Full text of Commercial and Financial Chronicle : August 27, 1921, Vol. 113, No. 2931

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IN C L U D IN G
Bank & Quotation Section

Railway & Industrial Section

Electric Railway Sectb®

Hallway Earnings Section

Bankers’ Convention Section

State and C ity Section

VOL. 1137

S A T U R D A Y , A U G U S T 2 7 , 1921

^Jue C h r o tm le
PUBLISHED WEEKLY

Terms of Subscription— Payable in Advance
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00
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N O T IC E .— On a ccou n t o f the flu c tu a tio n s In th e rates o f exchan ge,
Milwaukee______
rem ittances for European su bscription s and advertisem ents m u st be made
Indianapolis----In New York fu n d s.
Columbus----- --Subscription includes following Supplements—
Toledo_________
B ank and Q uotation (m onthly)
K ail w ay & I ndustrial (semi-annually)
Peoria _ _ _ _ _ E lectric R a i l w a y (semi-annually)
R ailw a y E arnings (m onthly)
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S ta te a n d C it y (semi-annually)
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Terms of Advertising
Springfield, 111_
_
Transient display m atter per agate lin e___________________________ 45 cents
Fort Wayne------C ontract and Card rates________________________________________On request
Youngstown____
C h i c a g o O f f i c e — 19 South La Salle Street, T elephone State 5594.
Akron---------------L o n d o n O f f i c e — E dw ards & Sm ith. 1 D rapers’ Gardens. E . C .
Canton _ --------Lexington.
WILLIAM B. DANA COMPANY, Publishers,
Rockford____
F ron t, Pine and D epeyster Streets, N ew Y ork.
Quincy-------------Published every Saturday morning by WILLIAM B. DANA COMPANY'. Presi“ South Bend------dent, Jacob Seibert Jr.; Vice-President., Arnold G. Dana; Business Manager, William Bloomington____
D . Riggs; Secret- ry. Herbert D. Seibert. Address of all. Office of the Company.
Decatur.
_ ...
Springfield, O—
Mansfield------- .
"
CLEARING HOUSE RETURNS.
Danville________
The following table, made up by telegraph, &c., indicates that the total bank
Lima___
clearings of all the clearing houses of the United States for the week ending to-day
have Deen 55,633,828,373 against §6,008,664,750 last week and $7,495,874,163 Jacksonville, 111..
Lansing------- _
the corresponding week last year.
Ann Arbor--------Adrian______ __
Clearings— Returns by Tel graph.
P r
Owensboro______
Week ending Aug. 27.
1921.
Cent.
1920.
Tot. Mid. West
S3,214 ,791,920 — 28.2
New York___
$2,309,000,000
San Francisco-__
472 ,086,157 — 19.1
Chicago_____
382,003,831
383 ,067,885 — 20.4 Los A n g e le s .__
305,000,000
Philadelphia _.
Seattle _____ _
247 ,134,300 — 26.9
Boston---------180,539,400
121,431,531
Kansas City_.
178 ,700,185 — 32.0 Portland. __ _ _
122 .917,053
St. Louis____
81,800,000
— 33.5 Salt Lake City—
—
*108,000,000
127 , 000,000
San Francisco.
— 15.0 Spokane
151 ,071.861
*125,000,000
Pittsburgh
— 17.3 Tacoma.
*86,000,600
D etroit-------110 , 000,000 — 21.8 Oakland __
46,009,759
Baltimore
SO,821,822 — 43.1 Sacramento____
_
33,157,781
61 ,885,672 — 46.4 San Diego_ __
New Orleans..
Stockton. ___ _
$3,777,942,302
Eleven cities, five days_______
$5,149,476,805 — 26.6 San Jose___
Fresno_____ .
830,424,273
1,110,461,273 — 23.4
Other cities, five days___________
Pasadena____
$4,628,368,575
Total all cities, five days.
$6,259.93S,078 — 26.1 Yakima____
1,005,461,798
1,236,936,085 — 18.7 Reno
All cities, one day____ ____
Long Beach—
$5,633,828,373 $7,495,874,163 — 24.9 Santa Barbara—
Total all citle3 for week_______
Total Pacific. _
* Estimated.
The full details of the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses Kansas City____
at noon on Saturday, and hence in the above the last day of the week has to be in Minneapolis__
Omaha__ __ .
all cases estimated, as we go to press Friday night.
St. Paul________
Detailed figures for the week ending August 20 follow;
Denver--------St. Joseph. —
Week ending August 20.
Des Moines —
Clearings at—
Sioux City
Inc. or
Wichita _ ___
_
D ec.
1920.
1919.
1921.
1918.
Duluth ...........
Topeka__ . ----$
%
$
$
S
Lincoln _
_ .
New' York______ 3,128,235,725 4,074,639,000 — 23.2 4,352,525,182 3,195,254,777 Cedar Rapids__
348,000,000 474.086,568 — 26.6 415,778,475 395,868,234 Colorado Springs
Philadelphia------Pittsburgh______ *135,800,000 164,526,555 — 17.4 135,526,558 138,262,135
F argo__________
91,908,525 — 30.6
89,517,125
63,770,256
70,794,846
Baltimore___ Pueblo
_ _ ___
33,091,970
46,925,132 — 29.5
36,130,363
Buffalo_________
21,897,811
Fremont . . .
3,800,000
4,856,422 — 21.8
4,600,537
4,277,172
Albany
____
Waterloo . . .
15,932,622 — 9.4
13,139,542
Washington------14,433,961
14,760,761
Helena_
_
____
6,827,970
10,562,280 — 35.3
6,554,207
R ochester_____
9,056,266
Aberdeen _.
4,928,198 — 13.7
Scranton________
4,251,346
4,318,802
3,770,540 Hastings __ —
3,000,000
4,349,051 — 31.0
4,437,331
3,656,785
Syracuse_ —
_
Billings_________
2,424,242
2,435,030
2,000,000
2,286,260 — 12.5
Reading________
Tot.O th. West.
2,580,353
3,585,613 — 28.0
3,435,654
2,835,772
Wilmington_____
Wilkes-Barre____
2,530,931
2,969,043 — 14.8
2,793,509
2,369,609
St. Louis_______
3,599,483
3,796,788
5,018,827 — 24.3
Wheeling_______
4,615,640
New Orleans-----4,055,368 — 10.8
2,754,893
3,618,661
Trenton -----------3,125,578
Louisville.1,139,513
Y ork___________
1,342,483 — 15.1
1,264,119
1,303,359
2,035,274 Houston_______
1,939,287
2,663,668 — 27.2
2,166,264
Galveston_______
1,388,871 — 31.5
1,752,207
Chester_________
950,000
1,293,045
R ichm ond___
Greensburg___
758,128
1,000,000
1,255,995 — 20.4
900,361
Atlanta. _______
688,800
1,062,800 — 22.4
Binghamton------824,020
835,800
Memphis
796,362
897,701
1,104,632 — 22.9
Altoona _______
1,014,485
Nashville__ . . .
Lancaster_______
— 9.8
2,221,826
2,212,257
2,452,246
2,400,000
Fort Worth___
Montclair, ____
309,253
506,870 — 38.9
325,576
309,943
Savannah. _____
3,485,951 — 36.0
Bethlehem______
2,231,398
..................
Norfolk. - ___
2,093,830 — 25.1
Ilnntington
1,567,809
Birmingham
4,000,000 — 6.7
Harrisburg______
3,732,699
Knoxville_______
972,584
1,317,580 —28.2
__________
Jam estow n____
Chattanooga___
Total M iddle-. 3,773,514,482 4,933,364,390 —23.5 5,092,488,734 3,878,093,674
Jacksonville. _
250,197,188 340,031,185 — 26.4 321,345,089 278,615,600
B oston____
Mobile . . . . . . . _ _
9,997,400
Providence.. _
_
8,521,500
19.9
10,638,300
9,980,700
-\ugusta________
5,969,296
8,133,674
16.2
Hartford
-6,795,565
6,745,365
Little R o c k ..
5,327,205
5,109,649
5,221,738
—2.0
5,076,147
New Haven____
Charleston _ .. _
2,750,000
2,500.000 4-10.0
2,263,689
Portland
____
2,300,000
iklahoma . .
3,664,968
Springfield_ _
3,089,715
4,572,035
32.4
4,068,812
Macon _____
3,510,331
Worcester
3 000,000
4,138,228 —27.5
3,461,069
tin ______ _
27.1
1,907,771
Fall River
1,836,436
1,338,030
2,159,032
Vicksburg__ _ _
New BedfordJ,599,127
1,933,200
17.2
1,526,724
1,721,825
Jackson _____ Iswell
1,100,000
J.000,000
1,088,128
—1.1
1,047,918
(’Ulsa_______
700,000
776,993
Holyoke
900,000
22.2
834,603
Muskogee_______
Bangor_
_ ____
1.204,004
733,938
551,578
39 l
649,413
)a lla s --......
Stamford
2,808,884 Not included In total
S h re v e p o rt.___
1,300,734 Not Included In total
Lynn............ .......
Total Southern
Total New Eng 284,922,840 382,208 8P'i
'>5 ' 359,194,872 315. '<6,656
Total all
* Estimated on basis of last oMclalJy reported week.
Outside N. Y_
Note. -Canadian bank clearings on page 936.

___

N O . 2931
Week ending August 20.

1921.

Inc. or
Dec.

1920.

1919.

1918.

$
$
503,898,560 595,009,158
51,249,913
05,543,874
81,237,211 137,684,437
111,344,298 140,000X00
27,695,608
36,528,875
15,316,000
18,065,000
10,201,100
13,814,100
10,710,000
14,430,617
3,339,522
5,000.000
5,500,000
6,704,181
3,985,718
4,534,857
3,730,609
3,978,971
2,152,918
3,394,702
1,549,116
1,830,683
2,939,665
3,896,493
6,357,000
10,966X00
2,771,134
4,48,0792
1X00,000
1,400.000
1,653,234
2,542,119
1,000,000
1,363,182
1,963,326
1,873,326
1,200,000
1,542,720
1X91,115
1,665,583
1,019,105
1,622,209
1,298,881
1,790,104
633,043
833,904
638,863
803,210
452,279
670,450
1,300,000
1,400,000
585,297
656,900
125,000
229,136
282,132
398,643
858,288,340 1,084,042,623

%
15.3
—21.8
— 41.0
—20.5
—24.2
— 15.2
—26.2
— 25.8
— 33.3
— 18.0
— 12.1
— 6.2
— 36.6
— 15.4
— 24.6
— 42.0
— 38.1
— 28.6
— 35.0
— 26.6
+ 4.8
— 22.2
— 34.5
— 37.2
— 27.5
— 24.0
— 20.5
— 32.5
— 7.1
+ 12.1
— 45.5
— 29.1
— 20.9

$
593,558,564
56,786,827
105,763,463
100,000,000
26,528,875
16,094,000
12,427,900
13,792,271
4,497,585
5,893,201
4,626,431
4,992,418
2,259,267
1.586,957
4,426,308
9,921,000
2,891,958
1,320,159
2,178,024
1,521,496
1,570X96
1,726,491
1,435,944
1,823,795
1,305,856
664,384
1,067X02
639,799
1,000X00
476,183
76,579
645,740
983,500,373

$
504,959,067
57,195,853
89,144,692
74,326,475
26,274,855
16,838,000
20,614,500
JJ,709,729
4,53J,110
4,736,837
3,544,084
3,885,528
2,162,308
1,275,085
3,168,605
6,504,000
2,461,525
950,096
1,853,148
1,170,016
989,512
1,298,093
1X23,694
1,635,980
1,205,370
533,347
660X00
530,328
900,000
351,046
108,908
686,361
837,628,152

120,600,000
75,225,000
28,387,379
29,745,739
11,022,435
10,522,920
3,124,084
10,174,111
5,816,894
2,311,208
4 ,5 : 0,100
4
1,731,766
3,921,479
2,793,186
1,138,035
683,419
3,523.204
745.817
316,129,976

164,800X00
74,879,000
35,442,111
35,616,292
14,374,323
11,688,373
5,083,249
10.519,691
6,789,637
2,807,835
5.932,600
2,266,941
4.309,535
2,925,016
1,209,098
950,000
2,538,466
791,048
387,923,215

— 26.8
+ 0.5
— 22.1
— 16.5
— 23.3
— 10.0
— 38.5
— 3.3
— 14.3
—14.8
— 22.8
— 22.6
— 9.0
— 4.5
— 5.9
— 27.8
+ 38.8
— 5.7
— 18.5

146,792,198
46,436,000
41,510,675
34,000X00
15,393,736
10,885,938
4,977,841
9.131,349
6X04,697
1,996,384
2.450,215
2,026,192
3,665,497
1,250,549
1,377,074
874,318
1,435,333

113,921,428
28,724,000
38,130,388
25,839,795
12,484,387
8,451,115
5,213,397
6,061,155
4,302,474
2,132,100
1,914,792
1,152,159
2,275,312
847,656
865,633
420,000
908,827

330,207,996

253,644,675

156,972,576
63,665,327
37,905,042
30,330,487
15,935,366
9,726,186
7,631,226
5,427,554
11,888,261
7,438,561
2,739,583
2,671,939
1,728,884
1X27,672
1,900,000
908,964
600,009
1,230,239
3,254,664
1,911,189
565,368
578,761
366,037,849

235,780,401
77,611,387
54,576,116
40,362,108
20,392,385
14,384,026
10,512,047
7,502,098
15,725,009
8,222,260
3,188.888
5,250,977
2,497,093
1,254,043
2,607,319
967,655
827,930
1,806,238
1.592,041
1,756,121
778,084
1,178,966
508,777,192

— 33.4
— 18.0
— 30.5
— 22.4
— 21.9
— 32.4
— 27.4
— 27.7
— 24.4
— 9.0
— 14.1
— 49.1
— 30.8
— 18.1
— 27.1
— 6.1
— 27.5
— 31.9
— 101.4
+ 8.8
— 27.4
— 50.9
— 28.1

260,601,760
40,671,902
64,223,087
18,453,886
24,095,026
17,174X37
10,431,118
9,776X00
15,881,560
6,177,869
2,978,526
5,480,426
2,319,548
1,118,152
3,648,114
706,893
982,784
1,559,158
2,224,455
2,045,182
842,354
1,324,727
492,716,564

194,S13,822
30,150,652
54,194,663
13,162,602
22,285,486
16,166,483
8,776,343
8,136,897
10,304,133
5,063,968
3,417,113
3,677,004
1,671,539
788,978
1,607,276
642,089
682,556
1,596,578
1,669,912
1,593,977
725,023
1X76,667
382,151,761

107,900,000 159,200,086
34,797,848
04,994,472
22,413,173
29,037,478
19,188,552
29,998,060
7,333,187
6,006,392
57,480,009
36,546X71
35,092,224
53,917,256
11,053,007
17 312 934
13,934,174
22,107,341
10,057,531
20,244,932
3,442,894
7,126,291
10,259,126
5,866,801
15,215,144
17,676,688
2,669,259
3,321,767
4,897,905
8,157,489
7",050,386
11,164,527
2,540,560
1,809,000
2,620,841
1,410,401
9,927,624
7,931,178
2,000,00
3,300,000
33,768,34.7
24,367,937
6,000,000
1,200,000
1,100,000
1,200,000
248,387
215,578
563,806
667,060
13,361,000
5,682,052
4,348,120
2,283,352
30,906,66 1
20,0 )0,0)0
4.635.247
3.024.049
409. 41 .203 631.425,441
6 0 )9,004.750 7.928,3 - 1.001
,7(<2.661
2 .8 ‘ 0 4.90 o* r> 'i
>

----- = ;----- .

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

— 32.2 162,347,422 145,314,552
47,881,996
— 46.5
50,873,851
20,689,694
— 22.8
16,341,322
20,325,317
— 36.0
22,656,953
5,611,554
+ 22.1
9,390,846
48,172,381
— 36.4
58,414,570
37,694,089
— 34.9
53,136,738
7,902,393
16 141 672
— 36 2
15,220,219
— 32.4
14+56X28
10,447,075
17,873,834
— 50.3
5,855,668
8,113,874
—51.7
7,663,643
8,837,937
— 42.8
5,914,354
12,784,754
— 13.9
2,107,257
3,059,714
19.6
4,995,826
6.719,434
—40.0
5,167,170
8,519,015
— 31.5
1,622,085
1,981,035
—29.1
3,158,364
2,991,647
— 46.2
4,509,912
7,348,630
— 20.1
2,300,000
2,530,(00
— 39.4
9,503,869
— 27.81
13,987.512
1,250,000
— 80.0
5,541,548
2,640,000
— 8.3'
1,155:273
213,264
234.151
— 13.2
416,287
+ 18.4
395,707
8,343,013
— 57.5
10,141,863
2,010,284
— 47.5
3,117,082
29,032,348 1 17,000,000
—35.3
1X15,669
2.7< 2,290
— 34.8
— 35.1 .549.987,050 445X36,935
— 24.2 7,808X95,589 6,112.761.863
-25 3 3.455.570.407 2.917.507.076

883

THE CHRONICLE
Tilbl FINANCIAL SITUATION.

The Executive Council of the American Fedora
of Labor has the present week issued a pronunciaineuto denouncing wage decreases and urging the
State and Federal Governments to devise extensive
plans for public improvements in the shape of road
building and the like* as a means of preventing the
unemployment situation f r o m becoming more acute.
Si heme> of this kind afford no true remedy for
the <xisting mu mplo,ment. The great need of the
times continues to be increased production. Society
in tliis respect suffers from a sort of deadlock. And
the key log in the jam is labor costs. At the risk
of being tedious it cannot too often be insisted that
for the well-being of the 100,000,000 people of the
l nited States wage deflation must somehow be
brought about. Certainly labor costs are still en
tirely too high. Farm products are selling at prices
so low as to prevent the farmer from buying city
goods. This hurts manufacturers, and accounts
largely for the fact that thousands of workers are
out of employment who have only the empty satis
faction of know ing that wages are kept up.
The irony of it is that wages kept up means trade
kept dow n and labor kept out of work. Reduced wages
would mean greater employment, increased produc
tion, lower prices, lower cost of living for every
body—labor, of course, included— increased buying
pow er, and therefore increased consumption and a
return to normal prosperity. Labor stands in its
own light. Retail prices are still high, but they
have had to come down somewhat. The chief trou
ble is high labor costs everywhere outside of the
farm freezing out the farmer as a buyer, although
he represents 55% of this country’s population.
Freezing out 50,000,000 people or more is surely not
a very brilliant idea. Take the case of steel, for in
stance. Wages in that trade, despite the latest cut,
are still 50% above those of 1915, while the price
of steel is only 16%% above that of 1915, and the
cost of living is only 30% above that of 1915. It is
labor costs everywhere that soar above everything
else and handicap the trade of the United States in
purblind disregard of labor's own interests.
Meanwhile, taxes are very high, and it is expected
that more than 8510,000,000 will be collected by the
United States Government on Sept. 15 from income
and profit taxes, when the third quarterly install
ment becomes due. And more tax payments will
fall due on Dec. 15. Production is staggering under
a load that must be eased somehow. The deflation
of the price of labor has been slight; it has declined
less than a third of what the products of the farmer
have. This is inequitable, and the glaring disparity
will have to be corrected before prosperity can re
turn to the United States.
l ion

Canada’s foreign exports in July, reflecting very
clearly a decided decrease in the shipments of agri
cultural and forest products, and lesser but general
ly important declines in all other of the various
classifications into which the commodities are seg
regated, showed a moderate falling off from June,
but a strikingly heavy loss from the aggregate for
the corresponding month a year ago. The imports
likewise exhibited an unusual contraction from last
year, having been less than half the total then re
ported, with all classes of goods sharing in the dim
inution, but agricultural products, textiles and

[V ol. 113.

icon and steel most largely. The net result for July
is a small adverse or import balance. Briefly, the
\alim of tin* exports of merchandise (domestic and
foreign combined) in July was $5(1,440,143 against
$!()(>,ul 1,390 in 1920, and for the four months of the
Dominion’s fiscal year (April I to July 31 1921, inclusive) they were $220,942,272 against $351,095,173. Imports for July were the smallest, with the
exception of those for June, since April 1919, and
at $02,405,890 contrast with $127,268,811 last year.
The total since April 1, at only $253,802,402, com
pares with no less than $473,572,589 in 1920, which
then established a four months’ high record aggre
gate. Finally 1In import balance for the month at
*
$.>,905,747 contrasts with a like import excess of
$20,357,421 last year, while for the four months the
merchandise imports exceeded the exports by $32,920,185 against $121,877,417 last year.
Our cotton crop review for the year 1920-21, cov
ering as usual the most complete data on the mar
keting, distribution and manufacture of the staple,
which it has been possible to secure, and including
such explanatory comments thereon as seem to be
required, is presented on subsequent pages of this
issue of the “ Chronicle,” and should, we believe, be
found ol much interest and value to those who desire
to keep informed on the subject. The purpose of these
annual reviews, which have been continued for over
half a century, or since immediately following the
dose of the Civil War, is primarily to present all
essential statistics bearing upon the growing of the
staple and its manufacture in the United States.
That plan has been adhered to in the current issue,
but now, as heretofore, data for all other countries
in which cotton is either produced or manufactured
into goods, and from which reliable information can
be secured, are made a part of the report. It fol
lows, therefore, that within the comparatively lim
ited space devoted to them, these reviews do furnish
as comprehensive and complete a history of the
world’s cotton crops and manufacture as it is possi
ble to publish so soon after the close of the season.
During the course of the European war and for a
time thereafter official red tape rendered very dif
ficult the obtaining of some much-needed informa
tion, and even now some delay has been experienced
in securing data quite essential to the correct com
piling of the statistics. It is reasonable to suppose,
however, that within another twelve months such
hindrances as are yet in evidence will have entirely
d isappeared.
The striking feature of the season of 1920-21 was
the collapse in the price of the raw material.
Opening at 40c per pound (July 31 1920) for mid
dling uplands spot cotton in the New York market,
the following June— June 20 1921— saw the quota
tion down to 10.85 cents; there was some recovery,
and at the end of the crop year the price was 12.15c.
The average for the season was 17.95c, against 38.25c
in 1919-20. The significance of the decidedly reduced
price of the late season becomes apparent when it is
noted that on the basis of the average price for the
season at New York the 1920-21 commercial crop of
approximately 11,350,000 bales had a value of only
about 1,048 million dollars, whereas the yield of the
preceding season, only about 7% greater, had a
value of no less than 2,375 million dollars.
An appreciable decrease in the consumption of
cotton in the United States, shared in by both

A ug.

27 1921.]

THE CHKONICLE

North and South, but most largely in the former sec
tion, is the outcome of manufacturing operations of
the season, this finding explanation in the reduced
demand for virtually all descriptions of goods for
home use, and a contraction of the export trade.
Consumption at the South dropped from 11,724,222
bales in 1919-20 to 3,1.68,105 bales in 1920-21, and,
concurrently, the decrease at the North was from
3,025^940 bales to 2,125,035 bales. The commercial
crop of the United States for 1920-21 (as distin
guished from the actual growth, which was 13%
million bales), proves to have been the sixth in a
series of short yields and the smallest since 1909-10,
much cotton being held back, however, in the inter
ior on account of the low price. It totaled 11,355,180 bales, or 862,372 bales less than that of 1919-20,
and some 3% millions beloAv the high record of 191415. The world’s consumption of American cotton
for the season was approximately 10,400,000 bales.
Our aggregate of cotton goods expoi’ts was in both
quantity and value considerably under 1919-20, but
in excess of all earlier years. A marked decrease
in the consumption of foreign cotton by mills in the
United States is to be noted, the decline having been
from 414,829 bales to 215,231 bales.
With the world’s aggregate crop of cotton in 192021 very much more than sufficient to meet consump
tive requirements, the previously existing surplus
supply was considerably increased, and consequent
ly the carry-over at the end of the season exceeded
by an appreciable amount that at the close of 191920, or any earlier year. The carry-over of American
alone, as we compiled it, was 10,392,976 bales,
against 7,062,041 bales in 1919-20, but of the stock
remaining in the United States no less than 787,356
bales are linters. It is claimed with good reason
that at least 1,000,000 bales included in this Ameri
can carry-over consists of cotton or linters abso
lutely unspinnable.
A treaty of peace between Germany and the
United States was signed in Berlin at 5 :20 o’clock
Thursday afternoon. It must now be ratified by
the United States Senate and the German Reichstag. The document was made public in Washing
ton at 9 :25 the same evening by Secretary of State
Hughes, and a reprint of it will be found on subse
quent pages.
Prominent officials of the German Government,
financial experts, and Ellis Loring Dresel, the
American Commissioner in Berlin, had been at work
for several weeks on “ a formal peace treaty with
the United States.” It was reported in Berlin ad
vices at the beginning of the week that they had
“ agreed on the fundamentals and the document only
awaits approval from Washington.” It was added
that “this is expected to arrive in a day or two.” In
a cablegram from Berlin a few days later the as
sertion was made that “ contrary to rumors ema
nating from Washington, no commercial treaty will
precede the formal peace pact.” The further asser
tion was made in the same dispatch that “ the treaty
also will defer to a future date the adjustment of all
commercial, financial and economic issues involved
in the resumption of relations. These will be settled
either by a special treaty or through negotiations
with the newly established diplomatic missions.”
The German Cabinet, at a special session Tues
day evening, gave final consideration to the treaty.
Announcement was made that it would be signed on

883

Wednesday. Dr. Friedrich Rosen, German Foreign
Minister, was to sign for the German Government,
and Ellis Loring Dresel, United States Commission
er, for this country. Word came from Berlin
Thursday morning that “ the Peace Treaty between
the United States and Germany was not signed yes
terday, as had been intended.” The following ex
planation of the situation was given by the Asso
ciated Press correspondent in the German capital:
“ The delay in signing resulted from an unexpected
technical point raised in connection with the for
malities as arranged by Ellis Loring Dresel, the
United States Commissioner, and Dr. Friedrich
Rosen, the German Foreign Minister, yesterday.
The ceremony of signing was to have taken place
at noon at the Foreign Office, but it was postponed
at the request of Mr. Dresel, who asked the privi
lege of querying the Washington Government on the
mooted point. At the headquarters of both the
American Commission and the German Foreign Of
fice it was said that the technicality which involved
the delay did not affect the contents or character of
the treaty, as both Governments had reached a full
accord on the official text some days ago. German
editors had been summoned to the Foreign Office
for a discussion of the treaty this afternoon, but the
conference was postponed pending the receipt by
Commissioner Dresel of a reply from Washington.”
As noted above, the document actually was signed
at 5 o’clock Thursday afternoon in the office of For
eign Minister Rosen in the Wilhelmstrasse, “ around
the corner from the offices of the American Commis
sion.” The advices stated that “the signing occu
pied about 10 minutes.” Dr. Friedrich Rosen, For
eign Minister, affixed his signature in behalf of Ger
many, and Ellis Loring Dresel for the United States.
In making public the text of the treaty, Secretary
Hughes issued an explanatory statement, in which
he averred that “ the compact assures to the United
States all the rights accruing to this country under
the Treaty of Versailles, but provides specifically
that the United States shall not be bound by the
clauses of the Versailles compact relating to the
League of Nations.” The two following clauses of
this statement are of special importance and signifi
cance to the United States: “ The result is to put
the United States on a footing with the other Allied
and Associated Powers with respect to all the rights
defined in all these clauses. It is provided that the
United States in availing itself of the rights and ad
vantages stipulated in these provisions of the treaty
will do so in a manner consistent with the rights
accorded to Germany under such provisions. The
treaty provides that the United States shall not be
bound by any of the provisions of the treaty which
relate to the League of Nations.”
Word was received here from Berlin yesterday
afternoon that Mathias Erzberger, former Vice-Pre
mier and Minister of Finance of Germany, had been
assassinated near Offenburg, Baden, “ where he was
sojourning with* his family.” Several other at
tempts had been made upon his life since he came
into prominence politically.
On Wednesday afternoon, in Vienna, the treaty
of peace between the United States and Austria was
signed. The signing took place at 12:57 o’clock, in
the Foreign Office. The ceremony was said to have
been extremely simple. Arthur Hugh Frazier,

884

THE CHRONICLE

American Commissioner iu Vienna, acted for the
Washington Government.
Chancellor Schober
signed for Austria. The Associated Press corre
spondent said that “ the terms of the treaty are be
ing withheld for the present. It is understood that
the Government does not desire public discussion of
the treaty pending its ratification by the Foreign
Affairs Committee of the Parliament. The commit
tee will meet Saturday [to-day] to prepare the reso
lution of ratification of the treaty for consideration
by Parliament when it reassembles.”

[V ol.

113

tional convention of the Sinn Fein party organiza
tion to meet in Dublin. The delegates who will
come together will constitute a body somewhat simi
lar to a conclave of Democratic or Republican State
committeemen in Washington.”
The reply of the Dail Eireann to Premier Lloyd
George was to be sent by special courier Thursday
evening, and it was expected that it would reach
Downing Street yesterday morning, according to
the Dublin correspondent of the New York
“ Times.” He added that “ throughout to-day [Wed
nesday] the Cabinet has been at the Mansion House
drawing up the historic document in its final form.
This will be submitted in secret to the Dail Eireann
to morrow [Thursday] for formal approval. The
proceedings are expected to be brief.” The Asso
ciated Press representative in Dublin cabled that
“ the belief was expressed here to-night [Wednes
day] that the Dail Eireann’s answer to the pro
posals of Premier Lloyd George for peace in Ireland
will be a refusal of the terms, but that the refusal
will be followed with arguments seeking to induce
Mr. Lloyd George to continue the negotiations.” The
Sinn Fein reply to Lloyd George arrived at his offi
cial residence in Downing Street at one o’clock
Thursday afternoon, considerably in advance of the
time indicated in a Dublin dispatch. The document
was placed before the Cabinet Council and was con
sidered for several hours. The London correspond
ent of the Associated Press said Thursday evening
that “ it is learned that official circles here do not
regard to-day’s communication as terminating the
negotiations, although the contents of the reply are
being withheld pending a Cabinet conference and an
agreement between the Irish and British on a joint
communication to be issued to the press.” Accord
ing to a cablegram from Dublin, “ one who has seen
the text” was quoted as saying that “ the Irish Re
publican Cabinet’s reply to the letter of Prime Min
ister Lloyd George of August 13 leaves ‘an unmis
takable opening’ for a continuation of the peace ne
gotiations.” In the dispatches from London and
Dublin yesterday morning much the same idea was
given. In a cablegram later in the day it was as
serted that “ the reply of President De Valera to
Premier Lloyd George rejects the offer made by
the British Premier for the Cabinet. It urges peace
on a possible broad principle of Government by the
consent of the governed, and says the Dail Eireann
is ready to negotiate if this principle is agreed
upon.” The British Cabinet gave the reply prompt
consideration. Premier Lloyd George made re
sponse yesterday afternoon. Referring to De Va
lera’s demand for recognition of Ireland as a for
eign Power, the Prime Minister asserted that he
“ is playing with phrases to suggest that the princi
ple of Government by the consent of the governed
compels recognition of that demand on our part, or
that in repudiating it we are straining geographical
and historical considerations to justify a claim to
ascendancy over the Irish race.”
Lloyd George
also warned the Sinn Fein leader that, “ owing to
the action being taken in certain quarters, it is dan
gerous to prolong the negotiations.” He added that
while he could not continue an exchange of notes,
“he will be happy to meet Mr. De Valera and his
colleagues again.”

According to cablegrams from London, Dublin
and Belfast at the beginning of the week, it was be
lieved that a settlement of the Anglo-Irish dispute
would be reached within a reasonable time. It was
stated that in Dublin that feeling was “ due to the
speech of Prime Minister Lloyd George in Parlia
ment, which Sinn Fein leaders interpret as indicat
ing a real desire for settlement and willingness to
go faf to obtain it.” The correspondent of the Chi
cago “ Tribune” in the same Irish city made the fol
lowing significant statement: “The Irish leaders
are under tremendous pressure from Irish-Americans and from the Dominions to make an honorable
settlement with England. They are receiving dozens
of cables daily, warning them that they will alien
ate the public opinion of the world if they take
what appears to be an unreasonable stand. This
fact is going to have much influence on their course
next week.” The Dail Eireann held a secret session
in Dublin on Monday “ to decide and reply to the
British Government’s offer.” That gathering was
preceded by a conference of the Sinn Fein Cabinet
at Mansion House the afternoon before, “ for the
purpose of making final arrangements for to-mor
row’s secret session of the Parliament.”
The latter convened Monday forenoon, an hour
late, according to the Dublin correspondent of the
New York “Times,” because of “ the late arrival of
the ‘President,’ who drove up to Mansion House in
a taxicab accompanied by Michael Collins, Countess
Markieviecz and Mary MacSwiney.” That session
lasted until 2 p.m., and was resumed again at 4
o’clock, and at 6 adjourned until the following day.
One of the members of Dail Eireann was
quoted as having expressed the opinion that the
next public session would be held yesterday
[Friday].
Such a session was held and De
Valera read the Sinn Fein reply. He and the
Cabinet were re-elected.
The report came from
Dublin Tuesday morning that the Most Rev. Ed
ward Mulhar, Lord Bishop of Dromore, had arrived
there “ with a message from The highest authority,’
which he delivered to Eamonn de Valera and the
other Sinn Fein leaders.” The correspondent added
that “ there were long consultations over the mes
sage.” In another dispatch from Dublin later in
the day the assertion was made that “ the Vatican
has not intervened in the Irish negotiations, accord
ing to an official announcement by the Sinn Fein
Cabinet this afternoon.” It was declared that “ a
message, which was delivered to President De Va
lera by Bishop Mulhar of Dromore, was not from
Rome.”
According to the London correspondent of the
New York “ Tribune” Tuesday morning, “ a sort of
limited referendum on the peace terms offered to
As had been predicted in cable dispatches from
Ireland by Premier Lloyd George had been arranged
by the Dail Eireann, which has summoned a na Riga, “ the agreement between the United States

A ug. 27 1921.]
1

THE

C H R O N IC L E

885

and Russia, providing for American relief for the |submitted to the directors of the relief work. Allfamine districts of Russia,” was signed a week ago Americans engaged in feeding and caring for the
to-day. The signatures of Walter Lyman Brown, famine sufferers will enjoy diplomatic rights. All
European representative of the American Relief relief shipments will be transported free of charge
Administration, and Maxim Litvinoff, representa to points selected by the Americans, who will have
tive of the Russian Famine Committee, were af absolute control of the distribution of supplies. The
fixed to the document at 11:30 a.rn., “ in a great Russian Famine Committee will co-operate with the
sunny room at the top of the Lettish Foreign Of American Relief Administration in the work con
fice, where the negotiations were held.” Compli templated, and the Americans will not operate in
mentary addresses were made by Maxim Litvinoff, districts where the Russians are able to provide ra
the Soviet representative; M. Meirovitz, the Latvi tions. Race, creed and political status will be for
an Premier, and Walter L. Brown, Chairman of gotten in the work of mercy, and reports of the work
the European Division of the American Relief Ad being done will be given the world without inter
ministration. Those of the two former were rather ference by the Soviet Government. Observers have
effusive and had a political tinge, while the dis declared the agreement confers upon the American
patches stated that Mr. Brown “ appeared to be an Relief Administration facilities never before granted
noyed and in his remarks chose his words carefully, any foreign organization by a Russian Government.”
According to a Washington dispatch, “ the fact
avoiding anything approaching a reference to po
litical questions.” It was also said that “ Philip was made clear in high Administration circles” that
Carroll of Portland, Ore., will at least temporarily “ relations between the United States and Soviet
head the work of feeding the starving people of Rus Russia are absolutely unchanged politically as a re
sia, a task the American Relief Administration con sult of the signing of the agreement for famine re
siders the greatest it has yet faced.” The definite lief by Maxim Litvinoff for the Bolsheviki, and Wal
announcement was made in a Riga dispatch Monday ter Lyman Brown, representative of the American
morning that “ Colonel William N. Haskell, who Relief Administration.” It was explained in other
directed relief in Armenia, has been appointed to telegraphic advices from our national capital that
supervise the famine relief work of the American “food shipments from New York are to begin as
Relief Administration in Russia. It is announced soon as vessels are ready, but it was believed that
that he will leave the United States for Russia im surplus supplies from warehouses abroad were al
mediately.” In a dispatch from Washington the ready moving into Russia under the working agree
same morning, it was said that Col. Haskell is re ment negotiated at Riga between Walter Lyman
garded there “ as an ideal man for the task of direct Brown, European director of the organization, and
ing relief in Russia, not only on account of the splen Maxim Litvinoff, the Soviet representative.” From
did way in which he handled Armenian relief in 1919 Riga came the interesting announcement Tuesday
and 1920, but because of his familiarity with the morning that “the American Relief Administration
conditions likely to be met in Russia and his tact will not carry the Stars and Stripes, into Soviet
and executive ability.” It was added that “ recently Russia, where it will relieve the suffering from the
Colonel Haskell has been on special duty in the War famine.” It was explained that “ special flags and
Department, attached to the office of Assistant Sec posters are being designed, the latter to convey
retary of War J. Mayhew Wainwright, and has been plainly that the food is from the American people,
making his residence in Washington.” Secretary The flags probably will consist of a plain field bear
of Commerce Hoover was quoted as estimating “ the ing the letters ‘A.R.A.’ ”
cost of Russian relief, when it is well under way, at
In a special dispatch to the Chicago “ Tribune,”
from $1,250,000 to $1,500,000 a month. The Relief George Tchitcherin, Minister for Foreign Affairs of
Administration will depend upon its treasury for the Russian Soviet Government, was reported to
necessary funds and upon current contributions of have addressed the following message to the Ameri
co-operating organizations and individuals.”
can people: “ The Russian people have very great
In outlining the scope of the food agreement the appreciation for the great movement of human feel
Associated Press correspondent at Riga said: “ Rus ing on the part of the American people with refer
sia is by the terms of the contract made the bene ence to the suffering women and children in Russia.
ficiary of a far-reaching program, which includes The gratitude which our people feel for this friendly
not only providing food for the people of the famine and heartfelt attitude toward the famine victims
stricken Volga region, but the combating of epi will be a lasting tie and link between the peoples of
demics in districts where the American workers are Russia and America. The Russian people are hop
sent. The task of preventing the outbreak of con ing that the American people will very soon sur
tagious diseases among the fugitive thousands who mount the separating wall of calumnies and mis
have fled from their homes and are streaming over representations now preventing relations between
the roads leading out of the starvation area would the two countries. Since May, 1918, Russia has de
appear to be monumental and one that would tax sired peace and trade arrangements with the United
the resources of any organization. Cholera has States. Much has happened since then, but nothing
made its appearance in various districts, and there that changes our desires.” Asked by the “ Tribune”
is in many places danger of epidemics such as have correspondent fbr a definite statement of the Soviet
in the past swept away myriad victims and reached Government’s guarantees as to foreign capital, the
distant parts of the continent.” Referring to the Foreign Minister said: “ The Soviet Government
duties and powers of the Americans and Russians will give undertakings that the goods, property and
who will be engaged in this work, the correspondent lives of foreign citizens and concessionaires will be
said: “ Political and commercial activities will be safe, and there will be no confiscation or taxation
outside the realm of the workers’ duties, and any outside of the trade agreement. We have never re
violating this clause of the agreement may be im pudiated any of our agreements. The obligations
mediately expelled from Russia, upon proof being repudiated were those of the old Government, but

886

THE CHRONICLE

even in this respect the subject of the old Russian
debt will not be settled until there has been an in
ternational peace conference, and that cannot take
place until America recognizes us.”
Correspondents who have gone from Riga to Mos
cow recently differ somewhat in their accounts of
the condition in which they found the people. The
representative of the Chicago “ Tribune” said that,
while poverty was in evidence, famine was not
visible. Word has been received here that the first
shipment of food under the new agreement was
made a week ago to-day. The advices stated that
“ 1,000 tons of balanced rations were shipped from
Riga to the Petrograd district and 2,500 tons to the
Moscow district.”
There has been no change in official discount rates
at leading European centres from 5% in Berlin and
Belgium; 5Yfflo in Paris and London; 6% in Rome,
Denmark, Sweden, Norway and Madrid; and 4 ^ %
in Holland and Switzerland. In London private
discount rates are a shade easier, having been reduced
to 4 11-16% for short bills and 4% % for three
months, against 4 ^ % and 4^g% last week. Open
market discounts in Paris are still at 5%, and 4 ^ %
in Switzerland for long and short bills, unchanged.
Call money in London is also lower at 3% % , against
4% a week ago. So far as can be learned, no reports
have been received by cable of open market rates at
other centres.
The Bank of England this week reported a trifling
loss in gold holdings, namely, £4,417. Total reserve,
however, was expanded £266,000, because of an
other contraction in note circulation of £271,000.
Moreover, deposits were heavily reduced, so that
the proportion of reserve to liabilities advanced to
15.60%, which compares with 14.75% a week ago
and 14.30% last year. This is the highest percentage
for the current year, the next nearest being 15.28%
in the week ended May 18, while the lowest thus far
was 8.83% on Jan. 6. The highest percentage for
the year 1920 was 23.49%, attained in the week
ending March 18. In public deposits there was an
increase of £421,000, but other deposits declined
£6,360,000 and loans on Government securities fell
£5,325,000. Loans on other securities registered a
contraction of £867,000, to £78,658,000. Last year
the total was £75,883,141 and in 1919 £79,569,477.
Threadneedle Street’s stock of gold on hand now
stands at £128,402,703, in comparison with £123,028,857 in 1920 and £88,244,093 a year earlier.
Reserves total £20,888,000, as against £16,585,307
last year and £26,893,648 in 1919. Circulation
aggregates £125,964,000, which contrasts with £124,893,550 and £79,800,445 one and two years ago,
respectively. The Bank’s official minimum discount
rate has been maintained' at the 5j/£% rate, un
changed. Clearings through the London banks for
the week were £603,211,000, as against £615,294,000
a week ago and £676,644,000 last year. We append
a tabular statement of comparisons of the principal
items of the Bank of England return:
B A N K O F E N G L A N D 'S C O M P A R A T IV E S T A T E M E N T .
1921.
1920.
1919.
1918.
1917.
Aug. 24.
Aug. 25.
A ug. 27.
Aug. 28.
Aug. 29.
£
£
£
£
£
Circu lation_________125.964.000 124,893,550 79,800,445 57.61,2,730 40,406,800
Public d e p o s it s ____ 1 , 06,000 15.363,947 23,260,881 34,918.401 46,525,875
Other deposits_____ 116,186.000
100,591,209 94,918,355 136,109,743 131,093,744
G o v t securities __ 52,415,000
41,555,460 29,784,756 59,454.014 57,899,020
Other securities____ 78,658,000
75.883,141 79,569,477 99,253,178 105,498,500
Reserve notes & coin 20,888,000
16,585,307 26,893,648 30,382,094 32.346,691
C oin and b u llion .-.128,402,703
123,028,857 88,244,093 69,544,824 64,303,491
proportion ol reserve
to liabilities_____
15.60%
14.30%
22.80%
17.80%
18.21%

Bank rate________

512%

7%

5%

5%

6%

[V ol. 113

The Bank of France continues to report small
gains in its gold item, the increase this week being
263,000 francs. The Bank’s gold holdings now aggre
gate 5,522,131,875 francs, comparing with 5,590,239,588 francs at this time last year and with 5,572,423,536 francs the year before; of these amounts
1,948,367,056 francs were held abroad in 1921 and
1,978,278,416 francs in both 1920 and 1919. During
the week advances fell off 15,313,000 francs. In
creases were registered in the other items as follows:
silver, 559,000 francs; bills discounted, 15,491,000
francs; Treasury deposits, 17,493,000 francs; and
general deposits, 25,387,000 francs. A further con
traction of 200,253,000 francs occurred in note cir
culation, bringing the total outstanding down to
36,783,000,000 francs. This contrasts with 37,904,507,195 francs on the corresponding date in 1920 and
with 35,090,399,220 francs the year previous. On
July 30 1914, just prior to the outbreak of war, the
amount was only 6,683,184,785 francs. Compari
sons of the various items in this week’s return with
the statement of last week and corresponding dates in
1920 and 1919 are as follows:
B A N K OF F R A N C E ’ S C O M P A R A T IV E S T A T E M E N T .
Changes
------------------------—Status as o f ----------------- --------------for Week
Aug. 25 1921. A w . 26 1920. Aug. 28 1919.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Iu F r a n c o ................Ine.
263,000 3,573,764,819 3,611,961,172 3,594,145,119
A b roa d ------------------N o change. 1,948,367,056 1,978,278,416 1,978,278,416
T o t a l . . ............. . . I n c .
263,000 5,522,131.875 5,590,239,588
S ilv e r--------------------- Inc.
559,000
276,752,495
254,703,665
Bills discounted____ Inc.
15,491,000 2,458,114,298 1,909,921,236
A d va n ces__________ D ec. 15,313,000 2,166,627,000
1.965,657.410
N ote circu la tion .__D ec2 0 0,253,000 36,783,000,000 37,904,507,195
Treasury deposits-_Inc.
17.493,000
61,822,000
64,228,600
General d e p o s it s ...I n c .
25,387,000 2,687,142,000 3,202,813,132

5,572,423.536
296,746,072
888,469,854
1,262,373,296
35,090,399,220
81,511,700
2,976,552,254

The Imperial Bank of Germany in its statement
issued as of Aug. 13, again registered violent advances
and declines in its principal items. Probably the
most striking feature was a reduction of the enormous
sum of 9,025,854,000 marks in note circulation.
Bankers here with German affiliations were unable
to give any adequate explanation of this, though it is
believed that recent tax collections have enabled
the Reichsbank temporarily to withdraw this huge
amount from circulation. Other noteworthy changes
were an expansion in bills discounted of 3,849,069,000
marks and an increase in deposits of 3,572,359,000
marks. Gold fell off 3,000 marks, but total coin and
bullion increased 163,000 marks. Treasury certifi
cates were reduced 448,445,000 marks, while notes of
other banks gained 1,834,000 marks. Investments
increased 8,904,000 marks, but there were reductions
in advances of 1,758,000 marks. Other securities
911.611.000 marks and other liabilities 130,527,000
marks. The German Bank reports its stock of gold
on hand as 1,091,551,000 marks. This compares
with 1,091,591,000 marks in 1920 and 1,106,480,000
marks the year preceding. Note circulation has
been brought down to 68,206,666,000 marks, as
against 77,236,520,000 marks a week earlier, but
compares with 56,461,863,000 marks last year,
28.554.660.000 marks in 1919 and 1,890,893,000
marks the week of July 25 1914.
From the Federal Reserve Bank statement , issued
late on Thursday afternoon, it will be seen that there
has been a further gain in gold reserves and at the
same time curtailment in rediscounting operations.
For the twelve reporting banks, gold holdings were
expanded $19,000,000. Bills discounted declined
$17,000,000, while the total volume of bills on hand
is now $1,530,000,000, a reduction of $24,000,000 for

A ug. 27 1921.]

THE

887

C H R O N IC L E

the week. There was again a shrinkage in total earn
ing assets, this time of $30,000,000, to $1,769,334,000,
against $3,289,672,000 in the corresponding week of
1920. Federal Reserve notes in actual circulation
were reduced $18,000,000, but deposits increased
$2,000,000. The New York bank reported an increase
in gold reserves of no less than $39,000,000. Total
bills on hand fell off $14,000,000 and now aggregate
$374,529,000, which compares with $1,020,000,000
last year. Here also total earning assets declined
($20,000,000), but deposits registered an increase of
$16,000,000. Notwithstanding this, however, and
as a result of the additions to the gold holdings, the
ratio of reserve was advanced 2.4% to 74.6% in the
local bank and 0.7% for the system as a whole, to
66.5%.
The outstanding feature of last week’s statement
of New York Clearing House banks and trust com
panies, issued on Saturday, was again a substantial
contraction in loans, discounts and investments,
namely, $39,049,000, which brings the decline for
the two weeks about $80,000,000 and $200,000,000
since the beginning of July. Since the high record
point of October last, loans have been cut approxi
mately $1,116,000,000, and the total outstanding is
the smallest since July 1918. This is said to reflect
primarily liquidation of securities. Aside from this,
however, the week’s advances and declines were
relatively unimportant except in the case of Govern
ment deposits. Net demand deposits fell only $1,887.000, but there was a drawing down of Govern
ment deposits by $60,903,000 to $81,177,000.' Total
demand deposits, exclusive of Government deposits,
are $3,560,460,000. Net time deposits are $210,200.000, an increase of $2,144,000 for the week. A
decline of $2,642,000 was recorded in cash in own
vaults of members of the Federal Reserve Bank to
$69,728,000 (not counted as reserve), but reserves of
member banks with the Reserve Bank were expanded
$544,000. Cash held in vault by State banks and
trust companies increased $257,000, and reserves
kept by State banks and trust companies in other
depositories increased $137,000. Surplus gained $1,171,720, bringing up the total of excess reserves to
$18,975,670. The figures here given for surplus are
on the basis of 13% reserves above legal requirements
for member banks of the Federal Reserve System,
but do not include cash in vault amounting to $69,728,000 held by these member banks on Saturday last.
The local money market was quiet and rather nom
inal. The general tendency, however, was toward
greater ease. Call money dropped to 5% on Thurs
day and renewed and loaned at that figure on the
Stock Exchange yesterday. For several days loans
were said to have been made in the so-called outside
market at about H % under the ruling rate on the
Board. Comparatively little time money has been
offered. By some lenders a little more money was
put out than in recent weeks. Toward the close the
rates were nominally 5% @ 6%, but, generally
speaking, borrowers were not disposed to bid actively.
The developments during the week were not of a
character to have a pronounced effect upon the money
market. Withdrawals by the Government from
local institutions were not large. No big pieces of
financing were put through. Government opera
tions were not extensive in any direction. A week
ago, and during the early part of this week, the pre

diction was made in some circles that probably both
call and time money would be higher this week in
anticipation of the September 1 disbursements. Ae
already noted, the tendency was in the opposite
direction, and when call money renewed and loaned
at 5% yesterday the idea became rather general that
the market might start off with a correspondingly
easy tone next week, though higher rates before the
close of that period would not cause surprise. Special
attention was given to the further increase in the
reserve ratio of the Federal Reserve System and par
ticularly to the advance in that of the New York
institution from 72.2% to 74.6%. It is reasonable
to expect that from now on rather heavy demands
will be made for two or three months upon New York
institutions for the moving of the crops. Wheat
harvesting is pretty well over except in the extreme
Northwest, and in Canada. Generally speaking,
the grain crops appear to be pretty satisfactory.
The increase in the volume of general business has
not been sufficient to place any new burden uporv
the money market.
As to specific rates for money, call loans during the
week were a shade easier and the range was 5@5)4%?
in comparison with 5}4@6% last week, for both
mixed collateral and all-industrials alike. As was the
case in the preceding week, there was no change for
the first three days, so that on Monday, Tuesday
and Wednesday a single rate of 5)4% prevailed, this
being the high, the low and the renewal basis on
each of these days. Thursday still easier conditions
prevailed, and rates declined to 5@5)4%, though
renewals continued to be negotiated at 5)4%. On
Friday there was no range; 5% was the only rate
quoted. This is the first time since Aug. 2 that call
loans have touched 5%. Outside of the Stock Ex-*
change loans were made at 4)4% and a few small
amounts as low as 4%. Funds were in freer supply,
while the inquiry was limited. In time money also
offerings were larger than for some little time and the
range of quotations declined to 5 ^ @ 6 % , as against
6@6)4% last week. Not much business was done
and while fixed date money was available in moderate
amounts for all maturities, there were few borrowers;
hence trading was dull practically throughout. All
industrial money continues to be dealt in at 14 of 1%
above these figures.
Mercantile paper was in fairly good demand and
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character remain at 6%,
with names less well known at 6)4%, the same as a
week earlier. Country banks were the principal buyers.
Banks and bankers’ acceptances continue at levels
previously current, but despite the easing in the call
market, trading was comparatively quiet. Not many
bills are making their appearance and interest on
the buying side is correspondingly limited. For call
loans against bankers’ acceptances the posted rat©
of the American Acceptance Council has been re
duced to 4)4%-" The Acceptance Council makes the
discount rates on prime bankers’ acceptances eligible
for purchase by the Federal Reserve Bank 5)4% bid
and 5% asked for bills running 120 days; 5)4@5%
for ninety days, 5)4@5% for sixty days and 5)4@
5% for thirty days. Open market quotations follow:
SPOT D E W V E R Y .
90 Days,
Prime eligible bills. . .......... .
EOR D E L IV E R Y

------- r,y© 6
W IT H IN

T H IR T Y

60 Days.
5J^@ 5
DAYS.

30 Days.
5H @a

Eligible member banks--------- . . ------------ -------------------------------------------------- W
Eligible non-member b a n k s..
—
----------------- ----------------------Ineligible bank b ills .. . .
------- --------------------------------- -------------bid

j’ j'*

888

THE

C H R O N IC L E

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOU NT R ATES OF T H E F E D E R A L R E S E R V E
IN EFFECT AUGUST 21 1921.

Federal Reserve
Bank o f —

B ob to n _____
New York
Philadelphia________
Cleveland.
. . .
R ich m on d ______________
A tla n ta ..
Chicago . . . .
8 t. L ou is_____ . .
M inneapolis_ ___
_
Kansas City
____ ____
D allas____
San Francisco. ____

BA N K S

D iscounted bills maturing
within 90 dags {.Including
A g r ic u l
member banks' 15-day col Bankers'
Trade tural and
accep
lateral notes) secured by—
tances
accep live-stock
paper
tances
Other
Treasuryl Liberty
disc’led
for
maturing maturing
wise
notes and bonds
member
within 91 to 180
secured
cert/, of
and
banks
and
Victory
90 days
indebt
days
unsecured
notes
edness
5A
5A
5A
5A
6
6
6
6
6
6
6
5A

5A
5A
5a
5A
6
6
6
6
6
6
6
5A

5H
5A
5A
5A
6
6
6
6
6A
0
0
5A

5A
5)4
5)4
5 )4
6
6
6
5)4
6
6
«
5)4

5)4
5'A
5)4
5A
6
6
6
6
5A
6
0
5A

5A
5A
5A
5A
0
0
0
0
6A
0
6
5A

An improving tendency was noted in sterling ex
change this week and following weakness in the initial
transactions when demand was quoted at 3 05%,
good buying developed and the price advanced to
3 70%. Fcr the time being the market seemed less
inclined to follow the lead of London and foreign
selling was not so much in evidence. Furthermore,
the supply of offerings was light and this had an
important influence in maintaining price levels.
As yet the volume of grain and cotton bills making
their appearance on the market is small, though
brokers predict a material broadening in this respect
in the near future. Speculative operations have
been rather less of a factor and the market is described
as largely a “ traders’ market,” with moderate price
fluctuations according to the wants of “ legitimate”
buyers and sellers. The close was under the best
for the week.
One explanation for the firmness displayed was
that Germany had accumulated a somewhat too
large supply of marks and was now reversing her pro
cedure of buying marks and selling sterling, by offer
ing large blocks of reichsmarks for sale and making
pin-chases of sterling. Bankers are practically a
unit in declaring that the market is likely to be almost
wholly dominated by operations incidental to repara
tions settlements and that more or less violent
changes in currency values are practically inevitable
for a good while to come.
Considerable interest attaches to the decision of
the Inter-Allied Finance Conference to take steps
as far as possible to prevent the recurrence of demoral
ized conditions as a result of reparations settlements
and it is learned that bankers here are strongly in
favor of the proposed conference to be held in Wash
ington for the purpose of stabilizing the foreign
exchanges. It is understood, however, that official
Washington is opposed to'any such move. So far
as could be learned, neither the signing of the AustroAmerican and German-Ameriean peace pacts nor
announcement of liberal advances by the War
Finance Corporation to finance cotton and wheat
growers had any effect on actual market price levels.
Trading was generally dull with important operators
for the most part out of the market and inclined to
await the outcome of pending international de
velopments.
As to the day-to-day rates, sterling exchange on
Saturday of last week was a shade firmer and demand
mbved up fractionally to 3 65% @ 3 00%, with cable
transfers at 3 6 6 ^ @ 3 00% and sixty days’ bills at

[ V ol.

113,

3 60(u,3 603 s; trading-, ; however, was exceptionally
dull. On Monday there was no increase in activity
and quotations were again slightly lowered to 3 05% @
3 66 for demand, 3 05%(ci)3 00% for cable transfers
and 3 5936@3 6034 for sixty days. A better under
tone was noted on Tuesday and following the receipt
of firmer cable quotations from London demand
sterling moved up to 3 05%@3 66 3-16, cable
transfers to 3 66@3 66 11-16 and sixty days to
3 59%@3 60 7-16; some increase in the volume of
transactions was also reported. On Wednesday
what was termed “ legitimate buying” on a liberal
scale, together with scant offerings, brought about an
advance of more than 3 cents in the pound to 3 6934
for demand, the low was 3 00%, while cable transfers
ranged at 3 67@3 00% and sixty days at 3 6034@
3 03%. Further improvement took place on Thurs
day and demand sold up to 3 00%@i3 7034 > cable
transfers to 3 00b @,3 70% and sixty days to
%
3 60@3 6334- Friday’s market was dull and some
irregularity was displayed, with the range lower
at 3 07%@3 69 for demand, 3 6834@3 00% for
cable transfers and 3 62@3 03% for sixty days.
Closing quotations were 3 02% for sixty days, 3 6834
for demand and 3 69 for cable transfers. Commer
cial sight bills finished at 3 6834 > sixty days at
3 03%,, ninety days at 3 6034> documents for pay
ment (sixty days) at 3 633/6, and seven-day grain
bills at 3 6734. Cotton and grain for payment
closed at 3 6834 •
The week’s gold shipments were numerous and
included consignments of the precious metal from
many parts of the globe.
Gold coin and bullion from India and England were received
on the Aquitania, valued at $ 6,000,000, of which 115 boxes
came from India and 110 from England. The France
brought $8,000,000 from French ports. The Drottningholm from Sweden has arrived with $4,5 0 0,0 0 0, while
German gold and silver amounting to $5,8 5 0,0 0 0 came in
on the Sudbury from Hamburg. The bulk of this amount
was said to be intended for the British Treasury on account
of reparation payments. M inor amounts of gold have been
received as follows: Six packages of gold coin and raw gold
on the M atura from Triniday; $3,250 on the Aurora from
Curacao, six boxes and 29 bars on the Anna from Colombia,
seven packages gold and silver, gold bars and crude gold,
and ten cases of American currency and Liberty bonds on
the Allianea from Cristobal; one box gold on the Oropesa
from Southampton, seven cases on the Caracas from the
Dutch W est Indies, valued at $64,000; $43,000 on the
Crofton Hall from Uruguay; $24,000 on the Ulua from Costa
Rica, and three boxes gold bars; coins on the W esterdyk
from Holland, and one box and eight kegs gold and silver coin
on the Huron from Santo Domingo. Gold valued at
$7,785,000 is expected on the La Savoie, Olympic, Cedric
and La Lorraine. Late Friday it was announced that the
Adriatic had arrived from England with about $1,000,000
gold on board. Other late arrivals included $264,000 on the
M artha Washington from Argentina and Uruguay, $7,000
on the Santa M arta from Colombia, about $24,000 TurkishBritish gold on the River Araxes from Turkey and $367,000
on the Rotterdam from Holland.

There were no new developments of moment in
Continental exchange. Trading was relatively light
and the violent fluctuations of a week ago were
chiefly conspicuous by their absence. Reichsmarks
once more took the lead and attracted attention by
another break, this time to 1 . 1034, a loss of about
14 points from the close on Friday last, but 10 points
above the low record of the previous week. The
weakness was again said to emanate from London
where trading for a time was heavy. Later in the
week buying developed, partly, it was said, for account

A ug. 27 1921.]

THE CHRONICLE

889

| of the German Government which had accumulated Swiss francs finished at 16.91 for bankers’ sigh thills
a too large supply of marks to meet forthcoming and 16.93 for cable remittances. A week ago the
indemnity settlements, and partly for speculative close was 16.87 and 16.89. Copenhagen checks
purposes, and there was a recovery <to 1.23%. al closed at 17.13 and cable transfers 17.18, against
though in the final dealings the quotation sagged 16.35 and 16.40. Checks on Sweden finished at
off to 1.14.
21.60 and cable transfers 21.65, against 21.30 and
Other European exchanges were for the most part and 21.35, while checks on Norway closed at 13.37
in neglect and price changes of little consequence. and. cable transfers 13.42, against 13.00 and 13.05
French francs moved within narrow limits and last week.
finished at around 7.74%. Antwerp currency fol
With regard to South American quotations, some
lowed suit. Lire continued inactive and heavy, improvement has taken place, largely as a result of a
ruling at close to 4.25 for sight bills. Austrian better readjustment of trade balances in both Argen
kronen are still quoted at or near 00.11%, with very tina and Brazil. It is claimed that undelivered
little business done. Exchange on the Mid-Euro American goods are being cleaned up and that the
pean republics was easier, Czechoslovak checks excess of imports over exports is gradually decreasing.
dropping from 1.24 to 1.16 for a time. Polish In the case of the latter-named country, propsects of
marks continue nominally at about .04%, and Greek the placing of a substantial loan also had a strength
exchange is still virtually pegged at 5.60 for checks. ening effect. The check rate on Argentina closed at
Some bankers here with international connections 30% for demand and 30% for cable transfers, against
are credited with the statement that while the recent 29% and 29% a week ago. For Brazil checks fin
weakness in marks was undoubtedly largely due to ished at 12% and cable transfers 12%, against 12%
speculation which has been particularly active on and 12% last week. Chilian exchange was weaker
Beilin, it was also a result of the unloading by mer and closed at 9%, against 10.35, while Peru finished
chants and manufacturers of their holdings in marks at 3.60, against 3.80, the previous quotation.
because of fears that the price would go still lower.
Far Eastern exchange was slightly easier, that is
The slump in lire is explained by the fact, it is for Hong Kong and Shanghai. The former after a
alleged, that the recent credit granted to Italy to decline to 50%@50% finished at 51@51% (un
cover grain importations from this country is ap changed); Shanghai closed at 69 @71, against
proaching exhaustion. It is believed therefore that 71%@72%; Yokohama, 48%@48%, against 48% @
unless other arrangements are made Italy will have 49; Manila, 48%@49, against 48%@48%; Singa
to settle for further importations in the open market, pore, 42%@43%, against 42%@43%; Bombay, 26%
a factor likely to have a sharply depressing effect on @27%, against 25%@25%, and Calcutta, 27%@28,
lire exchange.
against 26% @26%.
The official London check rate on Paris finished
at 47.65, as compared with 47.40 a week ago. Sight
Pursuant to the requirements of Sec. 403 of the
bills here on the French centre closed at 7.74, Emergency Tariff Act of May 27 1921, the Federal
against 7.73; cable transfers, 7.75, against 7.74; com- Reserve Bank is now certifying daily to the Secretary
meicial sight 7.73, against 7.71, and commercial of the Treasury the buying rate for cable transfers
sixty days 7.67, against 7.66 last week. Antwerp on the different countries of the world. We give
francs finished the week at 7.47 for checks and 7.48 below the record for the week just past. The Federal
for cable transfers. This compares with 7.58 and Reserve Bank does not proclaim the rates until the
7.59 the week before. The final range for Berlin morning of the following day, and therefore the latest
marks was 1.14 for checks and 1.15 for cable trans figures it is possible to include in our table are those
fers, as against 1.17%@1.18% the previous week. for Thursday noon, announced on Friday:
Austrian kronen closed at 00.10% for checks and CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK,
AUG. 19 TO AUG. 25 1921, INCLUSIVE.
00.11% for cable transfers, in contrast with 00.11%
and 00.12% last week. Lire finished at 4.26% for
Noon Buying Rate for Cable Transfers in New York.
Value in United States M oney.
bankers’ sight bills and 4.27% for cable remittances. Country and Monetary Unit.
Aug. 19. Aug. 20 Aug. 22. Aug. 23. ^Aug. 24.. Aug. 25.
Last week the close was 4.29% and 4.30. Czecho
$
$
s
EUROPE—
$
S
S
slovakian exchange closed at 1.18%, against 1.24; Austria, krone----------------- .0012 .0012 .0012 .0012 .0012 .0012
Belgium, franc--------------- .0755
.0757
.0758
.0754
.0754
.0753
Bucharest at 1.20%, against 1.25; Poland at .04%^ Bulgaria, lev------------------ .0091 .0091 .0089 .0088 .0089 .0090
Czechoslovakia, krone— .0121
.0122
.0119
.0117
.0118
.0123
against .04%, and|Finland at 1.50 (unchanged) Denmark, krone------------- .1632 .1649 .1649 .1655 .1674 .1707
England, pound-------------- 3.6548 3.6649 3.6558 3.6635 3.6808 3.7043
Greek drachmas wereVshade firmerjand advanced to Finland, markka-------------- .0152 .0150 .0150 .0150 .0148 .0149
France, franc................ ..
.0772
.0780
.0774
.0769
.0771
.0773
.0119
5.60 for checks, but closedTat 5.58, and]5.63 for cable Germany, reich3mark----- .0555 .0116 .0113 .0116 .0119 .0119
Greece, drachma-------------.0556
.0557
.0557
.0556
:0560
Roland, florin or guilder.. .3096
.3123
.3101
.3090
.3091
.3106
transfers, which compares with 5.55 and 5.60 a Hungary, krone-------------- .0027 .0027
.0027
.0026
.0026
.0026
week ago.
.0429
Italy lira ____ ________ .0431
.0424
.0428
.0419
.0425
There is very little to report in the exchanges on
the former neutral centres. Trading continued at a
low ebb and price fluctuations were in consequence
unimportant. Dutch guilders^ remained very close
to 31.00. Swiss francs moved within 16.88 and
16.96 for checks. Pesetas ruled at very close to
last week’s levels, while Scandinavian exchange,
though somewhat irregular, moved within narrow
limits.
Bankers’ sight on Amsterdam closed at 31.18,
against 31.00; cable transfers 31.23, against 31.05;
commercial sight 31.13, against 30.95, and lommercial>xty days at 30.77, against 30.59 a week ago.

Jugoslavia, krone-----------Norway, krone--------------Poland, Polish mark______
Portugal, escuda-------------Rumania, leu------- ----------Serbia, dinar------------------Spain, peseta-----------------Sweden, krona___________
Switzerland, franc---------ASIA—
Hoongkong, dollar--------Shanghai, tael----------------Shanghai, Mexican dollar
India, rupee-------------------Japan, yen .................. —
Java, florin or guilder____
Manila, peso------- --------Singapore, dollar.. --------NORTH AMERICA —
Canada, dollar
Cuba, peso .. ............ .
Mexico, poso-----------------Newfoundland dollar____
SOUTH AMERICA
Argentina, poso (gold)...
Brazil, mllrels___
Uruguay, peso.

.0059
.1299
.0005
.0964
.0122
.0233
.1293
.2132
.1689

.5040
.6803
.4988
.2463
.4843
.3058

.0058
.1330
.0005
.0968
.0121
.0231
.1293
.2140
.1691

.0057
.1318
.0005
.0947
.0120
.0232
.1293
.2141
.1691

.0056
.0057
.1326
.1325
.0005
.0005
.0948
.0930
.'0122
.0121
.0228
.0229
.1293
.1297
.2140 • .2154
.1692
.1690

.5008
.5020
.4995
.67/7
.6781 - .6793
.4981
.4988
.4931
..2489 . .2476
.2501
.4846
.4843
.4842
.3080
.3075
.3068

.5030
.6840
.4988
.2563
.4842
.3063

.0057
.1336
.0005
.0928
.0123
.0227
.1304
.21/2
.1702

.5034
.6850
.4969
.2525
.4842
.3075

.4200

.4 2 "

.4183

.4200

.4200

.4200

.8983
.9940
.4831

.90
.9940
.4829

.90
.9940
.4821

__

.9002
.9940
.4835
.8988

.9009
.9940
.4835
.8994

.9013
.9931
.4835
.8990

.6670
.1187
.6451

.6684
.1188
.6505

.6738
. 113
.0539

.6712
.1166
.6647

.6770
.1157
.673 ’

.6808
.1150
.6791

__

__

890

THE CHRONICLE

[V ol. 113.

stand in succession as the modern ports of the
world.
We may turn this picture and say that commerce
has been the cause of war, famine and pestilence.
But there is no enmity in equal exchange—as there
is no suffering in increased production—in them
selves. We must go farther in search for causes of
conflict. World-crowding is one.
Governmental
V R E C E IP T S A N D S H IP M E N T S BY N E W Y O R K B A N K IN G
autocracy is another. And while on the one hand
INSTITUTIONS
peoples have sought freedom for life and growth in
OW o f
1 G a in ttf L o w
H'< 6 o ’k il/ i) A u g . 3 5 ,
I I n to
______________________________________ 1
* * * » ______
A n, 1 ' , l i ' n k ! - foreign lands, Governments have set up impassable
-q *
S ! ,0 8 5 , 4 5 U G u i n $ 4 , 3 4 1 , 2 7 7
B u n k s ’ I n t e r io r m o v e m e n t ______________1
8 5 ,4 2 6 ,7 2 s 1
boundaries for the exchange of the old for the new,
As the Sub-Treasury was taken over by the Fed- the new for the old, and in the unbridled ambition
eral Reserve Bank on Dec. 0, it is no longer possible for supremacy through political domination the
to show the effect of Coverninent operations on seeds of dissension have ever been sown. These
the Clearing House institutions. The Federal Re Governments are not laid down on the map accord
serve Bank of New York was creditor at the Clear ing to the laws of sustenance as controlled by nat
ural resources and racial characteristics, and it fol
ing House each day as follows:
lows that political control of peoples must ever be
D A IL Y C R E D IT B A L A N C E S O F N E W Y O R K F E D E R A L R E S E R V E B A N K
A T C L E A R IN G H OUSE.
at variance with economic control. But one Govern
ment has been erected in the world that in its do
Aggregate
Friday,
Saturday, Monday.
Tuesday, Wednesday Thursday,
for Week.
Aug. 25.
Aug. 20.
Aug. 23.
Aug. 24.
Aug. 20.
i uq. a t,
mestic policy has completely recognized this eternal
%
S
$
8
8
1 s
fact—the United States of America—“ united we
39.200,000 49.600,000 33.000,000 12,300.000 '39.900.000 4 >.900,000 Cr. 252,900.000
stand, divided we fall”—either in economics or in
The foregoing heavy credits reflect the huge mass
politics. The lesson is to the world.
of checks which come to the New York Reserve Bank
Now in the twentieth century a cataclysm has
from all parts of the country, in the operation of
fallen on the world—severing all peoples from their
the Federal Reserve System’s par collection scheme.
natural intercourse, engulfing all in catastrophe,
These large credit balances, however, show nothing
destroying the links and lines of trade. The raw
as to the results of the Reserve Bank’s operations materials have been cut off from the manufacturers.
with the Clearing House institutions. They repre Infinite waste of materials and men has been accom
sent only one side of the account, as checks drawn plished. l ret every Government is looking toward
upon the Reserve Bank itself are presented directly trade for recuperation and progress. And no Gov
to the bank and never go through the Clearing ernment is willing to ignore its political boundaries
House.
in making easy the resumption of exchange. More
—there are evidences of restrictions thrown about
The following table indicates the amount of bul the free passage of peoples over the earth. Neither
lion in the principal European banks:
man nor money is free. If self-determination and
democracy are ever to unfold their hope and help to
Aug. 25 1921.
Aug. 26 1920.
the world they must become independent of Govern- *
Gold.
| Silver,
j Total.
Gold.
i Silver.
|
Total.
inents presently bounded by “ iron rings” of selfish
£‘
£
£
£
£
England _. 128.4e2.7e31
123,028,857
128,492,703 123,028,857
aggrandizement and the tyranny of political rule.
France a . 142,956,589 11,040,000 153,990,589 144,478,447 id,i6b",655 154,638,447
Germany . 54,577,550
612,550 55,190,100 54,579,550
386,150 54,965,700
If the natural laws of human relations are ever to
Aus .-Hun
1», 944,060 2,369,0*0 13.313.000 10.944.000 2.369.000 13.313.000
S p a in ____ 99.564.000 24,939,600 124,743,000 98.095.000 24,083,000 122.178,000
cement peoples together in amity and trust, the
I t a l y ; ------ 33,141.0*0 3.0*1,006 36.142.000 32.191.000 2.990.000 35.181.000
Netherl'ds 50.497.000
917,060 51.414.000 53.028.000 1.326.000 54,354 ,000
N at. Belg. 10.663.000 j 1,574,006 12.237.000 10.660.000
1.048.000 11.708.000 tyrannical rule of politics over economics must be
S wit Aland. 21.778.000 ; 4,421,060 26.199.000 21.687.000 3.609.000 25.296.000
Sw eden_
_ 15.837.000
15.837.000 14.517.000
14.517.000 broken.
In one rule is war, in the other peace.
206,000 12.852.000 12.658.000
Denm ark . 12.646.000
" 143",666 12.801.000
8,115,000
N orw ay
O
8.115,000 8,112,G O
8,112,000 Men do not fight when they meet in the market-place
T otal week 589,355,842 49,079,550 638,435,392' 583,978.854 46,114,150 330,093,004
to exchange goods for goods, values for values, cred
P rev. wee' GS9.290.853 49,082,250 638,373,1031 38 i.O'-'S 358 43,058,200 330,153 538
its for credits. Our united States will never go to
a G old holdings o f the Bank o l France this year are exclusive of £77,934,6S2
held abroad.
war by reason of tariff reprisals.
Before the war, it is well known and not disputed,
THE MISSION AND COURSE OF TRADE.
Germany was making inroads on England’s trade
If famine and pestilence walk in the wake of war, with South America. We had then comparatively
they are followed by a minister of peace and heal little exchange with that Continent, Europe being
ing, commerce. Charity may be an impulse, but ex our best customer. When, despite present poverty,
change is a consummation. We may quarrel with will Europe and England cease to be our best cus
acquisitiveness, we may warn against the accumula tomers? While our trade with South America is
tion of great wealth, we may implore Governments growing, it is still relatively small. Did we not
to right the world, but the giving of goods for goods build the Panama Canal to expand that slender
is the mainstay of peace and the harbinger of happi trade, as a secondary interest? England, Europe
ness to all the peoples. Something more than sov and the United States are now looking to trade with
ereignty has settled the waste spaces. Something the southern continent. England is re-establishing
more than adventure drove ships beyond the Medi broken lines there; Europe (Germany as a prinei
terranean into trackless seas. Something more than pal) is impoverished by war, though struggling for
lands and domain inspired the migrations of men. resumption. What is an old story to Europe is a
And with every outward flow in population there new one to us. And unless we forsake polities for
has been a backward flow of raw materials in ex economics, as a means to an end, England and Con
change for manufactured goods. The new has devel tinental Europe, despite their weakness and their
oped the old, as the old has fed the new. North burdens, will out distance us in actual trade with
America, South America, Africa, three continents, this part of the world.

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,341,277 net in cash as a result of the cur
rency movements for the week ending August 25.
Their receipts from the interior have aggregated
$5,120,728, while the shipments have reached $1,085,151, as per the following table:

A ug.

27 1921.]

THE CIIIIONICLE

.77/ /v DISARMA MEN'/' CON FEME NEE
OF THE WORLD.

El (1IIT

Now that the Conference on Disarmament is as
sured, avo may look upon it as a great light set over
a darkened world. For though it is practical, little
will be accomplished unless it is suffused with the
divine spirit of love and renunciation. Those who see
it in its true significance must behold this spirit shin
ing through all its being and acts. Out of “ The Shad
ow” it emerges, sending its rays of hope and trust
over the future. B cI oav it the peoples of earth pros
trate themselves in prayer for deliverance; while
above it an invisible host of heaven, “ the dead that
have not died in vain,” wait the fulfillment that
must not fail. At last, in the history of a tried and
troubled humanity, Power assembles to humble it
self.
There is deep meaning in the fact that this is a
practical effort to assist the coming of peace. It is
true a certain wide scope is given by the inclusion
of Far Eastern problems—but the intent plainly is
to discover and disclose only the “ relations” that
nations should bear to each other that would avoid
A ar. There are no problems of reparation and resti
A
tution. No new States are to be formed. Questions
of the form of government that peoples should adopt
are not involved. Governments in their political
nature are to be lightly bound by the agreements to
be reached. Peoples rather than autonomies are
meeting to resolve to lay down their arms and unite
in good-Avill and faith.
There must be throughout the world a thrill of
joy at this procedure. Fear must coAver into the
darkness of oblivion. Hope must Aving its flight
into the sun of righteousness. The “ Four Horse
men,” halted on the precipice of barbarism, must re
treat in headlong haste, borne backward by their
own negation into the lost regions where torture
forever dwells alone with terror. Death, famine,
pestilence, know not peace. Generations unborn
will rise up to call this Conference blessed—if only
it shall be true to itself. And those of to-day who
toil endlessly only to find their efforts cast into the
furnace of hate and poverty will take new courage
as they feel the benignity of fellowship cover the
yearning earth.
No less than this, though we express it lamely,
follows! This Conference is ideal because it is prac
tical. Long ago Virgil wrote, “ I sing of Arms and
the Hero.” Not so long ago Edwin Arnold wrote
the epics of two saviors of the world—Heroes
devoid of Arms. And we must see in this assem
bling of Powers, the Spirit of Sacrifice, if Public
Opinion is at last to triumph over Diplomacy, and,
we dare to say, Preparedness. Too long the Hero
has been Militarism. Too long the ruler has been
Government, acting in its own belief that the only
way to secure peace is through ability to war. The
peoples of earth welcome as never before the coming
of peace through the destruction of the ability to
make war!
As we look with infinite regret upon the red-flow
ing rivers of wrath that stain the past, so must we
behold in this Conference the creation of the Foun
tain of Peace that shall fill the rivers of the future,
watering many lands with help and harmony. No
language is fulsome in praise of this effort, if only
the feeling heart of mankind shall await upon its
word. At every fireside, remote and near, true re-

891

ligion must kneel in devout prayer that selfishness
shall not cross the doorway of this Council, that
petty advantage shall not restrain magnanimity,
that the will to do shall find the way, the easy way
of the spirit.
Of a truth, this Conference is the greatest thing in
the Avorhl. Humanity cannot go on in this mad orgy
of war. The workman cannot work without tools;
the warrior cannot kill without weapons. One step
taken away from the bottomless pit of Destruction
and the journey to Construction is begun. If the
States of this world are ever totally disarmed tin;
peoples that maintain them will never consent to
the Avaste of a single dollar in warfare. Mankind
has been too much concerned with the technique of
peace, Avith agreements of Governments, Avitli pro
portions of power; now—this Conference faces the
Spirit of Peace!
And this Spirit of Peace is a combination of will
and lo\r to prevent war by no less a practical
e
method than disarmament. What does disarma
ment mean if it be not that Governments shall be
prevented from nurturing the power to make war?
Can peoples arm themselves for “ murder by whole
sale” that have empty hands and empty treasure
ies? That will not vote debts upon generations un
born and waste their OAvn substance, by appeals to
the use of Force—that always ends in settlement ~ y
b
cessation and compromise? Let the world acclaim
this Conference for what it is—an effort to estab
lish the reign of the Spirit of Peace by reducing the
material means of war.
CHILI) LABOR LAW AGAIN DECLARED
UNCONSTITUTIONAL.
A decision on August 22 by Judge James E. Boyd
of the Federal District Court at Greensboro, N. C.,
perhaps marks the beginning of the failure of the
latest attempt to suppress Child labor by Federal
enactment, for the fate of a previous attempt seems
to imply that the final tribunal may sustain Judge
Boyd, as it did in the former case.
After the subject had been for a number of years
more or less in agitation, a bill for suppression of
child labor was pushed through Congress in August
of 1917, and Avent into effect on September 1,
achieving the quite unusual distinction of being pro
nounced unconstitutional on the day before by this
same Federal District Court in North Carolina.
This law provided that no producer, manufacturer,
or dealer shall ship or deliver for shipment in inter
state commerce, any product of any industrial con
cern in which, Avithin the last previous 30 days, chil
dren under 14 had been permitted to Avork, or in
Avkick children between 14 and 16 had been em
ployed or permitted to work more than eight hours
in any day, or more than six days in any Aveek, or
betAveen the hours of 7 p.m. and 6 a.m. No dealer
was to be punished Avho “establishes a guaranty”
issued by the producer that there had not been any
of the prohibited employment, nor was any employer
to be punished for a misstatement about ages, if he
acted under erroneous information. The ban was
not limited to the product of the forbidden employ
ment, but applied to the entire product of the of
fending plant; yet by suspending child labor for 30
days prior to shipment (as might be done in some
cases) the ban could be entirely evaded.
The particular case under that law was an appli
cation for an injunction forbidding a cotton mill in

89 't

THE CHRONICLE

Charlotte from dismissing two boys, the father con
tending that their wages until reaching 21 belonged
to him, and that existing State laws did not forbid
their working. A five-to-fonr decision in the 8uprewe Court sustained the court below, Justice Day
delivering the opinion, with the concurrence of Jus
tices Van Devanter, I'itney and McKeynolds and
Chief Justice White, while Justice Holmes dissent
ed, with the concurrence of Justices McKenna,
Braudeis and Clarke. In a twofold sense, said Jus
tice Day, this law was repugnant to the Constitu
tion, since it not only transcended the authority
delegated to Congress over commerce, but “ exerted
a power as to a purely local matter to which the
Federal authority does not extend.” This was the
crux of the matter, but Justice Holmes placed his
dissent on the surprising proposition that while a
State may regulate its own internal affairs and its
own domestic commerce, “ when they seek to send
their product across the State line they are no longer
within their rights” ; if no Constitution and no Con
gress existed, he added, the power to send across a
boundary line “ would depend upon their neighbors”
(as it surely would), but as things are all commerce
lies within the regulative power of Congress. Yet
Prof. Woodrow Wilson was clearly right when he
said, many years ago, in a work on constitutional
government, that if the commerce clause “ can be
stretched to include the regulation of labor in mills
and factories it can be made to embrace every par
ticular of the industrial organization of the coun
try . . . the only limitations Congress would ob
serve, should the Supreme Court assent to such ob
viously absurd extravagance of interpretation,
would be the limitation of opinion and circum
stances.” And it is equally true that if a tax can be
levied for the purpose of accomplishing something
other than and different from raising revenue, any
thing might be clubbed out of existence. The one
extravagance is not more marked and absurd than
the other.
The failure of this attempt led to another, which
took the form of a sort of rider on a revenue bill,
whereby an extra 10% tax was to be collected on
the profits of any concern employing child labor,
and it is this which has now been held unconstitu
tional by Judge Boyd. He holds that regulation of
labor is among the powers not delegated to the Na
tional Government but retained by the States, and
that any attempt by Congress to intervene is there
fore an attempt to usurp reserved powers.
Nothing can be said in justification or in extenua
tion of child labor of the character which these at
tempts would suppress; a people who do not con
serve their children waste their chief asset and com
mit race suicide. These Federal laws therefore at
tempt to perform a necessary act of national protec
tion, but attempt it in the wrong manner.
This last attempt has the added defect that it
seeks to use the power of taxation for a purpose not
only outside of revenue, but having the intent and
expectation of preventing revenue by suppression of
something at which the blow is aimed. The Consti
tution, of course, commits taxation to Congress in
general terms, giving it “power to lay and collect
taxes, duties, imposts and excises, to .pay the debts
and provide for the common defense and general
welfare of the United States,” adding the proviso
that all levies shall be “uniform.” Whether we read
an “ and” after the word “excises,” or whether we

[V ol. 113.

interpret the sentence as meaning that to pay the
debts, etc., is what taxes are for, we must admit that
the primary and natural purpose of taking money
is to use it for public expenditures, and neither to
deplete the taxpayer’s resources nor to put fetters
on his conduct. The most distinctive instance of a
suppressive tax in our history was its use, in the
Civil War, to force existing banks into the new Na
tional banking system. That was put on the ground
of an overpowering emergency, but we should be
slow and loath to repeat emergency actions.
The composition of the Supreme Court has
changed in the last three years; moreover, as has
already been pointed out, that tribunal has lately,
and at dates only slightly separated, rendered two
irreconcilable decisions concerning this fundamen
tal question of the sovereignty of States in matters
of their police powers. In a case turning on the
“ concurrent power” conferred by the Eighteenth
Amendment, the Court virtually threw aside the en
tire doctrine that a State may treat its own police
powers as reserved and may legislate accordingly;
but in the “ housing” cases the Court virtually sus
tained those powers without reserve, even as against
the Federal Constitution itself. It may therefore
be deemed quite possible that the plea of public wel
fare and of emergency will lead to another blow at
State sovereignty by sustaining the power of Con
gress, in matters of high moment, to enter into a
State for regulating its internal affairs, instead of
leaving each State, through a growing and enlight
ened public opinion, to deal righteously with all
questions of living. The greatest hazard in emer
gency conduct is that we may get wonted to it and
so attempt to live under a sort of perpetual martial
law. There is an analogy between political emer
gencies and those which call for heroic surgbry as
the only alternative to seeing the sufferer die; he
may not survive the operation, but if he must die
without it the one chance is hazarded. It is the spe
cial danger of the “emergency” plea that it tends
straight to making other emergencies, or to leading
us to imagine that they have arisen.
It is rather a confirmation than a real condemna
tion of Judge Boyd in this latest case that the Exec
utive Council of the A. F. L. promptly makes an at
tack upon it, as not only wrong in itself but as “ an
other instance of the usurpation of the functions of
the executive and legislative branches of our Gov
ernment by the courts.” It is correct, as this fulmination says, that the Constitution does not in any
terms empower the judiciary to declare a bill un
constitutional. Of course not; but we must once
more point out that any law must be interpreted
before it can be executed, and either the executingofficer or the court under which he is acting must do
the interpreting. The custom, arisen out of neces
sity, under which the jury is to pass upon the credi
bility and value of testimony and thus of the facts
in the case at bar and the judge is to interpret and
explain the law, is as old as the right and custom
of trial by jury. But, it is said, every bill passed is
to be presumed constitutional. It is, and every
court in the land gives that presumption, and so
regularly and firmly that courts have erred far
more often in sustaining than in condemning doubt
ful pieces of legislation. A bill may be unconstitu
tional through one or both of two defects: that it
has not been enacted in the manner strictly laid
down by the Constitution (Federal or Statel, or

A ug.

27 15)21.]

THE

C H R O N IC L E

that it contravenes some portion of the Constitution.
There have been so many examples of one or the
other of these fatal defects that citing any is not
needful. A bill not passed as the Constitution pro
vides is necessarily dead—it never had life; sup
pose, for one example, that a quorum was not in the
legislative hall when the vote was taken. Or sup
pose it says that something shall be done which the
Constitution says shall never be done. In either of
these cases, which shall prevail, the bill or the Con
stitution? And if the bill is to be accepted and en
forced, without inquiry and test, then the Constitu
tion has been virtually changed by a casual enact
ment, which is apparently as the reckless agitator
of to-day would like.
Nor need there be any fear lest any constitution
can obstruct reforming; none can even prevent de
forming. The utmost power of any written consti
tution is a temporary veto; like the executive veto,
it may check the impulse of the hour, but it cannot
fend off the people from any folly which severely
seizes them. When socialism gets so far into com
munism that the overwhelming majority decide, for
example, that no person ought to or shall own more
than say $100,000 during his life, and that all prop
erty left by a decedent shall at once revert to the
State, the thing will be put into a constitution (as
still the predominating law) and then it will be left
to work out its own results. Do not forget that
constitutions are merely man-made statutes, a little
more slowly and deliberately made, yet capable of
being the dicta of madness and of directly attacking
the foundations of human society.
PENNSYLVANIA^BAILR~OAD~APPEALS FROM
LABOR BOARD REGARDING NATIONAL
AGREEMENTS.

The Pennsylvania has filed a formal application
with the Railway Labor Board, asking the latter to
set aside and vacate its recent ruling in the matter
of the men in the shop crafts, and has squarely de
nied the legality and justice of the Board’s inter
vention in that matter. The road renews its objec
tions to the jurisdiction claimed; declares that the
former “national agreements” are terminated and
void as to itself and its employees; denies the
Board’s power to prescribe an election or any other
method by which the carrier may discover who are
the authorized representatives of its men; denies
the Board’s power to compel a conference or to pre
scribe with what representatives of its employees
it shall confer; and denies the correctness of the
Board’s allegation that the question involved “ is
merely one of procedure” and does not extend to the
issue of closed or open shop or any other “ real mat
ter of principle.”
If the case is merely one of procedure, the road
submits that the Board has neither power nor right
“ to set up its judgment or opinion against that of
the carrier.” It contends that mere dissatisfactions
of employees should not be tortured into a “ dispute”
within the meaning of Sections 301 and 307 of the
Transportation Act. A reference to those sections
supplies a ready test of the carrier’s contention.
Section 301 declares it “ the duty of all carriers and
their officers, employees and agents to exert every
reasonable effort and adopt every available means
to avoid any interruption to the operation of any
carrier growing out of any dispute between the car
rier and the employees or subordinate officials
thereof.” In order to avoid “ interruption of opera

893

tion,” the section provides that “all such disputes”
shall be disposed of, if possible, in conference “ be
tween representatives designated and authorized by
the carriers, or the employees, or subordinate offi
cers thereof, directly interested in the dispute.” If
any dispute is not so decided, then if shall be re
ferred to the Board. Section 307 carries the subject
to its next and last step by providing that the Board
shall hear and dispose of “ any dispute involving
grievances, rules, or working conditions,” in respect
to which any Adjustment Board has failed or will
fail to reach a decision within a reasonable time,
or in respect to which the Labor Board determines
that any Adjustment Board has failed in considera
tion or is wanting in due diligence. The Adjustment
Board is an instrumentality which “ may be estab
lished” (Section 302) “ by agreement between any
carrier, any group of carriers, or the carriers as a
whole, and any employees or subordinate officials
of carriers, or organization or group of organiza
tions thereof.”
Mr. Rea cites these sections without quoting them,
but they seem clearly to sustain his contention that
the “disputes” covered in them are only such as
might interrupt operation and that only those are
“ of substance and real moment.” The Act, he says,
comprehended such matters as “ reduction of wages,
real grievances, working rules and conditions,” for
only these are prolific of disputes perhaps equal to
interrupting transportation.
Upon this ground
Mr. Rea seems to stand firmly.
So he denies the right and power of the Board “ to
prescribe principles which must in law govern the
carrier and its employees in the making of agree
ments covering working rules and conditions” ; not
withstanding, the carrier has sought in treating with
its employees to adopt and observe such of the said
principles as are fundamentally sound and correct.
The results of the working of any proposition are
the best test of its correctness and justice. There
are now, says Mr. Rea, about 176,000 employees of
the road who are interested in and touched by the
rules on working conditions; of these 117,176
(66.5%) have by vote or otherwise, as a result of
conferences, expressed a desire to negotiate all such
matters through employee representatives. And
since the Board’s decision the road has held confer
ences with representatives of the several crafts, and
they have declared their satisfaction with both the
manner of selecting representatives and with the
rules and working conditions embodied in said
agreements.
So Mr. Rea represents that the rights of any em
ployees who are not parties to these contracts and.
do not wish to be bound thereby are not impaired,
as they can appeal to the Board at any time. He
protests that voiding existing contracts, in compli
ance with the Board’s decision, would cause “ great
and irreparable injury of the carrier and its em
ployees, parties to the said contracts” ; and he asks
the Board to vacate its order and to grant the car
rier an oral hearing.
Now the right of this matter is a question of great
and far-reaching consequence, and to the “ Chroni
cle” the carrier seems to be wholly on the ground of
justice and of sound economy. In the first place,
the clear and avowed object of the Act of 18 months
ago was to return the roads to their owners, and, in
so doing to make the best (which necessarily means,
the minimum) provisions for intervention; the old

S94

THE CHRONICLE

control was to be withdrawn, the properties were
to be rehabilitated, by paying their just demands
and otherwise, and everything was to be done which
wouid (in the language that might be chosen by the
advocates of the irreducible minimum of freedom)
give private ownership a fair field. This means,
and could mean, nothing less than the very mildest
and the least frequent touches of the Governmental
hand; disputes which might lead to interruption of
traffic were to be disposed of by the Labor Board,
but only if and when all efforts by and between the
parties concerned in them had failed. This covers
matters of fundamental principle, and excludes
"mere procedure” ; the thing contemplated is a disi
pute over real substance, not of form.
Now then, when the Board rushes in, as it seems
to the “ Chronicle” to have done, prematurely and
without good cause or conferred authority, the re
sult is bad in three ways: the getting-together which
is necessary to industrial peace is interrupted, if
not menaced, and upon the system which lias unde
niably been at the very front of the carriers in effort
to deal sincerely and fairly with its men; the old
antagonisms receive a new fanning which may make
them flame up afresh everywhere; and (perhaps
worst of all) the difficult process of withdrawing
Government from private business is wantonly ob
structed. As we are struggling to surmount the
difficult grade back to normalcy, a Board ostensibly
established to prevent trouble and smooth away
grievances rushes in and makes trouble by hinder
ing agreement and offering the challenge which
tends to construct grievances that had not before
been suspected to exist. This is the “ mere pro
cedure” which is the worst of procedures, in that it
separates instead of uniting. The members of the
Board may honestly misread the Act, or they may
take an over-serious view of their own official conse
quence; but the subject has a national importance
which makes personal consequence trivial.
There is still another point involved. Here and
there may be found some person whose notion, ar
rived at without any examination of the subject, is
that all the trouble between railroads and employ
ees is because the officers draw too heavy salaries;
a much wider error, constantly proclaimed by the
labor unions, is that the whole trouble is in ineffi
ciency of management. As to the latter, the men in
charge of transportation are efficient and seriously
earnest (as they undeniably are experienced) or
they are not. If they are, their hands should be left
free, or, at the very least, much more free than they
are now. If they are not competent for the work,
shall we find greater competency in the politicians
whom Governmental ownership or control would put
in charge? Nobody believes that the carrying work
of this great country can be done by any such num
ber of independent fragmentary lines as once exist
ed; more or less combination is an operating neces
sity. Some “ regional” divisions may be unavoid
able, and some irreducible minimum of regulation
with it; yet what might conceivably be done in a
country of the dimensions of Switzerland or Bel
gium is not possible here.
We have had a “ Director” and we have the re
sults. Give those the utmost extenuation from the
circumstances, and the unalterable fact remains
that no man is large enough to manage the transpor
tation business of the United States, and no man
will ever be; the task is superhuman.

[V ol. 113.

BRIDGING TUB DELAWARE RIVER.
Primarily for the accommodation of traffic that
may be considered as local, a suspension bridge is
about to be constructed over the Delaware River,
connecting Philadelphia and Camden, which will
really be of national interest and importance. One
of its chief purposes will be to accommodate vehicu
lar traffic, and taken in connection with the pro
jected vehicular tunnel which will more closely
unite points in Eastern New Jersey with New York
City, the Delaware River bridge will form a very
important link in the system of highways from the
Pacific to the Atlantic. With increasing numbers
of automobiles, traffic from the interior, and even
from the Far West, to North Atlantic shore resorts
and to the summer resorts of New York State, Penn
sylvania, New Jersey and New England is steadily
growing. The new bridge and the vehicular tunnel
will complete the trans-continental highway not
only for the use of passenger cars but for trucks as
well. A large amount of freight is carried between
New York and Philadelphia daily by auto trucks,
and many tons of produce are also moved daily by
trucks from the farms of Southern New Jersey to
the markets of Philadelphia. A large amount of
this traffic will naturally utilize the bridge upon
its completion.
The eastern bank of the Delaware is to Philadel
phia what eastern New Jersey is to New York City,
as many thousands of persons who are employed in
Philadelphia reside in Camden and its suburbs.
Camden’s thrifty factories also draw many workers
from Philadelphia, who go back and forth daily.
As the only facilities for the heavy daily movement
are the ferries, now somewhat antiquated, it is evi
dent that the Delaware bridge is much needed.
The Philadelphia-Camden structure will have, ac
cording to the statement of the engineers, the long
est span of any bridge in the world, its length being
1,750 feet centre to centre of the main piers. With
an overhead clearance above high water (tide
water) of 135 feet over a width of 800 feet in the
centre of the span an unobstructed opening for navi
gation is provided. In practice the Delaware is
navigated as far as Trenton. The main structure
will be of the two-cable suspension type. The bridge
and approaches will provide a single deck, carrying
an unobstructed roadway for six lines of vehicles,
two lines of surface cars, and two lines for rapid
transit, with two ten-foot sidewalks above the road
way.
There is opportunity for building a graceful
structure, but a suspension bridge does not afford
the engineers a chance for ornamentation such as
is presented by the arch bridge across the Missis
sippi at St. Louis.
Engineers comprising the board are Ralph Modjeska, a son of the late Madame Modjeska, famous
as a tragedienne, chairman, Qeorge S. Webster and
Laurence A. Ball. They estimate the total cost of
bridge and approaches at $28,871,000, which cost is
divided as follows: State of Pennsylvania, $S,221,000; State of New Jersey, $12,429,000, and the City
of Philadelphia, $8,221,000. Camden does not con
tribute. One of the first duties of the engineers was
to recommend locations for termini in Philadelphia
and Camden. The Quaker City terminus will be
directly east of Franklin Square, one of the breath
ing spots provided for by William Penn when he

A ug. 27 1921. ]

THE

C H R O N IC L E

laid out the town. This is just two squares north
of Market Street, the main business artery, which
is much overcrowded, and there is expectation that
the location of the approach will greatly relieve
congestion on Market Street. The Camden termi
nus will be in the northern part of the town, and a
wide boulevard will connect the approach with the
centre of the city, a few squares away.
More than one hundred years ago a bridge across
the Delaware from Philadelphia was agitated, and
the project has frequently been revived, but the pres
ent undertaking is the first serious attempt towards
achievement. A joint bridge commission lias been
created by Pennsylvania and New Jersey, with
headquarters in Philadelphia. As financing of the
project has been arranged, nothing remains but to
push the work to completion, and there is expecta
tion that the task will be finished by 1926, in time
for the sesquieentennial exposition which is in con
templation.
For the preliminary work the Legislature of
Pennsylvania appropriated $1,700,000, which is
available for the joint commission. New Jersey has
authorized loans of $28,000,000, to be about equally
divided between the Delaware and Hudson River
projects, and $5,000,000 of bonds have already been
sold under this authorization. Philadelphia has ap
propriated $250,000, and has authorized a loan of
$500,000. Thus the joint commission is well pro
vided with funds to start work in earnest.
Surveyors are engaged on both sides of the Dela
ware, laying out the route of the approaches, in or
der that the necessary properties may be acquired
by negotiation or condemnation, and estimates are
being made of damages which will be sustained, so
that there may be a basis for negotiations. On the
Philadelphia side this work will not be concluded
until estimates are made of the cost of widening
some thoroughfare from the terminus west to
Broad Street.. The approach and the proposed out
let to Broad Street pass through an old and dilapi
dated section of the city, which will be wonderfully
transformed when the improvements are completed.
Not the least of the benefits will be the ease with
which persons in cars may pass to and from sea
shore points. At present there is a great congestion
of cars at the ferries on the return trip from the
shore resorts. This week bids were opened for bor
ings on either side of the river. As work upon both
approaches and the bridge proper may be carried
on simultaneously, there is expectation that next
year will witness considerable progress made.
Pennsylvania is represented upon the joint com
mission by Governor William C. Sproul, who is
president; Samuel S. Lewis, Auditor-General;
Charles A. Snyder, State Treasurer; J. Hampton
Moore, Mayor of Philadelphia; Alfred E. Burk and
Thomas B. Smith. New Jersey commissioners are
Governor Edward J. Edwards, T. A. Adams, Thom
as J. S. Barlow, Frank F. Gallagher, W. H. Noyes,
Samuel M. Shay, Thomas Boettger, John F. Boyle
and Charles S. Stevens.
THE

NEW

CAPITAL
THE

FLOTATIONS

SEVEN

FOR

JULY

AND

MONTHS.

Continuing the practice begun in our issue of M ur. 26, and
kept, up regularly since then, of presenting m onthly com
pilations showing the new capital flotations in the United
•State;-!, we give to-day, in tables further below, the figures
for the month of July and the seven months ending with July.
As previously explained, these compilations are intended to
furnish a summary of corporate, municipal and foreign

895*

Government financing as represented by the new stock and
bond issues brought out each month.
The new financing during July was of larger proportions
than during Juno, the aggregate reaching over 600 million
dollars, the precise total being $31 I ,1 10,728.
As it happens,
too, only $'13,135,000 of this was for refunding, or to fake
up pro-existing security issues. This leaves $ 2 0 7 ,9 8 1 ,7 3 8
as the strictly new capital demands upon the investment
markets. The am ount is somewhat heavier than in July of
last year, whether wo fake the figures with or without the
replacement portion, but falls far below the largo aggregate
of July 1919.
Last year’s total was $ 2 7 0 ,4 4 3 ,2 3 0 , of which
$ 6 ,3 8 2 ,0 0 0 was for refunding, while the am ount for 1919
was no less than $ 4 9 1 ,3 0 4 ,8 7 5 , of which $ 1 0 5 ,4 1 5 ,6 1 0 went
to retire outstanding issues.
The fact, however, that the new flotations reached such"
considerable proportions, was due entirely to two pieces of
financing of more than ordinary size. One of these was the
$ 89 ,8 1 9 ,5 0 0 new stock offering of tho American Telephone &
Telegraph Co. This company on M a y 10 announced that
shareholders of record M a y 2 0 , w ould, until July 2 0 , b o
privileged to subscribe at par for the new stock in the ratio
of one new share for every five shares held. U pon the ex
piration of the privilege it was reported that rights to sub
scribe to over 9 3 % of the am ount had been availed of and
subscriptions received therefor. It was also stated that it
was expected that the remaining 7 % would be applied to
ward meeting subscriptions already received from employees
under the com pany’s employees’ stock plan. Therefore, we
include the whole $ 8 9 ,8 1 9 ,5 0 0 in our new security issues for
the month.
The other large piece of financing during July was the
floating by a syndicate of prominent bankers of $ 2 5 ,0 0 0 ,0 0 0
of Canadian Northern Railw ay 25-year 6 J ^ % debentures.
These were placed at 963^, making the yield to the purchaser
6 .8 0 % . The total offering of corporate securities during
the month having been $ 1 9 8 ,8 7 1 ,9 0 0 , if we deduct the $ 2 5 ,°
000 ,0 00 Canadian .Northern issue and the $ 8 9 ,8 1 9 ,5 0 0 of
new Telephone stock, there remains only $ 8 4 ,0 5 2 ,4 0 0 of
other corporate offerings during the m onth.
Aside from the new capital issues by corporations, States'
and municipalities continue to make very active appeals
to the money and investment markets. T he aggregate of
such offerings during July was $ 1 0 1 ,2 4 4 ,8 3 8 , the am ount
having been raised to that figure by some additional dis
posals of this kind that have been reported to us since the
giving by us of a preliminary total for the month in our issue
of A u g. 6. A t $ 1 0 1 ,2 4 4 ,8 3 8 , the am ount of State and munic
ipal bonds placed in July 1921 compares with $ 5 7 ,0 0 9 ,8 7 5 in
July 1920 and $ 83 ,9 9 0 ,4 2 4 in July 1919. In the total for the
present year is included the sale by the State of M ichigan of
$ 23 ,0 00 ,0 00 bonds and notes, consisting of $ 1 5 ,0 0 0 ,0 0 0
b % soldiers’ bonus bonds, $ 5,0 0 0 ,0 0 0 of 6 % soldiers’ bonus
/i
notes and $ 3 ,0 0 0 ,0 0 0 of 6 % highway improvement notes.
B y reason of their high rate of return and their tax exem pt
features, there seems to be an almost unlimited demand
for State and municipal obligations when brought out in
large issues by banking syndicates, but the smaller offerings
do not always sell so readily.
Besides the $ 1 0 1 ,2 4 4 ,8 3 8 of new security issues put out
by the States and municipalities of Continental United
States, $ 11 ,0 0 0 ,0 0 0 of new obligations were placed here b y
the insular possessions of the United States. These consisted
of $ 1 0 ,0 0 0 ,0 0 0 4 %
1-year certificates of indebtedness
disposed of by the Philippine Islands and $ 1 ,0 0 0 ,0 0 0 of 4 3 ^ % /
public improvement bonds issued by Porto Rico.
For the seven months to July 3 1 , while the grand aggre
gate of new capital flotations is of large dimensions, never
theless the am ount does not come up to that of last year,
even including the refunding operations, while when these
are eliminated tho total falls substantially below the excep
tionally large corresponding figures of the previous year.
Including refunding, the new financing for the seven m onths
of 1921 foots up $ 2 ,3 4 0 ,0 5 3 ,0 8 0 , against $ 2 ,5 6 7 ,4 0 1 ,7 1 1 ini
the seven months of 1920, but comparing with only $ 2 ,1 8 4 ,361,677 in tho seven months of 1919. Eliminating that
portion of tho now financing which represented tho retirement
in one form or another of outstanding security issues, the
strictly new demands ujjon the investment markets for the
seven months of 1921 are found to have been no more than
$ 1 ,8 7 3 ,4 2 3 ,1 5 0 , against $ 2 ,3 8 7 ,8 8 3 ,8 4 2 for the seven m onths
of 1920, but as against only $ 1 ,8 1 0 ,3 3 7 ,9 0 7 in the corres
ponding period of 1919. In tho case of corporate financing,
the falling off in the new capital demands has been very

890

TILE C H R O N IC L E

marked, tht amount of this for the seven months of 1921
having been only $1,105,928,501, against no less than
$1,887,386,018 in the seven months of 1920 and $ 1,15 5,072,004 in the seven months of 1919. This is independent
of the issues put out to take up pre-existing obligations of one
kind or another, the amount of which was of exceptional
proportions by reason of the bringing out in April of the
$230,000,000 Northern Pacific-Great Northern Joint 6 3^%
Convertible bonds, which was merely a refunding operation,
its purpose being* to prov ide for the taking up of the $215,227,000 4 % Chicago Burlington & Quincy collateral trust
bonds, maturing July 1 1921.
S L MM A R V (>E COR PORA l E F )R Lilt. X GOV E U \ M ENT AND M UNICI PA L
<
FINANCING.
1921.
New Capital.
Refunding.
Total.
%
JULY—
8
%
Corporate^ - .
__ ____
185,971,900
12,900,000
198,871,900
Foreign Government Federal Land Bank
__
War Finance Corporation.
Municipal__
101,009,838
235,000
101,24 4,838
do
U. S. Possessions.11.000.000
H.000,000
----- Total------- ------------------------297,9ii, 738
13,135,000 311,116,738
SEV EN MONTHS ENDED JU LY 31—
Corporate___ ___________ ___
1.105,628.501 411,811,080 1,517,439,581
Foreign Government ________
162,500,000
50,000,000
212,500,000
Federal Land Bank.
_____
____
40,000,000
40,000,000
War Finance Corporation._____
550,864,649
Municipal ______ ______ _____ ____
4,818,850 555,683.499
do
U . S . Possessions __ _ ____
14,430,000
14,430.00 0
: ■ 150 466,629,930 2^340.053,080
Total______________________

,_
_

[V ol. 113.

1920.
JULY—
Corporate.____________________ _
foreign Government.___
federal Land Bank
War Finance Corporation____ __
Municipal
do
u . s. Possessions.

New Capital.
3
182,360,355
25,000,000

Refunding.
%
6,073,000

Total.
%
188,433,355
25.000.000

56,700,875

309,000

57,009,875
---------------

rotaj
______ .
264,061,230
SEVEN MONTHS ENDED JUL Y 31—
Corporate
__ ____
1,887,386,018
Foreign Govenment
125,000,000
Federal Land Bank
War Finance Corporation.
Municipal.
»
375,497,824
do
U S. Possessions _
—
—-----------Total_____
2,387,883,842
1919.
JULY—
Corporate
272,552,541
Foreign Government
30,000,000
Federal Land Bank
War Finance Corporation
Municipal_____
83,136,724
do
U. S. Possessions
200,000

6,382,000

270,443,230

T otal.. . _
385,889,265
SEVEN MONTHS ENDED J1J1>Y 31
.
_____________
Corporate______
.1,155,672,604
Foreign Government.
65,000,000
Federal Land Bank
War Finance Corporation
200,000,000
Municipal__
. _ __
___
379,465,303
do
U. S. Possessions
10,200,000
Total

____________

1,810,337,907

175,344,286 2,062,730,304
125,000,000
---------4,173,583

379,671,407

------

170,517,860 2,567,401,711
29,561,910
75,000,000

302,114,451
105,000,000

853,700
---------------

83,990,424
200,000

105,415,610

491,304,875

260,668,810 1,416,341,414
168,179,000
103,179,000
10,175,960

200,000,000
389,641,263
10,200.000

374,023,770 2,184,361,677

SUMMARY OF NEW CAPITAL FLOTATIONS DURING JULY 192L
.

JULY

1921

BONDS.

Amount.

Purpose of Issue.

Railroads—
8
25,000,000 General corporate purposes.

300,000 New equipment ____ _

To Yield
About.

Price.
.

----- ---

600,000 New equipment--------------- --------

%
&
6.80 Canadian Northern Ry. 25-year 6 w % Debentures, 1946. Offered by Dillon, Read < Co.; National
City Co.; Guaranty Co. of N. Y .; Blair & Co., Inc.; Lee, Hlgginson & Co.; Bankers Trust
Co., N. Y.; and Continental & Commercial Trust & Savings Bank, Illinois Trust & Savings Bank
and First Trust & Savings Bank, Chicago.
99.52-90.80 7.00 H untingdon & Broad Top Mtn. RR. & Coal Co. 6% Equip. Trust Certifs., 18th Series, 1922-26.
Offered by Wm. Marriott Canby and Robert Glendinning & Co., Philadelphia.
99
6.60 San Diego & Arizona Ry. Guaranteed 6 4 % Equip. Trust Certifs., A, 1936. Offered by Anglo &
London-Parls National Bank, San Francisco.

96)4

Public Utilities—
1,000.000 Extensions and additions------------

C
O

25,900,000

3,000,000 Capital expenditures-------

9S4

7.15

3,000,000 New pow. plant; new construe., &c.

954 *

7.45

5,000,000 Additions, extensions, &c-----------6,000,000 Impts., betterments & extensions..

95
914

7 \4
64

5,569,000 Impts., extensions, additions, & c.-

88

7.15

-----

4,000,000 Refunding--------------------------------1
l
2.500,000 Acquisitions, improvements, &c_.
400,000 Betterments-------------------------------

99 <
A
99
100
95

S'A
8.10
7)4
8

572.000 Extensions____________ ________ _
125,000 Additions, improvements, <fcc------7,000,000 Refunding; extensions & additions.

104.65
83
96

6.05
74
7.35

1,875,000 Working capital; new construction

9Q'A

6K

540,000 Extensions and additions. _--------

95)4

8)4

40,581,000

Motors and Accessories—
1,500,000 Working capital; refunding----------

Other Industrial and Mfg.—
400, O O New plant, working capital, &c —
C
4,000,000 Liquidate floating debt--------------600.000 New construction. ---------------------900,000 Retire curr. debt; working capital.
900,000 Retire current debt---------------------2.200,000 Working capital--------------- --------3.500,000 Pay current debt; working capital.
453,000 Build and equip new plant
1.000,000 Retire curr. debt; working capital.

Company and Issue, and by Whom Offered.

99

Adirondack Power & Light Corp. 1st & Ref. M. 6s, 1950. Offered by Harris, Forbes & Co.; Coffin
& Burr, inc.; and E. H. Rollins & Sons.
Brooklyn Edison Co., Inc., Gen. Mtge. 7s, “ D ,” 1940. Offered by Guaranty Co. of New York and
National City Co.
Central Maine Power Co. 1st & Gen. Mtge. 7s, “ A ,” 1941. Offered by Harris, Forbes & Co., and
Coffin & Burr, Inc.
Cleveland Electric Illum inating Co. S. F. Debenture 7s, 1941. Offered by Dillon, Read < Co.
&
Commonwealth Edison Co. 1st M. 6s, 1943. Offered by Bankers Trust Co.; Guaranty Co.; A. B.
Leach < Co., Inc.; Lee, Hlgginson & Co.; National City Co., and Spencer Trask & Co., New York;
fc
Continental < Commercial Trust & Sav. Bank; First Trust & Sav. Bank; Halsey, Stuart & Co.,
&
Inc.; Harris Trust & Sav. Bank; Hill, Joiner & Co.; Illinois Trust & Sav. Bank; Marshall Field,
Glore, Ward & Co.; Merchants Loan & Trust Co.; Mitchell, Hutchins & Co., Inc.; National
Bank of the Republic; Northern Trust Co.; Russell, Brewster & Co.; Stevenson Bros. & Perry,
Inc., and State Bank of Chicago, Chicago.
Detroit Edison Co. 1st & Ref. M . Series *B” 6s, 1940. Offered by Coffin & Burr, Inc.; Harris,
Forbes & Co.; Spencer Trask & Co., N. Y ., and First National Co. and Security Tr. Co., Detroit.
Detroit United Ry. 1st M . & Coll. S. F. 8s, Aug. 1 1922. Offered by Dillon, Read & Co.
Detroit United Ry. 1st M . & Coll. S. F. 8s, Aug. 1 1941. Offered by Dillon, Read & Co.
East Bay Water Co. Unif. & Ref. M . 7 4 s , 1936. Offered by Cyrus Peirce & Co. and Blyth, Witter
& Co., San Francisco.
East St. Louis & Interurban Water Co. 1st M . & Ref. 7 4 s , “ C ,” 1942. Offered by Halsey, Stuart
& Co.
New Bedford Gas & Edis. Light Co. 1st M . 6 4 s , “ C,” 1938. Offered by White, Weld & Co., N. Y.
Pennsylvania Edison Co. 1st M. S. F. 6s, 1946. Offered by Lee, Higginson & Co.
Rochester Gas & Electric Corp. Gen. M. 7s, “ B ,” 1946. Offered by J. P. Morgan & Co.; First
National Bank; National City Co.; Harris, Forbes & Co.; Guaranty Co. of New York; and
Bankers Trust Co., New York.
Shawinigan Water & Power Co. 1st Ref. M . 6s, 1950. Offered by Brown Bros. & Co.; Lee, Iligginson & Co.; Alex. Brown & Sons; and Jackson & Curtis.
United Gas & Fuel Co. o f Hamilton, Ltd., 1st M. S. F. 6s, 1923. Offered by Elston, Allyn & Co.,
Chicago.

16.31 to 8.64 Spicer Mfg. Co. 10-year S. F. 8s, 1931.

Offered by Merrill, Lynch & Co. and Cassatt & Co.

American Coating Mills 1st M . Serial 8s, 1924-32. Offered by Straus Brothers Co., Chicago.
8
7.90 Atlas Powder Co. 15-year Conv. 7 4 s , 1936. Offered by Redmond & Co.; National City Co.; and
Brown Bros. & Co., New York.
Brown Paper Co. 1st M . S. F. 8s, 1931. Offered by Otis & Co., Cleveland.
100
8
Kilbourne & Jacobs Mfg. Co. 1st M. Serial 8s, 1922-33. Offered by Hyney, Emerson & Co., Chic
100
8
100
8 J Kokomo (Ind.) Steel & Wire Co. 1st M . Serial 8s, 1922-31. Offered by Peabody, Houghtelmg &
Co.. Inc., Chicago.
99
8.10 River Raisin Paper Co. 1st M . S. F. 8s, 1936. Offered by Powell, Garard & Co., Chicago.
99)4
8.05 Salt’s Textile Mfg. Co. 1st M . S. F. 8s, 1936. Offered by W. A. Harriman & Co., Inc.; Halsey,
Stuart & Co., Inc., N. Y.; and Hincks Bros. & Co., Bridgeport.
To net 8% Waterway Paper Prod. Co. (Chicago) 1st M . 7s, 1924-27. O f f e r e d by Fort Dearborn Trust &
Savings Bank, Chicago.
_
98)4
8.20 Welch Grape Juice Co. 1st M . Conv. 8s, 1931. Offered by Harvey Fisk & Sous and P. W . Chapman
& Co.
ICO
96)4

13,950.000

O il4,000,000 Refunding; working capital----------

100

Land, Buildings, & c.— v
_ —
2,250,000 Finance new building —

100

400,000 New building___________________
200,000 Finance sale of real estate----------3,000,000 Finance construe, of new7hotel-----

Constantin Refining Co. 1st M. S. F. Ss, 1922-26.

8

Offered by Spitzer, Rorick & Co.

East Avenue Apt. Bldg., Rochester, N. Y. 1st M. 6s, 1924-33. Offered by S. W . Strauss & Co..
Inc.
Kansas City Junior Orpheum Co. 1st M. 7 4 s, 1922-30. Offered by Stern Bros. & Co.; Commerce
9 6 4 -9 9
8
Trust Co.; and Guaranty Trust Co. of Kansas City, Mo.
To net 8 to 7)4 The Richmond Company, Inc., 1st M. 7 4 s , 1922-26. Offered by Wm. R. Staats Co., San Fran.
1st M . R. E. 0s, 1923-31. Offered by Cleveland Discount Co.
190
6 Westchester BiJtmore Corp.
6

5,S50,000

Shipping—
150,000 Loan on steamship______________

Miscellaneous—
5,000,000 Acquis’ns; liquidate current debt..

To net S 4
100

8

Waukan Transit Co. 1st M. Serial Ss, 1922-31.

Offered by John Burnham & Co., Chicago.

(Edward) Hines Associated Lumber Interests Is tM . Serial 8s, 1924-36. Offered by Continental
& Commercial Trust A Savings Bank: Baker, Fentress & Co.; Illinois Trust < Sav Bank, Chicago
fc
NOTES

Public Utilities—
500,000 Refunding; improvements & add’ns

89.4

6,000,000 Extensions and additions________

994

Chicago North Shore & Milwaukee RR. Secured 7s, 1936. Offered by Halsey, Stuart A Co and
National City Co.
8.20 Cincinnati Gas & Electric Co. Conv. Secured Ss. Dec. 1 1922. Offered by A R Leach A Co anu
J. & W. Seligman < Co., New York.
&
8X

6,500,000

Other Industrial and Mfg.—
600,000 Retire curr. debt; new construe.,Ac

100

8

Genera! Necessities Corp. Ooli. Trust 8s, 1925-31. Offered by The TIUostouA W olcott Co , v love
land, and Second Ward Securities Co.. Milwaukee.

81)7

THIS CHRONICLE

Vug. 27 192 1.J

STO CK S
n A mount

Par or No.
of Shares.
n>

89,819,500
*846,000
791,400

Involved.

Purpose of Issue.

tjjj

P u b l i c U t ilit ie s
E xpansion

8 0,8 19 ,5 00

* Shares o f n o pur va lu e,

4 ,2 3 0 ,0 0 0

%

100
5

791 .40 0

I r o n , S t e e l, C o n i, C o p p e r , 8c.c,
A cq . coal p ro p 's o f D . L . & W . HU
O t h e r I n d u s t r i a l a n d M fg .
W ork in g cap ital

Price
To Yield
Per Share. About.

100

Compony and Issue, and by Whom Offered
A m e r ic a n T e l e p h o n e & T e l e g r a p h C o . C ap ital B lock
holders and e m p lo y e e s.
G le n A id o n C o a l C o . O om m #n on .

O ffered b y co m p a n y to

O ffered to sto ck holders of D

A m e r ic a n M a c h in e 8c F o u n d r y C o . ( ’ap ltal S to c k .

L, fa W

lo c k -

UK.

O ffered b y c o m p a n y to s to ck h o ld e r a.

a Preferred s to ck s are taken a t par, w h ile In th e ottuo o f co m m o n Blocks the a m ou n t Is b ased on the offerin g price.

C O M P A R A T IV E 8 T A T E M E N T

OF NEW

C A P IT A L F L O T A T IO N S

N e w C a p it a l.

R e fu n d in g .

U N IT E D S T A T E S .

I

1920.

1921.

JU L Y .

IN T H E

T o t a l.

N e w C a p ita l.

R e fu n d in g .

T o t a l.

1919.

N e w C a p ita l

R e fu n d in g .

T o t a l.

*

B onds—
Railroads____ ... ...________________________
Public utilities______________________________
Iron, steel, coal, copper, <fcc.........................._ _
Equipment manufacturers__________________
Motors and accessories, _ .
Other industrial and manufacturing companies
O i l _________
, _________________________
Land, buildings, <fcc____________ _______ ..
Rubber ______ _ _ ____
_
_ __ ___
Shipping _______ _________ ______
___
Miscellaneous______________ _________ ____
Total bonds________ _____ ______________
N o te s—

Railroads, _
_ ______ ______________
Public utilities_________ __ ____ __ _ _ _
Iron, steel, coal, copper, &c
_
____
E q u ip m en t manufacturers________
_______
M otors and accessories, _ ______ ____
Other industrial and manufacturing companies
O i l _____________________________________ ____
Land, buildings, &c_ - _ __
____ _
Rubber _ _ _ _________
____
____
Shipping __ _ _______
_____
_ __ _
Miscellaneous_______ ______ _____ _________
Total notes_____________.r ________ _____
S to ck s—

$25,900,000
31,041,000
900.000
13,950,000
1,500,000
5,850.001)

$9,r> id ,non
600,000
2 ,5 0 0 ,6 6 6

Total sto ck s_______ ____________________

$ 3 6 6 ,6 0 6

$15,910,000
400,090

$15,000,000
15,765,000
# 300,000

$20,290,000

$15,000,000
36,055.000
300,000

3,609,000
1 0 .0 0 0 ,0 0 0
3,450,000

116,000
—

3,725,666
1 0 ,0 0 0 ,0 0 0
3,450,000

1 ,0 0 0 ,0 0 0
4,532.250
2.150.000
3.047.000

692;750
__ -------

1 ,0 0 0 ,0 0 0
5,225,000
2.150.000
3.047.000

1 ,0 0 0 ,0 0 0

1 , 0 0 0 ,6 6 6

175,000

175,000

1,150,000
19,700,000

$34,244,000

$116,000

$34,660,000

$62,644,250

$20,982,750

$83,627,000

$4,303,000

$5,6C7,000

$9,910,000

$10,300,000
3.340.000
3.910.000
7.860.000

$500,000
250,000
2,060,000

$10,800,000
3.590.000
6 ,0 0 0 ,0 0 0
7.860.000

$S4,291,000

$12,640,000

$96,931,000

$6,240,000

$2 0 0 ,0 0 0

$6,500,000

$34,840,900

$185,971,900

1 1 ,6 0 6 ,6 6 0

1,500,000

11,600,000
1,500,000
2 0 ,0 0 0 ,0 0 0

5,000,000

63,600,000

90,000

90,000

$7,100,000 $105,758,000

$5,607,000 $111,365,000

$30,530,000

$4,420,666
1,318,800
600,000
6,620,000
15,353,900
7,053,155

$4,a20,600
1,318.800
600,000
0,620,000
15,353,900
7,103,155

$9,606,200
28,366,500

$89,819,500
4,230,000
791,400

6,992,500

------

$94,840,900

$42,358,355

$50,000

$9,800,000

$25,900,000
136,900,500
4,230,000

$4,303,000
20,030,000
6,318,SCO
755,000
6,620,000
30,562,900
18,553,155
3,450,000
2 0 ,0 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
70,767,500

$5,607,000
300,000

2,500,000

1,500,000
15,341.400
4,000,000
5,850,000
150,000
5,000,000

$12,900,000 $198,871,900 $182,360,355
1921.

Refunding.

116,000
50,000

Total.

B on ds—
R a ilro a d s ______________ ______________ _ ^_____ ___ $112,089,420 $288,5 1 8,5 80 $400,6 0 8,0 00
P u b lic u tilitie s. ______
________
173.972.000
3 7 ,2 2 7 ,0 0 0 2 1 1 .1 9 9 .0 0 0
Iron , steel, co a l, co p p e r , & c ____________________
16.940.000
8 ,2 8 7,00 0
2 5.2 27 .0 00
_______ _____
E q u ip m e n t m a n u fa ctu re rs .
6.42 0.00 0
6 .4 2 0.00 0
M o to rs a n d a ccessories- _ ____ ____
___
1 2.900.000
600,000
13.500.000
O th er ind u strial a n d m a n u fa ctu rin g com p a n ies 100,165,600
13,519,400 113.685.000
O i l _______________________________________________ 128.850.000
2 3,000,000 151.850.000
L a n d, bu ild in gs, & c_
______
______
2 1 .6 5 5 .0 0 0
650,000
2 2.305.000
R u b b e r __ _______ ______
_____________________
5 7.500.000
57.500.000
S h ip p in g
____
_ _ ---------------------- ---------2 .4 8 5.00 0
2 .9 5 0.00 0
5.43 5.00 0
M isce lla n e o u s _______ _______
__ _
8 1.336.000
8 .4 8 9 .0 0 0
8 9.825.000

$42,408,355 $179,378,291
$9,910,000
20,330,000
6,318,800
755,000
6,620,000
30,678,900
18,603,155
3,450,000
2 0 ,0 0 0 ,0 0 0
1 .0 0 0 ,0 0 0
70,767,500

$25,300,000
28,711,200
32,606,500
7.860.000
6.815.000
34,365,625
53,590,250
4,497,000
18,106,800
13,150,000
47,550,166

$6,073,000 $188,433,355 ‘ $272,552,541

New Capital.

Refunding.

Total.

$ 9 ,0 00 ,0 00 3129,384,500
3 2 ,0 72 ,2 48 120,216,500
12,394,000
40.3 10 .0 00
2 .62 5.00 0
2 .625.000
2 0 ,1 19 ,7 55
9 2.665.000
16.245.000
6 3.532.000
1,283,000
100,000
10.211.000
55,7 15 ,0 00
8 ,83 4,00 0

T o t a l b o n d s _________________________________ $714,313,020 $383,240,980 1097,554,000
N o te s—
R a ilr o a d s ..
_______ _ ____________ _
$ 8,656,000
$ 2,000,000 $ 10,656,000
P u blic u tilities_____________ _____
18,324,500
16,494,500
3 4,8 19 ,0 00
Iron, steel, co a l, co p p e r, & c _____
________
4 0,0 00 ,0 00
4 0,000,000
E qu ip m en t m a n u fa ctu rers_____ _________ __ _
M o to rs a n d accessories-----------------___ _
3 ,7 0 0,00 0
3.70 0.00 0
Other industrial and m a n u fa ctu rin g com pa n ies
3 1,7 86 ,7 00
400 ,00 0
32,186,700
O i l _______________________________________________
4 6 ,2 0 0 ,0 0 0
7 ,5 0 0,00 0
5 3,700,000
L an d, build in g s, & c _____________ _____________
100,000
100,000
R ubber _ _ _ _ _
__
_
________ __
10,000,000
10,000,000
S h ippin g ___________________________ _________
125,000
1.125.000
1,00 0,00 0
M iscella n eou s ___
____ __ ________________ _ _
11,917,166
400 ,00 0
12,317,166

$449,905,997

$ 83,703,003 $ 533,609,000

$152,061,000
8 0,853,500
10,210,000
7.566.000
7.100.000
54.959.000
123,237,000
2.53 0.00 0
50.400.000
3.200.000
74,000,000

$ 7,107,000 $159,168,000
4 5 ,1 74 ,0 00 126,027,500
1C,210,000
7 .566.000
7 .100.000
57.959.000
3 ,00 0,00 0
1,250,000 124,487,000
2 .530.000
50.400.000
3.200.000
74,000,000

T o t a l n o te s .......... .................. ........... ........... ....... $170,809,366 $27 ,79 4 ,50 0 $198,603,866
S tock s—
R a ilroa d s- _______________ _______ ___ ________
P u blic u t ilit ie s _____ ________________ _
$100,486,990
$100,486,990
Iron , steel, co a l, co p p e r, & c ___ _______________
8 ,6 7 8 ,2 2 5
8 ,6 7 8,22 5
E qu ip m en t m a n u fa c tu r e r s ._ ___ _
M o to rs a n d a ccessories. _______________ ________
2 ,5 8 2,00 0
2.58 2.00 0
O th er industrial a n d m a n u fa ctu rin g com p a n ies
2 1 ,6 6 1 , ICO
$525,000
22.187.000
______ _______________ ___________
Oil _
7 7,7 00 ,0 00
7 7.7 00 .0 00
L a n d , bu ild in g s, & c _____________________ ______ _
I ,510,030
1.510.000
R u b b e r __ _ _________ ____________ - S h ip p in g ___ ____________________________________
M isce lla n e o u s_____________________ ___________ _.
7 ,8 8 7 ,5 0 0
250,000
8 ,1 3 7,50 0

$566,116,500

$ 56,531,000 $822,647,500

T o t a l s t o c k s .......... .............................................. $220,500,116
$775,600 $221,2 8 1,7 15
T o t a l —R a ilr o a d s ____________ - _______ ______________
$120,745,42* $290,5 1 8,5 80 $411,264,000
P u blic u t ilit ie s _____ ________________ ________ _ 2 92,783.490
5 3,7 21 ,5 00 3 4 6 ,50 4 ,99 0
Iron , steel, co a l, co p p e r, A.c
6 5,0 18 ,2 25
7 3,9 05 ,2 25
8,287,006
Eq nip m en t m a n u fa ctu rers................. .
6 .4 2 0.00 0
6 .4 2 0.00 0
M o to rs and accessories
19.182.000
600,000
19.782.000
O th er Industrial and m a n u fa ctu rin g com pa n ies 153,613,701
14.445.000 168.058,700
Oil
2 52,750.000
3 0.5 00 .0 00 2 83,250,000
■
23.205.001
050,000
2 3 .9 1 5 .0 0 0
R u b b e r ___________________
0 7,500,000
0 7 .6 0 0 .0 0 0
Whipping , __________________j .............................
2.010.001
3,95 0,00 !
6.56 0.00 0
M iscella n eou s _____________ ______ ___________ _
101,140,006
9 ,1 3 9,00 0 1 10,279,000

1105.628,501 $4 I 1 .SI 1.080 1517,439.581

$2,810,000

833,340,000
$9,606,200
28,366,500

$1,450,000
3,359,160
2 0 0 ,0 0 0

760,000

5.815.000
26,283,375
54,799,410
1.450.000
18,306,800
1 2 ,0 0 0 ,0 0 0
28,520,166

$5,769,160 $185,147,451
$500,000
20,540,000
2,060,000

$25,800,000
49,251,200
34,666,500
7.860.000
6.815.000
2,142,750
36,508,375
56,949,410
3,359,160
4,497,000
2 0 0 ,0 0 0
18,306,800
13,150,000
760,000
4S,310,166

$29,561,910 $302,114,451

1919.

$120,364,500
8 8,1 44 ,2 52
2 7,9 16 ,€ 00
2 ,6 2 5,00C
2,62 5,00 0
7 2,545,245
16.245.000
6 2.249.000
100,000
10.211.000
4 6,881,000

T o t a l co r p o ra te s e c u r it ie s .

5.815.000
24,833,375
51,440,250
1.450.000
18,106,800
1 2 ,0 0 0 ,0 0 0
27,760,166

1920.

S E V E N M O N T H S E N D E D J U L Y 31.

New Capital.

50,00 J

6 ,992.50C

600,000

1 , 1.5 0 ,6 0 6
19,700,000

5,000,000

600,000

$260,000

4,600,000
155,000

63,600.000
§5,840,000

4,600,000
155,000

2 0 ,0 0 0 ,0 0 0

600,000

Railroads _____ ___
_
___
*$25,900,000
______
Public utilities
_ _______
127.100,500
Iron, steel, coal, copper, & c ------ _ _
4,230,000
_
__ _
Equipment manufacturers_
M otors and accessories _
_
_
_
900,000
Other industrial and manufacturing companies
15,341,400
O i l _____ _ __
_______ ______
1,500,000
Land, buildings, &c_
______ _ __ __
5,850,000
Rubber _ _ ,
__ _ _ _ _
_
_
_
_, _ _ _ __
_
Shipping_ __
150,000
_ _________
_
__
Miscellaneous _
_
5,000,000
Total corporate securities— _________ _

1,500,000
13,950,000
4,000,000
5,850,000

$15,610,666
400.000

150,000
5,000,000

150,000
5,000,000

Railroads
_ _
_
_
_
____
Public utilities_____
_ _
_
$39,819,500
_
__
__
Iron, steel, coal, copper, & c _
4,230,000
Equipment manufacturers __
_____ __ _
M otors and accessories, _ . . . _ __
_
_
Other industrial and m a n u fa ctu rin g com pan ies
791,400
O i l __________________________________________
Land, buildings, & c _ _ ____________
_
Rubber . _ _ _
_____ _ _ _ _ _ _ _
Shipping______
__ __ ______ ,
_______
Miscellaneous____ ______________
T o ta l—

$25,900,000
40,581,000

New Capital.

Refunding.

Total.

8 30 .365.000
104.418.000
35.9 73 .0 00
2 .02 5.00 0
4 .381.000
22,6 05 ,2 50
3 8.800.000
28.6 38 .0 00

$37,196,000
6 7 ,2 34 ,0 00
4 ,6 2 7 ,0 0 )

$ 97 ,56 1 ,00 0
171,652,000
4 0 .6 0 0 .0 0 0
2 .02 5.00 0
5 .3 0 0 .0 0 0
26.2 20 .0 00
38.8 00 .0 00
2 8 .6 38 .0 00

4 ,05 5,00 0
43,748,300

919,000
3 .61 4,75 0

1,204,500

4 ,0 5 5 ,0 0 0
4 4 ,9 52 ,8 00

$ 345,008,550 $114,795,250 $45 9,8 0 3,8 00
$50,706,000
38,857,1500
11.400.000
8 .410.000
3.650.000
3 3.480.000
4 5 .3 00 .0 00
1.200.000
1,000,000
3 5,857,000

$32,250,000 $ 88,9 56 ,0 00
/ OrJU'IiU U 112,362,200
U
13.4 60 .0 00
2 ,060,000
8 .4 1 0 .0 0 0
3 .650.000
4 9 .9 80 .0 00
1 6,500,000
45.3 00 .0 00
1.200.000
1,000,000
450.000

37,3 07 ,0 00

$238,860,600 $124,764,600 $ 361,625,200
.

$26,096,200
53,0 66 ,5 00

$35,342,740
43,830,650
600,000
116,070,245
345,331,199
2 22 ,108,927
11,116,047
4 9,238,600
14,603,500
6 8,222,896

$26,096,200
5 3,066,500

$871,363,521

$ 35,110,283 $906,473,804

$573,803,454

$21,108,960 $594,912,414

$272,425,500
198,940,242
8 1,9 65 ,0 50
10,791,000
1 12,224,595
460,225,561
361,540,927
7 5,895,047
9 9,663,600
28,014,500
185,693,396

$16,107,000 $288,532,500
8 2,640,498 2 81 ,586,740
12,394,000
94,3 59 ,6 50
10,791,000
' 1 3,570,650 125,795,245
3 5 ,7 29 ,6 38 495,955,199
1.300.000 362,840,927
7 7,178,047
1.283.000
99,738,601
75,000
28,014,500
12,244,500 197,937,891

$117,071,000
169,371,800
100,439,500
10.436.000
8 5.246.000
183,902,275
238,793,863
32.788.000
3 8,946,800
10. Oh 5,000
102,623,36

$69,446,000 $186,517,000
140.73S.600 310,110,400
0 687,090 107,126,500
10.435.000
91.1 65 .0 00
5 ,919,000
2 6 ,7 01 ,5 50 2 09 ,60 3 ,82 5
7 ,872,160 2 46 ,666,023
32.7 88 .0 00
39,3 56 ,8 00
4 1 0 ,6 6 6
16.055.000
3 ,894,500 166,517,866

$ 29,948,490
4 3,8 39 ,6 50
600,000
102,499,595
332,721,316
222,058,927
11,116,047
4 9,163,600
14,603,500
6 4,812,396

$ 5,394,250
1 3,570,650
12,609,883
50,000
75,000
3 ,410,500

$1887380018 $175,341,286 $2002730301

77,2 15 ,0 00
127,817,025
154,693,863
2,950,000
37,946,800
12,000,000
82,0181066

$ 5,000,000
5 ,586,800
7 ,872,160
410,000
2 ,240,000

8 2 ,2 15 ,0 00
133,403,825
162,566,023
2 ,950,000
38,356,800
12,000,000
8 4,258,066

SI 165672604 $260,668,810 $1416341414

898

HIE CHRONICLE

(UlViXUi L U U aiul JUscunions
C tS
BRITISH

TREASURY RETURNING CITIES SERVICE
COMB A N Y STOCK.
The Londou “ Stock Exchange Weekly Official Intelli
gence o f Allg. S gg,ys;
Tilts London “ Gazotle" of Iho 20th .July 1921, contained a notice hy the
National Debt Commisiiorujrs that the Treasury have decided to exercise
the option. under Olau.se 3 of the Hcheiue li, of returning cities Service
Company o% Cumulative Preferred stock as on Nov. 1 1921, from which
date the additional allowance will cease.
The Treasury register will cloese one calendar month before the date
specified and no further transfers can then he accepte<l.
Sit I

K)U DECLINE

"HE (TURMAN MARK

hi ©op vrig hi lulviutvs from London Aug. 22, the New
York “ Tin:osM l
the follow ing to say relative to the de
cline m the German mark:
, <\

In well- nformed financ'al circles greater steadiness is now looked for
in the German mark. This opinion is based on the fact that Germany
has virtually completed arrangements for this month’s payments and has
secured or will secure sufficient credits abroad to provide for impending
imports into Germany of grain, cotton, oil and other necessary raw material.
Last week's < dine went considerably further than this market had
l
expected. Regarding the cause of that heavy depreciation and the sub
sequent recovery opinions differ There is much dispute as to the degree
in which the German reparations payments influenced the movement of
Loudon and Berlin exchange. Nevertheless, these payments were the
original cause of last week's collapse in the mark. Hitherto Germany
has arranged her payments with considerable skill and has supported her
exchange market in London at vital points. In making last week's pay
ments it is probable that similar care was exercised and was expected to be
successful, but the plans were upset by the speculative element in the
market.
For some time past opinion had been held here and frequently expressed
that further depreciation in the mark was inevitable as the pressure of
Germany’s obligations to the Allies increased. Speculators had been
eagerly awaiting their opportunity, which came when the rate broke through
300 marks to the pound sterling. During the heavy selling movement
which ensued marks were offered from all leading Continental centres, also
from New York. Supporting orders were put in the market, but for some
days the pressure of sales prevented recovery. In the end, however, efforts
to check the collapse were successful and on the first sign of a rally specula
tive positions open for the decline were closed.
All such specula tire operations are rendered possible by the heavy
extensive holding of actual German currency in outside markets. No
reliable estimate can be made as to the amount of such paper marks held
outside Germany, but it is exceedingly large and widely distributed. It
is also an easy matter to open accounts with German banks and operate
against such credits.

SARRE COAL FOR GERMANY.
A special radio message to the “Journal of Commerce”
from London, Aug. 23, said:
According to a Franco-German agreement just concluded France wall
deliver three and a half million tons of Sarre region coal annually to Germany.

SOVIET ABOLISHES PROHIBITION.
Under date of Aug. 16, an Associated Press dispatch from
Riga (Latvia) said:
Prohibition has been abolished in Soviet Russia and the country now is
on a light wine basis.
A dispatch to the Latvian Telegraphic Agency, confirmed by the Moscow
newspapers, announces the issuance of a decree permitting the manufacture
and sale of beverages containing up to 14% of alcohol, which will be highly
taxed.
The Soviets since they came into power have hitherto strictly enforced
the prohibition decree.

DENATIONALIZATION OF REAL ESTATE IN RUSSIA.
Advices contained in an Associated Press dispatch from
Riga (Latvia), Aug. 16, said:
The denationalization of real estate, through a decree authorizing former
owners or other persons to buy houses and land from the Government, is
announced in a Moscow dispatch to the Rosta Agency, the official Soviet
news disseminator.

SOUTH

[ Y o u 113.
i FRIO AN MINERS' S T R I K E A VERTED.

l rider date of Aug. 12, the Department of Commerce at
Washington says:
An agreement has been reached as a result of which a strike by the
South African miners has been defi itely averted. Under date of Aug. 9,
I ia.
Commissioner P. J. Steven on, of Johannesburg, has cabled the
Bureau or Foreign and Domestic Commerce that the miners have agreed to
T l a reduction of Is. 6d. per shift. This arrangement will obtain
Uiii.il Oct. I, when wages will be adjusted by quarters, the basis for the
w '' •■ tor any period being the cost of living for the quarter second pre*
,(
9' Stevenson >t.ncs in his cablegram that South African business
,|
V
well pleased with the settlement, believing that it will not
■!•
"
‘abilizc the mining industry but will have great weight in stabil
ising wages in other industries as well,
1is* demand for reduction in the wages paid to those working in and
about mines followed the decrease in the selling price of gold, the gold
min being the ones principally affected. At the suggestion of the Cham
ber of Mines a reduction of 8s, per shift was considered, amounting to a
weekly reduction of 18s. The trade union representatives 'claimed that
the preposed reduction could not be justified. A compromise has now been
effected as outlined above.

SEA ITE RESOLUTION SEEKING INFORMATION ON
SINKING OF LUSITANIA.
The Senate on Aug. 17 adopted a resolution calling upon
the Secretary of State to furnish the Senate a list of the
names of all Americans on board the Lusitania when she
was sunk, together with a list of the claims filed. Senator
Pomerene, who introduced the resolution, is reported as
having stated that many persons were interested in filing
claims, but that the taking and presentation of evidence de
pended on certain information which it was hoped that the
State Department would be able to make public. The fol
lowing is the resolution as agreed to by the Senate:
Resolved, That the Secretary of State, if not incompatible with the public
interest, be, and he is hereby, directed to furnish to the Senate:
(a) A full and complete list of the names and last place of residence of
each and every American man, woman and child aboard the Lusitania at
the time of its sinking, whether lost, killed or survivor.
(b) A full and complete list of all the claims, giving the character and
amount thereof, which have been filed with the State Department in con
nection with the sinking of the Lusitania.
(c) A report as to what steps, if any, have been taken for the adjust
ment of such claims.
(d) A full report of all correspondence had between the State Depart
ment and the German authorities bearing upon this subject.

The sinking of the Lusitania by a German submarine,
occurred on May 7, 1915.

MONEY ORDER CONVENT10 N BETWEEN
STATES AND BRAZIL RATIFIED.

UNI TED

The Money Order Convention between the United States
and Brazil has just been ratified by the Brazilian Congress.
The Post Office Department, in announcing this Aug. 19.
said:
Negotiations for this convention were concluded about two years ago
but had to be ratified by both Houses of Brazil.
Third Assistant Postmaster-General Glover will issue instructions to
postmasters to begin issuing money orders to Brazil at once.
Heretofore money sent to Brazil had to be sent through private banking
concerns or through express companies. With the Money Order Convention
in operation a convenient and quick method of sending money between
these countries will be afforded. It will open up an expansion of busi
ness between these two countries.
The remaining countries of Latin-America with which the United States
has no exchange of money orders are Colombia, Ecuador, Argentina and
Paraguay. Negotiations for a money order convention with Peru are un
der way. It is expected that the outcome of the Pan-American Congress
at Buenos Aires will be the extension of money order exchange arrange
ment between the United States and all the remaining Latin-Americau
countries.

TAXABLE INCOMES IN FRANCE.
OFFERING OF URUGUAYAN BONDS BY F. J. LISMAN
Latest official returns based on the revenue figures for
& CO.
the year 1919 disclose that there are 499,942 annual in
F. J. Lisman & Co., of this city, are offering £100,000 comes in France of 3,000 francs or over, amounting in the
($486,000) Republic of Uruguay sinking fund 5 % secured aggregate to 8,041,000,000 francs. The classification of in
gold loan of 1919, at $610 and accrued interest per £200 comes in detail as received by the Bankers’ Trust Company
($972) bonds, yielding approximately 8.90% .
of New York, from its French Information Service, was
The amount authorized and issued is £605,000 ($2,940,000) made public as follows on Aug. 18:
Interest is payable January, April, July and October 1. In
Amount of
Incomes
No. Incomes
their circular Lisman & Co. state:
Income
Principal and interest payable in New York at the office of the Uni fed
State Mortgage & Trust Co. in gold, at the fixed rate of $4 86 per pound
sterling. Also payable in London in sterling or in Montevideo inUruguay
gold at $4 70 per pound sterling.
These bonds are exempt from all present and future taxes and imposts
in the Republic of Uruguay.
The Principal is payable through the operation of a cumulation sinking
fund of 1% per annum operating by purchase if under pai* or by draw ings
at par, to mature the loan inside of 39 years.
They are a direct obligation of the Uruguayan Government and are
secured by first mortgage on the Uruguay East Coast Railway Co., Ltd.,
with all equipment and appurtenances.
The currency of Uruguay is on a gold basis and the paper money in
circulation had a gold cover in October 1920 equal to 54%. The wealth
of the nation Is estimated at. *1.500.000.000.

{Millions of Franc;
Declared.
{Thousands of Francs).
1,927
310.000
3 to 10
1.607
116,000
10 to 20
1.619
52,000
20 to 50
971
14,000
50 to 100
933
6,204
100 to 250
469
1,264
*250 to 500
515
474
over 500
declared for taxable
These figures represent the incomes of 19IS
poses.
The statistics show that whereas 426,000 heads of families possess in
comes from 3,000 to 20,000 francs, only 74,000 taxpayers dispose of over
20,000 francs a year. Incomes under 50,000 francs a year represent c.lcS
millions, and those over 60,000 francs amount to 2,SSS million francs.

A ug. 27 1921.]

THE CHRONICLE

IT A L Y GUANOES TO GOLD D OLLAR BASIS IN
/ if TERN A T1 ONA L EXOIIA N QE.
A n n o u n ce m e n t w a s m a d e b y th e Ita lia n M in is tr y o f Com
n ierce on A u g. 20 th a t h e r e a ft e r th e g o ld d o lla r w ill re p la c e
th e i)ound s te rlin g a s th e s ta n d a r d u p o n w h ic h th e Ita lia n
g o ld lira is based. U n d e r d a te o f A u g . 22. th e A ss o c ia te d
P ress, in a d v ic e s fr o m L o n d o n , s a id :
The replacement of the pound sterling by the gold dollar < .1 standard
i.s
upon which the Italian gold lira is based, announced recently from Rome,
is not likely to affect international exchanges, according to Italian hank
ers here, who explained that it simplj means a change of the basis for
the calculation of duties payable in gold and similar gold transactions.
The dollar standard has been adopted, it was stated, because the United
States is Italy’s largest creditor and because New York has become the
principal gold market, of the world since the war.

F ro m R o m o , A u g . 22, th e A s s o c ia te d P r e s s h a d th e f o l 
lo w in g to s a y :
At the National Exchange Institute the reason given to-day for the
change from the pound sterling to the gold dollar as the basis of the
Italian gold lira was that “ dollars are real money.”
“ The pound is no more the standard for gold, while the dollar maintains
an equal par with gold,” said an official of the institute. “ Italy has been
losing money all the time she used the pound. Italy has collected all obli
gations owed her on the basis of the pound and all Italian customs duties
have been fixed that way, with the result that the Italian treasury was
being deprived of many million lire annually. The dollar being the best
money in the world, we will now have a true value on which to base the
lira— that which nearest approaches gold.”

GOLD F RO M SO M E T RUSSIA REC E IV E D AT
CON ST A NTINOPLE.
U n d er d a te o f A u g . 19, a C o n s ta n tin o p le c a b le g r a m
s o c ia te d P r e s s ) s a i d :

(A s 

Russian Bolshevik gold valued at $1,000,000 has arrived here during
the past fortnight as a result of trade exchanges. Of this amount $600,000
worth was brought by the United States destroyer Overton from Batum
for the American Foreign Trade Corporation. This organization secured
the money as a revolving credit from the three Caucasus republics, and it
will be used for the purchase of manufactured goods, for which raw im
ports will be exchanged.
The Overton was the first United States warship to -visit Batum since
last February, when the Soviet Government of Georgia was established.
She was sent there primarily to facilitate the work of the Near East
relief.

S T A T U S OF THE IN T ERN AT IO N AL CLEARIN G HOUSE
FOR T RAD E B E T W E E N D E N M A R K AND RUSSIA.
T h e B u re a u o f F o r e ig n a n d D o m e s tic C o m m e rce , D e p a r t
m en t o f C om m erce, a t W a s h in g to n , m a d e p u b lic th e f o l 
l o w in g on A u g . 1 1 :
The International Clearing House (L td.), formed as the result of a
Danish plan for resuming trade with Russia by establishing a world clear
ing house through which goods might be sent to and shipped from Russia
for sale, seems to have become dormant for the time being. The organiza
tion has done no business for several months. The reason for this situa
tion appears to be that the Russians have become discontented with this
indireet way of doing business and have abandoned the clearing-house
idea in the hope that regular and direct commercial relations will soon be
resumed.
Of the original 2,000,000 gold rubles deposited by the Russian trade
delegation in the National Bank of Denmark, there still remains 500,000
rubles not earmarked; but no steps have been taken to increase the de
posit, and the Clearing House, to all intents and purposes, may be re
garded as dead. Whether it w ill be revived will depend largely on the
success or failure of the other commercial ventures now being carried on
by Soviet Russia, none of which appear to have any relation to Denmark
or to Danish firms.

PLANTATION E M E R G E N C Y B A N K FOR DUTCH EAST
INDIES.
T h e F a r E a s te r n D iv is io n o f th e B u re a u o f F o r e ig n a n d
D o m e stic C o m m e r ce a t W a s h in g to n r e p o r ts th a t it w a s r e 
solved a t a m e e tin g h e ld a t B a ta v ia , J a v a , u n d e r th e c h a ir 
m an sh ip o f th e D ir e c to r o f A g r ic u ltu r e , to c r e a t e a P la n ta 
tion B an k , w ith th e o b je c t o f a ff o r d in g a s s is ta n c e to a g r i
c u ltu ra l co n c e r n s w h ic h a re in d iffic u lt ie s , a c c o r d in g to
a d v ic e s fr o m th e A m e r ic a n L e g a tio n a t T h e H a g u e .
The
W a s h in g to n a d v ice s , m a d e p u b lic A u g . 13, s ta te :
The capital of the bank is to be 1,000,000 florins (1 florin=approximately $0.40), and assistance is to be rendered by the bank furnishing
credit, with the products or properties of the plantations as securities,
while the bank will, if necessary, be able to purchase concerns temporarily
and run them. The Government has declared its willingness to support
the bank by guaranteeing an amount, to be fixed by legislation, in case
of eventual losses which may ensue from furnishing these credits.

B A L D W IN LOCOMOTIVE W ORKS' CRED IT TO MEXICO
FOR LOCOMOTIVES.
W ith in s re tu rn to P h ila d e lp h ia on A u g . 15, fo llo w in g a
tw o -w e e k s ’ tr ip to M e x ic o , S a m u el M. V a u c la in , P r e s id e n t
o f th e B a ld w in L o c o m o tiv e W o rk s, a n n o u n ce d th e c o m p le 
tion o f a rra n g e m e n ts w ith th e M e x ic a n G o v e rn m e n t f o r
th e b u ild in g by h is c o m p a n y o f 05 lo c o m o tiv e s . T h e P h ila 
d e lp h ia “ L e d g e r” o f A u g. 16f iu a n n o u n c in g th is, a ls o
stated :
The contract includes ten Pacific type, fifteen Mikado type and twenty
consolidation type locomotives and twenty narrow-gauge engines
A re-

899

volving credit of $2,500,000 w.r given to the Government by Mr, Vauclain.
'Fitin credit cover.- in full the amount of the contract for new locomotives,
the narrow gouge engines being arranged for under a separate condition of
payment. The privilege of an additional credit of $2,500,000 al--o wa
ifiven.
An optimistic picture of general conditions In Mexico and the railroad
situation in particular was painted by Mr. Vauclain
“ In Mexico I trav
eled over a second Pennsylvania Railroad,” he said. “ The line from La
redo to Mexico City Is in better condition than most railroad Ilia in the
United States. The railroads are being rapidly repaired. The flt y of
Mexico is in better shape than ever before. In fact, there is lev: lawless
ness there to-day than there is in New York, or in Philadelphia. The city
is increasing in size, looks prosperous and is clean and healthy. The new
opera house, the largest in the world, is being rushed to completion.’
Generally, according to Mr. Vauclain, the country appears to be in
perfectly stable condition, with no apparent sign- of discord or di ension.
lie sniil the oil industry and the mining companies were getting back on
their feet and that Americans seeking trade in Mexico must do it on the
same basis as they would in the United States.
“ I am inclined to think,” he concluded, “ that the people of the United
States held too low an opinion of the Mexicans. I found them to be just
as honest as we are, and in some cases a little more so.”

M A D R ID PROPOSALS FOR T A X A T IO N IN S P A I N
T h o f o llo w in g a d v ic e s fr o m
p o rte d in the daily papers:

M a d rid ,

A ug.

22, a re

re

A new law, which would make the rich contribute, in proportion 10
their wealth, to the requirements of the Spanish State, is advocated by the
“ Espana Economica v Financiers.”
As substantiating the necessity of such legislation, the paper points to
the bad condition of the Treasury, which, it says, has a deficit of nearly
2,000,000,000 pesetas and has to maintain an army of 100,000 in Africa
with all the adjuncts of modem warfare, in addition to paying an annual
subsidy of 120,000,000 pesetas to the railroads to save them from ruin.
Added to this is the annual deficit of nearly 500,000,000 pesetas on ac
count of the rise in State employees’ wages.
In view of this condition, the paper says that Francisco Cambo, the new
Finanee Minister, must adopt radical tax measures in order to avoid de
preciation of the peseta. It then suggests the creation of progressive taxes
on riches, the consolidation of floating debts by a great national loan and
increased taxes on certain monopolies.
Both the Government and press have called attention of the ruling classes
to the necessity of contributing equally with the other classes to the cost
of the Moroccan campaign, as the only means of averting the ruin of
Spanish credit.

SIGNOR T IT TONI ON G ERMAN IN D E M N IT Y P A Y 
MENTS AND E X C H A N G E — IN T E R N A T IO N A L
CLEARING HOUSE ADVOCATED.
T h e cr e a tio n o f an in te r n a tio n a l c le a r in g h o u se a s a
m ea n s o f s ta b iliz in g e x c h a n g e w a s a d v o c a t e d b y T o m m a s o
T itto n i, P r e s id e n t o f th e I t a lia n S en ate, in h is s ix th le c tu r e
b e fo r e th e I n s titu te o f P o lit ic s , W illia m s C o lle g e , W illia in s to w n , M a ss., on A u g . 22.
S ig n o r T it t o n i's re m a rk s d e a lt
w ith th e e f fe c t o n e x c h a n g e o f th e G e rm a n in d e m n ity p a y 
m en ts, a n d in d e c la r in g th a t “ th e C o m m iss io n on R e p a r a 
tio n s e s ta b lis h e d b y th e P e a c e T r e a t y h a s n o t g iv e n p r o o f
o f m u ch fo r e s ig h t ,” h e e x p r e s s e d th e v ie w th a t “ a ft e r h a v 
in g d e te rm in e d th e a m o u n t o f r e p a r a tio n s to be p a id by
G e rm a n y th e R e p a r a t io n s C o m m iss io n c o u ld w e ll le a v e th e
m a n n e r a n d fo r m o f p a y m e n t to a s p e c ia l t e c h n ic a lly
e q u ip p e d b o d y , m a d e u p o f th e re p r e s e n ta tiv e s o f th e T r e a s 
u r y D e p a r tm e n ts o f th e v a r io u s c o u n tr ie s a n d o f th e b a n k s
o f issu e, a n d in w h ic h th e U n ite d S ta tes, a s in th e R e p a r a 
tio n s C o m m issio n , sh o u ld be in c lu d e d .” In h is r e fe r e n c e to
th e a d v e r s e e f fe c t on e x c h a n g e h a d b y th e r e p a r a tio n s p a y 
m en ts, S ig n o r T it t o n i s a i d :
“ Among perturbing elements in the foreign exchange situation there is
one which some people may be inclined to consider as temporary. But,
as a matter of fac-t, it will be a very present difficulty for at least a gen
eration, and ought, therefore, to be carefully taken into consideration. I
refer to the German war indemnity, which for many years to come will
weigh on financial conditions everywhere.
“ The payment of the first installment of German indemnities has already
unfavorable affected the exchange of both France and Italy, which are the
two weakest from a currency standpoint, and which therefore are most
subject to disturbing influences. Thus the purchasing power of the in
demnity which France and Italy receive from Germany is seriously dimin
ished by the loss which they incur in their turn on their foreign payments
on account of the growing depression of exchange.”

S e n a to r T itto n i d e c la r e d th a t a v e r y im p o r ta n t sh a re o f
re s p o n s ib ility f o r b r in g in g a b o u t a n a c tu a l r e c o v e r y o f an
e x c h a n g e ra te u n fa v o r a b le to a n y g iv e n c o u n tr y re s ts
sq u a re ly on th e c o u n tr y its e lf, s a y i n g : “ I t is u p to e a ch
in d iv id u a l c o u n tr y h a v in g a n u n fa v o r a b le e x c h a n g e , w ith in
its o w n ju r is d ic t io n , to ta k e th e b a s ic step s re q u ir e d i f its
e x c h a n g e is to r e c o v e r .” E a c h c o u n tr y h a v in g an a d v e r s e
e x c h a n g e sh o u ld d o a ll in its p o w e r , h e a ffir m e d , “ to rig h t
its b a la n ce b y s tr ic t n a tio n a l e co n o m y , b y a ju s t system 01
ta x a tio n , b y r e d u c in g all m ilita r y e x p e n se s to th e ir lo w e s t
p o s s ib le m in im u m , a n d , fin a lly , b y a r r e s tin g th e issu e ot
p a p e r m o n e y .” In s ig n ify in g h is e n d o r se m e n t o f th e in t e r 
n a tio n a l c le a r in g h o u se p la n o f L iu g i L u z z a ti, S ig n o r T i t 
ton i r e fe r r e d a ls o to o th e r p r o je c t s ; th e s o -c a lle d T e r M en len p la n , e n d o r s e d by th e B ru s se ls c o n fe r e n c e , h e said , w a s
o n ly fe a s ib le in th e c a s e o f A u str ia a n d H u n g a r y a n d P o 
lan d , a n d co u ld n e v e r u n d e r a n y c ir c u m s ta n c e s m eet the

900

THE CHRONICLE

conditions of either Italy or Belgium. Although conceived
along broader and more practical lines than those of Lloyd
George’s plan of 1919, he said the American system, au
thorized under the Edge Act, had still to give positive re
sults. He added that
“ One can, therefore, say that, to thjs present day, the vital problem of
international commercial credits was still far from being solved. The solu
tion might be hastened by the enactment of certain measures, such as the
unification of international legislation with regard to letters of credit, bills
of lading, etc., with the institution oi an international clearing house.
“ Other desirable measures would be an international agreement to avoid
duplicate or triplicate taxation of commercial interests on the part of the
different countries, arid, finally, the extension of insurance to all com
mercial credits.”.

We quote as follows from his remarks:
The pap>
announced that an international contemn & Would be
held in Washington for the purpose of stabilizing the rates of exchange.
But it was later denied. 1 wonder why. Perhaps because it is believed
that insurmountable obstacles lie in the way of such a beneficent object.
Is an international agreement to regulate and make stable the ex
changes possible? My friend and colleague in the Italian Senate, Luigi
Luzzati, affirmed that it is in an eloquent speech which he made at Paris
in 1916 at a meeting of the International Parliamentary Committee of
Commerce. As early as 1907, after the terrible financial crisis in the
United States and which then extended to Europe, Luzzati had read at the
Institute of France a memorandum on an international monetary agree
ment.
Luzzati at that time invited the Allied and Associated Powers (extend
ing the invitation to the United States of America, which had not yet
entered the great war) to constitute in Paris a permanent committee with
representatives of the treasuries and banks of issue. These chosen techni
cal experts, equipped with the necessary authority, were to organize an
international clearing house for the purpose of stabilizing the exchange,
which could in its turn be connected with similar clearing houses likely
to spring up in other countries.
Luzzati's idea was to constitute this clearing house on the lines of the
postal union, which in its latest development has certainly become a great
clearing house, but does not weaken the autonomy or the independence of
the individual States. With so many different systems of coinage and
banknotes it would appear that a universal liquidation of debits and credits
must be impossible. Nevertheless, the Berne office of accounts examines
the debits and credits of every Allied State and compensates them with
wonderful ease. We Italians are often creditors, thanks to remittances
from our brave emigrants, who with their labor have been improving the
soil of every country, and who then came home in great numbers to defend
their country.
This great clearing house would be able with the help of checks to
settle the debts and credits, paying immediately (with proper postpone
ments) the differences, should it prove necessary, or to arrange for credits.
It would appear better to make the credit arrangements in advance, be
cause by such arrangements the clearing house would be able to proceed
at once to the stabilization of exchange. In this way we might have at
tained a great end without delay, namely, the exchange, if not at once
made on the same basis as gold par, might at least have been controlled by
preventing audacious speculation from dominating everywhere as it does at
present, by checking the useless and expensive circulation of credits and
debts, and by lessening the transfer of cash from country to country.
French economists and statesmen, being in the majority at the meeting,
upheld Signor Luzzati, but later they did not encourage their own coun
tries to set about the suggested reform, as it might mean to them some
losses on the exchange. The English army, and later the American, left in
France very great ’ amounts of gold. The French, having debts abroad,
changed this into foreign bills.
Since then, however, dark days have descended also upon France, and
her exchange also has depreciated very much more than in 1919. If the
Clearing House had been put into effect, the exchange would not have
risen against her as much as it has.
These new and vigorous proposals were seriously and honestly censured,
and were received with protest and bitter opposition on the part of specu
lators who are to be found everywhere, in Italy as well as in France, in
England as well as in the United States of America, and take advantage
of any faulty system. But at the international financial meeting at Brus
sels, called last year by the League of Nations, the proposition of a
clearing house was once more brought up and was warmly recommended.
But these difficult technical problems should not be presented at a
meeting where conflicting interests never allow a conclusion to be reached.
They should be studied separately and independently by an international
commission to which should be granted complete authority and by repre
sentatives of the Treasury and Banks of Issue, on the basis of the sugges
tions of Luigi Luzzati and of his practical plan put forth in the hall of
the French Senate. As the plan is new and important, I have called your
attention to it, in order to show a possible way out of the difficulties of
the situation.
The question of international credits was the subject of the recent finan
cial conference in Brussels. The decisions of that conference were based
on the following unimpeachable promises:
(1) That war has profoundly changed the normal functioning of the
financial markets.
v
(2) That certain countries cannot return to their former economic
prosperity unless credits of long-standing are put at their disposal by the
economically stronger countries.
(3) That these loans cannot be granted by the Governments themselves,
but must take the shape of private and corporate loans.
(4) That the great obstacle to the concession of these loans is the dif
ficulty of finding adequate security and guarantee.
Three proposals of detailed and practical character came up for discus
sion at the conference of Brussels. One was the project framed by the then
Belgian Prime Minister and Minister of Finance, Delacroix, by which an
international reserve bank was to be formed whose capital should have been
subscribed for by different countries, which by means of international
obligations would have financed international commerce.
A second was the project of the Dutch banker, Ter Meulen, which con
templated the establishment of an international trust and guarantee com
pany for the administration of the various guarantees offered by the coun
tries in need of money, such as railroads, customs receipts, State monopo
lies, etc., under the supervision of an international financial committee.
The third project was that of Sir Marshall Reid, delegate of India, which
modified in some particulars the Delacroix project, combining with it some
of the principles of the Ter Meulen plan.

[ V o l . 113.

Italy and Belgium both advocated the adoption of the Delacroix project,
and as second choice that of Sir Marshall Reid, but the majority of the
delegates voted for the Ter Meulen proposition with but slight modifica
tions. This solution of the question is only feasible in the case of Austria
and Hungary and Poland and could never under any circumstances meet
the conditions of either Italy or Belgium.
Although conceived along broader and more practical lines than those of
Lloyd George's plan of 1910, the American system, which goes under the
name of the Edge Act, has still to give positive results.
One can therefore say that to this present day the vital problem of in
ternational commercial credits is still far from being solved. The solution
might be hastened by the enactment of certain measures, such as the uni
fication of international legislation with regard to letters of credit, bills
of lading, etc., with the institution of an international clearing house, an
international agreement to avoid duplicate or triplicate taxation of com
mercial interests on the part of the different countries, and, finally, the
extension of insurance to all commercial credits, such as the English Trade
Indemnity Company now practices on an ever larger scale.
With regard to the tariff, Americans must sooner or later realize that
only by not putting obstacles in the way of our exportation can they help
us to reconstruct our economical prosperity, and thus allow us to pay for
our purchases. This ability to pay will grow as our wealth develops, and
will eventually enable us to dispense with credit. Americans cannot be
damaged by our importations, and we have no desire to increase our duties
on American products. A reasonable commercial agreement would seem
to be useful to both parties.
In fact, my general conclusions in regard to international financial ques
tions cannot be different from my conclusions concerning the distribution
of raw materials. If we do not want to fall back into the multiple petty
and ruinous divisions among nations known in the Middle Ages, which
now would be so much worse, we must ever keep before us in our inter
national trade the guiding principle of human co-operation and human fra
ternity, in exchange, in credits, in monetary systems.

COMPTROLLER CRISSINGER'8 EXPECTATIONS AS
TO DISARMAMENT CONFERENCE—AID TO AGRI
CULTURE THROUGH WAR FINANCE
CORPORATION.
Referring to the forthcoming Disarmament Conference
in Washington, D. R. Crissinger, Comptroller of the Cur
rency, in addressing the convention of the Cotton States
Merchants’ Association, at Memphis, on Aug. 24, declared it
to be vitally important that the national attitude of mind
toward the Conference and its work should be one of the
broadest patriotism, devoid of partisanship, contemplating
possibilities of a vast human achievement rather than of
individual or partisan, or narrow community advantages;
if. he added, we could be assured that it would be viewed
in this frame of mind, “I firmly believe that the effect upon
business and industrial problems . . . would be little less*
than miraculous.” Comptroller Crissinger, in his opening*
remarks, stated that the convention was meeting “at a mo
ment when from every quarter there come evidences of a
marked tendency to resumption of the peace-time— I may
say normal— attitude of mind toward these new problems:
which we have inherited from the war epoch.” Continuing,
he said:
There are evidences of this on every hand. Men are earnestly seeking to
find the proper processes of co-operating in trade, commerce, finance and’
industry, just as during the war they were feverishly seeking the modes of
effective co-operation in the measures of war. For myself I look forward
to a time not so very far ahead when that co-ordination and co-operation
shall have gone to the point of making the world a neighborhood of men
working together, in competition, it is true, but also in that understand
ing, harmony and unity of broad purpose which cannot but signify a great
and upward movement of the entire social body.
It is true that we are going through a period of great depression and
discomfort. There is nothing unwonted about this. The same phenomenon
has always been experienced after great wars. But I think we may fairly
say to-day that never has the crisis of war been followed by so great and
effective an arousal of the social consciousness and the economic under
standing of mankind.
So we are coming upon the time of definite, conscious, specific measures
of world reorganization. We have passed the era of inspirational excesses
and are getting down to the brass nails of practical facts and feasible ac
complishments. Within the next two months there will meet in Washing
ton what we all earnestly hope will be the most important international
conference that the world has ever known; a conference inspired by the
hope of human betterment, and at the same time tempered, as I believe
we will find it tempered, by the recognition that cold realities must be
given their proper weight and proportion. We are not going to make a
Utopia of this world by any processes of treaty and covenant. Recognizing
this, the forthcoming conference, I am firmly convinced, will devote itself
to working out measures capable of enforcement, effective in their opera
tion, to which men and communities will be willing to submit themselves
in the hope of a continuous advancement of human institutions. Confident
that we face the probability of accomplishing these notable ends, 1 cannot
refrain from a word of warning and of admonition. It is vitally important
that the national attitude of mind towards the forthcoming conference and
its work should be one of the broadest patriotism, devoid of partisanship,
contemplating possibilities of a vast human achievement rather than of in
dividual or partisan or narrow community advantages. If we could be
assured that the American people would view the Washington conferencein this frame of mind, and that every other influential national community
would be moved by the same vision, I firmly believe that the effect upon
the business and industrial problems which concern you gentlemen would
be little less than miraculous. Therefore, I cannot too earnestly implore
that all the influence which you exert in your own communities, your po
litical parties, among your associations of whatever kind, shall be in favor
of this broad and generous attitude toward the conference and its efforts,
But you are business men, gathered primarily to consider the pressing
and immediate problems of a business world. From the office ol the
Comptroller of the Currency 1 am able to bring you the assuring news.
that the commercial and industrial outlook is vastly Unproved m veeen\

Aim. 27 1921.]

001

THE CHRONICLE

times, and second, that there is a disposition everywhere toward those
wider und more useful co-operations which seem to insuro that lor a
long future the improvement will ho steady and continuous.
I have sometimes pictured to myself the impression that our world of
to-day would make upon a visitor who might land here from Mars, with its
vastly older and wiser civilization than our own, and study the different
communities of this world. Has it occurred to you that he might go
back to Mars and report that he found three interesting races of nocjal
beings on this planet— ants, bees and men. He found that the ants and
the bees had developed highly efficient schemes of industry and co-opera
tion, but [that the men seemed somehow to have allowed their social
organism to fall into a state of something like chaos! In this condition
he found vast numbers who knew how to produce arid wanted to do so,
and for whom the instrumentalities of production were at hand, but who
were nevertheless somehow prevented from working; and that because they
were thus kept from producing they were suffering for want of the tilings
they should have produced. 1 suspect that he might report to his Martian
community that our world of men had managed in some strange way so to
exaggerate the processes of exchange that these had actually become more
important than the processes of production. If he should chance to be a
Martian of literary quality, with a sublimated talent for satire, I can
imagine that his comments on our society of queer, upstanding bipeds
living in a state of highly organized disorganization would be extremely
illuminating.
If his survey were complete enough I think that he would also have to
report that men had begun to realize the inefficiencies and anomalies of
their social and economic mode of living and that there were quite im
pressive evidences of capacity for advancement and development. For
myself I feel a cheerful confidence that our Martian friend on a second
voyage, say a generation or two hence, would learn that these anticipations
had been well founded and that very large progress had actually been
achieved, even to the extent of seriously suggesting that men were possibly
destined in time to become truly and intelligent social animals. But for
the moment we may confine ourselves to something a little more immediate
and practical than the cosmic view of things. We will surely find distinct
encouragement in the progress made within a very recent past. You gen
tlemen will have noticed for example a determined purpose to get away
from the theory, which seems to have been entertained by some people
in responsible positions under the last Administration, that before affairs
could begin to get better they must first get very much worse.
The United States was the world's great reservoir of sound money and
sound credit. It had more gold than it needed, or could profitably use,
yet our economic policies seemed to be aimed at indefinitely increasing
that stock of gold to our own disadvantage and to the distortion of our
commercial relations with other countries. Six months ago the Federal
Reserve banks were generally maintaining a discount rate of 7%, and
because o f the dominating position of this country in international finance
the Bank of England did the same. Within less than a half year the
discount rate has successively been reduced to 6y2% , to 6% and to 5 % % ,
at the Federal Reserve banks, and in each case that reduction has been
followed b j a similar one on the other side of the Atlantic. Of course,
such a progression means that money and credit are made more easily
available to business and enterprise, and that thus the way is opened to
resumption of production and exchanges.
I want to tell you, after a half-year's pretty close observation of its
workings, that the Federal Reserve System has been a bulwark of strength
to this country, and the last line of economic reserves for the whole world,
since 1914. It has conserved the national forces, safeguarded our credit,
mobilized our commercial capacity. It has been conducted with all possible
liberality consistent with safety since my association with the Board. The
best proof of its efficacy is that through the hardest period of our economic
history we have not had even the monitory tremors of financial disaster.
To put the thing in a nut-shell, there have been two diametrically opposed
theories of how to deal with the tremendous financial problems since the
beginning of the war. One was that deflation, drastic and rapid, was ab
solutely necessary. Opposed to this was hte theory, which had been main
tained in recent months, that the fever of inflation must be treated care
fully, temperature must be reduced gradually, the strength and resisting
power of the patient must be considered at every administration of any
remedial measure. Everything must be done gradually, carefully, and with
constant purpose to avoid shocks and extremes. For mystelf, I do not
hesitate to commit myself to this program as sane, sound, truly conserva
tive, and calculated to bring about the patient's recovery. This is no
time to resort to that sort of surgery which the physicians in the post
mortem statement explain by saying that “ the operation was highly suc
cessful, but the patient was left too weak to survive the shock.” The pres
ent Administration is not treating the case in that way. It is more con
cerned to effect the patient's recovery than to perform a spectacular opera
tion. You business men know precisely what I mean, and you know I am
giving you a pretty accurate description of the opposing theories that have
at different periods since the armistice dominated the minds of those who
control the fiscal operations of the Government and supervised the finan
cial concerns of the country. Take the matter of agricultural relief. The
War Finance Corporation, which had vast possiblities of usefulness in
affording relief to distressed producers and merchants, was put out of
business early in 1920. It has been put back into business. Its authority
has been expanded and legislation is now approaching the statute books
which aims to accomplish through it a very important measure of relief
to agriculture. It proposes to equip this Corporation with such a fund of
cash and credit as will enable it, when prices are absurdly depressed, to
go into the markets and directly help to carry at reasonable prices the
farm surpluses on hand. Already the advances which this Corporation has
made to help finance exports of cotton, together with the substantial cer
tainty that this further legislation will presently be enacted, has had
the effect of considerably raising the price of cotton.
A go,in Suggests an International Exchange Banking System.
I use cotton as an illustration because it is the great agricultural 6taple
of your recti on. Agricultural depression is not confined to your region,
however. It prevails in all the agricultural, areas, and the measures of
amelioration which have been adopted or are in contemplation look to the
same general treatment, on a basis as broad as is the national agricultural
interests. With a view to establish a wider and sounder credit basis for
the international commerce now so vitally necessary to all countries, I
have heretofore suggested an international exchange banking system to
place international commerce on the basis of a uniform and solid currency,
backed by gold, and measurably independent of the fluctuations to which
inflated currency systems of the different countries are subject. I have
pointed out that in the past institutions of this kind have dealt with inter
national trade when general currency conditions were quite as chaotic as
they are to-day. 1 have expressed my confidence that an application of
known and tried principles in this department would produce highly beneftrial wmltim. It is, therefore, a matter of some satisfaction that the

Chairman of the Committee on Banking and Currency in the House of
Representatives, Mr. MeFadden of Pennsylvania, ha:, introduced a measure
looking to the convening of an international financial conference to con
sider this entire array of problems and to initiate mea: m« for dealing
with them along the general lines that have been suggested.
You will pardon, I am sure, a word personal to buslne; : men and bankers.
The Government agencies having to deal with these problems v.i h no class
or group of men to suffer in the processes of refldustment through which
wo are passing. But it is highly important that banker-, and burner • men
•
shall understand the necessity for their united good-will are) as i tance in
carrying forward any program adequate to present necessities. To tiebankers, I may say that the bank which hoards money and refuse to <:<
■
tend credit on proper security, which maintains unnecessarily high re
serves in a time like this, is just as bad a bank as the one which Joan too
freely, which encourages speculation, whjch (loan not thoroughly analyze
the security it accepts. An analysis of a recent consolidated report of the
National banks which came to my office indicated that something like
one-third of the institutions are maintaining large cash reserves than are
either necessary or reasonably justifiable. They arc leaving the groat burden
of carrying the country’s enterprises, in this difficult time, to institutions
dominated by a more liberal policy. This is wrong and should be cor
rected. It ought to be on the conscience of any banker who hoards the
money of his community while the industry and enterprises of that com
munity are suffering for want of adequate credits.
I have been a banker more than half of my life, and I feel that / know
whereof I speak. The banks' justification for existence lies in the as-'
sumption that it will perform a social duty, that it will be a public utility,
that it will aggregate together in a convenient, accessible form the credits
and resources of a community in order that they may be the more effica
ciously utilized. The bank whose management is not inspired by a proper
conception of this banking ideal is not the best bank.
Therefore, I am appealing to-day to bankers who may be in this class of
the super-solvent, unnecessarily fortified institutions, to consider their
duties to the community and to help in meeting the requirements of these
strenuous times.
At the same time, I appeal to merchants to recognize that while we are
doing everything possible to bring about gradual deflation without any
disasters, this can only be accomplished if the people whom we are trying
to protect shall co-operate: I mean that within reasonable limits there
must be willingness to sacrifice profits heretofore gained, and to take
losses which will be inevitable if business is to be restored to a normal
basis. I ask no man to bankrupt himself, to impair his credit, as a contri
bution to this general end, but I do ask that men and concerns that are
able to do so shall manifest now a willingness to redistribute some of the
wealth that they have been able to acquire during recent years, in such
manner as to benefit the community as a whole.
By such methods, I am convinced, we shall prove ourselves capable of
dealing with the great emergency and worthy of the confidence of our
communities. Human society will not prosper if in the long run the time
of bitter travail, of sacrifice, of agony, of decimation for one class of the
community, is made the time of opportunity for accumulation, for luxury,
for indulgence, for vast increase of wealth, to another element of the people.
Those who have prospered in these disastrous years must regard their
accumulations as the economic pneumatic cushion that is to ease society
back to a sound resting place on the secure foundations of well-being and
economic security. Although there are some exceptions', one cannot but
note a dominating tendency to accept this view and to perform the obliga
tion which it involves. Because of this larger, broader, more unselfish
attitude, we may feel that the future is safe and that in a time now
rapidly drawing near w§ shall see the restoration of business and industry
to normal conditions and a greater security than they have known before.

REPORTS OF PLANS FOR INTERNATIONAL FINAN
CIAL CONGRESS AT WASHINGTON—SECRETARY
MELLON'S DISCLAIMER.
R e p o r t s to th e e f f e c t t h a t th e U . S . T r e a s u r y h a d u n d e r
c o n s id e r a tio n th e a s s e m b lin g o f a n

in t e r n a t io n a l C o n g r e s s

o f fin a n c ie r s a t W a s h i n g t o n — p o s s ib ly c o in c id e n t w it h
D is a r m a m e n t

C o n fe r e n c e — to

d is c u s s

th e

s t a b iliz a t io n

f o r e ig n e x c h a n g e s , b r o u g h t a d is c la im e r f r o m
th e T r e a s u r y M e llo n o n A u g . 1 5.

th e
of

S ecreta ry o f

T h e p r e s s a d v ic e s o f th e

p r e c e d in g d a y , in r e fe r r in g to th e p o s s ib ilit y o f a f in a n c ia l
C on gress, s a i d :

No definite plans have been drawn as yet, they added, but the idea
behind the proposal is to bring together the leading bankers and finan
ciers of the world in hopes of evolving a program which, by removing the
uncertainties now resulting from exchange fluctuations, would pave the
way for a revival of commerce between the nations.
An appropriation by Congress would be necessary to permit the holding
of such a meeting, officials asserted, but added the expense would not be
great, especially if the financiers were to meet at the time of the disarma
ment conference, when many of the world’s financial experts are expected
to be here.
Stabilization of exchange rates has been the subject of careful considera
tion by various Government agencies during the past several months in view
of the ill effect of carying rates upon the country’s foreign trade. Accord
ing to Secretary Hoover, the uncertainties attending shifting exchange
levels is one of the major difficulties facing the recovery of the country’s
commerce.
Establishment of an international clearing house for foreign trade trans
actions which would issue a fictive monetary unit for. the purposes of the
world’s commerce is advocated by Comptroller of the Currency Crissinger.
Such a plan, according* to Crissinger, would insure the permanence of some
ratio of exchange, which is more important than a particular ratio of
exchange.
Opinions differ, officials say, as to whether stabilization of exchange
could be affected best by concerted action of the Governments of the
various leading commercial nations or through a working agreement among
the private bankers of the different countries. The method to be adopted,
it was said, would have to be determined before the conference was called.
O n A u g . 1 5 , in r e fe r r in g to S e c r e t a r y M e llo n ’ s a s s e r tio n s
t h a t n o c o n fe r e n c e w a s u n d e r c o n s id e r a tio n , th e “ J o u r n a l
o f C o m m e r c e ,” in a d is p a tc h fr o m W a s h in g t o n , s t a t e d :

The Treasury has received inquiries from two foreign Powers for details
of a possible international conference in Washington to discuss measures
for the stabilization of exchange rates, Secretary Mellon said to-day. The
Powers were informed, he added, that the Treasury was proposing no such
conference.

THE OHKONIOEE

90 i

Comp trul let of the Currency Cria.-inger, however, declared to-day that
s original sU-'.-o .jtion of tile advisability Of *uch a meeting otill blood,
although no detail* had been considered. No plaits have been drawn, he
...lid, alih ugh the idea baa been presented in correspondence to fiscal
aifii. i of . thei countries and ha. taken tentative shape at the capital.
Chairman 4h t ’adden of the llou
ltanhing Committee, Mr. Crissinger
inLmued, had mat him for consideration and suggested the draft of a
proposed bill to permit the bolding of an exchange conference. This would
icxjoca! the President to invite Lille, representatives each from England,
Italy and France, to meet in Washington to discuss stabilization of foreign
i, iisnge, and would appropriate $100,000 to meet the necessary expenses.
While he has not given the proposed measure careful study, Mr. Grisiiiger declared he was inclined to believe that it such a plan was deemed
advisable the hill should be broadened to include representatives ot other
i oiilii g European nations as well as from the South American republics.

CONGRESS PASSES FARM EXPORT LULL.
T he M r N an. bill am en ding the W a r fin a n c e C orp oration

o

as to provide financial relief fo r producers o f an d dealers
at agricultural products, was passed by C ongress this w eek.
T h e bill em pow ers the C orporation to issue $ 1 ,5 0 0 ,0 0 0 ,0 0 0 in
its ow n b on d s, and to m ake advances to the exten t of
si ,0 0 0 ,0 0 0 ,0 0 0 for financing agricultural exp orts.
T h e con 
ference report on the bill was agreed to by b o th the H ouse
and Senate on A u g . 2 4 .
W e noted the fact in our issue of
A u g . 0 , page 5 7 9 , th at the bill had passed the Senate on
Vug. 4 .
It was reported to the H ou se on A u g . 1 1 , and b y
unanim ous consent tie H ou se took up the bill on A u g . 12.
W h en the bill was before the H ouse on A u g . 2 0 for final
passage, a nu m ber o f com m ittee and other am en d m en ts were
agreed to .
A fte r it was ordered engrossed and read a third
tim e o n that d a te, R ep resentative W in g o offered a m otion
to re-co m m it the bill with instructions that the c om m itte e
report it back with certain a m en d m en ts, one o f which w ould
h ave em pow ered the W a r F inance C orp oration “ to purchase
from the Federal Land B a n k s, F arm Loan bonds in an
am ount not exceeding $ 1 0 0 ,0 0 0 ,0 0 0 during the calendar year
1921 and a n am ou n t not exceeding $ 1 0 0 ,0 0 0 ,0 0 0 during the
calendar year 1 9 2 2 .”
A c tio n on this m o tio n w ent over
until A u g . 2 2 , w hen it was rejected b y a v o te of 198 n ays to
137 a ffirm a tiv e v o te s.
T h e H ouse elim inated Senate sec
tions authorizing the purchase by’ the W a r Finance C orp ora
tion o f $ 2 0 0 ,0 0 0 ,0 0 0 w orth of F a rm L o an bonds and the
creation of a new bureau in the D ep a r tm e n t of C om m erce
to o btain inform ation as to trade conditions a b ro a d .
The
H ouse also overruled the action o f its com m ittee in elim in
ating a section intended to perm it G ov e rn m e n t loans to
accredited foreigners engaged in exp ortation o f A m erican
fa rm prod ucts, b u t add ed an am en dm en t*providing for rigid
restriction o f such loans.
T h e H ou se a m en d m en t also fixed
June 3 0 1922 as the d ate on which liquid ation o f the W a r
Finance C orporation w ould begin w ith the cap ital stock of
the corporation canceled in proportion to the surplus funds
turned into the T reasu ry.
D u rin g the conference o n the bill the H o u s e , it is sta ted ,
refused to agree to S en ate provisions which w ould allow the
C orp oration to lend directly to E u rop ean purchasers of the
com m od ities, b u t the com prom ise will allow the F in an ce C or
poration to lend to a n y b o d y , provided satisfactory collateral
is furnished to it for the sum s a d van ced .

ADVANCE BY WAR FINANCE CORPORATION FOR
FINANCING COTTON EXPORTS.
T h e W a r F inance C orp oration announced on A u g . 19
th a t it had m ad e an a d van ce of $ 4 0 ,0 0 0 to a Southern b an k
for the purpose o f assisting in financing the exportation of
S00 bales o f c o tto n . T h is cotton w ill be held in an A m erican
w arehouse under agreement, to b e exp o rted , the proceeds
resulting from such exportation to b e used in p a y m en t o f the
lo a n .
On A u g . 2 4 the W a r F inance Corporation, announced an
a d van ce to a b a n k of $ 7 4 ,0 0 0 to finance c o tto n fo r export
sale.

_________________ _____________

NEGOTIATIONS FOR ADVANCES BY WAR FINANCE
CORPORATION ON ACCOUNT OF EXPORTS.
T h e W a r F inance C orp oration announced on A u g . 2 4
th a t negotiations for advances to finance agricultural p rod 
ucts fo r export sale are approaching com pletion as follow s:
Oklahoma C otton Growers Association, 200,000 bales o f cotton .
Texas Farm Bureau C otton Association, 300,000 bales o f cotton.
California Prune and A pricot Growers. In c.. 25,000,000.poimds o f prunes.
W ashington W heat Growers Association, 8,000,000 bushels o f whoat.
Idaho W heat Growers Association, 2,000.000 bushels o f wheat.
Oregon Co-operativo Grain Growers, 2.000,000 bushels o f wheat.
M ontana W heat Growers Association, 1,500,000 bushels o f whoat.

Final action on these ap p lication s, it is sta te d , are expected
as soon as all papers are r e a d y , w hich will be w ithin a few
days'.

MUST l)W
Tin July

[Y o u 113.

THE HILL OF UNEQUAL
EXCHANGE.

i l l 441

Foreign T ra d e R eview , issued by the N a tio n a l

Shaw m u t B an k of B o s to n , em phasizes the fa c t, to o often
overlook ed , that banks can n o t create the exchange cred its,
a useful a feature of foreign trad e: “ trade balancing trad e,
m ust do t h a t .”
T h e article sa y s:
Trade cannot freely clim b a strong uplgrado and if wo wish to secure its
full volum e, we must dig away the hill o f unequal exchange.
T o level t his hill we must transfer m oney or credits to Europe otherwise
than in paym ent for goods
Something o f this can be, and is, done in pay
ment for “ invisible Im ports,” — transportation, insurance and other serv
ices; but our chief opportu nity is through foreign investm ents. In the days
when vve were a debtor nation Europe sent capital here to finance our
industries. This served to balance exchange, and, in the early days o f the
W ar provided a fund o f credit for the Allies' ptuchuses. Now that we have
the credit wo m ust, if we are to restore a measurable parity o f exchange,
send it to Europe on the security o f E u rope’s capital goods,— her reliable
industries; and for a year and a half we have had, in our Edge Law, a G ov 
ernment provision for advantageously effecting this by transforming for
eign mortgages into safeguarded debentures that should be readily salable
in our m arkets.”

R eference is m ad e to the so-called ter M e u le n plan for
dealing w ith the present exchange situ a tio n .
T h e article
points o u t th at while this plan m a y prove a valu ab le ad ju n ct
to the Edge L aw it should be borne in m ind th a t our partici
pation m ean s n o t o n ly th a t w e are doing our d u ty , b u t are,
in a d d itio n , taking a d v a n ta ge of a profitable op p ortu nity*

PRESIDENT HARDING SIGNS BILL INCREASING RA TE
ON JOINT STOCK LAND BANK BONDS.
T h e bill am en ding the F ed eral F a rm L o an A c t so as to
perm it an increase from 5 to 5
% in the rate o f interest on
bond s issued b y the J oin t S to ck L an d B a n k s was signed b y
P residen t H a rd in g on A u g . 1 3 .
T h e bill had passed the
Senate o n June 10 a n d w as passed b y the H o u se on A u g . 2;
an a m en d m en t th ereto m a d e b y th e H o u se w as concurred in
b y the Senate on A u g . 5 .
R eferen ce to the bill w as m a d e in
our issues o f June 2 5 , page 2 6 9 8 , and A u g . 1 3, page 6 8 2 .
T h e follow ing is the text o f the bill as en acted into law .
[S. 1815.]
AN A C T to amend the Federal Farm Loan A ct, as amended.
B e it e n a c te d b y th e S e n a te a n d H o u s e o f R e p r e s e n t a t i v e s o f th e U n i t e d S ta tes
i n C o n g r e s s a s s e m b l e d , that the first paragraph o f section 20
o f the Federal Farm Loan A ct, as am ended, be, and hereby is, am ended to
read as follows:
“ Sec. 20. T h at bonds provided for in this A ct shall be issued in denom 
inations o f $40. $100, $500. $1,000, and such larger denominations as the
Federal Farm Loan B oard m ay authorize: they shall run for specified
minimum and maximum periods, subject to payment and retirement, at
tho option o f the land bank, at any time after the minimum period specified
in the bonds, which shall not be longer than ten years from the date o f their
issue. T h ey shall have interest coupons atatchcd, payablo semi-annually,
and shall bo issued in series o f not less than $50,000, the am ount and terms
to bo fixed b y the Federal Farm Loan Board. They shall bear a rate o f
interest not to exceed 5 K per centum per annum, but no bonds issued or
sold after June 30 1923, shall bear a rate o f interest to exceed 5 per centum
per annum .”
A pp roved August 13 1921.
o f A m e r ic a

F I N A N C I N G COTTON T H R O U G H W A R F I N A N C E C O R
PORATION -PARTICIPATION BY FEDERAL
I N T E R N A T I O N A L B A N K I N G CO.
T h e arran gem en t ju s t com pleted w ith the W a r Finance
Corporation, w hereby the Federal In tern ational Banking
Com pany o f N ew O rleans is to assist in the fin an cin g o f
cotton fo r export, is dealt w ith at length in a bulletin pub
lished by the Com pany, fro m which w e quote a s f o llo w s :
Under an arrangement which has just been completed with the War F i
nance Corporation, the Federal International Banking Company is in a
position to be of substantial financial assistance to the cotton exporters
of the South upon much more liberal terms than has been possible hereto
fore. Undev this arrangement the War Finance Corporation w ill purchase
the acceptances of the Federal International Banking Company drawn by
responsible exporters, secured by cotton to be held in American warehouses
and designated for export within one year.
It w ill be remembered, as a result of the numerous conferences held with
the War Finance Corporation, as reported in the last issue of the “ News,”
that the War Finance Corporation announced its willingness to finance
the purchase of cotton by exporters against sales for forward delivery.
Under this ruling it was necessary that there be a firm sale before tho
financing was undertaken, and satisfactory evidences of the firm sale had
to be furnished in advance; Under this new rule it is not necessary that a
sale be made in advance, as the financing w ill be undertaken even though
it is contemplated that the sale for export w ill not be consummated for
some time thereafter.
The acceptances which will be purchased by the Wav Finance Corpora
tion w ill be drawn for six months, with the privilege, in the discretion of
the Federal International Banking- Company, of an extension of another
six months. They w ill bear interest from date at the rate of 6 % per
annum, payable quarterly, with the understanding that on any acceptance
which is paid off prior to maturity out of the proceeds of cotton exported,
or cotton sold for export, a full rebate of the unearned interest w ill be
allowed.
This means that the borrower can secure a credit on terms
practically “ on or before one year.”
Collateral will be required of a value at least 20% in excess of the loan,
which margin must be maintained at all times by the borrower
In some
instances where the cotton pledged ts satisfactorily' hedged, the Federal
International Banking Company mat permit this margin of *0% to be

A

ug

.

27 1921

THE CHRONICLE

903

torest p reva ilin g in the Ka ' .md in foreign cou n tries, due in turn to the
reduced, but in every such instance the express approval of the Federal
International Ranking1 Company must be secured in advance. hi figuring ox<jo. 's o f investm ent fund r. in (hi . way the producer and hi banker v.un
relieved o f the neeoNnily o f fin an cin g the crop through tin period.
the value of the cotton pledged the following buses will be used:
Now the situation is different. The fluctuation?! in •
sag*- im
ik<- it
J. If the cotton is warehoused in New Orleans the value shall be figured
upon the basis of the New Orleans future market for the active I l ading altogether foolish for the mills to purchase cotton in ;idv;mc< of their need:
ind because oi the demoralized credit conditloi th< •■- •
1
month at the time. No premium shall be allowed for staple, provided that
•
with the consent and approval of the Company such premiums may be not available. For these reason the foreign mills are operating on •
allowed for staple as prevail upon the New Orleans Cotton Market on the “ hand-to-mouth” ha i and are purchasing cotton in mull quantities to
meet their immediate need?:. The merchant : ,vho previously c.irrted Jarg«
date.
2. If the cotton is not warehoused in New Orleans, the above basis shall stocks have discontinued thi practice and now carry only efficient stock
be used with proper adjustment for difference in markets.
to fill the Immediate demand
rhe«< ch nge# ar< forcing back upon the
None of such cotton so pledged shall be of any grade except such grades producer and his banker the none it.;, Of carrying the cotton during the
as are tenderable upon the New Orleans Cotton Exchange, to-wit: Mid.
period referred to. Not being trained in th i; character of financing the
Fair; Strict Good Mid.; Good Mid.; Strict Mid.; Middling; Strict Low farmer* and his banker are low to adjust themselves to the Yuatlon, but
Mid. ; Low Mid. ; Good Mid. Yellow Tinged ; Strict Mid. Yellow Tinged : from all appearances this condition will continue for a number of year,
Good Mid. Yellow Stained ; provided that with the consent and approval and it behooves the fannei
g v th< mattei th< mosi
<
of the Federal International Banking Company other grades may be careful consideration.
pledged. None of such cotton so pledged shall be of a staple shorter than
If this analysis i correct, the policy heretofore generally pursued by
% of an inch. At all times the Federal International Banking Company the cotton banker, of requiring the producer to market his cotton promptly
shall be the exclusive judge of the value of the cotton pledged, and the when prepared for market and liquidate his indebtedness, must be mu
Federal International Banking Company shall have the right at any time terially modified. Not only must tire banker so arrange his affairs as to
to reject any or all cotton offered for pledge, and shall have the right at be able to finance the producer for a longer period in marketing his crop,
all times, when in its judgment the collateral offered is not sufficient, but other credit machinery must be set up to supplement the commercial
to require more or other collateral acceptable to it.
banking facilities. Such organizations a - the Federal International Bank
The cotton pledged must be property warehoused at all times, except ing Company will play a large part in furnishing these supplementary fa
such as in transit, and such cotton must be covered by insurance by the cilities. Other corporations must be organized which can afford the same
borrower, with loss payable clause “ as interest may appear.” The borrower, character of facilities in the domestic handling and moving of cotton, as
within reasonable limits, will bo allowed to withdraw cotton pledged and are afforded by the Edge Banks in the exportation of the commodity. Sec
substitute therefor other cotton of sufficient value to maintain the required tion SO, Article 1121 of the “ Revised Statutes of the State of Texas” pro
margins.
vides for the incorporation of domestic acceptance corporations, which
The cotton pledged and that substituted must be designated by the bor could afford such supplementary facilities, and doubtless the laws of the
rower as cotton for export prior to the final maturity of the acceptance other Southern States provide for such corporations.
secured by it. By this is meant that before the final maturity of any
This does not mean that a new method of marketing cotton must oe
acceptance the borrower must export, or sell for export, out of cotton established, for it is doubtful at anjT time in the near future any material
financed such an amount of cotton as that the proceeds from the export improvement will be made in the machinery already established for the
sales of the same will discharge the indebtedness. The right is reserved actual marketing of the commodity, nor does it mean that facilities must
to the Federal International Banking Company and to the War Finance be provided which will permit of the arbitrary raising of the price of
Corporation, in case this is not done, to export., or sell for export out of cotton by speculation. Tt simply means that facilities must be provided
cotton pledged by the borrower, an amount sufficient to make up the de- which will stabilize the price of cotton, that is, which will make the
ficienc3r. The exact language of the borrower’s undertaking to export as price of cotton in the Fall months only so much less than the price of
incorporated in Section Seventh of the borrower’s application is as follows: cotton in the next Spring and Summer months as is measured by the in
“ The applicant hereby designates the cotton pledged for each acceptance terest and carrying charges required to carry the cotton through this pe
created heveunder as cotton for export prior to the maturity of such accept riod. Unless something of this sort is done, the dumping of the cotton
ance or the extension thereof, and such designation is a representation to on the market in the Fall months, as has been done heretofore, may re
the Company that in the opinion of the applicant such applicant will be sult in demoralization and disaster to the cotton interests.
able to export the cotton so designated or other cotton of equal or greater
Much is being said about the enormous “ carry over,” which seems to
value, substituted therefor as herein provided before the maturity of the point to a very large excess supply of cotton over the world’s needs. As a
acceptance secured thereby, or the extension thereof, or that he will dis matter of fact, this excess is more apparent than real, and the “ carry
pose of such cotton to one who will so export the same, provided, in case over” which is causing so much concern really reflects a radical change in
the cotton is disposed of to another for export, satisfactory evidence shall the manner of financing cotton rather than a real surplus.
be furnished that the amount of money advanced is repaid out of the pro
In this connection it must be said that the efforts being made by Mr.
ceeds of cotton exported directly by the applicant, or through other ex Eugene Meyer, Jr., Managing Director of the War Finance Corporation,
porters employed by him, or through sales to exporters under definite and his associate directors, reflect a full understanding of this situation
assurances that the export will be made, such assurances to be in form 1 and a determination to make the facilities of the War Finance Corporation
satisfactory to the Company or the War Finance Corporation, as the case go as far as possible in accomplishing the stabilization of the price through
may be. Applicant agrees that if at the maturit}^ of any acceptance or out the year and in preventing the disaster which would result from a
extension thereof, the above condtiions as to the cotton pledged therefor repetition of the old practice. Through the intelligent co-operation of tiie
shall not have been complied with, the Company may at its option export producers, the exporters, and the banks, the facilities being offered by the
or sell for export for the account of and at the cost of the applicant, out of War Finance Corporation can be very extensively utilized for this purpose.
any cotton of the applicant pledged with the Company, an amount suffi Certainly we who depend upon cotton owe these gentlemen a debt of grati
cient to make up such deficiency.”
tude for their very intelligent activities.
The documents representing the cotton pledged will be deposited with
a Federal Reserve Bank, or a Federal Reserve Branch Bank, as directed,
and the Federal International Banking Company will be allowed to with OPERATIONS OF FEDERAL INTERNATIONAL BANK
draw these documents upon trust receipt. The Federal International Bank
ING COMPANY OF NEW ORLEANS.
ing Company in turn, under the proper conditions, will permit the exporter
I n p r e s e n t in g it s b a la n c e s h e e t a t th e o p e n in g o f b u s in e s s
to withdraw the documents upon proper trust receipt for the purposes of
A u g . 8 1 9 2 1 . th e F e d e r a l I n t e r n a t io n a l B a n k in g C o m p a n y
exportation and substitution.
The borrower will be required to make a statement showing the weights, c a lls a t t e n t io n to th e f a c t t h a t it h a d o u t s ta n d in g a t t h a t
grades, staple, and value of the cotton pledged and will periodically furnish
statements showing any changes in the cotton pledged by substitution or d a te a c c e p ta n c e s a m o u n t in g to $ 1 ,4 8 6 ,5 3 1 , a n d s a y s :
Since the beginning of operations, the bank has accepted for approxi
otherwise. The Federal International Banking Company will reserve the
right to employ at the expense of the borrower experts to examine and mately $3,000,000, about $2,000,000 of which have covered exports and
grade the cotton and make reports as to its value. It must be remem $1,000,000 imports. The exports have consisted of cotton, grain, flour,
bered that under this arrangement, the Federal International Banking Com merchandise, wood and other commodities. Exporters have been served in
pany is obligating itself to the War Finance Corporation to see that all Louisiana, Texas, Oklahoma, Arkansas, Mississippi, Tennessee, South Caro
requirements are met, and this will necessitate unusual care upon the part lina, Georgia, Florida and other States. Something over $1,000,000 of
these acceptances were in connection with cotton exports. The importa
of the Federal International Banking Company.
The drafts of the exporter will be drawn upon the Federal International tions financed were sugar and cocoa. The wide distribution of exporters
Banking Company, accepted by it, payable at the New Orleans Branch of and importers using our facilities indicates that we are succeeding in bring
the Federal Reserve Bank of Atlanta, and submitted to the War Finance ing to the attention of our stockholders and of the public generally, the
Corx>oration for purchase. A reasonable commission will be charged by facilities which we are offering.
The statement shows that our commissions and earned interest and dis
the Federal International Banking Company for accepting and handling
count collected amount to $95,871.99, and the unearned discount collected
the business.
Under the terms of the War Finance Corporation Act, the War Finance amounts to $23,230.35, making a total of $119,102.34, while the general
Corporation is permitted to make advances only to banks for the purpose expenses have amounted to $85,834.16 and the organization expenses $12,of making advances to persons, firms, corporations, or associations, “ En 895.52, making a total of $98,729.68. This makes it clear that our net
gaged in the business in the United States of exporting therefrom domestic earnings are rapidly forging ahead of our expenses, and that we have
products to foreign countries.” Therefore, the extensions of credit under demonstrated the fact that we can operate at a profit.
Of the subscribed capital $3,148,080 has been paid in. Under the recent
this arrangement must be confined to exporters, but we suggest in every
case where there is doubt as to whether the person desiring financing can amendment to the Edge Act, we are not required to make further calls
qualify under this definition that the question be submitted to us for de for stock payments until our Board of Directors find that we are in need of
funds. Therefore, at a recent meeting of the Board of Directors a resolu
tenu ination.
The Federal International Banking Company is especially anxious that tion was passed to the effect that no more stock payments shall be called
this facility be used by the stockholding banks as an additional facility for the present, and a notice of this action has gone out to all stock
which they can offer their customers. Therefore, we hope that every holders.
From time to time we receive requests from our stockholding banks for
stockholder will feel free to submit any proposition which he has in hand,
with the assurance that we will undertake to handle it under this form of deposits from us. The statement shows that we have on deposit only $157,960.88, which is no* more than is necessary to handle our regular business.
financing if possible.
Every effort will be made to eliminate red tape and technicalities, and to Our Executive Committee does not deem it wise to maintain balances except
allow the fullest latitude consistent with sound business principles, in where the same are necessary on account of the business being done, and
order that the exporter may with the least inconvenience cany out his that part of our capital which is not actively at work in our business is
invested in prime banker’s acceptances, bearing approximately 0%. The
undertakings and take care of his own interests.
statement shows that we have on hand of these $2,189,848.
Financing the Cotton Crop.
T h e s u b s c r ib e d c a p it a l o f th e c o m p a n y is $ 7 ,0 0 0 ,0 0 0 .
At no time in recent years have the financiers of the South faced so
serious a problem in the financing of a cotton crop as at the present. In
the year-; gone by cotton has been held and financed from the time it was RE SOURGES OF SAVINGS BAN KS OF NEW YORK STATE
JULY 1 1 9 2 1 .
marketed by the farmers in the Fall until the time it was manufactured
into cloth in the months following, by the foreign mills who purchased
A c o m p a r a t i v e s t a t e m e n t s h o w in g th e c o n d it io n o f th e
their year’s needs in advance, by merchants who carried large stocks, and
uy speculators. The‘> ".ere in position to finance cotton during this period s a v in g s b a n k s o f N e w Y o r k S t a t e o n J u ly 1 1 9 2 1 , a s c o m 
e
more economically than was the producer became of the low rates of in- p a re d w ith J u ly l 1 9 2 0 , s h o w s t o t a l re so u rc e s o n th e f i r s t -

THE CHRONICLE

904

Ua,tiled (late «if over *3,856,000,000 against $2,588,000,000

of J u ly 1 1 9 2 0
T h e fig u r e s, based on reports filed by the
savings banks, w ere made public as fo llo w s on A u g . 24 by
State Superintendent o f B a n k s G e o r g e V . M c L a u g h lin :
aa

tutu i 1991.
, 11,379,700,343 65

Bonds and mortgages

Stock and bond investments, esti
mated market value---------------------- l ,232,590.062
32,133,509
ProiuLiiof
notes— ---------------- --------Bankers' acceptances and bills of
32.264,869
exchange------- - - --------------- ------Banking houses and lots at actual
21,631,863
cash value----------- -----------------------4,885.776
Other real estate at actual cash value
Cash on deposit in banks and trust
companies - 104,603,627
Cash on hand
14,127.206
Total of collectible interest
32,174,591
2,008,806
Other assets--------------------

n a m e ly R e p r e s e n ta tiv e s C a m p b e ll o f P e n n s y lv a n ia a n d D u 

121,018.314 59
22,364,926 82

v o t e d a g a in s t th e b ill w ere B e c k o f W is c o n s in , O la g u e a n d

26 A)
42

L a z a r o , b o t h o f L o u is ia n a .

T h e R e p u b lic a n s w h o

K e lle r o f M in n e s o t a , L a m p o r t o f W is c o n s in , M io h a o ls o n o f
34,997,166 70

70
99

Illin o is, J o h n

19,464,827 09
4,971,723 31

00

D a k o t a , V o ig lit o f W is c o n s in a n d W o o d r u f f o f M ic h ig a n .

1113,965,633
a 15,000.156
28,000,773
1,359,181

03
59U
87
74

V
3o
77
78

M .

R e p r e s e n ta tiv e
a g a in s t

th e

r e c o m m it

b ill.

th e

bill

N e ls o n
London,
A

of W is c o n s in ,
S o c ia lis t ,

m o tio n

to

th e

by

of

S in cla ir o f N o r t h
N ow

Y ork,

R e p r e s e n ta tiv e

C o m m it t e e w ith

v o te d

G a r n e r to

in str u c tio n s

to

str ik e o u t th e r e p e a l o f th e h ig h er s u r ta x e s o n in c o m e s in
e x c e ss o f $ 6 6 ,0 0 0 w a s d e fe a te d in th e H o u s e o n th e 2 0 t h b y

648,1150,829 70

S2,398.328,940 74

tliis w e e k

T h e b ill w a s fo r m a lly re p o rte d to th e S e n a te o n M o n d a y o I’

736,#17 S3

Total liabilities

.

s u b m it tin g

th e

.

1,871,678 0

204,133,260 03

Surplus on estimated market value of
stocks and bonds

188,019.662 99

$2,856:110,707 25

above,

$2,588,320,282 73

S u p e r in te n d e n t

M c L a u g h lin

a lso sa id :
Real estate loans in the form of him.is and mortgages, as of July 171921
aggregate $1,379,700,343, which Jshows an increase during the year of
$152,000,000.
__
Deposits during the year show an increase of $249,000,000, of wnieh
over $93,000,000 is due to dividends credited and paid during theTyear.
The net cash increase in deposits is $156,000,000.
As of July 1 1921, the number of open accounts is 3,854,090, which is
an increase of over 83,000 during the year.

FAILURE OF TRIPPE

cfc

CO.

T h e fa ilu r e o f T r ip p e & C o ., m e m b e r s o f th e N e w Y o r k
S t o c k E x c h a n g e , a t 15 B r o a d S tr e e t, th is c it y , w a s a n n o u n c e d
on th e E x c h a n g e o n A u g . 2 2 .

A n a s s ig n m e n t fo r th e b e n e fit

o f its c re d ito rs w a s m a d e o n th e 2 2 n d to A lb e r t W . P u t n a m ,
w h o , in a n o tic e to th e fir m ’ s c u s to m e r s , s a id :

I desire to inform you that Messrs. Trippe & Co., of 15 Broad St., New
York City, have to-day made a general assignment for the benefit of all
their creditors to the undersigned as assignee. I have taken charge of the
affairs of the firm and have engaged Messrs. Leslie Banks & Co., of 50
Church St., New York City, to make an immediate examination of the firm’s
books. As soon as the accountants ^report I shall advise all of the firm’s
customers.
M r . P u t n a m (o f th e la w fir m o f W i n t k r o p & S t im s o n ) , in
a p e titio n b e fo r e J u s tic e W a s s e r fo g e l o f th e S u p r e m e C o u r t
fo r p e rm issio n to file a p r o v is io n a l b o n d o f $ 2 0 0 ,0 0 0 to h o ld
u n til th e sc h e d u le s w o u ld b e file d th e a ssig n e e p la c e d th e
fir m ’ s a ssets a t n o t m o r e th a n $ 3 5 0 ,0 0 0 , c o n s is tin g o f s to c k s ,
se cu ritie s, c a s h , e q u itie s in s to c k s , se c u r itie s , c a s h , e q u itie s
in s to c k s p le d g e d a n d o ffic e fix tu r e s .

F o llo w in g th e a s s ig n 

m e n t a p e titio n in in v o lu n ta r y b a n k r u p tc y w as file d a g a in s t
th e fir m in th e U . S . D is t r ic t C o u r t , a n d J u d g e J u liu s S .
a p p o in te d

$ 2 5 ,0 0 0 .

M r.

P u tn a m

a s r e c e iv e r in

a

bond

of

T r ip p e & C o . w a s a lso a m e m b e r o f th e N e w Y o r k

C u r b M a r k e t A s s o c ia tio n ;
o n A u g . 2 2 , s a id :

a s t a t e m e n t issu e d b y th e la tte r

Messrs. Trippe & Co. having announced its failure to meet its engage
ments, the said firm is suspended from membership and members having
contracts subject to the rules of the Exchange with said firm shall, without
unnecessary delay, proceed to close the same in accordance with Article 27.
Section 1. of the constitution.” Albert W. Putnam, of the firm of Winthrop
& Stimson, has been appointed receiver.
(Signed) A. B. STURGIS, Secretary
T h e fir m w a s fo r m e d o n A u g u s t 2 0 1 9 2 0 a n d w a s c o m p o s e d
G eorge

M .

W o o ls e y ,

th e

S to ck

W i lli a m J . P a lm e r a n d J o h n J . G illie s .

E xch ange

m em ber,

T h e d e c lin e in th e

v a lu e o f se cu ritie s w a s th e g e n e r a l r e a s o n a n n o u n c e d fo r th e
a s s ig n m e n t.

______________________

INSTITUTIONS ADMITTED
RESERVE-SYSTEM.

TO FEDERAL

R e s e r v e s y s te m in th e w e e k e n d in g A u g . 1 9 :

District No. 6—
Capital.
Marion County Banking Co., Gum, Ala___ $25,000
District No. 12—
The Community Bank of Whittier, Whittier, Calif, _ _
____
125,000
Largilliere Company Bankers, Soda Springs,
Idaho
_ ________________ __________
25.000

Total
Surplus. Resources.
$35,000 $229,518
12,500
12,000

569,816
391,363

INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
Federal

R eserve

B o a t'd

h a s g r a n te d

and

w as

p e rm issio n

th e fo llo w in g in s titu tio n s to exercise tr u s t p o w e r s:

The Drovers’ & Mechanics’ National Bank of Baltimore, Md.
The Merchants’ National Bank of Brownsville.*Texas.
n National Trust & Savings Bank of Seattle, Wash*

to

re fe rre d

to

th e S e n a te F in a n c e C o m 

m itte e , w h ic h w ill c o n d u c t h e a rin g s o n it d u rin g th o C o n 
g re ssio n a l re c e ss.

T h e p r o v isio n s o f th e bill a s a d o p te d b y

H o u s e w ore o u tlin e d a s fo llo w s in th e p ress d isp a to h e s fro m
W a s h in g t o n

Aug.

20:

As finally passed by the House with nearly 100 committee amendments,
tho bill is estimated to produce a total of $3,347,000,000 revenue this
fiscal year, or $221,000,000 less than the estimate under the existing law.
As repeal of the excess profits tax and higher income surtax rates would
not become effective until next January 1 the full force of the measure
will not be reflected in Government receipts until the calendar year 1923.
Republican leaders say, however, that through repeal of the transportation
and other taxes the reduction in tho tax bill in tbe next calendar year will
be approximately $512,000,000.
The principal changes in present tax levies made by tbe bill as passed
include:
Repeal of the excess profits tax.
Increase of the corporation income tax from 10 to 12}4s
effective
next Jan. 1.
Repeal of the income surtax rates from 32% to 65% inclusive.
Increased exemptions to heads of families, effective as of last Jari. 1,
to $2,500 for incomes not in excess of $5,000 and additional exemption for
dependents to $400 from $200.
Repeal of the tax on life, fire and marine insurance policies and imposition
of the corporation tax of 12% % on all such insurance companies, except
fraternal, effective next Jan. 1.
Repeal of the transportation taxes, effective next Jan. 1.
Repeal of the taxes on fountain drinks, ice cream and other beverages
and the substitution of manufacturers’ taxes as follows:
Four cents a gallon on cereal beverages, five cents a pound on carbonic
acid gas, two cents a gallon on fruit juices of soft drinks, three cents a
gallon on still drinks, exclusive of mineral and table water, and ten cents a
gallon on fountain syrups. These changes would go into force on enact
ment of the law.
Repeal of the stamp taxes on perfumery, cosmetics, toilet preparations
and proprietary medicines upon enactment.
Repeal of the 10% tax on baseball, football and basketball equipment
skates, toboggans, snowshoes and skiis and reduction of the 10% tax to
5% on tennis, golf and polo equipment, games and the like, the whole to
come into force on enactment of the bill.
Exemption from the income tax of the first $500 of income from invest
ments in building and loan associations, effective at passage of the law.
A reduction from 5 to 3% in the levy on candy and of from 10 to 5%
in the levies on fur articles and art and art works and repeal of the tax on
electric fans. These, too, would be effective when tb6 bill became a law.
A reduction from 10 to 5% in tbe tax on all yachts with motor or other
craft less than thirty-two feet in length or less than five tons carrying
capacity exempted from this tax. This provision also would be effective
upon enactment of the bill.
Exemption from the income tax of all allowances from the Federal Govern
ment for the service of the beneficiary or another, in the military or naval
forces of the United States, effective immediately the bill becomes a law.
Repeal of Luxury Taxes.
Repeal of all the so-called luxury taxes now collected by retailers and the
substitution of a manufacturers’ tax of 5% on the following articles when
sold by the manufacturers at the sums given:
Carpets and runs, S3 60 a square yard; trunks, $30 each; valises, travel
ing bags, suitcases and hat boxes, $15 each; purses, pocketbooks, shopping
and handbags, $4 each; portable lighting fixtures. $10 each; umbrellas and
parasols, $2 50 each; fans, $1 each, and house or smoking coats or jackets
and bath or lounging robes, $3 each. These changes w'ould be effective
upon the signing of the bill.
Before the bill went to a final vote there was a turbulent scene, with the
result that one committee amendment—that proposing a tax investigative
commission— was left at the post. It is understood that an effort will be
made to have the Senate committee insert it in the bill.
I n re citin g “ w h a t th e b ill w ill d o in th e w a y o f
th e p e o p le fr o m

T h e fo llo w in g in s titu tio n s w e re a d m itt e d to th e F e d e r a l

The

pre a n d

a v o te o f 2 3 0 to 1 6 9 .

Other liabilities

STATE

T hree D e m o 

c r a ts v o te d w ith th e R e p u b lic a n s in s u p p o r t o f th e m e a s u r e ,

$2,588,320,282 73

Amount du«' 'U (juniuin

of

T h e A d m in is t r a t io n ’ s ta x re v isio n b ill w a s p a sse d b y th e
H o u s e o n A u g . 2 0 b y a v o t e o f 2 7 4 to 1 2 5 .

'-2,850,110,707 25

Total resources

M ayer

TAX REVISION BILL PASSED BY HOUSE.

July i 1990
$1,227,117,678 92

Liabilities—

In

[ V ol. 113.

ta x a tio n ”

re lie v in g

R e p r e s e n ta tiv e F o r d n e y

s ta t e d

in th e H o u s e o n th e 2 0 t h th a t

The changes mado up to the time of the introduction of the bill and the
report from the Committee on Ways and Means reduced taxation $790.330,000. Since that time tho committee has met and made additional
changes in reductions of taxes amounting to $28,000,000. or a total of $S1S.
000,000 reduction of taxes provided for by this bill as compared with exist
ing law.
R e p r e s e n ta tiv e F o r d n e y is a lso re p o rte d

as s ta t in g :

This bill is predicated on a policy of strictest economy. It is predicated
on promises by various departmental heads to reduce expenditures. These
pledges were made, some of them, iu the presence of the President. The
Committ ee held a number of conferences, and the chief subject was economy
The bill will succeed if the program of economy is strictly enforced, and
this must be done.
A very objectionable tax from the business standpoint and the standpoint
of tho cost of living, and the standpoint of the revival of the railroads, is
the tax on transportation. It produced revenue approximating $262,000.
000 a year. The bill provides for the repeal of this tax. The effect of t he
repeal cannot be other than beneficial. The tax on proprietary medicines
and toilet articles has been repealed, as has the tax on soda fountains

THE CHRONICLE

Vug . 2 7 1921.]

