2 7
2 ,6 2 7 ,1 2 8
9 ,9 0 9 ,1 2 3
6 ,8 5 0 ,0 6 0

T o t a l cash In S u b -T r e a s
L e s s gold reserve fu n d ____

5 7 0 ,5 9 1 ,7 4 0
1 5 2 ,9 7 9 ,0 2 6

5 6 1 ,2 5 4 ,1 1 6
1 5 2 ,9 7 9 ,0 2 6

5 4 0 ,4 6 1 ,9 5 1
1 5 2 ,9 7 9 ,0 2 6

* 4 9 7 ,6 1 3 ,5 2 8
1 5 2 ,9 7 9 ,0 2 6

C a sh b a la n ce In S u b -Treas
D ep . in i p e c . d ep ositories:
A c c t c e rts , o f I n d e b t ___
D e p . in F e d . Ices, b a n k s ..
D e p . In n atio n a l b a n k s:
T o c re d it T r e a s . U . S . ~
T o credit dJsb, o ffic e r s .

4 1 7 ,6 1 2 ,7 1 4

4 0 8 ,2 7 5 ,0 9 0

3 8 7 ,4 8 2 ,9 2 5

3 4 4 ,6 3 1 ,5 0 2

2 7 0 ,0 1 7 ,0 0 0
5 5 ,5 7 8 ,1 9 4

8 4 ,3 5 0 ,0 0 0
6 2 ,9 1 9 ,3 6 7

3 9 3 ,2 8 9 ,0 0 0
7 9 ,8 1 3 ,1 0 8

9 7 ,6 8 5 ,0 0 0
5 2 ,4 7 2 ,7 7 6

1 0 ,6 9 2 ,4 5 8
1 2 ,0 4 8 ,6 0 8

9 ,4 1 2 ,4 1 5
1 1 ,0 5 2 ,7 6 3

9 ,4 9 7 , 9 6 2
1 1 ,7 1 1 ,6 1 8

7 ,9 4 6 ,6 3 5
1 5 ,0 0 0 ,4 7 9

T o t a l _ ................. .....................
G ash In Phil Ip t in e Isla n d s
D e p o s it s In F o reig n D e p t s ,

2 2 ,7 4 1 ,0 6 6
8 ,6 0 0 ,0 6 1
4 9 ,7 8 6 ,8 0 6

2 0 ,4 6 5 , J7 8
8 ,3 6 9 ,9 4 4
5 5 ,1 7 8 ,2 4 1

2 1 ,2 0 9 ,6 8 0
8 ,0 5 6 , 6 3 9
5 4 ,0 4 6 ,5 7 2

2 2 ,9 4 7 ,1 1 4
7 ,5 9 8 ,3 4 1 .
4 ,4 7 0 , 6 8 5

N e t ca sh In b a n k s & su b T r e a s u r ie s .........................
D e d u c t cu rren t lia b ilitie s.

8 2 4 ,3 3 5 ,8 4 1
3 9 2 ,2 0 2 ,5 5 9

3 9 4 ,9 3 1 ,8 6 8

9 4 3 ,8 9 7 ,8 2 4
3 9 4 ,2 1 9 , 7 1 8

6 2 9 ,8 0 8 ,4 1 8
2 9 9 ,0 9 3 ,9 7 1

4 3 2 ,1 3 3 ,2 8 2

2 4 4 ,5 6 5 ,9 5 2

5 4 9 ,6 7 8 ,1 0 6

2 3 0 ,7 1 4 .4 4 7

A v a ila b le cash balan ce

6 3 9 ,4 9 7 ,8 2 0

♦ In c lu d e s A u g
1 $ 5 8 , 2 9 2 ,3 6 0 3 4 silv er bullion a n d $ 6 ,8 5 0 ,0 5 9 8 8 m in o r c o in s
<fec.P n o t in c lu d ed in s ta te m e n t “ S to c k o f M o n e y . "

3 1 ,9 6 5 / 5 . 8 1 1
6 2 ,5 7 6 2 5 ,0 4 0
4 8 ,1 1 8 1 0 2 ,2 5 0
4 0 ,3 5 4 9 4 ,2 5 4
2 1 ,5 7 2 2 2 ,6 9 3
1 7 ,8 3 8 1 7 .5 4 1

/ E xcess o f im p o r ts .

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .
— Through the courtesy o f the Secretary of the Treasury, we
are enabled to place before our readers to-d a y the details
of Governm ent receipts and disbursements for July 1921
and 1920:
R e c e ip t s .

Ordinary—
C u s t o m s ___________________
In te r n a l rev en u e:
In c o m e a n d p r o fits ta x
M isc e lla n e o u s___________
M isc e lla n e o u s r e v e n u e . _
P a n a m a C a n a l to lls , & c _

July 1 9 2 1 .*
S

July 1 9 2 0 .
S

1 9 ,7 9 6 ,2 9 0 3 7

3 0 ,6 9 4 ,2 9 7 3 0

4 7 ,1 5 6 ,9 0 8
1 1 0 .9 9 4 .7 6 8
3 0 ,3 2 9 ,2 1 1
7 9 1 ,2 7 6

02
44
55
41

T o t a l o rd in a r y ____________________________________________ 2 0 9 ,0 6 8 ,4 5 4 7 9
Public Debt—
C ertific a te s o f in d e b te d n e s s ______________________________ 2 0 . 0 0 0 ,0 0 0 - 0 0
L ib e r t y b o n d s a n d V ic t o r y n o t e s __________________ ___________________.____
W a r -s a v in g s se c u r itie s____________________________________
1 ,4 0 3 ,1 0 6 0 7
P o s ta l S a v in g s b o n d s ______________________________________
5 5 ,7 8 0 0 0
D e p o s its for r e tire m e n t o f n a tio n a l b a n k n o te s a n d
F ed era l R e se rv e b a n k n o te s (A c ts of J u ly 14 1 8 9 0
a n d D e c . 2 3 1 9 1 3 ) ___________________________________
2 ,6 1 2 ,2 9 7 5 0

6 4 ,9 1 7 ,6 9 1
1 0 7 ,6 7 0 ,9 f 7
2 6 ,6 5 7 , 1 9 3
4 2 6 ,4 2 5

90
32
23
70

2 3 0 ,3 6 6 ,5 2 5 4 5
7 3 4 ,0 6 1 ,5 0 0
4 ,0 6 5
2 ,3 5 9 , 2 7 4
7 2 ,8 0 0

00
00
53
00

1 4 4 ,6 5 0 0 0

2 4 ,0 7 1 ,1 8 3 57

7 3 6 , 6 4 2 ,2 8 9 5 3

G r a n d t o t a l r e c e ip ts____________________________ __________ 2 3 3 , 1 3 9 ,6 3 8 36

9 6 7 ,0 0 8 , 8 1 4 9 8

T o t a l _______________________________________________________
1

________________

D is b u r s e m e n t s .

Ordinary—
2 3 9 , 9 6 0 ,4 1 6 81
4 7 ,9 5 1 ,1 8 6 6 3
6 2 9 ,4 0 0 2 9

11, 000,000 00
6 ,9 0 0 ,0 0 0 0 0
6 0 ,8 3 5 58
3 0 6 ,5 0 1 , 8 3 9 31
8 1 1 ,5 7 2 ,0 7 1 8 6
1 ,4 7 4 ,6 7 1 0 0

T o t a l _______________________________________________________ 2 3 0 , 2 8 4 ,7 2 7 4 4

8 1 3 , 0 4 6 ,7 4 2 8 6

G r a n d to ta l d is b u r s e m e n ts ______ ________________________ 5 5 2 ,1 0 3 ,2 9 6 6 8

1 ,1 1 9 ,5 4 8 ,5 8 2 17

* R e c e ip ts a n d d isb u rs e m e n ts for J u n e rea ch in g th e T r e a s u r y in J u ly are in c lu d e d .

ST O C K OF M O N E Y IN T H E C O U N T R Y . The follow ­
ing table shows the general stock of m oney in the country,
as well as the holdings b y the Treasury and the am ount in
circulation on the dates given:
-Block of Money Aug. 1 ’ 2 1 --------- Money in Circulation
in U. S.
a H eld in Treas A ug . 1 1 9 2 1 .
Aug. 1 1 9 2 0 .

$

N e t gold coin and b u llion _
N e t silv er coin a n d b u llion
N e t U n ite d S ta te s n o t e s . _
N e t n a tio n a l b a n k n o t e s . .
N e t F e d . R e s e rv e n o t e s . _
N e t F e d . R e s . b a n k n otes_
N e t s u b sid ia ry s ilv e r ............
M in o r c o in , <fec_____________

1
l
4.513
600
6,4 96 * 1,002
5,528
2,734
5,214 85.016
2,118
3,420
2,426
1.91 I

Totals for seven months ended July 31:

M ay 1 1 9 2 1 . June 1 1 9 2 1 . July 1 1 9 2 1 . Aug. 1 1 9 2 1 .
$

Excess
Of
Exports

$

S

$

$

G o ld coin (in clu d in g b u llio n
in T r e a s u r y ) __________ . . . 3 , 2 8 8 , 6 0 8 , 4 0 8 3 8 3 , 1 1 4 ,5 1 0 b 8 9 7 ,9 5 3 ,6 6 6
8 5 5 , 9 1 7 ,6 3 5
G o ld c e rtific a te s______________
______________ ______________
5 0 5 , 1 8 1 ,3 2 9
3 9 0 ,2 0 8 ,9 8 3
S ta n d a r d silv e r d o lla r s
2 9 1 ,8 6 9 , 3 2 6
9 ,2 0 3 ,1 .6 1
7 4 ,8 8 7 ,2 1 7
1 3 8 ,5 5 7 ,4 6 0
S ilv e r c e r tific a te s ______
__
_________ _ __________________
2 0 6 ,2 1 0 ,0 6 4
1 2 1 ,3 9 6 ,7 9 5
S u b sid ia r y s ilv e r ___________
2 7 2 ,0 2 3 ,7 9 8
9 ,9 0 9 , 1 2 3
2 6 2 ,1 1 4 ,6 7 5
2 5 2 , 4 9 9 ,3 3 9
T r e a s u r y N o t e s of 1 8 9 0 ____
____________
______________
1 ,5 6 8 ,8 8 4
1 ,6 5 3 ,4 1 9
U n ite d S ta te s N o t e s
______
3 4 6 ,6 8 1 ,0 1 6
3 ,9 6 6 , 0 2 9
3 4 2 , 7 1 4 ,9 8 7
3 4 0 , 6 3 5 ,6 7 8
F e d e ra l R e se rv e N o t e s _ c 2 , 9 2 0 ,5 9 5 , 0 6 0
3 ,9 8 6 , 3 2 7 2 ,5 9 8 , 8 2 0 . 1 2 5 3 , 1 1 0 ,8 7 8 ,4 9 0
F e d e ra l R e se rv e B a n k N o t e s
1 3 6 ,2 0 0 ,4 0 0
2 ,6 2 7 ,1 2 9
1 3 3 ,5 7 3 ,2 7 1
2 0 5 , 2 8 4 ,2 6 4
N a tio n a l B a n k N o t e s .
7 3 2 ,4 1 9 ,1 7 9
1 9 ,6 6 4 ,8 3 0
7 1 2 , 7 5 4 ,3 4 9
7 0 2 ,6 3 0 ,3 9 8
_

Holdings in
Sub-Treasuries.

Im ports.

* E x c e ss o f im p o r ts .

C h e c k s a n d w a rra n ts p a id (less b a la n c e s r e p a id , & c . ) 2 7 7 ,8 3 1 ,4 8 1 10
In te r e s t on p u b lic d e b t p a id ____________________________ 4 3 , 8 5 4 , 0 4 5 11
T o t a l b o n d s ___________________________________________________
$ 1 6 , 1 1 6 ,4 3 0 ,7 0 0 0 0
P a n a m a C a n a l: C h e c k s p ’ d (le s s b a la n c e s r e p ’ d , & c .)
1 3 3 ,0 4 3 0 3
Notes—
P u rch ase of o b lig a tio n s o f fo reig n G o v e r n m e n t s ___
______________
V ic t o r y L ib e r ty L o a n _______________________________________
3 . 8 5 6 ,2 9 1 ,1 5 0 0 0
P u rc h a se o f F e d e ra l F a r m L o a n b o n d s :
T r e a s u r y n o te s — Series A - 1 9 2 4 _______________________________________________
3 1 1 , 1 9 1 ,6 0 0 0 0
P r in c ip a l____________ _ - - - - - - - - - - - - - — - - --------■- T Treasury Certificates—
A c c r u e d in te r e s t_____________________________________ _
______________
T a x _______________________________________________________ S I . 5 2 7 ,5 1 4 ,0 0 0 0 0
7 9 4 ,2 0 1 ,5 0 0 0 0
L o a n _____________________________
T o t a l o r d in a r y ___________________________________________ 3 2 1 ,8 1 8 ,5 6 9 2 4
P ittm a n A c t _____________
2 0 9 ,3 7 5 ,0 0 0 0 0
Public Debt—
S p ecia l Lssues__________________________________________
3 2 ,8 5 4 ,4 5 0 0 0
B o n d s , in te re st-b e a rin g n o te s a n d c e rtific a te s r e t ir e d 2 2 5 ,7 4 3 ,8 4 2 4 4
------------------------------------ 2 , 5 6 3 ,9 4 4 ,9 5 0 0 0
N a tio n a l b a n k n o te s a n d F e d e ra l R e s e r v e b a n k n o te s
W a r s a v in g s secu rities (n e t ca sh r e c e ip ts )__________________________________
6 8 7 ,6 4 8 ,1 4 8 14
retired (A c ts o f J u ly 14 1 8 9 0 a n d D e c . 2 3 1 9 1 3 ) _ _
4 ,5 4 0 ,8 8 5 0 0
T o t a l in te re st-b e a rin g d e b t _____________________________________________$ 2 3 , 5 3 5 ,5 0 6 ,5 4 8 l d
D e b t on w h ich in te re st h a s c e a s e d _______________________________________
9 ,7 9 6 ,7 4 0 26
N o n -in te r e s t b ea rin g d e b t _________________________________________________
2 2 5 ,9 3 3 ,7 2 0 27

STATES.

$
%
%
%
%
3,735 64,268 *60,583
144,000
5,113
1 14,017 2 J,873 19,818
2.055
5,494
224,94 1 54,673
1,846 52,827
8,262
7,199
2,213
4,986 40.830
265,590
146,832 69,052 27,304 41 ,748
5,538
261,991
9,395 02,108 *52,71.3 4,337

$

$

EX-

Merchandise.

5 2 9 , 8 0 8 ,4 1 8 4 3

U N IT E D

Gold.

6 3 ,4 1 0 0 0
6 ,8 0 1 ,4 9 5 43

T ill-:

Totals for merchandise, gold and. silver for July:

2 ,0 0 0 . 6 3 7 9 0

2 7 ,3 1 0 ,9 8 2 9 7

OF

t h e f o l l o w i n g t a b l e s t h r o e c l p h o r n a r e In all conch o m i t t e d . )

Merchandise.
3 ,9 9 4 , 2 0 0 67
7 2 ,2 5 9 41

Note.— T h e a m o u n t t o th e cred it o f d isb u rsin g o fficers a n d agen c ies t o -d a y w as
$ 8 0 6 ,2 3 1 ,2 2 3 6 9 .
B o o k cred its fo r w h ich o b lig a tio n s o f foreign G o v e r n m e n ts are
h eld b y th e U n ite d S ta te s a m o u n t to $ 3 5 , 7 3 6 ,6 2 9 0 5 .
U n d e r th e A c ts o f J u ly 14 1 8 9 0 a n d D e c . 2 3 1 9 1 3 d e p o sits o f law fu l m o n e y for the
re tire m e n t o f o u ts ta n d in g n a tio n a l b a n k a n d F e d e ra l R e se rv e b a n k n o te s a re paid
in to th e T r e a s u r y as m isce lla n eo u s r e c e ip ts, a n d th ese o b lig a tio n s are m a d e under
th e A c t s m en tion ed a p art o f th e p u b lic d e b t .
T h e a m o u n t o f su ch o b lig a tio n s t o -d a y
w a s $ 3 0 ,1 7 9 ,4 0 6 5 0 .
$ 7 9 0 ,5 7 5 in F e d e ra l R e se rv e n o te s, $ 2 ,6 2 7 , 1 2 8 in F ed era l R e se rv e b a n k n o te s,
a n d $ 1 9 ,4 2 1 ,4 1 2 in n a tio n a l b a n k n o te s are In th e T r e a s u r y in p rocess o f re d e m p tio n
a n d a re ch a rges a g a in st th e d e p o sits for th e r e sp e c tiv e 5 % re d e m p tio n fu n d s .

D e c re a s e for p e r io d ________________________________________ ______________

(In

3 4 7 ,7 1 4 4 0

2 9 9 ,0 9 3 , 9 7 0 99
2 3 0 .7 1 4 .4 4 7 4 4

T o t a l ____________________

821

IMPORTS AND EXPORTS FOR JULY.

$
2 0 6 ,2 1 0 ,0 6 1 00
1 ,5 6 8 ,8 8 1 0 0
9 ,2 0 8 ,1 6 1 0 0

FUND.

N e t b a la n ce
T o ta l

C H R O N IC L E

T o t a l ________________________ 7 ,9 8 8 , 3 9 7 , 1 8 7 4 3 2 ,4 7 1 ,1 0 9 5 , 7 3 5 ,7 7 8 ,5 6 7 6 ,1 1 9 ,6 7 1 ,4 6 1
P o p u la tio n of c o n tin e n ta l U n it e d S ta te s e s tim a te d a t 1 0 8 ,2 2 6 ,0 0 0 .
C ir c u la tio n
per c a p ita , $ 5 3 .0 0 .
a T h i s s ta t e m e n t o f m o n e y h e ld in th e T r e a s u r y as a sse ts of th e G o v e r n m e n t d o es
n o t in c lu d e d e p o sits o f p u b lic m o n e y In F e d e r a l R e s e r v e b a n k s a n d in n a tio n a l b a n k s
a n d sp ecial d e p o sita rie s to th e c re d it o f th e T r e a s u r e r o f th e U n ite d S ta te s a m o u n tin g
t o $ 1 7 7 ,5 7 5 ,5 7 4 . 9 5 .
b In c lu d e s $ 4 2 3 ,2 8 8 ,7 0 3 9 7 F e d e ra l R e s e r v e G o ld S e ttle m e n t F u n d d e p o s ite d
w ith T r e a su r e r of th e U n it e d S t a te s .
c In c lu d e s ow n F e d e ra l R e s e r v e n o te s h eld b y F e d e ra l R e s e rv e b a n k s .

Note .— O n A u g . 1 1921 F e d e ra l R e s e r v e b a n k s a n d F e d e ra l R e s e r v e a g e n ts hold
a g a in st F e d e ra l R e se rv e n o te s $ 1 ,2 3 8 , 0 0 0 , 6 2 3 g o ld coin a n d b u llio n , $ 2 6 4 ,3 5 8 ,2 8 0
g old c e rtific a te s, a n d $ 3 1 7 ,7 8 8 ,6 0 8 F e d e ra l R e s e r v e n o te s , a t o t a l o f $ 1 , 8 2 0 , 1 4 7 , 5 1 1 ,
a g a in st $ 1 ,3 2 4 ,3 4 8 ,6 5 1 on A u g . 1 1 9 2 0 .

B A N K N O T E S — C H A N C E S IN T O T A LS O F, A N D IN
D E P O S IT E D JB O N D S , & c.— W e give below fables which

show all the monthly changes iu national hank notes an<l in
le g a l te n d e r s o n

b o m I s it l id

d t p o s it

th e re fo r :
Cfi culaliori Afloat
Under—

Bondj and Legal Tenders
on Deposit for—
Bonds.
July
June
May
April
Mar

31 1921-HI l 19> 1
31 1321-.
3U 1921:ii 1921 _
1921 _
Jan. 31 1921
Dec 31 1920-Nuv. 30 1920Oct. 3u 1920
Sept. 30 1920
Aug. 31 1920
July 31 1920--

1

Legal
Tenders.

Legal
Tenders.

Bonds.

$
v
702,570,407 29,848,772
712,763,865 30,526,509
709,657,145 30,936,214
691,643,480 32,172,872
702,948,007 29,870,477
697,728.580 30,065,284
689,592,883 30,061,044
695,900,770 27,376,452
706,600,480 27,410,317
704,732,185 27.817.444
699,461,435 27,015,647
698,592,128 27,403,924 j
698,099,990 1 28,363,714 1

$
$
723,675,190i 29,MS,772
72 2,898,4401 30,526,509
722,491,590* 30,936,214
720,012,4401 32.172.872
719,049,440' 29,870,477
716,977.190| 30,065,284
711,973,190 30,061,044
715,325,440! 27,37 6,462
714,88s,640* 27,410,317
712,066,500 27,817,444
711,839,0001 27,015,647
711,000,900! 27,403,924
709,4311,4001 28,363,714

Total.
$
732,419,179
743,290,374
740,593,359
723.8L6.352
732,818,484
727,793.864
7 19,753,927
723,277,222
734,010,797
732,549,629
726,477,082
725,996,052
726,463,704

$136,200.400 Federal Reserve bank notes outstanding July 31 (of which $135,115,100 secured by U. ri. bonds and $755,000 by lawful money), against $207,400,000 In 1020.

The following shows the amount of each class of U. S.
bonds and certificates on deposit to secure Federal Reserve
bank notes and national bank notes on July 31:
U. S. Bonds Held July 31 lo\Secure
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.

Bonds on Deposit
July 31 1021

2s,
4s,
2s.
2s.
2s,

U.
U.
U
U.
U.

S.
S.
S.
S.
S.

[V ol. 113

T H E CHRONICLE

822

Consols of 1930 ................... .....
Loan of 1925 ________________
Panama of 1936______________
Panama of 1938______________
1-year Certs, of Indebtedness.

Totals

Total
Held.
%
586,485,850
78,028,200
48,212,780
25,678,560
209,375.000

§
11,468,400
2,593,000
383,500
285,300
209,375,000

§
575,017,450
75,435,200
47,829,280
25,393,260

224,105,200

723,675,190 1 947,780,390

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
J u ly:
National Bank Notes— Total Afloat—
Amount afloat July 1 1921___________________ _____ __________________§743,290.374
N et amount retired during July______________________________________ 10,871,195
Amount of bank notes afloat Aug. 1 1921 _________________________ S732.419.179
Legal-Tender Notes—
Amount on deposit to redeem national bank notes July 1 1921________ §30,526,509
Net amount of bank notes retired in July_____________________________
677,737
Amount on deposit to redeem national bank notes Aug. 1 1921_____§29.848,772

Commercial aatUH isceilaiteo us IJetF

Canadian Bank Clearings.— The clearings for the week
ending Aug. 11 at Canadian cities, in comparison with the
same week in 1920, show a decrease in the aggregate of
22.7%
Week ending August 11
Clearings at—

C anada—•
Montreal - __________
Toronto ___________
Winnipeg______ ___
Vancouver--------------------Ottawa.
__________
Quebec_________________
Halifax- - ___________
Hamilton_______________
St. John__
__ __ _ C algary----- ----------- ----Loudon _
_____ . _
Victoria - - ___________ _
__ _______
Edmonton
Regina__
___ _____
Brandon_______ ________
Saskatoon - __________
Moose Jaw__________ .
L eth b rid ge___
______
___
__
Brantford
Fort William- ____ . __
New Westminster
Medicine Hat _________
Peterborough _ _ . _. ___
Sherbrooke _ _ ________
Kitchener _ ____ _____
Windsor__ ___________ _
Moncton _____ ___
Kingston----------------Total Canada-

*
98,225,078
69,501,882
40,663,606
18,878,185
6,817,033
5,687,961
3,209.873
5,652,755
2,533,825
5,429,335
2,821,295
2,260,777
4,763.150
3,851,334
976,801
1,942,857
1,305,762
664,219
952,610
774,489
544,446
446,454
702,400
1,601,444
961,972
3,354,602
1,054,504
832,735

Inc. or
Dec.

1920.

1921.

$
139,417,800
102,256,813
41,163,138
18,290,502
7,788,325
7,009,590
5,109,041
7,571,971
3,480,257
6,558,078
3,624,342
2,494,144
4,470,920
4.510,223
771,101
2,142,727
1,526,955
844,082
1,325,785
774,427
677,339
419,697
829,533
1,472,747
1,213,302
3,004,948
816,716
Not incl. In

1919.

%
— 29.5
— 32.0
1.2
4-3.2
— 12,5
— 18.9
-37.2
— 25.3
— 27.2
17.2
__22,2
—94
+ 6.6
14.6
+ 26.6
- 9 .3
14.5
— 2 1.3
-28 .1
+ 00
-19.6
+ 6.4
— 16.5
+ 8.8
— 20.8
+ 11.6
+ 29.1
total.

1918.

$
115,864,215
79.218,814
39,715,315
12,483,287
10,217,931
5,033,402
5,582,330
5,171,825
2,687,541
5,935,90 1
3,076,91 1
2,805,153
4.050,836
3,799,028
688,536
2,093,427
1,372,878
653,938
833,104
730,378
641,656
436,626
691,837
1,074,990
965,144
2,017.124

$
88,558,457
61,214,719
29,720,701
12,110,289
5,215.656
4,515,884
3,930,096
4.710,953
2,345,024
5,838,901
2,050,795
2,283,041
3,364,764
3,032,456
567,701
1,660,121
1,221,155
773,259
827,033
607,387
555,879
424,287
551,347
759,406
522,522
1.101,628
---------- -- --------

—

285,578.649 369,564.486 — 22.7 308,446,127 238,463,452

A u c t i o n S a le s .— A m o n g oth er securities, the fo llo w in g ,

not usually dealt in at the Stock Exchange, w ere recen tly sold
at a u ction in N e w Y o r k , B o s to n an d P hiladelphia:
B y M essrs. A d ria n H . M u ller & S ons, N ew Y o r k :
Bonds.
Per cent.
Shares. Slocks.
Price.
3 H. F. Watson, com ----- §95 per sh. §10,000 Second Ave R R . receivers
certificates______ ______________ 23
1,000 Wall St. Exch. Bldg. Ass.
stock tr. ctf., $50 e a .§ 1 5 % P- sh.

B y M essrs. R . L . D a y & C o ., B o sto n :
S persh.
Shares. Stocks.
S per sh. Shares. Stocks.
5 Eliot Nat. Bank, 8th div. in
15 American Glue, com mon--------- 110
liquidation paid------------------20c
152 Rivett Lathe & Grinder, co rn .. 5
10 National Shawmut Bank--------- 202)4
1 1st National Bank of B oston-.265%
8 Hood Rubber, preferred--------- 8374
Bonds.
Percent.
S24 Eastern Mass. St. R y . scrip,
S I,000 Natural Abrasive Corp. 1st
1st pref. ser. A; $40 scrip,
& eoll. 7s, 1930: July 1921
common; S40 opt. warrant
coupon on ___________ _____ 10 flat
to purchase adj. stock— §8% lot

B y M essrs. W ise, H o b b s & A rn o ld , B o sto n :
Shares. Stocks.
S per sh.
32 Old Colony Woolen Mills, com ­
mon, §10 each----------------------- 3
1 Merrimac Chemical, §50 ea ch -- 69%
5 Fisk Rubber, 1st preferred------- 52%

Shares. Slocks.
S persh5 Gillette Safety Razor, ex-div_--137%
15 American Glue, com m on ............ 110
Bonds.
Percent.
§1,000 Central Vermont R R . 5s,’30 63%

B y M essrs. B arnes & L ofla n d , P hiladelphia:
N a t io n a l B a n k s .— T h e fo llo w in g in fo rm a tio n regardin g
n ation al bank s is fro m the o ffice o f the C o m p tro lle r o f the
C u rre n cy , T rea su ry D e p a rtm e n t:
A P P L IC A T IO N S

TO

O R G A N IZ E

R E C E IV E D .

Capital.
A ug.

8 — T h e C it iz e n s N a t i o n a l B a n k o f C la r k s d a le , M i s s __________S I 0 0 , 0 0 0
C o rre sp o n d e n t, J . S . L o v e , G re e n w o o d , M is s .
T h e N a t i o n a l B a n k o f L u r a y , V a ______________________________
3 0 ,0 0 0
C o r r e s p o n d e n t , J S . P r ic e , L u r a y , V a .
A u g . 11 — T h e F ir s t N a t i o n a l B a n k o f Q u in c y , C a l i f _________________
5 0 ,0 0 0
C o r r e s p o n d e n t , M . C . K e r r , Q u in c y , C a l i f .
A u g . 12— T h e U n io n N a t i o n a l B a n k o f M a r q u e t t e , M i c h ___________ 1 0 0 , 0 0 0
C o r r e s p o n d e n t , F r a n k J . J e n n is o n , M a r q u e t t e , M i c h .
A u g . 1 3 — T h e P o q u o s o n N a t i o n a l B a n k o f O d d , V a _________________
2 5 ,0 0 0
C o rre sp o n d e n t, S . R . C u r tis , L e e H a ll, V a .
T h e R i d g e fie ld N a t i o n a l B a n k , R i d g e fie ld , N . J __________
2 5 ,0 0 0
C o r r e s p o n d e n t , C a r l W . W r i g h t , R i d g e f i e ld , N
J.
A P P L IC A T IO N S
Aug.

TO

CONVERT

R E C E IV E D .

S— T h e M e r c a n t i le N a t i o n a l B a n k o f S a v a n n a h , G a ________ 3 0 0 , 0 0 0
C o n v e r s io n o f t h e M e r c a n t i le B a n k & T r u s t C o . o f
Savannah, G a.
C o rre sp o n d e n t, A . R a n z in , S a v a n n a h , G a .
F ir s t N a t i o n a l B a n k in H a r r im a n , T e n n ____________________ 1 0 0 , 0 0 0
C o n v e r s io n o f t h e F i r s t & M a n u f a c t u r e r s B a n k ,
H a r r im a n , T e n n .
C o r r e s p o n d e n t , N . G ile s C a r t e r , H a r r i m a n , T e n n .
A P P L IC A T IO N

TO

CONVERT

E X IS T E N C E

E XTE N D E D .

Until Close of Business.
5 ,9 4 5 — T h e R i d g w a y N a t i o n a l B a n k , R i d g w a y , P a ___________ A u g .
8 1941
6 , 0 7 4 — T h e F i r s t N a t i o n a l B a n k in P o r t A n g e le s , W a s h _____ A u g . 11 1 9 4 1
CORPORATE

E X IS T E N C E

R E -E X T E N D E D .

2 , 5 6 9 — T h e F i r s t N a t i o n a l B a n k o f M o o r e h e a d , M i n n ________ A u g . 1 2 1 9 4 1
VOLUNTARY

L IQ U ID A T IO N .

Capital.
A u g . 9— 9 , 4 5 6 T h e U n i t e d S t a t e s N a t i o n a l B a n k o f O w e n s b o r o , K y $ 2 5 0 , 0 0 0
E ffe c tiv e June 2 3 1921 .
L i q u id a t in g A g e n t s , D ir e c t o r s o f t h e U n i t e d S t a t e s N a t i o n a l
B a n k o f O w en sboro, K y .
A b so rb e d b y th e C e n tr a l T r u s t C o . o f O w e n sb o ro , K y .
C O N S O L ID A T IO N .
Aug

Bonds.
Per cent.
SI,000 Township of Wall, N . J.
Board of Educat’n 5s, 1939----- 89%
2.000 City of St. Petersburg, Fla.,
street 6s, 1934......... ................— 75%
300 Union Pass. R y . 2d ext.
4s, 1960________________________ 60%
5.000 United Gas & Elec. coll. s. f .
6s, ser. A. 1945________________ 64%
5.000 Chester Paper 1st 6s, 1928- - 77
5.000 Country Club of Atlantic
City 6s, 1939__________________ 25

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

R a ilr o a d s (S team ).

Erie & Pittsburgh (quar.)------------------- * 87 %c. Sept. 10 ♦Holders of rec. Aug. 31a
♦1% Sept. 1 ♦Holders of rec. Aug. 25
New Orleans Texas & Mexico (quar.) —

IS S U E D .

A u g . 1 0 — 1 2 , 0 0 3 , T h e S e c u r it y N a t i o n a l B a n k o f E d g e le y , N . D _ _
2 5 ,0 0 0
P r e s id e n t , J a m e s G r a d y ; C a s h i e r , G . F . P e t e r s o n .
A u g . 12 — 1 2 , 0 0 4 , T h e W e s t E n g le w o o d N a t i o n a l B a n k o f C h i c a g o ,
H I _______________________________•_________________________________ 2 0 0 , 0 0 0
P r e s id e n t , J o h n B a i n ; C a s h i e r , __________________
A u g . 1 3 — 1 2 . 0 0 5 , T h e F a r w e ll N a t i o n a l B a n k , F a r w e ll, T e x a s _____
2 5 ,0 0 0
P r e s id e n t , H . E . G u y ; C a s h ie r , J a s . R . M c D o w e l l .
CORPORATE

Shares. Stocks.
S per sh.
4 Central National B an k -.........518
1 Girard National B a n k ----------368%
1 Manayunlc Trust. $50 e a ch ._ 80%
20 Morris Plan of Philadelphia. 100

D I V ID E N D S .
D iv id e n d s are n ow g rou p ed in tw o separate tables. In the
first w e brin g tog eth er all the d ivid en d s an n ou n ced the cu r­
rent w eek . T h e n w e fo llo w w ith a secon d ta b le, in w h ich
w e show the d ivid en d s p rev iou sly an n ou n ced , b u t w h ich
h a v e n o t y e t been p a id .

APPROVED.

A u g . 1 2 — T h e P u r d y N a t i o n a l B a n k , P u r d y , M o ____________________
2 5 ,0 0 0
C o n v e r s io n o f t h e F a r m e r s & M e r c h a n t s B a n k o f P u r d y .
C o r r e sp o n d e n t, U . S . L a n e , P u r d y , M o .
CHARTERS

Shares. Stocks.
S per sh.
25 American Pulley, §50 each -- 30
8 Girard Iron W orks-------------- 75
1.000 U. S. Tungsten C orp----------356 Phila. Patrol & Dis., §10 ea.
2 )0 Desoto Placer M g., SI each.
200 Atlas Corporation, §1 each__
10 Dominion Copper, L td --------200 Mohave Gold M g., §1 e a ch .. ^$25
225 New Idea Tire, §10 each------1 lot
40 Tigerman Yearly Clock, S10
each--------------------------------1.000 Goldfield Bulldog M . Corp.,
§1 each------------------------- 2.000 Fairview-Aztec M g., SI each
100 New Utah Bingham Mining,
S2% each------------------------299 Empire Fdry. & Mach.,$10ea.

12— 4 , 0 7 2 T h e P a t e r s o n N a t i o n a l B a n k , P a t e r s o n , N . J _ . $ 3 0 0 , 0 0 0
a n d 1 1 ,9 7 9 T h e N a t i o n a l T r u s t B a n k o f P a t e r s o n , N . J ______ 3 0 0 , 0 0 0
C o n s o li d a t e d u n d e r p r o v is io n s o f A c t o f N o v . 7 1 9 1 8 , a n d u n d e r
c h a r te r a n d c o r p o r a te t it le o f “ T h e P a t e r s o n N a t i o n a l B a n k ”
( N o . 4 0 7 2 ) w i t h c a p i t a l________________________________________ 6 0 0 . 0 0 0

S tre e t a n d E le c tr ic R a ilw a y s.

Galveston-Houston Electric C o., pref—
Northern Texas Elec. Co., com. (quar.) _
Preferred------------------------------------------

3
2
3

M isce lla n e o u s.

Amer. Power & Light, com. (quar.)-----American Telephone <fc Telegraph (quar.)
Amer. Window Glass C o., pref-------------Boott Mills, Com. & prel. (quar.)------Brandram-Henderson, Ltd., com. (qu .)British-American Tobacco, ordinary-----Carter (William) C o., preferred (quar.)_
Chesebrough M fg., pref. (quar.)----------Cities Service—

1
2%
3%
1%
*1%
4
1%
*1%

|*g %
Common (payable in scrip)--------*s/l Vi
Pref. & pref. B (mthly.) (pay. in scrip) *g %
*2
Continental Oii (quar.)----------------------Crucible Steel, preferred (quar.)------ - 1%
Cuban American Sugar, pref. (quar.)
1%
♦1%
Decker (Alfred) & Cohn, Inc., pf. (qu.)
Dominion Iron & Steel, pref. (quar.
1%
♦1 %
Fair ban ks-Morse C o ., pref. (quar.)
1
Federal Mining & Smelting, pref. (quar
0
Grafton Co. E. L A P . , com. (quar.)
*>
Preferred (q u a r.)------ ------------------ ♦cHAi
Graton & Knight M fg.. pref. (quar.)

S e p t.15 Holders of rec. Sept. 1
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 20
Sept.
Oct
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

1
to
1
1

1

30
15
30

Holders
Holders
Aug. 25
Holders
♦Holders
Holders
Holders
♦Holders

of rec. Aug.
of rec. Sept
to
Aug.
of rec. Aug.
of rec. Aug.
of coup No
of rec. Sept
of rec. Sept

Oct. 1 ♦Holders of tec. Sept
G et. 1 ♦Holders of rec. Sept
Oct. 1 ♦Holders of rec. Sept
S e p t.15 ♦Holders ot rec. Aug
Sept. 30 Holders of rec. Sept
Oct. 1 Holders of rec. Sept
Sept. 1 ♦Holdeis of rec. vug
Oct. l Sept 20 to Oct
Sept. 1 ♦Aug 20 to Aug 31
St pt 15 Holders Of veo Aug
Aug 29 Holders of rec Vug
Sept. 1 Holders ov vee Aug

♦ Holders of ivc

22
20a

31
20
1
S 7p

9
14

15
15
15
25
15a
10a
20

1

26
29a
19a
Aug 15

A ug. 20 1921.
Name o f Company.

THE
When
Per
Coni. Payable

MisoolIn n e o n s (Concluded).
H artford W ater (q u a r.). .
1
H oy w ood W akefloid Oo.
*2 \/
.First and second preferred.... ...... .......+1 a.;
H ood R ubber, preferred (quar.).
International <'ptJton M ills, pn f. (quar
1H
* I '.ij
International Salt (qunr.)
...
Hi|ll'
K resgc (S. B.) C o ., preferred (q u a r.). M u ckay Companies, com . (q u a r .).......*1 Ml
*1
Preferred (qjiar.
M ascom a Pow er & I it., com . Ac pf
1K
2K
'Mermenthaler Linotype (q u a r .)-- - 1A
M ontreal ( 'otton.s, com m on (q u a r.)___
Preferred (quar.). .
-------- ---------ik
N ational Sugar Refining (q u a r .)_____
IK
3
N ational Surety (q u a r .) ........
N ational Transit (extra)......... ...... ......
♦SI
Nebraska Power, preferred (quar.) lH
New York Air Brake (qu a r,)- *ol K
O gllvic Flour M ins, preferred (quar.)
1H
Pennsylvania W ater & Pow er (q u a r .).
l"H
Procter & Gam ble 6 % pref. (quar.)
1K
SOc.
R a n d M ines, Ltd
R epublic Iron A Steel, preferred (quar.)
IK
2
St. M aurice Paper, L td . (quar.)
San Joaquin Light A- Pow er pref.(quar
1A
Prior preferred (q u a r .)______________
IK
Standard Oil of N . J., com . (q u a r.)___ *S1.25
Preferred (q u a r.)_____ ______________
Swift & C o. (quar.)
*2
T lm k en -D etroit Axel, preferred (quar.)
*i H
0
Union Hag & Paper C orp. (q u a r.)_____
U . S. E nvelope, new c o m m o n ._______
*4
U .S . Industrial A lcoh ol, com . (q u a r .). _
1
*2
V ictor M onaghan C o ., com . (q u a r .)__
W altham Bleachery & D y e W o r k s .____
5
W elch Grape Juice, preferred (quar.)__
IK
*$1
W hite M o to r (q u a r.)__________________
W ilm ington Gas, preferred__ ________
3

Aug. ,21)

C H R O N IC L E

Hook v Closed.
Days Inclusive.

Name o f Company.

H olders of roc A ug. 20a

Sept;.
Sept.
Sept.
O ct.
O ct.
O ct.
Ocb.
Sept.
Sept. 30
Sept. 15

♦1Ini (lorn of roc Aug. 20
♦I loldors of roc Aug. ')
i loldors of rec Aug. 23
♦Holders ol rec Hept 15
1loldors or rec Bopt ir>
♦i loldors ol rec Hept 7
11loldors of rec Bopt 7
Holders Of red. Aug. 19
Holders Of rec Hept 6a
Holders ol rec Aug. 31
i loldors Of rec Aug. 31
O ct
Holders Of rec Hept. 10
Oct
Holders of roe Hept. 20a
* Holders of ree Aug. 31
Sept
ih id era cf 100 Aug. 20
Sept
♦Holders of roc Sept. 1
Sept
H olders of rec •\ug. 22
O ct.
H olders of re c. Bopt. 16
Sept
11olders of roc. Aug. 25a
Aug. 24 ! Iolders of rec. AUg. 19 a
O ct.
1 Holders of ree Be pi 16a
Aug. 31 Holders of r e c . A ug. 24
H olders of ree A u g . 31
H old eis or ree Aug. 31
Sept. 1
Hold eis of ree Aug. 26
S e p t .1 ♦Holders of rec. Aug. 26
O ct.
♦Holders of re c. Sept. 10
Sept.
♦Holders of rec A ug. 20
Sept. 15 H olders of rec. Sept. 3
Sept. 1
Sept. 15 Holders of rec. A u g. 31
Sept. 1
Sept, 1 H olders of rec. A ug. 15
Aug. 31 H olders of rec A ug. 20
Sept. 30 ♦Holders of rec Sept 15
Sept, l A u g. 21
to
A ug. 31

B e lo w w e g iv e th e d iv id e n d s a n n o u n c e d in p r e v io u s w e e k s
a n d n o t y e t p a id .
T h is list does not in c lu d e d iv id e n d s
a n n o u n c e d th is w e e k .
Nam e o f Company.
R a ilr o a d s (S te a m )Atchison T opek a & Santa Fe, com . (qu .)
Baltim ore & Ohio, preferred____________
Canadian Pacific, com . (q u a r.)_________
P re ferred _____________________ ________
C hestnut H ill (q u a r.)___________ ________
Cleveland & Pittsburgh, spec. guar, (qu.)
R egula ■guaranteed (q u a r.)___________
C ripple Creek Central, pref. (q u a r.)____
D elaw are & B ound B rook (qu ar. ) ________
Delaware & H udson C o. (q u a r.)_________
D el. Lack. & W est, (payable in s to ck )__
Illinois Central (q u a r.)__________________
N orfolk & W estern, com m on (q u a r.)___
N orth Pennsylvania (q u a r.)____________
Pennsylvania (q u a r.)_____ ______________
Phila. Germ antow n & N orristow n (q u .).
P ittsb. & W est V a., pref. (q u a r.)_______
Pittsb. Y oungst. <fc Ash., pref. (quar.)__
R eading C o ., first preferred (q u a r.)____
Southern P acific (q u a r.)_______________ _
U nion Pacific, com m on (q u a r.)_________
P referred __________________________ . . .
S tre e t a n d E le c tr ic R a ilw a y s .
Central A rk. R y . & L t., pref. (qu ar.)_.
D etroit U nited R y . (pay. in s to ck )____
N orthern Ohio T rac. & L t ., pref. (qu .)
Philadelphia C o .. 5 % pref. (q u a r.)____
W est Penn R y s ., pref. (q u a r.)________
T r u s t C o m p a n ie s .
Lawyers T itle & T ru st (q u a r.).

Per
Cent.

When
Payable

Books Closed.
Days Inclusive,

IK

Sept. 1
Sept. 1
O ct.
1
O ct.
1
Sept. 6
Sept . 1
Sept. 1
Sept. 1
A ug. 20
S e p t .20
A u g. 20
Sept. 1
Sept. 19
A u g. 25
A u g. 31
Sept. 6
A ug. 31
Sept. 1
Sept. S
O ct. 1
O ct.
1
O ct. 1

H olders of rec. July 29a
H olders of rec. July 30a
H olders o f rec. Sept, la
H olders of rec. Sept. 1
A ug. 21
Sept. 5
to
Holders o f rec. A u g. 10a
H olders o f rec. A u g. 10a
Holders of rec. A u g. 15a
A u g. 13
A ug. 19
to
H olders of rec. A u g. 27a
Holders of rec. Aug.ra8a
H olders of rec. A u g . 5a
Holders of rec. A u g. 31a
A ug. 11
A ug. 19
to
H olders of rec. A ug. la
A ug. 21
Sept. 5
to
H olders of rec. A u g. la
Holders of rec. A u g. 20a
H olders of rec. A ug. 23a
H olders o f rec. A ug. 31a
H olders of rec. Sept, la
H olders of rec. Sept, la

2

2 y2
2
75c.
50c.
S7H c
1

2
2K
el 00

IK
IK
SI
50c.
S 1.50

IK
IK

50c.

IK
2K
2

Sept. 1
Sept. 1
I K O ct. 1
S I .25 Sept. 1
I K S e p t .15

IK

e2 y2

IK

O ct.

H olders
H olders
H olders
H olders
H olders

1 Sept. 16

of
of
of
of
of

rec.
rec.
rec.
rec.
rec.

A u g.
A u g.
Sept.
A ug.
Sept.

15a
16a
15a
10a
1

to

O ct.

2

M is ce lla n e o u s .
A cm e Tea, 1st pref. (q u a r.)______________
I K Sept. 1 H olders of rec. A u g. 20a
American A rt W orks, com . & pref. (qu.)
1 K Oct. 15 H olders of rec. Sept. 30
Am erican Bank N ote, pref. (q u a r.)_____
I K O ct. 1 H olders of rec. Sept. 15a
Am erican Beet Sugar, pref. (q u a r.)_____
I K O ct. 3 H olders o f rec. Sept. 10a
Am erican L ocom otive, com m on (q u a r.).
I K Sept. 30 H olders o f rec. Sept. 13a
Preferred (q u a r .)_____________________
1 K Sept. 30 Holders of rec. Sept. 13a
American R adiator, com m on (q u a r.)___ SI
Sept. 30 H olders o f rec. Sept. 15a
A m er. Sm elt. Ac R e fg ., pref. (q u a r.)____ *1 M Sept. 1 ♦Aug. 16
to
A u g. 25
Am erican Sugar R efining, pref. (quar.)_
1 K Oct. 3 H olders of rec. Sept, la
Am erican Sumatra T o b a c co , p r e f_ l____
3 A Sept. 1 H olders of rec. A u g. 15a
Am erican Telegraph Ac Cable (q u a r.)____ *1 K Sept. 1 * Holders of rec. A u g. 31
A m er T ob a cco , com . & com . B (quar.)_
S ep t. 1 H olders of rec. A ug. 10a
3
A rt M etal C on stru ction _________________
10c. A ug. 31 H olders of rec. July 8a
A ssociated D ry G oods, 1st pref. (quar.) _
I K Sept. 1 Holders of rec. A u g. 13a
Second preferred (q u a r.)______________
1H Sept. 1 H olders of rec. A ug. 13c
A tlantic R efining, com m on (q u a r.)_____
5
S ep t. 15 H olders of rec. A ug. 22a
Atlas Powder, com m on (q u a r.)_________
3
S e p t. 10 Sept. 1 to
vSept. 9
Auxiliary Fire Alarm & T el., pref. (quar.) *2M Sept. 1 ♦Holders of rec. A u g. 25
B elding-C orticelll, L td ., pref. (quar.)___
1 K S e p t. 15 H olders of rec. Sept, l
Bethlehem Steel, com m on (q u a r.)______
I K Oct. 1 H olders of rec. Sept. 15a
C om m on B (q u a r.)____________________
I K O ct. 1 Holders of rec. Sept. 15a
Eight per cent cum . con v . pref. (quar.)
2
O ct. 1 H olders of rec. Sept. 15a
Seven per cent non-cum . pref. (quar.) _
I K Oct. 1 H olders o f rec. g ep t. 15a
Borden C o ., preferred (q u a r.)___________
1 K S e p t. 15 H olders of rec. Sept, la
Preferred (q u a r.)_____________________
1 K Dec. 15 Holders of rec. D e c . la
B rooklyn Edison (q u a r.)________________
2
Sept. 1 Holders of rec. A u g. 19a
B u ck eye P ipe Line (q u a r.)______________
$2
Sept. 15 H olders of rec. A u g. 23
B y-P rodu cts C oke C orp.. com . (quar.)_ *75c. A ug. 20 ♦Holders of rec. A u g. 5
California Packing C o ., com . (q u a r.)____ *8 1.50 Sept. 15 ♦Holders o f rec. A u g. 31
Cities Service—
C om m on (rnonthly( payable in scrip ).
OK S e p t. 1 H olders of rec. Aug . 15
C om m on (payable in scrip )___________ O IK
Sept. 1 H olders o f rec. Aug A 15
Pref. Ac pref. B (m thly.) (pay. in scrip)
OK Sept. 1 H olders of rec. Aug . 15
Cleveland i)lec. Ilium ., 8 % pref. (quar.)
2
Sept. 1 H olders of rec. Aug . 15a
C olorado Fuel & Iron, pref. (q u a r.)_____
2
A ug. 25 H olders of rec. A ug.. 5 a
C onnecticut Power, pref. (q u a r .)______
I K S e p t. 1 Holders of rec. Aug.. 20
Consolidated Cigar, pref. (q u a r.)_______
I K Sept. 1 Holders o f rec. A ug. 15a
Cosden Ac C o ., pref. (q u a r.)____________
8Mc. Sept. 1 H aiders of rec. A ug. 15a
Crane C o ., com . (q u a r.)__
* I K Sept. 15 ♦Holders o f rec. S e p t. 1
Preferred (q u a r.)___________ _______
* I K Sept. 15 ♦Holders of. rec. S e p t. 1
Crescent Pipe Line (q u a r .).... .......... ........ 75c. Sept. 15 Aug. 27
Sept. 15
to
Crows N est Pass Coal (quar.)_
I K S e p t. 1 H olders o f rec. Aug. 13
D avis M ills (quar.) _______________
* I K Sept. 24 ♦Holders of rec. Sept. 10
D a voll M ills (q u a r.)____________________
1 ♦Holders of rec. Sept. 24
*1 K Oct.
D eere & C o ., preferred (q u a r.)__________
I K Sept. 1 H olders of rec. A ug. 15a
d a r n on d M atch (q u ar. ) _____
2
Sept. 15 H olders o f rec. A ug. 31a
/ dominion Oil (mon thly)
1
Sept. 1 H olders of rec. A ug. 10
Eastman K od ak , com m on (quar.)
2 ^ O ct.
1 H olders of rec. A ug. 31a
C om m on (extra) _____________________
1 Holders o f rec. A ug. 31a
2‘K O ct.
C om m on (extra) ........... ...... .......... ........
5
N ov. 1 Holders of rec. Sept. 30a
Preferred ( q u a r .)...... .......................
I K O ct. 1 Holders of rec. A ug. 31a
KJseniohr (O tto) fa. Bros., Joe., pref.(qu.)
1 Holders of rec. Sept. 20
I K Oct.
E lectric Investment C orp ., pref. (quar.)
I K Aug. 22 Holders o f rec. A ug. 12a
E lec. Storage Battery, com . Ac pref. (qu.)
3
1 Holders o f rec. Sept. 12a
Oct.
Elk Horn f oal C orp., pref. (q u a r.)_
75c. Sept. JO Holders of rec. Sept. Ja
Preferred (qtiar.)
75c. D ec. 10 Holders of rec. D ec. la
Federal Utilities, preferred (quar.)
I K Sept. 1 Holders o f rec. Aug. 16

M l.sndlstnoous (Concluded).
General Asphalt, preferred (quar.)
General Cigar, pref. (quar.)
Debenture preferred (quar.)
<; iiim to Ilafot v R azor (quai )
Goodrleh (it. F.) G o., pref. (quar.)
G reat Atlantic fa. Pacific l ea, com . (qu.)
Preferred (quar.)
Greenfield T a p <V. Die, prof. (q u a r.)-_
Ilarblson-W alker Rofraei ., com . (quar.)
Preferred (quar.)
I lari, Schaffnor & M arx, com m on (qu.)
Hart, Schaffnor fa M arx, Inc , pf. (qu.)
Hartman C orporation (quar.)
Ha Roll a Barker Cai (quar.)
IIomcHtako M ining (m onthly)
Imperial T o b a cco o f G t. Br. Ac. Ire., ord
l nland Steel (quar.)
in tern at. Harvester, pref. (quar.)_
Lake o f the W oods M illing, com . (qu.)
Preferred (quar.)
Lancaster M ills, com m on (quar.) .
Lanston M on otype M ach in e (qu a r.).
Lee R ubber fa T ire C orp. (quar.) _
Lehigh Coal Ac N avigation (quar.)
IJggott& M yersT ob., com .& corn.B . (q u .)
Lit Brothers C orp ora tion . ....... .......... ..
Extra
Ludlow M fg. Associates (quar.) __
Special
____ __
M ahoning Investm ent (q u a r .)_ _ _______
M anhattan Shirt, corn, (q u a r.)..... ...........
M artin-Parry Corp. (q u a r.)____________
M ason Tire Ac R u bb er, pref. (q u a r.)____
M a y D epartm en t Stores, co m . (qu ar.) __
Preferred (q u a r.)_____________________
M ayer (Oscar C .) & C o ., In c., 1st p f.(q u .
Second preferred (q u a r.)______________
M cC rory Stores C orp ., com . (q u a r.)___
M errim ack M fg . com . (q u a r.)__________
P referred _____________________________
M ichigan Stamping, pref. (q u a r.)______
N ational Biscuit com m on ( q u a r .) ______
Preferred (q u a r.)_____________________
N ational C andy, com m o n _______________
First and second preferred____________
N ational Cloak Ac Suit, pref. (q u a r.)____
N at. Enameling & Stamping
C om m on (qu a r.)______________________
C om m on (q u a r.)______________________
Preferred (q u a r.)_____________________
Preferred (q u a r.)_____________________
N ational Lead, com . (q u a r.)____________
Preferred (q u a r.)_____________________
Newmarket M anufacturing (q u a r.)_____
N ew R iver C o ., pref. (acct. accu m . d iv .)
N ew Y ork Shipbuilding (q u a r.)_________
N iles-B em ent-Pond C o ., com . ( q u . ) ____
Preferred (q u a r.)_____________________
Ontario Steel P roducts, pref. (quar.)_
Preferred (q u a r.)___________________
Preferred (q u a r.)___________________
Package M achinery, com . (q u a r.)____
Peerless Truck & M o to r, com . (quar.)
C om m on (q u a r.)____________________
Philadelphia E lectric, com . (q u a r.)___
Preferred (quar. ) ____ ______________
Pittsburgh Steel, pref. (q u a r.)________
Pratt & W h itn ey C o ., p r e f.___________
Pressed Steel Car, pref. (q u a r.)______
Pure Oil, com . (q u a r.)________________
Quaker Oats, preferred (q u a r.)______
Ranger-Texas Oil (m o n th ly )_________
R ochester Gas Ac E lectric, 5% p f. (qu .)_
Seven per cent pref., series B (quar.)_
Sharp M anufacturing (q u a r.)__________
Sherwin-Williams C o ., pref. (q u a r.)____
Sinclair Cons. Oil, pref. (q u a r .)_______
Sloss-Sheffield Steel & Iron, pref. (q u .)Southern Pipe Line (q u a r.)___________
Southwestern Pow er & Light, pref. (qu.)
Spalding (A . G .) & B ros., 1st pref. (qu .)_
Standard Gas & E lec., pref. (q u a r.)____
Standard M illing, com . (q u a r.)_________
Preferred (q u a r.)_____________________
Standard Oil (California) (q u a r.)________
Standard Oil (Indiana) (q u a r.)_________
Standard Oil (Kansas) (q u a r.)__________
E x t r a _________________________________
Standard Oil of N . Y . (q u a r.)___________
Standard Oil (Ohio) (q u a r.)_____________
E x t r a ____ ____________________________
Stern B ros., pref. (q u a r.)_______________
Preferred (payable in pref. s to c k )____
Studebaker C orp ., com . Ac pref. (quar.)_
Swift International______________________
Swift International______________________
Texas Chief Oil (m o n th ly )______________
Thom pson-Starrett C o ., p ref___________
Underwood T ypew riter, com . (q u a r.)___
Preferred ( q u a r .) _____________________
Union Tank Car, com . and pref. (quar.) _
U nited Cigar Stores o f A m ., com .(m th ly)
Preferred (q u a r.)_____________________
U nited Gas Im p t., pref. ( a u a r .) ________
U . S. G ypsum , com . & pref. (q u a r .)_____
U . S . Steel C orp ., com . (q u a r.)_________
Preferred (q u a r.)_____________________
V alvoline O il____________________________
V an R aalte C o ., 1st & 2d pref. (qu ar.)__
W ahl C o ., pref. (q u a r.)_________________
Preferred (q u a r.)_____________________
W am sutta M ills (q u a r.)_________________
W hite (J. G .) Engineering C orp ., p f.(q u )
W hite (J. G .) & C o ., I n c ., pref. (q u a r.).
W hite (J. G .) M anage’ t C o rp ., pf. (qu.)
W oods M fg .(q u a r .)_____________________
W oolw orth (F . W .) C o ., com m on (quar.)
W ool worth (F . W .) C o ., pref. (qu ar.)_ _
oW rigloy (W m .) Jr. C o ., com . (m th ly .)_
o P r e f o r r o d ( q u a r . ) _____
W right Aeronautical C orp. (N o, !)_ _ _

823
Per
When
Cent. Payable.

Hooks Closed.
Days Inclusive.

