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..
.
fiitanrlal
yommemHl |
rontrb
INCLUDING
&
8ank
Industrial Section
SATURDAY. AUGUST
111.
^he
Electric
Qvhraniclc
Clearings at
Railway
State and City
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Railway
Quotation Section
Section
Sectiofir
NO. 2879
28, 1920
Week Ending August 21.
—
Inc or
Dec.
.
1920.
PUBLISHED WEEKLY.
Terms
(Tor
for
of Subscription
— Payable in
Advanpe
Une Year
Sii Mentha
*10 00
6 00
13 60
Chicago
Cincinnati
Bnropean Subscription (includmg postage)
European .Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
$11 50
NOTICE. On account of the (luctuatlont In the ratea of ezcbanfte,
• mlttance* for European fubacrlptlont and adTertlsementa muat be mad*
Cleveland
Detroit
funda.
Subscription includes following Supplements6MiK AND QDOTATION (monthly) Railway and Industrial (semi-annually)
Elkctbic Railway (semi-annually)
Railway Earki.ngs (monthly)
STATE AND CITY (semi-annually) Ba.nkees' convention (yearly)
Peoria
—
New York
l«
Terms
of Advertising
—Per Inch Space
$6 30
176 00
100 (lO
DANA
OOiTIPANV, Publishers,
Front. Pine and Deperater Stg.. Nevr York.
DANA COMPANY.
Published every Saturday rn-jmlng by WILLI.\M B.
President. Jacob Selbert Jr.; Vice-President, Arnoll G. Dana; Business Manager, William
D. Rlggs; Secretary, Herbert D. Seibert. Addresses of all. Ofrice of the Company.
The following table, made up by telegraph. &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been ?7. 633, 731. 564. against .S7. 934. 674. 067 last week and 37.094.769,739
week
Week ending August
Per
1920.
1919.
Pittsburgh
Detroit
Baltimore
New Orleans.
33,214.791.920
472,086,157
383.067.835
247.134,300
178,700,185
122.917,053
127.000.000
151.071.861
*1 10,000.000
80,821,822
61.885,672
$3,199,633,052
479,139,363
320,906,261
236,857.957
204.948,424
121,732,991
106,505,603
101,442.679
79.000,000
69.885,019
47.771.184
Eleven cities, five days.
Other cities, five days
85,149.476,805
1.178.278.461
$4,967,822,533
920,461.279
28.
New York
Chicago
Philadelphia .
Boston
Kansas City.St. Louis
San Francisco.
all cities,
Total
five days.
one day
all cities for
week
Cent.
56.327,755.266
1,305,976,298
$5,888,283,832
1,206,485,907
$7,633,731,564
87,094,769,739
-1-0.5
—1.5
-1-19.4
-f-4.3
— 12.8
-1-1.0
-t-19.2
-t-48.9
-f39.2
15.6
+
-1-29.5
-t-3.7
+28.0
+ 7.5
+ 8.2
+ 7.6
Partly estimated.
full details of
«
Clearings at
Week Ending August
—
1919.
1920.
Phll.idclphia
Pittsburgh
Baltimore
Buffalo
AlbanyWashington
Rochester
Scranton
Syr.icuse
Heading
ilniington
\Mllio.s-Barre
\\
Wheeling Trenton
York
Krle..
Chester
Grcensburg
Blnghamton
.Mloona
I-Mnca.stcr
Moiitrlalr
Bothlphom
Huntington
$
$
4,074.6.39.000 4.352,525.182
474,086,568
164,526,555
91,908,525
40,925.132
4.856.422
15.932,622
10.562.280
4.928.198
4.349.051
2.286.260
2.600.100
415.778.475
135.526.558
89.517.125
36.130.363
4,600,537
14,760,761
9,056,266
4,318,802
3,656,785
2,424,242
3,435.6.54
2.793,.509
2.969.(143
5.018.827
4,055,368
1,342,483
2,700.000
1.388.871
1 .255.R95
1.062.800
1.164.6.32
.2.600.000
506,870
3.485.951
2.093.830
4.615.640
3.125.578
1..303.3,'>9
2.166.264
1.293.045
900.361
835,800
1.014.485
2.400.000
309.943
Not included
Not Included
Total Middle.. 4.921,665.502 5,092,488,734
Boston
Providence
Hartford
New Haven
Portland
Springfield
Worcester
Fall Hlv.T
I"
New Bedford...
Lowell...
Holyoke
BauKor
Tot New Kng
.
Wayne
Youngstown
Akron.
Canton
Le.xington
isransfleld
Danville
LimaJacksonville, 111..
Adrian
.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
1,570,996
1,726.491
1.435.944
1,823.795
1.305.856
664.384
1.007.902
+ 0.3
+ 15.4
+ 39.6
+ 40.0
+ 28.2
+ 12.2
+ 11.2
+ 4.6
+ 11.2
+ 13.8
—2.0
—20.3
+ 50.2
+ 15.4
— 12.0
+ 10.5
+ 54.9
+ 6.1
+ 5.6
—10.4
+ 19.3
—10.7
+ 16.0
U.O
—37.1
+
+ 25.4
—24.7
+ 4.7
+ 40.0
+ 22.9
+ 200.0
504.959.067
57.195.853
89.144.692
74.326.475
26.274,855
16,838.000
10.614.500
11,709.729
4,531.110
4.736.837
3.544.084
3.885.-528
2.162.308
1.275.085
3.108,605
6.504,000
2.461.525
950.096
1.853.148
1.170.016
989.512
1.298,093
1,023.694
1,635.980
1.205.370
533. ,347
1917.
444.512.562
35.700.636
66.716.769
47.477.994
22.537.484
12.846.000
9.357.300
9.803.654
5.000.000
3.840.829
2.956.977
2.994.783
2.414.488
1.120.566
2.959,627
6.754,000
1? 2,809,775
749,743
"
1,632,672
1,012,906
820,455
1,232,681
926,169
1.320.837
964.520
500.408
600.000
418.698
958.038
323.960
94.203
442.809
—38.2
660.000
530.328
900.000
351,046
108.908
686.361
983,500,373
+ 11.0
837.628.152
691.S01.633
164,800,000
146,792,198
74.879.000
46,436,000
36.442.111
41,510,675
35.616.292
34.000.000
14.374.323
15.393,736
11.688.373
10.885,938
5,083.249
4.977.841
10.519.691
9.131.349
6,789,637
6,004.697
2,807.835
1.996.384
5.932.600
2.450.215
2,266.941
2,026.192
4.309,535
3.665.497
2.925.016
1.2,50,549
1,209.098
1,377,074
950,000
874,318
2,538.466
2.435,333
791.048 Not Included
+ 11.6
+ 61.3
—12.2
+ 4.8
—6.6
+ 7.4
+ 2.1
+ 15.2
+ 13.1
+ 40.1
+ 142.1
+ 11.8
+ 17.6
+ 133.5
—12.6
+ 8.7
+ 76.8
113.921.428
28.724,000
38.130.388
25.839.795
12.484.387
8.451.115
87.369.553
24.084.000
22,898.852
12,945,648
Owensboro
Tot. Mid. West. 1,091,871,629
Los Angele.sSeattle
Portland
Lake City...
Spokane
Salt
Tacoma
Oakland
Sacramento
San Diego
Stockton
San Jose
Fresno
Pasadena-
Yakima
RenoLong Beach
Santa Barbara...
Total Pacific.
Kansas City
Minneapolis
Omaha
340.031.185
10.638.300
8.133.674
5.221.738
2..'500.000
4..572 ,0.35
4.1.38.228
1.836.436
1,933.200
1,100,000
900,000
800,000
381.S04.796
321,345.089
9.980.700
6.745.365
5.076.147
2.300.000
4.068.812
3.461.069
.
2.1.59.032
1..526. 724
1.047.918
834.603
049.413
.3.59.104.872
Dec.
%
+ 14.0
+ 21.4
+ 2.7
+ 29.9
—6.4
+ 5.6
+ 7.9
+ 16.6
+ 14.1
+ 18.9
— 5.V
—24.3
+ 6.3
+ 8.7
+ 29.8
+ 3.0
+ 24.7
+ 7.3
+ 39.6
+ 27.2
+ 14.8
+ 8.3
+ 63.6
m total
St.
Joseph
Des Moines
Sioux City
Wichita
Lincoln
Cedar Rapids
1918.
1917.
S
S
3.195.2.54,777 3.021. 6f 5.256
395.868.234
138.262,135
70,794.846
21,897,811
4,277,172
13,139.542
6.554.207
3.770,540
4.437.331
2.435.030
2.835,772
2.,369.609
3,599,483
2,754.893
1.264.119
2.035.274
1.7.52.207
758.128
688.800
796.302
2.221.,S26
325,576
285.446,347
79.863.009
38.290,743
18.696.183
3.991.499
9,980,316
5,302.913
3.0(50.402
3.845.081
1,990.794
2.627.083
1.825.762
3.907,262
2,4.55.767
1.030..320
1.7.53.,565
1.042.003
700,000
772.900
704..3O4
1.881.055
355,444
in total
—3.4
Paul
Denver
Duluth
Topeka
21.
Inc. or
New York
Springfield. 111...
St.
the week covered by the above will be given next Saturday.
We cannot furnish them to-day. clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures tor the week ending Aug. 21 show:
The
Evansville
San Francisco...
—Returns by Telegraph.
Total
Grand Rapids...
Dayton
593,558,564
1918.
6,39.799
1.000.000
476,183
76,579
645,740
last year.
Clearings
All cities,
Toledo -
Lansing..
.\nn Arbor
CLEARING HOUSE RETURNS.
the coi responding
Columbus
Rockford
Quincy
South Bend
Bloomington
Decatur
Springfield, Ohio.
1
B.
Indianapolis-
Fort
rransieni mattei per inch space (14 agate lines) for each insertion
Business Cards, twelve months (52 times) per inch
"
"
SIX months (.;6 times) per inch
CHICAGO Office— 9 south La salle Street, Telephone State 5594
(jOndon Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAIU
Milwaukee
595,069,158
65,543,874
147,084.437
140, 000. 000
34,000,000
18.065.000
13,814,100
14,430.617
5.000.000
6.704,181
4,534.857
3.978.971
3.394.702
1.830.683
3.896,493
10,966.000
4.480.792
1.410.000
2,300.000
1,363.182
1.873.326
1,542.720
1,665,583
1.622.209
1.790.104
833,904
803.210
670.450
1,400.000
585.297
229.136
398.643
1919.
3.878,093.674 3.491.207.908
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hasting.s
Billings
Tot.oth. West.
Louis
New Orleans
St.
387,132,167
330.207.996
235,780.401
77.611.387
57,000,000
40.302,108
30,000,000
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
1,178,9 66
260.601,700
40,671.902
04.223,087
18.453,880
24,095,026
17,174,037
10.431,118
9.770,000
15,881.500
6.177.869
2.978.520
5.480.420
2.319.548
520,802.691
1,59,200.086
64.994.472
29.037.478
29.998.060
6.000.000
57.480.009
53.917.256
17.312,934
22.107.341
20.244.932
7.120.291
10.259.126
17.676.088
3.300.009
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
NashvilleFort Worth
Savannah
Norfolk
Birmingham
Knoxville-
Chattanooga
8.1,57.4.89
11. 164. .527
2. 540..560
Jack.sonvllie
Mobile
Augusta
Little Rock-...
2.620.841
9.927.624
3.300.000
33.708.34
6,000.000
1.200.000
Charleston
+
+
+ 20.6
+ 28.6
+ 8.7
+ 12.4
+ 19.0
278.615.600
9.997.400
5.969,296
190,079.420
5..327.205
2.263.0.S?
3„894.M4
3.004.908
3.510.331
1,907.771
Jackson
Tulsa
+ 26.7
+ 50
+ 7.9
+ 23.3
2.200.000
2.829.507
3.071.808
1.494.473
1.721..S25
1.271. ,542
,'->51..578
721.134
551 .402
+6.3
315.306.050
227.755.864
Shreveiwrt
631.397.2,82
Total Southern
7 .934.074.007
Total all
Outside N. v.. 3.860.035.06:
5.8
6.6
— 15.0
1.000,000
770,993
Oklahoni.i
8. ,523. ,500
Macon
5..574.332
Austin
248..3S7
Vlcksbtirg
MiL-Jkogee
Dallas
.
503. ,806
•
13.301,000
4. .318, 120
30.906.661
4.635.247
11.4.38.502
2.275.312
847.656
865.633
420.000
908.827
6.000.000
2.910.494
4.705.136
3,462.916
1.771.704
1.886.703
800.000
1.769.176
676.139
577.256
400.000
701.546
253.644,675
184.397.625
194,813,822
30,105,652
54,194.663
13.162.602
22.285.486
16.100.483
135.060.205
24.505.964
30.581.474
11.999.060
14.131.995
12.869.417
5.213..397
0.061,155
4. .302.47-1
2.1.32.160
1.914.792
1.152.1.50
in total
+ 17.2
—5
+ 90.8
—11.3
+ 11.9
+ 24.5
—16.2
+ 0.8
8,776..343
6.,502.465
8.136.897
10.304.133
5.063.968
3.417.113
3.677.004
—28.4
—14.1
—7.6
—11.0
788.978
1,607.276
642.089
682.556
1.596.578
1.669.912
1,593.977
725.023
1.076.667
4.972.509
0.450.741
4.631.435
2.922.953
3.297.749
2.411.924
720.141
1.490.766
547.292
559.467
2.054.000
1,585.289
1.028.393
446.573
904.836
492.716.564
+ 5.7
382,151.761
269.674.643
162.347 .422
50.873 .851
—1.9
145.314.552
47.881.996
20.089.694
122.934.319
29.412,420
-36.1
20..325.317
5.611.5,54
—1.6
48.172.381
+ 1.5
+ 7.3
+ 56.2
+ 13.3
—12.2
+ 16.1
+ 38.3
+ 7.9
+ 21.4
+ 31.0
+ 28.2
—
12.4
+ 36.5
+ 30.4
+ 141.4
+ 8.3
+ 3.9
+ 6.1
+ 42.5
+ 31.8
+ 39.5
+ 6.5
+ 67.8
37.694.0.89
13.000.000
4.000.000
27.472.650
21.951.743
7.521.250
1.118.152
3.048.114
700.893
982.784
1..5.59. 1.58
2.224.4.55
2.045.182
,842.354
1.324.727
16..341 ..322
22.050 ,953
9.390 .840
58.414 .570
.738
16.141 .072
14.156 .028
17.873 .834
8.113 .874
8.,837 .937
12.7,84 .754
3.0.59 714
0.719 434
8.519 015
1,981 .035
2.991 647
7.348 630
2.5.30 .000
13.087 51
5.,541 548
,53.1.36
1.1.55
273
234 151
395 707
10.141 .803
3.117 082
29.032 34.'^
2.762 290
3. 4,55. .570. 407
—23.3
— 1.0
+ 33.3
+ 7.1
—
4.2
+ 7.7
+ 12.2
—28.5
+ 36.9
—15.8
+ 15.8
+ 27.8
+ 77.7
+ 32.4
1.671. .5.39
7.902.393
15.220.219
10.447.075
5.855.668
7.663.043
5.914..3,54
2.107.2.5
4.995..826
5.167.170
1.622.0,85
3.158.364
4.500.912
2..3O0.0OO
9. .503. ,860
1.2.50.000
2.640,000
213.263
416.287
16,1.'<0.497
S.902..340
10.991.521
5.927..541
5..335.306
3.207.310
2.313.312
3.7.55.866
3,113.494
1.207.021
1.055.010
2.788.949
2.061.000
11.170.000
1.129.982
2.200.000
166.977
.307.189
.8.434,013
2.010.2,84
6.485.647
1.5SS.427
17.000.000
1.915.069
10..500.000
1.179.766
917.507.076 2.172.141.959
THE CHRONICLE
8^0
THE FINANCIAL SITUATION.
Call loaus on the Stock Exchange yesterday again
touched 10%, but there is nothing strange in the
circumstance, and these repeated spurts in money
should occasion no surprise. The truth is, notwithstanding all the assurances that come from the
Federal Keserve authorities, the monetary tension
remains unrelieved. Wall Street loans doubtless
have been thoroughly liquidated, or at least such of
them as are based on Stock Exchange operations,
and hence are supposed to be of a speculative nature, have.
Mercantile loans of an excessive type
are also by degrees being reduced. But we are at
the period of the year when the crop demand for
monetary accommodation must needs be satisfied,
and that is a demand which will continue to grow
for some time to come. Whatever liquidation, therefore, may be effected is not likely to offset this new
demand for bank credit, and consequently the aggregate volume of loans, already unduly expanded, is
likely to see further expansion.
Here at this centre, in face of the reduction in
Stock Exchange loaus, evidence of the strain is always discernible. Thus, while the local Federal Reserve Bank, in its return of last Saturday, showed a
slight improvement in its reserve position, the improvement was entirely at the expense of the JSTew
York Clearing House institutions. In this last instance surplus reserves were cut -117,147,200, reducing the surplus to a figure but little more than
nominal, namely, |1,428,530. The reserves of these
institutions with the Federal Reserve
Bank
of
New
York were reduced no less than |21,989,000. This
simply means that borrowings at the Reserve Bank
were
— doubtless
in response to repeated urging
Evidence of the curtailment is found
in the reduction of the volume of bills held under
curtailed.
discount by $14,220,000. But even after the reduction the aggregate of these discounts in this Reserve District still stands close to a thousand million dollars, being |997,762,235. Besides, in face of
the decrease in this district, the discounts held by
the twelve Reserve banks combined further increased, rising from .|2,909,624,000 to $2,940,026,000,
and the total is now once more above the previous
maximum.
—
Besides and this is a particularly bad
feature Federal Reserve note circulation, after
some contraction the middle of July, is again expanding, having increased |5,544,000 in the last
week and |56,520,000 since July 23. With this the
situation, on the eve of what promises to be an
exceptionally heavy crop demand, flurries in money
rates from time to time must be expected, since
they will be difficult to avoid.
—
jVoi
111
seven months exceed to a very important extent
those for any earlier similar period, and consequently, the export balance for the period is very
much less than that for a year earlier.
The July exports covered a value
of |654,000,000,
with 1568,687,515 last year, $507,467,769 in 1918, and only |372,758,414 in 1917. For
the seven months since January 1 the exports at
.^4,901,88"),494 compared with 14,626,109,266 in 1919,
and record an increase of 1,420 millions over 1918
and nearly 2 billions over 1916. Imports for the
month show a loss in value of 16 million dollars
from June, but at -1.537,000,000 compare with only
.'i?343,746,070 in 1919, and but -$241,877,758 in 1918.
For the period since January 1 the imports exceed
by over 1,-527 million dollars (or more than 78%) the
amount for last year, and by that large sum is a new
The comparison is between -f 3,481,high record.
768,028 and -fl,954,257,362. The net result of our
July foreign trade is a balance of exports of -|117,000,000, which contrasts with similar export excesses of -$224,941,445 in 1919 and $265,590,011 in
1918. For the seven months the export remainder,
due to the much greater expansion in imports than
in exports, is considerably smaller than in 1919,
standing at $1,420,117,466, against $2,671,851,904,
and it falls some 273 millions under 1918.
The movement of gold in July 1920, reversing
that of the three preceding months, was a little
against the United States. Imports reached $19,817,758, of Avhich approximately $10,000,000 from
Great Britain direct and $7,000,000 from Canada
largely if not Avholly for the account of the mother
Exports, on the other hand, were -$21,country.
of
which about 16 millions were for Japan
872,783,
and 2 millions for Hong Kong. The net outflow
was, consequently, $2,055,025, increasing to $73,019,708 the net drain upon our stock for the seven
months ended July 31 1920. Last year for the same
period exports exceeded imports by $99,390,211, but
in 1918 and 1017 the movement was hitherward to
the extent of $23,635,375 and $233,881,925, respectively.
Silver exports for the month were of very
moderate proportions, namely, $5,494,336, the Pittman Act tending to keep the domestic production at
home. For the seven mouths the silver exports were
$87,615,984. Against this latter total there were imports of $62,575,255, leaving the net shipments of
the metal -$25,040,729, against $102,250,011 in 1919
this contrasting
and $94,253,367 in 1918.
Canada's foreign exports in July, reflecting a decided decrease in the shipments of animals and their
products, and lesser declines in agricultural products and metals only partially offset by a much
heavier outfloAv of wood and its products, including
—
—
United States for pulp and paper manufactures showed a moderate
July 1920, while smaller (measured by aggregate falling off from June and from the aggregate for
values) than in several earlier months of the cur- the corresponding month a year ago. On the other
rent calendar year was nevertheless of full volume, hand, the imports exhibited a further very heavy
running moderately above the total for June and augmentation, exceeding by some 43 million dollars
well ahead of that for the like period in 1919. At the total of a year earlier, expansion in the inflow
the same time, the imports fell a little under the of most classes of commodities, and particularly of
high record aggregate of June, although with that agricultural products, textiles and iron and steel,
exception having never been exceeded.
For the being responsible for the excess. The net result for
seven months since January 1, the merchandise ex- July is a large adverse or import balance, this folports are by a moderate amount the heaviest on lowing a similar result in each of the four preceding
record for the period, a result, however, due in con- months. Briefly, the value of the exports of mersiderable measure to inflated prices for virtually chandise (domestic and foreign combined) in July
all classes of commodities sent out. Imports for the was $106,911,390, against $116,000,000 in 1919, and
The foreign export trade
of the
'
.
Aug. 28
THE CHRONICLE
1920.]
months
Dominion's fiscal year
(April 1 to July 31 1920 inclusive) reached |351,Imports for July
695,172, against P71,139,949.
were, with the exception of those for June, the heaviest for any month in tlie Dominion's history, and
at 1127,268,811 contrast with only |84,281,499. The
total since April 1, at 1473,572,489, exceeds any previous four months' aggregate, comparing with |284,897,013 a year ago. Finally the import balance for
the month, at |20,357,421, compares with an export
remainder of -131,718,501 last year, and for the four
months the merchandise imports exceeded the exports by no less than 1121,877,317, the least favorable result since 1913, and contrasting with net exfor the four
of the
prots of .1?86,233,936 in 1919.
Our cotton crop review for the year 1919-20, covering exhaustive data on the marketing, distribution
and manufacture of the staple, with incidental ex-
and
less
8^1
than 700 millions for the record product of
1914-15.
A
moderate increase in the consumption of cotton in the United States, observable both North
and South, is the outcome of manufacturing operations, this being accounted for by the revival of demand for practically all classes of goods for home
use, and a further expansion of the export trade.
Consumption at the South rose from 3,504,191 bales
in 1918-19 to 3,724,222 bales in 1919-20 and, concurrently, the increase at the North was from 2,578,259
bales to 3,02.5,940 bales.
The commercial crop of
the United States for 1919-20, as distinguished from
the actual growth which was slightly under 12
million bales, turns out to have been the fifth in a
series of short yields, but a little in excess of those
of either 1918-19 or 1917-18.
It totaled 12,217,552
bales, or 614,918 bales
more than that
of 1918-19, but
some 2,850,000 less than the high record production
planatory comments thereon, is presented on sub- of 1914-15. The world's consumption of American
sequent pages of this issue of the "Chronicle," and cotton was something above 12,500,000 bales. Our
Avill, we believe, be found of considerable value by
aggregate of cotton goods exports was in both
those interested in cotton, especially as no efforts quantity and value the heaviest of any year in our
have been spared to have it cover the subject as thor- history. A very notable increase in the consumpoughly as possible. Adhering to the plan consis- tion of foreign cotton in the United States was a
tently pursued since these reviews were first issued, feature of the late season, the advance having been
over half a century ago, the effort in the first in- from about 176,000 bales in 1918-19 to 414,829 bales.
stance is to present all essential statistics relating Egyptian made up the greater part of it, but staple
to the growing of the staple and its manufacture in from Peru, Mexico, China and India was also inthe United States. At the same time, however, data cluded.
for all other countries in which cotton is either
The world's aggregate crop of cotton in 1919-20
raised or turned into goods, and from which depend- Avas more than sufficient to meet consumptive reable information can be obtained, are made a part
of the report. This being the case, it is obvious that,
within the comparatively limited space devoted to
them, these reviews should furnish as comprehensive and concise a history of the world's cotton crops
as it is possible to issue so soon after the close of
the season. With the ending of the war in Europe
the difficulties to be overcome in obtaining data
essential in the compiling of these reports were
largely removed, but not entirely eliminated,
Governmental control of the railroads in this coun-
quirements and, consequently, the previously existing surplus supply visible and invisible stocks combined was increased slightly. The carry-over, therefore, exceeded that at the end of any season since
1914-15. It is to be explained, however, that of the
stock remaining in the United States an unusually
large proportion consists of low grade staple or
—
—
linters.
Developments in the Russo-Polish situation have
The big victory of the Polish
try, Avith methods of accounting that interfered forces close to the gates of Warsaw, and in a broader
more or less with the securing of information in the area in that vicinity, virtually was won near the close
shape most desired for these reports, having con- of last week. The reports regarding military operatinued well on into the year covered by our review.
There is comfort in the thought that before the close
of another season the situation in this respect will
have returned to normal and the securing of statistics
greatly facilitated.
The special feature of the season of 1919-20 was
the further decided advance in the raw material,
carrying it, at its peak, to a level higher than at any
time since March 2 1866. Opening at 35.70c. per
pound for middling uplands in the New York market, the course of values was downward at first, but
43.25c. was recorded on March 23, and (after some
recession) 43.75c. on July 22, this the high for the
season.
The higliest price for middling uplands
ever recorded at
1864,
New York was
August
October and NovemThe closing price July 31 1920 was 40c.
and the lowest 5
ber 1S9S.
.1^1.89
in
5-1 6c. in
and the average for the season 38.25c., against 31.04c.
in 1918-19.
What this extremely high average signifies is nu)st clearly realized when it is pointed out
that on that basis the 1919-20 crop covered the phenomenally heavy value of 2,375 million dollars,
against 1,850 millions and 1,780 millions for the but
slightly smaller crops of the two preceding years
been less spectacular.
tions there that have been received this week, have
contained many details and have told specifically
of the expansion of the victory.
Apparently for
the present it may be set down as decisive. This is
the way that it has been pretty generally characterized in the news dispatches from Warsaw and other
European centres, and in editorial comment in European and American newspapers. The victory has
been represented also as having checked effectively
any movement of the Soviets for extending their control beyond the limits of Kussia, and particularly as
liaving stopped the union whidi it was claimed had
been planned with radical elements in Germany.
It is worth bearing in mind, however, that an idea
does not die as easily as some of its most ardent
champions may be defeated in battle at times. The
spread of Bolshevism in Europe may have been
checked as has been clainuHl. Bolshevism did not
die, however, with the defeat of its soldiers before
Warsaw in a battle wiiich has been variously spoken
of as a "disaster''
and
a "debacle.''
As already indicated, the advices from Warsaw,
London and Paris during the early days of the ww»k,
told of **an increasing disaster'' for the Reds and a
THE CHRONICLE
S2S
growing victory for the Poles. For instance, Warsaw sent word a week ago this morning that announcement had been made there of the capture of
[Vol. 111.
to "give Russia the right of free transit for
men and
goods through her territory, with the VolkovisskBialystok-Grajevo Railway remaining in full posParis dispatches stated session of the Russian Republic." Hostilities were
15,000 Soviet prisoners.
that a report had been received at that centre that to cease 72 hours after the signing of the terms. In
six divisions, consisting of between 30,000 and 40,- a dispatch from London it was stated that "at the
000 men, had been surrounded by Polish forces be- second sitting of the Russo-Polish peace conference
tween Siedlce and Brest-Litovsk, A little later a Thursday [of last week] at Minsk the head of the
cablegram came to hand from the Polish capital, Polish delegation announced Poland's peace condistating that military authorities there had an- tions to be the complete and inviolable independence
nounced the capture of 35,000 Soviet troops. Mon- of the Polish Republic with no interference in its
day the French Foreign Office received a report internal affairs." The Polish delegates were refrom Warsaw that "the number of Eussian Soviet ported to have asserted that "Poland did not deprisoners captured in the Polish counter-offensive clare war." The opinion was expressed in a AVarwill amount to 75,000." It was added that "most of saw dispatch that "the recent Polish military sucthe 35,000 prisoners already counted were captured cesses will not materially change the program of
in the territory northwest of Warsaw, including the the Polish delegation treating with the Bolsheviki in
Danzig corridor." Great credit for the main Polish Minsk." Advices received a day or two later indivictory was given to General Weygand, of the French cated that Poland was expecting a modification of
army, who was made Chief of Staff of the Polish the Soviet terms. Paris sent word that Premier
army and who had much to do with the strategy Lloyd George and Premier Giolitti of Italy had
that proved so effective in the defensive operations "urged both Russia and Poland to conclude peace
against the Soviet troops. According to a cable- immediately on the basis of mutual concessions."
gram from Warsaw, Ignace Daszinski, the Polish The Paris correspondent of the "Sun and New York
Vice-Premier, sent a letter to General Weygand, Herald" cabled that "the first results of the Polish
"expressing the gratitude and admiration of the military successes will be the removal of the peace
Polish Nation for his aid during the Polish crisis." negotiations between the Poles and the Bolsheviki
The communication concluded as follows
"Your from Minsk to some point that is more accessible,
attitude, your aid, and the efficacious way you co- according to well-informed persons in Paris."
He
operated with our energetic army will always re- added that "the Polish delegates will insist that
the peace terms offered by the Soviets be modified
main impressed in the hearts of the Poles."
The Warsaw dispatches from day to day indicated in these two respects: (1) the elimination of all
that the position of the Soviet forces was becoming suggestion regarding the Russians arming Polish
increasingly desperate.
It
was clearly shown workers or making any interior dispositions in Pothat they were doing everything in their power to land.
(2) A refusal to reduce the strength of the
Polish
Army
to 50,000 officers and men unless the
the
remnants
of
save
the Red Army, but it was added that "they have been easily frustrated so far by Soviet Government similarly reduces its armed
the Poles." Tuesday morning it became known strength."
here, through an Associated Press dispatch from
The announcement was made in definite form
the Polish capital, that "the fortress of Lomza, 75
miles northeast of Warsaw, and Bialystok, 50 miles during the early part of the week that Premiers
east of Lomza, have been recaptured by the Polish Lloyd George of Great Britain and Giolitti of Italy
Army." It was added that "in the remaining occu- had reached an agreement regarding their policy in
pied sectors in the North, the Bolsheviki are cross- dealing with Russia. In fact, they sent a communiing the Prussian frontier in great numbers." The cation to the Soviet representative in London, demilitary authorities in Warsaw announced that manding that the Soviets keep faith with the Poles.
"the various Government districts of Poland, with An official statement was issued on Monday rethe exception of Suwalki and Grodno in the North, garding the conferences during the day in Lucerne
between Premiers Lloyd George and Giolitti. It
have been virtually cleared of the Bolsheviki."
was said that "the Premiers agree to the vital need
Quite as much was in progress this week in a dip- of the re-establishment of the peace of the world at
lomatic way regarding the Russo-Polish situation as the earliest possible moment, and that the first
on the actual fields of battle. M. Tchitcherin, Bol- guarantee of such a peace is to be found in the varishevist Foreign Minister, telegraphed to the Bol- ous treaties already concluded." It was further set
shevist delegation in London a copy of the armistice forth that "therefore the British and Italian Govterms submitted at the Minsk conference by M. ernments have been taking steps to restore comDanishevsky, head of the Bolshevist delegation munications between Russia and the outside world."
there. Briefly stated, it was proposed that Russia Arthur J. Balfour sent a supplementary note, in
and the Ukraine "recognize in full the independence which he said that "he desires to emphasize the point
and liberty of the Polish Republic, and solemnly that the terms which, according to recent informaconfirm the full right of the Polish people to estab- tion, the Government of Soviet Russia desires to
lish its own form of government." It was stipulated impose upon Poland, are in fundamental contradicfurther that the "Polish army be reduced to 60,000 tion to those which M. Kameneff on behalf of the
:
men, to be supplemented by civic
of workers."
militia,
made up
Article 10 said that "simultaneously
with the demobilization of the Polish Army and
the turning over of arms, Russian and Ukrainian
troops will retire, so that at the termination of
Polish demobilization only 200,000 men will remain
near the neutral zone." Poland would be expected
Soviet Government communicated to his Majesty's
Government before the prorogation of Parliament."
Continuing, Mr. Balfour said he desired "to ask
whether it is a fact that the terms now asked of
Poland are of the character which the information
supplied to the Governments of Italy and Great
Britain leads Signor Giolitti and Mr. Lloyd George
Aug. 28
THE CHRONICLE
1920.]
to believe, and,
if so,
if
the Government of Soviet
Russia proposes to adhere to them." Concluding
his note, Mr. Balfour said, that *'on the answer to
these questions the future policy of the British Government will depend, and, as the matter is evidently
of urgent importance, I am to request that an answer to these questions may be received by Friday
evening next at the latest." Premier Millerand is
said to have issued a brief note in reply to the AngloItalian communication sent by Premiers Lloyd
George and Giolitti to the Soviet Government.
Briefly he declared that "he was happy to see nothing in the Anglo-Italian declaration which was not
in accord with the idea and principles which France
always has defended." Premier Millerand as Presi-
8S3
Through dispatches received late Wednesday afternoon, and in greater detail Thursday morning, it
became known that the Polish delegates at Minsk
had rejected the Soviet peace terms. In a message
received in London on Wednesday from George
Tchitcherin, the Russian Soviet Foreign Minister,
the following declaration was made: "If the Poles
stand by their demand for withdrawal of the principal Russian points it would mean an immediate
rupture of the negotiations." In another dispatch
that came to London it was claimed that "out of the
fifteen Russian demands only one, that relative to
demobilization, is accepted, and that only on condi-
—that
tion that Russia will take a similar course
is
must demobilize at the same time
Poland disbands her forces." The Russian Soviet
Government did not wait until Friday to reply to
the note of Arthur J. Balfour regarding its attitude
toward the Poles. Announcement was made Thursday afternoon in a cablegram from London that the
Soviet Government had agreed to "withdraw its
conditions that the Poles provide arms for a workmen's militia for 200,000 men in Poland." The reply
stated that the Soviet Government, in withdrawing
to say, Russia
dent of the Supreme Council, telegraphed Sir Reginald Tower, Allied High Commissioner at Danzig,
on Tuesday, "inviting him to assure to Poland complete liberty in the importation of war material
through Danzig, as provided for in the Treaty of
Versailles." It was added in a Paris dispatch that
"M. Millerand has also invited Sir Reginald to use
all the resources In his power to assist in the unloading of ammunition already in the harbor of Danzig,
and all that may reach the free city in the
this condition, "is subordinating everything else to
future."
its
According to several dispatches from Moscow and
other points, General Wrangel's anti-'Bolshevist
forces in South Russia have been active ^nd have
added several victories to those already obtained.
Washington heard early in the week that "the Army
of General Wrangel, operating in Southern Russia,
has checked the advance of the Bolsheviki in that
direction and has driven them back across the lower
portion of the Dnieper River." The French Foreign
Office received advices that the General had begun
an offensive on a wide front "on receiving the first
news of the Polish rally." From Constantinople
came the report that the "entire left bank of the
Dnieper east of Kherson has been cleared of Red
troops." It was stated that "more than 1,000 prisoners, 34 field guns and 100 machine-guns have been
taken." From Moscow came the announcement of
a resolution adopted by the Government Conference
of the Communist Party, in which "it calls upon all
party organizations to carry out a party mobilization with the same accuracy and rapidity as before
and arrange for business-like discussions of measures to be taken to assist on Wrangel's front." It
was pointed out also that "widespread agitation
must be developed among the masses, workers and
peace throughout the world."
peasants in favor of a voluntary movement for the
Red x-irmy in the struggle against Wrangel." Favorable comment was heard in Paris upon the appointment of Jean Erlich, a member of the Chamber
of Deputies, "as French High Commissioner to the
headquarters of General-Baron Peter Wrangel, antiBolshevist leader in Southern Russia." It was added that "Premier Millerand has selected a man who
already has shown his ability to outwit the Bolsheviki, principally because of his thorough knowledge
of the Russian language, the Russian people and
their customs." General Wrangel Avas quoted in a
dispatch from Sebastopol yesterday morning as
having said that "civil war in Russia would cease
immediately if the Russian people were free to organize a Government according to tlieir own wishes,"
and to have a<hled that "the fight must go on until
Russians are free to take nuitters in their own
hands."
paramount
desire to secure the establishment of
The London "Times" announced on W^ednesday
that "M. Kameneff and M. Krassin, the Russian
Soviet agents, who have been in London for some
time endeavoring to negotiate trade agreements, will
go to Moscow Friday." At the Foreign Office and
at 10 Downing Street, the official residence of
Premier Lloyd George, "denial was given to the report that M. Kameneff had applied for passports
for his return to Russia. M. Kameneff declined to
affirm or deny it." The London correspondent of
the "Sun and New York Herald" cabled Thursday
morning that "complete Allied solidarity has been
re-established in connection with the Russo-Polish
conflict. Upon Britain's initiative, backed by Italy,
it was authoritatively said here, France has told
Poland plainly that she will not permit any recrudescence of Polish imperialism, despite Poland's recent military triumphs." The correspondent added
that "from authoritative Polish sources such assurances have been received and passed on to the Allies
Announcement was
tliat Poland agrees to this."
made in a cablegram from Paris that J. J. Jusserand, French diplomatic representative on the
Franco-British Mission to W^arsaw, had sent for-
ward an official communication to the Poles, tliat
they must halt their advance eastward as soon as
tlie
line of Grodno-Grinovka-Brest Litovsk-Brody,
defined in the Allied
Supreme Council's memoran-
dum of last December, is reached by them.'" The
Jusserand note stipulated also that "all questions of
Polish rights to territory east of that line must be
reserved until the final peace negotiations with the
Russians." Announcement was made by tlu^ French
I\)reigu Office yesterday that "France had counseled
Poland to attain the best strategical military i>ositiou possible until peace is signed." (^n tlie other
hand, it Avas added that "France has advised Poland
withdraw her armies within the Polish frontier
upon the signing of peace." Premier Witos was quoted
to
Warsaw
dispatch as asserting that "a durable
honorabU^ and just conditions, was
based
upon
])eace.
and is the aim of Poland.' He declared also that
"we do not seek to appropriate foreign territories."
in a
'
THE CHRONICLE
824
The advices from Paris and Warsaw Thursday indicated that the victory of the Poles was even more
comprehensive than reported earlier in the week.
In a Paris dispatch it was asserted that "of the host
Avhich swept doAvn on Warsaw, nothing is left but
30,000 fugitives. The Poles have taken 80,000 prisoners, so far, but Avhat is more important they have
captured great quantities of guns and materials."
The opinion was expressed in the same communication that "it is considered probable that the Soviets
available resources, and that in
their present condition Russian industries will take
employed
all their
a long time to replace them." Yesterday morning's
dispatches told of the capture of "Ossowetz, the fortress northeast of Lomza," by the Poles, and also
of additional minor victories. Moscow sent word last
evening of an official announcement there of the
launching of a counter-attack, "designed to recapture Brest-Litovsk." In an official communique issued by the Poles in Warsaw, it was claimed that
80,000 Eussian prisoners had been taken.
[Vol. 111.
Lord Mayor McSAveney, of Cork, who has been
lodged in Brixton Jail, London, has continued his
hunger strike, and even early in the week was reported to be in "a very low state." It was said that
he had been "strongly advised by the Catholic clergj'
to desist striking." This Avas one more matter
Avhich Premier Lloyd George was called upon to
take up during his "vacation" in Lucerne. He issued a statement Wednesday, in which he said that
"he regretted McSAveney had decided to starve himbut said that
he Avere released, then all the
other hunger strikers would have to be released."
Commenting upon the matter further he said that
"a laAv which is a respecter of persons is no law.
If the Cabinet, therefore, departed from its decision
a complete breakdoAvn of the Avhole machinery of
laAv and Government in Ireland would inevitably
self,
if
The release some Aveeks ago of hunger
strikers in Ireland was followed by an outburst of
cruel murder and outrage." King George was asked
by Redmond HoAvard, a nephew of the late John
Redmond, to intervene, and promised to give the
Although it Avas announced in London before he matter prompt attention. In a cablegram from
London yesterday morning it Avas said that "King
left, that Premier Lloyd George was going to Lucerne, Switzerland, for a vacation, and a much-need- George has consulted with responsible Ministers,
ed rest, the dispatches from that Swiss city have but that the policy of the Government remains unindicated that he has been just about as active there changed Avith regard to Lord Mayor McSweney, noAv
as he was when in London or attending one of the dying from hunger strike in Brixton Prison." At
numerous diplomatic conferences that have been that time the Mayor Avas said to be "too weak to
held since the signing of the Armistice. Since go- speak more than a fcAv Avords." The Brixton Prison
ing to Switzerland, he has lived in a villa belonging was guarded by troops yesterday. It was claimed
to King Albert of Belgium, situated four miles from that the police had discovered that "a number of the
Lucerne. According to one cablegram from that persons demonstrating for the release of Lord Macentre he was besieged by Swiss newspapermen as yor McSweney of Cork Avere armed with revolvers
soon as he crossed the frontier, and it was added and bombs." His Avife and sister were quoted as
that "at the villa a constant succession of couriers saying that the Lord Mayor's death was "imminent," after having visited him in prison.
is arriving and departing and the Prime Minister's
folloAv.
secretaries are continually busy."
Reference has
already been made to the conference with Prime
Minister Giolitti of Italy. The German Foreign
Minister, Herr Simons, who was supposed to be in
Lucerne for "rest and to see relatives," was expected
to meet the British Premier also. According to one
dispatch from Lucerne, the SavIss police claimed
to have discovered a plot against Lloyd George's
life, and were reported to have taken special measures to protect him. In a reply to a question of
newspaper correspondents the Premier was reported to have said that he "considered President Wilson's present policy regarding Russia as inconsistent with his declaration relating to the Prinkipo
Conference."
Washington dispatches stated that
naturally the American President did not like this
reputed criticism.
Tliere have been fresh political disturbances at
important centres in Ireland. Belfast receiA-ed official telegrams revealing "organized onslaughts"
against the Irish Constabulary. SeA'eral lives were
said to have been sacrificed. A few days ago the advices from Irish centres stated that the business
portion of Lisburn had been Avrecked in revenge for
the shooting of Police Inspector Swanzy, against
Avhom a verdict of Avillful murder had been given by
a coroner's jury for the assassination of a Mayor last
March. There was rioting also in Belfast. A serious collision occurred betAveen the Unionists and
Sinn Feiners. The crowds were finally dispersed
by the police.
More encouraging news came in the accounts of a
conference of Irish Moderates in Dublin on TuesAccording to a Washington dispatch last evening day. It Avas said to have been called to enable
announcement was made at the State Department every shade of home rule sentiment to unite in a
during the day that another note would be sent to statement to Premier Lloyd George relative to the
Poland. It was assumed that the Polish reply re- future government of Ireland. A resolution Avas
ceived on Thursday was not satisfactory to Presi- presented, declaring "it to be the couAuction of the
conference that it is "possible for the British Govdent Wilson.
ernment to secure peace for Ireland by an immediate
Through a dispatch from London early in the and binding offer of full national self-goA'ernment,
Aveek it become known that the London "Gazette" to be accepted or rejected by specially elected rephad printed an Order-in-Council, putting the ncAV resentatives of the people of Ireland, upon whom
Irisli Coercion Act into operation forthwith.
It was should be laid the task of adopting ncAv constitutions
said to have been a long document of six pages and suitable to the special requirements of Ireland or
to have given "minute regulations as to how the any part thereof requiring special treaty." It Avas
Act Avill be enforced, but does not stipulate locali- said that "every speaker declared that Ireland
ties where it will be enforced."
Avanted peace."
Aug. 28
THE CHRONICLE
1920.]
British Treasury statement of national financing for the week ending Aug. 21 showed that income
had again been in excess of outgo, with the result
The
8!35
and last year £536,090,000. We append a tabular
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
that the Exchequer balance was expanded £808,000.
Expenditures for the week totaled £15,818,000
(against £11,068,000 for the
week ended Aug.
14),
outflow including Treasury bills,
advances and other items repaid, was £118,379,000,
compared with £109,302,000 a week ago. The total
of receipts from all sources was £119,187,000, as
contrasted with £109,389,000 last week. Of this
the
while
total
amount, revenues contributed £27,600,000, against
£19,433,000, and savings certificates £650,000,
From advances the sum of
against £800,000.
£11,250,000 was received against £9,500,000, while
sundries brought in £60,000, against £100,000 the
preceding week. Treasury bills were sold to the
amount of £79,472,000, which compares with £79,387,000 a week ago. Sales of Treasury bonds continue inconsequential, amounting to olily £155,000.
Last week the total was £179,000. The volume of
Treasury bills outstanding has again expanded,
now
£1,060,756,000, as against £1,048,492,000
a week earlier. Temporary advances, however, continue to decrease, a further reduction of £22,300,000
having been reported, to £187,541,000, against
being
£209,841,000 the week before. The total floating
comdebt now stands at £1,248,297,000. This
pares with £1,258,333,000 last week and £1,172,024,000 the total for the corresponding week of 1919.
Exchequer balances aggregate £3,926,000, in comparison with £3,118,000
week ago.
Official discount rates at leading
Circulation
Public deposits
Norway, and 43^% in Holland. In London the
private bank rate is still quoted at 6^% for sixty
days and 6%@6 13-16% for ninety days. Money on
call in London was a trifle higher, at 53^%, against
4M% a week ago. No reports have been received by
cable, so far as we have been able to ascertain, of
open market discounts at other centres.
loss in
weekly statement shows a
and a regold, albeit a small one ^£52,619
—
1918.
1917.
1916.
Aug. 28.
£
Aug. 29.
£
Aug. 30.
£
124,894,82.5
15,363,000
100,592,000
Other deposits
Governni't securities 41, .556,361
Other securities
75,882,000
Res've notes & coin. 16,586,000
Coin and bullion,.. 123,028,857
Proportion of reserve
to liabiUties
Bank
The Bank
79,800,445 57,612,730 40,406,800 36,151,935
23,260,881 34,918,401 46,.525,875 52.361,446
94,918,355 136.109,743 131,093,744 102,140,601
29,784,756 59,454,014 57,899,020 42,188,314
79,569,477 99.253,178 105,498,500 91,941,125
26,893,648 30,382,094 32,346,691 38,495,563
56,197,498
88,244,093 69,544,824 54,303,491
14.30%
22.80%
17.80%
18.21%
24.91%
5%
5%
5%
5%
6%
rate
France continues to report small gains
in its gold item, the increase this week having been
202,000 francs. The Bank's gold holdings now aggregate 5,590,239,591 francs, comparing with 5,572,423,536 francs last year and with 5,435,382,175 francs
the year before; these amounts include 1,978,278,416
francs held abroad in both 1920 and 1919 and
2,037,108,484 francs in 1918. During the week the
silver holdings increased 502,000 francs and advances
of
2,099,000 francs. Note circulation was
added to in amount of 4,731,000 francs, bringing the
total outstanding up to 37,904,607,370 francs. This
contrasts with 35,090,399,220 francs at this time in
increased
1919 and with 29,433,966,180 francs in 1918. On
July 30 1914, just prior to the outbreak of the war,
On the
the amount was only 6,683,184,785 francs.
other hand, general deposits fell off 937,000 francs;
Treasury deposits 65,610,000 francs, and bills discounted 70,162,000 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in 1919
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
—
duction in total reserve of £101,000, the result of
The
a slight increase (£49,000) in note circulation.
deposit items, however, were heavily reduced, so that
the proportion of reserve to liabilities was further
advanced t6 14.30%, which compares with 12.52%
In the same week of 1919 it stood at
a week ago.
22.80%. Public deposits showed a contraction of
£751,000, while other deposits were reduced £16,543,000 and Government securities lost £16,953,000.
Loans (other securities) were brought down £234,000.
The Bank's stock of gold on hand now stands at
£123,028,857, which compares with £88,244,093 in
1919 and £69,544,824 a year earlier. Reserves
aggregate £16,586,000, as against £26,893,648 last
year and £30,382,094 in 1918, while loans amount to
£75,882,000, which contrasts with £79,569,477 and
£99,253,178 one and two years ago, respectively.
Circulation has reached a total of £124,894,825.
Last yoar it stood at £79,800,445 and in 1918 £57,()12,73().
The official minimum discount rate of the
Bank has not been changed from 7%. Clearings
through the London banks for the week were £676,644,000. A week ago the total was £697,264,000
Status as of
Changes
—
for Week.
Aug. 26 1920.
Aug. 28 1919.
Aug. 29 1918
Francs.
Francs.
3,611.961,175
1.978.278,416
Francs.
Francs.
Gold Holdings
Inc.
In France
Abroad
Inc.
Total
202,000
change
No
..
Inc.
Silver
Dec.
Bills discounted
Inc.
Advances
Note circulation... Inc.
Treasury deposits.. Dec.
General dcposts...Dec.
3,594,145,119
1,978,278,416
202,000 5,590,239,591 5.572,423,536 5,435,382,175
320,498,109
296,746,072
2.54,704.495
502,000
903.936,.522
888,469.854
70,162,000 1.909,920,298
829,162,066
2,099,000 1.965.606,000 1,262.373.296
4,731,000 37,904,607,370 35.090.399,220 29,433,966,180
298,568.640
81.511.700
64,229,000
65,610,000
937,000 3,202,813,894 2,976,552,254 3.477.305,884
its
2,228,817,000 marks in other securities and an expansion in deposits of no lesfe than 3,597,111,000
marks. Note circulation was augmented by 401,401,000 marks, and has now reached the huge total
In the corresponding
of 56,461,707,000 marks.
week of 1919 it stood at 28,554,660,000 marks and
Gold
the year before at only 12,929.720,000 marks.
declined 4,000 marks, but total coin and bullion increased 286,000 marks. There was an expansion of
316,223,000 marks in Treasury notes, a gain of
220,000 marks in notes of other banks, while investments expanded 3,265,000 marks. Advances were
cut 9,691,000
.
3,398.273,690
2,037,108.484
statement, issued as of Aug. 14, the Imperial
Bank of Germany again shows the drastic changes
which have become so common a feature of late.
Chief among these should be mentioned an increase
in bills discounted of 2,308,164,000 marks, a gain of
In
of England's
1919.
Aug. 27.
£
European centres and 1918 are as
have not been changed from 5% in Berlin, Vienna,
Spain and Switzerland; 53^% in Belgium; 6% in
Paris and Petrograd; 7% in London, Sweden and
The Bank
1920.
Aug. 26.
£
marks and other
liabilities registered
a falling off of 150,228,000 marks. The Imperial
Bank's stock of gold is reported at 1,091,591.000
marks, as against 1,106,480.000 marks last yo:ir
and 2,347,760,000 marks
in 1918.
The principal feature of last week's statement of
New York Associated banks and trust companies,
issued on Saturday, was the contraction in reserves
THE CHRONICLE
826
of
member banksjwith
about as
the Reserve Bank, bringing
it
did, a loss of
more than $17,000,000
in
surpkis, which cut that item to near the vanishing
The
demand
net
point.
loan item increased S4, 179, 000, while
deposits were reduced $33,089,000 to
This is exclusive of Government
$3,984,255,000.
deposits in which there was an increase of $25,144,000
to $59,951 ,000. Net time deposits increased $510,000,
own vaults
Federal Reserve Bank declined
Cash
to $259,888,000.
of the
in
of
members
$4,498,000,
counted as reserve), while
reserves of member banks with the Federal Reserve
Bank, as noted above, were drawn down $21,989,000,
The reserve of State banks and
to $512,477,000.
trust companies in own vaults expanded $168,000,
to
(not
$83,893,000
to $8,099,000, while reserves in other depositories
banks and trust companies, gained $363,000,
There was a loss in aggregate
to $8,913,000.
reserves amounting to $21,458,000, which carried
of State
down
In surplus the de$17,147,200 becg,use of the concline was smaller,
traction in deposits, but this loss brought the total
the total
to $529,489,000.
—
—
on hand down to $1,428,530, as
The above figures
against $18,575,730 a week ago.
for surplus are on the basis of 13% legal requirements
for member banks of the Federal Reserve system,
but do not include cash in vault amounting to
$83,893,000 held by these banks on Saturday last.
The Reserve Bank statement was better than the
previous week, there having been an advance in the
of excess reserves
fVOL. 111.
to the more specific rates for money, loans on
have covered a range during the week of 7@10%,
For the first two
as against 7@9% a week ago.
days of the week, Monday and Tuesday, there was
no range, 7% being the only rate quoted and therefore the high, low and ruling figure in each day.
On Wednesday there was an advance to 9% as the
maximum, but this merely proved a temporary
flurry and renewals were still negotiated at 7%,
which was also the low. A similar state of affairs
was reported on Thursday when renewals were made
at 7%, the low figure, with a maximum of 9% quoted
As
call
for a
brief period just before the close.
Friday's
with 8% the ruling
The 10% level was reached shortly before the
rate.
close and was due to increased demand on the Stock
Exchange. The above figures are for mixed colIn time money the
lateral and all-industrials alike.
remains
stagnant.
Funds
were in more
market
active demand but the supply is still so scarce that
few bidders were able to fill their wants. Only a
few scattering loans were reported for moderate
amounts, with the bulk of the business confined to
The quotation. has not been changed from
renewals.
8/<4% for regular mixed collateral and 9@93^% on
all-industrial money, for all maturities ranging from
sixty days to six months.
Mercantile paper rates continue as heretofore to
be quoted at 8% for sixty and ninety days' endorsed
bills receivable and six months' names of choice
range was higher, at
8@10%,
quaUty and 83^% for names less well known. Out
town institutions are still the leading buyers but
Tranheld under some inquiry was noted from local banks.
ratio of cash reserves to liabilities to 39.5, against
38.8%
last week.
The Bank's gold
reserve increased
nearly $11,000,000 and the volume of bills
discount was reduced over $14,000,000.
The local money [market was without special feature
during the early part of the week. As the week came
to a close, however, and the end of the month came
nearer, therefore, there
was preparation
for meeting
the large interest and dividend disbursements next
To
and to the withdrawal of
about $15,000,000 by the Government from local
banks was attributed the flurry in call money, par-
Wednesday.
this fact
In important banking circles the higher rates that obtained were spoken
of as likely to be no more than temporary.
Bankers
are still maintaining a very conservative position
with respect to the money market in general in this
country. They are afraid that if they were to take
a different position some would-be borrowers on a
large scale would come forward with demands, which,
if granted, might easily counteract the good that had
been accomplished in the readjustment of the credit
position.
It is admitted quietly, however, that there
has been considerable improvement. Rather strong
ground in this regard is taken by the Federal Reserve
Board in its monthly review of business, economic
and financial conditions in the United States. It is
worth noting, though, that special attention is given
in tha't document to the idea that uncertainty is still
one of the most prominent features of the business
situation.
Bankers say that naturally the rates for
money will be governed very largely by the supply
and demand. They admit that, with the recent
general trend of business, the supply is likely to be
larger and the rates lower.
There have been offerings of small amounts of money this week at 83^%
for six months.
Bankers said yesterday that there
had been no real change in the time money market.
ticularly yesterday afternoon.
of
sactions in the aggregate were not large.
Banks' and bankers' acceptances have shown a
greater degree of activity and brokers report a
more satisfactory condition in the acceptance market
than for some little time. Prime New York bills
were again in brisk demand and both local and counWith the
try banks were in the market as buyers.
close
of
the
week a
rates
at
the
call
stiffening in
slight falling off in the volume of trading was noted
Rates are still unchanged. Loans on demand for
bankers' acceptances continue to be quoted at 53^%.
Quotations in detail are as follows:
Spot
Delivery
Ninety
Days.
Delivery
SUty
Thirty
icithin
Days.
Days.
30 Days
bid
7
6H@6H 6^@6
6H@6H (>H@6H 7 bid
7H@6i4 7H@6H 7Vi@6H
7H bid
There have been no changes so far as our knowledge
The
goes, in Federal Reserve bank rates this week.
EUglble blUs of
member banks
6H@6Ji
Eligible bUla of
InellKlble bllla.
non-member banks
6?i@6!^
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 26 1920.
Discounted bills maturing
within 90 days (incl. member banks' 15-dav collateral
—
notes) secured by
Federal Reserve
Bank of
—
Treasury
Liberty
certifi-
bonds
cates of
Indebt-
and
Otherwise
secured
member
Victory
notes
and
banks
unsecured
edness
Boston
Bankers'
acceptances
5M
disc'ted
for
Agricul-
Trade
acceptances
paper
maturing maturing
within 91 to 180
days
90 days
7
7
7
7
6
6
5H
5H
6
6
6
6
6
7
6
7
t6
Cleveland
5H
5H
6
6
Richmond
Atlanta
to
t6
6
5H
6
6
5H
6
Chicago
tfi
6
7
St.
Louis
Minneapolis
Kansas City
•6H
6
6
7
u
7
Dallas
t6
t6
t6
New York
Philadelphia
tural and
live -stock
6"
6
6
7
6
6
6
7
6
6
6
6
6H
6
6
6
6
6
San Francisco
*5M% "n paper secured by 5H% certificates, and 5% on paper secured by 4H%
and 6% certificates.
t Discount rate corresponds with Interest rate borne by certificates pledged aa
collateral with minimum of 5% In the case of Philadelphia, Atlanta. Kansas City
and Dall;is and 5H% In the case of Richmomi, Chiciigo and San Francisco.
Note.
Rates shown for Atlanta. St. Louis. Kansas City and Dallas are norma
rates, applying to discounts not In excess of basic lines fixed tor each member bank
Rates on discounts In excess of the basic line are
by the Federal Reserve Bank.
ubject to a
K % progressive increase for each 25% by which the amount of accon>modatlon extended exceeds the basic line.
—
Aug. 28
THE CHRONICLE
1920.]
exchange has for the time
being apparently ceased to be swayed by developments abroad, and, notwithstanding the fact that
Poland's drive against the Russian Bolshevists is
progressing satisfactorily and that the French and
British have reached a better understanding with
regard to Russo-Polish affairs, price levels for a time
broke to as low as 3 53^ for demand, or 43^c. below
This was almost wholly
last week's lowest point.
the result of continued heavy selHng, the market
The market
for sterling
during the early part of the week being subjected to a
positive avalanche of bills, particularly grain and
cotton, and as virtually no buying support was forth-
coming from any direction rates declined steadily until
a new low level on the current movement was established, as above noted.
Speculative selling was also
a factor, and it soon became evident that a considerLater on, folable short interest was being built up.
lowing the advance on the cotton and grain markets,
there was a pronounced lessening in the pressure of
bills offering and immediately shorts rushed to cover,
—
with the result that prices rallied sharply nearly
The recovery, however, was
5 cents in a single day.
of a purely temporary nature, and before the close
quotations had again sagged off, so that the final
range was only a small fraction above that of a week
Trading was spotty, brief spurts of activity
succeeding more or less lengthy periods when the
8»7
largely a sequence of the curtailment of buying of
European
securities
by American investors which has
followed the foreign political crisis. It is understood
that some time ago these purchases reached quite
substantial
but
proportions,
lately
this
business
has fallen off sharply.
As regards the day-to-day rates, sterling exchange
on Saturday was fractionally lower, and demand
bills receded to 3 593/^@3 59^, cable transfers to
3 Q0y8@S Q0}4, and sixty days to 3 563^@3 56^;
trading was dull and featureless.
Monday 'smarket
was easier and fresh declines were noted, carrying
down
prices
fractionally,
@3
3
to
59^, and
transfers to 3 58}/^@S
573^@3
59,
sixty days to 3
55^4) heavy selling of commercial
bills
cable
54^
was given
as the reason for the reaction.
Further recessions
were noted on Tuesday, mainly on a continued outpouring of offerings; demand bills ranged at 3 53^©
3 5634 cable transfers 3 543^@3 57, and sixty days
3 503^@3 53.
On Wednesday there was a sharp
J
upturn and prices advanced 434 cents from the low
of the preceding day, with the high for demand
3 5834 and the low 3 5434; cable transfers ruled at
3 55@3 59 and sixty days 3 51 @3 55; no specific
reason was assigned for the sudden firmness, other
than a lessening in the supply of offerings and cover-
Some
marked
ago.
ing
market was at a practical
Thursday's transactions, but the undertone was still
firm and prices were fractionally up, to 3 57 @3 59
with
movements
standstill,
and unsettled
for
at times greatly confused.
While the downward movement is regarded as
entirely seasonal, in view of the heavy supplies of
bills
of
all
descriptions
offering incidental
to the
3
of
shorts.
demand, 3 57 ^@3
53%@3 55%
for
irregularity
and
same general
for cable transfers
days;
the
factors governing price levels of late were
operation.
On Friday
easier
observers are of the opinion that the evident reluctance of bankers to support the market can be traced
to uncertainty over European affairs.
The conten-
3
that although the situation on the Polish
frontier has greatly improved, there is still much at
3 5334 for sixty days.
is
59%
sixty
autumnal crop moving operations, competent market
tion
slight
and rather
563^@3
5714,
sixty days 3
3 563^ for
still
in
the market was quiet but
demand was
5734@3 58 and
irregular; the range for
cable
5334@3
demand,
transfers
54.
3
Closing quotations were
3 5734 for cable transfers
Commercial
and
sight bills fin-
ished at 3 5634) sixty daj^s 3 50, ninety days 3 473/^,
and the more conservatively inclined show no documents for payment (sixty days) 3 50, and
Cotton and grain
disposition to make extensive new commitments seven-day grain bills 3 55.
payment closed at 3 5634until an actual settlement has been reached and some- for
Gold arrivthing approximating peace restored.
included
shipment
als
this
week
of
a
$500,000 in
This in all
probability explains the reason why t ough the coin from Colombia.
An additional $600,000 is exforeign political situation is being closely watched, pected on the Mauretania now on its way to New
sterling quotations have not more fully reflected the York.
Gold estimated variously from $3,000,000 to
military successes achieved by Polish armies over the $5,000,000 is to be shipped shortly to Peru, the
Russian "Reds."
greater part of which is in gold bars.
It is underStill another element of doubt, which though not
being
shipped
for
stood the metal is
the purpose of
an active factor, is overhanging the market is the readjusting the national finances of Peru and aiding
French loan negotiations. In the event that these in the stabilizing of its currency values. This is said
should fall through, bankers feel that a large part of to be the first large gold shipment to South America
France's share of the maturing Anglo-French loan for a long time. A new movement of gold from
will have to be taken care of in London, with its re- France is said to be about to begin.
The amount is
sultant effects on sterling and consequently arc mov- estimated at from $3,000,000 to $5,000,000, but no
ing with extreme caution.
Those in a position to definite information is as yet available on the subject.
know, appear to be confident that a loan of probably
issue
$100, 000, 000 will be arranged in the near future;
although actual amounts, rate and other details are
not yet settled.
In spite of apparently authentic
Movements
Continental exchanges this
week were again erratic, with the trend still downward
and currency values at nearly all important centres
in
the
Notwithstandof a probable new issue of long term bonds is being ing renewed hopes of the placing of a new French loan
freely discussed.
Late yesterday it was rumored here in the near future and reiterated assurances
that gold actually was on its way here from France, that France's share of the Anglo-French maturity
but the reports cam(> too late to have any actual was provided for, francs were heavy practically
effect on the mark(!t.
The amount is estimated throughout and broke through last week's low point
variously from $3,000,000 to $5,000,000.
to a new low on the current downward swing of 14.72,
One explanation of the lack of support in the sterling a loss of 54 centimes during the week, though submarket, which has been so pronounced lately, that sequently there was a partial rally from this extreme
recoivod some attention was to the effect that it is figure.
Lire were also under almost continuous
denials roperts persist nevertheless that the matter
suffered further sensational declines.
THE CHRONICLE
828
pressure and broke to 22.07, which is 30 points below
Exchange on Berlin
the low level of a week ago.
showed some irregularity with renewed weakness in
the early deaUngs and a further drop to 1.92, but
later on under lighter offerings and a better demand
the price once more crossed the 2-cent mark and
recovered to 2.12, though losing some of this gain
Belgian francs followed the
exchange,
French
while
Austrian
course
of
kronen ruled at or near the levels prevailing
The Central European exchanges were
last week.
all heavy and Rumanian currency fell no less than
74 points. Polish marks have ruled around 47, but
this is a purely nominal quotation, as no business is
being done in that currency just now. Greek exchange sustained further fractional declines all without specific activity. The Continental exchanges
shared in the improvement which occurred in sterling,
late on Tuesday and early Wednesday, but to a
lesser extent and reacted again later, with the close
only barely steady. The persistent and spectacular
weakness in Italian exchange at a time when Italy's
import trade is being reduced and her exports slowly
but steadily expanding, is occasioning considerable
comment, and is attributed in some quarters at least
to speculative tactics on the part of interests who are
exerting their influence on the short side of the
market.
before
the
close.
According to advices received at Washington from
BoUvia, the Bolivian Government has completed
negotiations for a loan with a New York bank, the
proceeds to be used in paying off French loans made
in 1910 and 1913, amounting in all to about 56,000,000 francs. Coincidental to the inauguration of a
gold movement to Peru, noted elsewhere in this
column, dispatches from Lima, Peru, state that the
credit situation in Peru is serious because of a shortage of circulating medium and gold has been engaged
for import to cover an issue of currency amounting
to 1,000,000 Peruvian pounds.
A year or so ago
the Government of Peru substituted a silver currency
for a previous paper currency and the impression
exists that the impending gold shipments are to
strengthen reserves.
is
Under present conditions there
practically no profit in shipping gold
from
New
[Vol. 111.
Neutral exchange continues to follow the course
of the other exchanges, although fluctuations are of
relatively less importance, since trading is so dull as
to make quotations more or less a nominal affair.
Guilders touched further new low records, while
vScandinavian rates were conspicuously weak, particularly Copenhagen remittances which at one time
touched the inconceivably low point of 13.50 for
checks, or less than half their normal pre-war value.
Swiss francs ruled heavy and Spanish pesetas established a new low of 14.92 for checks.
As pointed
our previously, the underlying factor in this fresh
accession of weakness will probably be found in the
impossibility to correct the one-sided trade balances of
For a long time exchange was
these countries.
maintained at the cost of shipments of gold, but as
reserves are being rapidly depleted it has been
found necessary in many cases to prohibit the exportation of gold, with the results above noted.
Bankers' sight on Amsterdam, closed at 323/8)
against 32 11-16;
cable transfers 32^4) against
32 13-16; commercial sight 32 1-16, against 32^,
and commercial sixty days 31 11-16, against S2}4,
a week ago. Swiss francs finished the week at 6.06
and 6.04 for cable transfers
and 6.02 respectively a week ago.
Copenhagen checks closed at 14.10 and cable transfers 14.20, against 14.75 and 14.85.
Checks on
Sweden finished at 20.25 and cable transfers 20.35,
against 20.40 and 20.50, while checks on Norway
closed at 14.10 and cable remittances 14.20, against
14.75 and 14.85 the week previous. Final quotations for Spanish pesetas were 15.04 for checks and
15.06 for cable transfers. A week ago the close
was 15.05 and 15.07.
With regard to South American quotations a
further drop has taken place with the check rate on
Argentina
down to 36.92 and cable transfers
For
37.05, against 38.25 and 38.37^ a week ago.
Brazil the break has been even more severe and checks
are now quoted at 18.40 and cable transfers at 18.50,
ChiUan exchange
against 19.00 and 19.25 last week.
for bankers' sight bills
against
6.04
22^, while Peru is at
before.
the
week
5.00, against 5.03
Far Eastern rates are as follows: Hong Kong,
is
also lower at 22, against
York to Lima.
Shanghai,
110@
79@813^, against 82@823/^;
Yokohama,
The official London check rate on Paris closed at 112, against 113H(a^ll4;
5l3^@5lM,
Manila,
(unchanged);
(unchanged);
Sing51.29, compared with 50.69 last week.
York
463/2@46^
In New
sight bills on the French centre finished at 14.32, apore, 46^(5^47, against 47(^473^; Bombay, 343^
against 14.09; cable transfers at 14.30, against 14.07; @35, against 363^@36%, and Calcutta 34)^(^35,
commercial sight bills at 14.36, against 14.13, and against SQ}^@,3Q^.
commercial sixty days at 14.43, against 14.20 the
preceding week. Belgian exchange closed at 13.37
and 13.35 for cable remittances. The close
last week was 13.12 and 13.10.
Closing rates for
reichsmarks were 2.02 for checks and 2.04 for cable
transfers, against 1.95 and 1.97 a week ago.
Austrian kronen finished the week at 00.44 for checks and
for checks
00.45 for cable transfers, in comparison with 00.46
and 00.45 a week earher. For Italian lire final quotations were 21.42 for bankers' sight bills and 21.40
for cable transfers.
This compares with 21.49 and
21.47 on Friday of the week previous. Exchange on
Czecho-Slovakia closed at 1.69, against 1.72; on
Bucharest at 1.83, against 2.43; on Poland at 47
(unchanged), and on Finland at 3.00, against 3.02
last week.
Greek exchange closed at 10.85 for checks
and 10.95 for cable remittances, which compares with
11.47 and 11.45 a week ago.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,817,000 net in cash as a result of the currency movements for the week ending Aug. 27.
Their receipts from the interior have aggregated
$9,373,000, while the shipments have reached $3,Adding the Sub-Treasury and Federal
556,000.
Reserve operations and the gold exports and imports,
which together occasioned a loss of $81,068,000, the
combined result of the flow of n^-oney in^o and out
of the New York banks for the week appears to have
been a loss of $75,251,000, as follows:
Week ending Aug. 27 1920.
Out of
Banks.
Into
Banks.
\et Change in
Bank Holdings.
$9,373,000
$3,556,000 Gain $5,817,000
17,215,000
98,283,000 Loss
Sub-Treasury and Federal Reserve
operations
& gold exports & imp'ts-
Total
The
---
S2fi,5S8,000
S101,S39,000 Loss"S75,2ol.000
following table indicates the
in the principal
81,068.000
European banks:
amount
of bullion
.
Aug. 28
THE CHRONICLE
1920.]
torious;
Aug. 28 1919.
Aug. 26 1920.
Banks ofGold.
England .
France a _
Germany
Aus-Hun
_
.
.
Spain
Italy
Netherl'ds
Nat. Bel -Swltz'land
Sweden
Denmark Norway _-
Silrer.
Total.
Gold.
£
£
123.028,857
123,028 ,857
144,478,447 10.160 000 154,638 ,447
54,574,750
350, 150 54,924 ,900
10,944,000
2,369 000 13,313 ,000
98,095,000 24,083, 000 122.178 ,000
32,191,000
2,990, 000 35.181 000
53,028,000
1,326, 000 54.354, 000
10,660,000
1,048, 000 11.708 000
21,687,000
3,609, 000 25,296, 000
14,517,000
14,517, 000
12,658,000
143,000 12,801, 000
8,112,000
8,112, 000
88 .244.093
143 ,765,804
.55 ,228,800
10 926,000
96 ,233,000
32 202 ,000
53 ,878,000
10 641.000
18 711.000
16 694 000
10 410,000
8, 170.000
Total.
Silver.
£
88 244.093
11.840 .000 155 605.804
986 000 56 ,214.,S.50
2,369 000 13 .295,000
25.735 000 121 ,968,600
2.968 ,000 35 170 000
483 000 54 361,000
11 921,000
1 280 ,000
2,641 000 21 352,000
16 694,000
157,000 10 567,000
8 170,000
Total week 583,974,054 46.078.1.50630.052,204 545,103.697 48 459 050 593..5fi2,747
Prev. week .584.088.968 46,062.800 630,151.768 .=)45,263, 191 48,581,950.593,845,141
a Gold holdings of the
held abroad.
Bank
of
France
this year are exclusive of
£79,131137
POLISH VICTORIES AND PEACE
CONFERENCE.
While it cannot 3'et be said that the dangers resulting from the Polish and Russian situation have
been removed, there is at least no question that the
elements of that situation are more reassuring.
The Soviet Government has certainly met with complete defeat in its effort at the military subjugation
Poland;
obviously cannot dictate by force a
Bolshevik peace, conditioned on propaganda of the
peculiar Bolshevist theories in Poland.
It would
appear from the statement of the Russian delegates
in London that the Petrograd government has withdrawn the extraordinary condition of peace set up
that Poland, after reducing its regular
at Minsk
army to the footing prescribed by Russia, should
thereupon organize and arm a ''workingmen's militia" of 200,000 men.
But its withdrawal Avas
of
it
—
wholly inevitable.
The condition represented one of those fantastic
notions which were perhaps a natural outgrowth of
the distorted Bolshevist way of thinking on the problems of the social order, but which could not possibly have been imposed on another nation unless that
nation Avere Avholly at the mercy of an invading
army. As a matter of fact, the "workingmen's militia" idea was undoubtedly conceived at the time
when the Polish army seemed to be absolutely
crushed and the fall of the Polish capital a certainty.
Had
that occurred, the characteristic Bolshevist
dream of exciting the labor classes in Poland to revolt against any refusal or hesitation of the government to yield, might conceivably have been fulfilled.
But terms of peace such as that would necessarily
have been in any case an insult to any independent
government. Proposed to a government whose armies had suddenly been successful, and proposed
by the government whose armies liad been routed,
the mere suggestion of such a thing became politically farcical.
it is
S29
now
who invaded
the Bolsheviki
Po-
land and failed in the adAenture.
The peace proposals must necessarily be revised
on both sides, and the attitude of either goA-ernment
is apparently not yet absolutely settled.
Whether,
in default of the agreement of the Petrograd governmen to reasonable terms of peace, the Polish army
under its new leadership Avill or Avill not ignore the
question of boundaries, and cross the Russian border, if necessary, in its endeavor to deal an effective
final blow at the Russian army while the Russian
peace delegates procrastinate, it is impossible to
say. The case is certainly peculiar; it may be reasoned at Warsaw that the Soviet's pretensions may
be immediately renewed Avith the rescue of its armies and the boundary line respected. Yet, until
the terms of peace are signed, there is serious danger in an attempt at neAv invasion a danger clearly
indicated by the pressure on Poland, by the foreign
offices of both Great Britain and the United States,
to renounce the purpose.
Of the military defeat of Russia, there appears to
be noAv no longer any question. The Soviet troops
have been driven back towards the Russian boundary sometimes, it seems to be established, in great
disorder. Captures of prisoners and guns, reported
apparently from official circles, haA-e been so large
as to indicate absolute defeat; great numbers of
men from one of the Russian armies are knoAvn to
have taken refuge in Prussian territory, Avhere they
Avill be interned according to the rules of Avar.
Towards the end of the present week, the dispatches
affirmed that the surrender of one of the larger
Soviet armies, which had been encircled by the
Poles, was imminent.
All this embodied a veryremarkable change in the situation; yet the Aery
completeness of the Polish victory was recognized
by everyone as creating noAv problems of its own.
We are still without authentic information as to
the reason for this complete reversal of militaiy
fortune. The fact that an eminent French general
had been virtually placed in charge of the Polish
campaign (though ostensibly acting only as "military adviser") does not seem to provide the Avhole
explanation.
If General Weygand's problem had
been to reorganize an obsolutely beaten and demoralized army for the defense of Warsaw, he might
liaA-e brought about sufficient order to put up a
;
;
But so prompt and aggresmeans something more than
that.
The French at the Marne in 1914 could not
have driven the German army back to the Somme
successful resistance.
sive a counter-offensive
unless their own morale had been far better than
not yet clear what terms of peace or armis- the (lerman commanders imagined, or the condition
tice Avill actually be agreed to at the pending Russo- of the German armies much more vulnerable
than
Polish conference. No authentic news comes from the world had supposed.
the place where the negotiations are being held;
In the case of Poland, it is reasonable to assume
but the delay in reaching a settlement suggests that tluit the Bolshevik armies must haA-e been ill-proit is not proving altogether easy to bring the two
vided Avith transport, munitions and supplies, and
participants onto common ground. No doubt this therefore in no position to make a counter-attack
was inevitable from the peculiar surrounding cir- offensive Avhen the Polish troops, concentrated near
cumstanoes. The entire military situation has been tlu>ir oAvu base of supplies, Avero directed and
enreversed since the delegates from Russia and Poland couraged by competent generalship. It
has been refirst came together; at which time, it will be re- nuirked by military
critics in this country that none
mombered, even Lloyd George declared to Parlia- of the dispatches has reported casualties.
We get
ment that, since Poland's original attack on Russia the estimates of pri.>^ouers, but nothing as
to killed
"was not Avarranted" and since it liad failed Avith or wounded; fi-om Avhich the inference is
draAvn tliat
the defeat of the Polish army, Russia Avas entitled
these are not battles of the fury and tenacity of the
to take such considerations into account "in any
struggles on the Western front in the great war ittonus of peace." But the Polish armv is now vicself, but engagements in which promiscuous flight
It is
THE CHKONICLE
830
or promiscuous surrender follows at once on the
showing of superior resources by the enemy. Probably the Polish reverses during their own recent in-
vasion of Kussia were of the same character.
It is, however, altogether probable that the Bolshevik armies are not of a quality to make effective
warfare exceiJt when all the circumstances are in
their favor. Even in the campaigns of the Grand
Duke Nicholas, during 1915 and 1916, it was notorious that the fighting power of a Russian army
deteriorated when it had moved onto foreign soil;
that was, in point of fact, as obvious a characteristic, even in the advance on Constantinople in 1878,
and in the Czar Alexander's campaigns against Napoleon. When to this consideration is added the
well-known fact that a good part of the Soviet
army's recruits are obtained because only in the
army is a Russian citizen sure of sufficient food,
and the further fact that its commanders are mostly
officers of the old regime
serving the Soviet against
their real desire, because only so could they ensure
their own position and the safety of their families
the odds against such an army in a campaign of invasion are necessarily great. These are doubtless inferences drawn after results were known; but it
must be remembered that it is only recently that
the world has had any trustworthy information as
to what the Soviet army really was.
There is noticeable absence of confident inferences as to the political effect on Soviet Russia, internally and externally, of what appears to be so
grave a military defeat. If its scope is anywhere
near as considerable as the present week's cable
dispatches have indicated, it is the first complete
and crushing military reverse which the Bolsheviki
have suffered since they seized control of Russia. If
there are organized elements of political opposition
in that country, and, particularly, if General Wrangel's anti-Bolshevist campaign in Southern Russia
contains the prospect of another serious defeat for
the Soviet troops, one might look with some assurance for political results. But in the cloud of obscurity which at pi'esent surrounds both political
and military conditions, it is impossible to do more
than judge from the actual course of known events.
—
RAILROAD RATE INCREASES IN EFFECT.
[Vol. 111.
of the Second District Commission was
the
plea that existing State laws are in
on
based
the way and that no sufficient "case" for the application had been made out. If any roads not subject
to the statutory limitation, said the Commission,
wish increased rates, "they must make separate ap-
The action
and show reasons for exceptional
plication
ment;
permit a rate in excess of that fixed by statwhen,
after an investigation, it appears that the
ute
ity "to
statutory rate is insufficient; the limitation of the
statute remains on the railroads, but not on the
power of the Commission." That section says that
when
Commission, after a hearing on a complaint, finds that any rates or regulations of any
the
common
carrier "are unjust, unreasonable, unjustly
unduly preferential," etc., it
"shall determine the just aud reasonable rates," etc.
This is when somebody has complained and the complaint has been found to be with good cause. Then another sentence provides that when the Commission,
after a hearing, either on its own motion or on a
discriminating,
or
opinion that the regulations, practices, equipment, appliances, or service are "unjust,
unreasonable, unsafe, imj)roper, or inadequate," it
shall determine "the just, reasonable, safe, adequate
and proper regulations," etc., and shall make an
order accordingly; and Section 56 provides that refusal or neglect to obey "any" order of the Commission shall involve a |5,000 fine for each offense
and every day's continuance of violation shall be a
separate offense and every officer or agent who
fails to comply with "any order" shall be guilty of
a misdemeanor.
State statutes that empower supervising officials
to fix and promulgate "reasonable" rates of insurance use language which, read literally, permit such
to be raised if fovind inadequate, but the purport
and the theory (and the practice, as well, probably
without exception) has been towards revision downward, not upward. Section 48 of the Commission
law of this State does say that complaint may be
made "by any person or corporation aggrieved,"
and so it may be claimed that rates are "unjust" or
"unreasonable" by being too low yet the tenor, and
evidently the intent, was that rates could be ordered
downward and that regulations, equipment, or
service could be ordered to be made reasonable, safe,
proper, adequate, and so on. The whole section, and,
indeed, the whole enabling law, meant at the time
to take common carriers seriously in hand and
make them behave; the thought of helping them in
need, or that they ever could be in need, had not occurred to lawmakers. This extraordinary law of
1907 fixed the salaries of the commissioners and
of two other officers, but laid no restriction whatever on the number or the compensation of minor
employees, and directed that the funds therefor
should be raised, if necessary, by borrowing through
the issue of revenue bonds in anticipation of taxes.
A law which went to such lengths, and in addition
to empowering a supervising body to fix rates for
common carriers required them to obey "any" order,
or incur such drastic penalties as above quoted, was
certainly extraordinary, as the "Chronicle" long ago
pointed out.
It has not attracted much public
attention, because the enforcement has been far less
complaint,
is of
;
The increased rates granted the railroads by the
Inter-State Commerce Commission took effect on
Thursday night, but as yet the same increase has
not
been granted by some of the State regulative
bodies, upon intra-State traffic, and herein comes a
conflict, in theory at least,
between Federal and
the former are held
State powers and jurisdictions
;
predominant when an issue is raised, the theory of
Federal control being that State boundaries are in
the large business sense imaginary and that traffic
is in effect a continuous operation.
Here in New
now
York, under a law
thirteen years old, we have
a "first district," consisting of the counties of New
York, Kings, Richmond and Queens, and a "second
district," comprising the remainder of the State.
On Wednesday the acting head of the former denied the application of the Long Island road for
permission to make a 20% increase in passenger
rates, limiting the refusal, however, to "the present
application," and putting it on the ground of the
refusal by the Commission for the other district, on
the 19th, as to the State outside of the metropolis.
treat-
made by
the roads as an
entirety, and the record affords no basis for discrimination among them." Under Section 49 of the
Commission law, said the decision, there is authorthis application is
THE CHRONICLE
Aug. 28 1920.
impossibly drastic tliau tlie vengeful provisions
would permit, if read literally.
This is worth recalling now, because it takes us
back to a time Avlien the popular notion about railroads was that they were of the octopus class and
would devour everybody if not kept off by statutes
and regulating commissions even now, the plea that
the roads of this State have not shown a condition
of distress, or made out a "case," recalls the like
and repeated plea of the Federal regulative body, in
either denying rate increases or grudgingly granting
a bit of what was sought, that the petitioners had
not proved themselves in articulo mortis or even in
serious exposure to harm. They were prematurely
alarmed, it Avas said, and (even when the periodical
demand for wage increases had been granted to the
employees) they could come around Avith a fresh
ai^peal, later, if they really were in trouble.
It seems a little strange, now, that such notions
and such determination to maintain a hostile attitude towards these servitors which are indispensable to everybody's existence could ever have prevailed.
Hard experience has been teaching us all,
and while we have learned somewhat, the lesson is
still unfinished.
The cost of living burdens us all,
and we wait anxiously- to feel warranted in assuming that prices are really at their peak and must
soon begin returning to normal. A rise in transportation rates does not seem at first glance to fall
within the category of good news, and the fact that
many of us at least count it such proves that we have
learned something of the relation between causes
and effects. No man desires to incur a physician's
bill or to be laid on the operating table before the
surgeon, but men submit to either, and even with
a feeling of gladness, because, recognizing the lesser
a feeling of gladness because recognizing the lesser
to pay more directly in transportation, and in some
degree the increase Avill find its way into other expenses of living; but it must again be said that the
costliest thing, the least endurable thing, is a lame
or a stationary transportation service. The treatment is heroic, but we have brought it on ourselves,
and we must brace ourselves to bear it heroically.
It will repay and relieve, in the end, and the offsetting benefits, by a greater efficiency and therefore a
reduced relative cost of service, will not be very
long delayed.
;
"GOVERNMENT" AS A CAMPAIGN
'"ISSUE."
Speaking at the beginning of a campaign trip to
the Pacific Coast, about a fortnight ago, Franklin
D. Koosevelt declared that if the Democratic party
gets control for the coming four years the food supply of the country must be placed 'on a national
basis and "we shall vieAv tliese problems in the
Farm
life must be made more attractive,
"means better roads and more comforts on
the farm, not only for farm labor, but for the farm-
large."
and
this
er's wife
The
<^r
is
and family as
Avell."
being the source of all products, the farmat the end of tlie line, and he has never apsoil
peared more important than now, when tliere is an
unusual drift to the cities. TIu> value of good roads
as feeders to the rail and as making rural life tolerable needs no urging. Everything practicable for
the prosperity and comfort of the farmer is desirable; everybody is his well-wisher. But if anybody
by war conditions, organized labor excepted, he has profited. His most serious trouble is
lias pi'ofited
831
and upon that the desire to help him is
not wanting. He has been recognized by statute,
and even favored. On the plea of emergency, he has
been exempted from every regulative restriction laid
upon carriers and traders; he has been left to combine, to Avithhold, to hoard, and to do anything else
which might appear to him to make for his advantage, and a guaranteed minimum Avas fixed for his
Avheat, Avith entire liberty to get more if he could.
Granting all his deserts, they have neither been underestimated nor neglected.
to get labor,
"We have only scratched the surface of successful
national governing," proceeded Mr. RooseA'elt; "we
can never go back, for instance, to the days of a
We are certainly far from
and Gov. Cox tells us that the war cost
over a million an hour during over tAvo years and
billion-dollar Congress."
them
noAv,
the total expenditure almost equaled the total national disbursements from 1791 to 1913. The phrase,
was once used as a reproach to the party then in power, and it will now
be a long and a hard struggle to "go back" to that
"billion-dollar Congress,"
rate of public expenditure
but has the desire for a
scale of spending really ceased? Is
the country prepared to accept, contentedly or eA-en
placidly, a declaration that Ave shall never return to
more rational outlays and less crushing taxation?
"Problems that Avere once local and could be handled locally have to-day become national and international," continued Mr. Roosevelt. "For example,
the Avhole question of the food supply of the nation,
or the growing of crops and the steps in transpor;
more moderate
tation and distribution to the consumer
—these must
viewed nationally and even internationally."
And because the crops and the liA-estock of the
Northwest haA^e become of greater importance to
be
the Avhole world, he declared that "the national
Government must
interest itself more and more in
problem of food production and distribution."