The list o f changes in rates is a long one, and when all the proponed
rates arc in effect the reduction in revenue will amount to $818,000,000.
As the bill was reported to the House, it carried revenue reductions amount
lug to $700,000,000. Amendments to the bill on the floor of the House
have added $28,000,000 to this sum.
With few exceptions, the retail sales taxes have boon repealed. The
excise taxes retained, for the most part, are placed upon the manufacturer.
Under the new bill the number of tax returns will bo very greatly reduced.
The income tax exemptions for married people and the added exemption
for dependents will be welcome.
With a viow to simplifying tax forms, the bill provides for the creation
of a tax board on which the taxpayers will be represented. Several changes
have been made In the law to clear up administrative difficulties and to
simplify the tax forms, a conspicuous one being the amendment regarding
Liberty bond exemptions.
R e p r e s e n t a t iv e M p iid o ll d u r in g th e d is c u s s io n o f th e b ill
in th e H o u s e o n th e 2 0 t h i n s t ., s a id in p a r t :

With the passage of the tax bill, on which wo are about to voto, the House
will have performed its part in providing for the reduction of war taxes
promised and pledged by the platform of both parties and anxiously awaited
by all of the American people.
The almost unbelievable profligacy of oxpendituro under the Democratic
Administration during the war; the reckless and criminal extravagance; the
reckless and criminal extravaganco; the wicked waste of the poople’s money,
not only left us with a legacy of almost $80,000,000,000 of war debt, but
bequeathed to us heavy obligations of expenditure which, in spite of every
effort at economy, projects the vexations and exasperating shadow of the
overhang of the war’s cost into this period, nearly three years subsequent
to the signing of the armistice.
It shall remain for a later Congress to fully revise the tax schedules in
order to reduce tax levies and burdens to the position that shall be war
ranted when we shall have passed beyond the shadow of the war overhang
and enter upon the normal flow of National life and business. In this
measuro we have relieved the burden where it is most clearly of a war and
emergency character and lightened it for the benefit of every class and
condition in the Nation. . . . We have lifted rather than shifted the
most oppressive and annoying of the war taxes. . . . The bill is sound
the bill is sane, the bill is sensible. The bill will appeal to the sound judg
ment of the American people, and those who vote against it will vote to
retain upon the statute books the present utterly indefensible war tav^s.
I n o u r s u m m a r y la s t w e e k (p a g e 7 9 5 ) o f th e H o u s e C o m 

905

was over proposed or advocated openly by any public man since the begin
fling of the Government."
“ It demonstrates,” ho added, “ the fact that the member voting for it will
and must look hereafter to those corporate Interests for support rather
than to the plain people.”
Mr. Kltchin renewed the Charge made in his recent telegram to the
Democratic caucus that the profits tax repeal would benefit the rich corpora
tions at the expense of the poor and to support his argument gave figures,
which ho declared were obtained from the annual reports of the Connote
slower of Internal Revenue.
$47,000,000,000 Profit.
Declaring the reports showed that the corporations in this country made
$47,000,000,000 profit from Jan. 1 1910 to Jan. I 1921, Mr Kilchin said
that after deducting income, excess profits and other war taxes, they had
a clear profit left of $88,000,000,000 “ more than four-fifths of which wa
made by loss than 1
0,000 corporations **nd more than half of which was made
by 1,020 of the big profiteering corporations, which includes the steel trust,
the Bethlehem Steel Company, the Du Pont companies, the various Stand
ard Oil companies, the coal combine, the woolen trust, the meat packers,
etc.”
What an impregnable position it would be, said Mr. Kltchin, and what
an appeal it would make to the sense of right and justice of the people, for
the Democrats to take the position that not a dollar of taxes should be
reduced on these profiteering corporations and on the millionaires and
mutli-millionaires that reaped the harvests of wealth during the war, as
long as there is a single disabled or wounded soldier, or a single widow or
orphan of a dead soldier or a single veteran in need.

EFFECT OF NEW TAX BILL PROVISIONS— TAX ON
CAPITAL GAIN.
A s t a t e m e n t a s to h o w s e v e r a l i m p o r t a n t fe a tu r e s o f th e
n e w ta x r e v is io n m e a s u r e w ill a f f e c t th e t a x p a y e r in c o n n e c 
tio n w ith th e e f fo r t o f th e W a y s a n d M e a n s C o m m i t t e e to
p r e v e n t e v a s io n s in th e c o lle c t io n o f F e d e r a l ta x e s w a s e x 
p la in e d in a n in t e r v ie w o b t a in e d fr o m R e p r e s e n t a t iv e W i l l i s
C.

H a w le y o f O r e g o n , o n e o f th e R e p u b lic a n m e m b e r s o f

th e W a y s a n d M e a n s C o m m i t t e e , a c c o r d in g to th e N e w Y o r k
“ T i m e s ” o f A u g . 2 1 , w h ic h , in r e p o r t in g w h a t M r . H a w l e y

m i t t e e r e v is io n s o n th e b ill w e in d ic a t e d t h a t th e b ill w o u ld

has

b e c o n s id e r e d u n d e r th e f i v e m in u t e r u le o n A u g . 1 9 , a n d

This is the clause which provides that “ in the case of any taxpayer (other
than a corporation) whose ordinary net income and capital net gain together
exceed $29,000, there shall be levied, collected and paid, in lieu of the taxes
imposed by Sections 210 and 211 o f this title, a tax determined as follows:
“ A partial tax shall first be computed upon the basis of the ordinary net:
income and the rates in the manner provided in Sections 210 and 211, and
the total tax shall be this amount plus 12l % of the capital net gain, or
A
minus 12)4% of the capital net loss, as the case may be. -The total tax
thus determined shall be levied, collected and paid at the same time and in
the same manner and subject to the same provisions of law, including pen
alties, as other taxes under this title.”
“ New definitions are provided for in Section 206 of the bill,” said Mr.
Hawley, “ for capital gain and capital loss, and the term ‘capital net gain’
is described as being the excess of the total amount of capital gain over the
sum of capital deductions and losses.
“ There is definitely fixed the amount of capital gain to be taxed in the
case of any transaction involving the sale of capital assets.
“ Under the present law the surtaxes are so high that many transactions
are prevented from consummation, to the detriment of the development of
the community. The owner feels that it would be better for him to retain
his property than to sell it and pay the very high rate of tax.
“ Now in the new bill we propose that such transaction shall not pay a
tax in excess of 12 l % of the amount of the gain in transactions where the
A
net income and capital gain together exceed $29,000 or more. But if the
net income and capital gain together are less than $29,000 the taxpayer will
pay in the appropriate brackets, and the rate will be lower than \2V*%.
Or, to explain differently, heretofore, if the taxpayer had an income of $20,000 from his business and an additional income of $10,000 from the sale of
capital assets, he would simply add those two together and pay his taxes on
$30,000.
“ For example, if a farmer sold crops and stock and made a net income of
$20,000 on them, and then sold a piece of land on which he made $10,000,
that $10,000 would be added to the other $20,000 and would go into the
higher brackets of taxation. That provision of the existing law blocked a
great many sales just because the $10,000 from the capital gain would be
taxable under the higher brackets.
What we propose to do in the bill that passed to-day is this: Have the
farmer, for example, who had a net income of $20,000 from his ordinary
sources of revenue pay the ordinary normal and surtaxes, but in the case
of the $10,000 which he got from the sale of a piece of property, he would
pay only 12 H % on that part of his total net income and capital gain which
is above $29,000 when the two are added together, and pay the tower rate
in the appropriate brackets when the two added together make less than
$29,000. If a taxpayer’s ordinary net income and capital gain, when added
together, do not exceed $29,000, then he will pay in the ordinary way rates
less than 12 H % on his combined income from the two sources.
There has been considerable interest as to the probable effect on taxpayers
of the first paragraph of Section 214 of the revision bill.
“ Section 214,” said Mr. Hawley, “ modifies the rule now in force as to
bad debts, which requires that they be charged off in toto or not at all,
by allowing them to be charged off in proportion to their collectibility as
found by the Commissioner. Heretofore, if a man had what he thought
was a bad debt of $1,000 the Commissioner could either allow him to charge
that off, or, if he could not prove it was absolutely a bad debt, or, if he could
not prove it was a bad debt in toto, he could not charge any of it off. Now
we propose to allow him if the Commissioner says he can realize $500 out
of it, to allow him to charge o ff only $500. This will enablo many business
men to close accounts which are bow being held open by reason of their
contention that the debts are bad and cannot be collected in whole, while
the Commissioner contends they are not wholly bad.”
As to “ wash sales,” Mr. Hawley said that, while he was unable to give
the figures respecting the practice of selling stocks and bonds to establish
a loss followed by their repurchase, that practice was found by the Treasury
to be quite extensive.
“ The fellow that indulges in these ‘wash’ sales for the purpose of avoiding
payment of income taxes to the Government commits a fraud on the Gov
ernment,” said Mr. Hawley. “ The new bill contains a provision to prevent
such a taxpayer from deducting these fictitious losses from the amount of
his net income. It is merely another ratholo wo are closing in the interest
of the Government.”

t h a t a fin a l v o t e
H o u s e o n th e 2 0 t h .

o n th e m e a s u r e w o u ld b e t a k e n b y

th e

A s a m a t t e r o f r e c o r d w e in s e r t h e r e th e

d e ta ils o f th e d e lib e r a tio n s o n th e b ill o n th e 1 9 t h , a s f u r n 
is h e d in th e p r e s s a c c o u n ts f r o m W a s h i n g t o n .

More than half a hundred amendments to the Republican tax bill,
most of them of minor importance, were accepted to-day by the House in
a five hours’ session marked by occasional clashes between the majority
and minority and a renewal of the personal controversy between Chairman
Fordney of the Ways and Means Committee and Representative Byrnes,
Democrat, of South Carolina.
A number of other changes in the bill, including elimination of the pro
visions for a 5% tax on the manufacturers of proprietary medicines, tooth
powder and paste and mouth washes, and a reduction in the tax on cereal
beverages from six to four cents a gallon are expected to be proposed to
morrow by the Ways and Means Committee before the measure is passed
late in the day.
Republicans and Democrats of the House were a unit to-day in approving
one amendment, that striking out the section of the bill imposing an annual
license tax on $10 on venders of soft drinks. On a few other changes there
were sharp divisions, but many of the minor ones merely chaging language
or punctuation were put through without a single member on either side
voting on the “ yea” and “ nay” calls. All of the committee changes pro
posed were adopted.
Under one amendment approved over Democratic opposition, corpora
tions making gifts for charitable purposes would be relieved from tax on
such sums unless they exceeded 5% of the net income of the donating
company.
The big fight of the day was over an amendment defining foreign trade
corporations such domestic corporations as derive 50% or more of their
gross income from the active conduct of business outside the United States,
and similarly, or foreign traders those American citizens who derive 80%
or more of their gross income from sources outside of this country.
The Democrats said this proposal was a discrimination against purely
domestic corporations in the matter of taxes. The Republicans defended
it on the ground that it was necessary to relieve foreign trade corporations
and foreign traders from taxation on income received from sources outside
the country in order that they might compete with foreign concerns.
The amendment was adopted, 103 to 85, eleven Republicans joining in
the negative vote.
One of the principal amendments approved to-day by the whole v
Comrnittee provides for creation of a tax investigating commission which
would inquire into:
Effect upon the Federal revenues of tax exempt State and municipal
securities.
Effect of existing differences in law between the Federal taxation of
individuals and partnerships and of corporations.
The taxation of expenditures and the reduction of the tax rates upon
savings, as means for raising revenue, stimulating thrift, and redistributing
the burdens of taxation, and the effects of income and profits taxes upon
the accumulation and investment of liquid capitals.
The commission would make yearly reports to both the President and
Congress and consists of nine members— three Senators and three members
of the House, appointed by the presiding officers, and three representatives
of the public, appointed by the President.
R ejyresenlaUve K il c h in F ile s

V ie w s .

The views of the minority on the tax bill, written by Representative
Kitchen, of North Carolina, ranking Democrat on the Ways and Means
Committee, who is ill at his borne in North Carolina, were filed with the
House to-day by Representative Oldfield, Democrat, of Arkansas. While
announcing Democratic opposition to “ many provisions of the bill,”
Mr. Kitchiin confined his report to what he termed “ the two principal
provisions of the Republican tax program” — repeal of the excess profits
tax and the substitution of a 2 l z % increase in the corporation income
/
tax and elimination of the surtax Income rates in excess of 32%.
The North Carolina member declared repeal of the profits tax would be
'an absolute surrender to and obedience of the will and command of the
b/g corporate Interests and one of the most vicious pieces of legislation that

to

say,

sta te s:

T11E CHRONICLE

90C
RECESS OF CONGRESS.

A mouth's recess was taken by Congress this week, both
the Senate and House adjourning on Aug. 24 to reconvene
Sept. 21. The House, however, it is stated, expects to take
three-day recesses until Oct. 3. As to the winding up of
proceedings preliminary to the recess the New York “ Evening
Post of the 25th inst., said.
Although many hud loft a few days early, the Senate was well filled until
adjournment was taken, arid in the House when the Speaker’s gavel fell
at 11 58 p. m there were more than 200 Representatives on the floor. The
. losing scenes also were unusually Quiet, although there had been heated
*ontrovei’sies in conference committees in the last hours
in the Senate, interest was centred in the anti-beer bill, which, after a
prolonged attack by Senator Reed, Democrat, Missouri, and Stanley,
Democrat, Kentucky was put aside Even an effort to make it the
unfinished business when the Senate reconvenes was blocked, so that
prospects of its passage within a few weeks appeared to be scanty.
What effect this win have upon the Treasury in reference to the medical
beer regulations, which have been drafted and await Secretary Mellon's
approval for issuance, is expected to be indicated to-day. Heretofore
officials have said the regulations would be issued, if it w'as evident that
Congress did not expect to complete the anti-beer legislation at an early date.
Among the bills passed in the closing hours of the session were the agri
cultural credits measure, the Shipping Board Deficiency Bill of $48,500,000 with its amendment carrying $200,000 for expenses of the disarmament
conference, and the measure extending the dye embargo until Jan. 1.
The House last night disagreed to Senate amendments to the Federal
Aid Road Bill and voted to send the measure to conference. Representa
tives Dunn, New York Robison, Kentucky, and Woodruff, Michigan,
Republicans; Boughton, North Carolina, and Almon, Alabama, were
named as conferees.
Am ong
se ssio n

th e m o r e im p o r ta n t m e a su r e s p a sse d d u r in g th e

w h ich

began

A p r il

11

w ere

(w e

q u o te

fr o m

th e

B a ltim o r e “ S u n ” o f th e 2 6 t h in s t .)

The Emergency Agricultural Tariff Bill, with a life of six months to be
foUowtxl by permanent tariff legislation.
Declaration of peace between the United States and Germany and the
repeal of many wartime measures.
Action by the House, with the Senate yet to act, on tariff and taxation
revision.
Immigration restriction legislation, a forerunner of permanent legislation
on an immigration policy.
The bill increasing the authority and finances of the War Finance Cor
poration to extend aid in farm credits.
A measure consolidating various Government agencies having to do
with the compensation, pensioning and rehabilitation of veterans of the
World War.
Appropriation measures, including army and navy budgets, left over
from the last Congress.
Extension of the Dye Embargo act.
The bill for the regulation of the meat-packing industry.I
Deficiency Appropriation bill carrying $48,000,000 to meet deficiencies
of the United States Shipping Board.
A measure to prohibit gambling in grain futures.
The bill for the creation of a budget system.

SENATE PASSES SHIPPING BOARD APPROPRIATION
BILL-PRESIDENT HARDING'S LETTER TO SENA
TOR JONES URGING CO-OPERATION.
T h e S e n a te o n A u g . 2 3 p a s s e d th e u r g e n t d e fic ie n c y b ill
(p r e v io u s ly

p a sse d

by

th e

H ou se)

p r o v id in g

$ 4 8 , 5 0 0 ,0 0 0

fo r th e U . S . S h ip p in g B o a r d a n d $ 2 0 0 ,0 0 0 fo r th e e x p e n se s
o f th e d is a r m a m e n t c o n fe re n c e fo llo w in g a n a p p e a l m a d e b y
P r e s id e n t H a r d in g fo r c o -o p e r a tio n in s tr a ig h te n in g o u t th e
a ffa irs o f th e B o a r d .

T h e S e n a to r lim ite d a ll r e s tr ic tio n s

a s to w h a t sa la ries m ig h t b e p a id o ffic e rs a n d c o u n s e l.

The

[ V ol. 113.

tin Knowledge that the period of employment with the Government is only
temporara
Under these conditions and because of the fact that hundreds
of millions are involved, it is unavoidable that some compensations in
responsiblci places are much beyond the ordinary run of Government com
pensations. There are approximately $200,000,000 involved in claims
against the Shipping Board. No business man would venture upon the
settlement of these claims without highly capable, legal representation.
The staggering losses in operation can only be cured by a Board of
Operators whose members know something concerning the business. These
men could not be secured without giving up private pursuits which art
vastly inert profitable than the average administrative salary under tin
Government, and Chairman Lasker has proceeded, with my very hearty
approval, in the acquirement of men equal to this task. If their knowledge*
of the business will enable us to put an end to operating losses, as we very
much hope to do, their acquirement for Government service will be justified
a hundred fold.
The error heretofore committed seems to have been the employment of
Incapable men at excessive salaries, while the present program calls for
capability, and the compensation is vastly less than in private pursuits.
1 have been at some pains to assure myself that there is no overpayment
in selecting men for specific places and I believe I can assure you that this
over-payment has been avoided in recent appointments.
1 do not venture to make promises for the Shipping Board. I would like
the Congress to know that we are speedily arranging the discontinuance of
many lines of service which are being operated at a loss to the Government,
and we are hoping soon to put an end to all the unfortunate charter contracts
under which the charterers are made whole and share in the profits, if any,
while the Government bears the brunt of all the losses. This is a very
intolerable arrangement, and is being ended as speedily as the situation
will permit.
It must be kept in mind at all times that the administrative agents who
are now asking for the confidence and the co-operation of Congress are in
no wise responsible for the conditions of affairs which has shocked the coun
try and given the Congress such great concern. They have only recently
been called to the service of correcting the intolerable state of affairs which
we inherited, after which it is very much hoped they may make gratifying
progress toward the firm establishment of an American merchant marine.
We must not fail in our efforts now. There have been unspeakable losses
and unutterable wastes. These things must be charged to the great war
emergencjr and the feverishness of the country to build ships in a period
of great anxiety, and to the establishment of a marine on the basis of the
abnormal conditions which prevailed during the war emergency. We have
time to think soberly now, and the correction of this situation is a matter of
firm resolution, and capable hands have undertaken the work.
The waste can be halted almost instantly. The losses must be brought toa minimum at a very early date, and I very much hope that the co-opera
tion of the Congress and the Administration will lead to gratifying results
in the establishment of American carriers by sea which will meet our aspira
tions in founding a new and ample American merchant marine. We cannot
allow the discouraging things which have gone before to prevent us facing
the situaiion frankly, and I think it wholly consistent to resolve that the
solution of this task is not an impossible thing to American genius and
capacity.
Very sincerely,
(Signed) WARREN G. HARDING.

CAPPER-TlNCHER GRAIN TRADING BILL SIGNED.
BY PRESIDENT.
P r e s id e n t H a r d in g o n A u g . 2 4 sig n e d th e O a p p e r -T in c h e r
b ill fo r

r e g u la tin g

tr a d in g

on

g ra in

exch an ges.

The

b ill

a lso e x t e n d s th e p e r io d fo r d o in g a s s e s s m e n t w o r k o n m in in g
c la im s .

I t im p o s e s a p r o h ib itiv e ta x u p o n “ p u ts a n d c a lls ” '

a n d o th e r s p e c u la tiv e tr a n s a c tio n s a n d u p o n a ll g ra in e x 
changes

w h ic h

do

not

becom e

“ c o n tr a c t

m a r k e t s .”

Ex

c h a n g e s a n d th en ’ in d iv id u a l m e m b e r s a re re q u ire d to re p o rt
fu lly to th e S e c r e ta r y o f A g r ic u ltu r e o n a ll tr a n s a c tio n s t h e y
h a n d le .

C e r ta in

e x e m p tio n s fr o m

r e g u la tio n s

or

th e

act

a re g r a n te d to c o -o p e r a tiv e a s s o c ia tio n s .

b ill w a s th e n se n t to c o n fe r e n c e .
A

c o m p r o m is e

w as

reach ed

in

c o n fe r e n c e

w h ereby

th e

b o a r d is to h a v e n o t m o r e th a n six o ffic ia ls w h o s h a ll b e p a id
a t th e r a te o f o v e r $ 1 1 ,0 0 0 a n n u a lly .

T h e H o u s e h a d in 

sis te d t h a t n o t m o r e th a n th re e s h o u ld r e c e iv e o v e r $ 1 2 ,5 5 0
per a n n u m ,

w h ile

th e

S e n a te

p la c e d

no

lim it a t io n .

The

c o n fe re n c e r e p o r t w a s a d o p t e d b y th e S e n a te a n d H o u s e o n
th e 2 4 t h , a n d o n th e 2 5 t h th e b ill w a s s ig n e d b y th e P r e s id e n t.
T h e P r e s id e n t’ s a p p e a l in b e h a lf o f th e S h ip p in g B o a r d w a s
m a d e in th e fo r m o f a le t te r to S e n a to r J o n e s , c h a ir m a n of
t h e S e n a te C o m m i t toe o n C o m m e r c e , A u g . 2 0 .
T h e P r e s id e n t’ s le tte r , w h ic h w a s re a d to th e S e n a te o n
t h a t d a te fo llo w s :

THE WHITE HOUSE.
v
Aug. 20 1921.
My Dear Senator Jones— :I could not fail to note the dissatisfaction

expressed in both House and Senate over the very unsatisfactory condition
of the affairs of the Shipping Board, and the reluctance of Congress to make
appropriations for the continued activities of the Board without putting
specific restraints upon the board’s activities in employing agents of relief.
From your position, you are probably as familiar with the affairs of the
board as I am, and I hope you will make it a point to lay the exact but un
pleasant truth before your colleagues.
The Shipping Board situation is wholly an inheritance from the previous
Administration. It would avail nothing to attempt to outline how the
intolerable state of affairs came about. Our great problem is curing the
situation. The difficulty of this task becomes very apparent to me and
had its reflex in the delay in the final selection of the Shipping Board, it
was no easy thing to bring capable men to the solution of this task. Chair
man Lasker is making a very heavy sacrifice to give his time and talents to
this most difficult work. He has been able to bring many disinterested
advisers to his assistance, but it is impossible for the board, in creating its
various departments, to establish such organizations by the ordinary
methods of Government appointment and compensation.
Many of the men called to service have been obliged to completely sacri
fice their private interests, and, in some cases, the sacrifice is made with

CHICAGO BOARD OF TRADE ENDS PUTS AND CALLS
DEALS.
I n its issu e o f A u g . 2 4 th e C h ic a g o “ T r ib u n e ” s a id :

Trading in “ indemnities”— “puts” and “ calls” as they were once and
better known—will cease on the Chicago Board of Trade Oct. 1.
This was decided yesterday following adoption by both Houses of Congress
of the conference report upon the Capper-Tincher bill regulating the grain
exchanges of the country. The passage of the bill, which only awaits the
signature of President Harding [since signed by the President , would
have had the effect of doing away with the “ indemnities” anyway.
The Board of Trade did not wait for the President to act, however.
During the day the board of directors posted for a referendum vote a
proposition to eliminate trading in indemnities entirely. While the member
ship has still to express itself on the proposal this is a mere matter o f form
and an affirmative verdict is regarded as certain.
Killed by Heavy Tax.
In taking the action they did the Board of Trade directors went a step
further than Congress. The Capper-Tincher bill did not forbid trading in
indemnities.” It did, however, effectually prevent such trading by
fixing a tax of 20 cents a bushel upon such trading. The tax was intended
to be prohibitive and regardless of the action of the board of directors would
have meant the last of the old “ puts” and “ calls.”
ft**
These also known as “ bids” and “ offers” were defended by the Board of
Trade originally as being an “ insurance.” Through them it. had been
possible for dealers who felt they were on the wrong side of the market to
limit their losses. They also were dealt in by speculators and were one
of the principal points upon which the grain exchange was assailed by its
enemies.
Other Changes in Prospect.
Several other changes in the rules of the Board of Trade to forestall
legislation by Congress and by State legislatures are in prospect. Among
them are regulations dealing w ith market manipulation and news censorship
It is understood that before final action is taken by the directors they will
confer with the officials of grain exchanges in other parts of the country
The report of the Committee which investigated the question of t he main
tenance of private wires has not yet been made The Capper-Tincher biiV

Tine CHRONICLE

V u g . 27 15)2!.]

originally hacl a clause forbidding the use o f private wires. This clan < um
*
stricken out by the Senate Committee alter grain shippers throughout t Incountry had protested. They declared they depended upon th< prhatn
wires for much o f their information regarding the grain markets.

907

COLLAR WORKERS’ W 1 CFS REDUCED

Tliroe of tho loading collar rnanufaeturor of the* eoiinfr
mopenod thoir plants at Troy, N . Y. on Aug. 2 after iho
.*>
Conference /;s XJvQcd.
regular summer vacation, announcing a furl her reduction
The report o f the Hoard of Trade committee is under,stood to sugg.-;< of approximately 15% hi the wages of piece worker:-.. Wool,
that certain safeguards be taken to prevent the misuse of the private win
workers wore no! affected by the wage revision. The
in small towns.
The Board o f Trade and the other grain exchanges’ officials want an In companies which lowered their scales are CluoU, Peabod;.
terpretation o f tho Oappcr-Tineher bill. They suggest a conference between & C o., George P. Ide & C o., and IIall, Hartwell
Co.
'

&

Secretary o f Agriculture Wallace, Secretary of Commerce H o o v e r and
Attorney-General Daugherty and representatives of the grain exchanges bo
hold some time in the four months that must pass before t he bill becomes
effective.

p a n ie s , w h ic h h a v e

s te e l p r ic e s b y in d e p e n d e n t

been

m et

by

th e U n i t e d

C o r p o r a t io n , w e re in c id e n t s o f th e w e e k .
o f p r ice s w h ic h
C om m erce”

h a s ju s t

been

S ta te s

com 
S te e l

A s to th e lo w e r in g

w itn e s s e d ,

th e

c o lla r s to a

p o in t lo w e r th a n a n y

o th e r la rg e c o m p a n y

a lr e a d y h a d fu r t h e r c u t w a g e s .

WOMEN'S WEAR MANUFACTURERS IN NEW YORK
BOYCOTT RETAIL RESEARCH ASSOCIATION.

FURTHER STEEL PRICE CUTS.
F u r th e r r e d u c tio n s in

C o r lis s , C o o n & C o . , w hich, r e c e n t ly re d u ce d th e price o f
it;

“ Journal

of

The

R e t a il

o r g a n iz a tio n
s to r e s

in

R esearch
r e p r e s e n t in g

som e

Sheet and tin plate prices having been cut from $5 to $10 a ton by inde
pendents, Judge Gary, chairman of the United States Steel Corporation,
has announced that the corporation will follow suit. Quotations on gal
vanized sheets are now openly made by independents at $3 75 and on black
at $2 75 a hundred pounds, compared with previous levels of $4 and $3
respectively. In New York, with the exception of some of the smaller
mills, the higher level still is firm.
tiftM
Tin plate is somewhat irregular. The local market on production ma
terial is close to $5 a hundred pounds, compared with the United States
Steel’s quotation of $5 25- So far as is known the corporation also is main
taining its base of $4 75 on stock plate, though the independents in some
cases are accepting orders at $4 50 and more recently at $4 25 a hundred
pound box. Mill tin plate quotations range from $4 75 to $5 25- HS ttf
ah
J u d g e G a r y ’ s a n n o u n c e m e n t o f t h e 2 4 t h i n s t . sa id :
| 1
When the subsidiaries of the Steel Corporation ascertain to a certainty
that large and important independents, so called, are selling at prices
materially lower than those which have been heretofore announced, our
subsidiaries meet the new prices. They do not precipitate or lead in estab
lishing lower prices for they are aware that the prices which have prevailed
for some time past are lower than the actual cost of production by most if
not all of the producers.

a

le t te r

a

o f A u g . 2 5 s a id :

“ c o n s id e r a b le

w ear

to

A s s o c i a t io n ,

it s

of

th e

m em bers
num ber

m a n u f a c t u r e r s ,”

a

sco re

p r in c ip a l

a

of

r e s id e n t
large;

c it ie s ,

th a t

of

am ong

and

fa ilu r e s
th a t

in

d e p a rtm e n t

r e c e n t ly

p r e d ic t in g

v ie w

th e r e
of

b u y in g
sen t

w o u ld

th e
th is

out
be

r e a d y -to p rosp ect

it w a s p r e p a r in g t o “ t a k e a d v a n t a g e o f all th e s e c a la m it ie s
a n d b e th e fir s t to p u r c h a s e m e r c h a n d is e a t a p r i c e .”
The
S u it

le t te r w a s b r o u g h t u p a t a m e e t in g o f t h e
and

S k ir t

M a n u fa c tu r e r s’

P r o t e c t iv e

C lo a k ,

A s s o c i a t io n ,

w h o s e m e m b e r s h ip c o n s t it u t e s a m a jo r i t y o f th e lo c a l m a r 
k e t , o n A u g . 1 7 a n d a r e s o lu tio n w a s p a s s e d a im e d to s to p
th e sa le o f m e r c h a n d is e t o
bu yers

(n o t

tu r e r s ’ s h o w

th e

i n d iv id u a l

room s.

The

th e r e t a il g r o u p b y b a r r in g its
m em b ers)
a c t io n

of

fr o m
th e

th e

m a n u fa c 

P r o t e c t iv e

A sso

c ia t io n w a s e n d o r s e d b y o t h e r t r a d e o r g a n iz a t io n s r e p r e s e n t
in g th e w a is t a n d d r e s s in d u s t r ie s .
F o llo w in g t h e p u b lic a t io n o f t h e R e t a i l R e s e a r c h le t t e r ,
A . L in c o ln F ile n e o f W i l l i a m F i le n e ’ s S o n s , B o s t o n , w h o is
p r e s id e n t o f th e R e s e a r c h A s s o c ia t io n s e n t a w ir e t o m e m b e r s
o f th e a s s o c ia t io n s a y in g t h a t th e le t t e r o n w h ic h th e m a n u 
fa c tu r e r s h a d a c t e d w a s u n a u t h o r iz e d , a n d t h a t it h a d n o t

REDUCTION I N

UNITED

STATES STEEL

WAGES.

L a s t w e e k (p a g e 8 9 4 ) w e r e fe r r e d to th e fu r t h e r r e d u c t io n

b e e n s e e n o r a p p r o v e d b y a n y o ffic e r o r c o m m i t t e e o f th e
a s s o c ia tio n .
H ow ever,

th e

c lo a k

and

s u it m a n u f a c t u r e r s

m a in t a in e d

in w a g e s a n n o u n c e d b y th e U n i t e d S t a t e s S t e e l C o r p o r a t io n

fh eir s t a n d , a n d L o u is L u s t i g , p r e s id e n t o f t h e P r o t e c t i v e

on A u g .

A s s o c ia t io n , h a s m a d e th is s t a t e m e n t e x p la in in g it s a c t io n

19.

As

to

th is a c t io n , t h e N e w ' Y o r k

‘ ‘ E v e n in g

P o s t ” o f A u g . 2 0 h a d th e fo llo w in g to s a y :

a n d its p o s it io n in th e m a t t e r :

A further cut in wages, the third since the beginning of the decline in
steel prices, has been announced by the United States Steel Corporation,
to take effect Aug. 29. The cut will amount to 7 cents an hour for unskilled
laborers, and will bring their wages down to $3 per day for a ten-hour day,
which was the scale in force on M ay 1 1917.
The last cut previous to the one announced for Aug. 29 occurred on
July Id of this year and was in the form o f a cessation of payment of time
and a half for time over eight hours. It amounted to a reduction over
eight hours. It amounted to a reduction o f about 9.5% . With the present
cut, wages will remain 60% higher than they were in 1915.
The following is a table showing changes in wages from 1915 to the
present for unskilled labor:
Per Cent
Wanes
advance
10-hour
Per cent
over
day.
advance.
1915 rate.
1915_____________________
______$2 00
Feb. X 1 9 1 6 __________ .
_______2 20
10 0
10.0
May 1 1916______________
_______2 50
13 6
25 0
Dee. 15 1916--______ 2 75
10 0
37 5
May 1 1917_________________ _______3 00
90
60 0
Oct.
1 1917 . ______ _
_______3 30
10 0
65 0
April 16 1918__________________ _______3 80
15 0
90 0
Aug. 1 1918_________________ ______ 4 20
10 5
110 0
Oct.
1 1918__________________ ______ 4 62
10 0
131 0
Feb. 1 1920____________ .
_______5 06
10 0
153 0
May 16 1921____________
_____
4 05
*20 0
102 5
July 16 1921_________ _____
______ 3 70
a9 5
85 0
Aug. 29 1921______________
___ _
3 00
*18 9
50 0
* Reduction, a Elimination o f time and a half for overtime work over
eight hours.
The present cut did not come as a surprise to financial and manufacturing
circles as it had been forecase by cuts in wages by independent steel manu
facturers. some of whom have made reductions even below the scale which
the Steel Corporation will have after Aug. 29.

The following telegram received by me from A. L. Filene and published
in the daily press makes it necessary for me,, as chairman of the Cloak.
Suit and Skirt Manufacturers’ Protective Association, to publicly state in
a manner that may not be misunderstood the position and attitude of the
association I represent.
The text of the telegram does not by the simple expedient of disclaim
ing knowledge of the letter in question relieve the members of the Retail
Research Association as a body, so few in number and of necessity so inti
mate by the very nature of its organization, from the responsibility for the
policy that culminated in the circulation of a letter so indefensible and un
conscionable as the one that precipitated the action of the protective asso
ciation.
The resolution adopted by the members of the Cloak, Suit and Skirt
Manufacturers’ Protective Association in mass meeting constitutes a fitting
and well-merited rebuke for the pernicious activities of a buying organi
zation; it is a ban against the executive management and general staff of
employees of the offices of the Retail Research Association in New York
City, but it in no way affects the buying relations of the member firms of
the Retail Research Association in their dealings as individual firms with
the members of the Cloak, Suit and Skirt Manufacturers’ Protective
Association.
Our action has been endorsed by other organizations through the ratifi
cation of similar resolutions, and by banks, credit agencies, and prominent
individuals.
It is proper to state at this time that the Cloak, Suit and Skirt Manu
facturers' Protective Association has always stood and will ever stand for
the highest ethical standards of commercial relationship. It has always
sponsored and encouraged every movement for the uplift and betterment
of business enterprise and it will always maintain its traditional policy of
combating to the full extent of its powers all vicious and unfair trade prac
tices that may be indulged in by any organized trade body or others in the
garment industry for their own selfish purposes.
T h e le t te r o f th e R e t a i l R e s e a r c h A s s o c i a t io n re fe rre d to
a t th e o u t s e t o f th is a r tic le w a s s e n t o u t b y H . R . F l o y d , it s
m e r c h a n d is e m a n a g e r , a n d r e a d a s f o llo w s :

N E W YORK GARMENT UNIONS TO SUPPORT PHI LA
DELPHIA WORKERS I N STRIKE AG A INST WAGE CUT
F o llo w in g th e d e c is io n o f w o rk e rs in th e w a i s t , s ilk s u it
a n d c h ild e n T s d r e s s m a k e r s ’ tr a d e s o f P h ila d e lp h ia to c a ll a
g e n e r a l s tr ik e a g a in s t a r e d u c t io n o f 1 0 %

in w a g e s , it w a s

a n n o u n c e d h e re y e s t e r d a y , A u g . 2 6 , t h a t a ll th e u n io n s in th e
N ew

Y o r k w o m e n ’ s g a r m e n t tr a d e s w o u ld b a c k tin* s tr ik e

morally a n d f in a n c ia lly .
T lie In te r n a t io n a l L a d ie s
\

G a r m e n t W o r k e r s ’ U n io n , it w a s

s a id , is p r e p a r e d to fin a n c e th e s tr ik e fo r 2 5 w e e k s .

The

w a g e c u t w e n t in t o e ffe c t M o n d a y .
T h e g a r m e n t u n io n s in th is c it y w h ic h h a v e a g r e e d to b a c k
; he P h ila d e lp h ia s tr ik e h a v e a m e m b e r s h ip , it is e s t i m a t e d o f

70,000.

In view of the fact that the market just now is so depressed and, no
doubt, will be for some months to come, with no immediate business in
sight, there is every indication that there will be a considerable number of
failures among the ready-to-wear manufacturers. In order that we may
take advantage of all of these calamities and be the first to purchase mer
chandise at a price, J have made arrangements whereby the first duties
of Mr. Lierheimer’s assistant in the Basement Division shall be to discover
this type of merchandise.
We are making contracts with credit associations, banks and receivers,
so that we may be the first to be advised when a firm is in financial diffi
culties. As soon as this merchandise is discovered we will make an offer
to the concern and advise all the stores.
However, all of this merchandise offered in this way must have immediate
action, and I am bringing this to your attention in order that you may be
on the watch for telegrams from us offering such distressed merchandise
during the next few months.
If we are to work this out successfully, we must have the co-operation of
the stores by immediate replies on all such offerings. Will you, therefore,
please take this up with the merchandise office and the merchandise manage
of the basement in order that they may be familiar with our plans and thus
be able to take immediate action when we have such offerings to make?

THE CHRONICLE

90K
“ WORKMAN

MUST

STRATA

AS

SAYS

NOT
THE

BE

PUT

LOWER

SAMUEL

ON

THE

SAME

ANIM ALS

GOMPERS.

E m p l o y i n g la n g u a g e s o m e w h a t m o r© fig u r a t iv e t h a n is h is
c u s to m , S a m u e l (lu m p e r s ,
e r a t io n

of

L abor,

P r e s id e n t o f th e A m e r ic a n F e d 

d is c u s s e d

th e

p o s it io n

of

th e

A m e r ic a n

w o r k in g m a n fr o m t h e u n io n p o in t o f v ie w , a t A t l a n t i c C i t y
o n A u g . 2 1 , p r e lim in a r y to t h e m e e t in g o f th e F e d e r a t i o n ’ s
E x e c u t iv e C o u n c il.

M r . ( lu m p e r s r e ite r a te d th e s t a t e m e n t

w h ic h h e o r ig in a t e d s o m e tw o y e a r s a g o , n a m e ly :

“ W e a re

g o in g to f ig h t t o o u r u t m o s t th e r e d u c t io n o f w a g e s .”

In

a r g u in g t h a t th e w o r k m a n m u s t h a v e s o m e t h i n g m o r e th a n
f o o d a n d s h e lte r a n d is n o t to b e p la c e d o n a le v e l w i t h th e
m e r e a n i m a l , h e la id d o w n a p r o p o s it io n w h ic h n o o n e d e n ie s ,
and

h is o b j e c t

in g iv in g

u tte ra n c e

to

c e r t a in

s t r ik in g

ex

p r e s s io n s to t h a t e n d is o f c o u r s e t o m a k e h im s e lf “ s o l i d ”
w it h

h is

r e fe r

w as

w h ic h

m en.

had

The

q u o ted
th e

in

sta te m e n t
press

fo llo w in g

to

w h ic h

d is p a t c h e s

to

fro m

we

p a r t ic u la r ly

A tla n tic

C ity ,

say:

"A hog gets its swill, a horse gets its feed, and shelter is given both, but
the cost o f food and shelter alone must not be used as the basis of the cost
of living for the wealth-producing American workman.”
So stated Samuel P. Gompers to-day at the Hotel Ambassador, where he
and other members of the Executive Committee of the American Federation
of Labor have arrived for the opening to-morrow of a week’s session of the
Executive Committee to act on matters affecting labor referred to the
committee by the National Convention which was held in Denver in June
and to formulate policies which will guide the action of organized labor
throughout the country.
President Gompers fumed when the matter of lower wages was put up
to him.
“ Certainly we are going to fight to our utmost the reduction of wages,”
he stated firmly. “ Every one knows that the cost of living has been
lowered but little and the ‘cost of living’ as regarded by capital is too cruel.
A hog gets its swill; a horse gets its feed, and both are given shelter, but food
and shelter alone must not be regarded as the basis o f the cost of living of the
wealth-producing American workman. The workman must not be puton the same strata as the lower animals. The workman needs a wage that
insures something more than enough to barely exist. The workman needs
some o f the worth-while things of life, some of the little luxuries and the
finer things of life, and we are going to fight to see that he gets more than a
bare existence.”
Mr. Gompers continued:
"We have a number of important matters to settle at the conference. We
are going to settle labor problems amicably where we can, and where we
cannot settle them amicably we are ready to fight.”
T h e fo llo w in g d a y ( A u g . 2 2 ) M r . G o m p e r s a d d r e s s e d th e
fir s t m e e t in g o f th e E x e c u t i v e C o u n c il .
H e w as q u o ted a t
le n g t h in s p e c ia l d is p a t c h e s t o t h e N e w Y o r k “ T r i b u n e ,”
w h ic h s a id :

Labor unions affiliated with the American Federation of Labor throughout
the country will be advised to resist further wage reductions by means of
strikes if necessary. The Federation’s Executive Council, led by President
Samuel Gompers, decided to-day to instruct the 35,247 local unions that in
view o f the present cost o f living any attempts to reduce the incomes of the
workers would be unjustifiable and should be resisted by every means at
the unions’ command.
The action was based on reports that more than 5,500.000 persons are
now unemployed, and that further wage reductions by decreasing the con
suming power o f the workers would tend to increase the army of unem
ployed.
Gompers Accuses Profiteers.
M r. Gompers, in outlining a new bill o f rights for American workers,
charged that the country is filled with profiteers who are attempting to
force wages down without decreasing the cost of the necessaries of life.
As the head of an organization which has 3,906,528 members, he said, he
wished to annoimce that the time has come when American workers are no
longer satisfied with wages just to pay expenses, but that they demand and
are entitled to ice cream and automobiles.
The time has gone by when it was proper to sneer at the toiler who went
to work in an automobile and ate ice cream for lunch, said M r. Gompers.
It was once thought that ice cream and automobiles were only for those
members o f society who produce nothing, and, according to the labor
leader, this was a dangerous precept and has passed away.
N o specific mention of strikes was made at the session, but it was pointed
out that in the intimation that wage reductions should be resisted by every
means o f the unions, a command was clear. Those who attended and who
acquiesced in M r. Gompers’s views were Frank Morrison, Secretary of the
Federation: Daniel J. Tobin. Treasurer, who is also President of the Inter
national Teamsters’ Union; James Duncan, Quincy, Mass., President of the
International Granite Cutters Union; Frank Duffy, Indianapolis, Secre
tary of the Journeymen Carpenters & Joiners Union of America; 'William
Green, Indianapolis, Secretary of the United Mine Workers of America;
W . D . Mahon, Detroit , President of the Amalgamated Association of Street
and Electric Railway Employees; T . V Rickert, Chicago, President of the
A.
United Garment Workers o f America Matthew Woll, Chicago, President
of the International Photo-Engravers Union, and Jacob Fischer, President
of the Journeymen Barbers’ Union.
T h e P h ila d e lp h ia “ P u b lic L e d g e r ” in a d is p a t c h fr o m
A t l a n t i c C i t y d a t e d A u g . 2 2 q u o t e s M r . G o m p e r s a s f o llo w s :

In a statement given out after the conference, Mr. Gompers asks: “ Why
is it that in all this talk about readjustment and construction the pressure
is always brought to bear upon those whose standards of life and whose
every day existence would be demoralized and deteriorated by a reduction
in wages and why this drive to reduce wages first?”
“ Wouldn’t it be more humane to start with ‘them as have,’ whose profits
or incomes derived from their surplus savings would be the only factors
affected? The question is between profits in dollars or the demoralization
and deterioration of the- American wage-earner’s standard? Who is there
who can point out a workman and truthfully say: ‘That man’s family is
living better than a decent American citizen’s family should live and is
receiving wages more than commensurate with the services ho renders
society?”
Hears From Rank and File.

“ These are only a few of the things I hear being discussed and that are
asked me as T come into contact with the rank and file on my travels through

[ V ol . 113.

out the United States*. The laborers cannot understand how readjustment
and reconstruction can mean only a reduction in their wages. 1 have been
asked ‘ Who among the capitalists has suggested a reduction in the rate of
interest on a loan or a reduction o f profits or even a simultaneous reduction
of wages and profits.’
“ There are more than 5,250,000 unemployed in the United States, accord
ing to the report of the Department of Labor. This subtracts from the pur
chasing power of our home markets of an amount equal to the wages lost,
or $27,500,000 a day, or almost $1,000,000,000 a month. The fact that
these men, willing,and anxious to work, are forced into idleness Is an indict
ment; is an economic crime.
“ Force down wages as a way out and you will further curtail our domestic
r
purchasing power; more factories will close because the people haven’t the
money to buy their products, and the present depression will become even
more acute. And the reduction, if it can be forced upon us, will not only
prove a boomerang to the employer but a menace to our economic, financial
and political structure.
“ 1 answer most emphatically ‘yes’ to the question as to whether organized
labor will resist attempts of capital to reduce wages.
“ A few of the reasons why we shall are: Organized labor is not a separate
and distinct species of animal inhabiting this mundane sphere. They are
human, just as you and 1. God placed in their breasts the germ of aspira
tion and imbued them with that natural instinct of self-preservation and the
germ of that instinct cannot be isolated, torn out or annihilated by law or
tyranny.
“ In spite of the old concept of master and slave, there is taking place in
the entire world to-day a revulsion of feeling against that condition of so
ciety which prevents one’s standard of life bearing any relation whatever
to the service rendered society. Instead of being a direct ratio, it is the
inverse ratio to-day.
Refers to the War.
The war proved among other things that the workers are the producers
of all wealth and that it is their service upon which our national strength
and prosperity depends. Why shouldn’t there be some better relation
between the standard of life and the all-essential service they render? Why
shouldn’t they have an ever-increasing share in the product of their toil
and some voice in the determination of the conditions upon which they
sell their labor, without which toil society and civilization would shrivel and
perish ?
W hy, I remember right here in this hotel, before it was entirely finished,
some of the guests declared in amazement: “ What in the world are wo
coming to? Some of the carpenters came to work in their automobiles
and sent out at lunch-time for ice cream.” That is a dangerous concept
of the day among all too many. Automobiles and ice cream are all right
for those who don’t serve society and who produce nothing; but tho toilers
must enjoy none of the good things of life; they must aspire to nothing.
Theirs is only to drudge. This idea is inhuman. Who has the right- to
say: “ You shall have no more than just enough to live on ?”
Is that what society expects the red-blooded American of to-day to be
satisfied with? Should I be mealy-mouthed or apologetic when I demand
for them a little better share day by day in the product of their toil, that
a little light and happiness may be brought into their lives and that they
first may be able to bring decent children into the world, and then be able
to keep them in schools where they may be fitted to take their places as
the future guardians and protectors of our institutions of democracy and
freedom ?
The women know the cost of living has not come down. Instead, with
profiteering unchecked and unrestrained, it is going up, especially rents.
Ninety per cent of the homes in the United States were built before the
war, but the exorbitant rents gouged out of the tenants by profiteering and
unscrupulous landlords are blamed on the high cost of labor during the war.
J u s t a w e e k p r io r t o t h e m e e t in g o f th e E x e c u t i v e C o u n c il,
M r . G o m p e r s w a s a t t h e I n t e r n a t io n a l C o n v e n t i o n o f C a r m e n
in

T o ro n to .

A d d r e s s in g

t h is

m e e tin g ,

M r.

G om p ers

de

c la r e d :

The day o f the master is gone. It will never return, and we do not want
it. Our day— the day of labor— will come. In the meantime, grit your
teeth and organize together.
W e want no cataclysm either in Canada or in the United States. We
shall work out our destiny slowly, advancing epoch by epoch, bettering
ourselves with the years.
M r . G o m p e r s o n th e s a m e o c c a s io n e x p r e s s e d o p p o s it io n
to p r o p o s a ls t o i m p o r t C h in e s e la b o r , s a y i n g , “ th is c o u n t r y
m u s t b e h e ld in v i o la t e a g a in s t t h e h o r d e s o f t h e O r i e n t .”
S p e a k in g b e fo r e t h e I n t e r n a t io n a l P h o t o -E n g r a v e r s U n i o n
a t T o r o n t o o n A u g . 1 6 M r . G o m p e r s s a id :

The advance of the toiling masses of the Americas shall be triumphant.
We shall advance flaunting our banners in the faces of our enemies. Let
them do their w orst.

REPORT TO SENATE ESTIMATES NUMBER OF UN
EMPLOYED I N U. S. A T 5 , 7 3 5 , 0 0 0 .
The

num ber

of

u n e m p lo y e d

S t a t e s is p u t a t 5 , 7 3 5 , 0 0 0 ,

at

presen t

in a d v ic e s

sen t

in
to

th e

U n ite d

th e S e n a te

on A u g u s t 16 b y U . S . S ecreta ry o f L a b o r J a m e s J . D a v is .
T h e i n f o r m a t io n w a s s u b m i t t e d in r e s p o n s e to a r e s o lu tio n
in t r o d u c e d b y S e n a t o r M c C o r m i c k a n d a d o p t e d b y t h e S e n a t e
o n A u g u s t 5 , a s k in g t h e S e c r e t a r y to a d v is e th e S e n a t e a s to
th e e s t i m a t e d u n e m p lo y m e n t .

S e n a to r M c C o r m ic k

sta te d

t h a t th e r e s o lu tio n w a s o ffe r e d a t t h is t im e “ b e c a u s e o f r e p o r t s
t h a t d u r in g th e m o n t h o f J u ly th e r e w a s a f u r t h e r in c r e a s e
in u n e m p l o y m e n t .”

T h e in q u ir y w a s u n d e r t a k e n b y C o m 

m is s io n e r o f L a b o r S t a t i s t i c s E t h e l b e r t S t e w a r t a t t h e in 
s ta n c e o f S e c r e t a r y o f L a b o r .
S te w a rt,

in

m a n u fa c tu r in g

and

A c c o r d in g t o C o m m is s io n e r
m e c h a n ic a l

in d u s t r ie s

(in 

c lu d in g b u ild in g ) it is e s t im a t e d t h a t th e r e a r e u n e m p lo y e d
to th e n u m b e r o f 3 ,9 0 0 ,0 0 0 ;
tr a n s p o r ta tio n , 8 0 0 ,0 0 0 ;
and

d o m e s t ic

and

in t h e m in in g i n d u s t r y , 2 5 0 . 0 0 0 ;

t r a d e a n d c le ric a l w o r k e r s , 4 5 0 , 0 0 0

person al

s e r v ic e ,

3 3 5 ,0 0 0 .

M c C o r m i c k , c o m m e n t i n g o n t h e r e p ly o f S e c r e t a r y

S en a to r
D a v is ,

s a id :

Secretary Davis, In reply to my resolution, has forVarded to the Senate
an estimate of five and three-quarters of a million unemployed at t his rime

THE CHRONICLE

\ u g , 27 1921.]

The unemployment is progressive. At the present rate oi' progression we
shall have as many unemployed next winter as there were unemployed In
the winter of 1914. There can be no immediate radical cure In the present
economic depression, which Is world-wide and from which some countries
which did not oven enter the great; war are suffering more severely than the
United States. Nevertheless, 1 believe steps can be taken to prevent or
mitigate the actual want and suffering which will touch thousands with the
coming o f cold weather, if nothing is done.
T h e fo llo w in g ia

tho

r e s p o n s e , in p a r t s u b m i t t e d

to

th e

Senate on Aug. 16:
UNITED STATES DEPARTM EN T OF LABOR, BUREAU OF
LABOR STATISTICS.
Washington, Aug. 12 1921.
Report on Unemployment.
On Aug. 6 1921 tho United States Senate passed Senate resolution 120.
as follows:
“ Resolved. That the Secretary of Labor be, and he hereby Is, directed
immediately to advise the Senate as to the estimated unemployment, in
the several States, including the number of men, of ex-service men, and
of women estimated to bo unemployed.”
Responding to the requirements of the above resolution the best esti
mate that can be made from available sources of information is that there
are at present 5,735,000 persons unemployed in the United States. Those
figures relate to the differences In the number o f employees carried on
pay rolls July 1921, as compared with the peak of employment in 1920.
Figures of the unemployed by industries are:
Manufacturing & mechanical industries (inch building trades).-3,900,000
Mining____________________________________________ - _________ 250,000
800,000
Transportation_____________________________________
Trade and clerical workers----------------------------------------------------------- 450,000
Domestic and personal service_________________________________ 335,000
Total______________________________________ _____ ____ ______ 5,735,000
No estimates can be given as to the number of ox-servico men unem
ployed, as the reports covering pay roll data do not segregate them. The
same applies to women workers.
This total must be accepted, o f course, as an estimate. It is practically
impossible to get exact figures o f persons out of work except by an actual
count upon a given date, which is, o f course, prohibitive by reason of its
cost. The Department o f Labor through the United States Employment
Service in Jan. 1921 estimated that there were 3,473,446 less workers
employed in Jan. 1921 than in Jan. 1920, and that this was a reduction of
36.9%. For the succeeding six months between January and July 1921
the number of names on the pay rolls covered by that service decreased
7.3%. There was a decrease of 1.1% between June and July 1921. This
reduction, added to the estimate of unemployment for Jan. 1921 indicates,
3,906,450 less workers employed in industry in July 1921 than in Jan. 1920.
The reports o f the United States Employment Service cover the principal
manufacturing and mechanical industries, including building trades. They
do not, however, cover all manufacturing, nor do they cover the great
groups of agriculture, mining, transportation, trade, public service, profes
sional service, domestic service, or clerical work. The best estimate that
can be secured at this time indicates that there are 160,000 coal miners
out of work. This does not include many others who have only part-time
employment. In iron and copper mining and other mineral extracting there
is much slack work. A conservative estimate of the unemployed in the
mining group taken as a whole is 250.000, as compared with 15 or 18 months
ago. In transportation a conservative estimate of the unemployed as a
whole is 800,000; of this number 700,000 are unemployed railroad workers.
It is not possible to make an estimate o f the unemployment among the wage
and low-salaried workers in the public service or in professional service.
The total of 5.735.000 must, of course, be accepted as a rough estimate.
In consideration of these figures certain conditions must be kept in
mind: First, they refer to the change in number of persons employed
between the peak of operations in 1920 and the present time, ignoring what
ever of unemployment there may have been in the spring of 1920; second,
that the employment was far above normal in the spring of 1920, industries
bid for workers, wives, daughters, and boys who were not accustomed
to work for wages took up gainful work through economic nec&ssity or be
cause of the tempting wages offered. Therefore the present recession in
employment may mean not entirely unemployment for regular workers,
but in addition a return o f many persons from gainful work back to nongainful home work or schools.
Women's Work.
In this connection attention is called to the fact that many thousands
of women and girls were called into the factories and munition plants during
the war. A large percentage of these were not formerly among the factory
and industrial workers of the country. In large part these women workers
were retained or returned to industry in the peak o f manufacturing activity
in March and April 1920, and when the slump came they were released.
They returned to their homes, thus swelling the volume of reduction of
numbers of wage workers on pay rolls, but not to the same extent the volume
of those seeking employment. In other words, while it is impossible to
give the relation between male and female workers dropped from the pay
rolls of manufacturing industries, it is known that a very large percentage
of the women were dropped, and that of the women so dropped a consider
able number did not enter the army of the unemployed as it is generally
understood, but returned to school and non-gainful home work.
Distribution by Slates.
It is impossible to make any distribution o f the unemployed by States
for any industry outside of the factories. The figures for unemployment
in the building trades, transportation trades, mechanical workers, domestic,
and personal service can not be distributed by States upon any basis avail
able in this Bureau. For factory workers alone, however, some basis is
provided by the New York State Industrial Commission. In June 1921
the “ Labor Market Bulletin” o f New York indicated that tho number’
of factory workers employed in that State in May 1921 was at least 400,000
less than in March 1920. Because of further reductions as shown by that
report in May and June there were in June approximately 423.700 (since
the preparation of this report the New York State index number for July
has been rocei reel showing a decrease of 2% in employment in July as against
June; this would increase the New York factory unemployment to 447,400
persons; factory workers unemployed in New York that had been employed
in March 1920.
According to the United States Census of 1914, the numbor of wage
earners■ the factories of New York State consituted 15% of the wage
in
'earners in factories in the United States. Assuming that New York is
repre ,'jntatfve, this would Indicate that in the factories of tho United States
the decrease, in the number of workers between March 1920 and June 1921
was 2,826.000 These figures must be understood as applying to the
changes bei //cen March 1920 and June 1921 and not to the entire industrial
population, and a relating only to wage earners in factories as distinct

1109

from wage earners in all lines of Irul is try. With this restriction in view
and assuming 2.825,000 fewer factory workers in the United States In .Tun
1921 than in March 1920, ami as urn iig this number distributed in proportion to the number of wage earners u factories In the Hiatus In 1914, the
following table of distribution by Slat es I;; submitted for what it i worth;
New England Stales
South Atlantic States
M aine
_ . 32,982 Delaware
06
Now Hampshire
__ 31,715 Maryland
44,800
V erm ont
13,130 Ilistrlct of <lolumbfa
3,604
M assacli usotts
. _ 243,582 Virginia.
41,281
R hode Island
45,539 West Virginia
28,637
C on necticu t _________
90,842 North Carolina
64,041
Middle Atlantic Stales—
•South Carolina
28,873
N ew Y o r k -______
424,716 G eorgia-_____
41,940
N ew Jersey.
... 149,998 Florida
.
22,326
Pennsylvania
371,166
W e s t S ou th Central Sla tes —■
East North Central Stales—
Arkansas _
164 H
__ ..........
Ohio
204,033 Louisiana___
31.181
Indiana
7
1
Oklahoma7.003
Illinois
________________ 203,531 Texas_____________
30,053
M ich iga n ____________
108,839
M o u n t a i n States —
W isconsin
78,01.': Montana________
........
5,502
Idaho
West North Central States—
.........
3,581
M innesota__________________
37,272 W yom in g____
........
1,200
I o w a ._________
25,339 Colorado
_________ ____
10.952
M is s o u r i___________________
61,099 Now M exico___ _ r ____
1,516
N orth D a k o ta _____________
1,315 Arizona____________ ____
2,769
South D a k o ta ______________
1,521 U ta h ___________
____
5,578
N ebraska___________________
10,095 Nevada
_____ .
1,467
K ansas_____________________
16,565
P a c ific States —
East South Centra l Stales—
Washington _______ _____
26,98
K e n tu c k y __________________
25,930 Oregon __.......
____
11,57
Tennessee__________________
29,860 California_____
56,00
A la b a m a ___________________
M ississip p i________________

31,6 04
18,750

T o ta l..
__ _____2,825.000
The State Industrial Commission of New York has a continuous repor
on the number of persons employed in the factories of that State covering
the period from June 1914 to the present time. The New York Commis
sion uses the number of the pay roll in Juno 1914 as their base, or the 100
point, in calculating their index number or ratio. It is believed that a
reproduction of this index for New York would be valuable in this place,
and it is therefore given below:
Number of Persons Employed in Factories in New York Stale.
1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921.
January __
92
108
121
121
113
123
93
February _
94
111
121
123
112
122
94
M a rch ___
94
111
123
124
111
95
125
April. _ __
115
121
95
123
111
124
94
May
97
113
120
142
123
110
92
June.
___1Q0
98
113
119
123
110
121
90
J u ly ______ — 97
97
112
118
125
113
121
88.5
A u g u s t_
_
92
96
113
116
122
115
118
September. — 96
117
101
118
122
116
117
October __
102
117
117
95
120
115
115
November.
93
106
120
121
120
118
118
December _. . . 92
108
122
122
119
122
100
3Average. _ *95
_

98

114

120

122

113

118

* Average for seven months.
The United States Bureau of Labor Statistics since Jan. 1915 has compiled
reports on volume of employment in 13 industries. In the work of this
Bureau Jan. 1916 is taken as the base or as 100. This index down to and
including July 1921 is herewith presented, and^indicates unmistakably
the trend in employment.
General Index— 13 Industries.
Consolidating the index numbers of the preceding table from Jan. 1920
to July 1921 the following general index is obtained. In the computation
of this general index the several industries are weighted according to the
number of wage earners employed therein. In using this consolidated
ndjex it must be remembered that it is based on only 13 industries
January 1916______ 100 July 1920__________ 100 February 1921____ 80
January 1920______ 106 August 1920----------- 100 March 1921_________ 80
February 1920_____ 106 September 1920_____ 97 April 1921__________ 80
March 1920________ 107 October 1920________ 94 May 1921-................ 81
April 1920_________ 108 November 1920_____ 89 June 1921__________ 82
May 1920_________ 108 December 1920______ 83 July 1921____________82
June 1920_________ 108 January 1921_______ 74
So far as these industries collectively are concerned, the peak of employ
ment was reached in April 1920, and the lowest point in Jan. 1921, with
an increase from Jan. to July of 8 points. The decrease from April 1920
to July 1921 was 24%.
As indicative of the local and sporadic variations in employment, hence
of course in unemployment, I quote here two paragraphs from the July
report of the Department of Labor, United States Employment Service,
announcing the results of the industrial surveys for the month ending
July 31 1921.
“ Out of the 65 cities, 27 report employment increases during July over
June, with percentages of increase as follows: Denver, Colo., 16.5%
Portland, Ore., 14.7%; Brockton, Mass., 12.6%; Lawrence, Mass 11.5%;
St. Paul, Minn., 9.4% ; Memphis, Tenn., 8.4% : Buffalo, N. Y ., 6.34%;
Detroit, M ich., 6.07%; Milwaukee. Wis., 5% ; Niagara Kails, N. Y ., 4.08%;
Manchester, N . H., 3 35%; Richmond Va., 3.05%; Kansas City, M o.,
3.01%; Los Angeles, Calif., 2.97%; Syracuse, N . Y ., 2.34%; Seattle,
Wash., 2.3% ; Flint, Mich., 2% ; New Orleans, La., 1.8%; Albary and
Schenectady, N. Y., 1.5%; Bayonne, N . J., 1.3%: Dayton, Ohio, 1.3%;
Sioux City, Iowa, 1.19%; New Bedford, Mass., 0.75%; Minneapolis, Minn.,
0.7% ; Lowell, Mass., '0.58%; Philadelphia, Pa., 0.18%; and Springfield,
Mass., 0 .0 /% .
“ Thirty-eight cities report employment decreases during July over
June, the percentages of decrease being as follows: Youngstown, Ohio,
22.8%; Chattanooga, r enn., 15.6%; Yonkers, N . Y., 12.8%’ Indianapolis
\
Ind., 10.6%; Grand Rapids, Mich., 8.7%; San Francisco, Calif., 8.46%;
Toledo, Ohio, 8.2%; Camden, N . J., 7.5% ; Cincinnati, Ohio, 7.5%; Perth
Amboy, N. J..,7.3% ; Bridgeport, Conn., 7% ; St. Louis, M o., 6.9% ; Cleve
land, Ohio, 6.6% ; Birmingham, Ala., 6.5% ' Pittsburgh, Pa., 5.9% ; Kansas
City, Kans., 5.57%: Newark, N . J., 5.2% ; Trenton, N . J., 4 5% ; Provi
dence, It. I., 4% ; Peoria, 111., 3.9% ; Johnstown, Pa., 3.8% ; New Haven,
Conn., 3.3% ; Worcester, Mass., 3.27%; Boston, Mass., 2.58%; Columbus,
Ohio, 1.7% ; Baltimore, M d., 1.6%; Louisville, Ky. 1.6%: Wat.erbury,
Conn., 1.5%; New y ork, N . Y ., 1.32 % ; Jersey Ch,y, N . J., 1.2%; Paterson,
N . J., 1.18%; Reading, Pa., 1.05%; Rochester, N . Y ., 1.4% ; Chicago. I

THE CHRONICLE

910
Omaha

Neb

iJ.lN1 PussaU
'*;

N

J., 0.01 % , aad Pall Riv

[ V ol . 113

ADMI NI STRATI ON' S RAILROAD FUNDING BILL
PASSED BY HOUSE.

[6 is to be regretted that no other Abate lias seen fit to keep as general
1 close a tab on he volume of employment as has been the case in she
.
Lie of Ni '-v \ nrk •ud equally regrettable Hiat lack of funds availably for
'
? use o f the United Abates Department o f Labor h a s not enabled us to
lire oiUn i iii •
iioiU the rj-opm U n n I th e States or by direct investigation
in the DepartfiiLnt in tho^e NcaLes that are not wi ll equipped for such
vice iii ouipi lyim at survey for the entire country equal to that which
i.-) made in Hie H vie of Sew York
i
L must be noted, however, that the
i poropriutLets fur (ho State Industrial Com mission o f New York enable
it to give to its work a wider scope and more accuracy o f detail than is
possible elsewhere. It should be noted that tne appropriation for 1920
it to give to Its work a wider scope and more accuracy of detail Clan is
of the Industrial Commission of New York was $1,549,100, which is nearly
as much as the entire appropriation for the United States Department of
Labor during the same year, if we omit the appropriation for the Bureau
of Immigration. Respectfully submitted.
ETHELBE RT STE Y A R T , Commissioner of Labor Statistics.
V

Tiu* W in s lo w r a ilr o a d f u n d i n g b i l l , p r e s s e d fo r e n a c t m e n t
b y P r e s id e n t H a r d i n g , w a s p a s s e d b y th e H o u s e o n A u g . 2 2
b y a v o te o f 2 1 4 to 1 2 0 .

reon.ss w a s t a k e n o n th e 2 6 t h h i s t . w i t h o u t a c t i o n o n th e b ill
b y th a t b o d y .

A f a v o r a b le r e p o r t o il t h e W in s lo w

OF LABOR URGES Til AT

NATI ON' S CREDIT BE USED TO RELIEVE
UNE MP L OYMENT .
The
L abor,

E x e c u tiv e
m e e t in g

('o u n o il
at

C om m erce

on

Aug.

19,

presen t

an

w eek.

The

m easu re

a u t h o r iz e s

th e

W ar

F in a n c e

0 0 0 , a c c e p t e d b y th e R a ilr o a d A d m i n i s t r a t i o n fr o m c a r r ie r s
for

’ a d d it io n s

and

b e tte rm e n ts

d u r in g

F ederal

c o n t r o l.

th e s a le w o u ld b e u s e d to m a k e f i n a l

se t t l e m e n t w it h th e r a ilr o a d s f o r t h e a m o u n t o w e d t h e m
th e

G o v e rn m e n t.
th a t

th e

The

C o m m itte e

D ir e c t o r -G e n e r a l

in

of

r e p o r t in g

R a ilr o a d s

th e

by
bill

“ s h o u ld

be

F e d e r a t io n

of

a b le to f i n a lly s e t t le a ll l i a b i lit y o f th e G o v e r n m e n t a r is in g

C ity ,

is s u e d

sta tem e n t

on

o u t o f F e d e r a l c o n t r o l w i t h o u t f u r t h e r d ir e c t a p p r o p r i a t i o n ."

a

U n d e r a p r o v is io n

in t h e

b ill n o fu r t h e r c la im s a re t o

be

p e r m i t t e d b y c a r r ie r s w i t h w h o m fin a l s e t t l e m e n t h a s b e e n

w h ic h , it d e c la r e d , “ is n e a r in g a

m a d e a n d th e r e is ct s e c t io n w h ic h s t i p u la t e s t h a t “ n o p a y 

“ T h e t im e h a s p a s s e d fo r m e r e p h r a s e -

m e n t s o n a llo w a n c e s s h a ll b e m a d e to a n y c a r r ie r o n a c c o u n t

t o r e lie v e

m a k i n g , " th e s t a t e m e n t a d d e d ; “ th e t im e is h e re fo r a c t i o n . "

of

th e

s o -c a lle d

in e ffic ie n c y

F e d e r a l c o n t r o l ."

An

Considered from every point o f view, no one question of the many per
plexing questions pressing for settlement is more urgent o f immediate
solution than that o f unemployment.
Despite the numerous and in many instances unwarrantable demands for
production and more production on the part of labor, the fact remains that
the cause of unemployment is due to nou-production on the part of employ
ers and the constant and persistent efforts being made to lessen the ability
o f the great mass of our people, the wage earners of our land, to purchase
commodities and necessities o f life.
If production is to be enhanced t he consumption ability o f the people must
be enlarged. It has been demonstrated that reducing wages does not in
crease production.
As a matter o f fact, the recent campaign for the reduction o f wages has
not reflected itself proportionately in the lowering of prices. On the con
trary. we find prices and the cost o f living increasing. What it has accom
plished has been to create a lack o f confidence in our productive processes.
Every reduction in wages has only increased the desire to withhold produc
tion in the hope and belief that still further reductions of wages will take
place.
In the interests of the millions of wage earners that are unemployed and
the increasing additional millions of those dependent upon the wage earners
for their livelihood the Executive Council demands that both our State and
Federal Governments immediately concern themselves with putting into
operation the processes o f production for public improvements of building,
roads, &c., and to use the credit of the country for the encouragement of
productive processes.
The unemp’oymeut situation in our land is nearing a dangerous crisis.
The time has passed for mere phrase-making. The time is here for action.
Following false economic principles, reducing the purchasing power of the
wage earners, throwing our industrial order into hostile camps, do not
make for confidence and stability in our productive processes.
It is time that the industrial, commercial aud financial interests of our
land turn from their pathway o f prejudice, hatred aud selfishness and follow
the course o f humanity and avoid the black clouds of destitution that are
shadowing so many peoples in other lands.

s e c t io n

in

T h e E x e c u t i v e C o u n c il a ls o is s u e d a s t a t e m e n t o n A u g . 25,*
f r o m w h ic h , it a p p e a r s , a d iff e r e n t v i e w o f t h e w a ? e q u e s t io n
is t a k e n n o w b y th e l a b o r u n io n s t h a n h a d p r e v i o u s ly b e e n
T h e s t a t e m e n t is s u e d b y th e E x e c u t i v e C o u n c il s a id

t h a t u n d e r th e p r e s e n t s y s t e m o f in d u s t r ia l m a n a g e m e n t it
h a d b e e n f o u n d a lm o s t im p o s s ib le to f i n d a m e t h o d o f w a v e
m e a s u r e m e n t s “ r e la t in g s t a n d a r d s o f li v i n g to s o c ia l u s e fu l
n e s s o r p r o d u c t io n s e n d e e . "
T h e s t a t e m e n t s a id in p a r t :

The Am ercau trade movement believes that the lives of the working
people should be made better w'th each passing day and year. The prac
tice of f :x'ng wages solely on a bass of the cost of I V ng \s a violation of sound
economic theory and ;s utterly without log’c or sc'entT c support of auy
kind. What we f ’nd as a result of practice, so far as it has gone, is that
there is a coustaut tendency under it to class'fy human beings and to
standardze classes, each class hav;ng a presumtwe right* to a g‘ven quan
tity o f various commod ties. It is not d fficult to understand that the
ultT
mate development of such a poVc$v must be ridiculous and fantastic,
in fact, it already has become so in many cases.
There are but two avenues leading to permanent Irgher standards of
liv'ng, for our people as a whole. One of these's the dTxn'nat’on of waste,
either in the form of management or of undue explo:tat;on and profiteering.
The other is increased p rod u ctV ty . Both must be traveled simultaneously.
The necess'ty and des'rab'Tty of constantly improving standards of life
and lV n g compel labor to manifest a deep and intelligent interest in man
agement, to the end that the reward for more effective effort may not be
diverted into non-productive channels, or in other words, into the pockets
of those who contribute noth'ng toward production.

NOMINATION OF F. I. COX A S MEMBER OF INTER
STATE COMMERCE COMMISSION CONFIRMED
BY SENATE.
c o n fir m e d

on

Aug.

23

th e

F r e d e r ic k I . C o x to b e a m e m b e r o f th e
m erce

th e n

C o r p o r a tio n t o m a r k e t s e c u r itie s to th e e x t e n t o f $ 5 0 0 , 0 0 0 , -

T h e s t a t e m e n t in p a r t fo llo w s :

S en a te

w as

th e

u n e m p lo y m e n t s i t u a t i o n ,

The

in te n tio n

A m e r ic a n

th e e n c o u r a g e m e n t o f p r o d u c t iv e p r o c e s s e s /'

h e ld .

th e

n o u n c e d to p u s h th e b ill fo r p a s s a g e in th e H o u s e e a r ly t h e

sta te d

A u g , 2 5 , u r g in g t h a t th e c r e d it o f th e c o u n t r y b e u s e d “ fo r

d a n g e r o u s c r i s i s ."

and

th e

of

A t la n t ic

b ill w a s

a d o p te d by th e H o u se C o m m it te e o n In te r -S ta te a n d F o r e ig n

F u n d s r e a liz e d f r o m

AMERICAN FEDEl

T h e A d m i n i s t r a t i o n ’ s b ill h a d b e e n

r e p o r t e d t o th e S e n a t e o n th e 1 9 t h h i s t ., b u t t h e C o n g r e s s io n a l

C o m m is s io n .

The

a p p o in t m e n t

n o m in a t io n

of

I n t e r -S t a t e C o m 

w a s r e fe r r e d

o u r issu e o f J u ly 3 0 , p a g e 4 8 9 , a n d A u g . 2 0 , p a g e 8 0 5 .

to

in

w as m ad e

o f la b o r d u r in g

th e

p e r io d

of

u n s u c c e s s fu l e f f o r t t o e lim in a t e th is
th e

H ou se

on

th e 2 2 d

i n s t .,

R ep re

s e n t a t i v e W e b s t e r o f W a s h i n g t o n ( R e p u b l i c a n ) h a v i n g o f fe r e d
a n a m e n d m e n t t o s t r ik e o u t t h is s e c t io n .
w a s r e je c t e d b y a v o t e o f 1 4 1 t o 1 7 .

T h e am endm ent

R e p r e s e n ta tiv e W e b s t e r

a l s o .so u g h t (lik e w is e u n s u c c e s s fu lly )

to h a v e s tr ic k e n o u t a

p r o v i s i o n s t i p u la t i n g that: n o f u n d s s h a ll b e u s e d in m a k i n g
s e ttle m e n ts

w ith

c a r r ie r s w h ic h

do

not

“ fo r e v e r b a r s u c h

c a r r ie r s f r o m s e t t in g u p a n y f u r t h e r c la i m , r ig h t o r d e m a n d
o f a n y k in d o r c h a r a c t e r a g a in s t th e U n i t e d S t a t e s g r o w in g
o u t o f , o r c o n n e c t e d w i t h t h e p o s s e s s io n , u se o r o p e r a t io n o f
s ueh

c a r r ie r s '

p r o p e r ty

by

p e r io d o f F e d e r a l c o n t r o l . "

th e

U n ite d

S ta te s

d u r in g

th e

T h i s p r o v is io n w a s in s e r t e d in

th e b ill w h ile in C o m m i t t e e a t th e in s t a n c e o f R e p r e s e n t a t i v e
H och of K an sas.

A l l m o t i o n s t o a m e n d th e b ill in i m p o r t a n t

p a r t ic u la r s w e r e d e f e a t e d j n t h e H o u s e , a n d th e m e a s u re a s
p a s s e d , e x c e p t f o r a f e w m i n o r c h a n g e s , is in t h e f o r m

in

w h ic h i t w a s r e p o r t e d t o t h e H o u s e .
T h e a m e n d m e n t p r o v id in g t h a t “ n o p a y m e n t s o r a l l o w a n c e s s h a ll b e m a d e a n y c a r rie r o n a c c o u n t o f th e s o -c a l l e d
in e ffic ie n c y o f la b o r d u r in g

th e p e r io d

of Federal c o n tr o l"

w a s a d o p t e d b e fo r e th e b ill w a s r e p o r t e d o u t o f c o m m i t t e e
on

th e

H ou se

2 0th
on

in s t.

th e

D u r in g

22d

th e

m easu re.

d e b a te

R e p r e s e n ta tiv e s

J o h n s o n o f M is s is s ip p i a n d
\ Y u th ~ R e p r e s e n ta tiv e

th e

on

th e

R aybu rn

b ill
of

in

th e

T exas,

H u d d le s t o n o f A l a b a m a , a lo n g

W e b ste r,

R e p r e s e n t a t iv e

v o ic e d

th e ir

M o n d e ll,

o p p o s itio n

R e p u b li c a n

to

le a d e r

o f th e H o u s e , h o w e v e r , d e c la r e d t h a t th e e n a c t m e n t o f th e
b ill w o u ld d o m o r e t h a n a n y t h in g e lse “ t o h a s t e n t h e dav_
w h e n ” t r a n s p o r t a t io n

ra te s

can

be

r e d u c e d ."

R ep resen 

t a t i v e D e n i s o n , w h ile s p e a k in g a t le n g th in f a v o r o f th e b ill,
a g r e e d w i t h R e p r e s e n t a t iv e W e b s t e r t h a t th e p r o v is io n
d e n y in g c la im s o n a c c o u n t o f s o -c a lle d in e ffic ie n c y o f la b o r
h a d n o p r o p e r p la c e in th e b ill.
R e p r e s e n t a t iv e D e n is o n
g a v e th e r e a s o n s fo r h is o b je c t io n s a s fo llo w s :
I f w e pass the bill w ith that provision in it, let m e show y o u briefly what
sort o f a ridiculous position w e are going to be placed in. T h e railroads, if
th ey insist u pon this cla im , can go to the Court, o f C laim s and present, their
ev id en ce and h ave the m atter a d ju d icated . W h en the cou rt fin ally d eter
mines the question it will determ ine w hether this is a p rop er, legitim ate
cla im under the eviden ce and under th e principles o f law ap p licable t o the
fa c ts o r t o the con tracts. I f the cou rt should h old th at it is a p rop er claim ,
th en w e w ou ld be in the p osition o f h avin g the Suprem e C ou rt hold th at the
G overnm ent, ow es a certain a m ou n t t o the railroads, and o f h aving C ongress
pass an A c t w h ich says th at w e shall n ever p ay it.
I n s o m e g e n e r a l o b s e r v a t io n s w h ic h h e m a d e r e la t iv e t o
th e b ill R e p r e s e n t a t iv e D e n is o n s a id :
One o f th e purposes o f this bill is to give th e President au th ority t o sell
and the W ar Finance C orp oration a u th ority to b u y these securities t o the
extent o f $500,000,090, if n ecessary.

Now, to the extent that such securities as the President now has on hand,
namely the $470,5t>0.05f), may be sold by him and converted into cash,
to that, extent cash will be immediately provided for the Railroad Adminis
tration with which to continue making settlements with the remaining
railroads and paying to the railroads the various amounts which the Gov
ernment owes them under their contracts and under the provisions of t he
transportation act; and to the same extent will it thereby become unneces
sary for Congress to provide such funds by direct appropriations from the
Treasury.
In other words, the Railroad Administration now has on hand sufficient
railroad securities which are now frozen aud therefore non-a vailabto but
which, if they could be sold and converted into cash, would provide the
Railroad Administration with sufficient funds to complete its settlements
with the remaining railroads and close all the accounts of the Railroad
Administration without the necessity of an additional appropriation b>
Congress. To accomplish that purpose this blit author!/.oshe Yhvsidetu

A tMi.. '21 1921.]

THE CHRONICLE

t<» ... It ancl the War’ Finance (Corporation to 'buy these H
OCui’ll)Ioh at a, price
to net tho President. their full par value to the extent o f .*$500,000,000.
V it m atter o f fact Micro will he no nocOHsity for tho sale o f more than enough
o f those securities to realize .*$200,000,000 or $300*000,000, for that will ho
enough v.o settle with all Mm remaining roads.
it. has been stated to the Com m ittee by M r. Mc\\ or Diverting Manager of
the W ar Finance Corporation, that with tho funds which t he corporal Ion
now has on deposit in tho United States Treasury, amounting to Homed),mg
over .*$100,000,000, and with such other funds as It may ho able to raise
through the sal© o f its bonds, if necessary, the War Finance Corporation
wilt ho able to absorb these securities now hold by tho President or most of
them, and dispose o f them in the markets o f the country at such a price as
will realize to tho President tho face value o f the securities and to the cor
poration their face value plus the cost o f selling them. It was further
stated to the Com m ittee by the Directing M anager o f the Corporation
that this could be done without material interference with tho obligation''
and duties o f tho W ar Finance Corporation under the different acts o f
Congress providing for the aid o f the Corporation in agricult ural and
export activities.
This bill w ill accomplish (throe important things.
First. It will enable the President to dispose o f at least part of the railroad
securities which he has received or will receive from the railroads and which
would otherwise be left in his possession as a result o f tho Federal control
o f the railroads.
Second. It will provide the Railroad Administratian with immediate
funds necessary to com plete the settlements between the Governm ent and
the railroads and pay the railroads the amount which the Government owes
them without additional appropriations by Congress.
Third. B y furnishing the funds for tho Railroad Administration to make
settlements with the railroad! and pay them the amount due them under
their contracts and under the law', it will place into tho hands o f the rail
roads m oney which they are now sorely in need o f and which will ('liable them
t-o meet their current obligations, reopen their shops, and repair their equip
ment which is to a large extent in bad order, and afford em ploym ent for
many thousands o f laborers which the railroads have been com pelled to
let- o ff because o f lack o f funds and general depreciation in business.
Seventeen per cent, o f the freight cars o f the country are reported to bo
in bad order. N orm ally there should not be over 3 % in bad order. The
railroads have suspended even necessary expenditures in the maintenance
o f their ways and their equipment. T hey have laid o ff thousands and
thousands o f their men because o f lack o f funds. I believe the Government
has contributed to som e extent at least in this condition because of its
failure to com plete its settlem ents with the railroads and pay them the
am ount that it justly owes them under their contracts with the Governm ent
and under tho provisions o f the Transportation A ct. The M anaging
Director o f the W ar Finance Corporation. M r. M eyer, and the D irectorGeneral o f the Railroads, M r. D avis, both testified before the Com m ittee
that if this bill was.passed and funds were thereby provided for the Railroad
Administration which w'ould enable the Governm ent to settle with the
railroads and pay them the m oney due them for com pensation, which is now
being withheld from them and which w ill have to be credited on the fundable indebtedness o f the railroads to the Governm ent instead o f being paid
in cash, as it should be under the law, the railroads could meet their overdue
obligations for materials and supplies, and could immediately reduce the
number o f out-of-repair cars, their undermaintenance o f equipment and
way, and afford em ploym ent for m any thousands o f men that are now
unemployed, and thereby bring about a better industrial condition all over
the country. If this is true, and I think it is, then this legislation will be of
material assistance to the railroads themselves at a tim e when they need
assistance and wall be o f material assistance to the industries o f the cou n try ,
whose prosperity is so closely related to the prosperity o f the railroads.
I wish to say that this bill does not give to the railroads anything to
which they are not now b y law entitled.
It does not change any o f the
provisions o f the contracts between the railroads and the Government or
any o f the provisions o f the transportation act with reference to the amounts
to which the railroads shall be entitled in making settlement with the
Governm ent.
It obviates the necessity, in m y judgm ent, o f an early appropriation of
funds from the Federal Treasury to enable the Railroad Administration to
continue its settlements w ith the railroads, and it enables the President to
carry out the provisions o f Section 207 o f the Transportation A ct under
which he is authorized to use his discretion in allowing a set-off o f the
am ount which the Government o wes the railroads against the amount which
the railroads ow e the Governm ent for betterments and improvmeehts,
in so far as he should think wise.
I think, M r. Chairman, that this is a very important bill; that it will
accomplish a great deal o f good for the reasons stated, and that it ought to
be enacted into law as early as possible.
In this connection I desire to make a few* general observations with
reference to Governm ent control and operation o f the railroads and what it
has cost the taxpayers o f the country. The follow ing amounts have been
appropriated by Congress to carry out the provisions o f the Federal control
and transporattion acts:
In the Federal control act o f M arch 21 1918, there was—
A p p r o p r ia t e d ___________________ ______________________________
8500,000,000
In th e a c t o f June 30 1919_____________________________ _____
750,000,000
In t h e T r a n s p o r ta tio n A c t o f Feb. 28 1920_
_______
200,000,000
In the A et o f M ay 8 1920_____________
___________
300,000,000
Total amount appropriated thus far for the R R . A d m ____81,750,000,000
There has also been appropriated for a revolving fund to be used by the
Inter-State Com m erce Commission in making loans to the railroads under
Section 210 o f the Transportation A ct and for the payment o f judgm ents,
and so forth, $300,000,000.
There has also been made in the Transportation A ct o f Feb. 28 1920,
a general appropriation o f such amount as m ay be necessary to enable
the Governm ent to meet its obligations and carry out its guaranty o f the
standard return for the guaranty period o f six months after the termination
o f Federal control as provided in Section 209 o f the Transportation A ct.
It is not known definitely what this guaranty will cost the Government,
but it is now estimated by the Inter-State Commerce Commission that the
guaranty for the six m onths’ period following the termination o f Federal
control will am ount to 8000,000,000. T h e Inter-State Commerce Com 
mission has already paid to the railroads 8430,000,000 in liquidation o f the
Governm ent's obligations under the guaranty provision o f the act, leaving
a balance yet to be paid to the railroads under the guaranty clause o f tho
act o f approximately $170,000,000.
Assuming that the estimated amount that will be required to meet th e
G overnm ent’s operations under the guaranty provision o f the Transporta
tion A ct, 8000,000,000, is approximately correct, the total appropriation
for aJI railroad purposes thus far will stand as follows:
For the Railroad Administration
__
.
_ $1,750,000,000
For the Inter State Commerce Commission revolving fund
300,000,000
For tho Inter-State Commerce Commission guaranty fund
000.000.000
-I

$2,650,000 (

<>11

N'oa whafchan b ecom e or what will Iu. m p<< ! in in m* ;i ..m ou n t
<
o f money which < ongresn hos found it near if.ary to appropriate ou t o f the
public irea- nry in order to meet Re obligation;, r e . ng out, o f the taking
over o f 1In- railroad i and their operation during
.!«> month . o f Federal
control .’
\s nearly as <a,n In; ascertain* <. from tip* < ompi rolJ< : o f the
1
Railroad Administration at this time tin* folk, ii*' i> ;n approximate
stii.1 einont o f f ie- account
During the 26 m ou th s o f Federal control tin; Gov* aiim ni
sustained an actual loss in operating the first-class railroads, being tho excess o f operating * '• penw« - and rental*
over operating revenues, o f
.$677,513,151 56

During the same period the Government ns(.ained an
actual loss in operating the smaller railroads, sleeping
and refrigerator car Hugh, and steamship lines, being tin
excess o f operat ing expenses and rental > over operating
revenues

During the s,tinc period the Governm ent sustained an
actual loss o f operating the inland waterways o f
.

2,449,738 09

Total actual loss In operation$722,974,019 01
Expenses o f administration o f central and regional organizat ion
13,951,979 09
Deficit in the operating expenses o f tho American Railway
_______________
___ _____
38,111,741 00
Express C o _____
Loss in the adjustment o f materials and supplies in settle
ment with railroad companies on account o f increased
prices____________ ______________________________ _______- 85,204,018 20
Amount duo the railroads as net interest accruals on
deferred compensation on open accounts, and on addi
tions and betterments under the provisions o f .the trans
portation a ct____________________________________________ 37,558,162 01
Total losses sustained by the Governm ent during the
period o f Federal control___________________________ ____ 912.815,611 91
Deducting from this loss the amount earned b y the Railroad
Administration from certain sources not connected with
the operation o f the roads, being_________________________
12,336,855 35
leaves a total net loss sustained by the Government in the
operation o f the railroads during the period o f Federal
control, 'being the excess o f operating expenses and
rentals over operating revenues, o f_______________________ 900,478,756 .56
This was the estimate o f the actual operating loss o f the railroads made
b y Director General Hines to the House Com m ittee on Appropriations in
April 1920. T o this estimate there must be added certain losses which were
omitted by Director General Hines in his estimate and which Director
General Davis is at this tim e able to estimate with some degree o f accuracy.
There are certain claims o f the short-line railroads for compensation and
claims growing out o f the M innesota forest fire losses and for lap-over
losses and damages, personal injury cases, ordinary fire losses, inland
waterway claims, all o f which constitute general expenses o f the Railroad
Administration and represent losses that will finally result to the Govern
ment because o f Federal control. These aggregate an estimated amount
o f $100,000,000.
T o this there must be added a loss resulting from compensation due non
contract roads in excess o f the standard return, under maintenance o f way,
structure and equipment, fire losses o f carriers’ property, additions and
betterments made solely for war purposes, the aggregate amount o f which
is estimated to be an additional $100,000,000.
These estimates o f loss added to those already given make the total Joss
o f the Government in operating the railroads during Federal control amount
to at least $1,100,000,000. Adding to this am ount the amount which will
be paid to the railroads by the Inter-Stare Com m erce Commission under the
guaranty provision o f the Transportation A ct, $600,000,000 makes the
total amount o f actual loss that has been and will be sustained b y the
Government in connection w ith the Government operation o f the railroads
o f $1,700,000,000. 1 have just stated that the total appropriations which
have been made by Congress for all purposes in connection with the admin
istration o f the railroads amounts to $2,650,000,000, including $300,000,000
revolving fund appropriated for the use o f the Inter-State Commerce Com 
mission in making loans to the railroads. I am informed b y the Inter-State
Commerce Commission that o f this $300,000,000, $40,000,000 has been
sec aside for the use o f the Railroad Administration to pay judgments and
so forth, in accordance with the provisions o f Section 210 o f the Trans
portation A ct.
Deducting this $40,000,000, which has been allocated to the Railroad
Administration for paying judgments, from the $300,000,000 leaves a
balance o f $260,000,000, which constitutes the real revolving fund in the
hands o f the Inter-State Commerce Commission from which to make loans
to the railroads. I am informed that o f this $260,000,000 the Inter-State
Commerce Commission has already loaned to the railroads $215,000,000,
leaving a balance in their hands o f $45,000,000, which has already been
committed so that there is now, or soon will be, loaned to the railroads b y
the Inter-State Com m erce Commission the sum o f $260,000,000. Under
Section 210 o f the Transportation A ct these loans cannot run for longer than,
five years and must bear 6 % interest. Assuming that all o f the loans
made from this revolving fund will be amply secured and will be paid o f f
at m aturity, then that part o f the revolving fund used for the loans amount
ing to $260,000,000 will be covered back into the Treasury.
Therefore, deducting the $260,000,000 from th e total appropriations
leaves a balance o f $2,390,004),000, which represents the total amount that
will have been appropriated and not covered back into the Treasury. If
we deduct from tho total net appropriations $2,390,000,000 the total
operating losses which the Government has sustained in the operation
o f the roads and in tho fulfillment o f its obligations under the guaranty
provision o f the transportation act, namely $1,700,000,'000. there will be
remaining o f the total appropriations the sum o f $690,000,000, which will
or ought to represent the amount o f railroad securities, exclusive o f the loans
made from the revolving fund, that the President wiil or ought to have on
hand after he has com pleted his settlements with all o f the railroads and the
accounts have been closed.
This $690,000,000 in railroad securities will be in the form o f equipment
trust certificates, promissory notes, and bonds. T o the extent that these
securities m ay be converted into cash by tho W ar Finance Corporation
under the provisions o f the pending bill, and not used by the Railroad
Administration in the settlement o f its accounts' With the railroads, they will
bo in the Treasury in tho form o f cash. I f not converted into cash by the
War Finance .Corporation under tho provisions o f the pending act, they
will bo in the form o f railroad securities which will have to be returned be
the President into tho Treasury o f the United States or otherwise liquidated
as Congress may hereafter provide..
If this $690,000,000 in railroad securities which the Government will hold
should prove to be good and is ultimately collected or converted into cash
and the proceeds covered into the Treasury, tho total amount appropriated
for all purposes connected with flv 1operation o f tho railroads and unused
by the Government win thereby bo reduced from $2,390,000,000, as
heretofore stated, u, $ 1,7 0 0 ,0 0 0 ,0 0 0 , which will represent, as L have ex-

ill*

THIS CHRONICLE

plained. Che total Luoseb sustained by the Government for all purpose** in
connection with the Government operation and control of the railroads.
If any part of this $690,000,000 of railroad securities should hereafter
prove to be worthless then the total losses of the Government just stated,
namely, $1,700,000.000, will be increased by tliat amount, whatever it
may be
So Mr Chairman, the best estimate that i could arrive at from the
figures furnished by the Director General of Railroads is that the total
losses sustained by the Government in connection with its taking over and
operating t he railroads during the 26 months o f Federal control will amount
to $1,700,000,f 00; and my personal opinion is that when all of the accounts
are finally closed and settlement is finally made with all tiie railroads, and
when all of the Government’s railroad securities are finally liquidated, it
will be found that the amount of losses sustained will be much more than
that amount.
1 am of the opinion that the Government will sustain some considerable
l osses in the liquidation of these railroad securities and that ultimately the
total losses of the Government from all sources resulting from Government
operation of the railroads will amount to a total of about $2.000,000,000.
This is a staggering amount, it must be paid by the people by taxation.
Some will say that it is one of the fruits o f war. Others will say that it is
the price o f a stupendous blunder. Still others will say it is largely the
result of bad judgment, bad management, extravagance, and disregard of
the public interests for political or other reasons. All of us ought to agree,
i t seems to me. that this miserable experience or experiment in Government
operation of the railroads is convincing and conclusive proof that a Govern
ment like ours cannot wisely and economically operate a great business like
the railroad business. If these fatal results of this 26 months’ trial shall
serve to deter the American people from ever again venturing upon the
policy of government ownership and operation of the railroads, maybe,
after all, the money we have lost will have been well spent.

During the debate on the bill Senator Rayburn said:

[ V ol .

113

to accomplish in an orderly, proper, decent way through Congress. They
approached by the regularly appointed legislative channels step by step,
and finally it came to a point where the Chairman of the Committee, with
the ideas on paper which these two departments said were necessary to be
embodied in legislation, undertook to make a bill. This he did with the
help of the legislative bill drafting organization which this House h
avS
created. The whole proceedings have been orderly. The President
has jammed nothing down anybody’s throat, but he, being a President,
who has respect for law and legislative order, sent the bill up here in the
way I have described to you, and now we have it here.
The proposition before us is a simple one when you come to understand it.
it is rather complex if it becomes necessary to bear the fragmentary con
tributions of a lot of persons who do not appear to know anything about It.
It is far from me as a matter of propriety and dignity to attack in any way
any member of the Committee of which 1 am Chairman. Rut 1 must
congratulate the last speaker on the Democratic side of the House, my good
friend—and 1 admit it gladly on the fact that, being the most consistent
: peaker on the Democratic side, with the possible exception of the accuracy
of the fairy tale which he related, he was always wrong on this bill— never
once right. And If anybody had drawn a conclusion from what he said, all
that it is necessary to do is to reverse that conclusion and he will land in the
right boat.
Now. here Is the conclusion. I must rush over It, and I am sorry for
that. The railroads will be helped by this legislation, passed through the
instrlumentality of the skilled and experienced service of the Railway
Administrator and the Director of the War Finance Corporation.
Tho Lust administration established the Corporation. It did a fine job
and rendered a fine profit for the benefit of the Treasury. They helped
not only railroads, but cotton and agriculture and street railways and
manufacturing concerns in the country. They helped them to export,
and they were of great good all around, and nobody denies it. Now, they
are asked to come in again. They have been reestablished for the purpose
of doing something or other of this kind, and under their functions, in
consequence of legislation which has been passed within a few days and
will be passed within a few hours, they can reach out and help send cotton
to tho Liverpool market. They can help to hold it there, so that tho
British public, which has not tho means to import subject to call, can
pick it up in little lots at a time, thereby making a market for the cotton
we have on hand and a market for what is to come, and they can do tho same
for agriculture, and they propose to do it. They can do the same for man
ufacturing Industries all over this country. They are not out to help lame
ducks, but they are out to help untie good strong industrial animals that
happened to be fettered in some way or other and that need help for a little
time. That is what they are for, and that is what we expect to accomplish
through this legislation. It is beyond my understanding how anybody
can have the nerve to stand here, if he knows better, and say that this is
a loan to the railroads. If he does not know better, which I think Is gen
erally the rule, we must be sorry for him, but we must not vote on such
sympathies. We propose to take the money which belongs to the War
Finance Corporation. It is their money on deposit, whether It Is to their
credit in the Treasury of the United States or in any bank in this land, and
it is subject to their draft under their owT regulations, just as much as the
n
money of any of these millionaires whom I see before me and is subject to
draft on any bank In which it may be deposited.

During the consideration o f the Federal control Act I opposed the pro
vision extending the Government operation to five years after the war
closed.
I said then that if the Government controlled the railroads
five years after the war was over we would be so enmeshed w th the rail
roads they would owe us so much and we would owe them so much that
never would we be able to get out of Government control, and It would
mean permanent Government ownership. Yet the gentlemen who bring
in this measure to put the railroads into the debt of the Government $500,000,000 more are the very men who are talking the loudest against the
Government ownership. Let us see what Government control of railroads
cost this Government.
We have appropriated out o f the Treasury of the United States the
following amounts to support the Railroad Administration. When we
passed the Federal control Act we appropriated $500.000.000; on June 30
1919 we appropriated $750,000,000; on Feb. 8 1920 we appropriated $200,000,000*. on M ay 8 1920 we appropriated the sum of $300,000,000. making
a total of $1.750,000.000 that this bitter lesson in Government control of
railroads cost us. Now, they claim that it will take $200,000,000 more
of a direct appropriation out of the Treasury of the United States in order
to clear up this matter. Let us see where we are. They say that the
railroads need this money and must have it at once. We have paid to
the railroads $420,000,000 o f the guaranty under the six months after
In another item we publish a letter which former DirectorFederal control. We owe them $180,000,000 more: It is my opinion
they will get that money within the next few months. The Director- General of Railroads McAdoo addressed to Senator Stanley
General says he can clear up all the accounts we owe to the railroads for regarding the claims of the railroads.
$349,000,000. The railroad companies will file against the Government of
the United States for all purposes claims amounting to $1,108,000,000, in
the opinion of the Director-General.
W . G. M c A D O O I N O P P O S I T I O N T O A D M I N I S T R A 

Senator Johnson in his remarks said:
The gentleman who preceded me said in his speech that the DirectorGeneral stated that he could settle the claims for $349,000,000 more. If
you gentlemen will read the testimony given before our Committee you will
find that the Director-General did not say that he could settle all the claims
for $349,000,000 more, but he said that he had $149,000,000 on hand, now.
and that it would take S200.C00.000 more to be appropriated by Congress
in order to settle the claims; that there would be some revenue coming into
the Railroad Administration from the railroads for interest on the $310,000,000 worth of trust certificates held by the Administration, and some other
revenue which he was unable to itemize, all of which he expected to use
with the $349,000,000 in adjusting the claims of the rialroads.
Upn a careful reading of the testimony given before the Committee by
Director-General Davis you can readily see that he did not claim that he
could settle these claims entirely with the $349,000,000; in fact, he ad
mitted that he did not know just how much we owed the railroads, neither
did he know how much the railroads owed us, because there had been no
complete accounting. In response to my question he said that he did not
know, niether did any one else know, whether the $349,000,000 would settle
the claims of the railroads by that he hoped it would
Gentlemen of the House, when I asked in Committee that the Treasurer
of the United States and the Secretary of the Treasury and members of the
Inter-State Commerce Commission be summoned to appear before the
Committee and give testimony in order that we might learn the truth about
this bill, and elicit from those gentlemen such information as would enable
us to intelligently vote upon the bill, the Chairman of the Committee (Mr.
Winslow) refused the request. In fact, the people of the country were
not represented.
Director-General Davis, who was supposed to represent the Government,
i n my opinion was the most valuable Aian the railroads could have selected
to go before our Committee. He not only argued the case for the rail
roads, but when asked by me regarding freight rates he said that in his
opinion the rates were not too high. To all fair-minded people this last
statement of Mr. Davis’s ought to cause his other testimony to be dis
counted, because we all know that freight rates are outrageously high and
the people can not tolerate it much longer.

We also quote from the 1 Congressional Record’ ’ of Aug. 22
4
the following statement by Representative Winslow:
M r. Chairman, you have been told the history of this bill by one who
apparently knows nothing about it. I want to tell you its real historyThe President o f the United States carried on negotiations not alone through
his representative, the Railway Administrator, but by himself directly with
railroad representatives, and he came to the conclusioh that there was
something which should be done which he could help do. Why should he
not? What is he there for?
He sent word to the Chairman of the Committee on Intor-State and
Foreign Commerce that he wanted to talk over with him a matter which
he regarded as of importance, and which would come under the jurisdiction
of that Committee. The outcome of the interview was the coming of a
delegation to two men representing the President, one the Director of the
War Finance Corporation and the othor the Director of the Rairload
Administration. They set forth in behalf of the President what they wanted

T IO N 'S

R AILRO AD

FU N D IN G

BILL.

The statement that the United States is not 4
‘morally
and legally bound to fund” the $763,000,000 of debt the
railroads owe the Treasury for 4
‘additions and betterments,”
is made in a letter which former Director-General of Railroads
William G. McAdoo has addressed to Senator Stanley (Dem
ocrat) of Kentucky. The letter was introduced in the Sen
ate proceedings on Aug. 24 by Senator Stanley, who was one
of a coterie of Senators favoring the calling of Mr. MoAdoo
before the Senate Inter-State Commerce Committee during
the hearings of the latter on the Administration’s funding
bill. A motion to have M r. McAdoo appear before the
Committee to give “ expert tertimony,” had been offered in
committee on the 16th inst. by Senator Pittman (Democrat)
of Nevada, but was defeated by a vote of 7 to 3, Senators
Pittman, Stanley and La Follette (Republican) of Wisconsin
supporting it. Senator La Follette has been one of the strong
opponents of the measure; when the committee on the 16th
inst., by a vote of 6 to 4, closed the hearings on the bill and
proceeded with its consideration, Senator La Follette voted
with those who favored hearing additional witnesses; on the
19th inst. ho gave notice that he would move to recommit the
bill.
M r. McAdoo’s letter was in reply to one from Senator
Stanley referring to the motion to call the former before the
committee. Senator Stanley in his letter said:
August 17 1921.
lion William G. McAdoo, 43 Exchange Place, New York, X . Y.:
Mu Dear Mr. McAdoo:— I voice the sentiment of many of my colleagues
in this request for a statement of your views of the Townsend Bill just
reported by the Senate Committee on Inter-State Commerce, so amending
the War Finance Corporation Act, the Federal control act. the Transporta
tion act of 1920, and the act providing for the reimbursement to the United
States for motive power, cars, etc., approved Nov. 19 1919, as to make it
possible, among other things, for the President to sell to the War Finance
Corporation at prices at which they were acquired, an aggregate of not
exceeding $500,000,000 of securities now held by tho Secretar y of tho Treas
ury agaiust loans made to the principal railroads of the country and further
providing for the sale of bonds, notes and other securities not purchased by
tho corporation at the request of the President.
Your long service as Secretary of the Treasury and Director General of
Railroads in the most delicate and eventful period of the country's histor>
particularly qualifies you to interpret this bill
\t a meeting of the Com
mittee on Inter-State Commerce yesterday. Senator Pittman moved that

Vuu. 2 7 1 9 2 1 .]

THE CHRONICLE

you bo invited to appear before the 'Committee, then considering this
measure. The motion was defeated by a vote o f 7 to 3, Mena,tor La Kolletto
and m yself voting with Sonator Pittman. If not trespassing too much
upon your valuable tim e, 1 shall appreciate a statement o f your opinion
o f the propriety o f the enactment o f the ponding'measure and any sugges
tions you may deem helpful or constructive.
Y o u r s tr u ly ,
A.

O.

STANLEY.

Th© following is M r. M oAdoo’s reply:
43 Exchange I'lacc,

N ew

York, August 18 1021.

N on . A . O. Stanley, United States Senate Washing ton, D. C. \

M y Dear S e n a to r :— Replying to your letter o f the 17th instant—
hi order to understand the proposals o f the President in his message
o f July 26 on the railroad problem It is necessary to keep In mind certain
fund amen tal f a d s .
The break down o f the railroads in the latter part o f 1017 forced the
Government to take control o f them Jan. I 1918, In order to save the war.
Im mediate consideration had to be given to the Important problem of
providing for the customary “ additions and betterm ents,” including “ m o
tive power and equipm ent,” which the carriers had been obliged to furnish
each year during private operation.
These necessitate large annual expenditures which had to be provided
for by the railroads themselves notwithstanding the fact that the Govern
ment was temporarily operating the properties.
Under private control the railroads procured the money for these pur
poses by—
(a) Setting aside a part o f their net earnings, if sufficient for the purpose;
or
(b) Appropriating a part o f their not earnings and selling bonds or new
capital stock, or both, for the remainder; or
(c) Selling bonds or capital stock, or both, for the entire amount.
The usual practice was to resort in large measure to the sale o f bonds
(short term obligations included) to raise the new money.
The United States was under no obligation whatever to advance money
for such capital expenditures. In fact, the Federal control act approved
M arch 21 1918, expressly required that in every agreement between the
United States and the railroads it should be stipulated that “ the United
States m ay, by deductions from the just compensation (rental to be paid
the railroads) or by other proper means and charges, be reimbursed for the
cost o f any additions, repairs, renewals, and betterments to such property
(railroad property) not justly chargeable to the United States.
In pursuance o f this act the D irector General entered into agreements—
known as the standard contract— with various railroads providing for
annual rental or compensation to the carriers equal to the average o f the
net earnings o f the three best years o f their history, namely, from July 1
1914 to June 30 1917. These rentals aggregated, for all properties under
Federal control, approximately S940.000.000 per annum.
In these contracts (Sec. 7) it was expressly agreed that the United States
should have the right to deduct from such rentals “ all amounts required to
reimburse the United States for the cost o f additions and betterments made
to the property o f the com pany not justly chargeable to the United States,
unless such matters, are financed or otherwise taken care o f by the company
to the satisfaction o f the D irector General. “ The Director General agreed,
however, not to deduct for additions and betterments in such a way as to
prevent the railroads from paying the fixed charges “ they had theretofore
regularly p a id .”
After sufficient allowance for such fixed charges the D irector General
was free to deduct each year from the rentals due the railroads the amounts
advanced for “ additions and betterm ents,” even if such deductions should
compel the railroads to reduce or defer dividends on capital stock, unless,
o f course, the railroads financed such “ additions and betterments** to his
satisfaction.
In order however, to relieve railroad stockholders o f apprehension as to
how this power would be exercised, the Director-General consented to the
following provision (Sec. 7-A, Standard Contract):
“ The power to deduct the amount due b y the com pany for the cost o f
additions and betterments not justly chargeable to the United States
is further declared to be an emergency power to be used by the Director
General only when he finds that no other reasonable means is provided
b y the com pany to reimburse the United States, and, as contemplated by
the President's proclam ation and by the Federal control act, it will be the
policy o f the Director General to so use such power o f deduction as not to
interrupt unnecessarily the regular paym ent o f dividends as made by the
com pany during the test period.”
This provision imposed no obligation whatever on the D irector General
as he could not go beyond the power conferred upon him by law. It was a
mere declaration o f policy.
W h ile I w as D ir e c t o r G e n e ra l— y e a r 1918— a n d W a lk e r D . H in e s w a s
D ir e c to r G e n e ra l— J a n u a r y 1919 to M a r c h 1920— t h e ra ilro a d s w e r e n o t
re q u ired t o p a y fo r “ a d d itio n s a n d b e t t e r m e n t s ” o u t o f th e ren ta l d u e th e m
a t t h e ex p e n se o f d iv id e n d s , n or t o sell b o n d s o r s t o c k as t h e y h a d th e r e t o 
fo r e d o n e , t o re im b u rs e th e G o v e r n m e n t fo r th e s e e x p e n d itu r e s . T h e co s t
o f s u ch “ a d d itio n s a n d b e t t e r m e n t s ” w a s g e n e r o u s ly a d v a n c e d b y the
U n ite d S ta tes so th a t o n M a r c h 1 1920, w hen t h e ra ilr o a d s w e r e r e tu r n e d to
p r iv a t e c o n t r o l, t h e y o w e d — a n d still o w e — t h e U n ite d S ta te s t h e e n o rm o u s
su m o f S I , 144,000,000T h e s e “ a d d itio n s a n d b e tte r m e n ts ” in c lu d e “ m o t iv e
p o w e r a n d e q u ip m e n t.”
T h e s e e x p e n d itu r e s w e r e nob fo r c e d u p o n t h e
ra ilroa d s.
T h e ra ilroa d s n e e d e d th e m a n d w e r e g la d t o h a v e th e G o v e r n 
m e n t lend th e m t h e m o n e y a t 6 % w h ic h w a s less th an th e m a r k e t ra te .
C o n g re s s h a d t o a p p r o p r ia t e th is $ 1 ,1 4 4 ,0 0 0 ,0 0 0 o u t o f ta x e s lev ied o n th e
p e o p le , a n d th e s e v e r y a p p r o p r ia tio n s fo r loan s t o t h e ra ilro a d s h a v e b een
u sed b y u n fr ie n d ly cr it ic s as a b a s is fo r th e ch a rg e th a t F ed era l c o n tr o l w as
w a ste fu l o f G o v e r n m e n t m o n e y , w h erea s t h e d e b t th e ra ilro a d s o w e th e
G o v e r n m e n t o n th is a c c o u n t is a v a lu a b le a s s e t if th o s e c h a rg e d w ith t h e
e x e c u tio n o f th e law In sist u p o n s a tis fa c to r y s e c u r ity , as th e law req u ires.
O f this v a s t d e b t t h e U nited S ta te s h a s a lr e a d y e x te n d e d , fo r a lo n g p e r io d ,
th e tim e fb r p a y m e n t o f 3 3 8 1 ,0 0 0 ,0 0 0 , r e p r e se n tin g new “ lo c o m o t iv e s a n d
c a r s ” fu r n is h e d t o th e ra ilroa d s. T h is lea v es n ow d u e f o r “ a d d itio n s a n d
b e tte r m e n ts ” th e su m o f a p p r o x im a te ly $ 7 6 3 ,0 0 0 ,0 0 0 .

February 28 1920, Congress enacted the ‘ ‘Transportation A ct” providing
for the return <»f the railroads to private control on March 1 1920, and gave
the President In substance, discretion within certain limitations to set o ff
against the debt the railroads owe the United States any indebtedness,
arising out o f Federal control, that the United States, might be found to
owe the railroads.
That a /t further provides that “ any remaining indebtedness o f the carrier
to the United States in respect to such additions and betterments shall, at the
request o f the carrier, be funded for a period o f JO years from the termination
o f Federal control, or a shorter period at the option o f the carrier, with
interest at 6 % per annum and upon such security as the President in his
discretion rnay prescribe. ”
While it is true that the Transportation A ct seems to confer upon the
President discretion to determine, within certain limitations, how much of
the debt the United States owes the railroads m ay be sot o ff against the

.........................................................

013
1

IM1VIH

U M :i«;

, t

I,lie;

ni'lj

U O O H

HOI

c o n te m p la te th a t n o n e o f th e d e b t o f th e U nited S ta te s sh all lie set o ff;
b u t on t h e c o n t r a r y , a ssu m es th a t it w ill b o b e ca u s e in ex p ress u rmn J
i
p r o v id e s fo r fu n d in g o n ly “ th e rem ain in g In d eb ted n ess o f th e ca rrie r to th e
U nited S ta te s ,“
A t a n y ra te. Jt is in d u b ita b ly clea r th a t u n d er th e law
and th e c o n tr a c t b e tw e e n th e p a rtie s th e U n ited S ta tes in n ot “ m orally and
legally b o u n d to f u n d ,” as s ta te d b y th e P resid en t In hi m o age, th e 3 7 6 3 ,
0 0 0 ,0 0 0 o f d e b t th e ra ilroad : o w e t h e T r e a s u r y fo r “ a d d itio n , and b e tte r 
m en ts.'* T h e P r e sid e n t m u st h a v e been m isled In to m a k in g .m i, a state,
m en t.
All th a t th e U n ited S ta tes Is re q u ire d t o d o , legally and m o ra lly , 1 to
fu n d fo r 10 y ea rs “ a n y re m a in in g In d eb ted n ess o f th e ca rrie rs to th e U nited
S ta te s " a fte r a b a la n cin g o f a c c o u n ts .
Up to J u ly J5 1920, th e ra ilroa d s h a d file d w ith th e D ir e c to r G e n e r a l
co u n te rcla im s a g a in st th e U n ited S ta tes a g g re g a tin g $768 0 0 0 .0 0 0 .
D i
r e c to r G en era l D a v is sa y s th a t t h e g r e a te r p a rt o f th ese cla im s is fo r u n der
m a in ten a n ce o f w a y , s t r u c tu r e s , and e q u ip m e n t, and th a t fro m 70 to 7 6 %
o f th a t p a r t is fo r alleged “ in e ffic ie n c y o f la b o r .”
T h e D ir e c to r G en era l
ch a ra cte r iz e s th e se “ In e ffic ie n c y o f la b o r " cla im s as “ o f a to o h ig h ly In
d e fin ite , s p e c u la tiv e and c o n tin g e n t ch a r a c te r to w a rra n t c o n s id e r a tio n ,”
and s ta te s t h a t th e y a re n o t co n te m p la te d b y th e “ sta n d a rd c o n t r a c t ,” and
th a t h e has re fu se d t o a llo w th e m .
T h e In te r -S ta te C o m m e r c e C o m 
m ission h as in a re c e n t d e c is io n , u p h e ld th e p o sitio n o f t h e D ir e c t o r G en era l.
T h e P r e s id e n t in h is m e ssa g e s u g g e s ts th a t th e cla im s o f t h e ra ilroa d s
a ga in st th e U n ite d S ta te s m a y a m o u n t to $ 5 0 0 ,0 0 0 ,0 0 0 .
I t is d iffic u lt
to c o n c e iv e th a t th e ju s t cla im s o f th e ra ilro a d s a g a in st th e U n ited S ta te s
ca n a p p r o a c h a n y s u c h s u m .
B u t a ssu m in g , fo r illu s tra tio n , th a t th e y
m a y . th e a c c o u n t m a y b e ro u g h ly s ta te d as fo llo w s :
D u e th e U n ited S ta te s b y th e r a ilr o a d s _______________________ $ 7 6 3 ,0 0 0 ,0 0 0
D u e th e ra ilro a d s, a c c o u n t o f a lle g e d u n d e r m a in te n a n c e _ _ 5 0 0 ,0 0 0 ,0 0 0
B a la n c e d u e U n ite d S ta te s ___ _______________________ ________ $ 2 6 3 ,0 0 0 ,0 0 0
P a y m e n t o f th is b a la n c e t h e G o v e r n m e n t w o u ld h a v e t o d e fe r fo r 10 y ea rs
a t 6 % in terest o n th e r e q u e s t o f th e ca rrie r, p r o v id e d s e cu rity s a tis fa c to r y
to th e P r e s id e n t is g iv e n .
T h is is t h e k in d o f s e ttle m e n t th e law n o w a u 
th o riz e s a n d co n te m p la te s .
S u ch a s e ttle m e n t in v o lv e s “ n o a d d e d e x p en se,
no a d d e d in v e stm e n t, n o a d d e d lia b ility , n o a d d e d ta x b u r d e n , a n d n o
a d d e d a p p r o p r ia tio n .
I t in v o lv e s o n ly th e risk o f loss in w a itin g 10 y ea rs
fo r th e re m a in d e r, n a m e ly , $ 2 6 3 ,0 0 0 ,0 0 0 , w h en th e s e c u r ity rnay n o t b e
g o o d , b u t th is risk t h e E s c h -O u m m in s bill h as a lr e a d y fa s te n e d o n th e
ta x p a y e rs, a n d it c a n n o t b o a v o id e d .
B u t th e P r e s id e n t p r o p o s e s a new p la n , n a m e ly , t o d e fe r fo r 10 y e a rs
a t 6 % in te re st th e e n tire $ 7 6 3 ,0 0 0 ,0 0 0 d u e b y th e c a rr ie r s t o th e U nited
S ta tes a n d t o p a y t o t h e ca rriers in ca sh $ 5 0 0 ,0 0 0 ,0 0 0 for a lleg ed u n d e r
m a in ten a n ce cla im s, if t h a t b e th e a m o u n t fin a lly d e te r m in e d .
The
P resid en t a ssu res u s th a t th is in v o lv e s (1) “ n o a d d e d in v e s t m e n t ,” (2) “ n o
a d d e d lia b ility , (3) “ n o a d d e d tax b u r d e n .”
C le a rly h e is m ista k en .
(1) T h e re is an “ a d d e d in v e s t m e n t” o f th e t a x p a y e r s ’ m o n e y a m o u n tin g
to $ 5 0 0 ,0 0 0 ,0 0 0 , b e ca u se in stea d o f o ffs e ttin g o r ca n ce lin g $ 5 0 0 ,0 0 0 w ith
an eq u a l a m o u n t o f th e d e b t th e ra ilroa d s o w e th e U n ite d S ta tes t h e T r e a s 
u r y w ill h a v e t o p a y th e ra ilroa d s $ 5 0 0 ,0 0 0 ,0 0 0 o f n ew m o n e y .
(2) T h e r e is an “ a d d e d lia b ility ” o f $ 5 0 0 ,0 0 0 ,0 0 0 , b e c a u s e th e T r e a s u r y
m u s t c o n tin u e t o len d th a t s u m t o t h e ra ilro a d s, s o m e w ith g o o d a n d so m e
w ith p o o r cr e d it a n d a large loss m a y fin a lly re su lt.
T h u s i f th e U n ite d
S ta tes n o w ca n ce ls $ 5 0 0 ,0 0 0 ,0 0 0 w ith a p a r t o f t h e d e b t th e ra ilroa d s
o w e it at least t o th e e x te n t o f $ 5 0 0 ,0 0 0 ,0 0 0 th e c h a n c e o f loss o r lia b ilit y
w ill b e r e m o v e d .
(3 ) T h e r e w ill b e a n “ a d d e d ta x b u r d e n ” u n less the- a d v a n c e s a n d all
in te re st th e r e o n a re fin a lly re p a id b y th e ra ilro a d s, b e ca u s e th e re is n o
w as’ fo r th e U n ite d S ta tes t o g e t $ 5 0 0 ,0 0 0 ,0 0 0 fo r t h e ra ilro a d s e x c e p t b y
ta x a tio n , u n less it b o r r o w s o n T r e a s u r y ce r tific a te s o f in d e b te d n e s s — t h e
sa m e th in g , b e ca u s e th e s e m u s t b e p a id u ltim a te ly o u t o f ta x a tio n .
B u t th e P re sid e n t s a y s let t h e a u t h o r it y o f t h e W a r F in a n c e C o r p o r a tio n
b e e x te n d e d “ so th a t it m a y p u rch a se th e s e ra ilw a y fu n d in g s e cu ritie s ”
a n d th e r e b y a v o id th e n e c e s s ity o f “ a d d e d a p p r o p r ia t io n .”
T h is d o e s n o t a lte r th e s itu a tio n , b e ca u s e th e W a r F in a n c e C o r p o r a tio n
is m e r e ly a n a g e n c y o r bureau o f th e T r e a s u r y . T h e W a r F in a n c e C o r 
p o r a tio n w ill h a v e t o g e t th e m o n e y fr o m th e T r e a s u r y o r issu e its o w n b o n d s ,
p a r tia lly ta x e x e m p t, a n d sell th e m t o th e p u b lic in c o m p e t it io n w ith
T r e a s u r y fin a n c in g .
In o rd e r t o d o th is, a u t h o r it y m u s t b e b a d fr o m
th e C o n g re ss, a n d th a t is th e p u r p o se o f th e p e n d in g b ill.
T h e $ 4 0 0 ,0 0 0 ,0 0 0
c r e d it w h ich th e W a r F in a n c e C o r p o r a tio n has o n th e b o o k s o f th e T r e a s u ry
is n o t m o n e y . I t is m e r e ly a cr e d it a n d w a s g iv e n fo r s p e c ific p u rp o se s w h ich
d o n o t p e rm it its u se fo r th e ra ilroa d s a n y m o r e th a n an a p p r o p r ia tio n fo r
th e N a v y ca n b e u sed fo r th e ra ilro a d s. T o ca rr y o u t th is p la n , w h eth er
th ro u g h th e W a r F in a n c e C o r p o r a tio n o r th ro u g h th e T r e a s u r y d ir e c t,
in v o lv e s a new a p p r o p r ia t io n .
H o w e v e r th e p la n m a y b e c o n s u m m a te d , w h e th e r th rou g h th e W a r
F in a n c e C o r p o r a tio n o r th rou g h th e T r e a s u ry d ir e ct, it rem ain s cle a r th a t
a new cr e d it o f $ 5 0 0 ,0 0 0 ,0 0 0 is t o b e e x te n d e d t o th e ra ilroa d s fo r a p e rio d
o f 10 y ea rs. W h a te v e r m a y be s a id , it is certa in th a t th e ra ilroa d s s h o u ld
b e re q u ir e d , b e fo r e a n y fu rth e r a d v a n ce s a re m a d e to a b a n d o n th e “ in 
e ffic ie n c y o f la b o r ” cla im s w h ich th e D ir e c to r G en eral d ecla res a re “ t o o
h ig h ly in d e fin ite , s p e c u la tiv e , a n d c o n tin g e n t to w a rra n t c o n s id e r a t io n .”
T h e ra ilroa d s sh o u ld n o t b e a llo w e d t o g e t $ 5 0 0 ,0 0 0 ,0 0 0 m o r e an d rem ain
a t lib e r ty to k e e p th e G o v e r n m e n t in litig a tio n o v e r s u ch im p r o p e r cla im s
fo r an in d e fin ite tim e .
N o r sh o u ld th e G o v e r n m e n t b e fo r c e d t o b u y th e o b lig a tin o s o f th e ra il
ro a d s a t a h ig h er p r ic e th a n th eir m a rk e t v a lu e a t th e tim e .
T h e b ill as
d ra w n o b lig e s th e P r e sid e n t in th e exercise o f th e a u th o r ity g iv e n h im , to
p u rch a se su ch ra ilro a d se cu rities o n a b a sis th a t w ill retu rn n o t t o ex ceed
6 % o n th e in v e stm e n t s u b je c t t o s u ch d is c o u n t as m a y re p resen t th e cu s 
t o m a r y a n d re a so n a b le e x p en se o f m a rk e tin g su ch se cu ritie s.
T h e bill
a lso a u th orizes th e W a r 'F in a n ce C o r p o r a tio n t o p u rch a se th e secu rities
fr o m th e P re sid e n t a t th e sa m e p rices, a n d s o fo r th , an d th en p r o h ib its
said C o r p o r a tio n fr o m sellin g th e secu rities a t less th a n th e origin a l c o s t.
I f th e W a r F in a n ce C o r p o r a tio n is to b e thus u sed as th e m a rk e tin g a g e n c y ,
th en c le a rly th e se cu ritie s sh o u ld b ea r su ch ra te o f in terest as w ill p e rm it
th e m to b e s o ld w ith o u t lo ss .
I f railroad secu rities c a n n o t n o w b e s o ld o n a
6 % basis— a n d I th in k it w ill b e c o n c e d e d th a t th e y c a n n o t b e — th en th e
o b lig a t io n s p u rch a se d b y th e G o v e r n m e n t s h o u ld b e a r a h igh er ra te o r
sh o u ld b e p u rch a se d a t a p rice th a t w ill y ie ld a high en ou g h ra te t o a ttr a c t
in v e sto rs . O th e rw ise , th e U n ited S ta tes m u st eith er c o n tin u e t o h o ld th em
u n til a m a rk e t w h ich will a b s o rb th e m a t 6 % c a n b e fo u n d — a v e r y u n certain
c o n tin g e n c y — o r d isp o se o f th em a t a loss, a loss w h ich on fin a l a n a y ly sis
m u st b o b orn e b y th e ta x p a y e r .
I su p p o se y o u rea lize th a t in a d d itio n t o th e $ 1 ,1 4 4 ,0 0 0 ,0 0 0 , th e ra ilroa d s
o w e th e G o v e r n m e n t fo r “ a d d itio n s a n d b e tte rm e n ts ” th e y h a v e re c e iv e d
a d d itio n a l loa n s u n d e r th e E s c h -C u m m in s bill o f a b o u t $ 3 0 0 ,0 0 0 ,0 0 0 ,
m a k in g a to ta l o f $ 1 ,4 4 4 ,0 0 0 ,0 0 0 .
S tr ip p e d o f c o n fu s in g n o n -essen tia ls, w h a t is n o w p r o p o s e d is th a t th o
G o v e r n m e n t shall w a it 10 years fo r $ 7 6 3 ,0 0 0 ,0 0 0 th e ra ilroad s o w e it fo r
b e tte rm e n ts a n d im p r o v e m e n ts an d p a y im m e d ia te ly $ 5 0 0 ,0 0 0 ,0 0 0 t o th e
ra ilroad s on a c c o u n t o f cla im s fo r a lleg ed u n d e rm a in te n a n ce , e t c ., ta k in g
fr o m th e 180 o r m o r e ra ilroad s in v o lv e d iw ifc h Jih eir v a r y in g d eg rees o f

HU

THE CHRONICLE

rui«i.uci«ai rcb p o iia ib iu ty s u c a abcurititib as th e y m a y b e a t i e to p r o v id e ,
s ecu rities w h ich Ui uiu-uy u ia ta n ces iu a y u o t b e a d e q u a te t o p r o t e c t tL®
G o v e r n m e n t a g a in st lues
'T h ia E u o t a q u e s tio n o f lega l anil m o r a l o b lig a t io n o il tiie p art o f th e
»
U n ited S tates to le a d th e ra ilro a d s $ 5 0 0 ,0 0 0 ,0 0 0 m o r e fo r 10 y e a rs.
I t is
a q u e s tio n o f p o lic y , a n d s h o u ld b e c o n s id e r e d fr o m th a t s ta n d p o in t o n ly .
F o r th e a d o p t io n o f s u c h a p o lic y th e A d m in is tr a tio n m u s t, o f c o u r s e , ta k e
the re s p o n s ib ility , b u t it s h o u ld b e c a n d id a b o u t it.
T h e p u b lic m in d s h o u ld
n ot b e c o n fu s e d b y ju g g lin g o f fig u r e s, m a n ip u la tio n o f a c c o u n ts o r s e c u r i
ties. o r g o v e rn m e n ta l a g e n cie s.
T o g e t th e fa c ts is th e o b je c t o f y o u r
in q u ir y , as it Is e q u a lly th e o b je c t o f m y re p ly .
W ith k in d re g a rd s. I a m . s in c e r e ly , y o u r s,
W . G . M cA D O O

Senator Stanley, who in presenting the letter of Mr,
McAdoo, said:
T h e s o -c a lle d T o w n s e n d B ill i* d o u b ly o b je c t io n a b le .
1 p r o te s t b o t h
a g a in st th e s u b je c t -m a t t e r a n d th e m e th o d s e m p lo y e d t o fo r c e th is th in g
th r o u g h th e F e d e ra l C o n g re s s a n d c o m p e l t h e S e n a te t o a c c e p t it “ sig h t
u n seen . ’ u p o n th e O . K o f th e P r e s id e n t o f th e U n ite d S t a t e s , a n d o f a
few p o w e r fu l a p p o in te e s w ho a lo n e seem t o u n d e r sta n d h is p u r p o s e a n d to
sh a re h is c o n fid e n c e .

Senator Stanley also said:
T h is b ill, o r o n e sim ila r t o it in a ll e s s e n tia ls , w a s d ra w n e n tir e ly b y t h e
C o u n se l f o r th e W a r F in a n ce C o r p o r a t io n . M r . G . C . H e n d e r so n , a n d
d e liv e re d in p e rs o n b y t h e P r e s id e n t o f th e U n ite d S ta te s t o t h e A c tin g
C h a irm a n o f th e C o m m it t e e o n In t e r -S t a t e C o m m e r c e o f t h e S en a te.
U its h earin g s n o m a n w as p e r m itte d t o a p p e a r b e fo r e th e C o m m it t e e
fo r o r a g a in st th is m e a su r e , e x c e p t t h e D ir e c t o r G e n e r a l o f R a ilr o a d s a n d
th e M a n a g in g D ir e c to r o f t h e W a r F in a n c e C o r p o r a t io n , a t w h o s e in s ta n ce
th e p o w e r s o f th is C o r p o r a t io n w e r e in c re a s e d , a n d w h o s e C o u n s e l is th e
s o le a u t h o r o f th is b ill.
T h e P r e s id e n t, a ss u m in g th e G o v e r n m e n t t o b e e n o r m o u s ly in d e b te d
to th e ra ilro a d s , in h is m e s s a g e d e c la r e s “ w e a re m o r a lly a n d le g a lly b o u n d
t o p a y . " it m a y b e $ 6 0 0 ,0 0 0 ,0 0 0 a n d th is b ill w h ich h o p r e s e n ts t o C o n g r e s s
th r o u g h t h e A c t i n g C h a ir m a n o f th e I n t e r -S t a t e C o m m e r c e C o m m itte e
w in c r y s ta lliz e t h a t a s s u m p tio n in t o law .
I a ss e rt h e re a n d n o w , w ith o u t
th e fe a r o f s u c c e s s fu l c o n t r a d ic t io n , t h a t th is b ill p r o p o s e s t o fu n d a d e b t
o f h u n d r e d s o f m illio n s w h ich d o e s n o t e x ist, w h ic h is n o t d u e , a n d w h ic h
c a n n o t b e p a id in th is w a y w ith o u t a fra u d u p o n th e G o v e r n m e n t a n d a n
in to le r a b le b u r d e n u p o n th e ta x p a y e r .
I a ssert th a t u n d e r t h e te r m s o f th e “ s ta n d a r d c o n t r a c t " e n te r e d in to
w ith t h e ra ilro a d s a b a la n c e s t r u c k n o w b e tw e e n t h o in d e b te d n e s s o f th e
ra ilroa d s t o th e G o v e r n m e n t a n d o f th e G o v e r n m e n t t o th e ra ilr o a d s w ill
lea v e t h e ra ilr o a d s a t th is v e r y m o m e n t o w in g t h e F e d e ra l G o v e r n m e n t
o v e r $ 2 0 0 ,0 0 0 ,0 0 0 .
1 a ss e rt t h a t th e fa b u lo u s c la im o f n e a rly $ 8 0 0 ,0 0 0 ,0 0 0
n o w m a d e b y th e ca r r ie r s a g a in st t h e G o v e r n m e n t is c o m p o s e d p r in c ip a lly
o f cla im s f o r “ m a in te n a n c e o f w’a y , ” a n d t h a t f r o m 70 t o 7 5 % o f t h a t c la im
is b a s e d u p o n t h e s o -c a lle d “ i n e ffic ie n c y o f l a b o r ," a cla im r e p u d ia te d b y
th e In te r -S t a te C o m m e r c e C o m m is s io n a n d b y t h e D ir e c t o r G e n e r a l o f
R a ilr o a d s a s s o s p e c u la tiv e a n d c o n tin g e n t in c h a r a c te r a s t o w a r r a n t n o
c o n s id e r a tio n w h a ts o e v e r .
W it h o n e s id e c o n te n d in g th a t th e G o v e r n m e n t is in d e b te d t o t h e rail
ro a d s t o t h e a m o u n t o f h a lf a b illio n d o lla r s, a n d t h e o t h e r s id e a s s t o u t ly
m a in ta in in g t h a t t h e c la im is u n w a r ra n te d a n d t h a t t h e real in d e b te d n e s s
is o n t h e o t h e r s id e o f th e le d g e r t o t h e a m o u n t o f a q u a r t e r o f a b illio n , in
th is s t a t e o f a ffa ir s 1 fe lt, a n d m y D e m o c r a t ic c o lle a g u e s , S e n a to rs P ittm a n
a n d S m ith , fe lt , a s d id S e n a to r L a F o lle t te , t h a t w e w e r e e n title d a n d t h a t
th e c o u n t r y w a s e n title d t o h e a r b o t h s id e s o f th is q u e s tio n ; th a t w ith s u c h a
d iffe r e n c e o f o p in io n e x is tin g b e tw e e n t h e p r e s e n t D ir e c t o r G en e ra l o f
R a ilr o a d s a n d h is p r e d e c e s s o r , e a ch w ith a n o p p o r t u n it y t o k n o w t h e fa c ts ,
s h o u ld h a v e t h e o p p o r t u n it y t o s p e a k t h e t r u t h .
T h e a lleg ed in e ffic ie n c y o f la b o r is d e n o im c e d b y la b o r a s g r a tu ito u s a n d
u n w a r ra n te d , a n d t h e r e p r e s e n ta tiv e s o f la b o r d a y a ft e r d a y c la m o r e d fo r
a n o p p o r t u n it y t o b e h e a r d ; b u t a fte r h e a r in g o n ly th o s e w h o c o n c e iv e d a n d
c r e a t e d th is th in g t h e sea l o f s ile n ce w a s p la c e d u p o n th e lip s o f t h e ex D ir e e t o r G e n e r a l a n d o f all o th e r s wrh o k n e w a n y th in g a b o u t th is c o m p lic a te d
ca s e o f s to c k ju g g le r y , a n d t h e d o o r s w e r e s h u t in t h e fa c e o f la b o r .
U nder
th e circ u m s ta n c e s , I fe lt it m y d u t y t o t h e S e n a te a n d to t h e c o u n t r y t o fin d
s o m e o t h e r m e a n s o f t h r o w in g lig h t u p o n th is d a r k a n d m y s te r io u s s u b je c t ,
a n d g iv in g t o th is b o d y a n d t o t h e p e o p le o f t h e U n ite d S ta te s a n d o p p o r 
t u n it y t o h e a r a n d t o k n o w t h e t r u t h b e fo r e e n a c tin g th is e a r n e s tly u rg e d
b u t d a n g e ro u s a n d ill-c o n s id e r e d m e a su re .

In a minority report on the bill filed on Aug. 24, Senator
Stanley among other things said:
T h is m ea su re , i f e n a c te d , w ill p u t th e G o v e r n m e n t o f th e U n ite d S ta tes
in th e b u sin e ss o f d e a lin g in r a ilr o a d s e cu r itie s . I t w ill p u t th e W a r F in a n c e
C o r p o r a tio n in c o n tr o l o f a n e n o r m o u s m a ss o f r a ilr o a d s e cu r itie s , larger
p r o b a b ly th a n th e h o ld in g s o f a n y p r iv a t e in te r e s t. T h e W a r F in a n c e
C o r p o r a t io n w ill th e r e fo r e b e c o m e a d o m in a n t in flu e n c e o n th e S to c k
E x c h a n g e s th ro u g h its p o w e r to w it h h o ld o r th r o w u p o n th e m a r k e t h u n 
d re d s o f m illio n s o f d o lla r s ’ w o r th o f s e c u r itie s . T h is is n o p a rt o f th e
le g it im a t e fu n c t io n s o f a G o v e r n m e n t, n o r sh o u ld th e c r e d it o f t h e U n ite d
S ta tes b e u sed fo r s u ch a p u r p o s e .
F a r f r o m t a k in g th e G o v e r n m e n t o u t o f b u sin e ss, it w ill in e v ita b ly
in v o lv e i t in th e m o s t s p e c u la tiv e b u sin ess in th e w o r ld — th e m a r k e tin g o f
c o r p o r a te secu ritie s.
U n d e r t h e te rm s o f th is b ill, t h e G o v e r n m e n t w ill a lm o st c e r ta in ly lo se
h u n d re d s o f m illio n s o f d o lla rs in th e p r o p o s e d tr a n s a c tio n s .

THE RAILWAY FUNDING BILL.
[Editorial article in New York “ Tim es,” of Aug. 25].
P r o b a b ly n o b o d y h a s s ta t e d th e ca se a g a in st t h e R a ilw a y F u n d in g bill
b e tte r th a n M r . M c A d o o .
P e r h a p s n o b o d y c a n , fo r n o b o d y k n o w s b e tte r
b o w th e r a ilw a y s fell in t o th e ir s a d c o n d it io n . H e -writes:
S tr ip p e d o f c o n fu s in g n o n -e s s e n tia ls , w h a t is n o w p r o p o s e d is th a t th e
G o v e r n m e n t s h a ll w a it te n y e a rs fo r $ 7 6 3 ,0 0 0 ,0 0 0 t h e r a ilr o a d s o w e i t f o r
b e tte r m e n ts a n d im p r o v e m e n ts a n d p a y im m e d ia te ly $ 5 0 0 ,0 0 0 ,0 0 0 t o th e
a ilr o a d s o n a c c o u n t o f c la im s f o r a lle g e d u n d e r -m a in t e n a n c e , & e.
A c c e p t in g t h a t s ta t e m e n t, it m a y b e a sk e d i f th e re is a n y re a so n w b y th e
G o v e r n m e n t s h o u ld n o t p a y its cu r re n t b ills . N o b o d y fa v o r s th e G o v e r n 
m e n t p a y in g u n ju s t c la im s . I t s h o u ld r e q u ir e th e r a ilw a y s t o p r o v e th a t
th e G o v e r n m e n t fa ile d t o la y 3 0 ,0 0 0 ,0 0 0 ties and 5 0 0 ,0 0 0 to n s o f ra ils, and
n e g le c te d t o re p la c e 2 ,0 0 0 ,0 0 0 c u b ic y a r d s o f b a lla st, o n th e e sta b lish e d
a v e ra g e s o f u p k e e p a c c o r d in g t o r a ilw a y c u s to m . S u ch ite m s a re m a tters
o f fa c t , n o t o f o p in io n , a n d i f th e fa c ts a re e sta b lish e d th e r a ilw a y s sh ou ld
g e t th e ir m o n e y fo r t h w it h , “ s tr ip p e d o f c o n fu s in g n o n -e s s e n tia ls .”
I t m u st
b e p la in t o M r . M c A d o o th a t s u ch e x p e n d itu r e s a re c h a r g e a b le a g a in st
c u r re n t re v e n u e , a nd s h o u ld b e ta k e n c a r e o f fr o m t h e ra te s fix e d b y la w to
p r o v id e fo r b o th m a in te n a n c e a n d re a s o n a b le p r o fits .
O n th e o th e r h a n d , it a ls o is cle a r th a t t h e r a ilr o a d s s h o u ld n o t b e r e q u ir e d
t o o ffs e t s u ch su m s as th e In te r -S ta te C o m m e r c e C o m m is s io n fo r b id s t o

[V ol. 113

be >
-Larged t o cu r re n t ex p en ses a n d m a k es n o a llo w a n c e f o r in th e ra tes,
if * a p ica l a c c o u n ts a n d cu r re n t ex p en ses a re n o t k e p t a p a r t, it is not p o s 
sib le to fix re a so n a b le rates n o r t o say w h eth er th e ro a d s a re m a k in g re a so n 
a b le p r o fits
u w o u ld s eem p la in t o th e p la in e st m a n h i th e s tre e t th a t th e
w eek ly w a ge e n v e lo p e s h o u ld n o t b e e x p e cte d i o p a y fo r th e m o r tg a g e on
th e h o u se , a n d th a t, i f th e h ou se h ail b e e n w ish e d o n t h e b u y e r , th e least
f a v o r s h o w n h im s h o u ld b e o r d in a r y m o r tg a g e te rm s fo r p a y m e n t . T h is
m ay seem w ro n g t o th e fo rm e r S e cre ta ry o f th e T r e a s u r y , b e ca u se th e
T re a su ry k e e p s n o c a p ita l a c c o u n t .
B u t M c A d o o , w h en h e p e rso n a lly
m a n a g e d a p u b lic u t ilit y , fu n d e d its c a p ita l e x p e n d itu re s . T h is w as rig h t.
T h e G o v e r n m e n t ’s b a ck w a rd n e ss in p a y in g its a d m itte d d u e s is a n a d d e d
rea son w h y It s h o u ld p r o m o te th e fu n d in g as a m ea n s o f re lie f t o th e s itu a tio n
w h ich it c r e a t e d .
I f it w ere d o n e , th en ’tw e re w ell it w e re d o n e q u ic k ly .
T h e r a ilw a y s n eeds w ill n ev er b e g rea ter, n or w ill th e G o v e r n m e n t ’s b il l
grow sm a lle r b y d e la y .

ROBERT S. BINKERD IN ANSWER TO W. (L McADOO
ON RAILROAD FUNDING PLAN.
The presentments of former Director-General of Railroads
William G . M cAdoo anent President Harding’s railroad
funding plan has prompted the issuance by Robert S,
Binkerd, Assistant to the Chairman of the Association of
Railway Executives, of a statement in defense of the plan
and the justification of roads in their claims against the
Government. M r. Binkerd, among other things, declares
that “ so far as I have seen, there has boon no attempt to
juggle figures or manipulate accounts and securities or G ov
ernmental agencies.” The following is M r. Binkerd’s
statement relative to M r. M cA d oo’s assertions.
S e c tio n 6 o f th e F e d e ra l C o n t r o l A c t a u th o r iz e d t b o P re s id e n t o f th6
l riited S ta tes to in c u r o n b e h a lf o f th e ra ilro a d s in d e b te d n e s s fo r a d d itio n s
a n d b e tte r m e n ts d o o m e d b y h im n e ce ssa ry . A s s ta te d b y th o D ir e c to r G e n e r a l o f R a ilr o a d s h im se lf: “ T o cr e a t e w ith o u t lim it a n in d e b te d n e s s
t o b o p a id b y o th e rs , is, it m u s t b e a d m it t e d , a m o s t u n u su a l p o w e r a n d ju s 
t ifie d o n ly b y th e e x ig e n cie s o f w a r .”
U n d e r th is p o w e r , th e U n ite d S ta te s R a ilr o a d A d m in is tr a tio n d id s p e n d
o n c a p it a l im p r o v e m e n ts o n th e ra ilro a d s th o su m o f a p p r o x im a te ly $ 1 ,1 4 4 ,0 0 0 ,0 0 0 .
O f th is, a p p r o x im a t e ly $ 3 8 1 ,0 0 0 ,0 0 0 w a s fo r ca rs a n d lo c o m o t iv e s ,
a n d $ 7 6 3 ,0 0 0 ,0 0 0 f o r a d d itio n s a n d b e tte r m e n ts o f all o th e r k in d s .
T h e e x p e n d itu r e s fo r e q u ip m e n t h a v e b e e n p a id p a r tly in ca sh a n d p a r tly
b y a series o f e q u ip m e n t tru s ts , g iv e n b y th e ra ilro a d s t o t h e G o v e r n m e n t.
T h e s e tr u s ts w e re d a te d J a n . 15 1920, a n d o n e -fift e e n t h o f th e m w a s p a id
o n J a n . 15 1921. T h e r e is le ft in q u e s tio n , th e re fo r e , o n ly th o $ 7 6 3 ,0 0 0 ,0 0 0
e x p e n d e d f o r a d d itio n s a n d b e tte r m e n ts o th e r th a n a llo c a te d e q u ip m e n t.
O f th is a m o u n t , a p p r o x im a te ly $ 5 5 ,0 0 0 ,0 0 0 h as a lr e a d y b e e n p a id b y th e
r a ilr o a d c o m p a n ie s , a n d a p p r o x im a t e ly S C I,0 0 0 ,0 0 0 h as a lre a d y b e e n
fu n d e d .
T h e r e is th u s le ft a n e t b a la n c e o f $ 6 4 7 ,0 0 0 ,0 0 0 .
A g a in s t th is d e b t o f th e ra ilro a d s t o th e G o v e r n m e n t f o r c a p ita l e x p e n d i
tu re s I a m a d v is e d t h a t th e D ir e c to r -G e n e r a l o w e s th e ra ilro a d s o n a c c o u n t
o f c o m p e n s a t io n u n d e r th e S ta n d a rd R e tu r n a p p r o x im a t e ly $ 4 5 9 ,0 0 0 ,0 0 0 .
a n d f o r d e p r e c ia tio n a n d p r o p e r t y re tir e d o r d e s t r o y e d d u r in g th e w a r
p e r io d , a p p r o x im a t e ly $ 7 7 2 ,0 0 0 ,0 0 0 .
F r o m th is s h o u ld b e d e d u c te d
a p p r o x im a te ly $ 1 9 6 ,0 0 0 ,0 0 0 d u e t h e G o v e r n m e n t b y t h o ra ilro a d s o n o p e n
a ccou n t.
E n tir e ly a sid e fr o m a n y q u e s tio n o f u n d e r -m a in te n a n ce , th e
G o v e r n m e n t , th e r e fo r e , u n q u e s tio n a b ly o w e s th e ra ilro a d s a p p r o x im a te ly
$ 5 7 6 ,0 0 0 ,0 0 0 o n c la im s a risin g o u t o f th e cu r re n t o p e r a tio n o f th e roacte
d u r in g th e p e r io d o f F e d e ra l c o n t r o l.
O n th e m a tte r o f u n d e r -m a in te n a n ce , ju d g e d b y t h e s ta n d a r d s e sta b lish e d
b y th e ra ilr o a d s th e m s e lv e s d u r in g t h e te st p e r io d , t h e G o v e r n m e n t fa ile d
to m a in ta in th e ir r o a d w a y a n d stru ctu re s a d e q u a te ly b y o v e r 3 0 ,0 0 0 ,0 0 0 tie s,
o v e r 5 0 0 ,0 0 0 t o n s o f n e w ra il, a n d o v e r 2 ,0 0 0 ,0 0 0 to n s o f cr u s h e d r o c k
b a lla s t.
O n th e te r m in a tio n o f F e d e ra l c o n t r o l, th e G o v e r n m e n t a lso tu rn e d
b a c k 2 6 .9 % o f th e lo c o m o t iv e s in b a d o r d e r , a g a in st 1 7 .5 % a t th e b e g in n in g
o f F e d e r a l c o n t r o l, a n e x cess o f o v e r 7 ,5 0 0 lo c o m o t iv e s r e q u ir in g re p a irs.
S im ila r ly , th e G o v e r n m e n t t u r n e d b a c k 6 .5 % o f th e fr e ig h t ca rs in b a d
o r d e r , a g a in st 5 .2 % a t t h e b e g in n in g o f F e d e ra l c o n t r o l, m a k in g a n excess
o f o v e r 3 0 ,0 0 0 fr e ig h t ca rs in n e e d o f re p a ir.
T h e c o s t o f th e m a te ria l la c k in g in t h e m a in te n a n c e o f t h o r o a d w a y a n d
s tr u c tu r e s o f th e ra ilro a d s is s o m e th in g o v e r $ 1 0 0 ,0 0 0 ,0 0 0 , a n d t h e exp en se
o f la y in g it in p la c e is s o m e th in g o v e r $ 2 0 0 ,0 0 0 ,0 0 0 . T h e e x p e n se o f
m a k in g g o o d t h e excess n u m b e r o f lo c o m o t iv e s a n d ca rs in b a d o rd e r ca n
o n ly b e a n e s tim a te , b u t in a n y ca s e w o u ld a m o u n t t o m a n y m illio n s o f
d o lla rs.
T h e w h o le p o in t o f fu n d in g th e in d e b te d n e s s o f tb e ra ilro a d s f o r c a p ita l
e x p e n d itu re s a n d o f p a y in g t o th e m p r o m p t ly t h e a m o u n t still d u e a risin g
o u t o f cu r r e n t o p e r a tio n a n d th e fu r th e r a m o u n ts n e cessa ry t o r e s to r e
th e ir a d e q u a t e m a in te n a n c e d u rin g t h e w a r p e r io d , is s im p ly a p r o p o s a l n o t
t o im p a ir th e w o r k in g c a p ita l o f th e ra ilr o a d s.
I f th e y a re re q u ir e d t o p a y
n o w th e c a p ita l e x p e n d itu re s o f th e w a r p e r io d w ith o u t fu n d in g , th is p a y 
m e n t c a n b e m a d e o n ly b y d e p le tin g t o th a t e x te n t ra ilr o a d w o r k in g c a p it a l.
T h e o n ly p o s s ib le resu lt o f s u ch d e p le tio n w o u ld b e t o m a k e it im p o s s ib le
f o r s o m e tim e t o c o m e f o r t h e r a ilr o a d s t o c a r r y o n m a tte r s o f cu rre n t
im p o r ta n c e .
T h e cu r ta ilm e n t o f cu r re n t o p e r a tio n s b y th e ra ilr o a d c o m 
p a n ie s n e ce ssa r ily m ea n s a c u r ta ilm e n t o f b u sin ess g e n e r a lly , w h ic h is felt
b y la b o r a n d c a p ita l in co u n tle s s o th e r in d u strie s.
T h e fu n d in g o f c a p ita l e x p e n d itu re s is th e n o rm a l a n d lo g ic a l w a y t o
ta k e c a r e o f t h e m . H a d th e ra ilro a d s n o t b e e n u n d e r F e d e ra l c o n t r o l t h e y
c o u ld n o t h a v e m a d e su ch c a p ita l e x p e n d itu re s u n less th e y h a d b e e n a b le
t o se ll th e n e ce ssa ry s ecu rities t o th e p u b lic .
T h is s itu a tio n w a s cle a rly r e c o g n iz e d b y th e T ra n s p o rta tio n A c t its e lf,
b y S e c tio n 2 0 7 o f th a t A c t .
T h is s e c tio n a lr e a d y c o n fe rs o n th e P resid en t
th e p o w e r t o a d e q u a te ly p r o t e c t t h e G o v e r n m e n t w ith re g a rd t o t h e secu rity
f o r su ch fu n d in g .
S o fa r a s I h a v e seen th e re h as b e e n n o a tte m p t t o ju g g le fig u r e s o r m a n ip 
u la te a c c o u n ts a n d se cu ritie s o r G o v e r n m e n ta l a g e n cie s. T h e P resid en t
h a s sim ply' p r o p o s e d th a t th o W a r F in a n c e C o r p o r a t io n s h o u ld a ct as a
b a n k e r fo r th e U n ite d S ta tes R a ilr o a d A d m in is tr a tio n , ta k in g as co lla te ra l
f o r lo a n s m a d e t o th e A d m in is tr a tio n ra ilw a y se cu ritie s w h ich it now has
o r in th e fu t u r e w ill r e c e iv e as a re su lt o f fu n d in g c a p ita l e x p e n d itu re s
T h e W a r F in a n c e C o r p o r a t io n c a n raise m o n e y f r o m th e p u b lic by th e sale
o f its o w n b o n d s , w it h o u t h a v in g re c o u rs e t o th e U n ite d S ta tes T r e a s u r y ,
a n d it c a n a t a la te r d a te liq u id a te th e ra ilw a y se cu ritie s w h ich it h as by
sa le in t h e o p e n m a r k e t, a n d th u s u ltim a tely retire th e b o n d s w h ich it m igh t
issu e t o t h e p u b lic .
T h e w h o le tr a n s a c tio n is o n e c o m m o n e n o u g h in all bu sin ess a n d con sists
in m a k in g liq u id fo r a cu r re n t n e e d se cu ritie s w h ich a r c n ot d u e a n d pay a b le
u n til a la te r d a te .
D u r in g t h e p e rio d o f F ed era l c o n t r o l th o G o v e r n m e n t a c te d as th e b a n k er
fo r th e ra ilr o a d s.
I t a d v a n c e d th e m o n e y fo r ca p ita l im p r o v e m e n ts w h ich
w o u ld n o t o th e rw is e h a v e b een m a d e unless th e ra ilroa d s c o u ld h a v e sou l

A ug.

27 1921.]

915

T H E CHRONICLE

conclusions of the majority were di sented I'rom by A . O. W har
ton, former President of the Railroad Division of the Amer
ican federation of Labor, who insisted on recognition of the
National Agreement rules without change. The majority
opinion was written by Chairman R. M . Barton and con
M r. M cA doo’s letter is given elsewhere in the current issue curred in by the seven other members, viz., Albert Phillips
of the “ Chronicle.”
and Walter L. M cM enimen, representing the union:;; (]. W .
Hanger and Ben. W . Hooper, who, with Judge Barton,
ROBERT S. BINKERD OBJECTS TO J. A. II. HOPKINS’S representing the public, and Horace Baker, J. II. lOlliott
STATEMENT IiEGAUDI NO RAILROAD FUNDING
and Samuel Higgins, representing the railroads. The ma
PLAN.
jority report said:
T h e R a ilr o a d L a b o r B o a r d h as d e c id e d th a t th e s e v e n rules a p p r o v e d
A statement made by J. A . H . Hopkins, Executive Chair
b y th e H o a rd , c o r r e s p o n d in g to th e se v e n ru les o f th e n a tion a l a g re e m e n t,
man of the Committee of Forty-eight, in which tlio latter
a re ju s t a n d re a s o n a b le , a n d th a t th e y sh all a p p ly to ea ch o f th e ca rriers
characterized President Harding’s railroad funding plan as as s o t o u t u n d e r th e c a p t io n “ P a rties t o th e D is p u t e ,” e x c e p t In su ch in 
“ not only improper but fundamentally dishonest” is disputed sta n ces as a n y p a r tic u la r ca rr ie r m a y h a v e a g reed w ith its e m p lo y e e s u p o n
a n y o n e o r m o r e o f sa id ru les, in w h ich ca se th e ru le o r ru les a greed u p o n b y
by Robert S. Binkerd, Assistant to the Chairman of t h e th e ca rrie r a n d its e m p lo y e e s sh all a p p ly o n sa id ro a d .
Association of Railway Executives. M r. Binkerd in h is
The decision then sets forth the following exceptions to
statement this week, replying to M r. Hopkins, says:
the payment of time-and-a-half for Sundays and holidays:
th eir socu rltios t o tlio In v e stin g p u b lic . T lio fa c t th a t u n d er still a b n o rm a l
c o n d it io n s , fo r w h ich th e y a re n o t re s p o n sib le , tlio ra ilro a d s c a n n o t oven
soil s u ch secu rities t o tlio p u b lic , is n o g o o d rea son w h y th e G o v e r n m e n t
sh o u ld n o t co n tin u e t o a c t as th e b a n k e r In th is tr a n s a c tio n , i f b y s o d o in g It
can p r o m o t e th e re h a b ilita tio n o f th e ra ilro a d s a n d a n ea rlie r retu rn t o m o r e
n orm a l bu sin ess co n d it io n s g e n e ra lly .

Tlio Com m ittee o f Forty-eight has been looking for some time for a
basis on which it hopes to be able to organize a new third national party
in opposition to the Republican and D em ocratic parties. It is trying to
effect the organization o f this third party on the basis o f the Government
ownership and operation o f railroads.
W ith all o f this one need have no quarrel. The members o f the Committee
of Forty-eight are as much entitled to their political views and political
activities as any other group o f citizens. It does seem unfortunate, how
ever, that they cannot discuss a great industry like the railroads, conducted
with m ore publicity than any other great industry, with any reference to
the facts— although these facts are a matter o f m onthly report to the
Inter-State Commerce Commission and o f m onthly or quarterly publication
by the Commission.
Thus, in attacking the President’s plan for funding the indebtedness
for capital expenditures o f the railroads to the G overnm ent, M r. J. A . H .
Hopkins, Chairman of the Com m ittee o f Forty-eight, says that this plan
is “ not only im proper bu t fundamentally dishonest.” H e states as his
reason that “ moneys spent to replace worn out equipment or other deprecia
tion in no wise add to the value o f the property, but are a necessary expense
o f upkeep.”
This is all very true, bu t where did M r. Hopkins get the idea that the
indebtedness o f the railroads to the Governm ent covers the replacing of
worn out equipment or other depreciation? I f he would but read the
memorandum o f the Director-General to the President he would learn that
the railroads purchased from the Governm ent new cars and locom otives
costing approxim ately $381,000,000, and that there was spent on additions
and betterments other than new equipment, $763,000,000. It is the
unpaid part of this $763,000,000— in other words m oney spent for exten
sions, additions to terminals, new warehouses, new coal piers, additional
signals, side tracks, engine houses, shops and tools— which M r: Hopkins
declares to be dishonest because not paid out o f operating expenses.
It is precisely because these expenditures represent new improvements
the cost o f which should be distributed over a series o f years that the Govern
ment has proposed the funding o f this indebtedness so as not to require
the companies to pay for these new improvements out o f their worldng
capital, with the necessary result o f curtailing those very current operations
which M r. Hopkins contends should be paid for currently.
M r. Hopkins then goes on to say that all o f the railway securities could
be purchased in the open market for about $11,500,000,000, and that the
difference between this sum and the $20,000,000,000 book value o f the
railroads is water. Some years ago M r. Hopkins and many o f his associates
were interested in securing a law requiring the valuation o f the railroads.
While this work is not yet com pleted, it has gone so far as to show that the
value o f the railroads on pre-war prices will at least equal, if not exceed,
$20,000,000,000. The Inter-State Com m erce Commission itself has found
that the lowest value it could put upon the property o f the railroads is
$18,900,000,000, this figure not making any allowance for the enormous
amount o f materials and supplies carried currently b y the railroads and
frequently representing over half a billion dollars, nor for the working capital
o f the railroads, a sum considerably in excess o f this.
M r. Hopkins concludes that his Com m ittee does n ot desire to express
any opinion as to the purpose o f the Administration in proposing this
legislation, but states that immediately after the return o f the railroads
to their owners some 30,000 employees were discharged from railroad shops
and the work transferred to private steel and equipment companies.
I give below from the report o f the Inter-State Com m erce Commission
on employees and com pensation o f Class 1 railroads the number o f em
ployees engaged in maintenance o f equipment on M arch 1 1920—the date
of the return o f the railroads to private operation— and on June 30 1920,
after the railroads had been in operation b y their companies for 4 months:
M ar. 1 1920.
June 30 1920General forem en_____________________________
1,844
1,889
Gang and other forem en____________________
25,400
25,697
M a ch in ists_________________________ - _______
64,107
64,095
Boilermakers________________________________
20,258
20,589
B lacksm ith s________________________________
10.694
11,149
C arp en ters______________________________—
51,119
53,458
Painters and upholsterers___________________
11,913
14,522
Electricians_________________________________
14,314
14,920
Air brakem en_______________________________
7,805
8,050
26,021
27,271
Oar inspectors_______________________________
Car repairers________________________________
86.917
89,002
Other skilled laborers_______________________
59,029
60,136
128,578
131,046
Mechanics helpers and apprentices__________
All o f the work sent by the railroad com panies to outside plants for
repair was in addition to all the work which they could get done in their
own shops, utilizing every man available for em ploym ent under the rules
limiting em ploym ent which these classes o f employees had negotiated with
the United States Railroad Administration.

u:s. BA I LUGA D LABOR BOARD'S APPROVAL OF TIMEAND-A-HALF OVERTIME.
As was indicated in these columns last week, i>age 805, the
United States Railroad Labor Board on Aug. 19 upheld the
principle of time-and-a-half overtime for shopmen, having
approved in effect the seven shop craft rules relating to over
time payment as provided in the National Agreement. The

E m p lo y e e s n e ce ssa r y to th e o p e r a tio n o f p o w e r h o u se s, m illw rig h t ga n g s,
h e a t-tr e a tin g p la n ts , tr a in y a r d s , ru n n in g re p a ir a n d in s p e ctio n fo r c e s ,
w h o a re r e g u la r ly a ssig n ed b y b u lle tin t o w o rk o n S u n d a y s a n d h o lid a y s ,
w ill b e c o m p e n s a te d o n th e s a m e b asis as o n w eek d a y s .
S u n d a y a n d h o li
d a y w o r k w ill b e r e q u ir e d o n ly w h en a b s o lu te ly essen tia l t o th e co n tin u o u s
o p e r a tio n o f th e r a ilr o a d .

Another slight change is made in the rule allowing five
hours’ pay for employees called or required to report for work,
and who work less than five hours. Holding this allowance
was a survival from the days when ten hours’ work was the
accepted standard, the Board changed it to read four hours’
pay, or one-half a day. As to the changes in the rules ef
fected by the Board’s decision, we take the following from the
Boston “ News Bureau” of Aug. 25:
C h a n g e s o rd e r e d A u g . 19 in w o r k in g ru les as a ffe c tin g ra ilr o a d s h o p cr a fts a n d as c o m p a r e d w ith th e r e s p e c tiv e ru les u n d e r th e n a tio n a l a g ree
m e n ts are s u b s ta n tia lly as fo llo w s : L a b o r B o a r d R u le N o . 6; c u ts o u t p u n i
t iv e o v e r tim e o n S u n d a y s o v e r t im e o n S u n d a y s a n d le g a l h o lid a y s f o r all
e m p lo y e e s w h o s e w o r k o n th o s e d a y s is n e ce ssa ry t o th e co n tin u o u s o p e r a tio n
o f th e ra ilr o a d .
L a b o r B o a r d R u le N o . 7 .— P e r m its e m p lo y e e s t o b e re q u ire d t o w o r k
tw o h ou rs o v e r tim e w ith o u t g o in g t o m e a ls, in s te a d o f o n e h o u r as in th e
n a tio n a l a g re e m e n ts.
R e d u c e s fr o m f iv e t o fo u r h o u rs th e m in im u m p a y f o r s e rv ice s re n d e re d
b y an e m p lo y e e c a lle d o r re q u ir e d t o r e p o r t f o r w o r k , a n d a lso en a b les
su ch e m p lo y e e s t o b e u sed o n o th e r e m e r g e n c y w o r k , w h e re a s, u n d e r th e
n a tio n a l a g re e m e n t, th e y c o u ld b e u s e d o n ly o n th e w o r k t h a t t h e y -were
c a lle d fo r .
A ls o a llow s e m p lo y e e s t o b e ca lle d f o r ex tra w o r k o n e h o u r in a d v a n c e o f
th e sta r t o f th e re g u la r w o r k in g p e r io d . N o s u ch p r o v is io n w a s c o n ta in e d
in th e N a tio n a l A g r e e m e n t.
L a b o r B o a r d R u le N o . 9 .— G iv e s e m p lo y e e s p a y f o r w o r k r e q u ir e d t o b e
d o n e d u rin g th e lu n c h p e r io d , su ch p a y b e in g f o r th e re g u la r d u r a t io n o
th e lu n c h p e r io d in s te a d o f b e in g f o r o n e h o u r as u n d e r th e N a t io n a l A g r e e 
m e n t.
L a b o r B o a r d R u le N o . 1 0 .— G iv e s e m p lo y e e s o n ly s tra ig h t tim e f o r a l l
tim e s p e n t in w a itin g o r tr a v e lin g w h e n s e n t a w a y fr o m h o m e s ta tio n .
L a b o r B o a r d R u le N o . 12.— A p p lie s t o e m p lo y e e s s e n t t o fill v a c a n c ie s
a w a y fr o m h o m e s ta tio n s , th e s a m e p r o v is io n as R u le N o . 10; in o th e r
w o r d s , it e lim in a te s th e p o s s ib ility o f tim e a n d a h a lf c o m p e n s a tio n f o r tim e
s p e n t in w a itin g o r tr a v e lin g .
L a b o r B o a r d R u le N o . 1 4 .— P r e v e n ts e m p lo y e e s re g u la rly a ssig n ed t o
r o a d w o r k c o lle c tin g m o r e th a n s tra ig h t tim e f o r a n y tim e s p e n t in tr a v e lin g
o r w a itin g .
L a b o r B o a r d R u le N o . 1 5 .— P r e v e n ts e m p lo y e e s re g u la rly a ssig n ed t o
ro a d w o r k a n d p a id o n th e m o n t h ly b a sis fr o m c o lle c tin g p u n itiv e o v e r tim e
o n S u n d a y s a n d h o lid a y s a n d th e r e b y re d u ce s th e a n n u a l c o m p e n s a tio n t o
th e b a sis o f 2 ,9 2 0 h o u rs in ste a d o f th e b a sis o f 3 ,1 5 6 h o u rs .
A ls o p e rm its
r e g u la rly a ssig n ed r o a d m e n t o p e r fo r m s h o p w o r k a t tb e ir h o m e s ta t io n s ,
w h ic h w a s p r o h ib ite d u n d e r th e N a tio n a l A g r e e m e n t.

The following from an explanatory statement accompany
ing the new rules was quoted in the New York “ Tribune”
of Aug. 20:
T h e r e w a s a w id e d iv e r s it y o f ru les a m o n g t h e n u m e ro u s ra ilro a d s o f th is
c o u n t r y p r io r to t h e sta n d a rd iz a tio n t h a t t o o k p la c e d u rin g F e d e ra l c o n t r o l.
I t is th e r e fo r e p o s s ib le t o c ite p re c e d e n ts f o r a lm o s t a n y ru le t h a t m a y b e
a d v oca ted .
S u ch p r e c e d e n ts a t b e s t are p e rs u a s iv e , b u t n o t co n tr o llin g .
T h e fa c t t h a t a g iv e n ru le m a y o n c e h a v e ex isted b y a g re e m e n t o n a ro a d
is n o t c o n c lu s iv e o f its rea son a b len ess a n d ju s tn e s s , fo r it m a y h a v e b een
im p o s e d o n t h e e m p lo y e e s b y u n a v o id a b le n e ce s s ity o r o n t h e ca rrie r b y
e c o n o m ic p re ssu re . T h e B o a r d h as t h e r e fo r e fe lt co n stra in e d t o co n s id e r
th e p rin c ip le s o f rig h t a n d w r o n g in v o lv e d in t h e p r o p o s a ls a n d c o u n te r
p r o p o s a ls s u b m itte d t o it in t h e lig h t o f p re s e n t co n d it io n s a n d in d u strial
h is to r y .
A g r e e m e n t G oes T o o F a r .

T h r o u g h o u t th e s e ru le s t h e so u n d n e ss o f th e p rin c ip le o f p u n itiv e p a y
fo r o v e r tim e w o r k h as b e e n r e c o g n iz e d , b u t n o t t o t h e e x tre m e e x te n t e m 
b o d ie d in th e n a tio n a l a g re e m e n t.
T h e e ig h t-h o u r d a y h as a lso b e e n g iv e n fu ll r e c o g n itio n . T h e p o lic y o f
p a y in g tim e a n d o n e -h a lf fo r w o r k p e r fo r m e d o n S u n d a y s a n d h o lid a y s is
a lso a p p r o v e d in ru le six , b u t a n im p o r ta n t e x c e p tio n is p r o v id e d . C e rta in
k in d s o f w o r k , w h ic h a re u n a v o id a b ly a n d re g u la rly p e r fo r m e d on S u n d a ys
a n d h o lid a y s a n d w h ic h a re a b s o lu te ly essen tial t o th e c o n tin u o u s o p e ra tio n
o f th e ra ilro a d t o m e e t t h e re q u ire m e n ts o f t h e p u b lic , are n o t tr e a te d as
o v e r tim e w o r k . T h e ca rrier h as n o c h o ic e as t o th e p e rfo rm a n ce o f th is
w o rk , a n d d o e s n o t a rb itra rily re q u ire it. I t is n o t ju s t t o p en a lize th e
ca rrier fo r th a t w h ic h it c a n n o t esca p e .
M a n u fa ctu r in g p la n ts ca n , a s a
ru le, c o n tr o l o r e lim in a te S u n d a y a n d h o lid a y w o r k ; th e re fo r e , a co m p a riso n
o f s u c h p la n ts w ith a ra ilroa d is u n fa ir, e x c e p t in so fa r as th e “ b a c k sh o p is
co n c e r n e d , a n d th e m e th o d o f p a y in g fo r o v e r tim e in th e b a c k sh o p h a s n o t
b een d is tu rb e d b y th e s e ru les.
T h e r e a re o th e r cla sses o f e m p lo y m e n t in w h ich S u n d a y a n d h o lid a y
w o rk is reg u la r a n d n e cessa ry a n d th o s e e n ga ged in it are n o t p a id o v e r 
tim e ; fo r e x a m p le , en g in eers, fir e m e n , c o n d u c t o r s an d tra in m e n , a n d , g oin g
o u ts id e o f ra ilroad se rv ice , p o lic e a n d fir e d e p a r tm e n t e m p lo y e e s , a n d
street ca r c o n d u c to r s a n d m o to r m e n .

916

THE CHRONICLE

[ V o l . 113.

Relic of lQ ~H & ur-U uy .
The Board has no power to compel a conference or to prescribe what
The practice of a Itowing five Lours for a call is a relic of the time when representatives of employees the railroad shall confer with;
tell hours constituted a day's work, and it was thought just and reasonable
Since the termination of Federal control the railroad has endeavored to
to allow one-half day, or five hours, for a call. Now that the hours have re-establish with its own employees a contented and harmonious relationbeen reduced to eight, by the same principle it is Just and reasonable to sh p and has offered all classes of employees a voice in matters affecting their
make the allowance one-half day or four hours.
welfare through employee representatives of their own selection, whether
Employees usually commence work between 7 and 7:30 a. m., with a union or non-union meu;
lunch period in the neighborhood of 12 o'clock noon, and finish their regular
66 5% of the employees who are interested in and affected byrules
eight-hour period at 4 p m Certainly there is no hardship in asking em
covering working conditions have by vote or otherwise expressed a desire
ployees'to continue on to o p in (if their services are required) before they to negotiate rules and working conditions through employee represen
go to a meal, and in many cases workmen would prefer to work the additional tatives;
two hours in order to complete their work and go home without having
Contracts have been entered into between lhe management and repre
to return.
sentatives of approximately 150,000 employees;
If men are called after regular hours for some emergency work, it is fair
Since the Board's decision representatives of the various classes of em
and reasonable to use these men only on other emergency work which may ployees with whom contracts have been made have expressed their satis
have developed after they were called without being obliged to call them faction, not only with the manner of selecting representatives, but also with
the rules and working conditions agreed upon;
again or to call other men
When men are sent out on the road for emergency service, or to fill tem
If the railroad complied with the Labor Board’s decision these contracts
porary vacancies, it is certainly just and reasonable to pay them straight would be void “ to the great and irreparable injury of the carrier and its
time for all time traveling or waiting, and for all time worked, straight time employees.”
for straight time hours, and overtime for overtime hours in accordance with
D e ta ils o f th e d is p u te b e tw e e n th e P e n n s y lv a n ia R a ilro a d
the practice at the home station or at the point where they are temporarily
an d th e S h o p C r a ft s U n io n o f th e A m e r ic a n F e d e r a tio n o f
employed.
It is just and reasonable that men assigned to road service on a monthly L a b o r , a n d th e e d ic ts issued in th e c o n tr o v e r s y b y th e U . S .
basis should be paid eight hours per day, 365 days per year without any L a b o r H o a rd w ere g iv e n in o u r issu e o f A u g . 1 3 , p a g e 6 9 3 .
allowance for overtime
R e g a r d in g M r . W h a r t o n ’ s d is s e n tin g v ie w s , th e p ress dis
p a tc h e s fr o m C h ic a g o A u g . 19 s a id :

The dissenting opinion of Mr. Wharton came as a surprise, as the policy
followed by the Board since its inception a year and a half ago, has been
to thrash out ail disputes in executive session and present the majority
decision as a unanimous report.
Mr. Wharton objected to the rule which fixes the salary basis of em
ployees engaged in emergency road work as 243 hours per month, while the
unions claimed a salary basis of 263 hours, including Sundays and seven
holidays during the year. The unions contended the emergency em
ployees were in effect on duty 24 hours a day, 365 days a year because thoy
were subject to call at any time.
“ The Board's decision,” Mr. Wharton’s opinion says, “ means that in
addition to the reduction in their monthly salary of 8 cents per hour (under
the recent wage cut), based on 263 hours per month, as compared with a
decrease for other monthly and paid employees on a basis of 204 hours per
month, they are on Aug. 16 1921 to suffer a further reduction of approxi
mately $15 a month by arbitrarily reducing the number of hours from 263
to 243 per month as the basis of arriving at the monthly salary.”
Mr. Wharton presented figures showing to-day’s decision reduced the
pay of those affected to $187 a month.
The minority report contends the rules overturned by the majority report
were mainly in effect for years before the national agreement, having been
agreed to by the roads and unions prior to Government operation.
T h e d e c isio n a ffe c ts 1 3 7 ra ilro a d s in all p a r ts o f th e c o u n 
t r y , in c lu d in g th e A m e r ic a n lin es o f th e C a n a d ia n

G rand

T h e d iffe r e n c e s , w h ich grow o u t o f ch a rg e s th a t th e ro a d had
d isreg a rd e d th e L a b o r B o a r d ’ s o rd e r N o .
n e g o tia te w ith

1 1 9 in fa ilin g to

th e u n io n , a new sc h e d u le o f w o rk in g c o n 

d itio n s fo r s h o p c r a ft e m p lo y e e s , d e v e lo p e d a s a re su lt o f
th e p la n o f e m p lo y e e r e p r e se n ta tio n p ro p o se d b y th e ra ilroad
on M a y

20

1921.

O n J u ly 31

th e

L a b o r B o a rd

d e cla re d

th a t th e e le c tio n o f c o m m itte e s re c e n tly h eld b y th e c o m p a n y
w a s illeg a l a n d

th a t r e p r e se n ta tiv e s o f S y s t e m

F e d e r a tio n

N o . 9 0 a n d o f th e c o m p a n y sh o u ld m e e t o n or b e fo re A u g . 1 0
to a rra n g e fo r a new e le c tio n .

T h e c o m p a n y in th e e le c tio n

in sisted th a t th e sh o p c r a fts m e n sh o u ld v o te o n ly fo r in d i
v id u a ls e m p lo y e d o n

th e s y s t e m .

The

F e d e r a tio n , o n its

p a r t , c o n te n d e d t h a t th e m e n sh o u ld h a v e a r ig h t to v o te
fo r o r g a n iz a tio n s to re p re se n t th e m in th e c o n fe re n ce s w ith
th e c o m p a n y

in d r a w in g u p ru les fo r w o rk in g c o n d itio n s .

T h e F e d e r a tio n to o k a n a p p e a l to th e L a b o r B o a r d a g a in s t
th e a c tio n o f th e P e n n s y lv a n ia a n d w a s su sta in e d o n A u g . 4
th e B o a r d d e c id in g th a t th e s h o p m e n sh o u ld b e p e r m itte d
to v o t e fo r a n
th em .

o r g a n iz a tio n

or a n

T h e d e c isio n a lso p r o v id e d

sig n h is n a m e to th e b a llo t .
p r e v io u s

th a t e ach v o te r sh o u ld

O n A u g . 9 th e B o a r d m o d ifie d

T r u n k s y s t e m , th e R a ilw a y E m p l o y e e s ’ D e p a r t m e n t o f th e

its

d ir e c tin g a se cre t b a llo t b y th e s h o p e m p lo y e e s o f th e P e n n 

c r a ft s , a n d , it is s t a t e d , w ill p r o b a b ly b e a p p lie d to a ll o th e r

s y lv a n ia to s e le c t a n e w c o m m itte e fo r th e n e g o tia tio n o f

lin e s a s f a s t a s th e ir c a se s c o m e b e fo re th e B o a r d .

w o r k in g a g r e e m e n ts w ith th e r o a d ’ s o ffic ia ls .

AMERICAN FEDERATION OF LABOR REJECTS U. S.
LABOR BOARD’ S DECISION ON TIME-AND-A-HALF^
I n a d is p a tc h fr o m C h ic a g o y e s t e r d a y ( A u g . 2 6 ) , th e N e w
Y o r k “ E v e n in g P o s t ” s a id :

Rules governing the payment of overtime rates, promulgated by the
United States Railroad Labor Board last week to supplant the overtime
rules of the national agreement governing shop crafts employees, were
rejected to-day as “ unjustified” by a conference of regional executive boards
of the railway employees’ department of the American Federation of Labor.
A letter was sent to-day to all locals, conveying the results of a three-day
conference just concluded.
“ By no conceivable line of reasoning,” the letter said “ can Decision 222
[the Labor Board’s rules decision] be justified and this body declines to
accept it.”
All union members were warned, however, to remain at work until
further action is taken by union officials. The letter advised that it w
^as
considered best to wait until the Labor Board had issued substitute rules
for the entire national agreement before taking a referendum vote on the
matter.
Meanwhile, however, the letter advised the men “ in time of peace to
prepare for war.”
The seven rules announced by the board last week cover payments for
overtime, Sundays, and holidays. A number of radical changes were made,
and labor leaders declared the new rules would materially affect the earnings
of shop employees. A. D. Wharton, labor member of the board, and
former president of the railway employees’ department, American Fed
eration of Labor, published a long dissenting opinion, in which he refused
to sanction the majority decision.

PENN SYLVANIA'" RR. APPLIES TO U. S. LABOR BOARD
TO SET ASIDE SHOP CRAFTS DECISION.
An

a p p lic a tio n

to

th e U .

“ se t a sid e a n d v a c a t e ”

B oard

to

its r e c e n t d e c isio n in th e e ase

S.

R a ilr o a d

Labor

of

th e S h o p C r a ft s U n io n w a s m a d e b y th e P e n n s y lv a n ia R R .
o n A u g . 2 4 th r o u g h P r e s id e n t S a m u e l R e a ,t h e r o a d d e c la rin g
t h a t it h a s a la w fu l r ig h t u n d e r th e T r a n s p o r ta tio n A c t to
e s ta b lis h ru les a n d w o r k in g c o n d itio n s w ith its e m p lo y e e s ,
and

th a t

th e

c o n tr a c ts

e n te r e d

in to

by

th e m a n a g e m e n t

a n d its e m p lo y e e s are n o w in fu ll fo r c e a n d e ffe c t .

I n it s

a p p lic a tio n th e r a ilr o a d d e c la re d th a t:

The Board has no right and power to prescribe principles to govern the
railroad and its employees in the making of agreements covering rules and
working conditions;
The Board has no power to prescribe an election or any other method
by which the railroad may ascertain who are the authorized representatives
of its employees;

h a v in g

to re p re se n t

A m e r ic a n F e d e r a tio n o f L a b o r a n d th e six fe d e r a te d sh o p

th e 9 t h

e d ic t ,

in d iv id u a l

in s t. o rd e re d

o rig in a l d e c isio n

on

th a t

d a te

issu ed

an

o rd e r

T h e ru lin g o f

th a t th e c o n fe re n ce d ir e c te d b y

to b e h e ld

on

or b e fo re A u g .

th e

10 sh o u ld

a rra n g e a p la n o f e le c tio n to in su re th e a b s o lu te se cre cy o f th e
b a llo t .

O n th e 1 0 th in s t. th e c o m p a n y , a t th e r e q u e s t o f

its P r e s id e n t, S a m u e l R e a , w a s g r a n te d a 1 5 -d a y e x te n s io n
o f tim e in w h ic h to a rra n g e th e c o n fe re n c e s.
R e p r e s e n ta tiv e s

o f m ore

th a n

8 0 ,0 0 0

e m p lo y e e s

of

th e

r a ilr o a d , a t a m e e tin g o n A u g . 2 2 , w ith th e m a n a g e m e n t ,
e xp re ssed u n a n im o u s a p p r o v a l o f e m p lo y e e e le c tio n s w h ich
h a d b e e n d e cla re d v o id b y th e L a b o r B o a r d .

A t th e c o n 

c lu sio n o f th e m e e tin g W . W . A t t e r b u r y , V ic e -P r e s id e n t in
c h a rg e o f o p e r a tio n , w h o p r e s id e d , e x p re ssed a h o p e th a t a
s a tis fa c to r y a g r e e m e n t w o u ld s o o n b e re a ch e d w ith S y s t e m
F e d e r a tio n N o .

90.

P re ss a d v ic e s in re fe rrin g fu r th e r

to

M o n d a y ’ s m e e tin g s a id :

Representatives of the protesting Federation and of the Brotherhood of
Ralway and Steamship Clerks, Freight Handlers. Express and Station
Forces ignored an invitation to be present. All of the workers represented
are employed in the maintenance of way department, signal department,
shop crafts and those sections of the clerical and station forces -which
participated in the contested elections.
Mr. Atterbury announced that any grievances the protestants had under
the present working conditions would receive prompt and just cons'deration.
He promised that their members would have another opportunity to express
their voice for other representatives at the next .election of employee dele
gates. At the same time he assured dissatisfied employees that they could
still name their own men to handle their affairs with the management if
they disapproved of the incumbent representatives.
Mr. Atterbury expressed the hope that this offer w
rould satisfy the pro
testants and that they would agree to go along with the management until
the next election. He particularly stressed the point that the current plan
has proved highly satisfactory to all groups in formulating working con
ditions.
When Mr. Atterbury concluded, the employee representatives present
immediately adopted a resolution declaring that they were satisfied the
ballot on which they had been elected was fair to all employees, that the
schedules of working conditions were mutually satisfactory and fairly
negotiated, and that they expected the management to stand by these
agreements as steadfastly as they would themselves.
It was stated to-night that to-day’s meeting was the chief object the
management had in mind when it asked the Labor Board for a 15-day
extension in time after the date set by that Board for compliance with
its demands. The time extension expires on Thursday Aug. 25. but it
was made clear by railroad officials that no further action by the road to
comply with the Labor Board’s ruling was contemplated. The company
has taken the attitude that it has adopted a policy which it believes is proper
and that it intends to adhere to that regardless of other things.
The next step to be taken Is a notification to the Board of the action
of the meeting, thus placing further action to that Board. This notification

Am ;. 27 1921.

91 1

THE CHRONICLE

■w probably bo maclo before noxt Thursday, after which further develop
ill
ments are looked for from Chicago headquarters of the Board,
T h e fo llo w in g is th e a p p lic a t io n , in f u ll , w hich, haw been
m a d e to th e L a b o r B o a r d b y th e P e n n s y lv a n ia f o r t h e .set
tin g a s id e o f th e s h o p c r a f t s ’ d e c is io n .

APPLICATION FOR VACATION OF DECISION.
Now comes the Pennsylvania Railroad Company In behalf of Itself and
its subsidiary and affiliated lines, known as the Pennsylvania System, here
inafter referred to as the “ carrier," and by reason of the extension by the
Railroad Labor Board o f the time provided for In Decision No. 218 for ;i
period of fifteen days from Apr . 10 1921, makes application to the Hoard
to vacate and set aside its said decision rendered in this cause, as dated
July 26 1921.
1. The carrier renews Its objections to the jurisdiction which were urged
upon the hearing of this cause, and it avers that the Board had no power
or authority in law (a) to o<t<md the National Agreements and (b) after
extension and the order of termination as of July 1 1921 to decide without
a hearing on June 27 1921 upon a further extension. The carrier avers that
the National Agreements are as to it and its employees wholly terminated
and of no force and effect.
2. The carrier denies the right and power o f the Hoard to prescribe prin
ciples, which must in law govern the carrier and its employees In the making
of agreements covering working rules and conditions. Notwithstanding
this, the carrier has endeavored in negotiations with tis employees to adopt
and observe such o f the said principles as are fundamentally sound and cor
rect.
3. The carrier notes that the Board in this cause decides that it “ acquired
such jurisdiction,” but it declares “ that question is not of prime importance
in this case.” The Board also states, “ There is no question of the closed or
open shop involved in this dispute and no other real matter of principle.
The question involved is merely one of procedure.”
With these propositions the carrier takes direct issue. If the question
is merely one of procedure, the carrier avers that the Board has no right or
power to set up its judgment or opinion against that of the carrier. Dis
satisfaction, whether real or fancied, by certain employees with matters of
“ mere procedure” should not be tortured into a “ dispute” within the pur
view of Sections 301 and 307 o f the Transportation Act. No fear need be
entertained o f “ interruption to the operation of any carrier” because of
differences between carriers and employees upon questions of “ mere pro
cedure.” Disputes under the law, referable to the Board, are those of
substance and real moment. Reduction of wages, real grievances, unfair,
unreasonable, burdensome working rules and conditions are the matters
comprehended by the Transportation Act as prolific of “ disputes” which
might interrupt transportation, to prevent which the Labor Board was
created.
4. The carrier denies the power of the Board to prescribe an election, or
any other method, by which the carrier may ascertain who are the author
ized representatives o f its employees; and it avers that it cannot accept as
advisory the rules and conditions set forth in the Board’s decision in this
cause. The carrier will, as the occasion requires, accord franchise rights
only to its employees in service, or absent upon leave, and will not concede
voting qualifications to men who have been laid o ff or furloughed and who
may be engaged in other occupations, or may never return to the service of
the carrier.
The carrier denies the power o f the Board to compel a conference or to
prescribe what representatives o f employees it shall confer with, and it can
not accede to the rule prescribed for ascertaining the representative capacity
of the spokesmen for unorganized employees.
5. The carrier states that it has been its policy, since the termination of
Federal control, to re-establish with its own employees a contented and
harmonious relationships, ever bearing in mind that honest, efficient and
economical operation o f its lines can be secured only by close and unre
stricted co-operation by the management and the employees. With that
end in view, it was determined that all classes o f employees should have a
voice in the administration o f matters affecting their welfare through rep
resentatives of their own selection, and that such representatives, whether
union or non-union men, should be actual employees. In pursuance of
this policy conferences were held with representatives duly authorized and
designated by the employees in the several crafts.
There are in the service of the carrier at this time approximately 176,000
employees who are interested in and affected by rules covering working
conditions, and 117,176, or 66.5%, of said employees have by vote or other
wise, as a result o f said conferences, expressed a desire to negotiate rules and
working conditions through employee representatives. Accordingly, con
tracts respecting rules and working conditions have been entered into be
tween the carrier and representatives o f 149,918 employees, apportioned
among the several classes as follows:
Train and engine service employees______________________________ 41,396
Clerks, and other office, station, storehouse, warehouse, and ele
vator forces, including engine and train crew callers----------------- 39,598
Maintenance of way and structures and shop laborers------------------- 40,209
Mechanics, helpers and apprentices, maintenance of equipment and
telegraph and telephone_______________________________________ 24,078
Signal Department employees___________________________________
2,061
Marine Department employees__________________________________
1,254
Dining car and restaurant employees____________________________ 1,322

acquired mutual rights and assumed mutual obligations; and that if U
i*
carrier complied with the decision of the Board In thin cam**-, the said con
tracts will be void and of no effect, to the great and Irrojmrabh; i n j u r y of
the carrier and Its employees, parties to the said contracts.
H The carrier represents to the Board that the rights of the employe*
.
who are not parties to the said contract** and who do not want to bo bound
thereby have not been impaired In any manner for the reason that they m
;>
at any time invoke the aid of the Hoard, If they are of opinion that the
rules and working conditions contained lr» the said contracts, and now 1/
effect upon the carrier’s lines of railroad, are unfair and unreasonable
9. Wherefore, the carrier asks that the Hoard vacate and et aside In
decision In this cause and find in pursuance of the Transportation Act (o
that the carrier has the lawful right to establish rules and working coridi
tions In the first Instance, either with or without first holding conferencewith its employees; and (b) that the contracts respecting rulcc and working
conditions heretofore entered into by the carrier and
emjdoyees In tin
shop crafts are now in full force and effect without any further action o
the part of the carrier and its employees In the said shop crafts.
10. The carrier hereby makes request of the Board for an oral hearing
of this application, at which time evidence in support of the allegations <4
fact herein contained will be introduced.
Respectfully submitted,
(Signed) SAMUEL REA,
President, The Pennsylvania Railroad Oft

PlUladelphia, Pa., Aug. 24 1921.

RAILROAD TRAINMEN TO VOTE ON STRIKE.
I t w a s a n n o u n c e d o n A u g . 2 3 t h a t s tr ik e b a llo t s f o r s u b 
m is s io n

to

4 0 9 ,0 0 0

m em b ers

of

th e

‘ 'B i g

F ou r”

r a ilr o a d

b r o t h e r h o o d s a n d t h e “ S w it c h m e n ’ s U n io n o f N o r t h A m e r ic a
w e r e b e in g p r e p a r e d a t a .jo in t c o n fe r e n c e in C le v e la n d o n
Aug.

23

of

m em bers

of

th e

e x e c u t iv e

c o m m itte e s,

c h ie f

e x e c u tiv e s a n d a s s is t a n t g r a n d o ffic e r s o f th e f i v e o r g a n iz a 
t io n s .

C le v e la n d

press

d is p a t c h e s o f A u g .

24,

in

s t a t in g

t h a t th e b a l l o t w o u ld p r o b a b ly b o m a ile d e a r ly n e x t
fo r

a r e fe r e n d u m

v o te ,

week

added:

Decision to draft the strike ballot resulted from unsatisfactory negotia
tions held in the last few months bet,ween brotherhood chiefs and
railroad managers following the recent 12>£% cut in railway wages by
the United States Labor Board. At these conferences, held in the West,
Southwest, and East, the heads of the Brotherhood of Firemen and Enginemen, Order of Railway Conductors, Brotherhood of Railroad Trainmenc
and the Switchmen’s Union of North America, sought to place the railroad
managements of he country on record against more cuts in wages and
changed working conditions.
O n A u g . 2 3 th e p r e s s d is p a tc h e s s a id :

In its present shape the ballot tells the union members of the unsatisfac
tory negotiations held in the last few months between brotherhood chiefs and
railroad managers at conferences in the West, Southeast and East as to
whether the railroads intended to ask for further decreased wages after the
i2>£% reduction handed down by the Railroad Labor Board in Chicago
June 1, and now in effect, whether the roads would seek the elimination of
time and one-half for overtime and asks if the members are satisfied to
continue work under these conditions.
Executives of the Southwestern roads did not meet with the chiefs.
Chief executives of the five organizations, who have been in conference
here for several days, were joined to-day by three members of the executive
board of each organization and several assistant branch officers, about twenty
five men in all.
Ballots will be sent to 150,000 active members of the trainmen’s organiza
tions, 115,000 firemen, 80,000 engineers, 50,000 conductors and 14,000
switchmen.
Warren S. Stone, Grand Chief of the Brotherhood of Locomotive Engin
eers; W . S. Carter, President of the Brotherhood of Firemen and Enginmen
L. E. Sheppard, President of the Order of Railway Conductors; James
Murdock, Vice-President of the Brotherhood of Trainmen, and Acting.
President in the absence through illness of President W . G. Lee, and
Thomas Cashin, President of the Switchmen’s Union of North America,
were the chief executives meeting at to-day’s conference.
When the ballot is completed, probably within a day or so, it will be sent
to active members of the five organizations and a referendum vote will be
taken. It was estimated that it will take a month or more to complete
the vote. The ballots must be sent to tbe members before Sept. 1, under
terms of a resolution adopted July 1 at a conference in Chicago of the
general chairmen of the organization.
I n its is s u e o f A u g . 2 5 th e “ J o u r n a l o f C o m m e r c e ” s a id :

Railroad men saw nothing alarming in the Cleveland report yesterday
that the “ Big Four” brotherhoods and the Switchmen’s Union of North
America were preparing strike ballots for submission to their 409,000
members. It was pointed out that thousands of railroad workers were out
of employment and that the men have not forgotten the lesson learned in the
yardmen’s “ outlaw strike” of last year. The situation is peculiarly un
timely, railroad executives agree, for a walkout.

Total________ _____ _______ ________________ _____ __________ 149,918
6.
Since the decision In this cause, the carrier has held conferences with WESTERN ROADS REJECT BROTHERHOODS’ REQUEST
FOR OLD WAGE SCALE .
representatives of the several crafts with whom contracts have been made
for the purpose of ascertaining whether or not in the light of the said
F o llo w in g a t w o d a y s ’ c o n fe r e n c e b e t w e e n th e e x e c u t iv e s
decision, said employees were satisfied with the manner of selecting repre
o f th e “ b ig f i v e ” r a ilw a y b r o t h e r h o o d s a n d a c o m m i t t e e
sentatives and with the rules and working conditions actually agreed to;
and as a result of said conferences the said employees through their repre r e p r e s e n tin g th e W e s t e r n e a r n e r s , th e l a t t e r r e je c t e d th e
sentatives manifested their satisfaction not only with the manner of selecting
representatives but also with the rules and working conditions embodied in d e m a n d s o f th e b r o t h e r h o o d s f o r th e c a n c e lla tio n o f t h e r e c e n t
w age c u ts.
T h e E a s t e r n r a ilr o a d h e a d s r e je c t e d a s im ila r
the said agreements.
On Aug. 22 1921 a general conference was held with representatives of p e t it io n f o r th e r e s t o r a t io n o f t h e w a g e sc a le w h ic h w a s in
employees who had been selected by ballot in accordance with the plan
T h i s d e c is io n w a s r e fe r r e d
of election submitted by the carrier after the publication of the Board’s e ffe c t p r io r t o J u ly 1 1 9 2 1 .
A c c o r d in g t o th e
Decision No. 119- T o this conference at least 250 representatives of to in o u r is s u e o f A u g . 1 3 , p a g e 6 9 6 .
System Federation 90 of the American Federation of Labor, employed by C h ic a g o “ T r i b u n e ” o f A u g . 1 9 th e S o u t h w e s t e r n ra il c h ie fs
the carrier, were Invited, but, acting under the instructions of the President
T h e W e s t e r n r a il
of System Federation 90, but few of such representatives attended this h a v e d e c lin e d to m e e t th e u n io n m e n .
conference,
r o a d s , in d e c lin in g th e r e q u e s t o f th e b r o t h e r h o o d s s a id :
in this connection it may be stated that many of said employee repre
In their duty to tbe public as imposed upon them by tbe Transportation
sentative-. are union men, and In the case of several crafts the entire dele Act, the railroads must perforce put into effect and maintain decreases In
gation of elected representatives consists of union men. At this conference wages Just as they recognize the authority of the Board in giving effect to
the employee representatives again signified their approval of and their increases such as were granted by decision No. 2, which increased the pay off
satisfaction with the plans and purposes of the management and the con railroad employees approximately $600,000,000 per annum.
tracts which bad been duly executed.
I t is le a r n e d f r o m th e C h ic a g o “ J o u r n a l o f C o m m e r c e ”
7 The carrier states that the contracts between itself and its employees
are iri full force and effect, and by their terms the parties thereto have t h a t t h e c o m m i t t e e r e p r e s e n tin g th o W e s t e r n r o a d s , in

M8

THE CHRONICLE

r e fu sin g

th e

b ro th e rh o o d s*

req u est

fo r

th e

w ith d r a w a l o f

all d e m a n d s fu r fu r th e r w a g e d e c re a se s, in fo r m e d th e b r o th e r 

n a n ce

w o rk

[ V ol. 113.
at

th e

r a te

of

about

$ 1 8 8 , 0 0 0 ,0 0 0

a n n u a lly .

D u r in g th e n in e m o n t h s ’ p e rio d , th e w itn e ss s a id , th e e a r n 

h o o d s ’ e x e c u tiv e s th a t

ings o f th e W e s t e r n r o a d s w a s o n th e b a sis o f a n a n n u a l ra te

l proper

of 2 .7 8 % .

regard tor the public iiiLerebt in the operation of the railroads does
not permit the officers of the railroads to give assurance that such requests
for further decreases aa have been made will tie withdrawn. This committee
has no knowledge as to how many railroads have made requests for further
decreases, but there is a demand on the part of the public for reductions
in freight and passenger rates, and such reductions cannot be made under
the present labor costs.
There is no assurance Unit the cost of living will not be decreased within
the next lew months, and for the railroads to take the position that there
would be no requests fur decreases in wages presented in lawful and orderly
manner to the board, there could be no justification.
T h e sa m e p a p er s ta t e s t h a t iu re fu sin g th e b r o th e r h o o d s ’
"d e m a n d fo r th e w ith d r a w a l o f all r e q u e s ts fo r th e e lim in a tio n
-if tim e a n d o n e -h a lf fo r o v e r tim e in tr a in a n d y a r d s e r v ic e ,
th e c o m m itte e s a id :

Here again the railroads with a proper regard for the public interest and
their affairs cannot give the assurance sought. This committee realizes
that many railroads have certain rules in their schedules which are not in
keeping with the rulings and principles laid down by the Railroad Labor
Hoard and cannot bind themselves to refrain from asking relief from such
burdensome and expensive conditions where they exist.
The

c o m m itte e

com posed

of

r e p re se n tin g

C h a ir m a n

A.

W .

th e

W estern

T r e n h o jm ,

carriers

w as

V ic e -P r e s id e n t

o f th e C h ic a g o S t . P a u l M in n e a p o lis & O m a h a ; B . B . G r e e r ,
V ic e -P r e s id e n t of th e C h ic a g o M ilw a u k e e & S t . P a u l; W . T .
T a y l o r , V ic e -P r e s id e n t o f th e N o r t h e r n P a c ific ; G . S . W a i d ,
V ic e -P r e s id e n t a n d G e n e r a l M a n a g e r o f th e S o u th e r n P a c ific ,
a n d E . E . C a lv in , V ic e -P r e s id e n t o f th e U n io n P a c ific S y s 
te m .

T h e c o m m it t e e ’ s d e c isio n w a s t r a n s m itte d to W . S .

S t o n e , G r a n d C h ie f E n g in e e r , B r o t h e r h o o d o f L o c o m o t iv e
E n g in e e r s ;
of

T im o th y

L o c o m o t iv e

Shea,

F ir e m e n

V ic e -P r e s id e n t

and

of

E n g in e m e n ;

B ro th e rh o o d

E.

P.

C u r t is ,

V ic e -P r e s id e n t O r d e r o f R a ilw a y C o n d u c t o r s ; J . M u r d o c k ,
V ic e -P r e s id e n t
C ash en ,

B r o th e r h o o d

o f R a ilr o a d

P r e sid e n t S w it c h m e n ’ s U n io n

T r a in m e n ;

of N o rth

T.

C.

A m e r ic a .

S im ila r re q u e s ts w ere m a d e b y th e O rd e r o f R a ilr o a d T e le g 
ra p h e rs a n d a sim ila r a n sw e r w a s

g iv e n to B . T . M a n i o n ,

P r e s id e n t o f t h a t o r g a n iz a tio n .

MINERS SAY THEY CANNOT CONSIDER WAGE
REDUCTIONS.
A s s e r tin g t h a t th e c o a l m in e r s c o u ld n o t “ m a k e a liv in g
a t th e w a g e r a te t h e y n o w r e c e iv e ,” W . L . J a m e s , e x e c u tiv e
r e p r e s e n ta tiv e o f th e U n it e d M i n e W o r k e r s d e c la r e d o n A u g .
2 3 t h a t th e m in e r s c o u ld n o t a n d w o u ld n o t c o n s id e r a r e d u c 
tio n in w a g e s a t th e ir fo r t h c o m in g c o n v e n tio n in I n d ia n a p o lis .
S e c r e ta r y o f L a b o r D a v i s h a d a s k e d th e m in e r s to ta k e u p
th e m a t t e r b u t th e y h a v e r e fu se d t o c o m p ly w it h h is r e q u e s t.
M r . J a m e s s p e a k in g fo r th e u n io n a t A t la n t i c C i t y , sa id :

We formally notified Secretary Davis that the miners would not consider
the question of wage reduction. We told him that because of the lack of
steady employment the miners to-day could not make a living at the wage
rate they now received. Also we did not consider it right that the Govern
ment should ask us to abrogate the present wage agreement, which runs
until April 1 1922, and to which the Government itself was a party.

E. WETTLING OPPOSES FREIGHT RATE REDUC
TIONS ON GRAIN SOUGHT BY WESTERN STATES.

L.

I n o p e n in g th e te s tim o n y o n b e h a lf o f th e r a ilro a d s o n
A u g . 2 4 b e fo re I n t e r -S t a t e C o m m e r c e C o m m is s io n e r L e v i s ,
•who is c o n d u c tin g th e h e a r in g s , to d e te r m in e w h e th e r d o m e s 
tic r a te s o n g ra in a n d h a y s h o u ld b e r e d u c e d , L . E . W e t t l i n g
■of C h ic a g o , m a n a g e r o f th e s ta tis tic a l b u r e a u o f th e W e s t e r n
lin e s, o p p o s e d th e r e q u e s t m a d e b y th e W e s t e r n S ta te s a n d
v a r io u s fa r m e r o r g a n iz a tio n s fo r a r e d u c tio n in th e fr e ig h t

If th e I n t e r -S t a t e C o m m e r c e C o m m is s io n g r a n ts

th e r e q u e st fo r th e r e d u c tio n in th e ra te s o n th e se c o m m o d i
tie s, M r . W e t t l i n g s a id , th is r a te o f re tu rn w o u ld be red u ced
to

a p p r o x im a te ly

1 .6 7 % ,

of

w h ich

1 .1 5 %

w o u ld

be

fo r

fr e ig h t.
iu c o n tin u in g his te s tim o n y

on A u g . 2 5 , M r .

W e t t lin g

d e cla re d th a t th e ra ilro a d s o f th e c o u n tr y are in no fin a n c ia l
c o n d itio n to fa c e a r e d u c tio n in fr e ig h t ra te s o n g ra in a n d
g ra in p r o d u c ts .

A s to his fu r th e r te s tim o n y th e A s s o c ia t io n

o f R a ilw a y E x e c u t iv e s s a y s :

Mr. Wettling declared that the roads in the Western district were hit
harder by the traffic slump during the first five months of this yoar than
those in any other part of the country, there having boon a decline compared
with the same period in 1920 of more than 27% in traffic in that district.
Despite this, he said, their expenses increased 7.09% during the nine months
which ended on June 1, compared with the corresponding months one year
ago. The average haul of grain and grain products on Western roads, he
testified, is 300 miles, while for other traffic it is 201 miles. For transport
ing one ton of grain and grain products one mile, Mr. Wettling said, the
roads receive an average of 1.10 cents, while for all other traffic, excluding
grain and grain products, they average 1.44 cents.
Instead of appealing to the railroads for relief, Mr. Wettling told the Com
mission that the farmers ought to seek first relief from other industries con
cerned with the marketing of grain, whose rate of return is much higher than
that of the railroads.
Mr. Wettling testified that according to the findings of the Federal Trade
Commission, owners of country grain elevators in tho Western grain States
in 1920 realized net returns ranging from 20 to 57% on their investment.
Findings of the Commission, he said, showed that in that section of the
country the farmers paid the elevator owners an average profit of eight
cents a bushel over and above the cost of handling the farmers’ grain.
“ If the farmer saved one cent a bushel on his grain, ho would realize ap
proximately $23,000,000 more than he is now doing, while if he saved 4
cents a bushel he would realize $92,000,000, which would be more than he
is asking in the reduction of freight rates,” said Mr. Wettling.
“Tt seems to me that the farmer is going to the wrong place to get relief.
They come to the railroads, who are making loss than 2% while they are
paying much more to other people for handling their grain. In some
instances they are paying these elevators more than they pay for freight
rates.”
Investigation by the Federal Trade Commission showed, according to
Mr. Wettling, that 1,091 grain elevators received a profit of 8.05 cents
per bushel on the grain they handled, while the net return on their invest
ment amounted to 25.33%.
One hundred elevators in North Dakota, the witness testified, received
an average profit, according to the Federal Trade Commission, of 11.5
cents per bushel and a net return on their investment of 31.34%, while
63 elevators in South Dakota had a profit of 8.24 cents per bushel and a net
return of 54.74% on their investment. Investigation by the Commission
into the operations of eight elevators in Oklahoma showed, according to the
witness, that they received a profit of 11.93 cents per bushel and had a net
return 57.65% on the amount invested.
Despite the slump in traffic, Mr. Wettling testified that there has been a
big increase compared with the two previous years in the number of cars
loaded with grain and grain products. This took place, he showed, despite
the fact that freight rates are now higher than in previous years.
From Jan. 1 to July 23 this year, he said, 3,251,455 cars less were loaded
with revenue freight than during the corresponding period in 1920, but the
number loaded with grain and grain products was 190,530 cars greate”
than during that period last year. Loading of grain and grain products
he added, during that period this year was also 120,643 cars greater than
during the corresponding period in 1919.
Mr. Wettling testified that the carriers are saving themselves from having
operating deficits by greatly reducing expenditures, particularly for main
tenance work. Virtually all of this maintenance work, however, must
eventually be done, he said.
He said there is little hope of the roads reducing their expenditures for
coal before April 1 1922, when many of them renew their contracts, while,
because of the fact that the carriers are compelled to buy their supplies
from 6 to 18 months in advance, it will be some time before they can realize
anything from the present drop in the cost of materials and supplies.
Mr. Wettling was followed on the stand by Fred C. Maegly of Chicago
Assistant General Freight Agent of the Atchison Topeka & Santa Fe KK.,
who said that rates on grain and grain products should not be reduced at
present, pointing out that the transporting of that- commodity costs the
roads more than other commodities because of certain services which the
roads are compelled to render.

r a te s o n g ra in a n d g r a in p r o d u c ts a n d h a y to th e le v e l th a t
e x iste d p rio r to th e in cre a se m a d e o n A u g . 2 6 la s t .
in th e fa c e o f th e w a g e c u t m a d e b y

th e R a ilr o a d

E ven
Labor

B o a r d a n d e ffe c tiv e J u ly 1 la s t , M r . W e t t l i n g sa id th a t su c h

UNITED STATES SIGNS PEACE TREATIES WITH
GERMANY AND AUSTRIA— TEXT OF
TREATY WITH GERMANY.

a r e d u c tio n in ra te s w o u ld re su lt in a c u tt in g o f th e n e t

T h e t r e a t y p r o v id in g fo r th e fo r m a l r e -e s ta b lis h m e n t o f

o p e r a tin g in c o m e o f th e r a ilro a d s in th a t p a r t o f th e c o u n tr y

p e a c e b e tw e e n th e U n i t e d S t a t e s a n d G e r m a n y w a s s ig n e d

to a p o in t th a t w o u ld b r in g th eir a n n u a l r e tu r n to b e lo w 2 %

a t B e r lin o n A u g . 2 5 b y

on

S t a te s C o m m is s io n e r , a n d D r . F r ie d r ic h R o s e n , th e G e r m a n

th e ir

t e n t a tiv e

v a lu a tio n .

p e rio d e x te n d in g fr o m

D u r in g

th e

n in e

S e p t . 1 1 9 2 0 to M a y 3 1

m o n th s’

1921, M r.

F o r e ig n M i n i s t e r .

E llis L o r in g

D r e s e l,

th e U n it e d

T h e p r e c e d in g d a y a s im ila r t r e a t y w a s

W e t t l i n g te stifie d th a t th e n e t o p e r a tin g in c o m e o f th e r a il

s ig n e d a t V ie n n a b e tw e e n th e U n it e d S t a te s a n d A u s t r i a ,

ro a d s in th e W e s t e r n

A r t h u r U . F r a z ie r , th e A m e r ic a n C o m m is s io n e r , a c tin g fo r

d istr ic t in fr e ig h t tr a ffic a lo n e w a s

o n ly $ 1 1 0 ,7 8 7 ,0 0 0 , u p o n w h ic h b a sis h e e s tim a te d t h a t fo r

th e U n it e d S t a t e s .

th e

sig n e d o n A u g . 2 4 , b u t a d e la y , d u e , it w a s s a id , t o th e

t w e lv e -m o n t h

p e r io d it w o u ld b e $ 1 4 3 , 8 8 7 ,0 0 0 ,

or a t

th e a n n u a l r a te o f r e tu r n o n th e ir te n t a tiv e v a lu a tio n
1 .4 2 % .

of

A r e d u c tio n su ch as s o u g h t b y th e W e s t e r n S ta te s

a n d e s tim a te d b y th e w itn e ss a t a b o u t 2 5 %

of p rese n t r a te s

T h e G e r m a n t r e a t y w a s a ls o to h a v e b e e n

ra isin g o f a te c h n ic a l p o in t in c o n n e c tio n w ith th e fo r m a li
tie s p r e v e n te d th e sig n in g o n t h a t d a t e .

T h e c e re m o n ie s in

b o th c a se s, it w a s s a id , w ere v e r y s im p le .

T h e te x t o f th e

in th e se c o m m o d itie s , w o u ld r e s u lt in a loss to th e W e s t e r n

t r e a t y w ith G e r m a n y w a s la id b e fo r e th e R e p u b lic a n m e m 

ra ilr o a d s,

b ers o f th e S e n a te F o r e ig n R e la tio n s C o m m it t e e o n A u g . 2 4

he

s a id ,

of abou t

$ 6 3 ,7 0 0 ,0 0 0

a n n u a lly ,

w h ic h

w o u ld re d u ce th eir n e t o p e r a tin g in c o m e to a p p r o x im a te ly

by

$ 8 0 ,0 0 0 ,0 0 0 .

H ou se.

M r.

W e ttlin g

e x p la in e d ,

h ow ever,

th a t

be

P r e s id e n t

H a r d in g ,

B o th

d u rin g a

R e p u b lic a n

and

c o n fe re n ce

D e m o c r a t ic

at

th e

W h ite

m e m b e r s w ere

c a u se o f th eir p r e se n t fin a n c ia l c o n d itio n , th e W e s t e r n lin es

r e p o r te d

h a v e b e e n fo rc e d to re d u ce th eir e x p e n d itu re s fo r m a in te 

T h e te x t o f th e tr e a ty w ith G e r m a n }1 w as m a d e p u b lic by

to

have

e x p r e sse d

th e ir a p p r o v a l

of

th e

tr e a t}

\m . ^

1921.]

THE CHRONICLE

919

(4) That, while I.he United States 1 privileged to parflelpate In the
m
tho State Dopartmonk at Washington on Aug. 25 at 9:25
Reparation Com m ission, according to the l* i ms o f Part Eight o f lhat
]>. m ., after official advices had been received of its signing
treaty, and In any other commission established under the treaty or under
at Berlin. The treaty will not become operative legally until any agreement supplemental thereto» the United Stati i Is not bound to
>
after its ratification by the Senate (now in recess until participate In any such commission unless It i hall elect to do <
(5) That the periods o f time to which reforonce Is m ule In Article 440
Sept. 21) and the German Reichstag, which will moot
o f the 'Treaty o f Versailles shall run with respect to any act or election
Sept. 20. The rights of the United States under the Ver on 'the part o f the United States from the date o f the corning into force
sailles Treaty are assured under the pact with Germany, but o f the present treaty.
A K TIC LE T H R E E .
it is stipulated that the United States shall not be bound by
The prosont treaty shall be ratified In accordance with the constitutional
any of the provisions of the Versailles Treaty which relates forms o f the High Contracting Parties and shall take effect immediately
to the League of Nations.
It is further stipulated that “ the on the exchange o f ratifications, which shall take place as: soon as possible
United States is entitled to participate in the Reparations at Berlin.
In witness whereof, the respective, plenipotentiaries have signed this Treaty
Commission and other commissions set up under the Treaty and have hereunto affixed their seals.
Done in duplicate in Berlin, this 2Ulh day o f August 1921.
of Versailles, but is not bound to participate in any such
Iu making public the tost of the treaty Secretary of State
commission unless it elects to do so. The following is the
text of the treaty of peace between the United States and Hughes issued the following statement with regard thereto:
The treaty defining peace relations between the United States and
Germany as signed on the 25th inst.:
PREAM BLE.
The United Stales o f America and Germany
Considering that the United States, acting in conjunction with its co
belligerents, entered into an armistice with Germany on N ov . 11 1918 in
order that a treaty o f peace might be concluded:
Considering that the T reaty o f Versailles was signed on June 28 J919
and came into force according to the terms o f its Article 440, but has not
been ratified b y the United States;
Considering that the Congress o f the United States passed a joint resolu
tion approved b y the President July 2 1921, which reads in part as follows:
Resolved, B y the Senate and House o f Representatives o f the United
State o f America in Congress assembled, T hat the state o f war declared
to exist- between the Imperial German Government and the United States
o f America b y the join t resolution. o f Congress approved April 6 1917,
is hereby declared at an end.
Sec. 2. That in making this declaration, and as a part o f it, there are
expressly reserved to the United States o f America and its nationals, any
and all rights, privileges, indemnities, reparations or advantages, together
with the right to enforce the same, to which it or they have becom e entitled
under the terms o f the armistice signed N ov. 11 1918, or any extensions
or modifications thereof, or which were acquired by or are in the possession
o f the United States o f America by reason o f its participation in the war
or to which its nationals have thereby become rightfully entitled; or which,
under the T reaty o f Versailles, have been stipulated for its or their benefit;
or to which it is entitled as one o f the principal Allied and Associated
Powers; or to which it is entitled b y virtue o f any A ct or Acts o f Congress;
or otherwise.
Sec. 5. All property o f the Imperial German Government or its suc
cessor or successors and o f all German nationals which was, on April 6
1917, or has since that date come into the possession or under control of,
or has been the subject o f a demand by the United States o f America, or
o f any o f its officers, agents or employees, from any source or b y any
agency whatsoever, and all property o f the Imperial and Rcj^al AustroHungarian Government, or its successor or successors, and o f all AustroHungarian nationals which was on D ec. 7 1917, or has since that date
come" into the possession or under control o f or has been the subject o f a
demand b y the United States o f America or any o f its officers, agents or
employees from any source or b y any agency whatsoever, shall be retained
by the United States o f America and no disposition thereof made, except
as shall have been heretofore or specifically hereafter shall be provided
by law’ , until such time as the Imperial German Government and the
Imperial and R oyal Austro-Hungarian Government or their successor or
successors shall have respectively made suitable provision for the satisfac
tion o f all claims against said Governments, respectively, o f all persons,
wheresoever dom iciled, who owe permanent allegiance to the United States
o f America and who have suffered, through the acts o f the Imperial German
Government or its agents, oi the Imperial and Royal Austro-Hungarian
Government or its agents, since July 31 1914, loss, damage or injury to
their persons or property, directly or indirectly, whether through the
ownership o f shares o f stock in Germany, Austro-Hungarian, American or
other corporations, or in ccnsenuence of hostilities or o f any operations of
war, or otherwise, and also shall have granted to persons owing permanent
allegiance to the United States o f America most-favored-nation treatment,
whether the same be national or otherwise, in all matters affecting residence,
business, profession, trade, navigation, commerce and industrial property
rights, and until the Imperial German Government and the Imperial and
Royal Austro-Hungarian Government, or their successor or successors,
shall have respectively confirmed to the United States o f America all fines,
forfeitures, penalties and seizures imposed or made by the United States
o f America during the war, whether in respect to the property o f the Imperial
German Government or German nationals or the Imperial and R oyal AustroHungarian Government or Austro-Hungarian nationals, and shali have
waived any and all pecuniary claims against the United States o f America.
Being desirous o f restoring the friendly relations existing between the
two nations prior to the outbreak o f war, have for that purpose appointed
their plen ipoten tiaries:
The President o f the United States o f Am erica, Ellis Boring Dresel,
Commissioner o f the U nited States o f America to Germany, and
The President o f the German Em pire, D r. Friedrich Rosen, M inister
for Foreign Affairs,
W ho, having com m unicated their full powers, found to be in good and
due form , have agreed as follows:
A R T IC L E O N E .
Germany undertakes to accord to the U nited States, and the U nitedStates shall have and enjoy, all the rights, privileges, indemnities, repa
rations or advantages specified in the aforesaid joint resolution o f the
Congress o f the U nited States o f July 2 1921, including all the rights and
advantages stipulated for the benefit o f the United States in the Treaty o f
Versailles which the United States shall fully enjoy notwithstanding the
fact that such treaty has not been ratified b y the United States.
A R T IC L E T W O .
With a view to defining more particularly the obligations o f Germany
under the foregoing article with respect to certain provisions in the Treaty
o f Versailles, it is understood and agreed between the H igh Contracting
Parties:
( 1) That, the rights and advantages stipulated in that treaty for the benefit
o f the U nited States, which it is intended the U nited States shali have and
enjoy, are those defined in Section One, Part Four, and Parts F ive, Six,
Eight, Nine, Ten, Eleven, T w elve, Fourteen and Fifteen. The United
States, in availing itself o f the rights and advantages stipulated in the pro
visions o f that treaty mentioned in this paragraph, will do so In a manner
consistent with the rights accorded to Germany under such provisions.
(2) T hat the United States shall not bo bound by the provisions o f Part
One o f that treaty, nor by any provisions o f that treaty including those
mentioned In Paragraph One o f this Article, which relate to the Covenant o f
the League o f Nations, nor shall the United States he bound by any action
aken by the League o f N ations, or by the Council or by the Assembly
h'sroof. unless the United States shall, expressly give its assent to such action.
(?,) T hat the United States assumes no obligations under or with respect
fo the provisions o f Part T w o, Part Three, Sections T w o to Eight inclusive
o f Part Four, and Part Thirteen o f that treaty.

