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finattdal
rontrb
INCLUDING
Bank
& Quotation
Railway
Section
Industrial Section
Electric
SATURDAY, AUGUST
111.
Clearings at
Railway
State and City
Bankers' Convention Section
Railway Earnings Section
VOL.
&
.
Section
Sectioigi
NO. 2878
21, 1920
Week ending August
—
14.
Inc. or
PUBLISHED WEEKLY.
Terms
— Payable in Advance
of Subscription
$10 00
6 00
13 50
One Tear
For Six Mentha
iCor
Kuropean Subscription (including postage)
7 75
European Subscription six months (including postage)
$11 50
Canadian Subscription (including postage)
NOTICE. On account of the fluctuation! In the rates of ezchanse,
••mlttancea for European subscriptions and advertisements must be mad*
la New York funds.
—
Subscription includes following Supplements—
BANE AND QUOTATION (monthly) RAILWAY AND IPJDUSTBIAL (semi-annuaUy)
Electric Railway (semi-annually)
Railway Earnings (monthly)
STATE AND CITY (semi-annuaUy) Ba_nkkbs' Convention (yearly)
Terms of Advertising Per Inch Spav:e
—
$6 30
175 00
100 00
Transient matter per inch space (14 agate Unes) for each insertion
Business Cards, twelve months (52 times) per inch
"
"
SIX months (26 times) per inch
(3HICAGO Office— 19 south La saUe Street, Telephone State 5594.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the v/eek ending to-day
have been 57,881,129,913, against $7,860,904,852 last weelc and $7,802,087,501
the corresponding week last year.
— Returns bv Telegraph.
Week ending August 21.
1920.
New York
$3,424,870,872
505.376.469
Chicago
Philadelphia
Boston
284,304,071
202,992,590
140.066,689
130,600,000
135,511,614
*111,715,509
77,084,413
58,659,397
$5,479,?24,882
1,151,341,233
$5,567,081,878
955,046,264
$6,630,666,115
1,250,463,798
$6,522,128,142
1,279,959.359
_
Louis
-
.
San Francisco
.
Pittsburgh
Detroit
Baltimore
New Orleans
.
.
.
Eleven cities, 5 days
Other cities, 5 days..
Tot,al all cities, 5
All cities, 1 day
days.
857.736.717
752.127.423
119.766.428
+ 66.2
31.5,30,000
+ 15.4
+ 3.5
+ 8.5
+ 6.9
+ 36.4
+ 107.0
+ 12.4
+ 20.2
+ 72.6
—21.2
+ 10.3
+ 84.2
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
302.173
2.151,375
918.991
750.017
500.000
1,023.641
103.698.637
28.462.000
24.023.345
15,432,920
12.786,442
6.000,000
3.300.018
5.400.068
3 966.906
2.244.352
2.424.569
900.608
1.953.335
998,087
590,089
460,000
742.505
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield. lU...
Fort
Wayne
Youngstown
Lexington
Alu-on
Rockford
Mansfield
Lansing
Lima
Danville
—5
— 48
+ 10.4
+3.9
—
7
— 9
1
+9
+21
+44
+3
4
3
1
8
+ 15 5
—1.6
+20
6
+1
7
—2.3
715..561
Ann Arbor
628.975
235,060
566.206
Adrian
Portland
Lake City
Spokane
Salt
^^
Tacoma
Oakland
Sacramento
San Diego
all cities
for
week
$7,881,129,913
$7,802,087,501
+ 1.0
7,000.000
3,366,625
5.937.400
Stockton
San Jose
Fresno
2.,576.8.33
Pasadena
Yakima
Reno
Long Beach
Santa Barbara
Total Pacific.
Kansas City
Omaha
the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
_ r)etailed fljpires for t he we ek e nding Aug. 14 show;
full details of
Joseph
Topeka
Clearings at
Week ending August
—
14.
Lincoln
Inc. or
1920.
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany.
Washington
Rochester
Scrauton
SjTacuse
Reading
Wilmington
Wllkos-Barre..
Wheeling
Trenton .
York
Erie
Chester
Greensburg
Blngiiamton
Altoon.a
Lancaster
Montclair.
Bethlehpin
Huntington
1919.
New Haven!
Portland.
Springfield
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Total
New Enc
1918.
1917.
%
$
$
$
S
1,080.500 892 4,568.624,891 —10.7 3.260.803.846 3.180 644 755
467,902.936
435.607,724
+ 7.4 388.747.727 302 626,245
164.197,218
137 136,741 + 19.7
123,359,088
70.791.751
74,019,144
97.583,474
89 369,353
+ 9.2
44,032,205
42.744,467
21,8.39,571
35 7.54,620 + 19.6
18,601,990
5.000,000
4.600.537
4.470,611
+ 8.7
4.747,010
15,769,603
14,422.185
13.0.50.145
+ 9.3
JO.515,491
10,678.438
10,268 982
7 669,482
+ 4.0
7,133 2 73
4.406 342 + 13.2
3 666 659
4.986,508
3,467.278
4 633.477
3,939,810 + 17.0
5.310,877
4,759,141
—3.3
2,650,000
2.741,067
2,899,362
2,623,880
2.862,617
4.208,104 —32.0
3,510,943
2 910,023
089
21.0
1.970.186
2,821
2,000.000 +
1,733,307
—1.7
5,304,552
5.398.900
4,535.738
3,.56S,64S
3,080.189 + 23.0
2.940,911
3.789,577
2,315,969
—6.7
1.529.753
1.334,893
1.426,168
1,171,340
3.050..581
2,340,139 + 30.3
2.331,672
1 941.192
—3.0
1 282 253
1,417,190
1,461.240
1.863,085
1,098,710 + 15.1
870.572
1,266,461
742.000
796.200
1,389,700
1,037.900 + 33.9
860.500
1.003,731 + 16.3
887.689
1.167.994
683.237
+ 5.7
2.495.741
2.854,000
2,700,000
1.934, .369
393,679 + 40.0
550.926
386,988
498.066
3.767.820 Not Included in total
Not Incbidod in totid
Total Middle.. 4.924,547.868 5,333.124.777
Boston . .
Providence
Hartford
Dec.
—7.7 3.930.670.130
334,893,326
3.'>0,067,349
—4.3
12.,')49,900
11.480,400
7,628.190
6 652.283
2.625.000
3 956.126
3,631.632
2,289,606
1,872,002
+ 9.3
+ 16.7
+ 4.5
+ 8.6
+ 12.9
+ 26.2
8,903,358
6,9,50,000
2,85o.ono
4 466,855
4,.581.051
2.013.726
— 12.1
1.200.000
840.000
875,000
1.093.3,'->6
700.000
787,236
+ 0.S
+ 9.8
+ 20.0
+ 11.2
382.00!»,248
392.783,180
—2.7
1,886,0,32
3,669.583 923
Cedar Rapids . .
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
242,135,074
—10.9
—3.4
—8.2
816,796
1,776.246
included
in total
Not
265,459.830
213,383.881
228,947,119
73,996,048
220,728.435
28.627,647
53.421,949
13,878,050
22.659.377
18.705.462
9.283,354
8,161,783
10,668,048
4,791.989
3.500,000
3,820,386
1.998.493
944.264
1,642.177
781.174
710.975
1,.529,285
1.733.194
1.245,095
140.2.58.859
3,497,072
5,387.536
3,323.174
1.275.782
3.000.000
1,051,095
823.222
1,863,428
1.600.000
1.863,144
885.818
1.200.000
1.6
822, .597
1.034,42
24.410.639
29.815,211
12,339.945
16,867.833
13.398.771
7.361,097
5.402,324
6.814.934
4.292.279
3.013.254
4,016,722
2,516.576
1.084.396
1.693.228
723.751
643.645
2,438.108
1,927,664
924,765
497.865
1.133.991
—
973
,884
1,917 876
1,788 71
1
,809 135
725 023
1,2.58, 034
—15.4
—2.8
— 10.6
+ 3.0
+ 22.1
—
—2.0
410,688,101
281.575.857
167.963.011
41.677.193
21.716.879
15,142.802
4.024,087
129.811.529
32,411.585
18.897,403
11.000.000
46,.375,9,30
Memphis
154,038,841
57.738.927
28,399.134
25,370.930
6.001.000
51.355,031
52.962.986
18,087.286
174,282.363 —11.6
N:ishville
23,093..564
St.
Louis
Orleans
New
Louisville
Houston.
Galveston
Richmond
Atlanta
Fort Worth
Norfolk
21,075.807
7.490.182
10.968,510
Birmingham
16.149..573
Savannah
Knoxvllle
3.463.832
7.791.320
10.810.115
2.400,000
2,892,158
10,014,609
4,200.000
31,5S7,5S1
5,400,000
1.400,000
348,836
<;iiattanooga
Jacksonville
Mobile
Au!;usta
Little
Rock
Oklahoma
Macon
Vlcksbiurg
,564.973
4,729.717
2.500.000
4,005 229
3.991,717
1.753,472
1,724 782
1.122.748
806.286
667.266
343. .526, 118
280,674.818
3.697,606
4 339,718
2,381,107
2.114,716
1,250,000
085,706
+ 17.0
+37.7
+ 146.1
508.256.150
9.6.50.200
7,528,.327
2,635..505
+ 25.0
—25.0
—21.8
487.998,098
Tot. Oth. West.
Charleston
300,150.186
12.054,300
7 .523 798
6.128.503
1.656.2.58
—0.2
+ 10.0
+ 15.5
+ 92.6
+ 12.2
+ 9.4
+ 6.4
+ 2.6
+ 9.9
+ 7.2
15.690..591
7.8.59,812
Duluth.
2.468,099
2.865,075
2,291,703
3,867.701
1.477.097
+20.0
272.969 ,091 —16.1
44.467 .329 + 66.4
63.245 .301 —19.8
18.192 .699 + 114.6
22.922 .757 —10.9
—5.4
17.892 ,800
10.198 .968
+ 4.0
9,062 265 —11.9
4.2
10,370 796
6.887 .175 + 14.1
—8.1
3.804 .901
—7.6
5.830 458
2,733 129 + 21.6
—6.4
.302
303
1
—3.1
3.097 ,097
746 ,414 + 40.9
10.604.507
7,980.024
Sioux City
Wichita
6,5,50.537
—24.5
355.877.290
16,931.8.58
Des Moines
161.551.558
47.101.000
44,287.444
38,000.000
15,602.769
10.396.449
4.987,588
10,180.970
+ 12.4
+ 17.1
+ 2.6
+ 22.5
+ 11.6
+ 9,7
+ 5.0
+25.5
+ 11.4
+ 11.3
+ 3.8
+39.0
+ 20.9
381.539,112
39,043,170
20.424,674
Denver
St.
4.658.525
2.550,793
1..305,801
900,000
3,271.972
1,157,806
50.7.50.027
Paul...
St.
Partly estimated.
Tbe
153.000.000
78,288,000
39.443.438
36,710.150
14,326.189
11.996,000
5,163,886
11, 043, .500
Minneapolis
Total
599.439,095
67.951.576
129.241.433
119.511,231
34.000.000
20.889,000
16.112.500
16.282.786
5.500,000
7,293,174
4,691.779
4,942.332
3.613 601
2.185.963
4.577.585
1.200.000
9.558.000
2.200,000
5,205.470
2,119,417
1,665.922
1.729.835
1,797,868
1,761.832
1,674,287
1.500,000
887,783
709 724
Jacksonville, 111..
Seattle
Cent.
$3,618,214,375
509,696,896
361,546,100
273,719,890
220,500,000
141,512,533
127,602.995
111,722,475
77,500,000
74,294,351
50,772,263
399,143,2.')8
_-.
Kansas Cltv
St.
1919.
$
—5.3
Milwaukee
Los Angeles
Per
—1.5
—19.9
Owensboro
Tot.Mld.West. 1.070,388.055 1.034,217.804
+ 3.5
Cleveland
Detroit
San Francisco...
Clearings
608.769 098
60.456.903
110.390,617
116,508.057
27,753.824
18,718.000
14.689 300
15.506.473
4.383,378
6.545.079
4,216.444
4.763.242
2,599,137
1.807,162
6.062.426
1.000 000
9,576,000
2.000.000
4.507.906
1.100,000
1,484,282
1.581.614
1,689,398
1.424.557
1 523.272
1,200.000
1 182.306
907.870
611,170
456,826
95.511
707.952
1917.
456,910.178
41.303 710
79.021,165
64.529.357
26.078.961
13,957.000
11.484,400
11,817,544
6,000,000
4,776.725
3,044,947
2,897.086
2,514 276
1.301.153
4.540.781
900.000
6,535,000
1.542.688
2.744,211
1.056.917
1.247,175
1.202.998
964,038
960.323
810.542
1.152.230
625.000
500.000
568.506
277,175
132.801
730,509
Bloomlngton
Quincy
Decatur
DANA COMPANY,
1918.
518.287,059
56.097.882
87.303.118
72.504,542
31.641.812
18.603,000
12.775.200
11.139.440
4.608.571
6.040,246
3.740.631
4.201 198
2.558.001
1.408.633
3.861.541
990,000
6,248.000
1 800,000
2.357.747
1,104.558
1,217.534
1.466.854
1 412.279
1,474.288
867.001
1.000,000
700.000
510.000
781,913
351,469
69.952
801,248
Cincinnati
Springfield, Ohio.
B.
Published every Saturday morning by
President, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Rlggs; Secretary, Herbert D. Seibert. Addresses of all, Office of the Company.
Dec.
%
Chicago
Canton
South Bend
irilililAjn B. DANA COMPANY, Publishers,
Front. Fine and Oepeyster Sis., Sew York.
WILLIAM
1919.
1920.
Austin
Jackson
.596.908
Muskogee
Tulsa
D.allas
Slireveport
-
4,40»„500
13,310,000
28.533.878
4,447,040
848.626
16,843,031
22.494,376
10. 5.58. 400
.50
,55.131.429
,52,918,042
17 .363,902
15..529,592
21,8.58,471
7,893.848
9,402,224
13,.331,643
3.2.56,681
5.870,621
6,996.217
2,000.000
3,082.515
8,316,095
3.000.000
+ 13.6
+ 68.6
+ 12.8
—43.2
—6.8
+ 0.1
+4.2
+ 48.7
—3.0
—5.1
+ 16.5
+ 21.1
+ 6.4
+ 32.7
+ 54.5
+ 20.0
—6.2
+ 20.8
+ 40.0
14.294.2.55 + 121.0
.000'
+ 260.0
1,.500
2,000,000 —30.0
,308,212
+ 13.2
479,778
3.430.S67
10.037,483
25,000.000
3.181.172
561.809.843
604.422.471
Total Southern
Total all
7 ,860 ,904,852,8, ISO ,069,044
Outside N.Y.. 3 .780 .403 ,960' 3 .6 1 7 .444^153
+ 24.4
+ 30.1
+ 25.2
+ 14.1
+ 39.8
+ 7.6
4..500,000
S.705..503
26.234.143
23.443.906
9.059.326
14.289.788
9.023..590
10.8.56,793
5.384,510
9.504 796
5,026.323
7,023,.SSS
5091 ,012
5.518,002
3,203.802
2.619,202
36,347,269
2.6,87.738
4,718,004
5,360.026
1,443,046
2,465.268
4.635,341
2„500,000
9,219,309
3,960,.591
3,729,864
1.378.991
1.590.162
2,970.527
2.1.58,418
7. 408 .000
3.000.000
290,396
500,000
3.962.574
10,090,155
1.247.000
2,600.000
212.104
489.374
1.701.110
5,928,671
14,.500. 000
11.000, 000
1
4.50.000
2,166,249
1,431,859
4.54.014.621
338. 233. 618
-4.0 0.262.095.577
5, .535. 579. 520
-4.5 3.001,291.731 2.354.934.765
THE CHRONICLE
730
THE FINANCIAL SITUATION.
markets has been much
better the present week and a substantial improvement in prices has taken place, though some of the
industrial stocks have had a lower trend on the
downward tendency of commodity prices, which is
taken to indicate a diminished demand in certain
directions and very much lower profits in all directions. The chief moving cause in the improvement
on the Stock Exchange has been the news from the
Kusso-Polish frontier. This news has told of Polish
successes and superficial observers have hastily
drawn the inference that such news must be regarded as a favorable development. It appears to
us, however, that this is a mistaken view and that
also seems to be the judgment of international bankers always unusually keen observers of world affairs for exchange rates have not at all responded
to this supposed favorable happening, but instead
have dropped still lower.
The tone
of the security
—
—
If the present successes of the Poles should teach
them moderation, caution and circumspection
should incline them to restrain their imperialistic
ambitions then indeed there would be occasion for
rejoicing and also for confidence in the near pros-
—
pect of a brighter future in that part of the world,
free from new entanglements. But that is not at all
likely to be the case. One of the unfortunate features connected with the Versailles Treaty is that
a number of small nationalities have been set up as
independent units each with an unconquerable and
insatiable lust for
new
territory.
tions, the experience of the last
These new na-
two years
(Vol. 111.
Bolshevik Government concluded the time had arrived for putting a stop to the movement. What
happened after that we.' all know. Lenine and Trotsky, it appeared, had after all been able to set up
an army and the result was that the Poles were
everywhere steadily driven back until finally they
found themselves once more within the boundaries
set for them by the League and in danger of having
those boundaries pushed back. What a pitiful cry
they then set up, asking to be saved from being partitioned, is a fact familiar to all. At least they were
learning a well needed lesson. But any extensive
victories will be sure to change all this again. It
will rekindle their militaristic spirit and this will
bode no good to the world. They object to disarming, but only in demobilization of their army, which
is said to be 700,000 strong, will there be security.
As evidence of the spirit that is dominating them
cable dispatches yesterday in commenting upon the
doings of the Russo-Polish Peace Conference said
that the Polish delegates were "following out their
plan of marking time while their armies continue to
win further military victories."
Only when actual peace between Poland and Russia is established on terms not too harsh for either
but sufficiently strong to bind the ambitious and
errant Poles against future ventures of the same
nature will there be security for the nations of the
earth.
Activities with regard to the Russo-Polish situa-
tion have been confined very largely to Poland
self.
it-
Last week the part played by the Allied diplo-
teaches,
mats in deciding upon a policy for their respective
cannot be restrained in their desires, either by the countries attracted much attention also. The deciThis is pre- sion of the French Government to recognize GenLeague of Nations or by anyone else.
cisely what has happened with Poland. Her people eral Wrangel, the principal anti-Soviet military
have imperialistic designs and accordingly they leader in Russia the inclination of Great Britain to
boldly ventured forth to enlarge the Polish domain. deal with the Russian Soviets, at least along comPresident Wilson in his note to Italy takes the mercial lines, and its disinclination to join France
stand that there must be no dismemberment of the in the recognition of General Wrangel, and the
Russian Empire, but Russia has already been dis- threat of British labor to strilce if Great Britain atmembered! In the setting up of the present terri- tempted to enter another war, were among the most
tory of Poland, a large slice of Russia was lopped notable developments last week. During the early
off and given to the Poles. And be it remembered part of this week all eyes were centred on Poland,
that Russia in the recent great war was not an en- and especially on Warsaw. At the start the outemy of the United States or of the Entente coun- look was none too bright for the Poles, but as the
tries either.
Germany it is true has also been de- days passed, they developed renewed strength and
prived of some of her territory, but in that case it were able to stand off, for the time being at least,
can at least be urged that she has been receiving the onrushing Red forces, who at one time were
treatment which is usually accorded a vanquished said to have been within twentr miles of Warsaw.
enemy. But Russia was deprived of her territory
There was special interest also in the postponed
a piece of territory, too, in which is located the city armistice negotiations at Minsk, but comparatively
of Warsaw that the Russians are now trying to re- little of a definite character as to what was being
capture simply because she was deemed weak and done there came to hand. The determined stand
defenseless and had a Bolsheviki Government which taken by Premier Lloyd George against British lais abhorred by all the civilized nations and by all bor met with general commendation.
humanity.
Except for that no one would have
Having reached its decision to recognize General
deemed it right to strip her of part of her territory Wranjjel, and having made this decision known,
without so much as asking by your leave. Certainly France evidently was inclined to proceed slowly in
if the Kerensky Government had remained in conthe following up of her new position. The advices
trol, no one would have even dared to suggest such indicated also a lessening in the reported tension bea proposition.
tween Great Britain and France because of this deBut the new Poland, thus favored, was not satis- cision. In fact, in a London dispatch a week ago
fied.
She wanted still more territory and notwith- this morning, a correspondent there of the Assostanding the opposition of the members of the Su- ciated Press said that he had been officially inpreme Council and notwithstanding the warnings formed that "France has taken a stand and mainof serious consequences to follow, she gaily em- tained it and Great Britain has done the same
barked upon her venture. She had penetrated as thing. There is no need of a conference now. The
much as two hundred miles into Russia before the tension to-day [Friday last week] is considerably
.
;
—
I
Aug. 21
1920.]
THE CHRONICLE
and the countries are not so far apart as
the reports yesterday [Thursday last week] seemed
The advices during the greater part
lessened
In a Paris cablegram, also made public here a week ago this morning, it was added that
''France has not yet determined to aid materially
Cleneral Baron Wrangel, as according to an announcement from the Ministry of Foreign Affairs,
Premiers Millerand and Lloyd George agreed at the
Hythe Conference that such aid was not to be undertaken except in certain eventualities." The auto indicate."
thor of this dispatch also stated that "it is considered that France will not act until after an exchange
This is essentially
of views with Great Britain."
721
of the
week
regarding the proposed Armistice Conference at
Word came that it is
expected that "Polish commissioners with authority
to negotiate a preliminary Treaty of Peace will leave
Warsaw early on Saturday morning to meet the
Russian Soviet delegates somewhere on the road between Warsaw and Brest-Litovsk." At that time
the understanding was that the meeting would take
Minsk were rather meagre.
place between 5 and 7 o'clock Saturday evening.
A subsequent Associated Press dispatch from Warsaw stated that the Polish delegation actually left
that centre at dawn Saturday morning for Minsk.
was added that some of the delegates had been
up for two nights in preparation for this highly imThey could not imagine the government leaders of portant meeting, and were very tired when they set
Great Britain and France plunging those two coun- out. It was related that the party left Warsaw "led
tries into serious domestic and international trouble by three Polish officers in an army automobile, on
because of the Russo-Polish affair. Advices from which were three new staffs with white flags
Paris Thursday forenoon stated that a complete un- wrapped around them. On the hood of the automoderstanding had been reached between Great Britain bile Avas perched a teddy-bear." M. Tchitcherin sent
the view of the situation that has been taken by
competent observers in this country, from the start.
It
and France over the latter's recognition of General
Wrangel and that an official statement would be
issued soon by the Ministry of Foreign Affairs.
a Avireless message to the Polish authorities early
Saturday morning in which he said that "your delegation will be met at the time and place indicated.
Every facility for communication by wireless and
It was stated that the
courier will be granted."
delegates were scheduled to pass the frontier east
of Siedice, where they were to be met by the Bol-
Reference was made briefly in this article last
week to the stand taken by British Labor against
the British Government in the event of the latter
attempting to enter the Russo-Polish situation with
British troops. The stand Avas characterized as a
virtual ultimatum, and actually was a threat of a
general strike in the event of such action being
attempted.
Subsequent advices from the British
capital furnished detailed information regarding the
radical and seemingly alarming attitude of British
Labor. It seems that "practically all of the labor
and trades union executives in the country agreed
to hand over their powers to the Council of Action,
which was authorized to call for any and every form
of withdrawal of labor which circumstances may
require in order to secure a guarantee against military or naval operations against Russia, withdrawal
of the Russian blockade and recognition of the Soviet Government."
The Labor Conference at which
the decision was reached was presided over by W.
Adamson, Chairman of the Parliamentary Labor
Party. He delivered a speech setting forth the position of Labor, in which he made some striking statements. Among other things he was quoted as having said that "we are not concerned with the form
of the Russian Government.
We have no concern
about the merits or demerits of Bolshevism. What
we are concerned about is an unwarrantable interference with the Governments of other peoples. We
believe in the inalienable right of any Nation to
choose its own form of Government." He was said
to have added that "we will not have war with Russia and we will take whatever steps are necessary to
prevent it." According to the cabled accounts these
two assertions met witli loud cheers.
Robert
Williams, addressing the delegates, was quoted as
saying that "I tell you solemnly and seriously that
you are infinitely more representative tlian the
House
Commons and you may
be summoned to sit
pormanontly as 'a Committee of National Safety.' "
According to one cablegram, he declared also that "I
would rather act in an unconstitutional manner
than go to war and go to hell under the forms of
of
the British Constitution." It was related that "the
confoionce ended with the singing of the 'Internationale.' "
shevist officers.
At that time the Warsaw advices
stated that "the
being gradually brought nearer Warsaw.
Artillery flashes are visible against the clouds to the
North and Northeast and at times the bark of cannon can be heard." According to a dispatch from
Paris "tension between the French and British Governments is rapidly abating, in the opinion of most
of the newspapers here." Dispatches from Warsaw
a day or so later indicated that the Polish ai'uy had
fallen back somewhat, evidently for the purpose of
establishing a fresh stand in defense of Warsaw.
This was the first real encouraging news direct
from the scene of battle, indicating that it might
soon be turned in favor of the defending forces. The
London correspondent of the "Sun and New York
Herald" cabled at about the same time that "London hears that the French are advising the Poles
not to sign the peace terms presented to them by
the Bolsheviki, and that Warsaw is stiffening for
another battle that will be to her what the Battle
of the Marne was to France
a fight to save the
front
is
—
capital."
The very next day the advices from Warsaw and
other European capitals stated that the Bolshevist
forces were attempting to storm Warsaw, but that
their first assault had been checked by the use of
barbed wice, which proved such an effective barrier
during the World War. It could be discovered by
reading between the lines that the Poles were gathering new strength and probably would be able to
stand off the enemy. The most startling announcement just at that time appeared in an Associated
Press dispatch from Kolno, Poland, in which what
purported to be the substance of the Soviet plans
was given. In a word, they provided for an alliance
between Soviet Russia and Germany, the making of
war on France, "and if this is successful to undertake a conquest of England, and, eventually AmerIn elaborating these ambitious plans it was
ica."
said that "as soon as the Polish war has been fin-
723
THE CHRONICLE
ished, a note will be sent to Berlin demanding permission to transport troops across Germany for the
French campaign. Upon refusal of this request,
which is taken for granted, a revolution will be instituted in Germany, the success of which the Bolshevik! asserted they were prepared to assure by
force of arms."
Announcement was made in a cablegram from
London, that "William Adamson, Labor Member of
Parliament, and Harry Gossling, leader of the transport workers, have been chosen by the Council of
Action to go to Paris and consult leaders of French
labor and the chiefs of the French Socialist parties,
relative to their attitude tow^ard Russia."
It
was
added that "the Council had caUed on trade unionists throughout Great Britain to supply information
regarding munitions upon which they are now working or transporting." It was explained that "the
purpose of the Council of Action in sending representatives to Paris is to secure a common understanding between the labor forces of France and
Great Britain with a view to cooperating to prevent
war against Russia." In a dispatch from Paris it
was said that considerable uneasiness existed there
over the British labor situation, and that "the
French Government is considering the advisability
of closing its frontiers against Harry Gossling and
William Adamson, the British labor leaders, who
are coming to France to discuss with French leaders
the attitude of Labor to Russia." It was added that
"a demand for their exclusion has been made by
many newspapers."
Monday evening there came to hand through a
dispatch from Washington, the announcement that
"two American warships had been ordered to the
Baltic Sea to protect American interests there." It
was added that the vessels were then at Cherbourg,
France, and that "they would proceed immediately
for Russian waters." In a more specific statement
it was set forth that "the vessels are under orders
to proceed to Danzig." "The threatening situation
in Poland has jeopardized the lives and interests of
a large number of Americans who were scattered
in various parts of that country," it was asserted.
Tuesday morning's dispatches from Warsaw made
it clear that the Polish armies had taken the offensive and were beating back the Bolshvist forces,
which had come so dangerously near to that city.
Monday afternoon. Premier Lloyd George made a
forceful address in the House of Commons in which
he defied British Labor because of the stand it had
taken with respect to the Russo-Polish situation.
He contended that the policy adopted by the Government was the same "as Labor demanded, but that
the Government had adopted this policy before Labor acted." He gave the labor leaders to understand, without any qualification, that the full power
of the Government would be exercised if necessary
to defend itself and the people against the putting
into effect of the threatened strike of Labor. He
was highly commended both in Europe and in this
country for the firmness of his stand. Those who
have been following political conditions in Great
Britain closely realized at once that it was necessary
for the Premier to aim a hard and decisive blow.
Andrew Bonar Law, Government Leader, at that
session of the House, gave assurances that "in the
event of Russia's armistice terms to Poland being
materially altered, the Government would take no
action without consulting Parliament."
Accord-
[Vol. 111.
House
Commons, "without division,
agreed to a motion of Bonar Law adjourning the
House until October 19, but empowering the speaker
ingly, the
of
summon Parliament
mand it."
to
should public interest de-
London received word during the day that "two
Polish counter-attacks have driven back the Bolshevik forces which were closing in on Warsaw." A
message direct from that city Tuesday afternoon
said that "the Russian Soviet hold upon the gates
Warsaw
has been broken. The Polish counterdeclared to be in full swing at various
points, with the Soviet forces falling back in confusion." A message w^as received from Sebastopol,
which said that "the military forces of General
Wrangel, head of the anti-Bolshevik Government in
South Russia, now aggregate about 150,000 men,
one-third of whom are high-class troops. Russian
officers estimate that the Bolshevik forces arrayed
against General Wrangel are at present about 50,000 in number. Their estimates are that the Soviets have some 300,000 troops on the Polish front
and 100,000 reserves available elsewhere." Tuesday afternoon also the Polish Legation at Washington received a message from Prince Sapieha,
Polish Foreign Minister, which said that "the battle
for Warsaw is raging, with conditions favorable to
of
offensive
is
us."
With each successive day, the dispatches from
that centre and London and Paris showed that the
strength and offensive movements of the Polish
military were on the increase. Warsaw sent word
that its people were "eagerly awaiting news from
Minsk, where the Polish peace delegates are to negotiate with the representatives of the Russian
Soviet Government." It was added, however, that
up to that time "the only report of the delegates was
a Moscow wireless message stating that the party
had arrived in Minsk." Paris heard direct from
Warsaw that the Poles claimed the destruction of
four Bolshvist divisions and, moreover, that artillery fire and French tactics had demoralized the
Reds.
Word came from Washington that "exchanges are taking place between the United States
and European Governments with a view to determining upon cooperation in assisting Poland,
should that country be placed in danger of losing its
independence at the hands of the Soviet Government
at Moscow."
In a delayed Associated Press dispatch from Terijoki, Finland, on the Russian frontier, under date of August 9, it was claimed that
"thirty-five Americans are now at Moscow hoping
for action by their Government to get them out of
Russia before winter sets in." In addition to the
Americans it was said that there were 700 French,
100 British and 100 Scandinavians.
Thursday morning the Associated Press correspondent cabled from Paris that "Warsaw now
seems to be saved from the Bolsheviki." He added
that "President Pilsudski's armies no longer are
obliged to fight a defensive battle and the bold offensive on both wings has reached the first objectives and the Poles appear to be pausing before attempting to develop their success." Apparently
Leon Trotzky was disturbed over the military activities of General Wrangel in South Russia.
The
Russian Soviet War Minister delivered an address
in Moscow Wednesday in which he "issued a call for
volunteers for service on the southern front." Outlining somewhat the plans of the Soviets the War
Aug. 21
1920.]
THE CHRONICLE
Minister said that "on General Wrangel's front we
are opening the gates wide to our enemies, but we
shall assault them in the flank and rear. The fate
of the revolution will be decided on the Polish front.
This is why we have concentrated our forces in the
West and are only leaving posts on the southern
front in order to hold up Wrangel's advance." From
Constantinople came the report of the issuance of
.an official
communication by General Wrangel in
which he reported "further advances against Bolshevist forces in South Russia."
723
lish
Republic has abandoned
and
is
work."
resolved to
commence
aggressive policy,
peaceful, constructive
its
London heard yesterday that "the second
Russo-Polish Peace Conference at
Minsk took place Thursday," and also that "a summary of Russia's terms was communicated to the
Poles." They were said to have been "substantially
the same as those the Russian delegation published
in London."
In another dispatch from the same
centre it was said that "Polish armistice delegates
at Minsk are following out their plan of 'marking
time' while their armies continue to win further
military victories." Other Warsaw dispatches yesterday morning claimed that "the Polish offensive
is now in full swing.
More than 20,000 prisoners,
30 cannon, 300 machine guns and thousands of supply carts have been captured from the Bolsheviki."
The State Department at Washington received advices yesterday from the American Commissioner at
Berlin that "Brest-Litovsk has been occupied by the
Polish army." Paris heard that "one Polish army
has advanced no less than 90 kilometers in three
days."
The London "Times" received a dispatch
from Danzig saying that "Leon Trotzky, the Bolshevik Minister of War, arrived Monday at Trosken,
on the East Prussian frontier, secretly from Bialystok, to negotiate political and strategic questions
with German staff officers." General Weygand,
French commander with the Poles, was said to have
declared in an interview that "the Polish victory
over the Russians has prevented Germany from
forming an alliance with the Bolsheviki to overthrow
the treaty of Versailles."
sitting of the
In an Associated Press dispatch from Moscow,
dated August 17, but not made public here until
Thursday morning, it was stated that the Russian
Soviet peace terms were presented to the Polish
delegates at the first armistice session in Minsk, on
Tuesday. The Polish answer was expected the following day. In opening the conference, Chairman
Danishevsky "emphasized Russia's respect for Poland's independence, sovereign rights and right to
determine her own form of government and said
Russia accorded Poland more territory than the Entente." The Chairman was reported to have added
that "Russia must demand from the landlords of
Poland such guarantees against renewed attacks as
would not be necessary from the workers and peasants of Poland." It seems that the Polish delegates
proposed that the next session should be on Thursday, August 19, but that the Russians insisted that
it be held the day before.
According to the account
their opinion prevailed.
In a dispatch from Warsaw, dated August 18, it was said that up to that
time no word had been received at the Ministry of
Foreign Affairs there from Minsk, but it was exWord came from Washington last evening that
pected that a courier would arrive later in the day the State Department had announced that President
or on Thursday. The claim was made in dispatches Wilson had issued a call for the first meeting of the
received in Allied capitals that the Bolshevist League of Nations, to be held in Geneva.
The call
forces had been driven back between 25 and 50 miles. has been forwarded to the Secretar}^ of the League,
In an official statement issued in Warsaw Wednes- but will not be made public in the United States,
day the assertion was made that "the Fifty-seventh, according to the announcement.
Fifty-eighth and Eighth Bolshevik Divisions of the
French political leaders, according to a Paris disWarsaw front have been annihilated and thousands patch to the "Sun and New York Herald," are more
of Soviet soldiers made prisoners." The additional or less uneasy over the absence of specific informaassertion was made that "the Russians lost their tion regarding the health of President Paul Deschanel.
bearings in trying to meet attacks on all sides from Apparently the situation is strikingly similar to that
the Polish columns on their flanks." Leo Kameneff, which has existed in the United States for nearly a
Soviet representative in London, received a message year with respect to the health of President Wilson.
from George Tchitcherin, Soviet Foreign Minister, It seems that Emile Bure in a recent issue of the
saying that the armistice negotiations were not con- "Eclair," a prominent Paris newspaper, demanded
tinued on Wednesday because the Polish delegates that "Premier Millerend take the French public into
were not ready to go ahead, and stated also that "the his confidence regarding the health of President
Russo-Ukrainian delegation sent, through its secre- Paul Deschanel, giving out the doctor's assurance
tary, an official protest to the Polish delegation." if the President is really recovering, and if not, to
Washington received what were characterized as declare the fight in the open." According to reports
"confidential advices" that "four Cossack Govern- in circulation in Paris, for some little time, the French
ments, comprising a vast territory north of the President will not be able "to carry on any executive
Crimea, in South Russia, have gone over to General labors for a long time." The list of candidates for
Wrangel." A roundabout report reached London the Presidency, in the event of M. Deschanel adlate Thursday, according to a dispatch yesterday mitting that he could not longer hold his office, or of
morning, that "the Polish delegates at the Minsk his resignation being made public, is said to be growconference have refused to accept a peace condition ing daily. It includes Premier Millerand, Raymond
advanced by the Soviet for the disarmament of the Poincare, formerly President, and Aristide Briand,
Polish army unless the Russians themselves dis- at one time Premier of France.
arm." M. Danishevsky, Chairman of the Soviet armistice peace delegation, was quoted in a Moscow
In a recent issue of the "Freeman's Journal" of
dispatch yesterday morning as having said at the Dublin announcement was made of the resignation of
opening session of the conference that "we are not E. Wylie, legal adviser to Viscount French, the Lordconquerors and shall evacuate Polish territory im- Lieutenant of Ireland. According to that newspaper,
mediately Poland gives as guarantees that the Po- "rather than accept it, Andrew Bonar Law, Govern-
7
THE CHRONICLE
24
House of Commons, has promised
to pledge the Government to Dominion Home Rule,
with full fiscal authority." Naturally there was disappointment on the part of Irish leaders when it became known that Andrew Bonar Law, in Monday
night's session of the House of Commons, had "failed
ment leader
to
make
in the
his anticipated
Government
statement announcing the
intention of granting
do, said that, "subject to three clear and definite
conditions, the Government is prepared to discuss
with anj^body
who
comparison with £119,528,000 a week earlier. Receipts from all sources amount to £109,399,000,
against £119,442,000 a week ago.
Of this, total
revenues brought in £19,433,000, against £18,038,000, savings certificates £800,000, against £700,000
and advance^, £9,500,000, against £18,250,000. Sundries
yielded
claims to speak for representative
£100,000, against £72,000 the week
issues of Treasury' bills totaled
New
Dominion Home previous.
Rule." Premier Lloyd George in reply to a direct
question as to what the Government did propose to
IVOL 111
£79,387,000, as compared with £81,512,000 last
week. This, however, was in excess of the sum repaid, so that the volume outstanding has been ex-
panded
£1,048,492,000, in comparison with
£1,046,980,000 in the preceding week. Sales of
Treasury bonds continue to recede, being only
to
any proposal they put forward which
The £179,000, as compared with £270,000 the week bein their judgment will satisfy Irish opinion."
"Freeman's Journal," commenting upon the state- fore. The total floating debt is now £1,258,333,000,
ment of the Premier, said that "it is significant that which compares with £1,265,321,000 a week ago.
Premier Lloyd George, in a statement which obviously In the corresponding week of last year the floating
debt was about £100,000,000 less than this amount.
is merely a dodge, did not say that he purposed to
insist upon the present Home Rule Bill, nor did he
No change has been noted in official discount rates
say anything which might prevent the eventual
granting of Home Rule. Moreover his statement at leading European centres from 5% in Berlin,
Ac- Vienna, Spain and Switzerland; 53^% in Belgium;
inferentially gives the widest fiscal latitude."
cording to a special London cablegram to the New 6% in Paris and Petrograd; 7% in London, Sweden
York "Tribune" yesterday morning, "Loyalists, as and Norway, and 43/^% in Holland. In London the
well as Republicans, will meet in Dublin soon to private bank rate has been lowered to Q}/2% for
consider the question of Home Rule on Dominion sixty days, against 6^@6 11-16% and Q%% for
lines and appoint a really representative committee ninety days, against 6 11-16@6^% a week ago.
A somewhat sen- Call money in London was also fractionally easier, at
to wait on the British Premier."
sational development within the limits of Ireland 4^%, in comparison with 5% the week preceding.
itself was the deportation of Terence MacSweney,
As far as can be learned, no reports have been reEngland
"aboard
deof
a
Mayor
Cork,
to
ceived bj^ cable of private discounts at other centres.
Lord
stroyer, after having been found guilty of sedition by
It seems that he went on a hunger
A small gain in gold was shown by the Bank of
court martial."
The specific charges against him England in its statement this week, amounting to
strike at once.
were "the having under his control the secret police £13,924, while the total reserve was again substancipher, the making of a seditious speech on the oc- tially increased, £697,000, in consequence of another
casion of his election and of having in his possession contraction in note circulation, the latter being cut
a copy of the resolution of the Cork Corporation, £683,000. Moreover, the proportion of reserve to
pledging allegiance to the Dail Eireann, or Irish liabilities advanced to 12.52%, as against 11.41%
Republican Parliament." Subsequently MacSweney last week and 22.90% a year ago. This is largely
due to a heavy reduction in deposits. It is true that
was given a sentence of two years' imprisonment.
Irish opinion,
Premier Lloyd George is taking a much needed
His secretary was
rest in Lucerne, Switzerland.
quoted in a dispatch from that centre yesterday
morning as saying that "there was no truth in the
report widely circulated in America that the Premier
intended to visit the United States and Canada in
October." He was said to have added, however,
that "Mr. Lloyd George hoped to make a visit there
next year, if the European political situation is
improved." According to an official announcement
in London on Thursday, "Premier Lloyd George does
not contemplate any trip to Canada or the United
It was also said that
States, as had been reported."
"the conference he was asserted to be expecting to
attend is to be held in London."
public deposits increased £115,000, but other deposits
were brought down no less than £6,884,000, while
Government
securities
showed a
falling off of £9,742,-
In loans (other securities) there was an expansion of £2,311,000. Threadneedle Street's gold
Last year they
holdings aggregate £123,081,484.
stood at £88,268,680 and in 1918 £68,664,678. Reserves total £16,687,000, which compares with £27,217,910 in 1919 and £30,366,098 the year previous.
This compares
Circulation stands at £124,845,000.
with £79,500,770 last year and £56,748,580 in 1918.Loans amount to £76,116,396, in comparison with
£83,014,743 in the preceding year and in 1918
£98,950,731. No change has been announced in
the Bank's minimum discount rate, which continues
Clearings through the London
to be quoted at 7%.
banks total £697,264,000, as compared with £715,000.
week ending Aug. 278,000 a week ago and £534,590,000 last year. We
14 indicate a small increase in the Exchequer balance, append a tabular statement of comparisons:
namely £97,000, bringing that item up to £3,118,000,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1919.
1920.
as compared with £3,021,000 for the week ending
Avg.23.
Aug. 21.
Aug. 22.
Aug. 20.
Aug. 19.
£
£
£
Aug. 7. There has also been a substantial lowering
£
£
..124.845.825 79,500,770 56,748,580 39,933,515 35,536.395
Circulation
in temporary advances, in round numbers, £8,500,- Public deposits
61,428.269
16.114,000 23,397,012 33,697,898 44,700.857
British Treasury returns for the
000, to £209,841,000, against £218,341,000 last week.
The week's expenses were £11,068,000, against
£20,725,000, in the preceding statement, with the
including
repayments
Treasury
total
outflow,
bills,
advances and other items, £109,302,000,
of
in
117,135.000
Other deposita
58,509,361
Govt, securities
76,116,396
.
Other securities
Reserve notes & coin 16,687,000
Coin and bullion. ..123,081.484
95,219,451 135,996,495 127,244,116 101,751,917
42,187.602
26.418,356 58,422,014 56.483.328
83,014,743 98,950,731 100,889,240 89.047.403
27,217.910 30,366,098 39.933,515 40.060,519
88.268,680 68,664,678 54,152,640 57,146,914
Proportion of reserve
to liabilities
Banic rate
12.52%
7%
22.90%
17.90%
»19%
5%
5%
5%
26.10%
6%
Aug. 21
THE CHRONICLE
1920.]
The Bank
of
France continues to report small
gold item, the increase this week being
262,000 francs. This brings the Bank's total gold
holdings up to 5,590,036,975 francs, comparing with
5,572,284,949 francs last year and with 5,434,831,311
francs the year before; these amounts include 1,978,gains in
its
278,416 francs held abroad in both 1920 and 1919 and
During the week,
2,037,108,484 francs in 1918.
silver gained 6,180,000 francs, bills discounted increased 14,930,000 francs and Treasury deposits rose
On the other hand, advances
60,278,000 francs.
were reduced 21,292,000 francs, while general de-
Note
posits fell off 115,893,000 francs.
registered
contraction
further
the
circulation
146,547,000
of
725
Federal Reserve Bank of S2, 092, 000 to $88,391,000
(not counted as reserve).
Reserves in own vaults
of State banks and trust companies were reduced
$206,000 to $7,931,000 and reserves in other depositories (of State banks and trust companies, fell $9,000
to $8,550,000.
Aggregate reserve was cut $1 ,688,000
to $550,947,000.
Surplus, however, as shown above,
owing to the contraction in reserve requirements,
expanded $3,404,600 thus carrying the total of
The figures
$18,575,730.
here given for surplus are based on reserves of 13%
excess
reserves
up
to
requirements for member banks of the
Federal Reserve system, but not including cash in
vault to the amount of $88,391,000 held by these
above
legal
banks on Saturday last. In the Reserve Bank the
899,876,370 francs. This compares with 35,064,- showing was still less favorable, comprising a loss of
119,045 francs at this time last year and with 1% in the cash ratio of reserve to 38.8%, while the
29,423,825,515 francs on the corresponding date in reserve against deposits after providing 40% for
Just prior to the outbreak of war in 1914, the outstanding Federal Reserve notes, declined more
1918:
amount outstanding was only 6,683,184,785 francs. than 2 points to 37.3% leaving it only 2.3% above
Comparisons of the various items in this week's return the legal minimum. A feature of the statement
with the statement of last week and corresponding was the fact that other reserve institutions reduced
their rediscounts of notes secured by Government
dates in 1919 and 1918 are as follows:
war bonds $14,383,000 while the local bank lost
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as ofheavily in gold.
The member banks, however,
Am?. 22 1918
4m(7. 10 1920.
fOT Week.
AMff. 211919.
francs, bringing the total outstanding
down
to 37,-
-
—
Oold Holdings
In France
No
Abroad
Total
Inc.
Inc.
Silver
Bills
Francs.
Inc.
discounted
Inc.
Advances
Dec.
Note circulation.. Dec.
Treasury deposits. Inc.
General deposits Dec.
262,000
change
Francs.
3,611,758,559
1,978,278,416
Francs.
3,594,006,533
1,978,278,416
Francs.
3,397,722,826
2,037,108,484
262,000 5,590.036,975 5,572,284,949 5,434,831,311
254,202,495
319,173,425
6,180.000
297,685,317
14,930.000 1.980,082,298
912,436,511
887,123,163
21,292,000 1,963,507,000 1,264,432,046
842,688,143
146,547,000 37,899,876,370 35,064,119,045 29,423,825,515
129,839,000
56,899,323
162,078,063
60,278,000
115,893,000 3,203,750,894 2,969,321,676 3,715,698,507
heavily increased their borrowings, so that altogether
the volume of bills of all kinds held under discount
increased during the week from $993,154,000 to
From
the showing just recorded,
it would seem that the regular autumn crop demands are beginning to make themselves felt.
$1,011,981,931.
With the exception
The Imperial Bank
Aug.
of
Germany
in its statement,
afternoons,
when
of
Tuesday and Wednesday
there was a slight flurry, the local
shows further important changes call money market was devoid of special features and
There has been a nominal moved along in what might be termed an orderly
gain in gold, viz., 3,000 mks., while total coin and way, particularly in view of the conditions that have
bullion increased 236,000 mks.
Treasury notse were prevailed for many months. On the first afternoon
reduced 225,621,000 mks., and notes of other banks mentioned an 8% quotation was reported a few
143,000 mks. During the week a decline of 3,850,- minutes before the close of business on the Stock
952,000 mks. in bills discounted has taken place. Exchange, while the next day call money advanced,
Deposits also lost heavily, viz., 4,405,991,000 mks. first to 8 and then to 9% during the last hour.
Note circulation was again expanded, this time While naturally speculative interests in stocks might
291,806,000 mks. An increase of 5,774,000 mks. in have been expected to be more or less apprehensive of
advances was recorded, but investments fell off another sharp upturn in call money rates it is w'orth
2,141,000 mks., other securities declined a similar noting that on Wednesday afternoon while the 9%
amount and other liabilities showed a contraction of rate was in effect, the market moved upw^ard moder91,203,000 mks. The German Bank's gold stocks ately and closed strong.
In general comparative!
are given as 1,091,595,000 mks., which compares little attention was given to the temporarily higher
with 1,108,010,000 mks. in 1919 and 2,347,760,000 quotations. The 7% rate all day Thursday and the
mks the year previous. Note circulation, which has renewal of loans at the same figure yesterday mornbeen expanding with great rapidity of late, has now ing, tended to restore confidence in the immediate
reached huge total of 53,060,306,000 mks. Last future of the money market, on the part of speculayear the total was 28,426,680,000 mks. and in 1918 tors. In local banking circles and in financial circles
12,786,340,000 mks.
in other cities there appears to be more or less difissued as of
in its
7,
principal items.
j''
Last Saturday's bank statement of New York
Clearing House members was somewhat less encourag-
mg
than that of the previous week, inasmuch as
although surplus was again expanded, it was due
mainly to a further sharp contraction in deposits,
while loans increased $10,365,000.
demand
The
loss in
$4,017,344,000
which
is
exclusive
the opinion that the peak of the money demand for
the moving of crops had passed, largely because those
who knew that they would need accommodations
had arranged them earlier than usual. The National
net City Bank, in its publication, "The Americas''
deposits totaled $40,937,000, bringing that
account to
ference of opinion as to the actual monej^ position.
John J. Mitchell of Chicago w^as quoted as expressing
of
Government deposits of $34,807,000. Net time
deposits, however, gained $6,300,000.
Other changes were not especially important.
There was
a
reduction of $1,473,000 in the reserve of member
banks with the Federal Reserve Bank to $534,466,000
and a decline in cash in own vaults of members of the
takes a generally hopeful view of conditions in this
country and Europe and sets forth many reasons
for assuming that the worst of the after-the-war
problems have passed. The National Bank of Commerce of this City in its monthly bulletin takes a
somewhat more conservative position.
the monetary situation in this country
Apparently
is
easier,
by
reason of the liquidation that has taken place and the
THE CHRONICLE
726
conservatism that has been exercised in the making
Freight congestion has been reheved
of new loans.
sufficiently to have some effect upon the money market, according to prominent bankers.
Outside of
a possible loan to France to help meet its share of
the Anglo-French bonds, due next fall, little is being
said in a definite way about American financing for
Europe.
Referring to
money
rates in detail, call loans this
week ranged between 7 and 9%, as against 6 and 7%
week, for both mixed collateral and all-industrials
without differentiation, Monday there was no range,
7% being the only rate quoted and the high, low and
ruling figure for the day. On Tuesday there was an
advance to 8%, but renewals were still put through
at 7% and this was again the low. A further stiffenlast
on Wednesday when the maximum
moved up to 9%, although 7% continued the renewal
basis with the minimum 7%.
On Thursday call
rates did not get above 7%, which was the high,
low and ruling figure all day. There was no change
on Friday and all business was again transacted at
7%, the high, low and renewal figure. The slight
flurry was attributed to heavy withdrawals of
Government funds from the banks. Only a light demand, however, was recorded. For fixed maturities
the situation remains unchanged.
New money is
still very scarce and most of the business was confined to renewals. No important trades were recorded.
Nominally, the rate remains at
for all periods
from sixty days to six months and 9@93/^% on
all-industrial money. Brokers are unwilling to venture
upon any predictions as to when the supply of time
funds is likely to increase.
Commercial paper has ruled quiet but firm with
sixty and ninety days' endorsed bills receivable
and six months' names of choice character still
quoted at 8%, and names not so well known at 83^%.
Trading is dull and light in volume with the bulk
of whatever business is passing done by'country banks.
Banks' and bankers' acceptances were dealt in
more freely early in the week but with|the tightening
in the call loan market transactions lessened in
volume. This was due, however, more to a lack of
offerings than to a slackening of demand.
This is
applicable mainly to prime New York bills which
are still actively sought after.
The demand for
out-of-town bills is comparatively light.
A firm
undertone is reported with quotations unchanged.
Demand loans for bankers' acceptances remain as
ing
occurred
8%%
heretofore at
53^%
Detailed rates follow:
Sjiot
Ninety
Days.
DelUery-
Delivery
SUty
Thirty
within
Days.
Days.
30 Days
bid
7
6%@6H 6H@6
6K@6H 6H®6H 6H@6}i 7 bid
7K@6H 7H@6K 7H®6"^ 7>^ bid
There have been no changes in Federal Reserve
bank rates this week.
Eligible bills or member backs
Eligible bills of non-member banks
Ineligible bills.
e^@6l4
Dulness characterized trading in sterling exchange
this week, at least in the initial dealings, and for a
while rates moved within narrow limits. Total
transactions were of relatively small proportions, a
direct result of the continued disposition of operators
to hold aloof awaiting the final outcome of the PolishRussian struggle. On Wednesday, however, renewed attempts to sell were put forth on the part of
both foreign and domestic interests and under the
pressure of heavy offerings of commercial bills the
market again turned weak and prices broke about 4
cents, carrying demand down to 3 6034
Later on
.
[Vol. 111.
there was a further slump to 3 58.
This was of
course due to the persistent lack of buying power.
Practically no bids were reported except at extreme
concessions and this at times induced conditions
closeh^ bordering upon demoralization.
The same
general factors which governed the market recently
were still at work. Early in the week bankers
seemed disposed to take a more hopeful view of the
armistice negotiations between Polish and Russian
Soviet representatives at Minsk and hope was ex-
pressed that the parley might result in a suspension
Later on this optimism appeared to be
justified by the improvement in reports from the war
front, dispatches from Warsaw on Thursday stating
that the newly inaugurated Polish offensive was
proving entirely successful and that Russian troops
were being driven back at all points. Somewhat to
of hostilities.
the surprise of traders sterling rates failed to respond
to any material extent to this news.
In the opinion
of competent market observers, the cause will probably be found in the fact that the outcome of the
battle for Warsaw
hangs in the balance, since the
Polish leaders are said to have drawn largely upon
still
their reserves while Bolshevik reserves are
untouched. This was given as the reason for bankers
having thus far failed to come to the support of the
market, and it is asserted that conservative operators
are still awaiting developments before taking active
part in market operations.
In the final dealings
the undertone was still weak and demand bills closed
at 3 59%, only sHghtly above the lowest for the week,
mainly because of the continued large offering of
cotton and grain bills, also liberal speculative selling.
Opinion as to the future course of exchange is still
much mixed, although there is a pretty general belief
that with the restoration of peace immediate improvement should follow. On the other hand, it is
pointed out that the heavy influx of commercial
bills due at this season is likely to prevent any material upward movement for the present.
According to
some authorities new crop cotton and grain bills
are not expected to make their appearance until
some time in September, and the assertion is made
that the recent fall in sterling was greatly aggravated
by the extension of credits on the part of Great Britain
to South America and the Far East without an adequate export movement from these countries to
correspond.
Cable advices on Thursday announcing
that the Franco-British differences over France's
recognition of General Wrangel, the anti-Bolshevist
leader in South Russia, had been amicably settled
were well received, though they failed to exercise
any material effect on market prices.
Dealing with the more detailed quotations, sterling
exchange on Saturday last was extremely dull,
though the tone was comparatively steady and prices
ruled within narrow limits; demand sold at 3 633^@
@3
still
3 65, cable transfers at 3 6434
6534 and sixty
days at 3 6034@3 61%. Monday's market was
>
quiet with traders generally reluctant to open new
in the Polish
commitments pending developments
crisis;
for
rates
demand, 3
63%@3
@
at 3 63
3 64%
transfers
and
65 for cable
were slightly
easier,
59% @3
The undertone was
61 for sixty days.
heavy on Tuesday and there was a further fractional
loss, with demand at 3 63 @3 6434, cable transfers
3
65 and sixty days at 3 59%@3 61.
On Wednesday prices broke sharply, mainlj^ on the
inauguration of a fresh selling movement and a loss
of about 4 cents took place, bringing demand down
at
3
63%@3
Aug. 21
THE CHRONICLE
1920.]
727
@3 63^
and dealers continue to mark time pending the final
and sixty daj^s to 3 57 @ 3 59^; heavy offerings outcome of the present crisis.
A cablegram from Paris is responsibie for the
upon a market bare of buyers was held responsible
on
rates
statement
values.
Sterling
currency
that a bill is pending in the Chamber of
for the drop in
Thursday failed to respond to encouraging reports of Deputies to levy a naturalization tax of 3% on all
Polish victories over the Russian Bolshevist invaders unregistered foreign securities, in addition to which a
and there was a further slump as a result of increased special "transfer tax" will be levied on all securities,
Before becoming a
offerings of cotton and grain bills, also speculative whether stamped or naturalized.
law the bill has yet to be referred to the Commission
selling, with the range 3 58@3 603^2 for demand,
of
Finance. Advices from Washington state that an
cable
transfers
for
and
3
611^
3 58^@3
54^@3 57^
for sixty days; trading was not active, though con- armistice has been concluded between Finland and
siderable quantities of exchange are said to have Soviet Russia, while it is also leatned that the
changed hands at the low rates quoted. On Friday French Government has been successful in rethe market was quiet but somewhat firmer and de- establishing diplomatic relations between Hungary
mand bills rallied fractionally to 3 583^@3 60M, cable and Rumania. An announcement has just been
transfers to 3 59 @3 61 and sixty days to 3 55 @3 57. issued by the British Controller of the Clearing
Closing quotations were 3 563^^ for sixty days, 3 59^ for Office for Enemy Debts in which it is shown that
demand and 3 Q0}4, for cable transfers. Commercial regulations have been promulgated permitting direct
sight bills finished at 3 593^^, sixty days at 3 5234)iii'^6ty intercourse between British and German creditors and
days at 3 50, documents for payment .(sixty days) debtors on the subject of pre-war debts. This
Cotton intercourse, however, is to be limited to information
3 523^, and seven day grain bills at 3 58 J^.
and grain for payment closed at 3 593^^. The week's as to the nature of the debt. Discussion as to the
gold movement was confined to a shipment of method of settlement will have to be carried on
$2,500,000 on the SS. Aquitania consigned to through the Clearing Offices solely.
Messrs. Kuhn, Loeb & Co., while $100,000 gold
The official London check rate on Paris finished
It is at 50.69, as against 50.273^ a week ago.
coin was withdrawn for shipment to Cuba.
In New
being rumored that a consignment of Russian gold York sight bills on the French centre closed at 14.09,
from the Far East is on its way here for account of against 13.74; cable transfers at 14.07, against 13.72;
the French Government, "but no definite informa- commercial sight at
14.13, against 13.78, and
tion
was obtainable as to the truth of this commercial sixty days at 14.20, against 13.85 on
report.
Friday of the preceding week. Final quotations for
Belgian francs were 13.12 for checks and 13.10 for
Continental exchange moved uncertainly, and while cable transfers.
This compares with 12.80 and
prices were fairly well maintained in the first half of 12.78 last week
Reichsmarks finished at 1.95 for
the week, the inauguration of a fresh selling move- checks and 1.97 for cable remittances.
Last week
ment on Wednesday brought about renewed weakness the close was 2.14 and 2.16. Austrian kronen
and sharp fluctuations again occurred. Italian ex- closed at 00.46 for checks and 00.47 for cable transchange, as usual, led in the declines, losing 118 fers, against 00.53 and 00.54 a week ago.
Itahan
centimes, to 21.82, while the rate on Paris slumped lire closed the week at 21.49 for bankers' sight bills
45 points, to 14.18. A loss of 40 points in Antwerp and 21.47 for cable transfers, in comparison with
remittances took place. German reichsmarks sold 20.00 and 19.98 a week earlier.
Exchange on
down to 1.94, which is the lowest level since the latter Czecho-Slovakia closed at 1.72 against 1.80; on
part of May last
This latter was explained by heavy Bucharest at 2.43 against 2.20; and on Finland at
selhng on an inactive market.
Speculative dealings 3.02, against 3.15. Quotations on Polish marks
in this class of currency have for the time being at were temporarily discontinued, but are now quoted
least apparently subsided, and, according to bankers,
nominally at 47 against 48 last week. Greek exGermany's exports which had for a time shown sub- change finished at 11.47 for checks and 11.15 for
stantial increases, have lately declined appreciably, cable transfers.
Last week the close was 11.70
so that still further losses in the currency value of and 11.80.
Berlin marks are not unlikely.
Austrian kronen
moved down fractionally. Greek currency continues
The situation in th^ neutral exchanges remains
heavy. Exchange on the new Central European without essential change. The trend was largely
republics again lost ground.
A feature of the week's downward, but as trading is at a low ebb rate variadealings was the suspension of dealings in Polish tions were lacking in significance, quotations being
marks for a time. Under present conditions, few for the most part nominal. Movements at practibankers here are willing to quote this currency. cally all neutral centres followed the course of sterling
Rumanian lei were in rather hberal supply, one and the other continental exchanges. Swiss exprominent institution being in the market as a change was again heavy, registering fresh declines,
heavy seller. An explanation of the recent sensa- while guilders ruled slightly under the low levels of a
tional weakness in exchange on Rome which at- week ago.
Scandinavian exchange moved irregularly
tracted some attention was that it has been due with a declining tendency, while Spanish currency was
to a demand in Italy for dollar credits to pay for weak throughout.
cotton and grain bills.
This is further substantiated
Bankers' sight on Amsterdam finished at 32 11-16,
by reports that much of the selling came from the against 333^; cable transfers at 32 13-16, against 333<^;
Italian Institute, presumably on cabled orders from commercial sight at 325^8, against 33 1-16, and comLondon and Rome. Speculative selling, however, mercial sixty days 3234, against 32 11-16 last week.
to
3
6dM@3
63,
cable
transfers
to
3 61
.
undoubtedly played a large part in depressing quotations.
As was the case in the sterling market,
continental rates as a whole failed to respond to the
more encouraging news from the Russo-Polish front,
Swiss francs closed at 6,04 for bankers' sight bills
and 6.02 for cable transfers. Last week the close
was 6.00 and 5.98. Copenhagen checks finished
at 14.75 (another new low) and cable transfers 14.86,
THE CHRONICLE
728
[Vol. 111.
Checks on Sweden closed
against 15.05 and 15.15.
at 20.40 and cable transfers at 20.50, against 20.60
early experiences of the great war. Most of them
realize now, as they did not realize then, that news
and 20.70, while checks on Norway finished at 14.75
and cable transfers 14.85, against 15.05 and 15.15
dispatches sent from the headquarters of one belligerent only, and sent by sympathetic correspondents,
the preceding week. Spanish pesetas closed at
15.05 for checks and 15.07 for cable remittances.
This compares with 15.13 and 15.15 on Friday of
sometimes either unconsciously or willfully give
an imperfect view of the real situation through emphasizing minor successes and ignoring the larger
movements. Nobody will have forgotten what the
majority of readers of the dispatches not only hoped
but believed when the Belgians made their stand,
first before Brussels and then in Antwerp.
Nevertheless, it seems to be evident that the military situation has changed very greatl3^ It Avould
be rash to assume that the Bolshevik armies have
actually been routed, as some of the dispatches have
intimated. But they have unquestionably failed in
their immediate objective and they have had to abandon what were apparently important positions. It
the week previous.
As to South American quotations, very little
change has been noted, and Argentine checks closed
the week at 38,25 and cable transfers 38.373^, against
38.33 and 38.58 last week. For Brazil the rate for
checks finished at 19.00 and cable transfers 19.25,
as compared with 20.90 and 21.00 a week ago.
Chilian exchange was higher, at 22^, against 193^^,
while Peru was quoted at 5.03, against 5.02 a week
earlier.
Far Eastern rates continue to reflect the rise in
silver, so far as Hong Kong and Shanghai are concerned, and rates on the former closed at 82@82j^,
against 77H@78^; on Shanghai, at 113H@114,
against 110@111; on Yokohama at 513^@51^,
against 51M@513/^; on Manila at 463^@46^,
against 46@47; on Singapore at 47@47M, against
47@47M; on Bombay at 36H@36M, against 36M@
36K, and Calcutta at 36K@36M, against 36M
will
possible that expert leadership contributed to
the Polish troops by Prance, or the receipt by Pois
result of the flow of
land of fresh munitions in large quantity, or the
impairment of the Soviet army's fighting capacity
as it got farther away from its real base of supplies,
may have w^holly reversed the military position.
But we shall have to wait a while to be sure of the
real scope of the military reverse.
What is of really great importance is that,
whether the Polish military successes have been
great or small, they have at any rate occurred at
the moment when the armistice conference at Minsk
was assembling. The discussion of terms will not
begin on the basis of the complete collapse of Poland's army and the capture of Warsaw by the RusThis is a matter of very great importance.
sians.
It may have made all the difference between possible and impossible terms of peace.
Yet, fortunately, even the vigorous counter-offensive of the
Poles was preceded by evidence that the worst dan-
York banks
gers of the political situation were passing.
@36M.
The New York
Clearing House banks, in their
operations with interior banking institutions, have
gained $5,192,000 net in cash as a result of the currency movements for the week ending Aug, 20.
Their receipts from the interior have aggregated
$8,659,000, while the shipments have reached $3,467,000. Adding the Sub-Treasury and Federal Reserve operations and the gold imports, which together occasioned a loss of $93,477,000, the combined
for the
money into and out of the New
week appears to have been a loss
of $88,285,000, as follows:
Week ending Aug.
Banks.
13,909,000
Bank Holdings.
$3,467,000 Gain
$8,659,000
Sub-Treasury and Federal Reserve
operations and gold imports
Net Change in
Out of
Banks.
Into
20.
$5,192,000
107,386,000 Loss
93,477,000
$22,568,000 $110,853,000 Loss $88,285,000
Total
The
following table indicates the
in the principal
amount
of bullion
European banks:
While the actual outcome of the strained political
and diplomatic situation regarding Poland had remained in many respects obscure, the real nature of
that situation had gradually been growing clearer.
Less than a fortnight ago it was possible for a press
dispatch from London to quote an "important political personage" as saying that the crisis was "almost as grave as that of August, 1914." Such a de-
was merely the expression of
must have meant that the involving
scription, unless it
Aug. 21 1919.
Aug. 19 1920.
hysterical panic,
Banks ofGold.
Gold.
Total.
Silver.
£
%
Silver.
of all
£
123 ,081,476
268,680
England . 123,081,476
France a.. 144,470,342 10,160, 000 154 ,630,342 143 ,760,261 11,880,000
341, ,800 54 ,921,950
2,369 000 13 .313,000
000 122 ,164,000
98,096.000
24.068,
Spain
2,999 000 35 ,190,000
32,191,000
Italy
1,298, 000 54 ,316,000
Netherl '3s 53,018,000
1,075, 000 11 ,735,000
10,660,000
Nat.Be/.
000 25 ,296,000
21,687,000
3,609,
Switz'land
14 ,516,000
14,516,000
Sweden
143,000 12 ,801 ,000
Denmark . 12,658,000
,187,000
Norway .. 8,187,000
Germany
.
54,580,150
Aus-Hun.- 10,944,000
991,950
55 ,324,250
2,369,000
10 926,000
95 864,000 25,792,000
32 ,622,000
2,970,000
485,000
53 ,877,000
1,271,000
10 641,000
2,066,000
1
698,000
16 ,699.000
10 410,000
,173,000
Total.
"V57,666
£
268,680
155 640,261
56 ,316,200
13 295,000
121 656,000
35 ,592,000
54 362,000
11 912,000
21 ,364,000
16 ,699,000
10 567,000
8 173,000
Total weeltj584,088,968 46,062,800 630,151,768.545,263,191 48,.581, 9.50 .593,845, 141
Prev. week583,726,014 4^,033,850629,759,864 542.513,065 48.887 ,0505!U, 400,115
a Gold holdings ol the
held abroad.
Bank
of
France this year are exclusive of £79,131,137
THE POLISH COUNTER-ATTACK.
That the Polish armies have recovered their
re-
sisting power, have gained substantial successes in
the way of forcing back the Bolshvik military line
which was closing in upon Warsaw, and have at
least checked definitely the attempt to force the
city's immediate surrender, appears to be pretty
definitely established by the news.
Readers ;of
dispatches from a battle-front have, it is true, become more cautious in drawing inferences, after the
Europe
in another military struggle of a
life-
and-death sort was imminent. But we now know
that this possibility was never actually present.
The character of the news and rumor which has
come to hand in the past two weeks has doubtless
thrown some light on the causes of the panicky state
of mind which prevailed in London at the beginning
of the month.
The reasons for the alarm w^hich
then prevailed were manifest. England and France
disagreed- as to precisely w^hat action the AUies
should take regarding Poland or Russia. If either
government were to commit itself to intervention in
Poland with one of its own armies, then, so the German political authorities had intimated, the Berlin
government would not permit such troops to go
across Germany. There were vague reports, reiterated even this week at Washington, of a secret alliance between Germany and the Soviet government. The British labor unions were preparing a
manifesto, threatening a general strike which would
starve out the English
cities, if
the British ministry
Aug. 21
THE CHRONICLE
1920.]
were to engage in war on the Russian government.
Here was material enough to inflame the imagina-
But
the course of events
has proved that these were merely incidents which
did not bear on the actual situation.
London and Paris have resented the attitude of
one another's governments, openly and angrily yet
tion of the apprehensive.
;
each has coupled its criticism of the other with the
statement that the friendship and alliance of the
two governments could not be shaken. France has
gone no further than an impulsive recognition of
General Wrangel's anti-Bolshevik government in
South Russia and the forwarding to Poland of fresh
munitions and a few capable French officers. Nobody has proposed a movement of Allied troops
across Germany the purpose of sending English or
French divisions for actual military cooperation
with the Poles has been repudiated by all responsi;
ble speakers.
Lloyd George has held over Russia the threat of
direct economic
assistance to the anti-Bolshevik
campaign, but only on the supposition that Russia's
terms of peace would infringe Poland's independ-
As for the British labor unions, their
not make the public threat of ''direct
ence.
leaders
did
action"
until after Lloyd George had publicly declared to
Parliament that the government had not intended
in any case to do what the Unions were to prevent
him from doing. That is to say, the labor leaders
uttered their ultimatum only when they knew perfectly well that they would not have to make it
good. But by so doing, they gave the British Premier a very great tactical advantage. The labor
union threat having been made public only at the
close of last week and after the government had denied the purpose ascribed to it, it was the quite inevitable sequel that Lloyd George should on Monday
have declared to Parliament that "any attempt to
dictate the policy of the government or Parliament
by industrial action would strike at the root of the
democratic constitution of the country and would
be resisted by all the forces at the government's
disposal."
So that the hot-headed labor autocrats
have received a flat and unmistakable defiance,
without any need for the apprehension which would
have followed, if the reply had been made by a
government intending to pursue the policy that was
1Z9
has very much to gain by
so conducting the negotiations as to invite the reopening of trade with Russia. Its case is not the
case of France in 1793, when the French people were
first solidified on the side of the Revolutionary
government through actual invasion of their country
by foreign armies resolved to put the Bourbons back
in power, and were next intoxicated by the glory of
lish independence,
their
own
and
it
generals' victories.
No
foreign
army
is at-
tempting to invade Russia or restore the imperial
dynasty, and of aM people in the world, the Russians
as we have known them in the past and observed
them during the recent European war, are the least
inclined to enthusiasm over military conquest. But
a similar weariness with war is, we imagine, the real
key to the attitude of every country in the matter.
To imagine Europe, now only struggling to its feet
from the prostration of a cruelly exhausting fouryear conflict, as deliberately preparing to invoke
even the possibility of another venture of the sort, is
to imagine the incredible.
OPPORTUNITY AND DUTY OF
Two
''THE PRESS."
incidents have served to turn attention to
"The Press": The Conference of Editors at Monand Senator Harding's address to a delegation
of Ohio Republican editors and publishers.
When
treal,
own duties in their own columns it takes on the nature of self-communion and
may reach to self-confession. Yet we deem it imeditors discuss their
portant to the public welfare that this go on. Only
by a full realization of opportunity, a keen consciousness of duty, can the pathway be made plain.
We are all as citizens in favor of the public school
as a great educational factor in democracy.
We
support it generously and more and more as a people we are coming to study its methods, to define its
purposes and limit its undertakings in the interest
of efficiency. But compare for a moment the educational influence of the Press with that of the
public school. The first is permanent, childhood,
youth, maturity, age all come under its influence.
Its breath is that of the human interests, its scope
the problems of the world. And it must be benefited by including in its discussions its material and
method, though that seemingly miglit better be
;
left to the readers.
The suggestion was made and to a degree indorsed
challenged.
In the meantime, there has at least been entire
lack of evidence either that the Soviets intended to
deprive Poland of its independence or that the Ger-
at the Montreal Conference that in the interest of a
man government proposed to align itself with Bolshevik Russia. What a German government would
like to do to-day, or may actually do at some distant
future date, in the way of cultivating political and
In so far as this indicates an interest
in tlie highest and broadest conceivable service it is
a good omen. But in our opinion it is neither practical nor desirable. It smacks too much of the diff useness of internationalism. It is too much like trying
It may shine with the
to bo all things to all men.
si)l('U(lor of world-crusading, but we may reasonably
ask for a rest from that for a few trying years at
And it is not practical because an editor
least.
plumped down in a foreign country unless he be a
superman cannot get his bearings before it is time
He will not in his position as exto come lionie.
economic relations with Russia as a counterfoil to
its unsatisfactory relations with the Western Powers, is perhaps debatable.
But the Berlin government knows better even than the Entente that its
open cooperation with the Petrograd dictators
would amount to its own surrender to the very faction in
Germany
wliich
is
trying to overthroAV the
existing Socialist regime.
As for Russia, the outside world is beginning to
realize that its government has troubles and perils
own to consider. Its insistence on guarantees
against renewal of warfare by Poland pending an
armistice is a perfectly natural move of self-protocof its
tiou.
But
it has nothing to gain except increasing
economic difficulties through the overthrow of Po-
"better understanding" between peoples there be
instituted an exchange of editors between leading
publications.
change-editor actually edit the publication to which
he is assigned, which will have an unalterable purpose of its own, and will be necessarily influenced
by its local environniont and its financial necessities, so far as these relate to prospering, by inde-
pendent services to
to look
upon
it
its
support.
A\'e
are constrained
as one of those gorgeous dreams
THE CHRONICLE
730
idea that "the world is growing
smaller" when in thought, activities, interests, and
needs and desires it is growing larger aU the time.
An editorial regime devoted to the welfare of any
one of the leading peoples of the earth will lose
nothing of its world-power and world-fame, its general educational purpose, by confining its thought
and discussion to that one people, and will find the
task sufficient to tax the ability and endurance of
born
of
the
the world until we perfect ourselves. Sacrifice
glorious and uplifting, but manifestly it cannot be
fit
—
is
continuous without becoming destructive. How inclusive are the questions then which should occupy
Is our own economic, commerthe American press
!
cial and political life so secure in its service that we
can leave the machine to automatic running and go
abroad to "adjust the affairs of civilization"? Power
not only begets selfishness but egotism. True wis-
dom
trembles before the vaster unknown. He who
would serve must seek, not lead or command. Humility has the savor of the fear of injury and evildoing.
How magnificent the domain of pure
thought in the American Republic! What more
glorious enterprise for our Press than the destiny of
the American people on their own soil, under their
any man.
Senator Harding offers
a
suggestive thought
in antithesis to this. He says: "... I
somewhat
want to turn your thoughts
to a service in our col-
one service for the American press,
not partisian, but patriotic, for which there is a call
to-day such as we have never known before. America needs a baptism in righteousness and a new con."
secration in morality
And further "Call it
reaction if you like, we need the old standards of
honesty, the lofty standards of fidelity. If I could
call for but one distinction, I would like ours to be
known as an honest people. We need the stamp of
common, every-day honesty everywhere." Then follows a bill of particulars calling attention to the undisputed effects of war. And then this: "No one
agency can render a greater service in holding to
the charted way than a conscientious and patriotic
American press. But it must remain free, utterly
free, along with freedom of speech, freedom of religious belief, and the freedom of righteous pursuit
it must be honest, and it ever must be rejoicing in
American nationality, which is our priceless pos-
There
umns.
[Vol. 111.
is
.
.
own
flag?
:
ON "GETTING BACK TO NORMALS
ought in all reason to be easy enough to understand what is meant by this phrase. True, it is used
in a political campaign to denote a condition and
declare. an intent.
True, also, that it is given a
partisan complexion by the sheer circumstances of
party contest. But it must be seen by all that in so
far as it denotes a disposition to return to the conception and practices of a limited government it
denotes to some extent a "change of heart" in the
party that now embraces it. For there is historic
proof that the Republican party was formerly the
party of a strong government, a government in its
Federal dominance not limited to a strict construction of the constitution, though it did not go so far as
to apply this to entrance into "entangling alliances."
So that it is reasonable to say from a non-partisan
viewpoint that the Republican party, seeing now
the excesses to which this unrestrained doctrine has
led in other hands, now acknowledges the error of
its way, its former advocacy of a strong Federal government, and would return not only from the present
foreign associations and entanglements, would forsake the present enlarged powers of the national
government and return to a strict construction of
It
session."
There may seem to some to be a latent indictment
of a "whole people" in this, but it is not so. From
petty profiteering to political plunder there is cause
to take stock of our public opinion in these days.
And yet are we not too indulgent with our own perceived faults? A railroad president has called attention to the actual mathematical support our
shippers may accord to the railroads in their new
endeavor by speedily unloading cars. We had a
sudden flare-up over the benefits accruing from
wearing old clothes, but are we practicing economy
and thrift to the limits of our means and population? A get-rich-quick scheme has suddenly collapsed with estimated eight millions and more liabilities (and here is exemplified the hidden evils of
the spreading-out process), a scheme which fattened
apparently upon the profits possible in foreign exchange, until its dupes placed their money upon the
assurance .that fifty per cent in forty-five days could
be paid to investors.
These are but trifles in the field of duty, but shall
we not find abundant "food for reflection" in our
own affairs? And now are we to be honest and independent in our consideration as citizens of this
League of Nations issue, or merely partisan? Are
we actually to perfect our tax system, or look with
indifference on the growing war-bills, on the selling
the constitution.
On the other hand the party,
the Democratic party,
which has done these things, loaded the Federal
Government with extra constitutional powers through
autocratic boards and commissions,
and carried the
nation overseas to unite in its civil capacity with other
governments to construct a machine to initiate and
maintain the future peace and international relations
of the whole world, was always the party of "limited
powers in the Federal Government" and "strict construction of the constitution."
And
if
this party
point to the exigencies of war as an intervening
cause, and in the same breath demands we shall never
"go back," demands progress which if it means anything means going on in the same manner and direction, as far as the civil policies of the
government
are
has forsaken its former principles of
of actual left-over supplies to States whose credit strict construction and has gone farther in advocacy
that we take is unproved ? And is it not plain truth of "unlimited powers" than the old Republican party
that the great war, however much or little it accom- ever dared to go.
We enter upon no controversy
plished, led us on so fast and so far that we failed with anyone in this statement
if it does not appear
to blaze the trees as we traveled, and now that we to fit the case to others, well and good.
We trj'' at
are compelled to come home find ourselves wander- least to rise above partisanship, in making it. And
ing round in a circle within sound of our own doors? others who reason along the same lines must do so.
The great and grave duty is to be honest with ourBut this is only one phase of the matter, fundaselves to live iu the light of facts and not seek to mental and broad, it is true, but not yet inclusive of
justify dreams and to realize that we cannot bene- the whole.
For life is something more to a people
concerned
it
—
;
;
'
—
!
Aug. 21
THE CHRONICLE
1920.]
731
unauthorized and unbridled work we
Now "normal" is not a necessarily destroy the Republic. War placed us in
contests and their results.
synonym for static. It does not mean lethargy, a predicament hard to control. War is over. We
We say of a man he has want our civil government back. We want it limited
inaction, repose or decay.
normal health. What do we mean? That his to its original intent and its vested powers. We
And
digestion and assimilation of food are sufficient for want realities, not abnormalities or idealities.
the tax labor lays on his body; that his outlook on if we do not thus "return to normal" we are lost!
unduly
life is calm, confident, clear, he does not
mind;
exult,
he
is
equable
in
his
frame
of
despair or
UTILITY INVESTORS SHOULD ORGANIZE.
in short he is neither a sick man nor a crazy man
Investors and managers of the steam railroads of
and master of himself he is master of conditions and the country have set a very valuable example for
destiny so far as these are permitted in the nature of those interested in utility companies. For years the
than government,
something more than
Normal, then, means
things.
political
regularity of function-
ing according to invested powers.
Now
apply this
government. It means exercising those delegated
powers of rule which are directed by law and result
Is it not so ?
alone from the consent of the governed.
There is here no privilege for that excessive appetite for power which is forever transforming a constiThere
tutional government into an autocratic one.
interno
constant
here
excuse,
sanction,
for
is
no
ference by restrictions with the daily life of the people, the life by which they live and must live, whether
it be by the use of labor or of capital, separately or
There is here no warrant for a
in conjunction.
government of consent doing anything anywhere
which has not first been decreed by that consent.
And passing the necessity and right of engaging in
the late war, we are bound to make this emphatic
and distinctive by saying that as far as the civil
policy of the Government is concerned this means
that "making the world safe for democracy" first
and holding a "solemn referendum" on it afterwards
to
unconstitutional or at least extra-constitutional
is
and does not denote the "normal," or the regularity
of functioning.
Now
the "normal", this regularity of
life,
within
its
necessary and natural powers and duties, must have
in it all the progress possible to a people, and has
always had. No government that is democratic,
a representative democracy as is ours, issuing
of
the people and becoming and being their
out
servant, can confer upon the individual (in office or
out of it) powers of dominance and ascendancy over
his fellows save those which occur through the exerthat
is
normal
independent of government.
This is of the essence of our political belief. We
abolished primogeniture, we do not allow the becise of
activities
a representative of the people in
office may not receive gifts or emoluments from a
foreign power, no executive can engage the nation
in war (save limitedly in defense) without first the
declaration of Congress; he can complete no treaty
he is empowered to negotiate without the consent of
the Senate; no executive can make or judge a law,
no legislator can execute or adjudicate one, no Federal
Judge can execute a law or make one; all limitations
And our government is known by its limitations
these give it character and stability.
And these
limitations therefore denote the "normal."
And up
to the present decade all the "progress" we have
ever had, all we ever aspired to have, was inside
these Umitations, inside the boundaries of the normal.
It follows that it cannot be progress to disregard the
normal, to destroy limitations of government, to do
violence to strict construction of the constitution,
and to engage in extra-governmental undertakings
outside the regular functioning of the Republic.
If
we do so, and claim the right to go on in the course
the same direction there is nothing we may not do.
stowal of
—
m
titles,
But
in
this
attitude of the public had been adverse toward the
steam railroads, a condition which probably accounted for the action of the Inter-State Commerce
Commission in persistently refusing to afford adequate relief to the carriers while enforcing all manner of exactions against them. But the Commission
has now changed, as evidenced by the recent decision granting to the carriers an increase in freight
rates and passenger fares, which it is estimated will
swell the annual revenue of the railroads one and
one-half billions of dollars, albeit forty per cent of
the
amount
will be required to
meet the advance in
wages of railroad employees. Not only has the
Commission reversed its position, but there has evidently come over the public a like change in sentiment, as the increases are taken philosophically and
when the applications were pending they were not
forcibly combated as had been similar applications
in former years.
These remarkable changes were largely due to
organized effort on the part of the management of
the railroads and representatives of the owners of
securities amounting to $20,000,000,000. Executive
officers of all the steam railroads appointed a committee of which Mr. T. De Witt Cuyler of Philadelphia was chairman. This committee held frequent
sessions, giving full publicity to
ings.
It
aU
of its proceed-
employed able counsel to press the claims
Commission. It adver-
of the railroads before the
leading publications
throughout the country, setting forth the need of
the carriers and the advantages to the public of providing the companies with adequate means so that
they might properly function. This was educational
and unquestionably had its effect upon the public
mind.
S. Davies Warfield, of Baltimore, was instrumental in gathering together in an organization
which he styled the National Association of Owners of Railroad Securities the owners of five billions of railroad securities, nearly one-third of
Mr. Warfield proceeded
the total outstanding.
to circularize investors and the public, presenting
interesting facts about the transportation comtised
freely
in
all
of
the
panies and some able arguments in their behalf,
first in opposition to government ownership and in
favor of a return of the properties to the private
owners and later in favor of a larger return to the
carriers.
Results
of
these
persistent
efforts
have
been
In the face of the plea of the
former Director-General of Railroads, Mr. McAdoo,
and of Mr. Hines, that Government control should
continue for a period of five years. Congress and
the President were induced to return the properties
to their owners on March 1 last with a continuance
of the Government's guarantee as to revenue until
September 1. The second point, an increase in rates
liighly satisfactory.
THE CHRONICLE
732
also successfully advocated, winning
a favorable decision by the Inter- State Commerce
and
fares,
was
Commission.
These achievements by the persons interested in
steam railroads illustrate what may be accomplished
by means of organization and united effort. There
will be other problems to meet and solve and it is
important, therefore, that the Association of Railway Executives as well as the National Association
of
Owners
of Railroad Securities shall be kept in-
tact for future emergencies.
Investors in public utility securities labor under
the disadvantage that they cannot make a united
appeal to one central body, such as the Inter- State
Commerce Commission.
Most
utility
companies
conduct an intrastate business and are therefore
subject only to supervision by the authorities of
the State in which their property is located. There
is, however, a national interest in every utility corporation of prominence, because its securities are
widely scattered and are held by investors residing
The utility companies comin numerous States.
prising corporations operating trolley roads, electric
light and power plants, gas plants and water supply
plants, have many things in common, although their
business is widely scattered. A national association
of utility investors with groups in the various
States, if forcibly and ably conducted, might accomplish for the utility investors a great deal of goorl.
companies became so
serious when it was revealed during the war that a
National agency had power to compel corporations
to increase wages but lacked authority to provide
increased revenue to meet the greater operating
costs, that a commission was appointed by the
President to study the subject and make recom-
The situation
of the utility
Charles E. Elmquist, of Minnesota,
Considerof this commission.
taken, but the report of Mr.
Elmquist has not yet been made public.
The Investment Bankers Association of Amerwhose members make a business of marica,
keting utility securities, is taking a deep interest in public service securities and in the problems which the utility companies have to solve.
Such questions will undoubtedly receive much attention at the October convention to be held in Boston
and it may be found to be practicable that the investment bankers shall form the nucleus for a national association to press the claims of all utility
investors. There is a very recent encouraging example of what may be accomplished through concerted
mendations.
was made chairman
able testimony was
A
few months ago managers interested in
artificial gas plants met in this city and discussed
the advantage to the manufacturing companies of
changing the standard of gas suppled from candle
power to British thermal units. The desirability of
the change so impressed the delegates that upon
their return home they at once undertook to bring
about the change in standard in their respective
communities and they have already made great
action.
progress in this respect.
Something should be done to improve the credit of
the utility companies whose plants must expand in
order to keep pace with the growing demand caused
by the increased population of nearly all towns and
cities as shown by the census reports and the way to
achieve the desired end clearly is through organization, cooperation and united effort.
Public sentiment is apparently now in an amicable mood, which
[Vol. 111.
make
the task less difficult if it is entered upon
and investment bankers are a latInvestors
at once.
ent force in every community of importance and this
latent influence ought to be made potent for good.
will
THE "SUFFRAGE" CAUSE WON.
branch of the Tennessee
legislature, on Wednesday, adds the thirty-sixth
State and completes the necessary three-fourths for
The action
of the lower
ratification of the suffrage
was only by
amendment.
The vote
a small majority, after six to
one in
the upper branch, yet the reconsideration threatened is unlikely. Under the State constitution "a
convention or General Assembly" is forbidden to
act upon any amendment of the Federal constitution
proposed by Congress, unless such body has been
elected after the submission of such amendment.
But the Supreme Court decision in a case involving
a similar point seems to establish that the constitutional provision concerning ratification cannot be
obstructed or limited by any provision in a State
constitution as to the powers of a legislature. The
plea that no legislature has a right to act on such
grave subjects until the people have had opportunity
to give an expression of desire will doubtless be left
as academic, along with the other plea another echo
of a seemingly vanishing doctrine of sovereignty
—
—
that this is a matter exclusively for
State decision.
The long struggle is thus ended. It has been indeed long, for it is now 66 years since Susan B. Anthony began her agitation for sex equality before the
in the States
42 years since the amendment, now
adopted exactly as she wrote it, was offered to a
The
Congress that would not even consider it.
House adopted it about two and a half years ago;
the Senate adopted it about fourteen months ago.
Action in the States began with Illinois about a year
ago. Eight States, all of the South, have definitely
rejected it; North Carolina has just put the subject
over; and in Vermont and Connecticut special sessions on the subject have been refused. The amendment forces female suffrage upon the twelve States
which have not ratified. It does not say, in terms,
that women may vote, but that "the right of citizens of the United States to vote shall not be denied or abridged, by the United States or by any
State, on account of sex." If a woman is "a citizen
of the United States," she cannot be debarred because of her sex.
This result has been reached in the most proper
and most wholesome manner, by gradual and succes-
law, and
it is
which now force upon some
unwilling or still hesitant commonwealths a change
that a majority had separately adopted. The causive action of the States,
tionary objection that suffrage can be enlarged but
cannot be withdrawn after once granted remains,
but as a proposition useless to discuss. Political
equality of the sexes was bound to come, being only
the completion of changes which have carried women
into business of nearly every kind once solely in
the hands of the male; the great war, which could
women, broke down
barriers and thus hastened what was in-
not have been
the last
evitable.
last
won without
Some
of the
the
men who
stood out to the
of inconsistency
must have recognized a degree
in their opposition, for they willingly conceded the
vast concern and the right of expression in women
on educational and such "social" problems as liquor
and gambling, but these conscientious opponents
Aug. 21
1920.]
THE CHRONICLE
feared the hazards of so many and so sweeping
changes in a time of such upheaval. Yet they have
been overborne by the movement, and they accept it
as irreversibly accomplished.
On the basis of the 1910 census, the
women
of
voting age are estimated at 26,883,560, against
577,690 men, the latter preponderating in all States
except Massachusetts, Rhode Island, and the two
Carolinas. There will no difficulty in ascertaining
the numbers of women registering and of those voting (in all States where registration is used) but
it will remain impossible to know how they have
voted in the past, or how they vote hereafter, unless
29,-
in the very unlikely event that the sexes are treated
separately. What effect has been and will be ex-
and
the quality of our legislative and executive work is
and must remain a matter of estimate and faith,
colored according to the temperament of each individual who conjectures. The forebodings about the
effects upon woman and the home probably have
little foundation; the two ends of the breakfasttable will in all likelihood differ on political as upon
other matters, and probably as near to amicably as
ever the most reasonable forecast is that the women
will divide, much as the men do, and that the size
and expense of elective operations will be increased
without very marked changes in the average results.
We may justifiably hope the results will gradually
improve by the increased participation, yet while
each party tries to pose as the older and more powerful political friend of the sex and tries to forecast
advantage for itself in November, the present outlook is that the result, now eleven weeks ahead, will
erted
upon the character
of our elective results
;
not be
much
There
are,
affected.
however, some hazards in the inexperi-
party commenced to lay court to the women by
trying to draw them within. But when, not very
long ago, Chairman Will Hays was asked what the
Republican Party had to offer to women, he made
the comprehensive, complete, and wholly admirable
answer, "the same as it offers to men." Nothing less
could be granted, and nothing more could be demanded. Sex equality politically has been the demand since Miss Anthony first made the challenge,
and it is now granted more cannot be given without
injury, and more cannot be demanded without stultification.
Women are in business of substantially
every nature. They are officers of financial institutions.
They are "right hands" for captains of industry and trade. They are successful and honored
in the professions.
They are numerous and busy
in medicine; a little, formally, in the pulpit; quite
considerably at the bar they have reached the bench
as well; they have made a first entry into legislative halls here and there, even in Washington there
is no door still closed to them which can long stay
closed. They have their "equality" and can demand
nothing more. It is now for them to justify and
enlarge themselves, in politics and governing, out
in the country as in the home.
They have a title to every benison, all reasonable
faith, and every possible aid, and should neither turn
from nor look askance upon any. Men and women
have been partners, and now the partnership broadens. The anti-suffrage women should quietly accept
the vote which they did not want but is now pressed
upon their hands. Let them use it wisely, and try
to cause all the best of their sex to do the same, for
the country needs the best from all its best an,d let
all thinking men and women try honestly to work
together for the leavening of our sadly-sodden
;
;
;
;
women and in their more emotional na- "lump"
They may be somewhat more readily deceived
ence of
tures.
by partisan humbuggery, and perhaps the result in
1916 may have been decided by the effect upon them
of the foolish "kept us out of war" cry.
They may
be liable, at least while new to voting, to act with
their feelings rather than their judgment. The case
of the senior Senator from this State is an instance
in point, for, although the question of Mr. Wadsworth's comparative fitness in general is a fair one
for all voters to determine, to punish and "get even
with" him for having conscientiously opposed the
amendment savors more of spite than of judgment
and is unworthy of the newly-enfranchised sex. Cannot the women see that to oppose him, for that reason, is a misuse of their new power and goes toAvards
justifying the men who remained to the last among
those on whom some feminine scorn was turned as
"antis"?
There is, of course, the danger that the women
and surest to vote will be those least fitted by
first
and character. AVere it possible to admit only the fittest women to the polls and to offset
their number by excluding twice as many of the unfit men, we might liave a change at present ideal;
but democracy must continue by a count of noses,
and our only means of bettering its results is by a
gradual improvement of the remainder of the head.
There is, also, the danger that women may be more
intelligence
733
of politics.
WHAT AMERICA HAS BEEN DOING
IN THE
NEAR EAST.
Peace Treaty by Turkey gives
opportunity to look behind the veil of war and see
something of what America, or at least Americans,
have been doing that is worth while, though officially we have stood off and refused to do anything.
It has been known that from the outbreak of the
war in its most cruel and merciless forms individual Americans, men and women whose names were
known to few, and whose life work was hardly
known at all, refused to heed the call to abandon
their posts of danger and return home. They were
simply "missionaries," preachers and teachers scattered up and down through the Turkish Empire,
where for nearly a hundred years they and their
predecessors had established in the form of schools,
colleges, hospitals, churches and mission stations,
little centres of light in a once rich but now a dark
and down-trodden laud. jMassacres liad occurred
which shocked the world. Occasional assassination
of the missionaries had caused international comHatred, gradually
plications with small result.
The signing
of the
amoiidnuMit
giving place in individuals to personal respect, was
always near the surface of the Turkish world about
During the war stories of the heroism of
them.
both men and women in saving the lives of their pupils or converts and even rescuing the remnants of
groups of their girl students carried off by the Turks
esca])ed the censors and increased the wonder that
they did not themselves return home when Ihej'
result
could.
generally unionized, and may be led into seeking
their opportviuity and "turn" in politics and driving
for special grants to their sex.
When the State
was carried in New York, in 1917, the
was not three days old before bosses in each
734
THE CHRONICLE
[Vol. 111.
The persistent and labored efforts of their friends
to reach and aid them have forced some attention
at home, but have seemed futile, if not foolish, to
have rendered assistance to the Ajerbaidjan-Tartar
nation, to the Syrians, to the Greeks, to the Georgians and even to the British Military Government
many
in
in view of the hopelessness of the situation in
the Turkish Empire, even though the war was regarded as over. Wholesale massacres with the destruction of schools and mission stations have been
Batoum.
"We have employed 25,000 people as guards of
the railroads; R.T.O.'s, industrial workers, clerks,
port operators, etc. I have been the connecting link
between all these new republics and the Peace Con-
renewed; some broken-hearted and worn Americans died at their posts, and some quite exhausted ference. We have organized neutral zones to setreached home only to die, or when recuperated to tle border disputes and maintained them with Amerinsist upon going back, though to do so involved a ican army officers as governors.
journey around the world, or waiting weary months
"We have repaired and opened railroads, and, in
in the Eastern Mediterranean.
fact, there is nothing we have not done.
We have
We begin now to get glimpses of what has been fed the undernourished children of Armenia and
accomplished by individual Americans while as a Georgia with donations from America from the
nation we have accepted no "mandate" for Armenia Commonwealth Fund to the extent of |750,000 we
and have refused responsibility for what might be have distributed millions of dollars' worth of relief
going on in Turkey. The presidents of the leading supplies, and have imported and have distributed to
colleges, Gates of Kobert College in Constantinople, the starving of Armenia nearly 75,000 tons of wheat
MacLachlan of the International in Smyrna, Riggs flour alone. We have obtained seed for the spring
of the Euphrates, in Harpout, and Bliss of the planting from the Kuban, brought it in ships to BaAmerican University in Beirut, the fire in whose toum, issued it to the people, furnished them imgreat heart, alas, burned out in the effort, came to plements, and started the propaganda for planttell us how their doors have been kept open and ing, with the result that Armenia has planted over
their halls are to-day crowded with students of some 100% more cereal than ever in her history.
thirty different nationalities eager to be taught by
"We have tried to be constructive in our relief
the American professors whose ability and good- will work, helping the people to help themselves. We
are public fame. In their halls these students learn have cared for 250,000 to 300,000 Turkish-Armenian
to live with mutual respect and some understanding refugees, superimposed upon the Russian population
of a common human brotherhood.
that was already destitute.
Meanwhile the recently organized Committee of
"Our medical department has succeeded in preCooperation on American Education in the Near venting, for the first time in years, any epidemic
East reports the existence in that area, of 564 pri- during the year, and no Armenian or other National
mary and secondary schools with 31,329 pupils, 135 in Trans-Caucasia, has been neglected from a mediAmerican and 1,079 native teachers; and 12 col- cal standpoint, nor has any case of actual starvaleges with 4,572 students with 165 American and tion come to my knowledge since last August.
200 native teachers, and a property owned by these
"We have encountered great opposition and have
American colleges valued at |4,078,136. In addi- had to evacuate personnel on account of Bolshevik
tion the Near East Relief operates more than 40 uprisings and have had to deliver supplies at times
orphanages with their special educational training across two hostile fronts; but we have succeeded
courses. This is simply the educational work, quite in putting it over somehow by our pressure, and, if
apart from the many forms and the extent of the I can carry the Armenians and others until this
specific work in the hospitals and industrial and re- harvest time, I shall consider that I can turn over
construction departments connected with the mis- the future work on a much reduced scale, to some
sions.
civilian mission, and return to the United States
Now comes testimony of quite another and very for a much-needed rest.
noteworthy kind. Something more than a year ago
"We have not been supported in our work by a
a colonel of the American army with a small per- single soldier and that in a country where the peosonal staff was left by one of the Commissions of ple recognize only force, and where they will promInvestigation to see what could be done in the ise anything, and carry out nothing. There is no
Trans-Caucasian region.
We are permitted to assurance of anything, either the possibility of congive the story of his year's work as told in a letter tinuing work beyond a few days hence, or one's perto a friend. It is to be remembered that he had no sonal safety."
national authority and not a single soldier, and was
This is a story that carries its own moral and
stationed in the most turbulent and unapproach- points to its own application. From the day of the
able part of the Near East. He writes
first relief work inaugurated in Belgium to to"I presume it would be about correct to say that day, in the whole area of the war, from Dantzig to
my mission in Trans-Caucasia is the government of Tiflis, while the nations have been struggling to
Armenia and the Supply Department of this part of make peace a reality and to reopen the ways of
the world. I have modeled an organization after normal life to a stricken world, individual Amerithe army pattern, with a Personnel and Record Sec- cans, tarrying for none, have been quietly doing
tion, an Intelligence Section, an Operating Section, philanthropic and reconstructive work like that here
a Supply Section and a Financial Section. We have described Avhich has saved a myriad of lives and put
actually fed the whole Armenian nation since last new heart into despairing peoples.
July have managed their railroads and port operaWith no other reward than that of having done
tions; have made their contracts with neighboring the work committed to them they are now beginning
governments; have rationed their army, obtained to retire to private life. As their story comes to
their ammunition, stopped their wars; built up re- be known it may be that an honor and an influence
lief institutions throughout their country, and kept will be won for America more worthy and better
their relations straight with their neighbors.
We established than that for which political conven;
;
;
:
;
Aug. 21
THE CHRONICLE
1920.]
735
Again on April 7 a sudden
slump in the market forced the Osaka and Xagoya,
as well as the Tokyo exchanges to close. With the
decline of the stock market came an important drop
FINANCIAL CONDITIONS IN JAPAN— CAPI- in the prices of silk, cotton, and other commodities.
TAL AND LABOR.
On May 10 the stock exchanges reopened and busiproand
which
Japan,
attacked
panic
acute
The
ness has since been going on more steadily. It is
duced a widespread disturbance in the Far East dur- only fair to remember that Japan's speculators and
ing last Spring has subsided, but financial, social not Japan's credit, business and industries, have
and political affairs have by no means yet assumed been the chief sufferers. In this way we must ina settled or even temporarily secure position. Dur- terpret the words of the "Japan Advertiser," edi"The funeral knell of war prosing March, April and May, Japan was passing tion of April 13
New
in
Commissioner
her
Financial
what
in Japan was sounded
perity
profiteering
through
and
York graphically described as "the throes of a dras- when, on April 7, the entire Japanese business world
A brief review of the was seized with a panic, f olloAving the difficulty of
tic financial readjustment."
causes operative in producing this condition cannot a big bill broker, who has offices in Tokyo, Osaka
be without interest to American business men. The and Kobe, to meet his obligations."
first point to notice is the enormously rapid finanThe problem arising out of the changes in the last
cial advancement, especially in foreign trade, of five years as affecting the labor conditions, and the
Japan since the year 1915. During the five years adjustment to the new conditions of the relations
ending Dec. 31 1919, the exports, including the for- of capital and labor in Japan are likely to be much
eign trade of Formosa and Korea, rose to 7,734,392,- more lasting and difficult of permanent settlement
000 yen, and imports reached 6,519,895,000 yen, than the disturbances due to excesses in speculation
making an excess of exports over imports, 1,214,497,- and the iniquities of the stock exchanges. Since the
000 yen. Comparing these figures with those of the beginning of the war more than 4,000 new factories
five years previous to 1915 we find that the exports have sprung up in Japan, employing nearly a half
have trebled and the imports have doubled. Thus million new hands. And although considerable adthe receipts of Japan from foreign trade during the vance of wages has been made in most cases, it has
last five years largely exceeded the total amount of not equaled the advance in the cost of living, even
her foreign obligations for the last twenty years. upon a simple diet of rice and fish. It is not strange,
The national balance outside of exports during the therefore, that the Japanese laborers have thus far
same five years has exceeded the excess of exports, devoted their efforts to the increase of wages rather
so that the total national balance has been more than to the lessening of hours. In most of the leadthan three billion yen.
ing industries the number of working hours is
Now to offset this rapid influx of foreign capital cruellj^ oppressive. For example: In spinning
the Japanese Government and certain private inter- twelve and one-half houi's for 316 work days in the
ests invested in Allied and other countries and paid year are the average, and in weaving the same numtions are contending
are in sore need.
and for which as a nation we
for readjustments.
:
extent of 2,300,000,000
yen but this left at the end of last year nearly two
billion yen in domestic gold reserve and foreign
credit.
As a result of this sudden increase of capital, Japanese currency became abnormally inflated,
the deposits in the banks were swelled proportionately, and all kinds of investments, comparatively
sound and scandalously speculative, were boomed
inordinately.
In less than five years the totality
of investments increased fourteen fold, and in one
month from January to February, 1920 there
was an increase of one billion yen.
In Japan the control of speculation is more difficult, and all even honest attempts by government
influence less successful, than in this country. This
is chiefly due to the shabby character of the organization of the Stock Exchange. The Stock Exchange is organized as a joint-stock company and
not on the membership plan, as in this country;
and delivery may be extended as long as three
months after the contract is made, instead of settlement being required on the following day. All this
makes the control of speculation much more difficult; but tlie particular efforts made to improve
the system have thus far been successfully resisted
by those in a position to profit by continuing the old
way.
off foreign obligations to the
;
—
—
was about the middle of January when the
fears of the more cautious financiers began to be
realized. The market Avas flooded with all sorts of
securities, and prices began to decline.
On March
15 the decline became so sharp that the Tokyo Stock
Exchange was obliged to close for two days to allow
It
ber of hours for 302 days in the year.
With the labor problem the population problem in
Japan is, of course, most intimately associated.
During the two and a half centuries preceding the
Kestoration, Japan's population increased very
In 1846 it was only someslightl}', or none at all.
what under twenty-seven millions. But since that
time the population has nearly doubled; and what
is not generally understood, the percentage of agricultural land is much smaller, and the percentage
of mountainous land is much greater, than in the
greater countries of Europe.
Since the business depression became acute the
number of the unemployed has been rapidly increasing in Japan. During the month of May over 50,000
hands were discharged and nearly 10,000 went out
on a strike. The greater number of those discharged and so left unemployed were the women
weavers. All the weaving factories in the Osaka
Prefecture were at one time closed on account of
the financial depression and the lack of sale for
their manufactured goods. The dismissal of many
thousands at the same time has caused a great
amount of severe distress among them and among
those dependent upon them.
The growth of interest and intelligence in the relations of capital and labor lias emphasized its importance in Japan by the formation of labor unions
and leagues. According to the authorities of the
Home Department about one hundred such associaUntil recently,
tions have already been formed.
however, the employees in the government factories
have kept themselvs aloof from such organizations.
THE CHRONICLE
736
[Vol. 111.
But during the past few months plans for their trade of India. Before the outbreak of the war the
organization have been making i)rogress. It is not value of the imports from Japan was only £3,000,000
yet entirely clear what the final result of these ef- sterling, as compared with the £78,000,000 sterling
Their three principal avowed aims from Great Britain. But during the later period
forts will be.
are:
(1) That a Department of Labor be estab- the value of the Japanese imports had risen to
lished; (2) That an eight-hour schedule be enforced
(3) That their Labor Union be officially recognized.
In an article in the "Asian Eeview," a new publica"The hartion in Tokyo, Baron Shibusawa writes
:
monious co-operation of capital and labor is of jjaramount importance for national industrial development as well as for the maintenance of social order.
The relations between capitalists and laborers in
Japan are not so seriously compromised as in the
West, yet even here the remarkable development of
.
.
£22,000,000, while the value of the imports from
Great Britain had sunk to £51,000,000. The principal articles imported from Japan are cotton
cloth, which accounts for nearly 50% of the whole;
silk manufactures are 6%, matches 4%, and iron
and steel cutlery, bronze, copper, chemicals, drugs,
paper, machinery, tea cases, paints, wool manufactures, cement, woodenware, toys, earthenware, stationery, tools and toilet articles make up the rest.
In general, the increase of imports in excess of
exports is the feature of Japanese foreign trade
during the first six months of this year. According
to the recently issued official returns, the volume of
trade with the Asiatic Continent at the end of February was given at 156,850,000 yen of exports and
Compared with the
205,350,000 yen of imports.
corresponding period of last year this showed an increase of about 14% in the value of the exports,
and an increase of about 33% in the value of imj)orts.
In China proper, however, the exports exceeded the imports by about 20,000,000 yen. In
Kwantung, British India, and the Dutch Indies, the
our industry has lately given rise to grave difficulties and strikes, producing a condition in which public safety is not secure. Moreover, the change of the
times and the newly-born consciousness of the
masses do not permit us to expect the prevalence of
a feeling of solidarity and interdependence between
capital and labor by simply following the old customs."
In practical connection with this problem the
growing liberalism of opinion in Japan, some of it
sensible and reasonable and some of it extreme and
dangerous, as is the case in this country, and the
relative loss in popularity and influence of the so- reverse was quite decidedly the case.
Notwithstanding the recent decline in the shipcalled "militarist class" are powerful factors.
The revenues of the Japanese Government for the ping interests, it is reported that the assistant genfiscal year of 1919-1920 are highly promising and eral manager of the China Pacific Co., which has its
in marked contrast with those of Great Britain and headquarters in Portland, Ore., has visited differeven of this country. By the end of February it had ent ports in China and Japan, for the purpose of
reached a gain of some 260,000,000 yen over the same establishing branch offices and agencies.
period for the preceding year. The largest gain was
The visit of American business men to Japan,
with the income tax. This amounted to somewhat which was given there the name of "The Vanderlip
over 45,000,000 yen. The gross increase is indeed Mission," undoubtedly did no small amount of good
not large; but a considerable balance of extraordi- by way of clearing up misapprehensions and estabnary revenue was left over from the last fiscal year, lishing friendly relations between those interested
due mostly to the sale of state properties and the in the social as well as the trade relations of the
war-profit tax. The most marked decreases were two countries. It amply confirmed the opinion of
in the war-time overseas insurances and in the sub- the writer, which is based on a rather unusually inscriptions to public loans.
timate and long experience with the Japanese peoThe shipping interests and foreign trade of Japan ple, that no other nation is more ready for frank
have on the whole rather seriously declined during and friendly intercourse, even though critical, and
the past year.
To the earlier cause, which was for fair and honorable efforts to adjust difficulties,
largely the desire to prevent charter rates from suf- even when they involve rather embarassing confesfering a serious decline, later many ships were
forced to lie tied up to dock for want of cargoes. On
the European run there came to be scarcely enough
cargo to
financial
fill
the hold of regular liners.
slump shipments
OAving to the
of coal, beaucake, lum-
ber and other commodities decreased.
Freight rates
greatly declined. While there was so little demand
for tonnage, a number of ships were released from
old contracts. Even some of the larger firms found
it difficult to operate ships under their charters,
sions
and concessions. Indeed,
if
we were equally
of
that disposition, the problems disputed and in need
of adjustment between us and the Japanese could
quickly be settled. The questions discussed between
the visitors and their hosts were such important
and burning ones as Immigration, the China loan,
the treatment of Shantung, Siberia, Korea, Manchuria and Mongolia, and co-operative enterprises,
such as a marine cable between America and Japan.
As a matter of fact, "never has any body of visitors
ships the owners to Japan without official status been so royally en-
and by tieing up some of their
hoped to reduce the wages and allowances to sailors, which had been so greatly increased during the
war.
A
consular report from Bombay affirms that the
"astounding" increase of imports from Japan is a
special feature which "calls for attention in the wartime trade situation in India." Returns recently
published by the Indian Government show that the
volume of imports from Japan has doubled every
year since 1914-15. The value of the imports for the
year 1918-19 is eight times that of the year 191415. Japan now holds the second place in the foreign
and few indeed are the visitors of any
rank or connection who have loomed so large in
the day's news as have Mr. Vanderlip and his assotertained,
ciates."
The American Memorandum testifies to the
candor and frankness of the Japanese members
throughout the discussion, and the opportunity afforded for propounding any questions which the
American people might wish to have answered, that
threw any light upon the important problems
brought up in the conferences. This, which is the
most impressive and influential of a number of
*
Aug. 21
THE CHRONICLE
1920.]
similar "missions," has emphasized anew the impression which has as yet scarcely dawned on the
American people namely, how much better it
—
would be for the understanding of one nation by
other nations, if the really fair and liberal-minded
laymen could be substituted for the average politicians and the press controlled by them.
Of the various special forms of industry which
have been notably affected by the general conditions prevailing during the last half year in the
Far East, the chemical trade is certainly one of the
most important. How Japan has become a powercompetitor for the chemical trade of the East,
and is stretching out its hands to the West, is clearly
shown in an article by the well-known expert, O. P.
Hopkins of "Washington, in a recent number of the
"Journal of Industrial and Engineering Chemistry."
The greatest favoring factor to this industry in Japan is, of course, the lower cost of labor. Labor
costs are not relatively so high in chemical as in
some other forms of industry. In spite of the increase of wages since the war period the labor cost
But,
is in Japan much below that in this country.
on the other hand, the supply of technically trained
men is altogether inadequate, although a good many
foreign engineers have been induced to come in.
Irregularities charged upon the exporters, effecting
the sales in the foreign markets, have also injured
the reputation of the Japanese products and so the
ful
permanent success of the business.
The match business, which had become so flourishing in Japan, has of late been very hard hit, inThe foreign trade has been
deed almost killed.
almost completely cut off, and the policy of keeping
up the prices and closing the factories against the
overproduction, has not been operative to
improve the situation. But the decline in the price
of stick and in the demand for it has more than
equaled the decline in demand for manufactured
matches.
The export of toys which, since the outbreak of
evils of
war had expanded from
4,500,000 yen to more
than 13,000,000 yen, seems to be fairly well estabthe
737
most successful banking institutions in Tokyo was
a woman. She died last year, leaving part of her
large fortune to the cause of female education. The
Suziki firm, which has a branch located in Seoul, is
also a woman. The widow of a struggling hardware
merchant in Osaka managed her husband's business
during the war so successfully that she became one
of the richest persons in that commercial city.
The commercial and social interests of the Far
East, and especially of Japan, and the relations of
the rest of the world, and especially of the United
States, to Japan, are just
now
with the action of Japan in
its
The horrible
chiefly concerned
relations to Russia.
atrocities of the cruel
and ruthless
ty-
rants that have control of Russia in Europe, that
are advancing upon Poland, and, joined with the
Turks, are overwhelming the Caucasus regions and
gathering for the invasion of Persia and threatening
the British
Empire
in India, that are actively
and
with no small success propagating their theories in
Poland, Germany, and even in France, Great Britain, and this country, is reasonably much apprehended for its evident determination to extend its
control over the Far East. In the Far East there
is no other powder but that of Japan to oppose this
determination with the slightest hope of success.
In the horrible ruin wrought upon Nikolaievsk by
the "Reds," according to official reports, no fewer
than 750 Japanese were massacred. The avowed
purpose of the Soviet Government is, when they
get through with the Poles, and force some arrangement with the Entente powers, to turn their army
upon Siberia and their propagandism upon the Far
East, especially upon China. Does not the hope of
the saving of civilization from its threatened wreckage warrant the hope that Japan will act with a
wise regard to these interests rather than with any
semblance of fear for the effect of protests from
this or any other foreign government?
George Trumbull Ladd.
AND NET EARNINGS FOR
MONTHS ENDING JUNE 30.
RAILROAD GROSS
THE SIX
we
be called upon to
Perhaps the most important thing of this sort to record a poorer statement of net earnings of United
notice at the present time is the climbing of the out- States railroads for any period of six months than
put of Formosan sugar. The total yield for this sea- that for the first half of the current calendar year
son is roughly estimated to be something like 1920. Rising costs of operation induced by wage
3,700,000 piculs [1 picul equals 1331/2 lbs.].
The increases, advancing prices for material, fuel, supsugar companies are now engaged in planting plies and everything else entering into the operating
young canes for the next season. The high prices accounts of the railroads, and by heavy extra exof last year have had the effect of the companies penses arising out of special unfavorable circumtaking measures to urge the cultivators to enlarge stances of one kind or another have been a feature
their plantations; and the increase of acreage and of railroad affairs for many years, but in 1920 the
the establishment of new factories are expected to movement, unquestionably, may be said to have
make next season's crop notably larger than ever reached its climax and its apex, since the rate inbefore.
creases authorized by the Inter-State Commerce
In Korea, too, one curious sign of commercial am- Commission after the close of the half year (that is,
bition is the founding of a corporation composed en- in July 1920) being of substantial magnitude, both
tirely of Korean women. It will carry on a business absolutely and relatively, should tend in considerable
in the sale and purchase of clothes, toilet articles, measure at least, to restore the old equilibrium beshoes, and other articles used by women and in tween gross revenues and operating expenses, thereby
domestic life. It will also have a sewing depart- removing what in prior years was a decided anomaly
ment. The principal aim of this enterprising ven- but what in the first half of 1920 became almost the
ture is declared to be "the promotion of the com- rule, namely the failure of roads to earn their bare
fort of living and the training of Korean women operating expenses.
in economic knowledge and experience." In Japan
The railroads remained under Government control
a considerable number of women have been emi- only during January and February, after which
nently successful in the conduct of business enter- under the provision of the new Transportation Act.
prises of large proportions. The head of one of the they were again returned to private management and
lished.
It is not likely that
will ever
—
—
THE CHRONICLE
738
[Vol-. 111.
granted to it under
During both the first two months and the exercised the emergency powers
Transportation Act and undertook to reguremaining four months the roads had many special the new
distribution of cars without regard to ownerunfavorable features to contend against, aside from late the
operation.
of the
the fact that the adverse trend arising out
growing cost of labor coupled with decreasing effi-
ship.
ciency and declining morale not only remained unchecked but actually became greatly intensified.
In February and a part of March (and in lesser degree
the latter part of January) the severity of the winter
weather experienced was, an adverse influence of
consequent congestion of
!arge
moment,
ceedingly mild
01 1920, during
only with
the
The tying up
manner, with the
at numerous points
of freight in this
traffic
and the resulting embargoes on
traffic
movements
generally, served at once to diminish gross revenues
and to add greatly to the running expenses of the
The troubles experienced in that respect
roads.
May
extended also in great measure
and labor
weather of 1919. Indeed the winter into June. What with car shortages
by reason of strikes of
the period referred to, was comparable troubles at terminal points
and the Hke,
extraordinarily rigorous weather of teamsters, draymen, longshoremen
and the removal of
country was still in the midst o' Nvar. which interfered with unloading
especially in contrast with the ex-
and
in April
1918 when the
the congestion existing it was
Temperatures may not have been quite so low as in freight intensifying
to avoid heavy increases in expenses,
1918 but the fall of snow was immensely heavier and impossible
especially as rising operating costs remained unthe interference with railroad operations corresother respects.
pondingly greater. In this city llj/z inches of snow relieved in
A poor showing of net earnings under such circumNorth Atlantic
fell in the storms which swept over the
would not be surprising except for the anteStates on Feb. 4, 5, 6 and 7, and the blockade stances
recall, cedent bad showing in the years preceding, making
of the city streets, as everyone living here will
cumulative and of enormous extent in the
was one of the very worst in the city's history. A the loss
aggregate when the comparison is carried back only
further fall of snow came on subsequent days of the
Yet the railroads succeeded in
month and piles of accumulated snow encumbered a few short years.
handling a very large volume of traffic. This
the city streets for five or six weeks. The situation
of follows inevitably from the gain recorded in the gross
here was dupUcated at other points and the work
revenues which is of very substantial proportions,
clearing tracks and removing snow entailed heavy
ex- reaching in the aggregate no less than $358,015,357
extra outlay, besides which ordinary running
The gain must represent an increased
or 15.38%.
penses were enormously increased.
inasmuch as the advance in
On account of the depth of the snow over large movement of traffic
and rates, which the railroads were seeking, did not come,
areas embargoes had to be placed on traffic
already stated, until after the close of the half
altogether the conditions under which transportation as
The conclusion is further confirmed by certain
had to be carried on were quite unusual. For the year.
statistics cited further along in
month of February such leading systems as the traffic and tonnage
noteworthy one and
New York Central and the Pennsylvania failed to earn this article. The fact is a
England highly gratifying, since it shows that notwithstanding
bare operating expenses while in the New
show all drawbacks in the shape of bad weather and labor
States there was not a single road that did not
in the troubles, transportation movements were nevertheless
a heavy deficit below running expenses and
high level— not unHkely the highest in the
Middle States only a few minor roads managed to kept at a
The cost, however, in added
country's history.
earn expenses. In the Middle West the situation
was extremely heavy. As against the
was better, but even here there were numerous expenses
much $358,015,357 gain in gross earnings the augmentation
instances where running expenses ran very
The situation in expenses reached no less than $425,461,941,
heavier than the gross revenues.
—
—
part
greatly improved in that particular the latter
appeared that
of March, but in April new difficulties
the
served further to add to the unhappy lot of
railroad
half year are as follows:
manager.
which
had such a paralyzing effect on railroad traffic and
This strike began
railroad transportation originated
in the
the early part of the month at Chicago and
It
leaving the net earnings, therefore, actually $67,446,584 smaller than the small total of net for the
The general totals for the
first six months of 1919.
was during April that the "outlaw"
strike
.
Middle West, and gradually spread to other parts
of
seaboard,
the country, finally reaching the Atlantic
April 10, the
so that beginning with Saturday,
movement of freight here in the East was brought
certain
almost to a standstill. Not only that, but
forced
roads like the Erie and the Lackawanna were
pasthe following week to abandon their suburban
Relief
senger trains running out of New York.
voluntary
after
in this latter particular came only
recruited in
crews, made up of local residents and
some instances by students from the colleges, undertook to restore passenger service to the extent
necessary to meet the needs of commuters. The
freight situation continued extremely bad throughout
April— in fact grew steadily worse and eventually
Jan.
1 to
C205
{+)OTDec.
Amount.
inc.
June 30
1919.
1920.
Roads)—
(— ).
%
+179 0.07
233.235
233,414
$2,684,672,507 82.326.657,150 —5358.015,357 15.38
2,489.089.858 2,063.627,917 +425.461.941 20.60
Miles of road
Gross earnings
Operating expenses
$195,582,649
Net earnings
3263.029,233
—567,446,584 25.64
the tremendous increase in expenses here disclosed would be bad enough. But,
taken in conjunction with the antecedent huge additions to expenses, it furnishes an unfavorable record
Standing by
for
which no
itself
parallel can
be found in American
rail-
road history. The present is the fourth successive
year in which the net has fallen off. 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.
preceding two years the results were even
became so desperate that the next month (May 20) In the
huge increases in expenses acting to cause
on the recommendation of the railway executives worse,
heavv losses in the net. For instance, in 1918 the
themselves, the Inter-State Commerce Commission
Aug. 21
THE CHRONICLE
1920.]
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 combined
(1920, 1919, 1918 and 1917) the addition to expenses
has been $1,360,691,216 and the aggregate gain in
gross $1,010,566,316 leaving $350,124,9001oss in net.
that whereas in 1916 $1,731,460,912
gross earnings for the half-year yielded net of $559,476,894, in 1920, on the other hand, gross of $2,684,672,507 yielded only $195,582,649 net. It is true
The
result
is
that in 1916 the figures had been more satisfactory,
there having then been an increase of $328,012,578
in gross
and
also of $166,151,387 in net; this, though,
did not reflect
new growth
to that extent, but in
great measure represented merely a recovery of preIn the
vious losses or previous absence of growth.
we
following
the half-yearly comparisons
give the results just as registered
furnish
back to 1906. We
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.
Net Earnings.
Gross Earnings.
Year.
Jan.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1
Year
Year
Given.
Preceding.
Increase or
Decrease.
Year
Year
Given.
Preceding.
Increase or
Decrease.
$
S
to Jtme 30
923,554,268 815,486 025 + 108 ,068,243 272 ,101,047 226 ,345.855 + 45,755.192
999,082,691 884,426 163 + 114 ,656.528 280 ,697,496 261 ,423,946 + 19,273,550
863,850,965 1036,729 560 —172, ,868,595 231 ,254,071 294, ,738.973 —63.484.902
1172,185,403 1051,853 195 + 120, 332,208 371 ,591,341 294, 951,102 + 76.640,239
1351,570,837 1172,481 315 + 179, ,089,522 408 ,380,483 371 ,562,668 + 36.817,815
1310,580,765 1339,.5.39 563 —28, ,958.798 378 ,852.063 404, ,569,430 —25.717.377
1365,355,859 1309,006 3.53 + 56, 349,506 373 ,370,171 375, 407,648 —2,037 477
1502,472,942 1366,304 199 + 136, ,168,743 400 ,242,544 373, 442.875 + 26,799,669
1914. 1401,010.280 1486,043, 706 —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 1403,448 334 + 328, 012.578 559 ,476.894 303, 225„507 + 166151.381
1917. 1946 395,684 1741,329 277 + 205, 066,407 555 ,683.025 562, 838,773 —7,155.747
1918. 2071,337.977 1889.489, 295 + 181, 848,682 265 ,705,922 540 911,505 -275,205.588
—316.985
1919. 2.3,39,750,126 2074.114 256 + 265, 635,870 265 ,007.159 265, 324,144
1920. 2684,672,507 2326,657 ,1.50 + 358, 015,357 195 ,582.649 263, 029,233 —67.446,584
739
1918. The comparison in the case of
the steel output seems to be much the same. From
a statement compiled by the American Iron & Steel
Institute we deduce that the production of steel ingots
the first half of 1920 by 30 leading companies aggregated 17,634,439 tons as against 14,862,680 tons in
the first half of 1919 and 17,122,056 tons in the first
first half of
half of 1918.
The Western
grain
movement, on the other hand,
appears to have been smaller than in the previous
year, though the changes were irregular as between
different points and different cereals.
The figures
were given in our
week dealing with the
the month of June see
article last
—
and net earnings for
For the 26 weeks ending June 26 in 1920
the receipts of wheat at these Western primary margross
page 641.
kets were 109,963,000 bushels as against only 85,-
961,000 bushels in 1919 and 41,709,000 bushels in
1918, and the receipts of corn 115,554,000^bushels as
against 100,754,000 bushels in 1919 but|comparing
with 168,929,000 bushels in the 26 weeks of 1918.
On the other hand, the receipts of oats, barley and
rye were all on a greatly diminished scale; of oats the
receipts were 92,632,000 bushels in 1920 against
111,596,000 in 1919; of barley 15,010,000 bushels
against 54,944,000 and of rye 18,673,000 bushels
against 25,429,000 bushels. For the five cereals
combined, the receipts for 1920 foot up 351,832,000
bushels as against 378,684,000 bushels in 1919 and
393,879,000 bushels in 1918.
At the seaboard also the grain receipts were decidedly smaller than 1919, reaching only 118,642,000
bushels in 1920 against 186,149,000 bushels in 1919,
as will be seen by the following:
RECEIPTS OF FLOUR. AND GRAIN AT SEABOARD JAN. 1 TO JUNE 30.
Receipts
of—
1920.
bbls. 10,195,000
Flour
WTieat
Corn
Oats...
Barley
Rye
1919.
19,970,000
1918.
12.948.000
1916.
13,771.000
1917.
11.006,000
bush. 65,861,000 102,845,000
6,965,000
8,940,000
10.270,000 36,197,000
5,726,000 17,682,000
27,845,000 22,460,000
13,977,000 128,738,000 200,448.000
13,811,000 .35.322,000 30,374,000
55,796,000 70,851,000 95,061.000
8,794,000
16,162.000
6,760,000
2,736,000
6.264.000
7.417.000
118,642.000 186,149,000
93,080.000 249.969.000 349.452.000
Total grain
had to contend with a
Western
We have alluded above to the increased volume of smaller live stock movement. At Chicago the live
The mineral stock receipts for the six months of 1920 comprised
traffic handled by the roads in 1920.
much
larger.
This is 131,748 carloads as against 144,956 cars in the six
been
very
have
traffic must
evident from the fact that the U.S. Geological Survey months of 1919. At Kansas City the receipts were
reports that in the first 169 days of 1920, 282,945,000 56,691 cars against 65,491 and at Omaha 58,091
net tons of bituminous coal were mined as against against 60,760.
238,213,000 tons in the corresponding period of 1919,
In the South the cotton movement, as measured
but comparing with 313,867,000 tons in the same by the receipts at the Southern out-ports, again ran
The output of anthracite coal for somewhat heavier.
period of 1918.
For the six months of 1920
this period in 1920 was 46,931,000 tons against these cotton receipts were 2,836,475 bales, against
43,693,000 tons in 1919. The fact that all through
the half year fuel was reported in insufficient supply
in face of this larger production would seem to show
that an unusual
demand
for coal for
manufacturing
purposes existed and that the car shortages reported
were due to this circumstance; the coal after having
been mined must have been put on cars since it would
not be possible to store it up at the mouth of the
mine. The increase in the production of iron and
steel, which is another feature of the six months,
would seem to tell much the same story and indicate
that coal supplies could not have been so deficient as
the public has been led to suppose since otherwise
the iron and the steel production could not have been
so considerably enlarged.
According to the records
kept by the "Iron Age" of this city the make of iron
in the first six months of 1920 reached 18,138,986
gross tons as compared with 16,033,808 tons in the
first six
months
of 1919
and 18,002,572 tons
in th
roads likewise
2,775,312 bales in 1919; 2,089,163 bales in 1918
and 1,909,205 bales in 1917, as will be seen by the
following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN.
1920.
1919.
860.567
210,113
713,368
86,856
15.841
439,661
65.337
264.185
,879.398
Ports—
bales.
Galveston
Texas City, &C
New
Orleans
Mobile
Pensacola,
&c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
47,198
130.620
2,729
Norfolk
Newport News, &C..
TotJil
114,985
790,569
67,629
7.713
488.015
86,230
101,973
-.
81,.347
186.124
1.329
1
TO JUNE 30.
Sirue January 1
1918.
1917.
1916.
537.718
72,822
784.002
35,460
21,437
406.700
41.100
45.908
846.706
61,529
486.033
29,915
24.333
164.674
65.670
39,341
975,058 2,013.802
176,173
396.449
567.515 1.164,757
88.341
76.117
48.075
85.550
359.386
912.661
154,700
80.400
182.330
63,617
35,081
105.900
3.035
9,009
177,657
3.738
-
1915.
101
1,857
78,110
314.496
49.419
164.300
371,079
81.671
2.836,475 2,775,312 2.089.163 1.909.205 2.800,697 5.605.173
The cotton shipments overland
for the six
months
of 1920 were 1,110,534 bales against 1,250,995 bales
1,293,570 bales in 1918; 1,106,698 bales
in 1917 and 1,308,994 bales 1916.
When the record of the 1920 earnings is examined
in
1919;
quickly seen that the great augmentation in expenses with resulting loss in net earnings
by months
it is
THE CHRONICLE
740
was a feature throughout the whole half year. January would appear to have been an exception to the
rule inasmuch as for that month there was an increase
in net earnings of no less than $49,809,654. But the
improvement in that month followed from exceptional
In January 1920
and wholly extraneous cause.
there was included in the revenues an estimate of
the back mail pay for the years 1918 and 1919 accruing
to the Railroad Administration in connection with
Commerce Commission
The addition in that way was
the decision of the Inter-State
on Dec. 23
1919.'
given as approximately 153,000,000. It follows that
with this item deducted there would have been
instead of $101,778,760 increase in gross only $48,000,000 increase, while the net earnings, instead of
showing $49,809,654 improvement would have recorded an actual loss of over $3,000,000. Barring
the month of January, March is the only month
having an increase in net; the remaining months all
show diminished net and the final month of the half
year (June) records the heaviest diminution of all.
In the gross revenues there was an increase in each
and every month. In the table we now annex we
furnish a
summary
of the
monthly
totals:
Net Earnings.
Gross Earnings.
M'th.
1920.
s
Jan
_ 494,
1919.
Inc. or Dec.
1920.
Sis
1919.
706,125 392,927.36.51 + 101.778,760 25.90 85,908.709 36.099.055
Inc. or Dec.
+ 49,809,654
Feb. 421.180.876:348.749,787 + 72,431,089 20.77 10,688,.571 27,117.462 —16.428.891
Mar. 408..582.467|347,090.277 + 61,492,190 17.72 40,872,77527.202.867 + 13.669,908
April 385,680.982:372,828.115
387,330,4871348,701,414
June 1430,931.4831369,225,761
May
Notes.
+ 12,8.52,867 3.45 11.797.818,41,637,642 —29,839,824
+ 38,629.073 11.08 28,684,058,51,056,449 —22.372.391
+ 61.705.722 16.99 24.147.21564.425,847
— Percentage of Increase or decrease
in
—
40,278,632
net for the above months has been:
January. 137.98% increase: February. 60.58% decrease; March, 50.26% increase:
April. 71.67% decrease; May, 43.82% decrease.
In January the length of road covered was 232,511 miles in 1920. against 232,210
miles in 1919; in February, 231,304 miles, against 231,017 miles: in March, 213.434
miles, against 212.770 miles: in April. 221,725 miles, against 220,918 miles; in May,
213,206 miles, against 211,040 miles; in June, 213,525 miles, against 208,598 miles.
In all of the foregoing we have been dealing with
the general totals. In the case of the separate roads
the comparisons are just like those of the general
totals.
Increases in gross earnings are plentiful
enough and many of them are for very large amounts.
On the other hand the great augmentation in expenses
has played havoc with the net earnings so that losses
in the net predominate and some are of huge amount.
In fact for many important systems the augmentation in expenses has so far outrun the very large
gains in the gross that these latter have proved insufficient to meet bare operating expenses.
We will
cite only two illustrations going to show the part
played by augmented expenses in affecting net
results. The New York Central, though having added
$17,553,421 to gross earnings, has by reason of the
rise in expenses fallen $17,856,985 behind in the net,
reducing the total of the net for the six months to
Our figures of expenses are always
$3,088,181.
exclusive of the taxes. If these were included, the
small amount of net remaining would be entirely
wiped out, leaving an actual deficit below expenses
Similarly the Pennsylvania Railroad on
for 1920.
the lines directly operated East and West of Pittsburgh, though showing a gain of $9,781,572 in gross,
reports a loss of no less than $38,918,402 in net.
In this case there is a deficit below the expenses even
Stated in brief,
without allowing for the taxes.
gross earnings for the large and representative system
for the six months were $234,250,095, but the expenses
ran up to $2.58,046,422, leaving a shortage of $23, 790,327.
The Pittsburgh Cincinnati Chicago & St.
Louis, a separately operated part of the Pennsylvania,
also failed to earn its operating expenses for the six
months. In the following we show all changes for
the separate roads for amounts in excess of $500,000,
(Vol. 111.
whether increases or decreases, and in both gross
and
net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS.
Increases.
Atch Topeka & S Fe
Baltimore & Ohio
TTiCTCdSBS.
.$25,700,833 Toledo St Louis West... $1,61.5,1.38
20.026,871 Western Maryland
1,519,101
19,220,639 International & Grt Nor 1,503,937
Southern Pacific (7)
New York Central (ft)-.. 17,553,421 Colorado & Southern (2) 1,474,880
Chicago Burl & Quincy.. 15,433,590 Wheeling & Lake Erie. . . 1 ,403 ,429
15,426,186 Chicapro Ind & Louisv..
Illinois Central
1,380,627
14,853,879 Norfolk & Western
a Pennsylvania (2)
1,338,202
Chicago R I & Pacific (2) 14.016,096 Western Pacific
1,323,245
Southern Railway
13,697,568 Minn St Paul & S S M..
1,214,664
13,608,910 Toledo & Ohio Central..
Union Pacific (3)
1,162,156
Missouri Pacific
11,535,806 Chicago Great Western.
1,159,335
Chicago & North West.. 9,589,382 Chicago & Alton
1,093,478
N Y N H & Hartford... 7,869,763 Cin New Orl & Tex Pac. 1,044,742
Louisville & Nashville...
7,863,880 Louisiana ft Arkansas
1,004.599
Clev Cin Chic & St L.. 7,847,511 Maine Central
998,467
Philadelphia & Reading.
7,632,308 Norfolk Southern
883,376
7 ,4 1 5 526 Los Angeles & Salt Lake.
836,994
St Louis-San Francisco (3)
683,320
Great Northern
6,968,250 Union RR (Penn)
680,498
Chicago Milw & St Paul 6,907,606 Monongahela Connecfg.
Boston & Maine
678,933
6,356.934 Central RR of N J
663,860
St Louis Southwestern (2)
4,941 ,021 Indiana Harbor Belt
Northern Pacific
655,032
4,703,749 Cin Ind & Western
Erie (3)
651,772
4,358,269 Spokane Port ft Seattle.
623,265
Seaboard Air Line
4,227,700 Chic Terre Haute & S E
619,775
Che-sapeake & Ohio
4,108,132 Northwestern Pacific
601,272
Atlantic Coast Line
4,060,178 Bangor & Aroostook
571,185
Michigan Central
Pacific
3,300,437 Vicks Shreve &
Texas & Pacific
2,802,601 Gulf Mobile & Northern
562,651
553,191
Denver & Rio Grande... 2,750,300 Lake Erie & Western
531,457
Nashv Chatt & St Louis. 2,733,817 New Orleans & North wes
525.299
Ironton
Wabash
2,433,258 Detroit Toledo &
522,522
Mi.s.*ouri Kansas & Texas
2,372,022 Kansas Okla & Gulf
Buffalo Roch & Pittsb..