There is the customary search for an "issue" upon
Avhich the struggle for possession of the GoA'ernment
may be successfully made. The League of Nations
has been deemed the most prominent one, and that
stands on its OAvn merits and demerits; here, however, is another, and it is one which may well be
taken up promptly and Avithout evasions. The war
has forced an overstraining of the constitution the
distribution of coordinate yet distinct powers between executive and legislatiA'e departments has
been Avaived. That the utmost speed and efficiency
in prosecuting the Avar might be obtained. Congress
almost effaced itself; the "balance" in our goA'ernment has been disturbed things AA-ere done, without
either resistance or criticism, Avhich nobody Avould
have A'entured to even suggest in normal times. To
this
;
;
review this course, in Avhich mistakes Avere certainly
made and some unfortunate emergency acts were
done Avhich could better haA'e been left undone, is
iu)AV useful only as a means of profiting by the past.
We sAvung far out of the nornuil course, in an emergency, and the Avorst danger of indulging in extraordinary public operations is that the people may get
Avonted to them and gradually accept ihciu as ordinary.
our danger uoav: are Ave indifferent to it?
Here is a campaign "issue" presented to us. Mr.
Roosevelt Avas trying, after the manner of candidates <ui the stump. 1o fit himself to the place and
the audience as he understood both, the ancient "all
things to all men." But is there, or can tliere be, au
This
is
THE CHRONICLE
832
campaign at once so clear, so imporand so comprehensible by everybody who can
"issue'' in the
tant,
that
we need
to lessen gov-
term
life.
"levels," high
and does think, as this
ernment functions, not to multiply and widen them
to reduce expenditures and taxation, not to continue on a course which compels an increase of both
to take off the interfering hand, of government, not
mean
harden its clutch and get more into it; that we
need to have less government, not more; and that
less government naturally means better and less
burdensome government? If Mr. Roosevelt wants
to add a plank to his party's platform, let us
thank him for his frankness and accept the "issue."
"We have onlj^ scratched the surface of successful
to
national governing," he says. On the contrary, we
have only begun to scratch the surface of realizing
We are strugunsuccessful national governing.
gling (and the struggle is just now beginning) to
stand up under and gradually overcome the conse-
quences of the blunder of seizing our instruments of
communication. Can any intelligent man characterize our governing in the last four or eight years as
"successful"? We were draAvu into a great conflict,
and we fought and bungled our way through. We
came out
victors, yet
we
call ourselves still techni-
cally in a state of war, twenty-one
war was publicly declared
months
after the
we are still in
unhappy E urope
"at an end"
;
turbulent ebullition in one way, as
Would not most of us like to restore
is in another.
the principal pre-war conditions of troubles and
struggles of living, or is it conceivable that we regard the past as an outward prosperity? "Deep is
the plowing of earthquake, and deep is the plowing
of grief," said De Quincey; "but," he added, "less
than those fierce plowshares could not have disturbed the stubborn soil." Because we believe in a
progress on the Avhole uninterrupted, we believe
that better times of which this cataclysm was the
price will come to the country and the world; yet
the great goal of progress is not "government," but
self-government that alone is the "far-off divine
event." Meanwhile, the only way to better government is through having less government, and then
—
still less.
"The national Government," said Mr. Roosevelt,
"must interest itself more and more in this problem of food production and distribution." The interest and intervention have already been large, but
it
is
impossible to prove that the food control
absolute, on paper, to the extent of fixing prices of
ever-}'
commodity everywhere
— has
been beneficial;
the costs of living have gone on rising, and there is
no trustworthy evidence that all the regulating and
all
the pursuits of profiteers have done any good.
The}^ are all abnormal, contrary to all natural eco-
nomic laws, and in a Avrong and dangerous direction.
It is time we halted. Xot "more and more," but less
and less, until we return to the natural right of men
to do their best for themselves, under the stimulus
of rewards limited only by the operations of supply
and demand.
Let us accept and keep in mind this "issue" until
November 2 and even after more individual liberty
and self-control, and less external "government"!
:
COMPARATIVE EFFECTS OF HIGH LEVELS
AND LOW.
We have lived far enough into the era-of-change to
note some of its effects and to measure their tendencies. Consider, then, in a broad way, what we
and low, as economic factors
in
The dream of the agitator is equality. Naturand mountain ranges would converge
ally, valleys
:
(Vol. Ill,
into even, high plateaus. Do we find this to be the
result of his efforts to assist "labor"? And is it
possible to reduce
human
life
and
effort to this
What
does admittedly "high wages" do
for the workingman? Well, as matters now stand,
he has more money to spend in a high-priced market.
If he be frugal and saving, he ought to obtain an adlevel ?
vantage over former times.
Manifestly this depends upon his estimate of the
real meaning and purpose of life. If it is for mere
enjoyment, he seeks his model in the spendthrift living of the so-called "idle rich" and nothing is gained.
In fact not being trained by experience to getting
the most of pleasure from this mode of existence he
but wastes his money and becomes the easy prey of
So that an excessive high level of
the profiteer.
with a low level of expendicoupled
unless
wages,
ture, a low level of the purpose of life (meaning its
seriousness, its dignity and its serene enjoyment of
independence and comforts) cannot be conducive of
good. When this high level of income from wages
is confined to a class, say the mechanical trades, it
reveals and accents the unevenness, the inequalities
of life as a whole. And further, when this class success is compelled to meet a national condition of
high tax-levels due to the aftermath of war the advantage of the high level of Avages is proportionately
reduced that is to say, the ratio of enforced con-
—
tribution to government
is
inverse
when compared
to the non-favored class.
But no
life
stands alone. We may not consciously
but we help or harm those about
"live for others,"
us by our mode and methods nevertheless. Here
then arises a huge problem which labor unions in
their advocacy of high levels of wages must answer.
If their success goes beyond the level of the Avages
and profits of Avhat they term the non-organized
classes, unless they draAv these classes Avith them
they but increase inequalities Avhich react upon
This is true of the prevalent evil of
themselves.
profiteering. Having money to pay the uuAvarranted and arbitrary price-charges they become immediate victims to the inordinate desire for gain to the
coming of Avhich they have themselves contributed.
And to-day it is little to be doubted, the chief
"savers" are draAvn from the "middle class" or the
non-organized and the rich. And in so far as the
favored classes or class pit their own excessive wageincomes against the excessive profit-incomes of the
times they lose in point of equality gained. If this
be true, since many elements of present conditions
are ineradicable, this established tendencA* should
make the artificially favored wage earners Avilling
to reduce the Avage leA'^el as fast as the price level is
reduced, and should shoAV them they are themselves
by arbitrary demands among the strongest contributing factors to the high-price levels.
This is but a single phase, hoAvever, of a complex
problem. High levels of life, in the sense of power
and pleasure, carry Avith them the increase of desire.
If this be confined to the material life it may
Avork harm, it may be in opposition to the spiritual
life, Avhich, in essence, costs nothing.
Thus, "better
living conditions" themselves forever call for better
living conditions. To charge that "capital" alone is
absorbed in the material life, and then to measure
all "labor" by the extent of material gain it affords
Aug. 28
THE CHRONICLE
1920.]
only, is a contradiction of the claims of organized
When Satan
tempted the Savior, so the account recites, he took him up into a "high mountain" and spread before him the "kingdoms of the
Lycurgus made iron money of great size
earth."
and weight, so that the people would not be tempted
High levels of wages,
to hoard it or worship it.
inconsistent with the general levels of all labor
(granting all that may be said of underpaid condilabor.
are therefore non-conducive to
true equality in the living conditions and enjoyments of life. It follows that wath the success of
"labor" in the attainment of its demands there must
be the accompaniment of an awakened conscience
tions of the past)
and a spiritual consecration commensurate with
that it thereby demands from "capital."
At
least a part, then, of our general unrest is
chargeable to the machinations of organized labor
(and this outside the coercion of strikes) and a particular body of workers is compelled to see that its
demands do not go beyond the average or mean produced by general conditions. The ability of the
profits of production by means of aggregated capital to pay a "living wage" must never exceed, in the
interest of the economic life of a whole people, the
level set in an open competitive world-market. It is
a common phrase now with some to say that "labor"
is "on top."
Since "labor" thus used includes only
four to five million workers, organized, the question
these organizations must answer is Avhether this arbitrary high level helps or harms the whole?
The matter is intricate and involved. We do not
get far into it in the limited space of a single article.
But we have outlined enough to make this inquiry
pertinent
Must not the "high level" carry with it,
in the interest of "equality," the entire mass of
workers; must not this "high level" justify itself
alone by the increase in service? For it is certain
that the "low level," when applicable to the whole,
carries with it no factitious opportunity of one class
over another, diminishes "unrest" by avoidance of
contrast, renders the productive proceeds of labor
more nearly the true measure of its value, and inevitably tends to pull down excessive profits and
prices since these always fatten upon one class of
the people at the expense of another.
:
WHAT
18
PR0GRES8IVI8M?
"Old wine; old books; old friends"; let us hope
at least keep the "old friends." We are
entering a political campaign in which two words,
it is evident, are to do duty overtime
"progressive,"
we may
—
"reactionary."
Can we
give definite
meaning to
one means "to go forward," the other "to go backward." But with what
intent and equipment, and in Avhat direction, shall
we go forward ? And how can we escape going forward if we would? Again if it be possible to go
backward, while we are necessarily going forward
in point of time, to what year or epoch of the past
these terms?
It is alleged
833
advance without knowing where we are going would
be folly. In imagination, one may send a rainbow
across the world and set and seek a pot of gold at
its farther end, but mere promise is not its own fulfillment, and fogs may shut down to obscure the way
and the traveler be lost. But the past has been
lived, has developed principles and established conditions of life and though these have changed and
are changing, he who lives in to-day must acknowledge that in his doubt as to direction the solid earth
of civilization lies behind him and not before.
All
the past is pushing us on we know what it is but
the future only beckons and has no reality save as
—
—
—
—
we
envision
it
in
dream and
desire.
To save the
world we cannot turn only to this vague, indistinct,
unrealized future and ignore or deny or deride the
accomplishments of that past which has provided
us with our real present. When Patrick Henry delivered his famous oration for Independence did he
not proclaim his only guidance to be the "lamp of
experience" ? And was he therefore a "reactionary"
in the meaning sought now tp be given to the term ?
Let us be honest. Let us for the moment abjure
partisanship. Is it not true that so-called "progressives" seek to fasten upon others who do not follow
them into the unknown, unrealized, but imagined
future of a "New Day," unlike the old, the word
"reactionary"? Do they not seek to fasten upon
those who are guided by the lamp of experience,
those who treasure that accomplishment on w'hich
is founded to-day, the odium (as it is exp'ressed) of
stage-coach days when no such construction of the
safe and sane attitude of those who would "look
before they leap" is admissible? Is it going backward to consider and embrace those elements of
progress that have led us forward and produced
whatever we have of stability in to-day? Is it going
backward to guard well the best Ave have in the
present, and to proceed cautiously into a future w-e
"know not of"? If there is aught we believe to be
wrong and enervating in the political policies of
the present is it going backAvard to resist them?
It is an old trick of political discussioh to put an
opponent in a false position and then proceed to demolish him. Where in all the voters of to-day is
there one who believes that an interpretation anew
of our constitutional government Avill reduce our social and economic life to impotency?
Xo one expects to go "back" in art, science, commerce. We
cannot lose the material elements of our present-day
civilization if AA^e Avould. We would not sacrifice our
spiritual equipment if we could.
They avIio claim
to be responsible for our progress through the dominance of their OAvn peculiar political principles have
set up a scarecroAv of "reaction" in order to render
sacred these principles and to prevent their being
tested either by the "lamp of experience" or the
liglit of
reason.
Building an ideal state of human hai>piness in an
unrealized future and demanding political control
of a people in order to obtain it, charging upon all
are we to go; what condition are we to reach and Avho hesitate to follow the gleam of tlie dream with
there rest? Manifestly time is not the main element opposition to progress cannot deceive any thoughtof the problem, but conditions and condition by rea- ful num. But if by the test of analysis the conduct
son of the reign of principles. Having reached this of a political party, or the assumed and oonlen-ed
point in analysis, we are compelled to live in the poAvers exercised by an "administration" have led us
present, and also to "judge the future by the past," into vast confusion at home and questionable
unIt must be evident, that "progressivism" in so far dertakings and couiniitments
abroad, a desire to reas it ignores or branches away from the past is a turn to the simple living and thinking of
other
vague term signifying little or nothing definite. To times (that were then progressive) and to the limila-
THE CHRONICLE
834
tions of governmental action then believed in, is not
warrant for an open and broad charge that those so
believing would return the people to that which
On
their long advance has overcome or bettered.
the contrary in a scientific sense a reaction follows
precipitately
upon an action which
if
it
does not
overcome or nullify is at least stopped from further power or influence.
The so-called reaction of to-day, then in politics,
is resistance to current action and further power of
political principles and party acts, which are believed to be responsible for faults of the present and
preventive of future conditions of well-being for the
people. In this (a true) sense the reactionary is
the progressive, and the progressive only the "blind
leading the blind." It may profit little to dwell
upon these terms. They will be made to mean many
things to many men. But opposition to a wild
course, political or economic, leading us into we
know not what, but more of difficulties and problems, is not "going backward" it is but utilizing
common sense
—
INCREASE IN THE REVENUES OF THE
DOMINION OF CANADA.
Ottawa, Canada, August 25 1920
The Dominion Treasury has announced with manifest satisfaction the upward movement of Federal
revenues.
From collections by the customs and
other revenue producing departments, four months
of the present fiscal year, from April 1, gave a total
income of $145,049,588, as compared with |99,621,970 for the similar period last year. For July alone,
the collections were $45,220,491, as compared with
This represents an ad$26,554,066 in July 1919.
vance in national revenues of roughly 80%. Only
one month of the new forms of taxations introduced
at the last session of Parliament are included in the
1920 figures given, so that there seems some justification for the prophecy of Union Government organs that the total revenue figures for this fiscal
year may double those of 1919, giving Canada from
GOO to 700 million dollars from all sources of Federal taxation by March 31 next.
Should the heavy
volume of imports continue and general business
conditions suffer no relapse, the present rate of
Dominion Treasury collections would enable the
country in a year or two to commence making substantial reductions in the national debt and perhaps
to ease the tax burdens as well.
It is impossible to pass over, however, the signs of
forced readjustment in wage and commodity prices.
While the railways are demanding heavy percentages of increase on freight and passenger rates and,
simultaneously, the railway employees are making
headway with wage increases, the general run of industries have drawn the line at any further wage
advances and are rapidly adjusting themselves to
meet a decreased public demand. This is true of
the Canadian shoe and textile industries particularly, many of the shoe factories having closed down
completley. Machinery houses report a less than
normal demand for new equipment, and the utmost
caution is being manifested in all manufacturing
lines as to new capital commitments. For the first
time in many years, skilled mechanics are seeking
work in Toronto and other cities and the first stages
of slackened employment have set in in most of the
large industrial centres.
The smaller
cities
and
[Toi*. 111.
report a scarcity of skilled workers. Retail stores in Eastern Canada declare that customers are showing more hesitancy in buying, evidently
holding off for lower prices. Collections by manufacturers and wholesalers are, as a rule, only fair,
but this will be relieved by the movement of the
towns
still
grain crop.
BUILDING PLANS IN JULY AND SINCE
JANUARY
1.
Building operations in the United States, reflecting the effect of several adverse factors high cost
of labor and materials, and to some extent scarcity
—
of the latter, as well as
more or
less difficulty in
securing loans to assist in financing the work
continue to show contraction in the face of decided
urgency for accommodations for both dwelling and
business purposes. Moreover, latterly contraction
has been most noticeable in the volume of permits
issued for the erection of dwelling structures, despite the fact the housing situation is the one calling
for particular attention at this time. To take care
of the natural growth in population of the country,
and especially in urban districts, considerable building is necessary each year, and it is reported by the
Tenement House Department of Greater New York
that before the war some 28,000 apartments were
erected annually in the city for that purpose.
this total there
From
was a gradual dwindling from year
to year until in 1919 there were only 1,736 apart-
ments built in
boroughs.
This, furthermore, does not fully reveal the gravity of the situation as it existed at the close of 1919,
as through the diverting of structures from dwelling
to business purposes this small gain was more than
offset, the department above referred to reporting
the number of apartments in the city as a whole on
January 1 1920 as only 982,761, against 983,144 a
year earlier, or an actual decrease of 383. And that
decrease has not been wiped out by operations thus
far in 1920, according to official announcements,
the tenements completed in the first six months of
the year covering only 2,171 apartments, against
Avhich there has been a loss of 1,964 suites through
the actual demolition of buildings, or their conversion to business purposes, leaving a net gain of 207
apartments. Inasmuch as the plans filed since the
first of the j^ear in very much the larger part are for
business structures, and those for alterations to the
extent of fully one-half provide for the turning of
dwelling to business uses or into places of amusement, there does not seem to be any prospect of relief in the near future.
A special session of the
New York State Legislature has been called to convene in September to consider the housing problem,
but Avhatever of benefit may result therefrom there
is obviously no possibility of immediate relief.
The building permits issued in July in the country
as a whole called for a smaller outlay than in either
of the four preceding months and, moreover, the
expenditure arranged for was less than for the like
period of last year, with 106 out of the 170 cities included in our compilation showing contraction in
operations. At a few pionts notable expansion is
exhibited, these including Cleveland, Los Angeles,
San Francisco, Newark, Rochester, Duluth, St. Paul
and Portland, Ore., but at most of the larger cities
the opposite is the case, and particularly so at New
York, Detroit, Chicago, Philadelphia, Kansas City,
Minneapolis, Indianapolis and Seattle. The cuiTcnt
all five
Aug. 28
THE CHRONICLE
1920.]
835
New
York, at $18,646,976, com- VISIT OF M. PARMENTIER RESPECTING PAYMENT
OF ANGLO-FRENCH LOAN.
pares with $24,289,512 in 1919, the boroughs of
No definite announcements have yet been made regarding
Brooklyn, Bronx and Queens showing important dethe
proposed French loan, which is expected to be placed in
creases which the gain in Manhattan, due to large
this country.
While the matter was generally expected to
projects for business purposes, only partly offsets.
have come up for discussion at a luncheon given on WednesOutside of New York the work contemplated under day by Maurice Casenave, Director-General of French Serthe contracts entered into involves an approximate vices in the United States to Jean Parmentier, Director of
expenditure of $100,197,550, which contrasts with the French Ministry of Finance, a statement issued by M.
Casenave relative thereto indicated that the loan had not
$115,919,757 in 1919, but exhibits an increase of
been figured in the conversations. M. Casenave's statement
some 60 millions over the diminutive total for 1918. follows:
Including New York the aggregate for 170 cities is
M. Casenave gave an informal luncheon to-day at the Midday Club to
M. Jean Parmentier, the French financial envoy. There were present at
$118,844,526, this comparing with $140,209,269 a the luncheon a number of men prominent in the business and banking world.
year ago, 46 millions in 1918 and 120 millions in M. Casenave stated that it was purely a social luncheon to give M. Partotal for Greater
mentier the opportunity of meeting some of his personal friends, and that
there had been no discussion whatever of the French financial situation.
1916.
For the seven months of 1920 the projected outlay
for construction work at the same 170 cities is, by a
considerable margin, a high record for such a period,
but it is safe to assume that the increase over some
earlier years
1916, for instance is largely if not
wholly due to the current phenomenal boosting of
costs because of the extremely high price of material
—
—
The
and labor.
result for the period since
January
as we compile it, is an aggregate of $976,732,939,
against $568,111,685 in 1919, approximately $295,1,
000,000 in 1918, and the previous record of about
630 millions in 1916. Greater New York's operations at 1941/2 millions compare with 105 millions
last year,
and for the outside
782
319 millions in excess of 1919.
The returns from Canada denote continued activity in building operations in the Dominion in
July, although more apparent in the West than in
the East. Specifically, for the month of the current
year, 28 cities in the Eastern Provinces report an
aggregate of contemplated outlay of $7,475,653,
against $7,265,726 in 1919, while in the West (15
cities) the comparison is between $5,098,650 and
millions
is
$1,719,685.
ies)
cities the total at
For the whole
the total
of the
is -$3,588,892
Dominion
It is understood that the bankers who were present at the
luncheon included E. R. Stettinius, Thomas Cochran,
Dwight Morrow, James Stillman, Charles H. Sabin, James
Alexander, Otto H. Kahn, Alvin W. Krech, James Brown,
Seward Prosser, A. Barton Hepburn, Charles E. Mitchell,
Frank Altschul, John H. Fulton, Reginald H. Giles, Maurice
Sylvester, J. F. Dulles, Alexander J. Hamphill, Albert
Breton, Moreau Delano, Paul Duran, Robert L. Duran,
Paul Fuller, P. L. Lagier, Alfred L. Loomis, Henry SeUgman, Albert Rathbone, W. Woodward and O. J. Thomen.
The French officials in attendance besides Messrs. Casenave
and Parmentier were Jean de Sieyes, Jean Boyer and Jean
Bloch. Messrs. Casenave and Parmentier are since understood to have visited Washington, for the purpose of conferring with Treasury Department officials in the matter.
The preparations on the part of France to meet her share of
the $590,000,000 Anglo-French loan due in October were
referred to in our issue of Aug. 14, page 641, and the then
coming visit of M. Parmentier was also noted therein.
With his arrival in this city on Aug. 16 M. Parmentier made
the following statement:
As to the position of France I can say that France's share of the AngloFrench loan will be paid when due. As to the details in connection with
the loan which I come to negotiate I cannot say anything until I have received cables from the French Government awaiting me, which may contain some changes in our plans.
At the earliest possible moment I shall see
the firm of Morgan & Co. and other leading bankers to take up the matter.
I shall shortly issue a detailed statement of the French financial situation,
including the taxes collected and provisions made for meeting oiu- obliga-
tions
.
It
to the tax situacion in France all taxes are coming along weil.
should be remembered that income taxes in France make up only a small
part of the total. The commercial relations between England and Prance
are such thai 1 do not believe there is any chance of a break between the two
governments. The financial situation in Franco is much better and is
improving daily. There is no indication that the Millerand Government
will not remain in power.
A.s
(43
cit-
more than a year ago,
The seven
$12,574,343, contrasting with $8,985,411.
months' exhibit, too, is much better than for 1919,
Accoi'ding to the reports which have been current, the
but there are decreases compared with 1913 and
some earlier years. Briefly, the outlay arranged at overtures on the part of the French representatives concerning the placing of bonds in this country ranging in amount
the 28 cities in the East, aggregates $50,627,006,
from $100,000,000 to $150,000,000, the proceeds to be apagainst $30,273,637 last year, 18 milions two years plied toward the payment of the French share of the maturago, and about 51 millions in 1913, and in the West ing Anglo-French loan.
(15 cities) $21,752,462, against $6,704,699 and 5 millions and 40 millions.
have, therefore, for the
43 Canadian cities in the seven mouths this year a
We
total of $72,379,468, against $36,978,336
and 23 millions
in 1918, but
no
a year ago,
than 91 millions
less
in 1913.
(t^xxvvtixt
%vtnts mid ^iscxxssians
SUBSCRIPTION TO
NEW FRENCH LOAN
TO OPEN
IN OCTOBER.
Cablegrams
to the daily papers from Paris Aug. 21 said:
loan will probably be opened about Oct. 20 and will
close Nov. 30. according to a statement made by Frederic Francois-Marsal,
Minister of Finance, to "The Echo de Paris." He announced that the
bonds would be issued at par and bear interest at 6%.
The new French
GEORGES ROBINEAU SUCCEEDS GEORGES PALLAIN
AS GOVERNOR OF BANK OF FRANCE.
Georges Robineau, director of the discount division of
Bank of France, was on August 20, appointed Governor
succeeding Georges Pallain, who with liis resignation as
Governor on that date was named as Honorary Governor.
M. Pallain had served as Governor for twenty-three years.
the
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual
offering of niuety-day British Treasury bills
this week by J. P. Morgan
Co. on a discount basis of G%, the rate which has been in effect for
was disposed of
some time past.
August 23.
&
The
FRENCH FINANCE MINISTER ON LIQUIDATION
OF ANGLO-FRENCH LOAN.
bilb in this week's offering are dated
According to Paris advices to the daily papei's, Frederic
Francois-Marsal, the Finance Minister, referring in an
interview on Aug. 25 to the effect upon exchange of tho
present negotiations to liquidate the Anglo-French laon, said:
RATE ON FRENCH TREASURY BILLS CONTINUED
So long as these opcrationo arc not completed, and no ni.-vflcr what
improvement occurs in the commercial balance, tho financi.tl balance, which
has a considerable influence on the world's markets, will not be capable of
AT
QVi^o.
The French ninety-day Treasury
this
restoring the equililirium.
were disposed of
week on a discount basis of G3^%— the figure to which
the rate was advanced March
some time hoen 6%. The bills
dated August 27.
26;
bills
it
had
previously for
are
in this week's offering
M. Francois Marsal is also reported to have reiterated his
intention to take up obligations to individuals when they
matured, but recalled that the Ilythe Conference of theAllies had decided to reserve action on tho debts of one
Government to another.
THE CHRONICLE
836
BOLIVIA LOAN PLACED IN UNITED STATES TO
LIQUIDATE FRENCH LOAN.
Washington press dispatches Aug. 25 stated that the
Department of Commerce had been advised of the placing
of a loan by the Bolivian Government with a New York
concern for S10,000,000. It was added in the Washington
accounts:
The proceeds
of this loan are to be used to pay off the French loan made
and 1913 and amounting to 56,603,000 francs, which at normal
exchange between the United States and France, is equivalent to $10,924,Because of the present rate of exchange between the United States
079.
and France, it was said, the entire French loan has been liquidated with
approximately §6,000,000, leaving a balance of .$4,000,000. which is to be
in 1910
used in the construction of certain railways.
The bonds issued for this loan bear the same interest as those of the
French loan, but are to be amortized in fifteen years, while the French bonds
were to be amortized in thirty years. This means a further saving to the
Government of several
Bolivian
millions of dollars of interest.
{Vol 111.
"(1) Bonds of the German issue of the above loan are treated by the
Chinese Government as the property of German and Austrian nationals
and neither principal nor Interest upon them will be paid unless the numbers
are included in the pubUshed list of bonds of the German issue treated by
the Chinese Government as held by subjects of allied or neutral countries.
We enclose a copy of such new published list with introductory notice, and
call attention to the fact that it varies from the list sent you with our letter
of April 16, and supersedes such former list.
"(2) None of such bonds or coupons are to be paid unless accompanied
by the following declaration of the continuing non-enemy ownership made
by an approved holder of standing or a recognized bank, in form as follows:
1 We
of
declare as follows:
"None of the drawn bonds and or coupons (and the relative bonds of
the latter) referred to in the particulars set out below are presented on
behalf of or for the benefit of any person or body of persons who or any one of
whom were since Aug. 14 1917 nationals of Germany or Austria wherever
they may be or have been resident, and no part of the proceeds will be paid
by me us to or made available by me us for such person or body of persons
and 1 we further declare that as the result of personal Inquiry or as a matter
of actual personal knowledge I we are satisfied that the said drawn bonds
and or coupons (and the relative bonds of the latter) were not on Aug. 14
1917 and have not at any time since that date been the property of any such
person or body of persons wherever they may be or have been resident.
Signature
1
|
i
I
1
'
I
Previous reference to the fact that the Bolivian Govern-
ment had executed a contract with an investment house in
New York for a loan of $10,000,000 for the conversion of the
French loans of 1910 and 1913, appeared in our issue of
May
15, page 2025.
GOLD SHIPMENTS TO PERU.— SHORTAGE OF CIRCULATING MEDIUM.
"Commercial Reports" of Aug. 24 announced the receipt
of a cablegram from Trade Commissioner Jackson, Lima,
Peru, Aug. 22 1920, stating that the credit situation in Peru
considered serious, in that there is a shortage of circulating
mecfem. Gold it was added, has been engaged for import
to cover an issue of currency for 1,000,000 Peruvian pounds.
Coincident with these advices it became known that S3, 155,
000 in gold bars engaged for Peru had been withdrawn from
the U. S. Assay Office for shipment. The "New York
is
Times"
of
Aug. 25
in referring to this
shipment
Address
Copies of the list and declaration may be obtained on application at the
offices of Messrs. J. P. Morgan & Co., Messrs. Kuhn, Loeb & Compnay,
First National Bank and National City Bank of New York."
CHINA ASKED TO PAY TO RUSSIA UNREMITTED
PORTION OF CHINA BOXER INDEMNITY.
According to a Pekin cablegram Aug. 23 recommendations
payments of the unremitted portion of the Boxer indemnity be paid to Russia were made on that date to the
Chinese Foreign Office by the French and Japanese legations.
The cablegram adds:
that
In July China discontinued payment of the indemnity, announcing that
the remainder would be held in Chinese banks until a stable Government
was set up in Russia.
said:
SPAIN REQUIRES DUTIES BE PAID IN GOLD.
On Aug. 13 a Madrid cablegram said:
The largest individual shipment of gold to South America since the big
movement to the Argentine came to an end two months ago is scheduled to
go out today on the steamer Santa Elisa of the Grace Line. It consists of
$3,155,000 of gold bars consigned to Callao, Peru. It is understood that
the metal is going for Peruvian Government account, and will be used in the
reserve being accumulated in process of readjusting the country's currency
system.
The shippers are the National City Bank, the Bank of New York, the
Equitable Trust Company, the Banca Commerciale Italia and the Cerro de
Pasco Copper Corporation. The copper company's mines are in Peru.
The fact that gold bars were withdrawn from the Assay Office instead of
coin from the Sub-Treasury aroused some interest In the financial district,
as South American shipments are mostly in coin.
An explanation was that
for the purpose in mind of the purchaser, bars would answer as well as coin
and could be bought at a slightly lower cost.
RELEASE OF ARGENTINE GOLD DEPOSITS.
_
The
following
Buenos Aires dispatch, dated Aug.
27,
appeared in the Brooklyn "Eagle"
last night:
Foreign Minister Salaberry announced to-day he would soon release
$23,000,000 which is held in the United States to the credit of the account
This was the balance remaining
of the Argentine Embassy in Washington.
to the credit of the Embassy when the Goverment last month suspended
the operation of releasing Argentine gold deposits against deposits of equal
amounts here by bankers.
Orders for the suspension of these releases were issued, the Foreign
Minister said, because exaggerated profits were being made through arbitrage operations In connection with these transactions and the absence of
transportation charges which banks would have been obliged to pay had the
gold been actually exported. The decree, it is presumed, will have the
effect of reducing the heavy discount on the Argentine peso in the United
States.
The Argentine Government now holds $100,000,000 In gold in excess
of the amount necessary for circulation, and banks, in addition, hold
$67,000,000.
N. Y.
A
STOCK EXCHANGE ADVICES AS TO GERMAN
ISSUE OF CHINESE GOVERNMENT
HUKUANG RY. LOAN.
notice has been issued
by the Committee on
Securities
New York
Stock Exchange advising members that
bonds of the German issue of the Chinese Government 5%
Hukuang Rys. Sinking Fund Gold Loan of 1911 are treated
by the Chinese Government as the property of German
and Austrian nationals, and neither principal nor interest
upon them will be paid unless the numbers are included in
the published list of bonds of the German issue treated by
the Chinese Government as held by subjects of Allied or
of the
neutral countries.
The
following
is
the notice as issued by
he Committee.
COMMITTEE ON SECURITIES
Attention of
Members
is
July 27, 1920.
called to the follo\ving notice received by this
fice:
Imperial
Chinese
Sinking
Government
Gold
Fund
5% Hukuang
Loan
of
Railways
1911
"Referring to our letter to you of April 16 1920 in reference to bonds and
coupons of the German issue of the above loan, we beg to advise you that
we have received advices from the Hongkong & Shanghai Banking Corporaton, London, that the Chinese Government has issued further instructions m reference to such bonds and coupons, which Instructions the paying
ents of the Chinese Governmen t.a
bound to observe, viz.:
All import and export duties will, after Aug. 16, be payable in gold, either
Spanish or coins minted by the nations forming the Latin Monetary Union,
England, the United States or other nations authorized by the Ministry of
Finance, according to a royal decree issued to-day by that Department.
Silver coins from the Spanish mint and bank notes from the Bank of Spain
will, however, be accepted at rates fixed monthly by the Ministry according
to the market rate in London.
DOLLAR QUOTED AT 250 IN BUDAPEST.
On Aug. 20 the New York "Evening Post" printed the
U.
S.
following cablegram from Budapest:
Foreign exchange continues to soar in the market here, the American
Even at this price it is not obtainable, as all
have been bought up.
A statement by the Finance Minister, in which a levy on capital was
considered, resulted In an advancing market, and there are apprehensions
that Himgarian money will be converted into State bonds.
dollar being quoted at 250.
supplies In the local market
BARON TAKAHASHI ON JAPAN'S FINANCIAL
DEPRESSION— NO INTENTION TO WITH-
DRAW
GOLD.
A
statement by Baron Takahashi, Minister of Finance
of Japan, dealing with the financial situation in Japan was
intended to have been used by us along with the reference
in our issue of July 31 (page 439) to the gold shipments to
Japan, but at the last minute the former was crowded out.
We accordingly make room for the statement the present
week. In giving details incident to the late financial disturbances suffered by Japan, Baron Takahashi in his statement, which, although bearing date June 11, was only made
available at the close of July, states that "those who suffered
the severest blow through tne depression and stringent
Such being
money were mostly imhealthy elements.
the case, I do not hesitate to declare that both the Government and the Bank of Japan have not the least idea of withdrawing the specie holdings in the American market on
accoimt of the recent financial depression." The following
is Baron Takahashi's statement as it appeared in the New
York "Times" of July 25:
,
,
.
The financial situation In Japan is in an unstable state at present, owing
to the reactionary stage of the post-bellum finances and economics, which
has brought about a tight money situation, heavy excess of imports and a
But it is a
depreciation of negotiable securities and general merchandise.
matter for regret that the recent depression in financial circles led to exaggerated reports in the United States and European countries.
Perfect and clear understanding is a most Important factor for the promotion of international amity and friendship. True and correct Information about the exact aspect of financial situations is of ^atal importance to
the formation of closer economic relationship between any two countries
having economic relations. I understand that In connection with the recent
financial depression in Japan various unfounded rumors and groundless
r'3)orts found their way to the American money market, where rumors had
it that the Bank of Japan had raised its official rate to 10%; that several
Japanese banks closed their doors through failure, or that Japan was going
to
withdraw her gold specie held
in
the American market.
Aug. 28
THE CHRONICLE
1920.]
Concerning these erroneous reports, the Japanese Government some time
ago instructed the Japanese Government's Financial Commissioner and the
Superintendent of the Banlc of Japan in New York to issue a statement
making clear the true aspect of the financial situation obtaining in this
country. Through the statement issued by them, I believe, the American
financiers and public have realized the actual state "of affairs in this country.
But I wish to take this opportunity to express my views about the latest
financial situation in this country.
War Changed Economic
Situation.
Japan has undergone a great change as the
It is a change similar to that in American
result of the European war.
economic circles only It is on a comparatively smaller scale and of limited
The economic
situation in
—
proportions.
In the pre-war period Japan's foreign trade always resulted in an excess
of imports over exports, and in the international accounts other than trade
accounts, too, the balance was always against this country, which had to
pay a large amount of money for the settlement of the International balance.
Approximately 200,000.000 yen (SlOO, 000,000) was paid to foreign countries in 1913.
Accordingly, Japanese economic circles in the pre-war period had to rely
greatly upon foreign countries for monetary assistance. The outbreak of
the European war, however, wrought a sudden change in the trend of the
economic situation in this country. Since 1915 the export trade of this
Empire suddenly increased and the volume of exports continued to exceed
imports, the excess of the former having reached approximately 1,400,000,000 yen by the end of 1918. At the .same time the receipts of accounts
other than trade balance have swelled to an enormous amount. This
favorable condition has enabled the Empire to afford an ample fund for the
development of national industry and to give economic support to the AlliRs.
In 1919, however, consequent upon the termination of the war, the economic situation of the country began to take a turn, to some extent, and,
though the volume of exports and imports continued to increase, the balance
of the foreign trade for that year resulted in a heavy excess of imports,
amounting to 74,000,000 yen. The adverse trend of the trade became more
prominent this year, and up to the end of last April the excess of imports
reached about 340,000,000 yen.
What course the trade situation of this country will take in the future is
difficult to guess, but it is certain that our economic circles have just entered
the post-bellum reactionary stage. The Government has repeatedly given
warnings about the coming change in the economic situation, but the public
at large was still dreaming of the continuation of prosperous times and of
buoyant business, which lasted long after the outbreak of the war, and was
not ready to realize the necessity of business curtailment and the contraction of credit transactions.
Government's Aid in Panics.
837
BULGARIAN REGULATION OF FOREIGN EXCHANGE
IN RELATION TO EXPORTS.
Under the above head, "Commerce Reports" of July 28,
published by tJie Department of Commerce at Washington,
gives the following advices from Consul G. H. Kemper,
at Sofia, dated June 11 1920.
By decree No. 21 issued by the Ministry of Finances on
May 21 1920, the
following regulations regarding the taking over of foreign values were
announced:
Article 1.
special laws,
No goods, the exportation of which has not been prohibited by
may be exported abroad until the exporter has surrendered to
Bank one-third of their worth in the form of foreign values.
The rate of exchange at which the surrender will take place
the National
Art. 2.
is
fixed on the basis of the average rates of the foreign stock exchanges in
countries whose money is the least depreciated, notably Switzerland.
At the time the purchasing rates are fixed the rate of the levy in Switzerland or in some other country is taken for divisor (.standard 7) with one to
three points above the average rate in Swiss francs or other undepreciated
currencies.
The rate is determined by the board of directors of the Centrale des
Devises.
Art 3. The rates of surrender fixed by the bank in conformity with the
preceding article are good only for the taking up of foreign values received
in exchange for goods exported.
In all other cases the bank applies its commercial rates of exchange, fixed
according to the course of the market and the foreign values at its disjKJsal.
The fixing of prices on imported goods will be based on the bank's commercial rates.
Art. 4. The foreign values surrendered to the National Bank of Bulgaria
must be of high grade.
Foreign values are considered of high grade If they are not greatly depreciated or unstable.
The quality of foreign values is determined by the board of managers of
the bank.
Art. 5. The amount of foreign values to be surrendered according to
Article 1 is computed on the price of the exported goods f. o. d. a Bulgarian
port or point of exportation, including export duty and other expen-ses
incurred up to the time the goods have reached the port or point of exiwrtation.
Art. 6. Goods whose exportation is limited and made only in small
quantities and goods exported in exchange for other goods intended for
Government or communal needs may be released from the obligation to
surrender foreign values.
Such releases are authorized by the decision of the Board of Managers of
the Centrale des Devises, approved by the Minister of Finances.
Art. 7. All other restrictions on dealings in foreign means of payment,
loans, and credits provided for by the law on that subject of Dec. 19 1918,
with the exception of the obligation to surrender the declared foreign values
and the prohibition of the export of Bulgarian bank notes aind gold and silver
coins are withdrawn.
The restrictions on the export of gold, gold articles, and gold-plated
articles provided for In the law upon the traffic in gold of Jan. 3 1919,
"
In the meantime repeated panics have occurred in the stock market since
last April, causing a panicky slump in cotton yarn,
cotton cloth, rice, and the silk market, which was considerably disturbed.
The financial circles have since then been placed in a state of depression and
The Government, leading bankers and
still remain more or less paralyzed.
financiers are doing their utmost for the relief of the disturbed financial and
economic situation and at the same time taxing their nerves to find proper
measures for providing against any similar occurrence in future.
The late financial depression has dealt a severe blow to our economic continue in force.
But it did not go to the length of affecting
world. This must be admitted.
Art. 8. The declared values, loans, and credits in conformity with Article
the stability of our economic world or of checking its future development.
5 of the law regulating commerce in foreign means of payment are purchased
The harm done to the economic interests by the late financial depression will in the order provided by the same law.
be healed in a no distant future. The blow will, I believe, prove a good and
Art. 9. The export licenses granted by the Centrale des Devises prior to
timely warning to our manufacturers and merchants to arouse them from the time this regulation takes effect are governed by the regulations in force
the idle dreams of buoyant business of the past and eventually serve to nip at the time of issuance.
Indeed, the
in the bud the unsound elements of our economic circles.
present misfortune may turn out future happiness.
The future of our national industry calls for no pessimism; it is bound to
The present tight money should be regarded as
attain more development.
a phenomenon reflecting the late financial depression and not as its cause,
PARIS.
which, properly speaking, was brought about by the unsound and unhealthy
business boom and unnatural growth of the speculative mania consequent
It is anno'unced by the Chamber of Commerce of the
upon the sudden increase of demands for goods and soaring prices. The United States that the work of setting up the machinery
growth of business enterprises, which included not a few cases of unsound
of the newly organized International Chamber of Commerce
and unstable undertakings, has led to the recent depression.
To check the growth of such .speculative business mania and to provide is now under way in the temporary headquarters, at 33 Rue
against its baneful result in the future the Bank of Japan twice increased its
Jean-Donjon, Paris. The permanent headquarters, which
official rate of interest and discount last autumn by way of warning the
wall be determined by the Board of Directors, will, it is said,
financial circles; but many un.sound elements of our business circles failed to
appreciate and understand the warnings of the authorities and continued to
probably be located at the seat of the League of Nations.
The
indulge in business projects of more or less speculative character.
The statement issued by the United States Chamber, datecl
result was the recent panic, as was anticipated by the Government and
July 30, enlarges upon the information previously furnished
intelligent elements of our busin<?ss circles.
Those who suffered the severest blow through the depression and stringent and given in our issue of July 10, page 136, regarding the
money were mostly unhealthy elements, while many business establishments
initial meeting in Paris on June 23 of the International
In short,
of sound and stable financial standing were the least affected.
Chamber. From this latest statement we take the following:
the financial depression has singled out unhealthy elements in our bu.siness
Su(;h being
circles and served to open a new aspect of our business world.
Dr. Edward Dolleans, profes.sor of Political Economy at the University
the case, I do not hesitate to declare that both the Government and the
of Dijon, who is the temporary secretary-general of the International
Bank of .lapan have not the least idea of withdrawing the specie holdings Chamber, is directing the work of putting the machinery in motion. He
in the American market on account of the recent financial depres.sion,
is being temporarily assisted by David A. Skinner, secretary of the Chamber
because we respect the close monetary relations between this country and of (Commerce of the United States.
the United States.
The outlook for the business "League of Nations" is very promising,
I think that the development of manufacturing induslr.v and the economy
according to American doUigatcs who have returned to the Unittxl States
of consumption are two great principles of the post-bellum economic measfrom the Taris conference where the International Chamber was formed.
ures which must be the common policy of the worlds powers in dealing with
They report that no more earnest group of men ever met for a greater c^iuse
economic affairs after the war. My particular wish is that the United States Ihaii the ,500 delegates from France, Italy, Belgium, Great Britain and tho
will utilize her resourceful economic power to the best advantage for the
United States, the five foundation countries, who gathered for the purpost-bellum e'coiiomic adjustment and contribute to the solidification and
pose of building tho machine wltich would be set In operation to deal with
reorganization of the world's economics.
commercial problems between the nations,
Japan, also, wishes to do her best to contribute to the solidification and
American delegates point out that never before had the husini>is InttrMy sincere wish is that the dependence of the world's commerce and the acute character of many of
preservation of the world's economic interests.
Governments and peoi)les of the United States and Japan will more dearly the pressing commercial, financial and economic problems been formally
understand the financial sitiiat ion of their respective countries and come to recogniztxl. Nor had there even boon such a serious and united tffort made
realize the great importance of their co-operation, economically and othtrto find common ground on which unity of thought and action inight tjvke
wiso, at this especially grave moment.
One enthusiiustic delegate expres-sed the opinion that the Interplace.
national Chamber of Commerce will come to be the spoki-sman and guartlian
With the
of the International affairs of production and distribution.
lapse of a few years he predictixl (hat tho machinery of the International
TO BE
Chamber will be working so smoothly that m<xst of the present difficulties
Trade Commissioner II. L. Groves at Zurich reports to of International trade will he largely olinniiatod.
At tho he.adquarters of the International (^hamber will Ih' t't'ntmlizod
Washington that tlie Lower TIoiis(M)f tlic Swiss Losxislaturo,
data concerning economic and swial conditions, tho facts of pnxluctl
has voted against the proposed law to tax foreign dcpostis in and requirements, and the pos.slbilitlos of future iiriHluctlon and roquirtv
Swiss banks, thus changinfi: its position taken in a previous nionts. It will act as a co-ordinating instruct moiit forsuggi>:ting regulations
about the middle of
AND PLANS OF INTERNATIONAL
CHAMBER OF COMMERCE AT
RESOLUTIONS
—
—
FOREIGN DEPOSITS IN SWISS BANKS NOT
TAXED.
i
The Upp(>r and h(> Tjower TTousos of lie Ledshil ure,
added, are now in accord in refusing to pass the measure.
session.
it
is
t
t
and
legislative
measures to
place at the
and conclusions which
It will also
and oncour.age o<'onomic intonxnirs*.
of members and of official agt'iioios reports
bo issued in accordance with its articles
facilitate
(lisiM)sal
may
THE CHRONICLE
838
(Vol. 111.
NEW EXCHANGE
constitution, and will form public opinion through publication of facts
concerning business and economic conditions.
An idea of the broad extent of the TTork which the International Chamber
means to cover may be gleabed by mentioning some of the points which
were included in the program of the conference, as follows:
t To make import and export trade easier.
Safeguard international trade against unnecessary waste and fraud.
Standardize international documents, practices and laws affecting commercial intercourse.
Remove international friction, much of which begins with commercial
New conversion rates for use in the exchange of money by
international postal money orders were announced on July 29
by the Post Office Department, effective Aug. 15. This
The new rates as
is the first change since pre-war days.
announced are: On Great Britain, $4 for £1; on the Nether-
differences.
lands, 38 cents for'one florin; for
Increase the total production of the world, and make the product available to the people of the world.
Increase the mutual profit in international transactions thereby promoting
international friendship which is the bcisis of peace.
Cultivate personal friendship between business men and bankers of
different nations, thus reducing prejudice and misunderstanding.
The constitution of the new organization provides for a board of three
directors and three alternates selected by each of the countries represented.
The American directors are John H. Fahey, formerly president of the Chamber of Commerce of the United States, of Boston, WUlis H. Booth, of New
York, Edward A. Filene, of Boston. The alternates are: Harry A. Wheeler,
formerly president of the Chamber of Commerce of the United States, of
Chicago, William Butterworth, of Moline, Illinois, Owen D. Young of New
York. The boai'd of dii'ectors has the authority to admit business organizations in countries that apply for admittance, and can select a limited
number of additional directors from countries not already represented on
the board.
Resolutions were adopted covering almost every phase of international
commerce. One resolution offers the co-operation of national and local
Chambers of Commerce with governments to reduce national and local government expenditure or administrative personnel. The resolution recommends that "intimate collaboration between governments and their
respective business organizations be actively encouraged in order that public
confidence may be re\ived and that labor and capital aUke may be inspired
to make the greatest effort to restore prosperity and plenty throughout
the world."
Another resolution was adopted lu-ging the formation of a special committee to study the advantages of establishing a bureau of exchange of
foreign credits on the basis of reciprocal relations for the use of exporters.
Another resolution advocating an amendment to the present inequalities
of treatment granted to foreign banks in different comi tries.
Discussion of the question of the world's supply of petroleum led to the
adoption of the resolution proposing that in view of the world's shortage of
petroleum, prospecting for new soiu'ces of new development should be made
from special concessions. T. A. O'Donnel, of the American Petroleum
Institute, stated that deposits of petroleum in the United States, while at
present adequate, would soon be depleted and the country would then be
faced with a serious shortage.
"Mexico, on the other hand," stated Mr.
O'Donnel, "had practically unlimited quantities of untouched petroleum
which under Diaz's administration were free from exploitation but which,
imder the recent regimes, have been closed to the world."
A resolution was also adopted calUng for the appointment of a committee
to investigate from a legal standpoint the mischievous use of trade names and
pro\'iding that this committee should prepare reports and distribute them
among delegates sixty days before general meetings of the International
Chamber. Such a committee will be organized by each national Chamber
and will be urged to give serious study to unfair competitive methods, with
a view to advocating special legislation in regcird to it.
The conference also adopted a resolution calling for the establishment
of a customs tariff of the allied nations according to a common nomenclatm'e.
This resolution further recommends to the interested Governments the
estabUshment of a technical commission to unify customs regulations in
the alhed covmtries.
The revoking of Import and export prohibitions as soon as the internal
conditions of each country allows, was advocated in another resolution.
An important action was taken by the International Chamber In establishing a central bureau of International statistics for the purpose of collecting, centralizing, analyzing and interpreting statistical information for the
bi;smess interests of the world.
To that end a degree of imiformity, a
classification of statistics and methods of determining value was recommended to the various nations.
The following recommendations were made to all countries.
To hasten the utilization of hydro-electrical power in every possible way.
To hasten the carrying out of the measures which tend to have mineral
fuel used In the most scientific and economic way.
To develop to the utmost the coal resources of the world.
The special consideration of allied nations to the distribution of excess
products to Allied nations dm'tng the period of reconstruction is m'ged in
a resolution.
The convention went on record
as distrusting Germany's intentions to
by her in signing the treaty
fulfUl her obUgations to the Allies as accepted
at Versailles.
The resolution presented by A. J. HobsoH, chairman of the British
delegation and seconded by Chas. P. Coffin on the American delegation,
after stating that the reconstruction of France, Belgium and Italy is the
most urgent question before the meeting, set forth, that within the opinion
of the convention, Germany has failed to reduce her army as promised
by the terms of the treaty and has given no evidence of intention to do so;
and concludes by urging upon the Governments of the Alhed nations that
no further delay from the German government be tolerated. Copies of this
resolution were sent to the Premiers of the five AlUed nations represented
in the convention.
COMMITTEE OF PAN AMERICAN FINANCIAL
CONFERENCES.
According to the San Francisco Chamber of Commerce,
in a circular dated July 31, six San Francisco business and
financial men were included among names announced by the
Secretary of the Treasury as
members
of the
permanent
group committee to make effective recommendations of ttie
first and second Pan-American financial conferences.
Those
who will act upon the committee the Chamber announces are:
V. H. Pinckney, for the Brazilian group; C. H. Bentley,
Argentine group; John S. Drum, Mexican group; Herbert
eishnacker, Ecuador group, and John Clauson and William
sher, Guatemalan group.
Will E. Morris of Stockton was
so appointed as a member of the Mexican group.
Herbert
li hhacker is an appointee of the International High
ommission in charge of the conferences.
RATES FORIINTERNATIONAL POSTAL MONEY ORDERS.
Sweden, 24 cents for one
krona; for Denmark and Norway, 20 cents for one krona;
Under
for France, Belgium and Italy, $1 for 10.30 francs.
the new rates $50 in American money will buy 515 Belgian
or French francs or Italian lire, 257.50 Smss francs, 250
Danish or Norweigan krona, 208.33 Swedish krona, or
131.58 Dutch florins. Officials of the Post Office Department declared that the new rates did not result from any
scheme by individuals or corporations to profit by foreign
exchange differences. They added that under arrangements
included in the international postal agreements there was
no way by which profits could be made through speculation
in international postal money orders.
OTTO H. KAHN ON CANCELLATION OF EUROPEAN
DEBTS AND EFFECTS OF PEACE TREATY.
Otto H. Kahn, of Kuhn, Loeb & Co., who on his return
from Europe early in June made a statement to the press
summarizing his impressions deduced from his tour, has,
in response to requests therefore, had printed in pamphlet
form, the views formed in his travels, the pamphlet, issued
the present week, elaborating and amplying his earlier
The
was
referred to at length in our issue
In enlarging on what he had to say
previously, Mr. Kahn treating of European sentiment toward
America has the following to say regarding the loans to
Europe:
As to our loans to Europe, we are not now being asked to cancel them.
What is now expected of us and what Europe has everyright to expect, is
statement.
of
June
19,
latter
page 2537.
a definite and fair arrangement by which these debts will cease to be an
immediate troublesome factor and problem in the budgets of Europe.
Public opinion in America is, I take it, not disposed, with such light and
guidance as it has at this time, to consider a relinquishment of our moneIt may or may not, in due course of time, be willing to sanctary claims.
tion such a course or some other measure of settlement or relief, in respect of
som«
Personally I do hope for an adjustment
all or part of those claims.
way mutually acceptable and characterized by a large-minded attitude on
our part. But unless and until American public opinion with voluntary
generosity or from other considerations seeming to it good, so determines
there is no sound reason why we should be diffident or apologetic concerning
what is justly due us.
Indeed the balance which rightfully stands to our credit in Europe is not
only financial, but also sentimental. We have rendered no mean service t»
the AlUed nations in coming to their support at a critical juncture and in
helping to win the war. We did so solely from motives of honor and
m
idealism.
The bulk of our people never believed, prior to our declaration
of war, that, whatever the outcome of the conflict, we were or could b«
retrospect.
Neither any fear
menaced, and they do not believe so now
of the intentions toward us of a Germany emerging from the war unwhipped
nor any hope of gain actuated our decision to throw the American sword
into the scale on the side of the Allies.
are carrying the immense burden of our war expenditures without any
are asking no part of the German incompensating material retiu-n.
demnity, and we have practically no share In the territorial, commercial
and other tangible advantages which the Peace Treaty gives to our comrades in arms. Indeed, in certain respects, the status resultmg from th«
post-bellum world settlement may be said to be rather unsubservient to our
Interests than otherwise.
These are perfectly valid considerations and their assertion is entirely
compatible with the warmest admiration for the heroism of the Allied
nations with the smcerest friendship for them, and with the altruistic moentering the war. What we are unquestionably
tives which actuated us
called upon to do is to take fully into account the circumstances under and
the purposes for which these loans were contracted, the existing abnormal
state of the exchanges, and the difficulties of the economic problems which
confront the Allies, and then to adjust out attitude accordingly. Indeed,
I think we should take the initiative in straightening this matter out t»
mutual satisfaction without awaiting further approaches on this subject
from our Allied friends, and thus prevent it from being a continuing source
of embarrassment, uncertainty and vexation.
m
We
We
m
Enlarging upon his earlier statement that "the blight of
that baneful instrument," the peace treaty of Europe, still
lies upon Europe, Mr. Kahn, in his pamphlet, made public
this week, says in part
Those who framed it, while affirming and, I doubt not, intending allegiance to the hopes and aspirations of the liberal opinion of the world,
have to a considerable extent negatived them in fact.
Bartering and compromising and sowing the seeds of dissensiom among
one another and of discord throughout the world, they have set up dispositions which resulted in leaving production, commerce, international
intercourse,
indeed
the
joint in almost all of
very
conditions
of
existence,
Europe east of the Rhine.
completely
out of
They have ignored what
was among the most essential of all the elements involved in readjusting
the world from war to peace, namely the element of practical economies.
They have produced a treaty so little consonant with the realities that
from the day of its promulgation to this day it has been a continuous
object of controversy, of readjustment, of interpretation, of haggling and
whittling down, and has consumed the time, thought and energies of the
leading statesmen in the various countries, to the detriment of domesti*
affairs.
Solemnly proclaiming the principle of "self-determination," thep have
They hare iavvlred
granted or withheld it, according to their discretion.
:
Aug. 28
1920.]
THE CHRONICLE
themseh-es in commitments of sovereignty, control or regulation throughout the world calling for military and other efforts the cost and burden
of which go beyond the present capacities of their respective nations and
beyond the sanction of public opinion.
They injected into the matter of fact business of making peace with
Germany a business which demanded promptitude and finality the complexities, delays and uncertainties of a world embracing ethical experiment that called for calm and detached and separate consideration and
—
—
treatment.
They have mishandled the fine and universally acclaimed conception of
an association of nations to maintain and strengthen international law
and preserve peace, and seeking to utilize it for unrelated purposes have
evolved an instrument largely divergent from that conception.
Thus and in other ways, instead of peace and settlement, they have
wrought dispeace and unsettlement.
It wouH be futile to discuss the distribution of responsibility among
the treaty makers for the sad disillusionment which the outcome and sequel of the Versailles conference brought to a world that stood ready
and expectant to follow a lead worthy of the righ inspiration which had
actuated the people of the allied nations and America during the war.
An eminent British statesman has termed the treaty "devastating in its
effects beyond all precedents in treaty making, exceptionable on the
score both of good faith and good sense, destructive of the grooves of intercourse and of trade, which the evolution of centuries has created between peoples, leaving behind it a trail of ruin, starvation and racial
hatreds in large sections of Europe, and the seeds of interminable strife."
It sounds paradoxical, but in a large sense it is true that Europe for
the last year has been suffering less from the effects of the war than from
the effects of peace.
EUGENE MEYER
Jr.
SUGGESTS FINANCIAL REHABILITATION BY RAISING INTEREST RATES
ON POSTAL SAVINGS DEPOSITS.
At the invitation of Senator Willian> M. Calder, Chairman
Committee on Reconstruction and
Production, Eugene Meyer Jr., former Managing Director
of the War Finance Corporation, appeared to present
of the Senate Special
recommendations on financial reconstruction. Mr. Meyer
declared that the fundamental need of the country was
enlarged savings through increased production of necessities
and essential construction work, and reduced consumption
of luxuries: he emphasized the vital importance of safeguarding these savings by the Government.
He stated that while
the Government had provided a Federal Reserve System to
furnish financial assistance to the bankers and industries
of the country, not enough had been done by the Government to furnish banking facilities to the great body of the
common people, and he recommended that the Postal Savings system of the country should be developed and enlarged
for that purpose.
The following is an outline of Mr. Meyer's
plan:
Mr. Meyer argued for amendment to existing legislation so as to authorize
payment of a 4%, rate of interest on deposits Instead of the 2 % as at present,
and the increase of the number of post offices authorized to receive deposits
from 6,500, the present number, to all of the 55.000 post offices, branches
and sub-stations.
Mr. Meyer presented statistics showing that the countries having the
greatest number of savings bank depositors were those having highly developed postal savings systems. He cited Belgium, which, with a population
of 7,571,000, has savings bank depositors to the number of 3,063,000;
Denmark, with a population of 2,921,000, had depositors to the number of
1,315,000; Germany, with a population of 66,715,000, had savings bank
depositors numbering 27,206,000; Japan, with 56,350,000 population, had
savings bank depositors to the number of 25,600.000; Holland, with a popu-
had 2,286,000 depositors; Norway, with a population
of 2,692,000, had 1,432.000 depositors; Switzerland, with a population of
3,880,000, had 2 ,025.000 depositors; the United ICingdom, with a population
of 42,279,000, had 17,262,000 savings depositors, while the United States,
with an estimated population of 106,700,000 on June 30 1919, had in all
only 12,000,000 savings depositors, of which but 565,000 were Postal
Savings depositors.
The foreign countries mentioned, with a total population of 181,357,000,
had savings bank depositors to a total number of 77,000,000. Over 42%
of the population were savings bank depositors as against about 11% in
the United States. And in the United States only 565,000 citizens have
Government savings deposits, representing less than Jij of 1% of the people
*
of the country.
Mr. Meyer gave it as his opinion that with proper organization Eind administration the Government could gain savings deposits within a year
sufficient to pay off the floating Indebtedness of the United States Government, now approximately $2,500,000,000, ovidoncod by Treasury certificates.
Ho expressed the'opinion that subsequently, with proper handling,
deposits could be increased to such an extent as to cover in addition a large
part, if not all, of the Victory Loan, amounting to over $4,000,000,000 maturing in 1923.
The taking up of the Treasury certificates by postal savings would relieve
the banks of tin; burden the Government has Imposed on them during the
war and since, and permit the banks to use all of their available funds for
business and industrial purposes.
It would also relievo the Federal Reserve
system of the red iscoiui ting of several hundred millions of certificates which
would improve the reserve position of the Federal Raservo banlvs. The
redemption of the Treasury certificates would, furthermore, bring about,
in Mr. Meyer's opinion, a rise in Liberty bonds of from 5% to 10%. and
relieve the banks of hundreds of millions of loans now bemg carried upon
Liberty bonds.
|»ilf large amounls of Treasury certificates now held by banks and corporations for teniijorary investments were gradually but promptly paid off,
a large buying power would be thrown into the outstanding Victorj' and
Liberty bond issues with resulting onhancoment of price-s and reduction in
Interest Income yield, which would, in turn, reduce the whole interest basis
for temporary and permanent financing.
Without venturing to prophesy.
he stated that within a short time it might easily reduce the cost of financing
an average of 1% per annum or more throughout our entire financial structure.
This, in turn, would stimulate legitimate business, help the marketing of the crops and reduce the cost of living.
lation of 6,583,000,
839
Another result expected by Mr. Meyer from the extension of the facilities
of the Postal Savings system at an attractive rate of interest was that it
would bring forth from hoarders a minimum of .S250,000,000 in coin and
currency, which would be restored to circulation.
He believes that this
figure would probably be exceeded and a very much higher figure might
pos.sibly be attained.
most important result of the extension of the Postal Savings System
by raising the rate of interest was expected by Mr. Meyer by the saving of
large amounts of money now going from ignorant people into the hands of
svrindllng promotors of wild cat schemes.
A low estimate of this would
be $200,000,000 per annum, in Mr. Meyer's opinion.
Another estimate made by Mr. Meyer was the saving of 8300,000,000 to
$500,000,000 a year as the result of the inculcation of the spu-it of thrift
Mr. Meyer based
as against extravagant expenditures now being made.
his estimate of tliis possible s'aving on the Treasury tax collections on socalled luxury taxes indicating a minimum expenditure in the country of
five per cent saving only would be S400,.$8,000,000,000 for luxuries.
000,000 a year.
To sum up, $1,000,000,000 a year would be a conservative estimate,
Mr. Meyer thought, of the actual direct savings to the Government and
people of the country. But in addition to the tangible cash values, Mr.
Meyer added that the Intangible values had to be taken into consideration.
Every man, woman, and child, foreign and native, has contact with the
Government through the Post Office at home and in business, and if he
becomes a depositor with his Government as his banker, he is bound to
A
A
take a greater Interest in his Government and Its affairs, nill be more
and a better American. Mr. Meyer stated that the extension of
the Postal Savings System would be the best single step of which he could
think by way of the Americanization of our foreign population.
Relief from the pressure of Government financing, which can be brought
about by the extension of the Postal Savings System, would result, in Mr.
Meyer's opinion, in the stabilization of business, and would do much
to offset the rapid contraction in business now taking place in some lines
of industiT with probabilities of widespread unemployment before long.
Stabilizing the finances of the Government, in Mr. Meyer's opinion, would
stabilize the Finances of business as well.
At a time when we are so much concerned with world affairs we need an
orderly financial house at home if we would do justice to our obligations and
this country at present
opportimities abroad.
Foreigners placing loans
are compelled to pay the unduly high rates which prevail for all financing,
and the improvement of our domestic finances would have a favorable
result in our international position.
Mr. Meyer added that he hoped the Committee might consider his proposal favorably, and if they did, he recommended a series of hearings on
the subject from all parties in interest, including the officials of the Post
Office Department, the Treasiur, the Federal Reserve Board, savings
banks, bankers, financiers and economists In general, representifsves of
He offered to assist the Comindustrial labor and farm organizations.
mittee in the investigation of the subject and in the conduct of the hearings.
He stated that with such an extended Postal Savings Department, a new
organization for management would be necessary. The handling of the
business, in his opinion, should be managed by a board of which the Postmaster General, the Secretary of the Treasury, the Governor of the Federal
Reserve System, and others, should be members.
patriotic
m
EXTENT OF STOCK EXCHANGE LOAN LIQUIDATIONS
—WALL STREET LOANS DOWN TO $700,000,000.
The unprecedented smallness of the amount of Wall
was commented upon as follows in
Street loans outstanding
the "Wall Street Journal" of Aug. 20
WaU
"The most remarkable thing to me is not so much the fact that
Street has liquidated, but that few people throughout the country seem
to realize it, and to what extent this liquidation has gone," says a banker
Street loans.
who is familiar with the current volume of
Wall Street kas liqui"It is not a que.stion of Wall Street liquidating.
dated has overliquidated, I might say," he continued.
"And yet I have bankers come to see me, from all sections of the interior, who relate with much pride what they are going to do in their
WaU
—
particular section to liquidate and then ask what Wall Street is doing to
I always tell them that if the rest of the country had
deflate credits.
liquidated to the same extent as Wall Street we bankers might have to
go out of business.
"I should say that brokers' loans from New York banks t»-day are
close to $700,000,000 and, taking into account the loans from out-of-town
institutions, the Wall Street collateral loans do not exceed $1,100,000,000
in
all.
significant thing about these figures Is that they »re
smaller than the volume of Wall Street loans before the war,
but in relation to the value of securities traded in WaU Street,
perhaps since
resent the smallest percentage in a generation
"The
much
—
mot only
»ctually ;
tliey rep-
the
Ci\-il
War.
"This remark seems extravagant but it does not appear strnnfre if you
Take the par value of securities to-day tr."ided in in
analyze the situation.
Wall Street, the listed and unlisted stocks, the listed and unlisted bonds
and omitting the curb market, and compare the aggregate with tliat before
I don't know,
the war, say, in 1913, before the war liquidation started.
off-hand, what the figures are, but I should say the aggregate valne of socalled Wall Street collateral has increased five-fold in the sev«n years.
"Another important point to bear in mind is that marginal trading on
This
stocks to-day is very much smaller than it w.as a few years ago.
fact will be readily recognized by those familiar with the nature of Stock
Without wishing to reflect on the method of the
E.xchange trading.
stock brokerage business of former times, it is well known tliat a very
This meant, of course,
considerable business was done on small margins.
But to-day, whether from a
large borrowings from the banks by brokers.
of brokers, or whether fro» greater
financial resources of the market traders, the fact remains that ike brokers
more cautious attitude on the part
do not welcome small margin accounts, and from what I have seen, they
are experiencing no difficulty in keeping their customers' a«co«nt.s well
margined.
"Wall Street's position on the credit situation is not properly appreciated throughout the country. CSomptroller of the Currency WiUiams's recent tirade against the New York City banks is not only ill-timed and
unwarranted, but I think most impolitic. It creates resentment and f!n.<!piWall Street has
cion throughout the country, which is entirely unjustified.
set its house in order more scrupulously than any other sectiom of the
The Federal Reserve people and the Tre:ii:ury know tlii». But I
country.
think that the fact ought to be generally advertiseii by the frew and
financial orgatis like the 'Wall Street Journal,' for the benefit ef *« iaterior business
communities."
THE CHRONICLE
840
NATIONAL
OF FARM
ASSOCIATION.
BANKERS'
CONVENTION
MORTGAGE
Discussions of questions confronting farmers, money
and tax payers at the present time will feature the
National Convention of the Farm Mortgage Bankers*
Association of America to be held in Kansas City, Sept.
A statement issued by Secretary and Treas14, 15 and 16.
urer E. D. Chassell regarding the program says in part:
statements regarding the loan business made by Federal officials will
loaners,
receive all of the courtesy that they merit, but no more. There will be
no hesitation about calling things by their right names.
"Our Constitution the Antidote for Bolshevism" by Harry F. Atwood.
It has been
of Chicago, will be the inspirational address on the first day.
given at fifteen conventions of bankers and at meetings of workingmen.
Mr. Atwood is the author of "Back
rotary clubs and other gatherings.
The orator defines America for Americans, turns the
to the Republic."
searchlight on the dangers of Democracy, clarifies the meaning of the
constitution and expounds the wisdom of representative government as
applied to present day problems.
Dr. Richard T. Ely, the economist at the head of the department of
economics of the University of Wisconsin will address the convention on
"Problems involving agricultural prosperity, capital investment, taxation
and transportation." Interwoven in his addrass will be references to
many other important financial and industrial causes that affect the welfare of the farmer directly and of those with whom he comes in contact
indirectly.
Dr. Ely is the Secretary of the American As.sociation for
Agricultural Legislation.
He has written many important works on labor,
taxation and problems involving land ownership and cultivation.
A general discussion of interest rates, past, present and future by John
Moody, of New York City, because of its important bearing on land values
and farm profits, will be one of the most important papers of the convention.
Mr. Moody has an international reputation as the publisher of Moody's
Manual and Moody's Analy.ses of Investments.
"Improvement of Water Transportation," "The Future
Value of Farm Land," "The Cost of Doing Business," and
"How Much Have
the Federal
Production of Food,"
will
Land Banks Increased the
be other subjects
considered
at the convention.
Vol
111.
In view of conflicting interpretations of the attitude of the Federal Reserve system with respect to credit. Governor Harding this aft«rnoon
stated that the "Federal Reserve Board and the Federal Reserve banks
are adhering consistently to the policies outlined on frequent occasions during the past year and there is little to say except to reiterate statements
already made. The Federal Reserve Board has never undertaken to classify any business or industry as essential or non-essential and does not Intend to do so.
"In a statement published immediately after the conference last May with
members of the Federal Advisory Council and the banker directors of the
Federal Reserve Bank the policies of the Federal Reserve system were fully
The Board is convinced that these policies are wise and salutary
explained.
and is confident that results will demonstrate their soundness.
"The Board has uniformly in its recommendations to member banks
urged that applications for discounts and loans be carefully examined to the
end that unessential use of money should not be further encouraged in the
conditions that have followed the war and that the necessary production of
goods throughout the country should be encouraged and assisted. It is
believed that further expansion of undue bank credits has been restrained
and the fact that the general volume of loans and discounts remains practically the same would seem to indicate that the solid and genuine business
interests of the country have encountered no serious hardship.
"The Federal Reserve Board has consistently from the beginning of the
effort to curb the tendency to headlong resort to credit operations simply
urged the local banker to study his client fairly and the Board has never
undertaken to say what class of loans should be held to be necessary or
The Board Ls too far removed from the actual detailed sitiiaotherwise.
tions involved to undertake to do this and has relied on the consistent information and judgment of the local banker to accomplish the Board's purpose
sought to be accomplished. The difficulty is no doubt that many critics
of the Board think that the same rules of action employed during the stress
of the war and the selection of preferred war business for credit assistance
are now in operation. This is entirely untrue, it is said, and the reports coming daily to the Board from the Federal Reserve banks and from many
sources of commercial intelligence distinctly contradict it."
In referring to Governor Harding's statement to the press,
and the inquiry which it had directed to him in the matter,
the New York "Commercial" prints the following as indicating what prompted its inquiry:
The New York Commercial's telegraph message to Governor Harding
stated that the ticker sent out a report to the effect that banks from New
York to Kansas City have notified certain customers that they could not
have money because the Federal Reserve Board had cla.ssed their business
as non-essential production and notified banks that if they loaned on certain
Industries they could not expect rediscounts from the Federal Reserve Bank.
EARNINGS OF FEDERAL RESERVE BANKS FOR FIRST
HALF OF 1920.
FEDERAL RESERVE BOARD ON BUSINESS CONAccording to figures made public by the Federal Reserve
Board at Washington on Aug.
twelve Federal Reserve Banks
26, the net earnings of the
for the six months to June
30 1920, totaled $68,583,111 or at the yearly rate of 151%
on the average paid in capital of $91,165,000, compared with
92% for the same period in 1919, and 55.9% in 1918. The
total earnings for the half-year ended June 30 1920 amount
to $81,778,352, this comparing with $46,690,577 for the
months of 1919. The total current expenses during
the six months to June 30 of this year were $13,195,241, this
comparing with $9,061,746 for the corresponding period
first six
last year.
The gross earnings, current expenses, net earnings and
percentage of latter to average paid-in capital for the twelve
Federal Reserve banks for the first six months of the current
year are shown in the following:
Earnings.
$5,488,886
27.336.778
5.936.155
6,429.589
3.219,518
3.334,673
13,051,929
3.285,758
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
SanFrancisco
$889,018
3,249.712
1.000.832
1,026,538
609,638
629,443
2,040,213
780,899
387.292
770.187
707,934
1.103,535
%
Current
Net Earn,
$4,599,868
24.087,066
4.935,323
to
Cap.
127.0
203.6
121.8
110.0
113.6
151.5
173.7
121.4
118.0
5,403.051
2.609,880
2,705,230
11.011,716
2,504.859
1,866,880
2.657,079
1,471,115
4,731,044
83.5
156.8
$81.778,3.52 $13,195,241 $68,583,111
151.3
2,2.54.172
3,427.266
2,179.049
5,834,579
Total
Current
Expenses.
128.1
With the net credits to profit and loss of $343,667, the
amount available by the Federal Reserve Banks for distribution was $68,926,778, of which $2,734,9.59 was paid in di\-idends; $6,603,738 was carried to profit and loss; $44,625,563 was applied to surplus and $14,962,518 was reserved for
franchise tax.
GOVERNOR HARDING DENIES THAT FEDERAL
RESERVE BOARD WILL CLASSIFY BUSINESS
AS ESSENTIAL OR NON-ESSENTIAL.
Conflicting interpretations as to the attitude of the Federal
Reserve Board toward essential and non-essential loans
caused the issuance of a statement on Aug. 26 by W. P. G.
Harding, Governor of the Board, in which he said the Reserve
Board and "Reserve banks "are adhering consistently to the
policies outlined on frequent occasions during the past year."
He further says "the Board has never undertaken to classify
any business or industry
does not intend
follows:
to
and
Gov. Harding's statement
as essential or non-essential
do so."
DITIONS IN JULY.
In stating that "uncertainty has been characteristic of the
month of July in the business field," the Federal Reserve
Board, in its monthly report for August, made public Aug.
26, says:
Some districts report that the price-cutting movement begun in May and
continued through June is slowing down, while in other districts reduction
of prices is reported still in progress.
Industrial activity in many lines has
been shortened In consequence of lowered demand, cancellation of orders,
and general readjustment. In some districts, however, production continues upon old orders which are still on the books despite the fact that new
In the agricultural regions improved crop conbu.siness has fallen off.
ditions and the development of a more confident tone in business are
Speculareported to have brought about a turn distinctly for the better.
tion in commodities is. In many parts of thee ountry. reported to have been
greatly reduced, and in .some practically eliminated.
There is a general
feeling that extravagant buying is at least less extreme and dangerous than
it was some time ago. while labor In many parts of the country Is reported
as increasing in efficiency and a better spirit of cooperation exists between
employer and employee. From the credit standpoint there is general
expression of the belief that unessential demands have been reduced, and
that even where there has been no lessening in the volume of loans the
advances that are being currently made are in a much greater proportion to
those which grow out of bona fide commercial and agricultural necessities
than at any time for many months past. Transportation continues to be,
perhaps, the least satisfactory phase of the month's development, and while
there has been some improvement in certain sections of the country it Is
still true that there is great congestion, and that in consequence of it an
undue and unnecessarily severe strain has been brought to bear upon
credit for the purpose of making possible the carrying of goods which
would otherwise have gone to market and would have be«n liquidated.
Probably the most hopeful element in the outlook during
the month, the report says, has been the continued improvement in crop prospects in general, and the special improvement seems in certain important agricultural lines.
SHATTUCK SUCCEEDS JULIUS H. BARNES AS
PRESIDENT OF U. S. GRAIN CORPORATION.
E. P.
The resignation of Julius H. Barnes, as President of the
U. S. Grain Corporation was accepted at a meeting of the
Board of Directors of the Corporation on Aug. 23. This
action was taken follo^\^ng the acceptance of Mr. Barnes'
resignation as United States Wheat Director by President
Wilson in an Executive Order dated Aug. 21 1920. By the
same Executive Order the President terminates the United
States Food Administration in all its branches except the
License Di\asion, with respect to sugar, now administered
At a corporation meeting, a
reorganization of the Grain Corporation was effected, and
Edwin P. Shattuek, for three years General Counsel and
Vice-President, was elected President of the United States
Grain Corporation. Edward M. Flesh will continue as
Vice-President and Treasurer, and G. Roy Hall was elected
Secretary.
The further Uquidation of the Grain Corporation
The thirteen
will be administered by these gentlemen.
by the Attorney General.
Aug. 28
THE CHRONICLE
1920.]
branch offices of the Grain Corporation have all completed
their duties and have been duly audited and closed, with the
exception of two, whose affairs will also be concluded within
A complete report of the operations
the next few weeks.
of the United States Grain Corporation will be completed
and published in due course. Mr. Barnes in commenting
on his action said:
The objectives sought by the establishment of the Grain Corporation have
now been fully attained, as follows:
The complete redemption of the National Promise to the wheat raiser,
without question, everywhere.
The protection to the consumer in our wheat and flour resale policies to
preserve to him as nearly a natural market of supply and demand, and of
world, as possible.
The conservation of resources of the National Treasury and the return to
it of every dollar temporarily used of the appropriation carried of one
billion dollars.
The preservation of the private marketing machinery of the country
without disaster and the return to it, on the completion of the Guaranty
of the grain marketing function which the Federal Government had thus
temporarily assumed in protection of our war necessities and of the liquidation of a National promise.
Necessarily, out of a commercial operation of this magnitude, involving
almost eight billion dollars and extending over three years, there are some
outstanding matters in liquidation, such as railroad claims and other
matters, which will require some time and attention.
THE GERMAN COTTON INDUSTRY.
A
correspondent of the Manchester (Eng.) Guardian,
Germany, has contributed to that journal his
views of the cotton manufacturing industry of the country
which, despite the many difficulties to be surmounted, are
far from pessimistic, as the correspondents remarks are very
comprehensive and self-explanatory, we give them without
recently in
further
comment:
.
spindles.
The supply of cotton is not the greatest difficulty at present in Germany's
way, though it is serious enough. The greatest need of all German industrie.s is coal.
You cannot get sufficient coal, even by paying high prices.
A good many mills, however, are situated near powerful streams. This is
especially the case in South Germany, which enables the mills there to use
cheap water-power. Such mills are to-day in an exceptionally good position,
and I have heard of some which work over 90% of their machinery at a good
profit.
German cotton mill districts, taken together, about a
machinery may be said to be working. Some idea of mill stocks
and consumption will be obtained shortly as I hear that the German cotton
mills are again participating in the half-yearly International Cotton Statistics.
The bh^ckade during the war was efficient as regard.s cotton, but some
Egyptian cotton did come through and Germany received of cou"se. a fair
quantity of cotton from Asia Minor.
For the supply of cotton I found that the Americans had established two
trust companies (Treuhandel Gesellschaften) one of which is largely in the
hands of an important American bank and the other is controlled by one of
the largest, probably the largest American cotton shipper. The German
cotton manufacturers, and Germans in general, seem to place great hopes
on the future help of America. They are looking forward to a development
of trade with the U. 8. A., whose commercial people showed from the day
of the Armistice an eagerness to trade with Germany.
1 could not help
In the three big
third of the
.
thinking that some of the rich Liverpool cotton firms together with some
prsictical cotton spinners and makers of mill supplits. might have established
a similar company, but no doubt Lancashire conservatism to old-established
trade methods was the stumbling block.
To do this kind of business long
credits must be given though I understand that security in the form of
pledged shares is given.
The eight-hour day was introduced in Germany early in the war. Until
recently the 48-hour week was adhered to in the cotton industry, but the
German operative, at least in the South German part, objects to working
more than eight hours on any day and, as he appreciates to the full the newly
won Saturday afternoon his working hours are at present only 4f) per week
namely, five days at eight and Saturdays six hours. In view of the shortage of coal and raw material those short hours are probably no hardship for
the Industry at present. Wages in German cotton mills are al>out ten times
the pre-war level, whilst the necessary food has increastxl about six times in
,
value.
Recently the State demanded that each employer of labour must retain
10% of the earnings of the workpeople as an income tax. The German
Republic has instituUxi far-reaching laws, which are shortly being issued
with the necessary commentaries. These laws dealing with industrial
work ought to bo studied carefully in England, as they show the trend of
labor legislation.
One point which seriously exercised the cotton masters
was a regiilation prescribing that the master must give to the shop stewards
periodically a report as to the ,-;tate of the trade, the number of workpeople
likely to he required, and particulars of the iirofits of his concern.
The masters hope, however, that a detailed account of how much margin
they niak(> will not be reciulred. but nierel.v an account such as the chairman
of a limited company gives to the shareholders on the state of the busiiuss.
Whilst formerly no (Icrnian c-otton mill-owner would have discu.<sed labor
tiispute-s with officials of trade unions, it has now become a recognized thing
for representatlvt-s of capital and labor to meet together. In f.-ict iiid\istiial
councils constituted by l)oth sections are the ord<T of the day in Gcriuan
industriiN
also find that since 191 t the cotton masters have improv.sl
their organizations.
The thret^ local master associations have become
We
and they have united into a federation of associations, of which
Mr. Theodor Schwartz, of Bocholt, is the president; the offices of the
stronger,
Federation are in Berlin.
j
The masters, at the time of demobilization, engaged more operatives than
they could advantageously employ, principally with a view to getting the
men from the streets and giving them some work to do. The over-staffing
of the mills at wages which have risen considerably meanwhile will no doubt
have an unfavorable effect on the balance-sheets of some companies, but
this action on the part of the mill-owners will prevent political unrest and
secure trained labor for the time when it is needed. The German cotton
industry was almost always .sfiort of labor, and had to import many hands
from abroad. As there are in Germany probably more war profiteers than
in any other country, the cotton industry is able to dispose of its production
at high prices, for stocks really do not exist ui mills, shops, or in private
houses. In one of the best hotels in Munich meals are still served on bare
deal tables, with nothing but an embossed paper centrepiece in place of the
tablecloth.
While the Improvement of the German exchange is most desired by the
nation at large in Germany, it is not a blessing in every case. Take a cotton
.spinner who has bought cotton when the exchange was 320 marks to the
.sovereign.
He has now to compete with cotton bought at less than half
that rate of exchange. Sudden fluctuations in the exchange are a great
drawback to the reconstruction of any industry that is dependent for the
supply of its raw materials on foreign countries. The German mill-owner
requires huge amounts of capital to be able to work his mills, but money
cheap in Germany.
There has been of late quite an active demand for cotton-mill shares
Germany, and prices have begun to rise.
Is
in
WORLD'S SUGAR PRODUCTION STILL BELOW THE
NORMAL, SAYS TARIFF COMMISSION.
The world is still more than 2,000,000 tons short of its prewar production of sugar, according to a report on the costs,
prices and profits of refined sugar made public by the United
States Tariff Commission to-day, says a Washington dispatch to the "Journal of Commerce" of this city under date
Aug. 26. The shortage is said to be due to the interrupby the war in the beet sugar output of central
Europe. The dispatch goes on as follows:
of
In spite of the many vicissitudes through which the German cotton industry has had to pass during the last six years, it is not going to die. The 9H
million spindles still remaining in the country are too valuable an asset,
the men who direct the industry are too far-.seeing, and, finally, the operatives, after their dissipation in politics and warfare, are too well trained and
self-respecting to allow the breaking-up of Germany's important cotton
industry. The 1 y^ million spindles which Germany has lost through the
transfer of Alsace to France have reduced Germany'.s place as regards
cotton spinning to a slightly inferior position to that of Prance. France
recognized that her ownership of the Alsatian spindles would dislocate her
own cotton industry, unless she made provisions for the sale of the products
of the Alsatian mills. Consequently she insisted in the Treaty of Versailles
that Alsace should have the right to export cotton goods of a huge quantity
to Germany for the next five years, free of any duty It is evident that after
the lapse of this period the German cotton industry will receive a considerable stimulus, as it will then be rid of the free competition of 1 H million
—
841
tion caused
The present world shortage of sugar is attributed to the decreased production of beet sugar in Germany, Austria-Hungary, Russia, France and
other European countries. At the outbreak of the war the world's sugar
supply was made up of beet and cane sugar in the proportions of 54% cane
and 46% beet. The great centre of beet sugar was Europe, especially those
countries that were directly involved in the war.
As a result of the war, European production In 1918-19 was reduced by
4H million tons as compared with the output in 19111-14. This enormous
.shortage has been partly offset by a stimulus to cane sugar production,
especially in Cuba, the present output being 2^ million tons in excess of
the pre-war output.
Notwithstanding the decrease in supply, domestic consumption in 1919
exceeded all previous records, the per capita con.sumption for that year being
87.6 pounds. This exceeded the per capita consumption of 1918 by 12
pounds.
The bearing of monopolistic combinations and tariffs on profits and prices
and the effect of the several attempts at combination are discu.ssed. It is
pointed out that control through monopoly has never been maintained for
any considerable period of time.
Changes in tariffs except in periods of monopoly are held to have little
Changes in profits, however, have
effect on the price of refined sugar.
synchronized with periods of combination and ompetition to so remarkable
a degree as to .suggest a causal relation. The net protection given to refined
.sugar enabled the trust to advance its price and hence to increase Its profits
during the period in which it enjoyed a virtual monopoly, it is said. The
cost data collected by the Tariff Commission, although not complete, are
comprehensive and typical to justify conclusions. The total
cost per pound of refined sugar produced in the factories Investigated ranged
from 6.711 cents to 8.375 cents. Of the specific items of cost that of raw
sugar represents about 90%
A small relative difference In the cost of raws
may therefore make considerable absolute difference as compared with other
costs of refining.
Altogether the total cost in 1919 was more than double what it was in
The advance in price clo-sely paralleled that of cost, during the
1914.
same period.
Profits and returns on productive Investment are shown to have been
Averaging by refineries they were 10.6c per 100 pounds
hlgh(*;t in 1917.
Reckoning by averin 1914, 40c. in 1917, 13c. in 1918 and 31.6c. in 1919.
aging poundage the variations in returns on productive investment were
8^64'; in 1914, 28% in 1917, 10. 32% in 1918 and 19.67% in 1919.
sufficiently
.
A
BIG SUGAR CROP IN SPAIN.
cablegram from Madrid to the daily papers under date
Aug. 26 says that sugar production in Spain this year will
be twice the amount needed to supply the roquireinonts of
the people, according to an announcement made by Mendez
Vigo, Government Commissioner of Supplies. He declared
the price of sugar would decline rapidly.
of
DECLINE IN PRICE OF SUGAR.
which during the past ten months had adSugar
of
all
proportion to most other commodities, are
vanced out
On Aug. 20 Arbuckle Brothers, one of
the
decline.
now on
in sugar in the United States,.
firms
dealing
the largest
dropped their quotation to a new low U>V(>1. 17.1 cents a
pound to the wholesale. Subsequently on Aug. 23 both
the Federal Sugar Kefining Company and tlie National Sugar
Refining Company quoted granulated sugar at 17 cents a
The American Sugar Hcfiniiig Company
jiound, less 2^'c.
whose last quotation Avas 22.50 cents a i)ouiul, announced
its temporary withdrawal from the market on the same date.
Raw sugar \\as unchanged at 12.04 cents for Cuban centrifugal sugar, duty paid.
prices,
THE CHRONICLE
84^
With the forced release of sugar stocks through tightened
bank credit, Department of Justice officials at Washington
on Aug. 23 forecast a further decline in prices. There were
the
said,
The Federal Trade Commission does not pursue the investigation to the
The Shipping Board uses about 2, 000, 009
cost to the ultimate consumer.