Germany was signed at Berlin to-day. it was signed on behalf o f the
President o f the United States by Ellis Loring Drosol, Commissioner o f the
United States, who had received full powers for the purpose, and on behalf
o f the President o f Germany by Dr. Friedrich R osen, M inister o f Foreign
Affairs.
The treaty with Germany is in accord with the peace resolution adopted
by Congress and approved by the President on July 2 1921.
The pr earn bio o f the treaty recites Sections i , 2 and 5 o f the resolution
which relates to Germany.
Article I o f the treaty provides that tho United States shall have ali'
the rights and advantages specified in the resolution, including those stipu
iated for tho benefit o f the United States In the Treaty o f Versailles.
Article II o f the treaty defines more particularly tho obligations o f
Germany with respect to certain provisions in the Treaty o f Versailles.
Thus, it is provided that the rights and advantages stipulated in the T reaty
o f Versailles for the benefit o f the United States which it is intended theUnited States shall en joy, are those defined in Section 1 o f Part IV , and
Parts V , V I, V III, I X , X , X I , X I I , X I V and X V .
Section 1 o f Part I V contains the provisions by which Germany renounced
her former overseas possessions in favor o f the principal Allied and Asso
ciated Powers. This confirms the rights o f the United States with respect
to Y ap and the other former German overseas possessions upon an equality
with the other powers. The other parts o f the Treaty o f Versailles above
mentioned embrace the m ilitary clauses, the reparations, financial and
econom ic clauses, the parts relating to aerial navigation, ports, waterways
and railways, guarantees and miscellaneous provisions.
The result is to put the United States on a footing with the ether Allied
and Associated Powers with respect to all the rights defined in all these
clauses. It is provided that the United States in availing itself o f the rights
and advantages stipulated in these provisions o f tho treaty will do so in a
manner consistent with the rights accorded to Germany under such pro
visions.
The treaty provides that the United States shall not foe bound b y any o f
the provisions ot the treaty which relate to the League o f N ations. The
United States also assumes no obligations under Parts II , I I I , Sections 2
to 8, inclusive, o f Part IV and Part X I I I o f the Treaty o f Versailles.
Part II relates to the boundaries o f Germany, Part III to the political
clauses for Europe, Sections 2 to 8 inclusive o f Part ’ V embrace certain
provisions with respect to China, Siam, Liberia, M orocco, E gyp t. Turkey,
Bulgaria and Shantung, and Part X I I I relates to the international organi
zation o f labor under the League o f N ations.
^
The United States is entitled to participate in the Reparations Com m is
sion and other commissions set up under the Treaty o f Versailles, but it is
not bound to participate in any such com mission unless it elects to do so.
It is understood that diplom atic relations will be resumed upon the ex
change o f ratifications o f the treaty, and then negotiations can be under
taken with respect to commerce or other matters through the ordinary
diplom atic channels.
___ ________________

SIGNING OF PEACE TREATY IN BERLIN.
W ith regard to the signing in Berlin of the peace treaty
with Germany, Associated Press advices from Berlin, Aug. 25,
said:
The treaty o f peace between Germany and the United States was signed
here at 5:20 o ’clock this afternoon.
The signing took place in the office o f Foreign M inister Rosen in the
Wilhelmstrasse, around the com er from the offices o f the American com 
mission.
The function occupied about ten minutes. Ellis Loring Dresel, the
American Commissioner, who was seated opposite the Foreign Minister,
at the latter’s desk, signed both copies o f the ti*eaty first and then pushed
the document across the desk to Herr Rosen, who affixed his own signature.
The German Foreign Minister, in signing, expressed gratification at this
act for the resumption o f friendly relations between the tw o nations,
M r. Dresel replying with reciprocal sentiments.
Pomp and oratory played no part in to-d ay ’s signing o f the treaty.
Simplicity surrounded the ceremony. M r. Dresel was accompaniedlTby
three aids, Counselor Wilson and Secretaries Pennoyer and Am ory, while
Under Secretary Haniel von Haimhausen and three Foreign Office Depart
ment chiefs made up Herr Rosen’s retinue. All stood about as tho signa
tures and seals were affixed.
American newspaper men who were in the corridor were not permitted
to witness the signing. Afterwards M r. Dresel said:
“ The Germans wanted the treaty consummated with as little pom p and
ceremony as possible, and this was perfectly agreeable to us.”
W hen the plenipotentiaries had signod the document they exchanged a
few chosen phrases o f obvious im port and the American Commissioner
and his aids bowed their way out o f the Foreign M inister’s office. There
were two copies o f the treaty, one in English and the other in German.
After the ceremony M r. Dresel returned to his office, where he made public
the official text o f the treaty.
An official communication issued this evening says the present treaty is
the result of tho negotiations begun at tho initiative o f the United States,
commencing in July, and that in the course o f the negotiations the American
Government was wholly bound to the Congressional peace resolution.
M r. Dresel has conferred only with Herr Rosen during the last six weeks.
To-night ho declined to discuss the progress o f the negotiations in any
detail or to reveal whether there were any serious differences with tho
German Foreign M inister during the conferences. Tho American Commis
sioner permitted tho inference that he got along com fortably with the
officials in Wilhelmstrasse. He was frank to say he was glad the jo b was

9*0

THE CHRONICLE

<
•
.ciift that the! supplem entary conuuercuLl treaty and the clisuositinu
- • -uinplex econ om ic h>.->ue& aw aitiu# udjusinneut w ere to bu left to th e
<
u .shington G overn m en t and th e new Germ an A m bassador to th e United
L
’he A m erican com m ission as su ch is not entitled to fly th e Stars and
Stripes from its office s, despite the peace trea ty, as it has not yet been
' ^averted into an em bassy, M r. Dresel exp ects to return to the United States
i ' S4x>n as he is reiievtxi by a regular diplom at
lie thiuh->. h ow ever, th at
it i-a not im pn»bable he will be retained in B eilin tem porarily w ith the
i ink o f C harge d 'A ffa ires
C ounselor W ilson, who has been the ch ie f aid o f th e com m ission fo r the
i»*v>t eighteen m onths, has been transferred to TokJo, and will leave Berlin
next S aturday.

MESSAGE FROM FORMER EMPEROR OF GERMANY
AT MILITARY EXERCISES IN BERLIN
.

D u r in g a m ilit a r y d is p la y ia B e r lin o n A u g u s t 2 5 — a p p a r 
e n tly

w it h o u t b e a r in g o n

b e tw e e n

th e

U n it e d

th e s ig n in g o f th e

S ta te s

th a t d a y — a m e s s a g e f r o m

and

G erm any

th e f o r m e r

P eace T ro a ty

w h ic h

occu rred

K a is e r fig u r e d in th e

113

[ V ol .

by millions throughout the world and that it is necessary to allay any
suspicion ot lack of confidence or ill-feeling that might possibly exist.
At one moment I felt anxious lest we fail. The difference between
signing and failing to sign placed a great responsibility upon my shoulders.
1 could see all those unhappy children who would not get help. This
spurred me to greater efforts to meet Mr. Brown and adjust differences
within the limits required to safeguard the sovereignty of my country. 1
think Mr. Brown made similar efforts.
I hope this first meeting of representatives of the two great countries
will he followed by others. Each fresh meeting will bring us closer to
gether and make us understand that if we have been kept apart it is due
to misunderstandings and differences that can be readjusted. With this
hope 1 leave Riga.

SILESIA A PROBLEM REFERRED TO LEAGUE OF
NATIONS' COUNOIL.
T h e A l l i e d S u p r e m e C o u n c il, d e a d lo c k e d o n th e s o -c a lle d
S ile s ia n
la n d ),

p r o b le m
w h ic h

(th e

has

f r o n t ie r

been

th e

b e tw e e n

s u b je c t

G erm any

of

and

Po

c o n s id e r a tio n

and

B e r lin

d is c u s s io n f o r th e p a s t s e v e r a l m o n th s , d e c id e d on A u g . 12

a c c o u n t o f th e e x e r c is e s a p p e a r e d in th e N e w Y o r k “ T i m e s ’ ’

to r e f e r th e m a t t e r to th e C o u n c il o f th e L e a g u e o f N a t io n s ,

of A u g. 26:

a g r e e in g to a c c e p t th e d e c is io n o f th e C o u n c il a s f i n a l .

Great crowds looketi coldly on while thousands of soldiers who fought
during the great war marched before General Ludendorff, Prince Eitel
Friedrich, Count von Waldersee and General von der Goltz at the old
Berlin Stadium yesterday. The lack of enthusiasm among the spectators
was notable, only a few j>ersons uncovering when “ Die Wacht am Rhein"
was played by a veteran band. A message from former Emperor William
was read.
"W ith proud and warm gratitude I think to-day of my brave comradas,
never vanquished in the field," It said. “ With true German loyalty they
achieved against a work! of enemies deeds such as history never has known
before. The heroism of the dead will live on unforgotten to the honorable
memory of the dead and for the imitation of the living and future genera
tions. May the halo o f the great days of the past be the beacon for the
victorious illumination still in the dark future. God protect the Fatherland and its people."
Count von Waldersee was the principal speaker at the demonstration,
which was characterized by Radicals as a “ monarchist attempt to revive
the dying war spirit." His address was fiery in character, the old military
chieftain declaring:
“ There will come again a day when we will stand together for the Kaiser
and the Fatherland. Hatred will stand guard in Germany. We must train
our children to use the rifle and sword. So long as Germans suffer under
a foreign yoke and the French stand a guard on the Rhine, we must prepare
for revenge."
The demonstration made a brilliant spectacle, with the vari-colored
uniforms, the fluttering flags, the clanking swords and the silver, gold
and black helmets of the officers, but the only enthusiasm shown during
the day was brought forth by the appearance of General Ludendorff, and
the outburst on that occasion was but slight.
The band which played was attired in long-tailed coats, citizens’ trousers
and silk hats instead o f uniforms. The young sons and daughters of the
soldiers, nurses and nationalistic labor organizations followed the veterans
as they goose-stepped around the great enclosure, and later formed a double
line through which the fighters marched. The only incidents that threat
ened trouble were a few boos from the bleachers, which w'ere disregarded
by the police.
The Government had forbidden officers and soldiers in the Government
service to participate and had scattered scores of security police throughout
the crowd in anticipation o f disorders. Army chaplains led the memorial
services for the fallen. Field Marshall von Hindenburg, who sponsored the
demonstration, telegraphed his regrets that he could not attend.
General Ludendorff in his address said the will to victory must again
arise in the German people, and that- now was the time for the Germans to
turn their thoughts to Prussianism, in which their strength was embodied.
General von der Goltz denounced “ the traitors who declared the supreme
war lord had been deposed," and said the old soldiers from the trenches were
ready at any time to defend the Fatherland from the Poles and Bolsheviki.

m a in d is a g r e e m e n t c o n c e r n e d th e a s s ig n m e n t o f f i v e to w n s

c e r e m o n ie s

in c id e n t

to

th e

p arad e.

The

fo llo w in g

The

in th e in d u s t r ia l d is t r ic t o f S ile s ia , th e F r e n c h a n d B r it is h
P r e m ie r s b e in g u n a b le to r e a c h a n a c c o r d on th e q u e s tio n .
I n e x p la in in g w h y th e S u p r e m e C o u n c il d e te r m in e d to r e fe r
th e S ile s ia n q u e s t io n
tio n s,

w h ic h a l s o

to th e C o u n c il o f th e L e a g u e o f N a 

is c o m p o s e d

of

r e p r e s e n t a t iv e s o f G r e a t

B r i t a i n , F r a n c e , I t a l y a n d J a p a n , w ith th e a d d it io n o f d e le 
g a te s

fr o m

B e lg iu m ,

B r a z i l,

S p a in

and

C h in a ,

M r.

L lo y d

G e o r g e d e c la r e d it w a s n o t f o r th e S u p r e m e C o u n c il to s a y
how

th e L e a g u e

w h o le C o u n c il
P ow er.

He

s h o u ld

s h o u ld

h a n d le

d e c id e

th e q u e s t io n , b u t t h a t th e

th e m a t t e r

and

not a

s in g le

s a id :

We have made concessions in the hope of a settlement, but the League,
of course, cannot be bound by these. They must review the whole matter
from top to bottom, and we shall accept the decision without demur.
The League must decide whether it will constitute an international tribu
nal or refer the matter to a court of jurists of international repute. They
also must consider the local situation in Silesia, and if upon examination
they find it necessary to strengthen the Allies’ forces there Great Britain
will make her contribution on the same scale as the other Powers.
A m b a s s a d o r H a r v e y , r e p r e s e n t in g th e U n it e d S t a t e s a t
th e m e e tin g o f th e S u p r e m e C o u n c il on A u g . 1 2 , d e c lin e d
to v o te o n th e m a t t e r o f r e fe r r in g th e S ile s ia n p r o b le m to
th e L e a g u e o f N a t io n s .
Pie s a id :

The President of the United States has felt from the beginning that this
matter was one of distinctly European concern. It will be with relief,
therefore, that he will hear of the confirmation of this view by the Su
preme Council in referring the question to a body with which the United
States is not associated. Consequently, as the representative of the Presi
dent, I shall refrain from participating in this decision.

UNDER SECRETARY OF STATE FLETCHER ON
RECOGNITION OF MEXICO.
A

s ta te m e n t

anew

as

to

th e

c o n d it io n s in c id e n t to

r e c o g n it io n o f M e x i c o b y th e U n it e d
in a n i n t e r v ie w

th e

S t a t e s w a s c o n ta in e d

w h ic h U n d e r S e c r e t a r y o f S t a t e H e n r y

P.

F le t c h e r h a d w ith J o s e G o m e z U g a r t e , D ir e c t o r o f “ E l U n iversar’

of

M e x ic o

C it y ,

on

A u gu st

1 1,

a

t r a n s la t io n

of

w h ic h w a s g iv e n o u t b y th e S t a t e D e p a r t m e n t a t W a s h i n g 

SOVIET RUSSIA ACCEPTS TERMS OF AMERICAN
RELIEF ADM1NISTRA TI ON—AGREEMENT
SIGNED.
F o llo w i n g a t e m p o r a r y d e a d lo c k
w it h

r e p r e s e n t a t iv e s

tio n ,

th e

la id

dow n

S o v ie t
by

of

th e

R u s s ia n

H erb ert

in n e g o t ia t io n s a t R ig a

A m e r ic a n

G overn m en t

H oover, and

p r o v id in g f o r A m e r ic a n

r e lie f fo r

R e lie f

A d m in istr a 

a c c e p te d

th e

th e

fo rm a l

te rm s

agreem en t

th e f a m i n e -s t r i c k e n d i s 

to n on A u g . 2 0 .
S ta te

A

D e p a rtm e n t,

c o u p le o f m o n th s a g o
in

an

o ffic ia l

(o n J u n e 7 )

ann oun cem ent

th e

r e g a r d in g

th e p o lic y o f th e U n it e d S t a t e s t o w a r d M e x ic o , s t a t e d th a t
t h is G o v e r n m e n t “ h a s p r o p o s e d a t r e a t y o f a m it y a n d c o m 
m e r c e w ith M e x ic o , in w h ic h M e x ic o w ill a g r e e to s a f e g u a r d
th e r ig h t s o f p r o p e r ty w h ic h a t t a c h e d b e fo r e th e C o n s t it u 
tio n o f 1 9 1 7 w a s p r o m u lg a t e d .”
i n d ic a t e d

in

o u r is s u e

of

I t w a s lik e w is e s t a t e d

June

IS ,

page

2603)

th a t

(a s
“ th e

agreem en t

q u e s tio n o f r e c o g n itio n is a s u b o r d in a t e o n e , h u t th e r e w ill

g r a n t s to th e A m e r ic a n o r g a n iz a t io n c o m p le te a n d a b s o lu t e

b e n o d i f f i c u lt y a s to th is , f o r i f G e n e r a l O b r e g o n is r e a d y

c o n tr o l o f th e fo o d d is t r ib u t io n .

to n e g o t ia t e a p r o p e r t r e a t y it i s d r a w n so a s to b e n e g o tia -

tr ic ts

k e ll,

of

R u s s ia

w as

w h o d ir e c te d

s ig n e d

r e li e f

on

w ork

Aug.

20.

The

C o lo n e l W i l l i a m
in

A r m e n ia ,

has

N . H as
been

ap

tiv e w it h h im , a n d th e m a k in g o f th e t r e a t y in p r o p e r fo r m

p o in te d to s u p e r v is e th e f a m i n e r e l i e f w o r k o f th e A m e r ic a n

w ill

R e l i e f A d m i n i s t r a t i o n in R u s s ia .

m a k e s i t .”

th e

a g r e e m e n t,

M a x im

L itv in o ff,

F o llo w in g th e s ig n in g o f
S o v ie t

r e p r e s e n t a t iv e ,

s a id :

In the first place I wish to thank our host, M. Meierovitz, Premier of the
Lettish Republic, who has been kind enough to introduce Russia to Amer
ica. It is not the first time the Latvian Republic has given its beautiful
capital of Riga for good work. It was here the peace between Russia and
Poland was negotiated. I refer to this because this document we signed
to-day and peace with Poland have the same purpose, to save human life
and mitigate suffering.
Our work here has been rather difficult People have wondered why it
took so long. They failed to take into account of the situation how ob
scured it was by prejudices and by false representations. Taking into
consideration how Russia and America have been kept apart for nearly four
years and what a mass of misconception had grown up between them I
think it will be found we have done our work well.
It would have taken even longer if I had not had as partner Mr. Brown,
to whose kindness and fair-mindedness I wish to pay tribute. He came
not to find differences, but to adjust them. We both have felt that mam'
clauses in the agreement were superfluous, hut we realize it will be read

a c c o m p lis h

th e

r e c o g n it io n

of

th e

G overn m en t

th a t

I n h is i n t e r v ie w th e c u r r e n t m o n th w ith S e n o r

U g a r t e , U n d e r S e c r e t a r y F le t c h e r d e c la r e d t h a t " W a s h i n g 
to n is s in c e r e ly d e s ir o u s o f a f i n a l s e t t le m e n t o f th e e x i s t 
in g

d i f f i c u lt i e s .

lie

in d ic a te d

th a t

it

is

not

in te n d e d

g r a n t r e c o g n itio n a n d d e f e r th e s ig n in g o f th e t r e a t y ;

to
th e

a s s e r t io n w a s f u r t h e r m a d e “ t h a t A r t ic e 2 7 is n o t r e tr o a c 
tiv e , a n d

is

a r r iv e

an

at

s till

b e in g

h e ld

a g r e e m e n t .”

a
It

sin e
w as

qua
a ls o

non

c o n d it io n

p o in te d

out

to

th a t

W a s h i n g t o n d o e s n o t c la im to d e m a n d p e r e m p to r y p a y m e n t
o f th e

f o r e ig n

d e b t,

or of

c la im s g r o w in g

ou t

o f in ju r ie s

c a u s e d b y th e r e v o lu tio n , a n d is r e a d y to a s s is t in th e re s
t o r a t io n o f M e x ic o .

M r . F le t c h e r a ls o to o k o c c a s io n to s ta te

th a t " t h e a c t io n ta k e n by W a s h i n g t o n is e n tir e ly fr e e fr o m
th e in f lu e n c e o f oil m e n o r p o li t i c i a n s .”
th e t r a n s la t io n
on th e 2 0 t h

of

inst . :

th e

in te r v ie w

g iw n

T h e fo llo w in g
out

at

is

W a s h in g t o n

A ug. 27 1921.]

THE CHRONICLE

921

Count Adolf MontgelttH, who for some time lias been in charge of German
From “ El Universa1 office in New York:
“
Washington, Aug. 11.— Honor Joae Gomez Ugarte, Director of “ El Uni affairs in Mexico, according to information given the correspondent to-day
versal of Mexfco,” had an interview to-day with Mr. Fletcher, the Under by Count Moritgelas.
Instructions to this effect were received from Berlin Sunday by Omni
Secretary of State, in company with Mr. James Carson.
The declarations made by Mr. Fletcher to Honor Gomez Ugarte may be Montgelos, who called on Foreign Secretary PanI this morning to arrange
divided summarily as follows:
for Ids formal presentation to President Obregon, which probably will
1. Washington is sincerely desirous of a final settlement of the existing occur tills week.
Count Moritgelas said that Germany in recognizing Mexico was merely
difficulties.
2. In asking that ft treaty of friendship and commerce bo signed, it does “ following the example of other European Powers, notably Spain and
not mean to bring pressure to bear, but only suggests appropriate means Italy.” Although it previously had been reported that Germany had ex
tended recognition to Mexico, Count Moritgelas said communications pass
according to its judgment.
3. If Mexico knows of any better way to solve the problem it may offer it. ing between President Ebert and President Obregon had been merely ex
4. The action taken by Washington is entirely free from the Influence of changes of courtesy.
oil men or politicians.
On the 10th inst. it was reported that Count von Mont5. Fletcher would be disposed to go in person to Mexico to sign the
golas, the German Envoy, had been received in audience by
arrangements.
6. The friendship existing between the two peoples compels both Gov President Obregon, and that the Minister presented his cre
ernments to guarantee that friendship and also to avoid any future actions dentials, confirming Germany’s recognition of Mexico.
that might cause friction.
The recognition of the Obregon Government by Spain and
7. That Article 27 is not retroactive and is still being held a sine qua
non condition to arrive at an agreement.
Japan was reported on July 21 by the Foreign Office at
8. That there is any idea at present in Washington to grant recognition Mexico City. It was announced that the Foreign Office has
and defer the signing of the treaty is untrue.
9. Washington does not claim to demand peremptory payment of the autograph letters from the two countries, which will con
foreign debt or of the claims growing out of injuries caused by the revolu stitute recognition.
tion and is ready to assist in the restoration of Mexico.
During the interview Under Secretary Fletcher was most cordial with
assurances that the American Government desired to make a final end of ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
the difficulties without wishing to impose its will, and only sought one of
N o sales o f b a n k or tr u s t c o m p a n y sto c k s w ere m a d e a t
so many means of settlement in submitting the treaty to the Government th e S to c k E x c h a n g e or a t a u c tio n th is w e e k
of Mexico. Mr. Fletcher added that Washington does not make an excep
tion of Mexico in this matter, as it will follow the same policy with
Greece and Germany before recognizing their respective Governments. The
A t a m e e tin g o f th e G o a r d o f G o v e r n o r s o f th e N e w Y o r k
question of the recognition of the Government of Mexico is one that lies
S to c k E x c h a n g e h e ld th is w e e k it w a s v o te d to clo se th e
within the discretion of Washington, and it is, therefore,natural for it
to propose terms or accept those that may be offered.
Right now the E x c h a n g e o n S e p t . 3 , in a d d itio n to b e in g clo se d o n M o n d a y
proposition of the Department of State that Mexico sign a treaty is not
T h is w ill g iv e th e m e m b e r s o f th e
disparaging to that country in the opinion of Mr. Fletcher, who in this re S e p t. 5 (L a b o r D a y ) .
spect recalled that England’s recognition followed signing of the protocol. E x c h a n g e a trip le h o lid a y , th e th ird th a t th e y h a v e h a d th is
Obviously, as may be seen from the interview with Mr. Fletcher, the y e a r , th e E x c h a n g e h a v in g b e e n clo se d o n M a y 2 8 , th e d a y
United States does not claim that Mexico shall pay within a fixed time all
its debts and satisfy all the claims, but is disposed to wait and let it pay p rec ed in g D e c o r a tio n D a y ( M a y 3 0 ) a n d a lso o n J u ly 2 ,
The
as much as it can, and the United States will extend ample assistance to th e d a y p r ec ed in g In d e p e n d e n c e D a y (J u ly 4 ) .
the resoration, but requires assurance that there shall be no confiscatory P h ila d e lp h ia S t o c k E x c h a n g e a n d C h ic a g o S t o c k E x c h a n g e
law and that Mexico will confine itself to the elemental dictates of justice.
Carranza offered to pass laws without retroactive effect and yet confis h a v e fo llo w e d in th e fo o ts t e p s o f th e N e w Y o r k S to c k
O th e r
catory decrees were issued. It is therefore imperative to establish con E x c h a n g e a n d w ill clo se th e ir d o o rs o n S e p t . 3
ditions that will stop such action in the future.
N e w Y o r k e x c h a n g e s , in c lu d in g th e N e w Y o r k a n d N e w
Mr. Fletcher’s remark about his willingness to go in person to Mexico
to sign the treaty must be taken as evidence of his true friendship and O rlean s C o t t o n E x c h a n g e s , th e N e w Y o r k C o ffe e & S u g a r
also of his wish to remove suspicions as to any effort on the part of the E x c h a n g e a n d th e N e w Y o r k M e t a l E x c h a n g e w ill b e
Department of State to bring pressure to bear on the Mexican Government. clo se d o n S e p t . 3 , as w e ll as o n L a b o r D a y .
Mr. Fletcher insisted that if Mexico should see any other -way to avert
future difficulties and solve the present one, Washington will gladly ac
cept it.
A n n o u n c e m e n t w a s m a d e on A u g . 2 2 b y E d w a r d R . S t e t Speaking of the oil men, he said textually the following:
tin iu s o f J . P . M o r g a n & C o ., th a t th e c o m m itte e re p re se n t
“ It is absolutely untrue that oil influences are determining the action of
the American Government. There is no one able to suggest the reasons of in g th e s y n d ic a te fo r m e d in c id e n ta l to th e a d ju s t m e n t o f th e
the White House, and we shall never give our support to unjust claims,
a ffa irs o f th e M e r c a n t ile B a n k o f th e A m e r ic a s h a d b e e n
even while we would support those that are just, as we would do if in
e n la rg e d .
M r . S te ttin iu s ’ a n n o u n c e c e n t s a id :
stead of potentates the poorest American citizen were concerned.”
The committee representing the syndicate formed in connection with the
It will be seen from his conversation with Mr. Fletcher that Washing
ton’s desire is not to hurt the sensibilities of Mexico, but to live in complete Mercantile Bank of the Americas, Inc., has been increased to five and
harmony and see a prosperous Mexico, which it would help for the benefit consists of the following:
Gates W. McGarrah, President of the Mechanics & Metals National
of both countries. Washington gives no support to the propaganda against
Mexico, but, rather to the contrary, is trying to counteract it. President Bank; W. C. Potter, Chairman of the Guaranty Trust Co. of New York;
Obregon inspires confidence and sympathy. They believe in his honesty, Walter E. Frew, President of the Corn Exchange Bank; W. V. King,
but it is necessary that the arrangement should be made to stand on a President of the Columbia Trust Co., Edward R. Stettinius of J. P. Mor
___ ^
______
_
firm basis and not on mere promises that Article 27 will not be retroactive, gan & Co.
because other officials might apply the law in their own way. All now
T h e “ J o u r n a l o f C o m m e r c e ” o f A u g . 2 3 sa id :
depends on what the Mexican Congress will do, it being necessary that unThis committee, it is understood, has complete charge of the operations
reconcilable partisanship shall not predominate with regard to the organic and policies of the Mercantile Bank, directing the liquidation of its holdings
law relative to petroleum.
and any new undertakings upon which it may venture. The control of the
Mr. Fletcher affirms that the treaty will automatically carry recognition funds contributed by the stockholding institutions and houses and of the
and make the friendship of the Governments lasting and dispose of every credits supplied by the syndicate is also reported to be in its hands.
cause of friction. It is desired that no further claims will arise in the
A referen ce to th e b a n k a p p e a re d in o u r issu e o f a w e e k a g o ,
future and if both peoples esteem each other like good friends the main
duty of the Governments is to place that friendship on a substantial foot p a g e 8 1 7 .
----- «----ing and avert all dangers threatening its continuance.
Referring to the Mixed Claims Commission, Mr. Fletcher said that the
O n A u g . 2 2 th e C h e m ic a l N a t io n a l B a n k o f th is c it y
matter of claims is included in the proposed treaty and that if the Mexican
o p e n e d its n e w a d d itio n c o n s istin g o f a th irte e n s to r y b u ild 
Government would not consider it humiliating to accept that part, there
should be no reason standing in the way of the acceptance of the other in g a t 2 7 1 B r o a d w a y , w h ich as sta te d in o u r issue o f F e b . 5 ,
points. He then made word for word the following inquiry:
w a s a cq u ire d fr o m th e S h o e & L e a th e r B r a n c h o f th e M e t r o 
“ Why settle any one part if a settlement of the whole can be had?”
“ We wish Mexico to form a clear idea of the sound intentions that ani p o lita n B a n k o f th is c it y th e la tte r p a r t o f J a n u a r y . T h e
mate the United States and dismiss the absurd idea that we are trying to n ew s tr u c tu r e a d jo in s th e o rig in a l site o f th e C h e m ic a l
impose an arbitrary will, as our sole desire is to safeguard American in
terests in Mexico in the same way as in any other country. The firm pur N a t io n a l B a n k a t 2 7 0 B r o a d w a y a n d g iv e s th e b a n k a ffr o n tpose of Washington is to strengthen the relations, but not to commit acts a g e o f 5 1 f t . o n B r o a d w a y a n d 2 5 0 o n C h a m b e r s S t . T h e
that may give offense or do injury to Mexico.”
w ild in g h a s b e e n c o m p le te ly m o d e rn ize d to a c c o m m o d a te
Mr. Fletcher positively declared that he does not and will not support
officers a n d se v e ra l o f th e b a n k ’ s d e p a r tm e n ts .
The
the enemies of Obregon who disturb the peace of Mexico any more than the
officers w h o w ill h a v e th eir o ffices in th e ;new b u ild in g a re :
capitalists interested in this or that sense.
During the interview he uttered pleasant remembrances of Mexico, prais P e r c y H . J o h n s to n , P r e s id e n t o f th e B a n k , a n d V ic e -P r e s i
ing General Obregon as also Engineer Palavicini for his pro-ally campaign
during the World War. He added that Mexico only needs the return of d e n ts , .E d w i n jS^JS ch en ck , F r a n k K . H o u s t o n a n d C liffo r d
!? . H u n t .
S in ce th e m e r g e r in M a y 1 2 9 0 o f th e C itiz e n s
peace to achieve a speedy progress.
Tltferring to the work of the press of both countries he said that the N a t io n a l Banl< w ith th e C h e m ic a l N a t io n a l a n d th e e x p a n 
work of respectable periodicals, of which “ El Universal” is one, ought
to be to bring the two peoples together effectually so as to bring into the sion in b u sin e ss in c id e n t th e r e to th e n e c e ssity fo r m o re ro o m
la s b e en im p e r a tiv e a n d th e p u rch a se o f th is n ew b u ild in g
masses the conviction that a lasting friendship is necessary.
Jr. ending the interview Under Secretary Fletcher took leave of Senor w a s e ffe c te d to m e e t th e d e m a n d fo r a d d itio n a l sp a c e .
Gomez Ugarte with these actual words: “ Many remembrances and good
wishes to Mexico.”

RECOGNITION OF MEXICO /> Y GERMANY AND
OTHER COUNTRIES.
«
Under Gate of Aug. 8, an Associated Press dispatch from
Mexico City said:
Germany will recognize the Government of President Obregon formally
> soon as arrangements are made for the presentation of credentials by

T h e E x e c u t iv e C o m m it te e o f th e B o a r d o f D ir e c to r s o f th e
G u a ra n ty T r u st C o m p a n y of N e w

Y ork on A u g .

18, ap

p o in te d H e n r y W . C a rlisle M a n a g e r , a n d S a m u e l C u lv in e r ,
J r .,

A s s is ta n t

the C o m p a n y .

M anager

of

th e

P u b lic ity

D e p a r tm e n t

of

rriE CHKONICLE
Ou A u g. 10 announcem ent was m ade by T h e N a tio n a
C ity Hank of New Y ork of the closing of three of its branches
n C olom b ia. These branches were situated at Barra nquilla, B ogota and M edellin . T h e closing of the branches
were said to be due to the depression in the business, n am ely
in the cocoa and coffee trades. T h e closing o f these branches
leaves the bank w ith forty -n in e branches and sub-branches.

---- ---1

A new financial institution, nam ely the T erm inal E xchange
Bank of N ew Y ork , will open its doors for business abou t
O ct. 15. T h e new institution will be situated at Seventh
A venue and 30th Street and will cater to the financial needs
of the cu ttin g-u p and the textile trade. T h e organizers
and directors of the T erm inal E xchan ge B an k include the
follow in g: B arron C ollier, capitalist; H arry 11. H . R evm an ,
banker and m erchant; Frank H ed ley, President In terborou gh
R ap id T ransit C o .; R ob ert H . V reeland, capitalist; G eorge
O lney, N ew Y ork law yer; Hugh J. P ritch ard, Treasurer o f
the A ja x T ire & R u bb er C o .; H arry H enem ier, banker, and
R obert Craig M o n tg o m e ry , financial advisor o f the Fam ous
P layers-L ask y C orp ora tion . M r . R evm a n will be Presi
dent of the bank and H . H enem ier, Cashier. T h e bank
will have a capital of $200,000 and surplus o f $ 100,000,
i ts stock , in shares of $100 each , being sold at $150 per shareT h e Progress N ation al Bank o f N ew Y o rk announces that
A lexander H . W alsh has been elected senior V ice-P resident.
M r. W alsh was form erly m anager of the C h ath am & Phenix
N ational Bank branch at F ifth A ven u e and 33d Streot.
H e assum ed his new duties A u g. 22. T h e officers o f the
Progress N ation al are: H on . John B u rke, President; A lex
ander H . W alsh and Julius Silberzweig, V ice-P resid en ts, and
H enry R . N ay lor, A ctin g Cashier. M r . B u rk e succeeded
H . FI. R evm an as President of the Progress N ation al B an k
on M a y 9 1921.
T h e Paterson N ational B ank of P aterson, N . J. (capital
$ 300,000), and the N ation al T ru st C o. o f P aterson, N . J.
capital $300,000), have been con solidated under the title
of the Paterson N ation al B ank. T h e con solid ation becam e
effectiv e A u g. 13, at w hich tim e tho latter institu tion in
creased its capital to $600,000. T h e N a tion a l T ru st C o.
was form erly know n as the Paterson Safe D ep osit & T ru st
C o ., b u t, as stated in our issue of M a y 21, the C om ptroller
of the C urrency on M a y 12 a pp rov ed its change to the
national system under the title in d ica ted. B esides its
capital of $600,000, the enlarged Paterson N ation al has a
surplus of $700,000 and undivided profits o f $450,000. Its
deposits exceed $11,000,000, while its resources tota l ov er
$13,000,000. John W . G riggs, w ho was President o f the
uniting institutions, has b ecom e Chairm an of the board o f
the con solidated bank; E lm er Z . H alsted, w ho h ad been
V ice-P residen t of the P aterson N a tion al, has been m ade
President. T h e other officers o f the enlarged Paterson
N ation al are: John L . G riggs, V ice-P residen t and T ru st
O fficer; D aniel H . M u rra y , V ice-P residen t and Cashier;
F red Labaugh and John L . C on n olly, A ssistant V ice-P resi
dents; W illiam M . T u ttle, and Charles A . T s ch o p p , A ssistant
Cashiers. T h e directors are:
C h a r le s A g n e w
Sam uel J. A ron soh n
J. E . B arbou r
W illia m H . B e a t t ie
D r. E . C adgene
F red W . C o o k e

J oh n W . F ergu son
J o h n L . G r ig g s
J o h n W . G r ig g s
E l m e r Z . H a ls t e d

A u g u s t J . H u n z ik e r
H enry C . K n ox
C h a r le s E . L o t t e
D a n ie l H . M u r r a y
Sam uel V . S. M u zz y
L e o n a r d S c h r e p fe r

A p p lication to organize the R id gefield N ation al B ank of
R id gefield , N . J ., has been m ade to the C om p troller o f the
C u rrency. T h e new ban k will have a cap ital o f $25,000,
in shares of $100 each, which' will be disposed of at $120
per share. T h e ban k will begin business O ct. 10 1921,
if its charter is granted. T h e officials will be President
S. E . H endricks and J. H . D osch er and C . D . In m an ,
V ice-P residen ts. T h e directors in addition to the foregoin g
will include B . J. F orsyth e, Carl W . W rig h t, E m il B erger
and C . H . D a ly , all o f R id gefield .
T h e purchase o f the H y d e P ark T ru st
(capital $200,000) b y the International T ru st
su bject to the app roval o f the stockholders
was announced on A u g . 23. R egarding the
B oston “ T ran scrip t” o f A u g. 23 said:

C o . o f B oston
C o ., o f B o sto n ,
o f the form er,
a cquisition the

T h i s is t h e t h i r d b a n k t o b o a b s o r b e d b y t h e I n t e r n a t i o n a l w i t h i n t h e p a s t
fe w m o n th s .
I n F e b r u a r y t h e I n t e r n a t i o n a l t o o k o v e r t h e O ld S o u t h
T r u s t C o m p a n y , a n d in A p r i l , t h e D o r c h e s t e r T r u s t C o m p a n y , w i t h t w o
o f f i c e s in t h a t d i s t r i c t , w a s a b s o r b o d .

[V ol. 113.

T h e 11 Ue P a r k T r u s t C o m p a n y h a s a m a i n o f f i c e a t 1 2 1 0 l t i v e r S t r e e t , in
H y d e P a rk a n d a b ra n ch at 2 R e g r a d e A v e n u e , R c s lin d a le .
I t is t h e in 
t e n t i o n o f Lite I n t e r n a t i o n a l , a c c o r d i n g t o a n o f f i c e r o f t h a t b a n k , t o c o n t i n u e
t h e s e o f f i c e s as b r a n c h e s a n d t o e n la r g e t h e R o s l i n d a l e o f f i c e .
I t is s t a t e d
th a t t h e a rra n g e m e n t m a d e b y th e d ir e c t o r s o f th e H y d e P a r k C o m p a n y
w it h t h e I n t e r n a t i o n a l is s u c h l h a t t h e s h a r e h o ld e r s w ill r e c e i v e $ 1 5 5 a s h a r e .
T h e r e h a s lo n g b e e n a c lo s e r e la tio n s h ip b e tw e e n (h o In te r n a tio n a l a n d
t h e H y d e P a r k T r u s t c o m p a n i e s , F r e d I ,. C h i l d s , p r e s i d e n t o f t h e l l y d e P a r k
b a n k , b e i n g a d i r e c t o r o f t h e la r g e r i n s t i t u t i o n .
M r . C h i l d s is a m e m b e r
o f t h e w h o le s a l e c o a l f i r m o f Z e p f l e r & C h i l d s , l i t M i l k S t r e e t , B o s t o n , a n d
tie w a s la r g e l y i n s t r u m e n t a l in o r g a n i z i n g t h e H y d e P a r k N a t i o n a l B a n k ,
w h ic h l a t e r b e c a m e t h e H y d e P a r k T r u s t C o m p a n y .
H e h a s b e e n th e o n ly
p r e s id e n t o f th ese t w o in s titu tio n s .
T h e H y d e P a r k T r u s t C o m p a n y Is in f i r s t - c l a s s f i n a n c i a l c o n d i t i o n a n d
i l s a b s o r p t i o n b y t h e I n t e r n a t i o n a l is d u e m a i n l y t o t h e d e s ir e o f t h e la t t e r
to e x p a n d .
It h a s d e p o s i t s o f a b o u t $ 2 , 7 0 0 ,0 0 0 , c a p i t a l o f $ 2 0 0 ,0 0 0 a n d
n i'p lu s a n d u n d i v i d e d p r o f i t s o f $ 8 7 , 0 0 0 .
It h as b een p a y in g 8 % d iv id e n d s .
T h e v i c e - p r e s i d e n t o f t h e H y d e P a r k b a n k is H a r r y R . S l o n e a n d t h e t r e a s 
urer A rth u r E . S m it h .
W ith th e a b s o r p tio n o f th e H y d e P r k c o m p a n y th e
I n t e r n a t i o n a l w i l l h a v e g r o s s d e p o s i t s in e x c e s s o f $ 3 0 , 0 0 0 ,0 0 0 , w h i c h w ill
m a k e it t h e t h i r d la r g e s t t r u s t c o m p a n y in B o s t o n .

Jam es J . D on oh u e, form erly V iee-P residont, lias been
elected President o f the State N ational Bank of L y n n , M a ss.,
to succeed E rnest G . M itch e ll, resigned. M r. D on oh u e
had been V ice-P residen t o f the ban k since its organization.

T h e C om p troller of tho C u rrency announces that the
charter o f the W est A lexander N ation al B an k of W est
A lexander, P a. (C a p . $ 25 ,00 0 ), expired b y lim itation at
close o f business A u g. 18 1921 and that liability fo r circula
tion has been assum ed b y the Citizens N ation al B ank of
W est A lexander as p rovid ed b y Section 5223, U . S. P . S.

T h e W in chester B ank of W inchester, K y ., In c ., in an
nou n cing the purchase of the holdings o f tho form er Presi
dent, the late N . H . W ith ersp oon b y A d d ison T . W h itt,
and the latter’ s election to tho presidency says:
T h e r e p r e s e n ta tiv e s o f th e e s ta te o f th e la te C o lo n e l N . H . W ith e r s p o o n
h a v e d i s p o s e d o f h o l d i n g s in t h is B a n k t o A d d i s o n T . W h i t t o f C l a y C i t y ,
K e n t u c k y a n d h is a s s o c i a t e s .
T h e r e a re fifte e n m e m b e rs o f o u r B o a r d o f D ir e c to r s .
T h i s i n c l u d e s a ll
o f t h e o l d B o a r d W . R . S p h a r r e s ig n e d a n d A d d i s o n T . W h i t t h a s b e e n
e l e c t e d t o t h e p r e s i d e n c y , a n d w ill b e a c t i v e l y in c h a r g e , a s s is t e d b y W . R .
S p h a r a n d W . D . S tr o d e , V ic e -P r e s id o n ts a n d C . B . S tr o th e r a n d H o lly W .
S t e v e n s o n , A s s i s t a n t C a s h ie r s .
T h e f o r m e r B o a r d a n d t h e r e p r e s e n t a t i v e s o f M r . W i t h e r s p o o n 's e s t a t e
a r e a ll p l e a s e d w i t h t h e n e w m a n a g e m e n t a n d s t o c k h o l d e r s , w h o a r e a ll
s u c c e s s f u l b u s in e s s m e n , a ll o f t h e m h a v i n g h a d a g r e a t m a n y y e a r s ’ e x 
p e r ie n c e a s d ir e c t o r s a n d s to c k h o ld e r s o f s u c c e s s fu l b a n k in g in s tit u t io n s .
M r . W h i t t is a b a n k e r o f e x p e r ie n c e , a n d is w e l l a n d f a v o r a b l y k n o w n in
E a stern K e n tu c k y .

T h e ban k has a capital of $100,000 and surplus and u n 
d ivid ed p rofits o f $225,000.
T h e L os A ngeles S tock E xchange will take possession of
its new hom e in the Los A ngeles S tock E xchange B uilding,
639 S ou th Spring S t., on Sept. 6.
John F . H assler, fo r the past fiv e years an Assistant Cashier
o f the C entral N ation al B ank o f O akland, C alif., was re
cen tly p rom oted to the Cashiership o f the institution. M r .
Hassler entered the em p loy o f the Central N ation al B an k as
a m essenger seventeen years ago and rose b y successive
stages to the position of A ssistant Cashier. H e has been in
charge o f the B o n d D ep artm en t o f the bank since its estab
lishm ent fou r years ago.
T h e C om p troller o f the C urrency reports the issuance on
A u g . 17 o f a charter fo r the H orton N ation al T ru st & Savings
B an k o f Seattle, W a sh ., w ith a capital o f $400,000; the new
institution will represent a con version o f the D ex ter Florton
T ru st & Savings B an k o f Seattle. C . J. Sm ith will be Presi
dent and W . W . S cru b y Cashier.

ENGLISH FINANCIAL MARKETS— PER CABLE.
T h e daily closing quotation s fo r securities, ifce., at L on d on ,
,s reported b y cable, h ave been as follow s the past w eek:
London,
W eek en din g A u g . 26—

-4 m<7.20.

A U 0.22.

M on.
37 X

Sat.

liver, per o z ______________d - 38>3
(old, per tine o u n c e -------------- 1 12 s.5 d
'onsols, 2 V3 per c e n ts ----------- IS >6
srlttsh, 5 per c e n ts ---------------- 87 H
iritlsh, 413 Per c e n ts -------------8113
ren ch R e n te s (In P a ris), f r . ------‘re n ch W a rL o a n (in P a ris), f r . ------

T h e price of silver in N o
liver in N , Y „ per o z . (c t s .):
D o m e s t i c .......... ....................... 99 q
F o r e ig n -------------------------------- 6 1 K

A u g .23. .4(117.24. .4 as .25. .4(1(7.26.
f'H .
Th u rs.
Wed.
T u es.

38*3
3S
38
3813
112s.3d. 112s.4d. l l l s . 5 d . l l l s . 4 d . I l l s .6 i l .
471s
4774
48
47 H
8S
$8 is
88
SS
S1V3
SI i
81H
sm
5 6.65
5 6.45
56.35
5 6.50
5 6.5 0
8 1.45
8 1.4 5
8 1.45
81.45
SI 45

__

,v

Y ork on the same day has been:
99 q

99 H

i

61 H

4

99 4
62 4

99 4
62 4

99 4
62

923

THE CHRONICLE

A ug. 27 1921.]

1920-21.

COTTON MOVEMENT AND CROP OF 1 9 2 0 -2 1 .
O u r sta tem en t o f tlio c o t t o n c r o p < r th e U n ite d S tates
>
fo r tlio y e a r e n d e d J u ly 31 1921 w ill b e fo u n d b e lo w .
11 will
b e seon th a t th e tota l co m m o ro ia l c r o p rea ch es 1 1 ,3 5 5 ,1 8 0
bales, w h ilo th e e x p o rts are 5 ,8 0 6 ,3 2 5 bales a n d th e spiu n ors’ ta k in gs are 5 ,1 8 0 ,6 3 6 b a le s, le a v in g a s to c k o n hand
a t th e p o rts a t th o clo se o f th e y e a r o f 1 ,3 7 2 ,0 5 3 b a le s. T h e
w h ole m o v e m e n t fo r th e tw e lv e m o n th s is g iv e n in th e fo llo w 
in g p ages, w ith su ch su ggestion s a n d ex p la n a tio n s as tlio
p ecu lia r featu res o f th e y e a r a p p ea r t o re q u ire . T h e first
ta ble in d ica tes th o s to ck a t e a ch p o r t J u ly 31 192.1 and 1920,
th e rece ip ts a t th o p o rts fo r each o f th o p a s t tw o y ea rs and
th e e x p o rt m o v e m e n t fo r th e p a st y e a r (1 9 2 0 -2 1 ) in d e ta il,
an d th e to ta ls fo r 1919-20 a n d 1918-19.

T a kin g s fo r C o n s u m p tio n

J u ly 31

J u ly 31

1921.

P o rts o f

1 92 0 .

T e x a s ____ 3 ,7 3 2 ,0 1 8 2 ,5 3 3 ,1 6 2
L o u is ia n a . 1 ,5 0 4 ,7 5 1 1 ,3 6 6 ,7 3 5
G e o r g ia .
7 4 0 ,3 4 5 1,4 7 2,65 1
A la b a m a .
2 6 5 ,1 7 6
1 1 1 ,0 9 0
3 7 ,7 8 4
F l o r i d a ___
5 ,7 8 5
M ississip p i
_______
9 ,9 9 3
S o. C a r o ..
4 4 5 ,1 2 3
9 4 ,2 6 9
N o. C aro.
1 6 2 ,5 9 8
2 0 7 .3 7 7
V ir g in ia __
2 4 1 ,4 1 4
2 9 6 ,5 3 3
0 3 0 ,2 2 9
N ew Y ork
Q.37,027
B o s t o n ___
0 4 6 ,7 7 9
0 3 9 ,7 7 9
B a lt im o r e
a 5 1 ,9 8 2
0 9 1 ,8 8 8
0 2 1 ,2 8 4
P h i l a ____
0 1 6 ,7 6 7
P r o v id e n c e
S an F r a n .
L os A n g_.
,
S e a t t l e ___
T a com a . .
P o r t l. O r e
D e tr o it & c

E x p o rts Y e a r en d in g J u ly 31 1 9 2 1 .
G reat
B r ita in .

Stocks.
J u ly 31 J u ly 31

P ran ce.

O ther.

T o ta l.

1 92 1 .

1920.

0,84,572 4 3 5 ,2 4 6 1 8 0 7 ,4 8 8 3 ,2 2 7 ,3 0 6 2 5 7 ,9 3 2 1 2 0 ,0 4 2
5 9 9 ,87 1 1 ,0 3 4 310 430,311 2 2 8 ,0 ) 7
3 5 5 ,24 1 7 9 ,1 9 8
2 9 4 ,6 6 4
2 2 5 ,7 9 8 5 1 ,9 6 5
5 7 2 ,4 2 7 1 3 2 ,97 3 5 9 ,2 1 5
3 4 ,7 5 0
30,4-66
7 ,1 5 0
7 2 ,3 6 6 1 2,9 87
2 ,5 4 3
2 ,8 0 0
215
3 ,0 1 5
1,6 3 4
2 ,6 4 7
9 ,9 9 3
9 ,9 9 3
«- - 1 5 ,4 1 5
4 3 ,3 0 0
5 8 ,7 1 5 202 414 2 2 3 ,6 8 4
9 1,7 51
9 7 ,9 5 1 2 8 ,2 2 6 3 2 ,8 2 7
6 ,2 0 0
6 5 ,6 3 4
4 8 ,0 6 6
1 1 3 ,7 0 0 9 ! ,054 2 5 ,3 9 5
6 2 ,3 6 2
7 9 ,0 1 4 1 5 9 ,02 3 4 7 ,6 9 5
8 ,2 3 5
8 ,4 1 7
8 ,9 8 4
1 4 ,1 2 4 2 0 ,8 5 4
5 ,0 2 1
119
6 ,8 5 8
542
4 ,2 2 3
5 ,9 1 1
1 ,1 4 6
500
7 ,8 1 9
414
3 ,1 9 1
3 ,6 0 5
4 ,5 3 4
0 ,6 5 3

____

Ilates.

1lutes.

3,059,571
3,724,222

T o t a l t a k in g s f o r c o n s u m p t io n
ex p o rts
T o t a l , e x c e p t b y C a n a d a b y ra.iL
T o C a n a d a b y r a i l _____ ___ ___

5,180,030

6,783,793

5,822,419

5,052,000
153,725

0,393,034
217,004

5,457,230
192,209

Total exports_______________
Burnt during year.

5,800,325
4,938

0,010,038
1 ,07s

5,049,4.39
7,342

10,991,899

13,395,504

11,479,200

Add—Stock increase rafnun cotton
imported_____________________

2,318,228
3.504,191

a

Additions,

303,281 frl,177,952

ft123,434

12,217,552

11,002,634

fr Deductions.

In th e a b o v e are g iv e n the takings fo r co n s u m p tio n ,
a ctu a l co n s u m p tio n fo r tw o y ea rs has b e e n :
-1920-21-------Northern mills' stocks Aug. 1_
_
Takings a _______________________

R eceipts Y e a r en d in g

1918-19.

1919-20.

/ta le s .

2,012,531
3,108,105

/ta le s .

877,930
6.180,636

The

-1919-20I ta le s .

814,299
6,783,793

T o t a l.................. ......................
6,058,560
7,628,092
Consumption a— North_________ 2,125,0351
3,025,140/
S ou th ............ ..3,168,10516,293,140 3,724,22210,750,102
Northern mills’ stock end of year

765,426

877,930

Takings and consumption include 230,789 equivalent bales foreign
cotton (Egyptian, Peruvian, &c.) and American returned in 1920-21and
702,187 bales foreign cotton in 1919-20.
a

C o t t o n C o n s u m p t io n in t h e U n ite d S ta te s a n d E u ro p e .
U N IT E D S T A T E S .— T h e strik in g fe a tu re o f th o c o t t o n
season la te ly e n d e d w as th e d e c id e d d ro p in th e v a lu e o f th e
sta p le, h a sten ed b y th e g on eral d e fla tio n o f c o m m o d ity
_
prices w h ich b e g a n b e fo r e th e p re v io u s season h ad clo s e d ,
_
9 5 ,4 5 8
9 5 ,4 5 8
1.4 5 2
b u t d ue m o re p a r tic u la rly to a n in crea se in p r o d u c tio n c o n 
5 8 ,6 2 9
6 8 ,9 2 7 1 6 ,3 77
1 0 ,2 6 8
30
1
te m p o ra n e o u sly w ith a co n sid e ra b le d e clin e in co n s u m p tio n
1 1 6 ,5 9 6
1 1 6 ,5 9 6
9 ,6 6 3
5 9 ,8 2 2
5 9 ,8 2 2
the w o rld o v e r . A t th e o p e n in g o f th e season m id d lin g
3 ,6 2 5
3 ,6 2 5
. . . . 4 1 5 3 ,7 2 5 (1153,725
—
—
.......
u p la n d s p o t c o t t o n in N e w Y o r k s to o d a t 40 cen ts p er l b .,
T o t a l . . 6 ,7 4 8 ,4 1 8 6 ,8 1 4 ,7 2 1 1 ,7 4 2 ,7 7 5 5 8 3 ,27 1 3 ,4 6 4 ,5 4 4 5 ,7 9 0 ,5 9 0 1372053 7 6 1 ,8 7 6
b u t a d eclin e b e g a n a lm o st im m e d ia te ly a n d b y th e en d o f
F o r e ig n
the ca le n d a r y e a r 1920 (D e c . 2 8 ) th e p rice h ad g o t d o w n to
1 ,1 1 9
1 5 ,7 3 5
c o t .ex ps
5 ,6 0 7
—
9 ,0 0 9
. . . .
—
.......
1 4 Y> ce n ts; th e fo llo w in g J u n e saw it still low er a t 10.85
T o t a l a ll—
T h is y e a r 6 ,7 4 8 418
1 ,7 5 1 ,7 8 4 5 8 4 ,3 9 0 3 ,4 7 0 .1 5 1 5 ,8 0 6 ,3 2 5 1372053
ce n ts . A n d it is a n o te w o r th y fa c t , in d ica tiv e o f th e situ a
L a st year
6 ,8 1 4 ,7 2 1 3 ,0 7 0 .6 4 4 5 5 5 ,7 1 2 2 ,9 8 4 ,2 8 2 6 ,6 1 0 ,6 3 8
7 6 1 ,8 7 6
P r e v .y e a r
tio n in th e’ c o t to n g o o d s tra d e , th a t this sh arp d eclin e w ith
—
—
6 ,0 1 2 ,1 4 0 2 .6 2 7 .9 6 4 7 5 5 ,7 7 8 2 ,2 6 5 ,6 9 7 5 ,6 4 9 ,4 3 9
1228748
co n se q u e n t d ra stic cu ts in fin ish ed p ro d u cts w as n o t in stru 
a T h e s e fig u r e s a re o n l y t h e p o r t io n o t t h e r e c e ip t s a t th e s e p o r t s w h ic h a rriv e d
by r a il o v e r la n d fr o m T e n n e s s e e & e . a S h ip m e n ts b y r a il t o C a n a d a , e E x p o r t
m en ta l in stim u la tin g th e d e m a n d fr o m d istrib u ters. In
of fo r e ig n c o t t o n o f a il k in d s .
p a rt, o f co u rse , th a t sta te o f th in g s is to b e a scribed to the
T h e fo re g o in g sh ow s th a t th e total receipts at the Atlantic failu re o f retailers to pass a lo n g to th e co n su m ers a c o m m e n 
and Gulf shipping ports this y e a r h a v e b e e n 6 ,7 4 8 ,4 1 8 b a les, surate p a rt o f th e sa v in g a ccr u in g to th e m . I t is co m m o n
a gain st 6 .81 4,72 1 bales last y e a r , a n d th a t th e e x p o rts h a v e k n ow led g e th a t this a ttitu d e o f retailers has n o t b e e n c o n 
b een 5 ,8 0 6 ,3 2 5 b ales, a g a in st 6 ,6 1 0 ,6 3 8 bales last season , fin e d to the c o t t o n g o o d s tra d e; it has b een d iscern ib le in
G re a t B rita in g e ttin g o u t o f this c r o p 1 ,7 5 1 ,7 8 4 b a le s.
I f m a n y if n o t all lines o f bu sin ess, w as e v e n c o m m e n te d u p o n
n o w w e a d d th e sh ip m en ts fr o m T e n n essee a n d elsew h ere in P resid en t H a r d in g ’ s fir st m essage to C on gress, a n d has
d ire ct to m a n u fa ctu rers, a n d S ou th ern co n s u m p tio n , w e h a v e u n d o u b te d ly b e e n a n im p o r ta n t fa c to r in re ta rd in g th e retu rn
to n orm a l co n d itio n s in th e b u sin ess w o r ld . O b v io u s ly
th e fo llo w in g as th e cr o p s ta te m e n t f o r th e th ree y e a rs:
a b ste n tio n fr o m b u y in g w as a n e ffica cio u s m e th o d , a n d the
o n ly m e th o d o f ch e c ld n g th e r a p a c ity o f th e reta iler. In
Y e a r e n d in g J u ly 3 1 .
1 9 2 0 -2 1 .
1 9 1 9 -2 0 .
1 9 1 8 -1 9 .
the case o f c o t t o n , it w as n o t lo n g b e fo r e d e clin in g p rices,
R e c e ip t s a t p o r t s __________________
. ______ b ale s 6 ,7 4 8 ,4 1 8 0 ,8 1 4 ,7 2 1 6 ,0 1 2 ,1 4 0
S h ip m e n ts fr o m T e n n e s s e , & c . d ir e c t t o m ills ___
1 ,4 8 8 .6 ^ 7 1 ,6 7 8 ,6 0 9 2 ,0 8 6 ,3 0 3
in c o n ju n c tio n w ith d ecrea sin g use o f th e ra w m a teria l,
served to ce n tre a tte n tio n o n th e s u b je c t o f th e su p p lies
T o t a l _____________________
. .
.
..
8 ,1 8 7 ,0 7 5 8 ,4 9 3 ,3 3 0 8 ,0 9 8 ,4 4 3
M a n u f a c t u r e d S o u th n o t in c lu d e d a b o v e _______
3 .1 6 8 ,1 0 5 3 ,7 2 4 ,2 2 2 3 ,5 0 4 ,1 9 1
a v a ila b le to m e e t th e c o n s u m p tiv e re q u ire m en ts o f th e season .
T o t a l c o t t o n c r o p f o r t h e y e a r __________ b a le s l 1 1 ,3 5 5 ,1 8 0 1 2 ,2 1 7 ,5 5 2 1 1 ,6 0 2 ,6 3 4
T h ese, it w as q u ic k ly seen , w o u ld b e v e r y m u ch m ore th an
a d e q u a te w ith o u t im p a n in g su rp lu s sto ck s . A s a co n s e 
T h e resu lt o f th ese figu res is a to ta l c r o p o f 1 1 ,3 5 5 ,1 8 0 q u en ce th e e ffo r ts w h ich w ere b e in g m a d e b y ce rta in in terests
bales (w eig h in g 5 ,8 3 6 ,9 4 5 ,9 5 6 p o u n d s ) fo r th e y e a r e n d e d to ch e ck th e d eclin e in p rices p r o v e d m ig a to r y . T h e
J u ly 31 1921, a gain st a cr o p o f 1 2 ,2 1 7 ,5 5 2 bales (w eig h in g C ensus B u re a u re p o r t fo r J u ly 31 1920, in d ica te d th a t the
6 ,2 1 0 ,2 7 1 ,3 2 6 p o u n d s) fo r th e y e a r e n d e d J u ly 31 1920.
ca r r y -o v e r in th e U n ite d S ta tes o n th a t d a te a m o u n te d to
N O R T H E R N A N D S O U T H E R N S P I N N E R S ’ ta kin gs 4 ,5 7 2 ,8 1 2 bales c o t t o n a n d lin ters a n d in a d d itio n th ere w ere
1,34 1,65 7 b ales A m e rica n sta p le in s to c k a t p o rts in G re a t
in 1920-21 h a v e b e e n as g iv e n b e lo w :
B ritain a n d o n th e C o n tin e n t in c lu d in g th e to ta l a flo a t th ere
Total crop of the United States, as before stated________ bales.11,355,180
Stock on hand at commencement of year (Aug. 1 1920)—
fo r , w h ilo th e m ills o f th e w o r ld o th e r th a n th ose o f the
At Northern ports____________________
66,906
U n ite d S ta tes a n d o f R u ssia aDd A u str ia , sta tictics fo r w h ich
At Southern ports____________________
694,970 — 761,876
At Northern interior markets_________
16,107
777,983 w ere n o t a v a ila b le , h e ld , a c c o r d in g to th e co m p ila tio n s o f
Total supply during the year ending Aug. 1 1921__________ 12,133,163
the In te r n a tio n a l F e d e ra tio n o f M a s te r C o tto n S p in n ers’
Of this supply there has been exported
a n d M a n u fa c tu r e r s ’ A ss o c ia tio n s , 9 4 7 ,5 7 2 b ales. T h ese,
to foreign ports during the year___ a 5 , 652,600
Less foreign cotton imported.fr_____bales 230,789— 5,421,811
in all, g iv e a to ta l o f 6 ,8 6 2 ,0 4 1 b ales o f A m e rica n c o t t o n
153,725
Sent to Canada direct from W est_______
Burnt North and South.c______________
4,938
beside w h ich th ere w a s in p u b lic sto ra g e in J a p a n som e
Stock on hand end of year (Aug. 1 1921)—■
At Northern ports___________________
187,030
2 0 0 ,0 0 0 b a le s, m a k in g th e v isib le a n d in v isib le s to c k o f
A t Southern ports___________________ 1,185,023— 1,372,053
A m e rica n c o t t o n in th e w o r ld a t th e close o f J u ly last y e a r
At Northern interior markets________
______ 6,952,527
7 ,0 6 2 ,0 4 1 b a le s. A s ea rly as A u g . 2 1920, th e D e p a r tm e n t
Total takings by spinners in the United States for year ending
July 31 1921_______________________________________________ 5,180,636 o f A g ricu ltu re estim ated th a t th e g r o w in g c r o p , exclu siv e o f
Taken by Southern spinners (included in above total)________ 3,168,105
lin ters, w o u ld b o a b o u t 1 2 ,5 0 0 ,0 0 0 b a le s, a n d its fin al re p o rt
Total taken by Northern spinners__________________________ 2,0)2,531
issued in D e c e m b e r a d d e d n early h a lf a m illion bales to th at
a N ot including Canada by rail, fr Includes about 113,879,309 lbs. to ta l.
B u t even this d id n o t p r o v e large en ou g h . In
foreign, mainly Egyptian, equaling 227,759 bales of American weight, and
3,030 bales American cotton returned, c Burnt includes not only what has M a rc h th e last g in n in g re p o r t o f th e season , issued b y th e
been thus destroyed at the Northern and Southern outports, but also all C ensus B u re a u , in d ica te d th a t th e p r o d u c tio n in clu d in g
burnt on Northern railroads and in Northern factories.
linters w o u ld b e a b o u t 1 3 ,7 0 0 ,0 0 0 b a le s. T h is a d d e d to the
T h ese figu res sh ow th a t th e to ta l takings b y spin n ers J u ly 31 s to c k o f 7 ,0 6 2 ,0 4 1 b ales, referred to a b o v e , g a v e a
to ta l s u p p ly o f 2 0 ,7 6 2 ,0 4 1 b a le s, an a ggregate greater th an
N o r th an d S ou th d u rin g 1920-21 h a v e re a ch e d 5 ,1 8 0 ,6 3 6
ev er b e fo re a v a ila b le to m e e t a y o a r ’ s c o n s u m p tiv e req u ire
b a le s, o f w h ich th e N o r th e r n m ills h a v e ta k e n 2 ,0 1 2 ,5 3 1
m en t, even e x ce e d in g th a t o f the re c o rd c r o p y e a r 1914-15.
bales a n d th e S ou th ern m ills h a v e co n s u m e d 3 ,1 6 8 ,1 0 5 b a le s.
A s a g a in st th is, c o n s u m p tio n o f A m e rica n c o t t o n the w orld
D istrib u tion o f th e a b o v e th ree cr o p s has been as fo llo w s: o v e r , feelin g th e e ffe c t o f a dverse d e v e lo p m e n ts , w a s to be

THE CHRONICLE

im

smaller in 1920-21 than in 1919-20 and in fact less than in
any recent season. It reached approximately 10,400,000
bales against about 12,500,000 bales in 1919-20. in the
United States consumption was upon a decreasing scale,
both North and South, dining the early months of the season,
but began to improve in January, although at no time meas
uring up to the level of the preceding season. For the
twelve months it has been only 5,293,140 bales or smaller
than in any year subsequent to 1910-11. The world’s
carry-over of American cotton, so far as figures are now avail
able, at the close of each of the last three seasons was as
follows:
1821.

1920.

B a le s.

L i n t—

B a le s.

l a U . ,3. c o n s u m i n g e s t a b l is h m e n t s . _____1 ,0 2 5 .6 4 6
l a U . 3 p u b l i c s t o r a g e A c ___________ _____ 3 .6 2 3 ,2 5 4
A t L i v e r p o o l ________________________ __ _____ 1 .0 8 5 .0 0 0
9 0 .0 0 0
A t M a n c h e s t e r . _______________________ ____
AC C o n t in e n t a l p o r t s _
__________ . _____
5 8 5 ,0 0 0
A f l o a t f o r E u r o p e _____________________
3 < 6,7 20
M i l l s o t b e r t b a a in U . 3 ______________ _____ * 9 0 0 .0 0 0
J a p a n A C h in a p o r t s a n d a f l o a t _____ _____
2 5 0 ,0 0 0
E ls e w h e r e in U S
______
_ ______ _____*1 .(1 5 0 .0 0 0

1919.

B a les

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

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

.

9 ,6 0 5 ,6 2 0

6 ,0 5 2 ,3 9 1

6 ,1 6 8 ,8 0 2

..
I n U S . c o n s u m i n g e s t a b l is h m e n t s . _
I n U . 8 p u b l i c s t o r a g e , e t c __________ _____
E ls e w h e r e in U . 3 _____________________ _____

2 0 2 .2 5 2
2 3 5 ,1 0 4
* 3 5 0 ,0 0 0

2 7 7 .2 1 8
3 8 2 .4 3 2
3 5 0 ,0 0 0

2 6 6 ,5 3 9
2 2 7 ,3 5 8
3 7 5 ,0 0 0

T o t a l li n t e r s __________________________ _____

7 8 7 ,3 5 6

1 ,0 0 9 ,6 5 0

8 6 8 ,8 9 7

7,062,041

7 .0 3 7 .6 9 9

T o t a l lin t c o t t o n _________________

.

.

L in te r s —

G r a n d t o t a l __________________________ _____1 0 ,3 9 2 ,9 7 6
♦ E s t im a t e d .

With the items for which no official figures are yet ob
tainable estimated upon a strictly conservative basis, it will
be noted that the carry-over of American cotton is no less
thaD 10,392,976 bales, or 3,330,935 bales in excess of that
of a yeai ago, and not materially smaller than the amount of
American cotton consumed in 1920-21. In addition the
earryr-over of other varieties of cotton— East Indian, Egyptian
etc.—was approximately 2,500,000 bales, giving a surplus
in the world on July 31 1921 of approximate y 12,S92,976
bales.
With reference to the 10,392,976 bales carry-over of
American cotton, it will be observed that some 787,356
bales consists of linters. It seems proper to state that it is
claimed in quarters usually reliable that much the greater
part of this is in such condition as to make it unusable for
any of the purposes for which cotton is ordinarily used.
If this be so allowance of course must be made for tho fact.
It would appear, furthermore, that the general stock of cotton
in the United States at the present time consists to an
unusual extent of low grade cotton or “ snaps and hollies.”
The Crop Specialist of the Bureau of Crop Estimates and
Bureau of Markets estimated recently that the number of
bales produced from snaps and hollies was 550,000 bales in
1917; 210,000 bales in 1918; 49.7,000 bales in 1919 and
503,000 bales in 1920. In pre-war times the European
countries purchased large quantities of low-grade cotton,
but until recently the markets of a number of these countries
have been closed to American cotton. As a result much
more than the average pre-war amount of lower grades of
cotton has accumulated in this country and is being carried
in the stocks at this time.
With depression existent in greater or lesser degree the
world over in 1920-21, our export trade in cotton manu
factures has naturally shown a contraction. But owing to
the fact that the average prices obtained for the goods sent out
(notwithstanding the considerable shrinkage in values since
the opening of 1921) were higher in the latest year than a
year earlier, the falling off is most discernible in quantity'-.
Taking cotton cloth as an example: we shipped in the fiscal
year ended June 30 1921 a quantity smaller by over 38%
than in 1919-20, but the decline in aggregate value was
only 33%. In 1919-20 there had been a gain in quantitative
outflow of 52% and in value of 61%, and in 1918-19, a loss
in the one of 17%, with an augmentation in the other of
27%. The quantitative decrease in the latest season, was
widely shared in, extending to practically all countries
except Mexico, Argentina, East Indies and the Philippine
Islands, with the falling off in the outflow to China, South
America as a whole, Central America, Canada and West
Indies most pronounced.
In the aggregate for all coun
tries our cotton goods exports in 1920-21 according to the
official statistics issued by the Department of Commerce,
reached a value of $240,359,702, against $364,043,512 in
1919-20, and $232,206,566 in 1918-19, the decrease in the
latest period of twelve months being $123,683,810, or over
33 % as aLroady indicated.

[V ol . 118

Although not directly conneoted with the movement of
the crop or its manufacture, there have been a number of
developments during the season of more or less passing
interest to which brief reference is not out of place. In
view of the subsequent developments, some of these are of
a nature to provoke mirth, but they form part of the inci
dents of a remarkable year as far as prices are concerned.
Of such was the action taken in Montgomery, Ala., in
September, by tho American Cotton Association recommend
ing that a minimum price of 45 cents per pound be demanded
for cotton, basis middling, until December 1, with an
increase of 1 cent per pound thereafter to the end of the
season, declaration being made that farmers must receive
more than 40 cents per pound to realize an adequate return on
the m on ey invested and the time expended in raising the crop.
IIow ineffective in setting aside tho laws of supply and
demand this recommendation proved to be is indicated by
the subsequent course of prices. It was repeatedly charged
that the Federal Reserve banks had contracted tho accom
modation extended to the banks in the agricultural regions,
but as early as October there was specific denial by the
Federal Reserve authorities who pointed out that it was
impossible to extend unlimited aid to any particular interest
and that cotton interests were already borrowing more than
their pro rata share from tho banks. A development of the
same month was the effort of radical elements at tho South
to obtain by intimidation that which it had been impossible
to secure by more pacific methods; i. e., a higher price for
cotton. In an effort to keep cotton off the market until it
should have readied at least 40 cents per pound, ginners in
many sections were warned to cease operations for a stated
period, reprisals in the shape of destruction of gins to follow
failure to heed the ^warnings. As a matter of fhet a number
of gin houses, particularly in the Southwest, were set on fire
by night riders and destroyed.
A little later in October Secretary of the Treasury Houston
came under tho reprobation of the Georgia division of the
American Cotton Association, tho accusation being made
that because of his persistently unfriendly attitude toward
agriculture, planters had been unable to secure better
prices for the crop and President Wilson was requested to
remove him from office. It is needless to say the President
took no action on the request. About this time, too, the
Governor of Louisiana appealed to ginners of the South to
close down for at least thirty days in order that producers
might receive a living price for their product, the appeal
being endorsed by various organizations in the State and
telegraphed to the Governors of all other cotton-growing
States. This attempt to frustrate the laws of supply and
demand w
ras as abortive as the others. Next a general
holding movement was planned in order to force up prices,
but never put into effect.
Among the outstanding developments of November were
the steps taken by British and American textile manufac
turers to fight contract cancellations which had reached
much greater pronortions than generally supposed, and
threatened serious consequences to the cotton goods trade.
Senator Heflin of Alabama, who had taken exception to the
Department of Agriculture’s crop approximinations as much
too large, announced early in December (in the face of indis
putable evidence to the contrary) that “ the South will not
sell any cotton under 30 cents per lb., is not selling now and
unless the price rises above that figure a cotton famine will
be seen in the country by June.” On tho 7th of the month,
Senator Camper of Kansas offered in the United States
Senate a bill that in effect would tax dealings in futures
out of existence. The bill provided for a tax of 10% on the
value of all property covered by such transactions, required
registry with the Internal Revenue Collectors of the district
of residence of any one desiring to engage in the business,
and required that both parties to a deal in futures should
pay the tax, except in certain cases. The intent of the bill,
of course, was to stop future dealings in grain, cotton and
other form products. The bill failed of action in the closing
session of Congress, but Senator Norris of Nebraska an
nounced on Mar. 23 his purpose to introduce in the next
session a bill to regulate future trading on grain exchanges
Early in December the directors of the New Orleans
Cotton Exchange, while denying any desire on the part of
Southern cotton interests to hold the staple for speculative
purposes or to force higher prices, appealed to the Louisiana
delegation in Congress to seek revival of the War Finance
Corporation in order to clear trade avenues of the obstruc
tions clogging them. Furthermore, the cooperation of all
Southern cotton exchanges in the movement was urged

A ug. 27 1921.]

925

THE CHRONICLE

Action elsewhere with the same end in view followed and on
Tiie crop of 1020-21 haw turned out to be something over
a million hales in excess of 1.019-20, and In fact the heaviest
April 4 Government aid in financing the export movement o
cotton for the purpose of relieving the stringent conditions yield since the bumper production of 1914-15. It started off
resulting from the unprecedented accumulation of the staple ■ unpromisingly, but showed considerable Improvement luter,
was discussed at a conference between President Harding’ and it soon became apparent that the yield would be well
the War Finance Corporation (which had boon revived) above that of the preceding season. The estimate of the
and representatives of Southern banks and producers. A Department of Agriculture, announced on Dec. 13, In fact,
program was adopted at the conference insuring material substantiated Ibis expectation, as it forecasted an outturn
Government financial assistance for tho improvement of of 12,987,000 bales of 500 lbs. gross weight each (not in
agricultural conditions, in the shape of advances by the cluding linters). Confirmation of this estimate, moreover,
War Finance Corporation, and later definite steps wore was furnished by the final ginning report of the Census
taken at Now Orleans to inaugurate a plan to place the sur Bureau, issued in March, which showed a yield of 13,194,
plus cotton on the markets of tho world. The War Finance 775 running bales, exclusive of linters, this total being
Corporation also proceeded on its own initiative along the raised to 13,270,970 bales In a later report. This, it is to be
same lines. Without following later developments of this explained, means the total cotton ginned for the season, as
Important relief movement, we note that advances made in distinguished from the aggregate given in this report, which
furtherance of it by the War Finance Corporation up to the is the commercial crop—the amount of cotton and linters
end of the season (July 31) aggregated somo $10,500,000, marketed between August 1 1920 and July 31 1921, Correct
and there was then under negotiation $15,225,000. We comparison requires, of course, that linters (not included
omit any reference to various emergency bond and warrant in the Census report, and which for the crop year reached
warehouse plan schemes as well as pooling arrangements, 439,637 bales) must be added to the aggregate ginned as
&c. as of little or no importance as compared with the steps stated above. Adding the linters, wo have as the Census
Bureau total 13,710,607 bales, or 2,355,427 bales more than
ast referred to.
As intimated above, consumption of the raw material In the commercial crop as compiled by us, indicating that
the United States in 1920-21 was noticeably less than in stocks at interior warehouses in the South have been
the preceding season. Curtailment on a considerable scale very appreciably increased.
was resorted to at Fall River, the leading centre of cotton
SOUTHERN cotton consumption suffered a marked de
manufacturing in the country, in order to avoid a piling crease during the season lately closed, although less so than
up of stock in first hands, and with the decline in the at the North. With the demand for goods less active cur
prices for goods even more drastic than the drop in the tailment of production of goods was quite generally resort
cost of cotton the financial returns from operations, while ed to, but not universally so. On the contrary, while the
on the whole more satisfactory than in some earlier years, great majority of the mills from which returns have been
were much less so than in 1919-20, when they were better received report curtailment ranging all the way from two
than ever before in the history of the country. Advices weeks to 50% of the normal time, some establishments an
we have received from prominent establishments in various nounce that all machinery was run on full time during the
sections the past few weeks are in quite general accord as year, and a few state that operations were carried on night
to the rather poor financial showing of the year, and, fur as well as day. Following the plan inaugurated by us over
thermore, there is a disposition to view the outlook for thirty years ago, we have since July 1 taken a virtual cen
the immediate future in a not too optimistic manner. sus of the Southern mills and have secured extensive and
While there has been evidence of unrest at times, difficul interesting information bearing upon the operation and de
ties with labor played a very unimportant, if not a' negligi velopment of the establishments. The information given
ble, part in the season’s developments. In fact, aside from by each mill covers not only current operations, but project
the strike in the South, which started in June among opera ed future development, and is concise, yet comprehensive.
tives in North Carolina, but was confined to a limited area, It gives the number of spindles and looms active or idle
there has been no labor trouble worthy of mention. Dis during the season, including new mills started and additions
cussion of the new wage agreement for the six months from to old plants— also the actual consumption of cotton for the
December 1 began in November at Fall River, and, although year, stated in bales and pounds, the average count of yarns
the conditions warranted an immediate reduction in the spun and full details as to new mills, whether already under
wage scale, it was decided by the manufacturers to con construction or merely projected, and contemplated expan
tinue the existing rates pending a fourth conference with sion in existing factories— in fact, all the information that
the operatives. This conference was held on December 21, is really essential to an Intelligent and thorough-going re
and with the concurrence of most of the operatives inter view of the cotton manufacturing industry of the South.
ested— the carders’ and weavers’ unions protesting— The aggregates of our detailed returns are as follow s; es
a decrease in the wage scale of 22%% was announced, tablishments that have been idle all the season and are not
to go into effect on January 3. Under this decrease the likely to resume operations are excluded from the compila
rate for weaving a cut of 47% yards of 64 x 64, 28-inch tion :
printing cloth dropped to 45.10c, or back practically to the
C o n su m p tio n .
N u m b er o f
rate of 1919, but much higher than in any year prior there Southern
A ve r A vg e.
age
S p in d le s.
S ta tes.
to. Following the lead of Fall River, a similar reduction
B oies.
N et
NO.
P ou n ds.
Loom s
M ill s .
W ght.
R u n n in g . R u n . Y a r n .
was put into effect throughout New England. As a matter
A liv e .
of interest we give the subjoined compilation showing the V ir g in ia _ 15
5 3 ,4 6 9 ,2 2 5
112,975 173.28
5 8 3 ,0 2 0 15,887
20
595 ,29 6
6 3,7 39
9 8 1 ,6 0 2 487 .17 4 7 8 .2 0 3 ,7 5 9
4 ,8 8 1 ,1 8 4
C
course of wages at Fall River during the past twenty-four Noo. . C a r o .. 348 4 ,9 5 5 ,0 5 0 4 ,8 1 2 ,2 3 6 115,260 23
7 99 ,79 2 186.08 3 8 9 ,7 5 4 ,3 2 4
4 ,9 3 2 ,1 7 6
27
157
S
aro
6 5 2 ,4 6 8 489 .62 3 1 9 ,4 6 3 ,4 1 6
18
2 ,6 4 4 ,4 3 9 2 ,5 4 4 ,4 6 7 4 5 ,8 46
G e o r g l a .. 142
years:
Y ear.

W a g e per C u t.

1898 __________ 16.00c.
1899 ................./18.00c.
\19.80c.
1 9 0 2 ............... ..2 1 .78c.
1903 __________ 19.80c.
1904 _
_
17.32c.
1905 __________ 18.u0c.

Y ear.

W a g e p er C u t. Y e a r .

1906
______ 21.78c.
1907
______ 23.96c.
1908
______ 19.66c.
1912___________ 21.62c.
/22.71c.
1916
..........124.98c.
1917
_____ /27.48c.
\30.23c.

1918

W a g e p er C u t.

______ 34.01c.
f39.10c.
_
1919
_ _ (44.98c.
150.60c.
1920......... ___ 58.19c.
1921--------- ___ 45.10c.

The printing cloth situation at Fall River the past twelve
months is quickly summed up. Curtailment of output has
been the feature of the season, and even at that goods have
at times shown a tendency to accumulate on account of lack
of demand. At the opening of the season, 28-inch, 64x64
goods ruled at 14c, but the quotation soon eased off, the de
clining tendency of the raw material and the poor demand
for the manufactured article assisting. By Dec. 30 the
price was down to 6.25c, but then a slight upturn occurred.
The improvement was quickly lost, however, and the down
ward course of values was continued until late June, when
4%e was reached, and at that level the market ruled to
near the close, which was at 4%c. Meanwhile the quota
tion for middling uplands cotton in the New York market
ran off from 40c at the beginning of the season to 10.85c
June 20, the low of the season. Later there was a recov
ery to 12.85c, and the close was at 12.15c.

1,2 9 1,22 6 1 ,2 6 4,99 0 2 0,7 20
A la b a m a .
69
3 ,4 3 4
157,798
169,798
M is s is ’ p i .
15
101,128
1,900
106 ,12 8
4
L o u is ia n a
3,826
160,998
160,908
T e x a s ____
19
133
13,7 00
13,700
2
A rkansas.
5 ,8 2 3
4 2 5 ,5 1 0
4 28 ,14 2
27
Tcnne.ssee
730
3 1 ,3 4 0
3 1 ,3 40
M isso u ri _
2
1,166
9 7 ,6 8 0
7
9 7 ,6 8 0
K e n tu c k y
5,7 1 2
64
5 ,7 1 2
1
O klahom a
T o t a ls
1920-21 808 15,3 80 ,6 9 3 1 5,1 3 0 ,7 5 5 278 ,52 8

18
20
12
13
11
18
11
15
8

3 2 3 ,9 4 9
3 3 ,6 22
4 1 ,2 94
7 2 ,2 9 6
12,944
8 6 ,7 7 0
18,546
2 5 ,1 43
6,7 0 4

195.67
189.13
482 .90
191.95
197.16
491.47
183.67
484 .36
196.49

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

2 1 M 3 ,1 0 8 ,1 0 5 488.29 1 ,5 4 6 ,9 7 2 ,03S
3 ,7 2 4 ,2 2 2 186.93 1 ,8 1 3 ,4 3 6 ,8 7 3

1919-20

798

14.090.73C 14,792,436 270 ,14 8

21

1918-19

788

14,639,083 14,2 43 ,8 1 3 266,989

20 M 3 ,5 0 4,19 1 184.12 1 ,6 0 6 ,4 6 4 ,0 9 3

1917-18

786

1 4,369,599 14,111,621 2 69 ,70 0

20

775

14,040,671 13,9 37 ,1 6 7 2 64 ,97 6

22

4 ,3 7 8 ,2 9 8 183.89 2 ,1 1 8 ,6 4 8 ,1 1 6

1910-17

4 ,3 2 3 ,8 2 6 483.66 2 ,0 9 1 ,2 7 3 ,0 8 0

1914-15

754

13,0 17 ,9 6 9 12,737,498 2 53 ,20 2

22

3 ,1 6 4 ,8 9 0 179.84 1 ,5 1 8 ,6 4 0 ,3 9 5

1907-08

717

1 0,4 51 ,9 1 0

9 ,8 6 4 ,1 9 8 205 ,47 8

20

2 ,2 3 4 ,3 9 5 477 .55 1 ,0 6 7 ,0 1 0 ,9 6 2

1902-03

5 94

7 ,0 3 9 ,6 3 8

0 ,7 1 4 ,5 8 9 153,748

19 H 2 ,0 4 9 ,9 0 2 479.85

9 8 3 ,6 4 9 ,9 8 4

18 M 1,2 2 7,93 9 1470.04 5 7 7 ,1 8 6 ,1 ’ 0
1897-98 391
3 ,6 7 0 ,2 9 0 3 ,5 7 4 ,7 5 4 9 1 ,8 29
F igu res for yea rs p rio r to 1913-14 c o v e r p e rio d fro m S e p t. 1 t o A u g . 3 1.
w ith in th e p a st few
m o n th s , in creasin g th e n u m b e r o f spin dle s a p p r e c ia b ly w ith o u t a ffe c tin g c o n s u m p tio n
t o a m ateria l e x te n t. T h e s e retu rn s In clu de c o n s u m p tio n o f fo re ig n c o t t o n b y th e
m ills a n d o f lin ters In m a ttre s s fa c t o r ie s , <&c.

N o te. — M u ch , n ew m a c h in e ry has been p u t In o p e r a tio n

The foregoing compilation indicates that in every State,
except Missouri, there was a decrease in consumption of
cotton in 1920-21, with the falling off in North Carolina the

920

LI IE CHRONICLE

heaviest. That State, however, continues to lead in amount
.>f raw material used if not in the number of spindles. The
net results for the season in the aggregate for the Southern
States is a decrease iu consumption of 550,117 bales, or
20(1,104,835 pounds, leaving the 1020 21 total 3,108,105 bales,
vhich compares with approximately 2,125,035 bales at the
North, or an excess for the newer manufacturing field of
I 013,070 (tales. The reports at hand from the South, when
gone over iu detail, denote that 8 old mills, with 30,508
spindles, have ceased operations permanently, and 18 mills,
containing 149,900 spindles, have started up, making a net
gain of 10 mills and 113,392 spindles daring the season. The
full extension of capacity in 1920-21, however, is not ex
pressed by that total, for the equipment of old mills was
increased to th e extent of 276,505 spindles. The aggregate
net gain for the season was, therefore, 389,957 spindles.
Little further extension of the cotton-manufacturing in
dustry in the Southern States in the near future is indi
cated by our returns, and this under existing conditions is
not surprising. As gathered from our advices, it is expected
that only one or two new mills will start up during the fall
and early winter. Additions to old mills in a slight way
a iv under way, or in contemplation, however. But alto
gether the prospective augmentation in capacity within the
next twelve months will reach only about 200,000 spindles.
A further augmentation of the spinning capacity of the
Northern mills also occurred in the season lately ended.
We have made no independent investigation of the subject,
but from current reports we learn that there has been an
increase of some 100,000 spindles during the year, making
the total at the end of the season approximately 20,000,000
spindles. While at the South, as indicated above, the aug
mentation has been a little greater, or 389,957 spindles, giv
ing a current total of 15,380,693 spindles. Our usual state
ment of spindles in the United States is as follows:
S p in d le s —
1 9 2 0 -2 1
1 9 1 9 -2 0 .
1 9 1 8 -1 9 .
N orth
.....................
2 0 ,0 0 0 ,0 0 0 1 9 ,9 0 0 .0 0 0 1 9 ,6 0 0 .0 0 0
S ou th
.......................
1 5 .3 8 0 .6 9 3 1 4 .9 9 0 .7 3 6 1 4 ,6 3 9 .6 8 8
3 4 .8 9 0 ,7 3 6
3 4 ,2 3 9 ,6 8 8
T o t a l . . .................................. 3 5 .3 8 0 .6 9 3

1 9 1 7 -1 8 .
1 9 .5 0 0 ,0 0 0
1 4 ,3 6 9 ,5 9 9
3 3 ,8 6 9 .5 9 9

EUROPE.— Cotton trade conditions throughout Europe
since a year ago have been very unsettled. In England a
very severe depression has been experienced, along with a
decided slump in prices. On the Continent, there has been
some progress in the way of reconstruction, but in all coun
tries, questions relating to finance and exchange have ham
pered traders. The consumption of raw cotton in certain
parts has increased, but the position of affairs is still far from
normal, and important developments have undoubtedly
been held back by the uncertainty which still exists as to the
effects of the peace treaty upon the future industrial con
ditions in Germany. Speaking generally, there is ground
for believing that matters in many respects will now settle
down more rapidly, and there are already indications of a
resumption on freer lines of international trade. Certain
commercial arrangements are being made which should
result in developments in Russia in the near future.
Great Britain.— It has been a very unsatisfactory year
for spinners and manufacturers throughout Great Britain.
There has been an absence of orders, and owing to the
depreciation in values, many difficulties have been ex
perienced in completing old contracts, as numerous cus
tomers have refused to accept the delivery of dear goods.
There has been increased nervousness with regard to finance,
but it is something to the credit of the Lancashire industry
when it can be said that despite the serious losses entailed,
there has not been any important failure of a spinner or
manufacturer. A few cotton brokers in Liverpool have got
into difficulties and certain merchants and agents in Man
chester have had to come to some arrangement with their
creditors, but trade as a whole has been saved from any real
financial panic. The downward movement in raw cotton
rates has been important with a consequent fall in prices for
yarn and cloth. There has not been any development in
the way of more spinning mills and weaving sheds being
erected in Lancashire, and owing to some spindles and
looms being thrown out of work, the amount of machinery
shows a slight decline on the twelve months.
Manufacturers of piece goods have experienced a very
trying year. Twelve months ago order lists were already
beginning to run down after the boom of 1919-20. Buying
throughout has been very patchy and leading merchants
have purchased from hand to n outh. The problem of
completing high priced contracts has been very prominent
from month to month. Numerous efforts havo been made
to cancel orders, and throughout ; he world there have been
attempts not to meet obligations Native dealers in India

[Vou 113.

have been the biggest sinners. rl lie value of the Rupee in
February 1920 went up to 2s. lOd. Since then it has fallen
to about Is. Bj aL and since the beginning of 1921 many
H
customers in India, especially in Bombay and Delhi, have
refused to meet their drafts on the basis of current exchange
rates. It has been contended on behalf of the native piece
goods associations that the English Government promised
to stabilize the value of the Rupee at 2s., and they assert
that they are justified in declining to send remittances to
Great Britain except on the basis of 2s. to the Rupee.
The situation on several occasions has been considered by
the Manchester Chamber of Commerce, and local mer
chants have been very strongly urged not to grant con
cessions to the natives abroad. It is realized that if allow
ances are made, future trade will never be safe. It may be
said that recently there has been some improvement in
remittances, even from Bombay and Delhi, but the position
of affairs is far from satisfactory. In the circumstances,
fresh business with India has been at a vory low ebb, and the
attention of most Manchester firms has been centred on
clearing up difficulties with regard to the completion of old
contracts. Recently shipments of cloth to the East have
fallen off to a considerable extent, and, according to advices
received, stocks in the bazaars are steadily being reduced.
During the past month there has boon a distinct revival of
buying, especially for Calcutta, and the trade prospects are
decidedly brighter. With regard to China business through
out the year has been of very restricted dimensions. The
conditions have been very similar to those prevailing in
regard to India except that merchants in Shanghai have as a
whole met their obligations and accepted the delivery of
dear goods as they have come round. In some cases Man
chester houses have received requests asking on Avhat
terms contracts might be canceled and in many instances
special arrangements have been come to whereby exports
might be stopped. Fresh buying has been quite unim
portant and the consumption of textiles in the Far East
has been adversely affected by the famine in certain parts.
During the last few months supplies in Shanghai and also
n the up-country districts, have been reduced, and the
trade outlookis better,but the stocks of cloth still held were
bought at much higher prices than those ruling to-day, and
dealers are finding it exceedingly difficult to effect satis
factory clearances.
It is quite evident that early in 1920 most of our customers
in the Near East over-bought, and throughout the past year
the time has been very largely spent in liquidating stocks.
Dealers have met with severe losses, and many native firms
in Egypt and the Levant have failed. There are now
indications of an improvement in the position of affairs, and
recently clearances in the leading distributing centres have
shown a distinct improvement. The South American out
lets have not been at all active, and in that part of the world
the unfavorable position of exchange is still checking freer
operations.
The trade depression throughout Great Britain during
the past year has had a marked effect upon the consumption
of textiles by the home population. The wholesale estab
lishments have been very seriously handicapped by heavy
stocks of high priced goods. The offtake from month to
month has been very poor, and the public have purchased
as little as possible, owing to the belief in lower prices.
At the end of last December the stock-taking results of
leading firms were very poor, and the figures just announced
for the six months ending June 30 are if anything worse.
Since a year ago there has been a striking fall in cloth prices,
but quotations are still distinctly higher than in 1914, al
though at the moment raw cotton rates are only slightly
dearer than in pre-war days. Of course it must be re
membered that overhead charges of one kind and another
are much higher than in 1914.
The following table gives particulars of our foreign trade
in yarn and cloth for the twleve months ended June 30:
1 9 2 0 -2 1 .
Y a r n s _________ ________ p o u n d s . 1 1 9 .5 6 7 .0 0 0
C l o t h ______ ____________ y a r d s .3 ,2 5 0 ,7 8 1 ,2 0 0

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

1 9 1 S -1 9 .
1 2 8 ,4 1 9 .9 0 0
2 ,9 4 4 .3 2 4 .1 0 0

It has been a very unsatisfactory year for all spinners of
yarn. From month to month demand has been of a very
dragging character. Prices have steadily fallen and some
time ago the margin of profit entirely disappeared. There
has been a remarkable change in the experience of spinners
compared with the previous twelve months. So far back as
last October the Masters’ Federation considered the state of
trado and discussed the question of restricting yarn pro
duction on an organized scale. As a result of a ballot of the

A ug. 27

T11E 01iM>NICLE

members Egyptian spinners decided to run only four days t
%
week thus reducing the hours from 48 to 35. in DecernImr
the members • the Federation using American cotton re
of
solved to ran only three days a week and thus reduce the
weekly hours from 48 to 24. This scheme ol organized
short time was revised in July when curtailment ol output
was abandoned in Egyptian mills and spinners of American
cotton decided to increase the weekly hours from 24 to 25.
In both American and Egyptian yarn for home consumption
the demand has boen very poor and in several quarters
difficulty has boen experienced in clearing the lessoned output
of the machinery. Cloth manufacturers have found it an
easy matter to secure what they want out of stock, and for
several months most of the business done has boon at a
definite loss to the producer. During most of tho yoar a
slack demand has been experienced in qualities suitable for
shipment abroad. Trade with European countries has been
very adversely affected by the unfavorable position of ex
change rates. Up to recently Eastern buyers have held
aloof. During the last few weeks however there has boen
distinctly more activity for India, especially in single num
bers from 40’s to 100’s. It is probable that within tho next
month or two shipments will show a decided increase.
Of course an event of considerable importance during the
year has been the coal strike throughout Great Britain which
began on April 1 and did not come to an end until June 30.
Work in the pits has now been resumed but supplies of fuel
are coming round rather slowly and many industrial con
cerns are severely handicapped. It must be said that the
three months stoppage of coal production was got through
remarkably well. No one imagined that the country
could surmount so easily the difficulties of such a prolonged
stoppage. The failure of the strike from the workers’ point
of view will undoubtedly have the desired effect in labor
circles generally, and it is believed that we shall now hear
less of strikes and industrial unrest.
The cotton industry has been saved from serious labor
disturbances. The wages agreement which was entered
into by the employers and the operatives in all sections of the
industry in May 1920 has been loyally observed. Owing
to the trade depression the masters’ organizations lost no
time in seeking a reduction of wages in May last when the
agreement expired. On behalf of both spinning and weaving
employers a claim was sent to the trade unions for a reduction
in wages of 95% on list rates, which meant a fall in current
wages of about 6s. inthe£. Several joint conferences were
held between the two sides, but progress towards a settle
ment was not rapid. The notices of the masters expired on
June 4 and just previous to that day a big effort was made to
arrange a compromise. The masters modified their demand
to 80% on list rates, but the operatives refused to accept
anything more than a reduction of 50% on list rates. Owing
to the failure of the negotiations the lockout took effect.
The Ministry of Labor intervened and the negotiations were
resumed in Manchester. Long conferences were held and
on June 15 a provisional agreement was come to. This
provided for an immediate reduction on list rates of 60%
or 3s. lOd. in the £ on present wages, with a further reduction
of 10% on list rates or 7d. in the £ on present wages in six
months. The document contained a special clause which
provided for a reduction of 47% on list rates for loom
overlookers, tapers, dry tapers, and warp dressers, with a
further reduction of 8% on list rates for such workers in
six months. The terms were submitted to mass meetings
of the work people and in certain quarters there was strong
opposition to the agreement. There was a little delay in
ratifying the terms, but ultimately the officials of all the
organizations affected signed the agreement and work in
the spinning mills and weaving sheds was resumed after a
stoppage lasting three weeks. The agreement is for six
months, but at the end of that period if either side desires
a further change in wages, it will be necessary for three
months’ notice of any alteration to be given, so wage rates
are really fixed until the end of March 1922. It cannot
be said that during the yoar any other feature of importance
has occurred relating to industrial matters. Owing to
organized short time in the spinning mills and the large
number of looms standing idle in the weaving section un
employment has been rampant. The funds of the trade
unions have been depleted by tho big amounts which have
had to bo paid to the out-of-work operatives.
Further progress has been made during the year with
regard to the furtherance of cotton growing in various parts of
the British Empire. It is expected that the Government
organization, the Empire Cotton Growing Corporation, will

< rr/

receive its Charter within the next few weeks. Sovoral
months ago the British Government promised to vote
£50,000 a year for live years towards the expenses of tho
Corporation, hut owing to certain developments in another
direction this scheme has been altered. During the war
the British and Egyptian Governments controlled tho buying
and selling of Egyptian cotton in Egypt. It has recently
been announced that the profits amounted to tho big sum
of about £4,000,000, Half of this money will be retained
by the Egyptian Government, and of the other £2,000,000’
which comes to tho British Government, it has been decided
that £1,000,000 shall be handed over to tho Empire Cotton
Growing Corporation in place of the proposed grant ol
£50,000 a yoar for five years. Lancashire spinners and
manufacturers have approved tho proposal of a voluntary
levy of Od. a bale upon all cotton used in this country. It fs
estimated that this scheme will raise about £100,000 a year.
Arrangements are now being made for tho levy to be col
lected by the Liverpool and Manchester Cotton Associations,
It is realized that tho time is not very opportune for stimu
lating tho growth of raw cotton in new areas in view of the
heavy stocks held throughout tho world, but leading au
thorities are fully aware that before many years are gone
there is every probability of demand exceeding supplies.
The activities of the British Cotton Growing Association)
have been well maintained, and some of the early schemes
are now showing better results. A large part of the work o f
this organization is of a pioneer nature, but the officials are
likely to be considerably assisted by the greater powers which
are to be held by the Executive Committee of the Empire
Cotton Growing Corporation.
A review of the industry in Great Britain would not be
complete without mention being made of the World Cotton
Conference which took place in Liverpool and Manchester
in June last. The gatherings were eminently successful and!
the conference was attended by delegates from eighteen
countries. The United States sent about 150 delegates.
About 25 papers were read by leading authorities on im
portant subjects relating to the trade, and at most of the
sessions very interesting discussions took place. At th©
close the date of the next conference was not fixed and it
may not be held for three or four years. It is understood
that there is now a greater probability of the cotton organiza
tions in the United States becoming linked up with the
International Cotton Federation.
E u ro p e a n C o n tin e n t. —Although communication with
European countries is now free and open the reports received
relating to industrial matters vary considerably and it is
rather difficult to state in a few words the actual position of
affairs in most countries. Undoubtedly, however, since a
year ago some progress has been made towards more stableconditions. The stumbling block to greater developments
is certainly finance, and the irregularities displayed in ex
change rates are largley responsible for the continued
unsatisfactory position of affairs.
Spinners in Germany have experienced some improvement
in trade conditions. Many firms have been handicapped by
difficulties in getting supplies of coal and raw cotton. Som®
districts have been much busier than others. The horn©
demand has improved and rather more export trade has been
done with neighboring countries in both yam and cloth.
Production costs have been on a low scale and undoubtedly
most producers have to meet smaller standing charges thasm
spinners in other countries. The consumption of raw cotton
tends to increase and the spindles are estimated at about
9,000,000.
Trade in France has been very irregular. There was som©
improvement at the beginning of the year, but latterly things
have got worse. A good deal of short time has been worked,
as for many months the output of the spindles has been
more than sufficient to meet the needs of customers. Foreign
trade has been adversely affected by irregularities in ex
change rates. The spindles are estimated at 9,500,000.
In Russia the Industry continues in a very unsettled state.
According to one reliable report, less than 1,000,000 spindles
are now working out of the total of 7,000,000. The outlook
is very uncertain, but there are signs of better conditions
prevailing in tho near future. The Soviet Government is
now realizing that trade developments cannot take place
without the help of capitalists.
In Belgium, spinners have mot with a rather better year,
There has been some short time, but numerous concerns have
done fairly well. Thero are complaints of rather severe
competition from Germany. There is every probability of
business continuing on freer lines and most of the employers

928

THE CHRONICLE

a< hopeful with regard to the future. The spindles are
re
estimated at about 1,500,000.
Considerable activity has prevailed throughout Holland.
All firms have been very busy and there is no mention of
short time having to be worked in any section. The prospects
continue bright and the industry as a whole has recovered
to the conditions prevailing in pre-war days. The spindles
are estimated at 000,000.
It has been quite impossible to secure reliable news from
Austria. That country has now only about 1,250,000
■quudles and it is understood that over 50% have been
stopped during the past year.
In other countries the conditions have been very irregular
and although in some areas spinners have been able to take
advantage of the post-war position of affairs, the circum
stances are still against activity, chiefly owing to the un
certainty which exists with regard to exchange rates, between
cue country and another.
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning in
dustry in Great Britain and on the Continent in 1920-21,
and for the estimates of consumption in Europe for the
latest season incorporated in our compilation below. Taken
in conjunction with our remarks on the situation in the
United States, presented further above, it covers quite fully
the countries of the world that take chief important rank in
cotton manufacturing.
There are several other countries of lesser, though steadily
increasing importance which must be included to complete
the narrative of the world’s progress in cotton production
and manufacture. Official data are used in those cases so
far aud for as late periods as they can be obtained, and we
present below the results reached, showing (1) the cotton
consumption of each manufacturing country for a period offour years; and also the total annual and average weekly
consumption; (2) the world’s production of cotton (com
mereial orops) for the same years; and (3) the spindles in al1
manufacturing countries from which reliable information can
be secured as they stand to-day compared with like results
in former years.
Japan, now definitely next in importance to Europe and
the United States, decreased its consumption of the raw
material moderately during the season according to the
partial returns at hand. India, too, has apparently used a
little less cotton, and in the absence of any official returns,
which will not bo available for some little time year, as the
Bombay Mill Owners’ Association now makes up its statis
tics for the twelve months ending Aug. 31, we adopt as a
close approximation about 1,900,000 bales of 392 lbs. net
each, equaling 1,500,000 bales of 500 lbs. average. For
Mexico and Canada we have no other recourse except to
adopt the imports into each country as a measure of con
sumption; in the ease of the former no recent statistics
covering home yield or mill operations have been obtainable,
and Canada has no source of supply other than through im
ports, and in the late year the inflow from other than the
United States was only 145 bales of 500 lbs. net each. We
have been able to secure some definite information with
regard to manufacturing in China in the late year, from
which it would appear that there are represented in the
Chinese Cotton Mill Owners’ Association 97 establishments
running 2,842,920 spindles and consuming in 1920 some
1,335,085 piculs of cotton, equivalent to 356,023 bales of
500 lbs. net each. No statistics of value can be secured
from Brazil. “ Other Countries,” consequently, include
exports of cotton from the United States and Europe to
localities other than those specifically mentioned in the table;
also the cotton burned or lost' at sea. The compilation
appended, therefore, embraces substantially the entire dis
tribution or consumption (expressed in bales of 500 lbs. net
weight each) of the commercial cotton crops of the world,
and the portion taken by each country.
THE

Countries —

W O R L D 'S A N N U A L C O T T O N C O N S U M P T IO N .
1920-21.
1919-20.
1918-19.

Bales.

Bales.

W O R L D 'S C O M M E R C I A L C R O P S O F C O T T O N .

C ountries—
1920 21.
i A m ount coming forw ard)
Buies
t inted S la te s -----------.1 1 ,2 1 8,91 8

1 tat Indlee.a ________ 3,660.000
E gy pt ----------------Brazil A c -d
................
T otal
C on su m ption

3,2 0 0,00 0
3 ,800,000

2 ,5 0 0.00 0
3,4 0 0,00 0

7,0 0 0,00 0
2 ,935,162
3 ,626,873

5 .900,000
2,5 1 9.55 0
3.392.92S

5.9 0 0,00 0
2 .991,400
4 ,182,546

T o t a l U nited S t a t e s . . . ................. 5 ,173,417
E ast In d ies_________________________ 1,500,000
Japan
..
..
_________ 1,704.633
C a n a d a ____________
160,080
M e x ic o ..............................
70,700

6.5 6 2,03 5
1,530,400
1.762,692
221,235
1,300

5.912.47S
1.602,400
1,699.983
198.246
1,000

7 ,173,946
1,631,172
1,650,000
249,468
10,092

T o t a l In d ia , A c .............................. 3,4 3 5,41 3
O ther cou ntries, A c ________________
9 00,000

3 ,515,627
7 00,000

3,4 0 1,62 9
375,000

3 ,540,732
4S5.000

T o t a l w o r ld ............ ............................15,808,830
A vera g e w e e k ly _________ ______ _
304,016

17,777,662
341,870

15,689,107
301.713

17,099,678
3 28,839

1918-19.

Bales.

1917-18.

Bales.

1916-17.

B alts.

Bales.

4,274 400 3,865,000 3.580,0004,100,009

800,000
1,350.000

1,072 519
1,050 000

906.767
680,000

1,188,010
500,000

983,238
270,000

17,018,918 18.211,372 16 801 959 16 785 660 18 023 337
52 w e e k s .. 15,808,830 17,777,662 15 689 107 17 099 678 18 924 923
433,710 1,172,852

*314,018

*901,586

5 ,336,330 4 ,163,478
5,7 7 0,04 0 5 ,336,330

4,477,496
4 ,163,478

6 ,3 7 9,08 2
4 ,4 7 7,49 6

a Inclu des In d ia 's exports to E u rope A m erica and Japan and mill con su m p tion
In India, Increased o r decreased b y excess or loss o l stock at B o m b a y.
U R e ce ip ts Into E u rop e, A c ., from B razil, S m yrn a . Peru, W est In dies A c ., and
Japan and C hina co tto n used In Japanese and C hinese m ills.
* D eficiency In the yea r's new su p p ly .

The above statement indicates, in compact form, the
world’s supply of cotton (exclusive of that raised in Russia)
in each of the five years, the amount consumed and also the
extent to which visible and invisible stocks were augmented
or diminished.
The augmentation of the spinning capacity of the mills of
the world has been very moderate the past season. Our
compilation for the world is as follows:
N U M B E R O F S P IN D L E S I N T H E W O R L D .
1921.
G reat B r ita in ____ . 58,700.000
C o n tin e n t_________ . 43,900.000

1919.
57,000.000
43,200,000

1920.
58,700,000
43,900,000

1918.
57,000,000
43,200.000

1917.
5 7,000,000
43,200,000

T o t a l E u ro p e ___ .1 0 2 ,6 0 0 ,0 0 0 102,600.000 100,200,000 100,200,000 100,200,000
U nited S tales—
N o rth __
. 20.000,000
19.900.000 19,600,000 19,500.000
1 9 ,,4 0 0 ,0 0
S o u th ____________ . 15,380,693
14,990.736
14,639,688 14,369,599
14,040,676
T o t a l U . S ..........
E ast In d ie s____
Japan _____________
C h in a, E g y p t , A c .

. 35.380,693
.
6 .800.000
.
3,8 1 3,68 0
.
1,725,000

3 4,890,736
6 .700,000
3 ,700,000
1,700,000

3 4.239,688
6 ,675.000
3,320.741
1,540,000

33,869,599
6,653,871
3 ,075,435
1,540.000

33,440,676
6 .738,697
3,0 4 1,93 0
1 ,400,000

T o t a l In d ia , A c . . 12,338,680
C a n a d a ____________ .
1,375,000
M e x ., S o. A m ., A c . 2,5 0 0,00 0

12,100.000
1,375,000
2,5 0 0,00 0

11,535,741
1,375,000
2 ,062,149

11,269,306
1,367,941
1,562,149

11,180,627
1,300,000
1,262,149

T o t a l o th e r_____ .
3 ,875.000
3.875,000
3 ,437,149
2,5 6 2,14 9
2 ,930,000
T o ta l w o r ld _______ .1 5 4 ,1 94 ,3 7 3 153,465,736 149,412,578 148.268,995 147,383,452

In the above we use estimates for Great Britain and the
Continent that we believe to be approximately correct. The
results for the United States are, of course, our own figures,
and those for India are taken from the official reports of the
Bombay Mill Owners’ Association, except that the latest
totals are approximations, Japan’s aggregates are officially
communicated, China’s figures are from reliable reports,
and for Canada and Mexico the totals are in part estimated.
Great Britain’s trade in cotton goods with foreign coun
tries, as indicated by the volume of exports, decreased
decidedly during the year. The statement of exports (reduced
to pounds) by quarters for the last two seasons is subjoined.
These years end with July 31. Three ciphers are omitted.
G R E A T B R I T A I N ’S C O T T O N

GOODS E XPO RTS FOR TW O YEARS.

----------------- 1 920-21----------------- ----------------------1919-20-----------------a Y arns PieceGoods
Total
a Y arns PieceGoods
Total

Pounds.
(000s omitted.')
Y ards.
1st quar. — A u g . - O c t .. . 39.828 1,053,592
2d quar.-— N o v .- J a n .. . 30,938
840,329
3d quar.-— F eb .- A p r .. _ 29,145
663.419
475.774
4th quar.-— M a y -J u ly . . 29.544
T o t a l ..

.1 2 9 ,4 55 3,033,114

Pounds.

Pounds.

Y ards.

Pounds.

262,822
209,132
163,576
125,713

47.S4S
51,022
38,710
50.3S9

1,002,221
1.1S4.241
1,132,946
1,244,294

251,451
284,907
2S2.310
315,548

187,969 4,563,702 1,134,216

761,243

a In clu din g thread.

The totals in pounds in the above compilation are as com
puted by us, but are believed to be approximately correct.
They indicate that the export movement this season has
been only 761,243,000, or 372,973,000 pounds below the
total of the previous season and some 856 million pounds
smaller than the record aggregate of 1912-13.
To complete the year’s history of the cotton goods trade
in Great Britain we append data as to prices, the statement
covering the last three years:
1920-21.

M id .
32-Cop
L pland
T icist.
Cotton

2 ,900,000
3.000,000

T o t a l E u r o p e ____ _____
6,3 0 0,00 0
U nited States— N o r t h _____________ 2 ,0 7 9,47 3
S o u t h _____________ 3,0 9 3,94 4

1919-20.

11,814 453 11,410,192 11.547,650 12 670,099

Surplus from yea r's c r o p
1,210,008
Visible and Invisible s tock :
A u g. 1 beginning ye a r. . 5,770,040
A u g . 1 ending y e a r ------ 6 ,980,048

Bales.

G reat B rita in ____ _______ __________ 3 ,000.000
C o n t in e n t ________ _______ __________ 3,3 0 0,00 0

'

From the foregoing table it would appear that the world’s
total consumption for 1920-21 records a loss from the aggrogate for a year ago of 1,968,832 bales, and is 4,534,922
bales less than the record result for 1915-16. The sources
from which cotton has been drawn in each of the last five
years are stated in the subjoined table of the world’s com
mercial crops, in bales of 500 lbs. net each:

1917-18.

Bales.

[V ol . 118.

d.

A ug,
S ept.
O c t.
N ov.
D ec.
Jan .
F eb.
M a r.
April
M ay
Juia)
July

21.66

3 1 ----3 0 ___ 19.13
3 1 . . . 16.55
3 0 ___ 10.06
8.65
3 1 ...
3 1 - . . 8.05
2 8 . . . 6.83
3 1 ...
7.27
3 0 ...
7.34
3 1 - - . 7.54
3 ) . . 7.25
3 1 . . . 7.88

d.
56
40 H
36 q
27 VS
24
23
IS
47 V
fi
IS
17 V
*
IS
IS

1919-20.

Shirt M id .
ings.
Up
32-Cop
land
Ticist.
Per
Piece. Cotton
s.

d.

38 0
33 3
27 10
23

6
20 6
19
17
16
16

10 6
16 6
10

d.

19.10
19.94
24 25
25.47
29.50
28 31
3
30.02
3
9
27.63
9
25. S3
26.83
2 5 .SI
4H I26 15

d.
41H
43
47 q
53 q
50
04 q
68 H
67^4
07 H
04 q
02
59

191S-19.

Shirt M id .
3 2-Cop
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A ug. 27 1921.1

THE CHRONICLE

» i»

We now add a brief summary by months of the course of some sixteen months earlier, the employers contended that
the Manchester goods market during the season closing with it would make goods so costly that they would not be salable
to the requisite extent. As a matter of fact in the first
July 31 1921, and also of the Liverpool cotton market in instance it made them h o scarce that buyers rushed in with
the same form for the same period. These summaries have orders in excess of their immediate needs, and for a time the
been prepared for this occasion with great care, and the trade revelled in business at constantly rising prices. Tho
details will, we think, prove an interesting and. serviceable great bulk of the orders received then, however, had now
been filled and a time had arrived when even a 48-hour
record for reference.
week’s production could not be sold at current prices, or,
AUGUST.— Manchester.—With a better demand from indeed, any prices that left a reasonable profit. Lancashire
India, which resulted in an increasing volume in the bookings, had seen a good deal of closing of mills, short Lime, and par
trade in the cotton goods market was rather encouraging in tial stoppage of machinery, but it seemed to make no dif
the first half of the month. But weakness in cotton then ference in the demand until cotton began to rise in price and
developed and the inquiry for goods materially decreased. the prospect of a settlement of the coal strike appeared to be
Referring to the falling off in trade the Manchester “ Guar good. Those wore the conditions that buyers had been
dian” remarked: First there was a fear that we should become waiting for, at all events as a preliminary to the removal of
involved in tlio Polish war, through Russia’s peace terms other troubles. The believers in short time and reduced
threatening tho independence of Poland. When that danger production generally held that, whatever the theoretical
was thought to have passed, the coal miners’ threat of a objections might bo, thoy had no alternative when cotton
strike which would soon paralyze industry became more was falling and the market for goods was lifeless. Forgetting
alarming. American exchange, too, became worse, as this that cotton is only one item in a spinner’s bill of expenses,
is the season of the year when preparations for handling the and that all the others, including the cost of bleaching,
great cotton and grain crops begin. Now York regards a dyeing, or finishing, had been constantly rising, buyers
fall in the value of sterling as a bear point, and it is rather acted as if they were entitled at once to the saving in the raw
disturbing here when prices fall in consequence., for Liverpool, material. And that was not the only difficulty in the way of
of course, requires a higher price to compensate for the lower business. Lower exchange rates and falls in the price of
value of the pound in terms of dollars. The prospect of a silver reduced the purchasing power of the great Eastern
larger and better crop in America than was harvested in the markets, and matters were made worse by Japanese manu
previous year also affected values to some extent, although facturers, who found it necessary to realize, selling cloth in
it could not be said that this came suddenly upon the trade. China at prices which were described as ridiculously low, with
Add to these circumstances the fact that Liverpool was the result that losses were incurred upon Lancashire-made
deprived of a considerable business by the workers goods, and few new orders placed. India did a little at times,
holidays in Oldham and other towns, that August is usually a but the trade there had not at any time since the war ended
quiet month in Manchester at the best of times, and that been as large as it was in 1913. The same may be said also
there is a natural disinclination to buy goods in a falling of most other markets. The home trade was weakened by
market, and it does not appear to need anything else to adverse considerations, and in October still more by the dread
explain the recent weakness of cotton and the slackness of the of a miners’ strike, which materialized on the 16th. On top
trade in manufactures.” In the closing days of the month of all these disturbing elements there was the difficulty in
the situation improved somewhat, inquiries for yarns and obtaining financial accommodation, without which it was
cloth increasing and in Manchester a better business was impossible in many cases to keep the mills on full production,
transacted, largely restoring confidence and indicating even it if were certain that an improvement in trade was not
expectation that demand would soon expand. The exports far distant and that stocks of manufactured goods could be
of yarns and goods from Great Britain for the month, sold quickly then. In these circumstances the owners of
all reduced to pounds, reached 91,636,000 lbs., against 86% of the spindles engaged on Egyptian cotton voted for
84,930,000 lbs. in August 1918. Liverpool.—The market for closing on Saturdays and Mondays for a month, and that
the raw material after opening at 25.56d. for middling up decision, supplemented by orders to reduce coal consumption
lands, or 59 points below the July close, tended upward for a by about 50% during the strike, was carried out. The
time and on the 11th stood at 27.32d. Thereafter, however, American cotton section failed to show the requisite majority
the trend of prices was generally downward and the close of owners in favor of short time, only 79% voting for it,
was at 21.66d., a loss of 4.49d. from the July final.
whei’eas the rules of the Spinners’ Federation require 80%
SEPTEMBER.— Manchester.—September was a very- to make the result binding. The explanation of this, no
unsatisfactory month in the cotton goods trade, the influ doubt, was that a great number of mills in the Oldham
ences at work in August — the threatened coal miners strike district had been closed for two or three weeks through the
and slackening demand for goods—having had a more piecers’ strike, and that the companies owning them thought
adverse influence. Occasionally there had seemed to be a that in that way they had done their share in reducing pro
prospect of a revival, inquiries for yarn and cloth quotations duction. The movement to amalgamate the operatives’
having been more numerous, but little business resulted. unions was dropped on the 23rd. The weavers had supported
India at times gave indications that it would place business it, but the spinners refused to fall into line with them, and
when prices became more settled, but China appeared to be when the time came for the cardroom workers to make a
indifferent and no other important markets were really good. decision they saw the uselessness of going on with the project.
As a result the consequence was that even the reduced Another matter which attracted attention was the promotion
production was in excess of the sales. Manufacturers with of a sort of profit-sharing scheme by the Amalgamated Cot
insufficient contracts in hand, especially in East Lancashire, ton Mills Trust. Fifteen firms banded together in the Trust.
met the situation by reducing the number of active looms All their operatives, 18,000 in number, were invited to put
per weaver and in very desperate cases by closing their mills their savings into the business, on the terms that 5% per
temporarily. Yarn thus became too abundant for spinners’ annum, free of tax, would be paid as minimum interest, and
liking and the Emergency Committee of their Federation if the dividend on the ordinary shares was more than that the
decided in principle that a curtailment of production in both depositors would get the same, provided their money has
the American and the Egyptian sections was desirable. been held by the company for 12 months. The exports of
The operatives to be consulted on details and a ballot of yarns and goods from Great Britain were 77,663,000, against
members of the Federation on the question whether they 95,304,000 lbs. for the same month in 1919. Liverpool. —
agreed to the proposals to follow. About the middle of the The market for the raw material tended downward in October
month a strike in which about 180 mills were soon involved and a further net decline occurred. Middling uplands
broke out in the Oldham district. The origin was an agree started off 19.17d. and by the 18th was down to 14.15d.
ment in regard to the payment of creelers which had been From that level there was arise to 17.10d. by the 27th but
arranged between the employers and the local operatives’ the close was at 16.55d.,or 2.58d. under the September close
association. At the close of the month the strike seemed to and 7.70d. below the quotation at the same time in 1919.
be failing. Production was, of course, reduced by the
NOVEMBER.— Manchester.— Developments in Novem
stoppage, but the effect on business was scarcely noticeable.
On the 23rd the statistics collected by the International ber were not conducive to improvement in the cotton goods
Federation were published. They showed that the number market. The continued decline in the cost of the raw
of spindles in the world was estimated at 145,701,462, material was a specially unfavorable feature, reducing de
which compared with 144,704,012 just before the war. The mand for goods to a minimum, thus causing a heavy cur
British total increased from 55,971,501 to 58,692,410, but tailment of production at the mills, and attempts by a good
unfortunately 1 x i millions of them were not in use at the many buyers to cancel contracts which the decline in prices
/
date of the return. America was stated to have 35,872,000 had made unprofitable. The curtailment of production was
active spindles and only 373,000 “ idle.” Exports of yarns extraordinary, and at the close of the month it was antici
and goods from Great Britain aggregated 93,523,000 lbs., pated that later on it would be even more decided. During
the miners’ strike, which lasted about three weeks, an order
against 71,217,000 lbs. in September 1919. Liverpool. —
The trend of the market for the raw material in September was made that, with a view to saving coal, the mills must not
was irregular but generally downward and the net result of be run more than 24 hours per week. The fine spinning
the fluctuation wa3 a drop of 2.53d. from the August final. section had already been closing on Saturdays and Mondays,
Middling uplands opened at 21.50d. and on the 16th was and that arrangement was continued after the miners’ strike.
quoted at 21.98d. From that level the price fell with very The users of American cotton had not on Nov. 30 arranged to
organize short time, but the committee of the Spinners’
little interruption until 19.13d. was reached on the 30th.
Federation decided to take another ballot on the _ ques
OCTOBER.— Manchester.— In October the situation in tion and strongly recommend the closing of the mills on
the cotton goods market was in no sense an improvement Mondays, Tuesdays and Saturdays, and the working of
over that of the preceding month, although toward the close eight hours only on each of tho other three days. This
there appeared to be some signs of an impending change for would, of course, be a severer measure than that of the fine
the better. When the eight-hour day was being negotiated, spinning section. The Oldham strike, the closing of some

930

THE CHRONICLE

mills for weeks at a time, the stoppage of part of the ma
chinery, and the systematic: adoption of short-time failed to
improve the demand for the goods produced. The diffi
culties were aggravated by the numerous attempts of buyers
to get their contracts canceled, on the ground that they could
only sell the goods at a loss. The latest complaint relating
to foreigners having been against Spaniards, the shippers
concerned met in Manchester Nov. 24 at the instance of
the Chamber of Commerce, and decided to insist upon the
necessity of contracts being observed and urge the customers
to take the same view. Trouble also had arisen in India,
especially in Delhi, owing to native dealers attempting,
through the importers who supply them, to compel pro
ducers and merchants in Great Britain to take payment
in rupees vaiuetl at 2s. each, although the exchange rate was
only about Is. 7d. These terms were naturally refused and
goods were being held up at Delhi in consequence. In over
seas markets Calcutta was a liberal buyer, and this relieved
the position in Great Harwood and Blackburn, which
suffered heavily for some time from the decline in the demand
for India. No other bright spot, however, had shown itself,
China sent very few orders and other big markets were also
for the most part inactive, the sharp fall in silver and in
exchange having been largely responsible. The Continent,
wishing doubtless to buy more largely, was deterred by the
low value of the currencies of countries most in need of
Lancashire goods. The exports of yarns and goods from
Great Britain were 80,170,01)0, against 93,109,000 lbs. for
the same months in 1919. Liverpool.—The course of the
market for the raw material was decidedly downward and
the full result a decline of 649 points. The opening was at
16.49d. for middling uplands, or 6 points lower than the
October final, and the contraction in value continued with
slight interruption to the close, which was at lO.OGd.
DECEMBER.— Manchester.— The further drop in price8
for cotton was the especial development of the month adverse
ly affecting the cotton goods trade and the declining tendency
of the value of the rupee was a discouraging factor, serving
materially to curtail business with India. Furthermore
from no direction was the inquiry other than disappointing
and trading with China was practically at a standstill under
these circumstances, and despite the decided curtailment
of production, manufacturers were unable to fully dispose
of their output and consequently stocks of both yarns and
goods accumulated. As regards the operations of the mills
for the year as a whole, they showed large profits on the capital
invested, although as a result of the slump of the final quarter
the actual return to shareholders was hardly up to that of
1919. The exports of yarns and goods from Great Britain
were 70,272.000 lbs., against 96,728,000 lbs. for the same
month in 1919. Liverpool.— The course of market for the
raw material in December was simply a continuation of that
of the preceding month, the general trend being downward.
But quite naturally the decline was less pronounced, although
very important nevertheless, reaching 141 points. Middling
uplands, which opened at 10.25d., or 19 points above the
November close, advanced to 11.20d. on the 2nd and after
dropping to 10.62d. by the 6th was up to 11.42d. on the
10th. Thereafter the recession was quite steady to the
holidays, the quotation on the 23rd having been 9.54d.
On the re-opening of the market on the 2Sth the price had
fallen to 9.29d. and on the 31st stood at 8.65d. This latter
was 20.85d. lower than on the corresponding date in 1919,
and the lowest point touched since August 1916.
JANUARY.— Manchester.—While the new year opened
up -with a better feeling in the cotton goods trade than had
prevailed during December, the improvement in the situation
was comparatively short-lived. Lower prices for yarns and
goods for a time stimulated demand, but by the middle of the
month the market had relapsed into its previous unsatis
factory state with buyers few and prices tending downward.
Mills spinning American cotton continued on half-time, the
fine-spinning mills were on four days a week, and most of the
others were only producing a fraction of their normal output,
but still it- was as difficult as ever to sell anything. Little
or no impetus was given to home business by developments
in the retail trade. Foreign markets were, if anything, more
unsatisfactory. A great deal of high-priced cloth had been
delivered in the previous few months, and the importers were
finding it a burden. A short time previously cancellation of
contracts was attempted on a large scale, and in some eases
cancellation was believed to 'b e the best way out even
from the Manchester point of view, as the goods would not
have been paid for. India, however, had invented a more
subtle method. That was to tell the shippers who had sent
them goods—Japanese as well as British— that the Govern
ment of India promised to stabilze the rupee at 2s. and that
the fact that they failed was immaterial; the nipee must be
reckoned as worth 2s., even though the exchange rate was
below Is. 6d., and those who refused to accept that basis
would have to wait for their money until the rate of exchange
had risen to that level. Furthermore, the Delhi Piece
Goods Association cabled to the Chamber of Commerce
that Manchester was not realizing the seriousness of the
situation, and that it should suspend all new business for six
months, the object of course being to keep out all com
paratively cheap goods until the more expensive ones had
been sold—a suggestion that was not taken seriously.
Calcutta continued to send a good many inquiries, but its
ideas of values were too low to permit much business being

[You 113.

doit' . ( .'liiuahad done littlefor a number of months, reduct
iwus in price having been fully offset by the fall in exchange.
Egypt was placing few new orders, and the same was true
of every other important market. Europe might have done
more, but the rates of exchange in some of the principal
countries were formidable obstacles.
Unemployment or
undi r-employment had been quite general in the manu
facturing districts, but the position was relieved by the
operation of the new Insurance Aet and also by grants from
the surplus funds of the old Control Board, which became
available just as things got to the worst, although it was
necessary to confine the grants to the totally unemployed.
At the close there were no indications that the mills would
be on full time soon, but it was apparently generally accepted
that the financial position was improving. The new Dye
stuffs Act, restricting imports, had come into operation, and
its effect was being closely watched. The restrictions on
exports which were imposed to prevent the homo market
being denuded, were removed. Shipments of yarn and
goods from Great Britain were 60,790,000 lbs., against
105.091.000 in Jan. 1920. Liverpool.— The course of the
market for the raw material was upward to the middle of the
month, but later the improvement in values was entirely lost,
the close having been the same as for Doccmbor. Middling
uplands opened at 8.75d. or 9 points higher than the Doc.
final, advanced to 10.85 by the 14th, declined to 8.88d. by
the 24th, was up to 9.08d. on the 27th and the close was
at 8.65d.
FEBRUARY— Manchester.— Developments during Feb
ruary afforded little or no relief from the very unsatisfactory
conditions that had prevailed in the cotton goods market
in previous months. A slight improvement in the de
mand was witnessed in the early days of the month, and
this encouraged some manufacturers to reopen mills, but
dulness quickly supervened, notwithstanding the fact that
prices had been lowered with the expectation that thus some
impetus would be given to the trading. There was still
much trouble with overseas buyers in regard to the ac
ceptance of goods under old contracts. As prices had
dropped heavily since the orders were placed it was clear,
therefore, that goods were still being sent out that could
not be sold by retailers without heavy loss in competition
with goods bought later. That was believed to be the
greatest obstacle to the revival of trade, although there were
others such as the vagaries of exchange and the low price
to which silver had fallen. Many suggestions were made
for removing the seeming deadlock, but few of them of
much practical value. Mr. Waddington, M .P., submitted
to the Lancashire group of members of Parliament a scheme
by which manufacturers would be enabled to keep their
work people employed on four days a week for 12 weeks,
the banks financing the unsold production to the extent
of 90 % and the Government guaranteeing the banks against
ultimate loss. He assumed that in 12 weeks trade would
have revived, and that as the Government would save a
large amount in unemployment benefit they could not lose
much. Manchester opinion, however, seemed to be that
the scheme was impracticable for a variety of reasons. The
piece goods dyers, as a contribution to the cheapening of
production, made a substantial reduction in their charges,
and suggestions were made that others should follow their
example. The work people of a firm of embossers and fin
ishers voluntarily suggested a 10% reduction in their own
wages, as an example to others, and the firm followed this
up by announcing that they would make a 10% reduction
in their charges to any customer who undertook to pass the
full benefit on to his customer in order to ensure that, as
far as possible, the consumer should get his goods cheaper.
Other encouraging features were the possibility of cheaper
coal for industrial purposes in the near future, an increase
in the supply of coal available for export, which would enable
ships to get cargoes for both outward and inward voyages,
and a reduction in freight rates which was already in force.
The industrial situation, however, was worse than it had
been for a long time. The short-time arrangements begun
in October in the fine spinning section and in December in
the mills engaged on American cotton was still in force
and there was a large amount of complete unemployment.
The trade unions were giving unemployment benefit, but a
good many members had no longer anything to draw from
that source. Relief was given under the new Unemploy
ment Insurance Act, and the funds of the old Cotton Control
Board were also being drawn upon for the benefit of those
who had no work at all. It was stated that the Board’s
grants were assisting no fewer than 80,000 to 90,000 persons.
Exports of yarn and goods from Great Britain aggregated
58.983.000 lbs., against 77,875,000 lbs. in February 1920.
Liverpool.—After opening 17 points down from the January
final, 10 points of which were recovered on the following
day, the market for the raw material showed no definite
tendency until after the middle of the month, when the
trend was generally downward, and a rather important
r
net decline was scored. Middling uplands started off at
8.48d., was down to S.07d. by the 10th and moved up to
8.52d. by the 16th. From this level there was a decline to
6.76d. by the 25th, and the close was at 6.83d., a loss of
182 points from the final for January.
MARCH—Manchester.—With advancing prices for the
raw material there was some Improvement in the cotton

A ug. 27 1921.]

THE CHRONICLE

goods market during (lie month, and at the close a some
what more hopeful feeling pervaded the trade. The first
signs of revival was in the demand from Calcutta and was
largely confined to dhooties, but that a big market; like
India should show signs of revival was looked upon as a
favorable portent. At the beginning of the month the Gov
ernment of India sprang a surprise upon Lancashire by pro
posing, and in effect, carrying at the same sitting of the
legislative body, a budget which raised the import duty on
cotton and other manufactures from 7 l > to 11% ad va
/
lorem. It was pretended that the increase was.made for
revenue purposes only, but against that was the fact that
no increase was made in the countervailing excise duty of
3% % . The Manchester Chamber of Commerce promptly
protested against the increase, especially as applied to im
ports only, and sent a deputation of exporters to Mr. Mon
tagu, Secretary for India, whose consent to the increase
was necessary but had actually been given in advance,
without the fact being disclosed in Great Britain. On the
23rd the manufacturing interest sent a very large deputa
tion to Mr. Montagu, but he gave them no satisfaction,
his attitude being that Parliament had given full fis
cal powers to India, and that he could not interfere with
their use so long as Imperial interests were not imperiled.
The rupee controversy continued, but less stress was laid
upon the contention that Indian importers had a right to
reckon the rupee as being worth 2s. in paying for imports,
and more upon the assertion that it would ruin them if they
had to bear both the loss in the value of goods which were
ordered but not delivered when prices were higher and the
loss occasioned by the depreciation of Indian currency.
Manchester shippers, however, appeared to be adhering
to their contention that it was impossible, for many reasons,
to release their customers from the terms of the contracts.
Short time at the mills continued during the month, and at
many of them the Easter holiday was prolonged. The min
ers and the coal-owners were again at odds, and the
wages question was expected to be raised very soon in the
cotton trade itself. The exchange difficulty was as great
as ever, and it served to check buying when, on the top of
all the other expenses there was a heavy loss through the
depreciation of the currency of a customer’s country. Yarns
and goods exports for the month from Great Britain to
taled 56,296,000 lbs. against 94,455,000 lbs. in 1920.
Liverpool.—The general trend of the market for the raw
material was upward during March, but prices eased off
appreciably at the close. Opening at 6.57d, a drop of 26
points from the February close, the price for middling up
lands moved upward with but little interruption until 8.05d
was reached on the 24th. After the Easter holidays, how
ever, prices turned downward, and the close was at
7.27(1, or an advance from the February final of 44 points,
but comparing with 27.63d a year earlier.
APRIL—Manchester.—The dominating factor in the cot
ton goods trade in April was the coal miners’ strike, and as
no settlement had been reached at the close the outlook for
continued operation was, to say the least, dubious. It hap
pened, however, that cotton mills were, in the main, weil
supplied with fuel when the strike started, and as they
were already on a three or four-day week, where running
at all, the Government order that, in common with others,
they should restrict their coal consumption to half the nor
mal quantity had no effect upon them beyond accentuating
existing conditions. The situation was unfavorable enough,
however, for there were indications that the prolonged cur
tailment of production was telling upon markets and that
a moderate recovery had set in. With the mines closed
for an indefinite period, recovery was necessarily retarded.
Furthermore, it was expected that by the time the coal
strike difficulty was out of the way the wages question in
the cotton trade itself would probably loom up, as the
agreement made a year before was to expire on May 14,
and it was taken for granted that the employers would give
notice of intention to withdraw part of the advances made
in the last few years. Sellers had already stipulated for a
strike clause in contracts for goods not in stock, it being
understood that the contingency contemplated was the pro
longation of the coal stoppage. But it seemed likely that
the precaution would be continued until domestic affairs
had been readjusted. The demand for the strike clause,
however, had hindered business, and was likely to do so
until it could be dropped. On the whole a more cheerful
disposition was in evidence in trading circles than for some
time previously. Calcutta continued to buy dhooties and
shirtings, but other Indian markets were not so active.
China had not yet got clear of its difficulties, but advices
from there referred more hopefully to the prospect. Near
Eastern and South American markets did not do a great
deal, but in the aggregate sellers had a good many inquiries
and a fair number of them resulted in business being done.
Some mill-owners working for the Indian trade, it was re
ported, were prepared to go on full time if the coal ques
tion were settled, but others were not in that position yet.
The calico printers of Lancashire reduced their charges, in
the hope that by doing so they would help to bring about a
revival of trade, although there had been no reduction in
their expenses which warranted such a reduction.
The
Cotton Reconstruction Board continued to make grants for
the unemployed out of the surplus left by (he Control Board,

but had to reduce the amount . The sum set aside for the
assistance of the unemployed was stated to have been over
£1,000,000, and it would be exhausted early in May. Yarns
and goods exports for the mouth from Great Britain totaled
48,298)000 lbs., against 99,977,000 lbs. in 1920. Liverpool,
The market for the raw material was without definite ten
dency in April, but the net result of the month’s fluctuations
was an advance of 13 points over the March close. Opening
at 7.21d, middling uplands was down to 0.84d on the 5th,
turned upward immediately, and on the 18tli stood at 7.00d,
fell off to 7.24d by the 22nd., was up again to 7.03d on the
28th, and closed at 7.34d against 25.83d a year earlier.
MAY .-M anchester. -The overshadowing factor in the
cotton goods trade in M ay was the coal strike, its con
tinuance told greatly against cotton manufacturing as
through lack of fuel a number of establishments had to shut
down and thus were unable to take advantage of the revival
in the demand for goods for India. Some firms that had
exhausted their coal had applicances fixed enabling them to
use oil instead, but this substitute fuel was not obtainable
in sufficient quantities. A good many mills were closed for
an unusually long period at Whitsuntide. 50,(XX) operatives
registered at the Blackburn Labor Exchange for unemploy
ment benefit, the borough alone contributing 31,000 to the
total. And, unfortunately, the state of things which those
figures revealed was almost universal in the manufacturing
towns which centre upon Manchester. What the state of
things would have been if the Government had not made
unemployment benefit available can bo imagined. The
Cotton Reconstruction Board used about £1,000,000 of the
old Cotton Control Board’s surplus in supplementing the
reliof of those without any employment whatever, but this
beneficent work had to be brought to a close on the 7th of
M ay, as there was no more monej' available for such a
purpose. To the trouble caused by the coal stoppage
was added the uncertainty in regard to the future rate of
wages in the cotton trade itself. On the expiration of a year
from the agreement of M ay 1920, the employers gave a
month’s notice of a reduction of 95% on the standard list
rates, or 6s. in the pound on actual current rates. The
operatives were willing to make some concession in order to
promote such a recovery as would allow of the resumption
of full-time working, but they maintained that the em
ployers’ demand was unreasonable. Their unions decided
to act together, and on the 27th M ay representatives of all
of them met the employers in conference. Both sides stated
their case, and as they disagreed, it was though t a smaller body
would be more likely to agree upon a settlement. A negoti
ating committee of eight from each side was consequently
appointed, and this joint body held its first meeting M ay 31.
The months’ yarns and goods exports from Great Britain
were 39,095,000 lbs., against 109,258,000 lbs. in Maw 1920.
Liverpool.— The outcome of fluctuations in the raw material
during M ay was an advance of 20 points for American
cotton. Middling uplands opened the month at 7.38d.,
and after advancing to 7.71d. by the 6th, dropped to 7.29d.
by the 24th. Thereafter the trend was upward to the
27th when the quotation stood at 7.62d. The market
eased off to 7.54d. at the close, this comparing with 26.83d.
at the same time in 1920.
JUNE.— Manchester.— Considered from any point of view
June was one of the worst periods ever experienced in the
cotton trade of Great Britain. With the coal mine strike a
vital factor throughout the month, the industry was, of
course, very seriously hampered, but in addition there was
the stoppage of operations on account of the new wage ques
tion— a stoppage that covered a period of three weeks. As
regards the wage matter, it is to be stated that in the pre
ceding 12 months the wages scale had been advanced 215%
above the standard, and 210% more than at the time when
the war broke out. Under the agreement arrived at near the
close of the month, 60 out of the 215% was taken off at once
with 10% more to be deducted in December. While the
settlement was for nine months certain, after the expiration of
six months either side might give three months’ notice of
such an alteration in the scale as it wished to propose. The
effect of the arrangement was that current wages were
reduced by 3s. lOd. in the pound for six months from June 27
and by 4s. 5d. in the pound altogether for the following
quarter. It was, unfortunately, found impossible to resume
full-time working when the mills were reopened, as the miners
were still on strike. The cotton trade had a fair amount of fuel
in stock when the stoppage on account of the coal miners’
strike began, but nothing like enough to last for three months.
Some mill owners resorted to oil, but this was not done to
such an extent as to relieve the position materially. A
development of the*month of particular interest to the
cotton goods trade was the World Cotton Conference,
which held its sessions in Liverpool and Manchester.
Another event of moment was the definite estab
lishment of the Empire cotton-growing movement, with
an adequate financial backing. It was announced early in
the month that the owners of more than 90% of the cotton
spindles in the-United Kingdom had consented to the pro
posed levy of 6d. per 500 lb. bale of cotton used in order to
provide money for the Empire cotton-growing movement,
and a little later M r. Churchill, Colonial Secretary, an
nounced that the Government would apply to the same object
a profit of £1,000,000 which they had made out of Egyptian
cotton control during the war. This million to be a substi-

THE CHRONICLE

932

tutk>u f o r th e £ 5 0 ,0 0 0 w h ic h th e G o v e r n m e n t h a d o f fe r e d t o
g r a n t a n n u a lly f o r f iv e y e a r s if th e t r a d e s h o w e d its in t e r e s t
in th e m o v e m e n t b y a g r e e in g t o p a y th e (id . p e r b a le .
The
m o n t h 's y a r n s a n d g o o d s e x p o r t s f r o m G r e a t B r it a in w e r e
4 1 ,1 1 1 ,0 0 0 lb s .,
a g a in s t 1 0 1 ,8 1 2 ,0 0 0 lb s . in J u n e 1 9 2 0 .
Liverpool.-— T h e m a r k e t f o r th e ra w m a te r ia l a t fir s t t e n d e d
u p w a r d , b u t th e n e a s e d o f f , a n d th e c lo s e w a s a t a d e c lin e o f
2 9 p o in t s f r o m th e M a y fin a l.
M i d d l in g u p la n d s o p e n e d th e
m o n t h a t 7 .5 3 d . , a n d w a s u p t o 7 .7 5 d . o n th e 1 0 th .
T h ere
a ft e r th e c o u r s e o f p r ic e s w a s t o w a r d a lo w e r le v e l u n til th e
2 1 s t w h e n th e q u o t a t i o n s t o o d a t 6 .8 5 d .
A rise t o 7 .4 3 d .
th e n o c c u r r e d ( o n th e 2 9 t h ) , b u t th e c lo s e w a s a t 7 .2 5 d -

A n o t h e r g e n e r a l t a b le w h ic h w e h a v e c o m p ile d o f la te y e a r s
is n e e d e d in c o n n e c t io n w ith th e f o r e g o in g to fu r n is h a c o m 
p r e h e n s iv e id e a o f th e e x t e n t a n d th e e x p a n s io n o f th is in 
d u s t r y . 11 d is c lo s e s th e w o r ld ’ s c o t t o n s u p p ly a n d th e s o u r c e s
o f it.
T h e s p e c ia l p o in t s w e h a v e s o u g h t to illu s tr a te b y th e
s t a t e m e n t s a r e , fir s t , th e r e la t iv e c o n t r ib u t i o n t o th e w o r l d ’ s
ra w m a te r ia l b y th e U n it e d S ta te s a n d b y o t h e r s o u r c e s , a n d ,
s e c o n d , t o f o llo w its d is t r ib u t io n .
F ig u r e s f o r 1 9 0 8 -0 9 to
1 9 1 2 -1 3 a re f o r th e y e a r e n d in g A u g . 3 1 :
WORLD'S SUPPLY AND lUSTUlHUTTON OF COTTON.
Visible
and
Invisible
Supply
Begin
nine of
Year.

500-/6.
Baleu.

a g a in s t 2 5 . l 8 d . a y e a r e a r lie r .
J U L Y — Manchester.— A m o r e h o p e f u l f e e lin g w a s a p p a r 
e n t in th e c o t t o n g o o d s m a r k e t a s J u ly o p e n e d , f o r w ith
th e o p e r a t iv e s b a c k a t w o r k u n d e r th e r e d u c e d w a g e s c a le ,
c o a l p r o d u c t io n re s u m e d , a n d th e d a n g e r o f a g r e a t s t r ik e
in th e e n g in e e r in g t r a d e p r a c t i c a ll y p a s s e d , v ir t u a lly a ll
o f th e d is t u r b in g f a c t o r s h a d b e e n e lim in a t e d .
R aw cot
ton p r ic e s , too, s h o w e d a n u p w a r d t e n d e n c y in p la c e o f th e
d o w n w a r d o n e w h ic h h a d p r e v io u s ly c h e c k e d t r a d e f o r
m a n y m o u th s .
N e a r ly e v e r y t h in g , t h e r e fo r e , s e e m e d to
w a r r a n t th e c o n c lu s io n th a t b u y e r s w e r e b o u n d to a b a n d o n
th e ir h o l d i n g - o f f iK ilicy. T h e d i f f i c u l t y w ith I n d ia n d e a l
e r s w a s s till u n s e t tle d — it w a s s a id in P a r lia m e n t th a t a c 
c e p t a n c e s f o r £20 m illio n s h a d n o t b e e n ta k e n u p — b u t
th e r e w a s s o m e ta lk a m o n g im p o r t e r s o f a c o m p r o m is e b e 
in g d e s ir a b le , a n d C a lc u t t a , a t a ll e v e n ts , w a s b u y in g o n a
f a i r l y lib e r a l s ca le .
S om e p ro d u ce rs, m o re o v e r, re p o rte d
b o o k in g s r e q u ir in g t w o o r th r e e m o n th s f o r t h e ir e x e c u t io n .
P r ic e s w e r e a d v a n c e d , a n d th e r e s u m p t io n o f f u ll t im e a t
th e m ills b e c a m e a p r a c t ic a l q u e s tio n . T h e S p in n e r s ’ F e d 
e r a t io n d e c id e d o n th e 13tli th a t th e s e c t io n o f it s m e m b e r s
u s in g E g y p t ia n c o t t o n m ig h t a d o p t f u l l tim e a t o n c e i f
th e y w e r e in a p o s it io n to d o s o a n d th a t, a s a b e g in n in g ,
th e u s e rs o f A m e r ic a n c o t t o n m ig h t in c r e a s e th e ir w o r k in g
w e e k f r o m 24 to 35 h o u r s .
O n th e 2 9th th e F e d e r a t io n
w e n t a s te p f u r t h e r b y p e r m it t in g f u l l tim e in a ll m ills.
B u y e r s w e r e u n a b le to a c c e p t th e v i e w th a t th e tim e w a s
o p p o r t u n e f o r r a is in g p r ic e s , th e c o n d it io n s p o in t in g r a th e r ,
in th e ir o p in io n , to a d e c lin e r a t h e r th a n to a n a d v a n c e .
T h e y e x p e c t e d , n o d o u b t, to g e t a s h a r e o f th e a d v a n t a g e
a r i s i n g f r o m th e r e d u c t io n in o p e r a t iv e s ’ w a g e s , th e l o w e r 
in g o f f in i s h e r s ’ a n d p a c k e r s ’ c h a r g e s , a n d th e e c o n o m ie s
r e s u lt in g f r o m a g r e a t e r o u tp u t .
W it h th is t h e ir a t t it u d e
p u r c h a s e s w e r e q u it e g e n e r a lly c h e c k e d , a lt h o u g h C h in a d id
a l it t le m o re . C o n tin e n ta l a n d N e a r E a s t e r n t r a d e in p a r 
t ic u la r c o n t n u e d d u ll a n d th e h o m e tr a d e , g e n e r a lly s la c k
in th e s u m m e r, a p p e a r e d to be s p e c ia lly s o th is y e a r .
A
n u m b e r o f s p in n in g c o m p a n ie s m a d e p u b lic d u r in g th e
m o n th th e ir s t o c k -t a k in g re s u lts , so f a r a s d iv id e n d s w e r e
c o n c e r n e d . O u t o f 80 w h ic h p a id d iv id e n d s a v e r a g in g 2 7 .6 %
p e r a n n u m f o r th e f i r s t h a l f o f la s t y e a r a n d 2 0 .8 % p e r
a n n u m f o r th e s e c o n d h a lf, th e r e w e r e 35 w h ic h w e r e u n 
a b le to p a y a n y t h in g f o r th e h a l f y e a r e n d e d J u n e 30. A
g o o d m a n y o f th e r e m a in in g 45 p a id 10, a n d a f e w a s m u c h
a s 20 to 2 4 % p e r a n n u m , b u t th e p r o b a b il it y is t h a t th e y
w e r e d o in g th is la r g e ly o u t o f r e s e r v e s , a s t h e y h a d d o n e
in p r e v io u s p e r io d s o f d e p r e s s io n . Y a r n s a n d g o o d s e x p o r t s
f o r th e m o n th f r o m G r e a t B r it a in t o t a le d 4 6 ,4 0 7 ,0 0 0 lb s.,
a g a in s t 1 04 ,478.00 0 lb s . in J u ly 1920. Liverpool.— T h e m a r 
k e t f o r th e r a w m a te r ia l a t f ir s t te n d e d u p w a r d , th e n f e ll
o f f m o d e r a t e ly , b u t r e t a in e d th e g r e a t e r p a r t o f th e a d v a n c e
a t th e c lo s e . M id d lin g u p la n d o p e n e d a t 7 .2 5 d , b u t w a s u p
t o 8.3S d b y th e 1 8 th . F r o m th a t le v e l th e d r o p w a s q u it e
s t e a d y to th e c lo s e , w h ic h w a s a t 7.8Sd. a g a in s t 2 6 .1 5 d J u ly
31 1920.
W e n o w g i v e a c o m p i la t i o n w h ic h c o v e r s t h e fig u r e s o f
c o n s u m p t io n in d e t a il f o r e a c h o f th e p r in c ip a l c o u n t r ie s
e m b r a c e d in th e s t a t e m e n t o f th e w o r ld ’ s a n n u a l c o n s u m p 
t i o n a lr e a d y p r e s e n t e d , a n d th e t o t a l o f a ll.
T h e s e fig u r e s
a re n o t th e t a k in g s o f th e m ills , b u t th e a c t u a l c o n s u m p t io n
and are in all cases expressed in bales of 5 0 0 vounds. T h e
fig u r e s in th e t a b le c o v e r th e y e a r s fr o m 1 9 0 8 -0 9 t o 1 9 2 0 -2 1 ,
in c lu s iv e , a n d a re g iv e n in t h o u s a n d s o f b a le s .
T h e fig u r e s
f o r 1 9 1 3 -1 4 t o 1 9 2 0 -2 1 , in c . c o v e r th e t w e lv e m o n t h s e n d e d
J u l y 3 1 ; a ll e a r lie r y e a r s a r e f o r th e p e r io d S e p t e m b e r 1 to
A u gu st 31:

[V ol. 113.

Commercial Crops.
United
Slates.

All
Others.

Total.

Visible.

500-/6. bales
000s omitted.
190819091910191119121913-

09
10
11
12
13
14

Great
B ril'n .

C o n ti
nen t.

.3,720
..
.3,175
..
.3.776
..
.4,160
..
.4,400
..
.4,300
..

5.720
5.460
5.460
5.720
6,000
6.000

United States.
Total North

9.440
8.635
9.236
9.880
10,400
10,300

2,448
2,266
2.230
2,590
2,082
2,701

South. Total.

2.464
2.207
2.255
2.620
2.849
2.970

4,912
4,533
4.4S5
5.210
5,531
5,680

East
Indies Japan

1,653
1.517
1.494
1,607
1,643
1,080

SSI
1.055
1.0S7
1.357
1,352
1,522

Av. 6 y’rs 3,922 5.727 9.649 2,4S6 2,572 5.05S 1,599 1,209
191419151916191719181919-20

15 .3.900
..
16 .4.000
..
17 .3.000
..
18 .2.900
..
19 .2,500
..
3,200

Av. 6 y ’ rs 3,250

1920-21 *._

5.000
5.000
4.000
3.000
3.400
3,800

8.900
9.000
7.000
5.000
5.900
7.000

2.769
3,239
3,194
2.091
2,519
2,935

3,037
3.S71
4.237
4.183
3.393
3,627

5,806
7.110
7,431
7,174
5,912
6,562

4.033 7,283 2,941 3,725 6,666

3.000 3.300 0.300 2.079 3 094 0.173

* Flgur.M for

l

All
Others.

Total.

278
449
44S
512
6 IS
676

17.164
16.1S9
16.750
18,566
19,544
19.S5S

497 18,012

1,649
1.723
1.723
1,631
1.602
1,530

1,538
1,-747
1,775
1.650
1.700
1,763

1.643

1,696

809 IS,097

1.500 1.705

1.131 10,809

19-20 and 1920 21 are subject to correction.

854
764
995
745
575
922

18,747
20,344
IS,925
17,100
15,689
17,777

Invisible.

1908-091900 101910 11
191119121913- 14
Average
0 years

4,855,093
5,676,526
4,732,491
12
4.844,744
136,808,927
0,462,899

1914 15.
19151916191719181919- 20
Avorage
6 years

7,519,383
168,351,668
17.
5,379,082
18.
4,477,496
194,163,478
5,336,330

1920-21

5,770,040 11,218,918 5,800.000 17.018,918 15,808,830 5,795,209 1,184.839

13,496,751
10.224,923
11.804.749
15,683,945
13.943,220
14,494,762

4,489,169 17,985,920 17,164,487 1,875,140
5,021,605 15,246,528 16,188,563 1,367,624
5,057,988 16,862.737 16,750,484 1.537,249
1,845,970 20.529,915 18.505,732 2,095,478
5,254,759 19,197.979 19,544,007 2.015,211
6,419,898 20,914,660 19,858,176 2,877,300

3,801,386
3,364,807
3,307,405
4,713,440
4,447.088
1,642,083

13,274,725 5,181,565 18,456,290 18,011.908
14,766,467
12.633,060
12,670,099
11,547,650
11,410.192
11,814,453

4,812,487
4 737,207
5,353,238
5,238,010
5,551,767
6,396,919

19,578,954
17,371,166
18,023,337
16,785,660
16,961,959
18,211,372

18,746,669
20.343.752
18,024.923
1,7099,078
15,089,107
17,777,062

4,490,284
3,045,485
2.585,490
2,795,080
4,277,017
4,530,450

.............. 12,473,804 5.348.271 17,822,075 18,096,965

3.855,384
2,333,507
1,892,006
1,367,498
1,049,313
1,239,690
—

—

To illustrate the preceding, take the last season, 1920-21, and the results would
be as follows:
.Supply— Visible and Invisible stock beginning of year........... .......... bales. 5,770,040
Total crop during y e a r ............. .............. .......... ................................. 17,018,918
Total supply— bales of 500 l b s . . ............................................22,788,958
Distribution—-Total consumption, &c_______________________ ______ ____ 15,808,830
Leaving visible stock____________________________ 5,795,209
Leaving Invisible stock__________________________1,184,839
Total visible and Invisible stock at end of year.............. 0,980,048

Overland and Crop Movement.
O v e r la n d .— T h e m o v e m e n t o f c o t t o n o v e r la n d in 1 9 2 0 -2 1
s h o w e d a fu r t h e r c o n t r a c t i o n r e fle c t in g th e g r e a t e r p o p u l a r 
it y o f th e w a t e r r o u t e s f o r s e n d in g s u p p lie s f o r N o r t h e r n
p o in t s .
A fr e e r m o v e m e n t o f th e s ta p le th a n a y e a r a g o
is t o b e n o t e d o n ly o f th e r o u t e v ia R o c k I s la n d .
O n th e
o t h e r h a n d , th e m o v e m e n t v ia M o u n d s , L o u is v ille a n d
V ir g in ia p o in t s d e c r e a s e d m a t e r ia lly .
To
in d ic a t e th e
r e la t io n th e g r o s s o v e r la n d b e a r s t o th e t o t a l y ie ld in e a c h o f
th e la s t 12 y e a r s , w e a p p e n d th e fo llo w in g :
In c rea se or D ecrea se.
C rop o f—

T o ta l Y i e l d ,
B a les.

G ross
O v e r la n d ,
B a les.

1920-21______
11,355,180
1,993.876
1919-20______
12,217.552
2,394.645
1918-19______ 11.602,634
2,421.283
2.929.052
1917-1811.911,896
1916-17______
2.728.469
12,975.569
1915-16______ 12,953,450
2.499.150
2,146.152
1 9 1 4 -1 5 ..15,067.247
1913-14______ 14,884,801
1,758.069
Change from season o f ’ 09-’ 10 to ’ 20-’21.

O f C rop .
P e r C e n t.

O f O v e r la n d ,
P e r C e n t.

Decrease 7.05
Increase 5 30
Decrease 2 59
Decrease 8 20
Increase 0 17
Decrease 14 03
Increase 1.02
Increase 5 35
Increase 6 62.

Decrease
Decrease
Decrease
Increase
Increase
Increase
Increase
Increase
Increase

16 74
ill
17 34
7 37
9 18
16 45

22 06
4 78

72.67

W i t h th e s e e x p la n a t io n s , n o t h in g f u r t h e r is n e e d e d to
m a k e p la in th e f o ll o w in g s t a t m e n t o f th e m o v e m e n t o v e r 
la n d f o r th e y e a r e n d in g J u ly 31 1 9 2 1 , as c o m p a r e d w ith
th e fig u r e s f o r th e t w o p r e c e d in g se a s o n s:
1920-21.
A m o u n t S h ip p e d —

Via St L o u is ,_ __________ ________
________
Via M oun ds, & c. ____
_______ _________
Via R ock Island_____ ________________
____
Via L ouisville_ __ _ _ _
_
____
- ____
Via Cincinnati
_____ __ _________________
Via Virginia points ________
_____
- _Via other routes E a s t _____
______ ________
Via other routes W est____________ __________
Total gross overland____________ ____

1919-20.

1918-19.

B a les.

B a les.

B a les.

8 4 3 .19 t
253.920
36.248
75.959
13.154
178.521
70.009
522,872

841.955
437.343
24.706
137,116
29.0S8
252.579
88.199
583,659

609,035
536.674
25,283
115.794
70,728
192.107
113.031
75S.631

1,993, 76 2,394,645 2.421,283

D e d u c t S h ip m e n ts —

Overland to New Y ork, B oston, & c _____
Between interior tow ns, _
___ ______ __
New Orleans inland and local m i l l s _______
M obile inland and local m i l l s , _____ _______
Savannah inland and local m ills, __________
Charleston inland and local mills _
____
N orth Carolina ports inland and local m ills, .
Virginia ports inland and local mills____ __
T ota l to be deducted___________ __________

Europe.

Balance of S u p p l y
End o f Year.

Total
A dual
C on sum p
tion.

145.555 190.180
*64.039 *132,828
49.740
67,414
235.362 229.716
5.389
12,455
5.241
11.456
34.497
38.191
3.400
7.189
26.607
11.996

73.726
*54.078
19.584
101.230
12.446
14.S46
27.427
13.141
IS ,502

716.036

334,980

555.219

Leaving total net overland a ____________ 1.438,657 1.678,609 '>.086.303
a This total includes shipments to Canada by rail, which during 1920-21
am ounted to 153,725 bales, and are deducted in the statement o f consum p
tion. * Includes foreign cotton consumed at South.

C R O P D E T A I L S . — W e n o w p r o c e e d t o g iv e th e d e ta ils
o fjjth e e n tir e c r o p f o r t w o y e a r s .
L O U IS IA N A
-----------1920-21----------E xported from New Orleans:
T o foreign ports___________ 1.034.310
3 T o coastwise ports_________
Sn,243
Inland, by rail*____________
192.472
M anufactured _______________
42,890
Stock at close o f year_________ 43 0 ,3 l i — 1,780.226

Deduct—

23,954
Received from M o b ile _____
Received from G alvos’n & c.
23 270
R ec’d from New Y ork, & c_ .
234
Stock beginning o f year____ 228,017—

-1919-201,348.677
111,445
1SS.8S3
40,833
228.017— 1.917.855
150 S09
24.190

275.475

T oti’ l movement, for rear_____
1,.V> L 'M
* In overland we have deducted those two items

376,121—

551,120
1,366.635

A

ug.

THE Cl I RON IOLE

27 1921.]
GEORGIA.

B e lo w w o g iv e th o to till c r o p e ach y e a r sin c e 1 8 8 5 -8 6 #

-------1020 21

Exported from Savannah:
To foreign port®— Upland.> 500,082
16
To foreign ports— Sea Island
To coast wise ports:
102.846
Upland*________________
Sea Island*

Expo ted from Brunswick:

To foreign ports__________
To coastwine ports________
Burnt at Savannah________
Stock at close of year:
Upland_________________
Sea Island_____________
Deduct.—
Rec’d from Now Orleans, &c.
Stock beginning of year:
Upland_________________
Soa Island_____________

»»3

y e a r s p rio r to 1 9 1 3 - 1 4 c o v e r th o p eriod S e p t .

1.178,177
817

T h o y e a r 1 9 1 2 - 1 3 c o n s e q u e n t ly

319,844
14,125

11,729
681

170,796
34,357
993

1010 20

in c lu d e s A u g .

1 9 1 3 , w h ich

is a ls o a p a r t o f 1 9 1 3 1 4 .

2,002

A ll

I to A u g . 3 1 .

132,445
528—

810,929

57,136
2,079—1,784,324
17,501

11,369
57,136
2,079—

Ynu B

10 '0

70,584

289,271
4,901—

311,673

Total movement for year_____
740,345
1,472,651
♦The amounts shipped Inland and taken for consumption (5,241 bales)
are deducted in overland.
ALABAMA.
----------1920-21---------- ------------- 1919-20---------Exported from Mobile:
122,192
To foreign ports__________
72,366
30.036
To coastwise ports*_______
106.958
Stock at close of year________
12,987— 115,389
2,543291,693
Deduct—
861
Rec’ts from New Or!., &c_.
1,156
3,699
25,65620,517
Stock beginning of year_
_
2,543—

Bales.
l 1,35
12,217,552
I 1,002.034
1 1.01 I .890
12.975.509
12.953.450
15,007.24.7
M .884 ,801
I U 28.902
10,043.310
12.132.332
.10,050.901

i

1018 10
1917-18
1910-17
1915-10
1014 15
1913-14

1912-13
1911 12
1910-1 1
1909-10

Years.
Bales
1908.09 .........13.828.810
1907- ____ l I .58! .829
08
1900- _____l 3,550.700
07
1905-00 ____ II .819,860
100 i 05 ........ 13,550,84 I
1908-01 ____ 10.123.686
1902-03 ____ 10.758,320
19 0 1.02
__ 10.701,453
1900-01 ____ 10.425.Ml
1899-00 _____ 9,439.559
1898 99 .........11.235.383
1897-98 _____11.180.900
W e ig h t

of

Years.
1800-00____

1 8 9 1 -9 5 ______

1803 04 ____
1802-03_____

I 89 I 9 2 _____
i 190 91
1889 9 0 ______
I 8 8 8 -8 9 ______
1887-88 ...........
1 8 8 0 -8 7 ______

1885-80_____

Bales.
8.7 M ,01 I
7.102.473
9.892.700
7.527,211
0.717.142
9.038.707
8,055.518
7.313.72ft
0.935,082
7.017.707
0.513.023
0,550,215

B a le s .

T h o a v e r a g e w e ig h t o f b a le s a n d th e g r o s s w e ig h t o f th e
c r o p w o h a v e m a d e u p a s fo llo w s fo r th is y e a r , a n d g iv e la s t
y e a r fo r c o m p a r is o n :
Year
M o v em e n t.
T h rough.

e n d in g

N u m ber
o f P a le s .

J u ly

31 1921.

Y e a r e n d in g

A ver.
W gh t.

W e ig h t i n
P ou n d s.

Total movement for year____
265,176
111,690
* Under tho head of coastwise shipments from Mobile are included 1,318
bales shipped inland by rail for consumption, Sec., which, with consumption
(4,071 bales), are deducted in the overland movement.
TEXAS.
------ -1 9 2 0 -2 1 ---------- ----------1919-20---------Exported from Galveston, &c.:
To foreign ports (except
2,268,358
M e x ico )________________ 3,178,576
To
Mexico from
Port
572
Nogalez, &c____________
48,730
To coastwise ports*_______ 379,802
463.688
4,938
B urnt____________________
120",642— 2,853,260
Stock 1 1 close of year________ 257,932— 3,869,978
Deduct—
Received at Galveston, &c.,
from Texas City, < cc______________ 18.318
S
108 *17
211,851— 320,098
Stock at beginning of year__ 120,64^—
138.960

.

31 1920.

W e ig h t i n
P ou n d s.

A ver.
W ghl

2.533.162 1,334,596,404 526.85
1,300.735 698,305,914 510.93
265.170
137,432,706 518.27
1,510,435 759,612,806 502.91
445,123 211,433,425 495.00
148,276,500 500.00
296.533
103,066,369 497.00
207,377
5.593,011 2,817,547,082 503.78

T e x a s___________
1,975,804.970 529.42
1,504,751 780,047.871 518.39
Louisiana_______
62,450,149 f: 13.22
121,683
Alabama a______
746,130 375,124,319 502.76
Georgia b_ ____
94,269
South Carolina. _
47,272,133 501.46
241,414
V irgin ia________
12 >.707,000 500.00
162,598
80,846,978 497.22
North Carolina. _
Tennessee, &e_
_ 4,752,317 2,394,692,536 503.90

Total movement for year_____
3,732,018
2,533,162
* Includes 49,740 bales shipped inland for consumption, &c., deducted
in overland movement.
SOUTH CAROLINA.
----------1920-21---------- ---------- 1919-20---------Exported from Charleston, &c.:
To fore gn ports— U pland..
42,637
58,691
To foreign ports— Sea Island
502
24:
To coastwise ports—
Upland ______ __
_____
57,927
111,500
Sea Island
_________
130
2,542
ock at close o f year:
Upland___ __ _________
202,228
223,608
186— 319,186
Sea Island________________
76— 480,865
Deduct—
Received from Georgetown
1,233
Stock beginning of year:
35,652
Upland ______________
223,608
35,742
76— 224.917
Sea Islan d_____________
90—

N u m ber
o f H ades.

J u ty

fo llo w in g c o m p a r is o n :

Total movement for year____
445,123
94,269
* Included in these items are 34,497 bales, the amount taken by local
mills and shipped to interior, all of which is deducted in overland.
MISSISSIPPI.
----------1920-21---------- ---------- 1919-20---------Exported from Gulfport:
9,993
______
To foreign ports ________
Stock close of year________
_____—
9,993
______—
_
Deduct:
StocK beginning of year____
______
______
Total movement o f year_
_
Exported from Pensacola, &c.:
To foreign ports__________
To coastwise ports________
Stock at close of year______
Deduct—
Rec’d from New Orleans, &c
Stock beginning of year___

9,993
FLORIDA.
—1920-21---------3,015
3.808
1,634—
25
2,647—

■1919-20-

8,457

43,253
15,702
2,647—

61,602

2,672

497
23,321—

23,818

Total movement for year_
_
5.785
37,784
* These figures represent this year, as heretofore, only the shipments
from the Florida outports
Florida cotton has also gone inland to Savannah,
&c., but we have followed our usual custom of counting that cotton at the
outports where it first appears
NORTH CAROLINA.
----------1920-21---------- ----------1919-20---------Exported from Wilmington:
To foreign ports__________
97,951
162,792
To coastwise ports*_____
10,950
12,301
Coastwise from Wash’n, &c_
_
58,298
64,659
Stock at close of year________
28,226— 195,425
32,827— 272,539
Deduct—
Stock at beginning o f year__ 32,827—
32.827
65,16265,162
Total movement for year_
_
207,377
162,598
* Of these shipments, 3.400 bales, covering shipments inland by rail
from Wilmington and local consumption, are deducted in overland.
VIRGINIA.
----------1920-21---------------- 1919-20Exported from Norfolk:
To foreign ports---------------- 113,700
167,910
To coastwise ports*_______ 12^,3IH
255,585
Exp from Newport News,&c.:
* To coastwise ports________
•
______
1,476
Taken for manufacture______
4,791
5,461
Stock end of year, Norfolk
91,0 A— 331,923
25,395— 455.827
Deduct—
Rec’d from Wilmington, Sec.
6,816
1,700
Rec’d from other Nor. Caro.
58,298
64,619
8tock beginning of year______
25,395—
90,509
92,975— 159,294
Total movement for y ea r..
241,414
296,533
■ * Includes 7,205 bales shipped to the Interior, which, with 4,791 bales,
taken for manufacture, are deducted in overland.
TENNESSEE, ScO.
^
----------1920-21---------- ----------1919-20---------Shipments—
To man ufacturers— direct-—net
overland..
------- ----------1,438,657
1,678,609
To New York, Boston, & c.,
^7 rail................................ .
145,555
190,180
Total marketed from Tennes
-------1,584,212
1,868,789
see Sec
lotal product detailed in the foregoing by States for the year
elided July 31 1921____________ ________
_ _
8,1 7,075
Consumed in the South, not Included________ ______ ___ I ___I 3,168,105
Total crop of the U. S. for the year ended July 31 1921...bales 11,355,180

Total c r o p -. _ 11,355,180 5,836.945.95° 514.03 12,217,552 6,210,271.326 508.33
a Including Mississippi, b Including Florida.

A c c o r d in g to th e fo r e g o in g , th e a v e r a g e g r o ss w e ig h t p e r
b a le th is s e a s o n w a s 5 1 4 . 0 3 lb s . a g a in s t 5 0 8 . 3 3 lb s . in 1 9 1 9 - 2 0
or 5 . 7 0 lb s . m o r e th a n la s t y e a r .

T h e r e la t io n o f th e g r o ss

w e ig h ts th is y e a r to p r e v io u s y e a r s m a y b e s e e n f r o m

Crop.

Season of—

No. of Bales.

1920-21 _____ __________________
1 9 1 9 -2 0 _____________ _________
1918 19 _______________________
__________
1917 1 8 __________
1916 1 7 _____ __________________
1915 1 6 _________ _____________
1 9 1 4 -1 5 _____
_______________
1913-14 _______________ _______
1912-13 ________________________

th e

Average
Weight,

Weight, Pounds. per Bale

1 1 5.180
12.217,552
11,602.634
11,911.896
12,975.569
12,953.450
15,067.247
14.884.801
14,128,902

5, 4 « f9 \ o 6
«
6.210,271,326
5,925,386,182
6.073,419,502
6,654,058.545
6,640,472.269
7.771.592.194
7.660,449.245
7,327,100,905

5 4-03
508 33
510 69
509 86
512 82
512 64
515 79
514 65
518.59

Note.— All prior to years 1913-14 are for the period Sept. 1 to Aug3 31.

S e a Island Crop and Consumption.
We have continued throughout the season .of1 920-21, the
compilation of a weekly record of the Sea Island crop, but
on account of the pressure of other matters upon our columns
have been unable to publish the statement. The results as
now given below agree in all essential particulars with our
running count. It will be noticed that the crop of 1920-21
shows a very decided decrease from that of 1919-20.
FLORIDA.
----------1920-21Receipts at Jacksonville_____2,258
Deduct—
Receipts from Savannah_____ ____
T o t.Sea Island crop of Flordia
2,258
GEORGIA.
Receipts at Savannah, bales.
467
Receipts at Brunswick______ ____
Sent interior mills*_________
666— 1,133
Deduct—
Receipts from Florida_______ ____
Receipts from Charleston, &c. ___ — ____
Total Sea Isl. crop of Georgia

----------1919-2013,556
13,556
16,197
3",066— 19,263
*460—

1,133

09f
18,803

SOUTH CAROLINA.
Receipts at Charleston______
264
264
Total ..ea Isl. crop of So. Caro. ___ —

3,030
___ — 3,030

Total Sea Island crop of United States____3,655

35,389

* Other than from Charleston and Savannah.
T h e d is t r ib u t io n o f th o c r o p h a s b e e n a s f o llo w s :

Supply Year ending
Aug 1 1920.

How
Of Which
Distributed. Exported to— Total
For'gn
Ex
Stock
Stock Leav'g
Aug f 1 Net
Total Aug 1 for dis- Great Havre, ports.
1920. Crop. supply 1921. trib'n. BriVn. dec.

Ports of—

South Carolina_
_
Georgia_________
Florida. _ ____
New York_______
Border ports_____

264
76
340
2,079 1,133 3.212
2,207 2,258 4,465

Total_________

4,362 3,655 8,017

F rom

154
186
528 2,684
4,465
714 7,303

24
" “34

“ ‘ 16

24
16

"""2

""34
2

18

76

58

th e fo r e g o in g w e se e t h a t th e t o t a l g r o w th o f S e a

I s la n d th is

y e a r is 3 , 6 5 5 b a le s , a n d

b e g in n in g o f th e y e a r

( 4 ,3 6 2 )

w it h

th e s t o c k

a t th e

b a le s , w e h a v e th e f o llo w i n g

a s th e t o t a l s u p p ly a n d d is t r ib u t io n :

This year’s crop___ _____ _______ _____ _____ ±
____________________
Stock August 1 1920____________________________________________

3,655
4,362

Total year’s supply____________________________________ bales. 8,017
Distributed as follows—
Exported to foreign ports____________________________bales.
76
Stock end of year____________ ____________________________
714—* 790
Leaving for consumption in United States------------------------------------

7,227

W o th u s r e a c h th e c o n c lu s io n t h a t o u r sp in n e r s h a v e
t a k e n o f S e a I s la n d c o t t o n th is y e a r 7 , 2 2 7 b a le s , o r 3 4 ,1 8 2
b a le s le ss t h a n in th e p r e v io u s y e a r .

934

THE CHRONICLE

T h e follow tug useful ta b le sh ow s the c r o p s a n d m o v e m e n t
o f S«-.i Island tor the season s 11)00-10 to 1920-131 in d etails:
C r§ p .
S eason.
P lo t|d a
19^021
1 *1 9 -2 0
191S -19
1917 IS
191 4 -1 7
191 5 -1 0
191 4 -1 5
191 5 -1 4
191 2 -1 3
191 1 -1 9
1910-1 l
1 90 9 -1 0

2 ,3 5 s
1 3 ,5 a o !
1 2 ,0 7 8
3 3 ,7 5 5
4 3 ,080|
3 0 ,3 6 7
30
3 4 ,0 0 0
3 0 ,7 8 0
6 0 ,9 0 2
35,190*
39,2611

G e o r g ia

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

S o u th
C aro
lin a .
264
3 .0 3 0
1 0 .0 67
8 .9 7 1
3 ,4 9 5
0 ,2 1 1
5 ,4 8 8
1 0 ,4 73
8 ,3 7 5
5 ,1 4 0
1 3 ,3 38
1 4,497

F o r e ig n E x p o r t s .

T o ta l
T exan

T o t a l.

a rc .

3 .0 5 5
3 5 ,3 8 9
4 4 ,5 9 6
8 3 .1 4 0
114,081
8 4 .6 2 1
7 7 .8 1 2
8
8 3 ,8 5 7
0 8 ,1 6 3
1 2 2 ,86 6
8 9 ,6 0 1
9 6 ,5 3 9

G re a t
B r ita in
58
6 03
1 ,1 7 6
6 37
1,4 7 8
2 ,6 2 4
1,711
1 2 ,3 59
8 ,5 2 8
1 9,667
1 6 ,5 0 5
2 4 ,7 4 4

C o n ti
n e n t.
18
4 ,1 1 7
3 ,3 4 2
1 ,7 8 3
695
1 ,7 3 9
4 135
5 ,2 8 7
4 ,6 6 7
7 ,8 1 6
6 ,4 2 0
4 ,6 8 4

E x
p o r ts .

A m e r i
can
C onsu m p lio n *

76
7 ,2 2 7
4 ,7 4 0 4 1 ,4 0 9
4 ,6 5 8 4 0 ,5 8 0
2 ,4 2 0 6 6 ,0 0 0
2 ,1 7 3 1 1 3 ,3 7 2
4 .3 6 3 8 0 ,0 3 2
5 ,8 4 6 7 3 ,3 1 3
1 7 ,6 4 6 7 7 ,3 7 4
1 3,196 4 4 ,8 6 2
2 7 ,4 8 3 9 5 ,6 8 8
2 2 ,9 2 5 6 2 ,8 2 5
2 9 ,4 2 8 6 7 ,5 6 2

* T h e c o lu m a o / ‘ A o te r lc ^ a C oam u m p L iu a " la clu tle e b u r n t la th e U n it e d S ta t e s
N o te .— Y e a ra p r io r t o 1 9 1 3 -1 4 e n d A u n . 3 1 .

T h e New C rop.
As regards the new' crop, there is not much o f a conclu
sive nature that cau be presented thus early In the season,
hut at the same time there are some facts that are available
which should be of assistance to the reader in making his
own deductions.
Our ‘‘Acreage Report,” issued late in
June, indicated a decrease of 24.75% in the spring plant
ing, and the Department of Agriculture report for May 25
covered a condition much below the average for the coun
try for that date. In other words, with area the smallest in
19 years, or since 1902, the crop got a poor start. An im
provement in weather conditions in June was reflected in
the status of the crop on June 25, which, although well be
low the average fo r the time of year, was a little better
than in 1920. Rut during July, the official weekly weather
bulletins, and most private reports as well, indicated deteri
oration of the crop, and this was confirmed by the Depart
ment’s report o f August 1, which showed that the average
condition of cotton fo r the whole belt had dropped 4.5
points, making the percentage on the 25th of July 64.7 of
a normal, or 9.4 points under that of the same time last
year, 10.S points below the ten-year average, and actually
the lowest on record fo r the date given. As a part of the
report, and based upon the average condition July 25, an
average yield of 148 pounds lint per acre was forecasted,
this foreshadowing an aggregate crop of 8,203,000 bales,
not including linters. Since July 25, the weekly weather
bulletins have given no tangible evidence of improvement
in the weather conditions, but have furnished further re
ports of damage by the boll weevil. It is, therefore, reason
able to conclude that the report to be announced Sept. 1,
and covering the situation of the crop Aug. 25, will show a
condition hardly as good as on July 25, and consequently
poorer than at the same date a year ago.
W ith the foregoing before him. and the subjoined table to
refer to, the reader should be able to formulate for himself
some idea as to the crop’s promise, making due allowance
as the season progresses for developments as they may oc
cur. The compilation shows at a glance the area for a se
ries of years and the aggregate yield and product per acre
(commercial crop), as made up by us, and the condition
percentages July 25 as reported by the Department of Agri
culture :
A rea .
A cres.

C o m m e rc ia l
C rop ,
B a le s .

P ro d u ct
p e r A c r e , C o n d itio n ,
P ou n d s.
J u ly 25.

1921-22_____________ 27.875.008
*8.203,000
*148
1920-21_____________ 37.043,000
11,355.180
153
1919-20_________
36.165,968 12.217,552
164
1918-19_____________ 37,077.429
11.602.634
144
.38.053.045
11.908,296
151
1917-18..........
1916-17...................
37,957,271
12.975,569
164
1915-16_____________ 35,190.493
12,953,450
180
1914-15_____________ 39.477.567
15,067,247
188
1913-14______________38,573.441
14,609,968
186
1912-13_____________ 37,377,276
14,128,902
186
1911-12_____________ 37.581,022
16,043,316
209
* Agricultural Department July 25 estimate, not including linters.

64.7
74.1
67.1
73.6
70.3
72.3
75.3
76.4
79.6
76.5
89.1

It is necessary to state in connection with the foregoing
data, that the yield per acre for 1914-15, 1915-16, 1916-17,
as figured upon the “ Commercial Crops” - the amounts
—
actually marketed during the period Aug. 1 to July 31—
does not correctly represent the true results for the reason
that a considerable amount of cotton was held back in
1914-15 and most of it came forw ard in the two later sea
sons.
E X P O R T M O V EM E N T O FCO TTON GOODS FRO M U N ITED STATES.
V ea rs
en d in g
June 30.

1920.

1920.

Y ards.

T o ta l V alu e.

Y ards.

S
S
To—
$
6 4 5 ,1 1 6 1 1 ,9 3 7 ,4 2 0
5 .2 2 S .2 5 0
A r a b ia . .
C a n a d a , 4 3 ,2 9 4 ,5 7 9 1 0 .4 8 7 .7 5 6 7 7 ,4 4 6 ,1 2 1
8 ,3 4 1 ,5 2 1 7 0 .8 6 S .7 S 5
C ent Am
5 1 ,1 3 3 .4 6 6
W . I n d . 1 3 6 ,2 3 8 .0 5 2 3 5 ,2 5 3 .0 5 4 2 1 9 ,2 7 1 ,3 8 6
S o . A m . 1 2 4 ,2 2 4 ,2 1 2 3 3 ,3 8 9 ,1 4 0 2 2 5 ,0 7 4 ,0 2 0
2 ,9 7 7 .9 6 2 4 3 .0 4 7 .S 5 S
1 1 ,9 3 9 ,8 0 4
C h in a . .
1 6 ,1 8 4 ,5 8 4 5 3 ,9 3 3 ,6 0 7
O c e a n ia . 5 5 ,8 4 4 ,1 3 2
3 ,2 9 7 ,4 0 4
8 ,5 1 2 ,9 6 1
1 9 ,0 9 3 .7 4 2
E .I n d ..
A ll o t h . 1 0 9 .3 7 8 .1 3 1 (7129783,165 1 5 7 .3 1 9 .9 S 9

T o ta l V alu e.

1919.

Y ards.

T o ta l V a lu e.

S
S
S
1 .S 7 4 .2 S 5
1 .3 0 9 ,2 5 0
2 0 6 ,8 2 1
2 0 ,3 9 2 ,5 7 0 4 5 ,0 0 0 ,5 0 1 1 0 ,9 5 4 ,4 5 6
1 4 .3 8 4 .8 7 7 4 8 ,0 3 2 ,1 2 7
7 ,9 8 3 ,6 3 3
5 2 .7 8 8 ,9 6 9 8 9 ,0 3 7 .0 6 9 1 7 ,3 1 9 ,8 6 9
4 5 .6 6 6 .8 7 7 1 3 2 ,3 3 2 ,2 8 1 3 1 ,0 6 4 ,5 6 1
1 ,2 3 9 ,1 0 6
8 ,8 9 6 ,6 7 8
7 ,7 8 7 ,43S
1 4 ,5 2 7 ,0 1 8 8 7 ,9 3 2 ,3 4 8 1 7 ,9 6 6 .7 2 6
7 5 9 ,9 0 4
1 6 2 ,9 6 5
2 ,0 4 0 ,9 3 3
(7200471,305 1 5 8 ,1 5 7 ,7 4 2 (7145308,419

T o t a l . 5 5 6 .3 7 4 .3 6 S 2 4 0 ,3 5 9 .7 0 2 8 6 7 ,4 1 2 .1 4 7 3 6 4 ,0 4 3 ,5 1 2 5 7 0 ,3 4 8 ,0 6 0 2 3 2 ,2 0 6 ,5 5 6

d I n c lu d e s v a lu e s o f e x p o r t s o f c lo t h in g , y a r n , w a s te . & c .

[V ol. 113.

P r ic e s o f C o t t o n a n d C o t t o n G o o d s .

To complete the record we subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
years. We begin by showing the highest and lowest quota
tions for 64 squares 28 inch printing cloths at; Fall River
in each of the hist twenty-seven seasons— 1894-95 to 1920-21
inclusive. Data for earlier years will be found in previous
issues of this report.
H igh.
Cls.

Low.
Cts

H igh .
Cts.

1920-21 . . . . 1 4 00 4.62 1911-12. . . . 4.00
1919-20. ... 1 7 . 5 0 11.00 1910 11,
3.88
1918-19- - - - 1 3 00 6.75 1909-10. . . . 4.25
1917-18- - -.1 4 .0 0
7.25: 1908-09- . . . 3.62
1916-178.00
4.25 1907-085.25
1915-16- . . . 4.25 3.25 1906-075.25
1914-15- . . . 3.50 2.88 1905-06. - . - 3.81
1913-14- . . . 4.00 3.62 1904-05. . . . 3.50
1912-13, . _ . 4.06
3.75 1903-04. . . . 4.12

Low.
Cts.

3.12
3.62
3.62
3 00
3.00
3.38
3.37
2.62
3.00

H igh.
Cts.

1902-03. . . .
1901-02. . . .
1900-01. . . .
1899-00- . . .
1898-99. . . .
1897-98. . . .
1896 97- . . .
1895-96- . . .
1894-95. . . .

Low.
Cts.

3.37
3.25
3.25
3.50
2.75
2.62
2.62
3.06
2.88

3.00
2.37
2.37
2.75
1.94
1.94
2.44
2.44
2.50

Printing cloths started the season at a higher level than
in any preceding year, but, following the course of the raw
material, the price fell o ff steadily, and at times rapidly,
closing at 4%e, or only % c up from the low of the year,
which, moreover, was the lowest quotation since August
1916.
The raw material opened the season at a higher level of
value than at the beginning o f any preceding cotton year
since 1865. The opening quotation, however, was the high
of the season, later developments carrying the price down
to the lowest level since September 1915. Specifically, after
middling uplands had opened at 40e, there was a drop to
10.85e by June 20. Thereafter the trend was upward for a
time, but toward the close the price eased o ff again, with
the final quotation of the year 12.15c.
At New York middling uplands was quoted at 40c on
Aug. 1 1920, or the same as the July close, and, although
the report of the Department of Agriculture on condition
for July 25 showed a better than average status for the
plant for that date, there was no mentionable immediate
decline in prices. Later, however, the trend was decidedly
downward to the close, which was at the low of the month
— 31.75c. The Department report on the condition of the
crop for Aug. 25, issued on Sept. 1, although showing a
greater deterioration during the preceding month than had
been supposed, was nevertheless in no sense an important
factor in the markets for the staple. It is true that its first
effect was a moderate advance in prices, but this was quick
ly follow ed by a decline that was almost continuous and
at the same time decided. Middling uplands, in fact, after
opening at 30.25c, or 150 points under the August final
quotation, rose to 32.25c by the 7th, dropped to 31.75c on
the 8th, and was back to 32.25c on the 10th. The price then
started downward, and on the 27tli had eased o ff to 26c.
The close was at 26.50e, or nearly 6c under the quotation
ruling at the corresponding time in 1919. Fluctuations were
frequent and at times wide during October, with the general
trend downward on unfavorable developments in the mar
kets for the manufactured products. From the September
final the quotation for middling uplands fell to 25c on the
1st and was down to 24.25c on the following day. This was
followed by a recovery to 25.25c on the 6tli, but from that
level the price declined steadily, until it had dropped to
20.50c on the 18th. Again the quotation turned upward,
standing at 22.70c on the 26th, only to ease o ff to 22.15c on
the 27tli. The 28th witnessed a rise to 22.60c, but the fo l
lowing day the price was down to 22c, and at that figure
the month closed, or 16.40c below the level ruling at the
same time in 1919. The history of the price movement iu
November was a further considerable decline, with the
lessened activity in manufacturing lines an important, fac
tor. After opening at 22.50c, or 50 points above the October
final, middling uplands dropped quite steadily, until 15.50e
was reached on the 27th, this having been the lowest quo
tation recorded since February 8 1917. From that level
there was a slight recovery to the close, which was at 16c,
and represented a decline of 24c from the opening price of
the season and a drop of 23V»e from the corresponding date
in 1919. The crop estimate of the Department of Agricul
ture proved to be rather larger than generally expected,
but was of negligible effect in the market in December
after the preceding very decided decline in prices. At the
same time, however, there was a further moderate decline.
Middling uplands opened the month at 16.65c, or 65 points
above the final quotations for November, and stood at 16.70e
on the 6th. Subsequently there was a drop to i t.50c on the
28th, and the close was at 14.75c, the lowest price recorded

THE CHRONICLE

Aua. 27 1921.]
fo r

m id d lin g u p la n d s a t

N ew

Y ork

In n e a r ly

4%

years, or

935

M ovem en t of C o tto n

a t In te r io r T o w n s .

s in c e A u g u s t 1 9 1 6 .
T lie

new

year

opened

w ith

m id d lin g

u p la n d s

r u l in g

1 6 c , o r 1 2 5 p o in ts a b o v e th e D e c e m b e r c lo s e , a n d f o r a
th e

m arket

te n d e d

up w ard

on m oved d ow n w ard
to a p o in t a lit t le

on

a

b e tte r

dem and,

S p e c ific a lly , th e q u o ta tio n

had

r is e n

to 1 8 .2 5 c

la te r

d r o p p in g

u n d e r th e f in a l o f th e p r e c e d in g
by

m o n th .

th e

1 0th ,

a n d , f l u c t u a t i n g w i t h i n r a t h e r n a r r o w l i m i t s , s t o o d a t 1 8 .0 5 c
a

w eek

la te r .

By

th e

22nd

th e re

had

been

a

r e c e s s io n

1 6 .1 5 c , b u t a r e c o v e r y to 1 6 .8 5 c o c c u r r e d o n t h e 2 4 t h .

to

T here

a f t e r t h e d e c l i n e w a s u n i n t e r r u p t e d t o t h e c lo s e , w h i c h w a s
at

1 4 .3 0 c , a

fig u r e

c o n tr a s tin g

w i t h 39c* a

year

e a r lie r .

A

f u r t h e r i m p o r t a n t d e c l i n e w a s t h e f e a t u r e o f t h e m a r k e t in
F eb ru ary,
reach ed
dency

th e

p r ic e

in f i v e

to

r e c e d in g

years.

p r ic e s ,

to

ll^ c ,

A t fir s t

fo r

or

th e lo w e s t

p o in t

th e re w a s n o d e fin ite

m id d lin g

u p la n d s ,

a fte r

te n 

o p e n in g

at

1 4 .1 5 c , o r 1 5 p o i n t s u n d e r t h e J a n u a r y c lo s e , a n d d r o p p i n g
t o 1 3 .6 0 c
th a t

by

le v e l,

th e 3 rd , w a s u p

h ow ever,

th e

t h e c lo s e ,

w h ic h

F requ en t

flu c tu a tio n s ,

tr e n d

w as at

th e c o u rse

n e t r e s u lt a n

advance

w as

on

t h e 1 5 t li .

s te a d ily

w ith in

o f 100

p o in ts .

e a r lie r .
w ith a l,

M a r c h , w ith

The

o p e n in g

to

o f th e m o n th .
1 1 .9 0 c

1 1 .4 5 c

by

by

reach ed
c lo s e d

th e

th e

on

F rom
9 th ,

18th ,

th e

th e n

23rd ,

a g a in

th e

m oved

dropped

m arket

u p w ard

to

1 2 .1 5 c

advance

eased

u n til
on

F ebru 

to 1 1 .2 0 c , t h e

th a t le v e l th e r e w a s a n

but

th e

w as at

1 1 .6 5 c f o r m i d d l i n g u p l a n d s , o r 4 0 p o i n t s a b o v e t h e
a r y c lo s e , b u t o n t h e 2 n d t h e p r i c e w a s d o w n
lo w

to

year

lim its

n arrow

o f th e m a r k e t in

F rom

dow n w ard

1 1 .2 5 c , a g a i n s t 4 0 c a
but

c h a r a c te r iz e d

t o 1 4 .2 0 c

o ff

to

1 2 .5 5 c

w as

2 9th ,

and

th e

a t 1 2 .2 5 c a g a i n s t 4 1 .7 5 c a y e a r e a r l i e r .

flu c tu a tio n s w e r e w ith in c o m p a r a t iv e ly n a r r o w lim it s . M id 
u p la n d s t a r t e d

o f f a t 1 2 c , w a s d o w n t o 1 1 .6 5 c o n t h e

4 th , w h ic h p r o v e d to b e th e lo w o f th e m o n th , b u t a d v a n c e d
to 1 2 .4 0 c b y t h e 1 2 t h , a n d s t o o d a t 1 2 .4 5 c o n t h e 1 6 t h .
F rom
th a t le v e l th e

m a rk et eased

o ff

to

1 1 .9 5 c

on

th e

1 9th

and

a d v a n c i n g l a t e r , c l o s e d a t 1 2 .4 0 c , a g a i n s t 4 1 .2 5 c o n A p r i l 3 0
1920.

I n M a y , to o , th e m a r k e t p r e s e n te d n o fe a t u r e s o f m o 

m e n t.

M id d lin g

u p la n d s s ta r t e d

o f f a t 1 2 .9 0 c , a n

advance

o f 5 0 p o in ts o v e r th e A p r il fin a l, a n d a f t e r fr e q u e n t flu c tu a 
tio n s h a d

advanced

t o 1 3 .1 5 c

b y th e

11th .

Then

a

d e c li n e

s e t i n t h a t c a r r i e d t h e p r i c e d o w n t o 1 2 .4 5 c b y t h e 1 9 t h , b u t
t h e l o s s wT s f u l l y r e c o v e r e d b y t h e 2 7 t h , a n d t h e c l o s e w a s
a
5 p o i n t s o f f t o 1 3 .1 0 c a g a i n s t 4 0 c a y e a r e a r l i e r .
n essed

a

m o d e ra te

d e c lin e

in

th e

v a lu e

of

June W it

th e

s ta p le ,

im 

p r o v e d w e a th e r c o n d itio n s , a n d a b s e n c e o f a w e ll-s u s ta in e d
dem and

h a v in g

been

c o n tr ib u tin g

cau ses.

The

o ffic ia l

re

p o rt on th e s ta t u s o f th e c ro p M a y 2 5 , a lth o u g h u n fa v o r a b le ,
w as

a

n e g lig ib le

fa c to r .

M id d lin g

u p la n d s

sta rte d

o ff

at

1 2 .9 0 c , o r 2 0 p o i n t s u n d e r t h e f i n a l q u o t a t i o n o f t h e p r e c e d 
in g m o n th ,
c lin e d

and,

q u ite

T h is ,

as

a fte r

s te a d ily

it

a d v a n c in g

happened,

A n u p w a rd tu rn

to

1 2 .9 5 c

u n t i l 1 0 .8 5 c w a s
proved

th e

on

reach ed

lo w

th e

3rd,

de

o n th e 2 0 th .

p o in t

of

th e

year.

th e n o c c u r r e d w h ic h c a r r ie d th e q u o ta tio n

u p t o 1 1 .8 5 c o n t h e 2 8 t h , b u t t h e c l o s e w a s a t 1 1 .6 0 c .

The

A g r i c u l t u r a l D e p a r t m e n t 's r e p o r t o n c o n d i t i o n a n d a c r e a g e ,
is s u e d

on

th e

1st

of

J u ly ,

w as

a

n e g lig ib le

fa c to r

in

th e

m a r k e t s f o r t h e s t a p l e , a s i t w a s q u i t e in l i n e w i t h g e n e r a l
e x p e c ta tio n s .
h ow ever,
N ew
w as

Y ork

1 1 .9 5 c

th a t
by

new s

m id d lin g

m arket

reach ed

arou n d

C rop

and

on

at

th e

12c,

16th ,

fig u r e

th e

2 8th ,

and

th e

la te r

u p la n d s ,

w as

advanced

fo llo w in g
th e

had

u n fa v o r a b le ,
opened

s te a d ily ,

flu c tu a te d

c lo s e d

ra th e r

w h ic h

w ith in

w eek,
season

o p e n in g p r ic e o f m id d lin g u p la n d s a t N e w

in

th e

u n til

1 2 .8 5 c

n arrow

lim its

th e n
at

dropped
1 2 .1 5 c .

to

The

Y o r k fo r th e s e a 

so n w a s 4 0 c , a ls o th e h ig h o f th e y e a r , th e lo w e s t q u o ta tio n
w a s 1 0 .8 5 c

(J u n e 2 0 )

a n d t h e c l o s e 1 2 .1 5 c , w i t h t h e a v e r a g e

f o r t h e t w e l v e m o n t h s 1 7 .9 5 c .
fo r

1 9 2 0 -2 1 c o m p a r e w ith

c o m p ile d fr o m

h ig h e s t, lo w e s t a n d
th e N e w

T h e in d ic a te h o w

th o se f o r

o u r r e c o r d s th e
average

th e p r ic e s

e a r lie r y e a r s , w e h a v e

fo llo w in g , w h ic h

p r ic e s o f

m id d lin g

s h o w s th e
u p l a n d s in

Y o rk m a rk e t fo r each season .

High.
c.
1920-21. ........ 40.00
1919-20. ........ 43.76
1918-19. ........ 38.20
1917-18. ____ 36.00
1916-17. ........ 27.65
1915-16. ........ 13.45
1914-16. ____ 10.60
1913-14. ____ 14.50
1912-13.
1911 12. ........ 13.40
1910-11 ____ 19.75
1909 JO. ____ 16.45
1908 09. ____ 13.15
1907-08. ........ 13.55
1906-07. ____ 13.50
J906 06. ........ 12.60
1904 05 ........ 11.66

Low.
c.
10.85
28.85
25.00
21.20
13.35
9.20
7.25
11.90
10.76
9.20
12.30
12.40
9.00
9.90
9.60
9.85
6.86

Average.
c.
J7.95
38.25
31.04
29.65
19.12
11.98
8.97
13.30
12.30
10.83
15.60
15.37
10.42
11.30
JJ.48
11.20
9.13

High.
c.
1903-04. ____ 17.25
1902-03.
1901-02. ------- 97«
1900-01. ........ 12
1899 00. ____ 10U
1898-99. ------- C H
):>
1897 98. ........ 8U
1896 97. ____ Hfi
7
1895-96. ------- 9%
1894-95. ____ 7h
1893-94 ____ 8%>
1892-93. ____ 10
1891-92. ____ 8 %
1890-91 ....... 12q
1889-90. ____ V M
Z
1888-89

ftecetpts. flhip'iH.

Alabama, Birmingham a
23,723
22,068
im faula
i
9,755
7,023
57,444
30.668
Montgomery
34,706
19.882
Si lma
50,74 1 47,723
Arkansan, Helena
226,501 189,549
Little Rock
Pino Biurr
131,150 104,075
10,515
Georgia, Albany
6,640
Athens.................. .
1 13,211 145,365
Atlanta
185,491 174,942 *
369,675 332,261
Augusta______ ____
24,834
37,828
(Jolumbus________
51,771
M acon____ _____
51,589
Romo
34,236
39,393
90,506
61,198
1lOulsiana, Shreveport;
Mississippi, Columbus.
10,087
9,249
<Jarksdale___ _ _
112,058 120,125
Groonwood_______
92,049
80,400
26,818
15,714
Meridian.............. .
Vicksburg__________
12,581
9,537
24,099
Yazoo Glty____
28,886
Missouri, St. Louis.. _ 863,179 843,193
N. C., Groensboro___
30,095
29,006
8,462
8,131
Raleigh____________
Oklahoma, Altus______
109,480
109,528
84,074
Chickasha_________
84,059
49,669
Hugo_______________
49,725
Oklahoma__________
57,739
61,642
So. Caro., Greenville...
87,947
90,020
Greenwood _ ______
22,026
16,437
Tennessee, Memphis__ 929,917 954,098
Nashville____ __
967
813
Texas, Abilene________
69,563
70,316
Brenham__________
12,602
10,692
38,786
39,396
Clarksville_________
Dallas______________ 192,196 173,809
36,173
Honey Grove........ .....
35,765
Houston____________ 3,045,962 3,034,340
Paris_______________ 116,244 122,717
48,995
48,958
San Antonio. ..........
Fort Worth*___
137,028 147,120

SlOCkli.

Year ending July : 1 1920.
.
IteceiptH. HIlip’tH

Mock*.

4,500
2,845
31,988
28,802
4 ,1 52
6,45 J
5,893
1.420
72,218
26,34 8
82,548
5,572
37.926
15,202.
45,910
378
6.064
3.046,
33,676
32,417
53.687 184,848 188,090
16.735
51,822 J23,507 J13,513
21,747
4,371
9,709
11,423
502
22,686 158,181 163,267
14,840
23,720] 276,261 287,174
13, J7 J
98,87 .i 565.342 631,778
61,461
16,018
3,024
34,451
49,1 J4
12,161 230,641 250,223
J J.979
8,556
54,709
3 399
59,192
84,749
65.457
26, J49
95,940
1,418
17,188
18,177
580
32,877 145,677 112,609
40.9 11
30.348 106,982
97,384
18,705
12,630
45,856
J,526
38,773
20,278
8,535
J7.218
5,491
9,149
4,362
33,060
29,836
34,14.1 844,803 841,955
14,159
5,400
69,720)
70,988
4,31 J
14,721
379
48
14,700
75,838
10,000
65,886
9,952
80.951
8,000
74,710
8,015
1,834
1,778
25,602)
23,805
13
3,916
60.939
57,861
13,084
15,757 148.537 160,322
18,525
15,104
2,711
8,300
256,427 L 222,071 1,111,397 280,608
,
1,147
993
1,493
1,101
65,412
1,177
63,482
1,930
3,640
8,837
10.082
1,730
4,385
39,054
4,995
35,539
35,252 114,479 105,550
16,865
2,498
35,956
33,388
2,906
201.919 2.002,846 1,960,340 190,297
7,415 136,248 125,189
13,888
760
40,693
40,877
723
14,908 *69,500
69,500
25,000

Total. 41 towns_____ 7.691,691 7,439,256 1.111.876 7,335.675 7.255,305 859,441
* Last year’s figures are for Cincinnati, a Last year’s figures are for Natchez. Miss.

T h e m arket

d u r in g A p r il w a s w ith o u t a n y d e v e lo p m e n ts o f m o m e n t, a n d

d lin g

Year ending July 31 1921.

TO WMS,

tim e

but

q u ite s te a d ily , th e q u o ta tio n

at

Low.
c.
9.50
8.30
7%
6U
5%
5%
7%
0%
7A
0"/u
H
10U
9h

Average
c.
12.58
10.26
9%,
9U
9h
6%,
7%
8i«
6%)
7%
8%
>
7*4
978
11%.
10%

I n th e fo llo w in g w e p r e s e n t a s t a t e m e n t o f th e y e a r ’ s
e x p o r ts o f A m e r ic a n c o t t o n fr o m e a c h p o r t , s h o w in g d ir e c 
tio n s h ip m e n ts h a v e ta k e n .

a
Gal
veston.
Liverpool______ 842,262
Manchester___
140,762
Glasgow_______
London_____ _
1,548
Havre____ ____ 432,189
Dunkirk ____
3,057
Lille__________
Bremen.
__ 869,648
Hamburg _
19,814
Danzig________
Rotterdam____
44,296
Antwerp- _ __
60,608
Ghent_________
88,237
Copenhagen___
950
Christiania____
2,100
Gothenburg___
34,509
Stockholm____
_____
Abo___________
Bergen_______
Malmo, &c------Lisbon __ __
Oporto________
Barcelona. _____ 203,333
Malaga__ __
1,600
Bilboa________
Santander ____
50
Cadiz_________
V ig o __________
Genoa_______ _ 156,875
Naples______
3,000
59,574
V enice___ __
Leghorn ______
5,205
Salonic.a___ __ _
50
Corunna______
200
Trieste _ ______
3,200
Mestre ______
300
Piraeus________
3,000
Valencia_______
Japan _________ 197,508
China ___ ____
4,701
Mexico_______
48,730
West Indies___
Ecuador_______
A rgentina.___
Guatemala____
Panama_____
Canada..
India__ _______
Africa_________
—

d
Savan Wil- Nor
New
Orleans. nah. rn'ton. folk.

k
New Other
York. Ports.

Total.

297,323 222,998 6,200 58,884 7,133 90,67? 1,525,478
57,818 2,8001
6,750 1,000 5,477 214,607
102

102

l 66
940
2,588
75,667 51,965
8,317 8,368 576,506
3,531
100
6,688
__
77
77
153,714 165,248 29,651 36,508 6,888 18,165 1,279,822
16,994 2,806
12,055 15,231
66,900
6,032
2,276
.3,746
10
16,441 14,292 3,500 2,360 2,274 4,536
87,699
41,276 5.357
1,350 1,974 1,980 112,545
2,613 1,431
92,481
200
1,000
1,250
3,400
200
650
2,750
_____
103
13,256
48,568
450
250
300
300
200
700
500
166
100
550
550
6,376
1.020
5,356
13,012
11,965
1,047
26,703 24,443
1,914 3,468 260,661
800
1,600
1,018
850
150|
18
150
1001
300
225
225i
166
100
329,372
111,081 9,069 51,050
1,297^
18,674
6,981
4,000
, 4,693i
57,702 8,825 2,750
125 128,976
4^983
10,188
1,300
1,900
556
201

1,750

1,000

1,925

9,173
100
500
2,166 7,701 335,291
5,748 1 ,200* 22,183
1,385

83,398 30,661
20,070 26,516
20,282
83
203

21

111

20

66

300

5,950
300
14,198
500
656,899
80,418
70,397
124
203
177
300
20

20

2,300
—

—

—

l 66
1,029

157,180

157,180
2,400
1,029

3,227,306 1,034,310 572,427 97,951 113,700 79,014 665,882 5,790,590
Total___
a Includes from Texas City to Liverpool, 9,000 bales; Manchester, 1,096; Havre ’
5,129; Bremen, 3,323; Hamburg, 702, and Mexico, 5,200 bales. From Houston to
Liverpool, 1.62,924 bales; Havre, 66,236; Bremen, 229,185; Hamburg, 3,710; Rotter
dam, 650, and Ghent, 5,250 bales. From Port Arthur to Liverpool, 650 bales, and
London, 1,548 bales. From Port Nogalez to Mexico, 2,050 bales. From El Paso
to Mexico, 3,394 bales. From San Antonio to Mexico, 35,786 bales.
d Includes from Brunswick to Liverpool, 11,729 bales. .
k “ Other Ports” Include from Gulfport to Hamburg, 9,993 bales. From Mobile
to Liverpool, 32,532 bales; Manchester, 2,218; Havre, 7,150; Bremen, 8,491; Rot
terdam, 100; Antwerp, 1,520; Bilboa, 18; Japan, 12,850, and China, 7,487 bales.
From Jacksonville to Liverpool, 2,099 bales; Manchester, 175; London, 526, and
Antwerp, 210 bales. From Key West to Cuba, 5 bales. From Charleston to
Liverpool, 41,263 bales; Manchester, 2,037; Bremen, 7,516; Hamburg, 50; Rotter
dam, 34.9; Barcelona, 2,800; Japan, 2,200, and China, 2,500 bales. From Boston
to Liverpool, 4,323 bales; Manchester, 6,980; Havre, 72; Lille, 47; Bremen, 1,396;
Hamburg, 4,420; Antwerp, 61; Danzig, 10, and Canada, 3,097 bales. From Balti
more to Liverpool, 193 bales; Manchester, 349; Havre, 1,146; Bremen, 762; Ham
burg, 468; Rotterdam, 1,650; Antwerp, 100; Ghent, 200; Copenhagen, 200; Gothen
burg, 200; Barcelona, 468; Venice, 125, and China, 50 bales. From Philadelphia
to London, 414 bales; Hamburg, 300; Rotterdam. 2,437; Antwerp, 89; Gothenburg.
50; Barcelona, 200; Piraeus, 100, and Cuba, 25 bales. From San Francisco to
Japan, 84,412 bales, and China, 11,046 bales. From Los Angeles to Liverpool.
10,268 bales; Lille, 30; Japan. 57,194. and China. 50 bales. From San Diego to
Mexico, 1,385 bales. From Seattle to Japan, 116,238 bales, and Canada, 35S bales.
From Tacoma to Japan, 59,822 bales. From Portland, Ore., to Japan, 2,575 bales,
and China, 1,050 bales. From .Detroit, &c.— border points—to Canada, 153,725
bales.
Mote.— In addition to the above reports of American cotton there was exported of
foreign cotton 4,504,625 lbs. to Great Britain, 559.389 lbs. to France, 571,354 lbs.
to Germany, 10,175 lbs. to Holland, 22,807 lbs. to Belgium, 186,851 lbs. to Poland,
74,486 lbs. to Italy, 12,798 lbs. to Portugal. 44,000 lbs. to Argentina and 1,880,819
bw. to Canada, or 7,867,304 lbs. In all, equaling 15,735 bales of 500 lbs. each.

TH E CHRONICLE

936

©ommevc la l aucliU tscellaueouallLew*
N a tio n a l B a n k a . — The following information regarding

national banka is from the office of the Comptroller of the
Currency, Treasury Department;
A P P L IC A T IO N S T O O R G A N IZ E R E C E IV E D .

Capital
AUe?. 15— The ('iipilul National Bank o f Now Vork, N V
>2,000,000
Correspondent. M ax B a d e 115 W . 30ih St . N. Y.
Aug ia — The Placerville N ational Bank. Placorvilln, Cal
50,000
(JoiTotopoiide.nl: Jos. Scborrwr, Placer v Ilie.
Aug 20— T h e First National Bank o f W indsor, Pa
—
25,000
Correspondent: W . S. Grinun, Bed Lion, Pa.
A P P L IC A T IO N S T O O R G A N IZ E A P P R O V E D .
Aug l>+~ The National Bank of H ollyw ood, Cal
- ----200,000
Correspond lent Harry M . B ubey, 6104 H ollyw ood
B lv u ., H ollyw ood.
The First National Bank of Greer, 8. C .
--------------50,000
C orrespondent: C . I I . Stokes, Greer.
Succeeds the Peoples Bank o f Greer.
Aug HI— The Planters' National Bank o f Walnut Ridge, Ark
25,000
Correspondent: W . B . Lane, W alnut Ridge.
C H A R T E R S ISSU ED.
Aug. 15— 12,006 T h e First National Bank of Oneonta, A la —
25,000
President: J S. Wittmier: Cashier, O. Q. Box.
Aug. 17— 12,007 The Horton National Trust and Savings Bank
vii Seattle Wash
-------------------400,000
Conversion of The Dexter Horton Trust and Savings
Bank of Seattle.
President: O. J. Smith; Cashier. W . W . Scruby.
Aug 19— 12,008 The Com m unity National Bank o f Flushing, O.
50,000
President, John A . Barricklow; Cashier, W . K. K irk
patrick.
C O R P O R A T E E X IS T E N C E E X T E N D E D .
Until close of Business.
5,978 The First National Bank o f M n + r, M >--------------------- Aug. 15 1941
5,987 T h e First N ational Bank o f Abbeville, A la -------------------Aug. 16 1941
5,951 The First N ational Bank of Sapulpa, O kla------------------- Aug. 18 1941
5.957 The First National Bank of Ca. oil, N eb_______________Aug. 20 1941
V O L U N T A R Y L IQ U ID A T IO N .
Capital.
Aug. 16— 11,659 The First N ational Bank of N ecessity, T e x -----925.1)00
Effective July 5 1921.
Liquidating Agent. V . A . N oble. Breckenridge, T ex.
E X P IR A T IO N OF C H A R T E R .
Aug. 18— 5,948 The .W est Alexander N ational Bank, W est
Alexander, Pa
$25,000
Expired by limitation at close o f business Aug. 18
1921. Liability for circulation assumed by The
Citizens N ational Bank of West Alexander
(N o . 11,993) as provided b y Section 5,223, U.
S. P . S.

C a n a d ia n B a n k C le a r in g s .— T he clearings for tho week
ending A u g . 18 at Canadian cities, in comparison with the
same week in 1920 show a decrease in the aggregate of
1 8 .8 % .
Week ending Avgust 18.
1921.
Canada —
Montreal--------- ---------Toronto_______________
Winnipeg___
—
Vancouver_____________
Ottawa----- --------------Quebec---------- . —
Halifax ______________
Hamilton-----------. St. John_______________
Calgary_______________
London __ — --------- Victoria____________ ___
Edmonton . . ______
Regina________________
Brandon —
.
----Saskatoon____ __ _
Moose Jaw-----------------Lethbridge____________
Brantford . .......... ..
Fort William ______ __
New Westminster__ __
Medicine H at. ______
_____
Peterborough .
Sherbrooke.. _ _ . -. _
Kitchener_________
W indsor.. ________
Moncton _
Kingston. . . - ___

Total Canada

Inc. or
Dec.

1920.

$
92,463,922
S5.4S2.439
38,507,711
13,298,715
6,249,996
5,387.828
3.289,114
5,374,445
2,642,502
5,561,269
2,449.467
2,227.148
6,495,815
4,014.736
770,168
2,100,000
1,403,575
705,264
967,662
639.859
594.764
362.219
797,926
866,291
981,621
3,197,901
96S.479
697.717

S
130.360,498
91,468.728
45,668,369
17.24C.712
7,646.925
6,793,174
4,879,7S1
7,044.311
3,351,773
7.359.928
3,858,229
2,600.000
5.174.S56
4,046,625
7C0.000
2,381,467
1,758,125
864,932
1,390,194
715,807
701,080
407,081
892,103
1,218,483
1.0S0.013
3,881,800
S83.097
Not include

1918.

S
%
— 29.1 108,785,870
— 6.5 77,641,996
— 15.7 33,110,928
— 22.9 13.205.12S
— 18.3 8,345,944
— 20.7 5,315,871
— 32.6 4.164,290
—23.7 5.S02.859
— 21.2 3,289,607
—24.4 6,350.863
—36.5 3,025,577
— 14.3 2,443,721
-f 25.5 4,849,SO
S
— 0.8 3,600,788
+ 10.0
650.088
— 11.8 2,045.687
1,484,232
— 19.6
679.614
— IS.5
1,097,000
— 30.3
810.791
— 10.6
617,614
— 18.1
43S.882
— 11.1
— 10.6
749,692
1,033,474
— 2S.9
— 9.1
862,451
— 17.6 2,269,462
+ 9.6
d in tot al

$
86,242,875
60,090,553
29.572.998
11.080.957
5,916,3^4
4,700,951
4,193,246
5.885.460
2.344,480
5.394.057
2.209.597
2.098,174
3.025.193
2,955,612
549,746
1,456,605
1,335,506
703,597
875.815
581.121
413,802
477,697
604,953
945,776
582.261
1,155,102

_____ 287,870.826 354.368.091 — 18.8 292,671.827 235,392,488

F O R E IG N T R A D E
STATEM ENT.

OP

NEW

YORK— M ONTHLY

Merchandise Movement at New York.
Month.

1919.

Imports.
1921.

1920.

Ex ports.
1921.

|

1920.

S
$
S
$
January __ IOS.651,387 280,997,659 356,457,600 257,101,0S9
February . 103.427,293 260.144.S11 237.794,460301,626,954
M a rch __ 123,996,959 292.275.S56 167.83Q.3C5 396,929,064
April____ 124,926,117 270.147.137 132,460,324 302,495,893
M a y ____ 110.004.302 224,033,443 108.502,231343,323,392
June____ 100,048,763 315.350.911 107.506.523 254,306,435
J u ly ____ 104,6 S.783 323.427,245 112,583,284 200.319,661

Customs Receipts
at New York.
1921.

[

$
12.265,070
14,154,349
18,615,006
26.838.089
17,221,670
16.397,034
13.443.167

1920.
$
21,284,852
19.323.958
22,429,000
19,999.683
17,971,669
21.434.058
21,468,214

Total_ 775.703,604 1 966377062 1223140727 2 056102490 118,934,385 143.911.434
_

M ov em en t of gold and silver for the 7 m onths:
Gold Movement at New York.
Month.

Imports.
1921.

January _.
February .
M a rch __
April____
M a y __
June____
J u ly ____

|

1920.

$
1
S
31,328,278
183,085
18,439,803 1.458,285
81.335,005 1.708.182
74.173.373 55.186.705
29,701,157 1,682.127
37.152.786 6,023,355
57.338.204 10.945.005

Total_ 329.468.606 77,186.744
_

Silver—New York.

Exports.
1921.

i

1920.

Imports.

Exports.

1921.

1921.

S
1,595.573
841,850
874.225
858,684
4,376,916
1,013.620
1.060.799

$
2,800,154
2.137,837
1,329,649
1.114.930
1,012.557
239,657
622.262

3,701,613117,005.413 10,621,667

9,287,046

$
$
124.300 17.790.299
234.300 24,814,399
100,000 35,247,500
34.820.300
2.649.762
300.666 1,436.853
2,943.013
246.300

A u c t io n

[ V o l . 113.
S a le s.

A m ong other securities, the following,

n o t u s u a lly d ea lt i n a t th e S tock E x c h a n g e , were recently sold

at auction in New F ork, Boston and Philadelphia:
By M essrs. Adrian H . M uller & Sons, N ew Y ork :
Shares. Stocks.
Price
54 Grove Hill Realty C o .$2 K per sh
9 Alpha Portl. Gem., common
$10 per sh
100 Goldfield Cons. M ., >10 ea.j
146 F. G. SmlLh, Inc__ ____ $50 lot
250 Green Monster Mg., 50c. ea. |
364 Southern Util, Co., pf.$2l per sh
125 Maxim Munitions Corp., $5|
550 MacIntyre iron Co. .$50 per sh
each
__________
|
2,392 Corral!tor Co. Com. Tr. Ctfs
1.000 Miami Cons. Mines, >1 each|
$11) each
___ .25c. per sh
110 New Utah Bingham M g.C o. |
1,902 Oorralltor Co. Pref. Tr. Ctfs.
$2.50 each._
_ }$48
$10 each.. .......... ..... $2 per sh
1.000 Okla Oil Co., com , >1 eaeh| lot
142 Controller Co., Inc., Corn.f
100 Perfection Tire & Rub. ,$ lea. |
100 Cuprite Sup. Corp., $1 each)
to Federal Dye Stuff & Chem. I
voting trust ctf., no par _ |

25 Pocahontas-Logan ( 'oal Co., |
coin., $5 each. .
|
200 Port!. Cons. Cop., >1 each |
5,200 Tuxpam Star Oil Oorp.,$l ea
95 Union Dye & Chem. Stock |
Trust Ctf., $10 each
j
$2.87 Union Dye & Chem. Com.|
Stock Scrip ____________ |
$3.76 Union Dye & Chem. note scr j
300 White Cross Cop., $1 each |

IQ Quicksilver Mining Co

No par_______________i$io

150 Controller Co., Inc., pref__ ( lot
40.000 MacKlnnie Oil & Drilling,
$1 each.
____ ic. per share
30 100 Cities Serv. Com. Stk. War $25
1 Ardsley Estates, Inc______ $6

j

B y M essrs. W ise, H obbs & Arnold, Boston:
Shares.
30
42
18
40

Stocks.

$ per sh.
$ per sh. Shares. Slocks.
14 Barney & Smith Car, com___
1
25 Walter Baker Co., Ltd____ -100%
Bonds.
Per cnet.
$100 Armour A Co. 7s, 1930______ 99

Hartford < Conn. West. H R .. 15Vi
&
Boston Casualty........... .......
18
American Glue, com
____
110
Barney & Smith Car, p r e f _______ 1

B y M essrs. R . L . D ay & C o ., Boston:
$ per sh.
Shares. Slocks.
$ per sh. Shares. Slocks.
14 Hood Rubber, pref.......... 85K-86K
10 National Shawmut Bank___ 200
25 Odd Fellows Hall Assn_____
5K
2 Old Colony Trust________ 264K
2,00 ) Mass. Oilless Bearings, $10 oa
K
10 Lowell Iileachery., _______ 130
2 Cambridge Gas L igh t.......... 149%
5 Mass. Elec. Cos. pref. certlf.
1 State Street Exchange_____ 36
dep. rep. com. stock on ly.. IK
11 Boston Wov. Hose & Rub.,
7 East Mass. St. Ry. adj. stock 10
common___________ ______ 103
1 N. Boston Llcht’g Prop., pref 77
Bonds.
Percent.
1 Tremont Building T r u s t __ 55 M
$1,000 Waltham Watch6s, 1924... 85
1 Library Bureau, pref. B ____ 96

B y M essrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Slocks.
$ per sh. Shades. Stocks.
5 Fire Assn, of Phlla., $50 o a ..300 301
151 Glen Willow Ice M f g ............. 10
3 Citizens Passenger R y ........ ..... 166
9 Girard National Bank_______ 368
60 Isko Co., prof............................
K
l Southwark NationalBank____ 220
50 Isko Co., co m ...........................
K
24 No’east Title < Trust, $50 each 60
fe
5 American Pipe _______ _______ 6X
5 Northern Trust...... ............. ..... 498
Bonds.
Per cent.
4 Provident Life < Trust........ __392
fc
10 Franklin Trust........ ..................176K $5,000 Chattanooga Rye. 1st cons.
5s, 1956............ ............................ 10
22 Commercial Trust................... 260
$10,000 Ohio River Elec. Ry. &
10 Penn. Bank & Trust, $50 each. 30
Power 1st 5s, 1924.......... ..$400 lot
42 Phlla. Mortgage & Trust___ $5 lot

D IV ID E N D S .
Dividends are now grouped in two separate tables. In the
first we bring together all the dividends announced the cur
rent week.
Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
T h e dividends announced this week are:
When
Per
Cent. Payable.

Name of Company.
Railroads (Steam).
Boston & Albany (quar.)______________
Buffalo & Susquehanna, com. (quar.) —
N . Y . Chicago & St. Louis, 2d pref........ .
Pitts. Ft. W. & Chic., com. & pf. (quar.)
Street and Electric Railways.
El Paso Electric Co., com. (quar.)_____
Frankford & Southwark Pass. Ry. (qu.) Second & Third Sts.Pass.Ry.,Phlla. (qu.)
Banks.
Chemical National (bi-monthly)---------Public National (quar.)---------- ------------Miscellaneous.
Advance-Rumely Co., pref. (quar.)----American Felt, preferred (quar.)---------American Multigraph, common (quar.U
Beacon Oil___________________________
Blackstone Val. Gas & Elec., com. (qu.)
Case (J. I.) Thresh. Mach., pref. (quar.)
Celluloid Co., common (quar.)-------------Preferred (quar.)_____ ______ ______
Childs Co., common (quar.) — ..............
Preferred (quar.)__________________
Coca-Cola Co., preferred_____________
Cons. GasEl. L. & P., Balto., com. (qu.)
Cramp (Wm.) & Sons S. & E. Bldg.(qu.)
Dominion Glass, common (quar.)-------Preferred (quar.)__________________
Famous Players-Lasky Corp., com. (qu.)
Fay (J. A.) & Egan, common (quar.)_.
Preferred (quar.)__________________
Freeport Gas, preferred (quar.)-----------Galena-Signal Oil, preferred (quar.)----General Electric (quar.)----------------------General Railway Signal, pref. (quar.).-Globe Soap. 1st. 2d and spec. pref. (qu.)
Grasselli Chemical, com. (quar.)---------Preferred (quar.).-------------------------Gulf States Steel, first pref. (quar.)------Hanna Furnace, preferred (quar.)------Hood Rubber Products, Inc., pref. (qu.)
Imperial Oil Corp., com. (monthly)----Imperial Oil Co., Ltd...... .......................
Michigan Sugar, common (quar.)--------Middle States Oil Corp. (quar.)-----------Midland Securities (quar.)........ ...........
Montana Power, common (quar.)..........
Preferred (quar.)---------------------------North AmericanCo. new com. & pf* (qu.y
Ohio Oil (quar.).-----------------------------Packard Motor Car. preferred (quar.)..
Railway Steel-Spring, common (quar.)__
P referred

(quar

-

Sears. Roebuck & Co., pref. (quar.)----South Penn Oil (quar.)________________
South Porto Rico Sugar, pref. (quar.)..
Steel Products C o.. preferred (quar.)----Texas Company (quar.)----------------------Todd Shipyards (quar.)------- ---------------Tooke Bros., pref. (quar.)
United Retail Stores Corp., com. (quar.)
Waldorf System. I no., com. (qu ar.)...
Flrst preferred (quar.)-------------------\ve«t India Spew Finance, pref. (quar.''