H i Hept. 1 1 Holders of roc.
J K Hept. J HoldcrM of rec.
J IfoklerH of rec.
I K O ct.
v
'/
«J>i>
Kept. J Holder* of rec.
1 Holder* of rec.
I K O ct.
♦26c. Hept. 16 ♦Holder* of rec,
*1 K Hept. 1 ♦Holder* of rec.
2
OCt.
1 11older* of rec.
1 'A Hept. ) Holder* of rec.
1 a O ct. 20 I folder* of rev
1
Aug. 31 Holder* of rec.
* 1 K Hept. 30 ♦Holder* of rec.
i H Hept. J Holder* o f rec.
$i
O ct.
J Holder* of ree
26c, A ug. 26 Holder* of rec.
♦5
Hept. 1
♦25c. Sept. I ♦Holder* of rec.
I K Sept. J Holder* of rec.
Sept. I Holder* of rec.
3
I K Sept. I H olders of rec.
2 A Sept, i Holder* of rec.
1A Aug. 31 Holder* o f roc.
5 0 c. S e p t. 1 H olders o f rec.
Aug. 31 Holder* o f rec.
$1
Sept. J Holder* o f rec.
3
5 0 c. Aug. 20 A ug. 10
to
25c. A ug. 20
, '. JO to
81.50 S e p t. I Holder* o f rec.
SI
Sept, i Holder* o f rec.
81.50 Sept. 1 H older* of rec.
43 K Sept, l Holder* o f rec.
50c. Sept, l Holder* of rec.
I K A ug. 20 H olders of rec.
2
Sept. I H old eis of rec.
1 H olders o f rec.
I K O ct.
I K Sept. 1 Holders o f rec.
Sept. 1 Holder* o f rec.
2
♦1
Sept. 15 ♦Holders of rec.
Sept. 1 H olders of rec.
2
23^ Sept. 1 H olders of rec.
I K Sept. 1 H olders o f rec.
I K O ct. 15 H olders o f rec.
I K A ug. 31 H olders of rec.
4
to
Sept. 7 A u g. 17
to
33^ Sept. 7 A ug. 17
I K Sept. 1 H olders of rec.

A ug. 16a
Aug. 26a
Bopt, 24a
July 30
Hept. 21a
Aug JH
A ug. 18
Hept. 16
Aug 20a
<let 1Oa
A ug. 20a
Sept. 20
A ug. 18a
Hept, J.6a
A ug. 20a
A ug. 10
A ug. 10a
A ug. 20
A ug. 20
A u g. 24
A ug. 20a
A ug. J5
July 30a
A u g. 16a
A ug. 19
AUg 1')
A ug. 3
A ug. 3
A ug. 22
A ug. 15a
A u g. 15a
June 30
A u g. 16a
Sept. 15a
A u g. 20
A u g. 20
Sept. 1
July 29
July 29
A u g. 15a
Sept. 30a
A u g. 17a
A u g. 23
A u g .,23
A u g. 23a

A ug. 31 H olders of rec. A u g. 11a
N o v . 30 H olders o f reo. N o v . 10a
Sept. 30 H olders of reo. Sept. 10a
D e c . 31 H olders of rec. D eo. 10a
I K Sept. 30 H olders of rec. Sept. 9a
I K Sept. 15 H olders of rec. A u g. 19a
2 K A u g. 15 H olders o f rec. A u g. 9a
h * iy 2 Sept. 1 ♦Holders of rec. A u g. 20
Sept. 1 H olders of rec. A u g. 12a
n
S e p t .30 H olders o f rec. Sept, la
1
I K A ug. 20 H olders of rec. A u g . 3a
I K N o v . 15 H olders o f rec. O ct. 31
I K Feb.l5rc H olders of rec. Jan. 3 In
I K M a y l5 n H olders of rec. A p r. 29n
*50c. Sept. 1 ♦Holders of rec. A u g. 20
50c. S e p t .30 H olders of rec. Sept. 1-;
50c. D e c .-31 H olders o ' rec. D e c . l
43M c S e p t .15 H olders of rec. A u g. 19a
50c. Sept. 15 H olders of rec. A u g. 19a
I K Sept. 1 H olders of rec. A u g. 15
I K A u g. 20 H olders of rec. A u g. 3a
I K A ug. 30 H olders of rec. A u g. 9
50c Sept. 1 H olders of rec. A u g. 15a
I K A u g. 31 H olders of rec. A u g. la
Sept. 1 H olders of rec. A u g. 15
1
Sept. 1 H olders of rec. A ug. 16a
ik
I K Sept. 1 H olders of rec. A u g. 16
A u g. 22 H olders of rec. July 30a
2
* 1 K Sept. 1 ♦Holders of rec. A u g. 15
A u g. 31 H olders o f rec. A u g. 15a
2
* I K O ct. 1 ♦Holders o f rec. Sept. 17
S e p t. 1 H olders of rec. A u g. 15
2
I K Sept. 1 H olders of rec. A u g. 13
I K Sept. 1 H olders o f rec. A u g . 18a
*2
S e p t .15 ♦Holders o f rec. A u g. 31
2
A ug. 31 H olders o f rec. A u g. 20a
I K A u g. 31 H olders of rec. A u g. 20a
Sept. 15 H olders o f rec. A u g. 20a
SI
Sept. 15 ♦Holders o f rec. A u g. 17
♦SI
Sept. 15 H olders of rec. A u g. 31a
3
S e p t .15 H olders o f rec. A u g . 31a
3
4
Sept. 15 H olders of rec. A u g. 26a
♦Holders of rec. A ug. 26
O ct.
♦3
♦Holders of rec. A u g. 26
O ct.
*1
H olders of rec. A u g. 26a
I K Sept.
H olders of rec. A ug J 26a
r33M Sept.
H olders of rec. A u g. 10a
I K Sept.
5 1 .20 A ug. 23 H olders of rec. July 23a
51.20 Feb .2 In H olders of rec. Jan.n21a
H olders of rec. A u g. 5
I K Sept.
4
H olders o f rec. Sept. 20a
O ct.
H olders of rec. Sept. 3a
2 K O ct.
H olders of rec. Sept. 3a
I K O ct.
H olders of rec. A u g . 5a
I K Sept.
I K A u g. 29 H olders of rec. A u g. 17a
I K Sept. 15 H olders of rec. A u g. 31a
8 7 K c Sept. 15 H olders af rec. A u g. 31a
* 1 K Sept. 30 ♦Holders of rec. Sept. 15
I K Sept. 29 A ug. 30 to A u g. 31
A u g. 2
I K A ug. 30
2 K Sept. 15 H olders o f rec. Sept. 8
I K Sept. 1 H olders of rec. A u g. 18a
O ct. 1 ♦Holders o f rec. S e p t .22
♦SI
1 ♦Holders of rec. Sept. 22
* 1 K O ct.
2
S e p t .15 H olders of rec. A ug. 9
H olders of rec. A u g. 15
■ I K Sept.
H olders o f rec. A u g. 15
I K Sept.
H olders of rec. A ug. 15
I K Sept.
H olders of rec. A u g. 25
2
Sept.
H olders of rec. A u g .1 0 a
2
Sept.
H olders of rec. Sept. 10a
I K O ct.
H olders of rec. A ug. 25
SOc. S e p t.
H olders of rec. Sept. 25
I K O ct.
25c. A ug. 31 H olders of rec. A ug. 17a
IK
IK
IK
IK

♦ From unofficial sources. X T h e N ew Y ork Stock Exchange has ruled that stock
will not be quoted ex-dlvldend on this date and not until further notice, a Transfer
books n ot closed for this dividend, b Less British incom e tax. d C orrection.
e Payable In stock . /P a y a b le in com m on stock , o Payable In scrip, h On a c ­
count of accum ulated dividends, i Payable In Liberty or v icto ry Loan bonds,
m N . Y . Stock Exchange has ruled th at D el. L ack . & W est, be not quoted ex the
100% stock dividend on A u g. 8 and n ot until further notice, n 1922.
0 D ividends of 60c. a m onth declared on com m on stock , payable on the first day
o f each m onth to holders o f record on the 25th day o f the m onth preceding date of
paym ent. Also three quarterly dividends o f 1 K .% each on the preferred sto ck ,
payable July 1, O ct. 1 and Jan. 1 1922 to holders o f record June 2 5,3 ept. 25 and
D ec. 25. respectively.
V T iansfers received In order In London on or before Sept. 10 will be In time for
paym ent of dividend to transferee.
1 New York Stock Exchange has ruled that Stern Bros. prof, be not quoted ex the
ZZK% stock dividend on A ug. 26 and n ot until Sept. 2.
r Payable In preferred stock .

824

THE

Transactions at the New York Stock Exchange daily,
weekly and yearly.— B r o u g h t fo r w a r d fr o m page 8 2 8 .
Week ending

tar Value.

Shares.
Saturday
Monda

1 2 $ ,6 10
3 1 4 .5 3 t
4 5 2 ,7 5 0
46
4 0 5 ,7 5 0
4 2 1 .2 2 0

$ 1 0 0 4 6 ,0 0 0
3 0 ,2 2 8 .7 0 0
3 *. 3 4 0 ,0 0 0
3 5 ,8 4 ; ,2 0 0
3 2 ,1 6 3 ,5 0 0
3 4 .8 1 $ , 167

$ 8 6 0 ,0 0 0
1 ,2 9 3 .0 0 0
2 .6 7 9 .0 0 0
2.0 49 0 0 0
2 ,6 8 9 .0 0 0
2 .8 2 2 50 0

2 .2 3 5 .6 5 4 $ 1 7 8 ,5 0 8 ,5 6 7

$ 4 2 ,3 9 2 ,5 0 0

.

Wednesday
Thursday
F r id a

o . „

.....

Slate, Mun
A Portion
bonds.

Railroad,
Ac.,
Bonds.

Stocks.

J a n . 19 1921

Week ending August

Sales at
New York Stock
Exchange.

1921.

2 ,2 3 5 ,6 5 4
2 ,0 1 2 ,6 8 9
$ 1 7 8 ,5 0 8 ,5 6 7 $ 1 7 0 ,0 8 8 ,9 0 0
. . 4. - .

.S to cks— N o . s h a re s
P a r v a lu e
B a n k s h a re s , p a r.

Bonds.

$ 2 ,1 7 8 ,0 0 0
4 ,1 6 7 ,0 0 0
3 ,2 7 6 .0 0 0
6 .0 2 1 0 0 0
S »•
3 ,6 42 ,4 0 0

1

to August

1921.

1920-

BOSTON ( L E A K IN G HOUSE M E M B E R S .

8 5 ,1 2 6 ,5 0 0 $ 2 4 ,8 5 1 ,4 0 0

Jan.

19.

19.

1920.

1 4 7 ,8 1 0 ,6 1 9
1 0 9 .3 5 1 ,0 1 7
8 8 ,1 7 1 ,8 0 1 .5 2 6 $ 1 3 ,0 3 9 ,0 0 5 ,2 7 5
$ 1 .4 0 0

0

G o v e rn m en t b o nd s.
S ta t e , m u n ., A t ., b o m b
R R . a n d u ila c b o n d s

$2 4 .8 5 1 ,4 0 0
5 ,4 2 6 ,5 0 0
1 2 .3 9 2 ,5 0 0

$3 L, 9 5 7 .7 0 0
3 ,3 0 5 ,0 0 0
1 0 ,4 6 6 ,5 0 0

$ 1 ,1 7 5 ,3 7 7 ,0 1 0
1 9 1 ,1 9 7 ,4 0 0
5 7 3 ,4 4 8 ,1 0 0

$ 1 ,8 5 2 ,1 8 3 .7 0 0
2 2 9 ,2 3 3 ,0 0 0
3 7 4 ,8 9 7 ,0 0 0

T o t a l b o n d s ___ _______

4 2 ,3 7 0 ,4 0 0

$ 4 5 ,7 2 9 ,2 0 0

$ 1 ,9 4 0 ,0 2 2 ,5 1 0

$ 2 ,4 5 6 ,3 1 3 ,7 0 0

D A IL Y T R A N S A C T IO N S A T T H E B O STO N , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S

Shares

Saturday - - - - .
M onday _ Tuesday
------Wednesday ____
T h u rsd a y -- ___
Friday ___________
T ota l________

-

Shares

Bond Sales

698
3,851
1,991
2,595
3,458
797

$24,900
10,800
33,400
44,000
27.050
21,000

1.655
3,196
8,518
7,764
13,368
8,308
42,809

13,390

$161,150

AND

Bond Sales
$28,600
60,100
67,100
46.000
21,500
19,200
$242,500

Bond Sales

Shares
101
338
367
517
203
58

$11,000
27,500
20,000
23,300
17,800
16,000

1,584

$115,600

R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G
HOUSE.
(Staled in thousands of dollars—that Is, three ciphers [000 omUted.)

Net L oans,
Net
Net
Reserve
N afl
Capital. Profits . Dis­
C L E A R IN G
with Demand Time
counts, Cash
Bank
N O N -M E M B E R S
De­
Legal
Circu­
in
De­
NaP.bks.June30 In v est­
S ta te ” June30 ments, Vault. Deposi­ posits. posits . lation.
W eek e n d in g
tories.
&£.
T r. cos. June 30
A u g . 13 1921.

T otal___________
S ta te B anks
Not Members o f the
Feder'l Reserve Bank
Bank of Wash Hts.
Colonial B ank____
T o t a l ... ______
T r u s t C om p an ies
Not Members o f the
Feder'l Reserve Bank
M echanics Tr, Ray ,

Average Average A cerage Average Average A verage
$
1,500
200
500
200

$
$
1,443 11,570
770 10,594
1,032
5,525
754 16,933

2,400

4,001 44,622

$

169
196
44
550

$
1.331
1,407
586
1,509

$
9,174
9,797
3,200
8,772

121
349
1,294
8,750

189
____
___
—

959

4,833

30,943

10,514

189

$

$

100
600

433 3,557
1,691 16,303

460
2,099

222
1,435

3,710
17,213

700

2,125 19.S60

2,559

1.657

20,923

30

30
—

200

530

9.446

343

277

3,959

5,530

200

530

9,446

343

277

3,959

5,530

Grand a ggregate..
3,300
Comparison previo us week

6,656 73,928
—
— 602

3,861
4-60

6,767 a55,825 16,074
— 341
+ 208
+ 35

G r’ d
G r’d
G r’d
G r’d

6,656
6,656
6.656
6.681

3,801
3,984
3,861
4.222

6,559
6,559
6,781
6,967

T ota l. ________

aggr.
aggr.
aggr.
aggr.

July 30
July 23
July 16
July 9

3,300
3,300
3,300
3.300

74.530
73.866
74,382
74,712

a56,166
a56.456
a57,01S
a58,l57

16,039
16,031
16,067
16.101

—
189
—
189
190
195
199

Net
Loans,
Reserve
with
Net
Capital. Profits. Discount, Cash
Invest­
Legal
in
Demand
Vault. Deposi Deposits.
(.000 omitted.) N at’l, June 30 ments,
Ac.
Jorles.
W e e k e n d 1n gState, June 30
C L E A R IN G
HOUSE

!

A u g. 13 1921

Tr.cos..June 30

M em bers o f
Fed. R es. B ank
Bk of N Y .N B A
Manhattan C o .
Mech A M etals.
Bank of A m o r..
National C it y ..
Chemical Nat 1.
Atlantic Nat 1__
Nat Butch A Dr
Amer Exch Nat
Nat Bk of C om ,
Pacific Bank —
Chat A Pnenlx.
H anover Nat L
Metropolitan
C om ExchangeImp A Trad Nat
National P a rk ..
East River N atSecond N at’ l —
First N ation al-Irving National
N Y County Nat
Continental-----Chase N ational.
Fifth A v e n u e ..
Commonwealth
Garfield N at’l - _
Fifth N ational.
Seaboard N at’ lCoal A Iron -----Union Exch Nat
Brooklyn T r Co
Bankers T r C o .
U S M tg A T rC o
Guaranty T r Co
Fldel-Int T r Co
Columbia T r C o
Peoples’ T r C o .
N Y Trust C o-_
Lincoln T r Co__
M etropol T r Co
NassauNat ,Bkn
Farm L A T r Co
C o lu m b ia -------Equitable T r Co

- - -

46,297.0
10.076,0
56,373,0
45,110,0
11.263.0

$4,50.0.0
13.298,0
33,360,0
296,0
19.0
263,0
17.580.0
294,0
18,137,0
2.045,0
762,0
2,807,0
2,643,0
164.0

$37,725,0
105,871,0
665,553.0
18,731,0
82.495.0
102.681.0
463,400.0
12,915,0
578,996,0
21,518,0
2,045,0
46.297,0
10.838,0
59,180.0
47.753.0
11.427.0

2,000
5,006
10,000
5,500
40.000
4,500
1,000
500
5,000
25,000
1,000
7,000
3,000
2,500
7,500
1,500
10,000
1.000
1,000
10,000
12,500
1,000
1,000
15,000
500
400
1,000
1,000
3,000
1.500
1,000
1.500
20.000
2,000
25.000
1,500
5.000
1.500
10.000
2,000
2,000
1,000
5.000
2.000
12.000

$
7,184
16,828
17,004
5,976
64,056
15,339
1,084
233
7,630
34,494
1,668
8,402
20,954
4,403
10,093
8,500
23,011
738
4.735
36.533
11,202
501
859
19.716
2,189
835
1,606
736
4,829
1,406
1.509
2,678
19,034
4,850
30.545
1,631
7.652
1.905
16,340
1.202
3,394
1,501
11.617
1,606
16,599

$
$
$
35,534
606
3,449
122,513
2,006 13,914
8,617 18,501
175,224
1.426 6,314
54,088
485,731 10.040 47.767
120,563
1,327 11,906
16,947
1,820
379
584
5,292
112
103,843
1,181 10,066
278,813
1.765 28,993
21,927
1.062 3,106
111,402
4,812 13,275
110,942
627 14,176
41,750 2,867 6,077
162,031
6,101 21,243
37,068
67-1 3,320
162,789
1,399 16,846
10,519
1.457
397
2.514
22,098
771
238,413
805 21,024
169.444 6,341 22,604
11,992
1,742
740
6,781
117
808
267,603 5,112 27,394
19,928
933 2.685
8,176
495
1.234
15,770
1.976
473
14,222
1,585
326
50,642
957 5,666
15,724
1,644
747
2,093
15,898
431
802 3,544
31,770
246,782
982 29,757
53,680
606 6,163
407,812 2,447 37,181
18.467
340 2,299
72,014
1,020 8.914
37,107
3.416
1.121
137,153
644 14,826
414
20.599
2.888
614
26.337
2,897
1,364
16.013
4 21
115.857
747 12.386
2,944
25,539
531
140.298
1.807 17,490

Average

A verage Avge.
$
$

%
25,417
100.048
135,472
47.498
*463,698
89,700
13,594
3,775
74,585
214,986
22,024
90,684
97,771
43,433
150,609
25.268
129,050
9.615
17.054
160,861
171,335
13.093
5,285
206,989
19,119
8.689
14,161
12.017 !
42,170
12,835
15,771
26,239
*225.019
47.313
*390.165
17,560
65,845
33.732
113.754
19.641
22,027
13,367
*102,747
22,436
*157,265

1,103
13,723
2,253
1,154
21.070
1.564
752
90
2,439
2,437
137
15,498

466
15,549
35
2,058
1.281
83
3,940
2.506
669
100
10,197
37
348
727
410
330
3.151
8 .ISO
1,172
14,834
572
2,630
1.332
1.856
534
713
329
14.353
565
9.S26

1,357
980

1,226
350
231
282
4,642
4,398
100
•- - —
51
5,312
50
621
7,125
2.369
193

___

1,049

___
__
384
239
65
396
377

___
___
_________

____
____
____
____
____
- ___
____
50
____
—
—

Totals, actual co ndition Aug. 13 4.429.880 72,370 470,318 c3,465,95lll60.717 31.967
Totals, actual co nditlon Aug. ,6 4,292,204 72,970 473,057 c3,456,407|160,410 31,450
Totals, actual co ndition July 30 4,245,688 71.683 450,760 c 3 ,540,042 164.045 31,919

Not M e mbers of F. R. Bk.:
1,000
250
2,500

1,955
845
3,172

17.186
5,247
75,588

2,481
610
3,153

1.523
299
1,954

17.098
50
4.9S1
28,101 45.847

—

3,750

5,973

98,021

6,244

3,776

50,180 45,897

—

Totals, actual co ndition Aug. 13
Totals, actual co ndition Aug. 6
Totals, actual co ndition July 30

9S.457
97.703
97.25S

6.063
6,125
6.154

3.S32
3,601
4.078

50.617 45,894
49,605 45,849
51,377 4,557

____

T r u st C os.
Not Me mbers of F. R. Bk.:
Title Guar A Tr
45,873
6,000 12.416
Lawyers T1A Tr 4,000 6,296
22,071

1.373
874

3,212
1.449

30,459
14.820

979
495

A vge. A ug. 13__ 10,000 18.713

67,944

2,247

4.661

45,279

1,474

Totals, actual con dition Aug. 13
Totals, actual co ndition Aug. 6
Totals, actual co ndition July 30

69,915
69,591
71,230

2,179
2.187
2,153

4,785
4.650
4.908

45,779
45,104
46,663

1,4451 _ __ _
1,4791 —
1.624 —

—

G r’d aggr. avge. 285,150 479.508 4.429.060 S4,633'470,2S9 3.545,932 208.37431,847
Comparison, pre vious w eek----- — 37,642 + 2,185 — 6,624 — 57.903 +525, + 29S

Week ending Aug. 13 1921.

$33,225,0
92,573.0
632.193,0!
18,435,0
S2,476,0
102.418.0
445.820,0
12.621.0
560,859,0!

A verage A verage Average
$

Time \Bana
De- Clrcu posits. | lo­
tion.

A vge. Aug. 13__ 271,400 454,822 4,263,095 76,142 461,852 c3,450,473]l6l,003 31,847

Greenwich Bank
B o w e r y ----------State B ank------

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending Aug. 13 -with comparative
figures for the two weeks preceding is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 10% on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”

C apital_____
Surplus and profits___
Loans, disc’ ts A investm’ts
Exchanges for Clear. House
Due from banks__
Bank deposits____
Individual deposits_______
Tim e deposits_______
T otal deposits__________
U . S. deposits (not incl.)__
Reserve with legal deposit’ s
Reserve with F. R . Bank__
Cash in vau lt*____
Total reserve and cash held
Reserve required_____
Excess rec. & cash in vault

July 30
1921.

Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
shows the condition of the New Y ork City Cleaning House
members for the week ending Aug. 13. The figures for the
separate banks are the average of the daily results. In the
case of totals, actual figures at end of the week are also given

A vge. Aug. 1 3 ..

Total.

Aug. 6
1921.

$
$
$
$
C irculation_______
2,597,000 Inc.
1,000
2,596,000
2,571,000
Loans, disc’ ts a investments 515,815,000 l )ec
971,000 516,786,000 511,611,000
Individual deposits, incl. U.S 379,389,000 Dec. i 231,000 380,620,000 387,791,000
l )ue to banks. _ _ . _
87,383,000 I n c . 2,734.000 84,649,000 86,198,000
rim e deposits.
__ __ ___ 21,479,000 Inc.
117,000 21,362,000 20.702,000
United States deposits
18.418,000 1)e c ,
982,000 19,400,000
3,677,000
Exchanges for <’tearing House 13,346,000 Dec. 1,575,000 14,921,000 12.853,000
Due from other banks. _
48,938,060 1>ec
860,000 49,798,000 47,275,000
Cash in bank and F. R . Bank 41,555,000 Inc.
6,000 1J,549,000 42,392,000
Reserve excess In bank and
Federal Reserve Bank
462,000 Dec.
853,000
391,000
385.000

S ta te B a n k s .

a U. S. deposits deducted, $723,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,967,000.
Excess reserve, $344,160 increase.

Trust
Two ciphers (00) omitted. Members o f
F.R.System Companies

Changes from
previous week.

N E W Y O R K W E E K L Y C L E A R IN G HOUSE R E T U R N S .
(Stated in thousands o f dollars— that Is. three ciphers [000 omitted.)

New York City Non-Member Banks and Trust Com­
panies.— Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the “ Clearing House Returns” in the next column:

M em bers o f
F e d ’ l R es. B an k .
Battery Park N at.
Mutual BankW . R . Grace & C o.
Yorkville B ank__

Aug. 13
1921.

Baltimore

Philadelphia

Boston
Week ending
Aug. 19 1921

Boston Clearing House Banks.—-We give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

U. 8.
Bonds.

$ 3 7 1,0 0 0
7 6 7 ,5 0 0
7 5 3 ,5 0 0
8 2 7 ,0 0 0
1 , 5 5 1,50 0
8.56,000

[V ol. 113

C H R O N IC L E

Aug. 6
1921.

July 30
1921.

37,725.0
105,872.0
677,458.0
20,493.0
82.129.0
103.278.0
469.157.0
12,911.0
585,346.0
24,222.0
2.242.0
47,391.0
10.652.0
60,285 0
48,276.0
12.009.0

$37,725,0
105,881.0
664,032,0
22,407,0
84.156,0
102,241.0
479,466,0
13,005,0
594,712.0
5,869.0
2,276.0
48.413,0
10,739.0
61.428,0
48,812,0
12.616,0

•Cash In vaults not counted as reserve for Federal Reserve members.

G r’d aggr., act’l cond’n Aug. 13 4.418.252 80,6121478,935 3.562.347 208,056 31.967
Comparison, pre vious w eek ..
— 41,246 — 670,— 2,373 + 11,231 + 318 + 517
Gr d
Gr d
G r’d
G r’ d

aggr., act 1
aggr.. act 1
aggr., a ct’l
aggr., a ct’l

con’dn
cond’n
cond’n
cond’ n

Aug. 6; 4,459,498
July 304.414.176
July 23 4,445.347
July 16 4.446.048

81.282 481.308
79.990 459,740
83,5S3 480,455
83. S50 491.414

3,551,116 207.738 31.450
3.638,OS2 211,5261 31,919
3.649.040 210.909 32.535
3.680.760 214.532 32.943

Note.— U . S. deposits deducted from net. demand deposits in the general totals
above were as follows: Average for week Aug. 13, $152,796,000; actual totals Aug 13.
S142.0S0.000; Aug. 6. $57,379,000: July 30. $43,717,000; July 23, $53.64° 000;
July 16, $85,201,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Aug. 13. 8597,036,000; actual totals Vug 13. S5S4.639.000; Vug 6.
$528,186,000; July 30, $599,082,000; July 23. $631.761.000; July 16. $640,117,000.
* Includes deposits in foreign branches not Included in total footing a* follows:
National City Bank. $95,236,000: Bankers Trust C o.. $9,270,000: Guarani> Trust
C o.. $102.347,Q00; Farmers Loan & Trust C o.. $11,261,000; Equitable Trust Vo .
$25,129,000. Balances carried in banks in foreign countries as rose! \e for such
deposits were: National Cit> Bank. $34,003,000 Bankers I'rust C o . SIS' 000
Guaranty Trust C o., 818,523.000; Farmers Loan A Trust- Co SI.S19.000 \ o.uuatuo
Trust C o.. 82,840,000. e Deposits In foreign branches not Included*

A.UG.

TilE CHRONICLE

20 1921.]

O M IU N K D

S T A T E M E N T S OF R E SE R V E PQSJ ITON OF C L E A R IN G HOUSE HANKS
COM FAN IEH.
A verages.
Cash
Reserve
in Vault.

Reserve
in
Depositaries

a
Reserve
Required.

Total
Reserve.

8 ur pi us
Reserve.

$
$
$
461,852,000 ■131,852,000 453,391,580
9,032, lOO
6,244,()()(>
3.776.000 10,020,000
6,791,850
4.001.000
6,908,000
2,247,000

$
8,460,-120
987,600
11.6,150

469,215,830
176,736,580
483,000,990
483,925,4 90

0,564,170
8,51 l ,420
0,455,010
10,804,510

8.491.000
8.335.000
S. 182,000
8,723,000

Total Aug. 13
Total auk • 6_
Tofcal July 30
Total July 23

•170,289,000
■170,913,000
483.974,000
486,007,000

■178,780,000
485.248.000
192.156.000
10 1,730,000

Juno
June
Juno
.Inly
July
July
July
July
Aug.
Aug.

Members Federal
Reserve banks
S i& e b a n k s * _________
T r u s t com panies
T ota l
T ota l
T ota l
T ota l

Aug. 13 .. .
A u g . 6 __
July 30 _
Jul v 2 3 _____

Reserve
in
Depositaries

l)
Reserve
Required.

Total
Reserve.

%
%
$
470,318,000 470,318,000 455,3.95, 140
9,111,060
9.895.000
3.832.000
6.033.000
6,866,850
6.964.000
4.785.000
2.179.000
8.242.000
8.312.000
8.307.000
8.600.000

478.985.000
481.308.000
459.746.000
480.455.000

487,177 ,000
489.620.000
468.053.000
489.055.000

$
14,922,860
783.940
97,150

Loans and
hintsi mints.

Demand
Deposits.

+Total Cnah
in Vaults.

5,1 13,010,400
5,159,297,200
5,202,318,800
6.204.0 11,100
5,137,681,600
6 .0 7 7 .170.000
5,020,355,400
5,012,064,900
5,074.549,200
5,03.5 73,0,400

$
4.344.040.400
4.356.385.400
4,291,07J,600
4,326,379,600
4.274.515.500
1,255,904,300
4.247.218.500
4,241,523,600
4,191,083,000
4,128,636,500

115.862,000
11 1,200,200
i 12 100,100
109,716,700
1 1 , 1 , 000
110,703, iOO
108,531 ,900
J08,482,600
Mi , J0O
107.530.100

IU erp(
Depositaries .
%
103 030,000
01 100,100
595,220,400
580,041,200
582,114 009
574,530,600
566,326,300
559,269,800
551,389,400

Aua. 17 1921. Auq. H) 1921 A u g. 20 1920*
S
$
%
95.414.000
334,492,058
G o ld a n d « o l d c e r t i f i c a t e s ------------------------- _ 318,002,776
23,858,059
36.576.000
_
39,771,106
G o ld s e t t le m e n t lu n d — F. R . B o a r d .
40.905.000
G o ld with fo r e ig n a g e n c ie s ......... ..................
172.895.000
3 5 8 ,3 5 0 ,7 1 8
Total gold held by bauk__.................. . 3 5 7 , 8 6 3 , 9 4 3
277.126.00 0
4 4 2 ,7 4 6 ,2 7 8
Gold with Federal Reserve Agent......... _ 4 7 2 , 5 2 6 , 2 7 8
2 0 ,0 0 0 ,0 0 0
35,983,000
2 0 .0 0 0 .0 0 0
Gold redemption fund....... .......................
486,004.000
8 2 J,0 9 6 ,9 9 6
Total gold reserves--------------------------- _ 8 5 0 ,3 9 0 , 2 2 1
6 3 ,2 9 9 .3 9 3
124 111,000
6 1 ,9 6 8 .6 4 5
Legal tender notes, silver. & c-------------610,115,000
_
9 1 2 ,3 5 8 ,8 6 6
8 8 4 ,3 9 5 ,3 8 9
Total reserves___________________
7Bills discounted: Seoured by U. S. G ov­
542.099,000
1 4 5 ,6 4 1 , 4 1 7
ernment obligations— lor m em bers-_ . 1 4 0 ,0 9 9 , 1 6 0
230,000
2 7 .8 6 2 .1 6 0
2 8 .7 2 8 .1 0 0
For other F . R . B a n k s ................ ..........
542.329.000
i i 1 ,3 6 9 ,5 1 7
1 6 7 ,9 6 1 , 3 2 0
334.450.000
2 0 8 ,2 8 9 ,8 6 8
All other— For members.................. ._ 1 9 5 ,4 3 9 , 9 3 8
8,076,000
4 ,7 3 5 ,0 0 0
5 .3 1 0 .0 0 0
For other F. R . B a n k s-------------------342.526.000
2 0 0 ,1 7 4 ,9 3 8
2 1 3 ,5 9 9 ,8 6 8
112,907,900
2 0 ,2 6 8 ,7 4 2
2 5 ,5 0 6 ,5 6 8
Bills bought In .open market----------------Total bills on hand....... .............. .......... 3 8 8 , 4 0 5 , 0 0 1 “ 4 1 3 , 4 7 5 , 9 5 4 ' 997.762.000
1.512.000
1 ,0 0 5 ,4 0 0
1 .0 0 5 ,4 0 0
U. S. Government bonds and n o te s-----U . S. certificates of indebtedness—
59.276.000
5 2 ,2 7 6 ,0 0 0
5 2 .2 7 6 .0 0 0
One-year Certificates (Pittman A ct)__
10.353.000
1 4 .8 0 7 .0 0 0
5 ,5 2 2 ,0 0 0
All o t h e r s ----------- ----------------------------- Total earning assets--------------------------- 4 4 7 , 2 0 8 , 4 0 1 ’ 4 8 1 , 5 6 4 , 3 5 4 1.068,903,000
3.846.000
5 ,4 6 4 ,4 6 5
5 ,5 1 4 ,8 3 8
Bank premises__________________________
2,189,000.
1 ,6 5 8 ,9 6 0
1 ,7 1 2 ,7 6 0
5% redemp. fund agst. F . R . bank notes
168.254.000
1 0 3 ,8 9 3 ,3 6 7
1 2 0 ,1 6 7 , 1 9 3
Uncollected items---------------------------------782,000
2 ,8 1 4 ,0 7 7
2 ,6 1 5 ,2 9 2
All other resources____________________ _
Total resources_______________________ 1 , 4 8 9 , 5 2 3 , 5 5 2 1 , 4 7 9 , 8 4 5 , 4 1 4 1,854,089,000
Liabilities—
25.336.000
2 6 ,9 6 8 ,3 0 0
2 6 ,9 8 3 ,0 0 0
Capital paid in-------------------------------- —
51.308.000
5 9 ,3 1 8 ,3 6 8
5 9 ,3 1 8 ,3 6 8
Surplus_________________________________
1 8 ,4 8 4 ,0 1 0
1 8 ,6 7 7 ,0 1 0
Reserved for Government Franchise T a x .
Deposits:
19.089.000
5 ,4 7 7 ,7 9 8
2 8 2 ,6 9 3
Government__________________________
6 1 0 ,6 6 0 ,7 0 4
706.632.000
Member Banks— Reserve A cco u n t____ 6 1 0 , 1 5 2 , 2 7 9
21.410.000
1 1 ,7 4 2 ,5 3 1
1 5 ,1 3 2 ,3 0 6
All Other------------------------- ----------- — 6 2 7 .8 8 1 ,0 3 4 "
747.131.000
6 2 5 ,5 6 7 ,2 7 9 "
Total deposits-------------------------------854.295.000
6 3 8 ,0 4 4 ,7 0 0
F. R . notes in actual circulation----------- 6 3 7 , 6 4 4 , 5 0 0
35.267.000
2 9 ,3 6 1 ,2 0 0
2 8 ,4 9 2 ,2 0 0
F. R . bank notes in circul’n— net liability
110.143.000
7 5 ,6 8 2 ,5 6 2
Deferred availability items-------------------8 8 ,6 6 3 ,1 8 6
30.609.000
4 .1 0 5 .2 3 9
4 ,1 7 8 .0 0 8
All other liabilities--------------------------------Total liabilities______________________ 1 , 4 8 9 . 5 2 3 , 5 5 2 1 , 4 7 9 , 8 4 5 , 4 1 4 1,854,089,000
Ratio of total reserves to depost and 6 9 .9 %
39.5%
7 2 .2 %
F . R . note liabilities com bined______
Ratio of total reser es to F . R . Notes
in circulation after setting aside 35%
1 0 4 .2 %
1 0 8 .7 %
against deposit liabilities____________ ___
Contingent liability on bills purchased
6,079,008
1 5 ,2 9 7 ,9 6 9
1 5 ,3 8 9 ,8 4 0
for foreign correspondents____________
N ote.— In conform ity with the practice of the Federal Reserve Board at W ashing­
ton, method of computing ratios of reserves to liabilities was changed beginning with
the return for March 18. Instead of computing reserves on the basis of net deposits—
that is. including in the total of deposits “ deferred availability items” but deducting
“ uncollected items” — the new method Is to disregard both amounts and figure the
percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis: that is, reserve percentages are calculated on
basis of net deposits and Federal Resetve notes in circulation.

* N ot members of Federal Reserve Bank.
and trust companies, but in the case >of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
A uk . 13.
SSO.ODO: Aug. (>, $4,812,660: July 30, $4,906,830; July 23, $4,9 75,840.
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 FedeTal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Aug. 1.3, 84,821,510: Aug. 6, $4,-812,300: July 30, $4,921,350: July 23, $4,902,300.

State Banks and Trust Companies Not in Clearing
House.— The State Banking Department reports weekly
figures showing the condition of State banks and trust com­
panies in New York City not in the Clearing House as follows:
S U M M A R Y OF S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(Figures Furnished by State Banking Department.)
Differences from
k Aug. 13.
previous week.
Loans and investments_______________________ __
8603,670,400 D ec. 81.176,800
G o ld -------------------------------------------6,876,400 Inc.
4-3,400
Currency and bank notes______________
16,030,700
Inc.
51.400
Deposits with Federal Reserve Bank of New Y o rk . _
50,423,100 D ec. 1.295,800
Total deposits_________________________ 631,473,200
Deo. 3.394,300
Deposits, eliminating amounts due from reserve de­
positaries, and from other banks and trust com­
panies in N. Y . City, exchanges and U. S. deposits 582,704,500 D ec. 4,543.500
Reserve on deposits___________________
104.007,500
D ec. 1,161,600
Percentage of reserve, 2 0 .5 % .
R E SE R V E .
-------- State Banks-----------------Trust Companies----Cash in vaults______________
*825.501.200
15.89% $47,829,000 13.80%
Deposits in banks & trust companies 8,480,500
5.28%
22,196,800 6.40%
21.17%

COM PA HI

Resources—

471,373,050 15,803,950
469,839,710 19,780,290
481,374,120 d ll::
482.759.719
6.295,200

a This is the reserve required on net demand deposits In the case of State banks

Total ____________________________ 833,981,700

I

Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of Now York at the close of business A u g . 1 7 1 9 2 1 , in
comparison with the previous week and the corresponding
date last year:

Surplus
Reserve.

$

ll
18
25.
2
9
16
2 3 -.-.30
6.
13

11• BA I
IJ Till
GREATER NEW YORK

* This Item include.1- gold, silver, legal lender g national bank anti-: and Federal
Reserve notes.

A ctu a l F igu res.
Cash
Reserve
In Vault.

RE8TJLTI

Week ended

$

Members Federal
Reservo banks
St at *■ banks'*
Trust companies

825

870,025,800 20.20%

* Includes deposits with the Federal Reserve Bank of New Y ork, which for the
State banks and trust companies combined on Aug. 13 were 850,423,109.
k The Equitable Trust Co. is no longer included in these totals, it having becom e
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.

Banks and Trust Companies in New York City.— The
averages of the New York 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:

The Federal Reserve Banks.— F o llo w in g is th e w e e k ly sta tem en t issu ed b y th e F e d e ra l R e s e rv e B o a r d o n A u g . 1 8 .
T h e figu res fo r the sy stem as a w h o le are g iv e n in th e fo llo w in g ta b le , a n d in a d d itio n w e p resen t th e resu lts fo r seven p r e c e d ­
in g w eek s, to g e th e r w ith th ose o f co rre sp o n d in g w eeks o f last y e a r. T h e se co n d ta b le sh ow s th e resou rces a n d liabilities se p a ­
ra te ly fo r ea ch o f th e tw e lv e b a n k s. T h e F e d e ra l R e s e rv e A g e n ts ' A c c o u n ts (th ird ta b le fo llo w in g ) g iv es d etails reg a rd in g
tra n sa ction s in F e d e ra l R e se rv e n o te s b e tw e e n the C o m p tr o lle r a n d R e se rv e A g e n ts a n d b etw een th e la tter a n d F ed era l
R eserv e b a n k s. In co m m e n tin g u p o n th e return fo r th e la te st w e e k th e F e d e ra l R e s e rv e B o a r d says:
F u r t h e r g a i n s o f $ 2 4 , 4 0 0 , 0 0 0 o f g o ld a n d o f $ 2 4 , 6 0 0 , 0 0 0 o f t o t a l c a sh
r e s e r v e s , a c c o m p a n i e d b y a r e d u c t i o n o f $ 1 7 , 1 0 0 , 0 0 0 in F e d e r a l R e s e r v e
n o t e c i r c u la t i o n a n d a n in c r e a s e o f $ 8 , 8 0 0 , 0 0 0 in d e p o s i t li a b i li t i e s , a r e
i n d i c a t e d in t h e F e d e r a l R e s e r v e B o a r d ’s w e e k ly b a n k s t a t e m e n t i s s u e d a s
a t c lo s e o f b u s in e s s o n A u g . 1 7 1 9 2 1 .
T h e b a n k s ’ reserv e r a tio sh o w s a
r is e for t h e w e e k fr o m 6 5 t o 6 5 . 8 % .
A l l c la s s e s o f e a r n i n g a s s e t s s h o w s m a l l e r t o t a l s t h a n t h e w e e k b e f o r e :
B ills se c u re d b y U n it e d S ta te s G o v e r n m e n t o b lig a tio n s b y $ 3 ,2 0 0 ,0 0 0 ,
o t h e r d i s c o u n t s b y $ 1 1 , 3 0 0 , 0 0 0 , a c c e p t a n c e s p u r c h a s e d in o p e n m a r k e t
b y $ 3 ,1 0 0 ,0 0 0 , P ittm a n c e r tific a te s to se c u re o u ts ta n d in g F e d e ra l R e se rv e
b a n k n o t e c ir c u la t io n b y $ 3 , 0 0 0 , 0 0 0 a n d o t h e r T r e a s u r y c e r t i f i c a t e s , la r g e ly
h e ld u n d e r r e p u r c h a s e a g r e e m e n t s b y t h e N e w Y o r k a n d C h i c a g o R e s e r v e
b a n k s b y $ 1 1 ,3 0 0 ,0 0 0 .
T o t a l e a r n i n g a s s e t s in c o n s e q u e n c e o f t h e c h a n g e s
n o t e d s h o w a f u r t h e r r e d u c t io n f o r t h e w e e k o f $ 3 2 , 1 0 0 , 0 0 0 a n d o n A u g . 1 7
s t o o d at, $ 1 , 7 9 9 , 3 0 0 , 0 0 0 , o r a b o u t 4 4 % b e lo w t h e t o t a l r e p o r t e d a b o u t a
year ago.
O f th e t o t a l h o ld in g s o f $ 5 5 9 ,7 0 0 ,0 0 0 o f p a p e r se c u re d b y U n it e d S ta te s
G o v e r n m e n t o b lig a tio n s , $ 3 6 7 ,2 0 0 ,0 0 0 , or 6 5 . 6 % , w e re secu red b y L ib e r ty
a n d o th e r U . S . b o n d s , $ 1 6 1 , 3 0 0 , 0 0 0 , o r 2 8 . 8 % b y V i c t o r y n o t e s , $ 5 , 3 0 0 , 0 0 0 . or 1 % b y T r e a s u r y n o te s an d $ 2 5 ,9 0 0 ,0 0 0 , or 4 . 6 % , b y T r e a s u r y
c e r t ific a t e s ,, c o m p a r e d w i t h $ 3 7 0 , 7 0 0 , 0 0 0 . $ 1 6 5 , 1 0 0 , 0 0 0 . $ 5 , 2 0 0 , 0 0 0 a n d
$ 2 1 .9 0 0 ,0 0 0 r e p o r te d th e w e ek b e fo re .
D is c o u n t e d b i l ls h e ld b y t h e B o s t o n , N e w Y o r k a n d C le v e l a n d b a n k s
in c lu d e $ 5 4 , 4 0 0 , 0 0 0 o f b i l l s d i s c o u n t e d f o r t h e R i c h m o n d , A t l a n t a , M i n n e ­
C

o m b in e d

R

e s o u r c e s

a n d

L

ia b il it ie s

o f

t h e

F

e d e r a l

R

a p o li s a n d D a l l a s b a n k s , c o m p a r e d w i t h $ 5 3 , 3 0 0 , 0 0 0 r e p o r t e d o n t h e p r e ­
v io u s W e d n e s d a y .
T h e R i c h m o n d B a n k r e p o r t s a f u r t h e r r e d u c t i o n .o f i t s
a c c o m m o d a tio n a t th e N e w Y o r k R e s e r v e B a n k fr o m $ 2 4 ,0 0 0 ,0 0 0 to
$ 2 0 , 0 0 0 , 0 0 0 . t h e A t l a n t a b a n k s h o w s a n in c r e a s e in t h e a m o u n t o f b i l ls
re d is c o u n te d w it h th e B o s to n R e s e r v e B a n k fr o m $ 1 ,5 0 0 ,0 0 0 to $ 2 ,1 0 0 ,0 0 0 .
T h e R e s e r v e B a n k o f M i n n e a p o l i s r e p o r t s a n in c r e a s e in b i l l s d i s c o u n t e d
w i t h t h e N e w Y o r k b a n k fr o m s l i g h t l y o v e r $ 1 0 , 0 0 0 , 0 0 0 t o $ 1 2 , 6 0 0 , 0 0 0 ,
w h i le t h e D a l l a s b a n k s h o w s a n in c r e a s e in i t s a c c o m m o d a t i o n a t t h e B o s ­
to n a n d C le v e la n d b a n k s fr o m $ 1 7 ,7 0 0 ,0 0 0 to $ 1 9 ,8 0 0 ,0 0 0 .
A s a g a i n s t a d e c r e a s e o f $ 1 6 , 6 0 0 , 0 0 0 in G o v e r n m e n t d e p o s i t s , th e r e is
s h o w n a n in c r e a s e o f a b o u t $ 2 0 , 0 0 0 , 0 0 0 in m e m b e r s ’ r e s e r v e d e p o s i t s ,
a n d o f $ 5 , 4 0 0 , 0 0 0 in o t h e r d e p o s i t s , c o m p o s e d la r g e ly o f n o n - m e m b e r s ’
c le a r in g a c c o u n t s a n d c a s h i e r ’s c h e c k s .
I n a d d i t i o n t o t h e d e c r e a s e o f $ 1 7 , 1 0 0 , 0 0 0 in F e d e r a l R e s e r v e n o t e c ir ­
c u l a t i o n , th e r e is a ls o s h o w n a r e d u c t i o n o f $ 3 , 8 0 0 , 0 0 0 in t h e R e s e r v e
b a n k s ’ c o m b i n e d l i a b i li t i e s o n F e d e r a l R e s e r v e B a n k n o t e s in c i r c u l a t i o n .
S in c e D e c . 2 3 1 9 2 0 , w h e n t h e h ig h t o t a l o f $ 3 , 4 0 4 , 9 3 1 , 0 0 0 w a s r e a c h e d .
F e d e ra l R e se rv e n o te c ir c u la tio n h a s fa lle n o f f o v e r $ 9 0 0 ,0 0 0 ,0 0 0 , or o v e r
26% .
D u r i n g t h e s a m e p e r io d t h e R e s e r v e b a n k s ’ a g g r e g a t e l i a b i li t i e s o n
F e d e r a l R e s e r v e b a n k n o t e s h a v e d e c r e a s e d b y o v e r $ 1 0 4 , 0 0 0 , 0 0 0 , o r n e a r ly
48% .
.
.
O w i n g la r g e l y t o ^ in c r e a s e ^ in c a p i t a l i z a t i o n o f m e m b e r b a n k s in t h e
K a n s a s C i t y , P h i l a d e l p h i a , IsTe w Y o r -k a n d B o s t o n d i s t r i c t s , t h e R e s e r v e
b a n k s ’ p a i d - i n - c a p i t a l s h o w s a n in c r e a s e o f $ 2 9 6 , 0 0 0 fo r t h e w e e k .
e s e r v e

B

a n k s

a t

t h e

C

l o s e

o f

B

u s in e s s

A

u g

.

17 1921

Aug. 17 1921. Auq. 10 1921. Aug. 3 1921. July 27 1921. July 20 1921. July 13 1921. July 6 1921. June 29 1921. A u g . 20 1920.
RESOURCES.
G o ld a n d g o ld c e r t i f i c a t e s ___ __
G o ld s e t t le m e n t f u n d . F . It. B o a r d ____
G o ld w it h fo re ig n a g e n c ie s _____________
T o t a l g o ld h e ld by b a n k s ______________
o ld with F e d e r a l R e s e rv e a g e n ts ______
G o ld re d e m p tio n f u n d _____

f

T o t a l g o ld r e e e r v e ______

___

.