There is a lighterage cost to be added to the mine and
tons a month.
transportation costs, but above that there is a large margin for profiteering,
and it is contended by officials here that this is tbe situation agaii^t
which the industrial world and consamers must contend.
that
Simultaneously with the making public to-day of the Federal Trade
Commission's report, the District Attorney's office at Baltimore informed
the Attorney-General's office that there has been a great break in the bituminous coal market at Baltimore. According to the information telephoned
by the Baltimore District Attorney, bituminous coal at Baltimore to-day
first dropped to $12.75 a ton, then to $9.75 a ton and then to $8.75 a ton.
Even at the last figure there were refusals to buy by those who seemed
to think there would be a further drop.
was declared by his assistant, Robert T. Scott,
who added that the Department was concerned only with
profiteering and that individual transactions received no
policy,
it
consideration unless exorbitant profits were shown. PreAaousljr on Aug. 20 John F. Crosby, special assistant of
Attorney-General Palmer in charge of the acti\'ities against
profiteering, declared that the sugar speculators could expect
no relief from the department. He said:
It is the business of the Department of Justice to decrease prices, not to
"Times," in a Washington dispatch August
24, said:
the unloading of stored
indications,
bring
and
a "substantial drop"
market
the
glut
might
stocks
It
was stated that the
decline.
present
the
to
in addition
many dealers who
from
appeals
received
has
Department
has taken place.
which
already
drop
the
from
seek relief
follow
a hands-off
will
however,
Attorney-General,
The
officials
New York
[Vol. 111.
The findings of the Commission cover bituminous coal
May and are based on the latest monthly returns
costs for
i
voluntarily supplied to it by the operators. Incidentally it
is noted by the "Journal of Commerce" that
During the period when the Fuel Administration was in control there
In the recent period of high sugar prices, many persons
Increase them.
speculated shamelessly. They will get scant sympathy now from the public
or from anyone else if, instead of making illicit gains, they incur losses.
The slump in sugar is perhaps largely due to a huge shipment of sugar
brought by the Government in Argentina, and recently placed on the market
were 2,482 operators reporting regularly, as compelled by law. In January there were 1,589 reporting to the Trade Commission.
Gradually from
The rest have refused
that month there has been a falling down to 680.
n this country.
for the past year.
known to the department that present retaU prices of sugar are
They range from 17H cents to 26J^ cents. This condition will
probably right itself, when the people learn which are the low priced dealers.
The fact that a man is charging more than 17^2 cents for sugar is not
It is
chaotic.
is profiteering, for it may be that he bought
the sugar at a high price. Under the Lever act it is a violation of the law
If any
for a dealer in sugar to make more than one cent a pound profit.
who persist in charging high prices for sugar can be convicted of making
more than the legal margin of profit, they will pay the penalty.
prima facie evidence that he
the sugar situation in a general way,
dispatches
of Aug. 23 said:
Washington press
The "shortage" which created a recent panic in the sugar
market and which sent prices skjTocketing is now officially
disclosed to have been a figment of the imagination, if it
were not designed for the purpose of increased profits. The
shortage never really existed. On the contrary, while
housewiTes and others were doing without sugar completely,
or paying exorbitant prices, the sugar stocks on hand in the
United States were larger by 17% than at any time in the
Commenting on
last three years.
These facts were made public by the Bureau of Crop Estimates of the Department of Agriculture to-day. Belief is
expressed by the Bureau that sugar wiU soon be retailed at
15 cents per pound or lower.
The bureau states that during the supposed shortage the
amount of sugar in the United States was 1,300,000,000
pounds more than ordinary. To have this surplus used would
have required consumption by every man, woman and child
in the United States of 103 pounds.
The following figures show the amount of sugar on hand
ior th« year ending June 30:
Domestic 1,697,000,000 pounds; Hawaii, 1,056,000,000
pounds; Cuba and other foreign 7,587,000,000 pounds;
Porto Rico, 8.38,000,000; total, 11,178,000,000. Re-exported 1,444,000,000. Total for United States 9,734,000,000
pounds.
The arerage annual stock, according to the figures for
the last three years is only 8,428,000,000 pounds.
The bureau lays the blame for the talk of a shortage at the
door of a psychological state of mind. The pubUc, it would
appear, took the word of former Food Administrator Herbert
Hoover, who was warning the world of a shortage and that of
Attorney-General Palmer, who threatened prosecution for
any one who attempted to profit by it.
At the same time, soft drink manufacturers, candy manufacturers and other large users of sugar were stricken with
panic orer the artificial situation thus created and began to
hoard sugar.
The bureau points out further that the high price level
brought large sugar stocks scurrying to the United States
from eyery section of the globe.
FEDMRAL TRADE COMMISSION'S FINDINGS ON
BITUMINOUS COAL COSTS.
Interesting data on bituminous coal costs are furnished
in the findings of the Federal Trade Commission, made pub-
August 24. While complaint had been made a week ago
by Admiral Benson, Chairman of the U. S. Shipping Board,
that the Board had to pay from §20 to $22 a ton for bunker
coal produced by the West Virginia fields, the Commission discloses that "the average reported sales realization of ^est Virginia operators f.o.b. the mine ($3.40) plus
tran.sportation (about $2) lays the coal down f.o.b. cars at
railro«« terminals serving Hampton Roads at about $5.40
per net t»n. With reference to the Commission's report,
lic
to tell wliat their costs are, but
and reveal the actual condition
The average
it
is
clear that the figures are trustworthy
of profiteering that has
been in progress
sales realization of the 680 operators re-
porting, the Commission points out, was $3..31 per ton, while
their total f.o.b. mine cost amounted, to $2.77.
The Commission, in its announcement as to its findings, said:
The May Bulletin, which is perhaps not representative
number of operators who failed to report, shows the average
of
the
large
sales realiza-
and reported costs of 680 operators producing about 20% of the estimated total bituminous coal mined in the 74 mining districts of the United
tions
Revision of costs usually reduces reported costs
States during that month.
only a few cents per ton. All figures in the bulletin are based on tons of
2,000 pounds.
The average sales realization of the 680 operators reporting to the Commission for May was $3 31 per ton, while their total reported f.o.b. mine
cost amounted to $2 77.
Of this latter amount $2 07 represented labor
costs per ton, 31c. the cost of supplies and 39c. general expense (or overhead).
The difference between the sales realization and the f.o.b. mine
These average figcost per ton is the "margin," which was 54c. per ton.
ures for May did not vary more than 5c. per ton in sales realization, in costs
or in margins from the averages shown for 812 operators in April, which
is an important fact if the same relation holds for non-reporting operators.
The Commission emphasizes the point that the "margin" is not the same
as profit.
In order to arrive at the amount avaihable for income and excess profits, taxes, dividends or surplus, there must be deducted certain
items, such as selling expense and interest on borrowed capital, and there
must be added certain items, such as income from outside investments.
The Commission also points out that these average figures for companies in
all parts of the country should not be considered applicable to any one region or district because of marked variation in costs and sales realizations
due to quality of the coal and market conditions. The bulletin, therefore,
gives figures for six general competitive regions of the country and also
for 73 of the 74 districts in 24 coal-producing States.
Along with the May figures, comparable information is shown for the
first three months of 1920 and for the year 1918.
The number of identical
operators covered in the comparison between May and the first three
months of 1920 is 635, and 491 identical operators are covered with the
comparison of May with the year 1918. The average working time of the
mines of the 635 operators in May was only 17 days, as against 18 days
for the same operators from January to March, 1920, and 16 days for 757
operators in April.
The sales realizations of the 635 operators increased
from $2 75 per ton in the first three months of 1920 to $3 30 per ton in
May so that, though their total f.o.b. mine cost increased from $2 37 per
ton to $2 75„the resultant margin of these operators increased from 38c.
per ton in the first quarter to 55c. in May.
The increase in reported cost of 491 operators in May, 1920, over 1918,
was 32%, while their production in May fell 21% below their average
monthly production in 1918.
Their absolute amount of reported margin
in dollars in May, 1920, was 15% less than the amount of their average
monthly reported margin in 1918, though the Commission warns that the
amount of investment may have been appreciably diffarent at the two periods and that the 491 operators may not be representative of those that
did not report.
Subject to the same caution, the absolute reported margin,
in dollars, of 59 of these operators who in twelve districts reported May
margins averaging by districts $1 per ton or more was greater in May,
1920, by $238,154, or 88%, than they reported as their average monthly
margin in 1918.
If the operators reporting for West Virginia fields are representative of
that State, the average reported sales realization of West Virginia operators f.o.b. the mine ($3 40), plus transportation (about $2), lays the coal
down f.o.b. cars at railroad terminals serving Hampton Roads at about
$5 40 per net ton.
The increase in total mining cost of the 491 operators in May as compared with the first quarter of 1920 and with the average for 1918 is explained as chiefly due to two causes:
(1) decreased production in May as
compared with the other two periods ; and (2) the two awards increasing
the wages of mining labor, one of 14% effective in November 1919, and in
force throughout the first quarter of 1920
the other of 27% (including
the previous 14% advance) effective April 1 1920. The bulletin concludes
from a tabulation of those operators whose costs were least affected by
changes in production, that the probable increase in May total costs due
to the 27% wage advance since 1918 did not average more than 51c.
per ton or 23%.
This tallies closely with the similar tabulation for a
larger numb^ of operators in April, which indicated a figure of about
47c. per ton, or 22%."
;
;
POSSIBLE SUSPENSION BY FEDERAL TRADE COMMISSION OP MONTHLY COAL BULLETIN.
In making public its findings on bituminous coal costs
August 24, the Federal Trade Commission announced the
possible suspension of its monthly bulletin on Bituminous
:
Aug. 28
1920.]
,
:
THE CHRONICLE
Coal Costs, which informs operators, miners, the consumers
of coal and the public at large with respect to current average production costs and sales realization prices at the
mine for bitumnious coal. In making the announcement
the
Commission said
The likelihood of suspension is due to a reduction in the number of operators reporting voluntarily, pending final court decision as to the ComUnless sufficient reports are remission's powers to require the reports.
ceived to be representative, the Commission will discontinue publicaticn
rather than risk giving out figures that may prove misleading.
When
the Federal Trade Commission in January 1920 resumed the collection of information as to the cost of bituminous coal production it was
upon the understanding by the Commission that the cost of production and
The
sales realization figures would be supplied by the coal operators.
coal operators had a written opinion by the counsel of the National Coal
Association to the effect that the Commission had the lawful power to
The Commission was supplied with copies of this
collect this information.
brief.
The Commission proceeded accordingly, but there came a change on the
The Commission was asked to make possible the
part of the Association.
bringing of a series of test suits, which would present all variations of the
coal industry with reference to the interpretation of the Inter-State ComIt was understood at the time, between the Commissoin
merce clause.
and the officers and counsel of the National Coal Association, that the
necessary default notices and other acts and proceedings to complete the
record in four test cases should be completed by the Commission and simultaneous actions brought thereon, that pending these suits the National Coal
Association would take no steps to discourage or Interfere with voluntary
cost reporting by operators.
Instead of bringing four suits testing all the issues, the National Coal
Association brouglit but one suit (the Maynard Coal Co. suit) in which
the questions involved were most favorable to the complainant and the pther
three suits have never been started.
Following the issue of the injunction in the Maynard suit, the Federal
Trade Commission invited the voluntary co-operation by the coal operators
in supplying the necessary reports and made it clear that pending the final
decision, compulsorj' process or the collection of penalties would not be
employed in the event of failure to file reports.
The commission received reports from 1,589 operators for January, 1,431
operators for February, 1,081 operators for March, 812 operators for April
During the Fuel Administration period 2,482
and 680 operators for May.
bituminous operators reported to the Commission.
The value of these current coal cost bulletins depends entirely upon
the relative quality of the figures contained therein, and when it appears
that out of the total of operators an insufficient number of reports are
made the figures obtained fail to maintain their relative quality. This
condition seems to be realized, and publication of the cost bulletins must
cease unless the number and cliaracter of reporting operators shall be such
as will insure that the bulletins are representative and not misleading.
These cost bulletins have been widely published, and the National Coal
Association, as well as individual operators, has constantly made use of
Thus the reports which have voluntarily been
tliese figures and facts.
made by that group of the operators which undertook to share the labor
of preparing them have been utilized to the advantage of that other element
in the coal industry which has discouraged the making of these reports.
The Commission believes that the ascertainment of facts relating to the
cost of production in such a fundamental industry as that of bituminous coal
production is of the greatest usefulness to the industry. It is likewise obviously of benefit to the public to know what the cost of coal production
is, and what the sales realization price at the mine is, and being informed
as to the.se factors to determine whether any intervening agency is occasioning an undue rise in the price to the consumer.
If a sufficient number of operators report their production costs, the
Commission will continue the issue of monthly and quarterly cost bulletins.
Otherwise, while still continuing to .solicit these reports for the
continuity of its records, the issue of the coal cost bulletins will be discontinued pending a judicial decision of the objections raised.
843
The whole point of the Commission's statement as to the desirability of
these other suits is in any event mere camouflage.
The Maynard Coal Co.
case raised the fundamental issue as to the power of the Commission and
was more favorable to the Commission's contentions than the other proposed cases would have been.
Justice Bailey held squarely against the
Commission on the fundamental
sired a decision on this question
by appealing from his order.
RETAIL FOOD PRICES UNCHANGED IN JULY AS
COMPARED WITH JUNE.
The cost of the 22 articles making up the retail food
index, carried on by the Bureau of Labor Statistics of the
U. S. Department of Labor, did not change in July as
compared J, with June, according to the statement of the
Bureaulofi Labor Statistics of the U. S. Department of
Labor made pubUe Aug. 20. Its statement also says:
Prices of food articles are reported to the Bureau of Labor Statistics every
retail dealers in 51 important cities. From these prices the Bureau
month by
computes a "weighted" index number weighting the price cf each article
by the quantity consumed in the average workingman's family. The
"weighted" retail food index is necessarily limited to the articles for which
have been ascertained the quantities consumed, hence only 22 articles are
included. The,se articles, however, make up about two-thirds of the entire
of the food budget.
Since January 1919, monthly retaU prices of food have been secured for
43 food articles. During the month from June 15 to July 15 1920, the prices
of 29 of the 4.3 food articles for which prices were obtained increased as follows: Pork chops and eggs, 7%, each; sirloin steak and round steak, 6%.
each; rolled oats and oranges, 5%, each; rib roast, chuck roast, ham, fresh
milk, evaporated milk, cornflakes, 3%, each; canned salmon, macaroni
and raisins, 2%, each: plate beef, bacon, butter, bread, cornmeal, navy
beans, cabbage, baked beans, canned corn, tea and prunes, 1%, each.
Cream of wheat, coffee, and bananas increased less than five-tenths of 1
each.
The 11 articles which decreased in price were: Onions, 17%; potatoes,
14%; hens, 2%; lamb, cheese, lard, flour, rice and sugar, 1%, each.
Oleomargarine and crisco decreased less than five-tenths of 1%, each.
Prices remained unchanged for nut margarine, canned peas, and canned
co.st
%
tomatoes.
Changes in One Year.
During the period, July 1919, to July 1920, 31 of the 43 articles for which
prices were secured on both dates incrca.scd as follows: Sugar, 143%;
potatoes,
85%;
raisins,
63%;
ment:
Pursuant to the arrangement with the counsel of the Commission, the
attorney of the National Coal Association drafted several complete bills of
complaint on behalf of different operators representing different situations,
but the counsel for the Commission flatly refused to serve any of these companies other than the Maynard Coal Co. with the default notice, which
was considered a ncces.sary condition precedent to the filing of the suits.
Counsel for the Commission stated that he would not serve any such default
notices until the Slaynard case was finally disposed of, in spite of the
agreement with the representatives of tlio Commission that the Maynard
case and the decision therein was to be treated as a test case.
The Commission on April 2G last sent out a notice requiring operators
other than the Maynard Co. to file reports, whereupon the attorneys for the
as.sociation prepared a new bill of complaint to be filed by a We.st Virginia
operator on behalf of itself and all other operators similarly situated, but
before filing the same notifed the Commission of their purpose so to do.
Thereupon Commissioner Gaskill on May 26 wrote the Association a letter
in which lie specifically stated
"The Federal Trade Commission will not serve notice of default in filing
coal production cost reports against such of the bituminous coal operators
as may choose not to file such reports, nor will it proceed by way of mandamus or otherwise to compel sucli operators to file these reports unless and
until the injunction order issued by Justice Bailey in the Maynard case
shall be vacated."
As a result of this letter and at the request of the Commission the new
bill of complaint which has been prepared on behalf of coal operators as a
class was not filed.
Both before and since the date of the letter attorneys for the Association
have repeatedly naked counsel for the Commission as to whether the Commission desired to appeal from Justice Bailey's decision and have offered
to co-operate to expedite the hearing of any such appeal.
Counsel for the
Commission have finally advised attorneys of the Association that they
had not intended to Hppeal from the injunction granted by Judge Bailey and
have intimated Unit there is no haste as to taking further steps in the
case.
The responsibility for not having cHses other than the Maynard case
pending and the responsibility for the failure to appeal from Justice
Bailey's decision so that an early and final decision might be rendered
by the upper courts rests solely with counsel for the Conimisaion and not
with the attonteys for the Association.
ow
rice,
27%;
rolled oats,
26%
oranges,
25%;
cabbage, 21%; cream of wheat and canned salmon, 20%, each; bannas,
19%; bread, 18%; flour, 16%; sirloin steak, 12%; round steak, and
fresh milk, 11%, each; macaroni, 10%; lamb, butter, and cornmeal,
8%, each; rib roast, hens, coffee, and prunes, 7%, each; tea, 6%; ham
and cornflakes, 5%, each; chuck roast, 3%; oleomargarine, 2%; nut
Imargarine, eggs, and canned peas, 1%, each.
Articles which decreased in price during the year were: Onions, 32%;
lard, 31%; plate beef, bacon, crisco, and canned tomatoes, 6%, each;
pork chops, 5%; cheese, 4%; evaporated milk, baked beans, and canned
corn, 3%, each; navy beans, 2%.
Changes Since July, 1913.
For the 7-year period, July 1913, to .July 1920, 10 of the 23 articles for
which prices were secured in July 1913, increased over 100%, as follows:
Pork chops, 101%; hens, 107%; lamb, 109%; ham, 112%; bread, 113%;
114%,; cornmeal, 133 7o; flour, 164%; potatoes, 368%; sugar, 382%.
The large percentage increases shown in meal, flour, sugar and potatoes
mean that in July 1920, meal cost, approximately, 2 1-3 times as much as
in July 1913; flour over 2}^ times as much; potatoes over 4 J^ times as much;
rice,
ij.
and sugar over
4M
times as much.
Relative Prices
In behalf of the National Coal Association, its Counsel,
Butler, Lamb, Foster & Pope, makes the following state-
and if the Commission deby the upper courts they could secure it
issues raised,
Compared with Average
for Year 1913.
The following arc the relative prices in July 1920. as compared with the
average prices in the year 1913: Sirloin steak, 192; round steak, 202;
rib roast, 181; chuck roast, 179; plate beef, 158; pork chops, 208; bacon,
203; ham, 222; lard, 184; hens, 211; eggs, 166; butler. 177; cheese,
186; milk, 188; bread, 213; flour, 264; cornmeal. 233; rice, 214; potatoes,
524; sugar, 482; coffee, 165; and tea, 137.
The index number for the 22 articles combined, based on 1913 as 100.
was 219
for
both June and July.
FURTHER DECLINE IN WHOLESALE PRICES OF
COMMODITIES IN JULY.
U. S. Department
of Labor in a statement made public the present week,
The Bureau
of
Labor
Statistics, of the
reports that a further decline in the general level of wholesale
prices in the United States in July is showii by information
Meascollected in representative markets by the Biu-eau.
lu-ed by changes in the Bureau's weighted index number, in
which each commodity has an influence commensurate with
its importance in the country's markets, the decUne from the
June level was a little more than 2} 29c- If^ Jii"<^ ^ decrease
more than 1% as compared with May ha-d been
In its statement comparing the July wholesale
reported.
prices with those for June the Board says:
Farm prQducts, food and clothing showed considerable price recessions
from the preceding month. The (lecro.ise for f.arm products was 2.9% for
food it was nearly 4%, and fiK clothing it was practically 5i<i%. Smaller
decreases were rccordeil for lumber and building materials, chemicals and
On the other h.ind. fuel and
drugs, and miscellaneous commodities.
lighting materials continued upward with .an iiicrcvse of nearly 2h%.
Metals and metal products registoro<l a slight increase, while the group of
of a little
house furnishing goods showwl no ch.ange
in
the general price level.
Below are shown the index numbers of wholes,ale prices In the Unittd
Statis. by groups of eonunoditics, as computtxl by the lUircau of Labor
The figuri>s for the hiKt named month arc
Statistics for the months n.omed.
preliminary anil subject to revision. The b.ose usctl in computing these
ind«x numbers is the avcmgc for the calendar year 1913.
THE CHRONICLE
844
Index Numbers of Wholesale Prices By Groups of
(
ommodities.
SHIPPING AGREEMENT BETWEEN HAMBURG
AMERICAN LINE AND AMERICAN SHIP
& COMMERCE CORPORATION.
An agreement entered into between the Hamburg-Ameri-
(1913 equals 100)
June
243
279
335
246
Group:
Farm products
Food, etc
Cloths and clothing
^
Fuel and lighting
Metals and metal products
Lumber and
190
337
218
362
247
269
building materials
July
236
268
317
252
191
333
217
263
243
262
Chemicals and drugs
House-furnishing goods
Miscellaneous
^
All commodities
Measured bj' changes in the index numbers for the year period from July.
1919, to July, 1920. food articles increased 24.1%, cloths and clothing
12.4%, and fuel and lighting 47.4%. During the same time metals and
metals products increased 20.9%, limiber and building materils 79%, and
chemicals and drugs 26.9%. House-furnishing goods increased 47.8%,
and miscellaneous commodities 10% in this period. Farm products was the
only group in which the price level was lower in July than in the correspondThe decline in this group was a little over 4%. All
ing month of 1919.
conmaodities. considered in the aggregate, increased 20.2% in average price.
COMPARISON OF EMPLOYMENT AND WAGES IN
SELECTED INDUSTRIES IN JULY 1920 AND
JULY 1919.
A decrease of 55.5% in employment in the woolen industry in July 1920 as compared with July 1919, and an increase of 32.8% in the men's ready-made clothing trade in
the same interval, are the outstanding features of a statement issued by the Bureau of Labor Statistics, of the United
States Department of Labor, made public the current week.
These figures have been gleaned from reports received and
tabulated concerning the volume of employment in July
1920 from representative establishments in 13 manufacturing
Increases in wages in all but
Industries and in coal mining.
one of the industries are announced the largest 70.3%
in that of men's ready-made clothing, while the paper-making
industry was second with 51%. In making public these
figures the Bureau says:
Comparing the figures of July 1920 with those of identical establishments
for July 1919, it appears that in 8 industries there was an' increase in the
number of persons employed, while In 6 there was a decrease. The largest
increase, 32.8%, is shown in men's ready-made clothing, while paper
making and cigar manufacturing show percentage increases of 15.6 and 9.9,
respectively.
Decreases of 55.5% in woolen and 6.1% in boots and shoes
—
—
are shown.
Thirteen of the 14 industries show an increase In the total amount of the
pay-roll for July 1926, as compared with July 1919, and one shows a decrease.
The most important percentage increase, 70.3, appears in men's
ready-made clothing. The next largest increases are 51% in paper making,
47% in cigar manufacturing, 34.3% in automobiles and 34% in cotton
decrease of 43.6% is shown in the woolen Industry.
manufacturing.
A
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
IN JULY
No.
ments
Iron and steel
Automobiles. _
Car building &
repairing
Cotton mfg_
Cotton flnish'g.
Hosiery and underwear
42
52
1
45
68
Men's clothing
Leather.
Payin July
1920.
I
172.023185,784
week 102,042 111,482
H mo.
%
of
Incor
Dec.
1920.
Amount
of Pay-roll
in July
1919.
1920.
-hS.O $10,381,412 $13,344,921
+ 9.2 2.786,955 3,744,033
44,708' 46,481
-t-4.0
+ 3.3
+ 0.1
2,357,336
948,061
265,326
2,879,145
1,270,124
325,379
28,247 27,394 —3.0
43,692 19,407 1—55.5
16,074' 15,145 —5.8
2 wks
1 week
23,540, 31,250 + 32.8
9,923
9,574 —3.5
61,641] 57,861 —6.1
29,414 34,013 + 15.6
12,690i 13,944 + 9.9
mo.
20.8771 19,889 —4.7
\i
461.009
921.981
662,591
567,311
211,384
1,325,932
660,522
201,116
1.080.317
520, 263
520, 303
603, 982
966, 044
263, 834
12,125
12,115
%
of
Inc.
or
week 52,676 64,389
16
Cigars
Coal mining-.
Silk
^ mo
1
Boots and shoe.s
Paper making.
Woolen
roll
1919.
110
36
56
50
46
40
28
73
57
AND JULY
Number on
of
Estab
Hsh- Period.
Industry-
1919
Dec.
+ 28.6
+ 34.3
+ 22.1
+ 34.0
+ 22.6
+ 12.9
—43.6
+ 7.4
+ 70.3
+ 19.6
1,410 712 + 6.4
982 266 + 51.0
295 ,663 + 47.0
1,422 ,881 + 31.7
Comparative data for July 1920 and June 1920 appear in the following
The figures show that in three industrij* there was an increase in
the number of persons on the pay-roll in July as compared with June, and
in eleven a decrease.
The increases in the number of persons employed are
3% in paper making. 1.8% in cotton manufacturing and 1.2% in automobiles.
The greatest decrease, 55.3%. is .shown in the woolen industry.
In comparing July with June, one industry shows an increase in the amount
of money paid to employees, while 13 show a decrease.
The increase is
5% in cotton manufacturing. The largest decreases. 45. 8. 18.7 and 151%.
are shown in woolen, car building and repairing, and silk.
table.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
IN JUNE AND JULY 1920.
No. of
Industry
Iron and steel _
Automobiles
..
Car building
&
repairing
Cotton mfg
Cottonfinishing
HC'ory & un-
0(9^
r
WCCln
snit
M«n
lothing
Leather
Boots and slices
Paper making_
No. on
establish- Period.
June
ments.
1920.
114
38
42
50
16
61
49
46
39
28
74
Cigars
57
48
Coal mining
86
V-,
1
y-i
1
pay-roll.
%of
Amount
July
1920.
inc.
or
dec.
June
of pay-roll.
1920.
July
1920.
%of
inc.
OT
dec.
mo. 191.806 189,241 —1.3 $14,712,936 $13,582,616 -7.7
wk. 107,735 109,041 + 1.2 3.674.483 3.668,969
.2
—
mo. 56.049 46,481 —17.1
wk.
50.069 50,994
12.289 12,125
25.702
42.450
2 wks. 16.057
1 week
21.717
9..585
65,333
33.015
14.519
V, mo. 23.960
+ 1.8
—1.3
24,997 —2.7
18.978 —55.3
15..564 —3.1
20,953 —3.5
.1
9,574
59,804 —8.6
34.013 + 3.0
14. .505
23.7.34
3,541,498
1,183,497
336,750
2,879,145 —18.7
563,194
481,455 —14.5
504,481 —45.8
622.160 —15.1
618.312 —9.4
252.834 -^.5
1,463,814 —9.6
982,265
1.1
307,840 —4.4
1,726.874 —3.6
9.30.916
7.32.577
—
682.501
264,640
—
1,620,028
993.316
322.076
1.790.996
.1
—.9
1,189.617
325,379
+ .5
—3.4
—
[Vol. 111.
can Steamship Line and the American Ship and Commerce
Corporation, characterized as the "biggest deal in the history
American shipping" was made public on Aug. 16, and an
extended outline of it was given last week in our Investment
News Department (pages 794-795). In furnishing a summary of the agreement, Chairman Benson of the Shipping
of
Board
said:
The United States Shipping Board more than a year ago concluded that
the pre-war facilities, experience and good will of the Hamburg-American
Line, which before 1914 was the premier steamship company of the world,
could be utilized for the general advantage of the American merchant
marine.
With this object in view they arranged for W. G. Sickel, the representing the Hamburg-American interests in this country, but now an official of
the United American Lines, Inc., which company operates all the ships of
the American Ship Corporation, those of the American-Hawaiian Steamship
Company and likewise a large number the property of the Govemnaent, to
visit Germany with the view of ascertaining if their conclusions could be
carried out in a practical manner.
In the due course of time Mr. Sickel reported to the board, with the result
that a draft of the contract was prepared between the Shipping Board and
the Hamburg-American Line with the idea of re-opening at least some of the
trade routes formerly operated by the Hamburg interests, but in a purely
American way. Likewise, arrangements were made for Dr. Wilhebn Cuno,
Director General of the Hamburg- American Line, and two of his fellow
directors, to come to this country.
After careful consideration the Shipping Board, while still favorable to the
general idea, decided that it would be better in the long rim if the agreement
was made between the Hamburg-American Line and a private American
company, rather than that the Shipping Board itself be a direct party to such
a contract, but at the same time to be prepared to assist the American end if
such an arrangement could be consummated. After protracted negotiations Dr. Cuno and his associates, with the knowledge and approval of the
Shipping Board, concluded a contract with the American Ship and Commerce Corporation.
U. S. SHIPPING BOARD UNDER
THE MERCHANT MARINE ACT.
SALES POLICY OF
Coincident with its announcement that the American
Ship and Commerce Corporation had entered a reciprocal
agreement with the Hamburg-American Line, the U. S.
Shipping Board on Aug. 16 made known its policy with
regard to the sale of Government vessels under the Merchant
Marine Act. A summary of the Board's sales plan was
given in Washington advices of Aug. 16 to the N. Y. Journa^
of
Commerce" which
said:
The vessels will be sold to American citizens after advertising and com"
petitive bidding subject to the approval of the Board for all offers. The
mintmimi price set by the board is $160 a deadweight ton for the coal
burning vessels built on the Great Lakes and ranges up to $185 a ton for the
large oil steamers.
Depreciation for age will be allowed at the rate of 6%
for the second year and
for each additional year.
As to the terms. Chairman Benson announced today that 10% of the
piu-chase price will be required on delivery of the vessel, five per cent every
six months for two years, and the remaining 70% in equal semi-annual
installments over ten years, with interest on the deferred payments at 5% a
year.
Under the operation of this plan, which has been delayed by the necessity
of giving a thorough study to the provisions of the Shipping Act and to
the relation of the sales policy to the agency agreement with operators and
managers, the board intends to sell its entire fleet of more than 1500 ships of
approximately 10.000.000 daedweight tons. No effort will be made to force
the vessels on the market and offers for them are subject at all times to the
approval of the Board. In selling the ships the board will work with the
co-operation of the division of operations so that sales will not interfere with
the development of routes and services.
Following is a summary of the sales policy announced by the Board today:
5%
Under the Provisions of the Act the Shipping Board is charged with the
duty of adopting and executing a ship sales policy that will, in fact, establish the merchant marine of the United States upon a sound operating and
financial basis.
Pursuant to this
duty the Shipping Board, after a careful survey of the
current operating revenue, costs of operation, competitive conditioqs now
existing and which will exist, financial and the general economic situation,
offers to the public the following plan of ships sales.
Ten per cent of the piu-chase price in cash upon delivery of the vessel,
5% in six months thereafter. 5% in twelve months thereafter, 5% in
eighteen months thereafter, 5% in twenty-four months thereafter, the
balance of 70% in equal semi-annual installments over a period of ten years;
deferred payments to carry interest at the rate of 5% per annum.
All revenues derived from operations are to be deposited in a controlled
or .supervised account nad the installments above provided for. except
initial payment, may be paid therefrom
The purchaser shall be permitted to take from such proceeds of operation
after the current installments are paid, not exceeding fifteen percentum upon
paid up Installments as a dividend upon such investments.
Five per centum for every year thereafter to date of purchase, depreciation to be allowed for whole months only, and up to the estimated date of
.
delivery.
In every case the Board will insist upon full and satisfactory evidence of
the financial ability of the buyer to carry out his contract and meet his
financial oboigations as they become due.
Upon apijlication the board will fiu-nish the names, tonnage and general
specifications of the vessels for sale.
Satisfactory evidence of the financial ability of the buyer to carry out hus
contract and proof of his nationality will be insisted upon, the ch^rtman
stated.
Sale to foreigners is permitted under the Jones act only when the
board "after diligent effort" has been unable to sell to citizens of the United
States
P*reparations for the sale will begin at once. Chairman Benson stated
Plans for an extensive advertising campaign to place the vessels on
today.
the market is under way. he said, and actual disposal of them will start as
soon as the neces-sary details have been completed.
In line with the board's policy for disposing of its entire fleet, it was stated
that an active campaign to sell the wooden ships would also be launched.
Definite plans for disposition of these craft, however, still are under consideration.
Aug. 28
THE CHRONICLE
1920.]
845
TERMINATION OF LONGSHOREMEN'S STRIKE- on Aug. 24. The freight increases range from 10 to 40%,
while the passenger increases range from 20 to 33 1-3%.
SHIPPING BOARD TO OPEN WAGE HEARINGS.
The Board's order announcing the increases said:
The strike of coastwise longshoremen in the port of New
After careful consideration of the applications and supporting statement
—one
most complicated labor disputes known
here in recent years came definitely to an end on Aug. 13,
when the longshoremen voted unanimously to approve the
York
of the
and
all the facts and evidence of record In the Instant case, the Board
concludes and decides that, to the extent hereinafter indicated the advances proposed to be made have been shown to be just, reasonable and
necessary.
The rates fares and charges of the water carriers operating in
the sections involved may be increased as follows:
—
The
decision of their leaders to call off their strike.
new agreement between their organization
ratified the
men
and
Frt.
the steamship companies. Their action was purely formal,
as most of the men had already returned to work. More
than 3,500 longshoremen, representing the four locals of the
organization in this port, attended the meeting. Joseph P.
Ryan, Vice-President of the International Longshoremen's
Association, presided.
The strike, which began in March, soon involved the
truckmen's unions, whose members refused to handle goods
at piers where the longshoremen were on strike. As a result
of the truckmen's action and their attitude, the great commercial organizations of New York formed the Citizens'
Transportation Committee and subsequently organized the
Citizens' Trucking Corporation to clear up the congestion
of freight at the piers.
In announcing that the longshoremen had voted to return
to work, the New York "Tribune" on Aug. 13 said:
Between
Between
Between
Between
Between
Between
Between
was intimated then that the struggle was near
its
end.
An
day's notice
because operative. In its conclusions the
Shipping Board it is learned from the New York '.'Commercial" said in part.
Thi.i proceeding was instituted by the Board of its own motion, to determine the justness and reasonableness of certain proposed advances in the
rates, fares, and charges of water lines engaged in interstate commerce on
the Atlantic coast, Gulf of Mexico, and Great Lakes. The ap,)Ucations
were filed on and subsequent to Aug. 11 and were proposed to be made
effective August 26, 1920 contemporaneously with the effective application
of the rates, approved by the Interstate Commerce Commission, as to
rail and water traffic.
Section 18 of the shipping act of Sept. 7 191G, imposed
upon common
by water
in
interstate
commerce
directed a hearing Aug. 18.
Notwithstanding the protests which had been filled with the Board in
advance of the hearings, however, it developed at the hearing that there
was no concerted opposition to a general increase in rates. Representatives
of shippers stated frankly that they did not object to reasonable advances
in rates, as they realized that tho carriers had been and were confronted
with increases In the cost of operations, including labor, materials and other
items, and they recognized the fact that in any, if not in most instances,
some IncrecO-ses should be made in the rates in order that the revenues of the
Most of the testimony on behalf
carriers might be fairly remunerative.
on behalf of shippers was directed toward specific situations, which they
conceived to be discriminatory or detrimental to their respective interests.
Tho general advances proposed by tho lines operating between Atlantic
coast and Gulf ports were as follows:
The United Shipping Board after the dissolution of the National Adjustment Commission which has had jurisdiction over longshore matters on
the .\tlantic and Gulf coasts during the war, has at onco taken steps to
the (Jreat
carriers
subject to the jurisdiction of the board an obligation to
give to the public and the board 10 days' notice of proposed
advances. By the terms of the act such advances cannot
become effective until approved by the Board.
Protests against the operation of the new tariffs were lodged with the
Board by shippers and commercial organizations. The Board thereupon
said:
rates sought by water
and Gulf coasts and on
Lakes were authorized by tho U. S. Shipping Board
—or on Aug. 26—the same date when the new
railroad rates
The United States Shipping Board on Aug. 13 gave notice
that it would hold a hearing at New York, Sept. 15 at New
Orleans, Sept. 27 and at Savannah, Oct. 1, to consider the
adoption of new longshoremen's wage scale at ports of the
Atlantic and Gulf Coast. A statement issued by the Board
and passenger
order will be entered accordingly.
Wliile the increased rates were authorized to go into effect
not later than Jan. 1 1921, they were made effective on one
"We didn't get all we asked for," commented Mr. Ryan, after last night's
meeting, "but under the circumstances the deal seems favorable."
Increases in freight
..
20
Board.
during the night.
carriers operating along tho Atlantic
10
m
Conferences
INCREASES IN COASTWISE AND GREA T LAKE RATES
AUTHORIZED BY SHIPPING BOARD.
20
20
20
20
33 1-3
33 1-3
20
.
were held almost daily between the shipwoners and the union officials, the
last of which took place yesterday in the office of H. H. Raymond, VicePresident of the Savannah Line and spokesman for the steamship officials.
Mr. O'Connor and Joseph Ryan, Vice-President of the International Longshoremen's Association, acted for the workers. The union heads, it appears,
were finally convinced that the shipowners were unable to grant the raise
in wages at the present time and decided to waive the question.
The matter was placed before the seven locals involved, comprising about
6,000 men, and a vote on the question of returning to work taken. The
decision to return to work was confirmed at a joint meeting of the locals
arrange for direct negotiations with the various interests concerned.
A meeting will be held ui New York on Sept. 1,5, at which negotiations for
a new agreement covering longshore wage scale and working conditions in
the North Atlantic district, Norfolk to Portland, will bo begun.
There will be represented at this conference shipping and stevedoring interests of the north Atlantic coast, tho International Longshoremen's Association and tiho United States Shipping Board.
Following this conference in New York, there wUl bo held a further conference at Now Orleans about Sept. 27 to work out an agreement covering
wage scale and working conditions for members of the Internatidnal Longshoremen's Association einploycd on the Gulf.
Shortly after Oct. 1 there will bo held a third conference at Savannah
to perform (he same function for the south Atlantic district.
To maintain the American merchant marine on a sound and permanent
basis the Shipping Board feels very strongly that tho fullest amount of cooperation and sane aoMon on the part of all concerned is vitally essential.
This means that all must strive toward the bringing down of the present
already higher cost of operation in order that foreign competition may be
more effectually met. This view is reflected in tho broad-minded and patriotic action of the operating departments, deck officers, engineers, radio
operators, sailors, firemen and stewards in consenting to continue on the
basis of tho present wage scale.
%
40
25
35
40
The Increases authoi-ized on freigho traffic may be made applicable to
weighing, lighterage, storage, floating, transfer, diversion, reconsignment,
switching and transmit services; and thepassenger fares increases authorized
may be applied also to excess baggage.
On the Atlantic and Gulf coasts the through rates between ports located
in different coastal sections, which are made on a combination basis, should
be Increased by applying to each factor of the through rates its respective
percentage.
Local or joint through rates between ports In one coastal section and
ports in any other coastal sections should be increased 33 1-3%
For rate-making purposes, Norfolk, Va., will be considered in the Norfolk
New Orleans section to and from ports within the latter section: New Orleans, La., will be considered in the Norfolk-New Orleans section to and
from ports within said section and within the New Orleans-Me.Kican border
section to and from ports within the latter section.
With regard to increases in terminal charges, Norfolk will be considered in
the Norfolk-North Atlantic section, and New Orleans will be considered
the New Orleans-Mexico border section.
The increases in rates, fare sand charges herein authorized may be made
effective not later than Jan. 1 1921 on one days' notice to the public and the
This brings to a close one of the longest struggles in the history of the
harbor, which for a time caused a complete tie-up of freight steamships in
the coastwise trade and threatened to bring about a serious "open shop" war.
The strike began on March 12, when the men were refused their demand
for an increase of 15 cents an hour in order to make their wages equal to
that of the deep-sea workers. The shipowners Insisted they were not able
to meet the demand because of the competition of the railroads and were
supported in their position by the National Adjustment Commission, which
had already ruled on the subject.
The fight continued for several weeks until the unionized truckmen boycotted the piers, completely tying up all incoming and outgoing freight.
With the city losing more than $1,000,000 a day, the merchants organized
an Independent trucking system to break the deadlock. This move was
engineered by the Citizens Trucking Co., backed by the six strongest commercial bodies in the city. Disregarding union threats to tie up every
industry in the city, the committee cleared the piers and in a measure restored coastwise commerce.
A week ago James J. Riordan, President of the United States Trucking
Corporation, announced that an agreement had been reached whereby the
tmion teamsters had consented to haul freight from the coastwise piers
The Citizens Trucking Committee then declared that its trucking system
would be withdrawn on Sept. 1, but that its organization would be kept
alive as a permanent weapon against strikes and boycotts that threatened
the city's trade.
M^aive Pay Rates Demand.
It
Norfolk, Va., and ports on the Atl. Coast north-Norfolk and New Orleans
New Orleans and the Mexican border
ports on the Great Lakes
N. Y. and the Canal Zone
N. Y. and the Virgin Islands
N. Y. and Porto Rico
Pa.ss.
%
Freight.
Pass'r.
20%
Between ports on the Atlantic coast north of Norfolk, Va.. 40%
20
25
Between Norfolk and New Orleans, La
20
35
Between Now Orleans and the Mexican border
These applicants seek to justify the proposed advances on the ground that
'
the present rates are not sufficiently remunerative. In view of the prevailing high operating costs, and that the rates should be advanced to enable
them to earn a reasonable return upon the value of their property devoted
to the public service.
Inasmuch as the Board is not empowered to pre»«cribe accounting rules
and systems to be observed by the carriers subject to its jurisdiction, tho
financial and statistical date submitted in s*ipport of the propostKl advances
were in varied and dissimilar form, not susceptible of reduction to a common basis. It has, therefore, been ncces.sary to consider such data by indiTho operating results reflected by these
vidual carriers rather than en bloc.
varied statistics are substantially identical, however, and may be illustrated
by the following summaries:
An examination of tho exhibit^ and testimony submit te<l by tho Merchants
and Miners' Transportation Co. show that on Juno ;}0 1020, tho book
value of its property devoted to the public service. Including floating equivniont, wharves and other neccs.'^ary terminal property was S3,S12.U9 56:
that for the six months endixl Juno 30 1920. the total operating revenues
were S3. 021, 971 31, and that its total operating expenses during the same
period wero S3..'')71.972 16, leaving an operating deficit for the six months
After making allowances for mlscellantxius Income
noted of 3553,001 15.
and expense, this deficit was increased to S69 1.196 25. Figures submitted
by this carrier showed nn insured valuation of the above described property
of more than $6,000,000, which it was stated represent only 80% of Its
actual value.
The advances proposotl by tho Merchants' vV Miners' Transportation Co..
ip addition to those allowed to that carrier by tho Inter-St.ite Conmierce
Commission, a.ssuming that tho volume of traffic to ho han(ile<l by it does
ot diminish, were estimated to > <M fir six lucnths, increased rcvenuesof
THE CHRONICLE
846
51,019,051 95, practically
by operating expenses.
which, it was anticipated, vrill be absorbed
was asserted that the revenue requlremente of
all of
It
the Merchants' & Mioers' Transportation Co., as a matter of fact, necessitate a larger increase than that petitioned for, but that any greater Increase
would seriously disturb existing rate relationships and thereby retard the
movement of traffic.
The six mouths covered by the above statistics were represented as
comprehending a period when the company was operating at maximum
capacity; and it was stated that the volume of traffic handled at any
other period would not be nearly so heavy. It was testified that the costs
of operation resulting from increases in t^e cost of materials, fuel suppUes,
labor and everj' other element of transportation, were abnormally heavy
and that there was no present indication that they would decline to any
great extent in the very near future.
Conditions governing the operations of other Atlantic coast and Gulf lines
are substantially similar to those above set forth, except that at some ports
not served by the Merchants' & Miners' Transpoj-tation Co. conditions
are even more unfavorable. The record shows that for the period ended
June 30 1920, the Eastern Steamship Lines, Inc.. sustained a lo.ss of $539,831 07, and that for the year ended Dec. 31 1919, the operating deficit of
the Clyde Steamship Co. was $1,357,953, and of the Mallory Steamship
Co., $643,165.
Apidioations and data submitted by cei-tain carriers in respect of water
line operations between New York on the one hand and the Canal Zone,
the Virgin Islands and Porto Rico on the other hand, reflect the operating
conditions shown above, including unprecedented costs and inadequate
returns with resultant los;es.
The advance proposed by the Great Lakes carriere approximate 40%
on freight and 20% on passenger traffic. It appears from the records
that the expense incident to the operating of vessels on the Great Lakes has
increased substantially to the same extent as on the Atlantic coast.
For
example, it was shown that these carriers are now paying for bunker coal
approximtely 100% more than they paid in 1919, and they claim to be
recei\'ing a poorer quality than was then available.
These carriers also claim
that they are paying 60% more for materials and suppUes and 40% more
for labor than they paid in 1919.
Some stress was laid by shippers upon the fact that the past performances
of a few of the Great Lakes lines had shown substantial returns on their
property. It must be borne in mind, however, that we are dealing with
present conditions; and, whatever those statistics may show for past years,
they cannot be said to reflect the results of operations under the high costs
and other unfavorable conditions existing at the present time.
The book value of the terminal facilities and fleet operated by the Great
Lakes Transit Corporation is $4,087,887, according to the record. For the
six months ended with June 30 1920 the gross revenue of this company was
$1,077,295; its operating expenses were $1,194,411.38, making a deficit of
It was claimed that the market value of the company's
$117,116.38.
property is $10,000,000. The Cleveland & Buffalo Transit Co. showed a
net loss to June 30 1920 of $193,115.89. The Goodrich Transit Co. sustained a net loss of $77,905.83 for the year ended Jime 30 1920. These
figures fairly represent the results attained by other Great Lakes carriers
in the operation of their respective lines.
There is ample evidence of record to support the claims of the Atlantic,
Gulf, Great Lakes and territorial lines regarding the increased costs of their
operations and their need for additional revenue, and the increases for which
they have respectively applied will produce not more, and in all probability
less, than a reasonable return upon the value of their properties devoted
to the public service.
are urged to allow the proposed advances to become effective on
Aug. 26 1920 contemporaneously with the increased rates authorized by the
Interstate Commerce Commission, this, it is claimed, being necessary to
preserve proper rate relationships.
If the increases should be denied, the carriers would, of course, be confronted with the unnatural and objectionable situation of having port-to-port
rates which would be lower than their proportional water rates between the
same ports on traffic handled in connection with rail lines. It was also
indicated that such a state of affau-s would permit shippers so to handle
their freight as to avail themselves of the preferential port-to-port rates,
instead of paying the higher proportional rates, thereby tending to deplete
the revenue which should properly accrue to the carriers from through railand-water business. As against this situation it is shown that the cost of
handling port-to-port traffic is generally in excess of the cost of handling
We
through
traffic.
Some evidence was introduced by
shippers, tending to show that the lines
not given to commercial organizations and to shipproposed embargoes and that the carriers equipment has been inadequate to handle the traffic offered. It is. of course,
desirable that close co-operation be maintained between the carriers and the
shippers with a view, at all times, to acquainting the latter with the fact of
proposed embargoes, as in this way it is possible to prevent unnecessary
movement of freight to wharves and terminals. It is also important that
the carriers shall exert every effort to provide a transportation service that
wiU fully meet the needs of the shipping public. In this connection, rep ret
sentatives of several of the carriers expressed themselves as willing to improve their facilitias, if it should hereafter develop that their financial
condition will so warrant.
«»eiS!$;(lfc
in certain instances have
pers sufficient notice of
In
its issue
of
August 25 the
New York "Times" said:
was explained that in the case of New York- New
Orleans traffic, which is perhaps the most important of all the coastwise
services, freight rates will be worked out on a basis of 40% increase from
New York to a point off Norfolk and 25 % increase for the rest of the voyage to the Gulf city. The same rule mil apply to the increases between
New York and Charleston, Savannah, Florida ports. Mobile, Galveston,
Port Arthiu- and other Atlantic and CJulf ports.
It was suggested that the price of oil products and of gasoline may take a
jump in price as a result of the increased freight rate between Port Arthur.
other Gulf oil ports and New Orleans, Norfolk, New York, Boston and
other Gulf and Atlantic ports. The coastwise shipping trade also handles a
large proportion of the cotton trucking and lumber shipments from Southern to Northern markets, and it may also mean increased prices for those
At the Shipping Board
it
,
commodities.
[Vol. 111.
Company, WiUiam S. Guillan, its general
agent; Marty Lacey and William O'Neill as representatives
of the teamsters' union and the members of the union, from
preventing the transportation of Buyers* merchandise between here and Norfolk, Va.
The Judge also dissolved a tempory restraining order
previously granted in the District Court, under which imion
Transportation
and non-union workers have been handling freight together
on the Old Dominion piers.
Through his counsel, Walter Gordon Merritt, also coimsel
for the Merchants' Association and head of the Citizens'
Trucking Co., Inc., the non-union trucking organization
formed by the local business interests, Bu^er alleged there
was a conspiracy between the steamship company and the
union longshoremen to refuse to handle his goods when
delivered at the piers by non-union truckmen.
Judge Hand in his opinion said
The Old Dominion Line avowedly
is carrying merchandise for the public
but has expressed its inability to receive and forward Buyers'
merchandise because such action would involve the discharge of its employes, with the further probable resuU that it could get no others competent
I find no reason to suppose that its acts have not been
to do the business.
done in good faith and that it does not desire to handle the complainant's
merchandise. The facts are all to the contrary.
I doubt very much whether it can be regarded as unfair, unjust or unreasonable to fail to carry forward the goods of a particular shipper if the
carrier in good faith, attempts to do this and finds that farther pursuit of
the matter will involve the loss of the only available employes, and will be
likely to paralyze all transportation by water between such important
points as Norfolk and New York.
in general,
LEADERS OF DENVER STRIKE SENTENCED TO
JAIL.
committee of the Tramway Employes Union at Denver, Colo, were sentenced on
Aug. 16 to serve 90 days in the county jail and to pay the
Seven members
of the executive
cost of court proceedings occasioned by the recent trolley
strike.
In passing sentence. Judge Greely W. Whitford,
sitting in the fourth division of the District Court, declared
the strike of more than 1,100 members of the Tramway
Employes' Union on the morning of Aug. 1 as directly in
contempt of a court injunction and restraining order of
May 29. The "Rocky Mountain News" (Denver) on Aug.
17 had the following to say -with reference to the decision:
Judge Whitford, immediately after passing judgment, denied motion
of defendants' counsel for a new trial, denied likewise a motion for stay of
execution of sentence, and the seven men, escorted by Undersheriff Tom
Clarke and J. W. Ronaldson, were taken to the county jail, where they
began serving their sentences. The defendants were given twenty days
in which to file exceptions to the court's ruling.
The seven union leaders sent to jail are: Henry Silberg, president of the
union; J. A. Parker, J. E. Barnett, A. Coffeen. J. E. McKiddie, L. J.
Siegris, and S. H. Schoeflin, all members of the executive committee.
Surrounded by a group of relatives, friends and sympathizers, following
the adjournment of court, the men bid all a cheery "Good-by" as they were
whisked away in automobiles to prison cells.
"There are mitigating circumstances in connection with this action
which the court cannot and will not overlook," said Judge Whitford in
pronouncing sentence. "To impose a small fine, however, would not be
A few days in jail
in keeping with a dignified administration of the law.
would not, either, command respect."
It has been a matter of serious consideration as to what the court ought
The judgment must not seem vindictive or spiteful.
to do in this matter.
But the court must administer the laws of the people without fear or favor,
and must see that every infraction of same is adequately punished.
The court did the unusual thing of enjoining the tramway company
from cutting your wages, but it also enjoined the company from ceasing
They said such an order was confiscatory, but the
to operate its cars.
court held it was their duty to operate and so ordered it.
If orders of the court cannot be enforced, then rights of person and
property must always be in jeopardy. The laws, be it ever remembered,
are the laws of a majority of the people. The court, on hearing, has
found that your action has been in violation of them. It cannot do aught
but impose a penalty.
Immediately after the adjournment of the court Attorney Williams held
a brief consultation with the seven members of the executive committee.
As the men rose from their places and gathered around their legal representative, there were few smiles on their faces and several wore grim,
determined expressions, which were not dissipated by the forced jocularity
of their friends.
The Denver trolley strike was previously referred to in
the "Chronicle" of Aug. 14, page 652.
REMOVAL TO NEW YORK OF NATIONAL
INDUSTRIAL CONFERENCE BOARD.
Industrial Conference Board announces that
headquarters heretofore in Boston are, beginning Aug. 23,
located at 10 East 39th Street, New York City.
The National
its
JUDGE HAND REFUSES TO GRANT INJUNCTION
SECRETARY OF STATE CERTIFIES ADOPTION OF
AGAINST BOYCOTT OF NON-UNION GOODS.
WOMAN SUFFRAGE AMENDMENT.
The union boycott of non-union goods employed in the
The Federal Woman Suffrage Amendment was formally
recent longshoremen's strike here, "was upheld by Federal
Judge Hand on Aug. 24. Judge Hand, sitting in the Disrict Court of New York, denied the apphcation of Samuel
uyer, elastic garter manufacturer at No. 935 Broadway,
a temporary injimction restraining the Old Dominion
part of the Constitution of the United States on
Aug. 26 when Secretary of State Bainbridge Colby officially
proclaimed its ratification. A special dispatch to the New
made a
York "Time
said:
,
Aug. 28
THE CHRONICLE
1920.]
We
The signing of the proclamation took place at 8 a. m. at Secretary Colby's
Street, Northwest, without ceremony of any kind, and
residence, 1507
the issuance of the proclamation was unaccompanied by the taking of
movies or other pictures, despite the fact that the National Wonaan's
Party, or militant branch of the general suffrage movement had been anxious
to be represented by a delegation of women and to have the historic event
filmed for public display and permanent record.
K
Secretary Colby did not act with undue haste in signing the proclamation
but only after he had given careful study to the packet which arrived by
mail during the early morning hours containing the certificate of the Goverikor of Tennessee that the State's Legislature had ratified the amendment.
Following
State
is
the official pronouncement of Secretary of
the ratification of the Suffrage
Colby certifying
Amendment.
Secretary of State of the United States of America.
To all to whom th*se presents shall come, greeting:
Know ye, That the Congress of the United States at the first session,
sixty-sixth Congress begun at Washington on the nineteenth day of
in the year one thousand nine hundred and nineteen, passed a resolution
as follows:
To wit:
Joint resolution.
Proposing an amendment to the Constitution extending the right of
May
suffrage to
women.
Resolved by the Senate and House of Representatives of the United States
of America in Congress assembled (two-thirds of each House concurring
therein), that the following article is proposed as an ameudment to the
Constitution, which shall be valid to all intents and purposes as part of the
Constitution when ratified by the Legislatures of three-fourths of the
several States.
ARTICLE.
"The
right of citizens of the United States to vote shall not be denied or
abridged by the United States or by any State on account of sex.
"Congress shall have power to enforce this article by appropriate legislation."
And, further,, that it appears from official documents on file in the
Department of State that the amendment to the Constitution of the United
States proposed as aforesaid has been ratified by the Legislatures of the
States of Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana,
Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota,
Missouri, Montana, Nebraska. Nevada, New Hampshire, New Jersey,
New Mexico. North Dakota, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota. Tennessee, Texas, Utah, Washington, West Virginia, Wisconsin and Wyoming.
And. further that the States whose Legislatures have so ratified the said
proposed amendment, constitute three-fourths of the whole number of
States in the United States.
Now, therefore, be it known that I, Bainbridge Colby, Secretary of State
of the United States, by virtue and In pursuance of Section 205 of the
Revised Statutes of the United States, do hereby certify that the amendment aforesaid has become valid to all Intents and purposes as a part of the
Constitution of the United States.
In testimony whereof, I have hereunto set my hand and caused the sale
of the Department of State to be affixed.
Done at the City of Washington, this 26th day of August, in the year of
Our Lord one thousand nine himdred and twenty.
BAINBRIDGE
NEW RAILROAD RATES
COLBY.
IN EFFECT— ACTI ON IN
VARIOUS STATES.
847
have heard sufficient evidence to show a 2 cent rarte would be coninasmuch as the Inter-State Commerce Conunission has ruled that
a rate of 3.6 cents a mile Is necessary for the railroads to operate on a busifiscatory,
ness basis.
Last week, page 751,
we
referred to the fact that the
increased freight rates except on milk and cream.
On
Aug. 20 the Pubhc Service Commission for the First District
denied the New York Central, the New York, New Haven
& Hartford and the Staten Island railroad companies permission to put into effect on short notice the new schedule
of passenger tariffs promulgated by the Inter-Stat^ Commerce Commission. The New York "Tribune" of Aug. 21
in reporting this said:
This affects the commuters who travel on these lines within the city
Umlts and is supplementary to the action of the PubUc Service Commission
of the Second District.
The Long Island Railroad and the Westchester &
Boston also have applications pending before the commission, but in their
cases the increases are not so large as the 20% provided by the Inter-State
Commerce Conmxission.
The application of the
three first named companies to apply increased
milk, cream and allied products also was denied.
The Commission, however, permitted the companies to place the general
freight rate Increase of 40% allowed by the Inter-State Commerce Commission.
It was said the action of the Public Service Commission in the latter
respect does not Imply any considerable grant, as its jurisdiction covers
only New York City.
20% on
freight rates of
On Aug. 25
the Public Service Commission, Second DisState suspended operation by steam railroads of tariffs covering the new freight rates applying to
sand, gravel, rock, crushed stone, slag and cement until
Oct. 15, for the purpose of investigation and deternaination
by the Commission of the reasonableness of the new rates.
On Aug. 25 Acting Public Service Commissioner Alfred
M. Barrett denied the application of the Long Island RR.
Co. to put into effect the 20% increase in its passenger rates
under the recent order of the Inter-State Commerce Commission.
The railroad on the 24th withdrew from the
State Commission an application made last June for a 10%
increase in its rates and submitted a new petition asking
the 20% increase. The "Wall Street Journal" of Aug. 25
said in referring to the denial of the Long Island's petition:
Morgan J. O'Brien, special counsel for the railroad company, in his
trict in
New York
argument for the increase in rates, intimated that an appeal would be taken
from the Commission's decision to the Inter-State Commerce Commission,
and Commissioner Barrett announced that the Public Service Commission
would oppose any taking of jm-lsdiction by the Inter-State Conmierce Commission, and would also oppose the 20% rate increase.
He also du-ected
the counsel for the Public Service Commission to prepare papers for presentation before the Inter-State Commerce Commission, in event of appeal by
the Long Island RR., or any of the other local carriers, who have applied
to put the
20%
passenger rate Increase into effect.
The Pubhc
Utility
Commission
of
New
The increased railroad freight and passenger rates, auth- ing the rate increase on Aug. 19, held that
orized by the Inter-State Commerce Commission on July 29,
orders suspending an increase of 40% in
which were given in our issue of Aug. 7, page 549,
went into effect on practically all the railroads of the country
on Aug. 26. At the same time a number of steamship
companies operating on the Atlantic and Gulf Coasts, and
on the Great Lakes made similar advances in their rates,
in accordance with this week's order of the U. S. Shipping
details of
Board, referred to elsewhere in our issue to-day. The railroads which failed to advance their rates on the 26th were
those which had not filed the required blanket schedules in
time for them to become effective. In these cases the higher
Under the Commission's order
rates will be adopted later.
of last month the railroads in Eastern territory were authorized to raise their freight rates 40%; those in the Southern
and Mountain-Pacific Groups 25%, and the Western Group
35%. The Commission also authorized the carriers to advance passenger fares 20%; Pullman rates 50%, and excess
baggage rates and milk rates 20%. The hearings on petitions of carriers for higher rates on intra-State traffic whore
State Commissions have refused to approve increases sought
were authorized on Aug. 24 by the Inter-State Commerce
Commission. The first hearing is scheduled for Sept. 8 in
Chicago, when the request of Illinois railroads for intra-State
rate increases equivalent to the inter-State advances will
be taken up. The Illinois State Commission refused to
grant the 20% increase in passenger rates asked by the roads
and allowed an advance of only 33 1-3% in freight i-ates, as
against 40
requested
R ef erence to the Illinois Commission's orders was made in our issues of Aug. 14, page
On Aug. 24 a temporary
652, and Aug. 21, page 75 3.
injunction restraining the Illinois Pubhc Utilities Commission from enforcing the State law which fjxes an intra-State
fare of 2 cents a mile after Sept. 1 was issued Yyy Federal
jJudgQs Baker, Geiger and English.
In granting tlie inunction, Judge Baker said:
%
.
New
York Public Service Commission had denied the applicatior
of the raihoads operating in New York authority to increase
passenger fares, but had authorized the roads to charge
Jersey in upholdit could not issue
freight rates and
on the raihoads operating within
the State. The State Commission also announced that the
percentages of increase authorized by the Inter-state Commerce Commission must be applied to intrastate as well as
interstate rates to provide the return which Congress has
decided the railroads shall receive and that it would be
unfortunate if the States, assuming they had the power,
20%
in passenger rates
should restrict the general apphcation of the increases.
According to the Minneapolis Jom-nal of Aug. 22 the Minnesota Railroad & Warehouse Commission on Aug. 21 filed
an order granting railroads operating within the state the
35% increase on intrastate traffic which has been allowed by
the Interstate Commerce Commission in interstate traffic.
The higher rate will become effective on intrastate traffic
Sept. 1. The interstate higher rate was made effective
Aug. 26. The application of the carriers for a*50% surcharge on Pidlman tickets was also granted by the State
Avell as the 20% advance on milk and cream
request for a 3.6 cents a mile passenger fare
was not granted, the Commission in its statement saying:
Commission as
rates.
The
In view of the fact that in this state there exists by statute a maxunum
faro law of 2 cents a mile which the companies are allowetl to charge, this
commission has not considered that it has jurisdiction at this time to eutortain the application of the carriers respecting increase in passenger fares
within the state.
The Commission has announced thiit increase of the passenger fare must fall within the province of the attorney
Nine of the principal railroads of the State on
general.
Aug. 25 began suit in the United States District Court for
temporary and permanent injunctions against the State
Raih-oad & Warehouse Commission from enforcing the twocent intrastate passeng^^r rate on Sept. 1.
The Detroit Free Press" of Aug. 24 made known the
fact that injunction proceedings have been instituted in the
United States District Court in Detroit by several railroads
'
THE CHRONICLE
848
to restrain the Public Utilities Coramission the Attorney
General and the Prosecuting Attorney of Wayne County
,
from enforcing the provisions of the Michigan 2J/2 cent mile
law enacted bj^ the 1919 Legislature.
In line with the order of the Inter State Commerce Commission the Wisconsin RR. Commission on Aug. 16 in-
[Vol. 111.
Congress created an agency agamst whom actions could be brought by
providing that the President should des/gnate an agent for the purpose.
It then specifically gave us jurisdiction to hear and decide complaints for
reparation filed against such agent on account of damage claimed to have
been caused by reason of collection or enforcement by or through the President during the period of Federal control of any unjust, unreasonable or
otherwise unlawful rates, whether State or inter-State.
"
become effective
35%,
Commission,
however
denied jurisAug. 26. The State
fare
rates.
Wisconsin
has a
diction in the case of passenger
two-cent passenger fare law, and an effort will be made to
enforce this statute. The Commission held that the Legislacreased intrastate freight rates
to
ture retains jurisdiction of passenger fares.
The Missouri PubUc Service Commission on Aug. 24,
it is announced, voted to authorize the railroads to increase
intrastate passenger and freight rates to correspond with the
increases granted by the Interstate Commerce Commission
for interstate traffic.
50% increase in sleeping-ear
rates also was allowed.
Regarding the action taken in Iowa, the Omaha "Bee"
of Aug. 19 said:
Advances of 25% on Iowa intrastate freight rates, effective on 10 days'
notice, will be permitted by the State Raih'oad Commission pending a
complete revision of the Iowa tariffs.
This announcement was made today [Aug. 18] by Chairman Dwight N.
Lewis of the State Railroad Commission at the hearing at the state house on
A
the railroads' application for increased rates.
As to passenger fares, Chalrpian Lewis said the commission has determined
it has no authority to act and the appUcation for Increased passenger fares
is
therefore dismissed.
The Nebraska
State Railway Commission it was reported
week, has refused to grant an increase in intra-state
freight rates and announces that it has no jurisdiction in
the two-cent fare passenger rate because of the State law.
Increases in railroad passenger and freight rates on
intra-State traffic, except those on milk, were approved
by the North Dakota RR. Com. on Aug. 25 to meet increases
granted on inter-State traffic.
An order was issued on Aug. 26 by the Washington P. S.
Com. suspending for 90 days Inter-State Commerce Com.
increases in freight charges on milk and cream carried on
passenger trains, on passenger fares within the State on
Lines now charging 3.6 cents or more a mile, and also on
pulp logs.
The State Corporation Commission of New Mexico,
according to press advices from Santa Fe Aug. 26, has refused to grant any increase in intra-State passenger rates
except on the Colorado & Southern RR, where the fare has
been 3 cents a mile. Under the increase it will be 3.6
Increases were granted on intra-State freight
cents a mile.
COMMUTATION TICKETS ON PENNSYLVANIA AND
N. Y., N. H. & HARTFORD SOLD AT OLD RATES.
The Pennsylvania RR. and the New York, New Haven &
Hartford RR. granted to commuters the privilege of purchasing at the old rates up to midnight Aug. 25, commutation tickets good for thirty days.
RAILWAY WAGE ADJUSTMENT IN CANADA.
was announced on Aug. 24 that a termination of the
which had existed between the Canadian railway
companies and employees of the railway shops has been
effected with the signing of an agreement by the companies,
through the Canadian Railways Adjustment Board whereby
It
differences
workmen are to receive a minimum salary of 85 cents
an hour, while certain of unskilled men, siich as day laborers
and apprentices will receive increases varying from 10 to 13
cents an hour.
The 44-hour week is agreed to, and the
unions signatory of the contract are recognized by the company. The new scale of wages goes into effect as from the
first of May last.
The contract affects in the neighborhood
skilled
of 40,000 workers.
this
rates
We learn from the Dallas (Tex.) "News" that a general
advance on all intra-State freight tariffs of 33 1-3%, 20%
advance in excess baggage rates and dismissal as to passenger
rates for want of jurisdiction was the decision rendered on
Aug. 21 by the Texas RR. Commission on the application
of carriers for general advance in freight and passenger
rates.
Railroad rates for purely intra-State traffic, both passenger and freight, will not be increased in West Virginia
imtil further notice, according to press dispatches from
Charleston Aug. 25.
The "Birmingham (Ala.) "Age-Herald" of Aug. 25,
stated that railroad freight rates on intra-State traffic were
advanced 25%, passenger fares 20%, PuUman rates 50%
and express rates 12J^% by order of the Alabama public
On Aug. 24. an exception was made in
ser^ace commission.
the case of freight rates on iron ore and limestone intended
and industrial
Commission, according
a decision on the petition
for the increase in these rates on the ground that furnace
operators have complained that the railroads are now colIn
lecting charges which are higher than the legal rates.
announcing the decision, the Commission it is said, stated
that the order would not prejudice any decision which may
be made at a formal hearing of the petitions on Sept. 6.
for furnaces
uses, the
to the paper quoted, reserving
READJUSTMENT OF LAKE AND RAIL GRAIN RATES
TO RELIEVE CAR CONGESTION.
With a view
to stimulating the movement of bulk grain
across the Great Lakes in order to relieve the rail congestiou, the Inter-State Commerce Commission on August 25
ordered the readjustment of ex-lake rates on grain from
Buffalo, Erie and Fairport to the Atlantic Seaboard. As a
result of the order lake and rail rates from the West will
be about 3c. per 100 pounds less than the all-rail rates,
based on present costs of lake transportation. Railroad experts expect this to result in increased grain shipments from
ports on Lakes Superior and Michigan, thus releasing large
numbers of cars at those ports for return to the grain fields
and eliminating the long haul of empty grain cars from the
seaboard. The readjustment, which was authorized to go
into effect on one day's notice at any time not later than
September 1, and to continue into effect until Feb. 28 1921,
was made on the application of the railroads and grain
shi]>pers.
It permits increases of only 30% in domestic
rates and 25% in export rates instead of the flat 40% increase recently authorized by the Commission. In explaining its order the Commission said
In the hope of stimulating a movement of bulk grain from Lake Superior
and Lake Michigan ports to Lake Erie ports for movement by rail bej-ond
to the Atlantic seaboard territory, both for export and for domestic use,
and thus relieving congestion on the all-rail lines between Chicago and the
Atlantic seaboard, releasing cars at the Western Lake ports for return to
the grain fields, and reducing the long haul of empty cars from the seaboard to the West, the Commission suggested to the trunk line carriers
from the Lake Erie ports to the seaboard the advisability of promptly readjusting tlie ex-Lake rates on grain in bulk from Buffalo, Erie and Fairport by applying to those rates lower percentages of increase than were
authorized by the Commission.
Tliis suggestion was cheerfully accepted by these carriers and the Commission has issued special permission authorizing the adjustment of those
rates on one day's notice.
These rates will be readjusted on the basis of
30% increase in the domestic rates and 25% in the export rates, instead
of the 40% authorized in ex parte 74.
The increases vrill be computed by
deducting the elevation charge, which is included in the rate, increasing
the net rate by the percentage named and adding back the elevation charge.
These rates will be made effective not later than September 1 and will be
published to expire at midnight February 28 1921.
It should be understood that these concessions are made by these carriers
solely for the reasons which prompted the Commission to make the suggestion and are not to be considered as a precedent in or as prejudicing
any future adjustment of these rates.
Under this readjustment the lakeand-rail rates will be about 3% per 100 pounds lower than the all-rail
rates based upon t.he present costs of lake transportation, marine in.surance, etc.
It is to be hoped that these readjustments will induce a large
'
movement
of
grain over these routes.
effect a substantial contribution to the
If
that result is obtained it will
of cars available for moving
number
grain in the grain belt States.
OF INTER-STATE COMMERCE
COMMISSION OVER INTER-STATE RATES.
On Aug. 25 the Inter-State Commerce Commission de-
A statement issued by the American Farm Bureau Federation on August 26, relative to the benefits which would
result from the arrangement, said
cided that the Transportation Act gives it jurisdiction over
inter-State rates during the period of Federal railway control
whether such rates were initiated by the President or otherwise.
This contention was announced by the Commission
in a tentative decision in the case of the Central Pennsylvania Lumber Co. against the Pennsylvania Railroad, in
The Commission's order makes it possible for the lake carriers to transport grain at a profit.
It comes as a great relief to the farmers of the
Middle West, who have been experiencing hea^y losses, due to inability
to mo\-e their crops to the markets.
The benefit to be deri\ed from tliis arrangement agreed to by the roads
will come not alone from the release of grain cars loaded from the East,
but from the elimination of the long empty return trip to the West. By
utilizing lake boats for the long haul the available supply of grain cars
can be shuttled back and forth between the grain region and the upper
JURISDICTION
which
it
said:
:
Aug. 28
.
THE CHRONICLE
1920.]
849
lake ports at the western end and between Buffalo and the seaboard at the
eastern end and thereby greatly multiply the effective car supply.
The Federation is also working on a plan for greater utilization of the
Erie Canal between Buffalo and New York to make an all-water haul from
annually will be required to properly carry out the future
needs of the industry, and it emphatically declares restoration of pubUc confidence is one of the vital necessities of
becomes
restored credit.
"For rehabilitation, improvements and
extensions which are vitally needed to meet the requirements
of every growing community," the report says, "new capital
at once, and in large amounts, is imperatively required, and
until the force of circumstances convinces those with capital
at their disposal that investment in electric railway securities
Chicago and Duluth to the Atlantic seaboard.
fully effective still
When
this plan
greater grain transportation relief will be afforded.
FREIGHT MOVED BREAKS RECORD OF
1920.
"Increases in railway operating efficiency have been effected so rapidly within recent weeks," says the "Railway
Age." "that the railways probably are now moving more
freight than they ever moved before at this time of year.
The number of cars of freight loaded in the week ending
August 7 was the largest of the year 1920. It was 942,150
carloads. This was 70,077 carloads more than were moved
in the corresponding week of 1919, and only 5,805 carloads,
or one-half of one per cent less than the number moved in
the corresponding week of 1918." The "Age" continues as
follows
How great has been the improvement in transportation conditions since
the railways began to recover from the effects of the "outlaw" strikes, and
to make their drive to establish a new standard of efficiency, is indicated
by the fact that in the first week of August the number of carloads moved
was greater by 154.000, or about 20%, than in the first week of June.
The freight loaded in the first week of August in the Southern Central,
Western and Southwestern districts was greater than ever before in the
There is no reason for doubting that the
corresponding week of any year.
improvement in operating results which had been gained throughout the
country up to the week ended August 7 has been continued up to the
time, and that therefore, as already indicated, the amount of
being moved in the country as a whole is now gi-eater than ever
before at this time of year.
Support is given to this view by the statistics regarding the production
and transportation of coal. The amount of bituminous coal produced and
transported in the week ended August 14 was the largest of the present
Further support is afforded by the statistics
year, being 11,728,000 tons.
regarding the accumulations of freight cars awaiting movement and those
The accumulations of freight cars had been reregarding car shortage.
duced on August 13 to 79,213, which is the best record yet reported for
The number of deterred ear requisitions in the United
the year 1920.
States
in other words, the so-called "car shortage"
also showed a reduction in the week ended August 7 to 119,359, after having shown an increase in the preceding week.
The increase in the amount of traffic being handled, and the reduction
of congestion and of car shortage are chiefly attributable to the efforts
the railways have been making to increase the average miles moved by
each freight car daily.
The railways are still a long way from having effected the improvement
in the efficiency of their operation which they have set out to make.
So
long, however, as they can show by actual results that they are constantly
increasing their efficiency and the amount of business handled they cannot be justly criticised by the public if they do not handle all the business
offered to them.
Just how much greater will be the improvement effected
in operating methods and results will depend not only on the efforts put
forth by the railway managements, but also on the co-operation they receive from the public, and especially from the shippers and consignees of
present
traffic
—
—
freight."
affords safety and fair return it cannot be obtained."
The
report also says:
The Commission can go no further than to point out the principles upon
which the readjustment should be based. The task really is that of the
State and local authorities upon the one hand and of the companies upon
the other.
Failure to rehabilitate the industry and the ser\'ice is possible only if
those upon whom the responsibility rests fail to undertake the work or
pursue it in a spirit that makes settlement impossible.
In summarizing its conclusions and recommendations the
Commission said in part:
The
and
is
raUway industry as
not properly performing
electric
It
now
its
exists is
without financial credit
public function.
This condition is the result of early financial mismanagement and economic causes, accentuated by existing high price levels of labor and materials and the failure of the uniform unit fare of five cents prescribed
either by statute or by local franchise ordinances or contracts to provide the
necessary revenues to pay operating costs and to maintain the property
on a reasonable basis.
The industry can be restored to a normal basis only by the introduction
of economies in operation, improving its tracks, equipment and service and
securing a reasonable return upon the fair value of its property used in
public service when honestly and efficiently managed.
Electric railways must expand to meet the growing needs of their communities, therefore, the first essential is to restore credit in order to obatin
necessary new capital for the extension and improvement of service. Restoration of credit involves a readjustment of relations which wiU remove
public antagonism, provide public co-operation and insure the investor the
integrity of his investment and a fair rate of return thereon.
The Commission
declares that chaos faces the industry
restored and co-operation between public,
managements and employees established. Besides holding
that the full co-operation of labor is essential to the prosperity
and usefulness of the electric lines, the Commission adds
that employees should receive a liVing wage and save humane
hours and working conditions. "They should" it says,
"have the right to deal collectivelj^ -with their emploj-ers
through committees or representatives of their own selection
All labor disputes should be settled voluntarily or by arbitration and the award of such a board should be final and
binding upon both parties. It is intolerable that the transportation service of a city should be subject to occasional
imless credit
is
whether by strikes or lockouts."
tant declarations of the report are:
paralysis,
Other impor-
That public ownership and operation, generally speaking, are undesirable
REPORT OF FEDERAL COMMISSION WHICH INVESTIGATED ELECTRIC RAILWAY CONDITIONS.
In a report covering its investigation into the conditions
confronting the electric railway industry, which was presented to President Wilson this week, the Federal Electric
Railways Commission urges as one of its chief recommendations, the installation of the service-at-cost plan of operation.
This plan, now operative in Cleveland, Cincinnati, Dallas,
Montreal and other cities, will,, it is believed by the Commission, remove the industry from the field of speculative gain,
furnish rides at the lowest possible cost and restore credit
and pubhc confidence. Primarily, the plan provides for
furnishing rides at actual cost, which shall govern the rate
of fares, and for protecting the investor by guaranteeing
a fixed return on an agreed valuation of his holdings. In
making this recommendation the Commission says:
We strongly recommend the principles of the service-at-cost contract,
Dot as the only solution, but as one means of solving a very difficult problem.
The controlling element in its favor is the restoration of public confidence
in the corporation due to the removal of those elements of friction which
have so frequently engaged the attention of the pubhc. It might also bo
said that, to a certain extent, it removes the railways from the idea of a
speculative gain and places them on a common sense business basis, where
the people pay for the service they get and where the opportunity for large
profits no longer exist, since economies and lower operating costs are reflected in reduced charges for service.
When the contract once is established
the opportunity for municipal corruption is reduced to a minimum.
As to the present condition of the street railway industry,
the Commission finds that its financial credit has been lost,
and that in many localities it is not properlj^ performing its
pubhc function. This is attributed to increased costs of
labor and material, over-capitalization and financial mismanagement, public distrust and antagonism, failure of
the fixed five cent fare to meet existing conditions, extensions into unprofitable territory in furtherance of real estate
speoulation, and failure of employers and employees to
properly co-operate; hence the physical impossibility of
giving the necessary assurance of security to investors. - The
report estimates that from $175,000,000 to S200,000,000
unless the results under private operation prove unsatisfactory, but the
right of the public to own and operate all public utilities should be recognized
and legal obstacles in the way of its exercises should be removed; that
extensions into outlying territory benefiting private property should be
paid for by assessments on such property in proportion to the benefits
received, and that the cost of such extensions should not be added to the
valuation of the railroad property upon which a fair return is to be allowed;
and that franchises should fix no limit as to the time they shall run nor the
fare that may be charged.
While observing that it seems best for State authorities
have jurisdiction over electric lines, either directly or on
appeal, the Commission holds that there is "no insuperable
objection" to large and "wide-awake" cities exercising
In
exclusive regulatory powers over rates and service.
announcing its conclusions as to public ownership of street
railways the Commission says:
to
Wtilo eventually it might become expedient for the public to ovm and
operate electric railways, there is nothing in the experience thus far obtained in this coimtry which -nill justify the assertion that it «-ill result in
better or cheaper service than privately operated utilities could afford if
properly regulated.
Public ownership and operation of local transportation systems, whether
or not it be considered ultimately desjrablo, is now, because of constitutional
and statutory prohibitions, fuiancial and legal obstacles, the present dopree
of responsibility of our local governments and the state of public opinion,
practicable in so few instances that private ownership and operation ujust as
a general rule be continued for an extended period.
If the reforms incident to public regulation which we sugKCst in this
report .should not result in making private ownership satisfactory to the
public, such reforms should at least enable public ownership to be eslabU'-hod
upon a just and equitable basis.
The Commission finds that the development of motor bus
and jitney ser^^ce has been "a serious although not a fatal
competition" to trolley lines. Where such conveyances are
operated as public carriers they should be subjected to
"equivalent regulatory provisions" with the trolleys, the
report adds, and declares that they might well be used to
supplement trolley service to advantage. The elimination of
special assessments against trolley companies for construction
and maintenanpo of bridges and streets also used as public
is recommended
by the Commission. It also
urges that trolley extensions into new territory where property xalues were specially benefited should be paid for by
highways
THE CHRONICLE
850
assessment of such property "and that the amount of such
assessments should not be added to the phj^sieal vahie of the
corporate property." A contributing factor to the "present
pHght" of the trolley system, according to the Commission,
is "overbuilding into unprofitable territory or to promote
real estate enterprises, involved sometimes with poUtical
The members of the Commission who were
improprieties."
named by President Wilson in May, and all of whom con-curred in the report made public Aug. 24 are: Charles E.
Elmquist, chairman, president and general solicitor of the
National Association of Railway and Utilities Commissioners; EdA^an F. Sweet, Assistant Secretary of Commerce;
PhiUip H. Gadsden, president of the Charleston, S. C,
ConsoUdated Ry. and Lighting Co., who represented the
American Electric Railway Association; Louis B. Wehle,
General Counsel of the War Finance Corporatin, who
represented the Treasury Department; Charles W. Bealle,
of Harris, Forbes & Co., who represented investors; William
D. Mahon, President of the Amalgamated Association of
Street and Electric Railway Employees of America; Dr.
Royal Meeker, Commissioner of Labor Statistics, and who
was appointed as a representative of the Department of
Labor, and George L. Baker, Mayor of Portland, Ore.
FIRST NATIONAL BANK IN ST. LOUIS ON PUBLIC
UTILITY PRICES AND RATE OF RETURN.
That a pubhc utility is no more free than any other producer of a commodity or service to resist the force of increased prices is pointed out in an exhaustive article on
"Public Utility Prices and Rate of Return," prepared by
the Research and Statistical Department of the First
National Bank in St. Louis. Supplementing the statement
which we quote at the start, the article states that "indeed
such commodities are not as free as is a private manufacGovernment regulation is established to see that
turer
the public gets good service at a fair price. The private
producer can reduce his labor force or even temporarily
close his factory as measures of economy, but not so with
the pubhc utihty. All the time the public must be served,
and their good will secm-ed, and at a price fixed not by the
producer, but by the State. The public utility company
can never take advantage of the market as the private
producer does, and build up large profits and surpluses
no profits. The assumption of
Government regulation is that the owner of public utilities
will secure a fair return at all times, but in actual practice
it IS difficult to secure this for him, due largely to the opposition from the public to any increase in the price of a thing
which they have been accustomed to buy at a certain price,
and in part to the general suspicion of the people to public
for the inevitable periods of
utihty corporations." The article continues:
Whatever may have been the injustices of the conduct of such companies in the past, such injustices cannot now be corrected. It is water
which has run under the bridge. The important fact is that private capital
invested in public utility properties just as in private corporations.
It is
is subject to business risks as in a private enterprise.
taxed. Its return is controlled by the State by largely inflexible rates.
In short, the same considerations which determine the flow or investment
'of capital in any business, govern the investment of capital in this field.
Capital is not sentiment. It is not an emotional thing, governed by the
motives of the hearth and home. It is selfish. It has neither pity nor
It forsakes
It goes where it can secure the best returns for itself.
pain.
What is the situation
its oldest friends at the least .suggestion of sacrifice.
then of many of our public utilities under prevailing conditions of an increasing price level, a regulated rate of return, or price, an unsympathetic
public, a selfish capital, seeking as always, the best possible investment
with an increasing number of bidders for the use of capital and a decreasing
is
This capital
amount
of capital for sale?
In the first place, there is a tendency towards a deterioration of the
Private Industry producing its product for a
physical plant and force.
that is, at high prices-is able both to pay more for materials
sellers' market
and to pay higher wages to employes.
In the second place, extensions cannot be made with accustomed and
desirable regularity due to the high prices and dearth of material and labor,
the reduced earnings, and the lack of new capital. Public utility corporations operate very largely under the law of increasing returns, that is, the
net returns on increased units of service is greater than the proportional
outlay required to furnish this increased service.
In the third place, the most significant of all the effects, is the refusal
of new capital to flow into this field. A period of rising prices brings many
opportunities to capital to receive a higher rate of interest, for it must never
be forgotten that the rate of a return is a price the price of capital^ and
like all other prices, should and must advance if capital is to forthcoming.
There is a cost of money just as there is a cost of wheat or pig iron.
The credit of the public utility corporations on the whole, is at present
more or less in disrepute so far as the general investor is concerned. This
A glance at the price
is not a matter of theory or opinion, but one of fact.
at which the highest grade public utility securities in the United States are
The highest grade
selling, at the present time, proves this beyond doubt.
American Public Utility Securities can be purchased in the open market on
a basis that will yield the investor anywhere from one to two per cent, per
annum more than the same sum would yield were it invested in any other
similar grade of corporation securities.
According to the bond yield computed on five average United States Public Utility Bonds by "Brookmire's Economic Service" this type of security on May 1 could have been
bought on a basis to yield more than 2% in excess of the yield afforded by a
—
—
—
rvoL. Ill,
similar investment in other railroad bonds or manufacturing companies.
According to Brookmire's figures, the average yield on five public utility
bonds considered as representative issu&s, was 8 60% on this date. On
the same date, the yield on five bonds, representative railroad bonds, was
6.14%. The following table taken from Brookmire's Financial Bulletin
of May 3, shows the following changes in bond yields since before the war:
Mo.
—
Bond Yields
U. S. average 5 Public Utility
U.
U.
S.
S.
average 5 railroad
average 5 manufacturing
Now.
Ago.
8.60
6.14
6.41
8.19
5 86
5.92
Jan. July Befor^
1916. 1915. War.
5.18
5.31
5.09
4.51
4.71
4.42
4.89
4.99
4.93
Our problem to-day is to meet the existing situation. The abuses and
Public confidence in our public
prejudices of the past must be overcome
The service they render is a necessity. This
utilities must be restored.
service is in a large measure, fundamental to the proper development of
To attempt to punish all utility corporations for the
industry as a whole.
sins of a few corporations in the past, is not only folly but may result in a
It is a policy of cutting the nose to spite the face.
national calamity.
Public utilities can be punished only at the expense of the general public.
The survey covering the investment field for public utility securities has
clearly shown how serious the situation is at the present time.
Every
effort should be made to improve conditions le,st the public be denied those
services and facilities to which it is entitled.
No improvement in this regard
can be expected until public utility properties afford as an attractive a field
for capital investment as that offered in other fields of business enterprise.
APPLICATION FOR INCREASE IN TELEPHONE RATES.
The
leading telephone companies of the country, subject,
and the public utihty enterprises generally,
the
burden
of
greatly
to
increased cost of materials and labor,
length
been
have at
obliged to seek relief through measures
for material advances in their rate schedules and otherwise.
A press dispatch on Aug. 25 announces favorable action by
the Public Service Commission of the State of Missouri
with regard to the application made by the Southwestern
BeU Telephone Company for higher rates in St. Louis.