*2
1%
*5

Sept.30
Sept. 30
Sept.16
Oct. 1

Books Closed.
Days Inclusive.
♦Holders of rec.
Sept. 16 to
♦Holders of rec.
♦Holders of rec.

Aug. 31
Sept. 30
Sept. 3
Sept. 10

*2K Sept. 15 ♦Holders of rec. Sept. 1
$4.50 Oct. 1 Holders of rec. Sept, la
Oct. 1 Holders of rec. Sept, la
S3
4
*4

Sept. 1 Aug. 26 to Aug. 31
Sept. 30 ♦Holders of rec. Sept. 23

Oct. 1 ♦Holders of rec. Sept. 15
Sept. 1 Holders of rec. Aug. 25
Sept. 1 Holders of rec. Aug. 20a
Aug. 30 ♦Holders of rec. Aug. 25
Sept. 1 Holders of rec. Aug. 23
Oct. 1 Holders of rec. Sept. 12a
Sept. 30 Holders of rec. Sept. 16a
N o v .15 Holders of rec. Oct. 31a
Sept. 10 Aug. 30 to Sept. 10
Sept. 10 Aug. 30 to Sept. 10
Oct. 1 ♦Holders of rec. Sept. 15
Oct. 1 ♦Holders of rec. Sept. 15
Sept.30 Sept. 16 to Sept. 30
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Aug. 20 Aug. 11 to Aug. 21
Aug. 20 Aug. 11 to Aug. 21
Sept. 1 Holders of rec. Aug. 23
Sept.30 ♦Holders of roc. Aug. 31
Oct. 15 ♦Holders of rec. Sept. 9
Oct. 1 Holders ot rec. Sept. 20
Sept, l" Sept. 1 to Se.pt. 16
Sept. 30 'Holders of rec. Sept. 15
Sept . 30 ♦Holders of rec. Sept. 15
Oct. 1 ♦Holders of rec. Sept. 15
Sept.15 ♦Holders of rec. Sept. 6
*2
IK Sept. 1 Aug. 21 to Sept. 1
Sept.15 Holders of rec. Aug. 30
i
’ 75c. Sept, l Aug. 25 to Sept. 1
Sept. 1 ♦Holders of rec. Aug. 23
*1
3
Oct. 1 Holders of rec. Sept. 10
*2U Sept. 3(i ♦Holders of rec. Sept. 9
K Oct. 1 Holders of rec. Sept, l 1
IK Oct. 1 Holders of rec. Sept. 14
75c. Oct. 1 Holders of rec. Sept. 15
♦SI.2* Sept. 30 ♦Holders of rec. Aug. 29
*1% Sept.15 ♦Holders of rec. Sept. 1
*2
Sept. 30 ♦Holders of rec. Sept. 17
*1% Sept.20 ♦Holders of rec. Sept. 6
1K Oct. 1 Holders of rec. Sept. \o
Sept. 30 ♦Holders of rec. Sept. 13
*3
o
Oct. l Holders of rec. Sept, lo
I K Sept. 1 Holders of rec. Aug. LV
75c, Sept. 30 Holders of rec. Sept. 16
Sept. 20 ♦Holders of rec. Sept, i
*S2
l U Sept. 14 Holders of rec. Vug $i
IK Dot. 1 Holders of rec. Sept, i e
*50c. Oct. 1 ♦Holders of roe. Sept. 20
*20©. ict. 1 ♦Holders of rec. Sept. 20
2
Sent, 1 Holders of rec. Vug 2;v.
*K
1K
2
*3
$1
1K
2
2
2
1%
*3K
*2
1
IK
1%
$2
1K
1%
134
*2
*2
IK
IK
*2
♦IK

Below we give the dividends announced in previous weeks
and not yet paid. This list d o e s n o t include dividends
announced this week.

A ug.

27 1921.]

THE CHRONICLE
Per
Cent.

Name, o f Company.

When
Payable

Ho o ks C l o s e d .
D a y s Inclusive.

Namt o f Company.

S e p t. 1
S o p t. 1
2
O c t.
1
C an adian P a cific , c o m . ( q u a r .) .
2 A
2
Oofc.
i
Preferred
76c S e p t. (
C h estn u t I llll (<iunr.)
) 50o. S o p t . 1
R egu la r guaranteed ( q u a r .) .._________
87 A u S o p t. l
S o p t. 1
1
C rip p le C rook C en tra l, p ro f. ( q u a r .) .. D elaw are & H u d son C o . ( q u a r .)________
2 K S e p t .20
8 7 A c S ep t. 1(
E rie < P ittsbu rgh ( q u a r .)______________
fc
S o p t. 1
iH
Illin ois C en tral ( q u a r .). _________ _
S o p t. 1
.
1A
IK S op t. 11
60c.
A u g . 31
P en n sy lv a n ia (q u a r .).
............
$ 1.60 S e p t. 0
P b lla . G e rm a n to w n < N o rristo w n (q u .)
fc
IK
A u g . 31
P ltts b . & W est V a ., p rof. (q u a r .) . ____
P ittsb . Y o u n g st. & A s h ., p rof. ( q u a r .)..
IK S e p t. 1
50c S e p t. 8
R e a d in g C o ., first preferred ( q u a r .) ____
O c t.
1
S ou th ern P a cific ( q u a r .) ________ ______ IA
O ct.
1
U nion P a cific, co m m o n ( q u a r .) ________
2 A
2
O c t.
1
Preferred_________________ ______

H o ld e rs o f re c . J u ly 29a
H o ld e rs o f rec J u ly 30a
H older# o f ro c . S o p t. la
Holdorrt o f ro c . Hept. 1
A u g . 21
to
Hept. 5
H old ers o f roe. A u g . 10a
H old ers o f re c . A u g . 10a
H old ers o f re c . A u g . 16a
H o ld e rs o f ro c. A u g . 27a
H old ers o f rec. A u g . 3 la
H o ld e rs o f roe. A u g . f>a
H old ers’ o f re c. A u g . 26a
H old ers or re c. A u g . 3 la
H o ld e rs o f re c. A u g . la
A u g . 21
to
Hept. 6
H old ers o f rec. A u g .
la
H old ers o f re c. A u g . 20a
1ie ld e rs o f r e c .A n g . 2 3 a
H o ld e rs o f re c. A u g . 31a
H o ld e rs o f re c. S o p t. la
H o ld e rs o f re c . S e p t, la

S t r e e t a n d E le c t r i c R a ilw a y s .
C en tral A rk . R y . & L t .. p ro f. ( q u a r .) - .
D e tr o it U nited R y . (p a y . in s t o c k ) _____
G a lv eston H ou ston E le c tric C o ., p ref. _
N o rth e rn O h i o T r a c . & L t ., p re f. (q u .)
N orth ern T e x a s E le c . C o ., c o m . (q u a r.)
P r e fe r r e d ________________ ______ ________
P h ilad elp h ia C o ., 5% p re f. (q u a r .) -------W est P en n R y s ., p re f. (q u a r .)---------------

H o ld e rs
H old ers
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H old ers

1K

S e p t. 1
S e p t. 1
S e p t . 15
3
O c t.
1
LA
S e p t. 1
2
3
S e p t. 1
$ 1 .2 5 S ep t. 1
S e p t . 15
IA

in

e2A

T r u s t C o m p a n ies.
L a w yers T itle A T r u s t ( q u a r . ) . .......... ..
M isce lla n e o u s.
A cm e T e a , 1st p ref. ( q u a r .)______________
A m erican A rt W o rk s , c o m . A p ref. (q u .
A m erica n B a n k N o te , p re f. (q u a r .)------A m erica n B e e t S u gar, p re f. ( q u a r .)____
P referred ( q u a r .) --------------------------------A m er. P ow er & L ig h t, c o m . (q u a r.) —
A m erican R a d ia to r , co m m o n (q u a r .)_ _
A m er. S m elt. & R e fg ., p ref. ( q u a r .)____
A m erican S u gar R e fin in g , p ref. (qu a r.)
A m erican S u m a tra T o b a c c o , p r e f______
A m erican T eleg ra p h A C a b le ( q u a r .)____
A m erica n T e le p h o n e A T e le g r a p h (q u a r.
A m er T o b a c c o , co m . A c o m . B (q u a r .).
A m er. W in d o w G lass C o ., p r e f_________
A rt M eta l C o n str u ctio n ____________ _____
A ssocia ted D r y G o o d s , 1st p re f. (qu a r.)
S econ d p referred ( q u a r .)______________
A tla n tic R e fin in g , co m m o n ( q u a r .) ------A tla s P o w d e r, co m m o n ( q u a r .) _________
A u xiliary F ire A la rm A T e l., p ref. (q u a r.
B e ld in g -C o rtic e lil, .Ltd., p r e i..(q u a r .)_ _
B eth leh em S teel, co m m o n ( q u a r .) ______
C o m m o n B ( q u a r .) _____________________
E ig h t per cen t cu m . c o n v . p ref. (qu a r.
S even per c e n t n o n -c u m . p ref. (q u a r.)
B o o t t M ills , C o m . A p re l. ( q u a r .)_____
B ord en C o ., preferred (q u a r .) ___________
P referred ( q u a r .)_____________________
B ra n d ra m -H en d erson , L t d ., c o m . (q u .).

Brooklyn Edison (quar.)______________
Buckeye Pipe Line (quar.)_ _________
_
California Packing C o., com. (quar.)___
Carter (William) C o., prelerred (quar.)
Chesebrough M fg., pref. (quar.)______
Cities Service—
Common (m onthly( payable In scrip).
Common (payable in scrip)______
Pref. A pref. B (m thly.) (pay. in scrip)
Common (monthly payable in scrip). .
Common (payable In scrip)_______
Pref. A pref. B (mthly.) (pay. in S(
Cleveland Elec. Ilium., 8 % pref. (quar.)
Connecticut Power, pref. (quar.),_
Consolidated Cigar, pref. (quar.)_______
Continental Oil (quar.)____________
Cosden A C o., pref. (quar.)________
Crane C o., com . (quar.)___________
Preferred (quar.)________________
Crescent Pipe Line (quar.)_________
Crows Nest Pass Coal (quar.)_____
Crucible Steel, preferred (quar.)____
Cuban-American Sugar, pref. (quar.
Davis Mills (quar.)_________________
Davf.il Mills (quar.)_______ ________
Decker (Allred) A Cohn, Inc., pi. (q
Deere A C o., preferred (quar.)_____
Diamond M atch (qu ar.)___________
Dominion Iron A Steel, pref. (quar.
Dominion Oil (m onthly)...................
Eastman K odak, common (quar.)__
Common (extra)_________________
Common (extra)_________________
Preferred (quar.)_______________
Eisenlohr (Otto) A Bros., Inc., prel.(qu.)
Elec. Storage Battery, com . A pref. ( qu .)
Elk Horn Coal Corp., pref. (quar.)_____
Preferred (q u a r.)___________________
Falrbanks-Morse C o., pref. (quar.)_____
Federal Mining A Smelting, pref. (quar.)
Federal Utilities, preferred (q u a r.)_____
General Asphalt, prelerred (q u a r .)_____
General Cigar, pref. (quar.)____________
Debenture preferred (quar.)_........... ..
Gillette Safety Razor (quar.)__________
Goodrich (B. F.) C o., pref. (quar.)_____
Grafton Co. F,. L. A P ., com . (quar.)_
_
Preferred (quar.)_______________ ____
Qraton A Knight M fg., pref. (quar.)___
Great Atlantic A Pacific Tea, com. (qu.)
Preferred (qu ar.)...................................
Greenfield Tap A Die, pref. (quar.)____
Harbi son-Walker Refract., com . (quar.)
Preferred (quar.)___________________
Hart, So ha finer A Marx, common (qu.)
Hart, Bchaffner A Marx. Inc , pf. (qu.)
Hartford Water (quar.)________________
Hartman Corporation (quar.)________
i)\ir j
Hey wood Wakeflejd C o.—
First and second preferred____________
Hood Rubber, preferred (quar.)________
Imperial Tobacco of G t. Br. A Ire., o r d .
Inland Steel (quar.)______ _____________
pref (qu
Internal Harvester, pref. o,m u.,
International Salt (q u a r)
Kresge (H. H.) Go., preferred (quar.)_
_
Lake of the W oods Milling, com. (qu.)
Preferred (quar,)______________ ____
Lancaster Mills, eonsin on (quar.).
Lanston M onotype Machine (quar.)_
_
Lee Rubber A Tire Corp. (qu ar.)_______

IA

O ct.

1

S e p t. 1
O c t. 15
O c t.
1
LA
O c t.
3
1A
S e p t. 39
1A
IK S e p t. 39
1
S ep t. 1
S e p t. 30
$1
*1K
S e p t. 1
IK O c t. 3
S e p t. 1
3A
S e p t. 1
IK
2 K O c t. 15
S e p t. 1
3
S e p t. 1
3A
10c. A u g . 31
1 A S e p t. 1
IK S e p t. 1
5
S ep t. 15
3
S e p t . 10
S e p t. 1
*2 A
IK S e p t .l o
IK O c t. 1
IK O c t. 1
O c t.
1
2
IK O c t. 1
S e p t. 1
IK
S e p t. 15
1A
D e c . 15
1A
S e p t. 1
*1K
4
S e p t. 30
2
S e p t. 1
$2
S ep t. 15
$ 1.50 S e p t. 15
S e p t. 15
IK
S e p t. 30
*1K

IK

1A

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2
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IK
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IK

2

IK

1

2A
2K
5
IK
IK
3
75c.
75c
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1
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IK
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$3
IK
2
2
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2
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IK
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*2 A

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of
of
of
of
of
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of

S e p t. 16

roe.
ro c.
re c.
re c.
re c.
rec.
re c.
re c .

A ug.
A ug.
S e p t.
S e p t.
A ug.
A ug.
A ug.
S e p t.

to

O c t.

15a
16a

I
15a
20a
20a
10a
1
2

H o ld e rs o f re c. A u g . 20a
H o ld e rs o f re c . S e p t. 30
H o ld e rs o f re c . S e p t. 15a
H o ld e rs o f re c . S e p t. l()a
H o ld e rs o f re c. S e p t. 13a
H o ld e rs o f re c. S e p t. 13a
H o ld e rs o f re c. A u g . 22
H old ers o f re c. S e p t. 15a
♦Aug. 16
to
A u g . 25
H old ers o f re c. S e p t, la
H o ld e rs o f re c . A u g . 15a
H old ers o f re c . A u g . 31a
H o ld e rs o f re c . S e p t. 20a
H old ers o f re c . A u g . 10a
A u g . 25
to
A u g . 31
H o ld e rs o f r e c . J u ly
8a
H o ld e rs o f re c. A u g . 13a
H o ld e rs o f re c . A u g . 13a
H o ld e rs o f re c . A u g . 22a
S ep t. 1
to
S e p t. 9
♦ H olders o f re c . A u g . 25
H o ld e rs o f re c . S e p t. 1
H o ld e rs o f r e c . S e p t. 15a
H old ers o f re c . S e p t. 15a
H old ers o f re c . S e p t. 15a
H o ld e rs o f re c . s e p t . 15a
H o ld e rs o f re c . A u g . 20
H o ld e rs o f r e c . S e p t, l a
H old ers o f re c. D e c . la
♦ H olders o f re c . A u g . 1
H old ers o f c o u p . N o . 8 7 p
H old ers o f re c. A u g . 19a
H old ers o f re c. A u g . 23
H o ld e rs o f re c . A u g . 31a
H o ld e rs o f re c . S e p t. 9
♦ H olders o f r e c . S e p t. 14

S e p t. 1 H o ld e rs o f re c . A u g . 15
S e p t. 1 H o ld e rs o f re c . A u g . 15
S e p t. 1 H o ld e rs o f re c . A u g . 15
O c t.
1 * H olders o f rec. S e p t. 15
O c t.
1 * H old ers o f r e c . S e p t. 15
O c t.
1 * H old ers o f re c . S e p t. 15
S e p t. 1 H old ers o f re c. A u g . 15a
S e p t. 1 H old ers o f re c. A u g . 20
S e p t. 1 H old ers o f re c. A u g . 15a
S e p t. 15 ♦ H olders of re c . A u g . 25
S ep t. 1 H o ld e rs o f r e c . A u g . 15a
S ep t. 15 ♦H olders o f re c . S e p t. 1
S e p t . 15 ♦ H olders o f r e c . S e p t. 1
S ep t. 15 A u g . 27
to
S e p t. 15
S ep t. 1 H o ld e rs o f r e c . A u g . 13
S e p t .30 H o ld e rs o f r e c . S e p t. 15a
O c t.
I H old ers o f r e c . S e p t. 10a
S e p t. 24 ♦ H olders o f r e c . S e p t. 10
O c t.
1 ♦H olders o f re c. S e p t. 24
S e p t. 1 ♦ H olders o f re c . A u g . 20
S e p t. 1 H old ers o f re c. A u g . 15a
S e p t. 15 H old ers o f r e c . A u g . 31a
O c t.
1 S e p t .d il . to
O ct.
1
S e p t. 1 H old ers o f re c . A u g . 10
O c t.
3 H o ld e rs o f re c . A u g . 31a
O c t.
1 H o ld e rs e f re c. A u g . 31a
N o v . 1 H o ld e rs o f re c . S e p t. 30a
O c t.
3 H o ld e rs o f re c. A u g . 31a
O c t.
1 H o ld e rs o f rec. S e p t. 20
O c t.
1 H old ers o f re c. S e p t. 12a
S e p t . 10 H old ers o f re c . S e p t, la
D e c . 10 H o ld e rs o f re c . D e c . l a
S e p t. I ♦Aug. 20
t o A u g 31
S c p t. 15 H old ers o f re c . A u g . 26a
S e p t, l H o ld e rs o f re c. A u g . 15
S e p t. 1 H old ers o f re c . A u g . 16a
S e p t. 1 H o ld e rs o f re c. A u g . 25a
O c t.
1 H o ld e rs o f re c. S e p t. 24a
S ep t. 1 H old ers o f re c. Ju ly 30
O c t.
1 H o ld e rs o f re c . S e p t. 21a
A u g . 29 H o ld e rs o f r e c . A u g . 29
S e p t. 1 H o ld e rs ol re c . A u g . 19a
♦H olders o f re c. A u g . 15a
Sept. 15 ♦H olders o f re c . A u g . 18
S e p t. 1 ♦ H olders o f re c. A u g . 18
O ct.
1 H o ld e rs o f re c . S e p t. 15
Sept. 1 H o ld e rs o f re c . A u g . 20a
O ct. 20 H o ld e rs o f re c . O c t. 10a
A u g . 31 H old ers o f re c. A u g 20a
Sept. 30 ♦ H olders o f rec. S e p t. 20
A u g. 29 H o ld e rs o f re c . A u g . 29a
Sept. 1 H o ld e rs o f r e c . A u g . 18a
O ct.
3 H old ers o f r e c . S e p t. 3 5a
S ep t. 3
Sept. 1
Sept. 1
Sept, 1
Sept. 1
Sept. J
O ct.
J
O ct.
3
Je p t. J
Sept, j
Sept. J
A ug. 31
Sept. J

Per
When
Cent. I‘ayattie.

Hooke Closed.
Days Inclusive.

MI n< c IIuimkmis ( Concluded).

R a i l r o a d s ( S t e a m) .

)

937

♦ H olders o f re c. A u g . 20
♦ H olders o f re c. A u g . 2
♦ H olders
H old ers
H old ers
♦ H olders
♦ H olders
H o ld e rs
H old ers
H old ers
H old ers
H old ers

of
of
of
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of
of
of
of

re c .
re c .
re c.
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re c .
re c .
ree.

A ug.
A ug.
A ug.
S e p t.
S e p t.
A ug.
A ug.
A ug.
A u g.
A ug.

10
23
10a
15
15
20
20
24
20a
15

Lehigh Coal A Navigation (quar )
LlggnttA M yorsTob.. coin.A com .B .(qu.)
Ludlow M fg. Associates (quar.)
; Special
Maokay Companies, com . (quar.).
Preferred (quar.)
Mahoning Investment (quar.).
Manhattan Shirt, com. (quar.)
Martin-Parry Corp. (q u a r.)_ ......
Mascoma Power A Lt., com. A pf. (qu.)
May Department Stores, com . (quar.)
Preferred (quar.)
Mayor (Oscar C.) A C o., Inc., 1st p f.(t,
Second preferred (quar.)
M cCrory Stores Corp., com . (quar.)
Mergenthaler Linotype (quar.)...........
Merrimack M fg. com . (quar.)____
i’referred
Michigan Stamping, prof, (quar.)
Montreal Cottons, common (quar.)__
Preferred (quar.)
National Biscuit common (q u a r .)___
Preferred (quar.) _______ _________
National Candy, com m on. - . ________
First and second preferred--------------National Cloak A Suit, pref. (qu ar.)-----Nat. Enameling A Stamping
Common (quar.)_____________________
Common (quar.)_____________________
Preferred (quar.)____________________
Preferred (q uar.) ____________________
National Lead, com. (quar.)____________
Preferred (quar.)_________ __________
National Sugar Refining (q u a r.)_ ............
National Surety (quar.)_ _____ _______
_
National Transit (extra)_______________
Nebraska Power, preferred (quar.)------New River C o., pref. (acct. accum. div.)
New York Air Brake (quar.)___________
New York Shipbuilding (quar.)_______
Nlles-Bement-Pond C o., com . ( q u . ) ____
Ogilvie Flour Mins, preferred (quar.)_
_
Ontario Steel Products, pref. (quar.)_
_
Preferred (quar.)____________________
Preferred (quar.)____________________
Package Machinery, com . (quar.)______
Peerless Truck A M otor, com . (quar.)__
Common (quar.)------------------------- -----Pennsylvania Water A Power (quar.)_
_
Philadelphia Electric, com . (quar.)-------Preferred (quar.)____________________
Pittsburgh Steel, pref. (quar.)_________
Procter A Gamble 6% pref. (quar.)_____
Republic Iron A Steel, preferred (quar.)_
Pure OH. com. (quar.)______________ ___
Quaker Oats, preferred (quar.)________
Ranger-Texas Oil (m onthly)___________
Rochester Gas A Electric, 5% pf. (q u .).
Seven per cent pref., series B (quar.)__
St. Maurice Paper, Ltd. (quar.)________
San Joaquin Light A Power pref.(quar.)
Prior preferred (quar.)______________
Sherwin-Williams C o., pref. (quar.)_
_
Sinclair Cons. Oil. pref. (quar.)_______
Sloss-Sheffield Steel A Iron, pref. (qu.)_ Southern Pipe Line (quar.)____________
Southwestern Power A Light, pref. (qu.)
Spalding (A. G .) A Bros., 1st pref. (qu.)_
Standard Gas A Elec., pref. (quar.)____
Standard Milling, com. (quar.)________
Preferred (quar.)____________________
Standard Oil (California) (quar.)_______
Standard Oil (Indiana) (quar.)________
Standard Oil (Kansas) (quar.)_________
E x tr a _________________ _____________
Standard Oil of N . J., com . (quar.)____
Preferred (quar.)_____ ______________
Standard Oil of N . Y . (quar.)___________
Standard Oil (Ohio) (quar.)____________
E x tra ________________________________
Stern Bros., pref. (quar.)______________
Preferred (payable in pref. stock )____
Studebaker Corp., com . A pref. (quar.)_
Swift A Co. (quar.)_____________________
Swift International_____________________
Texas Chief Oil (m onthly)_____________
Thompson-Starrett C o., pref___________
Timken-Detroit Axel, preferred (quar.)_
Underwood Typewriter, com . (quar,)___
Preferred (q u a r .)____________________
Union Bag A Paper Corp. (qu ar.)______
Union Tank Car, com . and pref. (quar.).
United Cigar Stores of Am ., com .(m thly)
Preferred (quar.)____________________
United Gas Im pt., pref. (a u a r .)_______
U. S. Envelope, new com m on___________
U. S. Gypsum, com . A pref. (quar.)_____
U. S. Industrial Alcohol, com . (quar.)___
U. S. Steel Corp., com. (quar.)________
Preferred (quar.)____________________
Valvoline OH___________________________
Van Raalte C o., 1st A 2d pref. (quar.)__
Victor-Monaghan C o., com. (quar.)____
Wahl C o., pref. (quar.)________________
Preferred (quar.)______ ______ _______
Waltham Bleachery A D ye W orks______
Wamsutta Mills (quar.)_______ _________
Welch Grape Juice, preferred (quar.)_
_
White (.J. G.) Engineering C orp., pf.(qu)
White (J. G.) A C o., Inc., pref. (quar.).
White (J. G.) Manage’t Corp., pf. (qu.)
White M otor (quar.)___________________
Wilmington Gas, preferred_____________
Woods M fg.(quar.)____________________
Wool worth (F. W.) C o., common (quar.)
Wool worth (F. W .) C o., pref. (quar.)_
_
oWrigley (W m.) Jr. C o., com . (m th ly.)_
(^Preferred (quar.)____________________
Wright Aeronautical Corp. (N o. 1)_____

Aug.
Hept.
Sopt.
Hept.
LA O ct.
Oct.
1
*1 .60 Hopi.
43 K Sept.
60c. Hept.
Hept.
IK
2
Hept
o c t.
IK
) 1% Hept.
Hept.
2
♦1
Hept.
Hept.
2K
Hept.
2
2 A Sept.
I K Hept.
Hept.
IK
Sept.
IK
Oct.
IK
Aug.
IK
4
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31
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of rec. July 30a
of rec. Aug. 16a
of rec. Aug. 3
of rec. Aug. 3
of rec. Hept. 7»
of rec. Hept. 7*
of rec. A u g. 22
of rec. Aug. 16
l l o l d e r H of rec. Aug. 16a
Holder# of rec. Aug. 19 a
Holder# ol reo. Aug. 16a
Holder# ol rec. Hept 16a
l l o l d e r H of r c e . Aug. 20
Holder# of rec. Aug. 20
♦lloldern of rec. Sept. 1
Holder# of rec. Hept. 6a
Holder# ol rec. July 29
Holder# of rec. July 29
Holder# of rec. Aug. 16a
llolderH of rec. Aug. 31
Holders of rec. Aug. 31
H old ers of rec. Hept. 30a
l l o l d e r H ol rec. Aug. 17a
Aug. 17
to
A u g. 23
Aug. 17
to
Aug. 23
Holders of rec. Aug. 23a

Aug. 31 Holders of reo. Aug. l l a
IK
N o v 30 Holders of reo. N o v . 10a
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Dee. 31 Holders ol rec. Deo. 10a
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Soptd20
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S e p t .30 H old ers o f re c. S e p t, la
1
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IK
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I K M a y 15n H old ers o f re c . A p r . 29n
Hept. 1 ♦H olders oi re c. A u g . 20
♦50c.
60c. H e p t.39 H old ers o l re c. S e p t, i
50c. D e c . 31 H old ers o l re c. D e c . >
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1 H old ers o f rec. S e p t. 36a
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43 y4 1 H e p t .15 H old ers o f re c. A u g . 19a
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5 0c.
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S ep t. 15 H old ers o f rec. A u g . 25a
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l H old ers o f re c . S e p t. 16a
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A u g . 31 H old ers o f re c. A u g . la
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1
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IK
2
A u g . 31 H old ers o f re c. A u g . 24
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2
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A u g . 31 H old ers o f re c. A u g . 20a
2
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$1
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♦SI
S e p t, lo H old ers o f re c. A u g . 31a
3
S e p t .l o H old ers o f re c. A u g . 31a
3
$1.25 S ep t. 15 H o ld e rs o f rec. A u g . 26a
S e p t. 15 H old ers o f re c . A u g . 26a
IK
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4
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1 ♦ H olders o f re c. A u g . 26
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1 ♦ H olders o f re c . S e p t. 10
♦2
$1.20 F e b .21^ H old ers of re c. J an .»21o
S e p t, l H old ers o f re c. A u g . 5
IK
4
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1 H old ers o f rec. S e p t. 20a
S e p t. ] ♦ H olders o f re c. A u g . 20
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1 H o ld e rs o f rec. S e p t. 3a
2 K O c t.
O c t.
1 H o ld e rs o f rec. S e p t. 3a
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2
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S ep t. 1 H old ers o f re c . A u g . 5a
IK
LA A u g . 29 H o ld e rs o f re c. A u g . 17a
S ep t. 15 H old ers o f re c. A u g . 31a
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8 7 A c S ep t. 15
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*4
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to
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A ug. 2
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S ep t. 1 H o ld e rs o f re c. A u g . 1 8 c
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1 ♦ H olders o f re c. S ep t. 22
1 ♦H olders o f re c. S ep t. 22
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S ep t. 1 H old ers o f rec. A u g . 16
5
2
S e p t . 15 H o ld e rs o f re c. A u g . 9
A u g . 31 H o ld e rs o f rec. A u g . 20
IK
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I K S ep t. 1 H old ers o f re c. A u g . 15
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to
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3
S e p t. 1 A u g . 21
2
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2
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O c t.
1 H old ers o f rec. S e p t. 10a
IK
5 0c. S e p t. 1 H o ld e rs o f re c. A u g . 25
O c t.
1 H old ers o f re c. S e p t. 25
IK
2 5 c. A u g . 31 H old ers o f re c. A u g . 17©

* F ro m u n officia l s ou rces, t T h e N ew Y o r k S to ck E xch a n g e has ruled th a t s to c k
will n o t be q u o te d e x -d lv id e n d on this (late and n o t u n til furth er n o tice , a T ran sfer
b o o k s n o t closed fo r this d iv id e n d , b Less B ritish In com e ta x . d C o rre ctio n .
e P a y a b le in s to c k . /P a y a b le In co m m o n s t o c k , q P a y a b le in s cr ip . A O d a c 
co u n t o f a ccu m u la ted d iv id e n d s , i P a y a b le In L ib e r ty or V icto ry L o a n b o n d s.

n 1922.

0 D iv id e n d s o f 6 0 c . a m o n th d e cla re d o n c o m m o n s to c k , p a y a b le o n th e first d a y
o f e a ch m o n th t o h old ers o f re co rd o n th e 25th d a y pf th e m on th p reced in g d a te off
p a y m e n t. A ls o th ree q u a rterly d iv id e n d s o f 1 K % ea ch o n th e preferred s t o c k ,
p a y a b le Ju ly 1, O c t . I a n d J a n . I 1922 t o h old ers o f re co rd J u n e 2 6 ,3 e p t . 26 and
D e c . 2 5 . r e s p e c tiv e ly .
p T ra n sfers receiv ed In o rd er In L o n d o n on o r b e fo re S e p t. 10 w ill bo in tim e lo r
p a y m e n t o f d iv id e n d to tran sferee.
r P a y a b le in C an adian fu n d s.
1 N ew Y ork S to c k E x ch a n g e has ruled th a t Stern B ros. p ref. b e n o t q u o te d ex th e
33 K % sto ck d iv id e n d on A u g . 26 and n o t until S o p t. 2.
t P a y a b le In p referred s to ck .

THE CHRONICLE

938

Transactions at the New York Stock Exchange daily,
weekly and yearly.— Brought forward from page 828.
Week ending
Aug. 26 1921

tar Value, j

Shares.
S a tu r d a y ........... ......
M onday —
Tuesday.........
W e d n e sd a y _______
T h u rsd ay __________
Friday
T o t a l . . . ............

bonds.

2,975,420 $228,702,460

$11,534,000

Week, ending August 26
1921,

Stocks—-No. shares. .
2,975,420
2,663,592
Par value___________ $324,762,460 $237,804,200
Bank shares, p a r_____

bondA
Governm ent bonds_
_
•Stale, niun , A c bonds
HR. and misc. bonds. T otal bonds_________

July 30
1921.

$4,641,500 $25,726,100

Jan. 1 to August 26.
1920.

150,474,211
112,326,431
$3,406,503,986 $13,276,809,475
$1,400

$25,726,100 $25,319,900 $1,201,103,110 $1,877,503,600
195,838,900
232,612,00 )
3,279,000
4.641, 0U
581,982,100
11,534,000
392,111,000
17.214,000
$41,901,600 $ 15,812,900 $1,981,924,110

2,502,126,600

D A IL Y T R A N S A C T IO N S A T T H E B O S T O N , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .

Philadelphia

Boston

Week ending
Aug. 26 1921

B O STO N CCLEARING HOI BE M E M B E R S .

$1,820,000
4.396.000
4.011.000
5.325.000
6.282.000
3,892.100

1921.

1920.

Boston Clearing House Banks.— W e give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

u . s.
bonds.

$548,000
754.500
777.000
882.000
803.500
876.500

$1,053,000
$8,602,000
1.914.000
33,237,500
2.122.000
43.536,200
1.778.000
48,383,4171
1.792.000
45,354,625|
2.875.000
49,558,718

124,300
440,310
536,010
642,525
6U6.575
625,700

Sales at
New York Stock
Exchange.

Stale, Afun.
A foreign
Bonds.

Railroad,

Stocks.

Shares

Shares

Bond Sales

AND

5,565
7,667
8,925
13 813
9,361
12,638

$8,300
24,050
40,250
43,350
20,600
1,000

1,391
2,539
5,591
4,242
6,193
2,791

$20,500
30,350
28.350
115.6C0
169,650
9,000

341 1
729
375
898
1,615
923j

T o ta l__________ _

57,969

$137,550

22,747

8373,450

4,881-

$6,400
68,000
50,500
8,000
4,000
6,000
$142,900

New York City Non-Member Banks and Trust Com
panies.— Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the “ Clearing House Returns” in the next column:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G
H O U SE .
(Staled in thousands of dollars— that is, three ciphers COO omitted.

Net

Loans,

Net
Net
Reserve
Capital. Profits. Dis
Nat’l
C L E A R IN G
uH
lh Demand Time
counts, Cash
N O N -M E M B E R S
Bank
De Circu
De
Legal
in
Nat.bks.June30 In vest
W eek e n d in g
State “ June30 ments , Vault, Deposi posits. posits. lation.
A u g . 20 1921.
tories .
fee.
T r. cos. June30 c
M em bers o f
F e d ’l R es. B a n k .
Battery Park N a t.
M utual B a n k . ___
W . R . Grace & Co
Y orkvilie B a n k ...

Average A verage Average Average Average A verage
168
196
43
532

$
1,354
1,423
541
1,516

S
9,192
10,020
2,998
8,788

4,001 44,272

939

4,834

30,998 10,541

100
600

433
3,481
1,691 16.212

455
1,975

217
1,307

3,421
17,367

700

2,125 19,693

2,430

1,524

20,788

30

$
1,500
200
500
200

$
$
1,443 11,552
10.510
770
5,339
1.032
754 16,871

2,400

Bank of W ash IIts.
Colonial B a n k . . . .
T otal _________
T r u s t C om p a n ie s

T o ta l_____
S ta te B an k s.

$

$
122
354
1,294
8,771

$
195
-

195

Not Members of the
Fed’l Reserve Bank.
30
—

—

Not Members of the
Fed’l Reserve Bank.
200

530

9,317

306

263

3,761

5,519

200

530

9,317

306

263

3,761

5,519

Grand aggregate. _ 3,300
Com parison previo us week

6,656 73,282
— 646

3,675
— 186

6,621 a55,547 16,090
— 146
— 278
+ 16

195
+ 6

G r’d
G r’d
G r’d
G r’d

6,656
6,656
6,656
6,656

3,861
3,801
3,984
3,861

6,767
6,559
6,559
6,781

189
189
190
195

M ech T r, Bayonne
T o t a l.. . . .

aggr.
aggr.
aggr.
aggr.

...

A u g. 6
July 30
July 23s
July 16

3,300
3,300
3,300
3.300

73,928
74,530
73,866
74,382

$
Circulation _ ________________
2.607,000 Inc.
Loans, disc’ ts & investments 613,023,000 I )e c .
Individual deposits, lncl. U .S. 378,539,000 Dec.
Due to banks. _
85,541,000 Dec.
T im e d e p o s its .. .
21,411.000 I )e c .
United States deposits _
12,828,000 l )e e .
Exchanges for Clearing House 11,957,000 Dec.
Due from other banks
51,070,000 Inc.
( ash in bank and F. it. Bank 41,358,000 1Jec.
Reserve in Fed. Res. Banks.
7,530,000
Reserve excess In bank and
Federal Reserve Bank
610,000 In c .

Aug. 13

Aug, 6

1921.

1921.

$

$
8
10,000
2,696,000
2,597,000
2.792,000 515,815,000 516,786,000
850,000 379,389,000 380,020,000
1,842,000 87,383,000
19,000
08,000 21,479,000
i 5,590,000 18,418,000 19,400,000
1,389,000 13,346,000 14,921,000
2,132,000 48,938,000 19 79 000
197,000 41,665,000 41,649,000
148,000

853,000

462.000

Statement of New York City Clearing House Banks
and Trust Companies.— The following detailed statement
shows the condition of the New York City Cleaaing House
members for the week ending Aug. 20. The figures for the
separate banks are the average of the daily results. In the
case of totals, actual figures at end of the week are also given
N E W Y O R K W E E K L Y C L E A R IN G H OU SE R E T U R N S .

Shares IBond Sales

Saturday ____
M o n d a y ______
Tuesday _____
Wednesday
Thursday .
Friday ....................

Changes from
previous -week.

(Stated in thousands of dollars—that is. three ciphers [000 omitted.)

Baltimore

bond Sales

[You 113

a55,S25 16,074
a56,166 16,039
a56,456 16,031
a57,018 16,067

—

Loans,
CLEARING
Reserve
Net
Time Bana
HOUSE
Net
with
Capital. Profits. Discount, Cash
De Circu
Invest
in
MEMBERS, i
Legal Demand
Vault. Deposi Deposits. posits. la
(.000 omitted. N a t’l, Ju n e 30 ments,
tion.
W e e k e n d i n g State, June 30
&c.
tories.
A u g . 20 1921 Tr.c o s.,J u n e 30
M em bers o f
F ed. R es. B an k

Bk of N Y.NBA
Manhattan Co_
Mech & Metals.
Bank of Amer.
National City.
Chemical Nat.
Atlantic Nat —
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Corn
Pacific Bank. _
( ’hat & Phenix.
Hanover Nat .
Metropolitan —
Corn Exchange.
Imp & Trad Nat
National Park
East River Nat.
Second Nat----First National - Irving National
N Y County Nat
Continental----Chase X ational _
A
Fifth Avenue
Commonwealth
Garfield Nat ..
Fifth NationalSeaboard N at-.
Coal & Iron
Union Exch Nat
Brooklyn Tr Co
Bankers Tr Co.
U S M tg & T rC o
Guaranty Tr Co
Fidel-Int Tr Co
Columbia Tr Co
People’s Tr Co
N Y Trust Co - Lincoln Tr Co. _
Metropol Tr Co
Nassau Nat, Bkn
Farm L & Tr Co
ColuWbia
Equitable Tr Co

$

$

7,184
16,828
17,004
5,976
64,056
15,339
1,084
233
7,630
34,494
1,668
8,4 02
20,954
4,403
10,093
8,5 00
23,011
738
4 ,7 3 5
36,533
11.202
501
859
19,716
2,189
835
1,606
736
4,829
1,400
1,509
2,678
19.034
4,850
30,545
1,631
7.652
1,905
16,340
1,202
3,394
1.000 1,501
5,000 11,617
1,606
2,000
12,000 16,599

2,0 00
5,00C
10,000
5,500
40,000
4,500
1,000
500
5,000
25,000
1,000
7,000
3,000
2,500
7,500
1,500
10,000
1,000
1,000
10,000
12,500
1,000
1,000
15,000
500
400
1,000
1,000
3,000
1,500
1,000
1,500
20 .000
2.000
25 ,000
1,500
5,000
1,500
10,000
2,0 00
2,0 00

A verage A verage Average
$
$
$
35,327
120,191
174,122
52,427
484,012
118,220
16,984
5,429
101,007
274,144
21,979
108,972
109,231
43,325
159,694
35,988
160,847
10,742
21,908
237,945
170,082
12,168
6,853
269,118
19,408
8,179
15,401
14,671
50,712
15,725
15,498
31,261
245,794
52,305
398,964
18,663
70,908
35,863
135,140
21,094
26,771
15,960
118,219
25,446
138,859

608
1,960
8,634
1,393
9,811
1,290
359
97
1,053
1,580
1,078
4,467
510
2,664
5,638
667
1,229
372
755
565
5,883
668
121
4,767
846
421
553
335
932
760
426
785
998
559
2,173
322
970
1,132
644
400
603
385
710
518
1,663

3,419
14,090
17,785
6,287
48,248
12,200
1,814
572
10,421
30,172
3,172
12,704
13,277
6,139
21,443
3,354
16,787
i . 137
2,442
21 ,048
22,709
1,777
765
28,302
2,708
1,215
2,051
1,634
5,564
1,754
2,107
3,356
28,944
6,156
36,962
2,3 69
8.859
3,465
14,851
2,933
2,7 80
1,348
12,863
2,907
17,559

A verage
%

Average Avge.
$
%

1,103
24,632
98 ,208 13,830
134,306
2,246
1,076
47,498
465,587 19,748
1,621
92,452
753
13,482
3,853
90
2,423
78,226
2,437
223,199
145
22,267
89,000 15,455
95,470 _____ _
468
45,180
149,693 15,545
35
25,486
2,081
128,786
1,281
9,696
83
16,876
4,269
165,376
2,492
172,506
659
13,034
100
5,405
215,287 10,356
18,665 _____
_
8,599 _ ___
37
14,166
12,372
348
733
41,893
412
12,390
15,804
329
25,522
3,126
8,257
*222,929
1,170
47 ,090
*386,274 15,045
583
17,543
66,499
2,670
33,370
1,345
1,856
113,398
624
19,785
22,236
707
13,329
320
*105,876 15,094
573
22,014
9,919
*156,520

1,338

____

987

___

1,247
350
229
282
4,663

........
___
4,429
100

___
—
51
5,166
50
626
7,245
2,479
197

—

1,070

—
—
392
248
64
403
385

——
- —
—
___
—
—
—
—
—
—
—
50

—
—
—

Avge. Aug. 2 0 . . 271,400 454,822 4,225,556 72,324 463,349 c 3 ,467,463 161,444 32,051
Totals, actual co ndition Aug. 20 4,212,333 69 ,728 470,862 c 3 .4 6 5 .6 4 162,734 32,122
Totals, actual co n dition Aug. 13 4,4 29,88 0 72,370 470,318 c 3 ,465,951 160,717 31,967
Totals, actual co n dition Aug. 6 4,2 92,20 4 72,970 473,057 c 3 ,456,407 160,410 31 .450
State Banks. Not Me mbers of F. R. Bk.;

50

Greenwich Bank
Rowerv _____
State Bank-----

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending Aug. 20 with comparative
figures for the two weeks preceding is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % 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 1 0 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
Week ending Aug. 20 1921.
Trust
Two ciphers (00) omitted. Members of
F.R. System Companies
C ap ital____________________
33.225,0
Surplus and profits___
92,549,0
Loans, disc’ ts & investm ’ts 622,0S9,0
Exchanges for Clear. House
20,080,0
D ue from banks__________
84,347,0
Bank deposits____________
102.481,0
Individual d ep o sits.______ 449,244,0
T im e deposits_______ _ _
12,552,0
T otal deposits___________ _ 564,277,0
U . S. deposits (not incl.)
Reserve with legal deposit’s
Reserve with F. R . B a n k ..
48,182,0
9,949,0
Cash in vau lt* ____________
*
T otal reserve and cash held
58,131,0
Reserve required. _ _
45,105,0
Excess roc. & cash in vault
13,026,0

4,500,0
13,298,0
33,342,0
157,0
12,0
259,0
17,519,0
281,0
18,059,0
2,038,0
787.6
2,825,0
2,655,0
170.0

Aug. 13
Total.
37,725,0
105,847,0
655,431,0
20,237,C
84,359,0
102,740,0
466,763,0
12.833.0
582,336,0
13.050.0
2,03S,0
48,182,0
10,736,0
60,956,0
47.760.0
13.196.0

Aug. 0

1921.

1921.

$37,725,0
37,725.0
105,871,0 105,872.0
665,553,0 677,458.0
18,731,0
20,493.0
82,495,0
82,129.0
102,681,0 103,278.0
463,400.0 469.157.0
12,915,0
12,911.0
578,996,0 585,346.0
21,518,0
24,222.0
2.045,0
2,242.0
46,297,0
47,391.0
10,838,0
10,652.0
59,180,0
60,285.0
47,753,0
48,276.0
11.427.0
12.009.0

♦Cash in vaults not counted as reserve for Federal Reserve members.

1,000
250
2,500

1,955
845
3,172

17,255
5,236
75,418

2,411
612
3,205

1,546
302
1,947

17,176
5,304
27 ,984

______
45,966

—
—

Avge. Aug. 20__

a U . S. deposits deducted, $406,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,522,000.
Excess reserve, $265,960 decrease.

3,7 50

5,973

97,909

6,228

3,795

50,194

46,016

—

Totals, actual co ndition Aug. 20
Totals, actual co n d ition Aug. 13
Totals, actual co n dition Aug. 6

97,427
98,457
97,703

6,271
6,063
6,125

3,988
3,832
3,601

50,037 46.049
50 ,617 45.S94
49 ,605 45,849

—
—

T rust Cos.

Not Me mbers of F. R. Bk.;
45,159
6,000 12,41b

___

6,296

24,288

1,345
822

3,165
1,521

29 ,923
15,210

945
495

—

Avge. Aug. 2 0 _ - 10,000 18,713

69,447

2,167

4,686

45,133

1,440

—

Totals, actual co ndition Aug. 20
Totals, actual co n dition Aug. 13
Totals, actual co n dition A u g. 6

69 ,443
69,915
69.591

2,22S

4.766
4.785
4,6 50

44.7S3
45 .779
4 5,104

1,417
1.445
1,479

—
—

Title Guar & Tr
Lawyers Ti& Tr

4,000

2,1 79
2,187

___

Gr’d aggr. avge. 285,150 479,508 4,392,912 8 0 ,7 1 9 4 7 1 ,S30 3.5 62,79 0 208,900 32.051
Comparison, pre vious w eek___ — 36.148 — 3,914. + 1,541 + 16,858 + 526 + 2 0 4
Gr’d aggr., act’l cond’n A u g . 20 4,379.203 7 8 ,2 2 7 4 7 9 ,6 1 6 3 .5 6 0 ,4 6 0 210,200 32.122
— 1.8S7 + 2,144 + 155
Comparison, pre vious w eek___ — 3 9 ,049 — 2,385| + 6 8 1
Gr’d aggr., act’l con’dn
Gr’d aggr., act’l c o n d ’n
Gr’d aggr., act’l cond’n
Gr’ d aggr., act’l cond’n
Note.__U. S. deposits

A u g. 13 4,418,252 80 ,612 478,935 3.562.347
A ug. 6 4,4 5 9 ,4 9 8 81.282 481.308 3,551.116
J u ly 30 4,4 14,17 6 79 ,990 459,746 3,6 38,08 2
July 23 4 .4 4 5 ,3 4 7 S3,583 480,455 3,6 4 9 ,0 4 0

208,056 31.967
207,738 31 ,450
211,526 31,919
210,90 9 3 2 ,535

deducted from net demand deposits in the general total
above were as follows: Average for week A u g. 20. $109,343,000; actual totals Aug. 30.
$81,177,000; Aug. 13, $142,080,000; A ug. 6, $57,379,000; July SO, $43,717,000;
July 23 $53,649,000. Bills payable, rediscounts, acceptances and other liabilities,
average’ for week Aug. 20, $571,958,000; actual totals Aug. 30. $585,886,000;
Aug. 13, $584,639,000; A ug. 6. $528,186,000; July 30, $599,083,000; July 23.
$631,761,000.
* includes deposits in foreign branches not Included In total footing as follows.
National C ity Bank, $93,994,000; Bankers Trust C o ., $9,4 19,000; Guum.no lYusi
Co $104,229,000; Farmers Loan A Trust C o ., $11,483,000, F suitable C'mu Co
$25 160,000. Balances carried in banks in foreign countries as reserve for such
deposits’ were: N ational City Bank, $33,877,000; Bankers Trust Co
s.uP.i»oo
Guaranty Trust C o .. $19,020,000; Farmers Loan A Trust -C o . 31.7 36.000; Equitable
Trust C o ., $3,045,000. e Deposits in foreign brunette* not Included.

A ug.

0 T A T E ME NTH OF RESERVE POSITION OF CLEARING HOUSE HANKS

COM BINED

A N l) TRUST COMPANIES.
Averages.
( lash
Reserve
in Vault.
Members Federal
Reserve banks .
State banks’".
Trust companies___
Total Aug. 2 0 ___
Total Aug. 13._. _
Total Aug. 6 . ___
Total July 3().

939

THE CHRONICLE

27 1921.

Reserve
in
Depositaries

Week ended—•
a
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

$
§
103,319,000 403,319,000 155,013,510
9,031,920
3.795.000 10,023,000
6,228,000
0,709,950
0,853,000
4.086.000
2,167,000

$
7,735,400
988,080
83,050

17 1,830,01 0 4 10,225,000 171,118,380
/S,780,000 109,215,830
170.289.00
85,2 1:8,000 470,730,580
176.913.00
92,450,000 483,000,990
183.974.00

8,800,020
9,504,170
8,51 1,420
9,455,010

$

8.395.000
8.191.00 )
8.335.000
8.482.000

KEBIJLTH OF BANKS AND TRUST COMPANIES IN
G REATER NEW YORK.

Juno 18
June 25
July 3
July 9
July io
July 23
July 30
An/;
c
Aug. 14
Aug. 20
* This Item includes
Reserve notes.

Loans and
Investments.

Demand
Deposits.

* Total Cash
in Vaults.

$
«
%
I 11,200,200
4,360,385,400
5.160.297.200
112,409,100
4.291.071.000
5,202,318,800
4.320.379.000
109,710,700
5.204.031.100
115.108.000
5.137.081.000
4.274.515.500
110.703.500
6.077.470.000 4.255.904.500
108,531,900
4.247.218.500
5.020.355.400
108.482.000
4,241 ,523,000
6,012,004,900
4.191.083.000
105,200,300
5.074.549.200
107.530.1
.00
4.128.633.500
5.035.730.400
4,14 9,772,900
103.028.500
4.998.030.100
gold, silver, legal tenders, national bank note*;

Reserve in
Depositaries.
Z
0/5,100.100
>95,220,4 00
>80,94 J,200
582,1 14,000
674, (530 000
508.500.800
500,320,300
559.209.800
551,389,400
553,040,000
and Federal

Actuul Figures.
Cash
Reserve
in Vault.
Members Federal
Resorve banks___
State banks*.............
Trust companies..
Total
Total
Total
Total

Aug. 2 0 ___
Aug. 13___
Aug. 6 _____
July 30__ __

Reserve
in
Depositaries

b
Reserve
Required.

Total
Reserve.

$
§
§
470,802,000 470,802,000 455,415,220
6.271.000
3.988.000 10,259,000 9,006,600
6,994,000
4.776.000
2.228.000
6,717,450
§

5.499.000
8.242.000
8.312.000
8.307.000

479.610.000
478.935.000
481.308.000
459.746.000

488.115.000
487.177.000
489.620.000
468.053.000

Surplus
Reserve.
$
15.440,780
1,252,340
276,550

471,139,330 16,975,670
471,373,050 15,803,950
469,839,710 19,780,290
481,374,120 0113321120

• Not members of Federal Reserve Bank.
a 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 banks
Includes also amount of reserve required on net time deposits, which was as follows:
Aug. 20, S4.843.320; Aug. 13, $4,830,020; Aug. 6. $4,812,660: July 30, §4,908.830.
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. 20, $4,882,020; Aug. 13, $4,821,510; Aug. 6, §4,812,300; July 30, $4,921,350.

State Banks and Trust Companies N ot in Clearing
House. — The State Banking D epartm ent reports weekly
figures showing the condition of State banks and trust com
panies in N ew Y ork C ity not in the Clearing House as follows:
SU M M A R Y OF STATE BANKS A N D TRUST COMPANIES IN G R E A TE R
NEW Y O R K , NOT IN CLU DED IN CLEARIN G HOUSE STATEM EN T.
{Figures Furnished by Stole Banking Department.)
Differences from
k Aug. 20.
previous week.
Loans and investments____________________________ §605,118,100 Dec. $1,552,300
6,802,900 Dec.
G old -------------------------------------------------------------------73,500
Currency and bank notes_________________________
15,506,600 Dec.
524,100
Deposits with Federal Reserve Bank of New York__
50,887,200 Inc.
464,100
Total deposits------------------------------------------------------- 630,840,400 Dec.
632,800
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com
panies in N. Y . City, exchanges and U. S. deposits 586,9S2,9C0 Inc. 4,278,400
Reserve on deposits______________________________
103,526,100 Dec.
481,400
Percentage of reserve, 20.3% .
RESERVE.
-------- State Banks-------- --------Trust Companies----Cash in vaults-------------------------------*$25,037,000 15.66%
$48,159,700 13.75%
Deposits in banks & trust companies 8,368,600 5.24%
21,960,800
6.27%
Total------------------------------------------- S33,405,600

20.90%

$70,120,500

20.02%

* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 20 were $50,887,200.
k The Equitable Trust Co. is no longer included in these totals, it having become
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.

Banks and Trust Companies in New York C ity. — The
averages of the N ew York C ity Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater N ew Y ork C ity outside of
the Clearing H ouse, are as follows:

C o n d itio n o f the F ed eral R eserve B a n k of N ew Y o r k .
— The following shows the condition of the Federal Reserve
Bank of N ew York at the close of business Aug. 24 1921, in
comparison with the previous week and the corresponding
date last year:
Resources—
Gold and gold certificates........................
Gold settlement fund— F. R . Board-----Cold with foreign agencies----------------Total gold held by bank____________
Gold with Federal Reserve Agent--------Gold redemption fund_________________
Total gold reserves__________________
Legal tender notes, silver. <fec_________
Total reserves___________
Bills discounter!: Secured by U. S. Gov
ernment obligations— for members_
_
For other F. R . B anks..................

Aug. 24 1921. Aug. 17 1921. Aug. 271920.
$
$
335,971,675
318,092,776
97,015,000
61,718,023
39,771,166
24,116,000
------- —
------- ------40,906,000
397,689,899
357,863,943 162,037,000
472,291,178
472,526,278 275,950,000
20,000,000
20,000,000
35,928,000
889,980,877
850,390,221 473,915,000
61,775.302
61,908,645 124,809.000
951,756,179
912,358,866 598,724,000

127,666,003
140,099,100 553,992,000
27,887,440
27,862,160_
_
155,553,443
167,961,320 553,992,000
195,439,938 366,051,000
AH other— For members....................... 195,112,111
For other F. R . Banks------------------9,985,000______4,735,000
--205,097,111
200,174,938 366,051,000
Bills bought in open market__________
13.878.889
20,268,742 100,523,000
Total bills on hand_________________ 374,529,444
388,405,001 1,020,566,000
1,005,400
1,005,400
1,512,000
U. S. Government bonds and notes-----U. S. certificates of Indebtedness—
One-year Certificates (Pittman A c t)-52,276,000
52,276,000
59,276,000
All o th e r s ______________
5,522,000
10,125,000
447,208,401 1,091,479,000
Total earning assets_________________ 427,810,844
5,514,838
3,942,000
Bank premises_________________________
5,515,613
1,658,960
2,194,000
5% redemp. lund agst. F. R . bank notes
1,683,760
120,167,193
158,600,600
Uncollected items____________________ 99,719,459
2,615,292
808,000
AH other resources____________________
2,828.692
Total resources.......................................1,489,314,549 1,489,523,552 1,855,747,000
Liabilities—
= - ~ -—
-----: ■ ■ ■ - - —
26,983,000
25,337,000
Capital paid In________________________
27,087.400
59,318,368
51,308,000
Surplus_______________________________
59,318,368
18,677,010
__________
Reserved for Government Franchise Tax. 18,880,010
Deposits:
282,693
20,139,000
Government_________________________
7,944,198
610,152,279 717,885,000
Member Banks— Reserve Account___ 821,420,263
15,132,306
20,692,000
AllOther____________________________
11,948,464
758.716.000
625,567.279
Total deposits______________________ 641,312,925
854.924.000
637,644,500
F. R. notes In actual circulation_______ 634,018,205
34.789.000
28.492,200
28,571.200
F. R. bank notes in clrcul’n— net liability
98.839.000
76,084,935
88,663,186
Deferred availability items____________
31.834.000
4,081,504
4.178,008
AH other liabilities____________________
Total liabilities___________
1,489.314,549 1,489,523,552 1,855,747,000
Ratio of total reserves to depost and = = = = =
= = = = =
=
74.6%
72.2%
38.5%
F. R . note llablUtles combined_______
Ratio of total reser es to F. R . Notes
in circulation after getting aside 35%
against deposit liabilities_______________
114.7%
108.7%
41.4%
Contingent liability on bills purchased
for foreign correspondents____________
12,826,859
15,297,969
6,077,464
Note.— In conformity with the practice of the Federal Reserve Board at Washing
ton, method of computing ratios of reserves to liabilities was changed beginning with
the return for March 18. Instead of computing reserves on the basis of net deposits—
that is, including in the total of deposits “ deferred availability items” but deducting
“ uncollected items” — the new method Is to disregard both amounts and figure the
percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis; that is, reserve percentages are calculated on
basis of net deposits and Federal Reserve notes in circulation.

The Federal Reserve B anks. — Following is the weekly statement issued by the Federal Reserve Board on Aug. 2 5 .
The figures for the system as a whole are given in the following table, and in addition we present the results for seven preced
ing weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities sepa
rately for each of the twelve banks. The Federal Reserve A gents’ Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
F u r th e r a d d it io n s o f $ 1 8 ,8 0 0 ,0 0 0 t o g o ld a n d o f $ 2 0 ,7 0 0 ,0 0 0 t o t o t a l
c a s h r e s e r v e s , a c c o m p a n ie d b y a r e d u c t io n o f F e d e r a l r e s e r v e n o t e c ir c u la 
t io n o f $ 1 7 ,7 0 0 ,0 0 0 , is in d ic a t e d in t h e F e d e r a l R e s e r v e B o a r d ’s w e e k ly b a n k
s t a t e m e n t issu e d as a t c l o s e o f b u s in e s s o n A u g . 24 1 9 2 1 .
T o t a l d e p o s it s
s h o w a n in c r e a s e o f $ 2 ,4 0 0 ,0 0 0 f o r t h e w e e k , w h ile t h e r e s e r v e r a t io r o s e
fr o m 6 5 .8 t o 6 6 . 5 % .
T h e r e s e r v e b a n k h o ld in g s o f p a p e r s e c u r e d b y U . S . G o v e r n m e n t o b li g a 
tio n s s h o w a d e c r e a s e o f $ 1 7 ,9 0 0 ,0 0 0 f o r t h e w e e k , w h ile o t h e r d is c o u n t s
in c r e a s e d b y $ 1 ,2 0 0 ,0 0 0 a n d a c c e p t a n c e s d e c lin e d b y $ 6 ,7 0 0 ,0 0 0 .
The
b a n k s r e p o r t th e ir h o ld i n g s o f P it t m a n c e r t ific a t e s a s $ 1 ,500,000 s m a lle r
th a n t h e w e e k b e fo r e , a n d t h o s e o f o t h e r T r e a s u r y c e r t i f i c a t e s a s $ 5 ,0 0 0 ,0 0 0
s m a lle r .
In c o n s e q u e n c e o f t h e s e c h a n g e s t h e t o t a l e a r n in g a s s e ts o f t h e
r e s e r v e b a n k s w e r e $ 3 0 ,0 0 0 ,0 0 0 lo w e r o n A u g . 2 4 t h a n a w e e k e a r lie r a n d
s t o o d a t $ 1 ,7 6 9 ,3 0 0 ,0 0 0 , o r a b o u t 4 6 % b e lo w t h e t o t a l r e p o r t e d a y e a r a g o .
O f t h e t o t a l h o ld in g s o f $ 5 4 1 ,8 0 0 ,0 0 0 o f p a p e r s e c u r e d b y U . S . G o v e r n 
m e n t o b lig a t io n s , $ 3 6 5 ,5 0 0 ,0 0 0 , o r 6 7 . 5 % , w e r e s e c u r e d b y L i b e r t y a n d
o t h e r U . S . b o n d s , $ 1 4 7 ,0 0 0 ,0 0 0 , o r 2 7 . 1 % , b y V i c t o r y n o t e s , $ 5 ,3 0 0 ,0 0 0 o r
1 % , b y T r e a s u r y n o t e s a n d $ 2 4 ,0 0 0 ,0 0 0 o r 4 . 4 % b y T r e a s u r y c e r t ific a t e s ,
c o m p a r e d w ith $ 3 6 7 ,2 0 0 ,0 0 0 , $ 1 6 1 ,3 0 0 ,0 0 0 , $ 5 ,3 0 0 ,0 0 0 , a n d $ 2 5 ,9 0 0 ,0 0 0

r e p o r t e d t h e w e e k b e fo r e .
D is c o u n t e d b ills h e ld b y t h e B o s t o n , N e w Y o r k a n d C le v e la n d R e s e r v e
B a n k s i n c lu d e $ 6 7 ,6 0 0 ,0 0 0 o f b ills d is c o u n t e d f o r t h e R i c h m o n d , A t la n t a ,
M in n e a p o lis a n d D a ll a s b a n k s , c o m p a r e d w it h $ 5 4 ,4 0 0 ,0 0 0 r e p o r t e d o n
t h e p r e v io u s W e d n e s d a y .
T h e R ic h m o n d B a n k ’ s r e d is c o u n t s w it h t h e
N e w Y o r k B a n k r e m a in p r a c t i c a l l y u n c h a n g e d ; t h e A t la n t a B a n k ’ s r e 
d is c o u n t s w it h t h e B o s t o n B a n k in c r e a s e d fr o m $ 2 ,0 0 0 ,0 0 0 t o $ 8 ,0 0 0 ,0 0 0 .
T h e M in n e a p o lis B a n k ’ s r e d is c o u n t s w it h t h e N e w Y o r k B a n k in c r e a s e d
fr o m $ 1 2 ,6 0 0 ,0 0 0 t o $ 1 7 ,9 0 0 ,0 0 0 , a n d t h e D a ll a s B a n k ’ s r e d is c o u n t s w it h
t h e B o s t o n a n d C le v e la n d B a n k s in c r e a s e d f r o m $ 2 0 ,0 0 0 ,0 0 0 t o $ 2 2 ,0 0 0 ,0 0 0 .
G o v e r n m e n t d e p o s it s s h o w a n in c r e a s e o f $ 1 2 ,5 0 0 ,0 0 0 , w h ile m e m b e r s ’
r e s e r v e d e p o s it s d e c lin e d b y $ 4 ,6 0 0 ,0 0 0 , a n » o t h e r d e p o s it s c o m p o s e d la r g e ly
o f n o n -m e m b e r s ’ c le a r in g a c c o u n t s a n d c a s h ie r s ’ c h e c k s d e c lin e d b y $ 5 ,5 0 0 ,0 0 0 .
T h e d e c r e a s e o f $ 1 7 ,7 0 0 ,0 0 0 in F e d e r a l r e s e r v e n o t e c i r c u la t i o n b r o u g h t
t h e t o t a l v o l u m e o f th e s e n o t e s d o w n t o $ 2 ,4 8 5 ,9 0 0 ,0 0 0 , t h e lo w e s t fig u r e
s in c e F e b . 2 8 1 9 1 9 .
F e d e r a l r e s e r v e n o t e c i r c u la t io n h a s n o t b e e n b e lo w
$ 2 ,5 0 0 ,0 0 0 ,0 0 0 s in c e J u n o 27 1 9 1 9 .
F e d e r a l r e s e r v e b a n k n o t e c ir c u la t io n
d e c lin e d b y $ 1 ,7 0 0 ,0 0 0 d u r in g t h e w e e k u n d e r r e v ie w .

C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s i n e s s A ug . 24 1921
Aug. 24 1921. Aug. 17 1921, Aug. JO 1921 . Aug. 3 J921. July 27 1921. July 20 1921. July 13 1921 July 6 1921. Aug. 27 1920
lir e SOURCES.
Gold and gold certificates
Gold settlement fund, F. R
Gold with foreign agencies

Board

Total gold held by banks
Gold with Federal Iteserve agents
Gotfd redemption fund
Total gold reserve

§
425,099,000
4 20,454,000

§
407.452.000
418.738.000

§
423,005,001)
408,756,000

§
412.830.000
425.766.000

§
389.065.000
419.741.000

§
308.448.000
404.005.000

352.341.000
402.248.000

$
338.957.000
403.146.000

$
186,139,009
373.272.000
111.455.000

852, J53,000 820.190.000 831.701.000 838,002,000 809.406.000 772.453.000 754.589.000 743.103.000 670.866.000
1,046,109.000 J,000,002,000 1,640,020,000 1,015,482,000 1,610,287,000 1,024,332,000 1,623,321,000 1.598,265,000 1,154,684,000
1.20,810.000 114.043.000 103.514.000
98,729,000 105.538.000 111.513.000 114.034.000 137.438.000 146.275.000
2,610,078 000 2,000,295.000 2,575,901,000 2,552,813,000 2,531,231,000 2,508,298,000 2,492,544,000 2.477,806,000 1,971,825,000

940

THE CHRONICLE

[V ol. 118

1U •24 L
ff
92L Aug. 17 1921. Aug. 10 1921 Aug. 3 1921. July 27 1921. July 20 1921 July 13 1921. July 0 1021. Aug. 27 1920
kl L C £ i‘

147,078.000

H oled, Silver

6
145,173,000

*
144,947,000

*
151,030.000

*
154,005.000

$
151,008,000

8
155,050,000

$
153,405,000

$
156,002,000

r~ Total rotterves_____, ____ ___________
Hilly discounted:
Secured by l /. 8 . Govt, obligations.
AH other_________________„ _________
Hills bought in opon market..................

2.766.156.000 2,745,468,000 2,720,848,000 2,703.843.000 2,685,296,000 2,059,366,000 2,647,594,000 2.031,211,000 2,127,827,000

Total bills on hand- -----------------------l) - *S. bonds and noted....... ..........
ii I certificates of indebtedness;
One-year certificated (Pittman Act)
All other___ , _________________

1,530.560.000 1,654,027,000 1,571,637,000 1,647.579,000 1,069.920.000 1,710,056,000 1,729.116.000 1.832,499,000 2,989,092,000
34,028,000
34,099,000
34,152,000
34,114,000
35,407.000
34,175.000
30.098,000
30,010,000
26,879,000

Total earning assets-----------------------bank pre inidea________ ________ _
_
5 % redemp. fund agat. F. H. bank not
Cucollected lterns______________ _____
All other resourced.......... ..................... -

i 769 334.000 1.799.306,000 1,831.379,000 1,903,109.000 1,919.408,000 1,964,230,000 1,999,622.000
26.952.000
26.720.000
27.256.000
25.892.000
25.702.000
25.846.000
25.619.000
9,471,000
9,516,000
9,583,000
9,954,000
9.014,000
9,000,000
10.033.000
483,446,000 493,700,000 494,948,000 544.055,000 690.094.000
463,592,000 531,871.00
17.302.000
10.787.000
17.170.000
17.853.000
12.813.000
15.046.000
14.098.000

Total resourced_____________________

541.754.000
953.597.000
35,209,000

|01 I f 5,000
8 300,000

559.689.000
952.428.000
11.910,000

203,375,000
7.876.000

502.918.000 572,009,000 591.450,000 609.779.000 018.784.000
000 1.314.830.000
963.741.000 1,045.009,000 1,059,046,000 1,070.370.000 1.085.190.000 1,126.980,000 1.352.297.000
44,978,000
29.901,000
19,424,000
23,907,000
25.136.000
31,130,000 321,965,000

206,375,000
19,215,000

207.875,000
13,541,000

214,375,000
938.000

215,875,000
2.892,000

215,875,000
18.634.000

215,875,000
10,661,000

259,375,000
14,326,000

)()() 3,289,672,000
14,869,000
24.801.000
9,679,000
11,956,000
557,102.000 728,774,000
13.088.000
5,673,000

5,053,174,000 5.130,370,000 5,088.690,000 5,153.334,000 5,150.210,000 6,216.780,000 5.288.360,000 5,331.636,000 6,178,771,000

LIABILITIES.

Capital paid In--------------------------------------103.030.000 102.890.000 102,600,000 102.372.000 102.263.000 102,222,000 102.090.000 102.103.000
97.055.000
Surplus__________________________________
213.824.000 213.824.000 213,824,000 213.824.000 213.824.000 213,824,000 213.824.000 213.824.000 164,745,000
47,000,000
40.608.000
Reserved for Govt, franchise tax_______
45.826.000
44.231.0(H)
47.824.000
45.503.000
42.005.000
43.419.000
19.014.000
35.595.000
1>eposits— Goverumeni-------------------------56.747.000
31.479.000
43.510.000
34.967.000
31.709.0(H)
34.024.000
10.942.000
^ Member banks —reserve account.......... 1,616.984,000 1,021,570,000 1,601,583.000 1,619,920.000 1,038.037,000 1,030,190.000 l .655,303,000 1,061,757,000 1.818,502,000
30.665.000
25.294.000
Allother---------------------------------------------28.399.000
27.850.000
25.188.000
43.180.000
27.371.000
24.928.000
27.740.000

1,249,000 1.602.472.000 1.705.066.000 1.095.274.000 1.093.019.000 1.093.991.000 1.713.152.000 1.905.192.000
Total----------------- -------------------------------- - 1.673.631.000
F. R. notes In actual circulation--------- -- 2.485.914.000 2,503,642,000 2.520.744.000 2.536.673.000 2.537.517.000 2.504.013.000 2.603.833.000 2.071.910.000 3.203.637.000
F. it. bank notes la circulation— netliab.
112.811,000 114.502.000 118.301.000 122.379.000 125.143.000 127,875,()()() 130.556.000 133.303.000 200.793.000
Deferred availability items--------------------397,011,000 458.120.000 405.696.000 409.227.000 413.037.000 453,543,000 483.901 .000 438.455.000 542.564.000
19,131,000
All other liabiiltiied-------------------------------18,451,000
17,967.000
17,453.000
64,785,000
19,129.000
10,718.000
17,549,000
10.740.000
Total liabilities----------------------------------- 5,053,174,000 5,130,370,000 5,088,696,000 5,153.334,000 5,150,210,000 5.210,780,000 5,288,360,000 5,331,536,000 6,178,771,000
Ratio of gold reserves to deposit and
62.3%
61.6%
F. R . note liabilities combined----------68.9%
00.2%
38.6%
62.9%
66.5%
59.8%
68.2%
Ratio of total reserves to deposit and
65.8%
' b . R. note liabilities combined_____
65.0%
63.7%
62.5%
41.6%
60.0%
66.5%
63.4%
61.0%
Ratio of total reserves to F. R. notes in
circulation after setting aside 3 5 %
86.3%
84.9%
t » against deposit liabilities-------- --------o
80.6%
83.1%
45.6%
87.7%
70.0%
82.4%
78.9%

Distribution by Maturities—
1-15
1-15
1-15
16-30
16-30
16-30
31-60
31-60
31-60
61-90
61-90
61-90

f
18.351.000
854.606.000
9.000.000
7.375.000
149.549.000
17.333.000
5.892.000
291.860.000
30.690.000
3.588.000
162.983.000
14.701.000
3.000
36,353.000
132,951,000

days bills bought in open market.
days bills discounted_____ ______
days U . S.* certif. of Indebtedness.
days bills bought in open market.
days bills discounted______ _______
days U . S. certif. of indebtedness.
days bills bought in open market.
days bills disco unted______________
days U . 8 . certif. of indebtedness.
days bills bought In open market.
days bills discounted--------------------days U. 8 . certif. of indebtedness.

Over 90 days bills discounted------------Over 90 days certif. of indebtedness-----

Federal Reserve Notes—
Outstanding_______________
Held by banks_____________

$
24.264.000
860.478.000
19.026.000
8.472.000
157.136.000
12.397.000
4.813.000
273.237.000
32.663.000
4.358.000
181.320.000
13.659.000
3,000
39,946,000
133.506.000

$
30.069.000
877.117.000
23.895.000
5.548.000
140.977.000
15.010.000
4.931.000
268.905.000
38.929.000
4.267.000
185.668.000
20.425.000
163.000
47.992.000
127,331,000

$
19.028.000
947.421.000
15.265.000
3.053.000
149.029.000
12.500.000
4.271.000
270.797.000
36.450.000
3.606.000
198.782.000
29.456.000
3,000
50,989,000
127,745,000

8
9.075.000
943.796.000
4.700.000
2.951.000
156.985.000
10.245.000
3.259.000
281.629.000
34.317.000
3.536.000
198.559.000
25.742.000
3,000
69.527.000
140.309.000

8
14.258.000
971.150.000
3.700.000
3.277.000
163.545.000
0.595,000
2.983.000
286.529.000
29.742.000
3.379.000
190.922.000
35.092.000
10.000
74,003,000
143.638,000

S
3
>
$
19.311.000 110.768.000
17.225.000
984.521.000 1,049,579.000 1,581,792,000
27.325.000
4.228.000
10.063.000
79.865.000
6.708.000
3.243.000
100.140.000 169.010.000 247.986.000
15.441.000
4.700.000
4.700.000
3.434.000 105.240.000
2.827.000
265.996.000 280.130.000 491.886.000
34.431.000
20.959.000
28.002.000
26.092.000
1.083.000
1.830.000
215.803.000 223.550.000 301.240.000
11.002.000
39.482.000
44.376.000
10,000
44,223,000
78.194,000
77,520,000
147.268,000 157,057,000 185,502,000

2,854,623.000 2,885,217,000 2,900,323,000 2,917,123,000 2.933,241,000 2,969.666,000 3.000.507,000 3,014.824,000 3,471,731,000
368.709.000 381,575,000 379,579,000 380,450,000 395,624.000 405,053,000 396.674,000 342.908,000 268,094,000

In actual circulation---------------------------- 2,485,914.000 2.503,642.000 2,520,744,000 2,536,673,000 2,537,617,000 2,564,613,000 2,603,833,000 2,671,916.000 3,203,637,000
Amount chargeable to Fed. Res. agent 3,694,122.000 3.714.561,000 3,717,657.000 3,720,177,000 3,742.072.000 3,781,176,000 3,785,977.000 3,784.499.000 3,945,064,000
839,499.000 829,344.000 817.334,000 803,054,000 808,831,000 811,510,000 785,470,000 769,675,000 473,333,000
In hands of Federal Reserve Agent-------Issued to Federal Reserve banks-------- 2.854.623.000 2.885,217,000 2,900,323.000 2.917,123,000 2,933.241,000 2,909,666,000 3.000,507,000 3.014,824,000 3,471,731,000

How Secured—
By gold and gold certificates.
By eligible paper-------------------Gold redemption fund_______
With Federal Reserve Board..

<
371.992.000 373.992.000 344.992.000 344.992.000 344.993.000 344.993.000 344.992.000 344.993.000 260,226,000
1.208.514.000 1.225.155.000 1.259.697.000 1.301.641.000 1.316.954.000 1.345.334.000 1.377,186.000 1.416.559.000 2,317,047,000
109,417,0C0 125.550.000 107.104.000 119.176.000 117.047.000 118.896.000 119.094.000 126.558.000 114.531.000
1.164.700.000 1.160.520.000 1.188.530.000 1.151.314.000 1.154.247.000 1.160.443.000 1,159,235,060 1.126.714.000 779.927.000

T ota l__________________________________ 2.854.623,000 2,885,217,000 2,900,323,000 2,917,123.000 2,933,241.000 2,969,666,000 3,000.507,000 3,014,824,000 3,471,731,000
lieible paper delivered to F . R . Agent. 1,490.547,000 1.506,343,000 1,528,776,000 1,607.793.000 1,626,719.000 1,659,119,000 1.676.862.000 1.773,005,000 2,896,956,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 24 1921.
Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston.

New York.

Phila.

Cleveland. Richmond Atlanta.

Chicago. St. Louis. M inneap. Kan.City. Dallas.

$
$
4,844.0 21,735,0
4,069.0 89.737,0

San Fran.

S
RESOURCES.
8,196,0
Gold and gold certificates---------Gold settlement fund— F. R . B'd 32.210.0

S
S
S
335,972,0 2,015.0
6,536.0
61,718,0 46,119.0 65,399,0

Total gold held by banks------- 40,406.0
Gold with F. R. agents-------------- 182.252,0
Gold redemption fund--------------- 21,548,0

397,690.0 48,134,0 71.935.0 20,843.0 8,913.0 111.472,0 21,726.0
472,291.C 146,352,0 183.445,0 27,251,0 47,286,0 307,324,0 56,822,0
20,000.0 6,040,0
6,554,0 14,507.0
5,394,0 25,061, C 4,022,0

Total gold reserves----------------- 244,206,0
16,961,0
Legal tender notes, silver, Ac—

889,981,0 200,526,0 261,934.0 62,601.0 61,593,0 443,857,0 82,570,0 38,554,C 84,652,0 25,369,0 223,235,0 2,619,078 H
)
857,0 4,459,0
6.5S1.0 3.543,0 147,078.0
61,775,0
3,348,0
5,917,0 4,318,0
7,886,0 18,129,0 13,304, C

Total reserves____________ _. 261,167,0
• Bills discounted: Secured by
U. S. Govt, obligations____ 32.486,0
All other___________________ 58,372,0
4,997.0
Bills bought In open market-------

951,756,0 203,874,0 267,851,0 66,919,0 69,479,0 461,986,0 95,874,0 39,411,0 89.111.C 31,950.0 226,778,0 2,766.156,0

Total bills on hand--------------•U 8. Bonds and notes___ __
.
(J. 8. certificates of indebtedness:
One-year ctfs. (Pittman A ct).
A l l o th e r __________________

95,855.0
557,0

S
2,743,0
IS,100,0

8
2,988.0
18,738.0

S
S
8,667,0
2,194,0
8,638,0 42.774.0

8
$
8,951,0 20.858.0
3,000.0 35,952,0

Total.

3
425,899,0
426,454,0

17,305,0 44,968.0 11,951,0 56,810,0 852,153,0
18,354,0 36,229.0 9.359.C 150.144.0 1.646.109.0
2.895,0 3.455.0 4.059,0 7,281,0 120.816,0

155,554.0 78,073.0 42,921,0 30,413.0 35,612,0 72,084.0 27,174,0 4,169,0 17,470,0 7,894.0 37,904,0
205.C97.0 29.508,0 86,705,0 72,152,0 65,036,0 146,306,0 43,592,0 63.70S,0 46,660,0 47,077.0 89,384,0
70.0 3,830,0
13,879,0 3.245,0
1,323.0 2,341.0
139,0
—
1,0.54,0 3,313,0
1,018.0

541.754.0
953.597,0
35,209.0

374,530.0 ) 10.S26.0 130,949.0 104,906,0 101,702,0 221,703,0 70.905.0 67,877.0 65,148,0 55,041,C 131,118,0 1.530,560.0
1,153,0
219,0 S.86S.0
1,449,0
3,979.0
204.0
34,099.0
1,005,0
844,0
1,233,0 10,098,0 4,490,0

V

17,436.0
151,0

Total earning assets--------------- 113,999,0
4,020.0
Bank premises________________
5% redemption fund against Fed772,0
era! Reserve bank notes--------Uncollected items. ______ _______ 37,341,0
441,0
All other resources_____________

52,276,0 25,280.0
150,0

19,799.0
1,0

5,260,0

10.564,0 33,612,0
1,0 2,219.0

11,568,0
212,0

5,480,0
64,0

8,320.0

2,400,0

9.S80.0
2.0

201.875.0
2,800.0

427,811,0 137,705.0 151,593,0 111.399,0 122.365,0 262.024,0 S3,S38,0 73,640.0 82.336.0 61,420.0 141.204,0 1.769.334,0
658,0 3,155,0
612,0
5,515,0
627,0
1,975,0
27,256,0
529,0 2,541,0 2,351,0
844.0 4,429,0
1,684,0
263,0
700.0
1,239,0
99.720.0 44,283.0 41,048,0 36.915,0
2,828,0
395.0
944,0
288,0

523,0
609,0
1,968,0
16,417.0 60.999,0 26.341,0
749,0
1,958,0
829.0

916,0
229,0
1S6.0
494.0
12.938,0 39,119.0 21,147.0 27.324.0
52S.0
449,0 2,079,0 5,765,0

9,583.0
463.592.0
17,253.0

Total resources____________ 417,740,0 1,489,314.0 387.4S6.0 465,216,0 218,135,0 210.543,0 793,364,0 207,952,0 127.404,0 215.086,0 *18,757,0 402,177,0 5,053,174.0
LIABILITIES.

7,935.0
Capital paid In------------------ -----Surplus----------------------------------- 16,342,0
Reserved for Govt, franchise tax.
2.423,0
Deposits: Government_________
1,881,0
Member bank— reserve acc t__ 107,503,0
All other.......... _ _ _
----856.0

27,067,0 8,676,0 11,151,0
5,389,0 4,123.0 14,316,0 4,555,0
59.318,0 17,564,0 22,263,0 11,026.0 8.708,0 30,536,0 9.11 IT
18,880,0 3,087,0
2,111,0
2,129.0 3,147,0
8,998,0
1,173,0
7,944,0
1,088,0
1,377,0 3,649,0
1,914,0
2,319,0 3,783.0
621,420,0 95,965,0 138,255,0 50.795,0 41,271.0 237,605.0 59,603,0
764.0
11,949.0
972,0
807,0
415,0 2,706,0
430,0

Total deposits----------------------- 110.240.0
F. R. notes to actual circulation. 241,022.0
F. R. bank notes In circulation—
6,191.0
aet liability_____ __________
Deferred availability Items--------- 32.388,0
All other liabilities_____________
1,199,0

641,313,0 98,025,0 140,439,0 54,874,0 44.005.0 244.094,0 62,281.0 42,406,0 71,895.0 42.768,0 121.296.0 1.673.631.0
634,018,0 214,331.0 236,969,0 107,915,0 129.250,0 430,920,0 97,771,0 55,470.0 74,637.0 39,059.0 224.549.0 2,485.91 TO
28,571,0
7,019,0 12,417,0 4.280.0
76.085,0 37,834.0 38,583,0 31.402,0
947,0
4,062,0
1,2S3,0
1,120,0

8,213.0 13,142,0 5.915.0
12,196,0 48.249,0 26,121,0
1,022,0
901,0 3,109,0

3,550,0 4,537,0 4,318,0 7.413.0 103.030,0
7,303.0 9,330,0 7,113.0 15.207,0 2 IS.824.0
1,697,0
1.689,0
2,490,0
47,824.0
31.479.0
1,138,0
1.604.0 1,981,0 2.751,0
10.664,0 69.624.0 40,318.0 113,941,0 1,616.964,0
667,0
464.0 4,604.0
554,0
25,188.0

5.256.0
4.255,0 13.921.0 3.631.0
11,515,0 37.9 10.0 20,520.0 24.178.0
l .788.0
1.353.0
1,208,0
1,137.0

Total liabilities........... ............. 417,740.0 1.489,314.0 387,486.0 465,216.0 218,135,0 210,513,0 793,364.0 207.952.0 127,404.0 215,086.0 118

112.811,0
397. Oil. 0
19.129.0

• 0 102.177.0 5 058,174,0

THE CHRONICLE

A ug. 27 1921.]
I A A B I L I T I S I S (C o n c l n d e d )—
T w o c i p h e r s (00) o m i t t e d .

lV o w Y o r k .

B o sto n .

$
M em o ro n d o .
Ratio of total reserves to deposit
and F . R. note liabilities com
74.4
b in e d , per oent Contingent liability as endorser on
discounted paper rediseounted
with other F. 11. banks
____
Contingent liability on bills pur
chased for foreign correspond’ t.n 2,851,0
r Includes bills discounted for
25,018,0
other F. It. banks, viz.:

r n tia .

$

$
74.0

C le v e la n d

$

05.3

A tl a n t a .

C h ic a o o .

$

R ic h m on d

3,124,0

:u .872.0

$

1.400,0

1,835,0

1,054,0

1,875,0

R esou rces—
( I n T h o u s a n d s o f D o lla r s )
Federal Reserve notes on hand
Federal Reserve uot.os outstanding
Collateral security for Federal Reserve notes outstanding:

$

1,790,0

P h ila .

A T C LO SE O F

I t lc h m ’d A t l a n t a

C le v e .

316 021
23,775
19,367 12,903 14,070
130,000 133,389 1 15,000
302,419 94,667 70,397
4,849 54,413
G>,981

' 3,251
24,000
89,745
13,517

3,400
3,080
40,200
88.887
12,805

BU SIN ESS

C h ic a o o

S t. L .

$
167,940 24$540
480,279 119,027
15,680
291,644
172,955
48,657

0,110
3.381
47,331
02,205
8,640

37,546,0
07,509,0

—

$
%
$
300,000 20,620 42*900 244)89 78,953
774,710 241,019 259,842 116,990 130,173

10,652
Gold redemption fund___________________ __________
Gold settlement fund— Federal Reserve Board_____ 100,000
74,276
Eligible paper (Amount required_______________ ____
(Excess amount held___________ _____ 21.579

1,015,0

00.5
07,509,0

21,720,0

I 079 0

B o s to n . N e w York

05 0

39.0

00,8

T o ta l.
%

%

17,922,0
4,047,0

Ban F ra n

D a lla s.

%

40.3

59.9

7,971,0

S T A T E M E N T O F FEDERAL RESERVE A G E N T S ’ A C C O U N T S
F e d e r a l R e se rv e A g e n t a t—

S t. L o u is

08.4

40.1

1,911,0

3,202,0

41,1
i9,or>o,o

12,827,0

M in n e n i). K a n .C u p .

%

■

71.0

941

A U G . 24 1921.
M in n .

k

. d tp

D a l la s

Ban F r .

T o ta l.

%
$
13,J1.5
4,840
58,570 82,940

«
$
%
24,632 29,660
839,499
42,940 285,587 2,854,023

13,052
1,102
4,200
40.210
27,244

371,992
3,131
3,994 1.2,802
109,417
2.234 140,342 1,104,700
33,587 120,443 1,208,514
4,475
282,033
21,464

) ’S60
34,360
40,717
18,409

ft in no7 97i 598 304 104 1 177 155 271 234 157 499 189 11

1

131 988 605,309 0,830,778

87,780
30.229
05,120

67,578 315,247 3,604,122
9,359 159,14.4 1 ,040,109
55,051 130,918 1,490,547

L ia b i li t i e s —

Net amount of Federal Reserve notes received from
Comptroller of the Currency____ ___________________ 355,138 1,084,3)0 201,639 302,742 141,085 215,120
4.72,291 140,352 183,445 27,251 47,280
Collateral received from
/G o l d _______________________ 1.82,252
348,400 99,516 130,810 103,202 101,692
Federal Reserve Bank (Eligible paper______________ 95,855

648,219 153,507
307,324 50,822
221,612 70,845

71,685
18,354
67,460

T o ta l____________________________________________ 633,245 1,905.001 507.507 010,997 271,598 304,104 1,177,155 271,234 157,499 189,141 131,988 005,309 0,830,778
15,505

774,710 2 1i ,019 250.812 116,990 136,173
6,923
140,692 26,085 22,873
9,081

480,279 119,027
49,359 21,256

58,570
3,100

82,940
8,309

42,940 285,587 2,854,023
308,709
3,887 61,038

Federal Reserve notes in actual circulation_________ 241.022

634,018 214.334 230.909 107.915 129,250

430,920

97,771

55.470

74,037

39.059 224,549 2,485,914

Federal Reserve notes outstanding
Federal Reserve notes held by banks__________________

_

Member Banks of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the M em ber Banks. Definitions of the different items
in the statement were given in the statement of D ec. 14 1917, published in the “ Chronicle” D ec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL RBSERVS
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS AUG. 17 1921.
e t w i t h d r a w a l s o f .$ 1 3 9 ,0 0 0 ,0 0 0 o f G o v e r n m e n t d e p o s it s in c o n n l io n
w it h t h e r e d e m p t io n b y t h e T r e a s u r y o n A u g . 15 o f t h e o u t s t a n d in g
<t n c e
•
o f $ 1 3 6 ,0 0 0 ,0 0 0 o f T r e a s u r y c e r t ific a t e s m a t u r in g o n t h a t d a t e , a c c o m 
p a n ie d b y fu r t h e r l iq u id a t io n o f $ 5 2 ,0 0 0 ,0 0 0 o f lo a n s a n d b y d e c r e a s e d
b o r r o w in g s f r o m t h e F e d e r a 1 r e s e r v e b a n k s , a re i n d ic a t e d b y t h e F e d e r a l
R e s e r v e B o a r d ’ s c o n s o l id a t e d w e e k ly s t a t e m e n t o f c o n d i t i o n o n A u g . 17 o f
8 1 2 m e m b e r b a n k s in le a d in g c it ie s .
M e m b e r b a n k lo a n s s e c u r e d b y U . S . G o v e r n m e n t o b li g a t io n s s h o w a n
in c re a s e o f $ 5 ,0 0 0 ,0 0 0 fo r t h e w e e k , w h ile l o a n s s e c u r e d b y s t o c k s a n d b o n d s
d e c lin e d b y $ 1 6 ,0 0 0 ,0 0 0 , a n d a ll o t h e r lo a n s , l a r g e ly o f a c o m m e r c ia l
n a t u r e , b y $ 4 1 ,0 0 0 ,0 0 0 .
F o r t h e m e m b e r b a n k s in N e w Y o r k C i t y , a n
in c r e a s e o f $ 1 0 ,0 0 0 ,0 0 0 in lo a n s s e c u r e d b y G o v e r n m e n t o b li g a t io n s a n d
a d e c r e a s e o f $ 3 1 ,0 0 0 ,0 0 0 in lo a n s s e c u r e d b y s t o c k s a n d b o n d s a re n o t e d .
H o ld in g s o f U . S . b o n d s a n d V i c t o r y n o t e s d e c lin e d b y a b o u t $ 2 ,0 0 0 ,0 0 0 ,
t h o s e o f T r e a s u r y n o t e s b y a b o u t $ 3 ,0 0 0 ,0 0 0 a n d t h o s e o f T r e a s u r y c e r t i f i 
c a t e s b y $ 4 7 ,0 0 0 ,0 0 0 , w h ile c o r p o r a t e s e c u r it ie s s h o w a r e d u c t io n o f a b o u t
$ 3 ,0 0 0 ,0 0 0 .
F o r t h e N e w Y o r k C i t y b a n k s , d e c r e a s e s o f $ 2 ,0 0 0 ,0 0 0 in
U . S . b o n d s a n d o f $ 1 6 ,0 0 0 ,0 0 0 in c e r t ific a t e s o f in d e b t e d n e s s a r e s h o w n .
A s a c o n s e q u e n c e o f t h e s e c h a n g e s , t o t a l lo a n s a n d in v e s t m e n t s o f a ll
r e p o r t in g b a n k s s h o w a d e c r e a s e fo r t h e w e e k o f $ 1 0 6 ,0 0 0 ,0 0 0 , w h ile t h o s e
o f t h e N e w Y o r k C i t y b a n k s d e c lin e d b y $ 3 9 ,0 0 0 ,0 0 0 .

A c c o m m o d a t i o n o f t h o r e p o r t in g b a n k s a t t h e F e d e r a l r e s e r v e b a n k s
s h o w s a fu r t h e r d e c r e a s e f o r th e w e e k f r o m $ 9 9 7 ,6 0 0 ,0 0 0 t o $ 9 7 9 ,0 0 0 ,0 0 0 ,
o r f r o m 6 . 7 % t o 6 . 6 % o f t h e b a n k s ’ t o t a l lo a n s a n d in v e s t m e n t s .
F or
t h e N e w Y o r k C i t y b a n k s a d e c r e a s e f r o m $ 2 7 3 ,0 0 0 ,0 0 0 t o $ 2 2 5 ,0 0 0 ,0 0 0
in t h e t o t a l b o r r o w in g s f r o m t h e l o c a l r e s e r v e b a n k , a n d f r o m 5 . 8 % t o 5 . 5 %
in t h e r a t io o f a c c o m m o d a t i o n is s h o w n .
A s a g a in s t a d e c r e a s e o f $ 1 3 9 ,0 0 0 ,0 0 0 in G o v e r n m e n t d e p o s it s , o t h e r
d e m a n d d e p o s it s (n e t ) s h o w a n in c r e a s e o f $ 4 3 ,0 0 0 ,0 0 0 , a n d t im e d e p o s it s
a n in c r e a s e o f $ 1 ,0 0 0 ,0 0 0 , t h e s e in c r e a s e s a p p a r e n t ly r e p r e s e n t in g c h i e f l y a
tr a n s fe r o f fu n d s f r o m G o v e r n m e n t a c c o u n t t o t h o s e o f i n d iv id u a l a n d
c o r p o r a t e in v e s t o r s in t h e T r e a s u r y c e r t i fi c a t e s w h ic h w e r e r e d e e m e d o n
A u g . 1 5 . A t t h e N e w Y o r k C i t y b a n k s G o v e r n m e n t d e p o s it s d e c r e a s e d
b y $ 6 7 ,0 0 0 ,0 0 0 , w h ile o t h e r d e m a n d d e p o s it s in c r e a s e d b y $ 2 0 ,0 0 0 ,0 0 0 a n d
•tim e d e p o s it s r e m a in e d u n c h a n g e d .
T h e r e l a t iv e ly s m a lle r in c r e a s e in t h e
d e m a n d d e p o s it s o f N e w Y o r k m e m b e r b a n k s m a y b e d u e in p a r t t o w it h 
d r a w a ls o f d e p o s it s b y c o u n t r y c o r r e s p o n d e n t s .
R e s e r v e b a la n c e s w it h t h e F e d e r a l r e s e r v e b a n k s s h o w a n in c r e a s e o f
$ 1 6 ,0 0 0 ,0 0 0 f o r t h e w e e k , w h ile c a s h in v a u lt d e c lin e d b y $ 1 2 ,0 0 0 ,0 0 0 .
F o r t h e N e w Y o r k C i t y b a n k s d e c r e a s e s o f $ 1 ,0 0 0 ,0 0 0 in r e s e r v e s w i t h t h e
l o c a l F e d e r a l r e s e r v e b a n k a n d o f $ 5 ,0 0 0 ,0 0 0 in c a s h a r e n o t e d .

1. Data for allrep ortin g member banks In each Federal Reserve D istrict a t close o f business A u g . 17 1921.
F ed er a l R eserv e D i s t r ic t .

B o sto n .

N e w Y o r k P h i l a d e l . C le v e l a n d . R l c h m 'd .

Number of reporting banks______ ______
Loans and discounts, including bills re
discounted with F. R . bank:
Loans sec. by U . S . G o v t. obligations..
Loans secured by stocks and bonds.
All other loans arid discounts. _ _
_

112

58

87

82

$
$
34,991 252,391
185,339 1.222,672
596,830 2,694,807

$
69,193
174.170
364,064

S
55,799
335,092
660,164

Total loans and discounts__________
8 . b o n d s.. ______________ ____ __
U . 8 . Victory n o t e s . . ____ ______________
U . 8 . Treasury notes ____________ ________
U . 8 . certificates of indebtedness_______
Other bonds, stocks and securities_____

817,160 4,169,870
36,988 311,128
78,869
5,830
1,752
32,720
82,014
5,830
137,138 712,291

A tla n ta .

TJ.

49

Total loans, disc’ts < Investments, incl.
fe
bills rediscounted with F. R . B a n k ... 1,004,704 5,386,892
74,420 551,422
Reserve balance with F . R . Bank______
21,297
Cash in vault __ _ .......... .......................
99,875
Net demand deposits...........
713,459 4,413,513
Time deposits__________ __ ____
179,436 418,416
Government deposits.................
18,675 106,749
Bills payable with Federal Reserve Bank:
Secured by U . 8 . G ovt, obligations..
11,320 107,659
All other.....
..... ............... ....................
Bills rediscounted wi h F. R . Bank:
Secured by U . 8 . G ovt, obligations..
14,505
7,100
All other _____ _ _
27,558 183,643

C h ic a g o .

T hree ciphers (000) om itted.

S t . L o u i s . M i n n e a p . K a n . C itp

D a lla s.

San F ra n .

812

112

37

35

79

52

S
24,822
109,451
328,577

$
$
17,124
80,924
52,075 455,816
302,019 1,180,579

18,836
125.294
297,454

$
13,081
32,335
234,530

8
19,44a
70,922
369,806

6,734
37,315
204,225

$
$
619,865
26,527
146,522 2.947,003
741,289 7,974,344

607,427 1.051,055
47,197
104,876
5,675
16,520
8,24.r
1,537
12,797
23,351
276,684
154,12

462,850
59,703
4,925
466
4,872
53,850

371,218 1,717,319
30,680
71,791
2,200
27,849
6,889
2,574
22,410
37,208 337,273

441,584
25,587
1,897
97
2,717
66,782

279,94f
15,865
766
254
1,147
19,921

460,171
32,641
3,082
364
9,791
45,849

248,274
34,533
1.188
72f
3,653
9,526

914,338 11,541.212
867,285
96,296
164,699
15.89S
56,411
3.361
193,037
21,876
169,575 2,020,223

846.02( L,463,469
64,189
93,078
17,03f
26,882
609.29?
790,069
40,87?
429,485
19,977
25,670

586,666
31,036
13,925
298.142
121,747
7,309

443,880 2,183,531
26,935 176,295
9,195
54,495
209,442 1,309,121
142,938 650,058
4,554
22,161

538,664
39,729
6,429
284,045
143,891
6,814

317,899
17,666
5,922
172,78?
68,72?
7,371

551,898 297,90C 1.221,344 14,842,867
77.269 1,215,663
20,322
43,302
298,914
9,242
22,680
11,93 •
380.813 184,4 3 r 572.874 9,937,999
541,707 2,899,713
102,471
59,95?
242,463
11,448
5,785
5,950

34,29?

17,449
27

22,468

12,278

26,848

13,095

3,340
25

7,117

3,961
235

19,768
141

279,601
428

19,595
23.563

5,069
80,209

2,748
44.380

3,862
31.619

8,022
93,902

2,398
30,979

1,121
30.283

2.216
27.442

360
14.645

3,019
40,907

70,015
629,130

43

$

%

66

T o te d .

2. Data o f reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
N ew
T h r e e c ip h e r s

(000)

Y o r k C li p .

C li p o f C h i c a g o .

A l l F . R . B a n k C i t i e s . F . R . B r a n c h C i t i e s . A ll O th e r R e p o r t . B k s .

T o ta l.

o m itted .

Aug. 17. Aug. 10. Aug. 17. Aug. 10.

Number of reporting banks
70
70
Loans and discounts, incl. bills redlscounted with F. R. Bank:
$
8
l/oans sec. by U . 8 . Govt, oblig’ns 229,842 219,940
Loans secured by stocks & bonds 1,063,937 1.094,490
All other loans and discounts____ 2,395,463 2,394,710

51
S
57,917
332.120
754,906

Aug. 17.

Aug. 10.

Aug. 17. Aug. 10. Aug. 17. Aug. 10. Aug. 17’ 2 1 Aug. 10’21 Aug. 20’20
813

818

S
$
S
$
$
$
$
%
%
444,C04
57,021
434,467
96.938
619,865 , 615,211
99,476
78.923
81,268
320,042 2.058,113 2,078,804 473,973 471,350 414,917 412,706 2,947,003 2,902,920
755,335 5,172,963 5,191,352 1.4.41,779 1,456,354 1,359,602 1,367,512 7,974,344 8,015,218

$
959,409
3,006,445
(a)

51

280

280

213

214

319

319

812

Total loans and discounts.......... 3,689,242 3,709,140 1,144,943 1,138,398 7,676,080 7,704,623 2,012.090 2,027,180 1,853,442 1.861,546 11,541,212 11,593,349
(a)
8 . bonds _ ..................
875,297
264,641 266,989
442,495
18,883
18,667
868,072
442,758 214,413 214,034 210,377 210,680
867,285
U . 8 . Victory notes______ __________
189,809
165,513
70,981
98,516
12,721
70,653
98,434
12,329
164,699
27,773
27,025
39.158
39,306
TJ 8 Treasury nof/*s
....... .................
29,626
30,267
40,975
1,295
59,089
1,696
43,179
7.239
56.411
7,975
8,197
7,935
_
U. 8 . certificates of indebtedness_
443,453
76,167
135,085
92,440
13,410
11,415
240.086
164,692
21,054
193,037
36,898
26.951
48,443
Other bonds, stocks and securities.
537,936 538,201
128,389 130,687 1,099,414 1,097,305 574,650 579,208 346,159 346,422 2,020,223 2,022,935
(a)
Total loans A disc’ts, & Invest’ts.
incl. bills redisc'ted with F.R .Bk 4,668,593 4,707,690 1,317,254 1,315,579 9,491,565 9,550,991 2,885,04$ 2,916,706 2,466,254 2,481,347 14,842,867 14,949,044 16,881,898
Reserve balance with F. R . Bank,
508,74?
507,58?
127,225 125,842
881,702
876,252 188,984 185,302 144,977
138,327 1,215,663 1,199,941 1,362,501
Gash in vault_____
352,058
87,273
92,557
30,768
32,434
170,455
310,480
178,202
75,055 ■ 298,914
71,169
57,290
57,163
Net demand deposits_______________ 3,945,06? 3,925,140 902,777 888,381 0,954,747 6,908,394 1.562,250 1,568,762 1,420,990 1.418,247 9,937,999 9,895,403 11,246,938
T1 rne de posl ts_.............. .................
250,388 250,671 311,089 310.824 1,339,028 1,335,999 909,802 911,793 650,883 651,066 2,899,713 2,898,858 2,723,828
Government deposits___
145,274
188,234
381,144
102,872
169,883
16,850
27,032
298,774
242,463
30,253
52,117
19,083
35,146
Bills payable with F. R Bank:
Bec’d by U. 8 . Govt, obligations..
756,186
272,933
85,768
90,821
10,873
12,327
167,833
162,083
279,601
45,897
64,953
44,957
66,811
All other...........................
1,848
1,183
428
315
608
675
83
Bills rediscounted with F. R . Bank:
Hec’ d by V . H . Govt, obligations.
208,399
13,030
5,954
13,659
7,112
49,715
10,647
70,015
78,660
53,890
7,846
12,454
14,1.17
AJ
1
156,748 168,943
44,073
405,307
644,558 1,000,083
41,204
417,728 104,648 105,559 119,175 121,271
029,130
Ratio of bills payable
rediscounts
with F. R Bank to total loans
and Irivaat,merit.*, per c*»nt
12.4
5.5
4.0
5.8
6.6
4.0
6.6
0.7’
6.4
7.2
7j
6.3
6.6
U .

THE CHRONICLE

94*2
4 1 a n

( G

U e r a '

a z e t t e .

Neu) York, F) iduy N
ight Aug. 2b 19 2 1.
R a i l r o a d a n d M isc id ll a n e o u 3 S t o c k s . — T h e usu a 1 0 lia r a eteris tics o f a c lo s in g slu m m er ho lid a y p e rio d are diset3rna b le
been
in tho j
B u sim - hi is 1
record or tin s w h ik’ s sto c k m a r k e t.
lim ited l in v o lu m e , w in illy o f a p r o fe s s io n a l ty p e t a n d pirices
d
P r a c tic a lly all t ! le lie ws a n d
n a v e s Liffered a se v e re < e c lin e.
tit \fit *p m e n ts o f trie w<eek w oiik d s e e m , u n d er no rm a l 00>nditio u s, to h a v e h a d tht 3 oppositee e ffe c t .
P r o m in e n t an m n g
J
tll686 was t he re port s o f railw-ay e a r n in g s fo r < u ly , all o f
wl i h - l i

Jh,

vl i U «•i« It 41 i m p r o v * i m iii

m

I h e P fiilw & y filtU & t io U ,

uh iefly d u o , o f c o u r s e , to th e n e w w ag© sc a le n o w in fo rc e .
O n e o f the first o f th e s e w a s U n io n i/a e ific ’ s , w h ic h sh o w e d
e x p e n se s re d u c e d a b o u t 2 8 % a n d a n e t su r p lu s o f $ 2 ,4 0 0 , 0 0 0 ,
as a g a in s t a lm o s t n o th in g fo r th e c o r r e s p o n d in g m o n th in
1920.
O th e r r e p o r ts sh o w s im ila r r e s u lts .
In a d d itio n to th is m o st im p o r ta n t m a t t e r a n e a sie r m o n e y
m a r k e t h a s d e v e lo p e d .
C a ll lo a n r a te s h a v e d r o p p e d to 5 %
a t th e E x c h a n g e a n d are lo w e r o n th e s tr e e t.
M oreover,
th ere h a s b e e n a s u b s ta n tia l a d v a n c e in ste r lin g e x c h a n g e in
th is m a r k e t.
T h e F e d e r a l R e s e r v e m a d e a n o th e r fa v o r a b le
r e p o r t, as d id th e B a n k o f E n g la n d a n d th e B a n k o f F r a n c e .
A n n o u n c e m e n t h a s b een m a d e b y th e It a lia n G o v e r n m e n t
th a t h e re a fte r it w ill u se th e U n ite d S t a te s d o lla r a s its
standard o f gold values, instead of the pound sterling as
h e re to fo re — a n e v e n t o f c o n s id e r a b le im p o r ta n c e in th e
h is to r y o f in te r n a tio n a l fin a n c e .
N o t w it h s t a n d in g a c h a n g e in th e tr e n d o f p rices t o -d a y ,
C h e s . & O h io , G r e a t N o r t h e r n , N o r t h e r n P a c ific a n d
R e a d in g c lo se b e tw e e n 2 a n d 3 p o in ts lo w e r t h a n la st w e e k ,
a n d th e m is c e lla n e o u s list s h o w s , a s u s u a l, w id e r flu c tu a tio n s
w ith v a r y in g r e s u lts .
T h e fo llo w in g sa le s h a v e o c c u r r e d th is w e e k o f sh a r e s n o t
re p re se n te d in o u r d e ta ile d list o n th e p a g e s w h ic h fo llo w :
STOCKS.
W eek

E n d in g A u g .

26.

P a r IS h a r e ]

All America Cables. .100
Am Bank Note_______60

Preferred_________50

$

p er s h o r e .

30«
200 47

S p er

Aug 20 104

Au^ 2
•0% Aug
Auer 26 *7% A n a

54
6634
Hi
18
9
334

2

|

2%

26 10
22 14 %
2 !
%
24 51
2%
23
24 4134
22 40
5
25
5%
24
20 70
24 36%
23 58%
25< 72
26 23
22 625
20i 95
25 49%
7
23
24 75
24
434
22 35
25 130
25 87%
22 10
25 IS
3
25
23 1434
22 2734
25
434
25 12 %
25
22
22
22

Aug 24
Aug 24
An 2
Aug 25
Aug 20
Aug 23
88 Aug 20
8 Aug 23
7
Aug 23
7 ) Aug 23
62
Aug 22
26
Aug 23
94
Aug 22
5 % Aug 23
30
Aug 22
70% Aug 22
6 5 Aug 22
Aug 20
25 14
24 9% Aug 24
25 15 Aug 25
25 12134 Aug 25
26 55% Aug 22
22 40
Aug 22
Aug 20
20 11
25 834 Aug 20

*

o er s h a r e .

Feb 105% M ay

Jai 54
Fob
Jai 48% May

Aug
Aug
Jan
Jan
Aug
Mar
Apr
July
Aug
Aug
Jurv
Apr
June

29
13
75%
112%
54
12 %
25
3%
23%

20

4%

15
35
(
Aw
Jan 72%
Aug 534
Jaiv 53
Jan 40
June 7%
Aug 7%
July 80
June 62%
Aug 65%
Aug 95
Mar 44
July 690
June 100
Mar 61
Aug 20 %
Jan 85
Aug 6 %
Mar 62
Jan 150
Aug 95 34
Jan 17%
June 25
M ay 7
June 18%
Aug 45%
Aug 8 %
Aug 2 1 %

Jan
M ay
Mar
M ay
Feb
Feb
Aug
Jan
Apr
A nr
Jan
Jan
Jan
im
M ay
Jan
M ay
Jan
M ay
M ay
June
Jan
Jan
Feb
M ay
Feb
Jan
M ay
Jan
M ay
Mar
M ay
M ay
M ay
Feb
Apr
M ay
M ay
M ay
M ay
M ay

Jan
34 Aug 3 %
June 42
June
8 June 10 % Aug
70% Aug 70% Aug

38

54
65
17%

16

8%
3%
87
8
7

68

37%
19
93
4%
27%
67%
4%
13

8

15

12 1%
74
36%

1 8%
1 6%

Aug 5934
July 65
Jub 28%
Aug 33
Aug 1334
Aug 6
Aug 148
Aug 1734
Aug 7
Au»
2
Apr 77%
Apr 26
Aug 104
Jan 734
Aug 103
June 75%
Aug 25%
Jan 20 %
Apr 12 %
Aug 20
Aug 160%
Aug 106
July i 47
Jan 13
June 93*

Feb
July
.7an

Feb
M ay
M ay
M ay
Jan
Aug
Aug
Aug
Aug
June
M ay
Jan
Aug
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Jan
July

F o r v o lu m e o f b u sin e ss o n N e w Y o r k , B o s t o n , P h ila d e l
p h ia a n d B o s t o n e x c h a n g e s , see p a g e 9 3 S .
S t a t e a n d R a i l r o a d B o n d s . — N o sa les o f S t a t e b o n d s
h a v e b e e n r e p o r te d a t th e B o a r d th is w e e k .
T h e m a r k e t fo r r a ilw a y a n d in d u s tr ia l b o n d s h a s fo llo w e d
th e tr e n d o f o th e r m a r k e ts a n d th e r e fo r e d r ifte d g e n e r a lly
to a lo w e r le v e l o f p r ic e s.
O f a list o f 2 6 w e ll k n o w n , a c t iv e ,

U n i t e d S t a t e s B o n d s . -S a le s o f G o v e r n m e n t b o n d s a t
th e B o a r d are lim ite d to $ 1 ,0 0 0 4 s r e g . a t 104 3^ a n d th e
v a r io u s L ib e r ty L o a n is su e s.

^

t

i

D a i l y R ecord o f L ib e rty L o a n P r i c e s . \ A tig ,

F irst L ib e r ty L oa n
f High
( Low
3 % % bonds Of 1932-47(First 3 % s)
( Close
T o ta l sales in $ 1,000 u n its.
C on verted 4 % bonds of f High
1932-47 (First 4s)
{ Low
(C lose
Total sales In $1,000 unitsC on verted 434 % bonds o ff High
1932-47 (First 4 % s)
( Low
(Close
T o ta l sales in $1,000 units.
Second C onverted 4 34% f High
bonds o f 1932-47 (First! Low
Second 4 3*s)
[Close
T o ta l sales in $1,000 u nits.
S e c o n d L ib e r t y L o a n
f High
( Low
4 % bonds o f 1 9 2 7 -4 2 ..
(Second 4s)
(C lose
T o ta l sales In $1,000 units.
C on verted 4 V* % bonds of [ H 1: h
1927-42 (Second 4 % s ) ( Low
[C lose
Total sales In 81,000 u nits.
T h ir d L ib e r t y L o a n
( High
{ Low
4 3*% bonds of 1928
(T h ird 4 3*8)
(C lose
T o ta l sales In 81,000 units.
F o u r t h L ib e r t y L o a n
f High
{ Low
4 *4 % bonds o f 1933-38
(F ou rth 4 3*8)
(C lose
T ota l sales in 81,000 units.
V ic t o r y L ib e r t y L o a n
f High
4 % % notes o f 1922-23
{ Low
(V ictory 4 % s )
( Close
T o ta l salesln 81,000 units
3 % % notes o f 1922-23
f H igh
{ Low
(V ictory 3 % 8)
( C lose
T o ta l sales In 81,000 u n its. —

98 80
88.26
88.60
544

87

l

l

20 A u g . 22 A u g . 23 A u g .

.88

87.82
87.88
38

88 68
88.3 )
88.34
418

88 HI
88.10
88.10
379

87.86
87 68
87.68
47

87.86
87.71
87.7 1
27

!
24 A u g.

88.20
87.92
87.94
680
87 60
87.60
87.60
I
87.82
87.34
87.34
42

___

___

87.72
87.66
87.6 s

87 . 7 )
87.60
87.68

91.96
91.90
91.92
199
87.98
87.70
87.96
482
98.74
98.68
98.74

91.96
9J .70
91.80
367
88.00
87.78
87.80
613
98.74
98.62
98.74
1,340
98.74
98.72
98.74
271

192

296

98.74
98.70
98.74
14

520

87.56
87.56
87.56
22
87.70
87.64
87 .04
714
91.86
01.74

91.80
413

87.81
87.72
87.78
759
98.74
98.66
98.72
1,240
98.72
98.68
98.68
124

87.68
87.62
87.62
315
91.80
91.72
91 78
464
87 84
87.76
87.76
457
98.74
98.68
98.74
2,507
98.74
98.70
98.74
107

Note.—
b on d s.

11 1st 3 Ms__

Aug.

26

87 94
87.12
87 .50
490

87.58
87.48
87.54
51
87.66
87.66
87.66

87.80
87.70
87.70
149

87.84
87.76
87.76
78

___

4

___
___

87.72
87.02
87.66
579
91.88
91.78
91.80
751
87.84
87 72
87.80
1,511
98.78
98.7 3
98.78
1,902
98.76
98.72
98.76
175

T h e a b o v e ta b le in c lu d e s o n ly sa les o f
T r a n s a c tio n s in re g iste re d b o n d s w e re :

13 1 st 43*s_
_
152 2d 4%s__

25

___
___
____

___
__„_
___

87.6
87.60
87.60
1
87.78
87.04
87.72
473
91.88

91,76

91.82
651
87.96
87.78
87.94
908
98.80
98.74
97.78
1.263
98.78
98.74
98.78
52

coupon

...8 7 .3 4 to 88.28 31 3d 43*s..........................91.62 to 91.80
_-.8 7 .5 0 to 87.60 141 4th 4 M s............... ........ 87.56 to 87.90
...8 7 .3 4 to 87.64 111 Victory 4 % s _________ 98.5 ) to 98.70

Q u o t a t io n s fo r S h o r t-te r m U . S . G o v t. O b lig a t io n s —
M a tu rity .

Sept.
Sept.
Oct.
Oct.
D ec.

15 1921____
15 1921___
15 1921___
15 1921___
15 1921___

In i.
R a te.

B id .

5% %
6%
5% %
5%%
6%

100
100
100 %f
l
100%
100 %6

A sked.

M a lu r ity .

1003jJ Feb. 16 1922___
100% M a r . 151922___
100 % M a r . 15 1922___
100 V* June 15 1922----100 % 6 Aug. 1 1922___
June 15 1924-----

In i.
R a te .

B id .

.4 s k e d .

5%%
5% %
5%%
5%%
5% %
5 %%

100%
100
100 %
100%
100%
100%

100%
100 %
100%,
1003*
1003*
101

Foreign Exchange.— Sterling has ruled firm and higher.
To-day’s (Friday’s) actual rates for sterling exchange were 3 62#3 633*
for sixty days, 3 67% # 3 69 for checks and 3 68% @3 69% for cables.
Commercial on banks, sight, 3 67% @3 68%; sixty days, 3 6 2 % # 3 63%;
ninety days, 3 M M # 3 60%, and documents for payment (sixty days),
3 62% @3 63%. Cotton for payment, 3 67% @3 68%, and grain for pay
ment, 3 67 % m 68 %.
T
To-day’s (Friday’s) actual rates for Paris bankers francs were 7.o 5 % #
7.69 for long and 7.71 % #7.75 for short. German bankers’ marks are not
yet quoted for long and short bills. Amsterdam bankers’ guilders were
30.69@30.79 for long and 3105#31.15 for short.
_
Exchange at Paris on London, 47.65 fr.; week’s range, 47.44 fr. high and
47.65 fr. low.
The range for foreign exchange for the week follows:
C a b le s .
C h ecks.
S ix ty D a y s .
Sterling Actual—
3 70%
3 70%
High for the week_______________________ 3 64%
3 65%
3 65%
Low for the week________________________ 3 59%
i—
Paris Bankers' Francs {in cents per franc)—
7.81%
7.80%
__ 7.73%
High for the week__ ____________________ 7.73%
7.68
7.67
Low for the week_________________________ 7.60
7.60
Germany Bankers' Marks—
1.24%
High for the week--------------------------1.11%
Low for the week---------------------------Amsterdam Bankers' Guilders—
31.27
31.22
_ .30.81
High for the week_________________
30.95
30.87
Low for the week________________________ .30.49
30.49
iHr-i

24
24
26
25
23
23
24
23
^3
2
23
22
24
23
23
23

Aug
Aug
Aug
Aug

46 %
43 %

'V

22 11
20 1 1 %
23 66 %
2 95
25 48
8
23
23 20
23
1
22 10
25 15

1.

H i g h e s t.

r e p r e s e n ta tiv e issu es 16 h a v e d e c lin e d a n d 6 are u n c h a n g e d .
A m . S m e lt . 5 s , In te r b o r o o s a n d R e a d in g 4 s h a v e lo st a fu ll
p o in t .
O n th e o th e r h a n d , S te e l 6 s , C a n . N o r th e r n 6 J ^ s ,
P e n n . 6 1*>s a n d F r is c o A 4 s a re fr a c tio n a lly h ig h e r .

Domestic Exchange.—Chicago, par.
25c. per $1,000 discount. Boston, par.
par. Montreal, $109 37 per $1,099 prem.

cco

25
%
22 41
25 934
22 7034

ver shore

sh ore.

Aug 20 100

11 % Aug 23 12
Aug
11 % Aug 20 1 1 % Aug
68 V Aug 23 68 >2 Allg
o
Aug
99% Aug 25 101
48
Aug 25 48
Aug
11
Aug 23 11
Aug
25
Aug 23 25
Aug
1 % Aug 23 1 % Aug
10 Aug 25 1 1 % Aug
15 Aug 25 15 Aug
50 1 3 Ail ‘ 2
-» 3 A u r
400 11 Aug 25 11 % Aug
525 17
Aug 25 17 % Aug
loOl
V A ut
o
% An:
200 64% Aug 24 64% Aug
3 0 233 Aug 24 2 % Aug
300 44% Aug 25 45
Aug
10 41 Aug 22 41 Aug
100 5% Aug 25 5 % Aug
200 5% Aug 24 5 % Aug
200 72 Aug 20 72 Aug
300 40
Aug 23 403^ Aug
300 58 % Aug 22 60
Aug
100 72 Aug 25 72 Aug
4,100 30
Aug 22 o% Aug
6 634 3* Aug 22 634 % Aug
200 .L O Aug 20 100 Aug
O
100 57 Aug 25 57 Aug
100 7 Aug 23 7 Aug
100 80 Aug 24 80 Aug
100 4% Aug 24 4 % Aug
1 , 00 55 Aug 26 57 Aug
100 130
Aug 25 130
Aug
200 87% Aug 25 8 7 % Aug
100 1114 Aug 22 1 1 % Aug
100 20% Aug 25 2 0 % Aug
100 3 >6 Aug 25 334 Aug
200 153* Aug 24 16 Aug
500 2 7 1 4 Aug 25 29% Aug
100 4 3* Aug 25 4 % Aug
300 13 Aug 24 13% Aug

_
Auto Sales pref_ __50
Barnsdall class B _____25
Batopilas Minin?
- i'
Brooklyn Union Gas .100
Brunswick Terminal. 100
Calumet & Arizona.. 10
Canada Southern___ 100
C&E Ills tr rects 1st paid
Pref tr rects 1st asst pd
C S t P M & Om pref. 100
Cluett.Peabody&C’o . 100
Continental Insur____25
Cuban-Am Sugar pref 100
Davison C h e m i c a l . p a r
Eastman K odak____100
Fisher B ody pref____100
Homestake Mining._1C0
Hydraulic Steel_ n o p a r
_
Internat Nickel pref. 100
Iowa Central
_ 100
_
Kelsey Wheel In c_ 100
_
Kresge (S S) C o_____100
Lima Locom o pref_ 100
_
Mallinson (H R )__/io p a r
Manhattan Shirt_____ 25
Market Street R y _ 100
_
Preferred______ ______
Prior preferred____10Q
2 d preferred _. .100
Marland Oil_ __ n o p a r
_
Maxwell M otor ctfs dep
100
stmpd asstd________
% Aug
100 41 Aug
Maxwell M ot Corp A 100
Class B ________ n o p a r 1,300 8 Aug
Michigan Central_ 100
_
35 70% Aug
M St P&S S Marie leased
100 54 Aug
line cetificates____ 100
50 66 % Aug
Morris & Essex______ 50
100 19 Ai g
Mullins B od y ____n o p a
100 18 Aug
N Y Shipbuilding.n o p a r
400 8 % Aug
Norfolk Southern_ 100
_
100 3% Aug
Ontario Silver Mining 100
200; 88 Aug
Otis Elevator _____ 100
200, 8 Aug
Pacific Mail S S _ ____5
100 7 Aug
Panhandle P & ~ R .n o p a r
Preferred_ __
_
.100
500; 68 Aug
200 60 Aug
Phillips-Jones Corp n o p a r
Rand Mines L t d .. n o p a r
500 22
Aug
200 93 Aug
Sears, Roebuck, pref. 100
Sattuck Arizona____10
200
5% Aug
So Porto Rico Sugar. 100
700 2 7 % Aug
69% Aug
Standard Oil of Cal_ 25 l.tOO
_
kOO 4 Aug
Temtor C&FP cl A no p a r
Third Avenue R y _ 100
_
300 13 y s Aug
Toledo St L & W tr rects
200 9 % Aug
100 15 Aug
Preferred tr rects. _ _
Underwood T ’writer. 100
100 121% Aug
United Drug ______ 10013, 00 47 4 Aug
100 40 Aug
1st preferred. _
50
Weber & Heilbroner n o p a r
200 10% Aug
Wright Aeronaut_.no p a r
200 83* Aug

R ange s in c e J a n .
L o w est.

H ig h e s t .

L o w e st.

100 104

American Chicle, .wo p a r
200
200
Am M alt & Grain stmpd
100
American Radiator_ 25
_
American Snuff____ 100
>00
Am Teleg <c C a b le .. . 100
f
100
Ann Arbor_________ 100
300
100
Preferred._
_
.1 0 0
Assets Realization____10
100
Atlantic Petroleum_ 25 1 . 00
_
100
Atlas Tack Corp. . n o p a r

Auto Sales Corp_____ 50

R ange fo r W eek .

S a tes
fnr 1
W eek!

[ V ol. 113.

S t . L o u is , 1 5 (5
S a n F r a n c is c o ,
C i n c i n ., p a r .

T h e C u r b M a r k e t .— S e llin g p ressu re a g a in s t a n u m b e r
o f issu e s in th e C u r b M a r k e t th is w e e k c a u se d a n e asier
te n d e n c y a n d p rices m o v e d to lo w e r le v e ls , b u t t o - d a y ’ s
m a r k e t s h o w e d a d e c id e d c h a n g e fo r th e b e tt e r .
T r a d in g
w a s m o r e a c tiv e a n d g o o d re co v e rie s w ere re c o rd e d th r o u g h 
o u t th e list in th e c lo sin g se ssio n .
O il sto c k s w ere s o m e w h a t
m o r e c o n s p ic u o u s .
S ta n d a r d O il o f In d ia n a w a s a fe a tu r e ,
d r o p p in g fr o m 6 9 to 6 4 % d u rin g th e w e e k ; it so ld u p t o -d a y
to 6 7 l
A a n d c lo se d a t 6 7 % . A r k a n s a s N a t u r a l G a s lo s t a
p o in t to 6 % a n d r e c o v e r e d to 8 % , th e clo se t o -d a y b e in g a t
7% .
I n t e r n a t . P e tr o le u m m o v e d d o w n fr o m 1 0 % t o 9 %
a n d so ld fin a lly a t 9 % .
M a r a c a ib o O il d e c lin e d fr o m 1 9 % to
1 7 % a n d r e c o v e r e d fin a lly to 1 8 .
S a lt C r e e k P ro d u c e rs
w e a k e n e d fr o m 1 0 % to 9 % .
S im m s P e tr o le u m e a se d o ff
fr o m 6 % t o 5 % a n d fin is h e d t o -d a y a t 5 % .
T id a l-O s a g e
O il (fo r m e r ly G u ffe y -G ille s p ie O il) g a in e d tw o p o in ts to
12% .
A m o n g in d u s tr ia ls G le n A ld e n C o a l w a s p r o m in e n t
fo r a r e tu r n of s tr e n g th , a d v a n c in g fr o m 3 1 % to 3 3 % .
D e n v e r & R io G r a n d e s to c k s (w h ich h a v e b e e n str ic k e n eft'
th e N e w Y o r k S t o c k E x c h a n g e list) w ere tr a d e d in th e C u r b
M a r k e t , th e c o m . d o w n fr o m 5 0 c . to 3 7 c ., a n d th e p ro f,
fr o m 1 % to 8 0 c .
T h e c lo se t o -d a y w a s a t 6 0 c . fo r th e fo r m e r ,
8 5 c . fo r th e la tte r .
W i n . F a r r e ll & S o n . a fte r a n a d v a n c e
fr o m 9 % to 1 1 % , b r o k e t o 7 % a n d e n d s th e w eek a t S
S o u th e r n C o a l & Ir o n r e c e d e d fr o m 2 % to 1 % . wi th the fin a l
tr a n s a c tio n t o -d a y a t l % •
T o d d S h ip y a r d s C a r p , d r o p p e d
fr o m 6 2 to 5 8 .
B o n d s w e re q u ie t a n d w ith o u t fe a tu r e .

Mew York Stock E xchange— Stock Record, D aily, W eekly and Yearly
OCCU PYING TURKIC PAGES
Por tnlfl*) durlni] fh « w««k o f utockx timuniMv IrmctivA.

HIGH AND LOW SALK PM GB—PBR 3HAMS, NOT PISH GENT.
Saturday

Monday

Aug. 2 0 .

Any.

22.

Tuesd iy
Ann. 23.

Wednesday
Any. 24.

Thursday |

Auy. 25.

Friday

A uy. 26

9 4 3

"rurtvllnfl out)*

STOCKS
H VV YORK HTOOK
flG
EXCHANGE

PICK H U A t t n
B a n o s s i n c e J a n . 1.
O n ItanU o f 100 - s h a r e to ts

Lowest

U iyheni

Kullrouds.
Par
Shares.
6.500 Atoh Topeka A Santa Fo . _I00
I >0 pref _____ ____ _ _ 100
400
000 Atlanta Blrm Ac Atlanta.. 100
800 Atlantic Count Lino H R __ 100
32,300 Baltimore Ac Ohio________ 100
600
Do p re f_____ ______ 100
3.500 Brooklyn Rapid Transit-.100
Certificates of deposit..
500
8,800 Canadian Pacific________ 100
10,000 Chesapeake Ac Ohio____ , 100
Chic Ac. Kant MllnolH trust rents
Do prof trust roots_______
1,300 Chicago Groat Western__ 100
1,200
I)o prof______________ 100
12,800 Chicago Mllw Ac St Paul---10()
Do prof_______________100
17.300
3,100 Chicago Ac Northwestern.. 100
Do prof_______________100
32.300 Chic Rook Isl Ac Pao--------- 100
600
7 preferred____________ 100
600
6% preferred__________ 100
200 Olev Cln Ohio A St Louis..100
Do pref_______________100
400 Colorado A Southern_____100
100.
Do 1st pref___________ 100
Do 2 pref........................ 100
+99 101
103
*99
n o ioo
98% 99% 9812 98% 298
900 Delaware A Hudson--------- 100
99,
695
95
95
95 I 93
93
500 Delaware Laol k Western. 50
94% 9434
*%
200 Denver A Rio Grande------100
%
%
%
1%
1%
1%
1%
800
1%
1%
1%
1%
Do pref_______________ 100
*3
5
*3
5
5
*3
*2%
3% *3
o
Duluth S S A Atlantic------100
*4l<> 6
*4lo
*4l-> 6
6
*4%
6
*4% 6
Do pref_______________ 100
13%
13
12 % 13
12% 13%
7,900 Erie____________ ________ 100
12 % 12% 12% 12%
12% 13
*18% 19
18% 19
17%
17
17
18% 18%
4,300
18%
17% 18
Do 1st pref___________ 100
14
* 12 %
14
*12% 13% *12% 13
*13% 14
*13
1,400
12% 13
Do 2d prer____________100
73% 74
74
72
69% 71
71
69% 71%
71%
70% 71% 26,800 Great Northern prof--------- 100
*28
28%
28% 28
27%
28
27% 27% 27
27% 27% 27121 1,700
Iron Ore properties.No par
*6% 10
10
*7
10
*7
10
*7
*7
10
*6%
8%
Gul Mob < Nor tr ot S ...1 0 0
fe
*2)
23
*20
20
20
23
2)
20
20
20
*19% 21%’ ~ 300
Do prel_______________ 100
96
*93
95
95
94
94
93% 93% 93% 94
1,100 Illinois Central__________ 100
95
*93
3%
3%
3%
3%
3%
3
3%
3%
3% 4,500 Interboro Cons C orp.’. N o par
3%
lo% 1o%
10
10
9% 10
9%
9% 10
9%
9% 3,300,
9%
Do pref_ ____________ 100
_
24% 25 I 24% 25
24% 24% 22% 24
22% 23% 23% 24% 9,800 Kansas City Southern------100
*49
5 )% 50
5)
49% 49%
900
49% 49%
50
49%
Do pref_______________ 100
14 < *10
*10
14
12
*10
*1 -% 14
*io~ ’l3”
13
*10
Lake Erie A Western------- 100
*19
23 I *19
23
17% 19
23
*19
19
19
300
*18% 20
Do pref_______________ 100
*51
51
51%
51
49%
51
5)
49% 50% 49
49% 7,100 Lehigh Valley___________ 60
49
109% 1 9 % 1C8 108 *108 110
108 108 *108 110
1,000 Louisville A Nashville------100
1-8 1)8
45
45 i *45
45% 45% 45%
49
45
*45
47
1,000 Manhattan Ry guar--------- 100
10% 1 j%
T~%
9% 10
2.400 Mlnneap < St L (new)____100
9%
9%
10 % 10 % " i o ’
10% 10%
fc
*66
*65
70
69
*63
66
*60
100, Minn St P & S S Marie____100
63
63
67
*62
7 °J
83
83
100 j Do prer_______________ 100
~*1% " 2 "
3,300, Missouri Kansas A Texas. 100
1%
1%
1%
1%
1%
1%
%
1%
1%
1%
*3
3%
2%
*2
*3
2% *2%
3%
2%
300,
2%
3%
Do pref_______________ 100
3
19
19 | 18% 19
17% 18% 17% 17%
18% 18%
8,000 Missouri Pacific trust ot s.100
17% 18%
*38
38%
36% 37%
36% 38
34% 36% 34% 36% 35% 36% 10,7 0
Do prei trust otfs_____100
4%
*3%
3% 3%
3%
3%
800, Nat Rys of Mex 2d pref— 100
3%
3%
*334 4
*52
55 | *52
56
49
249
56 I 52
*52
52
300 New OrlTex A Mex v t o . . 100
48
48
7o% 7o% 68 % 7)
68% 69%' 68% 69% 6 8 % 70%
69% 70% 13,300, New York Central_______ 100
*5)% 53 | 51
51% *51
50% 51
53% 5 *% 53
800, N Y Chicago & St Louis— 100
51
51
*62
64
64
*62
72
*68
65 I *62% 68
65
100
69%
*67
v lrst preferred_________ 100
*61
63 I 63
66 % 66%
63%
67
67 I 66
65
1,8 0
65% 65%
Second preferred_______ 100
16
16%
14% 15%
15% 16
14% 15%
14% 15%
15% 19,300 N Y N H A Hartford____ 100
15%
17% 17%
17'% 17
17% 17% *16% 1734 1.700 N Y Ontario A Western_ 100
17% 17% *17
17%
_
*95
96 | 94% 95%
92% 92% 93% 93%
94
1.700 Norfolk < Western_______ 100
94% 92% 93%
fc
75% 75-% 72% 75% 71% 73%
6934 72% 69% 71% 70% 73% 70,900 Northern Pacific_________ 100
37% 38
37% 37%
37% 37% 36% 37% 35% 37
37% 37% 15,166 Pennsylvania_______
50
19
19
17% 18
18% 19
18
18
18% 18%
18% 5.400 Pere Marquette v t 0 _____ 100
18
54
*53
54
*53
54
53
53
200
*53
54
*53
Do prior pref v t 0 __ ,100
*34
38 |
*34
*34
*34
38
38
38
*34
38
Do pref v t 0 ________ 100
*25% 26% 25% 25%
25% 24% 24% 24% 24%
25
2434 25
3.500 Pittsburgh A West Va_ 100
_
*73
75 i *73
75
73
75
75% *71
*71
73
*73
74
100
Do pref_______ . . . ___ 100
67% 67% 65% 67%
64% 6534 64% 65%
65% 66%
66 % 17,300 Reading .................
65%
50
37% 37%
38
38
500
3734 3734
Do 1st pref___________ 50
39
39
38% 38'% 38% 38%
700
38% 38%
Do 2d pref-------------------60
23
23
22% 23
21%
21% 22% 2 % 22% ’ 2 6 % _
11,800 St Louis-San Fran tr ctfs.-lOO
21 % 23
*34% 37
*34% 37
*34
35
§34% 34% 35
36%
210
Preferred A trust ctfs_ 100
_
*23% 24% 23% 23% 23% 23% 22% 23
22
22% ’ 23" 23% 2 ,2 0 0 St Louis Southwestern____J00
33
32
31% 32C
31
30% 31
1,600
31% 31% 31
32
32
Do pref______________ 100
*5%
6
5%
5'% 5%
5%
5% *5%
5%
400 Seaboard Air Line________ 100
*5%
9% 10%
9
9
9
10% *0
” 9”
*9
700
n%
*8% T o "
Do pref______________ 100
77% 75% 77% 75% 76% 75% 76% 75% 76%
77
76% 76% 26,100 Southern Pacific C o______ 100
*19% 20
18% 19
19% 19%
18% 19
19
19%
8.500 Southern Railway________ 100
18-% 19%
*44
45
44% 44% 43% 44% 43
43
43
43
1,100
43% 43%
Do prel______________ 100
*22% 23% 22% 23
21'% 22% 21 % 22%
Texas A Pacific___________100
*38
43
43 |
*38
*38
43 ! 43
100 Twin City Rapid Transit..100
43
46
*43
119% 12 )
118% 119% 117% 118% 117% 119% 117% 119)3 119 119% 9,900 Union Pacific_____________100
65)2 65% 65% 65
65% *64% 65% 65
4,244
65%
65
65
Do pref______________ 100
*7
8
*7
6
0% *6
7
8 I
7
8
700 United Railways Invest_ 100
7%
*6)2
_
___ — - 17% 17% *17
*17% 19
*17% 19 | 1778 18
500
19
Do pref______________ 100
*7%
8
7%
7%
7%
7%
1,900 W abasb_________________ 100
7%
7%
7%
7%
*7%
7%
+2 ;% 21% 2 )
20%
19% 2 % 19% 20
7,100
19% 20%
19% 20%
Do pref A ................
100
+15
16%
15
15
13
13% *13
400
*13% 17
13% *13
14
Do pref B ____________ 100
*9% 1U
9%
9%
9
8%
9
9
9%
0’4
9% 5,800 Western Maryland( new) . .100
8%
*17
19
17
16
1678 16%
16
18
15% 15%
600
15% 15)2
Do 2d pref_____________100
20% 20% 2)% 21
20% 21
21
21
2 % 21
1,800 Western Pacific___________100
21
21
*58
6l%
58
58
58
58
400
58
58
58
58
62
*58
Do pref______________ 100
*8%
9
8
8
8%
7%
8%
8
7%
8
7%
7% 2,320 Wheeling A Lake Erie Ry.100
*15
17
17
*15
*15
17
*15% 17
*15)2 17
*16
17
______
Do pref______________ 100
*25
28
25
25
25
25
—
—
500 Wisconsin Central_______ 100
25
25
Industrial & Miscellaneous
*4')% 43
*41
43
39
38% 39
900 Adams Express___________100
39)2 4012 39
*38)2 43
1278 127g
___ . - — 11% 11% 11% 11%
12% 12%
12
12%
900 Advance Rumely________ 100
35
35
___ . . . . *22% 50
41
*21
200
35
35
*22)8 35
Do pref_____I _________ 100
—
---*3)
32
32
*3 )
32
*3)
*3 • 31% _____ Air Reduction, Ino____no par
%
19% 19% *19% 19% 19
18% 18%
17-% 18)8
19%
17% 19% 4,000 Ajax Rubber Inc__________ 60
%
%
%
%
*%
%
%
%
%
%
%
% 2,100 Alaska Gold Mines________ 10
T% *1%
*J%
1%
1%
1%
1%
1%
1%
1%
1% 2,500 Alaska Juneau Gold Mln’g 10
1%
56
30%
35% 36
36%
35 . 35% 35% 35% 36
36% 36% 4,400 Allied Chem.A D ye___ no par
—
—
*84
___ *85
86%
85% 85%
200
86
Do pref......................... 100
—
30% 30% 29% 30% 28% 29% 29
6,100 Allls-Chalmers M fg______100
29% 29
29%
—
—
72
72
___
7)
71
700
.... . ..
07) 2 O8 I2
Do pref______________ 100
3 >% 51% 3 > 32
%
3 )% 31% 29
3,000 Amer Agricultural Chem__100
30% 29% 29%
. . . . ___
*53
56
*53
57
50
56
55% 53
500
55
53
Do pref____ _____
100
*27
29
*27
28
28
300 American Beet Sugar_____100
*27
28
27% 27% *27
28
28%
7J
*50
6)
_____
*5)
*5)
0)
*55
70
6)
*55
70
100
Do p r e f ...............
----- —
___ ___
33% 32% 33
3)
31% 32
32% 32% 3,900 Amer Bosch Magneto. .N o par
*24% 25
24% 24% 24% 25
24% 25
24% 24% 24)2 25)8 2,800 American C a n .................. 100
/9
79
___ ___
79
*77
+77% 8)
79
700
79
79% 79%
Do pref..................
100
120% 121
J20% 12 J
12 ) 12 % 119% 121
119% 121
120 122% 7,400 American Car A Foundry. 100
---- —
n o 110 *108)2 111% *108)2 111 % *108)2 111% +108)2 111%
200
Do pref---------------------- 100
* J6% 18
10% A 2 10% 10%
*16% 18
16% 16)2
800 American Cotton Oil_____100
0)
10% 1.6%
*39
45
45
*30
*39
100
45
39
*30
45
39
*30
45
100
Do pref________
*4% 4% . . . . . . . 4% 4%
4%
4%
4% 4)2
1,300 Amer Druggists Syndicate- 10
4%
4%
115 JJ5% 114 114 *113% 122
114 114
1.13 1.1.3% 114 114
800 American Express............... 100
10% J >% 10% 10%
9% 1 % *9
1)
9% 9%
*9% 10% 1,40 > American Tilde A Leather. 100
*47
49
47
47
47
47% 46% 40)2 45)2 40
1,700
45% 40%
Do pref...................... . _ J00
— - —
__ _ __. _ 53
*53) 2 50
53)2 52
52
700 American Ice___ _________100
52
52
*01
02
- — r ------ *00% 02
-- -01
01
200
*00
01
Do pref— ____
100
28'# 29)2 28
28% 20
28
25% 20% 21% 26% 22% 20% 40.800 Amer International Corp__10()
*8
8)2
*8
8)2
77# 7%
*7%
8%
700 Am La France F E _______ 10
8
8
*7%
8*
2
1/ M 18
17%
7
J7% 17% 17% 17%
J7% 17)2 17% 18%
1,800 American Linseed________ 100
39% 397# *35
60
42
U
200
100
Do prof----------82
83
82% 83% 83
83 % 83
83)2 82% 83% 84
9,800 American Locomotive___ 100
80
'J >
2 1 > * J02 105 *103 103 *102 105 * 1<
&
IA 104 *102 104
20o
Do p r e f ....................... 100
*37# 4
3% 4
4
a??. 4
3%
3%
4
*3%
3%
American Safety Raior _ 25
6
6%
*5
0
5
6%
5%
6%
5%
0)4
4 *00n ' a) Shin A Com m ........ no vai
0
6%

f per share4

% per share

77% Jurio24
75% Jan :i
2% Feb 26
77
A pr27
303# Mar I 1
47 Mar 14
9% June 13
6i# June 17
101 JunoiO
40 June20
% Apr28
i4 Apr28
0 % June23
14 June18
22 June20
32 Junc21
00% Apr 14
95 July 1
22% Marl 1
08% Mar12
56% June21
32 June21
60 Feb 3
27 1Jan 8
49 Jan 3
42 Jan 26
A p ril
90
93 Aug25
% June30
1 Mar21
1% Mar24
4% Feb 23
11% Mar 12
16% June21
11% A pr 14
60 June14
25% June24
6% AuglO
20 June24
85% Mar 12
3 Aug25
9 Junel3
18% Feb 7
45%Jan 25
10 Mar 11
17% Aug25
4? % June21
97
Aprl4
36% Junel4
9 M a rll
63 Aug24
83 Aug22
1% Aug25
2% Aug25
16 M a rll
33% M arll
3% July28
46 June21
64 % June21
39 June20
58 Julyl6
54 June24
13% June23
16 M arll
88% June21
61% Junel4
32% June23
1534 M arll
50 Apr29
35 Jan 19
24% June21
70 M arll
6034 June20
36% June24
38% Aug26
19% M arll
27% June23
19% June23
28 June24
5% Apr! 6
8% M a rll
67% June21
1738 June20
42 June21
16% Jan 5
36%Jan 10
111 June21
62% Julyl8
6 Aug24
17% Aug25
7 M a rll
18 M a rll
12 % Marl2
8% Aug26
14% June23
20% Aug2t
58 Aug22
7% June21
13% Jnne2l
25 July22

87% Aug 2
80% AuglO
7% Jan 4
89% J illy28
42% May 9
5 1 Jab 11
14% Jan 26
10 Jan 20
llO 1 Jan 11
^
05% May 9
6% Jan 29
0% Jan 31
9% May 9
20% May 9
31 Jan 12
40)2 Jan 12
71 Jan 11
110 Jan 24
34% May 18
78 May 10
67% May 10
48 Jan 20
66 Mar 3
39% May 6
53% Apr27
47% July 7
103% May 11
249 May 16
2% Jan 29
4% Jan 31
4% Jan 3
7'% Jan 17
15% May 9
22-% May 9
15% Jan 12
7 9 % Jan 29
32% Mar 4
11% May 10
26 Feb 1
98 Aug 2
5% Jan 25
16 Jan 26
28% May 6
52 Mar 30
14% Jan 13
28 Jan 25
56% Jan 5
118 July 6
58% Jan 25
1434 May 9
73% May 9
93 Jan 11
3 Jan 31
534 Jan 10
23% M ayl8
43% May 9
6% Feb 7
77% Feb 17
74% Jan 12
54% MaylO
65 June 6
67 Aug23
23% Jan 12
20% May 6
104% Feb 19
88 Jan 28
4134 Jan 12
23% May 18
57 Jan 20
45 Jan 6
32 Jan 10
79 Aug 5
89% Jan 15
55 Feb 7
5734 Jan 15
25% Aug 3
38% July 0
30% May 9
41 Jan 13
7% May 9
12% MaylO
101 Jan 3
24% Jan 13
60 Jan 13
27% May 16
55% Apr 7
123 Aug 3
0734 MarlO
12% Mar 3
26 Mar 3
9 May 9
24% MaylO
15% May 5
11% May 9
21 May 6
30% May 9
70% Jan 10
11% May 9
19)2 May 9
37% M ay 9

Y ;,° * " '3
no sale* on UiJ» day
%Ex-rights. § Low than 100 -mare* a Ex-dlvldend and rights,
mare for share, to stock of Glen Alden Coal Co. at $5 per share and ex- Uvldond (100% In stock Aug. 22.)

x Ex-dlvldend.

'ihan ft per share $ per share $ per share $ per share.
y ver share ft per ,
83
83% 83% 83%
83% 84
+84
85
84% 85
83% 83%
+80
8)
80%
80'2
80
♦801s 80% 8>% 80% +8 > 8>% 80
*2%
2%
2%
+2*4 3
2%
+2% 2%
2%
2%
84 I *83% 86
85
80
84% 84%' 84% 84% 84
85
*85
35%
35% 34
37% 35% 30% 34
35% 36%
37*4 37% 36
51% 51
51 ( 51% 5 >% 5)% 5/%
l
+51
50% 50 % +50
51
()% 1 )
10 %
1>
9%
10 %
9% 10 | 9%
*10%
9%
0%
6%
*6%
7%
*0%
6%
6%
0%
6%
7%
0%
*0%
6%
213% 113% 111% 113% 111 % 112% 111% I 12% 1U% 113
113% 113%
53%
51% 53 | 51% 52% I 55
53
51% 49% 51%
51% 52
*%
ll<»
+%
1%
1%
*%
1%
*%
*%
1%
1%
*%
*%
1%
*%
+%
1%
1%
*%
1%
*%
1%'
1%
*%
*7io
8
7%, *7
7%
7%'
7%
7%
7%
7%i *7%
*7%
*16% 17
16%
+16
17
15% 16
16
15% 16
15% 15%
25% 25% 24% 25%' 24% 25% 23
24%' 23
24%
24% 25
35% 37% 34% 36% 36% 38%
39
39 I 37% 38%
38
37
64% 63% 64 I 63% 64
62% 63% 63% 04
64% 04%
*101 11
*101 110 *101 106 +1
1)6 | + 101 106 *101 106
% 29
3'% 31% 29% 3 >
31*1 31%
28% 30%
3)
30%
30
+74
76% *74i-> 76% *74
75%
73% 74% +73% 74%
73% 75
*64
65% *64
65% 63% 63% 61 % 63 | 61% 61% *61% 62%
*37% 4 '% 37% 37% 38% 38%
38
*33
*60
*60
63
63
63
*60
34
34
34
35
35
35
491.1 49%

),

PICK SIlAttn
Banos for Previous
Ysar 1920
fjowesi

ffio k e s i

9 ver share 9 per share
70
Feb
90% Nov
82
Jan
72 May
4)4 Dec
12 % Bcpi
*82
Deo 104% Oot
27% Feb
49% Oct
64
Oot
40% June
17 Mar
9% Aug
13% Mar
5% Sept
Jan
09% Dec 1.34
70% No?
47
Feb
16 Sept
4
Feb
17% Sept
334 Dec
14)2 Oot
6 % Deo
33% Oot
16’4 Deo
44% No?
21
Deo
05
Oot
30% Deo
91% Mar
80
Dec
Jan
98 June 120
• 1 Mar
1
2 1 '4 Deo
8 484 Oot
04
Feb
54
Feb
71% Oot
02 Sept
313# Deo
09
Oot
00
Deo
30% Oot
20
Feb
54
Oot
48 July
40
Deo
35
Aug
Oot
83% June 108
105
Feb 260% Sept
9
Jan
% Nov
16% Feb
% Nov
8
Oct
3 M ay
1234 Oot
5% Deo
2138 Sept
9% Feb
30% Oot
10% Deo
2234 Sept
12
Deo
9138 N o?
6534 June
41 7 Mar
8
24% Deo
17% Oot
7
Jan
3534 Oot
18% Deo
97% Oot
8078 Feb
6 % Oot
3
Aug
17% No?
8 % Dec
27% Oct
13% M ay
52% Oot
40 May
24% Oct
8 % Feb
40
Oct
16
Feb
69% No?
3984 M ay
94
Aug 112% Jan
65% Oot
38% July
21
Oct
8% Dec
90% Oot
03
Feb
95 N o?
80% June
Feb
11
2% Dec
Feb
18
33 Dec
4
31% Feb
11% Dec
66 % Oct
33% Dec
8*4 Oct
3% Dec
657 Oot
8
31 June
84% No?
64% Feb
65
Oot
2334 Feb
73% Oct
50
Apr
70
Oot
41% May
37% Sept
15% Dec
27% Oct
16. Feb
84% June 105% N o?
95 7 No?
#
66% June
44
QoS
37% May
32
Feb
14
Dec
68
Feb
50
Dec
57% Oct
37
Dec
39% Oct
21% Feb
84% Sept
6678 Aug
6434 Feb 103 N o?
01
Oct
3 2 78 Mar
05% Oct
33% Mar
337« Oct
15% Feb
48% Oct
23% Jan
40 Sept
11
Feb
49*4 Oct
20% May
117g Oot
5% Dec
20% Oct
8% Dec
88% Feb 118% N o?
33% Oot
18
Feb
06% Oot
50
Feb
47 Mar
14
Dec
43
Oot
27% June
110
Feb 129% N o?
09% Jan
61% M ay
15% Oct
7% Aug
32% Oot
14
Aug
13
Oct
7 M ay
34% Oct
17
Dec
23% Oct
12% Dec
15% Sept
8% Feb
27% Oot
11
July
40 Sept
20% Feb
No?
78
54% Feb
Oct
10
8% Dee
Oct
28
15 M ay
Oot
48
25 M ay

4
26% Jan 3 463 July27
22
Dec
11% Aug25
193 Jan 8
4
14
Dec
35 Aug 17 62% Feb 171 40
Dec
30 June21
40 Jan 12
17% Aug 26 39% Jan 11
Dec
24
1% Feb 9,
% May 25
% Deo
134 Feb 9
1 Jan 3
*4 Deo
34 Aug 15 55% Jan 13
43% Dec
847g Deo
83 June23 93% Jan 26,
28% Aug24
20 % Deo
39‘4 May 2
67% Aug26
83 Mar23;
07% Deo
29 Aug 11 05% Jan 6
61 Dec
53 Aug 16 90 Jan 20
Dee
79
2534 June23
51 Feb 15]
32»4 Deo
Oct
55 June22
74% Jan 6
76
29% AuglO
66)2 May 2
1 45% Dec
3234 Jan 29
23% June21
21*4 Dec
7634 Juno25
72% Dec
88 Jan 20
Dec
116)4 Junel7 129% May 5 111
108 May23 114 Feb 25 105*4 July
15% Deo
15% June23
23%Jan 28
69% Deo
Apr26
35% July 5 67
0% Dec
8 3 Jan 11
4
4 Junel3
Feb
114 July 15 135 May 9
95
6 Deo
8
Aprl4
13% May 18
Deo
35
40% Feb 2 5734 May 18
Aug
37
42 Jan 26 59% May 2
Feb
63
Apr27
67 Jan 8 6/
30% Dec
21% Aug25 1 53% May 0
113s Apr 18
7% Aug23
8*4 Deo
Dec1
42
17% Aug24j 62%Jan 31
Aug
80
39% A ir'20 93 Jan 29
Deo
73) 2 June20 91% May 51 74
98)4 June20 107% Feb 281 90% Juno
10 Jan 71
334 Aug 25
0% Deo
14 Jan 20
7% Doc
4% AuglO

4234 Apr
40% Mar
72
Jan

88*4 Jan

2% M uf

3
62%
92%
63%
92
95
96%
103%
93
128*4
01*4

101
147%
110%
64*4

86
16%
176
30%

122
63%
08
120%
14%
96
99%
109%
107
17%
30%

Mar
Sept
N o?
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan

Jan
Apr
Jan
Apr

Mar
June
Jan

0 Ex-rlghts (Juno 15) to subscribe ,

New York Stock Record—Continued— Page 2

9U

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118
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85
9

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79
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79
55
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63
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234
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78
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83 "
9
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23
83
83
9
9
10
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78%
54
83%
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9*4
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61
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15
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10
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58
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41%
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11

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85

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9*8
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89
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4212 4212
—
—
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25
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2*4
—

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65
64*4
1 2 % 1 1%
22U
23%
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F 231
09
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7%
8%
17%
19%
12%
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16%
22 "
17
19
57%
57%

1

55
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42
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634
37
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14
48
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2*4
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7
38
69*4

____
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50
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____

37
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55
14
44
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31

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40%
30
70
58
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42
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25
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r %
31*4
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36%
____
18%
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37
54
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155
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•Bid and asked prices;

8

37%
*29
*67
*58
12%
39*4
*67
8
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10

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_____

33%
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do

N U 'l p HUH, C E N T ,
T h u r u la y
.4 a y 2 5 .

1

Hr nlay
A u v. 2 i.

STOCKS
NEW YORK STOCK
EXCHANGE

Sate*
fo r
th e
1 W eek.

PER SH A R E
R ange tin e s Jan 1
O n b a t i s o f lOO-rAo'* tot
L ow est

HSR S H A R E
M a n y s fo r H r tv io n t
Y e a r 1920

H iyh e st

L o to sti

|

H iyh e tt

Indus. A Ml-u cll (Con.) Hat | p er th a r s
c
| p er t h a r s
9 per t h a n 9 P er • h a rt
A lu Smelt Scour pref ser A . 10C
63 Jan 11
Dm
72% June 6
61
83
Mar
Amer Smelting A Refining. 100
29% Au '25
Jan
44% May 2
72
29% Dm
............... .. _ llKi
Do pref-.
63% A u/26
64% Dm 100*4 Jan
83 Jan *20
Am Steel Fdry tern otfs.33 1 3
18 Aug 24
31*2 Jan 11
Nov
60
20
Maf
Pref tem otfs
UX)
78% Alig2i
79% Dei,
93% Jan
91
Mar 7
American Sugar Refining loo
59% Am?23
96 Jau in
82% Dec 142% Apr
59*4 6 %
Do p| tjt
IO
O 85% June16 107% Jan * 7
2
97% Dec 118*4 Jan
9 1
*88
_ O
Amer Sumatra Tobacco_ IO
Dee 100*4 Mat
38
Au 2 ’> 8 8
06
39% 42%
Mar 1
Do pref ....... ................. 100
70% June2 0
70
Dec 106
Apr
91% Feb 17
*71% 8
Amer Telephone & Teleg_.HK)
95% Jan 3 108% Mar29
92% May 100*4 Mar
l 5% 1 5%
Amer T o b a c c o .................... 100
111 % June2 1 129% M ay24
104% Dec 283
Jan
118% 118%
Do pref ( n e w ) _________100
87 Jan 4
94 Jan 31
86*4 May
88
9
97*4 Jan
Do common Class 14.. 100 110 Jan 3 1273.1 May 2 3
1 0 0 % Dec 2 1 0
June
117
117
_
57 Feb 21
Amer Woolen of Maas_ .100
6 6 % Deo 106% Jan
64% 6 6 %
82% May 5
Do p r e f _ _____ _
_
100
U3 Feb 21
8 8 ** Deo 106% Jan
98 Juno i
400 Amer Writing Pape/ pref_-lU0
28*8 Dec
2 0*2 Aug 12
39*2 Jan 20
61% Jan
22
* 2 1 % 23
7
7
7
7
Aug 21
*7
7%
900 Amer Zluo Lead A Sm elt.. 25
6 % Deo
2 1 % Jam
10 May 16
7%
7%
25
Do prer............................. 25
2 2 % Aug2 2
69% Jan
*20
25
33 Jan 14
*2 i
25% Deo
♦2 1
25
5 0
15,900 Anaconda Copper Mining 60
31% Aug25
3334
32% 33
Dec
0 0 % Apr
34%
43*f May 11
30
32
31% 32%
29
30
Associated Dry Goods____100
21 Jan 26
Deo
*27
*28
29
*27
36*a May 6
18
07*4 Jan
3 ■
Do 1st preferred______ 100
*45% 95
65
65% Jau 6
64
♦45
200
49% Deo
74% Jan
64
64
65 M ay 3
45 Jan 6
55
*53
55%
55 *
Do 2d preferred______ 100
61 May 21
Dec
38
76*4 Jan
55%
96% 97
96% 96%
_ .
100
93
June20 107% Mar23
Jan
Dec 126
98
97% 97%
1 ,2 0 0 Associated O I L _
84
4%
4%
*4
5
4%
*4
5
4*2 Ju!y21
9 Jan 3
300 Allan He Fruit_________N o p a r
2 0 % Aug
6 % Dec
19% 2 0
18 June17
76 Jan 3
2 0 % 2 1 % 21,600 At Gulf A W X rtS Line____100
21%
19
21
71% Deo 176% Jan
17
Jao
Do pref................... ........ 100
17
17% 17*2
15% June 17
18
44*2 Jan
7
42
Deo
76
13%
18
400
Austin. Nichols A C o . . N o par
8*8 J unci 3
Deo
24 Map
*8 %
9%
*8 %
9 % : ______
8
9%
9%
13*4 Jun 12
*8 %
6219 *54
62% *54
Do
pref______________ 100
50% Aug 5
82 June
62% ♦54
62*2
70 Jan 21
67% Deo
70% 71%
62*4 June24
Deo 148% A p r
71% 74
94% Jan 11
78
65,800 Baldwin Looomotivc Wks 100
72%
7 % 72%
97
*92
95
*88
97
Do pref________________ 100
95 June27 102% Jan 26
92
Dec 1 0 2 % Jan
97
*88
45
Dec
39% June24
43% 44%
9 0 % May
46*4 *14
46% ♦44
47
400 Bethlehem Steel Corp____IOO
62% May 6
46% 46%
46% 48% 31,000
Do Class B com m on.. 100
46% 47%
48
41% June23
65 May 6
48% Deo 1 0 2 % Jan
Do pref........... ................. 100
8934 * _
87 Junel3
Aug 102*4 F o b
89*2
100
9 %
93*4 Jan H
9 % ♦9
90
*96% 98
Jan
99
*97
Do cum conv 8 % pref 1(H
)
90 June24 107*2 Jan 16
97
99
97
200
99% Dec 114
Jan
♦3%
3%
4
3
Aug 20
*3
16
3%
3%
5% Jan 27
3%
1,300 Booth Fisheries_______ N u p a r
2*4 Dec
♦89
96
*89
97
Brooklyn Edison. Ino____ 100
88
Jan 8
Dec
90*4 A p r
98
95 May 6
82
98
*9
84
84
Apr
86
83% 83*2
Dec 129
86
*78
81 % Jan 8
93 May 20
300 B>irn> B o s ........................... 100
76
4
3%
6
3% \ug2 l
*3%
6
Jan 8
4
1,900 Butte Copper A Zinc v to .
3 «4
1 1 % Jan
3*4
3%
3*4 Dec
26% 27
*26% 27
Jan
14*2 Jan 3
26% 27
28
Aug 2
Deo
26
27%
1,300 Butterlck ________________ 100
10
10% 10 %
1 0 % 10 %
10% 10%
Deo
29% Jan
11
1,400 Butte A Superior M ining.. 10
10*4 June20
15% May 2
8
8
9
734
*8
7% A Ui22
19% Apr 19
8%
8
4,900 Caddo Central OH A Ref. 100
9% Deo
28*4 Jan
8%
61
61%
60% 61
53% July28
8 6 *j Jan
64% Feb 17
6 % 6 %
6 %
2 ,1 0 0 California Packing____ N o p a r
6 6 % Deo
Jan
46
25 Jan 5
30% 31%
31% 32
49% May 14
31%
31
4,400 California Petroleum_____ 100
16% Nov
32%
71% 72
’ ♦71
72
Do pref......... ................... 100
76% Jan
400
71
6 8*2 Jan
4
79 May 13
71
63 Nov
73
334
3% Aug25
4
3%
4
2 0 % Jan
3%
7*2 Jan
8
4
Dec
4,900 Callahan Zinc-Lead______ 10
4
3%
*4% ____
4 June14
*4% ____
19*4 June
*4%
10% Apr27
6 % Dec
2 0 0 Case ( J D Plow Wks___N o p a r
2 2 % 23
23% 24% 19,600 Central Leather---------------100
22*8 Au?24
2 2 % 23%
24
30% Dec 104*4 Jan
43*4 Jan 19
57% 59
Do pref______ _______..1 0 0
57% Aug21 96 Jan 12
59% 60%
57% 58%
5,700
80% Dec 108*2 Jan
58%
24
24%
24% 25
23 MarlO
24
24 0
32% Jan 20
61% Jan
4,200 Cerro de Pasco Cop___N o par
24% Dec
25%
42
41
42% 28,900 Chandler Motor Car. - N o p a r
40
Aug2l
4 1
40% 41 %
86
Apr30
42%
69% Dec 164*4 Mar
Nov 1 1 1 % A p r
48
47
Aug 25
47
*47% 49
2 0 0 Chicago Pneumatic T o o l..100
00
70*4 Jan 11
48*4 ♦39% 483
9%
9%
97
>
9%
9%
9 Mar 9
12% Feb 10
7*4 Nov
9*4
6,700 Chile Copper_____________ 26
2 1 % Jan
1 1
20*2
5
4 1 % Jan
20% 20%
20
2 % 21i
19*2 Mar30
6,500 Chino Copper.....................
21%
27*4 May 11
16% Dec
32% 33*2
31% 32
19 Feb 24
35% Aug 3
Dec
3,200 Coca Cola____________ N o p a r
18
40*4 Jan
33
31*4 33‘
22 July 29
Dec
44% Jan
22% 22%
2 2 % 2 2*2
22
2 2 % 22
32% May 6
600 Colorado Fuel A Iron_____ 100
23
52 34 53
Jan
52% 53*4
67
52 June20
63 Jan 29
52*4 53
4.000 Columbia Gas A Electric. 100
60 May
53%
3%
3% 23.600 Columbia GraphophoneNo p a r
238
65*2 Jan
3
2% Aug2 1 12% Jan 8
9
Dec
3%
2%
3%
12%
12% 12%
11
Do pref_____ _________100
9% Au/21
62% Dec
92% Jan
9% 12
6 2 11 Feb 10
13%
2 ,0 0 0
Jan
33
66
♦3 j
33
*30
*30% 33
Computlng-Tab-RecordlnglOO
28% June21
34
Deo
42*4 May 9
33
30
Aug.
30
*26
27
80
27
*27
21*4 June24
59% Jan 11
61% Dec
ioo Consolidated Cigar____ N o p a r
31
65
Apr 19
7 3 % *67
73% *67
73% *67
89% A u g
73*2
Do pref............................. 100
Dec
80 Feb 18
70
5
4%
5
5
*41*
5
4*2
3% Aug20
10
Mar26
2,900 Consol Distributors Inc *no par
843
84%
84 - 84%
84
83
3,100 Consolidated Gas (N Y )_ ioo
_
91% May 17
93% M a r
85
77*2 Jan
5
71% Dec
46% A p r
14%
Dec
14% 14%
1 2 % 13%
12% Aug26
16
13
21% Jan 7
4,000 Consolidated Textile. . N o p a r
1434
Apr
3138 AuglO
35% 37
66
Jan 29
62
Dec
98
37
37%
38
38
1,900 Continental Can. Ino____ 100
38
85
Do pref________________ 100
97% June 102*4 Jan
82% S2 1 *82
,>
98 Jan 6
100
82*2 Aug25
lo
14% A p r
%
8.800 Contlnt’l Candy Corp.No p a r
6
Jan 7
3% Dec
*2 Aug26
%
%
%
<
64% 65*2 20,400 Corn Products R efining... 100
Dec 106% A p r
64% 653:
59 June20
01
63% 65
76*2 Mar26
65%
Jan
96 June15 104*2 Jan 17
* 1 0 0 % 102*2
97
Dec 107
*1
% 1 2 % *100
102
Do
pref_______________100
500
1 2
43% A p r
2 2 % 23
2 2 % 23
23
24*4 2 0 ,1 0 0 Cosden A Co------- ------- N o p a r
24% Dec
22*2 Aug22
43% Apr29
23
55
49
Aug25 107*2 Jan 11
49
51
70
Dec 278% A p r
49% 52%
50%
54,500 Crucible Steel of America. 100
52%
Jan
81
*78
Do pref________________ 100
77 June27
*78% 82
91 Jan 17
81% Dec 100
82
70
59% A p r
8
16% Dec
7
7%
6 % Julyl 1
26 Feb 14
7%
7%
20,400 Cuba Cane Sugar_____ N o p a r
8%
17*4 Aug23
17% 18%
17% 2 0
08% Feb 28
54
Dec
85% Jan
17
18
Do
pref_______________i(K)
15,400
19%
Apr
1 2 % 13
1 2 % 13
13%
13
2,700 Cuban-American S u g a r... 10
12 *8 Augl7
33*4 Feb 25
2 1 % Dec 9606
13
Jan
16% 17
10% Jan 3
13
21 % A pr21
9% May
16% 16%
1 ,2 0 0 Dome Mines, Ltd________ 10
16% 16%
16%
Jan
*16% 17
25% May 6
28
*16% 17
*16% 17
16 Jan 24
13% Dec
1 0 0 Elk Horn Coal Corp______ 60
17
Jan
52 Jan 6
Dec 147
55% 57%
56% 57%
56% 58*2
47
5,000 Endicott-Johnson_________ 50
57%
69% May 2
Jan
84
Dec 104
.
100
87 Jan 6
96 May 7
Do pref____
Jan
54% 55%
55% 60 106,300 Famous Players Lasky N o p a r
82% Apr29
40
95
52% 54%
44% July21
Dec
54
____
80% 80%
74% July22
66
Dec
8
900
Do preferred (8 % ) ____100
90
Apr27
91% A p r
8 *
8 *
16% Mar
6
*5%
9 Mar 23
5
Dec
*5%
8
*5%
9
Federal Mining A Smelting 100
5*8 JunelS
9
22%
*22
2 2 % 2 2 % *20
23
29*2 Jan 28
2 1 % Dec
44*4 Map
100
Do pref------------------------ 100
21% July30
23
75 June28
Dec 134% Mar
87
87
90 Jan 11
78
*75
87
*78
83
*78
700 Fisher Body Corp____ N o p a r
Jan
48
9
8 % Aug 3
10
Dec
8%
9%
9%
3,600 Fisk Rubber.........................25
19% May 5
9%
9%
87
s
10
20*8 Jan 17
1 2 % Dec
36% Jan
9% 1 %
10
9*2 Aug24
4,100 Freeport Texas Co____ N o p a r
97 1 0
s
11 >
8
1
% Aug25
19% Jan
1
3,700 Gaston W A W , In o ..N o p a r
1
%
%
5*8 Jan 13
1 % Dec
%
%
Dec
43
4°% 43%
32% Dec
3 9*2 Aug25
39% 40%
78% May 5
41% 44% 83,900 General Asphalt__________ 100
43*4
____ ____
79% Dec
77
77
Aug25 117*2 May 5
77
71% Deo
800
79%
78*4 78%
Do pref________________ 100
____ ___
75% Jan
*53
1 0 0 General Cigar, In o.............100
54 Jan 3
62% Jan 20
61
Dec
54
58
*53% 54
94*4 Jan
83% Apr25
78% Dec
83% *83% 9
83% 83%
200
88
May 6
*83% 85
Debenture pref_________100
Jan
16% Dec 172
109% Aug22 138% M arl 8
1 1 2 % 1 1 1 % 1 1 2 % 1 1 1 % 113% 114% 116% 64,300 General Electric__________100
938 Aug24
42 Mar
1 2 % Dec
9%
9%
9% 75,400 General Motois C o rp ..N o p a r
16% Jan 11
9%
9%
9%
9%
*65
64*2 Nov
89*4 Jan
7
65%
64% 65
500
63 June21
65
Do pief. . . __________ 100
71% AprlS
85% Jan
60
Aug22
70% Jan 13
58% Dec
60
61% * 6
60%
60
1 ,2 0 0
61%
60
Do Deb stock (6 % ) _ 100
_
A pr
69
94
* 6 8 34 70
82 Jan 24
Dec
70
900
69
Aug20
* 68*4 7
Do Deb stock (7 % )_ 100
_
7
70*2
27
Dec
85% Jan
28% 29%
26% June24
44 % Jan 11
29%
29
29%
2,300 Goodrich Co (B F )..............100
28% 28%
71
71
70
Dec 102*4 Jan
72
*71
300
62*2 June23
85 Jan 7
*70%
Do pref..... ....................... 100
_ __ *14% 15
65*2 Jan
15
AuglO
15
25 Jan 26
Deo
*14% 17
2 0 0 Granby Cons M S A P____ 100
8 % Dec
16% Mar23
- — — 11
—
9 Jan 6
49*4 Jan
1 2 % ____
2,500 Gray A Davis, Inc_______ 25
12*2
1 1 % *16%
D
29
15
Dec
38% J&
2 )
2 %
*2 >
19 July21
500 Greene Cananea Copper. .100
20
20
25*2 May 3
20*2
8%
8%
16% Jan 8
9
7% June21
11*4 Deo
9
*8
9
300 Guantanamo Sugar___N o p a r
20*2 A u g
*8
84% Jan
25
Deo
100
30% 30%
30% 31
300 Gulf Statf»R Steel tr ot.rs
25 June21
48*2 May 6
78% July
55
51% Deo
56
55
56
56%
2 ,2 0 0 Haskell A Barke C a r..N o p a r
60% Feb 15
*55
58
50*2 June20
46% Apr
1 2 % Dec
14
*13% 14
13 June20
2 0 0 Hendee Manufacturing_ 100
13% 13% *13% 14
_
25*8 Apr25
42
42
42%
44%
42
4,900 Houston Oil of Texas_____ 100
S6 May 6
6 6 % Dec 116% Sept
40*2 Aug25
40% 40%
23% Apr
1 6 % May 2
1 0 % 11
2,300 Hupp Motor Car Corp___10
10*2 June21
9% Dec
1 % 10%
10% 10%
1 %
2%
2 June30
5% Aug
2%
9*4 Apr
2%
2%
1 ,0 0 0 Indiahoma Refining---------7% Jan 8
2%
5
0 1 % Apr
29% 30%
28
Dec
29% 3 *4 4,500 Inspiration Cons Copper._ 20
29% Mar 12
37% May 18
3J%
29% 3 >
Apr
____
638 Aug 17
9 % Dec
27
*6 %
*6 %
300 Internat Agrlcul Corp____ 100
13% Jan 11
7%
*6 %
7%
7
36% 36%
SS% Apr
36
Aug25
57 Jan 7
500
40% Dec
36
36% *35% 38
Do pref.______ ________ 100
69
69%
Nov 142% Apr
88
70
67% Aug22 100*2 FSb 16
70% 72
15,200 Inter Harvester (n e w ) ____ 100
69% 70%
Jan
100
Nov 115
99% June20 1 1 0 Jan 29
7%
8
9
4,800 Int Mercantile Marine____100
7*s Aug24
17% Jan 11
10*4 Dec
61% Jan
8
7%
7%
7%
37
44 Nov 1 1 1 % Jan
3734
36% 38% 1 2 ,1 0 0
36
Aug25
63 % Jan 11
40%
36
38
Do pref________________ 100
Apr
27
31
28
27
Aug24
28% Deo 170
*27
800 Internat Motor Truok.No p a r
27
27
28
42 May 6
Jan
67
Nov
84
67
66% 66%
68
70
200
6 6 % Aug26
*66
70
76 Jan 18
Do 1st pref___________ 100
Apr
6 )
60
*58
64% Dec
71
56% June22
60
*58
1001
64% Apr25
*58
60
Do 2d p r e f ................... 100
11% 12%
11% 12%
1 1 % Dec
26% Jan
11*2 Aug24
1 2 % 1 2 % 11,600 International Nickel (The) 26
12%
17 May 2
3838 Aug24
41%
38% 4034
38% Deo
91% Mar
73% May 17
38% 40%
40% 42% 14,700 International Paper______ 100
79% Jan
60%
* 6 6 % 67*2
67
Aug25
67% * 6 >
67
67
200
75 Jan 20
69% Deo
Do stamped pref______ 100
47% July
8
10
Deo
8
8
8%
8
4,100. Invincible OH Corp______ 60
26 Jan 20
7%
8%
5*2 Aug 5
____ Iron Products Corp— N o p a r
*22
25
27% Deo
25
*22
61% Jan
25
40 Jan 11
*20
25
24 June11
7% July
2%
4
2%
2%
2%
238
Deo
2%
2 % Aug25
4% Jan 8
2 % 14,100 Island Oil A Transp v t o . . 10
2 1 % Jan
3
Dec
10
10
10
4 Jan 6
11% Mar 17
1,30 > Jewel Tea, Ino------------------ 100
|
10%
9% 10 *
46% Jan
30% 3 1% *31
34
7% Sept
31%
*31
33% Aug 15
200
S% Jan 4
33
Do pref............................. 100
Jan
_ _ __
___
Deo
30
16
17%
13
17
900 Jones Bros Tea. Ino----------100
17
1 L Jan 3
%
25*2 Jan 27
32% 33%
36
33% 36% 28,800 Kelly-Springtleld Tire------ 26
25% Deo 162% Jan
32% 34%
54% May 5
32*2 Aug21
Jan
*75
______ 1
85
85
75
Dec 105
*75
85
*76
94 Jan 25
70% M ay31
85
Temporary 8 % pref____100
14% Deo
33% Apr
16% 16%
16*4 17%
17
5,600 Kennecott Copper------ N o p a r
17*4
16 M arl l
2 2 % May 11
18%
10% 11%
48% Jan
1 0 % 11
7,100 Keystone Tire A Rubber. _ 10
11%
10% 1 1 %
17% May 2
8 % Jan
3
5% Deo
91% Jan
Dei'
35% 36%
36
36%
36
45
36% 37
1,800 Lackawanna Steel..........-.1 0 0
58*2 Jan 11
32 Juue23
57% t>eft
50
Aug
51
35
49% *48
*48
*48
57*2 May 17
55
300 Laclede Gas (St Louis) — 100
40 Jan 3
38% Jan
24% *23% 24
16% Deo
23% 23%
24% 24*4
1,300 Lee Rubber A Tire------ N o p a r
29% A prSO
17*b Jan 14
Jan
___ *147 155
147 147 *150 155
1 0 0 Liggett A Myers Tobacco 100 138*4 Jan 2*2 155 May 23
127% Nov 307
IVo 190% Jan
. . . .
96
*98 1 2
*98 1 0 2
98
98
1 Oj
97% Jan 3 105*8 Feb S
Do p r e f _____ _ ......... 100
Uv
86
11%
14% Deo
21*2 MarJS
11%
1 1 % 11%
1 1 % 11%
10 June 7
11
7,200 Loew's Incorporated. . N o par
$ per ihiirt

*61
66
33% 34%
69% 69%
19% 2 2
... .
6 l%
59% 61
88%
87% 8 8
43%
41% 43%
8
*71% 8
l 5% 1 5% 1 5%
11 8*4 117% 12 1
91
117*4 116% 117
64% 6 6
67
*96
98
98
22
8%

S H A tt*&.

W ed.nead.ay
A u g . 24

$ per that e

66
34%
7•
22%

53%
53% 53%
3
3%
3%
11%
14
14
33
*3 *
*3 ^lo 33
3
*27
*28 " 3 '
73 % *67
7Q
1.1 *67
4L>
5
84%
85
85%
15
14%
14% 14i*>
38
38
*38 * 38%
*

4212
79
*5312
*8312
111

h a re

/lie Jday
23

A l l /.

7%
23
33%
34%
*27
3
64
65
*
65
97%
97% 97%
4%
4%
4%
2 %
19% 2 %
2 »
18%
*17
♦8 %
*8 %
9%
♦54
62% ♦54
7 %
7 *4 72
*88
♦88
97
♦4434 46*4 *43%
46%
47*8 48
9
9 1 »_ _
*97
*96% 99
3
4
♦3
*9 )
98
♦9 *
*8 »
87
*78
3%
4
4
27
27
27
1 %
1 1 % 11 %
8
7*4
9*4
6 %
60% 6 %
31%
31*4 32
*71
*71
73
3%
4%
4%
♦4%
4%
4%
22%
23% 25
58%
57«. 58%
24%
25
26
41%
41% 42%
*
48*4 *
9*4
9% 1
2 1 % 2 1 !•
> 21
32%
33*8 33%

%
"%
64*i 65%
64%
•lOo 1 2 *l~\n
23*8 24
22%
52% 54
51%
82
*79
*8
8*2
S
-'.s
1912 2
19%
1 2 7s 1 2 7s
1 2 *i
. _ __ ____ *15*4
19
*17
*17
58
58
57 %
5214
76

S : 1L i t HU I C O - -H E U

LOW

sales

od

♦61
29*4
65
18

this day.

65
33
69
Ji )

* per ah a rt 1 $ Per th n re 1 S h a res
65%
♦61
65% 1 *61
29% 30%
30% 31% 1 2 .1 0 0
3.400
64% 65%
63% 64%
1 13,100
21%
2 0 % 22
20
78% 78%
200
78% 78%
60% 62% 24,900
59 >2 60%
87% 8 8 i
900
88
88%
4 %
39
40% 35,100
38
*71% 80 | *71% 80
105% 105% 1 105% l 0 %
5 600
6 ,2 0 0
118% 119% 119% 1 2 1 %
87
*87% 90 1 87
1 , 100
118 118% 119% 119%
1,400
64% 6 6
6 6 % 70% 48,100

ft Less than 100 shares

t Ex-rights,

a

Ex-dlv. and rights,

a

Far value *100.

o

Old stock

*

Ex-dlvUtoud

New York Stock Record

Concluded— Page 3

M

5

For aalefl d u rin g th0 woob o f Mtocku unuhII.v Inactive, m?« third om -udlnp pufln
/ // < ? // AND LOW SALIC PRICE~ PER SHARE , NOT PER CENT.

Saturday
A up. 20.

. Monday
1 -dv///. 22.

Wednesday ( Thursday
Aup. 24. 1 Aup. 25.

T u esd a y

A up. 23.

Safe#
for
the
Week,

Friday
Aup, 20.

S
* © share $ pct share $ per share .I per share, $ per share $ pet share
tf/*
8%
8
8%
8
7%
8%
8%
8
8%
8%
S%
8%
*25
35
35
3 >
30
*30
35 1 *30
35
3 % 3 )% *30
*92
16
115
15
*92
115 1 *92
*92
*92
*92
115
115
■15 *139
45
I 14% 14 % 40% *138
140
*143
48 *142
147
04
105 *100
101 * 100
*100
104
104 *1 »()
104 * 10 0
*190
*05
70
70
*65
70
*65
70
*65
7>
*65
*05
70
*65
50
*55
50
60
66
*65
58
50
*55
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25
20%
24
24
32
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76 ' 70
80 1 75% 75%
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1
91i.i
10*4
23*1
44%
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16Bs
14*8
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38%
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10
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1*4
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27
9%
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3514
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17%
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25iS
6%
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2
5412
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91
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2478
7214
100
12
21
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45
83
____
46%
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3i4
62
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34l2
1714

*32
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10734
*
22%
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66
*86%
4%
3%
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3 3 I4

10%
56%
*82%
634
*28
*65
1/
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*102
48%
*12
40%
*5%
16%
4534
*78
45
45%
86
—

92%

89%

90
92% 95%
*75
81
19
20%
19% 19%
10%
11
10% 1 %
23
23% 23%
23%
44% *44% 47 | 44
94% *92
94% *92
15% 16%
15
16%
14%
14
14% *13%
116 *110
116 *110
106
100 *1 5 110
*23
*23
26
26
*65
*55
65
61
1
1% « - _ _
1%
4 1
29%
38% *36
95
95 *
68%
71% 71%
72
104 *103
100 *103
9%
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51 1
26
28% *26
30
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51
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53
60
60%
62 I 6 '
23
25 1 23% 23%
* 9 lt
*9%
9%
9%
1%
1%
1%
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1734 1734
17%
934
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9%
9%
27% 27% *26
28
3_
10
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10 |
55
55 I 55
55
34%
34% 34%
35%
41% 43% 40%
41%
3534
36
37%
36%
7
7%
7'%
7%
54%
53
55 , 53
27%
28% 2834
29%
18% 20 | 2u%
18%
10%
12%
11% 12%
22%
25% 26%
26
5%
6%
5%
6
33%
31% 34
43
52%
54
54
55
*87%
13%
13
15
13%
49
51
53%
52
91%

19%
11
1* %
23%
23%
45 I 447b
943.1 *92
16%
16%
14%
13«4
*110
1 '6
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26
61
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39%
38%
*
95 .
72% *71
0 *1(3
10
9«4
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29
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52
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61
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27
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55
55
35%
34%
41%
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3534
36%
____
7%
55
55
_•_
_
28%
1734
17%
1378
11%
29%
25
6%:
5%
____
30%
55
54
88
15
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54%
53
j
68
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68
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91
9)
29 j *26% 29
26%
2478' 24% 24%
24%
72 4 74
72%
74%
100
*98 IO j I 100
12
____
11%
21
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*2
21
20
*1 h 2 > 1 19
46%
44
43%
45%
83
8184 83 i 81
____
8%
8%
9 !
46%
4734
45% 46%
11% *1 34 11% *1 34
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1 10%
1
3%
62%
59% 61%
59%
16
1434 15
14%
34%
34
33
34
1634
17%
16% 17%
34
*32
*32
34
71
*66
*66
71
13434
137
135
135
1 734 107% 10734 107%
70
69
89
70
22%
21%
22
22%
28
27% 27% *28
6434 66
65%
68
9534 *86% 96 *
478
*4%
4%
4%
4
4
4
7%
337g
17
56%
86
634

31
6 >
17
24
103
4834
14
4'J%

6
16*4
46% l
92
45
46%
86
—

7
32%
16%
55%
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1634
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100%
46%
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1534
4 5 1,
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44%
45%

7%
33%
16%
56%
87%
6%
31
69
17
24
102%
49%
14%
42
6
16%
46
92
45
46%

8.^4

86

28

28%

91%
27
24%
7434
100
11%
21
19
45%
81
8%
47%
11%
2%
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7
3334
16%
56%
85
6%
31
59
16%
90
23
1 0 1 % 102%
48% 50
*12
14
*40
41
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6
15% 15%
45
45%
92
*78
44% 45%
43
46%
84% 86%
— j
—

a u n tu o

65
89%
*26%
24
72%
*98
11%
20%
19
43%
81
8%
46%
*10%
___ _
*10%
3
59%
13%
34%
16%
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133%

61%
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34%
17%
34
71
134%
10734 lj7 h
69% *
22%
23%
25%
30
65
67
9534
434
4%
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s i_ «
_

7
32%
16
5534
82
6%
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59
16%

73% 74%
73% 73%
72%
109% 109% 109 109 i 109
44% 44%
4434 43%
44
8%
8% 1
8%
*8%
8%
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286
26% 27%
26
*24% 24%
24
25
23
*66% 68
66
06
62
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65
*60
6% 6%
0%
6% *6
*56
58
*56
*56
58
*81% 82
81% 81% *81%
*84% 86
—
---- —
39% 40
88% 39%
39%
82
— *32% 30
*7*4
8
7%
7%
734
j j
11 1 — * 11
0*4
0 *2 ;
0
6% 1 . A
26%
| 20*4 27 12
2 0 ’2
82%
32%
32%
-J09 110% lu7% 109% lo 7
—
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24
/2 < *65
72 | *70
*63% 59 ' *58% 69 1 *52%

,J,° ***** <v,*ml

68

72%
73%
109 *109
41%
44%
1 < | *8%
26% 1 25%
21%
24
—
62%
62
65

6%
6
*56
68
82
—
82
7%
11

81%
*83%
3934
32
7%

6%
6
25%
»J '
32% *3
1 y7% 105%
—
*106
31
24%
72 , *6 i
57
*53%
o

/j

thill day.

Shares Indue), fk M lscoll. (C o n .) Par
4,800 LoN In(50rporatod.. ^ No par

I j ohq*-Wiles Biscuit tr otfu 100
O
Do 2d preferred _____ 100
800 Lorlllard ( P ) _____________ lo o
—
.100
Do p re f............
M ack ay C o m p a n h * _____ 100
D o p ref......... - ............. .1 00
1,0 0 0 M anatl Sugar----------------- 100
400 M a y D epartm ent Stores 100
D o pref .
- ----------io o
90% 95% 195,300 M exican Petroleum ______ 100
95%
84% 91%
D o pref________________ 100
. 5
19
2,400 M iam i C o p p e r. ---------19
19%
19
19
1 0 % 10 % 25,000 M iddle States Oil C o r p ____10
107b
10% 10%
22% 23% 10,300 M idvale steel A O r d n a n ce ..5 0
23%
23
23%
44%
46
*43
1,20 ) M ontana P ow er--------------- 100
44
43
04-%
94-% *92
94% *92
D o pref..................- ___100
15’% 10
4,800 M o n t W dA C oU ls C orp .No par
15%
14% 15%
14
14%
14%
4,100 N ational A cm e . -------------- 60
14% 14%
115
115 *110
N ational Biscuit------ -------- 100
15 *110
100
------100
100
D o prof . . .
838
105
105 *105
*23
25
M - — « N ational Cloak A S u it------ 100
26
*23
25
______
*55
80
D o pref______
____100
65
70
*55
*1
400 N at Conduit A C a b le .N o par
1
1%
1
30
3 )%
6,700 Nat E nam ’g A S t a m p 's ... 100
35
26
28%
_ ____
88
95 «
Do pref.
.............. -100
85 , *
72
72
4,000 N ational Lead____________ 100
71%
69% 70 V
[04
104 *103
- ____ 100
D o p ref_____
104 *103
9’%
1,700 N evada C onsol C o p p e r..........5
9%
97s
9%
9%
*49% 51
51
N ew York Air B r a k e -. ..1 0 0
20% 26%
26% *26
800 New York D o c k --------------- 100
28~
53
*50
100
D o preferred.....................100
53
*50
53
63
65
5,100 N orth American C o _____ 100
Cl
61
62%
23
23
30 J N o v a Scotia Steel A C o a l .. 100
23
*22% 25
*93s 10
N unnally C o (T h e ) ------ No par
9%
4,600 Oklahom a Prod A R ef o f A m .5
1%
1%
134
1%
1%
6,100 Orpheum Circuit, I n c ------------1
17%
16% 18
l l h 19%
*9% 10
600 Otis S t e e l ___________ No par
10
9%
9%
27
27
500 Owens B o ttle ______________ 25
29
26% 26%
__„ _
9
200 Pacific D evelop m en t_____ __ _
*8
*7%
9
5434 5434
900 Pacific G as A E lectric------ 100
55 1 54% 54%
3334 34% 17.000 P a d lie O il------ -----------------------3434
33-% 34%
40% 42% 33,900 Pan-Am Pet A T rans............ 60
43%
38% 41%
3534 36%
8,700
37%
34% 36
D o Class B . . . --------------60
7%
3,700 Penn-Seaboard S t’ l v tc No par
7%
7%
7
7%
54
52% 53%
3.900 People’ s O L A C (C h ic )..1 0 0
51% 53
26% 27
4,000 Philadelphia C o (P itts b ). _ .6 0
28%
27
27%
5,300 Phillips Petroleum ____ No par
19% 19%
21
19
20
9% 10% 46,800 Pierce-Arrow M C a r___ No par
11%
934 10%
21% 22% 10,000
25
D o pref________________ 100
21% 23%
6%
534
6
6,800 Pierce Oil C orp ora tion _____ 25
6
5%
2,400
34
38
38
D o ■ pref___________ - ___ 100
36% 36%
53%
53% 53%
7,400 Pittsburgh Coal o f P a -------- 100
52% 53
400
88
D o pref_________.______ 100
87
87%
00 Pond Creek C o a l___________ 10
13% *13
It
1 % 1 %
4,900 Pressed Steel C a r________-1 0 0
48
50
50%
49
48
D o nref
100
175 Public Serv C orp o f N J . . . 100
*65
69~
65 , *62
68
20,600 Pullman C o m p a n y ________100
9)
91
90% 92
90
26
1,400 Punta Alegre S u g a r .______ 50
28
29 ! 2534 26
24%
21% 23% 23,600 Pure Oil (The) k___________ 25
21% 24
76'%
75
73 , 71
7,7QJ R ailw ay Steel Spring_____ 100
75
200
*99% 105
101
*99% 1)1
D o p re f............................. 100
4,000 R a y Consolidated C o p p e r .. 10
11% 11%
12
11% 11%
300 R em ington Typew riter vtc 100
20
20
20% *20
22
400 R eplogle Steel_________ No par
22
*19
19
20
20
44% 45% 14,000 - R epu b lic Iron A S t e e l ..___100
44%
43% 44%
900
79% 80
81
81
81
D o p ref..............................100
4,100 R ep u b lic M o to r T ru ck .No par
834
8
8%
8%
8%
14,200 R oya l D utch C o (N Y shares) _
46% 48
4634
47
46
300 St Joseph L ea d ....... ..............10
10% 10%
11 ! *10% 11
300 San Cecilia Sugar v t e .N o par
___ _
2%
2%
*2
2%
9%
30 Savage Arms C o rp .............. 100
10% *10% 11
9%
1,400 Saxon M otor Car Corp.iV© par
3
3
2%
2%
3%
60% 7234 38,600 Sears, R oebuck A C o _____ 100
60% 6034
6078
3,000 Seneca C o p p e r _______ No par
14%
1334 14
13
13%
3434
34% 34% *34% 35%
2,500 She!! Transp A T r a d i n g . . . £2
1634 18
52,800 Sinclair Cons Oil C o r p . Wo par
17%
16% 17
200 , Sloss-Sbeffield Steel A Iron 100
32% 32%
34
32% 32%
71
*65
71
71
*66
D o preferred.............. ...... 100
900 Standard Oil o f N J .............. .2 5
135 *133
135% *12834 134
*10738 1G734 2106% 106%
2,10
107%
D o pref non v o tin g _____ 100
600 Steel A T u b e o f Am pref___100
69
68
68 v _
70
24 | 1,800 Stewart W arn Sp C orp .iV o par
22% 22% *22
22%
26% 27 I 2 ,1 0 0 Strom berg-C arburet___ No par
26
27%
26
67
69% 1 2 /,3 5 0 Studebaker C orn (T h e )___100
66% 65% 67
953
4
___ *92
9534 *92
1 D o p ref..............................100
4
4%
4%
4
4%
3,300 Subm a Ine B o a t______ No par
600 Superior O il..... ............... No par
*334
334
334
3%
4

7
7
33% 34%
15% 16%
55% 56'%
*82
84%
6%
6%
*30
31
58% 58%
15% 16%
23
23
102% 102%
48% 49%
113 12
4
*40
41
*5%
6
15% 15%
44% 45
43%
4234
83%
277*

S T O O K fl
N EW YORK STO CK
EXCHANGE

7
323g
15*%
55%
*82
6
*30
68
15%
*22%
102%
48%
1134
38
*5%
15%
44%

7
33%
17
57%
84

6%
31
58
1534
24%
103%
49%
J l ’%
40
6
15%
45%

6%

6%

33% 34% ;
16
16%
57% 5834
84%
*82
6%
6%
31
*3 J
59
*56
15% 1538
22% 22%
103% 104%
49% 50%
*11% 13
40
40%
*5%
6
15% 16%
45% 46%

44%
44
44%
41
42% 43%
82
75
83%
—
—
27%
37%
72% 73%
73%
73%
109% 109% 109% 109%
41% 4234
42%
43%
934
*8%
*8%
9«4
26%
25% 25%
25%
22
23
22% 22%
64
64
65%
65%
62
*60
66
*60
57s
6
6
0%
65% 66
58
65
81%
81% 81%
82
86
83% 83%
83
4 >
39% 40%
40%
33
31% 32
32%
7%
7%
8
7%
lo
9%
9% * ____
6'% 6%
0%
5%
26%
26
26
23
35 i 32% 32% , 82%
100% 105
105% 1 105%
§105 J05 1
*100%
34
80% 3). I
72
*05
72 ! *65
58
*58% 59 1 54
44
44%
84%
27%

i Less than 100 Shares

45%
44
83
27%
74%
109%
43%
934
2634
23%
66
66

6%
55
82%
83
42%
33

8
10
5%
27%
32%
106

313*
71
64

300

3,200 Tenn C o p p & C tr otfs_A% ©or
33,700 Texa3 C om pany (T h e )_____ 25
8,900 Texas Pacific C oal & O I L ._ 10
8,300 T o b a c c o Products C o rp ___100
900
D o pref....... .................. 100
15,800, Transcontinental QlL.TVo ©or
1 Transue A W illiam s St .W o par
600 Union Bag & Paper C o r p .. 100
11,500 Union O i l , . ....... ......... No par
500 United A lloy Steel_____ No par
10,000 Un ted F ru it___________ .1 0 0
30,400 United Retail Stores___No par
. 400 u S C ast I Pipe < F d y ____ 100
fc
1,20G I
D o pref___________ ____ 100
I U S Express..... ................. ..1 0 0
7,000 u S Food Products C o r p _ . 100
10,700, u S Industrial A lcoh ol____ 100
1,600, U S R ealty & Im provem ent 100
9G,60C United 8 ta u R u b b e r____ 100
es
5,5 0C
Do
1st p ref______ __
100
50C U 8 Smelting R ef A M _____ 60
10(
87,70C United States Steel C o r o . .1 0 0
1,500
D o p ref_________ _______ 100
30,900 Utah C o p p e r_______________ IQ
200 Utah Securities v t c ______ 100
6,500 Vanadium C o rp ________ No par
5,10 C Vlrginia-Carollna C h e m . _ 100
%
1,40C>
| D o p ref________________ 100
20f > Virginia Iron C A O ______ 100
2,900, V V lvau dou ___________ No par
40(J! Wells Fargo Express_____ T00
1,100 W estern U nion T elegrap h . 100
200 W estinghouse A ir B rake___50
34,600 W estinghouse E lec A M f g ..6 0
900; W hite M o t o r ______ ________ 60
3,200 W hite OH C orporation - No par
1 ( 1 W ick wire Spencer S teel_____ f
19,60( y W lllys-O verland ( T h e ) . .
_2f
10,600,
D o prof (new)____ _ _.10C
1,300; W ilson A C o , In c, v t o .No pa
2,100| W oolw orth (F W ) ________ 10 C
50
D o p ref_______________10C
2,400 W orthington P A M v t c . J ()(
10f
D o oref A ____
109
D o nref B ___________
|O
C

X Kx>rtght«.

a Ex-dlv. and rights.

PER HU ARE
Itanye since Jan 1.
On haste of ii)i) share tote
Lowest
% per entire
7'% Aug2/»
30
A ug 25
9 !% Juno23
130 Feb 3
100 Jan 5
5 0 % Jan 3
55 June 7
24
Aug##
65% Jan 4
95
M ar 18
84% »A U
I.C20
84 June 17
15% Jan 3
jo
Ju ly20
22 June2l
43
A ug25
93 J u n e15
1 !% A ug25
13% June23
102 Jan 4
105
A ug25
25% J u ly20
55% J u ly23
1 A pr 13
26
Aug25
89 J u n e 11
6734 J u ly28
100 J u n e 20
9
M a r 31
4 7i2 A ug 17
20% Feb 9
45 Jan 26
54% Feb 7
2 0 % JunelO
8% M ar 8
13* M a y 3 l
16% Aug25
9% June28
26% A ug25
8% July 1
46% Jan 19
27% M a rl2
38% A u g25
34% A u g l7
6% June20
33% Jan 3
2012 A.ug26
16 Jun e17
9% Aug28
21% A ug26
5% Aug22
30% A u g22
52
J u ly 16
82% Jan 8
12% M a r 15
48
A ug25
83 June22
54 Jan 15
89% Au 24
2 5 % J u n e ll
21% Au.g25
67 July28
98
A pr 21
11
M a rl2
17% June20
18 June21
4 1 % June23
79% June22
8
A u g l3
45% A ug22
10% Aug26
2 June23
9% Aug26
2% Jan 3
59% Aug23
1234 M a r l l
32
A ug 17
16% Aug25
32% June29
68% June29
124% JunelS
105% Jan 3
68
A ug25
21 June 6
25% A ug24 !
42% Jan 3
83 Jan 5
4
A ug25
334 AuglO
6% Aug26
29 June21
1534 A ug24
45
M ar22
76% June28
6
A ug25
28 June25
58
A ug 19
15% A ug25
19 June 8
i 9584 June20
46% A ug22
1 1% Jan 3
38
A ug 25
53b June20
15 June23
44
A u g 17
84
TuIvVQ
41% M a r l l
41
A ug26
75
Aug26
*6 A p r 1
^7
A iirr O
70% June23
106 June21
41% Aug25
7
A uk 5
25% June21
2034 Ju ly30
5734 July30
59
Aug 17
5% M a rl 1
49% Jan 4

76

AuglO

83
Aug26
38% Aug22
29% June23
7 July If
9% Aug26
6% Jan 3
23
A u g2f
31 July If
105
A'Ug2f
105 June24

30% Aug2f

70% Aug If
54
An<? f*

Uiyrunl

PER HU ARE
Ranye for PrrMone
Year 1020
Lowest

| I/tyheel

9 per share % per ehare I per a
kart
1 2% Jan 10
9*h N ov
28
Jan
42 Jan 31
26
f)eo
70
Jan
100
M a r ll
100
D eo 116% Jan
10 1% Fob 28
1201- D ec 188% Jan
107 Feb 3
97
D ec 110% Jan
68 Jan 24
60
Dec
69% Jan
67% Feb 2
66
Dec
64% M nr
89% Feb 14
03% D eo 161% Apr
93% Apr 18
05
D ec 137% Apr
101% Apr 7
06% Oct- 107
Jan
107% Jan 13
148
Aug 222
Jan
94 Jan 11
88 M ar 106
Jan
24 A pr 26
14% Deo
20
Jan
15% A pr 25
10
Aug
71% Jan
33% Jan
1
62% Jan
28% Deo
5 0 % Jan 11
09% Jan
47% D ec
98 J u n o16
93
D ec 100% Jan
12% D ec
40
M ar
25 M ay 2
30 Jan 4
26% D ec
40
Mar
120% A pr 26
96
1>ec 125
Jan
120 Jan 20
103% July 116
Jan
35% Jan 18
2 6 % D ec
80
Jan
79% M a y 10
59% D ec 102% Jan
5 Jan 10
2
D ec
13
Apr
45
N ov
06 Feb 14
89% Jan
88 N ov 102% Jan
95
M ar 9
63% Deo
93% Apr
81 M a y 7
108 M a y 4
100
D ec 110
Jan
17% Jan
13% M a y I t
8 N ov
89 Feb 19
60
D ec 117% Jan
39 M a y l9
10% D ec
48% Jan
61
Jan
57% M a y 18
35% D ec
65
Aug20
48 M a y
61*4 O ct
39 M a r 29
77% Jan
26
D ec
12% Jan 8
9
D ec
22% A pr
4 Jan 7
2% D ec
6*4 M ar
30% A pr 29
23
N ov
28*4 Sept
41% Jan
10 Jan 11
12
Deo
*42% D ec
05
Jan
51% Jan 11
78
Jan
19% Jan 8
10% D ec
01% Jan
56 M a y 19
41% M a y
41% Jan 4
41% D ee
36
D ec
79% Feb 17
09% D ec 116*8 Apr
7134 Jan 12
04% D ec 11134 Apr
17 Jan 17
6% D ec
30% Apr
57% M a y 17
27
Aug
46
O ct
3 5 % Jan 11
42% Jan
30% D ec
3 1 % Jan 8
44% July
26% D ec
42% M a y 2
82% Jan
15
D ec
88 M ar28
59
D ec 108% Jan
1 1 % Jan 8
23% Jan
9
D ec
78 Jan 7
72
D ec
98
Jan
64% M a y 3
61% Feb
72% Sept
8 8 % Jan 19
91% Jan
83
D ec
16% M a y 6
27*8 Jan
12
D eo
90 Jan 24
72
D ec 11334 Apr
J04 Jan 24
00% D ec 104% Feb
70% M a y l9
52
D ec
08
Jan
110% Jan 21
M ar
95% D ec 124
5 1 % Jan 11
Apr
40
D ec 120
36% M a y 6
29% D ec
50% Jan
90% M a y 10
73
D ec 106% Apr
109
M ar 3
92% M a y 107 N ov
15 M a y 11
10 N ov
22% Jan
94
Jan
3834 M .* y ll
24% D ec
39% Jan 12
93% July
30 ■ D ec
73% Jan 13
55% D ec 124% Jan
90% M a r 2
84
D ec 106*4 Jan
24% Jan 25
10% D ec
66*4 Jan
69% M a y 5
49% D ec 123% M a y
13 Jan 12
10
D ec
17% A pr
25% Jun©
5% Feb 16
2% D ec
2 3 % Jan 11
9
D ec
83% Apr
634 A p r30
21% Jan
2% D ec
A pr
86% D ec 243
98s4 Jan 3
2 0 % Jan 17
14% O ct
23% N o ?
49 M ay 9
33*8 D ec
90% Jan
28% M a y 6
20 Dec
48*4 Jan
60 Jan 11
43 Deo
82% Ja®
73% Feb 28
94% Apr
75
D eo
107% Jan 13 $142% D ec $212% Mar
110 Jan 20
100% June 113% Mar
82 Feb 7
91% June
77
D ec
37 Jan 24
24% D ec
61% M ar
46 A p r 30
22% D eo 118% Apr
93% A pr 29
37% D ec 126% Apr
97 M a y 4
70
D ec 101% Jan
lQ3g Jan 7
14
O ct
8% D ec
13% Jan 11
20% Sept
11% D ec
4.8
13
Fnh
00
A mp
13% M m
1034 A pr 26
0% D ec
45 Jan 10
40
D ec d>7% Jan
3 0 % Jan 21
22
D ec
53% July
60% July27
95% Jan
40
D ec
91 Jan 13
Jan
80
D ec 106
13 A pr 25
5% D ec
38% JaB
44% A p r 25
66% Jan
84% D ec
75 Jan 13
A pr
01% D ec 127
25% M a y 19
38
Jan
19ig D ec
34 Jan 4
63
Jan
27% D ec
207 Jan 7
170
Feb 224% O ct
62% M a y 23
90% Jan
46%
25% Jan
19 M a y 6
10% N ov
50 M a r24
55% Apr
38
D ec
37% Apr
7 Jan 13
5% D ec
2 7 % Jan 19
78% Jan
15
D eo
74% M a y 3
60% D ec 110% Jan
1O
S! T ftr 8
M
on
A <7 108% Jan
m
58% M a y 18
09% Apr
36% N o v
79% A pr 30
53
D ec 143% Jan
103% Jan 4
95% D ec 1 1 6 % Jan
76
Jan
35% Jan 27
2 0 ’ D eo
4-76® M ar
Jan
70%' D ec 109
80% M a y 6
312 Jan 27
104% D ec 115% Jan
80*4 Jan
69% Jan 19
44% D ec
14
Oct
7
Aug
12% M a rl7
97
Apr
41 Jan 11
28% D eo
80% Apr
24*4 D eo
4 2 % Jan 11
102% Jan 18
88*4 D eo 112% Jan
70
Feb 120% Sept
96 Jan 26
21 June
9% M ay 11
6*4 D ec
70
M ar
72 Jan 20
40*4 N ov
92% O ct
94 A pr 12
80% July
Jan
89% N ov 119
0 0 % Jan 14
56% Jan
40
D ec
49% M a r29
09% Mar
30% D eo
44 M ay 2
25% O ct
13% D eo
1 7 % Jan 8
32% Sept
19 N ov
1 8 % Jan 11
32
Jan
10% M a y 4
5% D ec
93
Jan
20 D <
r>
42 M ay 3
82% Jan
34% D ec
47 Jan 7
Apr
117% A pr 11
100 June 145
Jan
Dec 116
111 F eb 2 102
95
Jan
35% Dec
65% M a y 5
93% Jan
73
Dec
81 Feb 11
53% Dec
76
Jan
05% Mftr 4

% Ex-dlv. « Reduced to basis ol 526 par,

» Par $100.

946

New York Stock Exchange~80ND Record Friday, Weekly and Yearly

/m l 19U9 tiki Bccdanoe method of guotinj bond* w i t changed and 9 rice* a vioto—“ and interest"— except for income and defaulted bom**
m
rti
BONDS

? !

m Y STOCKEXCH ANGE

il

WooJi sailing August. 20

Week e
Range or
Lat* M
ate

i i i Low

Bid

Range
M
ince
Jan. 1

ja

UioH Mo Low

J u 87,51 Sale 87.42
J 1) 87.66 Sale 87 6 )

S3 66
87.66
J D 87.76 S^le 87.34
87 88
J D 9 1.10 9 7 ,0 ) 96 10 A u g '2 i

87 5 >

4 4

High

86.00 93.60

o 85 24 88 50

381 85.40 88 60
94 00 1 0 50
U

87 60

23 85.34 88.80
87 60
87.7 8 2793 85.30 88.40

M S 91.82 Sale 91.72

91.95 2845 88 00 92.20

A O 87,9 l Sale

88-50 4830 85.34 88.60

i ) 9 -4.7 6
D 98.78
% J 100*4
Q J IU0
10 i%
10412
100 *4
100%
75
75
® M
J
J

Sale 9 S62
Sale 98 63
100
101
101*4 100*1
1 1**2 101*2
105 I 104%
101*2 100
101 | 99
------- 79*4
90
75

fr« r « l| n G o v e r n m e n t.
' 69% 71
Argentine Internal 6s of 1909
M
102*4 Sale
Belgium 25-yr ext d f 7 4 a g.1945 i
94*2 Sale
6-year 6% notes_____ Jan 1925
I 101*4 Sa.e
20-year s f 8a_____________ 1941 F
99*4 Sale
Bergen (N orw ay ) 8 f 8a_____ 1945 M
1 99 ^ S tie
Berne (C ity of) 1 f 8d_______ 1945 M
S3 > Sale
Bordeaux (C ity o f) 15 yr 68.193* M
90*2 Sale
Brazil, U 8 extern 8 a _______ 194L J
92*4 93
Canada (Dom inion o f) g 5a_.1926 A
80% Sale
do
do
--.1 9 3 1 A
94 Sale
10-year 6 H a ...................
1929 F
99 Sale
Chile (Republllc) ext sf 8 a .. L94L F
X 47% Sale
Chinese (Hukuang Ky) 5a o f 1911 J
j 90*4 Sale
Christiania ( C t y ) a f 8a____1945 A
j 8 J Sale
Copenhagen 25 yr a f 5 H a .. 1944 J
| 76 Sale
Cuba— External debt 5a o f 1904. wi
76*2 80
Exter dt of 6a 1914 aer A . 1949 F
0 1*4 Sale
External loan 4 H a________ 1949 F
101*2 Sale
Danish Cun Municipal 8a " A ” 1946 F
1 J l *2 rfale
Series B __________________ 1946 F
J 10. *4 Sale
Denmark external s f 8a____1945 A
1 78*4 Sale
Dom inican Rep 1 'ona A dm sf 5s 58 F
100 Sale
French Republic 25-yr ext 8a. 1945 J
96% Sale
20-year extern lo vn 7Ha .1941 J D
Q t Brit A Ireland (D K o f)—
I
99*4 Sale
5-year 5 H % notea________ 1921 M N
87% 8 ale
20-year gold bond 6 H a . .1937 F A
89% Sale
10-year conv 5 Ha_________ 1929 F
98% Sale
3-year conv 5 H a _________ pl922 F A
87% Sale
Italy (K ingdom of) 8er A 6 H a .’ 25 F A
Japanese G ov t — £ loan 4 H a -1925 F A 1 87% S lie
Second series 4 H a_____
1925 J J X 85% Sale
Sterling loan 4a___________ 1931 J J X 7234 Sale
85%
Lyons (C ity of) 15-yr 6 s .. .1934 M H 85
83
83*2
Marseilles (C ity of) 15-yr 63.1934 M N
M exico— Exter loan £ 6a of 1899 Q J I 40*4 Sale
35 Sale
Gold debt 4a o f 1904.......... 1954 J O
Norway external s f 8a_____ 1940 A O 10 1*4 Sale
Paris (C ity of) 5-year 6a____1921 A O 9 0 % Sale
9 /*2 Sale
Suq Paulo (State) ext a f 8s. 1936 J J
8 / % Sale
Sweden 20-year 6 a __________ 1939 J D
Swiss Confederation 20-yr s f 83*40 ------ 1 0 > Sale
T ok yo C ity 5a loan o f 1912_____ IM S ^60*2 Sale
98% Sale
Urugnay R ep ib ext S3 ..........1946 ------90% Sale
Zurich (C ity ot) s f 8s.............. 1945 A O
iThese art voices on the basis of $5 to £
t t a t e a n d C ity S e c u r itie s .
84*2
N Y C ity— 4H a Corp sto ck . 1960 M S
84*2
4H a Corporate stock____ 1964 M S
84*2
4 H s Corporate stock _____ 1966 A O
90*4
4 Ha Corporate stock July 1967
89%
4 Ha Corporate stock_____ 1965 J D
89*2
4H8 Corporate atock_____ 1963 M S
S1‘4
4% Corporate atock_______1959 M N
80
4 % Corporate stock_____ 1958 M N
81
4% Corporate atock_______1957 W N
I
4% Corporate stock reg___ 1956 M N *79%
89%
New 4 H a ................................ 1957 M N
89%
4 H % Corporate stock___ 1957 W N
I
72
3 H % Corporate atock. . . 1954 M N
N Y State— 4a............................1961 M &
Canal Im provem ent 4s____ 19611J J
Canal Im provem ent 4a____1960 J J
94
Highway Im prov t 4 H a .- l.9 0 3 M S
Highway Im p rov ’ t 4H a
1965 W S * -----I
Virginia funded debt 2-3s . 1991 J J 64
5s deferred Brown Bros ctfs___
R a ilr o a d .
Ann Arbor 1st g 4a------------- *1990'Q J
A t c h T o p & S F o — Gen g 4 s -.19 95 , A O
R eg istered ______________ 1995 A O
Adjustm ent gold 4s______ * 1 9 9 5 , N ov
S ta m p ed _______________ *1995 N ov
C onv gold 4s_____ _________ 1955 J D
C onv 4a issue of 1910_____ 1960 J D
East Okla D lv 1st g 4s____ 1928 N! 8
R ock y M tn D iv 1 st 4s------ 1965 J J
Trans Con Short L 1st 4s_1958 J J
C a l-A rlz lst <krei’ 4 H s ‘ ‘A ” 1962 W S
I
9 Fe Pres A P b la t g 5a
1942|M S
A tl Coast L 1st gold 4 s _ -___* 1 9 5 2 !M S
10-year scoured 7s_________1930 M N
Gen unified 4 H 8 __________1964 J D
Ala M id lat gu gold 5s____ 1928 M N
Bruns A W 1st gu gold 4 s. .1 9 3 8 1J J
Charles A Sav 1st gold 7a. .1936: J J
L A N coll gold 4a________al952 M N
Sav F A W lat gold 6 a____ 1934 A O
1st gold 5a......................... 1934 A O
Salt A Ohio prior 3 H a ______ 1925 J J
Registered________________ *1925 Q J
1st 50-year gold 4s________*1948 A O
Registered------------------------ *1948 Q J
10-yr con v 4 H s ___________ 1933 -----Refund A gen 5s Series A__ 1995 J D
Tem porary 10-yr 6 s______ 1929 J J
Pitts Juno lat gold 6 s..........1922 J J
P June A M D iv la tp 3H s_1925 M N
P L E A W Va Sys ref 4a._1941 M N
Southw D lv 1st gold 3 H a _ .1925 J J
Cent Ohio lat 0 g 4 He ___1930 M S
Cl Lor A W con 1st g 58-.1933 A O
Ohio R iver R R lat g 6 3 - . - 1 9 3 6 J D
General gold 5a_________ 1937 A O
Pitta Clev A T o l 1st g 6 a. .1922 A O
T ol A Cln d lv lat ref 48 A ..1 9 5 9 J J
Buffalo R A P gen g 5s______ 1937 M S
Consol 4 H a........................... 1957 rvi N
All A West 1st g 4s g u ____1998 A O
Clear A M ah 1st gu g 5a_ 1943 J J
_
R ocb A Pitts Con lat g 6 s 1922jJ D

53
77

85
85*2
Sale
90%
90*2
....
81*4
Sale
80
90*2
90*2
72%

54%
Sale

85
Sale
71*2
77*2
80
Sale
103*2
83

__

72*2
94
Sale

69*2 Sale
69%
71*s
90%
95%
81%
65*2
82
81%
87*2
85%
76*4
97%
54%
90
78*2
83%
99*4

69*2
10 2

9 4%

10 1

99
99
83
99*4
92*4
89*4
93*4
98*2
47*2
99%
73*4
76
76*2
6 1*4

10 J *2
10 J *4
101*8

7 7*4
99%
96

98.80
9 J 78
June’ Jl
June’ 20
101*2
J u ly ’ 21
July ' 2 1
J u iy ’ 18
Apr *20
J u ly ’21
70
10 2 %

9 i%
101*2

99*4
87%
88%
98*2
87*2

99%
87%
89*4
98%

86*8
86*8

87%

71%
83
83
44%
33%
103
99%
97%
85%
103
63%
98*2
99%

Sale
Sale
Sale

_____
____

66
Sale

____
88
54*2
91
81

—

____

85*s
81*2
85%
89*2
90%
89*2
SI*?
82
80
81*2
90
90%
72
90
89
93

8548 95.56 98.88
743 95.80 99 00
100

88

10 0

104

105*4

102*2 104*3
100
100

.-_
—

75

19
141
85
126

72
95U 102%
87 ’ 97*a
96*4 101*2
93 u 101
92% 9 9 %
84%
74
97 1 0 1 %
85*2 96
83*2 90*4
87% 95*2
92 104
40% 49
94*4 100*2
79*4
72
77
82*2
75% 81
715ft
63
95% 103
95U 103
95*2 103
70% 83*4
96 ~ 1 0 1 %
98
95

131
135
331
169

97% 100
83 ~ 88
91*4
86
99%
94
89*2
81
75% 87%
75% 87
72*4
56
74% 85
74
84%
55
40
29
41
963a 106
94 100
99%
95
8 1*
.4 8 8 **
m 2 7* 1 0 ^
65
43
98*2 98*4
94 “ 10 0 %

3

119
22

87,
72*4 10 0
83*2
11
10
83%
4 >% 125
35
80
34
103
100
72
97*4 130
87*4
97
38
103*2
66
33
62
98*4
58
10 0 %

82%
82*2
82%
87*2
87*4
8734
10
79
5 : 7S%
7 78%
81*2
. . . . 87*o
86%
72
_ ___
____
16
4
4

1

____

54*8 A u g ’21
7734; 134
76*4
75*2 J u ly’ 21
71
71*4 ~17
71
72*4
24
70i8
71*8
36
86
4
81*4
2
84*2
84*2
1
71*2
71*2
A u gf21
76
79*2
15
79*2
87*8 A u g ’21
80
78%
14
10378
103*2
7
76
10
76*4
95 July *21 —
Jan’ 21 —
79
1297* A ug’ 15
72
72*2
6
1007* N o v ’20
89 June’ 21 _ _ _ _
863S 72
85*4
79*2 M a r’ 2 i —
69
69*4 115
66
66
1
70*4 10 0
69*2
71
71*2
53
91%
90
63
Jan’ 12
112
A u g ’ 21 ___
81
67
65*2
28
82*4
81*4
56
85
M a r’ 20
86*2 July '2 1 ___
85 July’ 2 1 _______
*
F eb’ 2l _______
84
95*4 M a y ’ 2 1 _______
55
5 t*s
26
89*2 A u g’21 - - . 79
79
1
71 M a y '21 —
Apr ’ 20
85
99*4 J uly '2 1

79%

66 lo

99% i 15
99*4
47
23
83*2
99 *4 192
96
14
90
25
94% 1 U
99
178
47%
2)
100
50
241
80
78
9
2
76*2
66%
6
30
101*2
29
10 1%
102*2 132
29
78%
1 0 0 % 311
9 3*2 885

A u g ’ 21
July’ 21
July’21
90%
90%
90*4
82
82
81
A p r’ 21
A u g ’ 21
A u g ’21
A u g ’ 21
D e c’ 20
_
8 ep t '20
July’20
95 10 1
Apr'*gl
94
95
July’ 20
71% O ct '20
751* Dec’20
80*2

70*4 72
71U Sale
81
84*2
70
74*2
78%
87
78%
102%
74*8
91*2
77%
108
71*2
99%
90
85%

87.70

88
88*2
88

93%
92%
94
84
84%
84%
83*2
93*2
93*2
74

1

M N 87.60 Sale
M N 87 .72 Sale

►1
-*
Oi
K,
-*

U. 3 G < tv«rainaal.
rir«E Liberty Loan
$H% dt 1902 1 9 4 7 ......................
Con v 4% of 1932 1947_ ______
_
C onv 4
of 1932 1947 _____
2d ooiiV
ut 1932 1947
JdOoad L i b e r t y Loan —
4% o f 1927 1942 .........................
C oav 4 H% Ol 1927 1 9 4 2 .. . . .
Third Liberty Loan—
4 H % 0 / 1928............................. ..
Fourth Liberty Loan—
4^4% of 1933 1933.......................
/lotu ry Liberty Loan—
4 % % Note* o f 1922 1923.........
3*4% N O M of 1922 1923-------Id goado i registered_________ <11930
Jl consol GotiPOO___________ <11980
44 registered_________________ 1925
4a goupon____ ________________ 1925
Pan Canal 10 30-yr 28
..41936
Pun Canal 10-30-yr 28 re g __ 1938
Panama Canal 38 g _________ 1961
R e g iste re d .,_______________ 1961

Price
p iday
August j )

10 1

50
73*2
75
67*4
68
67*3
79
83
65
72%
77

55
79*4
77*4
73
73
72
85*2
85
72*2
77
84%

86*2

88

73*2
99
72%
91
78*2

81
104
79
95
79

66%

73

89
79*4
79*2
64%
6 4 *4
*
65

89
87*4
79%
71
67
71%
66
73
87*2 93*2
61%
73*4

84
67
83*2

86%

91%

S5
84
95%
50*8
8912
79
71

84
96*4
56*2
93
85
71

99*8

99*4

68%

•No price Friday; latest bid and aaked. aDueJan. JDue April. oD u eM ay.