8
407.452.000
418.738.000

$
423.005.000
408.756.000

$
412.836.000
425.766.000

$
389.665.000
419.741.000

$
368.448.000
404.005.000

$
352.34L000
402,248,000

$
338.957.000
403.146.000

$
323.900.000
407.234.000

$
183.125.000
366.892.000
111.455.000

826.190.000 831.761.000 838,602,000 809.406.000 772.453.000 754.589.000 742.103.000 731.134.000 661.472.000
1,660.062,000 1,640.626,000 1,615,482,000 1,616,287,000 1,624,332.000 1,623,321,000 1,598,265,000 1,597,219,000 1,164,264,000
140.615.000
133.576.000
137.438.000
114.634.000
114.043.000
98,729,000
103.514.000
105.538.000
111.513.000
2.600.295.000 2.575,901 .000 2,552.813,000 2,531.231.000 2.508,298,000 2,492,544.000 2.477,806.000 2,461,931.000 1,966.351,000

HI0

THE

[V ol. 113

C H R O N IC L E

Aug. 17 1921. ' Lay. 10 1921 - Aug. 3 1921 July 27 1921. July 20 1921. July 13 1921. J u y
4-o-iAi tautldf u

145,173,000

jc,

1'oO-tJ f-ddefVo**
mild ll.-ioouac-i l
dec Ured liy IJ.
All Other____ _
bill* bought la

4

■. ■i’ i |r|<>i11 r*-*

$
151,030.000

8
154,065,000

8
151,068,000

$
155,050.000

$
153,405,000

S
163,527,000

2,745,468,000 2,720,848,000 2,703,843,000 2,685,296,000 2,669,366,000 2,647,594,000 2,631,211.01)0
559.689.000
952.428.000
41,910,000

G o v t . o b llg a t io u a
in m a r k e t . . . . . . . .

i

111' f

i ug. 20 1920.
$
155,486,000

( 2,121,837,000'

591,450,000
562.918.000
572,609,000
609,779,000 618,784,000
674,377,000
647,761,000 1.301.609.000
963.741.000 1,045,009,000 1,059,046,000 1,076,370,000 i ,08 >,106,000 1,120,980,000 1,123,801,000 1.320.820.000
29,961,000
4 k,978,000
19,424,000
23,907,000
25.135,000
31,136,000
320,597,000
31,601,000

1,554,027,000 1,57 1,637,000 1,647,579,000 1,669,920,000 1,710,056,000 1,729,115,000 1,832.499,000 1,803,165,000 2,943,026,000
34,028,000
3 k, 152,000
34,114,000
34.175,000
35,407.000
36,610,000
30,098,000
26,878,000
34,549,000

T o t e l b ills o q b a u d -------------- ------------O . d . bond-* a n d n o Led . _
___ . _ .
IJ

Lk 1,947,000

6 1921. June 29 1921.

l

203,375,000
7,876,000

O n e - y e a r c e rt h 'c a tu S ( P i t t m a n A c t )

Ail oth er_____ . . . ______________ ___

205,375,000
19,2 L5,000

207,875,000
13.541,000

214,375,000
938,000

215,875,000
2,892,000

215,875,000
18,534,000

215,875,000
10,551,000

215,875,000
6,908,000

259,375,000
17,783,000

1,799,306,000 1,831.379,000 1,903,109,000 1,919,408,000 i ,961,2 10 000 1.999,622,000 2,095,535,000 2,060,495 000 3,247,062,000
26.952.000
26.720.000
25.892.000
25.762.000
25.846.000
25.519.000
14.654.000
24.845.000
24.861.000
9,471.000
9,614,000
9,666,000
9,954,000
9,516,000
10,033,00(1
11.600.000
9.679,000
10.042.000
483,446,000
531,871,00
493,700,000
494,9 18,000
544,655,000
557,162,000
781,125,000
590,694,000
506,454,000
17.176.000
16.787.000
17.302.000
15.046.000
12.813.000
14.698.000
13.088.000
4,942,000
14.747.000

T o t a l e a r n in g a ( j e t s __________________
b a U il pi'dUilSt*1— . ______________________
5 % r e d e t u p f u n 1 * g * t. F . f t . b a n k u.
0 o o o i le c te d I t e m * _____ __________________
All o t h e r re d o u ro e d — . . . . . ___________

5,130,370,000 5,083,696,000 5,153,334,000 5.150,210,000 5,216,780,000 5,288,360,000 5,331,536,000 5,242,041,000 6,181,220,000

T o t a l r e s o u r c e s _____________________ _ -

L IA B IL IT IE S .
102.896.000
102,600,000
102.372.000
102,222,000
102.263.000
102.103.000
102.090.000
96.759.000
102.184.000
213.824.000
213,824,000
213.824.000
213,824,000
213.824.000
164,745,000
213.824.000
213.824.000 202.030.000
ki, 603,000
47.008.000
45.826.000
44.231.000
45.503.000
42,065.()()()
43.419.000
40.910.000
35.595.000
19.014.000
56.747.000
34.967.000
31.709.000
34.024.000
10.942.000
54.959.000
15.352.000
1,621,570,000 1,601,533,000 1,019,920,000 1,638,637,000 1,630,190,000 1,655,303,000 1,051,757,000 1,041.150,000 1,793,675,000
30.665.000
25.294.000
27.856.000
28.399.000
24.928.000
27.371.000
27.746.000
44.828.000
29.280.000

C a p i t a l p a id l a _____ _______________ t f u r p l u a _________________ ___________________ _
R e s e r v e d f o r G o v t f r a n c h id e t a x _____

D eposits— G overnm ent ............
M e m b e r b a n ka — re s e rv e a c c o u n t..

All o t h e r . ................................... .............

T o t a l _______________________________ 1.671.249.000 1.662.472.000 1.705.066.000 1.695.274.000 1.093.019.000 1.693.991.000 1.713.162.000 1.685.788.000 1.893.462.000
9 . H. uotea In actual circu la tion ------ _ 2.503.642.000 2.520.744.000 2.536.673.000 2.537.517.000 2.501.613.000 2.603.833.000 2.071.916.000 2.034.475.000 3.174.725.000
114.502.000
9 . K. bank noted In circulation— net llab
118.301.000
122.379.000
127.875.000
125.143.000
133.303.000
130.556.000
198.563.000
132.400.000
Deferred availability Item s--------------------458.120.000 405.695.000
409.227.000
453.543.000 483.901.000 438.455.000
413.037.000
591.094.000
412.214.000
19,131,000
18,451,000
All other Uabliitlea---------------------------------17,967,000
17,453,000
17,549,000
16.718,000
16,746,000
61,872,000
32,034,000
T ota l llabliltlea---------- -----------------5.130,370,000 5.088,696,000 5,153.334,000 5.150,210,000 5,216,780,000 5,288,360,000 5,331,536,000 5,242,041,000 6,181,220,000
A a ilo o f gold reserved to deposit and
F. ft. note Uabliitlea c o m b in e d ..
6 2 .3 %
6 1.6 %
5 8 .9 %
0 0.2 %
5 9.8 %
5 0 .5 %
3 8 .8 %
5 8.2 %
5 0 .9 %
J&\ io of total reserves to deposit and
6 5 .8 %
F. ft. note Uabliitlea co m b in e d .,
6 5 .0 %
03.7%
6 2 .5 %
6 3 .4 %
6 0 .0 %
4 1 .8 %
6 1 .6 %
6 0 .8 %
ttaclo of total reserves to F ft notes in
olrouiatloQ after setting aside 35%
8 6 .3 %
8 4.9 %
against depoalt liabilities .......................
8 3.1 %
8 0 .6 %
8 2.4 %
7 6 .0 %
7 8 .9 %
7 7 .3 %
4 5 .9 %
D istrib u tion by V laturilies —

$
24.264.000
860.478.000
19.026.000
8.472.000
157.136.000
12.397.000
4.813.000
273.237.000
32.663.000
4.358.000
181.320.000
13.659.000
3,000
39,946,000
133,506,000

1-16 days bills bought In open market
1-16 days bill d is c o u n t e d --__________
1-15 days U . ft, oerttf. of Indebtedness
Id-30 days bills bought In open market
18-30 days bills d is c o u n t e d .- - ..............
18-30 days U . S. certlf. of Indebtedness
11-00 days bills bought In open market
41-60 days bills d iscou n ted ----------------s t-6 0 days U . S. certlf. of Indebtedness
61-90 days bills bought In open market
*1-90 days bills d iscou n ted ___________
31-90 days U . 4 . certlf of Indebtedness
ver 90 days bills bought In open m arket
Over 90 days bills d is co u n te d -.............. ..
Over 90 days certlf. of Indebtedness___

S
30.069.000
877,1 17,000
23.895.000
5.548.000
146.977.000
15.010.000
4.931.000
268.905.000
38.929.000
4.267.000
185.668.000
2G,425,000
163,000
47,992,000
127,331,090

8
19.028.000
947.421.000
15.265.000
3.053.000
149.029.000
12.500.000
4.271.000
270.797.000
36.450.000
3.600.000
198.782.000
29.456.000
3,000
50,989,000
127,745.000

S
9.675.000
943.796.000
4.700.000
2.951.000
156.985.000
10.245.000
3.259.000
281.629.000
34.317.000
3.536.000
198.559.000
25.742.000
3 ,00 0
69.527,000
140,309.000

8
14.258.000
971.150.000
3.700.000
3.277.000
163.545.000
6.595.000
2.983.000
286.529.000
29.742.000
3.379.000
190.922.000
35.092.000
10,000
74.003,000
143,638,000

$
$
$
S
19.311.000
112,734,000'
16.225.000
17.225.000
984.521.000 1,049,679,000 1,032,489,000 1,515,379,000
4.228.000
2,600,000
25,538,000’
10.063.000
7.706.000
70.815.000
6.708.000
3.243.000
219.669.000
169.610.000
165.256.000
160.140.000
19.483.000
4.700.000
6.528.000
4.700.000
3.434.000
110.891.000
4.760.000
2.827.000
280.130.000
511.330.000
271.088.000
205.996.000
20.959.000
28,524,00017.669.000
28,0.02,000
1.683.000
26.157.000
2.910.000
1.830.000
223.550.000
332.684.000
213.178.000
215.803.000
39.482.000
16.908.000
34.814.000
44.370.000
10,000
78,194,000
40,367,000
89,551,000
77,520,000
157,057.000
186,705,000
161,172,000
147,268,000

Federal Reserve Notes —
Outstanding _________________________
Held by banka________________________

2,885,217,000 2,900,323,000 2,917,123,000 2,933.241.000 2,969,666,000 3.000,507,000 3,014,824.000 2,996,025,000 3,462,875,000
381,575,000
380,450,000
379,579,000
405,053,000 396,674.000
342,908,000
395,624.000
288,150,000
361,550,000

In actual circulation.

2,503,642,000 2,520,744,000 2,536,673,000 2,537,617,000 2,564,613.000 2,603.833.000 2,671,916,000 2,634,475,000 3,174,725,000

A m ount chargeable to Fed. R es. agem 3,714,561,000 3,717,657,000 3,720,177,000 3,742,072.000 3,781,176,000 3,785,977,000 3,784,499,000 3,803,365,000 3,922,738,000
its hands of Federal Reserve A gen t_____
829,344,000
811,510,000
803,054,000
817,334,000
808,831,000
769,675,000
785,470,000
807,340,000
459,863,000
Issued to Federal Reserve banks_____ 2.885,217,000 2,900,323,000 2,917,123.000 2,933,241,000 2,969,666,000 3.000.507,000 3,014,824,000 2,996,025,000 3,462,875,000
How Secured—
373.992.000
B y gold and gold certificates___________
344.993.000
344.992.000
344.993.000
344.993.000
344.992.000
260,226,000
344.992.000
344.992.000
B y eligible paper------------------------------------ 1.225.155.000 1.259.697.000 1.301.641.000 1.316.954.000 1.345.334.000 1.377,186,090 1.416.559.000 1.398.806.000 2,298,611,000
118.896.000
G old redem ption f u n d - ._____ ___________
119.176.000
107.104.000
125.550.000
117.047.000
126.558.000
118.254.000
119.094.000
127.264.000
W ith Federal R eserve B oard ___________ 1.160.520.000 1.188.530.000 1.151.314.000 1.154.247.000 1.160.443.000 1,159,235.000 1.126.714.000 1.124.963.000
785.784.000
T o t a l .......... ...................................................

2,885,217,000 2,900,323,000 2,917,123,000 2,933.241.000 2.969,666,000 3,000.507.000 3,014,824,000 2,996,025,000 3,462,875,000

E ligible paper delivered to F. R . A gent. 1,506,343,000 1,528,776,000 1,607.793.000 1.626,719,000 1,659,119.000 1,676,862.000 1,773,005,000 1,744,990,000 2,860,488,000

W E E K L Y S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S I N E S S A U G . 17

Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston.

RESOURCES.
Gold and gold certificates________
G old settlem ent fund— F . R . B ’ d

S
8,150.0
31,295.0

New York.

Cleveland. Richmond Atlanta.

Chicago. St. Louis. M inneap. Kan.City.

Dallas.

San Fran.

Total.

S
6,608.0
58,200,0

S
2.725,0
22,471,0

S
S
4,899,0 21,549,0
5,660,0 107,773,0

S
2,981,0
18,338,0

$
S,634,0
7,986,0

S
2,177.0
44,093.0

T ota l gold held by banks_____ 39.445,0
Gold with F . R . agents__________ 186,874,0
26,981,0
G old redem ption fu n d___________

357.S34.0 50,922,0 64.838,0
472,526,0 147,512,0 181,555,0
20,000,0
6,395,0
8,520,0

25,198,0
39,229,0
12,018,0

10,439,0 129.322,0
49,294,0 306,521,0
4,653,0 16,318,0

21,319.0
57,392,0
3,672.0

16.620,0
19,239,0
2,035,0

46,270,0
37,669.0
2,348,0

13.24S.0 50.707.0
826,190,0
10,281,0 160,969,0 1,660.062,0
3.349,0
7.703.0
114,043.0

T ota l gold reserves_____________ 253,300,0
Legal tender notes, silver, <&c___ 16,548,0

853,390,0 204,829,0 254,893,0
61,969,0
3,010,0
5,816,0

67,434,0
4,136,0

64,415.0 452,191,0
7,762,0 17,923,0

82.383,0
13,130,0

37,924,0
928,0

86.287,0
3,949.0

25,869,0 219,379,0 2,600,295,0
6,598,0
3.404,0
145.173,0

269,848,0
T ota l reserves_____ _________
a B ills-discou n ted:
Secured by
U . S. G o v t, obligations_____ 38,095,0
All other
42,658,0
6,634,0
Bills bought In open m a rk e t.____

912,359,0 207,839,0 260,709,0

71,570,0

72,178,0 470,114,0

95,513,0

3S,852,0

90,236,0

33,467,0 222,783,1 2,745,468,0

167,961,0
200,175,0
20,269,0

28,546,0
71,800,0
2,409,0

35,023,0 71,198,0
67,308,0 145,806,0
2,985,0
1,140,0

28,100,0
45.714.0
357,0

4,252,0
65,400,0

18,055,0
48,139,0
1,018,0

6.0S6,0
48,166,0
70.0

T ota l bills on h an d ___________
U. S. B onds and n otes__________
U. S. certificates of indebtedness:
One-year ctfs. (Pittm an A c t ).
A ll oth er______________________

388,405,0 117,207,0 135,413,0 102,755,0 103,471,0 220,989,0
1,005,0
1,481,0
844,0
1,233,0 10,099,0
4,490,0
V
52,276,0 25,780,0 19,799,0
6,260,0 10,534,0 33,612,0
5,522,0
116,0
1,0
1.0
1,133,0

74,171,0
1,153,0

69,652,0
117,0

07,213.0
8,868,0

54.322,0 133,042.( 1.5543)27,0
3,979,0
204,0
34,028,0

11.568,0
430,0

5,4S0,0
51,0

8,320.0

447,208,0 144,584,0 156,057,0 110.24S.0 124,135,0 260,224.0
5,515,0
529,0
2,383,0
2,351,0
753,0
4,429,0

S7,322,0
627.0

75,300,0
658,0

84,401.0
3,155,0

60,701,0 143,2693 1.799.306.0
1,970,0
592.0
26,952,0

1,659,0
120,167,0
2,615,0

523,0
29.021.0
73 1,0

296,0
13.579,0
561,0

916.0
41,633,0
496,0

236.0
23.013,0
2,309,0

87,387,0
555,0
17,436,0
479,0

T ota l earning assets___________ 105,857,0
3,990,0
Bank premises___________________
5% redem ption fund against F ed772,0
eral Reserve bank n otes______
Uncollected item s________________ 43,729,0
538,0
All other resources_______________

S
318,093.0
39,771,0

Phila.

1921.

S
2,295,0
48,627,0

85,949,0
29,371,0
1,887,0

700,0
49,263,0
383,0

38,406,0
95,177,0
1,830,0

1,239,0
50,042,0
913,0

363,0
43,161,0
283.0

608,0
19,390,0
761,0

1.665,0
65,875,0
1,917,0

S
8,645,0
4,602,0

2.400.0

S
20,785.0
29,922.0

38.017 ,(<
91,714,0
3,311,0

9,883,0
143,0

494.0
32,998,1
5.790.0

S
407,452,0
41S,738,0

559,689,0
952,428,0
41,910,0

203.375,0
7.876,0

9.471,0
531.871,0
17,3023)

T ota l resources______________ 424,734,0 1,489,523,0 403,298,0 471,343,0 227,976,0 217.825,0 804,224,0 213,742,0 129,246,0 220,837,0 121.696.0 405.9263 5.130.370.0
L I A B IL IT I E S .
7,935,0
4,541,0
26,983,0
4 .318.0
7.414.0
102,896.0
8,653,0 11,139,0
4 ,533,0
5,391,0
4.122,0 14,312,0
3,549,0
Capital paid in ..................................
59,318,0 17,554,0 22,233,0 11,026,0
9,114.0
S u r p lu s _________ _______ _______ _ 16,342,0
7,393,0
9,330,0
7,113,0 15.207 3
213.824,0
8,708,0 30,536,0
2,395,0
18,677,0
Reserved for G o v t, franchise ta x .
3,068,0
2.022,0
1.143,0
1,633,0
1,635,0
2.4013'
3,047,0
47.0063)
2,043,0
8.942,0
D enositsi G ov ern m en t.......... ........
5S3,0
2S3,0
1.442.6
1.902.0
19,014.0
847,0
514,0
2,122,0
2,087.0
895,0
1,254.0
5,728,0
1,357,0
M em ber bank— reserve a cc t__ 109,354,0
610,152,0 103,337,0 138,495,0 51,603,0 42,929,0 2 17,957,0 61,164,0 40. U 5.0 72,529,0 40.727.0 112.S7S.O 1.621.570.0
All o th e r.
__ _________
15,133,0
887,0
1,320,0
539.0
30,665.0
1,073,0
393,0
820,0
577,0
1,170,0
4.7703
476,0
3,597,0
T o ta l d eposits- _______________ 110,824,0
R . notes in actual clrculation. 241,611,0
R . bank notes In circulation—
6,046,0
net liability____________________
Deferred availability I t e m s _____ 38,471,0
All other liabilities....... ....................
1,110,0
F.
F.

625,558,0 105,504,0 140,082,0 52,974,0 44,573.0 247,192,0
637,645,0 216.543,0 230,790,0 109,675,0 131,745,0 433,247,0
28,492,0
88,663,0
4,177,0

7,320,0
43,702,0
881.0

12,379,0
45,385,0
1,283,0

5,201,0
40,542,0
1,124,0

8,221.0
16,502,0
904,0

13,173,0
53,789,0
3,042,0

64,103,0
99.298,0

12.379,0
55,617,0

75,785,0
75,581,0

42.70S.0 119,55>3 1,671.249.0
39,946,0 225.944.0 2.503,642.0

5,994,0
28.531,0
1,015,0

4,475,0
13,044.0
1,246,0

14.075.0
38.003.0
1.241.0

3,707.0
22.609.0
1,295.0

5,419,0
2S.17S.0
l .813,0

114.5023)
458.120.0
19.131.0

T o ta l liabilities____ a___________ 424,734,0 1,489,523,0 403,298,0 471,343,0 227,976,0 217,825,0 804,224,0 213.742,9 129,246,0 220,837^0 121,090,0- 105,92639 5.130.870,0

A ug. 20 1921.]

T H E C H R O N IC L E

/. / .1 HI L IT IKS (Concluded)—
Two clithers (1)0) omitted.

Boston.

Now York.

Phila.

%

$

$'
M emorunda.
Ratio of total reserves to deposit
and F. R. note Habllltlea com­
70.0
bined' per cent
OonUngnnt liability an endorser on
discounted paper rediscounted
with other F. R. banks
Contingent liability on bills pur­
chased for foreign correspond'I,h 3,270,0
• Includes bills discounted for
17,001.0
other F. R . banks, vlas.:
STATEM ENT

OF

15,298,0

3,594,0

Santa.

3,08 1,0

$

$

44.0

40 9

20,000,0

2,07 1,0

09.2

Ohicaoo. St. Louis. Mifine.ag Kan Ctin

00,1

39.0

58,5

5,345,0

50,0

FEDERAL

RESERVE

A G E N TS ’ ACCO UNTS

Clone.

B oston. New York Phila.
%

Federal Reserve notes our,si,arniing-------------------------------- 20 1.151
Collateral security for Federal Reserve notes outstanding:
5,000
Gold and gold certifica tes.......................................—
Gold redemption fund--------- -------------------------------- 21,274
Gold settlement fund— Federal Reserve B o a r d .------ 100,030
Eligible paper (Am ount required --------------------------- 74,277
\Excess amount held------------------------ 13,119

AT

CLO SE

Ulchm'd Atlanta

OF

40.5

2.150,0

at.

l

.

AUG.

04.5

3,400
5,894
40,000
89,857
1.3,001

0,110
3,451
47,831
03,704
1.0,420

15,870
290,645
170,775
44,211

06,8
54,421,0

1,108,0

17

2,000,0

43,731,0

......

54,421,0

1921.

M inn. K . City Dallas San F t.

13,052
1,987
4,200
39,241
39,030

Total.

£
$
%
%
3,840 25,012 31 ,960 829,344
84,188 43,488 287,193 2,885,217

s
$
%
1.07,720 24,510 M ,090
483,295 121,09 i 58,480

$
$
%
%
$
303,120 29,020 43,320 22,929 78 . 183
783,209 243,180 262,462 1 18,205 139,1.51
316,924
23,775
3,220
1.9,002 19,123 12,790
139,000 128,389 1 1.5,000 27,000
310,743 95,008 80,897 88,045
5,1.41 51,173 1.2,450
49,708

B U S IN E S S

Chicago

Total,

19,753,0

1,213,0

2, U 1,0

Sun Fran

$

1.2,597,0

1,01,7,0

2,201,0

S

/Julian.

4.7 1\ 0

32,507,0

(In Thousands o f Dollars)

a

%

$

04.5

72.2

Federal Reserve Agent at—
Resources—

Cleveland. Richmond

827

3,309
34,300
40,517
20,635

5,131.
373,992
2,915 10,109
1.25,550
2,235 144,800 1,100,520
33,207 1.26,224 1,225,155
21,051
0,555 281,188

T o t a l ........................................................................... 823,422 1,919,458 512,124 622,417 271,919 370,086 1,178.523 277,152 161,080 192,847 133,039 612,901 6,880,966
Liabilities—
Net amount of Federal Reserve uotes received from
Comptroller of the Currency _____________________ 355,161 1,988,389 283,8)0 305,782 141,194 217,334 051,018 145,038 72,570 88,020 08,500 319,153 3,714,561
Collateral received from
/G old ------------------------------- 18),874 472,52(8 147,512 181,5 ;r> 30,220 49,294 306,521 57,392 19,239 37,669 10,281 100.909 1.660,062
Federal Reserve Bank \Eligible paper-------------------- 87,337 380.541 1.00,812 135,070 100,595 103,458 220,988 74,124 09,271 67,152 54,258 132,779 1,500,343
T o t a l......................................................................... - 623,422 1,919,45 > 512,121 622,41.7 271,919 370,080 1,178,523 277,152 161,080 192,847 133,039 012,901 0,880,966
19,54)

783,269 243,18 ) 282,482 i i s . 2 55 139,151
8,590
7,408
145,624 23,637 25,672

483,290 123,096
50,049 21,798

58,480
2,863

84,186
8,605

43,488 287,193 2,885,217
3,542 01,249 381,575

Federal Reserve notes In actual circu lation ------------- 241,611

637,645 216.543 236,790 109,675 131,745

433,247

99.298

55,617

75,581

39,946 225,944 2,503,042

Federal Reserve notes held by banks-----------------------------

Member Banks of the Federal Reserve System.— F o llo w in g is th e w e e k ly sta te m e n t issued b y the F ed era l R e se rv e
B o a r d g iv in g the p rin cip a l item s o f th e resou rces a n d liabilities o f the M e m b e r B a n k s .
D e fin itio n s o f th e d iffe re n t item s
in the sta tem en t w ere g iv e n in the sta te m e n t o f D e c . 14 1917, p u b lish ed in the “ C h r o n icle ’ ' D e c . 29 1917, p a g e 25 23.
ST AT EMEN T S H O W I N G P RI NC I PAL R ES O UR CE AND L I A B I L I T Y ITEMS OF R E P O R T I N G MEMBER B A N K S I N FEDERAL RESERVE
BA NK AND B R AN C H CI TI ES AND ALL O T H ER R E P O R T I N G B A N KS AS AT C L O S E OF BUSINESS A U G . 10 1921.
d e c li n e f o r t h e w e e k o f $ 1 0 2 , 0 0 0 , 0 0 0 , t h e A u g . 1 0 t o t a l o f $ 1 4 , 9 4 9 , 0 0 0 , 0 0 0
b e in g a b o u t 1 1 . 1 % b e l o w t h e f i g u r e r e p o r t e d a b o u t a y e a r a g o .
F or th e
N e w Y o r k C i t y b a n k s th e c o r r e s p o n d in g d e c re a s e sin c e A u g . 13 o f la s t
y ea r w as a b o u t 16 2 % .
A c c o m m o d a tio n o f r e p o r tin g b a n k s a t t h e F e d e ra l R e s e r v e b a n k s sh o w s
a fu r th e r d e c re a se fo r th e w e ek fr o m $ 1 ,0 7 9 ,0 0 0 ,0 0 0 to $ 9 9 7 ,0 0 0 ,0 0 0 , or
f r o m 7 . 2 t o 6 . 7 % o f t h e b a n k s ’ t o t a l lo a n s a n d i n v e s t m e n t s .
For th e
N e w Y o r k C i t y b a n k s a d ec re a se fr o m $ 2 9 9 ,0 0 0 ,0 0 0 to $ 2 7 3 ,0 0 0 ,0 0 0 in
t h e t o t a l b o r r o w in g s f r o m t h e l o c a l R e s e r v e b a n k a n d f r o m 6 3 t o 5 8 % in
t h e r a t i o o f a c c o m m o d a t i o n is s h o w n .
G o v e r n m e n t d e p o s i t s s h o w a r e d u c t i o n f o r t h e w e e k o f $ 9 ,9 0 0 ,6 ) 0 0 , o t h e r
d e m a n d d e p o s it s (n e t ) d e c lin e d b y $ 2 0 , 0 0 0 , 0 3 0 , w h ile t i m e d e p o s i t s s h o w a n
in c r e a s e o f $ 2 , 0 0 0 , 0 0 0 .
F o r m e m b e r b a n k s in N e w Y o r k C i t y d e c r e a s e s
o f $ 5 ,0 0 0 ,0 0 0 in G o v e r n m e n t d e p o s its , o f $ 3 6 ,0 0 0 ,0 0 0 in o th e r d e m a n d
d e p o s i t s , a s a g a i n s t a n in c r e a s e o f $ 3 , 0 0 0 , 0 0 0 in t i m e d e p o s i t s / a r e n o t e d .
R e s e r v e b a la n c e s w i t h t h e F e d e r a l R e s e r v e b a n k s w e r e $ 1 9 , 0 0 0 , 0 0 0
le s s t h a n t h e w e e k b e f o r e , w h i le c a s h i n v a u l t s h o w s a n in c r e a s e o f $ 6 , 0 0 0 , 000.
F o r th e N e w Y o r k C i t y b a n k s a d e c re a se o f $ 9 ,0 0 0 ,0 0 0 in R e s e rv e
b a la n c e s a n d a g a i n o f a b o u t $ 2 , 0 0 0 , 0 0 0 in c a s h a r e .n o t e d .

N e t l iq u i d a t i o n o f a b o u t $ 8 0 , 0 0 0 , 0 0 0 o f lo a n s a n d d i s c o u n t s , a c c o m p a n i e d
b y c o m m e n s u r a t e r e d u c t i o n in b o r r o w in g s f r o m F e d e r a l R e s e r v e b a n k s ,
is' i n d i c a t e d in t h e F e d e r a l R e s e r v e B o a r d ’s c o n s o l i d a t e d w e e k ly s t a t e m e n t
o f c o n d it i o n o n A u g . 1 0 o f 8 1 3 m e m b e r b a n k s in le a d in g c it ie s .
N o c h a n g e is s h o w n i n lo a n s s e c u r e d b y G o v e r n m e n t o b l i g a t i o n s , w h i le
lo a n s s e c u r e d b y c o r p o r a t e o b l i g a t i o n s d e c li n e d b y $ 1 6 , 0 0 0 , 0 0 0 a n d o t h e r
lo a n s a n d d i s c o u n t s , la r g e ly o f a c o m m e r c i a l a n d i n d u s t r i a l c h a r a c t e r , d e ­
creased b y $ 6 3 ,0 0 0 ,0 0 0
C o r r e s p o n d i n g c h a n g e s f o r m e m b e r b a n k s in
N o w Y o r k C i t y i n c lu d e a n o m i n a l in c r e a s e in lo a n s s e c u r e d b y G o v e r n m e n t
o b l i g a t i o n s , a r e d u c t i o n o f $ 1 5 , 0 0 0 , 0 0 0 in lo a n s s e c u r e d b y c o r p o r a t e
o b li g a t i o n s a n d a r e d u c t i o n o f $ 4 0 , 0 0 0 , 0 0 0 in c o m m e r c i a l l o a n s a n d d is ­
co u n ts.
I n v e s t m e n t s o f r e p o r t i n g m e m b e r b a n k s in U n i t e d S t a t e s b o n d s a n d
V i c t o r y n o t e s s h o w a n in c r e a s e o f a b o u t $ 5 , 0 0 0 , 0 0 0 , h o l d i n g s 'o f T r e a s u r y
n o t e s fe ll o f f $ 4 , 0 0 0 , 0 0 0 , t h o s e o f U n i t e d S t a t e s c e r t i f i c a t e s o f i n d e b t e d ­
n e s s $ 2 2 , 0 0 0 , 0 0 0 , a n d t h o s e o f o t h e r s e c u r i t ie s a b o u t $ 1 , 0 0 0 , 0 0 0 .
O n ly
n o m in a l c h a n g e s in t h e s e v e r a l c la s s e s o f i n v e s t m e n t s a r e s h o w n fo r t h e
m e m b e r b a n k s in N e w Y o r k C i t y .
In con sequ en ce o f th e a b o v e ch a n g es,
t o t a l lo a n s a n d i n v e s t m e n t s o f t h e r e p o r t i n g i n s t i t u t i o n s s h o w a fu r t h e r

.D ata for allrep ortin g member banks in each Federal Reserve D istrict at close o f business A u g . 10 1921.

Boston. New York Philadel. Cleveland. Rlchm'd.

Federal Reserve District.
Number of reporting banka _ _ . __
Loans and discounts, Including bills re
discounted with F. R . bank:
Loans sec. by U . S . G o v t. obligations. _
Loans secured by stocks and b o n d s ...
All other loans and discounts________

112

58

87

82

S
8
34.886 242,272
183,815 1,250,989
601,415 2,693,029

$
71,059
180,597
365,383

$
55.997
333,641
674,420

Total loans and discounts--------------U. S. bonds___________________________
U. S. Victory notes . _ ______________
l ! . S. Treasury notes _____
___________
U. S. certificates of indebtedness_______
Other bonds, stocks and securities_____

820,116 ,4186.290
36,214 313,381
5,98e
78,482
33,356
2,050
99,897
8,243
137,292 714,672

49

Total Joans, disc’ts & Investments, inc).
bills rediscounted with F. R. Bank__ 1,009,901 5,426.083
75,090 552,645
Iteserve balance with F. R . Bank______
21,164 105,559
Cash In vault. ________________ ______
712,987 4,388,796
Net demand deposits__ _____ __________
178,451 418,304
Time deposits__________________________
28,197 175,911
Government deposits______ _____ ____ __
Bills payable with Federal Reserve Bank.
9,424 112,51-3
Secured by U. 3. G ovt, obligations—
All o th e r..
__
__
__ ______
Bills rediscounted wi h F. R. Bank:
14,792
6,940
Secured by V . 3. G ovt, obligations__
28.745 195,552
A11 other. . ____________ ____________

Atlanta.

T hree ciphers (000) om itt d.

Chicago. St. Louis. Minneap. Kan. City Dallas.
' San F tan.

43

Total.

112

37

35

79

52

8
24,911
107,635
332,345

$
S
20,443
80,437
52,874 448,136
304,621 1,186,071'

8
19.103
118.515
304,591

S
12,991
32,729
236,038

$
19,225
70.125
371.397

$
6,850
37,155
203,651

S
S
27,037
615,211
146,712 2,962,920
742,252 8,015,218

617,039 1,064,058
46,212 103,72-5;
6,208
1.6,490
8,964
1,641
29,307
19,694
155,508 278,163

404.891
60,39s.
4,93c
70'
8,351
53,53/

377,9381,714,644
31,114
70,794
2,302
28,499
6,902
3,377
26L662
37,182 339.1S4

442,211
25,580
1,94/
22*
4,55c
66,14'

281,758
16,004
769
2,062
19,744

460,747
32,742
2,947
450
10,868
44,745

247,656
34,391
1,232
726
3,816
9,573

916,001 11.593,34997,521
868,072
165,513
15.801
3 804
59 08923,236
2401)86
167,191 2,022,935-

863,230 1,483,770
61,348
90,711.
17,137
2S,24;
611,082 791,27o
41,470 429,954
40,703
31,526

592,817
31,471
14,774
297,563
121,432
10,930

451,913 2,186,595
25,338 175,932
9,550
54,922
209,484 1,298,200
143,185 651,137
5,349
37,260

549,67/
37,474
6,842
285,862
142.372
10,632

320,591
16,033
6,455
174,489
68,823
9,349

552,506
37,S3C
12.954
377,205
101,873
8,727

297,394 1,223,554 14,949,044
75,701 1,199,941
20,357
10,149
22,728
310,480
183,323 561.136 9,895,403
60,207 541,650 2,898,858
7,234
381,144
15,326

67

813

27,430

19,906
27

21,279
580

12,303

27,100

11.372

3,457
25

5,521

3,851
410

18,747
141

272,933
1,183

21,452
25,140

7,228
81,495

2,877
44,937

7,113
33.092

9,210
90,943

2,358
30,591

1,040
27,123

2,273
28,118

376
13,634

3.001
4.7,188

78,660
644,558.

2. Data o f reporting member banks in Federal Reserve Bank and branch cities and ail other reporting banks.

New York City.
Three ciphers (000) omitted.

A ug. 10.

Aug. 3.

Number of reporting ban k s..
Loans and discounts, Incl. bills redte
70
70
counted with F. R. Bank:
8
s
Loans sec. by U. S. G ovt, oblig’ ns 219,940 218,647
Loans secured by stocks &. bonds. 1,094,490 1,1 ;9 ,350
All other loans and discounts____ 2,394,710 2,434,980

City of Chicago.
Aug. 10.
51
!>
57,021
320,042
755,335

Aug. 3.

All F. R. Bank Cities. F. R. Branch Cities. A ll Other Report. Bhs.
Aug. 10.

Aug. 3.

Aug. 10.

Aug. 3.

Aug. 10.

Total.

Aug. 3. Aug. 10 21 Aug. 3 ’21 Aug. 13 ’20

51
280
280
214
214
813
319
813
818
319
$
$
$
8
$
$
S
$
$
S
60,395
434,467
440,113
99,476
97 ,202
964,008
81,268
615,211
615,086
77,765
326,342 2,078,804 2,093,475 471,350 439,330 412,706 416,112 2,962,920 2,978,926 2,998,313
765,081 5,191,352 5,244,327 1,456,354 1,465,287 1,387,512 1,368,962 8,015,218 8,078,576
a

Total loans and discounts__
3,709,140 3,702,977 .1,138,398 !, 151,818 7,704,623 7,777,015 2,027,180 2,031.828 1,831,54" 1,862,839
U. 8 . bonds___________
18,938
442,758
18,667
260,982 ' 206,439
440,273 214,634 213,466 210,680 209.696
U. S. Victory notes_____
71,684
12,721
98,434
12,390
70,653
98,387
39,306
38.878
27,77/.
27,839
U. S. Treasury n o te s ______ .
1,696
1,574
30,267
43,179
45,70v
8,459
7,935
9,320
7,975
U. S. certificates of indebtedness__
92,440
13,410
15,740
164,692
93,026
1781533
48,443
52,512
26,951
31,285
Other bonds, stocks and securities.. 538,201 537,290 130, 87 131,353 1,097,305 1,028,57.' 579,208 578,012 346,422 347,511
T otal Joans At, dl .c’ ts, & in vest'ts,
Inch bills redlsc'ted with F .R .B k , 1,707,690 4,763,743 1,315,579 1,331,723 9,550,991 9,030,381 2,91.6,706 2,924,016 2,481 347 2,487,629
Reserve balance with F . R . B a n k ..
5)8,748 517,848 125,842 123,342
876,252
886,016 185,362 192,546 138,327 139,975
Cash In v a u lt..
32,434
1.78,262
92,557
3 1.,080
90,615
174,774
72,442
57,562
75,055
57,163
Net demand deposits___
3,925,140 3,961,507 888,381 880,626 6,908.304 6,928,57 1 1.508,762 1.570 895 1,418,247 1,415,871
Tim e deposits____
250,571 247,999 310,824 310,491 1,335,999 1,333,173 911,793 912,336 65 L,006 651,627
<)o veraw en t d e (iosi ts_____
298,774
27,032
27,252
169,883 174,478
307,083
30,463
52,217
30,253
52,117
Bills payable with F. H. Bank:
8ec'd by U. H. G ovt, obligations.
00,821
70,903
12,327
16,416
47,499
102,083
155,403
71,409
45 897
64,953
All other. _ .
672
008
575
330
Bins rediscounted with F . R . Bank:
8ec'd by IJ. H. G ovt, obligations..
8,493
13,059
15.827
7,112
53.896
7,327
10,647
56,493
14,117
10,052
AJJ other________
52,414
417,728
168,943 205,805
41,264
400,904 105,559 115,007 121,271 123,947
Ratio of bills payable
rediscounts
with F. R . Bank to total loans
and investments, per cen t__
4.6
0.6
7.2
5.8
0.3
5.8
7.2
6.7
7.3
6.3
n ( :ornpari» np»
n'»t available.

11,593,349 11,672,582
868,072
863,435
165,104
165,513
63,481
59,089
240,086
262,336
2,022,935; 2,024,094

a
875,610
191,234
393,644
P

14,949,044
1,199,941
310,480
9,895,403
2,898.858
381,144

15,051,026
1,218,537
394,778
9,915,337
2,897,136
389,763

16,828,278
1,392,231
354,56)6
11,382,363
2,727,482
66,733

272,93?
1,183

274,311
1,032

757,716
1,462

78,660
644,558

73,872
260,422
729,858 1,030,414

6.7

7.2

12.2

THE CHRONICLE

828

United States Bonds. Sales of Government bonds at the
Board are limited to $6,000 4s reg. at 104 % and the various
Liberty Loan issues.

Jlankcvs' (Gasjette*
Wall Street, Friday Night, A u g . 19 1921.
Railroad and Miscellaneous Stocks. Business in the
stock market during the early part of the week was almost
wholly of a routine character. No buying for investment
was in evidence and few if any shares disappeared from the
Street.
As practically all the business originated with
operators on the short side of the market, prices dropped
automatically, although generally within a narrow range.
As the week advanced word came from Washington that
sentiment in favor of early attention to the railway situation
is increasing and from the steel industry that orders for
repair shop stock are becoming more frequent. Moreover,
the money market is somewhat easier and foreign exchange
has recovered a little from its recent depression.
From these and perhaps other influences, the stock market
has assumed a more cheerful aspect. The railway list has
been relatively firm throughout the Week arid in several
cases net gains of a point or more are shown at the close.
Many industrial stocks have been the foot ball of specu
lation. Practically every active issue in the group has
declined, led by Mexican Pet. which has lost 6% points,
while Pan. American and U. S. Rubber are down 5, Studebaker 4% , Royal Dutch and Chandler 4 and Kelly Tires 2%.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
ST O C K S .

W eek e n d in g

A

ug.

19

S ales
fo r\
W eek. 1

Range fo r W eek.
L o w est.

H ig h e st.

R an ge sin ce J a n .
L o w est.

[ V ol . 113.

j

I.

H ip b e s t .

Par.] Sharesl $ per share.
pei s h a r e . 1$ p e r s h a r e . $ p e r s h a r e .
Feb. 105 >s M ay
A u g 19 100
100 104
A u g 19 104
A ll A m erica Cables _loot
200 5 0*4 A u g 17 50*4 A u g 17 46*4
A m er Bank N o t e ---------50
Jan
A u g 29
A u g 18! 11
400 I I
A u g IS 12
Am erican Chicle- n o p a r
100 68 4 A u g 17 68 4 A u g 17 66 94 Jan 75 4 M ar
A m erican R adiator — 25
M a r 12 4
Feb
A u g 17 11
A u g 17
8
A nn A rb o r____________ 100, 1.10 0 11
A p r 2f>
Aug
300i 20
A u g 17 25
A u g 19
Preferred .
100}
A
pr
A u g 16 1114 A ug 2 3 X
A tlan tic Petroleum
-2 5 2 ,7 0 0 11*4 A u g 18 12
Jan
100:107 h A u g 15 107 4 A u g 15 103 4 July, 1 1 0 4
A tla n tic R e fg , p r e f - 1 0 0
Apr
A ug 20
A u g 19 15
100; 15
A ug 19 15
A tlas T a c k C o r p . . n o p a r
200' 3*2 A u g 16
A u to Sales C o rp ____
50
3 4 A u g 16
2 54 June 4 4 Jan
Jan
Apr 15
200 13
A u g 16 13 4 A u g 16; 10
P r e fe r r e d ____________50:
Aug
Jan 41
A u g 16 29
100; 41
A u g 16 41
Barnet L eath er — n o p a r ,
A u g 19: 17 4 A u g 19 14 4 June 35
Jan
20( 17
Barnsdall, C lass B ____ 25
Feb 42J4 May
200! 35
A u g 16 36
A u g 15 33
Brow n Shoe In c______100
400j 2 4 A u g 17
2 % A u g 16 2 H A u g 5 4 Jan
Brunswick T erm inal _ 100
A u g 72 4 M a r
142 52
A u g 17 52
A u g 17 52
B u ff R och & P ittsb -1 0 0
May
Jan o3
2001 45 4 A u g 18 45*4 A u g 18 41*4
C alum et & A rizon a
_10
Jan
20} 41
A u g 19 41
4 >
A ug 19 40
C anada S ou th ern . _ . 100
Apr
1001 9 4 A u g 17
9*2 A u g 17
9 *4 A u g 12
Chicago & A lto n . preflOO
A
ug
12 6 0 4 A u g 15 60*4 A u g 1 5 1 60*4 A u g 60*2
Cleveland & P itts------- 50
Jan
200 41
A u g 19 4 1 4 A u g 1 8 , 36*4 June 62*4
C lu e tt, P eabody & C o . - .
May
300 31 4 A u g 17 34
A u g 15 23
M a r 44
D a viso n Chem ical n o p a r
Feb
10,627
A u g 13 327
A u g 13| 625
July 690
E a stm a n K o d a k ____ 100
924 May
100; 4
A u g 17
4
A u g 17
4
July
Em erson B r a n t______100
Aug
300 60
A u g 19 62
A u g 16 60
Aug: 62
Fisher B o d y O hio preflOO
May
200 57 *4 A u g 17 57*4 A ug 17 49*4 M ari 61
H om estak e M i n i n g .. 100
Jan
8
A u g 13|l 7*4 June 1524
100
S
A u g 13
Indian R efin in g_______ 10
Jan
A u g 19 78
A u g 19} 68
M a r 79
K ay ser t Julius) & Co.LOG,
200 78
June
M a y 80
100 70
A u g 15 70
A u g 15 70
K e lly S prin g! 6 % preflOO
M a r 62
May
A u g 13 35
A u g 15 59
300} 59
K e lse y W h eel I n c ___ 100
Jan 17 34 Feb
200 11
A u g 18 12
A u g 17 10
M allinson (H R ) _ _ «o p a r
June
Jan
67
200 5454 A u g 19 55
P r e fe r r e d ___________100
A u g 13 46*4
A u g 45 34 M ay
200| 29
A u g 15 30
M a r k e t St R y prior pflOO
A u g 15 i 29
M a r l a n d O i L ,____ n o p a r \ 2.500} 12*4 A u g 16 1334 A u g 15 12*4 A u g 2124 M ay
M axw e ll M o to r Corp—
100 10
A u g 15 10
Class B __________ n o p a r
A u g 15
8
June 1024 .A u g
M S t P & S S M leased
100 54*4 A u g 151 54*4 A u g 15 54*4 July 59 24 F eb
line certificates------- 100
A u g 19!
A u g 19; 17 24 July 2824
Jan
100 19
M u llin s B o d y ____ n o p a r
June
A u g 19
Aug ZZ
A u g 19j 26
100 26
X Y State R a ilw a y s . 100
A u g 19
100 9
A P ’-' 1324 M a y
N orfolk Sou th ern___ 100
A u g 1911 9
A u g 148
M ay
A u g 16
100 88
O tis E le v a to r_________ 100
A u g 16 | 87
A u g 18 79 4
June 86
M ar
100 80 A u g 18
P r e fe r r e d ___________100
100
A
u
g
18!
A
u
g
1S|
8
S
A
u
g
1724
Jan
Pacific M a il S S --------------5j
July
10, 4 6*4 A u g 16 46*4 A u g 161 3824 Jan 51
Pacific T e l & T e l . . . 1 0 0 1
A u g 18 70
Aug 18
70
June} 72
Aug
100 70
Panhandle P & R p f_1 0 0
100 6S
A u g 16 68
Phillips Jon es . . . . n o p a r
Aug 16
3724 A pr 7724
/724 A u g
June
100 94
A u g 19 94
A u g 19 94
A ug 1C4
Sears, R oeb u ck , p r e f.1 0 0
200 6*4 A u g 13 6 24 A u g 13
7 24 May
Shat tuck A riz o n a ------- 10
424
Jan
600 7024 A u g 16 71
A u g 18 67 24 June 75 24 A u g
Standard Oil o f C a l— 25
AUg
A u g 19 119
100 119
A u g 19j 85
Jan 119
Stern B ros, p re f______ 100
Jan
100
5
A u g 18
5
A u g 18 5
A ug 2524
T e m to r C & F P cl A n o p a r
900; 13*4 A u g 18 14*4 A u g 17 13
Jan 2024 M ar
T hird A v e R y _________ 100
M
ar
100
'
107
S8
A u g 15
88
A u g 15 88
Aug
U nion T a n k C a r ------- 100
Jan
U nited D r u g ---------------- 100 5 ,2 0 0 5424 A u g 13
57 24 A u g 15 52 24 A ug 106
Feb
40
A u g 18 36 24 July 47
1st preferred_________ 50
200 39 34 A u g IS
Jan
W eb er & H eilb r’r .n o p a r
100 11
A u g 15 11
A u g 15]
8*4
Jan 13
W rig h t Aeronaut . n o p a r \
300
824 A u g 16! 8 24 A u g 15it 6 24 June
934 July

20

For volume of business on New York, Boston, Philadel­
phia and Boston exchanges, see p'age 824.
State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has reversed
last week’s record by showing a considerable increase in the
volume of business, a larger number of bonds traded in and
a substantial advance in prices. Of a list of 28 prominent
issues all except 2 have advanced and 9 close a point or more
higher than last week. Among the latter are Balt. &
Ohio, Ches. & Ohio, Rock Island, Du Pont, Hend. & Man.,
New York Cent., Frisco and Readings.
Foreign Government and Municipal bonds have continued
conspicuously active and Liberty loans seem to have lost
none of their popularity.

D a lly R ecord

of

L ib e r ty L o a n

/

r ic es .

|A u g . 13

F ir st L ib e r ty L o a n
H igh
3 4 % boohs of 1932-47 Low
(First 3248)
Close
T o ta l sales In 8 1 ,0 0 0 un its.
C onverted 4 %
bonds o t H igh
Low
193 2 -4 7 (First 4s)
, Close
T o ta l sales In 8 1 ,0 0 0 u n its.
C onverted 4 * 4 % bunds of H igh
1932-47 (First 4 ‘Js)
Low
l Close
T o ta l sales in 8 1 ,0 0 0 un its.
Second Converted 4 >4 % ( High
bonds of 1932 47 (l irst { 1,o\v
Second 4 4 s)
( lose
T o ta l sales In 8 1 ,0 0 0 u n its.
S e c o n d L ib e r t y L o a n
High
4 % bonds of 1927 4 2 ______
Low
(Second 4s)
l Close
T o ta l sales in $ 1,00 0 units.
Converted 4 * 4 % bonds of High
1jOW
192 7 -4 2 (Second 4 4 s)
(C lose
T o ta l sales in $ i,0 Q 0 u n its.
T h ir d L ib e r t y L o a n
f High
J.ow
4 24 % bonds of 1928
(Third 4 *4 a)
{ Close
T o ta l sales in 8 1 ,0 0 0 units
F o u r t h L ib e r t y L o a n
1 H igh
( Low
4 2 4% bonds of 193 3 -3 8
(C lose
(Fourth 4 248)
T o ta l sales In 8 1 ,0 0 0 u n its. ____
V ic to r y L ib e r t y L o a n
f High
4 54 % notes of 1922-23
( Low
(V ictory 424s)
1Close
T o ta l sal os In $ 1 ,0 0 0 units
324 % notes of 192 2 -2 3
f H igh
(V ictory 3 24s)
{ Low
( Close
T o ta l sales In $ 1 ,0 0 0 units

8 8 .7 8
8 8 .6 6
8 8 .6 6
480
87 70
87 70
8 7 .7 0
2
8 7 .9 6
8 7 .8 6
8 7 .9 4
37

8 7 .1 5
8 7 ,5 6
8 7 .5 6
3
8 7 .7 8
8 7 .6 6
87 78
503
9 1 .8 8
9 1 .8 2
9 1 .8 0
128
8 7 .9 0
8 7 .7 4
8 7 .8 6
342
9 8 .7 4
9 8 .6 8
9 8.7 4
663
9 8.7 2
9 8.6 8
9 8.7 2
M

Aug

15 A u g . 16 A u g

8 8 .7 8
8 8.6 6
8 8 .7 0
263

8 7 .9 6
8 7 .7 0
87 90
80
96 00
9 6 .0 0
9 6 .0 0
2
8 7 .6 0
8 7 .6 0
8 7 .6 0
2
8 7 .7 6
8 7 .6 8
8 7 .6 8
243
9 1 .9 4
9 1 .8 2
9 1 .9 0
360
8 7 .9 0
8 7 .7 4
8 7.8 6
644
9 8.7 6
9 8 .7 0
9 8.7 6
2,24 7
9 8.7 6
9 8.7 2
98.7 6
38

8 8 .8 0
8 8 .6 6
8 8 .8
111

8 7 .9 4
8 7 .8 2
8 7 .8 2
67

8 7 ,7 4
8 7 .6 0
10
8 7 .8 4
87 .68
8 7 .8 4
208
9 1 .9 0
91 .84
9 1 .8 6
334
8 7 .9 0
8 7 .8 2
8 7 .8 8
538
9 8 . 7(
9 8 .7(
9 8.7 4
2.16 0
9 8.7 4
9 8 .7 2
98.7 4
259

17 A u g . 18 .4 u g . 19

8 8 .8 0
8 8 .6 6
8 8 .7 0
663

8 8 .0 0
8 7 .8 0
8 7 .9 0
46
9 6 .1 0
9 6 . 10
9 6 .1 0
1
8 7 .8 8
8 7 .6 6
8 7 .8 8
26
8 7 .7 8
8 7 .6 8
8 7 .7 8
889
9 1 .9 4
9 1 .8 2
9 1 .9 4
840
8 8 .0 0
8 7 .8 4
8 8 .0 0
1,166
9 8 .7 8
9 8 .7 0
9 8.7 8
1,947
9 8.7 6
9 8 .7 0
9 8.7 6 I
26*1

8 8 .7 0
8 8.4 6
88 60
181
8 7 .8 0
8 7 .8 0
8 7 .8 0
2
8 8.0 0
8 7 .8 6
8 7 .9 6
117

8 8 .6 0
8 8 .2 2
8 8 .4 0
596

87 78
8 7 .7 8
8 7 .7 8
4
8 7 .9 8
8 7 .7 2
8 7 .7 8
884
9 2 .0 0
9 1.9 2
9 1.9 6
588
8 8.0 4
8 7 .9 2
8 8 . C(
1,011
9 8.8 0
98.70
9 8.7 2
584
08.74
9 8 .7(
98.71
1.11 9

8 7 .6 0
8 7 .6 0
8 7 .6 0
1
8 7 .7 8
8 7 .6 6
8 7 .7 0
447
9 1 .9 8
9 1 .0 0
9 1 .9 2
283
8 8 .0 0
8 7 .9 0
8 7 .9 2
629
9 8 .7 6
9 8 .6 2
9 8 .7 4
731
9 8 .7 4
9 8.7 2
9 8 .7 4
347

• - » -

8 7 .9 8
8 7 .8 8
8 7 .8 6
122

N o t e .—The

bonds.

above table includes only sales of coupon
Transactions in registered bonds were:

5 1 st 4 34s — _____ ---87.64 to 87.70 79 4 th 4 2 4 8 22 2d 4 3 4 s __________________________8 7 .5 2 to 8 7225
.5 6 V icto ry 4 24s____
23 3d 4 3 4 s _________
______ 9 1 .6 6 to 9 2 .0 8

_ _ .8 7 .6 8 to 8 7 .9 8
- -9 8 .5 0 lo 9 8 .6 0

Quotations for Short-term U. S. Govt. Obligations—
M a tu rity .
S ep t.
S ep t.
O c t.
O c t.
D ec.

15
15
15
15
15

1 9 2 1 ____
192 1 ____
1 9 2 1 ____
1 9 2 1 ____
1 9 2 1 ____

In i.
R ate.
54 %
6%
5 ,4 %
54%
6%

B id .