2,293,444
Delaware & Hudson
2,206,820
Representing 99 roads
Central RR of Georgia.. 2,135,163
in our compUation-$351,345,482
Decreases.
Chicago* East niinois.. 2,132,340
Virginian
2,115,584 Elgin Joliet ft Eastern.. $2,891,160
Chic St P Minn & Om.. 2,113,915 Duluth Missabe & Nor.. 2,332,846
999,493
Missouri Kan Tex of Tex 2,012,239 Dela Lack & Western...
836,024
Hocking Valley
1,921,225 Rich Fred & Potomac.
742,954
Florida East Coast
1,858,978 Long Island
702,167
Pere Marquette
1,760,391 Pittsburgh & Lake Erie.
670,346
Kansas City Southern.. 1,746,110 Be.ssemer & Lake Erie
656,271
N O Tex & Mex (3)... 1,728,985 Atlantic & St Lawrence.
Minneapolis & St Louis. 1,659,194
Lehigh Valley
1,644,159
Representing 8 roads
in our compilation.. 89,831,261
Mobile & Ohio
1,620,090
Note.
All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads, so as to make the results conform as nearly as possible to those
given in the statements fuinished by the companies themselves.
a Includes Pitts. C. C. & St. L., which showed a gain of $5,072,307 for
the fire monllis ending May 31.
b These figures cover merely the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, hke the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of §30,829,067.
(3)
,
—
PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS.
Decreases.
IlXCTCQ'SBS
$8,808,057 Wabash
l$4.078,309
8.253,062 Michigan Central
3.829,028
5.360,574 Pittsburgh & Lake Erie. . 2 ,890 ,929
2,686,220
Erie
4,662,9.39
(3)
Southern Pacific (7)
3,920,564 Duluth Mis,sabe& Nor.. 2,646,026
Union Pacific (3)
2,197,861
3,693,282 Long Island
Mis.som'i Pacific
1,814,764 Louisville & Nashville ... 2,186,019
Florida East Coast
2,148,323
North
West.
Chicago
&
1,796,768
St Louis Southwestern (2)
J
2.121,231
1,795,836 Central RR of
Philadelphia & Reading.
2.095,860
1 .693 ,753 Seaboard Air Line
Illinois Central
Chicago & East Illinois. . 1 ,636 ,992 Chicago Burl & Quincy.. 2,082.891
Tex
of
Tex..
1,951.690
Mo
Kan
&
1,178,521
&
Rio
Grande...
Denver
1.813.563
1 ,168,528 Bo.ston & Maine
St Louis-San Francisco(3)
1.632.037
Nashv Chatt & St Louis. 1,159,003 Northern Pacific
Y H & Hartford... 1,488,678
1,076,713
Western Pacific
1,478,251
Marquette
Pere
998 134
Chic St Paul Minn & Om
1,417,187
976,324 Delaware & Hudson
Virginian
1,392.713
861 .247 Grand Trunk Western..
Kansas City Southern. _ _
1,185, 220
838,390 Chesapeake & Ohio
Chicago R I & Pacific (2)
Potomac.
1,085,115
Richm
Fred
&
778,803
Cleve Cine Chic & St L..
874,848
648,519 Central New England
Louisiana & Arkansas
861 ,625
589.627 Bessemer & Lake Erie...
Atlantic Coast Line
837,638
528.295 Elgin Joliet & Eastern
Alabama Great Southern
Norfolk
834.731
RR
Phila
&
513,510
Monongahela Connecting
795.371
Chicago Great Western..
751.254
Colorado Southern (2)..
Representing 38 roads
Seashore.
667.635
in our compilation.. $54. 752, 205 West Jersey &
604,945
Detroit & Tol Short Line
553,504
Minn St Paul & S S M..
JDCCT€(XSGS
523,541
$41,197,130 Indiana Harbor Belt
a Pennsylvania (2)
503,591
17,856,985 Chicago Indianap & Lou
New York Central
6,513.027
Norfolk & Western
Representing 40 roads
5.516,869
Lehigh Valley
in our compilation. $126, 296, 322
Delaware Lack & West. . 4 ,996 ,477
& Santa Fe
Southern Railway
Baltimore & Ohio
Atch Top
(3)
N
N
N
,
NY
.
& St.
May Z\.
a Includes Pitts. C. C.
the five months ending
6 These figures merely
L.,
which showed a
loss of
$2,278,727 for
,-
^
,
cover the operations of the New lork Central
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole gomg to form the
New Y ork Central System, the result is a loss of $24,649,lo9.
,
itself.
When
the roads are arranged in groups or geographical divisions, according to their location, it
is found that every division shows improved gross
results, but four of the seven groups register decreases
Our summary by groups is as follows:
in the net.
SUMMARY BY GROUPS.
June 30—
Section or Group
1920.
S
Group 1 (8 roads). New England. 114.638.983
Group 2 (38 roads) East & Middle 753,079.455
Group 3 (29 roads) Middle West. 259.618 676
Groups 4 & 5 (35 roads). Southern 375,808.117
Groups 6 & 7 (34 roads). Northw. 576.155.114
Groups 8 & 9 (50 roads) Southw. 451 116 359
154.255.803
Group 10 (11 roads) Pacific
Jan.
1 to
—
,
.
-Gross Earnings1919.
Inc.{ + )orDec.(.—).
S
S
15.893.010 16.09
98.745 973
68,694.415 10.03
684.385.040
31.177.524 13.64
228,441,152
324.436.582
+ 51,371.535 15.83
73,966,673 14.72
502.188,441
92.087.959 25.65
359,028.400
24.824.241 19.17
129.431.562
Mileage
1920.
Total
5.
7.
9.
%
.2,684.672.507 2.326.657.150 +358,015,357 15.38
Total (205 roads)..
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 &
Groups Nos. 6 &
Groups Nos. 8 &
Group No. 10
+
+
+
+
+
+
7,355
30.671
19.061
38.543
67.089
55 012
15.683
1919.
1920.
7,298 det507.600
30.4S5df21.751,259
18.963 14.422.768
38.148 42,802 870
67.986 64.611,041
54.716 60 667.306
15.639 35.337.523
-Net EarningsInc.(.1919.
( + )orDec.(—)l
S
—3
.974.118114.64
3,466.518
50.908.311 —72.6.59,570 142.72
30,661,473 -16,238,705 52.96
40.814,441
+1.988.429 4.87
70.342.149
731.108 8.15
43.479.685 +17.287.621 39.85
23.456.656 +11.880.867 50.65
%
—5
233,414 233,235 195,582,649 263,029,233 —67,446,584.25.64
——
.
Aug. 21
THE CHRONICLE
1920.]
NOTE. Group I Inoludea all of the New England States.
Group II Includes all of New York and Pennsylvania except that portion west
and the
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland,
extreme northern portion of West
Virginia.
Ohio and Indiana; all of Michigan except the northern
and
peninsula, and that portion of New York and Pennsylvania west of Buffalo
Group III includes
all
of
Pittsburgh.
Groups IV and V combined Include the Southern States south of the Ohio and
east 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 tojthelstate 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.
We now
give our detailed statement for the half
year. It shows the result for each road separately.
EARNINGS OF UNITED STATES RAILWAYS JAN- 1 TO JUNE 30.
-Nct-
-Gross1919.
1920.
1920.
$
S
S
New England.
2,1.30,206
def426,590
Lawr_
1,473,935
Atlantic & St
2,611,728
344,336
Bangor & Arof)Stook 3,213,000
38,402,714 32.045,780 def586,881
Boston & Maine
Can Pac Lines in Me 01,374,040 a 1,435, 195 adefl75,947
2,629,992 def723,276
3,020,173
Central Vermont
8,156,465 def475,148
9,154,932
Maine Central
2,201,432 def229,889
2,595,251
Rutland
.
1,765,795
& Hartf.. 55,404,938 47,535,175
—34,624
def391,966
253,187
+ 91,149
1,226,682
1,813,563
a—
adef89,734
86,213
—283,834
def439,442
—89,615
def385.533
—268,740
38,851
3,254,473 —1,488,678
det507,600
3,466,518—3.974,118
Group
I.
N YN H
Total (8 roads). _. 114.638,983
98,745,973
-Gross1919.
Group II.
1920.
East & Middle.
S
S
1,849,101
1 ,925,886
Atlantic City
Baltimore & Ohio.. 99,786.722 79 ,759,851
655,638
626,931
Balt Ches & Atlantic
E D Term
&Susq
N
W
Inc. or Dec.
.?
$
—
1919.
S
Inc. or Dec.
S
180,459
376,484
196,025
def
4,185,267
1,175,307 + 5,360,574
defl99,912
det25,169
174.743
rtef202,119
det212,419
+ 10,.300
defl08,327 defl65,308
+ 56,981
N
NYOnt&
N
1919.
Net
1920.
S
440,148
471.622
1 ,006.751
1,343,872
6 ,480.097 def523,032
8,773,541
Buff Roch & Pittsb2,860,560
3 ,057,400 def816,327
Central New Rng
CentralRRof J.. 20,876,340 20 197,407 def380,079
Delaware & Hudson 18,114,947 15 .908,127 def476.559
2,497,560
Del Lack & West... 33,162,830 34 ,162,323
45.695,796 41 ,831,624 def3,562,329
Erie
592,856
505,200
29,755
New Jersey & Y
.579.818
239,251
669.052
Fonda Johns <fc Glov
104,902
Lehigh & Hud River 1,187,020
1 ,184,405
466,873
1 ,591,508
Lehigh & New Eng. 2,076,171
30.969,441 29 325,282 der3,9I8,118
Lehlijh Valley
Long Island
10,666.010 11 ,409,564 def327,7.30
560,027 deflS2,101
Maryland Del &Va.
500,816
def73,124
1 575.784
Monongahela
1,638,637
405,650
832,669
Conn_
1,513,167
Monongahela
559.144 defl45,468
Montour
551,273
New York Central. _ 159,367.030 141 ,813,609 3,088,181
4 .610,067 defl73,283
Western. 5.095,937
N Y Phila & Norf.. 3,509,8,'>3 3 ,692,713 def349,625
def300,539
1,,834,824
Y Susq & Western 2,017,013
Pennsylvania
234,250,095 224 ,468, .523 df23, 796.327
511,192
243,384
554,674
Perkiomen
3,968.032
Phila & Reading... 41,281,912 33, 649,604
414,700
def42,129
Phila Beth & N E..
615,278
535.974
90.083
764,356
Pitts <feShawmut._.
488,117 def212,082
Pitts Shawm & Nor.
675,833
151,562
1 ,259,591
Port Reading
841.513
102.2.34
554,526
South Buffalo
657,638
def47,557
1,038.609
1,,073,279
Staten Isl Rap Tran
def98.639
461,718
Ulster & Delaware.
571,397
defl70,051
Union
4,440,957
3,,757,637
of Penn..
def926,397
4
Seashore.
,947,150
Jers &
5,187,791
6 763,163 def471 ,698
Western Maryland. 8,282,264
Brooklyn
Buffalo
—
.
RR
RR
def751,627
58,521
1.741,152
940,628
7,494.037
def836,907
3,451
209,423
109,216
—
—
+ 227,695
—874,848
—2,121,231
—1,417,187
—4,996,477
—2,725,422
+ 26,304
+ 29,828
1920
New Orl Gt North . .
New Orl & Northeast
West Ry
384,609
—457,733
defl07,860
+ 513,510
defl39,724
—5,744
20.945,166 -17,8.56,985
98,055
—271,338
485,105
—834.730
95,117
—395,656
15,122,075- -38,918,402
231,007
+ 12,377
2,172,196 + 1,795,836
—70,960
28,831
defl39,187
+ 229,270
defl95,955
—16,127
467,647
—316,085
106,793
—4,5.59
116.882
164,439
defl32,101
+ 33,462
174,186
—344,237
def259,119
—667,278
def 122, 904
—348,794
—
50,908,311—72,659,57
& Mackinac
Det & Tol ShoroLlne
Det Gr Hav & Milw
Det Toledo & Iront.
Erie System
Groups IV. <kV.
Southern.
Alabama* Vlcksb..
Ala Great Southern.
Atlanta* West Pt..
-Gross1919.
1920
S
$
1 331,734
1,569 ,702
S
357,266
5,179 696
4,947,457
1,2.30.467
1,482 ,698
Atl Birtn .t Atlantic 2,78 175
Atlantic Coast Line. 36,919 .080
BirmlnEhain So\ith.
291 ,709
Caro CUnchf & Ohio 2.713 4.55
Central of Georgia.. 12,239 723
Charleston &
Car 1 ,099 616
Chcsaiwiike * Ohio. 3s!s86 ,264
1,335,-347
2,403,2.58
def 306, 752
W
CIn N ()
El Paso
* Tox Pac. 9,348 442
* Sou West 05.681 ,762
Florida Eist Coast
7 249 706
Georgia .South A Fla 2,628 093
32,858,908
304,739
2,277 127
10,10 1,.560
1,478 482
34,778,132
8,303,700
05,233.845
5,390,728
2,130,119
658,249
+ 12,989
664 —1,392,713
303,416
+ 228,241
83,215
—217,286
defl07,270
+ 91,792
def9,498
—66.369
1..524,
.355,.322
6,382,721
14,097
698,102
1,142,604
23,4.57
5,600,453
1,825,3,55
01,702,373
2,610,294
241.809
40.814,441
HI
+ 61,045
—27.234
—2,186,019
—70,029
—182,901
+ 145,866
159,003
+ 108,418
+ 429,523
+1
—6,513,027
+ 279,851
+ 147,061
—1,085.115
—2.095,860
+ 8,253,062
—102,460
+ 295,264
+ 976,324
—25,078
+1,988,429
Net
Total (34roads).. 576. 155. 114 502. 188.441
64,611,041
70,342,149—5,731,108
P& SSM.
Groups VIII.
& IX
Southwest.
AtchTop&
S Fe...
& S Fe.
Panhandle & S Fe
Chic Rock Isl & Pac
Gulf Colo
ChicRI& Gulf-.
& Southern
Ft Worth & Den C
Colo & Wyoming...
Deny & Rio Grande
Denver & Salt Lake.
Fort Smith & West.
Colorado
Galveston Wharf...
Internat & Gt North
Kan City Mex & Or.
K
C
Kan
Kan
M
&O
of
Tex.
City Southern.
City Terminal.
LouisLana & Ark...
Louisiana Ry & Nav
"valley
& No
Missouri
Ark.
62,550,324
68,485,084
9,812,066
1,688,745
69,093,453
768.749
12,640,380
0402,772
3,339,757
8,300,020
2,151,128
964.484
557,456
10,254,004
47,272,184
573,474
50,353,827
470,482
3,001,706
276.668
415.660
6,021.753
18,979,824
542,550
45,570,225
586,779
.504,022
-Gross1919
S
99,492 ,068 78,416 ,847
12,080, 906
8,856 ,832
2,501 ,288
3,992 ,826
62,120 ,995 49.082 ,858
3,154 ,463
2,176 ,504
6,190 ,811
6 ,754,,983
4,989 ,915
5,900,,623
451 867
569 .387
16,848, 888 14,098 588
709
1,202
,984
1,157
703 ,831
858 ,097
403 ,623
649, ,342
8,261 .700
6,757 ,763
545 973
742 ,328
486 ,546
821 ,117
8,703 ,292
6,957 182
625 578
715,,433
1,015 989
2,020,,588
1920.
1,965,,815
2,166 ,744
904 ,345
17,981 ,946
New Orl Tex & Mex
BeaumSourL&W
1,194 ,901
991 ,463
StLBrowns&Mex
3,496, 2-52
<K
Rio
G
918,,211
Tex
&.
New Orl
+ 31,914
VleksShrev&Pac..
Utah
Wich Falls* NW..
143,1.59
—177,764
1920.
S
def513,508
51,593
1,092,071
1,228.781
4,948,438
10,504,353
defl00,961
def834,794
4,086,186
defll8,119
2,761,930
odef40,965
1,113,883
2,243,989
81,649
140,428
defl47,331
1,704,888
5,909,.387
1919.
—
+ 178,139
+ 416,042
—4,078,309
+ 321,797
.'
Wichita Valley
al,171 ,912
2,516, 631
5.089 137
4,461 966
19.147 573
962, 675
865 253
2,103, 887
879, 410
1.273 302
836 ,113
-Net-
1920
S
24,569,,112
725, 721
defl5I, 270
5,125, 176
825, 506
1,149, 284
564, 525
20, 377
3,322, 081
det441, 890
def 20. 583
136, 424
def 580, 052
def 245, 334
def 355,,228
1,622, 969
defI3, 612
628,,708
139,,482
323 ,287
703 ,348 defl37,,100
1,926,,630
15,609 ,924
11,371 309 def 1,359,,526
610 442 defl20,,596
889 ,148
187,.282
251 ,761
604 ,315
624 ,026
2,460 ,168
7,990 ,192
35,480 ,667
def58 .771
668 .087
def 98 ,465
657 ,351
1,299 ,336 def227 .442
3,503 .423
6,128 .745
2,925 294defl,115,,709
159 ,649
471 398
6,792 ,388
42,039 ,700
1,940 ,8,59 def546 ,652
def43 ,041
538 680
1,682,,460
1,874 ,546
10,112,1.55
4,103,179
0919,944
1 969 408
3.644,660
3,740,160
16,344,972
670,884
587,565
1,532,702
515,843
926,514
422,138
defl38,398
356,018
O90.2S3
746,190
1,142,091
34,821
1919.
Inc. or Dec.
S
S
16,040,697 + 8,528,415
864,031
—138,310
def569,222
+ 417,952
4,929,658
+ 195,518
182,634
+ 642,872
1,070,370
+ 78,914
1,394,693
—830,168
—99,753
120.130
2,143,-560 + 1,178.521
def512,993
+ 71,103
54.161
—74,744
70,845
+ 65,579
def497,906
—82,146
def333,S10
88,476
def 368, 394
+ 13.166
+
761,722
+ 861,247
—78,662
65,050
defl9,811
+ 648,519
def43.584
+ 183,066
—56,967
380,255
def365,808
+ 228,708
1,580,399
+ 346,231
592.164 —1,951,690
def409,772
+ 289.176
62,928
+ 124 354
3,542
+ 248,219
—111,134
735,160
6,776,039 + 1 214,153
def86,145
+ 27,374
def25,465
—73,000
def43 1.561
+ 204,119
1.271.515 + 2.231,908
def680,569
—435,140
.59,610
+ 100.039
3,099.106 + 3.693.282
def560.78l
+ 14,129
def58.454
+ 15,413
842.148 —1,980,546
—202 874
0170,768
—80,485
673,136
+ 73,054
510,934
+ 631,157
1
5.58,892
2.54,721
—219,900
1.833,507
121,787
dcf300,777
231, .339
203,179
def 5 1,063
37,060
+ 397,019
+ 286,459
+ 19.-595
+ 307.710
+ 176,995
+ 2.698
+ 98.001
60,667,306 143.379.685
+ 17,287,621
2,2.30,586
408,246
def281,lS2
539,049
380,174
def4S,365
135,061
—110,664
30,661.473—16.238.705
1919.
HousE^WTexMorgL&TRR&N
Louisiana Western
—1,478,251
—2,278,727
—2,890,929
—3,829.028
2,841,664
2,922,348
01,619,010
1.294,719
def362,186
69.963
454,725
1.963,058
594.465
San Ant & Aran Pass 2,134 900
726 ,694
Sivn Ant Uvalde & G
Southern Pacific System
GalvHarrls&SAnt 11,487,,498
Houst & Tex Cent 5 295 ,045
Texas & Pacific
Texark & Ft Smith.
Trinity & Braz Val.
7,.528,6.55
Net
1920.
276 336
42,802.870
$
—223,328
—423,700
1,396.789
785,564
49,452,256
72,139,706
83,918,674
10,971,401
1,500,458
76,001,059
1,169,307
14,754,295
Copper Range
0354,616
Dui & Iron Range.. 3,574,599
Dul Mi.ss.abe & Nor. 5,967,174
Dul So Shore & Atl. 2,4.53,812
Dul Winnipeg & Pac 1,185,212
East St Louis Conn.
607,606
Elgin Joliet & Eiist.
7,-362,844
Great Northern
54,240,434
Green Bay <fe West..
585,231
Illinois Central
65,780,013
Illinois Terminal
455,844
Indiiina Harbor Belt 3,665.566
Lake Sup & Lshpem.
523,080
Mineral Range
318,789
Minn & St Louis
7,680,947
Minn St
20,194,488
Minn & Internat'l..
642,188
Northern Pacific
50,273,974
Peoria &PekinUn..
737,402
Quincy Om & Kan C
631,484
St Jos & Grand Isl..
1,521,146
Toledo Peo & West.
921,502
Union Pacific
56,329,591
W
ClevCinChlcife.StL 40,152
Detroit
14,422.768
def386,322
148.639
031,567
def 82 ,864
3,068.702
199,108
def 251, 682
def 434,941
1,311,386
124,163
618.261
def389,033
279,089
158,272
1 691,621
defI55,362
13,007,005
defl41,345
77,114
1,766,468
Inc. or Dec.
18,797
6,073,078
235,311
def742,064
164,443
def67,809
124,013
2,135,509
43,300
7,231,852
def60,551
defl27,502
defl30,034
35,201
15,483,669
Chic & North WestChic Burl & Quincy.
Chlqago Great West
Chicago Junction
Chic Milw & St Paul
Chic Peoria & St L..
Chi St P Minn & Om
780, 144
StLMerchBge&Ter 1,778 ,683
St Louis Southwest. 9,701 ,167
of Texas
4,290,,893
St L S
648 .282
St Louis Transfer
53,575 ,506
Missouri Pacific
Total (29 roads). .259,618,676 228,441,152
S
-.Vrt1919.
S
defl62,994
572,339
adef29,478
def 55, 630
5,254,721
269.137
def68,781
def580,837
152,383
15,745
188,738
6,123.994'
def762
11,211
2 776,736
1,940,498
4,753,943
def38,885
def218,I50
790,144
301,414
Inc. or Dec.
S
—5.888
def507,620
25,749
+ 25,844
917,370
+ 174,701
def408,211 + 1,636,992
7,096.761 —2,148,323
12,587,244 —2,082,891
—795,371
694,410
def480,429
—354,365
3,861,526
+ 224,660
det396,935
+ 278.816
1,763,796
+ 998,134
—37,233
odef3,732
—162,201
1,276,084
4.890,015 —2,646,026
69,.501
+ 12.148
100,854
+ 39,574
—62,428
def84,903
—837,638
2,542,526
5,585,353
+ 324,034
—19,225
38,022
4,379,325 + 1,693,753
—32,879
268,190
def218.523
—523,541
def42,779
+ 207,222
def28,719
—39,090
def69,431
+ 193,444
—553,504
2,689,013
def7,609
+ 50,909
—1,632,037
8,863,889
def251,226
+ 190,675
—80,018
def47,484
31,738
161,772
def70,510
+ 105,711
15,271,430
+ 212,239
StLSFr&Tex..
4.952 ,461
671,2.38
5,358,902
131,951
6,5)8 .694
6.960 377
531.657
6,449 518
4, .528 .293
defl34,041
2,268,486
1 ,975 ,871
def 15,478
4.982.984
4,429 793
dcf75.867
540 ,971
610,484
3,690 627
Michigan Centriil.. 38,384,004 35,083 ,567
7". 4 826
def34,605
841 165
Newburch & So Sh.
N Y Chic fL St Louis 12 240,635 11,830 523
a.873,578
Pere Martiuette
1.444,097
17,398.467 15.638 076
P C C & St Louis.. .040.961 753 035,889 466 odef6.59.7n
PIttsb fi Lake Erie. 12.855,94.'^
13,558 .n2deri,.596,210
Piltsb & West Va..
642 .191 deri84,047
908,912
Toledo & Ohio Cent 5,132,613
dof40,701
3,970 ,457
Tol St Louis & West 5.068.016
3.4.52 878
870.767
Wabash
25,164,109 22.7.30 .851def2,115 251
Wheel & Lake Erie. 7,089,707
916,262
5,688 278
20,449,364
59,052,113
818,040
1,241,960
5,109,859
1,302,075
-Gross1919.
1920.
s
S
796,656
1,014,188
1,588,074
1,861,140
Chicago & Alton
13,174,469 12,080,991
Chic & East Illinois. 13,642,875 11,510,535
Ft Worth
. .
6 376.312
& VII.
Northwest.
Bait & O Chi Term.
Belt Ry of Chicago.
St Louis San Fran.. 42,523 ,274
Grand Trunk West.
Hocking Vallev
Kanawha & Mich..
Lake Erie & Western
Lake Terminal
5.58,791
Groups VI.
M
Cincin Ind & West..
Cincinnati Northern
Erie.
1 ,363 ,648
K&Tof Texas.. 13,383 ,.548
Kansas Okla & Gulf 1,132,,964
ChlcTH&Southeast
Ch Det Can G T Jet
&
Alabama
0926,658
1,244,001
50,459,171
1,433,646
474,911
7.136,696
9,061,398
1,054,885
3,095.768
35,358 796
2,981,226
Total (35roads1.. 375,808, 117 321.436,582
Mo Kan & Tex
Group III.
Middle West.
Ann Arbor
Bessemer & Lake E.
Chic Ind & Louisv. _
Chicago
of
468 555
2.954,221
1920.
—5
Net-
-Gross
1,231 ,718
3 627 ,225
36,696 ,998
Norfolk & Western.
Norfolk Southern.. 3,864 602
Northern Alabama.
745 ,861
Rich Fred & Potom. 5.540 288
Seaboard Air Line. . 24,677 064
Southern Railway.. 72,749 681
Southern Ry in Miss
908, 375
Tennessee Central.. 1,401 772
Virginian
7,225 443
Midland
Total (38 roads).. 753 ,079, 455 684,385,040 def4,751,259
-Gross1919.
S
Groups IV ct- V (Concl.)
Georgia & Florida. .
661 828
Georgia
3,165 021
Gulf & Ship Island.. al,176 490
Gulf Mobile & Nor. 1,806 ,652
Louisville & Nashv. 58,323 ,051
Louisv Hend & St L
955 641
Mississippi Central.
459 631
Mobile & Ohio..
8,756 ,786
Nash Chatt & St L. 11,795 ,215
—64,314
309,540
+ 157,333
1,598,751
516,869
1.870,131 —2,197,861
def27.105
—154,996
741
Total (50 roads). .451, 116,359 359,028,400
Group X.
Pacific Coast.
& Garfield
Los A UK & S.alt Lake
Bingham
Inc. or
Dec
s
S
94,520
+ 262,746
702,172
+ 528,295
343,295
+ 12,027
def712,161
+ 405,409
5,793,094
+ 589,627
82,545
—68,448
411 ,,340
+ 2,86.822
949,723
+ 192,941
144,687
—121,230
6,794 673 —1,185,220
1,338,062
+ 487,293
01,966,700
—264,327
795,530 + 1,814,761
114,775
+ 127,034
Nevada Northern..
Northw Pacific
1920.
S
-Gross1919.
S
909,055
9.223,090
939,558
3,361,2.55
Southern Pacific... 89.813,230
Arizona Eiia tern.. 2,004,292
741,017
Spok.ane Intern.at.Spok Portl & Seattle 4,029,975
Union Pacific System
Oregon Short Line 20,758,848
15,793,822
Ore Wash
0,681,631
Western Pacific
RR*N
1920.
S
5.83,295
248,8.30
8.386,096
820,260
2.741„500
76,001,926
1.875.672
405,129
2,336,076
333,384
624,040
18,376,919
3, .378 ,203
1,206,-360
17,055,943
0,810.918
2 ,,8,55, 158
1,716,556
12 765,1,52
5,3.58,386
,547,322
281,360
-.V«1919.
Inc. or Dec.
S
$
def97,681
+ 346,511
1,851,221
+ 485,4.55
298,184
+ 35.200
324,814
+ 299,226
13,144,5,53 + 5,232,366
417 651
+ 129,671
124,083
157.277
796.237
+ 410,123
+
4 060,610 +2.750,308
1,897.141
+9.58,017
6.39,843
+1,076,713
Total (11 roads). .1-54,255.803 129,43t„502 35.337,.523 23.456.656 + 11..S80.88T
rds.) 2684072.507 2326657 150 195.582 649 263.029 233 -67 446,544
Ordfot. (205
a Flgtires for this road cover only the five months endlngtM.'iy 31 In bothlyearsj
THE CHRONICLE
742
vm& ^iscnssions
^Aivxtixt %VitMt$
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual
was disposed
offering of ninety-day British Treasury
of this
week by
J. P.
Morgan
&
Co. on a
efforts would not be affected by obligations to the United States.
Thereafter only a fixed amount each year would enter into the exchange calculations, whereas at present no payments at all are being made, but the uncertainty in respect to the whole matter has a depressing effect on the
exchange market, with heavy fluctuations caused by international developments from day to day.
bills
dis-
count basis of 6%, the rate which has been in effect for
Bome time past. The bills in this week's offering are dated
August
[Vol. 111.
16.
PRINCIPAL MARKETS ABROAD SAID TO BE
OVERSTOCKED.
Reports from special representatives and correspondents
Guaranty Trust Co. of New York in various countries
indicate that most of the principal markets of Europe, South
America, and the Far East are now overstocked with imported goods. For different reasons, but particularly because
of the low position of their exchanges, and the current
of the
RATE ON FRENCH TREASURY BILLS CONTINUED
AT
6J^%.
The French ninety-day Treasury bills were disposed of
the figure to which
this week on a discount basis of 6J^%
the rate was advanced March 26; it had previously for
Bome time been 6%. The bills in this week's offering are
dated August 20.
—
ST.
LOUIS BANK PRESIDENT NOT IN FAVOR OF
CANCELING DEBTS DUE UNITED STATES
BY EUROPEAN NATIONS.
W.
of
L. Hemingway, Vice-President of the National Bank
Commerce in St. Louis, {who was a member of the American
Bankers'
Association
Committee
to
the
International
Commerce meeting at Paris, has taken issue
Chamber
with Festus J. Wade, President of the Mercantile Trust Co.,
on Mr. Wade's speech before the Advertising Club and the
Chamber of Commerce, in which the latter suggested the
cancellation of the debts due the United States by the
nations of Europe. Mr. Wade was Chairman of the committee of which Mr. Hemingway was a member. Mr.
Hemingway issued the following statement:
of
Because of the fact that at the international conference in Paris I served
member of the American Bankers' Association Committee, of which
Mr. Wade was chairman, I have been aslied by many persons whether
Mr. Wade's advocacy of the cancellation of the debts of the European
governments to the United States represented the views of myself and other
members of the committee.
Speaking for myself, it does not represent my views. The subject was
never discussed at any meeting of our committee that I attended or at
any general meeting in Paris. If the cancellation plan was referred to at
as a
was not given serious consideration. Mr. Wade's statements accordingly represent his own personal ideas.
The inferences that I myself drew from my observations in Europe and
contact with European bankers and business men led me to a conclusion
altogether different from that formed by Mr. Wade. If there is one thing
which the American delegates seemed to agree upon, it is the fact that
France. England and Belgium have gone back to their industrial tasks
In France, the amount of reconstruction work
earnestly and efficiently.
already done in the devastated areas was surprising to all. In Belgium a
miracle of rehabilitation has been wrought. And in England it was evident that, despite the heavy strain of war, the English merchants and
manufacturers had kept their industries going and had retained a conThe trade, since the war, has
siderable portion of their foreign trade.
To me it seems reasonable to conclude, therefore, that,
steadily expanded.
under the impetus of necessity, Europe will produce more and more and
that the thrift of her people ^vill permit the sale of an increasingly larger
amount of goods in the markets of the world. By this means will European
countries create credit balances which in time will offset the debit balances
now running against them and exchange will thereby be stabilized.
With our currency on a gold redemption basis and the currencies of
Europe on a suspended gold-payment basis, it will be impossible to maintain
exchanges at par. This fact is recognized by all of the various bankers and
These men
business men of Europe with whom I talked on the subject.
seem agreed, also, that the only method by which Europe can be brought
back to normal is by the practice of industry and thrift increased production of factories and steady thrift on the part of individuals.
all it
—
—
Says
Time Is
Best
Cure.
In the course of time our own exports to Em'ope will diminish by reason
of the lessened demand for our foodstuffs and manufactured articles, and
our imports will increase through competition from European factories,
which enjoy cheaper costs. We may then find that our credit to Europe
will stand us in good stead.
The suggestion made by Mr. Wade that the foreign governments be
required to peg exchanges at a fixed rate for five years, I think would be
found impossible to carry out. During the war when the governments
had control of all the products of their people, and of their very lives,
it was possible by reason of this centralized power to fix arbitrary rates for
exchange and all commodities. But, as time goes on, this arbitrary fixing
of prices must oecome less prevalent, and give way to the old law of supply
jind
demand.
The foreign governments will find that they must at last, in maintaining
exchanges, resort either to shipment of goods or to borrowing. And, if
we should cancel their debts, it is natural to assume that they would hardly
be in position to borrow again. On the part of a nation, there is small
difference between accepting the cancellation of a debt and repudiating
the debt outright. Europe, therefore, finding herself unable to borrow here,
would be forced to coirect her exchanges in the usual way by hard work
and thrift. Fi'om my observations, I have no doubt as to the ability of
Europe to ultimately pay its present debt in full.
I think, however, that it is essential for us to arrange some definite plan
for the pajTncnt of Europe's debt to us, and by that arrangement give them
ample time in which to meet these obligations. It would be well, I think,
to put the debt in the form of bonds, whose maturities would extend over
a period of from thirty to fifty years. The first of the.se bonds would be
payable not earlier than five years frora date, and accrued interest would
be paid on each bond only when it matured. In this way Europe would
be given the next few years as a period of rehabilitation, during which their
—
decline in the value of their stocks, many foreign purchasers have canceled their orders or have decUned to
perform their contracts. There has also been a great deal
of export shipping from this country on consignment by
those who have had inadequate knowledge of the conditions
in foreign markets, with the result that warehouses abroad
are filled, while prospective customers are few. A statement
issued by the Guaranty Trust Company says that apparently
a wave of economy is sweeping over Great Britain, France,
and Italy, due to retrenchment in Government expenditures and the consequent diminution in the amount of artificial wealth which those expenditures created. The decline
in exchange has operated automatically to increase the cost
of imports in these countries and this has stimulated efforts
to economize. It is reported that many imports, ordinarily
considered cheap, have risen almost to the luxurj' class because of the exchange premium on dollars and the import
duties which have been imposed, either to raise revenue
or to discourage buying.
A number of Italian spinners with heavy stocks of cotton
have been liquidating, in some instances reselling to local
importers. It is not known whether such resales are prompted
by a desire for immediate funds, especially with dollars at a
premium, or by a realization of the poor prospects for the
sale of the manufactured product.
Cuba is reported to have in its warehouses sufficient rice
Brazil and
to meet aU demands for the next two years.
Argentina are also said to have over-supplied themselves
with commodities from this countrj^ during the recent abnormal condition of the coffee and hide markets.
In the Far East the collapse of the silk industry in Japan
has brought to a halt the heavy purchases from this country.
China also appears to have ordered larger supplies of American goods than she can absorb.
It must be taken for granted that these conditions are temporary, says the trust company. After five years of war on
an unprecedented scale an over-supply of goods in any one
place or country is hardly likely to be of long duration.
Eventually purchasers of clothing, food and other necessities
At the moment, however, only
will come into the markets.
a curtailment of exports and an increase in imports can help
forward the readjustment of demand and supply, unless
American exporters feel disposed, or can arrange, to extend
credits abroad, which,
it is
admitted, wiU be difficult because
money markets.
of the present stringency in our
COMMITTEE FORMED FOR PROTECTION OF HOLDERS
OF RUSSIAN BONDS IN THIS COUNTRY.
At the request of a large number of the holders of the
Imperial Russian Government 5}i% Loan of 1926, William
C. Redfield, former Secretary of the Department of Commerce, S. R. Bertron, rftember of the Root Commission to
Russia, C. P. Coleman, President of the Worthington Pump
and Machinery Co., Peter S. Duryee, Vice-President of the
Mercantile Trust Co. of New York and WilHam H. Woodlin,
President of the American Car and Foundry Co., have
consented to act as a committee for the protection of the
interests of the holders of these bonds in the United States.
These men are aU directors of the American-Russian Chamber of Commerce. Masten & Nichols are counsel to the
committee and J. C. Traphagen, treasurer of the Mercantile
Trust Co., is Secretary.
Large amounts of these ruble bonds were purchased by
Americans in 1916 at the time the Kerenskj' Government
was. in power and when many who sympathized with, the
AUied cause considered that financial aid to Russia would
be a large factor in turning the balance of p.ower against the
Central Empire. It is not definitely kno-mi how many of
:
Aug. 21
:
:
THEICHRONICLE
1920.]
these bonds are held here but
it
has been
many
of the holders of these obligations the time has
now
and
to be prepared to take steps necessary
of
their
protection
interests.
The committee is not
for the
time
'asking
for
deposit of bonds, but it reat the present
come
to organize
quests holders, who have not already done so, to communicate with the secretary, giving their name, address and the
amount of their individual holdings.
743
METHODS OF PAYMENT EMPLOYED IN
MONETARY SYSTEM.
estimated that
between 100,000,000 and 200,000,000 rubles have found
lodgment in the hands of American citizens. At the normal
rate of exchange for rubles this would amount to between
In the opinion
$.50,000,000 and $100,000,000 par value.
of
:
SYRIA.
The following, prepared in the Near East Division, Bureau
of Foi'eign and Domestic Commerce, appeared in "Commerce
Reports" of July 28
An issue of France-Europe
Orientale (Paris), published under the abort
information originating from the French Commercial Bureau of th«
Levant through its agency at Beirut, as follows:
At present, but with some exceptions, few if any commercial transactiona
are effected on credit.
Cash is always demanded and even 25% of the
value of the order is deposited, a condition which the customers accept
readily, especially when they need the goods.
The procedure employed is as follows
The commission agent is paid by
the prospective buyer 25% of the total value of the order, and has a bank
credit opened equal to the total value of the order
the deposit is placed
at the disposal of the manufacturer and, upon arrival of the documents, the
balance is paid by the bank, whicli in turn is reimbursed by the buyer
upon delivery of the order. The Banco di Roma, which is verj* active and
which is trying to make a place for itself in Syria, executes these transactions.
This bank is already a serious competitor of our French banks.
With regard to granting of credits on the spot by the supplier, the time
has not yet arrived when such are necessary, except in very particular
cases, and when tlie commission agent or customer are known to the suptitle
:
;
BRITISH TREASURY TO RETURN SOME MORE
.
AMERICAN DOLLAR SECURITIES.
Announcement
turn in October
made that the British Treasury will reand November additional American dollar
is
under the arrangements for supporting
exchange during the war. lu these columns April 3, page
1362, and April 10, page 1477, we referred to the announcement that the British Treasury would begin the purcliase of
dollar securities on April 12, in furtherance of the repayment of the Anglo-French loan. In our issue of July 17
securities deposited
(pages 243 and 244) we published the list of securities
to be returned Oct. 1. In the case of the further
list of securities now designated for return the time of
return is fixed for certain dates in October and November.
The new list was announced in the "London Gazette" of
which are
July 23, as follows
There are even transactions according to the category of goods (especially
Egyptian) which are made on consignment. But the question of credit will
have to be considered more seriously when competition becomes firmly established
that is, when the different producing countries are able to
supply the same commodities at more or less the same prices.
The monetary system existing to-day in Syria is greatly complicated,
and it can be said that each town has its own money and exchange. At
Bierut large payments are made in Egyptian paper money.
But as subsidiary money of less than five piasters is lacking, old Turkish silver and
nickel coins are used.
In Lebanon and in the interior, Turkish piasters are
also in use.
Gold circulates in much larger quantities than one would ex;
especially at Damascus and Aleppo.
Palestine, Egyptian money is accepted everywhere and is made use
of effectively.
In Cilicia almost nothing but Turkish pafer is employed.
pect,
In
REGULATION OF FOREIGN EXCHANGES.
Loan
plier.
of Securities to the Treasury.
give notice that the Treasury have decided to exercise the option, under Clause 3 of Scheme B, of returning the
undermentioned securities on the dates mentioned, from which dates the
additional allowance will cease
The National Debt Commissioners
Security to Be Returned.
Consolidation Coal Co. of Maryland Capital Stock
Westinghouse Electric and Manufacturing Co. Common
Chicago Great Western Railroad Co. Preferred
Denver & Rio Grande RR. Co. 5% Non-Cumulative pfd
Berkshire Cotton Manufacturing Co. Common
Catawissa RR. Co. First Preferred
Catawissa RR. Co., Second Preferred
Date of Return.
31st Oct., 1920.
"
"
"
"
"
"
"
"
*'
1st Nov., 1920.
19th Nov., 1920.
'
The Treasury Register in each case will close one calendar month before
the date specified, and no further transfers can then be accepted.
Security to Be Returned.
Loan, 1911-1949, Second Series
Chilian Government
5%
Date of Return.
—
1st Nov., 1920.
1st Nov., 1920.
Alabama Midland Ry. First Mortgage 5%, 1928
American Cotton Oil Co., Debenture 5%, 1931
"
"
"
Atlantic Coast Line RR. Conv. Debenture 4%, 1939
"
1940_
S.P.
5%,
Baldwin Locomotive Works First Mortgage
Bethlehem Steel Corporation First Lien and Refunding Mort-
gage 5%, 1942, Series "A"
Chicago & Erie RR. First Mortgage 5%, 1982
Chicago, Burlington & Quincy RR. (Nebraska Extension)
1927
.S.F. 4%,
City of Newark (N.J.) 4% School Bonds, 1957
New York City Dock Bonds 3%, 1st Nov., 1921
New York City (Mulberry Bend Park) 3%, 1924
New York City (Dock Bonds) 31/2%, 1926
New York City Corporate Stock 3Vz%, 1953
New York City Corporate Stock 4%, 1956
City of Norfolk Refunding 4% Water Bonds, 1931
Cleveland & Marietta Ry. First Mortgage 41/2%, 1935
Cleveland, Cincinnati, Chicago & St. Louis Ry. (St. Louis
Div.) First Collateral Trust Mortgage 4%, 1990
Colorado Power Co. First Mortgage 5%, 1953
Colorado Springs & Cripple Creek Ry. 5% First Consolidated Mortgage, 1942 (Represented by Certificates of
"
"
DOLLAR."
Condemnation of the plan of Prof. Irving Fisher of Yale
for "stabilizing the dollar" is contained in an article by
Dr. B. M. Anderson Jr., Economist of the Chase National
Bank of this city, which appears in the August number of
the bank's journal, "The Chase." Dr. Anderson, in what he
has to say regarding Prof. Fislier's proposal, points out
that the latter would abandon the present gold standard
based on coins of a "fixed weight and fineness of gold" and
substitute for it paper money, still redeemable in gold, but
redeemable in a varying quantity of gold, depending on the
course of commodity prices. As prices tend to rise, he would
increase the weight of the dollar to pull them down, and
as they tend to fall he would lower the weight of the dollar
Dr. Anderson, in his comments
to push them up again."
Professor Fisher is a scholar of commanding abilities and deservedly
Careful
great reputation. His scheme has aroused a great deal of interest.
analysis reveals, however, that it would not work in time of a great war,
and that it would not, therefore, have prevented the rise in prices which
It
the war involved. The claims made for it ere \'ery greatly exaggerated.
would not have prevented the scarcities of goods which the war involved,
To apply it
and so would not have prevented suffering and discontent.
now, at present price levels, would mean to perpetuate all the suffering of
The plan would, moreover, greatlj' increase the
people on fixed incomes.
difficulties of every financial crisis, by causing foreign drains on our gold.
It could work only in fair weather, and it would do great harm in time
It could in no case be considered unless all the main commercial
of storm.
countries adopted it, and no country could adopt it unless that country
vi'ere prepared to redeem its paper in gold on demand, which few are now
able to do. We must in any case work for the restoration of the gold stand-
"
'
"
"
'
"
"
"
"
"
"
"
"
"
"
"
"
ard
first.
a remedy for the price revolution created by a great war the plan
Let us
It would do positive harm.
would be worse than ineffective.
assume, for example, that the plan had been in effect at the outbreak or
the present war, and that all the major commercial countries had had it in
There would have been, none the less, a sudden and g^eat deoperation.
mand for war-time goods. In order to effect the prompt mobilization of
labor and capital required for the production of munitions, it would have
been just as necessary as before to raise prices and wages in these industries.
If the governments had been able by increasing the weight of gold behind
their moneys to keep the general average of prices unchanged, prices of
commodities produced by other industries would liave liad to go down drasA drastic fall in the prices of ordinary civilian goods, added to
tically.
the shock which the credit system must receive at the outbreak of war
in any case, would ha\e meant a general credit collapse and general bankFinancial chaos would have produced industrial chaos, and the
ruptcy.
efforts of the governments to bring to bear a maximum of industrial power
In
in a minimum of time for war purposes would have been defeated.
It
time of sudden emergency a rise in prices is of positive advant.ige.
It tends to check consumption.
The Government,
stimulates production.
outbidding others, is able to draw to itself quickly the labor and supplies
Tlie industries which must contract their operations, howthat it needs.
ever, are not further handicapped and disorganized by seeing the prices of
their products decline at the same time that their lal)orers are t.aken away
from them.
A second insiyierable difficulty would arise from the sheer inability of
the governments to maintain gold redemption, when every month added
one per cent, to the weight of gold which they would be required to pay out.
Let us suppose, in a reverse case, that the plan had been in operation in
the United States in the critical days of 1893 and 1894. when President
Cleveland, witti an inadequate gold reserve, was struggling m.infully to
prcser\e the gold standard in the face of a foreign drain upon our g^ld.
As
'
"
"
6%
1954
ANDERSON ON ''FALLACY OF THE STABILIZED
on the plan, says in part
'
"
Deposit)
Consolidated Gas, Electric Light & Power Co. of Baltimore
"
Conv. 5% Gold Notes, 15th Nov., 1921
Fonda, Johnstown & Gloversville RR. First Consolidated
General Refunding Mortgage 4yo%, 1952
"
Louisville & Nashville RR. First Mortgage 5%, 1937
Milwaukee, Lake Shore & Western Ry. Consolidated First
"
Mortgage 6%, 1921
New York & Erie RR. First Extended Mortgage 4%, 1947__ "
Conv., 1928-_
New York Air Brake Co. First Mortgage
Niagara, Lockport & Ontario Power Co. First Mortgage 5%,
—
Pennsylvania RR. Real Estate Purchase Money 4%, 1923
Philadelphia Co. Consolidated Mortgage and Collateral Trust
5%, 1951
Pittsburg, Cincinnati, Chicago & St. Louis Ry. Consolidated Mortgage 4%, 1945, Series "D"
Rensselaer & Saratoga Ry. First Mortgage Consolidated 7%,
1921
Rochester & Pittsburg Coal and Iron Co. Helvetia Properties Purchase Money Mortgage 0%, 1946
Southern Railway Equipment Trust Bonds
Series "T,"
1923
Sprinfrfield Railway & Light Co. First Lien 0% Sinking
Fund, 1926
^
Standard Milling First Mortgage 5%, 1930
Superior Water, Light & Power Co. First Mortg&ge 4%,
1931
United States Government 4% Bonds, 1925
Wisconsin Edison Co. Income 6%
10-Year Convertible
Debentures, 1924
M.
B.
'
"
"
"
"
"
"
"
"
"
"
"
"
"
"
4%%
"
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"
THE CHRONICLE
744
It was in the midst of a financial and industrial crisis and depression, and
commodity prices were breaking rapidly. American bankers who had
foreign obligations to meet in gold, as well as speculators in gold, foreseeing that the Government would progressively lighten the gold dollar by
19o a month as prices continued to fall, would have rushed to redeem their
dollars in gold in advance of their need for gold for export in order to
avoid the steady loss of iVc a month which the index nimiber was requir-
patriotic American bankers been willing to submit to the
a month, their European correspondents would have forced
their hands.
European balances in American banks would have been withdrawn. "Dollars" would have been sold short by European exchange speculators, who would have seen that dollars would grow
lighter every
month.
London, instead of helping us as she did, would have felt forced
The pressure would have been irresistible.
to turn against us.
This
woiild have led on the one hand to a complete exhaustion of the Government's gold reserve, and the abandonment of the gold standard, and on
the other hand, to a sharp contraction of the currency, the former intensifying the financial distrust and chaos, and the latter increasing the difficulty of doing even such business as remained to be done.
Again, had the plan been in operation during the crisis of 1907 we
should have had our difficulties so intensified that they would have become unmanageable. On Bradstreet's index number prices dropped 15.41%
from March 1907 to June 1908.
From July 1907 to March 1908 they
dropped 11.67%. On Dun's index number there was a drop of over
from October to November of 1907, while Bradstreet's index shows a drop
of well over
in the same month, followed by further declines in succeeding months.
October, November and December of 1907 were months
The money panic was relieved chiefly by the
of acute financial panic.
importation of $100,000,000 of gold from Europe in November and December of 1907. Had Professor Fisher's plan been in operation, however,
The Goverrmient would have had to
this gold would not have come.
lighten the gold content of the dollar 1% a month for several months in
Foreigners, seeing this, would not have trusted us with gold.
succession.
On the contrary, they would have drawn against their balances in New
York, and would even have sold dollars short, with confidence and safety.
One serious difficulty which the new plan would meet grows out of the
existence of a large volume of contracts, including the Liberty Bonds of the
United States Government itself, which are drawn in terms of gold coin
A railroad, for exof the United States, of present weight and fineness.
ample, which has interest to meet on gold bonds in a fixed weight of
gold, but whose income is fixed in terms of the new stabilized dollar
which varies in its gold content, might find itself quite unable to meet
its interest payments without bankruptcy, if the gold dollar should be progressively lightened during the next few years as a means of preventing a
general fall in prices.
Professor Fisher recognizes this difficulty.
He proposes to meet it by
having the Government abrogate these gold contracts. It is certain that
To most bankers and
powerful opposition will meet any such proposal.
business men such a proposal seems nothing short of a forced repudiation
ing.
loss
Even had
of
1%
1%
2%
1%
of
solemn obligations.
be made to bring about the adoption of the plan by international
What index number
agreement, complications and difficulties multiply.
Will an index number which contains a large proportion
shall be chosen?
of manufactured commodities meet the wishes of an agricultural country
like the Argentine, which is a heavy producer and exporter of wheat and
meats? Would there be one index number for the whole world, or would
there be different index numbers for each country ?
In the latter case
would not all the difficulties above mentioned be multiplied? Would not
the exchanges fluctuate even more frequently and more violently than if
one country only had the plan in effect, since prices would be rising in one
country and falling in another ; and would not countries with falling
prices be exposed to extraordinary foreign drains on their gold?
Over
considerable periods of time it is true that the general movements of gold
prices throughout the world run parallel, but it is not true month by month
or even year by year._ For many months running there might be depression
in one country and prosperity in another, rising prices in one country and
falling prices in another.
Could a single index number for the whole
world be accepted ? If the United States were in a period of depression,
while the preponderant world price-movement was upward, and the world
index number required that the weight of the dollar be increased, would
the United States be willing to increase the weight of the dollar, and stiU
further decrease American prices?
If effort
A'o Remedy for Social Discontent.
for the rising cost of living, the suffering, the social discontent, the social radicalism, which the war has involved. Professor Fish-
As a remedy
(Vol. 111.
QUESTIONNAIRE OF SAVINGS' BANK ASSOCIATION
STATE OF NEW YORK ON ACCEPTANCES.
The
results of a questionnaire advocating the purchase
of bankers' acceptances, sent out by the Savings Banks Association of the State of New York, is made known in the
Association's circular of July 23;
it has to say, in part
we quote herewith what
In the purchase of bankers acceptances three advantages present themselves, first, liquidity
;
second, stability and safeness
;
third profitable in-
vestment and the intensive use of money.
It is important to every savings bank that a certain proportion of its
assets be in such liquid form as will enable it to meet any emergencies, or
large demands upon it for interest. Bankers acceptances present this liquid
In fact, many banks about thirty days before the payment of
feature.
interest falls due, buy a large amount of bankers acceptances for the express purpose of meeting the interest demand.
In the second place, the law passed by the Legislature in- 1919 throws
such safeguards around the purchase of bankers acceptances as make them
Thirdly, most banks report that they
absolutely sound and fool-proof.
find bankers acceptances a very profitable investment and the means for
For example, while a bank is
providing for the intensive use of money.
holding a certain proportion of its funds ready to make a mortgage loan,
it may in the meantime invest that money in bankers acceptances while
its attorney is reviewing the title and the necessary legal papers are being
made out. At the end of this time, which ordinarily will consume approximately 30 days, the bankers acceptances may be rediscounted. Thus
the use of no money is lost and the resources of the bank are being expanded.
Recent Investigation.
On June 30th the executive manager's office sent out a questionnaire
over the signature of the president to all of the member banks in the assoThis communication advocated the purchase of bankers acceptciation.
It called attention to
ances as a liquid, safe and profitable investment.
the desirability of making such purchases for the purpose of relieving the
present financial strain and requested a statement on the attitude of each
individual bank.
At the date of going to press 109 member banks have responded to this
Somewhat in excess of expectations, practically all those replying
inquiry.
Only a few
favored quite strongly the purchase of bankers acceptances.
are unfavorable, although some have given the subject slight consideration.
It is interesting to note that quite a number have made recent investments
in bankers acceptances or have authorized purchases in the immediate future.
A few others, while admitting the factors of soundness and liquidity,
expressed doubt as to the advisability of making purchases, and a small
number evidence lack of complete information or intelligent understanding
of
what
is
involved.
Results by Groups.
In Group I
out of nine banks replying, eight expressed approval and
only one is doubtful of the advantage ; five have already made purchases
three have made no purchases but one has just authorized the purchase of
$1,000,000 worth. It is only fair to the three which have not purchased, to
state that they have not done so on account of the active demand for local
mortgage loans, feeling it their obligation to relieve the acute housing
One of the banks of this group states that
situation as far as possible.
it has purchased $440,000 worth during the last six months and only the
day before answering the communication had purchased $207,000 worth.
Another states that the average amount invested reaches $500,000.
In Group II out of seventeen banks reporting, fourteen are favorably
inclined
two are doubtful and one opposed ; eight have made no purchases
The amount varies
to date, but one expects to do so in the near future.
For example, one bank in
somewhat, but shows a substantial purchase.
the group reports that it now carries $250,000 worth since the interest
Another, a county savings bank,
rate on acceptances reached 6 per cent.
carries $150,000, another carries $100,000 regularly as a fixed amount.
In Group III twenty-five banks have replied, eighteen of these approve
of the bankers acceptances, although the remainder are somewhat doubtful.
One bank frankly admits that it does not exactly know how to handle
Twelve have made no purchases.
the purchase of acceptances.
Those
which have made purchases have done so in rather large figures. Running
rapidly through the list we find such amounts as the following quoted:
$150 $200,000 ;
$300,000 ; $69,000, authorized to buy up to $200,000
$100,000 ; $986,000, etc.
$136,000 ; $300,000 ; $870,000 ; $800,000
—
;
—
;
—
;
—
;
even assuming that it did not break down, is simply irrelevant.
Professor Fisher's claims here go much too far.
The real cause of economic distress in war time is scarcities of goods and demoralization of
production.
It is impossible that a country should carry on a great and
wasteful war and at the same time keep up the pre-war level of comfort
and well-being among its people on the average.
If we could keep the
level of prices fixed during a war we should merely shift the burden of
the suffering.
Under the present system, the active business man especially engaged in war industries may find his profits rising even faster
than his cost of living. The laborer in war industries may find his wages
rising even faster than the cost of living.
The retired capitalist, the beneficiaries of trust funds, men on fixed salaries, and the like, suffer.
If Professor Fisher's plan could prevent a rise in war-time prices, the
relations among these elements of the population would be changed.
The
retired capitalist and bond-holder would not suffer.
They would be able
er's plan,
purchase goods in accustomed quantities.
The reduced consumption
would thus be forced on other elements of the population, including the
This would intensify rather than lessen social discontent and
laborers.
social radicalism.
If the dividend in the form of current stocks of goods
is greatly reduced, and the divisor in the form of the general consuming
public is not reduced, it is a simple problem in mathematics.
If some
elements of the population continue to consume at an imdiminished rate,
then other elements of the population must consume at a greatly diminto
ished rate.
No
legerdemain of manipulation of the currency can avert this
elementary fact.
New York
Brooklyn and Vicinity.
—
In Group V comprising the Brooklyn banks and vicinity, twenty-one
of the twenty-five banks reporting are strongly in favor of acceptances ; two
are opposed and one is doubtful as to their value. Six state that they have
made no purchases but some of these expect to do so within a few days.
Some have not gone into bankers acceptances more heavily because of the
This is due to the acuteness of
great demand for small mortgage loans.
The amounts range from
the housing situation in outlying districts.
One bank makes it a regular practice to pur$35,000 to $4,000,000.
chase from $25-$35,000 per month.
Expression of Viewpoint.
few extracts from the expression of approval on the part of many
banks will be of interest to those who are still undecided. One large bank
in New York City makes the following statement, "We do not know of
any form of investment that we can buy to-day with safety, that brings us
a better return and in every way is so satisfactory'." A large upstate bank
says that it is "an enthusiastic purchaser of banks acceptances being a
firm believer in their strength as a safe and sane investment, and enjoying
A county
to the fullest extent the splendid rate of interest they pay."
savings bank in the northern section of the state says, "We have been purchasing bankers acceptances for a year now in small amounts aggregating
$75,000.
We buy with what we have thirty days or so prior to interestpaying dates, in order to have liquid assets if we need them to meet
withdrawal."
A large bank in New York City states that "We look
A
Dr. Anderson gives expression to his own views on the
problem of sound money, in the following paragraph
The great problem of sound money is the restoration through the main
commercial nations of the world of the old-fashioned gold standard. Until this is accomplished schemes for refinements of our monetary system
must be looked at askance.
Monetary heresies, fiat money schemes,
schemes for international currencies based on war bonds, schemes for doing
away forever with metallic standards and for the substitution of paper currencies suspended by some financial magic in mid-air
all these abound.
No safe monetary system is possible which is not based on the redemption
of paper money, on demand, in precious metals, and practically, for the
great commercial nations of the world to-day, this means gold.
—
City and Vicinity.
Thirty-one of the thirty-four banks reporting in Group IV are favorably
The remaining three are rather dubious
disposed to bankers acceptances.
Eight have made no purchases whatever, and sevabout the advantages.
Naturally this group,
eral have not purchased to any particular extent.
comprising as it does the New York City group of savings banks, has
made the largest purchases. The amounts held by individual banks range
One has made a purchase of two lots of
from $97,500 to $5,200,000.
$1,000,000 each. Another has purchased this year $5,348,000, although it
now holds but $2,642,000 and has fixed the authorized limit as $5,000,000.
:
Aug. 21
THE CHRONICLE
1920.]
upon these acceptances as being very desirable and have invested quite
though at the present time we have only about $600,000,
"So much of the assets of all savings banks are tied
paying 6%%."
up in real estate loans and long term bonds, that it is desirable to have
In event of troua fair percentage of investments in a more liquid form.
ble, which of course we do not anticipate at this time, frozen assets are
pretty hard to thaw out, but a fair amount of bankers acceptances and
promissory notes, secured by the best of collateral, seems to be the proper
thing to have in our strong box."
freely in them,
.
.
:
:
.
Opinions of American Acceptance Council.
In making a study of the development of bankers acceptances, the Federal Reserve Board called a conference on April 13, 1920, of a number of
The actual result of the
bankers and dealers in bankers acceptances.
conference was the sending out to all who had attended, of a questionnaire, prepared to secure information on every aspect of bankers acceptA copy of this questionnaire was sent to the American Acceptances.
On May 20, the Executive Committee of that organization
ance Council.
The
approved answers to the various questions which had been submitted.
answers to these questions constitute the opinion of the American Acceptance Council on the points brought forwa.d by the questionnaire of the
Federal Reserve Board.
The views of tbe American Acceptance Council on the
questionnaire issued by the Federal Reserve Board were
referred to in these columns June 19, page 2533.
CHARLES PONZI IN PRISON—MYTHICAL DEALINGS
IN INTERNATIONAL COUPONS.
745
come
effective.
Members of the Exchange, by vote of 245
approved the increases. The following are the amendments in full to the constitution as adopted by the Governing Committee on August 11 1920, and submitted to the
Exchange in accordance with the provisions of Article
XXXVIII of the Constitution and which have now become
to 5,
law.
Amend
Section 1 of Article XXXIV by striking out the words "and (i)"
in fourth line thereof, said Section, as amended to read as follows:
"Sec. 1.
Commissions shall be charged and paid, under all circumstances, upon all purchases or sales of securities dealt in upon the Exchange (except as provided in Subdivision (h) of Section 2 of this Article)
and shall be absolutely net and free from all or any rebatement,
return, discount or allowance in any shape or manner whatsoever, or by
any method or arrangement direct or indirect and no bonus or any per;
;
centage or portion of the commission shall be given, paid or allowed, directly
or indirectly, or as a salary or portion of a salary, to any clerk or person
for business sought or procured for any member of the Exchange."
Amend Section 2 by striking out said section and inserting in lieu thereof
the following
"Sec. 2.
Commissions shall be calculated on the basis hereinafter specified
On
(a)
railroad, public utility,
and industrial bonds having more than
five years to run:
(al) On business for parties not members of the Exchange, including
jiont account transactions in which a non-member is interested ; transacand for firms of which
tions for partners not members of the Exchange
the Exchange member or members are special partners only, the commis;
Charles Ponzi, whose surrender to the Federal authoriand subsequent release in $25,000 bail was referred to
in these columns last week, was arraigned before United
sion shall be not less than $15 per $10,000 par value.
(a2) On business for members of the Exchange
States Commissioner Hayes on Thursday of this week
(Aug. 19).
He waived examination and was held under
$25,000 bail for the September term of the United States
District Court.
On Aug. 13, the day following his arrest,
(aS) On business for members of the Exchange when a principal is not
given up the commission shall be not less than $5 per $10,000 par value.
On securities of the United States, Porto Rico and the Philippine
(6)
Islands, and of States, Territories and Municipalities therein:
(bl) On business for parties not members of the Exchange, including
joint account transactions in which a non-member is interested
transactions for partners not members of the Exchange
and for firms of which
the Exchange member or members are special partners only, the commission shall be not less than $6 25 per $10,000 par value.
(b2) On business for members of the Exchange when a principal is
given up the commission shall be not less than $2 per $10,000 par value.
(b3) On business for members of the Exchange when a principal is not
given up the commission shall be not less than $3,125 per $10,000 par
ties
Ponzi was surrendered by his bondsman and in default of
ability to obtain further surety was locked up in the Middlesex County jail at East Cambridge, where, it is understood he now remains. Even in the event of his release, it
is said he will be re-arrested' on firty-three new charges
brought by the State on the initiative of Attorney-General
Allen, of obtaining money on false pretenses.
From the annual reports of the International Bureau of
the Universal Postal Union, Berne, Switzerland, the PostOffice Department at Washington has compiled a statement intended to show that Ponzi's alleged dealings in international exchange coupons could not have taken place.
It gives the number of international reply coupons issued
to all countries in the world which have adopted their use
from December 1907, to and including December 31 1919, by
years; also figures showing the number of these coupons
redeemed from 1907 to and including 1918. The annual reports of the Bureau are for calendar years. No figures are
yet available indicating the issues for 1920 or the redemption for 1919. Reports of redemptions are necessarily one
year behind the reports of issues, by reason of the time
required for each country to forward the redeemed coupons to the International Bureau for settlement, that bureau acting as a clearing house in the matter. It is the
information of this department that coupons are only
printed when requisitions are received from each of the
several countries.
Number
of Coupons
Issued.
—
Year
1907*
1908
1909
19101911
1912
1913
1914
19151916
1917
19181919
-
-
Total.Total value
Number
6,557,200
578,000
253,100
1,064,700
582,000
981,500
740,200
1,405,000
2,553,800
2.066,500
2,395,050
2,507,200
803,000
22,487,250
-.$1,349,235
of Coupons
Redeemed.
50,.388
328,685
411,921
499.052
583,859
709,439
798,444
854,802
1,614,457
1.579,826
1,371,486
1,171,200
9,973,559
$498,682 95
Represents the initial stock to all countries party to the agreement at
that date, their use having been approved by the International Postal Convention at Rome in 1906.
By deducting the total number of coupons redeemed from
the total number issued, says this statement, it is easily
seen that on December 31 1919, there could not possibly have
been more than twelve and a half millions of coupons in
the world, liaving a sale value of $751,000, and a redemption value in
stamps of $G2G,000.
given up the commission shall be not less than
when a principal is
$3 75 per $10,000 par
value.
;
;
value.
On stocks:
(cl) On business for parties not members of the Exchange,
joint account transactions in which a non-member is interested
and for firms
tions for partners not members of the Exchange
the Exchange member or members are special partners only,
mission shall be not less than the following:
On stocks selling below $10 per share, 7%c. per share.
On stocks selling at $10 per share and above, but under
(c)
;
share,
In our issue of last week [page G44] we referred to the
proposed increase in commission rates for dealings on the
New York Stock Exchange. The new rates have now be-
the
which
com-
$125
per
$125 per share and over, 20c. per share.
On
Provided, however that the minimum commission on an individual transaction shall be not less than one dollar.
(c2) On business for members of the Exchange when a principal is
given up the commission shall be not less than the following:
On stocks selling below $10 per share, l%c. per share.
On stocks selling at $10 per share and above, but under $125 per share,
2%c. per share.
On stocks selling at $125 per share and over, 3c. per share.
Except that when the amount dealt in is less than 100 shares, the
commission shall be not less than
On stocks selling below $10 per share, Ic. per share.
On stocks selling at $10 per share and over, 2c. per share.
(c3) On business for members of the Exchange when a principal is not
given up the commission shall be not less than the following:
On stocks selling below $10 per share, l%c. per share.
On stocks selling at $10 per share and above, but under $125 per share,
3%c. per share.
On stocks selling at $125 per share and over, 5c. per share.
(d) In transactions where orders are received from a non-member, wherein the broker filling the order is directed to give up another broker or
clearing house, the responsibility of collecting the full commission, as
specified in Subdivisions (al), (bl) and (cl), hereof, shall rest with the
broker or clearing house settling the transaction.
(e) In transactions where orders are received from a member, on which
a clearing firm is given up by said member or by his order, the responsibility of collecting the full commission, as specified in Subdivisions (aS),
(b3) and (c3), hereof, shall rest with said clearing firm; and it shall be
the duty of the broker who executes such orders to report such transactions
to the clearing firm and render them and collect his bill therefor at the
rate specified in Subdivisions (a2), (b2) and (c2), hereof; and also that
wliere a broker executes an order for a member and clears the security
liimself, he must charge the rates specified in Subdivisions (a3), (b3) and
(e3),
hereof.
Whenever a non-member of this Exchange shall cause to be executed
any market outside of the United States any order or orders, for the
purchase or sale of securities listed on this Exchange (except as provided
in Subdivision (h) hereof), and said purchase or sale shall be accepted by
a member or firm wlio are members of this Exchange, for the account of
said non-member, the commission as specified in Subdivisions (al), (bl)
and (cl), liereof, shall be charged said non-member in addition to any
commission charged by the party or parties making the transaction.
(g) When securities are received or delivered on a privilege for a nonmember, the commission as specified in Subdivisions (al), (bl) and
(cl), hereof, must be charged whether said securities are received or delivered upon the day of e-xpiration of siiid privilege or prior thereto.
Bonds or Notes of Foreign Countries hav(h) On Subscription Rights
Notes of Corporations having five years or
ing five years or less to run
Bonds having five years or Ic-ss to run such rates to memless to run
provided, however,
bers or non-members as may be mutually agreed upon
tliat the Committee on Commissions with the approval of the Governing
Conmiittce may hereafter determine special rates on any or all of the
above-mentioned securities."
Amend Section 7 by striking out the last line and inserting in lieu
(f)
in
;
NEW YORK
transacof
15c. per share.
stocks selling at
;
THE NEW COMMISSION R.VTES OF THE
STOCK EXHANGE.
including
;
;
;
;
tliereof
the following:
THE CHRONICLE
746
"Subdivisions (a2), (b2) and (c2)r of Section 2 of this Article."
Said Section, as ameyded, to read as follows
T.he Commission Law as contained in this Article is suspended
"Sec. 7.
from May 9, 1917, until the termination of tiie War as between a member of this Exchange who is alone in business and who is in the active
militarj- or naval service of tlie United States, or is exclusively occupied
in any public service growing out of the War, and any other member, to
the extent that the latter may transact bu.?iness in the Exchange for the
account of the former, when a principal is given up, for not less than onehalf of the minimum rates of commission stated in Subdivisions (a2), (b2)
and (c2) of Section 2 of this Article."
UNITED STATES TREASURY CERTIFICATES OF
INDEBTEDNESS OVERSUBSCRIBED ON DAY
OF ISSUE.
Houston announced on Aug. 17 that subscriptions for the 6% Treasury Certificates of Indebtedness of
Series C, 1921, dated Aug. 16 1920 and maturing Aug. 16
1921, had closed at the close of business on Monday, Aug. 16
1920, the date of issue, and that preliminary reports received
from the twelve Federal Reserve banks indicated that the
issue, which was for $150,000,000 or thereabouts, had been
oversubscribed by about $50,000,000. On Aug. 19 he
announced that the total amount of subscriptions received
for these certificates and known as Series C, 1921, dated
Aug. 16 1920, maturing Aug. 16 1921, was $208,347,500,
and that the total amount of subscriptions allotted was
$157,654,500. Eight of the Federal Reserve banks oversubscribed or equaled their quota.
With a view to making
Secretarj-
the aggregate amount allotted as nearly as possible $150,000,000, the Treasury allotted only 20% on oversubscriptions.
The subscriptions were divided among the several
Federal Reserve districts (which are ranked in the order of
the percentage of their subscriptions to their quota) as
follows:
Federal Reserve District
Philadelphia
Subscriptions
—
Q uola
Received.
Allotted.
5,190,000
6,000,000
6,000,000
4,380,000
21,000.000
3,600,000
5,190,000
$12,426,600
57,704,500
15,057,500
14,042,000
11,422,000
5,567,000
6,285,500
6,000,000
4,262,500
20,250,500
2,544.000
2,093,000
$150,000,000
$208,347,500
$157,654,500
New York
Cleveland
Boston
San Francisco
1.3,590,000
12,990,000
10 ,590,000
Richmond
Louis
Kansas City
Atlanta
St.
Chicago
Dallas
Minneapolis
Total
STATE INSTITUTIONS ADMITTED
RESERVE SYSTEM.
The Federal Reserve Board
TO
FEDERAL
Washington makes public
which were admitted to the
Federal Reserve System in the week ending Aug. 13.
the following
list of
District
No. 5
Kenbridge,
District
Point,
District
No.
Tex
No.
at
institutions
Admitted
to the
Federal Reserve System:
— State Bank of Kenbridge,
— First State Bank, Wills
12 — Lincoln County State
Va
Capital
Surplus.
Total
Resources.
$25,000
$8,000
$245,424
100.000
35,000
624,830
50,000
10,000
561,289
11
Bank, Davenport, Wash
CHICAGO FEDERATION
OF LABOR
TO
HELP
FI-
NANCE WHEAT HARVEST IN NORTH DAKOTA
The Chicago Federation of Labor on Aug. 15 voted to
withdraw its funds from local banks and deposit them in the
Non-Partisan League Bank in Bismarck, N. D., as a means
of helping finance the wheat harvest.
The resolution calling for removal of the Federation's
funds recommended that all locals of the American Federation of Labor take similar action.
It was passed after Carl
Thompson of Bismarck told the meeting that "it would take
$20,000,000 to harvest the wheat crop of the Northwest."
and that labor must cooperate with farmers in financing
the harvest or else the farmers "would have to go to capitaUstic Wall Street."
RESUMPTION OF TRADING IN WHEAT FUTURES ON
WINNIPEG GRAIN EXCHANGE.
Open trading in wheat futures was resumed on the Winnipeg Grain Exchange, Aug. 18. Two months, October and
December, were posted for future deliveries, the opening day,
and while there was a fair amount of business in the October
dehvery there was said to be little activity in December.
Among the buyers were the largest export houses on the
market. The first selling was done by farmers and country
dealers, who immediately took the opportunity to protect
themselves against lower prices by hedging for October
Later ir> the day, as the market progressed, it was
delivery.
reported that the millers were buying for domestic uses,
and there was a good volume of business around S2.70.
After opening at $2.65 the market quickly jumped to higher
prices, the high of the day being $2.72, but closed IH cents
lower at $2.70
M
Subscriptions
$19,770,500
85,000,000
20,927,500
18,249,500
14,750,000
7,073,500
7,426,500
6,000,000
4,262,500
20,250,500
2,544,000
2,093,000
$10,590,000
50,880,000
IVOL 111.
REASON FOR INCREASE IN MILK PRICES.
Commenting on
the announcement of the increase in milk
August (referred to in our issue of Aug. 7, page 547)
the N. Y. "Times" on July 29 said:
prices for
The milk distributors assert that ojily about half of their milk is sold
in bottles, therefore the increase is passed on to the consumers on only about
one-half the milk sold, while the companies lose the difference between the
price paid the producer for July
and August.
the farmers we paid them during July S2 95 per 100
pounds of milk with 3% butter fat," said Patrick D. Fox, President o
"The August price is $3 35. or
the Borden's Farm Products Company.
an increase of 40 cents for about forty-six quarts of milk 100 pounds. The
increased percentage of butter fat during August brings this up to about
1 cent a quart more which we will pay to the farmers.
"We are passing this 1 cent rise on to the public only on slightly more than
half of our business.
The Borden Company has aimed to pass on to the
consumer just as little as possible of the increase it is compelled to give to
the dairymen."
D. S. Horton, Secretary of the Sheffield Farms Company, in announcing
the August prices of milk for his company, gave the same reason for the
"By agreement with
—
increase.
In a circular letter sent put to its customers by the Good-Will Department
of the Sheffield Farms Company it is asserted that "New York City has the
cheapest and safest milk in the world." The letter quotes Health Commissioner Copeland's condemnation of London's milk upon his return from
Europe. The letter also asserts that milk is sold cheaper in New York City
than in any other city of comparable size in the country that is, in Boston.
—
Philadelphia, Chicago, Cleveland, Baltimore or Pittsburgh.
The report of the fluid milk market for July, just announced by the United
Sates Department of Agriculture, giving the wholesale and retail prices for
eighty-eight cities in the United States, gives the prices for Ne-iv York City
and the six other cities mentioned in the Sheffield cii'cular letter as follows:
Buying
Price at
UNITED STATES GRAIN CORPORATION AGAIN
REDUCES ITS CAPITAL.
Cities.
Boston
9.50c.
Philadelphia
7.5c.
Wholesale
Trade.
Bulk.
Bottles.
13.125c.
15.25c.
11.5-12c.
11.62-12c.
11.25c.
13c.
On
At
Rts.
Stores.
17c.
14c.
15c.
15c.
15c.
15c.
16c.
17c.
14c
14-15c.
14-15c.
7.95c.
United States Grain Corporation was Chicago
Cleveland
13.5c.
8.12c.
reduced on Aug. 18 from $150,000,000 to $50,000,000 at a Baltimore
16c.
8.06-9. 18c.
14. .5c.
16c.
10.5-12c.
14.5c.
8.49c.
special meeting of the board of directors.
This action was Pittsburgh
16c.
10.25-llc.
6.77c.
taken in accordance with an executive order signed by New York
It will bg seen from the table that the New York distributors bought their
President Wilson the same day. Fifty million dollars is the July milk for less than the dealers in any of the other six cities in the group.
original capitalization with which the corporation started
With the exception of Boston no city charged more for bottled milk in July
than dealers in this city. The bottled milk has reference to Grade B, as
its war-time control of wheat in August 1917.
explained by the Government report.
By order of the Pi-esident, Julius H. Barnes, United States
Wheat Director, is directed to surrender one million shares
SALE OF WAR DEPARTMENT CANNED MEATS
of the stock of the Grain Corporation held by the Wheat
BELOW PRE-WAR QUOTATIONS.
Director as agent of the President, who is custodian of the
stock for the United States.
The War Department on July 19 authorized the publication
With this action the Grain Corporation has paid back into of the following from the Office of the Director of Sales:
The War Department today, through the Director of Sales, announced
the Treasury 90% of the $.500,000,000 provided by Congress
Dethe beginning of the biggest campaign on canned meats ever known.
to protect the Government's fair price for wheat to the
spite the fact that the cost of foodstuff has advanced nearly 300% in the
farmers in less than three months from the time it eom- last seven years, these meats will be distributed by the War Department at
commeneed to liquidate. Four hundred and fifty million figures below even pre-war quotations.
In its efforts to reduce the high cost of living, the Department announced
dollars will have been returned to the Treasury through the
that it will sell to the American public, through the thousands of wholesale
reduction in capitalization made to-day and the previous and retail dealers of the country, many million dollars worth of canned
reduction on June 28. The remaining fifty million dollars corned beef, corned beef hash, roast beef, and bacon. The meats are to be
sold at figures far below the regular commercial prices for the same items.
will be returned in full to the Treasury when the CorporaThe selling campaign will reach every section of the country. The
The
capital of the
tion's affairs are fully liquidated.
meats are being offered
for domestic
consumption exclusively.
:
Aug. 21
THE CHRONICLE
1920.]
These meats are stored in various sections of the United States, and
within reasonable haul to every community. Every dealer, from the
largest wholesaler to the smallest retailer, is being given an opportunity
to make purchases at prices which are considerably below the prevailing
market ones.
The canned meats are the best that the American packers could prepare.
Their quality is the highest. They were packed under Government
supervision, an^l their quality is guaranteed.
The War Department is
standing back of every can sent from any Army Supply Depot.
The nutritive value of canned meats is unquestioned. These War
Department meats, being of choice selections and having been packed under
the exceptionally close vigilance of representatives of both the Government
and the packers, their food value cannot be doubted. The American Army,
at home and overseas, thrived almost exclusively upon canned meats during
the war the healthiest army the world has ever known.
In its drive to reduce living costs, the Director of Sales, having supervision
of the sale and distribution of these canned meats, has enlisted the services
of the more than 60,000 postmasters of the United States; 5.000 bankers,
and the mayors of every city and town in this country. These officials
and individuals have been requested to render all cooperation possible
to the War Department in its mammouth undertaking.
The Sm-plus Property Division, Office of the Quartermaster General of
the Army, has engaged an increased personnel for the various Army Supply
Depots for receiving, executing and shipping the thousands of orders which
will be received daily.
While the canned meats are stored in various parts of the country, orders
will be received by the Depot Officers at these addresses: Army Supply
Base, Boston, Mass.; 461 Eighth Ave., New York City; 1819 West ThirtyNinth Street, Chicago; San Antonio, Tex.; San Francisco, Cal., and Transportation Building, Atlanta, Ga.
Any additional information desired wUl
be furnished by these officers or Chief, Surplus Property Division, Munitions Building, Washington. D. C.
—
COAL OPERATORS HELD FOR PROFITEERING.
Fifteen coal operators and brokers were arrested on Aug. 1
They will
at Knoxville, Tenn. on charges of profiteering.
be prosecuted, it is said under the Lever Act.
The margin of profits in the individual cases vary, but in
one the Government alleges that the defendants sold coal
in carload lots at $7, $7 50, $8 and $8 50 per ton which
cost only $2 90 per ton to produce.
DEALERS IN WEARING APPAREL INDICTED FOR
PROFITEERING.
Indictments charging profiteering against ten dealers in
wearing apparel and other commodities, were returned on
July 31 by a Federal Grand Jury at Binghamton, N. Y.
With reference to the companies involved and the charges
contained in the indictments press dispatches from Binghamton said:
Those indicted were Edward V. Bryant, of Syracuse, for selling clothing
undue
profit; Michael J. Leo, of Utica and Binghamton, for excessive
on women's clothing; the Allen Schmidt Co., of Utica, for excessive
profits on coats and suits; I. Edward and Frank C. Burke, of Ogdenburg
for excessive profits in shoes; Edward H. Karg and Emmett Noxon, of
Johnstown, for dealing in sugar without first obtaining a permit; Joseph
Pulitzer, of Binghamton, for excessive profits in men's clothing; Boulevard
Garage, of Albany, for buying gasoline at 29J'2C. and re-selling it for 34c.
a gallon; Leon Friedman, of Ogdenburg, for conspiracy with Ray Owen
to mark up excessive prices on men's clothing; Cotterell & Leonard, of
at
profits
Albany, for profiteering in clothing.
HOWARD
FIGG CHARGES MANUFACTURERS AND
JOBBERS OF WEARING APPAREL SEEK TO MAINTAIN HIGH PRICES BY PROPAGANDA.
Howard E. Figg, Assistant to the Attorney General, in
charge of the Government's campaign to reduce prices of
necessities, announced on Aug. 2 the discovery of an alleged
plan of clothing manufacturers and jobbers, to keep up
prices.
Mr. Figg issued a statement declaring that these
interests are "sponsors for statements circulated in the
retail trade that prices are going higher, expecting by this
trite plan to stampede retailers and the public to create a
renewed
said
fictitious
Mr. Figg,
demand." "The Department
"is fully
of Justice,"
advised of the several phases of this
planned campaign, and it only remains to fix
personal responsibility before applying the criminal provisions of the Lever law." His statement follows:
carefully
The Department
advised that manufacturers and jobbers of
mens and women's wearing apparel are circulating propaganda designed to
uphold hiKh prices and to discourage any tendency toward lower prices.
These interests are sponsors for statements circulated in the retail trade
that prices are going higher, expecting by this trite plan to stampede retailers and the public to create a renewed fictitious demand such as was used
to mulct the public during the recent speculative conditions.
This speculative market toppled by its own weigJit this spring, when the
public refused or was unable to buy at the unconsionable prices asked for
wearing apparel.
The Department's sane and economical buying campaign was, no doubt
a vital element among the causes which culminated in the sudden priceslashing
wave
of Justice
is
last spring.
This weapon of public power still is available, and the Department will
not hesitate to use it to the fullest extent in defending the public against
the profiteer.
Manufacturers and jobbers are even going to the length of "guaranteeing
the retail trade against a declining market.
These "guarantees" are being
given very generally, and seemingly in furtherance of a concerted plan,
despite the wording of the Lever law fixing severe penalties for
conspiracy
to exact excessive prices for any necessaries.
A vigorous and thorough investigation Is now In progress to uncover
violations of any of the provisions of the Lever law by niauufacturres
and
jobbers of wearing apparel.
"
747
The Department
isjputting thisllnvestigation into the hands of
men
of
unusual ability. It is confidently anticipated that the lawbreakers will be
found out. and in every case determined prosecution will follow.
In some instances mills have been closed arbitrarily, the officials appearing
callously oblivious to their earlier justification of market conditions on the
plea of "underproduction."
The closing of mills is, in turn, being used in the price propaganda, the
dealer being threatened with further curtailment and higher prices if he
does not accept goods and order on the present market.
The Department of Justice is fully advised of the several phases of this
carefully planned campaign, and it only remains to fix personal responsibility before .^applying the criminal provisions of the Lever law.
RIGHT OF FEDERAL TRADE COMMISSION TO REQUIRE MONTHLY REPORTS FROM COAL COMPANIES DENIED BY COURT.
The Supreme Court of the EHstrict of Columbia rendered
an opinion on April 19 in which it held that the Federal
Trade Commission was without authority to enforce its
order requiring monthly reports of production costs from
coal mining companies and other industrial concerns. The
opinion, signed by Justice Bailey, affirmed an appUcation
for an injunction against the Commission filed by the
Maynard Coal Co., of Ohio and Kentucky, and ruled that
the injunction applied for would issue upon the filing of a
bond of $5,000 by the Maynard Co. Justice Bailey declared
that the "Commission has not the power to exact the reports
and information sought." In granting the application of the
Maynard Coal Co. for an injunction to restrain the Commission from proceeding to collect a penalty of $100 a day
for every day of failure to report. Justice Bailey declared
that the powers the Commission sought were "vast and unprecedented," and beyond the province of Congress to convey.
The coal company contended that the Trade Commission
was without authority to inquire into that part of its business
which was purely intra-state, while the Commission held
that the information sought was necessary and claimed
powers over the coal corporation.
Justice Bailey held that if the business of the concern
from which production cost reports were demanded was
entirely in inter-state commerce the Commissions' claim
visitorial
might be valid, but that in the Majmard case
Commission obviously was demanding information
from a company whose business was both intra and interof authority
the
state.
The opinion
The
said:
power of Congress is limited to that part of the business
has control and which, under the Constitution, it has power
visitorial
over which
it
to regulate.
The mere fact that a corporation engaged in mining, ships a portion of its
product to other States does not subject its business of production or its
intra-state commerce to the authority of the Federal Trade Commission.
In order for the Commis.sion to have the power to require reports as to
mining of coal and intra-state shipments it would have to prove that such
information is necessary to or connected with some subject over which the
general Government has power. The Commission heis not the power to
exact the reports and information sought.
J. S. Foster, general counsel for the National Coal Ass'n,
issued a statement at Washington on April 19 relative to
The statement s&id that the
the decision quoted above.
decision was far-reaching. It added:
If the contention of the Commission had been sustained, it necessarily
would have followed that the Commission had the right to require not only
.such detailed reports of costs of production from coal operators, but from
all manufacturing and commercial concerns which ship any portion of the
products or articles in which they deal in inter-state cotnmerce and would
force all such companies to report in detail every item of cost and profit,
as well as their financial condition.
The suit of the Maynard Coal Co. and the reply of the
Federal Trade Commission were referred to in these columns
on April 3, page 1374.
INDUSTRIAL RELATIONS COMMITTEE FORMED BY
PHILADELPHIA CHAMBER OF COMMERCE.
STANDS FOR "OPEN SHOP."
With the purpose of protecting the public from industrial
warfare, an Industrial Kelatious Committee has boon ostabThe
li.shed by the Chamber of Commerce of Phihulolphia.
in
committee's
platform
may
summarthe
bo
ciiiof planks
ized as follows
It declares for the open shop, for the recognition by employer and employee of their full responsibility, and for the faithful performance by
them of the agreements or contracts into which they enter.
It brands the symp.ithetic strike or the lockout or infringement upon
public rights in labor disputes as indefensible and intolerable.
It calls for the highest efficiency and production in industry consistent
with the health and welfare of workers, and opportunity for the worker
to develop his fullest earning capacity and command his maximum wage.
It seeks protection for the employee and protection for the employer and,
at the .^anie time, protection for the public.
It declares for the S(]uare Deal.
Tloro is its platfonn in full:
The general purpose of the indu.strial relations committee of the Chamber of Commerce ia to unite the constructive elements of the community
THE CHRONICLE
748
for the protection and promotion of the public interest and welfare in the
field of employment relations in the city's industries:
(a) By the endeavor to bring about a general recognition and observance of certain essential principles.
(b) By the use through cooperative action of the moral and material resources of the committee and its representative interests in defense of
such principles when such action is deemed necessary.
Principles to
of
Be Defended.
The principles which the industrial relations committee of the Chamber
Commerce of Philadelphia is created to promulgate and defend in the
public interest are as follows
— Employment
(Vol. 111.
parties differences between public utilities corporations and
The vote on the two referenda was the
their employees.
largest ever recorded by the Chamber on any subject.
The committee that prepared the industrial relations platform was named by the Chamber's board of directors at the
close of the President's First Industrial Conference in OcIt was charged with considering the princitober, 1919.
ples presented by the employers' group in the conference.
Its
members are
recognize and conform to those
Frederick J.
William Butterworth, president Deere & Co., Moline, 111.
principles of individual liberty, freedom of contract and equality of opporKoster, formerly president the San Francisco Chamber of Commerce, San
tunity which form the basis of our national institutions.
Max W. Babb, vice-president the AUis-Chalmers Manufacturing
Francisco
The right of open shop operation, that is the right of the in- Co., Milwaukee W. L. Clause, chairman of the board, Pittsburgh Plate
Second.
dividual to enter and pursue any lawful trade or calling and to contract
Henry M.
Glass Co., Pittsburgh ; M. J. Saunders, shipping. New Orleans
with others as employer or employee upon terms mutually acceptable is an
Victor, banker and cotton manufacturer, Charlotte, N. C.
essential part of the personal liberty of the individual.
Third.
While either employers or workers in the furtherance of legitiThe twelve principles of industrial relations advanced
mate self-interest have the right to combine for collective action or dealing, by the committee and the vote on each are given as follows:
such combination has no right to compel others by intimidation or coer1. Every person possesses the right to engage in any lawful business or
cion to accept its direction or control.
occupation and to enter, individually or collectively, into any lawful conFourth.
Collective agreements between employers and employees, volThese rights are
tract of employment, either as employer or employee.
untarily entered into and not against the public interest, should be obsubject to limitation only through a valid exercise of public authority.
served and performed by the parties with the same faith and credit as
opposed, 2.
In favor, 1,675
applies to any valid contract.
2. The right of open-shop operation, that is, the right of employer and
Fifth.
The power of industrial combinations, whether of employers or
employee to enter into and determine the conditions of employment relaworkers, is rightly accompanied by corresponding responsibility.
Where tions with each other, is an essential part of the individual right of conthere is a lack of full legal responsibility on the part of such combinations
tract possessed by each of the parties.
for breach of agreement or violation of the rights of others, it is essential
opposed, i.
In favor, 1,605
that they be held by the community to a higher degree of moral responsi3. All men possess the equal right to associate roluntarily for the acbility for their conduct.
.complishment of lawful purposes by lawful means. The associatisn of men,
Sixth.
Combinations to establish a monopoly of the product or of
whetlier of employers, employees or others, for collective action or dealing,
labor and to bar the competition or take away the opportunity of livelihood
confers no authority o^er, and must not deny any right of, those who do
of those outside the combination are against good morals and the public
not desire to act or deal with them.
interest.
In favor, 10,677 ; opposed, 4.
Seventh.
The right of an industrial group to use its economic power
4. The public welfare, the protection of the individual, and sound emfor the benefit of its members is limited by its obligation to respect the
plo3'ment relations require that associations or combinations of employers
rights of others.
The use of the sympathetic strike or lockout or of the
or employees, or both, must equally be subject to the authority of the State
boycott involves an ati:ack upon innocent third parties and the public, and
and legally responsible to others for their conduct and that of their agents.
is indefensible and intolerable.
In favor, 1,671 opposed, 4.
Eighth.
The fact that disorder or violation of personal rights grows
5. To develop, with due regard for the health, safety and well-being of
out of or is connected with an industrial controversy does not affect or
the individual, the required output of industry is the common social obligalessen the primary duty of the public authorities to maintain law and order
The restriction of productive effort or of outtion of all engaged therein.
in the community and to afford the individual full protection for life and
put by either employer or employee for the purpose of creating an artificial
property.
scarcity of the product or of labor is an injury to society.
Ninth.
The public interest requires that the highest degree of effiopposed, 3.
In favor, 1,675
ciency and productivity in industry consistent with the health and welfare
6. The wage of labor must come out of the product of industry and must
of the workers .should be maintained.
There should be no intentional reIn order that the
be earned and measured by its contribution thereto.
striction of output by either employer or employee in order to cause an
worker, in his own and the general interest, may develop his full producartificial scarcity of the product or of labor.
In order that the worker
tive capacity, and may thereby earn at least a wage sufficient to sustain
may develop his full earning capacity and command his maximum wage,
him upon a proper standard of living, it is the duty of management to coit is the duty of management to assist him to secure employment suited to
operate with him to secure continuous employment suited to his abilities,
his abilities, to furnish him incentive and opportunity for improvement to
to furnish incentive and opportunity for improvement, to provide proper
provide proper safeguards for his health and safety, and to aid him to insafeguards for his health and safety and to encourage him in all practicable
crease the value of his productive effort.
and reasonable ways to increase the value of his productive effort.
Tenth.
The paramount interest of the public in the operation of the
opposed, 2.
In favor, 1,679
agencies of transportation and other branches of public utility service must
5. The number of hours in the work day or week in which the maximum
be asserted and maintained against any attempt to bring about an interoutput, consistent with the health and well-being of the individual, can
ruption in the service of any public utility in furtherance of any private
be maintained in a given industry should be ascertained by careful study
purpose or interest.
and never should be exceeded except in case of emergency, and one day of
Eleventh.
Public employees should be accorded fair and generous treatThe reduction in workrest in seven, or its equivalent, should be provided.
ment and adequate means to protect their interests should be established
ing hours below such economic limit, in order to secure greater leisure for
but the combination of such employees to interfere with or prevent the adthe individual, should be made only with full understanding and acceptance
ministration of any branch of the public service is a violation of their
of the fact that it involves a commensurate loss in the earning power of
duty to the public and the state, and cannot be justified by any possible
the workers, a limitation and a shortage of the output of the industry and
consideration.
an increase in the cost of the product, with all the necessary effect of these
Membership of the Committee.
things upon the interests of the community and the nation.
The membership of this committee shall consist of individual citizens and
In favor, 1,077
opposed, 3.
companies of the district of Philadelphia and of representatives of trade,
8. Adequate means satisfactory both to the employer and his employees,
commercial ami civic organizations.
and voluntarily agreed to by them, should be provided for the discussion
and adjustment of employment relations and the just and prompt settlement of all disputes that arise in the course of industrial operation.
In favor, 1,668
opposed, 8.
9. When, in the establishment or adjustment of emplojinent relations,
U. S.
the employer and his employees do not deal individually, but by mutual
''OPEN SHOP.''
consent such dealing is conducted by either party through representatives,
the industrial leaders of the country stand on the it is proper for the other party to ask that these representatives shall not
be chosen or controlled by, or in such dealing in any degree represent, any
question of the "open shop" under which there is freedom outside group or interest in the questions at issue.
In favor, 1,568
of contract between employer and employee; no discrimiopposed, 54.
10. The greatest measure of reward and well-being for both employer
nation against non-union workers; and no arbitrary reand employee and the full social value of their service must be sought in
striction of production is indicated by the result of a the successful conduct and full development of the particular industrial
Intelligent and practical coestablishment in which they are associated.
referendum recently taken by the
of
operation based upon a mutual recognition of this community of interest
of the Unitetl States.
constitutes the true basis of sound industrial relations.
an overwhelming vote, the membership of the ChamIn favor, 1,604
opposed, 2.
11. The State is sovereign and cannot tolerate a divided allegiance on
ber has adopted a platform on industrial relations, which
declares for the right of "open shop" operation of industry the part of its servants. While the right of government employees, national, state or mimicipal, to be heard and to secure consideration and just
and for making labor organizations the same as organiza- treatment must be amply safeguarded, the community welfare demands
tions of employers, legally responsible "to others for their that no combination to prevent or impair the operation of government or
conduct and that of their agents." The result of the refer- of any government function shall be permitted.
In favor, 1,663
opposed, 4.
announced on July 30.
vote was taken on
12. In public-service activities the public interest and well-being must
the report of a special committee of the Chamber's board of be the paramount and controlling consideration. The power of regulation
and protection exercised by the State over the corporation should properly
directors.
This report went deeply into the subject of the extend
to the employees in so far as may be necessary to assure the adeemployment relation and recommended
other things quate, continuous and unimpaired operation of public-utility service.
In favor, 1,649
opposed, 18.
recognition of the right of open shop operation and the
First.
relations
should
;
—
;
;
;
—
—
;
—
;
—
—
—
;
—
;
—
;
—
;
;
PLATFORM ON INDUSTRIAL RELATIONS ADOPTED
BY
CHAMBER OF COMMERCE—DECLARES
FOR
;
How
—
;
—
Chamber
Commerce
By
;
endum was
;
The
among
;
right of employers
and employees to deal directly with
each other without participation by outside interests. At
the same time the Chamber's membership in another referendum vote approved a report of its Committee on Public
Utilities recommending that strikes by public utility employees be explicitly prohibited and that tribunals should be
created by law to adjudicate in decisions binding on both
The referendum on
public utilities employment carried
the recommendations of the Chamber's committee on Public
Utilities.
These are two in number, and are given as follows, with the vote on each:
The Committee recommends that strikes by employees of all public
service corporations perfonning public service essential to the lives, health,
security, comfort and well-being of the people should by law be explicitly
prohibited.
For, 1,564
;
against,
97.
—
:
Aug. 21
THE CHRONICLE
1920.]
The Committee recommends that suitable tribunals should be created by
law to adjudicate differences between the employees of public service corporations and their employers and that the decisions of such tribunals
against, 100.
should be final and binding upon both parties.
For, 1,571
;
Members
Chamber's Committee on Public
of the
Utilities
are as follows
Lewis E. Pierson, chairman of Irving National Bank, New York Henry
0. Bradlee, president Stone & Webster, Boston ; Arthur W. Brady, president
Union Traction Co., Anderson, Ind. ; F. B. DeBerard, Director of Research,
New York Merchants Association ; Albert W. Harris, president Harris Trust
& Savings Bank, Chicago, 111. ; Charles L. Harrison, director Cincinnati
Chamber of Commerce ; John W. Lieb, vice-president New York Edison
H. L. McCune, lawyer, of Kansas City
Co., New York
Paul N. Myers,
president St. Paul Association of Public and Business Affairs
John W.
Van Allen, lawyer, of Buffalo, N. Y.
;
;
;
;
ARBITRATION AGREEMENTS MADE BINDING IN
NEW YORK STATE BY WALTON LAW— TEXT
OF THE LAW.
Under the Walton Arbitration Law, approved by Governor
Smith the
latter part of April, written contracts providing
made legally binding. This legislation
originated with the Chamber of Commerce of the State of
New York, and the Merchants' Association of this city cooperated with that body in advocating its passage by the
Legislature and in securing its approval by the Governor.
for arbitration are
Following
is
the text of the law:
General
Laws
of
—All
Counties.
New York— By
CHAPTER
Authority.
275.
AN ACT
5a relation to arbitration, constituting chapter 72 of the consolidated laws.
Became a law April 19 1920 with the approval of the Governor. Passed
three-fifths being present.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
CHAPTER
72
OF THE CONSOLIDATED LAWS.
ARBITRATION LAW.
Article 1. Short title (Section 1).'
Article 2. General pro\isions (Sections 2-6).
Article 3. Application of certain sections of the code of civil procedure
and repeal of certain other provisions thereof (Sections 7-9)
Article 4. Time of taking effect (Section 10).
Article 1
Section
Section
1.
Sljort title.
1.
Short
title.
—
—
.
Short Title.
This chapter shall be known as the "Ai-bitration
Law."
Article 2
— General Provisions.
Section 2. Validity of arbitration agreements.
Section 3. Remedy in case of default.
Section 4. Provision in case of failure to name arbitrator or umpire.
Section 5 Stay of proceedings brought in violation of an arbitration agreement or submission.
Section 6. Applications to be heard as motions.
Section 2. Validity of arbitration agreements.
provision in a written contract to settle by arbitration a controversy thereafter arising between the
parties to the contract, or a submission hereafter entered into of an existing
controversy to arbitration pursuant to title 8 of chapter 17 of the code of
civil procedure, shall be valid, enforcible and irrevocable, save upon such
grounds as exist at law or in equity for the revocation of any contract.
Section 3. Remedy in case of default. A party aggrieved by the failure,
neglect or refusal of another to perform under a contract or submission providing for arbitration, described in section 2 hereof, may petition the
Supreme Court, or a judge thereof, for an order directing that such arbitration proceed in the manner provided for in such contract or submission.
Eight days' notice in writing of such application shall be served upon the
party in default. Ser\'ice thereof shall be made in the manner provided
by law for personal service of a summons.
The court, or a judge thereof
shall hear the parties, and upon being satisfied that the making of the contract or submission or the failure to comply therewith is not in issue the
court, or the judge thereof, hearing such application, shall make an order
directing the parties to proceed to arbitration in accordance with the terms
of the contract or submission.
If the making of the contract or submission
or the default be in issue, the court, or the judge thereof, shall proceed
summarily to the trial thereof. If no jury trial be demanded by either
party, the court, or the judge thereof, .shall hear and determine such issue.
Where such an issue is rai.sed, any jiarty may. on or before the return day
of the notice of application, demand a jury trial of such issue, and if such
demand bo made, the court, or the judge thereof, .shall tnake an order referring the issue or issues to a jury in the manner provided by law for
referring to a jury Issues in an equity action.
If the jury fuid that no written
contract providing for arbitration was made or submission entered into,
as the case may be, or that there is no default, the proceeding shall bo dismissed.
If the jury find tliat a written contract providing for arbitration
was made or submission was entered into and there is a default in the performance thereof, the court, or the judge thereof, shall make an order summarily directing the parties to the contract or submission to proceed with
the arbitration in accordance with the terms thereof.
Section 4. Provision in case of failure to name arbitrator or umpire. If, In
the contract for arbitration or in the submission, described in section 2.
provision be made for a method of naming or appointing an arbitrator or
arbitrators or an umpire, sucli inetliod .shall bo followed; but if no method
be provided therein, or if a method be provided and any party tlioroto shall
fall to avail himself of such method, or for any other reason there sliall
be
a lapse in the naming of an arbitrator or arbitrators or umpire, or in filling
a vacancy, then, upon application by cither party to the controversy, the
Supreme Court, or a judge thereof, shall designate and appoint an arbitrator or arbitrators or umpire, as the case may require, who shall
act
under the said contract or submission with tlie same force and effect as if
he or they had been specifically nanu'd therein; and unless otherwise provided, the arbitration shall be by a single arbitrator.
Section 5. Stay of proceedings brought in violation of an arbitration agreement or submission. If any suit or proceeding be brought upon
any issue
otherwise referable to arbitration under a contract or submission
described
in section 2. the Supreme C:^ourt, or a judge thereof,
upon being satisfied
that the issue involved in sudi suit or proceeding is referable
to arbitration
.
A
749
under a contract containing a provision
for arbitration or under a submission
described in section 2, shall stay the trial of the action until such arbitration
has been had in accordance with the terms of the agreement.
Section 6. Applications to be heard as motions. Any application to the
court, or a judge thereof, hereunder shall be made and heard in the manner
provided by law for the making and hearing of motions, except as otherwise
herein expressly provided.
Article 3
Application of Certain Sections of the Code of Civil Procedure
and Repeal and Amendment of Certain Other Provisions Thereof.
Section 7. Repeal of provisions of code of civil procedure.
Section 8. Application of certain sections of code of civil procedure.
* Section 9. Amendment of certain section of code of civil procedure.
^ Section 7. Repeal of provisions of code of civil procedure. Sections 2383,
2384 and 2385 of chapter 17, title 8, of the code of civil procedure are hereby
repealed.
K Section 8. Application of certain sections of code of civil procedure. The
provisions of sections 2365 to 2386 of the code of civil procedure, both inclusive, except sections 2383. 2384 and 2385, so far as practicable and consistent with this chapter, shall apply to an arbitration agreement under this
chapter, and for such purpose the arbitration agreement shall be deemed
a submission to arbitration. Wherever in such sections reference is made
to the court specified in the submission, the Supreme Court shall have
jurisdiction of the subject matter if no coiort be specified in the arbitration
agreement.
Section 9.
Amendment
of certain section of code of civil procedure. Section
procedure is hereby amended to read as follows:
Section 2382. Where a party dies after making a submission either as
prescribed in this title or otherwise, if the submission contains a stipulation,
authorizing the entry of a judgment upon the award, the award may be
confirmed, vacated, modified, or corrected, upon the application of, or
upon notice to, his executor or administrator, or a temporary administrator
2382 of the code of
civil
it relates to real property, his heir or devisee, who
has succeeded to his interest in the real property. Where a committee of
the property, or of the person, of a party to a submission is appointed, the
award may be confirmed, vacated, modified, or corrected, upon the application of, or notice to, a committee of the property; but not otherwise.
In a case specified in this section, a judge of the court may make an order;
extending the time within which notice of a motion to vacate, modify, or
Upon confirming an award, where a
correct the award must be served.
party has died since it was filed or delivered, the coxirt must enter judgment
in the name of the original party; and the proceedings thereupon are the
same as where a party dies after a verdict.
Article 4
Time of Taking Effect.
Section 10. Time of taking effect.
Section 10. Time of taking effect. This Act shall take effect immediately.
of his estate; or, where
Commenting on the significance of
New York "Times" on April 22 said:
the Walton Law, the
Contracts between employers and employes to aroitrate differences and
between business men in disputes are made enforceable Dy law in this State
under Senate Bill No. 357, introduced by Senator W^alton. passed unanimously oy both houses and signed by Governor Smith. The new law is the
outcome of a long campaign by the Chamber of Commerce of the State of
New York.
Arbitration agreements hitherto have had only moral force. Employer
or employe could decUne to go through with the arbitration agreement.
Business men, who had actually submitted their dispute to arbitrators in
accordance with their contract to do so, could withdraw even after the other
side had submitted its case, thus giving an advantage In a future lawsuit
to the party revoking the agreement.
These agreements could not be enforced because of ancient EngUsh
decisions that no man could be deprived, or could deprive himself, of his
In a volume. "Commercial
right to have his dispute passed on by a court.
Arbitration and the Law " written at the suggestion of the New Y'ork
of Commerce, Juhus Henry Cohen traced this conception of the
law back to the days of Coke and showed that the arbitration of business
disputes was killed by the hostility of lawyers w lo opposed the reduction
The lawyers of the seventeenth century made their influence
of litigation
felt in shaping the precedents which have ruled in English-speaking counThe Bar Association of the State of New Y'ork and
tries for 300 years.
many eminent lawyers were active, however, in finally breaking down this
barrier to the easy adjustment of commercial and other disputes.
The Walton Act does not compel anyone, either employer, business man,
employe or labor union to enter into any such an agreement; however,
they are not at liberty to disregard it, as in the past.
If one party refuses to arbitrate a question, whicli he has agreed to arblIf the agreement
rate, the other party may appeal to the Supreme Court.
to arbitrate is admitted, it becomes the duty of the court to direct an arbitraIf there is a aispute as to whether
tion, in accordance with the agreement.
the question at issue is covered oy the arbitration agreement, the court to
which application is made must proceed at once to trial to determine this
Chamber
question of fact
If the agrement does not provide the manner of arbitration, the law
prescribes that the Supreme Court, upon apphcation. shall name the
Unless the agreement specifies otherwise a
arbitrator or arbitrators.
All commercial agreements, capital and
single arbitrator is to be named
labor agreements, and all other contracts to arbitrate are thus enforceable,
with the following exception described oy the act:
"It is not applicable to controversies arising respecting a claim to an
estate in real property in fee or for life."
Cnarles L. Bernheimer. Chairman on the Committee of Arbitration of the
Chamber of Commerce who has been working for an act of this kind for
eleven years and who obtained the support of a large number of commercial
organizations tliroughout the State for the law said yesterday that it did
away with "an impression in the foreign mind that the .Vmericait merchant
He added that the
entered into such agreements under false iiretenses."
business conscience now was stiuartnl with public opinion.
TENNESSEE LEGISLATURE RATIFIES FEDERALWOMAN SUFFRAGE AMENDMENT.
The ratification of the Federal Woman Suffrage Amendment was completed on Aug. IS when the
Toiinessee
House
50 to 46, to concur in the resolution adopted by the Senate on Aug. 13 by a ^o(e of 25 to 4.
A special dispatch to the "New York Tribune" dated Aug. IS,
of Representatives voted,
said:
The Tennessee Hou.se of Representatives to-day ratified the Susan B.
Anthony amendment to the Federal Constitution giving the suffrage to
women. Unless a motion to rwonsider, which comes up to-n\orrow at
10:30 o'clock, is successful, ratification will have been compleiod by the
thirty-six States necessary to
make
It
effective.
THE CHRONICLE
750
The vote by which the resohition was adopted was 49 to 47. Speaker
Seth Walker, opponent of suffrage, changed his vote in order to move for
reconsideration, so that the official vote stands 50 to 46.
The Tennessee Senate ratified last Friday, by a vote of 25 to 4. If the
House to-morrow votes down the motion to reconsider all that will reniam
to give women the suffrage throughout the country will be a proclamation
by Secretary of State Colby at Washington. Secretary Colby will issue this
proclamation as soon as the action of the Tennessee Legislature is formally
certified to him.
By the amendment 9.500,000 women will be added to the 17,500,000
who, by State enactment, already possess the suffrage.
How Parlies Lined Up.
—
[Vol. 111.
Your committee
is of the opinion that loans for this purpose should be
available immediately in order that the various carriers having unserviceable equipment which may be substantially repaired or reconstructed
should be enabled to proceed \vith the work without delay. Such substantially repaired or rebuilt equipment will be available for service at a
much earUer date than new equipment to be hereafter ordered, and will,
therefore, be a distinct contribution to the ability of the carriers to carry
the traffic of the cxu-rent year.
made
For Additions and Betlerments.
Accordingly
we recommend that the following loans should be made to the
following carriers for additions and betterments to existing equipment:
& Ohio
& Maine
Chicago & Eastern
Baltimore
line-up of the parties in to-day's vote was: Democrats Aye, 35; nay.
Republicans Aye, 15; nay, 12; absent, 2.
34; absent, 1.
Bo.ston
The Une-up in the Senate last Friday was: Democrats Aye, 18; nay, 3;
RepubUcans Aye, 7: nay, 1.
Following is the list of the States that have ratified the
suffrage amendment, with the dates of ratification and the
political affiliations of the Governor and the majority of the
Legislature:
Chicago Great Western
Chicago Great Western
Chicago & Alton
The
—
—
—
state
Oover- Legisnor. laturc.
—
R.
Wisconsin
Michigan
R.
R.
R.
R.
R.
R.
R.
Kansas
Ohio
New YorknUnois
D.
D,
R.
Pennsylvania.. R.
Massachusetts- R.
Texas
D.
Iowa
R.
Missouri
D
Arkansas
D.
D.
Montana
Nebraska R.
Minnesota
R.
New Hampshire R.
Utah --D.
_
California
R.
The
State
R.
R.
R.
D.
R.
Divided
D.
R.
R.
R.
R.
D.
R.
Georgia
nor.
lature.
D.
D.
D.
D.
D
Mississippi
.
South Carolina. D.
Virginia
D.
State
D
D.
D.
—
Gorer- Legisnor.
Maine
R.
North Dakota. R.
South Dakota. R.
Colorado
R.
Rhode Island-. R.
Kentucky
R.
Oregon
_
Indiana
Wyoming-
'19
Aug.
New Mexico..
2 '19
Sept 8 '19 OklahomaSept 10 '19 West "Virginia.
Sept. 30 '19 Washington .
Nov. 1 '19 Tennessee
R.
R.
R.
R.
R.
Divided
R.
R.
D.
R.
D.
defeated ratification:
)
Date.
Sept. 2 •19
July
Jan.
Jan.
Feb.
lature.
State
—
D.
R.
D.
'19
Dec. 1'19
Dec. 4 '19
Dec. 12 "20
Mar.
Mar.
Aug.
6 -20
ijorcr- Legisnor. lature.
11 '20
12 '20
19 '20
27 '20
10 '20
22 '20
18 '20
D.
D.
Feb. 17 '20
R.
June 2
Aug. 17
June 15
Connecticut
Vermont
R.
R.
R,
R.
—
1 ate.
'20
'20
'20
11 ,220
Steel hoppers
200
Coal cars
880
6
187
184
120
Tank
cars
Gondolas
Flat cars
stock cars
Milk cars
..
91
125
Cabooses
Kinds not yet stated
378
14,768
Your committee recommends that the loans set forth below should be
made to the carriers named to the amounts set forth for the purposes speciand beUeves that this total loan of $78,349,389 will definitely and
promote the movement of cars:
Ann Arbor Railroad Co. Terminal facilities, extensions to existing side tracks, tiu-n-table
$275,000
Baltimore & Ohio Railroad Co. Additional main tracks, yard
Florida
D.
specifically
D.
reconsideration
either Thursday or Friday.
A dispatch to the Evening
"Post" of this city from Nashville, dated Aug. 20 says with
regard to the matter:
The Tennessee House adjourned today until 10 a. m, tomorrow without
an attempt of the anti-suffragists to force reconsideration of the House
action in ratifying the Federal suffrage amendment.
The motion to adjourn svas offered by a suffrage leader and carried Dy an overwhelming
viva voce vote.
Failure of Speaker WaUcer to move reconsideration was taken as an
Indication that the opposition had not secured enough pledges to rescind
the ratification action.
The anti-suffragists sought to have the House adjourn until Monday, but
the suffragists voted their motion down, the movement being defeated by
the same vote that the ratification resolution was adopted Wednesday,
FINAL
596
781
Refrigerators
Box cars
fied,
oover- Legisnor. lature.
The Tennessee House did not attempt
49 to 47.
$8,317,943
The expenditure
Locomotives
7 '20
10 '20
24 '19 Delaware
R.
21 20 North Carolina. D.
'20
24
Louisiana
12 20
State
Wabash
27 '20
States which have not acted are:
—
Norfolk Southern
Texas & Pacific
of the total of these recommended loans, namely,
$8,317,943, will restore to efficient service the following equipment:
lature.
D.
D.
& Northern
Hocking Valley
12 '20
16 '20
vor.
D
Pacific
6 '20
Oover- Legis-
Maryland
&
Maine Central
-ate.
Nov. 4
Jan.
Jan.
R.
Jan.
R.
Jan.
R.
R.
Jan.
D. Divided Feb.
D.
R.
Feb.
R.
R.
Feb.
R.
D.
Feb.
Feb.
R.
R.
D.
D.
Feb.
July 2 '19 Nevada
3'19 New Jersey
July
July 29 '19 Idaho
30
'19 Arizona
July
Oover- Legls-
Alabama
The
June 28
following States
—
State
Z ale.
June lO'lfl
June 10 '19
June 16 '19
June 16 'IS
June 16 '19
June 17 '19
June 24 '19
June 25 '19
Illinois
Chicago, Rock Island
Erie
Gulf Coast Lines
Gulf, Mobile
$2,087,000
1,036,490
385,940
872,660
270,000
359,400
1,257,000
168,532
30,500
256,050
159,471
65 ,900
78,000
1,091,000
200,000
___^_^___^______^^__
REPORT~OF~^RAILWAY EXECUTIVES ON
DISTRIBUTION OF REVOLVING FUND.
A
revised and final report, embracing the recommendations of the railroads as to apportionment of the $300,000,000 revolving fund provided under the Transportation Act,
to aid in the rehabilitation of the roads has been submitted
to the Inter-State Commerce Commission by the Association
of Railway Executives.
The preliminary report was submitted several weeks ago, and referred to in those columns
at the time. The final report recommends loans amounting
This amount if allowed, would
to nearly $200,000,000.
consume two-thirds of the total authorized by the Act to
be loaned to the railroads for equipment purposes and to
repair deterioration consequent on Government seizure
and operation during the war period.
No statement has been authorized as to whether or not
the amounts asked for in the applications thus far made will
be allowed, but it is said to be generally believed that the
Commission regards the necessities of the carriers as acute
and that the amounts named are not in excess of requirements.
The $200,000,000 asked for at this time is distributed as
follows by the Association of Railway Executives in their
final report to the Commerce Commission:
For rebuilding freight cars, $8,317,000.
Additions and betterments to equipment to expedite
—
—
interlockers, telephone train dispatching,
shop machinery, bridges, trestles, culverts, heavier rail
Aroostook Shop machinery, coal storage plant, adBangor
ditional passing tracks
Boston & Maine Railroad -Retaining walls and rip rapping
renewal of bridges, automatic signals, extension to sidings,
tracks,
sidings,
—
&
5,000,0 00
20,000
—
interlockers,
faciUties
improved water supply, engine house and yard
2,188,564
—
Boston & Maine Railroad Extension of yard tracks, roundhouse and engine terminal facilities
Central New England Additional yard tracks, sidings, and
—
shops
Chesapeake
&
1,814,047
300,000
—Contingent
on company supplying
Ohio
$2,-
500.000 additional; for double tracking, grade reduction and
other work necessary to extend operation of mallet locomotives
and large capacitj coal cars
Chicago & Illinois Shop machinery, improvements to trestles.
Chicago Great Western Yard tracks and repair shops
Chicago, Indianapolis & Louisville Car repair shop
Chicago Junction Railway Yards and car shop
Ballast, rail, bridges,
Chicago, Milwaukee & St. Paul Ry. Co.
yard tracks and sidings, fuel stations, water stations, shop
buildings, shop machinery and tools, track elevation
Chicago, Rock Island & Pacific Ry. Co. Additional yard
tracks and sidings, shop machinery and tools, ballast, bank
widening rails, bridges
Chicago & Western Indiana -Completion of two yards, automatic
block signals, Interlockers, tools
Shop machine tools
Cincinnati, Indianapolis & Western
Delaware & Hudson Elimination of tunnel, development of
---two yards
Erie -Additional yards, yard tracks, shop machinery tools,
extension of erecting shop, second track
Evansville, Indianapolis & Terre Haute Bridges, rails, ties,
—
—
—
4,750,000
502,060
150,500
200,000
1, 100,000
—
—
4,940,000
—
5,000,000
—
1,805,000
33,500
—
—
2,250.000
—
ballast
Evansville, Indianapolis
ballast
&
Terre
—
Haute—Bridges,
1,496,897
200,000
rails, ties,
200,000
215,000
—
—
Fort Smith & Western Side tracks, yard tracks and ballast
Great Northern Additional yard tracks, car shops, shop buildmgs, tools
Gulf Coast Lines Yards and sidings, shops, shop machinery,
heavier rail
Interlockers, heavier rail
Gulf, Mobile & Northern
—
—
1,550,000
200.000
73,000
72,000
—
Gulf, Mobile & Northern — Ballasting
Hocking Valley— Additional main tracks, yard tracks, sidings,
shops
International & Great Northern — For 90-lb raU
Long Island Railroad —Additional yards, yard tracks, storage
tracks, interchange tracks
plates
Louisiana & Arkansas Ry. Co. — Tools, shop extension,
yard and passing tracks, heavier
Louisville & Jefferson Bridge RR. Co. — Additional yard tracks.
and bin..
heavier
coaling station, water station, ash
shops, shop machinery
Maine Central — Heavier
and renewal of bridges
Louis — Additional main tracks, yard tracks,
Minneapolis &
1,352,958
40 ,000
.
500,000
tie
165,660
rail
movement
of
freight. .$78,289,000.
For new locomotives to be ordered for next .season, $29,054,323.
For purchase of new freight cars for this .season and next, $52,839,493.
For the purpose of meeting maturing equipment contracts, $28,800,875.
is general comment that these totals are conservative.
It is at least
obvious that they are very much below the amounts variously stated by
the representatives of the carriers in the hearings before the Senate Committee on Inter-state E-sch-Cummins bill.
It
A summary of the chief features of the final report was
given in Washington advices of Aug. 17 to the New York
"Journal of Commerce" as follows:
pit,
162,574
rail
rails, ballast,
533,132
St.
sidings, engine terminal facilities, shops, shop machinery,
-ballast
Rails, bridges, trestles, additional
Missouri Pacific RR. Co.
yard tracks, signals and interlockers, telegraph and telephone
lines, fuel and water stations shop buildings, engine houses,
546,500
—
shop machinery tools, wharves and docks
Northern Pacific Additional yard tracks, sidings, interlockers,
2,843,179
,
—
engine houses, shop|buildings,Ishop|machinery, tools car sheds
•
2,400,000
.
Aug. 21
THE CHRONICLE
1920.]
—
Central Lines Allocated as follows: New York
Central (includinK Boston & Albany) RR., $5,500,000 engine
terminals and facilities, freight yards and yard facilities, sidings and extensions, interlockers, shop machinery and mis$12,101 ,928
cellaneous betterments
Michigan Central Passing tracks, repair tracks, storage
613,221
tracks, yard tracks and engine terminals
Rutland Railroad Bridges, rebuilding swing bridge at Fort
New York
—
—
Ticonderoga
Indiana Harbor Belt Railroad
yard
— Round house,
Cleveland. Cincinnati, Chicago &
Louis — Double tracking
machinery and signals
and storage tracks, shop
Zanesville & Western Railroad — Engine terminal and yard tracks
Kanawha & Michigan Railway— Passing sidings and cutoff
Lake Erie & Western— Passing tracks, Interlockers, shop maengine house
chinery and
Toledo & Ohio Central Railroad — Yard tracks, passing tracks,
shop tools and machinery
yard
Cincinnati Northern — Passing tracks, interlockers, tools
New York, New Haven & Hartford Railroad— Development of
freight yards, engine terminals, shops, tools automatic signals
Norfolk Southern — For flattening curves, reducing grades and
tools,
61, 198
traclis
and passing tracks
526,400
St.
pas.sing
tools,
stalls
tools,
facilities,
strengthening bridges, so as to materially increase train haul
of engines
Pennsylvania Railroad Grain elevator, engine house, facilities.
yard tracks, shops
Seaboard Air Line Railway Ballasting, trestles, rail renewals,
dredging, shop machinery, facilities, water facilities, passing
—
—
and yard tracks
—
Tampa Northern
Railroad Heavier rails and additional tracks.
Toledo, St. Louis & Western Yard tracks, storage tracks,
new roundhouse, heavier rail and ballast
Texas & Pacific New yard and engine faciUties, additional
passing tracks, shop machinery, train dispatching circuits,
water supply
Virginian
Completion of double track on ruling grade
Wabash Enlargement of shops, shop tools, heavier rail
Wabash Strengthening of bridges for heavier power
Westers Maryland Extension of coal pier, engine terminal,
freight yard, passings
Wheeling & Lake Erie Additional freight yards, engine terminals and repair shops
—
—
—
—
—
—
—
Total
.4,560,101
60,100
231,204
242.700
214,454
92,550
8.130,000
200,000
6,780,125
750,000
57,000
510,000
1.688.000
2.000.000
977,200
191,225
622.800
1,461.540
$78,349,380
Your committee concurs with the Inter-State Commerce Commission in
believing that it is important to add to the motive power of the country,
particularly in freight and swtching locomotives, and recommends that
the following loans to aid in their acquisition be made to the carriers named:
Atchison Topeka & Santa Fe
$2,149.4.50
Bangor & Aroostook
Boston & Maine
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Burlington & Quincy
Chicago Great Western
Chicago Rock Island & Pacific
Erie
Fort Smith
180.000
1.245.000
237,500
1,058,750
134,000
1.472,775
276,000
879,583
1.242.500
75,000
1 ,375,000
150,000
113,700
2,987,500
312,500
2 18 ,500
& Western
Great Northern
Gulf Coast Lines
Gulf Mobile & Northern
IlUnois Central
International Great Northern
Long Island
Maine Central
209, 200
487,500
*1, 050, 000
97,250
4,807,012
1,750,000
50,000
111,000
Minneapolis & St. Louis
Missouri Kansas & Texas
Missouri Pacific
New York Central
New York New Haven & Hartford
Norfolk & Portsmouth Belt
Norfolk Southern
Northern Pacific
Philadelphia & Reading
Southern Pacific
Toledo St. Louis & Western
-
1,853,978
1,033,125
1.397.500
375,000
812,500
162.500
750.000
Wabash
Wabash
Western Maryland
Total
•*
$29,054,323
Estimated
The
total of these proposed loans amounts to $29,054,323 and will enable
the carriers to add 63G freight locomotives and 277 switching locomotives
having a total value of $58,108,646.
Provided the remainder of the maturing obligations of the following
companies are effectively financed, we recommend the foUowng loans to
enable the following companies to meet their maturing obligations:
Atlanta Birmingham & Atlantic Ry
$200,000
Buffalo Rochester & Pittsburgh
496,750
Carolina Clinchfield & Ohio
2.000.000
Erie
Great Northern
Groat Northern
Missouri Pacific Railroad
Seaboard Air Line Railway
Tampa Northern
Trans-Mlssisslppi Terminal
Total
:
Ry
5.879,125
5,000.000
10.000,000
1.451,000
2,921,000
100.000
750.000
.-$28,800,875
RAILROADS FILE CLAIMS AGAINST GOVERNMENT
FOR SETTLEMENT UNDER FEDERAL CONTROL.
Claims aggregating several million dollars recently have
been filed against the U. S. Railroad Administration by the
Northern Pacific and Chicago, Milwauke & St. Paul Railways.
The moneys
are alleged to bo due from the Covernment
because of Federal control of the railroad properties, in
settlement for theJbalance'ofVentardue.'under-maintenanee.
751
depreciation of equipment and materials and supplies and
cash taken over at the time the Government assumed
control of the railroads.
Regarding specific details of the
claims Washington advices to the "Wall Street Journal" of
Aug. 14
said:
The Northern
Pacific's claun is for .525. 796, .307. of which S8. 597. 394 is
undermaintenance of way and structures, and S7. 741. 379 for undermaintenance of equipment. The balance is for miscellaneous items.
41
The claim of the Chicago. Milwaukee & St. Paul is for S25.900.968. of
which approximately $16,000,000 is for equipment. Only a few of the
larger roads have been able to put their claims in shape for presentation
for final settlement with the Government, although several of the smaller
companies have done so. Many of the larger sj-stems have stated that they
will not be able to compile all the statistics on which their claims are based
for several months.
In all. 27 railroad and transportation companies
have filed final claims, including the Pullman Co.. the Clyde and Mallory
steamship lines, the Seaboard Air Line, Western Pacific. Virginian. New
York. Ontario & Western, and Spokane, Portland & Seattle. A final
settlement has been made with the latter and it has received its money in
the form of a check for $1,600,000 as a lump sum payment, and the Clyde
and Mallory companies have settled for a lump sum of $4,019,787, in addition to previous payments on account.
The Pullman Co. claim is the
largest which had been received before those of the Northern Pacific and
the Chicago, Milwaukee & St. Paul.
It covers $24,422,264. of which about
half represents compensation for the use of its car line property and the
balance represents depreciation, materials and supplies and cash. Many
other companies have filed claims for certain items, including about 30 for
under-maintenance. but some considerable sums admitted to be due the
roads for rental und^r their contracts are tied up because the Railroad
Administration is declining to pay the entire amounts until the final settlement in order that it may hold enough to protect its own claims.
As the settlements are so complicated and would require a large amount of
work to investigate them scientifically, the Director General is favoring the
plan of lump-sum settlements on a compromise basis. The Railroad
Administration has concentrated its work on its counter-claims again.<;t the
companies that have filed their statements. All of the claims filed include
sums due on a regular statement of account and in the case of roads that have
not signed contracts with the Railroad Administration, they usually have
a claim for special compensation in addition to the standard retiu-n.
Most
of the roads also owe the Government for additions and betterments made
for
during Federal control.
On the other hand, the Government owes various sums to most roads as
to which there is little dispute, except possibly as to the amount for depreciation reserve on equipment.
There are al.so claims on behalf of most
roads for losses in connection, with additions and betterments ^\hich they
claim were made for war purposes or in connection with unification. About
9,000 of such claims have been filed. The largest items in the claims of the
railroads are for under-maintenance and for materials and supplies, and there
are counter-claims by the Railroad Administration on the same accounts.
The question of the amount of maintenance of the properties during
Federal control constitutes probably the source of the greatest contention
between the roads and the Government, although a few roads have stated
In general, the railroads have
that they have no claims of this character.
ba.sed their contention on the so-called engineering method of calculating
the degree of maintenance during Federal control, as compared with that of
the test period. This depends on the number, quantity and quality of
physical units of materials used, whereas the Railroad Administration is
relying on the so-called accounting method, which is based on the money
expended and the man-hours of labor employed in maintenance, after equatThe standard contracts entered
ing for the increases in prices and wages.
into between the railroads and the Govcnmient provided that the expenditure of the same amount of money as in the test period after making proper
allowances for the difference in prices and other conditions should be taken
The railroads contend that the
as a full compliance with the contract
Government's equation formulas do not take into consideration the inefficiency of labor as a result of v.-hich the expenditure of a given amount of
money produced less physical results. The Railroad Administration takes
the position that tno contracts did not assume to protect the companies
against the inefficiency of laoor. which represents a world-v.icle condition
Some of the larger systems are compiling elaborate
resulting from the war.
records to show tne deficiency in physical units of maintenance, but it is
said that the smaller companies are coming more and more to concede the
accounting method oecause of the great difficulty of proving tne condition
The
of a railroad on the dates when it was taken over and relinquished.
Government is also depending largely on the amounts expended for maintenance of equipment to offset some under-maintenance of roadway and
structu'-es.
A^.
PUBLIC SERVICE COMMISSION REFUSES TO
GRANT RAILROADS INCREASED PASSENGER
RATES— ALLOWS FREIGHT ADVANCE.
Y.
Following the corolusion of hearings begun this week at
Albany on the application of railroads operating in New
York for increased freight and passenger rates in intra-State
ser-viee, the State Public Service Commission on Aug. 19
announced its decision, denying authority to advance passenger fares but permitting the roads to charge increased
The Public Service
freight rates, except on milk and cream.
passenger
rates, Iteing
Commission, in its opinion, avers that
fixed by statute, cannot be increased by it except upon
evidence showing them to be insufficient to j'ield a fair return.
The railroads did not apply for a higher rate of fare on any
ground except that of discrimination.
While the Public Service Commission of New York has
acted unfavorably upon th(^ application for increased passenger rates the State Railway Commissions of Maryland,
Michigan, New Jersey, Wisconsin and Pennsylvania have,
it is said, aiithori/.ed increases in intra-State passenger and
freight rates in full accordance with those recently laid down
by the Inter-State Commerce Commission
for inter-State
traffic.
In its opinion denying the request to increase passen-^er
rates the New York t'ublic Ser\-ice Commi.ssion says:
The steam railroads subject to the jurisdiction of thLs Conmiissio!» is the
authority to file tariffs effective on short notice whereby i>asseiiK( r rates
THE CHRONICLE
152
be increased 20%, a surcharge made up on passengers in sleeping and
parlor cars amounting to 50% of the charge of space in such cars and an
increase of 20% made in excess baggage rates.
The petition is informal and very general in its terms, but at the hearing
held in Albany Aug. 17 1920, it was stated on behalf of the petitioners that
the object was to make intra-state rates within the State of New York
correspond to the increased inter-state rates authorized by the Inter-State
Commerce Commission in the general rate increase case Ex Parte 74.
Concurrently with this application there was made by the same carriers an
application to file, effective on short notice, increases in freight rates.
Such permission was granted in case No. 7,693 for reasons stated in
memorandum accompanying the order. The instant case presents entirely
different legal questions.
The passenger rates now in effect are those Imposed by the United States
Bailroad Administration during Federal control and continued in effect
The basic
with certain qualifications by the Transportation Act of 1920.
rate is 3 cents a mile and the proposed increcise for ordinary transportation
results in a rate of 3.6 centsamUe. The proposed surcharge on passengers
in sleeping and parlor cars stUl further increases the rate for that class of
passengers.
Subdi\Tsion 1, not quoted, provides for roads propelled by rope or cable.
The other portions omitted relate to narrow gauge roads, those with grades
of two hundred feet to the mile.
It was held in People Ex. Rel. U. & D. RR. Co. v. Pub. Ser. Commission
171 App. Div. 607, affirmed 218, NY. 642, that Section 60 of the railroad
law establishing mileage book rates as amended and revised, together with
Section 57 with reference to each other and to the PubUc Service Commissions Law, and further that under Section 49 of the Public Service Commissions Law the commission is authorized to permit a rate in excess of that
fixed by statute when after an investigation it appears that the statutory
rate is insufficient, that the limitations of the statute remain on the railroads but not on the power of the commission. It quite clearly appears
that the Court was of the opinion that the carrier could not of its own volition fUe tariffs and put into effect rates in excess of those fixed by statute
and that to effect this purpose it must invoke the power of the Commission
under Section 49.
This section as originally enacted did not contain the clause beginning
"or the maximum rates, fares or charges chargeable by any such common
carrier, railroad or street railroad corporation, are insufficient to yield
sufficient compensation, &c.," originally the section referred to an excessive,
unjust or unreasonaole rate or practices. The provision last quoted permitting the carrier to complain when rates are insufficient was added by
amendment by Chapter 546 of the Laws of 1911, and is the only provisions
directly apphcable.
It is not claimed that the present rates are unjustly discriminatory or
unduly preferential as between points wholly within the State of New York.
The discrimination claimed relates to discrimination between persons or
localities in intra-State commerce on the one hand and inter-State or foreign
commerce on the other. A discrimination may, however, as well result
from inter-State rates that are too high or too low as from intra-State rates
that are too high or too low, and the proper correction may be in the interState rates over which this Commission has no control. There is no express
authority given to the Commission to grant rates in excess of those authorized by statute except under Section 49, which has to do only with rates
should not in the absence of legislative
insufficient in themselves.
authority arrogate to the Commission power to authorize a rate in excess of
the statutory maximum merely to enforce a recent act of Congress which
contains within itself a special remedy.
•will
We
In granting the increase in freight rates the Commission
declared:
The steam railroad carriers subject to the jurisdiction of this Commission,
ask the Commission to issue a special permission order authorizing such
carriers to issue and file with the Commission, effective Aug. 26 1920,
tariffs or supplements to tariffs providing for an increase of 40% in all
existing freight rates, except rates on fluid milk, cream, and articles taking
same rates, whether transported in ordinary freight trains or special mill?"
trains; an increase of 20% in rates on fluid milk, cream, and articles taking
same rates, and an increase of 40% in charges for switching, transit, weighing, diversion, reconsignment, lighterage, floatage, storage (not including
track storage) and transfer, where the carrier.s provide separate charges
against shippers for such service; also the revision of switching absorption
tariffs so as to provide for the revision of switching absorptions in accordance with the increased switching charges petitioned for, subject to the rules
and conditions prescribed by the Inter-State Commerce Commission as to
inter-State rates and charges contained in its opinion in the matter of the
applications of carriers for authority to increase rates.
It is in evidence on the application, and, indeed, it is a matter of common
knowledge, that the Inter-State Commerce Commission in the case above
referred to, authorized such increases in inter-State traffic in what was
designated as the Eastern group, including, roughly speaking, the northeastern part of the United States and extending southerly to Unes in Virginia and West Virginia and westerly to lines in UUnois.
The apphcation to this Commission is based, not only upon the alleged
revenue necessities of the petitioners, but also upon established relationship
being intra-State and inter-State rates and a necessity of avoiding undue
preferences or unjust discriminations, which would result, should there be
a substantial difference in rate structm-es and bases as between traffic
wholly within the State of New York and traffic moving inter-State.
The evidence submitted consists of the entire record, including the evidence, opinion and order in the proceeding before the Inter-State Commerce
Commission, known as Ex Parte No. 74, the testimony of Mr. Daniel
Willard as to the general situation and needs of the carriers and certain
formal documentary proof.
At a hearing held at Albany Aug. 17 1920.
after general notice given to the press and special notice to municipal officers, chambers of commerce and other commercial bodies, a large number
of persons attended and no one voiced opposition to the general purpose of
the petition.
A large number of letters and telegrams have also been received from
commercial bodies and shippers, nearly all of them urging the commission
to grant the i)etition on the hearing.
However, objection was made to
extending the proposed increase to certain particular classes of traffic.
The Corporation Counsel of the City of New York was represented for the
purpose of asking an adjournment in order to afford time to make a thorough
investigation of the subject.
The disposition we are about to make of the case amply protects all these
interests.
That the evidence before the Interstate Commerce Conunission
discloses the necessity of some very substantial increase in rates in order to
enable the carriers generally to meet their obligations to the pubhc and
especially to meet the requirements of the Transportation Act of 1920.