88

N

BONDS
V STOCK E XCH AN G E
Week ending August 26

*3

i

Price
F iday
>
August 26
Bid

C anada Sou oous gu A 6 a .-.1 9 6 2 A
Canadian N orib deb s t 7 s._1 9 4 0 J
2 5 -year s t < b 0H*>______ 19461J
1
Gar Cllnob A O hio 1st 30-yr 6 s 38 J
Central o f G a 1st gold 5 s___p i 946 F
Consol gold 5 s____________ 1946 M N
10-yr teinp seour 6 s June... 1929;___
Ohatt D lv pur m oney g 4s. 1951 J i )
M ao A N or D lv 1st g 6 s ..1946 J J
M id Ua A A tl D lv 5s_____ 1947 J J
M obile D lv 1st g 6 s ______ 1946 J J
Cent R R A B o f U a co ll g 6 s_ 1937 /VI N
C ent o f N J gen gold 5s_____ 1987 J J
R e g is te r e d ___________ 51987,0
J
Am D ock A Im p gu 6 s ____1921 J J
N Y A Long Hr gen g 4s_ 1941 M S
_
Chesa A O fund A leapt 6 s _ 1929 J J
_
1st con sol gold 6 s ________ 1939 IV N
1
R e g iste r e d _____________ 1939 rvi N
General gold 4 H a - - - ......... 1992 wi S
R e g iste r e d _____________ 1992 rvi s
20-year convertible 4H & -.1930 F A
3 0 year con v secured 6 s ___ 1946 A O
Big Sandy 1st 4 s . - ________ 1944 J 1 )
Coal River liy 1st gu 4s___ 1946 J D
Craig Valley 1st g 6 s______1940 J J
Potts Creek Br 1 st 4s______1946 J J
R A A D lv 1st con g 4s___ 1989 J J
2d consol gold 4 s_______ 1989 J J
Greenbrier R y 1st gu g 4S.1940 M N
Warm Springs V 1st g 6 s . . 1941,M s
C hic A Alton H R ref g 3 s____ 1949 A o
Railway 1st lien 3 H a______ 1960 J J
Oblo Burl A Q — 1 1 D lv 3H a . 1949 J J
1
Illinois D lv 4 s....................... 1949 J J
Nebraska Extension 4s___1927 rvi N
R egistered_______________ 1927 rvi N
V
General 4 s _________________1958 I 1 s
C hic A E 111 ref A Imp 4s g._1956 J J
U 8 M tg A T r C o ots o f d e p ____
1st consol gold 6 s _________ 1930 A O
General consol 1st 6 s ______ 1937 M N
U S M tg A T r C o otfs of dep
S ta m p e d __________________
Guar T r C o otfB of d ep _____
C hic A Ind C R y 1st 6 s ____ 1936 J J
Ohioago Great W est 1st 4s___1959 M S
Chic Ind A Loulsv— R ef 6 s ..1947 J J
R efunding gold 6 s ................1947 J J
R efunding 4s Series C ____1946 J J
Ind A Loulsv 1st gu 4a____ 1956 J J
Chic Ind A Sou 60-yr 4s____ 1956 J J
Chlo L S A East 1st 4 H 0 ___ 1969 J D
C b M A 8 t P gen g 4s ser A . c l 989 J J
R egistered_____ ________ el989 Q J
G en’l gold 3 He Ser B ......... el989 J Jl
General 4 H s Series C _____ el989 J J
Gen A ref Ser A 4 H a _____ a‘ 014 A O
Gen ref con v Ser B 6 s ____ a2014 F A
Convertible 4 H a__________ 1932 J D
Permanent 4 s ______________ 1925 J D
25-year debenture 4 s ______ 1934 J J
Chic A L Sup D lv g 5s____ 1921 J J
C hic A M o R lv D lv 6 s ____ 1926 J J
C M A Puget Sd 1st gu 4a__1949 J J
Fargo A Sou assum g 6 s___1924 J J
M llw A N or 1st ext 4 Ha___1934 J D
Cons extended 4 H 8 ____ 1934 J D
W ls A M inn D lv g 5s_____ 1921 J J
Ohio A N ’ west E x 4 s .. .l 8 8 6 - ’ 26 F A
Registered_________ 1886-1926 F A
General gold 3 H a _ -_ .......... 1987 M H
R e g iste r e d _____ _______ p l987 Q F
General 4s_________________ 1987 M N
Stamped 4s______________1987 M H
General 5s stam ped________1987 M IM
Sinking fund 6 s_.......... 1879-1929 A G
Registered_________ 1879-1929
Sinking fund 58............ 1879-1929
R egistered........... .. .1879-1929
Debenture 5 s ______________1921
R e g iste r e d ______________ 1921
Sinking fund deb 5s________1933 rw N
W
R e g iste r e d ......................
1933 I N
10-year secured 7s g ________1930 J D
I
15-year secured 6 Ha g ____ 1936 W S
§
Dee Plaines Val 1st gu 4 H a _ .,47 w
Frem Elk A M o V 1st 6 s . .1933 A
M an G B A N W 1st 3H8.1941 J
M llw A S L 1st gu 3 H a ._ 1941 J
M il L S A W est im p g 5s. 1929 F
!
Asbland D lv 1st g 6 s . _ 1925 IV
M ich D iv 1 st gold 6 s__ 1924 J
1
M il Spar A N W 1st gu 4s_1947 IY
St L Peo A N W 1st gu 5s. 1948 J
C h ic R I A P — Ry gen 4s____ 1988 J
R e g is te r e d ______________ 1988 J
R efunding gold 4 s_...............1934 A
I
R I Ark A Louis 1st 4 H 8 ..1 9 3 4 W
B url C R A N 1st 5s_____ 1934 A
C R I F A N W 1st gu 5s_ .1921 A
C b Okla A G cons 5s_______1952 M N
K eok A D es M oines 1st 58.1923 A ©
St Paul A K C 3b L 1st 4 H a .’ 41 F A
C h ic St P M A O con s 6 s ____1930 J D
Cons 6 s reduced to 3 H 8 ..1 9 3 0 J D
D ebenture 6 s ______________ 1930 rvi s
N orth W isconsin 1st 6 s ____1930 J J
Superior Short L 1st 5s g__el930 M S
Chlo T H A So East 1st 5 s ..I9 6 0 J D
C hic A W est Ind gen g 6S..S1932 Q M
C onsol 50-year 4s_________ 1952 J J
15 year s t 7 H e ____________1935 M S
Cin H A D 2d gold 4 H a ______1937 J J
C Find A F t W 1 st gu 4s g_1923 M N
D a y A M ich 1st cons 4H 9.1931 J J
C lev Cln Ch A St L gen 4S..1993
20-year deb 4 H a__________ 1931
General 5s Series B ________ 1993
R e f A Im pt 6 s Series A ____ 1929
J
C airo D iv 1st gold 4 s______1939
J
Cin W A M D iv 1 st g 4 s. ..1 9 9 1
St L D lv 1st coll tr g 4s____ 1990 M N
Spr A C ol D lv 1st g 4s____ 1940 M S
W W Val D iv 1st g 4s____ 1940 J J
C I St L A C 1st g 4s_____ *1936 Q F
R egistered . ...................
*1936 F
J
Cln S A Cl cons 1st g 5s_ 1928
_
J
C C C A I gen cons g 6 s___1934
O
Ind B A W 1st pref 4s____ 1940
J
O Ind A W 1st pref 5 s . _.<11938
Peoria A East 1st cons 4a_.1940 A O
Apr
Incom e 4 s----------------1990
C leve Short L 1st gu 4 Ha------- 1961 A O
C olorado A Sou 1st g 4 s_____ 1929 F A
R efund A Ext 4 H a__________ 1935 T fN
V
Ft W A D en C 1st g 6 a ___ 19 211J D
Conn A Pas R lvs 1st g 4s . 1943 A O
C uba R R 1st RO year 5fl e 195** 1 f 1

oDue June. hDuo July.

Week's
Rants or
Lout M
ate

3 I

gq|

!l

High No. Lorn

Ask Low

85*8 86
8078 A u g ’ 21
"4 9
104 Sale 103
10 1
99*2 Bale
99
99*2 287
72
75
74
A u g’ 2 l
88*8------- 89*4 Aug'21
20
84
81*4 84
84*4
56
91 Sale
89*4
91»8
68
June’ 2 *
81*2 84*4 90 M a y’ 18
77%
97&h June’ 17
81%
83
Apr'21
79% ” 81% 80*4 A u g’ 21
10
95% 95
957
«
95l8
94 M a y '21

June’ 2L
80
80
81*4 Aug’21

100*2 100*4

80 Sale
81*2 83*2
91
91*4
76

M
ine*
Jan. 1

9 1 *8

9 1 *4

78*« June'20

21

81*2

88*2

99 78 10 1
96*2 991*2
68
76
85*4 95*4
80*4 89
8478 92
67*2 69
83
75l2
92*8
94
99
78
79
87

83
84
100*4
97*2
100
80
8-1*8
93*4

13, 71*4 77*2
75->8
7058
86
Mar'171
(12 *71*2 79
77*2 Sale
77*2
76*2
81 79
82% Sale
81*2
82*4
85
» me m m
mm
Apr’ 211
67
68
67
67
_ ___ 70
67*2
Aug’211
65
70
76*2 82
76*2 Aug'20
73
76*2
_ _ _ _ 69 June’ 19
63*2
72*8 96*8 70*2 Juue’2l
70
74
65*8 _ _ _ . 65
July’21
63
67
Apr’ 21
63*2 • - - - 69
69
69
_ — _ 74% Apr’2Lj
74*2
73*8 74*8
14 41
45*2 Sale
45*2
44*2
46*8
35 3078 39?h
36*2 Sale
33*2
36*2
74% 72
4l 69*4 76*4
72
74*2
80*2 82
80*8 Aug’21
77*4 84*2
89% 90*4 90
Aug’21
86*2 90*2
907a Oct* 19
78% 79% 78i8
79 I 33 ’ 74*4 82
28U M ay’2 11
28
357s
~26 ~ ~28 " 27*2 July'21
27*2 34
91% _ _ _ _ 91*8 Aug’ 211
90*8 95*8
89
81
87 June’211
82
90*2
83
86*2 84
84 I
78
90i4
73 | 68*8 M a y *211
70
50
90% 87
July'21
78
90U
32 M ar’ 17
"57*2 Sale
52 1 15, 47*2 54
50*2
93
95*2 93
Aug’ 2 1
91*4 98
79*4
Aug’21
70
70
81*2
66
68*4 66
Aug’21
66
66
50
68
63 May'19
_ _ _ _ 70 M ay’ 21!
71
Vo”
71*8
76*2 ____ 78
Aug’21
76
78
69 Sale
34 63*2 71*2
70*4
69
92*8 Feb’ 16
59*2 59*4 59*2 Aug’21
57*4 61
78 Sale
24 71*8 79*4
77*8
76*4
59
58
26 57*2 65
587s
59*2
65 Sale
12 62
64*2
66
72 *2
64% Bale
60; 6234 72
66
64*2
44| 70
74*8 Sale
75
74*4
78*4
5 7 % Sale
2 2 , 55*8 68*4
58
57
98 M a y ’ 21
97*2 98*2
90 Sale
90
8978
89*2 91
Sale
60*2
16; 59*2 68*4
61%
60*2
. . . .
92
102
Sept’ 19,-----79 _ ___ 79
July’21 ____ 76*4 8 U 2
79 —
84% Jan’ 21 — - 84 14 84*4
99% June’ 21 — - 98*4 993s
87*8 90
88*2 A u g ’21|-----85*2 91
89
SS
84*2 M a r’ 21
84i2 85
65*4 67% 66 . A u g ’ 21
62*2 69
68
Jan'21
68
68
76% 77%
76
77% I
2 71*2 78
74 ___ _ 74
A u g '2 11_
72*2 77*4
92% 95
93
93%
12i 87*4 96
Sale
10 1
96*8 Jn lv'2 1 . . . .
96i8 99*2
93 _____ 9S% Feb'21
97
9863
*90% _ ___ 90% J u lj'’21 — — 90*4 90*4
——
87*2 —
94% F eb’20 ____ 1
99*. Feb *21
*99*8 993a
98
Mar* 19
SO*4 Sale
6 87*8 "915a
89*4
89*4
90*2 N o v ’ 2U _ _ _
Sale 10 2 %
102*4
103 1 15 99*4 104*2
10 0 % Sale 10 0 %
62 96*4 104
10 2 %
76%
101*2 O c t’ 1 (_
102*2 1 0 1 %
10 1
1
1 0 1 %1
6 6 % _______I 70
70
M ar’ 2L - — — 70
- 1
_ _ - .
66
1
63%
66%
66*8 6 6 %
91*2 91 June’ 21 _ ___ 1 91
93
93%
98*2 ___ _ 99
M ar’ 21 __ _ 99
99
98*2 ____ 98*4 June’ 21
5 74
76*2 77% 76*2
76*2
787
s
85% _____ 87
A u g ’ 21
85*2 90
71% 71*4 71
6 J1 67
71
73*2
71
69
1
69
69
67U 69
68*4 Sale
12 s
67%
69
64
69*2
67*2 Sale
42 64
66*2
693S
67%
92
_ _ _ _ 85*2 86
88
86
June ’ 21
_______
97% F eb’ 19
98%
80 ------- --- 80*4 June’ 21
”79*2 *82 *
66
62%
65*4 A u g ’21 ____
62*4 73
65*2 65%
65
66
3 61*2 6 8 %
1 0 1 % 101*4 10 1
A ug’ 21
97*4 102%
80% ______ 81% Jan’ 2 i ____
81% Sl%
83
80%
85
July’21
79
S4
118
N o v ’ 16
95 M a y ’ 18------75
65
68
M a y *21
64
6S
10 1*2 Sale 10 1*2
16 100% 101%
10 1%
5 9 % Sale
59
60
19 53
62*2
95% 96
97
1
97
93% 100
73
77*2 75 June ’ 2 1
72*4 75
88
M ar’ 17 ____
81 ____ 1 81
A u g’ 21 ____ 81
SI
68*4 70
69
A u g’21
65*4 75
77*2 Sale
78
16 72
76*4
SI
81*2 S4*2 82 June’ 21
SI
S3 *4
89% Sale 1 8 S%
90
23 85% 91
77% 75%
75%
4 73
75%
76
63*4 67
. -1 62 % 69
66*2 A u g ’21
____ 66
66%
5 65% 71
66*4
74*2 77
77 June’ 211
-.
68
77
_____ 75
84
N ov'16 ..
77% —
75*2 July*21 j
75*2 75%
82*4 8ept'19
____ I 90
87
A ug’ 1 85% "90 ’
99*4
99*4 A ug’ l .
9S*4 99%
6 S% _ ___ 74
Nov’20
72
57*2 58 j D7
57
54
61%
19% 2 1 %
26
IS
July's*
83*4 ------- -- j S31 Au VO l
79
2
S4%
83*2 S.ile
83%
23 | 77
81%
84%
75*2 Sale
76%
7 5*2
37 72
78
99\s Sale
99%
99*4
3 l 98
99%
75

U'-Ai I jff "

ftOueAug. •Due Oot.

pDuc Nov

501

fD u c D e o .

topib'u sal*

947

New York BOND Record—Continued—Page 2
BONDS
If. Y . STO CK E X C H A N G E
W eek ending A ugust 26

f l 1
I s

Week’ i
Ranyu or
Friday
A uijusl 26 | Last Salt)

Ranu*
Since
S3
| Jan. 1

BONDS
N V . STOCK EXCH AN G E
W eek ending August 20

Hioh No. Low /nun
Bid
A n Low
k
D el Lack A Western—
07% l l l g '21 _ _ _ 0 0 14 70%
07% 70
M orris A Essex 1st tfu 3 H 82000 J D
96
96% J un e’ 21
90
97
N Y Lack A W 5 b
1923 b' A
90%
Aug ’21
T erm A Im p rov e 4« ___ .1923 MfcN
91
95
0 51 8 ------- 95
____ 102% Feb'Ofc
59
Warren 1st ref gu g
.2 0 0 0 V A
Delaware A H udson—
m
98
D8 I2 98% A u g’ 21 ^^m 90% 98 %
1st lien equip g 4 H a_____ .1 92 2 J J
5 74% 81
70 % Sale
1st A ref 4a_______________ .1943 IV N
I
79%
79%
L 78
84
847g 84%
84%
30-year con v 5 b __________ -1935 A O
80
105
. 12 100% 105
10-year secured 7 b _______ _1930 J D l o t >4 Sale 103'%
J u ly '21
Alb A Susq oonv 8 H a------ .1940 A <)
7 0 % _____ 70
08% 73%
Rends A Saratoga 2O -vr0f 10 ii M M
34 02
05 Sale
65
06%
Den A R Qr— 1st eons g 4 s. .1930 J J
70
69%
09%
5 00)2 72
09% Sale
C odboI gold 4 H a-------------- .1930 J .1
3 07% 72%
70%
69
69% 09)2
Im provem ent gold 5a— .1928 J D
48 40% 4 7 :>
46
43
44% 44
1st A refunding 6b ________ .1955 l-’ A
h
ION 44
44
A ug *21
Trust. C o oertlffl o f deposit _
37*2 48%
72
R io fir June 1st. gti 5fl_
72% J un e’ 21
1939 T n
72% 75
s
01% A p r’ 11
i
R io Q r Sou let gold 4 s___ .1 94 0 j
__
10
_ _ 29% D e c ’ 20
j
G uaranteed___________
1940 j
3 01% 70
60
67'
R io Or West 1st gold 4a. _ .1939 J J
66%
60)2
16 4778 54%
53 ig Sale
53
51%
M tge A coll trust 4a A _ .1949 A O
57 M a y '21 _» - D ei A M aok — 1st lien g 4a__ .1995 J D
59% 78
57
57
G old 4 a . . . _ _
50 M a y ’ 21
.1995 J D
50
50
76
78
77% A u g ’21 ___ 74% 78
D et R lv T u n T e r T u n 4 H s_ -1961 IV N
I
. - - - 92% 92%
92% J un e’ 2L
D u l M isaabe A N or gen 5 a ._.1941 J J
93% 95
87% 89% 88% A u g’ 21 — . 87% 91
D ul A Iron Range le t 6a____ .1937 A O
___ _ 105)2 M ai *08
Reglatered--------------------- .1937 A O
.
83 F eb 21 _ — - 83
D ul Sou Shore A A tl g 6a___ .1937 J J 69% S3
83
S8
_____ 86% June’ 2 1 ____
Elgin Joliet A Eaat 1st g 6s_ .1941 IV N
I
80% 89%
95 M a y ’ 21
Erie le t consol gold 7a ext
1930 M S
95
99t4
7 2 % _____ SO
Jan’ 20
N Y A Erie lat ext g 4 b
3
-1947 (V N
91 M a y ’ 21 •» - - 91
8rd ext gold 4 H a_________ .1 92 3 rw s ------- 97
91%
86% 89
4tb ext gold 5a.............. ...... .3 92 0 A O
86% A u g ’21 ____
S6% 90
9434 N o v ’ 16
5tb ext gold 4a__________ .1 92 8 J D
N Y L E A W l i t 7a ext _ -1930 M S
98)2 A u g ’ 19
54%
55%
11 51
55 Sale
Erie lat cons g 4a prior__ .1 99 0 J J
5S%
_
Reglatered_ ______ __ .1 99 0 J J
58)2 O ot’ 20 ____
415S
43%
71 39% 45
41 Sale
lat conBol gen lien g 4o_ -1990 J J
Reglatered___________ .1 99 0 J J
39
A u g ’21
39
39
3 72% 74
74
Penn coll trust gold 4e 1951 F A
74
74% 74
18 35% 40%
50-year con v 4a Ser A __ .1953 A 6
38
38% 38%
39)2
20 34% 41
36
38
d o 8eriea B __________ .1953 A O
37 Sale
30 37
Gen con v 4a Series D ___ .1953 A O
40% Sale
40%
42%
45%
0 75
77% 78% 78%
C hic A Erie let gold 58__ .1 98 2 w n
79
81%
78%
106% Jan’ 17
C leve A M ahon V ail g 5 s . .1 93 8 J J
1 76% 88
77%
77%
Erie A Jersey la t a f 6a___ .1955 J J
77% Sale
8219 83
fix
Geneasee R iver 1st a f 0s
A u g ’ 21
1957 T J
80
99 ___ J 97 June’ 21
Long D ock consol g 6s
1935 A O
97
99
Coal A R R 1st cur gu 09_ 1922 W N
103
Jan 18
I
D ock A Im p t lBt ext 6a _ _ 1943 J J
7 8 % _____ 78% A p r’ 21
70
78%
85
Jan’ 18
N Y 4 GreeD L gu g 6s
1940 7 3 N
Y
70% 77
3 55
55
55
56 Sale
W Y Susq A W 1st ref 58. _ .1937 J J
61
2d gold 4 H s ___________ .1937 F A _____ 40
40
Apr*21 ____
40
40
1 44% 50
General gold 5a________ .1 9 4 0 F A
45%
40
45% 45%
1 81% 82%
7 S % _____ 82%
Term inal 1st gold 5 s. .1943 M N
82)2
M id o f N J 1st ex t 5a_____ .1 94 0 A O
72 _____ 72
N o v ‘ 19
W llk A E ast 1st gu g 6 s_ . .1942 J D
51
53
52 [A u g ’21 ____
47"
54
E v A In d 1st conB gu g 0a
23)2 Jan’ 17
3920 J J
85 _____ 88
Apr*21 •« »
E v a n s * T H ' s t g e n g 6 8 ._ .1 9 4 2 A O
88
88%
5 3 % _____ 69% Apr* 2 l
M t Vernon 1st gold 6 s _ . .1923 A O
69% 71
____ 69)2 69%
Sul C o Branch 1st g 5s___ .1 93 0 A O
5 3 % _____ 69% A p r‘ 21
Florida E C oast lat 4 H a____ .1959 J D ------- 76% 76
A u g ’ 21 ____ <71% 77%
64 ____
F ort St U D C o le t g 4 H a _ . .1941 J J
66
A p r’ 21
66
66
66
F t W orth A R io Or le t g 4s_ .1 92 8 J J
____
65 M a y ‘ 2 1 ____
613 65
4
6 5 % _____ 63
G alv H o us A H end 1st 5s_ _ .1933 A O
M a r’ 21 ____
62% 63
32 9934 103%
103%
Grand Trunk o f Can deb 7s_ .1 9 4 0 A O 103% Sale 10 2
10 1
652 96% 101
Great N or Gen 7s ser A ___ -1936 J J 101 Sale 10 0
17 77
S178 82% 82%
84%
1st A ref 4 H a Series A ____ .1961 J J
84%’
96 June’ 16 —
R egistered______________ .1961 J J
86
8 6 % 85)2 A u g ’21
0 t Paul M A M an 4fl_____ .1933 J J
813/1
1
10 0 %
10 0 %
1 st consol g 0a................ .1 93 3 J J 1 0 0 % 1 0 2
99% 102%
99
Sept’ 20 ____
Registered______
.1 93 3 J J
1
8 8 % 89% 8 8 %
88%
R educed to gold 4 H 9 -- -1933 J J
87
92
R egistered___________ 1933 J J _____ 95
120% M a y ’ 16
80% 81
M o n t ext let gold 4s___ .1 9 3 7 J D
80% J u ly ’ 21
79
R egistered____ _______ -1937 J D
80
M a r’ 21
80
SO
P acific ext guar 4s £_ . .1 9 4 0 J J * ____ 78
83
Mar*20 ____
7 4 % ____
74% M ay‘ 21
E M in n N or D Iv let g 48_ .1 94 8 A O
75
79%
98 _____ 99
M inn U nion let g 6 s_____ .1 92 2 J J
M a r ’ 21
99
901*
M on t C 1st gu g 08______ -1937 J J 100 % 101
99
J u ly ’ 21 ____
90% 103
R egistered_____
136% M a y ’ 00
1937 J J
1 st guar gold 5 s ______ .3 9 3 7 J J
91 ____
92
A u g ’31 ____
90
94%
W1IJ A 8 F 1st gold 5s__ .1 93 8 J D
89% 89% 90
Jan’ 21 - - - 90
90
•
48
67% 70
Qrees B a y A W D eb ctfs “ A
F e b ‘21 - ___ 65
F eb
70
6%
7
D ebenture ctfs “ B ” __ __
F eb
6 % Aug’21
8
5%
_ . _ _ 65
65
72
G ulf A 8 I 1st ref A t g 5 8 .. &1952 J J
65 July’21
69%
H ocking Va. 1st cons g 4 H b„ .1 9 0 9 J J
71% 83% 73
Aug’21
67% 76
R egistered___
1999 J J
73% JuDe’ 18
6 7 % ____
C ol A B V let ext g 4s____ .1948 A O
73*2 O ct’ 18
66 % ____ 6 8 % A u g ’21
C ol A T o l let ext 4s____
.1955 F A
67U 68)2
H ouston Belt & T erm la t 5s .1937 J J
77% 82
82
82
1 76
84
84 _____ 83% July’21
Illinois Central 1st gold 4s__ .1951 J J
81% 84
R egistered -______________ .1961 J J _____ 82
92
S ep t’ 17
70
73
3 68
1st gold 3 H 8 _________ __ .1951 J J
70
70
71%
6 2 % _____ 84
R egistered.........
.......... .1951 J .)
N o v ’ 15
Extended let gold 3 H s_ _ _ .1961 A O
7 0 % ____
70*% D e c ’ 20
Reglatered____________ .1951 A O
1st gold 3a s te rlin g ............. .1951 M S
80
J u ly’ 09
Collateral trust gold 4a___ .1952 M 8
72% 74
S 67% 74
73
73%
_
___
R e g la te re d .-_
.1962 A O
95% S ep t’ 19
4 71% 78
1 st refunding 4 8 . - 1 ______ .1955 M W
77
78
77
77%
Purchased lines 3 H a _____ .1952 J J
6 7 % _____ 65% M ay'21 ____
65% 69%
22! 66% 73%
L N O A Texaa gold 4s___ .1953 M N
71
71 Sale 70%
1
Reglatered____ . . .
1953 M N
68
D e c ’ 20
15-year secured 6H 0-- - .1934 J J
111 85% 92%
91
92
91% Sale
_ 1936 iJ J 102% Sale 1 0 1)8
15-year secured OL s g _
10234 1081 100% 1023a
Cairo Bridge gold 4a.......... .1 9 5 0 J D
72
75
73% Jan'21
73% 73%
Litchfield DJv 1st gold 3a_ .3951 J J
58 _____ 58 June‘ 21
58
58%
Loulsv D lv A T erm « 3 H b 1953 J J
67 _____ 6578 July’21 ____
64% 68
Omaha D1v lat gold 3a___ .3951 F A
5 7 % _____ 60 July'21 - - - - 50
60%
St L ouie D lv A Term g 3a .1951 J J
57 _____ 56-% June’21 ____
56% 58%
- _ _ _ 04% 66%
G old 3 H a______________ .1951 J J
67)2 77
00% A u g ’21
Sprlngf D lv 1st g 3 H a ____ .3951 J J
66 ____ 80% Nov*16
Western Lines lat g 4s__ _ .1961 F A
72
—70 July’21 — — 69% 75
Reglatered____________ .1961 F A
92
N o v ’ 10
Bellev A Car 1st Ra______ .1923 J D
9 4 % _____ 94 M ay’21
94
94
Carb A Shaw 1st gold 4b__ .1932 M 8
70
____ 73
Mar’ 19 - - - 8 8 % ------- 86-% June’21 ____ 86'% 91%
C hic St L A N O gold 5 s - - .1961 J D
Reglatered............. ........... m i J D
8 6 % ____ 87% Aug’21 - ___ 87% 88%
___ ________ .19611 j n
Gold 3
6 2 % ____ 65)2 J u ly’ 18
Joint lat ref 6b Series A .1963 J D
82
82%’ 82%
8234 13 78% 87
M em Pb D lv 1st g 4a___ . 1961 J D
71
73%: 71% J u ly ’21 —
67)4 73
Registered...... ......
.1951 J D
65
N o v '17
0fc Louie Sou 1st gu g 4h._ 1931 M 5
7 5 % _____ 777 M ay’21
g
75
77%
Ind 111 A Iowa lat g 4b____ 1960 J J
73% _ _
08% July’21 ____ 68)4 76%
In i A G reat Nor 1st g ext 7e. 1922 M N
90)2 91
88% 90%
90% M ay’2)
■fames Frank A Clear lat 4a_ 1959 J J)
72% 74
72
7 3 " A u g ’21 —
75%
Kansas C ity Sou let gold 3a . .1950 A O
56% Sale 56%
57%
57)4 103 54
Registered_______ _
1950 A O
78
Oct/09 ____ 1
Ref A Impt 5b............A pr 1950 J J
70 % Sale
76%
7778
24| 72
78
K ansae C ity i erm 1st 4a_
_ 1900 J J
78% Sale 781/1
73%
15 69)8 74
f ake Eric A W est let g 5a__ 1937 J J
80% 81
80%
80%
1 79
83
2 d gold o s _____
1941 T J
67% 70
09
A u g ’ 2.1
04
72
N orth O hio 1st, guar g 5b .1945 A O
50% 70
6i
A u g ’ 19
f-eh Vai n V 1 st gq g 4 H « - - / 940 J J
84% 85% 837 g Ju|y’ 2J
83
85
Re g!
1940 J
J __________ 85 | 80
July’2 1
80
80
r
J
Lehigh Val (Pa) c o n i g 4e_ 2003 VI N H 9% Hale ! 69)2
">
09%
'> 67% 71
Genera) cons 4 H «-~
2003 M N
l
76% Sale ! 76%
9 1 72% 84
78)4
1

• N op rion

bid

and asked

th is

w e«K .

o

Due

Jan.

& Due

Feb.

u
i
tr

I s_

Price
F'ldau
A /must :
-

-Vttk‘ *
Ratiot or
La»t Sale

-

u

M o»
am
Sine*
Jan 1

\/iUl
Auk Low
Hio,‘ 1 No Low m ob
Lob V T erm Ity lw tgu g 6n ._-1941 A O
9*!% - .
V2
i
Vug ’21 I____
90 >4 92
Reglatered . ______ _________194 i A O
113
M a r112
97% 98
Lob Val I tll 10-yr coll 6 fl..n l9 2 8
67 9512 166%
97%
98)2
Leh Val C oal C o la t gu u 6a . 1933 1 f
92
96
91% 93%
02
fu ly ’ 21
m m _ _ _ _ 106
mm
Reglatered....................... ........ 1933 j j
O o f 13
7 7 % _____ ___ _
lat Int redu ced to 4 a _ . ___1933 J J
70% 87% 70
Leh A. N V Iat guar g 4a _. 1945 M S
71)2
70
J u ly ’ 21
84% 91
Long laid lat cone gold 5 h__A1931 Q J
91
J u ly ’ 21 m m 85% 91
mm
_
79% 82)2 82)4 Jun o'2l
lat con sol gold 4 h __ _ A l931 Q J
82% 83%
08
73
General gold 4a..... ............... 1938 J D
76
70
A u g’ 21 - - - _ 00
Ferry gold 4 H a __________ 1922 TS A
V
94% 98% 91% Feb 2l
91 %
91
68 _____ 99 % O o f 00
Gold" 4a____________________ 1932 J D
65
69% 00)2 A u g ’ 21 - m m 03
m
Unified gold 4 a .__ .............. 1949 rvi fl
00)
71 _____ 7 2
D ebenture gold 5a............ .. -1934 j
72
M a y ’2i
08
J 67% 63)2
61
04
01
01
20-year p m d eb 5 a_________1937 IV N
I
69%
06% 60% 00%
00%
Guar refunding gold 4e____ 1949 rv s
n
64
95
Jan ’ 1 1
Reglatered___________ _ _ 1949 IV s
I
82 ____
87
J u ly ’ 21
87
N Y B A M B lat con g 5a. 1935 \ 0
84
8 3 % _____ S3
A p r‘ 21
88
N Y A R B lat gold 58____ 1927 M S
83
75% J u ly’ 21 « . . .
7 5 % ____
N or 8 b B lat con g gu 5 a .a l9 3 2 C J
75% 70%
l
68
70%
Louisiana A Ark lat g 6a.
..1 9 2 7 M S
70)2 Sale
63% 72
99% N o v ’ 20 m.m
mm
Loulflvliie A Naahv gen 6a___1930 J D
» «»
89 _____ 9 2 % Jun e’ 21
93%
G old 5a_____ _______ _______ 1937 rvi N
90
81%
82%
11 781-1 84%
Kl% <S2
Unified gold 4s.............. _ _ .1 9 4 0 J J
78
Feb 21 ____
R egistered- _____
____ 1940 J J
78
8 0 % _____ 78
ss
80% 90
A u g ’ 21 - - - - 85% 92
C ollateral trust gold 5a____ 1931 M N
101
17 100 106
10 year secured 7a_________ 1930 M N 104 Sale 102%
88% 90
88% A u g’ 21
L Cln A Lex gold 4 H a ____ 1931 M N
90
86
9 9 % _____ 98
J u ly ’ 21 ____
98 101%
N O A M lat gold 6a______ 1930 J J
9 2 % _____ 100
Feb*2C
2d gold 6a_______________ 1930 1 J
72% 75
71% D eo’ 20
Paducah A M em D lv 4a___1940 F A
52
52)2
3 50% 56
52)2 Sale
St Louis D lv 2d gold 3% ..- 1 9 8 0 P S
/I
72% 73% 73% A u g ’ 21 _ ___
A tl K n oxv A Cln D lv 4a___1965 M N
69% 73%
l
86% _ .
95% N o v ’ 19
Atl Knox A N or lat g 6a___1940 J D
99% 101
100 M a y '2 1
Hender Bdge lat a f g 6a___1931 M £
100
10 0
71 % 75
K en tu ck y Central gold 4a-1987 J J
71)s A u g ’21 ___
72
70
86 _____ 86
J u ly ’ 21
Lex A Eaat lat 60-yr 5a gu_1905 A O
87)4
83
6 80
81% Sale
81
81%
81%
L A N A M A M l a t g 4 H a .l 9 4 6 M S
1 6 4 )2 71%
6 8)2 Sale
68%
68%
L A N South M Joint 4a___1952 J J
95
F e b ’06
Reglatered______________ h1952 Q .1
90
JaD'21 ____
90
N Fla A S lat gu g 6a_..........1937 F A
86)2 89
90
7 8 % _____ 85 June*21
86
N A C B dge gen gu 4 H a ___1945 J J
81
99% M a y ’ 21 ____
Pensac A A tl lat gu g 6a___1921 F A
99%
99
S A N Ala cons gu g 6a____ 1936 F A
90
92% 94% Jan’ 21 ____
94)4
91
841 • 88
>
Gen cons gu 50-yr 6a____ 1903 A O
83% A u g ’ 21 __
80% 83%
66 % 67
66% A u g ’ 21 ____ 64% 08
L a A Jef Bdge C o gu g 4s____ 1945 M S
4 2 % ____
M anila R R — Sou lines 4a
1930 IV N
!
77
M a r’ 10
M ex Internal 1st cons g 4a_ 1977 M S
Stam ped guaranteed______ 1977 M S
75
N o v ’ 10
99
July'20
M idland Term — lat a f g 5s__1925 J D
95%
M in n St Louis 1st 7a_________ 1927 J D
95
M a r’ 20
70
72
72
72
5 67% 72%
1st consol gold 5a................ 1934 M N
33 39
39% Sale
39
40%
45
lat A refunding gold 4s____ 1949 M S
38
41
39
A u g ’ 21 - — . 39
.
48
R e f A ext 50-yr 5s Ser A ___1962 Q F
44% 45
44%
44%
1 40
47
Dea M A F t D 1st gu 4s___1935 J J
67
69).0 69% A u g ’21
75
Iow a C entral 1st gold 5 S -.1 9 3 8 J D
68
39)4 Sale
06
39
40
R efu n d in g gold 4s............ 1951 M S
l
38% 44
80% Sale
5 75% 84%
M St P A S S M con g 4a ln t gu’ 38 J J
80%
80)2
9 1 % ____ 90 Jun e’ 21
la t cons 5a_............ ...............1938
87 ~ 91
8 0 % _____ 85
1st C hic T erm 8 f 4s _
1941 M N
D e c ’ 20
90%
91%
9 8 8 S 91%
91)2 Sale
M S S M A A la t g 4s lnt gu ’ 26 J J
4
70
____
70
J u ly ’21 ___
M ississippi Central 1st 5a___1949 J J
70% 70%
62%
60% Sale
60%
61% 104 56
M o K an A T ex — le t gold 4s__1990 J D
34%
34%
1
34% Sale
2d gold 4 s__________ ______#1990 F A
34% 42
A u g ’ 21
42
35
36% 35
34
T ru st C o ctfs o f deposit
7 25
37
251s 34
35%
37
1st ext gold 5s....................... 1944 M N
o3
A u g /2 1 - - — 49% 55
—
1st A refunding 48____ ____ 2004 M S ------- 52
14 48)9 54
50% Sale
50%
50%
T ru st C o certfs of d ep osit___
33% 36
34%
34lo
1
30% 40
G en sinking fund 4 H s
2936 J J
33% 39
19 33
40%
34%
34)2
T rust C o certfs o f d ep osit___
18% 2 1
18%
18%
St Louis D iv 1st ref 4e____ 2001 A O
18%1 17
5 % secured notes “ e x tf*
IQIfi
37
40
43
41% A u g ’21
37
62
65
60% Ju n e’ 22 . . . .
D a li A W a co 1st gu g 5 s . . .1 94 0 M N
51% 03
54% 5S
58
55
A u g ’ 21
K an C ity A P a c 1st g 4s _1990 F A
55
52 _____ 42
M o K A E 1st, en 0 5a
1942^ A O
D e c ’20
69
I
M K A O kla 1st guar 5s
3942 IV N
62% 71)2 60)2 J u ly ’21
55
55
70
2 55
55
M K A T o f T 1st gu g 5s 1942 M S
32
32 M a y '2 1
Sber Sh A 8 0 1st gu g 5 s _ ..2 9 4 2 J D ------- 40
30
Texas A Okla 1st gu g 5a 1943 M S ------- 50
37
O ct'2 0
M issouri P a cific (reorg C o ) —
1st, A refunding 5s fler A 1965 F A
1 75% 80
78
78
79% 78
93%
93 Sale 93
8 86 % 93%
1st A refunding 5s Ser B _ a l9 2 3 ;F A
84% 86
81% A u g ’21 ____
1st A refunding 5s Ser C __1926 F A
81% 87
53% Sale 53
93 50% 56%
3
54%
General 4 s ________________ 1975 !V S
M issouri Pac 40 vear 4s
1945
63)2 73% 58
Oct* 18
69% 71
75%
71 Aug’21 __ _ 67
3d 7s extended at 4 % .......... 1938 M H
58% 75
68
June’ 19
C ent B r U P 1st g 4s
1948 J D
j 75 % 78%
Pftc R o f "Mn lnt ovt. o 4n
IQfifi P A
76% 821-? 77 Jun e’ 21
80% 84 “ S0% July'21
2d extended gold 6 s
1938 J J
79% 79%
8 8 % 90
88
89%
Is! S3
90j2
S t L Ir M A S gen con g 58.1931 A O
102
Ju ly’ 14 ____ 1
Gen con stam p gu g 5s 1931 A O
73
3 4 1 66 % 73%
72
72% 72%
U nified A ref gold 4 s____ 1929 J J
1
Reelstered
1999 .T J _____ 72
80% Oct* 17
11 64% 71%
69 Sale 68)3
S
69%
R lv A G D lv 1st g 4s____ 1933 fV N
j
87
SfDfc’20
83% 90
Verdi V I A W 1st g 5e
1920 F S
W
98% 99% 97o8 J u ly ’21 __
94 100
M o b A O hio new gold 6 s
2927 J Ef
1 90
1 st ex t gold 6 s
hi9 27 JO .1
97% __
90
90
M a r’ 21
General eold 4s
IQfifi M £
60% _ _
62
62
2 ! 57
62
75 % _____ 75% Aug’21
M on tg om ery D lv 1st g 58.3947 F A
75% 75%
2 77
85
St Louis D lv 5a
1927 J D
77
82
77
77
7534
77
9 72
77 Sale
78
St L A C airo guar g 4s_ __1931 J J
94)2 94% 93% July’21 . . . .
N a sb v Chatt A St L is t 5 s_._1 9 28 A O
91% 95
9 9 % ____ 99 July’21 ____ 98
99%
Jasper Branch 1st g 6 s ____1923 J J
19
24
19
A u g *21
26%
lii
22% 25
G uaranteed general 4s____1977 A ©
18 )2 J u ly '2 1
18% 27
25
29% 28% Aug’21 ___
28% 30
N a t o f M ex prior lien 4 H b ___2926 J J
13
19
16% J u n e’ 21
1st consol 4s _
________ 195l|4 ©
16% 33
__ 66% 70%
69
69% 72
Aug’21
N O A N ’ E ls t ref A Im pt 4 H a A ’ 52 J J
2
63% 65
65
65
61% 67%
N ew Orleana Term 1st 4 s . . .1953 J J
93
11 ' 90
99%
93
9 3 )2 92%
N O Tex A M ex ico 1st 6 s ____ 1925 J D
57
35 53% 64%
55)2 57% 55%
N on-cu m Incom e 6 s A _____ 1936 A ©
93
92% Sale 92%
92% 1 2 2 87
N Y C ent RR con v d eb 0 S -.-1 9 3 5 rvi N
72 98
103%
10-vear coll t.r 7s
1W30jM S 102)2 Sale 1 0 2
103)4
12 65
72%
70% Sale 70%
C onsol 4a Series A _
.1998 F A
71%
12
82
R ef A irnnt 4 U « “ A”
9013 A O
77% 79
71
77>s
New Y ork C en t A H ud R iver—
66% 42 62% 69%
M ortga ge 3 H s ____________ 1997 J 3
66% Sale 66
1 61% 67%
Aug’21
Reglatered_______________ 1997 J J ------- 64% 66
1
80%
71
78
Debenture gold 4s____ -.1 9 3 4 < J N S78 Sale 78
V
Registered
1Q34 M N
06io June’ 20
72
76%
74
75% 74% A u g ’21
30-year deb 4a. ....... _1 ___1942 J J
62%
1 59)2 64%
62% 62)2 62'%
Lake 8bore coll g 3 H b____ 1998 F A
12
61
56
Registered
199fi F A
61
61
57
61
I 59
68
62% 65
62% Aug'21
Mich Cent coll gold 3 He- .1998 F A
62
57 June’ 21 . . . . 57
58
61
Reglatered_____ _________ 1998 F A
74%
49
Febv
20
81% 81%
7 8 % ____ ,81% A p r’ 21 ___
Beech Creek lat. gu g 4a_ .1930 1 J
76% July’21 ____ 76% 76%
Registered. - ................ ..... 1930 J J
104 May*16
70%
01 _____ 59 June’21 ____ 59
59)8
Beech Cr E x t. 1st g 3Ha_ft3961 A O
C art A Ad lat gu g 4a_____1981 J D
7 0 % _____ 73 June’20 . . . . * • » .
___ „ _ . _ . - - .
7 8 % ____
. . . »
G ou v A Oswe lHt gu » 6 a ..1942 J D
)
- - —.
« . . .
8 2 % _____ . . . .
K a A A O R 1st gu g 5a._ 1935 J J
64% 71%
Aug’21
06
____ 66
Lake Shore gold 3 H « _____ 1997 J D
63% 67%
67)2 A u g ’21 ___
00
__________
R e g is t e r e d _____ ________ 1997 J D
68 82
87
85% 85% 85)2
85%
D ebenture gold 4a . . . . 1928 M S
42 I 78% 86
83<%
83i8 83% 83%
25-year gold 4 b . . _______________ 1931 rw N
80
82
July’ 21
R egistered
1931 rw N ______________________ I 80
V
7 1 % __________ 1 69
D e c ’ 20 ____ '
M ol) A M ai 1st gu g 4«_
1991 T5 S'

o Due

June,

b Due

J u ly,

a

Due S ep t,

c

Due Oct.

i

Option Bale

‘ l 8.
J

New York BOND Record— Continued—Page 3
BONUS
DCK EXCHA1
ending August

a *
Mi
Ml

U U Htt (Cou)
I KH lat 6a___
CbUCfiU 6(1. . . .
r e d _____ „ ____
Sold 3Hd
i- . . . . . . . .

<i

j

N > 4 ti

luiure 4a.
R ;tLur Idl 4o
j g 3 H a ,,
itu ist u 6

M
0

C
3
1 1
1S
B
a 4.

Prica
Friday
Aujual 26

A*k L ou

bid

1934
1931
1931
1940
1U4U
1951
1952
1929
1930

1923
1993
Pt iiti Creek toy guar w . 1932
_
B W A O cou let ext 58_ l 11922
1941
Rutland idl ooo g 4 '%d
Og A L Cbatu l at gu 4o g 1948
HUH ‘ttiiada Idl gu g id 1949
di La<vr A Adlr lai g 6 a_-. 1990
2 d gold rid . . . . . . . . . . . . 1990
1922
Utica A bin Riv gu g 4o
Puts A L trie 2d g 5d___ « (928
i
Pitta \4cK A V let gu 6a . 1932
1934
2 d guar an let a tta___
2301
Wedt Shore lai 4a guar
Beglblefed ___________ 2301
N Y C Lluee 0^ tr 5a— 19 20-22
Equip if Udi 4 H 8 . _. 1920 1925
ff Y Ohio A Si L lat g id .. 1937
Registered . . . . . . . . . . . . 1937
Debenture 4 a . . _________ J93 i
Ef Y Connect 1st gu 4 Ha A . 1963
N Y N H A Bart ford—
Non-coo v deben 4 a ...
1947
1947
Noo-oon v deben 3H**1954
Non-conv deben 3 H*l
1955
Non-con v debeo 4a__
1950
Non-conv deben 4 a ...
1950
1948
C o n v d eb en tu re 6 b _ .
Good By Qou-oonv 4a
1930
1955
Non conv deben 4a____ 1950
Harlem R -Pt Cbea lat 4e. 1954
B A N Y Air Line lat 4 a .. 1956
1901

Week'*
Kuikjc or
La*l .Stile

t i
•

it ‘ *r§
Since
Jan 1

H\q6 \ N o. 'Low

M
fV
I
A
J

8

s

O
J
M N
J J
J J
F A
J .1
J J
(V N
I
F A
J i

37
At)r’2i —
37
35
Apr* 1 _ _ — 35
31%
35%
lu i 31%
41% July *2»
38%
41
Aug’21 . . . .
39*2
30
Aug’21
- - 35
53
5714 52 53
50
Oct* 17
60 July’ 18
9 8 % _____ 49
<)ct*19
06% 75
63*4 June'2 1
63%
04*2 N ov’20 . . . .
5S
62
46
4 o% 50
A u g ‘21 ____ 39%
70*8____ 70*8 J uly*2 L —
70%
July’ 14
67*2____ 87
Aug* 13
0OS _____I 83
4
35% 3584 361
29 33%
2
3712
67
70 Sept’ 17
------ 64
26% An ; 21 ____ 26%
26*8 32
883a Feb’ 18
74% Dec’ 19
7 56
60
60% 59
0
59*2 N ov’20
69 M a y ’ 21 ____ 49%
50
59
45
AiU '21
41
47
39
6 7 % _____ 73% June’ 21
73
101% ____ 10138 Aug ‘ 21 —
92%
100% ____ 122
N ov’ 10
97% June'21 . . . . 97%
1 U% 102
77%
75 73%
78
77% Saie
74
O ct ’ 20
3 74
76% 77% 76%
70%
7 6 % ____ 80% July’ 21 . . . .
75
90 ____ 9234 Apr* 2 1
92%
Apr 21 ____ 90
8 5 % ____ 90
35 99
10l % 102% 102
103
Aug’21 —
70%
75
77% 76
9 8 % ____ 98% J uly *21
98%
2 73%
73% 101% 7334
73%
|
57 73
76%
76% Sale
7 o7
8
75
A ug’2l —
74%
56
56% Sale
56%
22i 52%
54% Feb’2 l
54%
63 9038
101 Sale 101
101 %
A ug’ 21
7 7 % ____ 79
73
86 % ____ 88
Apr ’ 21
88
101% 428 96%
101*4 Sale 10078
99% 100% 99*2 Aug’ 21 —
98%
9 9 % ____ 100 M ay ’ 21 —
99%
9 1 % ____ 92 July’21 —
91%
75% M ay’ 21 —
75%
37% Dec’ 16
63
68
___ 104%
105% June’21
105*8
71% 71% 71%
1 67%
71%
64
65% 65
Aug’ 21 — . 65
72
79% 76% Jan’21 ____ 76*2
9478
94% M ay *21 —
93%
2 80
SO Safe" 80
89
2 76%
81
81% 81%
81%
38
86
1 83
S8
88
48 7438
79
79%
79% 79
87%
42 81
87%
87% Sale
89 100
10
8 ale 10 4%
108
99%
100 8 ale
371 91*2
100
7S
80 M ay’ 21 —
80
79%
83
Feb’20
4 2 % _____
37*2 55
3 > Sale
37
40
39
397*
35
37
53% Sale
.....................

Houaatonlo Ry cons g 6a_.1937 M N
Naugatuck R R lat 4a_____1954 W N
N Y Prov A Boston 4a ...1 9 4 2 iA O
N Y W 'cbeaA B lat Ser I 4 Ha *46|J J
New England oona 5a_____1945 J J
1945 J J
Conaol 4 a ...................
Providence Sccur deb 4a_ 1957 M N
_
T
_
Providence Term lat 4a_ 19561*1 a
W A Con Eaat lat 4 Ha____1943 j J
If Y O A W ref 1st g 4a_____ 01992 M S
Reglatered $5,000 on ly_ 01992 M 9
_
General 4a......................
1955 i D
Norfolk Sou lat A ref A 5a_..1901 F A
Norfolk A Sou lat gold 6 a____194 1 M N
Iforf A Weat gen gold 6a____1931 M N
Improvement A ext g 6 a_ 1934 F A
_
New River lat gold 6 a_____1932 A O
N A W Ry lat cona g 4a_ 1995 A O
_
R eglatered_____________ 1990 A O
D lv ’l lat lien A gen g 4s. 1.44 J J
10-25-year codv 4a_____ 1932 J D
10-20-year conv 4s_____ 1932 M S
10-25-year oonv 4 He___1938 M S
10-year conv 6e ................1929 M S
Pocah C A C Joint 4s_ 19411J D
_
O C A T let guar gold 6 a. .1922 J J
Solo V A N E lat gu g 4 a .. 198,9 M N
Ifortbern Pacific prior lien ral - 1
way A land grant g 4a_____ 1997 Q J
R eglatered_____________ 1997 Q J
General lien gold 3 b______ a2047 Q F
R eglatered____________ a2047 Q F
R ef A lmpt 68 ser B _______ 2047 J I
R ef A Imp 4 Hs ser A ........... 2047 J J
8 t Paul-Dulutb Dlv g 4s_.1996 J D
N P-Gt Nor Joint 6 Ha____1936 J J
9t P & N P gen gold 6 a____1923 F A
Reglatered certificates. .1923 Q A
0t Paul A Duluth lat oa___1931 Q F
1st consol gold 4s_______ 1968 J D
Wash Cent lat gold 4s____1948 Q
Nor Pac Term C o lat g 8e._-1933 J J
Oregon-Waab lat A ref 4a____1961 J J|
Paciflo Coast Co lat g 5s____1946 J D>
Paducah A Ilia 1st a f 4 Ha_ 1955 J J
_
Pennsylvania R R 1st g 4s_ 1923 M N
_
T
Consol gold 4a____________ 1943 W N
Conaol gold 4s____________ 1948 fW N
|
Consol 4 Ha______________ I960 F A
General 4 H a______________ 1965 J D
General is ........... .................1968 J B
10-year secured 7a_________1930 A O
16-year secured 6 H a______ 1936 F A
Aileg Valgen guar g 4a____1942 ftl S
D R R R A B’ge lat gu 4a g_1936 F A
Pennsylvania Co—
7 0 % ____
Guar 3H s coll trust reg A .1937 M S
Guar 3 Ha coll trust S r B.1941 F AI 67% 73%
6 <% 7 *i%
Guar 3 Ha trust ctfa C ____1942 J O
87*4____
Guar 3 He trust ctf 8 D ____1944 J I>
Guar 15-25-year go d 4s_ 1931 A O s7 )% Sj,le
_
73% 7434
40-year guar 4a ctf 8!Ser E ..1 9 5 2 M N
6934 ____
Cln Leb A Nor gu 4a g ____1942 M N
Cl A Mar 1st gu g 4 H a____1935 M N
| 79 ____
84%
Cl A P gen gu 4 He Ser A ..1 9 4 2 J J
84% 96
Series B _________________1942 A O
Int reduced to 3 H e___1942 A O v69 ____
Series C 3 H e___________1948 M N' 69 ____
69 ____
Series D 3 H s ___________ I960 F A
73 ____
Erie A Pitta gu g 3H e B . . . 1940 J J
73 ____
Series C _________________ 1940 J J
79% SI
Gr R A I ex 1st gu g 4Ha__194l J J
Ohio Connect lat gu 4a____1943 M S
7508____
8 8 % ____
Pitta Y A Ash lat cona 5a. .1927 M N
8 1 % ____
T ol W V A o gu 4H e A . ..1931 J J
81% . . .
Series B 4 H e . . ................ 1933 1 J
76*2 Sale
8 erlea C 49 _____________ 1942 M S
$ 5 % ____
P C C A St L gu 4 He A ...1 9 4 0 A O
85 ____
Series B guar___________ 1942 A O
Series C guar___________ 1942 M N 84 ____
8 2 % ____
Series D 4a guar_______ 1945 M N
Series E 3 He guar g o ld .. 1949 F Al 8 2 % ____
8 2 % ____
Series F guar 4a gold____1953 J D
Series G 4a guar_________1957 M N 8 2 % ____
83*2____
Series r cone guar 4H S--1963 F A
83% Sale
General 6 a Series \____1970.1 D
93
96
O St L A P 1st cona B 58. _ 1932 A O
Phfia Balt A W lat g 4 a ...1943 M M 81 ____
.
84 ____
Sodue Ray A Sou lat g 5a. .1924 J J
8 2 % ____
U N J RR A Can een 4a_ 1944 M S
_
Peoria A Pekin On 1st flag_ 1921 Q F
_
2d gold 4 H a ................. 61921 M N
81% Sale
Pere Marquette lat Ser A 68.1950 .J J
05% Sale
lat Series B 4 a ................
1956.7 I

+%

* No o n ce Friday.

j. i

tlxju

....
W3% M ay’20 —
J 1
(V s
i
90
90%
90
_____ 0 0 % June 1
98% No v ’ 18 ---- >I
V
N ov' 19
....
J
7 2 % -------- 82
74U Sept‘20
J J
....
60% Mar’20
M 5
tjy
—
July
71
----J OJ
(V N
I
79%
74
/\i % nate
79%
\ <
4
70% 70%
70%
F
70% l i
68% . . . .
08
68
70
N
9 4%
92% 94%
\ O
/1
J ^
_ 08
—
08
73
A O
. . *»
Wf
‘
+ m 11
m
J D
| 97% 99%
A
__- ....
66% . .
71%
J 1
—
56 , 60
60
! 65% 60
J J
- - - - 50
50
55
....
50
i J
—
76
70
J
76
i . . . . 0/
97
. . . . 103
mm
~ m
A O
j - . - - 93
84
_____ 93
93
J J
90
84*a 90
A <)
98% . . . . 130*8
J i
95*4
9 8 % ____
J J
;
4 67% 74%
72
72% 71*8
4 j
19 66
70
08% 70
73
J J
99*2
.
M N .. — ....
67*a June’20 . . . «
i
1
7 77% 82
8 U;
81% Sale
8 1 12
A O
Nov* 17
A O . . . . ____ 85
72*8'
72
72% /«%
(V N
I
* 70% 74%
7 0 % _____ 77*4 Aug’ 21
71% 78*%
F
*

1 ^ tk 3 vi
«

69% Ma?*’ 20
67
D ec’20
69 M ay’21 ____
70
Apr ’ 21 —
79 2
3
81%
72 June’21 —
80
Feb’20
80*4 Apr’ 21
1887S F eb'2 1
04
Dec’ 15
96% Feb’ 12
90% Dec’ 12
67
Jan’21
8»
Apr’ 20
79% M ay’ 19
79*% A u :'21 ___
80 Sept’20
93
M ar’ 10
84
82
D ec’ 20
2
76%
7‘ %
S5%
1
85%
86
M ay’21 ___
84
Au f,5L - — •
82 M ay *21 ____
75% Feb’ ll ____
82*4 Apr’20
80 May *21 - — —
83%
1
S3l2
83%
83%
5
96
Aug 21 - - - 80
Mar 21 ____
102
Jan’03 ____
80% June 21 ____
91% Oot’20 _. .
80% Sept’20
80
19
81*2
rtiU
2
‘ %

i (Jue J a o .

0 D u e f« D .

46
40%
45
50
49%
45
72%

09
03
70%
43
30
65
59
5478
73*2
104%
101%
80
80
80%
96
90
105%
80
98%
77
79
75
57
54%
103%
81%
88
10 l 34
100%
100
92
75%
106%
74%
70
76%
95*4
81
85%
92%
86
92
106
100%
81%

68
69
67
70
76% 83%
69% 72%
80% 80%
8S% 88%

07

07

78%

82

84

84

76%
82 ,
85
84
82
75%

76%
85%
86
84
82
75%

80
83%
79
95%
80
.
80%

81
83%
87
96
80
^.
80

77%
03

85
70

. _. .

j o u o June.

BONDS
N . Y . STO C K E X C H A N G E
Week ending August 26

i f

Prick
Friday
Auyust 20

Week'*
Kanye or
Last Salt

Ku»g*
Since
/an, 1

bid
A*k Low
Hiu 6 N o. L o w B i s k
39
39%
39%
40
Philippine Uy 1st 30-yr a f 4b 1937 J J
1 35% 42
PIUb Sh A L E 1st g 6b. _
. 1940 A O
90 June’21 ----- 81% 91
8 1 % ___
1st enudol gold 6a _
_
1943 J J
97% D ec’ I 7
84% . . .
Reading Co gen gold 4b.
.1997 J J
75
7 57b 61 7178 83
75 Sale
73
73 Sale 73
__
.1997 J J
Reglatered
l 73
73
Jersey Central coll g 4a _ .1951 A O
78% Sale
78%
78%
11 76
87
Atlantic City guar 4e g
.1961 J 1
St Joe A Grand lal let g 4» .1947 J J
:: 69
69% 04%
64
Si Loula A San Fran (reorg C o)—
Prior Hen Ser A
62% Hale 61%
0 2 % 227 | 58
I960 J J
03%
74 Hale
73%
Prior lien Ser B 6b _
.1960 J J
68 70% 76
75
21 84% 90%
Prior lien Her C 0a
89 Hale 89
89*4
1928 J J
6 8 % Hale
07%
Cum adJuHl Ser A 6b_____ A1965 A O
08% ffiO 0184 60%
620 14% 69%
58% Hale
66 %
Income Ser lee a 6h __
h 1900 Oct
1 93% 98
97%
St Loula A San Frau gen 0e_ 1931 J J 97% 100
4 87
89
General gold 6a ..
89
.1931 .1 1 80% 89
89%
—
Si L A S F R R oons g 4a .1990 J J
07% . . . . 07
. . . .
75%
Southw Dlv lat g 6b . _ .1947 A O
77
Jan'21 1
^77”
77
94% 98% 91%
K C Ft H A M oona g 0a. _ 1928 M N
9H;
92% 90
18 02
K C Ft S A M Ry ref g 4a. .1930 A O
65% 66*2 65%
6 6 »;
08*2
78% _____ _ 84
K C A M R A B lat gu 6a . 1929 A O
85
A u g' 2 1I - - - - 78
1owu M M
5 62% 09
67% 07% 67%
6
J J
55 J u u e '2 1 |------ 66
63% 59
V1
68
0378
Conaol gold 4a. . .
0 1% 1 30 0 0 % 60*2
0 1 % Hale
1932 J I)
18 02
6 6 % Hide
66%
lat terminal A unifying 6a 1952 J J
07%
69%
G ray’d Pt Ter lat, gu g 6a 1047 1 O
03% _ _ _ _ 98*2 J a n ’ 13, . . . j
04% 0 2 %
0 A A A Paaa 1st gu g 4a___ .1943 J J
63
62% 1
04
2 58
69% ~ mm m* w 60
Seaboard Air Line g 4 s ..
A u g ’21 —
50% 69%
.1960 A O
11 60
1050 a O
53
56
Gold 4a atari 1ped
55
56
57
28 1 25
Hale
20
27%
26
Adjuetmauf 6a. _
39%
01949
A
14| 30
38*2 Hale
3978
Refunding 4 a .................... .1959 A O
33
43
38 45
48 Hale
49
48
lat A oona 6b Series A
.1945 M S
55
___ ____
68 %
A u g ’ 21 —
59% 65%
Atl A Blrm 30-yr lat g 4a. e 1933 M S
02
. . . .
00
Caro Cent lat con g 4a_ . .1949 J J
03% M a y ’ 21 —
03*2 03%
96
Fla Cent A Pen lat ext 6s. .1923 J J
95
95
A u g ’ 21 - - - 93
90%
84
lat land grant ext g 6a. .1930 J J
89*2 89%
86*2 89% A p r ’ 21
2 ,i 73*2 81%
77%
75% H
O
77%
Conaol gold 5a............... 1943 1 J
73
Oa A Ala Ry lat con 5s_ 01945 J J
_
70
A u g ’21 . . . .
80
83% 85
83*% A u g ’ 21
Ga Car A No lat gu g 5a. _ .1929 J J
83% 85%
1
N o v ’ 25
Seaboard A Roan 1st 6b. . .1920 J J
92
Southern Pacific C o—
Gold 4a (Cent Pan coll)
71% Sale
70%
*1949 J D
72*a 1 14 06% 73
1 08*2 68*2
66%
Reglatered___________ A:1949 J D
6 6 % 69% 6 6 %
65 75*2 83
81%
81%
20-year conv 4s_________ 01929 M 8
81*2 Sale
94
92
20-year 000 v 6a_________ . 1934 J D
91
A u g ’ 21 !------ 1 80
100
73% Sale
73%
73% 147 | 70% 76
Ceot Pac lat ref gu g 4a__ .1949 F A
Registered
1949 F A
87% Sept’ 16
12 76% 80
79%
79% 80
79*2
M ori guar gold 3Hfl
£1929 J D
3 07% 73%
71*2 Sale
71
Through 8t L lat gu 4a. .1964 A O
71%
i
89% . . . 89% Aug ’ 21 —
84% 89%
1931 rv N
G H A H A M A P lat 6s
79% 92
1031 f J
2d exteu 5s guar
87 M a y * 2 l I------ 87
90
Feb 21 1------ 90
90*4 _ _____ 90
Gila V G A N 1st gu g 6s_ .1924 M N
90
84 _ . _ _ 83 July *21 —
83
H ouh E A W T 1st g 6a
1933 r o N
v
84
84% 87% 86
Mar 2i, - - - 80
1st guar 6a red
1933 M N
87%
_____ __
------ 86 % 88
8638 June*2 |
88
H A T C 1st g 6s lot gu . . . .1937 J J
Mar 1)
I
85 . _ _ _ 94
W aco A N W dlv 1n g 0h 1030 (V N
t,
90
87
Jao’ 21 . . . .
84
84
84
A A N W 1st gu g 6s_____ .1941 J J
89% ^
8 8 % 90%
90% Feb 21 —
No o f Cal guar g 6s _____ .1938 A O
20
91% 91% 91
91%
88
91*2
Ore A Cal let guar g 5s__ .1927 J J
89% _______ 94 June’21 —
1 94
94
So Pac of Cal— Gu g 6a__ .1937 M N
80
88
____
Ho Pan Coast 1at gu 4a g
80% A ug'20 - - —
1937 J J
A ug'2l ____ • 78
80 _ „ _ _ 78
Tex A N O con gold 6a_ .1943 J J
_
78
76% Sale
77 1 152 73% 78%
So Pac R R 1st ref 4s_____ .1956 J J
76%
73% 73%
8 68
72
73%'
flan Fran Tprrnl 1st, 4 ?
<
76
1950 A O
69 1 80
83% Sale
83%
81%
Southern— lat cone g 5s____ Il994 J J
90
84% O ct *20
R eg istered ...... .......... .. .1994 J J
66 ! 55
57% Sale i 57
57%
Develop A gen 4e 8er A__ .I96 0 A O
61%
12 57 % 61%
58
60%
61 ! 60
M ob A Ohio coll tr g 4s__ .1938 M S
82% 82*21 82% Aug’ 2 i —
86
80
Mem Dlv lat g 4 Ha-58__ .1996 J J
6 6 % 69
67
St Loula dlv 1st g 4a. _
71%
67% Aug’21 —
.1961 J J
83% 82 May*2 i |
------ 82
81
85
Aia Gt Sou lat cona A 5a_ ,1943 J D
81% „ . . . 77% June’21'1------ 77% 79%
-Atl A Chari A L lat A 4 Ha .1944 J J
90% 87
5 84% 92%
87
87*2
lat 30-year 5a 8er B___ .1944 J J
67
64
64
Aug’ 21
65
70
Atl A Danv 1st g 4a_____ .1948 J J
42% _______ 81% M ar’ 16
2d 4a_________ ______ .1948 J J
63% ^ mm^
67% Feb 21 ____ 67
67%
Atl A Yad 1st g guar 4s_. .1949 A O
8 8 % ________ 87% July *71 — _ 88% 90%
E T Va A Ga Dlv g 5a_._ .1930 J J
_ _ _ _
5 84*2 90%
87%
86
87%
Cona lat gold 5a_______ .1950 M N
82
86
82
Aug’ 2 l —
82
89%
I
_
E Tenn reorg lien g 5s_ .1938 tV S
____ 50
50% 52
50 M ay’ 21 |
55
Ga Midland lat 3a____ .1946 A O
98% 99% 98% July ’ 21 ____ 96% 99
Ga Pac Ry lat g 6a______ .1922 J J
94% 96
96% Jan’21 —
90*3 96%
Knoxv A Oblo lat g 6a_. .1925 J J
80 _ _ _ _ 75% Aug’ 21
75% 75%
M ob A Blr prior lien g 6s_ .1945 J J
59% _______ 65
Aug’ 19 . . . .
Mortgage gold 4s_____ .1945 J J
88% —
89 M a y ’ 21 ____ 88
89%
Rich A Dan deb 6e stmpd .1927 A O
Apr* 21 i _ _ 58
58
60
Rich A Meek 1st. g 5s
1948 M N
90
85
85 June’ 21
89%
So Car A Ga 1st extd 5H s .1929 M N
91%
88 % D ec'20 -- - Virginia Mid Ser E 6a____ .1920 M S
85% _ _
Jan’ 21
90
90
90
Series F 5a....... ............ _ 1926,iV8 s
____ 86% 89
8 6 % 98
8 6 J July’2 1 -----2
General 5a_____________ _1936,M N
80
-■
80 July' 2 ) I_ . . . 80
81%
Va A So’ w’n lat gu 5s____ .2003 J J
61
1st cone 60-year 6a____ .1968[A Oj 0 1 % 66
00*2 66
85% Mar'21 —
85% 85%
W O A W lat cy gu 4s_ .1924,F a | 88 % 92
_
76
71
71 1 2 68% 71
6$78
Spokane Tnternat 1st g 5a__ .1955 J j
84% 82
83
A u g’21 ____ 82
85
Term Assn of St L let g 4 Ha .1939 A 0
_ _ —_
1 S3
86%
86
86 %
88
1st coue gold 5e______ 1894-1944 F A
71 1 ^ 67
72
70% 71% 71
Gen refund e f g 4e_ . . . .1953 J J
_
S3% — _ 81 July ’ 20
8t L M Bridge Ter gu g 6a. 1930 A O
78% 78%
6 77
78%
77
835a
Texas A Pac 1st gold 5e____ .2000 J D
45 ______ 50
Mar 21 . . . .| 50
60
2nd gold Incomp 5s
<72000 Mar
1 66
7S
74
74
74
La Dlv B L let g 5s_____ 1931 J J
60 _______ I0 R % N ov’ 04
1930 F A
84% SV% 821* July ’ 21
82% "90%
1935 .1 J
76% S3
75
75
Feb’ 2 I ___ 75
Western Dlv 1st g 6s_____ 11935 A O
65% _______ 65% Jao'21 (____ 1 65% 65%
General gold 5 s ________ .1935 J D
71
67
71
Aug’21 ____ 69
71
Kan A M let gu g 4a_____ 1990 A O
A ug’21 ------ 1 S9% S4
80% _______ 84
2d 20-year 6a. _______ .1927 J J
32
F eb’ 19
36
1917 .) J
T ol P A W let gold 4e
76
Aug’21 — ! 73
72
78
78
Tol St. L A W pr lien g 3 Ha.1925 J J
3 45
45
46
46
46
53
60-j’ear gold 4s_________ 1950 A O
15% _______ 15% June’ 21
15
15%
1917 F A
Coll trust 4e g Her A
15
15
N ov’20
$5
66
63% 70
63% June’21
Tor Ram A Ruff 1st g 4s
fci940 1 D
79% _______ 78% Aug*21 - - J 75
79
1928 J D
49
52 May *21
52
52
1st refunding g 4h
’ 1952 A O
i i o 78
82
80%
80% Sale
84%
1947 J J
Union Pacific lat g 48
Aug’21 ____ 77*« 81%
78
R eg istered ____________ _ 1947 J 3 _______ 82
86 | 58 81
85%
86%
85% Sale
20-year conv 4s
1927 j J
42 73
77%
77
77% 78
S0*s
lat A refunding 4s
(72008 M S
48 97% 101%
100
10-year perm secured 0s. .1928 J J 100 S:ile 99%
2 75
77%
78%
77%
1946 J D
Ore RR A Nav con g 4a
2 97% 99%
99%
99%
99% 100
Ore Short Line lat g 6a___ .1922 f A
89- _______ Ss% Aug* 1 ____ 1 86*2 92
2
1st consol g 5 a ........... .1946 J J
39 7 7% 84%
82*2 81%
82%
82
Guar refund 4s
_____ .1929 J D
90% Aug’21
89
94
95
91
Utah A Nor cold 5a____ .1920 J J
Feb’ IS H
79% ___ ____ 89
1st extended 4 a . _ .1933 J J
_
76% M ar 21
TS's *76%
72% . . . .
VandaUa cons g 4s Ser A _ .1955 F A
_
72% Jan’ 2 1
72% 72%
1957 M IN 72% . . .
Console 4e Series B_
24
23
22 % 24
21
Mar 21
Vervs Orua A P 1st gu 4% a.- .1934 .1 J
Sv‘%
7s8% 86
83%
82% Sale
Virginian 1st 6e series A ____ .1962 m N
5 82% 90
88
Sale
88
87
Wabash 1st gold 6a________ .1939 fW N
72
7
76
80
78
76
id gold 5a
_____ .1939 F A
6j
Aug’ IS
90
Debenture series B 6s____ .1939 J J
Feb 21 : : : :
62
00 "02
55
_
lat lien 50 yr g term 4a_ .1964 J J
8 Sv M ar‘20 * * * j
s
Det A Pb Ext 1st g 5a____ .1941 J J 82% 87
• “
501^ 50%
56% Au
56% 70
Dee Moines Dlv 1st g 4a__ .1939 J J
M% 61
52 _ —^
61 May *21
.1941 A O
Ora Dlv 1st g 3 Hs
___
58% M ay’2 1 « ««« • 5 59
V%
57% 70
t
Tol A Ph D lv g 4s_______ .1941 tv S
A D *0 J u l y

* Due lu g

tiD u e O c t .

PD ue N ov.

4 D u e Don

vU»i lv».u M lO

949

New York BOND Record—Concluded—Page 4
BONDS
If. Y. STOCK E X C H A N O E
Week ending August 20

S3 |
2

P r ie s
y id u j
A u y u s t 20

DS
U

Wash Term! 1st gu
_____1940
1st 40 y r guar 4s---------------1945
West Maryland 1st g 4s_____ 1962
Wont N Y A P a 1st g 6 s..........1937
Qen gold 4o_________ ____ 1943
Income 6 a_______________ p 1943 N ov
Western Pao lflt aor A 6 s____1940 M 8
Wheeling A L E lu lu 6 s ______ 1920 A O
Wheel Dlv lat gold 6 a........... 1928J J
Exten A I rapt gold 6 fl______ 1930 f A
Refunding 4 4 a aeries A _ 1900 m S
_
R R lat consol la____________ 1949ms
Winston Salem 8 B 1st 4s_ 1900 j
_
J
Wls Cent 60 yr 1st gen 4a------1949 j
V
Sup A Dul dlv A term 1st 4e ’ 36 ivi N
Sit root R ailw ay
I
Brooklyn Rapid Tran g 6 s ___ 1946' a ©
1st refund oonv gold 4a____2002 j
J
3 yr 7% secured notes_ *1921
_
J
Certificates of deposit________
Certificates of deposit stm p d ..
Bk City 1st cons 6 s. .1916 1941'j j
Bk Q Co A Soon gu g 6 s ..-1941 m N
Bklyn Q Co A S 1st 6 s ____1941 j j
Bklyn Un El let g 4 6 s____1960 F
Stamped guar 4 5s------- 1960 f
Kings County E 1st « 43 . . 1949 f
Stamped guar 4s...........1 9 4 9 F
Nassau Elec guar gold 4S..1961 j
Chicago Rye 1st 6 a__________1927
Conn Ry A L 1st A rol g 4 4 s 1961
Stamped guar 4 4 8 ________1961
Det United 1st cons g 44u__1932
Ft Smith Lt. A Tr 1st g 6 s . . . 1936
Hud A Manhat 6 s ser A _____ 1957
Adjust Income 5s_________1957
N Y A Jersey 1st 6 a______ 1932 f
Cnterboro M etrop coll 4 4 s . .1956 a
Certlflcatea of deposit...............| _
ffnterboro Rap Tran 1st 6s_.1966 j
Manhat Ry (N Y) cons g 4S..1990 a
Stamped tax exempt______ 1990 a
Manila Elee Ry A Lt 8 f 58-.1953 a*
Market St Ry 1st cons 5s____1924.M
Metropolitan Street R y—
Bway A 7th Av let o g 68__1943> J o
Col A 9th Av lat gu g 6 3 .. 1 9 9 3 M S
Lex A v A P F 1st gu g 6S__1993 M
MeC W 8 El (Chic) let g 4s__1938 F
MUw Elec R y A Lt cons g 58.1926 F
Refunding A exten 4 4 s _ 1931 j
_
Montreal Tram 1st A ref 6a__1941 j
New Orl R y A Lt gen 4 4 8 --1 9 3 5 j
N Y Munlclp R y lat a f 6 s A.1966 j
N Y Rys lat R E A ref 4a .-.1942 j
Certificates of deposit_________
80 year adj lno 5s_______ al942 A O
Certlflcatea of deposit______
W Y 8 tate Rys 1st cons 448-1962 M N
Portland R y 1st A ref 5s____1930 M N
Portld Ry Lt A P lat ref 6 a .. 1942 F A
Portland Gen Eleo 1st 5a..1 9 3 5 j
St Paul City Cab cone g 5a__1937 j
Third Ave 1st ref 4a________ 1960 j
Adj Income 6 a___________a I960 A
Third Ave R y 1st g 6 e ______ 1937 j
Trl City Ry A Lt lat 8 f 5 a ..1923 A
Undergr of London 4 4 8 ____1933 J
Income 6 s ________________ 1948!____
United Rya Inv 5s Pitts las. .1926 M N
l
United Rys St L 1st g 4a____1934 J J
St Louis Transit gu 6 a____1924 A O
United R R s San Fr s f 4s____1927 A O
Union Tr (N Y ) ctfa dep--------Eqult Tr (N Y ) Inter ctfa____
V i R y Pow 1st A ref oa......... 1934 J J
Gas and E lectric L igh t
3klyn Edison lno gen 6 a A . .1949
General 6 s series B --------- 1930 J
General 7s se leg C ______ 1930 J
General 7s series n ______ 1940 J
Bklyn Un Gas lat cons g 5 a ..1945 M
Clncin Gas A Elec 1st A ref 5s 1956 A
Columbia G A E lat 5a........... 1927 J
Stamped______ ___________ 1927 J
Columbus Gas let gold oa___1932 J
Consol Gas 5 yr conv 7e____1925 Q
Gone Gas EL&P of Balt 5 yr5s ’21 M N'
Detroit City Gas gold 6 a____1923 % J
Detroit Edison lat coll tr 5 s ..1933 J J
lat A ref 5s ser A ________ *1940 M S
lat A ref 6 s series 3 ______ M940 M 8
DuQuesne Lt let A coll 6S..1949 J J
2 q G L N Y 1st cone g 5 a ...1932 M S
Havana Elec coneol g 5s____1962 F A
Hudson Co Gas 1st g 6 a_____ 1949 M N
?
Kan City (M o) Gas 1st g 6 a. .1922 A O
Kings Co El L A P g 6 s _____ 1937 A O
Purchase money 6 s _______ 1997 A O
Convertible deb 6 s _______ 1925 M S
l
Ed El 1 1 Bkn 1st con g 4a. 1939 J J
1
Lao Gas L of 8 t L Ref A ext 5s ’ 34 A O
Milwaukee Gas L 1st 4s____1927 M N
l
Newark Con Gas g 5s______ 1948 J O
N Y O E L A P g 5s................1948 J O
Purchase money g 4s_____1949 F A
Ed Elec III lat cons g 6 s_ 1995 J J
_
NYAQ El LAP 1st con g 6 a ..1930. F A
Pacific Q A E Co— Ca G A E— i
Corp unifying A ref 5s____1937 ;M N
Pacific G A E gen A ref 5s_ 1942 J
_
Pao Pow A Lt 1sr A ref 20 yr 5s ’ 30 F
Pat A Passaic Q A El 5s_____1949 M
Peop Oaa A C 1st cone g 6 s . . 1943 A
Refunding gold 5e............... 1947 M
Ch G L A Coke 1st gu g 5s. 1937 J
Con G Co o f Ch 1st gu g 5a 1936 J
Ind Nat Gas A Oil 30 yr 6 s. 1936 M
Mu Fuel Gas 1st gu g 5 s .. 1947 M
Philadelphia C o c o n v g 5s_ 1922 M
_
Stand Oaa A El conv a f 6 s _ 1926 J
_
Syracuse Lighting 1st g 5s
1951 J
Syracuse Light A Power 68 . . 1964 J
Trenton O A El lat a os____1949 W
Union Elec Lt A P lat, g 6 s ..1932 M
Refunding A extension 5 a ..1933 M
l
United Fuel Gas 1st s f 6 s _ 3936 J
_
Utah Power A Lt 1st 6 s ____ 1944 F
Utica Elec L A P 1st g 5s___ 2950 J
Utica Gas A Elec ref 5s____ 1957|J
Westchester Ltd gold 5s___ 1960 J
VIOc0 lla n »ou s
AdamB Ex coll tr g 4 s__ ,..1948 IV
I
l
Alaska Gold M fleb 6 s A _ . 1925 M
Conv deb 6 s eerie* B
. 1926 M
Armour A C o let real eet 4
1939 i
Atlantic Fruit conv deb 7« A .1934 J
A tla n tic T'cfff d eb 6
1931 * I
V
arO> » f C
m
1 0 9 ft *
• N o p r ie e F r i d a y ; l a t e s t b id a n d a s k e d

W e e k 's

■ x*
3

I t u n /t

Itunye or
Lam Sals

Ask Low

Jan

Hioh Are.!

L ow

A ilg '2 I —

1
t ft o n

08%
78 June'2 1 ____ 1 7 H
79*4
10 51 *2 50*2
6312
643a
io 83
86
86
89*8
62% A ug'2 1 —
60*4 03
O o f 17
36
7978
8 "75% "8 8
79% Bale 7912
85 June* 21 —
86*2 •
85
82
83
84
84
Oot ’ 2 0
SO*2 92*2 90% Mur’ 17 —
47*2 50
49*2 Aug '21
47 " ~50
55
66*8 55^4
5 51% 59
56%
71 June'2 L
67*2 71
66
71
9 03*8 71*4
Salo
68
681
8
68
J u ly ’ 21 —
66*2 08*2 66
65
73
u t -n
77
53*2 54
85*2 Sale
0 2 % 06

22*2

32
53
521a
49%

25
34
54
53
Salo

68

00%

22 % A u g 2L . . . .

31
A u g '2 1 —
26
51
52*2
6
52»2
52%
3
49
498.1
64
Doo’2<)
____ 0 0
80 M a y '18
_ _ _ _ 25
2-1
D e e ’20
"3 5
6 6 % 69*2 6 6 %
67
66*2
Aug’ 21 - -__l
57
os’
55 July’ 2 1 —
57
54% June’ 21
17*2
22
Aug’ 21
64%
io
64 Sale 0378
58*2 61% 61 June’ 2l —
61
62 July *21
5S78
59
58% 60
6
58
Jan’20
75
6734
67% Rale 66*2
42% Sale 41*2
4212 92|
78
86
83
Aug’ 2 1
14 Salo
58
13*2
14*2
11
99
Sale
11
12*4
54%
361
54% Sale
56
55
56
5
56
56
55
2
56
55% 56
57
64
63% M ay’21 ___
70 Sale
§1
69*4
70*4

32
33
25
40% 50%
39
65*2
53%
37
22*2

58
63
53
53
18
58
60
57*2
57
*59 ’
23*8
82
13*2
11

48%
52*2
53
63%
68%

30*4 40*2 43
Apr*2 l —
37
15*2 M ar’2 1 —
I5*s
22
25 Julv’ 2 L —
59
21*2
54
Dee’ l l
92
Apr ’ 21 _ . _ 92
67%
71*4 June'21 ____ 71*4
74% Sale
74*4
13 67*2
74*2
50
F eb '21 • •j 50
57
July*19
2 0 % 2 1 % 20
A ug’21 —
17*?
18*2 Sale I 18*2
1 16
18*2
5
538
5%! 53s
3%
4
4*2, 4*2 Aug’ 21 — -1
3
56 Sale | 56
2 46%
5 >%(
72
4
73%' 703 Aug'21 --------j 69
68*4 68*2 68
3 56
68*2
903 Feb’ 17
4
91
74% June'21 : : : : ! ’ 74%
51
3 40%
51
51% 51
32% 33
32*8
3334 2 2 . 25
81
8 J *2 82
Aug’21
75
9278
1 88*8
92*4
92%
1 62%
62*2 Sale 62*2
62*2
3 51
52*2 Sale
52*2
52*2
65% 66*2 65
11 65
6i%
49 —
47 M a y ’21
47
36 M ar’ 21 —
36
—
31*2 Apr ’ 21
29
1
25% 2734 ' 28*8 Aug’21
26
____! 26*2
25% 27% 28
Aug’21
1 60
65
64*2 —
65
■1
1
81% Sale 81*2
81*2
3
91*2 ___ 91*2
91
99%
26
99% Sale
101
100% Sale 100
35
101*4
8.3
84
3
83
80*8
83*2 July’21
84% 8 8
2
84*2
85
84% 85% 84*4
1.
81*4
__ _ 75 1 87 June’ 19 ____|
101% Sale IOU4
51
102
____
____ . - - I 1 79
---89% 95% 95%
—
1
88 34
8 8 % 89
2
79*4 A u^ ‘ 21 —
80*2 85
88%
8 8 % Sale
89 1
93% Sale 93
91 1 55
94
Feb’ l
70
72
74
75 i
3
75 Sale
4
75
75
91*2 Sale
91*2
1
82
1—
86*2 81%
97
A u g’211
96%
——
92
95
73 Jg _
75 June'21i
4
76*2 77
76*2
82*2
8 0 14 July*21
73
104%
81
80*2 Sale
86
67 78
67% Sale
9
|
-----86*2 —
89*2
78*2 M ay’20

76
87
95*2
95%
71
83*4
80*2
81

68

07
55
54%
24%
00*2

61
62
63%
*69%
44%
86
21*2

19*2
58%
58
60
63%
74
44
19
25%
93
74
75
50
25
22
6*2

5%
57
72
75
"74%
52*2
34%
81*2
93
68

52*2
70
50*2
36
36%
36
36%
69
81%
91%
101
101*4
85
85*2
89%
86

98% 103
87% 90
76*2 82*2
86
91
94
88
06
75
87
81%
93

75
75
94*2
81%
100

76%
6 8 % 78
79
81*2
73

81
64%
86*2

86

69
90

87
78%
76*2
73

Sale 86
2
87
82% 87
78% 78
50 75% 70
7^*2
78
75*4 Julv’21
73% 79%
80 105 July’ 17
1-----86*8
88*2 92
84
8918
1-----72% 74
74
74
1 63% 75
79
78
80
Aug’21 ! ____ 72% 80
71 —
100
89
____
75
90%
96% Sale
97
19
88
97*2
84*2 8 8
84 i2 Au
84*2
I— - 81
70%
71*2
71
6812
1— - ' 6 8 % 6 8 %
_
73 _ _ 73 June’21
73
73
80%
79 June ’ 2 1
78% 79
82
75% 80
July' , -----84 - — — 8 1 July ’ 2 l
—
'81 " ~81
79% Sale
79 14
14 76
81
96
77*4
____
75
87
83
____
72 —
77 M ay’ 21
77
77
01

14

Sale
1170

61
12

10*4 1 1
10*4
81 Bale H07h
3 j12 86
35%
1007* Bale 1 0 0 ’ s
on
«D u eJ an

.61

Aug ’ 21
A ug'2 l
81*4
31
10
■

1

63
1
21

56% 63*4
10
19%
10
19%
75
83
33
73 I
9*% 1 0 1 % j

# D u e A p r il. « D u e M a y .

3

BONDS
N . Y STOCK E X C H A N G E
Week ending August 20

F ries
F 'l& a v
A w ju u t 20

1

al

D id

A sk L ow

Braden Cop m coil tr h 1 Os .1931 F A
J% 84
72*4 85%
Bunh Terminal i«t in ______ 1052 A O
71 Bile
CoflMOl
______________ . 1066 J J
74 Bale
Building
* 1 u a e*. 1000 A O
.1 J 106
l
Halo
Co ro de Pasco C op 8 k
Ohio O A Conn Ry« h 1 50 . .1027 A O
70*2____
HI Salo
Ohio Un Sta n 1st go 4 *4fl A 1003 J .1
1903 .1 I «107 Bale
1h Her C 0 K (otfH) .
i
jH
i
92% Bale
Chile Copper 10 yr conv 7h 1923 rv N
70 Buie
Co 1 tr A oonv O nor A
h
. 1932 A O
78*2 78%
Computing Tab Reo h f O
n 194 1 J J
79
82
Granby C ouhMSAP con O A 1928 Ml N
h
Stumped......... ....
_ . . . 1928 M N ___ _ _ ___
l
. 1940 M N
80 ____
Groat FuIIh Pow lHt 0 f
75% Bale
Inter Mcroan Marino 0 f O .1941 A O
h
M irlatid Oil sf 8 m so lew A . .1931 A O ____ 0 0
Moxlo id Potrol'-iim s r 8 a. . 1936 Ml N
95*2 Bale
Montana Puwor 1st 5h A _ . 1943 J J
_
8 * % Sale
Morris A Co 1st 9 f 4 I^h _ .1939 J J
_
70*2 77
0 9 % ____
N Y Dock 50 yr 1st g 4s___ .1951 F A
Niagara Fallfl Power 1st 6 e .1932 J J
89's 89*2
Rof A gen 0s ___ _
_ 01932 A O
_
0- , —
Nlag Look A O Pow lat 5 s ._.1954 M N
85% 89*2
A O
81 Sale
Nor States Power 25-yr 5s A 1941
80*4 84
Ontario Power N F 1st. 5s. _.4943 F A
l
Ontario Transmission 5s _ . 1945 M N
72*8 79*2
__
88*2 Sale
P in A me-. P.A r .ls t 10 -yr^ 31930
Pub Serv Corp of N J geD 5s .1959 A O
67*2 67%
90% Bale
Slncl dr Cou OH oonv 7*28_. _ 1925 Ml N
Standard Oil of Cal 7s . . . /1931 fr \ 104 Sale
Tennessee Cop let conv 0a_ .1925 M IN ____ 83
Tide Water Oil 0 4 e ______ 1931 F \ 95% Sale
Union T ink Car e q u i p 7e .1930 F A 101*2 102
8 6 % Sale
Wilson A Co 1st 25 yr 9 f 0s_ .1941 A O
81% Sale
10 -year conv e f 6 s _______ .1928 J D
M an ufactu ring and

In dustrial

Am Agric Chem 1st c 6 s ____1£ 8 A O
Conv deben
5s______ . .1924 F A
1st ref 3 f 7*2S g ________ .1941 F A
Am Cot Oil debenture 5a___1931 W N
D
Am 8m A R 1st 30-yr 5s ser A 1947 A O
Am Tobacco 40-year g 08_ 1944 A Q
_
Gold 4s................. ................1951 F A
Am Writ Paper s f 7-09_____1939 S T
A t1is >owd »r conv 7*23 g ----- 193 ' F A
Baldw Loco Works 1st 5s____1940 M N
l T
Cent Foundry 1st a f 6s_____1931 F A
Cent Leather 20-year g 5s___1925 A O
Consol Tobacco g 4 s ________ 195 I F A
Corn Prod Refg s f g 5s_____ 1931 M N
l
l
1st 25-year s f 5 s _ ._ ......... 1934 M N
Cuba Cane 8ugar conv 7s____1930 J J
Cuban Am Sugar la 1 «*oIl 8a 1931 M S
l
Diamond Match 8 f deb 7 V^s. 1036 -----Distill Sec Cor conv 1st g 5s. 1927 A O
E I du Pont Powder 4 ^ s ___1936 J D
du Pont de Nemours & Co 7 L£s '31 IV N
f
General Baklag 1st 25-yr 6 s .. 1936 J D
Gen Electric deb g 3 4^8_____ 1942 F A
Debenture 5s_____________ 1952 M S
20-year deb 0s_______ Feb 1940 F \
Goo year Tlre& Rub 1st s fSs’ 194! M N
l
Ini Agric Corp 1st 20-yr 58--1932 M N
l
International Paper 5s___ 1947 J J
Kelly-Springfleld Tire 8 S --..1 9 3 1 M N
Liggett A Myers Tobac 7 -.1 9 4 4 A O
5s........................
1951 j F A
Lorillard Co (P) 7s. ._ ___ 1944' a O
5s
1951 F A
Nat Enam A Stampg 1st 5 s .. 1929 J D
Nat Starch 20-year deb 5s___1930 J J
National Tube 1st 5s_______ 1942 M N
l
N Y Air Brake lat conv 6S..1938 M N
l
P ickard Mot > C ir 10-yr8s_193l A O
r
Standard Milling 1st 5s_____1930 M N
Steel A Tube gen s f 7s ser C.1951 J J
Union Bag A Paper 1st 5s___1930 J J
Stamped _________
1930 J J
Union OH Co of Cal 1st 5e
19311J J
U S Realty A l conv deb g 5s. 1924 J J
U 8 Rubber 5-year sec 7s____1922 J D
1st A ref 5s series A ______ 1947 J J
1930 F A
10-year 7 ^ 6 ..............
U S Smelt Ref A M conv 08..1926 F A
Va-Caro Chem 1st 15 yr 5 s ..1923 J D
Conv deb 0s_____________ el924 A O
12-ye 1■ a 1 7 8 _. ______ 1932 M N
West Electric 1st 5s D ec____1922 J J
Westlngb E A M 7s ..............1931 M N
Wick wire Spen 8teel 1st 7s__1935
C oal, Iron & Steel
Beth 8teel 1st ext s f 5s_____ 1926'J J
1st. A ref 69 guar A _________1942 M N
8
20 yr p m A Imp s f 5s____1930 J J
Buff A Susq Iron 8 f 5s_____1932 J
Debenture 6s____________ al926 M
l
Cahaba C M Co 1st gu 08___ 1922 J
Colo F A I Co gen s f 5s_____1943 F
Col Indus 1st A coll 6s gu___1934 F
Cons Coal of Md 1st A ref 59.1950 J
Elk Horn Coal conv 6s______ 1925 J
Illinois Steel deb 4V$s_______ 1940 A
Indiana Steel 1st 5s________ 1952 M N
l
Lackawanna Steel 1st g 5S..1923 A O
1st cons 58 series A _______ 1950 M
Lehigh C A Nav 0 f 4 V$s A . . 1954 J
Midvale Steel A O conv 9 f 5s 1936 M
Pleasant Val Coal 1st 0 t 5s. .1928 J
Pocah C od Colliers 1st 0 f 59.1957 J
Repub I A S 10 30-yr 5s 0 f _lf4 0 A
8t L Rook Mt A P 5s stm pd. 1955 J
Tenn Coal I A RR £en 5 s.. 1951 J
U S Steel Corp— (cou p___ <11963 M N
s t 10 60-year 6s/reg_____<11963 M N
Victor Fuel 1st s f 5 s .............1953 J J
Va Iron Cr »A Coke 1st g 5 8 .1 9 4 9 M S
l
& T e le p L -

T e le g ra p h

ne

I

A m T elep A T e l ool? tr 4 s_____ 1929 J
C o n v e rtib le 4 s______________ 1930 M
l
20-year co n v 4 ^ 0 __________ 1933 M
l
3 0 -year tem p coll tr 5 s_____ 1940 J
7 -yea r c o n v e r tib le 6 s _______ 1926 F
Bell T e le p h o f Pa s f 7s a _____ 1945 A
C en t Diet T e l 1st 3 0 -y ea r 5 s . . 1943 J
C o m m e rcia l C a b le 1st k 4 s ___ 2397 Q
C lim b T A T I si A gen 5 s ___ 1937 J
K e y sto n e T e le p h o n e 1st 6 0 . .1 9 3 5 J
M ich S ta te T e le p h 1st 5 s ____ 1924 F
N Y T e le p I si A gen 0 f 4 ^ fl 1939 M
30-year d ehen s 1 0s .F e b 1949 F
N o rth w e st’ n Bell T 1st 7s A . 1941 F
P a cific T el A T e l 1 st r » s ____ 1937 J
S ou th Bell T e l A T 1H s f 6 s 194 1 J
t
W est U nion noil tr cu r 5 s ____ 1938 J
Fund A real eet g 4V4s____ 1950 M
l

1 v ■"

'oo o

a D u c J u n e . A D u e J u ly

1'vi

kD u e A u g . oD uo G ot

^
S
3

M
A
A

J
J
J
N

W e e k ’s
R a h o * or
Laai Sals
H io h

H a n o•
B in i$
Jan. 1

3 l
N o.

L ow

10
83*2
80
1
July '2 1
70
7 67%
71*2
73 67%
70
86 104%
107*2
M ar’ 18
18 77
81%
107
22 101
28 90
93
31 60
71
Aug ’ 21 ------ 1 77
M ay’21 —
80*2
Apr ’ 20 mmm_I
Jul >*J l
82
70% 16 . 77*2
II 90
90
28 92%
90*2
86%
82
77
f 7 1*2
60%
5 02
1 80*8
89*2
1 90
92*2
M ay ‘ 21
83
81
7 7*
;
July’ 2 l . . . .
75%
July’ 2jL . . . .
07%
13 87
89
20 1 57%
68
91*2 260 90*8
40 101
104
July’21
80*4
25 90*2
95%
17 100
101*2
101 %
86%
52 82*8
87*2
30 77*2
82%
81%

83*2
70
71
74
105i2
58
80%
105
92%
09
78*2
82
95
80
75
90
95
85*2
77
09*2
89%
92*2
80
79*2
82
74
88%
67*4
90%
103%
82
95%

89%
90
100 > M ay’21
4
Sale 95;{4
9* 78
7478
74% 74?8

H iO h

80
71%
72*4
70
111

82%
107
94%
70%
82
82
89%
84
97*2
99*8
88

77*2
71%
93
93
89
81
82%
78
94
08%
94%
104
94*2
99%
102

90%
87%

89% Sale

13

96
74
77% Salt

98%
88
87*2 100%

45

9 2 *2

97*8

65

75

69%
96%
593
72
87%
89%
89*2
54%

___

103%
_____

___

97%
89%
69
86*2

101
10158
72
78%
9 5 *2

107
843
106%
84%
88
88

92
86

95
87
92
80
80
83
88

97*2
78%
99%
_____
91
86

91
97%
10 1%
92%
92%
85%
7<%
8 1%
81%
96*2
77
72
60
85%
0 2*2

91*2
93
73*2
82%
76%
— _
__
78%
83%
69
87%
9 4 *2

83

76*2
78*2
117
J a n '21
69
A u g ’ 21
70*2
70*2 70
96*2
96% 96*8
93
93
Sale
— — —^ 70 M a r ’ 21
87
88
Sale
7 3 *2 D e c ’ 18
8912 M a r ’ 21
90
J u l y '21
95
52*2
60*2
Sale
99
98*2
99 34
103*4
104
101
64% 62*2 A u g ’ 21
M a y ’2 I
74% 79
Sale
97U
98*8
90
J u ly ’ 21
70*4
70*4
72
86*4
8 6 34
Sale
102
Sale 100^8
9 Hie 101*4
102
73*2
73*2 73*2
80
A u g ’21
81
95*8
96
Sale
107
Sale 107
85
85*2 8478
106% 10o *2 A u g ’ 21
84
85% 84
Aug’21
90% 88
88
92
Feb 21
93% 94
A ug’21
90% 903
4
9034
95
Sale
95*2
_____ 8 6 78 A u g ’21
92
92% 92
84
81 J u n e‘ 21

5

67

6

205

576
37

89*2 88*2
89*2 92
86
57
102 %
96

3

67
96%

23 J01*2 104*2
62*2 77
79
79
244 96 100*2
90
90
“ l 66
70*2
12 84
90
29 9 9 *8 102%
153 97*2 102*2
6 j 71
75*2
80
83*2
165 92*2 99%
18 102
108
6

77%

88*8

103 108%
87*4
78
87% 90*4

88

3
40
19

88

100
86
93*2
94*2 100*2
8812
85
91*4 9512
85*2
81
87

8612
79% 88
10 94% 100
79%
65 75
88
9 5 % 102
— I 89*2 9418
26 89*2 95%
86*2

16

1

44'
29
75
25

92%
j
92*8
85%
16
86*4
23
78
77*2
10 0
93% J u ly ’ 19
81% A p r ’ 21
. .. . 101
D e c '1 4
76
81
J u ly ’ 21
73
72%
72%
I
7S
78
J u ly *21
__
98
F e b '1 9
80
Sale
82% . 15
90
Sale
12
91*2
93
18
93 *8
Sale
73%
6
73*2
82% A u g ’ 21
76
77
77
31
79
80
J u ly '2 1 ___
80 A u g ’ 21 --__
80
5
84
8 3 12
83
1
72
70%
70%
1
88*2 87*4
87.*4
93%
91*2 232
Sale
93% Aug*21 —
52
75
Jan ’ 21 — _
J u ly ’21 —
85
86
Sale
Sale
Sale

43
81%
81*8 S ale
80%
71 % 78*2 76*2
77
21
87*2 Aug’ 21 ____
87% 91
85% Sale
86
71 i
85*2
10 0
Sale
100*4 163
99*2
105
105
Sale 103%
33
87% —
86 J u n e '2 1 _ ___
04*2 F eb 2 1 ___
3
79
80
80% 79
A p r’ 16 ....
98
1
89%
89%
89*2 92
83
47
82 U Sale
82*4
33
94*2
94% Sale
93%
103 Sale 10 1 *
. K 103*2 1521
85%
84*2 8 f % 85%
15
83 1
82
82% 83
4
89%
89 | 89%
1
88
80
7
80
8 0 's 80
99%
o °% S d * ’*'* *2
213
pDuo N ov

69

80
117
70*2

70*8
97
91
93%
70
70
86*2 93

22

86*8 N ov’20
89*2 86*2 Jan’21
87
88
Sale
99*2
98% 9834
78*2
78*2 77U
Sale
99*2
100*4
A u g ’ 21
90*2 91
92
91*2
9134
87
87% 87
Sale
91
91*2
97%
97% 97*2
^ale 101*4
10134
Sale
90*4
93

73
117

|D u e O oo. e jy n u u

95%
85
87% 93%
92% 10 0
94% 10 2 h
95
90

78%
74%

95
87
82%

81%

81%

76
62%
72

82"
74%
78

86*4

76
86

91
70%
83
73
79
76%
80%
66
86%

92*2
93%
52
81

**82%
92
95%
78
83
79
80
SO
86%
75
91
90%
95%
52
85

73% 81%
63
77
80
90
77*2 8 6 %
94
10 2
10 0 % 106*2
86
86%
64% 64*2
81%
78
90
85
75
83
87% 94%
90% 103%
80
8r
>%
80*4 83
83
89%
77*2 81%
00
09%

M*
m

950

BOSTON STOCK EXCHANGE— Stock Record

btlOB AND LOW SALJS FIUC&— FKH SHARK, NOT FKR CENT.

Saturday
luy. 20

.1/ oruiay

'Tuesday

j Wedue sday
l uy. 24

Thursday
Any. 25.

Friday
A ay. 26.

STOCKS
BOSTON STOCK
EXCHANGE

Halts

for
the

Many* sines Jan. 1.

Lowest.

122
66
82
18%
24
120

121
jj
*81
*18
*2o
*112

121%
66
82
19
24
12)

121%
65%
*8)
18
♦20
*112

121% 1215$
66 : 6.534
82 | *81
18 ! 18
24
*2 )
115
115

122

9 1

C
O
0
#
*

*.50 .75 *.50 .75 *.50 .75 *.50
Last Sale .60 Aug’21
.75
44
*42
45% *42
41
41
*42
40
42
42
42
45
*.20
.50 *.20
Last Sale .40 Aug’21
.50 *.20
.50 *.20
.50
*17
19
*17
*17
19
*17
19
17% IS
18 • *17
18
*11-7 2
* 11< 2
>
Last Sale 1% A ug’21
* 1% 2
* 1% 2
*710
*7% s ! *734 S
8
7% 7% *71* 8 1 *7% 8
*S34 9 % *834 9% *834 9%
9% 9%
9% 10 1 *9% 93d
.Co *.03
*.03
Last Sale .05 July’21
.05 *.03
.05 *.03
.05
222 227
224 224
22Cb> 220% 220 223% 220 220 I 224 224
13% 14%
1334 14% 13% 137$ 13% I334 13% 13% 13% 14%
*76
9
*719
*7lo 9
9
7% 7% *719 9 1 *719 9
3034 30% *30
31
30
30
30
30% 30
30% 30% 30%
_
3% *
Last Sale 234 July’21
2% *2
3% *2
3%
6
0%
5% a7
57$ 57
6 1
53;
8
534 534
o*s o*s
?
7% 7%
7
7% 73$
7%!
7%
7%
7% 7%
7% 7%
*134 2 | *134 2
*1%
1% 1%
1%
1% 1% *13$ 15$
*2% 3 i *2%
Last Sale 2% Aug’21
3
*2
*2% 3
3
1% 1%
% 134 *1% 1% *1%
*1%
17
$
1% 1%
lh
*.60
.75 *.60 .75 *.6C .75 *.60 .75
Last Sale .75 July’21
6634 66% 67
66%
67
68 S
4
6834 67% 67% 68
68
68%
'81% 83 , S3
83.
S3
83% *82% 83% S3
83% *82
83
*18
19 1 18
16% 17% *16
IS
17% 18
*17
IS
17
334
*3% 334 *3%
3% 3b>
3% 3% *3% 334
3% 3%
*1
Last Sale 1
1% *1
1%
1% *1
1% *1
Aug’21
*2
*21* 3
Last Sale 2% July’21
3
*2
3
3, ! *2
*13$ 1% *1%
Last Sale 1% Aug’21
1% *13$ 1*4 *1%
1%
*1%
1% *1%
Last Sale 1% Aug’21
1
1% *1%
1% *1%
♦1% 1%
1% 1% *1% 1% *13$
1% *1% 1*2, *13$ 1%
*23d 3
3
3 1 *234 3
*234 3
*234 3 1 *234 3
*1%
*1% 2
Last Sale 1%. Aug’21
1% *1% 2
*1% 2
47 I 46
*46
44 v
44
46
46
45
45
45 | *43
44%
12% 12% 12% 12% 12% 12% 12% 12% 12% 1219 *12
12%
.50 *
Last Sale .5
.50 *----- . 50
.50 *
Apr’21
*35
50 . *35
Last Sale 40 July’21
*35
50
50 * 35
50
*80t2 84
Last Sale 85 Aug’21
*80
84
*80% 81% *80% 81%
4% 4%'
4% 4*9
4% 43$
4% 4%
4% 4%
4% 4%
8% 9 1 *83d 9 1 812 87$
8% 8%
8% 8% *8% S3,
*.15 .25 *.15
Last Sale .15 Aug’21
.25 *.15
.25 *.15 .25
___ \ *1
*1%
1% *1%
*1
1
1
1%
1%
1%
1%
21
21
21
*21
21% 21
21
20% 20% *21
21%
21
*23
25 ! *23
221* 22U *22
25 , 22% 22% *221*? 24
23
*33% 34
34
34
34
34
33% 33% 34
34 1 *32
34
31
31 1 *31
35 1 *31
31
31% *31
33
35
*31
34
*8 3
.95 *.90 .95
.90 .90 . *.90
.95 *.90 .95
.90 .90
*.50
Last Sale 1
1%' *.50
1% *.50
1% *.50
1%
Aug’21
*.os
.10
Last Sale .07 Aug’21
.10 *.08 .10 *.08 .10
*234 3% *234 3% *2 s4 3%
2% 2% 1 *23.i 3% *234 3%
♦1% 1% *1%
1% 13$: *1% 1%
$
1% *13$ 1%
1% 15
*1%
1% *1%
1% 13$
1%
1%
1%
1% 13$
1% *1%
*.38 .40 *.35
.36 .42 *.35
.42 *.35
.42 *.3S .45
.40
*2
M7$ 2% *2
2
0
2%; *2
2% I *2
2%
2%
*3% 4
3% 3% *3
3% 3%
3%
3% 3% *3% 4
1%
1%
*1%
1% *1%
1%
1% 1%
1% 1% *1%
*1%
13$ *1%
13$
13$ *1%
Last Sale 1% Aug’21
1% *1%
*.50 .601 *.50
43 .50 *.50 . . . .
*.45 .50
.60
.60 *.35
1034 10% *10
11
*11
12 | 1034 11 i * 10 % 11% *1034 11%
*.35
.50 *.35 .50 *.35
Las Sale .35 Aug 21
.50 *.35 .50
•Bid and asied prices.

4

JEx-dlvUlauo and rights.

# Assessment paid,

Lomsst.

Biohsti

Railroad*

ihare*

12134 1223$
121’% 122
1901 Boston A Albany_________ 100 119 Apr 16
617g Jan 11
6 %
6Mi 65% 64
220 Boston Elevated__________ 100
78
Jan 7
Do p r e f....................... ..1 0 0
Lost Salt 81
Uig'21|
82
15*4June 20
l ,281 Boston A Maine__________ 100
11
18
18%
Sale 25 Aug’2 1
20 June22
Do o r e !........................... 10 0
24
1
114
m
D *112 125 1
Boston A Providence_____ 100 110 June22
115 *112
.26 Jan 29
Salt 25 Jairjil
Boston Suburban Eleo_.no par
.75 Jan 29
Last Sale .75 FelV211
Do p r e f ___________ no par
*334
Boat A Wore Eleo pref.no par
3% Jan 19
Last Sale 3% Mar’2l|
130
* 13 )
Last Sale 130 July'211
Ohio Juno Ry A U 8 Y ____100 130 Feb 26
*13 )
*130
68% &§
63i2June 16
Do p re f_______________ 100
*68
*70
♦70
I
•7 1 75
68
68
*39
4 • *39
36% Mar 19
Maine Central_____________ 100
4U
Last Salt 39
Aug’21
*30
40
*39
40
147$ 15
15% 157$! 1,212 N Y N H A Hartford_____ 100
16% 16% 16% 15% 14% 15% 14% 15%
13%June 18
Last Sale 60% Aug'21
Northern New Haiu pahIre. 100
*60
H
O
60 Apr 11
*60
*60
*52
*52
;.!i
Last Salt: 52 Aug'2i
*52
52 Aug 16
Norwich A Worcester pref _100
*52
59
*97
62
62
49 Old Colony_______________ 100 58 Mar 31
*61
*60
60
63
60
61
*62
*16% 19% *16% 19% *16% 19% *16% 19%
Last Salt 16% %
Ug'21
15 Apr 23
Rutland pref______________ 100
■ i)
*7
Last Suit 7o July’21!
*7U
ik
9
*70
Vermont A Massachusetts. 100
70 May 24
195 West End Street___________ 50 40 Jan 3
42
42% 42% 42% 42
42
42% 42% 423$ 423$
42
IJ *02
*52% 53
14
Do p ref________________60
*52
53
52% 52% J
53
*52%
02
49 Jan 8
0
Miscellaneous
Am Oil Engineering________ 10 .04 Aug
* 04
Last Salt .10 Aug'21
*.04
.10
.10
lo
*.• 4 .10 *.04
♦23., 3h
25 Amer Pneumatic Service___25
2 Jan
*2% 334
3
*23.i 3
3
*2% 3% *2% 3
10 0
8% Jan
12
12
Do p ref________________60
12% 12% *12
13
*12% 13% *12% 13% 12% 12%
' 59 Amer Telep A Teleg............100
Kj5% lio% 1 5% 1 58$ 1 53$ 105%' l 5% 105% 105% 106
1 53$ 106 |
96is Jan
127 Amoskeag M fg_________ no par 74 Jan
89
*88
89
89
s»
*89
89
89% 9 1 |
89
*88
89
73 Feb 24
•70
Last Salt. 76
'Ug'21,
Do pref_____________no pur
•76
*76
*76
.07 Jan 6
Last S
dh 10 June’21;
Anglo-Am Comm] Corp.no par
12 Jan 21
12 Art Metal Construo Ino____ 10
•13
*13 —
*18
M3
*13
13
13
147$ 15
*14% 16
3,720 Atlas Tack Corporation no par
14% 15
14.12 Aug 9
15
15
* 14% 15
14% 15
.50June 24
*.5i>
1
1
*.5)
1
Beacon Chocolate__________ 10
1
*50
76 .75 *60
1
*.59
4R Mar 18
Last Sale 4% Mur'21
Blgheart Prod A Refg______ 10
,15 July 25
700 Boston M ex Pet Trustees no par
.15 . 15 ;
*.15
20 *.15
.20 *.15 .20 *.15 .2 >
20 *15
Last Sale 30 A ug’21
.25 Mar 9
*25
Century Steel of Amer Xno__10
50 *.25 .50 *.25
.53
.5 J *.25
9*2 July 27
11
11
21 Connor (John T ) ___________ 10
*10% 11
11
11
11
11
*10% 11
-----•3
4
Last Sale 3% July’21.
3%May 4
4% *3% 4%
East Boston Land__________ 10
*334 4% *33,i
13 Aug 15
*13
13% 13
20 Eastern Manufacturing_____ 6
13
•13
13% *13
13% *13
13%
13
13
___ ___
330 Eastern SS Lines Ino______ 25
16 Jan 10
19
19%
20
19
*19
19% *19% 19% 19
19
70 Jau 17
*75
82
Last Sale 75 July ’21
Do pref............................ 100
*75
85
*75
85
85
*75
Jan 3
154 loo
154 154
158 158
10 0 Edison Electric ilium.......... 100 152
158 158 *155 158
155 156
200 Elder Corporation_____ no par\
8 June 23
7%
8% 8% *
8% * --8% *
8% _
8%
10% Aug 26
•10% 11% *10% 11% *103.1 11% i6% 113$ *103$ 11
103$ 1 3
$ 1,450 Gardner Motor________ no par
1
5% *_ _
5%
Last Sale 5% .AUg’21 ------- 1 Gorton-Pew Fisheries______ 60!
5i2Mar s
5% 4
5% *
*22% 23
___
43 Greenfield Tap A Die----------251 22*2 July 28
*221* 23
*22*o 23
*22 % 2234 22% 221*
157 IntCinat Cement Corp.no par\ 19 July 6
•20
20%
* 193.1 21 1 2 * 20
19% 20
19% 20
*19% 20
•37
39
*36
37
*36
37
40 Intei iat Cotton MUIb _____ 60, 36 June 20
*36
*36
36
37
37
37
78
Last Sale 76 Aug'21
78 %
77%
Do pre f _____________ 100, 75 Aug 19
78 ★
2% Aug 18
•2% 3
2% 2%
*2% 3
•2% 3
Internat Produots-------- no pari
2% 2% *2% 3
•5
15
•5
*5
15
*0
05
15 I Last Sale 17 July’21
Do p re f_______________ 100' 17 July 1
2% Aug 22
150 Island Oil A Trans Corp— 10,
3
25$ 2% *2% 2% *2% 27$
2% 2% *2% 2%
708 Libby, McNeill A L lb b y ...lO
7UJuno21
8% 8%
83$
8% 834
8% 8%
8% 8% *8
S
812
62 Loew’s Theatres___________ 25 o il Jan 3
15
16% 1434 1434 *15
14% 14%
16
*14% 15% 14% 14%
76
76
183 McElwain (W H) 1st pref. 100 73 June 15
*76% 77% 76% 77
76
77
77
78
77 1 76
64 Aug 26
286 Massachusetts Gas Cos___100
•70
71 l *70
66% 68
64
66
7)
71 1 7 ‘
68% 70
61
61
151 • Do p ref_______________ 100 5914 Jan 6
61
61
61% 61% 62
62
62 1 61
60% 60%
80 Mergenthaler Linotype.-.1 0 0 117i2June 9
118 118% *118 119 *118 119
*118
118 118% *118
1,845 Mexican Investment Ino___10, 14 Aug 25
*19% O 1 *19% 21 | 20
.O
18 i 14
16
20
18
19% 14
7% 7%
6%June 28
7
7%
7% 7%
7
7
7% 7% 1,623 National weather__________ 10
7%
7%
4 Aug 26
434 434
4% 5 I 4% 45$
720 New England OU Corp’n ____ |
43$ 434
4
4
4% 4%
101 101 i 101% 101% 101 101% 101 101% 101 101% 101 101
138 New England Telephone. . 100 j 95i2 Jan 3
7 July 26
Last Sale 7
July’21
I Ohio Body A Blower___no par
17 Aug 25
•1734 19
17% 193$ 19%
245 Orpbeum Circuit Ino_______ 1
*18
18% *18
18% *17% 18% 17
15 Pacific Mills ............................ j 146 Jan 3
160
160 160 *160 162 *160 162 *160 162 *160 162
50 Plant (Tbos G) pref----------100: 80 Mar 8
80
80%
*13
1334 *13
12% Apr 14
Last Sale 12*2 Jug’ 21
1334
Reece Button Hole-------------- 10
1334
*13
1334 *13
17 Jan 29
*1734 20
*1734 19
*1734 20
Root A V Dervoort Cl A no par
*17i2 2 » | Last Sale 20 June’21 1
434 5 |
43.1 Aug 25
265 Simms Magneto_____________6
5 I0
*5
5*2
5*2
5
o
5U
514
459 Swift A Co______ __________100' 88*2 July 11
96
96*4 95i2 961.1 95
95
95% ~94% 951°
96
94i2 9514
*50
52
40 Tor rington_________________ 2 5 1 47 June 16,
51
*5 t
51 | 51
52
52
51
*51
53
*53
'*13
137
$ 13
85 Union Twist Drill___________ 5* 12 July 12|
137$ *13
137$
13 . *13
137 *13
s
137s *13
34% 35
417, United Shoe Mach C orp..25 z33%June 14
35
35% 3412 35% 34i2 35M 34% 35 1 34% 345$
237 237 *2312 237g *23% 237
$
$
*235$ 237$ *235$ 237$
321 Do pref________________ 26. 22% Apr 1
s 23U 24
6
17
17%
2,774 Venutra Consol Oil Fields— 5
4
16% July 16
17
17
17
s
1718 167 17 I 163 167$ 167$ 17
20
20 %
197 20% 20
$
945 Waldorf System Ino_______ 10
167 Jan 5
s
20
20
1934 20 i 1934 20 1 20
8
S
102 Waltham Watch__________ 100,
8 Aug 11
7
9
9
8
8
7
9 1 9
9%
9*2
9% 9%
9 Aug 26
620 Walworth Manufacturing..20.
9%
9i2 *9*8 9i2
9% 9%
912
15 *
11 Apr 13
Last Sale 15 Aug’21
15
15
15
Warren Bros______________ 60!
fis% 20 12
10
Do 1st pref_____________60; 17 Aug 12
*is%
1812 181
-1812 20 % *18% 20% *18% 20%
21 *
18 Apr 6
21 ♦
Last Sale 20 June’21 ---------1 Do 2d pref______________50
21 *
21 "
9% 9% *9% 10
9
S July 12
—
—
110 Wiokwlre Spencer Steel____ 5
*8
9
*S —
121 %
*65%
*81
18%

Uiohsst,

Banos for Presions
Year 1920.

129*4 Feb 26
66%May 10
86 May 24
2584Feb 8
30 Jan 4
133 Jan 21
.26 Jan 29
.99Jan 28

Feb

134

May
7 4 % Dec
13% Dee

68

11 9

60
25

124
lOo

D eo
Jan

Dec

334 Feb 16
130 Feb 26
73 Feb 4

76o Deo
N ov
3
Jan
130
6 5 % Deo

23% Jan 12

Deo
82
16% D e o

76
Jan 27
Jan 19
75
Jan 12
21
Feb 9
76
Li i2 Mar

76
77
60
16
70
86

43i2 Feb 8
75

54

Feb 28

Aug

48

D eo
J u ly

Deo
Jan
Ju n e
D eo
Ju ly

Nov
Oct

89% N ov
Sept
40
G ot
40
M ar
143
Oei
26o
7 M ar
11 M a i
Jan
132
Jan
86
Sept
76
3 7 % S ept
Jan
86
July
89
Apr
86
2 7 % O ot
89% N ov
45*4 Jan
55% Jan

3

7% M ar
80 D e o
Jan 5
8% N o v
1 Feb
4U A p r30
13% N ov
Feb
5
15%May 2
A p r 10 0 % Sept
80
109 Mar 30
16 7
A pr
N ov
70
90 May 7
83
Jan
N ov
70
8 D4 July 9
19
Jan
lo D e o
.16 Feb 9
88
Apr
10 N o v
13i2Mar 8
35 % Apr
D eo
14
20 A pr 29
10
Apr
3% D eo
4
Jan 8
12 % Apr
D eo
5
6i8 Jan 3
8 % Jan
flOo N c v
.96 Jan 10
7
Jan
49c D eo
1% Jan 10!
14 % Sept
12 N o v
ia i2 Jan 10
6% M ar
4i2 Feb 11
3*8 D e o
3 6 % Jan
D eo
21
23
Jan 8
28% M ay
15% D e o
23%May 7
88
Apr
Aug
62
75 Apr 16
164
N ov
M ay
140
164 Jan 25
3 6 % Jan
15% D eo
17 Jan 8
23% Apr 12
26
Juno
8
D eo
8
Jan 3
60
M ay
8 2 >4 D e o
35% Jan 17
2 9 % O ot
16
Apr
25*2 Apr 18
7 4 % Jan
40
D eo
41*2 Feb 7
96
Jan
80
D eo
86 Mar 28
45
Jan
6 % D eo
13 Jan 8
8 0 % F eb
24
D eo
32
Jan 7
8 % Apr
4
D eo
478 Mar 18
31% A pr
10% N o v
13 Jan 11
t)9% Apr t?12% BoP*
18 June 7
101% Jan
89 % D eo
92% Feb 23
86
N ov
68*4 Feb
85
Jan 8
63% N ov
67
Ju n e
64 M ay 9
138% JaD
118
N ov
122
Jan 26
63
Jan
16
D eo
35% Apr 25
12
July
7% D ec
9% Jan 13
6 Aug 18
N ov
8 2 % May 101
105 May 9
Dec 3 6 % Jan
9
10i2 Jan 7
34% M ar
23«4 Dec
30% A p r29
167% Feb 18 166% Dec 1 7 6 % Jan
Jaa
Dec 9 9
85
87 Feb 17
Jan
16
Nov
13
14 JaD 10
Jan
65
177g Dec
24 Mar 23
25% A pr
Nov
6
9%May 2
Jan
9 7 % Nov 1 3 3
10534 Jan 12
M as
76
Dec
60
61 Feb 15
Apr
28
21 Nov
22 Jan 10
Jan
49
3212 Dec
39% Jan 4
Feb
26
22% Sept
Jan 14j
25
Mar
19
12 % Feb
19 Mar lj
2 3 % Apr
Dec
15
22 May 18 j
44% Jan
1 4 % Dec
17 Jan 5
Feb
26
Dec
14
17 Feb 18
39% June
19% Dec
2 2 1 2 A p r 28j
Jan
33
Dec
27
29*2 Apr IS
Jan
35
Deo
25
30 Jan 11
Sept
82
Dee
15
18% Jan 11

Mining
Adventure Consolidated— 25
Ahmeek____________________ 26,
Algomah Mining----------------- 25
Allouez_____________________ 25
Arcadian Consolidated____ 25
Arizona Commercial------------ 5
Bingham Mines___________ 10,

1 % Feb
40c: A ug
.75 Mar 3
40 Mar 29
Jan
77
4 0 % Dec
40 Aug 22 56 Jan 19
lv Jan
20c Dec
.50 Apr 7
15
|
.1 July 5
Dec . 42 “ Jan
16
16 Apr
23% Feb 11
4io Apr
2 Aug
334 Jan 7
1
1% Aug
1534 Jan
5 % Dec
10 Apr 28,
6<
215|
6% Jan
10% Apr
10%Mayl3i
6% Mar
8 Mar
300
2o Oct 400 Jan
.OSMay 25
1
.03 Jan
Jan
259 Jan 4 1 200 Deo 409
31 i Calumet & Hecla__________ 25. 210 Apr
40% Jan
10% Nov
10,600 Carson Hill Gold___________ l| 11% July 29 16% Jan 17j
16% Jan
6% Dec
7 Jan 4 10 Jan 28,
100 Centennial__________________26 1
•
Dec 483$ Jau
25
I 27 Jan 3 3684May 3
490 Copper Range Co__________ 251
4% Mar
3 % Deo
1% Jan 18
2%May 3
---------i D a ly -W e st.............................. 20
14 % Jan
4 % Deo
7% Jan 6
5% Mar 28
675 Davis-Daly Copper------------ 10:
Jan
16
7% Dec
7 Aug 25 10% Jan 8
1,415 East Butte Copper M in-------10.
6 % Apr
50o Aug
1% Apr 2j
255 Franklin-----------3% Jan 6
25
6% Mar
2 Deo
134Mar30'
______I Hancock Consolidated____ 25!
3% Jan 6
Jan
4
Aug
1
2% Jan 7
June 20
4911Helvetia------------------------------ 25
% Jan
250 Nov
Indiana Mining_____________25; .25 Mar 18j .95 May 27
Feb 6 0 Sept
39
1,026, Island Creek Coal___________ lj 48 Jan 3 6 8 34June 16
June
82
75 Nov
Jan 61 S3% Aug 25
75
871 Do pref-----------1
Jan
38
16% Jan 3 22 May 11 jj 15 Dec
100 Isle Royale Copper— .......... 25
b Mar
2 % Deo
3%May 16 :
23s Mar 14
525, Kerr Lake___________________5
2 % Jar
134 Apr 12!I
1% Deo
1 Aug 16
_____ 1 Keweenaw Copper_________ 25!
4% Apr
i Lake Copper Co___________ 25
3% Feb 16 '
1% Dec
2 Jan 4
3 % Jan
1 % Deo
2% Feb 11 ‘ j
j La Salle Copper----------------- 25
1% Jan 25
Jan
3
i
134 Feb 25 i! 000 Dec
1% Jan 22
--------- 1 Masop Valley Mine_________ 6'
55$ Jan
3% Jan 3j
1*4 Deo
100 Mass Consol_______________ 25j »o5 Apr 9
11*4 Jan
3% Dec
5% Jan Si
25$ Aug 11
100 Mayflower-Old C olon y____ 25,
7% Jan
1*4 Dec
3%May 5,1
1% Aug 4
---------1 Michigan___________________25
501 Mohawk____________________ 25 43% Jan 3 55 May 5 | 4 0 % Deo 7 2 Mar
Jan
16s4 Apr 25j 1 12% Nov 2 4
556 New Cornelia Copper________5i 12%Mar31
7% Jan
.95 Jan 7 ; ! 35c Decj
50 Apr25
New Idrla Quicksilver_______6j
Oct
57 May 10; j 21 Marl 4S
New Rlv f Company_____ lOOj 40 Feb 4
___ !
SO Jan 4 95 Mar 7j: 79 Febj 9 5 Sept
Do p ref_____ _________ 100
12% Jan
Dec
7
8% Jan 20;
4 July 14
390 Nipisslng Mines_____________6
8 Dec 2 1 % Apr
12% Feb 21
8 Mar 23
647, North Butte_______________ 16
8 O0 Jan
.50 Jan 7|!
% Oct
.15 Aug 11
___
j North Lake-------- ---------------- 25
2 % Jan
1 Deo
1% Jan 6 1
1 Aug IS
715 OJibway Mining___________ 25
15S$ Jan 3 25% July li|i 1 5 Dec 37% Jan
|
335 Old Dominion Co__________ 26
Jan
10 Osceola_____________________ 25 21 Aug 10 33 May 14" 20 % Deo 5 3
Jan.
130 Quincy_____________________ 25 33% Aug 25 43 May 3 • 34% Dec 6 5
Jan
25% Dec! 5 8
28 Jan 3 40 Apr 26!
70 St Mary’s Mineral Land___26
Jan
50o Dec!
.75 Jan 3 1 'As Jan 28
|
55 Shannon------------------------------ 10
Apr
lOo Mar!
1 Jan 221 2 Jan 18|
_____ 1 South Lake________________ 25
So Dec, 26c Jan
.12 Jan S
.04 Mar 4
South Utah M A S __________ 5
Jan
6
2% Dec
4% Feb 11
2% Aug 10
50 Superior____________________ 26
6% Jan
1 Deo1
2% Fob 17
1 June 231
490 Superior A Boston Copper. .10
4 Feb 15
I s e July
850 Trinity Copper Corpn-------- 6
M
l»4 Jar?
33c Dec!
.75 Jan 17
.34 Aug 19!
700 Tuolumne Copper__________ 5
4
O ot
1M. Aug'
Jau 5
1S4 Aug 16
3
75 Utab-Apex Mining------------- 5
9% Feb
43% Dec
5 Jan 12
3 Jan S
296 Utah Consolidated____ *
______1
3% Jan
2o Novi
Jan 31
.95 Jan 4 2
910 Utah Meta] A Tunnel---------- 1
3% Jan
1
Dec;
,40May 4
3% Feb 17
Victoria____________________ 26
2
Jan
25c Sept;
.80 Mar 4
.36 Jan 6
500 W in o n a ____________________ 26
13 Jar
8 D*cj
U Feb 21 j
8% July 5
85 W olverine_________________ 25
U- M s
15c Oct
48 Jan 13
.25June 23
W yan d otte________________ 26

465
--------- 1
40

h

Ex-rlghts.

x Ex-dlvldend.

t

Par value $10 per share

A ug. "27 1921.

T i l 1 U lIttO N lO L E
0

951

P it t s b u r g h S to c k E x c h a n g e .
Record of transaction; at
Pittsburgh Stock Exchange A u g. 20 to A u g . 26, both incln r e 
compiled from official sales lists:

Outside Stock Exchanges

Friday
Sale
La.;/ Woik's Uitngo for
Of prior;;.
lVo,ok.
.\nl(
/Hit'. Price. Law.
High. Shun; i

B o s t o n B o n d R e c o r d . -Transactions in bonds at Boston
Stock Exchange Aug . 2 0 to A u g . 2 6 , both inc usive:
Halos
/ 'rlduy
Last ll'cc/r’u Hanot for
Of Prices.
Work.
kilo.
yh'f Low.
n ioh. Shuras.

Ronds

87.24 88.24
87.44 87.44:
87.55 88.00
87.44 87.96
91.70 92.04
87.10 8S.12
■■ 98.44 98.86
81
81
8.1
48
is%;
100! . 100 1*
L
68
68
68
68
77%
831• 83%
•
90
96
83% 83%
83
83

U S Lib Loan 3 H b- 1032-47
2 d Lib Loan 4fl 1927-42
1st Lib L’n 4 %s 1932-47
2d Lib Loan A !,f s 1927-42
3d Lib l oan 4 %s
1928
•1th Lib L’n 4%s 1933-38
Victory 4 Ms
1922-23
Am Tel A Tol coll 4s. 1929
c
At! G & V I BH L 5s 1959
V
General Electric 6s_ 1940
Iv C M om & B ir4 s.
1934
Income 5s
1934
T Iiss K1 Power 5s
N
v
1951
N E Telephone 5s
1932
Pond Creek Coal 6k - 1923
Swift & Co 1st 5s _ _ .1944
Western Tel & Tel 5s 1932

Stocks
lta.noo ,-hi,fy Jan. I.
Low

$7,200
85.84 .June
85.14, M ar
50
10,650 85.02 Jan
85.54 Jan
16,900
88.10 Jan
24,900
32,850
85.34 Jan
10,700
95.78 Jan
75% Jan
1,000
6,000
45% Aug
2,000 100 1, Mar
1,000
68
Mar
1,500
lA’h
67
8,500
74 % Jan
1,000
79 % .Jan
94
3,000
Jan
l ,000
80 % Jan
9,000
July
78

II l(lli.
92.90 Jan
87.0 1 Jan
88.64 Juno
88.72 Jan
92.16 Aug
88.5 J Jan
98.80 Aug
81
Aug
62
Jan
102*
Aug
70
Mar
81
Mar
78% May
86
May
96
Jan
87% Apr
84
July

C h ic a g o S t o c k E x c h a n g e . -R e c o r d of transactions a;
C hicago Stock E xchange A u g . 20 to A u g . 2 6 , b oth inclusive
com piled from official sales lists:

Stocks—

Friday
Sales
Last Week’s Range for
Sale.
Week.
Par. Price. Low.
High. Shares.

American Radiator___ 100
American Shipbuilding. 100
re fe rre d ___________ ICO
Armour & Co, pref___ 100
Armour Leather. _ .
15
Avery & Co, preferred .100
Beaver Board. . _ __(*)
Booth Fisheries, pref__ 200
Briscoe, common____ .(*>
Chic City&Con R y, pt sh—
Preferred______ _ _ . (*)
Chic Elev R y, pref___ 100
Chicago Pneurn T ool__ 100
Commonwealth Edison. 100
Continental Motors_ 10
_
Crane Co, preferred__ 100
Cudahy Pack Co, com.JOO
Diamond M atch. _ .100
Great Lakes D & D ___ 100
Hart,Schaff&Marx,com 100
Holland-Amer Sugar___ 10
Lllinois Brick _ _ _ _ 100
Libby, McNeill & Libby. 10
Middle West Util, pref. 100
Mitchell Motor Co . _ (*)
National Leather______ 10
Orpheum Circuit, Inc___ 1
Pigg T ig Stores Inc“ A ” (*)
V
. Pub Serv of Nor 111, com 100
Preferred __ _ _ __I00
Quaker Oats Co, pref. .100
Reo M otor _
_
__10
Sears Roebuck, com _ 100
_
Shaw W W, com______(*)
Stand Gas & El, pref___ 50
Stew Warn Speed, com .100
Swift & Company. _ .100
Swift International. _ 15
Temtor Prod C & F “ A ” (*)
Thompson J R , com ___ 25
Union Carbide & Garb. 10
United Iron Works v t c_50
Wahl C o_________ _ _(*)
Ward, Montg’y&Co, pf 100
When issued__ ____ 20
Western Knitting M ills. (*)
Western Stone___ __ 100
W rigleyJr.com .. ____ 25

68
55
50
89%
12%
22
S
20
9

90%
s
20
5%

____

208%'
5%
204
53
98

__

51
8%
7%
18%
—
83
61%
22%
95
22
4%
38
43%
8

—

ioVs
1%

5%
5%
2
1%
50
50
10812 108%
5%
5%
104
104
53
53
96% 98
76
78
67
67
5%
5.%
51
511%
s%
8%
37
39%
5%
7
7%
18% 18%
12
12%
79% 79%
79
80 %
83
83
17% 17%
59% 62%
44
45
34
35%
21% 23
94% 96%
22
23
5
4,%
38
39
42
43%
8
8%
39% 40
90% 90%
15
16%
10M 10%
1%
1%
73% 73%

B onds—
Chic Rys 5s, Ser “ A " . 1927
4s, Ser “ B ” _____ .1927 _____
Commonw Edison 5s _ _ 1943
Ogden Gas Co 5s___ .1945
72
Peoples G L & C ref g 5s ’27
73%
Swift A' Co 1< < f < 5s. 1944
if, s 7
84%
* No par value.

68
60
57
90%
12%
22
11 %
20
9%

46%
31
83
72
73%
84%

46%
31
83
72
73%
84%

31
90
207
583
170
200
480
50
205

Range since Jan. 1.
Low.
66 }/ s .1une
o
Aug
55
50
Aug
84
Jan
12
July
22
Aug
8
Aug
Aug
20
9
Jan

400
5
235
1%
10 48
458 102
2,050
4%
95 104
84 46
118
95
105 61
6 65
25
5%
51
110
4,441
7%
24%
236
4
700
6%
3,390
25
18%
355
10
100
68
79
40
73
45
17
90
4,640
59%
340
38
32
479
6,670
21%
1,334
88%
22
2,439
4%
510
27%
200
6,371
40%
315
8
150 *36%
5C 85
15
2,805
8%
410
395
1%
73
77
1,000
1,000
1.000
3,000
3,000
1,000

Feb
Aug
Aug
Jan
June
July
June
July
Jan
Jan
Aug
Aug
June
Jan
June
June .
Aug
Aug
Jan
Aug
June
June
Aug
Feb
July
J une
July
Apr
Aug
Jan
June
July
June
June
Aug
Jan
Aug
July

39
Jan
28
Mar
78% Jan
65
Jan
Mar
70
KO% .1‘.t,n

High.
7314
85 ‘
77
94%
15%
22
42
35
24

Mar
Feb
Feb
Jan
Jan
AUg
Feb
-lan
Mar

8
5
68
110
7%
104
63
105
94%
75
8%
69%
13
44
9%
9%
30%
19%
81
85%
91
27 %
87
66
37%
36%
105%
31%
26
46
62
15%
50%
95
24%
32%
10
77%

Apr
Jan
Jan
Apr
Jan
July
Jan
Mar
May
Jan
Jan
Jan
Jan
May
Mar
Jan
Apr
Apr
Apr
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
May
Jan
Mar
Feb
Feb
May
Jan
Feb
May

Apr
50
35
Apr
ia.
88
72
Ao.tr
76
Jan
8:7% A nr

x Ex-dividend.

B a ltim o r e S t o c k E x c h a n g e .— R ecord o f transactions at
B altim ore Stock E xchange, A u g . 2 0 to A u g . 2 6 , b oth
ve com piled fro m official sales lists:
r a 

Stocks—

Friday
Sales
Last- i r ^ ’s I$an(je for
of Prices.
Week.
Sale.
* Par. Price. Low.
High. Shares.

Arundel Corporation___ 50
Blumberg Bros 1st pf .100
Celestine Oil____________ 1
<lent Teresa Bug, pref__ 10
3
Consol Gas, K L A Pow.100
c
80%
Consolidation Coal
.100
84 %
Cosden & Co, pref_______5
Davison Chemical-_no par 39%
Houston Oil pf tr ctfs. 100
I Benesch & Sons__ no par
28
Preferred___
__ __25 23%
M t V-Woodb, pref v t r.100
Pennsyl Wat & Power . 100 84%
United R y & Electric__ 50 — .—
Wash Balt & Annap._ 50
12%
Preferred.........
......50
Bondss< • & Suburb 1st 5s 1922
y
( on.Hol Gas gen 4% s 1954
( 'y (>, E L A P 4%s 1935
c
5% notes
6% notes
7% notes
. ..
notes
t am sol ’n ( Toal ref 5s
1950
Eli:horn Coal Oorp 6s 1925
Pennsyl W Ik V 5s
'940
Si. Louis San Ffan > « »>
f< s
United fly A Elec 4s j949
c
8": fneowie 4s
i ho
J finding 5s
. . 1936
do small
... .0 3 6
3 / notes_______________

76 %

85 %

61%

-------

25
84.

25
84
.40 .40
3
3
80
83
84
84%
3%
3%
40
30
67
69
28
28
23% 23%
45
47
84
84%
8%
8%
12% 12%
27
27

71
76%
99%
97
98K
98%
77%
92
85%
56%
62
4.2
61%
63
92

10
5
300
85
237
74
1,555
1,313
552
25
20
35
74
60
40
135

97% 817,000
71
1,000
76% 1.4,000
9 9 %
68,000
97
3,000
98%
6,000
99% 15,500
77%
J,000
92
2,000
85%
3,000
56%
2,000
62
J,000
42
4,000
61%
2.000
63
300
92
2.000

Range since Jan. 1.
Low.

High.

21% Mar
Jan
80
.36 July
2% J une
80
Aug
79
July
3% July
23
Mar
67
Aug
23
Jan
23
Jan
40% June
77% Jan
8% Aug
12
Jan
26
July

28'A Apr
85
Aug
.95 Jan
7
Jan
92
Jan
88% Jan
4% Apr
43 % May
Jan
83
29
Apr
23% Feb
62% Feb
88
Apr
12% Jan
N .. Mar
30
Mar

94
68 %
72%
94 %
92%
93%
95%
72
89
80%
56%
6J
42
60 %
60
90

97
76
76%
99 %
97%
98%
99%
80
92%
85%
56 %
65 %
47 %
65
04%

Jan
June
June
Jon
Jan
Jan
June
Jan
Jan
Jan
Aug
June
Aug
.June
Jan
Jan

'i :

A Ug
Jan
Aug
Aug
July
Aug
Aug
May
Apr
Aug
Aug
Jan
Jan
Feb
Feb
A ug

llangi; winco Ja n 1,
Low.

High,

,\m VItrifled Prod, com 50
8%
H%
50
8% July
far.
1
2
A in Wind Glass Mach 1.00
60
10 •19% June 115
60
Jan
100
76
Preferred
76
10 71% J line 85
Jan
8% 29,695
ArkitnM Nat ( la:'., com to
AH
8 1\
)
6%
Apr
0% Aug
19
< oiiHolldatod ice, prof .50
17
AUg 28% May
1,055
17
20
See Tl dal Osage Oil Co hr 1 ovv
<!nffey Gillespie Oil
25
19
19 %
1,<>no Star ( las
19
029
10% June
20
Jan
June
M fr i IJglit A IIoat_5
c
50
4.0
47
130 42
*
)«>
Jan
0
0%
Mil, Fireproofing, com 50
200
Jan
9
Mar
6%
14
Jan
Preferred
.50
14
16
12
280
18
M ar
1 13
19
12% 13
435
,Jar»
Ohio Fuel OH
11 % July
.25
1 %
1
41 % 42%
40
June 60
Mar
<)hlo Fuel Supply
200
19
June 30 % Jan
22% 22 >
A
(iklulioma Natural ( las 25
90
44
84.
86 % 86 %
Jan 88
Pittsburgh Goal, pref 100
Jan
22 e 23 c
.
20c June 30c
Pltisb A ML Shasta Cop I
c
8,000
Jan
.5
15
7
i
AUg
12
7
Pittsburgh Oil & <las.
Jan
Sii.ll ( 'reek ( Ions Oil
7%
7%
7 % Aug
7 % Aug
100
12%
2,910
Tidal Osage Oil
(no par)
0% June 29% Feb
10% 13
83 <, 85%
x
50 83%
523
83% Aug
W ed’house Air Brake
9 7 % Jan
300
39% Aug
\V"house El & Mfg, com 50
39 % 40
49% Mar
Apr 61
56 % 60%
20 56
Feb
Preferred___ _____ _ . 50
If)
9
Mar
West Penn Tr&WP.coni 100
Jan
14
10
1
10
Bonds—
41
Feb
65
Jn l ‘p Brewing 6s
I >55
61
61
July
H ,ooo
Pitts < Alleg Tel 5s
fc
i 140 s£e no to belo w
Not,.- Sold last week and not reported: $5,000 Plttsb, & Alleg. Tel. 5s (a) 72;
.Si.000 Pittsburgh Coal 5s at 91.

Philadelphia Stock Exchange. — R ecord o f transactions
at Philadelphia Stock E xchange, A u g . 2 0 to A u g . 2 6 , both
inclusive, com piled from official sales lists:

Stocks—

Friday
Sales
Last Week’s Range
for
Sale.
of Prices.
Week.
Par. Price. Loir. High . Shares.

Alliance Insurance...... . 10
American G as..
100
American Stores.. .no par
First preferred. .. 100
.
Buff & Susq Corp v t c_100
Preferred v t c .
_ 100
Cambria Iron__________ 50
Elec Storage Battery__ 100
General Asphalt. .
H00
Insurance Co of N A ___ 10
J G Brill C o ________ 100
Keystone Telephone___ 50
Lake Superior Corp___ 100
Lehigh Navigation____ 50
Lehigh Valley__________ 50
Northern Central. __ 50
North Pennsylvania___ 50
Penn Cent L & P pref. _100
Pennsyl Salt M fg _____ 50
Pennsylvania________ 50
Philadelphia Co (Pitts) __50
Preferred (5 % ) _____50
Pref (cumulative 6 % ).50
Phila Electric of Pa _ .25
Preferred.
._ .. .25
.
Phila Insul Wire___ no par
Phila Rapid Transit___ 50
Philadelphia Traction __ 50
Reading _____ _ _ 50
Tono-Belmont Devel ___ 1
Tonopah Mining
_ 1
Union Traction ______ 50
United Cos of N J
. _100
United Gas Impt. _ ...5 0
Preferred .
50
Warwick Iron & S._
10
West Jersey & Sea Shore.50
Westmoreland C o a l __ 50
B onds—
U S 1st Lib L ’n 4%s 1932-47
2d Lib Loan 4%s 1927-42
3d Lib Loan 4 % *_ __ 1928
&
4th Lib L’n 4 %s_ 1933-38
Victory 4% s ___ 1922-23
Amer Gas & Elec 5s. _. 2007
Bell Teleph of Pa 7s__ 1945
Bethlehem Steel p m 6s 1998
Purchase money 5s .1936
Elec & Peoples tr ctf 4s _1945
Small
. . . ____ 1945
Pennsylvania R R 6%s 1936
Phila Electric 1st 5s_ __1966
Small __ ---------- ..1966
United Rys gold tr ctf 4s ’49
United Rys Invest 5s.1926
West N Y & Pa gen 4s _1943

17%

_____
103
28
25

_____
6

_____
_____
45

26
31
21%
26%
50%

16
1%6
30 %
170

30%
8

55
87
88%
63%

17% 17%
35
35
57
57 %
94
94
60
62
35
38
35
35%
101% 104
40
42%
28
28%
25
28
7%
7%
6
7%
63% 64
49% 50%
66
66
70% 72
45
45
67
67
36% 38
28% 28%
26
26
31
31%
21% 22
26
26 %
50
50%
15
16%
52% 53
65% 66%
1 5-16 1%
1%
1%
30
303^
170 170
29
33%
49% 49%
8
8%
31
31
65
65
87.62 8%82
87.46 87.66
91.14 91.96
87.70 88.00
96.68 98.76
74% 75
104
104%
98% 98%
77% 77%
55
56%
55% 56
99% 100
87
87%
87
88%
40
40
67
67
63% 63%

Ramge since Jan. 1.
Lav

High.

Apr
19
Jan
June
35
Aug
Jan
60
May
Jan
94% Aug
Jan
Aug 80
Aug
48
Jan
Jan
34
June
37
92
Jan 119
Apr
40
Aug
70
Jan
27% July 29% Jan
25
Aug 56
Jan
7
Apr
May
10
10
Jan
6
Aug
Feb
62
7J
July
47
June
56% Jan
66
.Tan
Jan 67
70
Max
79% Jan
Aug
40
Jan
45
64% Jan 74% Mar
42
Jan
32% Apr
35% Jan
28% Aug
28
June
26
Jan
Jan
31
June 34
21
22% Feb
Apr
25% Apr 28% Feb
50
June 52% Jan
19% May
15
Aug
57
May
51
Mar
Jan
62% June 88
1 June 1 11-16 Jan
300
100 7 1-16 Jul v
1% Mar
33
29% Jan
May
609
July 170
Feb
42' 163
May
Aug 38
29
6 ,0 8 4
May
104
49% Jan 50
8% Apr
110
7% Feb
50 27
June 37% Feb
Feb
June 80
10 60

150
3
578
5
8
13
28
1,131
110
512
529
65
1,795
130
291
10
30
45
3
2,143
64
25
3^:0
1,307
1,282
3V
*
2,9'8
95
220

17
27
44
87
60
35

$33 500 86.47 Mar
2,200 84.40 Jan
47,150 88.20 Jan
75,500 85.60 Jan
94.50 Jan
86,000
68% Jan
4,000
Jan
2,000 101
1,000 98% Aug
77% Aug
2,000
53
Jan
19,000
Mar
1,000 50
94% Apr
15,000
30,000 82
Jan
Jan
00 81
Jan
1,000
33
1,000 65% Aug
1.000 59 June!

88.04 Aug
88.30 Jan
92.00 July
88.58 Jan
98.94 Aug
Aug
75
105% Aug
Apr
105
77% Aug
56% Apr
Apr
' 57
100% Feb
88% Aug
88% Aug
40
Aug
Jan
70
63% Aug

New York Curb Market.— B elow is a record of the
transactions in the N e w Y ork Curb M a rk e t from A u g . 2 0 to
A u g . 2 6 , both inclusive, as com piled for the official lists. A s
noted in our issue of July 2 , the N e w Y o rk C urb M a rk e t
Association on June 2 7 transferred its activities from the
B road Street curb to its new building on T rin ity Place, and
the A ssociation is now issuing an official sheet which form s
the basis of the com pilations below :
Ft iday
Sales
for
Last Week’s Range
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Week ending Aug. 26

Range since Jem. 1.

Stocks—

Low.

Industrial & Miscell .
Acme Coal___________ __1
90c
Acme P a ck in g ___
10 87c
Allied Packers. _ _ (no . par)
Aluminum Mfrs, corn. ft)
Amalgam Leather, corn ft)
Automatic Fuel S
ft)
Bethlehem M otors._
(t)
Borden Co corn
100
Brit--Amer Chcrn
.10
Brit-Am Tob ord bear . _£1
11%
Ordinary__ _
£1
Car Lighting & Pow. .25 1 1-16
Carlisle Tire
4%
Celluloid Co com .
100
Preferred
100
<'entral Teresa Sug corn If)
( 'haimers Motors ctfs
Chic A IG Ills, new corn 100
t.
New preferred
100 ...........

87c
1
75c
1
3%
3%
IS
18
10
11
38
38
40c
50c
89% 89%
50c
50c
11% 11%
11%
n%
97(5 J 1-16
4
>1
102
102
103
103
1
1
7oc
75c

v.iH

29

m

j

29%

1,700
7,300
200
100
250
100

440
■ 40
100
7,700
2,800
3,000
1,500
20
20
100
100
400
200

%
75c
2%
14%
10
38
40a
85
50c
11
11%
75c
2%
J08
98%
1
75c
12%
28%

High.

2
Apr
Mar
5% Feb
Aug
Jan
10
Aug
Jan
23
July
16% May
Aug
Jan
June 68
2% Apr
Aug
96 % July
Jan
4% Jan
Aug
14
Aug
Jan
Mar
13% Feb
5% Feb
July
July
6
July
Apr 105 May
June 103 1 May
2
July
Aug
2
Jan
Aug
June
14% May
June 32 % Mar

952
S cock • (( '(included) tar
>

Friday
Suita
Lust Week's Rangel for
Sake.
o/ trl
Week
/Vice Low.
High Shares

Range sin :e Jan. X.
Low.

High.

July 255
Feb
CUiub Service c o m ,.__ 100 114% 113
115
573 101
Preferred.... .............. 100
44 H
44
Feb
45
275 35 June 71
Citlee Serv Bankers' sh-(t) ........
1,300
31X Apr
11 X July
1254 1254
Jan
23% 24 X
500 23 X Aug 50
Cleveland Automobile.. ( t)
23 X
60c
64c
1,800
Colombian Emerald Syud
64c
60c Aug
4 H Jan
70
Apr 70
Aug
65
4.124
16
61
72
Feb 79 X Aug
6.749 44
Preferred.................. 100 79
79 X
JU
lit* 19 X Jan
Conley i In Foil (no pun --200
11
12 % 1254
Jan
5%
800
8
5%
4 H June
Continental M otors___10
*
)
500
July
1X
Curtiss Aeropl & M ___ (t)
i % Aug
lVi\
due
37c
Denver & Rio Or HR com.
60c
1.000
37c Aug 60 o Aug
85c
80c
80c Aug
Preferred______
i X Aug
1 X 1U.300
500
13
Jan 29 X July
Durunt M otors.. . . (no pur)
2 iX 26
20
20
Aug
25 541 3,165
Empire Fooa Products, (f)
IX Apr 33
8
Jan
7% 11 X \ 4,400
7 H Aug 21
Farrell (W lu)&Hon,coni. (t)
31X 33 X | 8,488 30 H Aug 60
Glen AIdea Coal.. (no par) 33%
May
3 >8
6
Jan
3 % 354| 2,500
3X Gold wyu Pictures (no par).
900
June 26 X Jan
4
Goodyear T J U, com. 100 10
fc
954 11
Jo
28
250 21
June 54
Jan
Preferred.... . . ......... 100 . . . . . .
550
2y
/8
Grant Motor Car____ __ 10 ..........
IX
224 July
IX Aug
120
11
June
ax
Griffith (D V ) Inc____ (t) — Z ."\
V
754
0% Auu
~
2
6,000
1X
IX Mar
3 X Feb
Hey den C-liem
(no par)
IH\ 12 H
13 H
13 54 2,100
13 X Aug
Holbrook (H Fj Inc (no par)
11X Aug
1,100
6
Aug
654
6
Intercofoiuentai Kubb. loo
14 X Feb
65c
65c
300 50
July
2 l2 Jnne
i tk - rorp 1 Bo d
m io ..........
8
300
854
13
Jan
Libby McNeil it Libby 10
7X June
7c
1,000
7c
5-16 Mar
6 c July
Llg-Mar Coal Mining.
i
16
200
15
Aug 20
Mar
Lincoln Motor class A 50 .......... 1 16
51c
52c
300
4
x June
Jan
Locomobile Co com (no par)
18
18
35
Aug
17
18
Aug
Metrop 5 to 50c Stores com
100
l l X 1154
Miss River Power com 100
11X Aug
11X Aug
3%
3X
354 2,800
6
Jan
Morris (Philip) Co.. Ltd.10
2X June
300 40
46 X 48
June 48
Aug
Motor Products.. (no par)
14 X 1454
100
13
Feb
Nat Fireproofing pref.. 50
io x Mar
700
7
7
OH
024 July
Jan
10
National Leather com
io
75c
700 75c Aug
New Mexico & Ariz Land l
iH
IX Aug
3%
4
1,200
Apr
3%
2
Nor Amor Pulp & Paper (t)
5Vs Jan
600
6%
654
12
Apr
6 X Aug
Packard Motor Car com. 10 —
42c
42c
52c 2,300 29c July 65c Aug
Parsons Auto Assn..
28
29
150 19
Jan 30 X Aug
Peerless Truck & Motor 50 —
84c
80c
8,925
88 c
Perfection Tire & Rubb.10
.
2 % Feb
% Apr
9
500
9
&x
Mar
8 X July
Pyrene Mfg .
.10
11
1%
1V
s
154 3,860
Radio Corp of Amor
(f)
IX Aug
2 ys Mar
1,500
1 54
m
1 % Aug
154
Preferred
5
2X Jan
20c
25c
600
Republic Rubber.. (no par)
14c Aue
124 Jan
33% 33 5^
200
Jan
31
Jan 39
Reynolds (R J) Tob B 25 33 %
2
2
20
Saguenay P & p
IX July
324 May
_____
2X
6
2X
2 1 July
4
Preferred
424 May
35
35
100
29
June 35
Aug
Shultz Retail Stores com(t)
V/i
2,500
IX
254
1
July
Apr
Southern Coal & Iron.
5
10
34
34
50 34
Aug
Feb
Standard Gas & El, pref 50
36
3%
1,500
354
Standard Motor Constr. 10
3X Aug
924 Jan
6,200
2H
2X
254
3 % M av
2
Jan
Sweets Go of America
10
95
95
100
Jim
90
July 106
Swift & Co
ino
22 X 2254
100
Swift International
1n
28 V M ay
22 X Aug
1
1
200
75c" July
Tenn tty L & P co m .. _100
124 Apr
5
500
4%
4X
4
Aug
Jan
Tobacco Prod E x p . __ (t)
9
58 >3 62
58
150 58 X Aug
Todd Shipyards Corp (t)
Feb
72
1 3-16 1 5-16 11,100
IX
United Profit Sharing. _25c
1 % Mar
1J4 Jan
5%
5%
4,500
6
Aug
Un Retail Stores Candy, (t)
5
Jan
9
22 X 2254
1,000
U S Distributing co m .. .50 22%
Jan
21X Apr
35
O i l 5-16 2,000
Aug
1
U S Light & Heat com. 10 1 5-16
i n Mar
900
154
Preferred .......... ......... 10
lH July
H Jan
18c
1 /C
19c 36,920
U S Ship Corp
.10
X May
124 Jan
28c
27c
30c* 30.700
Jan
U S Steamship. ............ 10
X June
m
50c
1%
154 24,980
2V. Jail
50c Aug
Wayne Coal
5
75c
75c
1,700
80c
55c Aug l 13-1 ft Mav
West End Chemical
l
550
11X 12 54
11 %
Willys Corp 1st pref. _ 100
l i x Aug 25 X Jan
Rights
Reading Company
Former Standard Oil
Subsidiaries
Anglo-Amer Oil________£1
Buckeye Pipe Line____ 50
Eureka Pipe Line
100
Galena-Signal OH epm 10O
Illinois Pipe Line. _
100
Indiana Pipe Line_____ 50
Ohio Oil____
25
Prairie Oil & Gas_____ 100
Southern Pipe Line
100
Southwest Pa Pipe L..100
Standard Oil (Ind)____ 25
Standard Oil of N Y ...1 0 0

[V ol. 113

TH E CHRONICLE

15%

15

67%

16

15
81
77
33
151
74
225
425
58
75
6454
315

1554
84
77
34
152
74
24 4 X
425
58
77
69
316

600

1,500
20
10

360
30
20

378
10

15
20

9,000
30

13X Mar

14 v
71
77
31
140
69
225
395
75
58
6024
296

Other Oil Stocks
Allen Oil_______
______
a 9nn 20 c
20c
30c
Allied Oil____________ l
3c
4f!
5c
11 200
5c
New.... ... ........... . __10 30c
4c
30c
35c
5,650
Amalgamated Royalties__
5c
5c
6c
6,000
l ftp
American Fuel Oil________
a ann 14c
14c
Anglo Texas Oil__
78c
80c
500 72c
Arkansas Nat Gas. com 10
77
A
£ X 11 nfin
4
654
ox
11
11
11
Atlantic Lobos Oil com (t)
11
Atlantic Petrol (o ld ).-- -5
2%
300
2Vs 254
Boone Oil____
5
15c
17c
18c
18c
13,100
Boston-Mexican Petrol__ 1
10 c
20 c
20 c
300 10c
79.0 9H 700 44C
Boston- W \oiiiing Oil
1
Carib Syndicate___ _____
3%
4
3%
3%
7,520
_
Cosden & Co old pref_ 5
354 SV
3X
100
Creole Syndicate. .
2
2M
IX
soo
Cushing Petrol Corp____ 5
10 c
12 c
14c
8,100
Denny Oil. ___________ 1
8c
10 c
10 c
500
_
Dominion Oil . _ _ 10
7
7%
7V
±
10C
5 ,1 A
,
Elk Basin Petrol
5
6
2 ^00
5%
Empire Ky Oil . _______
25c 27c
26c
2 500 25c
Engineers Petrol Co___ _ 1
35c
40 c 42c
2,000
Ertel Oil. ____________ 5
13c
20 c
20 c
100
Federal Oil
__ _
_ 5 1 3-16
6,909
1%
i%
m
Fensland Oil_____ (no par)
6
6
6
50
Gilliland Oil. com_____ (t)
1
1,200
1 % V 154
1%
Glenrock Oil___ '
___10
55c
75c
92c
79c
27,300
9.5A 9 .1 A
Grenada Oil Corp Cl A 10
224
Guffey-Gillespie Oil___(t) See Ti dal Osage Oi l Co bel ow
Hart Oil Corp class A ____
2%
200
IX
2X
6c
3c
Harvey Crude Oil_______1
4c
12 ,cor
Hudson Oil.
1 10c
10c
15c 29,750
10 c
Imperial Oil (Del).......... 25
710
6%
754
654
6X
Internat Petrol__ (no par)
9y 8
9% 1054 31,330
954
Kansas & Gulf C o ... .
375
6%
6X
654
Keyst Ranger Dev ( ’o ___ 1
40c" 4Cc
1,000
V
s
Lance Creek Royalties__ 1
6c
2c
3c
2,000
Livingston Oil C orp..
I
30c
30c
20 c
100
100
Livingston Petroleum ..(t)
IX
154
IX
Lyons Petroleum_________
85c 95c
10.650 80c
85c
Magna Oil & Refining___ 1
4,400
1
X
1
IX
6,940
10 x
Maracaibo Oil Expl___ (t)
18
17X 19 H
2
2
Margay Oil Corp (no par)
2
400
l
Marland Oil of Mexico___
700
1 54
154
Marland Refining.......... 5
300
154
IX
1%
IX
Meridian iJ
**uoi___
13c
lie
12 c
12c
5,70<
7
Merritt Oil Corp_______10
2,100
7
7X
IX
15%
30C
Mexican Eagle Oil_______5
18
1854
75c
1
20 (
1
Mexican Panuco O i l __ 10
X
68 c
31,501
Mexico Oil Corn.
_ .10
60c
55c
2
2
10C
Midwest Oil com.... ......... 1
2
1 . 10C1
Mountain P rod...
>
7%
7%
7U
754

June
June
Aug
July
June
June
Aug
June
Aug
Aug
June
June

20

Feb

22

May
July
July
Jan
May
Mar
Apr
May
Mar
July
May
Apr

89
85
51
183
86

320
515
103
60
77
385

Aug
124 Feb
July
20 c
Jan
July 1 7-16 June
June
8 c July
Aug 37 c July
July
82c Aug
Aug
1824 Apr
Aug 25J4 Apr
Aug
June
3
July
224 Jan
Jan
Aug
l
July
124 Mar
July
1024 Jan
Aug
424 July
Apr
Aug
June
X Jan
July
124 Jan
June
jan
10
Apr
Julv
10
July 28 c A112
July 1 11-16 Apr
June 24c July
June
224 Jan
Aug
Jan
15
Aug 24
Jan
July
224 Jan
Aug
924 May
July
2 X Aug
July
10 c Mar
Aug 11-16 May.
Feb
14
Aug
Aug
1724 Jan
Aug
1124 Mar
Apr 1 3-1C Apr
Aug 1 1-16 Apr
July
45c May
Aug
324 Jan
June
134 July
Aug
324 May
Jan 32 X Mar
Aug
424 Apr
June
1 H June
July
3X Jan
J l.N 16e July
U
June
1324 Feb
Aug 29 24 May
Aug
624 Jan
June
Feb
2
July
2X June
Aug
12 X Apr

Friday
Sales
Last Week * Range Jot
Ocher Oil Stocks
Of trices.
Sale.
Week.
(Concluded)
Par. trice. Low. High. Shares.
National Oil of N J pref. 10
Preferred . _____ _10
Noble Oil A G as.________ 1
Preferred
Noco Petroleum, pref.
North American OH___ 5
Northwest Oil____
Ohio Ranger___________ 1
Omar Oil & Gas_____
10
Pennock O tl.________ io
Producers A Refiners__ 10
Red Rock Oil A Gas. _ Rickard Tex C o .__
5
Ryan Consol _________
Salt Creek Producers new
Sapulpa Refining____ ___f>
Seaboard Oil A Gas......... 5
Sequoyah OH A Refining. 1
Simms Petroleum, (no pan
Skelly OU
ir
Spencer Petroleum Corp. 10
Texas Chief Oil____
Lex-Ken Oil Corp____ .5
Texon Oil A Laud______ 1
Tidal Osage Oil— (no par)
Victoria Oil____
--i
\ Idle Eagle Oil A It (no par)
\
Wilcox Oil A Gas_____
Woodburn Oil C orp.__ (t)
" Y " Oil A Gas.............. _ .l
Mining Stocks
Alaska-Brit Col Metals__ 1
Amer Tin A Tungsten__ 1
1lanta MUuffl
.. i
Belcher Divide M __ _10o
Big Ledge Copper Co___ 5
Blackhawk Cons_________
Booth . .
___________ 1
Boston A Ely...... ...............
Boston A Montana D e v ..5
Caledonia Mining______ 1
Calumet A Jerome Cop__ 1
Canada Copper C o__ .5
Candalarla Silver________l
Cash Boy Consol________1
Consol Copper Mines___ 1
Consol Va of Nov new. . . .
Copper Canyon..
Corp Mines of Amer_____
Cortez Silver____
___ l
Cresson Con Gold M A M . 1
Crown Reserve
_l
Crystal Coppor
Divide Extension _
.1
Dolores Esperanza_____ 5
El Salvador Silver Mines. 1
Emma S ilv er__________ 1
Eureka Croesus................ 1
Eureka Holly__ __
__ 1
Goldfield Consol Minos. 10
Goldfield Development- 10c
Goldfield Florence______ 1
Gold Zone Divide______ 1
Harmill Divide_______10c
Hecla Mining.. __ _ _25c
Hollinger Cons Gold Mines
Howe Sound Co_________ 1
Hull Copper___________ _
Iron Blossom..
__ 10c
Kerr Lake___ _________ 5
Knox Divide___ ______ 10c
La Rose Consol Mine__ 5
Lone Star______________ l
MacNamara Crescent___ 1
MacNamara Mining____ 1
Magma Chief_____
Magma Copper __ _____5
____ 1
Marsh Mining _
Mason Valley Mines........ 5
McIntyre Porcupine--------McKInlev-Darragb-Sav _ _1
Motherlode Col__________
National Tin Corp___ 50c
Nevada Ophlr. ________l
New Cornelia____________
New Dominion Copper___
Nipissing Mines. ____ .5
Ophir Silver Mines new__l
Porcupine Vipond
Portland C M of Del..........
Ray Hercules___ _____ 5
_
Rex Consolidated Min_ 1
Rochester Mines_________
Rochester Silver Corp____
Silver Hills. __
. .1
Silver King Consol
Silver Mines of America..1
Silver Pick Consol_____ 1
South Amer Gold & P ..1 0
Spearhead G Mine
Standard Silver-Lead___ 1
Stewart Mining. _
.1
Teck-Hughes____________
Tonopah Belmont Dev__ 1
Tonopah Divide. _____ .1
Tonopah Extension
_ .1
Tonopah Hasbrouck _
Tonopah Mining________1
United Eastern Mining. .1
United Verde Extension 50c
U S Continental Mines new
Unitv Gold M in e s .__ .5
West Dome Consol M, Ltd
West End Consol’d _____ 5
West End Opeclca__
Western Utah Copper___ 1
White Caps Mining----- 10c
Yukon Gold Co ............ .5
Bonds—
Allied Pack conv deb 6 s ’39
Certificates of deposit. _
Aluminum Mfrs 7 s._ 1925
Amer Tel & Tel 6 s___ 1922
6 s________________ 1924
American Tobacco 7s_1923
Anaconda Con Min 7s.'29
6 % notes Series A _ _ 1929
Anglo-Amer OH 7 %s_ .1925
ArmourACo 7% notes. ‘ 30
Beth Steel 7% notes. .1922
7% notes__________1923
Equipment 7s_____ 1935
Canadian Nat Rys 7s__1936
Canadian Pac Ry 6s__l924
Chic & East ill UR 5s 1951
Chic Union St at 6 243-1963
Cons Gas of N V Ss__ 1921
Cons Textile deb 7s, 1923

l .
500
4
100
21 c
36,260
58c
3.100
200
•.
300
1V
s
20 c
5,500
9c
3,500
1 1 9 id 10.450
3%
3,850
3,400
3 24 3 X
15c
25c
2,550
25c 25c
1,000
860
4%
VA
2,700
9 24 1024
3
3,400
324
88 c
88 c
200
7c
11c
5,700
9,900
524
6 24
6.600
3X
3X
100
1X
124
600
6 2a
724
55c
55c
20C
50c
60c I03,90f.
10)4 12%
1,000
44c
48c
1.600
100
1524 15K
1,600
I2
4
1H
75c 89c
2,200
28c
29c
9.500
1

19c
$■
•
14
I
3 24
324

9
3
5%
3%
624
55c
58c
1224
i i

29o
2o
22 o
6c

C7c
9c
23c
91c
40c
20 c
81c
1 7-16

..........
15c
32c
124
37c
10c
19c
2

324
lie
......
7c
15c

14c
56c
25c
4%
______

124
17c
8c

85c
-----12c

1 5-16
69c
IX
124
224

4
18o
50c
3X
m
16c
8c

29c
32c
8c
8c
lc
lc
2c
2c
21 c
28c
6c
6c
2c
2c
4 c 42c
65c 69c
8c
9c
15o
15c
25o 27c
22 c
28c
4c
6c
89c
1
34c 40c
85o
1
20 c
22 c
77c 81c
1 7-16
1X
9c
9c
39c 40c
28c 31c
2
1%
11c
18c
lc
lc
27o 35c
IX 13-16
6c
6o
lc
3c
34c
39c
10c
11c
14c 20 c
3 15-16 4
62s
624
2
224
35c 35c
18c
18c
324 3%
9c
12c
14c
14c
3c
4c
7c
8c
15c
17c
6c
7c
17
18
3o
3c
124
IX
1%
124
12c" 14c
4
3H
53c
57c
20 c
27C
1224 1224
134
124
424
4X
13c
13c
4c
4c
1
134
17c 21 o
6c
8c
3c
5c
16o
16c
11 c
13c
70 c
75c
85c
1
9c
11c
424
3>4
3c
3c
10c
12c
5C
3c
6c
6c
124 1 5-16
69c
78c
1 7-16 1 9-16
4c
4c
124
1^
2 3-16 2 5-16

21

21

49c

41c 470
4Vs
5
9c
10c
78c 82c
4c
4c
19c 20 c
4c
4c
94c
85c

—
—

21 c

94c

42

104 %
100 x

2,000

15,000
1.000

38.300
1,000
1,000

700
103,600
8,750
2,500
1,700
12,700
8,000

7.140
725
700
300
16,000
11,300
2,000

3,000
18,600
1,150
54.200
1,000

138,600
4,30
1,760
18,000
34,100
18,800
273,200
1,300
800
900
1.000
11,000

2,500
34,653
350
5,500
13,600
8,000

1.900
500
1,300
200
1,100

7,300
1,400
12,800
11,700
100

1,800
1,800
500
1,000

1,450
6,000

41.100
5,500
2,300
2,500
300
5,800
4.500
3.300
4,000
1.500
6.100

1.500
1.100

17,400
1,500
1.000

5,000
12,945
220

1,700
800
2,000

2.550
1,000

2,900
5,000
700

$
40
45 880,000
39 V 13 X 18,000
o
s
97^ 97 V 12.000
123.000
9S X 99
us 5
.
9S H 86.000

98 H
98 24
10124 1 007s
9324
93 2s
8824
SS24
1002 s DO U
98 X
99 H
9924
98 V
s
9824
95
942*
103
101 n
97 i

22

20.300

101 ‘

s

98%
89%

8,000

44.000
20.000

32,000
98 < 34.000
!
DO V 55,000
s
982s 17.009
95
47.000
103 V
* 5.000
9 7 ; i 97% 12.000
86,000
58 X e o
104 104% 44.000
IOC l 4 100 % 35.000
1012* 102
17,000
100

‘ k

Ramge since Jan. 1 .
Low.
1

2X
15c
45c
3%
1X
13u~
7c
1

3X
2%
15c
A
l
4X
9X
2V
s
88 c
7c
5V
s
3
1

ox
55c
40c
5H
V
s
15%
1%
70c
X

High.

Aug
5
Aug
JuB
5
Aug
July 13-16 Jan
58 e Allg
July
An*/
4 i s May
Aug
3% Jan
July 250 July
July
X Apr
Aug
2 n Jun
Aug
6 X Jan
July
5% Jan
Aug
IX Feb
Jan
Jan
June
14 X Jan
14% M ay
Feb
June
5X Jan
A lie
2 % Mar
Aug 30c July
June
12 X May
June
9% Fob
June
9X Jail
Aug
10
Aug
Aug
i x Fob
Mar
Aug
1
Fob
June 30
Jan
Jan
1
M
17 C an
Aug
Feb
5
June
Aug
8 Jan
2
Feb
X Apr

X Jan
3c July
7-16c A nr
lc July
13c July
Aug
6c
Apr
2c
40c A up
Jan
37c
8 c June
12c ' July
16c Julv
12c
Jan
Jan
3Xc
89c Aug
21 c July
85c Aug
Aug
20 c
Jan
Gc
2
15-16 Mar
7c Aug
35c Aur
18c Jnne
lVs Aug
8 c June
Apr
lc
24c June
80c Aug
Apr
5c
HeJune
20 c June
9c July
7c May
3H Jan
5X July
i n May
30c June
12c June
Julv
2
Jan
7H c
V Apr
S
2 c June
4c June
13c Mar
3c July
Mar
17
3c July
June
1
I X June
l ie July
3X June
7-16 Ma>
16c June
12% Aug
IX Aug
July
4
lie Aug
4c Aur*
May
1
15c July
Jan
4c
3c Aur
16o Aug
11c Aur
25c Jul
Feb
36c
3c Apr
3H Feb
3c Aug
10 c
Aug
3c June
Aur‘
6c
9Sc July
62<? July
1 1-16 May
lc July
IX Apr
June
2
22 c Aug
% June
4 V July
a
9c Aug
65o Aug
4c July
15c A ir
3 X cM ay
X Apr

X June
7-32 May
2c
Jan
6 %e Jan
7-16 Jan
10c July
Feb
7c
50c July
77c July
17c
Jan
7-16 June
35o Aug
55c May
Jan
9c
2X Jan
40c Aug
Mar
2
76c July
81c Aug
Apr
2
10c July
40c Aug
65c Mar
2X May
9-16 Jan
Jan
4c
Mar
2
Jan
2
Feb
11c
3c Mar
46c Feb
Feb
26c
34c Feb
4X Feb
6H Aug
3X Feb
38c Aug
x Feb
3 H Aug
24c Mar
X Feb
8c Feb
Feb
20 c
31c May
7e Aug
25% Feb
11 c May
I X May
i n July
Jan
30c
Aug
4
1 9-16 May
34c July
14% July
lVs July
8 % Jan
May
25
11c July
1% June
H Feb
14c Apr
5c June
18c June
Apr
56c
75o Aug
I X July
16o July
6% Jan
3c Aug
3-16 Jan
10c July
6c
Aug
1H Jan
1 7-16 Apr
i n July
4c Aug
1 11-16 Mar
Mar
3
24
July
11-16 Apr
7% Jan
Aug
100
1 3-16 May
4c July
40c Mar
Jan
10c
IX May

May
Aug
Mar
Jan
Jan
Mar
Jan
Jan
June
June
Feb
June
June
July
June
Aug
100 h June
98 X Jau
92
Mar

Jan
60
45
Aug
98% Vug
99% July
Vug
IS ■
101 % Vug
94 % July
89 % Jan
101 % Jan
98 % Aug
100 % vug
995s Vug
1
96 % Mar
108 % Vug
9S % July
M ar
70
105
July
Juno
101
102
July

38
39 X
96
94 X
92%
99 %
91
S3
97 %
98 v$
99
95
92
99%
04
58 %

A ug.

27 L921

THE CHRONICLE
Sales
Friday
Last Week’s Ranoe for
Week.
of Prices.
Sale.
IIluhPrice. Low.

B o n d s ( Concluded) —

C opp er E xp A h ’ OD H 1922 101
s
h
.8% notes
Feb 15 10 28 1015 m
H% notes
F ob. ir> 1024 101
8 % n otes..-F eb . 15 1926 10 1“ h
( Juduh.v Hacking 7 m_ 1923
.
99
_
Deere A C o 7 % s . _ 1931
Galena Signal Oil 7 s . . 1930
G oodrich (B F) C o7s .1925
9 0 '.
Grand Trunk R y
1930
98
Gulf OH C orp 7h______ 1933
97%
Heinz (11 J) C o 7h. ..1 9 3 0
H um ble Oil A R ef 7 s . .1 92 3
97 %
Interboro R T 7s_____ 1921
70 %
K enneoott C opper 7s .1930
1 jaclede ( las Light. 7 s___
L ibby M cN eil A L ibby 7s ’31
95
M orris A C o 7 % s_ . .
1930
N at Cloak A Suit. 8 s. .1930
N ational Leather 8 s .. 1925
N Y N 11 A H artf 4 s _. 1922
52 %
Ohio Cities Gas 7 s ___ 1922
Otis Stool 8 s__________ 1941
98 1
\
R eyn old s (R J) T o b 6s 1922
Sears, R oebuck A C o 7s *21
7 % ser notes. - .O c t 15*22
98%
7 % ser notes. - .O c t 15’23
97
Solvay et Cie 8s - ____ 1927
100
97 U
South R y 6 % n otes. ..1 9 2 2
Southw Bell T elep 7s 1926
Stand Oil of N Y d e b 6 % s ’ 33 101
7% ser gold deb 7s . 19 *5 1 0 2 %
7 % ser gold d e b ____ 1926
7 % ser gold d e b ____ 1927
7 % ser gold d eb ____ 1928
7% ser gold d eb ____ 1929
7 % ser gold d eb ____ 1930
u)5 %
7 % ser gold d eb____ 1931
92%
Sun C o 7s_____________1931
97%
Sw ift A C o 7s_________ 1926
7s................ -A u g 15 1931
97%
99%
T e x a s C o 7 % eq u ’ n ts. 1923
United Drug 8 s . ......... 1941
100
United o n Producers 8s 3!
100
U nited R y s of H av 7 % s ’ 36
93%
Vacuum Oil 7 s . _____ 1936
W estern Elec con v 7 s. 1925 1 0 0 %
W inch R ep ea t A rm s 7 % s ’41
92
F o r e ig n G o v e r n m e n t
a n d M u n ic ip a lit ie s .
§ Berlin 4 s __________
___
__________
§ F rankfort 4s
French prem ium 5s_______
V ictory 5s__________ __
4s _________ ___________
{H a m b u rg 4 14 a___________
Philippine G o v t 5 % s . . 1941
Russian G o v t 6 % s ------ 1919
5 % s ________________ 1926
Switzerland G o v t 5 % 8.1929
Vienna 5 s_____ ___________

10 %

(m e j 100%
100 % 1015 m
1 0 0 % 1011H
101 % 101%
90 %
99
93 % 93 '
94%
94
90 % 90 %
97% 98
97% 97%
99 H t o o %
97 % 97 %
77%
70
92% 93
91
91
94% 95 %
9 9 % 99%
93
93 %

95%
50
93

95%
55
93

98% 98%
L O 100
O
100

100

98%
97%
99%
97%
90%
100%
102 %
w z'A
102%
102%
108%
108%
104%
92%
97%
97%
99%
100
100

98%
97%
100

97%
97%
101
102%
102%
102%
102%

108%
108%
105%
92%
97%
97%
100
100%
101

98% 94
100 % 101
10 0 % 10 0 %

92

92

10
11

%

10%
11%

70
61%
50
50
1 1 % 11%
97% 99
15
15%

70
61%

6
88%

1.65

01%

5
6
88
89
1.65 1.65

Range since Jan. 1 .
Low.

25,000
14,000
25,000
1 10.000
0,000
2,000
20,000
37,000
34,000
04,000
14,000
53,000
109.000
20.000
1,0 0 0

02,000
4,000
3,000
0.OOC
84,000
10,000
18.000
1.000
14,000
05,000
38,000
8,000
74,000
53,000
48.000
22.000
23,000
0,000
8,000
3,000
6,000
9.000
5,000
105,000
138,000
61.000
52,000
2,000
5.0C0
17,000
22,000
3,000

99% J line
9 8 1i M ar
1
98% M ar
98 % M ar
98
June
June
90
91% July
83
Jan
92% June
M ar
94
94 % Jan
94'% Juno
07
Jan
87% Jan
84 % Jan
91% June
Jau
96
91
Feb
93% Aug
47
Apr
92% Juno
98% Aug
97% M a r
97% Jan
94% M ar
94% M ar
97
June
94% M iiy
92
Jan
97
Juno
100% Jan
100
Jan
100% Jan
100 % Jan
100 % Jan
100 % Aug
101%
Feb
89% June
93% J une
97% Aug
98% Jan
100
June
Aug
100
91
June
99% June
97%
J in
89% June

g104000

10
11%
52
49%
42
11%

A ug
Aug
Jan
Jan
Jail
Aug
97% AUg
1 2 % M ar
4
A ug
79% Jan
1% A ug

10,000
5,000
1.000
14,000
(720,000
51,000
17,000
15,C0C
121,000
(7166000

101 % Aug
101 % Aug

93%
98
98 %
100%
98
83

94%
94
95%
99%
97
90 %
70

95%
98 %
100

100%
99
98
102%

97%
98 %
101
102%
102%
103
103
103 %
101%
105 %
95%
98
97%
100
100%
107%
101%
101%
100%
97%

Aug
July
June
M ar
Jan
M ay
Aug
Fob
Aug
July
June
Jan
Jan
M ay
Aug
M ay
Jan
Jan
Jan
Aug
Aug
July
Aug
M ay
Jan
Aug
A ug
Aug
A ug
A ug
July
July
A ug
Aug
Aug
A pr
Jan
Aug
A ug
June
Aug
July
July
July
M ay

16% Jan
18% Jan
Aue
70
6 1 % A ug
F eb
50
17% Jan
9 8 % A ug
A ug
21
A ug
8
89
A ug
2% M ay

* O dd lots, t N o par value. I Listed on the S tock E xchange this week, where
additional transactions will be foun d ,
o N ew s to ck ,
w W hen Issued, x E x -d iv i
dend. y E x-rlghts. z E x-stock d ivid end . ♦ D ollars per 1,000 lire, fla t. § D ollars
per 1,000 m arks, g M ark s, ft C orrection .

CURRENT

NOTICES

— J o h n s o n , B ro w n & C o ., In c o rp o ra te d , o f R o a n o k e , V a ., h a v e c o m 
m e n c e d b u s in e s s a s d e a le rs in h ig h -g r a d e in v e s t m e n t s e c u r itie s .
T h e y w ill
b e c o r r e s p o n d e n t s o f C a s s a tt & C o . o f P h ila d e lp h ia , m e m b e r s o f th e N e w
Y o r k S to ck E x ch a n g e .
E . R . J o h n s o n is P r e s id e n t a n d A le x a n d e r B r o w n ,
S e c r e t a r y a n d T r e a s u r e r o f th e n e w f ir m .
— J o h n B . C u n n in g h a m , f o r m e r ly a s s o c ia t e d w ith N e w b u r g e r , H e n d e r 
so n & L o e b , P h ila d e lp h ia , a n d G r a n g e r & C o . , N e w Y o r k , is n o w tr a n s a c t
in g a n a c t i v e b r o k e r a g e b u s in e s s in lis t e d a n d u n lis t e d r a ilr o a d , p u b lic u t il
i t y a n d in d u s tr ia l b o n d s , w ith o f f i c e s a t 115 B r o a d w a y , N e w Y o r k .
— W . C . L a n g le y & C o . h a v e is s u e d a b o o k l e t d e s c r ib in g e l e c t r ic lig h t
a n d p o w e r s e c u r itie s .
T h e g r o s s a n d n e t e a r n in g s o f 1 0 0 r e p r e s e n ta tiv e
c o m p a n ie s o v e r a p e r io d o f s ix y e a r s .

New York City Barms and Trust Companies.
A ll p rice s d o lla r s p e r s h a r e .
B an ks— N Y
A m erica * ____
Am er Exch_ _
A tla n tic______
B attery P a rk .
B o w e r y * .. __
Broad way Cen
Bronx Bur *_
B ronx N a t___
B ryant Park*
Butch A D rov
c
C ent M erca n .
C h ase________
C hat A Phen
c
Chelsea Exch*
C h em ical____
Coal A Iron__
c
C o lon ia l* ____
C o lu m b ia * ___
C om m erce___
C om m on w ealth*____
C on tin en ta l. .
C orn E x c h * ..
C osm op ’ta n * .
East RJ v er. . .
Fifth A venue*
F ifth _________
F irst_________
G a r f i e l d ____
G o th a m _____
G reenw ich* _ _
H a n over..........
Harrlrnan____
Im p A T rad _ _
c
Ind us! ria l* _
_

Bid
170
228
215
140
425
120
105
150
145
130
J75
290
230
75
448
215
350
150
214
215
120
310
85
170
900
150
840
215
195
240
780
350
490
140

Ask

B anks
! Bid
176 Irving N a t oil
235.
175
N Y ______
_ _ _ _ M a nhattan *_ 188
150 M ech A M e t .! 285
c
450 M u tu a l* .
510
N a t Am erican 140
125 N a t C it y ____ 1 308
160 N ew N e th * ' 140
165 N ew Y ork Co| 130
140 N ew Y o r k ___400
190 P a c ific * ______ 1 300
300 P a r k _________ 355
237 P u b lic.............. 233
100 S ea b oa rd _____235
458 S e c o n d _______ _ 460
225 S ta te*________ 220
——
T radesm en ’s *1 200
165 23d W a rd *___ 190
218 U nion Exch__ 167
U nited States*; 165
225 Wash H ’t s * . J 326
130 Y o r k v llle * ___ 420
320
100
Brooklyn
____ C oney Island* 145
925 F irst_________ 2J5
165 G reenpoint___ 175
850 H o m e s te a d * ..! 80
225 M ech an ics’ * . .
85
200 M o n ta u k * ___ 125
255 N a ssa u ______ 220
795 N orth S id e * -. 195
360 P eople’s ______ 150
500
160

Ask 1 T r u s t C o . ’8
New York
180
194
290
525
150
313
150
140
415
360
245
480
230
176
175
350

155
230
185
100
95
205
1.60

A m erica n ____
iBankers T rust
'Central Union
C o lu m b ia ____
C o m m e r c ia l..
{E m pire_______
E qu itab le Tr_
Farm L & Tr_
F id elity Inter
Fulton _
___
G uaranty T r
H u d s o n ______
Law T it A T r
c
Lincoln T ru st
M ercantile T r
M e tro p o lita n .
M u tu al (W est
Chester _ - _
N Y Life Ins
A T r u st___
c
N Y T r u s t. __
T itle Gu A T r
c
U 8 M tg A T r
c
U nited States

Bid
285
3*2
270

Ask
290

___
275
135
310
250
360
206
250
182

300"
245
345
198
235
175
150
l66
150
275
235

110
160
290
245

105

125

550
285
300
1265
850

565
292
310
270
875

B rooklyn T r . 425
Kings C ou n ty 650
M anufacturer 200
P eop le’s ______ 275

435
670
210
300

Brooklyn

* Banks marked with (*> are State banks, t New stock

z Ex-dividend. (/Ex-rights.

New York City Realty and Surety Companies.
All prices dollars per share.
Bid
AJllan R ’ l t y - .
Amer S u rety.
Bond A M G .
C ity Investing
Preferred
-—

Ask

Bid

67
63
200
60
70

77
05
2 )0
06
80

Lawyers Mtg'* 115
M tg e B o n d ..
75
N at S u r e t y .. 172
N Y T itle A
c
M o r tg a g e .. 112
_

.

..

Ask |
|

Bid

120 iR ealty A ssoc
8 4 I (B r o o k ly n ).
I
93
170 |'U S C asu alty. 145
l u S T ltl Guar
70
110 W est A Bronx
c
145
I T itle A M G
I

Quotations for Sundry Securities.
A ll bond p r ic e s are “ an<1 Intercut;" • xcept whcr« marked “ f .r*

High.

101 %
102#
too
98%
97

953

Ask
103
100

80
156

hPa r
S ta n d a r d O il S to rb u P flf hid
A sk.
H R , E q u ip m e n t *— Per Ct haiit 1
♦j I% 15*4 B altim ore A O hio 4 Hu
Anglo Am erican Oil new n
7.iO lf0 50
A Mantle R e fin in g ---------- 100 840 875
B uff float) A Pittsburgh 4 % «
0 75 0.30
100 100 108
P r e fe r re d __________
E qu ipm en t tn _____________
0 75 0.30
345 360
Horne HoryniHor O o -------- . 100
Equipment 0 i
0 75 0 30
83 Canadian P acific 4 %n A 6 a
B u ckeye Pipe Line C o -.- . 60 *31
7.00 0-36
OhcHobrougb M tg n ow _. 100 120 J40
7.75 7.00
C aro C llrjchflcld A O hio 6 b
98
.100 95
Proferred n ew ____
Central o f G eorgia 4 % h _____
7.60 0.76
Continental Oil . . . ------.100 100 109
100
0.00 0.26
C hesapeake A O hio 6 % a . ___
27
OroBoent Pipe Line C o — . 60 25
7.00 0,60
E qu ipm en t 6 s .....................
Cum berland Pipe L in o .. to o 115 120
8.00, 7.00
C h icago A A lton 4 % s , 6 b 75
78
Eureka Pipe Line C o ___ .1(H)
C hicago A Eastern ill 5 %n .
8.76 7.00
34 C h ic Ind A Lo u Ihv 4 % h_____
Galena Signal OH c o m . . 100 32
7 26 0 60
88
92
Preferred o ld __________.100
1(M
)
C hic Ht L ou is A N O 6 h_____
7.00 0.50
85
90
.100
Preferred new ____
C h icago A N W 4 % s ______
7 .(Hi 0.40
. 100 150 153
Illinois Pipe Line—
6.06 6.26
E qu ipm en t 6 % h
__
77
C h icago It I A Pac 4 % a, flfiIndiana Pipe Line C o ____ 60 *73
7.60 7.00
9% C olorad o A Southern 6 s ___
International P etrol.(n o par)
8.00 7.00
20
2.60 *25
N ational T ran sit C o . .
E rie 4 H e, 6 s A 6 s ________
7.76 7 10
. 100 142 147
New York Transit C o
7.36 0.76
H ock in g Valley 4 % h, O ____
n
88
0 .90 6.30
Northern Pipe Line C o . _ 100 84
.1 00
Illinois C entral 6 « ___________
. 26
0.90 0.30
Ohio OH C o ..... .......................26 *£222 225
E quipm ent 4 % s ...............
19
. 25 * 17
Penn M ex Fuel C o ---------- 25
E qu ipm en t 7 h A 0 % s _ __ 0.06 0.26
.100 420 430
Kanawha A M ichigan 4 % h._
7.30 6.05
Prairie Oil A G a e ...
.100
Prairie Pipe L in e------------- 100 180 185
Louisville A N ashville On____
7.00 0.40
.100
0,00 0.25
Solar R efin in g____________ 100 335 350
E quipm ent 6 % s _____ . . . .
80
. 100 77
0.70 0.26
M ichigan C entral 5s, 6 s _____
Southern Pipe Line
. 100
M inn St P A S S M 4 % a A 6 ft 7 26 0.00
South Penn O il....................KM) 165 175
58
.100 54
7.00 6.40
Southwest Pa Pipe L in es-100
E qu ipm en t 012 S A .7s..........
70 M issouri Kansas A Texafl 69
8.00 7.00
).
Standard OH (C alifornia). 26 *69
7.60 7.00
Standard OH (Indiana) . .. 25 *60% 6714 M issou ri P a cific 5 s__________
0.76 0.40
Standard Oil (K a n sa s). . _ 100 *520 540
Equipm ent 6 % s __________
7.50 0.76
Standard OH (K en tu ck y) 100 365 380
M o b ile A O hio 4 % s . 6 a..........
0.90 6.25
Standard OH (N ebraska) 100 145 155
N ew Y ork C en t 4 % b , 6 s ____
7 00 ; 6.30
Standard OH o f New Jer . 25k 130 134
E quipm ent 7 s ___________
_ l(K)k
7.75 7 00
P re fe r re d ______________ 100 106 % 1O034 N Y O ntario A W est
6.90 , 6.40
Standard OH o f N ew Y ’ k .l0 0 k 3 1 6 320
N orfolk A W estern 4 % 8 ____
370
Standard OH (O h io )...100 *360
6.76 6.35
N orthern P acific 7 s_________
0 70 6.26
P re fe r re d _______________ 100' 107 110
P acific F ruit Express 7 f ____
30
6.90 6.40
35
Swan A Finch____________ 100
Pennsylvania H R 4 % 8 ___ - __
90
6.90 6.40
Union T ank Car C o -------- 100
E qu ipm en t 4 s_____________
9~l" " 100
Pittsburgh A Lake E r le 6 % 0 _ 6 75 6.30
P r e fe r re d ______________ 100
7.00 6.40
Vacuum O il______________ 100 240 250
R eadin g C o 4 % s _____________
28
W ashington OH__________ 10 *23
St Louie Iron M t A Sou 6 a_ _ 7.75 7.00
7.75 7.00
O th e r O il S to c k s
St Louis A San Francisco 68 7.50 7.00
83
Im perial O il_______________ 25 *80
Seaboard Air Line 6 s ________
7.50 7.00
M agnolia P etroleum ------ 100 122 127
E quipm ent 4 H a __________
*7
6.90 6.40
714 Southern P a cific C o 4 M s____
M erritt OH C o r p ------------ 10
19
6.65 0.25
M exican Eagle O il---------5 *17
E quipm ent 7 s_____________
7.30 6.60
M idw est R e fin in g _________ 50 *125 130
Southern R ailw ay 4 >60 -------7.30 6.60
T o b a c c o S to c k s —
E quipm ent 5s_____________
70
75
7.50 6.66
Am erican C igar co m m o n . 100
T oled o A O hio Central 4 s___
78
83
6.50 0.20
P re fe r re d ...............
100
U nion P aclfio 7s------------------7.12 6.40
Am er M achine A Fdry__10Q 125 130
Virginian R y 0 s_____________
American T o b a c c o scrip ------ 102 104
P u b lic U tilitie s
Brltlsh-Am er T o b a o o r d _ .£ l *11% 11% A m er G as A E lec, c o m ___ 60 *100 102
B rlt-A m er T o b a c , b earer. .£ 1 *1114 11 %
38
P r e fe r re d ____ ___________60 *37
92
93%
C onley Foil (n ew )— n o par *Sl2%$1234 A m er Lt A T ra o, co m ____ 100
150 160
81
H elm e (G eo W ) C o , c o m . 100
P r e fe rre d ______________ 100 79
90
93
A m er P ow er A L t, 00 m . .1 00
54% 56
P re fe rre d ______________ 100
*8 %
9
65
67
Im perial T o b o f G B A Ir e . P r e fe r re d ______________ 100
10
15
Johnson T in F oil A M e t . 100 90 100
Am er P u blic U til, c o m ___ 100
80
88
17
19
M acA ndrew s A F o rb e s. .1 00
P r e fe r re d ______________ 10 0
78
82
3%
5
P re fe rre d ______________ 100
A m er W at W ks A E l_____ 100
37
40
46
48
M e n g 'l C o _______________ 100
1 st preferred___________ 10 0
55
60
7
9
P orto R ican-A m er T o b . .1 0 0
Participating p ref_____ 100
50
75
56
58
6 s, 1934...........................A&O
S c r ip ......................... ...............
76
26
29
Carolina Pow A L t, c o m . 100
R eyn old s (R J) T o b a c c o . 25 *70
*33
35
B com m on s to ck ______ 25
Cities Service C o . 00 m — 100 113 114%
98 100
P r e fe r re d ________
P re fe rre d ______________ 100
100 4334 44%
90
94
5
7
T o b a cco P rod C orp scr ip . _
C olorad o P ow er, c o m ___100
74
W eym an-B ruton C o , com 100 150 160
70
P r e fe rre d ______________ 100
90
93
9% 11
P re fe rre d ______________ 100
C o m ’ w ’ th P ow , R y A L t .1 0 0
70
85
26
28%
Y ou ng (J S) C o ................. 100
P r e fe rre d ______________ 100
88
93
82
81
P re fe rre d ______________ 100
E lec B ond A Share, p r e f-100
R u b b e r S t o c k s (Cleveond pr iC€») Federal L ight A T raction . 100
6
8
62
40
44
Firestone T ire A R u b , com 10| *55
P r e fe rre d ______ _______ 10 0
79
80
88
70
6 % preferred___________100
G reat W est P ow 6 s 1946. J A J
70
13
70% Mississippi R lv P o w , com 100
11
7 % preferred___________100
64
65
G en ’ I T ire A R u b , c o m ___100 150 185
P re fe rre d ______________ 10 0
75
80
77% 78
First M tg e 5s, 1961— -J A J
P re fe rre d ______________ 100
91% 93%
10% 105s
8 f g deb 7s 1 9 3 5 .. M A N
G oodyear T ire A R , c o m . 100
28
*3 ———
2 8 i2 N orthern O hio E le c , (n o par)
P re fe rre d ______________ 100
57
60
10 0 M
M iller R u b b e r......................100
P re fe rre d ______________ 100
70
73
37
42
P re fe rre d ________
N orth ’ n States P ow , com . 100
85
79% 81
M ohaw k R u b b e r________ 100 65
P re fe rre d ______________ 100
2
5
76
80
Portage R u bb er, c o m ____ 100
N orth Texas E lec C o .co m 100
70
72
4*2 7
P re fe rre d ______________ 100
P r e fe rre d ______________ 10 0
77% 79
40
P acific G as A E l, 1st p ref. 100
Swinebart T ire A R , co m .1 00
17
19
Puget 8 ound P ow A L t_ -1 0 0
S u g a r S to c k s
_
74
18
Caracas Sugar_____________ 5u *15
P r e fe rre d _____________ -100
57
C ent Aguirre Sugar c o m . .2 0 *54
97% 98%
Gen m 7 % s 1941 — M & N
4
6
1% R epu blic R y A L ig h t------ 100
Central Sugar C o r p . (no par)
10
8
11
P referred_______________ 100
Preferred_______________ 100
50
70
90
93
C upey Sugar co m m o n ___100
South C alif E dison, c o m . 100
65
70
97 102
P referred_______________ 100
P referred_______________ 100
52
55
*7%
9
F ajardo Sugar____________ 100
Standard Gas A E l ( D e l ) . -50
91
94
Federal Sugar R e f, corn . .1 0 0
P referred________________ 50 *33% 35
90
95
P referred_______________ 100
Tennessee R y , L A P ,co m 100
1%
19
4*2 5%
G odchaux Sug I n c .- ( n o par) *10
P referred_______________ 100
50
58
21
22
P referred............................100
United Lt A R y s , c o m . . .1 00
G reat W estern Sug, c o m . 100 120 125
58*2 60
1 st preferred___________ 10 0
96 100
24
25
Preferred_______________ 100
W estern Pow er C o rp ------ 100
12
8
H olly Sug C orp , com (no par)|
P referred ______________ 100j 6812 69^2
41
Preferred........ .............. ..1 0 0 , 36
S h o r t T e rm S e c u r it ie s — PeT Cent
75
50
Am C o t Oil 60 1 9 2 4 ..M A S 2
90% 91%
Juncos Central Sugar____ 100
98% 99
97 100
Am er T el A T el 6 s 1 9 2 4 .F A A
N ational Sugar R efin in g. 100
10
25
98% 98%
6 % ootes 1922---------- A A O
Santa Cecilia Sug C orp , pflOO
20
Savannah Sugar, com (no par) *15
A m er T o b ieeo
41
P r e fe r re d _____ _________100] 37
7 % notes 1922............ M A N 100% 101
200
W est India Sug F in, c o m . 100 100
7 % notes 1923______ M A N 100% 101%
72
68
S 8 % 88 %
A n acond aC op M in 6 b’2 9 . JA J
P re fe rre d ______________ 100
I n d u s tr ia l & M is c e lla n e o u s
93% 93%
7a 1929 Series B _____ JA J
Am erican Brass___________ KM) 1C4 168
A nglo-A m er OH 7 % s ’ 25 AAO 100% 100%
98% 98%
A rm ’r<feCo7sJulya6’30J&J16
Am erican H ardw are_____ 1001 124 130
42
99%
D eb 6 s J ’ ne 15 ’ 22 .JA D 15I 99
Am er T ypefou n ders, com.lOOl 38
83
P r e fe r r e d ______________ 100. r*
D eb 6 s J’ ne 1.5 *23, - J A D 15j 97% 98%
25
97%
D e b 6 s J’ ne 15 ’ 24 .J A D 15! 96
Bliss (E W ) C o , n e w ..n o par| *20
60
Beth S t 7s July 15 '2 2 . JAJ15! 99% 100%
P re fe rre d _____ __________ 50 *50
98% 98%
90
89
7 % notes July 1 6 ’ 23 JAJ 15
P re fe rre d ___________ --1 0 0
8Gl2 87% Canadian Pac 6 s 1924.M A S 2: 97% 98
Federal Sug R ef 6 s 1924M ANj 95% 96%
Celluloid C o m p a n y . . ..1 0 0 101 103
90
90%
"7% 89% G ood rich (B F )C o 7s’ 26.A A O
(Jhllds ( ’0 c o m ________
100
95
98 100
Blocking Valley 6 s 1 9 2 4 .MASi 94
P referred ___________ - . 1 oo
In terboro R T 7 s 1921 ..M A S | 76% 77%
du P o n t(E I) de Nem&ColOO 108 112
67
68
K C T e r m R y 6 s f23-M A N 15, 98% 98%
D ebenture s to ck ____ - . 1 0 0
98% 99%
1
2
6 '/.s July 1 9 3 1 ______ JAJ
H avana T o b a c co C o . . --1 0 0
90%
___ _ Laclede G as 7s Jan 1929 FAA] 90
P referred........ ........... .. --1 0 0
66
67
Lehigh Pow Sec 6 s 1927-F A A
48
le t g 5s, tune 1 1922. _ J& D /43
1003
ic
J g gettA M y ersT ob6 s’ 21 J A D 100
50
S •3
\
In tercon t’ R u b b , c o m . - -100
97%
41% 60 % Pub 8er C orp N J 7s ’ 2 2 -M A S 96
International S a lt____ -.1 0 0
87%
Sloss S h eff 8 A I 6s ’ 2 9 .. F A A 1 80
68
1st gold 5s, 1951___ .A A O /GO
90
Southern R y 0s 1922— M A 8
97% 97%
International Silver, pref -100 *83
Sw ift A C o 7 % ’ 2 5 - .A A 0 1 5
97% 97%
06
67
Lehigh Valley C oal Sales. 60
7% notes Aug 15 1931----- 1 977# 98
Phelps 1lodge C o r p . _ _ . 100 140 155
O
80
72
T exas O o 7s 1923______ MAS
99% L O
R oya l Baking Pow , com .100
75
78
U H R u bber 7 % s 1 9 3 0 -.F A A 100 100 %
P referred___ ______ .100
U tah Sec C orp 0 s '2 2 . M A S 15 90% 91%
04
Singer M anufacturing. ..1 0 0 *93
W est E lec c on v 7s 1926. A A O 100% 10 0 %
*2
3
Singer M fg, Ltd
— £1

* Per share
t Basis
>
< Purchaser also pays accrued dividend
1
c N ew stock
/ F l a t price, ft L ast sale, n Nominal, x E x-dividen d , y E x-righ ts.

inueatmmt xtid fLiilvoatl Intelligence.

•>;> i

RAILROAD GROSS EARNINGS
' of various ST BAM roads from which regular weekly or monthly returns
dil. The first two o jIumns of t uos give the gross earnings for the latest week or month, and the last two
iruiuga for tho period from Jan. 1 to and including the atest week or month. The vet urns of the electric railways
Aili^ L bit) SliOWi) Lilt gross earn
ei

subsequent page.
Jan 1

LuC

Date-

Previous
Current
Week or
Year.
Year.
■
*
v
Alabama A Vicksb- June
247,240 267,073 1,598.223 1,662,786
Ann Arbor _ .
2d wk Aug l04.102 110,764 2,940,545 3,040,529
Atch Toi>eka A S Fe June
14850 226 16321 964 89,200,128 99,492,068
Gulf Colo A S Fe_ June
2,437.914 1,714,113 14,011,191 12,080.907
Panhandle A 8 Fe June
737,823 725,611 4,133,564 3,992,826
Atlanta Birm A Atl- June
261,609 467 027 1,489,894 2,868,778
Atlanta A Webb Pt_ June
196,055 240,850 1.254,772 1,482,698
Atlantic C ity_
448,788 410.451 1,865.232 1.854,074
June
Atlantic Coast Line. June
4,938,183 5,453,071 36,615,406 36,918,935
Baltimore A O hio.. June
16316024 17584907 96,230,951 99,786,722
B A G Chic Term June
975,668
195,442 151,931 1,208,657
Bangor A Aroostook June*
.
438,983 497,759! 3,776,159 3,213,000
Bellefonfce Central May
31,193
38,472
8,302
5,289
Belt Ry of ( ’tiicago ]June
457,234 316,829 2,503,440 1,871,079
Bessemer & L Erie_ _ JuQe
.
i ,656,529 1,474,260 5,923,351 5,120,813
Bingham A Garfield June
106,4941
909,055
11,425 157,4851
Boston A Maine__ June
6,440,900 7,649,8971 37,149,810 38,412.980
Bkiyn E D Term . iJune
471,623
661.067
96,104 104,131
Buff Booh & Pittsb 1 s*k Aug 277,464 47 i ,574 9,341.421 13,602.191
3d
Buffalo A Susa-__ June
130.268 210.774 1,035,466 1,341,785
Canadian Nat BysJ3d vvk Aug 1,980.078 ,150,350 65,218,503 61,207,67
Canadian Pacific3d wk Aug 3,494,000.3,895,000 108453000,119339000
Caro Clinch A Ohio. June
609,084 589.7471 3.581,720 3,393.461
Central of Georgia- IJ une
11,941,431 2,055,224 11,132,68: 12,314,873
Central R R o f N J . . June
4,426,927 4,271,777,25,149,836 20,876,340
Cent New England . June
I 684,373 658,682 4,109,667 2,885.141
Central Vermont__ June
i 533,234 523,4571 3.086.836 3,090.173
Charleston & W Car June
247,682 295,139 1,698,092 1,734,860
Chas & Ohio Lines. .' June
8,564,711 .7,089,677 41,883.146138,886,264
Chicago & Alton,- 'June
2,580,089 1
2,504,936 14,467,0831
13,174.469
Chic Burl & Quincy _iJune
[13343 056 14761 245 78,397.916tS4.615,664
Chicago & East 1 1_ _ June
1
2,101,846 ,455,108 12,850.818 13,748,415
Chicago Great West June
2,004,592 1,882,800 11,659,885 10,971,401
Chic lad & Louisv- - June
1,286,638 1.327,997 7,313,188 6,984,955
Chicago Junction. - June
418,833 254,671 2,461,410 1,498,448
Chic Milw & St Paul June
12353 001 13844179 67,769,580 76,274,334
Chic A North West, June
11864 180 13459532 67.606,358 72,837.338
Chic Peoria & St L_ June
160,588 231,789
956,618 1,165,145
Chic R I A Pacific,. June
11106854 10999228 62,313.356 62.120,995
Chic R I & Gulf, _ June
646,319 536.908 3,568.395 3.185,681
Chic St P M A Om June
2,145,519 2,517,706 13,046,971 14,911,120
Chic Terre H & S E_ June
397,789 547,503 2,386,766 2,507,382
Cine Ind A Western June
288,806 361,119 1,697,748 2,048,122
Colo & Southern__ 2d wk Aug 494,288
597,484 15.424,685 17,431,572
Ft W & Den City, June
789,072 995,400 5,238,254 5.896,060
Trin & Brazos Val June
228,571 125,116 1,297,283
864,797
102,306 113,143
Wichita Valley__ June
"86,842
835,333
Cunib Val A Mart’g June
147,896
61,830
732.957
347,363
Delaware A Hudson July
3,965,073 4,085,257 26,376,330 22.805,980
Del Lack A Western July
7.494,704 7,054,435 19.774,689 41,821,808
Deny & Rio Grande June
1,858,507 2,827,042 14,240,766 17,241,933
Denver A Salt Lake June
298,096 267,031 1,161.268 1,174,485
Detroit & Mackinac June
177,362 162,715
916,794
881,394
Detroit Tol & Iront- June
713,527 408.574 3,033,072 2.241,886
Det A Tol Shore L _. June
221,527 141,719 1.172,607
967,032
Dul & Iron Range, _ June
701,530 1.631,403 2,128,259 3,594,474
Dul Missabe & Nor June
1.993,538 3.109,520 4.497,117 5,982,853
Dul Sou Shore A Atl 2d wk \ug
83.839 131,398
“ 84,959 3.260,540
Duluth Winn A Pac June
119,575 206,633 1,390.987 1.185,212
East St Louis Conn. June
125,884 110.630
808,486
607,606
Eastern SS L in es,._ June
615,750 526,480 1,874,933 1.619,825
Elgin Joliet A East. June
1,311,077 2,133,747 ■
10,414,301 10.864.529
El Paso A Sou West June
1,025,721 1,237,353 6,003,017 7,038,934
Erie Railroad_____ June
8,112,296 8,845.451 49,596.485 45,619,293
Chicago A Erie,, June
748,409 1.089.729 5,325.183 5,366,889
N J & N Y R R __ June
124,023 104.864
"19,990
594,630
Florida East Coast. June
874,873 1,030,411 8,295.665 7,348.493
Fonda Johns & Giov July
111 ,633 134,997
“ "9,047
804,050
Ft Smith & Western June
109,466 125,342
913,912
858,097
Galveston W h a rf... June
199,838 132,594 1.245,161
649,342
Georgia Railroad__ June
412,195 599,965 2.636,265 3,180,363
Georgia A Florida., June
127,937 106,742
691.402
655,262
Grand Trunk Syst__ 2d wk Aug 2.291,882 2,443,144
Atl & St Lawrence June
154,999 217,049 1,573,470 1,438,334
ChDetCanGT Jet June
129,755 116,372
963,476
764,533
Det G H & Milw. June
360,266 366,308 1,793,968 1,953,521
Grand Trk West. June
1,321,348 1.297,132 6,909,786 7,008,356
Great North System June
8,448,603 10558338 41,903,787 54,949,140
Green Bay & W est.. June
106.916
690,298
95,763
599,549
Gulf Mobile A Nor. June
306.017 300,873 2,049,326 1,766,364
Gulf A Ship Island. June
225,263 204,757 1,391,473 1,386,295
Hocking Valley___ June
1.520,862 1,355,281 6.380.872 6,449,518
Illinois Central___ June
11404594 11179188 68,876,746 65,780,013
Internat & Grt Nor, June
1,461,262 1,395.977 9,473,963 8.148.288
Internat Ry of M e. June
149,741 197,336 1,599.809 1,571,377
Kan City Mex & Or June
116.058 127,332
753,312
833,331
K C Mex A O of Tex June
134.656 155,818 1,016,538
S37.970
Kansas City South. June
1,631.239 1,473,339 9,996.366 8,703,292
Texark& FtSm__ June
150,132 185.272 1.090,730 1.012,374
Kansas City Term. _ June
119.200 134.168
757,712
713,013
Kansas Okla A Gulf June
142,922 173,507 1.147.873 1,132,964
Lake Sup & Ishpem. June
26,311 274,256
524,520
74,139
Lake Term R y____ June
94.004 115.867
697,619
610.484
Lehigh & Hud River June
269,240 268,916 1,594,706 1,215.528
Lehigh A New Eng. June
431,182 385,048 2,210,735 2,082.486
Lehigh Valley____ June
6,579,734 5.946,068 36.842,040 31.0S2.745
Los Ang & Salt Lake June
1,749,608 1,852,180 9.964,066 9,223,090
Louisiana & Ark an. June
264,640 302,041 1,683,880 2,021,055
Louisiana Ry & Nav June
274,398 332,644 1,846.383 1,965.815
Louisville & Nashv. June
9,829,545 10125618 o7,604,139 59,546,792
Louisv Hend & St L June
218,403 241,361 1,406,985 1,469,583
Maine Central____ June
1,595,842 1,853,667 10,476,772 9,159,347
Midland Valley__ _ June
320,813 400.660 2,251,298 2,281,691
Mineral Range____ 2d wk Aug
3.264
414.054
209,828
12,698
Minneap & St Louis 2d wk Aug 375.721 320,347 9,553,838 9,728.174
Minn S t p & S S M . June
3.2S1.158 4.071,915 19,378,742 21.329,579
Mississippi Central. June
97.199
454,542
70,974
513,415
Missouri Kan A Tex June
2,670,216 3,251,406 16,004,242 18,507,913
i urvant
Year.

Latest G r o s s Earnings

HOADS.

Week or
Month.

Current
Year.

—
Previous
im ■

Jan

l

to La test

Current
Year.

D ate.

Previous
Year.

$
8
A
2,050,839 13,200,106 13,252,317
Mo K A T Ry of Tex June
917,734
566,083
92,624 147,186
Mo A North Arkaii_ J une
8,584.383 9,402,991 52,400,955 54,400.768
Missouri Pacific__ .1une
Mobile S Ohio.
c
2d wk Aug 327,667 348,402 11,221,476 10,713,600
908,375
769,811
Colum A Greenv. June
96,256 122,562
307,339 290,011 1,885,173 1,712,846
Monongahela_____ .1une
370,064 1,513,167
51,769 249,250
Monongahela Coun- June
701,965
013,1-0
July
109,685 150,692
Montour
____
Nashv Chatt A St L J une
1.612.637 2.004,493 10,096,138 11,795,260
Nevada-Calif-Oiv
198.6 7a
172,492
1st s\ Aug
h
10,390
11,026
939,558
207,743
Nevada Northern _ Jline
14.446 171,134
648.942
99.775 139.664
Newburgh A Sou Sh Juno
217,644 222,945 1,478,292 1,454,663
New Orl Great Nor . .July
N () Texas A Mexico June
209,564 228,266 1,385,214 1,172,118
9 9 8 ,2 3 0
137,007 153,464 1,111,033
Beaum 8 LA W . iJune
388,507 395,199 2,992,732 3,503,966
St L Browns A M June
27866455 29895911 157526612 163082738
New York Central June
Ind Harbor Belt- June
722,323 706,193 4,402,755 3.799.399
774,518 1,047,493 4,454,359 5,218,968
Lake Erie A West June
6.331,524 7,283.799 34,484,225 39,123,639
Michigan Central June
Cleve C C A St L June
6,942,887 7,097,044 39.593,766 39,875,873
368,044 309,276 1,752,663 1,574,283
Cincinnati North- June
1,639,711 J,910,26b 12,360,145 13,139,352
Pitts A Lake Erie June
922,950 1,072,019 4,994,529 5,247.548
Tol & Ohio Cent June
458,242 426,579 2,280.863 2,258.840
Kanawha A Mich June
N Y Chic & St Louis June
2,209,245 2,165,504 13,120,307 12,146,409
I 1.782,733
330,484
N Y Connecting__ June
9,772,686 10486 550 55,055.001 55.310.150
N Y N H A Hartf- June
1,655,942 1.508,614 8,135,797 6.856,870
N Y Out & Western July
2,025,827
4 5 8 . 9 0 1 1 377.5221 2.1 57.411
N Y 8iisq A W est-- June
689,4001 558,981 4,620.807 4,415,061
Norfolk Southern.- July
45,362,816
6,787,348 7,058,643 45.978,419
Norfolk & Western. July
Northern Pacific__ IJune
7,408,685 8,622,238 40,42/,221 51.027,769
Northwestern Pac_ June
834,554 671,570 3.690,774 3,356,665
Pennsylv RR & Co.. July
41231622 51209821 289816545 285459917
626,931
719,258
Balt Ohes A Atl_ _ June
156,935 122,034
542,347
530.880
94,519 102,562
Cine Leb A North June
4,172,353
617,668 732,186 4.086.038
Grand Rap A Ind June
2,434,762 12,767.134 10,666,610
2,792.777
Long Island____ June
500,816
539.665
113,032 105,232
Mary'd Del A Va_ June
621.099 629,133 3,072,356 3,501,345
N Y Phi la & Norf June
998,287
807,315
110,619 172,748
Tol Peoria & West June
W Jersey A Seash July
1,689.818 1,690,919 7.233.796 6,878,710
51,309,264
Pitts C C A St L- June
7,942,514 8,340,874 48.177,641
874,408
952,753
Peoria & Pekin Un, Jul j
122,421 122,659
3,141,105 3,292,195 16.953,667 17,554,361
Pere Marquette___ June
555,423
646.297
Perkiomen________ June
83,035
105,195
Phil a A Reading__ June
7.215,001 7,021,784 42.321.725 41.209.810
764,356
617.230
81,870 120,526
Pittsb A Shawmut- _ June
675.832
596,211
96,683 108,627
Pitts Shaw & North June
949,978
950.071
174,199 193,714
Pittsb & \Vest Va_ _ June
843,712
72,357 1,206,703
157,734,
Port Reading_____ June
631.281
628.264
Quincy Om A K G __ June
109,145 109,787
792.254 814,204 5.397.385 5,540,288
Rich Fred A Potom. June
464.751 484.662 2,794.642 2.600.647
Rutland__________ June
St Jos & Grand Isl d July
303.956 241,492 1,814,079 1,762,639
6,406,079 7,548,942 39,950.388 42.523,374
St Louis San Fran__ June
918,211
832,944
Ft W A Rio Gran June
145,172 130,942
780,144
855,767
154,120 105,636
St L-S F of Texas June
1,351,086 1,699,607 8,294.988 9,702,735
St Louis Southwest. June
St L S W of Texas June
594,587 728,141 3.613.713 4,230,732
Total system___ 2d wk Aug 466,335 582,130 14,692,335 17,506,179
648.282
566.072
88,057 104.528
St Louis Transfer. _ June
San Ant & Aran Pass June
524.403 333.786 2,813,338 2,129,902
727.401
619.497
San Ant Uvalde S G June
c
96,956 115.619
3.056,711 3.970,125 22.178.211 24,677,064
Seaboard Air Line _. June
June
Southern Pacific
J7131779 •80 <°93* 91967338 89813230
22627508 2380S143 152875873 149369440
Southern Pacific Co July
Atlantic SS Lines June
761,679 416,605 5,149,519 2,741,986
180,729 359.241 1,586.998 2,004.392
Arizona Eastern June
1,932,907 2,042.347 12,831,852 11,889,207
Galv Harris & S A June
Hous S Tex Cent- June
c
1.074.835 912,152 6,071,871 5,321,101
240,650 258,338 1,353,630 1,454.248
Hous E & W Tex. June
Louisiana West__ June
298,168 456.849 2,097,288 2,569,263
Morg La & Texas June
569,585 1,042,621 4,295.347 5,162,544
749,642 768.440 4.253.797 4.587.241
Texas & New Orl. June
Southern Railway._ 2d wk Aug 3,113,495 4,016,808 101722326 116437945
753,124 984.663 4,704.441 5,179,696
Ala Great South June
ern N O & Tex P_ June
1,400,328 1,617.742 8,827,258 9,348,442
Georgia Sou A Fla June
338,726 377,933 2,228,121 2.62S.093
New Orl & Nor E_ June
474,809 636,155 3.261.386 3,627,225
745,861
444,843
63,714 112,436
North’n Alabama June
741,047
633.117
101,541 136,698
Spokane Internat’l. June
Spok Port! & Seattle June
679,148 814,902 3,530,877 4.029,975
Staten Island R T_ June
216.099 216,248 1.197.108 1,040.427
113,564
74.675
4,609
Tenn Ala & Georgia 2d wk Aug
2,985
196,047 203.528 1,178,396 1,398,029
Tennessee Central.. June
383,390 2,176.331 2,113,150
346,11S
Term RR Assn of St L June
St L Mer Bdge T_ June
274.955 313,566 1,742.584 1,778,682
Texas & Pacific___ 2d wk Aug 629,482 771,897 21.770,216 24,226,872
740,353 969,251 4,357,888 5,267,307
Toledo St L A West June
577,616
684,579
164,408 121,538
Ulster A Delaware. _ June
9,317,262 10161766 58,023,239 66,491,357
Union Pacific.____ July
14049569 16382451 91.898.212 109264713
Total system___ July
2,590,599 3,479.016 IS,243,276 24,237,864
Oregon Short Line July
2,447.510 2,704,259 13.4S9.9S9 15.793,822
Ore-Wash RR S N Iune
c
859.255 1,128,062 4.985.184 4,440.956
Union RR (Penn)__ June
879,410
560,861
59,292 165,640
U tah_____________ June
339,915 360,055 2,047.287 2,241,991
Vicks Slireve A Pac_ June
2,004,240 1.370.536 9,596,649 7,243,916
Virginian Railroad. June
4,738.969 4,868.935 28.832,268 25,787.169
Wabash R R ______ June
Western Maryland. 3d wk Aug 288,140 413.591 11,386.314 10.432.201
963,152 1.413,890 5,555,690 6,689,191
Western Pacific___ June
204.404 213.750 1.214.117 1.363.648
Western Ry of Ala _ _ June
1,484.822 1,481.840 6.748.924 7.109.361
Wheel & Lake Erie. June
152.594 198,706 1,174.993 1,284.185
Wich Falls & N W _. June
1,512.706 2.355.577 9.994,179 14,197.217
Yazoo & Miss Valley June
Vj
to

Li

1
]
|

Q
6tn6T separately on

b

JLTt

AGGREGATE GROSS EARNINGS— Weekly and Monthly.
zWeekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d

Current
Year.