On Wednesday, the 25th, the New York Telephone Co.
which a week ago asked for an advance in rates in the State
at large, filed at Albany with the Public Service Commission
for the Second District a blanket request covering all the
ten zones of the City of Greater New York, and asking both
for a discontinuance of the
diseoimt on local rates which
was ordered by the Commission, effective Oct. 1 1919, and
changes which are in effect a horizontal 25% increase in all
rates for service.
The stoppage of the
discount is
expected to yield approximately $3,500,000 additional
revenue and the higher schedule a further $12,500,000.
Howard F. Thurber, President of the New York Telephone
Company summarizes in this succent fashion this pressing,
though much to be regretted situation which compels the
making of this application, saying: "AU materials and supplies have increased enormously in cost.
Increases in wages
of our employees during the past twelve months to enable
them to meet the high cost of U\'ing amount to $8,295,868;
$4,739,837 more have been added to our pajToU by the employment of additional workers. Our 1920 expansion program calls or an expenditure of over $26,000,000 and we
must expend equally large amounts annually during the next
few years. Public necessity and public safety demand the
maintenance of adequate telephone ser\nce. Adequate
service depends upon adequate revenue."
Vice-President James S. McCuUoh on Aug. 25 gave out
the foUo'wing detailed explanation:
like the railroads
8%
8%
Demoralizinc Effect of War Conditions on Plant and Service.
first time in a great many years it is necessary to increase the
Present rates are lower than
rates for telephone service in New York City.
those that were in effect in 1914. The increase in cost of commodities averRates for telephone service, however,
aged within the last six years 116%
have been reduced several times in the same period. The abnormal Increase
in the use of the telephone has helped to offset the effect of the lower rates,
but our costs have become so great that our revenue is no longer sufficient
to meet the requirements of our business.
Even before the war it was a complex and difficult task to supply New
York City with efficient telephone service. During the war period it was
much more difficult and since the signing of the armistice the diffiailtles of
the task have still further increased.
New York's use of the telephone reached new heights during the war,
and, after the armistice, instead of decreasing it continued to increase.
With this rising tide of traffic came thousands of applications for additional
service that had been held up during the war by restrictions ui>on commercial telephone construction.
When we began the work of putting o\ir service back on its former high
plane our working force was depleted; our reserve of telephone plant, which
in past years had enabled us i-o meet the demands for new service, was practically exhausted, having been devoted to furnishing scr\ice required oy the
United States Government and essential war industries; the daily traffic in
New York City was a million calls greater than the efficient capacity of
the system; demands for new service were unprecedented; there was a great
scarcity of all apparatus and materials reqaired in the business and the
prices of everything we needed were booming skyward.
For the
.
Restoration
and Expansion
of Sercice.
The situation was gloomy, to say the least, and from the time we began
the work we have been \inable to secure and install central office apparatus,
cables and Instnmients in sufficient quantities to meet the requirements of
existing subscribers for additional service and the demands for new se^^^ce.
It is unnecessary to give in detail the general economic conditions existing throughout the country that have hampered us in our efforts to secure
new facilities. Every business has been affected by these conditions.
!
.
.
Aug. 28
:
.
Since Jan. 1 1919, we have added over 173.000 miles of wire to the system
the City of New York, installed a vast amount of new switchboard and
other apparatus, erected a number of new central office buildings, enlarged
have so
others and provided service for over 66,000 new telephones.
enlarged our facilities and force generally that we have been able to relieve,
in a large measure, the serious congestion of traffic which existed and improve the character of the service. To-day we are giving good service, but
it is not yet up to oui former standard.
To accomplish all this has cost
have been doing an enormous amount of work under forced
money.
draft at a time when the dollar buys about half what it did in 1914.
in
We
We
Payroll Rise of $13 S35, 705— Need for New Capital.
Our payroll alone has been increased by $13,635,705 within a year. This
increase was due to necessary and deserved wage increases and to the em-
ployment of additional workers.
Our outlay of new capital in this year's program
for an enlarged plant in
City will exceed .S26,000,000. This is the largest expenditure of
new capital we have ever made in one year. Next year and during each of
the following years for some time to come, until we catch up with the demand
for service and restore our plant reserve, we must secure and expend even
We, therefore, must be in a position to secure
larger sums of fresh capital.
an adequate and prompt supply of new capital. To do this we must be able
to show earnings that will attract investors and satisfy them of our ability to
pay a fair wage for their money. Capital is demanding a constantly increasWith
ing return because of the greatly increased hazards of all business.
our present revenue, we are in no position to secure in sufficient quantity the
capital we must have.
New York
The
failure of our revenues to keep pace with our increased expenses is
serious.
Net revenue, after paying operating expenses, has fallen steadily
Based upon the results of operation during the
since the first of the year.
upon the
first five months, we would earn a return for 1920 of less than
approximate fair value of our property in the public use in this State.
We, therefore, have petitioned the Public Service Commission, Second
District, to permit us to discontinue the present
discount on local service
rates, which was ordered by the Commission, effective Oct. 1 1919, and
to establish new and higher rates.
2%
8%
Desires Public Should Appreciate the Reasonableness of the Proposed
Changes.
These new
rates are designed to provide only enough additional revenue
to enable us to meet the requirements of the business.
They will add a
relatively small amount per day to the cost of service to the average subscriber, and will place no serious burden upon any one.
Through newspaper advertising and other mediums, we shall place before
the public all of the facts concerning the necessity for the new rates and the
additional revenue which they will produce.
are confident that, once
the public gets a clear picture of our situation it will support us in our efforts
to obtain the relief needed.
We
,
Summed up, the situation is this: We have kept faith with New York
City by sparing neither effort nor expense to give it the telephone service it
requires.
The telephone is absolutely essential to the business and social
life of this city.
We cannot stop giving service. We must go forward.
We must finish the task imposed upon us by the war conditions and new
demands for service. To do this we must have additional revenue.
We
believe that the public generally realizes that we have put our best
efforts into the work of restoration and expansion and accordingly will do its
part when the situation is understood.
New York City, as Applied for Aug. 28.
The new rate application filed by the New York Telephone Company with
New Rate Schedule
for
the Public Service Commission for the Second District disclosed proposed
rates as follows:
Zone 1. Manhattan below 110th Street West and 103d Street East;
Blackwell's, Ellis, Liberty and Governors Islands:
Individual line, busiess or residence, 70 messages or less a month, $4 50; next 30. 6)^ cents
each; next 100, 5}4 cents; next 100, 414 cents; above 300, 4 cents.
Zone 2. Remainder of Manhattan Island, Lower Bronx, including Harlem, Cathedral, Morningside, Aubudon, Fordham, Tremont, Intervale,
Marble and Melrose Central Office Districts, also Randalls and Wards
Islands.
Rates for zone 2 are the same as for zone 1
Zone 3. Remainder of, the Bronx, individual line business or residence, 70
messages or less a month, .|4 50; next 30, 6M cents; next 100, 53^ cents;
next 100, 4^A cents; above 200, 4 cents.
Zone 4. Upper Brooklyn, Astoria and Himters Point.
Rates same as zones 1 and 2
Zone 5. Lower Brooklyn, and Barren Island, individual line, business or
residence, 70 messages or less a month; $4 50; next 30, 6}4 cents; next 100
5K cents; next 100, 43^ cents and above 300, 4 cents. Two-party line,
residence only, 58 messages a month, $3 75; next 42, 63^ cents: next 100,
53-3 cents; next 100, 4K cents; above 300, 4 cents.
Four party line, residence only, 50 messages or less a month, $3 25; next
50, 6H cents; next 100, 5J-^ cents; above 300, 4 cents.
Zone 6. Bayside, Newtown, Flushing and Forest Hills, central office
districts.
Zone
7.
Richmond
Hill,
Jamaica, Hollis and Springfield
Company
trial
office districts.
^
Rates for zones 6 and 7 are the same as zone 3
8. Far Rockaway and Hammels central office districts.
Individual lines, business or residence, 62 me.ssages a month, $4: next 38,
6><) cents; next 100, 5'A cents; next 100, 434 cents; above 200, 4 cents.
Zone 9. West New Brighton, Tompkinsville and New Dorp central
Zone
office districts.
Rates .same as zone 8.
10. TottenvlUe central office district.
Individual line, business or
residence, 58 messages or less, $3 75 a month; next 42. 63^ cents; next 100,
5M cents; next 100, 432 cents and above 200, 6 cents.
Zone
Now
rates for flat rate servite.
3, 6 and 7, individual line residence, $3 50 a month; two party line
residence, S3 a month; four party line residence, $2 50 month.
Zone 8. ea.st of Marginal Street: Individual line residence, $3 50 month;
two party lino rosidonco. .'$3 month.
West of Marginal Street: Individual line residence, $7 25 month; two
party Ihio residence, $5 month; four party line residence, $3 50 month.
Zones 9 and 10: Individual line residence, $3 50 month; four party resi-
Zones
dence, $2 50 month.
:
:
THE CHRONICLE
1920.]
Despite the difficulties we have made good progress toward restoring
our service. We are coming back. On Jan. 1 1919, we had approximately
8,600 operators in New York City. To-day we have 15,000. The securing
and training of these 6,400 additional operators in the period named is in
Seven months ago our working force
itself a remarkable piece of work.
To-day
In New York City was composed of 21,900 men and women.
we have 28,000.
Company
:
851
AMERICAN GOVERNMENT WARNS POLAND AGAINST
ENCROACHMENTS ON RUSSIAN TERRITORY.
In line with
its policy
on the Russo-Polish situation, as
set forth in the recent note to the Italian
Ambassador at
Washington, the American Government, it became known on
Aug. 23, had warned Poland not to permit her armies in
their counter-offensive against the Russian Bolshevik to
advance beyond the ethnographical boundaries of Poland.
On Aug. 25 it was announced by the State Department
that Poland had been requested formally by the United
States Government to issue to the world a declaration of
her intention to abstain from any territorial aggression
against Russia.
The Department gave out the following
statement
It was admitted at the State Department to-day that a communication
had been sent to the Polish Government on August 21, expressing the hope
that the Polish Government would find it agreeable to issue a declaration
of its intention to abstain from any territorial aggression against Russia
and stating its purpose to remain within the boundaries indicated by the
peace conference pending an agrreement as to its eastern frontier.
The following day (i.e., Aug. 26) it became known that
Poland had replied to the American note, but no information concerning the contents of the reply
was
available.
Informal representations on the subject, it was stated
on Aug. 2.3, had been made to the Polish Government through
the American Charge at Warsaw.
On the same date, it
was said in Polish official circles at Washington that
Poland's victorious armies would not pursue their advance
beyond the natural frontiers of the reconstituted republic.
An early communication from ' Warsaw to this effect was
expected by these officials, who stated that complete assurances on the subject would be given to the American Government. On the other hand, the Associated Press staff
correspondent with Armistice Commission via Soviet wireless to Moscow, in a dispatch from Minsk, Aug. 24, qualified
this, saying
The Polish armistice delegates are not satisfied with the Bolshevist
terms, which make reference to the boundary line proposed by Earl Curzon, British Minister of Foreign Affairs.
The ground of the Polish opposition is that the Curzon boundary line would be in effect the same as a
third partition of Poland.
In submitting tlieir reply to the Bolshevist delegates, the Polish representatives stated that by agreeing to this Curzon line the Soviets were
seeking to retain territory wrong^fully taken from Poland by the Russian
Czars.
Members of the Polish delegation, explaining their attitude on this
boundary issue, said they were willing to discuss the Curzon line with the
Bolsheviki at a later date, but would not accept it as a basis at this time.
In announcing that a warning had been sent to Poland
against encroachment on Russian territory, Washington
press dispatches of Aug. 23 said
of the United States with respect to the invasion of Ruswas made plain to Poland formally in the United States
In renote on the Polish situation addressed to the Italian Ambassador.
questing a declaration from tlie Allied and Associated Powers in favor
The attitude
sian
territory
of the preservation of the integrity of Russia, the United States suggested
also that such a declaration "should be accompanied by the announcement
will be permitted."
that no transgression by Poland
Great Britain has joined with the United States in the endeavor to prevent a second violation by Poland of Russian territory, officials said, and
unofficial advices already received contain assurances of the intention of
the Polish Government to heed the advice of the United States and Great
Britain.
The ethnographical boundaries of Poland, it was explained, are those
as defined by the Supreme Council at Paris, and as they actually existed
before the Bolsheviki advanced into Poland.
.
.
.
PEACE TERMS OFFERED TO POLAND BY SOVIET
RUSSIA DECLARE FOR COMPLETE RECOGNITION
OF POLISH INDEPENDENCE— THE MINSK
CONFERENCE.
The Russo-Polish peace conference
continued in session while hostilities
at Minsk. Russia, has
on the Polish frontier
The Minsk conference opened ou
advance
of the Russian forces on
Aug. 16, following the
session
was
apparently held on Aug.
Warsaw. The second
19, when the new Soviet terms were submitted to the Polish
plenipotentiaries by M. DauLshevsky, head of the Bolshevist
delegation. Poland demanded the withdrawal of the "main
Russian terms," according to a message from George Tchitcherin, Soviet Foreign Minister, received at Loudon Aug. 25.
The message, dated Aug. 23, at Moscow, declared that an
immediate rupture of the Russo-Polish peace negotiations
at Minsk would result if the Poles adhered to their demand. Regarding the further contentious set forth in the
Russian Statement, London press dispatches of Aug. 25
were
in
full
progress.
said
Tlie message recounts the Polish rejection of the fundamental points of
the Soviet peace terms and declares:
"If tlie Poles stand by their demand for withdrawal of the principal
Russian points, it would mean an immediate rupture of the negotiations."
THE CHRONICLE
862
The Polish answer to the Russian proposals, says Tchitcherin's message,
was "a complete and simple refusal and a declaration non possumus."
The eastern frontier fixed by the Supreme Council on Dec. 3 and confirmed by Lord Curzon's note, the message says, is described by the Polish
delegation as the line of Poland's third partition, as arbitrary and based
upon nothing. The delegation declares that numerous Polish elements living outside this line must be considered. The Poles, adds M. Tchitcherin,
flatly refuse limitation of the army and delivery of war materials.
They describe the workers' militia as impossible to discuss, and likewise
the deli^•ery of the railway from Bialystok to Grjevo.
The Poles declared
that the Russo-Ukrainian delegation must first withdraw their principal
points,
whereas M. Danishevsky,
demanded discussion
of the
Chief of the
points in detail.
Soviet Headquarters Staff,
insist on their demand for withdrawal of the principal
would mean an immediate rupture of the negotiations," says
"If the Poles
points,
it
Tchitcherin.
The same advices
also said
In subsequent dispatches to the London mission, M. Tchitcherin declares
that the fundamental basis of the Polish answer is that it contained only
criticism and nothing resembling positive proposals by Poland.
He adds
that the Polish and French wireless have spread false reports about the
Polish victories, and that in reality the Russian forces are intact.
Some
numbers of prisoners are inevitable in a retreat, he adds, but at this time
they are not considerable.
The Russian Army, says Tchitcherin, executed a rush to Warsaw with
a swiftness unexampled in history, and during such a rapid movement its
ranks could not be sufficiently guaranteed. The Polish flank movement has
compelled the army to retreat. This retreat was executed in full order.
"The Russo-LTirainian Army is ready for attacks when the moment shall
be considered favorable," says Tchitcherin.
"The Polish radio dispatches
about a great victory are fables."
A summary
of the Russian peace terms, set forth in a
dispatch from M. Tchitcherin, issued by the Russian delegates at London, was given in press dispatches of Aug. 20
from that centre as follows
Article 1 announces that Russia and the Ukraine recognize in full the
and liberty of the Polish Republic and solemnly confirm
the full right of the Polish people to establish its own form of govern-
independence
ment.
In Article 2 Russia and the Ukraine renounce any form of contribution.
Article 3 gives the frontier of Poland in accordance with the note of
Earl Curzon (British Foreign Secretary), with more temtory east of Bialystok and Cholm.
Article 4 stipulates that the Polish Army be reduced to 60,000 men, to
be supplemented by civic militia, made up of workers, organized to preserve order and the population's security.
Articles 5, 6, 7 and 8 deal with demobilization of the military and
industries and the prohibition on importations of war materials.
Article 9 says hostilities will cease seventy-two hours after the signature
of these terms, the armies remaining on the line occupied, but not east of
the line indicated in Earl Curzon's note of July 11.
The Polish Army will
retire fifty versts (33 1-3 miles) west of the Russian and Ukrainian Army,
and the intermediate zone will be declared neutral, with Polish administration, under control of mixed commissions and special commissions constituted by the trade unions.
Article 10 says that simultaneously with the demobilization of the Polish
Army and the turning over of arms, Russian and Ukrainian troops will
retire so that at the termination of Polish demobilization only 200,000
men will remain near the neutral zone.
Article 11 deals with Polish restitution to regions formerly occupied of
railway and agi-icultural material taken away by the Polish army, and
*he reconstruction of bridges by the Poles.
Article 12 declares Poland must establish by law distribution of land
grants in the first place to families of Polish citizens killed, wounded or
,disabled in the war.
Under Article 13 Poland would give Russia the right of free transit for
men and goods through her territory, with the Volkovissk-Bialystok-Gravejo
Railway remaining in full possession and control of the Russian Republic.
Article 14 says Poland must grant complete political and military amnesty.
Article 15 provides that Poland must publish the treaty and protocols
immediately the treaty is signed.
ITALIAN AND BRITISH PREMIERS CONFER ON
RUSSO-FOLISH QUESTION—DECLARE CONFLICT
"OUGHT TO TEACH WISDOM TO AGGRESSORS."
Lloyd George, Prime Minister of Great Britain, conferred
with Premier Gioletti of Italy on Aug. 23 regarding the policy of the two countries on the Russo-Polish situation. Following the meeting, held at Lucerne, Switzerland, an offiial statement was issued declaring the Premiers had agreed
^3 the vital need of the re-establishment of the i^eace of the
.
^yorld at the earliest possible
moment and
that the first
guarantee of such a peace was to be found in the various
treaties already concluded. "The victors in war," the statement said, "should display a spirit of moderation in their
enforcement of terms and the vanquished a spirit of loyalty
in their execution."
Premier Lloyd George, replying to a question of the newspaper correspondents at Lucerne, said (according to the
Associated Press) he considered President Wilson's present
policy regarding Russia as inconsistent with his declaration
with regard to the Prinkipo conference. The Premier added that he had no wish or intention of mixing into American internal matters. He made the same comment concerning France when he was asked about the recognition
of Gen. Wrangel, saying "that is their affair."
The official statement issued in behalf of the Italian and
British Premiers after the Lucerne conference, denounced
the policy of the Russian Soviet Government. "What has
befallen
in
(Vol. 111.
this
short
war
to
the invaders of national
whether in Russia or in Poland," said the statement,
"ought to teach wisdom to aggressors. The world. East and
West, is crying for peace, but peace is only obtainable on
rights,
the basis of full recognition of the liberties of nations.
"The British and Italian Governments are alarmed at
the indefinite prolongation of the present state of conflict
amongst nations. The peoples engaged in these antagonisms can bring nothing but ever-increasing misery to the
people of the world at large, for they involve continued unUntil these conflicts cease the betterment of agriculrest.
ture, industry and the interchange of commodities, on
which the economic life of nations depends, cannot come
Scarcity and high prices, with attendinto full operation.
ant privations and perils, are the inevitable result."
The conference closed when the Premiers sent the following telegram to Mr. Millerand, the French Premier and
Foreign Minister:
lu finishing our Lucerne conference we send you a cordial salute and
look forward with pleasure to the earliest occasion when both of us can
meet Your Excellency.
The official statement issued at the conclusion of the
meeting in part was as follows
The victors in war should display a spirit of moderation in their enforcement of terms and the vanquished a spirit of loyalty in their execuWith this aim, England and Italy trust that the understanding
tion.
reached at Spa will be further developed to cover all outstanding questions.
Before peace is fully established, however, there are a number of important questions to be decided, a majority of which are indissolubly connected with the march of events in territories of the former Russian EmUntil peace is fully established between Russia and the rest of the
pire.
world an atmosphere of disturbance and unsettlement will continue to
menace the world.
Therefore, the British and Italian Governments have been taking steps,
in the face of much misrepresentation, to restore communications between
Therefore, with profound regret they have
Russia and the world outside.
just heard that the Soviet Government, despite repeated assurances to the
contrary, given officially on their behalf in London, have sought to impose
on Poland conditions incompatible with national independence.
The Government of Poland is based on the choice of the whole adult
male population of the country, without distinction of class, and the socalled Civil Army to be drawn from one class, which is referred to in the
fourth condition of the Soviet terms, is only an indirect method of organizing a force to overthrow by violence this Democratic constitution and
substitute for it the despotism of a privileged few who may have absorbed
the doctrines of Bolshevism.
We cannot help apprehending that when the detailed conditions of the
composition of this force kept back as they are now are revealed later
on, they will be found to be moulded on the plan of the Russian Red
Army. For one nation to insist as a condition of peace with another that
the force organized for the protection of life, property and good order to
the latter country shall be drawn from only one class of its citizens, to
the exclusion of all others, is an unwarranted infringement of the liberty,
independence and self-respect of that country.
To have added such a condition after M. Kameneff's pledges to the
British Government that nothing not of a secondary nature was omitted
from his summary of the terms, is a gross breach of faith, and negotiation
of any kind with a Government which so lightly treats its work becomes
difficult, if not impossible.
The Soviet Government has rejected the suggestion by the British Government for a true under conditions which would have guaranteed Russian
territory against any acts of aggression and has continued its career of
invasion of ethnographical Poland with a view to the conquest of that
country by force of arms for Soviet institutions.
If the Soviet Government, notwithstanding the punishment which its
aggression is encountering, still refuses to withdraw this sinister proposal,
but continues the war inside Polish territory in order to force its acceptance on the Polish people, no free Government can either acknowledge or
deal with the Soviet oligarchy.
What has befallen in this short war to the invaders of national rights,
whether in Russia, or in Poland, ought to teach wisdom to aggnressors.
The world. East and West, is crying for peace, but« peace is only obtainable
on the basis of full recognition of the liberties of nations.
The British and Italian Governments are alarmed at the indefinite prolongation of the present state of conflict among nations.
The peoples engaged in these antagonisms can bring nothing but ever-increasing misery
to the peoples of the world at large, for they involve continued nnrest.
Until these conflicts cease the betterment of agriculture, industry and the
interchange of commodities, on which the economic life of nations depends, cannot come into full operation.
Scarcity and high prices, with
attendant privations and perils, are the inevitable result.
Civilization itself, shaken and weakened by five years of incessant warfare, is menaced by the prospect.
The British and Italian Governments,
therefore, are united in urging that every effort be made to bring to a conclusion the existing conditions of strife between nations.
—
—
BRITISH NOTE TO RUSSIAN SOVIET REPRESENTATIVE REGARDING PEACE WITH POLAND.
On Aug. 23, following the meeting" of the Italian and British Premiers at Lucerne, Arthur J. Balfour, Lord President
of the Council, sent on behalf of Premier Lloyd George to
Leo Kameneff, Russian Soviet representative at London, a
(The comcopy of the communique issued in Lucerne.
munique is quoted at length in the preceding article.)
In his note to the Soviet envoy, Mr. Balfour pointed out
according to the latest information, the Bolshevist
terms to Poland fundamentally contradicted those which
Mr.
Kameneff communicated to Great Britain recently.
if
so,
Balfour asked if this information was correct, and,
new
whether the B'olsheviki intended to adhere to the
that,
terms.
:
Aug. 28
.
THE CHRONICLE
1920.]
An answer by Friday evening at the latest was asked for
by Mr. Balfour, who cited the urgency of the matter and
said that on the answer to these questions depended the
future policy of Great Britain. The text of the note, which
accompanied a copy of the British and Italian Premiers'
communique transmitted to the Soviet representative in
London, read as follows
Mr. Balfour desires to emphasize the point that the terms which, according to recent information, the Government of Soviet Russia desires to impose upon Poland are in fundamental contradiction to those which M.
Kameneff on behalf of the Soviet Government communicated to hirf Majesty's Government before the prorogation of Parliament.
The very serious view which his Majesty's Government takes of these
new terms is clearly explained in the Premier's communication, and Mr.
Balfour feels that he can add nothing to what is there said. Acting on his
behalf, Mr. Balfour desires to ask whether it is a fact that the terms now
asked of Poland are of the character which the information supplied to
the Governments of Italy and Great Britain leads Signer Giolitti and Mr.
Lloyd George to believe, and, if so, if the Government of Soviet Russia proposes to adhere to them.
On the answer to these questions the future policy of the British Government will depend, and as the matter is evidently of urgent importance
I am to request that an answer to these questions may be received by Friday evening next at the latest.
A copy of this communication has been addressed to M. Tchitcherin
[Soviet Foreign Minister].
SOVIET GOVERNMENT COMPLIES WITH GREAT
BRITAIN'S DEMAND AND MODIFIES PEACE
TERMS TO POLAND.
The Russian Soviet Government has
agreed, at the request
Great Britain, to withdraw one of the terms of peace
presented to Poland, which provides for the establishment
"Althouth our
in that country of a workers' civic militia.
interpretation of this point is thoroughly justified," said the
of
reply of the Soviet Government, "we nevertheless are willing
to remove this, the only point of divergency, in order to
establish a full understanding between us and the above
(British and Italian) Governments."
A summary of the
Soviet reply, sent to Arthur Balfour by M. Tchitcherin,
Soviet Foreign Minister, was given in London dispatches of
Aug. 26 to the Associated Press as follows:
The note opens with a comment on the unusual tone of the Anglo-Italian
Government's communication, which, it says, does not tend to help perma^
nent good relations and world peace.
It calls attention to the action of those Governments which had so often
accused the Russian Government of interfering in the internal affairs of
other States, and charges that in this communication "they have issued
peace propaganda directed against our institutions, which constitutes an
act of interference in Russian affairs sufficient to justify corresponding
action by us."
M. Tchitcherin says, however, that despite nattiral resentment the
Soviet Government has decided not to insist upon this point, but to meet
fully the wishes of the Anglo-ItaUan Governments in the interest of the
establishment of permanent good will.
Expressing surprise that the question of the interpretation of principle
should have caused such difficulty, M. Tchitcherin proceeds to argue that
after the limitation of Poland's army to 50,000 was recognized by the British
Government as a just peace term, it was a concession on the part of Russia
to admit the formation of civil militia, which, he asserts, "is, in fact, a
supplementary armed force," and adds: "We, therefore, find it astonishing
that this should arouse the British Government's indignation.
"Seeing that Great Britain declares peace through Eastern Europe to
be its aim, we can point to the fact that the workers in Poland for a long
time have been the one force steadfastly opposed to the Polish Government policy, and have in repeated resolutions demanded peace with Russia.
If, nevertheless, the British Government so forcibly opposes strengthening
this fundamental pillar of peace, it clearly shows with what distrust it
regards the workers.
"If the British Government Indeed thinks that the workers by nature
are animated by the doctrine of Bolshevism, such a point of view will
undoubtedly be welcomed by those who look forward to spreading Bolshevism in Great Britain."
Alluding to the proposed civic militia, he says:
"Although our interpretation of this point in our peace terms is thoroughly
justified, we nevertheless are willing to remove this, the only point of
divergency, in order to establish a full understanding between us and the
above Governments.
"As to the terms of peace with Poland, wo first of all declare we never
considered our terms as an ultimatum and are still, as we have been all
the time, mlling to discuss them vnth the PolLsh Government with whom
we are treating for peace. Any undertakings we may give there
anent will, therefore, be given to Poland alone).
"In view, nevertheless, of our earnest desire to obtain important results
for the world's welfare and peace arising from a peace with Great Britain,
we are willing to inform the British Government that the Russian Government is resolved to make a concession on this point. It will not insist upon
the clause referring to the arming in Poland of a workers' civic militia, thus
securing full agreement with Great Britain as to all the terms of peace
with Poland."
The Sovi( t Foreign Minister continues:
"It is not the custom of the Russian Government to mix practical business
transactions with theoretical politics and discus.sions of principles.
The
British Government, however, has Iaunche<l against tha Soviet regime the
strange accusation of being an oligarcy."
The note then enters into a disquisition to the efeect that all states whose
form of Kovernment differs from the Soviet are obviously true oligarchies
because they are states in which the immense majority toil for a privileged
few while in Soviet Russia the whole nation works for the whole nation's
alone
benefit.
Lauds Soviet St/aUm.
Tchitcherin contends that the system of local workers' councils, in
whaso hands rests control of the whole Soviet fabric, gives the masses
much more power than the parliamentary system, and concludes, that,
being a truly popular movement, the Soviet is by nature peaceful and
averse to conquests, contrary to the governments of oligarchies which ciesire
M.
853
peace only after having despoiled their vanquished adversaries of their
riches.
"The peace of a workers' and peasants' Government," he says, "being
based on the rejection of the exploiting of others and upon the true solidarity
of the great working masses of all nations, is the only genuine and really
permanent peace. Animated by this spirit, the Soviet Government does
not insist upon its interpretation of the peace terms with Poland, which
has given rise to the present divergence with Great Britain and Italy. It
renounces its demand for the creation of a workers' militia in Poland, and
thus restores the full agreement with these two Governments which existed
before this divergence arose."
INTERNATIONAL FINANCIAL CONFERENCE SLATED
FOR BRUSSELS SEPT. 24r— BALANCE SHEET
OF LEAGUE OF NATIONS.
The
decision of the Council of the League of Nations to
the international financial conference at Brussels
Sept. 24, was made known
Associated Press advices from
San Sebastian (Spain) Aug. 5:
The International financial conference will be held at Brussels Sept. 24,
hold
m
the Council of the League of Nations decided at its last session here to-day.
Gustav Ador, former President of Switzerland, will preside. The reparations question at issue between the Allies and Germany will not be put on
the order of business unless notification is received meantime that a decision
has been reached.
A permanent advisory committee on military, naval and air affairs came
into being at the last min ute to-day with a mission to study and report
upon questions of a military character upon which the Council may be
The province of this commission is described by members
called to act.
of the Council as only that provided for in the League of Nations covenant.
The Commission is not, as some published accounts of the project have
stated, a plan for a military general staff for the League of Nations, but
simply a consultative body within the League, its principal mission being
to advise the League regarding restrictions upon the manufacture of arms
and munitions.
The proposed Commission also would give advice to the League as to disarmament and other questions on which the Council requires expert advice,
without which, it is pointed out, it could scarcely act upon any military
Its prospective task is described by Leon Bourgeois, French
question.
member of the Council, as "in accordance with the provisions of the covenant" to "regulate the armament of the forces of new States admitted to the
League, and the reduction of armaments."
Replying to a telegram from the King of the Hedjaz asking the League
to intervene with the French Government to secure the release of Deputies
in Lebanon, the Council replied that the League was organized to maintain
peace after it has been established by treaty and that Syria formed a part
of the territories of Turkey, with whom peace was not yet signed.
A permanent Commission was named to receive and examine the annual
report of the mandatory powers concerning the administration of territories
confided to them.
Final decision on the International Com-t of Justice was not reached.
The project for the court prepared recently by the jurists' conference at
The Hague, and attributed largely to EUhu Root, is generally favored by
the councillors, but it was decided to ask the opinion of all the members
of the League before its adoption.
Representatives of each Government participating in the international
financial conference to be held in Brussels on Sept. 24 will be asked to
present a balance sheet showing the actual financial situation of his nation,
All
it was decided at yesterday's meeting of the countil of the League.
countries will be asked not to issue any more paper money so as to avoid a
further weakening of foreign credit.
Efforts mil be made, through a commission of experts, to arrive at an
equitable arrangement for exchange between Germany and Austria and other
nations, the money of the former Central Empires being regarded as beyond
The invitation to Germany to
restoration to its pro-war exchange value.
participate in this conference is conceded to be tantamount to notice that
she will be accepted as a member of the League of Nations if she makes
application
Thirty allied, neutral and enemy States will be asked to join the conthe
ference, the program of which will comprise four principal subjects
financial policies of the different States, exchange and paper circulation,
commercial relations and the re-establishment of international credit.
The League budget submitted at to-day's meeting showed the expenses
of the Council were growing as the number of commissions at work is
It asked for £.500,000 for the ensuing six months, of which
multiplied.
sum £86,000 will be required for the contingent fimd profiding for the
future growth of the work of the League. jVn increased outlay of £162,000
to pay the expenses of the International Labor Bureau is included and it
was estimated the cost of holding the meeting of the assembly of the League
—
in
Geneva would be £25,000.
of the League have been divided
into seven categories and will
support on the basis of the proportional payments fixed
One exception is Poland,
for its members by the Universal Postal Union.
which will pay as a first-class Power along with Great Britain and France,
which have been placed on a basis of twenty-five units. The Kingdom
of the Hedjaz has been placed in the seventh category and will contribute
one unit.
_^^^^^^^^^^^^^_^_^^^^_
Members
contribute to
its
INCOME TAX— PROFIT FROM SALE OF STOCK
RECEIVED AS STOCK DIVIDEND TAXABLE.
While stock received as a di\'idend does not, in accordance
with the decision of the United States Supreme Court in
the Eisner vs. Macomber case, constitute taxable income
to the stockholder, any profit derived by the stockholder
from the sale of such stock is taxable income to him. A
ruling to this effect was announced as follows, by the Commissioner of Internal Revenue on Aug. IS:
—
Stock received as a
Sale of .stock received as dividend.
Article 1547.
dividend does not constitute taxable income to the stockholder, but any
profit derived by the stockholder from the sale of such stock is taxable
income to him. For the purpose of ascertaining the gain or I<vs.h derived
from the sale of such stock, or from the sale of the stocJv with ri'sptvt to
which it is issuetl, the cost (used to include al.>io, whore rtxiviir<xl. the fair
market value as of March 1 191,3) of iKith the old and new shar«> Is to be
determinc<l in accordance with the following niU^;
Wliere the stock issuixl as a dividend is all of substantially the same
1
character or preference .n.s the stock upon which the stock dividend is p.ald,
the cost of each share of both the old nnd now stock will bo the quotient
.
—
THE CHRONICLE
854
of the cost, or fair market value as of March 1 1913, if acquired prior to
that date, of the old shares of stock divided by the total number of old and
new
shares.
— VThere the stock issued as a dividend
is in whole or in part of a character of preference materially different from the stock upon which the stock
dividend is paid, the cost, or fair market value as of March 1 1913, if
acquired prior to that date, of the old shares of stock shall be divided
between such old stock and the new stock, or classes of new stock, in
proportion, as nearly as may be, to the respective values of each class
of stock, old and new, at the time the new shares of stock are issued,
and the cost of each share of stock will be the quotient of the cost of the
class to which such share belongs divided by the number of shares in that
2.
class.
3.
—
Wliere the stock with respect to which a stock dividend is issued was
purchased at different times and at different prices and the identity of the
lots cannot be determined, any sale of the original stock vdW be charged
to the earUest purchases of such stock (see Art. 39) and any sale of dividend
stock issued with respect to such stock will be presumed to have been made
from the stock issued -ivith respect to the earliest purchased stock, to the
amount of the dividend chargeable to such stock.
pre\T.ous ruling of the Treasury Department dealing
,
A
with questions arising from the Supreme Court's decision,
in our issue of Aug. 14, page 660.
was given
[Vol. 111.
and obligations then inchoate or vested; within this principle
otherwise known as the "trust fund" doctrine in respect to corporations.
According, when this corporation without consideration distributed part
of its assets to these defendants, it was under obligation to plaintiff to pay
any taxes that might thereafter be imposed. Defendants received the
assets subject thereto and to the principles aforesaid.
The obligation
was contingent, the plaintiff's right inchoate. The contingency happened,
the right vested. And the corporation's assets so distributed may be pursued in the hands of these defendants by virtue of the principles aforesaid.
In principle, the case is very like the case of Brady v Anderson, 240 Fed.
665; T. D. 2494.
for his debts
The same paper also says:
Another case involving a somewhat similar situation was decided by the
Income Tax Bureau as follows:
Where a corporation dissolves and disposes of its assets without making
pro^asion for the payment of its accrued Federal income tax, liability for the
tax follows the assets so distributed, and upon failure to secure the unpaid
amount suit to collect the tax should be instituted against the stockholders
and other persons receiving the property, except bona fide purchasers
The penalties prescribed in Section 253 of the
for a valuable consideration.
Revenue Act of 1918 will attach to the principal officers of the corporation
upon failure
T. D. 1615).
to
comply with the provisions of that
section.
(Also see
INCOME TAX FOR NEW JERSEY RECOMMENDED
INCOME TAX— TAXABILITY OF PROFITS TO SHAREHOLDERS OTHER THAN DIVIDENDS.
Tne
following
is
taken from the "Wall Street Journal" of
Aug.
10:
not often that corporations credit profits to shareholders without
formally declaring a dividend.
In such a case, the credits may be counted
in invested capital, according to a ruling made by the Committee Appeals
and Review of Act Federal Income Tax Bureau, which says:
"Advice is requested as to the proper treatment of credit balances of
stockholders' accounts in the case of the M. Co.
"The facts appear to be that no formal declaration of dividends has been
made by this company, but a book entry has been made noting and crediting each stockholder the share of each year's earnings to which he would
be entitled under a dividend declaration, the individual shareholders having
returned their shares of such earnings in their personal returns and paid
the income tax thereon.
"Reference is made to Appeals and Review Recommendation 102 as
supporting the view that balances to the credit of Individual stockholders
are not invested capital.
In that case, however, the balances standing to
the credit of individual stockholders were not in proportion to their stock
holdings, whereas it appears in the present case each stockholder has been
credited with the amount of the earnings attributable to his stock.
No
interest has been or is to be paid upon the amounts standing to the credit
of these stockholders, no formal declaration of a dividend has been made
by the board of directors, and it appears that under the State law the stockholders do not rank with general creditors with respect to such credits.
"Under these circumstances the case is clearly distinguishable from the
one covered by Recommendation 102, and in the judgment of the committee the amounts so credited should be regarded as being a part of the
earned surplus of the corporation to be included in invested capital."
It
is
INCOME
TAX— TAXABILITY
OF
INCOME FROM
SINKING FUND.
A Treasury ruling (T. D. 3056) in which it is held that
income derived from a sinking fund created by a corporation
tn order to secure the payment of its bonds or other indebtedness and in the keeping of a trustee "is income of the corporation and shaU be included as such in its annual return"
is announced as follows by the office of the Commissioner
of Internal Revenue:
TREASURY DEPARTMENT.
Office of
Commissioner of Internal Revenue, Washington, D. C.
To Collectors of Internal Revenue and others concerned:
The final edition of Regulations No. 45 is amended by inserting immediately after article .541 a paragraph, to be known as article 541 (a) as follows:
—
Art. 541 (o) Creation of Sinking Fund.
If a corporation in order solely
to secure the payment of its bonds or other indebtedness, places property in
trust or sets aside certain amounts in a sinking fund under the control of a
trustee, who may be authorized to invest and re- invest such sums from time
to time, the property or fund thus set aside by the corporation and held by
the trustee is an asset of the corporation, and any gain arising therefrom
is income of the corporation and shall be included as such in its annual
return.
The trustee, however, is not taxable as such on account of the
property or fund so held. If such fund is invested by the trustee in whole
or in part in bonds, the trustee when presenting coupons from the bonds
for payment shall fUe ownership certificates (form 1001 revised) whether
or not the bonds contain a tax free covenant clause.
PAUL F. MYERS,
Acting
Commissioner of Internal Revenue.
Approved Aug. 14 1920:
S. P. GILBERT, Jr.. Acting Secretary of the Treasury.
INCOME-TAX— DISSOLVING CORPORATION LIABLE
FOR UNPAID TAXES.
A
decision in proceedings brought by the Federal Government for the recovery of taxes in the case where a corporation dissolved without paying the income tax due, has been
decided in favor of the Government by the District Court of
at Butte, by Justice Bourquin, who is quoted in
the "Wall Street Jourral" of Aug. 10 as sajang:
When the coi-poration was in being and at dissolution it owed the duty
Montana,
Hj-.
to pay all taxes lawfully imposed upon it for income during its life at any
time.
Taxes could be lawfully imposed by retrospective law, and were.
If material, the law speaks of and from a time anterior to the dissolution,
takes effect as though enacted prior to the di.ssolution.
Taxes are not
debts nor Government a creditor in strict sense. They are of higher nature.
But no reason is perceived why they are not within the principle that those
who gratuitously receive a debtor's property to the extent thereof are liable
IN LIEU OF PERSONAL PROPERTY TAX.
The levying
of a State income and business profits tax
Jersey as a substitute for the personal property tax
which is held* to be "inadequate, unscientific and unsatisfactory" is recommended in tne annual report of the New
Jersey State Board of Taxes and Assessments submitted to
Gov. Edwards at Trenton on July 26. As to the report and
its recommendations the Hudson "Observer" of July 26 said:
The report finds that public sentiment is not yet aroused to the point
which makes systems of taxation a "burning issue," but states that when
in
New
"public pressure
tration will be
is
developed irresistably for change, reforms in tax adminis-
put into
effect speedily."
Declaring that other States have found the income tax a satisfactory
means of raising revenue, the report goes into a detailed discussion of
various current forms of tax legislation, reaching the conclusion that none
One of the essentials of a successful tax system, it is
of them are ideal.
stated, is that the machinery of administration be Improved as to making assessments just and in collecting the taxes.
Other recommendations are for the appomtment of local assessors by
governing bodies, with tenure and adequate salaries, present assessors
holding over, and for restricting the amount of land now exempted from
The recommendations in general are those of the 1919 board.
taxation.
Appended to the report is a statement of assessments by counties.
The total value of property in the State to which tax rates are applied
for 1920 was given as $4,254,964,268.98, an increase of $222,800,164.60
over 1919. This was the largest increase in tax rate property since 1907,
and is attributed to the current high sales value of property.
In only one of the counties, Salem, was there a decrease from last year.
The decrease was $7,167,707, and was due to the dismantling of a big
munitions plant operated by the Du Pont Company.
PROFIT FROM MUNICIPAL BONDS PURCHASED
DISCOUNT AND HELD TO MATURITY
AT
NOT TAXABLE.
Salomon Brothers & Hutzler have received an opinion
from Wajme Johnson, Solicitor of Internal Revenue, in
which it is held that a return of 7.60% on an issue of $10,000,000 Philippine Government 4% certificates of indebtedness purchased by the firm from the United States War
Department at 96.59 and maturing in one j^ear, is e.xempt
from taxation under the Federal Income Tax Law. The
ruling reads:
my
Referring to your letter of Aug. 2 1920, and in further reference to
letter of July 17 1920, careful consideration has recently been given to the
question whether tax should be asserted on profit derived from State and
municipal securities purchased at a discount and held imtil maturity. The
Bureau is of the present opinion, and has so ruled, that such profit is not
taxable where it clearly appears that the return from the investment in the
hands of the taxpayer is due solely to the compensation received from the
municipality in lieu of interest for the use of the taxpayer's money. In no
case may such exemption exceed the total discount at which the securities
were originally sold by the municipality.
PLANS FOR
A. B. A.
CONVENTION AT WASHINGTON
—SPEAKERS.
Convention headquarters for the American Bankers'
Association convention to be held in Washington, D. C. the
week of Oct. 18 have been opened in the WiUard Hotel.
Tom Grant, formerly Secretary of the Chamber of Commerce,
The headquarters hotels for the
is in charge of the office.
convention wiU be as follows: New Willard, Ex-Presidents
A.B.A.,A.B.A. officials, members Executive Council, and
the State Secretaries Section. Hotel Washington, National
Bank Section; Trust Company Section; Clearing House
Section.
Section.
Hotel Raleigh, State
Bank
Section; SaA-ings
Bank
Secretaries Section at the A. B. A. convention
will be in the Fairfax Room of the New Willard Hotel, which
is located immediately opposite the general registration
headquarters. R. N. Harper, President of the District
The
Bankers' Association, has announced the acquirement of
the Balance Theatre for the general sessions of the convention.
This theatre is the largest meeting place in the city,
and this is the first time that it has been given over to a con-
Aug. 28
THE CHRONICLE
1920.]
The speakers
vention.
for the general session
announced as follows by President Richard
Chicago, Chairman; Craig B. Hazelwood, Chicago, William
G. Edens, Chicago, Frank Warner, Des Moines and Fred
A. Irish, Fargo, N. D. Illinois has the largest membership
of any State in the Association, andjproposes opening State
headquarters at the Washington^ convention. Illinois has
were recently
Hawes:
S.
E. T. Meredith, Secretary of Agriculture, will give national impressions
as gained from his official viewpoint.
David F. Houston, Secretary of Treasury, will discuss "Government
Finance."
George Woodruff, President. First National Bank, Joliet, 111., "The
Country Banker's Problems!."
Fred 1. Kent, Vice-President, Bankers Tru^t Company, New York.
"International Relations."
Joseph n. Durfee. President, United States Chamber of Commerce,
"Relation Between Banking and Industry."
Fred W. Ellsworth retiring President of the Financial Advertisers'
Association and Vice-President of the Hibernia Bank & Trust Company of
New Orleans, "Publicity, Public Relations."
John Kendrick Bangs, will furnish the "Wit and Humor" for the occasion.
approximately 1,300 members in the national organization.
Two special trains will carry, Missouri and Kansas bankers
to the convention.
H. H. McKee, President of the National
Capital Bank, has been appointediChairman of the Washington Publicity Committee for the convention. A committee on Trust Company Section has been organized to work in
conjunction with trust company matters that may arise during the forthcoming convention. E. Pereival Wilson, National Savings and Trust Company, has been appointed
Chairman of the Committee by Col. Robert N. Harper, while
the following have been selected to aid Mr. Wilson: Martin
R. West and John L. Fugitt, American Security and Trust;
Charles H. Doing and C. R. Grant, Washington Loan and
Trust; George E. Fleming and R. Rutherford, Union Trust;
Charles Semmes and E. L. Norris, Continental Trust;
Ratcliffe and C. H. Pope, Munsey Trust, and F. B.
Devereux, National Savings and Trust Company.
The tentative program, so far as the dates allotted for the
general convention, the various Section and committee
meetings are concerned, was outlined in oiu- issue of June 5,
page 2354.
•
Another speaker of importance, announced by General
Guy E. Bowerman, is Sol Wexler, of J. S. Bache
& Company, New York, who will talk on "Underwritings
and Financing Big Business." Additional speakers announced by General Secretary Bowerman, are H. M. Robinson of the First National Bank, Los Angeles, Calif., who will
address the convention on "Commodity Financing," and
John J. PuUeyn, President of the Immigrant Industrial
Savings Bank, director of the New York Life Insurance
Secretary
CD.
Company, President
of the Savings Bank Association of
the State of New York, who wiU speak. on "Transportation
and its Effect on Credit." Mr. Pulleyn is active in the
National Association of Owners of Railway Securities. Mr.
Hawes's announcement regarding those who would address
the convention was made at a meeting of the Administrative
Committee of the Association held in Chicago, July 26, 27
and 28 to hear the report of the Constitutional Committee
and to perfect the plans for the annual meeting. In addition to indicating the speakers, President Hawes reported
to the Committee that forceful programs had been arranged
for the several sections, and that these programs would be
limited to purely sectional questions. The Constitutional
Committee, which met in Chicago a day in advance of the
Administrative Committee, offered as its report a complete
re-draft of the Constitution and By-Laws, and this report
was unanimously adopted. A conspicuous innovation of
the new constitution is a provision for a referendum under
which inter-convention questions and problems can be submitted to the membership. The question of taxes is to have
the special attention of a new committee authorized by the
Administrative Committee at the Chicago meeting, and to
be appointed by the President. It will be known as the
Economical Policy Committee. Under the new constitution to be submitted for adoption at the October convention,
the sections of the association will become divisions and the
heads of the sections, now known as secretaries, wiU become
deputy managers, under General Secretary Guy E. Bowerman. The new draft also abolishes the currency commission
and reduces all commissions to a membership of seven, who
can be appointed from the membership at large. The
Committee on Commerce and Marine is made a commission
in the new draft.
President Hawes has announced that
printed copies of the new draft wiU be mailed out in advance
of the convention.
A call has been sent out by A. T.
Matthews, Secretary of the Clearing House Section of the
American Bankers' Association, for a general conference on
clearing house problems to be held on Thursday of the convention week at Washington. Several representative leaders
in clearing house circles will lead the discussion with short
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week.
A Now York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $90,000.
Edward R. Stettinius, a member of the firm
Morgan & Co. was stricken with appendicitus at
The committee on entertainment
of delegates
cursion
by water
to
Mount Vernon
is
At their special meeting on Aug. 26 the stockholders
The National City Bank of New York ratified the plans
of
to
increase the capital from $25,000,000 to $40,000,000^through
the issuance of 150,000 additional shares of the par value of
$100. As stated in our issue of July 17 the new stock is to
be disposed of to stockholders at $125 per share. Each
stockholders of record Aug. 26 is accorded the right to subscribe to the new issue of stock to the extent of 60% of his
present holdings. The premium above par, realized through
the sale of the stock, $3,750,000, and $6,250,000 of the
Undivided Profits will be added to the surplus thereby raising
Each share of stock of
it from $35,000,000 to $45,000,000.
the bank carries a proportionate beneficial interest in the
capital stock of the National City Co., all of which is held
ex-
one of the leading
The stock transfer books which had been
Aug. 14 were reopened at 10 a. m. Aug. 27.
Items regarding the plans to enlarge the capital appeared in
our issues of June 12, July 17, and July 31.
features; golf at the various country clubs, afternoon receptions at some of the show places of the city, homes of C. C.
Glover, Chai-les J. Bell, C. I. Corby and others; theatre
parties and more formal entertainments at the New Willard.
Harry V. Haynes is Chairman of the Committee on Entertainment, with George O. Vass as Assistant Chairman.
Reservations have been made to date for about 1,200 guests,
and more are being received by every mail. The indications
are that the capacity for entertainment of the city will be
needed for the care of the thousands who will attend.
More interest, it is stated, is being shown, and reservations are coming in more rapidly for the Chicago convention
special to the A. B. A. meeting than there ever has been for a
similar event.
More than half tlie reservation for the special
train are already in, although the Committee has not issued
the usual invitation literature as yet. The Chicago special
will leave at 12:40 p. m. Saturday, Oct. 16, and arrive in
Washington at 9:40 a. m. Monday. The Committee on
Transportation inlcharge of the special is Arthur Reynolds,
P.
The increase in capital of the American Foreign Banking
Corporation of this city from $3,500,000 to 85,000,000
authorized by the stockholders on Feb. 25, became effective
July 10. The additional stock was disposed of at par.
The stockholders at the time also authorized the transfer
of $288,888 from the Undi\dded profits to the surplus
making the latter account $1,500,000. Reference jjto the
proposed increase in capital was made in our issue of Feb. 14.
and guests
An
of J.
his office
on Thursday and taken to Roosevelt Hospital, where he
was operated upon early in the evening. It ,was stated
yesterday that Mr. Stettinius was resting comfortably.
talks.
to the convention has about completed its plans.
855
by
trustees.
.
closed since
George J. Corbett lias resigned as Vice-President of the
Central Union Trust Company of this city to devote his
attention to the interests of the Chemical Foundation of
which ho is Secretary and Treasurer.
The Banco Internacional de Cuba (International Bank of
Cuba), head office Havana, Cuba, in its statement of condition, June 30 1920, reports deposits of $36,715,701, and
It has a paid in capital
$173,955 and undivided profits of
Its authori/ed capital is $10,IXX),(XX).
Total
$435,012.
assets of $53,611,731 are reported by the bank, of which
$12,321,866 represents cash on hand, $4,254,855 remittances
socuritios in trust of $6,416,01)6.
of $5,000,000, surplus of
'
THE CHRONICLE
856
in transit, and $2,609,280 due from banks and bankers
The loans and discounts total $22,121,(current accounts).
265.
The bank has 104 branches.
The directors of the Standard Bank of South Africa Ltd.
have declared an interim diAddend at the rate of 14% per
annum less income tax. The bank's investments stand in
the books at less than market value as at June 30 last. All
other usual and necessary provisions have been made.
The Bank
Manhattan Company
of this city has opened
John's
Place and Nosa branch office at the corner of St.
second
branch opened
trand Avenue, Brooklyn, making the
thirteen
offices in
in that borough. The company maintains
the Borough of Queens. Oscar W. Kearney is manager of the
new branch.
of
of the important developments in local banking affairs
the forthcoming merger of the Lincoln National Bank,
(at 42nd Street, opposite the Grand Central Terminal)
with the Irving National Bank. On Aug. 20 Col. Charles
Elliot Warren, President of the Ijincoln confirmed the rumor
that a merger of his institution with the Irving had been
arranged and that the consolidation had been prompted by
reason of mutual advantages to the clients and depositors of
both institutions in the joining of forces.
Col. Warren
also had the following to say:
After thirty-nine years of service to the district surrounding the Grand
One
is
Central Terminal, the recent remarkable development of the neighborhood
has opened to the bank possibilities of broader activities and larger fields of
usefulness, which only great banking resources and world-wide connections
can satisfy. Expansion rpaid enough to meet the situation can be effected
in no other way than by securing as an ally, or partner, a bank possessing
resources with both unlimited American and foreign facilities equal to the
opportunities and growing service demands of the Forty-second Street
business community. In the Irving National Bank we have found this
and more, and the merger is assured. Balanceing these advantages to
The Lincoln Bank and its customers. The Irving National Bank secures a
District Office at the very centre of the neighborhood's business, and at the
focus of the city's suburban, subway and through railroad traffic. This is in
accord with The Irving's policy of carrying its banking facilities, wherever
possible, right to the depositor's door.
Not only will the Lincoln's cUents
profit by the consolidation in the extension of our facilities and the increase
our customers now
in our banking power: all uptown Irving customers
will find The Lincoln (rebuilt and greatly enlarged) thoroughly equipped
and ready to do everything for them that the main office or any of our disThere will be no important changes in
trict offices have done in the past.
the Lincoln organization. Some speciaMsts will be added to our personnel,
perhaps, but, in the main, our staff will remain as it is.
The Lincoln
District and its affairs will be in my charge as Vice-President and a member
Some others of our Directors will be
of The Irving's Board of Directors.
Broadly speaking, the poUcies and
invited to join The Irving's Board.
purposes of the two banks have been so similar taat the consolidation will
bring about no disruption of relations or activities.
By this merger, Lincoln depositors will miss nothing of the cordial personal
They will
interest and co-operation to which they have been accustomed.
simply find us larger, stronger and better prepared to take care of every
reasonaole request for service or accommodation which they may make
upon us. In the foreign field particularly, we will be able to offer such
counsel and co-operation as few other banks can provide.
The Lincoln, known as "The Vanderbilt Bank," has a long and honorable
history.
Its first and only President, prior to the present administration
was General Thomas L. James, who resigned a Cabinet position to guide and
direct its beginnings.
On its early Board of Directors were WilUam R.
Grace, Mayor of the City, John W. Harper, of Harper Bros., Matthew
C. D. Borden, of The American Print Works, Dr. William Seward Webb,
WilUam D. Sloane, Frederick W. Vanderbilt, William K. Vanderbilt, Jr.,
James Stilhnan, WilUam Rockefeller, Marcellus Hartley, Alfred Van Santvoord, and Eben E. Olcott. Even when Forty-second Street was still
suburban, the men who founded and conducted The Lincoln foresaw the
development of a new business and financial centre in the neighborhood,
and kept in mind always the service of business as their ultimate aim.
In merging with The Irving, I feel that we are carrying out their purposes
and poUcies; that we are giving up nothing of value to our customers, and
are gaining much.
When we opened for business, Jan. 12, 1882, we had a
Capital of $300,000, and our first statement of condition showed deposits
of $446,000. At the last call of the Comptroller of the Currency, as of
June 30, our Capital, Surplus, and Undivided Profits amounted to more
than $3,100,000, our Deposits to more than $25,000,000, while our Total
Resources were in excess of $38,000,000. Resources of even $38,000,000'
however, are not large enough to match in scale the present business of the
new Grand Central expansion. We are looking out for the best interests of
our depositors. We enUst the Irving's $248,000,000 of additional Resources
and its world-wide organization in their service, at a time when banking
power is more essential to the security and continued progress of individua]
business concerns than it has been, perhaps, at any other time in our gen-
—
eration.
The capital of the Lincoln National is $1,000,000, while
that of the Irving National is $12,.500 ,000; the surplus and
profits of the Irving exceed $10,000,000.
A consolidation
of the Irving National Bank and the Irving Trust Company
(between which a close working arrangement had existed
for over twelve years) went into effect on April 19 last,
imder the name of the Irving National.
Previously, at
different times the New York National Exchange Bank,
the Mercantile National Bank, the National Nassau Bank
had been merged with the Irving National, and the Irving
Trust had enlarged its operations through successive mergers
[Vol. 111.
with it of the Flatbush Trust Co., the Aetna National
Bank, the Commercial National Bank of Long Island City,
the Market & Fulton National Bank, the Sherman National
Bank and the National City feank of Brooklyn.
Details of the plan by which Irving National Bank employees are to be permitted to buy nearly 5,000 shares of the
bank's stock at $100 a share less than half its current market value and thus become partners in the business, were
made known in a letter which the president of that institution has sent to more than 1 ,700 persons ehgible to subscribe.
Under the terms of sale the pm-chasers wiU pay for the stock
in small monthly installments, dividends earned by the stock
—
—
during the period being applied to the purchase account.
The plan puts a premium on continuity of service, as anyone
who leaves the bank before his stock has been paid for must
surrender his subscription, while the money he has paid in
is returned to him with interest.
The subscription is open
to every person who was in the bank's service on June 1,
this year, except those who are also members of the Board
Announcement that the Irving proposed to
of Directors.
take in members of the staff as shareholders was made in
Jime, when the bank took steps to increase its capital stock
from $9,000,000 to $12,500,000 and reference thereto was
made in these columns June 5 and June 18. Of the $3,500,000 issue, shareholders were asked to waive their rights to
$500,000 par value of stock in order that Irving men and
women might secure a personal interest in the business.
The amount of stock for which individuals will be allowed
to subscribe is apportioned on a salary basis
Any purchaser
may cancel his or her subscription. In such case, when the
money paid in is returned, interest wiU be added at the rate
of 6% for the time it has been in the bank's possession.
When the purchase has been completed a stock certificate
will be issued and the shares become the absolute property
of the subscriber.
If requested, the bank wiU act as custodian of the certificate without charge. Should a subscriber
die, his estate will have the option, to be exercised within
six months, of pajdng in full the balance due on the subscription and receiving the stock certificate.
If the option
is not exercised the bank will pay to the estate the full
amount, with interest, standing to the credit of the subscription account.
.
A
new branch of the Mercantile Bank of the Americas
be opened at Hamburg, Germany, on September 1. At
present European branches are in operation in Paris, Barcelona and Madrid. These branches act in close conjunction
with the Latin American affiliates of the Mercantile Bank
of the Americas.
will
At a meeting of the Executive Committee of the Board of
Directors on Aug. 19, George M. PoweU, Jr., was appointed
Assistant Comptroller of the Guaranty Trust Company of
and Chester N. Van Deventer was appointed an
Manager of the Foreign Department. Mr.
PoweU has been an Assistant Auditor of the company since
June 12 1919. He entered the Auditing Department in
Feburary 1918, and was transferred to the Accounting
Department when it was organized three months later.
this city,
Assistant
Mr. Van Deventer, after serving in the Transfer Department of the Guaranty went to the Auditing Department,
of which he became Assistant Managing Clerk.
In ISIarch,
1918, he enlisted in the Naval Reserve and served there until
January 1919, when he returned to the Auditing Department. In August 1919, he was appointed Auditor of the
Paris Office, a position which he held until his recent return
from Europe.
A
meeting of the stockholders of the Progress
City will be held on Sept. 2 to take action on
the proposed conversion of the institution to the National
system under the name of the Progress National Bank, and
to authorize an increase in the capital.
The latter, now
$200,000, is to be increased to not less than $400,000.
Announcement of the fact that apphcation had been made
by the bank to the Comptroller of the Currency for a National charter was made in these columns June 19.
Bank
special
of this
Beginning with the July number, the Brooklyn Trust
of this City has undertaken to supply its patrons
with copies of the "Report on Business Conditions" issued
monthly by the Federal Reserve Agent at New York to
Company
,
Aug. 28
THE CHRONICLE
1920.]
the Federal Reserve Board, as soon as possible after their
issuance.
851
Gibson, President; J. W. Ransom, Vice-President; Carl A.
D. P. Wetzel, and Edward Horn, Assistant
Silas, Cashier;
Cashiers.
and Treasurer of the RockWm. H.
Company,
Trust
Nyaek,
N. Y., was elected
land County
institution
on
Aug.
Mr. Radcliffe was
the
2.
a director of
Radcliffe, Secretary
former Secretary of the Westchester Trust Co. of Yonkers,
N. Y., and active in the work of New York Chapter, American Institute of Banking, of which he was a member of the
Board of Governors.
The Ridgefield Park Trust Company, of Ridgefield Park,
N. J., announces the appointment of B. C. Diekman as
Secretary and Treasurer to succeed R. J. Barnett who has
resigned to become associated with the Ninth Title and
Trust Company of Philadelphia. Walton Carron was
appointed Assistant Secretary and Assistant Treasurer of
the Ridgefield Park Trust Company, to succeed Mr. Diekman.
A
change in the name of the First National Bank of CornYork, to the First National Bank and Trust Company has been approved by the Comptroller of the Currency.
ing,
New
The investment banking house
of
Seasongood
& Mayer
of
Cincinnati, announces the death, on Aug. 22, at his residence in Cincinnati, of their Senior partner, Julius Reis.
John J. Mitchell, chairman of the Illinois Trust and
Savings Bank and Merchants Loan and Trust Company of
Chicago, is of the opinion that the peak of the credit strain
arising from the harvest demand is past.
He is quoted as
follows:
The widespread attention which has been centred on the money market
has prompted the grain people to be more ordinarily forehanded in arranging
for such lines of credit as they will need to finance the crop movement this
autumn.
The big grain houses here have all been in to see theii bankers and have
made their arrangements for loans. Many of them will not need all the
credit that they have arranged for.
I think it is safe to say that the peak
of the crop moving demands in this market is already past.
Moreover, it isn't likely that there will be a great concentrated movement
of grain to markets in the early autumn.
Grain prices have dropped of
very considerably from the high levels of the year and farmers are neve
anxious to sell on a declining market.
It is encouraging to note that wholesale prices have taken a distinct downward trend. There is no excuse for further advances in wages. Immigration is increasing rapidly and every incoming boat is loaded with home
seekers from Europe.
Our own people have gone to Europe and are bringing their friends back with them.
Our merchandise imports are increasing and are likely to continue in
volume because of the heavy foreign indebtedness to us. Manifestly
we cannot go on indefinitely piling up a favorable trade balance at the rate of
$4,000,000,000 a year. Foreign countries will need to build up their credit
here by sending us large amounts of their products.
As to the money situation, while there is a strong demand for credit I
do not observe evidence of great urgency of demand and borrowers will be
able to obtain money at some price.
Financial conditions generally are
larger
strong.
Transportation conditions are going better.
do a lot of hollering in this country whenever conditions are a little
abnormal and perhaps that is wise, but it often attracts an undue amount of
attention and results in exaggerating our ills.
We
The First National Bank of Bartlesville, Okla., Capital
$50,000, has been placed in voluntary Uquidation effective
August 9, its assets having been absorbed by the Bartlesville National Bank, which has changed its title to the
First National
Bank
in Bartlesville.
The Hibernia Bank & Trust Company of New Orleans,
has decided to establish another branch bank in the neighborhood of Canal Street and Carrollton Avenue, the exact
location of which will be announced as soon as necessary
legal details are completed.
This section, which according
to a recent survey, is one of the most substantially settled
portions of the city, has never enjoyed local banking faciUties.
As soon as possible, the bank will begin the construction of
a suitable building. This new branch will give the Hibernia
Bank eight banking offices located conveniently in various
parts of New Orleans, each designed to serve the financial
and banking needs of its respective eommtm.ity.
At a meeting
Exchange Bank
Houston National
Houston on August 14 Carter Stewart,
formerly Assistant National Bank Examiner for the Eleventh
Federal Reserve District of Texas, was elected Assistant
Cashier of the bank. Mr. Stewart was at one time connected
with the South Texas Commercial National Bank and the
Lumbermans National Bank of Houston. He has assumed
his
new
of the directors of the
of
duties.
The Citizens Trust & Savings Bank of^ Los Angeles
has secured a 20-year lease of the property at 736-738
South Hill Street, that city, and intends to erect thereon a
two-story-basement and mezzanine floor, banking house
The structure
at a cost in the neighborhood of $300,000.
will have a frontage of 61 ft. on Hill Street and a depth of
157 ft. and will afford one of the finest banking rooms in
Los Angeles. The equipment in the way of banking fixttires, vaults, &c. are to be complete and up to date in every
particular so as to insure the best poss ble service to the
The present quarters of the bank at
clients of the bank.
Third Street and Broadway, we understand, are to be
The Citizens Trust
retained and used as a branch office.
& Sa\angs Bank began business in 1911 when it bought out
the Broadway Bank & Trust Co. It is an affiliated institution of the Citizens National Bank and one of the strongest
financial institutions, it is said, in Los Angeles with resources
in excess of $13,900,000, of which more than $1,000,000
has been gained during the past four months. It recently
established two branch offices in Los Angeles, one at 209
South Western Avenue and the other at Hollywood Boulevard and McCadden Place. Orra E. Monnette is President
of the Citizens Trust & Savings Bank and the other officials
are George W. Walker and H. A. Kehler, Vice-Presidents;
Roy D. Davis, Cashier, and C. Summer James, Trust
—
Officer.
The Comptroller
of the
Currency announces
of
approval
National
change the name of the WaU
Worden, 111. to the First National Bank of Worden.
of the proposal to
Bank
his
The Comptroller
of the Currency has approved a change
National Farmers Bank of Warren, 111.
to the First National Bank in Warren.
.
in the title of the
Wg
are informed that on August 1 a consolidation was
effected between the Bennett Loan
Trust Co. of Sioux
&
City, Iowa,
The
and the Bankers Loan
resulting institution
is
man
of the Board of Directors; A. T. Bennett, President;
H. P. Guiney and E. L. Lundquist, Vice-Presidents and
K. H. McKenzie, Cashier.
The Nebraska State Bank
its
capital
Mr. Smith, Real Estate Officer, and Mr. Brigham will be
Manager of Branches and in charge of new business development work. These promotions are in recognition of efficient
services rendered the institution.
Trust Co. of that place.
known as the Union Trust &
Bank and has a capital of $100,000. The officials
new company are as follows: G. R. Whitmer, Chair-
increasrd
President, were elected Assistant Vice-Presidents of the inIn addition Mr. Vollmer will bo Office Manager,
stitution.
&
Savings
of the
At the regular monthly meeting of the directors of the
Anglo-California Trust Co. of San Francisco on Aug. 6th,
Fred V. VoUmer and C. L. Smith, heretofore Assistant
Cashiers, and R. D. Brigham, formerly Assistant to the
of Norfolk, Neb. recently
from $50,000 to $100,000. The bank
has a surplus of $20,000, deposits (Aug. 10) of $1,186,057
and total resources of $1,324,546. The officers are Jabe B.
report of Bergens Privatbank of Bergen, Norway
1919 shows a rapid improvement in all departments.
While this progress is, to some extent, due to th^ amalgamation with the A. S. Revisionsbankcn, the balance sheet
compels much respect. Reserves last j'ear increased by
Kr. 5,000,W0 and are now Kr. 30,000,000. Deposits
increased by over Kr. 56,0(X),0(X) so that at the end of 1919
they aggregated Kr. 332,000.000 compared with Kr. 275,Not profits
.")50,006 in 1916 and Kr. 229,16().0(X1 in 1917.
aniounling
Ivr.
to
Kr. 11,increased
by
2,4(X),0(X)
1919
in
200,000. The Bank last year paid a di\ndend of 15%.
The
for
THE CHRONICLE
858
COTTON MOVEMENT AND CROP OF
1919-20.
Our statement of the cotton crop of the United States
It will
for the year ended July 31 1920 will be found below.
be seen that the total commercial crop reaches 12,217,552
bales, while the exports are 6,610,638 bales and the
spinners' takings are 6,783,793 bales, leaving a stock on hand
The
at the ports at the close of the year of 761,876 bales.
whole movement forjthe twelve months is given in the following pages, with such suggestions and explanations as the
peculiar features of the j^ear appear to require.
The first
table indicates the stock at each port July 31 1920 and 1919,
the receipts at the ports for each of the past two years and
the export movement for the past year (1919-20) in detail,
and the totals for 1918-19 and 1917-18.
Receipts Year End'g
Exports Year Ending July 31 1920.
Stocks.
Ports 0/
July 31
1920.
July 31
1919.
Great
Britain.
July 31
1919.
[July 31
France.
Other.
1920.
Total,
j
Texas .. 2,533,162 2,092,623 1,636,356 129,615
Lou ana 1,366,735 1,635.444 505,464 128.553
'
Georgia- 1,472,651 1,341,562
Alabama 265,176 155,516
Florida
37,784
36,099
Miss'ppi
So .Care.
N.Caro.
Virginia
New Y'k
Boston
-
Balti...
Phila...
Prov'nce
445",i23
2"l7",226
94,263" 19,149
207,377
296,533
030,229
046,779
091,888
021,284
207,236
252,708
al2,970
030,177
022,514
08 ,065
29,363 16,847
127,705
2.955
4,941 22,241
478
13,959
612
5,015
1,700
3,555
211,851
376,121
294,172
25,656
23,321
143,139223,684
35",742
162,7921 32,827
167,9101 25,395
204,797i 47,695
65,162
92.975
75,004
7,702
4,750
5,832
29,727
116,582
37,250
177,615
6,523
7,185
8,608
375
San Fr
LosAng.
Seattle
487,508 208,346
91,779 25,216
42,653
502,959 2,268,930120,642
714,600 1,348,677 228,017
659,936 1,355,790 59,215
2,543
5,197 122,192
600
43,253
2,647
123,408
2,164
277,521
57,522
39,221
d217,604
10,504
.
Tacoma
Portl.,0.
Detr.,&c
20,960
12,812
13,863
375
123,408
12,668
277,521
57,522
39,221
d217,604
6,858
7,819
4,534
4
10,456
Total 6,814,721 6,012,140 3,053,440 555,712 2,984,282 6.593,434 761.876 1,228,748
Foreign
el 7, 204
cot.exp.
el7,204
Total all:
This yr 6,814,721
3,070,644 555,712 2,984,282 6,610,638 761,876
Last yr
6,012,140 2,627, 964]755.778 2,265,697 5,649,439
1,228,748
Prev.yr
5,862.181 2.276,098 644.982 1,567,165 4,488,245
914,355
a These figures are only the portion of the receipts at these ports which arrived
rail overland from Tennessee, &c.
d Shipments by rail to Canada, e Exports
_0f foreign cotton of all kinds, largely, it not wholly, to Great Britain.
by
The foregoing shows
and Gulf shipping
that the
total receipts at the Atlantic
have been 6,814,721 bales,
year, and that the exports have
ports this year
against 6,012,140 bales last
been 6,610,638 bales, against 5,649,439 bales last season.
Great Britain getting out of this crop 3.070,644 bales. If
now we add the shipments from Tennessee and elsewhere
direct to manufacturers,
and Southern consumption, we have
the following as the crop statement for the three years:
Year ending July 31.
1919-20.
1918-19.
1917-18.
Receipts at ports
...bales
Shipments from Tennessee, &c., direct to mills
6,814.721
1,678,609
6,012,140
2,086,303
5,862,681
1,725,389
8,493,330
3,724,222
8,098,443
3,504,191
7,588,070
4,323,826
Total
Manufactured South, not included above
Total cotton crop for the year
bales 12,217,552 11.602,634 11,911,896
The result of the.e figures is a total crop of 12,217,552
bales (weighing 6,210,271,326 pounds) for the year ended
July 31 1920, against a crop of 11,602,634 bales (weighing
5,925,386,182 pounds) for the year ended July 31 1919.
NORTHERN AND SOUTHERN SPINNERS'
in 1919-20
takings
have been as given below:
Total crop of the United States, as before stated
bales. 12, 217. 552
Stock on hand at commencement of year (Aug. 1 1919)
At Northern ports
_.
103,748
At Southern ports
1,125,000
1,228,748
At Northern interior markets...
25,000 1,253,748
—
Total supply during the year ending Aug. 1 1920
13,471,300
this supply there has been exported
to foreign ports during the year
a6 ,393 ,034
Lessforeign cotton imported-6
bales
702,187 5,690,847
Sent to Canada direct from West
217,604
Burnt North and South. c
1,073
Stock on hand end of year (Aug. 1 1920)
At Northern ports
66,906
At Southern ports
694,970
761,876
16,107 6,687,507
At Northern interior mafkets
Of
—
—
Total takings by spinners in the United States for year ending
Aug. 1 1920
Taken by Southern spinners (included in above total)
Total taken by Northern spinners
—
6,783,793
3,724,222
3,059,571
a Not including Canada by rail. 6 Includes about 350,106,500 lbs.
foreign, mainly Egyptian, equaling 700,213 bales of American weights and
1,974 bales American cotton returned,
c Burnt includes not only what has
been thus destroyed at the Northern and Southern outports, but also all
burnt on Northern railroads and in Northern factories.
These figures show that the total takings by spinners
North and South during 1919-20 have reached 6,783,793
bales, of which the Northern mills have taken 3,059,571
bales and the Southern mills have consumed 3,724,222 bales.
Distribution of the above three crops has been as follows:
.
[Vol. 111.
,.
^
,
^
Takings for
Consumphon
North
South
—
1919-20.
1918-19.
Bales.
Bales.
3,059,571
3,724,222
1917-18.
Bales.
2,318,228
3,504,191
2,990,341
4,323,826
6,783,793
5,822,419
7,314,167
6 ,393 ,034
5 ,457 ,230
217,604
192,209
4 .242 ,201
246,044
6,610,638
1,073
5,649,4.39
4,488,245
Total distributed
13,395,504
Deduct Stock decrease plus cotton
imported
1,177,952
11,479,200
11,802,412
6123,434
6109,484
11,602,634
11,911,896
1
-•
Total takings for consumption
Exports
—
Total except by Canada by raU
To Canada by raU
,
Total exports
Burnt during year
—
Totalcrop
12.217,552
•
7,342
6 Additions.
In the above are given the takings for consumption.
actual consumption for two years has been:
Northern
Takings a
mills' stocks
Total
Consumption a
Aug.
1919-20
1918-19
Bales.
Bales.
814,299
6,783,793
1
— North
South
The
1 074 330
5,822,419
7,598,092
6,896,749
2 ,578 .259
3.724,222/6,750,162 3.504,191 J6,082,450
3 ,025 ,940
Northern mUls' stock end of year
847,930
814,299
and consimiption include 702,187 equivalent bales foreign
cotton (Egyptian, Peruvian, &c.) and American returned ini9'S-20 and
a Takings
201.586 bales foreim cotton in 1918-19.
Cotton Consumption in the United States and Europe.
UNITED STATES.— With all restrictions necessitated
by war conditions removed before the opening of the season
of 1919-20 the distribution of cotton proceeded along
normal
during the twelve months ended July 31 1920 but
hampered in the United States by railroad strikes and shortage of cars and the resultant delays or embargoes. And,
with a greater tonnage of shipping available in the foreign
trade, the movement outward from the country was only
impeded by unfavorable credit or exchange conditions. The
course of prices was in no sense the least important of the
year's developments, even though, due to urgent demand for
practically all classes of goods, the product of the mills was
readily absorbed in distributing channels at a level of prices
that only a few years ago would have been considered beyond the bounds of reason. In other words the goods were
wanted badly and with the purchasing power of a large part
of the people of the United States vastly increased cost
was apparently a secondary consideration. Consequently,
the mills were able to pay phenomenally high prices for
their supplies of the staple, increase wages appreciably and
yet operate upon a wider margin of profit than ever before.
There was a disposition to believe that the high level of
prices reached in the season of 1918-19 would hardly be
passed in 1919-20, and early developments tended to encourage such a belief. But before October had closed the
extreme high of the previous season (38.20c. for middling
uplands at New York) had been passed and on November
11 the basis grade had advanced to 40.20c,, rising further to
40.25e. December 2.
This quotations, representing an advance of 6.05c. from the price on July 31, marked the culmination, for the time being, of the upward trend, as
thereafter to the 4th of February the value of staple
moved downward quite steadily, the decline being arrested
at 37.55c.
From that level the course of prices was quite
steadily upward again to March 23, when middling uplands
stood at 43.25c. at New York, which was the highest point
reached at any time in over 54 years, comparison being
with 44c. on March 2 1866. Thereafter to near the middle
of June the quotation continued at or above 40c., but toward
Recovering
the close of the month was down to 37.75c.
quite rapidly, the price had passed 40c. early in July and
on the 22iid stood at 43.75c., the high point of the season.
From that level there was a drop to 40c. by the 26th and
The extreme range for the season
so the month closed.
was from 30.55c. to 43.75c., with the average 38.25c., this
latter contrasting with 31,04c. in 1918-19 and 29.65c. in
1917-18, being furthermore almost double the average of
In 1914-15 the average was only 8,97c.
191G-1T.
It is perhaps not out of place to mention that the extreme
high prices were maintained in the face of what were considered to be ample stocks here enough to more than meet
consumptive requirements. In fact as late as May 31 the
stock of cotton at consuming establishments or in public
storage in the United States, according to compilations of
the Census Bureau, was no less than 4,955,440 bales, or
within 400,000 bales of the record amount for that date
held in 1919. It is to be stated, however, that low grades
largely predominated in the stock and as the demand has
been for the better grades the high level for middling and
above is thus accounted for. In fact, while a year ago the
discounts on low middling and good ordinary in the New
lines
—
:
Aug. 28
THE CHRONICLE
1920.]
York market were about 4.25c. and 9.50c. at this time they
are about 8.65c. to 15.70c.
Consumption in the United States in 1919-20, while below
the high mark set in 1916-17 and also under the totals of
1917-18 and 1915-16, shows a satisfactory increase over
1918-19, and, as already intimated, manufacturers enjoyed
an extremely prosperous year; v/ithout doubt the most
prosperous in the history of the industry in the country.
Furthernjore, had it been possible to secure a larger supply
of operatives consumption would have been proportionately
increased as demand for goods was not lacking. The consumption of American cotton in the world as a whole was
about 12,500,000 bales. The season closes with the carryover of American cotton standing a little above the high
level of a year earlier, and considerably in excess of July 31
1918, as the following indicates
1918.
1919.
Lint—
1920.
Stock.
In U. S. consuming establishments
In U. S. public storage, &c
At Liverpool
At Manchester
At Continental ports
American afloat for Europe
Total
lint
Linters
—
cotton
Stock in U. S. consuming establishments..
Stock in public storage, &c
Stock in U. S. oil mills.
Total
Bales.
Bales.
Bales.
1.356,777
1,303,418
2,208,367
451,000
52,000
292,000
387,017
1,465,223
1,734,965
89,000
16,000
90.000
100,000
4,754,246
4,693,802
3,495.188
274,741
382,514
180,700
266.539
227,358
384,581
138,108
236,809
30,868
5,592,201
5,572,280
3,900,973
2,0.56,212
700,000
119,000
360,000
162,257
In addition to the foregoing, and to make the statement
complete it would be necessary to include the amounts held
in private storage and on plantations in the United States,
the quantity in transit at the close of the season and stocks
at European mills and in Japan, which were more or less
considerable.
These various items would increase the
above totals to a noticeable extent, but as they would in
large part be approximations they are omitted, the compilation as it stands indicating that stocks in hand are of formidable amount.
A very important outcome of the season was a further
noticeable augmentation in the exports of cotton goods,
and the increase was in both quantity, and value, whereas in
1918-19 the gain disclosed was entirely in the monetary
return for the shipments, there having been an actual decrease from 1917-18 in the quantitative outflow.
Taking
we sent out in the fiscal year
ended June SO 1920 a quantity greater by 52% than in
1918-19 and the augmentation in value was approximately
61%. In 1918-19, on the other hand, there was a loss of
cotton cloth as an example
17%
:
in quantitative outflow but a gain of over
27%
in
The quantitative increase in the latest season,
moreover, was widely shared in. South America, Central
America, the West Indies, East Indies, Africa, Canada, Ausvalue.
tralia
and
New
Zealand
all
increased their takings of our
cotton manufactures, and the shipments to China were
somewhat greater, although trade with that country conOn the other
tinued to be of rather negligible amount.
Philippines
the
Mexico
and
showed
hand, the outflow to
859
within the British Empire, the fund to be disbursed at the
rate of £2,000,000 per year for five years in the fostering of
the growing of cotton on a commercial basis^ providing
means
of transportation, etc.
Finally, at the International
Cotton Congress, held at
Zurich, Switzerland, the subject received earnest attention.
Mr. McConnell, a member of the British Empire CottonGrowing Committee, referred at length to the work already
done by the British Cotton-Growing Association, and said
that if the British Government, the territorial governments
and the cotton industry unite in well-advised efforts the
world's shortage of cotton will, in due course, be made
good in the territories of the British Empire. Spanish delegates reported that efforts to raise cotton in Andalusia had
been unsuccessful, but elsewhere there should be no difficulty in raising sufficient for home consumption.
The
French representatives, moreover, reported a considerable
increase in the production in the Sudan, and good prospects
in Algeria, New Caledonia and New Hebrides, and from the
Belgian Congo hopes were held out of a product of from
10,000 to 20,000 tons in 8 to 10 years. But no matter how
optimistic the outlook the promise of any large increase
from new sources of supply in the very near future is dubious.
In other words, America's supremacy is not seriously threatened. It is possible, of course, that future efforts may be much more successful than in the past. They
will have to be phenomenally so if any measure of independence of the United States in the matter of supplies is
In 1919 the quantity of cotton that passed
through the hands of the British Cotton Growing Association was less than 31,000 bales, against close to 50,000 bales
in 1915.
In either case the quantity was much less than
one week's consumptive requirements of the mills of Great
to be attained.
Britain.
One development of the year in the United States had to
do solely with efforts to secure even higher prices for the
growers than the already extremely high and seemingly
As early as last
quite profitable prices already ruling.
September the movement was started at New Orleans when
a convention of growers from ten States indorsed 30 cents
per lb. as a minimum for that mouth, the quotation to be
advanced a half cent each month until 40 cents was reached
in May, and adopted a resolution requesting the president
of the American Cotton Association to call another meeting
It was also deto discuss an even higher minimum price.
in
county and
corporation
every
buying
organize
a
cided to
parish of the cotton States, to buy all cotton offered and
hold until the recommended minimum prices be tendered
Later, at Montgomery, Ala., in April, the Associafor it.
the price fixed by the
tion adopted 60c. as the minimum
Price Committee of the organization. The highest average
price at farms during the season, as officially reported by
the Department of Agriculture, was 37.7c. in May quite
some under the original minimum, not to say anything of
—
—
the 60c.
contraction.
At a conference called by the Federal Horticultural
Board in early April at Washington, and attended by representatives from every cotton-growing State, means of meet-
progress for some few years. Furthermore at the International Cotton Federation meeting at Ghent, Belgium, in
February, the question of increasing the world's supply was
brought up and a British representative was designated to
go to Brazil and examine into the i)ossibilities of extending cultivation there.
Somewhat later (in April, in fact)
reports were current of a £10,000.000 pro.ioct backed by
Lancashire interests to encourage the growing of cotton
ing the situation arising out of the reappearance of the
pink cotton worm in Texas were considered and experts
agreed that only a drastic quarantine could prevent a disasSecretary Meredith of the Detrous spread of the i>est.
as a means of eradicating
suggested
Agriculture
partment of
over wide areas. It
cotton
planting
of
cessation
the pest the
regions had
various
in
action
such
that
out
being pointed
passing
we would
In
worm
back.
the
resulted in driving
of the
part
made
amendment,
a
Comer
merely mention the
for
provided
the
which
Bill,
Agricultural Appropriation
This
was
contracts.
middling
on
delivery of at least 5090
favored by a bare majority of those voting upon it at the
Amorioan Cotton Association Convention at Montgomery,
and failed to become law.
As intimated above, lack'of an adequate force'of operatives
served as a hampering influence in the cotton manufacturiug
industry. Not so much perhaps as in the preceding season
but there is no doubt tbatlhad the hands been available the
output of goods and, therefore, the consumption of the raw
material would have been noticeably groa or. Curtadmeut
was. of course, a feature of tlio situation at Fall River, the
As
leading cotton manufacturing center of the country.
to
is
sufficient
it
operatious.
returns
from
financial
regards
botfr
but
satisfactory,
very
only
not
were
state that they
as a whole than ever beforeiin the history of the country.
This wo find confirmation of iu the periodic statements of
In the aggregate for all countries our cotton
goods exports in 1919-20, according to the official statistics
issued by the Department of Commerce, reached a value of
$30-1,036,780, against $232,206,506 in 1918-19 and $169,378,223 in 1917-18. An increase in the latest twelve months of
$131,830,220 or 56.8% is here indicated.
With all the restriction imposed by war conditions removed
there is practically nothing of an explanatory nature required
with regard to the movement of the crop in 1919-20. But there
have been some developments of sufficient interest to warrant brief reference to them, even though, as a rule, they
are of iio special importance. Among them we would mention the efforts being made in the interest of European
spinners to extend the cultivation of cotton elsewhere so as
to render themselves less dependent upon the United States
In a small way these
for supplies of the raw material.
efforts have boon diroctod toward the encouraging of cotton
raising in Australia, and the extension of its cultivation in
various parts of Africa, where experimentation has been in
THE CHRONICLE
860
Returns we
dividends at Fall River, New Bedford, etc.
individual
establishments
of
from
prominence
have received
few
weeks
are
in
complete
sections
tiie
last
agreein various
nature
the
satisfactory
of
year's
activities
to
the
ment as
but complaint is quite general that production was kept
down by the shortage of labor, a shortage that could not be
fuUj' made up for by overtime or night working. The future
too, is viewed optimistically even though at the moment the
demand for goods in less urgent than it had been.
Consumption of the raw material, we repeat, was heavier
than in the preceding season in the United States, but less
than in j^ears prior thereto back to but not including 1915-16.
This latter phase of the situation it may readily be inferred
is largely if not wholly explained by the fact that the need
for enormous supphes of explosives is a thing of the past.
Note that the consumption of linters, largely used in the
manufacture of explosives during the continuance of the
war in Europe, was only about 335,000 bales in 1919-20,
against 1,118,840 bales in 1917-18 and 869,702 bales in
1916-17. The decrease here disclosed fully accounts for the
contraction this year's figures show as compared with 191718, and the falling off from 1916-17 is largely thus explained.
Difficulties with labor played no important part in the
developments of the season although unrest was apparent
at various times and strikes occurred at a few points.