The findings on this subject of the Interstate Commerce Commis.sion while
not binding upon this commission in the present proceeding are not without strong probative force.
We have no evidence that the situation
of the petitioning carriers in so far as their purely intra-state business within
the State of New York f«" concerned, is similar to that of all the carriers in
[Vol. 111.
the Eastern group as to their entire traffic. We are not, however, called
upon in this proceeding to determine finally, the justice or reasonableness
of any or all of the rates proposed. Under the law of this State, the carriers
might file tariffs containing the proposed increases and they would become
effective after thirty dayB unless upon complaint or on its own motion, the
commission should suspend any or all of them pending an investigation as to
their reasonableness.
On the hearing it was stipulated on behalf of the petitioners that if
pe'-mission were given to make the tariffs effective on short notice, any rate
or rates therein contained might be suspended at any time within thirty
days after the fihng thereof in the same manner as if they had not become
This retains to the commission all the power that it would have
effective.
to investigate and adjust the rates if the tariffs were filed under the general
provisions of Sections 28 and 29 of the public service commissions law.
The evidence before us establishes a fair probability, if not a presumption,
that a general substantial increase in rates is necessary. The inter-«tate
rates by permission of the Inter-State Commerce Commission are to become
If the presented petition is not granted, there will,
effective Aug. 26 1920.
at the very best, result a considerable period of time during which the
inter-state increases wiU be effective and the intra-state rates wHl remain on
the present basis. The inter-state increases allowed are universal and so
great in amount that there would result a very great disparity between
inter-state
and intra-state
rates.
This would have a disturbing influence on business of all character, and
the disturbance might prove disastrous in some lines. There would also
result a multitude of unwarranted discriminations, with violations of the
long and short haul clause and the rule that through rates must not exceed
the sum of the locals. The rate of the New York Central between Albany
and Buffalo, to mention a single instance, would be approximately 40%
lower than those on the Lackawanna, Lehigh VaUey, Erie and Pennsylvania.
The consequences of this state of affairs for even a short period can readily
be imagined.
Sound public poUcy and commercial necessity both dictate that a special
permission should be granted, but in granting it the Commission does not
indicate its approval or disapproval of the rates contained in the tariff.
These will be subject to complaint, investigation and suspension if the propriety of suspension in any case is made to appear
The foregoing applies to freight rates generally with other incidental
special charges. In so far as the petition asks an increase of 20% in rates on
fluid milk, cream, and articles taking the same rates, the Inter-State Commerce Commission treated this traffic on the same basis as it treated the
passenger rate because milk and cream are usually carried in passenger
trains.
It may be that in this State the great bulk of milk and cream Is
carried in a special milk train, but their equipment and movement harmonize more closely with passenger operation than with freight operation.
Fluid milk, cream, and articles taking the same rates should therefore be
excepted from the operation of this order.
INCREASED RAILROAD RATES GRANTED BY
JERSEY UTILITIES COMMISSION.
NEW
Increased railroad rates authorized by the Inter-state
to take effect next Thursday Aug.
26 will not be suspended in New Jersey, but will be applicable
in that State to intra-state as well as inter-state traffic.
Announcement to this effect was made on Aug. 19 by the
State Public Utilities Commission in a memorandum covering various questions presented at a hearing given at Trenton
on last Tuesday. With regard to the decision of New Jersey,
Commissioners, dispatches of Aug. 19 from Trenton to the
Commerce Commission
Newark "News,"
said:
The Commission holds that the percentage of
and 20% for passenger rates, must be applied
increase, 40% for freight
to intra-state as well as
provide the return which Congress has declared the
and toat it would be unfortunate if the states,
assuming that they have the power, should restrict the general apphcation
of the increases.
Apart from the confusion and undesirable compUcations resulting from
inharmonious rate structures, the Commission holds that eventually no
saving would result from the general application of rates fixed by State
authority, lower than those authorized for inter-state traffic. In support
of this view the Commission says the revenue Congress has declared the
roads shall receive would then have to oe made up from still further inIt points out that articles transported in
creases in inter -state traffic.
inter-state commerce are in general use. They reflect the carrying charges,
and increases in these rates to make up deficiencies in intra-state revenues
inter-.state rates to
railroads shall receive,
would
affect all.
Equity Not a Factor.
"The main question, one which the board must
at once decide," said
the Commission, "is not whether the increases proposed in intra-state
freight and passenger rates are in all respects just and reasonable. It is
whether a due regard for the puoUc interest requires the board to take such
action as is within its lawful power to prevent the application of tnese
increases until their justice and reasonableness is proven in a proceeding
oefore the board.
"Consideration of this involves important matters of governmental and
The railroads, taken
legal questions not present in ordinary rate cases.
over and oi^erated by the Government of the United States while the
country was at war, were inevitably affected by a pohcy which for a time
very properly subordinated all other considerations to their use as an aid
to the Government in winning the war.
"As a result of this and the effect upon the railroads of industrial conditions caused by the war, it became apparent that relinquishment of government control must be accompanied by constructive legislation. It was
generally agreed that the fmancial condition of the companies must oe
strengthened to enable them to afford the service essential to the welfare
and prosperity of the people."
Considering the applications of Jersey City and Hoboken for lower passenger rates to the North Jersey terminals than are charged to New York, the
Commission remarked that if it should at this time grant the applications,
this couid be done only by suspending the increases in fares charged those
It would,
traveling from other points in New Jersey to the terminals.
therefoi-e, be necessary to prevent discrimination against inter-state traffic,
which Congress has declared to be unlawful, to segregate the travelers
to the terminals from those going to New York, so that no passenger traveling ou a New Jersey ticket could go tm-ough to New York without payment of an extra fare. If desired the Commission \vill give further hearings
on this point in separate proceedings.
Keiiark Board Denieci
Relief.
Similar disposition was made of the protest of the Newark Board of
Trade against increases in switching rates, the board holding that without
.
Aug. 21
THE CHRONICLE
1920.]
more complete data than had been submitted it would not be justified in
suspending these increases. On this point the commission said:
"If the board of trade believes that the carriers in any case go beyond the
limits authorized by the Interstate Commerce Commission application
should be made to that commission for relief. If they desire to complain to
this board that increases in intrastate rates, subject to the lawful and
exclusive jurisdiction of this board, have been increased in an unwarranted
and unreasonable manner and that this board should require reductions of
the rates notwithstanding any authority given by the Interstate Commerce Commission for increases for switching and special services the
board will receive such complaint, afford hearing thereon and make such
final determination as in its judgement is lawful and reasonable."
The Commission recommended to the railroads that the increased rates
should not be made applicable without further hearing to the transportation
of road building materials within the state.
In support of this recommendation the Conunission said:
Special Rates on Rnaa Materials.
made against increases in the rates on
sand, gravel and broken stone used in road building. These protests are
strongly supported by the state engineer of highways, who appeared at the
hearing and stated that contracts have been entered into for the construction of improved roads with prices based upon the lower rates for road
materials.
"Numerous
protests have been
"It is contended that increases heretofore made have caused an undue
burden to be imposed upon the transportation of these materials; that there
is no way in which the contract prices can be adjusted and that the effect of
the increased rates in son^e cases may make it impossible for the contractors
to fulfil their contracts, thus leading to delay in these important public
improvements
"It apiiears furthermore that, owing to shortage of transportation facildeliveries of materials, which under normal conditions would have
been shipped, have been delayed and to these would now be applied the
increased rates.
The traffic in these materials is intrastate, and it would
seem that rates reasonably adapted to the local situation would not affect
or discriminate against the interstate traffic.
It is the opinion of the
board, giving due consideration to all the conditions and to the public
nature of the work for which the materials are used, special rates may be
made on shipments of sand, gravel and broken stone for use in road building
and repair, and this would not be an unjust and unreasonable discrimination
either in inter or intra-State traffic."
ities,
Question of Policy in Rates.
Remarking the possibility of a conflict between the increased passenger
rates and the state law the commission pointed out that the general railroad
act of 1903 provides that railroads Incorporated under that act shall not
charge in excess of three cents a mile and railroads organized under a special
charter more than three and a half cents. With few and unimportant
exceptions the passenger carrying railroads were Incorporated prior to 1903
and authorized to charge a maximum of three and a half cents. An increase
of 20% in the existing rate will make a rate one-tenth of a cent per mile in
excess of the statutory rate for the bulk of the passenger travel.
"It seems to us," said the Commission, "the statutory rate should not be
insisted upon, unless it appears that notwithstanding changed conditions
and exercise of federal authority the statutory rate is legally applicable and
it is the duty of the board to order compliance therewith.
"Apart from the legal status, however, the board in exercising a discretionary power should be guided by sound public policy. The question
really at issue and which should be controlling is not whether there is a
technical violation of a statute, enacted under conditions vastly different
from those which now exist, one which may be impracticable of enforcement
and invalid in its restriction of the rate because of federal legislation designed
to cope with the existing conditions, "-ut whether the rates proposed are
prima facie so unreasonable that effort should be made to clock their
application.
RAILROAD RATE INCREASES GRANTED IN VIRGINIA.
The State Corporation Commission of Virginia on Aug. 16
authorized an increase in freight rates in Virginia, with two
divisions. The Norfolk & Western is made the dividing line
and rates on that road and to the north are increased 40%
for intra-state business and to the south of that line the
increase is 25%.
The new tariffs are to become effective
S.
HIGHER RAIL RATES WILL HELP PUBLIC, SAYS
CHARLES A. HINSCH.
Charles A. Hiasch, President of the Fifty-third National
of Cincinnati, believes that the increase in freight
rates ultimately will result in a reduction of the cost of living
because the railroads will be enabled to improve transportation.
There has beea a good deal of discussion as to what
effect the increased freight rates recently promulgated by
the Interstate Commerce Commission would have upon the
high cost of living, Mr. Hinsch said. "At first blush it
would seem that an average increase of 35% in freight
rates would of necessity materially increase the cost of living,
but a careful consideration of the situation Tvill show conclusively that in the final analysis the advance in freight
rates will have just the reverse effect."
Mr. Hinsch then
proceeds as follows:
Bank
It is a well-known fact that the present financial stringency has been
brought about largely because of the embargo that exists in the large
centers, due to the fact that the railroads have not the necessary equipment
to move the freight which has been delivered to them.
Commodities of the
value of nearly .$1 ,000,000,000 have been tied up in this manner, thus adding
to the financial strain incident to the financing of the world's war.
Transportation charges are only a small percentage of the total cost of
commodities and foodstuffs, and a recent article indicates that when this
cost shall have been distributed there will be very little, if any, excuse for
merchants to add much, if anything, to the sale price of thier commodities.
On the other hand, if commodities could be moved promptly the raw
material to the factories and from the factories to the point of distribution
to the public we would soon catch up with the demand for goods.
When this shall have been accomplished, high prices will soon be a thing
of the past, so that the advance in freight rates will be infinitesimal in
comparison with the tremendous advantage which wll follow as a natural
sequence in increased production, and increased production is only possible
through the establishment of adequate transportation facilities.
A reduction in the high cost of living will tend to correct the present
unrest which exists throughout the world. I believe, therefore, that the
Inter-State Commerce Commission acted wisely in granting to the railroads
the increased revenue they must have if they are to perform the fimctions
we have a right to expect from them.
—
—
CANADIAN RAILWAY BOARD GRANTS UNITED
STATES RAILROADS INCREASES IN RATES TO
MEET THOSE GRANTED BY I.-S. C. C.
Increases in through rates to United States railroads in
to conform with those recently approved by the
Inter-State Commerce Commission were granted on Aug. 14
by the Dominion Board of Railway Commissioners at Ottawa.
Canada
The
—
—
which apply to all commodities except coal
on or after Aug. 26 upon not less than
five days' notice and are applicable also to Canadian roads
shipping to and from United States points. Continuity of
joint through rates between the United States and Canada,
in both directions, was deemed desirable and expedient by
the Commissioners, it was stated.
The order of the Dominion Railway Board is the first decision on apphcations of the American Railway Association
and all Canadian railways for increased rates commensurate
increases,
and coke, are
effective
with those recently granted by the Inter-State Commerce
Commission in the United States. Hearings had been held
for about a week, and testimony was taken from leading
supporters and opponents of the petitions.
ISSUES ORDER SUSPENDING PREPAYMENT
OF FREIGHT RATES ON GOODS FROM U. S. TO
I S. C. C.
Aug. 25.
/.
753
ORDERS WITH REGARD TO DIVISION OF
FREIGHT RATE INCREASES IN ILLINOIS.
CANADA.
C. .C.
In a supplemental report in the ease of increased freight
rates for the railroads the Inter-State Commerce Commission on Aug. 14 ordered that a
increase in freight
40%
rates be applied
eastern territory
west.
on inter-state traffic between Illinois and
and a 35% increase on traffic from Illinois
In applying both increases the Commission said "the
State of Illinois, is so situated that it may bo regarded, for
transportation purposes, as partly within eastern territory
and partly within western territory." With further reference to the Commission's report Washhigton press dispatches of Aug. 14 had the following to say:
Upon further consideration of the record in the general freight rate
increase the Commi-ssion said it was found necessary that "points in Illinois
territory should be considered to be within the eastern group for the purpose of applying the increases on inter-stato traffic between points within
Illinois territory; also on traffic between points in Illinois territory
on the
one hand and points in official classification territory cast of the IndianaIllinois stale line on the other, and that an increase of
40% may bo made
l^such rates."
The Commission adds that points within said Illinois territory should Ix)
treated as being in the western gi'ouv on traffic subject to joint or single
line through rates bet\\ccn points in said territory
on the one hand and
points lying within the boundaries of the western group (west or north of
Illinois territory) on the other, and that an increase
of 35%linay be made
In such rates."
Prepayment of freight rates to Canada on goods shipped
from points within the United States was suspended from
Aug. 18 to Dec. 16 1920, by a decision of the Inter-State
Commerce Commission handed down on Aug. 17. The
Commission held up tariff schedules putting such rates
into effect.
This decision was the result of the complicated foreign
exchange situation according to a Washington correspcfedent
of the N. Y. "Journal of Commerce." With the Canadian
dollar at a discount as compared with the United States dol,
said the correspondent, it is to the advanta^fe of the
shipper feo pay for the transportation at the Canadian end.
"With the lower Canadian money imder schedules filed with
the Inter-State Commerce Commission, which are now
suspended, the railroads would bo allowed to collect charges
in advance in the higher Ijnited States currency."
The correspondent added:
The tariffs containing new sclicdules of individual and joint rates were
lar,
with the Commis.sion by P. A. Leland and W. .T. Kelly as agents, and
were to become effective on Aug. 18. The order of the Commission ou this
filed
subject reads as follows:
"It appearing that said schedules provide certain rules and regulations
requiring the prepayment of freight charges on traffic from points in United
States to points in Canada and the rights and interests of the public appearing to be injm-iously affocfcd thereby, and it is the opinion of the Commission that the effective date of the said schedules contained In said
tariffs should be postponed pending said hearing and decision thereon.
THE CHRONICLE
754
ordered that the operation of the said schedules contained in said
be suspended and that the use of the rates, charges, regulations
and practices therein stated be deferred upon inter-state traffic until the
16th day of December 1920. ixnless otherwise ordered by the Commission
and no charge shall be made in such rates, charges, regulations and practices
diu-ing the said period of suspension unless authorized by special permission
of the Commission.
"It is ordered that the rates and charges thereby sought to be changed
shall not be increased and the regulations and practices thereby sought to
be altered shall not be changed by any subsequent tariff or schedule trntU
this investigation and suspension proceeding has been disposed of or until
the period of suspension and any extension thereof has expired unless
authorized by special permission of the Commission."
"It
is
tariffs
INTER-STATE COMMERCE COMMISSION GRANTS
EXPRESS COMPANIES 12i^% INCREASE
IN RATES.
Increased rates for the express companies were authorized
by the Inter-State Commerce Commission on Aug. 13.
Although the average increase asked by the express companies
was 25.16% and the Commission approved an increase of
only 12.5%, the amount of revenue that will accrue to the
companies for their own use will be equivalent substantially
to what they asked.
In explanation of this statement, it is
pointed out by the Commission that if the rates asked had
been granted one-half of the additional gross revenue would
accrue to the carriers over whose lines the express company
operates, and "this record is barren of evidence showing
need or warrant for augmentation of the revenues of carriers
other than respondent." New contracts with the railroads
wiU go into effect in September, which wiU do away with the
division of earnings with the roads.
The rates authorized wiU add $36,000,000 to the revenue
of the express companies organized under the name of the
American Railway Express Co. The increase, however, does
not cover the recent award of the Railroad Labor Board,
raising the pay of express company employees, and the
companies, as noted in these columns last week, have asked
permission to file an application for another rate increase to
cover the wage increase.
In its decision on the increased express rates the Commission said:
The record abundantly
[Vol. 111.
Much has been said.iin thefrecord concerning the encroachments upon
the express service by what is spoken of as freight traffic, although no
clear line of demarcation is pointed out. Admittedly the service has been
subject to burdens it ought not to bear, but there again the views of the
shippers are not in harmony.
Upon all the facts of record we find that the proposed increased rates
have not been justified. If granted as proposed, one-half of the additional
gross revenue would accrue to the carriers over whose lines the respondent
operates, and this record is barren of evidence showing need or warrant for
augmentation of the revenues of carriers other than respondent.
We further find that an increase in the present rates of 12.5% has been
justified, suoject to the exceptions below made as to the rates on milk and
cheese.
It appears that an allowance of $8,863,580 05, made by the Government
to the four major companies in December 1918, is not included in the figures for that year. Its inclusion would reduce the deficit to S22,646,103 80.
It also is explained that the transportation expenses for 1919 have been
reduced $4,000,000, representing the estimated accrual in that year's
accounts for loss and damage, partially to offset under accruals during the
latter half of 1918 and thereafter payable. Similar adjustments, in stated
amounts, were made for the preceding two years. A further exhibit indicates
that if the wage scale in effect at the close of 1919 had been in force throughout the year and it had been respondent's duty to apportion the revenues
among the transportation Unes the operating deficit for that year would
have been $27,514,394 28
The exhibit from which the foregoing extract is taken discloses a deficit
in 1914, amounting to $8,415,773 09, with profits exceeding $6,000,000
in each of the following two years, and a deficit of $5,473,694 78 in 1917.
The gro.ss transportation revenues steadily increased from $123,224,685 91
in 1911, with the exception of decline in 1913 and 1914, to $285,905,405 40
in 1919, while the total operating expenses increased uninterruptedly from
$53,056,611 26 to $167, 426, .502 77 durmg the same period. The ratio of
wages to revenvies increased from 26.75% in 1911 to 35.59% in 1919,
and concurrently the ratio of the total other expenses to revenue increase
from 17.22 to 23.77%. In both 1918 and 1919 the increases in gross revenues were materially lower than the Increases in wages and other expenses.
We think that the full amount of these Increases should accrue to respondent and we assume that the other carriers will join respondent in so
arranging by re%Tsion of contracts or agreements or in some other manner.
Under the cu'cimistances, no order will be entered, and in view of the
approach of the end of the guaranty period, respondent will be permitted to
make such increased rates effective upon not less than one day's notice in
the manner provided by the Interstate Commerce Act. Its local and joint
schedule of first and second class rates should be reissued, comformably to
the foregoing finding, the second-class rates not to exceed 75% of the corresponding first-class rates. For the time being respondent is hereby
authorized to fUe a special blanket supplement or supplements to its current
commodity tariffs to make effective the approved increased commodity
rates, but within 90 days after the above effective date, imless otherwise
authorized, those tariffs shall be reissued. In computing the increased rates
fractions of less than a half cent shall be discarded and fractions of a half
cent or more shall be treated as 1 cent, except that in computing increased
commodity rates which apply per pound fractions of a cent a day be retained
or discarded, but shall not be treated in any instance as 1 cent.
Rates on
milk and cream may be made equal to those contemporaneously appUed by
the railroad lines between the same points. If there are no comjjeting
raUroad rates between the same points, respondent's rates may be Increased
establishes respondents' need of additional reveto meet the mounting costs of operation and maintain an
efficient express service, and the question becomes one of appropriate ways
and means. Assuming that the test day was fairly representative of the
year's average, although criticized as a relatively light day of the week.
12.5%.
Thursday, in a light month as to certain classes of traffic, the additional
As soon as may be the Increased rates ahsU be conformed to the requiregross revenues estimated to flow from the proposed rates, designed to inments of the fourth section of the act, so that where rates are applied by
clude the 50.25% apportionments of the express privileges, represents an
circuitous lines or routes no higher than the rates by direct lines or routes
average increase of 25.16% of the present rates, respondents' share of which between points common to such circuitous and direct lines or routes higher
would very closely approximate an average increase of 12.5%.
rates shall not apply from or to intermediate pomts on the circuitous lines
In what we here conclude we are not to be understood as governed by the or routes for distances longer than those of the respective direct lines or
view that an increase in express rates should consistently be restricted to the routes between the common points.
necessities of the express service alone, regardless of the railroad facihties
This report does not take into consideration the award of the United
and service devoted to the traffic, but merely that at this time and in the States Railroad-Labor Board, handed down as this goes to press, awarding
circumstances the additional burdens to be laid upon shippers should be increased wages to respondent's employes, and as to which respondent
kept within bounds as far as possible without sacrificing the just interests of has suggested the necessity for a further appUcation for Increased rates,
the respective carriers. These considerations are emphasized by the pen- after study an analysis of the award.
dency of fiu-ther .wage demands by respondent's employees aggregating
That the shipping public,
are heavy patrons of the
almost $74,000,000. or more than enough to wipe out entirely the additional
express service, might understand the necessity for higher
gross revenues estimated to flow from the proposed increased rates; and as
the outcome of those demands cannot be anticipated, the matter must rates, the American Express Co. recently issued the circular
be left to be dealt with as the results require.
A, a statement which was given wide circulation
A contention pressed from several sources is that in the absence of pick-up
and deUvery service a deduction of some character from the rates should those concerned.
statement, in part, said:
be made. One suggestion is the pubUcation of what is denominated in the
Under the Transportation Act, the Government guarantees the express
record "terminal to terminal rates, lower than those including pick-up and carrier against an operating deficit until Aug. 31, of this year, and after
delivery; another is a deduction or allowance to shippers who perform either
that date this company must trust to its own resources to finance its operaservice; and still another is the imposition of a penalty for respondent's
tions.
failure to perform either service.
There is also a disagreement among shipIt will be recalled that in the calendar year 1919, when the American
Railway Express Co. acted as the agent for the director of railroads. United
pers as to the appropriate amount of such deductions or allowances; by some
the substantial equivalent of the express terminal is urged, while others States Railroad Administration, there was an operating deficit for the twelve
propose a different and arbitrary amount. Stress is laid upon the absence months of $25,105,945 68, Which was met by the Government, imder the
original contract between the express carrier and the administration. The
of pick-up and dehvery service at many points and upon an inadequate
operating deficit for the remainder of the period of guaranty will, according
service at others.
Of the general situation it may be said that apart from the complexities to present Indications, exceed $18,000,000 a loss which no private enterprise could of itself successfully withstand.
of two sets of rates between all points, however, the suggested purpose
This is proof that the revenue produced from the handling of the express
might be accompUshed. Express rates are primarily made to include the
One of the ends traffic of the country under present rates is totally inadequate to enable
service in all communities large enough to require it.
sought In the increased rates is to build up and accord that service ade- the carrier to meet expenses and have a fair margin of profit that every
quately at all points where justified by the business, and an inevitable successful American enterprise must enjoy tn order to maintain its standards
and keep pace with the growth of the nation's domestic business.
result of a dual system of rates would be to make it practically optional with
Private enterprise in other Unes has experienced the greatly increased
shippers to avail themselves of the service, at least if not rendered to suit
the exigencies of their traffic, the fluctuating demands for which would cost of doing business and has met the situation by higher prices for commodities. In the express business this equalization process has not yet taken
easily defeat all possible economies in maintaining the service at different
points.
With our present light on the subject we are not disposed to place, and the new express rates proposed have been designed to make
charges commensiu-ate with the cost of the service rendered, xmder present
prescribe such a system of rates.
Manufacturers of rubber tires and inner tubes ask for the estabUshment day conditions.
What the increases in operating costs have been are apparent. Higher
of carload commodity rates to apply only when the articles are loaded and
unloaded by the shippers, enough lower than the less-than-carload or any- scales of wages for express employees have been put Into effect. Costs of
quantlty rates to compensate for the absence of a pick-up and delivery handling express in terminals and in maintaining pick-up and delivery service have almost doubled within a few years. The prices of the articles of
service in such cases. Coupled with a showing of the volume of inbound
supply and equipment essential to express operations have risen proporcarload shipments of faoric and outbound shipments of tires and tubes,
tionately in some instances as much as 450%. The losses in handUng, due
principally by express because of pressing demands, the opinion is expressed
that with the restoration of normal freight service the carload express busi- to the shortage of express cars, the lack of adequate and suitable equipment and the general unsettled transportation conditions, have also been
ness will substantially decline. This opinion is an echo of the generally
voiced criticism that respondent has permitted its express service to be reflected in the deficits In operation.
The proposed general increase in express rates averages 25.32%, which,
broken down by the acceptance of voliunes of traffic that should move by
freight. As the expressed willingness of one of the principal manufacturer
if general conditions are favorable, will enable the carrier to earn a return
to loan and unload is conditioned upon the placement of the cars at its
not exceeding 6
on the actual value of the property devoted to the express
as is necessary
plant, the reduced rates sought would make no allowance for the in-and-out
business. This, it is hoped, will make the express business
BWltchiag. The record does not warrant a prescription of special carload
in any essential American enterprise that has expanded eis rapidly in recent
rates]
years sufficiently attractive to investors, that further capital may be
nues to enable
it
who
Form
among
The
"
—
—
%
—
—
Aug. 21
THE CHRONICLE
1920.]
obtained for the purchase of additional equipment needed to handle the
greatly increased volume of traffic that has been thrust upon express channels in recent years.
During the hearings before the Inter-State Commerce
Commission on the application of the express companies
for increases in express rates, objections to the higher rates
asked for were made in a brief filed with the Commission on
July 21 by the State Railroad and Utilities Commissions
of Minnesota, Wisconsin, Iowa. Missouri, Arkansas, Louisiana, North Dakota, South Dako+a, Nebraska. Kansas,
Oklahoma and Texas. It was declared in the brief that the
regulatory commissions of these states "have long felt that
the higher scale of express rates in the West and Southwest
over the East did not correspond to the relative costs of the
service, owing to the prevailing lack of pick-up and delivery
service, and of express property, in the West compared with
the East, and also that the use of arbitrary percentages of
the gross revenues in determining the compensation paid
was unscientific and
possibly unjust to the rate paying public."
The following contentions according to the New York
to the railroads for 'express privileges'
"Commercial" were advanced
1.
— That
in the brief:
first class railroad rates (which corresponds
territory) between official classification territory and
line and Southwestern traffic committee territories of
the disparity in
Zone
Western trunk
closely to
1
approximately 50% against the latter named territories should not be
extended to express rates, and when used as the basis for express rates
gives an undue and unreasonable preference or advantage to Zone 1 territory
and subjects Zone 3 territory to undue and unreasonable prejudice or disadvantage, and that this disparity should be at least wholly removed if
not reversed.
2.
That the rates actually proposed to be applied by the respondent,
in so far as the haulage portions of them are concerned, sastain no uniform
relation to the proposed first class railroad rates, are approximately no
more than 60% above said railroad rates in Zone 1 and are more than 125%
above said railroad rates in Zone 3 territory.
3.
That the payment of 50.25% of the revenue to be derived from the
proposed rates to the railroads for "express privileges" is in excess of a
reasonable compensation for the services performed by the railroads in the
premises and constitutes an unwise and exorbitant operating expense
subject to review by the Commission.
4.
That no greater increase in the rates is necessary than will yield
$40,000,000 additional gross revenue, and that a greater increase in the
rates will be unjust and unreasonable.
—
,
—
—
At the hearing on July 23 representatives of the express
companies urged the Commission to approve the application for an advance in rates without ordering any reduction
in the proposed new level of rates. The additional revenues
to be derived from the advances in rates proposed in the
company's application, the Commission was told, were
needed in full in order to meet increased operating expenses
and establish the companies upon a profitable operating
basis.
A
American Railway
with the Commission on July 20
in behalf of the Southwestern Industrial Traffic League by
A. L. Reed of Dallas, Tex. The account of the brief given
brief criticizing the service of the
E.xpress
in the
Company was
filed
New York "Commercial"
reported
it
as saying in part:
of the express company has been so far beyond their control
that they have actually lost carloads of express matter not only one,
but several, and in some instances as high as five or six have gotten away
The business
—
from them.
The express company
in its petition is asking the
Commission to grant
advance revenues of approximately $80,000,000. According to its own
«stlmale, it would be $72,000,000 from express rates, and approximately
85,000,000 from the changes in classification, and making a small allowance
for the increase in business in 1920, the advances would total over $80,-
Assuming that the express company will receive only 50% of
amount it would receive in one year more than 100% of their present
000,000.
this
investment
in express facilities.
for 1919 was $20,567,161, which is
Their claim account for 1918 was
of their gross revenue for that year.
$31,453,387.67. Their gross revenues for 1918 were $251,000,000. Their
claim account for that year was slightly more than 12
of the gross revenues.
The express company is asking this Corainission to approve a claim
account for 1919 of more than 7% of the gross revenue, which they freely
and frankly admit is due to the Improper policing and to inadequate facilities.
There is a veiled threat throughout the testimony of the express company
to discontinue business unless their demands are granted in full.
have
this answer to make: That unless the express company can be satisfied with
a reasonable advance on an efficiently conducted business then we see no
reason why they should not be allowed to discontinue business and do not
feel worried over the consequences.
As a matter of fact, the express service
has been so demoralized that they have failed wholly, in some places, and
partially in others, to perform the pick-up and delivery service, which is
the only excuse for their existence.
By properly reducing the express company's claim account we find they
need $15,830,835 to cover their deficit and give them 10% return on the
present investment.
find, further that an average increase of 53.ij%
will yield them a return of 10% on their investment, if the advances accrue
solely to and for the benefit of the express company.
The express company's claim account
7%
%
We
We
The Joint Council
Western Fruit Jobbers' Association" of America, the League of Commission Merchants of
the United States and the International Apple Shippers'
Association registered their opposition on July 22 to the
proposed increases. The brief filed, it is learned from the
"Commercial" said:
of the
The Joint Council does not object to such an advance in express rates as
may bo necessary or justified by the American Hallway Express Co. for the
purpose of meeting increased costs of actual express operation or of acquiring
755
additional facilities and equipment to maintain anjadequate express sei^ce,
or of yielding a fair profit to the express company for its ser\'ice.
Our objection to the application for increased rates lies in the fact that
the appUeation seeks authority for rates which, if pubUshed, will exact
from the public additional revenues in more than double the amount actually
required by the express company. That situation is brought about by the
terms of the contract now in force between the express company and the
railroads, under which the express company must turn over to the railroads
50Ji% of the gross revenues derived from express traffic. Because of this
contract the express company is asking for approximately S2 for every
dollar that it actually needs in additional revenue.
We think there is no justification for exacting from the public an amount
double that actually needed, merely that the excess may be turned over
to the railroads, which have neither requested nor justified any increased
revenue from express traffic.
We beUeve that the company should take measures to insure application of
the increased revenues resulting from any increase in the express terminal
factor to enlarging pick-up and deUvery service and express terminal
facilities.
We suggest that the commission may insure proper application
of the additional revenues derived from the increa.sed express terminal
factor by establishing terminal-to-terminal rates and separate charges for
the pick-up and delivery service.
We also think that the Commission should deny any Increase in rates
because of the abnormally high loss and damage account. That item of
operating cost may be sufficiently reduced, because an increase in efficiency
of the express service, to place it again on a normal basis.
The New York Publishers' Association on July 31 filed
a brief opposing the application of the express company for
a 40% increase in the rates for the transportation of periodicals.
The Association asked that the application of the
express company for a re-classification of periodicals be
denied, and that any increase of express rates on magazines
and periodicals be limited to not more than 25 or 30%.
The express company had estimated that a general increase
of approximately 40% be necessary to include the expected
wage award to express employes by the Railroad Labor
Board in Chicago. In its petition filed with the Commission
on March 13 increased express charges ranging from 10 to
75%, and estimated to yield $25,000,000 additional revenue
annually were asked for by the express company. Increased
cost of conducting its business and the need for more complete facilities and equipment were given as the reasons for
the higher rates sought. The company estimated its deficit
for 1919 at $22,036,000.
A deficit "even greater than for
the corresponding period of 1919" was declared probable
for January and February of this year.
While explaining
that previous rate increases added approximately 812,000,000
to the annual revenue, the company said this money was
given immediately to employes in increased wages. Granting
of extra wages for overtime on the basis of an eight-hour
day was said to have resulted in a monthlj' outlay of SI, 022,000 as compared to less than $50,000 before the eight-hour
day and overtime pay were given. The company asked for
a flat 25% increase on existing commodity rates in the district east of the Mississippi and north of the Ohio Rivers.
Between points in that district and other sections of the country the increase was 10%. The largest increase sought was
for actual hauling, for which the company asked 75%
additional in the Eastern district and 50% elsewhere.
An increase of 33 1-3% was asked for terminal handling of
shipments, more than half of which would be turned over
to the railroad companies. Supplementing its petition filed
in March permission to increase express rates to absorb the
wage award of the Railroad Labor Board, estimated at
$43,800,805, was asked from the Commission by the American Railway Express Co. On Aug. 12, the company also
asked authority to increase by 20% its rates on milk and
cream to meet the increase granted the railroads on the
same commodities. It was stated by the company that ^he
increase in operatinglexpenses resulting from the wage
would make thejestimated yearly deficit $76,375,650,
which would be covered^by the Government guarantee only
increase
up
/.
to Sept. 1.
_^_______^^^____
C. C. SUSPENDS SECTION. 28 OF MERCHANT
MARINE ACT PROVIDING PREFERENTIALRAIL
RATES FOR GOODS IN AMERICAN SHIPS.
Provisions of the Merchant Marine Act (passed by Conadjournment in June) prohibiting American
gress just before
railroads from making preferential rail rates for commodities
moving in import and export except whpn moved iu American ships were suspended July 28 by the Inter-State Commerce Commission until Jan. 1 1921. The provisions, which
are contained in Section 28 of the Act, were previously suspended on Junell4, for a period of ninety days. The operation of Section 28 was further suspended by the Commerce
Commission upon representations made by the Shipping
Board that adequate shipping facilities iu vessels documented
under the laws of the United States were not available.
On the action of the Commission, Washington advices of
July 28 to the "Journal of Commerce" made the following
comment:
THE CHBONICLE
756
The letter of Admiral Benson. [Chairman] of the Shipping Board, sent to
the Commission some time ago and upon whose recommendation the
Commission suspended the operation of Section 28. declared that Congress
in enacting the merchant marine law had in view that the movement of
American commerce to and from any foreign port or a port in a dependency
or possession of the United States should not be restricted.
Chairman Benson also declared in his letter that a further suspension of
the operation of the provisions of the act was necessary to afford opportunity to the Shipping Board to make proper inquiry into the scope of
Section 28. Intelligent application of the provisions of Section 28 could
not be made, it was said, until the board has received more information
from further inquiry.
The action of both the Shipping Board and the I. C. C. is in accordance
with the poUcy that the law will not be enforced unless there are adequate
facilities for the handling of traffic in American vessels, especially in view
of the statements by officials of foreign steamship lines that they were contemplating moving their operations to Canadian ports.
The order
Commission suspending the operation
of the
of Section 28 until Jan. 1 was as follows:
It appearing that Section 28 of the Merchant Marine Act, 1920, authorizes
the Commission to suspend the provisions of that section for such length
of time as it may prescribe izpon certification from the United States Shipping Board that adequate shipping facilities in vessels documented under
the laws of the United States are not available.
It further appearing that by order of June 14 1920. the provisions of said
Section 28 were, upon proper certification of the United States Shipping
Board, suspended for a period of ninety days from the date thereof;
And it further appearing that the United States Shipping Board has on
July 26 1920, made further certification to the Commission that the aforesaid suspension period of ninety days is insufficient for the purposes of
said order and has requested that the provisions of said Section 28 be sus-
pended
until Jan. 1 1921.
ordered that the provisions of Section 28 of the Merchant Marine
Act. 1920, be and they are hereby further suspended until, but not including,
the first day of January A D 1921.
Section 28 of the Merchant Marine Act provides:
"That no commission or carrier shall charge, collect or receive from
transportation subject to the I C C Act of persons or property under any
joint rate, fare or charge, or under any export, import or other proportional
rate, fare or charge, which is based in whole or in part on the fact that the
persons or property affected thereby is to oe transported to or has been
transported from any port in a possession or dependency of the United States
or in a foreign country by a carrier by water in foreign commerce, any lower
rate, fare or charge than that charged, collected or received by it for the
transportation of persons or a like kind of property for the same distance in
the same direction and over the same route in connection with commerce
wholly within the United States, unless the vessel so transporting such
persons or property is, or unless it was at the time of such transportation
by water, documented under the laws of the United States.
Whenever the board is of the opinion, however, that adequate shipping
facihties to or from any port in possession or dependency of the United
States of a foreign country are not afforded by vessels so documented, it
shall certify this fact to the Inter-State Commerce Commission and the
Commission may by order suspend the rates, fares and charges for the transportation by rail or person for such length of time and under such terms
and conditions as it may prescribe in such order, or in any order suppleIt is
,
.
.
.
.
.
mental thereto.
Such suspension of operation of the provisions of this section may be
terminated by order of the Commission whenever the board is of the opinion
that adequate shipping facihties by such vessels to such ports are afforded
and shall so certify to the commission.
In announcing his intention to ask for a further suspension
of Section 28, Chairman Benson of the Shipping Board,
on July 24, said:
This section of the Act is in the interest of American Commerce and
Shipping. Congress had in view that the movement of our commerce to and
from any foreign port, or a port in a dependency or possession of the United
States should not be restricted and so required the Board to certify to the
Inter-State Commerce Commission, and authorized the Commission to
suspend the provisions of the section, where American shipping facilities
between such port and the United States were inadequate. The Board
has decided that 90 days suspension does not afford opportunity for proper
inquiry into the subject. Until fully informed it could not make intelligent
applications of the provisions of Section 28, and has certified to the InterState Commerce Conmiisslon the desirabihty of further suspension of those
provisions until Jan. 1 1921.
CHAIRMAN BENSON OF
U.
S.
SHIPPING BOARD
DISCUSSES THE PURPOSES OF THE
MARINE
MERCHANT
ACT.
Admiral Benson, Chairman of the U. S. Shipping Board,
an address to a meeting of the National Association of
Manufacturers at Washington, July 19, set forth the position
of the Shipping Board with reference to the new Merchant
Marine Act and the purposes of that measure.
"It should be the desire of all Americans," said Admiral
Benson, "to help insure the success of American merchant
marine. You can greatly help to that end if you will coin
operate with the Government to prevent the success of
foreign efforts adverse to American institutions, by continuing to route your exports and imports in such manner
as will permit the facilities of the rail and water carriers of
the United States to be used to the best advantage."
Chairman Benson, in part, spoke, as follows:
The Jones Merchant Marine Act of 1920 was enacted into law and
approved June 5 1920. It was passed by a non-partisan vote and with little
or no opposition to its main purposes.
This law declares it to be the pohcy of the United States to do everything necessary for the development and maintenance of an American
Merchant Marine.
Since its enactment considerable discussion of som« sections has taken
place, particularly Section 28.
On July 2, I pointed out that the United States Shipping Board is determined to live up to the letter of the Jones Law in spite of threats and
propaganda carried on by foreign interests to seek to defeat the purpose of
this law.
[Vol. Ill,
Foreign shipping interests, particularly those operating from the Pacific
Coast, have conducted a propaganda against the provisions of Section 28
in the hope of deceiving commercial organizations and shippers into open
opposition to the provisions of this section. The usual method employed
is to threaten that unless Section 28 is repealed, these foreign carriers will
divei't their vessel operations from the American ports on the Pacific either
to Vancouver, B. C, or to ports of the Atlantic, or the Gulf; a plan, which,
if successful would only serve to congest Atlantic and Gulf ports and denude
Pacific ports of commercial export movement.
During such period as Section 28 should be in effect as governing shipments to or from any foreign port, or a port in possession of the United
States, merchandise moving in such trade in foreign steamers would be
required to pay the full domestic inland freights, plus ocean rates charged
foreign steamship company.
such times export merchandise were to move in American steamers,
it would be entitled to the benefit of the lowest through rate or the lowest
proportional equalizing export rate over rail lines subject to the InterState Commerce Act. If, therefore, merchandise in export or import is
routed by American water carriers, it will, under all conditions, whether of
enforcement or non-enforcement of Section 28, be entitled to the lowest
preferential rail rate available for such traffic.
Section 28 will not be enforced unless and until there is adequate America
tonnage to handle all business offered. This is a policy that is not subject
by such
If at
to interpretation. It is clearly set forth in the provisions of Section 28, as
enacted. Neither the Board nor the Inter-State Commerce Commission
has authority to enforce the provisions of Section 28 as affecting the business of a foreign port or a port in a possession or dependency of the United
States, unless ample tonnage is available.
In harmony with such requirement, if Section 28 were enforced with
regard to Far East movements, the Board would supply any deficiencies
in American tonnage in operation from Pacific ports, in order that the niovement of commerce through those ports shall in no manner be restricted.
To any person who makes a study of the provisions of the Merchant
Marine Act in connection with authority vested by the Transportation Act,
1920, in the Inter-State Commerce Commission, it will be apparent that
attempts by foreign carriers to carry out their threats to divert movement
from Pacific ports must fail, and for the following reasons:
Section 28 refers to no port of the United States, but only to the transportation which is subject to the Inter-State Commerce Act of persons,
or property.
The Transportation Act, 1920, establishes that the transportation subject to the Inter-State Commerce Act is that which "takes
The section, therefore, appUes to all
place within the United States."
transportation which takes place within the United States of persons or
property movmg to or from a foreign port or a port in a possession of the
United States, whether such movement be directed through an American
port or by rail through Canada for export at a Canadian port.
If foreign earners were to transfer iheir vessel operations to Vancouver,
for instance, as threatened, and the section were enforced with regard to
to Far East ports, neither through rates nor export preferential rail rates
could then oe appUed for merchandise moving through Vancouver, unless
Such
it were handled from tnat port in American documented vessels.
merchandise moving in foreign ships would be required to pay the full local
rail charges oetween the point of origin or destination in the United States
and the point where the lines of the rail carrier cross the oorder oetween
Canada and the United States.
This differential in itself plus the Canadian rail rate would be a greater
handicap against foreign steamers than would be the domestic rate to a
Pacific Coast American port.
That, however, is not the only method established by law for preventing
the diversion of business in an attempt to defeat the purpose of Section 28.
The "Transportation Act, 1920" vests in the Inter-state Commerce
Commission the widest discretionary authority to give directions for embargoes or for the movement of traffic under permit over American rail
hues. That authority is found in paragraph 15 of Section 1 of the Compiled
Inter-State Commerce Act, revised to April 1 1920. It reads as follows:
Whenever the Commission
is of opinion that shortage of equipother emergency requiring immediate action
country,
the Commission shall have, and it is
any section of the
hereby given, authority, either upon complaint, or upon its own initiative
without complaint at once, if it so orders, without answer or other formal
pleading by the interested carrier or carriers, and with or without notice,
hearing, or the making or filing of a report, according as the Commission
may determine.
embargoes, or movement of traffic
.
"(d) To give directions for
under permits, at such times and for such periods as it may determine, and
to modify, change, suspend or annul them."
"(15)
ment, congestion of
traffic, or
exists in
.
.
It is a matter of record that 45% of the west-bound movement upon
American railroads consists of empty cars; and that great difficulty is
experienced in economically moving into Western territory sufficient car
to provide for the transportation of domestic products, principally foodstuffs, to Eastern centres of population.
Western roads have just been before the Commission seeking an increase
of not less than 24% in their domestic rates. Any considerable further
diversion of business from those roads would make it necessary for them to
seek additional increases in rates. It has been claimed that if Western
roads were to lose the export business via Pacific Coast they would require
further increases of not less than .30% if they are to be permitted the net
return of 5 H
upon their properties engaged in transportation, as provided
for in the Transportation Act.
Such increases would react very unfavorably upon living costs of the
general public and would greatly restrict Western markets for Eastern
%
manufacture.
If there were no other reasons, such adverse effect upon the American
nailroads and the American pubUc would constitute an emergency requiring
drastic action by the Commission under its authority as hereinbefore quoted.
When confronted with the additional fact that such attempts by foreign
carriers to destroy the trend of rail traffic within the United States was for
thfe admitted purpose of endeavoring to nullify a law of the United States
passed for the protection of its citizens, there can be no doubt that the
Commission would exercise its authority to embargo or direct the movement
of traffic in such manner as would prevent diversions of that business
either to foreign ports of Canada, or to Atlantic or Guif ports of the United
States.
It is decidedly in the interest of the exporter and Importer that he give
sufficient consideration to the routing of business within his control qs will
insure co-operation with the Inter-State Commerce Commission and the
Shipping Board in efforts to prevent congestion of Atlantic ports or car
shortage upon AVestern railroads, with the purpose of bringing about as
nearly as possible the balancing of movements in either direction over rail
and water carriers of the United States. That can be easily accompUshed
K-l*-if shippers will study traffic situations and profit thereby.
The 45% west-bound movements of empty cars upon American railroads
extends by districts from the Atlantic Coast to the Pacific and has existed
since at least 1917, and during that same period there has been almost
continuous congestion of Atlantic ports, particularly New York. Such
Aug. 21
•
THE CHRONICLE
1920.]
conditions are not economic and adversely affect the interests of all the
American people.
It should be the desire of all Americans to help insure the success of an
American merchant marine. You can greatly help to that end if you will
co-operate with the Government to prevent the success of foreign efforts
adverse to American institutions, by continuing to route your exports and
imports in such manner as will permit the facilities of the rail and water
If through
carriers of the United States to be used to the best advantage.
such endeavor a balanced traffic movement over American carriers can even
be approximated, there must, of necessity, be a reaction favorable to shippers evidenced in rate decreases rather than rate increases.
There are certain zones of economic movement of exports originating upon
Movements that will give a proper balance to both rail and
rail lines.
water carriers. Every American should study the subject and co-operate
with the Government in its effort to establi.sh those zones equitably.
Because of my impression that you desire to be helpful In these matters
I have burdened you with details regarding possible controls under Sec. 28.
You American manufacturers who export and import by your co-operation
can make it unnecessary for the Government to resort to such controls.
beUeve you could be further helpful to the cause of United States
commerce by issuing a pubUc statement of your approval of those provisions
of the Merchant Marine Act which are contemplated to be an aid in extending that commerce.
We may add, in closing, that it is the aim of the Act to give preferential
to American ships only in trades between the United States, its possessions
and other countries. It does not give American ships advantages in
trades between the foreign countries.
The purpose of Congress in so restricting the Act was to insure that American shipping should be encouraged
to continue in American trades helping to expand American rather than
foreign commerce.
We
FRENCH NOTE TO AMERICAN GOVERNMENT ON
RUSSO-POLISH POLICY—SECRETARY COLBY
SAYS BOTH COUNTRIES ARE IN ACCORD.
The
policy of the
American Government with regard
to
the Russo-PoUsh war, as set forth in its recent note to the
Italian Ambassador at Washington, is in agreement with the
policy of the French Government.
This fact became known
when, on Aug. 18, Bainbridge Colby, Secretary of State,
made public a note which was delivered to the State Department on Aug. 14 by Prince de Beam, the French Charge
d'Aff aires at Washington.
The French note declared that the French Government
"is of the same opinion" as the American Government "concerning the present rulers of Russia," and proceeded to condemn the Bolsheviki in language almost identical with that
.
in the American note to Italy.
Asserting that France was in "complete accord" with the
United States as to "the necessity for an independent Polish
State," the note added:
This is why there is agreement between the French Government and the
American Government to encourage all efforts made with a view to bringing
employed
about an armistice between Poland and Russia, while avoiding giving the
negotiations a character which might result in the recognition of the Bolshevist regime and in the dismembership of Rassia,
In giving out the text of the French note, Secretary Colby
issued a statement in which he characterized as "most gratifying" the declaration of the French Government "of its
Russian people and of its opposition- to the
dismemberment of Russia."
Mr. Colby noted that there was one point of divergence
between the American and French positions in that France
had acknowledged the South Russian Government headed
by General Wrangel. Mr. Colby said, however, that this
divergence was not of purpose, but of policy, and he declared
it was of no great importance in that the agreement of France
with the principles laid down by the United States was of
more significance than any single difference of opinion as
desire to help the
to procedure.
The
full text of
Mr. Secretary of State
the French note was as follows:
:
The President of the Council and Minister of Foreign Affairs, having
taken cognizance of the note relative to Russia addressed by His Excellency
the Secretary of State to His Excellency the Ambassador of Italy, has
charged me to inform your excellency that he has learned with satisfaction
that the government of the republic is in entire agreement with the Federal
Government as regards the principles fornuilated in this document.
The Government of the Republic is of he .same opinion as tlie Federal
Government concerning the present rulers of Russia. As your excellency
him.self expressed it, they are not in power oy the will or the consent of a
considerable portion of the Russian people, but represent a small minority
of the nation.
They have seized power by force and by trickery, during the
two and a half years that they have retained power, meanwhile subjecting
the country to savage oppression.
They have not yet authorized popular
elections.
On the contrary, they have put obstacles in the way of tl>e
creation of a popular representative government based on universal s\iffragc.
Events have proved that the present system of goverinnent in Russia is
founded on the denial of every principle of honor and good faith, and of
all the usages and conventions which are the basis of relations between
nations and individuals. The responsible heads of this regime have frequently and openly boasted of being ready to sign agreements and contracts with foreign powers without having the least intention of observing
them. They claim that no contract or agreement concluded with nonBolshevist governinonts can bind them morally.
After having proclaimed this doctrine they have applied it.
They have
declared they would foment revohitionary movements in other countries
by all possible mo;ins in order to establish a Bolshevist regime. Kurlhcrttore, they recognize that they are themselves subject to the control of a
political faction having itUcrnational ramifications, and (hey have boasted
that their promises of non-intervention in other countries would in no
case be bindinK on the agents of this organization.
t
757
All the.se judgments of the American Government are absolutely true.
In consequence, the Federal Government considers it impossible to recognize the present ma.sters of Russia as a government with which the relations
common to friendly governments can be maintained.
The Government of the Republic has reached the same conclusion. It
cannot have official relations with a government which is resolved to conspire agamst its institutions, whose diplomats would be instigators of revolt
and whose spokesmen proclaun that they will sign contracts with the intention not to observe them.
In complete accord with the Federal Government, the French Government believes in the necessity for an independent PoUsh State, and the
French people, like the American people, ardently desire the maintenance
of the political independence and the territorial integrity of Poland.
This is why there is agreement between the French Government and the
American Government to encourage all efforts made with a view to bringing
about an armistice between Poland and Russia, while avoiding giving to the
negotiations a character which might result in the recognition of the Bolshevist regime and in the dismemberment of Russia.
The Federal Government, as the interpreter of the feehngs of the American
people, desires to help the Russian people, in whose future the United States
retains an unshaken faith.
The Government of the RepubUc associates
itself unreservedly with this declaration.
The French Government has
never altered in its determination to uphold the principles so clearly formulated by the United States.
It is in this spirit that it has decided not to
approve the armi.stice conditions offered to Poland unless they are in conformity with these principles.
It is in this spirit also that, after mature examination, it has in fact
recognized a Russian Government which declares that It accepts the same
principles.
In informing your excellency of the reception given to the declarations of
the American Government by the French Government, I am instructed by
M. Millerand to notify you that the French Government is happy to have
this one further assurance of close harmony of feeling which animates the
French and American peoples when the future of civilization is at stake.
Accept, Mr. Secretary of State, the assurances of my high consideration.
BEARN.
Mr. Colby's comment on the above was
as foUows:
The note states without reservation that the French Government is
in entire agreement with the principles set forth in the American note.
It adopts almost in identical words the views of this Government regarding
the Soviet regime in Russia, and declares that Prance can have no official
relations with a Government which is resolved to conspire against its institutions, whose diplomats will be instigators of revolt and whose spokes-
men proclaim
that they will sign contracts with the intention not to observe
them.
The French Government further declares without qualification its
independence, and its desire for the maintenance of the terri-
belief in Polish
torial integrity of
Poland.
gratifying is the declaration of the French Government of its desire
to help the Russian people, and of its opposition to the dismemberment of
Russia. The response is a notable declaration from every viewpoint, and
brings to the position taken by the United States a striking emphasis and
Most
powerful support.
On one pomt there
is
a divergence, not of purpose or objective, but of
Government has not recognized, as the French have done, the
But we are
authority exercised by General Wrangel in South Russia.
policy.
Ttiis
disposed to regard the declared agreement of France with the principles of
the United States as of more significance than any divergence of policy
involved in the specific action of France in this single respect.
The importance of the French position is that it discloses that the two
governments have a common objective. A divergence as to the means to
be employed for its attainment should not dimmish or qualify the satisfaction arising from so complete an accord as to the main purpose.
m
SECRETARY COLBY SAYS AMERICAN GOVERNMENT
WILL SUPPORT POLISH INDEPENDENCE.
A declaration that the American government would support Polish independence "to the full extent of the constitutional power confided in the Executive" was made on Aug. 18
by Secretary of State Colby. Speaking to a delegation of
American citizens of Polish extraction who called at both the
White House and State Department to present memorials
adopted at recent mass meetings over the country, Mr.
Colby said "every measure that can legally be taken will be
adopted to render effectual the position of this country."
The Secretary of State declared, however, that the question of material aid on any broad scale was a political one.
"We cannot go to the relief even of Poland," he declared,
"provided the view prevails in this country that we have no
concern with anything beyond our national borders. The
question, you see, in its larger and true aspect is a political
I call your attention to the fact that the attitude
question.
of this government can only be the attitude of its people, and
you, as American citizens, have the power to determine the
trend and the weight of American public opinion." Secretary Colby spoke in part as follows:
The situation in Poliind is perceived by the whole world to be grave and
The attitude and the feelings of this Government are not left
critical.
They are not open to doubt. Its rewnt pronouncement
to speculation.
on the question must satisfy every one of the depth and gcuuineuess of
American interest in Polish independence.
You mtist bear certain facts in mind. The United States is a Go^^e^nment of laws. Its officials are created by law. Their powere arc defined
by law. The law-making power imposes certain limitations \i\x)i\ their
freedom of individual initiative and action. This is the Government
which you have subscribed to, of which you are a part, and you should
bear in mind constantly its constitutional processes. They measure the
power of this Government even as the bearers of succor and relief to hardpressed Poland.
I'eoplo are prono to look to the Executive as a source of plenary power.
able to do anything that It is prompted to do, able to make any response
that it is moved to make by the compelling nature of the api>eal that may
It is particularly natm-al for men not more than one or
be addressed to it.
two generations removed from European forebears to fall into that erroneous
assumption about
this
Government.
THE CHRONICLE
758
You must bear in mind, however, that this isn't that kind of a Governof the Government
ment. You must look, of course, to the executive arm
and of action. It has certain
as the source of some measure of initiative
powers despite the fact that they are defined and Umited. but you must
reaUze that they are defined and limited, and you must look to the true
In the final analysis, it is public opinion.
sources of power in the country.
In the less remote -vaew, it is your duly elected members of Congress. In a
very important sense, it is the poUtical party with which you are affiliated.
entirely familiar
I am recalling to you nothing with which you are not
when I mention the fact that there are many, many, people in this country who are surveying the conditions that now exist in Central Europe with
a satisfaction that they make no attempt to conceal. They are outspokenly
opposed to any form or degi-ee of intervention, no matter how desperate the
conditions or circimastances may be that call upon us for active effort. They
have flouted and rejected the enlightened machinery that was devised
in conjunction with the Treaty of Versailles to cope with such conditions
as now unhappily exist in the world, and are content to voice their feeling
of reUef that whatever may be happening to other mortals it is not happening to them.
We cannot go to the relief even of Poland, provided the view prevails in
this country that we have no concern with anything beyond oiu- national
The question, you see. in its larger and true aspect is a political
borders.
The appropriations which relief measures imply, and without
question.
which action on an adequate scale is impossible, must be made by Congress.
You. each in your own community, in your daily contacts, are chargeable
with a responsibility for the creation of a sound patriotic and humane
public opinion as a backgroimd for legislation such as the emergency de-
mands.
Government made
of its belief in Polish autoTo the
as unqualified as language can be.
full extent of the constitutional power confided in the Executive, every
measure that can legally be taken will be adopted to render effectual the
position of this country, and many steps, of which you are aware, have
The
declaration which this
nomy and independence was
already been taken.
TREATY OF PEACE WITH TURKEY SIGNED.
of the privileges they
return save Silicia.
[Vol. 111.
had before in the old Turkish Empire, receiving in
Great Britain, it is pointed out here, not only gets rich Mesopotamia,
with most of its oil, but the internationalization applied to such places as
Batura and to the Straits is merely another name for British control. As
the "Journal" remarks, "the key of the Straits has only changed pockets,
passing into tliat of the Mistress of the Seas." The same newspaper points
out that France, which was always considered the protectress of the holy
places, must now lose this distinction to the British Commission, supposedly
under the League of Nations.
The impression has been gained in French circles that France would like
to see the Turkish treaty revised and its counting upon developments in
Turkey wiU have a month to reply, and
the near future to effect this.
in this time much can happen.
M. Millerand, in presenting the terms, was said to have
observed that in taking part in the war by the side of the
Central Powers Turkey had prolonged it and must pay the
He said the Allies had decided to leave the Sultan
price.
but were determined that law and order
Constantinople,
in
was left of Turkey. President Wilin
what
prevail
should
opposed to permitting the Turk
was
recalled,
will
be
son, it
made known his views on the
had
Europe,
and
in
to remain
Allied Powers.
the
note
to
formal
subject in a
chief provisions of the
the
of
summary
following
The
given by Edwin L.
was
May
on
10,
presented
treaty, as
follows
as
James on May 11,
the great attention paid to the
is rather remarkable for
duties in enforcing terms to
many
assigned
been
having
Nations,
League of
It Is provided that England, France and Italy shall
that organization.
Officially the
assume permanent and complete control of Turkish finances.
will fix the bounWilson
President
that
states
treaty
the
of
summary
task
It is not known whether or not he accepted this
daries of Armenia.
offered him by the Allied premiers at San Kemo.
The treaty consists of thirteen parts. Part 1 contains the covenant of
the German treaty.
the League of Nations In the same form as it appears in
The treaty
After months of protracted discussion and negotiation,
tlie treaty of peace with Turkey, the last power still in a
state of war with the Entente, was signed at Sevres,
the frontier
Part 2 lavs down the frontiers of new Turkey. In Europe
France, on Aug. 10. Serbia and the Hedjaz alone of the runs along the Chataldja line, embracing Lake Derkos. Turkey Is left in
form the western
Asia Anatolia, with the exception of what is cut off to
nations interested had refused to sign.
The original draft of the terms was presented to Turkey end of Armenia.
maintenance ol
Part 3 begins by saying that the Allies permit the
approximately three months before. The treaty was to have Turkish sovereignty in Constantinople, "on condition that if Turkey debeen signed on July 29. It was not sigped then, because in faults in the observance of the terms of the treaty or supplementary conregard to the protection of minorities, the Allied
the first place the Turkish delegates had not yet arrived, ventions, especially with
decision."
this
modify
Powers can
and in the second place Italy and Greece had got into a
The navigaHon
Part 3 also defines the control of the Turkish Straits.
dispute
their
Sea of Marmora and the
dispute over its provisions and the nature of
of the straits, including the Dardanelles, the
in time of peace, as in time of war, to aU vessels
was such as to hold up the signatures of Greece, France and Bosporus, shall be open
These waters are not
or of war without distinction of flag.
commerce
of
England. The Associated Press described the signing of the subject to blockade, and no act of war may be committed there except
Turkish treaty as a "simple, sober ceremony." It gave the in enforcing the decisions of the League of Nations. A Straits Commisfollowing brief account of the affair
It
was a simple, sober ceremony.
considered to have been one of his life ambitions, affixed his signaItalo-Greek
ture to the three voluminous documents the treaty itself, an
with
protocol and a protocol on Asia Minor and the zones of influence
trembling hand and somber face, ascribed by some to illness and overwork.
The three Turkish delegates looked away as the Premier passed their seats,
not bowing to him as they did to the other delegates.
Count Zamoyski, Polish Minister to Paris, who was among those who
signed the three documents, attracted as much attention as the actual ceremony, being the center of inquiring groups as the delegates were signing
what
is
—
—
Premier Millerand opened the ceremony with a few words
their names.
The business was conand then asked the Turkish delegates to sign.
cluded at 4:30 and the delegates hurried out through the soldier guard,
which presented arms as they filed past.
As usual, M. Millerand arrived first. He stood chatting for a few minutes with Sir George Grahame, Charge d'Affaires of the British Embassy
at Paris, awaiting the appearance of the Turkish delegation.
Despite many postponements and uncertainty as to when the treaty
would actually be signed, great crowds had gathered in the beautiful
Uppermost among the
Sevres Park to await the coming of the delegates.
Many
topics of discussion by the crowd was the Russo-Polish situation.
anxious mothers asked the correspondents "is it war again?" as the peace
delegates entered the historic old chateau.
Kurds
shall request
it.
treaty says that the Turkish Government consents to transfer to
Greece the exercise of Its sovereignty over Smyrna and the semi-circle
The smnmary of the provisions says:
of adjacent territory.
"As e\'idence of Turkish sovereignty the Turkish flag shall fly from
an outer fort of Smyrna. The Greek Government will be responsible for
Tlie
It may keep troops there to maintain
the administration of the territory.
Greek
order.
It is authorized to include this territory in the system of
customs, and should establish a local Parliament on the basis of proportional representation."
This project will be submitted to the League of Nations and will come
into force only after the approval of the Executive Council of the League.
The local Parliament is empowered to ask the League of Nations for incorporation In Greece, and, if it wishes to do so, the league may order a
plebiscite.
peace terms was handed to Tewfik
Turkey renounces in favor of Greece her sovereignty over Turkey in
outside of Constantinople and a small area back of it, as well as her
Europe
Alexander
delegation,
by
Pasha, head of the Turkish peace
sovereignty over the Islands of Imbros, Tenedos, Memnos, Samothrace, MityMillerand, the French Premier, on May 11 at Paris. The lene, Samos, Nikaria, Chios and other islands in the Aegean Sea. Greece
ceremony was the simplest and most speedily concluded of pledges herself to sign an agreement for the protection of minorities in
any of the formalities of the sort that have taken place these territories.
Turkey recognizes Armenia as a free and independent State and consince the Paris Peace Conference began its labors.
sents to accept the arbitration of the President of the United States a? to
One important provision of the original draft of the treaty the frontier in the provinces of Ezerum Trebizond, Van and Bitlis and to
frontiers between the Republics of
was that England, France and Italy should assume complete the access of Armenia to the sea. The
Georgia and Azerbaijan are to be fixed by direct agreements with those
and permanent control of Turkish finances.
States.
Syria and Mesopotamia are created independent States under Article 22
"In nearly every feature," said Edwin L. James, Paris
The mandatories for these
the Covenant of the League of Nations.
of
correspondent of the N. Y. "Times" (at the time of the
The care of Palestine Is also
States are to be named by the Allied Powers.
presentation), "the treaty is a compromise, and it is no- assigned to a mandatory to be selected by the Allied Powers, which will
toriously incomplete in that it fails to give to the Arme- also fix the boundaries of Palestine. The creation of a national home for
made for a special League of Nanians the independence and security which has been prom- the Jews is confirmed, and provision isprotection of the different religions
tions commission to arrange for the
ised them and does not settle other troublesome problems
The mandates for Syria, Mesopotamia and Palestine are sub-
The
.
England, France, Italy,
is established, composed of representatives of
BulJapan, Greece, Rumania, Russia (if she joins the League of Nations),
wishes
garia (also if she joins the League), and of the United States if it
to be represented.
Each power will have one member, but the members for England, France,
the United States, Italy and Japan will have two votes each.
Turkey agrees to the establishment of local autonomy for Kurdistan, the
French and
limits of which are to be fixed by a commission of English,
create,
It provides that the League of Nations shall have power to
Italians.
at some future date if the
if it sees fit, a free and Independent Kurdistan
sion
Premier Venizelos, although achieving
first draft of the
in Palestine.
of Asia Minor.
anybody," this correspondent added.
Laurence Hills, staff correspondent of the "Sun and N, Y.
Herald," said on May 10 regarding the Turkish treaty
"It
doesn't
suit
It is not prenteded in official circles here that the document meets the
principles which were proclaimed when the peace conference produced the
Versailles [German] treaty.
Indeed, in French circles there is a profound
disappointment over its terms and criticisms are appearing in many newspapers here against Great Britain's share of the spoils.
The French see themselves bearing a large military burden and many
complications yet ahead, while at the same time they are Burrendering
many
As is already known, Engject to the approval of the League of Nations.
land gets the mandate for Mesopotamia and Palestine and France for Syria.
Turkey and the Allies recognize the Hedjaz or kingdom of the Arabs
as a free and Independent State and Turkey surrenders her sovereignty over
The Hedjaz guarantees to all Mussulmans of all nations free
the Arabs.
access for pilgrimages to Mecca and Medina.
Turkey renounces all rights and title to Egypt, recognizes the proThe Sultan surrenders in favor of
tectorate of Great Britain over Egypt.
Turkey agrees to the British
England his rights over the Suez Canal.
annexation of Cyprus proclaimed in 1914.
Turkey recognizes the protectorate of France over Morocco and Tunis.
Turkey gives to Italy the Dodecanese and the Island of Castellorizza
:
Aug. 21
Special
territories
THE CHRONICLE
1920.]
clauses deal with the protection of
cut off from the Turkish Empire.
in the Austrian
:
:
Turkish subjects living in
They are similar
to
those
treaty.
Under the general provisicms Turkey accepts all other treaties of the
Allies with the enemy powers as well as with the States built, or which
may be built, in whole or in part, from sections of the former Russian
Turkey recognizes the abrogation of the treaty of Brest-Litovsk
Empire.
and all treaties concluded by Turkey with the Bolsheviki in Russia. Turkey also renounces all sovereignty and jurisdiction over Mussulmans under
the sovereignty or protectorate of any other nation.
Part 4 deals with the protection of minorities, and under it Turkey
agrees to assure life and liberty to all inhabitants without distinction of
birth, nationality, language or religion and promises to release all religious
or political prisoners.
It is provided that the Allies with the League of
Nations sliall be responsible for the enforcement of these clauses, and
Turkey agrees in advance to accept their i-ulings.
Turkey is allowed to maintain for police purposes a force of 35,000 men
special contingents, to reinforce these gendarmes in case of trouble to the
number of 15,000, and 700 men as a bodyguard for the Sultan.
All the fortifications along the Straits are to be destroyed, and it is stated
that France, England and Italy will maintain a force of occupation there.
Greece agrees to furnish forces, if needed to maintain order.
Turkey is
forbidden to have a fleet or military airplanes.
Part 7 provides that Allied military tribunals may try Turks charged
with war crimes. It also provides that the Turkish Goveniment shall hand
over the persons responsible for the massacres since August, 1914, to be
tried by a League of Nations court or some other tribunal.
Under the financial clauses Turkey admits liability for war losses of
the Allies, as Germany and Austria did in their treaties.
Especially strict is the permanent control established over Ottoman
;
The commission, composed of Englishmen, Frenchmen and Italwith a Turkish member as consultant, has the following duties: The
examination of Turkish budgets, which cannot be put into effect without
the commission's approval
the supervision of the execution of all Ottoman
financial laws and the reformation of the Turkish monetary system.
The Turkish Government can contract no loan, internal or external,
without the consent of this commission.
No concessions may be granted in
Turkey without the approval of the commission.
With respect to the
enforcement of the treaty, the commission is to fix the annual sums to
be paid by Turkey for the cost of occupation.
There is interest for American business men in the provision that the
freedom of Turkish ports is given to all members of the League of Nations
on equal terms. Use of the port facilities of Smyrna is assured the Turks.
finances.
ians,
;
Georgia, Azerbaijan, Persia and Armenia are to have equal use of the
port of Batum.
Provision is made for Russia's becoming a party to the treaty when
she
shall have become a member of the League of Nations.
At a public mass meeting held on May 24 at Constantinople opposition was manifested to the original terms of
the Turkish peace treaty.
"We trust that there will be
modifications of the unjust treaty," said President Sodjar
Assimavnu of the Turkish Islamic Academy.
Resolutions were adopted, according to the Associated
Press, declaring that the annexation of Thrace and Smyrna
by Greece constituted a violation of the principles laid down
by President Wilson, and that the independence of Turkey
is nullified by the treaty terms.
The resolutions concluded
with an expression of the firm belief that Europe would
realize the injustice done Turkey and grant such modifications that Turkey would not be made to suffer to a greater
degree than Germany and Austria.
The meeting, which
was arranged by the Entent Liberal Party, was attended
by about 5,000 Turks of all classes, it was said.
Subsequently the Turkish delegation presented to the
Peace Conference certain objections to the terms. The Allied Powers on July 17 presented their reply to these objections.
The Allied note, handed to the Turkish delegation
at Versailles, contained a threat to drive the Turks from
Europe "once and for all" in the event Turkey should refuse to sign the treaty or fail to give it effect.
An abstract of the Allied reply was given by the Associated Press as follows
The Turks were informed in the reply that they must make known their
decision within ten days.
If by midnight on July 27, they were told, they
have not signifed thefr willingness to sign the peace treaty, "the Allied
Powers will take such action as they may consider necessary in the circumstances."
The Allies made some minor modifications in the treaty after the
Turks had presented their protests, but it is understood that these modifications do not materially affect the original draft.
The Allied reply is couched in the bluntest language, and says
"If the Turkish Government refuses to sign the peace
still more, if it
finds itself unable to re-establish Its authority in Anatolia or
give effect
to the treaty
the Allies, in accordance with the terms of the treaty, may
be driven to reconsider this arrangement by ejecting
the Turks from
Europe once and for all.
"The Allies are clear that the time has come when it is necessary to
put
an end once and for all to the Empire of the Turks over other
nations."
The note refers to Turkish "atrocities which startled and shocked
the
conscience of mankind," and cites that it is estimated that since 1<)14
the
Turkish Government has "massacred on the mendacious pretext
of alleged
revolt 800,000 Armenians, including women and children."
The Allies state they are "resolved to emancipate all areas
inhabited by
a non-Turkish majority from Turkish rule."
The Allies decline to make
any modification in the clauses of the treaty which
detach Thrace and
Smyrna from Turkish rule, since in both areas the Turks are
in the minority.
The same considerations apply to the frontiers between
Syria and
—
—
Turkey.
The Allies also decline to change the provisions which
provide for the
creation of a free Armenia "within boundaries
which the President of
the United States will determine
as fair and just."
The general terms of
^'^^ ^^^^'^ *" administration of the Strait must stand as set
the treaty, but the Allies will permit the Turks,
the same as
ouigana, to have a respresentative on the
commission for the Strait.
Iv
lOrth
*''
<
in
759
Among the modifications of the treaty is the withdrawal of the condition by which Turkey was to cede to the Allies all Turkish steamships of
1,G00 tons gross and upward. The amended clau.se says the Turks must surrender to the Allied Reparation Commission all German ships transferred
to the Turkish flag since April 1, 1914.
The reply says the Turkish Government would appear to think its responsibility in the war was less than that of its allies, and that Turkey,
therefore, was entitled to lenient treatment, but the Allies cannot accept
that plea.
The note maintains that "Turkey entered the war without a
shadow
of excuse or provocation," and by closing the Straits in the face of
the Allies "Turkey certainly prolonged the war more than two years and
caused loss to the Allies of thousands of lives and thousands of millions
of pounds."
Continuing, the note says
"The history of the relations between the Porte and the great powers for
a long period before the war was one long story of repeated, unavailing
attempts to put an end to atrocities in Bulgaria, Macedonia, Armenia and
elsewhere atrocities which started and shocked the conscience of man-
—
kind.
"During the past twenty years the Armenians have been massacred under
conditions of unexampled barbarity and during the war the record of
the
Turkish Government in massacres, in deportations and in the maltreatment
of prisoners of war immeasurably exceeded even its own
previous record.
It is estimated that since 1914 the Turkish Government
has massacred on
the mendacious pretext of alleged revolt 800,000 Armenians,
including
women and children, and expelled or deported more than 200,000 Greeks
and 200,000 Armenians from their homes.
"Not only has the Turkish Government failed to protect the subjects
of other races from pillage, outrage and murder, but
there is abundant
evidence that it has been responsible for directing and organizing
savagery
against people to whom it owed protection.
"For these reasons the Allied Powers have resolved to emancipate all
areas inhabited by a non-Turkish majority from Turkish
rule."
Refeiring to the provisions of the treaty concerning Smyrna
the Allied
note points out that they will not have the effect of restricting
the trade
of Anatolia.
On the contrary, it declares, the freedom of the port is guaranteed.
It contends that the treaty leaves Turkey
a national State with
a large productive area and that there is nothing in the treaty
"to prevent
Turkey from becoming a prosperous nation if she reforms."
As to Constantinople being left as the capital of Turkey, the Allies say
they have grave doubts as to the wisdom of this step
in view of the misuse made by the Turks of their power in the past.
In conclusion the note refers to the possibility of the
Allies having to
drive the Turks from Europe and fixes a ten-day limit
for Turkish acceptance of the treaty.
On
July
21,
four days after the presentation of the Al-
was announced officially at Constantinople
that on the preceding day Turkey had decided to sign
the
treaty; and on July 22 the Crown Council, consisting of
lied
reply,
it
members, approved the signing of the peace treaty
with the Allied Powers. The Sultan personally presided
over the meeting.
It was said to have been designed to show popular support for the signing of the treaty, but as the Sultan appoints the Senators who are members of the Council and
designated the other officials who attended the meeting,
the Nationalists repudiated the efforts to make the action
appear representative of public opinion.
fifty-five
Approval of Turkish Peace Terms by Zionist Federation.
The twenty-first conference of the English Zionist Federation of London on May 30 passed a resolution "expressing
gratitude to the Allied Supreme Council for incorporating
the so-called Balfour declaration in the treaty of peace with
Turkey and for granting the mandate for Palestine to Great
Britain."
"It puts on record," the resolution continued, "deep appreciation for the illustrious services to the Jewish nation of
the statesmen and peoples of the Allied and associated
powers who have collaborated in this memorable achievement, and it pledges itself that the Zionists of England will
spare no effort and no sacrifice to reconstitue Palestine as
the Jewish national home."
PITTSBURGH BASIC STEEL PRICE UPHELD
FEDERAL TRADE COMMISSION.
BY
The Pittsburgh basic point for steel prices was upheld by
the Federal Trade Commission in the dismissal of the application of the Western Association of Rolled Steel Consumers
and others for the issuance of a formal complaint against the
United States Steel Corporation and its subsidiaries for
the discontinuance of the practice of basing steel prices
The complainants alleged that
f. o. b. the mill Pittsburgh.
the device of making the price of rolled steel products outside
of Pittsburgh, wherever manufactured, the Pittsburgh price
plus the freight rate from Pittsburgh to destination, resulted
in discrimination in violation of the Clayton Act and was
unfair competition under Section 5 of the Federal Trade
Commission Act. The Commission voted 3 to 2 in favor of
the dismissal of the complaint; Commissioners Murdock,
Colver and Gaskill voted for dismissal, while Commissioners
Thompson and Pollard dissented from the views of the
majority. Each of the five Commissioners issued a memorandum sotting out his conclusions. The findings of the
Commission
Murdock
were
announced
July
in presenting his views said:
24.
Commissioner
THE CHEONICLE
760
On
the first score, that of price, it is evident from the record that those
companies which have plants in the Pittsburgh section and elsewhere,
under the practice in question, have sold steel at a less price at Pittsburgh
than elsewhere. Steel made at Gary, or Duluth has been sold to fabricators
in or near those cities at higher prices than the Pittsburgh fabricators pay.
Similarly the fabricators tributary to Birmingham have been charged a
higher price for steel than the Pittsburgh price, although there is a differential whicJi modifies the charge against Birmingham fabricators to a certain
This, taken alone, and viewed separately, is discrimination on the
extent.
part of a selling corporation having plants in and away from the Pittsburgh
district, in the ordinarj' acceptance of that word.
Its practice appears
steel
at first blush, arbitrary.
"But there is a second approach to the problem the consideration of
supply and demand wliich opposes the conclusion that it is an arbitrary
discrimination such as is forbidden by the statutes herein invoked. It is
not disputed that the Pittsburgh section is now the point of heaviest surplus production of steel in the United States. In the steel industry the
point of heaviest surplus production, under the operation of the law of supply and demand must necessarily strongly influence the price in other markets \vith excess demand. Viewed in this light, a base price plus freight
de\nce is not discrimination, arbitrarily determined and such as the statute
forbids. Approaching the problem from this side it would appear to follow
that the force, functioning in the creation of a base price plus freight device,
is the market-place law of supply and demand, not contrary to law but
rather confusedly applied herein by differentials expressed in terms of freight
—
—
rates.
"In the consideration of the problem
it is useful to consider two facts.
the process of unification of an area so vast as the United
States into a single market which seeks a common price. This process is in
progi-ess in face of the great difficulties of magnitude of territory, and of
equitable adjustments between the advantages and disadvantages of competing territories.
"The second fact is the centralization of industry into large units, of which
one of the respondents herein, the United States Steel Corporation, is a
notable example. This corporation's commanding position in the industry
It has plants in competing sections.
is not disputed.
It has powerful
influence in the markets. However, if the influence of supply and demand
results in this industry in a base price at the point of heaviest surplus production, the respondents can not be held accountable for this result.
"It would, then, appear that the discrimination which is seen in the
single view of comparative prices between sections is not, when fully considered under the statute invoked, that arbitrary discrimination which
the law interdicts, but is in fact a differential largely dictated by the laws
of a market place of vast territorial magnitude looking to a common price
and permitting the operation of great units with widely scattered plants.
"I have not, therefore, reason to believe that the deface of a base price
plus freight from Pittsburgh for rolled steel products, as now practiced,
is a price discrimination within the meaning of Section 2 of the Clayton act
or an unfair method of competition as contemplated under the act creating
the Federal Trade Commission and defining its powers.
The
first fact is
Commissioner Colver in stating that the facts seemed to
Steel Corporation's sales were at different
prices in different communities under different competitive
conditions added however, that they were not discriminating
in the same communities and said:
show that the
Such discrimination being in accord with conditions of free competition in
the various communities is in keeping with the purpose of the statute to
maintain normal competition. It is not, therefore, a violation of Section 5
of the Clayton Act.
The practice is not unfair competition with respect to the manufacturers
of steel nor does it inject an unfair competitive element into the business
of the fabricators.
If the base price sy.stem were abolished it might result
in giving some advantage not now enjoyed to certain fabricators, but it
would place other fabricators at a corresponding disadvantage. Thus, at
best, the shifting of boimdaries of competittive fields probably would not
affect the fabricating industry as a whole except to throw it into confusion.
also had the following to say:
asked for by these applicants is that they be permitted to buy
steel at Chicago, Duluth and Birmingham at as low a price as Pittsburgh
fabricators can buy in Pittsliurgh.
They do not ask it in these terms, but
this is the essence of what they want.
The relief they seek would require
the Steel Corporation to charge the same price at its mills in Chicago,
Duluth and Birmingham as it charges in Pittsbm'gh and that it should not
take advantage of freight rates which local demands now permit it to take.
Commissioner Gaskill in giving his conclusions said:
Commissioner Colver
The
relief
"I do not see that the practice is unlawful as the law now
This commission has no power to rule upon the
soundness of the economic principle."
Commission Thompson in submitting his conclusions said
had been in practice from the earliest days
maldng, Elbert H, Gary, of the United States Steel
Corporation contended that to upset the practice would not
only disturb the entire steel industry but would cause serious
results. The complainants were the Western Association of
Rolled Steel Consumers, Chicago, 111. composed of upward
of 700 fabricators of steel; the Superior Commercial Club
of Superior, Wis.; the State of Minnesota through its Governor and Attorney General; civic organizations of Duluth,
Minn.; the Southern Ass'n of Steel Fabricators of Atlanta.
ciple involved,
of steel
Ga., and the Birmingham Civic Ass'n and Birmingham
Base Bureau of Birmingham, Ala.
Steel
BACHE ON THE SALES TAX.
Jules S. Bache of J. S. Bache & Co. delivered an interesting
JULES
The fabricators in the Chicago, Duluth and Birmingham districts assert
For example
that by this method they are restricted to a limited territory.
the "applicant" fabricators in the Chicago district assert that this alleged
handicap prevents them from selling their product east of the State of
Indiana, because they not only have to pay the freight from their fabricating
plants East, but carry the handicap of the ,$.5.40 per ton as a charge which
was never carried. They allege that this handicap is so great that they
caimot complete with the Pittsburgh fabricator east of Indiana, who is not
required to pay the .§5.40 per ton charge.
A similar claim is made by the
fabricators of the Duluth and Birmingham districts.
"I dissent from the majority opinion of the Commission, on the ground
that there has been enough data presented to the Commission upon which
it may have a reason to believe that a complaint should issue in the interest
of the public, and I further dissent from the action of the Commission in
dismissing the complaint and issuing a public statement, on the ground
that there are many facts necessary before it can properly determine whether
to dismiss a matter of so great interest to the public, and before it can give
forth an authoritative statement as to why it dismisses the application.
Commissioner Bollard, in expressing the view that the
Commission should issue a formal complaint, took the
position that in view of the fact that two of the members,
including him,self, were not appointed on the Commission
until after the hearing of the case, and in view of the fact
that only two of the three members who heard the argument
favored the dismissal, he believed that further proceedings
in the matter were justified.
The case had been before
the Commission for a year or more. In arguing that the prin-
S.
address before the Rotary Club at the Hotel McAlpin on
Thursday of this week (Aug. 19), his theme being "A Practical Ta-x in Lieu of Confiscation."
In this he again argued
in favor of a tax on sales in substitution for the present
excess profits tax.
We reprint the address as follows:
If the financial structure of the world is to be maintained at all, and complete collapse avoided, the ideas heretofore held in regard to taxation wiU
have to be entirely reconstructed, and a new basis arrived at, not only in
this country, but throughout the world.
There are certain theorists who, having made some study of taxation,
speak of the "Science of Taxation." One may as well speak of the "Science
of Tuberculosis."
For taxation is a disease and a scourge, such as any other
that afflicts the human race.
As long as the amounts taken by the various governments in the form of
taxes were reasonably small, they could be ignored, just as tuberculosis
was ignored, until it had become a scourge which threatened a great percentage of the people.
The very initiation of taxes in their present form was wrong, and almost
criminal.
Scientists in taxes teU us that taxes should be levied on scoures
best able to pay, and this was the theory put into practice by the robber
barons of the Middle Ages, who sallied out upon the high road and took
from the rich, leaving the poor unmolested.
The taxing situation in this country is at this moment exactly where the
railroad situation was under Government operation, in that under Government operation, always at a loss, the loss was made up by Increasing the
burdens of the four or five hundred thousand people who pay taxes, leaving
the balance of the nation to use the railroads on unremunerative terms.
When the Congress of the United States in enacting the Cummins BlU,
decided that the entire nation, through increased rates, should pay, each
one, his fair share of the upkeep of these properties, it enacted a policy, in
opinion, that shoiUd apply equally in taxation.
Instead of, as at present, the upkeep of the Government and the Administration of its debt being virtually paid for by the four or five hundred
thousand taxpayers, it should be the policy of the country that every one
enjoying the protection of the Government should pay in equal proportion
toward the expenses of that protection.
One could argue that they are doing so now, since every component part
my
community is.a consumer, and all consumption is paying, and paying
even in an exaggerated amount through the excess percentages of profit
added on all goods and added in practically every instance, so heavily,
and in so much greater proportion than the returns received by the Government warrants. But it is only these unfortunate results of this method of
general contribution which compel us to stop and seriously regard the
final results of the present system, if allowed to continue.
The difference between the effects of the turn-over or sales tax, and the
present excess profits tax is that the turn-over tax fixes a small percentage
which every one shall pay, and know that he is paying while the excess
profits tax, though seemingly paid only by those who make profits, is
really passed on in enlarged form, and spread over consumption of every
of the
—
kind.
I have little patience with the scientist in taxation who demurs at taxing
"The Workingman's Breakfast Table." but thinks it all right to throttle
the capital that would furnish the work, which provides the breakfast.
If the present system of taxation continues, tSfe breakfast of the workingman
will have Uttle in it to pay taxes on, since capital, which fvuTiishes the wages,
will
be driven
off.
stands.
in part:
Vol. 111.
What
is
a Turn-Over Tax?
agree that the moment has come to formulate an entirely
new poUcy of raising revenues, we must first decide on what the new poUcy
shall be.
By no means do I claim that the turn-over tax is the panacea,
but until something better is proposed, I declare that it is the one on which
all to whom the present tax evils are brought home should unite, and make
a determined effort to test, and after results have been obtained, decide
whether or not there is anything better.
After the Ci\'il War in this country,
It is not entirely a new departure.
a sales tax was imposed for revenue requirements, and proved so successful
that it was continued for a time even after the necessity for it had disappeared. Canada has recently enacted a form of sales tax, and the new
French tax law Includes a tax on practically all turn-over, similar jn its
incidence to the sales tax wlfich I am speaking in favor of. In France the
tax is to be one and one-tenth per cent, and became operative on July first
It is estimated that tliis tax will produce five billion, five hundred
this year.
This, at the par of Exchange would be about
million francs in revenue.
one billion, one hundred million dollars. The French tax has some exemptions, and an increased rate on some luxuries, but is practically what we
should adopt over here.
Incidentally, the French Commission here states that the excess profit
tax, establshed by the French law of July, 1916. was aboUshed on the
30th of June of tWs year.
I
I am not here to state definitely just how far this tax ought to go.
recognize that there are many transactions upon which no tax can be
levied.
I recognize that there are many turn-overs which cannot be reached
by the tax-gatherer. We cannot expect the newsboy, the peanut-vender
or the peddler to make returns, and it is as well legally to exempt them, as
to make them tax-dodgers.
a
I should, therefore, start with the basis that aU tiu-novers should pay
tax of 1
but where the turnovers of any one indi%adual or other unit be
less than a sum, which can be fixed at, say, $300 per month, exemption
If
we can
%
all
,
should be granted.
I have fixed the exemption by the month, instead of by the year, as I
believe that the tax should be collected monthly, thus creating as little
,
.
Aug. 21
THE CHRONICLE
1920.]
disturbance as possible in the money market, but I hope it would not be
contemplated in the enactment of the tax that a final statement need be
made by the payer more than once a year, accompanied by the proper
affidavit, and the last payment could bring the corrected tax up to date.
There are other transactions, such as speculative ones in grain, merchandies, coffees, teas, metals or securities, either in futures or for cash, which
rarely net more than a 1% profit and which must necessarily be taxed in
another way. In the French law, in all such operations, the commissions
received are taxes 1%.
I admit that it may be found in the final Inauguration of this tax that
other cases will be met with where exemption miay prove necessary, but I
believe that a 1% tax on turnover, no matter how great the necessary
exemptions may be, will result in raising two-thirds of the money necessary
for the maintenance of the Government of this country, for the paying
of interest on its debt and the reasonable redemption of that debt. What
is needed above that can be raised by a levy on incomes above $10,000, and
without making the burden on those incomes so great as to Lmpair their
usefulness to enterprise or even drive them under the umbrella of municipal
investments.
Effect of the Tar. on Living Cost ana Labor.
beheve that the taxes of this country in their present form are in a
great measure responsible for the high living cost, and the restiveness of
labor.
While it must be admitted that high prices can in the main be
traced to other causes than that of taxation, yet there can be no doubt
that, owing to the uncertainties and the amounts of the present taxes, the
passing on of arbitrary additions to prices of commodities by each dealer
in turn, through whose hands the commodities pass, is largely the cause of
the high cost of living, since the ultimate consiuner must bear the brunt
of the successive additions. Labor disaffection, as a further consequence,
must likewise arise from the same cause, since labor is the greatest sufferers
It seems to me to be self-evident that with a tax of 1 % on turnover, no
such exaggerated condition can arise, since each merchant wiU know
definitely how much he will have to pay, and can be guided accordingly,
and not, as at present, have to guess at what he may have to pay, when
I
fixing his prices.
WiU
the
on the products of the farm An exemption of $300 per month would
exempt the small farmer. To the farmer who sells more than that amount
a month I put the question as to whether he would rather, as under the
present system, have 40% arbitrarily added to everything he buys, than
pay 1 % on everything that he sells. It would not take him long to calculate
which is to his advantage, and my answer is that the farmer will be found
to be among the greatest advocates of the tax. In putting the question as
to whether he would rather pay the 1
on everything that he sells than
40% on everything that he buys, I arbitrarily fix the amount that he pays
at 40%, for the reason that this is the maximum amount levied under the
present excess profits tax.
No merchant or manufacturer can tell at the commencement of his
%
how much goods he
Under the present system,
Tax Dodging.
seems to be the one effort of the taxpayer
it
to take advantage of every loophole contained in the law, in order to pay
as small a tax as possible.
No one seems to appreciate that the avoidance of his just share of the
taxes by each taxpayer merely adds to the burden of his neighbor. I doubt
that any of you wiU dispute the statement that even the enormous amount
now being raised by taxes in this country would be less of a burden if
everyone who should pay taxes paid his full share.
Even the present system, iniquitous as I consider it, would probably not
be very burdensome if everyone paid equitably and equally. But he must
be optimistic indeed who would believe that everyone will voluntarily pay
his full share. I do not believe that under any system everyone can be
compelled to pay his share, but I do believe that under the turn-over tax
everyone wiU cheerfully pay his share, or where he does not pay, it wiU
only be because he
is legally
exempt.
Every business man wiU be able
to look both his neighbor and the tax
gatherer in the face, and feel that he is under no suspicion. Instead of
wasting time studying methods of evading taxes, it will be found that the
business community will have gained time to increase its activities, and
cheerfully pay the increased taxes which those activities will bring upon
them.
The discontented will have one less topic to find fault with. The unwilling contributor will have one less excuse to offer for evading his contribut
tion. A dark cloud will have been removed from the business horizon, one
more burden taken from the shoulders of the struggling business man, and
an example wiU have been set that the entire financial world might in the
end follow, to its great benefit.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made at
this tax is the necessity of levying
it
season
and to whom the incentive to add to their incomes would be reopened by the removal of the confiscatory imposts of the present system.
tures,
the Stock Exchange or at auction this week.
Farmer Pay This Tax?
One of the stock arguments against
761
will sell, nor
how much he
will
make on the
But he is a poor merchant if he does not contemplate
the worst that can happen to him, which is a 40% tax, and he is going to
add that amount from the start, so that no matter what the final result may
be, he will not be the loser. Therefore, I repeat that the problem to the
farmer is whether he is to pay 40% on what he buys, or 1% on what he sells.
J. P. Morgan sailed for Europe on Saturday last on the
White Star SS. "Adriatic." Mr. Morgan, it is understood,
wiU remain for a few weeks in Europe in accordance with
his usual yearly
custom.
We
have been informed by the Guaranty Trust Co. of
George M. Powell Jr. has been appointed
Assistant Comptroller of the company, and Chester N. VanDeventer, Assistant Manager of its Foreign Department.
this city that
sale of those goods.
Cost of Collection and Uncertainties of Result.
do not believe that any correct estimate of the cost of collection of the
tax of any one year, as at present levied, can be made. We have an army of
I
experts still digging into taxes three years old, who.se salaries are being paid
out of this year's expenses. But the proposed tax, if properly admini.stered
would be collected practically automatically, and be entirely a matter of
bookkeeping. The experts can then be put into the discard.
Every man can decide for himself, since his books will show what his turnover has been, and can send in his check monthly, and close the chapter.
Furthermore, I do not believe that over 50% of those who make returns
at present will be involved in the turn-over tax per se.
With the closing of his books at the end of a fiscal year, under this system,
the merchant or corporation would know what the tax has been to a cent,
and need not keep the account open. To-day. thero are many business
concerns whose taxes have not been fmally adjudicated for two or three
years back, and money has been paid out as dividends which the tax collector may turn up and claim for his own.
With the new tax, the ordinary bookkeeper of every business house can
calculate the tax.
No need to employ the services of so-called experts,
legal advisers and accountants, which every business man has to do at
present, because his own staff or he himself are unable to solve the intricacies of the present law
The highly-paid specialist in ways of reducing the burden of the taxpayer would disappear. The Government would get its full tax instead of
the minimum, and there are many ways by which practical protection can
be secured for the Government without the Inquisitorial methods now being
employed.
Under the present system, while highly inquisitorial, tax evasions are
made possible by the very complications of the .system, and even for those
who scrupulously desire to pay their taxes it is frequently difficult not to
omit some items, and where doubt in the matter exists it is only human
nature for the taxpayer to give himself the benefit of it.
The results for the Government under the pre.sent system will become
more and more difficult to gauge. In the event of a severe reaction in
business, the excess profits tax would probably produce very little.
At all
events, the fluctuation in its return would be at all times marked and difficult to foresee in advance.
It is unlikely that there would be in any one year a fluctuation of more
than 10% in the turnover tax, and in adopting the budget sy.stem, which
It is to bo hoped the Republican Congress will enact into law very early in
the coming Administration, it is important to know the amounts with which
the budget has to deal.
Another great advantage of the turnover tax is that it can be instituted
Independent ly of any other taxation, and after it has been allowed to function for six months its results can be gauged for the year almost to a certainly
which will give ample time for the imposition by Congress of income taxes
sufficiently large to cover any deficit between the budget and the turnover
tax return thus assured.
Pursuant to
its
pohcy
of putting its services within reach
of all sections of the business
community, the Bank
of the
Manhattan Company on Aug. 17 opened a banking office
at the corner of Nostrand Avenue and St. John's Place,
Brooklyn, under the management of Oscar W, Kearney.
This is the second office opened by the Manhattan Bank
Brooklyn people
in conjunction with
Jamaica, Flushing, Long
Island City and other sections of Queens Borough. With
its main office at 40 Wall Street, its uptown office at 31
Union Square, its thirteen offices in the Borough of Queens
and two in Brooklyn, the Bank of the Manhattan Company
for the convenience of
system of thirteen
its
is
offices in
serving the industrial and financial interests of practically
every section of Greater
New
York.
On Aug. 13 Frederick C. Harding, New York agent of the
Anglo-South American Bank, Ltd., received a cable announcing that the bank had completed the purchase of the
controlling interest in Banco A. Edwards y Compania,
Valparaiso, Chile.
The Brooklyn Trust Co. of BrookhTi has acquired the
property at 5th Avenue and 7oth Street, that borough, and
will
open a branch
tions
New
office there as
soon as the necessary altera-
and equipment installed. The
are made
Department
has ah-eady gi-\-en the
Banking
York State
in the building
company permission
to establish this branch.
Its
proximity
to meet
Ridge
business
men
residents
and
the banking requii'ements of the
Trust
already
The Brooklyn
Co.
of that part of the city.
maintains three branches in Greattn- Now York two in
Brooklyn and one in Manhattan. The capital of the company is $1,500,000, with surplus and undivided profits of
to the Baj'
section of
Brooklyn
will enal^le
it
—
$2,-596,521.
'
Direct Loss to Enterprise
The owners
bij
Virtual Confiscation of Large Incomes.
of largo fortunes, now practically exempt from Fedora
taxation by dlii( of municipal investments, would pay at least 1% on tlioir
yearly expenditures.
Believing as I do that the maximum supertax on
Income need not go over 2.')%, the incontivo to largo fortunes to withdraw
from all enterprise and invest in municipal bonds would disappear. A now
market would develop for securities of industrial enterpri.sos. The promoter, the investor, the young man starling in business, would again find
sources;of support in people whose incomes exceeded their annual exiiendi-
Francis B. Mullin, founder of the Prudential Savings
of Brooklyn and Counsel, Secretary and Trustee of
the institution, died at the Soton Hospital, Spuyton Duyvil,
N. Y., on Aug. 14 after a prolonged illness. Mr Mullin,
who was forty years of age, was born in Pittsford, Vt. He
went to Brooklyn twonty-soAen years ago and after graduating from the public schools of that city took up the study
At the
of law, being admitted to the Bar at the age of 21.
time of his death he was head of the law firm of Francis B.
He founded the Prudential
;Mullin & Brother of Brooklyn.
Savings Bank in 1907. Mr. Mullin was also a director of
Bank
.
THE CHRONICLE
762
Bank
the First National
of
for that
Joseph A. Flynn, who for twenty-five years has been
connected with the Fidelity & Deposit Company of Baltimore, and for the past ten years its Vice-President in direct
Trust Co.
executive control of the company's business in its New York
branch office, tendered his resignation on Aug. 17 to take effect
His withdrawal from the company is the
Dec. 31 next.
Jamaica and Counsel
institution.
At a meeting
of the du-eetors of the Fidelity
of Newark on Aug. 17, Abram Feist, President of the real
Feist of Newark, was elected a director
estate firm of Feist
and will assume his duties at the September meeting of the
&
board.
Mr.
Feist
is
[Vol 111.
a lifelong resident of Newark.
of changes inaugurated by the home office in respect to the conduct of the New York branch.
Mr. Flynn
has long been recognized as one of the important factors in
the surety world in New York. At the present time he is
not considering an official connection with any other surety
outcome
The report of the First National Bank of Rockaway,
N. J., to the Comptroller of the Currency as of June 30 1920,
shows that on that date the institution had resources of company. In announcing the resignation of Mr. Flynn,
$953,661, of which the cash on hand amounted to $22,565. Thomas A. Whelan, President of the Fidehty & Deposit
Deposits are shown at $843,739, which compares with Company of Maryland, said:
It is with much regret we learn that Mr. Flynn has decided to end his
$724,950 on March 4 1920 and with $641,894 on March 4 connection with this company, which has existed for so many years. Other
In January of this year the bank increased its capital than the addition of Mr. Vincent A. Cullen as production manager of the
1919.
from $25,000 to $50,000. It was founded in 1907, opening New York branch office and the temporary assignment of Assistant Secretary John G. Yost to that office on Sept. 1, no other changes are contemfor business on March 4 of that year.
The officers of the plated at this time.
institution are: E. M. Loewenthal, President; E. H. Todd,
Vice-President; A. J. Yetter, Cashier, and F. G. FugleRecent advices from Cleveland state that the Brotherhood
man, Assistant Cashier. Mr. Yetter has been with the of Locomotive Engineers' Co-operative National Bank of
institution from the beginning and its Cashier since De- Cleveland, to which we referred in our issues of July 10
cember 1912.
(page 138) and August 7 (page 543) will open for business
November 1. Dividends will be limited to 10%. A 20We learn that negotiations are in progress between the story bank building is to be erected for the institution as soon
National Newark & Essex Banking Co. of Newark and the as building conditions improve.
Ironbound Trust Co. of the same place, though only in the
tentative stage as yet looking to the amalgamation of the
The Manager of the Foreign Department of the State
two banks. Should the consolidation of these two insti- Bank of Chicago, Lt. Col. T. A. Siqueland, has recently
tutions be effected it would add about $10,000,000 to the returned from a three months' trip to Europe, during which
resources of the National Newark & Essex Banking Co. and time, he studied the commercial, industrial and financial
at the same time give that institution two branches in a conditions,
especially of
Norway, Sweden, Denmark,
territory where there is a growing demand for a bank of Holland and England, as well as calling on the various
large resources.
In its statement of June 30 last, the Na- correspondents of the State Bank of Chicago. Col. Siquetional Newark & Essex Banking Co. showed total resources land states that he sees quite an improvement in the general
of $48,042,165, including capital of $2,500,000, surplus conditions in Europe since he last was there, about a year
and undivided profits of $2,099,000 and deposits of $32,- ago. The industries of the Scandinavian countries having
The Ironbound Trust Co. has a capital of $200,000 now received ample raw materials are graduallj' coming
158,433.
and surplus and undivided profits of $253,000. Its deposits back to normal production and although there have been
are about $10,000,000. Besides its main banking house it considerable labor difficulties, especially in Denmark, he
maintains a branch at 210 Ferry St., Newar.k. It is a State believes that no more serious strikes will occur in the near
institution.
Charles L. Farrell is President of the National future. He expresses his belief that there is no foundation
Newark & Essex Banking Co. and J. H. BacheUer President for believing that any bolshevik movement will emanate
of the Ironbound Trust Co.
from the people of the Scandinavian countries and although
considerable propaganda has been carried on by the Russians,
The Haymarket National Bank Boston's new financial they have met with failure instead of success, which is clearly
institution
to which reference was made in these columns indicated in the last elections, when all radical parties lost
on July 31, was opened for business at 46 Canal St. on heavily to the conservatives.
Aug. 10. As its name implies it plans to serve the business
Among the aUied nations, England and Belgium have
district around Haymarket Square and it also expects to do
shown great recuperative power. It is stated that about
considerable business with the people who will pass its doors 70% of Belgium's factories and industrial plants have been
on their way to the North Station. Arrangements have re-built and resumed operations.
England has re-gained
been made with the First National Bank whereby business much of her lost"^ trade and London has re-gained her former
men who find that institution more convenient may make position as the leading financial market of the world.
their deposits there and they will be credited to the HayThe United States could easily have stepped into the commarket National. For the accommodation of marketmen mercial and financial leadership of the world at the close
the bank will be opened from six to ten Saturday nights. of the war if we had possessed the necessary foresight and
A Savings Department will be maintained in addition to courage. However we have not had men trained long enough
the regular Commercial Department.
The main banking in the foreign fields with wide enough \'ision to grasp the
room as well as the directors' room and the bookkeeping opportunities before us and have therefore, been obliged to
department are very attractively finished and furnished. surrender the leadership to Great Britain.
The new bank is a member of the Federal Reserve Board.
The State Bank of Chicago has arranged for direct cable
service with the banks in the leading capitals in Europe
A special meeting of the stockholders of the Merchants and will be in position to keep its customers informed as to
Union Trust Co. of Philadelphia has been called for Oct. 20 the actual conditions in the various European countries.
to vote on the question of a proposed reduction of the capital The bank is much interested in doing what it can to expand
stock of the institution from $1,000,000 to $500,000 and also the foreign commerce of the United States.
—
.
—
—
on a proposed changing of the par value of
the capital stock of the company from $100 to $50.
to take action
The well known banking and stock exchange firm of
Charles D. Barney of Philadelphia and New York is to erect
a building for their own use exclusively at 1428 Walnut
Street, Philadelphia.
The new building is to be two stories
in height and will be one of the best-equipped banking houses
in Philadelphia.
It is expected the structure will be completed early next year.
The firm of Charles D. Barney & Co.
was started in 1873 after the coUapse of the internationally
known banking firm of Jay Cooke & Co., the original members of the firm being Jay Cooke Jr. and Charles D.Barney.
Since the year 1887 the company has conducted its business
at 122 South Fourth Street, Philadelphia.
Their New York
office is at 15 Broad Street.
Theo.
ment
S. Pallas, Assistant
Manager
of the foreign depart-
Great Lakes Trust Co., has just returned from
an extended trip through the Mediterranean countries,
where he went in the interest of the bank and its customers
for the purpose of making direct connections with banks
and with merchants who might be in the market for Americanof the
made
goods. Mr. Pallas reports great interest in the possiof trade between these countries and the United
He has brought with him some interesting figures
States.
compiled abroad showing the pei-eentage of imports into
Greece prior to the war and since. They indicate a gain in
imports from America of approximately 50% over the prewar period. Following is Mr. Pallas's report in detail:
The Transportation Bank of Chicago, one of the city's newest banks,
bilities
is in process of organization, will be opened in the Transportation
The
Building, corner of Harrison and Dearborn Streets, about Sept. 15.
which
Aug. 21
THE CHRONICLE
1920.]
which it is located is technically known as the "South Dearborn
and comprises the territory from Michigan Avenue to the river
and from Van Buren Street south to 12th Street. This district contains
no bank. One of the largest industries in the district, especially in the two
or three streets immediately south and west of Harrison Street, is printing
and allied trades. Coal peoi)le are also strongly represented. Practically
all of the railroad associations, such as the Western Passenger Association
Central Freight Association, American Railway A.s.sociation, Transcontidistrict in
Street area"
nental Freight Biu-eau, &c., and a number of large railroad offices, including
the Erie, Chicago & Alton, the Monon, have their headquarters in this district.
The district is growing rapidly and the volume of business transacted in a year is estimated at 8500,000,000. The board of directors, to a
large extent, is composed of men actively engaged in business in the territory
outlined.
William J. Hartrnan will be the President of the new. bank. He
W. J. Hartman
has had forty years' experience in the printing business
Co., which he founded and of which he was President, specialized largely
in railroad work.
They have been for years the printers of railroad tariffs
and in tae last year Mr. Hartman has given his personal attention exclusively
to this end of the work, having sold out the general printing department
of his business.
Thos. E. McGrath, Vice-President, is a trained banker.
He entered the service of the Hibernian Banking Association under the
direction of Mr. John V Clarke in 1905, and when the Hibernian was taken
over by the Continental & Commercial Trust & Savings Bank he was made
Auditor of the Hibernian section and in 1913 was made Assistant Cashier.
He brings to the problems of the Transportation Bank a very wide experience in all departments of banking. Orville J. Taylor, Second Vice-President and General Counsel, is a member of the law firm of Taylor, Miller &
Plamondon. He was the legal advisor for the organization committee for
the Great Lakes Trust Co. and is now general attorney for the bank. He
also performed the same service for the Chicago Morris Plan Bank and is
still its attorney.
He
J. E. Enquist, Cashier, is a native of St. Paul
comes to the Transportation Bank directly from the First National Bank
of Antigo, Wis., where he was Cashier.
Following is a list of the directors:
V. M. Alexander, Assistant General Manager Chicago & Alton RR.; A. R.
Brunker, President of the Liquid Carbon:" Co.; W. F. Donohue, President
M. A. Donohue & Co.; W. E. Dwight, President Dwight Brothers Paper
Co.; J. E. Engquist, Cashier; W. H. French, President Barnhart Brothers &
Spindler: William J. Hartman, President; E. W. Kraft of Keuffel & Esser
Co.; F. W. Litzow, Treasurer Natural Dry Milk Co.; Thos. E. McGrath,
First Vice-President; F. C. Schultz, Chief Inspector the Chicago Car Interchange Bureau; Frank E. Spencer, Secretary and General Manager Anderson & Gustafson. Inc.; George Halleck Taylor, Chicago mortgage loan correspondent Prudential Life Insm-ance Co. of Newark, N. J.; Or\'ille J.
Taylor, Second Vice-President and General Counsel; Giuseppe Zaffina,
attorney.
We are informed by the Citizens National Bank of Baltimore that effective July 31, last, the capital of the institution was increased from $1,000,000 to $2,000,000 and its
In addition the
surplus from $2,000,000 to $5,000,000.
bank has undivided profits in the neighborhood of $1,000,000.
This gives the Citizens National Bank, it is said, greater
capital resources than those of any other banking institution
from Philadelphia to the Gulf of Mexico. Albert D. Graham
is
President.
The State Bank & Trust Co. of Houston, Texas, has
acquired the property at 412 Main Street that city, as a
future site for the home of the bank. As yet, however, no
definite plans have been made regarding the new building.
On July 15 last, the institution became a member of the
Federal Reserve System. As stated in these columns in our
May 29 issue, the capital of the State Bank & Trust Co. has
been increased to $200,000.
B. A. McKinney and J. C. Chidsey were recently elected
Active Vice-Presidents of the American Exchange National
Bank
of
Dallas,
and have assumed
duties in this
this,
prior to
was Vice-Presitheir
connection. Mr. McKinney,
dent of the Durant National Bank. Durant, Oklahoma, and
Mr. Chidsey was Commissioner
of
Banldng
&
Insurance
of the State of Texas.
Paul G. Taylor, until recently Cashier and Director of the
Tenison National Bank of Dallas, Tex., has been elected
active Vice-President of the Guaranty Bank & Trust Co.
of that city.
Mr. Taylor began his banking career in 1904
witli the First National Bank of McGregor, Tex.
Two
years later (1906) he entered the City National Bank of Dallas.
Still later he moved to Houston where he became Assistant
Cashier of the South Te.xas Commercial National Bank.
In March, 1918, he was appointed Assistant Cashier
of
the Federal Reserve Bank in Dallas, retaining the position
until February last when he was made Cashier and Director
of the Tenison National Bank which was recently absorbed
by the City National Bank of Dallas see our issue of
April 24, 1920.
Mr. Taylor when in Houston was Chairman
—
Texas Bankers As.5ociation and in May
was unanimously elected Treasurer of the Texas
Bankers Association and upon the expiration of his office
in May, 1920, was appointed Chairman of the Membership
Committee of the Association. Thomas G. Leachman of
Dallas has also been elected a Director of the Guaranty
Bank & Trust Co. Mr. Leachman is actively identified
with many business enterprises in Dallas and is well and
of the First District
1919
763
favorably known in that city. The roster of the Guaranty
Bank & Trust Co. is now as follows: T. M. Dees, Chairman
Board of Directors; W. O. Connor, President; F. F.
Florence, Paul G. Taylor. Frank E. Austin and Eugene
De Bogory, Vice-Presidents; Rupert Eldridge, Cashier, and
J. H. Yeargan, Jr., Assistant Casnier.
of the
We are
advised by the Los Angeles Trust & Savings Bank
Los Angeles that interests connected with that institution
have purchased the stock of the Bank of Glendale at Glendale
Ave. and Broadway that city, and contemplate (subject to
the approval of the State Superintendent of Banks) adding
the Bank of Glendale and its branch at 104 North Brand
Boulevard to the Los Angeles Trust & Savings Bank as
branches. For the time being, however, the Bank of
Glendale wiU continue to operate as an independent institution.
The Bank of Glendale has a capital of $75,000 with
of
surplus of $9,000 and deposits in excess of $1,200,000.
For many years it has been under the control of F. H.
Vesper who has been its President since 1906. Mr. Vesper,
we understand, wiU retire from the bank when the proposed
consolidation goes into effect, as one of his reasons for
disposing of his interest was that he might secure relief from
business cares. The capital and surplus of the Los Angeles
Trust & Savings Bank will not be increased. At present
they are $3,000,000 and $1,750,000, respectively. Mr. A. R.
Eastman, who has been purchasing agent for the Los Angeles
Trust & Savings Bank for several years, has been made
Vice-President and as Director of the Bank of Glendale, and
probably wiU act as Manager when the institution becomes
a branch of this bank. The officers of the Los Angeles
Trust & Savings Bank are as follows: J. C. Drake, Chairman
of the Board; Henry M. Robinson, President; Motley H.
Fhnt, William Rhodes Hervey, H. W. O'Melveny and
Jay Spence, Vice-Presidents. Mr. Spence is also Cashier
of the institution.
By
order of the State Examiner of Banks the Bank of
Shortly
Ore. on Aug. 11 closed its doors.
afterwards its President, W. H. Johnson, was placed under
arrest on a charge of perjury in mis-stating the true condition
of the institution to the State Bank Examiner.
Jacksonville,
The Comptroller of the Currency recently announced the
issuance of a charter for a new bank which is to be opened
in Klamath FaUs, Ore. in the near future, under the title
of the American National Bank.
The capital of the new
bank is $100,000, consisting of 1,000 shares of the par value
of $100 per share and which have been disposed of at $110
per share, thus producing a surplus fund of $10,000. The
officers are
W. C. Dalton, President; M. S. West, VicePresident and E. M. Bubb, Cashier.
:
The annual report of the Provincial Bank of Canada
(head office Montreal) for the fiscal year ending June 30
1920, was submitted to the shareholders at their annual
meeting on Aug. 11 and makes a very satisfactory showing
Net profits, after deducting management
for the period.
expenses, interest, rebate on current discounts ($65,213),
etc., amounted to $333,882, which when added to the balance to profit and loss brought forward from last year
($44,693) together with balance of premiums on new stock
($9,750) made the sum of $388,325 available for distribuFrom this total the following appropriations were
tion.
made: $158,927 to pay four quarterly dividends; $20,931
to cover war tax on circulation; $25,000 -vsTitten off bank
premises, etc.; $45,000 contributed to Pension Fund and
.'i?100,000 transferred to Reserve Fund (making the same
$1 ,100,000) leaving a balance of $38,467 to be carried forward
to next year's profit and loss account. Total assets are shown
in the report as $39,077,524 (of which $9,264,497 arc liquid
assets) as against $31,693,379 on June 30 last year, while
obligations due to the iniblic for deposits, etc. are given
at $35,788,363 as compared with .$28,594,720 last year, or
an incr ease of $7,193,643. The capital of the bank is §2.000,OUO (since raised to $3.000, (XK1) and its dividend rate increased from 7% per annum to 8%. The Provincial Bank
confines its operations to four Provinces of the Dominion,
namely Quebec, Ontario, New Brunswick and Prince
Edward Island, in wliieh it maintains 106 regular branches
and 151 sul)-ago RC' ie«. Sir Alexanclrc i^iacosto is President
and Hon. N. PeroJeau, Vice-President.
THE CHRONICLE
764
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
Aug. 5 1920:
The exports from the several seaboard ports for the week
ending August 14 are shown in the annexed statement:
of
of
—
Exports from
New York
GOLD.
England gold reserve against its note issue is £121,529,460
an increase of £55,830 as compared Tvith that of last week.
The fair amount of gold that came into the market was taken for India
and the Tinted States of America. The great rise in the cost of the com-
The Bank
of
modity owing to the pronounced weakness of the United States exchange
has hindered Indian operators from showing equal activity ;^o that of last
week and has caused some resales.
The value of the new gold used in the arts and industries of the United
States of America in 1917 was returned as $34,803,445.
The amount of gold imported into Argentina up to May 24 last was
$90,107,700 gold.
The externa! value of a sovereign calculated in Treasury currency notes
is to-day 26s. lid.
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Total week
Week 1919
The
July
Corn.
Flour.
OaU.
Bushels.
Barrels
Bushels.
1
98,000
905,000
1,539,000
85',666
83",666
338,000 425,000
Week
—
,
—
ENGLISH FINANCIAL MARKETS— PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Barrels
London,
Week ending Aug.
20.
Sat.
d.
Gold per fineoz
59H
Mon.
Wed.
Tues.
59
59J^
60'-2
1123. lid. 112s. lid. 113s. 3d. 114s.
46H
Consols. 2 J-i per cents
British, 5 per cents
British, 4 M per cents
84?^
78M
46H
SiH
V8M
French Rentes (in Paris) -.fr. 55
French Wiir Loan (in Paris) fr.
price of silver in
Domestic
_
Foreign
9555
99;^
95^
114s. 6d. 115s.
Total
Total 1919
shown
255,643
251,807
472,191
2,840,468
4.470,305
Total
—
Flour.
Wheat.
Corn.
Barley
Rye.
56 lbs. bush. 56 lbs. bushASlbs. btish.5Glbs.
105,000
779,000
2,251,000
88,000
207,000
103,000
113,000
58,000
143,000
2,000
53,000
161,666
446,000
68,000
59,000
15,000
53,000
24,000
18,000
17,000
24,666
224,000
772,000
146,000
.398,000
29,000
20,000
192,000
103,000
259,000
212,000
bbls.l96lbs. bush.eOlhs. bush.
Chicago
Minneapolis..
130,000
161,000
Duluth
Milwauliee...
Toledo
Detroit
St. Louis
Peoria
Kansas City..
17,666
93,666
37,000
Omaha
Total wk. '20
Same wk. '19
Same wk.
Since Aug.
1920
1919
1918
'18
2,181,000
1,203,000
283,000
76,000
185,000
70,000
1,864,000
188,000
1,996.000
1,062,000
277,000
9,108,000
413,000 13,787,000
297,000 21,513,000
1,769,000
1,005,000
3,276,000
4,051,000
4,367,000
10,983,000
1,184,000
725,000
464,000
433,000
351,000
540,000 19,679,000
701,000 20.630,000
590.000 41.636.000
4,336,000
7,990,000
771,000
10,324,000 2,809.000
18.952,000 1..503 .000
943,000
1,001,000
885.000
3.58,000
1
2, .572 ,000
6.771,000
Total receipts of flour and grain at the seaboard ports for
the week ended August 14 1920 follow:
Receipts at
—
Flour.
Wheat.
Corn.
Oats.
Barley
Rye.
Bushels.
Bushels.
York.--
Bushels.
Bushels.
Bushels.
1,590,000
843,000
1,812,000
428,000
12,000
425,000
287,000
53,000
117,000
1.785,000
1,526,000
1,845,000
60,000
59,666
85,666
Total wk. '20
439.000
9,461,000
Since Jan. 1 '20 15,631,000 112,693,000
956,000
13,401,000
Philadelphla
.
Baltimore
N'port NewsNew Orleans a
Galveston
Montreal
Boston
Week
204,000
64,000
18,000
3,000
105,000
23,000
22,000
38,000
2,000
294,000
14,000
69,000
36,666
56,000
276.000
3,000
337,000
57,000
8.50,000
161,000
673,000
16,110,000 6,795,000 35,266,000
1919...
545,000
7,2.38,000
529,000
1..501, 000
707.000
48.000
Slnce.Jan.1'19 24,096.000 121.570.000
8.682.000 .50.081.000 27.644.000 24. .538 .000
a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
10,000
16,000
180.565
28,599
15,270
172,060
57,000
12,152
111.000
46.984
465,646
388,239
85,000
44,258,641
15,717,.535
Corn.
1920.
Week
July
Bushels.
Bushels.
Bushels.
728"666
768,000
1.
1919.
Aug. 14.
Since
July 1.
July
Bushels.
Bushels.
Bushels.
Since
Since
85,000
423,000
*635',666
"'635',666
32".89'o'.666
2i",2"ro",666
7.832.000
13,703,000
3,283,000
1.
156,000
17.827.000 14,962',666
"
"633',666
24b".666
'784",666
19.125.000
15,902.000
reported in six years.
Wheat,
United States
Boston
PhlLidelphia
Baltimore
Newport News
New Orleans
Galveston
Detroit
Chicago
Milwaukee
Duluth
Omaha
On Lakes
Total
Total
Total
Total
Aug. 14 1920
Aug. 7 1920
Aug. 16 1919
Aug. 17 1918
bush.
1,876,000
251,000
1,525,000
2,716 ,000
293,000
3,370,000
3, 817, 000
Corn.
bush
389,000
11,000
72,000
467,000
167,000
290,000
127.000
20.000
1.120.000
36.000
398,000
487^666
40.000
23,000
1,326,000
242,000
1,011 ,000
41,000
268,000
320.000
95.000
406.000
351.000
250,000
1,981,000
69,000
118.000
713,000
672,000
Oats.
bush.
Rye.
bush.
Barley.
bush.
607,000
339.000
229,000
174.000
182,000
122.600
435,000
57,000
9.000
20,000
1,0"27",666
l"2"7',666
i'98',666
22,000
31,000
,424,000
240.000
16,000
221.000
111.000
154,000
216.000
131.000
195.000
37.000
lYo'ooo
7,000
30,000
19,000
27,000
20.000
48,000
57,000
9,000
51,000
13.000
241,000
71,000
147,000
246,000
161 ,000
26.000
456.000
13.000
2.000
110.000
4,705,000 4.086.000 1.625.000 2 517.000
19,475,000 5,527,000 3.640.000 1.995.000 2 642,000
39.846.000 1,475,000 19, .32 1.000 11.249,000 7 ,776.000
32,756,000 6,752,000 12,110,000
725,000 1 ,297,000
A'ote.Bonded grain not included above: Oats, 36,000 New York; total, 36,000,
against 73.000 bushels in 1919; barley. New York, 44,000; total, 44,000 bushels,
against 85,000 bushels in 1919.
20,6.53,000
—
Canadian
Montreal.
2,652,000
Ft. William &Pt. Arthur. 2.811,000
Canadian
other
1,323,000
Total
Total
Total
Total
Aug. 14 1920.
Aug. 7 1920.
Aug. 16 1919.
Aug. 17 1918.
Summary—
American
Canadian
Total
Total
Total
Total
Aug. 14 1920.
Aug. 7 1920.
Aug. 16 1919.
Aug. 17 1918.
79,000
237.000
498.000
35.000
214.000
359.000
245.000
9.000
6.786.000
6.009.000
3,095,000
3,303,000
79,000
26,000
34,000
126,000
770,000
790,000
3,165,000
7,081,000
214,000
342.000
436,000
613,000
475,000
3,092,000
731,000
.20,653,000
4,705.000
79,000
4.086.000
770,000
1.625.000
2,517.000
613,000
-6.786,000
.27,439,000
-25,484,000
.42,941.000
-36.059,000
4,784,000
4,856,000
4,430,000
1,509,000 22.486,000
6,878.000 19,191.000
5.5.53,000
214,000
1.839.000 3,130,000
2.337,000 3.117,000
1,685,000 10,868,000
725,000 2,028,000
STOCK OF MONEY IN THE COUNTRY.— The foUowing table shows the general stock of money in the country,
as well as the holdings by the Treasurj^ and the amount in
circulation on the dates given:
Money in Circulation
-Slockof Money Aug. 1' 20
aH eld in Treas Aug. I 1920. ^up. 1 1919.
in V. S.
S
S
§
$
Gold coin (including bullion
In Treasury)
New
Barrels.
Bushels.
1919.
Since
July 1.
Minneapolis
St. Louis
Kansas City
Oats.
7.132.463
1,955,966
Aug. 14.
Peoria
Indianapolis
Receipts at
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports August 14 1920 was as follows:
GRAIN STOCKS.
87.50
—
Bushels.
10,372,000 102,620,000 84.743.000 4.003,000
* First
Toledo
Breadstuff s figures brought from page 811. The
statements below are prepared by us from figures eolleeted by
The receipt.^ at Western
the New York Produce Exchange.
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Since
July 1
1920.
"49V, lis
1920.
Argentina
Buffalo
lOlJi
1920.
in the following:
Aastralla
India
oth. countr's
.56.90 1
98,^
Aug. 14.
17,399,961
25,730,065
631,000
3,500
Danube
56
lOlK
2,537,748
4,009,715
585,000
Week
Since
July 1
1920.
Russia
4634
99^
Bushels.
486,946
North Amer. 8,876,000 61.898,000 49,197,000
85H
7^%
991^
98
1920.
3,000
Week
78M
99^
97M
Week
Aug. 14.
Corn.
Wheat.
46J.i
on the same day has been:
Wheat.
77,000
Exports.
85}^
78}i
since
The world's shipment of wheat and corn for the week
ending August 14 1920 and since July 1 1920 and 1919 are
46H
"^
46M
85H
lY,662
week and
1,774,167
163,524
160,188
West Indies
78^
^
99H
Fri.
635i
819",799 281,254 1282012
Brit. No. Am. Cols,
85
55
New York
Thurs.
61
159,676 567,598
46.984 472,191
Barrels.
United Kingdom. 63,132
Continent
104,675
So. & Cent. Amer.
4,000
New York
Silver, per oz
111,000251,807
Since
July 1
1920.
Aug. 14
other countries
Peas.
100
7,000
Flour.
Exports for Week
and Since
July 1 to
Barley.
26,mb
79,807
destination of these exports for the
1920 is as below:
of prices has
where, despite the lack of export business, great speculative activit> has
Possiblj the demand for silver by
obtained, based on a rising exchange.
India has brought this into existence, although, measured by pre-war
standards the Indian inquiry is by no means substantial
The strength of the market does not lie so much in the demand as in the
There has
fact that the Uniteo States is unable or unwilling to feed it.
been some United States silver sold here but only a slight quantity irrespective of the parity.
The Continent has resumed selling, tempted possibly
by the rise in price.
«
Spot silver is more abundant now that the Indian demand has abated,
and a premium of )4 has been established to-day upon the quotation for
forward aelivery.
It is officially reported that the quantity of new silver used for industrial
purposes in the United States during 1917 was 15,998.807 fine ounces.
Up to July 10 7,777,545 ounces were purchased under the Pittman Act.
We understand that the prospects of the Indian monsoon are considered
good.
No fresh Indian currency return is yet to hand
The stock in Shanghai on the 31st inst. consisted of about 37,280,000
ounces in sycee. $20,000,000 and 1,190 bars of silver, as compared with
about 36,730,000 ounces in sycee, .$19,800,000 and 1,700 bars of silver on
the 24th inst.
The Shanghai exchange is quoted at 5s. 8d. the tael.
Bar Silver per oz. Standard
Gold per oz.
Quotations
Cash.
2 Mas.
Fine.
July 30-110s.
-56Md.
56>.id.
565^d.
July 31
beVsd.
57d.
57d.
112s.
Aug. 3
5734d.
114s. 6d
Aug. 4.-.
--57J^d.
114s.
Aug. 5
58Kd.
-dSHd.
57.025d.
57.125d.
Average
112s. 9d.
The silver quotations to-day for cash and forward delivery are respectively
2H<1. and 2H<i. above those fixed a week ago.
Rye.
Bushels Bushels Bushels
270,676 37,598
1,076,463
942,000
1,196,000
1,474,000
1920.
been upward, but not appreciably approximating the parity with the United States imtil to-day. India has not been
much in evidence as a buyer. There have been some purchases for China,
The
Wheat.
Bushels.
7.132,463
1,915,966
SILVER.
The movement
[Vol. 111.
Gold certificates
Standard silver dollars
b855,917,635 1,142,202,136
485,906.357
390,208,983
81.660.697
138.557.460
164,258,521
121,396,795
232,253,412
6,364,173
252,499,339
2,695,337,608 409,632,934
269.798.602
Silver certificates
Subsidiary silver
258,863,512
Treasury notes of 1890
United States notes
346,681,016
Federal Reserve notes
c3 ,423,299,935
Federal Reserve Banknotes 207,400.000
National bank notes
726,463,704
8.190.928
1,654,319
340.635,678
6,045,338
27,650,850 3,110,878,490
205,284,264
2,115,736
702,639,398
23,824,306
1.729,558
330,916,758
2, .504, 752 ,959
176.766,065
658,118,555
Total--
7.027,844,377 483,824.265 6,119.671.461 5,778,565.018
Population of continental United States estimated at dl07.239.000. Circulation
per capita, S57.07.
a This statement of money held in the treasury as assets of the Government dofi
not Include deposits of public money In Feder.il Reserve b.anks and In national banks
and special depositaries to the credit of the Ti-easurer of the United States amounting
o $199,615,859 88.
—
Aug. 21
THE CHRONICLE
1920.]
b IncludfS $397,235,980 97 Federal Reserve Gold Settlement Fund deposited
with Treasurer ol United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
d Revised figures.
Note.
On Aug. 1 1920 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $845,519,776 gold coin and bullion, 5194,058,280
gold certificates and .5284,770.595 Federal Reserve notes, a total of $1,324,348,651,
against .51.158.023.520 on Aug. 1 1919.
—
By
Conversions of State banks and trust companies.
The Albertville National Bank, Albertville, Ala
Conversion of the Bank of Albertville.
Pre.sident, Hogan Jackson; Cashier. C. J. Walker.
The Colonial National Bank of Roanoke, Va
Conversion of the Colonial Bank & Trust Co. of Roanoke.
President, R. H. Angell; Cashier. E. W. Tinsley.
Capital.
$100,000
400,000
Original organizations.
The First National Bank of Albertville Ala
President, M. F. Irvln; Cashier. B. C. Bvnum.
The American National Bank of St. Cloud, Minn
President, C. C. Schoener; Cashier, Geo. J. Meinz.
100.000
$625,000
Total
APPLICATIONS FOR CHARTER.
Original organizations.
The First National Bank of Anchorage. Alaska
$25,000
Correspondent. Winfield Ervin. Anchorage, Alaska.
of Commerce in Bessemer. Ala
Correspondent, G. H. Stevenson, Bessemer, Ala.
The First National Bank of Hudson. Colo
Correspondent. R. P. Culverwell, Hudson, Colo.
The Public National Bank of Rochester. N. H
Correspondent, Albert D. Jones, Rochester, N. H.
The National Bank of BoUvar. N. Y
Correspondent. Wallace E. Sawyer. Bolivar, N. Y.
The Burnside National Bank, Burnside. Pa
Correspondent. W. C. Browne. Burnside. Pa.
The Tennes.'iee National Bank of Johnson City, Tenn
Correspondent. B. W. Horner, Johnson City, Tenn.
The Farmers National Bank of Wausau, Wis
Correspondent, Otto P. Hoff, Wausau, Wis.
Total
The National Bank
100,000
25.000
100,000
_-
15 Continental Mills
9 Boston Belting, preferred.
'A Bates Manufacturing
50 Business Real Estate Trust
200,000
—
100,000
I7I Ct'CQiSBCl .
000
300.000
75,000
250. 000
50.000
100. 000
50.000
40.000
200.000
100,000
50,000
$.300
.
National
to First
Bank
in
Warren.
The Bartlesville National Bank,
Bank in Bartlesville.
Bartlesville, Okla., to First National
VOLUNTARY LIQUIDATION.
—
Canadian Bank Clearings. The clearings for the week
ending Aug. 12 at Canadian cities, in comparison with the
same week in 1919, shows an increase in the aggregate of
19.6%.
Week ending August
1919.
Dec.
Comvanv.
of
Preferred
West Penn Rys.,
Canada
12.
1918.
%
S
•S
139.417.800 115.864.215 + 20.3
102.256.813 79.218.814 + 29.1
41.163.138 39.715.315
+ 3.6
18.290.502 12.483.287 + 46.5
7,788.325 10.217.931 —23.8
5,633.402 + 24.4
7.009.590
—8.5
5.109,044
5.582.330
7,571,971
5,171.825 + 46.8
3,480,257
2.687. .541
+ 29.5
6,5.58,078
5.935.901 + 10.5
3,624.342
3.076.911
+ 17.8
2,494.144
2.804.153 -11.1
4,470.920
4.0.50.836
+ 10.4
4.510.223
3.799.028 + 18.7
771.101
688..536
+ 12.0
2,142,727
2.093.427
+ 2.3
1,526,955
1.372.878 + 11.2
844,062
653,938 + 29.2
8.38,104
1,325,785
+ 58.1
774,427
7.30.378
+ 6.0
677,339
641.656
+ 5.6
—3.9
419,697
436.626
829,533
691.837 J 20.0
1,472,747
1.074.990 + 37.0
965.144 + 30.9
1,213,.302
3.004.948
2,017.124 + 48.9
429.232
332,889 + 29.1
816.716 Not IncI. in total.
Ottawa
Quebec
Halifax
Hamilton
St. John
.
.
Calgary
London
Victoria.
F/dmonton
Regina
Brandon
Siiskatoon
Moose Jaw
Lethbridge
Brantford ..
Fort William.
New
Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
,
Total Canada
369,177.002 308,779,016
Auction Sales.
Calumet
Cambria
&
common
Arizona Mining
(quar.)
(quar.)
Steel (quar.)
Extra
Chandler Motor Car (quar.)
Shares.
Messrs. Adrian
61,214,719
29,720,701
12,110,289
5,215.656
4.515.884
3,930.096
4.710,953
2.345.024
5.8.38.901
2.0,50.795
2.283.041
3.364,764
3,032.456
567.701
1.660.121
1,221.1.55
773,2.59
827.033
607.387
555.879
424.287
551.347
759.406
522.522
1.101.628
241.370
S
80.866.747
53 742 774
33.737.893
8.452.399
5.252,974
3,445,202
2.6.53,231
5,137.699
1,<64,749
5.654,766
2,139,097
1,647.861
2.475.493
2.499,066
474.231
1.577.607
947.923
972.185
775.501
577.6.39
335..57S
11.
Shares.
.586 ir,s
626.940
521 252
238.704.822 217.248.686
Crucible Steel, preferred (quar.)
Dominion Iron & .Steel, pref. (quar.)
Dominion Steel Corp. (qujir.)
Fairbanks, Morse & Co. pref. (quar.)..
Fay (J. A.) & Egan, preferred (quar.)..
Federal Mining & Smelting, pref. (quar.)
Foundation Co. (quar.)
General Electric (quar.)
Goodyear Tire & Rubber, com. (quar.)
.
Extra
By
1
Messrs. Wise,
Hobbs
&
Slocks.
Spcrsh.
Farr Alpaca.
232'<'.
4 Nainnkcag Steam Cotton.
106
14 Ma.s.s. Ki,.,. Cos., pf ., ctf. of dep.
6
6 U. S. Ilnlshliig, common. ..
80
1 Boston Belting, pref., ,?.50 each. 30
1 Springfield V. & M. Insur
275
Stock dividend
San Joaquin Light
Sept.
Aug. 20
3
Sept.
2
Sept.
Sept.
Sept. 15
4
4
Sept.
88H
Aug. 21
Aug. 14
Aug. 21
to
to
to
Holders of
Holders of
Holders of
rec. X\xg.
rec. Aug.
rec. Sept.
Holders of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug.
Holders
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
Sept.
S1.50 Sept.
Sept.
*S1
*7.5c. Sept.
Holders
Holders
Holders
Holders
of
of
of
of
of
Holders of
Holders of
Holders of
.Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Slocks.
Spencer Petroleum Corp.. com. (m"thly)
St.md.ird
Gas
<t
Electric, pref. (quar.)..
Standard Oil of N.
Preferred
J.,
common
(quar.)..
95
Per cent.
$3,000 Impl. Russlal Govt. 3-ye.ar
6^3, certf. of deposit. .22
flat
Holders
Holders
Holders
Holders
Aug. 20
Holders
Hdlders
Holders
Holders
Holders
Holders
SI. .50 Sept.
2^
IK
IH
IM
Tex.as
Company
(quar.)
Tlniken-Dotrolt Axel, preferred (quar.).
Tuckctt Tobac,-o. common (quar.)
Preferred (quar.)
Union Bag <fe Paper Corp. (quar.)
United Paperboard.
Preferred
Preferred
(quar .)
Preferref 1
(quar )
(quar .)
I>referrc<l
U.
common
*4
e200
3
*IH
1
lU
2
2
IK
IK
IK
IK
(quar.)
.
S. Industrial .Vlcohol.
1!^
1'4
2
SI
•5
*1K
(quar .)
Standard OllotN. Y. (quar.)
Stock dividend
Sept. 3
Aut. 19
Sept. 3
I60
16a
1
Aug. 31
July 31
Sept. 15a
Sept. 15a
Aug. 31a
Aug. 19
Sept. 20
Sept. 20
Aug. 310
Sept. 20
Aug
1
Aug. 31
Sept. 3
Aug. 31
Aug. 31
Sept. 10
1
30
15
15
1
1
24
1
com. (quar.)..
(quar.)
2
Holders
Holders
Holders
Holders
Holders
1
20
20
1,5/
1.5/
2
Sept. IS
Oct.
2
2
.Sept.
1
3
Sept.
1
Aug. 20
Sept. 15a
Sept. 15
Sept. 4
Aug. 31
Aug. 20
Aug. 26
Aug.
Aug.
Aug.
Aug.
Aug.
1
9
14
21
31
31
9
9
25
7a
31
31
of rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug. 23
to
to
Sept. 24
Sept. 24
29
29
Holders
Holders
Holders
Sept. 15
Sept. 15
Sept. 15
rec.
rec. Sept.
rec. Sept.
rec. Aug.
rec. Aug.
of
of
of
of
of
Holders of
Holders of
Holders of
of
of
of
of
of
Sept.
Aug.
Aug.