S
week June (20 roads)_
_
12,659.519
week June (19 roads)__
12,973,712
week June (18 roads)__
12,977,363
week June (13 roads)__
15,455,421
week July (15 roads)__
12,479,200
week July (18 roads)__
13,432,807
week July (20 roads)__
13.598.294
week July (19 roads)__
18,335,255
week Aug (19 roads) —
13,508.904
week Aug (19 roads)__
14,213,116
We no longer include Mexican roads

Previous
Increase or
Year.
Decrease.
©
14.148,035 — 1,488,516
14.544.922 —1.571,210
14,424,221 —1,446.858
17,296,277 —1,840,856
14.080.532 — 1.601.332
15,289,104 — 1,856,297
15,925.854 — 2.327.560
21.923.022 —3,587,767
15.671.922 —2.163.018
16,527,565 — 2.314,449
in any of our total

%

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease. • %

Curr.Yr. Prev Yr.
Mileage.
10.52 September. .226,955 224 922 594 ,192.321 480,408 .546 + 113783775
10.80 October___ .231,439 229 ,935 633 852,568 503,281 .630 + 130570938
.277.620 438,038 .048 F 154239572
10.03 November . .235,213 233 .839
10.64 December,. .229,422 228 .134 539 ,197,615 443.124 ,176 + 96.073,439
“ 84,542 503.o n .129 —33.226.587
11.37 1 January __ -232.492 231 ,513
12.14 February _. -235,653 234 510 405,001,273 424,172 .348 — 19.171.075
i . iS3 390
14.61 March____ .234.832 233 839 456.,978.940 458,462 .330
16.37 April_____ .220,340 219 743 111. 279,831 381,112 ,84 I +50.166.987
18.214.331
.216
■
13.80 . M a y _____ .235,333 234 916 444..028,885
14.00 1 June______ -235,208 235 059i460.582.512 494.164 .607 —33,582.095

6>
94

21
68

60
52
32
91
89
79

THE CimONJCLE

A u g . 2 7 1 9 2 1 .]

Latest Gross Earnings by W e e k s.
In the tablowhieh
follows wo sum up separately fho earnings for the second
week of August. The table covers 1.9 roads and shows
1 4 .0 0 % decrease in Hie aggregate over the same week last
y e a r : __________________
Second

1921.

W eek o f A u g u s t.

$

Ann Arbor

Increase. Decrease.

L920.

$

10 1,102
2 9 1 ,98 4
2 ,0 1 2 ,2 0 0
2.7-15,000
194,288
8 3 .8 3 9
2 ,2 9 1 .8 8 2

1 2 ,6 9 8
3 2 0 ,3 4 7

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

3 4 8 ,4 0 2
5 8 2 ,1 2 0
4 ,0 1 0 ,8 0 8
1,609
7 7 1 ,8 9 7
4 13,591

%

0 ,0 0 2
185,590
24 0 ,2 5 2
2 9 8 ,0 0 0
102,190
4 7 ,5 5 9
151,202

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

T o t a l (1 9 ro a d s)
____
N e t d e cre a se ( 1 4 . 0 0 % ) ------

%

2 ,4 4 3 ,1 4 1

3 ,2 6 4
375,721

B u ffa lo R o c h e s t e r & P itts b u r g h
C a n a d ia n N a t io n a l H ys_
C a n a d ia n P a cific
C o lo r a d o & S o u th e rn
D u lu th S o u th S h ore & A l l
G ra n d T r u n k o f C a n a d a
G r a n d T r u n k W estern
D e t r o it G ra n d H a v e n & M il
C a n a d a A tla n tic . -----M in e r a l R a n g e ___ ______
M in n e a p o lis & S t. L ou is
Io w a C e n t r a l_______________ M o b ile & O h io ____________
S t. L o u is S o u t h w e s t e r n ._
S ou th ern R a i lw a y ___
____
T e n n e sse e A la b a m a & G e o r g ia
T e x a s & P a c i f i c __________________
W e ste rn M a ry la n d ________ ___

1 10,701
■177,574
2 ,2 5 2 ,7 1 9
1,0 12,,000
5 9 7 .4 8 4
121,298

9 ,4 3 4
5 5 ,3 7 4

____

2 0 ,7 3 5
1 15,795
9 0 3 ,3 1 2
1,624
1 4 2 ,4 1 5
1 4 3 ,8 8 5

5 5 ,3 7 4 2 ,3 6 9 ,8 2 3
2 ,3 1 4 ,4 4 9

Net Earnings Monthly to Latest Dates.— The table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies
reported this week:
—Gross from Railway—
1921.
1920.
S
S
Bellefonte Central RR Co—
M a y ______
5,289
' 8,302
From Jan 1
31,194
38,472
Delaware & Hudson RR—
J u ly .., . 3,965.073 4,085.257
From Jan 1 26,376,330 22,805,980
Delaware Lack & West—
J u ly _____ 7,494,704 7,054,435
From Jan 1 49,774,689 41.821.808
Fonda Johns Ry Co—
July_______
111.633
134,997
From Jan 1
779,047
804,050
Illinois Central System—
July______ 13,068,617 14,190,217
From Jan 1 91,939,543 94,157,447
New Orleans Great Northern Ry—
July_______
217,644
222,945
From Janl 1,478,292 1.454,663
N Y Ontario & Western—
July-_____ 1,655,942 1,508,614
From Jan 1 8,135,797 6,856,870
Noifolk & Western—
July_______ 6,787,348 7,058,543
From Jan 1 45,978,419 45.362,816
Norfolk .Southern—
558,981
July_______
689,400
From Jan 1 4,620,807 4,415,061
Pennsylvania RR—
July_______41,321,622 51,209,821
From Jan 1 289816545 285459,917
N Y Philadelphia & Norfolk—
June|_____
621,099
*629,133
From Jan 1 3,072,356 *3,501,345
West Jersey & Seashore—
June_____ 1,105,932 *1,083,720
From Jan 1 5,543,977 *5,197,394
West Jersey & Seashore—
July______ 1,689,818 1,690,919
From Jan X 7,233,796 6,878.710
Southern Pacific System—
July_______22,627,508 23,808,143
From Janl 152875873 149369,440
L
rnion Pacific Ry—
July______ 9,317,262 10,161,766
From Jan 1 .58.023,239 66,491,357
Oregon Short Line—
July______ 2,590,599 3,479,016
From Jan 1 18,243,276 24,237,864
St Joseph & Grand Island—
July______
303,956
241,492
From Jan 1 1,814,079 1,762.639
Union Pacific System—
July_______ 14,049,569 16,382,451
From Jan 1 91,898,212 109264,713
Western Maryland—
July........ .. 1,402,315 1,592,147
From Jan 1 10,535,6.50 9,924,321
— Deficit, * Corrected figures.

— Net from Railway— -— Net after Taxes---1920.
1920.
1921.
1921.
g
$
$
1,342
3,793

— 304
— 9,801

1,231
3,238

994,714
1,074,128 — 301,536
4,030,609 — 64,ISO 3,395,773

188,081
—674,779

— 103
8.796

2,160,671
8,774,667

721,666
3,497,169

1,779,375
6,101,077

330,522
757,786

40,547
257.840

43,756
283,008

34,972
218,815

38,681
247,833

976,156 1,592,557
8,636,020 10,105.251

219,027
3,742,533

2,396,314
15,533,855
38,102
220,529

15,860
140,023

21,803
110,441

3,696
57,100

605,522
1.109,715

459,602
317,909

569,993
860,906

423,477
79,549

1,824,798 — 544,000
7.246,913 — 230,250
133,294 — 143,577
554,772 — 41.277

1,434,543
-909,313
4,513,313—2,811.395
100,619
327,953

■170.414
■168,268

,874,285 3,057,246 5,699,244 1,072,423
34,412,504-20.966.66 23,425,163-30,984,236
— 9.566 *— 64,238 — 33,394 *— 87,409
— 332,314 *— 403,301 — 475,353 *— 542,494
65,373 *— 93,230
125,961 *—46,740
-203,140*-!,019,370 -545,831*-!,298,423
715,772
512,632

476,0S1
458,583

539,028
168,167

329,S49
743,602

5,174,606 4,392,527 4,083,515 3,285,407
28,119,022 22,555,236 19,945,997 16,369.382
2,835,904 1,119,830 2,305,774
231,386
16,612,601 16,490,879 13,054,926 12,791,954
435,913
3,142,655

495,291
7,259,518

8,596 — 126,298
117,370 — 256,724

151,069
1.301.731

36,904
5,152,653

-4,260 — 139,387
27,402 — 340,838

3,408,790 1,633,058 2,413,010
61,427
20,727,653 26,674,652 14,060,709 19,582,736
357,419 — 296,190
_____
______

297,419 — 346,192
1,511,029— 1,317.544

ELECTRIC RAILW AY AND PUBLIC U TILITY COS.
Name of Road
or Company.

Latest Cross Earnings.
Month .

A d ir o n d a c k P & L C o r p
A la b a m a P o w e r C o _ _
A p p a la ch ia n P o w C o _
A tla n tic S h ore R y ___
B a n gor R y & E le ctric
^ B a rcelon a T r a c ,L & P
B a ton R o u g e E le c C o
B eav er V a il Trac; C o .
B in g h a m to n L , H & P
B lack.ston e V G & E L
/B ra z iJ fa n T r L & P .Ir td .
B k ly n R a p T ra n S y st
a B r o o k ly n C it y R R
aB k ly n H eig h ts R R
C o n e y Tsld & B k lyn
C o n e y JsJd & G r a v e
N assau E lectric
■South B r o o k ly n .
N ew Y o rk C o n s o l’d
BkJn Qu ( U) & S ub
C a p e ISre ton E 1C o , I Ml
C e n t M iss Vail El C o
C h a tta n o o g a R y & L t
C itie s S e rv ice C o
( J tlz c n s T r a c tio n <U
j
C it y G as O o , N o rfo lk
<J o v e P a in e«v & E ast
C o lo r a d o P ow er
C o lu m b ia G a s & KJoc

Current
Year.

Previous
Year.

Jan. 1 to Latest Date .
Current
Year.

Previous
Year.

J u ly
J u ly
J un e
June
June
June
Ju n e
J u ly
J un e
Ju n e
Ju n e

%
$
$
$
3 5 8 ,9 2 5 374,8061 2 ,6 4 0 ,4 3 2 2 ,5 7 2 ,9 5 8
3 6 5 ,9 7 0 3 3 7 ,4 0 7 2 ,4 0 6 ,6 7 9 2 ,1 4 8 ,0 3 9
2 1 3 ,1 9 0 1 9 2 ,9 0 2 1 ,3 6 8 ,5 6 9 1 ,1 1 9 ,7 3 7
1 6,7 59
1 0 5 .3 1 0
9 0 ,4 2 0
1 8 ,3 3 9
1 0 5 ,2 2 6 1 00 ,83 9
6 8 0 ,7 8 7
5 7 7 ,3 1 9
2 9 1 2 ,5 5 6 2 5 2 3 ,9 9 8 1 8,1 0 0 ,8 3 4 1 4 ,8 0 4 ,5 8 2
4 3 ,5 6 2
3 7 ,4 4 9
2 7 7 ,6 1 9
2 2 7 .5 8 3
6 4 ,2 1 4
6 1 ,7 7 9
4 0 6 ,4 7 9
4 0 8 ,8 2 1
6 7 ,6 6 3
4 2 5 ,5 5 2
3 1 9 ,8 1 0
6 7 ,9 3 6
2 8 4 ,3 1 6 2 7 1 ,3 2 6 1 ,7 0 7 ,0 3 6 1 ,5 8 5 ,9 6 0
14257000 10874000 8 0 ,1 9 9 ,0 0 0 6 1 ,0 4 0 ,0 0 0

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
Ju n e
J un e
June
July
June
June
June
lul.v
M ay

1 01 4,1 5 6 9 3 2 ,7 1 8
6 ,1 5 0
6 ,86 4
2 6 1 ,8 6 3 2 3 0 ,4 7 6
9 ,6 8 7
9 ,8 5 8
4 1 3 ,6 5 6 5 7 2 ,4 3 5
7 4 ,2 1 3
7 2 ,3 2 2
1 9 5 4,4 9 0 1836,187
2 2 8 ,5 5 8 172,753
49,174
5 2 ,1 9 6
4 J ,565
3 9 ,4 5 3
106,346 107,218
608,671 21 17,919
7 5,7 24
8 1 ,7 4 0
7 0 ,1 5 0
8 0 ,7 9 6
7 2 ,1 8 8
74 ,419
7 8 ,5 8 3
9 0 .0 0 0
1 1 9 7 ,4 0 9 113 9,3 9 0

4 ,6 3 4 ,5 7 0 4 ,2 0 6 ,4 8 0
30,431
3 3 ,8 9 6
1 ,0 4 6 ,0 0 7
9 5 6 ,9 8 6
2 8 ,7 9 7
2 9 ,6 1 3
1 ,8 7 7 ,6 2 4 2 ,5 4 9 ,4 8 9
3 5 3 ,6 2 7
3 4 7 ,3 1 3
9 ,1 4 4 ,5 5 9 8 ,6 9 7 .9 7 4
8 64 ,64 4
7 4 7 ,2 3 5
2 8 5 ,8 4 0
3 1 5 ,7 3 2
2 5 2 ,4 1 8
2 3 7 ,3 5 9
6 6 5 ,5 0 4
6 4 8 ,5 1 7
8 ,6 6 6 ,2 4 2 14,861 .215
467,984
4 8 7 .9 8 2
5 0 5 ,6 1 6
4 3 6 ,4 1 3
3 6 2 ,2 5 4
3 7 1 ,2 4 0
6 ,8 0 5 ,3 0 8

6 ,4 6 7 .4 3 9

Latest tiros., Earnings.
Name of Road
or Company.

Month ■

J Nile
Col m)i bus Klee trie
( lom 'w 'th P, R y & I4 J u ly
( Warned lout Pow <)o .1 line
Consumers Power Co J u ly
dum b <’< P & U Oo J uno
>
1)ayton Pow & Lt Co M ay
J u ly
Detroit Edison C o
I )uluth~S!u]> Trac C o J u ly
D ikiuokuo Lt Oo subs
light & power cos
J u ly
IGSt L & Suburban <)o June
Kant Sh G & IG Subsld J u n c
Lantern Texas 1 1 Co J u n e
0
IGdis El 1 1 Co of Brock J u n e
1
Elec L t & Pow o f Abington & R ockland. Ju n e
El Paso Electric Oo_ J u n e
Erie Lt <)o & Subsid’s June
Fall River Gas Works J une
June
Federal LI $ T r C o
Ft Worth Pow & Lt__ J une
Galv-Hous Elec C o . _ J une
General Gas & Elec__ Tune
Georgia Lt & P ow er. _ Ju n e
Great West Pow Sys. J u n e
Harrisburg R y Co — M a y
Havana Elec R y & Lt J u n e
Haverhill Gas Lt C o . J u n e
Honolulu R T & Land J u n e
Houghton C o El Lt Co J u n e
Houghton Co T ra c___ J u n e
Hudson & Manhattan J u ly
Hunting’n Dev&G Co June
Idaho Power C o _____ J u n e
d Illinois T raction ___ June
Interboro Rap Tran—
Total system ______ M a y
Keokuk Electric Co__ J un e
Keystone Telep Co_ _ J u ly
Key West Electric Co J u n e
Lake Sh Elec R y Syst J u n e
Long Island Elec C o . M a y
Lowell Elec Lt C orp . J un e
M anhat Bdge 3c Line M a y
M anh & Queens(Rec) M a y
M etropol Edison C o . J un e
Miss River Power C o . J u n e
M unic Serv Co & Sub J un e
Nashville R y & Lt Co J un e
Nebraska Power C o . _ Ju n e
N evada-Calif El Corp Ju n e
N Eng Co Pow Sys__ Ju n e
New Jersey Pow & Lt Ju n e
N ewp N & H R y G & E J u ly
New York D ock Co__ J u ly
N Y & Long Island. _ M a y
N Y & Queens County M a y
b N Y Railways_____ M a y
b Eighth A venue. _ M a y
b Ninth A venue_ M a y
_
N o Caro Pub Serv Co J un e
N or n Ohio E lec Corp J u ly
N W Ohio R y & Pow June
N orth Texas Elec C o . J u n e
Ocean Electric C o ___ M a y
Pacific Pow & L t C o . J un e
Paducah Electric C o . J u n e
Penna Edison L t & P Ju n e
Pennsylv Util System M a y
Philadelphia Co and
Subsld N at Gas Cos J u ly
Philadelphia Oil Co__ J u n e
Phi la & W estern_____ J u ly
Phila Rap Transit Co J u ly
Portland Gas & C Co June
Port I’d R y , L & P C o June
Puget Sd Pow&Lt Co. J u n e
Reading Trans & L t. June
Republic R y & L t C o . J u ly
Richmond L t & R R _ . M a y
Rutland R y , Lt & P_ J un e
Sandusky Gas & Elec Ju n e
Sayre Electric C o ------ June
Second A venue______ M a y
17th St Incl Plane Co J u ly
Sierra Pacific Elec Co J u n e
Southern Cal E dison. J un e
South Can Power C o . J u ly
Tam pa Electric Co_ _ June
Tennessee Power C o . J un e
Tenn R y , Lt & Power J un e
Texas Pow & Lt Co _ _ June
Third Avenue System_ J u n e
Twin C ity R ap Tran. A p r il
United Gas & El Corp M a y
Utah Power & L ight. J u ly
Utah Securities C orp . J u ly
Vermont H ydro-E lec. June
Virginian R y & P ow . June
W innipeg Electric Ry Ju n e
Youngstown & O hio. June

f Current
Year.

Pret)tous
Year.

Jan

1 lo Laiest Date.

( 'arrant
Year.

Previous
Year.

$
145,773 130,288
8 5 8 ,8 8 7 1 783.704
2 4 4 7 ,5 5 6 2 54 0,0 1 2 1 8 ,2 2 1 ,3 7 9 1 7 ,5 6 0 .9 9 0
117,545;
I 12,204
7 17.801
7 1 3 .0 0 0
1061,646 1128,402 8 ,1 9 7 ,0 0 0 7 ,0 0 4 ,3 5 0
275,034 249,264! 1.379,8851 1 ,4 29 ,7 69
3 2 7 ,9 9 0 284 ,27 1 1,790,691
1,549.431
1671 ,161 1074,117 13,295,501 1I 1 ,983.1 19
149,207 101.145 1 ,064 ,443 J ,1 30 ,8 38
1 23 4,7 9 9 1 173,051
2 9 7 ,2 9 0 3 10 ,51 7
3 9 ,4 2 2
3 7 ,7 J7
14 1,805 134,052
9 3,471
111,000

9 ,5 3 9 ,0 8 4
1 .981 ,057
248.094
859 ,25 !)
0 14 ,54 7

8 ,4 0 8 ,9 5 8
1.977,956
3 35 .05 2
7 59,393
0 7 0 ,9 8 2

2 7,7 62
2 9 ,1 9 3
1 62,405
180,499 148,482 1 ,1 4 2 ,1 0 9
fi8,638
5 3 0 .7 9 j
7 0 ,7 8 2
8 5 ,7 7 8
4 8 0 ,6 4 2
7 1 ,1 3 0
3 6 9 ,4 7 0 3 4 7 ,7 3 5 2 ,4 3 1 ,3 6 9
192,836 200.801
1 ,0 8 2 ,8 0 5
3 2 1 ,6 8 9 3 2 6 ,1 5 0 1 ,87 8.96 5
8 9 8 .8 2 2 8 0 9 .9 1 0 5 ,6 0 3 .2 78
8 4 0 ,8 8 9
129,573 132,687
5 8 0 .4 7 9 4 6 3 ,9 5 2 3 ,6 3 3 ,4 1 3
7 0 4 ,6 0 6
143,642 152,687
1 06 2,2 8 6 9 7 0 ,5 6 5 6 ,4 0 4 ,0 1 6
4 4 ,9 6 6
3 5 ,9 8 4
2 4 8 ,0 7 3
7 9 ,7 1 7
6 8,8 94
4 6 1 ,8 0 8
3 9 ,8 7 8
2 7 9 ,0 7 8
36,811
2 4 ,3 4 4
1 6,3 13
1 39,725
8 27 ,90 7 7 75,754 6 ,0 4 3 ,9 4 3
6 8 ,4 2 8 137,264
5 54 ,90 3
2 08 ,04 4 2 2 6 ,8 5 0 1 ,0 7 0 ,6 0 5
1 0 ,9 3 1 ,7 2 7
1 720,433 1 602,389

1 6 2 ,9 6 0
9 1 1 ,4 0 6
580,141
4 1 2 ,7 2 3
2 ,2 5 8 ,2 8 8
1,01 1 ,872
1 ,7 6 0 ,0 0 0
5 ,2 1 4 .7 7 4
8 28 ,14 4
2,781 ,139
7 1 5 ,7 0 3
5,55 7,94 1
2 19,577
4 0 8 ,6 2 6
251,661
161,291
5 ,0 2 8 ,9 7 0
8 0 9 ,3 1 8
1 ,0 5 0 ,5 4 0
9 ,9 8 8 ,4 1 2

4 730,491 4 59 7 ,4 7 9 2 3 ,6 7 5 ,1 4 5 2 2 ,9 8 6 ,3 3 2
3 0 ,3 3 0
1 79,699
1 6 5 ,7 6 5
2 9 ,5 2 6
143,177 1 43,050 1 ,0 1 1 ,4 5 4 1,00 5,50 1
2 1 ,4 8 3
136,731
128,631
2 1.301
2 1 3 ,4 1 9 2 89 ,35 1 1 ,2 5 0 ,0 3 6 1,.583,424
3 1 ,8 5 0
1 14,669
3 5 ,8 5 4
133,341
6 0 6 ,9 1 4
9 2 ,3 9 8
9 4 ,1 3 7
5 7 9 ,5 5 6
2 5 ,0 9 3
118,783
2 3 ,7 7 3
109,483
102,787
3 3 ,3 3 7
136,257
2 6,861
2 0 9 ,0 7 5 2 2 3 ,1 3 4 1 ,3 2 2 ,4 7 6 1 ,3 2 5 ,3 8 3
2 2 1 ,7 0 0 232.181 1 ,3 6 8 ,3 6 6 1 ,2 8 2 ,5 7 0
1 9 7 ,8 3 8 189,971
3 1 0 ,8 5 4 3 0 7 ,1 4 2 1 ,9 1 5 ,6 1 7 1 ,84 7,69 1
2 3 8 ,8 9 8 2 2 2 ,5 3 9 1 ,5 4 9 ,1 8 9 1 ,3 9 1 ,7 5 8
3 4 8 ,3 1 6 3 6 0 ,4 1 1 1 ,5 7 0 ,3 4 0 1,50 2,83 1
4 2 7 ,4 0 6 4 8 6 ,2 5 4 2 ,5 8 7 ,0 6 1 2 ,7 6 0 ,1 5 9
2 1 9 ,3 3 9
3 3 ,7 7 6
3 4 ,6 0 8
2 0 7 ,2 3 4
2 55 ,68 1 2 7 4 ,2 4 6 1 ,6 0 8 ,1 2 9 1 ,5 5 7 ,4 5 2
4 3 2 ,3 1 8 4 8 9 ,5 7 7 3 ,4 9 8 ,5 3 3 3,224,431
5 4 ,8 4 9
1 87,290
5 0 ,1 1 6
2 24,341
1 1 9 ,7 2 0 113,904
444,591
5 0 2 ,0 5 3
8 0 7 ,6 3 3 6 99,921 3 ,8 6 2 ,2 8 7 3 ,2 1 1 ,7 7 2
1 08,772
3 6 4 ,5 8 5
9 5 ,6 4 8
4 9 0 ,6 2 8
4 8 ,2 4 6
3 8 ,6 4 7
2 2 6 ,1 4 4
127,552
4 8 8 ,5 8 5
9 0 .0 2 6
5 5 4 ,5 4 5
8 2 ,0 9 5
7 0 4 ,1 0 7 9 0 3 ,0 2 8 5 ,1 1 5 ,9 3 7 6 ,5 6 2 ,2 3 9
3 7 ,8 6 4
215,321
186,211
3 8 ,2 2 3
2 8 7 ,0 9 1 3 3 1 ,4 9 2 1 ,8 5 1 ,9 4 7 1 ,9 1 1 ,3 1 7
2 3,231
19,259
60,861
7 2 ,2 2 4
2 4 3 ,7 3 4 2 1 2 ,2 4 0 1 ,4 1 4 ,8 9 6 1 ,2 2 0 ,1 6 0
2 3 5 ,2 9 7
2 6 0 ,2 4 9
4 1 ,8 2 6
3 6 ,7 8 6
1 97 ,00 8 1 5 2 ,0 2 9 1 ,1 6 8 ,8 9 8 1 ,0 5 2 ,2 5 8
8 5 1 ,8 6 5
1 83,518 1 62 ,84 0 1 ,0 2 5 ,3 0 8
4 4 6 ,7 2 6
6 3 ,0 3 9
71,651
3 3 4 0 ,5 9 2
2 6 2 ,3 3 6
8 1 5 ,8 6 2
751,871
2 4 9 ,0 0 5
5 4 7 ,8 7 3
6 8 ,3 5 0
4 3 ,6 7 6
4 8 ,3 1 2
1 3,668
8 5 ,0 1 7
4 ,5 0 9
7 9,821
1 37 5 ,8 1 2
6 2 .9 7 5
138J45
179,771
5 2 3 ,5 6 8
3 5 9 ,0 1 0
1224 307
1 1 4 6 ,8 6 9
1 00 0 ,1 9 9
5 1 9 ,2 2 7
6 5 6 ,5 3 2
3 6 ,1 5 5
8 3 5 ,5 7 8
4 4 6 ,2 0 9
4 7 .5 0 2

9 0 7 ,0 1 4 6 ,6 1 8 ,8 0 9 9 ,1 4 1 ,7 4 0
9 4 1 ,5 7 9
1 19 ,05 2
6 6 1 ,2 6 9
4 6 1 ,8 3 2
4 3 3 ,9 1 2
7 2 ,4 3 5
3 1 0 7 ,8 8 9 2 4 ,8 9 4 ,6 2 6 2 1 ,7 6 1 ,4 2 0
1 94,623 1 ,8 3 1 .6 4 0 1 ,2 3 3 .5 3 8
8 0 6 ,7 3 3 5 ,0 4 5 ,9 9 0 4 ,5 0 7 ,0 0 0
7 3 5 ,5 7 8 5 ,1 1 1 ,4 2 9 4 ,9 0 8 ,6 6 6
2 5 3 .4 0 4 1 ,4 7 4 ,3 5 9 1 ,4 7 1 ,7 4 8
7 3 2 ,2 4 6
4 1 ,0 1 2
3 18,471
2 2 4 ,8 1 5
2 6 9 ,7 1 2
2 5 1 ,4 6 8
4 5 ,4 1 3
3 6 7 ,9 2 3
3 3 7 ,4 5 3
4 7 ,3 7 0
7 4 ,2 7 5
9 6 ,9 4 5
1 2,2 45
2 75 ,29 1
8 4 ,2 2 3
3 6 6 ,1 7 6
2 3 ,8 9 3
4 ,5 7 3
2 5 ,3 5 3
3 8 8 ,0 4 4
6 3 ,9 7 5
4 2 7 ,2 9 6
1 31 4,2 5 9 7 ,6 5 6 ,1 8 9 6 ,0 9 4 ,9 9 8
5 7 .3 3 9
6 6 5 .2 4 4
8 6 6 ,2 5 7
1 09 ,83 6
2 0 7 ,6 3 5 1 ,2 1 1 ,1 4 9 1,18 5,83 1
5 3 6 ,9 4 6 3 .3 1 1 ,4 4 5 3 ,1 8 7 ,6 7 6
3 26 ,56 1 2 ,4 2 7 .4 2 3 2 ,0 4 3 ,1 6 3
1 09 4,7 7 9 7 ,2 5 6 ,0 8 9 5 ,6 9 6 ,6 2 4
1 01 7,8 1 3 4 ,7 1 7 ,1 8 1 4 ,1 3 5 ,0 3 7
9 4 9 ,9 0 7 5 ,3 4 1 .3 8 2 5 .0 6 2 ,8 3 6
5 1 2 ,6 0 3 3 ,8 6 3 ,1 2 2 3 ,7 1 4 ,4 4 4
6 6 8 ,3 7 7 4,934*241 4,749,895>
265,921
4 3 ,4 8 2
2 4 5 ,/2 2
7 84 ,13 1 5 ,0 9 0 .8 8 2 4 ,6 7 9 ,5 4 2
4 0 7 ,6 2 5 2 ,8 5 6 ,7 1 5 2 ,6 4 5 .7 4 3
2 6 7 ,7 7 2

a T h e B r o o k ly n C it y R R . is n o lo n g e r p a r t o f th e B r o o k ly n R a p id T ran sit
S y ste m , t h e re c e iv e r o f th e B r o o k ly n H e ig h ts R R . C o . h a v in g , w ith t h e
a p p r o v a l o f th e C o u r t , d e c lin e d t o c o n tin u e p a y m e n t o f th e re n ta l; th e re fo re ,
sin c e O c t . 18 1919, th e B r o o k ly n C it y R R . h as b een o p e r a te d b y its o w n ers.
b T h e E ig h th A v e n u e a n d N in th A v e n u e R R . c o m p a n ie s w e re fo rm e r ly
ea sed t o th e N e w Y o r k R a ilw a y s C o ., b u t th e se leases w e re te r m in a te d on
J u ly 11 1919, r e s p e c tiv e ly , sin ce w h ich d a te s th e se ro a d s h a v e b een o p e r a te d
se p a ra te ly , c In c lu d e s M ilw a u k e e L ig h t, H e a t a n d T r a c t io n O o .
d In 
clu d e s all s o u rce s, e In c lu d e s c o n s titu e n t o r s u b s id ia ry c o m p a n ie s .
/E a r n in g s g iv e n in m ilreis. g S u b s id ia ry c o s . o n ly , h In c lu d e s T e n n e sse e
R a ilw a y , L ig h t & P o w e r C o ., th e N a s h v ille R a ilw a y & L ig h t O o ., th e
T en n e sse e P o w e r C o . a n d th e C h a tta n o o g a R a ilw a y & L ig h t O o .
i In 
clu d e s b o th s u b w a y a n d e le v a te d lin es, j O f A b in g t o n & R o c k la n d f M a s s .) .
k G iv e n in p e se ta s.

Electric Railway and Other Public Utility Net Earn
ings.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------N et Earnings(■amponies.
.A labam a P ow er C o J u ly
A u g 1 ’ 2 0 t o J u ly 31 ’ 21
B e a v e r V a lle y T r a c C o a J u ly
J a n 1 t o J u ly 3 1 _______
D u q u e s n o L ig h t C o < c S u bsid
S
L ig h t <fc P o w e r a _____ J u ly
J a n 1 t o J u ly 3 1 _______
P h ila d e lp h ia * *0 A Sub- m
N at G as C o a
.July
Jan i to i' ii. 31

Cuiireni
Year.
%

Previous
Year.

Current
Year..
$

Previous
Year.
%

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

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

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

*3 9 3 ,0 2 1
* 3 1 1 ,4 2 8
1,173,651
8 ,4 0 8 ,9 5 8 * 3 ,3 3 3 ,1 7 1 *2 ,6 0 2 ,9 9 5

140,725
6 .0 1 S .809

9 0 7 ,0 1 4
*80, 7"
9 .1 4 1 .7 4 0 * 2 .0 2 3 .2 0 7

1 8 1 ,0 0 1
2 ,2 5 0 ,4 9 1
* 6 ,9 8 4
*3 5 ,5 4 8

1 76 ,12 7
1 ,9 5 0 ,8 4 8
*1 4 ,1 0 0
* 1 1 6 ,4 5 5

* 3 8 2 ,4 2 7
* 3 ,5 8 2 .2 8 2

THE CHRONICLE

95G
Companies .

Gross Earnings
Previous
Current
Yeat
Vear .
$
%

1 7 'ii $ 1 l a c i P la n e C o .
Jui>
4 ,5 0 9
Jan I to J u ly 31
2 5 ,3 5 3
Sou C an P ow G o, L td
J u ly
6 2 ,9 7 5
O c t 1 ‘2 0 to J u ly 31 ’ 21
6 2 3 ,7 9 0
U tah S e e u ri ice C o r p (s u b
sid ia ry c o s o n l y ) J u ly
6 5 6 ,5 3 2
A u g I '2 0 o J u ly 31 21 8 ,7 7 5 ,5 5 2

N d Earnings
Previous
Current
Year .
Year .
$

$

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

*67
* 9 ,7 0 6
2 9 ,1 6 3
2 9 5 ,8 4 7

*197
*17
2 2 ,7 5 4
2 44,761

6 6 8 ,3 7 7
7 ,9 8 6 ,9 3 0

2 8 5 ,7 8 8
4 ,1 5 6 ,1 6 2

2 9 4 ,4 0 9
3 ,8 4 5 ,5 7 4

a N e t e a rn in g s a fte r d e d u c l in g ia x e s.
* D o e s n o in c lu d e in c o m e fr o m in vea* m e n 's , a n d is b e fo re p r o v i d in g
f o r i m ie r e s i o n d e b t a n d ofchiDr in c o m e d e d u c tio n s .

C itiz e n s T r a c C o & J u n e 21
S u bsid iaries
'20
12 n ios e n d in g J u n e 3 0 ‘ 21
*20
C le v e la n d P a in es- J u n e ’ 2 i
ville & E a stern S y s
'2 0
6 m o s e n d in g J u n e 3 0 21
’ 20
C o lo r a d o P o w e r
J u ly ‘ 21
C om pany
*20
12 m o s e n d in g J u ly 31 ’ 21
‘ 20
C o m m o n w ea lth
J u ly *21
P o w . R y 3c Lb C o
*20
7 m o s e n d in g J u ly 31 ’ 21
*20
C o n su m e r s P o w C o J u ly *21
*20
7 m oo e n d in g J u ly 31 *21
’2 0
D u iu b h -S u p e rio r
J u ly ’ 21
T r a c t io n C o
'2 0
7 m o s e n d in g J u n e 3 0 *21
*20
E a stern S h ore G a s J u n e *21
A Kku; <Jo & Suite
*20
12 m o s e n d in g J u n e 3 0 *21
’ 20
E rie Lb C o & S u b s J u n e ’ 21
'20
12 m o s e n d in g J u n e 3 0 *21
’ 20
F ed era l L ig h t &
J u n e '21
kill T r a c t io n C o
20
6 m o s e n d in g J u n o 3 0 *21
’ 20
G e o r g ia Lb & P o w
J u n o ’ 21
Co
'2 0
6 m o s e n d in g J u n o 3 0 '21
*20
H a v a n a E le c R y ,
J u n o ’ 21
L ig h t & P o w o r C o
*20
6 m a s e n d in g J u n o 3 0 ’21
*20
H u d so n & M a n J u ly '31
b a tta n R y
’20
7 m o s e n d in g J u ly 31 '21
'2 0
L a k e S h o re E le c J u n e ’ 21
trie R y S y s te m
'2 0
6 m o s e n d in g J u n e 3 0 21
*20
M u n ic ip a l S e r v ic e J u n e ’ 21
C o & S u b sid ia rie s
’2 0
12 m o s e n d in g J u n e 3 0 ’ 21
’ 20
N ew Y ork D o c k
J u ly ’ 21
C om pany
’2 0
P 7 m o s e n d in g J u ly 31 ’ 21
xu
’20
N o r th e r n O h io
J u ly 2 1 ’
E le c tr ic C o r p
’2 0
7 „in o s e n d in g J u ly 31 ’ 21

|
Cross '1 Net after C 9Fixed
Charges.
Earnings.
Taxes.
$
$
$

Balance,
Surplus.

19,601
9 ,0 6 2
1 0,5 39
7 5 ,7 2 4
8 ,2 1 6
106
8 ,3 2 2
8 1 .7 4 0
1 0 5 .0 2 6
1 7 8 ,5 0 0
1 ,0 2 9 ,0 7 7
2 8 3 ,5 2 6
0 0 ,8 8 2
1 31 ,40 7
8 7 7 ,2 8 0
2 2 2 ,2 8 9
7 2 ,1 8 8
1 4 ,6 7 3
1 9 .0 3 7
4 ,3 6 4
1 3 ,6 5 8
2 5 .0 4 5
1 1,387
7 4 ,4 1 9
9 4 ,4 3 6
8 3 .2 5 8
1 1.177
3 7 1 ,2 4 0
3 6 2 ,2 5 4
1 0 7 ,4 7 0
8 1 .4 6 3
2 6 ,0 0 7
7 8 ,5 3 3
£ 2 9 ,1 3 6
£ 4 2 ,1 0 4
9 0 ,0 0 0
1 ,1 1 4 ,2 3 2
£520.271
3 3 7 .4 0 5
1 8 2 ,86 6
3 3 3 .7 7 8
1 ,0 6 1 .1 7 3
£491 ,2 85
1 5 7 .5 0 7
* 6 4 0 ,3 0 4
2 .4 4 7 .5 5 6
7 3 4 ,6 1 8
9 4 ,3 1 4
4 9 0 .0 5 4
* 5 8 4 ,6 5 5
2 .5 4 6 .6 1 2
— 9 4 .6 0 1
1 8 .2 2 1 ,3 7 9
5 ,9 7 5 ,6 3 2 * 4 ,3 5 6 .7 8 6
1 .6 1 8 .8 4 6
5 .1 3 3 .6 2 1 * 4 ,0 2 0 .2 8 1
1 7 ,5 5 0 ,9 9 0
1 ,1 1 3 ,3 4 0
1 ,0 6 1 ,6 4 6
3 6 6 ,3 3 9
2 0 1 ,1 4 1
1 6 5 ,1 9 8
2 0 4 ,3 5 4
169,487
3 4 ,8 6 7
1 .1 2 8 .4 6 2
8 ,1 9 7 ,0 0 0
3 ,2 4 8 ,8 1 4
1 ,3 3 2 ,2 5 3
1 ,91 6.56 1
1 ,1 7 0 ,3 5 2
1 ,1 9 9 ,9 9 8
7 ,9 3 4 ,3 5 6
2 ,3 7 0 ,3 5 0
£ 1 6 ,2 8 8
14,742
1 4 9 ,2 6 7
1,54 6
1 4 ,7 4 2
1 6 1 ,1 4 5
£ 2 5 ,2 3 7
1 0 ,4 9 5
1 ,0 5 4 ,4 4 3
£ 1 1 7 ,7 3 3
1 0 2 ,0 3 0
1 5,073
£ 1 5 9 ,2 3 5
1 0 1 .9 7 3
5 7 ,2 6 2
1 ,1 3 0 ,8 3 9
9 ,2 3 3
3 9 ,4 2 2
7,991
1 ,24 2
7 ,9 0 9
6 ,73 1
1.17 8
3 7 ,7 1 7
5 1 9 ,1 9 3
119,461
8 6 ,9 5 0
32,511
4 5,3 21
4 5 9 ,5 9 3
1 18,557
7 3 .2 3 6
6 ,7 8 2
6 8 ,6 3 8
2 2 ,1 6 2
1 5 ,3 8 0
7 6 ,7 8 2
15,183
8 ,7 1 7
2 3 ,9 0 0
3 9 8 ,4 5 6
1 8 2 ,1 0 5
1 ,1 8 1 ,0 2 5
2 1 6 ,3 5 1
3 8 2 ,8 5 1
1 7 8 ,6 2 4
2 0 4 ,2 2 7
1 ,0 1 5 ,9 0 6
3 6 9 ,4 7 0
1 05,913
5 5 ,9 5 9
4 9 ,9 5 4
5 6 ,2 6 2
3 4 7 ,7 3 5
1 0 0 ,1 1 2
4 3 ,8 5 0
3 3 2 ,5 6 5
7 5 0 ,0 2 0
4 1 7 ,4 5 5
2 ,4 3 1 .3 6 9
4 3 0 .4 6 5
2 .2 5 8 ,2 8 8
3 3 3 .2 5 4
7 6 3 ,7 1 9
— 1 5,3 23
4 0 ,3 6 8
1 2 9 ,5 7 3
2 5 ,0 4 5
1 4 ,7 5 5
1 32 ,68 7
5 2 ,9 9 7
3 8 ,2 4 2
2 7 ,6 3 9
8 4 0 ,8 8 9
2 7 0 ,3 0 4
2 4 2 ,6 6 5
1 4 2 ,6 1 5
8 2 8 ,1 4 4
3 7 2 ,8 3 5
2 3 0 ,2 2 0
2 1 0 ,4 3 8
1 ,0 6 2 ,2 8 6
£ 4 9 0 ,9 3 4
2 8 0 ,4 9 6
2 4 2 ,0 5 5
2 6 6 .0 4
9 7 0 ,5 6 5
* 5 0 8 .1 0 4
1 ,6 3 0 ,6 2 9
1 ,2 4 2 .0 2 8
6 ,4 0 4 ,0 1 6 £ 2 ,8 7 2 ,6 5 7
1 ,4 0 8 ,2 6
1 ,4 5 8 ,8 8 7
5 ,5 5 7 ,9 4 1 £ 2 ,8 6 7 ,1 4 8
3 3 6 .2 8 7
*1 3 .2 4 5
3 4 9 ,5 3 2
8 2 / ,907
7 7 5 ,7 5 4
3 3 9 ,6 1 4
* 9 ,6 3 6
3 4 9 .2 5 0
2 ,3 9 3 ,4 8 9
2 ,4 8 4 ,9 3 4
* 9 1 ,4 4 5
6 .0 4 3 .9 4 3
2 ,3 8 9 .5 3 9 * — 4 9 1 ,2 5 6
1 ,8 9 1 .2 8 3
5 ,0 2 S .9 "0
661
2 1 3 .1 4 9
3 6 ,0 2 7
3 5 ,3 6 6
3 5 ,2 6 3
3 8 ,6 5 3
2 8 9 ,3 5 1
7 3 ,9 1 6
2 1 0 ,7 2 5
— 4 3 ,0 0 4
1 67,721
1 .2 5 0 .0 3 5
2 1 1 .1 7 7
1 ,5 8 3 ,4 2 4
3 7 0 ,4 5 7
1 5 9 .2 8 0
1 0 .6 2 2
5 0 .1 2 2
1 97.838
6 0 ,7 4 4
9 ,6 0 2
1 8,5 42
1 89,971
2 8 ,1 4 4
1 2 9 .5 6 3
5 9 7 ,6 8 9
2 ,6 2 5 ,4 2 9
7 2 7 ,2 5 2
2 ,2 1 7 ,9 1 0
6 12 ,17 1
1 1 4 ,3 2 0
4 9 7 ,8 5 1
7 9 ,9 9 4
1 2 4 ,2 8 7
4 3 2 ,3 1 8
5 2 0 4 ,2 8 1
8 6 .8 9 8
4 8 9 ,5 7 6
5 1 8 0 .7 9 9
9 3,901
6 0 8 ,4 7 2
3 ,4 9 8 ,5 3 3 5 1 ,4 6 1 ,7 1 9
8 5 3 .2 4 7
6 5 3 ,8 8 0
5 0 9 ,3 9 3
3 ,2 2 4 ,4 3 1 5 1 ,1 6 3 ,2 7 3
2 1 ,2 7 2
7 0 4 .1 0 7
1 6 4 ,1 3 6
* 1 4 2 ,8 6 4
9 0 3 .0 2 8
1 6 5 .9 2 2
2 4 ,7 5 7
* 1 4 1 ,1 6 5
1 1 7 ,0 0 8
5 .1 1 5 ,9 3 7
1 ,1 5 8 .5 2 0 * 1 ,0 4 1 ,5 1 2
6 ,5 6 2 ,2 3 9
1 ,6 8 0 ,5 7 8
7 4 7 ,2 7 7
*9 3 3 .3 0 1
P enn C ent L & P
J u n o ’ 21
4 2 ,1 1 6
1 8 3 ,4 1 4
7 1 ,3 6 0
2 9 ,2 4 4
C o & S u b sid ia rie s
’2 0
1 5 9 ,7 2 9
2 1 ,0 8 5
4 8 ,3 7 3
2 7 ,2 8 8
12 m o s e n d in g J u n e 3 0 *21 2 ,4 2 1 ,5 3 8
4 5 9 ,9 7 7
8 0 0 ,8 9 7
3 4 0 ,9 2 0
3 9 4 ,8 6 4
’ 20 2 ,0 5 1 .4 5 8
7 4 6 ,7 8 8
3 5 1 ,9 2 4
P h ila d e lp h ia &
J u ly ’21
71,651
3 3 ,2 1 8
1 8 ,0 1 8
1 5 ,2 0 0
W estern R y
’20
7 2 ,4 3 5
1 3 ,2 9 6
2 7 ,9 8 0
1 4 ,6 8 4
i m o s e n d in g J u ly 31 ’ 21
4 6 1 ,8 3 2
5 9 ,3 2 6
1 7 0 ,2 7 2
1 10 ,94 6
4 3 3 ,9 1 2
1 0 2 ,8 2 4
7 6,1 21
1 7 8 ,9 4 5
R e p u b lic R a ilw a y
J u ly ’ 21
5 4 7 ,8 7 3
1 6 0 ,4 9 0
— 2 ,4 6 0
£ 1 5 8 ,0 3 0
& L ig h t C o
'20
— 1 2 ,0 1 2
7 3 2 ,2 4 6
* 1 1 1 ,1 3 3
1 2 3 ,1 4 5
12 m o s e n d in g J u ly 31 ’ 21 8 ,0 9 2 .7 7 4 £ 2 ,0 8 4 ,4 3 1
1 ,8 1 4 ,2 0 1
2 7 0 ,2 3 0
5 6 3 ,5 2 6
’ 20 7 ,4 8 0 .8 8 1 * 1 ,9 8 3 ,8 4 8
1 ,4 2 0 ,3 2 2
U ta h P o w e r &
J u l y ’ 21
5 1 9 ,2 2 7
1 0 1 ,3 2 1
£ 2 4 4,5 4 1
1 4 3 ,2 2 0
L ig h t C o
’20
5 1 2 ,6 0 3
£ 2 3 2 ,3 3 5
9 1 ,7 3 5
1 4 0 ,6 0 0
12 m o s e n d in g J u ly 31 ’ 21 6 ,8 7 7 .5 3 0 £ 3 ,3 9 8 ,7 7 4
1 ,7 2 4 ,7 9 4
1 .6 7 3 ,9 8 0
’ 20 6 ,2 1 3 ,7 9 7 £ 3 ,0 0 8 ,8 5 4
1 ,3 4 5 ,0 6 5
1 ,6 6 3 ,7 8 9
x A ft e r a llo w in g fo r o th e r in c o m e r e c e iv e d , b B e fo r e d e d u c t in g ta x e s .
fc A ft e r fu ll in te re s t o n a d ju s tm e n t in c o m e 5% b o n d s a m o u n tin g to $ 1 3 7 ,-

925 oe^ m o n th .

♦ F ix e d ch a rg e s in c lu d e in te re s t a n d d iv id e n d s o n o u ts ta n d in g p re fe rr e d
s to c k s o f c o n s titu e n t c o m p a n ie s .

FINANCIAL REPORTS.
Annual, &c., Reports.— The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since July 30.
This index, which is given monthly, does n o t include
reports in to-day’s “ Chronicle.”
Full-face figures indicate reports published at length.
Steam Roads—
Page.
Baltimore & Ohio R R ______________ 530
Chicago & Eastern Illinois R R ______ 842
Delaware Lack. & Western R R _____ 729
Grd. Trk. Ry.-Grd. Trk. Pac. Ry_^727
Great Northern R y____________623, 636
Gulf Mobile & Northern R R ________ 623
Intemat. Rys. of Central America..727
Long Island R R ...................
525
Missouri Kansas & Texas Lines_____624
St. Louis Southwestern R y _________ 523
Ulster & Delaware R R _____________ 728
Western Pacific R R __________ 526, 842
West Jersey & Seashore R R _______ .733
Youngstown & Ohio River R R ______ 629
Electric Roads—
American Light & Traction Co_____ .624
Brooklyn City R R .................
843
847
Des Moines City Ry___...........
Detroit United R y__________________532
Eastern Massachusetts Street R y____532
International Ry., Buffalo, N. Y ____628
Northern Ohio Electric Corp________ 533
Portland Ry., Light & Power C o____526

Electric Roids (Concluded)—
Page,
San Francisco-Oaidand Terminal Rys.535
Texas Electric R y ........ ............
.844
Miscellaneous Companies—
Adirondack Power & Light Co_____ 845
Air Reduction C o_________
630
Alils-Chalmers Mfg. Co____________ 734
American Bank Note C o____________537
American Hide & Leather C o_______ 630
American Locomotive Co___________ 728
American Telephone & Telegraph C o .537
Arkansas Light & Power C o________ 852
Atlantic Gulf & West'Indies SS. Lines.728
Barnet Leather Co_________________ 53S
Barnsdall Corporation______________ 627
Bridgeport Hydraulic C o___________ 630
Brompton Pulp & Paper Co., Ltd__ 53S
Brooklyn Edison Co______ ________ 538
California Petroleum Corporation__ 853
Canadian Locomotive Co___________ 853
Central Loather Co...............
538
Certaiu-t.eed Products Corp_________ 853
Charcoal Iron Co. of America_______ 734

[ V o l . 113

Miscellaneous Cos. (Continued)— P
age. MIseeUaneous Companies (Concl.) Pave.
Cities Service C o___________________539 Ontario Steel Products Co. _ . __
542
Cleveland Electric Illuminating Co 539 Owens Bottle Co
________542
Coca-Cola C o. .
539 Pacific Gas & Electric Co
_____ 737
Detroit Edison Co
528, 539 Pacific Oil Go.
737
Eagle Oil Transport Co., Ltd
540 Panhandle Producing & Refilling Co_737
.
East Bay Water Co
540 Pathe Exchange, Inc
857
Eastern Steamship Lines, Inc .
540 (J. C.) Penney Co
___
633
• inpii ( *ia a Fuel ( \>
.
____
Pennock Oil C o .___
857
_ 857
Eudlcott Johnson t ’orp
728 Phillips Jones Corporation
English Sewing Cotton Co , Ltd
834 Pierce Arrow Motor Car Co
.542
(Wm ) Farrell & Son, Inc
540 Pillsbury Washburn Flour Mills Co.,
Eisk Rubber Go. Federal Rubber Go 626
Ltd
Ford Motor Co
540 Potomac Light < Power Go .
fe
542
Hi. H.) Franklin Mfg, Go.
626 Procter & Gamble Co.
845
Freeport Texas Go.
854 Rand Mines, Ltd.
643
General Cigar Co
_
_854 Royal Dutch Co
528
General Motors Corporation
540, 844 Salt Greek Consolidated Oil Co______ 543
General Necessities Corp.
735 Sharon Steel Hoop Co. ____________ 543
Great Northern iron Ore Properties 527 Shattuck Arizona Copper C o____ ___ 737
Great Western Power Co.
_
735 Skelly Oil Co
868
Hercules Powder Co __
845 Southern California Edison Co______633
Internal. Mercantile Marine Co
625 Standard Sanitary Mfg. Co--------------858
Intemat. Motor Truck Corp
736 Steel & Tube Co. of America________ 738
Intemat. Nickel Co ___
632, 736 Stewart Warner Speedometer C orp ..868
I Si u u l ( IV, I < ,) d (
54 I Studobaker Corporation.
_
_
626
Loft Incorporated_________________ 855 Tidal Osage Oil C o ___ _____
634
Mercer Moiors C o
_626 Transcontinental Oil Co_______
634
Middle Wost Utilities Co. _
.736 Union Natural Gas Corp...... ..............728
Midvale Steel & Ordnance Co.
633 United Fuel Gas C o— ___________ 738
Montana Power Co________________ 542 United Gas & Electric Corp________ 635
736 United Gas & Fuel C o_____________ 544
National Acme C o____
845
Nalomas Co,....... .............
846 United Paperboard C o ...............
New Jersey Worsted Spinning Co
.856 United States Steel Corporation___..526
New Jersey Zinc C o_____________
633 Utah Securities Corporation________ 739
New York Dock C o________________ 542 Virglnla-Carollnn Chemical Co______ 625
N. Y. & Honduras Rosario Min. C o .542 Virginia Iron, Coal & Coke C o______636
Niagara Falls Power Co___ _______542 Wabasso Cotton C o________________ 739
Ohio Fuel Supply C o ..............
633 Welch Grape Juice C o ___
.544

Algoma Steel Corporation, Ltd.
30*1921).
This company, whose operations are discussed above,
under caption “ Lake Superior Corporation,” reports:
{R ep o rt f o r F is c a l Y e a r E n d e d J u n e

IN C O M E A PROFIT & LOSS A C C O U N T FOR Y E A R S E N D IN G J U N E 3 0 .
1 92 0-21 .
1 9 1 9 -2 0 .
1 91 8-19 .
1 9 1 7 -^ 8 .
N e t ea rn in g s fr o m o p e r a t io n s $ l ,0 6 5 ,9 0 6 $ 3 ,1 4 7 ,6 9 5 $ 5 ,0 3 5 ,0 3 2 $ 6 ,0 0 1 ,8 9 2
D iv id e n d (su b sid ia ry c o s .) _ _
1 9 0 ,0 0 0
5 0 0 ,0 0 0
__________
4 5 ,0 0 0
T o t a l n ot in c o m e ___________ $ 1 ,2 5 5 ,9 0 6 $ 3 ,6 4 7 ,6 9 5 $ 5 ,0 3 5 ,0 3 2 $ 6 ,0 4 6 ,8 9 2
1 ,0 5 8 ,0 5 2
I n t . c h r g s .,le ss in t .o n in v .& c . 1 ,2 4 9 ,9 4 4
9 6 5 ,1 9 6
1 ,0 5 6 ,5 1 1
S k g . fu n d , & c ., H elen & M a g 
1 1 2 ,0 3 0
2 2 5 ,0 0 0
p ie M in in g p r o p e r t y _______ __________
E x p s . in c u rr e d in c o n s tr u e .& c __________
5 2 5 .0 0 0 2 ,2 6 6 ,9 6 2
2 0 ,8 6 9
S teel H ill F a lls p o w e r p la n t,
d e p r . & c ____________________
__________
5 2 ,4 5 2
I n c o m e t a x _____________________ x5 22 ,2 51
" ¥ 3 5 .7 4 6
In v e n to r ie s w r itte n d o w n ___ 1 ,1 1 7 ,0 7 2
1,500,666 1 ,5 0 0 ,0 0 0
F o r g e n e ra l d e p r e c ia t io n ____
5 0 0 ,0 0 0
D iv id e n d o n p r e f. s t o c k fo r
7 0 0 .0 0 0
1 ,0 5 0 ,0 0 0
1 7 5 ,0 0 0
1 9 1 5 -1 9 1 6 ........ .......................... ..................
R a t e ______________ ______ ______ __________
(7)
(103^ )
( I K)

100.000

100,000

f,000‘666

B a l., s u r p lu s ,fo r y r ______d e f $ 2 ,133,361 $ 1 ,3 5 9 ,5 6 9
A d d b a l. a t cr e d it o f p . & loss
a c c t , b r o u g h t fo r w a r d ____ 2 ,7 9 3 ,4 4 4
1 ,4 3 3 ,8 7 5

$ 6 6 9 ,8 3 7
7 6 4 ,0 3 9

$ 2 5 7 ,3 9 6
5 0 6 ,6 4 3

B a l. ca rr ie d fo r w a r d _______ $ 6 6 0 ,0 8 3 $ 2 ,7 9 3 ,4 4 4 $ 1 ,4 3 3 ,8 7 6
$ 7 6 4 ,0 3 9
x F o r y e a rs 1918, 1919 a n d 1 92 0.
z P a id fo r y e a r e n d e d J u n e 3 0 1917.
y In c lu d e s in terest o n P u rch a se M t g e . 5 % b o n d s , $ 2 9 0 ,0 0 0 ; o n F irst
& R e f. M t g e . 5 s, $ 7 8 2 ,3 3 8 ; o n C it y o f S a u lt S te . M a r ie d e b e n tu re s , $ 6 ,8 0 0 ;
o n a d v a n c e s , & c ., $ 1 7 9 ,0 0 3 .

B A L A N C E SH EET J U N E 3 0 .

A ssets
.

1921.

$

1920.

$

Property . . . ______ 41,100,082 40,873,490
M oneys invest, in
subsid. & other
co m p a n ie s_____ 1,413,154 1,463,154
Funds in trustees'
h a n d s ................
1,169
13,905
Products on h an d .
556,069
624,047
M aterial and sup
plies ___________ 6,328,259 6,683,716
Tem porary invest- _________
46,850
M iscellaneous _ _
67,797
86,745
Advance payments
on ore, & c______
37,190
61,074
Sundry d e b to r s.__ 3,932,006 3,907,946
C a sh _____________
198,942 2,161,245
Suspense accounts
77,966
105,001

1921.
1920.
S
S
C ap. stock, c o m .. 15.000.000 15.000. 000
Pref. 7% cumuLylO.OOO.OOO 10. 000 . 000
Purch. m oney 5%
bonds _________ 5,800,000 5,800,000
1st & R ef. M . 5%
gold b on d s____zl5 ,6 22 ,40 7 15,677,400
D eb . bonds of city
143,129
of S. S. M a r ie ..
132,829
A d v . from L . Sup.
975.000
C o r p . . .............. 3,040.000
A ccts. payable. __ 1,664,151 3,401,748
175.000
Pref. dividend____ _________
221,283
Accrued in t. on bds
220,496
34,567
Suspense accou n t.
78,376
Reserve for depre
ciation, & c_____ 1,494,292 1,805,603
P rofit & loss, surpl
660,0S3 2,793,444

Liabilities—

T otal . . . ______53.712.635 56,027,175
T o t a l __________ 53,712,635 56.027,175
y D iv id e n d s in a rrears fr o m M a r . 3 0 1 91 6.
z F irst & R e fu n d in g M o r t 
g a g e 5% g o ld b o n d s , a u th o r iz e d issu e, $ 3 0 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 2 1 ,5 2 9 ,291 less p le d g e d as s e c u r ity f o r c i t y d e b s ., $ 5 ,4 0 0 ,6 5 8 a n d b o n d s h e ld in
sin k in g fu n d , $ 5 0 6 ,2 2 7 .
V . 112 p . 2 5 3 9 .

The Lake Superior Corporation.
(17 th A n n u a l R ep o rt— Y e a r en d ed J u n e 30 1921)
President Wilfred H . Cunningham (of Philadelphia)
Sault Ste. Marie, O nt., Aug. 1921, wrote in substance:
Results.— T h e n et e a rn in g s fr o m o p e r a tio n s o f s u b s id ia r y c o m 
p a n ie s o f T h e L a k e S u p erior C o r p ., e x c l. T h e A lg o m a C e n tra l
& H u d s o n B a y R y . C o ., fo r th e y e a r w e r e -----------------------------------$ 1 ,5 4 1 ,2 9 3
T o w h ich s h o u ld b e a d d e d b a la n ce b r o u g h t fo r w a r d fr o m p re v io u s
y e a r ___________________________________________________________________ 2 ,5 9 2 .2 3 8
$ 4 ,1 3 3 ,5 3 1

From Which Has Bern Deducted—
D iv id e n d s a n d in te re s t on b o n d s o f s u b s id ia r y c o m p a n ie s , on
b a n k a n d o th e r a d v a n c e s , a n d ren ta ls (less in te re st ea rn ed
o n b a n k b a la n ce s a n d in v e s t m e n t s )--------------------------------------------S I .4 91 ,24 7
A m o u n t s e t a sid e fo r d e p le tio n a n d d e p r e c ia tio n o f m in in g
p r o p e r tie s a n d q u a rrie s , & c --------------------------------------------------------9 8,131
G en e ra l d e p r e c ia tio n -----------------------------5 0 0 ,0 0 0
I n c o m e t a x ___________________________________________________________
5 2 2 ,2 5 1
V a lu e s o f in v e n to rie s w r itt e n d o w n , & c ___________________________ 1.117,087
L e a v in g t o b e ca rrie d fo r w a r d b y a ll c o m p a n ie s ------------—
$404 .SIS
Algoma Steel Corp., Ltd.— T h e to n n a g e as co m p a r e d w ith th e p r e c e d in g
y e a r is a s fo llo w s (S ee a lso se p a ra te re p o r t b e lo w ):
1 91 9-20 . 1 9 2 0 -2 1 .
1 9 1 9 -2 0 . 1 92 0-21 .
C o a l i m p o r t e d _____ 6 4 2 ,6 8 0 8 4 1 ,9 8 3 P ig ir o n p r o d u c e d - 2 9 9 ,8 9 2 3 6 2 .8 0 5
p ro
O re i m p o r t e d .-5 2 5 ,7 0 8 4 2 0 ,8 3 0 S teel in g o ts
d u c e d . . - ....... ..... 3 1 4 ,3 5 8 3 2 7 ,9 0 6
L im e s to n e p r o d u e ’ d 2 4 2 ,4 1 4
2 3 5 ,3 9 9
2 5 5 .2 0 9
C o k e p r o d u c e d _____ 4 1 1 .1 2 5 4 29 ,04 1 S teel p r o d u c t s ___ 2 43,737
O p e ra tio n o f th e ste e l p lan t fo r t h e fis c a l y e a r, w h ile g r a tify in g in to n n a g e
o u t p u t , s h o w s a m a rk e d d e clin e in e a rn in g s d u e w h o lly t o c o n d it io n s that
c o u ld n o t b e s u r m o u n te d n or fo re s e e n . A h e a v y to n n a g e In rails was b o o k e d
la te in 1919 fo r d e liv e r y in 1920.
W h e n th o se o rd ers w ere b o o k e d th e ra te o f e x c h a n g e b e tw e e n th e U n ited
S ta tes a n d C a n a d a w a s 4 % a n d it in cre a se d t o as h ig h as 1 9 4 d u r in g the
'o
tim e ra w m a te ria ls w ere b e in g im p o r te d t o c o m p le te th ose o rd ers
S trik es
a n d ca r s h o r ta g e p r e v e n te d th e p r o d u c t io n a n d sh ip m en t o f s u ffic ie n t coa l
fr o m o u r o w n m in es a n d c o m p e lle d large p u rch a ses in th e o p e n m a rk e t ai
th e th e n p re v a ilin g e x c e s s iv e ly h ig h p rice s .
T h e s e tw o co n d it io n s a n d tt\e
g en era l in cre a se in fre ig h t ra tes m a terially in crea sed th e co st o f o p e ra tio n

A ug.

27 1921.1

THE

Cl IKON I OLE

E a rly in 1920 in d ica tio n s p r o m is e d a h e a v y iron a n d steel d e m a n d for
w in te r d e liv e r y . T o n n a g e w as b e in g b o o k e d a t s a tis fa c to r y p rices, bused
o n h ig h er p re v a ilin g c o s ts o f raw m a te ria ls. T h e Im p o rta tio n o f the
re q u ired w in ter s u p p ly o f co a l a n d o re w as n e ce ssa ry to m o o t th e a n tic ip a te d
b u sin ess. T o w a r d the en d o f th e yea r a c h a n g e d b u sin ess s itu a tio n o cc u rr e d
a n d a la rg o to n n a g e o f iron a n d steel b o o k e d fo r w in ter d e liv e r y w a s can
coled o r su sp e n d e d , o is in g t o th e In a b ility o f o u r cu s to m e r s to a c c e p t sh ip
m e a t s , th e r e b y fo r c in g a p a rtia l s u sp e n sio n o f th e p la n t a g g r e g a tin g 74
d a y s in th e s e c o n d h a lf o f th e cu r re n t fisca l y e a r, w h ich ca u se d h e a v y
ch a rg es a g a in st o p e ra tio n fo r th a t p e r io d .
T o secu re new bu sin ess in th e s e co n d h a lf o f th e y ea r it b e ca m e n e ce ssa ry
t o re d u ce p rice s a n d w agos a n d ra w m a te ria l w as w r itte n d o w n t o re p la c e 
m en t co st.
T h e o rd ers o n h a n d J u n e 3 0 en su re fu ll o p e ra tio n o f th e rail m ill to th e
e n d o f A u g u s t a n d o f th e fu r n a c e s a n d m e r ch a n t m ill t o t h e o n d o f S e p t.
1921. N e g o tia tio n s are n o w p o n d in g fo r a s a tis fa c to r y to n n a g e fo r w in ter
o p e ra tio n s . T h e d ir e cto r s b e lie v e w o a re on th e e v e o f im p r o v in g c o n d i
tio n s in th e iron a n d steel tr a d e a n d th a t th e present^ fisca l y e a r m a y b e
e x p e c t e d t o s h o w e n co u r a g in g im p r o v e m e n t.
N o n ew co n s tr u c tio n w as u n d e rta k e n d u r in g th e y o a r a n d re p a ir w o r k w as
c u t t o th e m in im u m c o n s is te n t w ith sa fe o p e r a tio n .
Y o u r d ire cto rs a u th o r iz e d th e c lo s in g o f th e M a g p ie M in e on M a r c h 9
1921. T h e ore in s t o c k p ilo a t th e m in o is a t p re se n t b e in g m o v e d t o the
S o o o v o r th e A lg o m a C e n tra l R y .
Cannelton Coal <fc Coke Co .— P r o d u c tio n fo r th e y o a r w a s 4 7 4 ,8 4 8 ton s
as co m p a r e d w ith 6 3 0 ,7 9 2 to n s fo r th e p r e v io u s y e a r.
T h e u n p r e c e d e n te d
la c k o f d e m a n d fo r co a l s e r io u s ly c u r ta ile d p r o d u c tio n th r o u g h o u t the w in ter
m o n th s .
P ro sp e cts are b rig h te r fo r this c o m in g w in te r se a so n .
Lake Supcior Coal Co . — P r o d u c tio n w as 2 3 5 ,9 3 3 to n s as c o m p a r e d w ith
2 2 2 ,7 9 9 to n s fo r th e p r e v io u s y e a r . L a c k o f n ew d e m a n d , to g e th e r w ith
ca n ce lla tio n s an d su sp e n sio n s o f o rd ers o il h a n d , r e d u ce d th e o u tp u t d u r in g
th e w in ter m o n th s .
A b e tto r d e m a n d d u r in g th e c o m in g w in te r seem s
a ssu re d as c o n s u m e rs ’ s t o c k s are u n u su a lly lo w .
Algoma Eastern Ry. Co .— T h e a c c o u n ts s u b m itte d s h o w a n e t d e fic it
fo r th e y e a r o f 8 4 9 ,1 1 3 a fte r p a y m e n t o f b o n d in te re st a n d all o th e r ch a rg e s,
a n d a fte r m a k in g a m p le p r o v is io n fo r m a in te n a n c e a n d d e p r e c ia tio n
as
c o m p a r e d w ith a p r o fit fo r th e p r e v io u s y e a r o f $ 1 1 ,6 2 8 . T h e d ra stic
c u r ta ilm e n t o f o p e ra tio n s b y th e n ick el co m p a n ie s is re s p o n sib le fo r th o
d e cre a se in re v e n u e , th e to n n a g e h a u le d s h o w in g a r e d u c t io n o f 7 0 0 ,0 0 0 to n s.
Algoma Central
Hudson Bay Ry .— T h e y e a r ’ s o p e r a tio n s resu lted in jo in t
n e t ea rn in g s, b e fo r e b o n d In terest o f $ 1 9 7 ,2 3 1 as a g a in st a d e fic it fo r la st
fisca l y e a r o f $ 1 6 9 ,0 7 1 .
N o Interest on -Income Bonds.— R e s u lts fo r th e fis c a l y e a r , t o g e t h e r w ith
th e fin a n cia l re q u ire m e n ts o f th e S teel C o r p o r a tio n a n d o th e r s u b s id ia r y
co m p a n ie s , p r o h ib it th e p a y m e n t o f in te re s t o n th e in c o m e b o n d s .

IN C O M E A C C O U N T FOR TH E

Y EAR S E N D IN G

1 9 2 0 -2 1 .
I n t . & d i r . o n s e cu ritie s o f
s u b s id ia ry c o m p a n ie s _
O th e r in c o m e ____________

1 9 1 9 -2 0 .

JU N E 30.

1 91 8-19

1 9 1 7 -1 8 .

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

$ 4 7 0 ,0 0 0
8 5 ,3 8 9

$ 1 ,3 4 4 ,0 0 0
4 9 ,7 5 8

$ 9 9 5 ,0 0 0
5 3 ,7 5 9

T o t a l _______________
$ 3 9 2 ,8 1 5
I n t . o n F irst M t g e . b o n d s5 2 6 3 ,9 0 0
1 6 5 ,8 6 4

$ 5 5 5 ,3 8 9
2 6 3 ,8 8 3
1 22,582

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

$ 1 ,0 4 8 ,7 5 9
2 6 4 ,7 0 0
8 1 ,7 8 5

d e f$ 3 6 ,9 4 9
9 5 8 ,6 3 5

$ 1 6 8 ,9 2 4
9 4 1 ,1 0 7

$ 1 ,0 5 3 ,4 8 6
5 7 ,6 2 1

$ 7 0 2 ,2 7 3
4 ,5 4 0

$ 1 ,1 1 0 ,0 3 1

$ 1 ,1 1 1 ,1 0 7
5 0 0 ,0 0 0
1 5 0 ,0 0 0
2 0 ,0 0 0

$ 7 0 6 ,8 1 3
1 5 0 ,0 0 0
1 5 0 ,0 0 0
3 4 9 ,1 9 3

$ 4 4 1 ,1 0 7

$ 5 7 ,6 2 0

B a la n c e , p r e c e d in g y e a r s .

.

$ 9 2 1 ,6 8 6

R e s . fo r d e p r . o f in v e s t’ t .
I n t . o n in c o m e b d s . ( 5 % )
L o ss, S t. M a r y ’s T r a c tio n
A d j u s t m e n t s ______________

1 3 8 ,6 5 0
1 2,7 45

T o t a l su rp lu s as p e r b a l
a n ce s h e e t ____________ $ 9 2 1 ,6 8 6

OPER

$ 9 5 8 ,6 3 5

TIONS OF S U B S ID IA R Y COS. FOR YEAR S E N D IN G J U N E 3 0 .

[E x clu d in g th e ea rn in g s o f th e A lg o m a C e n tr a l & H u d s o n B a y R y .]
1 9 2 0 -2 1 .
1 9 1 8 -1 9 .
1 9 1 9 -2 0 .
N e t ea rn in g s fr o m o p e r. o f a ll s u b . c o s .
s u b je c t t o d e p r e c . & o th e r c h a r g e s ..$ 1 ,5 4 1 ,2 9 3
$ 5 ,4 4 1 ,5 7 5
$ 3 ,7 2 2 ,1 5 3
Deduct Chgs., Dies., c%c., Paid by Sub. Cos.—
In t. on b on d s o f su b . cos. an d on ban k
$ 1 ,2 3 5 ,7 1 0
a n d o th e r a d v a n ce s , d iv id e n d s , & C ..S 1 ,4 8 6 ,2 4 7
$ 1 ,3 1 5 ,5 2 3
1 .0 5 4 .0 0 0
D iv id e n d p a id to L a k e S u p e rio r C o r p _ _
5 ,0 0 0
1 8 0 ,0 0 0
R e s e r v e fo r d e p r e cia tio n , ren ew a ls, & e .
4 ,0 9 0
1 .5 0 0 .0 0 0
1 ,0 2 4 ,9 6 5
R e s . a g s t. a b n o r m a l c o s t o f n e w p l a n t .
_______
3 6 5 .0 0 0
D e p le t io n a n d d e p r e c ia tio n ____________
9 4,0 41
8 8 ,8 9 8
2 6 0 .0 0 0
O th e r d e d u c t io n s ________________________
_______
3 2 4 ,4 6 3
.$ 1 ,5 8 9 ,3 7 8
_ d e f4 8 ,0 8 5
. 2 ,5 9 2 ,2 3 8

$ 2 ,6 0 9 ,3 8 6
1 ,1 1 2 ,7 6 7
1 ,5 8 9 ,3 8 8

$ 4 ,7 3 9 ,1 7 3
7 0 2 ,4 0 2
6 6 8 ,2 9 3

.$ 2 ,5 4 4 ,1 5 3
_ 2 ,1 3 9 ,3 3 9

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

$ 1 ,3 7 0 ,6 9 5
Cr .2 1 8 ,6 9 5

$ 2 ,5 9 2 ,2 3 7

$ 1 ,5 8 9 ,3 9 0

B a la n c e ca rrie d fo r w a r d ______________

$ 4 0 4 ,8 1 3

IN C O M E OF S U B S ID IA R Y COS. ( E X C L . ALGO M A CEN TRAL &
H U D S O N B A Y R Y . CO.)— Y EAR E N D E D J U N E 3 0 1920
Net Earn. Net Earn.
Interest & Deprec'n, Net Income
Yr. ’ 1 9 -2 0 . Yr. ’ 2 0 -2 1 .
Rentals.
for Year.
&c.

A lg o m a E a s t .I iy . $ 2 4 7 ,0 9 8
B r it-A m e r . E x p .
3 ,7 2 7
A lg . S teel C o r p . a 3 ,1 4 7 ,6 9 5
F ib o r n L im eston e
6 ,3 8 6
C a n n e lto n C . & C
186,961
L a k e S u p er. C o a l
125,721
S . S . M a r ie T r a c .
4 ,5 6 5

$ 1 6 7 ,2 5 9
3 .0 1 2
1 ,0 6 5 ,9 0 6
d e f5 ,4 7 1
1 9 1 ,0 2 0
1 26,503
d e f6 ,9 3 5

$ 2 1 6 ,3 7 2
Cr. 123
1 ,2 4 9 ,9 4 4

C r .251

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

d e f$ 4 9 ,1 1 3
3 ,1 3 5
5 ,9 6 2
d e fl9 ,7 8 7
1 7 , ’ 68
1 0 0 ,3 2 4
d e fl 0 ,7 7 5

T o t a l 1 9 2 0 -2 1 . . . . ______$ 1 ,5 4 1 ,2 9 3 $ 1 ,4 8 6 ,2 4 7
T o t a l 1 9 1 9 -2 0 -----$ 3 ,7 2 2 ,1 5 3
__________
1 ,3 1 5 ,5 2 3

$ 9 8 ,1 3 1
1 ,1 1 3 ,8 6 3

$ 1 4 6 ,9 1 5
1 ,7 9 2 ,7 6 7

” 2 1 ,2 6 6

Cr .2 .9 6 0

Net Income Net Tot.Sur.
Year. InclPrevSicrp.
A lg o m a E astern R y ______d e f$ 4 9 ,1 1 3 d e f$ 3 2 1 ,9 2 7
B n tis h -A m e r ic a n E x p re ss
3 ,1 3 5
5 ,0 2 0
A lg o m a S teel C o r p . a ____
5 ,9 6 2
*6 6 0 ,0 8 3
5,901
F ib o r n L im e sto n e C o ____ d e fl 9 ,7 8 7
C a n n e lto n C o a l & C o k e . .
1 1 7 ,1 6 8
1 5 7 ,7 9 0
L a k e S u p erior C o a l _______
1 00 ,32 4
1 0 2 ,1 9 0
S a u lt S te . M a rie T r a c tio n d e fl0 ,7 7 5
d e f9 ,2 4 4

Dividends
Payable.

b§m
clOO.OOO
c 9 0 ,0 0 0

Total
Surplus.
d e f $ 3 2 1 ,9 3 7

20
6 6 0 ,0 8 3
5,901
5 7 ,7 9 0
1 2 ,1 9 0
d e f 9 ,2 4 4

T o t a l 1 9 2 0 -2 1 ................. $ 1 4 6 ,9 1 5
$ 5 9 9 ,8 1 3
$ 1 9 5 ,0 0 0
$ 4 0 4 ,8 1 3
T o t a l 1 9 1 9 -2 0 ____ _______ $ 1 ,7 9 2 ,7 6 7
$ 1 ,4 7 9 ,4 7 0
$ 6 8 0 ,0 0 0 $ 2 ,5 9 2 ,2 3 8
* A ft e r d e d u c tin g in c o m e ta x 1918, 1919 a n d 1 92 0, $ 5 2 2 ,2 5 1 ; g en eral
d e p r e cia tio n , $ 5 0 0 ,0 0 0 ; a d ju s tm e n t o f in v e n to r y v a lu e s, $ 1 ,1 1 7 ,0 7 2
a In clu d e s $ 1 9 0 ,0 0 0 d iv id e n d s fr o m o th e r s u b s id ia ry c o m p a n ie s ,
b To
L a k e S u p erior C o r jm r a tio n . c T o A lg o m a S teel C o r p o r a tio n .
B A L A N C E SH EET J U N E 3 0 .
1921.
1920.
1921.
1920.
A sm s$
§
Liabilities—
S
S
Invest’ ta & secure.40,898,928 46,878.902 Capital stock ____ 40,000,000 40,000,000
Real estate, & c_ _ _
308,481/
311,989 First mtge. bonds 5,278,000 5,278,000
D ue by sub. c o s . . 1,750,877 1,450,286 Income bonds____ 2,773,000 2,773,000
Proc. of sale of lnv.
572
572 Accounts payable.
90,985
140,205
94,156
351,832 Accrued Interest. _
Cash.........................
21,992
21.992
Mineral lands____
48,844
48,828 Coupons unpaid.
180,613
36,363
M iscellaneous____
4,187
16,800 Suspense account.
2,047
Accrued Interest,
25,876
27,103 Profit and loss .
958,635
921,686
Cash for unpaid In
terest COtl pons. _
36,363
41,963
D J v.rec'd su b . cos.
5,000
180,000
Total .
___ 49,173,292 49.303,224
Total
49,178.292 49.303.224
T h e c o m p a n y h ad fas o f J u n e 3 0 1921) co n tin g e n t lia b ilitie s ori Its g u a r
a n ty o f p rin cip a l a n d in te re s t o f $ 1 0 ,0 8 0 ,0 0 0 b o n d s o f A lg o m a C e n tra l &
H u d son B a y ic y ., * $ 2 ,5 0 0 ,0 0 0 A lg o m a E a ste rn R y ., $ 1 7 ,1 8 8 ,0 6 4 A lg o m a
Btoe! C o r p ., L t d ., first & R e f. b o n d s , a n d $ 4 ,9 9 2 ,7 1 3 A lg o m a C en tra l
T e rm in a ls, L t d .,* b o n d s .
* In te re st n o t fu lly p a id b y A lg o m a C e n tra l & H u d so n B a y U y . aind
A lg o m a C en tra l T erm in a ls, L t d ., as fro m June 1 a nd A u g . I 1914.
V. 112, p 2412.

957

In d iah om a R efin in g Co.
(Semi-Annual Report Six Months ended June .*> 1021).
0
RESULTS FOR S I X M O N T H S EN D E D J U N E 30 192J A N D C A L E N D A R
YEAR 1920.
Year
6 M os. to
June 30 "21
1920.
Oil p ro d u cin g p ro p e rtie s
P ip e lin os a n d c r u d e s ta tio n s
Roi ineries
M is c e lla n e o u s ea rn in g s
C r o s s o a r n ’gN b e fo r e d e d u c t , d e p r e c .
d e p le tio n
D e p re c ia tio n a n d d e p le tio n
i n ter eat charges
In c o m e a n d p r o fits ta x e s ____________________________

$ 1 6 4 ,3 0 6
2,823
4 14.001
5 ,8 0 9
$ 5 8 6 ,9 4 4
9 i ,8 20

Dividends
- (6% < 3 0 0 ,0 0 0
B a la n ce su rp lu s (In h a lf y r . b e fo r e d e d u c t , d e p r e c .) $ 1 ,1 9 2 .123

$ 1 ,2 5 8 ,5 1 3
44,281
2 ,0 6 2 ,6 3 5
430,521
$ 3 ,7 9 5 ,9 5 0
2 ,5 9 6 ,2 2 4
J80,94 5
5 2 ,0 0 0
(1 4 )6 7 2 ,8 5 2
$ 2 9 8 ,9 3 0

CONSOLIDATED GENERAL B A L A N C E SHEET.
June 30 ’21. Dec, 31 ’ 20.
June 80*21. Dec. 31*20.
8
Liabilities—
$
$
$

Assets—
C ash______ _______
Notes rec.& trade
accept__________
Customers accts.
re c e iv a b le _____
Trade accts. roc.for
car repairs, &c__
Crude oil, refined
oils, & c ., at cost
Prod. prop, devel.
exps., & c ______
Advance, sec. b y
op tion . ..............Notes & accounts.
Invest.in other cos.
Leaseholds & Oil
producing equip.
lie f ineries pipe
lines, & c_______

167,531

2,671,659

259,193 C ap. Stic (par $ 5 ). 5,000,000
Notes payable—
b a n k s........... ..
907,000
1,097,810
Trade accept, for
crude oil & mdse. 957,235
805,804
A ccts.pay .for crude
oll.pu rch .& accr.
228,286
expenses......... ..
532,499
944,404 Reserve for F ed .
taxes...............
109,913
194,078 Scrip div. pay .Juno
30 1922..........
144,598
---------- Tank car equip, tr.
200.995
notes___________ x706,033
653,434 Sk. fund 10-yr. 8%
coupon notes___
550.000
2,337,473 Surplus.................... 2,178,934

3,917,692

2,982,121

58,274
777,004
195,287
1,762,637
464,962
a 106,341
b274,087
690,139

5,000,000
840.000
389.000
798,017
137.000

690,330
1,849.311

T otal each s id e -11.086,213 9.703,658
Contingent liability trade acceptances
discounted _ _ _______ ____________$827,892

a O n L u b rica tin g P la n t .
b In clu d e s n otes and a c c o u n ts o f o ffic e r s a n d e m p lo y e e s , secu red b y 4 2 ,515 shares o f C a p ita l s to c k p u rch a sed u n d er p r o fit sh a rin g p la n , $ 2 1 3 ,5 4 4 .
Note.— A s and fr o m J a n . 1 1 921, th e c o m p a n y h as jo i n t ly and s e v e ra lly
w ith th e C o n sta n tin R e fin in g C o . o f T u ls a , O k la , u n d e rta k e n t o g u a ra n te e
loa n s th a t m a y b e m a d e t o th e E x p o r t O il C o r p . b y th e G u a ra n ty T r u s t
C o . o f N e w Y o r k , sa id loa n s t o b o secu red b y o il p r o d u c ts p u rch a se d b y
E x p o r t O il C o r p . a n d re m a in in g in s to ra g e .
x M a tu r in g $ 1 2 3 ,4 2 0 , 1921; $ 2 1 9 ,7 0 7 , 1 922; $ 2 0 2 ,9 0 6 . 1 923; $ 8 0 ,0 0 0
e a ch 1924 a n d 1 92 5 .— V . 113, p . 6 3 2 .

Maxwell M otor C orporation, D etroit.
(Tentative Consolidated Balance Sheet June 1 1921.)
W m . Robert Wilson, President of the new Maxwell M otor
Corporation, in circular of July 27, addressed to the stock
holders both of that company and the Chalmers M otor Cor
poration, says in brief:
A t t a c h e d is th e fir s t c o n s o lid a te d b a la n c e sh e e t o f M a x w e ll M o t o r C o r 
p o r a tio n a n d C h a lm ers M o t o r C o r p o r a t io n , r e s p e c tiv e ly , as a t J u n e 1 1921,
e ffe c t h a v in g b e e n g iv e n t o th e p r o p e r t y v a lu e s a c q u ir e d fr o m th e re ce iv e r
o f M a x w e ll M o t o r C o ., I n c ., a n d t o th e e s tim a te d a m o u n t o f ca s h t o b e
re c e iv e d fr o m th e iss u e o f s t o c k o f M a x w e ll M o t o r C o r p o r a t io n .
T h e b a la n ce sh e e t is in c o n s o lid a te d fo r m b e ca u s e o f th e o w n ersh ip b y
M a x w e ll M o t o r C o r p o r a tio n o f m o r e th a n 9 5 % o f th e a g g re g a te o f P referred
a n d C o m m o n c a p ita l s t o c k o f C h a lm e rs M o t o r C o r p o r a t io n .
[W e c o m p a r e
this b a la n ce sh e e t, c o v e r in g all s u b s id ia rie s , w ith th e a ctu a l c o m b in e d
fig u re s o f June 30 1920, as s h o w n in p la n , V . I l l , p . 1 3 7 5 ,1 3 7 6 .— E d .}
T h e b o a r d o f d ir e cto r s o f C h a lm e rs M o t o r C o r p o r a t io n is c o m p o s e d o f th e
sa m e p erson s as th e e x e c u tiv e c o m m itt e e o f M a x w e ll M o t o r C o r p o r a t io n .
A s e v id e n c e o f th e s a t is fa c t o r y p o s it io n o f th e n e w c o r p o r a t io n as it c o m 
m en ces its o p e ra tio n s , a tte n tio n is p a r tic u la r ly d ir e c te d t o th e a m o u n t o f
its ca sh w o r k in g c a p ita l, th e r e la tio n o f Its cu rre n t a ssets to its cu rren t
lia b ilitie s , a n d t o th e v e r y s u b s ta n tia l reserves w h ich h a v e b e e n e sta b lis h e d
as a p r o te c tio n a g a in st lo ss in r e c e iv a b le s , sh rin k a g e in in v e n t o r y v a lu e s ,
d e p r e cia tio n o f fix e d a ssets, a n d o th e r tr a d e co n tin g e n cie s .
In v e n to r ie s are o n ly a little m o r e th a n 6 0 % o f th o s e o f th e o ld c o m p a n y
a year ago.
D ir e c t a n d c o n tin g e n t lia b ilitie s are less b y a p p r o x im a te ly
$ 1 2 ,6 0 0 ,0 0 0 .
Sales h a v e b e e n e ffe c t e d t o su ch a n e x te n t th a t th e n u m b e r o f ca rs a n d
tr u c k s in in v e n t o r y is o n ly s lig h tly in excess o f d a ily p r o d u c t io n , a n d th e
n u m b e r o f ca rs in h a n d s o f d is trib u to rs a n d d ealers is less th a n n o r m a l.
A sse ts in p la n t a n d e q u ip m e n t h a v e beev. c o n s e r v a tiv e ly v a lu e d , a n d
a d e q u a te d e p r e cia tio n m a in ta in e d ; a n d th e v a lu e o f in v e n to rie s h a s a lso
r e c e iv e d d e p r e cia tio n c o n s iste n t w ith th e fa ll in m a rk e t p r ic e s .
S u b sta n tia l a llo w a n c e fo r a n y fu r th e r lo ss fr o m th is o r o th e r ca u se s has
been m ade.
T h e c o r p o r a tio n e m b a rk s o n its u n d e r ta k in g w ith b r ig h t p r o s p e c ts .
D u r in g th e im m e d ia te fu t u r e a n d p e n d in g th e re tu rn o f b e tte r busin ess
e ffo r ts w ill b e c o n c e n tr a te d u p o n th e fu r th e r im p r o v e m e n t o f th e c o r p o r a 
t i o n ’s p r o d u c ts , th e r e d u ctio n o f c o s ts , th e c o n s e r v a tio n o f ca sh resou rces
a n d th e w elfa re o f d is trib u to rs a n d d e a le rs. I n th e in cre a se d v o lu m e o f
bu sin ess w h ich it is b e lie v e d is a v a ila b le fo r th e in d u s tr y in th e n e x t 12
m o n th s , th e m a n a g e m e n t is c o n fid e n t th e c o m p a n y w ill h a v e its fair sh are.
CONSOLIDATED B A L A N C E SH E E T , T E N T A T IV E , J U N E 1 1921.
Actual ( Combined) Data before Reorganization June 30 1 920.
June 1
AcluV
June 1
Actual
1921. June 30 *20
1921.
June30’ 20.
A ss ets —
Liabilities—
$
$
$
$
Accounts receiv’le.
911,546 2,847,975 Accounts payable;
trade accounts. _
______ 10,301,768
Sight drafts on cus
219,381
tomers _ _ ............
973,884 8,918,623 Branch acc’ ts p a y .
______ 14.392,997
N otes receivable._ 3,648,146 1.044,958 Notes payable____
515,093
______
Notes dep. on a cct.................... 3,529,915 N o res recelv. d isc.
3,525,000
______
2,312,844 B ankacceptance.
Notes dep. as co ll.
______
650,000
C oll, trust n o te s ......................
Total receivables 5.533,577 18,654,315 Estimated cash__ b l , 081,671
2.287,461
______
Less reserve......... .. 2,691,711
_________ Sight drafts d is c ..
Notes secured by
399.000
Liberty b o n d s ..
______
B a la n ce .............. 2.841,865 18,654,315
305,820
298,357
C a s h - - . .................. 7,538.897 3,172,175 Customers deposits
Certif. of d e p o s it..
392.465
______ Acer, wages, taxes,
556,330
& c _____ ________
255,771
Liberty bonds____
44,000
488,100
233,391
______
rnventories_______16,166,867 29.594,080 D ividend warrants
London a c c o u n t.. 1,542,938 1,085,646
T otal curr. lia b. 1,^55,180 33,166,860
U. S. G o v ’ t claim
(less reserve)___
88,067 1,460,777 1st M tge. 6% 5-yr.
gold notes Chal
mers M otor C o . 3,150,000 3,150,000
T otal curr.assets28,615.099 54,455,093
Plant & cquip’ t. _al6.660.374 12,087.539 Int. accr. on 5-year
notes......... ..........
31,500
------ln v . (realty c o s .).
125.003
125.003
Deferred oper. exp.
106,849
692,241 N otes maturing 1,
2 and 3 years____ 11.600.000
------Sinking fund_____
_______
133,603
189,443
752,000
G ood w ill..................25,030,296 25,031,296 Federal taxes______
Res. for trade cont. 4,644,074
---------M ortgages & land
con tracts_______
15,425
19,724
C .stk.& not ,worthx49,051,998 55,336,190
Total liab. & not
w o r t h _____
7 0 ,537 .6 20 9 2 .4 2 4 ,7 7 T otal assets.
70.537.620 92.424,775
a A ft e r d e d u c tin g $ 4 ,7 9 6 ,9 4 6 , reserve fo r d e p r e c ia tio n in 1921 a n d $5,
0 5 3 ,2 1 3 in 1920.
b E stim a te d ca sh a m o u n t o f fu r th e r p a y m e n ts o n a c c o u n t
o f p u r ch a se p r ic e .
x C a p ita l s t o c k : (a ) M a x w e ll C lass “ A , ” a u th o r iz e d 2 0 0 ,0 0 0 sh ares. $10 0
p a r v a lu e , o f w h ich it is e s tim a te d t h a t 1 5 3 ,0 0 0 sh ares w ill b e delivered
in a c c o r d a n c e With p la n o f re o rg a n iz a tio n , $ 1 5 ,3 0 0 ,0 0 0 .
(b) M a x w e ll,
C la ss “ B , ” a u th o r iz e d 8 0 0 ,0 0 0 sh ares o f n o p a r v a lu e , o f w h ich it is e s ti
m a te d t h a t 6 2 0 ,1 7 9 shares will b o d e liv e re d in a c c o r d a n c e w ith p la n ,
3 3 ,6 9 0 ,1 0 4 .
(c) C h a lm e rs, m in o rity s to c k h o ld e r s ’ equity, $ 5 5 ,8 9 4 .—
V . 113, p . 856

[V ol. 113.

T1IE C H R O N I C L E

958

Philip) Morris & C o ., L td ., In c. C igarette Mt'rs. i
(Report Jor Rcuctil Year ended, June 30 1031)
Pres. Alexander Herbert July IK, wrote in substauoe:
Results Dividends. Tho report .^hovv s a sound general financial condition
,
with special reference to liquid assots, cash on hand and com para lively
small liah litieb
Thtji’o has boon a decrease m surplus anti not profits,
tho company having paid, since the Iasi report was published a year ago,
dividends or 10 cents per share on Aug. 2, N ov. I 1920 and Fob. 1 1921,
the- total ui those dividends amounting to 882,800. (See V. I l l , p. 195,
1477. No dividends have been paid or declared since those hero men
tioned.— Ed.)
T h e cost o f raw materials entering into the manufacture o f our well known
brand Cambridge continues high and we do not look for a decline in the
near future, due to the continuation o f war between Turkey and Greece,
N e w F cal urn
However to meet the demand for a high grade blended
cigarette, your com pany continued, during the past year, the exploitation
o f the new brand which was introduced to the public at the close o f the
year 1918 under the name English Ovals. The reception o f this brand was
encouraging from the start and we felt justified in incurring a reasonable
expense in its developm ent. Gown to the present, our anticipations have
been more than realized, to such an extent, in fact, that the m onth of
June produced for your com pany the largest turnover in any one single
month o f its history. T h e outcom e so far as profits are concerned has been
satisfactory.
Outlook - We expect the com ing year to produce very gratifying results.
B A L A N C E SH E E T J U N E 30.

1921.
$
35,355

As$et$ —
~ Mach. A equipment.
Leaf tobacco, operat939.293
ing supplies, Ac
Investments__
88,037
Cash___ ________ . 167,288
Accounts receivable
99.685
Prepaid ins . exp , Ac 27,266

1920.
1921.
1920.
$
$
Liabilities—
S
51,528 Capital stock, 276,000 sh (810 par val)
m
issued under Va.
951,857
law, full paid and
mm-assess. at $4
222,610
per sh. In cash----- 1,104.000 1,104,000
85,107
91,527
26,070 Accts. A bills pay — 154,031
58,380
34,688
Res. for taxes, dep Ac
106,957
Surplus____________ a40,512

Total____________ 1,356,923 1.337,172
1,356,923 1,337,172
Total____ a N o reserve set u p for Federal income and excess profits taxes.— v .
111. P 1955.

Butterick Company, New York.
( Semi-Annual Report— Six Months ended June 30

1921.)

These results should be studied in connection with authorized statement
in *‘C hronicle'’ o f Aug. 20, p. 853.
6 M o s . to J u n e 30—
1921.
1920.
1919.
1918.
1917.
N et in com e___ ....
$622,535 $59,419 $391,798 $300,991 $206,319
Preferred dividend
38,000
33,433
______
______
______
Balance, surplus_____

-$584,535

Government bonds and premiums for canceling contracts, & c., $419,625
(3) Federal taxes, $50,255; final profits, $263,509
T he terms o f purchase were exceedingly attractive, no cash payment being
required.
The terms were $800,000 in the form o f Certain-teed stock, and
the balance ten serial notes o f $220,000, one due each year over a period of
ten years. the first due July 1 1923. its lines o f finished products (linoleum,
floor covering, oil cloth, & c.), can be readily marketed with our other
products
Felt produced at our roofing mills is used In the manufacture
o f floor coverings, and nearly everything in paints and varnishes is used in
connection with Hotter C o. products.
E i tensions.
V paint plant was com pleted on our Pacific Coast property
by Vug 1920; the Marseilles, 111 . plant was very largely developed; and
more or less improvements were effected at other plants, all the work being
completed by early fall
N o extensions are contem plated in 1921.
idt e r t i s i n o , Ac. During the year vve spent and charged o ff over $700,000
for advertising, and substantially increased amounts were charged o ff for
repairs and depreciation o f physical properties. These properties are carried
at pre-war values.
Sales
S ales in 1920 w ere th e la rg e st in o u r h is t o r y ; a n d th e retu rn o f
n o tm a l c o n d it io n s , th e c o r p o r a t io n s h o u ld g iv e a v e r y s a t is fa c t o r y a c c o u n t
o f its e lf in th e fu t u r e .

IN COM E

Total__________ 20,937,100 20,075,760

Total__________ 20,937,100 20,075,760

Certain-teed Products Corporation.
(Report for Half-Year ended June 30 1921— Cal. Year Results.)
President Geo. M . Brown s a y s in brief:
R esu lts.— T h e i n c o m e a n d su rp lu s a c c o u n t f o r th e six m o n th s p e r io d
e n d in g J u n e 3 0 1921 sh o w s n e t e a rn in g s o n o p e r a tio n s o f $ 6 4 ,4 5 9 , b u t
a fte r a b s o r b in g th e lo ss o n h ig h -p r ic e d ra w m a te ria ls d e liv e r e d u n d e r o d
c o n t r a c t s , a d e fic it o f $ 1 3 6 ,0 3 1 re s u lte d .
T h e v e r y d e p r e ss e d b u sin e ss c o n d it io n s e a r ly in 1921 re su lte d in lo sse s
f o r th e fir s t q u a r t e r .
T h e s e lo sses w e r e h e a v ie s t in J a n u a r y a n d d e c lin e d
m o n t h ly u n til A p r il, w h e n w e m a d e a n e t p r o f it .
N e t p r o fit s f o r th e s e c o u d q u a r te r w e re m o r e th a n d o u b le th e r e q u ir e 
m e n ts ro r b o t h F irs t a n d S e c o n d P r e f. s t o c k d iv s . p a id f o r t h a t p e r io d .
Inventory.— T h e in v e n t o r y a d ju s tm e n t o f $ 2 0 0 ,4 9 0 re p r e se n ts lo sse s
a b s o r b e d o n ra w m a te ria ls c o n t r a c t e d fo r la s t y e a r a t h ig h e r p r ic e s th a n
m a r k e t p rice s a t d a t e o f d e liv e r y , p r a c t ic a lly a ll o f w h ic h o c c u r r e d a t th e
P h ila d e lp h ia p la n t , a n d th is w a s a n u n u su a l b u r d e n . W e a n t ic ip a te a
fu r t h e r c o m m itm e n t lo ss o n o ld c o n t r a c t s a t t h a t p la n t o f n e a r ly $ 1 3 0 ,0 0 0 ,
w h ic h lo ss w ill b e fu lly a b s o r b e d in th e n e x t fe w m o n t h s .
O u r in v e n t o r y o f ra w m a te ria ls a n d fin is h e d p r o d u c t s w a s p r ic e d a t c o s t
o r r e p la c e m e n t, w h ic h e v e r w a s th e lo w e r , a n d th e s e p rice s a p p e a r v e r y lo w
to -d a y .
W e d o n o t a n t ic ip a te a n y fu r th e r d e c lin e in in v e n t o r y p r ic e s in
th e im m e d ia te fu t u r e a s th e t e n d e n c y seem s t o b e u p w a r d o n q u it e a fe w
ite m s .
W e h a v e b e e n a b le t o r e d u c e o u r in v e n t o r y d u r in g th e six m o n t h s p e r io d
b y $ 8 2 7 ,2 2 6 , a n d e x p e c t t o o p e r a te w ith lo w in v e n to r ie s u n t il s u c h t im e as
g e n e ra l c o n d it io n s b e c o m e m o r e s e ttle d .
Notes Payable, A c . — W e h a v e r e d u c e d o u r n o te s a n d a c c o u n t s p a y a b le
d u rin g th e six m o n th s p e r io d b y $ 6 3 5 ,2 9 9 .
T h e r a tio o f c u r r e n t a sse ts t o
cu rre n t lia b ilitie s is 2 .3 4 t o 1 .0 0 .
W e h a v e a ls o r e d e e m e d a n d re tir e d $ 1 0 0 ,0 0 0 F irst P r e f. S t o c k in a c c o r d 
a n c e w ith s in k in g fu n d re q u ir e m e n ts .
S in ce its in c e p t io n , th e c o r p o r a t io n
h a s p u r ch a se d a n d re tir e d $ 5 0 0 ,0 0 0 F irst P r e f. S t o c k .
Economies, Wages, A c . — W e h a v e a ll sa la ries a n d e x p e n se a c c o u n t s in lin e
w ith b u sin ess c o n d it io n s p r e v a ilin g d u r in g A p r il, M a y a n d J u n e .
T hey
sh o w a r e d u c t io n o f 2 4 % f o r o u r J u n e e x p e n se a c c o u n t s as c o m p a r e d w ith
J a n u a r y o f th is y e a r a n d 3 4 % as c o m p a r e d w ith th e a v e r a g e m o n th ly
e x p e n se a c c o u n t o f la s t y e a r .
I f b u sin ess c o n d it io n s n e c e s s ita te a fu r th e r
r e d u c t io n in e x p e n s e a c c o u n ts , a n y r e s a o n a b le r e d u c t io n ca n b e m a d e as
d e sire d a t s h o r t n o t ic e .
Outlook.— O u r c o r p o r a t io n in th e p a s t h a s a lw a y s r e c o v e r e d r a p id ly fr o m
s lo w b u sin ess c o n d it io n s a n d w e h o p e t o d o e q u a lly as well in t h e fu t u r e .
A ll o u r p la n ts a re in p a r tia l o p e r a tio n , b u t we h a v e b e e n u n a b le t o s e cu re
a s a t is fa c t o r y v o lu m e f o r a n y p la n t d u r in g th e la s t six m o n th s p e r io d .
M a n y b e lie v e t h a t b u ild in g a n d re p a ir lin es w ill s h o w im p r o v e m e n t a h e a d
o f m o s t o t h e r lin e s o f b u sin e ss d u r in g th e n e x t fe w y e a r s , a n d w e b e lie v e
w e w ill g e t o u r s h a r e o f th e a v a ila b le b u sin e ss.
W r it in g o f th e y e a r 1 92 0, P r e s id e n t B r o w n o n F e b . 18 1921 sa id in b r ie f:
Thomas Potter Sons A Co., In c. — L e g a l fo r m a litie s f o r th e a c q u is itio n o f
th e P o t t e r G o . a n d th e e x c h a n g e o f s e c u r itie s w e r e n o t c o m p le t e d u n til
N o v . 1.
[S in c e t h a t d a t e th e in c o m e a c c o u n t s a n d b a la n c e sh eets o f th e
C e r t a in -t e e d C o . h a v e r e fle c te d th e o w n e r sh ip o f th e P o t t e r p r o p e r t y .— E d .]
F o r th e y e a r e n d e d O c t . 31 1 9 2 0 , T h o s . P o t t e r S o n s & C o . r e p o r te d :
G r o s s o p e r a tin g p r o f it , a fte r d e p r e c ia tio n a n d in c lu d in g in c o m e o u ts id e o f
o p e r a tio n s , $ 1 ,2 0 5 ,3 1 5 L ess (1 ) s e llin g , a d m in is tr a tiv e a n d g e n e r a l e x p e n se ,
a d v e r tis in g , d o n a tio n s , A c . , $ 4 7 1 ,8 9 9 ; (2) d e p r e c ia tio n o f in v e n to r ie s a n d

AS

IN D IC A T E D .

--------Calendar Years---------------M o s . to June 30—
*1920.
1919.
1918.
1920.
*192 .
G r o ss o p e r . p ro f.x S 1 ,6 0 1 ,2 2 8 $2,862,002 $ 5 ,1 1 6 ,7 7 1 $ 3 ,6 3 7 ,1 2 5 $ 2 ,5 6 2 ,6 7 9
9 8 ,3 1 3
2 9 ,7 3 5
72,411
1 9,873
1 6 ,7 5 f
O th e r i n c o m e ___
T o t a l in c o m e $ 1 ,6 1 7 ,9 7 9 $ 2 ,8 8 1 ,9 3 5 $ 5 ,2 1 5 ,0 8 4 $ 3 ,6 6 6 ,8 6 0 $ 2 ,6 3 5 ,0 9 0
S e llin g , g e n . e x p .
and in te re s t-1 ,5 5 3 ,5 2 0
1 ,6 2 7 ,8 8 2
3 ,6 3 1 ,0 5 9
2 ,5 6 2 ,2 6 1
2 ,1 5 2 ,3 7 8
N e t p r o fit
F e d e ra l ta x e s .y
F e d . ta x 1 9 1 7 -1 8 .
1st p re f. d iv s
2 d p r e f. d i v s ____
C o m . d iv s . ($ 2 ) _
D e p r e c ia tio n _ z _ W a r d o n ’ t ’ n s, & c.
M is c e lla n e o u s ___

$ 6 4 ,4 5 9 $ 1 ,2 5 4 ,0 5 3 $ 1 ,5 8 4 ,0 2 4 $ 1 ,1 0 4 ,5 9 9
$ 4 8 2 ,7 1 2
_______
$ 2 0 0 ,0 0 0
$ 1 2 6 ,4 4 4
$ 2 0 5 ,0 0 0
$43,871
_______
_______
______
6 ,5 4 4
.............
1 06 ,75 0
1 1 0 ,6 8 8
2 1 9 ,1 8 8
2 2 5 ,7 5 0
2 3 4 ,9 3 8
9 3 ,6 2 5
6 7 .3 7 5
1 4 7 ,8 7 5
1 3 4 ,7 5 0
1 3 4 ,7 5 0
_______
1 4 0 ,0 0 0
3 6 2 ,0 0 0
........ ......................... ..
_______
_______
a 6 2 2 ,0 3 2
--------------------_______
_______
5 ,9 0 4
2 8 ,1 2 0
4 7 ,0 7 0
_______
_______
3 7 ,3 3 0
3 0 ,1 4 6
-----------

B a l. f o r p e r io d .d f$ 1 3 5 ,916
$ 7 3 5 ,9 9 0
$ 6 3 ,2 5 2
$ 4 7 4 ,2 8 9
$ 2 2 ,0 8 4
P r o fit & lo s s
a $ l ,4 4 1 ,0 8 7 $ 2 ,4 4 6 ,3 9 6 $ 1 ,7 6 1 ,4 2 1 $ 1 ,6 9 8 ,1 6 9 $ 1 ,2 2 3 ,8 8 1
* In c lu d e s T h o s . P o t t e r , S o n s & C o ., fo r N o v . a n d ,D e c . 192 0 a n d six
m o n th s 1921.
x A ft e r d e d u c tin g re p a irs, m a in te n a n c e a n d d e p r e c ia tio n ,
y F o r c u r r e n t p e r io d ,
z D e p r e c ia tio n o f in v e n to rie s in c lu d e s $ 4 3 9 ,8 2 6
C e r ta in -te e d P r o d u c ts C o r p ., D e c . 31 1920, a n d $ 1 8 2 ,2 0 6 T h o s . P o t te r ,
S o n s & C o ., N o v . a n d D e c . 1 92 0 .
I n a d d itio n , lo sse s ch a rg e d o f f b y
T h o s . P o t t e r , S o n s & C o . f o r th e fis c a l y e a r e n d e d O c t . 31 1920 w ere (a)
d e p r e c ia tio n o f in v e n t o r y , $ 3 7 7 ,2 4 8 ; ( b) p re m iu m p a id f o r c a n c e lla tio n s o f
c o n t r a c t s , $ 2 0 ,2 0 0 ; (c) lo ss o n s a le o f L ib e r t y B o n d s , $ 2 2 ,2 0 4 ; t o t a l, $ 4 1 9 ,6 5 2 ; m a k in g a g r a n d to ta l o f $ 1 ,0 4 1 ,6 8 4 .
a A ft e r d e d u c tin g $ 16,071 m is
c e lla n e o u s a d ju s tm e n ts a n d $ 2 0 0 ,4 9 0 in v e n t o r y a d ju s tm e n t.

$25,986 $391,798 $300,991 $206,319

a In c lu d e s B u tte r ic k b u ild in g la n d , $ 2 1 7 ,3 0 6 ; B u tte r ic k b u ild in g a n d
im p r o v e m e n ts , $ 1 ,3 7 4 ,1 6 6 ; m a c h in e r y a n d e q u ip m e n t, $ 1 ,9 9 1 ,4 9 4 ; fu r n i
tu re a n d fix tu r e s , $ 5 1 7 ,4 4 5 ; t o t a l. $ 4 ,1 0 0 ,4 1 1 ; less re se rv e $ 1 ,7 7 0 ,2 6 7 ;
b a la n ce , $ 2 ,3 3 0 ,1 4 4 ; S p rin g S tre e t p r o p e r t y a c q u ir e d 1 9 2 1 , $ 1 4 2 ,7 5 0 ;
tim b e r la n d s in N e w H a m p s h ire , $ 2 8 ,6 0 0 ; to ta l (as a b o v e ) $ 2 ,5 0 1 ,4 9 4 .
— V . 113, p . 853 .

FOR PERIODS

-6

C O M P A R A T IV E B A L A N C E SH E E T .
Incl. Thos. Potter Sons A C o . Certain
June 3 0 ’ 21. Dec. 31 ’ 2 0 . June 30 ’ 2 0 .

B A L A N C E SH EET J U N E 30.

1920.
1920.
1921.
1921.
$
L[abilities—
Assets—
8
$
8
Common stock. 14.642,100 14,642,100
Real est. A Lmpts..
macb., plant, Aca2,501,494 2.093,425 Preferred stock .
900,000 1,000,000
Mortgages______
Patents, good-will,
762,500
687,500
Butterick Co.notes
contracts, copy
rights, marks,&cl3,893,271 13,893,271 Bills payable— Lib_____
.Stock owned____
13,700
erty bonds. . .
1,760
Liberty bonds___
25,000
600,000
600,000
9,350 Notes payable___
Accts. receivable. 2,102,202 1,878.551 Dividend payable.
18,000
17,809
Notes receivable-.
16,031 Accounts payable _ 842,625
869,843
14.468
Paper in stock__ i
Reserve for foreign
Mdse, manufact’d'r 1,954,075 1,592.666
exchange. --------43,925
—
and in process. J
Res. for prep, sub_____
Cash____________
353,604
372,068
scription. &c__
212,988
Deferred charges..
91.224
20,288
206,697 Reserve for taxes. _ 131,941
Reserves and de
248,053
preciation—
Surplus__________ 2,783,020 1.990,169

ACCOUNT

A sse ts—

$ 3 ,0 5 9 ,4 9 9
$ 3 ,3 9 0 ,2 1 3
$ 4 ,9 0 2 ,7 3 1
2 8 9 ,6 3 0
2 8 9 ,6 3 0
2 8 9 ,6 3 0
2 2 7 ,7 2 9
3 4 0 ,5 8 3
3 5 7 ,6 9 5
1 2 ,3 2 8
7 9 ,0 0 0 1
1 ,8 7 6 ,5 1 5 |
1 ,2 5 2 ,9 8 3
1 ,4 6 1 ,4 2 0 i
6 3 ,8 9 1
9 0 ,1 8 0
2 0 0 ,0 0 0
1 ,7 1 9 ,0 7 4
2 .0 3 9 ,0 6 1
2 ,3 6 5 ,7 9 1
4 7 ,9 1 3
2 2 3 ,0 2 2
9 7 ,7 3 5
8 5 ,0 0 0
9 9 ,0 0 0
9 4,8 21

B e a l e s ta te , A c __________ $ 4 ,8 4 3 ,6 7 3
W a te r p o w e r r ig h t s ______
2 8 9 ,6 3 0
C a s h ______________________
3 6 5 ,2 0 1
C u s to m e r s ’ n o t e s ________
5 5 ,3 2 5
A c c t s . r e c e iv a b le —
1 ,5 0 8 ,0 7 0
C u s to m e r s less r e s ____
5 0 ,5 3 7
M is c e ll. a c c o u n t s ____
J . F . D a r lin g C o . p r e f-.
R a w m a te r ia ls , & c ______ a 1 ,5 3 8 ,5 6 4
1 8 8 ,1 4 4
E x p . p a id in a d v a n c e —
9 0 ,2 4 2
In v e s tm e n ts in o th e r co s .
S in k in g fu n d 1st p re f. stk
G o o d -w ill, tr a d e -m a r k s ,
3 ,9 1 6 ,3 0 1
p a te n ts , & c ----------------6 9 4 ,5 2 4
E m p l. s t o c k p u r c h . a cct_
M i s c e l la n e o u s ___________
T o t a l _______________

3 ,9 1 6 ,3 0 1
736,361

3 .2 9 5 ,6 3 1
4 6 6 ,2 4 9
2 4 ,2 8 8

3 ,2 9 5 ,6 3 0
416,205-

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

Liabilities—
. $ 3 ,0 0 0 ,0 0 0
F ’ rs t p r e f 7 % s t c c k .
S e c jn d p r e f 7 % t c c k _ _. 2 ,6 7 5 ,0 0 0
C o m s t e e x , 8 2 ,0 0 0 sh s.
2 ,7 2 0 ,0 0 0
n o p a r v a lu e d e c la r e d .
P u r ch a se m o n e y o b lig ’ns; 2 ,2 0 0 ,0 0 0
1 ,0 5 0 ,0 0 0
N o t e s p a y a b le ___________
26 ,077
A c c o u n t p a y a b le _______
9 9 ,3 1 2
P r e fe r r e d d i v i d e n d ____
9 1 ,7 3 5
A c c r u e d ta x e s ----------------R e s . fo r 1920 F e d ’ l ta x es
M i s c e l la n e o u s ___________
. 1 ,4 4 1 ,0 8 7

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

$ 3 ,1 0 0 ,0 0 0
1 ,9 2 5 ,0 0 0

$ 3 , 2 2 ', 000
1 .9 2 5 .0 0 0

2 ,7 2 0 ,0 0 0
2 ,2 0 0 ,0 0 0
1 ,4 9 7 ,5 0 0
2 9 7 ,5 7 3
1 83,063
1 61,287

2 ,2 0 0 ,0 0 0

2 .200.000

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

4 9 4 ,8 2 1
6 3 7 ,3 6 4
90,1252 0 9 ,8 2 8

1 ,7 6 1 ,4 2 1

1 ,6 9 8 ,1 6 9

$ 1 3 ,5 4 0 ,2 1 2 $ 1 4 ,5 9 5 ,8 4 4 $ 1 1 ,9 3 0 ,1 9 8 $ 1 0 ,4 8 0 ,3 0 8
* T h e m a r k e t v a lu e o f th e s t o c k c o lla te r a l h e ld a g a in s t e m p lo y e e s ’ s t o c k
p u r c h a s e a c c o u n ts is in e x cess o f th e a m o u n t s d u e b y th e m .
a J . F r a n k D a rlin g C o ., I n c ., 7 % p re fe rr e d s t o c k a t p a r , s e c u r e d b y cu s 
to m e r s ’ a c c o u n ts o f th a t c o m p a n y f o r $ 2 5 0 ,0 0 0 , sa id s t o c k t o b e liq u id a t e d
b y A p r il 1 1 9 2 1 .— V . 113, p . 8 53 .

International Cement Corporation.
(Results for Six Months ending June 30 1921.)
RESULTS FOR QUARTER A N D

S X

S a le s _______________________
C o s t o f s a le s ______________
D e p r e c i a t i o n _____________
S e ll’g , a d m in . & g e n . e x p .

192 1 — 3 M
$ 2 ,7 3 8 ,9 8 9
1 ,5 8 8 .5 0 6
1 9 4 ,7 5 0
3 2 9 ,8 5 5

N e t p r o f i t ______________
M is c e lla n e o u s i n c o m e

M O N T H S E N D IN G JU N E 3 0 .
1921— 6 M os. — 1920.

— 1 92 0.
$ 2 ,2 9 7 ,5 6 8
1 ,3 8 9 ,2 2 7

$ 3 ,7 9 7 ,9 1 5
2 ,4 1 4 ,0 3 3

2 4 2 ,5 4 1

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

$ 6 2 5 ,8 7 8
d e b .2 ,7 7 6

$ 6 6 5 ,7 9 9
1 0 ,6 6 3

$ 1 ,2 8 8 ,9 0 6
1 7 ,1 2 0

$ 9 4 6 ,6 4 9
2 1 .9 1 9

G r o s s in c o m e __________
I n t . a n d fin a n c ia l e x p ___
L o s s o n in v e n t o r ie s ______
In te re st reserved fo r F ed 
e r a l in c o m e ta x e s , & c_

$ 6 2 3 ,1 0 2
1 0 6 ,1 7 0
8 8 ,7 6 3

$ 6 7 6 ,4 6 2

$ 1 ,3 0 6 ,0 2 7
1 8 9 ,4 3 9
8 8 ,7 3 6

8 0 ,0 0 0

1 2 8 ,8 7 2

1 8 0 ,0 0 0

1 9 5 ,6 3 2

N e t t o s u r p lu s ________

$ 3 4 8 ,1 6 8

$ 5 4 7 ,5 9 0

$ 8 4 7 ,8 5 2

$ 7 7 2 ,9 3 6

4 3 7 ,2 3 2

$ 9 6 8 ,5 6 s

C O N SO LID ATED

B A L A N C E SH E E T (Tentative in 1921— see below).
(In 1 9 2 1 , a ft e r g iv in g e ffe c t t o $ 1 ,5 0 0 ,0 0 0 n o te s a n d a c q u is itio n o f
K n ic k e r b o c k e r P o r t la n d C e m e n t C o .)

June30 "21. Dec.$\ ’20.
Jtute 30*21. Dec. 31 ’20.
Liabilities—
$
$
Assets—
$
$
7% Cum. Pref. stk 1,364,800
—
Plain, properties,
12,006,685 9,142,857 Com. (sh. 319,228;
&e
9,710,614 8,072,655
no par)
537,699
474,533
Cash____________
3,100 Cap. stk. sub. cos.
X S. Lib. bonds. _ 103,702
T.
48,946
470,419
(not owned)
Accts. A notes roc.,
less reserves___ 1,377,253 1,148,130 M tge.debt sub.cos. 340,801 1.153.040
1.500.000
Inventories_____ 3,098,424 2,184,572 8% Conv. notes
Accts. & notes pay. 1.885,190 3,059,002
Prepaid insurance,
Res. (or 1920 end
93,633
----taxes, A c_____
US,350
170,658
1921 Fed.taxes
Res. for exch. fbiot 
in So. Amor..deb.536,481 del>3()8,701 Aoer’d wages, exp.
113,353
and interest
Time dep. In S. A .
447,960
333.809
108,276
Investments.
32,602
63,053 Other reserves
953.093
l ,435,652
Deferred charges..
272,893
181,244 Earned surplus
l o t al

16,986.411 13,336,748

Total

See a ls o n o te o ffe r in g u n d e r " I n v e s t m e n t New

\
6.986,410 13,336,7 IS
below
V 113 p 5 11

GENERAL INVESTMENT NEWS
R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

ROADS.

G eneral R ailroad and Electric Railway N ew s.— The
following1 table summarizes recent railroad and electric rail
way news of a more or less general character, lull details
concerning which are commonly published on preceding
pages under the heading “ Current Kvents and Discussions”
(if not in the “ Editorial Department” ), either in the week
the matter becomes public or shortly thereafter.
Cars Loaded.— T h e number o f cars loaded with revenue freight during
the week o f Aug. 13 wan 808,9(55, being an increase of 24,184 over the
preceding week, but 162,301 loss than in 1920 and 23,474 cars below 1919.
The loading of all commodities showed gains over the preceding week,
notably coal, 158.260 cars, increase 10,987, (but 63,500 cars loss than in
1920); merchandise, manufactures and miscellaneous height, 479,719,
increase 7,209; grain and grain products. 61,560 ears, increase, 2,938
(increase over 1920, 22,852, and over 1919, 15,909); I vo stock, 26,835 cars,
increase, 225; forest products, 45,333, increase 1,873; ore, 32,942 cars,
increase 884; coke. 4,286 cars, increase 68.
Total Number o f Cars Loaded with Revenue Freight.
-----------Weeks Ended-----------------Weekly Average— Total Year
A u g .13. Aug. 6. July 30. 1stQ uar. 2d Quay.
to Dale.
1921- ______ 808,9(55 784,781 796,570 693,297 744,154 23,283,476
1920_________ 971,269
935,730 936,366 817,601 834,488 26,987,777
1919_________ 832.439
872,073 925,195 704,035 761,511 24,303,650
Idle Cars A ug. 15, A p r. 8 (Peak) and on or abt 1st of M os. Jan. to Aug.
In Thou- Aug. 15. A u g .8. July. June, M ay. A p r .8. M a r. Feb. 1. Jan
482
507
413
324
198
sands
.x284
321
374
394
x Along with 284,338 serviceable cars there were idle A ug. 15 215,256
cars out o f repair (in excess o f 7% norm al) against 204,396 duly 31.
Relatively Better Returns in M ay and June Largely Due to Temporary Econo
mixes.— The ‘ ‘ Bureau o f R ailw a y E con om ics’ ’ reports changes (a) in m ainte
nance outlays in 1921, (b) in rate o f return on tenative valuat ion o f th cR R s .,
the latter reduced to annual basis, as follow s;
In c . or D e c . ( % ) —
Jan. Feb.
M a r. A p r il. M a y .June. 6 M os.
M aintenance o f way__ 4-5.9 — 16.9 — 8.1 — 19.6 — 26.9 — 27.3
17.3
M a in te n ’ce o f e q u ip ’t_ + 5 .6 — 8.6
— 8.4 — 8.7 — 13.1 — 22 1
9.2
Rate o f annual re tu rn , d e ficit d e fic it
2.3
2.2
2.4
3.1
1.8
Necessary retrenchment led to an increase in bad order cars from 191,234
(8 .5 % ) in Jan. 1921 to 365,092 (1 5 .9 % ) on June 15, w ith heavy reduction
in transportation expenses due to light business. During these six months
Class B R R s. should have earned $477,256,000 in net operating income to
attain to a 6 % basis. T hey actually earned $128,912,000. Boston
*‘ F in . N givs' * A ug. 22.
House Passes 214 to 123 Bill to Provide for Payment of About $500,000,000
Due by U. S. to RRs.— M cAdoo and Others A ssail M easure.— T h is b illw ith
other provisions w ould permit the funding o f the debts of the R R s. to the
U . S. for additions, improvements, & c., and would allow the W or Fm ance
-Corp. to assist in this financing b y the purchase or sale o f $500,000,000 ol
R R . securities held b y the Government at not less than the cost price to
the latter. See “ Current E ven ts” above and “ T im es” A ug. 23, p . 21
Aug. 22, p. 19; Aug. 25, P- 20. “ W all St. Jour.” Aug. 24. p. 1.
_
7
7
F u ll List o f Rail Securities Held by U. S. Govt. Asked for by Senator ^malL
W ill be Furnished A fter R ecess. 4 im es’ ' A u g . 21, p . 2 ; 4‘ Sun’ ’ A u g . 23 ,p .21.
T
Rates.— (a) I.-S . C . Com m ission on A ug. 23 disapproved the proposed
increase in rates on anthracite from W yom in g, Lehigh and Schuylkill
regions into N . Y . and ordered the carriers to subm it new rates o f greater
u n iform ity . The present cost o f the jo in t lin e haul exceeds the direct or
s in g le line rate b y 70 cents a ton to Oneida and U tica and 56 cents a ton
to Syracuse, Schenectady, A lb a n y, T roy and C ohoes. The carriers pro
posed {a) to increase the single line rate from $2 94 to $3 22 to Syracuse,
Oneida and U tica , and (b) to reduce the join t line rates at Syracuse irom
$3 50 and at Oneida and U tica from $3 64 to $3 36. “ Tim es” Aug. 24, P - 19.
(b) Reduced lum ber rates went into effect A ug. 19 from S .W . producing
territory in M iss., A rk ., Texas,. Okla. and La. west o f M iss. R iver to Iow a,
M in n ., N eb ., K an. and Okla. “ M frs. R e c .” A u g. 18, p. 73; Aug. 25, P- 58.
“ The reduction in lumber rates from the P acific Northwest to the East,
which w ill m aterially affect C h . M il. & St. Paul R y.,h as not caused in
creased shipments to any extent, because building operations are at a low
e b b .” (Pres. H . E . B yram .) “ Fin. A m .” A ug. 26, p . 1.
, A_
,.
( c ) Lead and Copper Rates: “ On A ug. 5 the P acific Coast N orth Atlantic
Eastbound Conference reduced [or agreed to reduce] the freight rate on
pig lead from all P acific ports to all A tlan tic ports from $8 per ton to $6
oer ton. (M inim um weight is 6,000 lbs.) The rate on copper bullion hau
been sim ilarly reduced the previous w eek.” “ Eng. & M in . Jour.” A u g.2 0 ,p
306- (See also American Smelting & Refining C o. below).
(d> Kansas Indus. Com m 'ssion seeks 1 ct. a m ile rate for harvesters.
“ Fiu. A m .” A n '. 19. (a) M ^ dcan R y. Cn. perm itted to increase its rates
25% Sept. 1. “ London Stock E x. G azette” A ug. 11, p. 1790,
t
Western Railroads Protest against Proposed Cut in Grain Rates. "T im es
Aug. 26 p. 4.
Labor Board Decision Opposed.— Penn. R R . asks Beard to vacate its re
cent order as to em ployees balloting and questions its right to dictate labor
rules. Out o f 176,000 employees affected, 117,176 (6 6 .5 % ) have acquiesced
as to com pany’s Procedure regarding its rules, &e. See “ Current Events
above and “ Tim es” A u g. 25, p. 20; Phila. “ N . B . ” A ug. 25, p. 2; A ug. 2 4 ,p .l.
Changes in Shop Craft Rules.— T h e decision o f the R R . Labor Board
noted, last week (p. 805) upholding time and a h alf pay for overtim e is con
sidered o f loss im portance than the question o f piece work yet to be decided
Com pare Boston “ N . B .” A ug. 24, p . 3; Aug. 25, o . 11; “ Tim es” A u g .2 0 ,p .l0
Unirm Labor Boards Also Protest New Overtime Rules. 4‘P ost’ ’ A u g . 26,p . 1.
Campers Says Arner. Fed. of Labor Will Fight Wage Reduction “ to the
Utmost.” “ Tim es” Aug. 22, p. 18.
,.
New England RRs. Plight (Philip C a b o t).— “ H og, root or die. 4 Atlantic
M on th ly” for-A ugust, p. 258 to 266.
Eight-Hour Day an French Railway— Proposed Modification— Deficit 8,000. 000 Fr. a D ay.— “ R y . Gazette o f L ondon” for July 29, p . 214 to 216, 204.
Obituary.— Prof. H enry Carter Adam s, for m any years statistician o f
1.
-S. C . Commission, died Aug. 11.
Heavy Shipment o f Dried Fruits at Reduced Transcontinental Rates.Cal. Associated Raisin C o. reported as shipping 7,000 tons o f raisins,
5 trainloads Aug. 22 at reduced rate then effective.— “ T im es,” Aug. 22, p . 2.
RRs. Complete Testimony on Piece Work.— “ R y . A g e,” Aug. 20, p. 351
to 354.
Live Slock Roles Should be Reduced— Reduction in RR. Rales o f About 10%
Sept. 1 on 34 Commodities Destined for A sia .— “ Id em ,” p. 384, 385Heavier Rail Adopted for High Speed Track.-— B . & O ., 130 lbs. (per
yard); Pitts. & L. E ., 115 lb .— “ Id em .” p. 336.
Detroit River Bridge (Proposed)— Work to Begin in 1922.— “ Id em .” p. 343.
Matters Covered, in ‘ Chronicle” o f Aug. 20.— (a) R R . gross and net
earnings for half-year by groups and'com panies; Western grain movement,
receipts o f cotton at Southern points, p. 781 to 786.
(b) U. S. R R . Labor Board upholds 8-hour day, punitive overtime wages
and other “ rules” with Im portant exceptions, p. 805.
(c) R R . funding
bill, p. 805. (d) Reduction in grain rates, p. 806. (e) Nomination of
Kred. I. Cox for 1.-8. O. Commission reported favorably, p. 805. (f) British
railways revert to owners, p. 792.

Algoma Eastern Railway Co. —Annual Report.
See Lake Superior Corp. under “ Reports” above.— V. 112, p. 2535.

American Light & Traction Go.— Earnings.-

The earnings, including subsidiary companies, available for dividends
arid depreciation for July 1921 are reported as $315,499, an increase over
July 1920 of 8133.7 8. or 73 6 % , and for three months ended July 31 1921
$988,852, an increase o f 8372,867, or 60 4 % — V. 113, p. 624

Atlantic Coast Line RR.

»5»

THE CHRONICLE

A ug . 2 7 15)21.]

Final Settlement-

See U. S. R R . Administration below.

Boise ('Idaho; Street Car Co.

V. 113, p. 291.

Successor Company.

B rid g e to n

&

M illv ille

Trac.

Co.

To Abandon line.

The Board o f B. I' . CointtllsHlonors o f Now Jorw y has ''ranted permission
to the company to discontinue service and remove ih<* tract. . on the private
right-of-way upon the line from the crossing o f the Central It It on the
Bridgeton Turnpike In Tum bling Dam Bark, Bridgeton. Providing the
city assents, the com pany will also be permitted to remove the Mention o f
these tracks on the public highway .. Authority to remove, ah >ut 10 miles
o f track running between N ewport, Port Norris and Bivalve ha . been denied
by the Commission. The Commission state'l in ii opinion that the corn
party did not consult any of the municipalities afforded
Permission to
abandon this section o f tlm line was sought on the ground that its operation
Ih not profitable.- V. 112, p. 2535.

Cam bria & In d ia n a R R .— U. S. Loan.
T he Inter-State Com m erce Commission has approved a Government
loan o f $250,000 to enable the carrier to meet the $800,000 6% collateral
trust notes due A ug. 1.— V. 109, p. 370.

C a n a d ian N atio n a l R ys.

- Express Co. Merger.

See Canadian N ational Express C o. below .— V.

112, p

1273.

• C anadian Pacific R y .— Listing. —

The London Stock Exchange on Aug. 2 granted official quotation to
0404,9)4 4 % non-cumulative Preference stock, and £1.913,707 4% Per
petual Consolidated Debenture stock, making the total listed £16,578,477
non-cum. prof, and $37,524,831 perpetual consol, deb. stock. -V.] 13,p. 729.

C apital T ra ctio n Co.

Car Merger Bill Reported, .

See Washington Ry. & Electric C o. below.

C entral V erm on t R y.

-V. 113, p. /29.

Loan Approved.—

The I.-S. C . Commission has approved a loan to this com pany o f $65,000
for throe years, for the purpose o f retiring certain equipment notes.—•
V. 112, p. 2536.

Chicago & Erie R R . —Interest Payment.
See Erie R R . below .—:V. I l l , p. 1948.

Chicago R ailw ay E q u ip m en t C o. — Obituary.—
Charles II. W illiams, First Vice-President and director o f the com pany,
died Aug. 8.— V . 112, i>. 1147.

C in cin n ati L aw renceburg & A urora Electric St. R R .
L. G . Van Ness, consulting engineer, has been appointed Gen. M gr.
for the receivers.— V . I l l , p. 1277.

C in cin n ati T ra ctio n C o .— Fares Reduced —
Fares Were reduced half a cent; bo 8 cents on Aug. 1. Reduction in fares
was accomplished by an ordinance passed recently by the City Council
modifying the com pany’s franchise. For the next three months the fate
will be 8 cents for adults and 4 cents for children 10 years and under.
— V. 113, p. 531, 416.

C ity & S u b u rb a n R y. of B ru n sw ick, G a .— To Continue.
An order giving O. C . Lisman, receiver, authority to operate this 8 Ht-mile
road for 60 days more was signed Aug. 16 b 5 Judge Evans after a conference
”
with representatives fo the Young M en’s Club o f Brunswick. The per
mission was granted to give the Young M en ’s Club time to organize a
civic corporation to purchase the road.— V . 113, p . 729, 531.

D allas (Tex.) R y .— Wages Cut.—
The employees have accepted a 10% reduction in wages. Platform men
who have been receiving from 46 to 50 cents an hour on tw -m an cars and
50 to 54 cents an hour on one-man cars will receive 5 cents an hour less.
The Dallas City Commission has authorized the com pany to abandon its
Nettie t. line, eight blocks in length. Receipts during last few months
have averaged about $120 a month, while cost o f operation has been $575
a month. Investigation by tin up rvisor f P ub c U ii. L ; ;h nvs hat
$7,428 was lost by the com pany hr ugh operation o f chi Hue duri ig fiscal
year ended June 30, and that an averag o f 138 psrrons r'de this linear day.
— v . 1 1 3 , p. 70.
«=
»
■

Denver & Rio G rande R R .— Stricken from 'list — Stock
holders' Committee Seeks Additional Funds to Continue Fight. —
Both the Common and Preferred stocks o f the old Denver & Rio Grande
R R . have been stricken from the list o f the N . Y . Stock Exchange. This
act-ion was ta k e 1 at a meeting of the Governing Committee Allg. 24 on
receipt o f the following from E. D . V. C ox, Secretary o f the Exchange:
"U nder date o f Aug. 1 1921, the Secretary of the Denver ik Rio Grande
R R . notified the Exchange b y letter that ‘ pursuant to the decree o f fore
closure and sale entered Sept. 25 1920 in the U. S. District Court for the
District o f Colorado, in the suit entitled “ ‘ Equitable Trust C o., N . Y .,
trustee, intervenor, and substituted, piaintiff, vs. the Denver & Rio Grande
R R . in equity N o. 67872’ ” and to the decree entered in said suit M arch 28
1921 confirming the sale under said decree entered Sept. 20 1920, this
com pany (D. & R. G. R R .), has executed and delivered to the purchasers
at the sale under said decree and their assigns, conveyances o f all the
rights, title and interest o f this com pany in and to the property mentioned
and described in said decree o f foreclosure and sale which was purchased
and acquired by said purchasers in accordance with the terms and provisions
o f said decree,’ and also advises by letter under date o f Aug. 19 1921 that
all new certificates issued (by transfer), both Common and Preferred,
since Aug. 1 1921, bear the stamp ‘all assets o f this com pany have been
transferred under Court decree and com pany is no longer in active business,’
which stamp has been affixed at the suggestion o f counsel for the Denver
& R io Grande R R .”
.
The protective committee o f the stockholders will continue its fight as
a result o f the “ wrongs perpetrated against a great body o f stockholders,”
according to a statement sent out by the committee Aug. 24. The co m 
mittee consists o f Jefferson L evy, George F. Secor, G. Tracy Rogers.and
John T . Steele. The statement said that the action taken b y the Stock
Exchange had been expected and that “ it will, o f course, in no way impair
the rights or status o f the stockholders represented by the committee.
The negotiable certificates o f deposit held by such stockholders cannot
be affected b y any action o f the Stock Exchange.” The com m ittee is
seeking additional funds to narrv on. its fight., and stockholders ^ h o have
not as yet deposited their shares have been requested to do so with*Lawyers
Title & Trust C o., 160 Broadway, N . Y . C ity, depositary. An assessment
o f 50 cents a share is asKed by the com m ittee, but credit for the 20 cents
already paid will be given.
The committee has also issued a pamphlet circular in which it reiterates
its belief that the foreclosure sale was the outcom e o f fraudulent conspiracy
— V.JL13, p. 847, 730. 627. *
_ , _j ____ .
_

Des Moines C ity R y .— Buses— New Franchise—
^ T h e “ Electric Railway Journal” under the caption “ Des M oines Rides
Buses and W alks— Public Calam ity Being Enacted with M eagre Public
Concern— Dilapidated and Crude Buses Trying to Replace Street Cars,
while M any Walk or Stay Hom e— N o Great E ffort Toward Solution Being
M a d e,” has a six-page article on the present street railway situation, giving
some tables showing the operation and the revenue o f the buses and a state
ment o f earnings o f the street car for the first half-year o f 1921.
A Des Moines press dispatch Aug. 20 stales that a. proposed new street
car franchise written b y attorneys for the A. W . Harris interests at Chicago
was subm itted to representatives o f a merchants’ com m ittee by F. C.
Chambers, receiver o f the com pany, which recently ceased operation. M r.
Chambers said the new franchise, which will be submitted to the C ity
Council if approved by the merchants com m ittee, anticipated a new 25year contract.
L censes o f buses, which have been caring for the city ’s transportation
needs since Federal Judge Wade ordered car service suspended when the
com pany was unable to meet its obligations, will expire Sept. 1, and the
C ity Council has not indicated whether renewals will be granted.— See
V. 113, p. 84 .

D etroit G rand H aven & Milw. R R .— Bonds Extended.—
See Grand Trunk R y. of Canada below and V- 111, p. 1852.

D etroit U n ited R y .— Ordered to File Rates— Listing.—

The Michigan J\ U. Commission has requested the com pany to file with
The Poise (Idaho) Street Car C o., formerly the Boise Railway (V. I/*9 , the Commission the schedule of interurban fares that it charges or proposes .
to charge under thoCllaspio Act pending appraisal o f its interurban properties
p. 72), which in June 1919 was sold to S. F. Watts, whose intention it wa
to improve and restore the property, now has for its operating porsonne1 and fixing of rates by the Commission. The Glaspio Act became effective
W . E Bierce, /'res.; b. \\. Cox, 1st Vioe-Rres.; J. L. Kborly, Treas., and Aug. 18 and every interurban com pany in the State except the D . U. R .
F A . W /ogard, Con Mgr arid Supt. (“ El. Ry. Journal.” ) — V. 109, p. 72. has filed the rates that It is charging under the new law.

9 <50

THE CHRONICLE

This law provides that iriterurbaiifi receiving lees than $10,000 gross
passenger revenue per mile may charge 3 cents a mile, those receiving from

E x te n s io n

oj

[ V ol. 113.
$ 1 5 ,0 0 0 ,0 0 0

[J.

S, L o a n

for S ix Months.—

10.000
to $12.00O may charge 2 A cents a mile those receiving from $12,000 Tiie G overn m en t loan o f $ 1 5 ,0 0 0 ,0 0 0 , a d va n ced to the c o m p a n y J u ly 28
to $14,000 may charge i cents and those receiving in excess of $14,000 may 1920 to aid the carrier in m eetin g its m a n n in g d e b t, lias been extended
'barge 1 H cents This schedule of rates Is temporary and is to remain loi six m on th s horn S ep t. I . T h e loan is secured by the pledge o f $18 844,in effect only until the. Commission is able to appraise the interurban lines, 000 Gen. Mlge. Series A 7% gold bonds, due July 1 1936. Compare annual
audit their books and fix a fair rate based on the special conditions surround report in V. 113, p. 636, 623, 730.
ing the operation of the roads of each company
The rate fixed by the
G u l f Ports Term inal R y . — Extension Denied.
Commission. however, must not exceed 3 cents a mile.
The I s O. Commission has denied the company’s application for a
Under the temporary schedule set up in the act, the 1). U. R. would be
required to reduce its fares on ail interurban lines to 1 l cents a mile, unless certificate to construct an extension of its line from the present terminus
A
the act is interpreted to mean that the rates are to apply to individual lines in Baldwin County, Ala., to the city of Mobile, Ala., approximately 25
Vuthoiized capital stock, $1,000,000, of which issued $10,000
instead of to the entire holdings of the company. In case the rates can be mihs
computed on Individual lines, the D U. R. intraurban rates would be \A — V. I l l , p. 2324.
cents a mile on all the company’s inlerurbans except the Detroit Jackson
H avana Electric R y ., L ig h t & Power C o .— N o t e s
A Chicago, where it would be 2 cents a mile
Upon the petition of the City of Flint asking the Circuit Court to issue a Offered.
Speyer & C o . , New York, are offering at 97 and int.
writ of mandamus against the D. U. R. to compel i he latter to complete
yielding about 7 % % $1,500,000 5 - Year 7 % Secured Conv.
> trolley line started on Delaware Ave., Judge Urennan issued an order in
favor of the city.
gold notes. The bankers state:
The village or Ford has served notice on the company that unless it gives
Dated Sept. 1 1921. Due Sept. 1 1926. Int. payable M. & S. without
certain service requested the village authorities will seek an injunction td deduction of the normal Federal income tax not to exceed 2%. Penn.
prevent the company operating through that village.
1 mill tax refunded. Denom. $1,000<c*). Convertible at the option of
The N. Y Stock Exchange has authorized the listing on or after Sept. 1 tiie holder into the Gen. Mtge. 5% Sinking Fund gold bonds at 82A %
o 1$384,375 additional capital stock, par $100, on official notice of issuance and int., with adjustment in cash for difference between 8 2 S and 100%.
as a 2 A v' stock dividend (payable Sept. 1 to holders of record Aug. 10) Holder will have the privilege of converting up to 10 days prior to redemp
t
making the total amount applied for $15,759,375.— V. 113, p. 628, 532.
tion date. Red. as a whole upon 30 days’ notice at 102' if called on or
before Sept. I 1922, at 102 if called on or before Sept. I 1923, at 101 A if
E ighth Avenue R R ., New Y ork C ity .— S u it. —
called on or before Sept. 1 1924, at 101 if called on or before Sept. J 1925,
Contending that a lease negotiated more than 21 years ago with the at 100 Pi if called on or before March 1 1926. Guaranty Trust Co. of
Metropolitan Street Ry as operator of the Sixth Ave. RR., ceased upon New York, trustee.
the appointment of Job Hedges as receiver of the New York Railways, suc Data from Letter of R. R. Loening, 1st Vice-President of the Company
cessor of the rights of the Metropolitan the Eighth Ave. RR. biought suit
S e c u r it y Secured by deposit with trustee of $3,000,000 Gen. Mtge. 5s,
m the N Y .Supreme Court Aug. 23 against the Sixth Ave. RR., Job Hedges due 1964.
as receiver of New York Railways, the New York Railways, and others.
Company.-—Organized in 1912 In N. J. Furnishes entire electric light,
It is alleged that the Eighth Ave. RR. leased to the Metropolitan RR. power, gas and street railway service in Havana. Also operates suburban
Nov. 23 1895 all of its railioad and other properties for 99 years, effective line between Havana and Marianao. Population about 400.000.
Jan. 1 1896 In accordance with the lease the plaintiff alleges that it is a
Franchises.— Franchises of electric and gas properties as well as that of
tenant in common with the defendant in connection with the ownership line to Marianao are perpetual. Street railways expire in 1958.
of certain property known as “ Church Farm," bounded by Vesey, Cham Earnings Years ended Dec. 31 [See Report for 1920 in V. 112, p. 2183.
bers, Greenwich and Dey streets and West Broadway.
w / i;.)o
i' .
t V i L l I ( i t I t 1 1I t. , J i l l . K i l l /1 J , X h i n t o J I I I I l l ' l l .
V .
Maintaining that this is the only property it owns jointly with the
$6,404,016
5.47
$2,187,472
defendant, the plaintiff alleges- that it is entitled to possession equivalent 1921 (6 mos.)_ n , 477,937 $2,676,834 $189,362
. 5,077,209
968,759
5.24
4.108,510
to one-half and that the lease consummated for the use of the property 1920-9,397,452 4,482,305
979.710
4.57
3,502,595
involved ceased Aug. 1 1919, the day Federal Judge Mayer designated 1919................ 6,989,599
1917
3,753,884 1,138,623
3.29
2,615,261
Job Hedges as receiver of the New York Railways, then controlling interest 1915
5,541.303
3,351.672 1,115,414
3.00
2,236,258
of the Sixth Ave. RR. Judgment for an immediate partition and distribu 1913________
5,417.054 2,944,189 1,096,086
2.68
1,848,103
tion of tin property is petitioned by the plaintiff. (“ Journal of Com
Purpose.—To reimburse company for capital expenditures incurred in
merce.” )— V. 112, p. 2747.
completion of extensions of plants.
j

Erie R R . — L ea se o f M a r io n S h o p s .—

Replying to Representative Huddleston’s charges in Congress Aug. 17
that the Railway Service Co. was created by the Erie RR. as a fictitious
corporation to handle its shops at this triple division point for the express
purpose of evading the labor section of the Transportation Act, Clifford A.
Owens, a director of the Railway Service Co., stated:
“ The Railway Service Co.’s purpose is to promote efficiency in shops such
as is to promote efficiency in shops such as we have leased, that will dupli
cate the efficiency that is secured in other industrial plants and assist in the
development; of Marion through co-operation. No railroad or railway
official is interested in any way in the Railway Service Co.”
In connection with the leasing of shops at Marion, O., to a private con
cern, President Underwood says in part:
**It is not now contemplated that the shops as a whole on Erie R R . will go
under private management. It is a misnomer to call the plant at Mairon a
shop. The actual shop is at Gabon, O., 20 miles east of Marion. Marion
is purely a transfer point, with a roundhouse force, which in normal times
is over 600 men, and with the reduced business about 400.
“ At Marion an association of business men voluntarily offered to under
take the work at that point, and their assistance was gladly accepted by the
Erie. Erie is not acting in concert with any one as to carrying out of its
local affairs/
In te r e s t o n

Chicago & Erie

I n c o m e B o n d s .—

Notice is given that 5% interest for the year ending June 30 1921 will be
paid at office of the company, 50 Church St., N. Y. City, Oct. 1, on the
$10,000,000 Chicago & Erie RR. Non-Cumujative Income 5s due Oct. 1
1982. All pricr coupons of these bonds must be surrendered. These bonds,
with the exception of $98,000, are owned by the Erie RR., and are pledged
under the 1st Consol. Mtge. due Jan. 1 1996.— V. 113, p. 848, 532.

Federal Light & Traction Co.— Sub. C o. F a r e .—

The Grays Harbor Railway & Light Co., Aberdeen, Wash.. has announced
a change of fare in Aberdeen and Hoquiam from 6 cents within each of the
cities, and a 12-cent fare between them, to a straight 10-cent fare. The
change is announced as the result of jitney competition. School rates
remain unchanged.— V. 112, p. 849, 562.

Georgia R E . & B an k in g C o .— B oiid s O ffe r e d .— S p en ce r
T r a s k & C o . , N e w Y o r k , a n d W i l li a m E . B u s h & C o . , A u 
g u s t a , G a . , a re o ffe rin g a t 9 9 a n d in t . S I , 5 0 0 ,0 0 0 3 0 - Y e a r 6 %
R e fu n d in g b o n d s .
(S e e a d v e r tis in g p a g e s .)
Dated Oct. 1 1921, due Oct. 1 1951, without option of earlier redemption.
Bonds are being offered subject to the approval of the stockholders, of the
Inter-State Commerce Commission and of the Railroad Commission of
Georgia.
•
This issue, which ranks equally with the $1,000,000 4% bonds of 1947,
will provide for the retirement of $300,000 6% bonds and $1,200,000 5%
bonds maturing Jan. 1 1922. Upon completion of this financing the total
funded debt will amount to S2.500,000.
There is no mortgage on the railroad property directly owned and the
company agrees that if it shall at any time make any new issue of bonds se
cured by mortgage, the bonds of this issue and the 4% bonds of 1947 shall
be entitled to all the security and advantages of such mortgage.
The company was incorp. in 1833. It is the owner of the shortest link
connecting the Louisville & Nashville and the Atlantic Coast Line railroads
operated by either of the two roads. This ] 71-mile link connects with the
Louisville A Nashville at Atlanta and with the Atlantic Coast Line at Au
gusta. and comprises with its important branch lines a total of 315 miles.
In addition, it is interested in 247 miles of important adjoining railroad
lines through the ownership of securities, and is practically the sole owner
of the Georgia Railroad Bank.
The railroad property is leased jointly to Louisville & Nashville and At
lantic Coast Line for 99 years from April 1 1881, and, together with the
railroad companies in which it is interested, is operated as the “ Georgia
Railroad" system, which system forms an integral part of both systems.—
Y. 106, p. 709.

Grand Trunk

R y.

Co. of Canada.— L is tin g .—

The N. Y. Stock Exchange has authorized the listing of $25,000,000
20-year 7% Sinking Fund Gold Debenture bonds, due Oct. 1 1940. on
official notice of issuance, in exchange for outstanding Wm. A. Read &
Co. interim certificates. (These bonds were offered by Wm. A. Read &
Co. in Oct. 1920. See V. I l l , p. 1472.)
The proceeds of this issue were used to pay maturing loans and secured
notes, and to take up Detroit Grand Haven & Milwaukee Ry. [$2,000,000]
6% Equipt. and [$3,300.0001 Consol. Mfcge. bonds, due Nov. 14-15 1920.
The latter bonds have been extended for 10 years, and are held in the
treasury of the Grand Trunk Ry.
See also Canadian National Express Co. below.— V. 113, p. 727, 417.

Great Northern Ry. — E q u ip . T ru sts — U. S. L o a n .—

The T.-S. C. Commission has authorized the company to issue $606,000
6 A % Equipment gold notes, to be dated Aug. 1 1921 and due $101,000
annually Aug. 1 1926 to 1931, incl. First National Bank, .N Y ., trustee.
The proceeds are to be used in connection with the procurement of certain
equipment, costing about $1,145,000, of which $539,000 is payable in cash.
The sale of notes to trustee is proposed at a price that will produce 97 A .
Heretofore the company made application for a loan to aid it In the
•acquisition of these cars, one steam ditcher and one convertible pile driver
and crane, the net cost of all of which *o tho company will be approximately
$1,174,320. In certificate to the Secretary of the Treasury the Commis
sion authorized the making of such a loan from the U. S. in tho amount of
$586,000; leaving approximately $588,320 to be financed by tho com
pany.—Y. 113, p. 730, 623.

Capitalization Outstanding After this Financing.

Havana Electric Ry. Co. Cons.,Mtge. 5s, due 1952___________$8,070,570
Cia. de Gas y Electricidad 50-Year Mtge. 6s, due 1954_______
3,997,904
Cia. de Gas y Electricidad 37-Year Mtge. 5s, English bonds, ’43
552,450
Cia. tie Gas y Electricidad 6% Obligations called June 15 1917,
but not presented____________________________
6,100
General Mortgage 5% bonds, due 19545,845,000
5-Year 7%. Secured Conv. Notes (this issue)
_______ . ___ 1,500,000

%% Preferred stock

20,978,477

Common stock
See annual report in V. 112, p. 2183.

14,948.346

H o u sto n (Tex.) Electric C o.— N e w F r a n c h is e . —

Tho date for voting on the new street car franchise has been set for Aug. 4.
See V. 113, p. 848.

Id ah o C entral R R .— New Road.—

The I.-S. C. Commission on July 28 authorized the company to construct
a line of road from Rogerson, Idaho, to Wells, Nev., 90 miles.
Corporation was organized in June 1920 to build and operate the proposed
line. Authorized capital, $5,000,000, divided into Common and noncumulative Pref. stock in equal amounts. Common stock to the par value
of $100,400 has been subscribed, but none has been paid for. There is to
be no promotion stock, but certain of the promoters are to receive, as a
bonus for underwriting the securities, the sum of $500,000 which has been,
subscribed by citizens of the territory to bo served, payable when the com
pleted line shall be ready for operation. The Legislature of Nevada in
Feb. 1921 passed an Act appropriating $50,000 in aid of the proposed con
struction, payable as and when the line is placed in service, the amount to
be raised by a general tax levy in Elko County.— V. 113, p. 628.

K en tu ck y Securities C orp.— G u a r a n ty . —
See Lexington Utilities Co. under "Industrials” below.—V. I l l , p. 1750.

L afayette (In d .) Service C o.— R eh a b ilita tio n P la n F a ils .

The Geist plan to rehabilitate the railway at Lafayette, Ind., has been
abandoned following a meeting of the citizens’ committee named about
two weeks ago to offer $100,000 in preferred stock to local citizens. The
prospects are that the present owners will abandon the line in the near
future. (“ Electric Railway Journal” ).— V. 112, p. 2190.

L eh igh V alley R R .— A n o th e r E x t e n s i o n .—

The company has been granted another extension of time for 30 days by
the U. S. District Court in which to file its segregation plan in accordance
with the decree of the Supreme Court. This is the fourth extension.—
V. 113, p. 533.

M acon Ry. & L ig h t C o.— W a g e s C u t .—

The conductors and motormen on Aug. 3 signed a contract with the com
pany for a period of a year, agreeing to a straight cut in wages o f 4 cents
an hour. No other changes as to overtime or working conditions is con
tained in the contract. The company asked the men to accept a cut of
6 cents an hour. The new wage scale, ranges from 36 cents an hour for
beginners to 49 cents an hour for those who have been in the service one
or more years.—V. I l l , p. 1083.

M assachusetts N orth eastern Street R y .— W a g e s C u t. —

The pay of the 300 employees will be reduced 12% under the decision
of the Arbitration Board filed Aug. 11. The new scale retroactive to May
1 is 54 4-5 cents per hour and will continue in effect until May 1 1922.
The old rate was 60 cents an hour.— V. 112, 2414.
M id la n d

P e n n s y lv a n ia

R R . — F o r e c lo s u re S a le .—

This road was sold Aug. 10 to George F. Moore of Delaware County,
for $33,000. The Commonwealth Title Insurance & Trust Co., Phil a ..
sold the property. See V. 112, p. 162.

M issouri Pacific R R .— P a s s e n g e r S ta tion O p e n e d .—

The new passenger station at Little Rock, Ark., estimated to have’ cost
$1,250,000 and built by the Stewart Construction Co. of St. Louis, has
been opened. It replaced the station which burned about 16 months ago.
The first floor is larger than the old station and is fully equipped with up-todate facilities for the convenience and comfort of the passengers: the second
floor is divided into offices for the General Superintendent and other
officials of the railroad. ("Manufacturers’ Record.” )— V. 113. p. 849, 532.

M onongahela R y .— U. S. L o a n D e n i e d .—

An application of the company for a loan of $1,000,000 was recently
dismissed by the I.-S. O. Commission.— V. 112, p. 1741.

M ontreal Tram w ays.—

Reduced.—

The company effective Aug.16, put into effect a wave reduction of 12 A \
The employees, who were willing to accept a 10% reduction, have accepted
the cut pending the decision of a board of arbitration.— Y . 113, p. S49, 417.

New E n gla n d In vestm en t & Security Co. P u r c h a s e s
N e w E n g la n d N a v ig a tio n C o. N o te s fr o n t N e w H a v en . See New York New Haven & Hartford RR. below.— V. 110, p. 970.

New Jersey & P ennsylvania T raction Co.

Fares.

Tho New Jersey P. U. Commission has allowed the company an increase
in fare of from 7 to S cents in each of 4 zones between fronton and Princeton.
N. L. about 10 miles. The Commission refused the company’? application
for a 10-cent fare. The company must sell I tickets for 30 cent*, and the
rate between points within the limits of Trenton will be 3 con*> The -au

TI1E CHRONICLE

A ug. 27 1921.]

to school children is 25 tickets (’or $1 , Rood only on school days.p. 731, 533.

V. 113,

New Orleans Texas & Mexico Ry. I n t e r e s t .
The directors have declared the semi-annual interest o f 2 U % on
5% Income bonds, payable Oct. 1 192].
V. I I3>, i>. 028, 417.

th e

N. Y. Central RR . — A s k s R e h e a r in g o n C lev ela n d S ta tio n .
M ayor Fitzgerald o f Oloveland has filed a petition with (lie l M <7
.
Commission asking it to grant a, rehearing to the New York Central on Us
application for authority to construct a. new passenger station at Oleve
land. See V. 113, l>. 849.
New York New Haven & Hartford RR. -L o a n s R en e w e d — E q u ip m e n t— F a r e s I n c r e a s e d .—
The $2,000,000 6 m onths’ collateral notes payable at various banks
Aug. 11 have been renewed by the bankers, it- was learned from officials of
the com pany. It is also understood that, the prospects for an $8,000,000
loan from (ho Government applied for (V. 113, p. 81) are very good and
the Now Haven management, expects a decision soon from the I.-M.
Commission. (N . Y . “ Tim es” Aug. 12.)
The Boston “ News Bureau” Aug. 17 says: “ Financing o f the electric
equipment, just ordered by the Now Haven from the Osgood-Bradley (Oar
C o., W orcester, was ail provided for several months ago through creation
o f an equipment, trust under which a loan o f $1,500.000 was to be obtained
from the Government. The new equipment comprises 8 multiple unit
passenger train m otor cars, costing $75,000 each, and 14 trailer cars, costing
about $40,000 each. Cost o f this eouipmont is thus approximately $1,100.
000. It is for use on the electrified New Y ork division running up to
M ount Vernon and New Rochelle. Under the trust that covers this equip
ment and also some switching and light locom otives, which were delivered
in 1920, the Government will hold $1,500,000 o f equipment notes, and, as
additional security, $600,000 6% Scries B M tge. bonds o f the New Haver; T
T h e com pany has posted notices that beginning Sept. 1 zone tickets on
the Nantasket branch will be increased from 8c. to 10c.
Disposes o f N e w E n g la n d N a v i g a t i o n S e c u r it ie s .—
The com pany, in accordance with the provisions o f the decree in the
Governm ent’s Sherman law dissolution suit, dated Oct. 17 1914, reported
Aug. 22 to the Federal District Court that it had disposed o f 594 goal notes
o f the New England Navigation C o ., having a, par value o f $594,000. to
the New England Investment & Security C o.
C. V. W ood, Pres, o f the New England Investment & Security C o.,
in an affidavit stated that the latter com pany was not acting for or on behalf
o f the New H aven.— V. 113, p. 628, 533.
New York Rys.— O n e - M a n C a r s .—
The com pany has had successful experiments with one-man cars on its
Fourth Avenue and M adison Avenue routes. Officials say that eventually
all o f the M adison Avenue and Fourth Avenue cars will be one-man cars,
and they expected the method to be extended to all New Y ork surface cars.
See Eighth Avenue R R . above.— V. 113, p. 629, 293.
Norfolk & Portsmouth Belt Line RR.— Promiss y Notes.
T h e I . - S . C . C o m m is s io n on A u g . 2 0 a u th o riz e d t h e c o m p a n y (1 ) to issu e
a 9 0 - d a y 6 % p r o m is s o r y n o te fo r $ 3 5 , 0 0 0 , p a y a b le to o rd er o f M e r c h a n t s &
F a r m e r s B a n k . P o r t s m o u t h , V a . , iu ren ew a l o f a n o te fo r a s im ila r a m o u n t ;
a n d (2 ) t o is s u e , fr o m t im e t o t im e , n o t e s in re n e w a l t h e r e o f fo r lik e a m o u n ts
p a y a b le to sa id b a n k 9 0 d a y s a ft e r d a t e , b u t n o t la t e r th a n A u g . 2 5 1 9 2 2 ,
w ith in te r e s t a t th e r a te o f 6 % p er a n n u m .— V . 1 1 3 , p . 4 1 7 .

Pennsylvania RR.— As&s Labor Board to Vacate Decision
— Declares It Has Lawful Right under Transportation Act to
Establish Rules and Working Conditions for Its Employees.—•
See u n d e r “ C u r r e n t E v e n t s , ” t h is is s u e .— V . 1 1 3 , p . 8 5 0 , 7 3 1 .

Peoria & Pekin Union Ry.— Bonds Stricken from List.—
T h e N e w Y o r k S t o c k E x c h a n g e h a s stric k e n fr o m th e lis t 1 s t M t g e . 6 %
b o n d s , d u e F e b . 1 1 9 2 1 , a n d 2 d M t g e . 4 > t> % b o n d s , d u e o n th e s a m e
d a te .
T h e s e b o n d s , a g g r e g a tin g $ 2 , 9 9 4 , 0 0 0 , w e re t a k e n u p w h e n d u e .
C om pare V . 1 1 2 , p . 5 6 3 , 93 3 , 25 3 7 .

Public Service Corp. of N. J.— Preferred Stock.—
T h e c o m p a n y h a s c lo se d it s c u s t o m e r s ’ -s t o c k -o w n e r s h ip c a m p a ig n , d u r in g
w h ic h 2 0 . 7 0 0 s h a r e s o f 8 % C u m u la t iv e P r e fe rre d s t o c k , p a r $ 1 0 0 , w a s d i s 
p o se d o f in lo t s o f fr o m o n e t o te n s h a r e s .
S u b s c r ip tio n s u p t o te n sh a re s
w ere t a k e n , w ith in itia l p a y m e n t s o f $ 1 0 a sh a re a n d m o n t h l y p a y m e n t s
o f s im ila r a m o u n t .
T h e s t o c k w a s p u t o u t a t $ 1 0 0 a n d d i v i d e n d s .— V . 1 1 3 ,
p. 850, 732.

Public Service Ry., N. J.— Jitney Men Lose.—
T h e N e w J e r se y P . U . C o m m is s io n on A u g . 2 4 d e n ie d 19 a p p lic a tio n s
o f n e w j i t n e y r o u te s p a r a lle lin g tr a c k s o f t h e c o m p a n y in C a m d e n C o u n t y .
In 1 2 ca se s r e je c tio n w a s on t h e g r o u n d s t h a t a d e q u a t e t r a n s p o r ta tio n
fa c ilitie s in each ca se w e re p r o v id e d b y t h e str e e t r a i lw a y .- V . 1 1 3 , p . 8 5 0 ,
732.

Puget Sou n d T raction L ig h t & Power C o. — Court
Upholds Seattle's Right to Regulate Jitneys.—
T h e W a s h i n g t o n S u p r e m e C o u r t o n J u ly 2 0 s u s ta in e d t h e r ig h t o f th e
c i t y o f S e a t t le t o r e g u la t e jit n e y t r a f fi c o n it s s t r e e t s .
T h e d e c isio n w a s
r e n d e r e d in t h e r e je c tio n o f a n a p p e a l o f H . P . M c G lo t h e r n a g a in s t d ism issa l
o f a n in ju n c tio n a c tio n b r o u g h t a g a in s t t h e c i t y t o r e s tr a in e n fo r c e m e n t
o f t h e r e g u la tio n o r d in a n c e u n d e r w h ic h 1 8 7 a p p lic a t io n s fo r j i t n e y o p e r a tio n
h a d b e e n r e fu s e d .
I n t h e K i n g C o u n t y C o u r t , J u d g e W a l t e r M . F r e n c h h a d d is m is s e d a
t e m p o r a r y i n ju n c t io n g r a n t e d t h e j i t n e y o p e r a to r s p e n d in g fin a l d e c isio n .
T h e S u p r e m e C o u r t h o ld s t h a t th is c o n t r o v e r s y q u e s tio n s t h e c i t y ’s p o w e r to
c o n t o l it s s t r e e t s , a p o w e r o f w h ic h th e r e c a n b e n o d o u b t u n d e r a r u le w e ll
e s t a b lis h e d in t h is S t a t e a n d g e n e r a lly . T h e c i t y is h e ld t o h a v e h a d t h e
a u t h o r i t y a n d to h a v e b e e n e n g a g e d in p r o p e r e x ercise o f it a t t h e t im e
i n ju n c t io n s u it w a s b r o u g h t .
T h e d e c is io n o f t h e S u p r e m e C o u r t m a k e s v a li d t h e j i t n e y o r d in a n c e
p a ssed b y t h e C i t y C o u n c il in J u n e 1 9 2 0 .
T h e d e c isio n g iv e s t h e c i t y t h e
r ig h t t o p la c e t h e ji t n e y s u n d e r r e s t r ic t io n , t o r e q u ir e a ll j i t n e y d r iv e r s
to o b ta in lic e n se s a n d t o k e e p t h e j i n t e y s o f f c e r ta in s t r e e t s s e r v e d b y
t h e S e a t t le M u n ic ip a l R y .
A t th e tim e th e o r d in a n c e w a s p a s s e d , t h e j i t n e y d r iv e r s o b t a in e d a
t e m p o r a r y r e s tr a in in g o rd er t h a t h a s b e e n in e f f e c t fo r a y e a r .
(“ E l.
R a ilw a y J o u r n a l” ) . — V . 1 1 3 , p . 4 1 8 .

Rhode Island C o. — Practically Wound,

Up

.—

S ee U n it e d E le c t r ic R y s . b e lo w .— V . 1 1 2 , p . 2 7 4 9 .

St. Louis-San Francisco Ry.— I n t e r e s t .—
T he directors have declared a semi-annual interest installment o f 3% on
the Adjustm ent bonds, and an annual interest installment o f 6% on the
Incom e bonds, payable Oct. 1 1921.— V. 113, p. 732.
Sault Ste. Marie Traction Co .— A n n u a l R e p o r t .—
See Lake Superior C orp. under “ Financial R eports” above.
Savannah Electric & Power Co.— A p p l i c a t i o n
S ecu rities

to

Issue

U n d e r P la n — I n c o r p o r a te d .—

The com pany has applied to the Railroad Commission o Georgia for
approval o f the issuance o f ( a) $J ,300,000 1st Prof, or Debenture stock;
<b) 3) ,000,000 Rref. stock; ( c ) $2,500,000 Common stock, and ( d ) $2,500,000
o f mortgage bonds.
The stock and bonds or the proceeds thereof are to be used in the purchase
o f the properties o f the Savannah Electric C o., Savannah Power Co. and
the Chatham Traction C o. (under the proposed reorganization plan, see
V. 1]3, p. 184; and to make necessary additions to the same.
A charter for the Savannah Electric & Power C o., we understand, has
been granted this com pany preparatory to taking over the old companies
under the terms o f the reorganization plan. The plan, we are Informed,
has not as yet been declared operative.
The incorporators are A . A . Lawrence (President), E. 11. Abrahams, Paul
Fusillo, John J. Bouhan, AJvah Herzog, If. Mercer Jordan, Lewis A . Mills,
Jr., 3 norrun F. Kearns W. H. Brdgood and Robert L. Golding. Compare
plan under Lavannah Electric Co. in V. 1J3, p. 184.
1

Sioux City

(Iowa) Service Co.— Jitneys

Banned .—

The City Council o f Sioux City, Iowa, recently ruled that Jitneys shall not
operate In that city, and the Court has refused to grant an Injunction en

901

Joining the city authorities. The Court also refused the application o f the
Jitney operators to issue Inst ructions to the city authorities to issue Ik-erre
V . 112, p. 2043.

Southern Pacific Co.

L istin g

T li e N . V'. S to ck E x c h a n g e h a s g r a n te d th e a p p lic a t io n o f the. com pany
to w ith d ra w fr o m th e re g u la r lis t S o u th e r n P a c ific
in Fran<
T o r in in a l 1st- M t g e . 4 s o f I 9 6 0 , o f (.he d e n o m o f S 100 e a c h , to» Ilie amount
’
o f $ 7 5 0 ,0 0 0 a,ud c o u p o n b o n d s o f th e d o n o n i. o f S.VJ0 e a c h . to ' I amount of
$ 3 , 7 5 0 , 0 0 0 , an d t o n a v e s u b s t it u t e d th e r e fo r bond.*; o f the H u i r x Issue and
se r ie s, b u t o f th e d o n o n i. o f $ 1 , 0 0 0 e a c h , to th e a m o u n t o f S 4,500.000.

V. I 13, J . 85)0, 732.
>

Syracuse

&

Suburban RR.

-

W age

Inercaru

A ft e r b e in g o n s t r ik e fo r a b o u t t w o w e e k s th e tr a in m e n re tu rn e d u , wort,
o n A u g . 17 h a v e w on th e ir d e m a n d fo r a n In crease in w a g es fr o m 4 2 to A5,
c e n t s a n Iln u r.
V . I I 2 , p . 8 5 0 , 10 3

U nited Electric Rys., Providence,
Woonsocket Lines of Rhode Island, Co.

R. I.

Purchase.

J u d g e A r t h u r P . S u m n e r o f th e R h o d e Is la n d S u p e rio r C ourt) on A u g . i j
c o n fir m e d th e sa le o f th e W o o n s o c k e t lin e s o f th e R h o d e Is la n d Co. for
$ 3 0 0 ,0 0 0 , w h ic h w ere pur-chased b y O . H . VV. M a n d e v i l le on b e h a lf o f th<
U n it e d E le c tr ic R y s . o n A u g 6 .
C o n fir m a t ion o f th e sa le b y t h e c o u r t h a s th e effect o f b r in g in g u n d er the
c o n tr o l o f th e U n it e d E le c tr ic R y s . s u b s t a n t i a lly a ll o f th e r a ilw a y properties,
in th e S t a te o f R h o d e Is la n d fo r m e r ly o p e r a te d b v t h e R h o d e Isla n d C o
F u r t h e r m o r e , th e tr a n sfe r p r a c t ic a lly w in d s u p th e a ffa ir s o f th e R h o d e
Isla n d C o . , in a s m u c h a s t h e n ew o w n e r s o f th e W o o n s o c k e t lin e s h a v e
a greed to a s s u m e , w it h r e s e r v a t io n s , th e o b lig a t io n s o f th a t c o m p a n y .
T h e d e c re e o f sa le re cite s in s u b s t a n c e t h a t t h e p u r c h a s e w a s m a d e fo
th e p u r p o se o f c o n s u m m a t in g th e r e o r g a n iz a tio n o f U n it e d T r a c t io n S y st em
a n d o f c a u s in g th e p r o p e r t y t o b e tr a n s fe r r e d t o th e U n it e d E le c t r ic R y s
C o . ; t h a t sa id c o m p a n y Is d u ly c h a r te r e d to a c q u ire a n d o p e r a te th e p r o p 
e rtie s . a n d t h a t n o s to c k h o ld e r o f t h e R h o d e Is la n d C o . w ill re c e iv e an y
b e n e fic ia l in te r e st in t h e n e w c o m p a n y on a c c o u n t o f h o ld in g R . I . C o . s t o c k .
T h e d ecre e fu r th e r s t a t e s t h a t th e U n it e d E le c t r ic R y s . h a s a lr e a d y b o c o m e th e o w n e r a n d is n o w o p erat in g th e p r o p e r tie s fo r m e r ly b e lo n g in g to
th e U n io n R R . , P r o v id e n c e C a b l e T r a m w a y C o . , P a w tu c k e t; Street R y .
a n d th e R h o d e I s la n d S u b u r b a n R y . , a n d t h a t th e s e p r o p e r tie s to g e th e r
w ith th e W o o n s o c k e t lin e s a re s u b s t a n t i a lly a ll o f t h e r a ilw a y p r o p e r tie s
in th e S t a te fo r m e r ly o p e r a te d b y t h e R h o d e Is la n d C o .
T h e d e c re e a ls o r e c ite s t h a t M r . M a n d e v i l le a g r e e d to o ffe r to a ll h o ld e r s
o f p e n d in g c la im s , e x c lu s iv e o f c la im s fo r ta x e s , a s s e s s m e n ts or o th e r p u b lic
c h a r g e s, a g a in s t th e R h o d e I s la n d C o . n o t le g a lly e n title d t o p refe re n tia l
t r e a t m e n t , b u t file d a n d lis te d in t h e r e c e iv e r s ’ s c h e d u le s a s u m in cash
e q u iv a le n t to 2 5 % o f s a id c la im s a s d e te r m in e d b y a g r e e m e n t w ith t h e c la im 
a n t s on dr b e fo r e A p r il 1 1 9 2 2 or b y a d ju d i c a t io n o f th e M a s t e r in c h a n c e r y
to w h o m th e c la im s h a v e b e e n r e fe r r e d .
S u c h a d ju d ic a t io n to b e fin a l a s
to th e a m o u n t u p o n w h ic h t h e 2 5 % p a y m e n t is t o b e m a d e , a n d s u c h o ffe r
to b e in a d d it io n t o a n y d is t r ib u t iv e s h a r e in t h e n e t p ro c e e d s o f t h e sa le
to w h ich h o ld e r s o f th e c la im s m a y b e d e te r m in e d to b e e n t it le d .
^
T h e d ec re e fu r th e r p r o v id e s t h a t M r . T h o m a s a s M a s t e r r e c e iv e a n d g iv e
r e c e ip t fo r $ 4 , 5 0 0 , 0 0 0 o f a llo w e d c l a i m s 'a g a i n s t th e R h o d e I s la n d C o . ,
h e r e to fo r e a p p r o v e d b y W i l l i a m B . G r e e n o u g h , M a s t e r in c h a n c e r y , a n d
a lso a n y fu r th e r c la im s wrh ic h M r . G r e e n o u g h m a y a llo w on a c c o u n t o f th e
p u rch a se p r ic e o f th e p r o p e r tie s s o ld t o M r . M a n d e v i l le a n d t h a t M r . M a n 
d e v ille or th e U n it e d E le c t r ic R y s . b e c r e d ite d o n a c c o u n t o f th e p u r c h a s e
p rice o f th e p r o p e r tie s s o ld w ith s u c h a m o u n t a s w o u ld b e p a y a b le upon
th e se c la im s i f th e e n tir e p u r c h a s e p r ic e w e re p a id in c a s h , s u c h ;im o u n t n o t
b e in g a s y e t c a p a b le o f d e t e r m i n a t i o n , b u t t o b e d e te r m in e d h e r e a fte r .
P u r c h a s e o f th e C h e p a c k e t a n d N o r t h S c itu a te lin e s o f th e P r o v id e n c e Sc
D a n ie ls o n S t . R y . fo r th e ir in c o r p o r a tio n in th e U n it e d E le c t r ic R y s . is
b e in g u r g e d u p o n th e r e o r g a n iz a t io n m a n a g e m e n t b y A t t o r n e y -G e n e r a l
H e r b e r t A . R ic e .
T h e A t t o r n e y -G e n e r a l h a s m a d e th e s u g g e s tio n t h a t it
w o u ld b e f i t t i n g fo r t h e n e w in te r e s ts to a c o u ir e fo r th e r e h a b ilita te d s y s te m
th e se tw o lin e s o r i g in a lly o p e r a te d b y th e R h o d e I s la n d C o . , h u t d iv o r c e d
f r o m i t d u r in g th e r e c e iv e r s h ip .— V . 1 1 3 , p . 5 3 6 , 2 9 4 .

United Rys. Co. of St. Louis.— Another Seaman Suit.—
A lle g in g t h a t t h e fo r e c lo s u r e a n d s a le o f t h e H o d i a m o n t S tr e e t C a r lin e
f r o m V a n d e v e n t e r A v e . t o t h e c i t y lim it s is im m i n e n t t o s a t i s f y m o r e t h a n
$ 2 ,0 0 0 , 0 0 0 in p r in c ip a l a n d in te r e s t d u e o n t h e o ld S t . L o u is & S u b u r b a n
R y . b o n d s , J o h n W . S e a m a n , a s t o c k h o ld e r , o n A u g . 3 , fi le d s u it in th e
F e d e r a l C o u r t a t S t . L o u is fo r t h e a p p o i n t m e n t o f a n e w r e c e iv e r o n th e
g r o u n d t h a t t h e p r e v io u s a p p o i n t m e n t o f R o lla W e l l s a s r e c e iv e r w a s in v a lid
a n d a s a c o n s e q u e n c e is p r e v e n tin g h im fr o m n e g o t ia t in g lo a n s t o m e e t
a c c r u e d o b lig a t i o n s .
L e a v e t o file t h e b ill w a s g r a n t e d b y F e d e r a l J u d g e M a r t i n W a d e , a c t in g
in t h e a b s e n c e o f J u d g e F a r is .
A m o t io n t o d ism iss t h e s u it o f J o h n W . S e a m a n t o h a v e R o l la W e l l s
r e m o v e d a s r e c e iv e r w a s g r a n t e d b y F e d e r a l J u d g e W a d e A u g . 5 , w it h t h e
p r iv ile g e to re file w h e n J u d g e F a r is r e tu r n s f r o m h is v a c a t i o n in S e p t e m b e r .
J u d g e W a d e sa id t h a t , in h is o p in io n , n o e m e r g e n c y e x is te d in t h e r e c e iv e r 
s h ip w h ic h c a n n o t b e m e t w h e n F a r is r e t u r n s .— V . 1 1 2 , p . 5 3 6 , 4 1 8 .

U tah L igh t & T ra ctio n C o . — Guaranteed Bonds Offered.—
Tucker, Anthony & C o., New York, Robert Garrett & Sons,
Baltimore, and Brooke, Stokes & C o., Phila., are offering
at 9 9 and int. $1,401,000 8 % 1st M tge. Collateral gold
bonds.
D a t e d J u ly 1 1 9 2 1 , d u e J a n . 1 1 9 3 4 .
N o t c a lla b le b e fo r e J a n . l 1 9 2 7 ,
th e r e a fte r r e d . a ll or p a r t on 3 0 d a y s ’ n o t ic e , a s fo llo w s : d u r in g 1 9 2 7 a t 1 0 6 .
d u r in g 1 9 2 8 a t 1 0 5 , d u r in g 1 9 2 9 a t 1 0 4 , d u r in g 1 9 3 0 a t 1 0 3
d u r in g 1 9 3 1
a t 1 0 3 , d u r in g 1 9 3 2 a t 1 0 2 ^ , d u r in g 1 9 3 3 a t 1 0 2 .
I n t . p a y a b le J . & J .
in C h ic a g o or N e w Y o r k w it h o u t d e d u c tio n fo r n o r m a l F e d e r a l in c o m e ta x
u p to 2 % .
P e n n a . 4 m i lls ta x r e fu n d e d .
D e n o m . $ 1 ,0 0 0 an d $ 5 0 0 ( 0 * ) .
U n it e d S ta te s M o r t g a g e & T r u s t C o . , tr u s te e .
G uaranty. — U n c o n d it io n a lly g u a r a n te e d p r in c ip a l a n d i n t . b y e n d o rs e 
m e n t b y U t a h P o w e r & L ig h t C o .

D a ta fro m L e tte r o f V ic e -P r e sid e n t D . F . M c G e e , A u g . 22.
C om p an y. — A s u b s id ia r y o f t h e U t a h P o w e r & L i g h t G o .
O w n s e le c tr ic
p o w e r a n d li g h t a n d s t r e e t r a i lw a y p r o p e r tie s in S a lt L a k e C i t y a n d i m 
m e d ia te v ic in it y , an d elect-tic p o w e r a n d lig h t a n d g a s p r o p e r tie s in O g d e n ,
U ta h .
E le c t r ic p o w e r a n d lig h t p r o p e r tie s fo r m an in te g r a l p a r t o f th e
tr a n sm issio n a n d d is tr ib u t io n s y s t e m o f U t a h P o w e r & L i g h t C o .
W ith
th e g a s p r o p e r tie s t h e y a re le a s e d fo r 9 9 y e a r s fr o m J a n . 1 1 9 1 5 t o U t a h
P o w e r & L ig h t C o .
P u rp o se. — P r e s e n t issu e w ill r e p la c e a n e q u a l a m o u n t o f C o n s o l. R y . &
P o w e r C o . 1 s t M t g e . 5 s , w h ic h m a tu r e d J u ly 1 1 9 2 1 (w h ic h a re to b e
d e p o site d as a d d itio n a l s e c u r ity u n d e r U t a h L i g h t & R y . C o n s o l. M t g e . 5 s ) .
S ecu rity. — -(a) F ir s t M o r t g a g e (1 ) o n th e 1 6 ,0 0 0 k .w . J o rd a n s t e a m s t a t io n ,
(2 ) on W e b e r h y d r o -e le c t r ic s t a t i o n , (3 ) on s te e l to w e r tr a n s m is s io n lin e s
in te r c o n n e c tin g W e b e r , P io n e e r , a n d J o rd a n p o w e r p la n t s o f s y s t e m , a n d
(4 ) on s u b s t a n t i a lly e n tir e s tr e e t r a ilw a y s y s t e m ; (b) a lie n , s u b je c t t o $ 1 8 6 5 ,0 0 0 b o n d s o u t s t a n d in g , on s u b s t a n t i a lly a ll th e r e m a in in g e le c tric p o w e r
a n d lig h t a n d g a s propert ies.
B o o k v a lu e o f a ll a b o v e p r o p e r tie s in e x c e s s
o f $ 2 1 ,0 0 0 ,0 0 0 .
(c) A d d i t i o n a l ly se c u re d b y d e p o s it o'f $ 1 , 4 0 1 , 0 0 0 U t a h
L i g h t & R y . 5 % C o n s o l. M t g e . b o n d s .

E arn in gs ( Utah Light <% T ra ction C o.) Calendar Y ea rs.

x l 921.
1920.
Gross earnings______
$2,162,996
$2,069,482
Net, affc. oper. exp. &*iax
547,215
580,199
405,431
401,748
Other incom e___________

1919.
1918.
$1,855,281 $1,602,000
609,529
459,107
382,988
364,437

Total incom e..... ..........
$952,646
$981,947
$992,517
$823,544
x Year ending June 30.
For year ending June 30 1921, earnings were over 4 times annual interest
charges on all the underlying bonds o f the System, including those pledged
under the present issue.
E a r n i n g s o f U t a h P o w e r &, L ig h t C o . a n d

W e s t e r n C o lo . P r . C o . C a l.

xl921.
1920.
Gross earning's................. $6,870,905
$6,730,848
Net, aft. oper. exp. & tax
3,242,4 75 3,131,399
Other incom e...........
144,092
148,311

Y ea rs.

1919.
1918.
$5,655,960 $5,5.4,8 05
2,786,115
2,952,276
112,612
136,447

Total income
$3,386,567 $3,279,710 $2,899,027 $3,088,728
yin ter os t - .
_
$1.245,345 $ 1,21 ! .970 $1,178,300 $1,034,381
x Year ending June 30. y Interest on funded debt in hands of public.
Funded debt o f the Utah Power
Light- Co. in hands o f public as o f
June 30 1921 consisted o f $2-1,847.000 bonds, in addition to which there
was outstanding $4 3 ,6 3 7 ,0 0 9 capital stock.

90S

THE CHRONICLE

t a u t io n Chi

m g U tah L t.

1 c u e. S yst C'fH) JxfL t r T h is

[ V ol . 113

/ T n a n tin g .

id tiie Central West foundry iron shipments in August have been from
a third to 50% larger than in July.
"Further Chicago sales of 50% ferrosilicon have been made at concos1931,401,000 I sioiib (he low prices ha\ ii -- been made by Canadian producers in view of
their advantage in the exchange situation.
12,471.300
M tgt*. gold bonds, du£ Oct 1 1944
Recent concessions b.\ one producer of Lake Superior iron ore have not
t A R y. Ooi isol M .
.
J00 add iiional
changed the prices of other sellers. A Canadian steel company that thus
edged unde
$909 O M pledged under
l l
far has received no 1921 ore on its contracts will now begin to ship and
gf. M
186,000
may take a total of 250.000 tons,
ah i
t A 1*0wer ( ' o. Prior 1
c
Jen 5s, liue Jan. 1 1930 ($4,666
(3) RR. Repairs. "Railroads continue to place car repair work. An
i ion
Iged under 1st A Ref 5 s )_____
t
746,000
Illinois i rim 0 contract is for (he repair of 1,400 box and gondola cars.
1;ui .
u wer C o. Cons u! M t ge 4s, du
1930
Wesu-rn roads are in the market for locomotive forgings and car axles.
also pi edged under la l A Re f . M . 5s und $1.4 85,000
c
F‘ > repaii work in its own shops the Burlington will buy 2,200 tons of
r
ght Sc Ry, Consol. ]V 5s)
I
1,11 3,000
plates and shapes.
1,150,875
(4) Fa bricated Sleet.
The week has been an outstanding one in fabricated
■ it cl
'»
Upward of 12,000 tons was placed and nearly 20,000 has been added
U t R . P o w ar & Light C o . - G u a r a n i [y — E a i n i n g s .
ih
to active pending projects, not including 14.000 tons for the Federal Reserve
Bank in New York
Railroad bridge and building work is conspicuous for
Uta h Ligh t A ' fraction L O. U Dve.— V.
.
IJ
13, p. 859
its absence."
u • RR. Administration — F i n a l Settlem
ents.
C o a l P r o d u c t i o n , Prices, S h ip m e n t s , & c.
l’h U. H R 4. Admin is true ion ha.s announc ad that final se ttlements
tj
. l
Proposed Increased Hates on Anthracite Coal from P en n sylva n ia into N. Y.
all eiaiiais gru wing out o f tlie 26 nninths o f Federal control had been
de with the At lan ;ic Coast Line RR for S
55.500 000, and with the State Held Up by 1 -S. C. Commission Any. 23.— See RR. summary above.
Amount of Coal Supplies of 50 L ea d in g HRs. - “ Coal Trade Journal”
stot i Te ["initial Co. 'or $95,2t,4
V. 113, p . 8.50, 629.
Aug. 24, p. 945, p. 959.
leposit
nuuni o f Utah U gh i A R y. C onsol. J
t
VI. 5s.

u.

W ashington (D. C.) Ry. & El. Co.— C
ar

Merger Bill.

The alternative of separate ear fare rates on the lines of the Washington
Ky. v fiiec. Co. and the Capital Traction Co. in the event those lines fail
V
to consolidate by July 1 1922 was, Aug. 18, embodied in the Woods merger
bill, which modified with that and other amendments, was ordered favorably
reported to the House by the House District Committee by a vote of 9 to 6.
If the bill thus reported to the House should be enacted and the companies
should fail to consolidate, the P l
Commission would be directed to
•hange entirely the present principle by which fares are fixed to insure a
fair return on a combined valuation of the lines of the two systems.
The Commission has declared repeatedly that to fix fares on separate
valuations would work an injustice to the Wash. Ky. & El. Co. as the
Capital Traction Co. can operate its lines at less cost and so can earn a
fair return at a lower rate.
Another amendment to the original Woods bill stipulates that consolida
tion of the Wash. Ry. & El. Co. and Capital Traction Co. shall be a condi
tion precedent to the merger of these systems with the Potomac Electric
Power Co.— V. 113. p. 732.

Waterloo Cedar Falls & Nor. R y. — Stock, Bonds, Ac.
The l -S. O Commission Aug. 20 authorized the company (1) to issue
$2,200,000 Gen Mcge 7 c gold bonds for pledge with the United States
as collateral security for $1,885,000 in loans from the United States; (2) to
issue and sell at par for cash $700,000 Common stock; and (3) to issue lease
warrants or notes aggregating $132,159 44, in connection with the procure
ment of equipment
Of the $700,000 stock proposed to be issued $207,000 thereof is to be
issued and sold at par to meet current liabilities. The proceeds of the entire
issue are to bo used as follows: (1) For funding maturities, $547,126; (2)
for paying open accounts, $18,674; (3) for cash payments on new suburban
passenger cars. $37,000; (4) to be held in the treasury for capital expendi
tures, maturing int. and other proper purposes, $97,200 — V. 112,p. 1979,163.
W estern & Atlantic R R .— Rental .—
The Georgia Senate Appropriation Committee, after a three-hour session
ou July 27, recommended to pass by a 9 to 4 vote the house bill providing
for the discount of the next five year’s rental of the Western & Atlantic
R R . to meet the financial crisis that is faced by the State. It was shown by
statistics that the 1921 appropriations which wore made by the last Legis
lature and are now due amount to $8,312,424. Of this amount only $1,866,630 has been paid out by the treasury' leaving $6,445,791 due, with no
money yet collected to payr it. and not nearly enough expected to come in in
taxes to pay it. (“ Railway Review” Aug. 6).— V . 110, p. 79.

W isconsin

Traction,

Light,

Heat

& Power Co.—

Bonds O ffe r e d — F ir s t W is c o n s in C o . , M ilw a u k e e , a n d R u t t e r ,
L in d s a y & C o ., I n c ., C h ic a g o , are o ffe r in g a t 9 8 a n d i n t .,
to y ie ld a b o u t 7 . 8 0 % , $ 1 ,5 0 0 , 0 0 0 5 % 1st M t g e . (p a y in g
73/ 2 % ) b o n d s o f 1 9 0 1 a n d d u e J u ly 1 1 9 3 1 .

A d d itio n a l in te re st coupons a t r a te o f 2p£% p. a . are a tta c h e d to th e
p re se n t issue. A su p p le m e n ta l in d e n tu re *p ro v id es th a t th ese coupons
sh a ll sh a re eq u a lly in a n y fu tu re lien w h ich m a y be p laced u p o n th e p ro p 
e r ty .— V. 113, p. 4 1 9 - __________

IN D U STR IA L AND MISCELLANEOUS.
G e n e r a l I n d u s t r i a l a n d Public U t i l i t y N e w s .— T h e
fo llo w in g ta b le su m m a r iz e s r e c e n t in d u s tr ia l a n d p u b lic
u tility n e w s o f a g e n e ra l c h a r a c te r , su ch a s is c o m m o n ly
tr e a te d a t le n g th o n p r e c e d in g p a g e s u n d e r th e c a p tio n
“ C u r r e n t E v e n t s a n d D is c u s s io n s ’ ’ (if n o t in th e “ E d ito r ia l
D e p a r t m e n t ” ) , e ith e r c o n c u r r e n tly o r a s e a r ly a s p r a c tic a b le
a fte r th e m a t t e r b e c o m e s p u b lic .

S te e l a n d I r o n P r o d u c t i o n , P ric e s , & c .
Neic Prices of U. S. Steel Corporation Announced Aug, 24 to Meet Cut
Prices of Independents.— (a) S tock tin p la te . 100 lb . box, P ittsb u rg h , for
early delivery, 84 25 (ag a in st $5 25, th e rec en t m a rk e t price, S5 50 J u ly 26
a n d 89 A ug. 24). (b B lack ann ealed sh eets, $2 75, a g a in st th e recen t
price c f S3 a n d 87 50 A ug. 24 1920. (c) G alvan ized steel sh eets, S3 75.
a g a in st th e rec en t price o f S4 a n d $9 A ug. 24 1920. C o m p are “ C u rre n t
E v e n ts ” on a preceding page.
Present Prices of U. S. Steel Carp. at Pittsburgh Compared with Previous Mkts.
Aug. July
Jan. Jan. Jan. Jan. Jan.
In 1921— 24.
26.
1920 {Peak). 1920. 1919. 1917. 1916. 1915
T in p la te (stk )S 4 25 85 50 A ug .-Sept .89.00 87 00 87 35 $7 00 S3 75 S3 10
B lack s h e e ts . 2 75 3 00 A ugust
7 50 4 .4 7 K 4 70 4 50 2 60 1 80
Number Employed in Iron & Steel Industi-y {Est. by Dept, of Labor).
— “ Iro n A ge” A ug. 25, p. 459.
Ply' 21. Jan.'2 1 . Jan.'2 0 . J aw .’ 19. June 1918. Jan. T 8 . Jan.' 17 .Jan .’ 16. J e w .'1 5 .
2 4 9 .1 5 0 3 5 6 ,4 7 6 4 8 6 ,8 0 1 .5 2 1 ,2 9 9 P e a k 5 3 2 .7 9 8 5 1 3 ,6 3 3 4 6 7 ,6 3 6 3 8 3 ,3 0 8 2 8 3 ,6 4 8

M a r k e ts .— “ Iro n Age,*’ A ug. 25. says in brief:
(1) Steel Production.— “ T h ere a re in d icatio n s of slow ly ex p an d in g d em an d
for som e form s of finished steel— an increase in th e n u m b er of o rd ers coupled
w ith a m ore u rg e n t cab for ea rly d eliv ery . P roducers of steel a re encouraged
to look for a g rad u al decrease in th e scale of th e ir losses.
“ T h e ra te of steel in g o t p ro d u ctio n is slig h tly larg er th is w eek a t several
im portant, p la n ts. In th e C hicago d istric t th e W isconsin Steel C o. show s
th e m o st m a rk e d im p ro v e m en t, ru n n in g a t 40% of ca p acity .
“ C e n tra l W e ste rn m ills find m ore a c tiv ity in au to m o b ile steel th a n in
a n y o th e r d irectio n . Several D e tro it p la n ts Trill o p era te a t th e p resen t
ra te th ro u g h S eptem ber. T h e F ord M o to r Co. placed 2,500 to n s of lig h t
p la tes a t Y oungstow n an d a lik e a m o u n t w en t to a n o th e r m ill.
“ T h ere are signs of increased a c tiv ity a t som e im p lem en t w orks, b u t
one farm tr a c to r co m p an y h as reduced pro d u ctio n .
(2) Prices.— “ T h e sh e et m a rk e t is m ore ac tiv e , som e b u y ers m ak in g
th e ir firs t purchases in m o n th s. B ase prices on b lue an n ealed ran g e from
2.25c. to 2.40c. a n d on b lack sheets from 2.75c. to 3 c.. a g a in st 3c. J u ly 26
to A ug. 16 1921 and 7.50c. A ug. 24 1920. Offerings of sto ck tin p la te
h a v e been m ade a t 84 50 per box, or 75c. below th e price for p ro d u ctio n p late.
(Steel b illets, b o th B essem er an d open h e a rth , w ere q u o ted a t P ittsb u rg h
A ug. 23 a t $29, a g a in st $30 J u ly 26 to A ug. 16 a n d $60 A ug. 24.1
“ B ar iron is a b o u t $1 p e r to n low er in th e E a ste rn m a rk e t, bein g now
q u o ted a t 1.65c.. P ittsb u rg h .
“ L ig h t rails, 25 to 45 lb ., h a v e declined a b o u t $2 p e r to n u n d er recen t
co m p etitio n .
“ T h e pig iron m a rk e t h a s held th e im p ro v e m en t of la s t w eek, consider
able sales being rep o rted a t 50c. o r m ore above rec en t low prices in som e
d istric ts, w hile in o th e r cases business w as closed a t prices q u o ted a fo rt
night a g o .” (No 2-X , P h ilad e lp h ia , wra s q u o ted Aug. 23 for e a rly d elivery
a t $20 84. a g a in st $20 34 A ug. 16 a n d $21 35 Ju ly 26 1921 a n d $53 35
Aug. 24 1920. w hile N o. 2 V alley F u rn ace on Aug. 23 w as q u o te d a t $20,
a g a in st $19 50 J u ly 26 to A ug. 16 1921 an d $50 A u g . 24 1920.1

Central Coal Association Asserts that Refusal of Union to Readjust Wages
Has Practically Driven Lower Volatile Coals of Central Pennsylvania from
Market.— “ Coal Trade Journal” Aug. 24, p. 943.
Average Value per Gross Ton of Coal Exported Based on Actual Cost or Value
at Port of Export (U. S. Bureau of Foreign & Domestic Commerce).
1921— June. May. April. Mur.
Feb.
Jan. Oct . - ’20-M ay

Anthracite
.$10 77 $10 77 $10 90 $11 05 $10 95 $11 20 $10 05 $9 05
Bituminous____ 5 56
6 02
6 28
6 90
7 15
7 60 10 67 7 10
Month of J u n e ---------- 12 Months ended June 30------Coal Exports—
1921.
1920.
1921.
1920.
1919.
511,951 4,877,800 4.717,462 4,285,730
Anthracite _______ 495,896
Bituminous _ _ . - . 3 , 3 1 4 , 5 1 3 3,132,253 34,423,964 22,976,325 >8.152,337
WEEKLY REVIEW. “ Coal Age,” N. Y .. Aug. 25. reports in brief:
(1) Business.— “ Production of both hard and soft coal has hit the upgrade
at last. Psychology, as usual, is called in to account for the attitude of
buyers. As September approaches and cooler weather is in prospect,
thoughts are turning to coal. Railway fuel purchases are increasing and
some improvement in demand from the steel industry is noted, with pros
pects for more. Cement mills in the East are buying more coal. Increased
availability of credit and marked declines in money ra«es not only herald
betterment in fundamental conditions, but make possible the purchase of
storage coal by industry.
“ Movement off the docks at the head of the Great Lakes U gaining and
all reports indicate that that territory will have abundant coal, both hard
and soft, this year. New England likewise appears to be very well stocked
and continues to receive somewhat better than current needs.
(2) Prices.— “ ‘Coal Age’ index of spot prices of bituminous coal stood
at 90 on Aug. 22, a drop of 2 points from 92 on Aug. 15. Local conditions
account for this change. In New England all-rail -coals from central Penn
sylvania are down because of the flood of water-borne coal now available,
both because the ocean freights from Hampton Roads are the lowest in
years and because New England Is the only market by water for coals from
this port since export demand ceased. (At Boston Clearfield mine run is
ouoted (spot f.o.b. at mines) at $1 4 0 (5>$2 10 against $1 90 Aug. 16 and
$2 July 19, and Cambria at $2 15@ $2 70 against $2 55 and $2 70,recpec.]
“ In the Midwest, where a few weeks ago screenings were at a premium
because in small production, demand is now' waiting for the usual fall rush
for domestic sizes to produce a superabundance of fine coal at bargain
prices: in consequence prices are off now.
(3) New England Movement.— “ All-rail movement to New England con
tinues to decline, as shown in the following table. Low marine freights
a"e aiding shippers of water coal, who are making further inroads on the
r
territory which for some time has been served by the all-rail Penn, coals.
Cars of Coal Forwarded over the Hudson to Eastern New York
New England •

Week ended— Anthracite—
1§2\—
Bituminous Anthracite-\02Q—
Bituminous
J u ly 3 0 ________
2,543
3,029
2,806
6,368
2,609
2,780
1,863
6,732
A ug. 6 ________
A ug. 1 3 ________
2,313
2,560
2,230
6,124
Receipts of Coal in Nciv England {In Net Tons).
---------- Bituminous Coal------------------------ Anthracite Coal-----------By Tide. All Rail
Total.
By Tide. All Rail.
Total.

A pril 1921— 603.917
585,797
1,189.714 305,703
598.897 904,600
M a y 1921-_ 587,684
649,914
1,237.598 373,976
666 702 1.040,678
Ju n e 1921 - - 758.960
799.155
1,558,116 386,845
685.600 1.072,445
6 m os. 1 9 2 1 -3 ,795,425 4,477,712
8,273,137 2,036.615 4 ,2 5 ".4 4 6 6,294,061
6 m os. 1 9 2 0.4,678.490 4.749.859
9.428.349 1,622.991 3 .5 "9 ,3 0 " 5,202.298
6 m os. 1919.4,077,396 4,163,908
8,241,304 1,464.596 3:180.092 4.644,688
(4) Lake Tonnage Still on the Toboggan.— “ D u rin g th e wreek ended A ug. 20
634,371 n et to n s w ere d u m p ed a t th e low er p o r ts —611,92" to n s carg o an d
22,444 to n s vessel fuel. T o ta l d u m p in g s for th e season to d a te are 15,424.312 to n s, as co m pared w ith 9,646,262 to n s in 1920.
(5) Export Market Flat. - “ Since th e resu m p tio n of B ritish m in e o p eratio n s
oversea sh ip m en ts h a v e b een d ro p p in g ste a d ily . D u rin g th e w eek ended
A ug. 18 H am p to n R o ad s d u m p in g s for all ac co u n ts w ere 209.823 gross
to n s, a decline of m ore th a n 50,000 to n s for th e w eek. A lth o u g h less coal
is bein g consigned to tid e w ate r, ac cu m u latio n a t th e piers is grow ing an d
d istress lo ts o f fuel are easily o b ta in ab le a t low fig u re s.”
(6) Total Coal Production in U. S. as Estimated by Geological Survey {Net Tons)
Week Aug. IS.
Week. Prev.Week.
1920.
1921----- To Date----- 1920.
B itu m in o u s_____ 7.726.000 7,175.000 11,813.000 241.548.000 320,807.000
A n th ra c ite ______ 1,772,000 1.564,000
1,851.000 55,836,000 56,056.000
Oil,

Oil

Products,

Production,

Prices,

&c.

Prices.— T h e S ta n d a rd Oil C o. of In d ia n a on A ug. 24 red u ced its price

of gasoline in C hicago lc . a gallon to th e b asis o f 19c. a t filling sta tio n s
a n d 17c. in ta n k w agons. T h e Sinclair R efining Co. m ad e a sim ila r cu t
in C hicago on A ug. 26. a to ta l re d u c tio n of 10c. since J a n . 1. T h e leading
C a n a d ia n cos. also, h ea d ed by th e S ta n d a rd Oil C o .’s su b sid iary . Im p e ria l
Oil, L td ., on A ug. 19 red u ced th e p rice o f gasoline 2c. a gallon a n d k e ro 
sene lc . On o r a b o u t A ug. 12. th e w holesale price of gasoline in G eorgia
w as a d v a n ce d l c . to 21c. a gallon a t ta n k w agons, d u e to new S ta te tax .
“ Oil P a in t & D ru g R e p o rte r” P e t. Sec., A ug. 22. p. 10.
Production
Stocks Held by Refineries for May 1921 <& 1920 [Bur. of Mines].
Month of June— _ 1921— Output— 1920.
1921 — Stock Jime 30— 1920
34,9 0 6 ,0 7 8
21,008.986
16.172.2S0
C ru d e ru n (bbls.)_ 36,940,821
Oils p u rch a sed an d
1,029.066
re -ru n (b b ls .)_
_
2,740,131
800.561
3,706,180
504.055,601
415,158.911
750,644.450
G asoline (g a ls .)_ 430,344,393
_
421,343,353
435,056.713
173,580,990
K erosene (g a ls.)__ 141,637,081
641,968,363
689,878,050 1,248,664,088
G as & fuel (g a ls.).8 2 6 ,3 5 5 ,2 6 2
133,212.551
94.964,222
260.882.121
L u b ric a n ts (g a ls.)- 63,088,609
169.508.631
53,997,410
261,328,486
W ax ( lb s .)_______ 29,860,281
19,340
56.784
66.710
C o k e (to n s )______
43,567
51.478
118,337
132.604
A sp h a lt (to n s )___
109,565
481,974.195
_____
137,345,187
748.7S7.601
M iscell’s (gals.)_______________
— 100.049.166
See full s ta te m e n t of o u tp u t, & c., b y g eo g rap h ical divisions in P etro le u m
S ection of “ O il, P a in t & D ru g R e p o rte r” for A ug. 22, p . 11.
Production, &c.— T h e A m erican P etro le u m I n s titu te e stim a te s t h a t th e
d aily av erag e gross cru d e oil p ro d u ctio n in th e IT. S. for th e w eek ended
A ug. 20 w as 1,315,440 b b ls., as co m p ared w ith 1,304,070 b b ls. fo r th e p re
ceding w eek, a n increase of 11,370 b b ls., d u e chiefly to an increase fro m
9 1,350 to 100,900 in K an sa s.
T h e I n s titu te f u rth e r concludes from an an aly sis o f th e co m p lete official
p etro leu m sta tis tic s t h a t fo r Ju n e th e re w as a n excess of d o m estic p ro d u ctio n
a n d im p o rts o v er th e in d ic a te d co n su m p tio n , including ex p o rts, am o u n tin g
to 8.311,798 b b ls. for th e m o n th , or a t an a n n u a l r a te of 101.126,900 bbls
“ F in . A m .” Aug. 26, p . 1. C alifo rn ia refin ery o u tp u t for Ju n e . &e.. in
d e ta il. “ W all S t. J o u r n a l” Aug. 24. p. 7.
F o r th e seven m o n th s ended Ju ly 31 th e G eological Survey estim a tes the
o u tp u t of p etro leu m in th e U . S. a t 276,910.000 bbls . com pared w ith 249.
563.000 b b ls. sam e period la st y ear; a n d for Ju ly a t 40.228.000 bbls . com
p are d w ith 40.412,000 b b ls. in Ju n e , an d 38.203.000 bbls. in Ju ly 1920
r‘T im e s” Aug. 26. p . 15.
T h e d aily av erag e p ro d u ctio n of gasoline for J u n e w as 1 1,344.818 gals
w hich is a decrease of 125,118 gals, com pared w ith M ay. but an increase
of 1.004,522 g als, o v er th e d aily av erag e p ro d u ctio n for th e >car of 1920.
S to ck s of gasoline on h a n d a t th e refineries w ere decreased d u rin g th e

A ug . 27 1921.]

THE CHRONICLE

m o n t h b y a p p r o x im a t e ly 5 0 , OHO,0 0 0 g a ls . to 7 5 0 , 0 4 4 , 4 5 0 .
T h o r n won*.
5 1 0 o il r efin eries in (Operation d u r in g J u n o w ith to ta l c a p a c i t y o f 1 ,7 5 0 ,7 7 5
b t )ls . o f o il d a ily , a g a in o f 8 p la n t s a n d 2 1 , 0 5 0 b b ln . In d a ily c a p a c i t y
over M a y .
L i s t o f p e tr o le u m ro fln o rio s in IT. H. w ith c a p a c i t y , See., " O i l 'T rad : Jou r
n a l ” A u g . 1 9 2 1 , p . 1 0 4 to 1 0 0 .
O th e r

P ricoB

W agea

&

urs.
1 radio M a t t <

W h olesale P rice Inde.E N o s . ,Jan. 1, <&C. 1921 ,, A u g . 1912 {, Peak, ( 9 50
J an . I 'eb. M a r . A p r . M a y. June. J u ly. A u g . A m : 13 P'calc' 20
B r a d s ' Sreet’s _
138
13 4
12 9
D u n ’s ________
151
164
1 54
L a b o r B u re a u
189
F77
167
" P o s t / ’ A u g . 2 0 , F in . 8 0 c
p.

124
144
162
1.

1 IS
138
154

1 15
137
151

1 16
182
148

120
135
148

1 00

100

100

227
218
272

H o w th e G e r m a n s U n d e r s e l l
C o m p a r a t iv e W e e k l y W a y .e s .
Am. Chamber
o f Commerce in Franco. Bricklayers in 1920 received weekly 210 JVI.
($3 45) against 44.28 (S10 58) in 1913. while bread, 4-lb. loaf sells at 4.50 M .
(7 cts.) against 0.45 M . (,11 els.) in 1913.-- “ Id em .” p. 887.
P r i c e s .— A t wholesale in N . V . on Aug. 2 2 now wheat N o. 2 red sold down
to $1 28, a now low. contrasting with $’l 40.!-.: on July 14, and on Any. 20
corn was quoted at 72c., as against 9 0 .%<\ Jam 3 1921 and $2 31 :‘ .i M ay 15
1920 and $2 45 (the war peak) July 33 1917. Refined sugar is lower again
at 5.90c., but still well above the low (5.20c.) o f Juno 28.
Three manufacturers o f high-class automobiles have reduced their prices,
the Pierce-Arrow, which has com e down $1,000 to $0,500 on its touring
cars and $500 on closed cars; the M ercer, which makes a. straight cut of
$550 on Jill models, bringing the touring car down to $3,950.
W a g e s , t&c.— (a) The American W indow Glass Workers’ Union at Pitts
burgh on Aug. 26 peached a wage agreement with the W indow Glass M frs.'
Association o f Am erica for the "hand plants,” calling for a reduction of
2S% from the wage scale effective one year ago, and affecting, it is said,
5,200 skilled workmen and other workers, enough to bring the total to
18,000 persons. The plants are expected to be placed in operation early
in September.
(b) Some 600 operators at four plants o f Rainey W ood Coke C o. at Uniontown, P a., have struck against a cut in wages to slightly over $3 a day for
10 hours’ work as against $8 to $10 for 8 hours during war time.
(c) The plants o f d u e t t , Peabody & C o ., George P. Ido & C o. and H all,
Hartwell & C o. at T ro y , N . Y ., reopened M onday after vacation with
15% wage cut.
(d) A m . Steel & Wire C o ., W orcester, M ass., has cut, wages at three
works 2 0 % , effective A ug. 29. (e) Wages o f ship painters em ployed by
contractors will be reduced about 13% on Sept. 1, according to a statement
issued b y the M arine Painters’ Association. "T im es” A ug. 22, p . 16.
(f) The International N ickel C o. put another wage cut into effect at Sud
bury, O ut., on July 15, when surface labor was reduced from $3 80 to $3 50
a day. The com pany has about 75,000,000 lbs. o f nickel on hand and in
process, including that in the roast yards. "E n g . & M in. Jou r.” A ug. 6.
AYages o f factory workers in N . Y . State show average reductions of
45 cts. from June to July and $3 67 (to $25 26) since O ct. 1920. “ Fin.
A m .” A ug. 26, p. 7.

L e g is la t io n , T a x a tio n & M is c e lla n e o u s .
T ax R evision . — Bill passes the House b y 274 to 125.

Amendments—
New tax on capital gain— Sales to record losses follow ed b y repurchase to
be barred out. See "C urrent E vents” above and in V . 113, p. 795, 798
and "T im es” Aug. 21, p. 1, and original bill "T im es” A ug. 16, p . 10,
also "B oston N . B .” A ug. 26, p. 8, for amendments. In Senate, "T im es”
Aug. 21, p . 23.
R etirin g C om m ission er Edw ards R ecom m ends F in a l Tax T ribu n al f o r N . Y .—

Idem , Sec. 2, p. 1.

Senate Cuts H ig h w a y A i d to $75,000,000— "T im es” A ug. 20, p . 10.
Sum o f $240,450 A sk ed f o r E n forcem en t o f P acker C ontrol A c t T ill J u n e 30

1922— Idem . A ug. 21, p. 14.

O pen D oors C losin g— T a riffs Bar U . S. E xp orts ( T a r iff C om m ission ) —

"T im es” Aug. 20, p. 11.

N a va l P olicy Cuts U . S. A p p r o p r ia tio n this Y e a r fr o m $135,000,000 to
$75,000,000— S eriou s E ffec t on Shipyards — " ’Wall St. J .” Aug. 20, p . 6.
S h ip p in g B oard ’s N e e d s .— President H arding’s letter to Senator Jones

ask> co-operation to meet situation, including "approxim ately $200,000,000 involved in claim s” inherited b y the Board from previous administra
tion. Chairman Lasker is sure he was "w ell within the facts in estimating
at $300,000,000 the amount "needed largely to pay claimants and litigants
and to settle debts o f the past which have not yet been entered upon the
b ook s.” A ct as signed grants only $48,500,000.— "T im es” A ug. 21, p . 1.
Sailings o f U . S . M ail SS. C o . (see that c o . below) will continue— Id e m . p . 23.
Board m ay sell to Construction & Trading C orp ., N . Y ., for $2,100 each
205 wooden vessels that cost the Board from $300,000 to $800,000 each
- "T im e s” A ug. 22, p. 3; A ug. 24, p . 3.
—
Oil & Gold ^Discoveries R eported in A la sk a — I d e m , p. 2.
Oil In ju n c tio n Suits — M ex ica n S u prem e Court H old s H ea r in g s . — These
hearings are understood to relate to about 180 tem porary injunction suits,
brought against the Governm ent b y foreign oil companies, some o f which
have been pending since 1918— "T im es” A ug. 21, p . 4; A ug. 25, p . 23.
A m er ic a n O il M e n to C on fer w ith M e x ic a n O fficia ls as to T axes — "T im es”
Aug. 23, p . 20.
U . S. P ea ce T rea ty w ith G erm any S igned at B erlin A u g . 25 — F u ll T e x t .—
"T im es” Aug. 26, p. 1
B ills Signed by P resid en t. — (a) On Aug. 25 Urgent D eficiency Bill carrying
$48,500,000 appropriation from U . S. Shipping Board. "T im es” A ug. 26.
(b) On Aug. 23 the New York Port D evelopm ent bill. "S u n ” A ug. 23,
p. 21; text o f A ct, "E n g . News R ecord” A ug. 11, p. 254.
(c) On A ug. 25
Capper-Tincher bill regulating trading on grain exchanges, (d) On Aug. 25
the bill, which extends the period for doing assessment work on mining
claim s.
D y e E m bargo E xten sio n a n d F arm C redit B ills P a ss Both H o u s e s . — (a) The
Longworth dyestuffs bill, continuing until Isov. 27 the present licensing
system under w hich the im ports o f dyes and dyestuffs are brought into the
United States, was passed b y the Senate, 39 to 22, on A ug. 25
( b ) Senate on Aug. 25 also adopted the conference report on the Agricul
tural Credits bill, and was then sent to the President for his approval.
The measure empowers the W ar Finance Corporation to issue $1,500,000,000
o f its own bonds, and to lend $1,000,000,000 for financing agricultural
exports, leaving $500,000,000, which it is expected will be sold and the
m oney utilized for purchase o f railroad securities if the Railroad Relief bill
becomes a law. "T im e s” Aug. 23, p. 26.
Senator T ow n sen a ’ s B ill A p p r o p r ia tin g $75,000,000 f o r H ig h w a ys P assed
the Senate A u g . 19. "E n g . News R ecord” A ug. 25, p. 337.
R ecess. — Congress took a recess W ednesday night until Sept. 21, without
a vote on anti-beer bill. "T im e s” A ug. 25, p. 4.
F ed eral C hild Labor Lav: In v a lid . — Judge James E. B oyd in U. S. Court
at Greensboro. N . C ., Aug. 22, held this law unconstitutional since vio
lating State’s rights. "T im e s” Aug. 23, p. 26; Aug. 24, p . 10.
G igan tic S ecu rity S w indling Schem e U nearthed at C hicago. -"T im es”
Aug. 26, p. 6; Aug. 24. p. 1.
M atters Covered in " C h ron icle” o f A u g . 20. ~(1) July statistics, viz.
(a; Transvaal gold mined, p. 762. ( b ) Building in U. S., p. 763. (c) U. S.
imports and exports, p. 821. (d; Government revenue, expendtiures,
debt, &c., p. 821
(e) Decreases in wholesale prices and increases in retail
food prices, p . 801. (f; Comparison o f em ploym ent and wages, p. 802.
( 2) Foreign trade o f U. S. for year 1920-21, p. 779.
(3; British House o f Commons votes t o levy duties o f 33 1-3 on certain
Imports, viz.: (a) Optical glass, optical instruments, scientific glassware,
porcelain instruments, magnetos, tungsten and its products, synthetic
and organic chemicals, (except dyestuffs;, colors, coloring matters and
fine chemicals. (b) Any articles sold or offered in the United Kingdom
at prices below their production, or, owing to exchange depreciation, at
prices below what they can profitably be produced for in Gt. Britain, p. 787.
(4.) British rail ways revert to owners, n. 792.
(43Y) British rubber
control scheme criticized, p. 803. (5; Other British matters, fax yield
& c .; p. 786, 787. (5 Y c Irish negotiations, p. 806. (6) French loan in
aid of sugar industry, p . 792. (7) Canada's field crops, p. 803. (6) M exi
can oil matters, p. 304. (9; Russian famine— Soviet turns to capitalism,
p. 81 1 to 812.
(TO; Tax bill: (a; Proceedings in Mouse, p. 795 and 798. (b ; M ajority
report, p. 790. (c; Farmers’ objections, p. 798. (d; Proposed 12 H %
*
fax o n corporations, p. 816. (e; Bankers protest against excess profits
tax, o. 817- ( f ) Effect of revision (Pres. Jfardirig), p. 817
( l l ; ’fa r iff measures: ( » ; .Senator Ladd's objections, h e
(b ; D uty
on re imports of army supplies, (c) Wood pulp commission, p 799.
Cuban Commission objects as to sugar, p. 796. (12; Packing bill
signed, p 814 to 8J6. (13; Free tolls bill, vote Oct. 10, p. 816. (14) Pro
posed Farmers Finance C orp., p. 800. (15) C otton, h e .., advances p.
793 772.

Advance

<Jfl3

R um eJy

Preferred IHridmul Reduced.

Co.

T h e c o m p a n y h a s d e c la r e d a d iv id e n d o f T o f 1 % o n th e o u t s t a n d in g
$ 1 2 ,5 0 0 , 0 0 0 6 % c u m u la t iv e p r e f ritoc.c, p a y a b le O cl
I to s lo c k o f re c o rd
H opt, 15.
T h i s p u ts th e s t o c k t e m p o r a r ily o n a 3 % p er a n n u m b a sh ;,
c o m p a re d w ith a 0 % . p er a n n u m b a sis p r e v io u s ly p a id
V 1 1 2 , p 1 619
1391

A laska G old Mines Co.

-S u b . C o m p a n y .

T h e "E n g i n e e r i n g & M in in g J o u r n a l” A i l " . 12 s ta te s th a t the. A la s k a
( las tin nail M i n i n g ( 'o . , a s u b s id ia r y , p e r m a n e n t ly ce ased o p e r a tin g i i ; m in in g
p r o p e r ty at T h a n e , A la s k a , on J u n e I 1921 a m i , a c c o r d in g to the a n n o u n c e d
In ten tio n o f th e c o m p a n y , will b e c o m e an in d u s tr ia l o p e r a t io n , e n g a g in g
in th e m a n u fa c t u r e a n d s a le o f p a p e r p u lp .
V . J 1 2 , p . 1 9 8 0 , 1748

Am erican Bosch M agneto Co.

-Contractu.

T h e c o m p a n y Is u n d e r s to o d to h a v e G o s c d a la r g e n e w c o n t r a c t fo r
s t a r t in g , lig h t in g a n d ig n itio n s y s t e m s w ith th e H u d s o n a n d Eu ,ex c o m pa.
nios.
T h e Ig n itio n s y s t e m o r d e r is fo r th e r e c e n t ly p e r fe c te d b a tte r
ig n itio n s y s t e m .
T h e n e w b u sin e ss w ill a m o u n t to b e tw e e n 2 , 5 0 0 a n d
5 ,0 0 0 s y s t e m s a m o n t h o r , s a y , $ 1 , 2 5 0 , 0 0 0 to $ 2 , 5 0 0 , 0 0 0 g ro ss per a n n u m .
D e liv e r ie s a re t o c o m m e n c e N o v . I
G r a y Sc D a v i s w ill, o f c o u r s e , b e n e fit
fro m th e new b u s in e s s a n d it s o p e r a tio n s will p r o b a b ly b e m o r e largely
In creased a s d ir e c t r e su lt th afn w ill th o se o f B o s c h its e lf. (B o s t o n
\\eu
B u r e a u .” ) - V . 1 1 3 , p . 8 5 2 , 5 3 7 .