Discussion of the new wage agreement for the six months from
December 1 began in November at Fall River and for a
time it was feared that the request of the operatives for a
further increase of 25% in the sca.le would bring trouble,
especially as the manufacturers after careful consideration
decided the granting of it was impossible. Promptly the
unions voted a strike and it was actually started on December 1, but on that very day a compromise advance of 12)^%
was offered and immediately accepted and the men returned
to work on the 2nd.
During March operations at Fall
River were interfered with to some extent by a strike of
the doffers.
Late in April New Bedford became the seat
of trouble, the loom fixers going out on strike and in early
May they were joined by the spinners, out of sympathy, so
that for a time some 25,000 operatives were out. As the time
for the next wage adjustment approached it became clear
that the operatives at Fall River would put in a demand
for a further increase in the wage scale for the six months
beginning June 1. The figure decided upon was 173^% and
this met with the approval of operatives at New Bedford
and other New England points except Lawrence, where
with the radical element temporarily in control, the demand
was for a 50% increase and a 44-hour week. The whole
matter was adjusted by the granting of a 15% advance.
The
wage
latest
advance of
basis 58.19c. for
15% at Fall River makes the new
weaving a cut of 473^ yards of 64x64
28-inch printing cloths. This is, of course, the highest rate
in the history of the cotton manufacturing industry there,
[Vol. 111.
production having been fully absorbed into distributing
channels.
The crop of 1919-20 has turned out to be the fifth in a
It started off rather umpromisingly
series of short yields.
and deteriorated so rapidly that at no time were there
expectations that the yield would be in excess of that of
the preceding season. If there were hopes of such a result
they were dissipated by the estimate of the Department of
Agriculture announced on December 10, which forecasted
an outturn of 11,030,000 bales of 500 lbs. gross weight each
(not inclucUng linters).
This result was practically confirmed in March by the final ginning report of the Census
Bureau giving a yield of 11,258,117 running bales, exclusive
of linters, this total being advanced to 11,325,532 bales
This, of course, it is understood covers
in a later report.
the total ginned during the season as distinguished from
the aggregate crop given in our present report, which is
the amount of cotton and linters
the commercial crop
marketed between Aug. 1 1919 and July 31 1920. Correct
comparison requires, therefore, that Unters (not included
in the Census report, and which for the crop year reached
611,076 bales) must be added to aggregate ginned as stated
above. Adding the linters we have as the Census Bureau
total 11,936,608 bales, or 280,945 bales less than the commercial crop as compiled by us, indicating that the stocks
in private storage or on plantations have been drawn upon
quite freely.
—
SOUTHERN cotton consumption, despite a considerable
expansion of spinning capacity the past season in the
South, recorded only a very moderate increase, this being
due to several causes the fact that many of the spindles
had not been put in operation until near the close of the
season, inability to secure an adequate force of labor, and
a further drop in the amount of linters used in the making
Following the plan inaugurated by us over
of explosives.
thirty years ago we have since July 1 taken a virtual census
of the Southern mills and have secured extensive and interesting information bearing upon the operation and development of the establishments. The information given by each
miU covers not only current operations, but projected future
development, and is concise, yet comprehensive. It gives
the number of spindles and looms active or idle during the
—
,
new miUs
started and additions to old
plants also the actual consumption of cotton for the year,
stated in bales and pounds, the average count of yarns
spun and full details as to new mills, whether already under
season, including
—
construction or merely projected and contemplated expansion in existing factories in fact, all the information that
—
an intelligent and thorough-going review
The
of the cotton manufacturing industry of the South.
is
really essential to
aggregates of our detailed returns are as follows; estabUshments that have been idle all the season and ai'e not Ukely
to resume operations are excluded from the compilation:
and comparing with 22.71c.
in 1916, represents an advance
of 35.48c. or 152% in a little over four years. As a matter
of interest we give the subjoined compilation showing the
Number
MUls.
Wage per Cut. Year.
1898
1899
16.00c.
/18.00c.
119. 80c.
21.78c.
19.80c.
17.32c.
1902
1903
1904
1905
1906
1907
1908
1912
1916
Wage
per Cut.
21.78c.
--23.96c.
19.66c.
21.62c.
122.71c.
124.98c.
Year.
1917
1918
1919
1920
18.tX)c.
Wage per
Cut.
T27.48C.
130. 23c.
34.01c.
[39.10c.
44.98c.
150. 60c.
---58.19c.
The
printing cloth situation at Fall River the past twelve
months requires but brief comment. At the opening of the
season 28-inch 64x64 goods ruled at 13c., or a little below
the high mark set in July 1919, but the price soon eased
off, assisted by the declining tendenc}^ of the raw material
and a slackened demand for the manufactured article. The
recession culminated, however, September 12 when the
price had dropped to lie.
Meanwhile the quotation for
middhng cotton in the New York market had run off from
35.70c. to 29.25c., the latter almost the low of the season.
Printing cloths very soon turned upward again and by
November 3 were up to 14c. The advance continued, moreover, and was not arrested until 17.50c. was reached on
April 12, a new high record. From this level there was a
moderate decline, the close of the season having been at
14.00c.
ConcuiTentlj' cotton advanced materially and on
March 23 middhng uplands stood at 43.25c. in the New
York market, or above any quotation subsequent to March
1866. In July, under speculative conditions, the price
rose to 43.7.5c., but quickly dropped to 40c.
Stocks of goods
first
Alive.
Virginia
Year.
hands at Fa
]
River on July231iwere practically
nil,
Average
Spindles.
States
course of wages at Fall River during the past twenty-three
years:
Consumption.
of
Southern
.
16
No. Caro. 338
So. Caro.
Georgia.
Florida . _
Alabama.
Mlss'ppl _
Louisiana
Texas
. .
Arkansas
Tennessee
Missouri.
Kentucky
Oklahoma
160
143
"66
15
5
15
2
28
2
7
1
Totals
1919-20 798
Running.
Looms
No.
Run.
Yarn.
Avge.
Pounds.
Weig't
20
17
117,050 481.42
1,186,620 483.68
878,799 483.41
825,817 491.63
1,226" 122
l","2"o"6",422
2"o".436
18
3"8"2",452 48"8".99
l"8"7","o"l"8'3i9
170,992
108,129
142,590
13,700
421,808
31,340
98,064
5,712
154,736
107,944
142,590
13,700
409,276
31,340
95,768
5.712
3,687
2,100
3,568
133
5,909
642
1.109
20
35,310 487.30
42,766 485.81
73,158 518.43
13,078 502.67
115,659 490.00
16,631 484.43
29,532 489.79
7,350 494.24
17,206,491
20,775,965
37,927,430
6,573,900
56.665.352
8.056.542
14,464,515
3,632,671
572,956 15,645
577,596
4,822,961 4,783,253 67,436
4,836,491 4,769,127 104,492
2,535.231 2.499,612 44,991
14,990,736 14.792,436 270,148
1918-19 788 14,639,688 14,243,813 266.989
23
26
11
13
11
18
11
15
8
14,369,599 14.111.621:269,700
56,350,868
573,948,746
424,821,812
405.994,262
3,724,222 486.93 1.813,436.873
21
20.753,504,191484.121,696.464.093
1
1917-18 786
Net
Bales.
1
1
20
4.323.826 483.66 2,091,273.080
22
4,378.298 483.8912,118,648,116
1
1916-17
775 14,040.676 13.937,167 264.976
1915-16 752
13.256,066 13.055.293j258,968
22
4,002 ,446j483 .37
1914-15 754
13,017,969 12,737,498 253,202
22
3,164,896 479.84 1,518,640,395
1907-08 717
10,451,910 9,864,198 205,478
20
2,234.395 477.55 1,067,010,962
7,039,633 6.714.589153.748
19M
2,049.9021479.85
983,649,984
3,670,290 3,574,754 91.829
18Ji 1.227,939 470.04
577.186.180
1
,935,485.738
1
1902-03 594
1897-98 391
Figures for years prior to 1913-14 cover period from Sept. 1 to Aug. 31.
Much new machinery has been put in operation within the past few
Note.
months, increasing the number of spindles appreciably without affecting consumpThese returns Include consumption of foreign cotton
tion to a material extent.
by the mills and of linters In mattress factories. &c.
—
The foregoing compilation indicates that in practically
every State there had been an increased consumption of
cotton in 1919-20, the outstanding exception ha^^ng been
Virginia, a result due to the cessation of the manufacture
of explosives at Hopewell. North CaroUna continues to be
Aug. 28
THE CHRONICLE
1920.]
the leading State in amount of the raw material used if not
in the number of spindles. The net results for the season in
the aggregate for the Southern States is an increase in consumption of 220,031 bales, or 116,972,780 pounds, leaving
the 1919-20 total 3,724,222 bales, which compares with
approximately 3,025,940 bales at the North, or an excess
newer manufacturing field of 698,282 bales. The
reports at hand from the South, when gone over in detail,
denote that 6 old mills, with 13,833 spindles, have ceased
for the
operations
spindles,
permanently,
and 16
mills,
containing 87,600
have started up, making a net gain of 10
mills
and
The full extension of
73,767 spindles during the season.
capacity in 1919-20, however, is not expressed by that total,
for the equipment of old mills was increased to the extent
of 277,281 spindles. The aggi-egate net gain for the season
was, therefore, 351,048 spindles.
Further extension of the cotton-manufacturing industry
in the Southern States in the near future is also indicated by
our returns. As gathered from our advices, it is expected that
a number of new mills will start up during the fall and
early winter. Additions to old mill^, moreover, are under
way, or in contemplation, so that altogether the prospective
augmentation in capacity within the next twelve months will
reach approximately 400,000 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, buc
from the reports of the Census Bureau we learn that there
has been an increase of some 300,000 spindles during the
year, making the total at the end of the season approximately
19,900,000 spindles. While at the South, as indicated
above, the augmentation has been a little greater, or 351,048
Our
spindles, giving a current total of 14,990,736 spindles.
usual statement of spindles in the United States is as follows:
Spindles—
North
South
Total.
1919-20.
-.19,900,000
14,990,736
1918-19.
19.600,000
14,639,688
14,369„599
1916-17.
19,400,000
14,040,676
..34,890,736
34.239,688
33,869,599
33,440.676
EUROPE. — During
the past year
1917-18.
19, .500,000
some progress has been
made towards more
stable conditions in the cotton industry
of Europe, but the effects of the wa.r have not yet passed
away, and reconstruction in many parts has been very slow.
In Great Britain probably the biggest trade boom ever
experienced has occurred, and spinners and manufacturers
have made large fortunes. Matters on the Continent however, have not been so satisfactory and producers have been
hampered by difficulties in securing adequate supplies of
raw materials, and trade has been harassed by the wide
fluctuations in exchange rates. The general outlook remains
very unsettled. There is a possibility of a resumption of
trade between the Allies and Russia but at the time of
writing the political situation in the Near East causes considerable anxiety.
—
Great Britain. Twelve months ago spinners and manufacturers in Lancashire were booking orders freely, and steadimproving their position, with prices on an upward grade.
active demand was well maintained, and owing to rising
values buyers who bought freely were able to clear goods on
very satisfactory terms. There seemed to be no end to higher
rates and operations were maintained on a liberal scale
until about March this year, when owing to a further advance
and the longer delivery terms wanted by spinners and manuily
The
was checked, and up to quite
recently a distinctly quieter state of affairs has been experienced in the Manchester market. During the last week or
two there has been a definite revival of inquiry and business
has been on a larger scale than for some time back.
trade
feature during the latter half of last year was the buying
facturers, the trade activity
A
and selling of spinning mills and new companies were floated
by the purchasers on an increased capital basis. About 250
concerns in this way changed hands. This development has
from time to time been very thoroughly discussed and some
leading authorities believe that in the future those engaged
in the industry will suffer as a result of the higher capitahzation per spindle.
It must be pointed out however, that a
similar movement has taken place in other countries and
probably in the years to come Lancashire will not be severely
handicapped by the financial alterations which have taken
place.
Although recently some ground has been lost it has been
an excellent year for manufacturers of cloth. During the
nine months ending last, March demand was very active
and during the latter part of that time there were more buyers
than sellers and producers were unable to satisfy the require-
861
ments of their customers. It will be remembered that China
merchants started the revival of demand in the Spring
of 1919, and throughout the past year an extensive business
has been done. The extensive bujing was stimulated by
the steady advance in the price of silver and the improvement in exchange between this country and China. About
three months ago however, a distinct change in the situation took place, chiefly as a result of the slump in silver.
Dealers in Shanghai who were committed to large deliveries
of Lancashire goods became alarmed, and a panic occurred
in the market.
Manchester merchants were deluged with
cables asking for terms on which contracts could be cancelled.
The attitude of our customers was very strongly
resisted and at a meeting of the Manchester Chamber of
Commerce it was decided to refuse very definitely the suggested cancellation of orders.
Recent advices have been
better and the position on the other side appears to be mending but traders in the Far East have received a shock, and
it may be some little time before demand of any importance
is met with for China.
When prices were going up by leaps
and bounds during the latter half of 1919 the attempts of
India to operate were disappointing, but leading Manchester
shippers took their courage in both hands and purchased
in anticipation of future wants, and in this way a substantial
trade was done with Calcutta, Bombay, Madi'as, and Karachi.
The Monsoon season as a whole was favorable and
although exports have been heavy there has been no indication of dealers in the bazaars becoming over supplied.
The rise in the value of the Rupee assisted trade in the
months of 1920, but since then there has been a decline
in exchange rates, and for quite three months it has been
impossible for merchants in India to pay Lancashire prices
with any freedom. Numerous manufactm'ers have received
early
during the year substantial support from buying for several
minor
outlets. East and West.
Mention must be made
however, of the healthy demand for Egypt, the Levant and
Turkey. An extensive trade has been done and shipments
have been on a large scale. Egypt has been particularly
prosperous, chiefly owing to the high prices obtained by the
raw cotton. At the moment the position of
Constantinople causes some anxiety but it is anticipated that the congestion of goods there will soon be relieved if trade is resumed with Russia.
An encouraging
business has been reported for several West African outlets.
Demand for South America has also been healthy and the
general trade outlook in that part of the world is considered
bright.
Buying for European countries has been very
irregular. Fancies have attracted a fair amount of attention
but not much has been done in the commoner makes of
cloth.
Goods are wanted in many parts, but the position
of exchange has not been favorable to a large turnover.
The home trade demand up to the end of 1919 was encouraging, but during the last few months the unseasonable
weather has had a bad effect upon clearances, especially
n light fancy materials, and most of the wholesale houses
and the retail establishments have not done so weU as in
previous recent years. In order to give some indication of
the course of prices it may be mentioned that a well-known
make of grey shirtings was sold at the end of last July at
36s. a piece. Prices continued to rise until the same cloth
was quoted in Manchester at the end of April last at 52s. 6d.
Since then there has been a decline, the nominal quotation
now being 49s. Twelve months ago a standard make of
printing cloth was sold at 56s. a piece. Rates continued to
rise until 103s. was paid at the end of April. Owing to slack
demand the price has since fallen off to Sos. at the present
natives for
affairs in
time.
The
following table gives particulars of our foreign trade
for the twelve months ended June 30:
yarn and cloth
in
Exports.
Yarns
Cloth
1919-20.
1918-19.
1917-18.
163,163,200
128,419.900
118,735,100
.'.yards 4,447,609,700 2,94-J,324,100 4.717,392,400
pounds
Although the demand for yarn has varied from month
month it has been an excellent year for spinners and many
producers have made record profits. Throughout last summer
and right up to the beginning of 1920, sellers e.xperienced an
active business, and although during the last few months
the sales have fallen off, spinners have been able to maintain
to
their strong position fairly well.
In
all
counts of
yam made
from American cotton no difficulty has been met viith in
clearing the output of the machinery, and on certain occasions demand has exceeded supplies, with the result that
sellers have been in a position to secure very renumerative
rates.
On the whole twists have done bt^ttor than wefts
and all concerns producing ring descriptions have cvprai-
THE CHRONICLE
862
eneed a keen demand. Substantial dividends have been paid
mills that have been sold and refloated on a
and even the
higher capital basis are making sufficient money to distribute to shai-eholders at the rate of 15 to 20% per annum.
Trade in shipping quahties has also been very healthy. Business -with European countries has been somewhat irregular,
but extensive buying has occurred for India and China and
many producers for those outlets are still sold for several
months ahead, although recently operations have been more
restricted. It has been a busy year for j-arn doublers. Early
in 1920 prices for Egyptian yarns were advanced to a very
high level, and trade to some extent was checked. Since
then there has been a big fall, partly owing to the very important decline in raw material values, and partly owing to
the -Rathdi-awal of buyers from the market.
There has been
aldrop in yarn prices since February of nearly 50%, but
quotations are now rather steadier.
Several matters of importance have taken place during
the year in connection with the labor situation, but the
industry has been saved from any general stoppage of
machinery.
It will be remembered that twelve months ago
the operatives in all branches secured a reduction in working hours to 48 per week, with an advance in wages of 30%
on list rates. It was then decided there should be no further
change in working hours for eighteen months, but the wages
agreement expu-ed on April 30th last. Towards the end of
1919, there was some unrest among the workpeople owing
to the feeUng prevailing that they had not participated
in the trade boom to the extent to which they felt entitled.
Early in December, the Federation of Master Cotton Spinners Associations considered the situation, and decided to
pay special bonuses to the operatives employed by their
members, which in the aggregate amounted to about £1,500,000. The position of affairs in the weaving section of the
industry was also dealt with, and the masters in that branch
granted special bonuses but the individual payments were
not so large as in the si^inning department. It was reahzed
throughout the trade that on the expiration of the wages agreement in April a big claim would be made for a further rise.
The operative spinners, cardroom workers, and weavers,
made separate demands, but speaking generally the applications were for an advance of 60% on current wages. After
very protracted negotiations, and chiefly as a result of the
persistent efforts of Sir David Shackleton, the permanent
secretary of the Ministry of Labor, a strike was avoided,
and the employers and trade union officials in all sections
came to an amicable agreement on May 8th. The settlement in the spinning section provided for an advance of 70
on standard lists, and in addition strippers and grinders,
blowing room men, and the leading man in the cotton room,
secured a further rise equivalent to 10% on the wages
reahzed after the addition of 70% on hst rates.
In the
weaving department a rise of 70% on hst rates was obtained,
but tapers, dry tapers, warp dressers, and loom overlookers,
only secured an advance of 55
on hst rates. It was arranged
that no further change in wages should take place for twelve
months. The terms mean that mule spinners, ring spinners,
and weavers, are now receiving wages 215% above the hst,
cardroom operatives 246% above the hst, and the higher
paid workpeople in the weaving section, mentioned above,
200% above the hst. With regard to hst rates some allowance must be made for the loss of earnings as a result of the
reduction in working hours in July 1919.
Pl Important developments have taken place during the year
in connection with the extension of cotton growing in different parts of the British Empire. A report has been pubUshed by the Empire Cotton Growing Committee in which
it is recommended that that organization should be enabled
to continue its acti\'ities by the industry and the British
Government providing additional funds. Lancashire traders
have agreed to a voluntary levy of 6d. a bale upon all cotton
imported, and this scheme should bring in about £100,000
a year. The Government has also decided to make a grant
of £50,000 a year for five years. It is reahzed more fully
than ever that larger crops in the United States are not
probable in the near future and traders are determined to
cultivate on a bigger scale the resources of British Colonies
and Protectorates. A scheme is also being put forward to
grow cotton on a commercial basis in some part of the
British Empire. The details of the proposals have not yet
been made known, but it is understood the promotors have
so far met with encouraging support. It is hoped that the
trade will be prepared to find £10,000,000 during a period
of five years.
The British Cotton Growing Association
has continued its good work and the Government in its
schemes will take advantage of the knowledge and experience gained by that Association during the last sixteen years.
The spindles in Great Britain are estimated at 57,000,000.
The consumption of American cotton in Great Britain dur-
%
%
[Vol. 111.
ing the next twelve
months
is
estimated at about 3,250,000
bales.
European Continent.— It
is
still
exceedingly difficult
to secure trustworthy reports from several
tries as to the state of the industry, but in
European counmost parts some
progress has been made during the year towards more
staple conditions.
Recently however the troubles in the
Near East and the war between Poland and the Bolsheviks
have upset industrial developments, and the outlook in
certain parts of the European Continent remains very unsettled. More endeavors have been made to come to some
arrangement whereby spinners may obtain larger suppUes
of raw cotton, and special terms have been concluded Avhereby imports have been facihtated and in return the importers
have obtained the supplies of manufactured goods made.
With regard to Germany, under the Peace Treaty that
country lost about 1,800,000 spindles. Much difficulty has
been exoerieneed in re-starting machinery, and trade with
foreign countries has been checked by the uncertainty
which has existed in regard to the carrying out of the reparation clauses of the Peace Treaty. Many mills have met
with a healthy demand from the home population, but
production has been very irregular. The spindles are estimated at about 6,500,000. It is beheved however, that the
output is only about 50% of the normal.
Considerable progress has been made during the past
twelve months in France, and most of the mills that were
not damaged during the war are now working at full stretch,
but there is some shortage of workpeople.
Owing to the
increased output of yarn there has been a falling off in
trade with British spinners.
at 9,000,000.
The
spindles are estimated
There has been a remarkable recovery in the trade position
Belgium. An excellent demand has been met with for
yarn and cloth and some of the mills are now working in
two shifts. Numerous firms are said to be fully sold for
six months ahead and according to recent advices business
now amounts to about 80 of the pre-war trade. The spindles
in
%
are estimated at 1,750,000.
The question of foreign exchange has hampered spinners
and manufacturers in HoUand but the weaving concerns
have received large supplies of yarn from Great Britain,
and a generally healthy demand has been met with for the
cloth produced. The pohtical situation throughout Europe
has resulted in some uncertainty as to the future course
of events but a definite turn towards better times has taken
place. The spindles are estimated at 600,000. Fair progress
towards more normal conditions has been made in Denmark
and the general prospects tend to improve. The spindles
are estimated at 90,000.
Very little news of a reliable character has come through
from Austria, but it is reported that the mills in Czechoslovakia have now got to work, chiefly owing to arrangements having been made for the importation of raw cotton
either from the United States or Great Britain.
Advices from Russia have been scarce, and that great
country of course is stiU in a state of turmoil. It is understood that many of the mills have been kept running by
suppUes of raw cotton from Turkestan.
Owing to there
being a probability of a resumption of trading relations
between Great Britain and the Soviet Government, the industrial outlook is brighter.
It ma,y be pointed out that during the last few months
yarn spinners in Great Britain have met with rather more
competition from Belgium, but in other European countries
there is nothing to fear, and English firms can have matters
pretty much their own way.
We are indebted to a special and weU-informed European
correspondent for the foregoing review of the spinning industry in Great Britain and on the Continent in 1919-20, 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
and 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 of four years;
and also the total annual and average weekly consumption;
(2) the world's production of cotton (commercial crops)
for the same years, and (3) the spindles in all manufacturing
countries from which reliable information can be secured
as they stand to-day compared with hke results in former
years.
Japan, now definitely next in importance to Europe and
the United States, increased its consumption of the raw
material moderately during the season according to the
partial returns at hand.
India too has apparently used a
little more cotton, and in the absence of any official returns,
which will not be available for some httle time yet, as the
Bombay Mill Owners'
for the twelve
Association
now makes up its statistics
31, we adopt as a close
months ending Aug.
approximation about 2,100,000 bales of 392 lbs. net each,
beualing 1,646,000 bales of 500 lbs. average. For Mexico
and Canada we]|have no other recourse except to adopt the
Aug. 28
THE CHRONICLE
1920.]
imports into each country as a measure of consumption;
in the case 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 imports, and
in the late year the inflow from other than the United
States was only about 1,455 bales of 500 lbs. net each.
No statistics of value can be secured. from China or 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 distribution or consumption (expressed in bales of 500 pounds net weight each)
of the commercial cotton crops of the world, and the portion
taken by each country.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
1919-20.
—
CounlHes
Greai Britain.
Continent
--
Total Europe
2,500.000
3,400.000
3,200,000
3.800,000
1916-17.
Bales.
Bales.
Bales.
Bales.
---
1917-18.
1918-19.
2,900,000
3.000.000
3,000,000
4,000.000
7,000.000
3.193.392
4.237,296
7,000,000
2.935.162
3,626,873
5,900,000
2.519,550
3,392,928
5,900,000
2,991,400
Mexico
1
,300
5.912,478
1,602.400
1,699.983
198,246
1,000
7,173,946
1,631,172
1,650,000
Canada
6,562,035
1,646.000
1,724,700
221,235
10,092
7,430,688
1,723,360
1,774,960
190,915
5,000
3,593,235
400,000
3,501,629
375,000
3,540,732
485,000
3,694,235
800,000
17,555,270 15,689,107
301,713
337.601
17,099,678
328,839
18,924,923
363.941
— North..
South
Unilea States
.
Total United States
East Indies
Japan..
Total India, &c
Other countries, &c
Total world..
Average weelvly
4, 182, .546
249,4158
From
the foregoing table it would appear that the world's
total consumption for 1919-20 records a gain over the aggregate for a year ago of 1,866,163 bales but is 2,788,482
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 commercial crops, in bales of 500 pounds net each:
WORLD'S COMMERCIAL CROPS OF COTTON.
1915-16.
1919-20.
1918-19.
1916-17.
Countries—
1917-18.
Bales
(Amount coming forward)
Bales.
Bales
Bales.
Bales.
United States
.11.814,453 11,410,192 11,547,650 12,670,099 12,633,960
East Indies. a
4,250,000 3,865,000 3,550,000 4,100,000 3,625,034
892.172
906,767 1,188,010
983,238
Egypt...
1,100,000
270,000
220.000
Brazil, &c-d.-.
680,000
500,000
800,000
.
.17,964,453 16,861,959 16,7!5,=i,660 18,023,337 17,371.166
Consumption, 52 weeks. .17.555.270 15.689,107 17,099,678 18,924,923 20,343.752
Total
Surplus from year's crop..
409,183
Visible and invisible stoclc:
Sept. 1 begiunin!,' year. 5.336,330
1,172,852
t314,018
4901,586 J:2,972,586
4,163,478 4,477,496 5,379,082 8,351,668
Sept. 1 endinK year
5.745.513 5.336.330 4,163,478 4,477,496 5,379.082
a Includes Indla's'exports to Europe, America and Japan and mill consumption
In India, increased or decreased by excess or loss of stoclj at Bombay.
d Receipts into Europe, &c., from Brazil Smyrna, Peru, West Indies, &c., and
Japan and China cotton used in Japanese mllis.
k Deflciencu in the year's new supply.
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 in\'isible stocks were augmented
or diminished.
The augmentation of the spinning capacity of the mills of
Our comthe world has been moderate the past season.
pilation for the world is as follows:
NUMBER OF SPINDLES IN THE WORLD.
Great Britain.
Continent
Total Europe
United States
North..
South
1920.
57,300,000
44,000,000
1919.
57,000,000
43,200,000
1918.
57,000,000
43,200,000
1917.
57,000,000
43,200,000
1916.
57,000,000
43,200,000
101,300,000 100,200,000 100,200,000 100,200,000 100,200,00(1
19,900,000
14,990,730
19,600.000
14,639,688
19,500.000
14,369,599
19,400,000
14,040,676
19,050,000
13,256,066
Total U. S
34,890,736
East Indies
6,700,000
Japan..
3.400.000
China and Egypt.. 1.200.000
34,239,688
6,675,000
3,120.741
1,140,000
33,869,599
6,653,871
3,075,435
1,140.000
33,440,676
6,738,697
3,041,930
1,100,000
32,306,006
6,839,877
2,875,634
1,050,000
Total India, &c.. 11,300,000
1,375,000
762,149
10,935,741
1,375,000
762,149
10,869,306
1,367,941
762,149
10,880,627
1,000,000
762,149
10,765,511
1,000,000
762,149
Canada..
Mexico
Total other
Total world
2,130,090
2,137,149
1,762,149
1,762,149
2,137,149
149 627885 147.512,578 147,068,995 146,283,452 145,033,726
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 compiled from consular
reports, and for Canada and Mexico the totals are in part
estimated.
Great Britain's trade in cotton goods with foreign countries, as indicated by the volume of exports, increased considerably during the year. The statement of exports (reduced
to'lpounds) by quarters for the last two seasons is subjoined.
These years end with July 31. Three ciphers are omitted.
GREAT BRITAIN'S COTTON GOODS EXPORTS FOR TWO YEARS.
(DOOj orrxUted.)
quar.— AUK.-Oct ...
2d quar.— Nov .-Jan ...
3d quar.— Feb.-Apr ...
4th quar.— May-July...
l8t
_TotaL.....
a Inclu'dlng2tiu'ead.|
-1919-20a Yarns Piece Oooaa
Yards.
Pounds.
47.848 1,002,221
51,022 1,184,241
38,710 1,132,946
60,389 1,244,294
Total
Pounds.
251,451
284,907
282,310
315,548
187,969 4,56 3,702 1.134,216
-1918-19a Yarns PieceOoods
Total
Pounds.
Yards.
Pounds.
26,558
741, .'.20
179,453
32,541
659,913
169,596
42,554
696.334
185.336
48,242
841,016
218.796
149,895 2,93 8,783
"
7.53.181
"~~"
The totals in pounds in the above compilation are as computed by us, but are believed to be approximately correct.
863
They
indicate that the export movement this season has
been 1,134,216,000 pounds, or 381,035,000 pounds in excess
of the total of the previous season but some 483 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:
1919-20
Mid.
Up-
32-Cop
Shirtings,
Mid.
Up-
32-Cop
Shirtings,
land
TiDist.
Per
land
TwUt.
Per
Piece.
Couon
Cotton
d.
Aug. Jl...
Sept. 30...
Oct. 31...
Nov. 30...
Dec. 31...
Jan. 31...
Feb. 28...
Mar. 31...
April 30...
May 31...
Jur.e 3).-.
fUlr 31.-.
1917-18.
1918-19.
d.
1
19.10
19.94
41 Ji
25.47
29.50
28.31
30.02
27.63
25.83
26.83
25.81
26 15
53
59
43
24 25 ,47'^
M
64 Ji
68 Ji
67 Ji
67
64
62
59
M
M
s.
a.
29 3
29
30 4H
33 6
39 9
42 J4
44 3
44 3
44 3
43 6
41 9
40 9
d.
Piece.
a.
25.10 hiV^
23.80 hCVs
21.44 53
20.50 ii'A
21.40 39
16.59 30
17.18 28
15.80 25H
18.32 28M
20.40 38
20.14 39 Ji
20.56 i43H
H
H
s.
d.
Mid.
Upland
S'A
6Ji
6
6
9
32-Coi»
'
Shirtings,
Per
Ttclst.
•
Piece.
Cotton'
d.
d.
18.25
18.62
21.42
22.47
22.68
7H 23.15
3
23.74
24.32
19 9
2010H 21.25
24 7)^ 21.33
26
22.59
29 3
120.34
34
34
33
31
28
24
22
:
26 «
26
31
37K
39!^
|39>i
\40H
43
[ioH
'47^
54
50H
s.
d.
16 3
16 OH
17 7H
20 IK
21 3H
22 0%
22 6ii
22 6M
25 6
26 IH
28
29 IH
We now
add a brief summary by months of the course of
the Manchester goods market during the season closing with
-July 31 1920, and also of the Liverpool cotton market in
the same form for the same period. These summaries have
been prepared for this occasion with great care, and the
details will, we think, prove an interesting and serviceable
record for reference.
AUGUST.
Manchester.
— Over and above the actual trade
month, a feature of outstanding
importance was the apparently rabid speculation in cotton
mill shares.
Referring to the matter at the time the Manchester Guardian remarked: "The offers of somewhat mysin cotton goods during the
terious syndicates for mills are so large that it is no wonder
the shareholders yield to the temptation to sell out, but from
a public point of view it will sooner or later be a serious matter
if a great number of cotton *mills have their capital inflated
by transfers. The low cost of Lancashire mills in comparison
with those of the United States and some other countries
has been one of our sources of strength in the past, and we
ill if we throw the advantage away before we have
sure that we can maintain our lead with the burden of
the war on our shoulders and the cost of production increased
by higher wages, shorter hours, and dearer materials of every
kind." Aside from this, August was devoid of any noteworthy
developments. Uncertainty as regards prices for the raw
material served to check new business. In fact, trading was
rather dull, buyers thinking it necessary to wait until things
shall
do
made
were more settled. Spinners and manufacturers, however,
had booked orders for so many months ahead that they were
not disturbed by the absence of new orders for large quantities, and prices did not recede very much, although they
were generally lower. The rise in silver which ordinarily
should have led to increased exports to India, increasing as
it did the purchasing power of the people there, was largely
by the uncertainty as regards cotton prices. The exports of yarns and goods from Great Britain for the month,
all reduced to pounds, reached 84,933,000 lbs., against
64,239,000 lbs. in August 1918. Liverpool.— The market for
the raw material tended downward during the month and
at times the fluctuations were quite wide, but at the close
ruled well above the lowest point reached. Middling upland
opened at 19.88d., or 68 points under the July final, but
had dropped to 18.16d., by the 19th, recovered to 19.44d.
by the 26th and closed at 19.10d.
offset
SEPTEMBER.— Manc/icsier.-—The
slack business noted
August continued well into September,
the declining tendency of the raw material serving to hold
back orders that otherwise might have been booked. Beginning the middle of the month, however, prices for cotton
tended upward and while there was nothing in the nature of
a boom witnessed the tone of the market improved and there
was more disposition to place orders. Some business for
India came upon the market for October shipment without
a price limio, but it was impossible to give delivery that
month. On the whole India continued to act cautiously,
although a good trade was expected after Luekhee Day.
in cotton goods in
The
great appreciation in the value of the rupee
—
— about 2s.,
should have helped
as against Is. 4d. a short time pre\'iouslj'^
the sale of Lancashire cotton goods, but its theoretical advantage was largely offset by the inconvenience it caused.
silver currency question had become a very difficult one
in India, and a crisis was only narrowly averted in April.
China, too, had had a serious currency difficulty. The Government bought silver freely, but arrivals seemed to disappear as soon as landed, and the arrival of the next shipment
was anxiously awaited. This state of things depres.scd tr.ade
The
to some extent, and Shanghai reported that it could not
follow the advances in Manchester, even if it lost spring
goods in consequence. vStocks, however, were much lower
than they used to be, and the prospect for Lancashire was
all the better bocatise the lioyoott of Jai^anese goods was
apparently still maintained. The local mills were said to
be turning out more cloth, but on a broad view the need •was
so great that Lancashire goods were indispensable if the peoContinental trade was fairly good,
ple were to be clothed.
and promised to be better, as German orders could bo accepted, and a good many wore likely to be forthoomine In
THE CHRONICLE
864
Levant, South American, and minor
the near future.
markets were promising, and the home trade was good with
the working classes with much money in their pockets.
Exports of varns and goods from Great Britain aggregated
71,217,000 lbs., against 59,355,000 lbs. in September 1918.
The trend of the market for the raw material in
Liverpool.
September was at first downward: middling uplands opened
at 19. lid. and decHned quite steadily to the 11th, when it
was quoted at 17 60d. From that level the price rose with
ver3' little interruption until 19.88d. was reached on the 26th,
dropped to 19.34d. on the 29th, but closed at 19.94d., a
gain of 84 points over the final for August.
—
—
OCTOBER.
Manchester. The railway strike exerted an
upon the cotton goods trade in the early
part of October, but it soon lost effect and operations became unusually brisk. On the Manchester Exchange the
business done both in yarn and cloth, often very large,
would have been heavier but for the poor working of the
cables" and the inability of manufacturers to promise early
China was prominent as a buyer, the Levant was
delivery.
still conspicuous, and all the other markets, except India,
were active purchasers. India did some business, more in
the latter than in the first half of the month, but it was
impossible in many cases to accept the prices offered, and
This did not
early dehvery was also out of the question.
apply, however, to all classes of goods, as some who manufacture specialties for India were not as busily engaged as
many of their neighbors, such, for instance, as makers of
sateens, who were so heavily booked ahead .that they would
not engage to give delivery before August. Order books
fuU up for eight months were not unusual in some sections
A strike in the bleaching, dyeing, pi'inting
of the trade.
and finishing trades was threatened in the latter part of the
month, and 10,000 workers handed in their notices. The
employers expressed willingness to discuss the wages question, but insisted as a preliminary on the operatives putting
an end to a strike at Rochdale in which it was said the question was whether the employers should be required to call
upon a non-union foreman to join the union. Later in the
month an arrangement was arrived at under which the
notices were withdrawn, the Rochdale strike ended (the
foreman in question returning to work), and the employers
undertook to give their answer on the wage question within
a fortnight. Purchases of cotton mills had again been
numerous, and the Stock Exchange revived the rumor that
a deal with the Fine Spinners and Doublers' Association
impended. Few believed that the rumor had any foundation, but it had the effect of sending up the price of shares
smartlv. The exports of yarns and goods from Great Britain
were 95,304.000, against 55,860,000 lbs. for the same month
Liverpool.— The market for the raw material
1918.
tended upward in October and a considerable net advance
was scored. The opening was at 19.32d. for middling upFrom that
1 ands
or 62 points lower than the October final
1 evel the rise was quite steady and on the 29th the quotation
stood'at 24.90d., easing off to 24.25d. at the close.
ad-^-erse influence
m
.
,
NOVEMBER.—
iWanc/tes<er.—TheT various offers made
for cotton mill properties was the dominant feature of the
cotton goods market in November. An offer of over
£5,000,000 was reported to have been made by the Amalga-
— a London organization already
— for the mills and business of the
mated Cotton Mills Trust
owning miUs in Lancashire
great firm of Horrocks, Crewdson, and Co., Preston and
Bolton. This offer the majority of the directors were stated
to be in favor of accepting, but the shareholders had still
to give the deciding vote as the
month
closed.
A less notable
but still an important one, was that of six mills in the
Ashton-under-Tyne district to a local syndicate for about
£1,500,000. A great number of single mill deals had been
put through, and shares were going up even beyond the
high prices paid by purchasing syndicates. The market for
goods weakened a little when cotton prices fell, but spinners
and manufacturers were in too strong a position to give way
much, and many did not give way at all. After a five years'
stoppage of progress in mill construction and even in replacements, a reduction of working hours which was said to be
equal to the stoppage of eight milion spindles, a rise in
building costs which made new work almost prohibitive,
and the temporary destruction of a big part of the Continent's competitive power, the demand for Lancashire goods
was enormous, and could not be fuUy met by immediate
production. Many firms had their order books full for
months ahead, and, as they could afford to wait, they were
not keen on new commitments iznless they could see their
way clearly to a good profit. The exports of yarns and
goods from Great Britain were 93,169,000 against 59,503,000
sale,
—
for the same month in 1918.
Liverpool.
The net
result of fluctuations in the market for the raw material
was a rise of 33 points. The opening was at 24.42d. for
middling uplands, or 17 points higher than the October
close, and the quotation was up to 25.93d on the 5th. From
that level there was a drop to 23.34d. by the 19th, but again
the price turned upward and after rising to 24.71 d. on the
25th stood at 24.58d. at the close.
lbs.
DECEMBER—
—
Manchester. The feature in the cotton
goods market in December was the strength displayed in
both yarns and cloths at the ruling high and advancing level
of prices.
In some instances offers made were unacceptable
but quite generally there was little difficulty in obtaining
(Vol. 111.
asking quotations for both home trade and foreign accounts.
In fact there was a considerable inquiry in evidence, especially
for India and China and when delivery could be arranged to
mutual satisfaction the level of values was no impediment
Demand continued active right up to the
to trading.
holiday period, and even in the short interval between the
Christmas and New Year holidays transactions were of no
mean volume. In the very closing days of the month and
evidencing the anxiety regarding supplies in the Far East,
instructions were reported to have been received from firms in
Calcutta to purchase at the lowest figures possible, and action
was taken accordingly. On the whole, the year closed with
a very satisfactory general inquiry for goods and this was
taken as an augury of a good trade for some time in the
A development of the month was the recognition
future.
by the Spinners' Federation of the fact that the operatives
had not had a fair share of the recent prosperity of the trade
inasmuch as they were not to get an advance of wages until the
end of April. This being the case it was agreed to give them a
series of bonuses, payable during the succeeding three
,
The operatives' leaders, it was stated, would have
preferred a weekly advance, not based entirely upon age and
As
sex, but of course they tacitly accepted the offer.
regards the operations of the mills the year showed record
In fact, 23 companies whose balance sheets were
profits.
available, showed profits on share capital of nearly 36%,
The exports of yarns
as compared with 34 1-3 in 1918.
and goods from Great Britain were 96,728,000 lbs., against
52,199,000 lbs. for the same month in 1918. Liverpool.
The market for the raw material tended strongly upward
during the month, as middhng uplands, which opened at
24.38d., or 20 points under the November close, advanced
quite steadily thereafter, ruhng at 26.68d. on the eve of the
Christmas holidays. On the re-opening of the market on
the 29th the quotation had risen to 27.5C(d. and by the
31st had moved up to 29.50d., or S.lOd. higher than on the
corresponding date in 1918, and the highest level attained
since August, 1864.
JANUARY. Manchester. While the demand for cotton
goods in January was less urgent than it had been in the
closing months of 1919, the market had in no sense lapsed
The fact was that many
into a condition of quietude.
buyers were disposed to await a more settled state of things.
Reports indicated that although the business done was
smaller than it had been there was no lack of inquiry,
possibly because purchasers had been hoping for an easing
in prices and a consequent more favorable buying basis"
Spinners and manufacturers, however, had not regarded the
decHne in American cotton as sufficient justification for a
reduction in their prices. It checked the advance which
was going on, but 32s cop twist was about 2d. dearer in the
middle of the month than at the beginning, and 3d. up in the
Users of Egyptian, as might be expected, put
last week.
up their prices steeply, 60s's Egyptian cop twist being about
Cloth
Is. 6d. dearer on the 27th than it was on the 6th.
This
prices also were appreciably higher on the month.
strength of- the market was due, of course, to the fact that,
except for occasional lots, spinners and manufacturers were
booked up for a long period ahead, and therefore could
afford to wait for new business and still demand their own
terms when dealing. Printing cloths were especially in request. Cotton mill sales were still going on, and some big
transactions had been completed. Prices were much higher
than they had been. In one case £355 per share of £20 paid
was offered and accepted. The publication of the report of
the Board of Trade's Committee on the Cotton Supply was
one of the notable events of the month. The suggested levy of
6d. per bale upon all imported cotton, as the trade's contribution towards the cost of developing the possible sources
of supply within the Empire, was favorably received, as it
was recognized that the whole cost could not be thrown
either upon home or colonial taxpayers, and the danger of
scarcity was too imminent to permit of further delay in
Some of the speakers at an
starting an adequate scheme.
influential meeting on the 27th called by the Manchester
Chamber of Commerce were in favor of a bigger levy, but
"The
this was pointed out to be unnecessary at the time.
spinning section of the trade having undertaken to give
bonuses to its operatives pending the wages re^^sion which
was likely to take place before the end of April, the manufacturing section had to give bonuses also, although they
were smaller in amount. The weavers and the other workers
in the same group complained strongly of the injustice of
giving them less than the spinners and the cardi'oom operatives, but the manufacturers maintained that they were
not in a position to do more, as they had not made anything
hke as much profit as the master spinners and their contracts
few local strikes against
were based upon present wages.
the terms offered occurred but they were not of long duration.
Shipments of yarn and goods from Great Britain were
105. ,091, 000 lbs., against 57,894,000 lbs. in Jan. 1919. Liverpool.
The course of the market for the raw material in
Middhng uplands opened at
.lanuary was downward.
29.16d., or 34 points lower than the December close, declined
to.28.05d. by the 15th, was up to 28.66d. on the 16th, but fell
From that level there was a recovery
to''27.38d. by the 27th.
to^28.66d. o n the^29th and the close was at 28.31d.
FEBRUATTY. Manchester. While not an especially
active month in the cotton goods market, the volume of
orders booked in February, with the production of the
months.
—
—
A
—
—
—
Aug. 28
THE CHRONICLE
1920.]
mills already well sold up for a long period ahead, was
Furentirely satisfactory to spinners and manufaoturers.
thermore, foUowang the advance in the prices for the raw
material quotation for goods were marked up. Among the
incidents of the month was the publication of the report of
the Empire Cotton-Growing Committee, which was favorably received, and the trade agreed to the suggested levy of
6d. per bale on imported cotton, producing about £100,000
a year, to be used to induce farmers in suitable places to give
cotton preference over other crops. Moreover, Sir Auckland
Geddes stated that the Cabinet has decided to ask Parliament forthwith to vote £10,000 a year for five years to defray
other expenses in connection with the work, and it was anticipated that commercial enterprise would step in and do
things an a bigger scale.
The shortage of fine dyes had led
the color-users, in conjunction with the Board of Trade, to
send a large purchasing commission to Germ.any, and as a
result of their trip, managed to get 140 tons, valued at
£191,720, and to arrange for larger quantities in the future,
although production continued small, owing to the shortage
of coal and raw materials.
The operatives had begun their
consideration of the demands they would make for higher
wages when the existing agreement expired at the end of
April.
The employers also were said to be turning the
matter over in their minds, and feeling that it would be a
good thing to reach some settlement and put selling ahead
on a safer basis. Instances were reported during the month
in which it seemed that prices hardly mattered to buyers, as
they accepted what were meant to be prohibitive quotations.
They wanted goods upon such terms as were obtainable,
and trusted to scarcity making the purchases profitable.
Inquiries came from nil the usual foreign outlets, and, of
course, the home trade contributed its share of the demand.
Exports of yarn and goods from Great Britain aggregated
77,875,000 lbs., against 58,042,000 lbs. in February 1919.
Liverpool.
After opening 45 points down from the January
final the market for the raw material tended generally upward during the month, and a rather important net advanced
was scored. Middling uplands started off at 27.S6d. and
moved up to 31.16d. by the 18th. From this level there was
a decline to 29.87d. by the 25th, and the close was at 30.02d.,
an advance of 171 points over the final for January.
—
MARCH.
—
Manchester. -There was little animation in
the market for cotton goods during March, but as spinners
and manufacturers were still well under orders the lack of
activity caused no anxiety.
Bookings, however, had been
well cut into at the close of the month, and a revival in the
demand would not have been unwelcome. A report from
Shanghai late in the month was to the effect that Chinese
pockets were will filled with cash and their hearts wdth courage, so that huge costs for Manchester cloths did not daunt
them; exp"orters, however, found little evidence of that
buoyancy of spirit, but there was a moderate demand from
China, and India had been a little more active. Some lots
bought for Egypt had to be resold, but no other important
markets appeared to be oversupplied The prospect of a large
advance in operatives' wages at the beginning of May, it was
anticipated, would make buyers more anxious to secure
goods, but it did not appear to have done so, and the inference was that current quotations were believed to discount
Selling of mills and capital reconstruction schemes had
it.
become less common, owing it was understood, to discouragement by the banks. Growth of combinations was to
be noted, however, and especially at Bolton. Under the
wage demands formulated late in the month the spinners
and weavers asked for an increase of 60% on current wages,
which Avas equivalent to 147% more on the standard list,
making the rate nearly thx-ee times what it was some time
before the war.
When the war began the rate was
above
the standard.
The spinners also asked for payment of full
wages for the annual summer holidays. The manufacturers
offered the weavers an advance of 55% on the standard list
rate instead of 147%, subject to conditions, one of which was
that the new rate should not be changed until Easter 1921.
The weavers were to replj^ to this April 6. Yarns and goods
exports for the month from Great Britain totaled 94,455,000
lbs., against 55,411,000 lbs. in 1919.
Liver-pool.
The general trend of the market for the raw material was downward
during March. Opening at 29.90d., a drop of 12 points
from the February close, the price for middling uplands
continued to move downward with but little interruption
until 27.93d. was reached on the 10th.
The trend then
turned upward and there was an advance to 28.97d. by the
23rd. Later fluctuation resulted in a net loss of 134 points
the close having been at 27.63d., or a drop from the February
final of 2.39d.
.
5%
—
—
APRIL. Manchester. With little disposition to place
orders at the prevailing high level of prices, business in the
cotton goods market was very quiet during April. The wage
question was quite naturally the cause of much uncertainty
among buyers and sellers and this, of course, militated against
the volume of dealings.
Nothing definite had been done
toward a settlement of the dispute up to the end of the mouth,
but on the closing day. at a conference between employers
and employe(>s at the Manchester Town Hall, an offer was
made by the manufacturers that, it was believed, would be
acc(>ptahlo to the operatives and tiuis bring about an amicable
settlement.
Shippers to Portugal found reason to complain
of the action of the Government of that country in making
865
an arrangement which, if accepted, would enable Portuguese
importers to pay debts due in sterling in the currency of
their own country at arbitrary, artificial rates of exchange.
Some merchants had already suspended shipments, and it
was decided to recommend the general adoption of that
course except to customers who guaranteed to cover the
sterling value of their invoices at the due dates.
The British Government was asked to make most urgent representations to the Portuguese Government in the matter.
Little
was heard of cotton mill sal§s, and the shares were not in as
good demand as they had been. The action of the banks in
conserving their resources for productive purposes was the
chief damper on the movement, but the operatives' wages
demands also had an important influence. Interest centred
largely in the earnings of the companies which had changed
hands. The majority of them were paying 20% per am um,
but in the next twelve months their wage bills would be
much heavier, and some knew already that their assessments
to local rates will be doubled.
A tendency to get a number
of mills under one management was observable, with the
object of effecting economies.
Yarns and goods exports for
the month from Great Britain totaled 99,977,000 lbs.,
against 71,883,000 lbs. in 1919.
Liverpool.
An important
decline was the feature in the market for the raw material
during April. Opening at 27.76d., an advance of 13 points
from the March close, the price for middling uplands had
reached 28.24d. on the 7th but then turned downward and
by the 26th had receded to 25.45d. An advance to 26.40d.
occurred on the 27th but again the market eased off and the
close was at 25.83d., or a net decline for the month of 1.80d.
—
—
MAY
Manchester. May was another quiet month in the
cotton goods trade. In fact with a noticeable lack of buyers
being
the orders booked were steadily and appreciably
reduced and manufacturers were becoming somewhat
anxious as to the time when demand would revive; whether it
would be before the volume of orders in hand had approached
the vanishing point.
A hint as to the situation in some
departments was furnished from the Blackburn district,
where makers of dhooties had given their operatives a long
holiday at Whitsuntide because of the unsatisfactory state
of the trade. Indian business, moreover, had been slow all
through the boom. Slackness of demand, however, was
almost universal, and was not confined to the cotton trade.
A leading event of the month was the decline in cotton mill
shares.
The Fine Spinners' report, although showing a
profit of £1,247,541 for the year, as against £893,660 in 191819, punctured the idea that the Company was spinning
gold rather than cotton, and that speculators were offering
an enormous price for the property. The result was a
notable fall in the value of the shares. The Oldham share
market, on the whole, was much quieter than it had been,
with prices generally lower, but stiU very high when the
inflation following the mill sales was taken into account.
Under the circumstances more than ordinary interest attached to the dividend statement of Sir Elkanah Armitage
& Sons, of Pendleton, showing a net profit of £111,573
in 1919-20, as against £38,837 in 1918-19, and announcing
that, in addition to raising the dividend from 15 to 20%,
This was
the directors proposed to put £65,000 to reserves.
not so sensational a result as some of the old companies
had announced but it was a much truer indication of the state
The
of the cotton trade generally in the year as a whole.
months' yarns and goods exports from Great Britain were
109,258,000 lbs., against 70,220,000 lbs. in May 1919.
The outcome of fluctuations in the raw material
Liverpool.
during May was an advance of Id. per lb. for American
Middling uplands opened the month at 25.81d.,
cotton.
and after advancing to 26.94d. by the 11th, dropped to
Thereafter the trend was up26.40d. by the 14th.
ward to the iOth when the quotation stood at
The market however eased off to 25.58d. bj^ the
26.75d.
26th, but then turned sharply upward and the close was
at 26.83d.
,
—
JUNE.
Manchester.
—Continued
quietness
character-
The volume of
ized the cotton goods market in June.
orders in hand, already considerably reduced by the slack
buying of May, showed further appreciable shi-inkage and
caused more or less anxiety among manufacturers,
more particularly as requests were being received from China
and on a smaller scale from other outlets for cancellation of
Furthermore, in some districts catering to the
contracts.
Indian trade production had already been curtailed for some
weeks. This, however, was not the situation to any imthis
portant extent in other manufacturing centres, but manuit
facturers nevertheless were concerned as to how Ion
would bo before buyers would become eager to purch se.
Fortunately stocks showed no accumulation worth in* ntiouing, but consumers were said to be tired of advaiu-ing prices
and dealers as afraid of heavy losses through depreciation
so that they were only purchasing to cover inunodiate n quiroments. The banks ha\'ing adopted a policy of withholding
financial accommodations for the purpo.se, tlu> buying and
The month's
selling of cotton mills had virtually ended.
yarns and goods exports from Great l^ritain were 101,S12.(KX)
Liverpool.
The
ibs., against 77,050.000 lbs. in June 1919.
market for the raw material at first tended upward but
then eased off and the close was at a decline of a little over
Middling \iplands opened the
final.
Id. from the
month at 27.12r!. an advance of 29 points and was up to
—
May
THE CHRONICLE
866
Thereafter the course of prices was
27.SSd. on the 8th.
toward a lower level although not steadih^ so. From the price
last mentioned the drop was to 27.00d. by the 17th, and to
26.04d. by the 23rd. A recovery to 26.45"d. occurred by the
29th, but the close was at 25.81d.
JULY. Manchester.— The comparative dulness fioted
in the cotton good market in several preceding months continued until well on in July when more animation characterized the trading, but the decline in the raw material toward
the close acted as somewhat of' a check upon business. On
the whole, however, the bookings of the last half of the month
were of better volume than for a considerable time and this
served to cause a hardening of prices for goods. The "Manchester Guardian" was in receipt of ad\'ices from India
advising Lancashire producers not to indulge the expectation
that a reduction in prices would bring about an improvement
in trade, and developments seemed to have shown that
nothing would have been gained by such a course. It would,
the "Guardian" remarked, "certainly have created the impression that the holding-back movement had been successful and that the right policy for buyers was to continue
Spinners
it, with a view to securing further concessions.and manufactm'ers, however, could see that new business
had been much below the probable consumption, and as
most of them were not in absolute need of new orders they
felt that matters would right themselves if they only sat
Some of the spinners started a movement to fall
tight.
back upon short time, but the Federation disapproved of it,
as the hoUdays were coming on, and it was desirable to see
first what their effect was."
The attention of the Federation
of Master Cotton Spinners' and Manufacturers' Associations was directed toward the new assessments of the mills,
and the chairman stated that a large number of appeals had
been entered, as the increases varied from 30 to as much as
300%, and it was hoped that the result w^ould be the adopting of some uniform plan of assessing. The valuation of
stocks of cotton at the mills for balance-sheets for taxation
purposes had been the subject of prolonged negotiations
tjetween the Federation and the Revenue authorities, and
it was satisfactory to learn that a settlement had been
Representatives of the operatives took part in
•effected.
the closing week of the month in a conference of the United
Textile Workers at Blackpool, and it was decided to ask for a
Royal Commission to inquire into the financial and other
conditions under which the Lancashire cotton industry is
carried on.
Yarns and goods exports for the month from
Oreat Britain totaled 104,478.000 lbs., against 71, 526, 000 lbs.
in July 1919. Liverpool.- The market for the raw material
at first tended downward, then made a sharp advance only
to ease off again and close but a little above the final quotation for June. Middling upland opened at 26.37d. but was
down to 25.12d. by the 9th. From that level there was a rise
to 27.50d. by the 21st but a decline immediately set in that
The
carried the quotation down to 26.04d. on the 29th.
close was at 26.15d., or 5.59d. above the price on July 31
1919.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumpThese figures
tion already presented, and the total of all.
are not the takings of the mills, but the actual consumption,
and are in all cases expressed in bales of 500 pounds. The
figures in the table cover the years from 1896-97 to 1919-20,
The figures
inclusive, and are given in thousands of bales.
for 1913-14 to 1919-20, inc. cover the twelve months ended
July 31; all earlier years are for the ^period September 1 to
—
August 31:
[Vol. 111.
dustry. It discloses the world's cotton supply and the sources
it.
The special points we have sought to illustrate by the
statements are, first, the relative contribution to the world's
raw material by the United States and by other sources, and,
second, to follow its distribution. Figures for 1896-97 to
1912-13 are for the year ending Aug. 31:
of
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
VUiMe
and
Commercial Crops.
Invisible
5Q()-lb.
Supply
bales.
Actual
Begin-
United
ning of
Year
States
AU
Consump-
J
1896-97-..
1897-98...
1898-99...
1899-00...
1900-01.1901-02..
Aver.ige
6 years.
Balance of Supply
End of Year.
Total
Others.
.
Total.
In-
tion.
Visible.
visible.
1,931,000 8,435,868 3.438,00011.873,86811,880,332 1,295,6.36 628,000
1.923.636 10.890.000 3.316.290 14,206,290 12,888,768 1,905,1.58 1,3.36.000
3,241,15811,078,000 3,604,934 14,772,934 14,014,728 2,371,3641,628,000
3,999,364 9,137,000 3.092,897 12,229,89713,772,772 1,071,4891,385,000
2,456.489 10,218,000 3.414.4.54 13,6.32,454 13,415,916 1,549,027 1,124,000
2.673,027 10,380,380 4,033,569 14,413,949 14,414,908 1.306,068 1,366,000
10,023,207 3,498,358 13,521,565 13,397,911
.
1902-03.-- 2,672,06810,511,0204,215,667 14,726,68714,477,6941,177,67711,743,384
1903-04-.. 2,921,061 9,841,671 4,317.670 14.159,34144,310,158 1,085,237 1,735,007
1904-05... 2,770,24413,420.056 4,464,000 17.884.056 15.611,667 2.501,469 2,541,164
190.5-03... 5.042,633 11,002,904 4,568.02915,571,533 16,435,2281.702.485 2,476,453
1906-07... 4.178.93813,306,846 5,205,83718,512,683 16,998,898 2.215,497 3,477,226
1907-08.-- 5.692,723 11, 2.57.-538 4, 186, 104 15,443,642 16,281,272 1.600,104 3,254,989
Average
11,556,672 4,492,98516,049,657 15,685.819
6 years
1908-09...
1909-10--.
1910-11..1911-12--1912-13--1913-14-.-
4,855,093
5.676,525
4,732,491
4.844,744
6,808.927
6,462,899
13,496,751 4,489,169 17,985,920 17,164,487 1,875, 140|3,801,388
10,224,9235,021,605 15,246,.528 16.188,563 1,367,624'3.364.867
11,804,749 5,057.98816,862,73716,750,4841,537,249 3,307,495
15.683.945 4.845,97020,529,915 18,.565,732 2.095,478 4,713,449
13,943.2205,254,75919,197,979 19,544,0072,015,2114,447,688
14,494,762 6,419,898 20,914,660 19,8.58,176 2,877,300 4,642,083
Average
.13,274,725 5,181,56518,456,29018,011,908
6 years.
,1914-15... 7,519,383 14,766,467 4,812,487 19,578,954 18,746,669 4,496,284!3.855,384
1915-16. -. 8,351,668 12,633,960 4,737,206 17,371,166 20.343,752 3,045,485 2,333.597
'1916-17.-. 5,379,082 12,570,099 5.3.53.238 18.023.337 18,924.923 2.585,4901,892.006
:J917-18-.. 4,477,496 11, 547. 650 5,238.010 16.785,660 17.099 ,678 2,795.980 1,367 .498
1918-19 --.4.163,478 11,410.1925.551.767116.961,9,59,15,689,1074,377,01711,0.59.313
1 919-20 -.-5.4.36.330 11.814,4,53 6, 1.50 .00017.964,453 17.555.2704.530.450!1.315.063
;
To
and the
illustrate tlie preceding, talte the last season, 1919-20,
be as follows;
Supply Visible and invisible stock beginning of year
Total crop during year
—
Distribution
—
results
-bales- 5,436,330
17,964,453
—
Total supply bales of 500 lbs
Total consumption &c
Leaving visible stock
23,400,783
1 7,555 ,270
,
Leaving invisible
would
4,530 ,450
-1 ,315,063
.stock
Total visible and invisible stock at end of year
5,845,513
Overland and Crop Movement.
Overland.
—The
movement
of cotton overland in
1919-20
showed a further moderate contraction reflecting the greater
facilities for sending supplies for Northern points by water
routes on account cf the shortage of equipment on the
A
railroads.
freer movement of the staple than a year ago
is to be noted hy the routes via St. Louis and Virginia points,
and to a lesser extent Louisville. These, however, were
more than offset by shipments over "other routes" consisting largely of cotton for Japan.
Explanatory of this it
is to be stated that in the late year a much greater proportion of the supplies for the far East went direct by steamers
Orleans and Savannah.
To indicate the relafrom
tion the gross overland bears to the total yield in each of
the last 12 years, we append the following:
New
Crop of
—
Increase or Decrease.
Gross
Overland.
Total Yield.
Bales.
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
12,
11 ,602,634
11 ,911,896
12 ,975,569
12 .953,450
15 ,067,247
14 ,884,801
14 ,128,902
Per Cent.
Per Cent.
Bales.
217,552
Oj Overland.
Of Crop.
2,394,645
2,421,283
2,929,052
2,728,469
Increase
2,499,1.50
Decrease 14.03
2,146,152
1,758,069
1,678,983
316
1,931,496
16 ,04a,
12 ,132,332
1,314,745
10 ,650,961
1,154,642
1,626,387
13 ,828,846
Change from season of '08-'09 to 19-'20.
Decrease 1.11
Decrease 17.34
Decrease
Decrease
5.30
2.59
8.20
Increase
0.17^
Increase 7.37
Increase 9.18
Increase 16.45
Increase 22.06
Increase
1.02
Increase 4.78
Increase 5.35
Decrease 11.94
Decrease 13.10
Increase 46.95
Increase 32.24
Increase 13.86
Increase 13.90
Decrease 22.98
Decrease 29.03
Increase 38.07
Increase 19.40
Decrease 11 .65. Increase 47.23
With
these explanations, nothing further is needed to
plain the following statement of the movement overland for the year ending July 31 1920, as compared with
the figures for the two preceding seasons:
make
—
Amount shipped
Via
Via
Via
Via
Via
Via
Via
Via
St.
Louis
Mounds, &c..
Rock Island
.
Louisville
Cincinnati
Virginia points
other routes East
other routes West
.
__
_
-
»
Total gross overland
New Orleans inland and local mills
Mobile inland and local mills
Savannah inland and local mills
Charleston inland and local mills
North Carolina ports inland and local
Virginia ports inland and local mills
Total to be deducted
Figures for 1918-19 and 1919-20 are subject to correction.
Another general table which we have compiled of late years
needed in connection with the foregoing to furnish a comprehensive idea of the extent and the expansion of this in-
is
1918-19.
1917-18.
Bales.
Bales.
Bales.
841.955
437.343
24.706
137.116
29.088
252.579
88.199
583,659
609,0351,195,796
536,674 496,579
25.283
24,563
115,794 109,412
40,956
70,728
192,107 223,638
194,010
113,031
644.098
758,631
2,394,645 2,421,283 2,929.052
Deduct shipmentsOverland to New York, Boston, &c
Between interior towns
Galveston Inland and local mUls
*
1919-20.
38 191
7 189
26 6071
73,726 355,755
*54,078 *11 1,242
19,584 103.743
101,230 536,928
12,446
9,054
14,846: 639,719
27,427l
29,062
13,141
5,000
13,160
18,502
16,036l
334,9801,203,663
190 180[
*132, 828
67, 414
229, 716
12, 455
11. 456.
mills
... 1 .678.609 2.086.303 1.725,389
Leaving total net overland a
oThis total I ncludes shipments to Canada by rail, which during 1919-20
amoimted to 217,604 bales, and are deducted in the statement of consumption.
^Includes Florida.
*Includes foreign cotton consumed at South.
Aug. 28
THE CHRONICLE
1920.]
CROP DETAILS.—We now
of the entire crop for
Exported from
New
proceed to give the details
two years
LOUISIANA.
1918-19
1919-20
Orleans:
.To foreign ports
To Coastwise ports
Inland, hv rail*
1,291.487
259.698
66.612
34.618
1,348,677
111,44.5
188.883
40.833
Manufactured*-.
—
Stock at close of year..
Deduct
Received from Mobile
Received from Galves'n.&c.
Received from New York..
Stock beginning of year
36.5.52
Total crop of the U. S. for the year ended Tuly 31 1920. ..bales. 12. 217. 552
376,121— 551,120
316,425— 393,092
1,635,444
1918-19
319,844
14.125
372,084
25.397
176.796
34.357
993
121.214
36.489
7,342
Years.
57,136
289,271
Stock at close of year:
Upland..
—
Upland
2,079—1,784,324
76,325
289,271
142,247
4,901— 311,673
Sea Island
4,901—1,575,381
17,501
15,247— 233,819
1,341,562
Total movement for year
1,472,651
* The amounts shipped inland and taken for consurhption (11,456 bales)
are deducted in overland.
foreign ports.
122,192
coastwise ports*
166,9.58
—
2,543— 291,693
26,517
Louisiana
Georgia b
South Carolina..
14,718
Total movement for year
155,516
265,176
* Under the head of coastwise shipments from Mobile are included 5.498
bales shipped inland by rail for consumption. &c.. which, with consumption
(6,957 bales), are deducted in the overland movement.
1919-20
1918-19
Exported from Galveston &c.
,
foreign
ports
(except
Mexico)
2,268,358
Mexico from Port
Nogalez, &c
572
To coastwise ports*
463,688
Stock at clo.se of year
120.642—2.853,260
Deduct
Received at Galveston, &c.,
from Texas City, &c
108,247
i
Stock at beginning of year.. 211,851— 320,098
To
—
1,637.783
To
——
Upland*.
Upland..
112,168
142.378— 254.546
142,637
502
14,610
182
111,500
2,542
187,089
10,312
35,652
76—
—
Upland
480,865
90—
247,935
90—
35,742
517—
30,709
Total movement for year...
217,226
445,123
* Included in these items are 38,191 bales, the amount taken by local
mills and shipped to interior, all of which is deducted La overland.
FLORIDA.
1919-20
1918-19
Exported from Pensacola, &c.:
To
To
9,922
15,614
43,253
15,702
foreign ports
coastv/isc ports
Stock at close of year
2,617—
—
Deduct
Rec'd from New Orleans, &c
Stock beguining of year
61,602
497
23,321—
48,857
2,284
23,321—
23,818
10,474—
12,758
movement
Total
for year...
37,784
36,099
* These figures represent this year, as heretofore, only the shipments
from the Florida out ports. Florida cotton has also gone inland to Savan-
nah, &c., but we have followed our usual custom of counting that cotton
at the outports where it first appears.
NORTH CAROLINA.
1919-20
1918-19
Exported from Wilmington:
To
To
foreign ports
coastwise ports*.
Coastwise from Wash'n,&c...
Stock at close of year
Deduct
Stock at beginning of year..
—
movement
Total
162,792
12,301
64,659
32,827
65,162—
for year..
65,162
Crop.
39,381
1919-20.
1918-19 .
1917-18.
1916-17.
191.5-16.
1914-15.
1913-14.
1912-13.
1911-12.
1910-11.
1909-101908-09.
1907-08.
1906-07.
1905-06.
1904-05.
1903-04.
1902-03.
1901-02.
—
—
6.210 ,271.326
.508.33
5.925 386.182
510.69
6,073 ,419.502
509.86
512.82
12.975..569
6.654 058,545
6,640 472.269
512.64
12,953,460
515.79
15,067,247
7,771 ,592,194
7.660 .449.245
514.65
14.884,801
518.59
14.128.902
7,327 100.906
8,260 752,953
514.80
16,043,316
12,132,332
6,217 .382,145
512.48
5,400 .008.818
507.00
10,650,961
7,115 ,746.869
614.56
13,828,846
5.907 ,070,895
610.03
11,581.829
6,984 ,842,670
616.46
13.550.760
511.37
11,319.860
5.788 .728,073
6.996 ,731,233
516.10
13.556,841
5.141 .417,938
10,123,686
507.86
508.65
10,758,326
5.471 143,917
10,701.453
5.403 210,514
504.90
All prior to years 1913-14 are for the period Sept. 1 to Aug. 31.
Sea Island Crop and Consumption.
have continued throughout the season of 1919-20 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, and with that of the "Cotton Record" of
Savannah. It will be noticed that the crop of 1919-20 shows
a decrease from that of 1918-19.
FLORIDA.
these shipments, 7,189 bales, covering shipments inland by rail
from Wilmington and local consumption, are deducted in overland.
VIRGINIA.
1918-19
—
_
Exp. from Newport News.&c:
To
coastwise ports
Taken
manufacture
Stock end of year, Norfolk...
for
—
Deduct
Rec'd from Wilmington, &c.
Ucc'd from other Nor. Caro.
Stock beginning of year
Tot.al
movement for year
167,910
255.585
69,093
250,425
1,476
5,461
4,531
25,395— 455,827
Receipts at Savannah, bales. 16, 197
Receipts at Brunswck
Receipts at Norfolk
3.066
Sent interior mills*...
Deduct
Receipts from Florida
460
Receipts from Charleston &c
Isl.
crop of Georgia
— 19,263
— 460
92,975— 159,294
66,800— 154,316
296.533
252,708
• Includes 21,146 bales shipped to the interior, which, with 6.461 bales,
taken for manufacture, are deducted in overiand.
5.735-21.891
40—
40
21.851
18.803
SOUTH CAROLINA.
3,030
Receipts at Charleston
Total Sea Isl crop of So Caro
.
.
10.067
10.067
3 .030
Total Sea Island crop of United States.. 35.389
Other than from Charleston and Savannah.
The
44,696
distribution of the crop has been as follows:
How
Supply Year ending
—
Aug.
1
1920.
Distributed.
Of Which
Exported
to
—
Aug.
1
1919.
South Carolina
Florida
Stock
Net
Total
Aug.
1
Crop. supply 1920
90 3,030 3,120
4.901 18,803 23.704
10.131 13,556 23,687
Ex-
Lrar'g
fordis- Great
tribn
76 3.044
2,079 21.625
2,207 21.480
Now York
Britn.
502
Harre. ports.
Ac.
'817
502
817
3".326
101
3.320
4.137
4.740
"ioi
Border ports
t^Total
Total
For'gn
Ports of
92,975— 407,024
32,162
55,354
12.678
16.156
Stock
1,700
64,619
408
GEORGIA.
Exported from Norfolk:
foreign ports
coastwise ports*
-1918-1913.086
-1919-20
13 .556
Receipts at Jacksonville
Deduct
Receipts from Savann.ih..
13 ,556
Tot. Sea Island crop of Florida
39.381
207,236
Average
Weight.
per bale.
Weight, Pounds,
Bales.
We
Total Sea
Of
To
To
Wght.
12.217,552
11,602.634
11,911,896
,
65,162— 246,617
207,377
1919-20
Acer.
2.092,623 1,103.105.288 527.14
1,635.444
847,372.600 518.13
155.516
81,946.046 526.93
1,377.661
701.601.417 509.27
107.526.,S7n 495.00
217.226
252.708
126.3.54.000 500.00
207.236
102.996,392 497.00
5,664.220 2.854.483.569 503.95
Season of-
—
63,830
62,271
55,354
272,539
Weight in
Pounds.
Total crop
12.217.552 6.210.271.326 508.33 11.602.634 5.925.386.182 510.69
b Including Florida.
Note.
30,192
35,6.52
Sea Island
of Bales.
2.533.162 1.334,596.404 526.85
1,366,735
698.305.914 510.93
265.176
137,432,766 518.27
1,510.435
759,612.866 502.91
445,123 211.4.33.425 495.00
296.533
148.276,500 500.00
103,066,369 497.00
207,377
5,593.011 2,817,547,082 503.78
No. of
1918-19
223,608
Sea Island
Deduct
Received from Savannah
Stock beginning of year:
North Carolina..
Tennessee, &c..-
211,851— ,347,169
coastwise ports
Sea Island*
Stock at close of year:
Virginia
Nvmber
Wght.
430
SOUTH CAROLINA.
1919-20
Alabama
Aver.
497,1 5
Total movement for year
2.092.623
2,533.162
* Includes 67.414 bales shipped inland for consumption, &c., deducted
in overland movement.
Exported from Charleston:
To foreign ports Upland..
To foreign ports Sea Island
Weight in
Pounds.
According to the foregoing, the average gross weight per
bale this season was 508.33 lbs. against 510.69 lbs. in 1918-19
or 2.36 lbs. less than last year.
The relation of the gross
weights this year to previous years may be seen from the
following comparison:
TEXAS.
To
Number
25,656— 170,234
9,195—
Year ending July 31 1919.
Year ending July 31 1920.
86,945
57,633
5,523
861
25,656—
9,4.39,559
11.235,383
11,180,960
8,714,011
Bales.
7,162.473
9.892,766
7,527,211
6,717.142
9,038.707
8.655.518
7.313.726
6,935,082
7,017.707
6,513,623
6,550,215
5,669,021
189.5-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
1886-87
1885-86
1884-85
Movement
Texas
Stock at close of year
Deduct
Rec'ts from New Orl.,&c.-.
Stock beginning of year
11, .581, 829
13,550,760
11,319,860
13,556,841
10,123,686
10.758.326
10.701.453
10,425,141
year for comparison:
0/ Bales.
Exported from MobUe:
Years.
Bales.
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
1918-19
1919-20
Years.
Bales.
12.217.552
11,602,634
11,911,896
12,975,569
12,953,450
15,067,247
14,884,801
14,128,902
16,043,316
12.132.332
10.650,961
13.828,846
Through.
ALABAMA.
To
To
Below we give the total crop each year since 1884-85. All
years prior to 191.3-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes Aug. 1913, which
is also a part of 1913-14.
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
717,944
739
Exported from Brunswick:
Sea Island
Deduct
Rec'd from New Orleans. &c.
Stock beginning of year:
73.726
36,676
3,439
1919-20
foreign ports
coastwise ports.
2.086.303
24,190
—
—
To coastwise ports:
Burnt at Savannah.
-1918-19-
—
—
1.50.809
376,121—2.028,536
GEORGIA.
To
To
—
see. &c
2.160.029
1.868.789
Total product detailed in the foregoing by States for the year
ended July 31 1920
8.493.330
Consumed in the South, not included
3.724.222
228.017—1,917,855
Exported from Savannah:
To foreign ports Upland. .1,178, 177
To foreign ports Sea Island
817
Sea Island*
TENNESSEE. &C.
1919-20
Shipments
To manufacturers direct net
overland
1,678.609
To New York, Boston, &c.,
by rail..
190,180
Total marketed from Tennes-
Total movement for year
1,366,735
* In overland we have deducted these two items.
Upland*
867
15,122 35.389 50,611
4. .362
46.149
603
THE CHRONICLE
868
From the foregoing we see that the total growth of Sea
Island this year is 35,389 bales, and with the stock at the
beginning of the j^ear (15,122 bales), we have the following as
the total supply and distribution:
This Year's crop
Stock August 1 1919
Total year's supply
Distributed as follows
35,389
-_- 15.122
bales. 50,511
—
bales. 4 .740
4,3 62—9.102
41 .409
Exported to foreign ports
Stock end of year
Lea\Tng for consumption in United States
We
thus reach the conclusion that our spinners have
taken of Sea Island cotton this year 41,409 bales, or 829
bales more than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1909-10 to 1919-20 in detail:
Foreign Exports.
Crop.
Season.
Georgia
Florida.
1919-20
191S-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
•
lina.
13.556
12.678
33,755
43,080
30,367
35.686
34,000
20,780
60,902
35.190
39,261
The column
Note.
South
Caro-
oJ
18.803
21,851
42,414
67,506
47,943
36,630
39,384
39,00,S
56,824
41,073
42,781
3.030
10,067
6,971
3,495
6.211
5,488
10,473
8,375
5.140
13.338
14.497
Texas
&c.
Total.
35.3S9
44.596
83,140
114.081
84,521
8 77.812
83.857
68,163
122.866
89.601
96.539
Great
Britain.
Continent.
603
1.176
637
1.478
2,624
1.711
12.359
8.528
19.667
16.505
24.744
"American Consumption" Includes burnt
— Yeara prior to 1913-14 end Aug. 31.
Total
American
Con-
Ex-
sump-
ports.
tion.*
4.117
3,342
1,783
695
1,739
4,135
5,287
4.667
7.816
6,420
4.684
4.740 41.409
4.658 40.580
2.420 66.000
2.173 113,372
4,363 80,032
5,846 73,313
17,646 77,374
13,195 44,862
27,483 95,588
22,925 62,825
29,428 67,562
In the
United States
The Ne'W Crop.
thus early in the season —in fact before
new cotton has begun to come upon the market in more
than very limited quantity to present anything of a definite nature with regard to the crop now maturing, and
especially in a season like the present one when, as is well
known, the plant started off under conditions that checked
development and, consequently, is at this time less well
advanced than usual. There are nevertheless some facts
that can be presented which should be of assistance to the
reader in making his own deductions. Our "Acreage Report"
issued in late June indicated an increase of 2.01% in the
spring planting and the Department of Agriculture report for
May 25 covered a condition the lowest in the history of the
country for that date. An improvement in we ather conditions
during June, however, was reflected in the status of the
crop on June 25, as officially announced, which, although
much below the average for the date given was a little better
It is impossible
—
than in 1919. During July, specifically between June 25 and
July 25, moreover, the official weekly weather bulletins,
and various private reports as well, denoted further improvement of the crop and this was confirmed by the Department's
report of August 2, which showed that the average condition
of cotton for the whole belt had risen 3.4 points, making the
percentage on the 25th of July 74.1 of a normal, or 7 points
above that of the same time in 1919, and only 1.5 points
below the ten-year average. As a part of the report, and
based upon the average condition July 25, an average yield
of 170.4 lbs. per acre was forecasted, this foreshadowing
an aggregate crop from the area as estimated by the Department of Agriculture of 12,519,000 bales, not including
linters. Since July 25, the weekly weather bulletins of the
Department have seemingly, for the most part, indicated a
continuation of favorable conditions, although rains have
at times been detrimental, and it is, therefore, a reasonable
assumption that the report to be announced Sept. 2, and covering the situation of the crop Aug. 25, will show aeondition
about as good as on July 25, and consequently be much
better than at like date a year ago.
With 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 promise, making due allowance
as the season progresses for developments as they may occur
The compilation shows at a glance the area for a series 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 Agriculture:
Commercial Crop, Product per Acre, Condition,
Area,
Pounds.
Bales.
Julu 25
.
36.891,198
74.1
1920-21.
..36.165.968
1919-20
164
67.1
12,217,552
144
11,602,634
73.6
1918-19
39,077.429
151
11,908,296
70.3
1917-18
38,053,045
12,975,569
164
72.3
1916-17
..37,957.271
12,953,450
180
75.3
1915-16
35,190,493
15.067.247
188
76.4
1914-15
39,477,567
14,609,968
186
79.6
1913-14
...38,573.441
14,128,902
186
76.5
1912-13
...37.377.276
16,043,316
89.1
1911-12
209
...37,581,022
12,132,332
168
75.5
1910-11
.35,379,358
1909-10
10,650,961
153
71.9
33,862,406
1909-09
13,828,846
203
83.0
33,512,112
1907-08
170
11.581,829
75.0
33,079,425
1906-07
211
82.9
31,557,242
13.550,760
1905-06
11,319,860
192
74.9
28,808.415
1904-05.
13,556.841
32.363,690
207
91.6
•Agricultural Department July£25 eatlmate not Including Unters.
[Vol 111.
It is necessary to state in connection with the foregoing
data, that the yield per acre for 1914-15, 1915-lG, 1916-17,
the amounts
as figured upon the "Commercial Crops"
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 forward in the two later seasons.
—
.
Export Movement of Cotton Goods from United States.
1920.
Years
ending
Yards.
June 30.
To—
Arabia
Canada
Cent.
Am.
W.
Indies.
So.
Amer.
China
Oceaniii ..
East Indies
All others-
1919.
Total Value.
Yards.
1918.
\Total Value.
Yards.
Total Value.
S
1,874,285
11 9.37.420
1,309, 250
206.821
1 710,000
173.088
77 440.121 20,392.570 45,000 501 10.9.54,456 56 ,238,2011 10,003.321
70 ,868,785 14.384.877 48,032 127
7,983,633 38 ,815,2581 4.733,050
219 .271,386 52,788,969 89,037 069 17,319,869 134 ,637,377 17,467,687
225 ,074,020 48,666,877 132,332 281 31,064,561! 78 ,462,915 13,178,647
4 ,121,4521
43 ,047,858
8,896,678;
7,787, 438
1,239.106
532,025
53 933,607 14,527,018 87,932 348 17,966,726 130 ,477,280 17,640,916
2,040,933
759 904
162,965
1 ,232,148
8 512,961
220,580
157 200,489 (2200464579 158,157 742 dl45308419 239 ,232.444 dl05428909
Total... 867.292.647 364,036,786 570.348.660 232.206.5.56684,927.0751169.378.223
d Includes values of exports of clothing, yarn, waste,
Movement
<fec.
Cotton at Interior Towns.
of
Year ending July 31 1920.
Year ending July 31 1919.
TOWNS.
Receipts
Alabama. Eufaula.
Montgomery
Selma
Arkansas. Helena..
Little
Rock
Pine Bluff
Georgia, Albany
Athens
Atlanta
Augusta
Columbus
—
—
Macon
Rome
Louisiana, Shreveport
Mississippi,
Columbus
Clarkadale
Greenwood
Meridian
Natchez
Vi clisburg
Yazoo City
Missouri, St. Louis
C
N.
Greensboro
Raleigh
Ohio. Cincinnati
Okl.ahoma. Altus*
C hlcliasha
Hugo
Oklahoma
So. Care, GreenvilleGreenwood
Tennessee. Memphis.
Brenham
Cl.arksviile
Dallas
Honey Grove
Houston
Paris
San Antonio
•
Ship'ts
towns
Receipts.
Stocks.
5.893
6,451
72,218
82,548
37,926
45,910
33,676
32,417
184,848
188,090
113.513
123,502
9,709
11.423
158,181
163,267
276,261
287,174
565,342
631,778
49,114
34,451
230,641
250,223
54,709
59,192
84.749
95,940
17,188
18,177
145,677
112.609
106,983
97,384
38,773
45.856
28,802
31,988
17,218
20,278
33,060
29,836
844,803
841,955
69,720
70,988
14,721
14,700
69,500
69,500
75,838
65,886
80,951
74,710
25,602
23,805
60,939
57,861
160,-322
148,537
15.104
18,525
1,222.075 1,111,397
1.101
1.493
65,412
63,482
10,082
8,837
39,054
35,539
114,479
105,550
35,956
33,388
2,002,846 1,960,340
136,248
125,189
40,693
40,877
Nashville
Texas. Abilene
Total,''41
.
7.335.675 7.255.3051
Stocks
Ship'ts.
5.004
4,087
66,320
54,910
57,548
49,620
41,374
41,120
176,838
172,909
127,049
131.110
10,600
10.062
164,195
157.199
259.341
256.212
460.679
387.538
70,853
56.786
255,286
232,125
56,147
53,696
136,928
111,281
20,621
19,356
143.633
153,257
138,751
150,279
44,079
40,770
49,121
45,464
37,275
36,850
39,863
47,296
606,651
609,035
61,963
65.584
11,957
12.000
140,075
129.448
5,664
5,832
47,457
50,583
27,403
27,404
41,102
41,064
117,570
105,491
14,664
13,047
930,679 1.073.338
12,171
11.854
7,235
7.298
19,8.50
17.644
50.690
49.253
96.060
92.824
31.342
32.137
2.003,863 1.943.035
134,903
134.840
40,689
40.044
1,978
15.902
8,362
1,787
19,977
14,758
2,216
19,926
24,084
127.897
17.687
31.561
7,882
37,340
1,569
7,876
9,106
8.609
6.031
2.431
1,138
11,311
5,579
8.59.441 6.763.49.3 6.676.682
779.071
1,420
5,572
378
3.046
16,735
24,747
502
14,840
13,171
61,461
3,024
11,979
3,399
26,149
580
40,944
18,705
1,526
2,845
5,491
4,362
14,159
4,311
48
25,000
9,952
8,015
1
,834
3,916
13,684
2,711
280,608
993
1,930
1,730
'4,995
16,865
2.906
190.297
13.888
723
27
25,000
'l",774
37
838
'25,469
6,132
169,930
601
2.975
1.480
7.936
338
147.791
2,829
907
Figures for 1918-19 are for Ardmore.
Prices of Cotton
and Cotton Goods.
To complete the record we subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
begin by showing the highest and lowest quotayears.
tions for 64 squares 28-ineh printing cloths at Fal! River in
each of the last twenty-seven seasons 1893-94 to 1919-20
inclusive. Data for earlier years will be found in pre\ious
issues of this report.
We
—
High.
Cts.
Low.
CIS.
High.
Cts.
1919-20. ...17.50 11.00 191011- ... 6.S8
1918-19. ...13.00
6.75 1909-10. ... 4.25
1917-18. ...14.00
7.25 1908-09. ... 3.62
1916-17. ... 8.00
4.25 1907-08. .-- 5.25
1915-16. ... 4.25
3.25 1906-07. --- 5.25
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
1911-12. ... 4.00
3.12 1902-03. ... 3.37
From the
ruled much
Low.
High.
Cts.
3.62
3.62
3.00
3.00
3.38
3.37
2.62
3.00
3.00
Cts.
1901-02. ...
1900-01. -..
1899-00- - 1898-99- ...
1897-98- ...
1896-97. ...
1895-96. --1894-95. ...
1893-94. ---
3.25
3.25
3.50
2.75
2.62
2.62
3.06
2.88
3.00
Low.
Cts.
?,.37
2..S7
2.75
1.94
1.94
2.44
2.44
2. .50
2.61
foregoing it "will be observed that printing cloths
higher in 1919-20 than in any preceding year
included in the compilation, and the same is true of any
period in the history of the country. At the same time the
average price of cotton e.xeeeded that of any season since
1865-66.
The raw material opened the season at a higher level of
value than at the beginning of any preceding cotton j^ear
since 1866. The opening quotation, moreover, was far from
being the high of the season, later developments carrying the
price to the highest level since March 2 1866. Specifically
after middling uplands had risen to 40.20c. on Nov. 11, the
highest level attained since March 16 1866, there was a drop
to 37.55c. on Feb. 4. Thereafter, although there were "wide
fluctuations up or down from time to time, the trend was
quite generally upward until 43.75c. was reached on July 22.
The Department of Agriculture's estimate of production,
issued in December, confirming short crop ideas, and the
Census Bureau's final ginning statement, which tended to
strengthen that feeling, were factors in the advance.