Sept. 13
Sept. 20
Sept. 2a
rec. Sept. 1
rec. Aug. 25
rec. Oct. 150
rec. Sept. ISO
rec. Aug. 21
Sept. 20
Sept. 20
Sept. 20
Holders of rec. Aug. 31
Holders of rec. Sept. 18
Holders of rec. .\ug. 16a
Sept. 10
Sept. 10
Sept. 10
15 Holders
15 Holders
15 Holders
IS •Holders
Sept. 30
Sept. 1
Oct. 15
Oct. 15
Sept. 13
Sept. 16
Oct. 15
Jan. 17/
of
of
of
of
ol
to
of rec.
Holders of rec.
Holders
Holders
1
to
to
Aug. 25
15
15
1
rec.
rec.
rec.
rec.
rec,
rec.
rec.
Holders
Aug.
Aug.
Aug. 25
Apr.
July
Aug. 22
Aug. 13
30
30
Sept. is
Oct.
1
Sept.
Sept.
Sept.
Sept.
of
of
of
of
Holders of
Holders of
Holders of
to
to
to
of rec.
of rec.
of rec.
of rec.
Holders of rec.
Holder^" of rec.
•Aug. 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
HoMcrs of rec.
Holders of rec.
Holders of rec
Holders of rec.
Hcilders of rec.
Holders of rec.
Holders of rec.
Aug. 22
to
Aug. 31
.Aug. 26
.Vug. 26
Aug. 25
Sept.
Sept.
Sept
Sept.
Sept.
Sept.
10
17
1
.
30
30
Sept
3
2
Oct.
Jan.
3i
1
Apr
IX
IJ
Aug. 31
Sept. 15
July
Aug. 20
Aug. 31
Below we give tlie di\ndends announced in pro\-ions weeks
and not yet paid. This list docs not include dividenda
announced this week.
Per
Cent.
A'am« of Companv.
Spcrsh.
82
131
Oct.
1
Oct.
1
Oct.
1
*50c Sept. 15
IH Sept. 30
IH Oct. 1
IK Oct. 1
VA Sept. 1
15i Aug. 20
*1H Sept. 15
*2!4 Sept. 15
*2
Oct 15
*2M Sept. 1
154 Sept. 15
re75c Aug. 31
*1H Sept. 30
50c Aug. 2(1
(")
& Power, pref. (qu).
& I., pref. (quar.)..
Sloss-Sbeffleld Steel
Wabasso Cotton
Slocks.
1 Amer. Textile Soap, pref
20 Draper Corporation
15 Kldcr Corp., preferred
Hoiuls.
IH
2
Sept.
Sept.
Preferred (quar .)
Sept.
National Aniline & Chem.. pref. (quar.).
Oct.
*3
National Surety (quar.)
Oct.
New York Air Brake (quar.)
2K Sept.
Ogilvie Flour Mills. Ltd.. pref. (quar.)..
1% Sept.
Ohio Oil (quar.)
S1.25 Sept.
Extra
.S4.75 Sept.
Packard Motor Car. pref. (quar.)
•P4 Sept.
Procter <v. Gamble. 6% pref. (quar.)
*l'A Sept.
Republic Iron & Steel, common (quar.).
IK Nov.
Preferred (quar.)
IJi Oct.
Rockhlll Coal (c Iron, preferred (quar.).. $2
Sept.
,St. Joseph Lead Co. (quar.)
25c. Sept.
Extra
2.5c. Sept.
Arnold, Boston
Shores.
Bookt Closea.
Dayt Incimite.
(/25c
(quar.)
Mergenthaler Linotype (quar.)
Montreal Cottons, common (quar.)
Willys Corp.. first preferred (quar.)
Wilmington Gas. preferred
53 Nat.N.iswau Bank of N.V.. $17H
375 Rlneon Plant, Inc., com. 50c. persh.
porsh, iiald lMll(|uldatlon $2porsh.
319 llonllc.i Mlllltig
per
Bh.
Donds.
SI
Per cent.
480 Pcppard Really. Inc. .com. 50c. persh. SIO.OOO 2d Ave. RR. 6";, receiver's
37 RInciin Plantations. Inc., prectfs., ctfs. of deposit
10 '4
ferred..
...$1 per sh
1,000 Vlctor-Amer. Fuel 6s, 1940 7
Shares.
When
Pavatle.
*2.5c. Sept.
*S2.50 Oct.
Copper Range Co. (quar.)
483.711
Boston and Philadelphia:
MuUer & Sons, New York:
Slocks.
Per
Common and preferred (monthly)
Common (payable in common stock).. */l«
Preferred B (monthly)
*'A
1917.
other securities, the following,
the Stock Exchange, were recently sold
Now
95^
perpetual certif... .. 60
Cent.
Miscellaneous.
Ajax Rubber, Inc. (quar.)
SI .50
•2
Alaska Packers Assn. (qu.ar.)
American Bank Note, preferred (quar.).
M
American Bosch Magneto (quar.)
S2.50
American Express (quar.)
I'A
American Felt, preferred (quar.).
SI. 50
American Stores, common (quar.)
*S1
First and second preferred (quar.)
*1M
American Telegraph & Cable (quar.)
H4
American Telephone & Telegraph (quar.)
2
1'4
Brandram-Henderson, Ltd., com. (qu.).
—Among
not unudlbj dealt in at
at auction in
York,
By
+ 19.6
S
88,5.58,457
.
6%
3
I'A
preferred (quar.)
Mahoning Investment
Montreal _
Toronto
Winnipeg
Vancouver
N
-
cent.
and Electric Railways.
Street
Guffey-Gillcspie Oil, preferred (quar.)..
Imperial Oil. Ltd
Lindsay Light, preferred (quar.)
Lit Bros. Corporation
Inc. or
1920.
Per
Co. equip. i'AB,
ser. G, 1922
1.000 Reading Co. equip. 4>^8,
ser. F. 1925.
10.000 mibllc Service Corp. of
J.
Bonds.
S4.000 Reading
Cities .Service
First National Bank of Bartlesville, Okla.
Capital $50,000. Effective Aug. 9 1920.
Assets absorbed by the Bartlesville National Bank,
which has changed its title to First National Bank in Bartlesville.
—
15
S2 lot
S2 lot
Railroads (Steam.)
Chestnut Hill (quar.)
Delaware & Bound Brook (quar.)
Phila. Germantown & Norristown (qu.).
The
Clearings at
.
Stocks.
$ persh.
Fire Assoc, of Phil.. S50 each... 325
2 JohnB. Stetson, common
308
Shares.
First we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
California Packing,
CHANGES OF TITLE APPROVED.
111.,
347 H
147
1
Northern Texas Elec. Co., com. (quar.).
Amt. of Cap. when
$805,000
Warren,
132J4
.-.142K
DIVIDENDS— Change in Method of Reporting Same.
We have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
.$700,000
.
of
335
30 Lumbermens Insur., S25 each..llOM
36 Corn E.xchange National Bank. 385
3 First National Bank of Chester-200
2 Del. Co. Nat. Bank of Chester. .276
214 Charter Nat. Bank of Media. 100
1 Philadelphia Finance
16Ji
Name
XfiCT G(tSG
The National Farmers Bank
5 Philadelphia National Bank
2 Standard Fuel, preferred
10 Standard Fuel, common
8 U. S. Land & Lumber
5 Draper Corporation
2 Lowell Gas Light
5 International Trust
2 Mass. Cotton Mills
Lofland, Philadelphia:
$ persh.
Stocks.
98H-98^
10
&
Messrs. Barnes
Shares.
30
107
Spersn.
Shares.
Stocks.
6 Hood Rubber, preferred
50,000
The First National Bank of Ventura .Calif
$ 1 40 000
First National Bank of Yakima. Wash
200.000
TheFirst National Bank of Angola. Ind
25.000
The First National Bank of Kinston ,N.C
1 50, 000
The National Farmers Bank of Warren. 111.
25.000
The First National Bank of Waverly .Ohio.
._
50. 000
TheFirst National Bank of Camas. Wash
25,000
TheFirst National Bank of Winters. Tex
15,000
The Farmers & Merchants Nat. Bank of Abilene, Tex. 100,000
The First National Bank of Bellevue, Ohio
50,000
The Caldwell National Bank, CaldweU. N.J
25,000
Total
By
148 J^
100.000
.
CAPITAL STOCK INCREASED.
Co., Boston:
25 ,000
-.
.
Day &
Messrs. R. L.
Shares.
Stocks.
S persh.
10 Fidelity Trust, Boston
115
10-3 West Point Manufacturing... 14
—
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
765
When
Payable
Book* Closeil.
£>ay.< Iruiusite.
RallroadD (Stonml.
Atch. Topeka * Santa Fe. nom. (quar.).
Baltimore * Ohio, preferred
Boston
A Maine,
Buffalo
& Susquehanna, com,
2
2
pref
(quar.)
Sept. 1
Sept. 1
Sept. 1
Sept. 30
Holders of rec. July 30a
Holders of rec. July 17a
Holders of rec. .Aug. 16a
Sept. 16
to
Sept .30
THE CHRONICLE
766
Per
A'ame of Company.
Cent.
Railroads (Steam) Concluded.
Canadian Pacific, com. (quar.)
2H
Prelerred
& Pittsburgh, reg. gu. (qu.)
Special guar, (quar.)
Cripple Creek Ceutrai, pref. (quar.)
—
Cleveland
Delaware & Hudson Co. (quar.)
Illinois Central (quar.)
NorlolK & Western, common (quar.)
Xortli Pennsylvania (quar.)
Pennsylvania (quar .)
Pittsburgh & West Virginia, pref (quar.)
•2
I'A
Sept.
Sept.
Sept.
Sept.
Sept.
IH.
IJi
Si
1J4
Youngstown
Reading Company,
&
Ash., preJ. (qu.).
first prel. (quar.) ..
Union
Pacific,
common
2H'
(quar.)
Preferred
Holders of rec.
Holders of rec.
Holders of rec
Holders of rec.
Aug. 12
to
Holders of rec.
of
rec.
Holders
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec
."^Ug.
Aug.
Aug.
IVi Sept.
60c. Sept.
IH
Southern Pacific Co. (quar.)
2
Name
Inclusive.
Holders of rec. Aug. 31a
'Aug. 22
to
Oct.
1
Holders of rec. Aug. loa
Holders of rec. Aug. lOa
Oct.
Oct.
Sept.
1
2K
Books Closed.
Days
PayabU
1
.
Pittsb.
When
Oct.
Oct.
Oct.
Aug. 14
Aug. 28a
Aug. 3a
Aug. 31a
Aug. 19
Aug. 2a
Aug. 3a
Aug. 20a
Aug. 24a
Aug. 31a
.
Sept.
Sept.
Sept. 15
S4.50 Oct.
S1.25 Sept.
Oct.
S3
IK Sept. 15
2
2H
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
&
Tea,
first
IK
preferred (quar.)
pref. (quar.)
Advance-Rumely Co.,
iy2
Fdy., com. (special).
American Chicle, preferred (quar.)
American Druggist Syndicate
American Gas (quar.)
Amer. Hide & Leather, pref. (quar.)
American Locomotive, common (quar.).
Prelerred
Oct.
1
Sept. 16
S2
IH
40c.
1
I'A
'1J4
IH
(quar.)
IH
(quar.)
Amer. Sugar Refg., com.
&
pref. (qu.)
I'A
American Sumatra Tobacco, preferred
American Tobacco, com. (in com. B stk.)
Common B (payable in com. B stk.)..
3K
Conunon
(extra)
Prelerred
American Window Glass Co., pref
Anaconda Copper Mining (quar.)
Armour Leather, common
Associated Dry Goods, pref.
i3
i3
3K
SI
'30c.
IK
(quar.)
Second preferred (quar.)
Atlantic Refining, com. (quar.)
Atlantic Sugar Refineries, com. (quar.).
Preferred (quar .)
Preferred (acct. accum. dividends)
Atlas Powder, com. (quar.)
Common (payable in cohimon stock)
. .
common (quar.)
(quar.)
Non-cumulative preferred (quar.)
Cumulative convertible pref. (quar.)..
Borden Co., preferred (quar.)
Prelerred (quar.)
Bethlehem
'A
IK
(quar.)
Steel,
Common B
British-American Chemical, common
Common (payable in common stock)..
Prelerred
IVi
5
2K
«28
3
/5
IK
IVi
IM
la
la
Aug. lOa
Sept.
Sept.
Lindsay Light,
common
Manhattan Shirt, com. (quar.)
Manatl Sugar, com. (quar.)
2
(quar.)
I'A
Merrimack Mfg., conmion
(quar.)
la
2
2K
Prelerred
Middle States Oil (monthly)
Minnesota Sugar, common (quar.)
Preferred
First
(quar.)
4IH
5
(extra)
3K
and second prelerred
Nat. Cloak & Suit, pref. (quar.)
National Lead, com. (quar.)
Prelerred
(quar.
Oct.
to
1
Holders
2
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
2H
/5
2
4
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
rec.
rec.
to
of rec.
Aug. 21
to
to
Aug. 14
Holders of rec.
Holders of rec.
Aug. 20a
Sept. 15a
Aug. 20a
I'A
IK
I'A
)
July 3la
Aug. 18a
Sept. 11a
Sept. 13a
Sept. 13a
Aug. 14
Sept. 30
Nov.
Sept.
Sept.
Holders of rec. Aug.
Sept.
Aug. 15 to
Aug. 15 to
Aug. 15 to
to
Aug. 21
Holders of rec.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept.
Sept.
of rec.
of rec.
Sept.
Sept.
Aug.
July
Aug.
Aug.
of rec. Aug.
of rec. Aug.
of rec. Sept.
of rec. Sept.
of rec. Aug.
to
to
1
1
Holders
Holders
Holders
Holders
of
of
of
of
Holders of
Holders of
Holders of
Holders of
Holders of
Holder of
Holders of
Holders of
Holders of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
1
Aug. 29
Aug. 22
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
la
la
16a
15
15
15
31
17a
14
9a
9a
2ia
20
20
20
9
9
15a
15a
16a
15a
(payable In common stock) . .
Preferred B (monthly)
Cities Ser\ice, Bankers' shares (monthly)
Columbia Gtaphophone Mfg., com.(qu.)
Common (payable In common stock) . .
Preferred (quar.)
Consolidated Cigar, pref. (quar.)
Consolidated Gas (quar.)
Continental Motors Corp., pref. (quar.).
Cosden & Co., preferred (quar.)
I'A
Si
$1
/IK
'K
42c
25c.
(P)
I'A
I'A
I'A
*l'A
I'A
coup. No. S2J
rec. .'^ug. 10
rec. Aug. 20a
rec. Aug. 21a
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
,
m
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
reo.
Holders
rec.
rec.
Holders
'Holders
rec.
reo.
Holders
Holders
rec.
Holders
rec.
rec.
Holders
rec.
Holders
Holders
rec.
to
Occ.
7
Holders of rec.
Aug. 23
Sept. 25
Oct.
1
Aug. 20a
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Sept. 10a
Sept. 10a
Sept. lOo
Aug. 16a
Aug. lla
15
Oct.
Standiird Milling, com. (quar.)
Common
(extra)
(quar.)
Oil (Calif.) (quar.)
Standard
Extra
Standard Oil (Indiana) (quar.)
Extra
Stand.ird Oil (Kansas) (quar.)
Extra
.KuK. Ifia
Aug. 11
to
Sept 10
Aug. 25
to
Sept. 15
Holders of rec. Aug.t'15
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Hi)lders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders of
Holdeis of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
rec. Sept. 10a
rec. Sept. lOo
rec. Aug. 20a
rec. Aug. 14a
1
rec. Oct.
rec. Aug. 31a
rec. Aug. 10
reo. Aug. 3la
rec. Aug. 31a
rec. July 310
rec. Aug. 310
rec. Aug. 11
rec. Sept. 130
rec. Sept. 15
rec. Sept. 150
rec. Aug. 14
rec. Aug. 160
rec. Aug 20a
rec. Aug. 250
rec. Sept. 24o
5a
rec. Aug.
rec. July 31
50
rec. Nov
reo. Sept. 2ia
rec. Aug. 60
rec. Sept. lOo
rec. Sept 100
rec. Aug. 200
90
rec. Oct.
rec. Aug. 20
rec. Aug. 180
rec. Sept. 20
rec. Sept. 8
rec. Sept. 8
rec. Aug. 10
rec. Aug. 16
16
rec. Aug
rec. Aug.m20o
rec. Aug. 100
rec. Aug. 21
rec, Aug. 21
rec, Aug. 21
rec, Aug. 210
of
of
of
of
of
of rec
of rec
(quar .)
&
(quar.)..
(quar.)
73
2
I'A
50c.
/50c.
•3
Preferred
(qu.ar .)
IH
2
I'A
IK
IK
/•50
1
2
2
I'A
2
2
Preferred (quar.)
Valvoline Oil, common (quar.j
Van Raalte Co., 1st pref. (quar.)
I'A
I'A
hl'A
I'A
50c.
IK
4
*1'A
1%
2
I'A
*1'A
I'A
IK
I'A
1
IH
IK
2
IK
(extra)
Woods Mfg., common
Wool worth
Woolworth
(F.
(F.
(quar.)
W.) Co.. com. (quar.)
W.) Co., pref. (quar.)
..
*1K
75c
IK
*1K
2
l.ii
m
IK
6
IK
SI
2
2
*1K
of
of
of
of
of
of
of
of
of
of
of
of
reo. Aug
rec. Sept
rec. July
rec. July
rec. Sept
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
16o
15o
29
29
100
15
15
18a
18
Oct.
Sept.
Sept.
Sept.
1
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
2
8
Aug. 31
Sept. 1
Sept. 1
<Jct. 16 Holders
Sept. 30 Holders
Nov. 30 Holrters
31 Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
20 Holders
1
Holders
1
Holders
31 Holders
31 Holders
31 Holders
15 Holders
15 Holders
Sept. 1
Sept. 30
Sept. 16
Sept. 15
Aug. 24
Aug. 31
Aug. 31
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept
Sept
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Got.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
15
1
15
rec
rec
rec
.
Holders
Holders
*3
Aug. 16a
Aug. Ifio
Holders of rec Sept 13
Holders of rec Aug. 20
Holders of rec Aug. 6
Holders of rec Aug. 10
Holders ol rec Aug. 14
Holders of rec Aug. 12
Holders of lec Sept la
Holders of rec Oct. 30
Holders of rec. Jan 31 '21
Holders of rec. Apr 30 '21
Holders of rec Oct. 30
Holders of rec Jan 3 21
Holdersofrec.Apr.30'21
Holdersof rec. July 30"21
Holders of rec Aug. 20
Holders of rec. Sept 10
Sept 2
Aug. 13
to
Holders
Holders
Wayagamack Pulp & Paper (quar.)
Weber <t Heilbroner. preferred (quar.)..
Welch Grape Juice, common (quar.)
Common
Holders
Holders
Holders
Holders
Holders
Sent. 15
Sept. 15
Virginia-Carolina Chemical, com. (extra)
White (J. G.) & Co., preferred (quar.)..
White (J. G.) Engineering, pref. (quar.)_
White (J. G.) Management, pref. (quar.)
White Motor (quar.)
Holders
Holders
Sept. 15
Sept. 15
Sept. 15
Oct.
Oct.
Sept.
Sept.
I'A
Preferred (quar .)
West India Sug. Fin. Corp., com. (qu.).
Preferred (quar )
White (J. G.) Engineering, com. (quar.)
Holders
Holders
Holders
Holders
Holders
3
43
rec.
rec.
of rec.
of rec.
of rec.
July 31
Holders
Aug. 20O
Holders
Aug. 17o
Holders of rec Aug. 170
5
I'A
*-2M
Secnn<1 oreforrcri (quar.)
Holders of
Holders of
*3
*1'A
United States Steel Corp., com. (quar.).
Mayjl5
•IH Aug.
n'A
(quar.)
(quar.)
United CiKar Stores, preferred (quar.)..
United Drug, second pref. (quar.)
United Gas Improvement, pref. (quar ).
U. S. Gypsum, common (quar.)
Nov. 15
Feb.216
K
•Ifi
Steel Products, preferred (quar.)
Stern Brothers, pref. (quar.)
Pref. (acot. accumulated dividends)..
Studebaker Corp., com.
pref. (qu.)..
Superior Oil Corporation (quar.)
Texas Chief Oil (monthly)
Thompson-Starrett Co.. preferred
Timken-Detrolt Axle Co., pref. (quar.)_
Underwood Computing Mach., pf. (qu.)
1
Aug.il5
/2>4
I'A
Inclusive.
Aug. 140
Sept 300
Aug. 31
Aug. 160
Sept 8 Holders of rec. Aug. 17
Sept 8 Holders of rec Aug. 17
Sept 8 Holders of rec Aug. 17
Sept 1 Holders of rec Aug. 20a
Sept 30 Holders of rec Sept lOa
Sept 15 Holders of rec Aug. 20
1%
*1
(extra)
.
1
*2
Sept. 1
SI .25 Oct.
1
Sept. 16
43
1
Stand.ard Oil of New York (quar.)
Standard Oil of Ohio, common (quar.)..
,
1
Mayiie
IK
2K
Preferred
Preferred
1
2
I'A
I'A
I'A
4
.
Union Tank Car com
1
Sept. 20
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (qu.)
,
Preferred
1
Nov. 15
Feb .z 15
/25
Underwood Typewriter, com.
1
2
Common (payable in common stock)..
Preferred (quar .)
Quaker, Oats, preferred (quar.)
Rainier Motor Corp
pref. (quar.)
Riordon Pulp & Paper, pref. (quar.)
Savage Arms Corp., com. (quar.)
Second preferred (quar. )
Schulte Retail Stores, com. (In com. stk.)
Seamans (R. E.) Co.. com.(qu.) (No. 1)
Preferred (quar.)
'..
Semet-Solvay Co. (quar.)
Preferred
Sept.
Oct.
Sept.
Sept.
1
2
2
pref. (quar.)
Peerless Truclv & Motor (quar.)
Philadelphia Electric Co. (quar.)
Pierce Oil Corporation
Common (quar.) (pay. In com. stock)
Pittsburgh Steel, pref. (quar.)
Porto Rican-Amer. Tobacco (quar.) ._
Pressed Steel Car, com. (quar.)
Preferred (quar.)
Pure Oil, common (quar.)
Common (payable In com. stock)
Quaker Oats, common (quar.)
1
Dec. 1
Aug. 16
Aug. 16
Aug. 10
(quar.)
(quar.)
(quar.)
(quar.)
(quar.)
(quar.)
Days
Aug. 31 Holders
Sept
SI
Patchogue-Plymouth Mills,
Com mon
Sept.
Sept.
Oct.
Sept.
Cramp (Wm.) & Sons S.&E.B. (in stk.) el50 Sept.
Crescent Pipe Line (quar.)
75c. Sept.
Crucible Steei Com. (pay. In com. stock) /14 2-7 Aug.
Cuban- American Sugar, com. (quar.)..
I'A Sept.
Preferred (quar.)
IH Sept.
Decker (Alfred) & Cohn, pref. (quar.)..
I'A Sept.
Deere&Cc, pref. (quar.)
I'A Sept.
Detroit Iron & Steel, pref. (quar.)
*1'A Oct.
Diamond Match (quar.)
2
Sept.
Dominion Oil (monthly)
1
Sept.
Eastman Kodak, common (quar.)
2K Oct.
Common (extra)
Oct.
2K
Common (extra)
5
Sept.
Preferred (quar .)
Oct.
Electric Investment pref. (quar.)
Hi Aug.
Electric Storage Batt., com. & pf. (qu.)
3
Oct.
Erie Lighting, preferred (quar.)
I'A Oct.
Famous Player.s-Lasky Corp., com. (qu.) $2
Oct.
Federal Utilities, pref. (quar.)
IK Sept.
General Asphalt, pref. (qviar.)
IM Sept.
General Chemical, com. (quar )
2
Sept.
General Cigar, preferred (quar.)...
I'A Sept.
Debenture preferred (quar.)
I'A Oct.
General Development (quar.)
50c.
Aug.
Gillette Safety Razor (quar.)
S2.50 Sept.
Goodrich (B. F.) Co., com. (quat ;
51.50 Nov.
Preferred (quar. )
I'A Oct.
Greene Cananea Copper
Aug.
50c.
Guantanamo Sugar (quar.)
50c.
Sept.
Extra
Sept.
50c.
HarbLson-Walker Refract., com. (qu.)"
IH Sepc.
Preferred (quar.)
IK Oct.
Hart, Schaffner & Marx. com. (quar.).. •1
Aug.
Hartman Corparation (quar.)
I'A Sept.
Hupp Motor Car Corp., pref. (quar.j
*1'A Oct.
Indian Refining, common (quar.)
*5
Sept.
Preferred (quar.)
*IH Sept.
Inland Steel (quar.)
Sept.
I
»75c.
Internal. Cotton Mills, com. (quar )
SI. 50 Sept.
Preferred (q uar .)
I'A Sept.
Internat. Harvester, com. (In com. stk.) '/12K Sept.
Internal. Harvester, pref. (quar.)... ..
I'A Sept
Lake of the Woods Milling, com. (quar.)
Sept.
3
Common (special)
25
Sept.
Preferred (quar.)
I'A Sept.
Lanston Monotype Machine (quar.) I
Aug.
Lee Rubber & Tire Corp. (quar.)..
Sept.
50c.
Lehigh Coal & Navigation (quar.)
Aug.
11
m
Preferred
Preferred
Preferred
Preferred
1
Oct.
2
Sept 1
I'A
Aug. 23
25e.
.A.ug. 16
5
SI .50 Aug .(226
Niles-Bement Pond, common (quar.)
Ontario Steel Products, common (quar.)
Common
Common
1
3K
New Cornelia Copper
New England Fuel Oil
New River <^o.. pref. (quar.)
New York Shipbuilding
Sept. 18
Books Closed.
40c. Oct.
1
*2K Sept. 1
*l'A Sept. 1
I'A Sept. 1
IK Sept. 1
87!^c Sept. 1
I'A Oct. 15
.
Common
Sept.
Sept.
Sept.
Sept.
50c. Sept.
May Department Stores
Common (quar.)
Preferred
3
3
»2
iZ'Ac.
When
Payable.
2M
Martin-Parry Corp. (quar.)
1
.
Canadian Car & Foundry, pref. (quar.).
Caracas Sugar (No. 1)
Cerro de Pasco Copper (quar.)
Cities Service— Com. and pref. (monthly)
Common
Nov.
*1K
*1K Dec.
British-American Tobacco, ord. (interim)
British Columbia Fish & Pack. (quar.)..
IK
Brooklyn Edison (quar .)
2
Brown Shoe, common (quar.)
I'A
Brunswick-Balke-CoIIender com (quar .) *IH
Common (payable in new Com. B stk.) itl50
Buckeye Pipe Line (quar.)
S2
,
Oct.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept. 23
Sept.
Oct.
Aug.
Amer. Power & Light, com. (quar.)
1
American Radiator, common (quar.)
SI
Amer. Rolling Mill, com. (In com. stock) /25
Amer. Smelt. & Refg., common (quar.).
1
Preferred
(quar.)
Aug. 16a
Aug. 16a
Miscellaneous.
Acme
Common B
Nat. Sugar Refining (quar.)
Nebraska Power, pref. (quar.)
Trust (quar.)
Am. Brake Shoe &
Miscellaneous (Concluded).
Liggett & Myers Tobacco, com. (quar.).
National Acme (quar.)
National Biscuit, com. (quar.)
Preferred (quar.)
National Candy, common
Sept.
Sept.
Per
Cent.
Company.
10
la
Sept.
.Sept.
Trust Companies.
Lawyers Title
of
Moline Plow, 1st pref (quar.)
Second preferred (quar.)
&
Street
Electric Railways
Cent. Arkansas Ry. & L. Corp., pf (qu.)
Detroit United Ry. (quar.)
El Paso Elec. Co., com. (quar.)
Frankford & Southwark Pass, (quar.)
Philadelphia Co., 5% preferred
2d & 3d Streets Pass., Phila. (quar.)
West Penn Rys., pref. (quar.)
[Vol. 111.
Holders
Holders
Holders
of rec. Aug. 31a
of rec Aug. 140
rec. Aug 14
rec. Aug. 180
rec. Aug. lUO
rec. Aug. 14
of rec. Aug. 14
1
of rec. Oct
1
of rec. Sept
1
Nov
of rec
of rec Aug. 2
of rec. July 15
of rec Sept 24
la
of rec. Sept
la
of rec. Sept
9
of rec. Aug.
of rec. Aug. IB
16
of rec. Aug.
of rec. Aug. 6
of rec. Aug. 16
of rec. Aug. 14
of rec. Aug. 210
of rec. Aug. 210
of reo. Aug. 210
of rec. Aug. 14
of rec. Aug. 14
of rec. Aug. 16
of rec. Aug. 16
of rec. Aug. 310
of rec Aug. 310
of rec. Aug. 25
of rec. Aug. 27
of rec. Aug. 27
of rec. July 30
of rec. Aug. 140
of rec. Aug. 20a
of rec. Aug. 20a
of rec. Aug. lOo
of rec. Aug. 23
of rec. Aug. b
of rec. Sept 20
of rec. Aug. 20
of rec. Sept. 18
ia
of rec. Sept
ot rec. Sept
4a
of rec. Aug. 5
o
of rec. Aug.
of rec. Aug. 31a
of rec. Aug. 16
of rec. Aug. 31a
of rec. Sept 15
of rec. Sept 15
of
of
of
ol
30 Holders
30 Holders
29
Aug. 31
Aug. 3
Aug. 30
Sept. 16
Sept.
Sept.
Oct.
Sept.
Sept.
Aug. 31
.4.ug. 31
Sept.
Sept.
Sept.
Sept
Sept.
Sept.
Sept.
Sept. 30
Sept.
Sept.
Oct.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
ol
of
of
rec. Sept. 8
rec. Aug. 16
rec. Aug. 16
rec. Sept. iba
rec. Aug. 16
rec. Aug. 2b
rec. Aug. 20
rec. Aug. 20
rec. Aug. 14
rec. Aug. 14
rec. Aug. 16
rec. Aug. 16
rec. Aug. 16
rec. Aug. 16
rec. Aug. 16
rec. Sept 150
rec. Aug. 2b
rec
Aug. 100
rec. Sept. 10.
.
.
Aug. 14a
Aug 31a
unofficial sources,
t Conditional on receipt from the U. S. GovemmeBl
of the rental now due.
t The New York Stock Exchange
has ruled that stock will not be quoted ex-dlvldend on this date and not until further
notice,
a Transfer books not closed for this dividend. 6 Less British income tax.
d Correction, e Payable in stock. /Payable In common stock, e Payable In scrip,
ft On account of accumulated dividends,
i Payable In Liberty Loan bonds.
From
of
an adequate payment
J
New York
Stock Exchange has ruled that South Porto Rico Sugar
100% stock dividend on Aug. 9.
common
stock be quoted ex the
k Payable in
Common B
stock.
I All transfers received in order in London on or before Sept. 14 will be In time to
be passed for payment of dividend to transferees.
m New York Stock Exchange has ruled that International Harvester common
stock be quoted ex -the 12
stock dividend on Sept. 15.
H%
n Payable in Canadian funds.
In the ratio of one share to each ten shares held.
« New York Stock Exchange has ruled that Crucible Steel
quoted ex the stock dividend on Aug. 31.
to Payable in new class B common stock, par value $25.
z 1921.
common
stock be
.
Aug. 21
,
THE CHRONICLE
1920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forward from page 771.
—
Week ending
Stocks.
Railroad,
&c..
Aug. 20 1920.
&
Mun.
$10,231,000
22,492,100
38,517,500
25,891,000
26,814,500
46,142,800
$852,000
2,555,000
1,023,000
1,845,000
2,018,000
2,173,500
$532,000
530,000
623,000
335,000
670,000
615,000
2.012.689 $170,088,900
$10,466,500
Friday
Week ending Aug.
Sales at
York Stock
1 to
$2,325,000
4,914,000
7,463,000
5,059,000
7,641,000
4,555,700
Aug. 20.
New
Exchange.
Stocks
— No.
1920.
shares
1919.
1920.
192,584,325
2,012.689
5.248,2.57
147,810,619
.$170,088,900 $463,709,700 $13,039,005,275 $17,906,075,430
$47,200
$1,400
Par value
Bank
1919.
shares, par
—
BOSTON CLEARING HOUSE MEMBERS.
S3. 305. 000 $31,957,700
Jan.
20.
767
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
U. S.
Bonds
Bonds.
Foreign
Bonds.
126,870
280,391
434,780
336,810
308,930
524,908
Total
State,
Par Value.
Shares.
Tuesday
Wednesday
Thursday
.
.
Aug. 14
Changes froni
1920.
previous week.
$
2,966 ,000
investments. 596,076 ,000
Individual deposits, inci. U..S. 461,170 000
Due to banks
109,668 000
Time deposits
15,045 000
United States deposits
2,719 ,000
Exchanges for Clearing House 18,013 ,000
Due from other banks
56,743 000
Cash in bank & in F. R. Bank 67,826 000
Reserve excess in bank and
Federal Reserve Bank
17,767,000
Circulation
Loans, diso'ts
&
No
Aug.
July 31
1920.
7
1920.
S
$
Dec.
change
2,966 000
2 950,000
483,000 596,559 000 597 900.000
5,894,000 455,276 000 460 ,592,000
3,535,000 113,203 000 111 ,431,000
179,000 15,204 000 15 537,000
3,362 000
4 657,000
643,000
19,000 18,032 000 17 107,000
8,811,000 47,932 000 47 ,945,000
7,066,000 74,892 000 73 ,621,000
Dec.
6,418,000
Dec.
Inc.
Dec.
Dec.
Dec.
Dec.
Inc.
24,185,000
22,458,000
Bonds.
Government bonds. --
$31,957,700
3,305,000
10,463.500
mun., &c., bonds
RR. and misc. bonds..
State,
Total bonds
$45,729,200
$48,025,500
3,148,000
7,062,500
$58,236,000
$1,852,183,700
229,233,000
374,897,000
$1,510,356,200
202,880,500
347,649,000
.$2,456,313,700
?2. 060. 8,85, 700
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
^^
—
shows the condition of the New York City Clearing House
members for the week ending Aug. 14. The figures for the
In the
separate banks are the averages of the daily results.
case of totals, actual figures at end of the week are also given:
Baltimore.
Philadelphia.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Week ending
Aug. 20 1920.
Bond Sales.
Shares.
Saturday
7.856
8,429
9,306
10,439
8,940
9,108
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$7,950
33,200
33.700
62,050
18,000
3, .508
3,346
$201,100
$134,100
15.709
Bond Sales.
Shares.
$4,100
36,000
12,500
43,000
28,500
10,000
1,152
1,766
3,179
2.758
4^6,200
54,084'
Bond Sales.
Shares.
3,743
658
1,068
1,722
$1 ,200
16,000
570
395
5,000
10 000
4,000
10^00
8,156
(Stated in thousands of dollars
CLEARING
HOUSE
Net
Week ending
Aug. 14 1920.
Tr.Cos.,June30
MEMBERS
(.000 omitted.)
made
to the Clearing House by clearing
institutions which are not included in the
the report
non-member
"Clearing House Returns
in the next
column:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars
CLEARING
NON-MEMBERS
We«k ending
Aug. 14 1920.
Netherland..
Grace & Go's
Yorkville Bank...
First
NBk.JerCy
Total
Nafl
Bank
Circulation.
Average Average Average Average Average Average
S
$
$
S
$
$
$
1.494 15,247
237
2,121
13,435
70
192
697 10,387
245
1,483
10,575
305
682
200
248
9.926
1,070
6,951
1.108
25 ,
387
3.561
2,129
658
755 13.743
381
1,391
7,772
6,746
""392
1.332
510
728
9.336
7,751
3,400
6.071
1.604
7.180
48,613
584
8,027
State Banks.
Not Members of the
Fed'l Reserve Bank.
Bank
of
Colonial
Wash Hts
Bank
Total-
100
444
600
1.400
700
Manhattan Co.
Mech & Metals.
1,845
3.512
14,870
443
217
1.979
1,378
18,382
2,422
1,595
3,622
16,137
30
19.759
$
2 000
5,000
10,000
5,500
Bank of America
National City- 25,000
Chemical Nat.. 4.500
1.000
Atlantic Nafl..
300
Nat Butch & Dr
Nat
5.000
Exch
Amer
NatBkofComm 25.000
Metropolitan ..
l.OOQ
7,000
3,000
2,000
Corn Exchange- y6,000
Imp & Trad Nat 1.500
National Park..
5. OOO
1,000
East River Nat.
1,000
Second National
First National..
N
Chase National. Xl5,000x22,667
500
2,253
Fifth Avenue..
Commercial Ex.
980
200
Commonwealth
Lincoln Nat'l-.
Garfield Nat'l. .
Fifth National.
Seaboard Nat'l.
400
1,000
1,000
1,000
1.000
5.000
i,.';oo
1,000
30
US Mtge&Tr.
2,000
Fidelity Trust.
9.107
8,878
603
411
378
439
7,565
5,485
914
Columbia Trust
5,000
4,922
1 ,.300
700
1.458
17,985
1.014
817
13.050
5,836
Peoples Trust..
New York Trust
Lincoln Trust..
Metropolitan Tr
Grand aggregate.
4.800
Comparison previo us week
9.374 98,567
5,040
-fl35
9,.592
a81.422
—111
13,893
-1-627
4-2,241
—15
—2
Gr'd aggr Aug. 7
Gr'd aggr July 31
Gr'd aggr July 24
9.374
9,374
97,940
98.696
9.374 98.875
4,905
4.994
5.231
9,703
9.500
9,922
79.181
80,825
80.785
13,908
13.818
13.800
586
575
581
4.800
4.800
4.800
a U. S. deposits deducted. $293,000.
Bills payable, rediscounts acceptances
Excess reserve. $36 6.070 decrease.
Philadelphia Banks.
and other
liabilities.
584
—The Philadelphia Clearing House
Week ending Aug. 14 1920.
Aug. 7
7'Ko ciphers (00) omitted.
Members of
\
Trust
Capital
Surplus and profits
Loans, dl.sc't.s & Invcstm'ts.
Exchanges for Clear. House.
IIIIIII
$33,226,0
89,465,0
717,271,0
26,624.0
109,969,0
134,085.0
518.679,0
7,403.0
600,167,0
8. deposits (not Included)
Hes've with leKal deposit's.
53,"l4V,6
Reserve required
Exce.s8res. & rush In vault
12,712,0
65,853,0
61,839,0
14.014,0
Due from banks
Bank
deposits
Individual (loposits
U.
II
deposlt.s
Res vc with Kcd. Res. Dank
Cash In vault*
Total reserve and cash lield'
•
1920.
\
F.R. System Companiesi
July 31
1920.
Total.
$4,500,0 S37.7'25,0
12,478,01 101,943,0
36,437,0 753,708,0
396,0
27,020,0
13,0 109,982,0
366,0 1.34.451,0
20,309,0 538,988,0
250,0
7.653,0
20.925.0 681.092.0
3.792,0
53,141,0
2.263.0
2,263,0
872.0
13, .584,0
3.135.0
68.988.0
3.051,0
64.890.0
84.0
14.098,0
Cashlln]vauIt|i8botlcouuted as reserve for Federal Reserve
Cash
in
VotUt.
Nat.
Net
with
Legal
Demand
I>eposit Deposits.
Time Bank
De- Circuposits.
lation.
lories.
4,650
$37,725.0
101.943,0
764,118.0
26,821.0
107.300.0
133.564.0
536.525,0
7,688,0
677,777,0
4,342,0
54,207,0
2,493,0
12,901.0
69,661,0
54,9.59,0
14.702.0
Nassau N,Bklyn
Farm Loan & Tr
Columbia Bank
Average
3,000
2,000
2.000
1
,000
5,000
2,000
7.206
1,900
11.292
1.060
3,282
1,370
10,713
1,374
Average. Average
$
$
$37,629.0
101,943.0
748.9.55.0
27,3.57.0
110,045,0
131,017.0
531,797.0
7.7C.:i.()
670.677.0
7.133.0
51.443.0
2.517,0
12,930.0
66.896.0
53.7S0.0
13.116.0
Bank members.
A verage
Average.
$
50,544
784
4.824
140,786
2,876 13.319
206.656 11.216 20.698
56,656
2,041
7.185
578,618 14,143 61.193
165,089
1.476 14.346
21,082
377
2.196
4,069
87
555
127,198
1.462 12 008
2.585 33.558
331,815
24.703
1.401
3.112
124,451
4.329 14.675
121,572
5.366 16.541
34,335
5.607
2.068
147,962
6.007 21.779
42,442
703
3.955
210.925
1.379 20.626
369
1,523
10,983
842
24.199
2.733
875 21.042
293,861
198,407
6.462 24.662
14.623
667
1,609
132
932
7,987
5.421 37.773
383.358
2,895
918
19,955
446
1,135
7.078
488
1.187
8.886
2.646
19,215
1.075
459
15,085
1.952
260
15,168
1,600
51,743
6,386
1,109
408 10 004
89,711
734
20.275
2,117
428
19.089
2.386
772
3.896
41.131
292.613
855 30.713
637
6,507
57,910
508.762
2.187 54.039
551
2,421
19.217
79.481
1,130 10,582
3,206
33.634
1.168
90.7.50
4S9
8,524
472
3,429
25.209
35.581
637
3.592
490
1.449
17.568
126.502
3,286 14,982
704
22,274
2,773
$
33.606
99,518
154.726
64.268
*588.260
108.420
16.312
3.668
84.685
255.915
22.432
105.819
121.775
37.785
148.179
30.171
157.163
10.359
18,617
100,357
188,221
12,360
6,384
293.331
19.761
7.017
8.834
19.495
14,335
11.992
47.983
76.223
14.911
18.143
28.373
Average Avge.
i
$
4.151
11,397
3.715
1.795
41,379
10,271
51
46
3.387 4.907
50
892
633
100
5.905 7.355
2,112 2,273
196
839
100
11.458 1.078
....
88.391 .534.466 t3.018.37S 210,17134.918
90.483 535,939 3.960.566 212.788 34,984
89.036 521.222 4.011.355 213.433^35.183
2,500
2.007
66.837
3.372
1.924
3,750
4,566
90,448
6.252
3.383
52,270 38.763
Totals, actual CO ndltlon Aug. 14
Totals, actual CO ndltion Aug. 7
Totals, actual CO ndltlon July 31
90,696
90,267
91,377
6.147
6.246
6.094
3. .382
62.070 38.825
51.647 38.828
53.481 38.657
Average
Trust Compan ies. V ot Mem
Title Guar A Tr y6,000 yl2.316
Lawyers T & Tr 4,000 6,167
3.389
4.085
Fe deral Re scrre Ba nk
964
3. .500
47,470
936
1.531
27,904
bers of
29.710
16.260
1.042
--.-
407
10.000 18.483
75,374
1.900
5.031
45.970
1.4-19]
Totals, actual co ndltion Aug. 14
T.)tals. actual CO ndltlon Aug. 7
Totals, actual co ndltion July 31
76.150
74.298
75,294
1.784
1.891
1.868
5.168
5.170
S.IOO
46.896
46.068
46.332
1.382
1.462
1.468
Average
.
1.370
2.245i 1,378
239
831
291
34
5,525 4,847
7.055 __-__
19
13.279 4.690
100
18.505
5.389
5
28,376 38.768
Bank
__
1.000
210
26
391
128
248
539
67
503
2.704 1,955
401
589
461
392
6.129
*232..546 15.856
48,380
8.340
*508,009 31.607 ---_
17,464
1.288 __-_
78,437
4,321
32.1,56
2.092
61,472
!--_
1.841
25.152
436
27.183
1,379
13.959
50
1,087
130.646 13,599
....
21.587
llOj
State Banks. Not Me mbers o / Federal Reserve Bani
1.136
18.125
2.227
1,716
1,000
Greenwich Bank
323
2.50
653
842
5.486
Bowery Bank..
State
755
234,400 423,397 4,939,758 92.77i;524.872 t3.926.856 219.570l34,927
Totals, actual CO ndltion Aug. 14 4.945,664
Totals, actual co ndltlon Aug. 7 4,937,.5S0
Totals, actual co ndltion July 31 4.980 989
$6,268,000.
statement for the week ending Aug. 14 with comparative
figures for the two weeks preceding is as follow^.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Total deposits
7,211
1,534
1.466
gl..500 gl,500
452
Time
665
4,442
Guaranty Trust 25,000 33,260
1.005
Total
801
2,173
1,496
Brooklyn Trust
1.500
2,.596
Bankers Trust. 20,000 17,407
500
200
Mech Tr. Bayonne
$
6,862
15.974
14.929
6.108
58 826
14,491
1,076
158
6.856
31.533
1,765
7,470
19,995
2.988
y7,758
8,338
21,820
764
4,439
36,185
10.000
Irving National. S12, 500x10,520
CountyNat
443
1,000
Y
783
Continental Bk.
1 ,000
Nat Bk
Coal & Iron Nat
Union Exch Nat
Bank.
Hamilton Tr.Bkln.
of
Liberty
Trust Companies
Not Members of the
Fed'l Reserve
Bk
Bank...
Chath & Phenix
Hanover Nat'l.
S
1.500
200
600
500
200
400
62.200
Hani
NY, NBA
Fed. Res.
Paoillc
DisReserve
Net
Net
counts, Caxh
loith
Demand Time
Nat.bks.June30 InvestLegal
in
DeDeStatebks.Jun.30 ments, Vault. Deposi- posits. posits.
Tr. cos. June 30
&c.
tories.
Mutual Bank
WR
that is. three ciphers tOOOl omitted.)
Capital. Profits.
Members of
Fed'l Res. Bank.
Battery Park Nat.
New
—
Loans
Net
Reserve
Loans,
$46,200
^Non-Member Banks and Trust Companies. — Followis
that Is, three ciphers [.OOOl omitted.)
Capital. Profits. Discount.
InvestNat'l, June 30 ments,
State, June 30
&c.
Members of
ing
—
Gr'd aggr, avge 248.150 446.447 5,105.580 100.923 533.286 e4.025.096 259.78234.927
Comparison, pre vious w eek
—7.061 --722 -10.595 —53,168 -|-5.706| —128
Gr'd aggr. act'l ndltlon Aug. 14 6.112.510 9B.322 543.016 f4.017.344 259.378 34.918
Comparison, pre vlous w eek
1.4S2 —40.937, 4-6, .300, —66
-f 10.365 —2,298
—
Gr'd
Gr'd
Gr'd
Gr'd
aggr,
aggr,
aggr,
aggr,
act'l ndltlon
act'l cond'n
act'l cond'n
act'l cond'n
Aug. 7 5.102.145
,
98,0'20 544.498 f4.0.'iS.281 2.53.078 34.984
July 31 5.147.660 96.998 530.407 4.1U.16S 253.518.35.1,83
July 24 5.168,2.59 98,605 530.846 4.101 .582 2.53.690 .34.935
July 17 5,167,84-1 101.752 571. .577 4.159.695 252.195 34.975
• Includes deposits In forolan branches not Included In total footing as follows:
National City Bank. $130,177,000; Bankers Trust Co.. S2.370 000: Guaranty Trust
Balances carried in
Co.. Sil7.899,0(M): Farmers' Ix)an & Trust Co., SIS. 977.000.
banks in foreign countries as reserve for such deposlta were: National Citv Bank.
$35,297,000: Bankers Trust Co., $87,000: Guaranty Trust Co., $6. .598.000; Farmers' I»an A Trust Co.. $2.2.i6.00l)
c Deposits in foreign branches not Included.
eU. S. ileposit.s doduotoil. S3". 270.000. f U S. clop islta deiluctod. $34. SOT ,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,157,805,000.
g As
• As of July 24 1920.
y.As of July 31 1920.
of July 20 1920.
THE CHRONICLE
768
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Averages.
Cash
Reserve
in Vault.
Members Federal
Total
Tota'
Total
Total
Week ended
Total
Reserve
Required.
Reserve.
Surplus
Reserve.
S
S
$
524,872,000 524,872,000 517.078,380
6',252".000
3,383,000
9,635,000
9,408.600
5,031,000
6,931,000
6.895.500
1.900.000
Aug. 14
Aug. 7
8,152,000
8,237.000
8.259.000
8.409.000
July 31
July 24
533,286,000
543.8sl.000
540.586.000
544.067,000
541,438,000
552,118,000
548.845.000
552.476.000
533.382.480
540,116,400
540.172.440
544,513,080
S
7,793,620
226,400
35,500
8,055,520
12,001,600
8.672.560
7.962,920
June 12
June 19
June 26
July
July
July
July
July
Reserve
in Vault.
Member. Federal
Reserve banks
6.147.000
1,784,000
Trust companies*
*
Surplus
Reserve.
Aug. 14
Aug. 7
7,931,000
8,137,000
7.962.000
8,087,000
July 31
July 24
534,466.000 534,466,000 515.964,270
3,382,000
9,529,000
9,372,600
5,168,000
6,952,000
7,034,400
18,501,730
156.400
82,400
.543,016,000 5,50.047.000 532,371,270
18,575,730
544,498,000 552,635.000 537,463,880 15,171,120
530.407.000 538 369.000 544.455,520 dI6,086.520
530.846.000 538.933.000 543,209,520 df4,276,520
Not members
of Federal Reserve Bank.
the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
includes also amoimt of reserve required on net time deposits, which was as follows:
Aug. 14, .S6.587.100; Aug. 7, §6.415,320; July 31, 86,403,410; July 24, 86,388,740.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Aug. 14, $6,575,130; Aug. 7, 86,383.640; July 31. 86.402,990; July 24, $6,410,160.
a This
5,9.30,652,500
3
5.930,986,500
5,965,438,500
10
5,9.38,501,400
31
7
Aug. 14
5.883.3.38,600
17
24
A.ll<r
-
S
131,309.500
128,548,900
127,495,800
124,512,200
138,243,400
129,651,100
124,771,600
129,596,400
$
699,402,500
662,435,000
685,640,800
721,682,800
669,101,300
691,297,100
641,112,900
647,841,700
650,841,700
647.879.600
I??.";
silver, legal tenders, national
* This item includes gold,
Reserve notes.
400
71.";
i26!676.266
i
bank notes and Federal
New
York.
shows the condition of the Federal Reserve
— The following
New York at the close of business Aug. 13 1920, in
Bank
of
date last year:
Aw.
—
Resources
Gold and gold certificates
Gold settlement fund— F. R.
Gold with foreign agencies
13 1920.
$
Aw.
6 1920.
S
Aug. 15
1919.
$
91,441,412
29,237.689
40,931,550
89,755,000
50.589,000
40,932,000
153,594,009
119,694,000
Total gold held by bank
Gold with Federal Reserve Agent.
Gold redemption fund
161,610,651
277,641,551
35,957,500
181,275,000
278,544,000
35,943,000
273,288,000
284,386,000
24,829,000
Total gold reserves
Legal tender notes, silver, &c.
475,209,682
123,996,174
495,763,000
119,528,000
582,503,000
48.568,000
599,205,856
615,291,000
631,071,000
554,289,934
274,798
537,262,000
14,657,000
615,433,000
554,564,732
551,919,000
615,433,000
337,857,288
10,116,581
294,031,000
12,628,000
49,853,000
347,973,869
109 ,443 ,330
306,659,000
134,576,000
49,853,000
111,654,000
1,011,981,931
1,462.347
50.000
66,116,500
993,154,000
1,462,000
50,000
68,743,000
776,940,000
1,256,000
50,000
76,644,000
1,079,610.778 1,063.409,000
3,841,244
3,869,000
854,890,000
3,994,000
2,157,000
3,156,000
2,220,000
173 ,908 ,153
823,575
154,060,000
599,000
89,631,000
214,340,000
2,187,000
Board
-..
is
New York
City State Banks
and Trust Companies.
—
Total reserves
Bills discounted:
Secured by Government war oblig'ns:
For members
For other Federal Reserve banks..
All Other:
For members
For other Federal Reserve banks
For explanation of discontinuance of these returns see item
in Chronicle of August 14, page 643.
bought in open market.
Bills
State
Banks and Trust Companies Not in Clearing
— The
Total
bills
on h.and
S. Government bonds
S. Victory notes
S. certificates of indebtedness
figures
U.
U.
U.
follows:
Bank premises
House.
State Banking Department reports weekly
showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
SUMMARY OF STATE BANKS AND TRUST COMPANIES
NEW
S
4,975,186,300
5,034,693,800
4,907,609,000
4,985,928,900
4,972,091,500
4,955.519,800
4,909,587,400
4,867,495,100
4,857,213,900
4.814,390.800
Reserve in
Depositaries.
comparison with the previous week and the corresponding
S
State banks*
Total
Total
Total
Total
Reserve
Required,
Total
Reserve.
S
5.911,312,000
IN
Total Cash
in Vault.
*
Condition of the Federal Reserve Bank of
b
Reserve
in
Depositaries
Demand
Deposits.
5,933,082,000
5,939.839,600
5,922.559,300
5,888,285,600
Actual Figures.
Cash
Loans and
Investments.
—
a
Reserve
in
Depositaries
S
Reserve banks
State banks*
Trust companies*
[Vol 111.
IN GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figures
Furnished by State Banking Department.)
Aug.
Differences from
previous week.
14.
Loans and investments
$777,758,600 "Inc. 2,114,000
Specie
79,800
7,949,700 Dec.
Currency and bank notes
17,803,500 Inc.
318.600
Deposits with Federal Reserve Bank of New York..
77.216.200 Inc.
3.526,400
Total deposits
832,832,300 Inc. 5.329.100
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N. Y. City, exchanges and U. S. deposits 789,294.800 Inc. 10,344.900
Reserve on deposits
140,346,800 Inc. 3,195,000
Percentage of reserve, 20%.
RESERVE.
State
Cash
in vaults
Deposits in banks* trust
Banks
—
Trust Companies
$24,743,300
companies 10.257.800
15.82%
6.56%
878.226,100
27.119,600
14.40%
4.99%
$35,001,100
22.38%
$105,345,700
19.39%
Total
Banks and Trust Companies in New York
—
City.
The
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the
New York
Total earning assets
5%
redemption fund against F. R. Bank
notes
Gold
in
transit or custody in foreign
countries
Uncollectible items and other deductions*
All other liabilities
1,859,546.608 1,840,384,000 1,798,333,000
Total resources
Liabilities
—
Deferred availability items
Other deposits, incl. foreign govt, credits
3.127,014
727,642.205
113.012.665
21,896.205
24,681.000
51,308,000
10,014,000
722,701,000
94,728,000
21,341,000
22,012,000
32,922,000
4,845,000
734,666,000
159,692.000
48,271,000
Total gross deposits
F. R. notes in actual circulationF R. Bank notes in circulation netliab
All other liabilities
865,678.089
852,694,660
35.393.000
29.135.125
848.784.000
852.368.000
35.360.000
27,883,000
947,474,000
748,166.000
40.453.000
7,306,000
25,338,200
Capital paid in
Surplus
51,307,5.34
,
Government deposits
Due to members reserve account
—
—
Total
1,859,546,608 1,840,384,000 1,798,333,000
liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes in
circulation after deducting 35% against
deposit liabilities
Ratio of reserves to net deposits after deducting 40% gold reserves against
F. R. notes in circulation
Contingent
liability
on
bills
38.8%
45.3%
39.8%
54.3%
37.3%
39.5%
purchased
6.093.355
6.083.375
tor foreign correspondents
* Including gold in transit or custody in foreign countries.
—
The Federal Reserve Banks. Following is the weekly statement issued by the Federal Reserve Board on Aug. 13.
figures for the system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities
separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table follomng) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal ReIn commenting upon the return for the latest week the Federal Reserve Board say:
serve banks.
Aggregate Increases of 26.7 millions in earning assets and a fui'ther addi- ance lioldin<;s of the Boston. Philadelphia. Cleveland and San Francisco
banks include 47. .5 millions of bankers' bills piu-chased from the New lork
tion of 27.3 millions to Federal Reserve note circulation are indicated in
the Federal Reserve Board's weekly bank statement issued as at close of and Chicago banks, compared with 38.5 millions reported at the close of
/•
the previous week.
business on Aug. 13 1920. Cash reserves show a gain of 1.1 millions, while
Government deposits show a reduction of 9.2 millions, while members
net deposits decreased by about 6 millions, with a consequent slight decline
mcluding
deposits,
other
millions,
and
re.serve deposits increased by 17.8
of the Banks' reserve ratio from 44 to 43.9%.
Holdings of bills secured by Government war obligations increased by foreign Government credits and non-members' clearing accoimts, increased
11.6 millions, other discounts on hand -by 27.6 millions, while holdings of
by 0.2 million. The "float" carried by the Reserve banks and treated as
acceptances bought in open market declined by 18.8 millions. An increase a deduction from gross deposits shows a gain of 14.8 millions. As a consequence, calculated net deposits. 1692.5 milUons, are about 6 milhons
of 6.3 millions in Treasury certificates on hand is due largely to tiie issuance
during the week of 9 millions of special certificates to the Boston and Phila- smaller than the week before. Substantial increases in Federal Reserve
note circulation are reported by the Boston. Philadelphia, Cleveland and
delphia banks, and the liquidation by the New York bank of 2.6 millions
Richmond ijanks, the total increase for the system being 27.3 milhons.
of certificates temporarily purcha.sed.
Of the total of about 1297 millions of bills secured by United States war In addition, there was also an increase of 2.1 millions in Federal Reserve
bank note circulation.
obligations held. 647.9 millions, or 49.9%. were secured bv Liberty bonds,
V^
Gold reserves decUned by 3.3 millions, while other cash reserves show a
316.4 millions, or 24.4%,. by Victory notes, and .332.7 millions, or 25.7%.
m the
by Treasury certificates, as against 48. 1 25.1 and 26.8% of a corresponding gain of 4.4 millions. The unusually large increase of .SI. 210. 000 capit^
total of 1285.4 millions reported the week before.
Discounted paper hold paid-in capital of the Reserve banks is due largely to increases m the
by the Boston, New York, and Cleveland Re.serve banks is inclusive of and sm-plus accounts of existing members in the New York. Richmond and
of 134.8 millions of paper discounted for six Re,serve banks in the South and
San Francisco districts.
Middle West, compared with 150^9 millions the week before, while acceptCombined Resources and Liabilities of the Federal Reserve Banks at the Close op Business Aug. 13. 1920.
The
,
—
,
,
.iur;.
13 1920. Aug. 6 1920. July 30 1920. July 23 1920. July 16 1920.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents.
Gold redemption fund
Total gold reserve
179.630,000
389,927.000
111,531,000
185,165,000
381.259,000
111,531,000
174,179,000 5180.529,000
389.389.000
387,345,000
111,531,000
111.531.000
s
168,767,000
393,905,000
111.531.000
July 9 1920.
July 2 1920. June 25 1920
Aug.
15 1919.
$
168.929.000
402.760.000
111.531.000
171.176.000
402.760.000
111,531,000
171.120.000
402,628.000
111,531,000
250,651.000
591,206,000
841.S57.000
685,279.000
674.203.000 683.220.000 685.467.000
679,405,000
677,955,000 675.099.000
681,088,000
1,150,175.000 i.iis.s<>4.oeo
1,164,562.000 1,150,343,000 1.153.712,000 1,160,215,000 1,152,875,000 1,145,102,000 1.146.944.000
121.836.000
133,921,000
139,285,000
142.994.000
144,343,000
143,651,000
148.893.000
131,708.000
152,307,000
1.977.35S.00O 1.980,605,000 1.977.704,000 1,983,271,000 1.971.421.000 1.971.31R.000 1,971,096.000 1.969,375,00012,082,587.000
.
Aug. 21
.
.
THE CHRONICLE
1920.]
769
Aug. 13 1920. Aug. 6 1920 July 30 1920 July 23 1920. July 16 1920
Legal tender notes, silver, &c
155,527.000
150.936.000
151,139,000
150,741,000
July 9 1920.
JtHy 2
136,877,000
147.626,000
1920. June 25 1920
Aug.
139,230,000
137,805,000
15 1919.
69.136.000
2.132,885,000 2,131,744,000 2,128,640,000 2,134,012,000 2,119,047,000 2,108,193, 00 2,109,501,000 2,108,605.000 2.151.723,000
Total reserves.
Bills discounted.
296,350,000 1,294.892.000 1,277,980,000 1,522,992,000
1,296.981,000 1,285,398,000 1,241,017,000 1,247,371,000 1,255,258,000
220,347,000
1.292,025,000 1,264.435.000 1,250.613.000 1,222,536.000 1,234,890,000 1,265,243,000 1.250.302.000 1,153,814,000
399,185.000
345,305,000
353,543,000
371,592.000
390.085.000
356,471,000
339.390.000
374,375,000
320.618,000
Secured by Govt, war obligations
other
All
Bills
bought
In
open market
2,909,624.000 2,889.223.000 2,836,935,000 2,823,450.000 2,846,619,000 2.934.184.000 2.935.279.000 2,830.979,000 2.117.714,000
26,791,000
26,793,000
26,791.000
26.793,000
26.792.000
26,791,000
26,810,000
27,098,000
26.810.000
69,000
69.000
68.000
69.000
69.000
69,000
274,000
69.000
69.000
325.434.000
298,520,000
287,909,000
281.942.000
309.379.000
294.182,000
271.490,000
295,727,000
277.836,000
Total Wilson hand
Government bonds
tr.
S.
tJ.
S. Victory notes
S. certificates of indebtedness
All other earning assets
U.
Total earning assets
Bank premises
Uncollected items and other deductions
from gross deposits
5% redemp. fund agst. F. R. bank notes
All other resources
3.214.339.000 3,187.592.000 3,162,315,000 3,138,218,000 3,167,661,000 3,242,988,000 3,271,519,000 3,183,275,000 2,440,813,000
13,492,000
14,289,000
14,243,000
13,734.000
14,084,000
13.658,000
14.444,000
11,806,000
14.604.000
798.155,000
11.947.000
3.859.000
733,688,000
12.644.000
3.331,000
711,074,000
12,684,000
3,767,000
772,333,000
12,742,000
3,576,000
797.347.000
12,293.000
3.822.000
890,554,000
12,400,000
4,271,000
•750,486.000
12,148,000
6,590,000
785,0.59,000
12,424,000
5,191,000
928,030,000
11,313,000
9,503,000
5,553.188.000
6.175.789,000 6,083,443.000 6,032,769,000 6,075,124,000 6,208,017,000 6,178.377.000 6,197,352,000 6,074,596.000
*
Total resources
LIABILITIES.
95,225,000
95,008.000
Capital paid in
95.341.000
96.551.000
164,745,000
164.745.000
Surplus
164.745.000
164,745.000
11.280,000
12,167,000
Government deposits
20.2.53,000
11.623.000
Due to members, reserve account
1.8.34.542,000 1,816.798.000 1,808,156,000 1,825,564,000
536.690.000
572,109,000
availability
items
Deferred
549.778.000
599,397,000
51,296,000
49,024,000
Other deposits, incl. tor'n gov't credits..
44.821.000
45.043.000
94.639.000
94,506,000
94.594.000
94,730,000
84,400.000
120,120,000
164.745,000
164,745,000
164.745.000
81.087.000
14,189,000
15.919.000
21.704.000
11,700,000
58.590.000
,867,428.000 1.839.704,000 1.874.161.000 1.831.916.000 1,778,365.000
550.012.000
647.782.000 594,434,000 572.105.000
670,539,000
•76.592.000
55.159.000
50.585.000
71.980.000
109,210,000
Total gross deposits
2.490,605.000 2,431.6.50.000 2,408,309.000 2.457.977,000 2,577,495,000 2.505.216.000 2.539.950,000 •4,472 709000 2.616,704,000
F. R. notes in actual circulation
3.169.181,000 3,141.861.000 3,120,138,000 3,118,205,000 3,135,893,000 3, 180,948,000i3, 168.814.000 3.116.718.000 2.540.904.000
190.2S7.nno| 189.232.000
185.604.000
190,067,000
192,168,000
189,375.000
F. R. bank notes in circulation netliab
194.834.000
209,709.000
196.912.000
84.939.000
49,122,000
42.542.000 _ 40. 017.000
52,184.000
45.779.000
All other liabilities
55.012.000
20,384,000
57.795.000
—
Total liabilities
6.175.789.000 6,083.443,000 6,032,769,000 6,075,124,000 6.208,017,000 6,178.377.000
Ratio of gold reserves to net deposit and
41.3%
40.37,
41.1%
40.9%
_
F. R. note liabilities combined.
40.9%
40.6%
Ratio of total reserves to net deposit and
43.1%
44.4%
43.9%
44.2%
44.0%
F. R. note liabilities combined
43.9%
Ratio of total reserves to F. R. notes in
35%
circulation after setting aside
against net deposit liabilities
48.6%
49.2%
48.9%
49.5%
47.5%
48.7%
.197M1/K»
*0rfrr4 596000 5,553,188.000
40.4%
40
7%
50.9%
42.8%
43
6%
61.4%
47.2%
48
3%
—
DtstribuHon ny Maturities
$
105.303.000
120,799,000
109,527,000
97,177,000
101,612,000
99,100,000
93.764,000
114,800.000
114.917,000
discounted
1,549.969,000 1,529,341,000 1,464,290,000 1,422,134,000 1,437,321,000 1,437.411.000 1,389.732,000 1,283,470.000 1,439.073,000
62,873,000
26,705,000
53.794.000
31,136,000
36,987,000
42,325,000
87,338.000
daysU. S.certif of indebtedness..
17,967,000
27,340,000
days municipal warrants
'67',968"666
'83.588',666
'88.680,066
Y6.97Y,666
'86,b'34"o6o
"7"2,8b"2',666
87,.549.6oO
'69,8"82",6o6
days bills bought in open market. _
'71.bY4'6o6
335.105.000
291,845,000
240,829.000
241,400.000 285,693.000
225,623,000
63.535.000
189,930.000
days bills discounted
189,632.000
6.600.000
7.559.000
4,400,000
13,773.000
5,600,000
12,000,000
6.146.000
12,900.000
daysU. S. certif of indebtedness. _
16.700,000
days municipal warrants
l"6"3',173'666
152.918,000
13'8",'7Y4',666
158.984.000
142.b24',666
129,544,000
154.529,600
122,345.000
days bills bought in open market105,155.000
469,460.000
449,893,000 486.603.000
511.758.000
426.928,000 416,780,000
99,241.000
434.400.000
days bills discounted
458.770.000
13.100.000
19.400,000
23.680,000
36,975,000
17,600,000
27.430.000
23,497.000
37.738,000
daysU. S. certif. of indebtedness.
38,102.000
days municipal warrants
"3"6".147"666
41.880.000
".^'8.5.«.0 0"o
44,603.000
28,972,000
'46,b"33".666
30.627,000
32.363.000
days bills bought in open market.
259.993.000
316,347,000
284.650,000 272.743.000 261,835.000
129,709.00
304,257,000
342,326,000
days bills discounted
29.867.000
36.533.000
43,945,000
31,252,000
28,023,000
28,144,000
23,606.00
40,273,000
daysU. S. certif. of indebtedness..
days municipal warrants
Over 90 days bills bought in open market
83.766.000
79,143.000
73,817,^00
76,884.000
90.024.000
70,532,080
11. 781.000
.58.836.000
.56,230,000
Over 90 days bills discounted
212.035.000
192.704.000
183,368,000
205,562.000
175,375,000
155. 140.000
188,621,000
162,612,000
Over 90 days certif. of indebtedness..
170,191.000
Over 90 days municipal warrants
Federal Reserve Notes
3,396.168.000 2.734,254,000
Outstanding
3,4.50,969,000 3,438.500.000 3.425,788,000 3,434,186,000 3,450,964,000 3.454.488.000 3.419.457.000
279.450.000
315,071,000 273.540,000 250.643.000
315,981,000
193,350,000
305,650,000
296,639,000
Held by banks
281,788,000
1-15
1-15
1-15
1-15
16-30
16-30
6-30
16-30
31-60
31-60
31-60
31-60
61-90
61-90
61-90
61-90
days
days
bills
bills
bought in open market..
—
3.169.181.000 3,141,861,000 3,120,138,000 3.118,205,000 3,135,893,000 3.180.948.000 3.168,814.000 3,116,718,000 2,540,904,000
In actual circulation.
Fed. Res. Notes (Agents Aeeounts)Received from the Comptroller
Returned to the Comptroller
I"
'
3.439,212,000 3,408,446.000
276.540.000
381.434,000
Amount chargeable to Fed. Res. agent 3.898.988.000 3,882.314.000
443,814,000
448,019.000
In hands of Federal Reserve Agent
,895,106,000
469,318,000
7.3.38.200.000 7,290,760,000
000 7,091, 560,000
000 3,240, 103,000
,972,780,000
,83J, 709,000
,890,419,000 3,912,447 000 3.908 001.000 3.860.326 000 3,851 457.000
455 289.000
461,483 000 453 513.000 440.869 000
456,233.000
,141,071.000
406,817,000
,241,340.00'' 7,231,560 ,000 7.200 ,920.000 7.131,660
,350.921.000 3,319,113 ,000 3.292, 919.000 3.271.334
Issued to Federal Reserve banks.
Secured
By gold and gold certificates
By lawful money
3.450.969.000 3,438,500,000 3.425,788,000 3,434,186.000 3,450,964,000 3.454,488,000 3.419.457.000 3,396,168.000 2,734.254,000
By
2,286,407,000 2.288,157,000
117,784.000
117,943,000
773,333,000
786,393,000
—
'
How
''
260,226.000
eligible paper
Gold redemption fund
With Federal Reserve Board
Eligible paner delivered to F.
259.226.000
259,226,000
227,248,000
272 ,076, 000
111,633,000
782,853,000
.273,971.000 2,298,089 ,000 2,309 ,386.000 2.272.513 000 2,245 993.000
113 081.000
116, 285.000
110.637 000
111,695 ,000
107.700.000
777 ,868,000
781,954 ,000 769, 591,000 777.081 000
793.289.000
.615,360, 606
259,226,000
259,226,000
259.226.000
87,962.000
803,684.000
R
Agent.
2,805^51,000 2,818,486.000 2,777,081,000 2.737,010.000 2,765,693,000 2.855.592.000 2,884,290,000 2,788,397.000 2.037,453.0
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
Two
ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
RESOURCES.
Gold and gold certificates
Gold Settlement Fund. F. R. B'd
Gold with Torelen agencies
S
11.996,0
42.039,0
8,142,0
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fimd
62,177,0
132,865,0
21,343,0
Total gold reserves
Legal tendc- notes, silver .&c
Total reserves
Bills discounted:
.
ernment war obligations
(a):
bought In onen laarket (b)..
Total
bills
New
LIABILITIES OF
York.
pnva.
S
1.220.0
47.285.0
8.922,0
EACH OF THE
Cleveland.
2.380.0
20.532.0
5,465.0
161,610,0 57,427,0 85,002.0
277,042.0 101,527,0 149.261.0
35.958.0 11.671.0
1.558.0
28,377,0
42,376,0
6,875,0
40,9.32,0
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.
Richmond Atlanta.
10.407.0
65.449.0
9,146,0
91,440,0
29,238,0
12
Chicago.
St.
Louis
Minneap Kan.City.
on hand
S. Government bonds
S. Government Victory notes.
IT. S. certificates of Indebtedness
U.
U.
Total earning assets
BanliS prcniLscs
Uncolleclcd items and other deductions from gross deposits
5% redemption fund against
Federal Reserve bank notes
All other resources
Total resources
Dallas.
San Fran.
13 1920
Total.
S
179,630.0
389,927,0
111.531,0
S
548.0
27.609.0
5.353.0
S
5.267.0
6.419.0
2.900.0
7,0
33.510.0
37.747.0
4.242.0
14.586.0
28.405.0
3.415.0
47,880,0
54,0
75.499.0
1.773.0
46,406,0 163.596.0 1.977,358.0
1,721,0
983.0
155.527.0
S
24,358,0
88.800,0
13,272,0
2.997.0
10.027.0
5.242.0
7,225,0
6.718.0
3.011.0
18.189.0 126,430,0
49.688.0 174,823,0
7.467.0 22,668,0
18.266.0
44.303.0
6.474.0
16.954.0
30.919,0
69,043.0
8,066,0
7,913,0
6.261.0
4.015.0
S
S
13.879,0
39.550.0
5.131.0
58.560.0
681,088.0
95.006.0 1,164,562,0
10.030.0
131,708.0
216,385,0
6,623.0
475.210.0 170.625.0 235.821.0
123,996,0
473.0
2,198.0
77,628,0
56,0
75.344.0 323.921,0
8,087,0
1.497,0
223.008.0
599.206.0 171.098.0 238.019,0
77,684,0
76.841.0 332,008.0
77,109,0
47,934,0
77.272.0
48,127,0 164.579.0 2.132.886.0
41,911.0
62.658.0
7.302.0
57.378.0 151.556.0
59.842.0 282.219.0
3,220,0 43.349.0
41,547,0
70,212,0
2,160,0
11,140,0
65,893,0
1,230,0
42.331.0
55.364.0
4.005.0
17,423,0 50.405.0 1.296.981.0
53,820,0 102.407.0 1.292.025.0
688,0 52.224.0
320,618.0
186,550.0 1,011.981,0 190,2.53.0 240„5!)6,0 111.871,0 120,440,0 477,124.0 113,919,0
1,153,0
4,490,0
114,0
1.402.0
1.386.0
1.233.0
557.0
834.0
3,0
50.0
10,0
5.0
66.116.0 36.205,0 23,322,0 12.260,0 15,665,0 39,656,0 17,257,0
26.525,0
78,263,0 101.700.0
116,0
8.867.0
12,845,0
71,931,0 205.036.0 2,909,624,0
3,966,0
2.632.0
26,810.0
69.0
8,300,0 11,204,0
!77,836.0
213,637,0 1,079,609,0 227,844,0 264,722,0 125,364,0 136,222,0 521,270,0 132,329,0
866,0
2.118,0
603,0
1,129.0
3,841,0
686,0
1,644,0
1.156,0
86,860,0 123,413,0
762,0
566,0
84,197,0 218,872,0 3,214,339,0
1,001,0
232,0
14,604,0
Secured by Gov-
All other
Bills
;,
259,226,000
3,450,969,000 3,438,500,000 3,425,788,000 3.434.186.000 3,450,964,000 3,454,488,000 3.419.457.000 3.396.168.000 2.735.254.000
Total
•
259.226.000
107.592,0
59,162,0
19,796,0
5.54.564,0 1.36.899.0
347,974,0
109,443,0
40.805,0
12,489,0
84.235.0
91.609.0
64.712,0
66,610,0
173.908.0
69,619,0
78,810,0
56.113,0
1,072.0
2,157,0
824,0
1,300,0
959,0
197,0
451,0
402.0
318,0
178,0
1.0
8,481,0
29,444,0 101,751,0
44,890,0
21,523,0
70,758,0
45,712,0
39,011,0
798,165,0
2,433,0
700,0
524,0
342,0
402.0
108,0
916,0
257.0
586,0
128,0
665,0
322,0
11,947,0
3,859,0
482,0
83,0
506.373.0 1,859,545,0 470,865,0 583,869,0 260,919,0 243,675,0 960,280,0 256,060,0 157.393.0 273.378.0 179,751,0 423,681,0 6,176,789,0
LIABILITIES.
3,865,0 13,555,0
7,050,0 23,917,0
618,0
730.0
50.157.0 265,708,0
26.429.0 72,184.0
3.635.0
1,094,0
4,272,0
6,884,0
833.0
64,993.0
39.642,0
1,600,0
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deterred avuilablllty items
Oth.deposlts. Incl. for. Gov.cred.
7.589.0
12,351,0
361,0
121.109,0
51.144.0
4,311.0
25,338,0
8,312,0 10,167.0
51,308,0 13,009,0 13.712.0
3,127,0
1,106,0
6.32.0
727,042,0 107.531.0 144.941.0
113,013,0 53.127.0 63.207.0
21,895,0
3.114,0
2.408,0
Total gross deposits
R. notes In actual circulation.
». R. bank notes in circulation
176,925,0
292,189.0
865,677,0 164,878,0 211,188,0 103.236,0 78,410,0 342.146.0 106,968,0
852,695,0 262,309,0 320,617,0 132,342,0 140,707,0 538,278,0 128.262,0
*•
.
—net liability
AH other liabilities
Total
llnbiiirlpw
5,097,0
8.067,0
687,0
57,045,0
44,099.0
1,405.0
4,322,0
8,395.0
736.0
79.799.0
59,351.0
1.506.0
3,929,0
0,738,0
96,661,0
4.152,0 11,662,0
164,745,0
1,250.0
1,227,0
11,623,0
53.310.0 119.035,0 1,834,542.0
28.347.0 20,749,0
699.397.0
S60,0
2.254,0
45.043.0
63.754.0 141.392.0
75.799,0 101.832.0
83,767,0 152,266,0 2.490,605.0
79,202,0 238,949.0 3.169.181.0
3.322.0
6.178.0
316.0
43.272.0
19.205.0
961.0
8,864,0
1.810,0
7,802,0
1,538,0
,506.373,0 1.8.59. .545.0 470.865.0 ,5S3.,869.0 260.919.0 243.675.0 960.2.80.0 2.56.060.0
1.57. .393.0
14.875,0
2,444,0
35,393,0
29,134.0
19,8.35.0
2,462.0
19,186,0
2,999,0
10,688,0
1,489,0
11,901,0
1,742,0
34,704,0
7,681,0
15.395.0
2.042,0
7,199.0
1,502,0
11.070.0
2.052,0
196.912.0
57.795.0
273.H7S.0 179.751.0 423.6S1.0 6.175.789,0
THE CHRONICLE
770
Ttco ciphers (00) omitted.
Boston
:Vew York.
PMla.
Cleveland.
LIABILITIES (Concluded) —
S
S
S
S
Ratio of total reserves to net deposit and F. R. note liabilities
55.4
combined, per cent
38.8
Memoranda Contingent liability as endor ser on:
Discounted paper rediscounted
with other F. R. banks
Bankers' acceptances sold to
47.9
—
other F. R. banks
Conting. liabil. on bills purch. for
foreign correspondents
1,168.0
(a) Includes bills discounted for
other F. R. banks, viz
60.429.0
(6) Includes bankers' acceptances bought fr
With their endorsement
Without their endorsement
6,083,0
S
51.9
1,280,0
10,.?91,0
om other F.
Richmond Atlanta.
40.5
24,667,0
25,209,0
784,0
576,0
1,312,0
Chicago.
St. Louis.
%
S
$
43.3
[Vol. 111.
42.6
Minneap. Kan.City.
$
l".444"6
S
40.6
44.8
41.0
20,941,0
10,073,0
23,534,0
30,375,0
752,0
432,0
768,0
416,0
1,904,0
46.7
New
Boston.
(In Thousands of Dollars)
S
Federal Reserve notes on hand
42,000
Federal Reserve notes outstanding
303,252
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
900
;
..
Gold redemption fund
Gold settlement fund
19,965
112,000
170,387
16,163
— Federal Reserve Board
required
amount held
Total
43.9
134,799,0
736,0
16,211.0
134,799,0
2f,559"0
•
Amount
$
R. banks:
Federal Reserve Agent at-
]
Total.
63,979,0
—
Eligible paper:! E.xcess
San Fran.
S
40.5
17',3S9',6
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG.
Resources
Dallas.
$
York Phila.
Richm'd Atlanta Chicago
Clevel.
13 1920.
Minn. K. CUy. Dallas San
St.L.
"47,522'0
Fr.
Total.
S
$
S
S
135,000 24,940 27,725 24,974 71,205
971,932 270,334 338,224 138,298 145,582
S
73.900 16,440
596.498 146,967
10,455
5,280
77,145 107,704
11.020
5,080
448,019
83.305 271,730 3,450,999
196,608
32,025
18,034 15.138 17,236
63,000 86,389 100,030
694,290 168,807 188,963
286.145
2.438 33,877
3,810
8,679
3,163
166,144 37,330
421.675 102.664
55,175 11.171
13,052
1,917
15,950
46.226
23,665
11,331
260.226
6,340 16,520
117.943
10.734 78.486
786,393
54,900 176.724 2,286,407
17.031 13,412
519,544
2,500
3,876
3,6
43.500
95,894
24,508
.38..500
95,920
4.319
S
S
3,387
34,360
69,957
31,640
S
664,667 2,365,009 568,046 738,050 305,885 386.877 1.322,071 321,545 188,410 252,328 194,661 561.952 7,869,501
—
Liabilities
Federal Reserve notes received from Comptroller, gross611,240 631,520
Less amounts returned lor destruction
315,966 265,571
Net amount of Federal Reserve notes received from
Comptroller of the Currency
345.252 1.106,932 295,274 305,949
Collateral received from
132,865
277,642 101,527 149,261
J Gold
Federal Reserve bank:(EUgible paper
186,550
980,435 171,245 222,840
Total
350,160 365.680 1.104.800 349,820 169,580 238,560 171,980 480.100 7,3l8,200
186,890 148,893
434,402 186,413 81,980 125,576 77,655 203,290 3,439,212
163,270 216,787
42,376 49,688
100.239 120,402
670.398 163,407
174,823 44,303
476.850 113,835
87.600 112.984
30.919 37,747
69.891 101.597
94,325 276,810 3,898,988
28,405 95,006 1,164,572
71,931 190,136 2,805,951
664,667 2,365,009 568,046 738,050 305,885 386,877 1,322,071 321,545 188,410 252.328 194,661 561,952 7,869,501
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
Federal Reserve notes in actual circulation.
303,252
11,063
971,932 270,334 338,224 138,296 145.582
119,237
8,025 11,607
5.954
4.875
596,498 146,967
58,220 18,705
77,145 107.704
1,346
5.872
83,305 271,730 3,450,969
4,103 32,781
281,788
292.189
8.52,695 262.309 326.617 132.342 140.707
538.278 128.262
75.799 101.832
79.202 238.949 3,169.181
—
Member Banks
of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Board giving the
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTIN G BANKS AS AT CLOSE OF BUSINESS AUGUST 6 1920.
Continued liquidation of United States securities, largely Treasiu-y
supported by Government and corporate securities,
y substantial reductions in Government and other demand
deposits, is indicated in the Federal Reserve Board's weekly statement of
condition on August 6 of 815 member banks in leading cities.
As against an Increase of about 7 millions in the holdings of Liberty
bonds the banks report reductions of 9.1 millions in Victory notes and of
32.8 millions in Treasury certificates. For the member banks in New York
City an increase of 4.9 millions in the holdings of Liberty bonds is accompanied by reductions of 7.7 milUons in Victory notes and of 19.4 milUons in
Loans secured by United States war obligations
Treasury certificates.
show a decline of 8.9 millions for all reporting banks and of 3.6 millions for
the New York City banks. Total loans secured by stocks and bonds fell
certificates, also of loans
accompanied
I
off 49.3 millions, the New York City members alone reporting a decrease
under this head of 36.2 millions. As against these reduction other loans and
investments, comprising largely commercial loans and discounts, show an
increa.se of 20.7 millions for all reporting banks and 16.5 millions for the
New York City banks. Total loans and investments, accordingly, show a
1.
Data
member banks
for all reporting
Federal Reserve District.
of reporting banks
U. S. bonds to secure circulation
other U. S. bonds, Incl. Liberty bonds.
U. S. Victory notes
U. S. certificates of indebtedness
46
$12,311
Total U. S. secui-ities
Loans and investments, inclvidlng
All
by
5.4 millions (2.3 millions in
New York
YorkiPhlladel. Cleveland Richm'd.
Atlaraa.
.
j
Chicago.
St.
Three ciphers
Louis Minneap Kan. CUv
92
$42,095
59,595
19,486
20,995
82
$28,483
33,672
7,759
11,514
$14,310
28,470
4,400
9,203
107
$21,549
66,607
38.987
54,261
35
$16,924
13,110
2,649
5,126
35
$7,318
$53,321 $593,375
$73,827 $142,171
$81,428
$56,383 $171,404
•S51.593 $472,975
183.663 1.246.203
791,627 4,021,071
$89,444
201,647
580,620
$75,294
329,823
952,989
$32,050
107,318
393,321
080.204 6,333,624
80.845 657,713
23.876 119,007
824.478 5,096,475
140,424 429,595
4,247
43,704
945,538 1,500,277
69,446 100,846
32,729
15,779
683,699 914,096;
33,514 365.892
4,011
4,769
614.1171
37,712;
16,5051
343,5541
15.148
6,084
19,778
114
$46,582
259,899
75,021
211,873
56
$11,347
29,498
9,011
23,971
City).
(000) omitted.
San Fran
Dallas.
Total.
815
$268,423
614,681
184,032
401,225
68
$32,535
63,628
9,801
882
2.730
83
$15,396
23,812
4,504
9,980
50
$19,573
21,441
3,321
5,315
$37,809
$20,731
$53,692
$49,650 $134,570 $1,468,361
$28,966 $101,418
60,560 458,343
417,193,1,765.365
$33,593
126,642
412,336
$16,760
30,918
284,154
$25,873
80,198
512,983
$9,995
39,237
254,137
563,102 2,496,530
32,1811 187,994
13,1671
66,097
263,330,1,388,310
150,859 627,257
1,039
6,262
610,380
38,455
9,578
318,020
124,764
672,746
44,338
14,246
408,675
96,940
3,020
353,019 1,291,747 16.813,847
79,877 1,374.806
24,476
27,685
360,179
11,982
223,014 627,179 11,300,927
54,245 521,521 2,721,624
4,510
74,146
235
47|
11,928
26.479
bills re-
discounted with Federal Reserve
Bank
by U. S. war obligations
by stocks and bonds
other loans and investments
Loans
Loans
.
each Federal Reserve District at close of business August 6 1920.
New
Boiton.
Number
in
decrease of about 72 millions, of which 45.5 millions represent the aggre
gate decrease for the New York City institutions.
Government deposits show a net reduction for the week of 41.2 millions
(23.7 millions in New York City), other demand deposits (net) a reduction
of 87.1 millions (61 .4 mUlions in New York City) while time deposits show
a gain of 15.7 millions, though a simultaneous decline of 1.4 millions for
the New York CitV banks.
Accommodation of reporting banks at the
Federal Reserve banks, as .shown on the books of the latter, increased from
about 1.973 to 2,021.6 miUions, or from 11.1 to about 12% of the reporting
banks' total loans and investments. Accommodation of the New York
City Ijanks at the local Federal Reserve Bank shows an increase from 683.8
to 722.4 millions, or from 12.1 to 12.9% of the banks' aggregate loans and
investments.
Reserve balances (all with the Federal Reserve banks) show an increase
of 6.1 millions for all reporting banks and a somewhat larger increase
(by 8.9 millions) for the New York City members. Cash in vault increased
sec.
sec.
Total loans and Investments, including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash in vault
Net demand deposits
Timedeposiis
Government deposits
payable with F. R. Bank:
Secured by U. S. war oblgations
All other
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations
All other
112.770
442|
$35,198 $973,159
146,511 3,011,063
975,468 11,361,264
1,W0
352,563
20.923
9.528
210,097
63,846
157
33,308
98,995
21,689
4,862
30,447
85
17,523
180
24,965
360
7.134
60.990
15,335
242.511
9,321
74,737
2,623
48.784
6.212
61.219
1,794
23.575
4.276
258,446
65.120 1,017.629
Bills
2.
24,946
368,783
56,376
25,935
36
36,540]
10,146
49.431
4,264,
38.164'
^
18,504
37,781
133.974
282.754
44,863
32,563
536
Data of reporting member banks in Federal Reserve Bank and branch
New
York
City.
City of Chicago.
All F. R.
Bank
cities
and
all
Total.
Three ciphers (000) omitted.
Aug.
Number
ng banks
6.
1
72
July 30.
Aug.
6.
50
$1,438
20,984
11,642
22,510
58,775
U.
S.
$36,886'
XJ.
S. Victory notes
S. certificates of indebtedness...
226,849
65,686
193,101
522,522
544,674
56,574
442,224
445,829
65,866
342,036
bonds o secure circulation
other U. S. bonds, incl. Lib, bonds.
U.
Total U. S. securities
Loans and investments, incl. bills rediscounted with F. R. Bank:
Loans sec. by U. S. war obligat'ns
L^ans sec. by stocks and bonds..
All other loans and investments..
& investments, incl
rediscounts with F. R. Bank:
Reserve l)alance with F. R. Bank..
Cash in vault
Net demand deposits
,094,2531 130,519
,548,8013 532,276
July 30
50
$1,438
21,254
12,355
23,728
72
$36,961
221,852
73,381
212,480
of repor
Aug.
6.
279
$96,677
348,715
July 30.
Aug.
6.
94,522
279,394
278
$96,752
342,734
103,248
305,196
198
$71,194
144,057
51,505
819,308
847,930
341,940
75,184
July 30.
Aug.
6.
July 30
307,113
Aug. 6
July 30. lAug.S'W.
815
$268,423
614.681
184,032
401,225
814
770
$268,368 $270,231
607,595
641,315
193,118
328,671
433,958 1,160,302
308,714 1,468,361
1,503,039 2.400.519
338
198
338
S71.194 $100,552 $100,422
121,909
121,986
142,875
38,005
38,514
51,356
47,792
46,647
80,970
346,395
1,197
other reporting banks.
Branch Cities All Other Reprt.Bks
Cities.F. R.
744,369
981,972 al,326,286
973,159
99,647
740,544 139,200 141.781 100,809
733,150
66,144
a
346.209 2,111,238 2,159,564 480,694 481,852 419,131 418,903 3,011,063 3,060,319
7,273,032 7,252,861 2,202.643,2,199,577 1,885,589 1,888,06111,362.264 11.340,49911,040,854
.053.954 1,055,641
Total loans
TimedepjsUs
Government deposits
payable with F. R. Bank:
Secured by U. S. war obligations
,607,8005 ,653,298
615,2241 606,317
104,913' 102,579
,603,31914 ,664.731
300,362
41,896
301,766
65.624
331,149
300,999
518.430 1,526,769 10,936,728 11.000,899 3,164,477 3.169,605 2,712,642 2,715,32516,813,847
133.079 135,921 1,010.152 1,011,220 205,886 199,2441 158,768 158.195 1,374,806
360,179
82,4931
84,463
204.998
201,150
70,718
36,963
36,256
71,106t
957,209 972,089 7.933,480 8,006.287 1,728,622 l,740,09?tl, 638.825 1.641,65211,300,927
283,811 282,679 1,225,262 1,224,573 893,442 881.243 602,920 600.036 2,721,624
74,146
6,868
4,382
9,786
63,271
98,633
6,493
4,119
6,435
16,885,82915,106,469
1,368,659 1,353,545
351,220
354,749;
744,369
1,197
708,812 11,088.510
2,122
11.388,036110,744,722
2,705,8521 1,882,694
115,287
551,406
Bills
All other
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations-
33,628
36,687
502,328
150
472,973
150
147,895
143,234
445
996
94,146
602
26,785
156,103
29,162
146,393
13,986
142,062
13.2
11.3
7,975
171,327
8.864
174,325
217,675
719,464
213,899
715,474
Ratio ot U. S. war securities and war
paper to total loans and investmcnts. per cent
16.5'
16.9
8.0
a Exclusive of rediscounts with Federal Reserve banks.
8.1
13.3
13.6
All other
128,915
262,421
120,890
261,925
13.
92,605
976
258,446
13,802
143,370 1,017.629
256,863
1.005,237
12.9
13.1
11.3
1
;
33S.S10
.
Aug. 21
THE CHRONICLE
1920.]
771
United States Bonds.
Wall
Street,
Friday Night, Azig. 20 1920.
—The
Railroad and Miscellaneous Stocks.
The volume
department has,
however, been small throughout the week. At the end of
last week the New York Federal Reserve Bank statement
showed its ratio of reserve to be near the lowest heretofore
7%.
of business in this
losses were fully recovered.
Sterling exchange also recovered 3 points of its recent decline.
During the week's operations Bait. & Ohio has covered a
range of 33^ points, Reading 2%, Ches. & Ohio and Can.
Pac. 2, Stromberg 8, Mex. Pet. 7H, Chandler 63^, Baldwin 6}^, and almost the entire list closes at or very near the
highest figures of the period mentioned.
For transactions on
New
NEW YORK STOCK EXCHANGE
Yorli. Boston, Philadelphia
and Baltimore exchanges
Range for Week.
Sales
for
Week.
Par. Shares
AmBrakeShoe<sF.«opar
Am Tobacco com B.-lOO
Am Wholesale pref..l00
Assets Realization
10
no par
Atlantic Fruit
Austln,Nlchols<KConopar
.. ..50
Barnsdall class B
25
Buif & Susq pref v t c 100
Case Thresh
pf-..100
Central RR of N J. . . 100
Certain-Teed Prod no par
Chic & E Ills pref tr rects
Auto Sales Corp
M
Computing-Tab-Rec. 100
Crex Carpet
Lowest.
100
100
Davison Chemical.no par
DeBeers Con Mines no par
Durliam Hosiery Mills 50
Preferred
100
Eastman Kodalc
100
Elec Storage Battery. 100
Rights
Emerson Brant pref. 100
General Chemical ...100
Guantanamo Sug.no par
Homestalje Mining. .100
Indian Refining
10
Kayser(J)<s;Colstpf .100
KresgeCSS) Co
100
Lalie Erie & West... 100
200 11
Preferred
100
200 17
Loose Wiles 1st pref. 100
100 94 K
Mailinson (H R) pref 100
120 60
Manhat Elec Supply _ 100
200 60
par
Martin-Parry
no
300 20 K
Maxwell Motor
100 4,000 \0\i
First preferred
100 1,700 19 K
Cuban
Am Sug pref.
.
MStP&SSMarle-.lOO
Preferred
100
Body
no par
NashvChatt* StL.lOO
Mullins
National Biscuit
250
100
300
100
300
100
200
Highest.
$ per share.
300 zbi
1,700 106
200 90
100
2%
500 19>^
100 20M
600
iVa
100 35
200 45
100 91 M
100 215
100 51
100
8H
300 45%
100 55
100 99
500 32
400 27H
100 46
100 94
15 533
50 115
400
3
100 71
100 164}^
2,800 uVi
100 50
100 20
100 112
200 122
71
H
835i
32
100
106
8
19
100
Nat Rys Mex 1st pref 100
Norfoll? Southern... 100
Peoria & Eastern. . . 100
100 10«
Pitts Ft W&C'hlpf._ 100
180 113K
Sears, Roebuclc. pref. 100
100 1055:^
So Porf« Rico Sugar. 100 1,300 115
Standard Mill pref. . . 100
100 78
Third Ave Ry
100
100
914
United Dyewood
100
300 56
Wesfh'seE&;Mlstpf..50
10 70
Wisconsin Central. ..100
100 25
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
S per share.
20 56
14 109
18 WVs
14
2%
16 20
20
20M
4H
17
19 35
17 45
14 91H
17 215
20 51
20
Sy^
17 46
20 55
19 99
16 33
17 23
14 46
17 94
18 533
16 115
16
3
20 71
17 164M
le 201^
16 50
20 20
19 112
19 1221.^
17 11
18 17J^
20 941^
20 60
14 60
18
16
21
18
16
17
17
16
18
14
21?^
11
5/^
72
83K
33
100
106 K
8
20 20
17
20 113J^
WH
W5K
16
19 134
18 78
20
9K
19 56
19 70
20 25
and Railroad Bonds.
Aug 17
Aug 20
Aug 18
Aug 14
Aug 16
Aug 20
Aug 17
Aug 19
Aug 17
Aug 14
Aug 17
Aug 20
Aug 20
Aug 19
Aug 20
Aug 19
Aug 17
Aug 16
Aug 14
Aug 17
Aug 18
Aug 16
Aug 14
Aug 20
Aug 17
Aug 17
Aug 16
Aug 20
Aug 19
Aug 20
Aug 17
Aug 18
Aug 20
Aug 20
Aug 14
Aug 18
Aug 20
Aug 20
Aug 17
Aug 17
Aug 17
Aug 16
Aug 17
Aug 14
Aug 20
Aug 17
Aug 20
Aug 16
Aug 17
Aug 18
Aug 20
Aug 19
Aug 19
Aug 20
— Sales
Range since Jan.
Close
High
4s
,
1 0-25-year-conv , 1 942
Low
{
Close
I
Total sales In SI. 000 units
Second Liberty Loan
4s, convertible,
f
1932 47
<
High
Low.
[Close
Total sales in $1,000 units
Third Liberty Loan
High
{Low.
Close
I
Total sales in SI, 000 units
Third Liberty Loan
High
4%sof IstL L conv. '32 '47{Low_
f
Close
I
Total sales in SI ,000 units
[Close
Total sales in SI ,000 units
Fourth Liberty Loan
4
14 s
High
<Low.
f
of 1933-38
Close
I
1.
90.28
90.00
90.10
1,058
84.18
84.16
84.18
P0.14
90.00
90.00
262
84.50
84.14
84.20
8
1
8
88.76
88.70
87.90
18
84.70
84.60
84.70
3
87.94
87.72
87.86
88.08
87.76
87.70
646
84.90
84.74
84.60
35
84.40
84.30
84.30
262
84.90
84.66
84.80
f
4!.isofl928
90.40
90.18
90.18
209
84.30
84.10
84.12
15
84.60
84.60
84.60
Total sales In $1,000 units
84.52
84.50
84.52
803
644
84.84
84.50
84.60
60
84.40
84.30
84.36
872
84.80
84.70
84.72
84.86
84.54
84.68
500
1,561
95.58
95.50
95.52
95.60
95.48
Victory Liberty Loan
High
3Hs, conv gold notes, '22-'23^Low.
244
95.62
95.50
Close
95..50
1,110
95.56
95.46
95.52
247
Fourth Liberty Loan
4%s,lst
LL 2d
.
181
84.36
84.14
84.30
1,615
84.60
84.50
84.66
1,842
90.12
90.02
90.02
192
84.20
84.20
84.20
4
84.44
84.44
84.44
1
87.84
87.74
87.76
1,084
84.80
84.60
84.62
71
84.34
84.18
84.22
1,264
84.72
84.50
84.62
1,600
90.10
89.94
90.00
1,097
84.20
84.06
84.16
20
84.34
84.34
84.34
89.90
90.06
89.96
»>.492
84.22
84.20
84.20
8
1
87.84 'ss'.oo
87.70
87.78
87.78
87.92
1.519
476
84.80
84.58
84.70
79
84.34
84.74
84.58
84.70
63
84.50
84.28
84.46
84M4
84.28
1,221
572
84.68
84.50
84.56
2.439
84.84
84.60
84.74
1,299
95.64
95.72
95.56
95.58
1,283
95.62
High
f
Low.
conv, '32-'47<
(Close
Total sales in SI ,000 units
Victory Liberty Loan
( High
iH conv gold notes, '22-'23<Low.
[Close
Total sales In SI, 000 units.
f
215
95..52
95.54
95.50
95.54
1,050
95.56
95.48
95.54
890
95.58
95.50
95.52
424
95.54
95..50
95.50
450
95..50
95.54
1,012
95.58
95.50
95.54
382
95..50
95.60
432
—
Foreign Exchange. Sterling exchange was less active,
but again ruled weak and fresh declines were sustained.
The Continental exchanges were irregular, breaking severely
on renewed selling on a Irge scale.
To-day's (Friday's) actual rates for sterling exchange were 3 55® 3 57
for sixty days, 3 58%
60% for cheques and 3 59@3 61 for cables.
Commercial on banks, sight 3 58@3 60, sixty days 3 50@3 52M. ninety
days 3 49@3 51, and documents for payment (sixty days) 3
525i.
Cotton for payment 3 58@3 60 and grain for payment 3 58@3 60.
©3
Lowest.
Highest.
S per share. S per share.
53
July 60
July
102
Aug 210
June
H
89 H
2
19!^
20
4
35
45
91
H
175
40
4H
Aug
Aug
Aug
Aug
Aug
eVi
Apr
Apr
20J4
24
May
95
19M
May
Julv 45
July
Aug
101
Jan
Jan 220
July
May
62
Jan
Jan 11
Mar
46
93
533
115
July 130
32
27
2M Aug
71
150
Jan
Jime 43%
Aug 56
Aug 64
Aug 106
Aug 33
Aug 36K
Aug 67%
May 102%
Aug 533
43 H!
45 H
99
Aug
3%
Aug
91
June 192
Jan
Apr
Jan
Aug
May
Jan
Jan
Aug
July
Julv
Jan
Mar
17H Aug 20% Aug
Aug 71
Jan
Aug 20
Aug
105
May 112
Aug
120
Aug 155
Jan
>i% Feb 12 !4 Mar
16
Feb 22% Mar
94 H Aug 100
Jan
52
Aug SOJ.^ Apr
57
July 60
Aug
19^5 Aug 30% Jan
SO
20
7% Aug
16
63
80 Ji
32
100
105
5^
10
9
38
Aug 63%
Feb 80
June 94
Aug
.^ug
51
111%
Julv 125
Aug 14
Feb 29
June 16
Apr
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Mar
113% Aug 125K Jan
105H Aug 119% M!ir
rlOO
Aug 310
Apr
78
June 85
Apr
9% Aug 17% Mar
55
Apr 57% Mar
62% May 65% .Tan
25
May 33
Feb
of State bonds at
Virginia
6s, deferred trust
Board are limited to $28,000
receipts, at 63.
The market for railway and industrial bonds has been decidedly dull and prices irregular within narrow limits.
The
usual list of 25 relatively active issues shows that 14 have
declined and 3 are unchanged.
Among the exceptional
features Cuba Cane Sugar 7s are conspicuous for a drop of
2 points in sympathy with the shares, presumably on the
declining prices of its product.
On the other hand, Ches. &
Ohio 4Hs, St. Paul 4J^s and Inter. R. T. 5s are substantially
higher, although the local tractions have generally been
weak. Other changes in this list are fractional and unimportant.
State
the
l
(
Total sales In SI ,000 units
Second Liberty Loan
Total sales In $1,000 units
WEEKLY AND YEARLY.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
High
Low-
f
•:
1
see page 767.
Week ending Aug. 20.
First Liberty Loan
3%s, 15-30 year, 1932-47
f
upward movement, which began
on Thursday, continued, and in a good many cases the earlier
DAILY,
at
Daily Record of Liberty Loan Prices. Aug. 14 Aug. 16 Aug. 17 Aug. 18 Aug. 19 Aug. 20
Third Liberty Loan
High
4%s of 2d L L conv, •27-'42aow.
reported.
In to-day's market the
TRANSACTIONS AT THE
Government bonds
of
stock mar-
ket has continued of the same general character as we reported last week and for the same reasons, viz.: the money
market and the Russo-Polish situation. Prices continued to
decline on Monday and Tuesday, halted on Wednesday, but
took on a firm tone on Thursday, owing to the receipt of
more favorable news from Poland.
The money market has been irregular. Call loans were
quoted at 6 and 7% on Monday, at a maximum of 8% on
Tuesday, 9% on Wednesday, and on Thursday and Friday
at
— Sales
the Board are limited to §6,000 4s, coup., at 105, and the
various Liberty Loan issues.
To-day's prices are given below.
For weekly and yearly range see fourth page following:
50%@3
To-day's (Friday's) actual rates for Paris bankers' francs were 14.13®
14.28 for long and 14.06@14.21 for short.
Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 32 5-16@32 3-16 for long and 32 11-16@32 9-16 for short.
Exchange at Paris on London, 50.69 francs; week's range 50.00 francs
high and 50.69 francs low.
The range for foreign exchange for the week follows:
Sterling Actual
Sixty Days.
Cheques.
Cables.
High for the week
3 615i
3 65
3 65M
Low for the week
3 54?i
3 58
3 5SH
Paris Bankers' Francs
High for the week
13.70
13.63
13.61
Low for the week
14.29
14.18
14.16
—
—
—
Germany Bankers' Marks
High for the week
2.16
2.17
Low for the week
1.94
1.96
Amsterdam Bankers' Guilders
Highfor the week...
32 11-16
33 1-16
33 3-16
Low for the week
32 3-16
325^
32?i
Domestic Exchange. Chicago, par. St. Louis, 15@25c. per 81,000
discount.
Boston, par. San Francisco, par. Montreal, S133 75 per
Cincinnati, par.
•SI ,000 premium.
—
—
—
Outside Market. There was no definite trend to prices
on the "Curb" this week, and few changes of any moment.
Business was on a small scale, the oil shares coming in for the
majo r portion of the attention. Simms Petroleum was a
firm feature, easing off fractionally at first to 9J^, then advanci ng to 11 with the c lose to-day at 10^. Maracaibo
to 19 J^ broke to 15^^
Oil after an early advance from 18
and recov ered finally to 18. National Oil after fluctuating
during the week rose to 7J4 to-day,
between 614 and
Merritt Oil after early fractional loss to
closing at 7^.
12% ran up to 14 J^ and ends the week at 14. Midwest
Refining sold up from 143 to 150 and at 14S finaUj'. Ryan
Consolidated moved irregularly, up at first from ISJ^
to 20, then down to IS and to-day advancing to 22.
Aside from a few issues industrials ruled very dull and
General Asphalt Com.
price s moved with a narrow range.
,
H
6^
from 50 J^ advanced to 54 5i dropped to 48 and moved upward
again reaching 55 H- The close to-day was at 53. Wni. Farrell & Sons Com. suffered a decline of 232 points to 20.
Submarine Boat declined from 11 J^ to 10} s and recovered
Swift International lost two points to 30.
fiuallj' to 11.
United Retail Stores Candy receded from 12 to 10 •?4, recovered to 13 and ends the week as 12 H- In bonds Sinclair
Oil 73'^s. made a good recovery, advancing almost 4H
points to 913-«, the close to-day being as 91. 0«^rmnn City
bonds were weak.
A complete record of "Curb" market transactions for the
week will be found on page 780.
,
New York
772
Exchange— StocK
Stock
Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For record of sales during the week of stockR usually Inactive, see precedlnn
HIGH AND LOW SALE PRICE— PER SHARE, NOT PER CENT.
Saturday
Aug. 14
Monday
$ per share
Sli2
81
S per share
•75
76
•534
7
85
85
34I2
461:
35I2
46's
IOI2
7
*10
*6U
11734 118
5534 55'g
734
2178
33
50
70
*74
85
35
46
34%
3538
10
10
*6l2
117
7
119
5534
*734
33
50
75
63
*61l2
*49l2
•6O34
634
85
33I2
5OI4
34I8
•6
6l!>
85
21
103
33%
7512
6I2
5038
69%
33 Is
•73
70
103
75
64
46
*97s
*6l4
10
7
55%
56
8I2
•734
22
•21
3234
4912
33
934
8
55
•8
20%
69%
62
46
934
•6%
117%
32I4
4938
3334
74I2
•72
62
54I2
•45%
•68%
103
,
Thursday
Aug. 19
Friday
for
the
Aug. 20
Week
S per share
S per share
Shares
80% 80% 80% 81%
7434 7434
74% 74%
•6
7
6% •6
85%
85% 8538 •85
34% 35
34% 35%
4934
33%
6912
•101
3334
62
46
II7I2 119
56I4
8I2
33
'101
S per share
S per share
8II4
8OI4 81
7512
74
75
*84i2
34I2
4534
8I2
21^8
7OI4
»101
80%
Wednesday
Aug. 18
Tuesday
Aug. 17
Aug. 16
11734
55I4
8I4
2II4
32%
4934
69
•101
33%
33
74
62
•7134
62
Saes
46
46I4
•934
10
8
6%
117% 118%
""814
•21
^%
49%
"s'u
22
33
50
•6938 6934
101
101
33% 3334
73
8II4
74I4
•6
634
8534
86
35%
46%
38%
934
934
6%
6%
118
56
7%
21
33
50
6934
47
119
57
7%
21%
34
5034
70
100%
34
73%
73
62% 03
8II9
7434
•62
"34%
74
63
5OI4
5OI4
25I2
25
•24%
*46
•35
*225
235
5
5
10
*9h
12I2
1918
1212
19
*14
73
15
73I4
32
3134
*12l2
14
28
28
3"
9I2
17^8
17^8
*43
44
98
45
44
98
42I4
42I4
240
235
Do
12=8
12
19
19
15
•14
73
3II2
*12l2
•25I2
83^8
31s
8^8
I7I4
•43
•44
I7I4
*32
7II2
34I2
*55l2
"0
*50I'>
5II2
33I4
33%
3278
*17
6I4
4234
5
•4I2
*36l4
70%
32I2
12
19
*12i2
39
71
32I2
14
9
9
17%
40%
22
12%
27I1
84%
84%
3%
3%
834
9
17i->
1734
43I4
44%
*97
•97
6%
*9
24I4
11
24%
42% 42%
97
242
97%
245%
5,700 Canadian Pacific
2,700 ChCBapeake A Oblo.
200
6I4
•9
24
19
I4I0
*lll4
*26l4
13%
85
3%
9
18
§43
281,1
86
3%
9
18%
43
4234
13U
13%
6%
6I4
12
11
25
25
43%
100
11
25%
43% 44%
5
4I9
5
• 41,
5
39
35%
36I4
36I4
70% 70% 7034
32% •30
36%
71%
71
72
35
62
*4l,
*36i4
34
62
•30
51
•50
33
51
19%
•17%
18%
9OI4
9OI4
62
•55
•50
51
32%
,
73% 73%
40% 4034
22% 22%
32%
73%
40%
22%
55
33
3334
73%
73
4034
40%
91
7334
4934
23
23
24%
65
47
*
*2534
27
•2512
26l2
*68
76
•68
87
76
8712
4018
8818
401s
2434
2434
"1934
Y9"78
*30
31
88
92
2738
60
60
3334
3434
*29
I'ms
II7I2
*64l2
*734
*16l4
65
834
17
8
2434
17
7h
*24
*14
9I2
I3I'
2618
9I2
*12l2
26
*63l2
65
76
883s
8634
4OI4
32
31
31
1934
2034
3038
2OI4
21
7%
I4I2
•7
•1314
917s
27I4
90%
26%
91
2634
60
60
873s
2434
23%
24
32
30% 31%
7%
I4I4
9134
2714
*57
5878
•30
2OI4
734
16
6412
734
16
•778
24
•13
8%
24
9I2
•12
26
•63
I6I2
9I2
14
26
65
87%
8734
116% 117%
31
7%
90%
26
2634
•56
3238
7%
24
17
9%
9%
I2I4
I2I4
25
26
65
•63
IOI4
IOI4
31
7
7
76
90%
42%
9034
2634
14%
91%
27
60
116% 116%
•734
8%
23%
2334
•13
16%
9I4
9I4
•12
25
•63
734
734
2334
32
20%
13
7%
14
92%
27%
60
34
35%
117
65
734
14
9%
91
32
91%
26%
24
16%
•914
32
20%
31%
7%
16%2
8
16
23%
14
•12
13
IOI4
117%
64% 64%
*7I'>
25
30
11634
15
24%
7
32% 33I4 34
32% •30
40
647g
24
*15
31
*13
64% 65
7%
7%
7%
15% •15U I6I4
64%
7%
15%
7%
20
24
33
20
•30
14
91
32% 32% •30
3434
23%
2OI4
31
•7
*13
3234
6412
86%
27% 27%
•68
76
417s
33% 34%
117
24% 25
•68
86%
32
32
118
25
76
43
32
29I2
7
24
•68
4OI4
43
24
24%
IOI4
IOI4
25%
*68
2434
*13
9II2
27I4
25I4
60
40
117%
65
8%
16%
8
2434
16%
35
3OI2
301
01
59
48I4
48%
*ll4
II2
•30
7OI2
78
•85
*44
•39
78%
"
'88
33I2
*34
*28
35
9%
25%
26%
2fii'>
65
65
65
31
60% 60%
48
49
U
1%
II4
lU
134
134
3034
7012
30
78
90
49
44
76
*43
78%
•76
84
88
"86
34I2
90
136%
•10714 110
30%
7878
40
'
•1314
74I4
•38
61
73
*10
68
86
94I2
•100
1234
2OI4
•70
55
86
35I2
10
•130
I4I2
13%
75
39
74I4
61
74
1114
6912
86
95I4
101
13%
20l'>
75
55
* Bid
25I4
10
139
14%
74%
71%
72 14
10
9%
67% 68%
•85
94%
•100
•1234
20%
•70
90
95
114
•106
8412
83
86I2 •SO
and asked
76
•85
•43
•39
76
90
49
49
74%
76%
8II4
85
82
75
33
33%
87%
87%
131% 135
25I4
27I4
64
13%
74
37% 37%
67%
•9%
72%
66
67I4
III4
'9"4"%
100
12%
13
2034
22%
75
S45s
55%
88
35
88
85%
85%
35I4
II3I4 114%
'106
108
80
83
86%
prloei:
134
7634
90
49
49
•75
83
32I4
88
3434
•26
30
5734
48
II4
7634
•85
43
•40
73
7034
7034
75
85
84
33
88
83%
32%
88%
130% I33I4
I32I4
58%
27I4
66%
48
1%
"2"9"58
77
90
49
45
sales
on
31
35
30
31
49
60
50
58
II4
•1%
30
77
43
41
73%
85
84
33
•13%
9%
129
72
13%
72%
37%
3734
68
70
•9%
66%
67I4
2II4
131
13
72I4
11%
90
21%
70
9%
6684
•84%
92%
•99%
12%
2II4
70
53%
54%
55
•8734
88I4
88%
34%
34% 34%
112'
m"
85
48
45
84%
85%
34%
75
89
133% 134%
80
day.
9%
934
130
131
13%
13%
72%
7234
Do
Ist prel
Do
2d pref
10(1
.
A Hudson
,
5,700
3,500
100
400
2.000
900
1,300
2.300
340
300
200
200
1,000
2,100
100
5,300
7,500
.
.
_
,
pref
Do
i.eblgb Valley..
..
Louisville A Nashville.
10(
.
fi(
.
IOC
Manhattan Ry guar...
IOC
Mlnnoap A St L {neWi
IOC
Missouri Kansas A Texas IOC
Do pref..
IOC
Missouri Pacific trust ctfs 100
Do pref trust ctfs ..
IOC
10(
Nat Rys of Mex ^d pre?
400 New on Tex A Mex v t c 100
100
5,400 New York Central
400 N Y Chicago A St Louis 100
First preferred
100
Second preferred
100
100
21,600 N Y N H A Hartford
N Y Ontario A Westerr. 100
Norfolk
Western
A
100
1,600
100
3.800 Northern Pacific
.60
6,810 Penna.vlvanla
. 100
9,300 Per* Marquette v t 0. ,
Do prior prel v t n
100
Do prel T t
.100
Pitts CIn C & St L ctfs dep.
100
2,100 Pittsburgh A West Vu.
Do pref
100
Reading
50
40,900
50
400t Do 1st pref
Do 2d preJ
..a
100
100
6,.500 St Louls-San Fran tr ctfs
Preferred
A
trust
ctfs
.100
1,300
100
5.700 St Louis Southwestern..
Do pref.
IOC
3,700
100
400 Seaboard Air Line
Do pref
100
100
13,700 Southern Paclllo Co
100
17,700 Southern Railway
Do pref
100
500
Texas
A
Paclfle..
100
10, .500
200 Twin City Rapid Transit.. 100
.100
10,500 OnlOD Pacific
Do pref
100
1,100
Dnlted
Railways
Invest
100
700
Do pref
100
400
100
1,500 Wabash
Do prelA
100
2,100
.
.
.
.
Do
prefB
..100
2,800 Western Maryland (fMtr)..100
Do
2d pref
..100
2,500; Western Pacific
100
Do pref
100
100
400 Wheeling A Lake Erl« Ry IOC
Do prel
100
400
Industrial & Miscellaneous
400|Adains Express
IOC
500iAdvance Ruinely
100
Do pref
IOC
600
2,200'A]ax Rubber Ino
.50
Alaska
Gold
Mines
10
600
600 Alaska Juneau Gold Mln'g.K
ICO
3,700 Allls-Chalmerg Mfg
Do pref
1(0
300
26
9%
136
14
74%
70% 72
934 11
70%
11%
68%
6834
•78
72I4
90
9334
IOOI4
12%
21%
94l"o
95%
997s
12%
IOOI4
2134
71
72
55%
88%
34%
2-55
88I4
35
86
113%
no 107
83%
• 77%
83%
80
t Ez-rlgbta.
1,200
100
11,300
2,300
8,110
500
12,800
100
.
1,100
3,200
900
2,100
3,300
400
300
11134 II3I4
106 109 •107
80% 81% 82
tbla
77
90
37% 37%
6884
91% 93I4
•99% IOOI4
12% 12%
§70
31
110
934
129
134
74
82
33
89
88%
133%
1%
72%
25%
80
no
7634
*85
•43
•40
31
'29%
29
29
•85
•70
114%
13%
73
75
108
84
""1"%
•lU
100
100
100
1
253s
10
129% 131
'9234
57%
"i%
934
100
85>4
57%
•106
101
13
2034
54% 5478
86% •86
88
36
35% 35%
108
30
59% 59%
48% 48%
•1%
1%
1%
1%
29% 30I-.
70% 70%
109
"5"9"%
ii4i'2 lT5"34
8378
*82i2
I35I4
"59%
•84I4
»106
86%
33% 34
87% 87%
133
109
2478
10
139
49
40
78
84
33% 34%
•26
33
30
1(K
.
100
IOI4
33
•26
_
.
.
13
17
•34
400
•13%
•97
99
6I4
pret
'>eifiw!ire
2,000
1,500
72%
31%
100
100
UiO
100
100
100
Delaware Luck A Western 50
Denver A Rio Grand*.
100
Dc pref.
100
"rie
100
100
Do l9t pref
Do 2d pref
_
100
pref
lOd
Great Nnrtberc
Iron Ore properties. Ac vat
Oulf Mi>b A N'.r ti ctfa.
100
Preferred..
_
.
.
100
lillnole Central
100
Jnterboro Cons Corp. Nc Par
Do pref
IOC
Kansas City Southern.
IOC
400
3,300
5,000
72%
30%
100
100
100
.
12%
19%
12%
/>jr
100
^ 100
Chlcaso Great Western.. 100
100
Do prel.
"•Ulcago Mllw 4 8t Paul. 100
... 100
Do pref
Chicago A Northwestern 100
100
Do pref...
100
Chic Rook Isl A Pao ...
100
7% preferreQ
2,000
5,000
4,600
1,300
100
11,700
300
800
8% prefeired
100 Clev ClD Chic A 8t LoulB
5
10
434
934
44% 44%
13
6%
90
24
12%
26I4
1734
•17%
4034
3II4
44
18%
40%
72%
44%
•
•2312
19
15
•43
51
3338
7334
4078
23I4
934
I2I4
•4314
62
73I4
1834
25% 25%
84%
3I4
3%
•55
•50
32
171,
934
12
•S21o
32
•55
•50
32
2334
40=8
2312
12
25
42
40%
74
245% 245%
14% •13%
72% 73
72%
30% 30% 30%
638
*9l2
24I2
73I2
74
44
44
98
9%
•12I4
18
90
74 Is
90
17%
44
44
98
34I2
51I2
33I4
3I4
9I4
9
•17
71%
70
28
84
•3%
3I4
9
14
84
*87l2 100
43I4 43I4
•55
•50
1834
*13l2
15
31%
46
45
•4I2
1834
3OI4
*12l2
•25I2
3634
71
*32i2
*55
1834
*13l2
12
31%
14
2812
8378
9%
12%
73I4
12
2538
42I2
5
3634
711'>
12
72%
*9
24I2
4134
24^8
4134
245I4
245
934
73I2
12
25I4
42I2
"634
249I2
934
1234
6I2
"*6'
*9
245
prel
900 brooklyn Rapid Transit.
100
Certificates of aeposlt
200 Colorado A Southern..
434
434
1234
6I2
•131
1,400
100
800
42,500
1,600
26
49
45
96I4
96I4
•87
•135
4,300
{
13
2238
71
55%
88%
3634
m"
111
8434
84%
12,900
Amer
Do
Agricultural
Chem. HO
lOu
American Bank Note
50
Preferred
50
American Beet Sugar
100
Do pref
100
Amer Bosch Magneto.. A'o par
American Can.
100
Do pref
IOC
American Car A Foundry .100
Dc pref
100
American Cotton OH
.100
Do pref
.100
Amer Druggists Syndicate. 10
American Express
100
American Bide A Leather. 100
Do pref
100
American Ice
100
Do pref
100
Amer International Corp.. 100
La France F E
10
American Linseed
100
Do pref...
100
American Locomotive
100
Do pref
100
American Safety Rafor
26
Am Ship A CoDim Corp.no var
pref
.
Am
300
9,200
100
13,400
100
2,200
13,200
Smelt Seour pref ger A. 100
109
2,900 Amer Smelting A Refining. 100
Do pref
100
300
2,400 Am Steel Found fem cttt.33'i
Pref temp ctfs
No par
100
9,000 American Sugar Refining.. 100
Am
Do
..100
100
5,500 Amer Sumatra Tobacco
100
Do preferred
200
Leas than 100 sharea.
pref
a Ez-dlv. and rlghta.
PER SHARE
Range since Jan.
On
Range for Pretiout
Year 1919
1
ba-Hs 0/ lOO-share lots
Lowest
Railroads
Atoll lopeka <t Santa Ft.
prer
tK)
Atlanta Birm A .Mlantlo
Atlantic Coast Line RR
Baltimore A Ohio
Do
26
49
45
PER SHARE
STOCKS
YORK STOCK
EXCHANGE
66
•24
•46
•35
*
NEW
paite
S per share
76 Ft-b 11
Hijhest
Lowest
Highest
S per share
$ per share
$ per skare
1U4 May
89
.aa
86% MarH'
May20
82
5
Apr21
x82i« JunelS
93
Jan
3878
497,
Feb 24
72
27% H.r. 13
40% June28
934 Aug 18
6% Aug 12
110
47
May20
7
Feb 13
17
13'4
Ml'.
67
98
I-
t
el.
3
59% Mario
10% Feb 20
27% Feb 28
42% Marll
61% Marll
91% Mario
19% May24
45I4
Feb 24
Maris
Maris
Jan
134
13
b\-\j
Jan
8% Feb 24"
Feb 13
June24
June28
120
Jan
fi
13
Feb 13
Feb 11
Fet.
6
May 19
Feb 11
July 6
41
Mar
78
Feb 21
66I9
Mar
^.
35 Aug 11
83% June29
43
23%
64
54
42
82
,
.'()
46
166
4
9
91,
F.-i.
Fer.
9
17% May20
12% Hi
June 12
(J
9
7
.Imi.
.'
25% Aug
80% Feb
Aug
3
18
13
4
834
July29
13%
May 5
May 19
40
16
Maris
250% Aug 11
10
I-
Jan
99^,
Junel7
ivb 11
Ffb 13
Aug
1
56% Aug 2
68 Feb 24
27 Feb 19
51% Mar25
6534
30
8
Jan
3
16% Feb 24
16% Feb 24
2h
Feb 24
17% Feb 24
8434 Marl 3
4178 Murl«
15
34
9J34
434
May
5
Apr 14
MarK
Mar 13
16% Marl.'
1934
48%
Aug
2
-M^.r
I
May24
Aug 9
Marll
112% ^M• :
38I4 July 2
9 Feb 13
52% M:ir20
iMj Mar
3% May22
7
May24
Feb 21
18
Feb le
31% Feb 28
4934 Feb 24
39-54
94
21
36
4I4
Feb
Feb
Feb
11
11
13
JunelS
64% Feb 13
2334 Feb l:i
Aprl3
60
31
41% May 4
23% Feb 11
16
Feb
f>
11
37% May24
Aug
Aug
3314
10
80
b
beu 19
M:tr
1
3234
25
25
Feb
Aug
57% Aug
Feb 24
20% Feb
19
Apr
7
67
Julyl2
14% Feb 20
22% Feb 20
Apr 1
46% Mar29
11
6
18
9
9
Aug
9% Aug
65
95
Feb
13
Aug
Aug
Aug
72
37
63
Feb
64% Aug
9% Aug
61% Aug
80
82
Aug
Feb
96% June
Jan 3
Jan 28
96% Jan 16
147% Apr
116% Feb
543g Jan
15% Jan 14
175
Mar31
30% Jan
Jan 2
120% Jan 3
14% Jan 22
95 Apr 7
99% Jan 27
68
6
IO914
85
June22
9
9,
9
11134
Aug
102
May20
19
74I4
Feb 13
80
Aug
a Bz-dlvldend.
18
*
Apr
Mar
107
1
Aug
Aug
Aug
6
3
53% Marl9
j
5234
Jan
122
3
13
D«
2514
W ay
87
May
60%Jin«
l22»<May
88
.ian
24%
I
Jtly
16% Jtly
25%
38%
Jtly
Jtly
8
«
Junel6
30% Jan 6
Sept
83'4 Jun«
33% Jul?
API
70
53%
J my
4078 July
2414 July
May
May
May
112%
997t
481?
33%
I'ec
L'ee
Mar
Apr
53% Dee
24
75
44>4 >une
27»4 July
33
70
84%
93%
38%
39%
Dec
Dec
23
Dec
6% Dec
12
Dec
37
Nov
115
1078
9l7g
Jun*
Jun*
Feb
May
May
23% luM
3778 JuP«
July
12
23»4 July
lunt
33 May
20% Dec
72% May
62% Dec
27% Jan 70% July
60 Jun*
29*4 Dee
119% Aug 138% May
63
Dee 74>4 Mai
7% Jan
7»4
17
Jao
Mar
Jan
2998
I<4
84% May
Feb
Xtf8
Dec
84% Feb
113
Jan
4278
39ifi
Mar26
86
13
10
6
19
18
10
13
5
7
33I4
1
4518 Jan 28
10334 Aprie
93 Jau 5
128»4 Jan
61»4 Jan
101 Jan
11% Apr 16;
1634 Feb 13
71 Aug 20
88
3
92
95
26
Ji
66
39
Jan
30
Jan
817« Jan
87 Bept
i92
Dec
33
Jan
42
Jan
62
Jan
8434 Jan
48% Apr
l-el)
Dee
77
Dec
397« Deo
12% .Tan
1% Dec
6378 Jan
10534 July 7
23i4Aug 9
26% Dee
16% Nov
96
Mar31
Jan 12
Feb 13
124%
Nov
2% Mar24
3
Aug 16
Aug 19
80 Aug 3
81% Aug 6
30% Aug 9
87 Aug 11
40
5
72
88>4 Jan
7034
9%
Nov
Apr
21
Jan
66% Jan
66
Jan
4234
44 Aug
1
Aug
I
Aug 11
28 Aug 9
70% Aug 17
75 Aug 9
84% June 2
39
40
Miy
31% JlD«
Dee
40% Dec
1047g Aug
37% Dec
7% Dee
20% Dec
14
Dec
9»» Apr
16
Dec
17
Feb
62% Feb
1278
May20
y
40% Ju y
104
40
9% Jan
4% Feb
8% Jan
22% Nov
Juy
1278 iu
3% Mar
Dec
10
13
10% Feb 24
Feb 24
31
20% Feb 13
64% Feb 6
June23
857a
15
20% Feb 19
9
15
Ju y
62»4
Dec
Dec
2934 Jan 27
June21
8% Feb 13
July30
11
14
30
Jan
Sept
20
Fell 2(1
35% July20
125% Mario
69% Jan 3
I33g Marl8
7% Aug 12
Aug 9
7
May20
20% Feb 11
7
34
22
2(i
M;tr26
S
10538 Jan
3078 Julyl2
62 Aug 4
M;ir22
47
14
3IS4
Jan
93s
27% June23
Juiy
74
3134 Ml y
Deo
48
58% Juiy
Dec
51%Mi.y
46
Feb
91% Dec 118 Mfy
172% Mar 217 Miy
15% Juy
3% Apr
6% Feb 24 Juy
20l4Mty
12% Dec
;u y
33
18% Dec
1334 Dec
23Vi Ju y
Mjy
Dec
100%
76%
10'4
Apr
Aug 4
32% Aug 4
llO Feb 13
61 14 May24
73
19
33»4
45
13
84
iin
y
Joe*
Jli
547g Juc*
Feb
2634 July 12
45
13
13
Mfy
32%
Bept
7378
18%
Feb 14
32
S3
Juy
76
106
133
22% Jan
68
De»
55% Aug
Apr! 7
Apr 27
Apr 27
94«4
1
Feb
Feb
Dec
Deo
Dec
Dec
Dec
Dee
1
18
Nov
Julyl9
Jan
60
26
86
116
52
61
88% Feb
12
July
307| Mbj
52»4 Ju.y
60% Dec
1
75% June24
July
July
68% May
Jan
Dec
34% Dec
4878 Dec
Mar!
Aug
6
714
21
62
11
10
33% July
2><l4 July
17078 July
126% Dec
eiij Dec
.50
May28
Mar
59%MEy
Dec
Dec
28 J4 Apr
Feb 19
Feb 27
Feb 13
23% Jan 14
11 Feb 11
20% May24
5
66S4 Dec
23»4 Sept
32
68
11
Mar 9
9
10
May
55% May
Mario
Marll
Mar29
17
5
June 8
Feb
1£1» Jul!
107
37% Dec
4I4 Dec
21% Feb
6678
6434
3278
33I4
I8I4
Mar
Feb 20
7%
47%
77%
36%
100% Mario
84-% Marl 8
43% MarU
6634 June 12
6
87% Dec
28'4 Deo
38% Dec
58»4 Jun«
Mb?
14
3634 Marie
2178 Marll;
6
84% Junele
22
56
39
69
4714
80% Deo
7678 Dec
88
Jan
Jan
10% Nov
76%
13%
71%
37%
Sept
Jan
64««
Jan
Jan
Aug
62% Feb
44% Mar
86
68
100
Mar
Jan
Jan
1678 July
34*4 July
13% July
3
May
26% July
1478 July
30% July
26
July
61% Jan
I8I4 Sept
28<it
Sept
64
May
64
July
76
113
Jun*
97
Jui»
Jar
Jul>
Oct
Sept
11334
May
4%
3%
61%
103
Mar
66
49
July
101»4
96
Ool
Oct
May
Nov
68% Sept
107%Jun«
148% Not
14378
119
July
67% July
93
I4I4
103
API
Mat
May
43% Jul}
142% Oct
76% Jon*
76% Jon*
132% 0«t
89
Nov
983» Apr
1171- Oct
109«4 July
1778
83
12
Mar30
Jan
3
lOOUJin IS
Mar22
60
93% Jan 19
142% Apr 14
ll.S'iJan 20
10634 Mar22
Apr 12
lO.i
FuU
paid.
Deo
79% Dec
61% Deo
94
Deo
33% May
91
Deo
111% Jan
113% Jan
26
73
905»
4711
Oot
94% Jon*
89>4 July
109% July
47
July
96% AUS
148% Oof
119
May
Aug 120% June
Dec 100 M»y
"2
2
21
'
New York
Stock
811
21
Record—Continued— Page
tot r«oord of talea during th« week of stiKks usually Inactive, tee second
a/SB AND LOW BALM rMlCBS—PBX BBARE, NOT PSR CENT.
Aug. 17
Wednesday
Aug. 18
Thursday
Aug. 19
$ per share
95I2 96
115
115
S per share
95I2 9618
*105
115
$ per share
Saturday
Aug. 14
Mondciy
Aug. 16
Tuesday
$ per share
S per share
9534 96U
96U
96
108
109
•85S4 89
7SSs
78
•92
94
45I2
4534
I2I4
12
•45
5OI2
5234
2778
61
52
2778
•57I2
•50
•8712
137
65
90
137
105U
6034
IO6I2
*96l2
97
60
•35
•136
•100
43
138
110
^8
*8534
7514
77
76
*92
I5I2
1558
73
74
73U
*45
49
5034
2816
*57l2
51^8
2818
»50
*85
133
712
97
734
7^8
•11
.
'iiio
45
45
*44
5058
5138
2878
28
61
*57l2
61
65
90
"SO
65
*89
90
•66
54
•10
*
'37%
1538
•34
1118
7012
70
'8
III2
7012
72I2
74
95
108
*6l2
7034
94
43
*66
*53l2
11
5258
96
'is"
I2I2
7138
7438
94I4
7I4
I9I2
14
6712
2534
68I4
6O34
97
7I4
84"l2
14
2534
3538
26
2534
*347s
3II2
5434
2134
26
*80
6638
"6'6"l2
81
79
lOls
IQig
29^8
30
65I4
•79
"10"
2958
*76
11
11
88I2
132
*93
1058
8658
35I2
3II2
5434
2218
86I2
6684
81
To'
3OI4
13634
94I2
3812
76
76
76
39I2
41
397g
1153
4II2
12
22I2
1134
1178
22I2
*19
*32l4
71
38I4
711
*32l4
'7034
'70"7s
70 Is
•92
71
83
*80
934
I2I2
35I8
351s
•934
*34l2
82
99
99
•27I2
*21l2
9
28
•66
•60
•7934
•139
*73
221
9
72I2
62
81
143
77
2178
*68l2
221s
69I2
•79
85
53
86
36
52I4
•84
•30
•20
25
48
•73
2134
69I2
25
48
76
70
25
95
*14
2534
4534
Vo'ii
•I6I2
1758
95
I4I2
•77
*95
267s
2II2
9 Is
'ei"
3SI4
71
71
83
I2I2
37
104
27I2
223s
91
¥1'
*73
77
21
6834
•7984
52I2
2134
3134
*20
24
49I2
*73
6SI2
•24
*90
14
658
4558
*66
57
5¥34
*53l2
*8
5158
5258
97
*95
97
52
"37"
80
8OI4
*13l2
25I2
34
52"
2158
80
6778
*79l2
7812
10
29
3784
S4l2
8OI4
1438
2534
35I4
'55'
22
80
68
81
7812
lOls
*100
6884
8412
53
86
32
2134
24
49I2
78
69I4
26
95
*19
*32l4
68
68
81
45
45
1914
35
•41
1978
3534
42
578
1578
•6712
130
2OI2
77
263s
2134
858
69
*60
1031
95
70
24
I6I4
68
•90
•50
2334
1558
•63
22
•13
•43I2
•104
•125
•92
•60
•505,
*
I3I4
2258
2112
9
2II2
9I2
884
9I2
69
62
77
601,
61
6OI4
-7934
•66
6OI4 6OI4
8OI2 8OI2
13834 I39I4
139I8 13934
+73
71
66
25
9018
14
"goi's
14
80
77
122
63
77
I8I2
7434
35I8
32
1678
40li
558
8I2
20
•72
•90
50
23I2
I6I4
•66
731s
43I2
771
65
1284
50
106
135
99
61
61
2OI4
123s
•45
•104
•127
•90
705s
4I84
75
60
2184
23I2
5OI4
23I2
50
•73
78
6712
¥2'
2378
17
68
1,50
102
205s
1258
50
10.51
1.35
95
6OI2
62
8OI2 801
14178 14178
»74
79
2II2 22
8412
34
2018
245,
5178
73
68I2
21
24-84
53
79
6912
I4I4
26I4
10434
I4I2 1434
26
102
46
17
I7I2
77
80
122
124
2478
7234
4238
7512
23I2
7II2
42 14
80
124
107
2434
7278
4258
78
125
"2"4"i"i
72-84
74
42I2
4.3I2
60
62
721,1
33I2
4II4
578
33I2
•40
678
834
1978
78I4
1934
78
72
34I2
41
6I4
80
125
"24'
7434
"3458
40
6
77
62
2018
79I2
"3"6""
40
638
884
21
•I9I2
21
•I9I2
21
7434
73
•90
74
95
70
76
•90
78
95
70
95
55
52
2334
23I2
24
1634
16-88
17
I7I8
17.84
67
66I2
66I2
6712
6884
150
lOOlj
1051
•125
•97
44
104
1,30
1.30
Bid and asked prloaa: DO sales on tula day.