American Fuel O i l & Transportation Co. P o n d ,
O ffe r e d . — The Andrew Teller C o., Cleveland, &o., are offer
mg at 95 and infc., yielding about 9 1 4 % , $>1,009,000 5-Year
8 % C o n v . Coll. Trust Sinking Fund Gold Bonds, Serie ,
“ A .” T h e bankers state:
D a t e d J u ly 1 1 9 2 1 .
D u e J u ly 1 1 9 2 6 .
A u th . $ 1 ,5 0 0 ,0 0 0 .
I n t . p a y a b le
J . & J . a t E m p ir e T r u s t C o . , N . Y . , T r u s t e e , w i t h o u t d e d u c tio n fo r F e d e ra l
in c o m e ta x e s , n o t in ex cess o f 2 % .
D e n o m . $ 1 ,0 0 0 , $ 5 0 0 and $ 1 0 0 (c G
C a lla b le o n a n y i n t . d a t e u p t o a n d in c h J u ly 1 1 9 2 3 a t J 0 7 , J u ly 1 1 9 2 4 a i
1 0 5 , J u ly 1 1 9 2 5 a t 1 0 3 HI; th e r e a fte r a t 1 0 2 a nd i n t .
C on version . — E a c h $ 1 0 0 b o n d is c o n v e r t ib le in to 5 s h a r e s o f P r o f. ( $ 1 0
par) a n d 10 sh a r e s o f C o m m o n ( $ 1 0 p a r) C a p i t a l s t o c k u p to 3 0 d a y s
b e fo r e m a t u r it y o f b o n d s .
Sinking F u n d . — T h e s in k in g fu n d w ill retire on J u ly 1 1 9 2 3 , 1 0 % o f th e
g r e a te s t a m o u n t o f b o n d s th e n o u t s t a n d in g ; o n J u ly 1 1 9 2 4 a n d 1 9 2 5 2 0 % o f g r e a te s t a m o u n t th e n o u t s t a n d in g . B e n d s m a y b e c a lle d fo r s in k in g
fu n d b y lo t a t 1 0 5 a n d i n t . in 1 9 2 3 ; a t 1 0 3 a n d i n t . in 1 9 2 4 a n d a t 1 0 2 a n d
i n t . in 1 9 2 5 .— V . 1 1 3 , p . 7 3 4 .

Am erican Sm elting & R efin in g C o . — L o w e r T rea tm en t
C harges— L o w e r R a ilro a d R a te s .—
T h e "E n g i n e e r in g & M i n i n g R e c o r d ” s a y s :
" A s a r e s u lt o f th e r e c e n t r e d u c tio n in fr e ig h t r a te s on le a d a n d c o p p e r
b u llio n fr o m W e s t e r n s m e lt i n g p o in t s to s e a b o a r d r e fin in g p la n t s , th e A m e r 
ican S m e ltin g & R e f in i n g C o . a n n o u n c e s a r e d u c tio n in t r e a t m e n t c h a r g e s
fo r le a d a n d c o p p e r ore s o f b e tw e e n 4 c . a n d 5 c . per u n it o f m e ta l c o n t a in e d .
" T h e m o v e m e n t t o sec u re a r e a d ju s t m e n t o f b u llio n r a te s in it ia t e d b y th e
C o lo r a d o M e t a l M i n i n g A s s o c ia t io n la s t O c t o b e r , a n d la t e r jo in e d b y th e
m in in g o r g a n iz a tio n s o f W e s t e r n s m e ltin g S t a t e s , h a s b r o u g h t r e s u lts of
w id e -r e a c h in g e f f e c t .
T h e r e d u c e d c o s t o f m o v in g b u llio n t o s e a b o a r d r e 
fin in g p o in ts w ill b e r e fle c te d b a c k in r e d u c e d s m e lt n ig c h a r g e s th r o u g h o u t
th e W e s t , a n d m eans, a n a n n u a l s a v in g o f se v e r a l m illio n d o lla r s to th e le a d
a n d co p p e r p r o d u c e r s.
" T h e m o w i n g ta b le g iv e s th e p r e -w a r r a t e , t h e A u g . 1 0 r a t e , a n d t h e
n ew ra te a p p lic a b le t o th e p r in c ip a l W e s t e r n s m e lt in g p o in ts .
A d iffe r 
e n tia l o f $ 2 per to n in f a v o r o f ra il a n d w a te r s h ip m e n t s v ia P a c ific C o a s t
p o in t s or fr o m G a lv e s t o n i s a ls o a n n o u n c e d :

E ffectiv e
P rio r to
P r ior to
J a y 1 9 1 8 . N ew Rate. A u g . 1 0 .

R ailroad Rale to N e w Y ork fro m —

$ 2 2 00
_$13 50
$16 5 0
16 50
_ 12 50
22 00
_ 12 00
. 22 00
16 50
16 5 0
. 22 00
_ 1 0 15
22 00
16 5 0
. 1 0 15
19 0 0
1 4 15
_
7 65
22 00
16 5 0
_ 11 6 5
22 00
16 5 0
D u r a n g o , C o l o ___ .-_______________________
_ 10 6 5
" B a s e d u p o n th e 1 9 2 0 s h ip m e n t s o f b u llio n , th e s a v in g t o C o lo r a d o o p e r 
a to r s , w ill a p p r o x im a te $ 2 0 0 , 0 0 0 a n n u a lly a n d to U t a h o p e r a to r s u p w a r d o f
h a lf a m illio n d o lla r s .” — V . 1 1 3 , p . 7 3 4 .

S a n F r a n c is c o , C a l ________ *
_______________________
M i a m i or G lo b e , A r i z _____________________________

Am erican T el. & T el. C o .— S tockh old ers I n c r e a s e .—
T h e la t e s t fig u r e s o f t h e c o m p a n y s h o w o v e r 2 1 2 , 0 0 0 s t o c k h o ld e r s ,
in c lu d in g e m p lo y e e s , w h o a re n o t y e t 's t o c k h o ld e r s o f r e c o r d , b u t a re p u r 
c h a sin g s t o c k b y m o n t h l y p a y m e n t s .
O v e r 7 ,1 0 0 n e w s to c k h o ld e r s w e re
a d d e d to th e lis t b v t h e p u r c h a s e o f r ig h ts a n d p a y m e n t s in fu ll fo r n e w s t o c k
o n J u ly 2 0 .
O f t h is 7 ,1 0 0 o v e r 3 ,8 0 0 w e re w o m e n a n d th e r e w e re o v e r 1 2 0
tr u s te e s .
O n A u g . 1 5 1 9 2 1 , th e r e w e r e 1 7 1 , 6 2 9 s t o c k h o ld e r s o f re c o rd a s
c o m p a r e d w ith 1 3 9 ,4 4 8 on J a n . 1.
S e e I llin o is B e l l T e le p h o n e C o . b e lo w .— V . 1 1 3 , p . 6 3 0 , 537.

Am erican W o o le n C o . — A t C a p a c ity .—
A p ress d is p a tc h fr o m B o s t o n A u g . 2 3 s t a t e s t h a t t h e c o m p a n y h a s s o ld
u p a n d w ith d r a w n i t s c o m p le t e lin e o f f a n c y w o r s te d s fo r t h e s p r in g o f 1 9 2 2 .
T h e c o m p a n y is u n d e r s to o d t o b e r u n n in g f u l l in a ll lin e s w i t h a s la r g e a
fo r c e o f e m p lo y e e s a s w a s e v e r o n t h e c o m p a n y ’s l i s t s .
W i t h t h e e x c e p t io n
o f t h e e a r ly m o n t h s o f t h e y e a r t h e p la n t s h a v e b e e n o p e r a t in g a t c a p a c i t y
th r o u g h o u t th e y e a r .— V . 1 1 3 , p . 5 3 8 .

Amer. W ater W orks & Elec. C o., In c .— L is tin g — E a r n s .
T h e N . Y . S to c k E x c h a n g e h a s a u t h o r iz e d t h e lis t i n g o f e x t e n d e d v o t i n g
t r u s t c e r t ific a t e s fo r $ 3 , 9 2 7 , 0 0 0 7 % C u m . 1 s t P r e f. s t o c k , $ 7 , 1 8 8 , 5 0 0 6 %
P a r t ic ip a t in g P r e f. s t o c k a n d $ 6 , 2 1 0 , 9 0 0 C o m m o n s t o c k , p a r $ 1 0 0 , w ith
a u t h o r i t y t o a d d e x t e n d e d v . t . c . r e p r e s e n tin g $ 1 , 5 2 3 , 0 0 0 1 s t P r e f. s t o c k ,
$ 2 , 8 1 1 , 5 0 0 P a r t ic ip . P r e f. s t o c k a n d $ 2 , 9 8 9 , 1 0 0 C o m m o n s t o c k , o n o ffic ia l
n o t i c e o f is s u a n c e m e x c h a n g e fo r c e r t ific a t e s fo r s h a r e s o f c a p ita l s t o c k o f
c o m p a n y or in e x c h a n g e fo r v . t . c . is s u e d u n d e r v o t i n g t r u s t d a t e d A p r il 2 7
1 9 1 4 , m a k in g a t o t a l o f $ 5 , 4 5 0 , 0 0 0 o f v . t . c . fo r 1 s t P r e f. s t o c k , $ 1 0 , 0 0 0 , 0 0 0
fo r 6 % P a r tic ip . P r e f. s t o c k a n d $ 9 , 2 0 0 , 0 0 0 fo r C o m m o n s t o c k .
T h e N . Y . S t o c k E x c h a n g e h a s a ls o a u t h o r iz e d t h e li s t i n g o f $ 1 5 , 9 9 8 , 2 0 0
C o l l . T r u s t 2 0 - Y e a r 5 s , d u e A p r il 1 1 9 3 4 , w i t h a u t h o r i t y t o a d d $ 2 5 , 5 0 0
u p o n o ffic ia l n o t ic e o f is s u a n c e in e x c h a n g e fo r a n e q u a l fa c e a m o u n t o f
C a li f o r n i a -I d a h o C o . 1 s t M t g e . C o l l . T r u s t S in k in g F u n d B o n d s , a n d
w i t h fu r th e r a u t h o r i t y t o a d d $ 6 0 6 ,3 0 0 u p o n o ffic ia l n o t i c e t h a t t h e y h a v e
b e e n s o ld , m a k i n g t h e t o t a l a p p lie d fo r $ 1 6 , 6 3 0 , 0 0 0
C on sol. In co m e A c c o u n t, Y ea rs en d in g J u n e 3 0 (1 9 2 1 Subject to A d ju s tm e n t).

1920-21.
G r o s s o p e r a t in g e a r n in g s ______________ . $ 5 , 3 5 7 , 4 2 7
O p e r a tin g e x p e n se s a n d t a x e s . . .. _______ a 3 ,3 7 8 , 4 3 8

N et earnings_________________________ $1.978,988
D iv i d e n d s fr o m W e s t P e n n p ro p e rtie s-.
M is c e lla n e o u s i n c o m e ______________________

............

.........

.........

1918-19.
$ 5 ,0 1 1 .3 1 5
2 ,8 4 3 ,9 2 3

$2,054,490

$2,167,392

$ 8 7 4 ,8 6 3 1
2 7 4 ,9 1 1 /

G r o s s i n c o m e __________________ __________ 8 2 , 6 2 8 , 7 6 2
S u b . c o s . ’ in t . S a m o r t!' o f d i s c o u n t ___ $ 1 , 2 7 3 , 5 6 5
r.
I n t . o n A m e r . W a t e r - W o r k s Sc E le c
C o . , In c ,., C o l l . T r u s t b o n d s
8 0 0 ,1 2 5
P r o p o r t io n o f e a r n in g s a c c r u in g t o
m i n o r i t y s t o c k h o ld e r s ___
_
3 8 ,8 0 3
B a la n c e s d u e s u b s id ia r y c o m p a n ie s ...
_ -------M Iccoll a n c o n s ___________________________ ____
D i ‘/id e m is (7 % ; ....................... _ ........................
3 8 1 ,5 0 6
N e t in c o m e . ,

1919-20.
$ 4 ,8 7 6 ,9 7 7
2 ,8 2 2 ,4 8 7

$ 9 8 1 ,6 5 0

$ 9 2 7 ,9 3 0

$ 3 ,0 3 6 ,1 4 0
$ 1 ,6 8 9 ,1 5 7

$ 3 ,0 9 5 ,3 2 2
$ 1 ,7 9 3 ,0 9 1

7 9 9 ,6 9 8

7 9 0 ,5 0 3

2 4 ,7 2 9
3 3 ,9 1 0
3 8 1 ,5 0 0

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

$ 1 0 7 ,1 4 6

$ 5 3 ,0 1 0

$ 1 3 4 ,7 6 9

a In c lu d in g $ 2 5 , 3 5 9 fo r F e d e r a l in c o m e a n d p r o fit s t a x e s .— V .1 1 2 , p . 2 3 0 8

A ndes C orporation .

M ock O ffe r in g .—

R o b e r t P . M a r s h a ll Sc C o . a n d R . C . M c g a r g e l Si C o . , r e c e n t ly o ffe re d
4 0 0 , 0 0 0 sh a r e s o f c o m m o n s l e e k , n o par v a lu e a t $ 9 per s h a r e .
T o ta l
a u th o r iz e d 2 , 0 0 0 , 0 0 0 sh a r e s ; issued 1 , 5 0 0 , 0 0 0 .
N o fu n d e d d e b t or p r e 
ferred s t o c k .
T h e c o m p a n y w a s o rg a n iz e d in D e la w a r e m 1 9 1 9 fo r th e
p u r p o s e o f a c q u ir in g a n d d e v e lo p in g oil p ro p e rtie s in Mouth A m e r ic a n
C o m p a n y ’s o ffic e 2 5 W . 4 3 r d « 8 t., N . Y . C i t y .
C om p are V . ( 13, p. 4 2 0 .

904

T i l l - :

Burns Bros.. N. Y. City.

Annual lie port.—
Associated Oil Co. — *emt- >
S
R esu lts f o r

S ix

M o n th s

e n d in g

Car rib after op er , Luaint

June

1921

30,

C o m p a n ie s

In c lu d in g P ro p rieta ry

1920

1918.

1919.

A. transport n exp , &e_$5,589,535 <6,640,781 $5,397,408 $5,692,235
105,958
144,202
302,619
Taxes, prop & miscell
301,552
275,015
259,143
Interest on bonds . _ _
2 1 1,225
234,755
Reserved for cuiTent incom o & profits taxes _ _
650,907
I ,151,805
773,004
639,448
Reserved for depreciation
1,381,650
1,189,024
1,198,651
1,341,202
Reserved for amortization
o f discount on ten ds
24,447
27,136
29,826
34,503
I Is
(3 % ) 1,192,871 (3 ) 1 ,192,68i (2 H ) 993,908(2 % )993,915
Balance, surplus
$ l 827,083 $^.442,761 $1,998,674 $2,302,196
Outstanding capital stock June 30 1921, $39,755,649; funded debt out
standing, $8 367,000
President Paul 8 ho up, San Francisco, Aug 15, wrote in substance:
4’he decrease in balance carried to profit and loss o f $615,688 compared
with 1920 is chiefly due to less demand for fuel oil, lower prices for both
oil and gasoline and the higher wage scales made effective July I 1920
During the half-year there was expended for the purchase o f property,
drilling Ac $4,006,799, o f which $796,715 was charged to operations and
$3,210,084 to investments
Additions to the refinery at Avon have been substantially com pleted
“ C y c o l," the new lu brican t, has been out on the market and has been we !
received
The new tanker, “ rank G D ru m ," was put in commission
Wholesale and retail service stations have been increased
We have also
acquired under lease 3,000 acres in Ventura C ounty, Calif , and from the
Government 160 acres in Elk Hills, Kern C ounty, Calif. B oth have
proved productive
We have 18 strings o f tools in operation in California,
W yom ing and Texas. - V . 112, p . 1980.

Atlantic City (N. J.) Electric Co.

- Stock A u th orized .

The com pany has been authorized by the New Jersey P. U. Commssion.
to issue $144,100 6 % non-voting Pref. stock .— V. 106, p. 818.

Atlantic Lobos Oil Co.—Earnings.—
N et earnings for year 1920 ___________________________________ $1,678,629
D e d u c t — Lease,
rentals and expenses, $53,110; development
work and drilling, $486,934; est Fed. income taxes, $86,670
626,714
N et profits to surplus
________ _______________$1,051,915
D eficit, D ec 31 1919, $264,900; expenditures for lands, rentals,
taxes, to D ec. 31 1919,on acreage found unproductive, $41,925; for wells drilling, found unproductive, $293,970; crude oil
purchased in prior period, $20,261; additional reserve on pipe
lines applicable to prior period, $17,206_______________________
638,261
Surplus as o f D ec
— V. 112, p 2540.

31 1920

____

_____________________

$413,654

Automatic Straight Air Brake Co.— Brake Test.—

Announcem ent is made by the com pany that the demonstration o f its
brakes on a 34-car train all equipped with A . S. A . brakes on the Denver
& Salt Lake R y . Aug. 10, proved a success in every way on the 4% mountain
grade between Tabernash and Denver, C olo., a distance o f 89 miles.
The Autom atic Straight Air Brake C o. now has its brakes installed on
four railroad systems o f the country, the Chicago & Eastern Illinois, N orfolk
& Western, Erie R R . and Denver & Salt Lake R y . On the Chicago &
Eastern Illinois and Erie the brakes are on passenger trains and on the
N orfolk & W estern and Denver A Salt Lake on freight cars.— V. 112. p .2308

Baldwin Locomotive Works.-—IIow to Make New Busi
ness— Sells Locomotives on Basis of Rentals, &c.— The Phila.
‘News Bureau” Aug. 25 quotes Pres. Samuel M .

Vauclain

in part as follows:
“ W e extend credit to Baldwin’s customers. W e do not extend credit
to a Governm ent, but to the railroad which will use the engines. Conse
quently we get the security not only o f the railroad but o f the Government
as well [this in reply to a question referring to the $2,500,000 credit extended
to the M exican G ovt, on account o f M ex. N at. R ys.; V . 113, p. 852].
“ Understand, we do not lend cash to a customer. W e lend him e ngines
with which to m ake cash to pay for the engines. Times have changed.
Where the other fehow has plenty o f work to do but lacks cash with which
to buy the tools o f production, then it is good business to lend him those
tools, for it makes business for him and business for us. W e lend our cus
tomers locom otives. They pay for them in monthly installments. It
is just like renting them. There are no hard and fast lines governing the
granting o f credits. It depends upon the necessities o f our customers and
the financial position o f our com pany as well. W e don ’t lend any more
credit than we have to.
“ The Baldwin Locom otive W orks to-day is in the strongest financial
position in its history. W e turned inventories and bills receivable into
cash, and paid o ff all our bank loans. The extension of credit is merely
turning your inventories and cash into bills receivable. B y usi^g part of
our profits we can extend our line o f credits. But we are receiving p ay
ments on credits every m onth. W h y , the first payment has been made on
the orders I took recently in M exico. First paym ent was made the day the
contract was signed.” — V . 113, p. 852.

Barnsdall Corp.— Ramage Process.—
The Barnsdall R efining C o., a subsidiary, announces that it has secured
the use o f the Ramage process o f refining after a thorough test made at its
refinery at Bigheart, Okla. W hile the process is adaptable to any oil, it
will produce from gas oil, 75% o f gasolene o f superior quality, which will
develop from 25% to 35% more mileage than straight run gasolene. It
shows no trace o f carbon and is heavier than ordinary gasolene.
It is clear
water white and has the end-point and boiling point o f the new navy
gasolene. The new product will be known as ‘ ‘ Super-gas’ ’ and a plant for its
production will be in operation in 30 days. (Boston ‘ ‘News Bureau’ ’ ) —
V. 113, p. 627, 74.

Beech-Nut Packing Co., Canajoharie, N. Y .— Capital■
The $100,000 increase in stock [from $2,900,000 to $3,000,000, is for
sale to employees in accordance with resolution covering same adopted at
the special meeting o f stockholders. (O fficial.)— V . 113, p. 852.

Bethlehem City (Pa.) Water Co.— Would

Sell P la n t. —

T h e com pany has offered to sell its plant at Rittersville (recently annexed
to Allentown) for $200,481 to Allentown. The city holds the offer o f
$200,000 is too large.— V . 112, p. 655.

Black Lake Asbestos & C,hrome Co.— B o n d

I n t e r e s t .—

The interest paym ent o f 3 % , due Sept. 1 on the 2d M tge. 6% N on-Cum .
Incom e bonds will be passed. "B ecause o f unsettled conditions, earnings
do not warrant paym ent o f the interest.— V . 112, p . 1146.

Boston & Montana Corp.— N e iv

P la n t .—

General M anager John D . Pope in a letter dated Aug. 8 to Pres. W . R .
Allen, states: “ W e can finish the m ill on or about Sept. 15, and the mine will
be in shape at that time to furnish the ore. W e are setting poles on the
power line and this work w ill be finished at the same tim e."—-V . 111, p. 2524.

British-American Express Co.— A n n u a l

R e p o r t .— -

See Lake Superior O orp. under ‘ ‘ Financial R eports” above.

British-^m eric? n Mfp\ Co.. Springdale, R. I.— R eceivers

Frank E . M alone, N ew Y ork, and Thom as B. Coughlin, Springdale,
R. I , have been appointed receivers to succeed three original receivers,
Edward J M aurer, Frederick Stern and Louis C. Hasell.

British American Tobacco Co., Ltd.— Listing.—
The London Stock Exchange on Aug. 2 granted official quotation to 333
additional Ordinary shares o f£ l each and authorized dealings in 33,400
Ordinary shares making the total listed £15,904,528.— V. 113, p. 852.

Bronx Gas & Electric Co.— G as

[V ol. 113.

C H R O N I C L E

R a te s .—

Chairman W illiam A. Prendergast o f the P. S. Commission has adjourned
until Sent. 1? the application o f the com pany to increase its rates from $1.50
to $1.70 a 1,060 cn . ft —V . 113, p . 734.

M e r g e r w ith F arrell C oal C o .

A large owner o f Burns Bros, stock states that negotiations are under
wayf or the consolidation o f the com pany with W’m. Farrell & .Sons, Inc.
Bros M F Burns says such negotiations are pending, but no definite
decision has been reached. (“ Wall St. Journal" Aug. 25)
V. 1 13, p. 297.

Canadian Express Co.

Consolidation. -

See Canadian N ational Express C o below.

Canadian National Express Co., Montreal.

M e r g e r .—

1) B llanna, Chairman o f the Canadian N ational Express C o ., and
Howard G Kelley, Chairman o f the Canadian Express Oo , M ontreal,
Aug I, say in part:
An official circular dated Aug 1 says that “ effective Sept, 1 1921 the
operation o f the Canadian Express C o and the Canadian N ational Express
<‘o will becom e consolidated and the com bined business will be continued
thereafter under the name o f the latter com pany
John Pullen, heretofore
President o f the Canadian Express Oo , will be President, and W. O. M uir,
heretofore General M anager o f the Canadian N ational Express C o , will
be Vice-President and General M anager “

Cannelton Coal & Coke Co . —

A n n u a l R ep o rt.

See Lake Superior O orp. under “ Reports" above.

V. 107, p. 2191.

Carib Co. of Maine.— I n c o r p o r a te d —
Incorporated in Maine July 2 8 1921, with an authorized capital of
$268,825, par $25, o f which $266,325 Class A and $2,500 Class B. Paid up
capital, $134,225. Corporation Trust C o. is its M aine representative.
'The incorporation is in accordance with the plan ratified July 7 by the
stockholders o f the Carib Syndicate, L td., whereby the latter corporation
is to sell and convey all its property and assets (situated outside the State
o f New York), to the new corporation and is to receive for said transfer
49% o f the authorized stock o f the Maine C om pany.
The Texas C o. is desirous o f acquiring an option to purchase 51% interest
in the Carib Syndicate, L td., and in order that such option m ay bo lawfully
acquired and exercised, the organization o f the Maine Com pany with su f
ficient capital was desirable so as to provide for the issuance to the Carib
Syndicate, Ltd., o f shares equal in number to its present outstanding shares
of stock and also to provide for the Texas C o ’s. 51% interest.
It is proposed that the Texas Com pany shall pay $5,000,000 to the
M aine corporation for 51% o f its stock in the event it shall exercise its
option. Daring the period o f the option, the Texas C o., through the se
lection o f 7 out o f 11 directors o f the Maine corporation, will undertake
its management and within stipulated limits will advance such sums as the
M aine corporation m ay acquire.
Class A stock elects four directors and Class B stock elects seven directors.
Annual meetings Ju ly 28 o f each year at Portland, M e. > Stockholders o f
record Aug. 24: Carib Syndicate, Ltd., 5,269 shares Class A stock; The
Texas C o., 100 shares Class B stock.
The officers are C. E. Herrmann, Pres.; Harry T . Klein, V .-Pres.; A . C .
Hunter, Sec.; W. W. Bruce, Treas.; J. R obert Rubin, Asst. Treas.
The directors are E. C. Lufkin, Amos L. Beaty, Edwin B. Parker, R. C .
Holmes, W . A. Thom pson, Jr., O. E. Herrmann, Ifcirry T . Klein, J. Robert
Rubin, Duncan A. Holmes, Albert H. Gross, W. M . Schaill. Com pare
Carib Syndicate, Ltd., in V. 112, p. 2752; V. 113, p . 187.

Carib Syndicate, Ltd.— M a i n e C o m p a n y I n c o r p o r a te d i n
A c c o r d a n c e w ith P la n to G ive T ex a s C o . O p tio n o n 51 % o f S tock .
See Carib C o. o f M aine above and V. 112, p. 2752; V . 113, p . 187.

Central Massachusetts Lfc.

&

Pr. Co.— S u b .

C o . N o t e s .—

See Central M ass. E lectric C o. in V. 113,p. 734.— V. 100, p . 903,

Central Steel Co., Massillon, O.— M e r g e r

A p p r o v e d .—

The merger o f Massillon Rolling M ill C o. and N ational Pressed Steel
C o., M assillon, O., with Central Steel C o. was approved b y the s t o c k 
holders o f the three companies Aug. 18. R. E. Bobb, Pres, o f Central
Steel C o., will be at the head o f the com bined organization. Compare
V. 113, p. 74.

Chicago Yellow Cab Co., Inc.— N e w

N a m e .—

See W alden W . Shaw Corp. below.

C h in o Copper Co.— Q u a r ter ly R e p o r t .—
R e su lts

fo r

Q u a rter

and

S ix

M o n th s

J u n e 30.
1921— 6 M o s .— 1920
9.504,601 22,156,023
$243,069] $1,139,879
C r 85,801/
______
652,485

e n d in g

1921— 3 M o s . — 1920.
Production (lb s .)_______
591,196 10.671,755
$330,152/
Operating in com e_____ loss$120,120)
M iscellaneous incom e____ C r . 15,989/
D iv id e n d s _______________
______
326,242
Plan ^shutdown expenses.
200,478
_________

Balance, surplus_____ def$304,609
$3,910
$357,746
$487,394
T he com plete suspension o f operations and closing down o f the plants
became effective M arch 31 1921. There will be no further quarterly re
ports issued until operations are resumed.— V. 112, p. 2639-

Cleveland Elec. Illuminating Co.— B o n d s

A u t h o r i z e d .—

The Ohio P. U . Commission has authorized the com pany to issue $5,000,000 20-year 7% Sinking Fund gold debenture bonds. Proceeds are
to be used in reimbursing its treasury to the extent o f $3,984,096 spent for
improvements. The balance is to be expended for proposed im provem ents,
&c. Compare offering by D illon, Read & C o. in V . 113, p. 539.
Y e a r s e n d i n g J u l y 31—
1921.
1920.
Gross earnings________________
$13,708,257 $11,119,261
Gross incom e_________________
$4,669,084 $3,143,744
I n terest_______________________
$1,281,977
$991,797
T a x es__________________________
1,313,050
989,150
Am ortization o f debt discount
93,577
58,775
Sin King fu n d__________________
153,333
10,000
D iv id e n d s____________________
1,041,498
829,0S0
Balance, surplus
— V. 113, p. 539.

$785,649

Coast Counties Gas & Electric Co.— Stk.

$264 942

A u t h o r i z e d .—

The California R R . Commission has authorized the com pany to issue
and sell at not less than $85 a share 1,000 shares o f 6% Preferred stock and
to use the proceeds to reimburse its treasury for earnings expended for
additions and betterm ents.— V . 107, p. 12S9.

Coca-Cola Co.— S e m i

A n n u a l P r e f . D i v i d e n d .—

The com pany has declared the regular semi-annual div. o f 3 H % on the
$10,000,000 7% Cum. Pref. stock payable Oct. 1 to stockholders o f record
Sept. 15- A ciion on this dividend which was due July 1 last was then
deferred in order to conserve cash resources.
R esu lts f o r F irs t H a l f o f 1921.— Hayden, Stone & C o .,
in circular of July 29, say in brief:

During the first half o f 1921, Coca Cola realized net profits before taxes
and special deduction o f approximately $1,800,000. T he set-up for taxes
was about $320,000. and there was slightly more than $300,000 o f special
reserves charged against earnings, an allowace which it is not likely will
have to be duplicated in the second half year. This left a balance o f
approxim ately $1,200,000 a sum equal to $12 a share on the $10,000,000
o f Preferred stock.
There has been a steady com parative im provem ent on the volume o f
Coca Cola sales since Jan. i with the result that for the six mouths the cor
poration com pleted sales o f 7.906,000 gallons o f its syrups, a figure equal
to 70% o f the 1920 performance. In June the volum e o f business moved
amounted to slightly better than 90% o f the sales o f June 1920.
There are excellent reasons to expect that this improvmem- in business
will continue during the second half year, and if this proves to be the case
it is not at all improbable that for all o f 1921 Coca Cola will come very close
to duplicating the 1920 turnover o f 18.600,000 gallons.
The second half of 1920 was a period o f receding business tor Coca Cola.
Du ing the months of the 1920 sugar famine. Coca Cola customers am ici
pated their requirements by large forv a id purchases, so that Luer tn the
year the com pany’s deliveries felt the effect o f this forward buying on the
part o f many o f its largest customers.
As one o f the largest single consumers o f sugar in the F a d ed States
Cora Cola has had a considerable burden to bear in
m v ia i with H\c
drastic deflation in sugar prices. Us sugar requirements are so heavy that

A ug.

H IE

27 11)21

i t w a s a n a tu r a l te m p ta tio n la.,i your in a p erio d <4 MUKar ia,nii 11< to p io tec l,
Its s itu a tio n b v m a k in g fo rw a rd c o n tr a c ts a t tiifxli prions.
T h e s e c o n tr a c ts
a s s u m e d d u rin g ( he silicar s h o r t a g e , e x te n d e d o v e r In to I 0 2 I
T h e com pany
h a s sei'iip tiloiisly o b s e r v e d its eon tr a c t o b lig a tio n s a n d h as a .r e a d y a o e e p lc d
the* la rg e r p o r tio n o f its h ig h price su g a r s.
'I'lie d o liv o r y <•! the b a la n c e
o f i t s h ig h e r c o s t s u g a r s w ill h a v e b een c o m p le t e d b y N o v . I so th a t d u rin g
th e n e x t fo u r m o n th s C oca, O o la w ill h a v e e n tir e ly c o m p le te d its su g a r con
tr a c t o b lig a t io n s a n d w ill b e in p o sitio n t o e n jo y th e fu ll b e n e fit o f th e
p r e v a ilin g p r ic e s fo r s u g a r .
~
, ,
It is o b v i o u s t h a t on a c c o u n t e l Its g su a r c o n t r a c t s i t u a t io n , C o c a C o l a s
m a r g in o f p r o fit so fa r tills y e a r h a s b e e n s o m e w h a t s u b n o r m a l.
Its pet
fo r m a nee in the la s t six months lia s d e m o n s tr a te d th e fa c t t h a t th e c< m p a n y
w ill e s c a p e a n y m a te r ia l in v e n to r y sh r in k a g e o n a c c o u n t o f th e d e c lin e in the
p rice o f su g a r fro m 2 3 to 6 c e n ts a p o u n d . T h e el'foot h as b e e n , to b e su re,
to d im in is h th e m a r g in o f p r o fit , b u t a t th e s a m e tim e th e c o m p a n y h as
w o rk e d o u t o f w h a t a t o n e tim e a p p e a r e d to bo an a w k w a r d s itu a t io n .
A s th e c o r p o r a t io n ’s i n v e n t o r y a n d a c c o u n ts r e c e iv a b le retu rn to n o rm a l
fig u r e s , it is c e rta in t h a t th e ite m o f n o te s p a y a b le w ill b e s t e a d ily d ra w n
d o w n ; in f a c t , b y N o v . I , C o c a O o la s h o u ld b e p r a c t ic a lly free fr o m a n y
flo a t i n g d e b t , a n d in p o ssessio n o f a ca sh b a la n c e o f $ 2 , 0 0 0 , 0 0 0 or b e tte r.
T i ie c o r p o r a tio n is e a r n in g its preferred d iv id e n d s w ith a w id e m a r g in 'o f
s a f e t y a n d u n d iv id e d e a r n in g s r e m a in in g a fte r th e p a y m e n t ol th e 7 %
p referred d iv id e n d , a re b e in g r e in v e ste d in th e b u s in e s s , c h ie fly to w a r d th e
s tr e n g th e n in g o f w o r k in g c a p ita l. - V . 1 1 3 , p . 5 3 9 , 4 2 1 .

Colorado Fuel & Iron Co.— Quarterly Report.$ 7 ,9 9 0 , 0 9 4 $ 1 4 , 2 3 9 , 3 4 7
7 ,3 0 7 ,6 0 3
1 2 , 1 0 9 ,0 7 4

$ 1 8 ,0 1 8 ,8 3 6
1 6 ,2 3 9 ,2 4 7

1920.
$ 2 1 ,6 0 8 ,9 4 8
2 1 ,4 9 0 ,9 5 5

N e t e a r n in g s ______
O th e r i n c o m e ---------------

$ 6 8 2 ,4 9 1
1 0 1 ,2 7 7

$ 2 ,1 3 0 ,2 7 2
1 2 8 ,2 1 0

$ 1 ,7 7 9 , 5 8 9
2 0 1 ,2 7 3

$ 3 ,1 1 7 .993
2 4 6 ,7 0 3

G r o s s i n c o m e __________
B o n d i n t ., t a x e s , & c ------D e p r e c i a t i o n --------------------

$ 7 8 3 ,7 6 8
6 8 6 ,8 9 1
3 7 0 ,6 2 9

$ 2 ,2 5 8 ,4 8 3
7 1 1 ,6 0 2
3 8 4 ,3 1 0

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

$ 3 ,3 6 4 , 6 9 6
1 ,3 9 7 ,2 4 7
3 8 4 ,3 1 0

$ 2 3 1 ,7 7 6

$ 6 4 4 ,2 2 8

B a la n c e , su rp lu s ____d e f.$ 2 7 3 ,7 5 2
— V . 113, p . 5 39 .

$ 1 ,1 6 2 ,5 7 1

C om m onw ealth L ig h t & Power C o .— N e w Note I s s u e . —
T h e G u a ra n ty T r u s t C o . o f N e w Y o r k h as b een a p p o in te d tru stee u n d er
an in d en tu re d a te d as o f S ep t. 1 1921. se cu rin g an a u th o riz e d issue o f n o t
t o e x c e e d $ 3 0 0 ,0 0 0 8 % 2 -y e a r secu red c o n v e r tib le g o ld n o te s d u e S e p t. 1
1 923.— V . I l l , p . 2 1 4 2 .

C onsolidated Gas Co. of N. Y . — 80 Cent Gas Illenal.—
S p ecia l M a s te r A b r a m S. G ilb e r t in his fin a l r e p o r t t o th e U . S. D is t r ic t
C o u r t in th e su its o f th e c o m p a n ie s below ', su b sid ia ries o f th e C o n s o lid a te d
G a s C o ., re c o m m e n d e d th a t th e y b e p e r m itte d t o in crea se th e ir ra te s f o r
gas o v e r th e 8 0 -ce n t ga s la w o f 1906, w h ich h e h e ld t o b e ille g a l o n th e
g r o u n d th a t it. v io la t e d th e C o n s titu tio n o f th e XT. S. H e s u b m itte d th e
fo llo w in g r e p o r t as t o th e c o s t o f p r o d u c t io n a n d d is tr ib u t io n b y e a c h o f
th e co m p a n ie s :
S ta n d a rd G as L ig h t C o . 1919, 92 1 2 -1 0 0 c t s . p e r 1 ,0 0 0 c u . f t . , 1920,
$ 1 .0 3 5 5 , 1921, $ 1 .2 7 2 9 (J a n .); E a s t R iv e r G a s C o . o f L o n g Is la n d 1919
$ 1 .1 0 4 8 , 1920 S I . 1560; N e w Y o r k M u t u a l G a s L ig h t C o . 1919 $ 1 .0 0 7 6 ,
1920 $ 1 .2 5 1 0 , 1921 (J a n .) $ 1 .2 9 4 6 : N e w A m s te r d a m G a s C o . 1 91 0 94 4 7 -1 0 0
c t s ., 1920 $ 1 .0 1 2 3 1 .— V . 112, p . 2 31 0.

C on sol. Gas, El. L t. & Power Co. of B a lt .— Stock Of
fered.— Spencer Trask & C o., N . Y ., and Chase & C o., Bos
ton, are offering at par & div., by adv. on another page,
$2,500,000 8 % Cum. Pref. (a.&d.) stock, Series A . Par $100.
T h is 8 % C u m u l. P r e f. s to c k . Series A , is o f fe r e d s u b je c t to th e a p p r o v a l
o f th e s to c k h o ld e r s a n d o f th e M a r y la n d P . S. C o m m iss io n .
D iv id e n d s p a y a b le Q .-J .
R e d . a ll o r p a r t o n 60 d a y s ’ n o tic e a t $125
a n d d iv s . A t n o tim e sh a ll P r e f. s to c k b e issu ed and o u ts ta n d in g in e x cess
o f a m o u n t o f C o m m o n s to c k issued a n d o u ts ta n d in g a n d n o t h e ld o r ow n ed
b y com p a n y.
P referred s to c k m a y b e issu e d in d iffe r e n t series, th e fix e d
p referen tia l d iv s . u p o n w h ic h s h a ll in n o c a s e e x c e e d 8 % p . a . A p p lic a t io n
w ill b e m a d e t o lis t th is s to c k o n B a ltim o r e S to c k E x c h a n g e .
D a t a F r o m L e t t e r o f P r e s . H e r b e r t A . W a g n e r , B a l t i m o r e , A u g . 18.
C o m p a n y . — D o e s th e e n tir e ga s, e le c tr ic lig h t a n d p o w e r bu sin ess in
C it y o f B a ltim o re , in c lu d in g th e s u p p ly o f a ll p o w e r u sed b y th e stre e t
ra ilw a y s .
O p e ra tio n s a lso e x te n d in to s u b u rb s a n d s u r r o u n d in g co u n tie s ,
se rv in g a to ta l p o p u la tio n o f a b o u t 7 7 5 ,0 0 0 .
In its e le c tr ic d iv is io n c o m 
p a n y h as g e n e ra tin g s ta t io n s a g g r e g a tin g o v e r 2 4 0 ,0 0 0 h . p . c a p a c ity .
S tea m a n d e le c tr ic e q u ip m e n t is o f th e m o s t m o d e rn t y p e .
C o m p a n y is
a lso fu rn is h e d , u n d e r an a d v a n ta g e o u s c o n tr a c t, w ith p o w e r fr o m th e
h y d r o -e le c t r ic d e v e lo p m e n t o f th e P e n n s y lv a n ia W a te r & P o w e r C c . at
H o lt w o o d , P a ., on S u sq u e h a n n a R iv e r , 40 m ile s fr o m B a jtim o r e , a n d h a s th e
e x c lu s iv e use o f th e o u tp u t o f th is d e v e lo p m e n t fo r B a ltim o r e a n d v ic in it y .
A ll g a s m a n u fa ctu re d b y c o m p a n y is p r o d u c e d a t S p rin g G a rd e n s p la n t,
d a ily c a p a c it y o f 4 5 ,0 0 0 ,0 0 0 c u . ft .
C a p ita liz a tio n

O u t s t a n d in g u p o n
C o n s t it u t e n t

C o m p le tio n o f P resen t
S u b s i d i a r y C o s .)

F in a n c in g

<£

(I n c l .

8 % C u m u la tiv e p re f. s to c k , series A ________________________ ______ $ 2 ,5 0 0 ,0 0 0
C o m m o n s to c k (p a y in g 8 % d iv id e n d s )______________________________1 4 ,6 0 8 ,7 0 0
C o n s o l. G a s C o . o f B a lt. C it y C o n s o l. 1st m tg e . 5s, 1 9 3 9 --------------- 3 ,4 0 0 ,0 0 0
C o n s o l. G a s C o . o f B a lt. C it y g e n . m tg e . 4T^s, 1 9 5 4 ______________ 6 ,1 0 0 ,0 0 0
C o n s o l. G a s E l. L t . & P w r . C o . g en . m tg e . 4 K s , 1 9 3 5 -------------------1 3 ,8 4 5 ,0 0 0
U n ite d E l. L t . & P w r . C o . 1st c o n s o l. M t g e . 4 M s , 1 9 2 9 ----------------- 4 ,4 2 8 ,0 0 0
5 % 5 -y e a r c o n v . g o ld n o te s , d u e N o v . 15 1 9 2 1 ______________________ 8 .2 5 3 ,1 0 0
7 % se cu re d c o n v . g o ld n o te s , d u e A u g . 1 1 9 2 2 ______________________ 5 ,0 0 0 ,0 0 0
1 st ref. m tg e . s in k in g fu n d 7 J£ s, series B , 1 9 4 5 ____________________ 5 ,0 0 0 ,0 0 0
R o la n d P a rk E l. & W a te r C o . 1st m tg e . 5s, 1 9 3 7 __________________
3 0 0 ,0 0 0
G u a ra n te e d b o n d s & P r e f. s to c k o f B a lt . E l. C o . o f B a lt. C it y ( 5 % ) 4 ,9 4 3 ,0 0 0
G u a ra n te e d b o n d s a n d p r e f. s to c k o f P u b lic S e r iv c e B ld g . C o ____ 1 ,5 8 8 ,0 0 0
L ib e r ty R e a lt y C o . m t g e _____________________________________________
2 6 0 ,0 0 0
C o n so l. P w r. C o . o f B a lt . 5 -y e a r 6 % se cu re d g o ld n o te s, d u e 1922 5 ,0 0 0 .0 0 0
D i v i d e n d s . — C o n tin u o u s cash d iv id e n d s o n th e C o m m o n s to c k h a v e b een
p a id sin ce 1 90 9, a t ra te s a v e r a g in g 6 l % p . a. fo r th e 11 y e a rs en d ed w ith
A
1 92 0.
P resen t ra te , 8 % p . a ., has b e e n p a id s in c e A p r il 1 1 9 1 ".
[T h e s to ck h o ld e r s w ill v o t e S e p t. 7 o n c r e a tin g a n a u th o r iz e d issu e o f
$ 2 5 ,0 0 0 ,0 0 0 P r e f. s t o c k , o f w h ic h th e p re s e n t issue o f $ 2 ,5 0 0 ,0 0 0 is n o w b e in g
o ffe r e d fo r p u b lic s u b s c r ip tio n . P r o c e e d s w ill p r o v id e fo r b a n k lo a n s a n d
o th e r cu r re n t lia b ilitie s .]
E a r n in g s
Y ea rs E nd.

G ross
In co m e.

O per. E x p .
& T a xes.

N et
E a r n in g s.

F ix e d
C h a rges,

Denby Motor Trust Co., Detroit, Mich,

New Securilir

We are advised that the proposed "Issue of $300,000 fir s t MLgo, 7 %
hoods and $650,000 8 "/ fir s t Pref. stock Is not tor public sale
T hey hav<
on taken p r iv a t e ly .” -V . 113, p . 8 53 .

East Ohio Gas Co., Cleveland.

Injunction.

T h e C o u r t o f A p p e a ls a t < Tevelan d on A u g . H g ra n ted a te m p o ra ry
in ju n c tio n fo r b id d in g th e c o m p a n y to d is c o n tin u e s e rv ice to its (T e v e la n d
co n su m e rs a n d o r d e r in g I lie p resen t p rice o f 35 ce n ts p< r j ,000 cu . ft. to b<
c o n tin u e d .
T h e In ju n c tio n will rem ain In offe ri u n til Wept 12 w hen a
h e a rin g will b e h o ld b e fo r e the A p p e lla te C o u r t .
V . 109, p 1370.

East Bay Water Co.

New Securities, Ac.

T h e s to c k h o ld e r s will v o te H opt. 28 (a) on in creasin g the c o m p a n y 's
In d eb ted n ess fro m $ 1 6 ,2 5 0 ,0 0 0 to $ 6 6 ,2 5 0 ,0 0 0 b y th e cr e a tio n o f an aiith
ixod Issue o f $ 5 0 ,0 0 0 ,0 0 0 U n ify in g < , R e fu n d in g M t g e . and (b) on iie n r ing
V
the ca p ita l s to c k fr o m $ 9 ,5 0 0 ,0 0 0 to $ 1 5 ,5 0 0 ,0 0 0
A b lock o f $ 2 ,5 0 0 ,0 0 0
o f th e b o n d s wa-i r e c e n tly o ffe re d (S ee V I 13, p- 5 4 0 ).
T h e c o m p a n y has
a p p lie d t o th e C a lifo r n ia R R . C o m m is s io n fo r a u t h o r it y t o a p p r o v e this
fin a n c in g .
In its a p p lic a tio n , c o m p a n y s ta te s th a t a p o rtio n Is to co m p le te
the p u rch a se o f th e U nion W a te r C o ., (th e p u rch a se o f w hich ha ; been
im proved
V . 112, p . 165 and th e p rice fo r w hich is $ 1 ,0 0 0 ,0 0 0 ) $ 8 2 5 ,0 0 0
t o b e p a id in b o n d s a n d $ 2 7 5 ,0 0 0 in p re fe rre d s t o c k .
V . 113, p . 540, 4 2 2 .

Famous Players-Lasky Corp.— Six Months Earnings.
-Regular Dividends.- -

Results for Q uarter and Six M o n th s ending d u n e 3 0 .
1921
3 M os. -1 9 2 0 .
1921
(> M o s ,
G r o s s r e c e ip ts ______
O p e r a tin g e x p e n s e s ____

«Mr*
>

CH R O N ICLE

S u r. A v a il.
fo r D iv s. & c.

Ju n e 30 ’ 11 -$ 4 ,8 6 7 ,7 7 6 $ 2 ,4 4 5 ,4 4 0
$ 2 ,4 1 2 ,3 3 6 $ 1 ,3 7 7 ,4 0 4 $ 1 ,0 3 4 ,9 3 2
J u n e 30 ’ 13_ 6 ,1 1 4 ,9 7 3
2 ,9 6 3 ,1 8 0
3 ,1 5 1 ,7 9 3
1 ,4 7 6 ,7 6 7
1 ,6 7 5 ,0 2 6
J u n e 30 T o - 6 ,7 8 9 ,4 0 2
3 ,5 7 6 ,5 8 3
3 ,2 1 2 ,8 1 9
1 ,6 4 0 ,3 6 1
1 ,5 7 2 ,4 5 8
Jun e 30 ’ 1 7 - 8 ,4 9 8 ,8 0 9
4 ,4 8 0 ,1 6 5
4 ,0 1 8 ,6 4 4
1 ,6 7 2 ,2 2 3
2 ,3 4 6 ,4 2 1
D e c . 31 T 9 - 12 ,8 1 3 ,6 1 7
8 ,0 1 2 ,9 0 6 4 ,8 0 0 ,7 1 1
2 ,2 8 3 ,6 2 2
2 ,5 1 7 ,0 8 9
D e c 31 ’2 0 -1 5 ,4 3 3 ,4 5 8
1 0,451,791 4 ,9 8 1 ,6 6 7
2 ,4 7 5 ,1 9 2
2 ,5 0 6 ,4 7 5
J u n e SO *21
6 m o s .)
8 ,1 6 6 ,6 5 9
5 ,4 4 7 ,3 8 6 2 ,7 1 9 ,2 7 3
1 ,4 0 5 ,4 6 4
1 .3 1 3 ,8 0 9
D iv id e n d s on th e p resen t issu e o f $ 2 ,5 0 0 ,0 0 0 8 % C u m u l. P r e f. s to c k ,
Series A . ca ll fo r $ 2 0 0 ,0 0 0 p . a .
Hate Increases.- in M a r c h c o m p a n y a p p lie d to M a r y la n d P . S. C o m 
m ission for an in crea se in th e m a x im u m n e t ra te fo r ga s fro m 75 ce n ts to
$ 1 .1 5 .
P en d in g fin a l h ea rin g in N o v . C o m m iss io n a llo w e d an increase
e ffe c t iv e J u ly 1 1921 o f 17 ce n ts in th e n e t m a x im u m r a te fo r g a s, m a k in g
the n e t ra te 92 c e n ts .— V . 113, p . 187.

C uba Cane Sugar C o.— Financing.—
The. sh arp d e lines in th e c o m m o n and p referred s to c k s a n d in th e b o n d s
o f ; he c o m p a n y th is week a re said t o b e d u e to a tte m p ts o f th e e x e c u tiv e s o f
c o r p o r a tio n to c o m p le te a p la n fo r fin a n c ia l r e a d ju s t m e n t a n d r e o r g a n iz a 
tion .
T i c “ W all s tre e t J o u r n a l” sa y s: “ S u b s c rip tio n s t o th e now c r e d it fo r
C u b a n C a n e on A u g . 2 5 h ad rea ch ed a p p r o x im a te ly $ 6 ,5 0 0 ,0 0 0 . T h e
n ew c r e d it is fo r a b o u t $ 1 0 ,0 0 0 ,0 0 0 a n d it s h o u ld b e c o m e e ffe c t iv e , w h en
that a m o u n t is s u b s c r ib e d .
S om e o f th e legal d e ta ils in c o n n e c tio n w ith
th e credit, a re .■ iJl u n d e r a d v is e m e n t, w h ich is o n e rea son w h y th e cr e d it
ha n o t g o n e fo rw a rd m o r e r a p id ly .”
See a ls o V . I 13, p . 631.

D avis-Daly Copper Co. - Earnings.—
T he receip ts for t he q u a rte r en d ed Juno 30 are re p o rte d as $ 2 5 7 ,1 9 9 and
'■xpen d jt.lies $ 1 7 ! ,602. h a v in g a b a la n c e o f $ 85 ,5 9 7 .
P r o d u ctio n fo r the
p eriod a g g re g cte d I 8 9 2 .9 9 2 lbs. o f co p p e r and 4 1 7 ,0 0 8 ozs. o f silver.
V . 112, p 2194

F a m o u s B la y e r s-L a s k y C o r p . C o n s o lid a te d S ta tem en t (w h ich include
th e ea rn in g s o f s u b s id ia ry co m p a n ie s o w n e d 9 0 % or m o r e ) re p o rts fo r the
h a lf y e a r e n d e d .June 25 1 921, n et o p e ra tin g p r o fits o f $ 3 ,0 7 8 ,6 9 7 , after
d e d u c tin g a ll ch a rg e s in c lu d in g F e d e ra l in c o m e a n d excess p r o fit taxes and
reserv es fo r sam e;.
A ft e r a llo w in g fo r p a y m e n t o f d iv id e n d s o n th e P referred s to c k , th e
a b o v e earn in gs a re a t th e a n n u a l ra te o f $ 2 6 .0 4 o n the 2 0 6 ,8 4 9 sh ares o f
C o m m o n s to c k o u ts ta n d in g in th e h a n d s o f the p u b lic .
T h e D ir e c to r s on A u g . 2 2 d e cla re d th e re g u la r q u a r te r ly d iv id e n d o f $2
p e r sh a re o n th e C o m m o n s to c k p a y a b le O c t. 1 1921, to s to c k h o ld e r s o f
re c o r d S e p t. 15 1 9 2 1 .— V . 113. p . 8 54 , 4 22 .

(Wm.) Farrell & Sons, Inc.— Merger with Burns Bros.—
See B u rn s B ro th e r s a b o v e .— V . 113, p . 540.

Fensland Oil Co., Inc.— Subsidiary Co .—
T h e F en sla n d O il C o . o f W y o m in g h as b e e n in c o rn o r a te d in D e la w a re
w ith a ca p ita l o f 1 0 ,0 0 0 n o p a r v a lu e sh ares, b y th e F en slan d O il C o ., to
h a n d le its W y o m in g o p e ra tio n s .
S e b o y n B y w a te r is P res, a n d C h a rle s H .
G e o rg e , S e c r e ta r y .— Y . 112, p . 1139.
Ford Motor Co., Detroit.— Output.—
F o r th e th ree m o n th s en d ed J u ly 31 th e c o m p a n y p ro d u ce d 3 1 7 ,5 8 7
p assen g er cars a n d tr u c k s , an a v era g e o f n e a rly 1 0 6 ,0 0 0 a m o n th . T h is w as
th e b ig g e st th ree m o n t h s ’ o u t p u t in th e h is to r y o f the c o m p a n y an d in 
c lu d e s p r o d u c tio n a t A m e rica n p la n ts o n ly .
F in al sch e d u le for A u g u st
c a lls fo r 1 0 9 ,7 0 0 ca rs and tr u c k s .— V . 113, p . 854, 632.
•

“ "Forestal Land_l5mbeY&TlysT Co., Ltd.— Listing.—
T h e L o n d o n S to c k E x c h a n g e r e c e n tly g r a n te d o ffic ia l q u o t a t io n t o 8 0 ,0 0 0
a d d itio n a l o r d in a r y sh ares p a r £1 e a ch , a n d 3 2 0 ,0 0 0 p re f. sh ares p a r £1
e a c h m a k in g th e t o t a l lis te d 3 ,6 8 6 ,9 8 3 o rd in a ry a n d 1 ,8 6 5 ,8 5 2 p re fe re n ce
sh a re s.— V . "113, p . 4 2 3 .

Friend Motors Corp., Pontiac, Mich.— Receiver.—
T h e D e t r o it T r u s t C o . h a s b een a p p o in te d re ce iv e r b y J u d g e T u t t le .
T h is c o m p a n y , w h ich o cc u p ie s th e p la n t fo r m e r ly u sed b y th e C a r te r C a r
C o ., h as b e e n h a m p e r e d b y la c k o f w o r k in g c a p ita l a n d in a b ilit y t o sell
s to c k u n d e r p resen t b u sin ess c o n d it io n s , i t is s ta te d .

Gaston, Williams & Wigmore, Inc.— Plan Fails.—
T h e s to c k h o ld e r s ’ c o m m itt e e (see b e lo w ) A u g . 17 states:
“ T h is c o m m itte e w a s org a n ized to a id in b rin g in g a b o u t a reo rg a n iz a tio n .
O f th e 3 0 0 .0 0 0 sh ares o u ts ta n d in g , o n ly 1 7 ,1 0 2 sh ares are on d e p o s it w ith
th e c o m m itte e .
N o n e th e less, sm a ll as w a s th e c o m m it t e e ’ s re p resen ta tion ,
w e u sed o u r b e st e n d e a v o rs t o b r in g a b o u t a p la n o f re o rg a n iza tio n in th e
in te re ct o f th e s to c k h o ld e r s .
T h e c o n d it io n o f rhe c o m p a n y , h o w e v e r , w as
su ch th a t a re c e iv e rs h ip w a s u n a v o id a b le , a n d as o u r e ffo r ts h a v e p ro v e d
u n a v a ilin g , w e feel it in c u m b e n t u p o n us t o retu rn th e s to c k to th e d e
p o sito rs.
T h e c o m m itt e e is m a k in g n o ch a rg e t o th e s to ck h o ld e r s.
“ U p o n th e p re se n ta tio n o f y o u r c e r tific a te o f d e p o s it and su rren d er th e re 
o f a t o ffic e o f N e w Y o r k T r u s t C o ., 26 B ro a d S t ., N e w Y o r k , y o u r s to c k
w ill b e retu rn ed to y o u . ”
Committee.— J a m es G . B la in e , J r ., C h a irm a n : C h arles E . D u n la p , A lb e r t
Z . G r a y , W a lte r R . H e rr ic k .
T h e “ B o s to n N e w s B u re a u ” A u g . 25 sa y s: “ T h e G lo b e lin e , fo rm e r ly
o p e ra te d b y G a sto n , W illia m s & W ig m o r e SS. C o r p . and n o w c o n tr o lle d
b y K re g e n N a v ig a tio n C o ., is p la n n in g o p e ra tio n o f 25 w o o d e n sh ip s o f
S h ip p in g B o a r d i f a rra n g e m e n t g o e s t h r o u g h .” — V . 112, p . 1148.

General American Tank Oar Corp.— Earnings.—N e t earn in gs fo r th e six m o n th s en d ed J u n e 3 0 . a fte r d e p r e c ia tio n , re
se rv e s and F e d e ra l ta x es, are re p o rte d as $ 1 ,2 4 3 ,2 1 9 : P referred s to c k d iv i
d e n d , $ 1 7 8 ,5 0 7 : b a la n ce a v a ila b le for C o m m o n s t o c k , $ 1 ,0 6 4 ,7 1 2 .
T h is
rep resen ts $4 2 0 a sh are o n th e C o m m o n s to c k fo r th e s ix m o n th s , a n d th e
earn in gs h a v e b e e n a t th e ra te o f 2 0 % a t th e p resen t m a rk e t p rice o f th e
s t o c k .— V . 113, p . 540.

General Electric Co.— Regular Dividend— Cuts Wage.—
T h e c o m p a n y h as d e cla re d th e regu lar q u a rte rly ca sh d iv id e n d o f $2 a
sh a re, p a y a b le O c t . 15 to s to c k o f re co rd S ep t. 9. D ire c to rs d o n o t m e e t for
a c tio n o n th e reg u la r se m i-a n n u a l s to c k d iv id e n d o f 2 % u n til N o v e m b e r .
A h o riz o n ta l 1 0 % c u t in salaries goes in t o e ffe c t a t the L y n n w o r k s o f th e
c o m p a n y on N o v . 1. T h e c u t a p p lie s t o th e en tire salaried fo r c e , e x e cu tiv e s,
en g in eers, fo re m e n , cle rk s, & c .. b u t d oes n o t to u ch th e ran k a n d file o f th e
f a c t o r y w ork ers.
A t p resen t a b o u t 9 ,0 0 0 are e m p lo y e d a t the L y n n w o rk s.
See V . 113, p . 854.

Gilliland Oil Co.— Receiver— Foster Oil Compromise.—
P . J . H u r le y , J . J . S a tte rth w a it a n d G e o r g e O . B a ir d a re n o w th e re 
ce iv e r s. J o h n H . M a r k h a m J r. a n d W a ite P h illip s , fo rm e r c o lle a g u e s in
th e re c e iv e rsh ip , h a v e re sig n ed .
A d ecree c o n fir m in g th e c o m p r o m is e a g re e m e n t b e tw e e n th e F o s te r Oil
C o . a n d th e re ceiv ers fo r th e G illila n d Oil C o . in s e ttle m e n t o f th e c o n t r o 
v e r sy arisin g fr o m th e sales o f th e la t t e r ’s L o u isia n a o il p r o p e rtie s v a lu e d
a t $ 5 ,5 0 0 ,0 0 0 fo r $ 2 ,5 0 0 ,0 0 0 w as issu ed in th e F ed era l C o u r t a t S h re v e p o rt
A u g . 18 b y F e d e ra l J u d g e J a c k . U p o n c o n fir m a tio n b y th e U . S . D is tr ic t
C o u r t at W ilm in g to n , D e la . (w h ere th e L ib e r t y C e n tr a l T r u s t C o . o f St.
L o u is e t a l. file d s u it), i t b e co m e s fin a l a n d th e p r o p e rtie s w ill b e d e liv e re d
t o th e receiv ers t o b e o p e r a te d b y th e m u n til th e te rm s o f th e co m p r o m is e
are fu lfille d a n d th e re ceiv ersh ip c lo s e d .
See V . 113, p . 188, 76.

Harvey Steel Products Co.—-Sale.—
A d ecree fo r a sa le o f th e c o m p a n y (fo r m e r ly S o u th e rn E n g in e & B o ile r
W o r k s ) h as b e e n e n te re d in F e d e ra l C o u r t, th e sa le t o b e h e ld S e p t. 14.
H o w a r d E a so n , w h o w a s T re a su re r, w a s n a m e d re ce iv e r a b o u t a y e a r a g o .
T h e p la n t a n d e q u ip m e n t are sa id t o b e w o r th a p p r o x im a te ly $ 1 ,0 0 0 ,0 0 0 .

Huron Metals1Co.— Bonds Called.—
T h is c o m p a n y , su cce sso r iri t it le t o Q u ig le y F u rn a ce & F o u n d r y C o .,
g iv e s n o tic e th a t a ll o f th e o u ts ta n d in g 5 % 1st M t g e . b o n d s o f Q u ig ley
F u rn a ce & F o u n d r y C o ., d a te d O c t. 1 1914, d u e O c t. 1 1924, are ca lle d fo r
p a y m e n t O c t. 1 1921, a t 105 a n d in t. a t th e o ffic e o f S ta te S treet T r u s t C o .,
tr u s te e , 33 S ta te S t ., B o s t o n .

Illinois Bell Telephone Co.— Sto'ck Authorized.—
T h e c o m p a n y h as b een g ra n te d p erm ission b y the Illin o is C o m m e r ce
C o m m iss io n to issue $ 1 0 ,0 0 0 ,0 0 0 a d d itio n a l c a p ita l s t o c k , o f w h ich 9 8 %
g o e s to the A m e rica n T e le p h o n e & T e le g ra p h C o ., th e p a re n t c o m p a n y ,
w h ile the o th e r 2 % is o ffe re d t o p resen t sto ck h o ld e rs.
T h e e n tire sh are
h o ld e rs ’ p o rtio n or $ 2 0 0 ,0 0 0 h as a lre a d y b een ta k e n , it is r e p o r t e d .—
113, p . 6 3 2 ____________ ______________________________________ _____

Indiahoma Refining Co.— Sells Interest in Export Co.—*
T h e c o m p a n y r e c e n tly a n n o u n ce d th e sale o f its in te re st in th e E x p o r t
O il C o r p . t o th e C o n sta n tin R e fin in g C o ., a n d th a t a rra n g em en ts fo r th e
p a y m e n t o f e x p o r t a c c e p ta n ce s as w ell as o th e r in d e b te d n e s s o f th e E x p o r t
Oil C o r p ., w h ich th e In d ia h o m a C o . ow n s, h a v e b e e n m a d e .— V . 1 1 3 ,p .6 3 2 .

960

THU CHRONIULL

In te rn a tio n a l Cem ent Corp. -No1 Offered. -Hayden,
Stone & C o., Wvv York, &
are offering at 99 and int.
viiddiug 'S t.j'r, S 1,•>00,009 >-Y«ar
( !ouv. Gold Notes.
(See advertising pages.)
D ated Juno l 1921.
D u e Juno l I9J6.
l o t . pa ya b le J. A 1).
D enom
SI ()<)•) an d > > K
J
h/
Uu l tl any tim * uu 10 dav - n ntice at H O an d Int.
Fedtua 1 in com e tan. up to 1 ‘ \ to be paid by corp o ra tion }
E q u ita b le T ru s t
O o. iN V
I'nistue.
.V sinking i'und. eq u a l to a p p ro x im a te ly 10 % anuually o f the note.s ou tstan din g from iiui^ to tim e is p a y a b le 5 % sem i
an n u a lly begin ning June l 1922.
D a ta P rom 1.o t t e r or P res, ll o l g e r S t r iie k m a n n , A u g u s t 13 1921.
C om pany
'Through subsidiaries, is en gaged in m a n u factu re o f P ortla n d
cem en t in N ew Y ork, 'Texas, O u t i , A rgen tin e an d U rugu ay.
W as o r 
ganized in M aine in 1919
Owns: ( l ) o y er 8 7 % o f the s to ck o f K n ick e r
b ock er Purtland C em en t C o ., In c., (acqu ired Ju ly 1921); (2) all the sto ck
a t T ex a s P ortla n d C em en t C<>
k ail the sto ck o f U rugu ay P ortla n d
C em en t C o .; (1) ov er 9 8 % o f the sto ck o f C u b a n P ortla n d C em en t C o r p .;
and (5) o v er 9 8 % o f the sto ck o f In tern a tion al P ortla n d C em en t C o r p .,
w hich ow ns a ll o f the sto ck o f Argentine P ortla n d C em en t C o .
C a p ita liz a tio n
(a fte r th is f in a n c i n g ) —
X u th o rize d .
Issu ed .
5 -Y ea r co n v gol. i notes ( this issue)
_ ___________$ 1,5 00,00 0 $ l ,50 0,000
Prof, stuck 7 % cuin u l, i par $100) - _______ - 5 .0 0 0 ,0 0 0
1.364,800
C o m m o n (n o par v a lu e )______________________ shares
4 0 0 ,0 0 0
x 3 19,228
v R epresen ted by ca p ita l and su rplu s as per ba la n ce sheet, $1 1,14 6,26 6.
N o t e . —Subsidiaries h a v e no m ortgage d e b t ex cep t m ortgages o f $ 2 16 ,0 00
on D allas p la n t, an d o f $94,801 on w harf an d w arehouse p ro p e rty in H a 
vana, C u b a .
P ro p erty .
-L oca tion an d d a ily c a p a city (in barrels) o f th e v ariou s pla n ts
are as follow s:
L o c a tio n — ■
C a p a c ity
Location—
Capacity
H u dson . N . Y ..................
4,0 00 Martel Bay, Cuba____________ 2,000
D allas, T e x a s __________________ 3 ,5 0 0 Sierras Bay as, Argentine _____ 2,50
H ou ston , T e x a s ________________ 2,0 00 Montevideo, Uruguay_________ 1,200
Y ea r—

P la n ts
O p era tin g .

O u tp u t
B a rr els.

Year—

Plants
Operating.

Output
Barrels.

_____________
3
1,470,942 1919................ ..
6
2,338,397
_____________
3
1,698,243
6
»,495
_____________
3
1,8 51,14 0 1921 (est.)_____
6
3,405,649
_____________
4
1,750,321
C o n v e r s i o n . —’C o n v e rtib le at an y tim e p rior to m a tu rity or d a te o f re
d em p tion w ith an ad ju stm en t for interest an d d iv s. into 30 shares o f C o m 
m on sto ck for ea ch $ 1 ,0 0 0 n ote (w hich is a t rate o f $33 -1-3 per sh are.)
P u rp ose.
-Issue will p a rtially fu n d expenditu res m ade du ring p a st year for
p a ym en t o f ( a ) $ 9 69 ,0 00 C u b . P ortla n d C em en t C o r p . n otes; (b ) $ 7 3 5 ,0 0 0
(U rugu ayan g old ) 1st M tg e . on U rugu ayan p la n t, an d (c) o v e r $ 1 ,0 0 0 ,0 0 0
u ca p ita l ex p en ditu res at variou s pla n ts.
E a rn in g s Met earnings for the calen dar year 1920, in cl. th ose o f K n ic k 
e rb ock er P ortla n d C em en t C p ., I n c ., after all Interest, reserves an d F ederal
taxes w ere $1 ,9 4 5 ,5 8 9 , or 16 tim es the an nual in terest charges on th is issue,
a m ou n tin g to $ 1 2 0 ,0 0 0 . F or first 6 m on th s o f 1921, su ch n e t earnings
w ere $ 8 6 4 ,1 8 2 , o r 14 tim es interest ch a rg e fo r th is p eriod .
See sem i-an n u al sta tem en t u n der “ R e p o r ts ” a b o v e .— Y . 113, p . 541,
42 7, 76.
19 15
19 16
19 17
1918

International Harvester Co.— Inventory Position, &c.—
A n o ffic ia l is q u o te d : “ Our h ea v y in v e n to ry in clu des u n u su ally large
sto ck o f fin ish ed im p lem en ts, b u t their c o st w ill p erm it p r o fit a t reduced
prices to be an n ou n ced S ep t. 1. T h ere w ill b e som e fu rth e r red u ction o f
w ages, b u t n ot p r o p o rtio n a te ly . C o m p a n y w ill h a v e $ 2 4 ,0 0 0 ,0 0 0 o r $2 5,0 0 0 ,0 0 0 in cash a c c o u n t b y C h ristm as an d large aggregate o f q u ick re ce iv 
ables, an d ba n k s w ill b e pa id o ff. A v era g e life o f farm to o ls an d m a ch in ery
is fiv e years an d farm ers h av e b o u g h t m u ch less th a n av erag e o f th e pa st
tw o y ears. N o c o m p a n y is surer to o b ta in its sh are o f business w hen
b u y in g s ta r ts .” — Y . 113, p . 855, 4 2 4 .

International Mercantile Marine Co.— Est. Earnings.—
F ollow in g th e regular m onthly' m eetin g o f th e directors. Pres. P . A . S.
Franklin said th a t th e estim a te o f earnings in dicated th at th e com p a n y will
earn during 1921 a n et p r o fit exceedin g the amount, requ ired to p a y th e
regular annual dividen d o f 6 % on th e Preferred s to ck , after p rov id in g for
fixed charges, taxes and d ep recia tion .— Y . 113, p . 625.

International Paper Co .— Operations.—
T h e co m p a n y is n ow op era tin g 8 o f its 25 m ills. A c co r d in g to P residen t
D od ge, p r o d u c tio n at the m ills n ow op era tin g is in creasin g d a ily .— V . 113,
p . 541, 424.

International Products Co.— Suit to Recover $1,440,000.
T h e gra n tin g o f p erm ission A u g . 17 b y Suprem e C o u r t Ju stice O ’M a lle y
o f N ew Y o rk t o serve papers b y p u b lica tio n on G erm on F . Sulzberger,
S ta m ford , C o n n ., d isclosed a su it (b rou g h t in 1920) fo r $1 ,440 ,0 00 b y
R ich a rd son , H ill A C o ., in vestm en t bankers, B o s to n , a g a in st th e c o m p a n y
an d its d irectors.
T h e bankers sta te th a t on th e stre n g th o f sta tem en ts issu ed in A u g .
1919 b y th e c o m p a n y a n d n ow represen ted b y th e bankers t o b e false,
th ey co n tra cte d to pu rch ase sto ck s b eg in n in g w ith 10,000 shares o f P ref. in
O ct. 1919. T h e pu rch ases con tin u ed u n til M a y 1920 b y w h ich tim e the
p la in tiffs h ad a cq u ired 12,000 p re f. a n d 22 ,800 c o m m o n shares a t a to ta l
cost o f $1 ,440 ,0 00 .
T h e b rok ers sa y th a t w hen th ey fo u n d th a t th e y w ere th e v ic tim s o f m is
represen tation th e y dem an d ed th e retu rn o f th e m o n e y a n d the c a n 
cella tion o f th e sale o f th e s t o c k , b u t th e defen dan ts refu sed.
W h ite & C ase, a ttorn ey s fo r th e In tern a tion al P ro d u cts C o r p ., it is said,
w ill soon file an answ er t o th e a b o v e su it w h ich w ill set fo r th th a t th e b a n k 
ing fir m in O ct. 1919, h a d co n tra cte d t o b u y 20,000 shares o f th e preferred
sto ck at $71 25 a sh are. T h e bankers a c tu a lly b o u g h t 12,000 shares o f th e
preferred s t o c k b u t later, in stead o f ta k in g u p 8,0 00 shares o f p referred ,
to o k w hat th e y con sid ered th e eq u iv a len t. 22 .000 shares o f th e co m m o n ,
at $25 a share.
T h e pla in tiffs it is fu rth er said, receiv ed fu ll in form ation a t th e tim e
o f th e s to ck pu: ch ase, an d h a v e been ad vised c o n tin u o u sly o f the change in
ev en ts, esp ecia lly in the case o f th e Sou th A m erica n tra d e, w h ich seriou sly
a ffe cte d th e earn in gs. (T h e A m erica n In tern a tion a l C o r p . on D e c . 31 h eld
a m in o r ity in terest in th e s to c k . See annual re p o rt in V. 112, p . 1159.]
G eorg e P u tn a m o f th e ba n k in g fir m o f R ich a rd son -H ill A C o . w as elected
a d ir e c to r o f th e co rp o ra tio n in June, 1920.
See also In tern a tion a l P ro d u cts Steam ship C o . b e lo w .— C om p a re V .
109, p . 985, 1083, 1465; V . 110 p . 566, 1646; V . 112, p . 37 8, 658.

International Products Steamship Co.— Default.—
T h e c o m p a n y , h a v in g d efa u lted on th e $5 3,00 0 in stallm en t o f prin cip a l
an d $1 7,00 0 accru ed in t. du e Ju ly 1 la st on th e M a rin e E q u ip . T r u s t 7s,
F reem an A C o ., N e w Y o r k , h av e b ro u g h t su it a g a in s t.th e In tern a tion a l
P ro d u cts C o ., as g u a ra n tor o f th e issu e. C om p a re V . 110, p . 566.

Jones Brothers Tea Co., Inc.— Sales.—
1921.
M o n t h o f J u ly _________________________ $ 1 ,4 1 7 ,6 6 6
Seven m on th s t o J u ly 3 1 ______________ 9,974.851
— Y . 113, p . 855.

1920.
$1 ,960 ,2 64
11 ,796,699

1919.
$1 ,410,962
9,0 99,31 5

Keystone Telephone Co., Phila.— New Officers.—
Ira S. W e is s, re ce n tly A s s t. Sec. & T re a s., has been elected Sec. & T r e a s .,
su cceed in g th e late E l w o o d F . R eev es. G era ld R o n o n , an a tto r n e y o f
P h ila delph ia, su cceed s as d ir e c to r th e la te H ou lin gs L ip p in c o tt .— V . 112,
p . 2089.

Lake Superior Coal Co.— Annual Report.—
See L a k e Su perior C o r p . under “ F in an cial R e p o r ts ” a b o v e ,— V .1 0 7 ,p .9 0 9 .

Lexington (Ky.) Utilities Co.— Guaranteed Bonds Offered.
— C h a n d le r & C o . , N e w Y o r k , a n d R . E . W i l s e y & C o . ,
C h ic a g o , a rc o ffe r in g , a t 8 2 } ^ a n d i n t ., y ie ld in g o v e r 8 % ,
$ 5 6 0 ,0 0 0 1 st L ie n & R e f . 6 % G o ld b o n d s (S eries B ) .
D a te d A p ril 1 1921, d u e A pril 1 1936. G u a r., p rin . & in t., b y en dorse
m ent b y th e K e n tu c k y S ecu rities C o r p .
R e d ., all or part, on an y int. d a te,
on 60 d a y s ’ n otice, a t 10214 an d in t.
In t. p a y a b le A . & O . in N ew Y o rk
an d P h ila d elp h ia w ith o u t d ed u ction o f n orm al Federal in com e ta x n o t in
excess o f 2 % .
D en om . $50, $100, $500, $ 1 ,0 0 0 . C om m ercia l T ru st C o .,
P h ila delph ia, trustee.

[V

o l

.

113

Data from Letter of V.-Pres. V . W. Bacon, Lexington, Aug. 15.
To acquire underlying bonds, for extensions and improvements
and for other corporate purposes.
Purijo.sc

Capitalization Outstanding (upon Completion of Present Financing) .
Underlying bonds assumed, $1,471,000; Less $441,000 held by
imsii.u of 1st Lien A Ref. Bonds as additional security
-$1,027,000
First Lieu A Refunding Bonds (Series A) 6 % , 1929, $911,500;
(Stiritis ID 6 % , 1916, $560,000 (this issue)., .................. _ _ 1,504,500
Capital stock (all except directors’ shares owned by Kentucky
8< curities ( Jorp
100,000
Serurily
Series “ A” and “ B” will be secured by a first lien on a material
portion of the property and on $444,000 of underlying bonds deposited with
trustee, and by a lien on the balance of the property, subject only to the
underlying mortgages. Entire outstanding capital stock (except directors
shares) of Lexington Ice Co. as pledged with the trustee.

Earnings Lexington Utilities Co. and Lexington Ice Co., Excl. Inter-Co. Chges
Year ended July 31—
1920.
1921.

Operating revenue and other income_________________ $883,130 $1,071,898
Net, after oper. exp., incl taxes, rentals, Ac__
302,243
370,888
Annual int. digs, on underlying and Series A A B bonds______
111,620
Balance available for sinking fund, depreciation, A c _ _____
$229,268
-Company covenants to provide annually a fund equal to
2 % o f outstanding bonds of Series B to be used for either permanent addi
tions, extensions, A c., or for purchase o f bonds secured by this mortgage
at not exceeding 1 0 2 and int.
Company— Owns (i) 9,000 k . w. (12,000 h .p .) modern steam power
plant; (2) 534 miles o f transmission lines and wires; (3) 62 miles o f gas
mains, 7,200 gas meters; (4) 5,000 ton cap acity Ice storage building; (5)
2 com pletely equipped modern ice manufacturing plants o f 235 tons daily
capacity (owned or leased); (6) 136,900 cu. ft. capacity cold storage building
(leased); (7) ice delivery equipm ent. Territory served has an aggregate
population o f about 225,000.
F r a n c h is e -Com pany has a satisfactory lighting and pow er franchise,
which expires in 1936. Does all the street and municipal lighting in Lexing
ton. Com pare offering o f Series “ A ” bonds in V. 109, p. 1370.
Sinking Fund.

Marconi’s Wireless Telegraph Co., Ltd.—■
Earnings.—
Profits for the year ended D ec. 31 1920 are reported as approxim ately
£564,000, com pared with £1,500,000 in the previous year. The com pany
has large war claims pending.— V . I l l , p. 2527.

Massillon (O.) Rolling Mill Co.— Merger Apprvoed.—
See Central Steel C o. a b ov e.— V . 113, p. 77.

Mexican Light & Power Co .— N ew Plant.—
T o meet the acute shortage o f power in and around M exico C ity the
com pany has been granted a concession contract by the M exican M inister
o f Agriculture and D evelopm ent covering the construction o f an additional
plant o f approxim ately 40,000 h. p. oil the Necaxa River below its present
hydro-electric plant o f 53,600 k. w . capacity. An additional 10,000 k . w.
unit is now being added to this plant and approxim ately 5,000 k. w .
additional ca p acity will be added to the com p an y’s steam plant in M exico
C ity .— V . 113, p. 633, 189.

Mexican Petroleum Co., L td.— Stock Drops 63^ Points
on False Report That Dividend Had Been Passed .—
T h e com pa n y’s stock dropped from 91 to 84 H on publication b y a news
service on Aug. 25, it is stated, of a fraudulent telephone message that di
rectors had deferred action on the dividend.
Shortly after the publication o f the story a statem ent was given out by
H erbert G . W ylie, Vice-Prosident and General M anager o f the com pany
saying that it was not intended to hold the dividend mooting until the first
week o f Septem ber. It was also stated that dispatches had been received
from the Los Angeles offices to the effect that no meeting o f the directors
had been called fo r A ug. 25. F ollow ing these last statements M exican
Petroleum shares rebounded to 90, but later eased o ff a couple o f points.
E . L . D oh en y, President o f the com pany left early in the week for M ex ico
with a num ber o f oil men to confer with M exican G overnm ent officials
regarding the new export taxes on oil.— V . 113, p. 552.

Middle States Oil Corp.— D ividend .—
The corporation has declared the regular quarterly dividend o f 3 %
payable O ct. 1 to stock o f record Sept. 10. The directors have authorized
the executive com m ittee to determine such extra com pensation to stock 
holders as they m ay deem proper for the current half-year period.— V .
113, p. 633, 424.

Multnomah Lumber & Box Co.— Purchase of Road.—
See U . S. Spruce C orp. below .— V . 113, p . 856.

Nash Motors Co.— N o w Oversold .—
Charles B . Voorhies V .-P res. A Gen. Sales M g r. says: “ T he factory is
doing everything within its power to catch up with the demand for cars.
W e ended the m onth o f July in an oversold condition, and the production
schedule for A ugust was considerably increased. Since the first o f the
m onth, however, the pressure has becom e stronger than ever.” — V . 113, p.
425National Lead Co. — Employees' Stock Subscriptions.—
In connection with the com pan y’s recent offering o f its stock to employees
(V. 112, p. 2649), 984 o f whom purchased 19,286 shares o f the C om m on
at $75 a share, Pres. Cornish says: “ In the firm belief that through our
united efforts we can earn 7% on the Pref. stock and 6% or more upon the
Com m on stock, I recom m end every one in the srevice o f the com pany to
buy as m uch o f this stock, on the terms stated, as he can pay for com 
forta bly during the next five years.” — V. 113, p. 542.

National Pressed Steel Co. — Merger Approved.—
See Central Steel C o. a b ov e.— Y . 113, p . 77.

Nevada Consolidated Copper Co.— Quarterly Report.—
Results fo r Quarter and Six Months ending June 30.
1921— 3 Mos.— 1920.
1921— 6 Mos.— 1920.

Production ( l b s . ) _______
298,243
Operating in com e______ loss$22,605
Other in c o m e -___________ d eb .9,163
D iv id e n d s ______________
______
Plant shut-dow n exp___
247,091

13,063,667
$47,276
336,724
499,864
----------

9,362.325 24.201,892
loss$29,239
$179,805
419,778
______
999,728
-------------------

Balance, d e ficit______
$278,859
$155,864
$29,239
$400,145
The suspension o f operations became effective M arch 31 1921. There
will be no further quarterly reports issued until operations are resumed.
— V . 113, p. 856.

New

England Oil Corp.— Listing.—

The B oston Stock Exchange has placed on the list tem porary certificates
for 434,785 shares o f no par value, with authority to add thereto, as they
are issued in exchange for one-year and five-year convertible gold notes,
65,215 additional shares making the total authorized for the list 500.000.
O f the 434,785 issued, outstanding and now placed on the list, 200,000
shares have been placed in the hands o f trustees for a period o f five yaers, and
cannot be released prior thereto ’without the approval o f the Goveruiug
Com m ittee o f the Exchange.— V . 112, p . 1523.

Newton Steel Co., Youngstown, O.— Status.—
During the first h alf o f 1921 this producer of full finished sheets earned
all charges before dividends, its Pref. dividend for the period and made
some addition to surplus. The com pany started six mills in M arch, fo l
lowing a suspension, and subsequently increased the number of active units
to eight. A t the end o f M a y the full com plem ent o f 10 mills was placed
on the active list and the com pany has been operating to capacity since
July 1. Orders in hand insure production at the current rate well into
September. From 85 to 90% o f its output has consisted o f autom obile
b o d y stock . ( “ Iron A ge” Aug. 18.)— V . 112, p. 1289.

New York & Q ueens Gas Co.— C ity Appraisal.—■
Chairm an W illiam A , Prendergast at the hearing of the com pany before
the P. S. Com m ission to Increase the rate for gas from $1 25 io $1 69 per

1.000 cu . ft ., granted the m o tio n id' th e C orp ora tion C ou n sel's o ffic e to
m ake an appraisal o f th e p ro p e rty o f the com p a n y t o exten d not longer than
Sept . 1 2 .
He also a n n ou n ced t hat the C om m ission w ould m ake an appraisal
o f th e c o m p a n y ’s p ro p e rty Independent o f the city.
The C om m ission has
refused to perm it the com p a n y to raise its rates tem porarily to Si 69 per

1.000 cu. ft. — V. 112. p. 2756.

A ug . 27 1921

TIMS CHRONICLE

New Y ork Steam C o rp oratio n .— Reorganized.
ficial statement says in brief:

-An of

A f to r m a n y m o n th s o f n e g o tia tio n s th o p r o p e r ty a n d b u sin ess o f fh o
N . V . S team G o . h as b oon p u r ch a se d b y th e N. V . S tea m G o r p ., org a n ize d
fo r th e p u rp o se o f a c q u irin g , (tarrying on and e x te n d in g th e p u b lic u tility
o p e ra tio n h e re to fo re c o n d u c t e d b y th e N . Y . S tea m G o .
T h o p ro p e rty
w as a cq u ire d a t re c e iv e r s ’ sa le Ju n e 20 last.
T h e N . Y . S team G o . w a s ch a rte r e d 1880 a n d has b oon In c o n tin u o u s
o p e ra tio n ov er s in c e , o r ig in a lly b e in g th e m erg er o f N . Y . S tea m M oatin g
G o ., o rg a n ized in 1.879, w ith N . Y . S tea m G o . T h o c o m p a n y m a d e d is t in c t
p rog ress u p t o 1899.
L itig a tio n Mien p re v e n te d a c t iv e d e v e lo p m e n t a n d
a n y c o n s tr u c tiv e fin a n c in g u n til 1 91 5, w h en n ow in te re sts ca in o in to the
c o m p a n y a n d a c o n s tr u c tiv e p ro g r a m w as b e g u n .
O w in g , h o w e v e r , t o tho
w ar co n d it io n s th en e x is tin g a n d th e fa c t o f a c o n s id e r a b le u n d ig e ste d ca p ita l
in v e stm e n t m a d e d u r in g a s h o r t p e r io d w h ich h ad n o t b e c o m e p r o d u c tiv e ,
th e c o m p a n y in A u g u s t 1918 w en t in to re c e iv e rsh ip .
T h e c o r p o r a tio n has s te a m -g e n e r a tin g s ta tio n s w ith a c a p a c it y o f JO,000
h .p ., fro m w h ich it d is tr ib u te s s te a m th ro u g h 17 m iles o f tr u n k a n d b ra n ch
m a in s, s e rv in g s o m e 1 ,50 0 c u s to m e r s v a r y in g in v o lu m e o f c o n s u m p tio n
fro m sm all p r iv a t e re sid e n ce s t o large o ffic e b u ild in g s c o v e r in g an e n tire
b lo c k . In a d d itio n t o th o p r o p e r ty fo r m e r ly o w n e d o u tr ig h t b y th e N . Y .
S team C o ., th e n ow c o r p o r a tio n lias a ls o a c q u ir e d th e lease o f th e largo
d o w n -t o w n s ta t io n o w n e d b y th e N e w Y o r k C it y D is t r ic t R e a lty G o r p .,
a n d th is s t a t io n w ill b o o p e ra te d as fo r m e r ly b y th e s te a m c o r p o r a tio n
as lessee.
T h e fu n d e d o b lig a tio n s o f th e n o w c o r p o r a tio n a re c o n s id e r a b ly less in
a m o u n t th a n th o se o f its p re d e ce s s o r, a lth o u g h n ew ca sh t o th e e x te n t o f
$ 75 0 ,0 0 0 h as b een p r o v id e d b y th e sa le o f b o n d s t o in te re sts id e n tifie d w ith
th e n ew c o m p a n y , w h ich w a s u tiliz e d in p a r t to w a r d th e p a y m e n t o f item s
a n d exp en ses w h ich th e p u rch a se r w as o b lig a te d u n d e r th e d e cr e e o f sa le t o
p a y a n d in p a r t fo r a d d itio n a l w o r k in g c a p ita l a n d fo r b e tte r m e n ts & im p 's .
T h e ca p ita liz a tio n o f th e n ew c o r p o r a t io n is as fo llo w s : (a) $ 100,000 Real
E s ta te M t g e . o b lig a tio n s ; (b) $ 2 ,2 3 6 ,0 0 0 8 % G e n . R e f. M t g c . b o n d s o f an
issu e u n lim ite d in a m o u n t, o f w h ich $ 2 ,3 0 0 ,0 0 0 h as b een a u th o r iz e d b y th e
P . S. C o m m iss io n [non e o f b o n d s iss u e d t o A u g . 22]; (c) 2 0 ,0 0 0 sh ares o f
c a p it a l s t o c k o f n o p a r v a lu e .
T h e n ew c o m p a n y s ta r ts in b u sin e ss w ith n e t c u r r e n t a ssets o f $ 5 0 0 ,0 0 0 .
C o m p a r e a ls o V . 113 , p . 8 56 .

New Y o rk T elep h on e C o .— Syracuse Protests Decision.—
T h e c i t y o f S y ra cu se h as a p p lie d t o th e P . S. C o m m is s io n fo r a re h e a rin g
o n th e d e cisio n o f th e C o m m is s io n p e r m ittin g th e c o m p a n y t o b a se its p e ti
tio n s fo r ra te in crea ses on a S t ate--w ide v a lu a tio n o f its p r o p e r tie s . In th e
e v e n t th e C o m m is s io n d en ies a re h e a rin g , C o r p o r a t io n C o u n se l L e w is o f
S y ra cu se is p re p a re d t o ta k e th e d e c is io n in t o th e S u p rem e C o u r t fo r a
te s t ca s e . See V . 113, p . 857 .

T h is use o f its ow n o il e ffe c ts a s a v in g to th o c o r p o r a t io n , w h en corn
p ared with th e c o s t o f fh o sa m e g ra d e o f c r u d e oil herU o fo r e p u rch a sed b y it,
o f a p p r o x im a te ly $ 2 ,0 0 0 ,0 0 0
T h e c o r p o r a tio n has a lso clo s e d a on e y e a r ’s c o n t r a c t fo r th e salo o f
3 ,0 0 0 ,0 0 0 bhls o f fu el o il fro m its T a m p ic o refin ery at p r o fita b le p rices and
d e liv e rie s h a v e a lr e a d y co m m e n ce d
V 113, p 633, 300.

N orth Am erican C o.— Plan Approved— Dividends De
clared on New Stock— Listing— Earnings.—
T h e s to c k h o ld e r s y e s te r d a y (A u g . 26) v o t e d (a) in fa v o r o f in cre a sin g th e
a u th o r iz e d c a p ita l s t o c k fr o m 8 3 0 ,0 0 0 ,0 0 0 t o $ 6 0 ,0 0 0 ,0 0 0 , t o c o n s is t o f
6 0 0 ,0 0 0 sh ares o f 6 % C u m u l. P r e f. s t o c k , p a r $ 50 e a c h , a n d 6 0 0 ,0 0 0 sh ares
o f C o m m o n st o c k , p a r $50 e a c h , a n d ( b) in fa v o r o f th e issu e o f o n e sh a re o f
s u ch P r e fe r re d s t o c k a n d o n e sh a re o f s u ch C o m m o n s t o c k in e x c h a n g e fo r
e a ch sh a re o f th e p re s e n t o u ts ta n d in g s t o c k o f $ 1 0 0 p a r v a lu e .
S to c k h o ld e r s m a y n o w o b ta in c e r tific a te s o f n e w P r e fe r re d a n d C o m m o n
s t o c k b y su rre n d e rin g th eir c e r tific a te s o f p resen t s t o c k fo r e x c h a n g e , a t th e
o ffic e o f th e c o m p a n y , 60 B r o a d w a y , N e w Y o r k , or a t th e o ffic e o f M is s is s ip 
p i V a lle y T r u s t C o ., 201 N o r t h F o u r th S t., S t. L o u is , M o . , o r a t o ffic e o f
F irs t W is co n s in T r u s t C o ., M ilw a u k e e , W is e .
F o llo w in g th e sp ecia l m e e tin g o f th e s to c k h o ld e r s , th e d ir e c to r s d e cla r e d
q u a r t e r ly d iv id e n d N o . 1 o f 1 l % (75 c e n ts p e r sh a re) o n th e n e w P re fe r re d
A
s t o c k , a n d d iv id e n d N o . 1 o f 1 K % (75 c e n ts p e r sh are) on th e n e w C o m m o n
s t o c k , b o t h d iv id e n d s p a y a b le O c t. 1 t o h o ld e rs o f r e c o r d S e p t. 15. T h e
d iv id e n d s o f 1 %
e a c h o n th e n e w P r e f. a n d n e w C o m m o n s t o c k are
e q u iv a le n t t o an a n n u a l ra te o f 6 % as c o m p a r e d w ith 5 % h e r e to fo r e p a id
on th e p re s e n t (C o m m o n ) s t o c k f o r a lik e p a r v a lu e o f w h ich th e n e w P r e 
fe rre d a n d n ew C o m m o n s t o c k is t o b e iss u e d in e x c h a n g e .
T h e N . Y . S to c k E x c h a n g e h as a u th o r iz e d th e lis tin g o f t e m p o r a r y in te r
ch a n g e a b le ce r tific a te s fo r $ 1 4 ,8 9 6 ,6 5 0 6 % C u m . P r e f. s t o c k , p a r $50
an d t e m p o r a r y in te rch a n g e a b le c e r tific a te s f o r $ 1 4 ,8 9 6 ,6 5 0 C o m m o n s t o c k ,
p a r $50 w h en issu ed in e x c h a n g e f o r c e r tific a te s o f th e p re s e n t s t o c k .
Consolidated Income Account for 6 Months ended June 30 1921 (inch sub. cos.)
G ro ss e a rn in g s ___________ $ 1 9 ,6 2 2 ,7 8 1 P r e v io u s s u r p lu s _________ $ 1 1 ,0 6 3 ,6 3 0
O p . e x p ., F e d ’l, & c ., t a x . 1 3 ,9 0 4 ,3 9 4 S u n d r y n e t in c o m e ______
9 0 ,2 2 2

To Pay Bonds.

Provident L oan Society, N. Y . C ity.

T h o N ew Y o rk T r u s t G o has been a d v is e d b y tin*, s o c ie ty th a t th e 4 \ < %
1
b o n d s [a b o u t $ 1 ,3 6 3 ,0 0 0 ] d u e S e p t. I will lx; paid a t par u p o n p re se n ta tio n
a t th e o ffic e o f the S o c ie ty , 346 F o u r th A v e ., N Y . C it y .
V. 106, p 1319,

Queens B orou gh Gas

&

Electric C o .— Oas Rales.

S ch ed u les Of an In crea se In gas ra tes, file d J u ly 19 last b y th e c o m p a n y ,
Wore su sp en d ed A u g . 18 b y th e p . 8, G om m ii ion.
’ I he p ro p o se d in crease
in Q u een s w as fro m $ ! 15 a I ,000 c u b ic iV cl, to $ I 50, w ith a m in im u m ch a rg e
o f $1 a m o n th in stea d o f 40 ce n ts .
Jo N assau G ou n l.y the co m p a n y so u g h t
to b o o s t its ra te fro m $1 40 to $1 50, w ith llie nam e m in im u m ch a rge.
S u b se q u e n t to f ilin g th e sch e d u le s the C o m m iss io n c o n d u cte d an in v e stig a 
tio n , w h ich d is clo s e d th a t in 1920 th e c o m p a n y m a d e a, re,turn o f 7
% on
its in v e stm e n t.
Figures Cor th e fir s t 6 m o n th s o f 1921 in d ica te U n it t h e
return this y ea r w ill b o even grea ter.
V. l I 3, p. 3 00 .

Q uigley F urnace & F ou n d ry Co.

Bonds Called.

See H u r o n M e ta ls C o . a b o v e .

Railw ay Steel Spring Go.

Regular Dividends.

T h e c o m p a n y h a s d e cla re d th e re g u la r q u a r t e r ly d iv id e n d o f 2 % o n th e
C o m m o n s t o c k , p a y a b le S ep t. 30 to stood: o f r e c o r d S ep t. 17, an d th e regu lar
q u a r te r ly d iv id e n d o f 1 % % o n th e P re f. s t o c k , p a y a b le S e p t. 20 to s t o c k o f
r e c o r d S ep t 6
P r e sid e n t F r e d e r ic k F . F itz p a tr ic k sa y s: " T h e a m o u n ts n e ce s s a ry fo r the
d iv id e n d s fo r th o fir s t h a lf o f 1921 h a v e b een m o r e th a n ea rn ed d u r in g th a t
p e rio d .
W o r k in g c a p ita l is n ow p r a c t ic a lly th e sa m e as sh o w n In th e D e c . 3 1
1920 a n n u a l r e p o r t.
L iq u id a tio n o f in v e n to rie s a n d a c c o u n ts re c e iv a b le
h a v e re su lte d in an in crea se o f ca sh a n d in v e stm e n t t o $ 9 ,2 0 0 ,0 0 0 , o f th is
a m o u n t $ 1 ,4 0 0 ,0 0 0 is ca sh in b a n x , th e b a la n ce co n s is tin g m a in ly o f U. S.
T r e a s u ry c e r tific a te s o f in d e b te d n e ss a n d L ib e r t y b o n d s a t cu r re n t p rices.
A c c o u n t s p a y a b le a re u n d er $ 10 0 ,0 0 0
" W i t h i n th e p a s t six y e a rs w o rk in g ca p ita l h as in crea sed a p p r o x im a te ly
$ 9 ,0 0 0 , 0 0 0 , n o tw ith s ta n d in g th e re tire m e n t o f a ll b o n d e d d e b t , w h ich on
J a n . 1 1915 a m o u n te d to $ 6 ,6 2 8 ,0 0 0 .
" W e are e x p e rie n cin g so m e im p r o v e m e n t in b u sin e ss c o n d i t i o n s ." —
V . J 12, p . 1279.

R ay C on solid ated Copper C o .— Quarterly Report.—
Results for Quarter and Six Months ending June 3 0 .
1921— 3 M os.— 1920.
1921— 6 M os — 1 92 0.

(Chas. F .) Noble Oil & Gas C o .—
A c o n t r a c t h as b e e n m a d e b y th e c o m p a n y fo r th e sa le o f th e ir en tire
o u t p u t o f th eir B u r k b u r n e tt ca s in g h e a d g a s o le n e c o v e r in g a p e r io d o f 8
m o n th s c o m m e n c in g S e p t. 1.— V . 112, p . 1747, 1623.

<L 7
>

P r o d u c tio n ( l b s . ) ________
1 ,6 0 5 ,6 5 4
O p e ra tin g in c o m e _________lo ss $ 8 5 ,6 1 9
O th er in c o m e _____________
Cr.5 ,4 0 4
D i v i d e n d s _______________
_______
Plant- sh u t-d o w n e x p ___
2 8 9 ,9 9 4

1 2 ,8 8 0 ,6 0 5
$ 343,651
Or.4 3 ,6 0 5
3 9 4 ,2 9 5
____ _
_

1 0 ,4 0 7 ,8 4 0
$ 2 9 3 ,4 3 0
Cr.3 1 ,9 1 9
_______
2 8 9 ,9 9 4

2 4 .4 2 7 ,7 0 8
$ 9 3 0 ,8 1 6
C Y.93,739
7 8 8 ,5 9 0
-------

B a la n c e ________________ d e f.$ 3 7 0 ,2 1 0 d e f.$ 7 ,0 3 9 d e f.$ 5 5 1 ,5 0 6 s u r .S 2 3 5 ,9 6 6
T h e su sp en sion o f o p e ra tio n s b e ca m e e ffe c tiv e ea rly in A p r il. T h e r e w ill
b e n o fu rth e r q u a r te r ly r e p o r ts issu ed u n til o p e ra tio n s are r e s u m e d .—
V . 112, p . 2 3 1 3 ,

R yan C on solid ated P etroleum C orp.— Earnings.—
E a rn in g s f o r fir s t six m o n th s o f 1921, it is s a id , s h o w g r o ss in c o m e ,
$ 5 7 9 ,6 6 0 ; t o t a l e x p e n se s, $ 1 8 5 ,9 7 5 ; n e t p r o f it b e fo r e a llo w in g fo r d e p le tio n ,
$ 3 9 3 ,6 8 5 ; n e t e a rn in g s a sh are fo r th e p e r io d , $ 1 3 5 -— V . 110, p . 2 198.

San Francisco Mines of Mexico, L td .— Capitalization.—
T h e c o m p a n y in J u n e last re d u ce d its a u th o r iz e d c a p ita l s t o c k fro m
£ 8 0 0 ,0 0 0 to £ 6 2 5 ,0 0 0 .
O u ts ta n d in g , 3 6 5 ,0 0 0 sh ares c a p ita l s t o c k , p ar
£1, a n d £ 2 0 0 ,0 0 0 o f 6 % C o n v . 1st M t g e . d e b e n tu re s.
T h e co m p a n y ’s
o f fic e is a t 6 0 L o n d o n W a ll, L o n d o n , E .C . 2, E n g la n d .

Sayre Electric C o.— Registrar.—
T h e G u a ra n ty T r u s t C o . o f N . Y . h as b e e n a p p o in te d reg istrar o f s t o c k .
— V . I l l , p . 596.

(W ald en W .) Shaw C o rp o ra tio n .— Name Changed.-—
T h e s to ck h o ld e r s o n A u g . 23 v o t e d t o ch a n g e th e n a m e o f th is c o r p o r a 
tio n from . W a ld e n W . S h a w C o rp - t o C h ic a g o Y e llo w C a b C o ., I n c .— V .
112. p . 855.

S heffield Farms C o., I n c .— New Plant

A c c o r d in g t o an a n n o u n ce m e n t b y P r e s . L o t o n H o r to n th e 5 0 0 -a cre fa rm
n ear P o m p t o n , N . J ., r e c e n tly p u r ch a se d b y th e c o m p a n y , is t o b e u s e d for
th e th ird large d a ir y s u p p ly in g c e r tifie d m ilk t o N e w Y o r k a n d in v iron s
N e t in c o m e ____________ $ 5 ,7 1 8 ,3 8 7
T o t al s u r p lu s __________ $ 1 4 ,3 2 3 ,2 5 6
O th e r n e t in c o m e ________
1 97,262 D e p r e c ia tio n r e s e r v e ___________________ 1 .6A 4 ,8u t $ 3 0 0 ,0 0 0 w ill b e e x p e n d e d in th e e re ctio n o f b u ild in g s fo r 500 c o w s ,
9 bo 60
c o tta g e s fo r th e h e lp a n d th e e q u ip m e n t o f th e p la n t.
D iv id e n d s (N o r t h A m e r i
T h e tw o o th e r ce r tifie d m ilk p la n ts o f th e c o m p a n y a re s itu a te d a t P a w l
T o t a l ____________________ $ 5 ,9 1 5 ,6 4 9
ca n C o . ) _______________
7 4 4 .8 3 2
in g , N . Y . , to b e o p e n e d in a b o u t a m o n th , a n d th e P u r ity M ilk p la n t , six
D e d u c t— In te re st ch a rg es 2 ,2 8 9 ,8 7 4
m iles th is sid e o f T r e n to n , w h ich is s u p p ly in g c e r tifie d m ilk t o re so rts a lo n g
P referred d iv id e n d s ___
3 0 2 ,4 2 8 S u rp lus J un e 30 1 92 1 ___ $ 1 1 ,8 8 3 ,5 6 3
th e J ersey c o a s t.
T h e P u r ity p la n t has b e e n T o p e ra tio n fo r th ree y e a rs.
M in o r it y in t. in W is.g r.
1 5 3 ,94 3
"When a ll th re e p la n ts a re in o p e ra tio n , M r . H o r t o n sa id t h e y w ill p r o d u c e
a b o u t 1 0 ,0 0 0 q u a rts o f m ilk a d a y .— V . 1 1 2 , p . 266.
B a la n c e ________________ $ 3 ,1 6 9 ,4 0 4
(Howard) Sm ith Paper M ills, L td .— New Director.-—
E d w in G r u h l, w h o w a s e le c te d a V ic e -P r e s id e n t o f th e N o r t h A m e rica n
C o . a b o u t a y e a r a g o , h as b een a p p o in te d G e n . M g r .— V . 113, p . 7 3 7 .,
J . A n d e r se n o f A n d e r se n & C o ., I n c ., N e w Y o r k , h as b een e le cte d a
d ir e c to r .— V . 112, p . 2 3 1 4.

N orth w estern Electric C o., P ortlan d , O re.— Preferred.

T h e c o m p a n y is o ffe r in g lo c a lly $ 1 ,0 0 0 ,0 0 0 7 % C u m . 1 st P r e f. s to c k a t
05, to y ie ld a p p r o x im a te ly 7 % % .
T h e orig in a l 6 % P r e f. s t o c k , o f w h ich
th ere is $ 1 ,8 7 0 ,3 0 0 o u ts ta n d in g , is c o n v e r tib le in to th is issue a t th e ra te
o f on e share* o f th e o rig in a l fo r n in e -te n th s o f a sh are o f 1st P r e f.
T h e p ro
ceed s a re to b e used fo r e x te n sio n s a n d a d d itio n s t o ta k e ca re o f n ew b usiness.
T h is w ill b e th e fir s t a tte m p t o f th is c o m p a n y t o p la c e its secu rities d ir e c tly
a n d w ith its o w n co n s u m e r s .— V . 112, p . 1983.

O lym pian Motors C o., P on tiac, M ich .— Receiver.—
D e t r o it T r u s t C o . h a s b e e n a p p o in te d r e c e iv e r b y F e d e ra l J u d g e T u t le .
C o m p a n y , w h ich m a n u fa c tu r e s th e 4 -c y lin d e r O ly m p ia n m o t o r c a r s , h as
n o t b een o p e r a tin g fo r s o m e tim e .

Ohio Oil C o.— Omits Extra Dividend.—
T h e d ir e cto r s h a v e o m itte d th e c u s to m a r y e x tr a d iv id e n d on th e s t o c k ,
b u t d ecla red th e reg u la r q u a r t e r ly d iv id e n d o f $ 1 25 a sh a re , p a y a b le
S ep t. 30 t o s t o c k o f re c o r d A u g . 2 9 . E x tr a d is b u r se m e n ts h a v e b e e n m a d e
as fo llo w s ; Jun e 1921, $1 25; M a r c h 1921, $2 75; S e p t. & D e c . 1 1 92 0, $4 75
ea ch ; M a r c h & J u n e 1 92 0, $2 75 e a ch ; D e c . 1919, $4 7 5 ; S e p t. 1 9 1 9 , $ 2 75;
M a r c h 1916 t o J u n e 1 91 9, in c h , $4 7 5 q u a r .— V . 112 , p . 2 3 1 2 .

Pacific Gas & Electric C o.— Gas Rates Reduced.—
O a s rates in San F r a n c is c o , O a k la n d , A la m e d a , B e r k e le y a n d San M a t e o
d is tr ic t s w ere re d u ce d A u g . 15 fr o m $1 07 p e r 1 ,0 0 0 c u . f t . t o SI 0 2 b y th e
C a lifo rn ia R R . C o m m is s io n .
R e d u c tio n s w e n t in t o e ffe c t all o v e r th e
S ta te, ra n g in g fr o m 2 t o 8 ce n ts j>er 1,000 c u . f t .
T h e s e r e d u c t io n s a re th e
first t o f o llo w th e e s ta b lis h m e n t o f a r a tio b e tw e e n gas p rice s a n d th e p rice s
o f cru d e oil t o gas c o m p a n ie s , a sy s te m o f r a te re g u la tio n a d o p t e d b y th e
C o m m iss io n J u n e 2 1 .— V . 113, p . 7 3 7 , 77.

Peoples Gas L ig h t C o., M anchester, N. H .— Consolid’n.
T h e s to ck h o ld e r s o f th e M a n c h e s te r G a s L ig h t C o . a n d th e P e o p le ’ s
O as L ig h t C o . h a v e jo in t ly p e titio n e d th e P . S. C o m m iss io n fo r p erm issio n
to d issolv e b o th co r p o r a tio n s a n d fo rm a n ew c o m p a n y t o tra n sa ct a ll th e
fu c tio n s n o w p e rfo rm e d b y th e tw o ex istin g co m p a n ie s.
L n d e r th e a g re e m e n t d ra w n u p , th e new c o r p o r a tio n w ill issue $ 6 0 0 ,0 0 0
p referred s to c k t o th e p re se n t s to c k h o ld e r s o f th o M a n ch e s te r G a s L ig h t
C o . and $ 6 0 0 ,0 0 0 o f c o m m o n s to c k t o th e p resen t s to c k h o ld e r s o f th e
P e o p le ’s O a s L ig h t C o .— V . 107, p . 4 0 8 .

Pierce Oil
ment says:

C orp.— Closes Contract.— An

Solvay Process C o .— To Re-Open Plant.—’^ C o m p a n y , it is s ta te d , w ill r e -o p e n its p la n t in D e lr a y , n ear D e t r o it ,
w ith a b o u t 1 ,5 0 0 m e n , S e p t. 1, a fte r a s h u td o w n o f tw o m o n th s .
O p e ra 
tio n s w ill b e 5 0 % o f c a p a c it y , b u t o ffic ia ls s ta te th a t th e p la n t is lik e ly to
b e o n a c a p a c it y b asis b y J a n . 1, e m p lo y in g 2 ,5 0 0 m e n .— Y . I l l , p . 2 33 2.

S ou th P enn Oil C o.— Dividend.—
T h e c o m p a n y has d e cla re d a q u a rte rly d iv id e n d o f 3 % a sh are, p a y a b le
S e p t. 3 0 to h o ld e rs o f re c o rd S e p t. 13. T h is is th e sa m e a m o u n t as w as
d e cla r e d th ree m o n th s a g o w h e n th e d iv id e n d w a s c u t fr o m 4 % .
See
V . 112, p . 2 31 4.

S ou th Porto Rico Sugar C o.— Meeting Postponed.—
T h e sp e cia l s t o c k h o ld e r s ’ m e e tin g , c a lle d A u g . 25 t o a u th o r iz e an in crea se
in th e P r e f. s to c k fro m $ 5 ,0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 , h as b e e n a d jo u r n e d
u n til S e p t. 8 . D u r in g t h e m e e tin g th e re w a s s e rv e d u p o n P r e s id e n t D illin g 
h a m a te m p o r a r y o rd e r o f V ic e -C h a n c e llo r S te v e n s o n re stra in in g th e s t o c k 
h o ld e rs fr o m v o t in g fo r th e p r o p o s e d in cre a se o f P r e f. s t o c k . J o h n E n r ig h t,
a h o ld e r o f 100 sh ares o f P r e f. s t o c k , o b ta in e d th e o r d e r .
I t is n o t e x p e c te d th a t th e a c t io n o f th e s to c k h o ld e r s in a u th o r iz in g th e
c o n te m p la te d in c re a se w ill b e m o r e th a n te m p o r a r ily d e fe r re d .
P r e sid e n t D illin g h a m sa y s: " M o r e th a n 9 5 % o f th e c o m p a n y ’s su gar
c r o p , w h ic h a m o u n te d t o a b o u t l l 1 , 0 0 0 to n s in th e p a s t se a so n , h a s b een
s o ld . T h e p r o c e e d s o f th e c o n t e m p la t e d fin a n c in g o u g h t s u b s ta n tia lly t o
re sto re th e c o m p a n y t o t h e sa m e w o r k in g c a p it a l p o s it io n as o f S e p t. 30 last*
if t h e s to c k is a u th o r iz e d a n d s u b s cr ib e d f o r . " C o m p a r e V . 113, p . 7 3 7 .

Sperry F lour C o .— Balance Sheet June 30.
Assets—
Real est.,bldgs.,& c
Securities o w n e d -C ash_____________
N otes receivable-A c c ’ ts receivable-Materials & supp_
Freight claims____
Deferred charges,
& c .............. .........

1921.
$
5,133;073
27,825
542,953
27,539
1,859,575
3,775,554
6,210

1920.
$
5,237,685
28,175
398,518
15,176
3,260,267
6,709,414
12,335

124,102

1921.
S
Liabilities —
600,000
_
Preferred stock _
C om m on stock ___ 5.400.000
First M . 6 % bonds
115,520
Accounts payableN otes p ayable------ 5.137.000
71,630
Accrued in terest._
Fed. Inc. < excess
fc
profit taxes (est.)

272,185

172,681

official state

C o m p a n y In o rd e r to u tiliz e th e n ew p r o d u c tio n fr o m Its ow n p ro p e rtie s
in the S ou th ern M e x ic o o il fie ld has clo s e d a o n e y e a r ’s c o n t r a c t w ith th o
A tla n tic G u lf O il C o r p fo r p ip e line tr a n s p o r ta tio n o f 2 5 ,0 0 0 b b ls. o f cr u d e
oii d a ily from its w ells in th is fie ld to P o r t L o b o s , a n d h as a ls o m a d e a sh ip 
p in g c o n tr a c t w ith th e A tla n tic G u lf & W e st In d ie s 8 8 . L in os c o v e r in g sh ip
tra n sp o rta tio n o f this o il t o th e c o m p a n y ’s refineries a t T a m p ic o , M o x .,
a n d T e x a s C it y , T e x .

Total . . . . . .
11,496.831 15.933.755
— V . 113, p . 543.

Total

1920.

$

600,000
5.400.000
2.900.000
132,679
4.483.000
74,390
268,800
544,220
1,530,666

11.496.831 15,933,755

Spring V alley W a te r C o .— Rates Increased.—
T h e C a lifo rn ia R R . C o m m iss io n g ra n te d th e c o m p a n y a 2 0 % increase in
w a te r ra tes e ffe c t iv e A u g . 12. T h o C o m m iss io n s tip u la te d th a t a c o -o p e r a 
tiv e a rra n g e m e n t b o en te red in to b o tw e e n San F r a n c is co a n d th e c o m p a n y
w h e r e b y th e S p rin g V a lle y s y ste m a n d th e I l e t c h H e tch y p r o je c t are t o b e

uaciI

iu c o n ju n c t io n
P r o v is io n is m a d e to p e rm it o f th.fi p u r ch a se o f S p rin g
V alley l i l y a t any tim e iu the fu tu r e .
S p rin g V a lle y is d ii’e c t e d to e x p e n d
$1= 500.000 lie reading th e c a p a c it y o f C a la v e ra s darn to p r o d u c e 2 4 ,0 0 0 ,0 0 0
g a llo n s a d d itio n a l w ater s u p p ly , p ro v is io n a l u p o n the city o f S an F ra n cisco
co n s tr u c tin g the s e c tio n o f its p ro p o s e d l le t c h H e tc h y c o n d u it b e tw e e n th e
N iles screen ta n k o n A la m e d a cre e k a n d O r y s to l S p rin g s re s e r v o ir in San
\1 .itiM» ( 'o u a t y
T h e w ater c o m p a n y is to pay n o t to e x c e e d $ 2 5 0 ,0 0 0 a
yea r to th e city tor the use o f the c o n d u it a n d to h ea r a ll o p e r a tin g exp en ses
d u r in g th e life o f th e a g re e m e n t.
T h e c o m p a n y is re q u ir e d , d u r in g th e life
o f th e c o -o p e r a t iv e p la n , to s e ll to th e c it y at the p r e v io u s ly fix e d v a lu a tio n
o f $ 1 7 ,0 0 0 ,0 0 0 , p lu s a d d itio n s a n d b e tte r m e n ts .
V . 112, p . 1748.

Stew art- W arn er Speedom eter Corp.

RaL Sheet June 30

F or c o m p a r a t iv e in c o m e fo r s ix m o n th s e n d in g J u n e 3 0 , se c V . 1 13, p . 8 5 8 .
r
1921.
1920.
1921.
1920.
initti —
Li\ahUUUs—
$
Laud bldgs,, &o *5,053,673 3,414,371 C on iinon stock a 12,411,476 10,000.001)
Puiciiiy, t r a d e
8% gold b o n d s -- . 2,000.000
252,98a
335,195
marks, Ac_
9,439,124 9,170,958 Aecl-s. A vouch.pay.
Inv
iu Stewart
Aeei*ued com m is175,891
245,325
jus , wages. A c.
M fg. C o r p ____ 1,981,0-50
25,391
Inventories_ _
_
c 3 ,479,369 2,793,692 I Excilso ta x _______
Notes A. aeets. r e c . 1,766,837 2 .3 6 5 ,1 3 2 1luceline and excess
541,228
Investments .
6,790
a 613,490
Pro its tax 'i 92 J) 297,769
t ‘ a sh . ____
363,262 ! Deft •ned liabilities b 553,944
1.000,120
Treasury stock 185,700
Hurt>lus____ ___ c 7,644,810 7,796,158
424.214
222,393;
Deferred charges
T o t a l ________

[V ol. 113.

THE CHRONICLE

968

23,336,876 18,943,297

Tio t a l .................. 2 3,336,876 18.913,297

x L a n d , b u ild in g s , m a c h in e r y a n d e q u ip m e n t, D e c . 31 1 9 2 0 , $ 5 ,2 9 7 ,6 8 4 ;
a d d itio n s s in c e , $ 1 ,1 4 0 ,3 8 2 ; to ta l, $ 6 ,4 3 8 ,0 6 7 ; d e d u c t re se rv e fo r d e p r e c ia 
tio n bala.ii' v D e c . 31 1020 a d ju s te d i f m m s i ,1 8 5 ,3 4 8 ), $ 1 ,2 1 9 ,9 9 7 ; p r o v id e d
o u t o f p ro fits for six m o n th s e n d in g J u n e 30 1921, $ 1 6 4 ,3 9 6 ; to ta l p r o p e r tie s
a n d p la n t, $ 5 ,0 5 3 ,6 7 3 a R e p re se n ts 4 7 3 .3 2 7 sh a res o f n o p a r v a lu e ,
b In r e s p e c t o f V a n S ick le
in v e n to rie s
c A ft e r d e d u c tin g $ 1 5 0 ,0 0 0 fo r r e d u c t io n o f in v e n to r ie s t o
matk< 1 it Jim.' 30 1921
C o n t in g e n t lia b ility in re s p e ct o f c u s to m e r s ' n o te s d is c o u n t e d , $ 2 ,3 5 3 .
O fficia ls art q u o t e d as s a y in g th a t sales fo r fir s t h a lf o f A u g u st e x c e e d e d
s a m e p e rio d fo r a n y m o n th o f p resen t y e a r .— V . 113, p . 8 5 3

Texas Co.— Option on 51% Stock of Carib Co.—
S ee C a r ib C o . a b o v e .— V . 113, p . 7 3 8 .
See L a k e S u p e rio r C o r p . u n d e r “ F in a n c ia l R e p o r t s ” a b o v e .

Uncle Sam Oil Co.— Receivership.—

U ta h Copper C o .— Quarterly Report.—
Results for Quarter and Six Months ending June 3 0 .
1921
3 M o s .— 1920.
1921
6 M a s. - 1 9 2 0 .
P r o d u c tio n ( lb s .)
1,406,08.5
N e t o p e r a tin g p r o fit
los.s842.022
1 45,376
M is ' ila n e o u s i n c o m e ___
I n c o m e fr o m o th e r c o s . _
______

2 8 ,6 9 7 ,1 2 7 2 4 ,8 3 0 ,5 8 7
$ 1 ,2 5 4 ,0 3 3 loss$ 9 5 ,6 3 S
536,3X 2
4 1 4 ,7 0 8
4 5 0 ,1 2 5
_______

5 5 ,9 5 4 ,6 7 3
$ 3 ,5 4 5 ,0 4 6
6 6 5 ,7 6 4
9 0 0 ,2 5 0

T o t a i net p r o fits
D iv id e n d s
P la n t s h u t-d o w n e x p ___
L oss o n G o v t , b o n d s sold

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

$ 5 ,0 1 1 ,0 6 0
4 ,8 7 3 ,4 7 0
______-----------

$ 1 0 3 ,3 5 4
8 1 2 .2 4 5
5 1 7 ,5 8 4
_______

$ 3 1 0 ,0 7 0
2 ,4 3 6 ,7 3 5
______________
_______
3 0 5 ,5 5 4

V irg in ia -C a ro lin a C hem ical C o .— L i s t i n g .—

J . C . O . M o r s e , H u t c h in s o n , K a u s ., a n d W . P . H a c k n e y , W in fie ld , K a n s .,
h a v e b e e n a p p o in t e d r e c e iv e r s .
See a ls o “ F in a n c ia l W o r l d ,” A u g . 2 2 , p .
2 9 4 — V . 99, p . 1372.

Union Sulphur Co.— New Building.—
T h e c o m p a n y , u n til r e c e n tly a t 17 B a tte ry P la c e , N e w Y o r k , is n o w
lo c a te d at th e F r a s c h B ld g .. 33 R e c t o r S t ., in th e sa m e c it y . T h is b u ild 
ing. 1.5 stories h ig h , is at th e co r n e r o f W e s t a n d R e c t o r streets, a nd w a s
e re cte d b y the c o m p a n y , w h ic h w ill o c c u p y fo u r o f th e flo o r s a n d lease the
rest.
It is n a m e d fo r the late H e rm a n F r a s c h , fo u n d e r a n d fir s t P re sid e n t
o f the c o m p a n y , w h o d ie d in 1 9 1 4 .— V . 112, p . 1 62 6.

United Gas Improvement Co., Phila.— Div. Outlook.—
T h e r e is n o th o u g h t o f r e d u c in g th e U n ite d G a s I m p r o v e m e n t O o . d iv id e n d
fr o m th e 4 % ra te e s ta b lis h e d th is y e a r .
D e s p it e th e d e la y in r e m e d ia l
le g is la tio n in C it y C o u n c il, c o n d it io n s a re d e c la r e d n o t to b e s u ch as t o
w a rra n t a n y fu r th e r r e d u c t io n in th e C o m m o n d iv id e n d . N o tw it h s ta n d in g
o p e r a t in g losses in P h la d e lp h ia . d iv id e n d s fr o m s u b s id ia r y co m p a n ie s
o p e r a tin g in o u ts id e te r r ito r y w ill b e s u ffic ie n t t o p a y t h e f u l l 7 % p referred
d iv id e n d a n d 4 % o n th e c o m m o n s t o c k th is y e a r .
P h ila . “ N e w s B u r e a u "
2 4 .— V . 113, p . 738 .

U n ited S tates Mail SS. C o .— Sailinc/st &c.—
T h e re ce iv e rs h a v e a n n o u n c e d th a t th e p a sse n g e r sa ilin g s c h e d u le o f th e
lin e w o u ld b e co n tin u e d w ith o u t in te r r u p tio n a n d t h a t th e ste a m sh ip
A m e r ic a w o u ld sail A n g . 27 fo r P ly m o u th , C h e r b o u r g a n d B re m e n .
T h e re ce iv e rs h a v e a lr e a d y o b ta in e d th e relea se o f th e ste a m e r P o c a h o n ta s
fr o m th e lib el p la c e d u p o n her in N a p le s , fo llo w in g p a y m e n t b y th e re c e iv e rs
o f th e cla im o f a b o u t $ 4 0 ,0 0 0 fo r re p a irs d o n e b y Ita lia n sh ip b u ild e rs .
R e p o r t s s ta te th a t an e a r ly r e o r g a n iz a tio n o f t h e c o m p a n y w it h n ow
fin a n c ia l b a c k in g a n d w ith n e w s h ip p in g in te re sts in c o n t r o l, a p p e a rs lik e ly
fr o m th e p resen t c o n fe r e n c e s b e tw e e n th e r e c e iv e rs a n d S h ip p in g B o a r d
o ffic ia ls .
Balance Sheet M a y 1 1 92 1.
Assets —
C h e ck s in p a y m e n t o f s to c k s u b s c r ip . $ 1 2 0 ,0 0 0 ; F r a n c e a n d
C a n a d a O il T r a n s C o c o m . stoc*c, $ 3 8 0 ,0 0 0 ; c o s t o f g u a r a n ty
$ 5 0 0 ,0 0 0 ,_____________________________________________________________ $ 1 ,0 0 0 ,0 0 0
O r g a n iz a tio n e x p e n s e s _________________________________________________
1 7 ,1 1 7
M a te r ia l a n d s u p p lie s ___ _______________________
2 7 ,6 6 7
P r e p a id ite m s , e t c ______________________________________________________
2 9 ,6 5 0
I n c o m p le t e v o y a g e e x p e n se , $ 7 6 2 ,5 6 3 : less in c o m p le te p a ss
fr e ig h t, b a g g a g e a n d m ail r e v e n u e s , $ 4 7 0 ,2 0 4 . _______________
2 9 2 ,3 5 9
1 0 6 ,9 3 6
C o m m iss io n s o n fares ($ 6 5 ,6 6 8 ) : h e a d ta x e s ($ 1 8 ,2 5 0 ), e t c _______
30 W e s t 5 9 th S t. C o r p . n o t e , $ 2 0 ,0 0 0 : H u r o n N a v . C o r p ..
$ 1 6 ,2 6 1 ; S w iftsu r e O il T r a n s p o r t , $ 3 9 ,1 6 4 ; F r a n c e & C a n a d a O il
T r a n s p o r t C o .. $ 6 6 ,4 5 9 ; F r a n c e & C a n a d a S S . C o r p ., $ 1 0 5 ,9 3 9 ,
a n d m isce lla n e o u s c o s .. $ 2 ,7 4 7 ____________________________________
2 5 0 ,5 7 0
A c c o u n t s re c e iv a b le : fr e ig h t a n d p a sse n g e r, $ 6 1 ,6 1 5 ; F . T . H in e s
B a lt ic e S S . $ 1 2 ,0 0 0 . e t c _____________________________________________
1 2 2 ,3 9 7
S p e c ia lty d e p o s its a n d a g e n c y a d v a n c e s ____________________________
1 6 ,2 3 4
C a sh , $ 9 2 ,6 6 0 ; a lle g e d ca sh ite m , $ 3 5 ,0 0 0 ___________________________
1 2 7 ,6 6 0
R e c o n d it io n in g a n d e q u ip m e n t ______________________________________ 1 ,5 0 0 ,3 3 2
T o t a l ________________________________________

U n ited States Steel Corp. -Cuts Prices Again— Wages.
I'h c
r p o r a tio ii th is w eek a n n o u n ce d fu r th e r r e d u c t io n s in t in p la t e and
ste e l sh ed.-; to m eet th e lo w e r p rices q u o t e d b y le a d in g in d e p e n d e n ts . T h e
new q u o t a t io n s fo r t in p la t e is s i 75 at th e m ill o n s p e c ific a t io n s an d 81 25
fo r s t o c k tin p la te , c o m p a r e d w ith a r e c e n t q u o t a t io n o f $5 2 5 . B la c k
a n n e a le d sh eets a re now q u o t e d at $2 7 5 , c o m p a r e d w ith >3 fo r m e r ly , an d
gal\ a n iz e d ste e l sh eets at $3 7 5 , c o m p a r e d w ith 84 p r e v io u s ly .
i he o f fic ia l s ta t e m e n t issu ed b y Judge G a r y fo llo w s : “ W h en th e su b 1 I: u ies o f th e S teel C o r p o r a t io n a scerta in t o a c e r t a in t y th a t la rg e and
inq ii 'a n t inde p e n d e n t s , so c a lle d , are, s e llin g at p rice s m a te r ia lly lo w e r
th a n th o s e w h ic h h a \ e b een h e r e to fo r e a n n o u n c e d , o u r su b s id ia rie s m e e t
th e new p r ic e s . T h e y d o n o t p r e c ip it a t e o r le a d in e s t a b lis h in g low er p rice s ,
fo r they are a w a r e th a t th e p rice s w h ic h h a v e p re v a ile d fo r s o m e tim e are.
low er th a n th e a c tu a l c o s t o f p ro d net ion b y m o s t .if n o t a l l , o f th e p r o d u c e r s . ’
C o m m o n la b o r e r s $3 ra te f o r a 1 0 -h o u r d a y a n n o u n c e d A u g . It) c o m 
p a re s as f o ll o w s :
1 9 1 5 -$2 00 D e c . 1 5 1916$2 75 A p r . 16 191813 80 F e b . 1 1920$.5 08
F e b . 1 1916
2 20 M a y 1 1917 3 00 A u g . 1 1918 4 20 M a y 16 1921a 4 05
M a y 1 1916
2 50 O c t . 1 1917 3 30 O c t.
1 1 91 8*4 62 J u ly 16 1921 a 3 70
—
A u g . 29 1921 3 0 0
1
Ei A it-h o u r b a s ic d a y e s ta b lis h e d a n d tim e a n d o n e -h a lf p a id fo r o v e r 
tim e .
a A p p r o x im a t e d . ( “ Ir o n A g e " A u g . 2 5 , p . 5 0 1 .)— V . 113, p . 8 5 9 , 7 3 9 .

B a la n c e __
d e f.S l .256 4 75 d « f $ l 9 6 ,2 6 5 d f « 2 ,9 7 0 .7 9 3 su r$ 2 3 7 .5 9 0
T h e s u sp e n sio n o f o p e ra tio n s b e ca m e e ffe c tiv e M a r c h 31 1920. T h e r e
w ill b e n o fu r th e r q u a r te r ly r e p o r ts issued u n til o p e ra tio n s are re s u m e d .
— V . 113, p . 8 5 9 .

Tiborn Limestone Co.— Annual Report.—

Liabilities—

Thu Spruce Production Railroad No. 1, c o n n e c tin g D isq u e J e t ., W a s h .,
w ith L u k e P leasan t 30 m iles, w ill b e s o ld No\ . I to th e h ig h est b id d e r a b o v e
a p rice ol 8 1 ,0 0 0 ,0 0 0 , a c c o r d in g to an a n n o u n ce m e n t b y O o l. O h arles V an
lla v in ch a rg e o f th e P o r tla n d o f fic e o f th e s p r u ce p r o d u c tio n d iv is io n .
T h is p ie c e o f G o v e r n m e n t ra ilr o a d has no c o n n e c t io n w ith th e p ie ce p u r 
ch a se d by th e M u ltn o m a h L u m b e r A B o x O o .

$ 3 ,4 9 0 ,9 2 9

C a p it a l s t o c k ____________________________________________ _______________ $ 1 ,0 0 0 ,0 0 0
A m e rica n a n d E u r o p e a n rail fa r e s __________________________________
1 0 0 ,8 2 5
C ash p a y m e n t ord e rs, $ 8 4 ,8 8 7 ; q u a ra n tin e d e te n tio n , $ 2 7 ,3 7 4 ___
1 12,261
9 4 4 ,77 1
P r e p a id t ic k e ts , $ 9 1 8 ,0 5 2 ; p a s s a g e d e p o s its , $ 2 6 ,7 1 9 - _____________
R e s e r v e f o r d e p r e c ia tio n , $ 5 ,1 2 6 ; ta x e s a c c r u e d , $ 1 ,7 4 6 ___________
6 ,8 7 2
A c c o u n t s p a y a b le .a n d d u e t o a g e n ts a n d e m p lo y e e s _______________ 1 ,3 7 0 ,9 9 3
M is c e lla n e o u s d e fe r r e d c r e d its _______________________________________
1 6,5 97
D e f i c i t _________________ . ________________________________________________
6 1 ,3 9 3
T o t a l _______________________________________« « « _____________________ S 3 ,4 9 0 ,9 2 9
See a ls o V . 113 , p . 8 5 8 , 5 4 4 .

IT. S, Mex Oil C o ro . — Refunding Plan.—
T h e C o m m it t e e o f N o te h o ld e rs * (V . 1 12 , p . 2 4 2 1 ) g iv e s n o t ic e t h a t a
p la n fo r r e a d ju s t in g a n d r e fu n d in g th e $ 2 ,5 0 0 ,0 0 0 1 -y e a r 1st L ie n 8 % C o ll
T r u s t n o te s d u e J u n e 1 1 92 1, h as b e e n a g re e d u p o n a n d w h ic h sh a ll b e e f
fe c t e d b y t h e p a y m e n t b y t h e U . S. M e x O il C o r p . o f (1 ) a ll in te re st d u e
on th e n o te s t o J u n e 1 1921, a n d (2) 6 % o f t h e p r in c ip a l o f th e n o te s a n d b y
r e fu n d in g th e n o te s w ith a n e q u a l a m o u n t o f n e w 8 % n o te s o f th e TJ. S.
M e x O il C o r p ., d a te d J u n e 1 1921 a n d m a tu r in g J u n e 1 1 92 6, a n d s e c u r e d
b y a n e w m o r tg a g e d a te d J u n e 1 1 92 1, g iv e n b y c o r p o r a tio n t o G u a r a n ty
T r u s t C o ., N . Y . , T r u s te e .
A n y d isse n tin g n o te h o ld e r s m a y o n o r b e fo r e S e p t. 21 1921, u p o n p a y m e n t
o f th e ir p r o rata sh ares o f t h e c o m p e n s a tio n e x p en ses a n d o b lig a t io n s o f th e
C o m m itte e w ith d r a w th e n o te s w h ic h th e y h a v e d e p o s ite d w ith th e G u a r a n ty
T r u s t C o ., d e p o s it a r y .
F a ilu re o f a n y d e p o s it in g n o te h o ld e r t o w ith d r a w
h is n o te s w ill b e d e e m e d a n a sse n t t o t h e p la n .
T h e C o m m itte e w ill o n S e p t. 22 1 92 1, c a r r y o u t th e p la n as t o a ll n o te s
d e p o s it e d , h o ld e rs o f w h ich d o n o t b e fo r e t h a t d a te d isse n t fr o m th e p la n
a n d w ith d r a w th e ir n o te s d e p o s it e d .
See V . 112, p . 2 4 2 1 .

U n ited States Spruce Corp .— Sale of Railroad.—
P u r ch a s e o f th e Y a q u in a N o r th e r n R R . , e x te n d in g fr o m a c o n n e c tio n
w ith th e S o u th e rn P a c ific lin e at Y a q u in a , L in c o ln C o u n t y , O r e ., 11 m iles
n o r th , th ro u g h th e c it y lim its o f N e w p o r t a n d t o A g a t e B e a c h , w ith a n a d d i
tio n a l tw o m iles n o rth u p o n w h ich n o s te e l is la id , w a s c o m p le t e d A u g . 7
b y th e M u ltn o m a h L u m b e r & B o x C o ., o f P o r tla n d , fr o m th e U . S. S p ru ce
C o r p ., fo r $ 4 0 0 ,0 0 0 .
T h e lin e w as b u ilt a t a c o s t o f $ 1 ,2 7 1 ,5 6 6 b y th e
G o v e r n m e n t d u rin g th e w a r t o ta p a la rg e t r a c t o f h ig h -g r a d e s p r u c e in th e
S iletz re s e r v a tio n te r r ito r y o f L in c o ln C o u n t y .

T h e N . Y . S to c k E x c h a n g e h as a u th o r iz e d th e lis tin g o f $ 1 2 ,2 5 0 ,0 0 0
1 2 -v e a r 7
% S in k in g F u n d D e b e n tu re s , d u e N o v . 1 1 9 3 2 -.
T h e d e b e n tu r e s w ere s o ld t o fu n d flo a t in g d eb t a n d to p r o v id e a d d itio n a l
w o r k in g c a p it a l. See o ffe r in g in V . I l l , p . 2 2 3 7 ; V . 113, p . 9 1 , 6 2 5 .

W a s h in g to n (D. C.) Gas L ig h t C o .— Gas Rates Reduced •
T h e P . U . C o m m is s io n o f th e D is t r ic t o f C o lu m b ia h as a u th o r iz e d t h e
c o m p a n y , e ffe c t S e p t. 18. t o re d u c e t h e p r ic e o f g a s 15 ce n ts p e r 1 .0 0 0 cu*
ft.
T h e n ew s c a le , w h ich is g r a d e d , is <is fo llo w s : L ess th a n 5 0 ,0 0 0 c u . ft*
a m o n th , $1 10: 5 0 ,0 0 0 -2 0 0 .0 0 0 c u . f t . a m o n t h , $1 0 5 : 2 0 0 ,0 0 0 -5 0 0 ,0 0 0
c u . f t . a m o n t h , $1 0 0 ; 5 0 0 ,0 0 0 -8 0 0 ,0 0 0 c u . f t . a m o n th , 95 ce n ts; 8 0 0 ,0 0 0 c u . ft . a n d o v e r , 90 c e n ts .
T h e t w o c o m p a n ie s in v o lv e d (th e W a s h in g to n G a s L ig h t C o . a n d th e
G e o r g e to w n G a s L ig h t C o .) d e cla r e d th e ir rea d in ess t o re d u ce ra te s 10 ce n ts
a 1 ,0 0 0 o f t h e ir o w n a c c o r d , th e p r ic e r e tu r n in g 8 % o n th e “ fa ir v a lu e ”
o f th e p r o p e r tie s .
T h e C o m m is s io n w o u ld a llo w o n ly a 7 % re tu rn a n d
o rd e r e d th e 1 5 -ce n t c u t .— V . 112, p . 6 61 .

W e st In d ia Susrar F in an ce C o rp .— Common Div. Passed.
T h o q u a r te r ly d iv id e n d o f l % % o n th e c o m m o n s t o c k , d u e a t th is tim e
h a s b e e n p a sse d .
T h e re g u la r q u a r t e r ly d iv id e n d o f 2 % o n th e p re fe rr e d
s t o c k h as b e e n d e c la r e d p a y a b le S e p t. 1 t o h o ld e rs o f r e c o rd A u g . 2 5 .
The
g e n e ra l p u b lic h as n o in te re st in th e c o m m o n s t o c k , as it is m o s t ly a ll h e ld
b y w e a lth y in d iv id u a ls a n d b u sin ess c o n c e r n s .— V . 112, p . 569.

W e ste rn States G as & E lectric C o .— Notes Offered.—
B ly t b , W it t e r & C o ., S an F r a n c is c o , a re o ffe r in g $ 6 0 0 ,0 0 0 6 % g o ld n o te s
a t 9 0, to y ie ld 8 .3 0 % .
T h is is an a d d itio n a l issu e o f n o te s, d a te d F e b . 1
1917 a n d d u e F e b . 1 1 9 2 7 .— V . 112, p . 271.

Y ello w Cab M a n u fa c tu rin g C o .— Earnings.—
6 Mos. ending—
Gross p rofit______
Selling expense_
_
Adm inistration exp

June30’2 1. Dec. 31’20.
S
6 Mos. ending—
S
S
394,483 R ental paym ents A
53,366
em pl. prof, share
84,069
52,352
104,845 D isc’ t earned, int.
Cr. 34,241
rec., net, A c ___ Cr. 60,720

JuncZO'21. Dec. 31*20.
$
773,513
114,418
107,850

Mfsr. profit.- ____
551,245
— V . 112, p . 1 88 4.

237,285

C U R R E N T

N et profit

527.895

218.160

N O T I C E S

— T h e fir m o f L a m p o r t, B a rk e r & J en n in g s, I n c ., h as b e e n o r g a n iz e d
u n d er th e la w s o f th e S ta te o f N e w Y o r k , w it h o ffic e s lo c a te d on th e n in th
f l o o r o f 4 4 P in e S tre e t, N e w Y o r k C it y , fo r th e c o n d u c t o f a gen eral b o n d
b u sin e ss.
T h e o f f i c e i s o f th e c o r p o r a tio n a re: A rth u r M . L a m p o r t, P resi
d e n t; E d w in H . B a r k e r, V ic e -P re s id e n t; G e o rg e C . J en n in gs, V ic e -P re s i
d e n t a n d T re a su re r.
M r . L a m p o r t is a capitalist- o f q u ite som e m ea n s, an d
is w e ll k n o w n b y a ll th e le a d in g d r y g o o d s co m m issio n h ou ses. M r . B a rk e r
h a s b e e n in the b o n d b u sin ess fo r th e p a s t tw e lv e y e a rs. H e r e c e n tly re 
sig n ed a s sa les m a n a g e r o f E a s tm a n , D illo n & C o ., m e m b e rs o f th e N e w
Y o r k S to c k E x c h a n g e . P r io r t o t h a t tim e h e w as A ssista n t G en era l Sales
M a n a g e r fo r th e N a tio n a l C i t y C o m p a n y , in ch a rg e o f th e M e t r o p o lit a n
(N e w Y o r k ) te r r ito r y , a n d la te r , fo r a p e rio d o f a b o u t e ig h t m o n th s , h e w as
id e n tifie d w ith t h a t f ir m ’s fo re ig n d e p a rtm e n t, tr a v e lin g e x te n s iv e ly in
E u rop e.
A ir . J e n n in g s h as b een in th e b o n d b u sin ess fo r th e p a s t fo u rte e n
y e a rs .
T o b e c o m e a m e m b e r o f th is fir m he h a s resign ed fr o m th e b o n d
d e p a r tm e n t o f th e Ir v in g N a tio n a l B a n k , w ith w h ich h e h a s b e e n co n n e c te d
fo r a n u m b e r o f y e a rs . H e h a r a lso b e e n a ss o cia te d w ith B lo d g e t & C o ..
N e w Y o r k , a n d H a r r is, F o r b e s & C o ., N e w Y o r k .
— A new b o n d h o u se u n d er th e n am e o f C o llin s , S m ith & C c . h a s b e e n
o rg a n ize d in P itts b u r g h , w ith o ffic e s in th e U n io n A r c a d e .
T h e firm c o n 
sists o f P . F . C o llin s , fo r m e r ly w ith th e P itts b u r g h o ffic e o f th e N a tio n a l
C it y C o m p a n y ; C . M . S m ith , a lso w ith th e N a tio n a l C it y C o m p a n y , a n d
m o r e r e c e n tly w ith th e F oreig n T r a d e B a n k in g C o r p o r a tio n o f N e w Y e i k ,
a n d G . H . S ch u le r o f J a c k s o n v ille , F la ., w h o is P re sid e n t o f th e W e s t P en n
F o r g e C o . o f P itts b u r g h , a n d co n n e c te d w ith v a rio u s S ou th ern in d u stries.
— M e t z le r & C o ., In c o r p o r a t e d , a n n o u n ce th e a ffilia t io n o f A lb e rt K .
M a r s h as M a n a g e r o f th eir b a n k a c c e p ta n c e d e p a rtm e n t.
In a d d itio n to
m a n a g in g th is d e p a r tm e n t. A ir . M a rs h w ill assist in the p la cin g o f n o t e a n d
b o n d issu e s. A ir . M a r s h w a s fo r m e r ly a ssocia ted w ith B o n d & G o o d w in .
N e w Y o r k , s p e c ia liz in g in n e g o tia t in g b a n k a cce p ta n ce c r e d its fo r fin a n c in g
fo re ig n a n d d o m e s t ic tr a d e .
F in a n c in g th ro u g h th e m e d iu m o f th e b a n k
a c c e p ta n c e c r e d it, it is cla im e d , h as e n a b le d A m e rica n m a n u fa ctu re rs to
en la rg e th eir b u sin ess w ith o u t in cre a sin g cr e d it lin es w ith th eir o w n b a n k s.

— New York State Transfer ( Inheritance) Tax Law .— C o p ie s o f th is p a m p h le t
c o n ta in in g th e la w as a m e n d e d b y t h e recen t session o f th e L e g isla tu re ,
w it h m a r g in -r e fe r e n ce s in te rs p e rse d in a m o s t s a tis fa c to r y m a n n er by
th e in s t it u t io n ’s I n c o m e T a x D e p a r tm e n t, F ra n k lin C a r te r. Jr , M a n a g e r,
is b e in g s e n t to fr ie n d s a n d p a tr o n s o f th e E q u ita b le T r u s t C o m p a n y w h o
m a y b o in te r e s te d in th e s u b je c t o f in h e r ita n ce ta x in th is S ta te
— M c C o r y & C o . h a v e op e n e d o ffic e s a t l l
fo r th e p u r p o se o f d e a lin g in listed secu rities.

B roa d w a y , New Y e i k Cit\

A ug .

27 L921.J

The Uoumtevtial Times.
-- J
>
CO M M ER C IAL EPITOM E
New

969

T! I K C H R O N IC L E

Y o r k , I'riila ii N ig h t, A u g .

26 1921.

Trading though slil! slow is gradually improving;. II. Is
well to keep in mind 11m Ila* improvement is only gradual.
l.
II is a rare thing to find anythin# approaching activity.
Textiles are in the best shape that they have been for a
long time. The cotton matm factor In# industry; in purlieu
lar. is more cheerful, coincide!)! with a rather larger busi
ness. There is a growing demand for clothing and shoos
and coal, and somewhat larger sales than recently of iron
and steel, though these two are far from showing any real
life or snap. For the most part the buying is to supply
immediate needs. Buying for future wants is either ab
sent or very cautious. With cooler weather at. the North
and West the retail trade has increased somewhat.
In
general the South and the West show greater confidence,
with cotton prices np this month some $16 a hale, and the
grain farmers more plentifully supplied with money after
marketing their crops on a big scale. Mail order business,
however, is still sluggish from the fact that prices of manu
factured goods are high while those for farm products are
low.
Recently there have been more advances in prices than
declines. And the exports of wheat this week have reached
the imposing aggregate of 13,207,000 b u sh ® . The total
thus far this season is crowding the highest record of ex
ports in the history of the country, being close to 75.000.000
bushels as against some 76,000.000 bushels during a like
period last year. The exports of corn thus far are ap
proaching 20,000,000 bushels, as against only 600,000 bush
els at this time last year. Meanwhile money rates show a
downward tendency as bank reserves increase. And al
though at times during the week the stock market has been
depressed, there was a sharp advance to-day, with call
money down to 5% . Cotton has risen within a week some
250 points, or $12.50 per bale, owing to damage to the crop
in Texas and the Southwest, where temperatures have
keen persistent of 100 to 109 degrees. Grain crops look
well, as a rule, and corn is almost out of danger from frost.
Cotton and grain farmers have been encouraged by the pas
sage of the $1,000,000,000 Farm Credit Act, which awaits
the action o f the President. Prices have risen for wheat
and corn. The Act empowers the W ar Finance Corporation
to issue $1,500,000,000 in its own bonds and to lend $1,000,000,000 for financing exports of farm products at a time
when Europe needs cotton, grain, etc., and is hampered, of
course, by low exchange and the poverty of its people. In
the lumber trade prices are irregular, but with a good de
nial d on the Pacific Coast. The output of bituminous and
anthracite coal has latterly increased. Some reports are
to the effect that stocks of merchandise throughout the
country have been greatly depleted, and this sounds reason
able enough, for the reason that there has been a long ab
stention from buying. Many reports state that “ distressed”
stocks in wholesale trade have been very largely reduced,
if not entirely liquidated. Taking the country as a whole,
there is a somewhat more optimistic tone, based on the
expectations, or at any rate the hope, of better times this
Fall, though at the moment buying is restricted for the
most part to the supplying of actual wants.
At Rochester, N. Y., wage decreases of approximately
15% from the scale of 1920 were announced for Rochester
building trades employees by Mayor Edgerton’s board of
arbitration. Electrical workers and inside wiremen are
to get 93 % c an hour; ironworkers, $1.06% ; lathers, 80c;
plumbers and steamfitters, 93% c; roofers, 80c, and slieetmetal workers, carpenters and painters, 85c. The T S.
J.
.Steel Corporation has reduced wages of common labor
about 19%. It is the third reduction, but actually was
no more than an evening up of its wage scale with the scales
o f many competing companies. It was a necessary step
toward an adjustment of operating costs with prices ruling
for the product. Window glass workers have accepted a
cut o f 28% from the wage scale effective one year ago.
In the Charlotte, N. C., district the cotton mills now oper
ating report an increase in the number o f workers. Green
ville, S. C., cotton mills are running full time, and the
same is true o f the entire section. Profits are small, but it
is believed there that the period of depression lias passed.
Alabama’s textile mills are planning for an active revival
o f business this Fall and business has already improved at
a number of plants. Durham, N. C., wired that the Pearl
Cotton Mill, with 10,784 spindles and 240 looms, is working
full time on wide sheetings. Textile strike orders in Ca
barrus County, N. C., have been abandoned and troops have
been withdrawn. At Wadesboro, N. Y., the cotton mills
have resumed operations, after being idle for some time.
The Acadia Cotton Mills, of Lawrence, Mass., which had
been on a three or four-day a week schedule for more than
10 months, have resumed operations at full capacity. On
the re opening of the Troy, N. Y., collar plants, on Aug. 23,
wages were cut 15%.
d u ett, Peabody & Co., George P. Ide & Co. and Hall,
IJartwH) & Co. reduced wages of piece goods workers ap
proximately 15% in their Troy, N, Y., plants. Five thou
-and shirt waist makers of Philadelphia have voted to strike

against a wage reduelion which employers say would not
evened 10%, but which Ilie* workers say would amount to
25%>. The workers also protest against an Increase in
working hours from II to IS per week, the abolition of pay
for legal holidays, a differential In rales on color wort:
and a tour week's Irlal tor beginners. The dab- of llm
(imposed Strike lias not been fixed. Coriic:-;, Coon & Go.
of Troy announce a reduction in their il.a relied collar:: from
$2.10 to $1.45 a do/,on. Home reports say that in the drygoods and grocery trades prices have reached rock-bottom
Prices a re said to he acceptable alike to the wlioh-sah r and
retailer. Old accumulations have apparently been absorbed.
Wholesale prices of dressed beef in Eastern murk els are
down to within 2c of pre-war prices of 1913, according to
figures published by Hie American Meuf Packers’ In H ole.
The house1
!loldei has no benefit of it.
William M. Wood, president of the American Woolen Co.,
after a trip through Europe says American textile manu
facturers might as well abandon hopes o f export trade on
such lines as come in competition with European-made
goods, owing to cheaper labor in the foreign mills.
LARD firmer; prime Western, ll.8 0 @ l l .9 0 e .; refined to
Continent, l ‘ a.; South American, 13.25c.; Brazil in kegs,
4
14.25c. Futures declined with hogs down and liquidation
at times rather heavy. On the 22d inst. hogs fell 50 to 75
cents. Packers gave little support. Trading has been small.
Outsiders have held aloof. Later prices advanced with
packers giving some support, and hogs higher. The East
apparently bought January lard. Shorts covered. The rise
was increased by a further advance in hogs and also a big
rise in cotton, in which Chicago operators have been trading.
Also a big decrease in Chicago lard stocks this month is
believed to have taken place. To-day prices advanced,
and they are 40 to 42 cents higher than a week ago.
D A ILY CLOSING PRICES OF LAR D FUTURES IN CH ICAGO.
Sat.

September delivery_cts_ 10.60
October delivery-10.70
January delivery .
9.37

M on.

10.27
10.37
9.27

T ubs.

10.47
10.60
9.30

W ed.

10.72
10.85
9.50

T h u rs.

10.92
11 .05
9.65

F r i.

11.00
11.12
9.70

P O R K q u ie t; m ess, $25 50 @ $ 2 6 ; fa m ily , $ 3 0 @ $ 3 4 ; sh ort
clea r, $ 2 3 @ $ 2 7 . S e p te m b e r clo se d a t $17 10, a rise fo r th e
w eek o f 10 ce n ts. B e e f, q u ie t; m ess, $ 1 2 @ $ 1 4 ; p a c k e t,
$ 1 3 @ $ 1 4 ; fa m ily , $16; ex tra In d ia m ess, $ 1 9 @ $ 2 0 ; N o . 1
ca n n ed roa st b e e f, $2; N o . 2 , $3 2 5 , 6 lb s ., $16 5 0; sw eet
p ic k le d to n g u e s, $ 6 0 @ $ 6 5 , non_
p er b b l. C u t m ea ts
q u ie t; p ick le d h a m s, 10 to 20 lb s ., 2 4 ^ @ 2 4 p » e . ; p ick le d
b ellies, 10 to 12 lb s ., 16c. B u tte r , cre a m e ry extras, 4 0 1 ^ @
41e. C h eese, fla ts , 1 5 @ 2 1 3 ^ c . E g g s , fresh ga th e re d extras,
41 @ 4 4 e .
C O F F E E o n th e s p o t lo w e r; N o . 2 R io 6 M @ 6 % c . ;
N o . 4 S antos 1 0 @ 1 0 M c .; fa ir to g o o d C u eu ta 1 0 J ^ @ l l e .
F u tu res d eclin ed u n d e r liq u id a tio n . T h e trad e app ears to
h a v e b e e n sellin g. B ra zilia n m a rk ets fo r a tim e w ere
ste a d y o r e v e n slig h tly h ig h er, b u t th e m a rk et h ere la ck s
snap a n d a n im a tio n a n d la ter o n firm offers w ere low er.
It is m ore o f a w a itin g a ffa ir here th a n a n y th in g else. A
m o d e ra te a m o u n t o f sw itch in g has b e e n on e o f th e fea tu res.
S tock s a t R io a n d S a n tos are. d o u b le th ose o f a y e a r a g o an d
p rices are still co n s id e r a b ly h ig h er th a n th en .
T o -d a y
p rices d eclin ed a n d are lo w e r th a n a w e e k a g o .
Spot. (unofficial-! 6 M - 7 c IDecember
0.86@6.891 M ay________ 7.46@7.48
July_________7.64 @7.66
September
6.45 @ 6.48! M arch______7.26 @ 7 .2 8 1

S U G A R .— F u tu re s h a v e d e clin e d som ew h a t w ith refin ed
q u ie t a n d lo w e r a n d refin ers b u y in g ra w sugars ©n o n ly a
v e r y sm all sca le. B u t ra w su gar in th e m a in has b een
fir m . P o r to R ic o fo r p r o m p t d e liv e ry has b een q u o t e d a t
tim es a t 4 .8 6 c . c . i. f . a n d fo r S e p t, a t 4 .5 0 c . c . i. f . ; San
D o m in g o 2 ^ c . to 3 c . c . i. f .
L a te r C u b a n so ld a t 4 .6 1 c .
d u ty p a id b y an o p e r a to r u n d ersellin g th e C u b a n C o m m itte e
w h ich still asks 3 .2 5 c . c o s t a n d fre ig h t.
R e fin e d su gar
d ro p p e d to 6 c. as th e h ig h e st a n d ra w fe ll j/gc. P o r t o R ic o
a n d P h ilip p in es sold a t 4 .5 0 c . c . i. f.
R e ce ip ts a t C u b a n
p o rts fo r th e w eek w ere 2 9 ,9 7 8 to n s a g a in st 2 6 ,6 5 5 in th e
p re v io u s w e e k , 1 2,2 72 last y e a r a n d 1 8,3 50 tw o y ea rs a g o ;
e x p o rts 6 1 ,6 5 7 ton s a g a in st 5 8 ,9 9 6 in th e p rev iou s w eek ,
4 0 ,4 9 4 last y e a r a n d 9 4 ,5 4 9 tw o y ea rs a g o ; s to c k 1 ,3 0 8 ,5 3 5
ton s again st 1 ,3 4 0 ,2 6 4 in th e p re v io u s w e e k , 3 34 ,39 3 last
y e a r a n d 2 9 8 ,4 2 6 tw o y e a rs a g o .
T h e n u m b e r o f cen trals
g rin d in g w as 4 a g a in st th e sam e n u m b e r in th e w eek p re v io u s,
5 last y e a r a n d 4 tw o y e a rs a g o .
E x p o r ts in clu d e d 3 7 ,0 9 0
ton s to U . S. A tla n tic p o rts; 1,081 to n s to N e w O rlean s,
18,558 to E u r o p e , 2 ,9 2 8 to S a v a n n a h a n d 2 ,0 0 0 to G a lv e sto n .
T o -d a y p rices w ere irreg u la r b e in g h ig h er o n S e p t, a n d low er
on D ec.
T h e y are d o w n fo r th e w eek .

Spot (unofficial) ,4.61c ISeptember
August
-2.92 © 2.941December

2.92($2.94! M arch_____ 2.44(c 2.45
2.58 @> 2.59 IM ay_____ _ _2.50 @ 2-50

O I L S .— Linseed in o n ly fa ir d e m a n d at ste a d y p rices;
A u g u st ca rlo a d s, 7 5 c .; less th a n ca rlo a d s, 7 8 e .; fiv e b id s, or
less, 8 0 c . E n glisji o il is said to h a v o sold at a rou n d 67J ^ c.
C o c o a n u t o il, C e y lo n b id s ., 9 % @ 1 0 c . ; C o ch in ,
o liv e o il, $1 1 0 @ $ 1 20; s o y a b e a n , 9 @ 9 M c . s p o t. L a rd ,
stra in ed w in te r, 8 7 c . C o d , d o m e stic , 4 1 c .; N e w fo u n d 
la n d , 4 5 c . C o tto n s e e d o il sales t o -d a y 17,600 b b ls . S ep 
te m b e r clo se d a t 8 .6 5 @ 8 .6 8 c .; O c to b e r a t 8 .7 6 @ 8 .8 0 c ;
D e c e m b e r at 8 .6 6 @ 8 .6 9 c .; J a n u a ry at 8 .6 8 @ 8 .6 9 c ., and
M a r c h at 8 .8 6 @ 8 .8 9 c .; s p o t 8 .5 0 @ 9 c . S p irits o f tu rp en tin e
6 3 c. ( A m m o n to good, stra in ed ro sin , $ 5,00.
P E T R O L E U M rem ain s q u ie t b u t ste a d y . S en tim en t is
m o re o p tim is tic , h o w e v e r , o w in g to ta lk o f p rice a d v a n ce s
in several d istricts a n d re ce n t re p o rts o f a fa ir decrease in
th e o u tp u t in som e se ctio n s. A n d h old ers are m ore in clin ed
to h o ld th eir s to ck s in stora g e in a n tic ip a tio n o f h igh er

970

[You 113.

THE CHRONICLE

prices.
G asolin e iu fair d em an d .
K erosene has been easier.
Fuel oil unchanged.
G a s oil q u iet.
Prices are as follow s:
G asolin e, cargo lots. 3 2 * i c .; U n ited S ta te s N a v y specifica
tions, 17c.; exp ort n a p th a , cargo lo ts, lN % e .; 03 to 6 6 d e g .,
21 H o .; 6 6 to 6 8 d e g ,, 2 2 H c . R efined p etroleu m , tan k
wagon to store, 1 3 c .; gasoline, steel bids, to garages, 2 4 c .
K erosene for e xp ort, in cargo lo ts, 6 to 7 c .; in b b ls ., 1 3 @ 1 4 o .;
in cases, 1 7 ^ @ 1 8 1 ,ao.
T h e O il C ity “ D errick ” states th a t
ship m en ts of Petroleum fro m M e x ic a n ports in June aggre
gated 1 7 ,1 2 4 ,4 8 4 b b ls ., an increase of 5 ,9 0 3 ,7 6 4 b b ls. over
June 1 92 0.
T h e A m erican P etroleum In stitu te says the
production of crude oil is again on the increase.
L ast w eek’s
daily average gross prod uction was estim ated at 1 ,3 1 5 ,4 4 0
b b ls., an increase o f 1 1,3 7 0 bbls. over the week ending
June 13.
T h e daily average gross prod u ction of the M id C on tin en t (light oil) field, including O k la h o m a , K a n sa s,
north T e x a s , central T e x a s , north Louisiana an d A rk an sas
for the week ended A u g . 2 0 was 7 2 4 ,6 7 0 b b ls ., again st 7 1 2 ,730 bbls. for the preceding w eek , an increase of 1 1 ,9 4 0 bbls.
T h e prod uction of the G u lf C o a st (h eavy oil) field was 9 9 ,0 3 0
b b ls., against 9 8 ,0 4 0 bbls. for the preceding w eek , an increase
of 9 9 0 b b ls.
T h e com bin ed daily average gross prod uction
of the Southw est field w as 8 2 3 ,7 0 0 b b ls ., again st 8 1 0 ,7 7 0
bbls. for the preceding w eek , an increase of 1 2 ,9 3 0 b b ls.
O k la h o m a and K ansas show a d aily average gross production
of 4 1 3 ,5 0 0 b b ls ., an increase of i 0 ,5 5 0 b b ls .; north T ex a s
decreased 4 6 0 b b ls .; central T ex a s 2 ,5 7 0 b b ls ., and north
Louisiana 1 ,4 8 0 b b ls.
A rk an sas increased 5 ,9 0 0 b b ls.
The
gross p rod uction of th e W y o m in g and M o n ta n a field was
11,240 b b ls., again st 4 1 ,8 0 0 b b ls. for tho preceding w eek , a
decrease of 5 6 0 bbls. In J u ly , according to the U . S . G eo lo g i
cal S u rv e y , the prod uction o f petroleum fell o ff nearly
5 0 ,0 0 0 b b ls. per d a y .
D a ily average p rod uction for July
w as 1 ,2 9 7 ,6 7 7 b b ls.
Im p o rts of M e x ic a n in J u ly fell off
over 2 ,0 0 0 ,0 0 0 b b ls. and reached 8 ,0 4 6 ,8 6 1 bbls.
Con
sum p tion of d om estic and im ported crude oil averaged 1 ,3 4 0 ,9 6 8 b b ls. d a ily .
It has been falling off since last N o v e m b e r .
N e t increase in stock during Ju ly exceeded 6 ,0 0 0 ,0 0 0 b b ls.
Stock s on Ju ly 31 on pipe lines and ta n k farm s w ith im 
porters’ stocks of M e x ic a n petroleum in this cou n try reached
a new high record of over 1 6 7 ,0 0 0 ,0 0 0 bbls.
A cco rd in g to
the present rate of con su m p tion this w ould last 125 d a y s.

C O P P E R quiet and low er.
E lectrolytic was .quoted at
11 H e
It was reported th at early in the week electrolytic
sold at 11 H oJapan was understood to be b u yin g here on
quite a fair scale.
London has latterly weakened and this
fa c t has had som e effect here.
L ater, how ever, tho tone
becam e stronger and large producers qu oted 12c
T in
quiet at 2 5 H e • for sp ot.
Lead unchanged a t 4 .4 0 e . spot
N ew Y o rk .
Zin c quiet at 1.20c. sp o t S t. L ouis.
PIG I R O N has been in fair dem and at irregular prices.
Sales on a considerable s c a le have been m ade in som e few
eases at a rise o f 5 0 cents over the recent low prices. B u t
in other eases the low qu otation s of tw o weeks a g o , it seems
have been accepted.
F oun dry iron sh ip m en ts, how ever,
in the M id d le W e s t during A u gu st have been 33 to 5 0 %
larger than in J u ly .
T h ere are signs of slowly returning life
and latterly prices have been generally ste a d y .
S T E E L has been in gradually increasing d em an d .
The
pace, how ever, is slow and disappointing.
S till, prom p t
deliveries are m ore often asked for than form erly, as con sum 
ers’ stocks are being steadily reduced.
A t som e points the
ou tp u t has gained a little , and one plan t in the C hicago dis
trict is said to be running a t 5 0 % of ca p a city .
Sheets sell
m ore readily.
A u to m o b ile stool m eets w ith the best sale.
R ailroads, it is believed, will bu y m ore freely this fall if rates
are cut and their business increased.
T h e situation in the
steel trade m eanw hile is still un satisfactory.
W O O L has been loss active b u t firm on the b etter grades.
L o w grados are dull and irregular.
A m erica n s are it is
said b u yin g fine w ools freely in A u stra lia .
A t B ra d fo rd ,
E n g la n d , A u g . 2 1 , w ool last w eek b en efitted from the
better A u stra lia n auction prices.
L o w crossbreds were
firm er ow ing to considerable salos o f scoured in G e rm a n y ,
5 6s: being I d . to 2 d . higher.
O n A u g . 2 5 a t-a sale in A n t
werp the B ritish A u stra lia n W o o l R ealization A ssociation
offered 1 1 ,3 6 8 bales chiefly S y d n e y and Q ueensland grad es.
T h ere was a brisk dem an d and 1 0 ,4 0 0 bales sold at prices
a b o u t 5 % ab ove those at the last L o n d o n sales.

Charters included coal? rom New Y ork to Gaspe 82 65 and discharged:
27.000 quarters grain from M ontreal to United K ingdom or Continent,
5s. Pd. August; 37.000 quarters from M ontreal to Continent (AntwerpH am burg), 24c. August; 20,000 quarters from M ontreal to four ports
D enm ark, 2 5 A c . August; 38.000 quarters from G ulf to Continent, 24c.
August; 28,000 quarters from M ontreal to A ntw erp-H am burg range, 23 A c .
September; 35.000 quarters gram 10% from M ontreal to Antw erp-H am burg
range. 23c. one port, 24c. tw o ports, August: sugar from Cuba to United
K ingdom , S6 25 August-Septem ber; coal from Atlantic range to Havana,
Si 75 August; 19,000 quarters grain from M ontreal to Antw erp-or R otter
dam, 22 c., option German p ort, 23c., September; coal from Atlantic range
to River Plate, 21s. 6d. September; 20,000 quarters grain from M ontreal
to four ports in D enm ark, 253-4c.; copper ore from Huelva to Philadelphia,
New Y ork or Baltim ore, 9s. 3d.; 35.000 quarters grain from M ontreal to
United K ingdom or Continent, 5s. 10?4d. prom pt; six or nine m onths’ time
charter, 2,341 ton steam er, 5s. 9d., deliveries in Europe August; 32,000
quarters grain from G ulf to M arseilles or Genoa, 26c. September; 25,000
quarters from M ontreal to the Antw erp-H am burg range, 22c., or United
K ingdom , 5s., option A tlan tic range loading, 19c., early September.

Texas C ity _____

COTTON.

Friday Night, August 2 6 1 92 1.
T H E M O V E M E N T O F T H E C R O P , as indicated b y our
telegram s fro m the S ou th to -n ig h t, is given below .
F or the
Pennsylvania_____$2 2 5 1Indiana____________$1 28 E lectra _______________ $100
C orn ing__________ l 20 P rinceton _________ 1 27 Strawn ____________ 1 CO week ending this evening the to tal receipts have reached
C a bell_____ ________ 1 11 Illinois____________ 1 27 T h ra ll________________ 100 9 1 ,7 1 1 bales, against 8 4 ,0 5 0 bales la st w eek a n d 7 4 ,8 9 4
Somerset, 32 deg.
P ly m ou th _________ 0 65 H ealdton ______________ 100 bales the previous w eek, m aking the total receipts since
M ora n _________________ 100
and a b ov e _____ 1 10 Kansas & Okla
05
R a glan d ____________0 60
h om a. __________ 1 00 I H enrietta____________ 1 A u g . 1 1921 3 0 3 ,2 5 2 bales, against 1 2 2 ,9 4 5 bales for the
W ooster__________ 1 80 C orsicana, lig h t___
8 5 jC addo, I.a.. lig h t. 1 20 sam e period o f 1 9 2 0 , show ing an increase since A u g . 1 1921
L im a --------------------- 1 58 Corsicana, h ea v y.
60
“0
"
5 “ 1Caddo h ea v y ___
o f 1 8 0 ,3 0 7 bales.
R U B B E R rem ains quiet at easier prices.
S m ok ed ribbed
sheets on spot and for A u g u st or S eptem ber delivery were
Fri.
Total.
Mon.
Wed. Thurs.
Saif
Tues.
q u oted at 1 3 H @ 1 4 c . , O ctob er 1 4 c ., O ctob er-D eeem b o r
7 ,3 8 9 4 7 ,4 4 1
6 ,0 1 6
ve t
____ __
8 ,1 9 7
5,1 71
1 4 ,1 7 5
5 ,8 9 3
14 H o ., J a n u a ry -M a r c h
1 5 H e . and Ja n u a ry -J u n e 16c. G eaxla s s Coin y ______
93
93
T
t
_
_
9 ,1 1 8
H o u sto n
__ ___
P la n ta tio n , first latex crepe 1 4 H e .; brow n crepe th in ,c le a n
9 ,il8
396
396
I’ o r t A r t h u r , & c
H H c . ; rolled 1 1 c ., A m b e r N o . 1 ,1 3 c .; N o . 2 , 1 2e. and N o .
862 1 2 ,3 3 8
N e w O rlea n s
2 ,0 0 1
3 .0 8 6
3 ,0 9 0
1 ,7 8 4
1 ,5 1 5
3 , 11c.
P a ra qu iet; up -river fine 1 7 H e .; coarse 9 H e .; M o b i l e . _ _______
7 ,1 2 0
50
349
5 ,9 8 3
242
33
4 63
1 00
1 ,5 0 7
J a c k s o n v i l l e ..
island fine 1 6 H e .
1 ,2 5 5
9 ,8 2 8
S a v a n n a h _______
1 ,2 4 3
1 ,9 1 9
2 ,5 6 1
811
2 ,0 3 9
_
_
___
H I D E S h ave been quiet here, w ith M o u n ta in B o g o ta B r u n s w ic k
82
991
806
9
r s
68
1
25
qu oted dow n to 12 to 1 3e.
R iv e r P la te hides are firm and in C hiamle n tgotn n . . . .
■ 60
559
156
W l i
o
251
42
39
11
2 ,9 0 0
A rgen tin a there is m ore a c tiv ity .
Sales included 4 ,0 0 0 S w ift N o r f o l k . ______
482
358
422
694
759
185
28
28
N ’p o r t N e w s , & c.
La P la ta steers and 2 .0 0 0 S w ift M o n te v id e o steers, th ird w eek
___
1 00
N e w Y o r k ___
100
o f A u g u st saltin g, at $ 4 4 , w hich is ab o u t 15c. cost-a n d -fre ig h t. B o s t o n ___________
144
295
151
300
300
ft w as asserted th a t 5 ,0 0 0 A rm o u r San ta A n n a s sold to a B a lt im o r e _ _ .
—
—
54
54
P h i l a d e l p h i a ___
—
—
---E u rop ean b u y e r at 13 H e - O ther sales o f A rg e n tin a reported
included 4 ,0 0 0 Sansinenas at $ 4 2 , app roxim ately eq u iv a len t T o t a ls th is w e e k . 1 7 ,2 4 0 1 0 ,39 1 2 0 ,1 0 8 2 0 ,6 5 9 1 1 ,961 1 1 ,3 5 2 9 1 ,7 1 1
to 1 4 H e . cost-a n d -fre ig h t; 2 ,5 0 0 Sansinenas a t $ 4 4 50 to
T h e follow ing shows the w eek’s to ta l receip ts, the total
Sw eden, figured a t lo c . cost-a n d -fre ig h t; 1 .0 0 0 A rm o u r Sa n ta since A u g . 1 1921 and stocks to -n ig h t, com pared w ith the
A n n a steers a t $ 4 0 .
In C hicago last w eek, it is sa id , sales last year:
reached 7 5 ,0 0 0 hides on a basis o f som ething like 1 4c . for
n a tive steers.
S to ck .
1921.
1920.
R e c e ip t s to
O C E A N F R E I G H T S h ave been d u ll, w ith the w orld’ s
T h is
S in c e A u g
S i n c e A ug
T h is
A u g u s t 26.
1921.
W eek.
1 1921.
W eek.
su p p ly o f ton n age far larger th an the d em an d .
R a te s are
1 1920.
1920.
none too steady under such circum stances.
47,441
157,266 23.253
65.591 239,922
G a lveston ______
170.564

T O B A C C O has still been in no pressing d em an d .
F rom
the fa ct th a t cigars and cigarettes are selling m ore freely
som e have been inclined to expect a better inquiry for to 
bacco b u t it has not appeared.
T h e b u yin g is still sm all
as if to su p p ly im m ediate needs o n ly .
Prices in the m ean
tim e faced w ith big stocks are considered w eak.
O n business
w orth while th ey w ould it is believed be eased n oticeably.
T h e nights of late have been rather cool for tobacco in the
Ohio V a lle y and W e ste r n lake region.
T h e crop is beingharvested in Tennessee and the m iddle A tla n tic coast dis
tricts.
In Ohio there is som e rust on tobacco ow ing to
h e a v y rains and cool n igh ts.
In K e n tu c k y the p lan t is
gi’ow ing rapidly b u t will be la te .
In N e w England a large
part o f the crop is in sheds.
In P en n sylvania cu ttin g is in
progress.

P ort Arthur, & c.
New Orleans___
M obile
_ _____
Jacksonville
. .
Savannah . _ _ .
B r u n s w ick _____
Charleston _____
W ilm ington
. .
N o r fo lk ____
N ’ port News, &c
New Y ork
__ .
B oston _____
B a ltim ore______
Philadelphia_____
T o t a ls _________

93
9,118
396
12,338
7,120
150
9 828
991
559
2,900
28
100
295
300
54

1.799
17,015
1.551
54,695
12,658
423
29 902
310
2,656
4,523
13,286
132
1.539
2,421
1 904
1 172

2,632j
179
2,617

91 711

303.252

37,386

564

247
5,120
231

584
27
488
1.054
340
50

13,581

5.163

434,500
17.983
1 534
122 575
1,068
195,206
26,749
86,164

201,253
2,525
1.463
53,186
750
224,142
27,053
24,412

151.705
9,887
650
6 666

29,942
13,391
3.774
5.544

122.945 1,308.190

700,162

1.8S4
.. _
632
28.726
1.196
219
7,149
479
3,277
26
4.460
189
732
5.713
1,941
731

____

__

In order th a t com parison m a y be m ad e w ith other y ea r8
we give below the totals a t leading ports for six seasons:
R e c e i p t s at —

1921.

G alveston-----Texas'City,&c.
N ew Orleans.
M o b ile -------Savannah .
B ru n sw ick ___
Charleston —
W ilm ington _ _
N orfolk ______
N ’port N., &c.
All others------

47,441.
9,607
12,338
7.120
9,828

T ota l this w k .
Since Aug. l . _

1920.

1919.

1916.

1918.
43,868
1.717
9.063
2,509
12,721
8,500
166

36.681
2 IS
25,171
l ,599
19,303
7.000
99

695
58
1,691

2.827
78
6.102

57,450
161
15,948
7,483
88.305
6,500
1.216
1.217
6.68 a
2,106
1.958

584
27
1.932

13.23S
349
6.241
166
10,234
4,000
9 IS
592
2,142
62
1,575

91,711

37.3S6

39.517

75.988

99.115

139 0 •
•

303,252

122,945

235,047

205,236

295.309

365,042

991
559
2,900
28
899

23,253
811
5,120
231
2,632
179
2,617

_ ,_
_

4

A ug .

27 1921.]

THE CHRONICLE

971

T h e e x p o rts fo r th e w e e k e n d in g this e v e n in g reach, a to ta l fo r 1919-20; N orth C arolin a , fo r 400,000 a g a in st 750,000 (•
o f 107,825 b ales, o f w h ich 3 7 ,8 4 0 w ere to G ro a t B rita in > 1,000,000 bales in recen t years. All o f th ese estim ates are
9 ,9 0 5 to F ran ce a n d 6 0 ,0 8 0 to o th e r d e stin a tio n s.
E x- p u rely ten tative, but the g en eral n otion is th at the cr o p is
p orts fo r the w eek a n d since A u g . 1 1920 are as follow s:
not o v e r 7,000,000 to 7,500,000 hales, and m ay p ossibly d rop
below (lie 7,000,000 m ark. M ea n w h ile L iv erp ool spot sales
Week tndUi'j 4 U(t. 25 1021.
From AU(). ] to AU(t. 26 1921
have la tte rly risen lo 10,000 to 16,000 bales a d ay. T h e re
Exported to
Exported to—
lias been a g ood deal o f co v e rin g th ere In the fe a r o f a
Exports
Great
(treat
from—
bullish G ov ern m en t re p o rt on Sept. 1.
.Maneliesl<*r and
Total.
Britain Era nor. Other. Total. Britain. Erancc.
Other.
the C ontinent, w h ich had been short., it seem s have been
Galveston
9,855 107,907 153,017
21,722 9,855 13,927 45,50-1
35,251
b u yin g h e a v ily in L iv erp ool.
H ere L iverpool has a lso
Houston .
17,015
8
9,1 \
> 9,1 1
17,01 5
A n d a t tim es recen tly the Conti
Now Orleans 9,191
10,540
2,400
43,419 b ough t to som e exten t.
9,09? 18,289
30,470
Mobile
1.980
J,980 nent lias a lso been a buyer. T h e o th e r d a y an in q u iry w as
Savannah
1,630
1,29*
7.117 8,4 1 ■
37,062
35,432
rep orted here f o r a la rg e q u a n tity o f on e-in ch m id d lin g
Charleston
2,02?
4,15( 6,17:
6,! 73
2,02?
4,150
Wilmington
5,300 5,300
5,500
5,500 cotton fo r F ran ce, w h a te v e r m a y be said a b o u t the p oor
Norfolk___
3,451
3,44? 0,893
3,751
7,042
10,703 co n d itio n o f th e te x tile tra d e in th at cou n try .
A nd M an 
Now York
150
1,187 1,337
525
3,074
5,100
8,099
Boston__
701
701 ch ester has been m ore a ctiv e , w ith s ilv e r up, ru pee e x ch a n g e
Baltimore
50
too
150
50
1.50 h igh er, and G erm an m a rk s a ls o h ig h er than th ey w ere re
100
San Fran.
72S
5,435
72F
5,435
And ca b le a d v ice s re ce iv e d h e re rep ort the c o n d i
l,os Angeles.
5,025 5.025
7,575
7,575 cen tly.
Seattle___
898
893
9,390
9,390
tion o f the co tto n tra d e a s v e ry g o o d in G erm an y, A u stria ,
Tacoma
175
175 C zeclio-S lov a k ia and F in la n d.
A lso it is said to he f a v o r 
l’ortI’d, Ore
—
—
402
402
...... ......
able In Spain a n d H o lla n d .
On th is sid e o f the w a ter
Total. .
37,S4(
9,90" 60,080 107,325
53,299
12,S39 230,348 307,430
W orth S treet h as been m o re ch e e r fu l as to the g o o d s situ a 
tion.
P h ila d e lp h ia lias been o p tim istic a s to th e ou tlo o k
Total 1920- IS,34"
8,270 25,519
52,624
3,017
07,031 129,202
Total 1010. 54,260
30,382 1.34,042 216,81.0
13,352 239.524 470.131? fo r knit goods.
Y a m s h a v e been stro n g er in N ew B ed 
In addition to above exports, our telegrams to-night also ford . F a ll R iv e r th is w eek, it is estim ated , h as sold 150,give us the following amounts of cotton on shipboard, not 000 p ieces o f p rin t cloth s. T h e m ills co u ld sell m ore if
cleared, at the ports named. We add similar figures for they w ere n o t so fir m a b ou t p rices. I t w a s stated th at
the b ig A m osljg a g m ills a t M a n ch ester, N. H ., a re ru n n in g
New York.
a t fu ll ca p a city , w ith o rd e r s a h ea d th a t in su re th e ru n n ing
On S h ip b o a rd . N o t C lea red f o r —
o f the loom s on fu ll tim e f o r m on th s to com e. A n d in all
oth er m ills o f th at city b usiness co n d itio n s a re b etter than
Great
G er
Other
C o a st
L ea v in g
A u g . 26 at —
B rita in . F r a n c e . m a n y .
C o n i ’t.
w ise .
T o ta l.
S tock .
th ey h av e been f o r m onths. It is a d d ed th at fr o m p resen t
Galveston_____
932 11,945 18,763 15,345
1,500 48,485 191,437 in d ica tio n s th e m ills th e re w ill ru n th is w in te r on fu ll
New Orleans. 6,804 13,283 13,646 10.286
65 44,084 390,416 tim e w ith a fu ll q u ota o f help. A n d som e rep orts p ublish ed
Savannah
4,000
500 5.500 117,075 h ere in th e n ew sp a p ers in d ica te th a t m erca n tile stock s
1.000
Charleston____
1,000 194,206
1,000
M o b ile _____
~3~693 " L229 ~4~500 ’ 1.603
11,025
6,958 in th is c o u n tr y a re g e n e r a lly d o w n to a m in im u m ; th at
Norfolk. ___
300
300
85,864 th e sh elves a re bare, b oth w ith w h o le sa le rs an d re ta ile r s ;
New Y ork*__
1,000
300
800
400
2.500 149,205
Other ports*. .
2,000
2,000
1,000
5,000
55.135 that d efla tion h as ru n its cou rse.
A s to the tra d in g here, W a ll S treet and seem in g ly the
Total l<f21 _. 14,429 26.757 43,709 29,634
3,365 117.894 1,190,296
W est h a v e co v e re d sh o rts on a b ig scale. T h ere is an idea
Total 1920..
6.50S 8,091
6,156 10,574 2,300 33,629 666,533
Total 1919-. 44.893 24,227
6,372 111 ,195 787.316 th at sh ort a cco u n ts a m o u n tin g to a n y w h e re fro m 65,000 to
1,219 34,484
* Estimated.
75,000 bales h a v e been co v e re d in W a ll S treet, a n d th a t in
som e ca ses sh orts h a v e sw itch e d to the lo n g side.
The
S p ecu lation in cotto n f o r fu tu r e d e liv e r y h as been m uch
m ore a ctiv e at a ra p id rise in p rices. T h e c h ie f rea son s sp ecu la tion , too, h a s b roa d en ed . I t is n o w less o f a p u rely
h av e been bad w ea th e r a n d re p o rte d d a m a g e to th e crop . p ro fe ssio n a l a ffa ir . T h e rise in sp ot m a rk ets h as en co u r
7
It h as been v e ry h ot in the S ou th w est and in p a rts o f the aged b eliev ers in h ig h er p rices. T h e 1 h a v e been a d v a n cin g
E astern G u lf section .
In T e x a s d a y a fte r d a y a la rg e w ith an e x ce lle n t d em an d on b oth sides o f the M ississip p i
p ercen ta g e o f the rep o rtin g sta tion s— i.e., 26 to 38 ou t o f 56 R iv e r. T h e o th er d ay, too, an A c t p assed the H o u se o f
station s— rep orted tem p era tu res o f 100 to 100, the la t t e r — R e p re se n ta tiv e s b y a la r g e vote, em p o w e rin g the W a r F i
108 to 100— in som e o f the m ost p ro d u ctiv e se ction s o f the n an ce C o rp o ra tio n to u se $1,000,000,000 o f its re so u rce s in
State, n am ely, E llis, B ell a n d L im eston e cou n ties, n o t to h elp in g fa r m e r s to sell th e ir p ro d u cts to fo re ig n buyers.
p a rticu la rize fu rth e r. A n d it h a s been 100 to 107 f o r d a y s E a r lie r in the w eek it w a s a n n ou n ced th at the W a r F in an ce
h a d g ra n te d cr e d its to fa c ilita te e x p o rts
a t a tim e in O k la h o m a ; 100 to 105 in A rk a n sa s, a n d 100 to C o rp o ra tio n
104 in L ou isia n a and M ississip p i.
S h ed d in g and p re m a  a m ou n tin g to $15,000,000 in T e x a s, a n d $5,000,000 in
tu re op en in g h av e been w id e ly rep orted . D a m a g e b y w e e  G eorgia.
On the o th e r hand, n ot a fe w b elie v e th a t som e o f the
vil is serious. T h e p la n t h as been sh ed d in g b a d ly in O k la 
hom a. T e x a s and p a rts o f A rk a n sa s. T h e d e te rio ra tio n in d am a ge rep orts a re a s u su a l e x a g g e ra te d . O f cou rse e v e ry 
co tto n is v e r y n o tice a b le in T e x a s a n d O k lah om a b ecause b od y k n ow s th at e x a g g e r a tio n is a m ere in cid en t to ev ery
B u t a p a rt fr o m , th is the sh ort in terest h as
o f th e h eat and d rou gh t. Som e re p o rts say T e x a s is b e lo w cr o p season.
th e p re v io u s lo w reco rd o f 43 in A u g u st 1918. A n d a l la tte r ly been red u ced co n sid e ra b ly , on a rise th is w eek o f
Som e think th is d isco u n ts a n y th in g a t all
though in S ou th C a rolin a the co n d itio n o f the p la n t is g o o d 250 points.
so f a r as it goes, it is fr u itin g v e r y p o o r ly on a cco u n t o f a ctu a lly k n ow n to be b u llish in th e situ a tion . O f co u rse
w eev il d am age. In G eorgia th e p la n t is m a k in g s lo w p ro g  trad e in th is c o u n tr y still, a s a rule, le a v e s m u ch to be
ress, the co n d itio n is v e r y p o o r a n d boll w eev il con tin u es d esired .
Som e 5,735.000 p erson s a re ou t o f em p loym en t.
to be e x tre m e ly n u m erou s a n d d e stru ctiv e .
T h is is the T h e receip ts o f co tto n a t the p o rts and in te rio r tow n s a re
o ffic ia l W a sh in g ton rep ort. In A la b a m a w e e v il is p le n ti v e ry large, v e r y m u ch la rg er, indeed, th a n a t th is tim e last
ful. T h e p ro g re s s o f the p la n t th e re is v e r y p o o r to f a i r ; y ea r. T h e e x p o rts a re m od era te.
A s to th e crop , th e
w ea th er a t least h a s been id ea l f o r p ic k in g o v e r w id e a rea s
it is op en in g p rem a tu re ly in som e section s a n d th ere is con
sid era b le sh edd in g. W e e v il is p le n tifu l in L ou isia n a , a n d o f the v a st co tto n belt. A fte r all. too, th ere is no big, oldthe co n d itio n is m ostly p o o r to fa ir . C on sid era b le d am a ge tim e sp ecu la tion g o in g on. A n d in a n y ca se a fte r so g re a t
has been d on e by w eev il in S ou th ern M ississip p i a n d a lso a rise in so sh o rt a tim e n ot a fe w fe e l th a t a sh arp re a c
in m an y oth er lo ca litie s o f th a t State. W e e v il is rep orted tion w o u ld be no m ore th a n n atu ral. Som e h a v e la tte rly
in R o b eson C ounty, N. C. T h e o th e r d a y a tra d e rep ort sh ow n a h e sita tio n a b o u t fo llo w in g th e rise a n y fu rth e r,
put the co n d itio n o f th e p la n t a t 52.7, a g a in st 64.4 on J u ly p re fe rr in g to w a it f o r a setba ck b e fo r e b u y in g again . T o 
25. 67.5 a y e a r ago, 61.4 tw o y e a rs ago, 55.7 in 1918, and d ay p rice s d e clin e d slig h tly a t the ou tset, w ith the L iv e r
a ten -y ea r a v era g e o f 6 7 .7 % . In o th e r w ord s, th is m a rk s a p o o l m a rk et d isa p p oin tin g , fo r e ig n ex ch a n g e low er, and co n 
d m p in th e co n d itio n d u rin g the p a st m on th o f 1 2 % , as sid era b le rea lizin g .
B u t la te r p rice s a d v a n ce d 50 to 60
a g a in st an a v e ra g e d e te rio ra tio n d u r in g th e sam e tim e f o r poin ts, w ith T e x a s still h ot and d ry, cr o p rep orts bad. and
10 y e a rs p ast o f 7 .7 % . A n d, o f cou rse, it a ls o sh ow s a the stock m a rk et h igh er. T w o rep orts p ut the con d ition a t
con d ition 1 5 % u n der the 10-year a v era g e.
T h is rep ort 51 and th e cr o p 7,250,000 to 7,300,000 b a le s ; a n oth er said
estim ated th e cro p at 7,470,000 bales, a d d in g, h ow ev er, that 51.4. B u y in g w a s g en eral.
S p ot sales in L iv e rp o o l w ere
since th e d a ta w a s g a th ered th e cr o p h ad d e teriora ted .
np to 16,000 hales. M a n ch e ste r is m o re a ctive. R e a liz in g
And it w a s ru m ored th a t the N a tion a l d in n e r s ’ re p o rt had ca u sed a set-back fr o m (lie e a rly top o f 15 to 25 p oin ts.
stated th e con d ition a t 5 1 .5 % a n d th e c r o p at 7.100,000 T h e en din g w a s stron g, h o w e v e r, w ith p rices up f o r the
bales. A s to the G overn m en t re p o rt n ex t T h u rsd a y it is w eek 223 to 228 p o in ts on D ec. a n d Oct., resp ectively. M id 
g e n e ra lly exp ected to be v e ry bullish . T h is is the op in ion d lin g on the sp ot ended at 15.30c, a rise sin ce last F rid a y
no) on ly here bu t in L iv e rp o o l and N ew O rlean s. P r iv a te o f 230 points.
e stim ates on In d iv id u al S ta tes w h ich m a y be tou ch ed upon
A C otton E x ch a n g e m em b ersh ip w a s sold on A ug. 26 to
in p assin g m erely f o r w h a t th ey a re w o rth p u t T e x a s at S. T . H u b b a rd , Jr., f o r a n o th e r a t $20,000, an a d va n ce from
2.000,000 bales o r less. T h e T e x a s C o m m issio n e r o f A g r i the last sale o f $1,750.
The official quotation for middling upland cotton in the
cu ltu re even g oes so f a r a s to estim ate it a t o n ly 1,500,000
bales, and the con d itio n al 3 7 % , in co n tra s t w ith a n o th e r New York market each day for the nast week- has been:
A u g 20 to A u g 26—
Sat. Mon. Tues. Wed. T h u r s . F ri .
rep ort issued h ere e a rlie r in the w eek o f 4 7 .9 % , a g a in st 67
Middling uplands____________ 13.10 13.-.0 13 7 ) 14.15 15.00 15.30
a y e a r ago, til in 1919, and 43 in 1918. In fo rm a l estim ates
Y RK Q
O
FO
R
w hich m ay have to be changed la te r on and a re here given 1 9 2 1 .N- E W 5 ,2 0O1 9 1 3 c U O T A T I1 9 N Sc _____ R 32 1 Y9E .A __S.. . 8 .0 6
c - - ..1
8 7 c
051
12-45
11.15
namely as reflectin g the p essim istic fe e lin g in th e trade, in  1 9 2 0 _____ - 33 50 19 1 2. _______11.60 1 9 0 4 ________ 1 1.20 1896_____ . _ 8 1 9
3 2 .2 5 191 1. _______13 15 1 9 0 3 ________ 12.75 1 8 9 5 _____ . . 7.81
clu de G eorgia as m akin g o n ly 900,000 bales, w h e re a s in 1919
1918_____
35 60 1910
_. 16.40 1902________ 9 00 1 894_____ . 7.00
recen t y ea rs its cro p lias been ro u g h ly 2,000,000 to 2,300,000 1917..... .. .2 3 20 19 0 9.
12.85 1 9 0 1 .. ____ 8 .6 2 1 8 9 3 _____ . 7 .5 0
9 62 1 8 9 2 ........
19 1 6.
9 .8 0 1 9 0 0 -.7.12
15 8 0 1 9 0 8 .
bales. South C arolina is put d ow n f o r 700,000 to 800,000 1 915_____
6 25 1891...
_ 9 .5 0 1907.
.1 3 .5 0 1 8 9 9 .......... ..
8 .0 6
bale a:-: against 1,743,000 bales, a cco r d in g to one statem ent
1914_____ _ . ..
. . . 9 .9 0 1 8 9 8 . . .......... 5.75 1 8 9 0 _____ -11 .1 6
1900

[You 113

THE CHRONICLE

M A R K E T A N D SALES A T N E W Y O R K .
T h e to tu l sales o f c o t t o n o n th e s p o t e a c h d a y d u r in g th e
w e e k a t N i ./ Y o r k an* in d ic a te d in th e fo llo w in g s t a t e m e n t .
F o r th e c o n v e n ie n c e o f th e rea d er we a lso a d d c o lu m n s w h ich
sh o w a t a g la n c e h o w th e m a r k e t fo r s p o t a n d fu tu r e s c lo se d
o n sam e d a y s.

A T T i l E I N T E R I O R T O W N S th e m o v e m e n t — t h a t i s ,
lln re<H ip ts fo r th e w e e ! sin ce A u g . 1 , th e s h ip m e n ts fo r
the . < k a n d th e s to c k s lo -n ig h t , a n d th e s a m e ite m s fo r th e
c o r r e sp o n d in g p e rio d o f th e p re v io u s y e a r — is se t o u t i n
d e ta il b e lo w :
M o v e m e n t to

Spot
Closed.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday___

SALE S t

Futures
x / (L K
V i el
Closed.

Spot.

—

- - - -

_____________________________

FUTURES.
T h e h ig h e s t, lo w e s t a n d c lo sin g prices
N e w Y o r k fo r th e p a s t w e e k h a v e b e e n as fo llo w s:
S a tu rd a y
F r id a y ,
M o n d a y , T u e s d a v , W e d 'd a y . T h u r s d 'y
1u ;j. 25. A u g . 26
A u g . 20. A u g . 22. A ug 23. A u g . 24
A UQVSt—

Range _.
1 losing
S t m em ber—
Range_____
Closing____
O ctober —
Range___
Closing-----N ovem b er—
R a n g e .___
Closing___
D e c e m b e r —Range_____
Closing___
J a n u a ry—
Range_____
Closing. _. _
F ebru a ry■
—
Range _ _ .
Closing. . . .
M a rch —
R a n ge,____
_
Closing_ _
A p ril—
Range_____
Closing____
M ay—
R a n g e ___
Closing____
J u n e—
Range___
Closing____
J u ly —
Range_____
Closing____
/ 14c.

12,78

13.29 — 13.47 -

13.78 —
— — —
13.88

at

12.80-/71
—- —■ —

13.03-10 13.13.62 13.67.92 13.78-15 14.22-20 14.85-.54 IB.03-154
13.09-10 13.58-62 13.77-80 14.12 .15 14.95-. 98 15.30- .32 — — —
—
—
13.77 — 13.96 -

14.10
14.75-18 —----------- 14.10-/18
14.30 — 15.12 — 15.48 - — — —

13.41-52 13.55-.95 14.00-32 14.18-. 50 14.0O-.4O 15.19-88 13.41-/88
13.47-48 13.92-94 14.16-17 14.46-50 15.29-.32 15.60-.70 —. -------13.47-.57 13.60-99 1 4 . 10-36 14.21 -.55 14.60-.44 15.23-.92 13.47-/92
13.48-.49 13.96-. 99 14.20 - 14.53-.54
15.71-.75 — — —
13.60

14.08 — 14.27 -

14.60 -

15.39 — 15.78

13.64-.76 13.78-.08 14.22-.50 14.39-.67 14.77-.47 15.3S-.97 13.64-/97
13.67-.69 14 08 — 14.33 - 14.67 - 15.46-.47 15.85-.89 —
13.71 — (4.11

14.59 14.36 — 14.70

--------- — — — — 14.59 —
15.49 — 15.87 — ------—

—— —

13.90-.16 14.34-.60 14.49-.75 14.83-.48 15.41-.00 13.90-/00
———
13.75 — 14.16
14.40
14.75 - 15.47 - 15.91
13.79 -

———
13.84

/ 15c.

j

14.20 — 14.43 -

14.79 -

15.48 — 15.93 -

14.22 — 14.39-.45 11.59-.65 14.96-.35 15.42-.67 14.22-/67
14.22 — 14.48 — 14,83
15.52 — 15.95 — —

16c.

26—

1921.
S tock at L iv e r p o o l_________ b a l e s . l ,015.000
S tock a t L o n d o n ____________
2.0 00
S to ck a t M a n c h e s t e r -----. -------------74 ,000

1920.
95 7.00 0
12,000
10 4,00 0

19198 1 1.00 0
18,000
9 3 ,000

1918.
22 1.000
2 1 ,0 0 0
58,000

T o ta l G reat B rita in _____________ 1,091.000 1 ,0 73,00 0
S tock a t H a m b u r g ________________
18,000
S tock a t B rem en __________________
31 0,600
60,000
S tock at H a v r e ,
143.000
125,000
S tock at R o tte rd a m .
13.000
12,000
S tock a t B arcelona __
99.000
70 .000
S tock at G e n o a _____
90.000
32.000
S tock at G h e n t ____
20.000
31.000

9 1 7,00 0

29 5,000

183,000
5.000
74 .000
50 .000

109,000

31 2,00 0

133,000

T o ta l E u ropean s to ck s _____
1,714,600 1 .3 92.00 0 1.2 29.00 0
In d ia c o tto n a floa t for E u r o p e ___
64.000
10 5,COO
24 .000
A m erica n c o tto n a flo a t fo r E u rop e 194.371
392,421
154,642
E g y p t.B r a z il,& c . a flo a t fo r E u r ’e.
50.000
23 .000
86.000
S tock in A lexa n d ria , E g y p t . _
26 0,90 0
70.000
110,000
S to ck in B o m b a y , I n d ia _______
1093,000 1.256.000 1 .010.000
S to ck in U . S. p o r t s ____________
1,3 0 8 ,1 9 0
700,162
898,511
S to ck in U . S . in terior to w n s . _ 1 ,0 1 5 ,4 7 3 ' 79 4,24 4
63 3,33 4
U . S. ex p orts t o - d a y _ ^ _ ^ ^ _ _
27,169
42,021
9 ,6 1 8

42 8.00 0
17.000

T o ta l C on tin en ta l S to ck s .

6 2 3,00 0

3 1 9,00 0

18",666
6 ,6 0 0

122.000

43.000
203,000
*620,000
72 4,62 5
626,645
23,277

T o ta l v isib le s u p p ly _____
-5 .7 2 6 .2 0 3 4 ,5 0 4 ,6 6 6 4 ,4 2 5 ,2 8 7 2,8 7 7 ,5 4 7
O f th e a b o v e to ta ls o f A m erica n an d o th e r d escrip tion s are as follow s:
A m e r ic a n —
bales
L iv e rp o o l s t o c k ___
625,000
614,000
602,000
89,000
M a n ch ester sto ck
60,000
20,000
91,000
61,000
C on tin en ta l sto ck
553.000
260,000
276,000 *119,000
122,000
194.371
392,421
154,642
TJ. S. p o r t s t o c k s ________________ 1 .3 08.19 0
700,162
898,511
79 4,625
XT. S. in terior sto ck s___ '__________ 1,015.473
79 4,24 4
63 3,334
626,645
23,277
U . S. e x p orts t o ’d a y _____________
27 ,169
42,021
9,6 18
3 ,7 8 3 ,2 0 3 2 ,6 2 3 ,6 6 6 2 ,9 05,28 7 1,794,547
. B r a z il ^ & c .—
L iv e rp o o l s t o r k _________ _____
L o n d o n s t o c k ____________ ^____
M a n ch ester s t o c k ____________
C on tin en ta l s t o c k ________ -___
In d ia a flo a t fo r E u r o p e _____
E g y p t , B ra zil, & c. a flo a t ________
S tock in A lexa n dria , E g y p t ____
E a st In d ia n

T o ta l E a st In d ia , &c_

S ea son .

S h ip -

Stocks
. iu g .

W eek.

M o m m n t to

26.

Aug.

R e c e ip ts .

39 0.00 0
209,000
34 3,00 0
2.000
12,000
13,000
14,000
13,000
32 ,000
70.000
59 ,000
36,000
64,000
105.000
24,000
50 000
23 ,000
86,000
260,000
110,000
70 ,000
1,0 93,00 0 1,2 56,00 0 1,0 10,00 0

184
60
506
16 i
323
2,140

705
76
2,179
550
591.
7,486

W eek.

S h ip 
m e n ts .
W eek.

S ea sn o.

138
347
1,342
2,578
200
390
93

170
2,338
7,141
13,498
200
1,356
853

Home . _ _----La., Shreveport
Miss.,Columbus
200
Clarlcsdale__
63
Greenwood _
_
444
M eridian_
N a tc h e z _
_
39
44
Vicksburg _
Yazoo City.
33
12,432
\i<. . St Louis
N C . .Gr’nsboro
234
R aleigh____
217
Okla., Altus. _
330
100
Chickasha
()klahoma .
1 105
S. C ., Greenville
192
Greenwood
Tenn.,M em phis 8,308
Nashvillo___
T ex., Abilene. _
105
Brenham___
761
Austin b ____
1,559
D a lla s_
_
Honey Grove
H ou ston ___ 53,358

Paris

San Antonio .
Fort W orth . _

~666
89,018

900
401
733
120
101
332
57,828
663
472
1.187
2,652
9,820
484
29,701
347
869
6,257
173,167
402
4,060

213

4,127
4,228
3
581 25,01.6
244 14.91.3
10
355 5,202
6,022 40,14.7
71
1,000 50,322
1
1.027 3,547
386
20,781
110
3,129 19,437
609
600
5,575 90,503
810 10,708
J 1,072
150
667
525 5,688
2,000 50,957
1.425 ...........
2,200 34,000
898 26,316
15
722 11,882
407 3.876
288 7,762
412 8,187
14,797 27,638 4,317
84
183 5,104
37
251
250
1,035 7,302
265
288
227 7,340
12
3
3,834 14,759 1,547
275 7.724
15,216 232,185 3,342
1,130
—
830
694
129 3,502
1,500
483
191
4.497 25,883
300 3,000
208,097 38,187
50,628
124
70 6,091
760 1,448
148
1,983 12,259

8
15 L
29
.
1
387
415
3,274
3,168
407
212.
475
160
164
122
2
40
12,405
742
175
3,649
509
320
3,551
14,907

_

l ,099

620
______
90,055
1,237
1 ,830
2,331

1,334
370
4,955
334
39
804 2,245
275 15,346
25,110
998
392
1.50 14,3.80
91 1 1.2,305
2,240 44,651
3,004
324 9,400
110 3,029
23,000
, 0
1,000 39,000
1,000 17,000
1,154
180
2,150
______
_ _ 5,363
_
4,147
______
6,365 10,51I
125 3,642
48
50
94 8,664
1,212 5,962
088 2,622
357 11,828
a , / J1
8,177 259,739
979
1,119
1,875
637
495 4,000
009 16,025
300 2,399
23,738 208,024
436 12,813
811
1,742
|44 10,611
200

143,173 52,995 794,244

327,645 122.142 1015473 52,630

a Last year's figures are for Hugo Okla.
v ille .

27 1920.

* Last year's figures are for Clarks,
1
,

T h e a b o v e to t a ls s h o w th a t th e in te rio r sto c k s h a v e ded u rin g th e w e e k 3 3 , 1 2 4 b a le s a n d are t o - n i g h t 2 2 0 , o 2 .
b a les m o r e th a n a t th e s a m e tim e la s t y e a r .
T h e re ce ip ts a t
all to w n s h a v e b e e n 3 6 ,3 8 8 b a le s m o re th a n th e sa m e w e ek

crea sed

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , as m a d e
u p b y c a b le a n d te le g r a p h , is as fo llo w s .
F o r e ig n s t o c k s , as
w e ll as th e a f lo a t , are th is w e e k ’ s r e tu r n s , a n d c o n s e q u e n tly
all fo re ig n fig u r e s are b r o u g h t d o w n to T h u r s d a y e v e n in g .
B u t to m a k e th e to t a l th e c o m p le te fig u r e s fo r t o -n ig h t
( F r i d a y ) , w e a d d th e ite m o f e x p o r ts fr o m th e U n it e d S t a t e s ,
in c lu d in g in it th e e x p o r ts o f F r id a y o n ly .
A u gu st

W eek.

Al t, lUrni'gTii.a
Lufaula
Montgomery
Selm a______
Ark., Helena.
Little iiock
Pine lsiurr
Ga., Albany.
Athens_____
Atlanta____
Augusta___
Columbus

ao
en

W eek.

13.78 -

12.80 - 13.03- 11 13.55 — 13.58-73 14.00-71 14.55
12.89 — 13.39 — 13.55 - 13.90 - 14.71 — 15.15 -

1 i 29

R e c e ip t s .

T ow n s.

ContCt. Total.

20 1921.

-

Steady ____
. Strong___ — _ Steady
- .
Steady, ll) pts adv Strong _ - ____
M
teatt y . S5 p U . ad v . Very steady__
jSteady, 30 p ts. adv. Strong___ ____
Q uiet, 10 pts. adv
Steady, 50 pts. adv
iSteady. 15 p is. adv

Total. ,.

A ny.

• C
o

973

132,000
21,000
33,000
*14,000
17.000
43,000
203,000
*620,000

1,9 43,00 0 1.881,000 1,520,000 1,083,000
3 ,7 8 3 ,2 0 3 2 ,6 2 3 ,6 6 6 2,9 05,28 7 1.7 94,54 7

____ 5 ,7 2 6 .9 0 3 4 ,5 0 4 ,6 6 6 4,4 2 5 ,2 8 7 2 ,8 77,54 7
T o t a l v isib le su p p ly .
2 5 .10d
2 2 .4 9 d .
9 .6 1 d .
M id d lin g u plan ds, L iv e r p o o l____
19 .10d .
8 6 .5 0 c.
3 2 .0 5 c.
33 .5 0 c.
15 .30c.
M id d lin g u plan ds. N ew Y o r k ____
3 3 .9 2 d .
3 2 .5 0 d .
7 0 .0 0 d .
E g y p t g o o d sake!. L iv e r p o o l------- 18 .25d.
39.00d.
41.00d.
2 9 .5 0 d .
P e r m ia n , rou g h g o o d , L iv e r p o o l- lO.OOd.
2 4 .7 5 d .
1 8 ,6 0 d .
19.60d.
8.8'XL
B roa ch , fin e, L iv e r p o o l__________
2 5 .0 0 d .
20.l0d.
1 8 .®
9.3 0d .
T in n e v e lly , g o o d , L iv e r p o o l_____
* E stim a ted .

C o n tin e n t a l im p o r ts fo r p a s t w e e k h a v e b e e n 1 0 0 ,0 0 0 b a le s .
T h e a b o v e fig u res fo r 1 9 2 1 sh o w a d e crea se fr o m la s t w e e k
o f 6 1 ,8 7 0 b ales , a g a in o f 1 ,2 2 1 ,5 3 7 b a le s o v e r 1 9 2 0 , a n excess
o f 1 ,3 0 0 ,9 1 6 b a le s o v e r 1 9 1 9 a n d a g a in o f 2 ,8 4 8 ,6 5 6 b a le s o v e r
1918.

la s t y e a r .
O VER LAN D M O V E M E N T FOR TH E W E E K AN D
S I N C E A U G . 1 .— W e g iv e b e lo w a s ta t e m e n t sh o w in g th e
o v e r la n d m o v e m e n t fo r th e w e e k a n d sin ce A u g . 1 , as m a d e
u p fr o m te le g r a p h ic r e p o r ts F r id a y n ig h t .
T h e re su lts tor
-1 9 2 0 -

1921--------W eek.

S in c e
A u g . 1.

W eek.

S in c e
A u g . 1.

.1 4 ,7 9 7
4 ,4 8 6
216
_ 1,615
] .986
4 ,8 1 3

6 3 ,8 9 8
11.797
682
4,3 13
8,721
29 ,282

6,3 65
2,592
80
491
795
1,633

16,102
11,851
307
1,165
4,4 71
8,689

..2 7 ,9 1 3

118,693

11,946

42,585

749
498
5,2 14

7,0 3 6
2,0 7 5
16,193

1,932
402
2,143

9,117
1,211
5,213

. 6,461
T o t a l to b e d e d u cte d ------------------ 6,461

25 ,304

4,477

15,541

..2 1 452
L ea v in g to ta l n et ov erla n d * ------------ 21 452

93 389

7,479

27,044

A u gu st
S h ip p ed —

V ia
V ia
V ia
V ia

26—

R ock Is la n d -------------L o u is v ille -----------------V irgin ia p o n ts ----------oth er rou tes, & c ------

T o ta l gross o v e rla n d —
D e d u c t S h ip m e n ts —

O verlan d to N Y . , B ostoi
B etw een in terior t o w n s ...
In la n d , & c ., fr o m S ou th .

* In clu d in g m o v e m e n t b y rail to C anada.

T h e fo r e g o in g s h o w s th e w e e k ’ s n e t o v e r la n a m ov e m e n t
h a s b e e n 2 1 ,4 5 2 b a le s , a g a in st 7 ,4 7 9 b a le s fo r tn e w e e k la st
y e a r , a n d t h a t th e s e a s o n to d a te th e a g g re g a te d n e . o v e r 
la n d e x h ib its a n in c re a se o v e r a y e a r a g o o f b b ,3 4 o b ales ----------- 1921-----— ^

-----------1920-

S in c e
A u g . 1.

W eek.

S in c e
A u g . 1.

91.711
21,452

30 3,252
93 ,389
26 5.000

37,3S6
7,479
72 ,000

122,945
27,044
283.000

T o ta l m a rk e te d ------ - _________ 177,163
In terior sto ck s In excess

661,641
a.101,765

116,865
*365

432,989
o:65,697

C a m e in to sigh t during: w e e k ___144,039
T o ta l in su g h t A u g . 26

55 9,876

N o r . sp in n ers’ takin gs to A u g . 2 6 - 39 .085

I I S 041

In

S ig h t a n d S p in n e r s '
T a k in g s.

R eceip ts a t p o r ts to Aug. 2 6 -N e t ov erla n d to A ug. 2 6 --------

W eek.

* D ecrease d u rin g w ee*, x Less th a n A u
su m p tion ; takin gs n o t av ailable.

116.500

1.

a

19,193

367,292
115,948

T h ese figures are co n -

M o v e m e n t in t o s ig h t in p r e v io u s y e a rs
W eek—

B a le s.

Smce Aug l —
A~ ~

1919— Aug*. 2 9 ________________ 90 ,485 1919— A u g . 2 9 ------------------------gJJA O b
.1 4 1 ,9 2 1 1918— A u g . 3 0 __________ - - - 532.580
1918—-Aug 3 0 .
-1 9 7 ,1 8 9 1911 -A ug . 3 1 ------------- ---------- 6 4 7 ,1 2 c
1917— Aug 3 1 -

W EATHER

REPORTS

BY

TELEGRAPH.
_

-Tele-

g ra p h ic a d v ic e s to u s th is e v e n in g fr o m th e S o u th in d ica te
th a t d r o u g h ty c o n d itio n s a n d h o t w e a th e r h a v e p r e v a ile d
in th e S o u th w e s t d u r in g th e w e e k a n d th ere are c o m p la in ts
o f fu r th e r d e te r io r a tio n a s a resu lt th ereo f in T e x a s .
T E X A S . — General.— C o t t o n
h a s d e te rio ra te d
in m o st
s e c tio n s .
It is p u tt in g o n b u t little new fruit a n d there are
m a n y c o m p la in ts o f sh e d d in g a n d p r e m a tu re o p e n in g d u e
to d r o u g h t a n d h e a t.
T h e c o n d itio n o f c o t to n m ostlv rather
poor.
W e e v i l d e c rea sin g a n d d a m a g e still m o d e r a te .

THE CHRONICLE

\ ttg. 2 7 1921.1

'Thermometer
Rain ■ Rainfall.
O
high 90 low 70 mean H
dry
high 100 low 72 mean ho
dry
high 101 low 70 mean 85
dry
1 day
0,02 in, high 90 low 70 mean H3
high 10 i low 73 m ean J '.
dry
high 102 low 70 mean H9
dry
high 105 low 70 moan H7
dry
high 99 low f>
dry
H mean 78
high 105 low 05 moan 85
dry
high 99 low 70 mean 84
dry
O
1 day
0 42 in. high L O low 7 I mean H5
il mean H5
2 days 0.19 in high 104 low O
high 100 low 72 mean 80
dry
H low 70 mean 89
high IO
dry
high 100 low 72 mean 80
dry
dry
low 70
h'gh 103 low 72 mean 87
dry
high 100 low O
H mean 87
dry
high 105 low 00 mean 85
dry
high L04 low 7 I moan 87
dry
Ivizh 101 low 71 mean 80
dry
2 days 3.01 in. high 10.1 low 67 mean 84
dry
high 103 low 66 mean 84
.1 day
0 03 in. high 97 low 73 mean 85
Pine Bluff
dry
high 101 low 7 1 mean 86
Alexandria, L a _
_
..1 day
1.65 in high 102 low 72 mean 87
Amite
3 days 1 25 in. h igh 97 low 68 mean 83
o days 1 21 in.
_
______ _ ___ mean
S h rev ep ort__
dry
high 101 low 75 mean 88
Okolona, Miss
dry
high 102 low 08 moan 85
C olu m b u s___
dry
high 103 low 07 mean 85
G reen w ood _
_
dry
high 100 low 09 mean 84
V ick sbu rg --------------------------- 11 day
0.41 in
high 96 low 70 mean 83
M obile, A l a — C otton opening rapidly. Picking is well up. The weevil is
damaging young co tto n ._ _ 2 days 0.23 in. high 99 low 74 mean 86
D ecatur_________________ __
dry
high 95 low 65 mean 80
M ontgom ery_______
__
dry
high 97 low 68 mean 82
Selma
_ ..
__ __1 day
0.75 in.high 96 low 66 mean 81
Gainesville, Fla__ ____ ...2 days
0.15 in.high 98 low 64 mean 81
M adison --------------------------------2 days
0.24 in. high 99 low 65 mean 82
Savannah, G a------------------------- 2 days 4.27 in
high 96 low 68 mean 82
A thens---------------------------------- 1 day 0 36 in.
high 95 low 62 mean 79
Augusta------------------------------------- 3days 0 23 in. high 97 low 68 mean 82
Columbus
------------------------ 4 days 3 39 in
high 99 low 6
mean 83
Charleston, So. C a ro__________ 1
day 0 34 in
high 9 ” low 66 mean 80
>
G reen w ood -------------------------------- 3 days 2.53 in . high 93 low 61 mean 77
C o lu m b ia ---------------------------------- 3 days 0.90 in.
low 62
Conway
--------------- X day 0 08 in
high 97 low 58 mean 78
Charlotte, N o. C a ro__________ 1day 0 33 in.
high 92 low 60 mean 76
New h ern___________________
dry
high 92 low 56 mean 74
W e ld o n _________________~“ II
dry
high 99 low 50 mean 75
D yersburg, T enn_______ I
dry
high 100 low 65 mean 82
M em phis______________
dry
high 97 low 72 mean 84
Galveston, Tex
Abilene Branham
Urownsvillo( Juero
Dallas
Henrietta.
ICerrvIl©
Lampasas
Longview
Lull tig
N acogd och es..
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Mins
Muskogee
Oklahoma C ity , _
Brinkley, Ark
Eldorado
Little R ock ____

The following statement we have also received by tele
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans--------------------------- A bove
M em ph is----------------------------------A bove
N ashville--------------------------------- A bove
Shreveport------------------------------- A bove
Vicksburg---------------------------------A bove

zero
zero
zero
zero
zero

Aug. 26 1921
Feet.
o f gauge.A 6
o f gauge.
12.6
o f gauge.8.9
o f gauge.7.9
o f gauge.
17.0

ANGLO-SOUTH AMERICAN BANK,

16.7
22.5

HENRY CLEWS & CO.,
REINHART & CO.,
GOSHO COMPANY,
BOND, McENANY & CO.,
REYNOLDS & GIBSON,
McFADDEN. SANDS & CO.,
VOLKART BROTHERS,
A. WOLFF & CO.,
A. A. HOUSMAN & CO.,
ALEXANDER SPRINT & SON,
MOYSE & HOLMES,
SANDERS, ORR & CO.

SCHEFFER. SCHRAMM & VOGEL,
PARKER. WILDER & CO.,
DEERING, MILLIKEN & CO.,
WILLIAM WHITMAN CO., INC.,
HUNTER MFC. & COMMISSION CO.
WEST, BAKER & CO.,
M. KEINEMAN & CO.,
JAMES TALCOTT, INC.,
FRANKLIN PROCESS CO.
AM DRY, BROWNE & CO.

E G Y P T IA N C O T T O N C R O P .— The Commercial Co.
of Egypt, (no., Boston, lias the following by mail from
Alexandria under date of July 29.
Clim atic conditions have again been about normal. T he leaf worm is
no longer heard o f
The pink boll worm, which is the greatest enemy o f
the crop, has now appeared and the final results will be, to a great extent,
dependent upon the ravages o f this pest. Reports received this week state
aelm jtoly that, the water supply during the last two months has not been
adequate tor the requirements o f all districts and the plants in a good many
fields have suffered appreciable damage.

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M ARKETS.
Week ending
August 26.
Galveston____
New Orleans
M obile
Savannah
Norfolk
Baltimore
Philadelphia
A ugusta
M cm ph is
Houston
Little Rock

Dallas

Fort Worth

Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursday, Friday.
12.80
12.00
11.25
J2.00
11.88
12.75
13.35
J2.13
12.00
32.35
1 1.25
i 1.40
1 1.40

13.25
12.50
11.50
12.50
12.25
12.75
I 3.85
12.63
12.25
J2.85
i 1.50
12.00
1 1.90

13.45
13.00
12.00
12.88
12.63
13.25
14.00
12.82
12.25
13.00
J2.00
12.15
12.10

13.75
13.13
12.25
13.25
12.75
13.25
14 .40
13.13
12.50
J3.40
12.00
J2.50
12.45

14.50
14.13
13.00
14.00
13.75
13.75
15.25
34.00
13.25
11.25
l 3.00
13.30
13.30

Saturday, Mondo//, 'T
ed’day, 'T u
uesday, W
h rsd'y, Frida<
/.
Aug 20. Aug 22. Aug. 23. Aug. 24 Aug 25. Aug 26.
13.03
1 1
,2 ,7
12.67
13.32
14.53
12.65-.68 13.15 .18 13.51 .55 13.80.88 14.68-.72 14 .93 .98
13.03 .05 1
3.49-.50 13.82
14.10
J4.9J-.94 15.1 5 .17
13.11 .15 13.60 03 13.93-96 14.24 30 15.00 .03 15.25 .30
1
3.22 .23 13.09
14.00
11.34
15.05 .10 15.33 .
13.38
14.10 15 J 2
13.79
4.4
15.15 .17 15.37-.—
Firm
Steady Steady
Stead v
Firm
Steady
Steady Steady Steady Steady Steady
1
(

A M O U N T IN S IG H T .— Supplementary to our Annual
Cotton Crop Report, and in response to various requests,
we give below a table showing the amount which came
into sight during each month of the cotton season 1920-21.
For purposes of comparison, similar results for the two
preceding years are appended.
Months—
1 92 0-21 .
A u g u s t ________
.....b a les
4 3 7 ,0 6 0
o p t e m b o r_
_ ___________
8 8 3 ,4 3 0
O c t o b e r ____ _ _ _ ___________ 1 ,6 4 4 ,9 3 0
N o v e m b e r _____ ___________ 1 ,7 3 1 ,5 1 0
D e c e m b e r . _ . .................
1 ,4 0 7 ,7 0 9
J a n u a ry .......... . ___________
9 2 9 ,9 7 7
F e b ru a ry
___________
7 4 2 ,6 1 7
M a r c h ___
___________
6 7 8 ,0 )7
A p r il
___ ___________
7 5 1 ,3 6 5
M a y _____
___ ___________
9 9 4 ,7 0 5
___________
7 2 5 ,3 1 7
J u l y ___________ ___________
6 4 8 ,4 8 3
D e d u c tio n s * __ ___________
2 3 0 ,0 2 0

14.85
14.50
13.50
14.38
14.00
14.75
15.55
14.38
13.50
J4.60
13.00
13.65
13.65

1 9 1 9 -2 0 .
3 83 ,39 1
7 4 5 ,3 8 0
1,764,991
1 ,9 7 0 ,8 0 3
1 ,6 4 9 ,4 4 9
1 ,3 6 5 ,6 7 4
1 ,1 3 8 ,6 6 9
9 4 3 ,7 1 4
7 4 4 ,8 5 8
5 9 3 ,7 4 3
4 8 9 ,8 9 3
4 2 3 ,1 8 7
a 3 ,8 0 0

191 8-19 .
5 5 5 ,1 9 9
1 ,1 4 6 ,4 1 0
1 ,6 14 ,2 15
1,39 5,25 3
1 ,26 3,98 0
1 ,12 1,50 3
8 4 7 ,1 8 7
8 0 9 ,3 6 2
6 6 9 ,1 4 5
7 4 2 ,7 3 8
7 5 5 ,4 3 9
6 1 5 ,3 7 9
a 6 6 ,8 2 4

191 7-18 .
6 7 1 ,1 2 5
1 ,17 1,32 7
2 ,05 3,09 1
J,81 6 ,2 J J
1 ,4 5 5 ,3 1 2
1 ,0 7 4 ,5 3 8
7 87,301
8 5 6 ,9 0 5
6 4 3 ,4 1 8
6 2 0 ,5 0 3
5 6 0 ,4 7 9
3 8 7 ,5 0 5
1 89 ,41 9

1 2 ,2 1 7 ,5 5 2
T o t a l c o m m e r c ia l c r o p . 1 1 ,3 5 5 ,1 8 0
1 1 ,6 0 2 ,6 3 4
1 1 ,9 0 8 ,2 9 6
* D e d u c tio n s in c lu d e a ll c o r r e c tio n s in p o r t r e c e ip ts a n d o v e r la n d , m a d e

at the close o f the season, as well as the excess in Southern consumption,
as shown by the actual results. This total is increased or decreased by
interior town stocks, a Additions.