At New York middling uplands ruled at 35.70e. on Aug. 1
1919, or a rise of 150 points over the Julj- close, this following the publication of the Department of Agriculture's
report on condition for July 25 which showed a lower condition of the plant than ever before recorded on the date
Aug. 28
THE CHRONICLE
prospect— the the 19th was quoted at 43c.
1920.]
mentioned indicating another short crop in
Most of the advance was lost, however,
on the following day and by the 5th the quotation was down
to 32c. Thereafter for a time the general tendency of the
market was towards a lower level, the drop culminating
at 30.55c. on the 18th. An upward turn then occured which
carried the price to 32.25c. by the 26th and the close was
The Department report for Aug. 25, issued
at 32.05c.
on Sept. 2, and showing a further deterioration in condition
during the preceding month was simply in line with expectations and, therefore, proved to be a negligible factor in the
In fact, its announcement was followed by a
trading.
dechne which was not checked until the 6th, middling
uplands dropping in the meantime from the opening price
of 31.40c. (a loss of 65 points from the August final) to 28.85c.
Subsequently there was a gradual but not steady recovery
to the 26th when the ruling quotation was 32.85c. from
which level there was a recession to 32.25c. on the 29th,
and a rise to 32.40e. at the close. Price fluctuations were
frequent and at times sharp during October with the general
trend upward on generally unfavorable weather and unsatisfactory crop advices, the net advance reaching 6 cents.
From the September final the quotation for middling uplands' fell to 32.25c. on the 1st, and was down to 31.10c. on
the 4th. An advance then set in which was some times rapid
and with no material interruption carried the price to 38.55c.
on the 28th, the highest level reached in nearly 53 years.
Slight declines on the two following days left the price at
38.25e. on the 30th, but the final quotation of the month
was 38.40c., the extra report on condition, issued on the
During
31st, ha-ving been an unimportant market factor.
November a further advance was witnessed, the quotation
for middling uplands at New York on the 11th having been
the highest record since Oct. 19 1866, and the close was
over lOe. per lb. higher than the price ruling on the corresponding date in 1918. After opening at 38.65e., or 25
points above the October final, middling uplands rose quite
steadily until 40. 20c. was reached on the 11th. From that
level there was a drop to 38.65c. by the 18th, but recovery
to 39.25c. occurred on the 20th.
On the 21st the price
eased off to 38.40c. but again turned upward and was back
to 39.50c. at the close.
The market was without special
feature in December although the crop estimate of the Department of Agriculture, indicating a somewhat greater
yield than generally expected, was for the moment a weakening factor. Middling uplands opened the month at 39.75c.
or 25 points over the final quotation for November and there
was an advance to 40.25c. on the 26th (5 points higher
than the level reached in October)
From that price there
was a drop to 38c. by the 12th but by the 17th there was
a recovery to 39.25e. and that quotation was maintained
to the close which was 6.65c. higher than on the same
date in 1918.
The initial quotation for middling uplands in the calendar
year 1920 was the same as the December close and the price
fluctuated very close to that figure throughout January,
with the net result or decline of 25 points. From the opening
level there was a drop to 39c. on the 7th, but the loss was
ecovered the next day and thereafter to and including the
18th no change occurred. On the 19th, there was an advance
to 39.75c., but by the 21st the price had fallen to 38.75e.
Again the market moved upward a little, middling uplands
standing at 39.30c on the 23rd. The price, however, receded
to 39.05c. by the 27th, and although there was a recovery
to 39.50c. on the 28th, the close was at 39c. The market
was without special feature during February but fluctuations
were frequent with the net result an advance of Ic. per lb.
Middling uplands opened the month at 39.15c., or 15 points
above the January close but moved down to 37.55c., the
low of the month, on the 4th. From that level the trend
was quite steadily upward until 40.10c. was reached on
the 25th.
The market eased off a little to 39.65e. on
the 27th, but the final quotation was 40c. The market for
cotton moved upward during March, the advance having
been assisted by the improvement in the foreign exchange
situation and the backwardness of preparations for the next
crop. At one time the price ruled 3.25c. above that at the
end of February, but the close was at an advance of 1.75c.
Opening at 40.25c., middling uplands rose,with no mentionable recession until 43.25c. was reached on the 23rd, this
having been the highest quotation recorded
over 54 years,
or since March 2 1866. From that level there was a decline
to 41.50c. by the 25th, but at the very close there was an
advance to 41.75c. As a result of developments in early
April the market for cotton tended upward for a time in
fact until there had been a recovery to the highest point
reached in March, but ]ater, however, the price receded
quite steadily and the net result for the month was a loss of
50 points. The upward turn was stimulated by reports of
the backward season at the South and, after opening at
41.75c. for middling uplands, there was a rise to 43.25c.
by the 16th. The market turned downward almost immediately after that level was reached and the close was
ati41.25c. There was no definite tendency to the market in
the early part of May. About the middle of the month,
however, it turned upward but later there was a recession to
a lower level than had ruled since the close of February.
Middhng uplands started off at 41.45e., an advance of 20
points over the April close and after fluctuating within narrow limits for a fortnight turned upward on the 15th and by
fifth in succession.
,
.
.
—
—
m
—
869
Almost immediately a decline
set in and on the 24th the price stood at 40c. and so remained
to the close. Improved weather and crop conditions at the
South were factors in the cotton market in June, but they
induced only a very moderate decline in the value of the
staple, the very unfavorable official report for
acting
as a deterrent. Middling uplands started off at 40c., the
final quotation of the preceding month, and ruled at that level
until the 14th, when a decUne began which carried the
quotation down to 37.75c. (on the 24th) before culminat'ng.
An upward turn to 38.75c. by the 28th then occurred and
May
month closed. The Agricultural Department's report
on condition and acreage issued on the 2d of July, and
showing an improvement in the status of the crop, was in
hne with general expectations and, consequently, proved
to be a negligible factor in the markets for the staple. Middling uplands which had opened in the New York market
at 39.25c advanced almost steadily until 43.75c. was reached
on the 22d, this having been the highest point attained since
March 2, 1866. The market almost immediately eased off
and closed at 40c. The opening price of middling uplands
at New York for the season was 35.70c., the lowest quotation was 28.85c (Sept. 6), the highest was 43.75e (July
22), and the close 40.00c., with the average for the twelve
months 38.25c. To indicate how the prices for 1919-20
compare with those for earlier years, we have compiled
from our records the following, which shows the highest,
lowest and average prices of middlings uplands in the New
York market for each season.
so the
High.
Low.
mgh.
Low.
1903-04... ...17.25
1902-03... ...13.50
1901-02... ... 9^8
1900-01... ...12
1899-00... ...IOI4
1898-99... ... 658
1897-98... ... 8I4
1896-97... ... 878
1895-96... ... 938
1894-95... ... 738
1893-94... ... 8'Ai
1892-93... ...10
1891-92... ...
1890-91... .-.1214
1889-90... ...1234
1888-89... ...11%,
9.50
8.30
Average.
Average,
c.
1919-20-- ...43.75
1918-19... ...38.20
1917-18-.. -. -36.00
1916-17... ...27.65
1915-16... ...13.45
1914-15... ...10.60
1913-14... ...14.50
1912-13... ...13.40
1911-12... ...13.40
1910-11... ...19.75
1909-10... ...16.45
1908-09... ...13.15
1907-08... ...13.55
1906-07... ...13.50
1905-06... ...12.60
1904-05... ...11.65
28.85
25.00
21.20
13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.60
9.85
6.85
38.25
31.04
29.65
19.12
11.98
8.97
13.30
12.30
10.83
15.50
15.37
10.42
11.30
11.48
11.20
9.1
8%
7%
12.58
10.26
9%
8'^
6I4
9I8
5%i
6K6
7%>
TAt
?^
6%
5%
6%
6%
8
IOI4
958
Slg
7%
SJi
7»4
978
11 Mi
In tne louowing we present a^statement of the year's
exports of American cotton from each port, showing direction shipments have taken.
It has been somewhat difficult
to get at details by reports from Northern districts this year,
but the totals by countries are believed to be correct. Similar statements have been given in all previous reviews, and
a comparison as to the extent of the total movement at
each port can be made with back years.
Liverpool
Manches'r
Gal-
New
veston.a
Orleans.
1.241,453
394,903
n4",998
13,555
208,346 16,847
125'25i
33.765
45',906
25,257
4,232
29,711
43,055
9,389
Copenh'n.
lV.896
27,487
34,889
5,500
4/50
1,679
2,585
Gothcnb'g
21,385
41,717
Ghent
York.
129",6i5
Dunkirk..
Bordeaux.
Danzig
Rotterd'm
New
folk.
413,188 29,363 106,401
20,047
74,320
1.257
Ballast
Bremen ..
Hamburg.
Nor-
448,556
46,349
9.432
1,127
Dublin
Havre
WilSavannah .d mington
884
2,955 22,241
2'6",650
2b",859
250
2.060
5,311
6,300
9,157
6,038
"4'.575
53,654
11,650
10,299
65.143
3,500
900
*
96",489
Malaga
Cadiz
Santander
Genoa
64,911
50
26V,366
21,567
Naples
Trieste...
Piraeus
29',
W
183
""572
"l".077
4,339
148
3.350
719
195",762
1,141
152',
56.219
50
64,579 69,941
15,202
500
100
3,750
3,533
5,793
4,316
3,000
Panama
1,127
426
541,761
13,555
396
384,941
109,758
26,574
154,547
91,492
115.825
11.579
6,635
82.872
2,415
17,500
238.305
2,000
4,455
50
560,387
36,819
500
100
""704
497,337
3.073
12,166
4.237
880,223
11,880
1,291
'l",043
Peru
"s'iis
62
62
5
90
Indies.
Brazil
Argentina.
2,415
3.400
12,952
2,000
4,455
rob'637
Mexico...
1,974
1,751
13,275
19.092
8,091
9,200
1.400 14,239
104
"2.110
Oporto
46,759
'"396
147 18', 154
3,000
32,710
3,000
65,102 22,487
146',
Total.
234,730 2,477,748
26,947 563,450
10,689
'"428
Kiiiland
5
l.!33
90
900
90
900
1,500
8
"2".556
1.500
S
2.550
221,483
221,483
Philippine
Canada
4,057
Other
Porls.k
..
Total .. 2.268.930 1.348.677,1.355,790 162,792 167.910204.797 1.0.S4.53S6.,'>93.434
a Includes from Texas City to Liverpool, 226.388 bales: Manchester, 3.676. and
Havre. 18.416 b.iles; from Houston to Liverpool. 70.284 bales; from Port Nogalei
to Mexico. 570 bales.
d Includes Irom Urunswick to Liverpool. 162.023 bales; Manchester. 14.773 b.iles.
k "Other porta" include from Charleston to Liverpool. 94.012 bales; Manchester,
251; Havre. 19,149; Bremen. 1.974; Rotterdam. 1,200; Ghent, 6.300: Gothenburg.
ITom Mobile to
100: Harceloni*. 12.7.52; Oporto, 3.400. and Genoa. 4.001 bales.
Liverpool. 73.989 bales; Manchester. 17.588: Glasgow. 202: Havre. 25.216; .Antwerp. 1,429; Genoa, 1,318, and .lapnn. 2.450 bales. From Pens;»cola to Liverpool.
From Jacksonville to Liverpool, 20.528 bales: Manchester, 2,398.
19.727 bales.
Antwerp, 100 bales, and Japan, 500 bales. From Boston to Liverpool, 11.S26
bales; Manchester. 1.909: Glasgow. 224; Havre. 82: Bordeaux, 390: Hamburg. 299:
Gothenburg. 300; Antwerp. 091: Copenhagen. 900; Genoa. 126; Piraeus. 404,
Canada, 3,803 bales. From Philadelphia to Llverixwl. 1,855 bales; Dil.-knchcater,
1 ,700; Havre, 1 .700; Hamburg. 1 ,132; Rotterdam. 8f 0; Antwerp. 2.091 Gothenburg,
Fron\ Baltimore to Liverpool. 1.914 Iviles;
3,225; Genoa. 400; Piraeus. 300 bales.
Manchester, 3.101: Havre. 612: Hamburg. 320; .Antwerp. 400; tJothonburg. 950;
Danzig. 2.50. Barcelona. 200: Finland. 2.415; Genoa, 2.400. and China. 250 bales:
From Providence to Liverpool. 375 Iwiles. F>oui San Francisco to Jaiun, 119.759
From I.os Angeles to Liverpool. 10.504
bales; China, 1.099: Manila. 2.5.50 bales.
From .''cattle to Jap.in, 276.450 t>al»s.
bales; Japan, 1,435: China, 729 bales.
China. 995. Canada, 76. From Taooma to Japan. 57.522 bales. Fron\ Portland.
From Detroit. Ac. border points to Canada.
Ore., to Japan, 39,221 bales.
217.604 bales.
;
—
—
870
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
f
^'^'^ a* <^^e seaboard ports for
fhTZ^^\'^''^''?i^
^^^o? ^^'^
the week ended Aug.
21 1920 follow:
of
of
Receipts
Aug. 12 1920:
GOLD.
•/"^^'••^'^ble position of possessing no legal tender
value,
gold mohur of equal weight and fineness is
still legal tender
for
rupees.
The
keen
demand
on the part
1^
India for the precious
me a s ,s not a bull pomt for the Indian exchange,ofnor
is the recent official
vntmiation at Karachi that it is unlikely
that the Government will see its
way to issue any licenses this year for the export of
wheat.
"^
V^"
SILVER.
state that
th«f a fair
advices from that quarter
felt.
Subsequently pur-
"""^ "°* ^""" ^° advantageous owing to the recesfrom the 2s. figure to which it had approximated
China has been chary of buymg, deterred no
doubt by the scantmess of
exports and higher prices for silver.
On the other hand America has been
from making use of the high quotations here by
the downward
fend^^l
tendency of exchange. Operations also may have
been affected by anticL
pation of some fallmg off of supplies from
Mexico. Imports from that
country into the US. A. during the month
of June amounted to four^lhon
ounces. We have been mformed by mail
from New York that the Mexican
Government is purchasing the product of Mexican sUver
mines to the extent
%°^J° 1"^°.^ !°° '''''"'^ ^ "'""^^ ^* "" premium of about 4 cents over the
tWn
'
stnTf
sion
r "^"'l''
of the Indian
exchange
,
New \ork
official
quotation for foreign bullion.
Continental selling has not been so much in
evidence, po.ssiblv owing to
'" ^'^^ ^l"-«P«^° political situation. As a consequence, the
"'i^'
*° ^'' '^""'*' ^°^ ^^^^^ ^^^ °"ly been just sufficient
Tlver
tn satisfy
t
".if
""'f
liver to
the moderate
demand.
mTwT
f
NewportNews
13,000
13,000
of rupees.)
July 15.
Exports from
—
"
11
58%d.
.59^d.
59^d.
58%d.
New York
Boston
.5854d.
Baltimore
Newport News
New
Orleans
Galveston
Montreal
Total week
1919
59Md.
The
Silver, per oz
Gold, per fine oz
Aug.21
Sal.
Flour.
Exports for Week
and Since
July 1 to
—
Week
Since
d. 635^
115g
K
46^'
Consols, 2
per cents
British, 5 per cents
British, 4 H per cents
French Rentes (in Paris), fr.
French War Loan(inParis),fr.
_The
Silver in
85 ^
78J<
57 05
.
price of silver in New
N.Y., peroz. (cts.)
Domestic
101 ?i
Foreign
101«
Mon
United Kingdom.
Continent
Aug. 21
July 1
1920.
48,354
51,073
17,000
12,000
So.&Cent. Amer.
West Indies
Brit. No. Am. Cols.
60 J^
115s.
Tues.
60
61
iiss.ed. 116s.
K
46 Ji
46M
85
78M
78
56.20
87.50
85
K
56.35
87.50
Thurs.
61 H
115s.
46M
85
Aug. 25
78?.^
56.30
87.50
40 H
84 K
78}^
56.95
87.50
Total . Total 1919
128,427
690,790
shown
Toledo
Detroit..
St. Louis
Peoria
Kansas City..
Omaha
Corn.
Oats.
99 H
97 «
99K
98
Same week
Same week
Since Aug.
1920
1919
1918
'19
'18
1920.
1920.
July I
1920.
Barrels
Bushels.
Bushels.
Bushels.
535,300
1,825,240
180,524
172,188
Bushels.
2,999,221
4,104,607
2,000
2"55".643
2b3",O05
6"97",ii5
2,968,895
5,161,095
7,308,828
4,417,960
51,567,469
20,135,295
20,699,182
29,834,672
333,000
35,000
Wheat.
-
Total...
Since
16,691
223,256
'2",6o6
288,060
1,599
9,000
152
543,337
27,691
19,000
943,337
407,239
1920.
Corn.
1919.
Aug. 21.
Since
July 1.
1920.
Bushels.
Bushels.
Week
Since
1919.
July
1.
Aug. 21.
Bushels.
Bushels.
Since
July 1..
Since
July 1.
Bushels
51,000
Bushels.
474,000
205,000
eso'ooo
1,196,000 34,086,000 24,282,000 2,300,000 20,127,000
17,686,000
7,832,000 15,327,000
694"6o6
200,000
7.885,000ill0..'i05,000 102,704,000
440,000
865,000
2,551,000 21.676.000' 18.756,000
—
Conversions of State banks and trust companies:
The Golden State National Bank of Anaheim Calif
Conversion of The Golden State Bank of Arnheim
President. Adolph Thomas; Cashier, E. E. Smith
Canital
^titf"-"-'^
75,000
748,000
ll"7",o66
972".000
156,000
65,000
680,000
399,000
215,000
312,000
806,000
7,273,000
7,284,000
10,546,000
82".666
1,4,56,000
37,000
4,000
161,000
2,004,000
1,051,000
214,000
226,000
421,000
280,000
8,678,000
17,608,000
16,982,000
1,688,000
2,106,000
3,208,000
The Nampa National Bank, Nampa, Idaho
"
President, E. Smallwood; Cashier, Clavton C. Reed
Tlie First National Bank of Harveyville, Kans
President J. W. Womer; Cashier, C. H.
The First National Bank of Paden, Okla .Houseworth:
President, C.
100,000
9=; non
^a.uuu
9^ nnn
^o,uuu
M.
Seran; Cashier, T. C.'Hatcherr
of Lincoln, Ark
.
.
President, P. L. Hathcock; Cashier, L. E. Na'bers'"'
The
•
Bank
First National
Total
Rye.
220.000
41,000
79,000
127,000
234,000
73,000
2t OOft
^u.wu»
"
_
-8250,000
APPLICATION FOR CHARTER.
Conversions of State banks and trust companiesThe First National Bank of Stuart, Va
Conversion of The Citizens Bank of S'tuart.
Correspondent, Dr. G. T. Divers, Stuart, Va.
.
50,000
Original organizations:
The Randall National Bank. Randall, Kans
Barley.
.
60,000
16,000
34,000
213,000
282,000
57,000
265,000
90,000
Indianapolis.
Total week '20
139,000
62,000
152,000
31,000
Corn.
Original organizations:
991^
97
99J^
96
.
Ve'ooo
Week
Aug. 21
since
CHARTERS ISSUED.
56.40
87.50
bbls.imibs bush. dOlhs. bush 56 lbs bush 56 lbs
bu.ih .ii>,U)s bvsh.5Cilbs.
Chicago
127,000
1,897,000
5.54,000
2,920,000
1 11.000
111,000
Minneapolis..
1,529,000
Duluth
Milwaukee...
week and
in the following:
78M
(
Wheat.
287,000
national banks
46)^
S.iH
^i^i^«'V*«^*>j\A/S/^.
Flour.
325",06o
2l',006
259,000
National Banks. The following information regarding
is from the office of the Comptroller
of the
Currency, Treasury Department:
Fri.
61
1153.
Breadstuff s figures brought from page 910.— The
statements below are prepared by us from figures collected
by
the ^ew York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last
Saturday and
since Aug. 1 for each of the last three years
have been-
—
ro",o6o
"12'
Aug.27
©umm^rcial umX^XiscMnncoxxs ^ftxot
Receipts at
45V,000
57,000
The world's shipment of wheat and corn for the week
ending Aug. 21 1920 and since July 1 1920 and
1919 are
Australia
York on the same days has been
99M
97M
135,585
Week
Aug. 21
Other countries...
India
Oth. countr's
'
Peas.
Since
July 1
1920.
Barrels.
Danube
Aug. 25
Wed.
Barley.
174,181
Russia
Aveek ago
Aug.2i.
Rye.
Wheat.
North Amer. 6,689,000 68,587,000 62,401,000
ish
.4KI7.23
Oats.
destination of these exports for the
IS as below:
Week
The daily closing quotations for securities, &e., at London
as reported by cable, have been as follows
the past week:
—
Flour.
Aug. 21 1920
Argentina-
London,
Corn.
3d.
ENGLISH FINANCIAL MARKETS—PER CABLE.
Week ending Aug.
27
,
for foreign ports
7,308,828 27,69l;l28,427i
10,000 962, 18l| 735,585J
4,417,760 19,000 690,7903,286,591191,512 1,745,2241
34"5l6
Week
Expo fIS.
113s. 8d.
113s.
Ills. lid.
113s. 2.6d.
58J^d.
::59.02'0d.
yi&d"°^^d"X'^e%*£o^r^^^^^^
11.3s.
509,000
43,000;
845,000
16,619,000 6,838,000]36,1U;000
150,000:
1 191 000 1 019 nnoi
TTZ^
8,832:000 5i:272:0TO28:66.':ono!.4 .ll'?,?,^
937,828 16,691 24,827
29,000
44,000
1,462,000
4,000
1,039,000
18,000
192,000
14,000
494,000 iV.OOO 20,000
2,146,000
1,009,000
.
Philadelphia
114s. 3d,
59J^d.
..58Jid.
12
Average.
tiv'ef;
.58Vs<l.
-59»/^d.
144,000
Bushels. Bushels. Barrels. Bushels. Bushels.
Bushels. Bushels.
July
59J^d.
7
9
10
22,000
^'"" ''^^^-^ '^'^^^^ New Orleans
Wheat.
—
"
"
los'oool
41 .000
2,000
The exports from the several seaboard ports for the
week
ending Aug. 21 are shown in the annexed
statement:
1920.
22. July 31.
Note^in circulation
16424
16312
16387
SUver coin and bullion m India..'..'"'""'" 4698
"
4850
5036
Silver coin and bullion out of India
Gold coin and bullion m India
...... 4664
5472
4462
Gold coin and bullion out of India
.......
5
"
Securities (Indian Government)
'
3730
4062
4062
Securities (British Government)
........ 3277
2828.
2827
No rupees were coined during the week ending 31st ult
The stock in Shanghai on the 12th iiist. consisted
of about 35,300 000
ounces m sycee, 19,000,000 dollars and
1,110 bars of silver, as comp;red
with about 37,280,000 ounces, 20,000,000
dollars and 1,190 bars of silver
on the 31st ult. The Shanghai exchange is
quoted at 5s. 9d. the tael.
Bar Silver, p. as. std.
Bar Gold,
Quotations
Cash
2 mas.
per oz. fine.
Aug. 6
-59H(l.
\
11,000|
Week 1919...! 488,000 8,281,000!
SinceJan.l 1924,584,000 129,851.000i
Rye.
.
68',66oi
327,000
13,728.000
Barley.
Bushels
Bushels
Bicshels
246, ooo!
27,000
500,000
53,000:
1,000
56,000
2,000
200,000
57,000
10,000
325,000
02,000
Total week '20
273,000!
7,027,000
SinceJan.1'20 15,904,000119,720,000
on *thrm!Lni1,'^o?llfil"'^^
through bills of lading.
Oats.
Bushels.
107, 000
17,000;
732,000
1,652,000
96,000
494,000
941,000
1,489,000
204,000
Galveston..
Montreal ..
Boston
Corn.
Bushels.
l,419,000l
140,000
58,000
28,000
1,000
20,000
Indian Currency Returns.
(.In lacs
Wheat.
Barrels
NewOrleans.o
Tt
The last mail
up-country demand was then
Flow.
Baltimore
^^^^ ^ sympathy with a fall in the American
ex^h^an^p'^^TTi
''""T slightly
l^'f
exchange
and reacted
as exchange hardened.
The Indian demand
somewhat diminished.
at—
New Yorl<_..
Philadelphia
The Bank of England gold reserve against its note issue is
£121 5.30 4fin
merely £1.000 more than that of last week. A fair
amount of gold came
into the market and was taken for India and
New York. The high nrice
now bemg paid for gold In the Indian bazaars is worthy
of notice, in view
of the announcement that an Order-iu-Council
will be passed in September
to make the sovereign legal tender for only
10 rupees instead of 15 as heretofore.
The present market quotation of Rps. 22.8 per fine tola
of gold
PT^^^""^ "f °^er 41 % above the future currency value of the
3.^r°
h""metal, and
mdicates a luxury demand of exceptional vitality.
MeanwhUe
^fthnT^tf
although the
[Vol. 111.
Correspondent. C. A. Cra^vford, Randall. Va
First National Bank of Stone, Ky
Correspondent, C. C. Wood, Stoneo, Ky.
The National City Bank & Trust Co.. of Marion, Ohio
To succeed The City National Bank of Marion.
Correspondent, D. R. Crissinger, Marion, Ohio.
Total
-
25.000
.
50,000
The
.
300,000
S425.000
VOLUNTARY LIQUIDATION.
is'.ooo
14,000
is'ooo
31,000
The
First National Bank of Magra, Utah
.
S2'i non
*"'''•"""
Effective Aug. 13 1920.
Liquidating AgentVJr HT'Orutr s'a'lt
Lake City, Utah. Absorbed by The Magna Banking Co.
CAPITAL STOCK INCRE.\SED.
Ar7it.
483,000
1,389,000
985,000
589,000
717,000
369,000
1
760,000 28,357,000
6,024,000 15,263,000 1,254,000
1,403,000 69,262,000
7,049.000 24,388,000 6,3.35,000
1.114.000 74,988,000 13,347,000
35,178,000 2,725,000
1,532,000
2,395,000
1,416.000
The
The
The
The
The
The
Second National Bank of Richmond. Ind
Closter National Bank. Closter, N.J
Boston National Bank of South Boston, Va
Citizens National
Bank
of 'Washington
,
Ga
Merchants National Bank of Raleigh, N.
Union National Bank of Pasadena Calif
Total
C
of Cap. When
Increased.
Increa'ic
..
.
$50 606
25 000
100 'ooO
50 000
100 'OOO
275,000
.$600,000
$300,000
50.000
200.000
100,000
200.000
375,000
Aug. 28
THE CHRONICLE
1920.]
—
Canadian Bank Clearings. The clearings for the week
ending Aug. 19 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate
of
20.4%.
Clearings at
Name
871
of
Company.
Miscellaneous (.Cone nded)
Globe Soap, common (quar.)
Week ending Aug.
&
Grafton County Elec. Lt.
In ,0'
1920.
Canada
1919.
S
Montreal-
Calgary
London
3,8.58,229
Victoria
2,600,000
5,174,856
4,046,625
700,000
2,381,467
1,758.125
Toronto
Winnipeg
Vancouver.
Ottawa
Quebec
Halifax-
Hamilton
St. John
Edmonton
Regina
Brandon
Sa.skatoon
Moose Jaw
864,9.32
Letlibridge
BrantfordFort William
New Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener.
1,390,194
715,807
701,080
407.081
892,103
1,218,483
1,080.013
3.881,800
456,923
883,097
Windsor
Prince Albert
Moncton
Total Canada.
108,785,870 + 1!'.7
77,641,996 + 17...
33,110,928 + 39.7
13,205,128 + 30.6
—8.4
8,345,944
5,315,871 + 27.8
4,164,920 + 17.2
5,802,859 + 21.4
3,289,607
+ 1.9
6,350,863 + 15.9
3,025,577 + 27.5
2,443,721
+ 6.4
4.849,398
+ 6.7
3,600,788 + 12.4
650,088
+ 7.7
2,045,687 + 16.4
1,484,232 + 18.5
679,614 + 27.2
1,097,000 + 26.7
810,791
11.7
617,614 + 13.6
—7.2
438.882
749,692 + 19.1
1,033,474 + 17.9
862,451 + 25.3
2,269,462 + 71.0
399,206 + 14.3
Not Included in total
60,090,553
29,572,998
11,080,957
5,916,354
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
604,954
945,776
582,261
1,155,102
240,416
+ 20.4
235.632,904
—
353,941.917
293,071,033
220,574,190
Extra
Hartford Water,
common
Hood Rubber Products, pref.
& Rubber, com
(quar.) .
Lackawanna Steel, common (quar.)
Liggett
Myers Tobacco, pref. (quar.).
Mackay Companies, common (quar.)
Preferred (quar.)
Maillnson (H. R.) & Co., pref. (quar.)..
Manhattan Electrical Supply, com. (qu.)
Common (payable in common stock) .
First preferred (quar.)
Mascouma Light & Power, common
Preferred
Mill Factors Corp., Class
—
Sales.
Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
100
25,000
5,000
2,000
120
986
Per cent.
Slocks.
Shares.
Per cent.
Stocks.
N. Y. Transfer
35M 10,000 Federal Adding Machine
Ky. Prod. & Ref. Corp. .$100 lot
Corp., SIO each
SI, 250 lot
Bonds.
Per cent.
Reserv. Hill M. & M., SI ea.S7 lot
Hudson Bay Zinc, S5 each..S6 lot SSO.OOO Nassau El. RR. 4s, ctf.dep. 15
Tiffany Motor, pref., v. t. c_.?4 lot
34,000 2d Ave. RR. 6% receiver's
Tiffany Mot., com., V.
By
t.
c.SlO
Day &
Messrs. R. L.
By
M
.
Lowney Co
200
Montgomery Ward&Co.,pf.&CI.A
Nashua Mfg., common (quar.)
Messrs. Wise, Hobbs
Shares.
S per sh.
107
Stocks.
H
Bates Manufacturing
3 Merrimack Mfg., common
1 Waitham Bleach &D.
1 Mass. Cotton Mills
1 Hamilton Manufacturing
10 rights Haverhill Electric
By
\W\i
W
.
156
143
151 V^
$ per sh.
135
1
Bates Manufacturing
107
Arnold, Boston
National Transit (extra)
New York Transit (quar.)
NipLsslng Mines Co. (quar.)
Extra
North American Co. (quar.)
Pennsylvania Water & Power Cquar.)
Pierce Oil Corporation, pref. (quar.)
Pittsburgh Brewing, preferred (quar.)..
Premier Candy Corp. (quar.)
Shares.
Slocks.
S per sh
4 Plymouth Cordage
217
10 A.L.Sayles&Sons,com.,S25ea. 23
10 A.L.SayIes&Sons,pref.,S50ea. 43K
4 Fisk Rubber, 1st pref
88
5 Hood Rubber, preferred
98
Lofland, Philadelphia:
S per sh.
Stocks.
260 Conn. Pub. Serv. Corp., pref.. 10
18 Corn Exchange Nat. Bank
385
450
2 Fidelity Trust
5 Real Estate T. I. & T
330
ItPhila. Finance, no p.ir
16M
Shares.
Stocks.
12 Welsbach, common
100 Acme Tea, preferred
50 Supplee Milk, preferred
$ per sh.
45
88
60
Bonds.
Per cent.
.SI ,000 Sprlngf Water cons. 5s, 1926
we
the dividends announced the
current. week.
Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
bring together
com
Rand Mines. Ltd
Ritz-Carlton Hotel, preferred
Preferred
Robbins Body Corp., pref. (quar.)
Root & Van Dervoort Eng., pf. (quar.)..
Sears, Roebuck & Co., pref. (quar.)
Sherwin-Williams Co. of Canada, pf.(qu)
South Penn Oil (quar.)
Stromberg Carburetor (quar.)
Stutz Motor Car (quar.)
all
Comvany.
(quar.)
Tonopah-Belmont Devel
Tonopah Extension Mining (quar.)
Tooke Bros., pref. (quar.)
United Drug, common (quar.)
Walworth Mfg., com. (quar.)
Wheeling
.Steel
Corp., com. (No.
1)
A
B
Preferred
Preferred
pref. (monthly)
Boston
Erie
&
&
Pittsburgh
Per
When
Cent.
Payable.
Book!
Days
*2
.Sept. 30 Holders
87KC. Sept. 10 Holders
Street and Electric Railways.
Montreal Tramways (quar.)
Miscellaneous.
Amer. Internat. Corp.. com.
American Pottery preferred
Arkansas Natural Gas, com
&
pf. (quar)
Name
of
Company.
Railroads (Steam).
Atch. Topeka & Santa Fe, com. (quar.).
Baltimore & Ohio, preferred
Boston & Maine, pref
:
Buffalo
&
Canadian
Susquehanna, com. (quar.)
Pacific, com. (quar.)
Preferred
Common
(extra)
California Oil & Gas
Canada SS Lines com (quar
,
.
Preferred
.
(quar.)
pref. (quar.)
Central Leather, preferred (quar.)
Chcsebrough Mfg., com. (quar.)
Preferred (quar.)
Chllds Company, common (quar.)
Preferred (quar.)
Colonial Finance Corp., com. (quar.)
Preferred ((iuar.)
Colorado Power, preferred (quar.)
Connecticut Power, preferred (quar.)
Consol. Gas, El. L. & P., Bait. (quar.)..
Continental Candy Corporation (quar.)_
Continental Oil (quar.)
Dodge (Nathan) Shoe Co., preferred
•Dominion Glass, Ltd., common (quar.).
Preferred
(quar.)
(E.I.) dc Nem.
Co.. fim.(nu.)
(payiible In common stock).
Debenture stock (quar.)
du Pont (R. 1.) (leNem. Pow.,com. (qu.)
Preferred (quar.)
Elk Horn Coal Corp.. pref. (quar.)
Farrell
<fe Son, Inc.. pref
(quar.)
General Chemical, nreferrefl (quar.)
duPont
Common
(Wm)
&
*2J4
SI
2H
2c.
.
(quar.)
Carbo-Hydrogen Co., pref.
Case (J. I.) Thresh. Mach.,
Sl.-'iO
*20c.
•30=.
Autocar Co. (quar.)
Blackstone Val. Gas & Elec, com. (qu.)
British- American Tobacco, pref
Sept. 18
Sept.
Oct.
Oct.
Sept.
1
Sept.
1
30c. Oct.
*1'A Sept.
•IK Oct.
IH Oct.
Oct.
1
*1M Oct.
1« Oct.
•/lO
Oct.
IH Oct.
IH Sept.
I'A Sept.
2
Oct.
Oct.
'A
IH Oct.
•SI .75 Oct.
2H Sept.
Sept.
SI
4
Oct.
•2.5c. Oct.
»25c. Oct.
*1K Oct.
15i Oct.
•2
Oct.
•87 He Sept.
2H Sept.
I'A Oct.
Oct.
1
I'A Oct.
*2
Sept.
*1V, Sept.
•SI. 35 Aug.
3H Sept.
3'A Mar.
IH Sept.
2
Sept.
IH Oct.
Sept.
•5
Sept.
SI
Oct.
•SI. 25 Oct.
•SI. 75 Sept.
•S2.25 Sept.
*5c.
Oct.
*.5c. Oct.
IH Sept.
Oct.
2
3.5c.
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
•Holders
Sept. 21
•Holders
Sept. 21
Holders
Holders
Holders
Holders
Holders
'Holders
Holders
•Holders
Holders
•Holders
•Holdesr
•Holders
Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
•Holdors
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
•Holders
•Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
Sept.
Sept.
1
Nov.
2
Oct.
Oct.
Sept.
Per
When
Cent.
Payable.
IK
Sept. 1
Sept. 1
Sept. 1
Sept. 30
Oct.
1
Oct.
1
Sept. 4
Sept. 1
Sept. 1
Sept. 1
Sept. 20
Sept. 1
Sept. 18
Aug. 31
Sept. 4
Aug. 31
Sept. 1
&
Pittsburgh, reg. gu. (qu.)
Special guar, (quar.)
Cripple Creek Central, pref. (quar.)
Delaware
& Hudson
Co. (quar.)
Illinois Central (quar .)
Norfolk & Western, common (quar.)
Pennsylvania (quar.)
Germantown &
& West Virglnln,
Norri.stown (qu.).
pref. (quar.)
Youngstown & Ash., pref. (qu.).
Reading Company, first pref. (quar.) ..
Closet].
Pittsl).
Inclustit.
fo rec.
of rec.
Aug. 31
Aug. 31a
Pacific,
IVi
IVi
85io.
IM
1«
*3H
*1K
2
I'/f
*25e.
2
IH
IH
*2
25c.
2
2
1
I'A
2
/2H
IH
m
Sept. 15
Holders of
rec. Sept.
30
30
Holders of
rec. Sept. 15
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Oct.
Oct.
1
1
10
1
30
15
15
1
30
1
1
30
30
10
10
1
1
15
1
'Holders of rec. Sept. 15
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of rec. Sept. 15
of rec. Aug. 31
of
of
of
of
of
of
Nov.
Nov.
Iloiilers of
llolder.s of
15 Holders of
1
Holders of
1
Holders of
1
1.^^
Hdldors
Holders
of
•i«
I
of
75c. Sept. 10 Hoider.i of
Oct.
1
llolflcrs of
Oct.
1 •Holders of
Ui
Aug. 25a
coup. No. 34
rec. .Sept.
la
rec. Sept. 1
rec. Sept. 15
rec.
rec.
rec.
rec.
rec.
common
(quar.)
Preferred
15
15
15
15
of
of
of
of
of
rec. Aug.
rec. Aug.
rec. Sept.
rec. Sept.
rec. Aug.
27
to
of rec.
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
to
of rec.
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
20
10
10
27
Sept. 1
Sept. 15
Oct.
1
Aug. 16a
Aug. 16a
Sept. 15
Sept. 10
Sept. 15
Sept. 4a
Sept. io
Sept. 21
Sent. 30
Sept. 20p'
Sept. 30
Aug. 20
Aug. 20
Sept. 20
Sept. 14
14
Sept. 20
.Sept.
Aug. 25
Aug. 31
.Sept.
20
Sept.
Sept.
Sept.
Sept.
of rec. Sept.
of rec. Sept.
of rec. Aug.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
30
30
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec,
15
17
20o
4
30
15
15
15
17
7
Aug. 31
rec Aug. 20
rec Sept. 15
rec Sept. 15
rec )Sept. 13
rec Sept. 10
rec, Sept. 15
rec, Sept. 6
rec Sept. 6
rec Sept. 15
rec. Sept. 10
rec Aug. 31
rec, Sept. 15
rec, Sept. 4
rec Sept. 20
rec Oct. 15
rec Sept. 15
rec Sept. 15
rec Sept, 1
Books Closed.
Days
Inclusive.
Electric Railways.
Street
Cent. Arkansas Ry. & L. Corp., pf (qu.)
Detroit United Ry. (quar.)
El Piiso Elec. Co., com. (quar.)
Frankford & Southwark Pass. (quar.)...
Northern Texas Elec. Co., com. (quar.).
Preferred
Philadelphia Co., 6% preferred
2d & 3d Streets Pass.. Phlla. (quar.)
West Penn Rys., preferred! (quar.)
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec,
rec.
rec.
Aug. 25
Aug. 20
Sept. 15
Sept. 15
Aug. 31
Aug. 31
first
preferred (quar.)
pref. (quar.)
AJax Rubber. Inc. (quar.)
American Bank Note, preferred (quar.).
American Bosch Magneto (quar.)
Am. Brake Shoe & Fdy., com. (special).
American Chicle, preferred (quar.)
American Druggist Syndicate
American Express (quar.)
American Felt, preferred (quar.)
American Gas (quar.)
Amer. Hide & Leather, pref. (quar.)
American Locomotive, common (quar.).
Prefcrre<l
(quar.)
Amer. Power <t Light, com. (quar.)
American Radiator, common (quar.)
Amer. Rolling Mill, com. (In com. stock)
Amer. Smelt. & Refg., common (quar.).
20
20
Preferred (quar.)
.\nuTican Stores, common (quar.)
I'lrst and second preferre<l (quar.)
Amer. Sugar Refg., com. 4 pref. (qu.)
2
19
17
American Sumatra Tobacco, preferred..
American Telegraph »t CnMc (guar.)
9
IJi
1
1
2K
1%
I'A
IK
3
IH
I'A
50c. Sept.
IJ^ Oct.
2'A Oct.
2
Oct.
g
1
1
1
Sept. 16
rec,
rec,
rec.
to
July 30a
July 17a
Aug. 160
Sept. 30
Holders of rec. Aug. 310
Aug. 22
to
Oct.
1
Aug. 21
to
Sept. 3
Holders of rec. Aug. 100
Holders of rec, Aug. lOa
Holders of rec, Aug. 14
Holders of rec Aug. 280
Holders of rec Aug. 3a
Holders of rec Aug. 31a
Holders of rec Aug. 2a
Aug. 21
to
Holders of rec,
Holders of rec
Holders ol rec.
Holders of rec
Holders of rec
Holders of rec
Sept.
3
Aug.
Sa
20o
.\ue.
Aug. 24a
Aug. 31a
Sept. la
.Sept. lo
Sept. 1
Sept. 1
2H Sept. 15
1
S4.50 Oct.
2
Sept. 1
3
Sept. 1
$1.25 Sept. 1
Oct.
1
S3
IH Sept. 15
I'A
2
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug. 16a
Aug. 160
Sept.
Sept.
la
la
Aug. 160
Aug. 16a
Aug. lOO
Sept. la
Sept.
1
IH
Oct.
1
Sept. 16
to
Oct.
Miscellaneous.
Advance-Rumely Co.,
Sept. 15
Sept. 20
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Lawyers Title & Trust (quar.)
Acme Tea.
1
IM
2>i
2
Holders of
Holders of
Holders of
Trust Companies.
13
10
14
14
10
10
1
2
&
20
Holders of rec. Aug. 31
Holders of rec, Aug. 20
20
1
rec.
Sept.
Sept.
Sept.
Holders
Sept.
Holders
Sept.
Aug. 28
to
Sept.
Aug. 28
to
Sept.
Holders of rec. Sept.
Holders of rec. Sept.
of
of
of
of
Holders of
Holder.^ <>f
Sept. 15 "Holders of
Oct. 2- 'Holders of
.Sept.
8
2
iW
Chestnut Hill (quar.)
Cleveland
.
2M
3K
,
1
IH
IH
Sept.
Sept.
Sept.
Sept.
to
to
to
to
1
1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Union
(qiuar.)
Inclusite.
1
*l'A
Aug.
1
Southern Pacific Co. (quar.)
Railroads (Steam.)
Albany (quar.)
Sept.
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
Aug. 22
•Holders
2H
Wire Wheel Corp.,
Sept.
Sept.
Sept.
Sept.
Aug.
2
2
(quar.)
Pittsburgh
ol
(quar.)
(extra)
Preferred (quat.)
R.nilway Steel-Spring, com. (quar.)
Preferred (quar .)
Phlla.
Name
.
Days
.
DIVIDENDS— Change in Method of Reporting Same.
We have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First
Common
Preferred
1
&
Messrs. Barnes
Shares.
&
(qu.).
Extra
Shares.
Stocks.
10 We.<5t Point Manufacturing
16 rights Hamilton Woolen
H
(quar.)
(quar.)
(quar.)
Todd Shipyards Corporation
Co., Boston:
Shares.
Stocks.
S per sh.
5 Saco Lowell Shops, pref
90
3 Hood Rubber, preferred. -.97M-98
20 Walter
16M
ctfs., ctfs. of depo.sit
lot
A
Montana Power, common
Provincial Paper MUIs,
Auction
.
&
Preferred
13^
1
(quar.)
International Salt (quar.)
International Silver, preferred (quar.)..lu vader Oil & Refining (monthly)
Extra
Keystone Tire
Books Closed.
Sept.
50c. Sept.
50c. Sept.
Guautanamo Sugar
$
81.605,865
55,081,600
32,786,614
9,284,051
5,261,137
4,265.972
2,978,335
4,439,033
1,851,867
6,420,286
1,953,662
1,625,920
2,294,963
2,670,539
507,960
1,503.994
1,057,409
983,117
708,890
646,338
391,149
443,846
625,115
597,950
528,578
$
86,242,875
&Pow.,com..
Preferred
1917.
1918.
«.
S
130.360,498
91,468,728
45,668,369
17,240,712
7.646,925
6,793,174
4,879,781
7,044,311
3,351,773
7,359.928
Shares.
I'A
(extra)
First, second
special pref. (quar.)..
Special preferred (extra)
19.
When
Payable.
—
Common
—
Per
Cent.
Common
(extra)
1« Sept. 1 Holders of rec. .\ug. 20o
IH Oct. 1 Holders of rec. Sept. 150
SI .50 Sept. 15 Holders of rec. Aug. 310
1
Oct.
Holders of rec. Sept. 15a
'A
1
Holdors of rec. Sept. 15a
S2.50 Oct.
Aug. 31 Holders of rec. Aug. 20a
S2
IH Oct. 1 Holders of rec. Sept. IS
Sept. 15 Holders of rec. July 310
40c.
IH Oct. 1 Holders of rec. Aug. 31o
SI .50 Sent. 1 Holders of rec. Aug. 19
1
Sept. 1 Holders of rec. Aug. 180
IH Oct. 1 Holders of rec. Sept. Ho
IH Sept. 30 Holders of rec. Sept. 1 30
13i Sept. 30 Holders of roc. Sept. 130
Sept. 1 Holders of rec. Aug. 14
1
SI
Sept. 30 Sept. 23
to
Sept. 30
•/26
Nov. 15 •Holders of rec. Nov. 1
1
Sept. 15 Aug. 21
lo
.\ug. 29
IH Sept. 1 Aug. 14 to Aug. 22
Sept. 21
to
Oct.
1
Oct.
SI
1
IH Oct. 1 Sept. 21 to Oct. 1
IH Oct. 2 Holders of rec. Sept. la
Oct.
2 Holders of rec. Sept. la
3H Sept. 1 Holders of riK". Aug. lea
ni Sept. 1 Holders of rec. Aug. 31a
H
THE CHRONICLE
S12
Name
of Comvany.
Per
When
Cent.
Payable.
Oct.
Holders of rec. Sept. 20a
Sept.
Aug. 15 to
Sept. 15
Sept.
Aug. 15 to
Sept. 15
Preferred (guar.)
IH Oct.
Aug. 15 to
Sept. 15
American Window Glass Co., pref
Sept.
Aug. 21
to
Aug. 31
Armour Leather, common
30c.
Sept.
Holders of rec. Aug. 14
Associated Dry Goods, pref. (quar.)
Sept.
Holders of rec. Aug. 9a
Second preferred (quar.)
IH Sept.
Holders of rec. Aug. 9a
Atlantic Refining, com. (quar.)
5
Sept. 15 Holders of rec. Aug. 2la
Atlantic Sugar Refineries, com. (quar.).
Oct.
1 Holders of rec. Sept. 20
Pref erre d (quar.)
1% Oct. 1 Holders of rec. Sept. 20
Preferred (acct. accum. dividends) . 1 S28
Sept. 1 Holders of reo. Aug. 20
Atlas Powder, com. (quar.)
3
Sept. 10 Sept. 1
to
Sept. 9
Common (payable in common stock) 1 /5
Sept. 10 Sept. 1
to
Sept. 9
Bethlehem Steel, common (quar.)
IH Oct. 1 Holders of rec. Sept. 15a
Common B (quar .)
I" IH Oct. 1 Holders of rec. Sept. 15a
Non-cumulative preferred (quar.)""
IM Oct. 1 Holders of rec. Sept. 15a
Cumulative convertible pref. (quar.)__
2
Oct.
1
Holders of rec. Sept. 15a
Borden Co., preferred (quar.)
IH Sept .15 Holders of rec. Sept. la
Preferred (quar.)
'S_
l>i Dec. 15 Holders of rec. Dec.
la
Brandram-Henderson, Ltd., com'Tq'u.)"
IH Sept 1 Holders of rec. Aug 1
British-American Tobacco, ord (interim)
4
Sept. 30 Holder of coup. No. S2i
Brooklyn Edison (quar .)
2
Sept. 1 Holders of rec. Aug. 20a
Brown Shoe, common (quar.)
II"
1% Sept. 1 Holders of rec. Aug. 21a
Buckeye Pipe Line (quar.)
I
$2
Sept. 15 Holders of rec. Aug. 23
California Packing, common (quar.)."
SI. 50 Sept. 16 Holders of rec. Aug. 31a
Calumet (Si Arizona Mining (quar.)..
Sept. 20 Holders of rec. Sept. 3a
SI
Cambria Steel (quar.)
75c. Sept. 15 Holders of rec. Aug. 31a
Extra
25c. Sept. 15 Holders of rec. Aug. 31a
Canadian Car & Foundry, pref. (quar.)"
l^A Oct
Holders of rec. Sept. 25
Caracas Sugar (No. 1)
SI
Oct.
Holders of rec. Oct.
1
Cerro de Pasco Copper (quar.)
SI
Sept
Holders of rec. Aug. 20a
Chandler Motor Car (quar.)
S2.50 Oct.
Holders of rec. Sept. 10
Cities Service— Com. and pref ."(monthly)
Sept.
Holders of rec. Aug. 15
Common (payable in common stock)
/IM Sepfe
Holders of rec. Aug. 15
Preferred B (monthly)
*H Sept.
Holders of rec. Aug. 15
Common and preferred (monthly)!" *H Oct.
Holders of rec. Sept. 15
Common (payable in common stock)
Oct.
"flH
Holders of rec. Sept. 15
Preferred B (monthhO
*y2 Oct.
Holders of rec. Sept. 15
Cities Service, Bankers"' shares (monthly) 42c
Sept.
Holders of rec. Aug. 15
Columbia Graphophone Mfg.. com.(Qu.) 25c. Oct.
Holders of rec. Sept. 10a
Common (payable In common stock)
Oct.
(P)
Holders of rec. Sept. 10a
Preferred (quar.)
I'A Oct.
Holders of rec. Sept. 10a
Consolidated Cigar, pref. (quar.)
1% Sept.
Holders of rec. Aug. 16a
Consolidated Gas (quar.)
1% Sept.
Holders of rec. Aug. 11a
Continental Motors Corp., pref."("q"uar".)
*1H Oct.
*Occ.
7
to
Oct. 15
Copper Range Co. (quar.)
50c. Sept. 15 Holders of rec. Aug. 20
Cosden & Co.. preferred (quar.)
IH Sept. 1 Holders of rec. Aug. 16a
Cramp (Wm.) & Sons S.&E.B. (Instk") el50 Sept. 10 Aug. 11 to Sept. 10
Crescent Pipe Line (quar.)_
75c. Sept. 15 Aug. 25
to
Sept. 15
Crucible Stee; com. (pay. in com ."stock") /14 2-7 Aug. 31
Holders of rec. Aug.tlS
Crucible Steel, preferred (quar.)
Sept. 30 Holders of rec. Sept. 15a
IH
Cuban-American Sugar, com. (quar.)
IH Sept. 30 Holders of rec. Sept. 10a
Preferred (quar.)
II
1% Sept. 30 Holders of rec. Sept. 10a
Decker (Alfred) & Cohn, pref. (quar.)"
IH Sept. 1 Holders of rec. Aug. 20a
Deere & Co.. pref. (quar.)
I'A Sept.
Holders of rec. Aug. 14a
Detroit Iron & Steel, pref. (quar )
Oct.
Holders of rec. Oct. 1
Diamond Match (quar.)
IIIZII
2
Sept.
Holders of rec. Aug. 31a
Dominion Iron & Steel, pref. (quar.)
Oct.
Holders of rec. Sept. 15
Dominion Steel Corp. (quar.)_
Oct.
Holders of rec. Sept. 4
Dominion Oil (monthly)
1
.\V.
Sept.
Holders of rec. Aug. 10
Eastman Kodak, common (quar.).IIIII
Holders of rec. Aug. 3la
2M Oct.
Common (extra)
2>^ Oct.
Holders of rec. Aug. 3la
Common (extra)
IIIIIIIIIIII
5
Sept.
Holders of rec. July 3la
''.'-\
Preferred (quar.)
Oct.
IM
Holders of rec. Aug. 3la
Electric Storage Batt., com "& "pti "(qu
3
Oct.
Holders of rec. Sept. 13a
Erie Lighting, preferred (quar.) .
IJi Oct.
Holders of rec. Sept. 15
Fairbanks, Morse & Co., pref. (quar.)
IH Sept.
Aug. 22
to
Aug. 31
Famous Player.s-Lasky Corp., com. (qu.) S2
Oct.
Holders of rec. Sept. 15a
Federal Mining & Smelting, pref. (quar )
1?4 Sept.
Holders of rec. Aug. 263
Federal Utilities, pref. (quar.).
IH Sept.
Holders of rec. Aug. 14
Foimdation Co. (quar.)
IIII"! *2K. Sept.
Holders of rec. Sept. 1
General Asphalt, pref. (quar.)...lIIIII
IM Sept.
Holders of rec Aug. 16a
General Chemical, com. (quar )
2
Sept.
Holders of rec. Aug 20a
General Cigar, preferred (quar.)"..""!!!
IVi Sept.
Holders of rec. Aug. 25a
Debenture preferred (quar.)
I. .II
Oct.
1%
Holders of rec. Sept. 24a
General Electric (quar.)
2
Oct.
Holders of rec. Sept. 9a
Gillette Safety Razor (quar.). -I
$2.50 Sept.
Holders of rec. July 31
Goodrich (B. F.) Co., com. (quat.i"" $1.50 Nov. 15 Holders of rec. Nov. 5a
Preferred (quar. )
1% Oct. 1 Holders of rec. Sept. 21a
Goodyear Tire & Rubber, com.'(q"ua"rI)"" *2H Sept. 1 Holders of rec. Aug. 14
Guantanamo Sugar (quar.)
50c.
Sept. 30 Holders of rec. Sept. lOo
Extra
I
50c.
Sept. 30 Holders of rec. Sept. 10a
Guffey-Glllesple Oil, preferred (quar.)
*1H Sept. 15 Holders of rec. Aug. 21
Harbison-Walker Refract., com. (qu.)..
Sept. 1 Holders of reo. Aug. 20a
Preferred (quar.)
IH Oct. 19 Holders of rec. Oct. 9a
Hart, Schaffner & Marx. com. (quar.)" *1
Aug. 31 Holders of rec. Aug. 20
Hartman Corpjration (quar.)
Sept. 1 Holders of rec. Aug. 18a
HuDp Motor Car Corp., pref. (quar. ill" *1-K Oct. 1 Holders
of rec. Sept. 20
Imperial Oil, Ltd
n75c. Aug. 31 Aug. 25
to
Aug. 31
Indian Refining, common ('qviar.)II""I" d50c Sept. 15 Holders of rec.
Sept. 8a
Preferred (quar.)
IH Sept. 15 Holders of rec. Sept. 8a
Inland Steel (quar.)
IIIII.II *75c. Sept.
Holders of rec. Aug. 10
Internat. Cotton Mills, com. (quar")
SI .50 Sept.
Holders of rec. Aug. 16
Preferred (quar.)
I..
Sept.
IH
Holders of rec. Aug 16
Internat. Harvester, com. (in com. stk".) *fi2y2 Sept. 15 Holdcis
of rec. Aug.m20a
Internat. Harvester, pref. (quar.)
1% Sept
Holders of rec. Aug. lOa
Lake of the Woods Milling, com. (quar.)
3
Sept.
Holders of rec. Aug. 21
Common (special)
25
Sept.
Holders of rec. Aug. 21
Preferred (quar.)
IIII
Sept.
Holders of rec. Aug. 21
Lanston Monotype Machine (quar.)"""
Aug.
Holders of rec. Aug. 21 a
Lee Rubber & Tire Corp (quar .)
50c.
Sept.
Holders of rec. Aug, 14a
Lehigh Coal & Navigation (quar.),. .
Aug.
$1
Holders of rec. Aug 31'J
Liggett & Myers Tobacco, com. (quar.)
3
Sept.
Holders of rec. Aug. 16a
Common B (quar.)
3
Sept.
Holders of rec. Aug. 16a
Lindsay Light, common
*2
Aug. 31 Holders of rec. July 31
Lindsay Light, preferred (quar.)IIIIIII *1H Sept. 30 Holders of rec. Aug.
31
Mahoning Investment (quar.)
$1.50 Sept.
Holders of rec. Aug. 25
Manatl Sugar, com. (quar.)
Sept.
Holders of rec. Aug. 17a
2H
Manhattan Shirt, com. (quar.).I.I"I"
Sept.
Holders of rec. Aug. 20a
Martin-Parry Corp. (quar.)
50c Sept.
Holders of rec. Aug. 17o
May Department Stores
Common (quar.)
2
Sept
Holders of reo. Aug 10
Preferred (quar.)
IIIIIIIII
I'A Oct.
Holders of rec. Sept 15'i
Mergenthaler Linotype (quar.)
2H Sept. 30 Holders of rec. Sept. 7a
Merrimack Mfg., common (quar.)
2
Sept. 1 Holders of rec. July 29
Preferred
2>^ Sept
Holders of rec. July 29
Middle States Oil (monthly). Ill "III"
40c. Oct.
Holders of rec. Sept. 10a
Minnesota Sugar, common (quar.)
*2V2 Sept.
Holders of rec. Aug. 15
Preferred (quar.)
Holders of rec. Aug. 15
*1H Sept.
Moline Plow, 1st pref (quar.).
IH Sept
Holders of rec. Aug. 18a
Second preferred (quar.)
IH Sept
Holders of rec. Aug. 18
Montreal Cottons, common (quar.)
IV2 Sept
Holders of rec. Aug. 31
Preferred (quar.)
IM Sept. 15 Holders of rec. Aug. 31
National Acme (quar.)
IIIIII"'
)
87HC Sept. 1 Holders of rec. Aug. 14a
National Aniline & Chem., pref .'('quar.
IH Oct. 1 Holders of rec. Sept. 13
National Biscuit, com. (quar.)
..
IH Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
III..
I'A Aug. 31 Holders of rec. Aug. 16a
National Candy, common
*4
I
Sept. 8 Holders of rec. Aug. 17
Common (extra)
IIIIIII *5
Sept. 8 Holders of rec. Aug. 17
First and second preferred
*3H Sept. 8 Holders of rec. Aug. 17
Nat. Cloak & Suit, pref. (quar.)
I'A Sept. 1 Holders of rec. Aug. 20a
National Lead, com. (quar.)
IVi Sept. 30 Holders of rec. Sept. lOa
Preferred (quar.)
IH Sept. 15 Holders of rec. Aug. 20
Nat. Sugar Refining (quar.)
2 Holders ol ree. Sept. 13
3}i Oct.
National Surety (quar.)
3
Oct.
1
Holders of rec. Sept. 2Gn
Nebraska Power, pref. (quar )
I'A Sept. 1 Holders of rec. Aug. 20
New York Air Brake (quar )
2y2 Sept. 24 Holders of rec. Sept. 2a
New York Shipbuilding
Sept. 1 Holders of rec. Aug. 12
$1
2
k3
k3
.
.
""I"I
m
.')
.
.
.
Company.
0/
Per
When
Books Closed.
Cent.
Payable
Days Inclusive
Inclusive.
—
Miscellaneous (Continued')
American Teleplione «fc Telegraph (quar.)
American Tobacco, com. (In com. B stk.)
Common B (payable in com. B stli.)-.
Name
Books Closea.
Days
[Vol. 111.
Mlscellaaeous (Concluded)
Niles-Bement Pond, common (quar.)
2
Ogilvle Flour Mills, Ltd., pref. (quar.)
Ohio Oil (quar.)
Extra
Ontario Steel Products
Common
Common
common
S4.75
(quar.)
(quar.)
(quar.)
(quar.)
(quar.)
(quar.)
(quar.)
Preferred
Preferred
Preferred
Preferred
IH
SI .25
1"
II
Philadelphia Electric Co. (quar.)
Pierce Oil Corporation—
Common (quar.) (pay. In com. stock)
Pittsburgh Sieel, pref. (quar.)
Porto Rlcan-.Amer. Tobacco (quar.) ..
Pressed Steel Car. com. (quar.)
Preferred (guar.)
Procter & Gamble, 6% pref. (quar.).."
Oil,
common
(quar.)
Common (payable in com. stock)
Quaker Oats, common (quar.)..
Common
*1H
.,
Joseph Lead Co. (quar.)
Extra
Stock dividend
III"
San Joaquin Light & Power, pref. (qul)l
Savage Arms Corp., com. (quar.)
Second preferred (quar. )
Seamans (R. E.) Co., com.(qu.")
Preferred (quar.)
"Sloss-Sheffield Steel
J2'4
Oct.
Sept.
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
IH
73
2
I., pref.
Preferred
(quar.)
Standard Oil
Preferred
•3
"/25
Sept.
1
IK
IH
IH
Nov.
1
(0)
1>5
IK
IK
1
IH
4
IH
$1
2
2
IH
2K
1
*3
*5
3
3
5
3
Studebaker Corp., com. & pref. (qu.)
Superior Oil Corporation (quar.).
Texas Chief Oil (monthly)
Texas Company (quar.)
Thompson -Starrett Co.. preferred.. IIII
Timken-Detroit Axel, preferred (quar.).
Tuckett Tobac,?o, common (quar.)...
Preferred
(guar.)
Underwood Computing Mach., pf. "(qui)
Underwood Typewriter, com. (quar.)
Preferred
(quar.)
Union Bag & Paper Corp. (quar.). "I"
Union Tank Car, com. (quar.)..
Preferred
United
United
United
United
Gas Improvement,
Paperboard,
Preferred
Preferred
Preferred
Preferred
U.
S.
(quar.)
Cigar Stores, preferred (qiiar".)"
Drug, second pref. (quar.)
pref. (quar ).
common
II
(guar .)
Gypsum, common
IIIIII
Second preferred (quar.)
Virginia-Carolina Chemical, com. (extra)
Wabasso Cotton (quar.)
Wayagamack Pulp & Paper (quar.)
Weber & Heilbroner.
preferred (guar.)..
Welch Grape Juice, common (guar.)
Preferred (quar .)
West India Sug. Fin. Corp., com. (qu.).
Preferred (quar)
White (J. G.) & Co., preferred (qtiar.)II
White (J. G.) Engineering, com. (quar.)
(extra)
Preferred
(qiiar .)
I
White (J. G.) Management! pref.
White Motor (quar.)
Willys Corp., first preferred
Wilmington Gas. preferred-
Woods Mfg., common
Wool worth
Woolworth
(F.
(F.
*1H
IH
IH
h\H
IH
I
(quar.)
(quarl)""
(quar.)
W.) Co.. com. (quar.)
W.) Co.. pref. (guar.)..
Sept. 15
Sept. 15
Sept. 15
Aug. 31
Aug. 31
Oct.
1
Sept. 1
Sept. 1
Sept. 15
Aug. 31
Aug. 31
Aug. 31
Sept 15
Sept 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Oct.
Oct.
Sept.
Sept.
Sept.
3
Sept.
Sept.
Sept.
Sept.
Sept. 30
4
Oct
50c.
IK
*1H
1
IH
IH
2
IH
2
*1H
*IH
IH
IK
IM
IK
IK
IK
IK
»1
(guar.)
Preferred (q uar .)
U. S. Industrial Alcohol, com. (quarl)I.
United St.ates Steel Corp., com. (guar.).
Preferred (quar.)
Valvoline Oil. common (guar.)
Van Raalte Co.. 1st pref. (quar.)
Common
*1
2
(quar.)
(quar.)
(guar.)
31
2
IH
Preferred (quar.)
"IIIIII
Steel Products, preferred (quar.) II I III"
Stern Brothers, pref. (quar.)
Pref. (acct. accumulated dividends).
30
30
Oct.
1
Sept. 30
Sept. 1
$2
25c. Sept. 20
25c. Sept. 20
(quar.)
II
.Sept.
*1H Nov.
•IH Aug.
(Calif.) (quar.).
(extra)
8
Aug. 31
Sept. 15
Sept. 1
Sept. 1
(Jet. 15
Standard Oil 01 N. Y. (quar .")... IIIIIII *4
Stock dividend
e200
Standard Oil (Ohio) common (quarl).".".
Common
2
IH
"'"
Extra.
Standard Oil (Indiana) (guar.).
Extra
Standard Oil (Kansas) (quar.)
Extra
Standard Oil of N. J., common (quar.)..
1
*IV2
(quar.)!"
I
1
*1H
2
IK
IH
*2K
IH
V^
2
IK
75c
\%
*1H
*2
IK
IK
6
IH
IH
SI
2
3
2
2
IH
of rec. Sept.
of rec. Aug.
rec. Sept.
20
Sept.
2
Holders of
Aug. 13
2
&
Holders
Holders
Sept. 15
("NoI 1)
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (qu")
Standard Gas & Electric, pref. (quar.)
Standard Milling, com. (quar.)
Common (extra)
IIIIII
1
1
of rec. Apr 30 '21
Holders of rec. Oct. 30
Holdersofrec. Jan31 '21
Holdersofrec.Apr.30'21
Holdersofrec. July 30'21
43 M
,
St.
Sept. 15
*2
Sept.
$1.25 Oct.
50c.
/50c.
(payable In common stock)..
Preferred (quar .)
Quaker, Oats, preferred (quar.). .IIIIII
Rainier Motor Corp pref. (quar.). .Ill
Republic Iron & Steel, common (quar.)_
Preferred (quar.)
RIordon Pulp & Paper, pref. (quar.). Ill
Rockhill Coal & Iron, preferred (quar. )II
Mayiie Holders
IH Nov. 15
IH Feb .11
IH MayjlS
IH .Aug.il5
1
Packard Motor Car, pref. (quar.)_..III
Patchogue-Plymouth Mills, pref. (quar.)
Peerless Truck & Motor (quar.)
Pure
2
2
2
Sept. 20 Holders of lec Sept. la
Sept. 1 Holders of rec, Aug. 23
Sept. 30 Aug. 29
to
Sept. 24
Sept. 30 •Aug. 29
to
Sept. 24
Nov. 15 Holders of rec. Oct. 30
Feb .115 Holders of rec Jan 31 '21
to
of rec.
of rec.
of rec.
of rec.
of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Sept. 10
to
Sept. 10
Sept. 10
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
to
to
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
la
Aug. 31a
Aug. 14a
Aug. 14
Aug. 18a
Aug. lOa
Aug. 25
Aug. 14
Aug. 14
Oct
1
Sept.
Nov.
1
1
Aug.
2
July 15
Oct. 15a
Sept. 150
Sept. 24
Aug. 21
Sept. 20
Sept. 20
Sept. 20
of
of
of
of
of
of
of
rec. Aug. 31
rec. Sept. la
rec. Sept. la
rec. Aug. 16
rec. Aug. 16
rec. Sept. 18
rec. Aug. 16
of
of
of
of
rec.
of
of
of
of
of
of
of
Holders
Holders
Holders of
Holders of
Holders
Holders
Holders
Holders
Holders
1
of
of
of
of
of
of
of
of
of
of
of
of
of
Aug. 14
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Sept.
rec. Aug.
rec. Aug.
rec. July
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Aug.
rec. Sept.
rec. Sept.
31
21a
21a
21a
14
14
16
16
3ia
3la
26a
26a
25
10
27
27
30
14a
20a
20a
lOo
23
5
17a
20
Sept.
Aug. 21
Sept. 1
to
Oct.
Holders of rec. Sept. 30
Oct.
Holders of rec. Sept. 30
Oct.
Holders of rec. Sept. 18
Oct.
Holders of rec. Sept. 4a
Oct.
Holders ol reo. Sept. 4a
Sept. 13 Holders of rec. Sept. 3a
Sept.
Holders of rec. Aug. 5
Sept.
Holders of rec. Aug. 5
Sept. 15 Holders of rec. Aug. 31a
Sept. 1 Holders of rec. Aug. 16
.Sept. 15 Holders of rec. Aug. 31a
Sept. 16 Holders of rec. Sept. 2a
Oct. 15 Holders of rec. Oct.
1
Jan. nx Holders of rec. Jan.
3i
Apr.lSz Holders of rec. Apr. Ix
.July 15? Holders of rec. July
li
Sept. 30 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 15
Sept. 15 Holders of rec. Aug. 3la
Sept. 29
Aug. 31
Aug. 30
Aug. 3
Sept
Holders of rec. Sept. 8
Sept
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 16
Oct.
Holders of rec. Sept. 15o
Oct.
Holders of rec. Sept. 15
Sept.
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 25
Aug. 31 Holders of rec. Aug. 20
.Aug. 31 Holders of rec. Aug. 20
Sept.
Holders of rec. Aug. 14
Sept.
Holders of rec. Aug. 14
Sept.
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 16
Sept.
Holders of rec. Aug. 16
Sept. 30 Holders of rec. Sept. 150
Sept.
Sept.
Sept.
Sept.
Oct.
1
1
1
1
1
Holders
Aug. 22
Holders
Holders
Holders
of rec. Aug. 20
Aug. 31
to
of rec. Aug. 25
of rec. Aug. lOa
of rec. Sept. lOO
* From unofficial sources,
t Conditional on receipt from the U. S. Government
of an adequate payment of the rental now due.
J The New York Stock Exchange
has ruled that stock will not be quoted ex-<3ivldend on this date and not until further
notice,
a Transfer books not closed for this dividend. 6 Less British Income tax.
dCorrectlon. e Payable In stock. /Payable In common stock.
Payable In scrip.
b On account of accumulated dividends,
i Payable In Liberty Loan bonds
J New York Stock Exchange has ruled that South Porto Rico Sugar common
stock be quoted ex the 100% stock dividend on Aug. 9.
k Payable in Common B stock.
<;
I All transfers received in order in London on or before Sept. 14 will
be In time
be passed for payment of dividend to transferees.
m New York Stock Exchange has ruled that International Harvester common
stock be guoted ex-the 12
stock dividend on Sept. 15.
H%
n Payable
Canadian funds.
In the ratio of one share to each ten shares held.
p New York Stock Exchange has ruled that Manhattan Electrical Supply common
stock be guoted ex- the 10% stock dividend on Oct. 15.
T New York Stock Exchange has ruled that St. Joseph Lead Co. be quoted exstock dividend on Oct. 1.
eNew York Stock Exchange has ruled that Crucible Steel common stock be
quoted ex the stock dividend on Aug. 31.
UJ Payable in new class B common stock, par value $25.
H921.
in
Aug. 28
THE CHRONICLE
1920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forward from page 877.
—
Week ending
Aug. 27 1920.
Mun.
Foreign
Bonds.
$17,783,000
34,055,000
57,344,000
44,828,000
37,704,500
46,089,700
$965,000
2,082,000
3,562,000
3,994,000
3,506,000
3,105,000
$345,000
475,000
498,000
638,000
428,500
894,500
2,663.592 $237,804,200
$17,214,000
201,720
395,125
618.410
510,340
416,950
521,047
Tuesday
Wednesday
Thursday
..
....
&
Bonds.
Saturday
Total
State,
Par Value.
Monday
Friday ..
Railroad,
&c..
StOCliS.
Shares.
Week ending Aug. 27.
Sales at
York Stock
u
1 to
s
BOSTON CLEARING HOUSE MEMBERS.
$2,029,000
4,194,000
4,199,000
4,459,000
5,844.000
4,594,900
Aug. 27.
New
Exchange.
1920.
1919.
1920.
1919.
—
200,268,975
Stocks No. shares
2,663,592
4,279,650
150,474,211
Par value
$237,804,200 $379,601,125 $13,276,809,475 $18,285,576, .555
Bank shares, par
$47,200
$1,400
Bonds.
Government bonds... $25,319,900 $51,031,500 $1,877,503,600 $1,571,377,700
205,591,500
State, mun &c bonds
3,279,000
2,711,000
232,512,000
354,750,500
RR. and misc. bonds.. 17,214,000
7,101,500
392,111,000
.
,
.
,
Total bonds
$45,812,900
$60,844,000
$2,131,719,700
$2,502,126,600
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
—
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Bond-1
$3,279,000 $25,319,900
Jan.
Saturday
Tuesday
Wednesday
.
Thursday
Friday
$14,950
49,750
78,200
60,800
33,150
20,000
4,681
5,373
10,465
11,210
10,821
17,527
60,077l
Total
Shares.
Bond Sales.
872
$12,700
88,200
28,200
48,000
155,150
2,000
4,573
11,409
2,213
4,322
5,821
5,164
2fiS
$256,850
33,502
$334,250'
non-member institutions which are not included
"Clearing House Returns" on the following page:
clearing
in the
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars
Aug. 21 1920.
that is, three ciphers [OOOl omitted.)
DisReserve
counts, Cash
with
Nat.bks.JuneSO Investin
Legal
Statebks.Jun.30 ments. Vault. DeposiTr. COS. June 30
&c.
tories.
Net
Capital. Profits.
Members of
Fedl Res. Bank.
Battery Park Nat.
De-
De-
Circu-
posits.
posits.
lation.
Average Average Average Average Average Average
$
$
$
%
%
S
139
15,312
1,936
13,689
70
190
228
10,427
1,518
10,605
305
201
9,819
249
1,039
7,486
26
3,515
360
1,995
658
371
13,982
1,263
7,508
6,778
9,287
520
751
7,864
389
$
1,494
200
600
500
200
400
697
682
1,108
3,400
6,071
62,342
1,485
6,867
49,147
8,060
100
600
444
3,495
14,880
450
1,847
211
965
3,528
16,082
30
1,400
700
1,845
18,375
2,297
1,176
19,610
30
New
Netherland..
R Grace & Co's
YorkvUle Bank...
W
N Bk. Jer Cy
Total
Nafl
Bank
Net
Demand Time
$
1,500
Mutual Bank
First
—
Loans,
Net
Week ending
755
1,332
579
State Banks.
Not Members of the
Fed'l Reserve Bank.
Bank
of
Colonial
Wash Hts
Bank
Total
Fed'l Reserve Bank.
Total
Grand aggregate. .
452
9,025
9,165
610
330
370
472
7,430
5,240
4,936
1,458
18,190
940
842
12,670
5,852
500
200
1,005
700
4,800
9,374 98,907
Comparison prevlo us week
-1-340
Gr'd aggr Aug. 14
Gr'd aggr Aug. 7
Gr'd aggr July 31
4,800
4.800
4.800
9.374 98,567
9.374 97,940
9.374 98.696
4,722
5,040
4,905
4.994
$482,000.
acceptances and other
Excess reserve, $885,810 increase.
Philadelphia Banks.
8,885 a81,427
+5
—318 —707
a U. S. deposits deducted,
Bills payable, rediscounts,
9,592
9,703
9.500
916
579
13,942
—5
-1-49
81.422 13,893
79,181 13.908
80.825 13.818
liabilities,
584
586
575
$6,208,000.
—The Philadelphia Clearing House
statement for the week ending Aug. 21 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and
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
3%
required
is
15% on demand
deposits
and includes "Reserve
Week ending Aug. 21 1920.
Aug. 14
Members of
Trust
F.R. System Companies
ciphers (00) omitted.
Capital
Surplus and profits
Loans, disc'ts & Investm'ts..
Exchanges for Clear. Hou.se.
Due from banks
$33 ,225,0
89 451,0
724 675,0
27 ,255,0
116 ,743,0
132 798,0
530 ,122.0
7 432,0
670 352,0
,
Bank
deposits
Individual deposits
Time deposits
Total deiioslts. .
U. S. depo.slts (not Included)
Res've with legal deposit's.
Res've with Fed. Res. Bank
Cash
In
vault*
.
OhIi
In
vault
54 ,649,0
12 ,439,0
Total reserve and cash held.
Reserve required
Excess res. & cash In vault.
Is
24,185,000
17,767,000
New York City Clearing House
week ending Aug. 21. The figures for the
separate banks are the averages of the daUy results.
In the
case of totals, actual figures at end of the week are also given:
members
of the
for the
(Stated in thousands of dollars
CLEARING
HOUSE
MEMBERS
(,000 omitted.)
Week ending
Net
—
that is, three ciphers [,000l omitted.)
Reserve
Loans,
Capital. Profits Discount
InvestNat'l, June 30 ments,
?0
State, June
&c.
Members of
Fed. Res. Banli
$
2,000
Manhattan Co. 5,000
Mech & MetalS- 10,000
Bank of America 5,500
National City.. 25,000
4,500
Chemical Nat..
1,000
Atlantic Nat'l..
300
Nat Butch & Dr
Amer Exch Nat 5,000
NatBkofComm 25,000
1,000
Pacific Bank.
Chath & Phenlx 7,000
Hanover Nat'l. 3,000
2,000
Metropolitan ..
Bk
of
NY, NBA
S
6,862
15,974
14,929
6,108
58,826
14,491
1,076
158
6,856
31,533
1,765
7,470
19,995
2,988
Corn Exchange. y5,000 y7,758
Imp & Trad Nat 1,500 8,338
5,000 21,820
National Park..
764
1,000
East River Nat.
1,000
4,439
Second National
First National.. 10,000 36,185
Irving National. 12,500 110,520
443
Y CountyNat 1,000
1,000
783
Continental Bk
Chase National xl5,000 22,667
500
2,253
Fifth Avenue..
N
Commercial Ex.
Commonwealth
200
400
980
801
2,173
1,000
1,000
1,496
1,000
665
4,442
1,000
7,211
5,000
1,500
1,534
Union Exch Nat 1,000 1,466
1,500
2,596
Brooklyn Trust
Bankers Trust. 20,000 17,407
2,000
4,650
S Mtge & Tr.
Guaranty Trust 25,000 33,260
1,500
1,500
Fidelity Trust..
Columbia Trust 5,000 7,206
gl,900
1,500
Peoples Trust.
New York Trust g3,000 11,292
2,000
1,060
Lincoln Trust
2,000
3,282
Metropolitan Tr
1,000
1,370
Nassau N,BkIyn
Farm Loan & Tr 5,000 10,713
1,374
2,000
Columbia Bank
Lincoln Nat'l..
Garfield Nat'l..
Fifth National.
Seaboard Nat'l.
Liberty Nat Bk
Coal & Iron Nat
Nat.
with
Net
Legal
in
Demand
Vault. Deposit Deposits.
Cash
Time
De-
Bank
I
Y-^rcu-
posits. llation.
lories.
67 088.0
52, ,114,0
14, 974,0
1920.
\
Aug. 7
1920.
Total.
$4,500,0 $37,725,0 $37,725,0
12,478,0 101,929,0 101,943,0
36,532,0 761,207,0 753,708,0
396,0
27,651,0
27,020,0
15,0 115,7.58,0 109,982,0
308,0 133,106,0 134,451,0
20.209,0 650,331,0 538,988,0
250,0
7,682,0
7,653,0
20.767,0 691.119,0 681.092,0
7,277,0
3,792,0
2,348,0
2,348.0
53,141,0
54,649,0
2,263,0
"876^0 13.315,0 13,584,0
3,224,0
70,312,0
68.988,0
3,027,0
55,141,0
54,890,0
1,073,0
15.171,0
14,098.0
not counted as reserve for Federal Reserve
$37,725,0
101,943,0
754,118,0
25,821,0
107, .300,0
133,564,0
536,525,0
7,fiSS,0
677,777,0
4,342,0
54,207,0
2,493,0
12,961,0
69,661,0
54.959,0
14,702.0
Bank members.
Average Average Average
S
S
S
784 4,884
50,808
140,739
2,869 12,895
207,570 10,838 20,635
58,696
7,103
1,8
577,077 14,031 59,1.50
162,145
1,611 14,168
21,188
382
2,286
567
4,689
93
129,401
1,852 12,370
334,860
2,402 33,548
24,277
1,247
3,196
125,105
4,240 14,620
121,588
4,467 17,009
32,841
1,923
5,382
150,040
5,840 21,437
42,095
655
3,895
210,172
1,254 20,494
10,754
357
1,460
24,364
857
2,688
304,375
900 21,333
199,434
5,974 24,548
14,715
685
1,666
8,005
118
951
384,169
5,381 38,658
20,021
913
2.922
7,015
418
1,069
484
9,086
1,169
18,009
1,292
2,925
15,021
475 2,131
15,224
237
1,596
51,206
6,408
1,095
347 10,316
89,478
20,071
728
2,149
19,377
468
2,335
41,802
797
3,759
295,137
763 31, .598
58,345
655
6,546
511,340
1,884 55,203
459
2,220
20,050
79,912
1,146 10,309
33,386
1,064
3,269
582
89,338
8,537
446
25,089
3,405
618
36,409
3,619
17,439
425
1,342
128,619
2,845 15,069
22,158
671
2,868
Average
S
33,815
96,208
154,291
54,237
*575,480
106,177
17,044
3,671
89,833
256,792
22,665
106,761
121,622
36,118
148,373
29,723
155,725
10,026
18,269
162,533
185,160
12,127
6,416
287,173
19,812
6,978
8,949
18,757
14,540
12,180
47,352
78,493
14,538
17,569
27,892
*236,511
47,706
Average] Avge.
S
1
%
4,060i
751
11,551^
3,9611 I'OOO
1,8161
41,988; l',367
2,127
1,390
834
34
246
291
5,388 4,864
7,165
32
13,306 4,694
100
10,344
46
51
3,399 4,908
890
100
50
629
5,905 7,394
2,107 2,273
792
196
100
11,944 l',669
26
210
129
393
536
250
546
66
2,704 1,958
555
404
461
393
5,960
15,996
8,388
510.345 31,039
17,712
77,951
31,672
61,174
24,972
26,424
13,258
132,515
21,367
1,290
4,344
2,112
1,833
440
1,376
1,087
12,908
111
50
234,400 423,397 4,962,639 89,460 525,707 t3,907 ,094 219,730,34,997
Average
Totals, actual CO ndition Aug. 21 4,949,173 83,893 512,477 13,885,023|219,23735, 167
Totals, actual CO ndition Aug. 14 4,945,664 88,391 534,466 t3,91S,378 219,171 34.913
Totals, actual CO ndition Aug. 7 4,937,580 90,483 535,939 3,960,566 212,788 34,984
State Banks. Not Me mbers o / Federal Reserve Bank
1,716
17,920
2,257
1,531
1,000
Greenwich Bank
645
250
842
5,471
321
Bowery Bank..
Bank
2,500
2,007
66,852
3,268
1,916
18,043
5,355
5
28,047 39.120
Average.
3,750
State
4,566
90,243
6,170
3,768
51,445 39,125
Totals, actual co Qdltlon Aug. 21
Totals, actual CO ndition Aug. 14
Totals, actual CO ndition Aug. 7
90,345
90,696
6,196
6,147
6,246
3,634
51.519 39,209
52,070 38.825
51,647 38.828
Trust Compan les. A' ot
Title Guar & Tr yO.OOO yl2,316
Lawyers T.4 Tr 4,000 6,167
of Federal Re servcBa nk
47,842
99
3.5451
28,852
910
1,621
30,188
17,050|
974
413
18,483
76,694
1,907
5,166
47,238
1,387
Totals, actual CO ndition Aug. 21
Totals, actual co ndition Aug. 14
Totals, actual CO ndition Aug. 7
77,171
76,150
74,298
1,903
1,784
1,891
5,279
5,168
5,170
47,713
46,896
46,068
1,442
1,382
1,462
90,267^
3,3Si
3,389
.Mem bers
Average
with legal depositaries" and "Cash in vaults."
Two
S
S
2,966,000
2,966,000
596,076,000 596,559,000
461,170,000 455,276,000
109,668,000 113,203,000
15,045,000 15,204,000
2,719,000
3,362,000
18,013,000 18,032,000
56,743,000 47,932,000
67,826,000 74,892.000
—
shows the condition
U
Trust Companies
Not Members of the
Hamilton Tr.Bkln.
Mech Tr. Bayonne
$
$77,800
6,504
—Follow-
CLEARING
1920.
$
Aug. 21 1920. Tr.Cos.,June30
Non-Member Banks and Trust Companies.
ing is the report made to the Clearing House by
NON-MEMBERS
Aug. 7
1920.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
$7,000
10,500
47,000
9,200
2,100
2,000
1,368
974
2,413
609
Aug. 14
previous week.
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
Bond Sales.
Shares
Changes from
1920.
4,000
2,962,000 Dec.
Loans, disc'ts & Investments. 599,183,000 Inc. 3,107,000
Individual deposits, Incl. U.S. 455,194,000 Dec. 5,976,000
Due to banks
105,353,000 Dec. 4,315,000
Time deposits
15,039,000 Dec.
6,000
United States deposits
6,315,000 Inc. 3,596,000
Exchanges for Clearing House 16,420,000 Dec. 1,593,000
Due from other banks
71,100,000 Inc. 14,357,000
Cash in bank & in F. R. Bank 53,447,000 Dec. 14,379,000
Reserve excess In bank and
5,693,000 Dec. 12,074,000
Federal Reserve Bank
Baltimore.
Philadelphia.
Bond Sales.
Shares.
Aug. 21
Circulation
Week ending
Aug. 27 1920.
873
10,000
Gr'd aggr. avge 248,150 446,447 5,129,576 97,537 534,641 e4,005,777: ;60,242 34,997
-1-460
-1-70
-1-23,996—3,386 -t- 1,355' —19,319
Comparison, pre vlous w cek
Gr'd aggr. act'l cond'n Aug. 21 5,116,689! 91,992'521, 39013,984,255 259 ,888 35, 167
-(-4,179—4,330-21,626 —33,089 -i-510; +249
Comparison, pre vlous w eek
Gr'd
Gr'd
Gr'd
Gr'd
aggr.
aggr.
aggr,
uggr.
in lAug.
act'l cond'n
act'l condI'n
Aug.
act'l condI'n July
act'l cond'n
jJuly
•n IJuly
14 5,112,510
7 5.102,145
315,147.6601
245,168.259!
96,3-22 543,016 4,017,314 259,.37S34,918
98,6-20 544,498 4,058,281253,078 34,984
96.998,5.30.407, 4.1U.16S 2.53.54.S.15.1S3
98,605,530,846, 4,101,582253,59034,935
branches not Included In total footing .•« follows:
Natlon.ll City Bank, $131,089,000: Hankers Trust Co., S2, 740,000; Quiu-.^ntv Trust
Balances carried la
Co., 596,631,000; Farmers' Loan & Trust Co., $20,752,000.
banks In foreign countries as reserve tor such deposits wore- National Cltv Bank,
.$45,037,000; Bankers Trust Co.. SI 29 .000; Guaranty Trust Co.. SlO.lSl.tWli; F.vrac Deposits In foreign branches not Included.
ers' Loan & Trust Co., S2.87S.000.
e U. S. deposits de<lucted. 558.514,000. f U. S. dcpiwlt.s d<.vIuoto<l. $50,951,000.
Bills payable, re<ll3counts, acceptances and other ll.iblllttcs. $1,138,908,000.
g A8
• As of July 24 1920.
of July 20 1920.
y As of July 31 1920.
• Includes deposits In foreign
THE CHRONICLE
874
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members
Federal
Reserve banks. .