237,
*.52
23l'>
99
90
61
601
6OI2
i
.'"i98|
155
100
•125
98
IOOI2
201:
20
13
1234
13
50
45
4.5I2
20.88
105-8.1
10tl2 105
130
99
90
61
601
61
135
99
SO.ti
Lens thai ISO tkarvi.
par
iOO
2,700 Endlcott-Johnson
Do preferred
200
2,900 Famous Players Lasky No
Do preferred (8%)
700
Federal Mining A Smelting
Do preferred
300
No
100 Fisher Body Corp
Rubber...
Flsk
7,000
No
2,700 Freeport Texas Co
A W. Inc Ne
3,600 Gaston
100 Gen Amer Tank Car.. no
900 General Cigar, Inc
W
Debenture pref
50
100
par
100
100
100
104l4Aug
283
85*4
7284
9184
37
11
44I2
4912
25
55
60
9
May20
June 5
Aug
125
10
2
May20
Aug 9
Aug 2
Aug 9
Aug 9
May24
8.5I2
13
128i2Aug 18
Augl4
60
loo
9612
35
114
102
Aug 9
Aug 17
Aug 1
Ma
1
3
June 4
lo
95s
65
68
90
1046I2
85
Aug 20
Aug 20
Aug 9
Au? 9
Aug 3
July28
Aug
18
Julyl2
48l2June30
84 Aug 9
6I4
May20
III2
Augl8
Aug 9
16
12
63
22I4
65
52
Aug
Aug
Aug
Feb
Aug
5
9
9
10
6
13
10 Aug
.49 Aug 4
95I2 Julyl9
3373
Aug
9
79i2Aug 9
74I4
1258
Aug 10
Aug 9
24i4Aug 9
SOU May 30
28
50
May20
Mayie
1984 Aug 9
7834 Aug 1
55I2 Feb 10
17614 Feb 13
7378 July 28
61
601
I
Bx-rlshla.
a Bi-dlv. and rights,
5
7
14812 Apr 9
IO2I2 Jan
5
6OV1 Mar2ft
1541a JunelO
linsJiiu 6
1 \ Jan
5
3212 Apr 9
9638 May B
3
1021? jau
10214 Feb 24
62
129
28ij
Jan
6
2,*-
Jan
Jan
6
pat
99
25
par
par
par
lUO
2578
..100
79I4
20
57s
49
Aug
Aug
May20
Aug 9
JunelO
58>sF(-li ..
May25
May20
n Far value S 100.
Jaa
Oct
Oct
11178
June
145
119
May
July
2igMay
Oct
Sept
Jan
Jan
107*1 Jul)
Doc
JTily
Jan
Dee
De«
Dc*
Dee
Feb
18
Jan
1678
I9I4
Feb
De«
Jan
Jaa
46
112
108
116
25
102
92
166
17
39»4
371}
6414
87»i
567i
865s
86»4
Oct
Sopt
July
AUB
May
Apr
Oct
July
July
May
Deo
Oct
lieij July
114
Mar29
90
Nov
Apr
88
Apt
ie*j
De«
?•
8
Jan
Jan
Jan
Jan
67 Jao
(I6I2 Jan
92S4 Jan
Apr
Mai
32 1« Feb
3711
34»4
39I4
60S4
Ollf
54
•78
607r July
435s Nov
Feb
Feb
56
69
Oet
75I4
Dec
Aug
Aug
37lj Nov
103*4 June
Oct
110
10»4 Sept
102
Jac
Jan
Apr
7
62l8
Feb
7
91
20%
Jan
Jan
6912
Mar
96
9158
Ifilj
Apr 15
Mar30
Oct
Oct
95lj Oct
76 taat
Apr
De«
Feb
67,
ao't
8512
lOOlf
Jan
5
nl50
lOSg
Jaii
Jan
2AH Dec
39
Dec
80
June
101'
83
Aug
Dec
"9" Dec
23
15»g
99
261
106
66
877,
n410
I6I4
43
49
160
Jao
90
144lt
Dec
Feb
82
Jan
96
82l«
Feb
94»4
78I4 July 8
46I4 Aprl9
108
eeit
102
471!
463,
32l»
49lt
641*
Jan
Aug
Dec
Dec
Dec
Feb
Jau
to
Feb
"42'i;
'Feb
Jan
July
Julp
Dec
2311 July
48I4 July
47
Dec
Oo«
May
Deo
Jan 3
Jan 6
172 Jan 2
8984 Jon
42 Mar 26
SSUJnii 6
94 Apr 20
S67s Jan
5
3
10284 Jan
55i2Jan 3
5
4934 Jan
3b 'h Jan 3
!-MV, Jan
^
IO9I2 July23
16
Jan
Dec
Dec
July
9484
Nov
Dec
Oct
July
123
75-83
Dec
June
Oct
Cot
107i«
26
38I4
3913
317,
Got
1097, July
4484 May 14
13473 Mi,r20
48 Jan 3
36'2 Jan
I9I2 Jan
5
77I2 July23
.<
July
8638 July
10638 July
100
3
July
871s July
I41I4 Not
1131t Nov
29I4 July
Nov
27812
Jan
Jan
Sept
July
IHH Dee
46
1
107 JftP 9
4.S8«Apr 29
Aug 6 104
6
2
14
6
Mar
l.'i«li
Jan
Jat
19
5938 Apr 14
19
857Rjan 21
10 n605
Aprl7
9UMayl9 13 Jau 3
18 May24
28 Jan 2
33 leo 17
4S M.-ir2«
62 Aug 5 147 Jan 6
Jan
Jan
192*8
76tc
Jas
Feb
Aug
7.')i2 Aug
3612 Aug
10
Feb
66ij
1041:
31
3.51 2
26I4
No*
M«r26
Jan TJ
Aprl6
May20
May
80^4
JunelS
Jan 5
Jan 5
Jan
I4I2
IO5I4
80
Aug
83
143
69
11/234
H.'lsFt^b 11
7771 Juljr
85it Dee
1934
IO4S4
IOSI2
613s
I6434
1)178
21 14
415»
4OS4
44I4
May24
92
Jul;
JulF
203s
64i»
66*4
7512
97ai«June22
June30
Oct
09
29
65
Jan
48U Jao
Apr 9
9258
Feb
6l8
98
10i«
Mat
115
Feb 27
76i4Fel 13
100 Aug 11
30 .May24
11518 May 24
61
esig
Jaa
lOl&s
11
8512
41
Aug 7
9
Nov
90
74I4
Aug
S4»8
17I4
6512
6538
25
978
Ja£
26
851? Jan
46
11
40
Feb
H4 Jan
III2 Jan
20 Jan 6
29l4Jan 12
Got
Jao
1691* Deo
1104> June
103
lie
Mar30
Apr 7
Mar
10«
Jaa
Pek
Ja»
Jas
M^i Ja*
Dec
100
114 Jan
5
15 Jan
9
96»4 Apr 1
\(t*t%
314i«
4<i4
«4»8
68
93
«4
8
tptt $haft
9Zh D«*
27>fi
701? Mar22
83i« Apr 1
0378 Mar?2
.^
2088 Jan
46I4 Apr 26
100 134
72i2Aug 9
General Motors Corp pref. 100
1973 Aug 9
par
ctf8..n«
Do temporary
45,500
Do Deb stO(k (6%)...100 68 Aug 20
700
Do debenstock (7%)..100 79I2 Aug20
300
49l2Aug 9
100
3,500 Goodrich Co (B I)
84 Aug 9
100
Do preferred
100
31 Feb 25
8 A P. .. 100
200 Oranby Cons
19l2June24
25
Gray A Davis. Inc
1,600 Greene Cananea Copper.. 100 123 Aug
Aug
41
Steel
ctfa..lOO
tr
1,600 Gulf States
75 Aug
100
Uartman Corporation
Ne par 64 Aug
4,400 Hafkcl A Barker Car
2184 Aug
600 Hendee Manufacturing ...100
75 July _
100
5,200 Houston Oil of Texas
13 Feb 13
10
Motor
Car
Corp
Hupp
1,400
5
55s Aug 1
400 Indlahoma Refining
43l8Aug
9
20
1,900 Inspiration Cons Copper
1312
Feb 13
100
900 Internat Agrlcul Corp
11
69
Feb
100
preferred
Do
100 11284 Feb 17
400 Inter Harvester Inew)
100 IO3I4 Aug 13
Do Preferred, ncv
100
21-''sAug 9
100
6,100 Int Mercantile Marine
058 AuglS
100
preferred
Do
12,700
4184 Aug 9
2,200 Internat Motor Truck.no par
72 Feb 4
100
Do 1st pref
200
60 beb 18
100
Do 2d pref
100
155,May20
2.5
(The).
Nickel
International
17,500
6214 May20
100
8,400 International Paper
70 Feb 16
100
Do stamped pref
200
30i4Aug 9
50
27,850 Invincible Oil Corp
36l8 Mar I
par
Cotv--.N«
Products
900 Iron
5I4 Au^ 10
28,400 Island on A Transp v t 0..IO
8 May21
100
1,000 Jewe ITea, Inc
AuglO
22
100
Do preferred
100
20
Aug 5
100
Inc
300 Jones Bros Tea,
AUK 3
Tire
35
715s
Kelly-Sprlngflcld
3.800
Aug 4
91
Temporary 8% preferred 100
,50
Augl7
100
200 Ktlsey Wheel, Inc
No par 22 Aug 6
5,500 Kenneoott Copper
13'2
Aug
Rubber...
10
Tire
A
Keystone
10,200
Feb20
63
100
1.100 Lackawanna Steel
Aug 7
100
35
Laclede CJfts (St Louis)
21
Aug
6
Tire
No
to
100 Lee Rubber A
Aug 6
y ers Tobacco. .100 1.30
Liggett *
99 Junc21
100
Do preferred
JulySO
n» v«r
19
15,800 Loew'B Incorporated
12ls Aug
j»"
Inc«rpnnite<l
n*
900 Liifi
Bbcult
tr
etfs.lOO
44
M»y21
Loose-Wiles
500
lOf,
104 Aug 13
Do 3d preferred
'""366 Lerlllard (P)
AllglO
10« 125
loo
July n
100
preferred
Do
""400 Vfafkay Companies
60
Aug 9
100
eS's July 13
100
Dc pref. . - L'on
1,400 General Klectrlc.
Jan
17612 Jan
76 Jan
ikare
95
De«
191^ Foh
Jan 5"
Jan
Jan 2
Jaa 29
Jan
Jan
Jan
97«4
1651^
1051;
6138
/li?
5912
66I2 Apr
67I4 Jaa
745s Jan
75S4 Jan
Aug
Aug
•
t>*r
1
BichMI
Lowei*
< per thare
IOOS4 Maris
M
135
1.30
A»
preferred
1,000 CoEsclldated Gas (N Y)..100
4,700 Cone iBter-State Call Mg...lO
No par
3.000 Consolidated Textile
100
700 Continental Can, Inc
100
Do preferred
700 Continental Candy Corp No par
13,000 Corn Products Refining.. 100
100
Do preferred
100
no par
3,100 Cosden A Co
28,100 c rucible Steel of America. 100
100
Do preferred
Ne per
16,500 C uba Cane Sugar
......100
Do preferred
2,500
10
8,.500 Cuban-American Sugar
10
1.800 Dome Mines, Ltd
Elk Horn Coal Corp
.50
50
Do preferred
200
Bleben
% per thare
92 !« May22
M
46
20-8s
60
61
17'4
•I2I4
601
6"9"
45
1234
60
66"
I7I4
45
6OI2
50
79
25.84
20.'8
90
'2'4"
92
45
99
37
25.54
201s
130
]21'>
3.51^
45
I2I4
104
82
9-84
* 34-84
I7I2
161s
98
721,1
678
•64
130
95
45
558
23I2
8.51
C8i,s
1384
14
8I2
,5212
69
67I2
76
72
90
45
82
7OI2
56
86
37
84
31
20
75I2
•I9I2
7134
70.34
381.)
55
53
37
75
20
77
95
95
221a
79'2
77
40
.32I4
7088
lllo
68
I9I2
6
2OI4
4"2"
79I2
20
72I4
3178
1138
37
68
I9I4
35I8
4II4
36
41
80
54
1938
22
20S.I
23
94
68-^4
103
24I4
I35I4 137.34
94 12
79I2
53
79
3.512
21!
8512
68I2
102
2O84
6884
8512
*31l2
2318
5OI4
1084
78
•52
20
11
74
86
37
2134
100
34
Do
78
52I2
24
50
884
6OI4
81
IOI2
881
900 Consolidated Cigar
IO3I2 •100
1031^
2684 27I2
265s
2II2
2118 22I4
69
•84
95
•44
IO5I2 •104
•125
135
•92
99
61
•60
•66
104
68
*95
26I2
2II4
80
•125
205s
•1238
IO3I2
27
684
150
50
81
80
42
34
*94
26I4
4434
I7I2
•85
IOOI2
2OI2 2078
*95
684
8I2
11
88I2
87
IOII4 IOII4
27
4534
I7I2
22
22
76
95
70
24
•1012
81
•934
•3484
81
634
6
3138
881
8134
I2I2
35I2
*69
81
45I4
421,1
IOI4
3034
7778
7OI2
701
46
6484
1938
IOI4
3OI2
96
70
1334
241'
IOI4
30
•92
70
80
•23
90
78
38I4
67ii
2078
6878
6712
78
23
2058
6878
4934
78
*32l4
67I4
1114
2138
6878
*73
78
*19
39'34
2078
6884
*79l2
5178
•26"
24
81
22I2
38I4
7OI2
•7934 8034
13934 13984
73
78
'39'
76
I2I2
*96
81
39I2
13318
131
•9314 94I2
36'4 37I4
67"
68
*78l2
34
35
*75U"
7534
103
33
•984
443.
77I:
22
•20
86
*100
33
IOI2
8684
35
73
8I2
•20
76
•90
•50
24
IOI2
95
Kanf* /o» Pre'it
Tear 1919
1
baii» of 100-«Aar( Ion
Lowest
W
*67
PEK >BAKt
Range stnce Jan
0*
EXCHANGE
Week
773
2
preceding.
PER SHARE
STOCKS
WEW YORK STOCK
$ per share Shares Indus. & Miscall. (Con) Par
3,200 Amer Telephone 4 Teleg..l00
96
96
96
96
400 American Tobacco
IIOI4 IIOI4 •lUU 115
100
86I'>
8fil2
100
Do pref (netr)...
•8534 8SI4
100
79I4 10,200 Amer Woolen of Maes
78
100
761s 7734
200
Do pref
92
9134 9134
92
100
1,400 Amer TSritlng Paper pref.. 100
4812 4812
4512 47
I2I2
*11
I2I2
1,000
Amer
Zinc
Lead
13
A Smelt 25
*44
100
*44
Do pref
49
49
25
5II4 52I4
3,800 AnacoDda Copper Mining. 50
5118 5II4
*29
500 Associated Drj Goods.... 100
»28
32
34
*57l2 6II2 •5734 63
Do Ist preferred
100
»50
Do 2d preferred
65
100
100 Associated Oil..
•85
*85
90
90
100
I34I2 I34I4 I37I2 15,900 Atl Gulf i
I SS Line. ..100
133
•61
*61
400
Do pref
63
63
100
IO2I4 IO5I4
10518 IO6I2 158,200 Baldwin Locomotive Wis. 100
96I2 9612
100
do
pref
100
*35
100 Barosdall Corp CI A
•347$ '4312
43
25
13578
1,700 Barrett Co (The)
100
135 135
135
•99
•100
106
Do preferred
106
100
U
•58
7,
5,
1,500 Batopliaa Mining
20
1184 32,800 Bethlehem Motors
1034 1134
No par
95s
7OI2 73I4
1,800 Bethlehem Steel Corp
100
'72"
73I2
7333 7578 51,200
Do Class B common.. 100
200
Do preferred
100
Do cum eonv 8% preflOO
•684
658
658
800 BoKth Flshsrlep
No par
7U
*85
•83
94
Brooklyn Edison, inc
94
100
Brooklyn Union Gas
100
*86
100 Burns Bros
9678 9678
97
100
678
1,800 Butte Copper A Zinc v t c.-5
7
71s
71s
500 Butterlck
160
19
19
1,100 Butte & Superior Mining.. 10
I4I2
1418
1314
14
1,700 Caddo Central Oil A Eef..l00
6712 6712
1,300 California Packing
6718 67Is
A'o par
25
26
600 California Petroleum
26
100
25
68I4 66I2 68I2
•66
Do pref
100
54I2
*53l2 6034 53
200 Calumet A Arizona Mlnlnp.lO
11
100 Case (J I) Plow Wka..no par
"53" "5'3'34
5578
54
9,300 Central Leather
100
97
97
100
Do pref.
100
"38'
38
j38
38
1,700 Cerro de Pasco Cop
No par
85I4 8712 15,800 Chandler Motor Car
8512
83
No par
80
80
1,400 Chicago Pneumatic Tool.. 100
'1334 'l¥84
1378
14
1,500 Chile Copper..
25
2534 26
1,900 Chino Copper
5
251s 2518
33I4 34I2
3II4 33I2 13,700 Coca Cola
No par
35
35
400 Colorado Fuel A Iron
ICO
53I2 5458
'52i'2 '5'3'3s
100
1,600 < olumhla Gas A Elec
22I4 2335
2134 22I2
9,400 Columbia Graphophone A'» pa
200
Do pref
100
82
82
"6'8"
80
12I2
4484
*75l2
6434
534
978
35
22I2
71
33I2
•41 14
78
81
7812
10
3OI4
•934
75"
191s
70I2
*79l2
32
53
22
82
68
35
•77
2334
*67
Friday
Aug. 20
13334 I35I4
94I2
35I2 37I2
75I2 76
40l8 4II4
1138 III2
22I2
•19
•3214 38I4
6912 7OI2
•12484
25I4
76I4
*78
III4
17
104
52I2
2I84
1418
658
80
24I4
74I2
1358
2518
35I2
30
87
82
80
•76
102
37I2
*13l2
25
*34
32
for
the
8
U
*76
30
33I2 34
I3II4 136
94I2
*93
3634 38
76
39
371s
79I2
55
95
•7934 83
*139l2 143
84
7I8
12
68I2
*66
1058
37I2
97
*12l2
6618
*24i2
13
76
38I4
7634
7I8
III2
I8I2
25
6634
1058
8534
873g
•86
25
76
135
95
•19
678
94
I8I2
I3I2
6684
25I2
68I2
1034
103
34
132
*93
108
20
78
101
*100
34I2
34
37I4
12
71
72I2
'I912
13
6634
11
80
88
•100
34
I
54
96
1334
•80
79
11
70
7158
61;
•86
80
3
34
105
*90
*7
I4I4
33
53
35
133
106
*85
78 14
2218
65
86
1
7I2
I4I4
3538
"86'
35
133
*99
78
•31
53
6II2
»35
3834
85% 86
29
I33I4 135
43
13434
*66l2
2534
97
51
29
*36
134
67
5334
5058
*57l2
I28I2 13034
*61
63
IOOI2 10358
19
*13
54
12
53I8
49
12834 I36I4
*60
63
10218 10538
96l2 961
13534
61
61
1S34
1312
2538
68I2
"lYl2
45I2
III2
12
1834
I3I2
66I2
2538
76
93
UH
93
•90
75I8
*91
10414 10512
*96l2 97
*90
•7
44I2
'
"12'
105' loY" *104
*85
77I8
94
'12"
7(
•69
89
Salei
pa^
4
173
65
Oct
Oct
64»8 July
38»4 July
967« July
Aug
101
Oct
176
June
Apr
93H Oct
109if
80
63*4
Apr
Jan
Nov
474 July
891s Oct
lOOtt Deo
-IS* July
July 9
23I4
984
Apr 9
Apr 6
ei'gApr 8
Aprl4
27
88% Aprl6
14212 Apr 13
115
Jan 24
5178 Jan
11178 Jan
170
84
lOij
Jan
110l« Jan
48
111
2II4
92>4
'68"7i Ju'ly
3714 July
917, July
1495, July
Jun«
Dec
120
Jati
67>4 July
rjSi, May
Feb
Apr
Jan
Arr
71
26'4 Jan
'20^^ "Deo
3014 Jar
3
62
Jan
33 'i June
Nov
82
July
SO
47I4 July 16
5IlsJ»'> -'
34
Der
66
Not
July 9
2134 Jau
9
16
387,
Mar
Mar
Jan 6
6
1621: Jan
105 Jnn 21
9
Apr
95
J4»4
Dec
Dec
Dec
48
45I4 Jan 10
9134
Ti)?,
Maris
Jan
7I4
30
331: Apr
4Sl2Ji'P
<ii«4Jan
7
''
fl.s
Jan
lOUi Do*
34
27611
91
44
164
Jan
11014
114<»
Nov
43
385, Dec021t Jan
July
Nov
Oct
Oct
JtUy
I26if July
1071«
Nov
38
Dec
c
21
Jan
S3
40
Jan
Oct
Jan Id
10U7, Jan 31
106
107
Dec
26014
Auf
Jan
116
July
43
.'1
Marl5
as'a Jan
207
36
•in
70
Apr 12
Jaa
Jan
Jan
Jan
Jan
Jan
116<«
183»4
111"?
0984
64I4 M!vrJ2
i
Old stock,
25iR
401(1
94
147<(
107
<Si
163
Dec
Feb
Ft*
Apr
Jao
Dee
June
27t.
Dec
July
81
12«
Jnne
745
115
July
July
79H Mb»
66
z Bx-dlvtdond.
July
New York
774
Stock Record— Concluded— Page 3
For record of lales durlnit the week of stocks usuallylnactlTe. see third page precedlna.
aJ0B AND LOW BALM
Saturday
AUQ. 14
Monday
I
PMjiCMa--PMM
Wednesda y
Aug. 18
Tuesday
|
Aug. 17
Aug. 16
BBAKM, NO r
rait
PMiS CBNi »^
Thursday
Aug. 19
Friday
|
\
Aug. 20
STOCKS
aaltt
for
the
LowM
\
\
$ per share S per share S per share
197I2 98
105
X
103 *
21I2
•68
72
72
•97I2
15634 159
•97I2
.
15478 L5734
1
•70
74
I212
3958
125r
39V8
•60
•95
62
97
2812
•33
2834
7o"4
89l2
43I2
7612
8912
4334
•60
•95
29
*33l2
7334
35
•86
7
•55
•88
15034 157I2
94I2
1858 18=8
12
125s
39I8 39Vg
95
62
97
29
29
33I2
7034
7478
4314
•86
7
658
57
95
57
•90
65s
57
95
23
50
53
*22
•40
•43I4
*14l2
•45I2
441s
•42
15
•1484
15
50
48
48
358
0I2
334
3I2
358
518
86
684
55
90
72
90
23
•40
5OI4
§4134
4314
IO214 IO312
1034 107s
9II2 911?
22
2134
*46
48
33
44I2
«
25
28
'8212
7612
'8138
7612
'ii''n
7712
•27
19
2812
32I2
35I2
39I2
35
3534
37I4
40
12
"12'
12
7934
S8I2
I5I2
9518
9978
102
IOI2
92
25
50
5OI4
44I4
378
378
8II2
1478
45
48
22
46
33ls
34
771?
89
660
68
*
90
4278
•82
88"l?
?7H
2758
401?
125
48
192
631?
15
•I3I4
•40
•6
42
6I4
5834
591?
827s
82
•90
95
491?
8634
1035s
"87i'8
"sYsr
107
6OI4
*7l2
R7I2
6OI4
8
681?
64
66
10518 IO5I2
•103
no
•1334
141?
607$
•57
40
*106
44
190
4734
28
16lj
•80
48
28
1634
8234
54
108
110
60
*
90
•6112 65
53'8
•105
•103
60
• Bid
Name
923r
100
*
IIOI4 1105s §114
38
92
60
69
69
38
92
381s
38U
9812
48
45
§641
I6I2
40
42
6I2
61?
135
139
SOU
4738
25I2
2o!>s
63
631r
85I4
89
665
§653
IO5I4 IO5I2
871?
3112 32
64i2 69I4
5934 62
*
92
•
4712
83
lOis
4058
42
61i
139
48
2638
63
89
653
9I2
4438
3812
25
5934
80
85
IOI2
62I4
40
60
85
IOI4
IOI2
44
6
57I4
8034
58
82
49
49
49
6234
13
40
6
6I4
5012
8O34
90
47
"§534 8'7"l4
10634 10634
5912 60
712
105
103
13
55
27I2
3988
115
44
I8434 186
491s
8258 S534
10112 10184
64
64
__
40
64I4
59
14
647
15
44
84I4
5038
---51
8
62
64
107
103
104
65
106
105
103
58
257s
6358
8514
§655
""958
88
•156
84
27
2734
401?
IO9I4 IO9I4
2734
3834
3834
106
185
4138
6
42
57I8
8212
58I4
8314
90
13
42
*6
6I4
95
871?
14
16
607s
14
6078
58
47
47
46I4
4512
161?
82
54
108
110
60
47
45I2
27
16
80
28
731.1
637,
91
491?
42
'"9'5s
263.1
K^U
101?
44
162
841?
28
401?
109
44
141?
42
6I4
581"
59
83
841?
47
50
8434
863s
5OI2
51
5OI2
51
.
52
52
I6I4
8234
"875"8
"8"7'5s
'8"8"5s
IO6I2 1065g
61
61
7I2
68I4
6412
104
68
64
106
104
14
15
15
10678 10078
105
57I8 58
*
90
62 65
105
1
16
80
5218
105
103
58
71?
7012
651?
107
151s
607s
103U
47
47
47I4
27
27I2
1638
47
165«
82
81
53I2
531s
108
110
•571s 00
* ...
90
62 65
FeD13
FeblS
47I4
4734
275,
167,
81
54
IO5I2 108
103
60
*
02
40
800
300
200
100
4,400 Oklahoma Prod A Ref of Am 5
400 Ontario Silver Mining
100
300 OtlB Elevator
...no par
nopar
..25
45
Febll
48
May20
42i2
Augll
l484Aug 7
Febl3
44
358
5
l07
Aug
6
Febltf
May20
lOU Aug 9
45^8 Augl9
3284 Augl7
Marl9
8638 July 9
98
June28
Jan 3
Janl3
Apr
110
611?
90
66
aol Mk'^ DHces: no aalea on this day
I>m than 100 aharen
changed from Ohio Cities Gas to present title July 1 1920. range
& Tube of Am pref.. 100
Stewart Warn Sp Corp no par
Stromberg-Carburet
..No par
18,000
49,200 Studebaker Corp (The) ..100
.100
Do pref.
100
600 Superior Steel Corp'n
no
par
Temtor Corn A F pref A
no par
do pref class B
"'"906 Tenn Copp A
C tr otfs.A'o par
25
74,600 Texas Company (The)
9,600 Texas Pacific Coal & Oil... 10
1,400 Times Sq Auto Supply.no par
7,100 Tobacco Products Corp.. 100
100
100
Do pref
Steel
86i2Aug 9
2678
60
92
41
40
38
9
40I4
37I2
25I8
57
83I2
9I4
Aug
9
FeblS
Augl8
June 7
FeblS
Aug 9
Mar26
July29
Aug
Aug
6
9
AuglO
Aug
10
Augl2
157
Apr 8
Mar
Jan 6
65
Jan 2
78
Jan 2
6II4 Jan 5
3888 Jan 9
46 June22
11638 Aprl4
11184 Aprl4
47I2 Jan 6
SOU Apr 8
4178
29ij
Oat
118>4 BtRt
3284 July
71»4 Nov
6284 July
Nov
Oct
40U Feb
64
100
May
110
264
Nov 83 July
Nov 106U Feb
4312 July
Jan
Not
45
Sept
76
87
70
103
Nov
lOlij
Jan
92
Jllf
Dec
Dec
Feb
IO8I4 May
2434 July
883g Jun*
Jan
Jan
604
May
Sept
112
93
64
102
9412
1912
Feb
44U Mar
43
'
Oct
Jul}
2178 July
145»4 Ooi
70»4 July
13U Nov
91U Feb
47
46
>
July
July
Jan
Jan
75
67
97
Juno
6I2
Jan
65
July
128
S4li
Dec
46
Mar
70>4
68l|
2912
Dec
Dec
Feb
22
67
Jan
Jan
g2>4
Dec
Dec
42
32
Apr
Dec
30
Jan
3S>4
lOlif
271s
16
Jan
Jan
Jan
93
«6
Dec
Feb
86I1
1238
Mar
ti59
100
60
110
01
8812
104
19
68
46
IIU Nov
Mar
Nov
Oct
Oct
423, July
Dee
41
140U Oct
1047» Deo
47»4
Nov
58
57
43
May
99
Oct
Got
111
July
API
28*3 May
105lj Oct
74*8 July
98
May
SHi Oct
Feb
Feb
lOG
100
Mar
Oct
July
91*4 Jak
132l| July
Dec
Nov
gsu Dec
Apr
Feb
Feb
Mar
10712
Nov
112
Jon*
27I2 July
106l| Ooi
63>4 Dec
Aug
Dec
145
Jan
Jan
441} Sept
6Sig
74
80
76U July
711]
1212
Nov
39U Nov
Nov
IO8I1 July
74lj Nov
100
84
149
Aug 121
17
Dec
94i|
Jan
8U Mar
29
July
July
001
Am
41ig
4612
Feb 230U De«
Dec 81«4 Dec
6414 Nov
Dec
89 Nov
Feb
86
Mar
168i>
74
gVi July
91i2June24
6II2
11814
12638
10112
Mar26
60
47
38
Apr 8
Apr 7
1314
C673.1
Apr 8
Apr 8
JanSl
Mar26
MarSl
36*4
46*4
92
33
934
Jan 2 nl84
533g July 7
S4I4 Julyl5
95I2 Jan 3
Jan 7
106
3884 Jan 6
66I2 Jan S
U
M
—
3812 JOIV
131«4 Oct
8
Apr 6
Aprl4
H
Ex-dlv. and rlBhtn. » Kx-div
July 1 only; range for Ohio Cities
21
32
8'»
584
958
Dec
Jan
Jan
162»4 Jan
99
Dec
45I8
Aug 9
0,200 Transcontinental Ol).. Vo por
40
Aug 9
400 Transue A Williams St.A^o pof
AprlS
100 161 Aug 9 200
Underwood Typewriter
73I2 May22 127
Aprl4
1,166 Union Bag A Paper Corp .100
Jan 6
25^8
38
Aug
9
no par
4,200 Union Oil. .. ..
No par 38'8 Aug 18 63 Jan 6
800 United Alloy Steel
Janl4
Aug 9 148
100 106
100 United Drug
JanlS
44
Aug 2 63
Do let preferred
60
100
Aprl4l
224
Febll
176
100
2,400 United Fruit...
Aug 9 96l2 Jan si
59
22,400 United Retail Stores ..No par
I2I2 AuglO
2612 Jan 3
100
100 U 8 Cast I Pipe A Fdy ..
65I4 Apr 7
4184
Aug
100
Do pref
250
3778 Apr 6
Apr20
6
100
U S Express
783, Jan 6
Feb lb
"7,606 U S Food Products Corp. 100
7712 FeblS 1163s Jan 8
S Industrial Alcohol ...100
7,600
Jan 6
10334
90
6
Aug
100
Do pref..
100
6934 Apr 8
40
FeblS
900 U SRealty A Improvement 100
14334 Jan 6
Aug
80
15,000 United States Rubber ...100
Aug 9 11612 JanlS
100 101
Do 1st pref
1,400
Jan 3
Aug 9 76
50
60
1,400 U S Smelting Ref A
4178 Junel4
475s Mar27
60
Do prof
Jan 5
8378 Aug 9 109
126,200 United States Steel Corp ..100
100 10438 Junel5 116<4 Jan28
Do pref
1,500
56l8
Jan 3
80'4
Aug 9
10
2,800 Utah Copper
7ig Mayl9
127g Jan 2
100
200 Utah Securities v t
Aprle
97
FeblS
45
no par
50.300 Vanadium Corp
SOU Aprl4
5918 Feb 13
1,000 Virginia-Carolina Chem... 100
Jan 7
II212
Do pref
100 104 May 3
1,000
FeblS 119 Junel7
76
100
100 Virginia Iron C A C
21 June 7
1278 AuglO
no par
1,600 VVivaudou
MarSl
76
48 May 19
100
Wells, Fargo Express
8018 JuiylS
89U Maris
566 Western Union Telegraph. 100
Jan 8
119
IO6I4
9
Aug
50
100 Westlnghouse Air Brake
6618 Jan 3
4412 May20
2,110 Westlnghouse Eleo A Mfg. .50
AuglO
691s Mar29
44
60
2,310 White Motor
3178 July23
2514 July 2
5
500 Wlckwire Spencer Steel
Jan 3
32
Aug
1558
9
26
11,500 Willys-Overland (Tne)
Jan 5
93
777, May 21
100
Do pref (nttc)
100
82ig
Jan 6
5038 Aug 9
1,800 WIlsonACo.Ino, V t e...Vo par
Aprl4
145
3
-.100 100 June
100 Woolworth (F W)
100 l03 Julyl9 116U Jan 6
Do pref
100
Jan27
Aug 9 95
55
v t 0..IOO
1,800 Worthlngton P A
93'4 JanlS
July20
80
100
Do prelA
Jan 6
76
6212 Aug 9
.100
..
Do prefB
a
t Ex-rtehts
incl. prices from
28
60
104
7
5512
HigM$t
% v*r than t V4T «t«r<
130
AuK 137 Dee
Jan 2
Jan 7
Aprl2
Jan 3
Jan 6
Jan 5
Jan 3
61
Jan 3
59i8June26
77U Jan 6
2238 Apr 17
M
IOOI2 1067,
6OI2 OOl-.
712
8
46
27
100
100
North American Co
100
Steel
Coal..
A
Nova Scotia
no par
Nunnally Co (The)
ib
Ohio Fuel Supply
"2,906
34
85
66
64
44
83
40
88
4
Aug 4 80
AuglO IO212
6I2 Aug 4
13
Aug 9 8912
50
90 Aug 11 IO2I4
9314
70'8 Aug 9
...100 ilOOi, May21 110
17I2
lOU
AuglO
6
89 Aug 9 II714
100
4812
20 Aug 9
..100
preferred
1,800 Otis Steel.600 Owens Bottle
1,100 Pacific Development...
Au^ 9
May24
M
8334
"86%
300
Do pref
2,600 Nevada Consoi Copper
500 New York Air Brake
100 New York Dock
May
2784
32i2
Janl2
Jan 3
Jan 6
Jan 6
Jan 6
Jan 6
Jan 7
10034 Jan 6
40 Mar26
4ii4 May20
300 Paoltlo Gas A Electric
190
28 Aug 9
5
Pacific Mall S8
Janl3
37
100
Pacific Teleph A releg
"8"6"l4
Febl3
^184
"7"2",i6o Pan-Am Pet A Trans
50
6734 FeblS
9,955
-50
803s
Do Class B
28I2 Aug 9
no par
29
Parish A Bingham
AuglO
16
1778
2,300 Penn-Seaboard Sfl v 1 iVo par
Aug 9 42 Feb 9
27
28
1,000 People's G L A C (Chlo)..100
30i2 AuglO
4212 Jan 10
34
600 Philadelphia Co (Pltt8b)...50
33i2 Aug 9
36I4
4412 July 2
3,000 Phillips Petroleum
no par
4012 21,500 Fierce-Arrow
Car
No par 3618 Aug 9 8278 Jan 3
88 July 2 IO8I2 Jan 8
100
Do pref
""3",500
11
Aug 6 23I4 Jan 8
"r2"l"?
25
Pierce Oil Corporation
79
Aug 12 98
Jan 7
81
400
100
Do pref
5ll2
FeblS
Apr 8
66
6114
7,000 Pittsburgh Coal of Pa
100
Jan24
84
Aug
18
91U
84
1,000
100
Do pref
I2I2 Aug 2
2758 J&n 6
900 Pond Creek Coal
10
141s
FeblS 113»4 Apr 12
84
941?
1,400 Pressed Steel Car
lOo
96 June 3 IO4I2 Feb 2
200
100
Do pref
Jan28
55
Aug 17 68
100 Public Serv Corp oJ N J.. 100
55
114
2,310 Pullman Company
100 10884 May24 124 Marl 9
Aprl9
66
AuglO 120
7284 18,800 PuntaAlegreSugar
50
Aug 9 A;4278 July 7
3SU
5,100 Pure on (The).J:...
25 A36
106ij
8834
Aprl2
May20
93
900 Railway Steel Spring
100
9212 May 3 106'4 Feb20
125
1001?
Do pref
...100
I3I4 Aug 9
2284 Jan 6
1484
1,400 Ray Consolidated Copper.. 10
AuglO
Jan 3
45
94
1,900 Remington Typewriter v t c 100
531«
93I2
3412
Feb26
July 7
..no par
11,900 ReploKle Steel
75
9
7658.
Jan 3
Aug
12434
100
23,200 Republic Iron A Steel
S3
92I4 Augl9 10684 JanlS
100
200
Do pref
93
Mar 4 66S4 Jan 2
37
1,500 Republic Motor Truck. iVo por
381s
69i8 Aug 9 12S38MaylO
81 7s 35,700 Royal Dutch Co (N Y shares).
I4I2
Jan 2
1778 Aprl2
I6I4
10
2,200 St Joseph Lead
Augl9
2514 Junel8
12
1,300 San Cecilia Sugar v t c.no par
14
39I4 AuglO
8358 Apr 6
lOO
Savage Arms Oorp
42
6I4 Aug 9
2158 JanlS
2,800 Saxon Motor Car Corp No par
7
Aprl4
AuglO
243
130
300 Sears, Roebuck A Co
100
140
901* Jan28
£2 ^45=8 Augl2
13,600 Shell Transp A Trading
493.,
48-i4 Jan 6
No par 23'8 Aug
273s 36,000 Sinclair Cons OH Corp
59
Aug 9 82U Jan26
2,500 Sloss-Sheffleld Steel A Iron 100
67
87
5
June
94U Aprl9
8-34
100
Do preferred
AuglO §860 Mar 26
100 §600
461 Standard Oil of N J
665
100 100i8Junel7 llS3g Mar26
10558
2,930
do pref non-voting
I8684 18784
675,
66
1861?
6312 66I4
16
16
par
100
100
100
var
500 Nat Enam'g A Stamp's... 100
100
preJ...
Do
1,600 National Lead
.100
Nat
95
46
._
29
108
110
597g 60
48
83I2
lOls
43I2
461?
53I4
37s
85
46
•105
*103
50
64
47
16
51
451?
16
611''
4658
80
53
49
IOI4
Aniline A Chem vto.tto
Do preferred V t c
457 National Cloak A Suit
Do preferred
1,400 Nat Conduit * Ca,b\9. No
6,600
200
Do
015s
IO3I4
4658
161?
9434
25
50
61
821.1
847s
53I2
1084
411'>
607s
Ifiis
67s
39
26
82
*80
138
48
83I4
86
39
82
6I4
97
86I4
43I4
4714
10
57I4
82
341?
741?
4612
58
*27l2
7
""9'3i
..100
Preferred...
MontWardACoIUsCorpBopor
200 National Acme
.50
1,500
463s
393s
80
6384
8578 865s
10084 10884
57I8 5912
•7I2
8
04I4 6512
6734
"98'8
82
4658
45I2
14
40
26
100
130
44
189
821?
921?
§645
3812
44
27I4
3878
277s
397s
58I4
8158
9212
37I8
81
I6I4
42
7
138
139
47
481?
2558 263s
62I4 6234
85I4 89
4534
8138 86
83l«
14
40
8I34
6I2
46
_
8212
2738
39^8
12
40
I4I2
49
IO5I2 1051? 10538
8734 *
32I2
32
32
6618 701?
71
5958 627s
6288
*
*
91
91
49I2
4884 4812 49I2
42
•4058 42
4158
938
'I'o"
44
•55
93
9812
IOOI2
I4I2
141?
491?
IO5I4 IO5I4
8712
3II2 3178
6478 66I2
5834 6O34
91
^41
1434
42
109
471s
I418
941
1578
I3I2
82
•103
47
84
15
15
14
14
605s
85
15
14
45
1314
6II4
8114
161s
14
60
8018
6OI2
39
*40
*7l2
8
6612 68I4
6478 647s
10512 10512
84
79I2
186
60
121s
39
106
'8684 "r'tiI
•10612 107
IIOI2
71
39I4
'12"
79I2
44
190
6212 64
8412 85
IOII4 IO2I4
96
9812
165
6I4
6OI4
60
8412 *
I5I2
15
93
9238
34
35
38
115
6
12
80
28
7Sl2
47
40
1218
17
81
15
60l8
271?
78
28
38I4
59I8
88
77I2
7834
607s
27I2
"8312
38
59I2
82
'8'2"34
29
85
63
97
29
S p«r i>ar4
I6II2 Apr 14
3312 Jan 6
I37IJ Aprl9
97i2Angl3 107
148
Aug 9 222
Mexican Petroleum
88 MarlS 105
Do preJ
I8I2
Aug
5
26
6
Miami Copper
IOI4 Aug 5
10
7184
Middle States Oil Corp
37I4 Aug 3
6234
MIdvale Steel <k OrdnaD0«..60
59 Mayl9
100
6918
Montana Power
100
100
100
prelerred
31
74
27
101?
46
*
90
3812
1018
48I4
28
'8114
7612
45
731'.
39
27
*43
*156
48
*
iBdustrlaiacMUscCCon.) Par S v*r fiar*
500 Manatl Sugar
100 J97i2 Aug 17
21I2 Augl7
200 ManbattaD Shirt
26
70I4 Augl8
300 May Department Stores. -100
Do
I25I4 127
22
2284
8II4
92I4
4812'
85
46
36
45I4
8018
92I4
4578
391?
*
22
72
44
60
85
22
45I8
93
461s
4434
3834
22l8
93
38
85I4
70
63
4278
128
8134
48lg
2618
6212
32I4
378
I4I2
•938
451?
393s
271?
101?
45Vs
92
93
100
49
378
50
72
61'
1051?
'*9U To""
1018
66I2
3734
I4I2
15
50
55
110
50
45I2
1438
130
493s
265s
631?
91
4812
*4058
'
334
40
IOOI2
1438 I4I2
4934
69I4 70-8
79 '8 801s
100
»
6212
45%
38I4
•40
64
•83
15
19158
3818
917g
15
63I4
443/
39I8
2534
59I2
59
84
75
42
69
•4058
59
851?
72
15
3134
•
12
80
IIOI4 111
*39
871?
321a
7034
45
384
5I2
35I2
37I2
58
79I4
89
675
15
50
21
4334
351
3658
15
•1434
§660
IO5I4 1053R 105
50
4334
15
1084
94I4
93
25
50
50
3578
79I2
*85l4
22
40
3534
3612
1214
84
678
56
88
IOI2
I7I4
7II4
137
1038
9278
271?
331?
3534
39I2
85
95
678
551s
17
38
61
90
27I2
33I4
34I2
3758
82
63
6312
32I2
75
28
7334
60
551s
88 95
95
72I4
73I4 74
72
IO2I4 105 IOOI4 105
4284
81
7612
23
Skaru
15612 160881 60,300
93I2 931?
100
19
19
700
III2 12
52,100
39
3934 15,900
43I2
18
81
26l8
27
684
\
97I2
3412
74I2
86I4
4314
27I2
69
*130
48
4734
*
791
.
139
42
86
65
35
75
18
84
15
51
61?
7II2
2OI2
29
27
50
68
638
34I4
S per share
98
981?
2884
.
79I2
llOlg llOis
7334 741?
38I4 381?
76
28I4
281?
98
55
981?
95
64
97
2812
12
"l"2"l4
95
61
25
50
53
28
•
30
98
55
634
•60
77 14
94I2
1534
2658
74
96
100
60
42
534
"s's"
19
281?
321?
36'4
39I8
...
1512
"7838
96
•97
*55
75"5s
•40
28
27
30
§9812
•1438
51
92
-_
*
'8'2""7s
*92
2II2
7OI2
97I2 _- __
I53I2 I56I4
94I2
1858 18=8
11
12
3834 39=8
7012
IOI2
5
120
21
90
384
46 14
93
7568
107
4284
2212
96
5OI4
6958
821s
69
103
21
40
48
46I4
3234
16
95 12
95
•90
4914
85^8
IOI2
22
I5I2
75I4
3SI4
684
92
16
60
6
1084
•151
111
2858
34I2
7II2
54
22I4
31
63
97
54
90 95
95
7OI4 72
7534
105 102
105
25
50
50
44 12
15
50
34I3
441?
94I2
1858
12
39I2
43I2
684
22
40
50
44
1434
46
334
5I2
154
41
86
571?
•84
997s
5OI4
•40
•106
•44
•189
63
2858
34I2
7OI2
__
90
151?
_
•8514
61
95
4134
851?.
*96l2 IOOI2
§639
39
341
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120
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July
Oct
Dec
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68*8 July
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68ig May
Dec
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Feb
216
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Aug 119U Oct
Aug
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32*4 May
91*8 Oct
Feb
66
Apr
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167
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May
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STOCK EXCHANQB
Week ending Aug. 20
U. S< Government.
First Liberty Loan
8Ha let 16-30 year. .1932 •47 J
Price
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Friday
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Bid
D
Jan.
89 .96 Sale
89.94
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48
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2na L L
1927-'42
84.90 489 84.00 94.00
84.50 5806 81.10 92.86
88.08 5172 85.80 95.00
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.
.
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1961
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1961
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105
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Belgium 25-yr ext sf 7i^a g.l945 J
1-year 6% nntes
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6-year 6% notes
Jan 1925
Bordeaux (City oJ) l5-yr 6e.l«34
Chinese (Hukuang By) 69 ol 1911
Copenhagen 26-yr a f 8H9.-1944
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1937
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1967
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1998
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1921
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1987
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1987
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1987
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1879-192V A
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1930 J
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1st gu 48.1947
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lat gu 58 194S J
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1988 J
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1934 A
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1930 J
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1930
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Chic T H A So ragt 1st 6b. .1961 J
Ohio A West Ind grn g 68-.fl932 U
Consol 60-ycar 4s
1952 J
Cln H A
2d gold 4Hb
1937 J
let gu 4b g 1923
C Find A Ft
Day A Mich Ist cons 4Hs 1931 J
Glev Cln Ch A St L gen 48.. 1993 J
30-year deb 4Hb
...1931 J
1993 J
General 5b Series B
1939 J
Oalro DIv lat gold 48
DIv
1st
OIn
ft
g 48.. 1991 J
St L DIv let coll tr g 4s. ..1990
Spr A Col DIv Ist g 48
1940
Val DIv iBt g 4B
194C J
O 1 St I. A C lat g 4b ...tl936 Q
Registered...
tl93P y
OIn S A CI onns let g 68. .1938 J
O C C A 1 gen oonB g 68.-1934 J
Ind B A
iBt pref 4s
1040 A
W
5112
9312
80ij
4
77
Feo
32
19
8538
19
9012
192c
1934
1921
RAN
Oct
8712
02014
a2014
1932
NW
NW
907g
7512
85I4
75
95
78is
69»4
,96
16
69
78
A G
M N
«198t'
el98t)
Permanent 48
I
46
"20
Aug
Aug
5234 Sale
93I2
85'4
84
6lU 73
'20
25
23
50
79
6738
34
24
„.«198'J
6s
Feb
2334
M
oonv Ser
Aug
33
98
77
9834
Feb 15
4138
80
81>8
100»J
99I8
246 "66U '77'
334 70
8II2
'20
'20
i
—
ref
Aus
Aug
88I2 Sept'16
A O
ctfs ol dep
Purch money lat coal 5b. .1942
Chio A Ind C Ry lat 68... 1936
Chicago Great West 1st 4a.-196(>
Ohio Ind A Loulsv Rf-f 6b. 1947
194'.
Refunding gold 68
Refunding 4a Series O
1947
Ind A Loulsv Ist gu 48
195(
195t
Ohio Ind A Sou 50-yr 4s
Ohio L S A East lat 4 He
1861'
Oh
A StP gen g 4b ser A-tl98(.
Cen
June' 19
6718
6018
42
B
69
113
Stamped
Guar Tr Co
4HB Serifs C
Gen A ref Ser A 4H?
May' 19
Dec '18
61
D S Mtg A Tr Co ctts of dep
General
78is
60
J
53
72
76
T7
Registered
Gen'l gold 3H8 8er
82
73
77
6334 July'20
S
87'4
96l8
8738
8634
78is June'20
6978
7034
8634 Miu-'17
89if
High
79
90
96
90l2
90I2
9734 Aug '20
IOOI2 Jan '18
Sale
1.
May'19
May'18
9758 June' 17
9134 Jan '19
80'4 July'20
7058 Sale
67
4s g..l965 J
s Mtg A Tr Co ctfB of deplit eocaol gold 6s
193
General consol Isite
1937
78
82
87
Since
High ^oJJLoy,
74I2
M N
» N
M a
M 8
M
Ask Low
75I2
8II2 83
94I2 96
9OI2 Sale
9778 99
Rang*
Jan.
Laat Sale
76
Am Dock ft Imp gu 68 1921
N Y A Long Br gen g 4a. .1941
Peoria
46
Apr
92
60
Mar'20
901s
85
691JI
641}
Apr 20
98I3 IOII2 100
May 20
97'>8 IOII2
98 June'20
77I2 Sale
77'2
78
6718 70
70 Aug '20
8714 87I4 Aug '20
87
77I2 7S34 7.S34
79
843,1
717,
82
59I2
85
62
60
July'15
79I8
91
7112
3
81
70
86
79
62
3
'20
'20
'16
6334
Aug '20
67'/8
77'4
9258 Mar'20
60
*(i0l2
S
r
week.
80
70I2
J
M
79I2 Sale
2
74
100
105
71
58
M N
F
0334 Sale
J
A
J
74
N 'os'
N 5734
A
A
J
91
0012 Sale
y b
J
86
73
9714
J
A
75
73
97'2 Sale
7018
J
Q
M
M
J
M
83'8 8334
66I2 Sale
80
J
J
'oe'
66" Sale
65 Sale
80'8 82
8
S
A
A
J
64
71
72
M N
Q
S7438 Sale
74'2
74
s
M N
June 1929
price Friday; latest this
J
Bia
Ota
Week's
Range /or
Price
-^a.
775
and defaulted toude-
Friday
Aug. 20
41987
Registered
M
M
BIgbway Improv
99 40
BONDS
STOCK EXCHANGE
Convertible
F
A
$5/o£
m
:
N
N
N
M
79I2
8678
Mar'20
6812
76
M
M
State and City Securities.
Y City 4Ji8 Corp ttook.l96(
4)is Oorporats stock
1964 M
4 Jis Corporate Btock
1966 A
4^3 Corporate stock July 1967
4Hs Corporate stock
1965 J
41^8 Corporate atock
1963
4% Corporate stock
1968 M
4% Corporate stock
1968
4% Corporate Btook
1967 M
4% Corporate stock reB..1956
New 4H3
..1967
Corporate stock
1967 m
Corporate stock.... 1964 m
N Y etate—4g_
1961 m
OBoal Improvement 48
1961
0>DaI Improvement 4b
1962
Osnal Improvement 4e
1960
Oanal Improvement 4H8.1964
Otnai Improvement 4!4b.1965
BiHbway Improv't 4HS--1963
N
81 ;
Sale
93
(Kingdoinof).SerA6Ks'25
Japanese Qovt S loan 4^8.1926
M
M
Apr 20
100
99.40
Mar' 19
July'18
79I2
87I2
99
Sale
85I2 8534
9734 Sale
91l8 Sale
Second Berlee 4Via
192f
do do "Oermao itamp"
Bterling loan 4s
1931 J
Lyons (City of) 15-yr68
1934
Marseilles (City of) 16-yr 681934
Mexico Eiter loan £ 68 of 1899 Q
Qold debt 48 of 1904
1964 J
Paris (City oO fi-year 6b
1021 A
Switzerland (Govt of) s f Ss 1940 J
Tokyo City 6a loan of 1012
98I4
99
Sale
681
99
97I4 Sale
98^8 Sale
911^ Sale
83 Sale
42
42%
7434 Sale
99
1929
_
IOII2
95.48
95.46
except for iuterett
RR
Italy
of
"20
86 00 101.10
84.90 9241 82.00 93.00
Aug
95.72 5124 94.70
95.62 2616 94 64
IOII2 100
100
July'20
IOOI2
IOII2 IOOI2 June'20
IO6I2 105
july'20
105
IO6I2 105
105
104
Sale
Sale
83
87
85
78
DomlnlfaDRep ConfAdm s I 5s'68
ComlnioD of Canada e SB.. 1921
do
...192e
do
do
do
...1931
2-yr5i23gold notea Aug 1921
UK
96.90
84.50
Loan
conv K notes. ..ie22-'23 J
oonv s BOteB.--1922-"23 J
3Jia
28
2a
48
4>
95.60
84.74 Sale
A
—
Cent of Ga (Cone.)
Chatt DIv pur money g 48 1961
Mac A Nor D!v let g 6S..1946
Mid Ga A Atl DIv 80
1947
Mobile DIv 1st g 68
1946
Cent RK ft B of Ga coll g 68.1937 M
cent 01 N J gen gold 6a
1987 J
Obeaa
l8tLL2ndeonvl932-'47 J
1933-'38
14 83.00 93.48
73 81.40 92.90
84.70 Sale 84.50
84.46 Sale 84.14
87.92 Sale 87.70
M
M
M
4thLL
High
180.40
84.70
84.50
Tbird Liberty Loan
iHa lat L L oonv..-1932-'47 J
4K3 2n(l L L oonv..l927-'42
1928
IHa 3r<l L L
Fourth Liberty Loan
4Hs
iHs
mob No Low
90.40 3310 89 10
intereat"
Week ending Aug. 20
1.
84.34 84.62 84 34
84.20 Sale 84.06
J
N. Y.
— "and
38i2
8«l2
6614
91lt
75
98
63
73
7078
987, lOO's
92li 0734
''20
Due Doo.
74
63
May
20
June'20
5S1.
90
.
»
Option
94
s.ile
New YorR Bond Record— Continued -Page
776
BONDS
W. Y. STOCK EXCHANQE
WeeK enilog Aug. 20
1-^
Price
Wt*k'a
Fridav
Aug 20
Lost Salt
Manet
II
or
SUct
Y.
Week en
1.
Ask Low
High No Low High
Bid
West Concl.
10218 Feb 08
W&TKa 1st re( gu g SHs. 2000 F A
Delaware & Hudaoo
94S4 967s
9434 oe's 95I2 Aug'20
J
02Z J
lat Hen equip 8 4 Ha
75I8
7534 78
7534
3 67
81
»43 M N
1st Are! 4a
8OI4
2
O
73
80%
SOU
8518
935 A
20-year oonv 6e
26
Sale
100-%
J
D
101
99%
lOO'a
101%
B30
secure
1
78
10-year
65'
7212
65 Aug '20
65U
946 A O
Alt) A Susq eonv liHa
99 100 lOOU July'20
lOOU IOOI4
Beoss A Saratoga Ist 78.. 921 M N
Denver 4 Rio Grande
18 5834 87%
63'4 62 '8
6378
J
63
936 J
1st cons g 48
65I4
65I4
1
65'8 66
J
62% 72%
936 J
Oonsol goM 4Hia
7134 76
72
Aug'20 49 63
72
Imppovement gold Sa
928 J D
F
Sale
46%
38
49
A 46%
47%
965
lat A refunding 58
Delaware Lack
Trust Co certia of deoosl
Rio Or Judo Ist gu g us
939
94»)
Rio Or Sou Ist gold 48
Quarantesd
940
Bio Qr West Ist gold 4b.. 939
Mtge A ooU trust 4a A. 949
Del A Mack let lleo g 4s.. 995
Gold 48
995
Det Rlv TunTerTun iHe.. 961
Dul Mlssabe * Nor gen 5a_. 941 J
Dul 4 Iron Range Ist Ss
937 A
Registered
937 A
Oal Sou Shore 4 Atl a 59
037 J
Bigin Jollet 4 East lat g 5s.. 941 M
ErU> 1 at eonsol gold 78
920
Erleleteitgis... 947 M
M N
M
NY*
M
8rd eit gold 4V49
4tli ext gold 59..
8th ext goW 4s
..
N YLE4Wlstgfd78..
Grle lat cone g 49 prior
923
92Q A
928 J
920
996 J
M
70i»
73
45
45
70 >8 July'20
37%
6II4
36^8
34
Apr '11
Julyl7
64 Sale
49 '4 4978
78
60
8-4
6412
4
49I2
50
6
7018
70
7012
O
O
7978
86
77^8
N
J
7812
85
%
98%
Sale
N
87
D
S
96
J
50-''4
40
m N
J
a N
J
M N
J
N
O
OS's
Sale
Sale
83
80
80
95
75
79
100
"50
83
60
--
3978
30
75
72I4
88
^
90
74I4
- _ _ _
70
94I8 Sale
76%
85I3
60
98
7
64I2
67I2
8
70
4
Reglak^M^.
Ber4
.
iBtotSs.
Apr
KaaflM Cltv Term Ist itn .
I<«kl Erie 4 Weat lat g 6a.
at oaM tt
Rortb OtaUi lat guar g fis.
Lata Val
Y let gu g 4M*.
B«8lf tared
V
•
No
Aug. 20
74
Jan
340 'is' '47'
"Is
17
104
8
4134
30
34
41
2 "78"78
40
L
June'20
48
'
'iih
Aug'20
NOT'll
Aug'20
73% 80
Aug 10
"51% 66%
51% Aue'20
76 Des 19
93%
94% 290 '92ij 98
93% Au?'20
9514
89
83
78
97
8
64I2
3
'83'
88I2
9612 10538
'17
Apr
23
87
8314
93
May' 16
76%
Mar'20
'82"
July'20
78
97
'
83I4
83
78
99
96I4 IO6I2
85l2
94
91% 91%
56
Aug 20
7
68I2
6934
Aug'20
6712
78U Apr
65I2
IOI2
65
73
'19
78
80
92
May'20
79% 83%
65I4
63I2
Sept' 17
63I2
84
Nov'lC
63% "72
'67*34
71
Sale
68=4
69
9538 Sept' 12
5134
5812
5812
6534
60
691;
8514
26
85
78%
64I4
66I2
51
62%
26
59S8
6334
721,
July'20
100
...
85I2
60% 64
73
5934
87%
8512
Aug'20
60
DeclO
62
102
Aug'20
JunelO
54
63
Aug'20
Jaa '20
6II2
Feb
80
June' 10
63
62
69
62
53
62
93%
80
II712
84
93
65l2 July' 18
73%
6912
82
N0T'17
7713 A«8'19
70% 83%
69% 69%
7438
Feb
'20
66
\t
960 J
919
059 Jl
960
950
960
9«0
937
M
S
7OI2
J
66%
N
9034
68I4
D
941
945
940
940
and aiked
70^!
54% Sale
75I4
De»
93
78
NOT'19
Jan '20
52I4
67
72
62
50
62
t&ls
Sale
54%
Oct
78
65i2 Sal*
'19
78
93
7«
59
'09
64%
66
67
73
73
57
42
67%
74
67
81
76
79
65
80
May'20
78
S«pt'19
veek.
a
80% Feb
Aug
Due
49%
3
83% 761
82% 76%
81%
72
'17
'19
Jan.
80
»
Das Feb.
87%
t
MK
M
Due
95
97%
99
49
87
86
99
'97""
Mar' 10
Nov'lO
!
101% 104
63% 76
7934 87%
72
82%
68
65
89
89
i
93% . 93%
76% 81%
61
65%
3834
39%
74%
76
89% Aug'20
Sale
7578
70
5334 Sale
53%
30%
24
24
24
23
45
June'20
45
'45
4934
26
34
"40
28
32%
14
20
May '20,
51
38^4
Dec 16
Dec 19
74%
74%
87
82
88
82
52% Sale
52%
52%
9734
9334
9734 July'20
58 Oct '18
64
65
65
68
Sale
84
1
"
27,
6
103
20
74%
83%
91%
74% 89%
84
61
59
96% 78%
Augr20
72% 73%
77% 83
79% Aug'20
60
6734
70
7934
82
July 14
30
76% 87
80
94%
69%
80% Oct '17
63%
68
63% 66
80 May'20
98
91
91% Aug'20
Apr '20
91
83% 89
56% Aug'20
55
58
77% Mar'20
66% 78
78 Apr '20
75
'68%
68%
68%
91%
90% "92' 9934
95% 99 110% M»r'17
13
66
15
6338
7934
82
102
69
82
89
69
'67'%
80
20
25
June'20
15
Jan
Dec
95%
61% 59
76% 77%
76% 78
68
74%
88% 9734
91
I7I4
59
9034 Juae'20
5934
49
89%
66%
74%
88%
66%
73%
111
86
63
93'4
45
61*4
70
61
69
64%
82%
60%
5534
58
75
49
J
59%
"3
5334
J
41%
65%
F
.-
'63
65
98
Aug'20
73
693s
72%
16
667s
9034
72
79
58%
54%
F
16
5
69%
F
F
66
30
23
12
66% June'20
59%
59
52% May'20
63
81
20
'19
'20
58%
6
72
86
91% 152%
2134 July'20
20%
72% Sale
J
20
June' 19
7034 July'20
64
63
72
J
33% 38
48% 50
34
72% 75
M
W
23%
29
40
87
80
BattleCrAStur
Due
'20
Aug'20
F*b
F
J
J
17
39%
28
June'20
2434
F
F
1997
Registered
1997
Debenture gold 4s
1934
Registered
1934
Lake Shore coll g 3 Ha
19SS
Registered
1998
Mlcb Cent ooll gold 3 H8-. 1998
aegletered.
1998
17
30%
24
23
48% Aug'20
i
92%
52% 60%
23% 32
27% 33
37
28
26
23
483s
4^8.1926
let gu 38-1989
Beech Creek let gu s 48.-19S*
Registered
..1936
1936
ad guar gold 68.
Registered
1936
Baecb Cr Kxt 1st g 3 Hi. 61061
19«1
Oart 4 Ad 1st RH g 4a
Gouv A Oswa Ist gu 8 6s..ie42
Ka A A G R 1st gu 98. .-1938
Aug'20
30% Aug'20
30% AU2'20
IW
•*
35%
70% 82
89% 91
85
57
Aug20
17
82% Dec
J
55
45
71
44
'18
40%
33% 'so"
1977
5
85%
54
29
"30"'
42
Nov' 19
Deo
F
A
M
J
M
Hi
27% June'20
30
20
35
35
28
17
31
99
96
40
69
July'20
85%
95
A
47
Aug 20
88
87
27
4H8.1957
New York Cent 4 Hud Rlv
Mortgage 3H8
40%
39
85
96
94
95%
67% 75
34% 4334
68
47
45
70
28% 32
M
Mar20
Feb 20
42% 45
40% 45
68% 80
86
J
July'20
95I4
69
M
n
June'20
67%
40% 40%
74%
W
July,
Aug'20
61
90
98% 100
45% 5178
60% 78
47
Aug 20
77
75
99
95
91
102%
.. 100% 103
.- 100
loo
95% NOV19
3934
M
Due
84
99
85
37
98%
47
84
104
90
89%
67%
M
a
Aug 20
102%
Aug'20
101% Apr 20
100 Feb 20
79% Jan '19
M
June,
8534
85
11
67% 63% June'20
79% 7934 July'20 ....
72 May'20
73% 75
Aug'20
60% 62
63
96 Feb "05
88% 89 Mar'20
97% May'18!
71%
98% 98% Dec 19
85
96% 93% Jan 20
76% July'20
74% 83
Genera! 48
1975 M
Missouri Pae lat cona g 6«..1930
«G-year gold loan 48
1948
8d 78 extended at 4%
1938
Cent Br U P lat g 48
1948 J
Pac R of Mo Ist ext g 4e. . 1938 F
2d extended gold 68
1938 J
at L Ir
4 S gen con g 68 1931 A
Gen con atamp gu g 68. .1931 A
Unified 4 ref gold 48 ..1929 J
Registered.
1929 J
Rlv 4 G Dlv lat g 48. ..1933 IW
Verdi V I 4
l9t g 5s..- 1928 M
Mob 4 Ohio new gold 6a
1927 J
lat ext gold 6s..
»1927 Q
General gold 4»
1938
Montgomery Dlv Ist g 68.1947 F
Bt Louis Dlv 58
...1927 J
BtL 4 Cairo guar g 4s. .1031 J
IToshv Chatt 4 St L lat 68. .1928 A
Jasper Branch lat g 6s
1923 J
prior lien
July'20
78
Sept' 19
101%
20
l8t oonsol 4s
1951 A O,*
58% Sale
3»ew Orleans Terra 1st 4a... 1953 J93
W O Tex 4 Mexico lat 6g...l925 J
'49"
49%
Non-cum Income 6e A
1935 A
Hew York Central RR
89 Sale
Conv deb 6s
1936 M
66% Sale
Oonsol 4a Series A.
1998 F
73% 74%
Bef A Imp 4 Ha "A"
2013 A
Nov'lO
May'lO
Aug'20
95% Fab 19
sinking fund 4 Ha.. 1936
Trust Co certfs of deposit
Bt Loula Dlv lat ref g 48.. 2001
6% secured notes "ext" 16
Dall A Waco Ist gu g 68. .1940
Kan City 4 Pac Ist g 4e..l»90
Mo K 4 E Ist gu g 59
1942
* Okla Ist guar 5a.. 1942
K t T of T 1st gu g 6g 1942
Sher 9h A So lat gu g 58. .1942
Texas 4 Okla lat gu g 58.. 1643
Missouri Pacific (reorg Co)
Ist 4 refunding 5s Sej A.. 1965
let 4 refunding 5g Ser Be 1923
1st 4 refunding 68 Ser C..1926
Guaranteed general 4a
Mw'lB
73
85
85%
77%
81%
72% 75
91% 94
87% 100
72
84%
..1936
Gen
Mex
737»
Jan 11
Aug-lg
64
78
ffl990
certfs of deposit
1ft ext gold 8e
1944
1st 4 refunding 48
2004
Trust Co certfs of dep
of
67
59% 68
60
69%
Mar'20
97I4
2d gold 4a
Trust Co
Wat
77
63
67
May'20
76%
M
pr lien
73
84% 92
59% July'20
62%
62%
94
89
66% 97
1977
g 6s. 1925
Minn St Loula lat 7s
1927
Pacific Ext lat gold 8s
1921
lat oonsol gold 69
1934
1st 4 rafuBdlng gold 48. ..1949
Rel 4 ext 50-yr 5e Ser A ..1962
Des
4 Ft D iBt gu 4S-.1935
Iowa Central lat gold 6s.. 1038
Refunding gold 4s
1961
MStP4SSMcong4B Int gu. 1938
Ist cons 8s
1938
lat Chle Term a f 48
1941
BS
A A lat g 4s let gu.'26
Mlaelsslppi Central Ist 5a
1949
Mo Kan 4 Tex— 1st gold 48 1990
WatRysof Mex
53
81% 61%
'20
75
65
961
63
83
88
80% HOT'16
79I2 May' 19
92
90
70
84
74%
71
70
64
62
00 ...
53I2 .--
82
62l2
63
5734
6234
70
65%
53I4
"62»4
July'09
63
8778
"
6234 Juiie'20
63I2
66I2 Sale
86I4
78
73
79
72
91
9258 100
6138
103
98% 98%
'20
70% 73
Internal Ist cons g 43. .1977
M
92
Dec '19
90% June' 19
85
84
72
83
89% 95
64t3
101% Sale
98
46
65
1.
High
Aug'20
Oci 19
99I4 Oct "06
63% June'20
67 Jan "iO
95
92
86
92
84
M
Mar'20
6834 Sale
N
K
70
June'16
June'20
100
67
80
i
Aug'20
8512
"60%
77% 78
M
June' 13
78
'eSU
N
92
80
73
89
—
Dsf. '15
79
87
92
80
Stamped guaranteed
Midland Term 1st s f
"55
8114
lines 4s.
76
66
86%
May'20
9'0
M
M
RR —Sou
86%
75
Ist g 4 ^8 1945
Joint 4a.. 1952
B«gl3tered
81952
Fla 4 8 lat gu g 5a
1937
4 C Bdge gen gu g 4 Via. 1945
Penaac 4 Atl 1st gu g 6s. .1921
Ala cons gu g 58
B 4
1936
Gen oona gu 50-year 58.1963
4 Jeff Bdge Co gu g a... 1946
Mex
86% Sale
62% 65
Knox 4 Cln Dlv 4a. ..1956
Knox 4 Nor 1st g 58. .1946
Manila
"3'9%
Jan
5934
N
'
73
63
65
Sine*
Jan.
69
12
Jan '20
Oct '13
63% 75
85% 95%
N
N
"53
OSig
105
iftbO
L4N4M4
L 4 N-South
91
'
33
65%
71171% 71%
89% June'20
88
113
Mar' 17
96% 96 Aug'20
Sale
95
86
Hender Bdge lat a f g 6a. .1931
Kentucky Central gold 4«.1987
Lex 4 East lat 50-yr 58 gu 1966
79
91
July'20
7378
Atl
Atl
"90'
79
lOOU U^i 06
39 18 May'20
97 Doc '18
72
Nov' 19
86
68
108
95
2d gold
Ra»ge
1^:
High No. Laa
3 60
65%
Ask Low
71
86
M
44
83
66I2
'18
Jan
48
30i8
Week'i
Range or
Lasi Sale
Price
65%
Leblgb Val (Pa) cons g48- 20o3
General oona 4H8
2U03
lat gu g 68. .1941
Registered
1941
Leb Val RR lO-jr ooll 68..al928
Leb Val Coai Co 1st gu g 5s. 1933
Registered.
1933
1933
lat Int reduced to 43
Leb 4 N y lat guar g 4a
1945
Reglatered
1945
Long Isld 1st cona gold 6a..il931
lat oonsol gold 4a
il931
General gold 43
1938
Ferry gold 4^8
1922
Gold 4s
1932
Unified gold 4s
1949
Debenture gold 68
1934
30-year p m deb 6s
1937
Guar refunding gold 48
1949
Registered
1949
N Y B4 B lat con g 68.1935
N Y 4 R B 1st gold 68
1927
Nor ah B 1st con g gu 58.01932
Louisiana 4 Ark 1st g 5a
1927
Louisville 4 Naahv gen 6fl..l930
Gold 58
1937
Unified gold 4a
1940
Registered
1940
Collateral trust gold 58 ..1931
10-year secured 73
1930
L Cln A Lex gold 4Vfia
1931
K O 4 lat gold 68
1930
2d gold 68
1930
Faducah 4 Mem Dlv 48. .1946
Bt Louis Dlv lat gold 6a. .1921
Leb V Term Ry
'73h V934
17
80
June'20
IO8I2 Sept' 19
103 Jao 18
91
Feb '20
85
49
66
81l8
95
9(53
prise Friday: latest bid
37
47
FHdav
Aug. 20
BU
M
73I2 June'18
73I2 Oct '18
63i8
Ist g 48... 961
V)31
Juns 18
51
Feb '20
98»4 July'20
9812 103
I36I4 May'06
85I-.
85I2
8884 8512
84^4 8712 9118 Apr 20
53i» 60
6512 Mar'20
991?
65
t
Reglate'efl
Bt Louis Bou Ist gu g 4a..
8BdI!14Iowa Ist g 4a
lit
Great Kor lat g 68
Junee Fraal
Clear 1st 4s.
Kansaa city Seu 1st gold 3a.
73
—
77I4 July'20
80. Sept" 19
961
A.
80
93
98
39
78
90
84
100
118
86U 85
91
IO2I2
8578
7l*alet«red
951
Collateral trust tolfl 48... 952
Memph Dlv
80
92
93
'20
'20
"16
40I4
777s
75
951
961
95]
Joint lot ref ea Series
Jan
Jan
Dec
81
7934 82
95 103
105
S99
948
665
937
lUlnols Central Ist gold 4g.. 951
Beglstered
951
Ut gom 3Hs
951
U
M
M
99%
92
SS's
4 H V lat ext g 4e
Ool 4 TgI Ist ext 4s
Hiuston Bfit * Tern let 69.
952
055
Parofeawe Uree ZHt
952 J
L N O * Tmaa eo\C 4s .. 953
Reglgterefl
953
l6-y«ir secured Sija
934 3
Oalro Bridye gold 48
960
Llt«ti(teld Dlv iBt gold 38. 951
u)ul9T DtT 4 Term g 8 Ha 953
Middle Dlv rcg 5«
921
Omaha Dlv Ist gold 38
961
Louis D!v 4 Term g 3b. 961
Gold 3H8...
951
Registered.951
prlncf Dlv let g 3^a
961
Weatem Llnee lat g 48
951
Beglstarcd
961
Bellev 4 Car 1st Be
923
Oark 4 8baw Is: gold 43.. 932
Ohl* 8t L 4 N O gold 68.. 951
Regis tereH
951
Gold 3yiB
951
Registered
961
88
9434 N0VI6
9812 Aug'19
49I2
5934
79
— a--
93I2
June'2o
7134
10678
7878
69" 'so"
92% 92%
86
90%
84
3612
3734
75'8
74I8
67
52
May'20
98% "'I
35%
73
(>}I
Begl6te''<^1
1st refiiE<5lDg 49
9Si2
36
asgtster*!
g—
Mar'08
JUDe'19
35
85
50
W
3Ha
JuDe'20
83
88
74% Apr 20
68^8
Sale
Sale
36
3734 Sale
72I4 75
58
48
23I2 Jan "17
Green Bay 4
deb ctfa "A"
Feb
Debenture otfs "B"
VtA
Qolf 4 S list ref 4 t g 5e..t 952 i
i
HocktngVal lit cone 8 4Ha 999
Registered
in gold 38 aterlli
86
IO5I2
35
59
M
Fegleterrid
70% ""'e
6312
y
Exteaded lat sold
-
16
251s July' 16
80
92
93
O
45
76
70%
_-
9318 June'20
70
8
39
Dec
82
84
953
953
983
C3I«v 4 Mabon Vail g 6a.- 938 J
Brle 4 Jersay Ist s I 6a
955
Q«ne9ee River 1st s 1 8a.. 967
LoBg Dock oonsol g 8s
935
Ooa! 4 RR l8t our gu 8s .. 922
Oook 4 Imot latest &«
943 J
N Y 4 Qroen L gu g 59. tv,
Is tre! 5b . 937 I
If Y Suaa &
937
aa gold 4MbGeneral sold 5a
940
Term'.aal lat gold 58... 943 9
Mid of N J lat est 5a
940 A
^llk 4 East 1st gu 8 6s
942
4 Ind Ist cone gu g 63 .. 028
vonav 4 T H lat oona 8«.. 92]
1« senera! gold 5a
942
Mt Vemon lat gold 88
923
Sull Co Branct 1st g 6a.. 930
norida E Coast Ist 4K°... 959
fort 8t U D Co let e ..jiiS.. 941
rt Worts 4 Rio Or lat g 48- 928
Qalv Hous 4 Hen 1st 56
933
Great Nor C B 4 Q ooll 4a .. 921
leeiflt^Te-l
ft
921
1ft 4 rel 4Me Series A.. .. 8«1
Bsgtstered
961
Paul
& Vltn4E
933
1ft noBsol gSe
B33
Registered
933
BeduceC to gold 4Hi!- 933
Reglstered
938
Mont «t Ist gold 4M-.. 937
Regie tercd
937
PsolUc ext guar 48 £
940
a Mlna Nor DIv Ist g 48. 948
Mton TTnloD let g eg
922
Mont <" let gu g 6s
937
Bsfletertd
637
let guar goJd 6a
937
Wilt 4 9 F l8t gold Pa.. 938
W
4812
J
99fl
Registered
lit eoneol gen Hen g 48. 996
,09R
Registered
Penn coll trust gold 4a.. 951
SO-year oonv 48 8er A.. 95?-
do Series B
Qen oonv 43 Series D
OHIO 4 Erie lat gold 5s
41
•
—
4
ling
HI
4
.
t
BONOS
STOCK EXCHANGE
Kang*
Jan.
[Vol. 111.
2
5834
Mar'17
Feb '20
S2ie Jan '20
9534 Nov'lO
154
May'16
73
JuHe'20
1
66%
76%
66
82
62% 80
54
61%
49%
82% 82
49
J
A
J
57
61
J
i
Sept.
Due
Got.
»
Option
sale.
73
73
—
Aug. 21
T.
.
J
BONDS
STOCK EXCHANGE
Aug. 20
Cent * H R RH (Coo)
Lake Shore golJ 3'23
1997
Bia
67
Ask
69
RegiOTerea.
1997
1928
25-year goli 48
1931
l«3l
EMgistered
Mob A Mai lat ku g «a...l991
Mahon C'l RR l8t ie
l»34
Michigan Oontrsl As
1931
Reglsterei
1931
43--.
194C
Registerel
194U
Debenture goM 4a
7954
7534 Sale
78
8218
L, « 8 1st goia 3H S-- -1981
golflSHs 1952
20 year aeuenture 43 .1929
Chi 4 St L lat g 43 .1937
Reglaterofl.
1937
66
1st
70'4
DebMiture 4a
19Si
N J Juno R guar 1st 43 ..1936
N V * Harlem g 3v4o 2000
NY & Sortliern let g Ss-1923
« Pu lat oona gu g 48-1993
Pine Creek reg guar 88
1932
67
55
65
55
lat gu g 4S-1949
Ist g 58. ..1996
65
2d gold 88
1996
mica 4 BIk Rlv gu 2 4s -.1922
Pitta 4 L Erie 2d g 6s
al928
Pitta MoK 4 Y l8f «u 6S-.1932
21 guaranteed 68
1934
Weat Shore Ist 4s guar ..2361
neglatered
2361
T C Llnea eq tr 88 -.1920-22
aqulD trust 4H8.. 1920-1925
Oonneoc
If
''
H4
80
62
60
76
71
Sale
68I2 Sale
9412
65%
gu4Hs A..1953
Ist
6712
93I2 ...
N
f
93% 93%
99I4
70i8
89% Feb 16
64 May'20
92% Jan '20
78% Apr '19
113 May'15
96%
96%
77
58
60
44I2 -.
NY
6978
45^8
48I4
48
Sale
4212
44
Sale
73
64I2
65
49's
M
M
Waugatuok RR lat 4s
1954 M
Prov 4 Boston 48 -.-1942 A
HyWch084B Ist ser I 4^8•46 J
Boston Terminal Ist 48 ...1939 *
New England eons Ss
1945 J
42
Oonso] 4s
1945 J
Providence Seour deb 48 -.1957
Prov 4 Springfield lat 58.1922 i
providence Term 1st 48.. .1958
4 Con East lat 4 Vis. ..1943 J
M
M
W
N T O 4 W ref
lat g 48
ffl992
Registered SS.OOO only. .01992
Qeaeral 4b
.1955
Norfolk Sou Ist 4 ref A 88. .1961
Norf4 8ou lat gold ds
1941
Norr 4 West gen gold 6s
1931
(morovement 4 ext g 68.. 1934
New River lat gold 6s
1932
&
Ry iBt eons g 4b.. 1996
Beglatered
1998
DIv'I Ist lien 4 gen g 48.1944
10-26-year con V 4s
1932
10-20-year conv 48
1932
I0-B6-year conv 4H8...1938
lO-year oonv 88
1929
W
PooahC4C)olnt49-..1941
C O 4 T lat guar gold 68-1922
Scio V 4 N E Ist gu g 48-. 1989
Northern Pacific prior Hen
way 4
32l8
5618
F
F
May'is
43
87
83
42
Aug '13
42%
38
70
32
74
57
58
J
A
A
A
106'%
67S8
M
M
M
M
51
9712
65% 79
4734
70i8
loo
98
51'i
8334
107
---
99% Dec
88.-'s Feb
74% Dec
Aug
June' 12
60
Apr
52
Aug
Aug
1-22
Nov'16
103
Feb
Sale
73
79
73
—
70%
71
M
M
73
.1948
195(i
1940
Ist
4^8.194)
gu 48
.194n
Y
iBt 00ns 6a 1927
W V4 *ABb
Ogu 4K8 A .1931
PlttB
B 4128
C 4s
Series
B guar
Bvles
D
D
SerlSfl V.
guar
4s guar
194'.
.
Aug
.
.
48 gold
48 guar
'20
70
76
73
74% 73% Aug '20
98% Jan '20
76
69
July'20—
M
76
76
F
F
70
6018
J
104%
I
cols
7012
69'4
70
74^8
9312
J
J
"
*I
"
78i8
F
89 14
84
J
A
M
72
July'20
54
69
77
69
6714
80%
70%
49%
56I4
69
81%
Nov'19
Aug
97% July'20
97% 102%
96
97
96
JunB'20
Feb
78I4
Sale
July20
65%
66%
70%
100% Feb "17
62
65
89
89
June'20
81% Apr 20
78
Aug '20
90%
75%
84%
102% Sale 102%
V
77^4
70
9G%
Sale
96'')
6918
68
72I4
6HI2 .70
64
74I2
8412
I
VI
r
1
M
4
«
F
1
m
»
kod MkMj
08
77
77%,Aug
"20
69
80
'20
70
Feb
8412 June'20
72% 82
83
83
67
68
81
80
80
7OI2
Dec '15
96% Feb 12
98% 0»t 'li
88% Feb '17
77
Apr '20
7914 May'19
76% Apr '20
84I2
84l2
79
85%
N()v'19
90li
93
May'lO
Apr '17
77% 82
93S4
87% NWH)
88% Sept' 17
82% 74% Aug '20,
79% Sale 70%
70%
76
65
77
8234
Apr
80
'20i
'19j
75% 7S
74% 771.
90% Out
72% May'20
751?
751.
8214
75%
75%
76% '80%
78
V8
78
76
Apr '20
73% June'20
76
'8
7.II3
aCoaJui.
June'20
75%'
•
Do*
I^tt.
74% 90
79% 90
80
72% 84
82% 82%
73^ 73%
6
S8%
'4% 75%
#Da«Jan«
.
July,
t
56% 234
68% 19
19
84%
61% 239
May
May
54
64
'20
I
1
'20
.-.
33
73
58
52
59%
71%
87%
62%
81
66
50%
102
92%
92% 100
56% 70
86
86%
60
64%
39% 60
48% 56%
69
49
54%
65
60%
49% 61
30
41%
i
33%
34
77
41%|
18
51
I
38
54
64
49
Mar'20
80
81%
July'l9
July'20
81
88%
June 20
May'20
84
81
64%
64
96% May'19
65
Sale
74
Sale
Sale
Sale
95%
69
66%
Feb 14
73%
74%
94
95%
61% 73
36
65
90
73% 93%
93% 108
65% 78
135
142
70%' 112
67
8712 Sept'lOj
76%'
<5% Sale 75I2
69% 67% Aug '20
68
loo Oct 18
78%
72
87
95
95
85
81% 84% 84%
81% '39' 100
84%
82
94
90% 95
94
85
S85% Sale
96
65
82
50
Sale
73%
83%
58%
81
80
83%
44%
51
96
97
80
51
66
77
*6f%
58%
60
71% 90
61% 67%
763^ 76%
74^2 80%
81% 88%
66
60%
1
30
1
Oct '19
May 20
Jaa -19
'91
'20
91
.—
99% Jan '20
Apr '20
80% May'20
65 Aug 19
92% Nov'19
80 Feb '20
99% 100
97%
SOtj 90%
96
971,
56
'92%
79%
juiy'iu
79%
73%
87%
"54" '
I
»2
52
96
6278
15
4
74% Aug '20
83i2
83%
58%
58%
81% Mar'lUl
Aug
93%
93%
96
68
I
55%
68
91
SI
91%
85%
80% 83
----'
60
60
1
95%
88% o'l
82% 100
7934
60
81%
60
77%
79
63
"80%
'
'9'5'
104% Deo '16
90
Mar'20
86
82
70
86
70
85
82
S3
63
1021, June'll
95 Jan '20
79% Aug
69
Aug
68%
82
81
81% 80%
56
^
60% 79% 80
89% 90
79% 80
'20
'20
80% June'20
75% A»r 19
79 Aug '20
83 Apr 20
65% Aug '20
95
1
70
55
80% 80%
—
79
83
82l|
July 20
81
88
80%
Apr '20
Miy'18
78% 88
62% 65
85%
62% 73%
106% Nov'04
73
75
May
83%
8314
81.%
77% Apr
84l8
20
83%
'20
77ti
80%
65
82
72% 80
60% 70
65
62% June'20
62% 73
85
35
SO
36
80
80
25
75
45
July'20
S3
Fab
46
46
34%
83
19
75%
42% 47%
75% May'20
74
46
Mar-16
121s'
18
71%' 65
70
82% 82
68
s79ia Sale
79%
77
SOVs Sale
79%
Sale
74
73%
98 Sale
96%
Aug 'IS
May'20
84% 68
85%
July'20
82
8eptl7j
81%
49
80%
74%
S.'i
56
98
87
77
78% 88%
66
95
81
108
I
66% SI
72%
88
80
74% "85%
77
June'20
84
87
96*4 101
S
14
1;
83
93
74% 85
92%
87
I
Feb 18
80% Dec 19
84% 80% JuoolS
M
Dot.
24
77%'
65
65
76% June'20
87% 96
53
86 %l
Apr 20
55%
77%
94% 96%
73
87
67
65%| 11
83%' 55
8514 Sept liij
109
59
60
58%
92
94
85
81%
55
80%
93
Mario
80% Aug '20
Juiyl9
73%
82
Sale
Sale
83
84% 93%
June'20
85
73
65
55% Sale
77% Sale
64% "87"
80
76
81% 85%
16
May'20
85%
88%
80%
Sale
Sale
Sale
Oct
87
87
-18
July'20
Mar'20
100% Oct '17
91% Apr '20
S3
99
75
95
75ig 82%
60% 70
Mar'20
Nov
88
Due
60
82
19'.;9
o
89
55
82
85
6
...
64
1928
Due Aug
78%
72
56%
39%
1
.
-
8712
99% Nov'19!
Dec '16
101
81
84% 93
80
I
71
77
'7
61l»|
32%
40%
42
16
92%
Aug
I
628
4
49
92
85
50
104
73
.
10
57% Aug 20
7234
»—.
...
47
July'20
58
52%
I94«»
a.
Due
60
57
Sale
3212 Sale
"
Sale
41
tw'S'J
l8t extended 48
Vandalla cons 49 8er A . - lO.'io F
Consols 4s Serlrtg B
.
. I11.S7
Vera Crui A P 1st gu 4%s..l934 i
•
551;
75% 87%
71%
58
40
93% 93%
80
75% 73% Aug 20
96% 97% 97% Aug '20
86% 86% 85%
77%'
77% Sale
76%
.
.
40
15
2
Aug
54%
55%
54
56%
98% Jan '14
54
51
W
Utah A Nor gold
40
86
64
48
Sale
58
55
W
lat oonsol g 68
Guar refund 48
80
77%
61%
92
85
78
90
54I2 Sale
M
W
78
Mar' 16
80
Sale
Sale
82%
'17
61%
Sale
55%
68% 67%
84% Sale 83%
61% Sale 61%
Sale
4'J
48%
73
04
48
55
I
W
Deo
Hlgi
99
June' 17
92%
92% 93
60
61% 60
LAW
68
80
79
Sale
4NO
W
83%
Sale
66
M
95% 98
96% 95%
69% 6918
66
71%
73% 73%
96% May'l8
65%
65%
M
Mar'20
103%
79%
High No. Lea
97
78
'93
Jan
93% Apr '20
97% Dec '17
7S%
79%
75% May 20
66%
W04 W
104
?
I
98;
72%
70%
93%
81% 83%
75% 86%
83
92%
73
84%
82
93%
216 101
Jan 20
Nov'19
73->8
Sale
3
99
96%
96%
96% Aug '20
68
M
I
103
7214 June'20
83 Feb '20
65I2
63
78
103% 108
-
70
83-%
lOOig
"19
'19
'16
76% Oct
37% Dec
108
75
'20
May'19
89% 89%
74% Sale 74^4
i
OODS gu 4^B...1963
ser A
1 070 J
latest bid
94
Q
!»</'
196:'
I9fi7
74^8
74%
92
100
87
77
40
90
92
85
—
78%
77%
94% 104%
72% 80
98% 98%
9912
73%
O
Oct
con gold 68.. .1943
80 Pac RR Ist ref 4s - ...1956
gan Fran Terml Ist 4s. -.1950
Sauthern Ist cons g 58
1994
Registered
1994
Develop 4 gen 4s Ser A... 1956
Mob 4 Ohio coll tr g 4s. -.1938
Mem Dlv Ist g 4V48-6s...l996
tit Louis dlv 1st g 48
1951
Ala Ot Sou Ist cons A 68 . .1943
Atl 4 Chan A L Ist A 4^8 1944
iBt 30-year 58 8»r B
1944
*tl 4 Danv lat g 48
1948
3d 48 .1948
Atl 4 Yad 1st g guar 48.. 1949
E T Va 4 Ga Dlv g 58. -.1930
Cons 1st gold 58-1956
S Tenn reorg Hen g 6s
1988
Ga Midland 1st 3s
1946
Qa Pac Ry Ist g 6s
-1922
Kooxv A Ohio lat g 68.. -1925
Mob 4 Blr prior lien g 58.1945
>*iortgage gold 48 .
1946
Rich 4 Dan deb 6f< 8tmpd-1927
Rich A Meok lat g 88 ..-1948
Virslnia Mid Ser D 4-5«..192T
Series E 6s
1926
Serlea F 6s
1926
General 68
1936
Va 4 So'w'n iBt gu 6B-.2003
lat cons BO-year 68.. 1958
Istoy gu4a
1924
Spokane Internat lat g 5s. .1955
Term Asan of St L 1st g 4Vit 1939
l8t cons gold 58
1894-1944
Gen refund 9 f g 4s
1953
St L
Bridge Ter gu g 85-1930
2000
Texas 4 Pan Ist gold 63
2nd gold ncome 69
f 2000 Mar
J
La Dlv B L Ist g 5a
1931 J
MIn
4 N
Ist gu 691930
Tol 4 Ohio Cent lat gu 68-. 1935
Western Dlv 1st g 69
1935
General gold 58
1936
Int gu g 4s
Kan 4
1090
2d 20-year 6a
1927
Tol P A
Ist gold 48
1917
prilen g 8 KB. 1925
Tol St
90- year gold 48 . ...
960
Ooll truat 49 g Ser A .
-1917
Trust CO ntfs ot deposit.
Tor Ham 4 Buff lat g 48 .11948
Ulster A Del Ist cons g 68
I92S
lat refunding g 49
1952
Union Pacific let g 4s.
1947
Registered
1947
ao year oonv 4«
19'J7
1st A refunding 4s
ff'iOOS
lOyear pprra secured 8s.lW2s
Ori« RR A N»v con g 48 .1946
Ore Short Line lat g 88. ..1922
'19
94%
.)«
B« prlee Friday;
"70"
Mar'20
99
Tex
103
"19
70%
76
76
'
67% 80
75
Got
A
4
71% 77%
loo 104%
J
194V «
194? V4
8i.flgUBr gold- 1949
F guar
G
193?
1..
L gu4Hi8 A..194f
eJl
"eo" "60
49
56%
103
4 N
W
*N
...
8inc4
Jon. 1.
May 20
May 20
56
68
Ist g 5s Int gU-.-1937
Gen gold 4a Int guar
1921
Waco
dlv 1st g 6s '38
A
1st go g 5s
1041
Louisiana Wast 1st 63
1921
No of Cal guar g 6s
1938
Ore
Cal Ist guar g 58-. .1927
Pac
So
of Cal—Qu g 5S-..1937
So Pac Coast 1st gu 4s g..l937
61%
76
97
78
60
W
40
97
40
aH4SAM4Pl8t
"
J
71i8
34% 44
51
99I2
M
4 PlttBgug3K9B..194r
ex lat gu g
55
39% 50
65
76%
Ask Low
Bid
96
Rtmr*
53
O 3
Lasl Sale
80
M
M
M
Week's
Range or
77% Sale
61% 63
H4TC
98«4
.
^
Ohio Ooonect
45
32
'20
96% Dec
U»r 3H9 ooll Jrusfeg A. 1937
aar 3 Hs coll trust ser B. 1941 F
Onar 3H8 trust ctfs 0-.-1942 J
f»nar !»^a trust otfa D. .1944 '
3oar 16-26-year gold 49 .1931 A
«i-year guar 48 ctfs Ser K 195'J '*
OIn Leb 4 Nor gu 48 g
194V VI
"• 4 Mar lat gu g 4^8. ..1935
01 4 P gen gu 4H8 ser A. 1942 I
Series B
1942 K
.
Int reduced to 3^8 .1942 4
G
26
'20
'20
'20
'20
71% Aug
100
£73
J
J
J
...IMZI J
D 8Hb
55
13
56
i
8erle303K9
4412
62% 62%
'14
'19
'20
92%
93
61
.
.
51
'44"" '58'"
July'20
Q
N
itogijterea
45
45% 451s
40% 48%
Sept' 17
8212 ..
97I2 9!
9612
•
'94'i2
July"14
J
I
16
62% July'20
79% Deo '17
49%
50
t
t
Ocnera
95%
64% 74%
71%
64
Oct '17
91% Jan '12
60
July'18
49 Oct "19
55
75
76
Series
Berlei
B«rle«
W
9514
48
74
Aerlas
93i8
Pr<<;«
Friday
Aug. 20
77
at Loula 4 San Fran gon 68-1931
General gold 6s..
1931
at L 4 S F RR cons g 4a. .1996
aouthw Dlv lat g 5s
1947
K C Ft 3 4 eons g 88.1928
K C Ft S 4 Ry ref g 48.1936
K C 4 R 4 B 1st gu 58.1929
at L S
1st g 4s bond ctfs-. 1989
2d g 4a Income bond otfs-pl989
Oonsol gold 4a
1932
lat terminal 4 unifying 58-1952
Qray'8 Pt Ter Ist gu g 68-1947
a A 4 A Pass lat gu g 4s
1943
aeaboard Air Line g 48
1960
Gold 48 stamped
1950
Adjustment 6s
01949
Refunding 4a
1959
4.t! Blrm 30-yr Ist g 4S-.«1933
Oaro Cent 1st con g 4s -..1949
Fla Cent 4 Pen lat ext 6s .1923
Ist land grant ext g 6s. .1930
Consol gold 68..
1943
Qa 4 Ala Ry Ist con 6S-.ol945
Oa Car 4 No Ist gu g 58-. 1929
Seaboard 4 Roan lat 6s.. 1926
Southern Pacific Co
Gold 4s (Cent Pac ooII)..lH949
Registered
*1949
20-year conv 4s
»1929
20-year oonv 6a
1934
Cent Pac lat ref gu g 4a -.1949
Registered
1949
Mort guar gold 3V4a-.)tl929
Through St L 1st gu 48-1954
581931
2d exten 6s guar
1931
Gila V G 4 N l8t gu g 58. .1924
Hous E 4
T 1st g 58-. .1933
l8t guar 58 red
1933
58
60
93%
45% Feb '20
40% July20
45I4 Aug '20
12
48
48%
42% Aug '20 '34
72%
73
J
Series
Series
'211
971 2 June'20
65'% Aug 20
52%
POO*
97%
52
53
67%
69
99% Feb '19
5333 Sale
Tol
64
95
9514 June'20
70^4
71
74'2 Sale
1
64
92% 92%
Nov'16
Nov'16
93% Jan '20
103
May'17
130% Jan "09
Q
Q
Q
Q
R4
75'
rail-
1997
1997
a2047
o2047
Bef 4lmp 4HsBer A
2047
Paul-Duluth Dlv g 48 -.1996
P4
P gen gold 68-. .1923
Registered certlfloates .1923
St Paul 4 Duluth 1st 8a.. 1931
Ist conaol gold 49
1968
Wtsli Cent Ist gold 4a.. .1948
Nor Pac Term Co Ist g 8b.. 1933
Oregon-Wash Ist 4 ref 48-. .1981
Pacific Oiaat Co lat g Ss ..1948
Pa lueah * tils lat 8 '« Ha .. 1955
Pennsylvania RR Ist g 48.. 1923
OoDsel gold 48
1943
Oonsol gold 4b..
1948
Oonsol 4^8
1960
Qeneral tHi
1986
Qsaeral ei
Ihhk
10-year secured 7a1930
Alleg Val gen guar g 48. .194^
R RR 4 Bge lat B« 48 e 1936
Pennsyl Co gu 1st g 4^8 --1921
Or
"20
64'
101
103
land grant g 48
Registered..
Qeneral Hen gold Sb
Registered
lieries
Aug
Feb
81
50
1
Series
19
48
48
42
42
debec 48
1947
deben SUB
1947
deben 3^8
1954
deben 4b
1955
deben 4s
1956
Ooav debenture 3 Hb
1956
f^oav debenture 6a
1948
Oana Ry non-oonv 4b
1930
Won-oonv deben 49
1954
Won-oonv deben 48
1955|J
Hon -con V deben 4s
1956 J
Harlem R-Pt Ches lat 48.1954 IW
B 4 N Y Alt Line lat 4a -.1955 F
Cent New Eng Ist gu 48. .1961 J
Hartford 8t Rf let 4s
1930
Houaatonlo R oona g Os .1937
Erie
Oct
77
777
3
102
U
67% 81%
68
—
W
66% 6618
63% 70%
N0VI7
(.Con.)
St L 4 F Ist cons g 5s_.1932
Phila Salt 4
lac g 4s. .1943
So ius Bay 4 Sou lac g 58.1924
Sua Jury 4 i.;wls lat g 43.193?
i?( J att 4 Can gen 48-. 1944
Peoria 4 PeSln On lat 68 g-.1921
2d gold 4^8
B1921
Pere Marquette 1st Ser A 5S-1956
lat Serlaa B 48
1956
PblUpplne Ry lat 30-yr a f 4s 1937
Pitts ah * L E 1st g 5a
1940
Ist oonsol gold 58
1943
Beading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 4a.. -1951
Atlantic City guar 4s g-.. 1951
at Jos 4 Grand Isl 1st g 4s ..1947
at Loula 4 San Fran (reorg Go)
Prior lien Ser A 48
1950
Prior lien Ser B 5fl
1950
Prior lien Ser C 63
1928
Cum adlust Ser A 68
A1955
Income Series A 88
41960
Hartford—
Nin-oon?
Non-oonv
Non-oonv
Non-oonv
Non-oonv
N
93% May20
99% Aug '17
98% Nov'18
85
68
Pennsylvania Co
87%
84%
'75% '75'%
82
77
= a.
'
i
!
BONDS
STOCK EXCHANGE
o
Jan 20
72
9612 Sale
let eit 58.. 41922
lat con g 4 Ha- -.1941
Og& LCbam l8tgu48g.l94K
N
N
—
Week ending Aug. 2o
1.
70
69
74%
T.
,
High
76
16
72U 66% July'20
73 %
73%
70%
73
71
88
vv* Ooon
Lawr A Adlr
Jan
79%
79%
78^4
77%
84% Nov'19
77
7434
71
I'
nut-Canada
No. Low
65
67
'20
'20
73 '2 Sale
NY
St
Aug
69
69
Since
Jan.
mgh
liOiB
Range
Nov'19
May'20
66% Mar'20
64^8
64
Co
Last Sale
75I2
J
Rutland
Week'*
Range of
Price
Friday
NT
R
—
'
New York Bond Record— Continued— Page
1920.]
Weelt enilng Aug. 20
N
-
.
14
19
v Due Nov.
89
'
35
f
May'lO
Due Deo
<
OpUoo
«»la
New York Bond
778
BONDS
y STOCK EXCHANQE
WeeK ending Aug. 20
5^
IFeet'i
Mange or
Aug. 20
Latt Sale
Ask
Bid
Virginian let £a series
Wabasb let gold 6s
aa gold 6a
Debenture
A
B
series
let lien eaulp s fd g 6a..
Ist Hen 60-yr g term 4s.
Det <k Ch Ext lat g 68..
Des Moines DIt
1st g 4a
OmDlv IstgSHs
Tol A Ch Dlv g 48
WMh Terml
let 40-yr
Ist gu 3 Ha..
guar 48
Weat Maryland
West N Y 4 Pa
Gen
Ist g 4a-.
1st g 6a..
gold 4s
.1062 M
1939 M
.1939 F
.1939 J
.1921 M
.1954
.1941
.1939
.1941
.1941 M
.1945 F
.1946
.1952
.1937
.1943
N
N
nh Sale
A
7918
^ 2)1943
Ist aer A 68 . 1946
Wheeling
L Ist g 5s... 1926 A
Wheel Dlv lat gold 53... .1928 J
4
M
E
Eiten 4 Impt gold 58... .1930 F
Belundlng 4Hs series A. .1966
BR 1st oonsol 48
.1949
WIneton-Salem 8 B 1st 48. -1960 J
Wis Cent 50-yr 1st gen 4s.. .1949 J
4 Dul dlv 4 term 1st 4a '36 m
M
M
qp
7%
50
61 Is
53U
7518
5Si2
S
22
78
O
8OI2
J
78
75
50
A
S
S
J
J
N
3712
3612
34
55
55
51
5G
Oonn Ry 4 L
4
4Hb
Stamped guar 4Hs
Det United lat oonsg 4HS--1932
Vt Smith Lt 4 Tr lat g 68. ..1936
60
59
Hod 4 Manhat
55
20
70
6s ser A
Adjust Income 5a
y 4 Jersey lat 68.
1967
1957
W
1932
faterboro-Metrop ooli 4J<e-1956
Certificates of Deposit
iBterboro Rap Tran 1st 6s.. 1966
ICanhat Ry (N Y cons g 4s. 1990
Stamped tax-exempt
1990
Manila Eleo Ry 4 Lt s f 58.. 1963
Metropolitan Street Ry
Sway 4 7th Av ist o g 5a. 1943
Ooi 4 9th Av lat gu g 58. .1993
Lex Av 4 P F lat gu g 5a. .1993
Met
8 EI (Chic 1st g 48-. 1938
MIIw Elec Ry 4 Lt cone g 6s 1926
Refunding 4 exten 4 Ha 1931
Montreal Tram Ist 4 ref 68.1941
If ew on Ry 4 Lt gen 4 Hs
1935
T Munlclp Ry 1st a f 68 A. 1966
W T Rys 1st R E 4 ref 4a.. 1942
45
50
Income
68
81
54
79I4
21
50
65
61
6214
23
Aug'20
3II2
28
60
47
45
66
35
35
66
Aug'20
Aug'20
5112 Aug'20
50'4 Aug'20
23
Aug'20
55
50
59
S7I2
64
63
60
55
28
70
60
66I2
59^8
'20
59
68
5512
20I2
53'8
73
69
68
60
23
78
11
10
1934
1938
55I4
SOU
23
59
5I2
434
45
59
55
90l2
201
Apr'20
33
53
I2I2
1034
43
Aug'20
50
243
41% 58
"12
4978
4934
40
21
40
60
6OI2
67I4
40
42
D
J
m N
1927 J
J
J
..1927 J
Oolumbus Gas lat gold 6sll 1932 J
i
Oonaol Gas 8-yr conv 7s
1926 Q r
Gone Gas EL4P of Bait 8-yr 58'2
N
Detroit City Gas gold 58-.
J
1923 J
Detroit Edison 1st coll tr 68.1933 S
J
let 4 ref 5b ser A
S
41940
Q L Y lat cons g 5s. 1932 m s
Qae 4 Eleo Berg Co o g 68. .1949 J D
Havana Elec consolg 68-. 1952 F A
Hudson Co Gas 1st z 6S-— 1949 m N
Can City (Mo Gas let g 68-1922 A
CInga Co El L 4 P E 6s
1937 A
Purchase money 6b
1997 A C
Convertible deb 8a
1926 M e
Ed El 111 Bkn Ist con g 48- 1939 J J
ftac Gas L of St L Ref 4 ext 58 '34 A
Milwaukee Qae L 1st «s-.. 1927
N
Newark Con Gas g 6b
1948 J D
6s
1948 J
Purcbase money g 4b
1949 F A
Ed Kleclll 1st cone 8 6s-. 1995 J i
WY4Q El L4P lat con g 58-1930 F A
r«oHlc Q 4 E lUo— Cal G 4
Corp unifying & ref 58-. .1937
N
rsolflo G 4 E gen 4 ref 5a.. 1942 J
J
P«o Pow 4 Lt 1st 4 ref 20-yr
88 International Series . 1930 F A
Pat 4 Paasalc G 4 El 5s . 1949
S
Peep Gas 4 C Ist eons g 68 1943 A
Refunding gold 58.
s
1947
Ch G-L 4 Coke let gu g 68 1937 J J
Con G Co of Ch Ist gu g 58 1936 J
J
Ind Nat Gas 4 Oil 30-yr 6sl936
N
Mu Fuel Gas 1st gu g 68.. 1947
N
Philadelphia Co conv g 68. .1922
N
Stand Gas 4 El conv a f 68- 1926 J
D
ayraouse Lighting lat g 6b.. 1951 J D
Byraouse Light 4 Power 6s. . 1954 J
J
Trenton Q 4 El let g 68
1949ijM S
LnloD Elec Lt 4 P Ist g 68--1932 |M s
Refunding 4 extension 5a. 1933 *« N
UnltPrl Puel OaR Int « f «s
J
193R Ij
75
92
77
69
JulylO
Julyl9
Aug'20
I9I2
Aug'20
2
5I2
Aug'20
'33
47-%
Aug'20
Dec
20
5
45g
45
59
43
38
38I4
19
Sale
1938
19%
75
80
25
9
1'
75
89l2 June'20
73 May' 19
60
65
Deo
47I2
Apr
SO
June- 17
37I2
19I4
75
8778
24
68
'20
65
4712
21I2
Aug'20
coll tr g 4s
M
Am 83 of W Va lat 5s
lat real est 4
32
31
734
7I2
55
6478
80
4134
31
84
92
7514
47I2
30
30
22I2
23
21
2018
30
63
70
M
71
July'20
Apr
75I2
M
M
IIYaELH4Pg
M
83
M
M
M
9778
9512
85>8 Aug'20
81
July'20
94
100
84
Feb '18
Feb 13
91
80
8178
8l7g
75
78
83
75I4 Sale
5834 5914
78
89
89
90
98
77
Aug'20
75I4
89
78i2
82I2
70
79
81
86
81
8712
79
89
96I4 10134
79
79
95I2
82^4
9512
84
81^8
95
90
85I2
8412
89i8
June'20
Apr' 19
86
Feb
75''4
77
70
82i2
87=2
'20
72I4 July'20
82 '8 May'20
IO412 Apr' 17
5812
66I4
77 18
Juue'20
8512
87l8 100
8978
86
87I2
7II2
70
57
Apr 20
Apr '20
91
Sept 19
92I2 Dec 19
77
8278
7514
59I4
1
Apr '20
May'20
Aug'20
74I2
75
83
75I2
105
8778
5678
5S
58
on'/s
70
86
8r.i'>
8OI2
823s
8012
6758
72
74
80
8978
87
•No price Frl(lay;lateatbldandaaked. aDueJan.
'ii
Aug'20
1.
High
55I4
68
55
8
S
I318
I3I8
171
I4I2
12%
N
'39
Buildings 58 guar tax ex.. 1960
Chic C & Conn Rys a f 58-. .1927
Chic Un Stafn lat gu 4^8 A 1963
C
1963
6123 (ctts)
M N
1939
4Ms
Mtge Bonds (NY 4s ser 2. .1966
10-20-year Sss erles 3
1932
N Y Doc. 50-yr Ist g 4o
1961
Niagara Falls Power 1st 5s. .1932
Ref 4 gen 6a
ol932
Nlag Loc. 4 O Pow lat 5s.. 1954
Nor States Power 25-yr 68 A 1941 A
Ontario Power N F 1st 58. .1943 F
Ontario Transmission Sa
1945 M
Pub Serv Corp N J gen 68.. 1959 A
Tennessee Cop 1st conv 68.. 1925
Wash "Water Power 1st 58. .1939 J
Wilson 4 Co 1st 26-yr a t 68.1941 A
10-yr conv b f 68
1928 J
lat s
J
M N
M N
M
& Co
O
N
O
102
Sale
9012
8634 Sale
67I2 7ll2
74I2
M
O
D
55
11
10
20
Feb
8534
SO
58
17
73% 84%
'18
5
84
65
93
67
75
7OI4
Aug'20 ....
7OI4
82
7112
78
71
Aug'20
Mar'18
71
82%
7618 Sale
IO412 Sale
9214 93
70 Sale
81
7534
104
92I4
7034
8734
8 134
80
Sale;.
81
8OI2
80
76
73
6212
88I2
94
88
93
80
8038
92
90
76'8
10434
70
80
92
95
89
75
J
95
70
6II2
N
75
90
82
81
Apr
Apr' 14
June'16
85
May
6212
85I2 July '20
IOII2 Oct '19
73%
73%
78% July'20
65 Sale
60I2 Sale
9112 95
6OI2
65
84
Sale
8378 Sale
95%
94
89
95
89
47
81
95U
16
7534
86
76
83%
12
6OI2
May'20
9078
JulylO
86
83
87
8378
88
85
76% 85
75%
65
53% 66
65
90
58% 67U
85% 93
85
70
20
74I8
80
86
90
'20
83
94
62
79%
25 70% 83
66 100 105
10834
9 92
38 70
86
88
5 80
May'20
Apr '20
Mar'20
84% 75
O
A
N
O
N
81U
95
8634
July'20
f
M
13
11
11
98
75
58
Chile Copper 10-yr conv 78.1923
Coll tr 4 conv 6s ser A. -.1932 A
Computlng-Tab-Rec a f 6a-. 1941 J
Granby Cons
con 68 A '28
Stamped
1928
Great Falls Pow 1st s f 6s... 1940
Int Mercan Marine s f 68
1941 A
Montana Power 1st 5s A
1943
MS4P
Aug'20
S
70»4
Oot'19
24
25
maputacturing & Industrial
Am Agrlc Chem 1st c 58
1928 A
Conv deben 5s
1924 F
Am Cot Oil debenture 5s. ..1931 M
Am Sm 4 R 1st 30-yr 5s ser A "47 A
Am Tobacco 40-year g 6s. -.1944 A
Gold 48.
...1951 F
Am Writ Paper s 7-68
1939 J
f
Apr
Oct'17
July'20
July 19
Mftv'20
Due April.
J
"76"i2
May'20
74% 73%
73%
78
Baldw Loco Wor-8 lat 6a-. 1940 IN N
' 93I2
Cent Foundry 1st a f 6s
78
1931 F A "65
90l8 90I4
Cent Leather 20-year g 6s-.1926 A O
7812
Consol Tobacco g 4s
.1951 F A
101
Corn Prod Retg s f g 5s
1931 IN N
lat 25-year a
IN
1934
..1930 J
Sec Cor conv lat g 58.1927 A
f
6s
Cuba Cane Sugar conv
7s
I
du Pont Powder 4H8---1936
N
J
O
J
D
D
F
A
J
M
J
S
90
96
86
83
98U
96U
M
&
1st ext a
ref 5a guar
m
75I2
75I2
D
J
N
N
7818
91
89
84
93 18
Sale
9112 96
N
A
91 <
86
91I2
82%
85
20
21
8
2
80
9812
7734
103%
97I2
90
98
96
Aug'20
9II4 Aug'20
87]
93I2
9334
9312
94I2
24
8
t
68
A
M
Md
RR
J
J
J
N
J
D
J
D
F
A
IN
M
8
F A
D
J
D
J
A
IN
J
A
N
D
M
S
s
J
J
J
J
IN
A
J
J
M
M
78%
8958
Sale
78I2 Sale
8534
8534
7834
2
12
12
8434
97% 98
94U 105
9II4 95%
92U 101
93
9734
8534
9738
77
89
7878
83I4
68
70
6712
71%
85
J
8
Deol4
78
70
72
98
June'20
70
July'20
Feb '19
77%
78 Is
79
77%
86I2
86
86I2
9OI2
8334
8334
93
88
'ml
82%
77
80
Sale
76%
83% SOU
83% 85
IN
101
86I4
J
J
Sale
68
91I4 Sale
80
86
62
81
8178
86
90%
77
1
1
21
70
80
Nov'19
Mar' 19
Aug'20
75i» Sale
74%
62l2 July'20
80
75J2
75I2
77I4
80%
'21'
7734
9534 Sale
82I2
76%
7734
52
54
79
80
98
85
N YTelepl8t4gen8f 4H8-1939
30-yr deben s f 6S---Feb 1949
Pacific Tel 4 Tel Ist 6s
1937
South Bell Tel A T let s f 58. 1941
Union
West
coll tr cur 8S--.1938
Fund 4 real est g 4^a
1950
Mut Un Tel gu ext 6b
1941
Norrhwest Tel eu 4WC8-. 1834
F
J
A
D
J
Q
J
J
J
J
J
F
A
N
M
J"
J
J
"1
J
88
85
75
Sale
861' Sale
8II2 82I4
J
80%
J
78
73
---.
M N
IN N
81
95I4
96
81% July'20
64%
64%
68% Jan 18
21
—I
17|
Apr
8334
67
80
72
93
88%
9954
88
99%
80
83%
80%
62% 69
77% 85
72% 8334
92
99%
81% 96
60
64%
73
86%
'16
85
75%
7978
81
80%
78% 79
73% 74
94U
99%
85%
75%
90
70
80
74%
86%
Sale
97
76
74
76
82%
80% 96
84% Aug'20
91
91% 213
90% Aug'20
8634
95%
80
SOU
86
June'20
71
78
70
72
72% 84
83% 93%
& Tslsphona
J
77% 86%
91% Nov'19
76
86
63
N
N
79%
9312 July 19
J
M N
77%
78%
63% 70
78% 81
<i 1
93%
76
J
70
83
74
97
S
8
"8II2
9634
23
23
100
IN
IN
74
97%
93%
'14
Oct
J
70
91
9934
Convertible 48
1936
20-yr convertible 4 J^e
1933
30-yr temp coll tr 5s
1946
7-year convertible 6s
1925
Cent Dlst Tel lat 30-yr 5a- .1943
Commercial Cable Ist g 4a-. 2397
Registered
2397
Cumb T 4 T 1st 4 gen 5S---1937
Keystone Telephone Ist 5a--1935
Mich State Teleph 1st 5B---1924
89
91
89%
110
88
90
87
83
85
HI
85
85
87
Am Telep * Tel coll tr 4a. -.1929
881s
9934
4
90I4
67
80
84U
99% 99%
81
86%
93%
81
57
99%
91
7912
7212
8818
9534
77
100
76
May
76
J
84
81
85
77 14 Sale
9734 Sale
96
95
94
"5
78I4
8334
91l2
70%
97
76
91 July'20
93 Is Apr '20
78l2
9734
J
9314
8
47
102% Aug'20
77% Aug'20
87
95
9138
96'8
94I8
100
83
95%
Sale
9778 Sale
"'J3I4
88
75
89
60
78%
83I2
87I2
84
86
80
1
Aug'20
99I2 Jan '20
94
lOOU
89% 100%
95
10434 102
"'79"34
81%
97U
Aug'20
97%
80
97
68
90
98
2
42
89
"86"l'
9134
July'20
July'20
84I2
86
95
761;
119
73% 73%
74
83%
Staal
1926
1942
20-yr p
4 Imp s f 58... 1936
Buff 4 SuBQ Iron a f 58
1932
Debenture 5a
al926
Cahaba C
Co Ist gu 88--1922
Colo F 4 I Co gen s f 58
1943
Col Indus 1st 4 coll 58 gu..l934
Cons Coal of
lBt4ref 68.1950
Elk Horn Coal conv 68
1925
Illinois Steel deb 4H8
1940
Indiana Steel 1st 68
1952
.
Jeff 4 Clear C 4 I 2d 5s
1926
Lackawanna Steel lat g 6e..l923
1st cons 5s series A
1950
Mldvale Steel 4 O conv a f 5sl936
Pleasant Val Coal lat a f 5S-1928
Pocah Con Collier 1st s f 68-1957
Repub I 4 a 10-30-yr 58 s f.l940
St L Roo- Mt 4 P Sastmpd.lOSo
Tenn Coal I 4
gen 6s. .1951
U S Steel Corp— f coup
(11963
8 f lO-60-year 6sireg
<I1963
Utah Fuel Ist s f 5s
1931
Victor Fuel lat s f Sa
1953
Va Iron Coal 4 Co . e 1st g 6a 1949
4
90
May'20
102%
"84"i8
J
8912
88
84
A "6 102"
F A 78i8
A O 1027,
10
Dec 18
May'20
8912
N0VI8
10018
IN
IN
98
96
76
J
A
9012
73I2
J
J
1
...
70
65
76
J
J
70
90
87% 100
9lU 99'4
79
89%
74
86%
i02|
.... 117
78
91% July'20
89
87
65
66
86
85
98 14 Sale
N
F
78
76
9478 100
IN
M
iBt
8912 9478
88I2 Sale
75
79
74
117
9'
7812
88
«
A
80
Sale
4
91
9II2
.Aug'20
7612
89
8OI2
'20
79
74
117
9OI4
9184
89
May'19
70
O
O
91
9II2 Sale
6534
Mar' 17
15
O
A
N
'85"i2
ADr'17
9 8 ''8
d
M
Mar'20
Nov'19
80
95
87
88
88I2
58I2
71i8
8OI2
8OI2 July'20
97I2 May'17
74
82
90
IN
72
74\
July' 17
8818 Mar'20
58^8 Aug'20
71l8 Apr '20
100
89
75
86
Hs
M
M
71
O
M
Talegraph
83I2 85I4
74I2 Sale
M
M
'20
July'20
July'20
June' 19
9653
79
10
75
86
81
82
87
97
93
85
80
74
High No. Low
Ask Lou>
71i> Sale
..
..
Booth Fisheries deb s f 68--. 1926
Braden Cop
coll tr s f 6s-.1931
Bush Terminal 1st 48
1952
ConsolSs
1955
Beth Steel
Sept'lS
8134
7612
85
1948
1925
1926
1920
E
Aug'20
80
9738 Sale
J
J
General Baking 1st 25-yr 8a- 1930
Gen Electric deb g 3^8
1942
Debenture 5s
-1952
20-year deb. 6s
Feb. 1940
Ingersoll-Rand 1st 68
1935
Int Agrlc Corp let 20-yr 58-. 1932
Int Paper conv s f g 5s
1935
lat * ref a f conv ser A
1947
Liggett 4 Myers Tobac 78--1944
6s1951
Lorlllard Co (P 78
1944
6s
1961
Nat Enam 4 Stampg lat 58-1929
Nat Starch 20-year deb 58-. 1930
National Tube Ist Ss
1942
N Y Air Bra.e 1st conv 68-1938
Standard Milling Ist 68
1930
Union Bag 4 Paper lat 68-. 1930
Stamped
1930
Union OllICo of Cal 1st 58.-1931
U 8 Realty 4 I conv deb g 6s 1924
U S Rubber 6-year sec 78- -.1922
lat 4 ref 58 series A
1947
lO-year 7i2S
1930
U 8 Smelt Ref 4 conv dS-lOlJH
Va-Caro Chem let 15-yr 68-1923
Conv deb 6a
el924
West Electric 1st 6s Deo
1922
'19
71I4
81
J
J
1960 J
77
75
Feb'17
July' 17
103
71
A
94I2
'19
Jan '20
Sale
F
MIscellaneout
Alaska Gold
deb 6s A
Conv deb 68 aerlea B
Morris
Jan.
Electric
Adams Ex
Distill
19
'20
'20
95
23
64
13
Oct 19
80
21I2
22I2
Lt— (Concl.)
4 Lt 1st Ss
1944
Otloa Eleo L 4 P 1st g 68. ..I960
Otlca Gas 4 Elec ref 6s
1967
Bid
Since
or
Last Sale
July'19
Jan
61
57
20
20
64
70
2II4
60
Sale
71
61
2II4
37I2
3612
Jan
31
6078
3334
40
June'20
64"8
49'8
2934
92I2
21
10
4134
90
68
60
88
5334
Aug'20
1714
22I2 Sale
i
4518
66I2
III2
66
94
82
6312
53
56
70'2 July'20
45"8
72I2
53
92
Apr '20
May' 18
Deo '19
50
50
75
&
Gas
Range
Aug. 20
Otah Power
1st Ser
Aug'20
73
412
7678
9012
Apr 20
Feb '17
Mar' 17
80
'm"
"72""
47
33
66
80
78
2II4
2OI2
66"
7
53I8
78
55I2
32
Aug'20
77
59
58
Sale
Sale
8878
51
52I4
66I2 June'20
60''4
91
83
8834
81
July'20
Oct'17
23I8
2II4
37I2
3612
4OI2
--
79
73
Armour 4 Co
55
56
61
61
56
40
59
70
5l8
30
64
i
Ist 68
E—
SsU
38
35
64
75
80
58
6',
Stamper!
N
28
22
J
Gas 4 Eleo lst4ref 5s 1966 A
a
67
Higlt
7258 85I4
Range
Week's
Price
Friday
enJing Aug. 20
Coal, Iron
Dn Gas
Q4E
68I2
518
"40'
Olncln
Columbia
61
66
64
Low
BONDS
Y STOCK EXCHANGE
Week
1.
'18
Dec
Apr
75
Bklyn
1st cons g 6s. 1945
53
53
Oetl9
July20
Aug
If
[Vol. 111.
Page 4
Westchester Ltd gold 68
July'20
94
3818
1834
Onlted Rya inv 68 PItt.sT8siri926
United Rys at L 1st g4B-.. 1934
St Louis Transit gu 58 .
1924
Onlted RR8 San Fr s f 48
1927
Union Tr (NY otfsdep
Eqult Tr (N Y Inter ctfs
Va By 4 Pow let 4 ref 88... 1934 J
Oai and Eltctric Light
Atlanta Q L Co Ist g 5b
1947
Bkly Kfllson Inc gea 59 A 1949
9058
96l2
1948
1
Mar'20
52
a f 58.-1923
Ondergr of London 4He-.. 1933
80
Aug' 18
39V8
17
Lt 1st
29
4
22I2
fi9
A O
7812
S512
46
30
H4
Ry 4
100
"54
49I2
Sale
No.\
40
20
H
Trl-Clty
77I2
9OI2
10^4 12
10^8 Sale
42'8 Sale
W
t
88
84
65
21U
1927
1951
1951
73I2
5284
Rassau Eleo guar gold 4B-1951
Certificates of deposit
!0-year adj Ine 58.
01942
Certificates of deposit.."
T State Rys let cons 4^8.1962
Portland Ry 1st 4 ref 68
1930
IPortld Ry Lt 4 P 1st ref 6b 1942
Portland Oen Eleo 1st 6s 1936
Bt Jos Ry L
P Ist g 6s 1937
Paul City Cab cons g 6b 1937
Third Ave Ist ref 48
1960
AdJ Income 5s
al980
rblrd Ave Ry Ist g 6s
1937
82I4
6212
66ls
6312
Q
iBt 68
Ist
ref g
66
82
52
SI
66
36
53
52
23
aeoured notes. -41921
Rys
69
54% 63
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st cons 6b. -1916-1941
Bk Co 4 S con gu g 5S--1941
Bklyn Q Co 4 8 Ist 68
1941
Bklyn Un El 1st g 4-6B--.1950
Stamped guar 4-58
1956
Kings County E Ist g 4B-.1949
Stamped guar 48
1949
0tiicago
53
74I2
65S4
Jan.
97I2 July' 19
7034 Nov'19
S8"8 Mar'20
80
Aug' 12
95U .-
52
81
Stract Railway
aiooklyn Rapid Tran g 5s-.1945
let refund conv gold 4a
2002
8-yr
80
90
Range
Since
man
77I2
8512
8712
79'8
S
A
Nov
Income 6s
Veatern Pao
84
Loir
J
S
^'<a
Price
Friday
Record —Concluded
8634
80%
79
74
1'
35
27
13
3
1'
2
82% 96
72% 81%
84
96»4
76% 88 U
7SU 85%
70% 86%
81%
70
191% Sepfl7
i
Due May. ^DueJune. ADueJuIy. *DueAug. oDueOct. pDueNov.
94
»
Novie
Due Deo. (Option sale.
"
Aug. 21
1
BOSTON STOCK EXCHANGE— stock
1920.]
SHARE PRICES—NOT PER CENTUM PRICES
STOCKS
BOSTON STOCK
Salttfor
tbt
Mondatj
Aug. 10
Saturday
Aug. 14
125
62
86
37I2 38
*42
140 140
125
•124
6212
»85
•.10
»
*3l3
•
•
6
7
133
74
6212
85
85
37I4
37I4
133
73
*
*
85
»60
*74
76
•2114
23
*21
•72
41
83
41
50
*72
•ISg
*7
9618
•75
•73
*5l2
•15
•25
*T!s
9
*2
3
I3I2
*4l2
4OI2
•4812
3I4
2
8
961
3I4
158
158
•lU
2
*li->
2
•II2
2
*ll2
2
8
9612
75I2
8
684
95I2
25
734
834
2
*2
*13l2
5
29I2
18
*62
149
•lOU
94
79
*59
•119
*12
IOI2
94
79
61
101
*93l2
78I4
59
•119
*31l2 "3¥34
86I4 86I2
•31
86I2
•23
•23
25
165
•2434
165
*13l2
33I2
2II2
*14l2
25
25I4
165
*5l2
14U
*25
96I4
7518
8
15
•iB'
24I2
26
*7l2
734
834
•2
•2
*13l2
1334
*4l2
2912
1712
2934
I7I2
3
14
5
2934
18
*65
148
66
149
24I2
3
27
28
17I2
45
*17!2
4234
6
534
*31l2
8OI2
*23i2
•2434
'8'6"l2
25
25
165
165
•66
148
lYs"
28I4
94
79
*59
•120
41'>
2934
*17l2
5
39
94
79
59
122
2
2
13
2>8
2438
1214
1012
734
858
9
243g
13
38I4
I2I2
IOI2
9534
75I2
*72
75
2
38I4
27I4
I7I2
*41l2
•534
13
75
75
4812
9
38I4
28I4
126s
41
*7
734
I3I4
24I2
534
24I2
*12l2
*38i4
2634
13
38I4
18
1634
*411
4234
6l8
I2I2
IOI2
.
94
79
60
534
I2I2
IOI2
14
13^8
1378
34
*33l2
34I2
2II2
1534
•17
18
I5I4
IO4I4 10534
65
*25
*13l2
3334
*21l2
I5I4
•33
IO5I4 lois""
*65l4
•25
2512
4OI2 4II2
•24
2458
*15l4 1512
I9I4
1912
Yo'
2412
8
878
1334
5
2934
24I2
14
1734
*93l2
94
•78
59
7812
32"l2
8712
25
25
165
1434
*33
36
*13l2
1378
3378
*32
21
22
15
•I4I2
36
*33
104
65
IO4I2 105
65I2
65
•25
2512
4OI4 4OI2
65
1518
I4I2
.80
.40
21
2I2
9i8
8I2
.05
300
34"
2258
1012
3434
*4l8
4I2
26
712
1038
3
4
2I4
.75
52
79
26
29
17
•.50
•57
•.25
•21
17
29
*.50
•H4
134
II2
•6l8
2I84
40
44
38l2
14
*
60
•60
*
21
81s
81s
*83s
.05
•03
•290
2434
163
64
22
9I2
10
33I4
34I2
41,
*4l8
7I2
10
*2l2
312
1%
*.50
•51 14
•77I2
2612
1634
•3I2
•25I4
•290
7h.
101s
3
3I2
2
.75
53
79
27
•2134
*9l2
33I2
1378
S2
32I2
2212
2II2
I4I2
2334
1518
1938
29
17
60
64
24
'19"
'l¥l2
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Last Sale 2
.15
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5
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200
150
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26
26
26
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I
pref
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Salle
26
6
Copper
6
100
.100
6
15
25
North Lake
25
OJIbway Mining...
26
Old Dominion Co
26
Osceola
26
Qulnoy
26
Land..
Mineral
Mary's
St
Seneca Copper Corp-..»o par
10
Shannon
26
8outh Lake..
South Utah
M
Superior
Superior
Trinity
Boston Copper 10
A
8
8
2.50
40
1
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35 Wolverine
13
1
.
.
26
26
26
28
—
Wy;iti(1ott<>
Anc'20
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fl
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1
11
Jan 30
132
86
Jan 12
Jan 3
80
Feb 11
July 9
July 21
July 8
Jan 20
70 June 15
38 May 17
48 July 7
77
73
15
8
6
Jan 8
Jan 2
3i2
2i8
132
84
Mar 30
Mar 5
3658 Mar 10
70
Jan 6
88
94
j71
72
70
86
89
86
July 7
87
Jan 31
Apr 1
25i2Marll
Feb 24
Feb 10
Apr 30
2
I4I2
24
Augl7
Aug 19
734 July
6
II2
28
Feb 11
Aug 5
l78june 18
I212 Apr 23
334 Feb 14
2734
Feb 13
I7I4
Aug
Aug
May
13
10
15
Aug
Aug
17
17
62
140
2438
13
37'4 July 27
16
Apr 14
1434June 19
42 Aug 9
434
11
Mar 4
AuglO
Apr 30
92i2JuIy20
9I2
6884
Feb
6
57 June 8
June 7
81.) June 24
Mar 18
10058
167
Apr 20
83
19
38
Jan 13
Jan 6
Apr 20
3514
10
1278
Apr 17
Apr 23
Apr 14
Jan 3
Jan 6
7
14l2May 28
338
6l2Mar23
3610 Jan
3
2838May 7
88 Apr 8
157 Feb 20
rmtiut
150 July 20
90 June 10
13l2Aug 4
32 Aug 20
2038
Aug
13
Feb 13
33
Aug
Aug
11
6434 July
1
104
6
9
24l2July 1
39i2June 18
2378June25
Feb 11
Feb 16
12I4
17
Aug 10
Aug 10
Mar 2
23
I6I2
51
May
69
60
23
6
Feb 6
Feb 25
400 Aug
56 Aug
250 June
20 Aug
Jan 2
8OI2
Feb 7
Apr 8
Apr 8
81s
3178
11
Jan 6
IOII2 Jan 10
83l4Julyl5
63
Jan 20
Jan 26
63
Jan 3
Jan 7
56
3II2
25I2
^4934
Apr 6
Apr 8
Jan 2
133
78
28
49
26
Mario
Jan 2
Feb 11
26 Feb 3
79 June 18
Jan 21
06
Jan 9
70
3ll2July2l
42
Feb 27
134
I2
Jan 3
Jan 6
Jan 7
4I2
Apr 7
1534
1078
Jan 6
Apr 27
3e July 19
290 Aug 6
I712 Feb 13
11 AuglO
23284 Aug 20
Jan 3
3
7I4 Aug 13
958 Aug 19
40c Aug 11
3 Aug 18
Aug 17
1
600 Mar 26
40c Jan 2
Jan 3
409
40i8 Jan 10
16I0 Jan 6
485s Jan 5
478 Mar 3
1414 Jan 5
16
Jan 3
Feb 13
Apr 21
5984 July 13
39
77
26
_
3
Aug 14
Aug 3
138 July 10
2i2Aug 3
Apr 7
eisMarSl
Jan 5
414
4
82
3S
5
lUAug
7
3
Aug
9
658
1184
712
2'8
4»4July2o
Aug 18
Aug 19
3
67
16 May
5 July
21 Miir
Feb
,„
79
8'lJuly
-0
10
12
16
19
13'4Aug
lo Feb
2
lUAug
'^
Aug
Aug
Aug
Aug
19
6
20
36
44
35
1
IS
12i2May 24
Aug
1
11
10c M.ir 10
lOoMay
4 Aug
1
5
July 27
3
Apr
1
BOcMay
Mi Aug
19
Aug
AUK
11
lit
1
7
8 Juno 26
9,50
I84
300
12
'4
Aug
Aug
4
17
9
July
1
Ex-dlvid««l.
June21
Jan 3
Mar 24
2U Jan 6
47,
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Aug
Jan 14
84
3
2I4
95
79
7812
16
17ii
7
2I2
6
72
24
7to
29
90
Apr 7
Jan 3
Jan 21
Jan 3
Jan 2
Jan 2
Mar 27
Jan 6
Jan 8
May 12
July 8
12I0 Jan 3
21I2 Apr 20
8O0 Jan 27
25fi Jan 26
3711 Jan 6
Jan 3
68
Jan 3
06
Jan 6
68
Jan 6
19
2
212
Jan
Deo
19
75
Jao
60
168
700
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Jao
No?
11
Jan
30
136
90
110
Feb
Jan
June
Jun«
78i» Julf
83
Jao
«0*4 July
99it Aug
116
105
Oct
Jan
23
May
100
60
68
Jan
Apt
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714
2
Jan
Apr
Oct
Oct
Apr
131,
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84
24
79
172
38»4
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Aug
May
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Ma»
June
No?
Dec
Dee
Jao
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38
May
Mar
68!j
July
90
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Bept
6»4
Dec
28*8
Nov
36
858
Feb
Jan
11
90
67I4
60
130
Nov
98g
99
88
Feb
Oct
Jao
Mar
iJan
Jan
71
Dec
Feb 149 June
July
47'j
Nov
83
Sept
72
96
14,5
Feb
199
93
Jan
Jan
99:2
16
May
July
691]
86I4
27I4
N»v
14
36
30
1512
Deo
Dec
32 Is Jan
116
Jan
6212
Jan
Jan 7
Jan
2518 Oct
734 Jan
44
16
28
17
May
15
Feb
Jan
Jan
37
38
.60
62ij
5914
160
Mai
No?
Dec
Oct
Deo
Oflt
May
74I2
N«?
65
31
May
13s
3
»»4
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311
Jan 7
Jan 29
Jan 19
Jan 10
Jan 23
Feb 20
Jan 6
Jan 8
Jan 7
Jan 10
ll•^^,1r22
•Half-paid
7211
May
Jul?
212 July
91
62
Feb
18
6
Nov
200
860
1214
12
39
2
Jan
Mar
May
Mar
Mar
Mar
Feb
8
Feb
ISgMay
4»4
4
May
2O0
6O0
42
78
24
Feb
3ij
Mar
Jan
Jan
Feb
Feb
Mar
May
Feb
Mar
8U Jan
9
260
76c
30it
45
62
40
13
11:
1
900
480 July
3658
Deo
20
62
July
July
3S4
14ij
21
May
Oct
Aug
684 July
9u
July
May
78^
July
2
41
Oct
Apr
Apr
Feb
67*4
July
May
May
658i July
SS'o July
Mar
2i2
491 2
I4>4
6it
878
lOif
July
July
July
Jam
Apr
2
4
2
114
Apr;
99o
8
2ig
Oot
July
July
80
10»4
80
4
ei8
284
Apr
Mar
43
26
83
3212
260 Jan 10
a
Aug
Mar
Jao
2038 No?
2112 July
Apr
Dec
lOo
400
2
Dec
Dec
Dec
412
Apr 15
23
97
38l| Jul!
Apr
9U >^°>
Dec IO8I1 May
Feb 162 NoV
841: Dee
Jan
Dec 21ij No?
Jan
261: Dee
3118
6
39
138
API
Apr
Apr 13
19 Mario
2314 Apr 7
441a Jan 26
12
Aug 5
Aug 9
6l2Mar IJ?
212
Bept
8014
145
Aug 14
45
77
2
47
28
10
2
9
884
Oct
moUil.