A sked.

100
100

1 0 0 *ii F e b .
100 4
M ar.
M a r.
100%
June
10 0 4
1 0 0 4 Aug.
June

w o 'A t
1004
100 4

M a tu rity .
16 192 2 ____
1 5 1 9 2 2 ____
15 192 2 ____
15 1 9 2 2 ____
1 1 9 2 2 ____
15 1924 . . .

In i.
R ate.
54%
5 4 %

o% °/<

54 %
54%
54%

B id .

A sked

1004
! 00
100 %
1004
1004
1on 4

100 4
100 4
X0 0 JC,
1004
1004
101

.

Foreign Exchange.—Sterling exchange ruled dull and
for the most part almost nominal. Changes were unimpor­
tant with the trend fractionally downward. Continental
exchange was rather more active, with Reichsmarks con­
spicuously weak.
T o-d ay’s (Friday’s) actual rates for sterling exchange were 3 5 8 4 @
3 6024 for sixty days, 3 6424 @ 3 66 for checks and 3 6424 @ 3 6624 fo • ca­
bles
Commercial on banks, sight 3 6424 @ 3 6624, sixty days 3 59@ 3 6024.
ninety days 3 5624 @ 3 5724 and documents for payment (sixty days)
3 5 9 4 @ 3 60J4- Cotton for paym ent 3 6 4 4 @ 3 65 4 and grain for pay­
ment 3 6 124 @ 3 6524 •
T o-d ay’s (Friday’s) actual rates for Paris bankers’ francs were 7.61 @
7.66 for long and 7 6 7 @ 7 7 2 for short. German bankers’ marks are not
yet quoted for long and short bills
Amsterdam bankers’ guilders were
30 49@ 30.59 for long and 30 85@ 30.95 for short.
Exchange at Paris on London 47.40; week’s range, 47.16 high and 47 40
lo w .

The range for foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
Cables.
Checks.
High for the week________
3 61
3 67
3 664
Low for the w eek____________________________ 3 57
3 634
3 624
Paris Bankers' Francs (in cents per franc)—
High for the weeK_________________________ 7.73 24
7 .8 2 4
7814
Low for the week____________________________ 7 57
7.66
7.65
Germany Bankers' Marks—
H igh for the week_________________________
1 .2 0 4
1214
Low for the week__________________________
____
106
1.05
Amsterdam Bankers' Guilders—
High for th e week________________________ 30.74
31.20
31-15
30 81
Low for the week_________________________ 30.40
30.86
D o m e s t ic E x c h a n g e . — Chicago, par. St. Louis, 15@25c. per $ 1 ,0 0 0
discount
Boston, par. San Francisco, par. Montreal, $121 25 pe r
$1,000 premium. Cincinnati, par.

New York Curb Market.—Curb market trading this
week was slow and uninteresting, prices moving without
definite trend. About the middle of the week some selling
pressure developed and fractional losses were sustained, but
sharp rallies followed and a partial recovery ensued. The
close to-day was without feature, with a steady undertone.
Glen Alden Coal dropped from 35 to 30% and closed to-day
at 31%. Cities Service com. moved down from 115% to
109 and recovered finally to 114. Durant Motors on few
transactions weakened from 27% to 24%. Win. Farrell &
Son com. declined from 12 to 8%, recovered to 10% and ends
the week at 9%. Oil stocks were quiet and featureless.
Chesebrough Mfg. passed the dividend on the com. stock,
and while no transactions were reported, the bid price
dropped to 125 as against 170 previously. Arkansas Natural
Gas fell from 9% to 7 % and closed to-day at 7 %. Internal.
Petroleum eased off from 10% to 10%. Maracaibo Oil Bxploration declined from 20 % to 18% and sold finally at 19%.
Bonds were only moderately active.
A complete record of Curb Market transactions for the
week will be found on page 837.

Hew York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

F o r mnl nn d u r i n g t l » « w o o k off N f o r l t N u n i i u I I v l o u c t l v o , m o o n r u c o d l n g

HIGH AI ID LOW SA L/C Pit I CM— PER SIIA UK, NOT PICIt C/CNV.

$

per share

83 %
*80%
*2%
*85
30%
*61

ft

84
81
3

+7

*7
7%
113% 1131,1
53
53
*%
1%
1 1..
*7%
8
*163 4 17%
261 o 261391 - 4 0
* 6 5 % G6 %
110

per share

84%
80
2%
*84136%
51
10%

80%
37
52

■101

112%

52 %
*%
*%
7%
17
2578
38%
65 %
*101

,86

m
___ .

„ _ :j :
______

____

•100

102

*100

02

•1 8 0

198

*180

195

*4
13 1r
19
131,1
2934
*612
22

*93
3%
*1 0 %
*24%
49 %
*10
*18
*51
110

45
*11
*67
*82
*2
*312
19U
38
41$
*49
701*51
*62
*61
16
—
*94
7534
37%
1834
*53
*38
*26U
*70
67

%
U 2
4
9
131s
19
131.1
293.1
10
22
96

%
1%
2%
*4

13
19
*13
73%
*29
*6 %
*20

3%
1U4
25
4 9 58
1434

91 %
3%
*10

24%
49 %
*11

*19
51%
110
*109
45
*45
12
*11 %
71
*66
90
*82
*2
2i.i
3%
3%
19
191.1
34
38 %
*3%
414
54
*49
7034
70%
53
*51
65
*62
621- *61
16
15%
^ -V& 17%
96
95
7 6 i4
75%
37
3714
19
18%
54
39
27
26
7512 *71
67
6712
20

52

_____
*100

%
1%
2%
7
13%
19%
14
74%
30

*185
*5,}
1%
*21*4
* 12%
*18%
*12%
73%
*28%

10

,

*6

*20
*91
3%
* 10%
24%
49%
*10
21
*19
51%
51
10 9
no
491- *45
1178
11%
*67
71
90
*2
2%
3%
*3
19%
19
38 %
38 %
438
4
56
*48
70%
71
*5 1
53
65
*62
*61
62
16% *1512
17%
1734
95% * 9 4
76 %
74%
375*
37%
19
18%
*53
*38
26%
26
/5 % * 7 0
67 %
6/7 8
39
23
91 %
31%
16
25
49 %
14%

2
2
*1%
3
3
3%
18% 19
19%
37% 38 %
38
4%
*3%
*3%
54
*48
51
70%
70
70%
51
51
*5 0
64
*62
*62
*61
63
*61
16
16%
16%
*17
18
18
95
*94
94%
74 % 75 %
75%.
37% 37%
37 %
18% 18%
18%
*5 0
53
*50
38
38
38
2 5 % 25%
26
74
*72
74
66% 66%
66%
38% 38%
38 % 38%
2 3 3s *221- 2 3
23%
3m
*3 4 % 37
36
*23'% 25
24
24
34
*32
34
*3 5
6
*5%
*5%
9%
*9
10%
*9
77-%
76% 77
76%
19%
19%
19%
19%
*44
45
45
44%
22 % 23%
23%
23%
*39
43
43
*39
120
119% 119% ! 119%
*6 5 % 66 ! 6 5 l2
66
7%
7%
*7
7%
18
18
18
*17%
*7 %
8
7%
7%
20% 20%
20%
21
17
*15
9%
9%
9%
9119
19% * 1 8
*1 7
21
21 % *21
22
62
*6 0
61'% * 6 0
8
8
8%
*8 %
15
15
*1 4
17
28
28
*25
*2 5
2%
4
19%
38%
4
54
70%
53
64
63
16%
17%
95
76%
37%
18%
_____
40
26 %
75%
6 7 78
39

43
*13
*35

*40
*13
36 %
21
20

44
15
36%
21
20

%

%

cc
t-

l>

23
3G38
24
*3 2
6
9176%
193?
*44
23 %
*39
119%
*65%
7%
*17
734
20 %
*15
9%
*17
21
01*8
8
*1 5
*25

*30

34

22

22

%
*1*8
35%
*83
30%
*72
30%
*56
*28
*62
31
25%
81%
123%
*108
* J7%
*39
*4%
*115
*10%
47%
*54%
*61
30%,
*8
21
*48
83%
*102
*8'%

*6%

*42

44

'i(\ 7 u

20

21

%

Whurmlay
1UQ, 8 .

| ft per share $ per share
84%
83% 84
841- 8 1 %
80
80
8 ()l,i 80%
81 I
2%
*2 %
>l'2 %
2%
2%
86
80 % *8 5
*8 4 %
86
30'%:
30 % 37
27%
37%
*50 %
61 %
51
51
61
U)%
10%
10%
7%
7
7
7%
112
112%
113
1 13%
114
52',i 53
53
53% 53%
1%
*%
1%
*%
1%
*3/j
1%
1 O'.
*%
1%
7%
7%
7%
7*2
16%
16%
17
16%
16%
25 % 26%
25%
25% 26%
3.8% 39%
40
39 %
39
64 % 65
65
65 %
65%
*101
no
no
10
*1 0 1
31 %
30% 31 %
3 U ,i 3 1%
76
75%
75
*7 5
75
64
64
64
*6 4
65
40% _ _ _ _
. __
64
35%
36 % 3 6 %
36
30%
____ {• _____
___.J
45
45
*100
102
102
* 9 9 1 - 01
____
195
78 _____ ____
1%
1%
1%
1%
1%
* 214
5
4
*2 %
7
*4
7
7
*5
13
13%
13112%
13%
19%
18%
18%
19
19
14
14
13% 13% *13
74
73% 74
73% 74%
28% * 2 8 % 2 9
* 2 8 % 29%
*6 % 10
10
7%
7%
24
*23
30
*20
23
96
93
93
*93
96
3%
*3 %
3%
3%
3%
11%
11% * 10%
10%
10%
2478
243? 24%
24 % 2 5
49%
49% 49 %
49% 49%
*10
n
14
14
*10
22
*19
22
*19
23
51
51
51%
51
51%
no
109
*108
*108
no
49
45 % 4 5 %
11%
11
10%
11
11%
71
71
*67
*67
70

*23
24
23 %
23
36
*35
3712
36
23 % 24
*231- 2 5
33 % 33 %
*3312 3 4 U
* 51 6i/i
*5%
6
*9
*9
IO I2
10%
76% 7678
76
7738I
*19%
19%
19% m h
447S 4 5 ‘
451- 4 5 1 2 2 % 24123
2 3 iS
*38
43
*40
43
119% 11914 119% 119%
651 2 051 ,>
65% 6 5 7?
8
8%
*8
8J2
*17
*1712 19
18
7%
7%
20% 21 %
*201- 21
*14
17
*131- It
9%
*9% 10
9%
*16
19
*16
19
* 2 U 2 233.1
22
22
*58
60
61 % 61 %
* 8 i4
8 I2
8%
8%
*16
1?
15
15
*25
28
*25
28
43
15
40

W( dues /hm
Auy. 17.

per share

83'%
*80
*2 %
*8 4
36 %
51
10%

37%
51
l()l.l
7%
1312 112
5 3 '/I
53
* 1%
1%
*%
1%
7%
7%
*16 %
17
26 i.i
25%
387$
40
67%
65
*101
to
30%
32
75% * 7 4 %
04
64
40% *3 7 %
64
*60
36 %
35 %

313.1
753,t
6412
408,1
64

31%
*74%
*63
*37%
*60
36%

$

84%
80%
2%

31 l.t
i* 741.1
*63
*3 7 i.i
*60

**8
* 1%
*212

Tuesday
Auy. 16.

Monday
Auy. 15.

Saturday
Any. 13.

44
15
36
32
20

*41.
*13
35
*20
19

*4 0
13%
36
31
*19 %

%

%

*%

lS j
*1%
1%
1%
1%
01%
es.
36%
34
34 % 35%
35
88
84
84
* 8 3 % 87
83%
30 % 30%
3 0 78
2 9 % 30%
29%
78
*72
*72
78
78
30%
30
30
30
31
29
57
*55
67
54%
53
55
30
*28
30
*27
31
28
70
*62
*62
70
70
*62
31
30
30
30 % 30%
29 %
2
4
'1
24*8
2478
25%
24%
25%
80
81%
80
78*2 79
77%
123% 123
123%
122
122% 120%
110
* 108% 11C
*1 0 8 % 109%
109%
187*
17% 17% * 1 6 %
J8 % * 1 6 %
45
*39
45
*3 9
45
*3 9
4%
4%
4%
4%
4%
4%
J]7
*J 14
J20 *1 1 5 % 120 * 1 1 4
jj
10% 10%
10% 101- * 1 0 %
48
47
46%
47%
47%
4 7 i4
56
54
54
* 5 3 % 56
63%
62
61% 61% * 0 0
62
31
28
30%
27% 2 8 %
27 %
8%
*8%,
8%
*8%,
8%
8
2J
20%
21
21
2 0 % 20%
65
*47
*45
55
55
45
88%
84
88
82% 83
■
106
* J 02 J 06 * 102
106 1*102
37*
4
3'%
3%
4
3%
65?
7
6%
6%
01;
6%

1%
35%
83%
30

*1%
35%

%

%

30%

29 %
30
54%
55
28
27 %
70
*6 2
30
25
24%
*7 7
78%
122%
121
109% *10 8%
*16 %
18
46
*3 9
4%
* J 14
117
11
10%
47%
47%
63%
29%
8
20%
45
83 %
J 06
4

6%

28%
*8
21%,
*44
83 %
* J02

3%
0%

Friday
Auy. 19.
per share

Sales
for
the
Week.

STO CKS
N E W Y O R K STO CK
EXC H AN G E

[)uij«.

PICK HUA ItIt
Ranye tines Jan. 1.
On basis of \Oi)-thart tots
Lowest

84 % 8 5
8 ()l/i 80%
2%
2%
*85
87
37% , 3.8%
51'1
]>1

Sharer.

4 ,2 0 0
90 0
30 0

* M fl a n d w fk e d p ric e s; n o Bales o n t h is d a y .
X E x - rlg h ta . 5 Less th an 100 shares,
■ hare Jot s h a re , t o s to c k o f G le n A ld e n C o a l C o . a t 1 5 p e r s h a re .

a E x -d lv ld e n d a n d r ig h ts.

* E x -d lv ld e n d .

Pttlt HU A rut
rtauue for Previous
Ysar 1920

Iliyhett

1

K n f llr o u d a .
Par Z per shared
A t o ll T o p e k a A S a n ta F e . 100
77% ./uiie21,|
7 5 % Jan
3
........... _1 0 0
D o p ro f.A tla n ta lilr it t A A tla n ta .
100
2% F e b 2 0
77
A p r2 7
A t l a n t ic C o a s t L in e l i f t - 100
13,600 B a lt im o r e A O h io _______
100
30 % M a r 11
D o p ro r
100
47
M a r 14
000
9% J u n o 13
0 0 0 B r o o k ly n R a p id T r a n s i t .1 0 0
6 % J unci 7
C e r tif ic a t e s o f d e p o s it- 200
5 ,5 0 0 C a n a d ia n P a o lf lf l____________100
10 J J u r n ;2 0
14
1 13%
40 Ju n o 2 0
. 100
2 , 0 0 0 <Chesapeake A <>isio .
53% 5 1%
% A p r2 8
O h io A E a s t I ll in o i s t r u s t re c ta
1
*%
% A p r2 8
Do
p ro f t r u s t r e s t s ----- _
1%
*%
0 % J une23
8
70 0 C h ic a g o G r e a t W e s t e r n . _ 100
*7%
14 J u n e 18
D o p r e f ___________________100
70 0
10%
10%
22
June20
26
■1,500 C h ic a g o M l l w A S t P a u l ___ 100
26%
32
Junc2 1
I ) o p ro f ............................. 1 0 0
7 ,3 0 0
39% 40
00 % A p r 14
64% 05%
4 ,9 0 0 C h ic a g o A N o r t h w e s t e r n . . 100
95
J u ly 1
IO
D o p re f
_
__________ 1 0 0
*101
22 % M a r l 1
15,500 C h ic R o o k I s l A P a o _______ 100
31% 321|
6 8 % M a r 12
30 0
7 p re f e r r e d ________________ 300
70 % 76%'
56% Ju n o 2 1
0 % p re f e rre d __
_______ 1 0 0
100
*0 3 % 04%
32
J i u i (521
C le v C in O h io A S t L o u i s . . 100
60
Fob
3
D o p r e f ___________________ 100
27
Jan
8
50 0 C o lo r a d o A S o u t h e r n -----lo o
49
Jan
3
D o 1 s t p r e f — ..........- .1 0 0
42
J a n 26
100
D o 2 p ro f ------------ . 1 0 0
90
A p r 14
02
D e la w a r e A H u d s o n _______ 100
* 100
D e la w a r e L a c l A W e s t e r n . 50 b 176 J u n e 2 0
% June30
2 0 0 D e n v e r A R i o G r a n d e ----100
%
%
800
1
M a r2 1
D o p r e f _______
_______ 100
1%
1%
1% M a r 2 4
1 0 0 D u l u t h S S A A t l a n t i c ----100
4
*3
434 F e b 23
_______
7
D o p r e f ....... ...............- 100
*5
11'% M a r l 2
2 , 1 0 0 E r i e ___________________________ 100
13%
13%
16% J u n e 2 1
1 ,1 0 0
19
D o 1 s t p re f ------ ----- 100
19
11% A p r i l
200
14
Do
2 d p r e f ------------100
*13%
60
J u n e l4
74% 1 1 .8 0 0 G r e a t N o r t h e r n p r e f ------ 100
73%
25% J u n e 2 4
200
I r o n O re p r o p e r t ie s . No par
28 % 283«
6 % A u g 10
1 0 0 G u l M o b A N o r t r o t s ___ 100
* 6 % 10
20
June24
100
23
D o p r e t ___________________100
*20
85% M a r l2
40 0 I llin o i s C e n t r a l
-------- 10 0
94
94
3 % J u n e l3
2 ,3 0 0 I n t e r b o r o C o n s C o rp _ _ A 7 o par
3%
3%
9 J u n e 13
40 0
D o p r e f ___________________100
11
*10
4 ,4 0 0 K a n s a s C i t y S o u t h e r n ----100
18% F e b
7
25% 26
45 % J a n 26
2 ,1 0 0
D o p r e f . . . .................... .1 0 0
49% 50%
_______
10
M a r ll
14
L a k e E r i e A W e s t e r n ______ 100
*10
19
M a r2 1
100
D o p r e f ___________________ 100
20
20
47 % J u n e 2 1
3 ,0 0 0 L e h ig h V a l l e y ...................... 60
51% 51%
97
A p r l4
30 0 L o u is v ille A N a s h v i ll e _____100
108% 108%
36 % J u n e l 4
20 0 M a n h a t t a n R y g u a r _______ 100
9
M a r ll
2 ,1 0 0 M ln n e a p & S t L (new) _____100
1034 10»4
65
J u n e l4
M i n n S t P A S 8 M a r i e . . J . 100
72
*66
85 M a y 3
D o p r e f ______ ____________ 100
2
M a rlO
2 0 0 M is s o u r i K a n s a s A T e x a s . 100
2
3
J u ly lS
90 0
D o p r e f ________________ -100
3%
3 ,0 0 0 M is s o u r i P a c if ic t r u s t o t s .1 0 0
16
M a r ll
19
19%
19%
5 ,1 0 0
33% M a r l l
Do
p r e i t r u s t o tf s ----- 100
37% 3 8 %
38 %
3% J u ly 2 8
6 0 0 N a t R y s o f M e x 2 d p r e f . - .1 0 0
4
4
4%
46 June21
70 0 N e w O r l T e x A M e x v t e . . 100
51
51 , 52%
64 % J u n e 2 1
4 ,1 0 0 N e w Y o r k C e n t r a l _________ 100
71%
70% 71%
39 J u n e 2 0
100 N Y C h ic a g o A S t L o u is ___ 10 0
52
*50 % 52 %
58
J u ly lf i
64
64
*62
F i r s t p re f e r r e d ____________ 10 0
54 Ju ne2 4
63
S eco nd p re f e r re d - ............10 0
62
*61
13% J u n e 2 3
2 ,9 0 0 N Y N H A H a r t f o r d ______ 100
16%
16
17
16
M a r ll
6 0 0 N Y O n t a r io A W e s t e r n ___ 100
18
18
18%
90 0 N o r f o lk A W e s t e r n _________ 100
88 % J u n e 2 1
*94
96
95
6 1 % J u n e l4
76%
75% 76% 2 4 ,5 0 0 N o r t h e r n P a c if ic _________ . . 1 0 0
32 % J u n e 2 3
1 3 ,3 0 0 P e n n s y lv a n ia ______ _________ 6 0
37% 38%
38%
1534 M a r l l
1 ,8 0 0 P e re M a r q u e t t e v t 0 ......... 100
19%
19%
19%
50
A p r2 9
Do
p r io r p re f v t 0 _____100
53
35
J a n 19
500
37
37
Do
p re f v t 0 ____________100
38
24 % J u n e 2 1
1,1 00 P it t s b u r g h A W e s t V a _____100
26
26% 2 6 -4
70
M a r ll
75
100
74
*7 3
D o p re f ___________________100
60% June20
1 5 ,0 0 0 R e a d i n g _____________________ 60
67% 68 %
68
700
Do
1 st p r e f _____________ 60
3612 J u n e 2 4
3 8 % 38 %
3812 J u n e 2 5
200
39%
39%
Do
2d p r e f ______________ 50
1,9 00 S t L o u ls - S a n F r a n t r c tfs - .lO O
19% M a r l l
231i 23%
23%
27% J u n e 2 3
35% 36%
90 0
P r e f e r r e d A t r u s t c t f s ___ 100
36%
1,1 00 S t L o u is S o u t h w e s t e r n _____100
19% J u n e 2 3
24 % *23 % 25
28 J u n e 2 4
100
35
D o p re f . ________________100
*3 3
37
5% A p r l 6
*5%
100 S e a b o a rd A i r L i n e __________ 100
100
8% M a r l l
D o p r e f ___________________ 100
*9
10%
10%
67% Ju n e2 1
77 % 78% 2 0 ,7 0 0 S o u th e rn P a c if ic C o _______ 100
78
1738 J u n e 2 0
4 ,0 0 0 S o u th e rn R a i l w a y __________ 100
19% . 19% 2 0
42 Ju n e 2 1
4 4 34 44%
900
D o p r e f ___________________100
44%
16% J a n
5
2 4 , 9 ,9 0 0 T e x a s & P a c i f i c . . __________ 10 0
23
23%
3 6 % J a n 10
43 1
T w i n C i t y R a p id T r a n s i t . . 100
43 | * 3 8
111
June21
1 1938 120%
5 ,7 0 0 U n io n P a c if ic ________________ 100
120
62% J u l y l 8
65%
600
*65%
D o p r e f _________________ 100
66
7% A u g l6
1 ,3 0 0 U n it e d R a ilw a y s I n v e s t ___ 1 0 0
8
*/%
8
17% J u n e 2 3
200
D o p r e f _________ _______. . 1 0 0
*1 7 %
18%
19
7%
7
M a r ll
7%
60 0 W a b a s h ______________________10 0
7%
2 ,4 0 0
D o p re f A _______ ________100
18
M a r ll
21
21
21
12% M a r l 2
17
*131165?
D o p re f B _____________ ,1 0 0
834 J u n e 2 3
6 0 0 W e s t e r n M a r y l a n d f new) __ 100
m 2l
14% J u n e 2 3
D o 2 d p r e f ______________ 100
20 1
21
A u g l6
21%
1 ,6 0 0 W e s te rn P a c if ic _____________ 100
24
21
60
A u g 10
50 0
60%
D o p r e f . __________ _____ 100
60
62
9
1,3 00 W h e e lin g A L a k e E r i e R y . lO O
7% J u n e 2 l
8%
*8%
13% J n n e 2 l
17
20 0
D o p r e f ____ __________ 100
*15 %
17
____
25
J u ly 2 2
W is c o n s in C e n t r a l .
_____100
28
I n d u s t r i a l & M i s c e lla n e o u s
26% J a n
3
41 % 41%
300 A d a m s E x p re s s
_______ .1 0 0
43
12 J u n e 2 0
300 A d v a n c e R u m e ly
.. _____100
13
13
13%
35
A u g 17
36
600
D o p r e f . ______ ___________ 100
36
36
0. t
30 June21
500
32
*30
18
J u l y 11
2 ,8 0 0 A j a x R u b b e r I n o ____________6 0
20
20
20
3? M a y 2 5
1,000 A la s k a G o ld M in e s . _
_ _ 10
*%
%
%
1 Jan
3
40 0 A la s k a J u n e a u G o ld M l n ’g 10
17'
1%
1%
34
A u g 15
8 ,6 0 0 A llie d C h e m A D y e ___ no pa.
35 % 36%
35%
83
June23
D o p re f _________________ 100
28% J u n e 2 3
2 ,7 0 0 A llis - C h a lm e rs M f g _______ 10 0
30%
30%
30%
6 9 % J u ly 1.8
723/j 73
20 0
D o p re f __
________ 100
29
A u g ll
1,9 00 A m e r A g r i c u lt u r a l C h e m . . 1 0 0
31
31
30%
53
A u g 16
D o p r e f _______ ______ 100
600
55
55
55
25% J u n e 2 3
*2 7 % 3 0
300 A m e r ic a n B e e t S u g a r ______ 100
28
55
June22
D o p r e f - __ ______ . _10C
*62
70
70
29% A u g 10
600 A m e r B o sc h M a g n e t o . _No par
23 % J u n e 2 1
6 ,3 0 0 A m e r ic a n C a n __________ 100
25
> 4% 24%
76% June2 5
1,5 00
D o p r e f ............ ............ 100
78 % 781;
80
122%
120% 122% 1 0 ,8 0 ( A m e r ic a n C a r A F o u n d r y -100 1 1 5 % J u n e l7
108 M a y 2 3
100
D o p r e f ________ _____100
*1.08% 1 10
J 10
15% J u n e 2 3
200 A m e r ic a n C o tto n O H _____100
17%
17%
18
35 % J u l y 5
45
D o p r e f __________ ________ 100
45
*39
4 J u n e 13
1,200 A m e r D r u g g is t s S y n d ic a t e . 10
4%
4%
117
J u l y 15
A m e r ic a n E x p r e s s ___________ 100 114
J 17 *1 15
8
A p r l4
801 A m e r ic a n H id e A L e a t h e r .1 0 0
105
10%
10%
47%
2,401
D o p r e f ___________
- 100
40% F e b
2
48
48
42
Ja n 26
500 A m e r ic a n Ic e ________________ 100
57
Jan
8
10c
D o p r e f __________ ________ 100
27% A u g lO
14,001 A m e r I n t e r n a t i o n a l C o r p _ . 1 0 0
28% 29%
29%
8 June 7
10
200 A m L a F r a n c e F E ______
*8
8%
85
18
A u g lO
__
JO(
20%
4,301 A r n e rio a n L in s e e d __
18
21%
40
A u g lO
700
45
Do
p r e f _________________ 101
40
55
7 3 % June20
7,701 A m e r ic a n L o c o m o t iv e _____100
84
85
83
98% J u n e 2 0
105
D o p r e f ___________________ 10(
*1 0 2
106
3% A u g l l
2,001 American Safety R a i o r ___
4
3%
3%
no i>nr
A m -i «
4
01r> 6 0 f A m mv,Id At r 'o rn n o _
6%
ft

*29

T H K IC K P A C K S

5

per share

87% A u g 2
80 % A u g 16
7% J a n
4
8 9 ',1 J u ly 2 8
4 2-% M a y 9
54: J a n J 1
14<% J a n 26
10 J a n 25
119% J a n 11
06% M a y 9
6 % J a n 29
6 % J a n 31
9% M a y 9
20% M a y 9
31
J a n 12
4 0 % J a n 12
71
J a n 11
11 0 J a n 24
34«% M a y 18
78
M a y 10
0 7 % M a y 10
48
J a n 20
60
M ar 3
39 % M a y 0
53% A p r2 7
47% J u l y 7
103% M a y 11
249
M a y 16
2% J a n 29
434 J a n 31
4% J a n
3
738 J a n 17
15% M a y 9
22-% M a y 9
167g J a n 12
79 % J a n 29
32 % M a r 4
11% M a y l O
26 F e b
1
98
Aug 2
5% J a n 26
16 J a n 25
28% M a y 6
62
M a r3 0
1 4 % J a n 13
28
J a n 25
56% J a n
5
118
J u ly 6
58 % J a n 25
1434 M a y 9
73% M a y 9
93
J a n 11
3
J a n 31
534 J a n 10
23% M a y l 8
43% M a y 9
6% F e b
7
7 7 1 - F e b 17
7 4 % J a n 12
54 % M a y l O
65 Ju n e 6
61 % A u g 4
23% J a n 12
20% M a y 6
104% F e b 19
88
J a n 28
4134 J a n 12
23% M a y 18
57
J a n 20
45
Jan
6
32
J a n 10
79
Aug 5
89% J a n 15
55 F e b
7
5734 J a n 15
25% A u g 3
381- J u l y 0
30% M a y 9
41
J a n 13
7% M a y 9
12% M a y l O
101
Jan
3
2478 J a n 13
60
J a n 13
27% M a y l 6
55% A p r 7
123
Aug 3
6734 M a r l O
12% M a r 3
26
M ar 3
9 M ay 9
24 % M a y l O
IS '- M a v 5
11% M a y 9
21
M ay 6
30% M a y 9
70 % J a n 10
11% M a y 9
19% M a y 9
37% M a y 9
46% J u l y 27
1934 J a n
8
62% F e b 17
40
.l«.n 12
3 9 % J a n 11
1% F e b
9
134 F e b 9
6 6 % J a n 13
93% J a n 2 0
39 % M a y 2
83
M a r2 3
65% J a n
0
90
Ja n 20
51
F e b 15
7478 J a n
6
65 % M a y 2
32% J a n 29
88 Ja n 20
129% M a y 5
114 F e b 25
2 3 % J a n 28
67
A p r 26
8 34 J a n 11
136
M ay 9
1338 M a y 18
57-% M a y 18
591- M a y 2
65
A p r2 7
5 3 38 M a y 0
10% A p r l 8
62 % J a n 31
93
J a n 29
91 % M a y 5

107% Feb 20
10 Jan 7
14 Jan 20

Lowsnl
9

1

per share I
76
Feb
72
M ay:
4% D e o I
*82
1 Jeo
27 % F e b
40% Ju n e
9% A u g '
5% S e p t
09% D eo
47
Feb
1
Feb
3'% D e c
0 % Deo
15% D e o
21
Deo
36'% 1 )eo
00
Deo
98
June
21% D e o
04
Feb
54
Feb
313« D eo
60
Deo
20
Feb
40
J u ly
35
Aug
83 % J u n e
105 " F e b
% Nov
% Nov
3
M ay
5% Dec
9% F e b
10% D e c
12
Deo
6534 J u n e
2478 D e o
7
Jan
18% D e o
807 8 F e b
3
Aug
8 % D ec
13!% M a y
40
M ay
8 % Feb
10
Feb
3984 M a y
94
Aug
38 % J u ly
8% D e c
03
Feb
80% J u n e
2% D e e
3% D e c
11% D e c
3338 D e c
3% D e o
31
June
64% F e b
23 % F e b
50
Apr
41% M a y
.15% D e c
16
Feb
84% J u n e
66% Ju n e
3778 M a y
14
Dec
50
Dec
37
Deo
21 % F e b
66 % A u g
6 4 34 F e b
3278 M a r
33% M a r
15%' F e b
23 % J a n
11
Feb
20 % M a y
5% D e c
8% D e c
88% F e b
18
Feb
60
Feb
14
D ec
27 % J u n e ,
110
Feb,
61% M a y
7% A u g
14
Aug;
7 M ay!
17
D ec!
12% D e c
8% F e b
11
J u ly
20% F e b
64% F e b
8% D e e
15
M ay
25
M ay

fliijhssl
per ahars
90%
82
12%
HH%
49%
54
17
13%
J3 4
70 %
16
17%
11%
33 %
41 %

Nov
Jnn
H «pi
O ct
O ct
Got
M ar
M ar
Jan
Nov
Sept
Sept
Oot
O ct
Nov
66
Oot
91% M a r
120
Jan
4J
M ar
81 % O c t
71% O c t
62
Sopt
69
O ot
30% O ot
64
O ct
40
Doc
10 8
O ot
260% S ept
9
Jan
10% F e b
8
O ct
12% O c t
21 % S e p t
30% O ct
22 % S e p t
91% N o v
4178 M a r
17% O c t
35% O ct
97 % O c t
0% O c t
17% N o v
27 % O c t
62% O c t
24% O o t
40
O ct
60 % N o v
11 2% J a n
05% O c t
21
Oot
90-% O o t
96
Nov
11
Feb
18
Feb
31% ^ e b
5 5 l2 O c 4
8% O c t
657g O c t
81 % N o v
05
O ct
73 % O o t
70
O ct
37 % S e p t
27 % O c t
10 5% N o v
957g N o v
44
O ct
32
Feb
68
Feb
67% G ot
39% O c t
84% S e p t
103
Nov
61
Oot
65 % O c t
3 3 7g O c t
48 % O c t
40
Sept
49 % O c t
117g O c t
20% O c t
118% N o v
33% O ot
66 % O c t
- 47
M ay
43
O ct
12 9% N o v
69% J a n
15% O c t
32% G ot
13
O ct
34 % O c t
23 % O c t
16% S e p t
27% O o t
40
Sept
78
Nov
16
O ct
28
O ct
48
Ocs

22
14
40

Deo
D ec
Dec

42 % A p r
46 % M a ?
72
Jan

24

D ee
Dec
Deo
Dec
Dec
Deo
Dec
D ec
Dec
Deo
O ct
Dec
Deo
Dec
Dec
J u ly
D eo
Deo
D eo
Feb
D ec
D eo
Aug
Feb
Deo
Deo
D ec
Aug
Dec
Juno

88 % JaQ
2 % M * jt
3
M ar
62 % 8 e p t
92% N o v
63% J a n
92
Jan
95
Jan
90% J a n
103% A p r
93
Jan
128% J a n
61*4 J a n
101
Jan
14 7% A p r
116% Feb
64 % J a n
80
M ar
15% J a n

0% Deo
•7iw.

17% June
uni- Jan

%
%
43%
847g
20 %
67%
61
79
82%

76
46%
21 %
72%
111
105%
16%
69%
6%
95
5
36
37
53
30 %
8%

42
80
74
90%

176

Mar

30%

Jan

122
63%
08
120%
14%

Jan
Mar
Jan
Jan
Jan

96

Apr

99% Jan
109% A p r
10 7
M ar

b E x-rlg h ta (Juno 15) to su b s c r ib e B

830

New York Stock Record -C ontinued— Page i
9 y*M s a l e s d u r t a i } t h e

<»1 a l o l f

HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday
Auy 13.

At 0 ad uj
Am L5

% per that t

$ per hart

*67
69
34% 34%
71% 71 %
25% 25%
_„. _
63% 64 %
♦8 *
38 %
46% 46%
♦75
79%
106% 105*.,
119% 1 2 0
♦89
90 %
♦119
120%
6 8 % 69
♦96
98
23
23

♦67
34
*69%
2 b Hi

8

* 2 ■>1?
36
*38
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♦52
•9 6 %
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21%
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♦53
73%
*92
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49%
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♦3%
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♦85
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* 11%
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60%
30%
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♦4%
2612
58 %
24 %
46%
*48.
*10
*22

32%
22%

27
35%
30
65
57
99 %
5
21%
21

6 1%

4%
27 %
12%
10%
60*2
3 0 '1
/3
4%
_____
28%
59%
25
47
50
10%
22%
32%
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5 3 12
4
17%
33
2 8 i.i
75
5%

53 %
4
*15%
*31
28%
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5%
____
___
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38
40 %
95
*82%
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s4
667s 6 6 %
TOO
102%
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5 4 % 54%
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81
9%
9%
24 % 2 5 %
14%
14
16%
16%
* 17 *4 19
58 % 58 %

63 %

61 %
88%

44
45 %
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80
105% 105%
117% 119%
90
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118
117
6 <% 6 9
*96
98
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43%
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105%
117
89 %
116
6 6 '%
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•
34%
28
64
*52
97
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20%
*18
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*53
73
*92
*45%
48%

10

10

10%
42
32
70
60
13%
46 %
_____
7%
25
2%

___

7%
*22
2%

9%
*17%
38%
*79
18 %
12%
38
....
....
15 0
98
11%

10

66

57
97 %
5
20%
21

9%
63 %
73 %
97
48
48 %
90
97%
4
98
89
4
27 %
11%
10

59 %
30
73
4%
26 %
59 %
251*
4 5 >8
49%
10
21%

31%
231*
53
4
*15
*31
28
*67
5%
85%
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35%
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32
23l°
54
4%
19
33
28
75
5%

3 L
99%
53 %
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15
*31
*28
*6 8 %
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84%
14%
34 %
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64%

31%
22%
53 %
4
15
33
29
75
6%
85%
14%
35 %
95
%
663 8

48
*75
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49%
80
S

*86

89
9%

86

____
38
96
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%
65% 6 6 %
1 0 1 % 102
102
*100
2 5 % 26 %
2 4 % 25 %
53% 54%
51% 53%
_____
• . - *78
81
9 lo
9%
91*
9%
2 3 % 24%
23% 24
13%
14%
13
13%
*16
16%
16% 16%
1734 17% *17
17%
57 % 5 S %
57% 5 8 %

*519

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42
*29
*69
*58
13%
46

*62%
*52
97 %
*4 %
20%
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72%
♦92
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47 %
89%
97
*3%
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*85
4
* 2 6 '*
11%
9%
59 %
29%
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4%
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26 %
59
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44%
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62%
88%
4 4%
79%
10 5 1j
117%
89%
116%
6 1%
98
25
8%
27
35
30

10
21%

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*83
9%

58%
15
48%
10%
2%
32 %
6%
36%
73%

*7%
*25
3 4%

69
34%
70
2 } 1.

10
22%

8

*57
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47%
10%
2%
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73%

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iha<t

10
22

24
90

9%

21%
22

5 9 % 60
2 9 % 30 %
71
71
4%
4%
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2 5 % 27 %
58
59 %
25
25
4434 4 6
*48
50

*21

21

27
36
28
61
57
97
5

4%
26%
11%

*86

50%
80

*20
*8 %

8%

9%
5612
74%
97
49
49 %
91
99
3%
98
89
4%
20%
11%

49 %
*75
*5%

*83
91*
9%
12% 12%
_____ _____
45 % 46 %
*80*4 8 5
*54
57
90
*S3%
114*4 11 5%
10%
10
68
*6 4 %
64
*63
*70% 71%
* 3 0 78 32
SO
*73%
17
*15
11%
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* per
*67
34%
*69
23%

8 j%

*88

9%
62 %
74%
97
49
49 %
*
91
*92
99
4
*3%
98
♦91
88

69
31 %
7 1%
25 %

Toe* day
■iuj. L 3.

4S%
*75

*12
1

42%
80%
*53%

49
80
8

23
90
9%
13
1%
45 %
80-%
56

100
*88
1 1 2 % 11 4%
10
10%
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68

63
71
29 %
72 3 4
15%
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*20
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*57
14
46
10%
2%

31
*6%
*35
69%
9%
40 %
*29
*67
*58
13%
43 %
68

7%
*22
2%
10%

28
32%
19
*1712
39
37 %
82
*75
17%
18%
12%
12
3S
3S
_____ * 5 0
____
1251 2
155
*145
98
*98
1 134
11%

63
71
30 %
73%
15%
11%

9%
12
1

22

12
1

42 % 4 3 %
79
J79
56
*53
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100
109% 1 1 2 %
10
10%
*6 5
68
64
*61
70 %
0%
30%
30
72
72
15
15
10
20%

9%

10
20%
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59
14
47 %
10%
2%
31
7%
38
73

56%
* 1 4 io
44
10%
2%
30 %
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6 S%

56 i.i
15
46
10%
23a
30%
7
38
69%

21

9%

WtUntixdQy
Auj. 17.
$ per share
*56
33 %
70%

68%

34
70%
23%

62 % 6 3 %
88% 88%
45%
44 %
*71% 8 0
10 5% 105%
117% 119%
*89
9 0 '?
l 1 7% 1 l/ %
64% 6 8 %
*95
98
22

63
88%

43%
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105%
120

27%
60%
____
44 %
49%
9%
21%
321.,
22%
53%
3%
15
31 b
28
79
5%
85
15
40

%
%
64% 6 6 %
1 0 1 % io n ?
24% 25
51 % 53%
81
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91?
2 *2 % 2 4
13
12%
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16%
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57% 5 8
48
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22

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9%
11%
1

501;
SO
8
22

87
9%
12%
1

41%

44

54

54 %

110

112
10%

9%
65%
*64
70
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16
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56
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44
10%
2%

30%
63 8
*3 5
68%

68%

35
70%
23%
61
83%
4 5%
80
105%
120%
90 %

*89%
120
L2 0
67% 6 8 %
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98
2 1 % 22

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8%
8
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27
3 4 % 34%
34%
2 7% 271?
64
64
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55
♦53
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100
98
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5
4%
20% 21%
21%
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21
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62% *53
72 % 74%
73 %
_«, _____
+92
+ 45
48
+45%
4 7 % 49
48 %
*
90% *
♦96% 9 8
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3%
3%
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98
♦91
85%
85
85%
4
4
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26
* 11%
12
9%
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6 0 % 601 2
60%
31
31%
32%
+70% 73
71%
4%
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26
58%
„_ __
43%
+ 48
9%
21%
31 %
22%
53%
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15
31
28
*67
4%
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36

ihare

8

26 % 27 %
59% 6 0 1i
25% 25%
44
43 %
*48
49 %
9 78 * 9%
21% 21%
32 % 3 3

3

per share

+63
66
34 % 31%
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70%
23%
23 %
80% 80%
62% 63%
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90
44%
43 %
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80
105% 10 5%
118% 1 19%
90 %
90%
118
118
68%
67
21%

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25
34 %
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21%
8

2 5%
3 1%
30
65
55%

24 %
58%

27
60 %

48
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32

43%
48
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54
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53 % 53%
3%
338
3%
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14
14%
141?
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33
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30
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30
7.5
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75
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8 4 % 84%
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38
37 % 4 0
38
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85
90
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64% 6 6
651; 6 5 %
102%
TO O
1 0 1 % 102
25%
25
24 %
23 %
53% 54%
54 %
53
82
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8%
9%
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19% 2 2 %
18% 2 0 %
13
13
13%
13%
16
16%
19’
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17
17
58
58%
58%
58
49 %

51
80

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8
21%

87
9%

87
9 5s

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1%
44 %

42%

1 1 0 % 113%
10%
9%

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70
30 %
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15

70
64
70
30%
80
15

10 ’
21

*919
*20

10
21

58 %
15
46 %
10%
2%
30%
6%
37 %
70 %

Friday
A m . 19.

35
2718
65
57
98
*9 7 % 1 0 0
*4 %
4%
5
19% 2 1 %
21%
2 1 0 ) *18
22
8%
8%
9 l4
53
62 %
53
74 %
75
71 %
97
1 i%
40
45%
49%
4 8 % 49
90 %
90% *
97
97
98
*3 %
3%
3%
*89
97
98
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I n d u s , tic M is c a ll. ( C t m . ) Par $ per snare
A m S m e lt S e e u r p re f e « r A -100
63
J a o 11
3 ,5 0 0 A id e r S m e lt in g 4 R e f in in g 100
3 2 % J u n e 23
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O r e l___________________ 100
200
67
June20
4 ,9 0 0 A m S te e l F d r y to m oGfd.,33 1-3
2 2 % A i ( 17
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o lf s . . __________ 100
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61% A u g 1 1
Do
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60 9
8 5 % J u n e 19
10 ,7 0 0 A m e r S u m a t r a T o b a c c o ___ 100|
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70% J u n e 2 (
100
3 ,5 0 0 A m u r T e le p h o n e & T e l eg
95% Jau
3
8 ,3 0 0 A m a r T o b a c c o ______ _______100
l l l % J u n e 21
D o p re f (new) _______ _ 1 0 0
200
87
4
Jan
D o c o m m o n C la u s B . . . 10 0 1 1 0
2 ,0 0 0
Jaa
3
2 4 ,5 0 0 A id e r W o o le n o f M a s s . . --100
F e b 21
57
Do
p r e f _ ..................
100
93
F e b 21
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2 9 % A n ' 12
5 ,0 0 9 A m e r Z in c L e a d 4 S m e lt ___ 25
7% J u n e 2 2
Do
p r e f _______ ___________ 26
200
2 3 >2 J u n e 2 3
5 ,5 0 0 A n a c o n d a C o p p e r M i n i n g
60
33% J a n
3
4 0 0 A s s o c ia te d D r y G o o d s _____100
24
J a n 26
200
Do
1st p r e f e r r e d ________100
55% J a n
6
Do
2d p r e f e r r e d _______ 100
Jau
5
45
70 > A s s o c ia te d O i l ______________ 10 0
93
J u n e iO
2 0 0 A t l a n t ic E m i t ......... ..N o par
4% J i l y :> L
10,400 A t G u lf 4 W l S S L i n e _____100
18
J u a e 17
Do
p r o f ............................. 100
15% J u n e 1 7
A u s t in , N ic h o ls 4 C o ..N o par
8 >8 J u n e 13
Do
p r e f __________________ 100
5 0 % A n ,' 5
7 5 ,5 0 0 B a ld w in L o c o m o tiv e . W k s 100
62 % J tin c 2 4
Do
p r e f ___________________100
Juae27
95
1 0 !) B e th le h e m S te e l C o r p ____ 100
39 % Au n e 2 l
2 2 ,8 0 0
Do
C la s s B c o m m o n . _ lo o
41% J u n e 2 3
300
Do
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J U rie l 3
87
500
Do
c u m e o n v 8 % p re f 100
90
June24
3 0 0 B o o th F is h e r ie s _________ No par
3% Aug 17
B r >ok y n E d is o n , I n o _____ 100
88
Jan
8
40C B u m s B o s ..... ...................... 100
8 1 % Jan
8
9 0 0 B u t t e C o p p e r & Z lu o v t o
5
4 June20
.........
100
14% J a n
3
1 ,2 0 0 B u t t e r lo k
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lOU Juue20
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1 ,6 0 ) C a lif o r n ia P a c k in g ____ No par
5 ,,68 J u ly 2 *
5 ,6 0 9 C a lif o r n ia P e t r o le u m ______ 100
25
J an
6
400
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p r e f ___________________ 100
68>2 J a n
4
2 ,5 0 0 C a lla h a n Z in c - L e a d _______ 10
4*4 I u n e 2 2
C a s e (J t ) P lo w W k s ___ No par
4 J u n e 14
4 4 ,5 0 0 C e n t r a l L e a t h e r ____________ 100
21% A u x19
7 ,6 0 0
A u g 15
Do
p r o f ___________________100
58
C e r r o de Pasco C o p ___ No par
23
M a rlO
42% A u U 9
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48
10 > C h ic a g o P n e u m a t ic T o o l . . 100
9
2 ,3 0 0 C h ile C o p p e r ________________ 25
M ar 9
2 ,4 0 0 C h in o C o p p e r _______________
5
19*2 M a r 3 0
4 ,9 0 0 C o c a C o l a _______________ No par
19
F e b 24
60
C o lo r a d o F u e l 4 I r o n ______ 100
22 J u l y 29
52
2 ,4 0
C o lu m b ia G a s 4 E le c t r ic . 100
June20
15 ,2 0 0 C o lu m b ia G ra p h o p h o n e A / ’o par
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14
An T9
70
Do
p r e f ...... .........
100
2 3 % J u n e 21
4 0 9 C o m p u tin g - T a b - R e c o rd in g 100
30 0 C o n s o lid a te d C i g a r _____ No par
21% June24
65
A p r 19
Do
p r e f ___________________ 100
4,60c C o n s o l D is t r ib u t o r s . In c .a i? par
4% Au *17
77% J a n
5
1 ,2 0 0 C o n s o lid a te d G a s ( N Y ) ___ 100
14% July 9
6 0 0 C o n s o lid a te d T e x t i l e .-N o par
6 ,5 0 0 C o n t in e n t a l C a n . I n c _____ 100
31 % A u g l 6
85
A u * lS
Do
p r e f ___________________100
100
% July 13
1 ,6 0 0 C o n t l n t ’l C a n d y C o r p . N o par
59
June20
1 4 ,6 0 j C o r n P ro d u c ts R e f in in g ___ 100
98
J u n e 15
Do
p r e f -------------- 100
60
23% A u ' 1 9
38,7(h. C o s d e n 4 C o ____________ No par
J u l y 15
1 8 ,6 0 • C r u c ib le S te e l o f A m e r ic a .1 0 0 x51
77
June27
Do
p r e f ___________________100
6% J uly 11
15,70.> C u b a C a n e S u g a r ______ No par
Do
p r e f __________________ 100
18% A u g l 9
1 7 ,6 0 0
1 2 % Au?17
10
7 ,7 0 ^ C u b a u - A m e rlc a u S u g a r .
10% J a n
3
9 0 0 D o m e M in e s , L t d _______ __ 1 0
Ja o 24
16
2 0 0 E l k H o r n C o a l C o r p ____ . . 50
52
Jan
5
4 ,5 0 o E n d lc o t t - J o h u s o u ________ . . 50
87
Jan
5
D o p r e f ______ __________ . . 1 0 0
2 8 ,3 0 0 F a m o u s P la y e rs L a s k y No par
74 % J u ly 2 2
D o p re fe rre d ( 8 % ) _____ 100
5% J i m e lS
F e d e r a l M i n i n g 4 S m e ltln g lO O
21% J H y 3 0
D o p r e f _______________ 1 . . 1 0 0
600
75
June23
2 0 0 F is h e r B o d y C o r p „ ___ No par
8% Aug 3
4 ,1 0 0 F is k R u b b e r __________________ 25
11% A u g l 9
1 ,8 0 0 F r e e p o r t T e x a s C o _____ No par
1 June 6
1 ,4 0 0 G a s to n W 4 W , I n o . - N o par
40 % J a n
3
1 0 5 ,9 0 0 G e n e r a l A s p h a l t ____________ 100
Au*16
Do
p r e f ___________________ 100 x 79
400
54
Jan
3
G e n e r a l C ig a r , I n o _________ 100
80 % A p r 2 5
D e b e n t u r e p r e f ___________100
5 8 ,7 0 0 G e n e ra l E le c t r i c ____________ 100 10 9% A u g 16
9% J u n e 2 0
3 S .1 0 0 G e n e r a l M o t o i s C o rp - .z V o par
63 June21
D o pi e f _____ ____________ 100
100
61
June24
Do
D e b s to c k ( 6 % ) ____10 0
200
70
A u g l7
Do
D e b s to c k ( 7 % ) — 100
1 ,7 0 0
26 % J u n e 2 l
2 ,5 0 0 G o o d r ic h C o ( B F ) _________ 100
62% Ju n e 2 3
D j p r e f ....... ...........
100
600
15
A n g lo
60 0 G r a n b y C o n s M S & P _____ 100
9 Jan
6
2 0 0 G r a y & D a v is , I n o ---------25
19
J u ly 2 1
2 0 0 G re e n e C a n a n e a C o p p e r . . 100
7% J u n e 2 1
G u a n t a n a m o S u g a r — No par
25
June2l
1 0 0 G u lf S ta te s S te e l t r o t r s — 100
50% Ju n e 2 0
9 0 0 H a s k e ll & B a r k e C a r ..N o par
13 J u n e 2 0
2 0 0 H e n d e e M a n u f a c t u r in g ___ 100
44
A u g l6
4 ,6 0 0 H o u s t o n O il o f T e x a s -----100
10% J u n e 2 1
10
2 ,4 0 0 H u p p M o t o r C a r C o r p —
2
J une30
5
9 0 0 I n d la h o m a R e f in in g ............
2 9 % M a r 12
9 0 0 I n s p ir a t io n C o n s C o p p e r . . 20
6 % Aug-17
4 0 0 t n t e r n a t A g r lo u l C o r p ----100
36% J u n e 9
D o p r e f ___________________ 100
250
68% A u ;l7
3 5 ,0 0 0 I n t e r H a r v e s t e r (neto)----100
99% J u n e 2 0
Do
p re f (new) ___________ 100
9% A u g l l
1 ,4 0 0 I n t M e r c a n t ile M a r i n e ----100
39% A u g l l
D o p re f ___________________ 100
6 ,3 0 0
2S
J u ly 6
5 0 0 I n t e r n a l M o t o r T r u c k . N o par
6 6 % J u ly l
Do
1 s t p r e f -----------100
ICO
56% J u n o 2 2
D o 2d p r e f _______________100
400
12% A u g 19
9 ,8 0 0 I n t e r n a t i o n a l N ic k e l ( T h e ) 26
41
A u g 17
11.60C I n t e r n a t io n a ! P a p e r ------ 10 0
67% A u g ll
D o s ta m p e d p r e f ------ 100
100
5% A u g 5
7 ,4 0 0 I n v i n c i b le O il C o r p ............50
2 4 J u n e 11
I r o n P ro d u c ts C o r p — No p a fi
2% A u ? 1 5
9 ,8 0 0 I s la n d O i l & T r a n s p v t o . . 10
4
Jan
6
9 ,7 0 0 J e w e l T e a , I n o ----------- 100!
s% J a n 4
D o p r e f ___________________ 100
1 ,9 0 0
14% J a n
3
J o n e s B ro s T e a , I n o ------ 100
34
June 7
1 3 ,5 0 0 K e lly - S p r in g t le ld T i r e ---- 25
70 % M a y 31
T e m p o r a r y 8 % p re f ---- 100
100
16
M a r 11
3 ,1 0 0 K e n n e c o t t C o p p e r . . . No par
8 % Jan
3
3 ,1 0 0 K e y s t o n e T i r e A R u b b e r . . 10
32
Junc23
1 ,2 0 0 L a c k a w a n n a S t e e l------- 100
40 J a n
3
1 0 0 L a c le d e G a s ( S t L o u ls ) . . . 1 0 0
17% J a n 14
1 ,0 0 0 L e e R u b b e r 4 T i r e ----No par
138% J a n 22
L ig g e t t 4 M y e r s T o b a o o o 10 0
97% J a u
3
D o p r o f -------------- 100
200
10 J u n e 7
No oar
5 ,0 0 0 L o e w ’s In c o r p o r a t e d

Shares

t E x - r tg n ts .