State banks*
Trust companies*.
Total
Total
Tota;
Total
July 31..
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week ended
Loans and
Demand
Investments.
Deposits.
*Total Cash
in Vault.
Reserve <B
Deposltarien.
$
5,930,652,500
5,930,986,500
5,965,438,500
5,938,501,400
5,933.082,000
5,939,839,600
S
5,034,693,800
4,907,609,000
4,985,928,900
4,972,091,500
4,955,519,800
4,909,587,400
4,867,495,100
4,857,213,900
4,814,390,800
4.793,133,700
S
128,548,900
127,495,800
124,512,200
138,243,400
129,651,100
124,771,600
129,596,400
125,715,400
126,676,200
122,705,800
662,435,000
685,640,800
721,682,800
669,101.300
691,297,100
641,112,900
647,841,700
650,841,700
647,879.600
644,440.200
—
a
Reserve
in
Depositaries
Total
Reserve.
Surplus
Reserve
Required.
Reserve.
June 19
June 26
S
525,707,000 525,707,000 514,514,120
9,260,100
9,938,000
6,170,000
3,768,000
7,085,700
5,166,000
7,073,000
1,907,000
$
11,192,880
677,900
12,700
July
July
July
Julv
July
530,859,920
533,382,480
540,116,400
540,172,440
11,858,080
8,055,520
12,001,600
8.672.560
Aug. 14
Aug. 21
8,077.000 534,641,000
8,1.52,000 533,286,000
8,237.000 543,881,000
8.259,000 540.586.000
Aug. 21..
Aug. 14_.
Aug. 7..
111,
nr<
542,718,000
541,438,000
552,118,000
548.845,000
.
-
3
1017.
24
31
Aug. 7..
5,922.559,.300
5,888,285,600
5,883,338,600
5.908,034.900
* This item includes gold,
Reserve notes.
silver, legal tenders, national
bank notes and Federal
Actual Figures.
Cash
Reserve
in Vault.
Member. Federal
Reserve banks..
State banks*
6,196,000
1,903,000
Trust companies*.
Total
Total
Total
Total
Aug. 21..
Aug. 14..
Aug. 7..
0,099,000
7,931,000
8,137,000
7.962.000
July 31..
•Not members
Condition of the Federal Reserve Bank of
b
Reserve
in
Depositaries
Total
Reserve.
Surplus
Reserve
Required.
Reserve.
846,900
556,580
25,050
512,477,000 512,477,000 511,630,100
9,273,420
3,634,000
9,830,000
7,182,000
7,156,950
5,279,000
521,390,000
543,016,000
544,498,000
530,407,000
of Federal Reserve
529,489,000
550.947,000
552,635,000
538 369.000
528,060,470
1,428,530
532,371,270 18,575,730
537,463,880 15,171,120
544,455.520 dI6.086.520
Bank.
is the reserve required on net demand deposits In the case of State banks
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. 21, 56,591,900; Aug. 14, S6,587,100; Aug. 7, 56,415,320; July 31, $6,403,410.
h)
a This
and
b This is the reserve required on net demand deposits in the case of State banks
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. 21, 56.577,110; Aug. 14 56,575,130; Aug. 7, 56,383,640; July 31,56,402,990.
and
State Banks
House.
— The
and Trust Companies Not in Clearing
State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
of New York at the close of business Aug.
1920, in
comparison with the previous week and the corresponding
date last year:
Aug. 20 1920. Aug. 13 1920. Aug.22
—
NEW
GREATER
IN
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
S
91,441,412
29,237,689
40,931,550
161,390,000
87,585,000
Total gold held bv bank
Gold with Federal Reserve Agent
Gold redemption fund
172,893,977
277,126,331
35,982,900
161,610,651
277,641,551
35,957,500
248,975,000
283,279,000
24,908,000
Total gold reserves
Legal tender notes, silver,
486,003,208
124,111,675
475,209,682
123,996,174
557,162,000
49,108,000
610,114,883
599,205,856
606,270,000
542,098,670
230,298
554,289,9.34
619,361,000
542,328,968
554,564,732
:..
For members
For other Federal Reserve banks...
334,449,895
8,076,124
337,857,288
10,116,581
...'
open market..
342,526,019
112,907,246
347,973,869
109,443,330
46,978,000
105,843,000
997,762.235 1,011.981,931
1,462,347
1,462,347
50.000
50,000
69,628.500
66,116,500
772,182,000
1,257,000
50,000
65,170,000
1,068,903.082 1,079,610,778
3,846,378
3,841,244
838,659,000
3,994,000
S
&c
Total reserves
Bills discounted:
Secured by Government war obllg'ns:
For members
For other Federal Reserve banks...
Loans and investments
Specie
Currency and bank notes
DeposltswithFederalReserveBankof
New
Total deposits
5778,458,900
7,898,600
17,270,200
York..
73,787,300
832,479,300
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companiesinN.Y. City, exchanges and U.S. deposits
Reserve on deposits
Percentage of reserve, 19.3%.
in vaults
Deposits in banks
&
533,30')
3,428,900
353,000
jfau
787,356,700
134,968,000
r-*:-
Dec. 1,938,100
Dec. 5,378,800
RESERVE.
State
Cash
700,300
51,100
Inc.
Dec.
Dec.
Dec.
Dee.
—
Banks
Trust Companies
13.89%,
*S23.659 300
trust companies 10.056.200
15.31%
06.51%
*S75,296,800
25,955.700
04.78%
.533.715.500
21.82%
5101.252.500
18.67%
Total
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 14 were S77.216.200.
bought
Bills
Total
in
bills
on hand...
S. Government bonds
S. Victory notes
S. certificates of indebtedness
U.
U.
U.
Bank premises
5%
City.
— The
New York City Clearing House banks and
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the
trust
619.361,000
46,978,000
redemption fund against F. R. Bank
notes
in
transit or
2,188,950
2,157,000
2,248,000
168,254,329
781.838
173,908,153
823,575
102,747,000
186,544,000
2,307,000
custody in foreign
countries
Uncollectible items and other deducUons*
All other liabilities
Total resources...
1
—
:==^= =====
,854,089,462 1,859,546,608 1.742.769,000
Liahilitles
Capital paid in...
Surplus
Government deposits
Due to members— reserve account
Deferred availabilitv items
other deposits, incl. foreign govt, credits
25,335,800
51,307,534
19,088,761
706,632,604
110,142.606
21,410,462
3,127.014
727,642,205
113,012,665
21,896,205
22,020,000
32.922,000
28,812,000
666,383,000
149,359,000
43,484.000
Total gross deposits.
F. R. notes in actual circulation
F R. Bank notes in circulation— net liab
All other liabilities...
857,274,432
854.295,240
35,267,000
30,609,455
865,678,089
852,694,660
35.393,000
29,135,125
888,038,000
749,975,000
42,056,000
7,758,000
Total
Ratio
F.
25,338,200
51,307,5.34
1,854,089,462 1,859,546,608 1.742.769,000
liabilities.
*
Banks and Trust Companies in New York
274,798
All other:
Gold
Differences from
previous week.
Aug. 21.
1919-.
S
95,413,644
36,575,574
40,904,759
Resources
Gold and gold certificates
Gold settlement fund— F. R. Board
Gold with foreign agencies
Total earning assets..
SUMMARY OF STATE BANKS AND TRUST COMPANIES
York.
Bank
—
New York City State Banks and Trust Companies.
For explanation of discontinuance of these returns see item
in Chronicle of August 14, page 643.
New
Reserve
— The following shows the condition of the Federal
20
of total reserves to deposit
liabilities combined
and
R. note
39.5%
38.8%
Ratio of gold reserves to F. R. notes in
circulation after deducting 35 % against
44.9%
k->o o?
52.9%
deposit liabilities
Ratio of reserves to net deposits after deducting 40% gold reserves against
39.0%,
37.3%,
F. R. notes in circulation
Contingent liability on bills purchased
6,079,004
6,083,375
for foreign correspondents.
» Including gold in transit or custody in foreign countries.
—
Following is the weekly statement issued by the Federal Reserve Board on Aug. 20
figures for the system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities
separately for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board say:
Further increases of 29.7 millions in earning assets, accompanied by of 151.2 milhons of paper discounted for six Reserve Banks m the South
smaller additions to deposit and note liabilities, also a decline of about 11
and Middle West, compared with 134.8 millions the week before, whUe
millions in gold reserves are indicated by the Federal Reserve Board's
acceptance holdings of the Philadelphia, Cleveland, and San Francisco
weekly bank statement issued as at close of business on Aug. 20 1920. banks include 35.4 millions of bankers' bills purchased from the New lork
The Banks' reserve ratio shows a decline from 43.9 to 43.5%.
and Chicago Banks.
„
^
^i.
h<» Holdings of paper secured by Government war obligations increased
Government deposits show an increase of 43.3 imllions for the week,
by 4.6 millions, and other discounts on hand ^by 25.8 milUons, while while members' reserve deposits declined by 40.8 millions and other deholdings of acceptances bought in open market remained unchanged at posits, including foreign Government credits and non-members cleanng
.320.6 millions, increased acceptance holdings of the New York, Chicago,
accounts, declined by 1.3 millions. As a consequence of these changes,
St. Louis and San Francisco Banks being offset by decreases under this
together with a decline of 5.7 millions in the "float" carried by the Reserve
head reported by the Philadelphia and Cleveland Banks. A slight decline of banks and treated as a deduction from gross deposits, calculated net de0.7 million is noted in the holdings of Treasury certificates.
posits were 6.9 millions above the previous week's total. Federal Reserve
Of the total of 1,301.8 millions of bills secured by United States war note circulation shows a further increase of 5-5 millions, and Federal Reserve
obligations held, 650.5 millions, or 50%, were secured by Liberty bonds,
Bank note circulation an increase of 1 .7 millions.
302.4 mUlions, or 23,2%, by Victory notes, and 348.9 millions, or 26.8%,
As against the decline of 11 millions in gold reserves, other cash reserves
by Treasury certificates, as against 49.9. 24.4, and 25.7% of a correspond- remained practically unchanged. The capital account of the Reserve
ing total of about 1297 millions reported the week before. Discounted paper
Banks shows a further increase of 8208,000, largely in the PhUadelphia.
held by the Boston, New York, and Cleveland Reserve Banks is inclusive Cleveland, and Kansas City districts.
The Federal Reserve Banks.
The
,
—
—
Combined Resources and Liabilities op the Federal Reserve Banks at the Close of Business Aug.
Aug. 20 1920 Aug. 13 1920 Aug. 6 1920. July 30 1920. July 23 1920. July 16 1920
*•
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board..
Gold with foreign agencies
183,125,000
366,892,000
111,455,000
S
174,179,000 5180,529,000
389,389,000
387,345,000
111,531,000
111,531,000
168,767.000
393,905,000
111,531,000
168.929,000
402,760.000
111,531,000
July 2 1920.
Aug. 22 1919
171,176,000
402,760,000
111,531.000
260,507,000
579,480,000
839,987.000
683,220,000 685,467.000
674,203,000
679,405,000
661,472,000
677,955,000 675,099,000
681,088.000
1.127.028,000
1,164,264,000 1,164,562,000 1,150,343,000 1,153,712,000 1,160,215,000 1,152,875,000 1,145,102,000 1.146,944,000
107,270,000
139,285,000
142,994.000
144,343,000
140,615,000
148,893,000
143,651,000
152,307,000
131,708,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserve
$
185,165,000
381,259,000
111,531,000
179,630,000
389,927,000
111,531,000
Julv 9 1920.
20, 1920.
_
1.966.351.000 1.977.358.000
1
2.074,285.000
.980.605.000 1,977.704.000 1,983.271.000 1.971.421.000 1.971.316.000 1,971.696.000
Aug. 28
THE CHRONICLE
1920.]
875
Aug. 20 1920 Avg. 13 1920 Aug. 6 1920 Julv 30 1920. Julv 23 1920 Julv 16 1920
Legal tender notes, sliver, &c.
155,486,000
155,527.000
151,139,000
150,936,000
150,741,000
147,626,000
July 9 1920.
136,877.000
Julv 2 1920.
Aug. 22 1919
137.805,000
68,416.000
To tal
2,121,837,000 2.132,885,000 2.131,744,000 2,128,640,000 2,134.012.000 2.119.047,000 2,108,193. 00 2,109.501.000 2,142,701,000
Secured by Govt, war obligations
other
1,301,609,000 1,296,981.000 1,285,398,000 1,241,017.000 1,247.371.000 1,255,258,000 1,296,350,000 1.294.892.000 1,563,048.000
1,317,820,000 1,292,025,000 1,264,435,000 1,250,613.000 1.222.536,000 1,234,890.000 1,265,243,000 1.250.302.000
211.262,000
320,597,000
339,390,000
345,305,000
320,618,000
353,543.000
356.471,000
371,592.000 390,085.000
362,911.000
reserves
Bills discounted.
All
bought
Bills
In
open market
on hand
U. S. Government bonds
Total
U.
U.
bills
2.940,026.000 2.909.624,000 2,889,223,000 2.836.935,000 2,823.450.000 2.846.619.000 2.934.184,000 2.935.279.000 2.137,221.000
26.809.000
26,810,000
26.791.000
26,810.000
26,791.000
26,791.000
26.793.000
26.792.000
27.098.000
69,000
69,000
69,000
69.000
68.000
69.000
69.000
209.000
69.000
277,158,000
271,490.000 298.520,000
277.836,000
287,909.000
294.182.000 281.942.000 309,379.000
237,847,000
S. Vlctor.v notes
S. certificates of indebtedness..
Total earning assets
Bank premises
Uncollected items and other deductions
from gross deposits
6% redemp. fund agst. F. R. bank notes
All other resources
Total resources
3,244,062.000 3,214.339,000 3,187.592.000 3.162.315,000 3,138,218,000 3.167.661.000 3.242.988,000 3,271,519.000 2.402.375,000
14,654.000
14.444.000
14,289,000
14,604.000
14,243.000
14.084.000
13.734,000
13.658.000
11,806.000
785,240,000
11,600,000
3,827,000
Capital paid in
Surplus
711,074,000
12,684,000
3,767.000
772.333.000
12,742.000
3.576,000
890.554.000
12,400.000
4,271,000
797,347,000
12.293,000
3.822,000
785.059.000
12.424,000
5,191,000
865.927.000
11.382.000
9,905.000
96,759,000
95,225.000
95.341,000
96.551.000
95.008.000
94,730,000
94,639.000
94,594.000
84.730.000
164,745,000
164,745,000
164.745.000
164,745,000
164,745.000
164.745.000
164.745,000
164.745.000
81.087,000
54,959,000
12,167.000
11.280.000
20,253 ,000
11,623,000
15.919,000
11.700.000
21,704.000
10.^.330.000
.793,675,000 1,8.34.542,000 1.816,798,000 1,808.156,000 1.825.564.000 1.867.428,000 1.839,704.000 1,874.161.000 1,679.834.000
591,094,000
536.690,000
549,778.000
572.109.000
599,397.000
647.782.000 594.434.000 572.105.000
60.S. SI 2.000
44,828,000
51,296.000
44,821,000
45.043,000
49,024.000
50.585.000
55.159,000
71.980.000
98.098.000
Government deposits
Due to members, reserve account
Deferred availability items
Incl. for'n
733,688.000
12,644,000
3.331,000
6,181,220,000 6,175,789,000 6.083,443.000 6,032.769,000 6.075,124,000 6,208,017,000 6.178.377,000 6.197.352.000 5.444.096,000
LIABILITIES.
Other deposits,
798.155,000
11,947,000
3,859,000
gov't credits..
Total gross deposits
2,484,556,000 2.490,605,000 2,431,650.000 2.408,309.000 2.457.977.000 2.577.495.000 2.505.216.000 2.539.950.000 2.487.074.000
F. R. notes in actual circulation
3,174,725.000 3.169.181.000 3.141.861.000 3,120.138.000 3.118,205.000 3,135.893.000 3.180,948,000 3.168.814.000 2.553.534,000
F. R. bank notes in circulation netliab
198,563,000
192.168.000
194,834,000
196.912,000
190.067.000
189.375.000
190.287,000
189.232.000
215.795.000
All other liabilities
61,872,000
52,184.000
55,012.000
57,795.000
49,122.000
45.779.000
42..542.000
40.017.000
21.876.000
—
Total iKabilities
6,181,220,000 6.175.789,000 6,083,443,000 6,032.769,000 6,075,124,000 6,208,017.000 6.178.377.000 6.197,352.000 5,444,096.000
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
40.3%
40.9%
41.1%
41.3%
40.6%
40.9%
40.3%
40.4%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
43.5%
44.2%
44.0%
43.9%
44.4%
43.9%
43.1%
42.8%
51.3%
Ratio of total reserves to F. R. notes in
circulation
after setting aside
against net deposit liabilities
35%
48.1%
49.2%
4S.9%
48.6%
49.5%
48.7%
47.5%
47.2%
61.7%
Distribution mj Maturities —
$
S
1-15 days bills bought in open market..
112,734,000
99,100,000
114,917,000
114.800,000
97,177.000
105.303.000
101.612.000
109,527.000
94,915.000
1-15 days bills discounted
1,515,379,000 1.549.969.000 1,529,341,000 1,464,290,000 1,422.134.000 1,437.321.000 1.437,411.000 1.389.732,000 1.488.314.000
1-15 daysU. S.certlf of indebtedness.
25,538.000
42,325,000
17,967,000
27,340,000
31,136.000
36,987,000
26,705.000
53.794.000
22,839.000
1-15 days municipal warrants
16-30 days bills bought in open market..
7'0,8"r5',006
"72,6'96'666
"7T.bY4'000
69.882,000
86.034,000
'8"8,68b",665
'oT.bes'ooo
'72,"8'oy.6oO
Y6".9'7"r66o
16-30 days bills discounted
219,669.000
225,623.000 240.829,000
189,632,000
189.930,000
241.400,000 285.693,000 291.845,000
47,316.000
6-30 daysU. S. certif. of indebtedness. _
19,483,000
16,700,000
12,900,000
12.000,000
13,773.000
5,600.000
6,000.000
4.400,000
11,751.000
16-30 days municipal warrants
31-60 days bills bought in open market..
iTd.'sgV.ooo
10"5'."l55",000
122.345,000
129.544.000
138,714.000
foV.iT^s'obo
l'5'8".98"4^600
14"2",b"2'4".66o
l"45."246"666
31-60 days hills discounted
511,330.000
434,400,000
426.928,000 416,780.000
458,770.000
144.035.000
449,893.000 486,603.000 511.758.000
31-60 daysU. S. certif. of indebtedness..
28,524,000
37,738.000
27,430,000
38,102,000
23.680,000
36.975.000
19,400,000
17.600.000
19.875,000
31-00 days municipal w.arrants
61-90 days bills bought in open market.
26.157,000
'50,054.606
32,363,000
30,627,000
28.972,000
40.033.000
30.147.000
44.603,000
61-90 days bills discounted
332,684.000
342,326,000
304.257,000
316.347,000
84.993.000
284,650.000
272J43,000 261.835.000
61-90 days U.S. certif. of indebtedness..
16,908,000
40,273,000
28,144,000
43,945,000
31,252,000
36,533.000
24,606,000
28.023.000
61-90 days nuinicipal warrants
Over
Over
Over
Over
days bills bought in open market
days bills discounted
days certif. of indebtedness
days municipal warrants
90
90
90
90
40,367,000
186,705,000
56.230.000
170.191,000
53.836.000
162,612,000
70.532,000
188,621.000
73,817,000
175,375.000
76.884.000
183,368.000
79.143.000
192.704.000
90.024.000
205.562.000
9,652.000
158.776,000
—
Federal Reserve Notes
3,462,875,000 3.450,969,000 3,438,500,000 3,425,788.000 3.434,186.000 3.450.964.000 3,454,488,000 3.419.457.000 2,748.740,000
288,150,000
195.205.000
281,788,000
296,639,000
305,650,000
315.981.000
315.071.000
273..540,000
250.643.000
Outstanding
Held by banks
In actual circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
''
''
3,174,725,000 3,169,181,000 3,141,861,000 3.120,138.000 3.118.205.000 3.135.893,000 3.180,948.000 3.168.814,000 2,553.534,000
—
7,387,780.000 7,338,200.000 7,290.760.000 7,276.540,000 7,241.340.000 7.231.560.000 7.200.920.000 7.131.660.000 5.019.040.000
3.465,042,000 3,439,212.000 3.408,446,000 3,381.434,000 3.350,921.000 3.319.113.000 3.292.919.000 3.271.334.000 1,872.902.000
Amount chargeable to Fed. Res. agent 3,922.738,000 3,898,988,000 3.882.314,000 3,895,106,000 3.890.419.000 3.912.447,000 3.908.001.000 3.860.326.000 3,146.138.000
In hands of Federal Reserve Agent
459,863,000 448,019.000
397.398.000
443,814.000
469.318,000 456.233.000
461.483.000 453.513,000 440.869.000
3.462,875.000 3,450,969.000 3.438,500,000 3,425.788,000 3.434.186.000 3,450.964.000 3,454.488.000 3.419.457.000 2,748.740.000
Issued to Federal Reserve banks
—
How Secured
By gold and gold certificates
By lawful money
260.226,000
By'ellgible paper
Gold redemption fund
With Federal Reserve Board
118.254,000
785.784,000
Total
259,226,000
Tuo
R
Agent.
Boston.
RE SO URCES.
Dw
Gold and gold certificates
Gold Settlement Fund. F. R. B'd
Gold with foreign agencies
S
12.107,0
31.666,0
8,136,0
—
New
LIABILITIES OF
York.
S
95.413.0
36.576.0
40,905.0
PMta.
$
1.276.0
41,033,0
8.916.0
EACH OF THE
Cleveland
$
2,396,0
17,812,0
Total gold hold by banks...
51,909.0
Gold with Federal Reserve agents 130.330.0
Gold redemption fund
23.224.0
172.894,0 51,225,0 82,171.0
277,126,0 108,903,0 150,982.0
35.983,0 12,673,0
1.742,0
Total gold reserves
Legal lender notes, silver, &c.
205.463.0
6,308.0
486.003.0
124.112,0
211.771.0
Total reserves
259.226.000
226,248.000
Total
open market (b)..
on hand
bills
Total earning assets
Bank premises
Uncollected Items and other deductions from gross deposits..
redemption
fund
Total resources
net liability
Total
liabilities
Dallas.
S
558.0
22,579.0
5.350.0
$
6,001.0
4,895.0
2.898.0
San Fran.
Total.
21.607.0
45,337,0
6.062.0
17.075,0
30.984.0
54.0
28.487.0
37.568,0
4.973.0
13.794.0
26.932.0
4.427.0
72,801,0 234,895.0
360,0
2.345.0
78,031.0
199,0
74.515.0 314,946.0
1.561.0
8.012.0
73.066.0
8.145.0
48.113.0
62.0
71,028.0
1.661,0
45.1.53.0 162.337.0 1.966.351.0
010.115.0 173.161.0 237.240,0
78.230.0
76.076,0 322.958.0
81,211.0
48.175.0
72.689,0
47.086,0 163.125.0 2.121.837,0
542.329.0 136.498,0 75,068,0
40.070,0 100.260,0
112,907,0 11,500.0 59,378,0
41.797.0
64,109,0
7,319,0
61.362,0 157.600.0
52,755,0 282,797,0
2,786,0 45,272,0
33.652.0
81.076.0
2,570.0
5,732.0
72.825.0
45,498.0
64.110.0
4.016,0
22.494.0 50.270.0 1.301.609.0
50,160.0 102.13.1.0 1.317.S20.0
320,597,0
680.0 53.495.0
997.762.0 188.074.0 240,706,0 113.225.0 116,903,0 485.669.0 117.298.0
1.462,0
1.386.0
114.0
833.0
1,233.0
4.490.0
1.153.0
50,0
10,0
3.0
69,629,0 33.598.0 24,250.0 12.260.0 15.665.0 40.038.0 17.302.0
79.491.0 113,624.0
116.0
8.867.0
12.830.0
73.334.0 205.900.0 2.940.026.0
26.809.0
3,966,0
2.632.0
69.0
277.158.0
8.302.0 13.220.0
230.185,0 1,068,903,0 223.058,0 205.799.0 126.718,0 132.685,0 530.197.0 135.753.0
1,679,0
3.846,0
638,0
603.0
2,138.0
1,156,0
1,129,0
866.0
88,088.0 135.322.0
586,0
762.0
85.602.0 221.752.0 3.244.062.0
14.654.0
1,019.0
232.0
43.998.0
20,540,0
62.719.0
44.512.0
39.949.0
785.240.0
524.0
378.0
271.0
103.0
016.0
263.0
688.0
117.0
665.0
341.0
11.600.0
3.827.0
58 997,0
19 734,0
557,0
5.0
21, 583.0
342..WO.
59,586.0
168,254,0
72,099,0
1.072.0
258.0
2.189,0
782.0
1,300,0
Total Kro.ss deposits
171.849.0
F. H. notes In actual circulation. 294.550,0
F. R. batik notes in circulation-
m
Minneap. Kan.Citv
18.250.0 117.941.0
48.558.0 170.626,0
7,707.0 26.379,0
80,305,0
59,324,0
33.184.0 100.770,0
S
2.874.0
9.34.0
1,0
8.481.0
1,933.0
%
12.452.0
42.812.0
5,127.0
S
183.125,0
306.892.0
111.455.0
661.472,0
60.390.0
92.575.0 1,164.264.0
140,615.0
0.372.0
788.0
155.486.0
433,0
1,039.0
166.0
451.0
188.0
491.0
97.0
2.090.0
701.0
504.551,0 1.854,089,0 470,689,0 585,705.0 266.040.0 243.136.0 958,860,0 262.730.0 157.763,0 272.671.0 178.922.0 426.064.0 6.181,220.0
LIABILITIES.
Ba
Louis.
25.669.0
44,343.0
8,019.0
Capital paid in
7,589,0
Surplus
12,351.0
Government deposits. .IIIIIIII
3,700,0
Due to members, reserve account 116.9,55.0
Defcrre<l availability Items
48.141,0
Oth.deposlts.lncl. for. Govt.cred.
3,053.0
I
St.
5,238.0
5.461.0
S
8,024.0
6,213.0
4,013.0
against
Federal Ucscrve bank notes...
All other resources
All other liabilities.
Chicago.
20 1920.
13,5.55.0
208, 040,0
S. Government bonds
S. Government Vlctor.v notes
S. certltlcates of Indebtedness
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.
24.400.0
80,278.0
13,263,0
Secured by Government war obligations (a): 129 309,0
6%
259.226.000
S
7.192,0
6.874.0
3.009.0
Bills discounted:
All other
Bills bought in
12
Richmond Atlanta.
$
10.432.0
62,600,0
9.139.0
U.
U.
259.226.000
2.860.488,000 2.805.951.000 2,818/486.000 2.777.081.000 2.737.010.000 2.765.693.000 2.855.592.000 2,884,290.000 2.039.265.000
ciphers (00) omitted.
Federal Reserve Hank of
U.
259,226.000
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
»*
259.226,000
2,288,157,000 2,272,076,000 2.273.971,000 2,298.089.000 2.309.386.000 2,272.513.000 1.62lV7V2"666
117.943.000
104.350,000
117,784,000
107,700.000
111.695.000
116,285,000
110,637.000
111,633,000
796.430.000
786.393.000
773,333.000
793,289,000
782,853,000
781,954.000 769.591.000 777.081.000
3.462.875,000 3,450,969.000 3,438,500,000 3,425,788,000 3.434.186.000 3.450.964.000 3.454.488.000 3.419.457.000 2.748.740.000
Eligible paner delivered to F.
'
260.226.000
2.2"9"8",61l'.6()d 2,2"8"6',4b7'.000
IIIIII
15.462.0
2.750.0
25.336.0
8,398,0 10,246.0
51.308.0 13.069,0 13.712.0
19,089.0
2,444,0
3.125,0
706.633,0 104,482,0 146,448,0
110.143.0 54,670,0 63,9.53.0
21,409,0
2,819,0
2.277.0
.0
3.S75.0 13. ,549.0
7.050.0 23.917.0
1.971.0
7.086.0
49,175.0 2.53.698.0
26.431.0 71. .532.0
1.099.0
3.898.0
4.275,0
40.5.57.0
3.328.0
1 78.0
1.747.0
42.670.0
18.597.0
1.641.0
928.0
5,S,'!4,0
5.000.0
65.446.0
8.57.274.0 164.415,0 215.,S03.0 107.611.0
78.676.0 336.214.0 112.0.53.0
854.295.0 262.239.0 322.899,0 132.692.0 139.548.0 541.649.0 128.5,84.0
35.267.0
30.609.0
MJ
504.551
5,101.0
8.067.0
1.347.0
59.185.0
45.600.0
1.479.0
.,s,54.o.sn.n
19.902.0
2.666.0
19.784.0
3.201.0
10.866.0
1.703.0
12.123.0
1.864.0
35.100,0
8,431,0
0.317.0
2.017.0
5.
4.345.0
S.395.0
2.6.58.0
1.7.55.0
8 1. 240.0
53.722.0
1.396.0
51.S55.0
28,238.0
847.0
03.042.0 139.016.0
75.849.0 103.655.0
7.808.0
1.658.0
3.033.0
4.152.0
15.128.0
2.132.0
06.7,59.0
6.784.0
164.745.0
11.662.0
6.02S.0
54.950.0
115.888.0 1.703.675.0
29.510.0
691.094.0
3.9S2.0
44.828.0
82.605.0 154.408.0 2. 484. .5.56.0
79.494.0 239.271.0 3.174.725.0
7.0C5.0
1.583.0
10.741.0
3.198.0
198..563.0
61.S72.0
470.680.0 585,705.0 266.040.0 243.1.36.0 9,58.860.0 262,730.0 1.57.763.0 272.671,0 I78.022.0I426.064.0 6.181.220.0
THE CHRONICLE
876
Two
New
Boston
ciphers (00) omitted.
LIABILITIES iConduded)—
York.
S
$
Phlla.
Cleveland.
S
$
Richmond Atlanta.
$
[Vol. 111.
Chicago.
S
Minneap. Kan.CUy.
Louis.
St.
$
$
S
and F. R. note
San Fran.
Total.
$
%
%
$
Ratio of total reserves to net deposit
Dallas.
liabilities
52.1
39.5
combined, per cent
Contingent liability as endor ser on:
Discounted paper redlscounted
with other F. R. banlis
Contlng. llabil. on bills purch. for
48.8
—
43 2
51 8
41
41 6
1
41 2
40 4
40.4
40.0
27,197,0
17,197,0
17,640,0
31,278.0
752,0
432,0
768,0
416,0
Memoranda
foreign correspondents
Includes bills discounted for
other F. R. banks, vl^
1,168,0
(6) Includes bankers' acceptances bought fr
24,720,0
32,723,0
784,0
576,0
43.5
46.1
151.186,0
(a)
With their endorsement
Without their endorsement...
om
67.916,0
6.083.0
1.280.0
other F. R. banks:
8.306,0
4.274,6
1.312,0
1,904,0
74,964,0
16.892,0
Federal Reserve Agent at
—
New
Boston.
—
(In Thousands of Dollars)
Federal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
Gold redemption fund
Gold settlement fund
— Federal Reserve Board
i
Amount
Eligible paper:\Excess
required
amount held
Total
Liabilities
16,211.0
151 18B
14.V35,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG.
Resources
736,0
35,401.0
20 1920.
I
York Phila.
Rlchm'd Atlanta Chicago.
Clevel.
Minn. K.CUy.
St.L.
52.400
304,317
S
S
S
S
135.000 24.940 30.325 25.088 70.435
968,934 279,710 345,545 137,648 145.223
72,200 15.040
594,721 146.301
9,675
4.880
77,040 109,925
900
23.430
106,000
173,987
34,053
196,608
32,025
17,518 17,514 18,957
63,000 91,389 100.000
691.808 170,807 194.564
271.664
1,220 39.416
3.810
9,482
3.096
161,144 38,431
424,095 100,964
61,574 16.245
13,052
S
2.500
1,843
2.5.58
42,500
93,305
17,036
43,500
96,665
20,164
S
Dallas.
1,8.32
Fr.
Total.
S
S
459,863
13,200
6.080
82,572 270.939 3,462,875
S
16,100
46,056
26,105
San
260,226
11.331
118,254
4.867 14,949
10.734 77,626
785,784
55.640 178,364 2,298,611
561,877
17.694 15.522
2.208
35.360
72.357
41.184
695,087 2,344.532 585.580 760.831 317,420 381,045 1,323,216 324.487 189,860 265,914 196.038 563.480 7,947,490
—
Federal Reserve notes received from Comptroller, gross.
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from
/Gold
Federal Reserve bank:l Eligible paper
Total
633.700 2,245,060 623.240
276.983 1,141,126 318.590
351,660 365,680 1,105,520 350.420 169,580 241,560 174.900 482.740 7,387,780
188,924 150,022
438,599 188,479 82,865 126,755 79,128 205.721 3,465,042
356,717 1,103,934 304,651 375,870 162.736 215,658
130,330
277,126 108,903 150,982 44.343 48,558
208,040
963,472 172,027 233,979 110,311 116,829
666,921 161.941
170,626 45,337
485,669 117,209
86.715 114,805
30,984 37,568
72,161 113,541
95.772 277,019 3,922,738
26.932 92,575 1,164,264
73.334 193,886 2,860,488
695,087 2.344,532 585,580 760,831 317,420 381,045 1,323,216 324,487 189,860 265,914 196,038 563,480 7,947,490
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
Federal Reserve notes in actual circulation.
504,31
9,767
968,934 279,710 345,545 137,648 145.223
114,639 17,471 22.646
4.956
5,676
594,721
53,072
77,040 109.925
1,191
6,270
82,572 270.939 3,462,875
288,150
3,078 31.668
294,550
854,295 262,239 322.899 132.692 139,548
541.649 128,584
75.849 103,655
79.494 239.271 3,174,725
—
Member Banks
of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve
principal items of the resources and liabilities of the Member Banks.
Definitions of the' different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dee. 29 1917, page 2523^^
Board giving the
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN'FEDERALIrESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS AUGUST 13 1920.
Further liquidation of 9.1 millions in holding.s of United States obligaand of 2.3.6 millions in loans based on Government and corporate
accompanied by a larger Increase In other loans and invastments,
is indicated in the Federal Reserve Board's weekly statement of condition
on Aug. 13 of 815 member banks in leading cities.
Holdings of United States bonds show a decline of 7.9 millions for the
week, while Victory notes on hand increased by 6.3 millions, and Treasury
certificates held declined by 7.6 millions. Loans secured by United States
was obligations aggregated 9.7 millions less than the week before, and loans
secured by corporate stocks and bonds also declined by 13.9 miUions.
On the other hand, all other loans and investments, consisting largely of
commercial loans and discounts, increased by 39.1 millions, with the consequence that the reporting banks' total loans and investments, including
paper redlscounted with the Federal Reserve Banks, show an increase of
6.6 millions for the week.
Government deposits show a decline of 7.4 millions, other demand, detions
securities,
I.
Data
for all reporting
member ba
of reporting
46
S12.311
lose of business
Total U. S. secui-ities
Loans and Investments, Including bills rediscounted with Federal Reserve Bank
Loans sec. by U. S. war obligations..
Loans sec. by stocks and bonds
All other loans and Investments
Total loans and Investments. Including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash in vault
Net demand deposits
•.
Government deposits
Three ciphers
13 1920.
Chicago. St. Louis Minneap.
35
$7,321
$81,432
$56,617 $168,878
$75,981
324.302
951,549
832,069
107.267
390,966
948.247 1,493,590
69.158 101,396
16.658
30,924
683.357 914,849
33,574 367,892
4.291
3,624
611.734
35,654
16.229
343,807
107,079
583
35,210
36
37,090
641
32.572
12,306
45.476
3.759
37.046
7.119
58.331
552,877 $590,238
$72,264 $141,765
S51.912 .5461,254
180.831 1.240.314
799,137 4,066.381
$87,997
204.670
583.316
.084,757 6.358.187
83,653 665,957
115,456
23,567
837,274 5.078.627
140,940 435.537
3,800
39,319
payable with F. R. Bank:
Secured by U. S. war oblgations
All other
Bills redlscounted with F. R. Bank:
Secured by U. S. war obligations
All other
August
35
$16,924
13,295
2,675
5,036
82
$28,483
33,634
15.248
6.072
19.246
.
107
S21.550
54.771
38.985
53.572
92
$42,134
59,174
19,526
20,931
U. S. bonds to secure circulation
Other U. S. bonds, incl. Liberty bonds
U. S. victory notes
U. S. certificates of indebtedness
Time deposits.
each Federal Reserve District at
114
$46,723
255,003
81,226
207,286
banks
—
.
Baton. .New York Philadel. Cleveland Richm'd. Atlanta.
Federal Reserve District.
Number
fin
—
posits (net)
an increase of 69.2 millions, and time deposits an increas®
of 2.5 millions. For the member banks in New York City a decline in
demand deposits of 24.8 millions is shown reflecting largely the withdrawal
of deposits by country correspondents in need of fimds in connection with
the moving of crops.
^^
Accommodation of reporting banks at the Federal Reserve Banks,
as shown on the books of the latter, increased from 2,021.6 millions on
Aug. 6 to about 2.050 millions on Aug. 13. and constituted i2.2% of the
banks' total loans and investments on the latter date, as against about 12%
a week earlier. For the New York City banks an increase under this head
from 722.4 to 780.9 milhons is shown, the ratio of accommodation at the
Federal Reserve Bank to total loans and investments advancing from 12.9
to 13.9%.
Reserve balances (all with the Federal Reserve Banks) show an increase
of 17.3 millions for all reporting banks and of 9.6 millions for 'the New York
City members.. Cash in vault declined by about 6 millions.*^ W.
Kan. CUy Dallas. San Fran
Total.
815
$268,532
606,740
190.335
393,644
9,721
1,016
2,693
83
815,396
22,499
4,299
9,957
50
$19,573
21,211
$37,930
$20,751
$52,151
$49,228 $135,120 $1,459,251
$28,674 $104,461
60.315 456.533
409.635 1.774.288
833,534
125,744
410,891
$16,808
30,428
279,296
826,842
79.734
512.679
S10.099
38.882
253.922
555,2412.504.160
31.215 196.230
12.9471
65.095
266.1211.423,424
151,276 627.814
724
5.646
608.099
41.138
9.390
330.212
124.767
347,283
671,406
42,401
14,177
430,113
96,641
2,718
352,031 1,285,692 16.820,434
24,611
83,220 1.392,064
28,652
354.243
11,831
228,156 621,121 U.370.126
54,635 520,029 2.724.090
216
66,733
4,107
47
$14,235
28.444
4.429
9.509
7,766
11,549
(000) omitted.
17,431
9.317
213.065
63,906
1,564
141
20,551
4,737
3,146
5,298
$32,535
64,311
12,113
26,161
$33,911 $963,542
148.300 2,997,220
968.361 11,400,421
Bills
2.
23,476
19.437
40.272
385,707
133.977
326.741
56,193
44,150
37.620
92.044
Data of reporting member banks In Federal Reserve Bank and branch
New
York CUy.
City of Chicago.
All F. R.
Bank
8,739
65,871
18.187
238.318
Cities F. R.
cities
Branch
and
all
450
24,794
85
17,555
15
27,787
235
757,716
1,426
2,073
42,300
6,094
53,670
22,587
2.803
62.182
260,422
1.030.414
other reporting banks.
Cities. All Other Reprt.Bks.
Total.
Three ciphers (000) omitted.
Aug.
Aug. 13.
6.
Aug. 13.
Aug
Aug. 13.
Aug.
Aug.
13.
Aug
Aug.
13.
Aug
Aug. 13.
I
Aug.
6.
Aug. 15'19
I
Number
of reporting banks
U. S. bonds o secure circulation
Other U. S. bonds, Incl. Lib. bonds.
U. S. Victory notes
V.
S. certificates of Indebtedness...
Total U. S. securities
Loans and Investments, incl. bills redlscounted with F. R. Bank:
Loans
Loans
sec.
sec.
$37,026
221.530
71.684
188.547
72
$36,886
226,849
65,686
193,101
50
$1,438
19,143
11,629
21,644
50
$1,438
20.984
11.642
22,510
279
$96,817
340,475
100,712
271,469
279
$96,688
348.715
94,522
279,394
518,787
522,522
53,854
56,574
809,470
819,308
72
Total loans
&
and Investments..
Investments,
815
$268,532
606,740
190,335
393,644
$268,423
614,681
184,032
402,225
773
$268,988
644,195
329,442
1,200,736
307,077
1,459,251
1,468,361
2.443,361
341,940
30/, 113
815
Li
by U. S. war obllgat'ns 430,989 442,224
by stocks and bonds
,085,3461,094.253
All other loans
342,704
338
198
338
$71,194 $100,557 $100,552
144,058 122,091
121,909
51,505
38.114
38,005
46.315
75,184
46,647
67,695
339,807
,582,87413,548,801 1,066.044
973,159 al,304,031
733,150 142,354 139,200
963,542
721,929
99,259 100,809
65,866
342.036 2.092.480 2,111,238 482.732 480,694 422,008 419,131 2,997,220 3,011.063 2,925.961
.053,954 7.317.943 7,273,032 2.195.743 2,202,643 1,886,735 1,885,58911,400,421 11.361.264 a8.273,950
incl.
rediscounts with F. R. Bank:
Reserve balance with F. R. Bank..
Cash In vault
Net demand deposits
Time depjslts
Government deposits
,617,99615,607,800 1,527,400
624,805; 615,224
138,356
102,253| 104.913
36,099
,578.540 4.603.319
969.349
307,727
37,707
300,362
41,896
285.056
3,713
346,848
331,149
31,819
.267.863
.360.554
518,430 10.941.822 10.936,728 3,163,533 3,164,477 2,715,079 2,712,64216,820.434 16.813.847
158.7681 1.392,064 1,374,806
133,079 1,027.228 1,010,152 203,678 205,886 161,158
360,179
204.998
70.192
81,870
354.243
202.181
70,718
84,463j
36,963
957,209 7,959.731 7.933,480 1.734.083 1,728,622 1,676,312 1,638.82511.370.126 11,300.927
283,811 1,234,490 1,225,262 8.S7,727 893,442 601,873 602.920 2,724,090 2,721,624
74,146
66,733
63,271
5.660
6,493
4,092
4,382
56,981
4,119
347,145
.879.079
.896.770
624.744
Bills
payable with F. R. Bank:
Secured by U. S. war obligations.
All other
Bills redlscounted with F. R. Bank
Secured by U. S. war obligations.
All other
Ratio 01 U. fe war securities and war
Paper to total loans and InvestpW percent
a Exclusive of rediscounts with
33,628
511,973
502,328
150
150.83P
147,895
320
445
94,904
1,142
94,146
602
9,605
172,798
7,975
171,327
218,110
749,890
217.675
719.464
29,968
142,520
26,785
156,103
12.344
138.004
13,986
142,026
16.2
16.5
7.9
Federal Reserve banks.
8.0
13.1
13.3
13.1
13.0
11.3
11.3
129,870
304,175
128.915
262.421
757,716
1,462
744.36911.006,902
1.197
f
260.422
258.446
1,030.414 1.017.629
/
.
12.8
12.9
I
320,560
Aug. 28
THE CHRONICLE
1920.]
877
—
Wviinliexs'
(«3a^jctte»
Wall Street, Friday Night, Aug. 27 1920.
Miscellaneous
Railroad and
Stocks. An unfavorable
bank statement on Saturday was doubtless one of the causes
of a dull and weak stock market on Monday, when the
smallest volume of business and the lowest prices of the
week were recorded. Tuesday's market was the most active
of the period covered by this report and a substantial recovery was then made. Since Tuesday the market has
drifted aimlesslj-, with very little change in tone or character.
The money market has tightened day by day, call loan
rates reaching 10% to-day, but it is difficult to trace this
as a factor in stock market conditions, and the same is true
of foreign exchange, which during the past two or three
days has recovered 5 points or more of its previous decline.
The railway group has beeo re(latively active and strong and
—
the prospect of larger incomes, the increased traffic rates
having become effective this week. Union Pacific leads
this list by an advance of over 4 points.
Reading, when at
the highest, showed a gain of nearly 5, but subsequently
Other stocks in this group show net gains
lost l]/2 points.
of 2 to 4 points.
With varying net results Mex. Pet. has covered a range
of nearly 9 points, Baldwin, Rep. I. T., and Stromberg
between 5 and 6 and Beth. Steel, Studebaker, Chandler and
U. S. Steel an average of 4 points a much narrower range
than usual for these stocks.
—
NEW YORK STOCK EXCHANGE
WEEKLY AND YEARLY.
TRANSACTIONS AT THE
DAILY,
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Range for Week.
Sales
for
Week.
Lowest
Highest.
Range Since Jan.
Lowest.
Dally Record of Liberty Loan Prices. Aug. 21 Aug. 2^Aug.
First Liberty Loan
3 >^ s 1 5-30 y ear 1 932-47
,
High
(
Low -
{
,
t
Close
Total sales in 51,000 units
Second Liberty Loan
4s, 10-25-year-conv,
High
Low.
f
1942
{
IClose
Total sales in SI ,000 units
Second Liberty Loan
4s, convertible,
(
1932 47
{
High
Low.
IClose
Total
a:iles
in .51,000 units
Third Liberty Loan
4)isofl928
(
High
<;Low.
IClose
Total sales in 51,000 units
f
IClose
Total sales in 51,000 units
Third Liberty Loan
4Ms
of
2d
f
High
L L cony, •27-'42{Low.
IClose
Total sales in 51,000 units
Fourth Liberty Loan
4Ks
High
<Low.
(
of 1933-38
IClose
Total sales in 51,000 units
Fourth Liberty Loan
1.
Highest.
89.98
89.90
89.92
129
84.46
84.28
84.40
20
84.36
84.34
84.36
6
87.96
87.74
87.86
577
Third Liberty Loan
High
4)isof lstLLconv.'32 •47<Low.
84.88
84.60
84.70
116
84.54
84.04
84.48
324
84.82
84.40
84.78
401
90.04
89.90
89.96
423
84.40
84.20
84.30
9
84.50
84.38
84.38
11
87.88
87.70
87.78
1,204
84.80
84.60
84.64
32
84.54
84.34
84.46
505
84.82
84.72
84.80
718
2^ Aug. 2^,Aug. 26 Aug. 27
90.04
89.90
89.92
392
84.40
84.30
84.30
127
84.62
84.38
84.62
22
87.82
87.72
87.76
90.00
89.92
89.92
392
84.40
84.30
84.36
36
84.72
84.60
84.62
7
87.90
87.80
87.88
89.94
89.86
89.90
451
84.40
84.34
84.36
14
84.74
84.70
84.74
12
87.86
87.58
87.58
1,272
84.90
84,80
84.90
468
360
84.88
84.60
84.80
79
84.52
84.32
84.46
84.86
84.72
84.80
1,375
85.00
84.84
84.88
105
84.58
84.44
84.52
665
84.98
84.82
84.94
1,687
95.60
95.54
95.54
95.58
95.40
95.52
J. 051
95.54
95.48
95.48
95.56
95.44
95.52
680
95.54
95.46
95.52
989
95.50
95.34
95.34
400
277
408
407
519
42
84.58
84.40
84.48
1,308
84.88
84.74
84.80
1,376
89.96
89.86
89.86
495
84.36
84.36
84.36
30
84.80
84.70
84.80
11
87.80
87.50
87.64
822
85.20
85.00
85.20
118
84.60
84.42
84. .58
691
84.88
84.78
84.80
1,174
High
4J4s,lstLL2dconv,'32-'47<LoWf
l
Close
Total sales in SI ,000 units
Victory Liberty Loan
High
4M conv gold notes, '22 -'23 Low.
f
<
IClose
Total sales in SI ,000 units
Victory Liberty Loan
3%s, conv gold
(
High
notes, '22-'23<Low_
I
The
STOCKS.
page following.
see fourth
Close
Total sales In SI ,000 units
For transactions on New York, Boston, Philadelphia and Baltimore
exchanges see page 873.
Weelc ending Aug. 27.
United States Bonds. Sales of Government bonds at
the Board include $4,000 4s coup, at 105, S2,000 4s reg. at
105 and the various Liberty Loan issues.
To-day's prices are given helow.
For weekly and yearly range
95.64
95.56
95.58
445
95.58
95.56
95.58
100
95.62
95.44
95.58
1.281
95.50
95.36
95.42
95.46
95.30
95.36
1.067
95.42
.59.30
95.42
1
—
Foreign Exchange. Sterling exchange opened and ruled
weak, but steadied later and closed fractionally up. In the
Continental exchanges movements were erratic and sharp
declines occurred.
To-day's (Friday's) actual rates for sterling exchange were 3 53 H @ 3 54
56J^@3 57)4 for cheques and 3 57 !4 (3)3 58 for cables.
Commercial on banks sight 3 56)4@3 57. sixty days 3 50@3 50%, ninety
days 3 47)^ ©3 48 and documents for payment (sixty days) 3 50@3 50 Ji.
Cotton for payment 3 56)|(<g3 57 and grain for payment 3 56',4@3 57.
To-day's (Friday's) actual rates for Paris bankers' francs were 14.33®
14.44 for long and 14.26@14.37 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
31 9-16@31 11-16 for long and 32(ff32)^ for short.
Exchange at Paris on London, 51.29 francs; week's range, 50.90 francs
high and 52.02 francs low.
The range for foreign exchange for the week follows:
Slerling. Actual
Sixty Days.
Cheques.
Cables.
High for the week
3 56H
3 60^
3 59M
Low for the week
3 53M
3 50}^
3 54).^
Paris Bankers' Francs
High for the week.:
14.13
14.02
14.00
Low for the week
14.83
14.72
14.70
for sixty days. 3
Par. Shares
AmBrakeShoe&F.KO par
Preferred
100
Am Malt & Grain.reo par
Am Tobacco com B.-lOO
Am Wholesale pref..lOO
Assets Realization
10
Atlantic Fruit
no par
Atlantic Refining
100
Preferred
100
Austin, Nichols&Co?jopar
Brunswicli Terminal. 100
Buffalo & Susq V t c . - 1 00
&E
Chic
Ills tr rects
Preferred tr rects
CStPM& Omaha.. 100
Cluett, Peahody & Co 100
Continental Insur
25
Crex Carpet
100
Davison Chemical -KO par
DeBeersConMinesnopar
Detroit Edison
Duluth S S & Atl
100
100
Eastman Kodak
100
Emerson-Brant
1 00
General Chemical.. 100
General Cigar pref . _ . 100
Guantanamo .Sug.reo par
Habirshaw E C
no par
Indian Refining
10
Kelly-Spring 6% pref 100
Lake Erie & West.. .100
Preferred
100
Martin-Parry
no par
Mathieson Alkali Wks 50
Maxwell Motor
100
Certificates of deposit.
First preferred
100
Oertfs of deposit...
2d pref ctfa deposit...
MStP&SSMarie.-lOO
Preferred
100
Leased line stock , 1 00
Mnllins Body
no par
National Biscuit
1 00
Preferred
100
Norfolk Southern ... 100
Peoria & Eastern
100
Phllllps-Jones
no par
Pitts Steel pref
1 00
Rand Mines
no par
Sears, Roebuck, pref. 100
Shattuck-Arlz Copper. 10
So Porto Rico Sugar. 100
Tol St L & West tr recta
Preferred trust rects..
Wisconsin Centrnl
.
.100
S per share.
Aug 23
55
86
Aug
SOH Aug
23
24
S per share. S per share. S per share.
55
Aug 23 53 M July 60
July
Aug 23 86
July
86
July 90
30,14 Aug 24 30
Aug 44
Jan
115
Aug 27 102
Aug 210
June
Apr
90% Aug 26 89 K Aug 96
Aug 24
90 J^ Aug 26
23^ Aug 23
2H Aug 23
19
Aug 27 19V2 Aug 25
13 1105 Aug 24 1200 Aug 27
Aug 26 106 Aug 26
100 106
Aug 25 20 Aug 25
100 20
414 Aug 26
Aug 23
6
300
Aug 26 70 Aug 23
500 68
Aug 24 8% Aug 24
400 8
9^ Aug 27
800
83i Aug 24
Aug 23 60 Aug 23
100 60
Aug 25 73 Aug 25
300 73
100 68 J^ Aug 24 68 H Aug 24
Aug 25 60 Aug 27
400 58
Aug 25 35 Aug 27
1,500 33
200 271^ Aug 24 27"^ Aug 21
91
Aug 26 91 Aug 26
34
100
3H Aug 24 3 H Aug 24
Aug 25 535 Aug 25
25 535
100 15>^ Aug 23 15 H Aug 23
170
Aug 24 170 Aug 24
200
Aug 2.S 90 Aug 23
40 90
Aug 21 19 M Aug 24
1,800 18
Aug 26 15M Aug 27
1.200 15
Aug 25 20 Aug 23
4,000 20
100 82
Aug 25 82 Aug 25
Aug 26 1 1
Aug 23
300 10
100 19M Aug 27 19 'A Aug 27
Aug 25 21 Aug 25
100 21
100 30
Aug 26 30 Aug 26
9 'A Aug 26 13 'A Aug 25
6,.TOO
200 131.^ Aug 24 13K Aug 24
Aug 26 21 '4 Aug 24
3.000 16
Aug 23 14 Aug 23
1,100 13
Aug 26 7 Aug 26
400 7
Aug 26
200 73 M Aug 27 74
Aug 26 85 H Aug 26
85 85
IOC .54
Aug 27 54 Aug 27
Aug 25
2O0 32 H Aug 24 33
Aug 27
30C 106 H Auk 25 107
Aug 25 104 Aug 25
20C 104
Aug 27 20 Aug 27
20C 20
Aug 25
1,300 10 H Aug 24 11
Aug 25 50 Aug 25
100 50
Aug 25 89 Aug 25
IOC 89
Aug 26 28 Aug 26
20C 27
Aug 26
19? 105)4 Aug 26 105
100
8H Aug 24 8M Aug 24
Aug 24 124 Aug 21
60f 120
700 11
Aug 27 12 Aug 27
40f 19j^ Aug 27 19>.^ Aug 27
Ave 23 28 ?< Aug 24
1.200 27
109
V<;
2
19
1105
103
20
Aug 6H Apr
Aug 20 K Aug
Aug 1570 Mar
May 114
Feb
Aug 24
May
4H Aug S'A Mar
June 70
Aug
65
Feb 11^ Mar
4
iH
58
72
68
iSVi
32
27
96
3
M
Jan 11
June 66
Aug 106
Jan
Aug 82
Jan
Aug 64
Apr
Aug
Aug 35
Aug 36 ?i May
June 108
May
5K
Aug 535
15K Aug 29
533
150
92
Mar
Mar
June 192
Mar
Feb
Aug
Jan
Mar
Aug 100
Jan
17H Aug 20 V2 Aug
15
Aug 15 M Aug
20
Aug 20
Aug
Apr
82
Aug 91
8«
16
Feb 12 M Mar
Feb 22 K Mar
19H Aug
29
SO A
-Tan
Feb 33
July
Apr
38
lO^i Aug 35)4 .Tan
16
Aug 63 A .Tan
13
Aug 62 M Jan
7
Aug 30 H Jan
63
Feb 80
Mar
Feb
SOH June 94
50
Feb 60
Jan
32
.Tan
Aug 51
.Tan
105
July 125
103 H July 116
Jan
M.ar
10
Feb 29
9
June 16
Mar
50
Mar
July 68
73 H June 94M J.-in
June
26!^ Aug 29
105 H Aug 119H M.ar
7% Aug
8«
ilOO
10'^
15
25
Juno 12%
Aug 310
Feb 15Ji
May
May
24
33
Jan
Anr
Fob
Jan
Feb
—
and Railroad Bonds. Salee of State bonds at
Board are limited to $15,000 Virginia 6s deferred trust
State
the
100
100
100
300
25
300
500
receipts at 64.
The market for railway and industrial bonds has been
increasingly active and the tendency of prices has generally
been upward, reflecting, no doubt, the improved condition
ofjthe properties under increased traffic rates. The usual
list of 25 prominent issues shows that 4-5ths have advanced
or are unchanged. Several of the local tractions have recovered from 3 to 4J/2 points within the week, wliile New
York
Central,
Rock Island, So. Pac, Frisco, Chos. & Ohio,
Gas and Cuba Cane Sugar bonds are from
St. Paul, Consol.
1
to 2 points higher.
—
—
—
Germany Bankers' Marks
High for the week
Cow for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
Domestic Exchange.
discount.
Boston,
$1,000 premium.
2.12
1.92
—
3115-16
30 15-16
2.14
1.94
32^
325i
315^
31H
—
Chicago" par. St. Louis 15@25c. per SI ,000
par.
San Francisco, par. Montreal, S123 75 per
Cincinnati, par.
—
Outside Market. "Curb" market trading was highly
erratic this week an upward movement of prices being usually
followed by a reaction and a dowTiward trend by a p£u*tial
recovery. Business was not large •with oil shares the leaders.
Following the announcement of its merger with the Tropical
Oil Co.,Internat. Petroleum sold down from 36?:^ to 3335,
the close to-day being at 35.
Tropical Oil weakened from
19^ to 19. Simms Petroleum was hea^^ly traded in up
from 10^ to 14 ^s 'with a final reaction to 135s- Sinclair
Cons. Oil pref. was decidedlj' irregular. From 83 it moved
It recovered to SSJ-a. reup to 84 J^ then down to 82.
acted again and finished to-day at 85. White Oil advanced
from ]8J^ to 20^, fell off to 18K and closed to-day at ISHElk Basin Petrol, was active and rose from 7Js to 9, the
Maracaibo Oil gained over
final figure to-day being 8^.
two points to 19%, finishing (o-day at 193.t. Merritt Oil
after fractional loss to 13%, ran up to 15^4. the close to-day
Transactions in industrials were in small
feature.
General Asphalt Com. after
a loss of about four points to 50, sold up to 35.12. reaching
Hercules Paper made a substantial advance,
finally to 53 %.
gaining two points to 27, but reacting finally to 2G%.
Todd Shipyards after a period of inaetl\'ity jumped from 165
Business in bonds improved
to 205 and reacted to ISO.
somewhat with trading for the first time in Alorris tt Co. 7 os
up from 98H to 9SH and down to 98^- N. Y. X. 11. ^v
Hart. 4s also were traded in for the first time advancing
being at 1514.
volume and without
'
fractionally to
A
69%.
complete record of "curb" market transactions for the
week will be found on ]>agc 886.
Wew York
878
Stock
Exchange—Stock Record,
Daily,
OCCUPYING THREE PAGES
Weekly and Yearly
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday
Monday
Aug. 21.
Aug. 23.
Tuesday
Aug. 24.
Wednesday
Aug. 25.
Thursday
Aug. 26.
Sales
for
Friday
the
Aug. 27.
Weeh
NEW
PER SHARE
STOCKS
YORK STOCK
Range since Jan.
On
EXCHANGE
PER SHARE
Range for Previoua
Year 1919^
1.
basis of 100-sAare lots
Lowest
Highest
Lowest
Highest
j
$ per share
SUs
*74l2
*6
86
Si's
"4'S
678
S per share
81
8178
•74
•6
75
7
86
86%
3734
387$
3734
86%
39%
47
47
10
8
47
47I4
121%
119
•9I2
*6it
"
120
120
S per share
81%
74
7
86I4
39 14
47%
9%
•6%
119
S per share
82
81% 83
741
74%
74%
*7
7
S
87
87
87%
39%
39
3934
4734
4734 48
9%
21''8
21^8
22
33I4
34
34
34
34%
3478
50%
5114
50%
51%
51
52
*8
70
•101
57^8
57U
5878
58%
8I2
•734
812
8I4
70
34^8
*73i2
*62l2
2U4 22
7OI2
70%
IOOI2 IOOI2 *100l2
6934
35I4
34%
35%
35%
75
64
7434
63I2
7478
7434
6478
3638
7434
6478
26%
2638
53
66
26
64
53
•46
•35
95I2
951;
96%
242
5
10
5
434
10
I2I2
I9I2
1234
I2I2
1278
19%
20
15
73
32
•14
*nh
1378
*25l2
28I2
8534
*3l8
8534
3I2
9
9
1834
•43
4478
31I4
3II4
•nu
13%
*25l2
8512
28I2
85l2
*12%
•25%
884
18%
4334
44I4
31
87
19
4334
45I4
6I4
6%
10%
10%
25
25%
4334
45
62
51
2634
4I2
4U
3612
7112
36%
72%
33
•55
•50
33
62
51
•10
25I4
4434
*41,
•55
73
4034
91
73%
41
2438
27%
76
88% 92
42
43
24%
25I4
921;.
14%
92%
3434
•30
591s
35I4
40
1173g 11778
•64
65
834
•I6I2
884
17
8
8
24l2
25I4
9%
*12
2634
•65
10
16
2634
6634
27
60
34
*32
211
3334
9%
13
27
*64
23%
45
45
27%
•70
91%
71
77%
95
44
45
40
73% 73%
•75
85%
34I4
•87
82
86
14%
14%
75
75
38
68
38
58
72
72%
•934
7034
•85
95%
16%
10%
13%
63
95
49
45
82
26
65
10
7434
44%
44%
1334
I4I4
6%
6%
11%
26%
3%
9%
3%
9%
13
27
86%
3%
9I4
1938
19
19%
45
45%
44%
45I4
443s 44%
•100
101
101
45
102
7334
92%
74%
41
41 14
24
24%
13
261.1
45
5
4%
45%
4%
73
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Railroads.
Par
S per share S per share Shares
821
8I34 82%
83% 15,300 Atch TopeKa <fe Santa Fe..l00
day.
2134
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21%
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55%
90%
37%
85%
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74
56
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95
Do
100
Atlanta Birm & Atlantic. 100
.100
Atlantic Coast Line
..100
Baltimore 61 Ohio
100
Uo Jrrel.
Brooklyn Rapid Transit
100
Certilicatfs of deposit..
100
Canadian Pacific
100
Chesapealie & Ohio
100
Chicago Great Western
100
Do pref
Chicago Milw & St Paul.. .100
100
Do pref
Chicago & Northwestern.. 100
100
Do pref
100
Chic Rods Isl & Pac
prel--
RR
16,600
10,500
1,600
7,600
8,500
12,300
5,910
100
22,800
...100
7% preferred
1,500
100
6% preferred
1,300
200 Clev Cin Chic & St Louis.. 100
100
Do pref200
100
1.100 Colorado & Southern
100
Do 1st pref
100
Do 2d pref
100
900 Delaware & Hudson
Western.
50
Lacli
Delaware
&
1,300
100
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...100
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100
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100
pref
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1st
9,200
pref
..100
Do
2d
3,100
100
6,200 Great Northern pref
Iron Ore properties -A'o par
5,000
Gull Mob & Nor tr ctfs-..100
...100
Do Pref
100
100
1,000 Illinois Central
2.900 Interboro Cons Corp.. No par
.100
Do pref...
3,000
100
6,800 Kansas City Southern
100
Do pref
1,900
50
3,500 Lehigh Valley
100
1.500 Louisville & Nashville
100
guar
Manhattan
Ry
100
100
4,400 Minueap & St L (new)
3,400 Missouri Kansas & Texas. 100
100
Do pref
2,600
10,900 Missouri Pacific trust ctfs.lOO
ctfs
100
pref
trust
Do
8,500
200 Nat Rys of Mex 2d pref.. 100
1,000 New on Tex & Mex V t C- . 100
100
14,100 New York Central
Y Chicago & St Louis... 100
600
100
First preferred
100
Second preferred
200
100
& Hartford
39,000 N Y N
N
Ontario
&
Western
.100
Y
1,600
100
5,700 Norfolk & Western
100
5,400 Northern Pacific
50
5,960 Pennsylvania
Pere
Marquette
v
t
c
100
10,100
100
Do prior pref v t c
100
Do pref vtc
400
Pitts Cin C & St L ctfs dep...
100
'"6",ioo Pittsburgh & West Va..
100
Do pnef
50
150,200 Reading
Do 1st pref
50
500
Do 2d pref
5
600
Louis-San
Fran
tr
ctfs..
100
St
35,200
100
Preferred A trust ctfs
1,000
100
12,800 St Louis Southwestern
.100
Do pref
7,600
100
3,100 Seaboard Air Line
..100
Do pref
900
100
112,300 Southern Pacific Co
100
30,900 Southern Railway..
100
Do pref
1,400
Pacific
&
100
Texas
11,700
Twin City Rapid Transit. . 100
100
28,400 Union Pacific
100
Do pref
1,000
Invest
Railways
100
600 United
100
Do pref
1,000
100
5,500 Wabash
100
Do pref A
4,600
100
Do pretB...
6,800 Western Maryland (new).. 100
100
3,900
Do 2d pref
100
4,000 Western Pacific
100
100
Do pref
Erie
Ry.
100
Wheeling
&
Lake
10,400
_
100
Do pref_
3,600
Industrial & Miscellaneous
100
500 Adams Express
100
700 Advance Rumely
.100
2,600
Do pref
50
2,600 A]ax Rubber Inc
10
3,300 Alaska Gold Mines
100 Alaska Juneau Gold Min'g. 10
. 100
1,900 Allls-Chalmers Mfg
100
800
Do pref.
700 Amer Agricultural Chem._100
100
Do pref
50
200 American Bank Note
Pref
50
Do
"4",
100
466 American Beet Sugar
100
Do pref._
3,200 Amer Bosch Magneto.. A''o par
100
11,400 American Can
300
100
Do pref
10,400 American Car & Foundry. .100
400
pref
100
Do
1.700 American Cotton Oil
100
100
300
Do pref_
3,400 Amer Druggists Synd cate. 10
1,100 American Express
100
800 American Hide & Leather. 100
100
1,900
Do pref...
600 American Ice
100
100
Do pref
100
17,010 Amer International Corp. _ 100
10
Am La France FE...
6,100 American Linseed
100
100
Do pref.-100
16,400 American Locomotive
100
Do pref
100
25
3,020 American Safety Razor
10,300 Am Ship & Comm Corp.A^o par
200
Smelt Secur pref ser A. 100
3,100 Amer Smelting & Refining. 100
100
Do pref
100
2,900 Am Steel Fdry tem ctfs.. 33 1-3
100
Pref temp ctfs
No par
5,100 American Sugar Refining.. 100
100
Do pref
100
6.100 Amer Sumatra Tobacco
600
Do nrpf
100
N
H
Am
t Less than 100 shares,
a Ex-div, and
rights,
S per share
76 Feb 11
72
5 per share
i
86% Mario
May20
82
5 Apr 21
x82% Junel8
27% Feb 13
40% June28
938 Aug24
638 Augl2
Jan 3
8% Feb24i
93
Jan
71
40=4 Aug27i
49% Feb24
17
Marl5
13% Maris
110 May20 134
Jan 3
47
Febl3
5978 Aug27
Febl3
7
10% Feb20
19%May24 27% Feb28
30% Feb 6 42% Marll
4534 Febl3
61% Marll
67 June24
91% Mario
98 June28 120
Jan 6
Mar 8
23% Febl3
41
Feb
64
13
Feb21
78
54
Feb 11
66% Mar 1
42
Feb 6
567g Aug 2
02 Mayl9
Feb24
68
20
Feb 11
Feb 19
27
46
35
51% Mar25
July 6
Augll
Janl6
43
9934 Mar 13
83% June29
Feb 10 250% Augll
165
Junel7
Febll
9% Febl3
17i2May20
12% Feb 9
Jan 3
Feb24
15% Feb24
Feb24
25
17% Feb24
6534Junel2
Aug 9
30
7 Jan 24
8434
4178
15
25% AuglS
80% Feb 13
Aug 4
3
34
4
9
9
834
13%
1638
5
21
36
Febll
Febll
Junel8
64% Febl3
31
2334
50
Feb 13
Aprl3
41% May 4
23% Febll
Feb 6
16
84% Junel6
56
39
69
32
Aug 5
68
June 8
May 2 8
Febll
80
Mar26
Apr27
Apr27
Apr27
2634 Julyl2
36
23
3534
938
1
1053s
Aue 9
May20
2934
62
47
35%
125%
69%
13%
25
25
Febl
67
28
70%
75
May20
4234
4658
72
8834
Augll
84%Jime
Aug 19
80
Aug 3
81% Aug 6
30% Aug 9
10334
93
12834
6134
101
87
Augll
124% Feb25
147%
116%
5434
23% Aug 9
86
Aug26
61
9% AuglO 15%
Feb 6 175
95
3038
Augl9
13
Augl8 122
72
AuglO
37
53%
Feb 13
68
53
64% Aug 5 120%
9% Aug 7 14%
95
61% Aug 6
99%
80
.4UK 3
Feb 13 109%
82
10534 July 7
9
9
3
3
Jan
Jan28
Janl6
Apr 1
Jan28
Aprl6
Jan 5
Jan
Jan
Jan
Apr
Feb
z Ex-dividend,
Mar26
88
May
Jan
24% July
16% July
25% July
38% July
5834 June
14
Mar
50
Sept
8334 June
33% July
70
Apr
53% July
40% July
24% July
112% May
9978
May
48% May
33% Dec
70
Dec
53% Dec
4434
June
84% June
935s
June
38% Feb
39% May
1034
Jan
2734 July
20
Dec
37
May
2338
June
10% Dec
23
Dec
6% Dec
12
Dec
91% Nov
20% Dec
52% Dec
27% Jan
2934
Dec
119% Aug
63
7I4
15
Dec
Jan
Jan
7% Dec
20% Dec
14
Dec
9% Apr
16
Dec
17
Feb
52% Feb
734
17
37% June
12
July
2334 July
115
33
June
May
72% May
70% July
60 Jime
138% May
7484 Mar
1578 July
3434 July
1338 July
38
May
25% July
1478 July
30% July
26
July
61% Jan
Mar
18% Sept
Jan
2834 Sept
29% Apr
21
Jan
134
87
z92
33
42
62
May
8434
Apr
7
Jan27
Apr 8
Mar
9
50
Mar22
Mar22
ATirl2
Full paid.
Sept
May
Mar
Jan
Jan
Jan
Jan
55
49
July
10134
95
Oct
Oct
May
84% May 14378 Nov
42% Feb 68% Sept
798
Dec 107% June
84% Feb 1483g Nov
88
Jan
Jan
Jan
10% Nov
Jan 2
Jan 3
Jan22
97
103
76i« Sept
Mar 19
Jan
3% July
SlSg Oct
11334
Jan 14
Jan 3
Jan 3
4I4
July
Dec
Sept
Mar31
Mar 30
105
r
Apr
Dec
Dec
73% Dec
33
Dec
3334 Dec
3958
83
72
10634
AutrlS
Mar
24
75
113
Jan
142% Aprl4
11834 Jan20
SO
12% Jan
56
39
June
July
111% Aug27
74% Feb 13
Nov
25% Dec
16% Nov
95
Dec
77
Dec
397s Dec
May
113
17% Juneie
30% Jan 5
May20
40
57
6038
12234
Jan
93% Jan 19
102
60% Dee
May
9% June
31% June
25% May
66
June22
85
2334 Sept
12% July
40% July
104
Jan 5
Jan 3
100% Jan 13
9
Dec
40% Dec
10478 Aug
37% Dec
9% Jan
4% Feb
8% Jan
22% Nov
37% Dec
4I4 Dec
2834 Apr
6634 Dec
5234 July
June
Aug
Aug
33% Aug
88
July
64
54
76
107
5234
June
74
56% Jan
1
June 1
11% Aprl5
1634 Feb 13
70% Aug23
961 >
Dec
Nov
Jan
30
Jan
81% Jan
96%
48%
45%
7034
10
13
40
1% Dec
95
2
Febl3
Augl6
3% Mar
Mar31
92
5478
Jam 2
Mar29
53% Jan
9
38Ugl7
Aug 9
39
Apr
8578
2% Mar24
3
Aug
40
Julyl2
14% Feb20
22% Feb20
Aug 6
57% AuglS
Aug 9
44
Aug 9
1
1
Jan 3
Marl8
20% Febl 9
3234 Apr 7
July30
20% Febl3
54% Feb 5
June23
Mario
Feb24
20% Febl9
1278 Feb24
June21
9
15
July20
31
8% Feb 13
11
Aug 4
Mar22
Jan27
10% Feb24
20% Febll
14
Aug25
Aug27
Aug 24
Feb 19
18% Mar 1
Jan 3
30% July 12
1
Febl3
Feb 14
18
Feb 13
50
Febl3
25
27% June23
Febl3
110
61% May24
7% Augl2
88l|
14
7
Feb 19
Feb27
9434
45
45
Febll
July
July
July 19
Jan 5
75% June24
33% Apr26
20% May24
6
10
Mario
Marll
Marll
51
32% Mar 9
33% Mar 9
15% Febl3
23% Janl4
11
Feb20
Mario
Mario
100% Mario
84% Marl8
43% Mario
21% Febll
6678 AuglO
6434
Feb24
May
Dec
3134 May
Dec 58% July
Feb
51% May
91% Dec 116 May
172% Mar 217 May
3% Apr 15% July
6% Feb 24 July
20% May
123s Dec
18% Dec
33 July
1334 Dec
23% July
75% Dec 100=8 May
Dec
Dec
Mar29
105
48
45
30
3634
2178
6634 Junel2
3778 May24
Aug 17
22
Feb
Sept
Aprl4
7%
47%
77%
36%
62
52
32
63
19
Jan
4934
per share
Dec 133
Jan
22% Jan
32% July
68
Dec
84 June
55% Aug
73 July
Sept
31% Feb28
4% Febl3
Nov
7
Mayl9
3934 May24
94
Aug 9 112% Jan 5
38% July 2
52% Mar20
Febl3
9
18% Mar 9
3% May22 11 Feb21
Febl9
7 May24
18
40
85
116
3134
Mario
Marl3
16% Maris
1934 Aug 2
48% Mar 1
47% Mario
!
80% Dec 104 May
7678 Dec
89
Jan
Mar 15% July
6
87% Dec 107 May
2834 Dec
55% May
38% Dec 59% May
10
Dec
33% July
Dec 28% July
5
126% Dec 17078 July
51% Dec 68% May
12
7% Jan
July
21
Dec 3078 May
34% Dec
5234 July
4878 Dec
76 July
5
May
9334
434
July29
May
Marl3
Marl9
per share
119
July
67% July
93
Apr
14%
103"
Mar
May
43% July
142% Oct
37% Aug 76% June
5434 Jan
76% June
52% Feb 132% Oct
13% Jan
71% Jan
441s
85
58
100
Mar
Mar
Jan
Jan
89
Nov
98% Apr
117% Oct
10934 July
Dec
79-38 Dec
61% Dec
94
Dec
33% May
91
Dec
89S4 July
10958 July
Jan
148% Oct
26
IIII4
113% Jan
47% Oct
94% June
47
July
96% Aug
119
May
73
.-Vug
120% June
905<
Dec
100
Mn-<-
New York
Stock
Record— Continued—Page
879
2
For record of sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES— PER SHARE. NOT PER CENT.
Saturday
Monday
Tuesday
Aug. 21.
Aug.i'i.
Aug.2i.
$ per share
*110
7834
$ per share
9578 961s
•110
115
88I4
7834
115
•8634 89
7838
7834
49
49I2
*91
94
49I2
*12l2
51
I3I4
*lll2
13
»45
49
*44
49
33
52 12
33
•29
*5734
6II2
•5734
62U
•55
•88
•55
*88
65
90
I35I2 137
61
105%
'132
6212
IO7I4
43I2
*35
I35I4 1357s
*l2
34
9I2
1038
74I4
7634
74I4
75
678
5178
678
$ per share
U6
9612
8II2
I2I2
I2I2
Friday
Aug.2&.
Aug. 27.
Week
$ per share
96I4 9612
Shares
49
52I2
5278
12
45
1234
•45
49
5158
52I2
5384
31
61
•28
33
6II2
3OI4
•5734
SOU •28
•5734
65
90
136
62
•55
65
•55
65
•61
•35
134
•35
134
43
134
58
lO's
7634
1091 10914
7I2
•67g
62
•35
135
I34I4
76I4
7712
108
7
7
43
86I2
115
88I4
78l2
80
938
518
7818
76i8
10618 10618
7
7
"634
EXCHANGE
5OI2
I2I4
5OI2
I2I4
900
900
5284
3II2
53I8
3184
7,500
500
10,700
Amer Woolen or Mass
10,800
100
10818 IIOI4 146,800
Baldwin Locomotive Wks.lOO
^
59
88
138
62
61
92
I39I2
62
200
35
43
135
13612
OSg
6I4
7738
76I4
7(
684
78
W
Do
..100
25
100
Do pref. _
100
Batopilas Mining
20
Bethlehem Motors
No par
Bethlehem Steel Corp
100
Do Class B common. .100
Do pref
100
Do cura conv 8% pref. 100
pref
Barnsdall Corp CI
1 ,800 Barrett Co (The)
2,800
46,400
100
56,800
A
420
600 Booth Fisheries
"eX
No
97
*7
•90
71s
658
1418
1418
6712
2618
54I2
6712
2638
681s
54I2
1812
1334
6712
5478
6512
68
*95
97
"iei's
'ii'
8014
8214
14
2578
3034
3512
•53
231s
•78
67=8
14
26
32I4
26
68I2
•54
53I8
•95
3778
8514
97
97
97
97
634
678
20
2OI2
2OI2
I4I2
I312
67I2
I4I2
6834
684
Ills
1912
1418
68I4
27
•68
•54
28
2738
69'
70
54
53
•95
54I2
634
68
26
68I2
5534
5438
97
6O34
89I4
14
1418
I4I4
I4I4
2678
33'4
2658
2634
3438
35I2
5434
235s
2678
33I4
27
36
36i.>
5458
55
5434
23I2
'5458
2314
M"34
2334
83
•78
•67
•78
85
32
34I2
54I4
2234
79
"4178
•2014
•3214
72
83
¥1%
22I2
38I4
72
•lOls
•35
•100
8334
I2I2
37
120
271s
27I4
83
•934
121
35I2
*100
26I2
21
120
26I2
21
•66
•6I34
•80
142
*74
69
63
81
142
2158
•68
•79I2
78
22
69
80
•66
62
•80
69
63
83
14112 142
75
75
2II2
•68
•79
55I2
36
•24I2
5434
2178
69
80
36
36I4
55I2
851
36I4
25I4
24I2
25
84
2658
21
•66
62I2
•80
75
22
26
98
101
98
6978
•75
68
80
69I4
2084
2II4
9
6312
75
22
68I2
•25
54
•75
69
25
103
7078
7734
•52I2
235s
I7I2
68S4
21I4
M25
72I2
41
•7434
•58
80
12478 125
•103
107
2434
23
75I8
72
201
1
35
37
3534
20
20
I884
27
55
80
25I2
52I4
25I2
102
41
60
7834
81
79I2
713s
3334
41
41
41
5S4
17
I7I4
7934
77
76
20
61s
I4I2
77I2
41
20"4
578
•I9I2
•1912
2358
I8I2
1734
6912
67I2
I8I2
6778
21»4
21
2II2
13
•43I2 45
•104
10512
»130
135
125
98
IOOI2
201s
117s
1284
43I2
43I2
105'2
I34I2
104
132
90
99
90
«1
fi0l2
61
fiO
140
201.1
•BO
60
•
2212
243,
90
52
76
40
75I4
60
77
62
1984
78I4
20'4
8II4
73
73
3612
38
721s
3OI4
42
4534
4312
578
22I2
*19l2
80
78
•90
70'
57I2
2378
24
1784
1884
67I2
69I4
1778
68I4
•56"
21
»I25
54
8512
85I2
80
6912
26
1051s
42
'125
150
1978
I2I2
104
10012
208s
6
534
884
22I2
8OI2
I9I2
95
90
50
78
57I2
2458
I2I2
45
42
77
62
22I2
79
99
63
61
fiO
601;
sales
on
7018
24
25
His
"46"
69
25
25
60
this
601;
fiO
day.
§
76
76
39
4018
1934
791,
72I2
3638
4312
57g
I9I2
2488
175,
68I2
155
'132
I33I4 I33I4
94
61
I7I2
103
22
IOOI2
2084
181s
I2I2
121-
98
63
15
"4"6'l4
80
125
107
51
6978
4213, 45
102
102
98
5612
8534
3534
I9I2
25I2
6878
90
95
70
45
61
61
70
80
10318 106
78
68l2
45
105
135
75
2158
77
60
2018
81
72I2
3734
43I2
6
884
I9I8
130
9l8
70
26
24I2
ISlg
155
"fo"
54
80
59
44I2
6
7078
80
75I2
2018
8018
721s
37I2
93
102
•130
no
53
17
2534
7612
IOOI2
201s 2O84
12I2
1238
1051;
I34I;
99
62
25I2
77
237,
173,
•98
132
Bid and asked prices no
17
80
21
•98
73
21
68
78
56
52I4
71
96
64I2 65I2
81
81
141
142
2OI4
76
75I4
3768
41
6
Olg
70
7984
76
6884
25
76ls
3512
'100
105
27I4 2758
21
2134
'122
77
62
35
§16'
33
59
2434
20
79
70
7812
5584
8512
26
41
60
2238
68
2434
201s
8038
7138
35I2
1984
21
7978
25
77
4OI2
69
106
41
2358
IOOI2
203s
13
8038
95
35
32I2
7618
39I2
75
7OI2
7434
77
95
57
155
•98
"6'4"
4684
77
95
70
24
9I8
7
I6I2
93
2II2
26
21
2678
2II4
46I4
24
73
44
77
63
77
•90
82I2
I2I2
37
110
7
24
•1912
70
"7"o"34
4684
•78
1058
9OI4
lOOlg lOOig
3714 3714
13684 139
70
92
14012 145
37
2OI4
21
38I4
1012
89I4
21
85I2
80
89
"I'o'
7458
8518
55
2378
81
"16"
76
57
•34
7612
88I2
2238
56
25
55
79
"osu
80
83
•74I2
2158
68I2
7978
34I2
2018
26
107
63I2
I44I2
4OI2
7
4558
17
251
7312
4212
6I4
100
76lg
45I2
I7I2
19
6
•80
143
107g
I434
80
36
42
83
IOI4
5438
2338
78
35
301s
46
•77
•40
'6'9'l8
81
79I2
8934
7812
1434
7I8
I6I4
79I8
72I4
35I8
"6918
3638
I5I4
19
2OI4
81
72I4
69
63
36
1434
7978
77
62
100
934
33I4
I2I2
37
105
36
1434
46
20
84
934
•35
88
"l"4"l4
28
14l8
I7I2
7812
60
"ah'h
8II2
97
39I8
2734
3358
1434
46
42I2
•7434
7184
3878
8512
3II2
34I2
1418
4538
25
73
71
95I2
2838
2184
851
27
•22
55
80
•82
2038
32I4
6934
27I4
2II4
•8412
34I2
IO2I2 104
15
15
68I2
71
95I2
7078
7618
39I2
III2
2OI2
38I4
96
"14"
90 14
102
363, 37
I35I2 138
93 95
34 14 35I2
91
80
57
53
79
69
•25
•75
32I4
27I2
2II4
80
55
201s
2484
1084
77
41
III2
2OI2
3812
89
•100
'3'6"l2
77
I4OI4 142
2138
68I2
102
40
I2I2
35
120
9I4
9
11
9OI4
'36"
83
•934
35
•100
79
IO84
7812
10
29I2
37I4
37
I36I4 I39I4
76
35I2
79
97
'2"3'5i
•78
79
100
55I4
"23'
89
89
5478
14
73I4
7634
6978
54I4
14
•2684
8978
7812
11
2934
•1038 IOI2
1038 1084
8734 88
87
8912
•100
101
102
101
37I2
3612
3612 37
I39I2
I35I2 134
133
94=2 94I2
94
94
35I8 3684
36
3612
7618 76i8
77
41I2
3934 4II4
40
III4
III4
111
1114
•20
221
2038 203g
•32I4 3814 *32l4 38I4
•69
7OI4 71
71
•9212 95I4
7OI2 7II4
7OI2 7II4
6978
54I4
87
34
36
3538
2378
81
7812
103g
2934
29
"2"8"78
78
73
lllg
28
14
85
82
30
1978
I4I4
69I2
78
6884
1034
103
885s
8OI4
1438
82I2
29I2
7634
3538 3612
13534 137
94I2
•94
3634 37
38l2
68
30
80
"2"di4
5478
81
30
•77
684
11
54
•96
•67
"1034 Yl'ls
7
95I4
7
11
1978
I4I2
69I2
7012
6034
81
Ills
•100
23
•78
951,1
•69
•54
68
3058
IOI2
8878
14
97
39
85I4
36
79
"2738
86
1078
3058
IOI2
8878
287g
7034
3812
78
•78
'1934
38i2
78
14
2612
32I4
1984
141s
6884
5538
3834
85I4
97
lUs
54
54
•96
97
9678
•684
7I8
3838
6734
81
7838
78
97
201s
I2I2
2478
lS6s
70
22
150
IOOI2
21
1212
45
45
104
133
105
63
«0
133
61
••
95
70
'101
95
105
63
601
98
22I2
79I2
no
Less than 100 shares.
par
100
Brooklyn Union Gas
100
900 Burns Bros
100
2,300 Butte Copper & Zinc v t c..5
200 Butterick
100
1,400 Butte & Superior Mining.. 10
2,800 Caddo Central Oil & Ref..lOO
2,700 California Packing
No par
3,125 California Petroleum. ....100
1,700
Do
100
pref
300 Calumet & Arizona Mining. 10
Case (J I) Plow Wks..A'o par
12,900 Central Leather
100
Do pref
100
2,000 Cerro de Pasco Cop
No par
9,900 Chandler Motor Car...A'o par
1,200 Chicago Pneumatic Tool.. 100
1,900 Chile Copper
25
1,800 Chino Copper
5
9,900 Coca Cola
No par
2,700 Colorado Fuel & Iron
100
1 ,800 Columbia Gas & Elec
11,300 Columbia Graphophone
Do
pref
,100
par
100
No par
100
A'^o
Range for Previous
Year 1919
1
basis of 100-share lots
Lowest
Brooklj-n Edison, Inc
»85
Range since Jan.
On
100
Do pref
100
Amer Writing Paper pref. . 100
Amer Zinc Lead & Smelt.. 25
Do pref
25
Anaconda Copper Mining. 50
Associated Dry Goods
100
Do 1st preferred
100
Do 2d preferred
100
Associated Oil
100
Atl Gulf &
I SS Line
100
Do pref
100
*l2
1
934
74=8
35
43
135
"4
108
89
89
I37I2
135
•61
62
107 '2 10988
115
PER AH ARE
PER SHARE
STOCKS
NEW YORK STOCK
Indus. £c Miscell. (Con.) Par
2,100 Amer Telephone & Teleg..l00
500 Amer Tobacco
100
100
Do pref (new)..