May 25
28I4
8912 Jan 3
363s Jan 3
3418 Mar 30
17618 Jan 19
99
Jan 12
16
Jan 2
Aug 20
Aug 10
15
26
60
138ij Jan 21
2353
2478
Oct
82
2312
2
June 3
Aug 18
AuglO
31
Dec
Dec
Dec
3612 Jan
8258May 8
I20I2
697a 'Dec
26I4 Dec
6
Dec
660 Jan
7i4Marl5
1
July 29
71 July 26
5 July 2
Oct
Feb
Mar
Mar
3812 Bept
AugH
5
Nov
Nov
4534 Jan 3
55I2 Jan 6
3
80
74
26
6
Mar
Mar
7
12
Aug 4
2312
6
"Tuolumne Copper
Utah-Apex Mining
110 Utah Consolidated
4,415 Utah Metal A Tunnel
200 Victoria
Aug
118
Dec
62
Dec
85
Dec
28
Jan
40
Oct
130 Sept
10c Dec
993g
26
A
38i2'Aug 13
46 May 28
143 Maris
Jan
Jan
68
60
6
26
26
26
26
6
New Idria Quicksilver
New River Company
Do pref
for
LomeH.
Jan 2
Jan 2
6714
8712
Feb
Feb
6
130
72
26
26
26
l,-200
I'Xe
2I4
4 Ex-dividend and rights.
1
67 Nlplsslng Mines
1.695 North Butte
858
1'?
134
3
I4I4
14
14
14
Last Sale .50 Aug'20
Last Sale II4
Aug'20
20
21
21
22
44
IM
July'20
•84
85
Do
La
3
5
58.
I6I2
..100
100
Mergenthaler Linotype
Mexican Investment Inc.. 10
New England Telephone.. 100
Ohio Body A Blower... no por
pref
25 Mason Valley Mine
20 MassConsol
982 Mayflower-Old Colony
195 Michigan
152 Mohawk
Copper
Cornelia
New
153
--.
334
Do
75 Isle Royale Copper
100 Kerr Lake
60 Keweenaw Copper
60 Lake Copper Co
338
158
3I2
5812
I6I2
•36
44
35
23s
.15
H2
5
27I2
3
.-100
pref
Franklin
37
205 Hancock Consolidated
422 Helvetia
Indiana Mining
519 Island Creek Coal
55
79
57
44
35
3612
•114
•234
434
I6I2
16
Last Sale 5
Last Sale 26
85
.15
*:2r.
258
3
Do
15 Daly-West
1,490 Davls-D.sly Copper
1,050 East Butte Copper MIn
"
758
2=8
no par
no par
pre!
30 Calumet A Hecla
970 Carson Hill Gold
Centennial
677 Copper Range Co
10
54
*77l2
27
54
79
134
•2
•.40
•I2I2
10
Do
10
15 Bingham Mines
1,200 Butte-Balakiava Copper.. 10
300
7I4
3
234
4
290
758
934
258
•II4
23r
3
•03
.05
300
134
2»8 *
.16
•.15
484
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3is
3
1»8
1'2
.60
.55
1'.
I's
5
8I4
3
*3
3
Last Sale 2I2 Aug'20
11-
•1
9
2I2
934
8I2
.05
2
Last Sale .75 June'20
54
•78
•27
3!s
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3
I6I4
3634
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53
79
27
3I8
I6I4
22
37
44
2
.•50
59
29
3lf.
*2l4
23s
934
22I4
22I4 2278
Last Sale 11
Aug'20
33I2 34
13234 33I4
•4
4I4
4I4
7I4
5
3
5812
.
34
03
290
22
734
5
4
lOl-
238
7I2
^
4
.05
290
22I4
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3378
3
434
3I2
•58
5s
3
31^ *
.05
290
300
•2
•2
15s
31s
134
•13
83.,
334
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36
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.75
5234
•.50
*43l2
8684
91s
21s
9I2
*3l8
•138
33,
23
•9
Amer Telep A Teleg
Amoskeag Mfg
10
20 Reece Button-Hole
370 Root A V Dervoort CI A 00 par
26
427 Shawmut 83
55 SImms Magneto
Stewart Mfg Corp
no par
100
650 Swift A Co
'260 Torrlngton
25
6
45 Union Twist Drill
Corp
26
Shoe
Maoh
United
1,2.55
26
Do pref
46
6
1,552 Ventura Conaol OH Fields.
10
570 Waldorf System Ino
Watch
100
Waltham
45
364 Walworth Manufacturing. 20
100
Warren Bros
100
Do lat pref
50
..100
pref
Do 2d
11
6
Wlckwire Spencer Steel
Minlnfi
25
50 Adventure Consolidated
26
10 Ahmeek
26
Algomah Mining
25
50 AlioueJ
26
50 Arcadian Consolidated
Commercial
8
280 Arizona
57
•1
13
251;
166
I3I2
60
100
prel
17
45 Orpheum Circuit Inc
41 Pacific Mills
Plant (Thos G) pref
235s
*.50
.80
•50 .70
•5712 58
58
Last Sale .25 July'20
•21
21
23
23
•2I4
•.50
143r
.75
•21
•21
1
52
78
27
.90
57
2I2
1
•3
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•8212
9
14
•.50
8I2
1418
57
21
•4
738
934
2I2
•3I2
•.50
lU
6 '8
60
'
1234
•1
1'4
2
450
389
33I2
88I2
Aug'20
Last Sale 60
6OI2
.40
9
.05
300
22
.50
58
•25
23
•2
•.25
13
•
.50
•57
.40
•8212
8^4
•.55
.90
58
9
Hi
60
«
•214
*3
5
5
*
2I2
9I3
•214
158
1412
.75
1=8
125
32I2
88I2
2358
Last Sale 2812 Aug'20
3'2
834
•4I4
3'8
121
116
25
16
*3l8
*13g
1414
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60
I518
24
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II4
>¥
59
1378
1534
I9I4
64
64
1278
IOI2
"79'
33
22
2334
•3
5
•4
59
•
•10
Do
1,316 Island Oil A Trans Corp.. 10
403 Llbt y, McNeill A Llbby...l0
10
100 Loew's Theatres
8 MoElwaln (W H) Ist pref.lOO
100
Gas
Cos
163 Massachusetts
93I2
1534
1934
•19I4
235
Uamg*
1
Mar l6
132
May
3'4Aug 6
10
26
1,638 Internal Cement Corp.no par
00 par
2,267 Internat Products
6
10l'>
24
3
44
•37
•13
1238
1558
3'2
21
•36
1278
24
•3
•25I4
•8212
1918
42I2
1558
I9I2
3 '2
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•59
•16
•3
1818
24
60
14
¥814
42
I5I2
I9I4
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5
3018
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18
43
6
24
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•478
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I9I4
60
60
64
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I2I2
24
60
52
14
3812
27I4
1538
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*
I3I4
70
150
25
148
25
24I2
24
17
•2
*.50
68
70
150
40
30
•gvg
•21 •>
•312
4I2
NH
74 Art Metal Construe Ino
10
282 Atlas Tack Corporation. 00 par
350 Beacon Chocolate
10
3,585 BIgheart Prod & ReJg
10
770 Boston Mex Pet Trusteesoo par
60 Century Steel of Amer Ino. 10
860 Connor (John T)
10
25 East Boston Land
10
560 Eastern Manufacturing
6
350 Eastern SS Lines Ino
26
30
100
Do pref
100
78 Edison Electric Ilium
160 Elder Corporation
no par
50 Gorton-Pew Fisheries
60
215 Greenfield Tap A Die
25
9
2
3
.
Higkttl.
Feb
119
60
80
30
39
134
aopar
pre!
Host 4 Wore Eleo pro no par
Cblo Juno R\ A U 8 Y
100
Do prel
100
Georgia Ry A Eleo stampd.lOO
Do preJ
100
Maine Central
100
NY
A Hartlord
100
Northern New Hampshlre.lOO
Norwich A Worcester prel. 100
Old Colony
100
Rutland pref
100
Vermont A Massachusetts 100
West End Street
60
Do pref
.. 60
Anglo-Am Comml Corp.ao par
8I4
25I2
4OI2
17
7U
I3I4
5
25I2
4078
*
7512
2512
4OI2
65
301
2,503
126
19
'96'38
Last Sale 33
Aug'20
IO5I2 IO6I4 IO5I2 10618
•65I4
65I4
•25
25I2
2512
4038 4058
4OI2 41
30
68
21I2
36
17
60
64
64
29
1312
31I2
IO5I2
30
22I4
•9I0
93I2
33
17
*.03
•10
2II2
•28
300
I9I4
1258
1378
17
838
30
I9I2
3
78
79
59
60
I2OI2 I2OI2 •121
125
32I2 32I2
3234
32
88I2
87
88
88
*22
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24
24
2434 25I2
25
25
166
166 163
166
29
•214
9l8
30
22
60
17
21
*4l2
2934
1714
578
1278
IOI2
29
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I3I4
•4II2
6
43
884
878
2l8
24I2
*12l2'
38I4
27I4
39
27
734
pref
Mlscellaneout
40 Am Oil Engineering
200 Amer Pneuioatlo Service
75
Sale 51; July'20
*15
16
16
24I2 24I2
2434
•2
*2
13
•18
•68
149
18
75
149
72
75
8I4
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834
2
2
17
•.40
•72
Last
*15
24
75
'9534
7512
9638
751
75I2
75-2
29
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96
96 »
48
7I4
7I4
634
17
•2612
•4812
4812
29
•60'
42
42
41
Last Sale 95
•33
•
172
52
3
15
18
43
42I2
3I4
•13
534
24
49I2
14
*41l2
Aug'20
•75
75
Last Sale 20
Aug'20
Last Sale 75 Juiie'20
•3
4034
748
July'20
3I4
2434
•17
¥3"'
80
77
•3
*13
27l'>
"
*72
41
33I4
12
6212
33I2
3
*24l4
38I4
•71
75
Mar'20
50
25
5
74I2
*2Il4
62
A Maine
Do
10334 Oct'19
3
26
30
19
66
66
14934 150
86""
Do
Aug'20
Aug'20
130 June'20
74
Aug'20
779
Tear 1919.
100
loo
100
100
100
100
no var
pre
Boston & Providence
Boston Suburban Elec
i
72
Do
190 Boston
6
50
I5I4
•I7I2
6212
33I4
10
I35I2 14012
10c Dec'19
3
*5l2
•291')
7
62I4
50
17
1334
uo'ii •13512 14012
Last Sale
Last Sale
""e"
"*3i'2
6I2
Last Sale
Last Sale
132
Last Sale
74
Last Side
Last Sale
62i'>
6212 62I2 •62
33I4
32I4
32
32^4
•61
Last Sale
*75i2
Last Sale
•2114
81
4OI2
75
8
3
•60
•76
85
76
22
75
2l8
32i.<
¥7"
*.10
"e'
62I4
Manet 8in€t Jan
Lowttt.
Railroad!
71 Boston <k Albany
242 Boston Elevated
125
124
BONDS
Se« Noxt Paga
EXCHANGE
Week.
Sharet
85
•85
•46
3612 37
Aug'20
Last Sale 41
138
76I2
*62
I24I2 125
62I4
•62
3
9618
75I2
9
37I2
132
6212
3314
75
8
8I4
*62
*85
*36
*40
Aug. 20
42
48
•7
75I2
124I2 125
62I4
125
63
85
Friday
Thursday
Aug. 19
Wednesdatj
Aug. 18
•40
•40
•61
•76
•76
•3
3612
*135l2 I4OI2 *135l2
*.10
*.10
*
6
*3l2
*3i2
7
*6ll2
32I2
•4854
125
62
85
125
6212
62I2
3312
62I2
*33t
Tuesday
Aug. 17
Record
.
Feb
Apr
Mar
Mar
Mar
Mar
Mar
6i8
July
May
2«g July
7»a July
6i| July
itf Oct
10
July
I3V4
June
10
83
July
July
29I4 July
12i| July
28
87
Oot
No?
13iiMay
20<8 July
IH July
414
July
6211 July
Mar
July
July
July
26i| July
414 July
Jan
Jan
6O0 Aua
Jan
Mar
Mar
73
83
76
3>i
June
llUJune
e'-ii
No?
nu June
lU Deo
710 Deo
l«4May
2% Sept
Jan
12«« July
7>i
lU Jan
II4
Mar
6O0
Jan
16
Mar
40c Marl
35gJune
8
July
4»4 July
3
81
July
July
1"V. May
THE CHRONICLE
780
—
Outside Stock^Exchanges
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange August 14 to August 20, both inclusive:
Last
Sale.
Price.
Bonds
V
Week's Range
nf
Pri'-of
Low.
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, August 14 to August 20,
both inclusive, compiled from official sales lists:
Stocks
Sales
for
Fridat/
[Vol. Ill
Range since Jan.
Low.
Sales
for
Sale.
Price.
Week
American Gas
American Stores
High.
100
no par
S Lib Loan 3!4s.'32-'47
Loan 4s- 1932-47
2d Lib Loan 4s.. 1927-42
lstLlbLoan4}4s-'32-'47
2(i Lib Loan 4MS-'27-'42
Lib Loan 4Ms... 1928
4th Lib Loan 4MS- '33-38
1933-38
"victory 4^8
Tel & Tel coll 4s_-1929
Convertible 6s
1925
3fl
Am
tchTop&SFe4s-.-1995
Atl G & W I SS L 5s. -1959
Gt Nor-C B &
Q
Swift
& Co
1944
Tel 5s. 2932
73 H
77
*
95
95=^
75?^
70
94
93 >4
74
78 ;i
S314
78
78
31,250
50
500
1,900
21,750
30,550
52,350
18,750
1,000
5,000
75K
73H
77
83^
1st 5s
Western Tel
90.10
84.50
84.04
85.00
84.50
88.14
84.94
95.72
75J^
69
94
93J4
4s.. .1921
KCFtS&M6s
1928
Miss River Power 5s.. 1951
N E Telephone 5s
1932
89.80
84.50
83.84
84.50
84.04
87.54
84.32
95.34
75Ji
78
1,000
4,000
2,000
1,000
8,000
13,000
2,000
7,000
89 .04 May
S2.04May
82.04May
82.14May
81. 60
May
OOMav
SO
SI 74
May
94 S4Mnv
72?^ Apr
93
July
70 J^ June
69
June
93 H July
93
July
69 5^ Mar
77
Aug
82
May
77
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100.00
93.04
92.34
93.80
92.98
94.96
92.98
99 30
81
Mar
99 H
Jan
Jan
Jan
Jan
K
81
81
99
H
93H Aug
76
Jan
85
M.ir
93 J^ Jan
84
Jan
—
Chicago Stock Exchange. Record of transactions
Chicago Stock Exchange August 14 to August 20, both
clusive,
compiled from
Stocks
Par.
100
American Radiator
American Shipbuilding. 100
Armour & Co, pre!
100
Armour Leather.
15
Sales
for
of Prices
Price. Lata.
High.
Week.
Shares.
70
88
91 'A
24
200
415
(*)
(*)
(*)
common
Briscoe,
70
88
91
15J
28
10
Continental Motors
Cudahy Pacli Co, com. 100
Diamond Match
100
Godschaux Sugar, com_(*)
Hartman Corporation.. 100
10
Holliind-Amer Sugar
10
Hupp Motor
Libby, McNeill* Libby.lO
10
Lindsay Light
(*)
Mitchell Motor Co
10
National Leather
1
Orpheum Circuit, Inc
(*)
Pick (Albert) & Co
Piggly-Wiggly Stor. Inc (*)
^.uaker Oats Co, pret_.100
loiy^
78
"i4H
12H
14
lOH
10
Reo Mot«r
21H
& Van Dervoort..(*)
100 "lib"
Sears-Roebuck, com
Root
100
Preferred
W
()
Shaw
W, com
Stew Warn Speed, com. 100
100
Studebaker Corp
Swift & Company
100
Swift International
15
Terator Prod C&F "A'^C*)
Union Carbide& Carbon 10
50
United Iron Wks v tc
33%
106M
31
Wahl Co
Ward, Montg & Co,
Rights
July
93%
465
43
145
91
40
7
200
100
50
85
50
25
155
755
160
38
100
95
130
200
2,935
28
28
10
7
5
10
7
M
200
5
200
101
101'^
s%
SO
80
107
107
44
44
77
78
1514
14
14 H
m5
12H
121/2
6«
14
190
16
^^
3.50
2,159
WYi
lOM
25
39
33
88
25
21
21
210
505
595
135
50
200
564
39%
33H
88 K
31
137
140
106
106
66
66 H
31!4 33 '/s
63
63
10414 106K
31
30
41
41
30
19
18
28 M
49
285^
19
29
52
15^
16
53
"m
90H
42
64
w 1.20
July
15
61H
(*)
Western Knitting Mills. (*)
(*)
Wilson & Co, com
25
Wrigley Jr, common
in-
34
34
43%
38%
90
38
10
50
6,145
25
1,380
2,435
100
10,825
370
800
440
880
680
25
50
430
29H
53
71«
i'A
4M
1939
1930
5s.. .1927
75
96 K
Debenture 7s
Chicago City Ry
Chic City & Con Rys 5s '27
Commonw Edison 5s_ . 1943
77
li'A
9614
62
37 J4
77
Metr
45H
45M
82 M
60
82 M
W Side El 1st 4S- 1938
South Side Elev 4 K>s. . 1924
Swift
(*)
& Co let s f g 5s- 1944
No par value.
.54,000
17,000
62
7,000
2,000
37%
3,000
775i;
45^ 4,000
60
1,000
83
5,000
'
I
Aug
28
Aug
Aug
Aug
Aug
Aug
July
10
6
3
Jan
May
May
200
85
120
110?<
Mar
Jan
Jan
17^ Mar
95 H
58
Feb
Mar
13»4 Jan
75
Jan
24 ^ Apr
ll'A June
Feb
Feb
215
Aug 108
Jan
HH Aug 1314 Feb
77
Aug 101
Feb
105H June 125H Mar
44
Aug 61
May
74
Aug 105
Jan
101
15
13
1114
5
14
Feb
Feb
Aug
May
1834 May
2314 Apr
Apr
32
9J4 July
Aug
9% Aug
44
25
July
39
Aug
32
Aug
87 5i Aug
21
May
30
Aug
130
Aug
106
Aug
35
Feb
61
27
Apr
15%
Jan
Mar
50%
43
Jan
July
98^
28
52
243
Jan
Mar
Jan
118;^
90
Apr
Feb
Apr
Apr
Aug 50 H
Mar
63
Aug 108
Jan
103% Aug 128
55
Jan
28 H Aug
3934 Aug
Mar
49
'A
54 '4
14!^
20
36 H
Apr
Aug
Feb
Mar
Aug
Aug
50 A Aug
70)4 Aug
iH Aug
2814.
15
74J4
42
29
56
40
235€
76
Jan
Apr
Mar
May
Mar
Jan
Mar
81% Apr
iVi
Aug
7414 July
95 H July
60% Mav
82% Mar
96% Aug
72% Feb
34
Feb
77
Aug
45
June
Aug
60
82 34 Aug
June
42
Feb
87
Feb
49
6614 Mar
9214 Jan
—
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock Exchange, August 14 to August 20, both
inclusive, compiled from official sales lists:
Friday
Last
Stocks-
Par.
50
Arundel Corporation
10
Atlantic Petroleum
Bait Gas Appliance pre!
Boston Sand <t Gravel
Celestine Oil
1
Sale.
Price.
3%
1.25
100
Pennsyl Wat <fe Power. .100
Seaboard Air Line pref.lOO
United Ry at Elec
50
Wash Bait <k Annap
50
Preferred
50
B.mds—
EL
5% notes
Consol G,
6%
7%
<fe
P 4%s
1.2C
95%
77%
mH
78 ?i
1.40
7%
39
96! 2
77 5i
18
400
216
43
33
69
78
13
13
11
11%
15
15
30
30
74
93
74
93
93%
97M
93 '4
97 '4
96
76%
76%
76!/«
62
61
43%
62
44
58-%
58%
?<
Feb
39
July
95J4 Feb
31
90%
2%
5
175
205
90
Aug
70% Aug
4
96
87
Low.
High. Shares.
1.
High.
W 1 rri
119
Keystone Telephone
Lake Superior Corp
Lehigh Navigation
Lehieh Valley
Steel
&
Ord
Pennsyl Salt Mfg
Pcnii.s vl vania
100
10
50
100
50
50
50
50
50
Philadelphia Co (Pitts)
Pref (cumulative 6%). 50
Phila Electric of Pa
25
Phila Insul Wire
no par
Phila Rapid Transit
50
Philadelphia Traction
50
Tono-Belmont Devel
1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
U S Steel Corporation.. 100
York Rys preferred
50
38%
114% 120
14
II t s
General Asphalt
Insurance CoofNA
Midvale
100
i35
43 4
90
17
54%
28%
54% 54%
28
28%
10
12
10
57%
65
30
21%
14%
50
10
12
2,755
57
44
40
66
58
336
40%
41
11
44%
40
66
1
Apr
31
37% Feb
July
90
35
99
June
Feb
Aug 25
July
Aug 130
Jan
274 Aug 37% Jan
Aug
84
13
Jan
9%
.4ug
June
57
71
10
5
1,279
40% May
374 Aug
597
64
37%
July
July
29% May
20% May
50% July
12% July
1,3.50
50
lA
1%
330
28
1
25
40
86
41
29
865
29
871
1,112
210
10
Feb
Feb
Jan
93
40
141
13
1,371
81
1,710
24%
56% Feb
46% Mar
45
30
30%
21% 21%
51
514
14
14%
50
50%
15
25
40 T
192
195
20
220
2,195
356
100
41
June
14 Aug
Aug
1
23
40
July
July
Mar
Mar
47% Mar
51% Jan
22
65
Jan
76
43H Mar
36% Jan
25% Jan
51% Aug
28
63
Jan
Jan
3 1-16 Jan
2%
37
57
84% Aug 108%
Aug 32
29
Feb
Jan
Jan
Jan
Jan
1
93
165
20
88
55
20
S2,000
1,200
1,000
1,000
1,000
10,000
1,000
13,000
4,000
1,000
20
Aug
1
.05 June
7M Aug
Jan
40
4%
Apr
70% Aug
Aug
20
3.40 Jan
11
46
103%
Jan
Jan
Jan
May
74% June
89
32 %
Feb
44% Apr
93% Jan
33
66
74
Aug
70
95
Feb
84% Mar
13
Aug
3% May
67% May
Aug
11
Feb
13
May
29
Aug
72% June
92% June
93
June
96%
July
96
83
May
Jan
76% Aug
55
May
Mar
42
56
Mar
4
%
13
15
20%
36
81
95
96
10014
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98% Apr
93% Apr
86% Jan
69
48J
62 %
Lib L'n 4i4g.'27-'42
Lib Loan 4 4s- .-1928
4th Lib L'n 4 %S- 1933-38
1922-23
Victory 4%s
Amer Gas & Elec 5s- . .2007
84.26
87.80
84.50
95.50
71
71
small
2007
Elec & Peoples tr ctfs 4s '45
Lake Superior Corp 5s 1924
Lehigh Valley coll 6s_-1928
Annuity 6s
Lehigh Val Coal 1st 5s 1933
Penn
10-year 7s.. 1930
General 4 i^s
1965
Phila Electric 1st 5s. .1966
do
62
RR
Reading Terminal 5S-.1941
2997
Reading gen 4s
52
55
96
105
86 K
102%
75%
80 4
"79"
United Rys Invest .5s_1926
80
94
79
65
84.36 .516,000
87.92 14,000
84.80 16,000
95.60 10,700
71
1,000
71
500
52% 13,500
55
1.000
96
2,000
105
2,000
1.000
86%
102% 15,000
75% 3.000
80% 14,000
94
1,000
79
5,000
65
1.000
Pittsburgh Stock Exchange.
93.20May
86 .40 May
82.30May
94. 70 May
May
May
70
71
51%
48
July
May
91.90
94.60
92.88
99.34
82 %
82
65
63
92% June 102%
105
May
85
July
100%
Apr
Apr
74%
79%
July
94
Aug
72
Apr
June
65
— Record of
110
99
103
83
93
99
82%
76
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
July
Jan
Jan
Apr
Apr
Jan
transactions at
Pittsburgh Stock Exchange August 14 to August 20, both
inclusive, compiled from official sales lists:
Friday
Last Week's Range
Stocks-
Par.
Amer Wind Glass Mach 100
Arkansas Nat Gas, com. 100
50
Bank of Pittsburgh
Sale.
Price.
110
11%
Barnsdall Corp, Class B.25
5
Carnegie Lead
&
Low.
High.
110
110%
9%
141
12
141
35
35
1%
3%
Carbo-Hydrogen Co, com.
Preferred
of Prices
4
4
Commonwealth Trust. .100 125
125
92
300
Zinc
5
100
Crucible Steel, pref
Fidelity Title & Trust. . 100
Guffey-Gilles Oil.. (no par)
Habirsh El Cable, (no par)
Harb-Walk Refr, ref..lOO
50
Tndep Brewing, com
Kay County Gas
27
"97"
25%
15
96
2%
1%
1
1%
3%
4
125
92
300
27
15
97
2%
1%
25
Lone Star Gas
50
Mfrs Light & Heat
Petroleum
5
Marland
Nat Fireproofing, com.. 50
27
53
50
11
11
49
22% 24%
46% 49
30 4 30%
Preferred
Ohio Fuel Oil
44
5%
1
25
Ohio Fuel Supply
Oklahoma Natural Gas. .25
Pitt.sb Brewing, pref
50
Pittsburgh Coal, com. .100
Preferred
100
Pittsb-Jerome Copper
Pittsb & Mt Shasta CoP-.l
Pittsburgh Oil & Gas.. -100
Pittsburgh Plate Glass. 100
100
Union Natural Gas
100
U S Glass
U S Steel Corp, com. ..100
50
West'house Air Brake
West'seEl&Mfg, com.. 50
West Penn Rys, pref. . . 100
27
52
30%
11
"614
60
84%
84%
8c
35c
7c
32c
12%
12
150
118
58
87
104
47
70
27
53
4%
5%
11
11%
614
85
8c
35c
12%
150
118
58
88%
104
47%
70
Sales
for
Range since Jan.
1.
Week.
Shares
230
9,037
20
50
120
355
500
5
20
25
1,145
15
50
50
1,400
650
590
Low.
High.
107% Aug 136
9% Aug 45
Feb
131
Aug
35
14 May
3%
3% Aug
June
125
92
300
Aug 135
Apr
100
300
39
Jan
June
Jan
17
102
Apr
July
June
25'<; June
14% June
93
24
1%
July
July
Jan
June
25
48%
July
2,921
100
4
May
5%
July
252
485
563
350
35
515
275
11,100
1,200
600
42
72
135
110
20
305
11
10
21
44
6%
9%
Jan
Jan
Jan
Apr
Feb
55 4
11
June
51% Mar
84% Aug
11
45%
61%
Jan
Apr
Apr
19% Apr
34% Mar
July
4c
30c
5%
2%
Aug
Aug
29%
V^
..an
Jan
June
Apr
3% Jan
Jan
5
114 Jan
147
45
July
Aug
May
Aug
117% June
149
Apr
52% Mar
18% Apr
65% Apr
92
250
53c
18
172
130
Jan
Jan
Jan
Mar
Apr
Jan
64% Apr
84% Aug 107 4 Jan
52
Feb
103% Aug 118%
45% May
65% July
55
79
June
48
66 K July
96 A .\ug
55
Jan
Jan
Jan
Bonds
Indep Brewing 6s
Pittsb Brewing 63
6s
Pitts June
RR
1955
1949
1922
50
70
96%
50
70
96^^
S3 ,000
7,000
1,000
75%
100
Jan
Jan
Jan
—
1.
High.
Low.
28
50
25
5,989
325
34
70
33
69
80
69%
notes..
notes
W
30
20
3%
"35
Consol Coal conv 63__1923
Cosden <k Co conv B f
rennsy
<fc P 58
1940
United Ry <s E 43
1949
Income 4s
1949
Funding 5s
1936
20
32 5<
vtr
Range since Jan.
High. Shares.
28
3)4
7J4
5
Cosden & Co pref
Davison Chemical.. no par
Houston Oil pref tr ctfa.lOO
Mt V -Wood Mills v t r. 100
Preferred
Low.
39
95J
Sales
for
Week.
70% 70
20
Cent Teresa Sugar pref.-lO
25
Commercial Credit
Consol Gas, E L & Pow 100
100
Consolidation Coal
Week's Range
50
Elec Storage Battery
.3d
B'tnds
Armour & Co 41^3
Cambria Iron
U S 2d
1.
High.
68
88
1,176
63 H
Unit Pap Board, com. .100
Low.
15=4
8H
80
107
Range since Jan.
155i
91J4
6M
_ _(*)
Case (J I)
Chic C&Co'n Ry ptVh pf(*)
Chicago Elev Rv, pref.lOO
Chicago Title & Trust. . 100
Commonw'th Edison.. 100
91
Range since Jan.
Bonds
Friday
Last Week's Range
100
Preferred
Beaver Board
Booth Fisheries, new
at
official sales lists:
Sale.
Low.
43%
1st preferred
1st Lib
of Prices.
1.
Week.
High.
Par.
Friday
Last Week's Range
Jan
Jan
Jan
New York "Curb" Market. Below we give a record of
the transactions in the outside security market from August
14 to August 20, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
that
,are permitted to deal only in securities regularly listed
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one oan
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
The possibiUty that fictitious transacof the transactions.
even that dealings in spurious seouriin,
or
may
creep
tions
—
—
)
.
Aug. 21
—
.
be included, should, hence, always be kept in mind,
In the circumstances,
particularly as regards mining shares.
for
question
any
one to vouch for the absolute
It is out of the
this
record of "Curb" transactions, and
trustworthiness of
we give it for what it may be worth.
781
Frtdav
Other Oil
Stocks iConcludeO)
Grenada
Oil
Corp
cl
Par.
Friday
Last Week's Range
20.
Stocks
Par.
Industrial & Miscell.
1
Acme Coal-r
Aetna Explosives. r(no pari
par)
Allied Packers-r_-(no
Aluminum Mfr8.r(no par)
100
Preferred-r
AmerCandyCocom(nopar)
(no par)
Amer Chicle. r
100
Amer Vitrified Prod com 50
Armour Leather com.r. . 15
Armour & Co. pref.r..lOO
Preferred. r
Sale.
Price.
2H
12U
21
21
85
85
93
&}4
preferred
Preferred-r
Buick Carburetor. r
Caracas Sugar, r
*
Car LtB
Power. r
Chicago Nipple Mfg cl
Cities Serv BaBkers "ha
Cleve Auto Co, new
100
100
10
50
25
A 10
r(t)
60
EmplreTubeiSteeKno parj
Farrell(Wm)&Son.com.r(t)
Firestone Tire&Rub com 10
100
7% preferred
Gardner Motor Co (no p.tr)
Garland Steamship
Asphalt, com.r
Preferred .r...
Goldwyn Picture r (no par!
Goodyear Tire & Rubb.r. _
100
Preferred. r
Gen
100
100
Grape Ola Prod Corp com
1
1
Preferred
.
Herculea Paper. r.. (no par)
Hydraulic Steel com.r.(t)
100
Preferred .r
Indian Packing Corp.r.d)
Intercontinental
Rubb.lOO
Kay County Gas.r
7M
42 H
20
50 H
2>A
9
34 5i
20
Sly,
52
22
16
25
53
109
2
2H
255i
28 M
76
6H
101^
5H
Peerless Truck & Motor. r.
10 Y 7-16
Perfection
Radio Corp of Amer.r. . (t
Preferred, r
5
Rainier Motor r. . (no par)
FranceTollet
Roy de
Prod S
5M
100 ......
BInger Mfg.r
Submarine Boat » t c..(t)
Sweets Co of Amer.r
10
Swift & Co.r
100 106"
15
Bwlft Internat.r
30
T&R.r
2%
Union Carb * Carbon r (t)
Dnited Profit Sharing,. 25c
rn
Sfa Candy. r.
Retail
(i)
V S Distribuling com.r. 50
U 8 High Sp Sleel & Tool(t)
U S Metal Metal Cap Seal r
C
8 Steamship
10
Wiirren Bros.r
100
Willys Corp.com. r. (no par)
Flr.it preferred. r
100
Set-ond preferred. r.. 100
Wrigley (Wm) Jr com.r-25
59
29
8m
6K
121^
21
36
20
93 K
It
48
2 '4
7V,
35'/$
r.iy
12H
20
114
80
25
2^
28 -K
3,500
23,5nn
i4,4nn
inn
7nn
6nn
800
1,200
1,400
300
2,600
1,200
700
110
3nn
i,8no
90,200
1,800
1,900
600
ion
4,3nn
4,800
4, inn
i,2nn
82'-<
94n
<iV,
5V,
21
9
iV,
38
52
13
5V-
wv,
24 ^
27
75
2%H
6H
7
10
\V,
12 li
12
10
K
67
40
K
4H
11
5K
32
31
1'-^
IH
2H
ZGH
5H
124
m
i»4
2H
36 '4
5H
125
lOH
I/;
106
30
W%
2».8
2^
1%
ny
1
1,200
900
1,000
6.50
i,9nn
snn
13,900
4nn
snn
4no
500
900
14, eon
4nn
6,100
1,000
1,000
100
1,700
no
5,200
17.900
106
32
62 K
200
son
snn
iy»
13
7,.30n
34
301^
2V,
2%
60
60
15
17
70
58 K
72
900
i,2nn
8
13
32
30 '4
72
58 M
8,800
115
86
86
IV«
2li
2 'A
2»/S
34
30 H
2
\\v.
51
9
108
V4
IRM
200
55 ^
90
65
37
8
200
225
100
inn
inn
ion
2,350
40
,545
48
84
10
1,000
1,335
22 >4
120
80
25 VS
4H
400
500
690
931/;
.50
5H
6,700
1,600
3,670
36
18
9
Shares
TV,
13
23 >^
42 v<;
30 H
50
61
12H
300
97
84
nn
12
39 K
7
15 '4
93
93
59
26
290
95
IM
LIbby.McNelll&Libby.r 10
Locomobile Co_r_. (no par)
Mercer Motors. r. (no par)
10
National Leather . r
Nor Am Pulp & Paper.. (f)
59
1
1
Lima Locomo com.r
100
Lincoln Mot Co Cl A.r..50
40
60
7
2ZH
y
5V^
^5H
(t)
Colombian Emer Synd new
r.(t)
Conley Tin Foil
10
Continental Motors. r
Crude Chemical, com.r
D:ivies(Wm.)Co.Inc.r-(t)
Dominion Steel. r
5
40
83
7%
2¥
lo^<f
100
Bucyrus Co.r
1V»
12
21
28
Brltish-Amer Chem.r...lO
Brit- Am Tob Ord bear -r£l
Brit Empire Steel, com 100
High
10
Automatic Fuel s.r
Bliss (E W) Co. com.wKt)
Bliss (E W) Co. com old. 50
100
Bordea Co com r
Preferred .r
Week.
of Prices
Low.
Sales
for
80
,58 -4
73
9,3nn
1,000
1,1.50
1.000
13,000
100
650
500
2nn
950
Range since Jan.
High.
Low.
I'A
7
12
20
80
Jan
May
Aug
Feb
Aug
May
May
5
10
18
May
Aug
Au^
26
290
94
80
Aufc
12)^
18
36
20
93 K
lOH
48
134
Apr
July
Aug
Feb
95 H July
61
June
48
390
108
July
July
July
July
July
July
91
Aug
Aug
Aug
Aug
Aug
28 ^i
39
52 V^
32
95
1114
60
June
%
Apr
July
Aug
Aug
June
2S'4 Aug
Aug
48
4^4 June
Aug
18
June
9
July
1
Aug
31
Aug
50
7H July
Aug
20
Aug
107
Aug
80
Aug
25
May
40!^
77
9
102
83
July
IIH Feb
Aug
Feb
Jan
40
97
68
69
Aug
Apr
i\i
llJi July
Jan
36
39^4
58
July
6
15
91
51
1.
Aug
9H
3
Jan
Jan
July
July
Aug
July
July
WA
July
Jan
44 Vt
Mar
91
25
Jan
Jan
Jan
29
14
\y%
50
60
July
Jan
July
13
Aug
Apr
54
Mar
170
Mar
98
29 W July
5M Aug
130
Jan
Aug 165
Aug
34
Aug 132
Aug 100
Mar
Jan
June
June
27
Jan
214
Jan 2 13-16
Mar 33
Aug
40
40
June
101
5H Aug
20
Feb
17
1
1
141-^
10
IH
July
10^ Aug
May
Aug
18
.4ug
Aug
8
12
10
S% Aug
30'4
lU
Aug
Aug
IH June
IK May
Feb
30
S
117
Harvey Crude
5H
mH
3
54
7
150
Aug
Aug
28'-^
Aug
58 H
9
Aug
Aug
Aug
32
27
June
Jan
106
1
2% Aug
i'A July
May
52
13H Aug
Aug
70
SO
68
July
Aug
Jan
Jan
Jan
Jan
3H
19
55
40 «
Feb
Feb
A
4H
80
26 H
Jan
Jan
June
Jan
Jan
Jan
2
100
85
77
Aug
50
Preferred, r
49
52
I 'A
New
Jersey Zinc
Wrigley (Wm) Jr.r
U'/s
11
4H
I hi
12
5
11
Aug
Aug
Aug
20
Apr
4
July
5
Aug
1.750
43
250
600
4,200
1
July
July
70
4
Former Standard Oil
Subsidiaries
Anglo-Amer Oll.r
£1
Pipe Llne.r
100
Ohio Oil. r
.-25
South Penn Oll.r
100
Standard Oil (Calif) .r. 100
Standard Oil (Ind)-r.-lOO
22!-
Illinois
305"
270
309
22 M
150
305
270
309
680
20
150
278
260
300
670
2,600
10
17n
4n
2n
150
May
19
1.50
273
260
300
665
31
Jao
Aug lf.3
Aug 388
Aug 355
Aug 3.55
May
July
Jau
Mar
Mar
Apr
740
Other Oil Stock*
Ajax
Oil, Class
Allied Oll.r
Anna Bell
A. r
10
1
21c
in/«
72
16M
.....
8
Oll.r..'.
Brazos oil Corpr. (no par)
Carlh SyiKlicaie new.r
12
oil
8%
IH
lOK
I'A
Dunuraiie Oll.r
Elk Basin Petrol. r
6
Engineers Petrol Co_r...l
Ertel oil r
5
Esmeraldti Oil A Gas.r..!
Federal oil
r,
Fei'sland Oil
(no oar)
Olenmcli on r.
6'i
.10
13
IH
7
IH
IH
1%
2H
'ill
IH
3K
Vx
6J<
2H
9
3
1,-;
6M
iy»
16H
34
76
34
74
r.-
IC
5
UK
74
71
15
3J4
ProfcrnHl r.Cosdt'M A- Co com.r
5
Gushing Petr Corp com r.6
Del Tox Pet Corp.r
1
Dominion Oll.r
22c
2V,
9»/g
1
Casa Oll.r
Central Petroleum com.r.
Denny
3H
20c
1
Arcadia Oll.r
1
Arkansa.s Nat Gas.r
10
Atlantic Clulf oil Corp. 100
Biery on
10
Blgbearl Prod & Ref
10
Boone Oil
Boston-Wyoming
& Gas
Oil
Con
1
3,800
Gl .000
3.900
2.200
700
700
12,100
900
38,500
36,500
100
10.000
75
100
500
1,500
20,300
1,700
102,000
5,100
6H
son
3
7.100
8
9,720
30,000
1
3-16
6,200
2^ 3, inn
H
y>
2%
12 H 13^
2\i
2W
9nn
5,5nn
ioc
7%
11-16
2K
25
A
5H
2
22
32
5H
\A
10 K
83
9H
on Co.r.
-.10
Spencer Petrol Corp.. ..10
Skelly
T
14
19
(no par)
receipts..
TexonOllA Land.r.. ...1
2
190
500
Aug
Aug
May
8
16-16
•
Mar
Jan
!
Apr
June
3
Aug
Aug
Aug
Aug
8H Aug
IK Aug
45
90
Jan
M
9
71
15
3
H
'4
9
Apr
Aug
Aug
Aug
I'A
31
July
68
July
6K Aug
« July
54
July
K
Aug
Aug
2'i Aug
a A Aug
5',-
May
H Aug
K July
Mav
2
Aug
7H
Jan
Fell
lU Mav
Apr
IH Mar
24
53
4
35
76
10 li
3
Jan
Mav
July
Aug
Jan
Jan
IH Aug
Aug
39 H
10
Jan
Jan
IIW Mar
Feb
1
5
Apr
16 ''i
13
2\
.Tan
Mar
4H
15
3U
Jao
July
Jhd
3-. 6
15
15
33 K
35 A
IK
4K
IH
4K
7K
26
200
400
19K
6,500
5,800
6,000
2,700
9,500
5,600
7,000
1.000
1,175
500
2,500
2,700
23,200
\A
143
9c
6K
&A
%
2A
22 A
25
29
28K
2K
5
25i
5
A
A
A
A
12
5>A
12 5i
300
A
18
29 K
%
1
6,800
3„500
2,600
5,350
22
32
IK
9K
18 >^
ZA
ll'^
1,600
20,000
82 K
14
A
.=;
5K
80
9
2
15
10
19
17K
3
3K
A
1
1
H
1
9-16
2c
4c
6c
.10c
Belcher-Dl vide . r
Belcher Extension
-lOc
Big Ledge Copper Co. ---6
...1
Booth.r
A
5c
70c
20c
9-16
Boston & Montana Dev..5
...1
Caledonia Mining
Canada Copper Co Ltd..
...1
Candalarla Silver. r
...1
Cash Boy Consol
Con Arizona Smelt... ...5
Consol Virginia Silver. r..5
1
Cortez Silver. r
Cre.sson Con Guld
& M.l
Divide Extension
...1
El Salvador Silver Mln .r.l
M
A
7c
—
62 c
IK
29c
IK
Silver
K
1
27c
..10
.25c 4 3-16
-lOc
22c
1
13c
5c
Jumbo Extension
...1
-lOc
...1
MacNamara Mining. ...1
...5
Magma Copper
...1
Marsh Mining. r
25K
13c
.100
...5
Opt.lr Silver Mines. r. ...1
Jersey Zlnc.r
Nlplssing Mines
8A
A
—2
5 16
1-16
IK
...1
14
34 c
Seneca Copp Corp (no par)
1
Silver King of Arizona
1
Silver King Divide, r.
1
Silver Pick Cons'd. r
Simon Silver & Lead.. ...1
1
Standard Sliver-Lead.
2KC
6c
IH
2KC
Kc
Kc
Aug
3c
1»K
13-10
1
1
IK
1
7-16
2 9-16
1
6
4c
IK
IKc
June
Aug
Ic
May
June
Pack conv deb6s
r-39
IK Aug
Mar
IK
5
3-16
9-16
July
July
July
A
Aug
1
Feb
1
French Govt
Goodrich (BF) Co 7e. 1925
92
7%
C
."is.-r
Inlcrboro
HT
K
78 r... 1921
Kennecott Cop 7».r.. 1930
N Y t;cntRR 7s w l.r.
1930
Pan Amer Petrol A Tr 7s'20
8lnclalrCon0117Ksr.. .•25
Southern Ry f>>;, notes 1922
Soutliwoslcrn Hell Tel 7 8 '25
.Swedish Govt 68 June 1 5 '39
.•^wltzerlan.l
166
91
SOK
Govt SHs . '29
Co 7% notes. r. 1923
Union Tank Car eq 78. 930
9S 8
96 '4
Western Eler eonv 78. .•25
97»4
rexas
>
400
65c
Aug
7,100
1-16
May
24>>i
Aug
400
7-16
27c
12c
15c
160
A
Jan
10c June
4Sc June
4 '4 c Mar
Jan
74c
Aug
183
Jan
Jan
Feb
20
Aug
Aug
%
Feb
Mar
4M Mar
K May
4c
Jan
Jan
Jan
970
39
320
65c
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
6KoMay
7Sc
300
8K Aug
K May
Jan
Apr
K
800
5-16
1-16 1-16
lA
IK
14
34c
1,450
27,800
3,100
1,000
7,500
2Kc
13. .300
IKc July
14c
Jan
6c
13.600
2,150
20
Jan
30c
Mar
300
8,000
13,500
2,305
33,710
7,165
1,950
5,240
23,000
14,200
3-16 Jan
Jan
3c
13
32c
2c
5c
IK
1
4Kc
3c
Ic
1 7-16 IK
1 ,5-16
IK
9-16 2
7-16
IK'
1
.
2K
2K
6c
7c
7c
K
K
800
1-16 1
Ic
IKc
12,300
6,800
16.500
11.400
1
65 H
92 K
92
'J
160
15c
4c
Aug
15c
15-16 Jan
,200
Jan
1,600
66 K
93 K
92
89K
2K
2K
May
July
July
Jan
Jan
July
15-16 Jan
15-16 Apr
June
Kc
10
3K Mar
16
Mar
2Kc Aug
Kc July
Ho June
15
Mar
15-16 Jan
1
July
8c
Jan
Jan
Jan
62o
2y
Aug
19c
Apr
8K
60
3c
98 1
96 K
84 li
99 K
6%
K
Jan
Jan
June
Jan
8K
A
A
7c
4c
6s. r.. 1922
notes. r
1921
Anaconda Cop Mln 6s. f .•29
Anglo-Amer Oil 7Hs . .•25
notes r^30
Armour 4 Co
C C A St L Ry 6s r IU2U
Colum. (iraph Mfg Ss. 1925
120
May
8Kc
4c
68
$87,000
93 K 29,000
4,000
92 K
89K 89 K 1.000
98 r, 44,000
98
96 K 96 K 96,500
84 K 85 K 23,000
99 U 99 K 35,000
68
63.000
64
19.000
91 K 92 Vi
5.SI.,
00
4,000
ij
91'4
3,000
,91
'00
100
10.000
94'< 94>s 10.000
86 ?i 91 K 1095000
94
92
24 .000
93
25,000
90
82 A 84 »i •20,000
85
2S.(X)0
84
97 K 98 K 33,000
90,000
96 A 97
97 K 97 »i 10.000
12H
A Aug
Mar
H June
12
30c
1
1
1
3-16Jan
A Jan
IK Aug
Apr
June
K Aug
Jan
IK Feb
1-16
19
2K
Jan
Apr
9-16 June
1
Jan
Jan
Jan
3K Jan
4K Jan
5-16 June 2 15-16 Jan
1
July
3K Jan
2 A Aug
4K Jan
KcJune
3-16 Aug
1
Aug
'4
7o
7o
May
lie
4KcJuly
29c
6c
A
Apr
Jan
July
IK
Apr
Aug
2 7-16
Ic
May
60
30
Aug
Aug
20c
Jan
Jan
Apr
120
Mar
66 K
92 K
Aug
Aug
98 K
97 K
96 K
9S J
Jan
Jan
Jan
Jan
1
Bonds
Allied
Amer Tel & Tel
IK
1 1-16
620
IKc
77c
185
7o
91c
42c
Mar
Aug
4KcJune
720
19,200
l76c
^83
38c
49c
July
3-16
Apr
2
3-16 Mar
15-16 June
Mar
4c
1
July
K
K May
K
9K
2Kc Aug
May
3-16
3c
58c
17c
8K
Jan
Jan
Jan
Jan
Jan
JaB
Jan
•50
July
2c
IOC
4c
4KC
7c
K
A
7-10
18,100
10,400
500
300
900
297
IK
23K
ik:
•2K
2K Aug
800
11,000
Mar
19^ June
20
Apr
Feb
July
Jan
K Aug
13H Jan
22 K Mar
July
16
22c
25
73 K
Feb
82
A May
2, -200
3-16
26
13c
51c
\H Mar
Jan
May
3
Aug
1
£-16
13c
5e
3-16-3-16
1
K
A
?2c
A
lOK" Jan
Feb
K
UK
2,270
Aug
June
16
Feb
I8K June
2, .500
1
K
Aug
Aug
16
K
7K Jan
9K iJan
Jan
9
5,400
22,700
30,000
36,900
21,100
13,200
29,700
15,300
7,400
14.700
13,500
38.500
300
20,300
6,900
45,300
4,400
17,700
36,800
15,000
600
1,400
8,900
22,400
2.000
54,400
Jan
Mar
Mar
July
15%
6c
35
42 K
Apr
IK
K
28c
15c
4K
6HJ
7K
12
1.100
8
5-16
4H May
IK Aug
9K Aug
16c
15c
4
4c
1
United Eastern Mining.. 1
S Continental Mines .r.l
.lOc
Victory Divide. r
Washington Gold Quartz. 1
West End Con-sol'd
...6
.10c
White Caps Exten
.10c
White Caps Mining
Wllbert Mining
...1
9c
4c
5Kc 5Kc
184K
New
U
A
A
lie
51c
77c
Murray-Mog M. Ltd. ...1
1
A
A
H
McKlnley-Darragh-Sav ..1
...1
Motherlode.r
Tonopah Mlnlng.r
A
15-16
4K(
Louisiana Consol
]
IK
5K
K
IK
IK
5
Ic
6c
Knox Divide. r
Success Mining
Sutherland Divide, r..
Tonopah lielmont Dev
Tonopah Divide. r
...
Tonopah Extension
30c
lOc
4c
1
Prince Cons.
IK
K
22c
8c
Kc
15»4
Honduras-Amer Synd r(t)
Howe Sound Co See Note below
Iron Blossom. r
62c
60c
A
—
A
A
2A
1
40 K
56
550
7c
2
1-16
8c
3c
Goldfleid Consol-d r.. ..10
.10c
Goldfleld Devel.r
Goldfield Merger. r... ...1
Gold Zone Divide. r.. ...1
Harmill Divide. r
Hecia Mining
A
A
6Kc
July
Jan
Jan
Jan
Jan
Aug
Aug
10,200
7-16 9-16
IKc 2c
2c 4Kc
3Kc 6c
7-16
K
3c
4Kc
70c
63c
210
18c
K 9-16
4K
190
June
18
29
26,000
7,300
2,700
2,000
May
Feb
38
Jan
41
29
July
22!^ Jan
5K Aug
K May
A May
Mining Stocks
Alaska-Brit Col Metals.. 1
America Mines. r
...1
Arizona Globe Copper ...1
...1
Atlanta Mines. r
IK Aug
11
Apr
11
Jan
77
Aug
28
2K Aug
5
Jan
July
17
6K Aug
15
IK
1«
Aug
May
Apr
8
9-16 June
2
Aug
June
19
1,700
A
Aug
Aug
128
4c
19K
IK
IK
'4
Apr
Jan
K
IK Mar
May
May
K Aug
A
14
19
19
13-16
K
16
39
May
May
25
80
11- 16
Jan
June
Aug
Aug
IK Aug
4K Aug
700
11,200
700
2,900
200
43.700
9h
19
9-16
19
7-16
3
3-16
15
27
2,8.50
900
5
IJs
Oil r
White Oil Corp.r. . (no par)
Woodburn Oil Corp.r. .Ct)
150
lOc
25K
1.
tfwA.
Low.
6
800
7K
HA
Range sinci Jan.
5.300
100
6.000
17.000
100
K
26
18K
13-16
19 '2
Tropical Oil Corp.r.. ..25
United Tex Petrol. r.. ...1
Victoria on.r
..10
Vulcan
3K
A
3
r
Oil. pref
Superior on.r
Superior Oil C
9
1
Rickard Texas Co.r.. ...5
Ryan Cons'd.r.w l._
Salt Creek Producers, r ..25
Sapulpa Refining. r
...6
Settled Prod.r.
Slmms Petroleum r(no par)
Sinclair
8
3.200
100
3.100
ISA
12K
18
14
A
8t Croix Silver
W). com.r.
1%
4A
TA
Roper Group Mining. ...1
Rights.
Bliss (E
shy.
6H
Eureka Croesus Mln.r ...1
...1
Eureka Holly. r
Forty-nine Mining. r.. ...1
Golden Gate Explor'n. r..6
July
108
69
78
A
..10
Red Rock
High. Shares.
26
9-16 9-16
Petrol Prod of Amer..
Plttsb OH & Gas.r... .100
Producers & Ref. r
Low.
26
Imperial Oll.r
Internal Petrol. r
..£1
Leetone Petroleum. r. ...1
Livingston Petrol . r . . .
Lone Star Gas.r
..25
Manhattan Oll.r. (no par)
Maracalbo Oil Explor. r(t>
Merritt Oil Coro.r... ..10
Mexico Oil Corp
..10
Midwest Refg.r
..50
Midwest-Texas OU.r. ...1
National Oil.r.
..10
Noble Oil & Gas...1
North American Oll.r ...6
Ohio Fuel Oil.r
...1
Oklahoma Nat Gas.r. ..25
Omar Oil & Gas
..10
Pennok OU.r.
..10
Jan
6^8
9
...1
Emma
Mar
Mar
19
Week.
r
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Apr
Jure
for
0/ Prices.
Oil
Mar
Mar
47
June
'A
Jan
Jan
Jan
Jan
Apr
7K
May
10
Apr
2H Apr
32
92
53
35
39
Aug
65
37
July
July
Week't Range
Guftey-GHlesple Oll.r. -(t)
Hercules Petroleum
a-iits
Last
Sale.
Price.
A. r.lO
Hudson Oll.r
Week ending August
K
6
rr
THE CHRONICLE
1920.]
may
ties
—
91M June
87
Vi
98
June
Aug
94H
July
Apr
82
9914 Aug
Aug
61
Aug
90
56 K .•\uc
90
May
100
Aug
94 K July
86 '4 Auk
92
Aug
90
Aug
81«f Aug
82 K July
97 K Juno
96 H Aug
-Inlv
.3c
'
lOOH Mar
96 K Aug
Jan
89
99 't Aug
July
77
Apr
09
76
Jan
98 K Jan
100
Aug
94 «i July
Apr
98
96
Jan
97 »i Apr
97
93
Jan
97
99 K
Aug
Jttn
esH May
Apr
THE CHRONICLE
783
Friday
Last Week's Range
German Government and
Municipal Bonds
(.Dottari per 1,000 Marks)
of Prices.
Sale.
Price.
Berlin 43. r
Greater Berlin 43.r
Bremen 43- r
IS
Cologne 4s-r
20
22
DusseldorJ 43. r
Frankfort 43-r
17H
17H
Leipzig 4s. r
Lubeok
4s. r
Mannheim
Municb
Vienna
*
22
4s.r
5s. r_.'
4s. r
Odd
lots,
Exchange
this
r Unlisted.
«>
t
No
par value,
i
18
19
21.
17
17
17
19
18
18
18
21
6
19
18
4}^s.r...
W%
nVi
l&H
19H
H
20
23 3/5
20
German Electric 4HsHamburg 4s.r
22
19 M
H
22 H
23 ys
19
21
18
18
H
22
21
6
17
17'A
18
17 5i
High.
July
Aug
Aug
Aug
Aug
18H
19 'A Aug
17'A Aug
20
Aug
22
July
29M
July
17
19
July
28
27 H
28 H
26 H
26
28
June
June
June
June
9
June
Aug
Aug
Aug
18H Aug
21
Aug
6
Aug
20
18
Aug
Olty Investing
Preferred-.
June
June
June
x Ex-dividend. !/
k Correction.
not previously reported, 100
Howe Sound
Co. at 25<.
York, died recently, after a brief illness, at Cherry
N Y where he had been spending his summer
vacation for several seasons, and which had formerly been
,
the native town of his father, and the residence of many of
Mr White was an investment expert, his
his family
speeialts^ being the valuations of raihoad bonds, and the
phrasing and construction of mortgages for securing them.
He was instrumental in securing the passage of a number
of recent laws in the States of New York, Connecticut and
Massachusetts, designed to protect savings bank investments, upon which legislation he spent much time and
effort, with no other remuneration than the satisfaction of a
good work well performed.
At an early stage in his career he devised a method of
coloring railroad maps in such fashion as to illustrate at a
glance what portions of the railroad properties were covered
These he pubUshed
by the various mortgages upon them
in sets, covering all the leading railroads, which were placed
with most of the important banks, and other financial inHis principal occupation consisted in revising
stitutions.
these maps and keeping them up to date, as well as the publication of other financial information, and numerical statistics, with which the investing public is generally familiar.
He was a man of ingenious and inventive disposition along
mechanical lines as well.
CURRENT NOTICES
— Roy E.
Bard and Ingo A. Esch, formerly with the Harris Trust and
Savings Bank, Chicago, have formed a partnership under the firm name of
Bard, Esch & Co., for the handling of investment bonds and notes. Offices
National Life Insurance Building, 29 S. La Salle Street, Chicago. Mr. Bard has been with the Harris organization for the past nine years
and has had charge of the Railroad Bond Department, while Mr. Esch has
been connected with the City Bond Sales Department and before the war
was Manager of the Real Estate Loan Department of the West Side Trust
& Savings Bank, Chicago.
in the
— Mr. Kenneth M .Smith formerly with Newburger, Henderson
,
Loeb & Co.
of the New York Stock Exchange and Mr. J. Allen Libby, Jr.,
formerly with M. S. Wolfe & Co., have become associated with Anderson,
Brown & Co. of 39 Broad St., New York.
members
.. .
75
Atk
BU
Ask
80
70
220
61
85
Lawyers Mtg* 110
Mtge Bond-. 80
115
87
198
Nat Surety.. 193
N Y
City
Banks and Trust Companies.
All prices dollars per share.
aaaka— iV 7
Amtrloa*
Bit
206
AmcrEzcb... 260
AtlLitle
Battery V&tU.
Bowery*
Broadway Con
Bronx Boro*.
BroDz 'Sat...
Bryant Park*
Batob & DroT
Gent Mero
Obas*
Otaat A Pben.
ObelseaEzob*
Obemloal
215
190
426
145
105
160
145
35
200
398
274
145
550
Olty
Ooal & Iron..
Colonial*
250
350
Oolumbla*
175
Oommerce
218
Oomm'l Ex*. 425
Oommon-
wealth*..- 210
OODtlnontal*.
Oom
Exch*_.
Oosmop'tan*.
Cuba (Bk of).
East River
Fifth .\ venue*
Fifth
irirat
Qarfleld
Qotbam
Srtenwicb *..
Hanover
Harrlman..
Imp A Trad
•
130
325
110
184
160
900
158
900
230
195
226
816
325
510
Alt
210
270
200
166
125
160
166
45
210
405
280
155
560
369
Bank*
NY
Nat
205
395
375
Manhattan *. 200
Mech A Met. 320
Mutual*
490
Nut American 155
New Neth*.. 180
Liberty
Lincoln
New York Co
New York
335
120
190
135
460
Aik
215
bond
prices are
Standard Oil Stocks
Park
Public
4Y0'"
315
190
4T0"
480
330
6'2"5"
6'5'o"
450
190
200
470
200
18'5"'
18"o"'
175
185
Wasb .H"ts*.. 350
YorkvlUe*— 375
Brooklyn
Coney Island*
140
925
First
206
166
216
168
Oreenpolnt
HlUslde*
166
110
120"
910
236
205
830
350
520
Homestead*..
Trust Co's
365
368
310
160
300
Equitable Tr. 292
Farm L <t Tr. 385
Fidelity
200
Fulton
Guaranty Tr. 340
Hudson
150
Law Tit A Tr 135
Lincoln Trust 150
Mercantile Tr 315
Metropolitan. 255
Mutual (Westchester)
105
N Y Life Ins
A Trust...
N Y Truet...
600
600
Title Gu 4k Tr 305
U 8 Mtg A Tr 398
United States 815
Att
375
375
320
298
395
210
277
347
165
143
265
126
625
615
315
406
830
Brooklyn
95
Mecbanlcs'*..
88
Montauk •
100
iNaasau
206
North Side*.. 196
iPeoDlP's
150
Rldgewood .. 175
¥2'
Brooklyn Tr.
Hamilton
Kings County
Manufacturers
490
265
660
People's
270
195
505
275
700
205
290
110
215
206
160
Banks markel with (») are State banks, t Sale at auction or
this Week
t New stock,
z Ex-dividend,
y Ex-rigbts.
change
Bit
N*a> York
at Stock
Ex-
West A Bronx
120
4MG
160
Anglo-American
I
OU
"and Interest" except where marked
Ptr Shar*
Ask
Par Bid.
new. £1 •21
22
lOOillOO 1150
Atlantic Refining
100 IO514
preferred
100 42o 460
Borne-Scrymscr Co
93
Buckeye Pipe Line Co... 60 *90
CbesebrougbMfgnisw...lOO 220 230
105
new
100
...100
preferred
1001120 125
Continental Ol!
50 *2:28
32
Creeoent Pipe Line Co
Cumberland Pipe Line. -.100 140 145
1O7
100
102
Sureka Pipe Line Co
43
47
Galena-Signal Ol! oom.. .100
95
90
Preferred old
100
88
100
92
Preferred new
155
145
Illinois Pipe Line
100
Indiana Pipe Line Co
60 *95 100
36
International Petroleum. £1 *35
26
National Transit Co.. .13.60 *25
160
170
New York Transit Co.. .100
Northern Pipe Line Co. 100 102 105
25*310 330
Ohio on Co
47
25 *44
Penn-Mex Fuel Co
100 550 560
Prairie Oil 4 Gas
194
...100 190
Prairie Pipe Line
100 355 380
eolar Refining
Southern Pipe Line Co.. 100 120 125
100 267 273
South Penn OH
65
Southwest Pa Pipe LInes.lOO 62
Standard Ol! (California) .100 307 311
Standard Oil (Indiana).. 100 680 690
Standard Oil (Kan6a8)...100 530 5.50
Standard Ol! (Kentucky) 100 350 370
Standard OU (Nebraska). 100 420 440
Standard Oil of New Jer.lOO 660 670
Preferred
100 10558 10584
Standard Ol! of New Y'k. 100 392 395
Standard Oil (Ohio)
100 430 450
104 108
Preferred
80
100 65
Swan 4 Finch
Union Tank Car Co
100 125 128
93
96
Preferred
Vacuum Oil
....-100 360 365
33
WasWagtonOl!
10 *29
—
OU
Other
Stocks.
25*10-1
100 325
Imperial Oil
Magnolia Petroleum
.50*147
Midwest Refining
Ordnance Stocks Per Share
75
Explosives
prel
100
Aetna
100 155
Atlas Powder common
76
100
100 105
Preferred
Babcook
Bllas (E
4
Wilcox
W) Co common. 60^270
50
Canada Fdys * ForgingR.lOO
100
Carbon Stosi common
100
Ist preferred.
2d preferred
100
Colt's Patent Fire Arms
Mfg
36
duPont (E I) de Nemouri
100
& Co common
100
Debenture stock
100
aastern Steel
Bmplre Steel 4 Iron com. 100
100
Pieferred
Hercules Powder ecm...lOO
Preferred
100
WIleB-Bement-Pond oom.lOO
Preferred
100
Phelps-Dodge Corp
100
SoovlllManufacturhig...lOO
Thomas Iron
60
Wlncbester Co oom
100
100
Ist preferred
100
and preferred
Woodward Iron
.100
Preferred
100
70
90
60
108
350
149
El«o
oom
Preferred
*42
45
255
78
70
31
70
202
92
87
90
170
370
*23
390
90
50
49
80
265
Amer Power
4 Lt oom
Preferred
Amer Public Utilities
Preferred
80 *95
60 *34
100 110
100
81
45
100
100
66
oomlOO
100
Carolina Pow4Llgbt com 100
25
Cities Service Co oom
100 288
Preferred
65
100
7
Colorado Power oom
100
Preferred
80
100
Oom'w'th Pow Ry 4 Lt..lOO 16
Preferred
35
100
Eleo Bond 4 Share prel..100
76
6
Federal Light 4 Traction. 100
42
Preferred
100
70
Great West Pow 6s 1946. J4J
10
Mississippi Rlv Pow oom. 100
47
Preferred
100
72I4
First Mtge es 1961. ..J4J
*8
Northern Ohio Elec Corp.(t)
Preferred
24
100
Rorth'n States Pow som.lOO 29 14
74
Preferred
100
north Texas Eleo Co oom 100 168
Preferred
100 I63
78
Pacific Gas 4 Eleclst prcf 100
Puget Sd Pow & Llglit ..100
13
Preferred
100
63
7
Republic Ry 4 Light
100
Preferred
28
100
South Calif Edison oom. .100 80
92
Preferred
100
Standard Gas 4 El (Del). 60 *12
Preferred
60 »35l4
I2
Tennessee Ry L 4 P oom. 100
212
Preferred
100
17
United Lt 4 Ryi oom
100
55
Iflt preferred
100
18
Western Power Corp
100
1 no
Preferrnrt
59
•
Per share,
/ Flat price,
b Basis.
n Nominal
PerCt Balis.
8.75
Pittsburgh iH* 7. 87
7.87
Equipment 48
7.87
Equipment 68
Canadian Pacific 4 Hi 4 Os.. 8.00
Caro Clhichfleld 4 Ohio ei... 8.70
8.25
Central of Georgia 4H3
8.12
Chesapeake 4 Ohio
8 12
Equipment 5b
9.00
Chicago 4 Alton 4Hi..--9.00
Equipment 69
8.75
Chlcago4 Eastern III dHii..
8.25
Chlo Ind 4 LoulBT iH*
8.00
Chic St Loul8 4
O tn
7.60
Chicago 4
4H»
8.50
Chicago B I 4 Pao iHt8.50
Equipment 6b
4
4
Ohio 4 $^9
-
NW
A
Colorado
81
76
36
73
210
95
90
95
200
410
33
420
94
60
52
90
99
35
112
84
47
70
5
20
29
292
6512
8I2
8.621
8.751
Equipment 4}ii
Hocking Valley 4i|i .
Equipment 68
8.75
8.50
8.50
Illinois
BoutlteiDi ut
Central 6e
Equipment
Minn
St
6s
P4SS
Equipment 63
Missouri Kansas
Mobile
73U
12
30
31
76
71
67
82
15
57
9
33
83
95
M 4Hl
7.371
& 78
4 Toxai S8.
7.38.75,
8.75
8.25
8.25
7.50
8.25
A
Otlo 53
Equlpmsnt 4H'B
Wew York Cent 4^s, 5s, 78 .
If Y Ontario 4 West 4H»...
Norfolk 4 Western AH*
7.60,
7.25'
7.05,
Northern Pacific 73
Pacific Fruit Express 7s
Fennsyivanla RR 4Hi
7.50
Equipment 4b
Reading Co
7.50!
7.75!
8.62'
4Hs
St Louis Iron Mt 4 Sou 6s..
St Louis 4 San FranoUeo 5s.
Seaboard Air Line 5s
8.62
8.50
8.50
7.50
8.00
8.00
8.25
6.95
7.40
Equipment 4Hi
Southern Pacific Co 4)^3, 7s
Southern Railway 4Hs
&
5s
Ohio Central 4s..
Union
Pacific 7s
Virginian Ry 6s
7.50
7.12
7.12
7.12
7.00
7.50
7.50
7.25
7.25
7.50
7.60
7.50
7.25
7.00
6.50
7.50
7.50
7.37
7.60
7.60
7.25
7.25
8.62
6.62
7.00
6.50
6-75
6.75
7.00
7.00
7.50
7.50
7.25
7.25
6.76
7.25
6.75
6.75
6.75
6.50
6.50
6.75
7.60
7.60
7.60
7.50
6.75
7.00
7.00
7.00
6.60
7.00
Per Sh are.
Pat Bid. \Ask.
American Cigar eommoc.lOO 116 120
78
83
Preferred
100
Tobacco Stocks
Amer Machine 4 Fdry-.IOO 145 160
Britlsh-Amer Tobao ora..£l •I2I2 14
*12
Brlt-Am Tobao, bearer. .£1
no par
Conley Foil (new)
Johnson Tin Foil 4 Mat. 100
MacAndrewa 4 Forbes. .100
Preferred
100
Reynolds (R J) Tobaoco. 25
B common atocb
25
*20
100
97
78
*70
*32
100
98
Preferred
Young
(J 8)
Co
—100
100
Preferred
Short Term Securities fe f
Am Cot on Qs 1924.. M4S 3
Amer Tel 4 Tel
6a 1024. F4A
notes 1922
,A40
Amer Tobacco 7b 1920-M4N
7% notes 1921
7% notes 1922
7% notes 1923
6%
M4N
M4N
M4N
14
25
HO
103
83
'37"
99I2
125 135
93
83
Cent
91
89
92I4
91^8
93I2
93
9934100
Anaconda Cop Mln '29. J4J
Anglo-Amer Oil 7ij3 '25 A40
Arm'r&Co7sJulyl5'30 J&J 15
Beth St 7s July 15'22.J4J 16
9934 100
9038 99»4
99
9912
88I2 89
98
9812
9638
96
97'4 981*
77o notes July 16 23J4J16
Canadian Pac 6b 1924 .M4S a
Federal Sug Rfg 6s 1934M4N
92U
K C Term Ry 4Hb 1921.J4J
9934 100
93I2 96
Goodrich (BF)Co78 '25 A40
Great North 6s 1920.. .M4S
6b Nov 15 1923. .M4N 16
Laclede Gaa 78 Jan 1929F4A
L!ggett4Myer8Tob68'31J4D
Penn Co 4Hs 1921. .J4D 16
Pub Ser Corp NJ 78 '22.M48
3l0S8-8hel
I2I2
7.651
7.60
7.60
Missouri Pacific 6b
18
37
83
50
8 00
iiHi..
Louisville 4 Nashville fig...
Mlohlgan Central Ei.
Reyn (RJ) Tob
10
7.62I
7.62!
Equipment 4H8
Kanawha 4 Michigan
90
47
74
N
Brie 6s
Equipment
70
"f."
RR. Equipments
Baltimore
Buff Roch
Toledo
163
79
108
310
65
120
76
100
Public Utilities
AmerGas 4
Amer Lt 4 Trao oom
American
215 Bankers Trust
405 Central Union
Columbia
2Y6" Commercial..
327 Empire
Pacific *
Republic*
.... Seaboard
.... Second
185 State*
224 iTradcampn's*
23d Ward*...
Dnlon E3Cb..
220 United States*
----
Bi4
200
ol
no
160
85
Quotations for Sundry Securities
All
Preferred
IndUBtrlal* ..
Irving
A
Mortgage.. 110
Preferred
New York
Title
A$k
Bid
Realty Assoc
(Brooklyn). 100
U S Casualty. 150
US Title Guar 75
Title
July
July
New
be
Amer Surety.
Bond * M G. 210
June
will
Bit
70
65
Alliance K-|ty
July
DEATH OF KENNETH G. WHITE.
Kenneth G White, of White & Kemble, 55 Liberty Street,
will
All prices dollars per share.
June
June
28
26
28
29 K
22
27
28 H
31
I Listed on the Stock
be found, o New stock.
Ex-rights,
z Ex-stock dividend.
T\Tien issued,
Valley,
New York City Realty and Surety Companies.
1.
Listed a3 a prospect.
week, where additional transactions
— Sold Aug. 11 and
Low.
534.000
167,000
10,000
188,000
100,000
4,000
1,000
27,000
50,000
190,000
1205000
15,000
10,000
200,000
50,000
1151000
t Dollars per 1,000 lire, flat,
Xote.
Range since Jan.
Week.
High. Marks
Low.
18
Darmstadt 4s. r
Dresden 4s-r
Sales
for
[Vol. 111.
Southern
68
I 68
'22.F4A
84
29.F4A
Ry 68 1923... M4S
Swlft4Co 6s 1921... F4A 16
MAS
Texas Co 7s 1923
U S Rubber 712s 1930. . -F&
Utah Sec Corp Bs '22 .MAS 18
West Elec conv 78 1925. AAO
96h 97U
92^4 93I4
93I2
91
92
95
92
I
86I2 S7l2
97I8 97^8
96>2 97
80
95»4
85
92I4 92'4
97»8! 97'8
97^8 98lg
97I2! 97'«
8212 84
97I8 97^8
Industrial
and Miscellaneous
100 1S5
American Brass .'
American Chicle oom. no par 39
100
60
Preferred
100
American Hardware
Amer Typefoundsre eon:. 100 .37"
84
100
Preferred
Borden Company com -.100 95
100
82
Preferred
100 1,50
Celluloid Company
100
1
Havana Tobacco Co
100
4
Preferred
1st g 68 June 1 1B23..J-D /48
190
42
63
136
41
88
97
85
160
1*4
10
67
10
Intercontlnen Rubb oom. 100
5512
100
International Salt
36l4
A-O 67
1st gold 58 1951
International Sliver pref.lOO *84
1
3I2 Lehtgb Valley Coal Sales. 60 •82
Royal Baking Pow oom. .100 110
19
S3
100
58
Preferred
100 125
Singer Manufacturing
21
•3
-£1
6II2 81n(ter Mfg Ltd
13
d Purchaser also pays accrued dividend.
V Ex-rights.
I Ex-dividend.
e
82
96
88
New
11
__
70
90
S5
120
86
127
4
stock.
V
Aug. 21
'
783
THE CHRONICLE
1920.]
atid ILaxIr^ad %ntzllxQmu.
RAILROAD GROSS EARNINGS
^,
or
weekly
Inmstmmt
STEAM
3™y
.,
^,,^^^
roads from which regular
following table shows the gross earnings of various
^^P^wo
gross
the
earmngs
for the latest
give
figures
of
columns
first
two
The
oan be obtained.
railways
rtuwiys
on/.?eiSc
^X\^f,^r,
electric
The returns of the
columns the earnings for the period from Jan. 1 co and including the latest week or month.
page.
subsequent
on
a
separately
are brought together
The
^
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan
1 to Latest
Current
Year.
254,739
97.713
227,152
:
D
I
N
W
M
f
ROADS.
Previous
Year.
1,569,702 1,331.733
Alabama &
73,670l 2,813,373 2,421.356
1st wk Aug
Aun Aibor
16321964 13679380 [99,492,068 78,416.846
Atch Topeka & S Fe June1.714,112 1,530,033 12,080,906 8,856,832
to. Gulf Colo & S Fe. June
506,688 3,992,826 2.501,288
725,611
Pautiandle & S Fe June
467,558 401,058 2,785,175 2.403,257
Atlanta Birm & Atl. June
240,850 200,229 1,482,698 1,335,347
Atlanta & West Pt- June
409,392 394,948 1,849,101 1,925.885
June
Atlantic City
5,502.056 4,903,597 36,919,086 32,858,908
Atlantic Coast Line. June
362,617 1.473,935 2,130,206
225,783
Atlantic & St Lawr. June
17584907 15233216 99,786.722 79,759,851
Baltimore & Ohio.. June
796,655
175,465 1,014,188
146,700
B (fcOChTerm-. June
497,759 373,399 3,213,000 2,611,728
Bangor & Aroostook June
44,845
47 ,983
7,858
9,510
Bellefonte Central.. June
321.869 319,266 1,861,140 1,588.073
Belt Ry of Chicago. June
5.688.416
5,018,070
1,474,848 1,368.752
Bessemer & L Erie. . June
583.295
909,055
74.7§5
157,483
Bingham & Garfield June
304.739
291,709
38,648
55.536
Birmingham South. June
32,045.780
7.600,946 6,120,307 38,402.714
June
Boston & Maine
440,147
471,622
79.575
104.131
Terminal June
Bklyn E
Butf Koch & Pittsb. 2d wk Aug 455,778 321,407 1.673,557 8,884,628
178,499 1.343,872 1,006,750
212,136
June
Buffalo & Susa
Canadian National. 2d wk Aug 2.253,719 1,926,349 59,057,327 53,155,492
114904000 95,825,000
3,298,000
2d wk Aug 4,043,000
Canadian Pacific
124,379 1,374.040 1,435,195
175.247
Can Pac Lines in Me May
487,640 3,279,785 2,764,767
566,330
Caro Clinchf & Ohio JiUy
2,028,6.50 1,730,100 12,239,723 10,104,559
une
Central of Georia
4,271,777 3,555,594 20,876,340 20,197,406
CentralRRof J.. June
658.842 483,023 2,860,559 3,057,399
Cent Now England. June
507,854 3,020,173 2,629,991
453,457
June
Central Vermont
180,090 1,699,616 1,478,481
261,163
Car June
Charleston &
7,089,677 6,711,914 38,886,264 34,778,132
Ches & Ohio Lines.. June
2,504,936 2,188,104 13,174.469 12,081,991
June
Chicago & Alton
14767 613 12219535 83,918,674 68.485,084
Chic Burl & Quincy. June
2,455.465 2,003,521 13,642,815 11,510.535
Chicago & East 111.. June
1,882,800 1,785,432 10.971,401 9,812,065
Chicago Great West June
1,327,997 1,081,446 6,984,956 5,604,328
Chic Ind & Louisv. . June
255,839 310,094 1,500,457 1,688,745
Chicago Junction.. June
13846253 12883510 76,001,059 62,550,323
Chic Milw & St Paul June
12744632 11335680 58,977.889 50,069.946
Chic & North West. May
68,749
131,898 1,169,307
228,697
Chic Peoria & St L. June
10999228 8,787,315 62,120,995 49,082,858
ChicR I & Pacific. June
347,162 3,154,463 2,176,504
554,581
ChicKI&Gulf.. June
2.540,920 2,285,648 14,754,295 12,640,380
& Om. June
Chic St P
,829 2,470,562 1,847.296
291
547,432
ChlcTerreH&SE. June
361,855 248,045 2,036,036 1,381,004
Cine Ind & Western June
2,344,882 2,195,778 7,933.544 7,367,184
July
Colo & Southern
843,422 5.900,623 4,989,915
999,963
Den City. June
Ft
587,564
865,253
86,211
»" Trin & Brazos Va June
125,572
569.387
451,866
95,864
91,806
June
Colo & Wyoming
402,772
354.616
79,051
65,129
May
Copper Range
172,343
«,
1,427.950 1,282,646 6.558,671
May
Cuba Railroad
184,781
213,684
Camaguey & Nuev May
4,118,567 2,869,306 18,114,946 15,908,127
Delaware & Hudson June
6,622,859 6,230,382 33.162,829 34,162,323
Del Lack & Western June
2,339,872 2,569,432 16,848.888 14,098,587
Denv & Rio Grande June
304,405 1.157,709 1,202,984
267.059
Denver & Salt Lake June
719,953
881,433
136,489
163,582
Detroit & Mackinac June
269,601 2,241,886 1,716,587
408,573
Detroit Tol & Iront. June
735,293
705,012
154,179
180,298
Det&Tol Shore L.. May
1,630.993 1,287,086 3,574,599 3,339,757
Dul!& Iron Range.. June
5,967,174 8,300,020
3,209,797
3,109,024
DuliMissabe & Nor. June
94,886 3,129,142 2,696,552
122,111
DullSou Shore & Atl 1st wk Aug
964,484
129,356 1,185,212
206,633
Duluth Winn & Pac June
557,456
607.606
94.951
110.630
East St Louis Conn. June
10,254,004
7.362,843
1,462,385
2.135.894
Elgin Joliet & East. June
1.021,969 1,053,023 5,681,762 5,233.845
El Paso & So West. May
8,896.433 7,531.199 45,695,796 41,831,624
June
Erie Railroad
808,418 5,358,902 4,952,461
1,090,732
Chicago & Erie.. June
505,200
592,855
98,440
104,460
New Jersey & Y June
734.142 7,249,706 5,390.728
1.030.725
Florida East Coast. June
579,818
669,052
108,330
119,308
Fonda Johns & Glov June
703,831
858,097
109,381
125,342
Ft Smith & Western June
649,342
403.623
77.240
132.594
June
Galveston Wharf
397,202 3,165.020 2,954.220
525,152
June
Georgia Railroad
661,828
468.555
67,243
108.606
Georgia & Florida.. June
1,966,718
Grand Trunk Syst.. 2d wk Aug 2,443,144
949,884
745,782
164,506
106,001
Ch D & C G T Jet June
331,778 370.078 1,924,021 1,883.163
Det Gr H & Milw June
f*
1,200,721 1,269,024 6,960,377 6,518,694
Grd Trunk West. June
10472912 8,931,273 54,240,435 47,272,184
Great Northern Syst June
573,473
585,231
92,106
95,721
Green Bay & West. June
251.791 1,505,193 1,020,223
313,012
Gulf Mobile & Nor. May
926.658
262,390 204,974 1.176,490
Gulf& Ship Island.. May
1,355,280 1,188.960 6,449,518 4,528,293
June
Hocking Valley
.50,353,827
65,780,013
8,579,160
11179188
June
Illinois Central
397,863
361.802
69,59
85,413
May
Illinois Terminal
1.416,116 1,251,252 8,261,609 6,757.763
Internat & Grt Nor. June
742,328
545,973
80,287
128.702
Kan City Mex & Or June
821,117
486,545
82,126
155.370
C Mex & O of Tex June
8,893,693
7,087,498
1,191,071
1.663,741
Kansas City South. June
670,884
962,674
130,316
177,411
Texark & Ft Sm.. June
715.433
625,578
108,243
134,157
Kansas City Term.. June
959.457
503,113
104,063
193,042
Kansas Okla & Gulf May
276.668
.123,080
138,022
274,256
Lake Sup & Ishpem June
540.970
610,484
80,383
115,867
June
Lake Terminal
212,543 1,187,020 1,184,405
252.871
Lehigh & llud River June
2.076,171
1,591,508
351,845
307.659
Lehigh & New Eng. June
5,910,834 5,484.901 30,969.441 29,325,282
Lehigh Valley
June
1,852,180 1.446,690 9,223,090 8,386,005
Los Ang & Salt Lake Jime
298,982
146.539 2,020,587 1.01 5. '.tss
Louisiana & Arkau. June
332,641
279.087 1,965.815 1 .tis_', if.o
Louisiana Hy & Nav Juno
10124211 8,441,163 58.323,051 .SO. I. v.). 171
Louisville & Nashv. June
955,641
242,383 239,560
Louisv Hend & St L June
1,851,802 1.439.469 9,154,931 8,156,16.)
Maine Central
June
2,166.744
1,874,545
403,056
324,299
Midland Valley RR June
401,356
477,418
10,818
11,781
Minoral Range
1st wk Aug
1,375,524 1.160,653 7,680,947 6,021,753
MInnoap & St Louis June
4.071,941 3, .535, 373 20,104.488 18,979,823
Minn St I'& S S M. June
Vicksb. June
W&
N
,
K
34 week May
4th week May
Ist w,Mk .Tuno
2d week June
3d week June
4th week June
(16
(16
(12
(16
(15
(17
(13
(16
(16
(15
(14
U4
roads
roads)
roads)
roads)
roads)
roads)
Ist'weok July
roads)
2d* week July
roads)
3d week July
roads)
4th week July
roads)
Ist week
wecK Au
Augg
roads)
roaos;
* Wo no longer include
1)
Current
Year.
Previous
Year.
Increase or
Decrease.
lonth.
Mississippi Central. June
Missouri
Kan & Tex June
Mo K & T Ry of Tex June
Mo & North Arkan. June
June
Mo Okla & Gulf
Missouri Pacific
June
MobUe & Ohio RR_
1st
Monongahela
Monongahela Conn.
Montour
Nashv Chatt & St L
Nevada-Cal-Oregon
June
June
June
June
1st
wk Aug
wk Aug
Nevada Northern.. June
Newburgh & Sou Sh June
New Orl Great Nor. June
N O Texas &Mex.. June
BeaumSL& W.. June
St L Browns & M June
New York Central. June
Ind Harbor Belt June
Lake Erie & West June
Previous
Year.
1 to Latest Date.
Prevoius
Year.
Current
Year.
S
S
474.911
459,631
76,684
74,853
3.234.369 2,803.978 17,981,946 15,609,924
2,099,309 2,031,913 13,383,548 11,371,309
703,348
907,345
112,671
148,715
610,441
107.328 1.132.964
173.507
9.407,646 7,373,212 53,575,506 42,039,701
344,322 290,432 10,473,677 8,667,903
275,936, 1,638,637 1,757,784
288,852
832,668
98,485 1.513.167
249,250
559,143
551,272
113,543
150,066
9,061,398
2,004,493 1,460,370 11.795,216
167,916
171,260
8,470
8,680
820,259
939,558
171,134 145,462
841,164
774,826
136.368
139,664
173.107 1,231.718 1,054,885
205,513
889,148
1.194.900
231,540 144.974
604,314
991,463
80,845
155,554
399,413 425,952 3,496,251 2,460,168
609
141813
30216 937 26340826 159367030
708.219 532,420 3,665,566 3,001,705
4,429.792
_.
999,510 747,741 4,982,984
7,006,792 6,395.813 38,384,004 35,083.567
245,7391 1.567.513 1,409.470
289,766
6.944,253 6,040,730 40,152.510 32.304.999
1,909,848 2',077,860 12,855,945 13.558,113
846,699 5,132,612 3,970,457
1,081.711
428.021 429,321 2,268,486 1,975,871
2.180,442 1,792,578 12,240,635 11,830,523
-,.„„,..10485898 8,964,900 55,404,937 47,535,174
947,793 5,095,93/ 4,610,066
1,160,835
375,809 309,5381 2,017,012 1,834,823
622,606*
461,265 3.864.602 2.981,226
.
6,396,o62 5.467,401 36.696,997 35.358.796
7,868,443 8,045,787 50,273,974 45.570,224
542,5.50
642,188
86,276
^g?'3§?
612,902 3,361,254 2.741,499
V°l'X2g
325,020 3,076,715 2,406.077
Juno
June
June
June
June
Kanawha & Mich June
N Y Chic & St Louis June
N Y N H & Hartf.. June
N Y Ont & Western June
N Y Susq & West..lJune
Norfolk Southern.. June
Norfolk & Western. June
Northern Pacific... June
Minn & Internat. June
NorthwesternPacific June
June
Pacific Coast
Pennsylv RR & Co. June
June
Bait Ches & Atl..
June
Long Island
Mary Del & Va.. June
N Y Phila & Norf June
Tol Peor & West. June
Jersey & Seash June
Pitts C C & St L. Junes
Peoria & Pekin Un. June
June
Pere Marquette
JuneJ
Perkiomen
Phila Beth & N E.. June J
Phila & Reading... June
Pittsb &Shawmut.. June
Pitts Shaw & North June
Pittsb & West Va.. June
June
Port Reading
June
Quincy Om & K
Rich Fred & Potom. June
June
Rutland
St Jos & Grand Isl'd June
St Louis-San Fran.. June
Ft
& Rio Gran June
St L S F of Texas. June
St Louis Southwest. 1st wk Aug
of Texas June
St L S
Michigan Central
Cincinnati North.
Clev C C & St L. .
Pitts & Lake Erie
Tol & Ohio Cent.
..?5M^S
43970502 40737933 234250095 224468523
655,638
626,931
138,853
^ i??-2§? 2,520,876 10,666,610 11,409,562
2,434,762
560,026
500,815
108,822
IQS'^4?
631,308 3,509.853 3,692,713
630,941
785,564
921,502
144,862
171. 5S§
,
1,084,8/8 1,056,492 5,187,791 4,947,149
35.889,446
8.204,964 7,135,402 40,961,753
586,778
737.402
93,887
IQI'Xl^
3,368,062 2,483,381 17,398.467 15.638.076
511,192
554,673
93,031
Sj '§2
414,699
615,278
56,558
128,074
33,649,604
41,281,911
6,989,861
7,093,29/
535,973
764.356
89.179
l^O-^^b
488,117
675,832
82,007
10^.627
642,190
908,912
l§3'Hs 113,031
841,513 1.259,590
203,992
,IS'9Z^
504,022
631,484
85.251
1"?'°§'^
1,216,107 5,540,288 6,376,312
?i|-i9l
2,201,432
407,932 2,595,250
485,387
334,543 1,521,146 1,396,789
, ^o4.068
7,548,942 6.260.189 42,523,274 35,480,667
668.086
918,211
126,904
}^9'5?;^?
657,350
780,144
143,727
105,636
1,316,499
1,660,078
453,249
547,220
564,170 4,290,893 2,925,294
'28,141
471,397
648,282
73,451
104,528
St Louis Transfer.. .lune
342.646 325,048 2,134.900 1,940,858
San Ant & Aran Pass June
538,679
726,694
94,848
124.886
San Aht Uvalde &G. June
3,970,125 3,356,089 24,677,065 20,449,365
Seaboard Air Line.. June
554,526
657,63
57.994
124.487
June
South Buffalo
18080938 13955116 89,813,230 76,001,925
Southern Pacific... June
1.875.671
2,004,292
314,390
3o9,241
Arizona Eastern. June
1.993,585 1,820.464 11,487,498 10,112,155
Galv Harris & S A June
739,712 5,295,045 4,103,179
June
Hous & Tex Cent.
§§§'S§I
919.944
191.841 1,171,912
253.276
Hous E &
Tex. May
358,383 2,516,631 1,969,408
446. 73o
Louisiana Western June
3,644,659
5,089,137
661,249
1,014,861
Morg La & Texas June
667.453 •4,461,966 3,740.160
Texas & New Orl. June
^ ZS?'.^/,S
Southern Ry System 1st wk Aug 3,b3,>,382 3.373,084 77,757.632 63,665,972
871.577 5,179,696 4,947.457
^84,663
Ala Great South. June
9,348,442 8.303.699
1 .617.742 1,380,962
Cin N O & Tex Pac June
1.370,528 1.159,741 8,756,786 7.136,696
Mobile & Ohio... June
2,628,093 2,130,119
Georgia Sou & Fla June
§Iv^"i? 308.457
554,680 3,627,225 3.095,768
636,150
New Orl & Nor E.June
558.791
745.861
79.
,345
NorthernAlabama June
lirfo.
818.040
908,375
126,090
South Ky in Miss. June
l^^'^So
465,129
741,047
94,823
136,698
Spokane Internat.. June
609,834 4,029,975 3,378,203
Spok Portl & Seattle -June
§i^'§9i
1,073,279
1,038,608
210,244
212,949
Staten Island R T.. June
69,224
106,142
1.691
Tennessee ^Ua & Ga 1st wk Aug „„4,233
189,163 1,401,771 1,241,959
209,193
Tennessee Central.. June
1.171,523
290,913 1.380.026
225,0/2
TermRRAssnofStL April
211,624 1,778.682 1,299,336
313,566
St L Mer Bridge T June
721.5.56 23.071.698 2.654,501
/3b,M0
1st
wk
Aug
Texas & Pacific
3,452,878
Toledo St L & West. June
?|3'2?5 599,358 5.068,016
461,718
.571,396
83.245
121 ,78b
Dlster & Delaware. . June
49,452,256
56.329.591
8,246,299
9,854,262
June
Union Pacific
3,345.839 3,0,52,168 20.75S.S4S 17.0,55,942
Oregon Short Line June
2,/04,259 2,285.108 15.793,822 12.765,153
Orc-WashRR&N June
669.072 4,440,956 3.7.57,636
1,128,062
Union RR (Penn).. June
515,843
879.410
86,865
165,640
June
Utah
269.061 2. 103. 887 1..532, 702
Vicks Shrove & Pac. June
, 3^Q'?§?
1,372.154 1.136.424 7,225,413 5,109,859
Jime
Virginian RR
4,844,527 4.009. 782 25,164.109 22.730.851
June
Wabish
,805. 086
Western Maryland. 1st wk Aug 435,410 277,146 10.3,58.233 7.
1,403,839 1,135,845 6. 68 1.630 5.35S.385
.June
Wivstorn P.acific
178.942 1,363.618 1.302.075
213. /oO
Western Ry of Ala.. June
1,460, 5/^5 1,368,986 7,0.89,707 5.686,277
Wheel & Lake Erie. June
926.513
188.196 1.273.302
193 .o/ 9
June
Wichita Falls & N
422.138
836.113
70..505
Wichita Valley Co.. June
112 'Sit?
2,388,805 1,961,896 11,841,406 9,297.937
Yazoo & Miss Valley May
W
C
W
W
W
W
%
$
12,180,226 10,885,509 + 1,294 717 11.53
17.271,709 15,097,292 + 2.174 .417 11.89
17.70
8,878.546 + 1,571
10.450,316
12,339,698 10. .527. 110 + 1.812 ,588117.22
9.S20.863 + 1 ,788 .985 18.22
11.600.848
16,721.323 12.893,479 + 3.827 ,844 29.69
9,02(i.900
+ 1,375 ,644 15.24
10, 4 02,.544
13.021.426 10.80S.0S0 + 2.213 .337 20.49
13.230.796 11.302.650 + 1 .928 ,146 17.60
24.822.135 21.2S5.162 + 3..536 .674 16.61
l,5.z/o..>;i.i
+ 2.259 .946 17.02
i-.:..io:
15.536.839
ia.o.>».».^n 13.276.893
Mexican roads in any of our totals.
Current
Year.
Week or
AOaREGATE OF GROSS EARNINQS— Weekly
*Wecklv Summaries.
Jan.
Latest Gross Earnings.
Date.
and Monthly.
*Monthlv Summaries.
Curr.Yr.
Prrv.Yr.
..233.423
August
September ..232.772
..2.33,192
October
233,203
232,349
233.136
232,911
Mileage.
November ..2.33.032
December ..233,899
January .. ..232,511
February - ..231,304
March
April
May
..213.434
..221.725
,-213,206
June
.213. .525
2.33,814
232,210
231.017
212.770
220.918
211,040
208,598
Current
Year.
Previous
Year.
Increase or
Decrease.
$
S
S
6.40
1.97
3.87
0.59
436.436 551 139 029,989
3.61
451.991 330 140 ,481,121
25.90
392 927.365
494,706
20.77
719.787
318
S76
421.180
17.72
408.,582, 467 3 »7 ,090,277
3.45
1
387.680 982; 372 .,828,115
11.08
387. ,3.30, 487|34S .701,414 +38,629,073
16.99
+61,705,722
4831369
,225,761
430.931
169, .868, 678 502 .505,334 —32,636,6,56
9,2.52.922
495,123 397 485 870,475
18.942.496
.508,023 851 ISO OS 1,3.58
+
+
—2. .593. 4.38
+ 11,510.200
+101778760
+ 72.431 .0S9
+61.492,190
+ 2 .852 .867
THE CHRONICLE
784
I
—
Latest Gross Earnings by Weeks. ^In the table which
follows vre sum up separately the earnings for the first week
The table covers 14 roads and shows 17.02%
of August.
increase in the aggregate over the same week last year.
First
Week of August.
Ann Arbor
Canadian Pacific
Duluth South Shore & Atl
Grand Trunk System
Mineral Range
Nevada-California-Oregon
St Louis Southwestern
Southern Railway*
MobUe & Ohio
Tennessee Alabama & Georgia..
Texas Pacific
Western Maryland
Total (14 roads)
increase (17.02%)
Includes Georgia Southern
Increase. Decrease.
73,670
321,407
1,846,508
3.442.000
94,886
1,894.875
477.918
8.470
453,249
3,373.084
290,432
97,713
435,853
2,235,110
3,956,000
122,111
2,576,894
401,356
8,680
547,220
3,635,382
344,322
4,233
736.555
435.410
Buffalo Rochester & Pittsburgh
Canadian National
Net
1919.
1920.
1,691
721,556
277,147
$
24.043
114,446
388.602
514,000
27,225
682,019
93,971
262.298
53.890
2,542
14,999
158,263
76.562
'
last year.
Fourth Week of July.
1920.
$
148,838
677,080
2,847,220
$
13.683
265.315
69.233
5,600,000- 4. .591 .000 1,009.000
792,934
795.107
4b5",365
3.007.031 2,601,666
769.234
3.837.569 3,068,335
14,7.50
16.079
"
7,373
5,548
l',825
660,858
500,250
160,608
4,605,409
574,017
5,179,426
406,614
40,053
446,667
3,003
6,372
3,369
46,191
1,012,275
966,084
401,093
182,649
583,742
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific
Colorado Southern
Duluth South Shore
&
Atl
Grand Trunk
Mineral Range
Nevada-California-Oregon
St Louis Southwestern
Southern Railway*
_. _ . .
Mobile & Ohio
Tennessee Alabama & Georgia..
Texas Pacific ._
Western Maryland .
..
Total (15 roads) .
Net increase (16.61%)
Includes Georgia Southern
.
Increase. Decrease.
1919.
I
$
135,155
411,765
2,777,987
&
Florida.
—
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Month.
Adirondack El Pow Co June
Alabama Power Co.. June
April
Atlantic Shore Ry
Bangor Ry & Electric June
Baton Rouge Elec Co June
Blackstone V G & El. June
/Brazilian Trac. L & P June
Bklyn Rap Tran Sys-
March
March
March
March
March
Nassau Electric
March
South Brooklyn
New York Consol.. March
Bklyn Qu Co & Sub March
Cape Breton Elec Co. June
aBklynCityRR...
oBklyn Hts RR...
Coney Isld & Bklyn
Coney Isld & Grave
Cent Miss V El Prop. June
Chattanooga Ry;& Lt June
Cities Service
Co
July
& East June
cColumbia Gas & Elec June
Columbus (Ga) El Co June
Com'w'th P. Ry & Lt June
Connecticut Power Co June
Consum Pow (Mich). June
Cumb Co (Me) P;& L June
Dayt.n Pow & Light. June
Cleve Painesv
d Detroit Edison
Duluth-Superior Trac
East St Louis & Sub.
Eastern Texas Elec.
Edison El of Brockton
jElec Light & Pow Co
e El Paso Electric Co.
Equitable Coke Co..
Fall River Gas Works
Federal Light & Trac
Fort Worth Pow & Lt
Galv-Hous Elec Co..
Georgia Lt. P & Rys.
Great Nor Pow Co
e Great West Pow Sys
June
June
June
June
June
June
June
June
Jime
April
June
June
April
June
May
Current
Year.
Previous
Year.
Jan.
1
to Latest
Current
Year.
Date.
Previous
Year.
$
%
177.464 123.891 1.051,433
807.945
335.612 215.972 1,956,254 1,372.919
17.396
45.487
lu,832
54,738
100.839
84,769
577,319
498.693
37,449
29,498
227,583
172.549
271.326 201,721 1.585,960 1.314,240
10874000 9369,000 61,040,000 53,963,000
849,189
6,924
185,641
4,649
504,046
73,663
1859,981
145,009
49.174
39.453
107.218
2117.919
74.419
1233,720
130,288
2430,318
117,543
1090.510
249.264
255,315
1607,804
160,639
316.517
134.052
111.006
29,193
.48,482
123,916
71,130
369,621
200,801
325.157
137,629
179.549
466.878
1767.824
148.329
3.839
433,424
52,596
1324,840
120,721
46,529
34.523
82,373
1583,722
63,130
1067,919
104,852
1992,372
96,005
859,710
221,793
200.133
1185.753
159.782
235.006
110.620
81,003
20,295
123.870
107.025
63.243
316.314
94.480
255.778
114.681
131.650
402.693
May
March
Manhattan «& Queens March
Manhat Bdge 3c Line March
cMUw El Ry & Lt Co. June
Miss River Power Co. June
Nashville Ry;& Light June
Nevada-Calif El Corp June
New England Power June
Newp N&H Ry,G& E June
New York Dock Co.. June
N Y & Long Island.. March
N Y & North Shore.. March
N Y & Queens County March
6N Y Railways
March
March
March
6Eighth Avenue
Avenue
ftNinth
Phlla
Phila
June
June
June
March
Power & Light May
July
& Western
.
-Net EarningsPrevious
Current
Year.
Year.
$
$
121,722
487.640
148,435
533,063
2.764.767
846,597
12,214 def71,997
131.898
768,749 defll8,119 def396,935
17,725
126,904 def41,571
668,086 def58,771 def86.145
72,354
138,022
191,939
276,668
164,443 def42,779
85,214
324,299
95,378
380.255
1,874,545
323,287
36.282
631,308 def54,525
485.104
3,692,713 def349,625
34.047
119,024
56,766
236.293
697,233
249,395
3.509.021
40, 737.933df 1.976.340
224468. 523df 23796 .327 15,122.075
38.793
143.727 def47.133
657,350 def98,465 def25.465
66,067
1,056,492
40.231
4.947.149 def926,397 def259.119
Latest Gross Earnings.
June
June
June
Rap Transit Co July
Portland Gas & Coke. June
Port (Ore) Ry L & P Co May
a Net earnings here given are after deduction of taxes.
b Net earnings here given are before the deduction of taxes.
Name of Road
or Company.
June
1,329
-Gross EarningsCurrent
Previous
Year.
Year.
105.636
Jan 1 to June 30
780.144
West Jersey & Sea Sh.b. June 1,084,878
Jan 1 to June 30
5.187,791
May
April
Pacific
3,502
2,401,385
20.156 12,147,196
529.209
415,898
12.945
9.695
1.450.105 1.207.888
217.101
169.014
5.085.766 3.728.507
418.154
328.167
285.839
277.413
237,359
199,257
472,163
648,517
14.861,219 12,346,540
362.254
306,6.52
7.500.727 6,108,464
783.705
610.616
15.004.378 12,319,674
717,801
597.297
6.805.894 5,426,739
1.429.769 1.244.238
1.790.210 1.411.791
10.309.003 7.837,060
933.765
969.693
1.977.956 1.556.348
759,393
650.802
529,381
676,982
132.109
162,970
750,870
911.466
460,677
457.893
341.253
412,723
1,552,585 1.311.718
607.366
1,011,872
1.760.161 1.469.882
466.254
564.880
951.118
661,195
2.337.185 2.078,068
1
to Latest
Tampa
Electric
June
June
March
March
July
March
June
Co.. June
June
June
June
June
AprU
Tennessee Power
?iTenn Ry, Lt & P Co
Texas Power & Lt Co
Third Avenue System.
Twin City Rap Tran.
Virginia Ry & Power.
Current
Year.
Date.
Previous
Year.
$
$
$
124.379
663,017
517.109
740.304 4.587.376 3,576,815
29.389
219.677
177.246
269,527
237.782
60.770
219,467
251,661
31.552
161.291
148.911
22.706
1.673.827
1,604,915
545.728
1341.228 9,988.413 8,256,098
4019.001 22.986.327 19,341,036
179.295 1,671.238 1,328,184
170,433
160,760
26.548
128.621
112,989
18,700
963.769
218,574 1.294.073
46.026
67.558
16,430
339,350 1,319.111 1.303.102
484.661
72,367
606.914
68.864
53.643
20,658
62.442
36,917
12,807
7,071,301
1120,942 8.902.463
192,146 1,282.970 1,108,850
256,521 1,847,681 1,677,844
316,016 1,502,832 1,231,467
297,766 2,760,062 1,816,938
259,448 1,283,206 1,321,846
477,525 2,734,855 2,682,163
117,853
94,156
42,773
33,310
15,353
11.869
233,656
233,796
83.155
1,793,018
1081.850
163,692 2,961,697
54,324
770,687
66.510
937,132
746.220 5,659,210 4,312,936
282,415 1.911,217 1.558,568
21,584
7,731
28,804
816,604
166,572 1,007,920
407,695
64,447
433,911
2872,717 21,761,538 20,047,683
176,246 1,233,538 1,047,531
711,453 3,700,267 3,644.323
666.787 4,908.666
474,708 3.965.987 3,012',62i
116.256
42,648
131.982
968,467
282,074 1.193.874
919.536
146,840 1.048.680
179.074
64,01
122.011
954,590 6.094.998 4,874.110
613,813
97.926
732.203
1.53,.567
1.185.830 1,122,280
426,663 3.187,676 2,775,425
241,561 2,043,163 1,622,601
1002,976 5,696,666 5,352,534
1017814 882,221 4,135,038 3,500.724
863,441 743,605 9,043.079 7,673,497
213,068 214.687
783.577
684,750
219.673
50,521
37,464
281,289
June
2,173
ported this week:
StLouisSanFr&Tex.b.June
Kansas Gas & Elec Co
Keokuk Electric Co..
Key West Electric Co
Lake Shore Elec Ry..
Long Island Electric.
Previous
Year.
$
142,745
946.301
35,984
73,523
36,811
24,344
594,846
1602,389
4697.479
248,225
29,526
21,301
299,029
20,199
342,575
94,137
19,294
23,723
1430,843
232.182
307.142
360.412
486.254
253,162
464.030
33.209
67
88.514
614.915
54.570
9.368
82.095
954.068
331.492
11.000
204.110
72.435
3107.945
194.623
741,360
735.578
639,557
46,449
416,537
163,785
42,01"
1314,259
109,836
207,635
536,946
326,561
1094,819
AprU
Nor Caro Pub Ser Co
Northern Ohio Elec.
North Tex£is Electric.
Ocean Electric (LI)..
STEAM
Roads.
Harrisburg Railways.
Havana El Ry, L & P
Haverhill Gas Lt Co.
Honolulu R T & Land
Houghton Co El Co..
$
The table
following shows the gross and net earnings with charges and
raih'oad and industrial companies resurplus of
566.330
Caro Clinchf & Ohio. b. .July
Jan 1 to July 31
3.279,785
228.697
Chic Peo & St Louis. b_ .June
Jan 1 to June 30
1 ,169,307
130,942
Ft Worth & Rio Gr.b... June
Jan 1 to June 30
918,211
LakeSup&Ishpeming. b .June
274,256
Jan 1 to June 30
523.080
Midland Valley RR.b..June
403.056
Jan 1 to June 30
2.166.744
N Y Phila& Norfolk _b. June 630.941
Jan 1 to June 30
3.509,853
174,493
Oahu Ry & Land Co _b. June
Jan 1 to June 30
810,011
Pennsylvania Ry Co.b.June43,970,502
234.250.095
Jan 1 to June 30
Current
Year.
Month.
Puget Sd Pow & Lt Co
Republic Ry & Lt Co
Ricnmond Lt & RR..
St L Rocky Mt & Pac
Schenectady Ry Co-Second Avenue
Southern Cal Edison.
24,822,135 21,285.461 3,540,176
3„536.674
Net Earnings Monthly to Latest Dates.
of Road
Company.
April
Louisville Railway
Lowell Electric Corp. June
For the fourth week of July our final statement covers 15
roads and shows 16.61% increase in the aggregate over the
same week
or
June
d Illinois Traction
JInterboro Rap Tran. May
76.562
Jan.
Name
Houghton Co Trac Co June
Hudson & Manhattan March
210
115.536.839 13.276,893 2,336.508
2.259.946
& Florida.
Latest Gross Earnings.
Vol. 111.
May
Wash Bait & Annap. . May
Youngstown & Ohio. June
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18. 1919 the Brooklyn City RR. has been operated by its owners.
& The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11, 1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & Traction Co. d Includes
all sources, e Includes constituent or subsidiary companies. / Earnings
given in milreis. g Subsidiary companies only, h Includes Tennessee
Railway. Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines. J Of Abington & Rockland CMass.).
System
Railway and Other Public Utility Net Earn-
Electric
following table gives the rturns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
ings.— The
^f' Earnings-
-Gross Earnings
Current
Year
$
Companies.
Co
Previous
Year.
Current
Year.
i]^
(J^
Previous
Year.
V
June 2.117.919
1.583.722 2.062.979 1.526.765
Jan 1 to July 31
14.861.219 12.346,540 14,454,379 11,927,628
26,550
27,979
64.447
Phila & Western Ry_a..June
72,435
150,778
178,944
407.695
Jan 1 to July 31
433,911
309,094
587.278
294,409
Utah Securities Corp... July
668.377
7.986.930 7,062,694 3,845,574 3,686,233
12 months
Cities Service
a Net earnings here given are after deducting taxes.
Net after
Fixed
Gross
Earnings.
Cleve Painesville & June •20
•19
Eastern RR System
6
Lake Shore Electric
Ry System
sit
Co.
May
•20
•19
•20
'19
mos
•20
•19
Tran- July •20
•19
7 mos •20
5
Phila Rapid
mos
'19
Schenectady
Ry
July •20
7
mos
•19
'20
•19
$
74,419
63,130
362.254
306.652
299,029
218,574
1, 294,073
963,769
3,107.945
2,872.717
21,761,538
20.047.683
163,785
146,840
1,048,680
919,536
Taxes.
$
25,045
23,451
107,470
95,847
71,191
54,374
296,541
219,621
717,308
841,498
5,934,610
6,307,386
5,816
22,645
47,854
85,309
Charges.
S
13,658
15,330
81.463
90.011
34.909
35.784
175.914
179.367
817,632
816,141
5,717,234
5,669,943
12,473
12,639
87,306
88,728
Balance,
Surplus.
$
11,387
8,120
26.007
5,836
36,281
18,590
120,626
40,263
def45,874
71.469
523.725
948.070
def6.534
10.105
def38.663
def3.089
X After allowing for other income received.
a After deducting certain expenses incurred in railway operation.
FINANCIAL REPORTS.
Financial Reports.
—An index to annual reports of steam
and miscellaneous companies which
have been pubhshed during the preceding month wiU be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
July 31. The next will appear in that of August 28.
railroads, street railway
Cleveland Cincinnati Chicago & St. Louis Ry.
Year ending Dec. 31 1919.)
i'Slst Annual Report
The report, including the remarks of President Alfred H.
Smith, the income account based on the Federal compensation, and the balance sheet as of Dec. 31 1919, will all be
found on subsequent pages.
—
—
-
Aug. 21
—
.
Fr't earns, per train mile
$b.44
?a"S"ers'"ca?rted'"-""!
8.134,'916
1916
32,902,583
1917
_^^867 J|^,523
566c.ts^
Sr^r1^?;^?Sl}l:::-6:839o^-0mc=^
^^^^^
9 566
Assets
cts
Impt. on
aqi
654
9.479,86!
9.60:5.611
9, 1,53,.536
Oper. revenue pernule..
2.039
2.425 cts
» »2 ^o
*29,»04
2.705 cts
«2 ^9
$30,bb4
Rev. per pass, per mile-.
Pass. rev. per tram mile.
Dep.
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
1918.
1919.
$32:536,544
FrS'""'''''"!"t7... $50:760,076 $49:93l;633 $36:677:390
026,742
..17,267,397
Ma"l%xpreis&iJscell-. 3,943.877
12,009,346
3,594,677
15,3.59,128
T-IssenVere
4.238,642
1,871,568
2,877,253
In lieu of
10
3,339,408
Inv. In
Stocks
Notes
Advances
Other inve.sts...
Cash
Special deposits.
Loans & bills rec
$46,678,240
Total oper. revenues-. $73,856.4.56 $71,403,970 $52,6.50,920
Compens. due .
U.S. Govt. def.
—
Expenses
Maint. of way & struc. .$9. 222. .574
14,675,763
Mauit. of equipment.
917,766
Traffic expenses
30.735.1.56
Transporta'n expenses-.
1.876.193
expenses
misc.
General &
Int.
$4. .547,917
$4,378,438
9,808,418
1,042.726
.$7,298,040
13,894,337
882,576
28,229.455
1..590, 881
8.686,251
1,028,789
15,815,902
1.143.117
21,4.59,5.58
1,370,280
Totalexpenses-,.-..$57,427,4.52 S51,89.5,2|9 «38,0.59,.m :31.221.|76
P. c. exp. to revenue$16,429,004 $19. .508,682 $14. .591. 499 $15,456,426
Net operating income
Correct
2,155,.500]
3,546:671
Railway tax Sccruals.&c. 2:263',340
comparison
$14,165,664 $15,962,011
Operating income
•"Tcome
1-'!°!!-''-°'-''!'
for this
1.900,525
period
$18,281,269 $18,137,693 $10,536,474]
Gross income
Hire of equip., joint
rents.
available
2,175.682
4.115.605
not
42,436,999
fac.
$16,562,182 $16,367,655
1918.
S
1919.
—
S
Liabilities
Road & equip.. 179,250,284 172,342,677
Impr. on leased
ry. prop
Dep.
of
705,103
810.958
of
prop..
lieu
mtged.
5.012
652
2,560,248
2,341,825
&c
MLscel. physical
property
Invest, inaffil.cos.:
Notes
Advances
Other investm'ts
Cash
Special deposits.
Traffic &c. bal.
receivable
Miscel. accounts
receivable
—
16,483
& dlv. rec.
Compensa. due
due from U.S.
Government .
—
Capital stock--. 57.027.200
Funded debt unmatured:
Equip, obllg.- 10.567.300
Mtge. bonds- 72,039, .500
9.143.000
Col. tr. bonds
Miscel. oblig. 19,662.606
Non-neg. debt to
4,043,900
affil. cos
3,300.000
Loan.'^&bills pay.
Acc'ts & wages
203,976
payable
38,335
Miscel. accounts
1917, paid.
Other cur. as.=eta
U. S. Gov. def.
Corp. transac.
7,295,738
17,411
1,463
494,869
23,857
3,638
Miscel. rents rec.
&
Rev.
1,108.214
124,981
1,087,117
387,215
7,703.470
111,259
967,357
5,514.948
2.344,479
Tax
liability...
Prem.on fd.debt
7.360,838
4.607,356
3,102,659
682.673
47,332
7,727
1,600,194
127.438
213,925
9,272
5,505,568
Mat.
Equip, retired
Other items..
738.502
623.485
1,027.837
equipment... 5,422.147
3,235,200 Other unadjust.
750,736
credits
5,381,116
Add. to prop.
865,920
thru inc. &sur.
5,133,018
560,463
505,090 Sink. fd. reserves
10.724,271
Profit&loss
337,908
1,080,956
1,655.048
2,234,340
& suppl.
Assets Dec. 31
1917. coll..
Cash
1,338,045
845,736
527,328
11.325.609
taken
over
Unadi. debits..
218.129,517 218,555,402
Total
or assumed
* Securities issued
in 1918.
218.129,517 218.555.402
Total
—unpledged
$5,511.-330. against
$163.-
330
—V.
Michigan Central Railroad.
Annual Report Year ending Dec. 31
—
1919.)
The report containing the remarks of President Alfred H.
Smith, the income account based on the U. S. Government
compensation, and balance sheet as of Dec. 31 1919 will
be found on subsequent pages.
OPERATING STATISTICS
1916.
1917.
1918.
1919.
Operations
6.348.341
6,692.122
5,957,036
6,424,766
Passeneers carried
508,992,914
I'lass °frrted oTe mile. 704:799;i44 588,696,347 575,100,489
2.190 cts.
2.236 cts.
2.701 cts.
2.848 cts.
Rev Tier oass per mile
29,6,53,126 27,240,892 24.947,892
26,.578.110
Revenue tons
41725,57,226
4669331,209
5203158,096
Rev tons car-.fl mile. 47187631911
0./26cts
0-/14 cts
0.883 cts.
1.095 cts.
Rev. per ton per mile- .
abl)
698
655
736
Tons rev ft per tr. mile
$24,933
$28,403
$36,804
$42,343
Oper- revenue per mile-
mo^d
INCOME ACCOUNT FOR YEARS ENDING DEC
Operaling Revenues
Freight
Passenger
Mail, express, &c
Incidental,
—
&c
Total oper- revenue
Expenses
—
Mainten.of way, &c--.
Maint. of equipment.Traffic expenses
Transportation
General & miscel
^ Total expenses
1916.
19171918.
1919$51.6.53.910 $45,949,560 $-33,898,247 $29,810,576
20.070.337
5.031.030
2.089.109
15.901,585
4.826.283
1,842,659
12.859.299
4..341.425
1,780,463
11.146,342
3,816.162
1,645,710
$9,617,080
15,674.511
780,810
.$7,705,080
29,506,8,55
2.^,21 1,(119
2,262,557
L',IIL",t,Sl5
12,382.137
738,990
$5,389,671
8,026.084
865.239
22.211.260
1.796.883
over
& cond.
Mat. & supl..
3,710,265
4,490,838
8,148,997
Assets Dec. 31
1917
Equip, retired
4,278,940
1,940,519
Cash
trans,
sub. to Dec
31, 1917...
Other items .
Other defer.
,164,236
85.081
374.728
1,053.599
9,196,854
4,361,668
589,296
3,105,063
103,290
2,942.793
10,622,128
10,365,439
3,843.676
647,842
296,386
12,851
47,051
5,608,773
7,275,026
1.812.711
53.405
338.069
81.566
69,460
6,461,772
17,512,018
6,455.885
18,448.755
Exp. prior
to
Jan. 1, '18.
taken
Agts'
63.55'2
374,728
2,713,163
Other items..
5,487,939
8,070,074'Other def. liab..
[Tax liability
4,045, 117|Operatlng res...
1,032,643 Accrued deprec.
Oth. unad. cred.
Add.
411,351
1.400,175
411,351
298,962
thru
7,232
32.8051
817,814
232.923
779.702
313.837
inc.
and
5,849.9-20
3.604,774
prop
&
surplus
Profit
assets
to
loss.
Dls. on funded
debt
Otherunadj.deb.
Pittsburgh & Lake Erie Railroad.
Yeir ended Dec. 31 1919.)
(41s< Annual Report
The New York Central RR. Co. owns -$17,993,100
—
$35,985,600 outstanding stock.
President Alfred H. Smith* says in substance:
The compensation stated in the Federal
Federal Compensation.
—
of the
contract
and accrued as income for the possession, use and control of the property
of this company and its leased lines was Ss,''^t),_'19 for the year 1919.
There was however, accrued additional compuusation in amount S238.094
on account of interest on completed additions and betterments (this being
mainly on cost of Government allocated equipment). There had been
accrued in 1918 interest amounting to $8,496 on the Government allocated
equipment placed in service during Federal control.
, ^^
Dividend Income. The decrease of $34,722 in the dividend income of the
company is due to dividend on Pittsbm-gh Chartiers & \oughiogheny Co. s
—
.
,
,
.
stock having been received in 1918 but not in 1919,
,
^
mterest from unfunded
Interest Income.— The increase of $380,379
securities and accounts is mainly caused by the accrual of interest on unpaid
balance of compensation due the company by the Du-ector-General of RRs.
War Taxes The large increase of $707,544 in war taxes accrued is due
to an adjustment of the 1918 accrual and the larger income for the year 1919
on which the Federal income and excess war profits taxes were assessed.
Unfunded Debt. The large increase of $559,179 in mterest on unfunded
debt is almost entirely accounted for in the increased interest accrued on the
deferred payments on equipment and other amounts due the Government.
The increase of corporate general expenses of .S7S.132
Corporate Expenses.
outlay for only six months was
is due to the fact that in the year 1918 the
included, while in 1919 not only were a full year's expenses included but the
development.
its
full
reached
corporate organization
,
^ ^
income transferred
to
Income Transferred. The increase of $269,708
other companies arises in connection with one-half of the net profits from
Youghiogheny
transRR.
the operation of the Pittsburgh McKeesport &
ferred to the New York Central RR. Co. which were larger in 1919than 1918.
In the main the improvement projects during Federal
Improvements, &c.
operation have been financed by the Railroad Administration. In due
course this company must arrange to reimburse the Director-General for
the amounts advanced by him in this connection, which from Jan. 1 1918
to the end of 1919, approximated $4,200,000.
Cftonoes 0/ $2,657,418 in (/icProper(y Investment Account for Year 1919.
Additions and betterments Road expenditures by Federal
-.--$1.7()8,014
Manager (after net credit of $559)
4/ .368
Equipment expenditures by Federal Manager, less retired
Equipment assigned to company by U. S. RR. Admmistration.
902,036
$905 160, less adjustments, &c., $3,124
throughout the country
New Rolling Stock Equipment Trust.yourWhile
company
officers
feel
that
your
equipment
of
shortage
there is a general
has reasonably fulfilled its obligation to the public. During the years
1915-1919 inclusive, this company and the Pittsburgh McKeesport &
Youghiogheny RR. Co. purchased 77 new locomotives, 10 new passengertrain cars and 8 026 new freight-train cars at an aggregate cost of $17,521,To-day this equipment would cost approximately $30,458,240 or
710
^.
$12:936, .530 more than was paid for it^
^
,
, t, •
^ to
The 15 locomotives allotted by the Director-General of Railroads
delivered
in 1919.
In the years
wore
Co.
RRErie
the Pittsburgh & lake
1918 and 1919 the Director-General allotted to the Pittsburgh McKeosport
All of
freight cars and 15 locomotives.
& Youghiogheny RR- Co. 1,000 delivered
in 1918, was rtx-eived in 1919this equip except 10 locomotives
the
two
companies
under
which
these
by
made
been
Arrangoments have
Du-ector-Goneral is l o ake at par their OVo equipment trust notes [to a total
and
of not less than $582,000 nor over $6.58 451 for the Pitts. & L. E RK.
not less than $2,800,500 nor over $3,01,1,439 for the Pitts. McK. & \.
years,
over
period
of
installments
a
lo
amiual
Ed maturing in equal
IIH
cost of equipment, and by which
in n'avmen't for approximately 75% of the
the remainder is to bo paid to him by deducting the amount from the equipment depreciation anil retirement credits arising under the standai-d contract of the Director-General with the Pittslnirgh & Lake Erie RR. Co.
(Compare P- 5 of 'Railway & Industrial Section.")
^ ,^
All credits charges and accounting in connection -with the equipment
allotted to Pittsburgh McKeesport & Youghiogheny RR by the DirectorGeneral are to be made to and with the Pittsburgh & Lake Erie RR. CoPayment of installments on ociuipment trust certificates
Funded Debt
due Jan 1919 and Jan. 1920 aggregated $530,932, leaving the total funded
debt Dec. 31 1919 at $6,123,728,
,
»u tt a uu
Neiu Construction— Guarantii .—The construction work by the U. S. RR.
dministration on the Ten Mile Run Branch of the Chartiers Southern Rail-
m
—
—
—
m
—
—
—
l
1
.
—
,$5,166,401
6,674,868
819,782
16,406,747
1,578,462
(73.36)
21. 002. ,572
;2,655.497
(74.53)
17.450,015
1.907.253
(72.41)
14,590.298
1.776.201
(66.02)
15,772.529
1.696.360
hire
Correct
430,439
2.521,479
comparison
not
244,
.536
avail$13,
$18,064,240
$21,325,410
2,352.298
4,358,149 ble fortius
1,928,197
2,978,335
eriod.
Net Income
'17
22.885.228
787.153
109,233
$78,844,386 $68,520,087 $52,879,434 $16,418,790
$18,347,075 $15,642,761 $12,814,097 $14,076,169
Operating income
Gross income
Hire of equip., etc
31-
$57,841,814 $51,070,072 $38,289,136 $30,646,261
Per cent of exp. to rev..
Net revenue...
Ry. tax accruals, &c...
Joint fac. rents,
of equip, etc
1
Assets
Cash
—
110. p. 2568.
{74:th
260. 366 Int. & rents ace.
1,397.745 U. S. Govt. def.
liab.:
74,894
Add. Abetter
22,000
Rev. prior to
420.553
Jan. 1, '18.
264,128
Corp. trans..
5.055,727
Liab. Dec. 31,
14,450,000
605,302
112,424
—
Acer, deprec. of
6,959,637
& con-
ductors' bal.
5,186.804
63,581
285,603
10,990
5,346,345
Agents'
212,550
38,466
exp.
1918
Other items..
270,766
10,613
Part settlem't
acc't add. &
betterments
6,025,927
8,327,650
prior to Jan.
1
assets
10,358,489
59,146,500
9,104,000
19,602,606
Other def. liab..
646,336 U.S. Gov't def. liab,:
Add. Abetter. 10,155,450
26,221
Liab. Dec. 31
532,441
25,660
Int.
,3,969,454
2,691,222 Mtge. bonds
Misc. obliga
13,280 Loans & bills
payable
669,399
Accts. & wages.
8.808,195 Mis. accts. pay.
807,200|lnt., divs.. etc.
matured
1.014.469
660.026 Divs. declared.
S
18,736,400
11,388,418
33,156,000
7.634.000
31.
1918.
S
57.027,200
1919.
S
6,798,534
5,285,, 402
5.000
1,177,167 Int., divs., &c.
unmatured
1,228,308
1,277,804 Div. payable
623,631 Unm. Int.. rents.
&c.. accrued.
29,584 Other cur. liab..
6,798.534
5.285,402
50.000
865,667
1,189,394
1,224,677
3.194.028
Stocks
Bonds
divs. rec.
1918
S
18.736.400
17.011.931
33,148.000
7.634.000
158,519,309 150,697,577
Total
158,519,309 150,697,577
Total
Securities issued or assumed-tmpledged $601 .600 against S421 ,600 in 1918;
pledged-$5,571,000against $14,042,000 in 1918.— V. 110, p. 1642-
1,770,038
1.719.087
CONDENSED GENERAL BALANCE SHEET- -DECEMBER
Assets
&
—
1
&c
Net income
8,853,295
825,200
821,407
1,107,773
260,216
1,050.423
84,629
14,555
279,995
261,703
Bonds
Misc. accts. rec.
^biJ,ou/
3,795
690,479
affil COS.:
775.546
1.945.106
&c
Liabilities
I
31,
1919
equip. 111.980.082 105,352,780 Capital stock.
|Equip. obliga
leased
mtgd prop...
Mis. phys. prop
$1.43
$19,556
,.r,%\T^
^^z.uoo
S
property
$3.64
^^Ann
1918
1919
—
Road and
oo-.. a 7fi.2
499.539,762
?aS'cS^feronemUe_.. 638.303, 720 633,482,893 588.927.073
2.007 cts
cts
1^
785
CONDENSED GENERAL BALANCE SHEET DEC.
1918
1919
Operations-
T<;^^rev:frelghtca.led^33^1.||3
Incidentals,
.
THE CHRONICLE
1920.]
OPERATING
K
.
$19,397,213 $15,711,942
$8,886,38
The
miiu of the Mather Collieries.
$4 per loaded car shipped from the mine
Pittsburgh & Lake Erie R14. Co. oxocut ed, jointly with the Pittsb. Ciu.
RR.
Co.,
joint
equal
owners
of
O.
B.
&
and
the
Co.
Rv.
Chi & St Louis
the capital stock of the Chartiers Southern Ky. Co.. tlio guar.inty of the
proprietary companies of the full performance by the Ch.irtiers Southern
such agreeuu-iit
Rv Co. of its covenant contaiiuxl in agreement
with Mahoning State Line
"The company has eutoro<l into an
RR. Co.. the p'ossomcr Limestone Co. and the Dirix'tor-tieneral of the U.S.
for a 3-niilo oxton.sion of your le.'isixl lino, the
RR Adniinistration providing
Maiuming Slate Line RR.. in order to rejich the quarries and crushers of
Walford. l*a. The agrtvmout provides for
at
Co.
Limostone
the Hwisomcr
the furnishing of the funds, estimated at $200,000, by the Hes-semer Limestone Co.. for the construction of the extension: also for the repayment by
the Mahoning State Line RR. Co. of the amount advanced at the rate of S4
per loadixi car .shipped to or from AValford. Pa., over the tracks of the
railroad
company.
THE CHRONICLE
786
RESULTS FOR CALENDAR YEARS.
1919.
1917.
1918.
1916.
224
224
224
Miles operated
224
Tons (revenue) freight-- 36,015.618 45.893.680 41.544,661 42,688,681
2,686,527
2,573,213
2,364,211
Company's freight
2,507,829
Kevenue tons 1 mile--2, 187.691.000 2904287.224 2545787.537 2659717,363
Company freight
inile-128.657, 318
.. 12,792.437
85,990,209
15,185,695
7.849.856
6,913.930
96,981.824
11.436.692
7,565,704
91.649,349
11,543,563
Coke
5.484.380
7,981,907
Ores
5.0.56.065
5,711.041
6,328,00s
Stone, sand, &c
3.912.315
3,931, 7b4
4,257,109 4,226,016
Passengers carried
6,029,053
5,453,380
5,847,334
5,150,169
Passengers one mUe
121,384,998 110.518,582 123,065,216 107,412.117
Earns.per ton per mile-- 1.059 cts.
0.982 cts.
0.830 cts.
0.770 cts
Ton load (all)
1,464
1,577
1,558
1,486
Gross earnings per mile$124,841
$146,920
$114,097
$107,068
FEDERAL INCOME ACCT. FOR CAL. YEARS [Company's Data 1916-17.].
1919.
1918.
Earnings
1917.
1916.
Freight
$23,1.58,642 $28,513,514 $21,139,925 $20,490,294
Passenger
2,669,148
2,287,179
2,349,133
2,009,009
MaU, express, -&c
1,258,067
1,180,263
1237 991
1,112, .549
Incidental, &c
948,331
1,011,317
894,605
431,310
1
Bituminous coal...
—
Total oper. revenue- -$28,034,188 $32,992,273 $25,621,654 $24,043,163
Ex 7) 6TI S6S
—
Maint. of way & struc-. $4,285,708
8,827,670
Maint. of equipment
179,483
Transportation expenses 10,078,328
556.117
General &misc. expense
Traffic expenses
$4,374,228
7,038,496
187,253
10.217,617
54 7,.590
$2,893,049
4.795,678
194,455
8,254,964
514,357
$1,988, .501
3,628,226
166,20'5
5.548,265
445,915
Totalexpenses
$23,927,306 $22,365,184 $16,652,502 $11,777,113
P. C. exp. to earnings-.
(85.35)
(67.79)
(64.99)
(48.98)
rev. rail operations- $4,106,882 $10,627,089
$8,969,152 $12,266,050
825,596
Taxes accrued, &c
884,322
1,334,693
836,719
Net
Operating income
$3,281,286
Rent of equipment, &C-451,505
Income from fimded sec 1 4 844
Miscellaneous income
57,591
$9,742,766
389.917
.$7,634,459 $11,429,331
(Vol. 111.
Equipment owned, Dec. 31 1919: Locomotives, 9; Passenger cars, 6'
Freight and other cars, 218.
On Dec. 31 1918 there was an impairment of capital or surplus
deficit of
_.
..$423,829
During the year 1919 the dividend paid exceeded the net income for
the year 1919. thereby increasing the surplus deficit by
11,980
Making
a net impairment of capital or surplus deficit of
$435,809
CRIPPLE CREEK CENTRAL RY. INCOME ACCOUNT FOR CAL. YEARS
1917.
$44,340
$382
Midland Ter. Ry. int. on bds., &c.
Dividend
Int. on bank bal., liberty bds., &c.Gross income
General expense
1918.
1919.
Received from Cripple Creek & Colo.
Springs RR. interest on bonds
1,042
1,050
$70,200
2,165
23,997
50,000
18.804
10.372
$25,420
$7,401
$114,194
Preferred dividend
111111113(1 %)3b^66o
5,416
(4)120,000
(3)75,000
$82,737
$8,696
11,313
(4)120,000
(6)150,000
Balance, deficit.
$11,980
$95,166
$207,272
,
Common dividend
.$8,944
a In addition paid $90,000 as a distribution of capital assets on
stock.
See text above, also V. Ill, p. 588.
its Pref.
CRIPPLE CREEK CENTRAL RY. BALANCE SHEET DEC.
1919.
S
Assets —
Stocks, bds.
&
1918.
S
other
Liabilities
—
Preferred stock
Common stock
17,050 Accrued taxes
292 Unp.Tid dividends
60,855 Outstanding checks.
inv. (book val.)-_a4,241, 388 4,259,031
Outside prop, invest-
17,050
Accrued interest
425
12,808
90,000
64,550
648,645
435,809
Accts. & notes rec-Liquifiation acct
Liberty bonds
Cash on deposit
Profit & loss
31.
1919.
1918.H
S
S
3,000,000 3,000,000
2,500,000 2,500,000
7,009
7,354
3,059
3,666
607
76,350
673,614
423,829
,
1,808,009 Correct comparison not
Total
Net income
$3,413,135 $11,647,561
1918.
1917
Net earnings
$8,980,219
238,094
8,496
Gross corporate income. $10, 171 ,599
Deduct
Hire of equip deb bal-Rentals leased lines
.$490,265
Int on bds eq ctfs ,&c 1
,544,051
ditions
& betterments-
—
"655J35
21,631
128,155
116,804
288,534
74,762
176,643
51,573
146,858
181
212
,
rents,
&c...[ 2,468,-558
Depreciation account
War taxes
Item applic prior period
Total deductions
Balance, surplus..,
$203,710
512,223
359,620
1,047,298
$514,725
1,571,289
3,598,560
3,299,280
$8,073,459
$2,450,109
$8,084,500
$1,459,552
$5,721,041
$2,363,139
$7,378,057
1918.
Liabilities
7 ,762,458
880,658
15 ,840,697
Bonds.
2 ,500,000
Other investments. 1 ,005,003
Misc. phys. prop.- 3 402,824
Cash
740,036
Traffic bal. receiv1,892
Miscell. accounts45,881
Accr.lnt.,divs.,&c.
574,874
Other curr't asset.'. 2 ,816,711
Other advances. J.
781,460
Unadjusted debits.
379,794
Special deposits
530
Compensation due
fromU. S
9,123,439
U.S.Govt.assets
Cash taken over
544,412
Materials & supp 5 ,493,547
,053,020
221,695
Dec .31' 17 21,250,201
Cash subsequent
Assets
,694.333
782,734
1919.
$95,531
59,206
$374,030
$32,471
$593,698
$6,469
$30,022
44,097
22,500
12,737
$406,501
$44,340
216,714
86,984
54,369
$600,167
$70,200
224.604
64,893
50,173
def.$51,286
$4,095
$190,296
$36,325
.$21,746
.$5,322,068
—
Capital stock
Prem.on stock sold
285
7,762,458 Funded debt
6 ,123,729
803,109 Accounts & wages337,870
12,137,909 Loans & bills pay- 4 ,550,000
2,500,000 Traffic bals. pay..
2,069
1,004,703 Int. accrued, &c..
159,924
3,511,086 Dividends declared 1,,799,280
398,304 Taxes accrued
1,,606,557
1,883 Int. &divs. mat'd.
60,080
108,240 Mi.scellaneou3
2,,209,105
"609,688 Def'd credit items.
124,517
2,409,265 Reserves
49,312
736,489 Deprec'n (equlp't) 3, 802,002
406,857 U.S.Govt.liab.—
220,129
Additions, &c.. 4, 235,804
Rev.priorJan.'lS
641,699
Corporate acc'ts 1, 508,974
7,580,219
Liab. pd.Dec.'17 7, 066,840
544,412
Prior expenses..
572,793
Other Items
5,516,332
355,664
P.McK.&Y.RR.
1,052,020
102,838
unadj. acc'ts. 6,873,140
2,209,206 Other unadjusted
credits
.858,071
on bonded debt
Rent for leased Unes
Taxes
Net income
CRIPPLE CREEK & COLO
1919.
S
Road & equipment..! .530,417
Impr. & betterments
70,160
Cash
5,153
Other working assets
10,499
Deferred items
11,492
Profit* loss
37,464
,
SPRINGS BALANCE SHEET— DEC.
—
1918.
—
,535,128 Capital stock
70,497 First mortgage bonds
41,491 Working liabilities..
57,283 Tax liability
11,492 Appropriated surplus
.
285
1,774,958
130,623
78,210
3,821,711
2,586,246
3,694,333 Additions through
Income & surp.,
212,646
P.&L.E.RR.. 2 818,933 2,818,933
25 818,092 23,427,615
Profit and loss
Total
1,665,185 1,715,891
MIDLAND TERMINAL
RY.
1919.
Net earnings
&c
Interest,
Total
&c
Taxes
Net income
RY.
$78,718
$90,925
45,648
$164,593
$2,172
$78,718
$45,277
68,389
$166,764
$15,775
129,562
27,000
61,901
$78,718
$16,627
$113,666
$16,703
2,367
8.100
6,391
7,394
17.158
$47,600
$70,045
BALANCE SHEET—DEC.
25 Working
Acer. int.
16,710
15.805
19,103
Tax
—V
106,702,266 97,671.775
Total
sk. fd..
liability
10,114 Miscellaneous
1,143 Equip, replac.
replac.accr..
accr..
Appropriated surplus
p 693
Cripple Creek Central Railway.
{15th Annual Report
Year ended Dec. 31 1919.)
President A. E. Carlton, Colorado Springs, April 15,
MTOte in substance:
—
—
Dividends.
During the year the company disbursed $30,000 in dividends,
and $90,000 as a distribution of capital assets on its Preferred stock.
Bonds.
There were paid during the year (o) $20,000 1st M. bonds of
Florence & Cripple Creek RR. Co., assumed and guaranteed by the Cripple
Creek & Colo. Springs RR.; (b) $15,000 1st M. bonds of Midland Terminal
Railway Co.
Operations.