PER SHARE
Rano$ for Previam»
Year 1020

a

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a Par

v a lu e S10U

Lowest

tftuheet
9

per

72%
41%
83
31 >2
91
96
107%

June 6
May J u u 20
Jan 11
M ar 7
J a n 19
J a n 27
88
M ar 1
0 i % Feb l 7
108% M a r 29
129% M a y 2 1
J a n 31
94
127 ‘u M a y 23
82% M a y *
J urn l
98
3 9 1•> J a n 20
10
M a y 14
J a n 11
33
13% M a y l
35% M a y 6
65
M ay 3
V I tv 21
61
107% M a r 2 i
Jau
9
3
3
76
Jan
7
44% J a u
13% I a n 12
J a n 21
70
94% J a n 11
1 0 2 % J a n 25
62% M a y 9
M ay 6
65
93% J a n l l
107% J a o 16
5% J a n 27
95
M ay 8
93
M a y 20
6
Jan
8
28
OR 2
15% M a y 1

19%

A p r 19

64%
49%
79
7%

F e b 17
M a y 14
M a y 13
Jau
8
10% A p r 2 7
43' t J a n 19
J a n 12
96
32% J a n 20
A p r3 0
86
70% J a n L I
1 2 % F e h 10
27 % M a y 11
3538
u 3
32% M a y 4
63
J a n 29
12% J a n
8
6 2 i F o b 10
42% M i.v 9
59% J a n 11
F e b 18
80
M a r2 6
10
91% M a y 17
21% Jan 7
66 J a n 29
Jan
6
98
Jan
7
6
7 6 % M a r 26
I0t% J a n 17
43% A p r 2 9
1071 o J a n 1 1
91 “ J a n 17
F e b 14
26
68 % F e b 28
33% F e b 25
21% A p r2 1
2534 M a y 6
69i 4 M a y 2
M ly 7
96
82 % A p r 2 9
A p r2 7
90
M a r2 3
9
291;9 J a n 28
90
J a u 11
19% M a y 5
20 % J a n 17
5% J a n 13
78 % M a y 5
1 17% M a y 5
62% Ja D 2 0
88
M ay
138% M a r 18
16% J a n 1
71% A p r !
7 0 % J a n 13
82
Jan 2 !
44% J a n 11
7
85
Jao
25
J a n 26
16% M a r 2 3
25% M a y
16% J a n
48% M a y
60 % F e b L5
25% A p r i o
86
M ay 6

1634 May 2

7% J a n
8
37 % M a y 18
1334 J a n 11
57
Jan
7
10 0% F e b 16
110
Jan 29
17% J a n l l
63 % J a n 11
42
M ay 6
76
J a n IS
6 1% A p r 2 5
17
M ay 2
73% M a y 17
75
J a o 20
26
J a n 20
40
J a n 11
4% J a n
8
1 1 M a r 17
33%

25%
54%
94
22%
17%
58 %

A l l ; 15

Jan
M ay
Jan
M ay
M ay
Jan

27
5
25
l l
3
ll

it j May 17
29% A p r 30
155
M a y 23
105% F e b 8
3 1 % M a r 28
* i> u l

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9 P»r 9Rare I per •%yrr
61

Deo

29% D ec
64 % D eo
Nov
26
79% D e c
82% D eo
97% D eo
65
D eo
79
D ec
02% M a y
104% D ec
85% M a y
100 % D eo
65% Deo
8 8 % D eo
28 % D eo
5% D eo
25 % D e c
D eo
30
D eo
18
49% D e o
D eo
38
D eo
84
6 % D ec
71% D eo
D eo
42
Deo
8
67% D e o
D eo
78
D eo
92
D eo
47
48% D e c
vug
90
99% D eo
2 % D eo
D eo
82
D eo
76
3% D e c
D eo
10
D ec
8
9% D e c
65% D ec
15% N o v
Nov
63
D eo
4
5% D eo
30% D ec
80% D eo
24% D eo
593a D o c
Nov
60
7% N o v
16% D e o
D ec
18
D ec
22
M ay
50
D ec
9
52% D e o
D eo
34
51% D e c
Deo
70

83
72
100%

60

93%
143%

M v

Jan
Jan
M ar
Jai>
A yr

IIH%
106%
106

Mar
A yr

100 % Mar

283
97%
210

165%
105%
61 %

21 %

69%
08 %
67%
74 %
75*4
125

20%

Jan
Jan
June
Ja/j
Jan
Jau
Jan
Jan
Apr
JaD
Jan
Jau
Jan
Au>
Jao
Jan

176%
75
May
24
JU Q f
82
148% A p r
102% J a n
96% M a y

102 %

102 %

Jar.

Fob

Jan
Jan
15
96*4 A p r
Ayr
129
11% Jau
Jan
26
29% J a o
28% J a n
85% J a n
Jan
46
76% J a n
2 0 % Jan
19*4 J u n e
104*4 J a o
108% J a n
Jan
61%
164*4 M a r
111% A p t
21% Jan
41% J a n
40*4 J a n
44% J a a
Jan
67
65 % J a o
92*4 J a o
Jan
56
Aufc
80
89% A u g

Deo
93% M a r
D ec
46 % A p r
Apr
D ec
98
97*4 J u n e
102*4 J a n
14% A p r
3*8 D e c
61
D ec
105% A y r
Jao
97
D ec 107
24% D e c
43% A p ;
70
D ec 278% A p r
Jan
81% D e c 100
16% D e c
59% A p r
64
D ec
85% J a n
Apr
21 % D e c 0 6 O6
Jao
9% M a y
13
Jan
28
13% D eo
Jan
47
D e c 147
Jan
D eo
84
104
40
Jan
D ec
95
D ec
68
91% A d ;16% M e j
D ec
5
21 % D ec
44*4 M a y
78
D ec
134% M a r
Jao
10
D ec
48
12% D e c
38% J a n
19% J a n
1% D eo
D eo
32 % D e c
43
71 % D ec
79% D e o
51
D ec
75% J a n
78*4 D ec
94*4 J a c
16% D e c 172
Jao
M ar
42
12*4 D eo
64 % N o v
89*4 J a n
58 % D e c
85% J a n
Apr
69
D ec
94
27
D eo
85% J a n
70
D eo
102*4 J a o
15
D ec
55% J a o
8 % D ec
49*4 J a n
15
D ec
38% J a o
11% D e c
2 0 % Aug
25
D ec
84% J a n
61 % D e o
78 % J u ly
12% D e c
46% A p r
65% D e c
116% Sep*
9 % D ec
23% A p r
6% Aug
9*4 A p r
28
D ec
61% A p r
Apr
27
9% D eo
40% D eo
88% Apr
88
Nov
142% A p r
Jao
100
Nov
115
10% D eo
51*4 J a n
44
Nov
111 % J a n
Apr
28% D e c
170
Jan
84
Nov
68
5 4 % Deo
Apr
71
1 1 % D eo
26% J a n
38% Deo
91*4 M a r
69 % D e o
79% J a n
19
D eo
47% J u ly
27 % D eo
61% J a n
4
D eo
7% J u ly
3
D eo
2 1 % Jao
43% J a n
7% S e p t
13
Deo
80 J a o
25% D e o
152% J a n
Jan
75
D eo
105
14% D ec
38 % A p r
48 % J a n
5% D eo
91% Jan
45.
D eo
67% D o I
35
Aug
15% D eo
38% J a n
207
Jao
127% N o v
190% J a o
95
D eo
Apr
36
14% Dec'
71%
16
52

Id e m !

New York Stock Record -Concluded -P a g e 3

s ;n

Foir sitIe« d uring th e week o f stockn (iiiuillv (nuctivo, «<i« rhlrtl pr^c<'dln([

t f /t f // /I N O LOW SALIC PillCIC~ -PI.(lit SB All IS, NOT PISIt CENT.
Saturday
Aug, 13.

Monday
Tuesday
Any. 1.5. 1 Aug. 16.

$ 7W 'hare 8 Per share
*8
S%
8%
8%
'"32
38
38
♦no 115
♦92 115
* 142 152 *142
152
*100 104 * 101) 104
•"031;: 65
65
65
58
57
*55
*55
30
31)
31% ’"31
75
*73
78
z7 5
„ *. _ _
§8*4 991*' 93% 981;;
78
*70
20
20
19% 19%
i 07b 11
10% LI
"25% 21%
23% 24
< 15
4-7
4/
*45
94% *92
*92
9 1%
*17
17% *1/
17%
14%
*14
1 1% *14
*1 12 116 *112 115
*108 110 *108 n o
♦os
27
*25
27
*55
60
*5?
60
1%
*1
1%
*1*8
*43*2 46% *43% 46%
95
*89
93
*89
*72
74
72% 72%
____ *103 n o
*101
*9% 10%
10
10
*53
55
53
53
293.i
*29
29
29
*50
53
*50
53
59
59
59*2 ' 59%
25
*23
*22% 25
*9
9%
*9
9%
2
178
2
1%
*934
*=27
*8%
55
34%
46
*39
7%
52%
____
17%
13%
29%
6%
*45
*55
*87%
*14
68
*9212
*27
26
■*/4
*100
12
*20
*18%
45%
*82%
8
50%
*11
*2%
*10%
*3
64%
15
36%
18'%
*32%
*66
*135
108
*
*23
*28%
72%
*90%
5
4
*7%
34
17
57
*80
7
*31
*58
17
103
51%
13
*42
*5%
*16%
47%
*78
47
4 '%
88%

10%
29
9%

*9%
*27

55

55
34%
43% 451?
39%
38
7%
7%
53%
53
*2919 30
17
17%
13% 14
28% 29%
6%
6%
47
*45
55
55
*88
88%
*14
15
57
57

34%
46%
40
8
53%
17%
14
20%
6%
47
56
8S
15

11
3%
64%
15%
3/
18%
34
72
138 * i 3434
108% 10778
70%
69
24%
23'%
28%
28%
72%
70%
95% *86%
5
4%
4
4%

12%
20
21'
45%
84
9
49%
11%
2%
11
3%
63%
1578
357§
18%
34
71
138%
108
70
23%
281?
7 l 7g
96
4%
4

7%
/
7%
7%
35
32
33% 34%
17-%
16% 17%
16%
57%
55% 57
55%
84
84
*80
*80
6'%
7
7
6%
32
*31
31
31%
60
*58
02
*58
16% 17
1738
16%
*23
25
*23
103'% 102% 103% 100%
51%
49
49% 51%
J3
*12% 14
12
45
*42
41
43
6
6
*5%
*5%
17
*16% 17
16%
47%
457* 477s
45%
92
92
*78
*78
47
46
46
45%
51%
46%
46% 47%
923/,
84%
84
88%

7
33%
17
56%
82
7
31
62
16%
25
103
4978
12%
42
6
16%
46%
92
46
48
85%

7%
32%
17
55%
84
6%
*28
*58
16%
23
99%
49
*11%
40
*5%
16%
44
*78
*45
47%
8412

*65
93%
26%
z25
74%
*100
12
12
21% *20
20%
20
46
46
86
*82%
8
50%
49%
11%
11%
2%
11
*10%
3%
*3
65
63%
*1434
15
37-% *2519
18%
18
34
*32
72
*66
139 *134
108% 107%
70^2 * ____
25
23%
30
28%
73%
71%
9534 *90%
5
4%
4
*3%

*

73%
109%
44%
*8%
27%
*23%
*66
60
6%
56%
80%
86%
43%
32%
*7%
*_
6%
6%
35
29%
*JL*£ 1 32%
111 * J08
* J06
303/* *36%
78
70*'/
*521",
59

Bid and

69%
93%
2/%
25%
74%
12
21%
20
46
82%
50%
11%

Friday
Auy. 1,0.

STO CK S
N EW YORK HTOUK
EXCHANGE

8 per share $ per share $ per share $ per share Shares
8%
8 % 8%
1,80 1
8%
8 % 8%
8%
8%
33
*30
35
"30 . 38
*30
38
33
109
102 115
1 15
1 1,5
*92
1 15
*92
152 *142 152 *143
150
* 142 152 *142
10 1
* 100 104 * 100 101 *100 10 1 *100
*64% 70
*64% 70
100
*04% 70
*6418 70
*55
58
58
“55
58
;
*55
57
30%
30% 31
31
30
1,100
31
*30
35
_ _ _ _ ____ *75
80
■101)
80
* 74
____
____
_____
9 114 91 190,200
88% 93%
92% 94%
00% 93%
80
*70
75
80
170
*70
---____
20
1,109
20
20
20
12,599
10% 11
1078 1.1
io% 11
to% 1 l
2 3 14 23%
4,209
23% 23%
23% 23%
23% 23%
*45
*45
47
*45
47
47
47
*45
9 434 *92
94% *92
94%
91% *92
*92
10% 17
16% 16% *16% 17%
3,666
16% 17%
14
14%
14% 14% *14
14%
1,409
*14
14%
____ „ ___
1 13
114% 114% 113
112 112
300
____
200
108 108 *108 110
___ _ _
27
26
: 25
27
*25
*25
29
*25
__ ___
*57
60
*57
GL
01
62
*57
*5/
200
1
1%
1
*1%
1%
1%
1%
*1%
2,109
39
39%
*43% 4612 43% 4334
39% 42%
S10
89% 89% *88
95
95
*88
*89
03
72
2,600
72%
71
71% 72%
71
7 1% 72%
106
*103 106 *103 110 *101
*101
97S 978
2,090
978 10
97,s 10%
984 10
1,600
47% 52
52%
50
50
52
49% 49%
909
28% 28%
27% 277&
28
2928% 28%
*50
53
53
53
*50
*50
53
*50
58% 60%
61
500
*59
*59
61
60
60
*2278 25
100
*23% 25
' 23% 23%
*23% 25
9%
100
*9
97s
*9% 10
*9% 10
9%
1%
1%
9,000
17«
1%
17S
1%
.1%
1%
20
17% m s
3,500
19
19% 20%
17% 1878
9%
900
9%
9%
9%
9%
9%
9%
9%
29
100
27% 27% *27
29
*27
*7
____ ^—«. «
100
9
9
9
9
*8
55%
55
1,150
55
55
55
55
55
55
343S 35%
34% 34%
35% 351-2 35% 35 % 23,00 >
4()34 41% 55,000
42
39
40% 43%
40% 42 3s
35% 36
10,500
35% 38
34% 36'%
35% 36%
7%
7%
3,100
7%
7%
7%
7%
7%
7%
4,600
52% 54
52% 53
55
55
55
54
1,100
29% 29%
287s 29%
29% 29%
29% 29%
3,900
17
17%
17% 17%
17% 17%
17%
17
13% 14
13% 137s 14,300
13% 13%
13'% 13-%
3 090
28% 29%
28% 2934 29% 29%
28% 29
6%
684
6'% 2,008
6%
6%
6%
6%
0%
46
*43
100
45
45
45
45% *43
*43
54%
5434 55
1,000
*54
*54
55
54
54
__ _ ----100
*87% 88
8738 87% *87% 88
14%
*14
14
300
15
14% 14% *13% 15
3,500
53% 55
56% 56%
54% 56
55% 56
*65
91%
*26%
24%
69
100
12
*20
*1812
45%
82%
__
47-%
*103.1
*2%
*10%
3%
61%
15
32
1634
33%
*66
*134
108
*__
23%
*28
70%
93%
4%
378

68
93%
29%
26%
77

74% 74%
109 109
45% 4634
*8%
9%
*27% 28%
24%
*23
67
67
*61
70
6%
6%
57% 57%
82
82
*86
87
48% 43%
82
32%
8%
8%
6%
*29%
88
*108
*106
86%
•#
♦58%

*7

id
29
9
55%

Wednesday , Thursday
Ann. 17. | A*ug. 18.

Kales
far
the
Week.

*65
91%
26%
24%
70%
*100
12
20
*18%
45
*82%
8
48%
*10%
2%
*10%
3%
61%
*14%
357g
16%
*32

7 4%
109%
45%
9
27%
25
68
61

73%
109%
44%
8%
26%
23
*66
*59
6
56% *56
81%
80%
86% *85%
4.4
42%
32%
33
8%
8
12 *
6%
6%
29% *29%
*32
33
i U *108
*106
40
36%
70% *65
59
*52%

pr I. Mi /J.,

70
93%
26%
25
74

74%,
73 %
109% 109
44%
44%
9
*8%
27
27%
23%
23%
66
68
65
59
6
6%
*56
58
81%
80%
87 I
43%' 41%
00
1 32
8
8
12 |♦_
6%
6%
30 I 29%
85
*82
1J2 1*108
*106
86%
36%
*65
72
58
*58%

orj Mi im dii/

70
93
28
25
71%
100
12
21%
20
46
82%
___
48%
11%
2%
11
3%
627s
15
32
1778
33%
71
136
108%
69%
24
30
72%
93%
4%
378

*65
9134
26%
24%
71%
*98
12%
*19%
*1834
46%
84
8%
48%
*1034
*10%
3
62
*15
33%
17%
*32
*66
135
10778
♦
23%
27%
68%
*86%
4%
3%

100
10,400
3,700
14,000
5,700
100
1,400
300
100
46% 4634 4,400
86
200
*83
600
9%
9%
4S38 15,000
47
100
*10-% 11%
*2%
100
2%
11
* 10'% 11
3%
700
*3
3%
6234 63% 23,250
63%
300
16
____
3438 35%
1,500
33%
1734. 17% 17% 67,400
34
34
*32
200
*66
71
71
100
135 *134 136
3,200
108 108
108
200
69 * _
70
22% 23%
1,600
23%
1,100
*27
28
28
6738 68% 127,600
72%
100
95% *86% 95%
4%
4,700
438
4%
4
4
700
4
70
93%
27%
25
74'%
105
12%
20%
20
46%
84
8%
48%
11

*65
70
90% •92%
26% 27
25
25
74
73
*100
12%
12
20
20

7%
*7%
33%
33%
17%
17%
58%
57
84
84
7
634
31
60
*58
17
17
23
23
102% 10134
51
50%
13
*12
41
*40
6
*5U
10%
16%
45%
44%
92
*78
47
45%
49
47%
86
86%

7%
7%
3378 33
17%
17
55%
58
84
*82
634
7
*2978
58
60
17%
16%
23
103% ioi.%
47 %
51
*12
13
41
40%
*5%
6
163g
16%
46
45%
92
45
46
4534
48%.
86
86%

1,700
7%
34
41,800
5,300
17%
9,600
5/%
500
88
678 7,000
400
31
300
58%
17%
4,400
200
102'% 28,300
50% 38.300
14
1,000
40%
1,300
6
16%
900
46% 42,300
200
45%
1,700
62,300
48
7,700
86%

74-%
109-%
45%

74%
7334
109% 109%
44%
45%
9
8%
27%
28
24%
24%
66*% *65
*58
62
*6
6%
*56
58
8J%
82
86%
4278 39%
3278
33
734 . 734
1 J ♦_
*6%
6%
31
*29
85
n o *109
*106
3534' 35%
67% *65
5M H 1U

74%
110
45
8%
27%
24%
68
62
7
58
81%

7378
109%
45
984 *8
27
2734
23% *23%
66%
66 %
62
*58
6%
6'%
58
*56
82
*81%
85%
42%
41%
33
3278
8
7%
12 *
638
0%
29% *29
85 , *32
JJ2 j 1 If)
* J06
8684 35%
72
*65
59 ' +591'/

i Less cmui 100 share*

41%
33
7%
11
6%
30
J 10%
35%
7i
r,7

64,100
1,400
10,300
700
4,700
700
500
600
3,800
200
1,900
300
25,600
2,1.00
2,400
7,300
700
709
100
1,109
100

X fflx-rtgnta.

Indufl. Sc Mlacoll. (C o n .) Par
Loft Incorporated ___ No par
Loose-Wlies JilHOUlt tr otfs 100
Do 2d preferred______ 100
LorUI&rd ( P ) ___________ .100
Do prof. _ . .
___ -100
Maokay C o m p a n io n -.__ 100
__ ____
J00
Do p ro f..
Manatl Sugar____________ 100
May Department Stores. .100
Do prof________ ____ .100
Mexican P e tro le u m ......... 100
Do prof______________ 100
Miami C opper______________ 5
Middle States Oil C orp ____10
Midvale Steel Ac Ordnance. -50
Montana Power_________ 100
Do p r o f . . . . __________100
M ont Wd&Coflla Corp.N o par
National Aomo---------------- 50
National B iscuit-. . — 100
Do prof ___ ___ ______ 100
National Cloak <fc Suit____100
Do prof____ ______ .100
Nat Conduit Ac C able.N o par
Nat Enam’ g <fc Stam p'g__ 100
Do prof_______________ 100
National Lead_________ .100
______ 100
Do p r e f _____
Nevada Consol C opper_____5
New York Air Brake_____ 100
New York D ock_________ 100
Do preferred___________100
North American C o — _ 100
Nova Scotia Steel <fc C oal..1 0 0
Nunnally C o (T h e )____No par
Oklahoma Prod Ac Ref of A m .5
Orpheum Circuit, In c_______ 1
Otis Steel____________No par
Owens Bottle----------------------25
Pacific Development______ _
Pacific Gas Ac Electric____100
Pad 1c Oil_________ _ __
Pan-Am Pet & Trans______ 50
Do Class B_ _______ _50
Penn-Seaboard St’ l vtc No par
People’s G L & C (C h ic )..100
Philadelphia Co (Plttsb) __,50
Phillips Petroleum____ No par
Pierce-Arrow M Car___No par
Do pref______ _________ 100
Pierce Oil C o rp o ra tio n ____25
Do pref_______________ 100
Pittsburgh Coal of P a_____ 100
Do pref---------------------- 100
Pond Creek C oal___________10
Pressed Steel Car------------- 100
Do pref_______________ 100
Public Serv Corp of N J __ 100
Pullman C om pany_______ 100
Punta Alegre Sugar_______ 50
°u re Oil (The) k___________25
Railway Steel Spring_____ 100
Do pref_______________ 100
Ray Consolidated C opper. .10
Remington Typewriter vtc 100
Replogle Steel________ No par
Republic Iron & Steel_____100
Do pref_______________ 100
Republic M otor Truck .N o par
Royal Dutch Co (N Y shares) _
St Joseph Lead____________ 10
San Cecilia Sugar v t c -N o par
Savage Arms C orp_______ 100
Saxon M otor Car Corp .N o par
Sears. Roebuck Ac C o _____ 100
Seneca C opper_______ No par
Shell Transp <fe Trading__ £2
Sinclair Cons Oil C orp .N o par
Sloss-Sheffleld Steel <fc Iron 100
Do preferred___________100
Standard OH of N J ________ 25
Do pref non voting____100
Steel Ac Tube of Am pref__ 100
Stewart Warn Sp C orp .N o par
Stromberg-Carburet__ No par
Studebaker Corp (T h e)___100
Do pref_______________ 100
Subma ine B oat______ No par
Superior Oil___________No par
Superior Steel Corp’ n__ _ 100
Term Copp & C tr ctfa.N o par
Texas Company (T h e )_____ 25
Texas Pacific Coal & OH__ 10
Tobacco Products C orp__ 100
Do p r e f.___
_____ 100
Transcontinental OIL .N o par
Transue Ac Williams St .N o par
Union Bag Ac Paper Corp_ _ 100
Union OH_______ _____ No par
United Alloy S teel.. __No par
Un ted Fruit . .
_____ 100
United Retail Stores__ No par
U S Cast I Pipe Ac Fdy____ 100
Do pref______________ 100
U S E xp ress___________ .100
U S Food Products C o r p ..100
U S Industrial Alcohol____100
Do pref_______________ 100
U S Realty Ac Im provem ent!00
United Stages Rubber____100
Do 1st pref___________100
U 8 8melting Ref Ac M ......... 50
Do p r o f ..______________ 50
United States Steel Corp__100
Do pref_______ ________100
Utah C op p er.............. ..........10
Utah Securities v t c _____ 100
Vanadium C orp_______ fro par
Virginla-Carolina Chem__ 100
Do prof_______________ 100
Virginia Iron C Ac C ______ 100
V Vlvaudou___________No par
WolN Fargo Express_____ 10O
Western Union Telegraph. 100
Westing house Air Brake__ 50
Westlnghouse Elec Ac M fg._50
White M otor______________ 50
White Oil C orporation.N o par
Wlckwlro Spencer Steel_____5
Wlllys-Ovorland (T h e )_____26
Do or of {new)__
_
100
Wilson Ac Co, Inc, v t o .N o par
Woo!worth (F W )________ 100
Do pref____________ ..1 0 0
Worthington P <fc M v t 0 .100
Do prof A _____
____100
Do oref R
.1 0 0

a Ex-dlV. and rlghta.

r u n HHAftH
ftanya nine« Jan 1
On hast* o f 100-share lute
Lowetil
$ par share
8
Aug 12
31 Jan 5
94% Junc23
136 Feb 3
100 Jan 6
59% Jan 3
65 June 7
30
Aug 13
65% Jan 4
95 Mar 18
87% July 6
81 J u n el7
15% Jan 3
16 July 20
22 J iiqo21
44 July 23
93 Juno15
14% Fob 3
13% Jiine23
102 Jan 4
106 Jan 3
25% July20
55% July23
l Apr 13
39
A ugl9
89 J u n e l1
67% July28
100 JuneiO
9 M ar31
47% Aug 17
20% Feb 9
45 Jan 26
54% Feb 7
20% JunelO
8% Mar 8
1% May31
17% Augl8
9% June28
27% Aug 5
8% July 1
46% Jan 19
27% M arl2
39 Aug 17
31% Aug 17
678 June20
33% Jan 3
2878 July 11
16 Jun el7
1338 July30
28 July 30
6% J u ly !3
45
Aug 3
52 July 16
8278 Jan 8
12% M arl5
53% Augl7
83 June22
54 Jan 15
89% Junel4
25% J u n e l1
24% A ugl7
67 July28
98
Apr21
11 M arl2
17% June20
18 June21
41% June23
797s June22
8
Aug 13
46% June20
10% June 13
2 June23
978 June23
278 Jan 3
61% Augl6
12% Mar 11
32 Aug 17
16% Aug 16
32% June29
68% June29
124% Junel3
105% Jan 3
69
A ugl6
21 June 6
26*% June2l
42% Jan 3
83 Jan 5
4% JulylS
3% AuglO
26 June20
7 Mar 12
29 Juoe21
16 A u gl 1
45 Mar22
76% June28
6% A ugl 7
2 3 June25
58 A u ,'l9
15% A u g ll
19 June 8
*95% June20
47% Aug 19
11% Jan 3
39% Jan 3
5% June20
15 June23
44 A ugl7
84 J(ily20
411s M arl 1
45% Aug 19
84
Aug 15
26 Apr 1
37
Aug 9
70% June23
105 June21
44% Aug 15
7 Aug 5
25% June21
20% July.'JO
57% July30
59
A ugl7
5% M arl 1
49% Jan 4
76
AuglO
85% Aug 18
39% AuglO
29% June23
7 July 16
14% Apr 11
6% Jan 3
26% June23
31 July 15
108% Feb 24
105 June24
35% AuglO
70% A u g l5
r, .
\l1'T

Hiyhthl

i ‘ icrt m ia iu s
It a n y fur TrtMoue
Year 1920
Lnwtni

$ per share $ per ihare,
12% Jan 10
9% N./V
42 Jnn 31
I Xu.
25
100 M arl I 100
Dee
16 1% Feb 28
120*- i )eo
107 Feb 3
97
1)ec
68 Jan 21
66
Deo
67% Feb 2
66
1>ec
89% Feb 11
63% Dec
93% Apr 18
65
Dec
101% Apr 7
95% Got
167% Jan 13 148
A i/g
91 Jan 1 1
88 Mar
24 Apr 26
14% Dec
15% A or 25
Aug
10
33% Jan 1
28% 1>ec
66% Jan 11
47% Dec
98 Juno15
93
Doc
25 M ay 2
12% Deo
30 Jan 4
25% Dec
120% Apr 25
96
Dec
103% July
120 Jan 26
36% Jan 18
25% Deo
69% Dec
79% M ay 16
6 Jan 10
Dec
2
45
65 Feb 14
Nov
95 Mar 9
88 Nov
81 M ay 7
63%, Dec
108 M ay 4 100
Dec
13% M ay 11.
8 Nov
89 Fob 19
Dec
66
39 MaylO
16% Dec
57% M ay 18
35% Dec
48 May
62 July 13
39 Mar29
26
Dec
1278 Jan 8
9
Dec
4 Jan 7
27« Dec
30% Apr 29
23 Nov
16 Jan 11
Deo
12
51% Jan 11 *427* Dec
19% Jan 8
10% Dec
41% May
56 MaylO
4 1% Jan 4
35
Dec
79% Feb 17
69% Dec
71% Jan 12
64% Dec
17 Jan 17
6% Dec
Aug
57% M ay 17
27
3 5% Jan 11
80% Dec
31% Jan 8
26% Dec
15
Dec
4214 M ay 2
88 Mar28
69
Dec
1 178 Jan 8
9
Dec
78 Jan 7
72
Dec
6478 M ay 3
51% Feb
88% Jan 19
83
Dec
12
Deo
16)2 M ay 6
96 Jan 24
72
Dec
104 Jan 24
90% Dec
70% M ay 19
Dec
52
110% Jan 21
95% Dec
51% Jan 11
40
Dec
36% M ay 6
29% Dec
Dec
90% MaylO
73
109 Mar 3
92% M ay
15 M ay 11
10 Nov
38% M .*yll
24% Dec
39% Jan 12
30
Dec
73% Jan 13
55% Dec
84
96% Mar 2
Deo
24% Jan 26
16% Dec
69% M ay 5
49% Dec
13 Jan 12
Deo
10
5% Feb 16
2% Dec
23% Jan 11
Deo
9
6% Apr30
2% Dec
98% Jan 3
86% Dec
20% Jan 17
14% Oct
49 M ay 9
33% Dec
28% M ay 6
Deo
20
56 Jan 11
43
Deo
73% Feb 28
75
Dec
167% Jan 13 242% Dec
110* Jan 20 100% June
82 Feb 7
77
Dec
37 Jan 24
24% Dec
46 Apr 30
22% Dec
93% Apr 29
37% D8C
97 M ay 4
76
Deo
10% Jan 7
8% Dec
13% Jan 11
11% Dec
48 Jan 13
41
Feb
10% A pr 36
6% Dec
45 Jan 10
40
Deo
36% Jan 21
22
Dec
46
60% July27
Dec
91 JaD 13
Dec
80
5% Dec
13 Apr 25
3478 Dec
44% Apr 25
75 Jan 13
61% Dec
25% MaylO
19% Dec
34 Jan 4
27% Dec
207 Jan 7 176
Feb
62% May23
45% DOc
19 M ay 6
10% Nov
50 Mar24
38
Dec
7 Jan IS
5% Dec
27% Jan 19
15
Dec
66% Dec
74% M ay 3
Aug
102 Mar 8
90
58% M ay 18
367a Nov
7934 Apr 30
63
Dec
95% Dec
103%Jan 4
3 5% Jan 27
29
Dec
39% Dec
44% Jan 3
76% Dec
86% May 6
104% Dec
112 Jan 27
44% Dec
59% Jan 19
Aug
12% Mar 17
7
28% Dec
41 Jan 11
24% Dec
42% Jan 11
10234 Jan 18
88% Dec
Feb
95 Jan 25
76
5% Doc
9% May 1 1
46% Nov
72 Jan 20
94 Apr 12
80% July
06% Jan 14
89% Nov
Dec
40
49% M ar29
30% Deo
44 May 2
17%Jan 8
13% Deo
19 Nov
18% Jan 11
5% Deo
10% M ay 4
26
D
42 M ay 3
347* Deo
47 Jan 7
117% Apr 11 100 June
111 Feb 2 102
Deo
35% Dec
55% May 6
Deo
81 Feb U
73
TrL \<fnr 1

z Bx-dlv. « Reduced to oasis of $25 oar.

1 liiyheei
9 per %har%
28
Jnn
70
Jan
116% Jan
183% Jnn
110% Jnn
69% Jnn
64% Mar
161% Apr
137% Apr
107
Jan
222
Inn
Jnn
106
Jnn
26
71% Jnn
62% Jan
09% Jan
100'4 Jan
40 Mar
40 Mar
125
Jan
116
Jan
Jan
80
102% Jan
Apr
13
89% Jan
102% Jan
93% Apr
Jan
110
17)2 Jan
117% Jan
48% Jan
61
Jan
61% Oct
77% Jan
22*« Apr
5% Mar
28% Sept
4 17* Jan
Jan
65
Jan
78
01% Jan
417* Dec
110% Apr
111% Apr
36% Apr
Oct
45
42% Jan
44% July
827* Jan
108% Jan
23% Jan
Jan
98
72% Sept
91% Jan
275s Jan
113% Apr
104% Feb
Jan
68
124 Mar
Apr
120
5Q7a Jan
106% Apr
107 Nov
22% Jan
94
Jan
93% July
124% Jan
106% Jan
55% Jan
123% May
177s Apr
25% June
83% Apr
21% Jan
Apr
243
23% Nov
90% Jan
48% Jan
82% Jan
94% Apr
*212% Mar
113% Mar
91% June
51% Mar
118% Apr
126% Apr
101% Jan
Oct
14
20% SeDt
Apr
60
13% Mar
*57% Jan
63% July
95% Jan
Jan
106
38% Jan
06% Jan
Apr
127
Jan
38
Jan
53
224% Oct
96% Jan
25% Jan
55% Apr
37% Apr
78% Jan
116% Jan
103% Jan
09% Apr
14334 Jao
110% Jao
Jao
76
47% Mar
Jan
109
115% Jan
80% Jan
Oot
14
Apr
97
80% Apr
112% Jan
120% Sept
21 June
76 Mar
92% Oot
Jan
119
55% Jan
69% Mar
25% Oot
32% Sept
JftD
32
Jan
93
82% Jan
Apr
146
Jan
110
Jan
95
93% Jan
Ton

a Par *1 0 0 .

833

New York Stock Exchange— BOND Record, Friday, Weekly and Yearly
/<i *

1 1UU9

tttctkaaje meiHod of juoiinj bund* was changed and priced are now— " and interest"— except for income and defaulted ouumt.
+e

BON DS
ft Y . dTOGbl E X C H A N G E
W ouli OliiiiUS AUg'-lSt L')

I I
"A.

Price
fridatt
.1 U'JUii 19

Week's
Haaje of
Latu bale

Hange
binca
Jan. 1

1

bid
Aik, Low
Hiub 1 No. Low tiiijh
O. i G ovurnm vnt
first Liberty Loan—
1
83.80
3 H % or 1932 1 9 ^ 7 .................... J D a s . i: >Sale 88.22
86.00 93.60
i 80 24 88.50
87.80
J
D
8
7.30
87-9
i|87.70
Conv i% ol 1932 l 7________
1
47.5
i
D
i
87.84
Bale
[87.70
83.00
C on? 4M % ol 1932 1947______
85 40 88.60
3 94 00 i()0 50
96.10
)! 1 j >2 1947. - _ |J D 93.09 9 5.10 93.00
Second Liberty Loan—
16 85.34 88.80
87 80
i % or 1927 1 9 4 2 ........................ M N 87.90 Sale 87.60
Oonv 4 Vi % oi 1927 194*2-......... |M N 87.70 Bale 87 6 > 87 81 3171 '85.30 88.40
third Liberty Loan—
or 1928. . _____________ jM $ 9 1.92 Bale 91,0 > 92.00 2531 88 00 92 20
(fourth Liberty Loan—
88 0 1 433 ) ,85.34 88 60
i >4 % of 1933 1933____________ A O 8 7,92 dale 87.74
Gotory Liberty Loan—
98.80 8332 95.56 98.88
4*4% Notes ol 1922 1923_____ |J D 98.71 dale 98.68
3 *4 % Notes ol 1922 1923......... J D 98.7 l Bale 98 70 98.76 2(62 95.80 99 00
is consol registered________ J1930 '% 3 lOU'-i 10 <u lOO Juae‘2 * - - - - LOO 100
i« consol co u p o n -........... ...... <11930 Q J 10(J 10 1Li 100% June 20 —
6 104 105%
101*4
44 registered_______ _____ ___ 1925 Q F 10 4*4 Bale 104*4
__ ..1 9 2 5 o * 104*2 105 IOU4 J u ly‘21 ——- _ m 4% U)4%
4s coupon
...
Q F 100*4 101*4 100 July'21
1ft11
99 J u ly’ 18
Pan Canal iu 30-yr 2s r e g .. .1938 Q N 100*4 101
75 ____ 79*4 Apr* 20 ——- —
Panama i'nnai 3s g . _______ 1951 G M
75 ____ 75 J u ly ’21 - - - - 75
ttoglalercd________ __
. 1951 U M
79%
fttvstsn G ov ern m en t.
argentine Internal 5s ol 1909 - M 8
Belgium 25 yr ext a t 7 % s g . 1945 J 1)
6-year 5% notes_____ Jan 1925 . . . .
........... 1941 F A
2CPyear a I 8s _.
Bergen (N orw ay) s r 8s_____ 1945 M N
Berne (City of) s r 8s _______ 1945 M N
Bordeaux (City ol) 15 yr 5s .1931 M N
Brazil. U 8 extern 8s ______ -1941 J D
Oanada ( Dominion o f) g 6s . . 1925 A O
do
do
...1 9 3 1 A O
10-year 5 H «- . . ----------- 1929 F A
Chile (KepubUlc) ext si 8a_- 1941 f A
Chinese (Hukuang R y) 6s of 1911 J D
Christiania (City) a r 8s ____1946 A O
Copenhagen 26 yr s f 6 H 9--1944 J J
Cuba— External debt 5s of 1904. M 8
Exier dt or 6a 1914 ser A.1949 F A
External loan 4 M b ._____-1949 F A
Danish Con Municipal 8s " A ” 1946 F A
Series B _________ ________ 1948 F A
Danmark external a f 8s ____1945 A O
Dominican Rep Cons A dm sf 6s ’68 F A
french Republic 25-yr ext 8a. 1945 J D
20-year extern loan 7Mfl -.1941 J D
Of Brit A Ireland (U K of) —
5-year 5 M % notes _ ____1921 M N
2l>-year told bond 6 M s .-1937 F A
10-year conv 5 Ha________ 1929 F A
3-year oonv 5M a_, _____y!922 F A
Italy (Kingdom of) Ser A 6 H s .’ 25 F A
Japanese G ovt— £ loan 4 M s, 1925 F A
Second series 4 H a-------- 1925 J J
Sterling loan 4s---------------- 1931 J J
Lyons (City of) 15-yr 8s . . 1934 M N
Marseilles (City of) 15-yr 6a. 1934 M N
Mexico— Exter loan £ 6a of 1899 Q J
Oold debt 4a of 1904_____ 1954 J D
Norway external a f 8a
1940 A O
Paris (City of) 5-year 6s ------1921 A O
San Paulo (State) ext s 1 8s. 1936 J J
Sweden 20-year tia
______ -1939 J D
Swiss Confederation 20-yr s f 8s ’ 40 _ ___
Tokyo C ity 5s loan o f 1912_____ M S

70 Sale
102 Bale
94% Bale
101 S;ue
99 Bale
993$ Bale
83 Bale
99*2 Sale
92*4 Bale
90 Bale
93*4 Sale
98% Bale
t 47*4 Sale
99 *2 Bale
78*4 Sale
77
78
76*2 80
66*2 67*4
100*4 Sale
100% Sale
102 Sale
77*2 78*2
100*s Bale
96*4 Sale

Sale
Sale
Hale
Sale
Sale
X 86*2 Bale
X *>6% Bale
X 72 Sale
83*8 Bale
83*2 Sale
I 44 12 Sale
34 Sale
103*8 Sale
9 9 % Sale
97?s Sale
86% Sale
103*2 Sale
62
64 ,
98*2 Sale
Zurich (City or) 8 t 8 9__
__1945 A O 100*8 Sale
XThese art prices on the basis of 35 to £

(k a ta a n d C ity S ecu rities.
N Y g u v — 4 ^ 9 Corp stock. 1960 M 3
43^8 Corporate stock____1964 M 8
4 H s Corporate stock_____ 1966 A O
4 Ms Corporate stock July 1967 ____
4 Ms Corporate stock_____ 1965 J D
4 Ms Corporate stock_____ 1963 M 8
4% Corporate stock_____ 1959 M N
4 % Corporate stock_____ 1958 M N
4% Corporate stock
1957 M N
4% Corporate stock reg___1956 M N
New 4 Ms________ ________1957 M N
4 M % Corporate stock__ 1957 W1 N
3 M % Corporate stock__ 1964 M N
N Y State— 4s _ _
_
1961 M 8
n^na* improvement 4s
1961 J J
Canal Improvement 4s
I960 J J
Highway Tmprnv t. 4M s
1963 M S
TTIphwav Tmnmv't
1966 IVfl S
Virginia funded debt 2-3s__ 1991 J J
5s deferred Brown Bros otfs___
R ailroad .
Ann Arbor 1st g 4s________ £1990
Atob T op A 9 Fo— Gen g 4s - -1995
Registered _ __________1995
Adjustment gold 4s____.*1995
S ta m p ed ____________ .*1995
Conv gold 4s--------------------- 1955
Conv 4s issue of 1910_____ 1960
East Okla D lv 1st g 4s------1928
R ocky M tn D lv 1st 4s------1965
Trans Con Short L 1st 4s. 1958
Cal-Ariz 1st * rei 4M s “ A ” 1962
S Fe Pres & Pb 1st g 5s__ 1942
At] Coast. T. 1st gold 4s
£1952
1b-year semired 7s
1930
Gen unified 4M e__________1964
Ala M id 1st gu gold os____ 1928
Bruns A W 1st gu gold 4s_.1938
Charles & 9av 1st gold 7s. .1936
L A N coll gold 4s_______ 01952
8av F A W 1st gold 6s ___1934
1st gold 58-------------------- 1934
Balt A Ohio prior 3M s______ 1925
Registered-__________£1925
1st 50-year gold 4s_______ £1948
Registered_______________ £1948
10-yr conv 4M s- ------------- 1933
Refund A gen 5a Series A . .1995
Temporary 10-yr 6s______ 1929
Pitts June 1st gold 68_____ 1922
P June A M D lv 1st p 3M8 1925
P L E A W Va Sys ref 4s. .1941
Southw D lv 1st gold 3M S--1925
Cent Ohio 1st o g 4M a__ 1930
Cl Lor A W con 1st g 5S-.1933
Ohio River R R 1st g 5s
1936
General gold 6s
1937
Pitts Clev A T ol 1st g 6S..1922
T o l A Cln dlv 1 s t r e f 4s A . . 1 9 5 9
B u f f a lo R A P g e n g 5 s _______ 1937
C o n s o l 4 M s - - .................... 1957
All A W e s t 1 s t g 4 s g u _____1998
C le a r A M a h 1 s t g u g 5 s ___ 1943

Rooh A Pitts Con 1st g 6s 1922

997g
87*4
89*8
98%
S714

69*2

101 U
93*4

100*8

98*4
98*4
83
99*4
92*2
89*4
92%
97*4
47
99
77%
77*2
77 *2
67*4
100%

100*8
101
l /%
99%
95
99*4
S6%

88*4

98%
87*4

86*4
86*8

71*4
82%
83
44*2
33*2
103
99%
97*2
85*4
106 *s
63
98*2
99*2

70
102*4
91%

101
101

16
158
135
134
51
70
2o

99%
83*a
99*4 221
33
93*4
90*2
94
184
99
251
36
47*4
19
99*2
78% 122
25
78*4
4
77*2
68
7
101
59
100*4
27
132
102
1
77%
100*2 725
96*4 899
99%
95
87% 287
89
4b /
987g 130
88*4
5
43
87
86*4 3S
104
72
46
83*2
83%
17
45*2
3438
5
103%
47

100

98*4

86*2
100 *2

64
98*4
100*4

66*2 72
95*2
87
96*4
93%
92%
74
97
85%
83*2
87%
92
40%
94*4
72
77
75%
63
951.
Q5U
95*1
70^8
96
95

102*4
97*4
101%
101
99%
84%
101 %
93*4
90*4
9512
104
49
100%
78%
82%
81
71&8
103
1ft3
103
83*4
101*4
98

97% 100
88
83
91*4
86
90%
94
80*2
81
75*8 87
75% 86*4
72
56
74% 85
74
84%
55
40
41
29

68 94

59 95
53 81*4
79 102%
23 43
40 OQln
5L 94

100
99*4
88 %
108
64
0S*4
100%

86*&
2 82*4 88
July 21
82*2 88%
July 21
J 82% 88
July 21 - - I
87*2 93%
1 87*4 92*2
90%
A u g’ 21 ____ 8734 94
5* 79
80*2
84
SO*2
l! 7 SI4 84*i
A ug’ 21
78U §41<
A pr’ 21 _ __! 81*2 83%
13’ 87*0 93*2
91*2
90%
3| 86*1 93%
72*4
74
2i1 72
D ec ’20
...
8 ept ’20 ____ |
July ’20
1 101 101
94
95 101
A pr’ 2 l
95 July’ 20
6 2 % ____ 71*4 O ct ’20
75*2 D ec’20

86*8 Sale
85*4____
8 5 °s ____
90*4 91*4
90*4 Sale
90*4 91*2
------- 82*2
8OI4 81*4
80*2____
80*4 81*4
90*4 91*4
90*4 91*4
72
77

o3
54%
Q J
A O
77% Sale
A O
Nov
70*4 72
Nov
71
72*4
J D
70% Sale
86
S9
J D
84*& Sale
IW 3
J J
70*4 Sale
76 Sale
J J
M 8
79*4 797s
87 ____
M S
M 8
/ 7*2 80
Rffl N 103*8 104
J D ------- 76
M N
91*2
J J
77*sv 83
J J 10S
71% Sale
MN
A O
9 9 * 4 -- _
89% 94
A O
86*4 Sale
J J
Q J
69*4 Sale
A O
Q J
70 Sale
j 6
71*4 Sale
91*8 Sale
j j
9 6 % ____
j j
83*2____
M N
66*4 Sale
M N
82*2 Sale
J J
M S
81*8____
A O
87*2____
J D
85*s 88
76*4____
A O
97*4____
A O
55 Sale
J J
89*4 _____
M S
rw N
78*2 82*s
_____
A O *71
833S _____
J J
99*4 _____
J D

853g
81*2
85*4
89%
90*4
90*4
80%
80*2
81
8U2
90
90%
72
90
89
93

5438
1
54%
77
77*4 175
75*2 July *21
70*2
3
70*2
71
71
l!
71
70
12
84*4 A ug’ 21
1
8 1*8
81*s
8
70%
70*4
76
22
75*2
79%
79
72!
87*s A u g’21
3s
II
76
102
102*2 29
2
79
76
95 J u ly'2l _ ___
Jan’21 ——~•
79
129% Aug’ 15
72
71
14
100% N ov’ 20
89 June’21
85
86*4 60
79*?. M ar 21
697s
79
69*4
64*4 July 21
70
69
76
72
56
70*2
89*4
38
91*8
Jan’ 12
112
81
2
81
60*2
66*4
7
82*4
36
81*2
85 M ar'20
86*2 July'21 — i _
85 July'21
84
Feb’ 21
95% M a y ’ 21
54%
12
53*2
2
89*2
89*2
July'2l _ ___
80
71 M ay’ 21
Apr'20
85
ftOl.* .Tul v f21

55
79%
77%
73
73
68
67% 72
79
85*2
85
83
72*2
65
72*s 77
77
84%
50
73%
75
67%

86*2 88

QQ
72*2
91
78%

104

79
95
79

66*8 73
89
79*4
79 %
64%
643j
65

89
S7*4
79i*>
71 “
67
717s
66
73
87% 93*2
R£3o
61% 67
73*4 83*2

86%
85
84
95*4
50%
89%
79
71

71

99%

99*4

•No prloeFrlday; latest bid and asked. aDueJan. JDue April. oDue M ay.