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1921.

C o tto n T a k in g s.
W eek a n d S eason .

Week.

18.0

12.6

Also:
H A G E D O R N Sc C O .,

August
()ctobop
1loi-em
ber
January
March
May
/ o to
n
Spot__
Options —

6.6

Also the cards of a number of the leading dry goods com
mission merchants and mill selling agents in the countrv.
Those represented are:
WOODWARD, BALDWIN & CO.,
RILEY, WATTS & CO.,
GATLIN & CO.,
L. F. DOMMERICH & CO.,
J. P. STEVENS & CO.,
H. A. CAESAR & CO.,
BLISS, FABYAN & CO.,
WILLIAM ISELIN & CO.,
CONVERSE & CO.,

N E W OKI JOANS G O N T RACT M A R K ET. T lie cl ohing con tracts ii i the N< \ Orlei U COting quot< il ion 3 for lent 1
v
IH
or
ton marl cets 1 tlie |ast v/oo !c have 1
>oen as oIIowb:

Aug. 27 1920.
Feet.

C O T T O N CRO P R E P O R T .— In our editorial columns
will be found to-day our annual Review of the Cotton Crop.
The report has been prepared in circular form, and the cir
culars may be had in quantities with business card printed
thereon.
Special business cards of the following representative
cotton commission and brokerage houses of New York and
other cities will be found in the advertising columns of this
lo c m n
Ii a
issue of Ithe “ Chronicle .
HUBBARD BROS. & CO.,
GEO. H. McFADDEN & BRO.
ANDERSON, CLAYTON & FLEMING
ROBERT MOORE & CO.
HENRY HENTZ & CO.,
HOPKINS, DWIGHT & CO.,
J. S. BACHE & CO.,
STEPHEN M . WELD & CO.,
GWATHMEY & CO.,
CORN, SCHWARZ & CO.,
H. & B. BEER,
JOHN F. CLARK & CO.,
E. P. WALKER & CO.,

«ra

1920.

| Season.

Visible supply Aug. 19 _ .
5 788,073
Visible supply Aug. 1
American in sight to Aug. 26___
144,039
Bom bay receipts to Aug. 25____
535,000
52.000
Other India shipm ’ ts to Aug. 25
Alexandria receipts to Aug. 24-_
53.000
Other supply to Aug. 24 *_
53.000

Week.

Season.

4,624,902

5,975,112

6,870,126 4,771,402

5,442,549

5,726,203

T otal supply
Deduct—
Visible supply Aug. 26

2,666

4,946,257
367,292
82,000
25.000
1,000
11.000

5,726,203 4,504,666

4,504,666

6,111,250
559,876
155,000
7,000
17.000
20.000

116,500
24,000
4,000

T otal takings to Aug. 26_a____
937.883
266.736
248.909 1,143,923
O f which American
728.883
160.736
859.923
196.909
O f which other
209,000
106,000
284.000
52.000
* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
a This total embraces the total estimated consumption b y Southern mills
265,000 bales in 1921 and 283,000 bales in 1920,takings not being available
— and aggregate amounts tekan b y N orthern and foreign spinners, 878,923
bales in 1921 and 654,883 in 1920, o f which 594,923 bales and 445,883
bales American, b Estimated.

B O M B A Y C O T T O N M O V E M E N T .— The receipts of
India cotton at Bombay for the week ending Aug. 4 and fo
the season from Aug. 1 for three years have been as follows
1921.
A ugust 4 .
Resell.is at—
TYeek.

Bombay_________________

1920.

Since
Aug. 1.

For the W eek.
E xports
from —

Bombay—
1921____
1920__ __
1919
_
Other India1921_____
1920
_
1919 ___
Total all—
1921 _
1920.___
1919____

Since
A u g . 1.

W eek.

20.000 18.0C0

39.000

1919.

18.000 48.000
Since A ugu st

Great
Conti Japan&
Britain. nent . C h in a . T ota l.

Great
B ritain.

20,000 20,000
4.000 17.000 1,000 22,000
1.000 7.000 44,000 52,000

Conti
nent .

Total.

12,000
1,000
44,000

12,000
18,000
52,000

1.000

1,000

” 6 ,666
2,000

22,000
8.000

12,000
1,000
45.000

12,000
24,000
5-1,000

1,000

" 6,666
2,000

" T ogo

’ 5",666

20,000 20,000
5.000 22,000 1,000 25.000
1.000 8,000 45,000 54.000

1,000
1,000

1,000

48.000

1.

J apan &
C h in e .

17,000
7.000

i ,666 " Y,666
1.000

Since
A ug. 1 .

W eek.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following are the receipts and shipments for
the week ending Aug. 3 and for the corresponding week
of the two previous years:
Alexandria,, Egypt,
August 3.
Receipts (cantars)—
This week_____
Since Aug. 1_.
Exp arts (ha les)—
To
To
To
To

L iverp ool__________ _
Manchester, &c Continent and India

America_______

1921.

1920.

45,000

1919.

5,668
5,668

7,000
3,500

Since
Week. Aug. 1.

Since
Week. Aug. 1.

6,250
500
1,750
J ,500

2,500
4,250
500
500

—

______________

Since
Week. Aug. 1.
580

580

3", 751

3,751

Total exports-10,000 _____________ 7,750 —
4,331
4,331
N ote.— A cantar is 99 lbs
Egyptian bales weigh about, 750 lbs.
This statement shows that the receipts for the week ending Aug. 3 were
45,000 cantars and the foreign shipments 10,000 baels.

974

THE CHRONICLE

M A N C H E S T E R M A R K E T . — O u r re p o r t re c e iv e d b y
ca b le to -n ig h t fro m M a n c h e s te r states that th e m a rk e t is
ste a d y fo r b o t h y a rn s a n d clo th s in co n s e q u e n c e o f L iv er
p ool new s.
VVe g iv e p rices fo r to -d a y and le a v e th ose fo r
p r e v io u s

eks

o f

t iis

an d

ast

ye a r

c o m p a r is o n :

fo r

32 s Co p
T w ist.
J u ly
i
H
15
20
A Ug
5
12
m
26

d
17
i7 a
17 V*
17
17
iah
16 H
16 U

(&
<$
(Si
(&
)
<>
£
<&

d.
19
1 9 ',
lOiV*
19
19

8. d .
15 9
15 9
15 9
!5 9
15 0

@17
@17
@ 17
<& L7
@17

19
18 Vi,
l
18

15
15
15
15

@ 17
@ 17
@ 1 ft
@ 16

9
ft
6
3

s. d .
3
3
0
0
0
0
0
6
6

Cot ’n
M id.
Upt'S

3 23 Co p

8 k* tbs . Shi rtlu g s ( 'o m m on

Cot' n
M id.

Twist

to F i n e s t .

U pTs

d
7 .2 5
7 81
8 .1 9
8 .2 8
788
8 .4 9
8 64
8 .4 7
9 .0 1

54
52 H
50
4 ft %

d.
71
74
69
70
09

d.
50
49 VS
48
50
19
@
@

70
69
67
ft4

a. d
4U 6
40 0
40 0
40 0
39 ft
39
38
38
37

ft
ft
d
ft

@44
@43
@43
@42
@ 42

a. d .
0
0
0
6
0

@42 0
@ 41 0
@40 6
@40 0

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

S H I P P I N G N E W S . -S h ip m e n t s in d e t a il:
Total bales.
NEW Y O R K — To Liverpool -Aug. 10—-Albania, 150____________
150
T o Oporto— Aug. 22 steel Engineer, 400-- ________________
400
T o Barcelona Aug. 22— Steel Engineer, 450------------------------450
To Piraeus— Aug. 19— Winona, 337_________________________
337
GALVESTON To Liverpool— Aug. 23— Memphis City, 7,622—
Aug. 25— Inventor, 12,845-. _____________________________ 20,46 7
To Manchester— Aug. 20— Domingo lie Larrinaga, 1,255 . ----- 1,255
To Havre
tug. 20— Western Hero, 0 ,8 5 5 .__________________
9,855
To Bremen
Vug. 23 Hogland, 1,902_ Aug. 24— Radnor
_
shire, 2,085-------------------------------___________________________ 3,987
T o Rotterdam- Aug 24— Radnorshire, 100___________
100
To Antwerp- Aug. 20— Western Hero, 100__________________
100
To Hamburg Aug. 23— llogland, 100----------------------------------100
T o Ghent— Aug. 19— Burgundier, 7 0 0 - Aug. 20— Western
Hero, 940_________________________________________________ 1,640
To Barcelona— Aug. 25— Mar de Irlanda, 8,000______________ 8,000
HOUSTON— To Bremen— Aug. 23— Macomet, 8,304_____________ 8,304
To Hamburg— Aug. 23— M accm et, 754______________________
754
NEW ORLEANS— To Liverpool— Aug. 19-—Alexandrian, 9,196
9,196
T o Bremen—Aug I v Brakar, 100 ________________________
)
100
To Hamburg— Aug. 22— Amassia, 882________________________
882
T o Rotterdam— Aug. 19— Westland. 200_____________________
200
T o Genoa— Aug. 19— American Press, 3,736_________________
3,736
To Leghorn— Aug. 19— American Press, 600_________________
600
To Venice— Aug. 22— Kossuth. 900__________________________
900
To Japan— Aug. 24— Scotland Maru, 2,075__________________
2,675
SAVANNAH— T o Liverpool- Aug. 19— Hillsborough County,1,298 1,298
To Bremen—Aug. 19— Warkworth, 4,267________ ______ ____ 4,267
To Rotterdam- Aug. 25 ••Johnson City, 2,200_______________ 2,200
To Gothenburg— Aug. 25—-Stureholm, 150___________________
150
To China— Aug. 22— Harold Dollar 500____________________
500
CH ARLESTO N — T o Liverpool— Aug. 25— Chattanooga, 2 ,0 2 3 --- 2,023
T o Hamburg— Aug. 13— Magmeric, 2,750___________________
2,750
To Barcelona— Aug. 20— Bethlehem Bridge, 1,400___________
1.400
W ILM IN G TO N — To Bremen— Aug. 10— Wekika, 5,300_________
5,300
NORFOLK— To Liverpool— Aug. 20— Quaker City, 1,600_ Aug.
_
26— Barrymore, 1.851_____________________________________
3,451
To Bremen— Aug. 25—East Cape. 2.942______________________ 2,942
To China— Aug. 24— Colombia, 500_________________________
500
50
B A LTIM O RE— To Havre— Aug. 15— Breiz Izel, 50______________
To Barcelona— Aug. 23— West Lashaway, 100_______________
100
SAN FRANCISCO—T o Japan— Aug. 23—-Shinyo Maru, 728_____
728
LOS ANGELES—T o .Japan— Aug. 20— West Carmona, 4,125____ 4.125
To China— Aug. 20— West Carmona, 900___________________
900
SEATTLE— To Japan— Aug. 23— Takushima Maru, 893_________
893

M on.

S a t.
A u g . 20
to
A ug.
.

A u g u s t _________
S e p t e m b e r ____
O c t o b e r _______
N o v e m b e r ___
D e c e m b e r _____
J a n u a r y _______
F e b r u a r y . ____
M a rch
_____
A p r il.
M a y ...........- .......
lUIK!
J u ly , -

T lie s .

W ed.

T h u rs.

Fri.

12

4
4
12%
4
12 %
4
12 %
% 1 2 % 12 M
12%
p . m p . m . p. m p . ill. p . in . p . m . p . m . p . m . p . m 1). m . 1>. m p. m .

d.
tbs. S h i n iUQH , C o m m o n
to F i n e s t .

«%

113.

I’ he prices o f fu tu re s at L iv e r p o o l fo r ea ch d a y are g iv e n
b e lo w :

26

1 92 0 .

1 02 1 .

[ V ol.

d.

IIO LI
DAY

d.
8 .7 0
8 .6 9
8 .7 5
8 .7 b
8 .8 4
8 .8 6
8 .8 0
8.0ft
8 .0 7
8 .0 0
8 .0 .
8 .07

d.
8 .7 5
8 .7 5
8.81
8.87,
8 ,9 0
8 .91
8 .9 4
9 .0 l
9 .0 1
0 .0 t
0 .0 2
0 .0 2

d.
S .03
.8.02
8 .9 8
0 .0 J
.
0 .0 5
9 .0 6
9 .0 9
9 .1 1
9 .1 5
0.1ft
0 .1 4
9 .1 4

(1.

d.

0 .0 8 0 .1 0
9 .0 7 0 .1 0
9 .1 3 0 ,1 5
0 .1 5 9 .1 5
9.1 8 9 .1 !)
9,1 9 0 .2 0
9 .2 2 9 .2 2
0.2t
9 .2 6
9 .2 7 9.2ft
0 .2 8 9 .2 7
0 .2 7 9 .2 4
0.2ft 0 .2 5

d.
9 .2 0
9 .2 1
9 .2 5
9.2<
0 .3 0
9 .2 0
0 .31
0 .3 6
0 .3 f
0 .3 7

9 .3 2
9 .3 3

d.

d.

d.

9 .48
9 .5 0
0 .5 2
0 .5 2
0 .5 ;
0 .5 3
9 .5 '1
9 .58
0 .5 7
0.5ft
0 .6 3
9 .5 0

0 5
O.ftft
0.(>8
9 .0 7
9 .6 0
O.ftft
9 ,0 6
9 .6 6
9 .04
9 .6 2
9 .5 8
9 .5 7

9 .8 1
9.7(1
0.81
9.81
9.31
9 .7 8
9 .7 8
9 .7 8
9 ,7 5
9 .7 2
9 .6 9
9 .0 7

.ft

d.
loot

10 0 4
1 0 .0 4
1 0 .0 3
10.0 6
0 .9 0
9 .9 8
9 .9 7
9 .9 4
9 .9 1
9 .8 8
9 .8 7

RREADSTUFFS

Friday Night, Aug. 20 1921.
F lo u r has been in so m e w h a t h o tter d em a n d a n d ra th er
fir m e r, w ith w h eat h igh er. E u ro p e has b een b u y in g m o re
fr e e ly .
It has been ta k in g th e lo w e r grad es. E n g la n d has
b o u g h t ra th e r fre e ly b o t h o f A m e rica n a n d C a n a d ia n flo u r
fo r fo r w a r d sh ip m e n t up to O c to b e r .
T h is business h as fo r
th e m o s t part b een in th e b e tte r g ra d es.
A lso, h o w e v e r ,
there h as b e e n a g o o d e x p o r t d e m a n d fo r the low er g ra d e s
fr o m the M e d ite rr a n e a n p o rts.
A t th e p resen t tim e th ere
seem s to b e n o b u y in g fo r R u ssia . I t is u n d e rsto o d , h o w 
e v e r , th a t co n sid e ra b le flo u r h e ld a t D a n zig a n d H a m b u rg ,
f o r w h ich b u y e rs h a v e lo n g b e e n so u g h t, a n d w h ich has b oen
h e ld , it is su p p o se d , w ith som e d iffic u lt y , w ill b e u tilized in
su p p ly in g R u ssia th ro u g h the H o o v e r C o m m issio n . R a th e r
lib era l sales o f s o ft w in te r w h e a t stra ig h ts h a v e b een m a d e
here f o r e x p o r t.
D o m e s tic tra d e , o n th e o th e r h a n d , has
still b e e n ra th e r slo w , as m a n y b e lie v e th a t w h ea t p rices
w ill seek a lo w e r level b e fo r e lo n g u n d er th o p ressu re o f a b ig
c r o p m o v e m e n t a n d h e a v y h ed g e sellin g.
In su ch c irc u m 
stan ces d o m e stic b u y e r s a re in clin e d to adh ere to th e p o lic y
o f p u rch a sin g o n ly fr o m h a n d to m o u th .
M ill cen tres, h o w 
e v e r, d ecla re th a t tra d e is m ore a c tiv o .
In S e p te m b e r, it is
sa id , som e 2 0 0 ,0 0 0 barrels w ill b e sh ip p ed to S o u th e rn
E u r o p e , a n d p o ss ib ly so m e th in g like 100 ,00 0 b arrels to th e
U n ite d K in g d o m a n d N o r th e r n E u r o p e .
L a te r o n th e e x p o rt
d e m a n d in crea sed a n d th ere w as a lso a so m e w h a t b e tte r
h o m e tra d e.
W h e a t a t o n e tim e w a s d ep ressed u n d er th e b ig cr o p m o v e 
m e n t a n d large sellin g fo r h e d g e a c c o u n t.
B u t e x p o rt
d o m a n d w as ste a d y a n d th e fa c t th a t o n th e 2 2n d in sta n t a
b ill p a ssed th e H o u se o f R e p r e s e n ta tiv e s a t W a s h in g to n
a u th o r iz in g th e W a r F in a n c e C o r p o r a tio n to use $ 1 ,0 0 0 ,0 0 0 ,0 00 o f its fu n d s in fa c ilita tin g th e m a rk e tin g o f fa r m e r ’ s
Total__________ ________________________________ _________107,825
cr o p s in fo r e ig n co u n tr ie s ca u se d an u p w a rd tu rn .
It
T h e p a rticu la rs o f th e fo re g o in g sh ip m en ts fo r th e w eek , w a s p o in te d o u t th a t th e v is ib le s u p p ly d ecrea sed last w e e k
a rra n ged in ou r usual fo r m , are as fo llo w s :
9 2 5 .0 0 0 b u sh els in sp ite o f th e re c e n t b ig cr o p m o v e m e n t ,
Great
G e r - -O th e r E u r o v e so m e th in g w h ich m a d e it p la in e n o u g h th a t th ere is a b ig
Total
B r ita in . F r a n c e . m a n y . N o r t h . S o u th . ,J a p a n . C h i n a .
T h e e x p o r t s th is season in d eed
New York-_
150
1,337 c o n s u m p tio n g o in g o n .
1,187
Galveston
45,504 are o n ly a little s h o r t o f th e h ig h e st o n r e c o r d .
-21,722 9.855 4,087 1,840 8,000
E u ro p e it is
Houston___
9,118
9,118
New Orleans . 9,196
18,289 b e lie v e d w ill w a n t la rg e q u a n titie s o f A m e rica n w h e a t.
200 5,236 2,675
982
_
Savannah_ - 1,298
500
8,415 T h e p re se n t v isib le s u p p ly is 3 8 ,5 5 2 ,0 0 0 b u sh e ls a g a in st
4,267 2,350
1.400
Charleston . 2,023
6,173
2,750
1 8 .7 9 3 .0 0 0 a y e a r a g o .
O n th e 2 2 n d in s ta n t e x p o rte rs t o o k
W ilmington5,300
5,300
1 ,0 0 0 ,0 0 0 b u sh els it is e s tim a te d o f b o t h w h e a t a n d c o r n ,
Norfolk_____ _ 3,451
6,893
500
2,942
Baltimore__
150 o n th e 2 4 th 1 ,0 0 0 ,0 0 0 b u sh els m o r e o f w h e a t.
50
100
B ut un
Sail Francisco ___
128
728
Los Angeles.
4.125
900
5,025 d o u b t e d ly th e m a rk e t h as fo u n d it n o ea sy m a tte r a t tim es
S eattle_____ ............
893 to m a k e h e a d a g a in st th e b ig c r o p m o v e m e n t .
—
—
893
—
—
P e o p le a re
T o ta l.. _ 37,840 9,905 29,446 4,490 15,823 8,421 1,900 107,825 a fr a id o f in cre a se d o ffe r in g s o f n ew sp rin g w h e a t a t th e
N o r th w e s t a n d a t W in n e p e g .
R e p o r ts w ere rife th a t fa r m 
C O T T O N F R E I G H T S .— C u rre n t ra tes fo r c o t t o n fr o m
ers w ere n o t o n ly sellin g th e ir g ra in fre e ly b u t a lso th e ir
N e w Y o r k , as fu rn ish e d b y L a m b e r t & B u rr o w s, I n c ., are
liv e s to c k in o rd e r to p a y d e b ts . M o r e o v e r th e d eclin e in th e
as fo llo w s , q u o ta tio n s b e in g in ce n ts p er p o u n d :
s to c k m a rk e t a n d a fa ilu re in W a ll S t. at on e tim e h a d a
H i g h Sta nd High Stand
H i g h S ta n d 
m o r e o r less d is tu rb in g e ffe c t.
L a te r p rices a d v a n c e d o n
D ensity. ard.
Density.
D en sity.
ard.
ard.
L i v e r p o o l . . ~ .37*20 .57*20. S t o c k h o lm . . ,4 7 c .
,6 7 c . B o m b a y _____ .5 0 e .
.7 0 c .
fir m ca sh m a rk e ts a n d th e p a ssa g e b y th e S en ate o f th e bill
M a n c h e s t e r - .37*20 .57*20. T r i e s t e ___ . . 1 . 0 0 c .
1 .2 5 c . V la d iv o s t o k
.7 0 c .
.5 0 0 .
o n d o lla r fa r m cr e d its a c t.
.4 5 c . F l u m e ___ _ . 1 ,0 0 e .
A n t w e r p . . . .2 7 c .
1 .2 5 c . G o t h e n b u r g
■47c.
-6 7 c .
G h e n t _____ - .27 c .
.4 5 c . L i s b o n ___ . . ,6 2 c .
.8 7 c . B r e m e n _____ ,3 0 c .
F o r e ca s ts o f th e w h e a t y ie ld in th e N o rth e rn H e m isp h e re
.5 0 c .
.4 5 c . O p o r t o ___
H a v r e ____ _ .2 7 c .
,62C.
,8 7 c . H a m b u r g ___ .3 0 c .
.5^ 0.
issu ed b y th e In te r n a tio n a l In s titu te o f A g r ic u ltu r e , sh ow
R o tte rd a m „ , 2 'c .
.* 5 c . B a r c e lo n a
,5 5 c .
,8 0 c . P i r a e u s _____ .e o c .
,8 0 c .
th a t it w ill b e a p p r o x im a te ly 5 0 ,2 0 0 ,0 0 0 to n s , c o m p a r e d w ith
G e n o a ____ _ .5 0 c .
.7 5 c . J a p a n ____
,5 0 c .
.7 0 c . S a lo n ic a _____ .0 0 c .
.S 0e
O h rl9 tla n ia
,4.7c.
6 7 c . S h a n g h a i- . . ,5 0 c .
,7 0 c .
5 1 .3 0 0 .0 0 0 in 1920. A G e r m a n ca b le say s a p r o je c t is on
L I V E R P O O L .— Sales, s to c k s , & c ., fo r p a s t w eek :
f o o t f o r th e ce n tr a liz a tio n o f all ov e r-sea s g ra in im p o r ts w ith
A u g . 5.
A u h . 12.
A u g 19. A u g . 26C h ic a g o w ire d A u g . 18 th a t
Sales of the week. ______________
26,000
54,000
29.000
5',000 a b ra n c h o ffic e a t N e w Y o r k .
Of which American___________
19,000
40,000
22.000
36,000 th e w o r ld ’ s s u p p ly o f w h e a t o n A u g . 1 a g g re g a te d 1 6 4 ,1 7 7 ,0 0 0
Actual export___________________
4,000
4,000
7,000
8,000
Forwarded_________________ i — _
41,000
47,000
49,000
37,000 b u sh e ls, c o m p a r e d w ith 1 6 3 ,0 6 3 ,0 0 0 b u sh els on J u ly 1 an d
Total stock______ ______________ 1,075,000 1,061,000 1,050,000 1,015,000 1 7 5 .1 4 7 .0 0 0 bu sh els o n A u g . 1 last y e a r.
T h e c o m p ila tio n
Of which American___________ 673.000
666,000 852,000 625,000
Total imports_____________________ 31,000
31,000
45,000
6,000 o f th e “ D a ily T r a d e B u lle tin ” sh o w s n ea rly 2 0 ,0 0 0 ,0 0 0
Of which American___________
28,000
29,000
23.000
2,000 b u sh els less a flo a t fo r E u r o p e th a n last y e a r; also a d ecrease
Amount afloat__________________ 113,000
91,000
64,000
______
o
Of which American____________
72,000
47,000
28.000
____f n e a rly 7 ,0 0 0 ,0 0 0 b u sh els th e p a st m o n th , w h ile th e
T h e to n e o f th e L iv e r p o o l m a rk e t fo r sp ots a n d fu tu re s U n ite d S ta tes su p p lies are a lm o st 1 4 ,0 0 0 ,0 0 0 bu sh els m o r e
ea ch d a y o f th e p a st w e e k a n d th e d a ily clo s in g pric.-s o f th a n last y e a r . U n ite d K in g d o m sto ck s are less th a n 5 0 %
o f la st y e a r ’ s b u t A u stra lia h as 3 0 ,0 0 0 ,0 0 0 b u sh els, o r o n ly
s p o t c o t t o n h a v e b e e n as fo llo w s :
2 .5 0 0 .0 0 0 b u sh els in excess o f la st y e a r.
In th e U n ite d
S po t.
Tuesday. W ed n es d a y. Thursday.
S atu rday.
M onday.
Friday.
S ta tes th ere are 5 6 ,2 3 4 ,0 0 0 b u sh e ls, c o m p a re d w ith 2 9 ,0 1 4 ,0 00 b u sh els la st y e a r . T h e w o r ld ’ s w h e a t p r o d u c tio n fo r
51 .’.r k e t , f
F a ir
F a ir
12:1 5
{
H a r d e n in g
G ood
b u s in e s s
Q u ie t .
b u s in e s s
1921, a c c o r d in g to in c o m p le te retu rn s o f th o D ep a rtm en t o f
r. M .
(
d o in g .
te n d e n cy .
dem and.
d o in g .
A g r ic u ltu r e , w ill a p p ro x im a te 1 ,9 7 5 ,0 0 0 ,0 0 0 b u sh els. T h is
M t d .U p l ’ de
8 .7 3
e stim a te w a s b a sed u p o n th e b e st in fo rm a tio n a\ a ilab le
S .9 0
• 9 .2 8
9 .6 1
8 .5 0
A u g . 9 . I t co m p a re d w ith a p r o d u ctio n o f 1 ,9 4 4 ,0 0 0 ,0 0 0
g a l a s _____ H O L I D A Y
1 2 ,0 0 0
1 0 ,0 0 0
1 0 ,0 0 0
1 6 ,0 0 0
5 ,0 0 0
b u sh els in 1920 a n d an a v e ra g e o f 1 ,9 7 8 ,0 0 0 ,0 0 0 in th e fiv e
S t e a d y , B a r e ly s t ’ y,
S te a d y ,
Fu tu r s .
Q u ie t ,
S te a d y .
y ea rs fr o m 1915 to 1 91 9, in c lu s iv e .
E u ro p e an d n orth ern
M a rk e t.
\
2 @ 5 p ts . 1 3 @ 1 0 p t s . 6 @ 8 p t s . 1 5 @ 2 0 p t s , 2 4 @ 3 0 p ts .
A fr ic a are e stim a te d at 2 9 1 ,0 0 0 ,0 0 0 bu sh els; the U n ited
a d va n ce.
ad van ce.
a d va n ce.
opened
]
ad van ce.
ad van ce.
S ta te s and C a n a d a at 1 ,0 5 7 ,0 0 0 ,0 0 0 ; B ritish In dia 2 4 0 ,0 0 0 ,M a rk et,
(
S te a d y ,
Q u ie t ,
F ir m ,
S te a d y ,
Q u ie t ,
0 0 0 , a n d th e S ou th e rn H e m isp h ere 3 8 1 ,0 0 0 ,0 0 0 .
R e p o rts
4
0 @ 1 1 pt.s. 2 3 @ 3 9 p t s . 7 @ 1 4 p ts . 24 @ 4 5 pi
2 9 @ 3 8 p ts.
P .M .
I
a d va n ce.
ad van ce.
a d va n ce.
ad van ce.
a d va n ce.
re a ch in g C o n sta n tin o p le fro m R u m a n ia d ecla re tho iudiea

Y u g .

27 1921.]

TIIE CHRONICLE

I,ions are th a t th e grain crop o f R u m a n ia is so p o o r th a t it
m ig h t a lm o st b e called a failure.
Julius H . B arn es lias been a p p oin ted by S ecretary H o o ve r
as one o f his aides in the R ussian relief work
In W ester n
E u rop e rains h a v e g reatly im p ro v e d the o u tlook for fodder
and p o ta to es
Y ie ld s o f w h ea t and rye are g o o d .
C oarse
grains are o n ly m o d e ra te .
In India the o u tlo o k is fa v o ra b le .
In the B a lk a n s w h eat is o f fine q u a lity .
T r a d e in U nited
K in g d o m w h eat is slow w ith bu yers n erv o u s ow ing to the
recent declin e in prices
A u stra lia and A r g e n tin a con tin u e
to o ffe r o n ly lim ited q u a n tifie s.
N a tiv e w h ea t supplies are
increasing, m o stly g o o d q u a lity , and are selling a t (56s. to
0 8 s. per 5 0 4 p o u n d s.
Prices o f w h ea t in In dia rem ain v e r y
high and are cau sin g som e a n x ie ty in th a t c o u n try .
The
C a p p e r -T in c h e r bill fo r regulatin g trad ing on grain ex
changes w as signed on A u g . 2 4 b y P resid en t H a rd in g .
The
bill im poses a p roh ib itiv e tax upon, “ p u ts and c a lls” and
oth er sp ecu la tiv e tran saction s and u p on all gra in exchan ges
which do n o t b e co m e “ c o n tra c t m a r k e ts .”
E x ch a n g e s and
their in d iv id u a l m em b ers aro required to rep o rt fu lly to the
Secretary o f A g ricu ltu re on all tran saction s th ey h a n d le .
C e rta in exem p tio n s fr o m regu lation s o f the A c t are g ra n ted
to c o -o p e ra tiv e a ssociation s.
T h e bill w ill b e co m e e ffe c tiv e
in four m o n th s .
I t w ill n ecesitate so m e changes in the
rules o f the e xch a n g es, bu t w ill n o t p u t th e m o u t o f business,
as o p p on en ts o f the exchanges h a v e cla im ed .
T ra d in g in
ind em n ities or pu ts a n d calls will b e e lim in a ted b y a tax o f
2 0 cen ts per bu shel
I t is fo rb id d e n in C h ica g o a fte r O c t. 1.
T h e A c t caused n ervousn ess and selling a t on e tim e .
A
C h ica g o B o a rd o f T r a d e m em b e rsh ip w as sold for $ 6 ,6 0 0
net to b u y e r , a decline o f $ 2 0 0 fro m the la s t p reviou s sa le .
T o -d a y p rice s show ed little c h a n g e .
F o r th e w eek th e y are
3 3 4 cen ts h ig h er.
D A IL Y

C L O S IN G

P R IC E S

OP

W HEAT

S a t.

M on.
131H

N o . 2 re d __________________________ c t s .l 2 9 J 4
D A IL Y

C L O S IN G

P R IC E S

OF W H E A T
S at.

S ep tem b er d elivery in e le v a t o r .c t s .1 1 4 M
D ecem ber delivery in ele v a to r_____11534

IN

NEW

T u es.

134

1 33

T h u rs.

13514

FUTURES

M on.

117
11834

YORK.

W ed.

T u es.

IN

W ed.

F r i.

13.534

C H IC A G O
T h u rs.

117"M 11834 1 20
11934 11934 12134

Fri

120
121

.
.

In d ia n C o rn a d v a n c e d fo r a tim e o n a g o o d exp o rt d e m a n d .
T h a t o ffse t b ig receipts a t p r im a ry p o in ts, especially as the
visible su p p ly sh ow ed a decrease la st w eek o f no less th an
2 ,7 1 8 ,0 0 0 b u sh e ls, as a g a in st 1 ,0 1 3 ,0 0 0 b u sh els in th e sam e
w eek la st y e a r .
T h is , it is tru e, lea v es th e to ta l 9 ,9 0 0 ,0 0 0
b u sh els a g a in st 3 ,6 9 2 ,0 0 0 bu shels a y e a r a g o , b u t the s te a d y
c a sh d e m a n d h as been the p a ra m o u n t fa c to r especially th a t
fo r e x p o rt.
In three d a y s th e exp ort sales were e stim a ted
a t a b o u t 3 ,7 0 0 ,0 0 0 b u sh e ls.
A ls o som e of the crop reports
h a v e b een u n fa v o ra b le .
S o m e are inclined to th in k th a t the
cro p h a s been so m e w h a t o v e r e stim a te d .
O n the o th er h a n d ,
h o w e v e r, the w eath er as a rule has been fa v o ra b le an d w ith
th is fa c t in v iew a n d receipts liberal prices h a v e a t tim es
h e sita te d ; in fa c t as a rule the flu c tu a tio n s h a v e b een sm a ll.
T o -d a y prices ended p ra c tic a lly u n ch a n g e d , b u t I K to 2 K
c e n ts high er fo r th e w eek .
D A IL Y

C L O S IN G

P R IC E S

OF

CORN

S a t.

IN

M on.

T u es.

7334

N o . 2 y e llo w --------------------------------- c t s . 72

"2 3 4

NEW

YORK.

W ed.

D A I L Y C L O S IN G P R IC E S OP C O R N F U T U R E S I N
S a t.

M on.

S ep tem ber d elivery in eleva to r _ c t s . 5 2
D ecem b er d eliv ery in e le v a to r_____5 23 4

T u es.

5334 5334
5 33 4 5334

T h u rs.

7334

F r i.

7334

7434

C H IC A G O .

W ed.

T h u rs.

54 34
5334

5434
5434

F r i.

5434
5434

O a ts a d v a n c e d w ith o th er g ra in , d espite th e fa c t th a t there
w as an increase in th e v isib le su p p ly la st w e e k , surprising as
it so u n d s, o f 5 ,6 1 3 ,0 0 0 b u sh e ls, or fou r tim es th e increase
du ring th e sam e w eek last y e a r .
I t sent the to ta l su p p ly up
to 5 3 ,2 5 4 ,0 0 0 b u sh e ls, a gain st 5 ,4 0 6 ,0 0 0 bu shels a y ea r a g o .
S till, the m a rk e t a cted “ s h o r t.”
Selling b e ca m e cau tio u s.
T h e price is b e liev e d b y n o t a fe w to d isc o u n t a n y th in g at
all bearish in the situ a tio n .
T h e lon g interest is supposed
to h a v e b een reduced also to the van ish in g p o in t.
In oth er
w o rd s, the tech n ical p o sitio n is m u c h stron ger th an it w a s.
B e sid e s, the crop is sm aller th an la st y e a r and of lighter
w eigh t.
A n d there has been a b e tte r d e m a n d for low grades
fro m outside p o in ts.
T h e y h a v e been o v e r -b id d in g C h ica g o
a b o u t 2 cents a b u sh e l, and h a v e la tte rly fo u n d the offerings
sm a ller.
O f la te , to o , th e receipts o f o a ts h a v e been sm aller.
C o u n tr y offerin gs h a v e decreased v e r y n o tic e a b ly .
F a rm ers
seem d issatisfied w ith presen t prices.
S m a ll w o n d e r , c o n 
sidering w h a t th ey h a v e to p a y fo r w h a t th ey are o b liged to
buy.
T o -d a y ju ic e s a d v a n c e d slig h tly a n d close 2 cen ts
higher than la st F r id a y .
D A I L Y C L O S IN G P R IC E S O F O A T S I N N E W
S a t.

M on.

N o . 2 w h i t e .........................................c t s . 4 3

4 33 4

T u es.

4334

YORK.

W ed.

T h u rs.

44

4 43 4

D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S I N
S a t.

Septem ber delivery in e le v a to r_cts_ 3334
D e ce m b e r d eliv ery in e le v a to r--------- 3634

F r i.

4434

C H IC A G O .

M on.

T u es.

W ed.

T h u rs.

34
3734

3434
3 73 4

3434
3734

3434
3734

F r i.

3454
38

R y e h as declin ed u n der pressure o f offerin gs as th e season
a d v a n c e s.
A t th e sa m e tim e th e cash d e m a n d h as been lig h t.
T h e v isible su p p ly increased la st w eek 4 7 5 ,0 0 0 b u sh e ls, m a k 
ing it 3 ,3 2 5 ,0 0 0 b u sh e ls, a g a in st 2 ,2 5 8 ,0 0 0 b u sh els a year
ago.
E x p o rt d e m a n d has disappeared a t le a st for th e tim e
being, a n d the ry e trad e h as been le ft la rg ely to its own
d ev ices.
L a tte r ly sales for e x p o rt h a v e b een 6 0 0 ,0 0 0 b u sh 
els.
T o -d a y prices were irregular, w ith D e c e m b e r low er.
■Compared with, last F rid a y , prices art! 1 cen t low er on S ep
tem b er an d K cen t high er on D e c e m b e r .
D A IL Y

C L O S IN G

P R IC E S O F

RYE

FUTURES

IN

C H IC A G O .

S a t.

M on.

T u es.

W ed.

Septem ber d elivery Iri e le v a to r.c tfl. 102
D e ce m b e r 4WIverjr In e le v a to r_____10234

10134
102

10134
10234

10034
103

T h u rs.

F r i.

10234 103
10534 104 34

1 )7 5

T h e follow in g » re closin g qi ota tion s:
GRAIN.
Oat.
Wheat
No. 2 white
No. 2 rod
$1 3534
Nominal
No. 3 white
No. 1 spring
Barley
( 'or m
Feeding
No. 2 yellow
*0.74 3
4
Malting
Ryu—
1.1 1
No 2 FLOUR.
*7 75 (a $ 3 75 Barley goods I’ortagi
)
Spring patents
No 1
V Inter straights. soft fi 00 (m 6 50
S
Non.2,3 and 4 pearl
l lard winter straights 7 006# 7 50
Nos. 2-0 and 3-0
5 75(2) 6 50
<’lear
Nos. 4-0 and 5-0
Kye flour
- - 0 50@ 7 25
Oats goods Carload
( lorn goods, 100 lbs.,
spot delivery__ ..
1 80(a) 2 00
Yellow meal_____
Nom.
Oorn flour_______

4434
43 34
60<&7O
76(2)80

.

barley
7 25
7 50
7 20@
7 50
6 45@

7 25
6 90

E X P O R T S O F B R E A D S T U F F S , P R O V IS IO N S , C O T 
T O N A N D P E T R O L E U M .— T h e exp orts o f those articles
darin g the m o n th o f J u ly , and th e seven m o n th s fo r the
past three years h a v e b een as fo llo w s:
1921.

K xp orls
fr o m
U . S.

J u ly .

1920.
7 M a s.

J u ly .

1919.
7

M a s.

7 M a s.

J u ly .

Q u a n tU U s.

Wheat.hu. 24,790,294 148,014,115 23,837,5'*1 72,081,059
Flour. bbls 1,286,41.9 9,361,300 2,403,822 14,149,461

4,834,154 79,733,418
1,731,017 18,274,576

Wheat*lm 30,579,179 190,139,905 34,654,740 135,953,633 13,623,730 101,969,010
687,816 5,910,890
Corn _. bu. 14,972,785 72,720,905 1,145,339 ' 9,743,806
Total bu.
V a lu es.

Breadst’ffs
Provisions.
Cotton _
Petrol. ,&c.
Cot’s’doil.

45,551,944 232,880,876
S
S
03,033,001 452,002,352
32,189.858 216.771,041
31,795,978 243,571,561
21,037,655 254,804,473
562,428 20,340,408

35,800,079 145,697,430
S
5
S
122,648,551 518.860,155
32,798,633 358,095,305
44,151,827 792,150,137
50,906,692 298,470,353
775,102 24,035,034

14,211,546
S
54,826,529
104,152,227
89,974,532
23,130,148
2,230,004

167,879,900
s
562,982,848
819,060,272
593,630,592
188,018,078
30,1.89,733

Tot. value 138,618,920'1167489835 251.280.805 1991610984 274.343,440 2193887523
* Including flour reduced to bushels.

W E A T H E R B U L L E T IN F O R W E E K E N D IN G A U G .
2 3 . — T h e influences o f w ea th er on th e crops as su m m arized
in th e w eath er b u lle tin issued b y th e D e p a r tm e n t o f A g r i
culture fo r the w eek en din g A u g . 2 3 w ere as fo llo w s:
C O T T O N .— C o tto n deteriorated in m o st o f T e x a s and O k la h o m a because
o f the b e a t and d ro u gh t, w hile the p la n ts m a d e slow g row th an d d ev elo p 
m en t in m o st central and eastern p arts o f th e b e lt.
T h e d e v e lo p m e n t was
fair to very good in T en n essee, N o rth ea ste rn A rk an sas an d S outhern N o rth
C a rolin a .
T h e condition o f th e p la n ts is excellen t in S ou th C a ro lin a , b u t
th e y are fruiting v e ry p oo rly on accou n t o f w eevil d a m a g e .
T h e p la n ts
are shedding b a d ly in O k la h o m a , T e x a s and p arts o f A rk a n sa s.
B o lls are
opening ra p id ly in th e S ou th and w estern par s o f th e b e lt, p re m atu re ly
in m a n y sections.
P ick ing is in progress in th e southern p arts o f th e area
and was rushed in T e x a s under ideal co n d ition s.
T h e co n d ition o f the
crop is m o stly p oor to fair w ith o n ly few p laces th a t m a y be classed as
v e ry go o d .
W e e v il are still p le n tifu l an d d a m a g in g , a lth o u g h decreasing
som ew h at in T e x a s.
T H R E S H I N G A N D P L O W I N G .— T h e w eather w as fa v o ra b le for th resh 
in g, except in a few central districts and for co m p le tio n o f h arve st o f sm a ll
grains in the late d istricts.
T h e soil w as in sa tisfa ctory co n d ition for
p lo w in g, except in th e low er G rea t P la in s S tates and g o od p rogress was
m a d e in this w ork .
W I N T E R G R A I N .— Som e seeding o f w in ter grains w as done in ' he upper
M ississip pi v a lle y and w inter w heat an d w inter rye are rep orted to be
co m in g up to a good sta n d in S ou th D a k o ta .
B u ck w h ea t m a d e excellent
progress in the N o rth w estern S ta te s.
C O R N .— T here was sufficient m oisture for th e proper d e v e lo p m e n t o f
corn from th e C en tral M ississip pi v a lle y eastw ard , alth ou gh th e n ig h ts were
rather cool in the m ore northern districts and there w as som e d a m a g e b y
w ind in local areas in th e u p per M ississip p i v a lle y .
C o rn show s som e
im p ro ve m e n t in the previous d rou gh t stricken areas in Io w a .
T h e w arm
su n n y d ry w eather hasten ed m a tu rity in th e C e n tra l G rea t P lains S tates
alth o u g h th e crops are still suffering for m oisture in m uch o f O k la h o m a and
there w as som e deterioration in C e n tral and Southw estern N e b ra sk a due
to d rought.

T h e s ta te m e n t o f th e m o v e m e n t o f b re a d stu ffs to m a rk e t
in d icated b elow are prepared b y us fro m figures collected b y
th e N e w Y o r k P ro d u ce E x c h a n g e .
T h e receipts at W e s te r n
lak e a n d river p orts fo r th e w eek en din g la st S a tu rd a y and
since A u g . 1 for each o f th e la st three yea rs h a v e b een :
R eceipts at —

F lo u r .

W h e a l.

C orn .

O ats.

B a rley.

R ye.

60 lbs. bu sh . 56 lbs. b u sh . 32 l b s . bush.4816s. bush.HGlbs.
2.615.000 3,892,000 3.821.000
189.000
189.000
3.254.000
104.000 2.408.000
310.000
160.000
1.320.000
153.000
66,000
60,000
150.000
900.000
790.000
804.000
351.000
110.000
277.000
331.000
63.000
84.000
42,000
21.000
425.000
1.335.000
594.000
22,000
3.000
379.000
428.000
163.000
10,000
1.000
218.000
3.353.000
387.000
4.30.000
1.352.000
392.000
112.000
418.000
634.000

b b l s .i m b s . b u sh .

Minneapolis..
Duluth___ . . .
Milwaukee__
Toledo
...
Detroit _
St. Louis___
Peoria___ __
Kansas City. _
Omaha______
Indianapolis. _
Total wk. ’21
Same wk. ’ 20
Same wk. T9

209,000
38,000
165,000
4,000

463.000 14.613.000
226.000 8,678,000
421,000 17.608.000

6.965.000
1.688.000
2,166,000

942.000
9.987.000
7.273.000
483.000
7.284.000 1,389,000

613.000
589.000
717.000

Since A u g .l—
*1.921______ 1.420.000 46.134.000 15,685,000 31.344.000 1.873.000 1.944.000
1920______
706,000 28.357.000 6.024.000 15.263.000 1.254.000 1.532.000
1919.._ . . . 1.403.000 69.262.000 7.049.000 24.388.000 6.335.000 2.395.000

T o ta l receipts o f flou r and grain a t th e seab oard ports for
the w eek ended A u g . 2 0 1921 fo llo w :
R eceipts at—

W h e a t.

C o rn .

O a ts.

B a r le y .

R ye.

B a rr els .

New Y ork__
Philadelphia..
Baltimore____
Newport News
New Orleans a
Galveston. _.
M ontreal__
B oston...........

F la m .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u sh els.

B u s h els .

224,000
78,000
39,000
19,000
108,060
32,000
25,000

228,000
94,000
109,000

749,000
525,000
949,000

117,000
8,000
39,000

2.264.000
2.607.000
2,349,000
62,000

~207*000

345,000
31,000

95,000
0,000
290,000

124,000

321,000
1,000

4o~666
~

1,483,000
2,000

249,000
1,000

Total wk. ’21
525,000 9,405,000
1.856,000
847,000
374,000
719,000
Since Jan.1’21 15,730,000 150,347,000 57,072,000 33,406,000 10,738,000 15,142,000
Week 1920
327,000
273,000 7,027,000
Since Jun.J’20 15,904.000 119,720.000 12.728.000

509,000

16 , fi 19.000
.

845,000
43,000
0,8381,000 36,111,000

a Receipts do not Include grain passing through New Orleans lor foreign ports
on through bills of lading.

THE CHRONICLE

9 Hi

T h e e x p o r t s f r o m t 10 StjVtR•al s e a b o a r d 1j o r t s f o r t i l e w e e k
) a r e sh o w n 111 t h e ai i n e x e d s t a t e m e n t :
6 t u liu ^ A u g .
Ex v o n * f r o n t __ t

Wheat

F lour

B ushels.

B u sh e l s

New York

__

BOStrOU

___

608,658
1,600

Bushels

115,105

5,400

137,000
2,000
458,000 251,000 214,000
494,91 1 388,000 319,105
10.000 902,181. 735,585

7,705,658 2,026,470 514,179
7,308.828
27,661 128,127

W eek 1920

Peas.

Bush el s. Bush el s. B u sh el s .

34,911

182,470 339,179

178,000
Philadelphia
103,000 18,000
373,000
Baltimore
22,000
Newport New^
19,000
New Orleans___
2,116,000
117.000 73,000
Galveston ___ ___ 3,492,000
Montreal
927,000 1,624,000 43,000

Total week.

B ar ley .

Hye.

O a ts.

B a r r e ts .

5,400

T h e destination o f these exports for the w eek a n d since
Ju ly 1 1920 is as below :
W h e a t.

F lo u r.
Exports fo r W eek ,
and Since
J u ly 1 to—

Since
July I

1921.

l lilted Kingdom.
Continent So. A Cent. Atner.
West Indies_____
Brit.N0 .Am. Cols.
Other countries—

W eek
A ug 20

1921.

B a rrels .
156,523
176,048
102,879
45,104

C orn .

Since
J u ly 1

B a rrels.

32,625

W eek
A u a . 20.

1921.

W eek
A n y . 20.

1921.

1921.

Since
J u ly 1

1921.

Bushels.
B u sh els .
B u sh els.
B u sh els.
891,834
150.941 12,315,942 568,000 4,169,000
943,627 6,165,347 37,613,332 1 357,074 11,283,884
30,900
147,879
218,900
63,000
909,000
95,104
3 4 ,2 0 0
115,200

68,160

" 4", 196

4,196

T o ta l___ _____ 514,179 2,146,604 7,705,658 50,148,174 2,026,470 16,481,280
27,691
Total 1920______ 128.427 2.360.990 7,308.828 37,592.589
491.3.37

T h e w orld ’s ship m en t o f w heat and corn for the week
ending A u g . 2 0 1921 and since July 1 1921 and 1 9 2 0 are
show n in the follow ing:
W h ea t.

1921.

E x p o rts.

C orn .

1920.

1921.

1920.

W eek
A u ; /. 30.

Since
July 1.

Since
July 1.

W eek
A u g . 20.

Since
J u ly 1.

Since
July 1.

B u sh els.

B u sh els.

B ushels.

B ushels.

B ushels.

B u sh els.

North Amer. 12,223,000 63,381,000 59,644,000 2.331.000 17.395.000
450.000
488.000
Russ. & Dan
1.172.000 4,397,000
635.000
Argentina__
548,000 7.609.000 27,824,000 3.098.000 33.099.000 16,849,000
Australia _. - 1,024,000 9.384.000 5,380,000
704.000
200,000 2,410,100
Oth. countr'i—
440,000
Total___

13.793.000 86,566,000 92,828.00(1 6,801.000 57,301,000 18.374.000

T h e visible su p ply o f grain, com prising the stocks in
granary a t principal points of accum u lation at lake and
seaboard ports A u g . 2 0 1921 was as follow s:
GRAIN STOCKS.
United States—
NewYortt
. _ . .. . . .
Philadelphia - ------------ . . .
...
Baltimore__
Newport News_______
New Orleans. _ ___
_.
Buffalo _
_ __ . . .
__
______
Toledo.
Chicago

___________ . . .

Milwaukee,
D u lu th ___ ________
Minneapolis____
St. Louis. __ __ .
Kansas City. . ______

...
...
...
...

1ndianapolis_________
...
Omaha
. __
..
On Lakes__
____
On Canal and River. _

W h ea l,
bush.

C o rn ,
bush.

S54.000
41,000
1,059,000
4,290,000
39,000
3,782,000
3,604,000
290.000
1,100,000
17,000
5,241,000
239,000
145,000
1,337,000
1,085,000
2,900,000
7,457,000
231,000
535,000
2,242,000
1,614,000
450,000

146,000
1,000
304,000
208,000
252,000

O ats,
bush.

832.000
6,000
233,000
355,000
19,000
211,000

567,000 4,351,000
39.0C0 1,234,000
21,000
107,000
3,450,000 17,434,000
120,000
330.000
185,000 1,444,000
35,000 5,629,000
8,000 13,953.000
947,000
207,000
2,579,000 1,907,000
8,000
883,000
232,000
515,000
550,000 2,026,000
98S.000
618.000
220,000

B ye,

bush.

76,000
1,000
9.000
1,370,000
13,000
212,000
137,000
11,000
340,000

B a rley ,
bush.
2 1 0 ,0 0 0
4 ,0 0 0

58,000
14,000
92.00C
5,000
161.000

83,000
5S6.000
50,000
11.000
30,000

266,000
302,001
837,000
4,000

3,000
178,000
215,000
—

50,000
89,000
195,000

Total Aug. 20 1921. ...38,552,000 9,900,000 53,254,000 3,325,000 2,285,000
Total Aug. 13 1921. . .39,477,000 12,618,000 17,641,000 2,850,000 2,061,000
Total Aug. 21 1920. ...19,793,000 3,692,000 5,406,000 2,258,000 2,211,000
Total Aug. 23 1919. .48,920,000 1,061,000 IS,935,000 11,581,000 7,459,000
X o l e .— Bonded grain not included above: Oats, 24.000 bushels New York; 32,G O
O
bushels Baltimore, total, 56,000 bushels, against n il in 1920: barley. New York,
10.000 bushels; Buffalo, 16,000; Duluth, 2,000 bushels; total, 28,000 bushels, against
14.000 bushels in 1920: and wheat, 8,000 bushels New York, 43,000 Baltimore,
91.000 Buffalo, 4,000 Philadelphia; 14,000 Boston; total, 160,000 bushels in 1921.
Canadian—
M ontreal______________ 2,212.000 1,822,000 1,605,000
368,000
259,000
Ft. William & Pt. Arthur- 2,057.000
5,593,000
866.000
Other Canadian_________
951,000
1,676,000 ______
189,00C
Total Aug. 20 1921.. ._ 5,220.000 1,822,000 S,874,000
Total Aug. 13 1921.. ._ 6,059,000 2,135,000 9,675.000
Total Aug. 21 1920._ __ 6,202,000
46,000
665,000
Total Aug. 23 1919.. . . 2.7S3.000
1,000 2,601,000
Summary—
American____________ __3S,552.000 9,900.000 53.254,000
Canadian .
__ 5,220,000 1.S22.000 8,874,000
Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.

20
13
21
23

366,000
300,000
138.000
312.000

1,314,000
1,697,000
643,000
2,476,000

3,325,000 22,850,000
366,000 1,314,000

1921____ 43,772,000 11,722,000 62,12S,000 3,691,000 3,599,000
1921____ 45,536,000 14,753,000 57,310,000 3,150,000 3.758.000
1920____ 25,995,000 3.73S.000 6,071,000 2,396,000 2,854,000
1919____ 51,703,000 1.Q62,000 21,536,000 11,893,000 9,935,000

TH E D R Y GOODS TR A D E .
New York, Friday Night, Aug. 2 6 1921.
T h e p r e s e n t p e r io d is a n in a c t iv e o n e f o r th e d r y g o o d s
t r a d e g e n e r a lly . M a n y m a t t e r s o f im p o r t a n c e to th e r e a d 
ju s t m e n t o f th e in d u s t r y h a v e b e e n f u l l y d e v e lo p e d , a n d f o r
th e t im e b e in g th e r e is a lu ll in th e b u y in g , w h ic h is u s u a l
a t th is in t e r -s e a s o n p e r io d a n d is b e in g a u g m e n te d b y c a u 
t io u s a c t i o n o n th e p a r t o f b u y e r s f o r F a ll r e q u ir e m e n ts .
T h is s lo w n e s s o f t r a d e i s m o s t n o t ic e a b le o n th e w o o le n
s id e o f th e tr a d e , a n d m o s t d ir e c t l y a f f e c t s th e m a n u f a c 
t u r e r s o f w o o le n g o o d s f o r th e F a ll a n d W in t e r s e a s o n . O n
t h e o t h e r h a n d , c o t t o n g o o d s h a v e b e e n s u r p r is in g ly s t r o n g
t h r o u g h o u t th e w e e k , a n d in d ic a t io n s s h o w th a t p r o d u c t io n ,
s tim u la t e d b y th e d e m a n d , h a s m a d e s tr id e s in th e d ir e c t io n
o f s e c u r in g a n o r m a l a m o u n t o f o u t p u t f o r fa c t o r i e s . W h ile
th e o u t lo o k is o p t im is t ic , m a n u f a c t u r e r s o f c o t t o n g o o d s a r e

[V ol. 113

s h o w in g n o d is p o s it io n a s yet to o p e n n e w m a c h in e s f o r
bu I n e s s w h ic h is n o t a c t u a lly in s ig h t, a n d in m o st c a s e s
a r e not \. illin g to a c c e p t b u s in e s s b e y o n d a c o u p le o f m o n th s
>
in a d v a n ce ' a t th e p r ic e s w h ic h n o w g o v e r n th e m a rk e t. D e 
v e lo p m e n t s fr o m r e t a il c i r c le s a r e e x p e c t e d to c o m e w ith
r a p id it y w ith tin* o p e n in g o f th e F a ll s e a s o n in t h a t f ie l d
a n d tiie c o m in g o f c o o l w e a t h e r , a n d tin ' p r e d ic t io n is b e 
in g f r e e ly m a d e th a t th e r e w ill be a s c r a m b le a t t h a t tim e
to s e c u r e g o o d s w h ic h a r e not a v a ila b le o w in g to th e c u r 
ta ile d p r o d u c tio n .
R e t a ile r s t h r o u g h o u t th e c o u n t r y r e p o r t
th a t th e y art* a s y et d o u b t f u l o f th e b u y in g p o w e r o f th e
p u b lic f o r th e F a ll a n d W in t e r se a s o n , a n d th e y a r e a p 
p a r e n t ly c o n fid e n t th a t w h e n tin* o c c a s io n a r is e s th e y w ill
be. a b le to p la c e la s t m in u t e c o m m it m e n t s w it h o u t tr o u b le .
T h is , h o w e v e r , is a q u e s t io n th at is d is t u r b in g th e in d u s tr y ,
a s m a n u f a c t u r e r s a r e d e s ir o u s o f s e e in g s o m e t h in g in th e
w a y o f d e fi n it e o r d e r s in s t e a d o f h a n d lin g la r g e s t o c k s f o r
s p e c u la t io n .
D O M E S T I C C O T T O N G O O D S .- T r a d i n g in m a n y s e c 
tio n s o f th e c o t t o n g o o d s m a r k e t d u r in g tin* w e e k h a s b een
s te a d y . P r ic e s h a v e b e e n a d v a n c e d b y s o m e o f th e le a d in g
g r a y g o o d s m a n u fa ctu re r s fr o m
% e to 14c, b u t th e a d 
v a n c e h a d th e im m e d ia t e e f f e c t o f s t o p p in g o r d e r s t o a
g r e a t e x t e n t , a s b u y e r s a r e a p p a r e n t ly d is p o s e d to f i g h t
ea ch a d v a n ce .
T h e s h a r p a d v a n c e in c o t t o n h a s h a d a n
in flu e n c e o n (lie m a r k e t, a n d m a n u f a c t u r e r s c o n t e n d t h a t
th e y a r e ju s t i f i e d in a r e v is io n o f p r ic e s on th is a c c o u n t a s
w e ll a s o w in g to th e s t r e n g t h e n in g d e m a n d . P r ic e s in o t h e r
f i e l d s h a v e b e e n w e ll m a in t a in e d a n d t r a d in g h a s b een
c o n s is t e n t .
T h e d e m a n d f o r p e r c a le s , g in g h a m s a n d s im i
l a r c o n s t r u c t io n s f o r f o r w a r d d e li v e r y s till c o n t in u e s a n d
h a s p r o v e d to b e o n e o f t h e s t r o n g e s t f a c t o r s in th e m a r k e t
d u r in g th e p r e s e n t p e r io d . T h e a c t i v i t y w h ic h h a s e x is t e d
in s h e e tin g s f o r th e p a s t f e w w e e k s a ls o s till k e e p s up, a n d
e x p o r t o r d e r s , w h ile n o t a s la r g e a s h e r e t o fo r e , lik e w is e
c o n tin u e .
O r d e r s h a v e b e e n p la c e d b y th e L e v a n t, a n d
p r ic e s g o v e r n in g in d o m e s t ic m a r k e t s a r e u n d e r s t o o d t o
h a v e b e e n m a in ta in e d . O r d e r s f o r d e li v e r y a s f a r a h e a d a s
D e c e m b e r a r e still b e in g o f f e r e d in s o m e ca s e s , b u t t h e
g e n e r a l d is p o s it io n is n o t to h ook b u s in e s s v e r y f a r in th e
f u t u r e a t th e p r e v a ilin g p r ic e s a n d e a c h a d v a n c e e n c o u n 
te r s a b a c k w a r d s te p o n th e p a r t o f th e p u r c h a s e r . S h e e t
in g s h a v e a d v a n c e d s o m e w h a t o v e r th e p r ic e s o f a w e e k
a g o . D r ills , s o lo n g o u t o f d e m a n d , h a v e e x p e r ie n c e d s o m e
c a ll a n d a r e s e llin g a t h ig h e r p r ic e s . T h e v o lu m e o f t r a d e
a t th e h ig h e r e s t a b lis h e d p r ic e s h a s n o t b e e n s o la r g e , b u t
s h o w s th e id e a p r e v a le n t th a t c o t t o n g o o d s h a v e r e a c h e d
t h e ir l o w le v e l so f a r a s p r i c e s a r e c o n c e r n e d . A t p r e s e n t
b r o w n s h e e tin g s in th e t h r e e -y a r d s e c t io n a r e s e llin g a t 9c,
a n d th e f o u r - y a r d , 56 x 6 0 ’ s a t 814e. G r a y g o o d s . 3 8 % - i n c h ,
6 4 x 6 4 ’ s, a r e lis t e d a t 7 % c , a n d 3 9 -in c h , 68 x 7 2 ’ s, a t 8 % c .
W O O L E N G O O D S .— T h e m a jo r i t y o f in t e r e s t a n d a c t i v 
i t y in th is f i e l d is s t ill c e n t r e d a r o u n d th e m e n ’ s w e a r s e c 
tio n .
R e p o r t s f o r th e w e e k te n d to s h o w th a t th e d r e s s
g o o d s s e c t io n h a s b e e n q u ie t a n d d e v o id o f n e w d e v e lo p 
m e n ts . W h ile m a n y c u t t e r s a r e e n g a g e d in o r d e r s f o r t h e ir
F a ll b u s in e s s , th e r e is a g o o d b it o f id le n e s s a m o n g m a n u 
f a c t u r e r s , a n d th e d r e s s g o o d s o r d e r s a r e n o t c o m in g in a s
r a p id ly a s m ig h t b e e x p e c t e d . I t is b e lie v e d , h o w e v e r , th a t
th e o p e n in g o f th e s h o w in g s f o r th e S p r in g 1922 s e a s o n in
th is s e c tio n , w h ic h w i ll l ik e ly ta k e p la c e a b o u t th e m id d le
o f th e c o m in g m o n th , w i ll d o a g r e a t d e a l to im p r o v e th e
s it u a t io n s h o u ld t h e y b e a s w e ll r e c e iv e d a s w e r e th e r e c e n t
o p e n in g s in th e m e n ’ s w e a r .
A p p a r e n t ly th e r e t a ile r a n d
d is t r ib u t e r h a v e n o t r e c o v e r e d s u f f ic ie n t c o n f id e n c e in th e
s it u a t io n to p u r c h a s e f r e e ly , a n d m a n u f a c t u r e r s a r e f ir m
in th e ir b e li e f t h a t th e a c t u a l s t a r t in g o f b u y in g b y th e
p u b lic , w it h th e c o o l w e a t h e r , w i ll se e m a n y r e t a ile r s d is 
a p p o in t e d in t h e ir e f f o r t s t o s e c u r e a d d it io n a l c o m m it m e n t s
a t th a t la t e d a te . T h e o f f e r i n g s o f th e A m e r ic a n W o o le n
C o m p a n y in th e ir w o r s t e d lin e s f o r th e S p r in g 1922 s e a s o n
w e r e w e ll r e c e iv e d a s a w h o le , a lt h o u g h o r d e r s w e r e n o t
p la c e d a s f r e e l y a s w a s th e c a s e w it h m o r e c o n s e r v a t iv e
lin e s .
H o w e v e r , th e lin e w a s a n n o u n c e d a s s o ld o u t a n d
w it h d r a w n f r o m th e m a r k e t.
S om e m a n u fa ctu re r s a re
m a k in g g o o d d e liv e r ie s f o r F a ll a n d a n n o u n c e t h a t r e t a il
e r s in a g r e a t m a n y c a s e s h a v e p r a c t i c a ll y e m p t y s h e lv e s ,
w a it in g f o r th e n e w g o o d s t o c o m e in.
D u p lic a t e o r d e r s ,
w h ic h a r e s till b e in g r e c e iv e d , a r e h e a v ily in p r e p o n d e r a n c e
f o r tw e e d s , h e r r in g b o n e a n d r o u g h c o n s t r u c t io n s .
F O R E I G N D R Y G O O D S .— T h e b u r la p m a r k e t h a s c o n 
tin u e d to h o ld th e a d v a n c e e s t a b lis h e d d u r in g th e p a s t
w e e k , a n d s a le s h a v e b e e n s t r o n g a n d s te a d y . A d v ic e s f r o m
C a lc u t t a r e p o r t a s t e a d y m a r k e t a n d th e p r o d u c t io n o f m ills
t o b e e x c e p t io n a lly la r g e .
S h ip m e n ts o f b u r la p t o th is
c o u n t r y h a v e b e e n n o r m a l, a n d th e r e a r e o r d e r s r e p o r t e d
f o r f u t u r e s h ip m e n t f r o m C a lc u t t a , s h o w in g th e s itu a tio n
w ill c o n t in u e to b e n o r m a l f r o m th e s t a n d p o in t o f s u p p ly
a t le a s t f o r s o m e t im e t o c o m e .
A t p re s e n t b u r la p s a r e
b e in g q u o t e d a t lig h t w e ig h t s , s p o t, 3 .75c, a n d h e a v ie s , 4.55c.
T r a d i n g a t th e s e f ig u r e s a p p e a r s to b e n o r m a l, a n d th e b a g
m a n u f a c t u r e r s a r e u n d e r s t o o d to b e u sin g h e a v y r e q u ir e 
m e n ts o f th e c o m m o d it y .
L in e n h a s b e e n s lig h t ly m o r e a c t iv e . A d v ic e s w h ic h h a v e
b e e n r e c e iv e d f r o m E u r o p e r e la t iv e to th e s h o r t a g e o f th e
s it u a t io n th e r e h a v e e v id e n t ly c o n v in c e d c o n s u m e r s th a t
th e tim e is a t h a n d t o f i l l r e q u ir e m e n ts .
R u yers w h o a r c
in E u r o p e f o r e x p o r t e r s a r e u n d e r s t o o d to b e p la c in g o r d e r s
a s f r e e l y a s p o s s ib le , w ith s p e c if ie d d e li v e r y 's a s s o o n as
p o s s ib le .

THE CHRONICLE

Vug . 27 1921.]

jfiale awd
............
Akron,

P^partnira!

NEWS ITEMS.
O.—

L eg a lity

of

Park

Pond

I twite

A tta c k e d .

Injunction proceedings filed in Common Pleas Court at
tacked the legality of tho$ 2,000,000 park and public play
ground bond issue voted on by Akron electors last Novem
ber, said a dispatch from Akron to the Cleveland “ Plain
Dealer” elated Aug. 15, automatically prevented the sale of
$167,100 of municipal bonds which had been scheduled for
that afternoon.
The action, said the dispatch, was started b y Cornelius .1. Beaman as a
taxpayer, who claims the bond issue is illegal because it failure to receive a
two-thirds m ajority vote as provided for b y State laws. The vote last
N ovem ber was 23,208 for the $2,000,000 bond issue and 19,210 against it.
A t that time, city officials declared provisions o f the Akron city charter
requiring only a m ajority vote and not a two-thirds vote, superseded State
laws under the home rule statute, and mad© the bond issue legal.
C ity officials had advertised $107,100 worth c f bonds for sale including
$30,000 o f the $2,000,000 park and playground issue, $30,000 o f the $250,000
bond issue for new approaches to the North lliil viaduct, and $107,100 in
special sewer and improvement assessment bonds.
Filing of the suit prevented the city giving non-litigation certifica te 041
the bonds offered for sale, and defeated the sale, although one bid for the
entire amount was received which had been declared acceptable. The
litigation according to city officials, indefinitely delays important improve
ment and extension work, including work on the W olfe Ledge run sewer
between Spicer and Sherman Streets, and the extension o f playground
facilities.
City Law Director Henry Haglebarger said he would ask for an early
hearing on Beeman’s petition. A similar case arose in D ayton over a public
bond issue, the Com m on Pleas and Appellate Courts having ruled that the
home rule provisions permitted the D ayton city charter to supersede State
laws, and therefore made necessary only a m ajority vote.
The situation is analagous to that in Akron and city officials now are
awaiting the Supreme C ourt’s decision in the D ayton case. It is possible
that all bonds other than the $30,000 block o f the $2,000,000 issue will be
readvertised and separately sold , city officials say, as Beeman’s suit concerns
only the park bond issue.
Beeman recently requested C ity Law Director Haglebarger to file suit
enjoining the city from proceeding with the bond sale, but Haglebarger
refused on the ground that under the Akron city charter requiring only a
m ajority vote, the $ 2 ,0 0 0 ,0 0 0 bond issue was legal.

Colorado.—

P la n s f o r

Sale o f

State H ig h w a y

B onds

D is

c u s s e d .—

Two plans for the sale of the $2,000,000 State
Highway bonds, one of which includes the calling of an
extra session of the Colorado Legislature, have been sug
gested to Governor Shoup by the State Treasurer, Arthur
M . Strong. The “ Rocky Mountain News” of Denver,
on Aug. 18, had the following to say concerning the plans:
“ The Governor is expected to indicate which plan will have his approval at
a conference scheduled to be held in the State Capitol building to-day.
It is estimated that it will cost $10,000 to defray the expenses of the legis
lators for three days in ordei to increase the rate o f interest which the high
way bonds will bear. Local brokers have indicated to the State Treasurer
that the bonds will sell at 5 % % . The interest rate on the issue was fixed
at 5% b y the last Legislature.
Public Subscriptions.
The second plan which the Treasurer suggested to the Governor involves
the sale o f the bonds on public subscriptions. It -was pointed out that 2,000
persons who will agree to purchase $ 1 ,0 0 0 wiil solve the problem.
“ There are 325 banks in the State and the State Treasurer feels that it
m ay be possible to sell an average o f one $ 1 ,0 0 0 bond to each o f these in
stitutions. A campaign through the newspapers o f the State is one feature
of this plan. Letters to each o f the banks and public-spirited citizens
also will be written.
Unless the $2,000,00.0 in bonds are sold more than 6,000 men engaged in
read building will be thrown out o f em ploym ent this fall, according to
officials o f the State H Ighway Department. Also the entire program of the
Departm ent will be halted. N o new contracts can be let under the budget
approved b y the Governor early in the spring o f this year.
Federal A id Appropriations.
Practically the entire sum to be raised from the sale o f the bonds will
be used in meeting Federal aid appropriations to Colorado. T o carry out
the Federal aid projects planned it will be necessary to dispose o f the bonds
in some manner.
“ Information in the hands o f the State Treasurer indicates that some o f
the other States have experienced difficulty in disposing o f bonds at a
much higher rate o f interest than the Colorado bonds. In some instances
other States have been compelled to sell their bonds bearing as high as
6 % at a discount.
“ I have been unable to get an expression from the Governor in regard
to the situation, said Treasurer Strong. He informed me a few days ago
that he had several things in mind relating to the matter which he would
disclose to me when he returned to the Capitol this week.”

Rosedale, Kansas.—

To

T est

V a lid ity o f N e w

C o n s o lid a 

tio n L a w . — Action to test the constitutionality of the law
passed by the last session of the Kansas Legislature regarding
the consolidation of Rosedale and Kansas City, K ans., was
scheduled to begin on Aug. 19, in the State Supreme Court.
The Topeka “ Capital” dated Aug. 19, said:

“ A delegation from Rosedale w ill present an application before Justice
John M arshall in a hearing to-day for an alternative writ o f mandamus
against the C ity Clerk o f Rosedale which w ould require him to certify to
Governor Allen the returns o f an election held in Rosedale for that purpose
so me *ime ago.
“ The new law, which applies only in this case, provides that if an election
for that purpose has been held in the past and carried by a m ajority in
favor o f consolidation, the C ity Clerk shall file a certificate o f the returns
o f the election with the Governor o f the State. The G overnor will con
sequently issue a proclam ation delcaring the two cities consolidated.
“ According to the information received b y the Attorney General’s office,
the C ity Clerk o f Rosedale has refused to file the election returns with the
Governor on the grounds that he believes the law unconstitutional
“ The hearing in Supreme Court to-day will be to com pel him to file the
election returns or be given a lim ited time to show cause why he refuses.

Port of Bay City, Ore.—

J u d gm en t A g a in st M o r r is B r o s ,

A judgment of $9,338 against the
bankrupt estate of Morris Bros., Inc., said the Portland
“ Oregonian” on Aug. 20, was allowed the Port of Bay City
yesterday by Federal Judge Wolverton, following litigation
for the recovery of the sum representing the difference
between the contract purchase price of a block of bonds
and the amount bought at auction.
The “ Oregonian”
cent inued:
I n c .,

A w a r d e d to C i t y .—

“ Morris Bros., Inc , purchased from the Port o f Bay (Jity on April 12
J9J9, $260,000 worth o f bonds at a price o f $J ,015 50 for SI ,000, payment
to be made upon delivery in allotments as specified
‘ The first allotment o f $100,000 was made on June 27 1919, and the
rest was to be delivered in two lots o f $50,000 each and one o f $60,000 on
the first days o f August, September and October, 1920
“ The first lot o f $50,000 was delivered on Aug 18 1920. .end paid for
without the premium o f $775
The second was delivered on Sept. 10 and
the premium was likewise omitted in payment
It was later agreed that

977

the remaining $60,000 block w.r: to be dellv<-red on the fir-\t bu ine u.i , o
the year 1921, the pnrmiuni o f $930 and the due premium o f 81,550 to be
paid on i hat date
“ Morris Bros . Ine went Into voluntary bankruptcy on Dec. 27 1920,
and W . I> W hitcom b was appointed rerofvi-r
On Jan 3 1921, the Port
o f Bay C ity offered the $60,000 block o f bond* end the receiver declined to
accept them, The bonds were then advertised for sale on Jan 20 but the
bids were rejected.
A trustee was appointed on Fob I and on March 10 the bonds were
sold at auction for $53,142 which was $9,338 less than the contract price
“ In reading Ids decision Judge W olverton cited the statute making a
bankrupt estate liable for damages for a broach o f executory contract.
11 5 said the trustee had had 38 days In which to signify his intention o f
<
accepting the bonds, and held that the contract covering the purchase and
sale o f the bonds applied to the entire amount and that damage , accruing
would be upon the whole contract despite the fact that the last $60,000
Installment was advertised for sale prior to the election o f the trustee
This ho uphold by the fact that the bonds wore actually sold after the
trustee had been elected, and that since the trustee did not desire to elect
to perform, the claim should be allow ed."

BOND CALLS AND REDEMPTIONS.
Barry County (P. O. Cassville), Mo.

B ond

C all.

Building Court House 5 % bonds, dated Oct. 8 1912, bonds
Nos. 69 to 80 inch, for $500 each, have been called and will
be paid Sept. 1.

Boulder, Boulder County, Colo.— B o n d C a ll. — Finstation bonds N o. 22 to 24 inel. have been called for pay
ment on Sept. 10.
Denver (City and County), Colo.— B o n d s C a lled .—
In pursuance of Section 47 of the Revised Charter, 1916, of
the City and County of Denver, notice is hereby given that
sufficient moneys are in the hands of M . J. M cCarthy,
Manager of Revenue and ex-officio City Treasurer, to pay
the following bonds:
Storm Sewer Bonds.
Sub District N o. 4, Caiptol H ill Storm Sewer District Bond N o. 20.
W ashington Park Storm Sewer D istrict B ond N o. 228.
Sanitary Sewer Bonds.
Sixteenth Street Sanitary Sewer D istrict Bonds N o. ! to 30 inclusive.
W est and South Side Sanitary Sewer District, Bonds N o. 571 to 575, incl.
Part “ A " Sub D istrict N o. 14, W est and South Side Sanitary Sewer
District, Bond N o. 58.
Improvement Bonds.
Capitol Hill Im provem ent D istrict N o. 7, Bond N o. 99.
N orth Side Im provem ent D istrict N o. 18, Bonds N o. 45 and 46.
Park Bonds.
East Denver Park D istrict, Bonds N o. 1916 to 1925, inclusive.
South Denver Park D istrict, B ond N o. 763.
Surfacing Bonds.
Seventh Avenue Parkway Surfacing D istrict Bond N o. 31.
Surfacing District N o. 4, B ond N o. 47.
Paving Bonds.
A lley Paving District N o. 24, Bond N o. 35Alley Paving District N o. 41, Bond N o. 13.
Alley Paving District N o. 46, B ond N o. 11.
N orth Denver Paving D istrict N o. 1, Bonds N o. 25 and 26.
N orth Denver Paving District N o. 2, Bonds N o. 13 to 15, inclusive.
All such bonds are hereby called in for payment and at the expiration
o f thirty days from the first publication o f this notice to wit: on the 31st
day o f August 1921; interest on the bonds above described will cease.
Upon the request o f the holders o f any o f the above bonds received
ten days before the expiration o f this call the above official will arrange
for their paym ent at the Bankers Trust Com pany, N ew Y ork C ity, but
not otherwise.

La Junta, Otero County, Colo.— B o n d s C a lle d .—
J. W . Fisher, City Treasurer, has called for payment the
following bonds:
$2,000 water bonds on Oct. 1.
2,000 water bonds on N ov. 1.

BOND PROPOSALS AND
this week have been as follows:

NEGOTIATIONS

A D A M S C O U N T Y (P. O . D e c a t u r ) , IndL— BOND SALE. — The th ree
issues o f 4 l % b o n d s o ffe r e d o n A u g . 15— V . 113, p . 751 — w ere a w a rd e d
A
a t p a r a nd in te re st as fo llo w s :
$ 8 ,0 8 0 J o h n M . F risin g er, W a s h in g to n T o w n s h ip b o n d s to C h a s . A r n o ld .
9 ,2 0 0 G e o r g e R in g g e r , F re n ch T o w n s h ip b o n d s t o O ld A d a m s C o u n t y B k .
8 ,5 6 0 J o se p h D . S c h w a r tz , M o n r o e T o w n s h ip b o n d s to O ld A d a m s C o u n t y
B ank.
ALAM O SA A N D CO NEJOS CO U N T IE S JO IN T C O N S O L ID A T E D
S C H O O L D I S T R I C T N O . 24, C o l o .— BONDS VOTED.— A n issu e o f
$ 1 2 ,0 0 0 6 l % 1 0 -2 0 -y e a r ( o p t .) s c h o o l b ld g , b o n d s h as b e e n v o te d .
A
T h e s e b o n d s h a v e a lr e a d y b e e n r e p o r te d as b e in g sold to th e In te r n a tio n a l
T r u s t C o ., o f D e n v e r , s u b je c t to b e in g a u th o riz e d b y the v o te r s a t said
e le c tio n .
T h e n o tic e o f sale a n d e le ctio n a p p e a re d in V . 113, p . 651.
A L L E N P A R I S H R O A D D I S T R I C T N O . 3 (P. O. O b e r lin ), L a .—

BOND OFFERING. — A d d itio n a l in fo r m a tio n is a t h a n d re la tiv e t o th e
o ffe r in g on S e p t. 1 o f th e $ 1 5 0 ,0 0 0 reg istered ro a d b o n d s — V . 113. p . 752.
S ea led b id s fo r th ese b o n d s w ill b e e n terta in ed u n til 11 a. m . o n th a t d a y
b y th e P r e s id e n t c f P o lic e J u r y .
In te r e s t ra te 5 % .
D e n o m . $ 1 ,0 0 0 .
D a te D e c . 1 1 91 9.
In t. J . & D . p a y a b le a t th e F o u r th N a tio n a l B a n k ,
N. Y.
D u e y e a r ly fr o m 1 t o 15 y e a rs .
C e rt, c h e c k fo r $ 3 ,7 5 0 , p a y a b le
to th e said o ffic ia l re q u ire d .
B o n d e d d e b t , $ 1 5 0 ,0 0 0 ; assessed v a lu e
(e s tim a te d ), $ 2 ,0 0 0 ,0 0 0 .
A M E R I C A N C A N Y O N S C H O O L D I S T R I C T , N a p a C o u n t y , C a l i f .—
BOND SALE. — O n A u g . 10 $ 1 0 ,0 0 0 6 % s c h o o l b o n d s w ere so ld to th e
F irst N a tio n a l B a n k o f N a p a a t 1 0 0 .5 0 .
D e n o m . $ 1 ,0 0 0 .
In t. F . & A .
A M I T Y V I L L E , S u f f o l k C o u n t y , N. Y .— BONDS VOTED. — A t a
sp e cia l e le ctio n h e ld A u g . 2 0 , $ 9 0 ,0 0 0 r o a d b o n d s w ere v o t e d b y a m a jo r it y
o f a lm o s t 3 to 1.
A N A H E I M , O r a n g e C o u n t y , C alif.— OFFICIAL VOTE.— Th e f o ll o w 
in g a re th e o ffic ia l v o te s w h ich w ere s u b m itte d fo r a n d a g a in st e a ch issue
o f b o n d s o n J u ly 19— V . 113, p . 553.
$ 7 5 ,0 0 0 m u n ic ip a l im p t. b o n d s .
V o t e 501 t o 61
5 0 .0 0 0 m u n ic ip a l im p t . b o n d s .
V o t e 539 to 35
3 0 .0 0 0 sew er s y ste m im p t. b o n d s .
V o t e 5 3 0 t o 41.
5 ,0 0 0 fir e d e p t, ho-gds. V o t e 538 t o 4 2 .
E a c h b o n d issue b e a rs in terest a t a ra te n o t t o e x c e e d 6 % .
I n t . s o m i- a n n ,
A N D O V E R , A s t a b u l a C o u n t y , O h i o . — B O N D S A L E . — T h e $ 3 ,9 0 0
a n d $ 2 8 ,8 0 0 6 % s tre e l im p t. b o n d s o ffered o n A u g . 8— V . 113, p . 437 —
w ere a w a rd e d t o th e F itzg e ra ld C o n s tr u c tio n C o . a t p ar a n d a ccru e d in t .
A N O K A C O U N T Y (P. O. A n o k a ) , M i n n .— BOND OFFERING.—

Bids will be received until 10:30 a. rn. Sept. 7 by Arthur A . Caswell, County
Auditor, for $150,000 5 H % trunk highway reimbursement bonds. Denom .
$1,000. Date Sept. 1 192). Int. semi-annually. Due $15,000 yearly
on Sept. J from 1932 to 1941, incl. Cert, check for 5% of the amount of
the issue, payable to the County Treasurer, required. The bonds to be
issued under Chapter 522, Laws, Minnesota, 1921. on account o f expendi
tures made in permanently improving roads described in Article 16 o f the
Constitution o f the State o f Minnesota.
A R A P A H O E C O U N T Y S C H O O L D IS T R IC T NO. 35, C o lo .—
BONDS VOTED. -An issue o f $6,000 6 % % school bldg, bonds has been
authorized by the voters.
These bonds have already been reported sold

tm

THE CHRONICLE

•o B eiiw ell P h illips &l C o . o f D en v er, su b je ct to bein g sa n ction ed at said
election . T h e n otice o f sale an d election appeared in V. 113, p. 652.
A S H L A N D , B o y d C o u n t y , K y .— BONDS NOT SOI\ ,D .— No sale was
made ou Aug i 7 of the $160,000 5^ 4 % coupon water works inapt, bonds—

V

113, p. 553.

The bonds will probably be re-offered next spring.

A L T O O N A , B la ir C o u n t y , P a . — BOND OFFERING — : J oh n P . L a ffe r t y , S u pt. o f A c co u n ts a n d F in an ce, will receiv e sealed bids until 12 in.
Sept l fur $ 3 00 ,0 00 5% ta x-free c o u p o n or registered bon ds.
D en om
$1 ,000
D ate Sep
I 1921
D u e on Sept. 1 as follow s: $ 5 0,00 0 1926
$ 1 0 0 ,0 0 0 1931, and $ 7 5 ,0 0 0 in 1936 an d 1941. C ert, ch eck for 2 % o f bid,
re q u ire d .
A M H E R S T (P. O. W iU ta m s v iU e ). Erie C o u n t y , N. Y . — BOND
O F F E R ! N O — J oh n M
YVohi lo, T o w n Su pervisor w ill receive sea led bids
until 2 p m Sept 3 for % 17,1 GO 5 % c o u p o n roa d b on ds
D en om $1,140
D ate Sept l 1921. In t auu (S ep t )
D u e $1 ,140 y e a rly on Sep t 1
from 1922 to 1936, in clusive.

ARLINGTON, Middlesex County, Mass
TEMPORARY LOAN.—
The Kirs; National Bank of Boston Has .mrchased a temporary loan of
$50,000 eluted Aug 25 1921 u l maturing Deo. 5 1921 on a 5.29% discount
basis plus a premium of $2.00.
A S H L A N D , Ashland County, O hio.— NO BIDS RECEIVED.—
No bids were received for the three issues of 6% improvement bonds ag
gregating $86,000 offered on Aug. 20 V . 113, p. 872.
A T T A L A COUNTY (P . O. K o s c i u s k o ) , M iss.
B O N D O F F E R I N G .—
Sealed bids will be received until 12 m. Sept. 5 Ivy E W. Sullivant, Clerk
Board of Supervisors for 860,000 6% coupon bridge bonds. Denom.
$400
Date Nov. 1 1921. lot. M . & N., payable at the office of County
Treasurer. Due yearlv on Nov. I as follows $1,200, 1922 to 1926, incl.;
$2,400. 1927 to 1936, incl., and $6,080, 1937 to 1941, incl. All bids must
be accompanied with a certifud check for 5% of the amount of bonds bid
for and bids will be received for the entire iot or any part thereof. The
successful purchaser will be required to give bond for ti e amount of his bid
condirioned to pay the purchase price on Nov. I 1921, when bonds will
be delivered.
A T T L E B O R O , Bristol C o u n t y , M a s s . — TEMPORARY LOAN.—
T h e First N a tion a l Bank o f B o s to n w as aw arded a te m p o ra ry loa n o f
$ 5 0 ,0 0 0 on a 5 .2 5 % d is co u n t basis.
B A R T L E S V I L L E , W a s h i n g t o n C o u n t y , O k la .— BONDS AUTHOR
IZED — R esolu tion s au th orizin g th e issuance o f street im p t. b o n d s o f
$2 7,000 h av e been passed b y the C ity C om m ission ers.
B A Y L O R C O U N T Y C O M M O N S C H O O L D I S T R I C T N O . 6, T e x . —
BONDS REGISTEREO.— O n A u g . 15 the State C o m p tr o lle r registered an
issue o f 5 % 3 0 -4 0 year b on d s a m ou n tin g to $1 5,00 0.
B E L L E F O N T A I N E , L o g a n C o u n t y , O h i o . — NO BIDS— BOND SALE.
— N o bids w ere receiv ed for th e $ 1 2,00 0 6 % electric lig h t p la n t b on d s offered
on A u g . 19— V . 113, p . 752— b u t th ey w ere later sold at a p riv a te sa le to
the C om m ercia l & Savings B a n k C o . at par and a ccru ed interest. D e n o m .
$3 ,000
D a te M a r c h 1 1921. In t. M . & S. D u e serially fro m 1921 to
1925, in clu sive.
B L A C K .F O O T , B in g h a m C o u n t y , I d a .
BOND SALE. — A n issue o f
$7 5 ,0 0 0 6 % 20 -y ea r w ater b on d s w as re ce n tly aw arded t o a c o n tr a c to r .
T h e b on d s are b ein g h a n d led b y th e B a n k ers T ru st C o . o f D e n v e r . D e n o m .
$1 ,0 0 0 .
D a te Ja n . 1 1921. In t. sem i-an n . p a y a b le in N ew Y o r k .
B L O U N T C O U N T Y (P. O. Maryville), T e n n . — BID ACCEPTED.—
T h e b id o f par an d a c c ru e d in terest, p r o v id e d he be aw a rd ed c o n tr a c t
w h ich w as su b m itte d on A u g . 15 b y R . L . P eters, c o n tr a c to r — V . 113, p . 872
— w as a c ce p te d on A u g . 19.
In a d d ition t o fu rn ish in g us th e a b o v e in fo rm a tio n , T h o s . L . N u ch o ls
C h a irm a n o f G o o d R o a d C om m ission ers, tells us th a t he has been in form ed
th at R . L. P eters is reselling th e b on d s t o C a ldw ell & C o . o f N a sh v ille, an d
S ea son g ood & M a y e r o f C in cin n a ti.
B L U F F C I T Y , Harper C o u n t y , K a n s . — BONDS VOTED — A t an
election held on A u g 4 th e p ro p o sitio n to issuo $2 0,00 0 w o rth o f b on d s for
th e pu rp ose o f secu rin g electric lig h ts, carried b y a v o te o f 83 to 6
B O G O T A S C H O O L D I S T R I C T (P. O. Bogota) Bergen C o u n t y , N. J.
— BOND SALE. — T h e B o g o ta N a tio n a l B a n k o f B o g o ta , h as p u rch a sed
$9 0 ,0 0 0 6 % sem i-a n n . sc h o o l bon ds.
B O O N E C O U N T Y (P. O. L e b a n o n ) , I n d . — BOND OFFERING.—
Sealed b id s w ill b e receiv ed b y G ra n v ille W ells, C o u n ty T reasu rer, until
10 a. m . S ep t. 1 fo r $7 ,800 4 M % Sam uel D ea n et a l., J efferson T ow n sh ip
h igh w a y im p rov em en t b o n d s . D a te Ja n . 4 1921. In t. M . &; N .
B R A N D O N , Fond du Lac C o u n t y , W i s e .— BOND SALE. — T h e First
N a tion a l B ank has been aw arded an issue o f $ 4 0 ,0 0 0 c ity b on d s, p a y in g a
prem ium o f $2 50 , equ al to 100.625.
B R I S T O L C O U N T Y (P. O. T a u n t o n ) , Mass.— NOTE SALE.— F . S.
M o s e le y & C o ., B o s to n , h a v e pu rch ased on a 5 .3 4 % d iscou n t basis, plu s a
$200 prem iu m , $2 5,00 0 T u b ercu losis H osp ita l n otes.
D a te A u g . 17 1921.
D u e A p r il 17 1922.
B R Y A N T , Hamlin C o u n t y , So. D a k .— BOND OFFERING.— H . C.
R ice , C ity A u d ito r, w ill receive sealed b id s u ntil Sept. 6 fo r $ 2 1 ,0 0 0 6 %
sewer b on d s it is rep orted .
D e n o m . $1 ,000 .
B U R N E T T S C H O O L D I S T R I C T , Santa Clara C o u n t y , C a l i f .—
BOND OFFERING.—Until 1 1 a . m . S ep t. 6 th e C lerk , B oa rd o f C o u n ty
Su pervisors (P . O . San Jose) w ill receiv e sealed bids fo r $ 1 5 ,0 0 0 6 % cou p on
sch o o l bon d s.
D e n o m . $ 1 ,0 0 0 . D a te S ep t. 1 1921. P rin. a n d sem i-ann.
in t . (M . & S.) p a y a b le at th e o ffic e o f C o u n ty T reasu rer.
D u e $ 1 ,0 0 0
y ea rly o n S ep t. 1 fr o m 1922 to 1936, in cl. C ert, c h e ck fo r 1 0 % , requ ired .
C A M B R I A T O W N S H I P S C H O O L D I S T R I C T , C am bria C o u n t y ,
P a .— NO BIDS RECEIVED. — N o b id s w ere receiv ed fo r th e $3 0,00 0 5 A %
l
ta x-free b o n d s offered on A u g . 19— Y . 113, p . 652.
C A N T O N I N D E P E N D E N T S C H O O L D I S T R I C T N O . 1 (P. O .
C a n t o n ) , Lin co ln C o u n t y , So. D a k .— BOND OFFERING.— H arrison
J. B row n , C lerk B o a rd o f E d u c a tio n , w ill receiv e bids at 8 p . m . S ep t. 2 at
th e L in co ln C o u n ty B a n k , C a n to n , fo r th e pu rch ase o f $165 ,0 00 5 M %
golid ta x -free c o u p o n s c h o o l b ld g , bon d s. D e n o m . $ 1 ,0 0 0 . D a te A u g . 1
1921. In t. F . & A . B on d s p a y a b le a t First N a tio n a l B a n k , M in n ea p olis
or F irst N a tio n a l B a n k , C h ica g o , or H a n ov er N a tio n a l B a n k , N . Y . at
o p tio n o f pu rch aser. D u e A u g . I 1941. C ert, c h e ck fo r $ 8 ,2 5 0 p a y a b le to
th e D istrict T reasu rer, requ ired . T h e B o a rd o f E d u c a tio n w ill fu rn ish
b o n d s an d the leg al op in ion o f L a n ca ster, S im pson, Ju n ell & D o r s e y as to the
leg a lity o f th e b o n d s . B o n d e d D e b t (ex clu d in g this issue) $ 1 0 ,0 0 0 . A s 
sessed v a lu e, 1920, $ 3 ,5 3 7 ,1 5 3 .
C A R R O L L , W a y n e C o u n t y , N e b .— BOND SALE. — D u rin g th e m on th
of J u ly th e fo llo w in g 6 % p a v in g d istrict b on d s w ere sold a t pa r t o th e
State o f N eb ra sk a:
$ 8 ,0 0 0 b o n d s . D a te Ju n e 1 1920. D u e Ju n e 1 1940, o p tio n a l a t an y
in terest p a y in g d a te.
3 ,0 0 0 b o n d s . D a te J u ly 1 1920. D u e J u ly 1 1940, o p tio n a l at an y
in terest p a y in g d a te.
C E D A R C R E E K D R A I N A G E D I S T R I C T (P. O . M on ticello), Jasper
C o u n t y , G a . — BOND SALE. — T h e $ 4 9 ,0 0 0 drainage b o n d s , m en tion ed
in V . 112, p . 79— h a v e been sold to lo c a l in vestors a t 9 0 .0 0 .
C H A R L O T T E , M e c k le n b u r g C o u n t y , N o . C aro .— BOND SALE.—On A u g . 22 th e $ 1 50 ,0 00 6 % gold sch o o l b on d s, da ted N o v . 1 1920— V . 113,
p. 873— w ere so ld to th e A m erica n B a n k & T ru st C o . o f C h a rlotte a t 100.50,
a basis o f a b o u t 5 .9 5 % .
D u e y ea rly on N o v . ] as follow s: $4 ,000 , 1923 t-o
1931, in cl.: $ 6 ,0 0 0 , 1932 t o 1938, in c l., an d $8 ,000 , 1939 to 1947, incl.
C H O U T E A U C O U N T Y R U R A L S C H O O L D I S T R I C T NO. 1 (P. O.
Fort B e n to n ), M o n t .— BOND SALE. — T h e $ 4 2,30 0 6 % fu n d in g b on d s,
offered on A u g . 16— V . 113, p . 553— h a v e been sold to the State B oa rd o f
L a n d C om m ission ers a t p a r. D e n o m . $ 1 ,0 0 0 . In t. F . & A . D u e 1941
op tion a l 1931.
C I N C I N N A T I , H a m ilto n C o u n t y , O h io .— BONDS DEFEATED.—
T h e “ H a m ilton -J ou rn a l” o f A u g . 10, says:
“ B y a v o te o f n early tw o to on e th e peop le o f C in cin n a ti a t th e polls
y esterd a y rejected th e p rop osition to issue $ 4 ,2 5 0 ,0 0 0 b on d s for th e co n 
stru ction o f a b ou lev a rd on th e site o f th e old M ia m i an d E rie C anal a t this
tim e.
F ou r h u n dred p recin cts o u t o f fo u r h un dred and sixty-six g a v e 11,099
v otes for the b o n d issue an d 1 9 ,6 2 0 a gain st, a m a jo r ity o f 8,521 against.
O p p osition t o th e b on d issue w as begu n several w eeks a g o and it grow

[V

ol.

113.

apace, tlni.se opposed to the issue declaring that the city now has all the
bo.ids ci this character it can stand and it would be a waste to provide for
die boulevard at this time when the city needs money for so many other
important matters.
On the other hand it was argued that the time to pass the bond issuo was
now before the 5% limitation law goes into effect in 1922 and the issuance
of the bonds and the work of construction could be put off until a more
opportune time.”
C L A R K E C O U N T Y (P. O. O sceola), Io w a .— BOND S A L E .— Schanke

.v Co of Ylason City, have been awarded $60,000 6% tax-free funding
bonds
Denom. $1,000. Date Sept. 1 1921. Prin. and semi-ann. int.
(M . A s.) payable at the County Treasurer’s office. Due Sept. I 1941.
Firmncial Statement.
Assessed value of property___
__________________ ____ $22,102,476
Assessed value of moneys and credits
3,324,668
Total ___

_____ _

. . . . _____________________________________ $25,727,144

Total indebtedness, including this Issue
___
$264,000
Percentage of debt to assessed valuation
__
1 3-10%
Population of County (1920), census, 10,506.
CLARKSVILLE, Red River C o u n t y , Tex.— BOND OFFERIN G. —
Bids will be received until 2 p. in. Sept. 19 by Roy Goodman, City Clerk,
for the $50,000 6% street and alley paving bonds recently voted in V. 113,
r 316 Cert, check for $2,000 upon a bank of Clarksville, payable to the
>
Mayor, required.
C L E A R W A T E R S C H O O L D I S T R I C T , Pinellas C o u n t y , F l a . — NO
B ID S R E C E IV E D .— At the offering on Aug. 15 of the $8,000 6% 30-year

bonds— V. 113, p. 752— no bids were received.
CLIFTON, Passaic County, N. J .— BOND OFFERING .— William A.
Miller, City Clerk, will receive bids until 8:15 p. rn. Sept. 6 for an issue of
6% coupon (with privilege of registration) school bonds not to exceed
$124 000. Denom. $1,000. Date June 21 1921. Principal and semi
annual interest (J. & D.) payable at the office of the City Treasurer. Due
yearly on June 1 as follows: $3,000, 1922 to 1957, inclusive, and $4,000.
1958 to 1961, inclusive. Certified check for 2% of amount of bonds bid
for on an incorporated bank or trust company, payable to the City of
Clifton, required. The opinion of Hawkins, Doiafield & Longfellow, of
New York, will be furnished the purchaser that the bonds are binding and
legal obligations of the city. Bonds are to be prepared under the super
vision of the United States Mortgage & Trust Co., which will certify as to
the genuineness of the signatures of the officials and seax impressed thereon.
Purchaser t o pay accrued interest. These bonds were offered without
success on June 21 as 5 Ms.— V. 112, p. 2334.
CLYDE, Sandusky C o u n t y , O hio.- BOND SALE,—The $30,000 6%
deficiency bonds offered on Aug. 22—V. 113, p. 873—were awarded to
the Peoples Banking Co., Clyde, at par and accrued interest. There were
no other bidders.
C O L E M A N I N D E P E N D E N T S C H O O L D I S T R I C T (P. O. Colem an)

Coleman County, Tex.— BONDS REGISTE RED. —This district on Aug.
15 registered $35,000 5% 5-40 year bonds with the State Comptroller.
C O N C O R D T O W N S H I P R U R A L S C H O O L D I S T R I C T (P.
S t a u n t o n ) , F a y ette C o u n t y , Ohio. - B O N D OFFERING.
Sealed

O.

pro
posals will be received by C. Foster Wieltle, Clerk (P. O. Washington,
O. H., R. F. D. No. 8) until 12 m. Sept. 1 for $8,500 6% coupon school
bonds. Denom. $500. Date Sept. I 1921. Tnt. M.-S. Due $500
vrlv. on Sept. 1 from 1922 to 1924, incl. and $500 every six months from
Mar. 1 1925 to Sept. 1 1931, incl. Cert, check on a solvent bank for 2%
of bid, payable to above clerk, required. Purchaser to pay accrued interest.
C O O K C O U N T Y S C H O O L D I S T R I C T NO . 64 (P. O. Park Ridge,
Box 94), 111.— BOND OFFERIN G.— S
ealed bids will be received until

7.30 p. m. Sept. 9 by Marion L. Woodworth, Clerk Board of Education,
for $47,700 school bldg, bonds. Denom. $1,000 and $700. Date June 1
1920. Int. semi-ann. Due on Dec. 1 as follows: $2,000 1921 to 1929.
$3,000 1930 to 1938 and $2,700 1939. Purchaser to pay for printing of
bonds and legal opinion.
C O R V A L L I S , B e n to n C o u n t y , O re. — BOND S A L E . — The $10,000
fire apparatus and equipment purchase bonds, offered on Aug. 22— V .113
p. 873—have been purchased at par by the City Sinking Fund.
C O Z A D , D awson C o u n t y . N e b .— BOND S AL E. — The State of Ne
braska during July purchased $19,492 80 6% district paving bonds at par.
Date May ] 1920. Due May 1 1940, optional at any interest paying date.
The State also purchased $10,000 6% intersection paving bonds at par dur
ing the same month. Date May 1 1920. Due May 1 1940, optional at
any interest paying date.
C R A W F O R D S V I L L E S C H O O L C I T Y , M ontgom ery C o u n t y , I n d . —
BONDS OFFERED B Y B A N K E R S . — Harris, Forbes & Co. are offering

to investors at prices to yield from 5.50% to 5.40% (according to maturity)
$78,000 6% coupon tax-free school bonds. Denom. $1,000. Date July 1
1921. Prin. and semi-ann. int. (J.-J.) payable at Continental ^Com m er
cial National Bank, Chicago. Due yearly on July 1 as follows: $5,000 19ol
to 1935, incl., and $10,000 1936 to 1940, inclusive.
Financial Statement.
Assessed valuation for taxation_________________________
$13,9/2,355
Total debt (this issue included)________________ ________
207,264
Population 1920 Census________________________________
10,139
DENNISON, T u sc ara w a s C o u n t y , Ohio.— BOND S A L E . —The
$15,000 6% street impt. bonds offered on Aug. 10—V. 113, p. 653—have
been purchased by Breed, Elliot and Harrison of Cincinnati at par and
accrued interest.
DENVER (City and County), C olo.— BOND OFFERIN G .— Walter
B. Lovvey, Manager of Improvements in Parks, is offering for sale over the
counter the following 6% coupon bonds at not less than par and accrued
interest.
$50,000 West Denver Paving District No. 2 bonds.
40.000 Broadway Paving District No. 5 bonds.
35.000 Elyria Improvement District No. 1 bonds.
Int. semi-ann. payable in New York.
DES MOINES, Polk County, Iowa. — BOND S AL E.
On Aug. 22
the $260,000 6% tax-free coupon (with privilege of registration) sewer
bonds— V. 113. p. 753—were sold to R. M. Grant & Co. of N. Y. at 100.76
and interest, a basis of about 5.85%. Denom. $1,000. Date Aug. 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at R. M. Grant 3: Co.. N. Y.
or at City Treasurer’s office. Due on May 1 as follows: $28,000. 1923
and $29,000, 1924 to 1931, incl.
D O U G L A S C O U N T Y (P. O. R o sebu rg), O r e.— DESCRIPTION OF

BONDS. —The $220,000 6% road bonds awarded on Aug. 10. as reported
in V. 113. p. 753. are described as follows. Denom. SI,000. Date Sept. 1
1921. Int. M. & S. Due in 5 and 6 years.
D O V E R T O W N S H I P R U R A L S C H O O L D I S T R I C T (P. O. Dover).
Tu scara w a s County, Ohio.— BOND OFFERING. — Sealed proposals will

be received by G. F. Stieber, Clerk, until 12 m. Sept. 10 for $30,000 6%
school improvement bonds. Denom. $1,000. Date July 15 1921. Prin.
and semi-ann. int. payable at a bank to be designated as the depository
for sinking funds of dis rict. Due $1000, yearly on Sept. 15 from 1929 to
1949 and $1,000 every six months thereafter until all bonds mature. Pur
chaser to pay accrued interest.
D U L U T H , M in n . — BOND OFFERING. — F . D. Ash. City Clerk, will
receive sealed bids until 3 p m. Sept . 19 for the purchase of S100.000 5 % %
coupon or registered incinerator bonds. Denom. $1,000- Date Get. 1
1921. Prin. and semi-ann. int. (A. & O.) payable at the Amor lean Ex
change National Bank, N. Y. Duo Oct. 1 1951. Cert , cheek for 2% of
bid required.
E A ST W A T E R L O O IN DEPEN D EN T SC H O O L D IS T R IC T

(P. O

W a t e r lo o ), Black H awk Countv, l a . — BOND SALE.
On Aug. 16
the $113,000 6% 5-year bonds, to be used for constructing, eomplot ing and
equipment of a new school building in said district , dated Aug. \ 1921
V. 113, p. 753— were sold to Drake-Ballard Co. at par and accrued interest
EL P A S O , El Paso C o u n t y , Tex.

BOND E L E C T IO N A.\/> 8.W E.

The Commerce Trust Co., of Kansas City, has purchased $ >00.000 water
extension, $90,000 street extension and improvement, $150,000 si root and
alley intersection, $500,000 school building. $2o0,000 sewer extension,
$125,000 sower disposal. $100,000 park extension, $10,000 libra. \ improxa
meat and $125,000 drainage 6% 10-30-year (opt.) bands, subject to bem*
sanctioned by the voters on Sept . 6.

A u g .

T H E CHRONICLE

27 1921.

E L Y R IA ,
L o ra in C o u n t y , O h io .
ItONI) S A L K ,
I fttyilon, Mil lor
& C o., o f Cleveland, and Harris, Forbes & Go. and 1-ho National C lly <'« ,
both o f Now York, purchased jointly at IQQ.324, a basis o f about 5.73% ,
tho $360,000 5% % coupon bonds offered on Aug. 22 -V. 11.3, i>. 753.
Thero wore no other bids rocolvod.
E R IE C O U N T Y (P. O . E rie), Pa.
BOND SALK.
Tb'O $500,000 5 1, ' ,
coupon or registered tax-free gold road bonds offered on Nil": 22 V. M3,
p. 753— have been awarded to (he Security Savings & Trust Od,, Erie,
at par.
E S C A M B I A C O U N T Y (P. O . P e n sa c o la ), F la .
BON/) O F F E R IN G .
Until 11 a. m . Sept., 8 tho Hoard o f Public Instruction will receive bid1 for
the purchase of $100,000 6%. coupon tim e warrants. Denom. $1,000.
Date Oct. I 1921 ■ In i. A. & (). Warrants payable to the order o f bearer
at and by any C ounty School Fund Depository o f Escambia <lounly.
Dun
yearly on Oct. I as follows: $5,000, 1922 to 1935. inch, and $0,000. 1930
to 1911. incl. The warrants will bo validated by an ordor of lire Circuit
Court of Escambia C ounty. Fla., ami will be delivered to the .-•.uc’cnsful
bidder at (.lie office of the Board on Oct. i 1923, or as soon thereafter as
same can be prepared for delivery and the successful bidder must pay
accrued interest, at t he rate borne by the warrants from their date to ( he
rate o f delivery to him. Each bidder will bo required to deposit with Ins
bid a cert ified check on some Pensacola bank or some national ban k . payable
or endorsed to the Board o f Public Instruction for Escambia C ounty, Fla.,
in a sum equal to 2 % o f the amount of the par value o f warrants bid for by
him.
Fin and a l Sta lenient.
Assessed valuation for 1921 o f taxable property_
•
-$16,467,610
Total bonded indebtedness, including this issue
_ ___
356,000
Population, Escambia C ounty, 1921___________________________
71,000
E V A N S C O U N T Y (P. O . C la x t o n ), G a . — N O A C T I O N Y E T T A K E N .
— N o action has yet been t alcen looking toward the re-offering o f the $50,000
5% court house bonds— V . 113, p . 653.
E V E R E T T , M iddlesex C o u n t y , M ass.— T E M P O R A R Y ' L O A N . — T h e
Merchants National Bank has purchased the $100,000 loan offered on
Aug. 23 (V. 113, p. 874) on a 5.17% discount basis, plus a premium o f $1.
F A I R M O R E I R R I G A T I O N D I S T R I C T (P O . O n t a r i o ) , M a lh e u r
C o u n t y , O r e . — B O N D S A L E . — On Aug. 20. Win. E. Lees obtained the

$20,000 6% bonds— V . 113, p. 753— at 80.
F E R G U S C O U N T Y S C H O O L D I S T R I C T N O . 169

(P

O . D o v e t a i l),

M on t.— D E S C R I P T I O N O F B O N D S . — 'T he $8,500 6 % school fin d in g bonds
awarded on Aug. 10 to the State Board of Land Commissioners at par—
V. 113, !> 874— are described as follows: D enom . $500. D ate July 1 1921.
•
Tilt. J. & J. Due July 1 1926, optional July 1924, or any interest paying
date thereafter upon giving 30 days notice to the State Board o f Land
Commissioners.
F L A T H E A D C O U N T Y S C H O O L D I S T R I C T N O . 23 (P. O . P oison )
M o n t .— D A T E . — The date on which the voters will revote the $65,000

6% school bldg, bonds— A 113, p. 874— is to-day (Aug. 27).
7.
FOLLANSBEE,

Brooke

C ounty,

W.

V a .— B O N D

O F F E R I N G .—

Delmar Jenkins, C ity Clerk, w ill sell at public sale at 1 30 p. m. S ep t.-3
(not Aug. 29, as reported in V. 113, p 754), $30,000 6% refunding bond.
Denom. $500. D ate Sept. 1 1921
Int. payable annually at the Bank o f
Follansbee, Follansbee. Due Sept. 1 1941. The bonds are to be issued
serially in equal installments o f $1,500 each so that after the first five years
from date o f issue one o f the series w ill fall due and be payable in every
one o f the remaining periods o f their issue b y giving 60 days’ notice or news
paper publication. Bidders must be prepared to take up and pay for
bonds at the time and place o f sale.
FORSYTH

COUNTY

(P.

O.

W in ston-Salem )

No.

C aro .— B O N D

S A L E . — It

appears that the $300,000 6% tax-free gold coupon read bonds
which were offered unsuccessfully on July 25— V . 113, p. 653— have been
sold. They are described as follows: D enom . $1,000. D ate July 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the N ational Park Bank, N . Y .
Due $50,000 yearly on Jan. 1 in each o f the years 1925, 1927. 1929; 1931,
1932. and 1934. The Harris Trust & Savings Bank o f Chicago, is now
offering the bonds to investors to yield from 6.00% to 5.875% .
Financial Statement.
Actual value o f taxable property (estim ated)________________$225,000,000
Assessed valuation for taxation 1920_________________________ 152,310-535
Net bonded d e b t____________________________ _________________
345,000
Population 1920 census, 77,316.
G IL E S C O U N T Y (P. O. P u la sk i), T e r m — BOND SA LE .— On Aug. 18
Caldwell & C o. o f Nashville, were awarded $125,000 6% coupon funding
bonds at par and interest, less $3,736 for expenses. This bid is equal to
97.01, a basis o f about 6 .2 9 % . D enom . $1,000. D ate A ug. 1 1921.
1921. In t. F. & A . D ue $25,000 yearly on A ug. 1 from 1926 to 1950. incl.
G O L D S B O R O , W a y n e C o u n t y , N o . C a r o .— B O N D SALE. — On
Aug. 22 t h e $ 9 5 ,0 0 0 6 % 814 y e a r (a v e r ) c o u p o n (w it h p r iv ile g e o f re g istra 
tio n ) fu n d in g b o n d s d a te d J u l y 1 1921— V . 113. p 754— w e r e s o ld t o th e
P e o p l e s Bank 6: Trust C o. o f G oldsboro at 95.75 and interest, a basis o f
a b o u t 6.67 5 % .
G R A H A M C O U N T Y S C H O O L D IS T R IC T NO. 40 (P O. S a ffo rd ),
A riz.— NO B ID S .— A t the offering on Aug. 15 o f the $6,400 6% bonds—
V. 113, p. 555— no bids were submitted.
G R A N D R A P ID S , W o o d C o u n ty , O h io .— BOND OFFERING —
Sealed proposals will be received b y U. J. Shull. Village Clerk, until 8 p. m.
Sept. 8 for $10,163 44 6 % bonds. Denom s. 1 for $163 44 and 20 for $500.
Prin. and semi-ann. int. (A .-O .) payable o f Treasurer’s office. Due on
Oct. 1 from 1922 to 1932. Cert, check for $100 payable to the Village
required. Purchaser to pay accrued interest.
G R A N IT E F A L L S S C H O O L D IS T R IC T (P. O. G ra n ite F alls),
C aldw ell C o u n t y , N o. C aro. —BONDS C A N BE PU R C H A SE D .— The
$75,000 6% school bonds offered without success on Aug. 8 -V. 113, p. 754,
— can now be purchased at a private sale.
G R A S S V A L L E Y H IG H S C H O O L D IS T R IC T , N evada C o u n t y ,
C a lif.— BOND S A L E .— On Aug. 15 the Nevada C ounty Bank o f N evada
C ity was the successful bidder for the $140,000 6% school bonds— V 113,
P 754— for $142,460 (101.75) and interest, a basis o f about 5 85% . Date
July 1 1921. Due yearly on July 1 as follows: $3,000, 1922 to 1941, incl ,
and $4,000, 1942 to 1961. inch
G R E E N V IL L E , H u n t C o u n ty , T ex. BONDS REGISTERED.— On
Aug. 15 the State Com ptroller registered $75,000 6 % funding and $25,000
5% street improvement serial bonds.
G R E E N V IL L E C O U N T Y tP. O . G re e n v ille), So. C ar!— BOND
OFFERING.— Sealed bills, at not less than par, and accrued interest, will
be ( ritertained by H. P. Dill, C ounty Supervisor, for 8100,000 coupon bonds
at not exceeding 6 % interest until 12 rn. Sept. 1, Denom. $1,000. Date
July J 1921. Prin. and semi-ann. int. payable at some responsible bank
in New York City. Due July 1 1941. Cert, check on some bank in
Greenville, So. Caro, for 2% payable to the above official reouired. The
approving opinion o f Storey, Thorndyke, Palmer & Dodge o f Boston as to
legality o f said bonds will be furnished.
Financial Statement.

Present bonded indebtedness_____
: bore dc SC ib'-d issue
I

_ ____
_

_______

_______ $1,286,500 00
_
’ 100,000 00

$1,386,500 00
Heating debt (Joan State Sinking Fund Com m ission). _
21,000 00
Assessed valuation 1920 _________
______
27.7184)60 00
Estimated actual value o f property
_____
______275,000,000 00
Population, 1920 census. 88,498.
No MtigaMon or controversy, pending or threatened, is contemplated.
BOA!) ELECTION. An issue o f $.500,000 road bonds wi]l be voted
upon Aug. 30. it is reported.
G R O V E C IT Y , M ercer C o u n ty , P a .— NO BIDS RECEIVED.
At the offering of the $40,000 5% borough bonds on Au.g 22 V. 113, p.
874 no bids were received.
H ALL C O U N T Y fp. O . G a in e s v i lle ) , G a . BOND SALE. -The $40,000 5 % coupon bonds offered on D ec. 6 last- V. I l l , p. 2156 have been
sold to Trust Company of Georgia of A tlanta, at 93.75. Duo $20 000
Jan I 1022 and $20,000 Jan. 1 1923.
H A M IL T O N , B u tler C o u n ty , O h io . BOND OFFERING. -Sealed
oroposal'-; will be received by Ernst fC Erb City Auditor, until 12 m.
Sept. 20 for 880,000 6% coupon general street Improvement bonds. Denom.

to suit purchaser. Dali Aug I 1921
Prin and <mi aim. bit payable
at office o f City Treasurer, Due $ 16,000 yrl.\ on Aug. I from 1931 to 1935.
incl, Oort, check for 5',' o f bid payable to City Treasurer, required.
Purchaser to pay accrued Intoreyi,.
H A M I L T O N C O U N T Y <P. O . N o b l'a v ill* ,, In d .

B OND OFFERING.

A. G. Finley, C ounty Treasurer, will roeelv* .sealed bid unfil II a. m.
Sept. 3 for $5,500 1/ ion; Gravel Rond Wh)i<- Itlver T w o and >5,000
Beard Gravel Road, Washington Tw p 1 1 : % bonds Int. •mi ami. (M N . >
H A R D IN C O U N T Y R O A D D IS T R IC T NO. 3 (V . O. K o u n i/.r ), T «x .
BOND OFFERING
Reports say that sealed bid . will be received uni 1
1
Aug 29 by L G Hurley, C ounty Judge, for $310,000 5
bonds
Dale
April 10 1921. Interest send-annually.
H A R L IN G E N , C a m e ro n C o u n t y , T e x . BONDS RbJGJ'/J/OtED
On Aug. 16 $48,000 sower, $10,000 street and $32,000 electric light O',
serial bonds were registered with the State com ptroller.
H ECLA, B row n C o u n ty , So. Dak. BONDS NOT SOLD. T h e
$20,000 6 % electric light and power plant bonds offered, on Aug. J5
v. I 13, p. 654 —
were not sold as there worn no bids received.
H IG H L A N D C O U N T Y (P. O. H ills b o ro ), O h io . BOND OFFERING.
Sealed bids will be received until 12 m. Sept. 6 by J. s Kern :, County
Auditor, for $11,000 6 % road improvement No. 51 bonds. ! m nom . .506.
Date Sept. I 1921 . Prin. and semi-arm. ini., (M .
S.) payable, at Counl
Treasurer’s office. Due $500 M ar. I and $1 ,000 Sepl . | from 1922 to 1927,
its I ; and $1 ,000 Mar. I 1928 and $1 ,000 Sept. I 1928. Cer1 . H-eck on ;i
solvent bank for $200 payable to the County Treasurer required. Pur
chaser to pay accrued interest.
H I L L C O U N T Y S C H O O L D I S T R I C T N O . 16 <P. O . H a v re ), M o n t .

BOND SALE. —
On Aug. 15 the $78,000 refunding bonds V. ) 13, p. 555were sold at par for 6 s as follows:
$30,000 bonds to the State o f M ontana.
48,000 bonds to banks o f Havre.
D ate July 1 1921. Due July 1 1941 optional July 1 1931.
H U N T I N G T O N P A R K U N I O N H I G H S C H O O L D I S T R I C T , Los
A n g e le s C o u n ty , C a l i f . — BOND SALE NOT C O N S U M M A T E D .
The
purchase o f the $75,000 6 % school bonds on Aug. ) from this district by the

Harris Trust & Savings Bank o f Chicago at 101.59, a basis o f about 5.80%
V. 113, p. 754— was not completed because the purchaser’s attorneys
turned the bonds down.
I N D I A N A P O L I S , M arion C o u n ty , 2nd.
BOND SALE. —The $90,000
6 % and the $65,000 5% % park bonds offered on Aug. 22— V. 113. p. 754—
were awarded (o It. L. D ay & C o., Boston, at 100.04, a basis o f about 5.74% .
Other bidders were:
For the 6 s, W m . R. Com pton C o., St. Louis, par and accrued interest,
plus a premium o f $27.00.
For the 5lSs, Fletcher Savings & Trust. C o., Indianapolis, par and accr. int.
IRED ELL C O U N T Y (P . O. S ta tesv ille), N o. C a ro .— BOND SALE.
A. B. Leach & C o., Inc. o f N . Y .,h a v e been awarded at par $400,000 6 %
road and bridge bonds. D ate Aug. 15 1921. Prin. and semi-ann. int.
(F. & A.) payable at the LT. S. M tge. & Trust C o. o f N . Y . Due Aug. 15
1922.
I RON W O O D , G o g e b ic C o u n ty , M ich .— BOND S A L E .— Shapker & C o.
o f Chicago have purchased the $142,000 5% memorial bldg, bonds offered
on Aug. 23— V. 113, p. 754.
JA C K S O N , J a ck so n C o u n ty , O h io .— BIDS REJECTED .— T h e only
bid received, for the $17,000 6 % c ity ’s portion im provem ent bonds, offered
A ug. 13— V. 113, p. 439— from the Peebles Paving Brick C o., Portsmouth,
was rejected.
JA C K S O N C O U N T Y (P. O . B r o w n s t c w n ) , I n d . — BOND OFFERING.
— J. P. M cM illan, County Treasurer, will receive bids until 1 p. m. Sept. 10
for the following 5% highway im pt. bonds:
$16,000 Henry F. Ahlert et al. Redding Tw p. bonds. Denom . $800- D ue
$800 each six months from M a y 15 1922. until all mature.
26,500 Geo. Sckroeder et al., W ashington Tw p. bonds. Denom . $1,325.
Due $1,325 M a y 15 1922 and every six months thereafter until all
mature.
D ate July 15 1921. Int. M . & N .
. JEFFERSO N C O U N T Y ( P . O. B irm in g h a m ), A la .— PART OF TOTAL
ISSUE SOLD.— W e are advised by D . C. Ball. President Board o f Revenue,
that the $5,000,000 5% road bonds was authorized to be sold as follows:
$2,000,000 in 1920, $2,000,000 in 1921 and $1,000,000 in 1922. He also
advises us that o f the $2,000,000 authorized to be issued in 1920 about
$800,000 worth have been sold to various parties and being unable to sell the
remainder because under the Constitution o f Alabama these bonds could not
be sold below par, nor could they bear a rate o f interest greater than 5 % ,
and in order to complete the contracts exist nig we were forced to issue
interest bearing warrants in lieu o f the bonds. This has been done and we
will not issue the remainding $1,200,000 authorized for that year. The
remaining $3,000,000 will be issued as soon as the market reaches the point
w'here we will be able to sell them at par and accrued interest, they bearing
an interest rate o f 5 % .
JEFFERSO N C O U N T Y (P . O . M a d isan ), In d . — BOND SALE.—
The $6,520 4 l % road bonds offered on Aug. 20— V. 113, p. 875— have been
A
sold locally at par and accrued interest. Due $326 every six months
until 1931.
JEN N IN G S C O U N T Y (P. O . V e r o n a ) , In d .— BOND O F F E R IN G —
Harry Y . W hitcom b C ounty Treasurer w ill receive bids until 2 p . m .
Sept. 10 for the follow ing 5% highway im provem ent bonds:
$16 000 Thos. W ood Colum bia Township bonds. Denom . $800. D ue
$800 every six m onths beginning M a y 15 1922.
21 200 Henry Burgmeier Spencer Township bonds. Denom . $1 060
Due $1 060 every six months beginning M a y 15 1922.
Date Sept. 1 1921. Int. M .-N .
K E LSO , C o w litz C o u n ty , W a s h .— BONDS VOTED.— B y a vote o f
355 to 12 $25,000 municipal bonds, at not exceeding 6 % interest, carried
on Aug. 16.
KEN O SH A, K en osh a C o u n ty , W ise .— BOND OFFERING .— Sealed
bids will be received until 1 p. m . (standard time) Sept. 1 by G eo. W .
Harrington C ity Clerk for the purchase o f the following 6 % bonds:
$100 000 Washington School bonds (second seric . Due $10 000 yearly
on Aug. 1 from 1922 to 1931 inclusive.
300 000 M cK inley School bonds (second series). Due $30 000 yearly
on Aug. 1 from 1922 to 1931 inclusive.
Denom . $1 000. D ate A ug. 1 1921. P rin. and sem i-ann. in t. (F & A .)
payable at the office o f C ity Treasurer
N o bids wall be considered unless
accompanied by a certified or cashier’s check for $ 1 ,0 0 0 for each bid pay
able to the order o f the C ity o f Kenosha
Tho C ity o f Kenosha will furnish
its own lithographed bonds and also the legal opinion as to the validity o f
both o f said issues said opinion being given by Chapman, Cutler & Parker,
o f Chicago, 111. Bidders are requested to bid separately on both the “ W ash
ington School bonds (second series) ” and “ M cK in ley School bonds (second
series).”
K E N O SH A , K e n o sh a C o u n ty , W ise .— BOND SALE.— The $250,000
6 % Main Street Bridge bonds, offered but not sold on July 5— V. 113, p.
204— have been sold to A. J3. Leach & C o., In c., o f M ilwaukee. Date
April 1 1921. Due $25,000 yearly on April 1 from 1922 to 1931, incl.
L A D O G A , M on tg om ery C o u n ty , O h io .— BOND OFFERING.— Ira D .
Foster, Clerk Board o f Trustees, will receive sealed bids until 2 p . m .
Sept. 12 for $14,500 6 % electric light bonds at the Citizens State Bank,
Ladoga. Denom . $500. Date Sept. 1 1921. Prin. & semi-ann. int.
(M .-S .) payable at the Citizens State Bank, Ladoga. Due $500 every
six months from Sept. 1 1922 until, all bonds mature. Purchaser to pay
accrued interest.
LA D O N IA , F a n n in C o u n ty , T ex. BOND OFFERING.-— Sealed bids
will be received until 8 p. m. Sept. 12 by tho C ity Secretary for the $50,000
public school bldg., $35,000 sower and $15,000 water works 6 % 10-40-year
(opt.) bonds recently voted V.#l 13, p. 204. Denom . $500. Date Sept. I
1921. Brin, and semi-ann. int. (M . & S.) payable at. the State Treasurer’s
office or at the National Park Bank, N . Y . Cert, check for 2% required.
L A N E T T , C h am bers C o u n ty , A la. BOND OFFBRING.— Sealed
bids will be received until 12 m. Sept. 19 by L. H. Wright, M ayor, for
$35,000 6% 10-year water and sewer bonds. Date Sept. 1 1921. Int.
semi-ann. Cert, check for 2 % , required.
LA VERN E C IT Y SC H O O L D IS T R IC T , L os A n g eles C o u n ty , C a lif.
BOND SA LE . — On Aug. 15 the $67,000 6 % 14J4 year (aver.) school

THE CHRONICLE

980

bonds. dated April 1 1921— V. 113, p 754 were sold to the Farmers and
Merchants Hank o f La Verne at 100.20 and interest, a basis o f about
5.9 8 % . Oh ter bidders:
Cyrus Peirce & Co _____ .1 $ 6 7 ,0 7 8 1California Com pany
------$67,050
Hunter, Dulin A C o c
f State Hoard o f Control - — — 67,000
The sale of these bonds to Drake, Itiley & Thom as at 102.55 and interest,
a basis o f about 5 04%
V. 112, p. 2001 was not completed because the
attorneys o f the purchasers refused to approve the legality.
L A W R E N C E C O U N T Y (P. O . M o u l t o n ) , A la .

WARRANT

OFFER

I N G - T h e Clerk Hoard of Revenue will receive sealed bids for $35,000
8 % road warrants until 8ept. 1, it is reported.

L EN O IR

COUNTY

(P.

O.

K inston ),

No. Caro.

RO ND S A L E .

On Aug. 18, A, H. Leach & C o ., la c., o f N. Y.. wore awarded the $700,000
6% coupon (with privilege o f registration) road impt. b o n d s —V. 113, p,
440— at par and interest. Date'‘ June 1 1919. Due $140,000 on June 1
from 1945 to 1949, inclusive.
L E X I N G T O N , D aw son C o u n ty , Neb.
BOND SALE
D uring July
the State of Nebraska purchased at par $40,000 7% district paving bonds.
D ate June 1 1920. D ue June 1 1940, optional after June 1 1921.
L I B E R T Y S C H O O L D I S T R I C T , T u l a r e C o u n t y , C a l if

NO BIDS

N o bids were received on Aug. 18 for $7,000 6% school
bonds— V. 113, p. 755.

RECEIVED

L I B E R T Y S C H O O L D I S T R I C T (P. O . L i b e r t y ) , C la y C o u n t y , Mo.

— On Aug. 8 $125,000 bonds, at not exceeding 6 % interest,
were voted by 515 to 65.
Bonded debt, none; actual value o f taxable
property (estim ated), $5,000,000.
L IM A , A lle n C o u n t y , O h i o . - B O N D O F F E R I N G .— David L Rupert,
City Auditor, will receive sealed proposals until 12 m . Sept. 12 for the
purchase o f $25,000 6% general sewer bonds N o. 1. Denom . $1,000.
Date July I 1 9 -M Int. J.-J. D ue $ 1 0 0 0 July 1 1923 and $1,000 Jan. 1
1924, and $ 1 0 0 0 every six m onths thereafter until all bonds mature.
C ert, check for $500 on a solvent bank, payable to the C ity Treasurer
required
Purchaser to pay accrued interest.
L I N C O L N C O U N T Y (P. O . T r o y ) , M o. -B O N D S A L E . - Smith, M oore
& C o and the M ercantile Trust C o ., both o f St. Louis, have purchased
$200,000 5% tax-free road bonds
D enom . $1,000.
Date Sept. 1 1921.
Prin. and semi-ann. int. ( M . & S.) payable at the N ational Hank o f C om 
merce, N. Y. Due yearly on M arch 1 as follows: $21,000, 1923; $22,000,
1924, $23,000. 1925; $24,000, 1926; $26,000, 1927; $26,000, 1928; $29,000; 1629; $29,000, 1930.
Financial Statement.
Assessed valuation, real estate and personal prop erty_______ $26,699,003
T ota l bonded debt, this issue o n l y - ____ _______
— ----------200,000
N et debt less than 1% of Assessed valuation.
Population, 1920 census, 15,956.
BONDS V O T E D

L IV IN G ST O N ,

O v e r to n

C ounty,

Tenn.

-B O N D S

NOT

SOLD.

N o sale was made on July 25 o f the $25,000 10-20 year (opt.) street im pt.
bonds— V . 112, p. 2790.
L O C K P O R T , N ia g a ra C o u n t y , N . Y .— B O N D S A L E . — On A u g .19,
T h e National Exchange Bank, and the Niagara C ounty N ational Bank,
both o f L ockport, purchased at par $21,025 5% police dept, bonds, each
bank taking one-half o f the issue. Denom . 10 for $2,000 and 1 for $1025.
Date Aug. 9 1921. Int. ann. (Jan .). Due yrlv . on Jan. 2 from 1923 to
1933. incl. A t the same tim e the Firemen’s Relief & Pension Fund o f
L ockport, purchased tw o issues o f 5% emergency bonds aggregating
$1,213 01 at par. D ate Aug. 9 1921. Due Jan. I 1923.
L O G A N . H o c k i n g C o u n t y , O h i o . — BOND SALE.— The National Bank
o f Logan, Rempel National Bank and the Farmers & M erchants Bank o f
Logan purchased at par the $6,500 6% bonds offered on Aug. 15— V .
113. p. 441.
L O G A N C O U N T Y (P. O . B e l i e f o n t a in e ), O h io .— BOND OFFERING.
— Sealed bids will bo received b y N . W . C orbet, Clerk Board o f County
Commissioners, until 2 p. m . Aug. 31 for the follow ing two issues o f 6%
coupon bonds:
$22,000 East Liberty-W est M ansfield Pike bonds. Denom . $1,000. Due
$3,000 Jan. 1 and July 1 1922 and $2,000 every six months from
Jan. 1 1923 to July 1 1926, inclusive.
13,000 Ramsey Pike bonds. D enom . $500. Due $1.500 every six months
from Jan. 1 1922 to Jan. 1 1923, and $1,000 every July 1 and
$1,500 every Jan. 1 from 1923 to 1926, inclusive.
Prin. and semi-ann. int. (J.-J.) payable at C ounty Treasurer’s office.
Cert, check for 5 % o f bid, payable to C ounty Treasurer required. Pur
chaser to pay accrued interest. Bidders will be required to satisfy them 
selves o f the legality o f the issue o f said bonds but full transcript will be
furnished the successful bidder as provided b y law. The official circular
states that the county has never defaulted in the paym ent o f b on d s. Assess,
value, $54,000,000.
L O S A N G E L E S , L o s A n g e l e s C o u n t y , C a lif.— B ID REFUSED.— A
syndicate composed o f the Security T rust & Savings Bank, the California
C o. and Bond & Goodwin & Tucker recently offered to purchase the bonds
o f the Los Angeles Port at a premium and keep them o ff the market under
a 60-day lim itation clause. There appears, however to have been a further
condition which would have prevented the city selling other than power
issue.bonds duiing that period, consequently the offer was refused.
OFFERING OF HARBOR IM P R O V E M E N T BONDS.— The Los Angeles
“ Tim es” o f Aug. 18 said:
“ N otices sent out from the C ity Hall to bankers, bond and investment
houses that bids will be received for $1,200,000 o f 1919 Los Angeles Harbor
im provem ent bonds and opened b y the C ity Council at 1.30 p. m. cn the
31st inst. revealed that the interest rate is to be fixed b y the bidder, but
that it must not exceed 5 H % . It was originally intended that the bids
should be received b y the Finance Com mittee o f the C ity Council, but on
m otion yesterday o f Chairman M ushet. the entire m atter was taken out of
the hands o f the Com m ittee and placed with the com plete Council, which
will open bids for the bonds.
“ Councilman M ushet. who opposed the secrecy which attended the sale
o f the $13,500,000 o f Edison purchase bonds, is making every effort tc
obtain the widest publicity among bond houses o f the sale o f the harbor
bonds so that when the transaction is completed everyone who desired to
bid on the bonds will be satisfied that the action o f the Council in this
sale was open and above b ea rd .”
L O W E L L , M iddlesex C o u n t y , M ass.— BOND OFFERING.— Proposals
will be received b y Fred H. Rourke, C ity Treasurer, until 10 a. m. Aug. 30
for $260,000 coupon tax-free memorial auditorium bonds. Denom . $1,000.
D a te Sept. 1 1921. Prin. ai:d semi-ann. interest (M .-S .) payable at the
First N ational Bank of Boston. Due $13,000 yrly. on Sept. 1 from 1922
to 1941. incl. Purchaser to name rate of interest. These bonds are
engraved under the supervision o f and certified as to genuineness by the
First National Bank of Boston: their legality will be approved by Messrs.
Storey, Thorndike, Palmer & D odge, whose opinion will be furnished the
purchaser. All legal papers incident to this issue will be filed with said
bank where they m ay be inspected at any time. Bonds will be delivered to
the purchaser on or about Thursday, Sept. 8 1921, at the First National
Bank o f Boston in Boston.
L U F K I N I N D E P E N D E N T S C H O O L D I S T R I C T (P. O . L u f k i n ) ,
A n g e l i n a C o u n t y , T e x . — BONDS REGISTERED.— On Aug. 15 $40,000

6 % serial bonds were registered with the State Com ptroller.
L U V E R N E , R o c k C o u n t y , M i n n . — BONDS D E F E A T E D .— A t a special
election held in Luverne $11,000 arm ory bonds were defeated b y tw o votes,
it is stated.
M c K I N L E Y S C H O O L D I S T R I C T , F r e s n o C o u n t y , C a l i f .— BOND
S A L E . — The Citizens N ational Bank o f Los Angelas purchased on Aug. 12
the $37,000 6 % school bonds at par and interest. D enom . $1,000. Date
Aug. 1 1921
Prin. and semi-ann. int. (F. & A .), payable at the County
Treasurer’s office. Due yearly on Aug. 1 as follows: $1,000 1923, $2,000
1924 to 1926, incl., and $3,000 1927 to 1936. incl.
M c K I N N E Y , C o llin C o u n t y , T e x .— BONDS REGISTERED.— T h e
State Com ptroller registered $30,000 5% serial market house bonds on Aug.
18.
M cL e n n a n C O U N T Y (P. O . W a c o ) , T e x .— BONDS D E F E A T E D .—
A t a recent election the $5,500,000 road bonds— V . 113, p. 441— were
defeated.
M A S S O N C O U N T Y (P. O A n d e r s o n ) , I n d . — BOND OFFERING.—
Bids w ill be received for $20,000 5% M osos E . Pearson, et a l., Anderson
T w p . free concrete road bonds until 10 a. m . Sept. 1 by S. L. Van Petten.

[V

ol.

113.

County Treasurer. D ate Sept. I 1921. lilt. M . & N . Due $1,000 every
six months from M ay 15 1922. Purchaser to pay accrued interest and cost
o f attorney’s opinion.
M A D I S O N C O U N T Y S C H O O L D I S T R I C T N O . 5 (P. O. S h e r i d a n ) ,
M ont.
BOND SALE
The $15,000 6% school bonds, recently voted —
V 113, i>. 318— have been sold at par to the State Board o f Land C om 
missioners.
MALHEUR

COUNTY

(P .

O.

V a le ) ,

O re .

BONDS

NOT

SOLD —

On Aug. 20 no sale was made o f the $50,000 5 H % road bonds,— V. 113,
p. 655.
M A M A R O N E C K , W estch ester C o u n ty ,

N.

Y.

BOND SALE.

The

>120.000 6% coupon (with privilege o f registration) sewer bonds offered
on Aug 22 V 113, p 876 have been awarded to Geo. B. Gibbons & Oo.
ai 103.357. a basis o f about 5 .6 5 % . Due $4,000 yearly on July 1 from
1922 to 1951, incl. Other bidders were:
First National Bank, M t Vernon, 102.24.
Sherwood & M errifield, N . Y . t 101.25.
M A R B L E H E A D , Essex C o u n t v , M a s s . — B O N D S A L E . — Arthur Perry
& C o., Boston, were the successful bidders at 100.56 a basis o f about 6.29%
for an issue o f $30,000 5 % coupon street bonds. Denom . $1,000. Date
Aug. 1 1921. Prin. and interest payable at M erchants National Bank,
Boston. Due $6,000 yrly. on Aug. I from 1922 to 1926, Incl.
M A R SH A L L C O U N T Y ( P O. Plym * » H ) , I r d
P O N n O FFER IN G .—
( ’has F. C ooper, County Treasurer, will receive bids until 2 p. m. Aug. 29
for $18,145 4 A % K. E. Shively et al., Marshall C ounty, bonds. These
X
are apparently the same bonds which were offered on July 27— V. 113.
p . 441.
M E A G H E R C O U N T Y S C H O O L D I S T R I C T N O . 3 (P. O . W h i t e
S u l p h u r S p r i n g s ), M on t.— B O N D S A L E . — < n Aug. 2 the $75,000 6%
O

school bldg, bonds, which were recently offered unsuccessfully— V . 112,
p. 2001 were sold to the State Board o f Land Commissioners at par.
Denom . $1,000. Due in 20 years optional after 10 years.
M E D IN A , M edina C o u n ty , O h io. P O N D O F F E R I N G . — Sealed Pro
posals will be received until 12 m. Sept. 12 by W . P. Ainsworth, Village
Clerk, for $12,789 35 6% coupon general street im pt. bonds
D enom . 12
for $1,000 and l for $789 35. D ate July 1 1921. Int. A .-O . Due $1,000
every six months from Oct. 1 1923 to April l 1929 and $789 35 Oct. 1 1929.
Cert, check for 2% o f bid payable to the Village Treasurer, required.
Purchaser to pay accrued interest.
M EM PH IS, T e n n .— BO O T O F F E R I N G . — A ttention is called to the
advertisement appearing in this issue’s advertising columns calling for bids
for all the coupon bonds, notice o f the offering which appeared in last week's
issue, with the exception o f the $100,000 6% hospital bond issue, dated
July 1 1921.
Attention is also called to the separate advertisement calling for bids
for $75,000 general liability serial coupon bonds. The separate advertise
ment is made to cover the possibility that owing to the slate o f the bond
market die eight issues above in which the $75,000 are included, may
not be disposed of. Should no bid be received at par and interest for these
$75,000 bonds in connection with the seven other lots offered on the same
date, then in that event the C ity Commissioners will bid par under the
separate advertisement for the $75,000 bonds.
M E R C E R C O U N T Y (P. O . C e l i n a ) , O h io ,— B O N D O F F E R I N G . —
E. G . Ungerer, C ounty Auditor and Clerk Board o f C ounty C om m ’rs, will
receive sealed bids until 9 a. m. Sept. 3 for the following tw o issues 6%
coupon road bonds:
$8,000 Ahlers Road. Denom . $500. Due $1,500 yrly on Sept. 15 from
1922 to 1926, incl., and $500 Sept. 15 1924.
21,000 Krugh R oad. DenOm. $1,000. Due $1,000 yrly. on Sept. 15 from
1922 to 1926, incl.. and $1.000 Sept. 15 1924.
D ate Sept. 15 1921. Int. semi-ann. (M .-S .) payable at C ounty Treas
urer’s office. A deposit of $100 for each issue, required.
M E R C E R C O U N T Y ( P . O . M ercer), P a . — B O N D S A L E . — T
he $1,500,000 coupon tax-free road bonds offered on Aug. *9— V. 113, p. 655— have
been awarded to a syndicate com posed o f Biddle & Henry, Redm ond &
C o., Harrison, Smith & O o., all o f Philadelphia and Glover & M cG regor
o f Pittsburgh as 5M s at 100.52 a oasis o f abo.it >.95% . Date Aug. 1 1921.
Due yearly as follow s: $70,000. 19">4; $26,000. 1925, $27 000, 1926; $"9,000
1927; 831 000, 1928; $33,000, 1929; $34,000. 1930; $36,000. 1931; $29,000.
1922; $40,000. 1933; $43,000, 1934; $45,000, 1935; $48,000. 1936; $50,000,
1937; $53,000, 1938; $57,000, 1939; $59,000, 1940; $63,000. 1941; $66,000,
1942; $70,000, 1943; $75,000, 1944; $78,000, 1945; $63,000, 1941; $66,000,
1942; $70,000, 1943; $75,000, 1944; $78,000, 1945; $83,000, 1946; $87,000.
1947; $92,000. 1948: $98,000, 1949; and $68,000 in 1950. T he only other
bid was a premium c f $5,226, which was subm itted by a syndicate composed
o f Harris, Forbes & C o ., N . Y .; J. H . Holm es < C o ., Pittsburgh; and First
fe
N ational Bank o f Sharon.
o f Pittsburgh as 5H s. D ate Aug 1 1921. D ue yearly as follows: $70,000,
1924; $26,000, 1925; $27,000, 1926; $29,000, 1927; $31,000, 1928; $33,000,
1929; $34,000, 1930; $36,000, 1931; $39,000, $932; $40,000, 1933; $43,000,
1934; $45,000, 1935; $48,000, 1936; $50,000. 1937; $53,000, 1938; $57,000,
1939; $59,000. 1940; $63,000, 1941; $66,000, 1942; $70,000, 1943; $75,000, 1944; $78,000, 1945; $83,000, 1946; $87,000, 1947; $92,000, 1948;
$98,000, 1949; and $68,000 in 1950. The only other bid was a premium
o f $5,226, which was subm itted by a syndicate com posed o f Harris, Forbes
& C o., N . Y .; J. H. Holmes & C o ., Pittsburgh; and First N ational Bank o f
Sharon.
M ID D L E T O W N , B u t l e r C o v n » y ,
O K o .— B O N D O F F E R T N G .—
Sealed proposals will be received b y C. M . Bailey, C ity Auditor, until 12 m.
Sept. 10 for the purchase o f the following 6% bonds;
$18,000 street im pt. bonds. Due $2,000, Aug. 1 1922 and $2,000 yrly.
thereafter until all mature.
20,000 sewer bonds. Due $1,000 Aug. 1 1922 and $1,000 y rly . there
after until all mature.
D enom . $500. D ate Aug. 1 1921. Prin. and semi-ann. int. (F .-A .)
payable at the N ational Park Bank, N . Y . Cert, check for $200 payable
to C ity Treasurer, required. Purchaser to pay accrued interest.
M I L F O R D , C l e r m o n t a n d H a m i l t o n C o u n t i e s , O h i o .— B O N D S A L E .

— The State Liability Board of Awards was the successful bidder at par and
interest for the $3,500 6% bonds offered on Aug. 23— V. 113, p . 556.
M I L L A R D C O U N T Y D R A I N A G E D I S T R I C T N O . 1 (P. O . H i n c k l e y ) ,
U ta h .— N O B I D S R E C E I V E D . — N o bids were received on July 2 for the
$35,000 drainage bonds at n ot exceeding 6% interest— V. 112, p. 2663.
M IL W A U K E E , W ise.— B O N D O F F E R I N G . — ? ™ Vd bids will be vqec ved
imtil 11 a. m. A ug. 30 by the Commissioners o f Public D ebt, at the City
C om ptroller’s office, for the purchase o f the follow ing 20-year serial tax-free
coupon bonds:
$1,500,000 6% sewer bonds. Denom . $1,000. D ate July 1 1921.
400.000 6% vocational school bonds. Denom . $1,000. D ate July 1
1921.
300.000 6% sewer bonds. Denom . $1,000. D ate July 1 1921.
300.000 6% grade crossing abolition bonds. Denom . $1,000. D ate
July 1 1921.
250.000 6% police department bonds. Denom s. 240 for $1,000 and
20 for $500. D ate July 1 1921.
200.000 6% park bonds. Denom . $1,000. D ate July 1 1921.
300.000 5J|% sewer bonds. Denom . $1,000. D ate Jan. 1 1921.
350.000 53^% electric lighting bonds. Denoms. $340 for $1,000 and
20 for $500.
Cert, check on a National bank or on a C ity o f M ilwaukee depository
for 1 % o f the amount o f bonds bid for. required. Bids are requested for all
or none. The Commissioner? o f Public l>ebt reserxe the right to make
allotments on the bids. Bonds must be paid for in Milwaukee, but will be
delivered out of the city at expense o f purchaser. 5% o f the principal of
the above bonds mature each year, and bonds so maturing, together with
interest are payable at the office o f the City Treasurer. Milwaukee, V is.,
or m ay be presented for payment to the duly authorized agent o f the City
o f M ilwaukee, N. Y. City. Int. payable semi-ann. per coupon attached to
bonds, on the first day o f January and July o f each year. The unoualifiod
favorable opinion o f H on. Ohas. B . W ood o f W ood & 0:\klo> Chicago. Ui .
will be furnished, without additional expense, together with alt legal papers
necessary to establish the validity o f the bonds.
\ll the above bonds are
issued under the authority o f Chapters 40b and M o f the Wisconsin Statutes
for the year 1N9S, and acts amendatory thereof and supplement'al hereto
pursuant to ordinances o f the Com m on Council passed at a regular meeting
and approved by the M ayor-

THIS CHRONICLE

A u g . 2 7 11)21.]

Financial Statement.
Assessed valuation of the taxable property of the City of Milwaukee for
five years next preceding tho Issuo of those bonds as ascertained by the
assossmont for State and C ounty taxes for the last five years.
i‘ 7
o
J( ,i
\
i o -------------------------1920IIIIZ
Aggregate
Percentage o f bonded debt

„ ________

____

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

00
00
00
00

_________________ $ 2 ,8 9 8 ,8 8 4 ,6 1 0 00

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

D eb t limit.
- ..............................
Bonded debt, Jan. I 1921.
$ 2 3 ,8 1 5 ,2 0 0 00
Less sinking fund on hand for bonds inaturing in 1921
---------------------------1 ,7 8 4 ,9 50 00

° «
# 2 8 ,9 8 8 ,8 4 6 1 0

N e t bonded <febt Jan. l 1 9 2 1 ----------------

2 2 ^030^250 00

MJirgin for 1921 issues___ _
------ - - - ----------Bonds authorized by C om m on Council to date hereof-

$ 0 ,9 5 8 ,5 9 0 10
5 ,8 0 0 ,0 0 0 00

N e t margin for further issues for 1921 - - ......................... ............

-$1,158,596 00

M I S S I O N , H id a lg o C o u n t y , T e x .— B O N D O F F E R IN G .— Sealed bids
will bo receive 1 until 3 p. m . Sept. 10 by the C ity ol M ission lor $ 2 5 ,0 0 0
street im p t., $ 4 0 ,0 0 0 improving and extending water works and public
lighting, $ 1 5 ,0 0 0 improving and extending city sower system and $ 2 0 ,0 0 0
city hall 6 % 30-year bonds.
D enom . $ 1 ,0 0 0 .
D a te April 15 1921
Prin.
and sem i-ann. int. payable at the Chase N ational Bank, N . V . T h e above
bonds wore approved by tho C ity of M ission at an election called lor that
purpose on Jan. 26 1 9 2 i , tho least favorable of the four propositions carry
ing by more than four to one. A ll bonds and their history bear the approval
and examination by the Attorney General of the State of Texas and are
registered by tho State Com ptroller as a legal and binding obligation of the
C ftv of Mission and Attorney Generals of Texas approval is accepted by
bidders in the transfer of the said bonds. A ll bids are made subject to the
refund of the interest accumulated on the bonds prior to their sale and p a y 
m ent therefor to the C ity . T h e bonds and thoir history are on deposit
for inspection of prospective bidders at the office of tho State C om ptroller
at Austin, Texas. N e t debt, $ 8 6 ,8 0 8 . Assessed value, $ 2 ,0 0 0 ,0 0 0 .
Population 1920 (census), 3 ,8 0 0 . Estim ated present population, 5 ,0 0 0 .
M I T C H E L L S C H O O L D I S T R I C T (P. O. M it c h e ll) , S c o t ts b lu ff
C o u n t y , N e b .— BO ND S A L E .— School building 6 % bonds, amounting
to $ 1 7 ,0 0 0 , were purchased at par during July b y the State o f Nebraska.
D a te M a y 1 1920.
Due M a y 1 1940, optional after 5 years.
M O D E S T O , S t a n i s l a u s C o u n t y , C a l i f .— BO ND S A L E . — R ecently
the following two issues of 7 % street im pt. bonds were sold at par:
$ 7 ,9 3 7 61 bonds offered on A u g . 10— V . 113, p. 556— to a contractor.
Dato June 15 1921.
Denom s. 29 for $265 and 1 for $252 61.
In t. J. & J.
D ue 2 bonds each year for 15 years.
3 ,3 5 5 00 bonds offered on A u g . 17— V . 113, p. 755— to a contractor.
D enom s. 14 for $225 and 1 for $ 2 0 5 .
D ate July 10 1921. In t.
J. & J. D ue 1 bond each year for 15 years.
M O N T C L A I R , Essex C o u n t y , N. J .— B O N D S A L E .— The $156,900
6 % temporary improvements bonds offered on A u g . 2 5 — V . 113, p. 755—
have been awarded to R . M . Grant & C o ., at 10 0 .5 4 , a basis of about5 .8 7 % .
The 159.661 6 % im p t. renewal bonds offered on the same date
were awarded to the First National Bank o f M ontclair at 1 0 0 .1 5 , a basis of
about 5 .9 4 % .
B O NDS N O T SOLD.— T he $ 2 1 2 ,0 0 0 5 K % school bonds offered on the
same date were not sold.
M O N T A N A (S ta te o f ) .— B O N D S A L E . — W e are advised by A . E .
M cFatridge, Clerk of the State Board of Examiners, that $ 2 ,8 0 4 ,0 0 0 5l4>%
State education bonds have been sold to the Gold-Stabeck C o . of M inneapo
lis and Barr & Schmeltzer of N . Y . as follows: $ 3 0 0 ,0 0 0 for immediate
delivery $ 3 0 0,000 for delivery not later than D ec. 10 1921, and a sixty day
option on the remainder. These bonds were sold for a price of par plus
accrued interest from July 1 1921.
M O R A C O U N T Y I N D E P E N D E N T S C H O O L D I S T R I C T N O . 33
(P. O . R o y ) , N. M e x .— B O N D S A L E N O T C O M P L E T E D — BO N D S RE
SOLD.— The sale of the $ 5 0 ,0 0 0 6 % tax-free school bldg, bonds to Ant-onides
& C o ., o f Denver— V . 113, p. 441— was not completed, the legality not
being approved.
After the technicality was removed from record the bonds were re-sold
to the American Bank & T rust C o ., of D enver.
The bonds are described
as follows: D en om . $5 0 0 . D ate M a y 1 1921. Prin. and semi-aim. int.
( M . & N .) payable at Kountze Bros., N . Y .
D u e $ 5 ,0 0 0 yearly on M a y 1
from 1942 to 1951, in cl., optional M a y 1 1936.
Financial Statement.
Actual valuation_______________________________________________________ $ 2 ,5 0 0 ,0 0 0
Assessed valuation 1 9 2 1 ______________________________________________
1,0 5 0 ,0 0 0
N e t bonded d ebt______________________________________________________
5 7,500
Population____________________________________________________________
1,000
M O R G A N C O U N T Y (P. O . W a r t b u r g ) , T e n n .— B O N D O F F E R IN G .—
John A . Jones, County Judge, will offer for sale on Sept. 5 $80 ,0 0 0 school
bonds. D a te July 1 1921. D ue $ 8 ,0 0 0 yearly on July 1 from 1927 to 1936,
incl.
M O U N T P L E A S A N T U N IO N FREE S C H O O L D IS T R IC T NO. 1
(P. O. N o r t h T a r r y t o w n ) , W e s t c h e s t e r C o u n t y , N. Y . — B I D S .— The
following bids were also received for the $ 1 6 0 ,0 0 0 bonds awarded as stated
in V . 113. p. 876:
Clark. W illia m s < C o ________ 101.84 IGeo. B . Gibbons & C o _______ 100.88
fe
Sherwood & M errifield-----------101.371
N E W A R K , Essex C o u n t y , N . J . — B O N D O F F E R IN G .— Frederick
Breidenbach, Director o f the Departm ent o f Revenue & Finance, will
receive sealed bids until 10 .3 0 a .m . (Standard Tim e) Sept. 8 for the following
three issues o f b A % coupon or registered bonds not to exceed the amounts
x
mentioned:
$ 1 ,0 0 0 ,0 0 0 water.
D u e on Sept. 15 as follows: $ 2 0 ,0 0 0 1923 to 1931, incl.;
$ 2 2 ,0 0 0 1932 to 1941, incl. and $ 3 0 ,0 0 0 1942 to 1961, incl.
7 5 .0 0 0 street clearning apparatus. D u e $ 1 5 ,0 0 0 yearly on Sept. 15
from 1922 to 1926, incl.
5 0 .0 0 0 asphalt plant. D ue $ 1 5 ,0 0 0 yearly on Sept. 15 from 1922 to
1931, incl.
D en om . $ 1 ,0 0 0 .
D a te Sept. 15 1921. Prin. and sem i-ann. int. (M . &
S.) payable a t N ational State B ank, Newark. Cert, check for 2 % o f bid
required. Legality will be approved by Reed, Dougherty & H o y t, N . Y . C .
N E W B E R R Y S C H O O L D I S T R I C T ( P . O . N e w b e rry ), N e w b e rry
C o u n t y , So. C a ro .
B O N D S A L E — The $ 6 0 ,0 0 0 5 % 20-year school bonds
offered on M a y 2— V . 112, p. 1543— have been sold.
N E W P O R T . C o c k e C o u n t y , T e n n . — BO N DS N O T SOLI).— N o sale
was made on A u g . 19 of the $ 2 5 ,0 0 0 6 % tax-free coupon funding bonds—
V . 113, p . 4 4 2 — an offer of 88 was received from Caldwell & Co.
N E W T O N C O U N T Y (P. O. K e n t l a n d ) , I n d . — B O N D OF F ER IN G .—
Bids will be received by John J. Sell, County Treasurer, until 10 a. m .
Sept. 7 for $ 2 9 ,8 0 0 5 % W . F . Cooper et a l., M cC lellan T w p . highway
improvement bonds.
Denom . $745.
D ate July 5 1921. Prin. and semia n n . int. payable at Discount & D eposit State Bank, Kentland.
Due
$J ,490 every six months from M a y 15 1922 until all bonds mature.
Pur
chaser to pay accrued interest.
N E W T O N C O U N T Y (P. O . N e w t o n ) , T e x .— B O N D D E S C R I P T I O N .—
T h e $ 2 0 0 ,0 0 0 ?>l % Commissioners' Precinct N o . 1 bonds, reeen ly voted
A
in V. 113, p. 756 are in denom. of $ 1 ,0 0 0 and are dated Aug. 15 J921.
Int. V . & (). payable a t N ew ton , Austin or New Y ork , at option of holder
Due yearly on Feb. 15 from J922 to 1951, incl. Bonded D ebt (including
this issue) A u g. 2 0 1921, $ 2 0 0 ,0 0 0 . Assessed value 1920, $ 1 ,4 3 8 ,8 8 5 .
N E Z P E R C E C O U N T Y fP. O . L e w is t o w n ), I d a .- B I D S R E J E C T E D .—
T h e $ 4 0 0 ,0 0 0 6%, road and bridge bonds offered on A u g . 15 V . 113, p.
750— were not sold, all bids being declined.
N I A G A R A P A L L S , Niagara C o u n t y , N. Y .
BO ND SALIC. T he
three issues of coupon irnporveraerit bonds aggregating $ 4 0 3 ,0 2 5 offered on
A tig. 22 - V J13, p. 877
wore awarded to Sherwood & M errifield, N . Y . r
as
at 100.42, a basis o f about 5 .2 3 % .

1)81

N O R T H A M P T O N , H m npahiro C o u n t y. M ukh.

L E M PORA.lt y L O A N
| S. M oseley & C o ., Boston, purchased a Lemporary loan ol' $ 1 0 0 ,0 0 0
t\
on a 5 .4 2 Interest batds.
Date Aug. 23 1921.
Due Feb. 24 1922.
N O R T H H EM PSTE AD U N IO N FREE SC H O O L D IS T R IC T NO. 7
o # G ro a t N o c k ), N a s s a u C o u n t y , N. Y .
BON!) S ALE
•Sherwood
& Merrifield were tho successful bidder for an issue of $ 3 0 ,8 0 0 6 % horril-ann
school bonds at 100.17. Tho only other bidder was Geo. B. Gibbons &
( Jo., who bid 100.14.
N O R T H T O N A W A N D A , Erie C o u n t y , N. Y .
B OND OFFERING
Sealed bids will be received by F. O . G o ltz, O ily Clerk, until 8 p. i n. Aug
:u for $47 ,0 0 0 6 % street Improvement bonds.
Denom . $4 ,7 0 0 .
Date
S ep t. I 1921 • Prin. and soml-ann. Int. (M < . S.) payable at the State
V
National Bank, N orth Tonawanda.
I >ue $ 4 ,7 0 0 yearly on S<q>t. 1 from
C ert, chock for $1 ,000, payable to the C ity Treasurer
1922 to 1931, incl
fiio approving opinion of C lay A Dillon, N . Y ., will lie furnished
t
required.
Purchaser to pay accrued interest
the successful bidder
O D E S S A , B ig S lo n e C o u n t y , M in n .
BO ND OFFERING.
('
P.
Shcllenbcrgcr, Tow n Recorder, will receive sealed bids until Hept. 5 for
$ 6 ,0 0 0 6 % Indebtedness bonds.
D en om . $600.
Duo in 1936. Cert,
chock for 5 % o f bid required.
O K A N O G A N C O U N T Y S C H O O L D I S T R I C T N O . 10, W a s h .
BOND SALIC.
The Slate o f W ashington, by subm itting a bid o f par for
(>s acquired the $ 1 2 ,0 0 0 high school bldg, completion bonds on Aug. 13
V .’ 113, p. 656.
Denom . $ 1 ,0 0 0 .
In i. annually.
D ue $ 1 ,0 0 0 yearly
from 1932 to 1940, in cl., and $ 3 ,0 0 0 1943, optional after 1 year.
O R A N G E R U R A L S C H O O L D I S T R I C T (P. O . O r a n g e ) , C u y a h o g a
C o u n t y , O h io .
BO ND S A L E .
Tho $ 2 0 0 ,0 0 0 6 % coupon school bond:,
offered on June 2 5 — V - 112, p. 2563 have been awarded to Stacy & Braun
of Toledo at par.
O W E N C O U N T Y (P. 0 .* S p e n c e r ), In d . — B O N D O FFER ING. — Scaled
bids will bo received until 2 p. m . A u g. 29 by John R. Greene, County
Auditor for $ 2 2 ,0 0 0 5 % Walter D y a r et a ]., Jefferson T w p . improvement
bonds.
D enom . $550.
D ate A u g. I 1921.
D ue $ 1 ,1 0 0 M a y 15 1922 and
every six months thereafter until all bonds mature. Cert, check for $500
required.
NO B ID S R E C E I V E D .— N o bids were received for the two issues of 5 %
coupon highway, bonds, aggregating $ 4 3 ,1 0 0 , offered on A u g . 22— V . 113,
p. 877‘.
P A L O P I N T O C O U N T Y (P. O . M in eral W e l l s ) , T e x . — BONDS
VO TE D .— On A u g. 20 the $ 1 ,0 0 0 ,0 0 0 road bonds— V . 113, p . 443— were
voted.
P A R K F A L L S , Price C o u n t y , W i s e . — BO ND S A L E .— The $65 ,0 0 0
6 % coupon water works bonds recently voted— V . 112, p . 1055— have
been purchased by the First Wisconsin C o ., and the Second W ard Securities
C o ., both of M ilw aukee.
D en om . $500.
D ate July 1 1921. In t. J. & J.
D ue serially on July 1 from 1922 to 1941, Incl.
Financial Statement.
1921 Assessed valuation -----------------------------------------------------------------------$ 3 ,1 6 3 ,0 0 0
Bonded debt, incl., this issue------------------------------------------------------------88,000
Population, estim ated, 3 ,2 0 0 .
P A S Q U O T A N K C O U N T Y (P. O . E l iz a b e t h C i t y ) , N o . C a r o .—
BOND S A L E .— On A u g . 20 the $2 5 0 ,0 0 0 6 % coupon road bonds— V . 113,
p. 556— were sold at auction to the First & C itizens’ N ational Bank and the
Savings Bank & T ru st C o ., both of Elizabeth C ity , at par and interest.
D ate Sept. 1 1921.
D ue $10 ,0 0 0 yearly on Sept. 1 from 1927 to 1951, incl.
P A Y N E , P a u ld in g C o u n t y , O h i o .— B O N D O F F E R IN G .— O . C . Leh
m an, Village Clerk, will receive sealed bids until Sept. 9 for $1,500 6 % water
works bonds. D ate O ct. 1 1921. D ue O ct. 1 1925.
P E N C E , Iro n C o u n t y , W is e — BONDS V O T E D .— R ecently $40,000
school bldg, bonds were voted, it is stated.
PH ILLIPS A N D W A S H I N G T O N C O U N T IE S J O IN T C O N S O L I
D A T E D S C H O O L D I S T R I C T N O . 91, C o l o .— BO N DS V O T E D .—
On July 29 $ 3 ,0 0 0 7 % 10-20 year (opt.) b o n is carried by 4 to 0.
These bonds have already been reported as being sold to the Bankers
T rust C o. o f D enver, subject to being sanctioned at the said election.
The notice of sale and election appeared in V . 113, p. 322. The official
name of the place issuing the bones is “ Phillips and Y u m a Counties Joint
Consolidated School District N o . 9 1 .”
P I C K E N S C O U N T Y (P. O . C a r r o l l t o n ) , A l a . — BO ND O F F ER IN G .—
Sealed bids will be received until 10 a. m . A u g . 29 by B . G . Robison,
Judge of Probate for the purchase of $ 1 0 0 ,COO 6 % 30-year road bonds.
D ate Sept. 1 1921. D enom . $ 1 ,0 0 0 . Prin. and sem i-ann. int. payable
at the Chemical N ational B ank, N . Y .
P L Y M O U T H G R A D E D S C H O O L D I S T R I C T (P. O . P l y m o u t h
W a s h i n g t o n C o u n t y , N o. C a r o .— BO N D S N O T Y E T SOLD.— N o sale
has yet been made of the $ 6 0 ,0 0 0 6 % school bonds which were offered on
M a y 28— V . 112, p. 1898.
P O L K C O U N T Y (P. O . C r o o k s t o n ) , M i n n . — B O N D O F F ER IN G .—
Sealed bids will be received until Sept. 12 by H . J. W e lte , C ou n ty A uditor,
for $61,000 ditch bonds, not to exceed 6 % interest. D enom . $1,000 and
$500. Cert, check for 1 % of bid required.
P O L Y T E C H N I C I N D E P E N D E N T S C H O O L D I S T R I C T (P. O .
P o ly te c h n i c ), T a r r a n t C o u n t y , T e x .— A N N E X A T I O N P L A N B L O C K E D
FOR T H E T I M E B E I N G .— Lewis H . T an d y, member of School Board has
written us the following with reference to the blocking for the time being of
the annexation of the C ity of Polytechnic and Polytechnic Independent
School District to C ity of Fort W o rth : “ T he School Board of the P oly
technic Independent School District attended two or three conferences with
the city officials of Fort W orth and the School Board of Fort W o rth at
which questions of annexing the city of Polytechnic and the Polytechnic
Independent School District to Fort W orth for both municipal and school
purposes was considered. All of the officials interested were in sym path y
with the m ovem ent, but after securing the legal opinions o f the attorney
representing the Polytechnic School Board, it was found that a clause in
the Fort W orth Charter would block the annexation for the tim e being.
T his clause in the Charter provides that Fort W o rth School D istrict shall
not vote more than $400,000 in bonds for school purposes in any period of
four years. In taking over the Polytechnic School D istrict, the Fort W orth
D istrict will be required to assum e $ 325,000 in bonds now outstanding in the
Polytechnic D istrict, thus leaving a margin of only $75,0 0 0 to be voted by
the Fort W orth School D istrict.
“ A movement is being started in Forth W o rth to amend the Charter,
either by removing the bond lim it for schools or raising it high enough
that $800,000 or $ 1 ,0 0 0 ,0 0 0 in bonds m ay be voted for school purposes.
W hen this is done, it is generally expected that the schools districts, as
well as the two cities will be consolidated.”
P O M O N A , Los A n g e le s C o u n t y , C a l i f .— C I T Y H O L D I N G B O N D S .—
W e are advised by T . R . T rotter, C ity Clerk, that the city will hold the
$200,000 5 Vi % municipal road bonds, which were offered without success
on July 19— V . 113, p. 657— awaiting improvement o f m arket.
P O R T A L I N T E R N A T I O N A L S C H O O L D I S T R I C T N O . 5 (P. O .
P o r ta l) , B u rk e C o u n t y , N o . D a k .— BO ND O F F E R IN G .— W . F . Prim,
D istrict Clerk, will receive sealed bids until Sept. 13 for $18,000 5 % 20-year
funding bonds. D enom . to suit purchaser. In t. annually payable at
Portal. N o deposit is required with bids. Bonded D eb t (including this
issue) $31,000. Sinking fund $ 1 ,5 5 0 . Assessed value 1921, $ 1 ,0 1 9 ,1 2 8 .
P O R T C L I N T O N / O t t a w a C o u n t y , O h i o .— BO ND
S A L E .— The
$14,000 6 % coupon street im pt. bonds offered on A u g. 16— V . 113, p . 443—
have been awarded to the American Bank of Port Clinton at par and
accrued interest.
P O R T E R C O U N T Y (P. O . V a l p a r a i s o ) , I n d . — B O N D OFFER IN G .—
Bids will be received until 10 a. m . Sept. 3 by J. G . Graesslo, County Treas
urin’ , for the following 4 V i% road bonds:
$24,000 William Henry et a l., Center T w p . bonds. D en om . $ 1 ,2 0 0 .
Due
$1,200 every six months from M a y 15 1922.
2 7 ,0 0 0 P . W . Clifford ot a l., Center T w p . bonds. D en om . $ 1 ,3 5 0 .
D ue
$1,350 every six months from M a y 15 1922.
D a te A u g . 16 1921.
In t. M .- N .
P O R T S M O U T H C I T Y S C H O O L D I S T R I C T (P. O . P o r t s m o u t h ) ,
S c io to C o u n t y , O h io .
BO ND OFFER IN G .— Sealed proposals will be
received by Wrn. C . Ilazlebeck, Clerk Board of Education at tho Royal
Savings Bank, Portsm outh, until 12 m . Sept. 23 for $400,000 6 % coupon
school extension bonds.
D enom . $ 1 ,0 0 0 .
D ate Sept. 1 1921.
Int.
payable sem i-ann. (M .-S .) at the First N ational Bank. Portsm outh. Due

TILE CHRONICLE

983

v1 1> oil $tqji l ls follows
$ 1 0 ,0 0 0 . 1941 to 1940, iucl
$ 1 5 ,0 0 0 , 1947
i.l 1 94'•> s :0 iL O 1949 to 1954, iocl.; $ 2 2 ,0 0 0 , 1955; $ 2 0 ,0 0 0 , 1950 and
O
1 957
$ 2 8 ,0 0 0 . 1958 and 1959 and $ 3 0 ,0 0 0 , i9 6 0 and 1961
C e rt, check
'>n a solvent Lank for 5 % of hid, payable to the above clerk, required.
P O S T IN D E P E N D E N T S C H O O L D I S T R I C T
P O. Past), G arza
C o u n ty , Te*.
BONDS R E G IS T E R E D .
Ail Issue o f $ 7 ,5 0 0 5 % 5 -4 0 year
fHinds was registered with the State Com ptroller on Aug 18.
P O W D E R R I V E R COUNTY S C H O O L D I S T R I C T N O . 32
P O.
B road u s,
M u n i.
BOX D OF F ER IN G
James F. M axw ell, D istrict
let k , will receive sealed bids until Aug. 3 0 for $ 1 ,0 0 0 school funding bonds
tu.i exceeding 6 , interest.
Due 1941, optional 1931.
C ert, check for
> 100 required
PR O VID EN T
BONDS VOf E />

I R R I G A T I O N D I S T R I C T , G l e n n C o u n t y , C a l if.
Vu issue of $ 1 9 0 ,0 0 0 bonds has been voted.

P R O V O . U ta h C o u n t y , U ta h .
B O N D S A L E
A n issue c f $ 1 0 0 ,0 0 0
o ', 10 it- 20 year water bonds hat be. u sold at 99.11 to the Harris Trust &
Savings Bank of Chicago,
P R O W E R S C O U N T Y S C H O O L D I S T R I C T N O . 6 (P. O . H o lly ),
C o lo .
DALE
T h e date » n which the vote is will decide whether they
: in favor of issuing $ 1 7 ,0 0 0 LA 10-25 yeat opt.) bonds and selling them
to the International Trust C o. uf D e n v tt- V . 113, p. 757— is Aug. .31.
QUANAH,
Hardem an
C o u n ty ,
T e x .— BO N D S R E G IS T E R E D .
An issue o f $40 0 0 0 tj , serial city nail bonds was registered on A u g. 15
with the State Com ptroller.
R A C IN E C O U N T Y <P. O . R a c in e ), W is .
T R IC E P A I D
T he price
ii which die Cuntin. ntal A Com m ercial Trust & Savings Bank of Chicago
acquired the $39 7,000 .V
9-year (aver.) coupon highw ay improvement
bunds on July 2 0 - V. 113, p. 657— was $ 3 7 1 ,1 2 5 (9 3 .6 3 ) a basis of about
5 93% .
R IC H A R D S O N C O U N T Y C O N S O L I D A T E D S C H O O L D I S T R I C T
NO |j p (
d en , N e b . - B O N D OFFER1 \<- - G , E . Jones Oh
man of School District, will receive sealed bids until Sept. 1 for $ 3 0 ,0 0 0
5 1 . school bldg, sic bonds, part of a $ 5 0 ,0 0 0 bond issue.
Infc. semi-annS
R I C H ! / N D C O U N T Y S C H O O L D I S T R I C T N O . 60 (P. O . F a ir v ie w ),
M ont
L ON D OFFERING.
i
Bids will be received until 2 p. in. Sept. 12
iih
[ t 1 7 as reported in V . 11.3, p. 557) by Andrew O. Foss, District
r 1 u
800 OS coupon .school bonds.
D enom . $4 5 0 .
ini , semi arm.
payable a <he ui'fice of County Treasurer.
Due Sept. I 1936. optional
Sept. I 1931.
Cort. check or cash for $180 payable to the above Clerk,
required.
Assessed value 1921, $ 1 2 2 ,1 2 5 .
R O C H E S T E R , N. Y - N O T E O F F E R IN G .— J C W ilso n , C ity C om p 
troller. will receive sealed bids until 2 30 p m . Sept. 1 for the purchase
o f $ 7 5 ,0 0 0 municipal land bldg notes, due in 8 m onths from Sept 6 1921
a t the Central Union Trust C o o f N Y C ity and will be deliverable at
the Central Union Trust C o on Sept 6 1921
Bidders to state interest
rate and denominations desired and to whom (not bearer) notes are to be
made payable.
R O C K D A L E , M ilam C o u n t y , T e x .— BO N D S R E G I S T E R E D .— T he
sta te Com ptroller on A u g . 15 registered $ 7 5 ,0 0 0 5 % serial school bldg,
bonds.
RUTHERFORDTON,
R u th e r fo r d
C o u n ty,
N o.
C a r o .— B O N D
O F F E R IN G
Bids will be received until Sept. 3 , it is stated, for the $ 9 5 ,0 0 0
street p avin g and $ 1 5 ,0 0 0 water worKS 6 % bonds b y J. F . Flack, Tow n
Clerk and Treasurer.
S T . L O U IS C O U N T Y I N D E P E N D E N T S C H O O L D I S T R I C T N O . 35
P. O . B u h l) , M in n .— B O N D O F F E R IN G .— S . W . Johnson, D istrict Clerk,
will receive sealed bids until A u g . 30 for $ 5 0 0 ,0 0 0 school bldg, bonds.
Denom $ 1 ,0 0 0 .
In t. rate not to exceed 7 % .
C ert, check for $ 2 5 ,0 0 0 re
quired.
S T . P A U L , M in n .— B O N D S A L E . — O f a total issue o f $ 4 ,7 0 0 ,0 0 0 5 %
t-2 0 year cash basis bonds, $ 3 ,0 3 0 ,1 0 0 have been sold over the counter to
local investors.
The m aturities unsold are from 8 years to tw en ty.
S A N G E R S C H O O L D I S T R I C T , F r e s n o C o u n t y , C a lif.— B O N D
S A L E . -B ly th , W itter & C o ., of San Francisco, were th e successful bidders
on A u g. 12 for $ 2 0 ,0 0 0 6 % school bonds at 1 00.13 and interest, a basis of
about 5 .9 8 % • D en om . $ 1 ,0 0 0 .
D a te July 15 1921.
Prin. and sem i-aim .
int . (Jan. 15 and July 1 5), payable at the C ou n ty Treasurer’s office.
D ue
SI .000 yearly on July 15 from 1922 to 1941. inclusive.

[ V o l . 113.

S AN A U G U S T I N E C O U N T Y (P. O . S a n A u g u s t i n e ) , T e x . — BOND
On Aug. 19 the M cJ'lung Construction C o ., was awarded the
following 5 ‘V < bonds at par and accrued interest.
,
$ 1 0 0 ,0 0 0 ITecinet N o . 1 bonds.
5 0 .0 0 0 Precinct N o . 2 bonds.
D en om . $ 5 0 0 .
D a te July 1 1921.
In t. J. & J.
sale

S A N M I G U E L C O U N T Y S C H O O L D I S T R I C T N O . 2 (P . O . E ast
La i V v g a s ), N. Mex,
B ID S.
T he following are bids, which worn received
and rejiu-ied on Aug 15 tor the 3 1 0 0 ,0 0 0 15-30-\ear (op t.) school bonds V . 113, I). 878:
C . 11 C offin, Chicago
9 1 .4 0 Benwell, Phillips & C o
Hankers T ru st ( o. D em r
9 0 .5 0 Bos won h, ( ■lianute & C o .
! 9 1 .3 0
ISidlo, Simons, Pels & C o ....... j
S A N T A A N N A I N D E P E N D E N T S C H O O L D I S T R I C T (P. O . S a n t a
A n n a ) , C o l e m a n C o u n t y , le x .
BO N D S R E G IS T E R E D .
On Aug. 15
the State Com ptroller registered $ 1 5 ,0 0 0 (j% 5 10 year bonds.
S A N T A C R U Z C O U N T Y S C H O O L D I S T R I C T N O . 1 (P. O . N o g a l e s ),
A r i /.
I-OND S A L E
On Aug 15 the $60,000 0 ' , coupon school bonds
V 113, | 557
>
were sold to C . II C offin of Chicago for $ 6 0 ,5 0 1 , less $ 5 ,000
Date Lily 6 1921
Due $ 6 ,0 0 0 yearly from 1931 to 1940, Inch
1 I- above- bid was accepted, subject to a receipt of a cashier’s check for 5 %
of the am ount of bid, on or before Sept. 6 1921.
S A N T A M O N IC A C I T Y S C H O O L D I S T R I C T , L o s A n g e le s C o u n t y ,
C a lif.
B O N D S \LE
On Vug. 15 (lie $.350,000 6 % 20-y ear (aver.) taxfree bonds datcal Vug. i 1921
v
113, p. 757- were purchased by the
Seem it v Tru t \ d ivings Bank, California Com pany end Bond & Goodwill
& Tucker, a t 1 03.17 and interest, a basis o f about 5 .7 3 % .
S C A P P O O S E , C o lu m b ia
C o u n t y , Ore
BONDS
V O T E D - At an
i lection hold on .Vug. 13 $ 3 0 ,0 0 0 water bonds wore voted by 85 to 3 8.
S C O T T S B L U F F C O U N T Y S C H O O L D I S T R I C T N O . 29 , N e b .
BOND SALE.
T h e International T ru st C o ., o f D enver, has been awarded
$ 3 ,5 0 0 6 % school building bonds.
S C O T T S B L U F F C O U N T Y S C H O O L D I S T R I C T N O . 50, N e b . BOND SALE
A $ 7 ,0 0 0 (>', school bldg, bond issue was awarded to the
International Trust C o ., o f Denver.
S H E R I D A N , S h e rid a n C o u n t y ,
O re.
LONI)
SAUL
Atkinson,
Starkey A /i lk a c f Portland, have been awarded $ 1 9 ,0 0 0 6 % funding bonds
recently voted -V . *113, p. 8 7 8 - D elivery of bonds to the said firm was
m ade on A u g. 16.
S H E R I D A N C O U N T Y S C H O O L D I S T R I C T N O . 18 (P. O . S h e r id a n ),
W y o . -B O N D S N O T SOLD. -N o sale was made oil A u g. 15 of the $ 5 ,0 0 0
6 % bonds— V . 113, p. 444.
S H E R M A N , G r a y s o n C o u n t y , T a x .— B O N D S A L E Breg, Garrett
& Co . of D allas, inform us th at they wore on Aug. 15 successful in purchas
ing the following 5 H % bonds, offered unsuccessfully on April 25— V. 112,
p 2001:
$ 1 0 0 ,0 0 0 sewer bonds
7 5 .0 0 0 water works bonds.
D a te M arch 8 1921
Int. semi-ann payable in N ew Y o rk .
T hey
also advise us th at through a banking arrangem ent the city received 92
for the bonds
S L I D E I R R I G A T I O N D I S T R I C T , M a lh e u r C o u n t y , O r e . — BO ND
S A L E .— On F eb . 11 $ 9 5 ,0 0 0 bonds were sold to the Continental Pipe M a n u 
facturing C o . of Seattle, W a sh , .at par.
BONDS A W A R D E D I N P A R T . — O f the $ 1 5 ,0 0 0 6 % bonds offered on
June 2 0 — V . 112, p . 2 3 3 8 — $ 5 ,0 0 0 have been sold.
T his item was inadvertently reported under “ Slide Irrigation D istrict,
I d a ,” in V . 113, p. 207.
S M I T H C O U N T Y (P. O . C a r t h a g e ) , T e n n .— B I D S R E J E C T E D .— T h e
bids received for the $ 2 0 0 ,0 0 0 6 % coupon bonds offered on A u g . 17— V . 113,
p . 44— were rejected, because th ey were considered too low.
S O U T H D A K O T A (S ta te o f ) .— -B O N D S A L E . — A syndicate composed
o f G uaranty C o . o f N ew Y o rk . Bankers T ru st C o .. Irving N ation al Bank.
H an nah s, B allin & Lee, Stacy & Braun. W illia m R . C om p ton C o ., A m es,
Em crich & C o . and W e lls-D ick e y C o . has been awarded $ 6 ,0 0 0 ,0 0 0 6 %
tax-free bon ds. C oupon bonds in denomination o f $ 1 ,0 0 0 , registerable as
to principal and exchangeable for fu lly registered bonds.
D a te Sept. 1
1921. Prin. and sem i-ann. in t. ( M . & S .) payable in N ew Y ork C ity .
D ue Sept. 1 1941.
These bonds, it is stated, are a legal investm ent fo t.

NEW LOANS

$1,500,000

S CH OO L D I S T R IC T BONDS

Pennsylvania

5% s
Due A u g u s t 1, 1924, to
A u g u s t 1, 1950.

Prices: To Net 5.25%

Biddle & Henry
1C4 S o u th F ifth Street
Philadelphia
Private Wire to Neio York
Call Canal 8437

l l a r d

M em bers N ew

&

c o m p a n y

York Stock E x c h a n g e

HARTFORD

Connecticut Securities
MUNICIPAL BONDS
Underwriting and distributing entire issues of
01 ty . C o u nty, School District and Road District
Bonds of Texas
Dealers’ Inquiries and offerings
folicited
C irc u la rs on r e q u e s t.

HAROLD G. WISE
&

HOUSTON

COMPANY
Established 1916

8 7 5 ,0 0 0

CITY OF W IN ON A, MINNESOTA CITY OF M E M PH IS, TENN.

Mercer County

Ba

NEW LOANS

$ 5 0 ,6 0 0

NE W LOANS

TEXAS

N o tice is hereby given th at the Board of
E ducation of the C ity of W in o n a , M innesota,
will meet on the 7 T H D A Y O F S E P T E M B E R ,
1 9 21, at 7 :3 0 o ’clock in the evening, in the B oard ’s
office m the N ew High School Building, situated
on Broadw ay Street between Johnson and W ash 
ington Streets, in said city , and then and there
open, consider and act upon bids for all of the
bonds of the school district in said city in the
aggregate am ount of fifty thousand (50,000)
dollars to be issued for the purpose c f paying
n debtedness and obligations incurred b y said
school district prior to January, 1921, and for
the paym ent of salaries of teachers.
Said bonds will bear date and be delivered
September 26th. 1921, and will be issued in
denominations of one thousand (1 .000) dollars
each and will draw interest at a rate not to exceed
five and three-fourths ( 5 H ) per cent per annum ,
payable sem i-annually on the 26th day of M arch
and September after issue and be represented
b y coupons attached to said bonds.
T he principal of said bonds will bo payable
as follows: Ten thousand (10.000) dollars on
the 26th day of September, 1923, and the further
sum of fifteen thousand (15,000) dollars on the
26th day of September, 1924, and the further
sum of ten thousand (10,000) dollars on the 26th
day of September, 1925, and the further sum of
five thousand (5,000) dollars on the 26th day of
September, 1926, and the further sum of ten
thousand (10,000) dollars on the 26th day of
Septem ber, 1927.
B oth principal and interest will be payable
at the First N ational Bank of W in on a, M inne
sota .
A deposit of two per cent of the principal sum
of the bonds for which each bid is m ade either
in cash or certified check on a bank located in
said City of W in ona will be required.
N one of said bonds will be sold for less than
par value and accrued interest, and said Board
reserves the right to reject any and all bids.
A ll bids m u st be sealed and endorsed “ Proposals
for School B o n d s,” and addressed to the Clerk
of said Board at W inona, M innesota, and deliv
ered to said Clerk at or before the tim e set for
opening bids.
W in o n a , M innesota, August 16th. 1921.
A D E L E H . K R E S S IN .
Clerk of Board of E ducation.
C ity of W in on a, M innesota.

General Liability
Serial Coupon Bonds
N o tice is hereby given that sealed bids will
■ received at the office o f the C ity Clerk until
30 p m ., T U E S D A Y , S E P T E M B E R 6 T H ,
»r the $ 7 5 ,0 0 0 .0 0 of General L iability Serial
oupon Bonds of the C ity o f M em p h is issued in
.irsuance o f the provisions o f Chapter 234 ot
ic Private A cts of Tennessee o f 1917. and an
■dinance passed on third reading April 17, 1917.
he full faith and credit o f the C ity of M em p h is
pledged for the pa: m ent of principal and in
rest of these bonds as they severally become
Paym ent is to be m ade at the C ity H all in
M e m p h is, Tennessee, or a t the United States
M ortgage & T rust C om p any in the C ity and State
of N ew Y ork at th e option o f the holder.
T h e proceeds of the sale o f these bonds will
be used “ to enable the C ity o f M em p h is to con
tribute to the cost incident to the construction
o f a viaduct over the tracks of the Illinois Central
and Y azoo & M ississippi Valley Railroads at
M cL em ore A v e n u e . ’ ’
A certified check in the sum o f $ 1 ,0 0 0 .0 0 must
accom pany each proposal.
T his advertisement is m ade to cover the con
tingency should th e state of the bond market
be such on date of sale that other bidders cannot
pay par for all eight item s of bonds ottered m a
separate advertisement o f even d ate,
should
no bid be received a t par for these bonds in con
nection with seven other lots offered on Septem 
ber 6 th . 19 2 1 . then in that event the City Com
missioners will bid par under this advertisement
for these bonds.
T h e right is reserved
bids.

to reject

any

and all

By order o f the Board o f Commissioners of the
C ity o f M em p h is.
T h is. 10th day of A u g u st. 1921
R O W L E T T P A IN E .
A tte st:
Ma> v
m
(V C . P A S IIB Y .
C ity C lerk.

983

THE CHRONICLE

Vue. 1*7 1021. |

savings banks and (rust funds in Now Y ork , Connecticut and other Slates.
According to official advertisement these bonds, issue i lor payment of
bonuses to soldiers in accordance with an am endment to the Constitution,
are direct obligations of the Hlato of Sout li D akota, and t in Art authorising
them provides for an annual tax levy sufficient to pa,\ semi-annuai Interest
and to maintain a sinking fund sufficient! to retire the bonds at maturity.
In an ad\< rtisemont appearing on a preceding page of l lib. Issue the lmuds
are being offered to investors at 102.95 and interest, to yield about f> 7 5 %
S U M T E R C O U N T Y (P. O . S u m t e r ) , So. C a ro .
BONDS C A N BE
W o are advised that the $ 5 0 0,000 (VZ road and bridge
bonds offered unsuccessfully on Aug 2- V li d , p 758
will Ijo sold at
any time the Commission can obtain a bid o f par and interest
ACQUIRED

S O U T H W I C K , H a m p d e n C o u n t y , Mass.
BOND .OFFERI NO.
Raym ond M Fletcher, Tow n Treasurer, will receive proposals unt il 12 m
A u g. 29 for $10,000 5 4' % coupon t ax-free electric light plant bonds
Denom $500.
Date Sept. I 1921
Erin, and semi-aim ini (M < S.)
fc
payable at the First N ational Bank of Boston
Due $500 yearly on Sept. I
from 1922 to 1941, incl
These bonds are engraved under the supervision
o f and certified as to genuineness by the First N ational Bank of Boston;
their legality will be approved by Messrs Itopes, (b a y , Boy den & Perkins,
whose opinion will be furnished the purchaser
All legal papers incident
to this issue will be filed wi ll said bank where they m ay be inspected at
any time.
Bonds will be delivered to the purchaser on or about Thursday
Sept. 1 1921 at the First N ational Bank o f Boston, in Boston, M ass
S P R I N G L A K E S C H O O L D I S T R I C T ;P . O . S p r in g L a k e ), M o n 
m o u t h C o u n t y , N. J. - B O N D O F F E R I N G . -Sealed proposals will bo
received by C . II. Craig. District Clerk, until 7 p. m. Sept. K for the follow
ing 5 to % coupon (wit h privilege o f registration) school bonds, not to exceed
the mentioned amounts.
$ 1 5 0 ,0 0 0 due yearly on Sept. 1 as follows: $ 3 ,0 0 0 1923 to 1928 incl
$ 4 ,0 0 0 1929 to 1961, incl.
3 0 ,0 0 0 due $ 1 ,0 0 0 yearly on Sept 1 from 1923 to 1952, incl.
D enom . $ 1 ,0 0 0 .
Int. M .-S .
Certified check for 2 % of bid, on an in
corporated bank or trust com pany, required.
S T A R R S C H O O L D I S T R I C T (P. O . N e w m a n ) , C o w e t a C o u n t y ,
O a .— B O N D O F F E R I N G . — Sealed bids will be received until 12 m . Sept. 15
by the County Superintendent of Schools for $ 1 0 ,0 0 0 7% school bonds.
D enom . $025.
Date O ct. 1 1921.
Prin. and aim. int. (Jan.) payable at
C ou nty Treasurer’s office or in N . V . D ue $625 yearly on Jan. 1 from 1923
to 1938 incl. Cert, check for $500 required.
STRUTHERS,
M ahon ing
C ounty,
O h io ,— B O N D
S A L E . — The
$ 1 3 ,8 2 0 99 6 % special assessment bonds offered on Aug 24— V 1 1 3 , p.
658— have been awarded to Durfee, N iles & C o ., Toledo, at par and accrued
interest.
There were no other bidders
S T U A R T , P a lm B e a c h C o u n t y . F la .— B O N D O F F E R I N G .— J . F .
Gregg, C ity Clerk, will receive sealed bids until 8:30 p. m . Sept. 19 for
$60 ,0 0 0 6 % municipal bonds. Prin. and sem i-am i. in t. payable at the
Seaboard N ational Bank, N . Y . and at the office of C ity Clerk. Date
July 1 1919.
Due yearly from 1925 to 1944, incl. C e r t. check for $1 000
required.
S U N N Y S ID E V A L L E Y I R R I G A T I O N D I S T R I C T P. O. S un n yside),
Y a k i m a C o u n t y , W a s h . — W A R R A N T S A L E . — A n issue o f $ 2 5 ,0 0 0 8 %
warrants has been sold to various persons at par and interest.
Denom .
$100 and $ 5 0 0 .
D a te July 1 1921. In t. J. & J.
Due on or before 5 years
S U T T O N C O U N T Y (P. O . S o n o r a ) , T e x .— B O N D S A L E . — According
to newspaper reports $ 3 5 ,0 0 0 5 } 4 % road bonds have been sold. These
bonds are part o f a total issue o f $ 3 0 0 ,0 0 0 .

S W E E T W A T E R C O U N T Y (P. O . G re e n R iv e r ;, W y o .
BOND
SALE.
The $ 3 0 0 ,0 0 0 (Vi, 10-20 year (opt.) mud bond
duied Aug
1921 offered on \1 g 24
1
\ 113< p 878 have iiucn sold 1< the 1t<
Springs National Bank of Itork Spring
at pa and »h | ii .m m p niHii ,
,<
The bonds were resold to H worth, f'hanijMOft
( 'a and l\»• I• Bros A
C o ., both o f Denver
T E M P E , M aricopa C o u n t y , A n / , .
BO D O F F E R INC,
On
■p
$135,0 00 municipal light and gas plant p u r c h a s e bond will f> olTemd lor
sale.
T E X A S (S t a t e o f ) .
BO N D S REG! S TI'RE D
T he following V / bonds
were registered with the State Comptroller
Dote Key.
A m o u n t.
B lu e r , a n d B u r p o u r o f I m / r .
M a tu r ity
Aug. 17
JO 20 year,
$ 2 ,5 0 0 Angelina County Com m on »Heh. I list. No 10
Aug. J6
20 year;
i ,500 ( loiema n <Jounty ( Jornmon Sell. I list. No 16
Aug, 16
10 20 year
3,7 0 0 Coleman C ou nty C om m on Sch. D is i. No 42
BOND OFFERING
T I P P E C A N O E C O U N T Y <P. O . L a fa y e t t e ), I n d .
Alfred M . SilCCse. County Treasurer, will receive ! lid , uni il 2 p. m • Sept
10 for $20 ,0 0 0 5 % coupon John W M cCorm ick e* a l.. Tipp ,ano< Tw p
road bonds.
I )en om . $ 1.000.
int. semi-ann
Due $ 1,009 each ix tnonf n
from M a y 15 1922 to 1931, incl.
Purchaser to pay accrued in<<*resi.
T O L E D O , L u c a s C o u n t y , O h io .
BOND SALE,.
Tie125.000 0 7 ;
bonds offered on A u g. 23
V. 1 13, p. 558
worn awarded to \ : kin s o.; C o . .
\
Dm*
N . Y ., at 105.57, ‘a basis o f about 5 .4 4 % .
Date Juiv- I 1921.
June 1 1936.
Tim following is a com plete list of bids subm itted:
B ld d i

•1m e n

III

1m

B ld d e

&
1
•!
W atkins & C o 
____ ,6966.751 1 ay d e n . “ i1lor • Co
st, icy & Braun Co
. .5 4 3 2 .0 0 H arris, Forbes A; Co
■ i i , . N ationa! < ity ( 1
Goo. B. Gibbons & Co
li. L . D a y & C o
_
____ .5 4 4 8 .7 5 1Field, Richards o£ ( O
.5 7 2 5 .0 0 I B . .). Van Ingeu A Co
c,eas-mrood & M a y e r .
_______5 6 8 4 .2 5 | A . B . Leach & < 'o ____
Sidney Spitzer & <Jo
E . H . Rollins A SonsA . T . Bell & Co
_____ 4 ) 5
. ‘
M errill, Oldham & Go
1573.75 lA m es. Emeric’ , (c O o S
N a t. B k . o f C o m m ’ce, S t . L 4 7 0 7 .0 0 Prudden < : Co ■
Estabrook
C o ___ . ______ 5 1 3 7 .5 0 K ea n e, Higbie & •
Blodgett & C o _____
------ -6 4 7 5 .0 0 |
A certified check for■ $ 2 ,5 0 0 was subm itted with each bid

o u n t.

3 9 8 8 .7 5
556 2 .5 0
.38 6 2 .0 0
.5 3 7 5 .0 0
.5 4 1 8 .7 5
4 1 6 7 .5 0
.5 9 0 1 .0 0
-4 5 7 5 .0 0

T O P E K A . S h a w n e e C o u n t y , IC a n s — P A R T 0 / I S S J J E SOLD
\ e
\
are informed that an issue of $ 2 5 0 ,0 0 0 57v im p ?. bo is will be sold to tinpeople of Topeka o n ly. T o date $ 9 5 ,0 0 0 have been sold. T h e y will be
delivered on Sept. 1 1921.
T O U R U S A S C H O O L D I S T R I C T , T u la r e C o u n t y , C a l i f .— N O B I D S
R E C E I V E D .— N o bids were subm itted at the offering on A u g 18 o f the
$ 6 ,000 6 % school bonds— V . 113, p 758.
V E R M I L L I O N C O U N T Y (P. O . N e w p o r t ) , I n d .— B O N D O F F E R I N G .
— W . O . Curtis. C ou nty Treasurer, will receive bids until 10 a. m. A u g. 29
for $ 9,500 5 % J. J. Higgins et al. ,Clinton T w p . highway im p l. bonds.
D enom . $500.
D ate A u g . 15 1921.
Prin. and sem i-ann. in t. ( M . & N
payable at County Treasurer’s office.
Due $500 every six months from
M a y 15 1922.
W A S H I N G T O N C O U N T Y (P. O . S a le m ), I n d . - B O N D O F F E R I N G . Bids will be received until 1.30 p . m . A u g . 30 for $ 2 3 ,0 0 0
Oscar L.
Scifres et a l., Polk T w p . highway improvement bonds b y W . L . T aylor,
County Treasurer.
D en om . $ 1 ,1 5 0 .
D ate Sept. 6 1920.
In t. sem i-ann.
(M . & N . ) .

City of Memphis, Teran.
•S20Q,OG0 W ater Bonds
100.000 R ecreation Park Bonds

$75,000 G rade Separation Bonds
100,000 River Term inal & W arehouse Bonds

275.000 S treet Improvement Bonds
150.000 Sewer Bonds
M em phis, T e n n ., A u g . 10. 1921.
N otice is hereby given that sealed bids will be
received at the office of the C ity Clerk until
2:30 o ’clock p. m ., on Tuesday, September 6, 1921,
for the following described lots of bonds of the
C ity of M em p his. Shelby C ou nty, Tennessee:
I T E M N O . 1.— $ 2 0 0 ,0 0 0 .0 0 o f W ater Bonds
dated July 1. 1921. and bearing interest at six
per cent per annum. These bonds are the first
of $ 2 ,0 0 0 ,0 0 0 .0 0 authorized in Chapter 141 of
the Private A cts of 1921 and were authorized in
an ordinance passed August 2, 1921.
These
bond? mature $ 5 ,0 0 0 .0 0 on July 1st, in each even
numbered year from 1926 to 1956 and $ 6 ,0 0 0 .0 0
on July 1st. in each odd numbered year from 1927
to 1957 and $ 6 ,0 0 0 00 on July 1st, in 1958. 1959,
1960 and 1961.
These bonds m ay be registered
as to principal and an ordinance is on passage
providing also for registration as to interest.
IT E M N O . 2 .— $ 1 0 0 ,0 0 0 .0 0 o f Recreation Park
Bonds dated June J. 1921 and bearing interest
at five and one-fourth, five and one-half, five and
three-fourths or six per centum per annum. These
are a portion o f $ 2 5 0 ,0 0 0 .0 0 authorized in Chapter
634 o f the Private A cts of 1921 and an ordinance
passed June 7, 1921.
T he $ 2 5 0 ,0 0 0 .0 0 mature $ 7 ,0 0 0 .0 0 each year
from 1926 to I9 6 0 and $ 5 ,0 0 0 .0 0 in 1961.
In
this sab numbers will be selected m aturing so as
to preserve the average life of 22 years computed
from September 1, 1921. These bonds m ay be
registered as to principal only, but an ordinance
K on passage permitting registration, also as to
interest.
I T E M N O . 3. $ 2 7 5 ,0 0 0 .0 0 Street Im prove
ment Bonds.
These bonds are dated M a y 1 1
1921, and bear interest a t five and one-half, five
and three-fourths or six per centum annually.
These bonds, mature 511,000.00 each year begin
ning M a y Is?
1924. and ending M a y ]. 1948.
T h e y are a portion of $ 1 ,7 5 0 ,0 0 0 .0 0 authorized
by Chapter 7 of the Private Acts of Tennessee, for
1921 and rest: on an ordinance of M arch 2 9. 1921.
These- bonds may be registered as to principal
only on request o f the holders.
IT E M N O . 4.
7 J5 0 ,0 0 0 .0 0 o f Sewer Bonds.
I he bonds in this item are the same as those of
Dorn 4 as to rates o f interest, date and legislative
authority. T hey rest on a separate ordinance
pass'd March 2 9, 1921 and authorizing $ 2 5 0 .0 0 0 .0 0 for this purpose.
T h e y m ay be registered
as to principal only on the rcqucsl of the holder.
Those number* will be ,-/-Jec <d for delivery :,o
that $ 6 ,0 0 0 00 will mature each year beginning
ling M a y 1, 11
U EM NO.
- $75,000*00 of Grade .Separation
bonds. Thes* bonds are the same as these; in
bums four and five a>. to date, rates and legislative
authority.
T h ey re 1 on an ordinance passed
March 2 9. 1921, earrying 7 )5 0 ,0 0 0 00 of bonds
for this purpose.
Tip 7 may hr registered as to
principal only, on Hie request of the holder
Numbers will be selected for deliver -/ so that,
•53,000.00 will mature on M a y I si , each year
beginning 1921 and ending M ay J, 19 1 8

95.000 Street Improvement Bonds
75.000 Bonds D ated Jan u ary 1, 1917

I T E M N O . 6 .— $ 1 0 0 ,0 0 0 .0 0 of River Terminal
and
Warehouse
Bonds.
These
bonds bear
interest at 5§p per centum per annum. T hey
are a portion of an issue of $ 1 7 5 ,0 0 0 .0 0 authorized
b y ordinance of August 2, 1921 o f which $ 5 ,0 0 0 .0 0
will mature in each year on July 1st, beginning
in 1927 and ending in 1961. The numbers to
make up the $ 1 0 0 ,0 0 0 .0 0 here offered will be so
selected as to preserve the average life o f bonds
at tw enty-tw o and five-sixth years computed from
September 1. 1921. These bonds are the first
of a Jot o f $ 5 0 0 ,0 0 0 authorized, b y Chapter 641
of the Private A c 's of T e ^ r e s s r r for 1919.
I T E M N O . 7 .— $95 ,0 0 0 00 six per cent Street
Im provem ent Bonds m aturing $11 ,0 0 0 00 Sep
tember 1, 1923, and $42 ,0 0 0 00 on September 1st,
in each o f the years 1924 and 1925.
These bonds
are dated September 1, 1920, and are the unsold
portion o f $2 1 0 ,0 0 0 -0 0 authorized b y ordinance
passed October 5, 1920
T h ey are not tax free
as to Tennessee and cannot be registered as to
either principal or interest.
IT E M N O
8 — $75,000 00 o f bonds dated
January 1, 1917 bearing interest at five per
centum payable semi-annually. These bonds
were authorized in Chapter 234 of the Private
A cts of 1917 and an ordinance passed final
reading A pril 17, 1917.
T he proceeds o f these bonds w'ill be used *‘ to
enable the C ity of M em phis to contribute to the
cost incident to the construction of a viaduct
over the traces of the Illinois Central and the
Y azoo and M ississippi Valley ra lroads at M c Lemore A v e n u e T h e s e bonds m ature: $ 1 2 ,000 00 in 1945, $30,000 00 in 1946 and $ 3 3 ,0 0 0 .0 0
in 1947 without option of prior redemption. These
bonds are not tax free in Tennessee and m ay not
be registered as to either principal or interest
In the event th at the state o f the market is
such, th a t bidders cannot bid par for the eight
items offered as a whole this item (number eight)
m ay be om itted and the remaining seven items
bid for as a whole.
T his contingency is being
provided for b y also advertising this item number
eight separately, with the intention o f buying
these bonds for the N o rth M em phis Levee Bond
Sinking Fund in the event no bids are received
including them w ith the other items.
G E N E R A L IN F O R M A T IO N .
B oth principal and interest o f all the foregoing
bonds will be paid in lawful m oney o f the United
States at the C ity H a ll in M em phis or at the
option o f the holder at the United States,M ortgage
< T rust C om pany in the State and C ity o f New
A
York
A l! interest is payable sem i-annually.
There is no option o f prior paym ent on any o f the
above bond maturities.
T he full faith and credit o f the C ity of M em phis
is pledged for the prom pt payment o f both
principal and Interest of all the foregoing bonds
;is they severally become due.
T he bonds will all be delivered by the C ity at
New York or the equivalent of Now Yonc, but

bidder will state in bid the point o f delivery
desired
The bonds will be lithographed b y the C ity
of M em p h is, and it is anticipated th at immediate
delivery will be possible.
B y an A c t o f September 6, 1920, bonds o f cities
m ay be m ade tax exem pt in Tennessee and all the
foregoing item s come within this provision except
Item s N os 7 and 8
B y a p rivate act o f A p rl
9, 1921 bonds issued after th at date m ay be
registered as to both principal and interest which
will be available for the above except Item s N o
7 , N o . 8, N o . 3, N o . 4 and N o . 5.
A n ordinance
is on passage to put said A c t o f April 9 , 1921,
into effect.
A ll above item s excepting N o . 7 and N o . 8
m a y be registered as to principal only and said
fact is recited in the face o f bond.
T h e bonds in Item s N o . 1 and N o . 6 have
been subm itted to a vote o f the people and
approved. T he others were not voted upon, since
Chapter 7 did not require it and the charter
provision was not invoked by the registered voters.
All bonds are to be sold as coupon bonds
payable to bearer.
All bonds are in denominations o f $ 1 ,0 0 0 .0 0 .
In Item s N o . 2, N o . 3 . N o . 4 and N o . 5 , the
bidder is permitted to state the rate o f interest
on which he is bidding.
There can be no arrangement for deposit of
funds, commission, attorney’s fees nor private
sale.
Sealed bid at time o f sale alone can be
considered.
T he foregoing item s. N o . 1 to N o . 8, are offered
as a whole and the bidder m ust agree to take all
the bonds offered at not less than the par or face
value o f same plus accrued interest to date of
actual delivery: provided, however, that Item
N o . 8 m ay be om itted under conditions stated
above.
T he right is reserved to reject any and all bids.
A certified check payable to the order o f the
C ity o f M em phis drawn on some solvent bank in
the sum o f Fifteen Thousand ($ 1 5 ,000.00) must
accom pany each bid. These checks will be re
turned at once except that the check accom pany
ing the accepted bid m ay be retained as part
paym ent for the bonds.
N o interest will be paid
on said checks b y the city.
A ll the foregoing items are sold subject to the
unqualified approving opinion of John C . T h o m 
son, attorney a t law, New York C ity . These
opinions together with a transcript o f the whole
proceedings o f the passage o f the various ordin
ances and the sale will be furnished to the suc
cessful bidder.
B y order o f the Board of Commissioners o f the
C ity o f M em phis.
This the 10th day of A u gu st, 1921.
R O W L E T T P A IN E .

Attest:

C . O. P A S H B Y ,
C ity Clerk.
(5736.)

Mayor.

984

THE CHRONICLE

W A Y N E , W u y n c C o u n t y , N e b . — BOND SALE. — Art issue of $25,000
0% paving bull*Is wus sold during July to the State of Nebraska at par.
Date July 10 1920. Due July 10 1940, optional at any interest paying date.
W A Y N E T O W N S H I P (P O Co try R F. D N o. 4 j, E r ie C o u n t y ,
Pa
BONDS Nul' SOLD
The $10,000 6% (opt > Hare Creek Hoad bonds
offered on Aug 20-— V. 113, p 658— were not sold.
WELD AND

MORGAN

C O U N T IE S

JO IN T SC H O O L

D ISTR IC T

N O . 124 P. O . W i g g i n g ) , C o l o . -DESCRIPTION OF BONDS.— '['he
$15,000 6 % tax-free funding bonds, awarded as stated in V. 113, p. 759—
are described as follows Denoni. $1,000
Date Aug. 15 1921. Prill
payable at office of County Treasurer, semi-ann. int. payable at the County
Treasurer’s office or at Ivountze Hros., N. Y. at option of holder. Due
yearly as follows $2,000 1922 to 1927, inch, and $1,000, 1928 to 1930,
incl
The official name of Lh« district issuing the above bonds is “ Morgan
and Weld Counties Joint School District No 124.”
Financial Statement.
Actual valuation____
$2,000,000
Assessed valuation 1920
1,681,000
Total bonded debt including this issue
___
_
_ . _ _____
53,000
Present population, estimated, 1,100.
W ELLESLEY, Norfolk C o u n t y , Ma**.— TEMPORARY LOAN.
Harris, Forbes & Co., Boston, have purchased a temporary loan of $50,000
on a 5.29% discount basis. Date Aug. 15 1921. Due Dec. 12 1921.
W ESTM ORELAND C O U N T Y (P. O. G r e e n s b u r g ) , Pa. BOND OF
FERING
Weber A. Artec. County Controller, will receive sealed pro
posals until 10 a. m (standard lime) Sept. 14 for the following two issues
tif tax-free raod bonds, aggregating $750,000:
$375,000 5% bonds. Due Sept. I 1931.
375,000 5 K % bonds. Due on Sept. 1 as follows: $37,000 1932 to 1940,
inch, and $42,000 1941.
Denoni. $1,000. Date Sept. I 1921. Int. M . & S. Certified check for
2 % of bid, payable to County Treasurer, required.
W H ITE W R IG H T I N D E P E N D E N T S C H O O L D I S T R I C T (P. O.
W h itew righ t), Grayson C o u n t y , T e x .
BONDS REGISTERED.— An
issue of 5 % 10-40-vear school building bonds, amounting to $35,000, was
registered with the State Comptroller on Aug. 16.
W H ITM AN C O U N T Y S C H O O L D IS T R IC T ,
W a s h . -OFFICIAL
N. \ME. The official name of the school district, which sold $4,000 school
building bonds to the State of Washington on July 25 at par for 6s— V. 113,
p. 658— is “ Whitman County School District No. 152.’
W I C H I T A C O U N T Y (P . O. W ichita F a l ls ) , T e x . — BONDS REGIS
TERED. -A $1,500,000 5 % serial road bond issue was registered on Aug. 19
with the State Comptroller.
W IL LO W S, G lenn C ou nty, C alif.— BONDS D E F E A T E D .— An issue
of $16,000 6 % fire equipment bonds has been defeated.
W I N N P A R I S H R O A D D I S T R I C T N O . 11 (P. O. W i n n f i e l d ) , L a . —

BOND SALE NOT CO NSUM M ATED .— The sale of the $1,000,000 5%
road bonds on Jan. 24 to Caldwell & Co. of Nashville, at par— V. 112,
p. 492— was not consummated.
W I N O N A S C H O O L D I S T R I C T (P. O . W i n o n a ) , W i n o n a C o u n t y ,
M i n n . — BOND OFFERING.— Adele H Kressin, Clerk Board of Education,

will receive sealed proposals until 7 30 p m Sept. 7 for $50,000 coupon
bonds at not exceeding 5 H % interest
Donom. $1,000
Date Sept. 26
1921
Prin and semi-ann int (M . & S.) payable at the First National
Bank, Winona
Duo on Sept 26 as follows: $10,000 1923, $15,000 1924,
$10,000 1925, $5,000 1926 and $10,000 1927. A deposit of 2 % of the
principal sum of the bonds for which each bid is made either in cash or
certified check on a bank located in Winona, will bo required. Bonds will
be delivered Sept 26 1921. Purchaser to pay accrued interest.
T h e o ffic ia l n o tic e o f th is o ffe r in g
e lse w h e r e in th is D e p a r t m e n t .

m a g he f o u n d

am ong

th e

a d v ertisem e n ts

Y O R K V I L L E S C H O O L D I S T R I C T N O . 11 (P. O. Y o r k ) , Y o r k
C o u n t y , S o . C a r o . — BOND OFFERING.— Until 12 m. Sept. 3, Geo.

W . Williams, Secretary Board of Trustees, will receive proposals for all or
any part of $125,000 6 % school bonds. Denom. $1,000. Date Sept. 1
1921. Prin. and semi-ann. int. (F. & A.) payable in New York. Duo 1
1941. Cert, check upon an incorporated bank or trust company for 2%
of the amount of bonds bid for, required. Delivery of bonds on or about
Oct. 1 1921.at place of purchaser’s choice. Legality and validity of bonds
upheld by South Carolina Supreme Court in Brice vs. M cDow, et al.,
April Term, 1921.

CANADA,

[ V ol. 113

its

Provinces

and Municipalities*

DEBENTURE SALE
The $20,000 6 %
bonds offered on Aug. 19 V. 113, p. 759 have been awarded to A. Jarvis
& Co. of Toronto at 94.43, a basis of about 6 .7 0 % . Other bidders were:
< 1 Burgi ss
1
Co
91 77 IE. C Mai 1hews S ('<>
i
92 16
Dominion SeruritiesCorp.Ltd.9l .3911Dyment, Anderson & C o____92.17
Bri i t, Noxon Sl C o.
-92.655IT . S. O. Pepler & C o____ ____91.185
I Vlackay & Mackay
93 50
BRID
PER, N. S .— DEBENTURES
iUTHORIZED
Rate
payers have authorized the borrowing of $32,000 for a new fire station and
alarm system and for the installation of electric light meters.
BRITISH COLUMBIA Province of), BOND SALE.— Miller & Co.
and Brandon, Gordon « Waddell, both of Nmv York, jointly purchased
&
at par (Canadian funds) an issue of $1,000,000 5-yr. 6 % coupon (with
privilege of registration as to principal) gold bonds on Aug. 20. Denoni.
>1,000. Date Vug. 16 1921. Principal and semi-annual interest payable
in New York City in U. S. gold coin. Due Aug. 16 1926. Legality to
be approved by Malone, Malone & Long.
Financial Statement.
Approximate value of assessable property.
_
____
____$815,000,000
B O W M A N V IL L E,

bt

O nt.

,

........... 471931,511

_____________ 620,000,000
Provincial assets
Revenue, year ended Mar. 31 1920___
_________________
12,005,274
ditures, year ended Mar 31 1920
___ 10,083.845
Population, 4 6 1,943.
CHANDLER, Que. DEBENTURE OFFERING.— Tenders will be
received by J. K . Bastion until Aug. 30 for $40,000 6 % debentures maturing
serially on Jan. 1 from 1922 to 1941.
K E M P T VILI E, O n t a r i o . — DEBENTURE OFFERING. -Tenders will
be received until Sept. 15 by 8. II. Guest, Village Clerk for $25,000 6%
debentures payable in 30 equal annual installments.
N E W T O R O N T O , Ont.
DEBENTURE S A L E .—*B rent, Noxon & C o.,
have purchased an issue of $25,000 6 ‘ >% 20-yr. installment debentures at
94.50.
PETERSBORO,
O n t . — BOND SALE. -The
Dominion Securities
Corp., Ltd., was awarded an issue of $300,000 63^% filtration plant bldg,
bonds at 99.341. The following tenders were also received:
Dyment, Anderson & Co_______98.37 A . E . Ames & Co ___________ 98.35
Bell, Gouinlock S Co__________ 97.80 Brent, Noxon & C o .. _ 99.287 2-3
c
_
Ilousser, Wood & Co__________ 99.03 Aemilius Jarvis & ( ’ o ______ 98.21
R. C. Matthews & Co_ _________ 98.87 National City Co
_________ 98.539
United Financial Corporation._98.80 McLeod, Young & C o . . _____98.123
Wood, Gundy & C o _________ 99.11
S T . A L E X I S - D E - L A - G R A N D E - B A IE, Q u e.— DEBENTURE OFFER
ING.— Tenders will be received until Aug. 29 for $80,000 6 % debentures,
by F. X . Belanger, Sec’y-Treas. Duo Aug. 1 1925.
S T . C H A R L E S S C H O O L D I S T R I C T , M a n . — DEBENTURE S A L E .—
The Bond & Debenture Corp. has purchased $30,000 20-yr. bonds at a
price to cost the municipality 8 % .
S T . L A M B E R T , Qu e.— DEBENTURE SALE.— The $500,000 6 % cou
pon debentures offered on Juno 6— V. 112, p. 2340— have been awarded
to Versailles, Vidricaire & Boulais a 96.75. Denoms. $100, $500 & $1,000.
Date M ay 1 1921. Due May 1 1931, $85,500 to be retired within ten years.
S A S K A T C H E W A N S C H O O L D I S T R I C T S , Sash— DEBENTURES
AUTHORIZED.— The following, according to the “ Financial Post” of
Toronto, is a list of authorizations granted by the Local Government
Board from July 30 to Aug. 6.
School Districts— Bournemouth, $3,700; Walpole, $4,000; Centre
Ridge, $1,300.
Rural Telephones.— Gerald, $2,850; Kennedy East, $3,500; Red
Jacket, $3,700.
DEBENTURE SALES.— The following we learn from the same source,
is a list of debentures amounting to $46,685 52, reported sold in the same
period:
Schools.— Cromwell No. 4392, $4,100, 10-yrs. 8 % Waterman-Waterbury, M fg. Regina. Silton No. 1038, $4,000, 10-yrs. 8 % , WatermanWaterbury, M fg. Regina. Thunder Creek No. 262, $5,000, 20-yrs. 8 %
Mrs. E. Taylor, Nottingham. Grayburn, No. 4425, $5,000, 15-yrs. 8 %
Waterman-Waterbury, M fg. Regina.
Rural Telephone.— Beaver Hills, $15,000, 15-yrs. 8 % , Geo. W . Ber
wick, Regina. Estlin, $10,000, 15-yrs 8 % , W . D . Craig, Regina. Ricetons, $1,625, 15-yrs. 8 % , Fred Miles, Regina.
Towns.— Davidson, $960 52, 15-yrs. 63^% , Hon. Geo. Scott, Davidson.

FINANCIAL

FINANCIAL

30!

A Byllesby Utility—
What It Means

LOS ANGELES'
F r o m ?.J1 o v e r th e co u n tr y p e o p le are flo c k in g t o S o u th e rn C a li
fo r n ia se e k in g h o m e s , fa rm s, in v e s tm e n ts an d b u sin e ss o p p o r tu n itie s .
T h is B a n k m ain tain s a

DEPARTMENT OF RESEARCH AND SERVICE
t o fu r n is h c o m p le te and a ccu ra te in fo r m a tio n re g a rd in g L o s A n g e le s
an d S o u th e rn C a lifo rn ia , its r e s o u r c e s , in d u stry , c o m m e r c e an d agri
cu ltu re . T h is d ep a rtm en t is in ch a rg e o f a v ic e p r e s id e n t, an d th e
w o r k is c a r r ie d o n b y m e n o f sp e cia l e d u c a tio n an d tra in in g in e c o n o m ic
r e se a rch an d statistics. B a n k ers an d th e ir cu sto m e rs are c o r d ia lly in 
v ite d t o m a k e u se o f th e se rv ices o f th is d ep a rtm en t.

Automobile Trips.

O u r A u t o m o b ile M a p o f S o u th e r n C a lifo rn ia ,
g la d ly sen t f o r th e a sk in g, sh o w s m o r e th an
2000 m ile s o f p a v e d roa d s r e a c h in g all th e to w n s, re sorts, b e a ch e s ,
m o u n ta in ca m p s an d s c e n ic p o in ts w ith in 100 m ile s o f L o s A n g e le s .
We w ill ta k e p lea su re in a rran gin g fo r a n y b a n k e r, in a d v a n ce , th e
re n ta l o f an a u to m o b ile w ith o r w ith o u t d r iv e r fo r u se w h ile h e re .

*

S

JE C U M

SAVINGS

IL

95,000,000

I W
1

COMMERCIAL

New Jersey
Securities
CUTW ATER & WELLS
I I E xch an ge Place
T ol. 10 M ontgom ery
Jercef C ity , N . J.

H. M. Byllesby & Co.
Boston
14 State Street

K

TRUST

in o o n =

Ask for Literature CC-70.

Providence
10 Weybosset S t.

fflU
M

Y IE L D S 7% to 9%

Incorporated
New York
Chicago
111 Broadway
2 0 8 S . LaSalle St.

C apital & S u rp lu s $ 5,250,000
R esou rces over

A B Y L LE SB Y U T IL IT Y is one which
receives the experienced management
and careful supervision of an organization
which has had 20 Y E A R S OF SUCCESS
constructing, operating and financing
public utility companies to the SATIS
FAC T IO N OF CUSTOM ER A N D IN 
VESTOR A L IK E .
T H E BYLLE SB Y O R G AN IZA TIO N was
a pioneer in the development of the group
operation of public utilities now serving a
population of 2,135,000 in 16 States.
TH E B Y L LE SB Y PROPERTIES were
pioneers in the development of customer
ownership— and now number 25.000
home shareholders among their customers.
B YLLE SB Y SECURITIES include both
long and short term bonds and notes.

— ----—?
IE

Bond Salesmanship
H. M. C H A N C E &, CO.
M in in g E n gin eers a n d G eo lo g ists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel

B ldg

P H IL A D E L P H IA

*# ‘The Human Side of Business;* la the
best book on this subject e>er written”
Price $3. cash with order. Descriptive
circular free. Published and for sals by
the Investment House of

Frederick Peirce & Co.
1411 C h e s tn u t S tra a t, P h i l a d e l p h i a
Full text of Commercial and Financial Chronicle : August 27, 1921, Vol. 113, No. 2931

FRASER