Increased operating expenses are occasioned hy the steady
increase in wages and material.
During the year The Colorado Springs & Cripple Creek District Railway
Co. canceled the lease of their property, resuming operations under a
receiver.
(This lease was canceled because of failure by the Cripple Creek
& Colo. Springs RR. to pay the rental promptly; only the 23 miles between
Colorado Springs and Summit and the terminal tracks at Colorado Springs
are now operated; see report of Colorado Southern Ry. in V. Ill, p. 384,
and also see V. 108, p. 2528, 2433.1
With the very marked decrease in Cripple Creek traffic, and the loss of
business due to the operation of The Colorado Springs & Cripple Creek
District Ry., your company's property has been operated diu-ing the past
five months at a loss, notwithstanding every possible expenditure has been
—
—
reduced to the minimum.
MILAGE OF OWNED AND LEASED LINES— DECEMBER
—
Main Line.
29.40
The Cripple Cr'k& Colo. Sp'gs RR. Co.
2.06
Leased— The Colo. Midland RR. Co
26.90
Total
58.36
4,811
32,953
2,265
34,829
62.742
937.424
332,000
6,926
2,060
8,465
330
16,480
14,085
994,503
...106,702,266 97,671,775
Total
2,444,741 2.374.8491
-V. Ill, p. 588.
Owned
The Midland Terminal Railway Co
311,000
58,717
liabilities..
&
31.
1919.
1918.
S
$
1,000,000 1,000.000
—
—
25,238
1917.
$665,506
500,913
1919.
1918.
Assets
Liabilities
S
S
Road & equipment-.: ,356,984 2,337,099 Capital stock
Cash
10,902
26,467 Ist Mtge. bonds
Agents & conductors
Material & supplies
(book value)
Other working assets
Deferred items
CAL. YEARS
1918.
def.$67,473
MIDLAND TERMINAL
22^806
16,738
1,665.185 1.715.891'
INCOME ACCOUNT FOR
Operating revenue
Operating expenses
Interest on bonds
Rent of leased line, equip.,
6,994
Total
1
31.
1918.
S
757.000
514.000
77.101
175.283
47.112
105,851
29,640
interest
Profit&loss
Total
111,
1,270
195,258
56,075
124,949
Miscellaneous
Profit&loss
Miscellaneous
1,785,775
842.302
1,605,777
7,025,451
567,999
8,496
757,000
494,000
Rentals
Matured
6,654,661
119,354
5,375,000
2,283
119,730
1,799,280
1,141,486
1919.
$
Liabilities
•S
1
1917.
$1,113,170
519,472
Miscellaneous
Assets
1918.
$927,306
553,276
Net traffic earnings
Rent from leased lines, &c
31
1918.
1919.
$
S
35 ,985,600 35,985,600
Road & equipm't.46,806,066 44,148,648
to Dec. 1917.
Other items
1,695,056
1,500,000
632,548
1,767,378
3,598,560
AssctS'
1
$520,369
363,352
1,.340, 092
175,984
3„598,560
1919.
Agents & conduc
Equlp't retired.
316,373
163
$8,084,180 $12,700,125
GENERAL BALANCE SHEET DECEMBER
In v. In affil. coa.
Stocks
Notes
Advances..:
82,836
216,287
CRIPPLE CREEK & COL. SPRINGS RR. INCOME ACCT. CAL. YEARS.
Total earnings
Operating expense
Total
J
Dividends (10%)
a Includes 10,000 sh. Midland Terminal Ry. Co. stock; 892 sh. Beaver
I. Co. stock; 420 sh. Beaver Park Land & Water Co. stock; 5 sh.
Colo. Trading & Transfer Co. stock; $23,000 Midland Terminal Ry. bonds;
7,570 sh. Cripple Creek & Colo. Springs RR. stock; $319,000 par value
Florence & Cripple Creek RR. bonds; and $175,000 par value Golden
Circle RR. Co. bonds.
Interest
,
.Toint facil
1916
,634,459 $11,429,331
Compensation accrued- $8,980,219
Hire of equipment
35,590
Miscel. rent income
93,432
Di^adend income
From funded securities- 155,261
668,913
From unfund. sees., &C91
Miscellaneous income
-'Vdd compen'n accrued
account completed ad-
5,510,675 5,511,020
Land &
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
Total
5,510,675 5,511,020
available for this period.
Gross income
$3,805,226 $11,940,692
Rent for equipment, &C392,092
293,131
31 1919.
Spurs, &c. Tot. Miles.
46.50
17.10
5.43
3.37
41.92
15.02
3.5.49
•93.85
Georgia Railway
Total
2.444,741 2.374.849
& Power
Co.
{Report for Fiscal Year ending Dec. 31 1919.)
Pres. P. S. Arkwright, Atlanta, Feb. 16, wrote in subst.:
After payment of operating expenses, taxes, rentals, int. and
Results.
sinking funds, the balance on year's operations amounted to $1,229,304.
We transported on the city and suburban system 93,596,056 passengers,
an increase of 8.114,852 over 1918. The demand for power has continually
increased.
The electrical business in this community has grown from
211,872,000 k.w. hours in 1916 and 238,489,000 k.w. hours In 1918 to
—
262,834,000 k.w. hours in 1919.
No. of 1,000 K.W.H. Generated and Purch. (Tallulah Fully Oper 1916fo 1919).
.
1915.
1914.
1916.
1917.
1918.
1919.
211,872
179.976
258,607
238,489
262,834
145,692
Bonds. On account of expenditures made by it for additions and betterthe
Georgia
&
Elec.
Co.
has
Ry.
issued S281.000
ments during 1918-19,
Of this amount $176,000 were sold to reimRef. & Imp. Mtge. bonds.
btu-se the company for such expenditures; $51,000 of bonds were used for
sinking fund requirements, and the balance of $54,000 are held by the
Georgia Railway & Power Co.
The total sinking fund requirements in 1919 were $223,590, ^nz. $25,000
1st M. bonds of Atlanta Consol. St. Ry. Co. and $50,000 1st Consol. and
$51 ,000 Ref. & Impt. Mtge. bonds of Georgia Ry & Elec. Co. redeemed and
canceled; $7,590 for bond smlcing fund of Atlanta Gas Light Co., $5,000 for
Atlanta Northern Ry., $10,000 for bonds of Atlanta Water & El. Pow. Co.,
and $75,000 First & Ref. Mtge. of Georgia Ry. & Pow. Co.
On April 2 1919, after the Supreme Court of Georgia had conFares.
firmed its right to do so, the RR. Comm. of Georgia issued an order increasing as of April 14 1919 the street railway fares on the city and suburban
system from 5 cents to 6 cents, except as to two line„s, one to Decatur and
one to College Park, where the Court decided the fare is limited by contracts to 5 cents.
—
.
—
.
.
Aug. 21
company, located at: (a) Park and Vandeventer. capacity.
12.000 k.w.; (6) Broadway and Salisbury, capacity, 9,600 f-J^^^ .,, „„.
During the year 1919 the distribution of power aggregated 179,011.390
k.w, hours, as follows:
_ , ^ j K.W.
,
rr vr
Peak Load
Average.
22,400
42.2%
60.0%
Purchased water power
14,000
28.2%
29.4%
Purchased steam power.
18,400
29.6%
.—10.6%
United Railways—plants
The f u-st five-year period under the contract for purchase of hydro-electnc
power expired Aug. 1 1918. The carrying out of the coal cost clause of
that contract would have resulted in an incTcase of cost for the hj'^o-electric
current for the succeeding 10-year period from $618,<o0 to Sl.Ob/ .344 per
annum, or 72.5%. An adjustment, however, was not made until Aug. 1919.
when an increase of about $129,600 per year, beginnmg with Aug. 1919 was
tentatively agreed on.
i.
tt ,.r t> n i
c
After extended hearings and an exhaustive report by H. M. Byllesby &
Co., the Missouri P. S. Commission in Dec. 1919 awarded a rate to be paid
5.139,88.3 over the
by United Rys. of $758,633 per year, or an increase of the
rate demanded
rate paid prior to Aug. 1 1919 and about $40,000 less than
by Union Electric Lt. & Power Co.
j ^ .,„ .^
Rolling Stoc/c.— The average number of passenger cars operated dady in
1919 was 1,132, as compared with 1,107 in 1918, and in Dec. 1919 the average number had risen to 1 ,146 and on some days to over 1 300. The number of passenger cars owned Dec. 31 was 1,460, of which 1,326 were motor
cars and 134 were trailers.
,.,.,.
t.
i. _
Wanes
The Missouri P. S. Commission as arbitrators in September
provided tune and a
pay;
rates
of
in
made general increases of about 45%,
half nay for overtime; reduced working, hours to an extent necessitating the
employment of approximately 450 additional trainmen and a large increase
in number of car station employees, and made other expensive changes.
1 to Aug. 31)
The Commission further awarded additional pay (June
installments, but
to certain classes of employees to be paid in six monthly
this report the receiver has thought it proper
in the accounts submitted
to charge the entire amount of back pay, $5 14 ,3/ 3, out in 19 (V. lll,p.494.)
Fare Adjustments. To meet the cost of the wage increases the receiver
appealed to the P. S. Commission for authority to charge 10-cent cash fares
and sell tickets in quantities at the rate of 7 cents.
The Commission awarded, effective Sept. 20 1919., cash fares of 8 cents
for adults and 4 cents for children; the sale of adult t,ickets at 2 for 1,5 cents,
7 for 50 cents and 50 for $3.50, and the sale of children s tickets at the rate
of 2 for 7 cent's (V. 110, p. 1643, 1850).
,.,..,„,.
tickets
It being found Impossible to secure the necessary number of metal
(over 4,000,000 being needed) on Sept. 20 1919 a flat rate of 7 cents cash
put
was used from Sept. 20 to Oct. 31 1919, and the complete award was
The result was that fares graduaUy settled
into effect on Nov. 1 1919.
tickets
sold off
down to a basis of approximately 3% cash fares, 35% 7-cent
the cars and 62% of 7 M-cent tickets sold on the cars
„
,
,i.
„ „,
For the fu-st few weeks only there was undoubtedly some falling off of
certain travel on account of the increase in fares, but this was more than
and by
offset by the increased proportion of fares turned into the treasury,
greater "travel due to increased busines sactmties.
j
,,
..u
In accordance with the decision announced by the
Valuation of Provertu.
actively
begun
for
work
was
1918.
May
11
on
Commission
S.
P
Missouri
the Commission early in 1919. At Dec 31 the indications were that a tenP.
Engmeer
of
the
b.
ComChief
the
tative valuation would be reported by
mission by early fall of 1920. at which time also the engmeers of the receiver
will have their estimate of value completed.
Ernst, Public Acc'ts.
Condensed Extracts from Certificate of Ernst
the corporate and receiver's balance sheet, and
We have consolidated receiver
from April 12 1919 to Dec. 31 1919. with
also the operations of the
period from Jan 1
the operations shown by the corporate records for the
1919 to April 11 1919. without audit of the latter. (V. 108, p. 1611. 1823;
in plants of
the fare "^as increased
For the three months ending March 31 1919, beforeover the correspondmg
the increase in the number of passengers carried endmg Dec. 61 i»i?'
For the nme months
r,prind of 1918 was 7 75%.
Aprd
with the exception of the first two weeks
^m^R all of whiJh tiiie?effect,
the ifcreas« in the number of pass^ng^^^^
tlS^?centfaT was. in
Ihis is sigmii
reirried over the correspondmg period of 1918 was 10.2%.
not had
that the increase in fare from 5 cents to 6 cents has
m
—
^Sls sho'^g
the pffpct of deterring street railway travel in Atlanta.
„i, *„
fast enough to
Extensions —Our problem is to provide generatuig capacity construction
under
been
There
has
dema'nd.
mett'Sst'eadilrJJ-owing
is l>.nown as tne ouiMni
<;inrp 1917 and is now practically completed, what
of the head of the present
rServoir^, on ?ho TaUulah River thi-ee miles north
of stormg 5,280,Mathis or Kabun Lake. The Burton reservoir is capable
the average annual
000 000 cu ft of water and it is estimated will increase
even through
"Stput of theTalhUah Falls generating station about 35%,
,
,
.
PTotk1c\?lontetutufe*growththecompanyisconstructmgthe^^^^^^^^^
an annual
ripvolonment a power generating station estimated to produce
Tugaloo River
29 000,000 k.w.h. of electrical energy, on the
output
development
/r.bis
?wo^^les below the present TaUulah Falls station,
transmission line 1 J^ miles
consists of a dam, reservoir, power house, &c. a
transmission Ime
?^llngth to a comiection with the present TaUulah Falls
of the Atlanta
Gas Z^T.-ATof Jan. llgoorthe property and franchises
Co. for a Periocl of
Ga^ Light Co. were leased to the Georgia Ry. & Elec.
&
m the Georgia Ry.
991 years. This leasehold interest became vested
Ry. &
Power Co under the after acquired clause in the lease of the Georgia
miles of gas mains in
^'"T^he'^Ailinta Gas LSht''Jo.1ia^sTppr?ximately 270
produced a gas
the cftfof Atiai^ta and vicinity, and during the year 1919
Si
inside the corporate limites
is now estunated tobe
increased from 89.872 in 1900 to 154,83? in 1910..and
centie ot the ooutn.
at least 225 000, a financial, commercial and radway served by the street
Inside and outside the corporate limits, the population
JaUwIy system Ifto-day-p?^^^^^^
distributing Imes is /^£>,uuu.
in all territory served by co. s transmission and
—
Co. and leased and subsidiary companies.]
1917.
1918.
1919.
1916.
$8,836,535
5,262,342
$7,807,039
4,317,404
$6,985,709
3,442,967
$4,421,250
732,838
$3,574,193
589,628
$3,489,635
574,038
$3,542,742
465,813
$3,688,412
139,787
$2,984,565
160,775
$2,915,597
189,271
$3,076,929
120.359
$3,828,199
$3,145,340
on bonds sub. cos_. $1,654,843
603,350
do Ga.Ry.&Pow.Co.
85,680
Interest on notes
$1,628,1.33
$3,104,858
$1,433,938
$3,197,288
$1,387,781
120,395
22,590
86,447
25,379
801,168
115,719
22,590
71,463
13,068
801,168
92,612
17,590
$2,598,894 $2,527,791
Total deductions
$617,549
$1,229,305
Balance
(4 H) 90 ,000
Dividends on 1st Pref..
$2,485,242
$619,626
(6)120,000
$2,383,681
$813,607
(4)80,000
(3)60,000
$419,626
$753,607
Net oper. revenue .
Taxes
Net
,
after taxes
Miscellaneous Income.
Total income
Int.
35,934
Extinguish, of discoimt.
Rental dividends
Ga.Ry. & Elec. sink. fd.
Other sinking funds
do
598,406
120,749
37,518
--
196,497
22,590
on accum
do
Balance, surplus
$527,549
$1,229,305
BALANCE SHEET DEC
^The°liab'iUty of'$2.396.322 for mill tax due city of St. Louis represents the
balance of judgment obtained by the city of St. Louis against the company,
no payments with respect to this judgment having been made smce the
31.
'^^Durto^'^he year there has been included as
stock.. .15,000,000 15,000,000
Mortgage bondS--16,428,500 15,296,500
Collat. gold notes. 2,500,000 2,500,000
Drexel & Co. cash
91,250
advance
624,837
517,669
Accounts payable1,627,696
1,377,022
payable
Notes
277,779
327,391
Int. & taxes pay'le
340,000
490,000
Dividends payable
124,821
123,672
Acer, fixed chges998.877
1,746,133
reserveDeprec'n
207,472
51,711
Other res've acctS465,679
*Ga.Ry.&El.Co. 465,679
2,119,526 1,892,661
Profit and loss
Total --
—
Ry.
PASSENGER STATISTICS FOR CALENDAR YEARS.
1916.
1917.
1918.
1919.
Years—
ReveSlrUscarried..263,221,899 245,876,910 262.564,865 253,046,586
Cnlendar
133,39o,UoU
108,041,606 257,794,495 247.706,094
5.340.492
4,140,244
4,/ (0,3/0
Tradferpassenge-ri;:::i45,788,430 .131,108,817 140.7.35,8.31 136.065.566
403,300,696
389,112,152
409,010,329 3/6,985,(2/
Tntal nasseneers
42,380,108 43.996.905 43,568,964
Passenger crrmU'e^iel.-3.22 cents
3.23 cents
3.59 cents
Averlgefarep^rr^ss... 4.03 cents
a
9 1/
see text
I
RESULTS FOR CALENDAR YEARS.
191
1918.
1916.
TntT.1
oner revenue $16,592,679 $13,629,618 $13,125,560 $12,641,294
& dlprec'g: . J3:i92 1728 10 ,763 ,267 9,200,895 8,470,080
Op^r exp^
i
(V. 109, p. 271, 578,
982; V. 111.
—
—
,
Total tax payments (incl. said $248,962 on acct. ofsettlement) -$1 ,263,279
7.61%
Per cent of tax payments to gross operating revenue
(90.62%)$1,144,842
Portion accruing to city and schools*Note.
The current mill tax for the last quarter of 1919. amounting to
$65,152, was paid Jan. 15 1920.
In addition to the above direct taxes. United Railways espcnded $341,994
for street paving and furnished free transportation for the police and firemen of St. Louis. Including those items the percentage of gross revenue
used for taxes may conservatively be put at 10%.
Road and Kqiiimucnt. Ni^ addition during the year $117,181.
Since 1904 the amount of track reconstruction, renewal and extension,
of track of the conipanv in the city and county has aggi-egatcd 411.55 miles,
including 25 miles in 1919 against 15.80 in 1918.
Poucr.
Power is obtained from three sources: (1) "Water power purchased, 22.400 k.w.: (2) steam power purchased, 14,000 k.w.; (3) produced
—
I
I
1919.
Maturity.
Outstanding.
Sept. 2 1920
$2,300,000
6%
Receiver's certificates
Payment of ObUgation to War Finance, Corporation. On Jan. 1 1919 an
Corporation.
On
Finance
amount o .$3,208,000 was owed on note to War
April 4 1919 $800,000 U. S. First Liberty bonds (a part of the collateral,
were sold at 99.06 and int., and the net proceeds of $800,958 applied on
principal of the note. The balance of this obligation, $2,407,042. was paid
on Sept 18 1919 with the not proceeds of $2, 2.') 1 .993 from above-mentioned
sale of Receiver's Certificates and $155,019 from cash on hand.
This cleared for cancellation the $3,487,000 Union Depot RR. Co. bonds
which had in 1918 been pledged as collateral for that note.
The tax accruals set up during 1919 aggregated $1.13^.305.
Taxes.
viz.: (o) Taxes assignable to railway oprcations; Fcde'i-al. State, county,
municipal and school taxes, $860,967 and current mill tax (city of St. Louis)
$249,944; (6) bond coupon taxes, $20,250; (c) non-operating taxes, $6,144.
Amount of Taxes Paid During 1919.
$118,438
Federal, $21,836; State, $44,259; county, $52,343
Municipal and school taxes
of5'ic^
,856
^254
taxes
franchise
Municipal
*184.791
Current mill tax (city of St. Louis) for 9 monthsAlso, under terms of mill tax settlement (V. 108, p. 481; V. 110,
p. 563), paid to the city of St. Louis on Jan. 16 1919, the first
248,962
installment of the accrued mill tax amounting to
—
fares
$12,548,859
$13,038,623 S12,548,859
,..$16,497,932 $13,651,541 $13,038,62.3
Transportation
^2,43a
8b.93<
88,0/.
94,747
Other than transport n.
Rate.
—
f-ent,
&
Bonds Canceled.— T>uring the year $6,889,000 bonds have been canceled
by order of the Federal Court, dated Aug. 18 1919 viz.: Cass Ave & Fair
Grounds Ry. Co. 4J^s, $160,000; Compton Hts. Union Depot & M. Tr.
RR Co 5s,^$14,000 Liidell Ry. Co 4Hs, 826,000: St Louis RR. Co iHs.
$48 000; St. Louis & Suburban Ry. Gen. M. 5s, $1,000,000; United Rys.
Co o St. Louis 1st Gen. M. 4s, $1,932,000; St. Louis Transit Co. 5s,
$210,000; Union Depot RR. Co. 6s, ,$3,499,000.
,„ * o2 ini«
1919 and
The following were issued as of Sept.
Receiver's Certificates.
^'l^sue—
rpnt fares
farif::::::::.
s'-cint
Receiver Rolla Wells says in substance:
sold to local
mam-
M
United Railways Co. of St. Louis.
Annual Report— Year Ended Dec. 31 1919.)
—
bankers at a discount of 2%
for depreciation,
the St. Louis RR. Co.
*^oTth4 unde7mng*onds aggregating $8,000,000.
1st
4!4s arnounting to $1,900,000 outstanding, is the first maturity,
1920 $4,200,000 7% Receiver's
thLe bond matS?ing May 1 1920. [In Julythese
bonds and the $2 300,000
C^?t!ncates werTaSthorized to provide for
V.
Ill,
p. 29o; V. 110, p. 1974.
Receiver's Certificates due Sept. 2 1920.
53,238,553 51,266,322
* Net assets turned over to Georgia Ry. & Power Co. by Georgia
V. 110. p. 2568.
Elec. Co. in accordance with terms of lease.
a fixed operating charge the
same rate of percentage as heretofore to provide
Common
.--53,238,553 51,256,322
{20lh
&
—
—
Total
—
1918.
1919.
S
S
LiaMlities
First Pref. stock-. 2,000,000 2,000,000
Second Pref. stock 10,000,000 10,000,000
1918.
1919.
S
S
Construc'n plant.43,840,955 43,757,292
New construction,
333,284
G.R.&E. Co-- 501,965
3,081,695 1,908,990
Development
563,013
498 ,578
- - Supplies
996,552
986,416
Cash & accts. rec525,274
10,000
acctsSpec.depos.
26,439
25,116
Prepaid accounts439,390
394,353
Stocks and bonds1,829,500
Treasurv bonds-.- 2,951,500
70,000
183 ,000
Sinking fund bonds
26,100
23,625
Sink, fund trustee643,899
634,009
Bond discount
130,589
107,343
Suspense accounts
Assets
..
m
INCOME ACCOUNT FOR CALENDAR YEARS.
$10,592,498
6,1 71,248
-
.
°X*-;«^r"slr?.d"-f'lS^
& Power
...
..
,
Gross earnings
Operatingexpenses
787
THE CHRONICLE
1920.]
(Georgia Ry.
.
Taxes
$3,399,952
1,110,911
$2,876,351
852.476
$3,924,665
853,161
$4,171,214
821,684
Net income
Other income
$2,289,041
106,442
$2,023,875
116,697
$3,071,504
94,703
$3,349,530
82,589
$2,395,483
2.661.263
$2,140,572
2,540,872
$3,166,206
2,523,230
$3,432,119
2.544,614
Net earnings
Gross income
&c charges .
Interest
,
.
,
Balance, sur. or def..def.$265,780def.$400.300sur.$642.976sur.$88 ,505
BALANCE SHEET DECEMBER 31
1919.
1918
1919.
LiabtlUies
$
S
Issued 16.383,000
Road & equlp't. 101 .436.777 101,319,696 Pref. shs.
Com. shs. Issued 24,913,000
Investments in
993,040 Funded debt(see
1,029,083
affiliated cos•St.Uy."Sec.) 52.590,000
U. S. Governm't
1,990,350 Rec. certificates 2,300.000
2,240,509
obligations...
668.95S
Aud. vouch. .Ac.
Other .stocks and
667,550
31,144 Coupons due
2,976
bonds owned.
mat'd,
Coupons
Material & sup88,400
noti)rescntcd043,385
992.672
plies
170,055
456,709 Back wages
457,575
Cash
310,010
91,317 Outst'g tickets755,645
Cash for coupons
258,235
Miscellaneous - .
Notes, accts,&c.,
371,088
Accrued taxes..
118,342
141,835
receivable
446,383
Accrued Interest
Def. charges &
32,833 Deprec'n r(?s've. 3,051,665
109.848
utiadj. debits2,;!96.322
(city)-tax
712.815 Mill
52.932
Special deiwsltsOther reserves. . 1.472.290
Agents an<l conProfit &10S.S. sur. 1.290.013
157,119
ductors' accts.
Assets
—
—
—Total
V. Ill,
-107,376,971 100,689.531
p. 494.
Procter
Total
1918.
S
16,383,000
24,913,000
52,603.000
"444" 235
667.550
91.622
•299.091
249,123
281,308
2.286,630
2,640,845
1.05S.,^>S1
1,563,543
107,376,971 100,689,531
& Gamble Company
{Report for Fiscal Year ended June 30 1920.)
Presideut Wm. Cooper Procter, Cineiunati, O., Aug. 14,
wrote in substance:
The total volume of business done bv this company and constituent
The
companies for the fiscal year ended Juno 5o 1920. was S1S.S.S(K>.66S
net earnings for the vear. after making adwiuato provision for depreciation
I.
taxes (including Fixleral and State income and w.ir taxes) and afU'ir
providing specifically for reduction in the value of iuveptorles. amounted to
$4,191,057.
osses
THE CHRONICLE
788
Durina; the year we experienced the expected readjustment in the value
of our raw materials.
BALANCE SHEET (INCLUDING AETNA DYNAMITE
VOLUME OF BUSINESS AND NET EARNINGS FOR YEARS'ENDING
JUNE 30.
1919-20.
1918-19.
Assets
Assets
—
S
Real est.,bldgs.,
mach. plant
eduipment
Good
&
32,233,661
will, pats.,
licenses,
Mchdse.
Debtors
&
&
&c.. 2,883,0.55
mat_ 54,718,891
bills
receivable
7,542,628
U.S.A. & Can.
Govt, secur..
Other investmts.
Loans against
5,059,9531
1,455,316/
5,266,892
3,543,770
1,551,080
security
Cash
Deterred charges
—
accrued int. on
notes
13,950,156
Depr. of bldgs..
4,518,821
plants, mach.,
5,619,573
12,062,129
8,740,431
Miscel. res., inci.
2,346,254
2,645,451
taxes
5,525,180 Surpius& undiv.
40.260,305
1,318,604
profits
41,723,148
&c
Total
Total --.
114,255,247 102,473,364
110, p. 2573.
Aetna Explosives
Its
2,500,000
1,424,151
—V.
(And
1919.
s
18,972.990
2,315.000
20,000,000
2,602,222
Co.,
Inc.,
New York
deposited
441,429
with trustee
Deferred charges..
80,769
Property, less res.
for depreciation. 3,663,972
Contracts, patents
1,828,864
and good-will
—
INCOME ACCOUNT FOR SIX MONTHS ENDING JUNE
1920.
admin, exp., including
losses on doubtful accounts, depreciation, &c.- $1,470,148
Federal taxes
300.000
Dividends
(8%)800,000
which the claims against both the U.S. GovFrance were settled has been referred to in the
—
ended June 30 1920 the business of the
company through the manufacture and sale of its products aggregated
$8,607,617, and during the same time there was received from interest on
investments $384,284. leaving a net profit over and above taxes and interest
charges, but not including such amounts as may be assessed for income
taxes, &c., $1,510,930.
About the middle of 1919, or just before the business was turned back
to the company, a change for the better in business and organization ocSince tiiat time there has been a steady increase in the demand for
curred.
our product and a satisfactory return in the form of profits.
Surphis Funds. Under the terms of settlement there was a necessity
for large payments from the funds which were in the hands of the receivers
and in the company's possession for the retirement of Preferred stock, payment of bonds and for other purposes of the receivership the total expenditures aggregating for this purpose .$4,358,078.
The surplus funds which are now invested in demand loans. Government
and other securities aggregate $3,196,718.
Entrance on Neia Business Delayed. With the funds which came into the
possession of the company there has been a desire to extend the scope and
nature of the business, and various propositions have been submitted both
for the enlargement of our manufacturing property and for participation in
other business enterprises. Your board has concluded, however, for the
present, at least, in view of the present condition of the money market, not
to exhaust too largely the funds which are of a more or less liquid character
but to defer action until more settled conditions should prevail, with more
certainty as to the character of that which was presented for the consideration of the company.
To Start Acid Plant. Our research laboratories have been kept busy investigating the possibilities of utilizing some of oiu- by-products, and the
company is about to put in operation as one of the results which have followed tliese researches, an acid plant from which it is believed largely increased net profits will result.
During the year in this direction there has been expended for such improvements and betterments $247,957.
Accidents.
Explosions have occurred at Goes, Fayville and Emporium,
but the loss of property was comparatively small and the interruption to
business because of shut-down was of but short duration.
During the year the affairs of the Aetna Chemical Co. of
Subsidiaries.
Canada, Ltd., were closed up with the sale of the plant and the dissolution
With the Aetiia Chemical Co. of Maine, however, there
of the company.
remains a claim on the part of a minority stockholder which it is hoped may
be settled amicably in the near future.
Over $3,000,000 have been used for the piu-pose
Retirement of Securities.
The stated value of the capital
of acquiring the company's own seciu-ities.
stock has been reduced also from $20 to $5 per share, in order to enable the
company to carry out the terms of settlement. A study of the attached
balance sheet at June 30 1920 showing a value of $17 28 a share for the
Common stock will demonstrate that the value per share has been slightly
reduced.
It has been the policy of the company to purchase its own securities in
the form of bonds ana to retire stock when, in the judgment of the board
The number of Common shares outstanding,
it was deemed wise so to do.
has thus been reduced 83,300. The bonds substituted for the Preferred
stock reduce the Preferred stock from 55 ,000 to 459 M shares. The purchase
of the bonds of the old company under the terms of settlement at 85 cost
$980,394.
Outlook.
From the present standpoint there is no question but your company has, by the quality of its products, restored confidence of the consumer and has thereby increased its sales to a degree that has been almost
beyond expectation. The present outlook is for increased business. By
constantly adhering to these policies there is every reason to hope that the
results of the coming year will far outrun those which are shown in this
report, making your company, both as a financial as well as an operating
project, one that will be most satisfactory.
—
,
—
—
,
—
—
—
—
SURPLUS ACCOUNT FOR YEAR ENDED JUNE 30
Gross sales
Returns, allowances and delivery expenses
Cost of sales and all expenses, including depreciation
1920.
$8,607,617
726,248
6,793,598
on sales
Miscellaneous income
$1,087,770
Gross income
Interest on funded debt
$1,784,854
273,924
ended June 30 1920
697, 083
$l,510,93o
30.
1919.
after mfg., selling,
Balance, surplus
$1,373,884
(x)137,000
(4)400,000
$370,147
.$836,884
X In 1919 does not Include excess profits tax.
BALANCE SHEET JUNE
1920.
S
Land, bldgs.. &c.. 3,414,371
Patents,
trademarks, &c
9,170,958
Inventories
2,793,692
Notes &accts.rec. 2.365,132
Assets —
Investments
a613,490
363,262
Ca.sh
Treas. stk. (pref.)Deferred charges..
Total
profit year
outst'g equiv. to
545,114 4 shs.. 2,725,573 a9,066,946
Current liabilities.
847,307 1,511,094
3,3.59,487 Reserves for accid't
& liability. &c.. 404,097
98,490
1,828,864 Res've for conting.
569,447
Other reserves
877.671
Funded debt.
4,002,575 4.386,525
Surplus
6,695,746
.33,853
Ste'wart- Warner Speedometer Corporation.
Six Mon-ths ending June 30 1920.)
Income
ernment and the Republic of
final report of the receivers.
For the year
Results of Operations.
Net
86,360
107.775
—
sole receiver.
profit
630,000 shs.stat.
min. .S5 per .sh.),
—
—
in
407,951
'19.
S
15,286.819 16.048,502
Total
Total
15.286.819 16.048.502
Book value of 545,1 14 J4 shares of Common stock outstanding
Note.
as of June 30 1920, .$9,421,318, or $17 28 per share.
a Represents 601,6143^ shares.
V. Ill, p. 390.
The final report of the receivers is reported May 22 1920. and forms a
pamphlet of 31 pages, setting forth the nature of business, properties owned
and controlled by the company at the time the receivers were appointed
(April 19 1917) the measiu-es by which the complaints against the company
were settled and contracts with the Republic of France and the U.S. Gov't
were carried out, the result of plant explosions, settlement of military business after the war, sale of military plants, stockholders litigation as to
reorganization, improvements to commercial plants and business, &c.
—V. Ill, p. 390.
City.
Subsidiary, Aetna Dynamite Co.)
manner
6.007,974
2,686,072
577,738
S
42,075
LiaMlitiesS
7,276,262 Pref. 7% cum. stk.
3,055,725 Com. stk. (auth.
Funds
114.255,247 102,473,364
by the directors at the last annual meeting.
The receivership was continued because it was thought much better to
continue the prosecution of the claims against the U. S. Government and
the French Republic by the receivers as such, rather than to substitute the
newly constituted company for this purpose.
There was outstanding at that time the sum of $2,990,171, all of which,
excepting $151,970, has been collected by the receivers and turned over to
tiie company, and upon the discharge of the receivers as of June 8 1920 the
balance of the money and collaterals reserved under the original order was
delivered to the company, so that now the company is in full possession of
all its properties which were heretofore held by the receivers, with the exception of $100,000 in Liberty bonds which were withheld by B. B. Odell,
Net
-S
CO.)
Dec SI
'20.
(Report for
—
satisfactory
June 30
'20. Dec. 31 '19.
,
{Report for Fiscal Year Ended June 30 1920.)
President B. B. Odell, New York, says in substance:
While the order of July 16 1919
Reorganization SctUement of Claims.
fixing the terms of settlement as approved by Hon. [.Judge] Julius M. Mayer
gave to the company only in part physical possession of its plants, the
operations at that date ceased to be a receivership affair and were assumed
The
—
Aetna Chemical Co
{INCLUDING
1920.
Liabilities
S
Common stock. 19,732,111
Pref. stocks
12,181,100
22,746,853 7% ser. g. notes 15,000,000
5% notes
2,883,055 Notes payable- - 10, 950 ,665
49,184,441 Acct->. pay., incl.
1919.
S
1920.
30
June 30
Current assets
Investments
1917-18.
$188,800,668 $193,392,044 8176.920,520
Total volume of business
Net earns, aft. pro v. for deprec,
losses, taxes (incl. Fed. taxes)
and in 1919-20 reduction in
value of inventories
4,191,057
7,325,532
9,719,804
CONDENSED GENERAL BALANCE SHEET. JUNE
CONSTITUENT COMPANIES).
(Vol 111.
222,393
30.
1919.
1919.
1920.
Liabilities^
S
S
S
2,847,285 Preferred stock...
1,000.000
Common stock. ..10, 000, 000 10,000.000
9,140,208 Accts.&vouch. pay.
407,674
335,195
3,448,370 Accrued com.,
wages, &c
2,021,649
245,325
87,219
339,149 Excise tax
25,391
39,863
263,579 Income & excess
profits tax
1,000,000
541,228
377,829
140,109 Surplus
7,796,158 7,287,764
18.943,297 19,200,350
Total
...18.943,297 19,200,350
a Includes $606,350 invested in U. S. Government securities in 1920
and $335,000 in 1919.— V. Ill, p. 597.
Union Oil Company of Delaware.
Six Months ending June 30 1920.)
(Semi- Annual Report
President C. H. Sehlacks, N. Y., Aug. 17, wrote in sub.
Operations of your company for the first six months show
Operations.
—
—
a profit of $1,642,942, from which deductions for depreciation, depletion
and estimated Federal income taxes leave net income to the credit of surplus of $1,187,378.
Diu-ing this six months' period a substantial amount of the company's
assets was in cash and U. S. treasury certificates at a low rate of interest:
also, a large amount was expended, and charged against income, for labor
cost of drilling new welLs in pursuance of a policy of active development
work carried on during that period.
Valuable oil producing properties in West Virginia and Oklahoma and
other acreage in various localities have been pm"chased in the half year.
Earnings from these later acquisitions and from new wells completed
diu-ing the second quarter of this year are reflected in profits for AprU,
May and June, which amounted to $7,34,293 or an average $244,764 a
month. Income from the operation of tank steamers, now under construction, will add substantially to earnings of your company when they
are delivered and placed in service.
Union Oil Co. of Calif. Your company is the owner of 25% of the capital
The profits of that company
stock of the Union Oil Co. of California.
and are on the average larger so far this year
during 1919 aggregated 22.93
that
included
source
ip the income of yoiu* company
but tlie earnings from
comprise merely the quarterly dividends received at the rate of 10% p. a.
The consolidated balance sheet submitted herein carries all properties
and other holdings of the company at their actual cost to your company.
Commonwealth Petroleum Corp. On Nov. 11 1919. an i.ssue of 360.000
shares of capital stock of yotu- company was authorized for the acquisition
of 300,000 shares of the Commonwealth Petroleum Corporation, on the
basis of 1 1-5 shares of Union for one share of Commonwealth (V. 109,
p. 1990, 2442).
To June 30 1920, upwards of 99"4% of Commonwealth stock has been
deposited for exchange for Union stock. Yoiu- company thus became the
owner of the valuable properties of Commonwealth and its large cash
treasury resources, details of which are hereinafter described.
Operations
of the Commonwealth properties are included in the six months' statement
herewith submitted.
Central Petroleum Co.
Since the close of the first half of the current year,
June 30 1920, your company has acquired, by purchase, control of the
Central Petroleum Co., one of the most valuable properties In Oklahoma.
having a net daily production at present of approximately 5,000 barrels
of oil and 15,000 gallons of gasoline.
This acquisition is a substantial addition to your company's holdings
and brings the total oil production of your company's properties and its
subsidiaries to more than 10,000 barrels net dailj', not including your 25%
interest in Union Oil Company of California (V. Ill, p. 391).
[For alliance with Indian Refining Co., see V. Ill, p. 597.)
—
%
,
—
—
CONSOLIDATED INC. ACC'T FOR SIX MOS. ENDED JUNE
30 1920.
Gross earnings from operations of the properties of the company
and subsidiaries
Expenses,
incl. oper.
costs, depreciation
&
$2,619,475
general expenses, exclusive of drilling
and depletion
1,303,839
Net operating earnings
on U. S. bonds, and treatiu-y certifi.
Dividends from Union Oil Co. of Calif
Interest
Total income before deductions for drilling,
Deductions Drilling labor
Depreciation & depletion charged off
Federal income taxes (estimated)
—
.
$1,31 5.636
&
miscell. receipts.
&c
$2,130,215
$487,273
405 ,564
50,000
Net income
$1,187,378
CONSOLIDATED BALANCE SHEET— JUNE
Assets
—
Properties and equipment
$17,976,498
CapitiU stock of Union Oil Co.
of Calif
20,244,371
Other investments
862 ,903
Cash and current assets
11,857,536
8238,299
576,280
.
—
30 1920.
Liabilities
stk. (1,366,794 sh.
Cap.
@
no
par val.
S35 50 per sh.). 848,522, 166
Outside interests in sub. cos..
126,928
Purch. money obllg.ition.-i
al,S03,155
Current & accrued accts
489,060
Total
...550,941,308
Total
a For capital stocks of: Union Oil Co. of Calif., $548,375:
Oil Producing Co.. $1, 254 ,780 .—V. Ill, p. 597.
$50,941,308
and Columbia
—
Aug. 21
-
-
of Union Oil Company of Delaware (Incorp.
Aug. 15 1919) and Subsidiaries.
Capital stock, 5.000,000 shares, no par value; outstanding,
No Pref.
1,366.704 shares.
Including the acquisition of control of Central Petrolemn Co., the followthe activities of Union Oil Co. (of Delaware) as of
represents
ing sumniarv
Aug. 14 1920, exclusive of the Union Oil Co. of California and the National
Exploration Co.
Suinmnni of Activitifs Aug. 14 1920, Exclusive of Union Oil Co. of California.
— 10,600 barrels of gallons
daily net,
California, Oklahoma and
produced daily.
28,011 acres
of 94,790 acres under
&c. — A
Texas;
Oklahoma; 18.401
California: 18,180
West Virginia; 27.532
in
oil
Pro'l'nl'f'n.
West \ irginia.
(Jasoline, 17, .500
in
lease, viz.;
total
in
in
in
acreage
The
new
in
Ohio.
total
not
include
does
in
Kansas;
1.186
1,480
Mexico under the Oil Land Leasing Bill
taken in Utah. California and
and acreage in Wyoming; 56 wells are drilling as folows: 24 in Oklahoma;
Shipping: 4 tankers,
19 in California; 12 in West Virginia; 1 in Wyoming.
totaling 4.">.f)f)0 deadweight tons, are under con.struction.
^,,
As to Union Oil Co. of Cal. .see V. 110, p. 763, 2083, 2574; V. Ill, p.
196, 396.]— V. Ill, p. ,597, .500.
Acn-iigv,
New
I
Steamship Company.
Pacific Mail
Months Ending June 30 1920.)
President George J. Baldwin, Aug. 10, wrote in brief:
{Report for Six
—Net income
$450,000, leaving a
was $1 ,198,815; di^adends aggregated
l:)alance of $748,815, without, however, allowance for
amortikiation and estimated Federal taxes whiih have not yet been set up
Dividends for the period consisted of a semi-annual diviin the accounts.
dend of 50c. per share and an extra dividend of $1 per share on June 15 1920.
Results in the West Indies have been satisfactory as to traffic develoijed.
in spite of the upset labor conditions which seriously delayed discha'-ge al
Cuban ports. Business has been .good in our Panama line service, and the
four \ e.ssels assigned to it have been filled to capacity with freight and pasAlthough the depressed financial conditions
sengers in both directions.
in the Far East have begun to pf'fect our earnings, our trans-Pacific and
Manila-East Indian services have been ta;:ed to capacity during the past
months.
six
—
Shipping Conditions. The world is now well supplied with ordinary
cargVi tonnage.
The need for additional passenger vessels has been emphasized.
Trade routes have been constantly shifting, and considerable new
tonnage has been placed in all trades, with consequent reductions in freight
rates.
Labor difficulties and port conge.^ition have made operation more
The results of the past six months have proved our
difficult and costly.
overcome the difficulties.
The San Fi'ancisco-Central America-Baltimore line inaugurated late last
year is at present served by the four "Point" diss cargo boats purchased
from the U. S. Shipping Board last autumn, which have been operated to
We
capacity and have developed a traffic exceeding our expectations.
therefore plan a passenger service in connection with this line, and when the
five new "State" type of Shipping Board vessels, which have been assigned
to us. are placed in service, probably early next year, we shall expect to
transfer the Colombia, Ecuador and Venezuela to the San FranciscoBaltimore run. The 535-foot passenger liners of the State type have
accommodations for 550 passengers and a speed of 17i4 knots, are well
adapted to our trans-Pacific run.
The company has also purchased from the Shipping Board the passenger
This vessel has been re-named the Cuba and
liner Sachem (e,x-Coblenz)
ability profitably to
Under the original agreement made by The Texas Co.. this [Preferred]
stock must be retired on or before Oct. 1923, at SlOO per share, or control
surrendered and The Texas Co.'s Common .stock holdings distributed
ratably between the Central Petroleum Preferred and Common shareholders.
At this writing we are not informed as to the legal features of the
transaction nor the process whereby The Texas Co. transfers its contract
and obligations to the Union Oil of Delaware without approval of the
Banlcers Trust Co. trustee for the Pref. shareholders, or the voting trustees.
Presumably Union Oil of Delaware could immediately retire the otitstanding
Preferred issue and assume full control through its Common stock ownership.
Dividends on the .$6,000,000 of Preferred stock at the rate of 5%
per annum are guaranteed until April 30 1923, subject to the provisions of
an agreement of April 30 1913. payable semi-annually on April 1 and Oct. 1
in each year cumulatively, but no dividends can be paid on the .$900,000
of Common stock until April 30 1923.
In 1918 we offered a block of the Preferred at $33 per share, the Common
stock had then no market value, being a bonus stock.
Purchasers then
have since received regularly 15% per anmmi on their investment. Central
Petroleum Common bonus now has a market price of $33 per share.
This company owns all of the capital stock of the Appleton O.sage Oil Co.
Carnegie Oil Co., Como Oil Co., Copan Oil & Gas Co., Fort Pitt Oil Co.,
the Galena Co.. Knox Oil Co., Leader Oil & Gas Co., Leola Oil Co.. Lucknow Oil Co., Lumbermans Oil & Gas Co., Mohawk Oil Co., Monogram Oil
Co., Niagara Oil Co., Pickwick Oil Co., Roth- Argue Maire Bros. Od Co.
Sachem Oil Co.. Sagamore Oil & Gas Co., St. Lawrence Oil Co.. Stevens
Point Oil Co. Waukesha Oil Co. Wigwam Oil Co. and Wolverine Oil Co.,
with the exception of a tew shares in two of the companies.
The subsidiaries' combined report for the fi.scal year ending April 30 1920
Oil sales. 690,110 bbls.; gasoline sales, 5,651,474 gals.
,
gratifying results.
The company has extended its operations in
Arountl-tlie-World Service.
the way of an around-the-world service, with si.x cargo steamers assigned to
—
our management and operation by the Shipping Board. This provides
regular monthly departui-&s from San Francisco via Honolulu, -Japan,
Caina, Philippine IsUnds; thence via the Straits Settlements to India, calling
at Calcutta, Colombo, Bombay; thence via ohe Suez to Alexandria, Bizerta,
tienoa, Marseilles, Barcelona, and thence to Baltimore where vessels are reloaded for Pacific Coast ports, terminating at San Francisco. The first
steamship in this service left San Francisco March 12 and arrived at Boston
on July 29. From there she will proceed to Baltimore and thence to the
Pacific Coast in time to start on her second voyage some time in September.
Oil.
The fuel oil situation is disturbing on account of an inadequate
supply of tankers for oil transportation, and your company has therefore
talien .steps to safeguard its supply by placing a contract with N. Y. Shipbuilding Corporation for the construction of an oil tankship of 9,820 tons
Delivery is
de.atlweight with a cargo capacity of 3,118,592 gallons of oil.
The tanker will be fitted a.s an oil burner, but in
expecteii in May 1921.
such a way that .she can be converted to iLse coal at any time.
Terminal Facilities. Yom- company has piu-chased the Hankow Wharf
& Godown Co.'s property at Hankow, China.
—
—
&
Panama
6
1920
Trans-
—
AND
Pacific Lines
Gross rev. steamship opOper. cost, incl. deprec,
MONTHS ENDED JUNE
12
G Mos.
— 1919.
$
2,772,524
3,652,181
1,776,813
overhead, &c
7,382.870
1920.
Land owned
y In considering total net revenue in the income statement for the six
months, both m 1919 and 1920, and surplus in the balance sheet, as of June
30, allowance must be made for amortization and estimated income and excess profits taxes, which have not yet been sot up in the account,
1920.
.Assets
$
Sleuiners.&c.,equlpx5,23r),857
Securs.unplediied y
200,0.M)
—
Cash
&
1919.
S
;H.5,070
.
Loans & .iccts. rec_
1
.750,000
LialtiUties
1919.
•5
,500,000
,380,000
Audited vouchers
<fe wages unpaid
333,729
Misc. accts. pay-.
465,741
Matur. divs. unpd.
32,526
Open voyage revs. 1,114,011
Olher dof'd items. 1,002,191
Rcs've for rcplac'ts
730,044
Res've for add'ns
and botternients
858,353
291,374
587,433
31,542
,364,212
795,952
743,518
3,454,744
6,050,000
Ins. oUilms against
224,158
.S4a,064
underwriters
143,201
Materluls & .supp_
141,041
Renerve for (ioubtCr .200, 000 Cr. 200,000
tul accounts
22:j,67t
177, .557
Adv.incc rents, Ac.
759,267 Res. for
Open voyage exp.. 1,067,054
185,592 Surplus
Other (Iffd Ueins27r>,5:57
Mlsc. iiccta. rccelv.
& other working
assets
1,818,116 2.642,754
Total
11,201,473 16,490,924
Total
30.
1920.
S
1,500,000
Capital stock
200,059 Prem.on cap.stock. 1,380,000
2.85:5,59,3
market-
able securities.
—
War taxes.
734,667
3,050,209
858,353
400,000
2,538,539
Lands leased, acres
Wells drilled
—
No
& purchased
Vv'ellssold
YEAR END. APRIL 30.
1920.
1919.
19
27,755 Oil prod, (gross bbls.). -.861 ,994 805,055
922 Avg. daily produc. (bbls.) 2,362
2,205
Compress, gas. plants, No
6
4
Av.daily gal.coinpr. gas. 15,483 12,437
1,.551
28,056
909
33
27
Plugged and abandoned-
I
1919-20.
Dividends received
Total income
Expenses, incl. taxes and bond intPref erred dividends (5%)
1917-18.
$501,808
34,340
28.603
.$463,674
Balance, .surplus
CONSOL.
YRS. END. APR.ZO
1918-19.
.$421,652
$445,017
18,65'
Interest received
.$539,148
82,914
300,000
$450,256
88,802
300.000
.180,760
$61,454
$13.^.230
105,918
300,000
INCOME ACCOUNT OF SUBSIDIARIES FOK APR.
30 YRS.
1919-20.
1918-19.
OH, gasoline and gas sales
Miscellaneous income
$3,105,853
14,617
$2,603,406
Total income
Expenses, taxes and interest
Losses, depreciation and depletion
Dividends
$3,120,470
1,242,034
1,069,695
445,738
52,616,257
1,097,688
881,033
422.429
$1,262,942
450,627
61,867
505.058
$363,002
.$215,107
$245,390
Balance
surplus
.
Stock
sub.
of
Pref. stock
.56,772,078
cjs. owned
3,320
Vot. trust ctfs.-
Other investm'ts
78,100
119,978
417,604
Cash
Acc'ts receivable
.- S7. 391 .084
Total
S6.772,078 Common stock.
3,320 Acc'ts payable30,000 Provis'l acc'ts-505.175 Profit and loss. -
97. 310. 572
1917-18.
$1,191,921
71,021
12.851
BALANCE SHEET CENTRAL PETROLEUM
Assets —
1919.
Liabilities —
1920.
Total
CO.
APRIL
1920.
S6, 000 ,000
30.
1919.
72.002
419.082
56,000,000
900,000
251
72.000
338,321
S7, 391,084
S7,3U),572
900,000
COMBINED BALANCE SHEET OF SUBSID. COMPANIES APRIL
—
Assets
1920.
1919.
Field equip. &leasesS6, 882, 327 56,865,958
Compressor syst-- 1,441,446
other
Real estate
&
Warehouse stocks.
174,183
299,895
Acc'ts receivable.
-
227,6.56
Suspense acaounts.
168,495
113,231
2,503
investments
Cash
Advance royalty- -
Liainlities
Capital stock
564.477
Provisional acc'ts.
3.811
230,440 Surp. «t depr. prior
86,131
to May 1 19132,908,801
200,384 Depletion
163,948 Depreciation
970 Surplus
30.
1920.
1919.
52 ,059 .342 .52,059.342
Accounts payable.
550,309
-
1,843,041
1,379,955
115,099
1,269
2,910,768
300,309
1,146,343
1,016,953
2,251
—
.
—
.59,309,736 57,550,082
American Caramel
Co., Lancaster, Pa.
Year ended Dec. 31 1919.)
President C. R. Weeden, March 1, wrote in substance:
The year 1919 was in earnings the best in the history of the company,
{Report for Fiscal
(^urrent assets increased and liabilities decrea.sed, resulting in a gain over
1918 of $179,180. Net manufacturing profit was $383,735.
Your company has no floating debt excepti for current monthly accounts;
$50,000 of our 1st M. bonds have been purchased and were canceled bv
$86,000 only are outstaiuiing at this date, $14,000
the trustee Dec. 1.
These lionds are due and payable
additional bonds being in the treasury.
June 1 1920 and will be paid. (The original mortgage was $600,000.)
Our debenture bonds, due 1923, have also been reduced by purchase during
the year.
Fixed assets depreciated in the sum of $50,125, the full amount allowed
by Government regulations.
"W. C. Bidlack, General Manager since 1915, has resigned and his resig-
nation accepted.
%
The company is now paying the full regular dividend of 8 on its Preferred
to apply
shares, and in "November paid an extra oi 2% and in Feb. 1920
to accrued back dividends due the Preferred stockholders; 35% is still due.
earnings
doubt
your
directors
warrant
no
will
continue
and if conditions and
On the whole, conditions are excellent. [A regular quarterly
this policy.
was paid May last. Ed.)
dividend of
Assets
BALANCE SHEET JANUARY
—
1920.
1919.
S33.737
120.000
149.859
157,470
201,359
506 ,950
4,360
$61,215
80,000
43,999
127,884
218,510
546,370
1,605,787
1,605,787
Cash
C;ovt. securities.--
Accts. receivable.Inventories
xed assets
charges--
Good -will,
5.451
—
I.
1920.
1919.
stock.. 81.000.000 $1,000,000
stock..
1,000,000
1,000,000
Current bills
25.310
56.275
Accrue<l Interest
500
750
150.000
Mtse. bds., Ist 6s
100,000
Debenture bds., 6s
199.700
199,700
Surplus
454,011
2S2.492
Liatnliltes
Common
P.-ef erred
trade-
marks, &c
V. 110.
—Total
5%
—
2%
l)cf(!rrod
11,201,473 16,490,925
Total ..
.59,309,736 57,550,082
Total
V. Ill, p. 391.
I'l
-
1919.
1,441
INCOME ACCOUNT OF CENTRAL PETROLEUM CO.
Investments
X After dedticting .$4.0,59,830 reserve for accrued depreciation and amortiy After deducting J^IOO.OOO reserve for depreciation of securities.
Note.
In the last annual report (V 1 10. p. 1 184) reference was made to
claim of the Internal Ke\enuo Department, which, if sustained, would require substantial additional payments in taxes for the years 1917. 1918 and
1919.
No decision has as yet been made upon the company's appeal therefrom.
V. 110. p. 2198,
zation,
in fee. acres
Produciii!-- wells.
3,385,808
1,095,877
995,711
2,084,546
1,417,812
10 2,939
245,048
250,268
Miscellaneous revenue,507,283
1,240,760
2,334.814
yl, 198, 816
1,925,095
Total net revenue
Common dividends
(30)450,000 (60)900,000 (60)900,000
(30)4 50,00
Balance
y748,816
790,760
1,434,814
1,025,095
CONDENSED BALANCE SHEET JUNE
,
30.
1919-20-12 Mo.s.-1918-19.
$
$
9,467,416
4,803.620
$
4,748,058
,
OPER. STATISTICS FOR SUB. COS. FOR FISCAL
.
Since her purchase in
operate as one of the gi-oup of four ve.ssels.
February, the Cuba has been operated in Central American business with
will
RESULTS FOB
789
,
for the period
Results.
,
THE CHRONICLE
1920.]
Combined Summary
•Viithorized
- -
$2,779,520 $2,689,217
p.
Tot.il
$2,779,520 $2,689,217
1528.
Guantanamo Sugar Company,
Exchange,
to the New York Stock
{Official Statement
Central Petroleum Company.
Dated
July 30 1920.)
{Financial Stolemeitt for /''i.sca/ Year ending April 30 1020.)
A financial statement ])ii])lished bv Douglas Fenwick
Co. funiishes the following data. (The figures for 1918-19
and 1917-18 inserted by Editor for comparison.)
Control of Central Petroleum (^o, has been sold by The Texas Co. to the
Union Oil of Delaware. The price paid was reported to have been ,?5,-
&
250,000 for 120,000 shares of the Connnon stock, being SI3 75 per share.
Total outstanding issue of tX-ntral Petroleum Common is 180.000 shares,
lar value $5.
Computed on the basis of purchase price places a value of
I7.875.000 on Common stock alone. In addition, there is outstanding
$6,000,000 I'rof. stock.
Th(> official statement, ftiniislied (he New York Stock
in connection with the listing of 3(K).(KK) shares
of capital stock without nominal or par value, was published
in the "Chronicle" of Aug. 14, pages 701, 702 and 703.
The statement includes production for several years, income
and surplus accounts and balance sheets ius of Sept. iU) 1919
and May 31 1920: also the opiTations of the Guantanamo
Rll. for a series of vears with its balance sheets as of June
30 1919 and May 31 1920.—V. Ill, p. 299.
Exchange
THE CHRONICLE
790
Chicago North Shore
&
President Britton I. Budd saj's in substance:
With the cessation of war activities late in 1918, the
—
connection
vrith the Government's operations fell off rapidly, resulting in
of traffic from that source in 1919.
a
gross operating revenue for the year, however, shows an increase of
§337,946, attributable to the improvement of general business activities
along the line, the steady growth of the traffic and to the good service given
The decrease in net income (amounting to $103,240 after
to the public.
deducting fixed charges) was caused largely by increases in cost of labor
and material. Increased wages effective Aug. 1 1919 amount to 8300,000
per annvma. The steady growth of the general business is very gratifying.
Lease of Steam Road,&c. The North Shore Co. and the Northwestern
The
—
Elevated RR. Co. have secured from the Chicago Milwaukee & St. Paul
Ry. Co. a lease until 1944 of all its rights and property on the Evanston
Division between Irving Park Boulevard in Chicago and Linden Ave. in
Wilmette, and on Aug. 6 1919 we began on the operation of the trains of
the North Shore Co. to the Union Loop in the City of Chicago.
The North Shore Co. has also leased a two-story building at 209 South
Wabash Ave., Chicago., for the convenience of passengers.
The patronage, by reason of the excellent service given and its great convenience, is steadily increasing, and, in our opinion, will grow in popularity
as its becomes better known.
The spacious new terminal station in Milwaukee is now under construction and will be ready for occupancy in the early summer of 1920.
Kcw Rolling Slock Equipment Notes. The extension of the passenger
service into Chicago and the rapid growth of the merchandise dispatch
business, necessitated the purchase of the following additional equipment,
which we hope shortly to have in operation, viz.: 13 steel interurban motor
passenger cars; 2 steel dining and parlor cars; 15 steel interiu-ban control
trailer passenger cars; 12 merchandise dispatch motor cars; and 10 safety
cars for use in the city service in Waukegan and North Chicago.
This new equipment will cost approximately $800,000, and on account
of same we have issued an Equipment Trust, dated Aug. 1 1919, securing
the
notes maturing serially over a ten-year period (V. 109, p. 887).
The balance requii-ed is furnished from the ciurent funds.
Additions. &c.
Note Issues. Dm-ing the year the company expended for
additions and betterments and for reconstruction the sum of $763,680.
To pro\ide part of the funds for this work, the company issued $491,200
of its 1st M. 5% bonds. As it was not possible to sell long-term seciu'ities
on a satisfactory basis, the company issued and sold $600,000 of one-year
notes secured by the deposit of $857,200 of its 1st M. bonds. V. 109,
p. 887.
$470,000 of Serial notes and $17,000 of Equipment notes matured withm
the j^ear and were paid.
Secured Gold
[In June 1920 the company issued $1,500,000 10-year
Notes due June 1 1930, in connection with the retirement of the last of the
notes due Aug 1 5 1 920 V 1 1 1 p 73 .—Ed .1
aforesaid $600,000 one-year 6
Improi'ements.
It is more than ever necessary to continue improving and
developing the physical property in order to care for the needs of patrons
and the further gi-owth of the business.
Following are some of the improvements made diu-ing the year: (o)
second track between Rawson and CarrollvUle, Wis., 2.7 miles, laid with
(c) 350 ft. of old trestle work
80-lb. rail.
(6) 10,700 ft. of new sidings,
(e) 65-lb. rail replaced
filled,
(d) 21,200 lineal feet of drain tile placed,
—
6%
—
6%
7%
%
—
.
.
.
,
,
with 80-lb. rail between Glencoe and Highland Park, and 880 feet on St.
Johns Ave., Highland Park eutii-ely rebuilt with 91-lb rail laid on steel
ties in concrete curb.
(/) 31,000 ties were renewed; 40,000 cu. yds. of
ballast placed,
(g) New .station at Highland Park and two new merchan-
new
crossing gates installed (2 in conjunction
1,000 k. w. rotary converter purchased and
(i) Automatic block signals ininstalled in North Chicago Substation,
stalled on the single track between Howard and Harrison streets, Milwaukee.
dise dispatch houses,
with Chic.
& N. W.
(g)
5
Ry.).
(Ji)
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
(Including Operation of Chicago <& Milwaukee Electric Ry.)
1917.
1919.
1918.
$2,951,618 $2,678,693 $1,629,306
Passenger & special car revenue
105,801
219,397
151,729
Freight and express
16,266
66,906
69,553
Miscellaneous
Total
...$3,237,921 $2,899,975 $1,751,373
$161,994
Way and structure
$306,524
$302,525
81,999
262 ,922
172,183
Equipment
395,455
923,913
650,042
Conducting transportation
Power
351,011
56,223
418,871
$2,319,464
$918,457
163,101
$755,356
17,879
$773,235
341,396
$431,839
$1,270,954
Traffic
General and miscellaneous
Total
Net revenue
Taxes (railway)
Operating income
Non-operating income
Gross income
Deductions
Surplus Jan. 1 to Dec. 31
Surplus as per balance sheet
354,173
35,101
342,015
$1,856,038
$1,043,937
185,821
$858,115
9,469
$867,585
332,506
$535,079
$855,811
BALANCE SHEET DECEMBER
1919.
S
1918.
250,549
27,657
196,858
$1,114,512
$636,862
95,680
$541,182
4,858
$546,039
266,580
$279,459
$320,732
31.
1918.
1919.
—
LiaMlUies
S
S
Road & equlpm't_14,583,621 13,902,263 Capital stock
xS200,000
Equity of partic'g
Discount, &c., on
104,819
132,640
funded debt
shareholders
7,448,054
10,000 1st M. 5% g. bclS-y4,060,000
534,874
Funds trusteed-..
225,873 General Mtge. 5s.
Inventories
250, 767
460,000
130,175 Equipment notes.
627,500
Accts. receivable-.
160,197
300,286 Serial notes
620,000
Cash
252,337
Special deposits
347,020 1-yr. 6% coll .notes
600,000
Special advances..
Loans & notes pay
100,538
Accounts payable.
Miscellaneous
35,332
242,942
Lib. Loan subscr..
Prepaid &c., ac16,624 Acer. int. & taxes.
counts
15,556
252,901
23,306 Int. due Jan. 1...
112,300
Unadjusted acc'ta.
14,126
Reserves
185,338
1,270,954
Surplus
Assets
$200,000
ToUl
16,079,989 15,060,366
7,445,933
4,060,000
460,000
144,500
1,090,000
48,000
285,586
40,720
195,434
126,985
107,397
855,812
&
16,079,989 15.060,366
Total
&
M. RR., $100,000; Chicago
Milw. Elec. Ry., $100,000.
X C. N. S.
gold bonds, $5,861,200, less pledged as collateral and
y First Mtge.
in treasury, $ ,801,200.
V. Ill, p. 73.
5%
Washington
—
Baltimore
&
Annapolis
Electric
RR.
1918.
5.946,697
$2,902,015
1,740,282
3,429,966
$1,560,125
738,597
1916.
2,037.139
$946,202
511,616
$655,042
69,310
$1,161,733
127,188
$821,528
25,575
$434,586
12,680
$724,352
$1,288,921
$847,103
$447,266
128,345
623,426
129.052
50,934
Operating income
Non-operating income. .
$596,007
18,595
$765,495
17,953
$718,051
12,893
$396,332
Gross income
Deductions
$614,602
295,202
91,898
180,000
$783,448
288,912
87,072
180,000
$730,944
268,293
87,157
180,000
$409,673
262,578
87.345
$195,494
$59,750
Net revenue
Net rev. auxiliary oper..
Total
way
rail-
operation
Preferred dividends (6%)
dividends (6%)
Common
do
Liberty bonds
Balance, surplus
1917.
13,341
(7H)225,000
$47,502
$2,464
206.703
84.949
117,453
Mlsc.acc'tsreceivMaterial & .suppPrepaid rents & Ina
275,049 Mat'dint., divs. &
133,185
rents
125,874 Accrued int., divs.
2,979
and rents
5,2.39.000
a71,389
93.000
117,227
212,936
246,836
91,503
88,368
Tax liability
b49,586
449,622
83,226 Operating reserves
66.718
55,142
36.025 Accrued deprec'n684,8.50
571,402
Other unadj. cred.
38.646
36,882
..12,005.514 11,994,484 Add'ns to property
Total
1919.
1918.
224,200
136,400
through surplusLiabilities
Prof It and loss
291,918
207,880
S
S
Common stock- .. 3.000.000 3,000,000
Preferred stock- .. 1,759,250
1,4.55.750
Total
12,005,514 11,994.484
Seciu-ities issued or assumed: Unpledged, .$392,000; pledged, 8225.000.
1
Disc't on cap. stk_
Disc, on fund, debt
Other uniidj debits
.322
97,120
104.681
26.051
.
—
These items are eliminated from
liabilities
through funded deot owned by
carrier.
b Includes reserve for Income tax.
Includes dividends paid Jan. 2 1920.
HI, p. 295.
— aV.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Rail'way Ne'ws. ^The
following table summarizes recent railroad and electric railway news of a more or less general character news concerning which detailed information is commonly published
on a preceding page under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
as may be practicable.
Railroad Rates.
(1) The P. S. Commission at Albany. N. Y.. on Aug. 19
handed down its decision upon the applications of railroads of the State for
permission to file tariffs putting into effect increased freight and passenger
rates applicable to intra-State traffic equal to those authorized by the order
The
of the Inter-State Commerce Commission, effective on Aug. 26.
Commission denies the application for increase in passenger rates as contrary to statutory rates, but passed favorably upon the application relating
to freight rates except as to milk and cream, without, however, approving
the justness of any such rates. The right to suspend any rates found unjust
It was stated on Aug. 20 that the New York Central and
is also reserved.
other railroads will fight the decision of the New York P. S. Commission
A petiin refusing to sanction the passenger rate increases in N. Y. State.
tion, it is understood, is now being prepared by the roads for presentation
before the I.-S. C. Commission not later than Aug. 24.
(2) The Railway Commissions of Maryland, New Jersey and Michigan
have followed the example of Pennsylvania Commission in authorizing increases in intra-State freight rates in accord with those laid down by the
Commerce Commission. The Wisconsin Commission has agreed to the
freight rate increase, but would hold the rate of 2 cents fixed by Legislature
—
—
for passengers.
(3) Canadian Railway Commissioners on Aug. 14 granted increases in
through rates to United States roads in Canada to conform with those recently approved by the Inter-State Commerce Commission at Washington.
These increases apply to all commodities except coal and coke. The increases provided are effective on or after Aug. 26 upon not less than five
days' notice, and are applicable also to Canadian roads shipping to and from
United States points.
Miscellaneous.
(1) President Daniel E Willard of B & O. RR. on Aug. 12
testified before U. S. Senate Committee on Reconstruction as to railroad
status and improved outlook for same, N. Y. "Times," Aug. 13. (2) Plan
of I.-S. C. Commission for moving grain on Great Lakes because of car
shortage, N. Y. "Times," Aug. 10. (3) Final report is made on Aug. 17
to the Inter-State Commerce Commission by the special committee of the
Association of Railway Executives concerning loans to be made to trunk line
rail carriers by the Government. See RR. news below. (4) President E. E.
Loomis of Lehigh Valley RR. advocates decentralization of labor, N. Y.
"Tunes," Aug. 18.
(a) RR. outlook as viewed
Matters Noted in "Chronicle" of Aug. 14.
by Congressman Esch. p. 636 and 652. (b) June gross and net earnings,
p. 639. (c) Illinois Commission denies increase in passenger rates, p. 652.
(d) Plan for disposition of tickets purchased prior to Aug. 26. p. 653.
(e) Blanket schedules for rates, p. 653. (f) Express wages and rates, p. 654.
—
.
.
—
American Railways Co.
— Fares— National Properties Co.
The company announces that
increases in fares have been granted to the
following subsidiaries: Ohio Valley Electric Co.. of Huntington. W. Va..
from 5 to 6 cents; Altoona (Pa.) & Logan Valley Electric Ry., from 6 to 7
cents; People's Railway Co. of Dayton, O., from 5 to 7 cents.
See National Properties Co. below. V. Ill, p. 587.
—
&
Arkansas
&
— Successor
Ry. — Successor
Louisiana Midland RR.
Louisiana Missouri. Ry. below.
— V. Ill, p. 587.
—
Co. —
Co.
Arkansas & Louisiana Missouri
A report from Shreveport, La., on Aug. 9 stated that the company has
been incorporated at Monroe, La., with a capital of $1,000,000. of which
$600,000 paid in, as successor to Arkansas & Louisiana Midland RR.
Officers of the new company are:
E. A.
(V. 111. p. 587), recently sold.
Frost, Pres.: F. T. Whited and G. S. Prestridge, Shreveport, V.-Pres.;
G. W. Nelson. V.-Pres.; S. H. Dowell. Sec. & Treas. See under Arkansas &
Louisiana Midland
V. Ill, p. 587, 388, and V. 110, p. 2657, 2386.
RR.m
Auburn
(N. Y.)
&
Syracuse RR.
— Wage Increase. —
After a four-day strike to enforce higher wages the men returned to work
on Aug. 8. The new scale is as follows: Motormen and conductors on the
city lines in Auburn, first three months, 56 cents an hoiu-; next nine months,
58 cents; thereafter, 60 cents. Men employed on the subiu-ban lines will
Freight and express men will get a
receive 62 cents an hour maximum.
Freight warehouse men will receive 50 cents
rate 3 cents an hour higher.
an hour and substation operators $5 20 a day. Shop men now receiving
less than 50 cents an hour will be increased to that rate.
V. 110, p. 764.
—
Aurora Elgin
The
&
Chicago RR.
— Fare Increase. —
P. U. Commission on JiUy 30 authorized the
Illinois
—
1919.
4.608,875
$2,168,120
1,513,078
Taxes assignable to
Cash
1918.
S
company to
and to sell
raise its cash fare in Aurora and Elgin from 8 cents to 10 cents
6 tickets for 50 cents.
V. Ill, p. 492.
(Report for Fiscal Year ending Dec. 31 1919.)
INCOME ACCOUNT. &C.. FOR CALENDAR YEARS.
Passengers carried
Operating revenues
Operating expenses
—
—
See Arkansas
.
31.
1919.
1918.
1919.
Liab. (Concl.)S
S
S
Road & equipm't- 10,843,283 10,743,093 Long-term debt5,369,000
Inv. in .iffil. cos..
173,200
173,200 Notes contingent
92,000
92.000
Notes contingent
93.000 Loans & notes pay.
150,000
158,000
Advances
38,853 Acc'ts & wages pay
147,915
100,150
Other iuvestments.
290,000 Misc. acc'ts pay'le
52,568
—
—
HI.
Assets—
traffic in
Results.
decrease
GENER.AL BALANCE SHEET DECEMBER
Milwaukee RR.
Year ending Dec. 31 1919.)
(Re-port for Fiscal
!VoL.
Baltimore
& Ohio RR. — Government Loans Recommended.
The Association of Railway Executives has submitted a revised report
to the I.-S. C. Commission recommending loans to additional carriers
out of the $300,000,000 revolving fund. Under the head of additions and
betterments which will definitely and specifically promote the movement of
cars, the Association recommends $43,298,991 additional which, with the
original $35,050,298 recommended, brings the total imder this heading to
$78,349,289. The principal items recommended to date are:
Baltimore & Ohio
.$5,000,000 Hocking Valley
$1 ,352,958
Boston & Maine.-2,843.179
4,002,611 Missouri Pacific
2.400.000
Chesapeake & Ohio
4,750,000 Northern Pacific
Chicago Junction Ry
1,100.000 xNew York Central Lines. 12, 101,928
Chic. Milw. & St. Paul Ry. 4,940.000 N. Y. N. H. & Hartford.- 8.130.000
6.780.125
Chic. Rock Isl & Pac. Ry. 5,000,000 Pennsylvania
Chic. & Western Indiana. 1,805,000 Texas & Pacific
1,688,000
2,000,000
Delaware & Hudson
2,2.50.000 Vu-ginian
1,168,425
Erie
1,496,897 Wabash
1,461,540
Great Northern.
1,550,000 Wheeling & Lake Erie
Albany),
xN. Y. Central RR. (including Boston &
$5, .500.000; Cleve.
Cine. Chicago & St. Louis, $4,560,101; other subsidiary and proprietary
coropanies, $2,041,827.
Note.
The Commission has already authorized some of these loans.
.
—
— —
—
t
Aug. 21
THE CHRONICLE
1920.]
The Association recommended the following loans to enable the companies mentioned to meet their maturing obligations, providing the remamder of the maturing obligations are effectively financed:
$2,921,000
Buffalo Boch. & Pittsb--. $496,750 Seaboard Air Line
5,879,1251 Tampa Northern
Erie
102'RSS
750.000
Missouri Pacific
1,454,000 [Trans-Mississippi Term..
in the
noted
have
been
the
Commission to date
The loans approved by
"Chronicle" from time to time. For a list of the companies to whom loans
are recommended the amount recommended and the purpose, see the "Railway Age" of July 2, page 31, and the issue of Aug. 13, page 289. V. Ill,
p. 587.
1
—
—
—
Ahandunm,ent.
Bartlesville Interurban Ry.
The Oklahoma Corporation Commission on July 14 permitted the company to abandon service of part of its line and also to remove poles, wires
and tracks. Compare V. 110, p. 1186.
Birmingham & Southeastern RR.
—
—
Receii'ership.
Blomit, Union Springs, Ala., has been appointed receiver upon a
petition filed by the Western Ry. of Alabama in the U. S. District Court
at Montgomery, claiming $7,792 for material and labor and for fares and
freight charges collected.
The line runs from Union Springs, via Fort Davis, Milstead and Tallassee
to Eclectic, Ala., 48 miles, and connects at Milstead with the Western Ry.
V. Ill, p. 492.
of Alabama and at Fort Davis with the Seaboard Air Line.
W. M.
—
—
—
Bleecker St. & Fulton Ferry RR. July 1 Interest.
See New York Railways below. V. 105, p. 2364.
Boston & Maine RR.- Government Loan Recommended.—
See Baltimore & Ohio RR. above. V. Ill, p. 692.
Boston Revere Beach & Lynn RR. New President.—
—
—
—
John A. Fermo has been elected President to succeed the
O.Adams.
Karl
Adams has been
elected Treasurer, succeeding
late Col.
Mr. Fenno.
p. 692, 389.
Melvin
— V. Ill,
—
Brazil Railway. Exchange of Debentures.
Notice is given that English stamped" 5% 50-Year Gold Debentures can
be exchanged, as provided by the scheme of reorganization, for new Seciu-ed
Debentures constituted by a deed of trust dated June 6 1919, having a
specific charge on the assets of the company, ranking after the respective
charges for securing the Prior Lien Bonds, the International Bonds, the
Convertible Debentures, and the 6% Notes. Debenture holders who have
not deposited their debentures with the committee representing the 5%
50-year debentures should lodge their English-stamped debentiu-es with
Binder, Hamlyn & Co., 80, Bishopsgate, London, who will in due course
Holders of deposit receipts for
deliver the new debentiu-es in exchange.
6% 50-year Debentures must lodge such receipts with London Joint City &
Midland Bank, London.— V. 110, p. 1186.
Co. — Talk
Brooklyn Rapid Transit
Judge Mayer,
in
U.
of Strike.
—
S. District Court, in reply to request of local divisions
Street & Electric Railway Employees of
for appointment with a committee to confer on
modification of the existing agreement between B. R. T. and its employees,
of
Amalgamated Association of
America that he arrange
refused the request of the committee, saying that the proposed agreements
in effect demand a closed shop which he cannot agree to.
After meeting a committee of the Association, Mayor Hylan instructed
Traction Construction Commissioner John Delaney to endeavor to arrange
a conference for the committee with Judge Mayer and Receiver Garrison,
In hopes of ending the dispute and avert a threatened strike.
According to Judge Mayer, under the agreement with the Amalgamated,
30 days notice of a strike must be given, and so far such notice has not
been given. According to officials of the Amalgamated there wUl be no
strike before Aug. 28, when the present agreement with the company
expires.— V. Ill, p. 692.
—
&
—
Lake Erie Traction Co. Sale.
Buffalo
Bids are being advertised for the sale of that part of the company's property between the Buffalo city line and the New York State line except such
parts of the line as were excluded by the provisions of the recent order of
the Erie County Supreme Court. The action for the foreclosure of the
First & Ref. Mtge. is brought by the New York Trust Co., N. Y. City.
All bids must be delivered or mailed to George Bullock, receiver for the
railway, at his office in Erie, Pa. before Sept. 15. Tenders must be accompanied by cash or a certified check to the amount of 5% of the bid. See
V. Ill, p. 293.
,
RR. —
Gov't Loan
Rochester & Pittsburgh
& Ohio Ry. Above. —V. 110, p. 2381.
Caldwell (Idaho) Traction Co. Receivership.
Buffalo
See Baltimore
—
—
been
Gen. Mgr.,
Interurban RR. — Fare Increase. —
appointed receiver.
has
C. D. Purkiser, formerly Asst.
—V. 105, p. 908.
Charleston
By a recent order of the West Virginia P. S. Commission fares were increased from 6 to 7 cents. The order provides 4 tickets for 25 cents, or
10 tickets for 60 cents. V. 108, p. 1164.
—
& Ohio RR. — Gov't
Chesapeake
—
& Ohio RR. above. V.
Chicago Elevated Railways.
See Baltimore
Loan Recommended.
—
—Earnings. —
1917.
$9,764,134
464,068
86,507
$15,179,614 $11,677,016 $10,808,732 $10,314,709
$391,710
$.301,945
$735,816
$1,377,101
663,753
849.138
584,620
1.203,629
Eauipment
1.312,027
1,340,294
1,323,385
1.468,196
Power
3,187,212
2,881,132
4,361,239
Conducting tfansporfn- 5,942.209
26,225
27.855
33,874
27,978
..
Traffic
419,867
517,438
388,790
640
,334
mIsVeUaneous.
Generalfe
Total revenue
Ways and structures....
$10,659,447
$915,088
341,916
$7,820,890
$1,103,858
312,035
$6,000,794
$1,012,094
309,385
$5,524,636
-
Gross income...
$11,916,451
$9,237,783
$7,322,273
$6,761,318
'^^tturn^on^^mv^tment. $3,263,163
$2,439,233
$3,486,459
$3,553,391
Total
Rentais.-
$9.34,552
302,130
city of Chicago, Aug. 14 1918. Figures
t Value fixed by ordinance of the
for year 1920 are based on 11 months actual results and an estimate for the
month of June without taking into account the increased wage scale which
became effective June 1. 1920. V. Ill, p. 692.
— Government Loan Recommended.
—
&
Chicago Lake Shore & South Bend Ry. — Fare Increase.
Chicago Junction Ry.
See Baltimore
Ohio Ry. above.
V. 110, p. 696.
P. S. Commission has authorized the comp.any to charge
its lines In East Cliicago, without affecting the transfer
V. 106,
of school children. Previous zones and zone fares are abolished.
p. 2755.
The Indiana
an 8-cent fare on
—
Chicago Milw. & St. Paul Ry. — Government Claim. —
—
Ry.
Northern
Loan Recommended. —
below. V. 110, p. 2657.
Pacific
See
Gov't
See also Baltimore & Ohio Ry. above.
& Pac. Ry.— Go^'i Loan Recommended. —
Chic. Rock
—
Baltimore & Ohio RR.
Chicago & Western Indiana RR. — Holders of $15,Is.
above.
See
OOO.UOO Notes
laturing Sept.
50% in New 7}4
15-Year
V. Ill, p. 294.
1
Offered
Bonds— Loan
50%
—
—
The holders of the
Further Data.
$15,000,000 7% notes dated Sept. 1 1917 and extended to
Sept. 1 1920 are offered a plan whereby the holder of each
$1,000 note wall be paid .$.500 in cash and will receive S500
in new 15-Year 73^% Collateral Trust Sinking Fund bonds.
The Belt Ry. Co. has agreed to accept in exchange for the
$1,000,000 6% notes held by it a like amount of new 15- Year
6% Notes. (See advertising pages.)
Digest of Letter of Pres. Howard G. Hetzler, Dated Chicago, Aug. 16.
from Revolving Fund
—
Previous Extensions. ^Since the extension of the Collateral Trust notes in
Sept. 1918 (V. 107, p. 1191) and .Sept. 1919 (V. 109, p. 774) directors have
been seeking a way whereby at matmnty the notes coiild be refunded in full
by a long-time issue and the noteholders receive complete payment of their
principal in cash.
Unfortunately, largely because of the financial conditions prevailing throughout the world, it has not been possible to carry
through a refunding operation.
Method of Payment. -With the assistance of the I.-S. C. Commission,
however, it is now possible to present to the holders a plan whereby, -Nvith
the co-operation of such noteholders, the holder of each SI. 000 note will
be paid .$500 in cash and will receive S500 In new 15- Year 7M % Collateral
Trust Sinking Fund bonds. The sinlring fund to be created will operate
to retire the entire issue of the new 15-year 7i4% bonds prior to maturity.
Short Term Debt.—The company has the following two maturities which
constitute the entire short-term debt:
(a) $15,000,000 7% notes held by
the public, secured by $21,000,000 C. & W. 1. 1st & Ref. M. 5% bonds. Series
A, due 1962, and (&) $1,000,000 6% notas held by the Belt Ry. Co. of
Chicago (an affiliated corporation), secured by Sl,250.000ofthe same issue.
Government Loan. The I.-S. C. Commussion on Aug. 14 1920 granted
the company a loan of $8,000,000 for 15 years at 6%, to be secured by a
part of the company's 1st & Ref. M. bonds. Series A. This loan is conditional, however, upon the co-operation of the holders of maturing notes in
—
—
the plan set forth below.
—
New Note Issue. The Belt Railway Co. has agreed to accept in exchange for the note held by it a like amount of 15-year 6% notes, secured
by $1,2.50,000 in 5% bonds. Series A, issued under the Ref. Mtge.
New Bond Issue. In order to provide for the maturing notes held by the
public (and subject to the completion of the necessary legal formalities and
—
by the proprietary companies), the company plans to issue
15-year 7i4% Collateral Trust Sinking Fund bonds, secured by 140':c in
principal amount bf 5% bonds. Series A, issued under the Refunding Mortgage. This Issue of 15-year 714% Collateral Trust Sinking Fund bonds
will be In an amount sufficient to provide for 50'>; of the .515,000,000
maturing 7% notes held by the public, the remaining 50% of such matm-ing
ratifications
notes to be paid in cash. Arrangements have been made through the medium of a special sinking fund for the retirement of all the above 7J4% bonds
taken by the public imder this plan.
Security.
Upon the exchange of the entire $15,000,000 notes for 50%
in new 15-year 714% bonds, and 50% in cash, there will be outstanding
$7,500,000 of such bonds secured by $10,500,000 First & Ref. Mtge. 5%
bonds. Series A, the balance of such Refunding Mortgage bonds (excluding
those held in the sinking fund under the Refunding Mortgage) being held
by the United States and the Belt Railway Co. of Chicago as collateral as
indicated above.
Sinking Fund Provisions. The Refimding Mortgage now contains a
provision for a sinking fund of $159,000 annually, which, when applied
ratably for the piu'chase of bonds now outstanding thereunder ,\vill result in
annual payments of approximately $70,000 to the trustee of the new 15-year
7 14% bonds, which payments will be appUed to the purchase and retirement of the new 15-year 7i4% bonds. In addition to this sinking fund,
the five proprietary companies owning the stock of the Chicago & AVestern
Indiana RR. will agree to pay to the tru.stee of the new 15-year 7
% bonds,
so long as any of such bonds remain out.standing, an amount of not less
than $300,000 annually, such payments to be pro\-idcd for in an amended
lease between the Chicago & Western Indiana RR. and the five proprietary
companies; the pajrments into such sinking fimd thus being a condition of
the use of the property by the five proprietary companies. The 15-year
bonds piu-chased for the sinking fund are to be held alive, and interest
7}^
accruing thereon is to be added to the slaking fimd.
bonds are to be piu-chased in the market by the
The new 15-year 7}4
.sinking fund at not over 10214 and int., and if not obtainable at that price,
the bonds shall be called for payment at that figiu'e by lot. Tlirough the
operation of these ciunulative sinking fimds, tlie entire amount of bonds
will have been purchased within about 13 years, even provided the company
Is forced to call bonds by lot each year at the price of 102^2
Total Debt.
The company's total debt outstanding upon the completion
of this financing will aggi-egate $66,000,000, excluding the bonds owned by
the company and pledged as collateral imder this plan.
Deposits Asked.
Inasmuch, however, as the successful completion of
the plan is conditioned upon its being accepted by the holders of not less
than 86% of the 7% notes, the directors urge holders of maturing notes to
deposit them on or before Sept. 1 ^vith Bankers Trust Co., Depositary, 16
Wall St., N. Y. City, for exchange in accordance with above offer. Coupon
maturing Sept. 1 1920, in respect of the 7% notes should be detached prior
to deposit of notes, and collected in the usual manner.
—
—
H
%
%
—
—
&
For fuU description of the First
Refunding Mortgage,
description of property, valuation as of March 1 1917, names
of proprietary companies and other data, see V. 105, p. 388
—
—
Cincinnati Traction Co. — Vage Increase. —
motormen and
Gov't Loan Recommended.
See also Baltimore & Ohio RR. above.
110, p. 2653.
1918.
19191920.
Years end June .30—
$14,451,605 $11,050,930 $10,263,349
Passenger revenue
463,569
553,423
639,109
other transportation...
72.663
81,814
88,900
Non-operating revenue.
Taxes carTicenses. &c.-
791
in Cash
and
of $8,000,000 Obtained
V. 110, p. 1642.
A board of arbitration has granted
conductors an award
of 9 cents an hoiu", bringing the.maximum pay up to 59 cents an hour. A
9-hour day ivith time and one-half for overtime was also agreed upon. The
wage increase is retroactive to June 20. Proportionate increases are granted
to employees other than trainmen.
The increase will probably mean a
fare advance to 8J4 cents.
V. 110. p. 561.
h>
—
Columbus Delaware & Marion Elec. Co.
— Fare Increase.
The company has been granted
iiormii^lon to increase Its fares by 1 cent
where ,5-cent cash fares are charged. An additional cent also is charged
for stops to the township line, making the fare 11 cents.
V. 110, p. 2192.
—
Cripple Creek
& Colorado Springs RR. — Annual Report.
See Cripple Creek Central Ry. under "Financial Reports" above.
V. 108, p. 479.
—
—
Dallas Ry. Equip. Trusts Offered. Hambleton & Co.
and Fidelitv Trust Co., Baltimore, recentlv offered at price?
to yield 8%, $280,000 8%, Car Trust Gold Certificates,
Circular shows:
Series of 1920.
Dated Sept. 1 1920. Due serially March I 1921 to Sept. 1 1923. Denom. $1,00(5 (c*) and may be registered as to principal only. Int. parable
M. & S. at office of Fidelity Trust C^o., trustee. Red. as a whole on 30
days' notice at 101)^ and int. Secured by 50 specially coulpped new
Birney safety cars built by the J. G. Brill Co., upon which tne comp.iny
will make an initial payment of about 20% of total cost.
Company was incorp. in 1917 and owns 70 miles of electric railway, rolling
stock comprising about 225 cars of various types and a modern office and
terminal building located near the business centre of the city.
In addition
V. Ill, p. 73.
17 miles of track are controlled under lease.
—
Delaware
See Baltimore
Eastern
& Hudson RR. — Gov't
& Ohio RR.
a4)ovo.
Pennsylvania
— V.
Loan Recommended.
—
111. p. 692.
Rys.
— Bondholders'
Protective
Committee A'cgotiating with Stockholders for Reorganization
Plan Over 80% of Bonds Deposited.
—
A letter dated July
5%, bonds, states:
The
—
15. sent to holders of certificates of deposit First
Mt«e.
deposit agreement of .\tig. 15 1919 having become operative thniugh
the deposit of over 80% of the outstanding bonds, the ooinmitt<>o h.is been
negotiating -with representative .slookholdors for a nnirganization of the
company. It Is as yet too soon to make any announcement respecting the
outcome, but the conmtlttoe desires you to bo assmvd that everything
possible is being done for the protection of your interests.
THE CHRONICLE
793
Specialists retained by the committee have reported that in their opinion
Rethere is an equity of over SI, 500. 000 in excess of outstanding bonds.
cently the company has secui'ed material increases in its rates, and these
increases have produced a substantial net income in excess of bond interest.
The committee is convinced that the company's power plant is uneconomical, and its capacity is wholly Inadequate to serve the present and
Installation of economical power
rapidly growing needs of the teiTitory.
generating units of adequate capacity, extension and improvement of transmission lines: rehabilitation of the railway property: payment of cm-rent
obUgations and paj-ment of maturing bonds of underlying companies will
make it necessary for the company to finance expenditures of approximately
53,000.000 prior to Jan. 1 1925. A large part of this money must be pro
\-ided in the Immediate future to protect the company's credit and earning
capacity.
The committee has prepared a constructive plan of reorganization, but
up to the present time has not been able to reach an agreement with the
stockholders on the plan, but in view of the large capital requirements,
and the Insufficiency of treasury seciu-ities to meet them. It is apparent
that the stockholders must soon provide this capital themselves, or else
accept upon reasonable terms the co-operation of depositing bondholders.
Under these ctrcmnstances the committee feels that the bondholders oicup.v
a very strong and satisfactory strategic position which can be maintained
only by a continuance of united action.
[Under date of Aug. 18 we were informed that a plan of reorganziatlon
has not been completed.
V. 110. p. 969.
—
1
—
Elgin Aurora & Southern Trac. Co.
Trustee Resigns.
The Continental & Commercial Trust & Sa\angs Bank has resigned
trustee imder mortgage of June
Erie
RR.
1
— Government
See Baltimore
&
1901 effective Nov,
1
,
1920.
Loan Recommended.-
Ohio RR. above.
— V.
— V. 81
,p.
—
—
as
1848
—
(Illinois) Ry. —Fare Increase.
U. Commission has granted the company an Increase in
fares to 7 cents cash or 5 tickets for 30 cents.
The new rate supersedes the
former straight 6-cent fare with no tickets. V. 98, p. 155.
Illinois P.
—
Hampton & Amesbury
Street Ry. committee representing Exeter, Hampton and other towns served by
the company is reported to be negotiating through the P. S. Commission
for the purchase of the company's property by the municipalities.
The railway some time ago announced its intention to discontinue operation.
Exeter (N. H.)
A
—V. 108, p. 784.
Great Northern RR.
—
—
—
Gov't Loan Recommended.
& Ohio RR. above and V. Ill, p. 493.
Hocking Valley Co. Government Loan Recommended.
See Baltimore & Ohio RR. above. — V. Ill, p. 68.
Hudson & Manhattan RR. (Hudson Tubes). Fares.
See Baltimore
—
The
—
—
Commission on Aug. 14 ordered the company to suspend
its schedules requiring a flat 8-cent fare between points on its lines in
York
City,
Jersey City and Hoboken, N. J.
New
The Commission, in
I.-S. C.
denj-ing the flat 8-cent fare, said that the present inter-State local passenger
fare of 6 cents between Jersey City and Hoboken and Hudson Terminal
Station, New York, and of 10 cents between Jersey City and Hoboken and
stations on the line in New York from Christopher St. to 33d St., were
found justified, and the proposed flat fare of 8 cents was found not to have
been justified. The road is required to cancel the proposed 8-cent tariff on
or before Aug. 31 and further proceedings are ordered discontinued.
V. Ill, p. 294.
Illinois
Bond
Traction Co.
— Sub.
Bond Applications.
Cos.
—
have been asked
for In petitions filed with the Illinois P. U.
Commission as follows: Decatiu- Ry. & Light Co.. .'$354,000; Danville Street
Ry.
Light Co., $88,000: Urbana & Champaign Ry., Gas
Electric Co.,
$88,000; and Urbana Light. Heat & Power Co., $6,000.
("Electric Railway Journal.")— V. Ill, p. 182, 188.
issues
&
&
Indiana Railv/ays & Light Co.— Fare Increase.—
The company has been granted a straight fare of 3 cents per mile on
passenger service, effective on one day's notice.
— V.
110, p. 561.
— Financial
Commissioner Delaney. —
Interborough Rapid Transit Co., N. Y.
Statement of Operations Issved,
by
14 Transit Construction Comm. J. H. Delaney is.sued financial
statements to show the operations since July 1 1919 of this company and its
subsidiary, the Manhattan (Elevated) Ry. and also the New York Consolidation RR.. the latter comprising the rapid transit,' .subway and elevated
Thi.. statement will be cited fully
lines of the Brooklyn Rapid Transit Co.
another week. See "New York Timas" of Aug. 15. V. Ill, p. 74.
On Aug.
—
International Ry. Co., Buffalo.
— To Increase Capital. —
The company has made application to the New York P. S. Commission
for approval to increase its capital stock from .$17,000,000 ($16,707,500 outstanding) to $17,500,000, consented to by stockholders in writing and also
authorizing the is.sue of $792,500 in capital stock which shall or may be
bonds of the Intersold to the protective committee for collateral trust
national Traction Co. (see that company below), now owner of all the
company,
at
a
price
not
less
than
par.
V. Ill, p. 188,
stock of the railway
4%
—
588.
Traction
—
Co. Addition (o Deposit AgreeH.
International
Elliott O. McDougal, Chairman of the protective committee for holders
gold bonds, has notified the depositors that a new
of Collateral Trust
paragraph (eighth) has been added to the protective agreement dated
4%
Aug. 10 1918. The new amendment says in substance;
The committee shall have power to cause the stock of the International
Railway Co. to be increased from $16,707,500 to an amount equal to 95%
of the principal amount of the 4% bonds of the Traction Company which
are now or may hereafter be deposited under the protective agreement, and
to transfer and deliver all the stock of the railway company under a five-
year voting trust agreement, the trustees to be appointed by the committee.
The committee proposes: (a) to offer to each depositor of a $1,000 4%
bond of the traction company the opportunity to purchase $200 in Refunding & Improvement 5% bonds of the railway company for $100 plus accrued
int. on such bonds, and also the opportunity to purchase v. t. c. for 9M
shares of stock of the railway company for $100: (&) to sell and deliver to
underwriters or others at the prices above stated the portions of said 6%
bonds and said v. t. c. which the depositors do not elect to piu-chase in
accordance with the offers to be made to them; (c) to apply the proceeds of
said 5% bonds and v. t. c. to the payment and discharge of the obligations
and expenses of the committee (including the compensation of its members)
and pay over and transfer to the railway company, or to trustees for its
benefit, the balance of such proceeds and all other cash, securities and
property which may remain in its hands.
The purchase price for said 5 % bonds will be payable at the time of making
Fifty per cent of the purchase price for the v. t. c.
the election to purchase.
will be payable at the time of making the election to purchase and the balance thereof at such time or times in 1921 as the committee may determine.
'V. 111. p. 692.
See also International Ry. Co. above.
—
(Cleveland). — Fare
Increase. —
Lake Shore Electric Ry.
The Sandusky City Commission on Aug. 9 passed an ordinance increasing
the city street-car fare rate from 5 to 6 cents for cash fares, and to sell 5
Company had asked for a 7-cent fare. V. 1 10, p. 2192.
ticketsfor 25 cents.
Lehigh
& Hudson
River Ry.
— To
—
Refund Debt.
—
The stockholders v/ill vote Sept. 10 on increasing the authorized Capital
Proceeds of the sale or allotment of
stock from $1,720,000 to $5,000,000.
such increase is to be used to pay and discharge the principal of the entire
mortgage debt of $2,587,000, and to pay and discharge all the debentiu-e
bonds of $400,000, the remainder of such increased capital of $293,000 to
be held in the treasury.
If adopted the stockholders prior to such increase shall have the option
and right to take and pay for at par a pro rata amount of such increased
stock in proportion to the number of shares of stock held.
The increase, issuance and sale is subject to the approval of the I,-S. C.
Commission. ^'V. 110, p. 1973.
Stock.
Employees Purchase
Lehigh Valley
The employees were recently given an opportimity to purchase Common
stock of the company on an installment basis, and, it is understood, all
—
RR.
—
departments of the railroad are represented, employees having availed
themselves of the opportunity offered them. Under the plan employees
are permitted to subscribe for Common stock, the company buying the stock
at the market price on the day the subscription reaches the Treasurer's
Deductions are made from the pay-roll for the second half of the
office.
month at the rate of $5 for each share. The employees are credited with
interest on their payments at the dividend rate paid by the company on the
Common stock until payments are completed, when stock is dehvered to
V. 110, p. 2387.
purchaser.
—
Los Angeles Railway Corp.
— Wage
Increase.
—
Effective Aug. 16, the company granted its employees a wage increase
of from 5 cents to 9 cents an hour, and with the merit bonus system employees in service two years or more may earn 60 cents an hour.
The new scale for motormen and conductors will be as follows: First three
months, 50 cents an hour; remainder of first year, 51 cents; second year,
52 cents: after second year, 54 cents. Additional pay of 2 cents an hour
will be added on shuttle lines, and 4 cents on downtown safety car runs.
V. 110, p. 1415.
Manhattan & Queens Traction Co.— Strike.
—
Employees of the company, numbering about 60 motormen and conductors, went on strike on Aug. 14 upon the company's refusal to grant their
demand of a 25% increase in wages. The company offered them an inCity officials have inaugucrease of 5 cents an hour, which was rejected.
Comrated bus service along the route traversed by the company's lines.
pany has made no attempt to operate its cars. •'V. 110. p. 970.
—
Marshall
&
— Abandonment. —
East Texas Ry.
This company has applied to the I.-S. C. Commission for permission to
its line from Gilmer to Marshall and Ely.sian Fields, Tex., which
has not been operated for two years, and to salvage the property. See
V. 110, p. 2487.
abandon
Ill, p. 692.
Evanston
The
•Vol hi.
Common
Memphis
Street Ry.
— Wage and Fare Increases Authorized
Judge McCall has authorized the new wage scale for employees previously
agreed upon at a conference between the receivers and representatives of
the union.
The initial rate of 7 cents, with 10 tickets for 65 cents, granted by the
Tennessee P. V. Commission to the company April 1. and staved off for
four months by the efforts of the City Commission, went into effect Aug. 16,
Federal Judge Cochran has affirmed the decision rendered by the late
Federal Judge John E. McCall. approving the 7-cent fare. Judge McCall
died suddenly on Aug. 9. but his decision, which was in the mails, did not
See V. Ill, p. 588.
reach the Clerk of the District Court before his death.
Midland Terminal Rail'way.
See Cripple Creek Central
V. 105, p. 998.
— Annual
Report.
—
Ry under
"Financial Reports" above.
—
—
Declared Operative— Time
Missouri Pacific Ry. Gov't Loan Recommended.
& Ohio RR. above. V. Ill, p. 493.
See Baltimore
—
—
Extended— Second
National Properties Co.
Plari
Protective Committee.
for Deposit of Bonds
At a meeting of the bondholders' protective committee for the 4-6%
bonds, of which Evan Randolph is Chairman (V. 111. p. 189), the amended
plan (V. 111. p. 588) was declared operative. The time for the deposit of
bonds, which expired Aug. 16. has been extended to Sept. 20, after which
date, in accordance with the deposit a.greement. bonds will only be accepted
on such terms as may be imposed by the committee.
Second Protective Committee. At a meeting of bondholders
held Aug. 12, the foUovang protective committee "was formed:
V. Gilpin Robinson. Chairman, Jeremiah J. Sullivan Jr.. James A. S.
MacMeekin, Joseph H. Shoemaker and James E. Gorman, with Michael J.
Ryan and George Wharton Pepper, counsel. [Mr. Pepper has since withdrawn as associate counsel.]
Position of the Robinson Protective Committee Is:
(1) That full information as to all operations of the American Railways
Co. and the National Properties Co. since Jan. 1 1916 shall be given to aU
—
bondholders.
(2) That the present condition of their property as to resources and
earning power shall be made clear.
(3) That the pro\isions in the deed of trust securing the bondholders
shall faithfully
be carried out.
claims that may be justly found to lie against the National
Properties Co., any other company, or any individuals shall be prosecuted
to the full extent of the law for the benefit of the National PropertiesAmerican Railways Co. bondholders.
If the proposed modified plan (V. Ill, p. 588) is allowed to go through
and 50% of the bondholders pay their assessment, about $3,900,000 American Railways Co. Common stock goes to the syndicate, who to a great
extent are the present management, who would thereby be continued in
(4)
That
all
control.
,
,
,
,
a
(5) That the plan which is finally presented to the bondholders be
plan that gives those bondholders who pay any assessment, that may be
plan
whereby
and
a
necessary, the best possible security for their money,
those bondholders who cannot pay an assessment get a square deal.
Bondholders are requested to deposit their bonds -with the Provndent
Life & Trust Co., 401 Chestnut St., Phila., on or before Sept. 8 1920.
If deposited with the original protective committee, holders are asked, if
they so wish, to withdraw their bonds and deposit them as above with the
Compare original plan in V. 111. p. 189. and
Provident Life & Trust Co.
amended plan in V. Ill, p. 588, 493.
N. Y. N. H. & H. RR. Gov't Loan Recommended.
& Ohio RR. above. V. 110, p, 2658.
See Baltimore
—
—
New York Central RR.— 0//enng of $25,000,000 TenYear 7% Collateral Trust Bonds.—J. P. Morgan & Co., First
National Bank, National City Co., Guaranty Trust Co.,
Bankers Trust Co., and Harris, Forbes & Co., are offering at
100 and int., yielding 7% (subject to the approval of the
I.-S. C. Commission) $25,000,000 10-Year 7% Collateral
(see advertising pages.)
Trust Gold Bonds,
Dated Sept. 1 1920, due Sept. 1 1930. Int. payable M. & S. in N.IY.
Denom. of SI. 000 and $500 c*& r*, Sl.OOO. $5,000 and $10,000.
Citv.
Red., all or part, at 105% and int. Guaranty Trust Co., N. \ .. trustee.
Data from Letter of V.-Pres. Albert H. Harris, N. Y., Aug. 18 1920.
—
—
Proceeds are to be used to retire $15,000,000 notes maturing
Purpose.
Balance will be available
Sept. IS 1920. and $8,000,000 of bank loans.
for capital purposes.
,
,
,
,
Securitii.
Secured bv the following collateral ha%nng a par value ol
$34,250,000 and a present market value of $31,425,000.
^•
^^
Pledged Market
Value.
Price.
823,750,000
*95
$25,000,000 N. Y. C. RR. Ref. & Imp. M. 6s, Series B
3,000,000
3.7,50.000 (75.000 .shares) Reading Co. 1st Pref. stock. 40
4,6.5,000
5, .500.000 (110,000 shares) Reading Co. 2d Pref. stock. 42J^
.
W
* Based on the present market of Ref. & Impt. Mtge. 4 ^ % bonds, Ser. A.
As set forth more fully in the indenture, provision is to be made whereby
the above-mentioned Reading stock may be withdrawn as collaterallby
substituting (o) the new securities to which such stock shall be entitled upon
a dissolution of the Reading Co. m accordance wth a court order; (0) additional N. Y. Central Ref. & Impt. Mtge. bonds; or (c) mortgage bonds or
stock of railroad companies which have paid not less than 5% diviaenas
„ ,.
^
on their stock for a period of not less than five years.
or
The company will have the right to withdi-aw either the Reading stockthe
the New York Central Ref. & Impt. Mtge. bonds by surrendering to
amount
rat.ible
either
a
bonds,
trustee of these 10-year 7% Collateral Trust
of such bonds for cancellation, or cash sufficient to pro\nde for the purchase
bonds.
or retirement at 105% and int. of such ratable amount of the#e
No substitution or withdrawal shall be made, however, [except under
,
unless the total security after such substitution, taken at its then value,
amount to not less than 125% of the face amoiuu^of the 10-year bonds
outstanding and not covered by cash deposited with the trustee.
(a)]
shall
—
.
Aug. 21
THE CHRONICLE
1920.]
Gross Revenue and Income Available for Rental and Int. Charges, Cal. Years.
I7ic. Avail. for Rental
Balance.
Year
Gross Revmiir. Rental
Int. Int.Chges.
—
&
&
$223,261,590 $85,760,177 $40,100,960 $45,659,217
238,S29.800 66,444,153 40,844,933 25, .599, 220
294,823,0.36 66,964,751
42,499,406 24,464,345
311,032,821 68,562,154 45,448,534 23,113.620
1916
1917
xl918
X1919
X As the Government's account with the company has not yet been
settled, these amounts are subject to .slight variation.
On the basis of the 1919 volume of traffic and after allowing for increases
In wages and in the cost of materials and supplies, the new freight and
passenger rates recently allowed by the I.-S. C. Commission are estimated
to produce for the year 1921 not less than .$80,000,000 net income (including
other income) as contrasted with present fixed charges of less than $488000,000, Including interest charges on this issue of bonds. Compare annual
report in V. Ill, p. 487, 501, 502, 503, 686, 693.
Government Loan Recommended.
& Ohio RR. above. V.
See Baltimore
New York
Railways.
—
—
—
Ill, p. 693, 686.
—
Int. Ordered Paid
Sale Postponed.
Judge Mayer in the U. S. District Court has ordered Job E. Hedges,
receiver, to pay the interest which became due on July 1 on (a) $700,000
Bleecker St. & Pulton Ferry RR. 1st Mtge. 4s of 1950; (6) $1,000,000
Thirty-Fourth St. Crosstown Ry. 1st Mtge. 5s of 1996; and (c) $1,500,000
Twenty-Third St. Ry. Impt. & Ref. Mtge. 5s of 1962.
Judge Mayer adjourned until Nov. 10 the proposed sale imder foreclosure
proceedings brought by the Guaranty Trust Co., trustee under the First
Real Estate & Ref. Mtge. A further hearing will be held on that date to
determine whether the sale should proceed imder the terms of the mortgage.
Judge Mayer also gave tentative approval to a plan to sell the car barns
at 32d St. and Lexington Ave. and at 50th St. and 7th Ave., and the Cable
Building at Broadway and Houston St. V. Ill, p. 693.
—
Norfolk
The
.
& Portsmouth
Belt Line RR.
—Notes
Approved.
793
Philadelphia Traction Co., Electric Traction Co., Peoples Traction Co.,
into one operating company; transmuting the stocks and other securities
of these companies into the stock of the new company, so as to maintain
present preference as to assets and dividends of the respective companies;
while the return paid represents only a reasonable return on paid in value,
as follows.
(1) The fixed charges of the new company would at the outset approximate $5,000,000. as against the present charge of nearly $10,000,000 per
annum.
(2) Credit is at once established by this change, and the way opened to a
further consolidation and the issuance of a general first mortgage and refunding bond issue, by which the stocks and bonds of underlying companies could be retired and the capital needs of the operating company
provided
for.
(3) Federal excess profits taxes, now paid on account of these companies,
and representing a considerable addition to operating costs, would, under
this plan, be entirely eliminated, as would al.so the costs of maintaining the
corporate organizations of the several companies.
(4) The carrying out of this plan would greatly facilitate economy of
operation, in that the operating company would have a free hand to operate
the several lines of the system to the best interests of the business for all
concerned, including the public.
Proposed New Underlying Traction Company Under Mitten Consolidation
Capitalization and Return.
—
Dividends
Stock of
New
Co.
Rate.
8%
8%
People'sTractlon\..lstpf.:;S14, 865.057
Electric Traction/
Phila. Traction
Ist pf.
20.000.000
Capital
Amount.
Paid
Total 1st Pref. stock
$-34. 865.057
$2,789,205
2d pf
30,000,000
7% 2,100.000
S 10 per share assessment
Phila. Rapid Translt-Com.l
S2.50
600,000sh. (Nopar)ash.J
1,500.000
..
Union Traction
.
C. Commission has approved the renewal of its note for .$1,50.000
with the National Bank of Norfolk at the rate of 6% imtil July 16 1921.
Surplus.
in.
$1,189,205 (86.000,000
8,297,920
\
1,600,000 20,000,000
$486,220
10.500.000
6,000,000
3.753.141
30.000,000
4,482.120
I.-S.
—V. Ill, p. 494.
Norfolk & Western Ry. To Exchange Trust
Trust receipts for 4-year 6% secured gold notes may now
—
—
Receipts.
be exchanged
for the definitive notes at the Guaranty Trust Co. of N. Y., 140 Broadway,
N. Y. City. See offering V. 110, p. 1973.— V. Ill, p. 295.
Northern Ohio Traction
&
Light Co.
— Fares,
&c.
—
Judge E. D. Fritch has overruled Councilman Gus Kasch's motion to
enjoin the company from collecting a 5-cent fare. Judge Fritch's action
applies only to the plea for a temporary injunction, as the Coiu-t is not empowered to pass on the legality of the measure for a temporary order. The
petition for a permanent injunction will be passed on in the regiilar order
of court business.
Councilman Kasch brought his petition when the city
and company entered Into an agreement to amend the present franchise to
raise the fare to 5 cents, permitting the company to pay a wage increase
demanded by striking carmen. The amendment, Kasch alleged, does not
conform with the city charter.
Negotiations between company and city officials for a new franchise are
in progress.
The new franchise, it is understood, will contain a provision
for an initial 5-cent fare and an appraisal of the company's property by the
city.— V. Ill, p. 693
—
—
Northern Pacific Ry. Files Claim against Government.
This company and the Chicago Milwaukee & St Paul Ry have filed
claims again-^t the Railroad Administration for sums alleged to be due from
the Government arising from Federal control of the properties, in settlement
for the balance of rental due, under-maintenance, depreciation of equipment
and materials and supplies and cash taken over at the time the Government
assumed control
The claims are as follows:
Northern Pacific (of which $8,597,394 for under-maintenance of
way and structures, and $7,731,379 for under-maintenance
of equipment)
$25,796,397
Chicago Milwaukee & St Paul (of which about $16,000,000 is
for equipment)
25 ,900 ,968
H. A. Clifford has been elected Treasurer to succeed the late Charle**
Alexander Clark,
Governm't Loan Recommended.
See also Baltimore
& Ohio RR.
—
above.
—V.
Pacific Electric Ry., Los Angeles.
— Wage Increase. —
.
—
.
,
—
.
Stock Trust Certificates Reduced.
The Phila. Stock Excliange on July 27 struck off the list $137,000 Phila.
Wilm. & Bait. RR. Stock Trust Certificates 4s. due 1921, redeemed and
canceled by smking fund, leaving listed .35,231,000.
—
Government Loan Recommended.
See Baltimore & Ohio RR. above. V. 110, p. 2658.
Pere Marquette RR.
To Dismantle 14 Miles of Road.
—
—
The company has applied
—
Philadelphia Rapid Transit Co. Opposition to Plan
for Merger of Subsidiaries and Terms for Car Trust Issue
Pres. Mitten Resigns from Union Traction Board.
—
—
Following the P. R. T. iSoard meeting Aug. 16. Prcs. T. E. Mitten made
public correspondence over negotiations with the Union Traction management with respect to a suggested plan for rearrangement of the relation
of the P. R. T. C^o. and its subsidiaries.
It having met opposition Mr.
Mitten has resigned as director of Union Traction as he considered to
continue in the directorate of that company would be embarrassing. In a
letter to Chairman J. J. Sullivan he said:
"In 1912 it scorned advisable that I should become a director of the
Union Traction Co. as you. President of Union, were a director of P. R. T.
purpose in .serving as a director of Union was to assist in accomplishing
such a joint organization of Union and P. R. T. as would insure to their
joint benefit and oyien a way to provide the necessary funds to improve
transit facilities in the way of needed extensions, &c.
"The suggestions I have made from time to time to effect this purpose
culminated in a conservative and carefully prepared plan of reorganization
of the relations of the companies and then- rosi)ective obligations.
This
plan, which I believe would have gone far towards solving the difficult
situation of the transit problem, met with such opposition from certain
dominant interests that its adoption was m.ade impossible.
"I am not. and never have been, in .sympathy with Union's policy of
exacting P. R. T.'s ('(luilii's as the price of IJnion's consent when ro(|uire<l
to secure additional capital to be spent upon the leased property; but. on
the contrary, have repeatedly stated to your board my belief that Union's
stability depended largely upon Union's strengthening its lessee. P. R. T.
"Union's latest demand that, as the price of its consent to the proposed
$6,000,000 Car Trust (V. 110. p. 1850. 1527), P. R. T. shall give to Union
every equity that P. R. T. now po.sse.sses, and in addition agi-eo to make
over to Union all jiroperty which P. R. T. may hereafter acquire, is both
My
unreasotiable and di^structive.
W "I do not rclinciuish the hope that Union may yet see that its own, as
well as the interests of the public and of P. R. T.. will be best .served by
the adoption of a different spirit toward the transit problem a spirit to
which the accompanying plan is a tentative effort to give formulat<'d expression.
Nevertheless, my now contiiniing to act as a director of Union
would be embarrassing, and I tliiicfore desin' to make my resignation,
herewith (iiulcred effective forthwith."
Synopsis of Plnn of Consolidation as Submitted by President Mitten.
A menioranduni of the nronosed plan of consolidation of the five leaseholding companies Philadelphia Rapid Transit Co., Union Traction Co.,
—
,
—
fore Federal tax
$7,161,552
is
Dividends on stocks of all five companies would only be. .
6,389.205
Leaving additional earnings permitted before Federal tax applies of
T Takes the place of $29,730,114 E.
and P.
$772,347
43.
Committee of P. R. T. Directors Appointed to Treat with
Union Traction Directors To Withdraw Petition for Higher
Fares
July Earnings.
The following committee has been appointed to treat with Union Traction
—
—
—
officials in an effort to clear up the present situation.
William M. Montgomery. Ernest T. Trigg. W. C. Dunbar. Frank Buck and T. E. Mitten.
President Mitten has announced that the company \vill at once petition
the Penn. P. S. Commission for permission to withdraw its application for
increased fares now before the Commission.
Income Statement for July and 7 Months ended July 31.
7Afos.
1919. 1920
-July
1919
1920
Operating revenue
.$3,107,945 .$2,872,717 $21,761,.538 $20,047,683
Operating exp.& taxes,. 2.390,636
2,031.219 15,826,927 13.740,296
Operating income
Non-operating income..
Gross income
Fixed charges
717,308
54,448
$841,498
46,113
.55,9.34.610
306,349
$6,307,386
310,626
$771,757
817,632
.$887,611
$6,240,960
5,717,234
S6.618.013
5,669,943
816.141
Netincome
def.$45.874
.$948.07
$523,725
$71,469
Further details regarding the correspondence between officials of both
companies and the con.solidation plan as submitted by Pres. Mitten may
be found in the Phila. "Public Ledger" and the Phila. "Press" of Aug. 17
and subsequent dates. V. Ill, p. 494.
—
receivers of the
—
—
Seeks Fare Increase.
company have appeared before the Pennsylvania
P. S. Commission asking permission to increa-se rates from 4 tickets for
30 cents to 3 for 25 cents. Protest against the fare boost was entered by
Councilman W. Y. English and Daniel Winters of Pittsburgh. They said
they appeared as individual Councilmen. and asked the Commission to investigate the company's payments on lease to underlying companies, its
unfunded debt, real estate mortgages, bond issues and investments. A. W.
McPherson. Aud. for the company estimated the few schedule would bring
in $1,816,097 annually.
He estimated the company's yearly income without new tariff as $20,401,475 and expenditures at $18,967,493 and for 1921
$19,753.643.— V. Ill, p. 295.
Point Pleasant (N.
J.)
Traction Co.
— Suspends. —
3.72 miles diu-ing the summer season
V. 74, p. 1140
at Point Pleasant, did not place the road in service this year.
to the I.-S. C. Commission
mantle 11.47 miles of main line and 2H miles of siding between Rapid City
and Kalka.ska, Mich., which were built to serve a lumber operation which
ceased some years ago. It is stated that the traffic has disappeared and the
line cannot be operated at a profit.
V. Ill, p. 190.
—
$25,654,344
The company, which operated about
for permission to dis-
—
of Common stock (for P. R. T. equals S41 09 per share)
Nole~8% on $89,519,401 capital and surplus allowed be-
Equity
The
Effective Aug. 16, company granted its employees a wage increase of
about 5 cents an hour. According to the new schedule, the rate per hour
will be 50 to 53 cents for street-car ser\'ice, 55 to 58 cents for single track
interurban serviced 52 to 553^ cents for double-track interurban service, and
62 cents an hoiu" for freight service. The total pay-roll of the company
under the new schedule will be increased by about S900 .000
V 1 1 1 p 693
Pennsylvania RR. —
$89,519,401
64.865.057
Pittsburgh Railways.
Ill, p. 693.
$8,721,481.
86,389,205 $80,797,920
$64,865,057
Total paid In capital and surplus
Preferred stock of new company
Richmond, Fredericksburg
—
& Potomac RR. — Obituary.
President William H. White died on Aug.
St.
Louis Southwestern Ry.
—
5.— V.
Lea.'^e
111. p. 693.
Approved.
—
C. Commission has apjiroved a lease of the Valley Terminal
Ry. Co. and all of its property to this ccnnijany for a period of two years
from March 1 1920. The Iea.se will permit certain consolidations which
will facilitate handling of freight.
V. Ill, p. 190; V. 110. p. 24SS.
The
l.-S.
—
Seaboard Air Line B-R.—Governernnt Loan Recommended
See Baltimore
Seattle
&
—
& Ohio RR. above. V. Ill, p. 693.
Rainier Valley Ry. Fare Increase.
—
—
Effective July 20 10-cent cash and 6 2-3-cent token fares went into effect
on the company's lines. Fifteen metal tokens are sold for SI. A charge of
2 cents is made for transfers to and from the cars of the Seattle Municipal
Street Raihvay, on the token faro, no charge being made for the transfers
on the cash fare. V. Ill, p. 74.
—
— Stock
—
—
Hunter
Status.
Wvkes, 43 Cedar St., N. Y., in oiroular of Aug. IS says:
Embraces 33 miles of line and a connecting link essential to the operation
of the Erie RR.'s through line, and enabling it to rc-ich important railroad
centres in the Mahoning Vallev such as New Castle and Youngstown.
Capitalization Dec. 31 1019: Bonds. $414,000; stock. SI. 389.000.
With the estimate of J. P. Morgan & Co. of SI 1 '2.000 net earnings for the
New Castle branch and not less than an equal amount for the main lino,
it would appear that the annual rental ($97,509 in 19191 was earnetl more
than twice over.
Dividends were paid at the rate of 6% for more than 40 years without
The Erie RR. Co.
a break until the imposition of the Federal income tax.
then took the position that this tax should be paid out of the rental. The
one-third of the
owns
over
Erie
KR. t\>.
matter is now in the courts. The
total outstanding capital stock of the Sharon Hy.. which it took at par
under the provisions of the lease to reimburse itself for Imiirovements and
extensions made to the property, chief of which was the double-tracking
of the New Castle branch.
I can offer a limittxl amoimt of this stock at $10 per share flat, at which
the net return per aumim based upon the 5''7> dividend rate, is nearly H '^.
A semi-annual dividend of SI 25 per share Is payable Sept. 1. V. 109. p. 1 4
Sharon Railway.
Recommended
—
.
Tampa Northern RR. — Gorcrumcnl
See Hallimore & Ohio KK. above V. 90. p. 1090.
Tennessee Central RR.
'.J <
Loan Recommended.
Rate Increase.
—
—
Tenne.s.see P. V Contmissiou has authorized the company to Increase
passenger rates from 3 to 4 cents a mile and liUra-State freight rates on coal
.Similar percentage increa.ses in rates on other
25';;., to take effect .Vug. 15.
freight traffic handled intra-State were granted to take effect not later than
Aug. 25.— V. 110, p. 1291.
The
.
THE CHRONICLE
794
—
Terminal RR. Association of St. Louis. Ask Receiver for
Co. Alleging Failure to Carry Out U. S. Supreme Court Decree.
The Missouri, Kansas & Texas, St. Louis-San Francisco, Chicago Rock
Island & Pacific and the Missouri Pacific, members of the Association have
rvoL. 111.
& Lake
Wheeling
See Baltimore
&
Erie
Wichita Falls Ranger
— Gov't Loan Recommended. —
—
Fort Worth RR. —
RR.
—
Ohio RR. above
&
^V. 110, p.
972.
Service.
S. District Court at St. Louis, alleging that the Terminal Railroad Association has failed to comply with an order of the Supreme
Court with respect to a reorganization ordered in a decree on April 2''
1912 (V. 94, p. 1187).
receiver is asked for pending enforcement of the
On July 31 passenger service was inaugurated from Breckenridge to
Ranger and Dublin. Company has built and put in operation over 55 miles
of road since last March.
See V. 110, p. 1850.
The motion holds that under the decisions of the Supreme Covu-t and injunctive orders of the District Com-t, "the Terminal Railroad and its subsidiaries are only permitted to engage in strictly switching business except
that they may do such limited amoimt of transportation business as has
origin upon their own terminals, or is to be hauled to some otlier point on
their own terminals for delivery on their own terminals, and which limited
transportation business no one of the proprietary companies could do or
INDUSTRIAL AND MISCELLANEOUS.
filed a
motion
in the
U.
—
A
order.
engage in."
The motion alleges that the Terminal Association and two other companies
the Wiggms Ferry Co. and the Merchants' Bridge Terminal Ry., which are
also named defendants, still continue to engage in a general railroad transportation business, a practice condemned bv the Supreme Court decree
It Is alleged that the proprietary companies of the Terminal Association
other than those filing the motion, refuse to use the terminals of the association
compliance with contracts drawn some time ago
Such companies
it IS alleged, transport passengers, freight, &c., over the terminal lines with
theu- own engines operated by their own employees and have refused to let
the Terminal Association handle their business.
This practice, it is charged, brings about a condition in which "practically
the entire burdens of operating the St. Louis terminals with respect to
trans-Mississipp business are thrown upon the four companies fUing the
motion, and indirectly upon the public."
The proprietary roads other than the four filing the motion are Cleveland
Cmcmnati Chicago & St. Louis, Louisville & Nashville, St. Louis Iron
Moimtain & Southern, Baltimore & Ohio Southwestern, Wabash, Pitts.
Cm. Chic. & St. Louis RR., Chic. & Alton, Chic. Burl. & Quincy, III. Cent.
Southern Ry., and St. Louis Southwestern. V. 110, p. 2658.
m
.
—
Texas
& Pacific RR. — Government Loan Recommended. —
& Ohio RR. above. — V. Ill, p. 494.
Thirty-Fourth St. Crosstown Rj.—July 1 Interest.—
See New York Railways above — V 71 p 135
Toledo, Bowling Green & South. Trac. Co. Fare Inc.
See Baltimore
—
,
The Findlay
(Ohio) City Coiuicil has granted the company permission
to charge a 10-cent fare on the city street car system, an increase of 5
cents.
The company had asked that it be allowed to discontinue service
because of financial losses, alleged to have been sustained in its operation,
but Comicil refused. The 10-cent fare can be charged for two years under
the terms of the ordinance adopted. -V. Ill, p. 494.
Topeka
—
Ry.-— Fares and
The Kansas Industrial
Aug. 16. The new fares
Wages Increased.
—
an order increasing fares effective
are:
Cash fare, 8 cents; token fares, two for 15
cents: 15 coupons for SI and 24 coupons for .$1 50.
The new rates are trial
rates, to be in effect 90 days, when a permanent order will be issued.
The same order contains the formal award of a 40 % increase in wages for
practically every employee of the company.
Motormen and conductors
get mcreases of 8 cents an hour, the new maximum being 42 cents an hour
for 2-man cars.
The 1-man cars draw an extra 3 cents an hour. After
two years' service the motormen and conductors will get 52 cents an hour
on the 2-man cars and 55 cents on the 1-man cars.
The order also calls for the abandonment of about 2 miles of track.
—V.
Coiu-t issued
108, p. 380.
—
Trans-Mississippi Terminal. Gov't Loan Recommended.
See Baltimore & Ohio RR. above.— V. 107, p. 1288.
Twenty-Third St. Ry. July 1 Interest Ordered Paid.
—
See
New York
Railways above
•
— V.
Twin City Rapid Transit
Ill, p. 74.
Co.
— New
—
Fare Ordinance. —
A new
ordinance went into effect on Aug. 16 by default, owing to the
faUuTe of Mayor J. E. Meyers of Minneapolis, either to veto or sign it.
The emergency ordinance passed Aug. 6 by the City Council gi-ants the
Minneapolis Street Ry. a 6-cent fare until Dec. 15 and a 7-cent fare, with 4
The ordinance supersedes an ordinance
tickets for 25 cents thereafter.
granting a 7-cent fare at once, which was returned to the committee by the
Council.
As the new ordinance became effective the company has granted the
trainmen a wage increase recently suggested by the board of arbitration.
In St. Paul the deadlock between city and the St. Paul City Ry. is still on.
A physical valuation is under way and as matters now stand the City
Council cannot grant the increase of fare voted by the people last spring
untU the company improves the service. V. Ill, p. 494, 295.
—
—
Coal.
(1) On Aug. 19 22 of the 31 mines in Muhlenburg County. Ky..
reported tied up by strike for higher wages. (2) The International Miners'
Congress, Geneva, representing more than 1,600,000 miners, closed on
Aug. 8. '(3) At the joint scale committee of union miners and coal operators
of the central competitive soft coal field, comprising Ohio, Indiana, Illinois,
and western Pennsylvania, assembled at Cleveland on Aug. 13 by request
of President Wilson to consider a change in wages for day or month labor
in the bituminous field. (4) On Aug. 16 the bituminous coal operators of
the central competitive field at Cleveland refused to grant the supplemental
wage demands of the union miners for an increase of $2 a day for all miners
paid by the day or month and a raise of 10c. a ton for tonnage men.
On
Aug. 19, however, President Lewis of the union stated there would be no
strike.
Movement
of bituminous coal speeded up.
See "Railway Age" of
for Aug. 6, p. 245.
Federal authorities to attempt to bring about lower coal prices by prosecutions under Lever Act, but will not attempt to fix coal prices. See press
dispatch, page 1, N. Y. "Times," Aug. 18.
Wages. The request of the Amalgamated Clothing Workers for higher
wages in the men's garment industry of Chicago was refused in a decision
given out Aug. 18 by the Chicago Arbitration Board, of which Sidney HUlman. President of the Amalgamated, is a member. N. Y. "Evening Post,"
New York
—
Aug.
19.
Important Price Mmements.
—
1
fa) Rise in prices for lumber, N. Y. "Times,"
cotton and tin and advances in milk, lead and
zinc, see "Commercial Epitome" on a subsequent page, fc) Table compUed
by Hayden, Stone & Co. showing recession in wholesale prices, see N. Y.
"Evening Sun" of Aug, 14. fd) DecUne in wholesale market not paralleled
in local retail food market, N. Y. "Times," Aug. 15.
Water Rates.
Representatives of Great Lakes, coastwise and Gulf carriers on Aug. 18 urged the Shipping Board at AVashington to grant appUcations involving approximately 60 steamship lines for rate increases, in conformity with advances already allowed to the railroads by the Inter-State
Commerce Commission. A majority of the lines claim to be operating at
deficits which threaten their existence.
Packers Svbmit Plan for Stockyaras Sale.
See Armour & Co. below.
Miscellaneous.
Q) Credits to stockholders not rated as dividends for
income tax purposes, "Wall Street Jom-nal" of Aug. 10. (2) Decline in
shipbuilding in tj. S., N. Y. "Times" Aug. 17 and "Journal of Commerce
& Commercial Bulletin" for July 31 (3) 5,000 immigrants now come daily.
N. Y. "Times" Aug. 19. (4) Secretary of Interior Payne on or about
Aug. 19 ruled that the Oil Leasing Act went into effect immediately when
signed by President Wilson Feb. 25 last. (5i Norway bars luxuries, N. Y.
"Times" Aug. 20. '6. Ontario Hydro-Electric Commission troubles,
"Financial Post" of Toronto. Aug. 13.
Matters Noted in "Chronicle" of Aug. 14.
(a) Longshoremen's strike end.
p. 637. (b) Housing problem, p. 638. (c) Steel production in July, p. 651.
(d) Express wages and rates, p. 654. (e) Taxability of stock dividends,
p. 660. (f) Dollar wheat and excess profits, p. 660. (g) U. S. Steel Corporation unfilled orders, p. 664. (h) Lake Superior iron ore shipments, p. 664.
Aug.
8.
fb) Fall in prices of
—
—
—
.
—
—
—
Aetna Explosives Co., Inc. To Retire StocJc.
See Annual Report under "Financial Reports" above. An official
of the company yesterday refused to verify a report that the directors have
decided to retire 133,000 shares of Common stock at S12 per .share, no
stockholder to turn in more than 25% of holdings. V. Ill, p. 390,296.
—
American Bank Note Co.
—Earnings. —
(Before giving effect to transactions of foreign sub. cos. since Dec. 31 '19.)
Results for Six Months ending Juen 30 1920 and Cal. Year 1919.
Year 1919.
6 Mos. '20.
Net profits
$1,883,649
a$I, 142,261
172,242
Depreciation on buildings, machinery & equipment.
80,303
Union Traction Co. of Phila.— Fres. Mitten
of P. R. T.
Opposed Merger of Subsidiary Companies.
Resigns fro7n Board
See Philadelphia Rapid Transit Co. above. V. Ill, p. 75.
—
—
— Lease Approved.
Ry.
Power Co. — Wage Increase—Employees
a 50-50 Basis. —
Valley Terminal Ry.
See St. Louis Southwestern
to
Virginia Ry. &
Share in Net Profits
above.
07i
C. B. Buchanan recently announced: The City Council
having granted the 6-cent fare, effective on Aug. 1 1920, and thereafter so
long as the 6-cent fare is in effect, the wage scale of motormen and conductors will be: For men in service for the first three months, 43 cents an
hour; for men in service for the next nine months, 45 cents an hour, and for
men in service thereafter, 47 H cents an hour. "Safety-car" operators will
receive 5 cents an hour in addition to the above rates and scales.
The same rates and scale as applies in Richmond, Norfolk and Portsmouth
where the 6-cent fare has been asked for and granted will also be made
effective in Petersburg as of Aug. 1 although a 6-cent fare has not as yet
been applied for.
President Thomas S. Wheelright in a letter to the employees has announced a profit sharing plan whereby employees who have been in the
company's service six months will receive a share (on a 50-50 basis) in the
company's profits. For the six months ending June 30 net profits after
all charges and taxes, depreciation, 6% div. on Pref. and 3% on Commoa
"This will justify an increase of 6%. Therestock, amounted to SI 95,016.
fore 6% will be added each pay day to the wages or salary of each classified
employee who has been in the service six months at the time each pay roll
is made up, effective from Aug. 1 1920, during the following six months,"
according the the announcement. V. Ill, p. 494.
Vice-Pres.
,
—
Virginia,n Ry.
Government Loan Recommended. —
See Baltimore & Ohio RR. above— V. Ill,
68.
Wabash RR. — Government Loan Recommended. —
See Baltimore & Ohio RR. above— V. Ill,
90.
p.
p.
Wabash-Pittsburgh Terminal Ry.
—
Miscellaneous income-
&
Northern Ry.
—
—
Files Mtge.
$1,711,407
60,486
Si, 123,869
$1,771,893
355,380
25,000
269,739
269,742
196,277
75,000
134,870
134,871
%
$852,032
Balance, surplus
$582,851
Profit and loss, surplus
$3,678,679 $3,095,827
After deducting all expenses, including repairs, and after providing
reserves for all taxes accrued and for bad debts.
a The balance sheet shows cash on hand June 30 1920, $2,153,431, as
against $1,919,447 on Dec. 31 1919.— V. 110, p. 2659.
American Can Co.- -Interest
& KUburn
See Hale
in Merger Plan.
—
Corp. below.— V. 110, p. 1528.
American Cyanamid
New
Yor'k.^Move to Retire
Co.,
Divs.—Suit.—
of the $7,994,200 Pref. Stock at 60
Secretary
Grant on July 29 sent a circular letter to the stockholders
notifying them that the directors had on that day imanimously authorized
the "Treasurer to purchase 30% of the outstanding Preferred stock from
holders of record on Aug. 16 1920 at 60 per share, plus accrued and unpaid
Formal offer was to be mailed
dividends, payable in New York exchange."
-^^
as soon after Aug. 16 1920 as practicable.
<
On or about Aug. 13 former Vice-President Charles H. Baker, IMohegan
Lake, as a stockholder obtained a temporary injunction from Supreme Court
Justice Tompkins at White Plains, N. Y., to restrain such purchases on
the grround that the retirement of such an amount of Preferred stock would
eliminate the liquid assets which should be available to the Common stockArguments
holders, thereby tending to prevent the payment of dividends.
i
on making the injunction permanent were to be heard yesterdaj^.
Mr. Baker brought suit early in 1919 to compel officers of the company
to return bonuses received by them, also to force payment of dividends by
the company in the Common shares. Compare V. 109, p. 980, 1368.
30%
&
CM.
-l
Notice.
committee, of which Alexander J. Hemphill is Chairman, gives notice
to the holders of certificates of deposit for 2d M. 4% 50-year bonds that
those who do not reclaim the bonds before Sept. 1 next will have them disposed of by the Guaranty Trust Co., pursuant to authority duly conferred
upon the committee. Those who reclaim their bonds before Aug. 31 will
not have to pay their pro rata share of the accrued charges. This company
was sold under foreclosure and succeeded to by Pittsburgh & West Virginia
Ry.— V. 106, p. 716.
Waterloo, Cedar Falls
$1,061,958
61,911
Miscellaneous interest, exchange losses, reserves, &c.
Appropriation for alterations and renewals
Preferred dividends (6
per annum)
Common dividends (6% per annum)
A
Company
—
General Industrial and Public Utility News. The
table summarizes recent industrial and pubUo
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
the "Editorial Department"), either concurrently or as
early as practicable after the matter becomes pubhc.
following
—
recently filed for record a general mortgage to the First Trust
& Savings Bank. Chicago, andM. Traylor, Chicago, as trustees, to secure
an issue of 815,000,000 gold bonds dated May 1 1920, due May 1 1950,
but subject to prior redemption. The issue was created for refunding purposes.
Not to exceed $6,000,000 may be issued from time to time and certified for refunding, redeeming or paying before maturity $6,000,000 First
M. smking fund 5% gold bonds of 1910, of which there are $5,775,000 outstanding. Not. to exceed $8,000,000 of the bonds will be used from tune
to time as the board may direct for extensions, improvements, additions,
&c. ("Electric Railway Journal."— V. 108, p. 1513.
American Motor Body Corp.
See Hale
&
—
—
-Proposed Purchased.
ICilburn Corp. below.
American Railway Express Co. — Rate
Increase.
The
Interstate Commerce Commission on Aug. 13 granted the express
companies an increase in rates of 12Ji% over existing rates. New conThe new rate will
tracts with the raih-oads wiU go into effect in Sept
add about $36,000,000 to the revenue of the express companies, it is stated.
See under "Current Events" on a previous page and last week's "Chronicle"
p. 6.54— V. Ill, p. 694.
—
—
Trade Routes on 50-50 Basis, &c. —Announcement
American Ship & Commerce Corp. Contract With
Hamburg-American Line to Run For 20 Years Alliance
to
Develop
was made on Aug. 17 of the terms of the agreement between
the American Ship & Commerce Corp. and the HamburgAmerican Line. A summary of the arrangement a complete
,
—
Aug. 21
THE CHRONICLE
1920.]
copy of which is on
by W. A. Haxriman
with the Shipping Board, given out
Co., Inc., states:
file
&
The agreement is in two parts (1) a general agreement covering the
establishment of freight and passenger services: (a) between United States
and Germany with intermediate ports of call; (b) between Germany and
ports of the world other than the United States. Each service is considered
as a unit and the fundamental principle of the agreement is that each service
is an enterprise in which each party shall have the right to participate with
an equal amount of tonnage.