91*4

88

84
96*4
56%

93
85

N

BON DS
Y STOCK EXCH AN G E
Week ending Aug .use 19

II

|
Price
| prtday
■3°* j August 19

c 'auada Sou oona gu A 6el. _. 1962 A O
Canadian North deb e f 7a_ .194(J |J 11
2 j-year s 1 tl b 6 Ms - ____1946 J J
Cur Clinch A Ohio let 30-yr 6e 38 J IJ
Contra! o f Ga let gold 6fl__ ^1946 F A
Gouaol gold 5u____________1945 M N
10-yr temp decur 6b J u n e .-1929
Chatt Dlv pur money g 4b. 1951 J 1)
M ao A Nur Dlv Ibt g 6b .1946 J J
Mid Ga A Atl Dlv 6fl_____ 1947 J J
M obile D lv lbt g 5b
1946 J J
Cent UR A B of Ga coll g 6d. 1937 Ml N
Cent of N J gen gold 6b _____1987 J J
R egla tered ____________ *1987 Q J
Am Dock A Imp gu 6b__ .1921 J J
N Y A Long Br gen g 4b_ -1941 M S
Ghefla A O fund A Impt 6b_ -1929 J J
lbt consol gold 6b________ 1939 /VI N
Registered _
1939 rvi \j
rw h
Registered 1992 M S
20-year convertible 4 M a.-1930 F A
30-year oonv secured 6a__ 1946 A ()
Big Bandy 1st 4a_____ ____ 1944 J 1)
Coal River Ry 1st gu 4a
1945 J D
Craig Valley let g 6a_____ 1940 J J
Potts Creek Br lat 4a_
1946 J J
R A A Dlv lbt con g 4a__ 1989 J J
2d conaol gold 4 s_______ 1989 J J
Greenbrier Ry 1st gu g 48-1940 M N
Warm Springe V lat g 5a ._1941 M S
Ohio A Alton R R ref g 3a____1949 A O
Railway let lien 3 M b. . ____1960 J J
Chic Burl A Q — Ill Dlv 3M8-1949 J J
Illinois D lv 4a,
.1949 J J
Nebraska Extension 4a__ 1927 tVt N
Reglatered _ .
1927 IVI N
General 4 a _______________ 1958 ivi s
Chic A E 111 ref A Imp 4a g__1965 J J
U 9 M tg A T r Co eta o f d ep ____
lat consol gold 6a _______ 1930 A 6
General conaol lat 6a____ 1937 M N
U 8 M tg A Tr C o otfa of dep
S ta m p ed __________________
Guar Tr C o otfa of dep
Chic A Ind C R y lat 6a____1936 J J
Chicago Great Weat lat 4a__ 1969 M S
Chic Ind A Loulav— R ef 69. _ 1947 J J
Refunding gold 5a________ 1947 J J
Refunding 4a 8 erlea C ____1946 J J
Ind A Loulav lat gu 4a „ 1956 J J
Chic Ind A Sou 60-yr 4a____1956 J J
Ohio L 9 A East lat 4M B ---1969 J D
Ch M A St P gen g 4a Ber A -61989 J J
Reglatered_____________ el989 Q J
Gen’l gold 3 Ms Ser B _____ el989 J J
General 4 Ms Series C _____ «1989 J J
Gen A ref Ser A 4 Ms_____ & 014 A O
Gen ref conv Ser B 5a____a2014 F A
Convertible 4 M s__________1932 J D
Permanent 4a_____________ 1925 J D
25-year debenture 4s______ 1934 J J
Chic A L Sun D lv e 6a
1921 J J
Chic <fe M o Rlv D lv 6a____1926 J J
C M A Puget Sd lat gu 4s_ _ 1949 J J
Fargo A Sou assum g 6a___1924 J J
Mllw A Nor 1st ext 4M 8___1934 J D
Cone extended 4 Ms____1934 J D
J J
C hic A N ’ west Ex 4a__-1886-*26 F A
Registered________ 1886-1926 F A
General gold 3 Ms________ 1987 M N
Reglatered
pi 987 Q P
General 4s------------------------- 1987 M N
Stamped 48__ __________ 1987 M N
General 5s stam ped_______ 1987 M N
Sinking fund 6s______ 1879-1929 A O
Registered________ 1879-1929 A O
Sinking fund 5s______ 1879-1929 A O
Registered________ 1879-1929 A O
Debenture 5s
_
1921 A O
Registered
1921 A O
Sinking fund deb 5s............. 1933 fVl N
Registered
1933 m N
10-year secured 7a g _______ 1930 J ^
15-yeat secured 6 Ms g ____ 1936 m s
Des Plaines Vnl 1st gu 4 Ms ’ 47 IVI s
Frem Elk <& M o V 1st 6s 1933 A O,
M an O R & N W 1st 3 Ms 1941 j j
Mllw A S T , 1st pii s u n
1Q4T J J
M il L S A West Imp g 5s 1929 F A
Ashland D lv 1st g 6s __1925 ftl S
M ich D lv 1st gold 0s
1924 j j
M il Spar A N W 1st gu 4s_1947 rv8 sl
St L Peo & N W 1st gu 5S.1948 J J
Chic R I A P— Ry gen 4s____1988 J J
Registered _ ___________ 1988 j J
Refunding gold 4s
1934 A O
R 1 Ark A Louis 1st 4Ms__1934 M Si
Burl C R A N 1st 5s_____1934 A O
C R I F A N W 1st gu 5 8 -_1921 A O
Ch Okla A G cone 5s______ 1952 M N ]
Keok A Des Moines 1st 5s_1923 A o !
St Paul A K C S h L 1st 4 M s -’ 41 F A i
Chic St P M A O cons 6s____1930 J Dj
Cons 6s reduced to 3M 8-.1930 J Dj
Debenture 6s _
__1930 frt S,
J J
M S
C hic T H A So East 1st 5 s_,l9 60 J D
Chic A W est Ind gen g 6s__el932 Q M
Consol 50-year 4s________ 1952 J J
15 year s f 7 M s ___________1935 M S
Cln H A D 2d gold 4 Ms__ .1937 J J
C Find A Ft, W 1st, gu 4s g 1923 M M
D ay A M ich 1st cons 4M8-1931 J J
Clev Cln Ch A St L gen 4s__1993 J D
20-vear deh 4M S
1931 J J
General 5s Series B__ _ __1993 J D
R ef & lnypt 6s Series A _ 1929
Cairo D lv 1st gold 4 s ____1939 J J
Cln W A M D lv 1st g 4s_._1991 J J
St L D lv 1st coll tr g 4s____1990 M N
Spr A C ol D lv 1st g 4s_
1940 M S
W W V a J D lv 1st v 4s
1940 J J
C I St L A C 1st g 48
£1936 Q F
Registered
£1936 Q F
Cln 9 & Cl cons 1st g 5s__ 1928 J J
C C C A I gen cons g 6s__ 1934 J J
TnH H Ar W lat. nrAf 4*
19-10 A G
rfc TnH Ar VC 1at nrAf Kfl
/f1ft38 Q J
Peoria A East lat cons 4a-_1940 A O
Apr
In c o m e 4 s ___ —
_ -1990
C le v e S h o r t L 1 s t g u 4 M s ----1961 A O
C o lo r a d o A S o u l a t g 4 a ----- 1929, F A
R e f u n d A E x t 4 M a _________ 19 3 5 M N
F t W A Den C 1st g 6 s ____ 19211J D
Cuba R R 1st 59-year 6a g -_ !9 5 2 J

J

Week's
Ranee or
Last Sale

f l

Kano
Slues
Jan. 1

Ail Low
Hiofi | No Low BIO*
87
867$
86%
1: 8 i% 88*2
103*i Sale 102%
io ,i' 1 75
997« 103%
177 I 06*2 00
98% Sale
98*2
99
1 68
74 Sale
74
74
76
8 9 % ------- 89% Allg'21 — 1 85*4 95*4
8312 81
83*8
83*4 1 15 80*4 89
8 847$ 92
89 Sale
88
89
68 ____ 63 June ’21 - - _ _ 67% 69
81% 84% 90 M a y’ 18
7 7 * 8 ------ 97% June* 17 _ _ _ _
A pr’ 21 ____ ! 83
81*8------- 83
83
SO
81
7 1 75% 84
80*4
80%
4 1 92*8 100*4
95
97
95*2
95%
94 M a y’21 1____ 94
97*2
____ 100% 100*4 Jone’ 21 —
99 100
7<s
83
78
Apr* 21 1____
78
78
5 79
81
83% 81*4
84%
81%
6 87
90*4 92
90*4
91
93*4
78*8 Juue'20
44
77
lrt
7
7b
76
76 %
71*4
86 M ur’ 17
77*2 Sale 75%
77*2 100 71% 79
82*2 Sale
80%
82% I 79 79
85
Apr’ 21 _ ___ 67
67*4____ 67
67
67 ____ 70
A u g’ 21 - ___ 66
70
76*2 82
76% Aug'20 ——- - 73
76%
63*2------- 09 June’ 19
7238 90*8 70*2 June ’21 ____ 70
74
65 ------- 65 July ’21 _ _ _ _ 63
67
6 3 % ____ 69
A pr’ 21
69
69
74*2____ 74 % A pr’21 _ ___ 73% 74%
45 Sale
45
45%
13 41
46%
31 3078 39%
37*2 38
36*2
37
1 69% 70%
72
74*2 74
74
1 77*4 84%
81
82
80*8
80*8
89*4 91% ' 90
A ug’21,------ 86*2 90%
9078 O ot’ 19
5 74*4 82
78
79% 78
79
867$
28*4 M a y *21 ____ 28
25*2 Zi
27*2 Joly'21 ____ 27*2 34
91*4------- 91*8 A u g’ 21 _ _ _ _ 90% 95%
____ 89
87 June’ 21 _ ___ 82
90%
83% 84
87 July'21 ____ 78
90%
_
*63
65
70
68*8 M a y ’ 21
50
____ 90% 87 July'2 1
90*4
78
32 M ur’ 17 - - - 20 47% 54
51% Sale
51
51*4
93
95*2 93
A u g’21 ____ 91% 98
2 70
79 ------- 70
70
81*2
65*8 087S 66
A u g’ 21 ____ 66
66
50
68
63 M a r i o
71 ------- 70 M a y ’ 21
71%
70
A u g’21 _ ___ 76
7(5*4------- 78
78
70
72*2 66
13 63% 71%
70
____ ____ _ 92% Feb’ 16 ___
59% 60
59*2 A ug’21
57*4 61
767g Sale
76*4
78
5 71% 79*4
58*2 59
39 57% 65
58
58%
65
68*2 66
16 62
68
72%
65 Sale
57 62*4 72
64%
67
75*4 Sale 74%
75%' 27 70
78*4
57% 39
13 55% 68%
56
5678
98 M a y ’ 21 1
97*9 98%
88
89*4 89% M a y ’ 2l|
89% 91
007g Sale 60*4
61 | 23 59*2 68*4
___
_
92 ------- 102 Sept’ 19,
__ —
79 - - - - - 79 July’ 2 L ____ 76*4 81%
79 ------- 84% Jau’21 ____ 84% 84U
99% June’ 2 *1
98% QQSo
87% 90
I 85% 91
88*2
88%'
82
89
84% M ar’ 21 ____ 84% 85
66 Sale 66
66
u
62% 69
68
Jan’ 2l
68
68
76
76% 76*2
77*4,
71*2 78
8
74 ------- 74
74 | 4 72*2 77*4
92% Sale
92
92*41 14 87% 96
96 104
96% J aly’ 2 L ___ _ 96% 99%
*93 ------- 98% Feb'21, ____ 97
98%
89*4------- 90% July’2 1.1____ 90*4 90%
* 8 7 % ------ 94% Feb’ 20 ____
____ 99*. F eb ’ 2 1
I 99% 99%
98
M ar’ 19
A ug’21! ____I 87"% 91%
8 9 *s------- 90
!
90% N o v ’ 20
4! 99*4 104%
102% 103 102
102*2
]01 Sale 100*4
65 96*4 104
101
1
7 6 % ------- 101*2 O ct’ l
7| 100% 102*4
101 101*4 101 ~
101
66% ____ 70 M a r’ 21
70
70
66 ____
93% 91
91 June’21 ____ I 91~~ 93*8.
9 8 % ------- 99 M ar’ 2l|
99
99
1 98*4
9 8 % ------- 98*4 June’21;
90**>
76*4 78
76
76%
74
787s
86
8S
87
A ug ’21 ____ 1 85% 90
s/0% Sale
I
t
,
70%
72 1
67
73*2
i 07*4 67*4
69
70
67*4 Keb’21
69 Sale
192 64
67%
69
69*2
67% Sale
66*4
67*41 45j 64
69%
SS
92
86 June’ 2i ____ S5% 86
98*2------- 97% Feb’ 19 ____
80 ------- 80*4 June’ 21 •—- — 79% S2
62% 67
66*4
66*4
6 62*4 73
66 Sale 65
66 | 29 61% 68%
10 t
101 j
3| 97*4 102%
8 0 % -------1 81% Jan’ 21 ____ 81% 81%
80
83
8 1
July’21 _ ___ 79
84
118
Nov*16
95 M a y ’ 18,
65
75
68 M a y ’ 211- - - — 64
as
101% Sale 101*2
6; 100% L01 %
101*2
59
59%| 59%
1
59*2,
53
62%
97 Sale | 97
1 937$ LOO
97%'
73
77%' 75 June’ 21:- - •
72S4 75
88
Mar* 17
81 ------- 81 A u g ’21! ____ SI
81
687$ 70
1 65*4 75
69
69
77 Sale
77
77 1
SI
72
S3
S4% 82 June’ 21 ... J
SI
83*4
89 Sale i 8804
90 : 45 85% 91
_
_
_
_
1
75*4 76*4! 75% A ug’21 1
76
7S
63*4 67 1 66*2 A ug’21 ------j 02% 69
6 7»$ ------- 66% July*2.1
05% 71
1 68
74% 77
77 J une' 2 11
77
____ 75
84 N ov’ 16
7 9 % ____ 75*2 July*211
75% 757$
S2*i Sept* 19
86% ------- 90 A ug'21
8 •> 90
9 9 % ____ 99% Aug’21
98% 99%
6S % ____ 74 N ov‘ 20 _____1
72 ____
9, 54
57*2 5S
61%
57%
58
IS
26
19*4 21% 22 July *21
S4%
8 3 % ------- 83*2 Aug*21 . „ _ 79
*>
S4
83% Sale
82%
83%
77
14
7S
75*2
70%
$76 Sale
TJ
99%
93
99*4 99% 99*4 Aug’21

Bid

86

67

aDue June. ADue July. £Due A ug. *D ue Oot.

68

67

pD ueN ov,

67

1 15

f Due Deo

59%

73

#OPt^vu sale

New York BOND Record— Continued— Page 2 _______________ 838
•*
jf

BONDS
Y . f lT O ( m E X C H A N G B
W o o k e n d in g A u g u s t l u

a f

Pries
Friday
A it(just li)

Weeto'i
Hangeor
Last Sate

Auk Low

g 'i

,2 08

BONDS
N . Y. STO CK E XC H A N G E
W e e k e n d in g A u g U H t 10

Kanos
Since
Jan. 1

High No. Low

Price
Friday
August l!)

IS

Weak's
Kanue or
Last Sale

| ?

Kan 09
Slues
Jan. 1

Hid
Auk Low
Hioh No 1Law High
V 0 0 % 92
L o h V T e r m I t y 1Ht g u g 6 h _ _ 1941 A O
92
H a le
02
021 2
R o g ln to r e d _______ ____________ 1941 A O
____- . _ _ . 113
M a r ' 12 . . - -1 _____
5
13 05*2 100*4
L o h V a l R R 10 y r c o ll 6 fj..r» 1 0 2 8
90*4 H a le
98*8
98 %
92
90
L o h V a l C o a l C o lH t g u g 5 h
1933 J
J
02
.J u ly '21
01 % 93%
R e g is t e r e d ____________________ 1 9 3 3 1 J
10 5
O c t ’ l:
7 7 % ---98
OS *2 98 % J jA u g '2 1 _ _ . _
1st, l n t re d u c e d t o 4fi_____ _ 1933 J
1
J
96*2 93 %
1st lio n e a u lp g 4 H e ........... 1922 J
38
7 0 % 87*4 7 0
SO
L o ll A N Y 1st g u a r g 4 h ______ 1945 M S
J u l y ’21
70
731s 791*8 7912
71*2
l e t A r o f 4 fl___ _______________ 1943 tVI N
71% 81
23
8H
91
85
S a le
L o n g I h I(1 I h I; comm g o ld 6 a ..h 1931 Q J
01
J u l y ’2 l
.81'%
85
85*2 91
78
80
3 0 - y e a r c o n v 6a„____________ 1936 /V O
’
5
l Ht c o n s o l g o ld 4 h _________ A1931 Q J
79*2 82*4 82*4 J u n e ' 2 1
1.01 3k
100*4 1 0 1 %
10 - year s e c u re d 7 h __________ 1930 J 1) 10 M i S a in 10 4
82*4 83*4
67
73
70
J u ly ' 2 J
G e n e r a l g o ld 4 h _____________ 1938 J D
70
_____
70
A u g ' 2 ’1
76
A <)
00
A lb A S u s q c o n v 3 H a ___ .1 9 4 0
08*8 73*2
9 4 % 98 % 0 1 % F e b ’2 1
_____
F e r r y g o ld 4 H s _____________ 1922 (Vi S
9J *2
(VI N
01
51
_____
08
G o ld 4 h ............. ............ ........ 1932 9 D
O0 i 4 Ocfc'06
65*4 S a le
64*2
66*4
02
70
D e n A u O r — l a i co ns g 4 s . . 1930 J J
15
U n if ie d g o ld 4 a ...................... 19 49 M S
08*2
69 %
66
09*8 06*2 A u g ’21
6 0 *•
69>8 S a le
03
06 % 72
J
C o n s o l g o ld 4 H e . . . ............. 1936 J
_____
70
703.1
71
72
;
7 07*.i 7 3/i
D e b e n tu re g o ld 5 a _ .
1934 i i )
u n
72
6912 71
08
01
02
52
b\ 57*2 03*2
00 %
01%
2 0 - yo a r p m d o b 5 s __________ 19 37 JVJ N
47
S n le
45*2
47
1st A r e f u n d in g 6 s __________ 1965 F A
40*2 47%
•/ 0 4
3 7 3 4 _____
3 37*2 48%
44
44
G u a r r e f u n d in g g o ld 4 a _____1949 rva s
66*4 60*4 0 0
07
69*4
T r u s t C o o e r tlf s o f d e p o s it___
72% J u n e ’2),
79, lo 7 5
R e g is t e r e d . __________
1949 IVl M
72
J D
8
2
_____
0 1% A p r ’ 1 1
N Y B & M B 1 s t co n g 6 s . 1935
87
J u l y '21.
R io O r flovi lot, g o ld 4 r
1940 J
84
87
i
8 3 % _____
S3
A p r ‘21
2 9 78 Dec* 20
N Y A R B l e t g o ld 5 f l____ 1927 M S
15. _____
83
j
83
G u a ra n te e d ._ _ _
____ 1940 j
75*4 J u l y ’21
7
7 5 * 4 _____
N o r 8 h B l a t oon g g u 5 a .a 1932 Q J
65%
60 %
75% 76*4
6 51 2 S a le
R io O r W e s t 1 s t g o ld 4 s _ _ _ 1 9 3 9 J
01 % 70
J
3 4 7 % 54
0 8 % _____
51*2
52
IiO u ls la n a A A r k 1st g 5 a ______ 1927 M S
08*8
68*8
M t g e . A c o ll t r u s t 4 b A _ 1949 A O
r>2i8 S a le
63*2 72
7
L o u is v ille A N a a h v g en 6a___ 19 30 J I )
57
M a y '21 _____
90*2 N o v ’2 0
~ •—
D o t A M a c k — 1 s t Hen g 4 s ___ 1995 J I )
59*8 78
57
57
_____
90
02*4 J u n o ’21
50
M a y ’21
G o ld 5 a _____________ _______ 1937 fifl N
93%
90
G o ld 4s
1995 J D
50
50
02
32
82
82*2
77
78
U n if ie d g o ld 4 a _____________ 19 40 J
77*4
78
D e t R l v T u n T e r T u n 4 H S - - 1 9 6 1 IVD N
1 82*2 B a le
7 4 % 78
78*4 84*«
R e g is te r e d ______ ___________ 19 40 J
F e b ' 21 _____
78
_____
95
9 2 *2 J u n e ’2 l . _ _ _
78
92*o 92 %
D u l M ls s a b e A N o r g en 5 s ___ 1941 J J
1 7 7 % _____ 7 8
88
90
90
A u g ’21 _____
C o lla t e r a l t r u a t g o ld 5 s _____1931 M N
85*8 9 2
87*4 8912 88 % A u g ’21 _____
D u l A I r o n R a n g e 1 s t 5 s _ . - _ _ 1937 A O
87% 91
104
0 100
104
S a le 104
10 y e a r se c u re d 7 a __________ 1930 (VI N
R e g is te re d
1937 \ O
105*2 M a r ’Ofi
100
88
90
83
F e b ’21 ____
88*4 A u g ’21 _____
90
L G in A L e x g o ld 4 H 0 _____1931 M N
6 97r S3
80
D u l S o u S h o re A A t l g 5 s _____1937 J
I
83
83
1 0 1 *8
98
J u l y ’21 _____
9 9 % _____
N O A M 1st g o ld Ca_______ 19 3 0 J J
08
E lg in J o lie t A E a s t 1 s t g 5 s__19 41 M N
8 8 % 9012 86 *2 J u n e ’ 2 1 _____
80*2 89*2
F e b ’ 2(1
92*2 _ _ _ LOO
95
M a y ’21
2 d g o ld 6 a _________________ 1930 J
F !rle 1 s t c o n s u l g o ld 7s p\'t
1930 M S
J
95
99%
72% 75
P a d u c a h A M e m D l v 4 a ___ 1940 F A
72
_____
71*4 D e c ’2 0
N Y A E r ie 1 st e x t g 4s
1947 M N
SO
J a n '2 0
1
52
63
52
52
91
M a y ’21
S t L o u is D l v 2d g o ld 3 s ___ 1980 IVl 3
50*4 5 5
3 r d e x t g o ld 4 H a 1923 M S
91
91*4
17
73
_____
3 8 6 % 90
A t l K n o x v A C ln D l v 4 s ___ 1955 Wl N
72%
73*2
86*8
85*8
8 6 is S a le
4 tb e x t g o ld 5 s ............. ........ 1920 A O
09*2 73*2
9434 N o v ’ 16
8 6 * 4 _____
9 5 i 2 N o v ’ 10
A t l K n o x A N o r 1st g 6 0 ___ 1946 J D
5 tb e x t g o ld 4s
1928 J I )
100
M a y ’21
H e n d e r B d g e 1 s t 0 f g 6 e___ 1931 M S
99*2 1 0 1
100
98*2 A u g ’ 19
100
N Y L E A W l i t 7s ext.
1930 M S
72 % 73
54.%
553 8
63
7 U 8 A u g ’ 2 J _____
72
K e n t u c k y C e n t r a l g o ld 4 s . 1987 J
55
S a le
70
E r ie 1 s t co ns g 4s p r i o r . . . 1 9 9 6 J
J
J
51
58%
86
_____
80
J u l y ’21
87 %
L e x A E a s t 1st 50-y r os g u _ 1 9 0 5 A O
83
R e g is t e r e d , .
1996 J J
58*2 O c t ’20
109
81
83
80
ju n e ’ 21
L A N A M A M l s t g 4H S-1945 M S
42*2
43%
81*4
4 3 U S a le
80
1st co nso l gen lie n g 4s__199G J J
45
1
_____ _______ 39
A u g ’2 1 ___
6 6 % 69
68*2
6 8 *2
L A N S o u th M j o i n t 4s_ _ . 1952 J
64*2 71*4
R e g is te re d ______ ________ 1996 J J
a
a .1**- (
J
1
P' A
733.1
791® 79:0
R e g is te re d _
h\9 5 2 Q J
95
F e b ’06
7*4
7412 7334
29
N F l a A S 1st g u g 5 s _______ 1937 F A
8 6 % 89
90
J a D ’21 ____
90
90
3S%
39%
30% S a le
50 - ye ar c o n v 4s S e r A . . . 1 9 5 3 A O
35 % 40%
04
85
J u n e % l _____
85
7 8 % _____
N A C B d g e gen g u 4 H a ___ 19 45 J
37%
38%
3 S34 S a le
d o S e rie s B _ _ _ ........... .1 9 5 3 A O
81
J
34*2 41
19
P e n s a c A A t l 1 s t g u c 6 s___ 1921 F A
99% M a y ’21 ____
42
43
99*4
4112 4 3
99
G e n c o n v 4s S e rie s D _____1953 A O
37
45%
783S
783 8
2
90
92*2 94 *4 J a n ’21 _____
7 S38 S a le
94%
S A N A l a cons g u g 5 s _____19 36 F A
C b lc A E r i e 1st g o ld 5 s _____1982 M N
91
75
S l *2
783 4 _____ 10678 J a n ' 17
84 % 85% 83 % A u g ’21
G e n cons g u 5 0 - y r 5 s _____3 96 3 A O
C le v e A M a h o n V a i l g 6 s 1938 B T
80*2 83 %
3
1
6 6 % 67% 66*8
L a A J e f B d g e C o g u g 4 s _____1 9 45 (VI s
66%
64 % 6 8
771 2 S2
77*2
77%
E r ie A J e rs e y 1 s t s f 6 s _ . _ 1955 J
76*2 S 8
J
4 2 % _____
A u g ’21
IVS N
_ _ 82*«> 8 3
80
83
M a n i l a R R — S o u lin e s 4 s ___ 1936
G enessee R i v e r 1 s t s f Op
1957 J
9
97
J u n e ’21
M e x I n t e r n a l 1 s t co ns g 4s_
1977 M S
77
M a r * 10
L o n g D o c k onnnnj g 6 s
1935 A O
99
_____
97
99
S ta m p e d g u a r a n t e e d _______ 1977 M S
75
N o v ’ 10
C o a l A R R 1st c n r gn 6 s
1922 (VS N
103
J a n ’ IS
D o o k A. Tm nf. lH t e v t 6 b
104.^ t
a
78*4 A p r ’21
99
J u l y ‘2 0
M id la n d T e r m — 1st s f g 5s__19 25 J D
7 8 * 8 _____
76
78*4
705S 77
9 5 % _____
85
J a n ’ 18 _____
M i n n S t L o u is 1 s t 7 s __________ 1927 J D
95
M a r* 2 0 _____
N Y A G re e n L g u g 5 s ____ 1 9 4 6 N
5 67% 72%
71% S a le
71%
72
1 s t co nsol g o ld 5 s __________ 1934 M N
55 % 01
53
56% 57 % jjA u g ’21 _____
N Y S u s q A W 1 s t r e f 6 s ___ 1937 J J
1 s t A r e f u n d in g g o ld 4 s___ .1 9 4 9 IVS S
^ 0*2 S a le
9
40
A p r* 21 ____
45
_____
40
39*2
40*2
39
2 d g o ld 4 H s ______________ 1937! F A
40
40
3 744*2 50
38
41
2 ! 39
R e f A e x t 5 0 - yr 5s S e r A ___ 1962 Q F
48
_____ 45%
44*2
45
39
39%
G e n e ra l g o ld 5 8 __________ 1940 F A
2
44 % 44*2 44%
78% S0% 8 U 2 J a n ’21 _____
44%
D e s M A F t D 1 s t g u 4 s ___ 1935 J
47
T e r m in a l 1 s t g o ld 5e_ .1 9 4 3 ; fVT N
J
40
8 1 % 81*2
67
70
4
72
N o v ‘19
75
_____
I o w a C e n tra ] 1 s t g o ld 5 S . . 1 9 3 8 J D
72
69*2
70
88
M i d o f N J 1 s t e x t 5 e _______ 19 4 0 JA O
39 *4 S a le
1
393 4
40
7
52
52
R e f u n d in g g o ld 4 s _______ 1953 m s
5 0 34 60
W i l k A E a s t 1 s t g u g 5 s _____1 9 4 2 'j D
38% 4 4
47
54
11
23*0 J a n ’ 17
80 % 80*4 8 0
80*4
E v A I n d 1 s t co ns g u g Os
19 ? 6 J j
M S t P A S S M co n g 4s l n t g u ’38 j
j
75% 84*2
9 1 % _____
85
_____
88
A p r ’21 M .
90
J u n e ’2 1 „ ___
1 s t cons 5 8 _________________ .1 9 3 8
Evans A T H
ln t gen g 5 s ___ 19 4 2 |A O
8 7 ' 91
88
88*4
8 0 * 2 _____
53%
_ 69*2 A p r % l
80
D e c ’20
M r C h ic T e r m s f 4s
1941 M Ml
A l t V e r n o n 1 at g o ld fts
19231 a O
69*2 71
90
90% 9 0
90
5 88*4 90%
5 3 % _____
69*2 A p r *21 _ . __
M 8 S M A A 1 s t g 4s l n t g u ’20 J
S u l C o B ra n c h 1 s t g os__ I i 9 3 o ! a O
J
69*2 69%
1
76
M is s is s ip p i C e n t r a l 1 s t 5 s ___ 1949 J
75% 76% 7G
F lo r i d a E C o a s t 1st 4 H a ______ 1959! J D
J 70 _____ 7 0 J u l y ’21 _____ 70*8 70 %
71% 77%
76
66
A p r ’21 — .
61
S a le
60
61
62 %
_____
64
M o K a n A T e x — 1 s t g o ld 4 s _ _ 1 9 9 0 J D
F o r t 8 t B D C o 1 s t g 4 H s ___ 1 9 4 1 'J J
56
66
66
7
65
_____
65
M a y ‘21 _____
3 4 % 36*2 3 6 %
2 d g o ld 4 s . . . . __ ___ ? 1 9 9 0 F A
36*2
34% 4 2
F t W o rth A R io G r le t g 4 s__19 28 J
J
61*4 65
2
42
63
M a r ’21 _ _ _ _
35
S o le
35
35
T r u s t C o c tfs o f deposit.
34
G & lv H o u s & H e D d 1 s t 5 s ____ 1933 A O
6 3 k _____
02*4 63
34*4
25
1 s t e x t g o ld 5 8 _______________1944 M M
25 % 4 5
3434 A u g '21 ___ _
103
G r a n d T r u n k o f C a n d e b 7 e _ _ 1 9 4 0 A O 102% S a le 101*4
25
99*4 103
608
101
101
S a le 1 0 0
---52
53
A u g ’21 _____
1 s t A r e f u n d in g 4 s ________.2 0 0 4
M 5
G r e a t N o r G e n 7s ger A _____1 9 3 6 !J
J
49*2 55
96*2 101
823 b
4
5
49
49
1 s t A r e f 4 H a S e rie s A
lQ 6 1 i| j
S134 8 4 i2 823«
T r u s t C o c e rtfs o f d e p o s it
4819 5 4
77
84*4
5 30% 40
96
J u n e ’ 16 ---- 1
34% S a le
34 %
36
G e n s in k in g f u n d 4 H s
1930 J
R e g is t e r e d - ___
.
1961 J j
J
34% 35
8 4 i4 8 6 % 8 5 %
40 %
85 %
3 4 *2 J u l y ’21
S t P a u l M A M a D 4 s . ..........1933 J
J
T r u s t C o c e rtfs o f d e p o s it___
33
81*4 85%
0
102%
18*2 2 2
17
S t L o u is D l v 1 s t r e f 4 s _____2001 A O
17
J u n e ’21 _____
lat co nso l g 6 s . ............. .1 9 3 3 J J 100*4 102 1 0 2
17
9 9 % 102%
33
42
43
41% A u g ’21
99
8 e p t ’2 0
1933 J
J
0 % se c u re d n o te s “ e x t ” . .1 9 1 6
R e g is te re d _______ __
37
62
65
8 S% 89 %
88
A u g ’21 . . .
60 % J u n e ’22
D a li A W a c o 1st g u g 5 s ._ _ 1 9 4 0 M W
J
R e d u c e d t o g o ld 4 H s ___ 19 33 J
51*2 6 3
87
92
54*4 58
...
95
1 2 0 *2 M a y ’ 16
55
A u g ’21
58
K a n C l t v A P a c 1 s t g 4 s . .1 9 9 0 F A
R e g is te re d __________
1933 J
J
55
52
_____
42
D e e ‘2 0 ---M o n t e x t l e t c o ld 4a
1937
d
SO U 8034 80 % J u l y *21
19 42 A O
M o K A E 1 s t g u g 5 s ___
79
8 2 i4
80
M a r* 2 1
R e g is te re d
1937 b d !
__
__
69
62% 71*2 6 0 % J u l y ’21
M K A O k la 1 s t g u a r 08
.1 9 4 2 R/B N
55
80
80 ’
83
M a r ’2 0
55
70
P a c ific e x t g u a r 4s £ . _
19 40 J
J * _____ 8 0
!
M K A T o f T 1 s t g u g os
19 42 M S
62% O c t ’2 0
7 4 i 2 M a y ‘21 _____
32
32
M a y *21 _____
S M i n n N o r D l v 1st g 4 s _ _ 1 9 4 8 A O
S h e r S h A So 1 s t g u g 5 s ___ 1942 J D
743S ---30
75
' 79"%
99
M a r ’21 _ ___
98
_____
50
M i n n U n io n 1 s t g 6 s ______ 19 22 J
J
T e x a s A O k la 1 s t g u g 5s
1943 M S ---37
O c t ’2 0
99
90%
99
J u l y ’21 ___ _
100
101
M is s o u r i P a c if ic ( re o rg C o ) —
M o n t C 1 s t g u g 6 a_________ 1937 J
J
9 0 % 10 3 “
13 6% M a y ’06
R e g is te re d - _
19 37 .T J
1 s t A r e f u n d in g 5s S e r A
1965 F A
76*4 79% 7 7
A u g ’21
75 % 80
2 2 ! 8 6 % 93
A u g ’31
92 %
93
92*4 S a le
90 % 92*2 9 2
1 s t g u a r g o ld 5 s _ _ ........... 1 9 3 7 J
1 s t A r e f u n d in g 5s S e r B _ a l9 2 3 F A
J
9 0 ' 94%
90
J a n ’21 ___ _ 9 0
84*2 8 6
8438
84*2
88*2 9 1 U
1 s t A r e f u n d in g 6 s S e r C . . 1 9 2 0 F A
W i l l A S F 1 s t g o ld 5s_ _ . 1 9 3 8 J D
90
7 I 81*4 8 7
F e b ’21 ___ _ 6 5
54*4 S a le
G re e n B a y A W D e b c tfs “ A ” __
60
67*4 70
G e n e ra l 4 s ___________________19 75 M S
53%
54*4 106
50*4 56*2
Feb
70
j
2
D e b e n t u r e c tfs “ B ”
Feh
M is s o u r i P a c 4 0 v e a r 4.q
1945
63*2 733 4 58
6*2 S a le
6%
6*4
O ct* 18
5%
8
“
1
65
J u l y ’21 _____ | 6 5
65
72
6 9 % 71
7534
G u lf A S I 1 s t r e f A t g 5 S ..& 1 9 5 2 J
J
71
A u g ’21
3 d 7s e x te n d e d a t 4 % ..........19 3 8 M N
69*4
67
1
3 6 7 % 76
71*4
73
73
S a le
5 9 % 75
68
J u n e ’ 19
H o o k in g V a . 1 s t cons g 4 H a . . 1999 J
J
___ 1948
C e n t B r U P 1 s t g 4s
J D
1
77
82*o 77
7 3 *2 J u n e ’ 18
J u n e ’21 _____ 1 75*8 78%
P a c R o f M o 1 s t flxf, g 4s
1938 F A
R e g i s t e r e d . ___
19 99 J
J
673g _ .
73x 2 O c t ’ 18
C o l A H V 1st e x t g 4 s ______ 1948 A O
8 0 34 8 4 “ S 0% J u ly ' 2 1
2 d e x te n d e d g o ld 5s
19 3 8 J
79% 79 %
J
1
68
_____
90
S a le
87
90
6 8 *2
68 *2
90*2
C o l A T o l l e t e x t 4 8 ......... . . 1 9 5 5 F A
S3
67*2 6 S*o
S t L I r M A S gen co n g 58-1931 A O
78
78
1
102
J u ly * 1 4
H o u s to n B e lt A T e r m 1 s t 5 s . 1937 J
J
77*2 8 2
G e n co n s ta m p g u g 5s
1931 A O
76
84
_____
84
_____
83 % J u l y '21
7 2 % 7 2 34 703 4
I ll in o i s C e n t r a l 1 s t g o ld 4 s . . . 1 9 5 1 J J
72*4
14* 1^66*4 73%
81% 84
U n if ie d A r e f g o ld 4 s _____1929 J
j
1
92
S e p t ’ 17
_____ 8 2
80% O c t* 17
R e g is t e r e d . . ......... ................ 1951 J
J
R e g is t e r e d . _
1929 J
J
68
_____
68
J u n e ’21 . . . .
6 3 % S a le
14
J
1 s t g o ld 3 H 3 ........................ 1951 J
67*2
6 8 34
68 "
71%
R l v A G D l v 1 s t g 4 s _____1933 IVl N
64%
71%
823s 9 0
84
N o v ’ lo
R e g is te re d __________ _____ 1951 J J
6 2 * 2 _____
87
S e p t’2 0 _____ 1
V e r d i V I A W 1st g 5s
19 2 0 JV3 S
I 94
70
_____
70% D e c ’20
E x te n d e d 1st g o ld 3 H 9 _____1951 A O
88%
M o b A O h io n e w g o ld 6 s
1927 J D
9 7 % J u l y ’21
100
___
1951 A O
1 s t e x t g o ld 6 s
7*1927 Q J
9 7 % _____
R e g is te re d
90
90
M a r ’21 : : : :
90
80
J u l y ’09
1 s t g o ld 3s s t e r lin g __________ 1951 M S
62
S a le
60*4
62
10
G e n e ra l g o ld 4s
1938 M S
62
57
5 67 % 7 4
74
S a le
73
74
C o lla t e r a l t r u s t g o ld 4 s _____1952 M S
1
75
82
M o n t g o m e r y D l v 1 s t g os- 1947 F A
75*4
75*4
75% 75 %
1 77
9 5 % S e p t ’ 19
85
_
1952 A O
77
82
R e g is te re d ______ __
77
M a r ’21
S t L o u is D l v 5s
1927 J D
lo
£76
78
1 s t re f u n d in g 4 s _____________ 19 5 5 M N
77*2 78
78
A u g ’21 — j
72
71*4 78
S t L A C a ir o g u a r g 4 s _____1931 J
I
75% 76% 76
6 5 78 M a y ' 2 1 _____
P u rc h a s e d lin e s 3 H 8 _______ 19 52 J
J
6 7 U _____
N a a h v C h a tt A S i L i s t 5 S ...1 9 2 8 A O
92%
93 % J u l y ’21 _____
65% 69%
91% 9 5
707 8 71
1 1 ! 6 6 * 4 73%
70*2
70*4
L N O A T e x a s g o ld 4 s ____ 19.53 M N
9 9 % _____
99%
99
J u l y ’21 _____
J a s p e r B ra n c h 1 s t g 0s . . . 1 9 2 3 J
J
98
1m
D e c ’20
R e g is te r e d ______
1953 M N * _____ 6778 0 8
19
24
19
A u g '2 1
26*2
N a t R v s o f M e x p r H en AH s 1957 J
J
9%%
92
17
92
S a le
22
25
85*4 92*2
G u a r a n t e e d g e n e ra l 4 8 ™ . 1977 A Q
18*2 J u ly ' 2 1 _____ 1 18% 27
1 6 - ye a r s ecu red 5 H 0 .1 9 3 4 J
J
1 o - y e a r s e c u re d 6 %s g _____1936| J
1 0 1 % 128 100% 101*4
28% 30
28*4
3
J 1 0 1 U S a le 1 0 0 %
N a t o f M e x p r io r lie n 4 H s . . 1 9 2 0 J J
25*2 29*2 28*4
72
75
73 % J a n ’21 —
C a ir o B rid g e g o ld 4 s _______ 1950 J E>
12
19
1951 A O
16*3 J u n e 21
16% 3 3
73 % 73%
1 s t c o n s o l 4 s _______
L it c h f ie ld D l v 1st g o ld 3 s __1 9 5 1 J
58
_____
58
J u n e ‘ 21 —
69
73
58
58*8
J
J
72
A u g ’21
70*4
N O A N ' E l s t r e f A lr n p t 4 H 8 A ’52 J
66*4
65
6 6 % 65% J u l y ’21 _____
L o u ls v D l v A T e r m e 3 H 0-1963 J
64*2 6 8
61*4 67%
J
N e w O rle a n s T e r m 1 s t 4s_ . . 1 9 5 3 J
16
63%
65
J 63% S a le
_____
O m a h a D l v l a t g o ld 3 s _____1951 F A
60
J u ly ' 2 1
99%
5 7 38 _____
58 9 0
50
00%
92*4 S a le
92%
92*4
N O T e x A M e x ic o 1 s t 6 s ___ 1925
J D
8 t L o u is D l v A T e r m g 3 s . _ 1951 J
57
_____
56*4 Ju n e *2 1 _____
15
J
5 7 *2 S a le
53% 64 %
50*4 58*2
A O
57%
58
N o n - c u m In c o m e 5s A ___ .1 9 3 5
66*4 A u g ’21 _____
165; 87
93
G o ld 3 H 0 --------------19.51 J
67*2 71
9 3 % S a le
92%
93
J
64 % 66*4
N Y C e n t R R c o n v d e b 0 s ___ 1935 (VI N
S p r in g ! D l v 1st g 3 H 0 ______ 1951 J J
66
_____
8 0 % N o v ’ 10
74
10 3%
1 0 - ye ar c o ll t r 7s
1930 M S 1 0 2 * 2 S a le 1 0 2
102*2
98
13 65
70
J u l y ’21 _____
W e s te rn L in e s 1 s t g 4 s ______ 1951 F A
72%
7 0 % S a le
69
71
F A
0 9 % 75"
C o n s o l 4s S e rie s A _______ .1 9 9 8
7 1 % _____
R e g is te re d ____ _________ 1951
1
92
N o v ’ 10
82
77
77
71
F A
R e f A lr n p t 4 H « “ A ”
2n i 3 A O
78% 82
B e lle v A C a r 1st 6 s ............. 1923 J D
94
M a y ’21 _____
94*4 94
94
N e w Y o rk C e n t A H u d R iv e r —
C a r b A S h a w 1st g o ld 4 a . . . 1932 M S
73
M a r ’ 19 _____ - - - - M
14| 62*2 69 %
70
_____
J
6 6 *4 S a le
M o r t g a g e 3 H a ......... .............1997 J
65*2
68 *4
_
_
_
_
---8S7
8
61*4 67%
8 6 % J u n e ’21
C h ic S t L A N O g o ld 5 s . . . 1961 J D
A u g ’21 ___ _
86*4 91%
_____
0434 6 6
R e g is te r e d _________________ 1997 J
i
R e g is te re d _______________ 1961 j r>
8 6 % _____
87*« A u g ’21 _ _ __
80%
7 8 34
17j 71
7 8 % 79% 7 8
87*s 8 8 %
D e b e n t u r e g o ld 4 s _ _ ............1934 rvs N
G o ld 3 H 0 - ____________1951 J D
05*2 J u l y ' 18
60*2 J u n e ’2 0
6 2 % _____
R e g is te re d
*■
1934 (VH N
J o in t 1st r e f 6 s S e rie s A . 1963 J D
83% i
12
i
76%
72
7 8 % 87
74%
82*2 8 3 U 8 2
3 0 - y e a r d e b 4 s ______________ 1942 J
J
74% 75*2 7 4 %
M e m O b D l v 1st g 4 s ____ 1961 J D
16! 59*2 64*2
71
73U
7 1 % J u l y ’2 1 _ ___
67 % 7 3
62
02*4 6 2
62*4
L a k e S h o re c o ll g 3 H a ______ 1998 F A
60
R e g is te re d ___________
1951 J D
65
N o v ’ J7
58*9 01
56
R e g is te re d
1Q98| F A
50
J u ly ' 2 1
1
a t L o u is S o u 1 s t g u g 4 8 - .. 1931 M S
77 % M a y ’21
68
7 5 % _____
75
77%
69
62
65
62*4
62*4
M i c h C e n t c o ll g o ld 3 H 8 . . 1 9 9 8 F A
I n d 111 A Io w a 1 s t g 4 s ____ . I 9 6 0 J
6 8 % J u l y ’21 _ ___
62
57
57
J u n e ’2 1 _ . _ .1 57
J 7334 _ _
68 *4 76*4
R e g is te re d ____ ____________ 1998 F A
l o t A G r e a t N o r 1st g e x t 78- .1 9 2 2 M N
90*2 M a y ’21
8 8 % 90*?
7 4%
49
F e b ’20
9 0 * 2 _____
J D
la m e s F r a n k A C le a r 1 s t 4 s . .1 9 5 9 J D
73
A u g ’21 _____| 7 2 ~ 75*2
7 2 % 74
8 1 *2 A p r ’ 21 _____ ! 81*2 81%
J
78*4 81
B ee ch C r e e k 1 s t g u g 4 s ___ 1930 J
K a n s a s C i t y S o u 1st g o ld 3 s . 1960 A O
10 J 5 4
5 7 U S a le
56*8
57*4
67*2
R e g is te re d
1936 J
J
7 6 % J ' ily '2 1
76*2 76*2
R e g is te r e d . .
...........
1950 A O
M a y ’ lf i
78
O c t ’OOi
2 d g u a r g o ld 6 «
10 30 J
J
7 0 % _____ 104
R e f A lr n p t 5fl ______ A p r I9 6 0 J
75
77
59
J u n e ’21 ____ .1 59
59 %
17
72
78
91
J 876 % S a le
_____
B e e ch C r E x t 1 s t g 3 H S . 6 1 9 5 1 A O
Km naae C i t y T e r m J st, 4 s . _ . J 960 J J
70 %
73
73% !
30
73 % S a le
69*8 74
73
J u q q ’2 0
1
L a k e E r ic A W e s t 1st g 5 s _
1937 J J
2 | 79
80*4 81
81
81 I
83
78 % .— _
_____ - : : i
2 d g o ld 5 s ______ _________1941 J J
823 8 _____ _____
67% 70
09
A u g ’21 --- 1 6 1
72
K a A A O R 1st. e u g 5 a _ _ l9 3 5 J J
N o r t h O h io 1st g u a r g 6 s .1 9 4 6 A O
1
04*4 71%
66
66
50% 7 0
65
A u g * 19 ____
66
_____
L a k e S h o re g o ld 3 H fl
1997 J D
L e b V a l N Y 1st g u g 4 H « - - 1940 J J
64% 68
67*2 A u g ’2L . . . . I 03*4 07%
8 4 % _____ 1 83 % J u l y ' 2 l 1 . J
83
85
________ 1997 J D
R e g is te re d __
R e g is te re d
. _ __________ J 9 4 0 |J
J
85 % 8 0 % 85 %
16
87
85%
82
80
J u l y ’21,
81*4 8 5
80
80
D e b e n t u r e g o ld 4s
___ 1928 M S
•) 67*2 71
L e h ig h V a l f P a ) oons g im___ 2003 Jm N
783 4 8 5
83*4
83*8 S a le 1 8 3
31
70% S a le
70*2
70% '
2 5 - ye a r g o ld 4 s ____________1931 rvi N
G e n e r a l co ns 4 H s ____ .
2003 M N*
80
82
80
J u lv ' 2 1 ___ _
7 7 % 78
15 7 2 % 8 4
77*8
78%
R e g is te re d
___ 1031 M N
c n i o _____
M 'lk
I n f n n r* -to
1 OOI
00
D ^ o »20
D e l L a c k A W e s te rn - d
M o r r i s A E s s e x 1s t g u 8V4&2000 j
N Y L a c k A W 6a-. _____ 1923 F A
T e r m A im p r o v e 4 h .......1923 M N
F A

• No price Friday latent

fiid

1

Ml
67*4
07*2 70
95 % J u n o ' 2 1
951*8 97
05
95
_____
59
. . . - 102% F o b 'O ti

bidand asked this week,

a Due Jan.

b

00*4
05
91

flloh
70%
00*4
95

Duo Feb.

o

Due June,

h

IJue July,

a Due Hoot.

Q

Due Out.

i Option sale.

*
4

n

i

New York BOND Record— Continued—-Page 3

BOND*
V STO CK E X C H A N G E
W oek ending Auguet 19
Cent A H H Hit (C o m )—

J «
| *4 ^

i j
rvt S
g VI
J J
i J
M S
nti N
A o
fr A
N
A i>
A O
J D
A O
J J
J J
J J
J J
A o
J J
A o
J I
J J
J J
j J
N
Equip trust 4 H**___1920-1925 j
J
N Y Chic A St L 1st g id ---- .1937 a o
Registered
1937 A o
Debenture ia ___
_______ .1931 fVf N
S Y Conneot lai gu i Via A .1953 F A
N Y N H A Hartford—
1
Non-CODV deben 4d_______ .1947 /V1 s
Non-con v deben 3 Ha------ .1947 IYI s
Noa-eouv deben 3 H ^ -- . .1954 A o
Non-eonv deben id ............ .1955 J i
Non-eouv deben i d . ____ .1956 M N
Conv debenture 3 H a____ .1956 J j
Conv debenture 6 d---------- .1948 J J
Cons Hy non-eonv i s ____ .1930 F A
1955 J i
1956 • i
Non-eon v deben 4h
Harlem R-Pt Cbea 1st is . .1954 M N
8 A N Y Air Line ldt id . .1955 F A
Cent New Eng 1st gu 4a_. .1961 J J
Houaatoulc Ry cona g 6 a_ .1937 M N
Naugatuck HR 1st 4 a ___ 1954 M N
N V Prr»v A Rr\*rnn 4m
1Q42 A o
N Y W ’ebea A B lat Ser I 4 Ha '46 J J
New England mnfl fi«
1946 J j
Consol 4a__............ ......... .1945 J J
Providence Seour deb 4a. . .1957 iVI N
Providence Term 1st 4a
1956 rvf s
W A Con East 1st 4 Ha
1943 i J
if Y O A W ref lat g 4a_____ 01992 M s
Registered $5,000 only___ 01992 M s
General 4s....... ............. ......... .1955 J D
Norfolk 8 ou lat A ref A 5 a ._ .1961 F A
Norfolk A Sou lat gold 6 a___ .1941 IYI N
Norl A West gen gold 6 a___ .1931 IYI N
Improvement & ext g 6 s . _ .1934 F A
New River lat gold 6 a.
.1932 A O
N A W Ry lat cona g 4s__ .1996 A o
Registered _
1996 A o
Dlv'l lat lien A gen g 4a .1944 J J
10-25-year conv 4a___ .1932 J D
10-20-year conv 4a____ .1 9 3 2 M S
10-25-year conv 4 H 8 ._ .1938 M S
10-year conv Sa________ .1929 M s
Pocah C A C Joint 4e._ .1941 J D
C C A T lat guar gold 5a_ .1922 J J
Solo V A N E lat gu g 4a_. 198,9; M N
Northern Pacific prior lien ral -1
way A land grant g 4a____ .1 9 9 7 Q J
1997 Q J
Registered______
Generalllen gold 3 a _ _ ___ <32047 Q F
Registered.......... ............. a2047 Q F
Ref A lmpc 6 s ser B _______ .2 0 4 7 J J
Ref A Imp 4 Ha aer A _____ .2047 J J
3t Paul-Duiuth Dlv g 4s_ .1996 J D
N P-Gt Nor Joint 6 H a___ .1936 J J
8 t P A N P gen gold 6 a___ .1923 F A
Registered certificates. .1923 Q A
8 t Paul A Duluth lat 5a
1931 Q F
lat conao! gold 4 s _____ .1968 J D
1948 Q M
ren t lat gold 4 a
Nor Pac Term Co 1st g 6 s__ Il9 3 3 J J
OmgOD-Wjisb lat A ref 4 a
1961 J J
Pacific Coast Co lat g 5e__ .1946 J D
Paducah A Ills lat a f 4 H s ._ .1955 J J
Pannaylvanla R R lat g 4s__ .1923 M N
Consol gold 4 e___________ .1943 M N
Conao gold 4a_____
.1 9 4 8 M N
j t n 4 Ha______________ .1 9 6 0 F A
_________ .1965, J D
JeneraliHs
general 5s_____ __________ .1 9 6 8 J D
0-year secured 7a________ .1 9 3 0 A O
16-year secured 6 H fl
1936 F A
Alleg Valgen guar g 4a___ .1942 M S
D R R R A B ’ge lat gu 4 a g .1936 F A
fanneylvania Co—
1
Quar 3 H fl coll trust r g A I 9371 M s
Guar 3 Ha coll trust 8 r B 1941 F A
Guar 3 Ha trust ctfa C ___ .1942 J D
Guar 3 Ha trust ctfg D ___ .1944 J D
Guar 15-25-year go^d 4a__ .1931 A O
40-year guar 4a ctfaTSer E_ .1952 M N
Oln Leb A Nor gn 4a g
1942 M N
Cl A M ar lat gu g 4 Ha___ 11935 M N
Cl A P gen gu 4 Ha Ser A . .1942 J J
Series B _______
1942 A o
1049 A O
Int reduced To 3H®
~1048 M N
Series C 3Ha_
Series D 3 H a __________ .1950 F A
Erie A Pitts r u g 3 Ha B
1940 3 J
Series C ____
1940 J
Gr R A I ex 1st gu g 4 H a. .1941 J J
1943 M S
Ohio Connect 1st gu 4s
Pitts Y A Ash lat, cona fig 1 007 M N
Tol W V A O gu 4 H b A__ .1931 J J
Series B 4 Ha__________ .1933 * J
Series C 4s_____
1942 M s
P C C A St L gu 4H a A__ .1940 A o
Series B guar__________ .1942 A o
8 eries C g u a r _________ .1 9 4 2 M N
1045 \f N
1 OXO F
A
1953 J D
Series F guar 4s gold
10*7 M N
Series T cona guar 4 Ha 1963 F A
General 6 a Series A ___ 11970 J D
O St L A P lat cons g 5 s_. .1932 A O
1 OXQ vr N
Sodua Bav A 8 ou lat g 5s 1924 J J
U N J R R A Can gen 4a__ .1944 M s
1921 Q F
Peoria A Pekin Un lat 6 a g
61921 M N
2 d gold 4 Ha
Pere Marquette 1st Her A 6 s 1956 J J
1st Series B 4s___________ 1956 .1 J
la .ii
kitubigaa «. entral 6 a___ . .1931
RoglaLofed . __________ . l a n
4n---- _ ------- ------------------- .1940
Ro^laioiod ________ _ . 1940
J L i d lal gold 3H«*___ .1951
Ido gold 3 Vjd------------------ .1952
2 0 -year doijouture 4d _ .1929
B ) juuo HH 4 uaf lat i d -. .1936
S v A Harlem g i v^tj,. ..
N V A Northern lei g 5d. .1923
V t A Pa Dt * .#od g a g id -1993
Pine Creek reg guar 0e__ .1932
H w A O eon let eab oa . . A1922
Rutland IdL uuu g iH d
.1941
Gg A L Cham IdL gu id g -1948
Rut-Canada IdL gu g id -1949
0t Lawr A A dir IdL g 5d . _.1 9 9 0
1996
Utica A blk .ill v gu g id . _ .1922
PltLd A L Erie 2d g 6 a_ . . _<11928
PlLid M oK A Y IdL gu 0d. .1932
2 d guarauieed da______ .193 4
WodC Shore Idt ia guar___ .2361
HogldLered _____________ .2361

■

orica Friday;

If'ldiAV
A u ju x L 19

.4

b id

85^4
90
7 2 l$ _ . . _
7 118
69
78ji
703i
6312
91*2
71
9934
98^8

....
79%
. ___

'•Yidfc $
tin n y c or
L m l Haiti
L o to

93%
90%
9 8
82
74%
66%
67
78%
70%

35
37
41%
41
36
56*4
50
60
49
63%
64%
46
70*8
87
83
37*2

Apr’ .M
July ’ 21
July’21
41
36
5834
Oct* 17
Julv’ 18
Oct’ 19
June’ 21
N ov‘20
46
July'21
July’ 14
Aug’ 13
Aug 21

70
26%
88%

Sept’ 17 . . . .
5
26*4
__
Feb’ 18
Deo* 19
8
61
N ov‘20 __••»
M ay ’21 ____
Aug’21 . . . .
June’ 2 l . _ - A ug’21 __—
N ov’ 16 i _ . _
June’ 21 . . —
13
777g
Oct‘20
7
76*2
July'21 ____
Apr‘ 21 __- .
Apr’21 __—
43
103
A u g’21 —
-July’21
July’21 _ _ —

99*2

7212 73%
76
____
4218
37U
36
37
*0
41 Sale
36
37
5 7 7g Sale

75
58
62
____
46
70*8 _____
67*2
6034 _____
37 lo 38%
67
56
64
2612 32
66

74*2

61%
58
50
57
44
43
67% __—
60

101*2

99%
100*4 102
77%
Sale

60
59%
59
45
73*2

101%
122
97%
76%
74
75*8
80*s

____ 9 2 34
_____ 90
Sale 102*2
77% 76
....
98%
1 0 1 % 74*2

1

....

90

....
—

62
74
70%
68

92%

— -

68

93
84%

6
0

67%

latest Did 6.J.J asked

88

81%
7434
96
96

81

_____

83%
96

SI 3.1 Sale
67 G
66%

fiQla
67
69
70
79%
72
SO
80%

M ar’ 90
Dec*20
M a y ’21
Apr’21
Aug'21
June’ 21
Feb’20
Apr’ 21
8 8 78 Feb’21
104
Dec’ 15
96% F eo’ 12
90*8 Dec’ 12
07
Jan’21
75
Apr’ 20
79% M a y T 9
793g A ug’21
80
Sept’20
93
M ar’ 10
84
July’21
82
Dec’20
8 8 % 8ept*17
85*4
S5%
86
M a y ’2 i
84
Aug’21
82 M a y ’21
7510 Feh'21
S2% Apr’20
80 M a y ’ 21
72*8 June’20
83%
83%
96
Aug 21
SO M ar‘21
02
Jan’03
m % June’21
91 34 Oot'2 0
80% Sept’20
81
S134
67*2 Aug’ 21

a Due Jan.

b

71
79%
70*2
70
94*3
73

93
90

66

77%

82

....
- —.
11

70%
3 1 71*2

-----—
—
-1
1

71
....

....
1

—
....
—

74%
78%

37
35
35*2
38%
39*2
35
06%

46
40*2
45
50
49*2
45
72"%

63%

69

39%
70%

63
70%

33*2

43

26%

30

56

65

49*2 59
54%
39
73
73%
92% 104%
97*2 1 0 1 %
73% 80
74
SO
75
80*8
92% 96
90
90
99
105%
70% 80
98% 9S%
74% 77

7558
767s 153 73
75
A u g’21 ___ 74*o
33 52%
5634
5614 56% 56%
_ _ _ _ 54
54% Feb’21 __—
54%
26 96%
101*2
1 0 1 % Sale 101
1
Sale
79
79
79
73
8634 _____ SS
Apr’ 21 __—
88
10038 Sale 100*2
1 0 1 34 6 1 8
96%
99% 102
99*2 Aug'21 __—
98%
100 M a y ’21 —
99%
99*2
9 1*0
92
July’21
91%
72% ————' 75% M a y ’ 21
75%
■
68
63
37*9 Dec’ 16 "
1
105%
105% June’21
104%
37 67%
72 Sale
71
72
1 65 “
64
70
65
65
72
79% 76% Jan’21
76*2
9434 _____ 94*4 M a y ’21 __—
93%
81
July’21
S0% 83
81
81% 82
81
A ug’21 ____
76%
2
1
8 S Sale
86%
SS
83
52 74%
79% Sale
79
79*2
82 81
87% Sale
86*2
S7%
43 10 0
104% Sale 103%
101
9 9 3 , flale
99%
99 34 386
78 "
80 M a y ’21
80
79%
83
Feb’20
733g
76%

90*8

74%
73

7 6 34 Sale

713s
6734
67%
67%
80*4
7334
69%
78%
84%
84%
69
68%
68%
73
73
79%
75%
88%
81%
81%
76%
85%
85%
84
S234
£03.1
8234
S234
83%
S3%
92%
SI
S4
82%

H Syb

1 97% 99%
____ | . . . . . . . .
65% 60
50
50
76
76

....

....
____
—• ——
___ _

68

67
76%
69%

__ __

79
75
57
54%
103*2
81%
88
101%
100%
100

92
75%
106%
74io
70
76%
95%
84
85%
92%
86

92
105%
100%
81%

69
70
83%
72%

80%

80%

88%

88%

__ _

67

07

____

78%

82

S4

84

i
__ __
____

32-a
85
84
82
751o

85%
86

S4
82

SO

81

—

79
95%
SO

87
96
80

—

80%

80

77*g

85
70

5
____

'

Due Feb.

3

63 “

o

BO NDS
N Y. STOCK EXCH AN G E
Week ending August 19

rt 't o t
S in co
Jan. 1

N o . 'L o w

67*2
79%
85
71%
77%

68

....
79!4 —

H ly n

1 ?

M ay*20
June’ 21
Nuv‘ 16
Nov'19
Sept‘ 20
Mar*20
July ’21
Aug’21
Apr*2 l
June' 21
Aug*21
June’ 21
M ay'15
99%
N ov '20
July’21
Feb’21
Apr’ 21
Nov* 16
Jau’21
M ay *21
Jan’09
June’20
73
69%
Feb* 19
June’20
A ug’21
Nov' 17
72*8
77%

....
94
_ ___ 6 8
. . . . 113
99%
99
6614 . . . .
71*2
60
56
60
55
50
. . . . 87
76
103
90*2
84
93
—
90
9<534 . . . . I30»a
95*4
98*4
72
73
72
69%
6 8 I2 71

75*2
76%
90
85U
103
7434
98'%
72%

'a
m
V
£

1

Price

Due June,

1
1

P r ic e
WH<lay
A u g u s t 19
B ia

A sk L o w

PhlllDoine Rv Inf, 3(V-vr i f 4 h 1937 1 j
301» XU
PlLie Sh A L E lat g 5 a ..
1940 A o
8 8 % ____
lei uonaol mild 6 e
1943 i j
84% .
Reading Go gen gold 4a.
..1 9 9 7 J j
70 Sale
Kegletered .
1997 1 j
Jeraey Central coll g 4 e ____1951 A o
78 Sale
Atlantic City guar 4a «
1951 J J
St Joa A Grand tal lei g 4a _ -1947 J J
59% 64*2
St Louie A San Frau (reorg C o)—
Prior linn Hnr A 4m
I9fi0 1 J
62*4 Hale
Prior lien Ser B 6 a_________ 1950 J
J
74*2 Sale
Prior lien Ser C 0a_________1928 J J
89% Sale
6 8 % dale
Cum adjust Ser A d a .. . .51955 A O
Income Serlee A 6 a
.51960 Oct
57
Hale
St Loula A San Fran gen 0a_ .1931 J 3
96% Sale
General gold 6 a. ............ ...... 1931 J 3
89 Sale
8 t L A S F UR oouag 4a. _ 1996 J 3
0 7 % ____
Southvv Dlv lai g 6 a____ 1947 A a
7 5 * 2 ____
M NT 9 D‘> 100
K C Ft S A M Ry ref g 4a_ .1 9 3 6 A O
06% 60%
K C A M U A B lat gu 5 a .. 1929 A O
7 6 % _____
67 Sale
St L S W lat g 4a bond ctfa__ 1989 M N
2d u 4a Income haml erf* -0 1 9x0 1 J
53
59
04% Sale
Conaol gold 4a. . . . . . . . . 1 9 3 2 J D
lat terminal A unifying 5a. 1952 J J
67*2 Sale
r n
63 *8
02% 03
8 A A A Paaa lat gu g 4a_____ 1943 J J
58 . . . .
Seaboard Air Line g 4a______ 1950 A O
Gold 4h
1Qftfi A o
54% 56
Adjuatment 5a___________ cl949 f A
28% Sale
Refunding 4a. ___
____ 1959 A a
3 **2 Sale
lat A curia 6 a Serlea A _____ 1945 M s
49*8 Sale
5 8 % ------At! A Birin 30-yr lat g 4a_«1933 M s
____
00
Caro Cent lat con g 4a____1949 J J
Fla Cent A Pen lat ext 0a. .1923 J j
90 o8 96
84
85*2
lat land grant ext g 6a__1930 J j
77% 80
Conaol gold 6 a__________ 1943 I j
j ___________
Oa
Via Rv lat con fia
<il94fi j
82% 85%
ri
A No lat gu g 5a~_. 1929 j j
8 eao6 ard A Roan lat 5a
1926 j j
j D
J D
M s
J D
F A
F A
r D
Through St L lat gu 4a__1954 A O
O R At. H A M Ar P lat Ra
1QQ1 M M
2d exten 6 a guar
1931 J J
Gila V G A N lat gu g 5 a _.l9 2 4 rvi N
M NT
1st. guar
rad
1933 (VI NT
J
H A T C lat g 6 a int gu____ 1937 J
Waco A N W dlv 1st g
1939 IVI N
A A N W lat gu g 58______ 1941 J J
No of Cal guar g 5 a _ _____ 1938 A o
Ore A Cal lat guar g 6 a____ 1927 J J
So Pac of Cal— Gu g 6 a____ 1937 M N
So Pac Coast lat gu 4a g
1937 J J
J
Tex A N O con gold 5a____ 1943 J
So Pao R R lat ref 4 a _____ 1955 J J
flan Fran Terrrjl lat 4a
1950 A o
3
Southern— lat cona g 5 s _ ___1994 J
Registered
1994 J J
Develop A gen 4a Ser A ___ 1950 A O
M ob A Ohio coll tr g 4a___ 1938 M s
M em Dlv la tg 4 H a -5 a ____ 1990 J J
St Loula dlv 1st g 48______ 1951 J J
Ala Gt Sou lat cons A 5 8 ..1 9 4 3 J D
A tl A Chari A L lat A 4H a_1944 J J
1st 30-year 5a Ser B ____ 1944 J J
Atl A Danv 1st g 4a______ 1948 J J
2d 4a
1948 J J
Atl A Yad lat g guar 4a___1949 A O
E T Va A Ga Dlv g 5a____ 1930 J J
Cona lat gold 5a_________ 1956 M N
E Tenn reorg lien g 5a____ 1938 rvi s
Ga Midland 1st 3a............ .1 9 4 6 A o
Ga Pac R y lat g 0 a . _____ 1922 J J
Knoxv A Ohio lat g 6 a____ 1925 J J
M ob A Blr prior Hen g 5a__1945 J J
Mortgage gold 4«
1945 J J
Rlcb A Dan deb 6 a stm pd.1927 A o
Rich Ar Mock Int 0 5n
1948 M N
So Car A Ga 1st extd 5H s_1929 M N
Virginia Mid Ser F. 6 a
1926 M 3
Serlea F 5a______________ 1926 M s
General 5a_______________ 1930 IVI N
Va A So'w’n lat gu 58_____ 2003, J J
1st cona 5 0 -year 5a_____ 1958 A o
W O A W 1st cy gu 48____ 1924 F A
Spokane Internat lat g 5a____ 1955 J J
Term Asan of St L lat g 4 H a. 1939 A o
lat cona gold 5a_______1894-1944 F A
Gen refund 8 f g 4a_________ 1953 J J
flt L M Bridge Ter gu g 5a 1 9 3 0 A O
Texas A Pac 1st gold 5a_____ 2000 J D
2 nd gold Income 6 a
^ 2 0 0 0 Mar
La Dlv B L lat g 5a______ 1931 J J
W Min W A N W 1st gu 6 a 1930 F A
Tol A Ohio Cent 1st gii 5a
1935 J J
Western Dlv lat g 5a______ 1935 A O
General gold 5a___________ 1935 J D
Kan A M lat gu g 4a______ 1990 A O
2d 20-year 5a___________ 1927 J 3
Tol P A W lat gold 4a
1917 J J
Tol St L A W pr lien g 3 H e -1925 J J
60-year gold 4 s _ _ . ______ 1950 A O
Coll trust 4a g Ser A
1917 F A
'Front co ctfn of denoatt
Tor Kam A Buff lat g 4a _£1946 J S3
Ulster A Del lat cona g 5a____ 1928 J D
lat refunding g 4a
1952 A O
Union Pacific lat g 4a________1947 J J
Registered______________ 1947 J J
20-year conv 4a
______ 1927 J J
lat A refunding 4a
.02008 M S
10-year perm secured 6 a ..1928 J J
Ore RR A Nav con g 4a___1946 J D
Ore Short Line lat g 0a____ 1922 F A
lat conaol g 5 a ._________ 1940 J J
Guar refund 4a _________1929 J D
Utah A Nor gold 5a-------- 1926 J 3
J J
F A
Conaola 4s Serlea B ________1967 M N
.1 J
Virginian lat, 5a aeries A
__1902 IVI N
Wabash lat gold 5a----------------1939 M N
2d gold 5a__________________1939 F A
1 i
lat lien 50 yr g term 4a____ 1954 J J
Det, A Oh Ext lat g 6 s ..........1941 J J
Dea Moines Dlv lat g 4a_ 1939 J J
Ora Dlv lat g 3 H a _ . _____ 1941 \ O
Tol A Cb D lv g 4a
..1 9 4 1 IVI 3
Registered............... .. __fcl949
20-year conv 4a__________ 01929
20-year conv 6 a________ ..1 9 3 4
Cent Pac lat ref gu g 4a___1949
Registered .
1949

b

Due July.

* Due Aug,

©Due Oct.

s71%
66%
578%
91
73%

W e e k 's
B a n ja or
L a s t S a le
H io b

90 June’ 21
97*. Deo’ 17
75
76%
77
Dp
78
59
61
73%
89
67%
56%
96%
89
07
77

R uny*
S in e s
| i j
1 Ja» 1
No

HUM

1 81%
1

91

67

71%

83

10

76

87

59

64

fig
70%
84%
01%
44%
93%
87

70
90%
69%
59%
98
89%

June’21
o >,% 183
83
74%
19
89*2
6 8 % 128
57% 416
1
95%
89 1
o
Oot ’ 2 0
Jan'21

65%
GO
84
A u g’21
60%
67%
55
June’ 21
63%
05
67
67%
<1X1o Tot,' 13
02*2
03
60
00
55
57
26%
28*4
39
40
48%
49*2
62
Aug’21
63*2 M a y ’21
95
95
89*2 Apr'21
77% A u g’2 l
76
76
83% Aug’ 21
92
N ov’25

Low

o
45
6S

62

77
Q9S.1
62
78
62%
65
60%

85
09

02

69%

” 16 * 6 8 ’
i
66%
5 50
59 25
15 30
17 45
_ _ _ _ 59%
_ _ _ _ 63%
93
____
89*2
73*2
1 73
83%

77
oa
68*2

68
66%

64
69%
57
39%
43
55
65%
03*2
96*2
89%
81%
80
85%

Sale
70
Sale
94
Sale

25
71*?
72
73
6 8 % July’21 — j 08*2 68*2
222
81
82
76% 83
1
91
91
8 6 ~ 10 0
72%
74% 1671 70% 76
87*2 SaptTe
"7R\» 80
SO
20
79% 80*2 79 lo
71
73
4 67*8 73*4
6978
71
8 6 * 4 ____
2
89%
89%
84*2 89%
78 “ 92
90 "
87 M a y ’ 21
87
90% 92
90
Feb'21 ____
90
90
84% _
83
Julv’21
83
84
83*2 87% 8 6
Mar 21
86
87%
88
------- 8G3g June’ 2 _ _ _ _ 8 6 % 8 8
85
____ 94
Mar' 19
87
90
84
84
Jan’ 21
84
8 9 % _____ 90% Feb 21 ___ _ 8 8 % 90%
91% Sale
41
91%
90%
91*2
88
89 ____
94
94 June’21 _ . _ _ 94
80
88
80% A u g'20
__ 78
80 _____ 78
Aug’21
78
76% Sale
88
75%
76%
73% 78%
2
73
73% 73*8
76
73*8
68
62 80
84*2 Sale
90
81*8
84%
84*2 Oct ‘ 2 0 ____ i
5 7 % Sale
25 55
57
57%
61%
60
60% 61
61
1 | 57% 61%
5 80
86
8 2 * 2 ____
82*2
82%
6 6 % 69
1 67
67*8
67%
71%
81
83% 82 M a y ’21 ____
85
82
8 1 % _____ 77% June’21 ____
77% 79%
87% 83% 87%
5 84% 92%
87%
64
67
64
70
65
Aug’21 ____
4 2 % ____
81*2 M ar’ lC
6 3 ^ ------- 67*2 Feb 21 ____
67%
67
8 8 % _____ 87% July’2 l ^— _
8 8 % 90%
S6
88
85
July’21
84% 90%
82
86
82
82
Aug’21 ____
89%
50% 52% 50 M a y ’21 _ _ _ _ 50
55
98% 99
96% 99
98*2 July’21 ____
94% 96
96% Jan’ 21 ___ _ 96% 96%
77 ------- 75% Aug’ 21 . . . — 75% 75%
5 9 * s ____
65
Aug’ 19
89%
8 8 % ------89 M a y ’21 . . . .
88
60
58
Apr‘ 21
58
89%
85 June’ 21
85
9 1 % _____ 8 8 % Dec’ 20
8 5 % ____ 90 “ Jan’ 21 _ — ^ 90
90
8 6 % 98
8 6 % July’21
8 6 % 89
81%
80 _____ 80
July’2) ____
80
60% 6 6
61*2 65
61
July’21 __. .
88
92
85% Mar’2 l _ _ _ _ 85% 85%
6 8 % 76
6 8 % June’21 _ _ _ _
6 S% 6 8 %
85
83
84% 82
S2
A ug’21 __—
8 6 % _____ 84
July’21 ____
83% 8 8
72
71
72
67
71
71*s
8 3 % _____ 81
July *20
7i 77
83%
78% 79% 78%
81*2
50
45 _____ 50
M ar‘21
50
73% 78
71
Aug’ 21
71
66
60 _____ 106*2 Nov'04
i 82% 90*2
84% 8 6
82*2 July’21
75
78
83
75
Feb’ 21 . . . .i 75
6 5 % _____ 65*2 Jan’ 21
65*2 65%
69
71
71
71
A ug’21 . . . _ 09
84
84% 84
S4
i S0% 84
_____ 32
36
Feb’ 19
7S
73
74*2 76
7S
Aug’21 ____
45
46
53
46
Aug’21 —
45
15%
1 5 % ------15% June’21
15
_____ J5
15
Nov’ 20
66
85
63% 70
63% June’21
79
7 9 % ------- 78% Aug’21 ____
75
52
52
____ 52 M ay’ 21
49
84*2
10 51
, 7S
SJ% 8 ale
80%
82
1 77% Sl%
_____82
7$
A ug’21
86%
85*2 8 6
84%
S5% 107. SI
80%
32 73
77*2 78
76%
77%
99% Sale
26j 97% 101%
99%
100
77% 7S% 78%
Z
75
78%
78%
9! 97% 99%
99%
99%
99% Sale
5 8 6 % 92
8 8 % ____
88%
S9
3l! 77% 84%
S2
32% 81%
82
94
1
90% 92
89
90*2
90%
FebTvS
7 9 % _____ 89
72% 76%
7 3 * 2 ____
76% Mar 21
72*s 72%
72% Jan’21
7 3 % ____
24
24
Mar -T
23
48 7S% 85
S3
S4
83*2 Sale
s! 82% 90
85%
86*2
86*2 Sale
72
80
79% Aug ’ 21
76
78
90
Aug' *8
62
60
Feb 21
55 _____ 6 2
8 2 % _____ 8 8 % M ar’20 . . . . . . . . ---- 50% »>6 %
56*2 Vug’ -1
56% 70
M% 6 \
61 May *21
5 0 *4 ____
58% M ay *21
57% 60
1 55% 59

PDue N ov.

q

Due Deo.

CHHlon sak*

835

New York BOND Record— Concluded- Page 4
BONOS
If. Y .S T O C K E X C H A N G E
Wo«h ending August 10

Fries

1d
1

.1

Waah Term! lat gu 834a..........1045 r
lat 40 yr guar 4a__________ 1045 F
Wear, Maryland I hl g 4a_____1062 A
West N V A Pa 1st g 6h.........1037 J
Gen gold 4d______________ 1043 A
Income 58_______________ p i 043 N ov
Western Pao lat nor A 5s------1040 nn B
Wheeling A L IQ lat g 5b_____1020 A
Wheel Dlv lat gold fia_____1028 j
Exton A Impt gold 6a_____1030 F
Refunding 4 ^ a aerloa A __ 1000 M
R R lat oonsol ta_................ 1040 m
Wlnaton Salem 8 B 1st 4a__ 1000 j
Wla Cent 60 yr 1st gen 4a____1040 j
9up A Dul dlv A terra let 4 e’ 36 (VI
S troef R ailw ay
|
Brooklyn Rapid Tran g 5fl__ 1046 a
1st refund oonv gold 4s____2002 j
3 yr 7% secured notes__ *1921 j
Certificates of d e p o s it ........... J ____
Certificates o f deposit stm pd. J ____
Bk City 1st eons 68..1910 1041 j j
Bk Q C o A 8 eon gu g 6s. _ _ 1041 m n
Bklyn Q C o A 0 1st 6s____1041 j j
Bklyn Un El 1st g 4 6s____1050 F A
Stamped guar 4 6s_____ I960 f
Kings County E 1st g 4S..1940 p
Stamped guar 4a________1040
Nassau Elec guar gold 4S..1951
Chicago Rya 1st 5s__________ 1027
Conn Ry A L 1st A ref g 4H s 1051
Stamped guar 4 ^ 8 . ............ 1051
Det Uulted 1st cons g 4 ^ s._1 9 3 2
Ft Smith Lt A Tr 1st g 6s__ 1936 iyj
aud A Manhat 5s ser A _____ 1957 f
Adjust Income 5s_________1957 _
N Y A Jersey 1st 6s ______ 1032 F
Interboro Metrop coll 4H 0--1966 A
Certificates of deposit________
Interboro Rap Tran 1st 5 s .. 1966 j
Manhat R y (N Y ) cons g 4s__1990 A
Stamped tax exempt______ 1990 A
Manila Elec R y A Lt 8 f 5s. .1953 iw
Market St R y 1st cons 5s____1924 M
Metropolitan 8 treet R y—
Bway A 7th Av 1st c g $s_.1943 J
Col A 9th Av 1st gu g 5S..1993 M
Lex A v A P F 1st gu g 6s 1993 M
Met W 9 El (Chic) 1st g 48- 1938 F
Mllw Elec R y A Lt eons g 5s 1926 F
Refunding A exten 4V4s._ 1931 J
Montreal Tram 1st A ref 5a_ 1941 J
New Orl Ry A Lt gen 4*^s. 1935 J
N Y Munlclp R y 1st 8 f 5s A . 1966 J
N Y Rys 1st R E A ref 4s___1942 J
Certificates of deposit_________ |____
30 year adj lno 5s_______ al942 A O
Certificates o f deposit______ I____
S Y State Rys 1st cons 4 ^ 8.1 96 2 M N
Portland R y 1st A ref 5s____1930 M N
Portld R y Lt A P 1st ref 5 s ..1942 F A
Portland Oen Eleo 1st 6s. .1935 j J
§t Paul C ity Cab cons g 5 s ..1937 J J
Third Ave 1st ref 4s________ 1960 J J
Adj Income 5s___________a 1960 A O
Third Ave R y 1st g 5s______ 1937 J j
Tri City R y A Lt 1st s f 5s__1923 A O
Undergr of London 4 M b____1933 J J
Income 6fl________________ 1948 ____
United R ys Inv 5s Pitts iss..l926'(VI N
United Rys St L 1st g 4s____1934 J J
St Louis Transit gu 5s____1924 A O
United R R s San Fr s f 4s____1927 A O
Union Tr (N Y ) ctfs dep______
Eqult Tr (N Y ) Inter ctfs____
7a R y Pow 1st A ref 5s_____1934 J 1

Friday
August lo
id
Ask.
08 Salo
77 ------5U.1 54%
80
86%
01 % 06
80 Sale
8 0 % ____
83% 84
80% 92%
47% 50
55% 66%
6 7 % ____
68 % 09
06% 08%
20
31
53
52*4
49

25
35
Sale
Sale
50

------ 90
____ 25
67
67%
67 Sale
67
6S
57 ____
1 7% ____
6334 Sale
5 S % ____
60 U ____
5S% 59
67% Sale
4238 Sale
------ 83
15
16
12
13
56 Sale
56 Sale
56
57
56% 62%
6934 Sale

Week's
Kangs of
Last Salt

33

flap »
Jan. 1

Low
High 1 N o . Loin
08
08 1
1 00 u
78 June’211____ 78
14, 51%
53%
51%
85% Aug ’21 . - - - 8 3
02U Aug’21 —
00 u
30
Oct* 17
70%
80 " 1 7
75%
85 Juno121
82
84
Oor/20 mmmm
903.1 M ar’ 17
19% A ug’21
17
54% July*21
5 1U
71 Juuo’21 ____ 06
08% Aug 21 —
63%
60 July’ 21 —
05
1
22%.
221 •>
31
A ug’ 21 . . . . .
IS
52U
53
4
52%
531.1
49
49
64
Doc/20
80 May* 18
24
Doc'20 —
G8 Aug'21
20
67
67
55 July’ 21 - - _ _
54% June’21 —
22
Aug’ 21 _ . - .
6334
04% 15
61 June’ 21
62 July '21 —
7
5S%
5878
58
Jan’20
66%
68 ’ l 2 l
41
42% 266
86 Aug'2 L . . . .
54
15
16
38
12%
13U
55%
56 U 176
41
55%
56%
8
56
56
l
6334 May*2l
13
69%
6978

22%
25
10 %
39
37

iH o n
08%
79U
50%
89%
63
88
85

56
59
71
71U
73
32
33
56%
55%
53 U

5 8 " ~08
07
03
65
53
54%
53
24?fi
18
66%
58
01
60
5 7 % 62
63%
57
“ 5 9 ~ “6 9 %
23% 44%
86
82
13% 2 1 %
I U 4 19%
48% 58 U
52% 58
60
53
6334 6 3 %
6 8 % 74

------

42 * 43
A pr‘ 21 _ _ — 3 7
44
15% M ar’ 21
1 5 % 19
22
59
25 July’ 21. —
21% 25%
54 Dec* 11 - - — m_
__ _
74 ____ 92
A pr’21 —
93
92
697s ____ 71U June’ 21 —
7 1 U 74
74
75
74
Aug 21 —
67% 75
50
Feb 21 —
50
50
57
July’ 19
20 21% 20 A ug’ 21 —
17% 25
18% 21
19% A ug’ 21 —
22
16
5 Sale
5
5%
6%
3%
4
4%
9l
4% A ug’ 21
57g
3
5634 57
5634
55 78
?• 4 6 % 57
71
73% 7034
7034
72
1 69
2 56
6S% Sale 67%
68%
75
9034 Feb’ 17 ____
------ 91
74% June’ 21 ____ 7 4 % 7 4 %
50
52
15 4 0 % 5 2 %
50
51%
2 9 ; 25
33% Sale
3478
33%
34
80i2 82
81
A u g’21 ------ 1 75
81%
92% Sale
8 88% 93
92%
92%
62
67
68 M ar’ 21 - - - - 6 8 68
52
1 51
51
61
51
51
65% 66*2 66 % A ug’21 ____ 6 5
70
48 ____ 47 M a y ’21 —
50%
47
36 M ar’ 21 —
36
36
31% A pr’21 —
3678
29
2534 30
28% A u g’21 —
36
26
2.534 2 8
28
A u g’21 —
26% 36U
63*4 66*2 68% A ug’21 —
69
60

Ga9 a n d E le ctric L ig h t

8 k!yn Edison lno gen 5s A ..1 9 4 9 J
General 6s series B ______ 1930 J

8 0 5 s _____

9 0 % ____
9934 sale
100 Sale
83
83*2
8 0 % ____
84% 85
84% 85%

8012

89
98?s
99%
83
83%
85
85
87
101%

80%
90%
9934

10
2
3
55

76
87
9512
95%
71
83%
80%
81

81%
90%
9934
100
85
85%
89i2

BONDS
N Y STO C K E X C H A N G E
Week ending AugtiHL 19

£

!

Ik U M

Week's
Hungs or
Last Sals

*I* XI 1
X
lwQi i 1

brings
Sines
Jan. 1

bid
Ask Lon
High N oJ Low
Braden Cop M ooll tr m t 6h .1931 F A
84% Halo «4%
84 %
0 11 80
72% 86% 70 July’2 1
BuHh Terminal let 4 h______ -1952 A O
70
J
J
-1955
71*4
Halo
Consol 5o_______________
72
7 07%
71%
75 Halo
Building ' v» t ii i c * ._ 1900 A O
74
27 07%
76
l • J J 100% Hula JO0
Co t o d e Pasco Con 8 h
37 104%
100%
Ohio O A Conn R ys h f 5h. . .1927 A O
68
.
M ar’ J8 ~mmm
81 % Halo
27 77
Ohio Un Hta’ rj lat gu 4
A 1903 J J
81
84
14 101
1Mt Sor O 6 M h (CtfH) _ _
1903 J 4 105% Halo 105%
100
937*
U 00
03 Halo
93%
Chile Copper 10 yr oonv 7h 1923 rvi N
71 Halo
C o l tr A conv Oh «or A __ .1932 A O
08%
71% 124 00
78% Halo
78%
1 77
Computing Tab Reo a t 0s. _194l J J
73%
79
82
82 M a y ’ 2 1
Granby ConsM SAP oon 08 A 1928 rvi N
80%
95
Stam ped_________________ - 1928 Ml N ____ 87
Apr’ 20
SO ____ 86
July’ 21
Grout Falls Pow lHt h f 5 h__ . 1940 M N
82
58 77%
77 Halo
76%
Inter Moroan Marino h f 6h_.1941 A O
78%
9 0 % ____ 90% A u g ’21
M irland OH
8h series A __193l A O
90%
95%
M exlom Petroleum « t Ha.. _ 1930 *va N
90% Sale
98%
92%
85
10 82
8r*% Sale
Montana Power 1st Gh A __ _1943 J J
80%
75
18 71%
76% 77
Morris A Co Iflt a f 4
____ .1939 J J
70
70 Sale
09%
70
2 02
.1951 F A
N Y Dock 60 yr 1st g 4a
897g
897* Sale
0 80%
Niagara Falla Power 1st 5a. .1932 J J
90
9178 92% 93
A ug’ 21
Ref A g e n d a .. ________ a1932 A O
90
86% 89% 86 M a y ‘ 21 . . . .
Nlag Lock A O Pow 1st 6a__ .1954 M N
83
79%
12 70
80 Sale
Nor Statea Power 25-yr 6 b A .1941 A O
80
Ontario Power N F 1st 5b. _.1943 F A
8 0 % ____ 82 July’21
75%
70% 72
74 July% l
07%
Ontario Tranarnlaalon 6s__ .1945 M N
__
4 87
89
88% 89
89%
Pan Amo'-. P .& T .la t 10-yr? 31930
07
10 57%
68 Sale
08
Pub Sorv Corp o f N J gen 5a. .1959 A O
90%
91% Sale
Sinclair Con Oil oonv 7%a__ . 1925 (VI n
91% 276 90%
09 101
103%
Standard Oil of Cal 7 s -- - - 21931 F \ 103% S tie 103%
Tennessee Cop 1st conv 6a. .1925 M N ------- 8S7* 82 J u ly’21 ___ 80%
95% 95% 91%
35 90%
Tide Water Oil 0 ^ a ______ .1931 F A
95%
14 100
101%
Union Tank Car equip 7g._ _ 1930 F A 101% Sale 101%
61 82%
86% Sale
86%
87
Wilson A C o 1st 25 -yr a f 6e_ .1941 A O
31 77%
82% 83% 82
83
10-year conv a f 0 a _______ .1928 J D
M a n u fa ctu rin g and In d u stria l
90
91%
91
Am Agrlc Chem lot c 6a__ -1C 3 /\ O
10034 M a y’ 21
Conv debeD
5a________ _1924 F A
96
Sale 95
1st ref 8 f 7%s g ______ - -1941 F A
96%
74%
75
74
75
Am C ot Oil debenture 5a__ .1931 M N
73
Am Sm A R lat 30-yr 5s ser A 1947 A O
78% Sale
78%
117
Jan’21
Am Tobacco 40-year g 6a__ .1944 A O
69
A ug’ 21
Gold 4 s ______ _ _____ .1951 F A
70
70% 70
70
Am Writ Paper a f 7-6a____ .1939 J J
96
96% Sale
97
At! is ••'ow’d t conv 7%s g.__ .1936 F A
Baldw Loco Works 1st 5a___ .1940 fV? N
93 ------- 92 July’ 21
Cent Foundry 1st s f 0s____ .1931 F A
69 ------- 70 M ar’ 21
88
88%
88 Sale
Cent Leather 20-year g 5s__ .1925 A O
73% Dec* 18
Consol Tobacco g 4s_______ .1951 F A
Corn Prod Refg s f g 5s____ .1931 m N
8 9 % ------- 89% M ar’ 21
90
July’ 21
89% 95
1st 25-year s f 6a_______ .1934 IV! N
60
62%
60% Sale
Cuba Cane Sugar conv 7s__ .1930 J J
98%
99 Sale
100
Cuban Am Sugar 1st coll 83 1931 M S
103%
Diamond Match s f deb 7%£s -1036 _ _ s l0 3 Sale 103
62%
Distill Sec Cor conv 1st g 5s .1927 A O ____ 62% 62%
E I du Pont Powder 4 H 9 -- .1936 J D ________ 8178 79 M a y ’21
96%
98%
98 Sale
du Pont de Nemours A C o 7H s *31 M N
General Baking 1st 25-yr 0s. .1936 J D
8 9 % ------- 90 July’ 21
69 J u ly’21
69
75
Gen Electric deb g 3 M b____ .1942 F A
86%
86%
86% Sale
Debenture 5s____________ .1952 M S
101%
20-year deb 6s......... __Feb 1940 F A 101% Sale 100%
101% Sale 100%
G oo 'year TireA Rub 1st sf8a’ 1941 M N
101%
72
73% 73
A u g’ 21
Int Agrlc Corp 1st 20-yr 58- .1932 IVI N
A u g’21
78% 8078 80
International Paper 5 s . , _ -1947 J J
95%
9.6
KelJy-Springfield Tire 8s___ .1931 M N
96 Sale
106%
Liggett & Myers T obac 7* . _ .1944 A O 108% 107 10314
85
85 Sale
86
5 s.......................................... 1951 F A
Lorlllard Co (P) 7s_____ __ .1944 A O 106% 10678 106% A u g’ 21
5s......... ........................... .. .1951 F A
84
85% 85% A u g’ 21
88
88 Sale
88
Nat Enam A Stampg 1st 5s. .1929 J D
88
F e b '21
Nat Starch 20-year deb 5s__ .1930 J J
88
92
9278 937S 94
A u g’21
National Tube 1st 5s______ .1942 M N
90%
90% Sale
N Y Air Brake 1st conv 0s_ .1938 M N
90%
947S
95%
95% Sale
Packa~d M otor Car 10-yr 8s .1931 A O
867S
8678
Standard Milling 1st 5s____ .1930 M N
86
87
92 Sale
91%
92%
Steel A Tube gen 9 f 7s ser C .1951 J J
80
847S 81 June‘ 21
Union Bag A Paper 1st 5s_. .1930 J I
Stam ped_______
80 ____ 86% N ov’ 20
.1930 J J
83
89% 86% Jan’ 21
Union Oil Co o f Cal 1st 5 s .. .1931 J J
88
87
87% 871
U S Realty A I conv deb g 5s .1924 J J
98% 99
U S Rubber 5-year sec 7a___ .1922 J D
99% A u g’21
77%
78%
1st A ref 5s series A ______ .1947 J J
78% Sale
9973
100%
10-year 7 M b ________ ______ .1930 F A 100% Sale
91
A ug’ 21
U 8 Smelt Ref A M oonv 0s_ .1920 F A ____ 91
91
92% 92
92
Va-Caro Cbem 1st 15-yr 5s. .1923 J D
87
87
Conv deb 08_____________ el924 A O
87
88
12-yearg f 7 M b __________1932 M N $90*2 Sale
90%
91%
97%
97% 97^4 97%
West Electric lat 5s D e o . _ 1922 J J
Westlngh E A M 7 a .............. 1931 M N 101% Sale 101
101 %
90%
90
90
93
Wickwlre Spen Steel 1st 7 a .. 1936

General 7a se-ies C ______ 1930 J
General 7s series D ______ 1940' J
100
Sklyn Un Gas 1st cons g 5s__1945 IVB
A ug’ 21
Clncln Gas A Elec 1st A ref 5s 1956 A
July’ 21
Columbia G A E lat 6s______ 1927, J
85
Stamped--------------------------- 19271J
A ug ‘21
86
June’ 19
Columbus Gas 1st gold 6 8 ...1 9 3 2 J
10134 Sale
Consol Gas 5 yr conv 7s____1925 Q
10134 32. 98~U 103
Cons Gas E LA P of Balt 5 yr5s ’21 M N
------- 95% 95% Apr’20
Detroit City Gas gold 5s____1923 J
88
89
8S
10 87% 90
88
Detroit Edison 1st coll tr 5 s .. 1933 J
7 76% 82%
79U Sale
79
1st A ref 5s ser A ________ *1940 M
79U
8834 Sale
22 86
91
88 U
1st A ref 6s aeries B ______h1940 M
91
93% Sale
91%
71 88
93%
Duquesne Lt 1st A coll 6s. .1949 J
93%
C oa l, Iro n & S teel
94
Eq G L N Y 1st cons g 6a___1932 Mi
Feb* 18
Beth Steel 1st ext a f 5a_____ 1926 J J
70
74
72%
2 60
72%
Havana Eleo consol g 68____1952 F
rvs N
1st A ref os guar A _______ 1942
75
73% 75
91 Sept’ 19 ____ I
Hudson Co Oas 1st g 5s_____ 1949 M N
20 yr d m A Imp s f 5a____ 1936’ J J
94% 96
90 M a y ’21
Kan C ity (M o) Gas 1st g 5s__1922 A O
90
Buff A Susq Iron a f 5a_____ 1932 J D
87
81% 86% 81% A pr’ 21 ____I 81% 81%
Kings Co El L A P g 5s_____ 1937 A
Debenture 5a___________ al926 Rfl S
9 6 % ____ 97
Purchase money Qs__________1997A
A u g’21 -- ——i 93 100
D
Cababa C M C o lat gu 0a___1922
92
Convertible deb 6s__________ 19251V1 ------ 95
D ec’ 20 ------ i
Colo F A I Co gen a f 6a_____ 1943 F A
7 3 % ____ 75 June’ 21 —
Sd El 111 Bkn 1st con g 48.1939 J
76%
73"
Col Indus lat A coll 6a gu___1934 F A
76% 77
76% A ug’ 21 ____I 68% 78
Lac Gas L of St L Ref A ext 6e *34 A
Cona Coal of M d lat A ref 68.1950 J D
8 2 % ____ 80 U July *21
Milwaukee Gas L 1st 4s____1927 rvi
Elk Horn Coal conv 0a______ 1925 J D
79
81%
72
104% Apr’ 17 ____
Newark Con Gas g 5s______ 1948 J
Illinois Steel deb 4 M b_______ 1940 A O
85 Sale
101 81
85
* Y G E L A P g 5s............... 1948 J
85
Indiana Steel 1st 5a________ 1952 IVB N
85
4 04% 69
67%
68U Sale
Purchase money g 4s_____ 1949 F
68%
Lackawanna Steel lat g 6 a ..1923 A O
8 8 % ____ 89% Au C 21 _ —_ _i 86% 90
Ed Elec 111 1st cons g 6s__ 1995 J
let cona 5s series A _______ 1950 (VS s
90 ____ 781? Mftv'20
* Y AQ El LAP lat con g 5a_ .1930 F
Lehigh C & Nav a f 4 ^ b A ..1 9 5 4 J J
Pacino G A E Co— Ca G A E— I
Midvale Steel A O conv s f 5a 1936 M s
84%
ll 827b 86%
85 Sale
Corp unifying A ref 6fl____1937IM N
85
Pleasant Val Coal lat a f 5a__1928 J J
77%
28 75% 79
78% Sale
Pacific G A E gen A ref 5a__ 1942 J
78%
Pocab Con Colliers 1st a f 5a. 1957 J J
7 8 % ____ 751.4 July’21
Pao Pow A Lt lat A ref 20 yr 6a ’ 30 F
73% 79%
Repub I A S 10-30-yr 6a a f__1940 A o
72
80 105 Jnlv’ 17 ____1
Pat A Passaic G A El 6a_____1949 M
St L Rock M t A P 6a atrapd.1955 J J
88% 92
Peop Gas A C lat cona g 6 a .. 1943 A
89%
86% july!21 ____ | 84
Tenn Coal I A R R gen 5a__ 1951 J J
733.1 7t
Refunding gold 5a............... 1947 M
73%
16 63% 75
74%
U 3 Steel Corp— \coup___ 41963 M N
7- 72% 80
79 Sale
79
Ch O L A Coke l8t gu g 6a. 1937 J
80
a f 10-60-year 6 s/reg _____ 41963 M N
71 ____ 100
Con O C o of Ch lat gu g 5e. 1936 J
Apr’ 17
Victor Fuel lat a f 5s________ 1953 J J
fnd Nat Gas A Oil 30 yr 68.1936 M M 65 ____ 89
M ar’ 17 ____ 1
Va Iron C c 1A Coke 1st g 5a_1949 M S
Mu Fuel Ga« 1st gu g 5a_.1947 M N
75 May* 19
96% 967g 90 U
38 88
Philadelphia C o conv g 5 8 .. . 1922 M N
97%
9
T e le g ra p h & T o le p l « no
1 81
Stand Gas A El conv 8 f 60___1926 J D
84
88
84%
8 !%
84%
Am Telep A Tel coll tr 4a____1929 J J
Syracuse Lighting let g 5 a ...1961 J D
7 1 % ____ 70% N ov'20 - - - - j
Convertible 4a____________ 1936 IYI S
8yracuae Light A Power 5a_.1954 J J
71 ____ 68% M ar’ 21
68% 08%
20-year conv 4 ^ 8 ......... ......1933,M S
Trenton G A El lat g 5fl____1949 tW H
73 ____ 73 June’ 21 __ _ 73
73
3(V-year temp coll tr 58____1940 J ©
Union Elen Lt A P 1st g 58..1932 M S
8 0 % ____ 79 June’2 1 ____i 78% 79
7-3Tear convertible 6 a _ _ .___1926 F A
Refunding A extension 5a. .1933 M N
73U 80
82 July'19 - - - Bell Teleph of Pa a f 7s a ____1946 A O
United Fuel Oaa let a t 6 8 ..-1 9 3 6 J J
79 U ____ 81 July ’2 1
81
81
Cent Dlst Tel 1st 30-year 5a. .1943 J H>
Utah Power A Lt let 6b......... 1944 F
8')% Sale
79%
78 76
80%
81
Commercial Cable lat g 4a__ 2397 Q J
Jttoa Elec L A P 1st g 60____ 1960,i
M
ar'yn!____
77 U 83
96
Cumb T A T 1st A gen 5 a .. . 1937 J J
Utloa Gas A Elec ref 60_____ 1957!./
73 ____ 87
Nov*19
Keystone Telephone lat 6 s .. 1935 J J
Westchester Ltd gold 6» ____1960jj
72 ____ 77 M a y ’ 21
77
77
Mich State Teleph 1st 6s____1924 F A
—
m h ce lla n e o u i
N Y Telep 1st A gen a f 4 M b. 1939 M N
4 darns Ex coll tr g 4h.............1048 M
60
61% 00
5 66% 03%
61 %
30-year deben a f 0 s. .F e b 1949 F A
tilAHfift Gold M deb 6« A ____1926 (VI
10
147g 12
Aug’ 21. ____ | 10 19%
Northwest/n Bell T lat 7a A . 1941 F A
Oonv deb fin series H......... 1926 Ml
10
19%
Pacific Tel A Tol let 5a...........1937 J J
10U 1 t
10 u Aug’ 2l
Armour A C o let real eat 4 Mu 1939 j
807*
41 75
83 1 South Bell Tel A T lat a f 5a. 1941 J J
81% Sale
82
Atlantic Fruit conv deb 7n A 1934 J
17 33
35
38
73 M West. Union col? tr our 5a____1938 J J
35
38
45 98% 101%
Atlantic Rofg deb 6148
J93I (VI
101% Sale 1100%
101%
Fund A real eat g 4 H a_____I960 ivt N
RoM.h Fffthtrfep deb n l 6»
1976 A
nO
67
P*«b*1
1 -v ” io<j j*
-1^36 _ _

♦Mo price Friday;

Fries
Fndau
August 19

92*8 95
86% Sale
7734 Sale
8134 100
8134 ------96i2 ------77*2 81
72% 73
76*4------85*4____
8 log
89*2 90*2
9 5 (8 ----------7312 7334
8234 ____
77 Sale
____ 79
761g SO
83
84
7 OI4 72
87% 88%
9414 Sale
75

83

86

92%
86
87
77%
78
93% J u ly’ i9
8134 Apr’ 21
D es’ 14
101
76 July’ 21
7334 A u g’ 21
78 July’ 21
98
Feb’ 19
81
81%
89%
89%
95%
95%
75
7378
82%
82%
76
77U
79 July'21
80
76%
83% A ug’ 21
70U
70 U
92%

88

88 U

937S
94%
93%
93%
52
Jan *21
85 July’ 21

S034
79%
80% Salo
Aug’ 21
7038 78% 70
87%
87%
8 f e 91
86%
85%
SOU Sale
99%
100 Sale
100U
105
105 Sale 104%
8 6 % ------- 86 June’21
64% F ob ’21
79
" 79" “s o u 79
Apr* 16
98
90
~8S% ~92~% 90
82 84
82
82% Sale
93%
94% Sale
94 U
103%
10212 Sale 102%
83%
85 U
S6U Sale
83
82%
82
83
88
8978 8684 A ug’21
80
80 Salo
80%
09%
90

5

/ / igh
80
7J7*
72%
76
111
82'%
100%
94%
707*
82
82
89%
84
97%
99%
88
77%
71%
93
93
89
80
82%
78
94
687*
94%
104
94%
99%
102
90%
87%

88
871*
92%
65
73
117
69
67
96%
91
70
86%

98%
1007b
97%
75
80
117
70%
76%
97
93%
70
93

. « —— 89%
____ 89%
354 57
111 96
15 101%
2 62%
____ 79
441 96
_ _ 90
__
63
27 84
22 99%
222 97%
____ 71
____ 80
68 92%
4 102
28 77%
___ 103
____ 78
5 87%
88
____ 87
5 86
33 94%
1 85
11 91%
—- —— 81

88%
92
86
102%
104%
77
79
100%
90
70%
90
102%
102%
75%
83%
99%
108
88%
108%
87%
90%
88
100
93%
100%
88%
95%
85%

63!
5
56
____
1
56
____
....
76

_„ _

86% 86%
79% 88
9478 100
7978
75
95% 102
89% 94%
6 89% 95%
1 85
95%
54] 87% 93%
53; 9238 100
346 9434 102%
95
8 90
_

4
____
46
117
______

1
10
22

86 U

95

78% 87
7478 82%
8134 8 I 84
76

82

0234 7478
33

2

8
13

1
42

72

78

76

82%
92
95%
78
83
79
80

86
91
70 U
83
73
79
76%

80%
2

2
176

1

25
...

66
86 %
92%
93%
52
81

73%

03
80

114
82
61

64%
1
91
39
91
2
5

” 9
396

86 %

75
91
96%
95%

52
85
81
72
90

77% 8 6 %
94U 102
IOO84 106%
86

4

80

78

86 U
64%
81U

85
90
75
8 2 34
S784 9 4 %
96U 103%
80
85 U
8 0 U 83
83
88
7 7 % 8134

99

hid and naked, a Due Jan. ©Due April. «D ae M ay. 0 Due June. ftDueJuly. *Due Aug. oDue Oot pDue Nov fD ue Deo. jO ption aai«

99%

*•!«

BOSTON STOCK EXCHANGE— Stock Record
1S

v SALE PRICE

ay

Tuesday

FEU SHARE, NOT PER CENT,
I

Wednesday

Thursday
Aug. 18.

Sales |
/or

Friday
lug. 19.

the

Week.

81

80

80

A. ut

an’2

1a Feb
% Ma
30 July
*68

80
40

62
It.

10b

70
4U

41

10
.1 0
3
314
* 121;
13i2
12i2
1051. 1057a! 1051® 105-% IO5 I4
88
88
88
*88
♦75
79
79
76
n
.04

*13
♦1412
♦.50

16
16

1

*13
♦14%
.90

16
.90

♦13
*14%
*50

.16
.50

*15
*25

41

r
1212

1051*2
89
76
15
1

l3 8 ‘
153,
'60

40
16

62
*16%
‘ 70
42

62
19%

16
.90

6
*22*2 22*4
*19%" 20
36
36
78
*75
314 *2% 3%
12
12
*5
234
2%
*2%
834
9
8%
15% *15
16
76
76
76
70
70%
70
61i2 61
61%
119
119 119
21U
20
2112 *2 0
20
73,
734
7%
7%
7%

20
*.15
.50
*.25
*10% 11
4
*3
13% 13%
20
20
75
*75
154 155%
;
0%
* 11 % 11%
5
5%
♦22% 22%
19
19
*37
Ys
*75
3
*2
15
*5
2%
*2%
8%
8%
15% 16
76
76
71
*70
61
61
118 118
20
20
7%
7%

102U 102i2 10214 102U 102% 102%

101% 102%

♦.15
♦.25

*20
.50

16
*25
10 %
*1 0
10i2
4%
*312
*312
*13
13
13U
*1912 22
19i2
85
*75
*75
155 155
154
*_
712
* i u 2 12
♦lUs
*
5% ♦____
* 22 % 2234 * 2 2 %
1912 19i2
*18%
*36
37
*36
79
*76
*76
3
*2
*214
*10
1012 *5
3
*2%
234
8%
834
9
*15i.i 16i2
15U
*76
Tn
76
*70
70i2 70
6 II 2 61i2 *61
*118 119 *118
21

7%

11

41.1
13
20i2
85
155
9

12
512
2234
19%
37
78

*

.2 0

.40

*10%

11

*3
♦13

4%
14

20

20

*"5
153

85
155
9

*

*11%

12

21
162

*19% 20%
160 160

’m
21
6
95%

*13
*19
*5%

94%
*50
13% *13
35%
35
24
24
17
16%
20
19%
S
8
9%
9%
15
*13
17
*18%
21 *
10
*10

•Bid and asked prices.

20

20%

?%
7%
53.
o
102
1 0 1 % 1 0 1 % 101
Last Sale 7
July’ 21
Last Sale 20
A ug’ 2 1
160 160
160 160
7%
534

7%
6

1334
12% 13%
Last Sale 20 June’21
21
6
*5%
6
*5i2 6
9584 96%
95%
9434 95%
52
*50
52
*50
52
Last-Sale 13% Aug’ 21
13
35% 3534
35%
34% 35%
24
23% 23%
*23% 24
17
17
17
17
17%
20
20% 201.1
1934 2 0 %
8
8%
8
*9
9%
9%
9%
15 | Last Sale\ 15
Aug’ 19
20%; *18% 20%; *18% 20%
21
Last Sale 20 June’21
11
11
9
*10
10

.75
.60
.60
.75
*.50
*.50
.60
46
46
45'%
46
45
44
*45
.40
.50
.40
*.20
*.20
18% *17
19
19
19
*17
*17
134
2
* 119 2
2
*1%
*1%
7%
7%
8
7%
7%
7%
*7%
9%
_____
*9
9%
9%
*9
.05
.05
*.03
.05
.05
*.03
*.03
222 *220 222
220% 224
220 120
12%
12%
13%
12% 12%
12
12
9
9
9
9
*7%
*7%
31
30% 31
30% 3()34
30% 31
2%
234 *__
2%
3%
*2
*2
6%
6
6%
6
57g 6%
534
6
734
7%
*7%
734
*7%
7%
7%
*7 h
2
2
2
*1%
1%
1%
*1%
*1%
3
*2 %
*2 34
3
3
*2%
3
*2%
*1%
1%
1%
134
134
*1%
*1%
*1%
*.60
.75
.75
.75
*.60
.75
*.60
*.60
64% 64%
65
64
65
65% * 8 4 ’ 65
*80
81% *80
Sl% *80
81%
81% *S0
19
*18
19
19
19
*18
*18
*18
338
334
33S
3%
3%
*3%
35s
*3%
*1
1
1%
1
*1
1%
1%
1%
3
*2
3“
3
3
*2
*2
*2
1%
1%
1%
1%
*1%
1%
1%
1%
134
134
*1%
1%
*1%
*1%
*1%
134
*1%
1%
*1%
*1%
1%
1%
1%
3
3
*2%
*234 3
3
3
*2%
2
2
*1%
2
*1%
*1%
*1% _____
*46% 48
47% *46 v 47%
46% 47*46
*12% 1234
12% 13
*12% 13
*12% 13%
k_____
.50 ____
.50 *
.50
.50 *
50
*35
45
50
50
*35
*35
*35
85
S4
85
84
84
*82
*82
*82
434
434 434
*438 4%
41? 419
4%
9
9
9 !
9 | 8 34 S%
9
9
.50
.50
*.25
.50
.50
*.25
*.25
*.25
*1
1%
13s * __
1%
*1
1%
1%
*21% 22
*2119 22
22
*21% 22
22
*23
24
25
23
*23
25
23
*23
*34
35
34
34
34
34
34
34
*30
32
33
30
33
*31
*31
30
.95
.85
.85
.95
.So
*.85
.85
*.S0
*.50
*.50
1%
1%
*.50
1% *.50
1%
.10
*.05
.08 , * .05
.08
.10
.10 ; *.o s
*23,1
*2%
3%
*234
*2 34
3%
3%
3%
138
*1%
is8I *1%
1%|
1%
1%
1%
*1%
1% ! * 1%
1%
1%
*1%
1%
1%
*.45
.50 , *.45
.50
.42 ;
.40 .45
.42
*178
2% i *1S4 2%
1341
1% 1%
134
4 1 *3%
*3%
4 f *3%
4 | 3%
3%
*1%
1%
1 % 1%
1%
1%
1%
1% 1
*1%
138
1%
1%
1%
*1%
*1%
13S
*45
.60
•50
.45
.50
*.50
.45
.50
*10% 12 | *10% 12
10
10 ! * 10% 11%
*.25
*.35 .50
.35
*25
.35 1 .35
•3ft
*.50
*45
*.20
*17
*1 %
*7*9
*9
*.03
222
12
* 71?
30%

163.1
ig'21
60

.04
10
*04
.10
3
3
13%
13% *12
*12
105».i 105% 105% 105%
89
89
*88
89
*76
*76
____
Last Sale .10 June’ 21
Last Sale 13
Aug’2 1
*14% 16
14% 14%
1
.75
75
*.50
Last Sale 4% M a *21
*15
.20
*.15
.20
*.25
.50
30
30
*10% 1L
* 10 %
11
Last Sale 3% July’ 20
*13
13
!3
13%
20
20
19% 20
Last Sale 75 July’21
154 154
Last Sale 8% A u g'2 1
* 11 %
11 %
11 % 11
Last Sale 5% Aug’2 1
*22i> 23
22% 22i->
19%
*19
191 20*
39
*37
39
*37
78
*76
75
7
J»4
2%
Last Sale 17 July’ 21
27
*21*
2%
234
8*4 834
8%
8%
15% 151
76
76
76t
76
71
70
71
*70
61
61
61
61%
*118 119
118% 118%

*7

____
21
*20
21
*2 0
*20%
*162 164 *162 165
160
*
80
50
50
*79%
13%
*13
13% 13% *13
*19
20
*19
*1912 21
*5i 2 6
6
6
*5%
96% 97
9634 95
96
*50
51%
51
51
*50
*13
13?8 *13
1378 *13
35
35i 2 35
3oi*>
35%
24
24
2312 23M *23%
17
17
17
16%
20
20
0 1 19%
19% 217
9
*8
S
8
8
*9
912
*9
9i2
'9
15
*13
15 *
*13
17 *_ _
17
17
21 * __
21 *
10% *16
*10
10%
10

161

19%
161
♦16% 191
Last Sal 70 July'21
42
42
42
53
53
2

42
53

.10
* .04
3
3
* 11 % 13
105% 105%
89
88
*76
*13
*14%
.90

17

.75
.75
*.50
4U-> 43
43%
Sale .40 A u g’2 1
18
*17
18
2
*11*
1%
*734 8%
7%
8
Last Sale 9% Allg’2 1
Last Sale .05 July’21
224 224
222 225
13
137s
13% 13%
Last Sale 75s A ug’ 2 1
31
31
30% 31
Last Sale 234 July’21
6
6
6
6
7%
7%
7%
7%
2
*1%
1%
Last Sale 2% A ug’ 2 1
Last Sale 1% A u g’2 1
Last Sale .75 July’21
66
65
*66% 6634
83
S0% 82
*82
Last Sale 17 A ug’2 1
3%
*3%
334
*3%
1
*1
1 Me
1%
Last Sale 21*2 July’21
134
*138
*138
134
Last Sale 1I 1 Anor-91
1%
13s
*1%
1%,
*2%
3
27S 2%
Last Sale 1% A ug’ 21
*47
48
46
4719
1234 13
*12% 13%
Last Sale .50 Apr’21
Last Sale 40 July’21
84
*S2
*S0% 84
4%
4%
434
4%
9
8%
8%
8%
* .25
.50
.15
.15
*
1
1
1%
*21% 22
21% 21h>
25
*23
*22% 24
34
*33% 3434
34
31
31
*31
35
.80
.SO
.80
.80
Last Sale 1
Aug’ 2 1
.10
.07
*.08
.07
Last Sale 2% Aug’2 1
*1%
13S *1%
138
1%
li,i
1%
1%
.34
.35
.34
.35
2
21.1
2%
1%
4
*3i*>
4
*3%
*1%
1%
1% l af»
*1%
134
*1%
1%
.60
*.50
.60
*.50
*10% 11% *1034 12
*35
.50 * 3 5
.50
*.50
43%
Last
18
1%

4 Ex-dividend and rights,

a Assessment paid.