The American Ship & Commerce Corp. and its subsidiaries shall act as
agents for Hamburg- American Line in U. S. Ports and Hamburg- American
Line as agent for American Ship & Commerce Corp. in German ports, but
may establish its own office in the coimtry of the other to superThe port and office organizations and pier
vise the activities therein.
facilities of each is put at ihe disposal of the services.
The term of the
agreement is for 20 years, but may be extended if desu'ed.
(2) The Operating Agreement covers the arrangements for the establishment of passenger service between United States and German ports.
each party
The American Ship & Commerce Corp. agrees within one year to supply
passenger ships not exceeding 40,000 tons gross register to which HamburgAmerican Line cannot add unless mutually agreed that the business warrants an addition.
If the gi-owth of the business warrants an addition, the
Hamburg-American Line may, if they have the ships, add ships until they
have 50% after which each party is limited to 50%. In the design and
construction of passenger ships the Hamburg-American Line gives the
American Ship & Commerce Corp. aU the technical knowledge and experience at
its
disposal.
For freight services between the United States and Germany, each party
has the right to supply one-half the tonnage required for each service, but
if the Hambm-g-Americna Line has not the tonnage for its half, the American
Ship & Commerce Corp. may supply it.
The American Ship & Commerce Corp. fixes rates on eastbound traffic
and the Hamburg-American Line on westbound traffic.
For freight service between Germany and countries other than United
States each service is to be taken up and considered independently. The
Hamburg-American Line is to propose each service which the Ainerican
Ship & Commerce Corp. may accept or not as it chooses. If it chooses to
inaugurate such service each party may put in one-half the tonnage required,
but if either party does not put in its half it can only enter additional tonnage up to its 50% if the requirements of the service make an addition
necessary.
The American Ship & Commerce Corp. may request that any
service be proposed if such proposition is not made by Hambm'g-American
Line.
If any service requires additional tonnage after establishment each
party has the right to add to it up to its 50% if it has not already 50% or
if both have 50% the right to addition is equal.
The Hamburg-American Line having ordered certain ships constructed
amounting to about 185,000 tons prior to the agreement, reserves the right,
after giving one year's notice as to when they will be ready to insert these
particular ships pro rata in the freight services established within its proportion of 50%.
Provision is made for putting at the disposition of either party the port
and wharfage faculties of each and for giving wharfage rates at prevailing
rates.
no German money in the American end of the business in any
there any agreement expressed or implied for German investment
in any of the American companies
To begin to carry out the passenger arrangements the American Ship &
Commerce Corp. have just purchased from the Shipping Board the Steamer
"DeKalb" and have let a contract for re-conditioning her to carry third
class passengers and freight.
Instructions have also been given for the
conversion into third class passenger ships of the two new 13-knot ships now
building by the Merchant Shipbuilding Corp.
All these ships should be
ready for service early ui 1921.
Plans are being made for new passenger ships to carry 1st, 2nd and 3rd
class passengers which it is proposed to construct.
[The full text of the
agreement as given out may be found in the N. Y. "Journal of Commerce
of Aug. 17.]
There
is
way nor is
"
W.
A. Harriman
&
Co., Inc., 120 Broadway, have issued, under date
of Aug. 8, a circular regarding the steps that led up to the recent amalgamation and the agreement with the Hamburg-American interests.
See also
V. 111. p. 591.
&
American Telephone
Telegraph
Co. — Growth. —
President IT. B. Thayer at a regular meeting of the directors reporting
on the operation of the Bell system for the 12 months since the ending of
Federal control said in part:
"To meet difficulties in the way of providing needed facilities for the
unprecedented requirements of post war business every known engineering
expedient has been employed and every possible source of supply has been
sought.
"Telephones have not been installed as promptly as usual and the unfilled orders are more than 200,000 above normal.
The Bell system has
however made the greatest growth in its history, some 600,000 new telephones having been added during the past year.
"The esprit de corps thi-oughout the orgnaization was never better.
Wages have been materially advanced. Thirty thousand employees have
been added to the system and the payroll has been increased by about
$50,000,000.
"There has been a consequent increase in operating expenses which has
been met throughout most of the system by the revenue from new business
and from necessary rate revisions.
In a few cases the increased costs are
to be met by rate changes which are still in process of adjustment.
The
system wUl continue to meet the growing public demand for service as fast
as physical construction can be accomplished." -V. Ill, p. 694.
—
—
American Tobacco Co. To Vole Sept. 8 on Increasing
Common Slock B from $50,000,000 to $100,000,000.—
The stockholders who have voting power ("Common Stock B" has no
voting power) will vote Sept. 8: (a) on considering and acting upon the
question of amending the merger agreement so as to provide an additional
$50,000,000 of authorized "Common Stock B" (non- voting) having the
same qualities as the present Common Stock B; and (&) on authorizing the
directors to issue the whole or any part of such additional authorized
Common Stock B for any lawful purpose. See V. Ill, p. 591.
,
—
—
American Woolen Co. To Reopen Mills. Govt. Appeals.
According to a statement made by Pres. "Wood the plants which were
closed down on July 9 will be reopened about the second weelc of September.
The Government filed appeals in the U. S. Supreme Court on Aug. 14
from Federal Com-t deci-ees quashing indictments returned in New York
against the company charging it with violations of the Lever Food Control
Act.
In dismissing the indictments, the lower court sustained the company's contention that the regulation provided for in the act did not apply
to cloth before it was made up into clothing.
V. Ill, p. 591.
—
Arkansas Natural Gas Co.
— New
—Earnings. —
Stock
The Pittsburgh Stock Exchange on Aug.
16 listed $5,044,250 of the
additional stocic offered at par (iJlO per share) to stockholders of record
June 1 (V. 110, p. 2077). The official statement shows:
Capitalization {Incl. .'^foresaid Increase)
Authorized. Outstanding.
Common stock (see below), par $10$47,500,000 $13,530,750
Bonds First M.ortg.ago 6s
2,750.000
77,000
—
—
General Mortgngo (is
Pino Bluff Natural Gas Co. 6s
4,000.000
553.000
60,000
33,000
Wells.
The company on June 30 1920 had 41 oil wells in Louisiana, six
oil wells in Texps, and 11 oil wells in Ohio (4 wells in Loui.siana and the Ohio
wells are owned, through the Arkansas Fuel Oil CJo.).
The avor.agc dn(7(/
production of oil for the 7 months ended .luly 31 1920 were: Jan. 19''0 2 30'
bbls.: Feb. 1920, 5.1.30 bbls.; March 1920. 9,114 bbls.: April 1920 1 1' '''4
bbls.:Mi>y 1920, 8,990 bbls.;.Tune 1920, 4.830 bbls.: July 1920, 3.700 bl)ls.
Wells drilling (as of Juno 30 1920) numbered 16. viz.: 1 in Carter County,
Mont.. :)n<l 3 in Ea.stland County, Tex., for oil; 3 in Louisiana for gas, aiid
the remaining 9 in Louisiana for oil, viz.: G in Claiborne Parish and 3 in
De Soto Parish.
Oosolinr.
In July 1920 there was completed a two-unit casinghoad gasoline plant on the (^oiiripllee tract, near Eastland, Texas.
Cost about
$85,000. Cap.acity, 10.000.000 cu. ft. gas per day.
Kstimated monthly
earnings. $25,000.
The company h;is fivo wells near the pl.ant producing
20.000,000 cu. ft of gas per day with tlio oil.
Gas Supplji. The company owns 39 producing g.is wells on proven gas
territory, approximating 28.000 acres in Louisii-na.
The estimated flow
Of those wells as of Aug. 2 1920 was api)roxiiuatcly 300.000,000 cu. ft. per
—
—
—
—
_
795
day of 24 hours, from which the necessary quantity of gas for deUvery to its
markets in Arkansas is drawn, in addition to which the company also has
advantageous contracts with other products of gas at different locations in
the gas fields of Louisiana from whom it purchases several million cu. ft,
of gas daily which goes into the general available supply for its business.
Comparative Earnings, &c., for the 6
Calendar Years
6 Mos. '20.
Gross sales
$5,153,311
Net income from oper'ns-$4,044,959
Total interest charges
83,205
Miscellaneous charges--.
17,840
Depreciation charges, &c.
240,130
Preferred dividends
662,200
Mos. ended June 30 1920 and the
1917 to 1919.
Year 1919. "irear 1918. Year 1917.
82,123,413 81,805,470 31,448,304
8642,173
8407,796
8726,178
180,954
168,578
166,823
23.944
29,570
20,456
297,339
488,712
109.762
Surplus for period
8139.936
$3,041,584
-899,886
850,188
gross income for the six months of 1920 include gas sales, 81,237,073;
$3,682,729; miscellaneous. 8232,509; total, 85,153,311.
[The directors at a meeting to be held Aug. 25 will, it is said, consider the
payment of an initial dividend on the Common stock.
V. Ill, p. 297.
The
oil sales
—
— Option on Stock Yards
Government Decree. — The company
Armour & Co.
Given by Packers
Under
on Aug. 19 announced that in obedience to the Government decree (V. 109,
p. 2358, 2313, 2403) the "Big Five" packers had given an
option to a syndicate for the purchase of the packers' interests in the Union Stockyards.
A special dispatch to the
New York "Times"
says:
The names
of the group seeking control of the yards were not di\'ulged,
but it is understood that it is not a single interest. This was indicated by
the fact that Armour & Co. have already sold some of their smaller stockyard holdings in Southern cities. It is said that the yards involved in the
transaction to-day include not only the- great Chicago stockyards, but also
those at Omaha. Kansas City, Denver, Sioux City and St. Paul.
An Armour official this afternoon said that the packers were particularly
Interested in having farmers' organizations, which have been most bitter
in their criticism of the conduct of the stockyards business, obtain the yards.
[The aforesaid plan, it is stated, has been submitted to the Department
of Justice for approval and will probably be filed in the District of Columbia
Supreme Court by.Aug. 31.] V. 111. p.^495. 390.
—
Associated Oil
ment as
to Oil
Co.^— Earnings — Compromise
Lands.
—
with Govern-
Income Six Months ending June 30.
Earns, after oper., main.
&
transport. exp.,&c& mlscell-.
Interest on bonds
Reserved for cm-rent income & profits taxesReserved for depreciat'n
Reserved for amort, of
Taxes, prop.
discount on bonds
Dividends
1920.
$
6,540,781
1919.
1918.
,8
302,619
234,755
5,397,408
144,202
259,143
1,151,805
1,189,024
1,198,651
773,004
1917.
$
5,692,235
105,9581
275,015/
.$
2,959,761
422,974
639,448
1,334,345
1,341,202)
r
27,136
29,826
34,503]
(3%)1, 192, 681 (2 J^)993,908(2H)993,915(2 3^)993,917
Balance, surplus
2,442.761
—
1,998,674
208,525
2,302,195
Capitalization
Outstanding capital stock
June 30 1920
839,755,860
9.290,000
Funded debt outstanding
President Paul Shoup, San Fran., Aug. 9, wrote in subst.:
During the half year there was expended for the purchase of property,
drilling and other development $6,120,976, of which $635,079 covering
labor and incidental drilling expenses was charged to operations and $5.485,898 to Investment.
The current assets on June 30 1920 exceeded current liabilities by 810,655,138, of which $2,033,935 was cash and U. S. Treasury Certificates of
Indebtedness. The company also owns $822,109 Liberty Loan bonds.
During the period the company exercised its option for the purchase of
the property of the Nevada Petroleimi Co., acquired the property of the
Oil Exploration Co. and added to their mineral rights and fee holding 2.167
acres In (ijalifornia, 4,160 acres in Texas and 960 acres in Wyoming and
Colorado. The company has 34 strings of tools in operation in California, Wyoming and Texas.
The Presidential withdrawals of California oil lands in 1909 and 1910
brought into controversy the titles of a great many possessors of such lauds.
It made necessary the lefonse of your company's title to certain lands it
had purchased and the oil derived therefrom against Federal suits which
Such defense has been so far successful.
followed the -withdrawals.
But the number of cases and the prospects for protracted litigation extending over a period of years, with the large expense involved and uncertainties as to the outcome, have induced your directors and officers after
very thorough consideration to accept the compromise which the Government is now enabled to offer through recent legislation, under which the
Government receives the value of one-eighth past production from the
lands in litigation and a rojjalty on future production yet to be determined.
The company retains possession of the wells in dispute. The necessary
steps have been taken to comply with the provisions of the new law and
action by the Department of the Interior is now awaited to end the controversy.
"v. Ill, p. 495.
—
& West Indies SS. Lines.— French Pipe Line. —
Atl. Gulf
James Stewart
&
Co.. 30 Church St., N. Y., have been awarded a con-
tract for construction of an oil pipe line in France from Ha\re to Paris, a
distance of 132 miles with a capacity of from 25.000 to 50,000 bbls. per day.
The pipe line, it is understood, will be buUt for interests connected with the
Atlantic, Gulf & West Indies Steamship Lines in co-operation with French
banking interests. The cost of the undertaking will be about 810,000,000.
and the financing will bo arranged b.v I'Yench banks. Du Pont. Furland
& Co. are, the French banking firnv most prominently identified with the
project.
The name of the company which will operate the pipe line is
the Cie. Francaise de Transport des Mazouts et Petroles. The right of
way^ for the pipe line is a concession from the French Government, wliich
About 12.000
will receive a royalty on the oil pumped tlu-ough the Une.
tons of line pipe will be required and a considerable tonnage of plates, which
will bo used for construction of storage tanks.
It is stated that the company is planning to expend between 850.000.000
and 860,000,000 in connection with the development of its oil properties
of which about $35,000,000 will be used to purchase tankers for the transportation of its Mexican oil. No new financing, it is .stated, is contemplated
Company is said to have avaiable
in connection with the big expenditure.
at the present time about 850,000,000 for the piu-poses contemplated.
V. 111. p. 585, 591.
—
Atlantic Refining Co. Assumes Control of the Superior
Oil Corporation for a Period of Three Years.
See Superior Oil Co. below and compare V. 110. p. 2494. 2659.
—
—
—
Biddle Motor Car Co. Return of Subscription.^.
AVe understand that Davics, .'Vuerbach & Cornell, 31 Nas.sau Street.
atlorn(-ys for the company, are about to apply to court for authority to
return to subscribers for stock, tho subscriptions paid by them in Juno &
July last.— v. Ill, p. 591.
Bronx Gas
&
Hendricks
Electric Co.
— Hearing
N. Y. Supremo Court
Postponed.
—
the application
of tite company to void the injuncllon recently obiaiiied oy the P. 8.
Commission restraining the company from cliarging SI .75 a 1 .000 cu. ft. for
gas.
In refusing to di.smiss tho order Justice Hendriclvs ordered tho whole
matter to be returned before Justice Mullan at the Oct term.
4
Justice Hendricks is quoted as .saying: "I will not lie the means of in7,")
to consumers for any gas comi>any in
creasing the cost of gas to 81.
New York initil the whole matter of costs to tho company in the matter of
manufactiu-e and distribution is thoroughly tlirashcd out and settled by
thecom-ts." V. Ill, p. 694.
•lustice
in the
lias rcfuseti
.
—
.
—
Brunswick-Balke-Collender Co.
Sales,
ttc.
— 150%
Stock Dividend
THE CHRONICLE
796
\%%
directors recently authorized the usual quarterly dividend ot
payable Aug. 15 1920 to holders of record Aug. 5.
Sales for the 6 months ending June 30 1920
$15,243,178
As against the same period ia 1919
IC. 061, 375
The
on the
A
Common stock,
gain of
$5,181,803
payment of excise tax and due provision for
Net
t income and excess profits taxes
$2,309,826
The offering to the stockholders of 30,000 shares of the Common stock
at par in the ratio of 50% of their holdings, was subscribed for and paid in
The new stock will be issued about Nov. 5 1920.
full.
The stock di^^dend of 20091 authorized by the stockholders at the annual
meeting in April was reduced to 150%, payable in Class B stock, to stock
of record Nov. 5 1920.
Wlien the new issues are completed the outstanding stock of the company
will consist of: (a) $9,000,000 Common Class
cumulative dividend:
profits after
(6)
$13,500,000
7%
Preferred.
Common
Class
A 7%
B
non-cumulative dividend;
$4,833,500
(c)
The company manufactures
billiard tables, automobile tires, phonographs
(Official).
Compare V. 110, p. 1750. V; 111,
and phonograph records
—
p. 694, 592.
&
Butte
Superior Mining Co.
— Production. —
1920—July— 1919
Zinc
—V.
(ozs.)...
111. p. 297.
Caddo Central
Oil
&
Refining Co.
—Earnings. —
Net Income for July after deducting for taxes, royalties and interest on
fimded debt, we learn, amounted to $138,578, as against $61,046 in 1919.
V. 110, p. 1976.
—
—
California Associated Raisin Co. Federal Decree.
The Federal Trade Commission's report to the Department of Justice
on the operations of the company and the statement of President Wylie
Giffen refusing to accept the suggestion of the Federal Trade Commission to reorganize under the Clayton Act may be found in the New York
"Commercial" of August 6 and the "Journal of Commerce" of Aug. 7.
M
.
V. 109, p. 1082.
—
—
Carib Syndicate, Ltd. Acquire Control.
The company has completed the organization of the Equatorial Oil Co.,
whose property is in Colombia, S. A. The Carib has taken $9,000,000 of
the $15,000,000 of outstanding stock of the Equatorial.
Carl K. McFadden, Chairman of the Board of the Carib Co., has been
elected President of Equatorial, and N. W. Ross, President of the Carib,
has been elected Vice-President of the Equatorial. V. 110, p. 873.
—
— Purchase, &c. —
Union
Delaware
—
"Reports"
Cerro de Pasco Copper Co. — Copper Output
See
—
under
—
1920 JiUy 1919
3,652,000
3.984,000
—V.
above.
V. Ill, p. 391.
{in Lbs.).
—
1920 7 Mos.
1919
332,000130,440,000
32,084,000
Decrease]
111. p. 297.
Certain-teed Products
—
Decrease
1,644,000
capital stock of Thomas Potter Sons
manufacturers of battleship linoleums, felt-base floor
and similar products. The deal, it is stated, involves
over $3,000,000. Annual sales of the Potter company have been around
$6,000,000. William Potter will become a member of the board of directors,
and JosephW.Wear a V.-Pres. of Certain-teed Products. V. Ill, p. 689.
—
Co. — Dividend. — Earnings,
Chandler Motor
&c. —
The directors have declared the usual quarterly dividend of $2 50 per
share on the entire outstanding capital stock, payable Oct. 1 to stock of
record Sept. 10.
President F. C. Chandler says: "We have declared the usual quarterly
div. of $2 50 a share on the increased amount of stock now outstanding,
placing It on a $10 annual basis, which dividend rate, at least, can imdoubtedly be maintained indefinitely.
"July earnings were $1 ,193.()00 and seven months' earnings (both figures
before taxes) were $6,414,000, compared with $5,621,000 for the entire
year 1919.
"Cash on hand and Government securities amount to .$4,500,000, and
we have no banlcing or other indebtedness except cvirrent bills rendered
since Aug. 1.
We should earn this year in excess of $10,000,000, which is
$36 a share on our capital stock.
business generally is in a very healthy condition. Up
to very recently sales have been largely in excess of production, and with
tightening of money everywhere, less money is being spent for automobiles.
"Chandler will complete its shipping schedule as planned at the first of
the year, and ship a total of around 29,000 to 30,000 cars as against 18,476
last year."
V. Ill, p. 386.
"The automobile
—
&
Chattanooga (Tenn.) Coke
Gas Co., Inc. Cap. Stk.
President Lewis T. WoUe gives notice, by advertisement on another page,
that the .shareholders will meet at room 1012, 61 Broadway, N. Y. City,
on Aug. 31 to take action upon a proposition to amend the certificate of
incorporation so that the authorized capital stock which has heretofore
consisted of 15.000 shares of Common stock of no par value (9.720 shares
outstanding) and $1,020,000 8% Cum. Pref. stock, par .$100 (all outstanding), shall in futiu-e be limited to (a) 15.000 shares of Common of no par
value, and (&) $1 ,020,000 Class A (or Preferred) stock in shares of $50 each,
these last to be entitled to a non-cimiulative dividend of 4% p. a. in addition
to the cumixlative 8% p. a.
The Class A wiU also be entitled to a sinking
fund for its retirement and to preference in case of liquidation, and will also
be subject to call and possessed of such voting powers as the shareholders
shall approve.— V. 106, p. 2454; V. 107, p. 1749.^
_- -.-.,..__
""
.-^^
.
& Sandusky
Cleveland
The Guaranty Trust Co. of N. Y. will until Sept. 1 receive bids for the
sale to it of First Mtge.
gold bonds to an amount sufficient to absorb
$240,000 now in the sinking fund. All bids must be accompanied by a
certified check or New York draft payable to Guaranty Trust Co. of N. Y.
for an amount equal to 3
of the face value of the bonds offered such amount
to be refunded to the successful bidders when bonds are received by said
Trust Co. and to others, when offers are declined. V. 109, p. 680.
6%
%
,
—
,
&
Canadian Co' s. New Stock.
Cluett, Peabody
Co., Inc.
Supplementary letters patent have been issued to Cluett, Peabody & Co..
of Canada. Ltd. under the seal of the Secretary of State of Canada, dated
Aug. 9 1920, increasing the capital stock from $1,500,000 to .$2,500,000,
%
—
—
— To
—
Build New Plant.
Reports from Kansas City state that the company has purchased from
the North Kansas City Development Co. a tract of 75 acres at North
Corn Products Refining Co.
Kansas City where it intends to erect a large plant for the manufacture
of sjTups and other products from corn at a cost of from $7,000,000 to $8,000,000.— V. Ill, p. 392.
& Sons
Ship
&
Engine Bldg. Co.
On Aug. 5 the Stock List Committee of the Phila. Stock Exchange
ruled that Stock and Voting Trust certificates shall not sell ex the stock
dividend of 150% until Sept. 10.— V. Ill, p. 497,76.
—
—
Cutler Mail Chute Co. Foreclosure Sale.
Asa B. Kellogg, Special Master, pursuant to a decree obtained by the
Equitable Trust Co. trustee under the Collateral Trust 6% serial Gold
bonds, interest on which has been in default since Feb. 1 1918, will sell on
Sept 20, 4,450 shares of the Preferred stock of company, and 11,255 shares
of the Common stock of company.
Daly West
(Silver)
Mining Co.— Earnings.
—
Gross earnings for the six months ending June 30 are reported at $372 ,216;
expenses, $165,916, leaving a net profit of $206,300Net quick assets, as
stated, for the same period amounted to $253,810, of which $192,610 was
cash and $61,200 bills receivable. V. 110, p. 2570.
—
[Incl. Davison Chemical Corn.. Davison Chemical Co. of Baltimore
County and Davison Sulphur & Phosphate Co.l
GENERAL BALANCE SHEET.
Mar.31
£>ec.31 '19.
Assets—
Real est., bldgs..
S
'20.
6,925,168
Co. advances
.\ccts. receivable.
Inventories
Cienfuegos office-.
Miscellaneous
Def. debit items..
249,770
20,010
gold notes
739,753
92,752
369,332
74,375
437,155
21,010 Cienfuegos office
accts. payable..
48,060
99,355
229 Accrued interest..
10,140
558,531 Def. credit items..
112,013 Reserves:
50,000
398,052
Inc. &exc. prof. tas
413,193
Depreciation
618,840
171,121
301,082
Contingencies . 40,724 Capital stock-x... 5,434,108
6,273,926
166,441 Surplus
69
179,645
93,636
556,390
679,648
146,637
184,150
63,860
68,910
414,157
296,490
7,226,776
6,712.672
17,597,475 18,071,702
Total
17,597,475 18,071,702
Total
Mtge. 6S-.. 2,232,000 y2, 087,000
6%
Disct. notes recelv.
260,684 Accts. payable--.
Dav.
Cash
Notes receivable-.
1st
1-yr.
Co.
Dav. Chem. Co- 1,500,000
Dav. S.&P. Co.
400,000
542,112
4.54,039
8,126,813 Notes payable
Cuban property-. 8,063,844
Curtis Bay RR.
retire
&
Dav.
SllicaGelCorp. adv.
Dec.Zl '19. Vfar. 31 '20.
S
S
—
Liabiliiies
S.
P.
$
macli.,&c.,ln Md. 6,881,211
for phos. rock
prop., prosp.,&c.,
in Florida
.542,464
X Represents 200,000 shares of no par value March 31, as against 150,000
shares Dec. 31.
y After deducting $266,000 bonds canceled by sinking
fund. Compare earnings In V. Ill, p. 695.
(Albert) Dickinson Co., Chicago.-
-New
President.
—
Charles D. Boyles has been elected President.- -V. Ill, p. 193.
Dort Motor Car Co., Flint, Mich.
— Balance
Sheet.-
X Condensed Balance Sheet as of Feb. 29 1920.
Liabilities.
Assets.
7%
Real estate & buildings, S361,313: machinery & equipm't,
Preferred
S941,897: construction work
in progress, S127,231: total
SI, 430, 441: less allowance for
31,198,780
depreciation, S231,661
204
Patents, good-will, &c
2,241,064
Cash
1,495,477
Customers' accounts
2,430,522
Merchandise inventory
347,724
V. S. Liberty bonds
b Other assets
1,157,924
1,500,000
1,100,000
Unpaid purch., pay-rolls, &C- 1,776,099
14,319
Accrued e.xpenses
506,814
Federal taxes. y
307,453
a Reserve
1,424,213
Surplus
cum. stock
Common stock
7% First Mtge.
8600,000
1
,642 ,800
bonds
Notes payable
38,871,698
Total (each side)
x After giving effect to the application of the proceeds from the sale of
Common stock and the proposed present sale of $1,500,000
7% First Mtge. b Officers' & employees' notes for capital stock, $443,548;
securities owned, Gray-Dort Motors, Ltd., $190,000; miscellaneous real
estate and sundry sasets, $174,233; advances to dealers, travelers, &c.,
$121,010; officers' & employees' accounts, $90,440; prepaid expenses. $138,691.
y Assessed for year ended Oct. 31 1919. a For estimated Federal
Compare
taxes for four months ended Feb. 29 1920 and for conttagencies.
V. HI, p. 696.
$500,000 of
— Tenders
Brewing~Co.
Collateral Notes Offered.
9%
—
S.&P.Co.lst63
The Company has purchased the
Co., Inc., of Phila.,
coverings, oil-cloth,
offering at prices to yield
—
S.F. to
Corp. — Acquisition. —
—
and 9H
Self-Liquidating
Collateral Trust Gold Notes, maturities 1 and 2 years.
Denom. $1,000,
$2,500, $5,000, $10,000.
Description. -The notes of a banking corporation, issued against the
deposit of collateral with the Trustee.
Nature of Collateral. Trade Acceptances, payable at not more than
six months after date, the average time being 3 to 4 months; and two-name
notes, payable in monthly installments and maturing in not more than
12 months. Secured by insured merchandise valued at considerably more
than the amount of the note.
Margin of Security. Notes are issued up to only 90% of collateral deV. 110, p. 662.
posited, leaving 10% in the collateral for added security.
is
Exp.
Central Petroleum Co.
Oil Co. of
Continental Guaranty Corp.
The company
(Wm.) Cramp
1920—July— 1919
7,914,024 7,800,000 Zinc Gbs.)
63,514,024 1,170,778
159,778
150,000 Silver (ozs.)---56,675,000 1,086,000
(lbs.)
SUver
[Vol. Ill
Dunn
Assets
—
Petrol. Corp.
Accounts receivable
& supphes, &c._
DuefromDavenp.Pet.Co.
Investments
Leaseholds & equipment
Real estate, automobiles,
furniture
May
Liabilities
Cash
Due from fiscal agents
Materials
Bal. Sheet
and
fixtures.
.
1920— Merger.—
31
—
$153,422 Capital stock (authorized
$2,249,500
.$3,000,000)
147,440
284,525
87. 734 Notes payable. a
10,187
6,906 Mortgages payable
384,867
32,627 Accounts payable- b
5,991
130,870 Labor accrued & payable.
50,000
4,648,642 Reserve for contingencies.
95,000
Suspense accts. payable..
2.193,325
65,753 Surplus
,
par $100.— V. Ill, p. 592.
Colorado Fuel
&
—
Iron Co.
Quarters and Six
Results for
Net earnings
a
-Earnings.
Months Ending June
1920—3 Mos.— 1919.
Gross receipts
Operating expenses
1920—6 Afos.— 1919.
$14,239,347 $10,529,415 .$24,608,948 $20,601,199
9,385,099 21,490,955 18,516,483
12,109,074
,144,316
132,816
$3,117,993
246,703
$2,084,716
271,045
Gross income...
$2,258,483
Bond int., taxes, s.f.,&c
711,602
$1,277,131
649,977
$3,364,696
1,397,247
J2,355,761
1,327,224
$627,154
$1,967,449
$1,028,538
Balance, surplus
$1,546,881
—V. 110, p. 2196.
Columbia Enamel
& Manufacturing
See Union Oil Co. of Delaware
(John
>
»,'*,»
..
T.)
„
Connor
1920-3 Mo.f.
below.— V.
Co., Boston.
to
Sales
,$3,531,904
Net profit after
taxes
...
68,425
It is said that the company
—993^%
— Earnings,
June 30-1919. 1920-3 Mos.
to
$1,834,077
$2,967,396
53.842
—V.74,427
110,
now has 275
stores.
receiver.
Acquired.
109, p. 2442.
$5,273,394
Total
b Over $350,000 had been paid
1.
—
& c. —
Mar. 30-1919
$1,952,355
41,916
p. 2294.
company below.
East Butte Copper Mining Co.
—
1920 JuliJ 1919
1,458.420
1,537.880
V. HI, p. 193.
—
Increase]
—
Output (Lbs.)
1920— 7 Mos.— 1919
79.460110.747.520
10.359.560
Elk Basin Consolidated Petroleum Co.
—
Increase
387,960
—Purchase. —
a controlling interest in the Frantz Oil
Corporation, "which drilled in the discovery well in the new Cat Creek
Field of Montana, and controls leases on 24,000 acres on the Cat Creek
C. H. Pforzheimer & Co., N. \ City.
anticline, covering six structures."
further say in substance:
^
,
^.
•,
v,
*i.
the first large oil gusner in the
The Frantz Company has just brought
The company's well on Section 14, Dome No. 2, of the
State of Montana.
set,
Cat Creek structure, after being cleaned out and an 8-inch casing Preflowed 1 500 bbls. in 24 hours, and is now making 1 ,800 bbls. a day.
vious to tnat time the well had been flowing 250 bbls. a day since May 15.
this field to Wmnett, Mont.,
A pipe line is now Hearing completion from
the railroad point from which shipments will be made.
The Frantz Corporation also has a joint interest with the Roxana Petroleum Co., Royal Dutch subsidiary. In approximately 3,000 acres in the
they
new Bellufourche structure in Southeastern Montana. Last Saturday
encountered the shale just above the sand, which is saturated with oil.
The Frantz Corporation has also two wells sunk to the tirst sand in salt
Creek which-they expect to drill to the second sand at an early date; the
This company has purchased
m
Co., Hartford.
JudgeF. D. Haines has appointedjWm. E. Johnson of Hartford,
Commonv/ealth Petroleum Corp.
.$5,273,394
Over $100,000 had oeen paid July
For proposed terms of merger with Lake Park Refining Co. see that
30.
$2,130,272
128,210
Other income
Total
.,
•
—
Aug. 21
THE CHRONICLE
1920.]
completion of the wells being contingent upon securing a permit under the
Leasing Bill, which they hope to do very promptly.
Besides these two proven fields the Frantz Corporation has some 60,000
acres of leases in productive fields in Wyoming and Montana, and has on
hand a considerable amount of pipe. drilling equipment and also has^cm.de
oil in storage.
V. 110, p. 1092.
—
stocks over the country are being steadily absorbed and the curb of production within a few months will be steadily upward.
•^
"^^^ present depression is transitory.
It will be overcome with least
..j
ditficulty if everyone will do more work, waste less and talk less.
need no
fiirther enlightenment about oxu- 'rights'
we need higher understanding
of our duties.
— Control ]Acquired. —
Co. — Output. — No New Model. —
Equatorial Oil Co.
"We consume more than we produce. More production with more econorny in oiu- .spending, is the only solution.
,."-i
\
"This is the time for sensible optimism. Too many people have shown
lack of confidence.
They have worried and talked, instead of working.
This has helped make the situation more serioas.
Such an attitude iis
producing 4,000 vehicles daily. During the fiscal year which ended
company tiu-ned out 970,000 automobiles, the new schedule
effect Aug. 1 calls for production of 1,250.000 cars and
250,000 tractors for the next 12 months.
Tight money conditions have had a slight effect upon Ford sales, but the
result has been so slight as to be negligible so far as factory production is
concerned. Its most noticeable effect has been a temporary check in the
volimie of tractor sales in some sections of the country.
This sales curtailment has not been pronounced at any time, it is said. On the contrary, it
produced a beneficial result, by giving the tractor plant a chance to catch
up with the hundreds of sales booked in advance of production. At present
the plant i.s turning out 400 tractors each day. Tractor sales are now coming
in greater volume due to the preparation being made by the farmers to
is
July 31 the
which went into
destructive.
"Ever.vone who is conscientioiKly desirous of doing his duty to himself,
to his cotmtry, will in times like this keep faith, do more work and
keep cool." V. Ill, p. 593.
and
Foundation Company, New York
—Balance
Sheet.
— Imbrie
&
City.
— Capital
&
Co., McDonnell
and Stephens & Co. are offering at $96 per share,
10%, 5,000 shares of capital stock of no par value.
No
40,000 shares; issued, 25,000 shares.
A circular shows:
funded debt.
Company does a general engineering and construction business and practically all its work is done on a "cost plus commission" basis, the Company
acting as the client's agent, thereby eliminating the risks often present
where this kind of work is done on a straight contract basis. Company
with its subsidiaries is now handling, in the United States, Canada, Latin
America and Europe, contracts amounting to about $65,000,000.
Earnings.
Since formation in 1902, has earned a surplus of $2,148,000
and in addition to money put back into the business, has paid to its stockholders dividends amounting to $1,792,207.
Earnings, before Federal
taxes are at present at an annual rate in exce.ss of S50 a share.
(See report
in V. 110, p. 2191).
Dividends.
For 1918 company paid $4 per share regular and $6 per
share extra.
For 1919 .?4 per share regular and $13 per share extra. For
1920 company has paid $2 per share Q.-M. on an $8 per share annual
basis, and also a stock di-vidend in May of 25%.
Comparative Balance Sheet.
Assets
Mav 31,
Dec. 31,
—
—
—
1920
$1,061 ,552
Real estate and buildings
Plant and ecjuipment
Investments
Patents
840,669
366,915
5,000
563,797
2,506,602
47,845
Cash
Accounts receivable-.
Mat erials
,
etc
Uncompleted contracts
,600.000
$7,018,967
$5,097,834
78,558
$799,537
167,000
75,000
796,823
I
"2"6",587
will
420"5.30
1,071,078
69,784
478,438
21,470
1.600,000
Deferred charges
Good
1919
$235,879
726.247
744,408
1
Common
Dividend.
—
directors have omitted the payment of the monthly dividend on the
Common stock, usually payable in Augu.st. The Preferred dividend will
be paid, it is staged. V. 109, p. 1613.
—
Great Lakes Transit Corp.
—
—
Buys Steamers.
annoimced that the company has purchased from the Lehigh Valley
RR. two steel steamers, each of 6.000 t ns registered capacity. Th3 total
fleet now consists of 25 steamers of about 125.000 tqns. This transaction,
it is statec; completes the pm-chase by the company of all of the Great Lakes
steamers that were owned by the New York Central, the Pennsylvania,
the Erie and the Lehigh railroads.
Under the Panama Canal Act these railroads were compelled to part
It is
with the ownershiii of
theii-
lake vessels.
— V. 109, p. 682.
— Director Resigns. —
—
—
Hale & Kilburn Corporation. Amalgamation Plan —
American Can Co.
Control Neiv Company — Present Stock
Remain Outstanding. —A proposition has been submited to
Green Star Steamship Co.
Louis F. Swift of Chicago has resigned as director.
V. 110, p. 365.
to
Co.
Auth.,
pref. stock or
—No
The
Slock
to yield
—
Grant Motor Car Corp.
care for fall harvesting.
Sales of Fordson tractors have been increasing so rapidly in the agricultural districts of Kansas that it has been decided to erect a tractor assembling plant in Kansas City, in addition to the motor car assembly plant
in that city.
It will have a capacity of at least 100 tractors a day and
will cost 81,000.000.
It will adjoin the motor car assembling building.
Vlce-Pres. Frank P. Klingensmith has denied statements that a new
engine and automobile are in process of development. Mr. Klingensmith
Is quoted as saying that if the present model T-Ford ever loses its popularity,
there will then be plenty of time to bring out a new car, but so long as the
demand for Fords exceeds annual production by 200,000 cars as is the case
this year, the company will continue to manufacture the present model.
—V. Ill, p. 592, 696.
Offered
We
—
The Boston "News Bureau" has the follomng from its Detroit correspondent: With approximately 185.000 orders on its books. Ford Motor
Co.
797
effect of the railroad strike are being made.
Within a few months this
extreme pressiu-e ivill have been removed, but the orderly process of deflation of war values will move steadily to an equilibrium. So far as Akron is
concerned, we have reached bottom in the production of times. Abnormal
See Carib Syndicate, Ltd., above.
Ford Motor
,
to
the stockholders for combining, under title of American
plants and business of this corporation
with the properties of the Wadsworth Mfg. Co. of Detroit, a
company which has for many years been engaged in the
manufacture of automobile bodies, the American Can Co. to
name two-thirds of the voting trustees of the new companj'-.
Digest of Statement by Chairman W. D. Baldwin, New York, Aug .11.
The new company will be known as the American Motor Body Co. Voting
control will be in voting trustees, two-thirds of whom will be named by the
American Can Co.. which will be financially interested. Edward G. Budd,
Motor Body Co., the
of Philadelphia, will be President and directly in charge of operations.
The new company will have an authorized capital of .$20,000,000, and,
after the proposed combination, unfilled orders amotinting to approximately
$15,000,000, a net working capital in excess of $8,500,000, and no funded
debt except the bonds and serial notes of your corporation which it wiU
assume. It is contemplated that the Hale & Kilburn Corporation wiU
transfer its assets to the new company in exchange for its stock or voting
trust certificates representing .such stock, as set forth in the accompanying
-'(
plan, the new company assuming all indebtedness of your corporation.
The Hale & Kilburn Corporation will continue as a holding corporation
without change in its capitalization.
From the estimates of earnings as prepared for the new company it is
anticipated that dividends on its shares held by your corporation will produce an annual return sufficient to provide funds for dividends on the
Preferred .stock of your corporation: and after paying the accumulated dividends on such Preferred stock, dividends on the Common stock may also
be expected.
The necessity for securing ample working capital for the rapidly increasing
business of the companies is imperative, owing to the marked increase in
With ample re>-ources
costs of material and labor under existing condit ions.
and a strong management a prosperous business ocoms assured and warrants
the expectation of increased earnings for your securities and an enhancement
of their value.
"^
Your directors and voting trustees recommend this propos ition.
,
,.
Total
Liaoihlies
—
Notes and accounts payable
Bank
loans
Mortgages
Reserve for deprec, taxes,
Accrued accounts
Com.
.
etc. (incl.
Fed. taxes)..
stock (25,000 sh.)
Siirplus
I.I.
Total
—Compare V. 110, p. 2191, 2196.
Motor
(H. H.) Franklin Mfg. Co.,
It is learned authoritatively that this company
est of the late Harlan P. Wells in the Walker Wells
a large manufacturer of automobile bodies,
Body Co.
The Franklin Company
709,400
777,702
5,224
1 000,000
2,748,083
800,000
2,459,474
$7,018,967
$5,097,834
Mfrs.,
Syracuse.—
has piu-chasod the interCo. of Amcsbury, Ma.ss.
now
reorganized as Walker
reported unofficially to be operating temporarily on a four-day a week schedule.
V. Ill, p. 593, 497.
General Motors
is
—
Corporation. —Earnings. —
—
Six Months ending June 30
Net profits,.^
Provision for Federal taxes, &c.
Balance
1920.
1919.
1918
:$47.759.357 $48,900,800 $26,078 120
i7 7nfi(;-j«
iQ.innoc,
12,250,000 17,706,636
..
..
$35,509,3.57 .$31,194,164 $12,587,259
GeneralMotors proportion thcreof__-.$35, 151, 114 .S30,591,988 $12,307 784
(6% per annum).
485,112
522,392
590304
Debenture dividends (6''/r per annum) 1,475,220
943 653
Debenture dividends (7%)
686,119
_
"'"I
Preferred dividends
Common
do
dividends, cash
in stock..
do
x8,433,867 (6)8'.842.434 (6)5'.618l655
'
x3. 835, 275
Balance, surplus.
.
'
.
$20,235,521 $20,283,508
'
$6,098,825
X Approximate amoimts inserted by Editor
Includes: (o)
($4,598,
'
592) paid Feb. 1: (h'
(h) also
cash portion of- the di\adend paid May 1 192f) viz
25 cents a share on Common stock of no par value, $2 50 on stock of =^100
par value. The di'
dividend in stock was paid at the rate of
„. l-40th of a share
on no par value stock and
of a share on .?1 00 par stock'
Shareholders of record .Juno 12 1920 were allowed to subscribe to
20%
new Common slock, increasing the outstanding amoimt, it is under.stood
to approxnnately 19, .500, 000 shares of C:!ommon stock of
no par value'
Compare V. 110. p. 2390: V. HI, p. 193, 299. 593.
•
-
-
3%
:
:
H
Goodyear Tire & Rubber Co.—Dividend of
—
A quarterly dividend of 23-^% has been declared2\i%.
on the
Common stock payable Sept. 1 to holders of record Aug. 14.
In July
Common
p.
2391.
a stock distribution of 150% was made to
stockholders of record June 14.
Compare V 110
last,
^''°" ''^"' "" '^'^ Common stock from
N<w"'Y972' to'^jTn1e'\f20^inc1.^*''''^
President F. A. Seiber'ling, in a recent statement to the Ala-on
Chamber
a."iwi
Commerce is quoted as saying:
''N" indu.stry in the country has a brighter outlook than the tire
industry
^^»^ry.
nol^withstanding the talk of reduced automobile production.
Kiiiht million cars are now running in this countrv.
Within
five vears
hi.s numb,.r will approximate
15,000.000 cars— all with tire-s— the'major
part of which nuist come from Alvroii. The rubluMindustrv is on a solid
foiiiu lation. unsurpassed by any industry in this countrv
ho biislnQss situation is acute at this time while the' adjustment
to the
shock of restricted credits applied by the Federal reserve
banks and thi
of
.,
.
I
Digest of
Plan as
Presented
to
the
Board.
entire assets of this corporation to be sold to American Motor Body
Co. in consideration of the latter assuming all liabilities (subject to an agreement restricting the sale thereof except with the coasent of the bankers
who have underwritten stock of such company) and issuing its stock to
Hale & Kilburn Corporation, as follows:
Kilburn Corporation
Stock to Be Received and Held by Hale
$1,600,000
16,000 shares of Class A stock having a total par value of
250.000
50,000 .shares of Class B stock having a total par value of
American Afotor Body Co. was organized in Delaware .\ug. 4 1920. and
has leased the plant of the Wadsworth Mfg. Co., of Detroit, for a term of
20 years, with an option to buy the leased property at the end of the term
This company is engaged in manufacturing automobile
for $5,000,000.
bodies and has orders on hand totaling on .-\ug. 5 1920 the sum of $10,000,000. Total auth. capital stock to be $20,000,000. viz.: (a) $15,000,000
Class A .stock: (b) $5,000,000 Class B stock: of this, .?9, 860.200 of Class
-4*^
stock and .$4,750,000 of the Class B stock has been is-sued.
If the proposed combination were effected as of to-day. the new company's financial situation would be approximately as follows:
(a) "stock issued and outstanding: (a) $11,460,200 Class A [Pref.] stock: and
$16,460,200
(b) .$5,000,000 of Class B stock: total
(ft) Additional Class A stock to be issued on or before Sept. 1 1920. when
therefor
subscripare
made
in
cash
at
par
pursuant
to
payments
as
and
$2,000,0(10
tion agreements held by the new company
9,718,500
Total current assets, of which 54,105,000 would be cash
(c)
Total current liabilities
3 ,048,180
doi)t.
consisting
bonds
notes
of
your
funded
of
and
only
((/) The
The
,
&
\
will be assunu^l [embracing $1,500,000 1st M.
sinking fund bonds due June 1 1939. and $7.50.000 6%
serial notes duo in installments each July 1 from 1923 to 1933
see details, V. 108, p. 2333, 2527; V. 106, p. 1231: V. 105, p.
2.2,50,000
2276.— Ed,] would bo
Class A Stock, Auth.. $15,000,000,- Outstandiufi Sej't. 1 1020, S13.460.-200
Preferred as to assets and also as to cumulative dividends of S''; per
anmmi, and after the 8% dividend has been paid, will share equally with
C^lass B .stock in all dividends up to an additional 4"^ per annum, or 12%
Redeemable,
per annum in all. from the time of issue of such Class A stock.
all or part, at 115% and accrued divs. and to bo so rcdoeimxl (If not otherwise obtainable for a less sum) through a sinking fund which is to be maintained from .surplus or earnings each year beginning July 1 1922. as follows:
(a) An amoimt equal to 5% of the largest amount of Class A stock at any
time outstanding, (ft) 20''r of the excels, if any. of tho not profits for the
preceding calendar year over 16% of the par value of the Clas^ .\ stock outstanding on July 1 in that calendar year. Has no voting rights except In
C.1SO of default on four quarterly preference dividends of 2'"r each, but
after default to bo entitled to elect a majority of tho board until tho default
company which
6%
,
cured.
Total Auth.. $5,000,000. All to Br OulslandinQ.
Class B [Common] Stock.
lias oxclusivo voting rights, except as above stated, and is ontithxi to all
-"^
further dividends, etc., after afores.-vid payments on the Pref. stock.'
No mortgage or encumbrance, other than purcha.«e money mortgngss or
liens, and other than pledges of collateral made In tho on.linary course of
bu-^iness ma.v be created, unless authorized by a m.ijorit.v ol" each stock.
The stock of .\merican Motor B(«ly Co. may be plactyl for a periixl of five
years in the hands of voting trustees, a majority of whom will be named by
the American Can Co.
Hale & Kilhiirn Coil), is to be ropre:-;entc<i In the directorate of the new ro.
[Tho voting trust agreement of Feb. 19 191S U:is beiMi termlnatixl by the
trustees as of .Vug. 17 1920, and holders, on surrender of voting trust
certificates duly endorsed, to Banket-s Trust Co., 16 Wall St.. N. Y., will
receive certificates for equivalent amounts of Pref. and (or) Common stwk.
Tho Prof, stockholders of Hale & Kilburn Corp. will vote at the office of
the corporation, 30 Church St.. N. Y. City, on .Vug. 27 1920. at 11 a. m.
is
THE CHRONICLE
798
"upon a proposition to sell or exchange allTthe property and assets of this
corporation, including its good will, to the American Motor Body Co., of
Delaware, upon ^he terms set forth in the aforesaid letter, dated Aug. 11
1920." JohnB. Kilburnis Pres. and Harvev L. Beyeris Sec.
Phila. office
18th St. and Lehigh Ave.] V. 108, p. 2527.
—
Haverhill Gas Light Co.
— Rate
Increase.
—
The Mass. P. U. Commission has authorized the company to Increase
the masimimi net selling price of gas in Haverhill to $1 15 and SI 40 in
Merrimack and Groverland.
— V. 109, p. 982.
&
Hawaiian Commercial
An
Sugar Co.
— Extra Dividend. —
extra dividend of 75 cents per share has been declared on the stock in
addition to the regular monthly dividend of 25 cents, both payable Sept. 6
to holders of record Aug. 25.
In July and Aug. last, extra dividends of
75 cents each were paid and in June last, an extra of $1 25. V. Ill p. 393.
Henderson Bridge Co.
— Bonds
—
—
,
Called.
Eighty-eight (S88.000) First Mtge. 6% gold bonds of 1881 and due 1931,
have been called for paxTnent Sept. 1 at 105 and int. at the Central Union
Trust Co.. N. Y. See also advertising pages in last week's "Chronicle."
V. 73, p. 960.
Hocking Valley Products Co.
— Earnings. —
Net income
after all charges for bond interest, taxes, sinking fund and
other reserves for July was .$25,331, and for the 7 months ending July 31,
$92,694. This compares with 822,168 in June and $10,404 in
last.
Ill, p. 393, 299.
—V.
Indian Refining Co. Status
gomery & Co., New York, have
—
May
— Valuation,
&c.
—Mont-
issued in circular form a
from President Theodore L. Pomeroy, under date of
Aug. 16, setting forth the position of the company, following
the purchase of the Central Refining Co. for $5,400,000 and
the sale at 200% (.120 per $10 share) payable in instalments,
Sept'. 9 and Dec. 9 1920, March 9 1920 of -14,500,000 par
letter
new Common stock (underwritten
President Pomeroy reports in part:
value of
p. 498).
—see
V. Ill,
Earnings (Combined with Those of Central Refining Company) Jan. 1 1920
to June 30 1920.
Net profits before providing for Federal taxes, six months
$1,840,561
Allowance for Preferred dividends
1 15 ,.500
Balance
$1,725,061
Current monthly earnings are at a rate largely In excess of the above.
x\917 Appr.
Plus Book
Per Books
Valuation
Additions. June 30 "20.
—
tors of the Dunn Petroleum Corp., for the consolidation of both companies
into a new corporation.
The agreement provides, briefly (a) for the consolidation of the Dimn
Petroletun Corp. and the Lake Park Refining Co. into a new corporation
to be known as the Meridian Petroleiun Corp., with a capital stock of
$25,000,000 par $1; (6) for the exchange of Dunn Petroleum Corp. stock
for the stock of the consolidated corporation upon the basis of one share
of Dunn Petroleimi Corp. stock for two shares of consolidated corporation
stock, and (c) for the exchange of the shares of the Lake Park Refining
Co. stock, upon presentation and surrender to the consolidated corporation, said stock to be surrendered in exchange for the stock of the consolidated corporation in the proportion of the par value of each share of the
Lake Park Refining Co. stock to the outstanding stock of the LakePark
Refining Co. at the time of the consolidation; that is to say, that in exchange
for the stock of the Lake Park Refining Co. issued and outstanding at the
time of the consolidation there wUl be issued to each stockholder of the
Lake Park Refining Co. at said time his proportion 3,200,000 shares of $1
par value of the consolidated corporation; (d) for the appointment of a
board of directors of the new corporation, consisting of 11 directors; (e)
for the consolidation into the new corporation of all the properties, &c.,
of each of said corporations and for the assumption by the consolidated
corporation of all the liabilities, debts, and duties of each of the constituent
corporations; (/) for the acquisition by the consolidated corporation of the
stock of the Davenport Petroleum Corp. atone share of Davenport PetroleumJCorp stock ($10 par) for 20 shares of the consolidated corporation stock;
(g) and for sale of seciu"ities to provide funds for additional development.
V. 109, p. 276.
Lawrence Gas Light Co.
—
The
$2,579,249
3,898.265
5.094,582
2,592,867
1,663,675
$1,671,2.36
2..342,995
2..361,310
$15.828,6.38
1,620,751
$9,193,825
1.117,947
Pipelines
Total property appraised
oil leases (not appraised in 1917)
2,013,890
814.294
Total val. of capital assets bef. deducting deprec_$17, 449, 389 $10,311,772
Add Net current assets. $7,007,428: cost of investment.
Central Refining Co., $5,400,000; miscellaneous assets,
$12,549,224
$141,796; total
—
(3)
$22,860,996
Less reserve for depreciation per books
Less provision for Federal taxes and $3,000,000 Pref. stock...
,
Net valuation equivalent
2,232,2.50
4,739.627
to $21 18 per share (750,000 sh.).. $15,889,119
X Appraised cost of reproduction new on Dec. 31 1917 (by American
Appraisal Company) plus actual cost of additions since; except value of
oil leases which are based on a present day conservative valuation.
"The value of $21 18 per share shown above is arrived at after giving
effect to the sale of ,$4,500,000 par value of Common stock and the acquisiThis value
tion of 100% of the Common stock of Central Refining Co.
would be considerably increased if the capital values shown in the first
column were substituted for the corresponding book values. The difference as shown above between the gross values amounts to $7,137,617 14
or $9 52 per share.
If appraisal were made at the present time and based
on present day prices it should result in a further substantial increase in
values." Compare V. Ill, p. 498, 594, 697; V. 110. p. 2661, 1287.
International
An initial dividend
Cement Corp.
—
Initial Div.
—Earnings. —
of 62 J4 cents per .share has been declared on the
outstanding Capital stock, payable Sept. 30 to holders of record Sept. 15,
placing the stock on a $2 50 per annum basis.
This company was organized in Maine in Nov. 1919, with an authorized
capitalization of 400,000 shares of Capital stock, no par value.
Quarters of 1920:
2d Quar. 1st Qua~.
Sales, less discounts
$2, 297,.568 $1,.500,347
Net
665,799
profit
income
Miscellaneous
Total income
Int., reserve for
1(),663
676,462
128,872
57,590
Fed. taxes, etc
Balance surplus
—V.
Ill, p. 697.
Co. — Stock
International Harvester
280,850
11.256
66,760
225,366
Dividend. —
—
It is stated that the $2,773,500 7% 1st I 'en Coll. Gold notes and the
$1,272,000 214 year 7% notes which fall di on Sept. 1 next will be paid
off at maturity.
Both issues were orignally put out by A. B. Leach & Co.
;
Ill, p. 78.
—
Jones, McDuffee & Stratton, Boston. Extra Dividend.
An extra dividend of 1% has been declared on the Class "A" stock together^ with quarterly dividends of 2% on the Pref. stock and 2}^% on
Class "A" stock, all dividends payable Sept. 1 to holders of record Aug. 27.
President Theodore Jones is quoted as follows:
"We wish to emphasize the fact that this is an extra dividend and that no
conclusions as to the future extra dividends should be drawn from the payment of this dividend. Gross business for the 6 months ending Aug. 1
1920 has materially exceeded that for the same period of 1919.
"While the outlook for the coming 6 months is not as bright as for the
past 6 months, due to the great world shortage in the class of merchandise
handled by company, and to the freight embargoes, company is in a more
favorable position than most others in its field to obtain a generous share of
the merchandise which is to be had. Another favorable factor in the
situation is that because of this scarcity of merchandise, there is no great
likelihood of a decrease in prices for a long time to come."
Knoxville Gas Co.
— Bonds
Called.
—
Mtge. 5% gold bonds, Nos. 1, 82, 151, 316. 370.
due Oct. 1 1933. have been called for payment on Oct. 1 at 103% and
int. at the U. S. Mtge. & Trust Co.
V. 110, p. 2080.
Five ($5,000)
Fir.st
—
—
—
(S. S.) Kresge Co.
July Sales.
.1920 July 1919.
Increase.
Increase.
1920 7 Mos.
1919.
$4,011.9.52
.$3,081,861
$9.30,091 $26,173,104 $21,412,121 $4,700,983
—
—V.
I
—
1
Ill, p. 393, 299.
Lake Park Refining Co.
The
— To
Smkmg Fund
Vote on Merger, A-c.
—
stockholders will vote Aug. 30 on an agreement dated July 28 1920,
entered into by the directors of the Lake Park Refining Co., with the direc-
—
—
Extra Dividend.
Lit Brothers Corporation.
The Phila. Stock Exchange on Aug. 7 stated that the dividends, payable
Press
Aug. 20 were a regular semi-annual of 5% and an extra of 214%
reports recently stated that the extra to be paid amounted to 3%. An
extra dividend of
V. Ill, p. 697.
2H%
bas been paid 'semi-annually since Feb. 1917.
—Name Changed. —
—
—
—
Loew's Inc. New
below.—
&c. —
Loew's Theatres Co. — Listing— Balance
&
Livermore Dearborn
The company has
changing
its
Co.
with the Secretary of State of Delaware
name to United American Lines, Inc. V. Ill, p. 594.
filed notice
Interest.
V. 111. p. 498.
Sheet,
The Boston Stock Exchange on June 22 authorized the listing of 34.250
additional shares Common stock (par .$100) making the total authorized
This stock was issued in connection with the
to be listed 171,250 shares.
piu-chase of the freehold of the land on which the Orpheum Theatre in
,
Boston stands. Shareholders of record April 24 were given the right to
subscribe May 1 1920 and extended to July 1 to this stock at par in the
The purchase price of the
ratio of one new share for each 4 shares held.
land was $1,360,000, payable $360,000 in cash and $1,000,000 in 7% Cum.
Pref. stock (created by the stockholders on June 2) to Harvard College
owner of the land in question.
Earnings. ^Surplus Aug. 31 1919. $59,620; profit Oct. 1 1919 to April 25
1920. $235,235; total, $294,855; dividend paid, $116,450; Federal taxes
(est.), .$47,047; profit and loss surplus, $131,358.
New Cap
Balance Sheet May 3 1920, After Giving Effect to Real Estate Purch.
LiabilitiesAssets
.$1,000,000
Land, bldg. and equip't..$2,736,293 Preferred stock
1,712,500
152 ,.301 Common stock
Investments
52 ,000
47,687 C oupon serial notes
Cash
5,189
U. S. Goii;. securities.
15,834 Special
57,220
Federal
taxes
(est.)
1,275
Sundry investments..
131,357
4,877 Surplus
Deferred charges
&
—
.
$2,958,268
Total
.$2,958,268
For offering of company's stock, &c., see State Theatre Co. below.
Total
— V.
109, p. 2176, 1278.
Lucey Mfg.
Co.,
New
York.
—New
Directors, &c.
—
of Potter Brothers & Co.; Bernon
S. Breutice of Dominick & Dominick: Maurice Wertheim of Hallgarten &
Co.; Robert K. Cassatt of Cassatt & Co.; L. V. Boggs and Arthur Seal.
Interim receipts for Class "A" stock and also interim receipts for the
10-year 8% conv. sinking fund notes, series "A," may now be exchanged at
the Guaranty Trust Co., of N. Y., for the temporary certificates of stock
and notes in temporary form, respectively. V. Ill, p. 299.
New
Dodge
Philip L.
directors are:
—
Luzerne County Gas
The companv has applied
&
Electric Co.
— Bond Application.
Commission
to the Pennsylvania P. S.
for
permission to issue $1,150,000 bonds for improvements and extensions to
its electric plant,
V. 105, p. 184.
—
Manhattan
Six
Supply Co.
Electrical
Months ending June
30—
—
Sales.
1920.
$3,865,4.37
Gross sales
V. Ill, p. 697, 499.
—
Midvale Steel
Island Oil & Transport Co. — To Pay Notes. —
— Consol 43^s Reduced. —
Exchange on July 26 struck
off the list $140,000 Consol.
gold bonds. Series "A," $129,000 paid off and
canceled by the trustee on June 11 1920 out of moneys in the sinking fimd,
and $11,000 called by the trustee for redemption on July 1 1920 out of
moneys other than in the sinking fund, leaving the amount listed $14,963,000.— V. 110, p. 2662.
Phila. Stock
Mtge. 43^%
292,1.56
The Committee on Securities of the N. Y. Stock Exchange has ruled
that the Common stock be not quoted ex the stock dividend of 12J^%
until Sept. 15. and that all certificates delivered after Aug. 20 and until
Sept. 15 must be accompanied by a due-biU.
Compare V. Ill, p. 697, 498.
—V.
Navigation Co.
See state Theatre Co.
Refineries
Tank cars
SeUing stations
Value of
&
Lehigh Coal
Capital Assets.
Physical equipment at wells, including storage,
pumps. &c
— Rate Increase. —
of Public Utilities has authorized the company
Old price was SI 25.
to increase price of gas to $1 60 per $1,000 cu. ft.
New price took effect Aug. 11. V. Ill, p. 498.
The Mass. Department
(1)
(2)
rvoL. 111.
& Ordnance
Co.
—
—
1919.
Increase.
$3,189,465
$675,9/2
Stricken
from
List.
—
Phila. Stock Exchange on Aug. 9 struck off the list $723,000 20-year
5% Convertible Sinlcing Fund gold bonds, due March 1 1936, reported canceled through operation of the sinking fund, leaving amount listed $43,436,500.— V. Ill, p. 595.
The
Moline Plow Co.
— To
Purchase Automotive Engine Busi-
ness of Root & Van Dervoort Engineering Co.—
See Root & Van Dervoort Engineering Co. below. V. 110,
—
Dividend. —
p. 1847.
National Candy Co.— Extra
extra dividend of 5% has been declared
on the Common stock together with the regular semi-annual dividend of 4% both payable Sept. 8
to holders of record Aug. 17. An extra dividend of like amount was paid
in March last.— V. 110, p. 1084.
An
.
New
Britain Machine Co.
subscribed.
—
— Balance
Sheet
Balance Sheet as at June 26 1920 (After Giving Effect
$.500,000
June2(>-20.
—
Assets
Cash, acc'ts
receivable
$
&
notes
.1,263,387
65,646
Liberty bonds.
129,975
Investments
Inventories
2,752,415
8%
to the
Over-
Issuance
Preferred Stock).
Jan.VW.
S
820,899
174.173
941,959
Land, bldgs., mach.
2,407,302 1,225,335
& equipment
Deterred items
— Stock
June26'20. Jan.V19.
S
LiaUlUies
S
1.500.000
8% Pref. stock
2,000.000 1,500.000
Common stock
904,409
226,161
Acc'ts payable
947.500
Notes payable
20,000
Res. for accidents...
Res. for depreciation S61.649
757,957
1,199.405
Surplus
—
135.992
6,754,716 3.162.366
Total
6.754,716 3.162.366
pref. stock was sold through Richter & Co. of Hartford
Stockholders' subscriptions
after having been offered to stockholders.
closed on Aug. 9 and stock on this date was oversubscribed.
Total
The $500,000
The stockholders recentlv increased the authorized Capital stock from
$5,000,000 Common and $2,000,000 Pref. to $6,000,000 Common and
Tliis was the second increase in the capital of the com.$3,000,000 Pref.
pany during the present year. On April 7 last the capital was JU^S^SS
from $2,000,000 (all Common) to $7,000,000, consisting of So.000,000
Common and $2,000,000 Preferred. V. HI, p. 499.
—
.
Aug. 21
— ——
-
National Motor Car
&
Vehicle Corporation.
—
& Richmond Gas
Co.
—-Stays
Gas Raise.
—
Supreme Court Justice Scudder in Brooklyn on Aug. 14 in effect restrained
the company from increasing its rates to consumers pending trial of the
company's suit against the P. S. Commission. The trial, which began
July 19, is to determine whether or not the company is entitled to increase
rates.
In denjing the motion Justice .Scudder said that after the trial of an
action had been begun a preliminary injunction should not be granted
except in extenuating circimistances. V. 110, p. 975.
—
—
New
—
York Steam Co. Receiver's Ceriificates.
Judge Knox, in the U. S. District Court, has authorized Gamahel C.
St. John, George P. Hurd and WiJliam C. Fitts, receivers, to issue at 97.90
and interest ,$500,000 one-year 6% receivers' notes, dated June 1 1920, to
company
enable the
to continue its business.
statement to the court showed that the company had current debt as of July 1 1920, of .^820,328 and accounts receivable amounting
to $325,217. Estimated receipts at the present rates from July 1 1920 to
July 1 1921, were given by the receivers at .S900,000 and operating expenses
for the same period are estimated at $1,350,000.
Receivers' certificates
amounting to $400,000, due June 1 1920 have been redeemed. Receivers
were also authorized by the court to issue short-term notes to the amount
of $100,000 for immediate use to be taken up on the issuance of the receivers' notes.
V. 107, p. 807.
The
receivers'
—
North Butte Mining Co.
— Quarterly Report. —
Frederic R. Kennedy, New York, July 31, wrote in substance:
During the quarter there were mined and .shipped 67,599 wet tons of ore
and there were treated 65.753 dry tons of ore. all of which were second class
This ore produced 3,590,634 lbs. copper, 151,295.57 ozs. of silver and 210,407 ozs. of gold.
The following development work was done during the quarter: On the
600 to 3,400 foot levels, Granite Mountain mine, crosscuts, 494 ft.; drifts,
1,662 ft. and raises 917 ft.; total, 3.073 ft; 3,400 skip chute, 7,361 cu. ft.
Production (.in Lbs.) for the Month of July and Seven Months ending July 30.
1918.
1919.
1920.
Month of July
1,.505,079
1,835,551
1,005,810
Sevenmonths
10,954,753
10,6.59,074
6,956,111
Balance Sheet.
June30'20. Dec.31'19.
/wne30'20. Dec.31'19.
Assets
LiahiUties—
S
S
S
$
160,275
470,230
179,493
111,156
79,070
3,353
Cash
Accts. receivable.
Supplies at mine..
Suspense items
Copper
hand
& silver
9,185,185 Capital stock
6,450,000
Divs. unclaimed..
946
121,083 Accounts payable
112,504
Unpaid treatment
172,275
charges
125,413
415,749 Adv. on metals ..
795.776
59,952 Res. f3r ore depl.. 2,438.228
46,989 Surplus
3,023,953
83,058
.
2,637,362
12,946,821 12,767,618
Total
—
—
—
Northern Redwood Lumber Co. Bonds Called.
Nine hundred twelve (.$912,000) Series "A" and eighty ($40,000) Series
"B" First Mtge. 6% gold bonds, dated March 2 1914. have been called for
at 101
and
int. at
the Detroit Trust Co., Detroit, Mich.^
Co. — Redemption
O'Gara Coal
of Bonds. —
Ninety-three (.$93,000) First Mtge. 5% 50-year Sinking Fund gold bonds,
dated Sept. 1 1905. have been called for payment Sept. 1 at 105 and int. at
the Equitable Trust Co., New York.— V. 110, p. 2662.
Ohio
Oil Co.
—
— Capital
Increase.
—
The
shareholders have authorized an increase in the Capital stock from
$1,500,000 to $2,750,000.— Compare V. 111.. p. 596.
Oswegatchie Textile Co., Pawtucket, R.
—
—
Receiver.
Russell H. Handy who was appointed temporary receiver has been made
permanent receiver by Judge Doran of the Superior Court on Aug. 14.
I.
Ill, p. 699.
Stow
Peck,
&
Wilcox Co., Southington, Conn.
Case of Cleveland and John M. Holcombe have been elected directors, succeeding L. H. Treadway and S. H. Wilcox.
L. E. Pickthorn has been elected President; T. J. Ray, Vice-President;
Frank D. Taylor, Secretary and Edwin L. Walkey, Treasurer, V. 109,
S.
—
p. 2362.
Power
Pacific
&
Co.— Bonds Sold.—W.
Light
&
C.
Co., New York, and Blyth, Witter & Co., San
Francisco, &c., have sold at 9814 and int., yielding 8M%,
Langley
$1,000,000 First Lien
&
Gen. Mgte.
8%
Gold Bonds
(see
advertising pages).
Dated Aug. 1 1920, due Aug. 1 1930. Int. payable F. & A. in New York
and San Francisco, without deduction for the normal Federal income tax
not to exceed 2%. Denom. $1,000 and $,500 (c*). Red. at anv time upon
4 weeks' notice up to and incl. Aiig. 1 1925, at 105 and int., and 17c p. a.
lass thereafter until
maturity.
U.
S.
Mtge.
&
Trust Co., N. Y., trustee.
Y., Aug. 12 1920.
Data from Letter of Vice-Pres. F. G. Sykes, N.
^
"
Compaiiii.
TiicorI'p. in Juno 1910 in Maine,
—
a consolidation of various
i>r(iprT-|
proprr k;n.
ios.
Operates in .-iiaies
v/prraies
States oi
of Wash.,
vvasn., <)re.
Ore. ano
and Ida.
Ifla. Fur1' urnishos clcclric power and light service to 58 communities, artificial gas service to 7 communities, street railway .servico to 2 communities, interiu-ban
railway service to 3 communities and water servico to 4 communities.
Among the communities served are Walla Walla, Yakima and Vancouver,
Wash.: A.storia, The Dalles, Pendleton and llood River, Ore.; and Lewis
ton, Ida.
Capilalizatinn after This Financing
Authorized. Otttstand'g.
Pref. stock 7% Cum. (redeemable at 115)...
$4. .500, 000
.$2,9.50 000
Second Preferred Stock, 7% Cumulative
2, .500, 000
y1 300 000
Common stock
7.000,000 y6, 100.000
eslnhlisii.Ml
o.^i.iiiiiMiiii
I
—
First
First
Al
Rofundmg
L ien &
,5s,
due Aug.
General Mtge.
32.870
8s,
1
44,324
42,203
38,297
—
—
——
Bond &
Penney Co. July Sales.
1920 July 1919.
Increase.
Increase.
1920 7 Mos. 1919.
$3,278,343
$1,953,6.32
$l,324,71ll$19,128,157 $13,259,783 $5,868,374
Official.— V. Ill, p. 499, 395.
(J. C.)
—
I
—
—
—
—
Phillips Bed Manufacturing Co.
Receivership.
Judge Frank D. Haines has appointed William E. Johnson of Hartford,
receiver.
Producers
&
Refiners Corporation, Denver.
May
May
1920
1919
—Earnings
Net Income.
$390,702
37,664
Expenses.
Gross Income.
$307,973
315,981
$698,675
353,645
—
Increase
The net income
in April
—
—
&
—
—Rate Increase. —
Jersey P. XJ. Commission has allowed the company, effective
Aug. 1, to increase its charge for gas as follows: $1 40 a 1.000 cu. ft. per
month for the first 20,000 ft.; $1 35 for the next 30,000; $1 30 for the next
50,000; $1 25 for the next 50,000; $1 20 for the next 50.000: $1 15 for the
next 100,000; $1 10 for the next 500,000, and $1 05 for all over 800,000
cu. ft. a month.
This is an increase of 25 cents per 1.000 ou. ft. in each
case over the old rate.
The Commission also allowed the company to decrease its standard
for gas from 600 British thermol units to 525 units.
V. 110, p. 567.
—
Quaker Oats
19-30
due Aug,
1
Co.,
Chicago. — Revised Statement. —
on Aug.
An revised statement to the "Chronicle" says "The directors
declared a 25% stock dividend, payable Sept. 30 on stock of record
1930
30,000,000
a
10
Sept. 1,
stock from $9,000,000 to
$11.2.50,000.
on the
"The directors declared the regular quarterly dividend of
Common, payable Oct. 15 on stoclf of record Oct. 1
"The new stock will participate in this distribution and it was pointed
out that the previous 12% rate has been maintained on the October dividend."— V. Ill, p. 699.
3%
(Robert) Reis
&
Co.
— Definitive
Rhode Island Omnibus
Certificates Ready.
temporary
—
certificates for definitive
Y., transfer agent. V. Ill, p. 195.
their
ones at the Columbia Trast Co. of N.
—
—
—
Creditors' Committee.
This company recently ceased operation of its 21 jitney buses owing to
financial difficulties.
A creditors' conmiittee consisting of Charles H
Morehouse. Chairman; William Law, Patrick P. Curran and J. C. Semonoff
has been formed to reorganize the company and to raise $15,000 necessary
Co.
o start operation again.
Root
& Van
motive Business
— To
Dervoort Engineering Co.
to
Moline
Ploiv.
—
Sell
Auto-
It is reported that negotiations for the sale of the automatic engineering
business of the company to the Moline Plow Co. are practically completed.
The Boston "News Bureau" says: The Moline Plow Co. for the manufacture of its tractor and its "Stephens Six" car has been taking about 80%
of the output of engines of Root & Van Dervoort, so that its assumption of
control of its source of supplies is most natural.
Root & Van Dervoort at
the same time is anxious to lower its manufacturing rp,sponsibilities, which
been
fast
multiplying
since
automobile
production got in full
have
the
swing and to reduce a floating debt which was becoming unwieldy. The
illness of W. H. Van Dervoort, the active manufacturing executive has also
been a moving motive for the deal. At present H. A. Holder is assuming
the active management of the business.
He succeeds as Vice-President O.
J. Root, who has resigned, but who remains as director.
It is probable that holders of present Root & Van Dervoort stock will
receive from Moline Plow Co. in retiu"n for the sale of the automotive engine
business a special Preferred stock, ranking after the present Moline Plow
Preferred but before the Common stock, which will have some special protective features, and a redemption value above the book value of the assets
transferred.
Moline Plow expects to redeem this in whole in six or seven
years and a portion of it will be annually retired.
It is likely that the stork
will pay $2 50 per share in dividends and will be exchanged share for share
Moline Plow Co. as-sumes the
for present Root & Van Dervoort stock.
8% Preferred stock of the R. & V. Engineering Co.
wil be formed for the benefit
from
remaining
assets
A new company
the
or R. & V. shareholders to continue the manufacture of the Root & Van
Dervoort Knight-engined automobiles. The six-cylinder car will be continued and a new 4-cvllnder Knight product, now under test, will shortly
be marketed.— V. 110, p. 1978
St. Joseph Lead Co.
A stock dividend of 10% (in
Stock Dividend
—Extra Dividend. —
the ratio of one share for each ten sh.ires held)
has been declared on the outstanding $14,091,660 Capital stock, payable
This stock distribution will Increase the
to holders of record Sept. 20.
outstanding Capital stock to $15,504,120.
.\n extra cash dividend of
and the regular quarterly dividend of
2H have also been declared payable Sept. 20 to holders of record Sept. 9.
were paid. V. 110, p. 2663.
In March and June last, extras of
2H%
2H%
%
x9. 119.000
Savage Arms Corporation.
1,000.000
X $1 .000,000 additional are pledged to secure the Ph-st Lien & Gen. Mtge.
S /c Hoiuis.
y .\11 2d I'ref. and Common stocks, except directors' shares
are ownt'd by American Power & Light Co.
a Mortgage provides that additional bonds may be i.'sstied in different
series, provided that no new .series ma.v be issued maturing earlier than
the
«Jis';'"(? series, and only when the net earnings for tlio 12 months procoding
snail have been equal to at least twice tlie interest charges on all I'"irsl
it Iti^f
Mtge. bonds outstanding, and all First Lien & Gen. Mtge. bonds outStanding, together with those proposed to be Issued.
Common
thereby increasing the outstanding
The stockholders may exchange
Ontario Steel Products Co., Ltd.
G.
29,044
X Year ended June 30.
Management.- ^Operations are under supervision of the Electric
Share Co., N. Y. City.— V. Ill, p. 699.
—Extra Dividend. —
An extra dividend of $4 75 has been declared on the stock together with
the regular quarterly dividend of $1 25, both payable Sept. 30 to holders
of record Aug. 28.
Extra dividends have been paid as follows. March
and June 1920, $2 75 each; Dec. 1919, $4 75; Sept. 1919, $2 75; March
1916 to June 1919, incl., $4.75 quarterly. V. 110, p. 2198.
—V.
Total
Provincial. Lt., Ht.
Pow. Co., Ltd.^Bonds Called.
Twenty-three ($23,000) First Mtge 40-year 5% gold bonds of Nov.
1906, have been called for payment Sept. 1 at 105 and int. at the National
TrustlCo., Montreal. V. 109, p. 685.
2,683,328
Corm.—
1
X Year ended June 30. y Approximately 71% of the gross income for
1919 was derived from electric light and power and 14% from artificial gas.
Fronc/ifses .—Most of the "franchises extend to at least 1950, while none,
except three, expire prior to 1930.
Number of Customers Calendar Years.
xl920.
1919.
1914.
1918.
1916.
Electric
28,956
27,086
17,998
24,331
20.786
Gas
8,719
8,819
6,366
7,149
8,334
Water
6,649
4,680
6,298
4,935
5,632
The New
—
Sept.
&
Public Service Gas Co.
&
V. 110, p. 2296.
—
—
Purpose.
Proceeds will be used to reimburse company for extensions and
additions to properties and for other corporate purposes.
Security.
Secured by an equal amount of the company's Fir.st & Ref.
(now Fu-st) Mtge. 5% bonds, due Aug. 1 1930. Further secured by a
general mortgage on the entire property now owned or hereafter acquired.
Earnings Year ended Dec. 31.
Gross
Net, after
Int. on
Balance.
Tax. Bonds.
Income. Maint.
1916
$343,862
$709,987
$1,461,821
S.366,125
1917
497,180
1,647,401
863,683
366,503
1918
498,558
1,862,968
873,084
374„526
1919
605,915
443,772
1,049,687
y2, 186,014
1920 X.
671,787
450,374
2.407,432
1,122,161
99,655
894,581
2,438,228
2,826,864
Judd Mfg. Co.,
New Officer.
E. F. Nettleton, formerly President of the W. E. T. Fitch Co., New
Haven, Conn., which was recently taken over by the North & Judd Mfg.
Co., has been elected Vice-President. V. 109, p. 2444.
payment
799
6,450,000
946
57,343
on
Total
12,946,821 12,767,618
Ill, p. 300.
—V.
North
.
$8,008
$353,038
$345,030
1920 was $403,705. The decline in the May
net earnings compared with April "was due principally to unsatisfactory
An
railroad transportation conditions interfering with drilling operations.
official states that the net earnings for the remainder of l920 should make a
better showing "because of an increased output of crude, additional revenue
from the recovery of gasoline from natviral gas and the sales of lubricating
V. Ill, p. 79.
oils from the new addition to its West Tulsa refinery."
—
Mining property.. 9,184,800
U. S. Govt, secur.,
W.S.S. & cert..
121,083
Granite Mt. shaft
construction
East Side dwel. ..
—
.
THE CHRONICLE
1920.]
July and August production were the best the company has made since
1917. With such quantity production it becomes necessary to balance inventory for the rest of the year. We have a large number of orders on our
books for shipment during the balance of the year and new orders are coming
in daily.
We have some requests for delay in shipment in July, but we are
now getting requests for immediate shipment. V. 104, p. 261.
N. Y.
——
—
.
reported that Chairman
V. 111. p. .VM\.
It is
ate.
—
Semet-Solvay Co.
.\.
—
—
— Chairman
Rcsign.f.
K. Uorie has resigned from the director-
Death of Treasurer.
—
Treasurer Reginald K. Pierce was killed .\ug. 15 near Oran, N. Y.
V. 110. p. 771.
—
Silversmiths Co.— .Vo Action Regarding Dividends.
No action has been taken by the directors to decl.ire quarterly dividends
of
1
hi
%
on the Pref. and
2%
on the
Common
stock.
In
May
last,
quar-
THE CHRONICLE
800
terlv dividends were paid
p. SO.
on both the Common
Sinclair Consol. Oil Corp.
&
Preferred stocks
.
— V. Ill,
— Liab.
of Syndicate Members.
% notes remained unsold
Liability of the
at the expiration of the underwriting agreement Aug. 14.
syndicate members who did not di-spose of their entire participation varies
instance.
each
It
depends
on
the
amount
notes
sold
of
by
each member
in
which is credited against his participation. An additional deduction is
to be made, say about 6% as a result of over-sales made by some members of
the syndicate.
Announcement of the expiration of the syndicate was followed by some
liquidation of the notas, which sold down to about 87 as against a closing
quotation on Aug. 12 of 96@97 (Wall Street Journal"). V. Ill, p. 700.
About
S9. 000. 000 of the .?50.000.000 lO-year 7J-^
,
—
Spanish-American Iron Co. — Bonds Reduced. —
The
Exchange on July 16, reduced the amount of First
6% bonds due July 1, 1927. on the list from .?2. 034, 000 to '^1 ,906,000
5128,000 retired by the sinking fund as of July 1, 1920 $102,000 by
tenders and $26,000 by drawing V. 110, p. 2663.
Phila. Stock
Mtge.
—
—
—
Standard
"Standard
Oil
Oil Co.
(New
Jersey).
— Par Value, &c. —
New Jersey is understood to be formulating plans
its Common shares from $100 par to $25 par.
One
Co. of
for the sub-division of
purpose is to give employees opportunity to purchase stock. It would also
allow of much wider distribution of shares.
"Book value of the Common stood at .$608 a share at the close of 1919,
while earnings last year were $77 72 a share. This book value has undoubtedly been increased by about $25 a share as result of profits the first six
months of 1920. assuming they were at the same rate as last year, after
allowing for dividend pajnnents.
At present there is $98,338,300 of the
Dividends of $20 a year
.$100,000,000 authorized Common outstanding.
have been paid since 1914. although earnings have always been far in excess
of this paj-ment." ("Wall Street Journal.")
V. 110. p. 2483.
—
Standard Parts Co., Cleveland.
— Financing Plans. —
"Stockholders at a meeting on Aug, 12 took steps to secure more capital
by increasing its capitalization issuing new notes and defering the purchase
of Preferred stock for a period of 5 years.
"In order to retire $6,000,000 7% six months notes due Sept. 5. the stockholders voted to put out a new issue of $8,000,000 8% notes payable in 5
years.
The $2,000,000 surplus after the six-month notes are redeemed is
to be used in making some factory changes and in financing current business.
In addition the company will issue 80.000 .shares of no par value.
At the same time the outstanding Common stock with a par value of .$12,302.631 ^v^ll be changed to stock of no par value.
"To aid in conserving finances on hand the holders of the Preferred stock
voted to forego the repurchase option and defer sinking fund purchases for
5 years.
Heretofore the sinking fund has been taking tip 5% of the Preferred stock each year." (Cleveland Plain Dealer," Aug. 13).
See V. Ill,
p. 597.
—
—
—
State Theatre Co., Boston. Stocks Offered.
M. Douglas Flattery, managing director of Loews Theatre
Co., Bo.ston
and State Theatre Co. stock of both companies in block as follows: (n)
Loew's Theatres stock (par $10) in blocks of not more than 100 shares at
$10 75 per share; State Theatre Co. 8% Pref. stock (par $10) at $100 per
State Theatre Co.. Common stock (par $10) at $10 per share; or
(ft) in blocks, as follows: 3 shares State Theatre Co. 8% Pref., par, $300;
10 shares Loew's Theatres Common, par, $100; 10 shares State Theatre
Common, par, $100; for $460; or (r) $200 State Pref., $100 State Com.,
SlOO Loew's Theatres for $368; or (d) $100 State Theatre Pref.. $100 State
Theatre Com., $100 Loews Theatres, for $276; or (e) $50 State Com.,
$50 Loew's Theatres for ,$92, or any multiple of these.
The State Theat^re Co. has an authorized capital of $1,250,000 8% Pref.
stock and $1,000,000 Common stock. .$700,000 of the outstanding Common stock is now owned equally by Loew's Inc., of New York, "Loew's
Theatres Co." and M. Douglas Flattery.
The State Theatre Co. will own a theatre by that name in Boston now
under construction which is expected to be completed by Dec. next.
United American Lines, Inc.
—
—
Pref. stock red., all or part, at 105
and
Pref. divs. payable Q.-J.
divs.
Data from Letter
of Pres. B. H. Sinks, Cleveland, July 29.
Authorized Ovtstand.
Capital'n (upon Completion of Present Financing)
Preferred Stock (7% cum.). 30,000 shares
.$3,000,000 .$662,500
,30.000 .shs.
6,625 sh.
Common Stock (no par value). Class "A"
Class "B"
60,000shs. ,30.000 .sh.
Company. Organized May 7 1920 in Delaware to acquire the National
Safe Co. (successor to National Safe & Lock Co. of Cleveland) and secure
other plants of a like natm'e. Manufactures fire and burglar-proof bank
vaults, bank safes, money chests and safety deposit boxes, as well as fireproof vault doors, safes and kindred devices used principally in office
buildings, warehouses and stores, as well as homes.
Company at this time
has on its books about $400,000 of unfilled orders.
Sales and Earnings.— Eavninsis of National Safe Co.. exclusive of special
charges to siu-plus. ifor the period Jan. 1 1919 to and including June 30 1920.
aggregate in excess of $90,000 on sales of $687,728. At present rate of
increase in production, with the propo.sed improvement in methods of
operation, and orders already in hand, sales of new company for its first
fiscal year should exceed $7.50.000.
Purpose.
Proceeds of present issue are to be applied in liquidation of
current liabilities and funded debt, and to furnish additional working capital.
financial
statement as of June 30 1920 showed $54,000 1st Mtge.
[The
bonds and $15,000 2d Mtge. bonds outstanding.]
—
—
—
— New
Superior Oil Corp.
The new board of directors
Officers
&
Directors.
—
E. H. Blum. Gen. Mgr.,
Atlantic Oil Prod. Co.; James Crosby Brown, Brown Bros. & Co.; Robert
President:
H.
B.
Clark.
AVhite
Weld
& Co.; W. P. Cutler. V.M. Catts.
Pres.. Atlantic Refining Co.; G. A. Evalenke, President, Bi-Continent
Trading Co.; E. J. Henry, Ass't Sec'y. Atlantic Refining Co.; Albert
Hill, Treas., Atlantic Refining Co.; W. M. Irish, V.-Pres., Atlantic Refining Co.. John H. Stone. Counsel, Atlantic Refining Co., and H. P. Vaux,
of Graham Parsons & Co.
The officers are as follows. Robert M. Catts. Pres.; W. M. Irish. Chairman; John H. Stone, V.-Pres.: W. Frederick Suender, V.-Pres. & Compt.;
are as follows.
Robert H. Colley, Treas.. and E.J. Henry, Sec'y.
The action taken brings the management under the direction of The
Atlantic Refining Co. for a period of three years.
The Columbia Trust Co. has been designated Transfer Agent of $2,500,000 Common stock of the Superior Oil Corp. V. Ill, p. 196.
—
—
—
Re-incorporated in Delaware.
(T. H.) Symington Co.
This company, a Maine corporation, was reincorporated imder the laws
of Delaware on Aug. 13 1920 with an authorized capital of $11,500,000.
V. Ill, p. 196.
—
Trumbull Steel Co.
— Reduces Par
Value.
—
See American Ship &
Ill, p. 598.
above.—V.
stockholders on Aug. 16 approved a reduction in par value of
stock from $100 to $25. Compare V. Ill, p. 500.
Underwood Typewriter Co. — Buys
The company
announced
Factory.
Com-
—
lias
that it has purchased thie former plant of
the Bullard Machine Tool Co., Bridgeport, Conn., covering nearly a square
block.
This plant after .some alterations, it is stated, will be used for the
manufacture of the Underwood standard portable typewriter, relieving the
main factory at Hartford. The amount involved in the deal was not announced. V. 110, p. 2083.
—
&
—
—
Union Carbide
Carbon Co. New Director.
George M. Reynolds, head of the Continental & Commercial National
Bank of Chicago has been elected a director to succeed the late Roger C.
Sullivan.— y 110. p. 1858, 2298; V. 109, p. 1800; V. 108, p. 1171.1615;
V. 107, p. 298, 2482.
— Contract With Hamburg-
Commerce Corp. and Livermore, Dearborn & Co.
United Drug Co.
—
Pres. Liggett Describes Boots, Ltd.
—
In the Augxist issue of "Rexal Ad-Vantages." the magazine for the company's stockholders and agents, Pres. Louis K. Liggett, regarding the purchase of Boots, Ltd., says in substance:
In the purchase of Boot's business we acquired over 630 stores, together
with modern, up-to-date factories, larger than your Boston plants and employing in all branches about 10.000 people. 'This is the largest trade the
United Drug Co. has ever made, and is the largest investment ever made by
an American firm in England, with the exception of the British-American
Tobacco Co.
With these stores, we have acquired the largest and most modem manufacturing plants in England, manufacturing evervthing that the drug store
Plants cover many acres of ground in the heart of the city of
needs.
Nottingham. Boot's factories are larger in area .employ more people, and
are in every respect as modern as our Boston plants.
Boot's stores do not sell soda water, cigars, or candy. To offset soda
water, the larger of the Boot's store.s conduct attractive tea rooms, where
they serve light luncheons at noon, and tea in the afternoon.
To take the place of cigars they merchandise silverware and gifts, and do
a ^ery large and substantial bxisiness in these lines. In place of candy
they have a leather goods department and a circulating library, for which
a nominal charge is made, and which achieves a two-fold purpose bringing
a profit and many customers into the stores.
V. Ill p. 598.
—
—
—
United Gas Improvement Co.
.
Initial Dividend.
—
%
quarterly dividend of 1 M
has been declared on the Pref.
stock, payable Sept. 15 to holders of record Aug. 31. Compare V. 110, p.
2661, 2574, 1979.— V. 111. p. 598.
An
initial
United Paper Board Co.— To
Stock
11,000,000 Pref.
Retire
— Dividends—Earnings. —
Tlie directors on Aug. 18 voted to recommend to the stockholders at the
next annual meeting to be held Nov. 18 1920. the retirement of $1,000,000
of its Preferred stock, thereby cancelling such stock as has been purchased
for the preferred .stock sinking fund. This will leave the authorized issue
of preferred $1,.500, 000.
A dividend of 2% was declared on the Common stock payable Sept. 16
to holders of record Sept. 2; a like amount was paid last May, previoiis to
1917.
which 1 % was paid in Dec. 1918. and the initial div of H % in
A dividend of 6% has been declared on the Preferred stock, payable in
quarterly installments of 1 ?^ % as follows: Oct. 15. 1920, Jan. 17, April
15, and July 15 1921 to holders of record at the close of business on Oct. 1,
1920. Jan. 3. April and July 1, 1921.
Years ending May 31
1920.
1919.
1918.
.$686,170
8715,472
Mill earnings
$1,664,731
$505,361
$569,732
Not earnings
$1,350,056
Interest charges
10.046
17.251
21.818
Depreciation
300.000
400.000
500.000
95.177
Preferred dividend (6%)
94.663
94.615
(34)45.904
Common dividend
(2)183.636
(1)91.811
Dec
—Balance,
V. 110.
surplus
$1,684
.$561,741
p. 1858.
U. R. S.
Candy Stores, Inc. — New
Directors.
$6,833
—
and W. T. Posey, Vice-Presidents and C. A. Whelan,
Chairman, all of the United Cigar Stores Co. of America, have been elected
to the Executive Committee and the board of directors of the United Retail
Elliott ^.verett
Candy
Stores, Inc.
— V.
Ill, p. 700.
United Shoe Machinery Co.
— Appeals Decision. —
filed an appeal in the U. S. Supreme Court from
decree in Missouri finding it guilt.v under the Clayton
company has
the
Act
Federal Court
Efforts to have consideration of the case
of engaging in unfair competition.
Compare
expedited, so it can be heard this fall are expected to be made.
V. 110, p. 1421, annual report in V. 110, p. 2289. 2393.
Tlie
U. S.
Food Products Corp.
—Earnings— New
Officer.
—
results of operations of the Corporation and all of its subsidiaries,
after providing for Federal income and excess profits taxes, depreciation,
and all fixed charges for the quarter ending June 30 were $1,053,931 as
against $1,202,457 for the 3 months ending March 31. 1920.
H. M. Gaylord. Ass't Federal Prohibition Commissioner at Washington
and previously Deputy Conunissioner of Internal Revenue in charge of the
Distilled Spirits Division, has resigned his po.sition with the Government
and has become a Vice-President of the Kentucky Distilleries & Warehouse Co., a subsidiary. V. 110. p. 2664.
Net
—
U. S. Light
&
Heat Corp.
—
—
—
Directors
Officers.
C. L. Lane has been elected Vice-Pres. and Gen. Mgr., and R. H.
Van
Nest as Vice-Pres. and Sec'y.
W. P. Chrysler and J. R. Harbeck have been elected directors succeeding
Ralph C. Caples and Edwm K. Gordon. V. 110. p. 2495.
—
Wadsworth Mfg.
See Hale
&
Co., Detroit.
Kilburn Corp. above.
Wahl Company.
Six Months ending
Net sales
Net manufacturing
—
Earnings.June 30
—
—Lease—Option. —
—
profit
Miscellaneous income
Total income
Miscellaneous expenses
Reserve for Federal taxes
1920.
1919.
$2,823,520
Sl.098,071
34.251
$1,096,508
$326,359
5.690
$1,132, .322
47,941
$332,049
21.906
104.450
365.973
.$205,693
.$718,408
Sm-plus for period
Net sales increased 157 54% over those for the first half of 1919. while
net profits for the same period before Federal taxes increased 249%.
V. Ill, p. 500.
Warren Brothers
Co., Boston.
—
Recapitalization.
—
The
stoclvholders on Aug. 19 authorized the directors to issue 200.000
shares of Common stock of no par value, of which 40.000 shares will be
Shareissued in place of the existing 20.000 shares of Common of SlOO par.
holders will shortly be offered 60.000 additional shares of the new stock,
such portion of the offering not taken by the shareholders to be sold at the
direction of the directors.
The stocldiolders also voted to reduce the par value of the Preferred stock,
from $100 to $50 and to exchange two shares of the new Preferred stock of
V. 110. p. 977
.$50 par for each outstanding share of Preferred of SlOO par.
Western Union Telegraph Co.
— Bonus
—
to
Employees.
—
The company on Aug.
16 began the distribution of about $2,000,000 to
employees as participation in earnings for first six months of 1920. Each
employees gets 54% of his salary for January last as his share. The next
distribution will occur Feb. 15. next, and will be a percentage of each employee's salary for July of this year apportioned on earnings for second half
of the year.— V. Ill, p. 302.
Wheeling Steel Corporation.
The
mon
—
American Line.
.share:
Steelcraft Corp. of America, Cleveland, O. Pref. Stock
Offered.
H. W. Duhiske & Co., Chicago, are offering
.1?500,000 7% Cum. Prof. (a. & d.) Stock (par $100). and
5,000 shares Class A (no par value) Common stock.
Price: Preferred and Cla.ss "A" Common stock are sold in units of one share
Price of Pref.
of Class "A" Common stock with each share of Pref. stock.
stock per share. $100. Price of Cla.ss "A" Common .stock per share. $25.
[Vol 111.
—
—
Stock to Employees.
D. Merriman & Co., investment securities. Wheeling. W. Va.. writing
Aug. 17 sav. "It is announced to-day thac the Wheeling Steel Corporation,
into which La Belle Iron Works. Wheeling Steel & Iron Co. and WhitakerGlessner Co. were recently merged, has offered employees the privilege of
subscribing for Common stock of this corporation at $80 per share on the
Pa^^n^nt is to be made
basis of one share for each $500 in salary received.
by installments. The new corporation recently purchased the Schmulbach
approximately
$600,000. three
cost
of
in
Wheeling
a
reported
Building
at
Compare V. Ill, p. 200. 302, 490. 700.
floors of which it will occupy."
J.
,
Wickwire-Spencer Steel Co.
—
Officers.
—
following officers have been elected. Pres. Thomas H. Wickwire,
Jr., Buffalo; Vice-Presidents. George M. Thompson. Worcester, who also
was elected Gen. Mgr.. Ward A. Wickwire. Buffalo and John A. Denholm,
Worcester; Treas.. Frank Kilmer. Grafton. Mass.; Sec'y. Philip D;
V. llli
We-sson. Worcester; Chairman Harry W. Goddard, Worcester.
p. 598, 503.
The
—
:
.
Aug. 21
:
THE CHRONICLE
1920.]
801
^otumttxts^
^je|y0rts artd
THE CLEVELAND CINCINNATI CHICAGO AND ST LOUIS RAILWAY COMPANY
THIRTY-FIRST ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED
DECEMBER
To the Stockholders of the Clcieland Cincinnati Chicago
and S^. Louis Raihvay Gonipanii:
The Board of Directors herewith submits its report for
the yecir ended December 31. 1919, with statements showing
the income account and additions to the property account
for tlie year and the financial condition of tlie comi>any.
As a result of the continuation of Federal control during
the year the operation and maintenance of the company's
railroad were conducted under the supervision of the Federal Manager, the miles of road operated having been as
follows
Main
line
Miles.
1,693.03
126 .09
and branches owned
Proprietary lines
204 .43
201.37
Lea.sed lines
Operated under contracts
Operated under trackage rights
183.01
Total road operated (as shown in detail on another page)
2,408.53
Federal control of the property of this company continued during the year 1919 under the contract of December
27, 1918, providing for the payment of an annual standard
comi)ensation. On December 24, 1919, howe\er, the President of the United States issued a proclamation i-elinquishing from Federal control, effective the first day of March,
1920, at 12.01 o'clock a. m., all railroads, systems of transportation and property of whatever kind taken or held unfler such Federal control and not theretofore relinquished,
and restoring the same to the possession and control of
their respective owners.
During the year the Director of the Division of Capital
Expenditures required the carriers to signify their approval,
or otherwise, of pro.1ects contemplated by the Railroad
Administration and they were further requested to furnish
a statement as to the ])osition of the corfwrations in regard
With the exception of some few projects of
to financing.
a strictly corporate nature or which would not be inaugurated until after the end of Federal control, the Cleveland
Cincinnati Chicago & St. Louis Railway Company advised
the Division of Capital Expenditures that it was not prepared to finance the entire cost of the projects from its own
funds or to furnish collateral whereby it might assume the
charges to its capital account required to carry out the
work. Improvement projects were financed by the United
States Railroad Administration involving an outlay of
$10,155,449,91 against which has been credited as partial
In due
reimbursement by the company .$6,959,637.22,
course this company must arrange to reimburse the Director
General for the balance of the amount advanced by him in
tliis connection, which aggregated, at the end of 1919, approximately .$3,200,000.
The changes in the property investment account for the
year were as follows
—
Additions and betterments Road:
$4,572,390 25
Expenditures by the Federal Manager
Expenditures by the corporation le-ss adjust164,155 88
ments net credit
—
$4,408,234 37
—
Additions and betterments Equipment:
Expenditures by the Federal Manager,
C
$52,832 65
2,465,136 00
18,595 80
ministration
Credit adjustments by the corporation
2,499,372 85
Total addition to road and equipment accounts
Improvements on leased railway property;
Expenditures by the Federal Manager, less
-..$6,907,607 22
$104,626 43
1.228 05
property retired
Expenditures by the corporation
105,854 48
net increase in property investment accounts during the
year being
$7,013,461 70
The
There was no change in capital stock during the year,
the amount authorized and issued to December 31, 1919, being as follows
$10,000,000 00
50,000,000 00
Preferred .stock authorized
Common stock authorized
Total stock authorized
Preferred stock is.sued
Common stock issued.
$60,000,000 00
$10,000,000 00
47,056,300 00
57,056,300 00
Balance common stock authorized but not issued December31 1919...
It
The undcd debt outstanding December 31 1918 was.
has been increased during the year as follows;
By
82,943.700 00
$98,361,594 81
the sale of 10-vear »>% ri>funding and
improvement mortgage bonds
$15,000,000 00
By the sale of Hig Four Railway equipment
trustor 1917 certificates
1919.
was decreased during the year by the payment of equipment trust installments and by the retirement of bonds
as follows:
N. Y. C. Lines Trust of 1907 due November 1919
N. Y. C. Lines Trust of 1910 due January
1919 and 1920
N. Y. C. Lines Trust of 1912 due January
1919 and 1920
N. Y. C. Lines Trust of 1913 due January
1919 and 1920
Big Four Railway Trust of 1914 due June
1919
Big Pour Railway Trust of 1915 due July
1919
Big Four Railway Trust of 1917 due June
1919
I. «& St. L. RR. Co. first mortgage bonds
retired
I. St. L. & C. Ry. Co. general first
mortgage bonds retired
C. I. St. L. & C. Ry. Co. first con.solidated
mortgage bonds retired
_.
C. C. C. & St. L. Ry. Co. (St. Louis Division) first collateral trust mortgage
bonds purchased for sinking fund
Central Grain Elevator Co. bonds retired
C.
$24B,689 81
3<9,251 64
319,780 40
233.467 42
373,000 00
115,00000
237.000 00
2,000,000 00
77,000 00
5.000 00
51,000 00
25,000 00
4,082,189 27
Leaving the
total
funded debt outstanding on December 31
1919
8111,412,405 54
An agreement has been made with a committee representing income bond holders of the Peoria &. Eastern Railway Company by which the income account of that company has been readjusted and the acquisition by it of the
elevator at Champaign, Illinois, has been put upon the basis
of a spread o\er a term of years at an agreed price.
By
this agreement all matters of difference between this company and the income bond holders have been disposed of
satisfactorily.
On June
Board authorized and the stockon June 18, 1919, approved, the
execution of a refunding and improvement mortgage upon
the railroad and franchises and such other property of the
company as may be described therein, the bonds, to be
issuable in series and to bear such rates of interest and to
mature on such dates as the Board of Directors may fix
11,
1919, the
holders, at a special meeting
each series. In pui/suance of this authority
there were issued during the year $20,000,000 of refunding
in regard to
and improvement mortgage bonds known as Series A. dated
July 1, 1919, and maturing July 1, 1929, bearing interest at
6 per cent per annum. Bonds of the par value of $15,000,000
were sold but owing to the unfavorable market conditions
the company was unable to dispose of the remaining $5,000,000 of bonds at a satisfactory price and they are therefore
held in the treasury of the company. Of the proceeds of
the sale of the $15,000,000 of refunding and improvement
mortgage bonds ($14,325,000) there were used $2,000,000
to retire a similar amount of Indianapolis and St. Louis
liailroad Company first mortgage bonds falling due on
July
less
equipment retired and transferred
&St. L.
Emiipmcnt as.signcd to the C. C.
Rv. by the United States Railroad Ad-
It
31
2,133,000 00
17,133,000 00
$115,494,594 81
1, 1919; $0,950,093.57 to reimburse the Director General of Railroads for expenditures to April 30, 1919. for
additions and betterments; and $5,36(5,731,36 to pa.v off
indebtedness to The New York Central Ifailroad Comi)any
incurred for capital account, leaving a balance of $8,175.07
unexpended.
Of the $2,370,000 of equipment trust certificates authorized under the Big Four Railway Trust agreement of June
1, 1917, there were issued during the year $360,000, making
the total amount of certificates issued under the trust
agreement $2,313,000. Of this amount $2,133,000 of certificates were sold in the early part of the year; the balance,
having matured in 1918. were canceled. Through the sale
of these certificates the company paid off $1,(107.(>.")0 of
short term notes for which the certificates had been pletlged
as collateral.
Of the 2,000 freight cars and 35 locomotives allocated by
the Director General of Railroads to this company there
were delivered in 1919, 754 freight cars and 6 locomotives:
these, together with the equipment delivered in 191S, completed the entire allotment of freight cars but left 4 loco.\rrangonients
motives undelivered at the end of 1919,
have been made by which the Director (Jeneral is to take at
par the 6 per cent equipment trust notes of the conq>any,
maturing in equal annual installments over a i)eriod of
fifteen years, in payment for a|)proxiiuately 75 per cent of
the cost of this equipment, and l)y which the remainder is
to be paid to him by deducting the amount from the
(Hiuipinent deiuvciatiou and retiriMiieiit credits arising in the
company's favor under its standanl contract with him.
THE CHRONICLE
803
[Vol. 111.
SUMMARY OP FINANCIAL OPERATIONS AFFECTING INCOME.
Year ended
Year ended
Inc.
Dec. 31 1919. Dec. 31 1918.
)
or
(— ).
Lont-Term Debt^
Funded debt unmatured:
Equipment obligations
Mortgage bonds
propeny of this company
9,938.597 23
$111,412. 405 54
4,043 ,900 44
488,753 45
*73,396 32
+415,357 13
+415,357 13
Miscellaneous Operations—
20,45130
18,842 68
16,867 55
+7,070 33
+3,583 75
5,46171
1,975 13
+3,486 58
Miscellaneous rent income
non-operating
Miscellaneous
physical property
Separately operated properties
—profit
204,24148
195,016 70
+9,224 78
99,574 65
81,107 27
+18,467 38
Dividend income
From funded securities
From unfunded securities and
70,705 92
72,262 65
2,797 20
74,705 89
238,218 40
—2,797 20
—3,999 97
—165,955 75
accounts
Release of premium on funded
debt
304,768 87
*161,149 82
+143,619 05
1,545 89
4,662 51
1,885 80
3,427 88
25,913 01
Net income
—
MisceUaneous income--
mcome
757,76197
Gross income
—339
91
—546
758,308 96
Rent for leased roads
MisceUaneous rents
War taxes accrued
Miscellaneous tax accruals
Separately operated properties
—loss
99
516,740
150,586
185,678
10,123
561,280
141,315
74,825
469
45
37
78
45
15
—44,539 64
+9,27122
62
86
+110,853 16
+9,653 59
09
income
64,290 97
4,580,303 37
505,58175
+338,756 66
+456,127 68
49,569 01
204,108 42
33,321 24
9,026 69
42,085 45
56,392 50
+40,542 32
+162,022 97
—23,071 26
6,035,57145
road Administration
Net corporate income
+997.032 95
—578,736 23
4,736,706 19
4,157,969 96
Less revenues and expenses applicable to the period prior
to January 1 1918, settled for
account of the corporation
by the United States Rail-
"
1,616,343 07 +1,963,840 45
577,786 44
3.120,363 12 —2,542,576 68
—
stock
Sinldng funds
12,866.190 11
91
82
35
25
06
14,289,966 39
—
14,401,225 61
Tax iabil ity
Premium on funded debt
I
Accrued depreciation of equipmentOther unad just ed credits
*4Y ,331 99
7 ,726 55
5,422 ,146 72
750 ,736 44
—
6,227.941 70
Corporate Surplus
Additions to property through income and
surplus
Sinking fund reserves
$865,919 84
560,463 19
Total appropriated surplus
Profit
and
$1,426,383 03
10,724,270 81
—-balance
loss
12,150,653 84
come
PROFIT AND LOSS ACCOUNT.
loss
December 31 1918
Additions:
Surplus for the year 1919
Reacquirement of securities below par
Unclaimed wages and pensions, 1913
Sales of land
Adjustments of sundry accounts (net)
,
.
written off in accordance with ruling of the
Inter-State Commerce Commission
123.514 30
freight overcharges previously written off
112,660 36
Unaccrued depreciation prior to July 1 1907 on
equipment retired during 1919
107,829 16
Peoria & Eastern Railway Co.:
+1,24156
—85,810 02
542,78104
627,349 50
—84,568 46
Adjustments in connection with its income
account and sale to it of elevator at Cham-
62—2,458,008 22
paign, Illinois
Surplus appropriated for investment in physical
property
2,493.013
$11,413.615 27
Adjustment of investment in grain elevators in
compliance with exception taken by the
Inter-State Commerce Commission
$256,377 16
Advances to Kankakee & Seneca Railroad Co.
95,530 40
35,005 40
Refund of
78,499 73
10,463 75
689.344 46
1918 restated for piu-poses of comparison.
CONDENSED GENERAL BALANCE SHEET DECEMBER
31 1919.
ASSETS.
—
Investment in road and equipment
Improvements on leased railway property
Sinking funds
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
$179,250,284 04
810,957 69
11 54
5,000 00
2,560,248 12
Investnaents in affiliated companies:
Stocks
$6,798,534
5,285,402
50,000
865,666
Bonds
Notes
Advances
16
00
00
73
12,999.602 80
Other investments:
$36 00
Stocks
Bonds
1,082,716 45
24.911 78
81,000 00
-
Advances
Miscellaneous
730 00
1,189,394 23
Total investmentsCurrent Assets
—
.$196,815,498 51
Cash
,224,677 43
Special deposits
3 ,194,028 29
Traffic and car-service balances receivable..
16,482 70
Miscellaneous accounts receivable
532,440 62
Interest and dividends receivable
25,659 70
Rents receivable:
Compensation due from United States Government
Miscellaneous
$494 ,869 23
23.857 18
518,726 41
3,637 95
Other current assets.
—
5,515.653 10
Working fund advances
$3,504 88
7,107 87
Other deferred assets
United States Government
Partial settlement account additions and betterments- --$6,959,637
Agents' and conductors' balances
10,990
Material and supplies
5.346,345
Assets December 31 1917. collected
738,502
Equipment retired
623,485
Other items
1,027,836
22
00
36
20
38
98
-14,706,797 14
Unadjusted Debits —
Rents and insurance paid
Discount on funded debt
Other unadjusted debits
Securities issued or
14,717,409 89
advance-
in
$933 33
737,718 81
342,303 60
—unpledged ($5,511,330)
assumed
$11,325,609 16
$35,005 40
28,044 28
13,368 02
7,465 25
4,123 16
^
Deductions:
9,720 38
Surplus for the year carried
loss
S 218.129.517 24
499,925 00
31,894 10
Total appropriations of in-
Deferred Assets
71
67
65
$111,259 22
499,925 00
33,135 66
prop-
erty
Notes--
00
25
88,006 11
3,580,183 52
Disposition of Net Income
Dividends declared, 5% each
year on preferred capital
Investments
38,335
1,095.287
7,926
5,000
124,981
377,891
9,322
7,703,469
—
Other deferred liabilities
United States Government
Additions and bettermentsSlO, 155, 449
Liabilities December 31
1917, paid
63,580
Corporate transactions
285,603
Revenues and expenses
prior to January 1 1918 3,102,659
Other items
682,673
Balance to credit of profit and
7,032,604 40
* Figures for
Dividends declared, payable Jan. 20 1920.
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
—62,583 75
1,707 22
4,919,060 03
961,709 43
Total deductions from gross
and
203,975 53
31
72
27
matured unpaid
Dividends matured unpaid
Funded debt matured unpaid.:
Deferred Liabilities
.$3,300,000 00
on
funded debt
Corporate general expenses.-.
MisceUaneous income charges.
to profit
115,456,305 98
.
Miscellaneous accounts payable
Unadjusted Credits
+418,296 72
11.190,574 36 10,772,277 64
in physical
—
+1.234 63
Deductions from Gross Income—
Investment
Current Liahilities
Loans and bills payable
Audited accounts and wages payable
Interest
Revenues
Expenses and taxes
Interest on funded debt
Interest on unfunded debt
Amortization of discoimt
$10,567,299 60
72,039,500 00
9.938,597 23
Total compensation accrued. 10,427,350 68 10,011,993 55
Total other
$57,027,200 00
.
Non-negotiable debt to affiliated companies
Additional compensation accrued account completed additions and betterments
Other Income
-
Collateral trust bonds
9,143.000 00
Miscellaneous obligations. 19,662.605 94
and its leased Unes:
Compensation stated in contract
LIABILITIES.
StockCapita,] stock
$
Compensation accrued for the
possession, use and control of
the
+
Dec.
•&
<I>
{
1,080,955 74
$218,129,517 24
Balance to credit of profit and loss December 31 1919
$10,724,270 81
The compensation stated in the contract and accrued as
income for the possession, use and control of the property
of this company and its leased lines remained at $9,938,597.23 for the year 1919. There was, however, accrued additional compensation in amount $488,753.45 account interest on completed additions and betterments (this being on
cost of 1917 trust and government allocated equipment).
There had been accrued in 1918 interest amounting to $73,396.32 on trust and government allocated equipment placed
in service during Federal control.
There was an increase in net income from miscellaneous
operations of $3,486.58 as a result of increased demand for
general storage space at Cincinnati.
The miscellaneous rent income of the company shows an
increase over the previous year of $9,224.78 and the income
from miscellaneous non-operating physical property an increase of $18,467.38.
These increases are mainly attributable to increase in rentals charged for the company's properties and to a more complete occupancy of same due to
the increased demand for premises.
The decrease in the dividend income of the company is
due to no dividend having been paid on the stock of the
Missouri & Illinois Bridge and Belt Railroad Company
during the year.
The apparent decrease of $165,955.75 in the income from
funded securities is largely caused by a change in the
method of accounting for the interest amounting to $200,000
on Springfield Division purchase money lien. There was
an increase of approximately $35,000 during the year for
interest accrued on Liberty Loan bonds.
The increase of $143,619.05 in income from unfunded securities and accounts is mainly caused by the accrual of
interest on unpaid compensation due by the Director General of Railroads.
The increase in war taxes accrued is largely caused by
an additional income tax assessed for the year 1917 and
paid during 1919.
The increase of $9,653.59 in the miscellaneous tax accruals is due to increased real estate taxes in connection with
miscellaneous physical property.
:
:
——
—
.
:
.
THE CHRONICLE
Aug. 21 1920.
Interest on refunding and improvement 6% mortgage
bonds and equipment trust certificates of 1917, sold during
tlie year, are the principal causes of the increase of $338,756.6G in interest on funded debt.
The increase in interest on unfunded debt of $456,127.68
is almost entirely accounted for by the interest accrued on
deferred payments for equipment and other accounts due
the government.
The increase of $162,022.97 in corporate general expenses
is due to the fact that in 1918 the outlay for only six months
was included while in 1919 not only were a full year's expenses included but the corporate organization reached its
full development.
While throughout the country there is a general shortage
of equipment your officers feel that your company has reasonably fulfilled its obligations to the public. During the
years 1914-1919, inclusive, the company purchased 124 new
locomotives, 65 new passenger-train cars and 11,436 new
803
freight-train cars at an aggregate cost of $20,586,300. Today this equipment would cost approximately $42,091,300,
or $21,505,000 more than was paid for it.
In 1912 the Lake Shore & Michigan Southern Railway
Company advanced, on behalf of the Cleveland Cincinnati
Chicago & St. Louis Ry. Company, the necessary funds for the
acquisition of certain coal lands in Christian, Montgomery,
Fayette, Saline, Franklin and Williamson counties, Illinois.
These advances were transferred to the books of the New
York Central Railroad Company at consolidation and carried until October 27, 1919, when the indebtedness, $2,266.824.93, was paid in full by the Cleveland Cincinnati Chicago
and
St. Louis Railway Company.
Appreciative acknowledgment is
made
to all officers
and
employees of their loyal and efficient cooperation and service.
For the Board of Directors,
ALFRED
H. SMITH, President.
THE MICHIGAN CENTRAL RAILROAD COMPANY.
SEVENTY-FOURTH ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS
FOR THE YEAR ENDrD DECEMBER 31 1919.
To the Stockholders of The Michigan Central Railroad Company:
company.
of the company's road
were continued under Federal control during the year 1919,
the mileage covered having been as follows
liles.
and branches owned
1,182.97
Line jointly owned
Leased lines
Lines operated under trackage rights
Total road operated (as shown In detail on another page)
.559,978.418 34
It
was decreased during the year by payment of installments
on account of equipment trusts as follows.
N. Y. C. Lines Trust of 1907, due November
The operation and maintenance
line
31 1918 was
$52,178,418 3
was Increased during the year by the sale of Michigan CenRailroad Equipment Trust of 1917 certificates
amounting to
7.800,000 00
tral
The Board of Directors herewith submits its report for
the year ended December 31, 1919, with statements showing
the results for the year and the financial condition of the
Main
The funded debt outstanding on December
It
-71
578.35
100.03
1
,862 .06
Federal control of the property of the company continued
during the year 1919 under the contract of Dec. 27, 1918, providing for the payment of an annual standard compensation.
On Dec. 24, 1919, however, the President of the United States
issued a proclamation relinquishing from Federal control,
effective the first day of March, 1920, at 12.01 o'clock a. m.,
all railroads, systems of transportation and property of
whatever kind taken or held under such Federal control and
not theretofore relinquished, and restoring the same to the
possession and control of their respective owners.
Prior and subsequent to the President's proclamation.
Congress was actively engaged in the consideration of legislation to meet the railroad situation in its various phases,
including such provisions as would protect the carriers durUltiing the transition from Federal to private control.
mately there was passed the Transportation Act approved
February 28, 1920, the essential, features of .which are as
follows
The provision of means and machinery for transferring the properties.
The funding of the carriers' Indebtedness to the United States.
The continuance of rates in effect until September 1 1920.
Guaranty to the carriers for six months after the termination of Fedfor new loans to the railways during the transition period.
Provision for railroad boards of labor and an adjustment board as a means
of settling disputes between the carriers and their employees.
Arrangements
In the early part of 1918, the Railroad Administration
directed that an accurate separation of accounts should be
made in order that those pertaining to the operations prior
to Federal control and those relating to the operations by
This entailed
the Director General might be segregated.
an exhaustive examination of the accounts in all departThe corporate officers have kept in close touch
ments.
with this situation and have employed examiners for the
purpose of verifying the separation made by the Director
General. The additional expense for these examiners has
been more than justified through the correction of errors
which otherwise would have operated to bring about a loss
to the company.
During the year the Director of the Division of Capital
Expenditures required the carriers to signify their approval,
or otherwise, of projects contemplated by the Railroad Administration and they were further requested to furnish a
statement as to the position of the corporations in regard
to financing. With the exception of some few projects of a
strictly corporate nature or which would not be inaugurated until after the end of Federal control, the Michigan
Central Railroad Company advised the Division of Capital
Expenditures that it was not prepared to finance the projects from its own funds or to furnish collateral whereby it
might assume the charges to its capital account required to
carry out the work. The result has been that in the main
the improvement projects have been financed by the RailIn due course this comi)any must
road Administration.
arrange to reimburse the Director General for the auiounts
advanced by him in this connection, which, from January
1, 1918 to the end of 1919, approximated $9,200,000.
There was no change in the capital stock of the company
during the year.
1
1919
N. Y. C. Lines Trust of 1910, due January
1919 and 1920
N. Y. C. Lines Trust of 1912, due January
1919 and 1920
N. Y. C. Lines Trust of 1913, due January
1919 and 1920
M.
C.
RR. Trust
of 1915, due October
$260,425 45
I
787,920'88
1
303,421 80
1
—Jackson Lansing & 1919Sagigold bonds of 1951 purchased
1
Michigan Central
naw Z]4%
524,719 08
300,000 00
and canceled by the Trustees of the Land
Grant fund of the Jackson Lansing & Saginaw RaUroad Company
8,000 00
2,184,487 21
Total funded debt outstanding December 31 1919
$57,793,931 13
As stated in last year's report, the company had issued
$3,848,000 of its equipment trust certificates of 1917 bear-
4%
ing interest at
per cent per annum. However, owing
to the market conditions, the company, having been unable
to sell the certificates at the minimum sale price fixed by
the State Railroad Commission having jurisdiction, acquired them, as issued, by the means of short term loans
for which the certificates were pledged as collateral. The
Board on August 14, 1918 (contingent upon the approval of
the Director General of Railroads and of the Railroad Commission having jurisdiction in the premises being obtained)
authorized the surrender of all of said equipment trust
certificates then outstanding and the making of a supplemental agreement with the Guaranty Trust Company of
New York as Trustee, amending the agreement dated
March 1, 1917 and leases made pursuant thereto, so as to
provide that the certificates then outstanding or thereafter
issued shall bear interest at the rate of 6 per cent per anThe necessary approvals having been obtained,
num.
$7,800,000 of certificates, being all of those originally issued, less those which had matured on March 1, 1918 and
March 1, 1919, were exchanged for certificates bearing interest at 6 per cent per annum and were sold by the company. Of the amount realized $7,385,228 was used to pay
off the short term loans of the company for which the certificates
had been pledged as
The changes
collateral.
in the property investment accounts for the
year were as follows
—
Additions and betterments road
„ „ „
$2.84o,012 64
Expenditures by the Federal Manager
23,393 58
Expenditures by the corporation, net credit..
-52,821,619
Additions and betterments equipment
Equipment assigned to the M. C. RR. by the
$3,517,257 29
U. S. Railroad Administration
Expenditures by the Federal Manager less
288,425 47
transferred
and
equipment retired
3,805.682
Improvements on leased railway property
,oc «o,
186.031
Expenditures by the Federal Manager
The net increase in property Investment account during
§6,813,333
the year being
—
06
76
..«
49
31
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
Year ended Increase{+) or
Year ended
Dec. 31 1919. Dec. 31 1918. Decrease ( ).
$
.$
$
Compensation accrued for the
pos-session use and control of
the property of this company
and its leased lines.
Compensation stated in contract 8,052.127 48 8.052.12. 48
Additional coui|)>Mis;ition accrued account comnU'tod ad_ _
196.828 88* 4-450,856 20
647.685 08
ditlons and bet .rn 'or.ts. . . .
+450.856 20
Total compensation accrued. 8.()99.812 56 8.248.956 36
—
,
t
—
Other Income
from le^so of road
Miscellaneous rent income
Ini-onio
,?
Miscellaneous non-operating
I)liysicnl property
DividiMui income
From funded securltle^s
From unfunded securities and
.iccounts
M iscellaneous Income
Total other Income
Gross Income
,.iSO
34
14.101 59
5,34101
497.218 28
54 .937 86
279,355 10
3 93 00
1
8.'>8,1S7 18
...9.5,^7.999 74
123 43
2.883 56
2,881 23
487,540 00
48,579 78
-f
3.256 91
+ 11.278
+ 2.459
+9.678
+ 6. ,358
03
78
28
OS
162.428 18* +116.926 92
1.714 81
+2.078 19
706.150 99
8.955.107 35
+152.0.36 19
+602.892 39
THE CHRONICLE
804
Year ended
Year ended Increase( + ) or
Dec. 31 1919. Dec. 31 1918. Decrease ( ).
Gross
Income
S
Deductions from
2,783.598 46 2,774,022 11
+9.576 35
Rent for leased roads
8.113 86
3.208 88
Miscellaneous rents
+4.904 98
719 59
81,566 38
War taxes accrued
80.846 79
7,421 76
Miscellaneous tax accruals
5,3/9 92
+2.041 84
operated properSeparately
loss
fe- ties
57.577 60
58,883 36
1,305 76
2,0'7.363 38
2, .389. 97 2 30
Interest on funded debt
+312.608 92
on
unfunded
debt
Interest
1,615,304 29 1,282.387 40
+332.916 89
Amortization of discount on
—
—
—
—
—
funded debt
^Maintenance of investment or-
30,934 77
ganization
Corporate general expenses
Miscellaneous income charges, .
Total deductions from gross
income
22,482 24
+8,452 53
2,344 54
146.699 41
19 ,880 39
71,605 54
8.645 02
+2,344 54
+75,093 87
+11,235 37
.062.566 97
2.495,432 77
6.385.544 23
2,569.563 12
*
Less revenues and expenses applicable to the pi-riod prior to
January 1 1918 setcl( d for account of the corporation by
the United States Railroad
+677.022 74
74,130 35
749,456 00
-406.497 86
-480,628 21
—749,456 00
201.598 29b +268,827 79
1918 restated foi purposes of comparison.
a Dividends in 1919, aggregating 4%, charged to accumulated surplus.
Deficit.
loss (free surplu.s)
on Decem-
Net corporate income for the year 1919
Profit on land and equipment sold
Adjustment in legal expenses account of Detroit
.$67,229 50
Additions —
.$18,448.755 41
Company
Sundry insurance indemnities collected
Over-accrual in 1917 of Canadian war taxes
Road property retired and not replaced
Adjustments of various accounts
Deductions
7,9/4 10
40,223
17,1 92
60.817
95,862
4. 618
—
95
SMITH,
H.
President.
CONDENSED GENERAL BALANCE SHEET DECEMBER
18
55
31 1919.
ASSETS.
—
Investments
IiiM'^tmont in road and equipment.
]{r);i(l and equipment to June 30 1907
$35,213,257 09
Road and equipment since June 30 1907.
$34,060,048 68
Road
Equipment trust
41,007.515 38
Equipment owned
1,699,260 59
76.766,824 65
—
—
Total investment in road and equipment
$111,980,081 74
Improvements on leased railway property.
$823,773 76
To June 30 1907
2,053,479 41
Since June 30 1907
2,877,253 17
3,794 50
690,478 65
Deposits in lieu of mortgaged property sold
40
—
S(orks
.$8,853,294 50
i'.onds
825,200 00
821,407 56
1,107,772 97
Notes
Advances
11,607,675 03
,
Other investments.
00
Balance to credit of profit and
loss
$15,004 00
227,210 62
18,001 00
Stocks
Bonds
Miscellaneous
260.215 62
00
35
58
1.2.30,654 93
on December 31 1919- -.$17. 512. 018 33
The compensation
stated in the contract and accrued as
income for the possession, used and control of the property
of this company and its leased lines remained at $8,052,127.48.
There was, however, accrued additional compensation in amount $647,085.08 account of interest on completed
additions and betterments (this being on cost of 1017 trust
and go\ernment allocated equijiuient). There had lieen accrued in 191S interest amounting to $190,828.88 on trust and
government allocated equipment placed in service during
Federal control.
Total investments
Current Assets
$127,419,498 71
—
Cash
dividend
income of
the.
company
of
Hamilton & Buffalo Railway Company.
The income from funded securities of the company increased $6,358.08. This is due to interest on additional" Liberty Loan bonds and interest on bonds of the Toronto Terminal Company received in 1919 to apply on certificates of
indebtedness.
The increase of $116,920.92 in interest from unfunded
securities and accounts is mainly cau.sed by the accrual of
interest on unpaid compensation due by the Director General of Railroads.
There was no Federal income tax chargeable against the
company in 1919, so that the account "War taxes accrued"
shows a decrease of $80,846.79, which was the amount
in 1918.
Interest on funded debt shows an increase of $312,608.92
due to interest on Michigan Central Railroad
Equipment trust certificates of 1917 sold during the year.
The increase of $332,916.89 for interest on unfunded debt
is almost entirely accounted for by the interest accrued on
deferred i)a.yiiients for equipment and other amounts due
the government.
The increase in corporate general expenses of $75,093.87
is due to the fact that in 1918 the outlay for only six months
was included while in 1919 not only were the full year's
principall.v
expenses included but the corporate organization reached
its full development.
There was a charge against the corporation's income of
$2,248,203.27 in connection with lapover revenues and expenses applicable to the period prior to January 1, 1918 settled for account of the corporation by the United States
This heavy deduction left but
Railroad Administration.
$07,229.50 available for dividends. For this reason, although
the usual semi-annual dividends were declared, they were
charged to the accumulated surplus of the company.
While throughout the country there is a general shortage
of equipment your officers feel that your company has reasonably fulfilled its obligations to the public. During the
years 1914-1919, inclusive, the company purchased 84 new
locomotives, 05 new passenger-train cars and 13,192 new
freight-train cars at an aggregate cost of $26,086,900. Today this equipment would cost approximately $51,091,800,
or $25,004,900 more than was paid for it.
Of the 2,000 freight cars and 30 locomotives allotted by
the Director General of Railroads to this company there
$1,050,422
84 ,629
14,554
279,995
261 ,702
Special deposits
Loans and
bills
receivable
Miscellaneous accounts receivable
Interest and dividends receivable
Rents receivable.
Compensation due from United States
Government
Deferred Assets
3.969.454
—
AVorking fund advances
56
00
57
23
59
08—
5,660,758 03
32,902 23
United States Government.
Cash taken over
$3 ,7 10 .264 60
and conductors'
Agents'
balances
Material and supplies
Assets December 31 1917
4,490.837 59
8,148,997 02
4,278,939 66
collected
in
$9,078.28 is due to an increase in the dividend rate from
5 per cent to 6 per cent on the capital stock of the Toronto,
charged
.\])preciative acknowledgment is made to all officers and
enii)loyees of their loyal and efficient cooperation and serv-
iscellaneous physical property
M
Investments in affiliated companies.
17
293,917 85
.$18,742,673 26
Dividends for the year four per cent
.$749 .456
Advances, and interest thereon, to Toledo Terminal Railroad Company, for payment of
interest on bonds, canceled by judgment of
the Supreme Court of Ohio
110,880
Loss on retired road and equipment
321 ,019
Various adjustments of accounts
49,299
The increase
allotment of freight cars but leave 10 locomotives still to be
Arrangements have been made by which the
delivered.
Director General is to take at par the
per cent equipment
trust notes of the company, maturing in equal annual installments over a period of fifteen years, in payment for
api)roximately 75 per cent of the cost of this equipment, and
by wliich the remainder is to be paid to him by deducting
the amount from the equipment depreciation and retirement
credits arising in the company's favor under its standard
contract with him.
ALFRED
2,021,705 41
547,857 71
* Figures for
River Terminal
were delivered in 1919, 1,173 freight cars; these, together
with the equipment delivered in 1918, complete the entire
For the Board of Directors,
—
Balance to credit of profit and
ber 31 1918
111.
ice.
Administration
2.428,203 27
jSTct corporate income
67,229 50
Dispo^ilion of Net Income
Dividends
a
Surplus for the year carried
to profit and loss
67.229 50
b
^v-x.
1.940,519 05
Equipment retired
Cash tvansf erred subsequent
411,350 73
to December 31 1917
1,400,174 60
Other items
24.381.083 25
4.329 66
Other deferred assets
24,388.315 14
—
Unadjusted Debits
Discount on funded debtOthei unadjusted debits-.
Securities issued or assiuned
Securities issued or assumed
Stock
B817,813 90
232.922 95
1.050.736 85
—unpledged ($601
—pledged ($5,571,000)
.600)
$158,519,308 73
LIABILITIES.
—
Capital stock.
Book
liability at
$18, 7i'8.000 00
1 ,600 00
date
Held by or for carrier at date-
818.736,400 00
—
Long-Term Debt
Funded debt unmatured.
S17 011,931 13
33 148,000 00
7 634,000 00
Equipment obligations
Mortgage bonds
Miscellaneous obligations
Current Liabilities
Loans and
57,79 .931 13
—
00
08
52
50
4 .680 00
2 ,000 00
374, (28 00
704,329 74
459,906 03
1,210 95
$14,450,000
605,302
111,212
56,8;2
payable
Aiidited accounts and wages unpaid
Miscellaneous accounts payable
Interest mauured impaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
bills
Deferred Liabilities
16,770.241 82
—
United States Government.
Additions and betterments- $9,198,853 56
Revenues prior to Janu589,295 82
ary 1 1918
3,105.063 36
Corporate transactions
Liabilities Dec. 31 1917 paid 10,622,127 59
Expenses prior to Janu3,843,676 31
ary 1 1918
647,842 30.
Other items
-$28, 004.858 94
296.385 72
Other deferred liabilities.
—
Tax
Operating reserves
Accrued
—road
Accrued depreciation —equipment
Accrued depreciation — miscellaneous
property
28.301.244 66
Unadjusted Credits
liability
$12,850
47.050
42.186
559,638
---
ilei)reciation
,^,5
_
Other unadjusted credits
i
•
6,949 38
275,025 59
12,943.700 92
—
property through income and
Additions to
.surplus --.----_.-balance
Profit and loss
—
76
24
30
phys-
ical
Corporate Surplus
65
--
$6,461,77187
1/ ,512,018
33
23,973,790 29
$158,519,308 73
1
Aug. 21
1920.]
THE CHRONICLB
jieiiihers of the
COMMERCIAL EPITOME
Fridau Night, August 20 1920.
Business already quiet shows a tendency to slow down
Fall buying is timid as to the Eastern clothstill further.
But the feeling of caution extends to
ing trade.
other trades. For prices are uncertain. There have been
big declines and naturally people wish to proceed on a conservative scale until there is some evidence that prices
had reached bottom, or pretty near it. Some descriptions
Meanwhile money continues tight, exof steel are lower.
is
lower, the stock market more or less erratic,
change
though latterly firmer, and prices of not a few commodities
have continued to fall. These include grain, flour, sugar,
The decoffee, cotton and cotton goods, to go no further.
cline in cotton this week is equal to fully $20 a bale, and
Silk and
the fall in raw sugar has also been very sharp.
silk fabrics show a downward tendency. There is a general
feeling that deflation is under way in this country after
having visited other parts of the world, notably Asia and
South America. And the disturbed state of European poliIt is true that Soviet Russia
tics has no small influence.
has met with a sharp check in the war with Poland, but
Boleshevism is by no means dead in Europe and it is understood to l)e intriguing with a view of strengthening its
position.
the American people are tired of high
extreme cost of living. They
think it is unnecessary. They find that by abstaining frona
buying they can bring down prices, as for instance in the
clothing trade.
The salaried class has had to economize,
and there is abundant evidence that wage earners have
Apart from
prices.
all this
They are
tired of the
been doing the same thing. Unemployment has increased,
and this of itself has hurt trade. The shortage of cars,
the locking up of money, the high rates for funds have
all tended to restrict trade and reduce consumjition.
Of
course there is another side to this, for production has also
been reduced, and this may tell later on when trade revives.
But just at the moment the business world of this country
is in no very optimistic mood.
It has no mind to be caught
with big stocks on a falling market. At the same time
manufacturers in some cases are not at all anxious to sell
freely at current prices.
The automobile trade is quieter.
Jewelry and other luxuries are dull.
On the other hand what used to be called the vicious circle
of rising prices and advancing wages has been broken.
This farce has run its course, as it was bound to. Strikes
are fewer. Employers are less anxious about the question
Bar silver has
of labor with trade dull or slowing down.
risen to $1.01% per ounce, being above the $1 mark for the
first time since last May.
This may help foreign trade.
Failures are fewer than last week; although more numerous than in the same weelc last year, they are much smaller
than in the three previous years. Exports of wheat continue on a big scale, and those of corn are running noticeably ahead of those for 1919. Thus far this sea.son they
are about double what they were up to this time last year.
Trade in the Southwest shows some improvement though
the note of caution is by no means absent even there.
Lumi)er is in better demand on the Pacific Coast. It would
be still larger if more cars could be had.
One gratifying feature is the better outlook for the crops.
They have shown a very marked improvement since May.
Tills refers not only to grain, but to cotton, tobacco and rice,
as well as other products of the soil. IMg iron is higher.
Business men are told that the post-war world prices crisis
has been safely passed and that monetary stringency this
year is not likely to be any greater than it is now. At one
timethere were fears that it might become more acute. Railroads are to have paying freight rates. This will react favorably on the country's business by i)roviding better railroad facilities. Tlie country is believed to be far stronger
than at any time of finuufial stringency in the past. It is
walking too circums])ectly to trip. At any rate this is the
feeling of a good many.
Wholesale conuuodity prices declined approximately 214% during .Inly, according to the
De])artment of Labor, with a drop in cloths and clothing
materials of 5^2%, foodstuffs 4Vr. and farm i)ro(lu(ts 2.9%.
Owing to the i-ate-cutting by indei>cn(l('nt stcaiiishii) lines
some of the ships of the larger companies are sailing from
The French line has anU. S. ports with short cargoes.
nounced that hereaft(>r it will seek cargoes at the best rates
obtainable rather than i)ermit its .ships to sail with freight
caitacity unused. Fifty ships of the line are idle at wharves
here and abroad becau.se of the scarcity of ocean cargoes.
805
Brooklyn Sweater Manufacturers' Associa-
tion have agreed to reopen their shops and resume operations inunediately on an open-shop basis.
More than .5.000
immigrants are arriving here daily at Ellis Island and about
800,000 have arrived in the United States during the last
twelve months.
Steamship companies predict that they
will soon bring 25,000 a week.
Coastwise. Gulf and Great
Lakes steamship companies have appealed to the Shipping
Board for increases in freight and passenger rates equal to
the advances recently granted to the railroads.
Norway has imposed an emiiargo on imp'orts of luxuries,
most of which come from America. Sugar and coffee are
steadily declining. The diamond industry is reported to be
.seriously depressed owing to the falling off in the demand
especially from America.
Paris, Amsterdam and Antwerp
all feel it "because of the growing necessity for economy in
all countries." William M. Wood, President of the American
Woolen Company, says he believes the mills will be reopened early in September, as there are indications of a
renewed demand for cloth. He thinks the wholesale price
of clothing this fall will drop.
Between 1,500 and 2.000
operatives in the mills of Cohoes, N. Y., have returned to
work under open shop conditions after a strike which went
into effect on May 26 last, and which cost the employees
a wage loss of about $000,000. Unemployment is si)reading
and waking up labor to the necessity of meeting the demand
on the part of employers for a full day's work for a full
day's pay. It seems strange that the necessity for such a
demand should ever have arisen.
Kansas is to have a "rat killing week," beginning August
23, in the interest of health and of food conservation.
The
proclamation of Gov. Allen states that at least .$.30.000 000
in foodstuffs is lo
@FedFRASER