Do
p r e ! ................................. 100
1 B osto n A P rov id en ce______ 100
B o sto n S u b u rb an K lfec_.no par
Do
pref _ _ __________ no par
Boat A W o r e E lec pref no par
O hio Juno R y A U S Y _____100
30
Do
p r e f __________________ 100
M a in e C e n tr a l_______________ 100
180 N Y N H A H a rtfo rd ______ 100
N o rth ern N e w H a m p sh ire . 100
N orw ich A W orcester p r e f. 100
1 1 O ld C o lo n y __________________ 100
| R u tla n d p re f________________ 100
V e rm o n t A M a ss a c h u s e tts . 100
121 W e st E n d S tre e t______________6 0
13
Do
p r e f ___________________ 6 0
M is c e lla n e o u s
10 A m Oil E n gin e erin g _________ 10
465 A iner P n eu m a ilo S erv ic e___ 26
10
Do
p r e f -----------------------------60
,169 A iner T e le p A T e le g _______ 100
4' A m oakeag M f g ___________ no par
10
Do
p re f_______________ no par
A n g lo -A m C o m m l O o r p .n o par
A r t M e ta l C on stru e In o _____10
25 A tla s T a c k C orp o ration no par
70 B eacon C h o c o la te ____________ 10
B lg h ea rt Prod A R e fg _______ 10
200 Bost on M e x P et Trusteed no par
2 0 C e n tu ry Steel of Ainer I n o . _ 1 0
40 C o n n o r (J oh n T ) _____________ 10
E a st B osto n L a n d ..................... 10
” 73 E astern M a n u fa c tu r in g ........... 6
525 E astern S S Lines In o _______ 26
Do
p r e f ______ ___________ 100
70 E d ison E lectric Iliu m ______ 100
E ld er C o rp o ra tio n ______ no par
"20 G trdner M o t o r _________ no par
G o rto n -P e w F ish eries.............. 6 0
” 15 Greenfield T a p A D ie _______ 26
385 Intei n at C e m e n t C o r p .n o par
15 Intoi iat C o tto n M i lls ______ 60
13
Do
p r e f ______ ___________ 100
10 In tern a t P ro d u c ts______ no par
Do
p r e f __________________ 100
60 Island Oil A T r a n s C o r n ___ 10
335 L ib b y , M o N e tll A L ib b y — 10
54 l.o e w ’s T h e a tr e s _____________ 2 5
67 M c E lw a ln (W H ) 1st p re f. 100
102 M a ssa c h u se tts G a s C o s — 100
209
Do
p r e f __________________ 100
42 M erg en th a ler L in o ty p e ___ 100
235 M e x ic a n In v e stm e n t I n o ___ 10
1,727 N a tio n a l L e a th e r ____________10
535 N e w E n gla n d o i l C o r p ’ n _____
217 N e w E n g la n d T e l e p h o n e - - 100
O hio B o d y A B lo w e r___ no par
O rp b eu m C ircu it I n o _________ 1
90 P acific M i ll s ................................... 15 P la n t (T h o s G ) pref_______ 100
S9 R eece B u tto n H o le -----------------10
R o o t A V D e r v o o r t C l A no par
50 S im m s M a g n e t o _______________ 6
387 S w ift A C o .............................100
10 T o r r ln g to n ------------------------------- 2 5
U n io n T w ist D r ill_____________ 6
~ 63l U n ite d Sh oe M a c h C o r p ._ 2 5
56
Do
p r e f ___________________ 26
1,056 V en u tra C on so l O il F ie ld s— 6
1,109 W a ld o r f S y ste m In o ---------------10
152 W a lth a m W a t c h ____________ 100
30 W a lw o rth M a n u f a c t u r i n g ..2 0
W a rre n B r o s __________________ 6 0
15
Do
1st pref----------------------- 50
Do
2d pref________________ 5 0
150 W lc k w lre Spencer S teel--------6
M in in g
385 A d v e n tu r e C on solidated .25
.25
625 A h m e e k ________________________26
A lg o m a b M in in g ---------------------.25
26
25 A llo u e z _________________________-25
25
'2 5 A rca d ia n C o n so lid a te d -------_25
25
- .55
225 A rizon a C o m m e rc ia l-------------.10
B in g h a m M i n e s --------------------10
. __ B u tte -B a la k la v a C opper -10
40 C a lu m e t A H e c la ------------ .2 5
7,739 C arson H ill G o ld -------------- . 1
C e n te n n ia l---------------------------------25
25
-255
314 C op p er R a n g e C o -------------------2
D a l y - W e s t --------------------------------.20
20
.10
1,150 D a v i s -D a ly C o p p e r ---------------10
10
110 E a s t B u tte C o p p e r M i n -------.10
25
100 F r a n k lin ______ _________________.25
25
____ H a n c o c k C o n so lid a te d --------.25
.25
H e lv e t ia ________________________
25
-25
In d ia n a M in in g ------------_ 1
1.062 Isla n d C reek C o a l--------__1
Do
p r e f -------------------15
-25
Isle R o y a le C o p p e r -----------------25
- - 66
62 K e rr L a k e ______________________
-25
380 K ew een aw C o p p e r -----------------25
L a k e C o p p e r C o ---------------------.25
25
_25
3,135 L a Salle C o p p e r ........................25
__5
M a s o n V a lley M i n e -----------------5
25
50 M ass C o n s o l----------------------------25
.25
35 M a y flo w e r -O ld C o lo n y
25
___ M i c h i g a n ----------------------------------_25
.255
115 M o h a w k ________________________2
. 5
180 N e w C orn elia C o p p e rN e w Id rla Q u ick silver........... 5 5
.100
N e w R lv r C o m p a n y ............100
100
1
Do
p r e f -----------------450 N1 pissing M i n e s . ......................... 55
.-15
5
790 N o r t h B u t t e . ...............................!
..2 5
100 N o r th L a k e ------------------------------25
..2 55
55 OJibway M in in g ---------------------2
..2 5
60 O ld D o m in io n C o -------------------25
..2255
6 O sc e o la _________________________
..2 5
S3 Q u i n c y _________________________
3 St M a r y ’s M in e ra l L a n d ..2 5
10
230 S h a n n o n ------------------------------------ 19
-.2 5
S o u th L a k e ------------------------------25
ft
400 Sou th U ta h M A S —
__25
25
__ S u p e rio r................
.. 1 0
0
200 Superior A B o s to n C o p p e r-.1
400 T r in ity C o p p e r C o r p n ..
3,210 T u o lu m n e C o p p e r ---------------------55
545 U t a h -A p e x M in in g .......................5ft
.. 1
20 U ta h C o n s o lid a t e d ......................1
- - 11
1,530 U ta h M e t a l A T u n n e l..................
..2 65
10 V i c t o r i a ________________________2
2ft
218 W i n o n a -------------------------_2fi
26
1 W o l v e r i n e _____________________
245 W y a n d o t t e ------------— ---------- 2 6

» Ex-rights,

Btanyt for Pretiou*
Year 1 9 2 0 .

Hiyhesi

I

Lowest.

Hiyhest.

H d llr o a J i

167 j B o s to n A A lb a n y ___________ 100
98 B od to a E le v a te d ____________ 1 0 0
Do
p r e f ................................. 100
m
B o s to n A M a in e ....................... 100
20

113

sine* Jan \

Lowest.

Shares

66

i t unye

STO CKS
BOSTON STO C K
EXC H AN G E

t

Ex-dlvldend.

1 19

A p r 16

61% Jan 11
Jan
78
15% Ju n e
20 Ju n e
110 J une
.2 6 Jan
76 Jan
3% Jan
130
F eb
63% June
36% M a r
13 % June
60 A pr
52 A u g
58 M a r
15 A p r
70 M a y
Jan
40
49
Jan

7
20
22
22
29
29
10
26
16
19
18
11
16
31
23
24
3
8

12 9 % F eb
6 6 % M ay
86 M ay
2 5 84 F e b
30
Jan
133
Jan
.2 6 Jan
99J a n
3%
F eb
130
Feb
73
Feb
4 3 % Feb
2 3 % Jan
Feb
76
76
Jan
Jan
76
21
Jan
76
F eb
43% M a r
Aug

.04 A ug 5
o
Jan 21
8% Jan 3
9 6 % Jan 3
Jan 3
74
F eb 24
73
.07 Jan 6
Jan 21
12
14% A ug 9
.50J u n e 24
4 % M a r 18
.1 5 J u ly 25
.2 5 M a r 9
9*2 Ju ly 27
3% M ay 4
13 A u g 15
Jan 10
16
Jan 17
70
Jan 3
1 52
8 Ju n e 23
11% A u g 19
5% M ar 8
2 2 % July 28
• 19 July 6
3 6 Ju n e 20
75
A u g 19
2% A u g 18
17 July
2% June 3 0
7 % June 21
o il
Jan 3
7 3 June 15
70
A u g 12
5 9 % Jan 6
H 7% June 9
15
M ar 8
6 % June 2 8
5
A u g 19
9 5 % Jan 3
7 J u ly 2 6
19% A u g 9
146
Jan 3
80
M ar 8
1 2 % A p r 14
17
Jan 29
5*2 J u ly 1 1
8 8 % J u ly 11
4 7 June 16
12 J u ly 12
z 3 3 % J u n e 14
22% A p r 1
16% J u ly 16
16% Jan 5

8 Aug 11
9% Aug 4
11

A p r 13

17

Aug 12

18
8

July 12

Apr

6

.40 M ar 29
41% Aug 19
.15 July 5
16 Apr 5
1% A ug 9
6% Jan 3
S M ar 8
.03 Jan 6
210 Apr 5
11% July 29
7 Jan 4
27
Jan 3
2%M ay 3
5% M ar 28
7% Aug 12
138 Apr 2
134 M ar 30
1 June 20
•25 M ar 18
48
Jan 3
75 Jan 0
16% Jan 3
238 M ar 14
1 Aug 16
2 Jan 4
1% Jan 25
1% Jan 22
.55 Apr 9
2% Aug 11
111 Aug 4
43% Jan 3
12% M ar 31
.50 A pr 25
40 Feb 4
80
Jan 4
4 July 14
8 M ar 23
.15 Aug 11
1 Aug IS
153s Jan 3
21 Aug 10
34 Aug 15
28
Jan 3
.75 Jan 3
1 J an 22
.04 M ar 4
2% Aug 10
1 June 23
1 % July S
.34 Aug 19
is4 Aug 16
3
Jan 3
.95 Jan -J
,40M ay 4
.35 Jan f
8 % July
.25 June 2‘i

26
10

24
8

4
21
29
28
16
26
4
8
12
23
27
1G
12
9
3
9

3
J an 5
4% A p r 3 0
15% M ay 2
109 M a r 30
90 M a y 7
81 % J u ly 9
16 F eb 9
l3 % M a r 8
20
A p r 29
4
Jan 8
6% Jan 3
95 Jan 10
1% Jan 10
13% Jan 10
4 % F e b 11
23
Jan 8
23% M ay 7
75
A p r 16
164
Jan 26
17
Jan 8
2 3 % A p r 12
8
Jan 3
3 5 % Jan 17
2 5 % A p r 18
41% F eb 7
8 6 M a r 28
13
Jan 8
32
Jan 7
4% M a r 18
IS
Jan 11
18 Ju n e 7
9 2 % F eb 23
85
Jan 8
64 M a y 9
122
Jan 26
3 5 % A p r 25
9% Jan 13
6
A u g 18
105 M a y 9
1 0 % Jan 7
3 0 % A p r 29
16 7 % F e b 18
87
F e b 17
14
Jan 10
2 4 M a r 23
9% M ay 2
10534 J a n 12
61
F e b 15
22
Jan 10
3 9 % JaD 4
25
Jan 14
19 M a r 1
22 M a y 18
Jan 5
17
17
F e b 18
2 2 % A pi 28
2 9 % A p r 18
30
Jan 11
18% Jan 11

119
60
74%
13%
26
124
100
76o
3
130
66%
32
16%
76
77
60
15
70
36
48
80

1
6
80
70
70
lo
10

14
3%
6
60o

49o
12
3*8
21
16%
62

140
16%

Feb
M ay
D eo
D eo
D eo
Jan
D eo

Deo
Nov
Jan
D eo
D ec
D eo
D eo
July
D ec

Jan
June

27% Ool

D eo
July

46*4
66%

Jan
Jan

D eo
Feb
Feb

7%
3%
13%
100*4
167
83
19
38
36%

M ar
Nov
Nov
Sept
Apr
Jan
Jan
Apr
Apr
Apr
Aor
Jan
Jan
Sept
M ar
Jan
M ay
Apr
Nov
Jan

Apr
Nov
Nov

Deo
Nov
D eo
D eo
D eo
N cv
D eo
Nov
D eo
D eo
D ec
Aug
M ay
D eo

~ 8 ’ D ec
32*4 D eo
Apr
16
D ec
40
D ec
80
6% D eo
D ec
24
D ec
4
10% N o v
f?9% A pr
89% D e c
68*4 F e b
57 June
Nov
118
D eo
16
7% D ec
82%
9
23*4
166%
86

13
17%
6

97%
50
21
32 %
2278

12%
15
14 %
14
19%
27

26
16

134
Nov
O ol
68
89% N o v
Bept
40
49
Got
143 M a r
Oot
2 60
M ar
7
M ar
11
Jan
132
Jan
86
Sept
75
37% S e p t
Jan
86
J u ly
89
Apr
86

M ay
D eo
D ec
D ec
D ec
Nov
Dec
Nov
Nov
Dec
Nov
Dec
Sept
Feb
Dec
Dec
D ec
Dec
D ec

Dec
Deo

89*4 N o v

10
12%
3*8

7
14*4
6%
36%

28%
88

164
36%

Ye” June
M ay
60
29% Ool

74% JaD
Jan
96
Jan
46
80 % F e b
8 % Apr
31% A p r
012% S e p l
101% J a n
Nov
86
63*4 N o v
138% J a n
JaD
63
J u ly
12
Nov
36% Jan
34% M a r
176% J a n
Jan
99
Ja D
16
Jan
66
2 5 % Apr
JaD
133
Max
76
Apr
28
Jan
49
Feb
26
Mar
19
2 3 % Apr
44 % Jan
Feb
26
3 9 % June
Jan
33
Jan
36
Sepl
32

101

1*4 Feb
75 M ar 3
40c: Aug
Jan
77
56
Jan 19
40% Dec
.50 Apr 7
20o Dec
% Jan
Jan
42
Dec
23% Feb 11
15
Aug,
4% Apr
334 Jan 7
2
1534 Jar
5% Dec
10 Apr 28
6% Mar
10% Apr
10%May 13
40o Jan
2o Oct
.OSMay 25
Jan
Dee 409
259
Jan 4 200
40% Jan
10% Nov
10% Jan 17
16% Jan
6% Dec
10 Jan 28
48% Jan
Dec
25
36-%May 3
4% Mar
4% Jan 18
3% Dec
14% Jan
4% Dec
7% Jan 6
Jan
16
7% Dec
10% Jan S
6% Apr
50o Aug
3% Jan 6
6% Mar
Dec
2
3% Jan 6
jan
4
1 Aug
2% Jan 7
25c N ov
.95 M ay 27
*4 Jan
Feb
60 Sept
6S34June 16
39
82 June
82 Aug 2
75 Nov
Jan
38
15
Dec
22 M a y 11
6 Mar
3%M ay 16
2% Dec
134 Apr 12
2% Jar
1% Deo
4% Apr
3% Feb 16
1% Dec
3% Jan
2% Feb 11
1% Dec
Jan
3
90c Deo
134 Feb 25
5% Jan
3% Jan S
1*4 Dec
5% Jan S
3% Dec
11*4 Jan
3%M a y 5
7% JaD
1*4 Deo
72 Mar
40% Deo
55 M a y 5
Jan
24
16% Apr 25
12% Nov
7% Jan
.95 Jan 7
35o Dec
Oct
48
57 M a y 10
21 Mar
Feb
95 Sept
79
95 M ar 7
12% Jan
7 D ec
S% J a n 20
12% Feb 21
8 Deo. 21% Apr
8O0 Jan
.60 Jan 7
% Oct
1% Jan 6
1 Dec
2% Jan
37% Jan
Dec
25% July 1 1
15
Jan
5S
33 M ay 14
20% Dec
Jan
05
34% Dec
43 M ay 3
Jan
58
40 Apr 26
25*4 Dec
Jan
2
50c Dec
1 'A* Jan 28
2% Apr
10c Mar
2 Jan IS
25c Jan
3o Dec
.12 Jan 8
Jan
6
2% Dec
-1% Feb 11
1 Dec | 6% Jan
2% Feb 17
4 Feb 15
.75 Jan 17 , | S3o Dec !
1% Jan
Oct
4
3 Jan 5
i s . Au*i[|
5 Jan 12 1 43% D<h>|
9*4 Feb
8% J an
2
Jan 31
2o Nosf\
Dcs'
8% Jan
2% Feb 17
l
Jan
2
.80 Mar 4 1 25o Sep Hi
Jav
Dev1 28
14 Feb *21
8
C
D| Ma15o
48 Jan 13

» Par value $10 per share-

A IJG.

20 1921.]

THE

Outside Stock Exchanges
Boston Bond Record. — Transacjtions in bonds i t B o s t o n
Stock Exchange Aug. 13 to Aug. 19, both inclusive:
Sales
Frida,1/
far
Last Week's Range
Week.
o f Prices.
Sale
High. Shares.
P rice. Low.

B on ds—
U S Lib Loan 3 Hi a 1932 4,1
1st, Lib Loan -Is 1932 47
2d Lib Loan 4s 1927 42
1st Lib L’ n 4 kjH 1932 17
2d Lib Loan 4 '.,s 1927 42
3d Lib Loan 4 '.is
1928
4th Lib L'n 4 1.j s 1933 38
V ictory 4 1j s
1922-23
Am Agrte Chom 7 4 h 1941
Am Tel Ac Tel coll Is 1929
Atl (5 Ac W I SS L 5s. 1959
Chic June & IT rt Y 5s 1940
Chic Un Station 0 4s.. 1963
General Elec deb 5 s .
1952
lv C M em & Blr 5s
1934
M ass Gas 4 4 s
1929
I'..:,
193.1
M iss R iver 5s.
1951
N E Telephone 5s.
1932
Swift & G o 1st 5s
1944
W estern T el Ac T el 5s 1932
W est U nion Tel 6 4 s 1936

4S

68
77 U
84
—

88.34
86.6-4
87.44
87.64
87.44
91.64
87.64
98.44
974
80
48
78
1054
86 4
68
85
80
774
84
83 4
82
99 4

88.44
86.61
87.44
87.64
87.88
92.12
88.10
98.76
9 7 's
80
49
78
1054
S6 4
68
85
80
774
84
84
82 4
99 4

$900
50
100
1.550
10,700
10.750
18,600
37,800
3,000
1,000
12,000
2,000
3,000
5,000
8,000
1,000
2,000
9,000
3,000
21,500
5,000
3,000

Range since. Jan. 1
L ow .
86.84.)u no
85.64 M ay
85.44 M ar
85.02 Jan
85.54 Jan
88.10 Jan
85.34 Jan
95.78 Jan
9 7 4 Aug
7 5 4 Jan
4 5 4 Aug
74
A pr
105 4 Aug
8 6 1| Aug
67
Fob
79
Jan
75
M ar
7 4 4 Jan
7 9 4 Jan
80 4
Jan
78
July
99 k. Aug

High.
92.90 Jan
87 7 Mu.in
87.64 Jan
88.04 June
HS.72 Jan
92.16 Aug
88,54 Jail
98.80 Aug
97 X Aug
80 4 A ug
62
Jan
82
Jan
105 4 Aug
8 6 4 Aug
81.
M ar
87
M ar
80
Apr
78 4 M a y
86
M ay
87 4
Apr
84
July
9 9 4 Aug

Chicago Stock Exchange. — Record of transactions at
Chicago Stock Exchange Aug. 13 to Aug. 19, both inclusive,
compiled from official sales lists:

S to c k s —

Friday
Sales
for
Last Week's Range
W eek.
Sale.
o f Prices.
Par. Price. Low.
High. Shares.

Am erican Shipbuilding. 100
60
60
A rm our & C o, p r o f-100 _____
904
Armour Leather. _. _____ 15
12 4
(*)
12
Beaver B o a r d .____
B ooth Fisheries, p r e f__ 100
25
9
Briscoe, co m m o n ______ (*) _____
Chic C ity& C on R y , p f.(* )
5
C h icago K iev R y , p ref. 100 ______
2
C hicago T itle & Trust -100
218
Com m onw ealth Edison. 100 109
1084
Continental M o t o r s ____ 10
54
54
Diam ond M atch
.100
97
H upp M o to r.
_ _
10
10 4
Illinois B rick ___
_ 100
54 4
L ibb y, M cN eill <fc L ib b y .10
84
84
Lindsay Light _.
_ . 10
4
M iddle W est U til, p ref. 100
394
M itchell M otor C o _____ (*)
54
N at C arbon, pref (new) .100
100
N ational L eather. _ __ 10
74
74
19
Orpheum C ircuit, I n c ____ 1
Pick (Albert) & C o ____ (*)
22 4
22 4
Pigg W ig Stores In c “ A ” (*)
13
114
Pub Serv of N or III com 100
80
R eo M otor _
10
174
R epublic Truck ____ (*)
9
Sears-Roebuck c o m ____ 100
63
614
Shaw W W com m on ___(*)
44
Stand Gas & E l pref____50
34
Stew W ar Speed c o m ..100
224
22 4
Swift & C om pany
_10C
95 4
94 4
Swift International . 15
22 4
22 4
T em tor Prod C & F “ A ” (*)
54
Thom pson, J R , c o m ___25
59
39
Union Carbide & C arb__10
43 4
424
United Iron W orks v t c .5 0
9
W ahl C o _______________ (*)
40
40
W ard, M o n tg ’ y & C o pf 100
90
90
When issued
.
_2C
164
W estern K n ittin g M ills (*)
104
104
W rigley Jr, com m on ____25
73
734
_.1 0
Y ellow M fg C o ___
94
B onds—
Chicago C ity R y 5s___1927
64
Chic C ity & C on R y 5s 1927
33
64
Chicago R y s 5s. . . .1927
4s Series “ B ” ______ 1927
314
314
C om m onw -E dison 5s .1943
83
Hines (E d) Lum ber 1st 5s_ 1 0 0 4 1 0 0 4
M e t W Side E lev 1st 4sl938 . 4 7 4
474
M orris Ac C o 4 4 s _ _. - .1939
76
(*) N o par value, x E x-dividen d.

60
904
12 4

124

25
9
54
2
218
109
54
98
104
5 4 JN
9
4
39 4
54
101
74
194
22 4
13
8
174
9
644
44 4
34 4
24
96 4
23 4
54
39
44 4
9
404
90
174
104
73 4
94
64
33 4
64 4
32 4
83 4
1004
474
76

Ratine since Jan. 1.
Low.

50
60
437
84
198
12
114
315
50
25
2C0
9
110
5
2
175
7 200
1,804 102
44
140
170
95
30
10 V40
544
8.405
74
4
45
25
244
100
4
85 100
3,320
64
200
19
100
22 4
48
10
25
68
150
17
9
500
2,350
614
575
38
50
32
5,610
214
1,775
88 4
22
1,780
600
54
105
27 4
5,200
4C4
240 1
8
175 z36 4
85
25
725
16
295
84
180
73
50
74
$1,000
11,000
9.000
9,000
8,000
5,000
5,000
5,000

H igh.

85
Feb
Aug
Jan
94 4
Jan
July
1 5 4 Jan
M ar
42
Feb
July
35
Jan
24
M ar
Jan
Feb
8
A pr
Aug
5.
Jan
Aug
M a y 218
Jan 110
A pr
June
74
Jan
July 105
M ar
Aug
16 4 M a y
Aug
694
Jan
13
Jan
June
June
74
Jan
44
M ay
Jan
June
9 4 M ar
A pr
Aug 106
June
94
Jan
Aug
3 0 4 A pr
M ay
Aug ' 27
Aug
19 4 A pr
Jan
81
A pr
June
27 4 M ar
Aug
24
Jan
87
Feb
Aug
Feb
66
Jan
July
37 4 Feb
June
36 4 S Jan
Jan
July 105 4
Apr
3 1 4 Jan
26
Jan
Aug
46
M ay
Jan
62
Jan
June
July
15 4 M ar
June
50?/6 Feb
June
95
Feb
Feb
2 4 4 M ay
Jan
32 4
Jan
July
77 4 M a y
M ar 113 4 M a y

60
33
614
28
78 4
100
45
76

Jan
Aug
Jan
M ar
Jan
Aug
Jan
Jan

67 4
A pr
4 1 4 A pr
66 4 M a v
3 5 " A pr
88
Jan
100 4 A ug
49
Ap
77
Fe

Baltimore Stock Exchange.— Record of transactions at
Baltimore Stock Exchange, Aug. 13 to Aug. 19, both inelusive, compiled from official sales lists:
Friday
Last Week's Range
S to ck s —

Par. P rice. L ow .

Arundel C orporation ____ 50
Baltimore T u b e .____ . 100
20
BJurnberg Bros 1st pf .100
( ;elestine OH . . .
)
Cent Teresa Sugar, p ref. 10
Commercial Credit, p r e f.25
Consol G , E L & Pov/_ _ 100
Consolidation Coal
4.00
D avison Chemical __ no par
H ous Oil pref trust ctfs 100
68 4
I Benescb Ac Sons__ no par
Preferred__________
2;. ______
M t V -W ood b M ills v t r 100
Preferred v t r
_ 100
Northern C en tra l.. __ 50
Perm >yl v W a t Ac Power. 100
United R y Ac Electric .50
B on ds—
AtJan Ac Ch ,rl 1st 5s 1944
At) C E (Conn) ctfs 5s
C ity Av Suburban 1st 5s '22
97 X
r ojih o J Cas gen 4 4 s
1954
<
G , V. J
P 4 4H-J.935
0 % notes. .........
7 Y i % U <><<■.,

Sales
for
Week
H ig h . Shares.

25
20
85

25
20
85
.40
.45
3
3
25
25
8 2 4 83
844 844
31
34
68
084
28
28
234 234
10
10
46
40
65
65
84.
844
84
84
87 4
88
974
734
76
994
98 4
774
77
964
94 4
94
84 4
42 4
624
63

( -on -oJOi Coal ref 4 4 s 1934
77 4
Refunding 5s
1950
( Convertible 6s
1.923 —
( osderi Ac C o con v s f
V Ja ( ;e Tit //, f'eri ext 6s 1923
Pennsy W //. P 5s
1940
f n IteJ l i y Ac. E lin c 4s 1949
fu n d in g 5s
1936
do
sm all.
1936
6 % notes
95
7 4 % notes . ................
102
'V a so 1 m.lt A/. A nnap 5s 19411 ........ j 6 9

874
88
97 4
73 4
76
99 4
984
77 4
774
96 4
94 4
94
854
424
624
63
95
102
69 1

GO
5
20
350
150
26
58
30
111
135
2
114
50
2
3
155
101
$1,000
1,000
1,000
1,000
6,000
2,600
3,000
J2,000
16,000
7,000
28,000
1,000
10,000
9,000
1,000
500
3,000
1,000
6 ,0 0 0 '

Ramge since Jan. 1.
Low.
214

M ar
20 June
80
Jan
.33 July
2 4 Juno
22
Jan
81
Jan
79
July
23
M ar
68
Aug
23
Jan
23
Jan
10
June
40 4 June
63 4 JuL
7 7 4 Jail
8 4 Aug
874
784
94
68 4
72 4
94 4
954
74
72
96 4
904

924

80 4
42 4
604
60
914
994
67 4

837

C H R O N IC L E

High.
2 8 4 A pr
20
June
85
Aug
.95 Jan
7
Jan
25
July
92
Jan
8 8 4 Jan
4 3 4 M ay
83
Jan
29
Apr
23 4 Feb
18
Jan
6 2 4 Feb
67
Jan
88
A pr
1 2 4 Jan

87 4 Aug
Aug
88
Aug
Jan
Jan
9 7 4 Aug
76
Jan
June
June
76 4
Jan
J an
99 4 Aug
June
99
Aug
June
79 4
Jan
Jan
80
M ay
9 7 4 Jan
Jan
Jan
97 4 M a y
95
Jan
July
85 4 Aug
Jan
June
47 4
Jan
65
Fob
June
6 4 4 Feb
Jan
95
Jan
Jan
Jam 102 4 M ar
June) 71.4 M a y

Pittsburgh Stock Exchange. -Record of transactions at
Pittsburgh Stock Exchange Aug. IS to Aug. 1.9, both iadnaive
compiled from official sales lists:

S to c k s

Sates
F rid,teg
Lam Week's Range
f07
o f Prices.
W eek.
Sale,.
II l(ih Shares .
Par. Price. Low

Am Vitrified P rod , corn 50
84
84
60
A mi Wind ( Hass M aoh 100
60
0
Arkansas Nat ( Uw, corn 10
74
74
Consolidated Ice, pref
21
2J
50
G uffey ( Hllesple Oil See T ldal (> i age OH C o
11ablrslmw El ( Tal>lo(no par)
34
34
34
lla rb Walk Refrae, pref - K eo Nat r below
5J
6
50
Indep Brewing, pref
19
10 4
25
19
L 0110 Star Gas
50
47 4
47
M frs Light Ac. Iloat
47
15
15
N at Fireproofing, pref 50
13
1
12
Ohio Fuel Oil
25
12
42
43
Ohio Fuel Supply
Oklahoma Natural Gas 25
22 4 23
Peoples Sav Ac Trust C o — S ee Not e below
Pittsburgh Brew, corn . 50
14
14
55
55
100
Pittsburgh Goal, com
24c
26c
1
Plttsb Ac M t Shasta C op
118
118
Pittsburgh Plate Glass 100
11
Tidal Osage Oil
(no par)
104
11 4
112
Union Natural Gas . 1.00
no
33
33
U S Glass
100
West,’ house Air Brake.
50
854
8 5 4 87
4 l 1$ 4 3 4
W ’ house El Ac M fg, com -50
66
66
W Penn T r & W P , pref. 100
66

50
85
21,485
20

Range sin ce Jan
Low .
8 4 July
4 0 4 June
7
M ar
Jan
30 4

100

34

Aug

275
499
60
100
210
295
130

O
1/*l
'> Y
1 4
42
12
UK
40
19

Jan
.) line
June
Jan
■Inly
June
June

200
25
13,000
10
1,275
170
30
666
747
35

1 4 Aug
July
52
20c June
June
113
6 4 June
1 0 74 July
June
30
8 5 4 A ug
42
July
Jan
57 4

1.

H igh.
12
115
J9
28 4

Jan
Jan
A pr
M ay

12

Feb

8
26
53
18
19
50
304

July
Jan
Jan
M ar
Jan
M ar
Jan

M ar
4
6 3 4 M ay
Jan
36c
July
120
Feb
29 4
11,9
M ar
M ar
40
Jan
97 4
4 9 4 M ar
70
M ar

B on ds—

Pittsburgh Brew 6s, _ 1949 _____

70 4

70 4

$1,000

66 4

July

704

Aug

N ote.— Sold last, week and not reported; 10 shares Harbison W alker R efractories
pref. @> 91. and 2 shares Peoples Savings Ac T ru st C o . @> 210.

Philadelphia Stock Exchange.— R ecord o f transactions
at Philadelphia Stock Exchange, Aug. 13 to Aug. 19, both
inclusive, com piled from official sales lists:

S to ck s—

Friday
Sales
for
Last W eek's Range
Week.
Sale.
o f Prices.
Par. Price. Low.
High. Shares.

Am erican Gas
__ -.1.00
American Stores____no par
First preferred ..1 0 0
Catawissa 2d pref _ _ ...5 0
East Pennsylvania __ . . . 5 0
E lec Storage B attery. _100
.100
General Asphalt
Insurance Co o f N A_ __10
J G Brill C o _________ ..1 0 0
Lake Superior Corp_ _ ..1 0 0
...5 0
Lehigh N avigation
Lehigh V alley.
_ _ 50
Lit Brothers
...1 0
Penn Cent L & P pref ..1 0 0
Pennsylvania Salt M f g . .5 0
P en n sylvan ia_______ . . . 5 0
P h ila C o (Pitts) pref (5 % ) 50
Pref (cum ulative 6 % ) .5 0
___25
Phila Electric of Pa
...2 5
Preferred _
Phila Insul W ir e ___no par
Phila R apid T ran sit. ___50
Philadelphia Traction ___50
Reading _
...5 0
T on o-B elm on t D evel ____1
U nion Traction
...5 0
U nited Cos of N J
.1 00
United Gas Im p t.
...5 0
Preferred
--.5 0
W estm oreland Coal ___50

35
574
94
1044
274
64

214
26 4
164
53
14s
304
494
63

3 4 4 35
5 7 4 57 4
94
94
32
32
5 0 4 50 4
1024 1044
42 4 44
2 8 4 28 4
25
28
7
74
64
63
52
50 4
234 234
43
43
67
67
37
374
26
26
3 1 4 32
2 1 4 22 4
26 4 26 4
50 4
50 4
1 6 4 16Ji
53
53
67
67
1 4 1 7-16
30
30 4
170
170
34
33
49 4 4 9 4
6 1 4 63

37
711
20
2
15
666
1.225
5
125
605
54
300
400
2
37
1,672
23
360
1,328
1,189
114
65
165

100

2,180
121
2
418
75
16

Range since Jan. 1 .
Low.
27
44
87
32
504
92
42 4
274
25
64
62
47
234
40
644
32 4
26
31
21 254
50
154
51
624
1
294
163
30
494
60

High.

June
35
Jan
60
Jan
944
Aug
32
Aug
50 4
Jan 119
Aug
70
July
294
Aug
56
June
10
71
July
June
564
Aug
254
44
Jan
Jan
744
A pr
42
Jan
28
34
June
A pr
224
A pr
28 4
June
52 4
Jan
194
M ar
57
June
88
June 1 11-16
Jan
33
July 170
Jan
38
50
Jan
June
80

Aug
M ay
Aug
Aug
Aug
A pr
Jan
Jan
Jan
Jan
F eb
Jan
June
M ay
M ar
Jan
June
Jan
F eb
F eb
Jan
M ay
M ay
Jan
Jan
M ay
Feb
M ay
M ay
Feb

B on d s—

U S Lib Loan 3 4 s _ 1932-47
1st Lib Loan 4 4 s - ’ 32-,47
2d Lib Loan 4 4 s _ ’ 27-’42
3d Lib Loan 4 4 s . _ .1928
4th Lib Loan 4 4 s . ’ 33-38
V ictory 4 4 s ____ 1922-23
A m Gas & El 5s small .2007
Bell Teleph of Pa 7s . .1945
E lec & Peoples tr ctfs 4s_ ’45
56
Gen Asphalt conv 8s _ .1930
K eystone Tel 1st 5s_ _ .1935
66
Lehigh Valley coll 6s - .1928 _____
A nnuity fis
Pennsylvania R R 6 4 s 1936
10-year 7s
.1930 _____
Pa & M d Steel cons 6s .1925
Peoples Pass tr ctfs 4s .1943
56
Phila Co cons & coll tr 5s ’ 51
774
Phila E lectric 1st 5 s_ _ .1966
884
Small _
1966
U nited R ys Invest 5s .1926
W elsbach Co 5s
.1930

88.68
87.90
87.58
91.74
87.72
98.58
714
104-4
554
99
654
98 4
108
994
1034
95
56
77
87 4
884
66 4
964

88.68
88.04
87.84
91.90
88.00
98.74
714
105
56
99
66
98 4
108
994
1034
95
56
77 4
88 4
884
66 4
964

87,000
86.87 July
86.47 M ar
4,600
20,200
84.40 Jan
11,600
88.20 Jan
63,950
85.60 Jan
13,650
94.50 Jan
M ar
68
200
Jan
10,000 101
9,200 . 53
Jan
2,000
98 4 June
Jan
13,000
59
10,000
June
96
3 ,0 0 ) 106
July
13,000
9 4 4 A pr
1,000 1 0 0 4 A pr
Jan
1,000
92 4
Aug
3,000
56
77
Aug
10,000
Jan
32,500
82
Jan
500
81
1,000
6 5 4 Aug
Jan
1,000
914

92.44 Jan
88.04 Aug
88.30 Jan
92.00 July
88.5 g Jan
98.94 Aug
A pr
74
1 0 5 4 Aug
56 4 A pr
M ay
102
66 4 M a y
99 4 A ug
Jan
109
1 0 3 4 Feb
Jan
105
Aug
95
Aug
59
8 2 4 M ay
8 8 4 Aug
8 8 4 Aug
Jan
70
9 7 4 June

New York Curb Market.— Below is a record of the
transactions in the N ew Y ork Curb M arket from Aug. 13 to
Aug. 19, both inclusive, as com piled for the official lists. As
noted in our issue of July 2, the New Y ork Curb M arket
Association on June 27 transferred its activities from the
Broad Street curb to its new building on T rinity Place, and
the Association is now issuing an official sheet which forms
the basis of the com pilations below :
Stales
1 Friday
for
| Last W eek's Range
VVWK •
o f P rices.
j Sale.
High. Shares.
Par. j Price. Low.

W eek ending A u g . 19.
S to c k s —■

in d u s tr ia l & M lscelL * ]
Acm e C oal______________. 1 ! 92
A cm e P a c k i n g _________10
96c
Allied Packers .( n o par)
34
Amalgam Leather, c o m . ( t ) 1
A m er Hawaiian SS
. 1 0 ____
Am Light & T rac, com .100
94
A mer W riting Pap corn _ 100
A rm our Leather c o m ____15
12
Benford A u to Products
5
___
Bethlehem M o to rs______ ( f )Brlt-Am T o b ord bear___£ 1 1 11 4
114
O r d in a r y .._____ ____ £ ll
B uddy Buds, In c_(n o par)
25c
Car Lighting & P o w __ 25
99c
Carlisle T ire .
1...........
Celluloid C o preferred 100 103
Chalmers M otors c tfs .
1 14
Charcoal Iron o f A m er 10
C hic Ac jo Ills, now c o m . 100
New preferred
1001

1
85c
88c
24
24
34
12
114
214 214
94
94
34
34
1 1 4 12
25c
25c
60c
50c
1 1 4 11 4
11
114
25c
25c
1
99c
44
44
1 0 1 4 103
14
14
1
1
14
14 4
30
29 4

2,850
5,054
600
200
15
20
100
4 (f()
100
1,300
1,900
2,600
100
5,100
3,200
218
100
100
600
200

Range since Jan. 1.
Low.
4
88c
24
7
21
78
34
9
25c
50c
114
114
25c
75c
24
984
4
1
12 4
28 4

H ig h .

A pr
M ar
2
Aug
5 4 Feb
Jan
Aug
10
A pr
1 6 4 M ay
Jan
July
32 4
A ug
July
94
Jan
July
64
M ar
Feb
13
June
Aug
1
Aug
2 4 A pr
Aug
14
Jan
M ar
1 3 4 Feb
Aug
98c June
July
3 4 Feb
July
July
6
June 1 0 3 4 M a y
2
Jan
Jan
Aug
Jan
24
Juno
1 4 4 M ay
32 >4 M ar
June

838
S to c k * (C'(rncludtcC )

THE
Friday
M en
Last W eek‘ s
1 for
Sale.
o f Pri cex.
Week.
Par. P rice. L o w .
High Shares.

114
Oliled Service corn__ _ L001
P r e fe r r e d .............
1001
I'Hleb Serv Bankers’ sh .(t)|
li
l Tevelaml A utom obile ( t) |
('oiom b h iu Emerald Synd
C ’ mu wealth 1*induce e o w (t)
PL
Preferred
- . 100
72
Continental M otors
10|
tl S'2
lm vles <vv illhtm) u u i no pun I
pur&ut M otors .
( qo pan
34 H
Emerson Phonograph
5
•I11 * )oq Products (t )
25 Y\
Farrell ( vVm) <fctsun.com. (t)
OH
Federal T el «& i'ul __ .5 Gillette Safety Razor (t)
Glen A Men C oal. , (no par)
.i
G oidw yn Pictures (no p a r ).
3 ,4
G ood yea r T tfc Ft, coni - 100
Preferred.
100
Grant M o to r C a r_______ 10
G riffith (D W) In o ____ ( f)
74
Heydtm Chem
(no par)
H olbrook (H F) Inc (no par)
i s
im p T o b of G B & ire _ £1
8%
Intercontinental R u b b lO O
d4
L ibb y M cN eil A L ibby . 10
M cC lures M agazine (no par)
4
M en gel C om p a n y .
100
M etrop 5 to 50c Stores com
100
Preferred__ . .
M orris ( Philip) C o , Ltd 10
M otor Products (no par)
National Leather com
10
7 1i
N at M o t Car A V ehicle, (t )
N or A m er Pulp A Paper (t )
m
Packard M otor Car pref 100
63c
Parsons A u to A ssn_______
20
Peerless T ru ck A M o t o r .50
Perfection T ire A R u b b .1 0
P iggly-W iggly Stores___(t)
Radi- C orp of A m er____ (t)
1H
Preferred_____ _________ 5
1H
R epu blic R y A L co m . 100
R epublic R u bber . (no pan
j ic
Southern i Joal a: i r o n . _. 5
2H
Stand C om 'l T o b C l B .( D
Preferred___
.
.100
Standard M o to r C on str. 10
Sweets C o of A m e rica ._ 10
24
Swift In tern a tion a l-. . . 1 5
T o b a c co Prod E x p _____ (t)
44
T o d d Shipyards C orp __(t)
62
U n . C arbldeA Garb (nopar) - - - - - U nited Light A R ye com 100 ______
U nited Profit S h a rin g ..2 5 c
14
Un R etail Stores C andy ( t )
54
U S D istributing com _ 50
22 4
U S Light A H eat c o m ..1 0 1 3-16
Preferred . _______
.1 0 1 13 16
18;
U S Ship C o r p ___. _ .1 0
30c
U S Steam ship________ .1 0
W ayne C o a l.................. .. 5
14
80.;
W est End C h em ical_____ l
W estern K nitting
W llly a C orp , com .( n o par)
First preferred
100
R ig h t s
R eading C om pany
F o rm e r S ta n d a r d O il
S u b s id ia r ie s
A nglo-A m er O i l . . ....... _ _ £ l
154
B uckeye PlDe L in e_____ 50 ______
Galena-Signal Oil c o m . 100
Illinois Pipe Lin e.
100
N ational T ran sit____ 12.50
O hio Oil _ ................ .2 5
P en n -M ex F u el.._______ 25 ______
Prairie Oil & Gas
100 430
Southern Pipe L in e. __100
South Penn O il_____
_ 100
Standard Oil (I n d )_____ 25
69
Standard Oil o f N Y ___100
O th e r O il S to c k s
Allen O il___________________
A llied O i l . .
1
N e w ___________ _ _ _ io
A m erican Fuel Oil ______
A n glo T exas O il. _________
Arkansas N at G as. c o m . 10
_____ ______5
B oon e O il.
B oston -W yom in g O il____ 1
C arib S yn d icate. _______
Cosden A C o old c o m ____ 5
Creole Syndicate
Cushing P etrol C orp ___5
D en n y Oil _ _ .
D om in ion Oil _ ________10
E dm onds Oil A R efin in g___
E lk Basin P etrol _ _ __5
E m pire K y O il_____ ____
Engineers P etrol C o _____ 1
E rtei O i l..
_ _ ________ 5
Federal O i l . . __
___5
Fensland Oil _ _ _ (no par)
Gilliland O il, c o m . _____ (t)
Glenrock O il__________ .1 0
Great W estern Petrol of Col
Grenada Oil C orp Cl A 10
G uffey-G illespie O il___ ( t )
H art Oil C orp class A _ _
1
H arvey Crude O il_____
H udson O i l ______________1
Im perial Oil (D el)
- .2 5
Im perial Oil (Canada) _ _
In tern al P etrol___(no par)
K ey st R anger D e v C o ____ 1
Lance Creek R oya lties___1
Livingston Oil C o rp _____ 1
Livingston Petroleum ____ t
T.yons Petrolftiim
M agn a Oil A R efin in g____ 1
M a ra ca ibo Oil E x p l____ (t>
M eridian P etrol________
M erritt Oil C o rp ______ 10
M exican Eagle Oil
_ .5
M e x ico Oil C o rp ________10
M ou n tain P rod ____________
N ational Oil of N J pref 10
N oble Oil A G a s__________ 1

26c
17c
74
69c
34
7
13c
12c
54
28c
______
1 3-16
14
85c
See T i
15c

74

104

194
12c
« -60c
18c
c

N orth A m erican O il______ 5
N orthw est O il____________
18c
O hio R an ger______________1
Omar Oil A G a s ________10 1 9-16
Pennock O il____________ 10
4
Producers A Refiners _10
34
Preferred________________

Friday
Range since Jan
L ow .

|

15 %

15
80 1,

15 4
S3
33
150
152
26
26
245
250
20
20
430
430
80
78
ISO
178
674 704
315
318
25c
30c
4c
6c
28c
38c
17c
17c
80c
S2c
74
9 18
17c
20c
65c
69c
34
44
5
7
2
1U
3c **
10c
12c
7 i%
71%
1 3-1 ft 1 3%
54
64
27c
28c
39c
40c
ISc
1 3-16 1 4
74
1
14
70c
81c
3c
4c
2 5%
Q7%
dal Osage Oil
9
14
4c
4c
16c
13c
7 34
7 3%
84
S4
1 0 4 11
50c
50c
3c
2c
30c
25c
14
14
90c 1 1-lfi
14
14
184 204
11c
12c
74
74
1RU, IS
69c
5Sc
8
84
4
4
ISc
19c
14
18c
8c

1 9-16
34
34
54

14
20c
14
44
34
54

100

1,200
55
10
ft9.
125

175

175
10
85
68
7 600
20

13 4

14 4
71
31
14.n
23
233
194
395
78
165
004
296

1.300
25c
25 500
3c
4. qno
4c
500
16c
1 200
6 760
74
14 900
15c
32 400
5^600
34
5
409
so n
14
1ft ^00
10c5 200
7
1Of)
1
3 nnn
2.2S0
54
4,600
25c
1.650
35c
19r»
3nn
14
2.500
74
200
l
800
55c
21,500
4,000
3c
95%
Ann
C o bel Off
onn
1 »%
1 nnn
3c
14J00
13c
7
Qnn
82
ID
10.300
94
200
A
2c
2,500
20c
300
1,800
14
n 9nn
80 c
100
4
4,500
104
7,000
11c
7
1 700
154
250
52.70C
4
74
1 20(
24
200
15c
3.60C
1
nr
AU
L

40C
7.10L
1.50C
7.60C
2 , 10C
3 ,10C
10C

A

14
13c
7c

14
34
24
54

M ar

20

June
June
July

22
89
5J

June
June
July

^9 n
20

Au "
July
June

1
O th e r O il S to c k s
( Concluded)
Par.

H igh .

100
115k|
July 255
1,177 101
44
45 1
491
June| 71
35
12 4
13 4
2,450
31 4
H 4 July
24
24
Aug
24
100
50
60c
65c | 1,400
603 Aug
44
50 4 61
Apr
16
61
1,578
72
65
44
Feb
74
427
54
5A
4 4 J uue
8
l . 100
45
45
Aug
45
10
20
24 4 26
13
Jau
29 4
35
3 tc
31c
Aug
31c
50c
500
24 4 3 141
33
2,235
1 4 Apr
84
12
5,800
8 4 Aug
21
5
Jan
5
200
44
74
131
133
Jan 147
50 130
JO i 35
15,600
50
3 0 4 Aug
34
3 4 June
6
400
34
12
12 4
June
4
500
26 4
20
20
June
21
54
50
** *1d 2 4
100
24
L4 July
7
Aug
7
11
152
94
2
14
34
2,700
l 4 M ar
2.450
1 1 4 Aug
13 4
124
134
84
4 4 M ar
200
84
94
64
7
000
6 4 Aug
14 4
84
13
84
300
7 4 June
50c
14
Aug
50c
2,900
9
30
40
114
30
Aug
64
17
17
10
17
AUg
17
33
33
10
30
July
35
34
34
400
6
2 4 June
45
45
June
200
40
48
74
10
74
2,600
6 4 July
4 .4
44
54
200
1 1i A ug
2
A pr
34
2,600
44
54
56
60 '
Aug
no
56
76
40c
65c
4,700
29c
July
65c
28 4 30
Jan
920
10
30 4
85c
Apr
90c
6,200
4
2 <4
10 4 10 4
1 0 4 A Ug
100
194
14
l t
6,450
24
1 4 Aug
14
m
3,900
24
1 4 Aug
5 4 Aug
54
54
100
54
14c
35c
Aug
4,300
14c
14
2
1
3
l 300
July
10
58 4
59
4 1 4 Apr
•500
60
96
4 uc 100
96
100
96
44
100
44
94
3 4 Aug
3 7%
24
2
24
1 000
22 4 22 1%
Gig
28 \x
22 4
100
4
4
4,000
Aug
54
9
61
62
59
J urn;
275
72
40
42 4 43 4
340
June
60
20
20
10
Aug
20
23
1 4 1 5-16
2,800
1 4 M ar
14
5
Q
54
Aug
10,500
54
224 224
2
1
'4
A
pr
1 350
1
1 TjC
1
Aug
14
9 000
14
14
L 3 00
Jan
14
4
18c
21c
22,300
A M ay
14
29c
34c
17
%
24.900
4 Juno
-*■/8
l
9 5%
14
1
7 ’400
July
56c
80c
4,700
55c Aug 1 13-16
1 H3%
10 H
104
10 4
io n
1U
/8
45c
45c
100
40c July
3
13
13 4
9^1%
Aug
150
13
154

[V ol. 113

C H R O N IC L E

Feb
Feb
Apr
Jen
Jan
Aug
M ay
Jan
Aug
July
J une
Aug
J an
Feb
A pr
M ay
Jau
Jan
Jan
July
June
Feb
Aug
M ar
Feb
Jan
Jan
July
Aug
June
Jan
Aug
J an
M ay
Jan
Feb
Aug
Aug
Feb
Jan
M ar
Jan
Aug
Jan
June
Jan
Jan
F eb
Jan
July
Jan

Julv
Jan
Tin
M av
Jan
Jan
Feb

M ay
July

9ft

103
259
77
385

Aug

TVTftv

A pr

Aug
1 4 Feb
9Hr>
July
1
7
1ft Tiino
Tnlv
Aug
37c July
R9/>
July
TVTar
1«3%
July
24
July
1
July
1 0 4 Jan
Aug
A ug
7
Au°r
4 1%
June
July
10
1 3%
July
July
A pr
10
July
28c
Aug
July 1 11-16 Abr
24c
June
Jan
24
15
A ug
Jan
24
July
Jan
24
Aug
Aug
4c
A ug
9
July
July
10c M a r
Aug 11-16 M a y
14Feb
Tnlv
July
July
17 A Jan
A pr 1 3-16 A pr
Aug 1 1-16 A br
July
45c. M a y
Aug
Jan
34
iA1
% Tnlv
78
Aug
3 4 M ay
Jan
32 4 M ar
July
16c
July
June
1 3 4 Feb
9Q 1%
Aim
2
June
Feb
Ju ne ' 12 4
A pr
5
July
July 13-16
J an
Tnlv
74
Aug
Jan
34
July
25c July
July
4 Apr
July
2 4 Jan
June
6 4 Jan
July
Jan
54
July
5 * Aug

R ed Rook Oil <fc G a s.
__
R yan C onsol _____
S ilt Creek Producers n ew _
Sapulpa Refining
_____ 5
Sequoyah Oil A R efin in g. 1
Simms P e troleu m .(n o par)
Sinclair C ons Oil pref 100
Skelly O il.
______
1C
Southwest O il_______ . . .
Spencer Petroleum C o r p . 10
T