.100
100
43
9
I2I2
49
53
32
60
61
•61
62
IO8I4 11038
IIOI2
105
96I4 96I4
•I2
5734
611"
89I2 89I2
13634 142
Hi'
issu
•61
1047g 10634
74I2
88
I2I2
Thursday
S per share $ per share
96I4 9612
90
9612
II4I4 II4I2 •110
120
88I4
•86I2
88
88
79I8
ig
8OI2
8038
79
•92
94
lUU
II4I4
•8634
77I4
•45
5218
Wednesday
Aug. 25.
Sales
for
the
Highest
S per share
•S
pel share
92i8May22 10084 Marl8
Jan
Aug 9 283
IO4I4
85I4
7284
9184
37
11
44I2
49I2
25
55
60
8.5I2
I28I2
60
100
96I4
35
114
102
May20
Aug 10
Aug 2
May20
Aug 9
Aug
Aug
Aug
2
9
9
May 24
June 5
Augl3
Augl8
Augl4
Aug 9
Aug24
Augl8
14812
Mar
154i2Junel9
IIII2 Jan 6
188 Jan 5
3
June 4
I2
5I8
65
68
90
104
6I2
85
Jan 7
Jan 2
Jan29
Jan 3
Jan 9
Jan 9
Apr 6
Jan 3
Jan 17
Jan 7
Jan 8
125
17612 Jan 5
Jan 7
75
9734
I65I2
IO5I2
6138
2II2
5912
66I2
67I4
7458
7534
Aug20
Aug26
Aug 9
Aug
Aug
9
3
July28
Augl8
Julyl2
48i2June30
Aug 9
6I4 May20
84
1021;
5018
32I2
9688
IO212
IO2I4
Apr
9
Jan 5
Apr 9
May
6
3
Jan
Feb24
Jan 5
Jan 9
9634 Apr 1
Mar20
Apr 7
III2
Highest
S per share
S per share
95
19178
9358
4514
9438
2758
11
40
5458
Dec
Feb
Dec
10858
314I2
106
Jan
I6912
11084
Feb
Jan
Jan
Jan
Nov
17I4
Jan
61
oSig
Mar
Feb
Jan
92
Feb
64
Jan
6478 Jan
68
100
Dec
103
110
Feb
Jan 9
Jan 6
Janl2
Jan 6
Jan28
Jan 3
Jan 6
Jan
Jan
26 Sept
55I2 Jan
5538 Jan
90
Dec
10158 Jan
II4
11
8512
41
115
5I8
69
Mar26
1934
JunelS
Jan 5
Jan 5
Jan 3
5612
10412
31
Feb
90
68
Nov
Aug 9
Aug 9
May20
28 May20
SO MaylO
1934 Aug 9
7834 Aug 11
1258
24I4
3OI4
Oct
May
Oct
June
Mar29
in7g Apr 8
2114 Jan 3
Jan 3
Jan 2
Jan 3
Jan 9
67
6512 Jan 5
9234 Jan 14
Aug27
80
415s
4034
44I4
145
119
2i8
45
July
May
May
Oct
10784 July
112
108
116
Oct
July
Sept
July
Aug
May
Apr
Jan
Jan
Jan
Aug 6
Aug 13
Aug 4
10434
IO8I2
6138
I6434
Nov
Feb
Dec
48I4
2038
6418
5684
10
19258
7612
156I4
Ill's
Aug
May
3984 July
37I2 July
54I4
87I2 Dec
9
5
9
9
Feb 10
95I2 Julyl9
3378 Aug 9
79I2 Aug 9
74I4 AuglO
8OI4
Jan
Aug
Aug
Aug
Aug
49
82
142
1678
I9I4
29I4
28I4
8512
75I2
July
July
777g July
6512 Dec
16
26
65
52
29
65
17
Aug27
46
Dec
June
Oct
Feb
16
12
22I4
Oct
Jan
69
Dec 25
Dec 102
Dec 92
Dec 166
11
63
Mar
Mar25
114
15
62
129
Lowest
I684
3218
37I2
3434
39I4
5O84
9II2
Mar
Jan
Jan
Apr
Dec
Feb
Oct
May
567
Oct
8658 Sept
8684 July
II6I2
114
6712
14II4
II312
29I4
July
July
July
Nov
Nov
July
507 July
Nov
4358
Nov
Feb
Feb
56
69
July
Oct
75I4
Dec
Aug
Aug
Dec
Apr
Dec
Feb
95I2
Oct
Oct
Oct
June
55I2 FeblO
54
6,900 Consolidated Cigar
75
i76i4 Febl3
178
Do pref
2,800
8978 Aug25
8638 July
7884
800 Consolidated Gas (N Y).-100
9378 Mar22
I063g July
737s July28
978 Aug 9
578
6,100 Cons Inter-State Call Mg..l0
2038 Jan 5
23
Oct
37I2 Nov
46I4 Apr26
3OI2
1,700 Consolidated Textile. ..Afo par
25
Feb27
74I4 Aug 7
65I2
200 Continental Can, Inc
100
Apr 9
10334 June
98
IOOI2 Oct no June
Do pref
9734 June22 10284 Jan22
_
100
lOig May24
IO84 Sep(
I4I2 Aprl6
I5'^g Oct
16 ,400 Continental Candy Corp A'o par
76I4 Feb 13
46
13,000 Corn Products Refining. .100
IO5I4 Aprl4
Jan
99
Oct
Do pref _
300
Augll 107
100 100
Jan 9 102
Jan 10978 July
3,500 Cosden&Co
No par 30 May24 4388 Apr29
5218 Feb 261
26,300 Crucible Steel of America.. 100 115l2May24 27812 Apr 7
Oct
Do pref
91
200
9258 June30 100
100
Jan 7
Jan 105 July
2038 Jan
12,500 Cuba Cane Sugar
No par 32I2 Aug27 5938 Aprl4
55
Dec
Do pref
6912 Mar
900
7512 AuglO
100
8578 Jan21
8778 Dec
36I2 AuglO 7J605
6,300 Cuban-American Sugar
10
Aprl7 nl50
Jan 1410
Oct
9I4 Mayl9
lOSs Jan
500 Dome Mines. Ltd..
10
Jan 3
13
leUMay
2388 Dec
1 8
May24 28 Jan 2
1,000 Elk Horn Coal Corp
50
43 July
39
Do pref._
50
33
Feb 17
Dec 49 July
45 Mar25
80 June 150
Aug 5 147
50
62
Jan
1 1 00 Endlcott- Johnson
Dec
lOUj Aug IO7I8 Dec
100
Do pref
100
92
Aug 6 104
Jan 3
6518 Feb 11
83
Dec 123 July
4,200 Famous Players Lasky A'o par
Jan 5
95
Do preferred (8%)
80 May20
800
100
9158 Aprl5
I6I2 Mar30
9
82 Federal Mining & Smelting 100
10
Jan 6
Dec 23I2 July
26I4 Jan 2
25
662
Do pre!
100
4434Mayl4
Dec 48I4 July
38I4 Jan 173
Fisher Body Corp
No par 99 Augl4 1347s Mar20
Oct
3918 Nov
2578 Aug 6
Jan 3
3,600 Flsk Rubber
.25
48
55
Oct
3178 Dec
A'o par
20 May20
3612 Jan 5
6438 July
2 1 00 Freeport Texas Co
5 7s Aug 9
I9I2 Jan 5
15
1,100 Gaston
& W, Inc... No par
Dec 8884 July
77I2 July23
49
200 Gen Amer Tank Car. _ A'o par
JunelO
58is Feb27
47
2,100 General Cigar. Inc
100
7588 Jan 3
Jan
95^8 July
79I4 May25
90
140
Debenture pref
100
9484 Jan 5
Dec 101 Aug
14412
General
Electric.
1
134
May20
_
Jan 2
Feb 176
1 800
00
172
Oct
72I2 Aug 9
82
600 General Motors Corp pref. 100
8984 Jan 3
Jan
95 June
Do temporary ctfs.A'o par 1978 Aug 9 42 Mar26
43,300
8212 Feb
Do Deb stock (6%)... 100 68 Aug20 85I4 Jan 6
700
9434 Apr
900
Do debenstock (7%)..100 7812 Aug26 94 Apr20
49I2 Aug 9
56I2 Jan
8578 Jan 5
4,100 Goodrich Co (B F
100
933s Oct
Do pref
900
.100
84
Aug 9 10284 Jan 3 102 Aug 109U Apr
47I2 Dec
55I2 Jan 3
431 Granby Cons
100
31
Feb25
S& P
80
Jan
191 June24
4638 Dec
300 Gray (fe Davis, Inc
25
4984 Jan 5
5334 Nov
47I2 July
3212 Dec
1.500 Greene Cananea Copper.. 100 a-23
Aug 6 3818 Jan 3
49I2 Feb
41
Aug 9 8478 Jan 8
2,100 Gulf States Steel tr ctfs.-lOO
8918 Oct
54I4 Jan IOOI2 Dec
Aug 3 IO9I2 July23
200 Ilartman Corporation
100
75
78I4
40
64
Aug 9
July 8
9,100 Haskel & Barker Car. . .A'o par
Feb
713s July
46I4 Aprl9
2184 Aug 9
800 Hendee Manufacturing. ..100
75 July 2 108 July 9
11,600 Houston Oil of Texas
100
23I4 Apr 9
Febl3
13
3,800 Hupp Motor Car Corp
10
.558 Augll
934 Apr 6
800 Indlahoma Refining
5
43I8
42I2 Feb
Aug
9
61
Inspiration
Cons
Copper.
Apr 8
6,100
..20
68^8 Julv
'8
13I2 Febl3
IOI2 Jan
Aprl4
100
27
2,500 Internal Agrlcul Corp
3734 July
48
Feb 11
Aprl5
300
Do pref
69
Jan
100
91
Julv
IlOis Jan 14968 July
200 Inter Harvester (ntw)
100 11284 Fcbl7 14212 Aprl3
IO3I4
1
1
Preferred,
new
Augl3
115
Jan24
Do
100
Dec 120 Jime
1
2II4 Jan
5184 Jan 3
100
8,100 Int Mercantile Marine
6784 July
215s Aug 9
9284 Feb 12812 May
Do pref
100
7,100
705s Augl8 11178 Jan 5
Aug27 170
Apr 7
800 Internat Motor Truck. A'^o par
39
Feb 4
Jan 19
Do 1st pref
72
84
100
FeblS
60
71
Apr fl
Do 2d pref
100
26'4 Jan 7
1558 May20
33"8 June
10,800 International Nickel (The). 25
205s Dec
62I4 May 20
3014 Jan
100
12,400 International Paper
918i Maris
82
Nov
FeblO
79^8 Jan 3
62
700
Do stamped pref
100
70
Jan
80 July
,'".0
3OI4 Aug 9
4714 JulylS
21,700 Invincible Oil Corp
34
4.100 Iron Products Corp
No par 36i8 Mar 1 5II2 Jan27
Dec 65 Nov
7I4 July 9
5I4 AuglO
20,500 Island Oil * Transp v t c.lO
2184 Jan 9
15
8 May 21
Dec
100 Jewel Tea, Inc
100
48 M.ir
45I4 JanlO
Aiigl6
3878 Dot
Do pref
22
100
100
91
Mar
Aug 5 30
2484 Dec
20
Jan 5
100
.. .lones Prog Tea, Inc.
44
July
7188 AUK 3 1521'' Jan 5
68
Jan 164 Nov
4,925 Kclly-Sprlngflold Tire
25
1011" Doc 11 Oil Oct
91
Aug 4 105
Temporary S'^ preferred 100
Jan21
Augl7
50
95
Apr 9
34
100 Kclsoy Wheel, Inc
Jan II4>4 Oct
100
Aug 6 33l» Apr 7
5,200 Kcnnecott Copper
22
A'o par
275s Nov
43
Julv
I3I2 Aug 9
38*8 Deo 1261. July
481; Jan 5
8,600 Keystone Tire * Rubber... 10
621-" Jan I07»i Nov
91 84 Jan 5
Feb26
63
100
4,900 Lackawanna Steel
LncledeOas (St Louis)
Aug 7 48 Marl5
33
35
100
Dec
83
Jan
Aug 6 3,S78 Jan 6
21
21
700 l^e Rubber A Tire
A'o par
Jan
40
Oct
Aug 6 207
JanlO 195
100 Liggett * Myers Tobacco. . 100 130
Dec 25014 Aug
..
June21 10978 Jan31
Do pref
99
107
100
Jan 115 July
No par 18's Aub26 36 Aprl2
23.200 T.oew's Incnrporntod
3,000 Loft Incorpor.nted
No par 117s AUK23 28 Jan 3
2518 Dec
755* Dec
43I2 Aug23
70
Jan 3
300 Loosc-Wlloa Bl.scult tr ctfs.lOO
401s Ffb
81
Julv
200
Do 2d preferred
Auk26 II 51 •JanlO
94
100 102
Feb 120 Juno
716 T^rlllard (P)..
AuglO 1 8384 Jan 2 14784 Apr 245 Julv
100 125
Do pref
200
98
100
A«k25 IIOI3 Jnn S 107
Jan 115 ,lulv
100 Mackay Companies
60
Aug 9 6084 Jnn 7
63
.100
Doc
7978 Mnv
SSI Jnlvl3
641! Mnr22
200 Do pref.
.
100
t63 Juno
66 Jiilv
,
,
W
,
M
.
J Ex-rlghta.
a Ex-dlv. and rights,
n Par value $100.
»
Old stock.
1 Ex-dlvldend.
New York
8S0
StocK Recora— Concluded— Page
'6
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Silonday
Tuesday
Aug. 21.
Aug. 23.
Aug. 24.
$ per share
*
105
$ per share
71
*97l2
159
*90
71
16038
94
"12'
Y2"ls
3934
397s
*59
*95
65
97
the
Week
$ per share S ver share
*95
105
9812 9812 •95
105
2OI2 20I2 •19
22
*70
'fzii
71
71
7134 74
*97l2
*97l2 .-.
*97l2 101
15538 16038 15534 I64I4 I6O34 I64I4
S per share
S per share
Shares
•95
•21
74
•95
*90
•90
•90
*19
94
"1134
3938
*61l2
'l2"l«
11^8
3934
3958
*61l2
65
97
*95
8884
*42
*84
35
75
8834
44
87
I9I2
1218
4038
64
97
30
35
74
*95
678
5934
95
74I2
lOOU
11
74 12
105
11
24""
*20"
*40
47
5OI2
5OI2
*45
46
*1S14
16
51
4
*49
378
*5
126
22
48
48
34I2
34I2
•
31
8512
79I4
18
86
7
7
58
*88
95
"70
75
*100l4 105
58
6=8
5734
11
11
95
*20
*40
50
46
95
24
47
50
46
*15l4
*49
16
51
378
538
124
48
35
47
31
*40"
46I4
74
IOOI2 105
1034 11
61
6178
13
81
85
16
9538
*88
93
I2I2
81
61
*84
*14
94
1234
81
6158
85I2
95
IOOI2
1434
52I4 5278
1434
76
82I4
82
83
7034
3812
*93
15
5II2
8OI2
8138
52I4
8434
8212
3678
8138
1612
36
*14
8234
163s
3678
8334
1638
14
15
4018
16
4178
40
40
*6l2
758
49I4
26I4
140
§668
•139
7
141
4914
5OI4
.52 14
27
2634
27I2
69I4
6978
*85l4
•6I2
89
670
*I05l4 10558
87I2
34% 34I2
7234 75I2
6218 63I2
68
*85l4
§660
89
670
10534 10534
•
8712
34
34
73
75
6158
6334
91
51
51
•4II2
9I2
47
41
'63r2
4778
4110
64"
85
10
85
46
*1S6
*84
46
165
86
2734
•39
109
•4234
*187l2
67I2
*13
*41
•6
1038
'IV
27h
35
35I2
38i2
37I2
4OI2
93I4
*88
I2I4
*80
61
•84
8OI2
6I34
85I2
3712
8OI2
1638
3712
83I4
I6I2
*13l2
3934
40
6I4
6
I39I2 140
SO34 5II4
2634 2 Sis
68I2 701'>
=8514
i662
106
"34"
7338
6I34
670
10618
87I2
34
7734
65I4
8658
8334
5II4
4258
88I2 89
10684 10684
*60l2 6112
•7I2
8
70
7258
66
106
1434
6078
82 lo
•80
938
35
714
714
7058
73I4
*65
104
67
106
14
*58
*82
14
6078
83
81
29
34
37I4
3812
•8814
1278
8OI2
6O34
24
47
51
4612
•1514
•48I4
51
4612
16
51
334
378
•5
5I2
225I4 225I4
47
•3214
*45i8
85
•15
85
•84
1618
•2434
378s
7958
1612
47
37
357s
3912
9314
32,500
1278
801 o
5,200
03 14
10,800
S512
1758
400
•80
81
6I34
851
261s
8OI2
6II4
8512
•>
•88
15
9I4
2418
65I2
67
85
2214
65
•82
66
86
27I2
27I2
2758
109
•40
107
41
107
44
44
44
193
193
67I4
*13
6878
1612
•4138
44
•5
5884
8478
4684
47I4
47U
4778
46I4
47I2
4734
25
27
24
24
1578
1618
47
40
107
•43
193
6658
58I4
6018
857s
48
84
8518
87I4
*47
10378 1037s
52I4 5212
89
905s
IO6I2 IO6I2
6138 6158
7
7
71
7378
65I2 6578
14
6O84
•82
"47"
45
40
107
44
193
69
5934
85I2
39
24I4
66
•82
*9i,
44I2
"86
27
*39l2
•106
44
194
68I4
I4I2
•4II2
6
59I4
8512
85
934
45
86I4
2710
40
109
44
194
7018
I4I2
45
61.
6038
87I4
105
106
I4I4
6034
S3
"4"7"l4
1
50
86
52I4
52I4
8834
9038
IO6I2
6
61
7l8
69
•64
•104
106
1378
62
48
48
85
5284
S3
0038 9114
IO6I4 IO6I4
62I4
6II4
71g
7
7I2
7134
70
721o
6578
6,578
67
106
106
1378
60
60
•8212 83
'IO2I4 105
47I2
47
104
106
"14"
"u"
•52
6078
•8212
'IOOI4
S3
105
4712
47I2
48
46I4
47I2
45
48
I6I4
155,
16
25I4
I5I2
25I2
1534
79
8078
79
81
55I4
55I4 58
55
IO5I2 107
10684 IO684
•103
110 •lOfilj 113 •IO6I2 113
•10612 113
6II2 6178
6078 6078
5978 6134
6114 6II4
•7812
5678
58
16
I6I2
I6I4
1584
8II0 •80
*B3l2 54I2
54I4 .54I2
IO.5I2 lOSio •10.512 107
108
110
6284
K
Jfc
6,400,
200
400
2,100
1,500
500
24,500
4,900
400
100
3,100
2,300
33,200
30,400
7,900
25,800
1,600
8,000
1,200
4,000
1,100
9,600
65,100
6,900
244
3,310
1,500
28,000
53,500
1,600
5,500
75,400
6,500
4,300
10,900
100
21,750
500
600
2,600
500
300
700
1,400
30,300
100
300
400
5,900
16,800
95
47I2
105
106
934
•5
6I4
42
978
"8"5"i8
.9I4
lOls
•4018
477s
3984
2538
6738
8518
958
50
91
51
938
45
83
104
534
243
47I4
87
I4I2
6078
538
•240
50
938
46
106
24
47I2
39I2
25I2
46
6478
82I2
9I2
42
*84l2
27I4
64I2
14
*4078
•SO
8
73
*58
42
86
10
7OI4
100
52l8
405s
52I4
42I2
83I4
1658
I4I2
1658
90
39
87I4 90
10684 10678
5934 61
•7
91
4038
2488
8818
82
51
515s
2758 2838
2812 29I4
67I4 6838
69I2
68
*S5l4 89
*85l4 89
§675 680 §2-670 673 •665 680
106
IO6I4 3^10434 105
10484 105
85
-85
85
"34'
33I4
34
33
33
3334
72I2 75I8
74
7734
72I2 7558
6212 65
6I84 6334
6118 6414
39
8334
52I4
6I4
241
51
4012
2558
6618
47
37I2
41
558
140
48
47
42
8II2
1678
I4I2
321
74,600
9,100
100
3,200
2,200
1,800
96
99
47I2
*80
1,000
34
22I2
•37
3934
612
14038 14038
5OI2
SO
27I4 2838
6SI4 7OI2
•8514 89
300
S33s
2878
1958
2914
3514
13
512
4,100
600
82
96
•96
3912
400
600
500
89"38
39I4
93I4
8OI4
1678
12,800
400
47
34
47
8434
107
110
63
100
100
100
Cable. A'o par
pref
Nat Conduit &
Nat Enam'g & Stamp'g_._100
S per
I5II2
33I2
137I2
95
May
27S4
32I2
Aug 9
May24
4
44
83
Feb 13
Feb 13
40
Aug 4
AuglO
88
6I2
Aug
Aug
4
1,200
26,500
300
1,800
600
201,400
2,S00
3,600
300
76,900
600
100
300
2,100
300
300
300
3,800
2,325
1,000
M
Sloss-Shetfield Steel
& Iron
100
Do preferred
_
lOO
Standard Oil of
J
100
Do pref non-voting. _ lOO
Steel & Tube of
pref. . _ 100
Stewart Warn Sp Corp.A^o par
Stromberg-Carburet_._A^o par
Studebaker Corp (The).. _ 100
Do pref
100
Superior Steel Corp'n.
.100
Temtor Corn & F pref A no par
Do pref Class B...Aro par
Tenn Copp & C tr ctfs.A^o par
Texas Company (The).. _ .25
Texas Pacific Coal & Oil
10
Times Sq Auto Supply. ivo par
Tobacco Products Corp... 100
Do pref
100
Transcontinental Oil .No par
Transue & Williams St.A^o par
Underwood Typewriter.. _100
Union Bag & Paper Corp 100
Union Oil
No par
United Alloy Steel
No par
United Drug
loo
Do 1st preferred
50
United Fruit
lOO
United Retail Stores
A^o par
V S Cast I Pipe&Fdy
100
Do pref
100
S Express
100
U S Food Products Corp. .100
U S Industrial Alcohol
100
Do pref
100
U S Realty & ImprovementlOO
United States Rubber
100
Do 1st pref
100
S Smelting Ref &
50
Do pref
50
United States Steel Corp.. 100
Do pref
100
Utah Copper
10
Utah Securities v t c
100
Vanadium Corp
No par
Virginia-Carolina Chem...lOO
Do pref
100
Virginia Iron
100
V Vivaudou
No par
Wells Fargo Express
100
Western Union Telegraph .100
Westinghouse Air Brake... 50
Westinghouse Elec & Mfg.. 50
White Motor
50
Wlckwire Soencer Steel
5
Willys-Overland (The)
25
Do pref (new)
lOO
Wilson&Co.Inc.v t
par
Woolworth (F W)
100
Do pref
100
N
Am
U
M
U
C&C
c.No
& M v t c.lOO
.
.
100
100
6918
I4I2
Aug
12
Aug 19
39I4
AuglO
Aug27
9
Jan 2
8638 July 9
June28
Jan 3
IO2I2 Jan 13
98
80
13
89I2
IO2I4
Apr
7
2
Jan
28
60
104
16234
Dec
21
32
Nov
4OI4
Feb
45
87
70
103
SI2
451s
47
46
Apr 8
43
Mar
Aprl4
Jan 5
65
Jan 2
78
Jan 2
6II4 Jan 5
3838 Jan 9
46 June22
11638 Aprl4
11184 Aprl4
47I2 Jan 6
Apr S
Feb 9
42I2 Jan 10
44I2 July 2
8278 Jan 3
IO8I2 Jan 8
23I4 Jan 8
98
Jan 7
Apr 8
66
9II4 Jan24
2758 Jan 5
11334 Aprl2
10412 Feb 2
75
Nov
IOII2
Jan
92
Oct
July
Dec
Dec
Feb
May
IO8I4
2434 July
8S38 June
July
Sept
112
Nov
2178 July
14534 Oct
Feb
Feb
Mar
7084 July
July
July
Jan
Jan
75
67
97
June
Jan
55
SI2
July
III4
128
Nov
Nov
Nov
Mar
Nov
Dec
46
Mar
74
7O84
5812
29I2
Dec
Dec
Feb
75I4 July
4238 July
39I4
Oct
Oct
80
Dec
22
67
Jan
Jan
9284
32
Dec
Dec
Apr
Dec
30
Jan
3884
IOII2
16
Jan
Jan
Jan
111
93
Dec
Feb
IO5I2 Oct
7458 July
42
27I2
45
Mar
S5I2
1238
3:59
Feb
Feb
Mar
Nov
51
Apr
Aprl2
JunelS
149
34I2
Aprl9
Apr
Feb
43I2 July
Nov
Marl9
*4278 July 7
IO6I2 Aprl2
10684 Feb20
2284 Jan 6
94
Jan 3
93I2 July 7
12434 Jan 3
10684 Jan 13
5534 Jan 2
12338 May 10
1778
2514
8358
2158
July
Sept
100
60
110
Jan28
124
120
S3
IO6I4
8
4178
36I4
Jan
Oct
11884 Sept
3284 July
7184 Nov
6284 July
Jan 604 May
94I2 Oct
Jan
13I4
91I4
19I2
44I4
Apr 6
157
42
Nov
Nov
29I2
June26
Jan 5
2238 Aprl7
534
958
Oct
54
100
May
Jan 110
Jan 264
99
93
64
102
S9i8
7714
S per share
Dec
137
3812 July
Jan 13184 Oct
Aug
Dec
130
Jan 7
93 14 Aprl2
no Jan 3
1712 Jan 5
117I4 Jan 5
4812 Jan 3
Jan 3
61
S5I2
Highest
S per share
Aprl4
Jan 5
Aprl9
Jan 12
222
Jan 3
105
Jan 6
26
Jan 6
7184 Jan 6
5284 Jan 6
69I2 Jan 7
10034 Jan 6
40 Mar25
40 Marl9
Aug 9
Marl3
I8I2 Aug 6
101
Aug 5
37I4 Aug 3
59 Mayl9
148
88
Am
Royal Dutch Co (N Y shares)
StJosephLead
10
San Cecilia Sugar v t c/no par
Savage Arms Corp
loo
Saxon Motor Car Corp.TVo par
Sears, Roebuck & Co. _
100
Shell Transp & Trading _ £2
Sinclair Cons Oil Corp.iVo par
Lowest
share
x97h Augl7
2OI2 Aug24
7OI4 AuglS
9712 Augl3 107
50
90
Range for Previous
Year 1919
Highest
per share
9
100
Augll
100
7018 Aug 9
Do pref
100 ^100l8May21
Nevada Consol Copper
IOI4 AuglO
5
New York Air Brake
ioo
89
Aug 9
New York Dock
100
20 Aug 9
Do preferred
loO
45
Feb 11
North American Co
100
48 May 20
Nova Scotia Steel & Coal. 100 42I2 Augll
Nunnally Co (The)
No par 1434 Aug 7
Ohio Fuel Supply
.25
44
Febl3
Oklahoma Prod & Ref of
_ 5
358 Aug 6
Ontario Silver Mining
100
5
Febl9
Otis Elevator
No par 107 May20
Otis .Steel.
No par I9I4 Aug 9
Owens Bottle
45I8 Augl9
25
Pacific Development.
Aug24
32
Pacific Gas & Electric
41I4 May20
100
Pacific Mail SS
5
28 Aug 9
Pacific Teleph & Teleg..
100
37
Janl3
Pan-Am Pet & Trans
.50
7184 Febl3
Do Class B
6734 Feb 13
50
Parish & Bingham
No par 28I2 Aug 9
Penn-Seaboard St'l v t c iVo par
16
AuglO
People's G L & C (Chic).. 100
Aug 9
27
Philadelphia Co (Fittsb)
3OI2 AuglO
50
Phillips Petroleum
No par 33I2 Aug 9
Pierce-Arrow
Car... No par
3578 Aug27
Do pref
100
88 July 2
Pierce Oil Corporation
25
11
.^ug 6
Do pref
100
79
Augl2
Pittsburgh Coal of Pa. . . .100
5II2 Febl3
Do pref
100
AuglS
84
Pond Creek Coal. .
10
I2I2 Aug 2
Pressed Steel Car
100
Feb 13
84
Do pref
I.IlOO 96 June 3
Public Serv Corp of NJ...100
Augl7
55
Pullman Company
100 IO884 May24
Punta Alegre Sugar
50
66
AuglO
Pure Oil (The).*
I_l25 *36
Aug 9
Railway Steel Spring
100
8884 J.Iay20
Do pref
100
9212 May 3
Ray Consolidated Copper.. 10 13I4 Aug 9
Remington Typewriter v t clOO 45 AuglO
Replogle Steel-.
No par 34I2 Feb26
Republic Iron & Steel
100
7658 Aug 9
Do pref.__
92I4 Aug 19
100
Republic Motor Truck. A^o par
32I2 Aug27
pref
33,900
78
7812
2,400
58
59
3,400
106
108
315
105
113
100
6118 Oils
1,100 Worthlngton P
500
Do pref A
63I4
63581
1,600
Do prefB
1618
.?
800 National Lead
S7I4
2878
1878
29I4
965;
3712
8134
1612
1,200
1,600
31
41
883s
821^
Nat Anil & Chem vtc. .A^o par
8,900
1,700
3734
•88I2
1258
61
500
26,800 Middle States Oil Corp
lO
20,850 Midvale Steel & Ordnance.. 50
Montana Power
lOO
200
Do Pref
_100
2,300 Mont Wd&Co Ills Corp.iVo par
National Acme
50
700
33
29
35
3638
3714
4014
9314
13
8OI2
6118
9658
74,400
Do
98
•20
•40
48
28
2"8"34'
100
100
800
Do
734
22U
47
86I4
8938
8234
2812
4738
I9412
6884
•14
I6I2
4II2 4134
6
6
5788 59
8312 85I4
104
4734
"2734
*90
52
521a
4178 4178
8712 8878
IO684 107
6038 6158
128
22I4
48
44
188
66
47I4
86I4
378
5I2
1
•4018
'106
47
•90
31
42
115
48
51
334
47
87I4
8112
*40l8
105
S434
•48
225
23I4
"51"
lOls
5878
84I4
•4512
•1514
•5
128
23
47
91
51
914
588s
8312
125
"51"
4658
3912
2458
6312
6I4
378
538
(Con.) Par
Manatl Sugar
loo
Manhattan Shirt
25
May Department Stores. ,100
Do pref
100
Mexican Petroleum..'
100
Do pref
100
Miami Copper
. _5
86
69
95
8478 7478
•10114 105
1078
2058 10'
46
50
47
26
16
27I4
4OI2
•6
334
45
•714
& Miscell.
Do preferred V t
400
700 National Cloak & Suit
IIOI4 111
•10034 II2I2 112
112 •112
114
72I2 74
72I2 74
711s 73I2
7II2 737s
38
3838
38I4 4838
3818 3838
3818 381
93
93
9484 9478
•94
95
95
97
10012 ibou •100
110 •100 210
200
110
1434
1434
1478
1518
1478
15
1518
I512
5018 52
54
54
6114 53
54
64
81
8334
SO
83
7812 8OI2
78
82
8II2 87
85I4
85I4
84
841s 866s
87
40
6I4
16
51
35
7678
5812
99
27I4
104
82I2
1278
40
86
104
•4714
2734
2758
44
•48
Y8'34
33
40
15
•1514
67
99
4218
S9I4
¥4""
•26'
46
50
467g
51
30
7'8
1058
46
•28
2712
95
1434
8958
83I4
401
esu
467s
11
97
24
*61l2
•9519
•84
86
95
75
•lOlU 105
•40
9I2
44I8 44I8
I8734 1S734
661s 6818
*137s 16
4134 4184
95
75
•10114 105
75
1034
96I4
67
59
•88
75
41
28
109
44
59I2
3934
7l8
•40
4758
4112
2612
6512
85
7I2
31
41
85
48
*58
64
""9l"2
86
7l8
59I2
*46"
85
90
*104
•2458
86
*43
•84
•46
33
•44
84
59
•6512
40
4434
72
44I2
4634
84
58^4
8418
51
42I2
4658
42
73
74I2
•4558
15
1478
73
86
44I2
73
34
9634
*98l2 IOOI2
*34l2
48
15
95
35
47
951
7234
3834
•44I2
*45
32
16
3518
8II4
*1534
*138
2234
95
55
114
110
35
4514
•96
*-55
11114 IIII4
71
717s.
3812 3878
9834
3012
37s
f2"8'
80
8SI4
*29
5
81%
39
3012
46
16
50
2218
117j
3038
*34l2
45I2
*15l4
nil'
H5a
I9I2
1218
3934
1938
1134
39I4
*95
•49
46
378
29I4
I9I4
4438
Lowest
Indus.
94
65
97
51
*49
"75"
•97I2 102
16138 165
3834
•6II0
9834
•20
80
38I4
4OI2
24
47
8II2
IS
39I2
*61l2
*20
*40
*49
8518
36
40
*92
*98
59
95
87
2878
1778
2734
I9I4
1218
7l8
8434
"1778
27I2
I9I4
1184
105
•71'
I59I2 I62I2
94
•84
86
*88
74
378
538
128
22
22
*46
*33
'45
45
87
3534
3938
88I4
1278
81
85
*14
95
74
7434
8878
44
45
*84
6I2
126
22
*34l2
35
*84
678
5934
*88
*34l2
74
88I2
*41
•90
94
104
22
75
*97l2 101
since Jan. 1
basis of lOO-share lots
On
EXCHANGE
Friday
Aug. 27.
PER SHARE
Range
NEW XORK STOCK
Thursday
Aug. 26.
29
*34l2
74I2
Wednesday
Aug. 25.
PER SHARE
STOCKS
Sales
for
68I2
104
19
Dec
Feb
Feb
Mar
41
140I4
Oct
1047s
4784
Dec
Nov
58
57
43
May
99
Oct
Oct
July
Apr
2858 May
May
98
3112
109
106
Oct
Oct
July
9184 Jan
132I2 July
Dec
98I4
IO7I2
Nov
112
June
2712 July
IO5I9 Oct
5334 Dec
68
46
Aug
71I2
Jan
145
Jao
IO6I2 July
74I2 Nov
100
Dec
44I2 Sept
84
I2I2
Aug
Dec
Nov
July
July
121
17
6
5318
Jan
"94I2
Oct
Jan 13
130
-iuglO 243
Aprl4
1:4558 Augl2
9014 Jan28
4834 Jan 5
231s Aug 9
Aug 9 8214 Jan2(;
59
87 June 5
9414 Aprl9
6I4
Mar
29
Aug
Dec
Dec
588
AuglO §850
§600
lOOis
86I2
2678
Junel7
Aug
Aug
50
9
9
Feb 13
5834
AuglS
92
41
June 7
Febl3
40
38
Aug 9
Mar26
9
July29
4OI4
37I2
22I4
57
11338
5II2
II8I4
12638
IOII2
60
47
38
Mar26
Apr 8
Apr 8
3684
4534
Jan31
Apr 8
92
32
Apr 7
Mar26
Mar31
Aug 12
106
Jan 7
Aug24
3834 Jan 5
40
Aug 9 66I2 Jan 3
161
Aug 9 200 .\prlS
73I2 May22 127
Aprl4
Jan 6
257s Aug 9
38
Jan 5
38''s AuglS
53
106
Aug 9 148 Jan 14
Aug 2 53
44
Jan 13
176
Febll 224
Aprl4
59
Aug 9 9612 Jan 3
25I2 Jan 3
I2I2 AuelO
8312
9I8
4112
6
5338
77I2
90
40
SO
101
50
Aug24
Apr20
Feb 13
Feb 13
Aug 6
F8bl3
Aug
Aug
Aug
9
9
9
55I4
3778
783s
11688
10384
6934
14334
11612
591s
104
76
1278
48
Feb 13
Feb 13
Apr 8
J.an28
Jan 3
Jan 2
725,
97I2
3434
37I4
115
75
345s
3788
9012
50
157
801s
884
51
110
54
AuglO
June 7
119
21
76
89I4
Aug24 119
44l2May20| 551s
44
AuglO 69l->
24
Aug24 3178
I5I2 Aug27
32
777sMay21| 93
S2l8
Aug
9
508s
.^ug 9
Mar31
Maris
Jan 8
Jan 3
Mar29
Jan 3
Jan 5
Jan 5
.\prl4
II6I4 Jan 6
95
9334
Aug
76
IO4I2
5478
June
Dec
I7I4
May
151
Jan n345
Jan
54I2
Oct
June
115
Dec 120 June
Dec 62-5s Nov
Jan
Jan
Jan
Dec
Jan
Jan
July
Aug
Oct
747s
197I2
Dec
100
July
45I8 Oct
5838 July
17518 July
SSis
May
Feb 215
Oct
II9I4 Oct
3884 Aug
7434 July
3234 May
918s Oct
Macr
May
111
5078 June
I39I4 Nov
II912 July
7SI4 Nov
Mar
50
Feb
Dec
Feb
Dec
Dee
I15I2 July
II712 July
9712 July
213g Jtme
Feb
Jan
92I2 Jnly
1157s Oct
Mar
"5IU 'Nov
Sept
82
94I2
4012
Nov
Dec
62
Dec
j8S
'79
May
9212 May
'
126
45
Jan
Jan
Jan
23I4
8784
655s
Jan
Jan
Jan
4OI4 June
98I4
10478 July
13638
I1712 July
5978
86
July
June
Oct
July23
145
Julv20
9
,Tunel7
IO9I2
Jan
I7I4 Jan
Jan
73
109
Jan
43I4 Jan
45
Jan
88I4
IIII4
651s
Oct
Oct
Jan
Jan
Jan
Jan
Feb
112U Jan 7
July 19
Nov
Nov
97I2 July
Apr
Dec 167
3
Feb 13
June 3
Mar
1684
.A^prl4
Mavl9
89
66
J97l8
96I4
Aprl6
May
8184
64I4
Feb
14
Jan
4212 Jan
8OI4
SOis July 13
fi2l'>
Jan 5
Jan 8
Jan 6
934
«184
97
104
100
103
55
80
Apr 7
Apr 6
Jan 5
Jan 13
76
Jan 3
4758 Mar2;
Jan 5
109
4178 June 14
8378 Aug 9
10438 JunelSl 11584
8O34
561s Aug 9
7
-A.ug25
1278
42
85
Feb 23OI4
Dec
Dec
91i2June24
Aug26
AuglO
6
9
74
4118
4612
Mar25
Mar25
13I4
C5734 Jan 2
5388 July 7
34I4 JulylS
9512 Jan 3
Aug
Aug
I68I2
Jan27
Janl3
Jan 6
120
11284
50
88
66
May
Feb
Dec
Feb 117
Jan
.I.in
9812
81
May
Oct
Oct
Oct
sh-^^es..
°"'^'''''^^-r'snta. a Ex-div. and rights, i Ex-dlv.
t Ex-rlghts.
Reduced to b.asls of S25 par. n Par SI 00
+
T^.^^
Name ^^L^'^'^.^:l''^.,'i°^1f}^;i?J}^'A^7xvame
chiinepd
.';.r"?'r''i".^i'i'
changed from nhinritVo^r^oat'^'',^™'';,.
Ohio Cities Gas to present }.}"^^J^'i^.}99
title July 1 1920, range Incl. prices from July 1 only range for Ohio Cities
Gas Jan. 1 to July 1. 37 May 20, 50H Jan. 3
New York
Bxcnange— Bond Record
—
Stock
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now
n. Y.
BONDS
STOCK EXCHANQB
Week
eniilng
Aug. 27
U. S. GaTernmant.
First Liberty Loa.a
3^9 l9t 15-30 year..l932-'47 J
Range
Aug. 27
Last Sale
Ask Low
Bid
D
89.86 Sale
89.86
Second LlbeitF Loan
LLconV...1932-'47
Ist
4s
is
ZndLL
1927- -42
Third Liberty Loan
4Ha
4Hs
4Ha
LLoonv...l932--47
l8t
2na L L oonT..1927-'42
1928
3rd L L
Loan
Liberty
Fourth
iiis 4thLL.
Victory Liberty Loan
4?i8 oonv g notes-. .1922-"23
3Ji3 oonv g notes. .-1922-'23
192i
coupon
»193e
Pan Canal 10-30-yr 38
reg..l93!Pan Canal 10-30-yr Sa
1961
Panama Canal 8s g
4>
Foreign Government.
Anglo-Freucb O-yi 5a toiler loan
A
01) l5-yr 08.l«j-i
M
Ss ol 1911 J
Chinese (Hukuang Ry)
Copenhagen 28-yr s i 8^48.. 1944
Cuba— i-xternal debt 8b ol 1904
Bxter at 58 ol 1914 ser A. .194V
194*External loan 4 Hs
oi
Canada
84.60
8520 492' '84 00
8460 4012 181.10
O
g 8s-.
N
D
(Kingdom of).Ser A 6Hs '25
Japanese wovt £)oan4^e-192t
—
K
N
4H%
1961
—
Oanal Improvement 4s... 1961
State
Registered.
318
97^8
98^8
107i
106U
IO6I4
79I2
867g
89U
871s
8312
28
83
41
41
1
75
86
73^8
5
41
74
86
8O34
925s
80'),
86
7034
76
79
95U
8734
98'>
'20
70^4
85I4
98I3
88I2
86I4
9818
91I4
93
74
71I4
70I4
Jan
73I8
'20
54I2
58
83
83
8318
34I2
36'8
29
9OI2
102
52
3
28
87
Aug
93
Sale
105
104
94
91
8134 Sale
85 Sale
8158 Sale
IOOI2 101
83
97'2
Sale
t 3612 Sale
29 Sale
91 Sale
102 Sale
51I2 54
94 70 99.40
64 99 4(
IOII4
100
,94
'15
99 5^6
69
86
5734 Sale
83 Sale
96
Feb
98
88
aalfc
Is
881)0 101.10
201
83%
29
91'2
102^4
Aug '20
....
256
19
17
18
34
41
5
157
147
'581
92%
50
87
96
921,
9Slj
92
69
951!-
8712
82
76
77
97I1.
^2
52I2
7'
28
27
114
83
83
9234
93I2
2934
3
2«
4j
37
68
881:
60
96
9612
8II2
84i8
82
85i8
193
281
393
9012
92
171
94
IO3I2
61
923s
8II4
971,
83
89I4
9584
9434
90^
83
Sale
91
8
O
'20
85'4
90
90
90
Aug
80
Aug 20
90
80
8218 July 20
80
91
91
80
90
80
8IU
91
91
Si's
91
20
82l2
9034
9134
7134
98i2
Aug
'20
9034
Aug
Aug
Aug
97
78^8
Sale
93
iOO«t
lOOlj
1001k
903r,
91
811, 90
82^2 89
9034 lOOij
91 1» 1005>
7134 81
'20
'20
'19
Dec
91
93
64
49I2
49I2
4934
60
74%
Sale
1995
»1996 Nov
»1995 Nov
Registered
N
»1995
Stamped
1956 J D
Conv Kuiu 4s
1960 J D
Conv 48 Issue of 1910
S
East Okla DIv Ist g 4s... 1928
J
R( eky Mtn DIv 1st 4s.- 1966 J
i
Trana '"en Short L 1st 4s. 1968 J
Cal-Arlz lat & ref 4 Hs" A' 1962 M 8
S
1942
SFe i*rea& Ph 1st e as
»196S
8
All Coast Llstgol>l4s
.
1930
N
10-year serureti 7a
U
1964
Gen unlfleo «Hb
N
Ala Mid Ist gu go:d OS.. 1928
J
1938
gold
4s.
Bruns A
Ist gu
J
Charles A Sav Ist gold 7s. 1936
N
01952
coll gold 4s.
O
1934
Bav F4
Ist gold 6b
O
1934
lit gold SB
J
1926
Bait A Ohio prior SHE
41925
J
Bsglstered...
7212
6434 Sale
74I4
75
218
71'8 July'20
6434
66%
73I2 June' 18'
6712 Sale
66^8
6712
60
64
66
ill948
»1948
Registered
1933
10-yr oonv 4Hs
Refund A gen 8s Series A. 1996
1929
Temporary 10-yr 68..
1922
PltUs Juno Ist gold eS
P June A
DIv Ist g 8 Hs 1925
P I. E A
Va Syu ref 48. 1941
Southw DIv Ist gold 3HS-1925
Cent Ubio R Ist g 4 Hs. 1930
CI l.or *
con Ist g 6s.. 1933
Ohio River
1st g 8s- . . 1936
General gold 8s
1937
Pitta Clev A Tol Ist g fls. 1922
Tol A Cln dlv 1st ref 4s A . 1969
Buffalo R A P gen g 8b
1937
65I4 Sale
O
A O
Adjustment gold 48
M
M
M
M
W
LAN
W
lat ao-year gold 4l
M
W
W
RR
J
J
N
N
J
o
D
O
J
s
1921
A
1922
ar Clinch A Ohio 1st ao-yr 6s '38
Central of Ga 1st gold 8b.. .1)1946
Conaol gold 68
1946
10-yr tamp aenur n* Juna 1929
•
No price Friday
latest this
week.
82I4
64
81
82I2
66I2
70l8
74I2
8OI4
74I4 Sale
9si8 Sale
74
Sale
you 92
72I4
o
8178
8334
83
66I2 Aug '20
71
71
72I2 Aug '20
82
Dlv 48
Registered
58
Stamped
..
Guar li Co otfe ot dep
f
Purch money Ist coal 58.. 1942
Ohlc A Ind C Ry 1st 58. . 1936
Chicago Great Weat lat 4s. 1959
Oblc Ind A Loulsv— Ref 68.1947
Refunding gold 58
1947
Refunding 48 Series C
1947
Ind A Loulav let gu 4b. ..1966
Ohlc Ind A tJou 60-yr 4e
1966
ChlcLS AEaat lat4HB
1969
Ch
A StP gen g 49 ser A.el989
Registered.
...el9««
Qen'lgold3Hs8er B
«1989
General 4 Ha Series C
el989
Gen A ref Set A 4H8
a2014
Gen ret oonv 8er B 58.. .02014
Convertible 4Hs
1932
Permanent 48
1925
as-year debenture 43
1934
Chic A L Sup Dlv g 68
1921
Chic A Mo Rlv Dlv 68.. 1926
1921
Cblc A P
let g 68
O A Puget Sd Isl gu 48.1949
Fargo A Sou asaum g 68. 1924
Mllw A Nor Ist ext 4 Ha. 1934
1934
Cons extended 4 Hs
1921
Wis A Minn DW g 68
Chic A N'weat Ex 48 ...1886-'2e
1886-1926
Registered..
1987
General gold 3 HS
Registered
pl987
1987
General 48
1987
Stamped 48
1987
General 5e stamped
1879- 1929
Sinking fund 6s
1879-1929
Registered
1879-1929
Sinking fund 68
.1879-1929
Registered
.
M
72
92^8
.
78
79
66
Sale
9734
88I4
SO34 Sale
681? Sale
66I2 Sale
88I4 Sale
78
98I4 100
129
78
847,
81
67l»
65
69
'865
67l«
62I4
6634
88I2
365
197
67 U
81
70
60
69
09
92
871s
9018
07I2
86
Jan
72
69
74I2
8
52
103
Mar'20
Mar'20
Mnr'20
88 Aug 19
99 18 Mar' 18
47
49U
8818 July'20
72I2
60
8II2
'12
AuK
'20
73U Jan 20
85 Apr 20
A
87
98>.s
Jan.
22
"89
91
aDue
82
SO's
81
Apr '20
65I4
60-'8
60 Feb '20
90
88
94
S'
78
July'15
90'4
7934 82
84'4 Sale
6812
'16
D
N
761?
7^
lOllj 100
May 20
9778 IOII2 98
June'2o
79I2
82lj
82 12 Sale
6918
67
6918
70
D
O
88
69
67
92»s
Aug
8038
60%
64lt
925,
79I8
5733
70I3
J
89lj
89»a
68
'20
128
60
75
61»4
6778
61
86
86
91
9018
»li«
77V
901),
ii\ 63
88 Is
7OI4
7314
86
92>4
83'}
731.
86
99»4 1001).
977s 100
77I4 87
87U
78%
87 14
09
85
80
7512
8434
8478
84
Is
blC
Mlob Div
70
96V<
88
94
dDue AprU. cDuo May. jDue
81
8II2
95
93
98
96
95
96
'98U
781* .
83
89
II
Spar
7'3'
80
W
CRIF
M
.
>
Day A Mich
Clev Cln Ch A
—
::;.
62%
6712
W
W
lerm A Improv
June. /iDuo July.
4s. .1933
Muj'iu
7Ss Dec '19
69
67
June' 19
67
Aug '20
88I2 Sept' 16
60
62
6018
4234
3412
Sale
7'7""
70
2
'eiu
--
5812
2
4312
98
68
77
Aug 20
8518
85^8
Aug
83«4
92
9.i78
Oci
«7
2"
8II4
28l2
1914
29
8734
7612 Sale
2812 Sale
28i8 Sale
87I4
86
28
1
25
9u
!
Sale
75
11
'20
19
7612
2812
n
11
29
101,1
I
.
70
50
50
7o
45
'20
6912
75I4
75
So3
Feb
Fe;
-u
70
9OI2
.
1
I
Apr '20
May'20
.
97'
Mar 20
Feb i.
82
M^t
52I2
93I2
81
Mar'.<:(>{
r
53'4
9312
-—
6Q34
641-.
I
!,
48 '50%
6778
93I2
«>•
97
8OI2
68
621(1
8218
SI
82
73
1
80';
"""
68
Mar
20
6t
6218
May
May
20 - -—
8U
Mai 20
—-'
56
67
6512
92
56
Sale
,
9
1
16
56
Fel.
69»4
38 "53I4
16 6778
I
72
F
70
6634
6712
J
Sale
7012 Sale
7978 Sale
75%
62I2
70"2
701
7978
50
J
eUsSale
60
611:
8,
J
94*8
94l2June20
J
8678
96I4 Sale
58% 6278
71
9834'
09 12
80
6912
7514I
95%
8234 ..
78l4
64I2 66
7333
93
7334
73I2
A
89
94
85U
Sale
OI2
Apr
73I2
71
1
1
94
7734
96S4
8II4
93
81
69i»
81
681$
'
Aug
1091s
Apr
Apr
99
Aug
99
2
7373
July'20
80
71
847, 98
103
99
67
70
t
'20
--.-
Aug
85I4
8478
9912
Nov
14
99
94lj
941,
96
98
8312
9078
18
lOOU
H'fiii
88
92
Mar' 19
101 '2 Oct
"99":^ IOOI2
57
16
Nov
Jan
19
17
9878 100I8 98^4 July 20
98I4 99»4
9678 9978 Apr 20
OP--^
99'4
94 101
100
Bepflv
9412 100
9612 June'20
10</l4
961s
7OI4 73
72
Aug '20 ....:| 70
72%
July'20
'I
80s 94
81
87»4
79
68I2
6978 Sale
12 66
7612
70
I
70
67I4 Sale
S6334 Sale
861s 92
72
82
69
i
J
IM
79U 85
62
76% May 19
6512
74I4
70
J
991s 103
55's Sale
70i8 74
71
66
74IS
78
69
58
64
6278
6II2
76
68
75
80
70
60
Salo
75
68
260 'o6u
6714
64I2
63 8
87 '^ Apr 20
97U Feb
89
70
607s
lO
19
Aug
'20
73
33
62
100
8312
82I2
Aug 20
Nov 101
Mayl8
67ii
Junel9,
100
54I2
90
88
81
6512
74
79
69
16
82*4'
96
100
104
Nov'19
78
I
May'17
Mar'll
Jan '20
67%
11
75
June'20
3
64
84
20
6834
93
94
77% Auk ''20
75%
75%
66% 72% 64%
96
747«
7714
47
58%
94
16
37
...l|
73
74
38i2
«6l4
78
2
2334
677s
99I4 100
60%
Novlfl
94
63% 68%
004t
74i« Jan '19
77I2 100
75>2 7578
6834 Salo
97
66%
81
70
77
84
75
02
SO
69
79
68
Aug "20
67%
57%
63-'4
871t
9f
103
52li 61
I'l
15
551
74"a June'20
82>4 Sept' 19
8578 93l| May'19
82
91% lOlij IO2I4 Dot '19
76I4 Nov' 19
es'i
7014
571 2 Sale
57%
57%
Sale
65»4
90%
19,
Oct
72
23''4
"67'»4
,58V
861.
I
118
J
M
06
"78
77J
84I2 Aug '20
81
July 20
64I2
64I2
75%
Sale
lOOU 102
79
J
J
^
"7"
Jau -20
7734 Jan 20
95
July 20
9612
6512
Q
66I2
9734
9314
9834
94l|
1
7-
98
98
lOOU Sale
90
M
2
9-.
A
F
3
61
Bepi 19
9412 Fell
97'8
A
M
79%
63
93
96i4
93% 93
100
J
M
7
9411
6078
'.
SB
A
73
95I8
102
78
7212
20
Fell
'«<l78
1
Q
M
I
I
90
J
M
9o
70
60
62
70
68
60
60
|i
57
A
A
A
A
A
A
49
38
98
76
84
6912 Sale
76'8 76 '8
70%
M
M
73
65
41
22
37
72^8
6212 Sale
M
8112
63»4
5738
-I
A
F
F
95
2'
96
64
73
U
J
J
J
J
J
78,,
69«4
-66'i;
1
J
85'4
8212
77
Feb 15
113
4312 Sale
65
M
.
—
79
84
82''4
70U 77
M
W
I
eo-is
i
cons 4Hs 1931 J
81 L gen 48. 1998 J
1931 J
20-year deb 4Hs
1993 J
General 68 Series B
l8l
1939 J
Dlv
gold
48
Cairo
Dlv Ist g 4s.. 1991 J
Cln
St L Dlv 1st coll tr g 4B.. 1990
1940
Spr A Col Dlv l8t 8 4s
Val Dlv lat g 48. . 1940 J
OlSt L A C iBt g 48 . .41936 Q
Registered
.
. tl93H g
Cln 8 A CI cons Ist g 6b. 1928 J
cons
g 68. 1934 J
C C C A 1 gen
Ind B A W 1st prel 48. . . 1940 A
181 pret 58. .41938 g
O Ind A
FeoriB A East 1st cons 48.1940 A
1990 Apr
Income 48
Cleve Short L Ist gu 4Hs...l96i A O
1929
Colorado A Sou Ist g 4s
1936
Refund A Ext 4Hs
C
Ist
Den
B8...1921
Ft
A
g
Cunn A Pas RIvs Ist g 4S...1943
Cubs RR lat 60 year 5ig... 1962
Del Lack A Western
Morris vt Kss isi gu3Hs..2000
1921
N Y Lack A l»l 6s
..1923
Construction Ss
WW
'20
.
6334 July'20
J
lat
W AM
I
-i
8918
June'20 --;
70l8
59
72
86>4 Mur'17'
73I2
72
^74
8OI2 273
7612
6378
37
^
6
8634
Sale
71
Sale
Sale
J
W
1988
. .1934
.
R I Ark A Joul8l8t4HB. 1934
1934
Burl C R A N 1st g 5b
let gu 68.. 1921
AN
1952
ChOkla A G cons g 5s
Book A Des Moines 1st 68 1923
8t Paul A K C 8b 1 1st 4H8'41
( blc 8t P
A O cons 68. . 1930
Cons 6s reduced to 3HB..I930
...1930
Debenture 6e
Nortb Wisconsin Ist 6s. .1930
Superior Short L lat 58 g.rl930
(^hlc T H A So East iBt 58. 1960
Chio A V^est Ind grn g 68. |1932
1952
Consol 60-year 48
In H A D 2d gold 4H8. . 1937
C Find A Ft W l8t gu 48 g 1923
Aug
82
8912
64I4
M
M
AN W
L Feo A N
R lA P-
.
78
72
'76^' '7612
81il
79
100l»
90
87I4 99'8
--9618 98»4
I
90l2 Aug '20
9734 Aug '20
IOOI2 Jan '18
i
J
J
1.
High
j
Muy'iS
Sale
J
J
let g 68... 1925
iBt gold 6s. 1924 J
Ist gu 4s . 1947
Ist gu 6b 1948 J
>V gen 48 ...1988 J
Registered
Refunding gold 4a.
25
66
M
at
6978
961a
Aug
lH!l-<
Since
Jan
High ^o- Low
81
J
1930
10-year securel 78 g
"*
iL>eb 1 laluec vai I8I gu 4Hi> *
From Elk A Mo V Ist 6s. 1933 A
ij
38
100
5834 Sale
7412 Sale
49I4 Sale
88is
7514 81 12
71
65
65
100
112
72
9712
79
75
74
1921
1921
1933
Ashland Dlv
98i8
Mar'20
Jan '20
-
W
M
Rang*
I
'
J
W
m\
82
M
2_\
o3
97-> iiiu>
]
7612
7612
B*
ManG B A N lst3HB-1941 J
Mllw A 8 L l8tgu3Hs...l94I >
Mil L 8 A West Ist g 6s.. .1921 M
Ext A Imps f gold 5S...1929IF
62
82
M
••
S9
1
1937
Bfgtster<"fl
677i
62
28; 60
13 77I4
11.^.
La*l Sale
90
76
USMtg ATrCoctfsof dep —
95
4734
»
t»
M
.194!) J
Deb<?nturf 5s.!
Registered
Sinking fund deb Ss
33
July'20
73I8
9712
12978
o
A
Canada Sou cons gu A 8s... 1962
81'>8
S
N
Ist gu g fis.
Pitts l8t gold 68.
Consol 1st g Cs
•
D
1967
1998
1943
4Hb
Sale
J
A Mab
Conaol
AII& West lstg4Bgu
Clear
Riich
o
1
2
M
General 48
196> »
'bio A E III ref A Imp 48 g.. 1965 i
>" s Mtg
A TrCo ctts of dep. ..
193 A
lit oonsol gold 6b
Railroad.
.kI995
Ann Arbor isi g 4s
Atchison Topeka & Santa Fe—
Gen g 4a
.. .
1995 A
193t
See Great Nrr'v
Nebraska Extension 4s . 1027
99
66
1939
Joint bonds.
1071,
60
J
6s. .1929 J
—
Illinois
97
10718 108
25
(J
M
18
63
J
General gold 4H8
1992
Registered
1992*1
30-year convertible 4 Ho. .1630 F
80-year conv secured 68. .1946 A
Big Sandy let 4b. _.
1944 J
Coal River Ry lat gu 48.-1946 J
Craig Valley lat g 68
1940 J
Potta Creek Br Ist 4s
194t J
E A A Dlv 1st con g 48. . 1989 J
2d oonsol gold 4e
198b J
Greenbrier Ry Ist gu g 48.1940
Warm Springs V lat g 5a.. 1941 W
Oblc A Alton RR ref g 38.. 1949 A
Ratiway let lien 3Hb
196( J
ChicB&Q Denver D!v48.192i: P
Illinois Ulv 3V48
194t J
91
99
100
95
A impt
fund
l8t consol gold 68
Keglfltered
Nov'19
June'20
93 July'20
1O712 Jan 20
99
Mar 20
102 May'20
95 July 20
92
64
90
90
90
July'20
100
91
8534
90
83
95I4
95I4
83
86
90
88^4
89^4
Virginia funded debt a-3B..1991
58 deferred Brown Bros ctts
10
90
...-.---- -
1962
Oanal Improvement 4s
1960
Oanal Improvement 4e
Oanal Improvement 4 He. 1964
Oanal Improvement 4MB-1965
aigbway Improv't 4 He. 1963
aighway Improv t 4MB. 1965
July'20
Aug
83
87
87
87
N
N
N
83
86
81^8
4g
Reglsterei
AO
M
e
M
'S'9'l
74i2."Hay'19
J
J
J
J
Week's
Range for
Ask Low
Bid
Dock A Imp gu 68..-1921
Y A Long Br gen g 4fl..l941
uicuciai cuusol 1st 6a
8412
93V8
89I4
201 102
Friday
Aug. 27
..JI198;
Am
N
84.986731 82.00 93.00
9312 100
6S'2 IS
97 101
63, 9818 987s
64' 8912 98
8II2
70^4
80'8
83
M
H%
State and City Securities.
Y City— 4}i8 ^ori> injii-i9Bi m
4 >i a Corporate stock
1964 M
1906 A
4Hs Corporate stock
1967
stock
July
Corporate
4H3
1966
4 Hs Corporate stock
1963
4)^8 Corporate stock
1959 m
4% Corporate stock
1958
4% Corporate stock
1967
4% Corporate stock
4%Corporate stock re8-.1966
1957
--.
New 4>^s
Corporate stock. ..1957 M
Z}/i% Corporate stock... 1964 M
N Y
I
M
—
9912
68^8
97I4
98'8
90^2
76
M
of)
100
74 Sale
72^4 Sale
J
193! J
N
15-yr as
1934
N
16-yr
681934
ol)
Marseilles (City
J
Mexicij Exter loan £ 88 of 1899 Q
1964
Gold debt 4s o! 1904
'O'l
Paris i< Ity of) 8-ye«r 8b.
Switzerland (Govt of) a t 8s 1940
Tokyo City 6s loan of 191^...
D of Ot Brit * Ireland—
N
192
notes
6-year 5
20-year gold bond 8Vis..l937 F A
1929 F O
10-year oonv 6Hb
..pi 922 i
A
6-year conv 5 Vis
tTbese are prices on the basU o' $5w£
Bterllng loan 4b
Aug
95.64'5513
95.60 1711
95.30
lOlij 100
July'20
lOHa IOOI2 June'20
10612 105
105
10612 105
105
98I4
19
Mar'
10112
99
July'18
7912 Apr 20
83
87l2 Mar'20
87
981;
93
192J
Second series 4Hb
'Oerman stamp"
do do
Lyons (City
MM
94.00
92 86
87.96 4703,85.80 95.00
9530
Sale
Sale
Sale
Sale
98'8 Sale
91i8 Sale
_.192!'
10-year 51ib
U6.90
84.40
85
98
88
86
19''^l
...1931
2-yr5i2agoiQ notes Aug 192]
Italy
87.58
9738 Sale
97I4 9734
94 Sale
S3 Sale
t 40^8 41I4
75^8 Sale
86 Sale
81 71 14
82^4 Sale
—1926
do
do
84 04
99I2 Sale
681
69
S
D
DomlulcanRep ConsAdm a I 63'68
Dominion
do
do
85.20 Sale
84.58 Sale
87.64 Sale
78
M
Argentine Internal 58 ol 1909.
Belgium 25-yr ext aJ7Hs g.l945 J
Jan 1921
1-year 6% nntes
Jan 1925
5-year 6% notes
Bordeaux (City
84.46
1961
1914-34
-
69 83.00 93.48
236i 181.40 92.90
84 .80
95.36
93.42
100
100
105
105
100
41930
41930
1926
Registered
Philippine Island 48
10(1.40
84.28
96.00
84.80 Sale
1933--38
38 oonsol registered
28 oonsol coupon
4a registered
90-04 2883 89 10
and defaulted bonds.
Price
Cent of Ga (.Cone.)
Chutt Div i^uj money g 48 1961
Mac A Nor Dlv iBt g 8S-.194t
Oa A AM Dlv 8s
194/
Mobile uiv 181 K 6b
194c
Cent alx <3t U of Ub oob g 88.193i
cent ol N J gen gold Sa
198/
Ohesa
l8tLL2n<100nvl932-*47
4^8
High
8434
interest
.
High No. Low
84.80 Sale
84.30 Sale
— except for
Y STOCK EXCHANGE
Week enUng Aug. 27
Sine*
Jan. 1.
or
interest"
BONOS
Rang*
Wetfa
Price
FHday
881
Friday. Weekly and Yearly
"and
2
1
I
16
6
66
86%
91% 98
73
03
06 July'20
99I4 Aug 20
03
98",
100%
93% May
92%
9734
00
04
90
'20,
June'20
*Due Qug. «Due Oct. pDue Nov. oDue Doo.
4
OpUon
707s
sale.
New York Bond Record—Continued— Page
882
W. y.
BONDS
STOCK EXCHANGB
IS
Week ending Aug. 27
Delaware Lack ic West Conel
Warren In ref gu g 3i^8- 2008
Delaware & Hudson
l9t]leDsaulP8 4>iS
1932
1943
1935
1930
1946
Alb A SuBQ oonv 3^3
Benss A S&ratoga l9t 78.. 1921
Denver A Rio Orande
1936
l8t C0B8 K 48
1936
Oonsol goW 4Ha.-1928
gold
Improveraent
Sa
1955
l8t * refunillng 59
Trust Co cer t.f8 of ddj)08l
Rio Ur Juno l8t gu g 53. ..1939
Bio Or Sou l8t gold 48 ...194'
. -.1940
iuarantesd- _.
Bio Or W?8t lat gold 4a..l93B
Ist
*
rel 48
30-year oonv 5e
10-year secured 7s
vitg*
A
V A
t
M N
D
A O
M N
A O
I
J
J
J
D
F
A
.(
O
o
o
.1996
Del
QilO M .
1996
Det ai V Tun Ter Tun 4 ^ s - 19« l
Dul vMssabe 4 Nor gen Sa--l&4'
193
Dul * Iron Range 1st 5a
g is
193
193?
Ool Sou Sbore A Atl 8 5a SIglo j3llet«Ea8tl«tg5a..lfl4;
Srt« la- ^^onBoleoldTB-.;
NY*
EM^
Mt
4H8
I'ft
g 48
Srd ext gold
«cti ext gold 59
ttb ext, gold *•
Ny
L
t.
35)2'>
.lkl4
19^
192
.
.11-!
W Idi • (a 74-
4
Erto lat oona g 4a prior
—
.1
o
o
.7
M N
M f
M N
m a
A O
J
D
M
.1996 J
BBslstered
lit ooneol i^a lien « 48 1996 J
.1996 J
RaglBtwed
Pann 0)11 trust gold 4s. .1951 r
60-7ear oonv 4a Ser A. .1953 A
1953 A
do .Merles B.1953 A
Qto flODV 43 Series D
Ottlo ik Erie lat goia 99.. .1982
01*v A Mabon Vad g 5a -.1938 J
rie A Jersejr lat a I Sa. ..1955 J
Qtneaee Rlvr Ist si 68.. 1957 J
1935 A
Long Dook 03a30l g ^ia
lat our ga 88. .1922
Ooal*
sir
lat
58.
..1943
Oook & Impt
J
W
g 5a.
—1946
.
N
J l8t ext 5a.. .1940 A
Wilk A East lat cu « 58 . 1942 J
a iDd let cona gu g Qa .1926 J
vansv 4 T H let oona 8s .1921
1942
lit genera! gold 58..
Mt Vernon Ist gold 88... 1923
5a..
1930
Boll Co Branch Ist g
norida E Coast lat 4^=. -1969
»ort St O D Co lat g .>^s..l941
rt Wortb A Rto Or Ist g 4a 1928
1933
Gtelv Houa 4 Hen 1st 5s
Great Nor C B 4 Q ooll 49. .1821
»192l
Registered
1361
lit 4 rei 4 Ma Series A
198 i
Beglatered
Paul
A Man «9
193i
193
1ft oonaol g 6a
Registered
1933
Reduced to gold 4}jg. 1933
Registered
1933
Uont ext l8t gold 49... 1937
Registered
1937
1940
PacUlc ext guar 4a £
3 Minn Nor Div lat g 4s. .1948
MIdot
t
A
O
O
o
i
I
J
o
3
A
N
O
D
lat oona g
Hocking Val
Bztanded
lat gold
F
H
1952
BeglBtereC
l»t retunfllBg 4b
.1955
Reglstcrod
1951
Joint Ist rel 58 3erle9 A-1983
Mempb Div lat g 4s. ..1951
Registered
1951
at Louis Sou 1st gu g 4b. .1931
gid 111 4 Iowa Ist g 4s
1960
1919
lit 4 Great Nor lat g 6s
l«mes Frank 4 Clear 1st 48.1959
Knsas City Suu Ist gold 38.1950
Registered
1960
Ref 4
Apr
5e
Kaaaas City Term Ist 48.
EiBki Erie 4 West Ist g 6a.
3d gold 6s
.
Worth Ohio lat guar g 68.
tab Val
Y iBt gu g 4 Wa.
Impt
N
Beglatered
•
No
1950
1960
1937
1941
1945
1940
X940
iWIce Friday latest bid
IN
6412
51
16
25I2 July' 16
70i8
72
June'20
83 '8 88
86 June'20
IO5I2 Mir Oa
77^1
70
83 Juae'lu
83I2 85
88 May'20
98^8 99'l
97
98%
80 Jan '20
'st" III^ 92 Jan '20
93 Juae'2u
9434 Nov'l.i
9812 Augl9
SOU
Sale
67'8
Sale
39'4 Sale
42 Sale
T2i2 Sale
63'8
75I8
83
79U
79
83
95
75
100
79
55
73
June 16
74^8
3534
Apr 20
3734
72I4
72I4
90
67
52
HYB4
NY4RB
14'
69
80
Louisiana
LoulavlUe
86
<0
80
92
96
92
93
26
47
58
243
72%
4
"38"
7934
4134
30
41
34
44
83
66%
"7"8'78
79
79
91
91
Jan
July'20
Dae 06
May'20
Deo 'l.i
N0VI9
86
68
108
52
39%
June'20
Jan 17
Aug'20
"81U
'55"
51% AHg'20
76
Dec ivj
95%
93% Aug 20
77% 78
Aug'20
96
June'16
91
79
81%
M
95
Feb
'20
64
92
61
84
Sale
'65I4 '67'34
Gen
83
78
99
106%
9118
9118
65
60
10%
7
58lj
5934
65
73
ly
78
78
81%
79% 83%
~
63%
Tf
15
62'4
6234
July'09
68%
68
34
74%
62
9538 Sept' 12
70I4 Sale
N
N
64
6714 Sale
70%
64% 'Aug'20
67%
65 8
63
63
J
86% 87% 85%
70
63
J
86%
57I4
jf
J
F
F
A
A
59
90
55
i
3
3
J
J
J
J
60
6534
J
60
69% 80% Nov'ie
79% .M:a7'19
54
J
D
M 8
J D
J D
J D
J D
90
70
84
Aug 20
J
J
D
74%
J
D
S
i
N
D
i
851;
77I2
65
7OI2
66I4
9034
82
69
75
5434 Sale
i
67
J
J
3
i
68%
'4
62
A
<»
60
65
\
.1
and asked
Sale
Sale
74I4 Sale
J
tbis
6334
72is
59>8
63
63
83
«8
54
62
93%
80
54
69
61% 61%
67
81
76
80
week,
Aug'20
77I2
75I4
Dec
93
78
6.51
67%
73
8038
65
80
78
a
83%
69% 69%
78
133
70
121 '63'U "75
72 62% 76%
21 72
81%
"j
Beech Cr Ext
JaB.
73%
J
62
A
80
Ka A4 O R
6
Due
Feb.
(7
Due
June.
A
lotgj
Due
July.
»
July'20
Feb 20
66%
Nov 19
75
62
61%
Feb
10l% 104
1
I
--
1
63i8
7934
72
1
"~
Ma- 20
76
87%
82%
68
65
89
89
May'16
Uec 19
Jan 20
93% 93%
76% 81%
61
«5%
July'20
61%
45
35
99
77
75
99
86
- - -
».">
Mar'lO
Nov 10
July'20
N
65 '8
67%!
8
40% 42
40% Aug'20
F
50
J
40% 45
68% 75
47
45
70
39
Sale
39
76
42
Sale
69
88
86% 87
86%
70
95
54
55% Sale
30% 32
30
25
28
N
8
31% 36
28
27
30
24
24
O
50
85
96
94
I
Aug 20
July 20
42
22'
63f%
34^8
75
42
55
45
26,
19
87
71
92%
8S
I
'16
29%
_. .
55%
29%
2712
17
June 20
Aug'20
4334
35% 44
70% 82
89% 91
Nov
Dec
99
95
97%
40
69
76
74%
89% Aug'20
.... .-.
3
91
102%
'06
Ma- 20i
97%
A
84
99
98% 100
45% 51 '8
60% 76
..
7934 July'20
75
!
«
22
4
97%
D
76
91% 94
87% 100
72
84%
24
8934 98
65'8 Sale
J
J
72ij
... 85
90
... 100% 103
... 100
100
90%
J
69%
32
D
a
60
...
...
...
79I2 Jan '19
9834
98%
4734
48
S
S
D
1
2
...
96
89
97 '8
98 14
7378
67
68
Aug20
71% -.
98%
96% 9312
80% 7612
aiu 67
61%
73
521s "6078
23% 32
li
27^2
17
33
17
30% Aug 20
30% 39%
30'8 Aug'20
25
24%
23% 28
24
23
24121
June'20
teo
'20
37
24
28
36
23
46
4934
..
M
40
F
A
40%
55
34
«
4934
6212
4934'
36
Dec 14;
Aug'20
34
48% Aug'20
50
45
45
48%
M
J
M
40
28
:,\
33
3834
74% Sale
87% 881
F
F
F
55%
M
"«
M
9734
87
82
Sale
9834
68
65
68
72
65
72
J
80% 83
A
A
8212
"70'%
J
J
83
89
72
Oct
65
72
S3
July 14
80
*
90%
9512
i
99
•
.
6884
75
68
90%
90%
88%
Sale
Dec
I
63
90
67%
73%
67%
76
67%
73%
Sale
64%
66
63
73% Sale
73%
72%
66% June'20
60
5912
52I2
5834
May'20
75
49
Mar'17
Feb '20
Sale
Oct.
74I'
9734
.
8
'
.
"69
I
95
7
5
20
"ii
60
I
5534
154
May'16
73
June'20
s
Op«on
sale.
30
23
.
'
16
15
6678
9034
66
96
41%
59%
86
63
69
93*4
4
72
79
6134
70
61
69
68
65
64%
82%
76%
4
6212
62
60
54
6l7g
49%
82% 82
49
S2'2 Jan 20
95»4 N •' -16
55
61
Due
20
.
Aug'20
61
59%
78
I714
.
'19
'20
88^4
74
72%
e
Jan
67%
58
A
June'20
9034 Juoe'20
5134
49
42
1981
1942
1938
20
25
93
5834
61% 59
76% 77%
.
6834
16
1'434
.
86
78
59%
5812
80
91% 102%
91
95%
75
15
54%
76
63% 72
15
.
Mar'20
6O34
51% Sale
90
06
.
2134 July'20
60%
1
i
May -20
"67'34
110% Mar'17
2OI4
65%
Sept.
I
91% Aug'20
Apr '20
91
56% Aug 20
7712
'm'
'76' '7934
87
"50 76%
80
94%
69%
91
3
J
—4
I
I
59
96% 98%
June 19
75%
f
51
12
'18
M
M
89
"55' 58
67% 76
78 Sale
70 '92'
74% 83%
84
91%
7412 89%
I
55% 386
J
M
1
9734
80% Oct '1?
6634
64%
Q
--.
74%
6634 Sale
"98""
"33% '38*
48% 50
20
45
19
79% Aug'20
82
102
69
1
16'
87
Aug'20
52-8
9734
J
F
Dec
Dec
74%
84
82
«
1997
1934
Due
Mar'2ii
100
Sale
63
67
59I8
80
77%
81% SepflO
i
...1935 «•
1998 F
2013 A
J 9-
May'20
88%
RR—
lat g 3 14? ')1951
Dec 19
10118
J
D
—
—
It)
Juue'r.'
A
N
Aug
SH
66%
79
64% 72
11
101%
Aug'20
Apr 2u
83
76
s
A
A
77
64
3iu
73
84% 92
95I2
76% ...
Aug'20
97% ... 104
66% 68% 66
66
Ks-1957 3
1977 A
4^9.1926 J
Oar? 4 Ad 1st gu « ta .
»1ouv 4 Oswe isl g-.i i 5«
87I4
8ept'19
Due
o
1998
1998
1998
.1998
1989
Baei'.t) Creek l-ti gu i *k
1936
Registered .
1936
Id guar liold os
1936
Registered
.1»36
49% 59
95
103
73
ii
5934
73
94
89
85
pr lien 4
Registered
Debenture gold 48
Registered
Lake Sbore coll g 3 ^s .
Reglatered
Mich Cent col! gold 3 i^a
Registered
Battle Or 4 Stur Ist ga 38
7T)i8
NoVlo
68%
74%
Feb 17
Aug '19
May'20
J
New York Cent 4 Hud RIv—
Mortgage 3Hs
1997
Jan '20
Ooi '09
67
Mex
Oonaol 43 Series A
Ref 4 Imp iHe "A"
'19
55
S
of Mex prior lien
1st oonsol 43
1961 A
1st 48
1953 3
1st 68.. .1926 3
Non-cum Income 68 A
1935 A
Aug' 19
52>4
of
Wat
93
84
Aug'20
Nov'i?
.
W
M
New York Central
Oonv deb Os..
95% Krti. 19
65% Julyl8
Feb 20
D
New Orleans Term
N O Tex 4 Mexico
MurlO
65
N
Guaranteed general 48
Nof'lu
7438
6912
8%
Jan
90%
8534
10034
9838 Sale
4734 Sale
6'5i2
6934
S
..
K
Wat Rya
62
53
2004
dep
M
M
4^8.. 1936 J
M
June'16
73
85
78
J
76%
62%
117%
61% 64
5934
65
52
53
Jan 2U
61% Feb '20
92
100
10
Aug'20
June 16
80
F A
F A
'is
Aug'20
70
54
62
102
54
53
J
65I4
'23
July'20
J
J
62
8
sinking fund
1944
Trust Co certfs of deposit
et Louis Dlv Ist ref g 48.. 2001
6% secured notes "ext" 18
Dill 4 Waco 1st gu g 68. .1940
Kan City 4 Pac Ist g 49.. 1990
Mo 4 B l9t gu g 6a
1942
K 4 Okla Ist guar 68. .1942
K 4 T of T l9t ga g 53 1942
Hber 8h 4 80 lat gu g 5a. .1942
Texaa 4 Okia lat gu g 69. .1943
MIsaourl Pacific (reorg Co)
Ist 4 refunding 58 Ser A.. 1966
1st * refunding 6s Ser Ba 1923
Ist 4 refunding 59 Ser C..1926
General 4!?
1975
M'tssourj Pao lat cona g 60.. 1920
40-year gold loan 49
1945
8d 7a cxtpnlsd at 4%
1938
Cent Br O P 1st g 4a
1948
Pao R of Mo lat extg 4s. .1938
2d extended gold 58
1938
St L Ir
4 3 gen oon g 58 1931
Gen oon stamp gu g &a-.1931
Unified 4 ret gold 4a ..1929
Reglatered
1929
RIv 4 G Dlv 1st K 4a ..1933
Verdi V I 4
Ist g 53-. .1926
Jb 4 Ohio new gold 68
1927
l3textgold6s
61927
General gold 48
1938
Montgomery Dlv Ist g 58.1947
St Louis Dlv 5s
...1927
St L 4 Cairo guar g 48.. 1931
Ifasbv Chatt 4 St L lat 68.. 1928
Jasper Branch Ist g 6s. ..1923
M
M
'18
Nov
80
68% Sale
92
"
62^4 June'20
S
8
..ffl990F
Trust Co certfs of deposit
83%
8
'85% "94
64
4 Tex—
sa gold 4a
76
Sept' 17
81%
81
Mo
88%
8314
96I4
13
M4
let ext goid 68
1st 4 refunding 4s
Trust Go oertfs of
82
78
97
Mar2n
7N
M
86%
95
97
84
68
— __
M N
lat eons 58
^938
1st Ohio Term s f 48
1941
SS
A Ist g 48 Int gu.'28 J
Mississippi Central 1st 6a... 1949 3
Kan
1st gold 48 1990 J
'
M*r 20
July'20
73% Oct
70'4 Apr
63's
77I8
M3tP4S9Moong4alntsu.l938 3
66"l8
96"
9612 105»8
12
D
M
Sept" 19
9812
9S'2
I36I4 May'06
85% 88^4 8512 .Aug'20
8712 91% Apr '20
84
7912 60
60
60
7I2
7I2
7%
9
64I2
64I2 Ahg20
68I4
70
70 Sale
73I2 June' 18
65
A
85%
May'16
July20
80
83
78
97
99I2
96
9812 103
80"'
'17
Apr
—
Louis
M
9514
'81%
81%
IO2I2
77I4
9212
89
70
Aug'20
100
118
85
86
51%
492,
M
M
M
92
10
94
OS's
J
Aug
73%
}
F
F
85%
IOII2 Sale
91
85
92^8 100
3
M
—
Sale
84
N
St
1st 78
..1927 J
Pacific Ext Ist gold 60
1921 A
1st eonsol gold 58
.1934
1st 4 ref aiding gold 4a... 1949
Ref 4 est 50-yr 58 Ser A. .1982 Q
Des
4 Ft 1st gu 48.. 1936 J
Iowa Central Ist gold 68.. 1938 i
Refunding gold 48
1951
NovH
June 12
73% Aug'20
N
Gen oona gu 50 year 68.1963 A O
4 Jeff Bdge Co gu g a...l945 IW 3
Minn
"
89
79
i
Manila RR Sou lines 48... 1936 M
Mex Intemat 1st oona g 48.. 1977
Stamped guaranteed
1977
Midland Term Ist a f g 68.1925 J
"
'15
ueu
i.
4 N
64
95
92
t
M
'20
Jan
5934
85
92
70
HI
80
D
N
N4C Bdgegengug 4Vji8.1945 J
40
I
J
s
.
'39%
48'
S
A
^
69
Sale
64
81%
Di« 43 .1948
Atl lat gu g 6i<..1921
Ala oona gu g 58 ..1938
67
5912
3
aend«r Bdge Isr 9 f g *la..l931
Kentucky Central gold 4b 1987 3
Lex 4 Eaat lat 50-yr 5a su 1965 -A
L,4 N4
I8tg4>i9 1945
L A N-South
lolnt 4a. .1952 J
aegiatered
»1952|Q
N Fla 4 3 Ist ^Q J 59
1937,
18
65
Faducab
M4 M
M
73
3
M
Pen8ao4
Feb 20
91
3
O
N
N
"90"
92
98% 98%
86% 86% Aug20
79 May'20
66% 67% 67
Aug'20
85% 95I2 92 'J-^i 19
'08
O-F
80
99%
63% June'20
63
73
D
...
73I4
30l8
8338
751.
3
at Louis Dlv lat gold -Is .1921
3d gold 3e .
. ,W0
Atl liaos 4 Cln Dlv 48.
1956
,4il Kqos 4 Nor Isl g 5e..l946!J
47
72
83
89J2
17
1.
High
60
69
I
98 Is Jan '20
105 Oct '13
J
J
I'i'.T
4 Mem
96%
63% 75
Unified gold 49..
. .1940
Registered
. . . .19W
3 mumral triirt gold .ia ..1131
10-year secured 7.S
.1930
L Gin 4 Lex gold 1 , .. .1931
1st gold rtd
OA
I93j
2d gold 68
. 1930
W
Mar'17
s
s
D
gao rts..l930
Gold 6s
84
93% 99%
113
87%
3
4
& Nasbv
No. Low
Higti]
J
lat oon g 5i. 19'5o
lat gold 5a
1J27
lat ooa g gu 5s-0l9 i2
A/k lat ? 5i ...19.'7
Nor 3b B
92% 92%
90%
86
Since
Jan.
96% 96
J
-
."4
79
92
77
J
J
J
58
48
IO8I2 Sepc ly
103 Jan 18
75
105
N
A
A
2^i
39 '4
42
79
23I2
Si's Sale
96I4 103
M
J
M
M
J
70%
49
45
75
Bangt
Lasi Sale
Ask Lore
9534
'}
1945
Lang laid 1st cona gold Ss.. 81931
1st ooQsol gold 4a
ftl931
-19'<«
General gold 4a
Ferry gold 4 ^a
.i;»jj
.19',2
Gold 4s
. .
Unified gold 4a
.
I9t;
Debauture sold 58. . . .19
30-year p m deb o*.. .
19
Guar refunding gold 4a . lui'.t
Reglater^d
.
.1919
72
39
108% Jan '17
Aug'20
80
1
A
A
M
J
M
63
38
^^
Week's
Range or
65% 6S% 65% Aug'20
7II2 78
12
71%
72
87% 100
89% June'20 -—
O
O
Registered
62% 72%
145
93
247
40
85
70
49
100
38% 39 >8
88
97
72
69
48
30
78
8
'16
45I2
36
'83"
50
6778
Dec
40'8
3ii
10138
72%
5834
93.
7658
J
J
A
10
4
3
62
Dsc
82
Sale
81
85 ig
N
N
Lablgh Val (.Puti ooaa g«a-.20o3
General ooua 4^a
20u3
Leb V Term Ry Isigu 8 68.. 1941
Keglatered
...1941
Lab Val RR lO-yr ooll 68. .s 1928
Leb Val Coai Co lat gu g 58.1933
Ragtatered
1933
1st Int reduced to 43
1933
Leb 4 N Y l8t guar g 48
1945
Julyl7
4812
99I8
96?8
67
73
Price
Friday
Aug. 27
Bli
100% IOOI4
jV.ug'2J
63%
6412
Sale
78
9434
65
7ji8 Jaly'20
GII4 Apr '11
9434 Sale
A
1951
1951
1952
FOTObased llnso 3j^a
ft n O & Teiaa gold 49 ..1963
Registered
1953
1934
IS-year secured 6t2B
1950
Cairo Bridge gold 43
Lltobtleld Dlv Ist gold 38.1951
Loulsv Dlv 4 Term g3^Bl953
1921
Middle Dlv reg 59
Oaiaba Dlv Iht gold 39.. .1951
at Loula Dlv A Term s 3b. 1961
1951
Gold 3)^8
Registered
1951
Drlngf Dlv Ist g 3Ha
1961
Western Lines lat g 4fl
1961
Registered
1951
1923
BeUev 4 Car lat 6s
Oarb 4 Sbaw lat gold 49. .1932
OMo St LA N O EOlflSs. 1951
Registered
1951
1951
Gold 3He
45
55I8
J
J
J
Reglaterei!
1951
collateral trust gold 48. -.1952
Reglatared
51
50
73
65
FeS
FeB
J
48%
'^8
Week ending Aug. 27
1.
95
3HB...ig51 A
Sit gold 38 scfrllag
64
85
50
4Hb
1S99
1999
aeglstered
1948
Ool 4 H V lat ext g 4a
1956
ool 4 To! lat ext 4a
Souston Belt 4: Term Ist 6s. 1037
tlUnols Central lat gold 4a. .1951
1951
Registered
1951
lit goiaSV^s
Registered
1951
67U
72
72
46
J
1937
Beglstsred
..1937
Ist guar sold Ss
Will 4 8 F lat gold 69.. 1938
4 W deb ctfa "A"
Debenture ctla "B"
QaU 4 S I Ist rel 4 t 8 Ss.. 61052
6334
6238
6512
-I
5s:
High
"20 99%
'20
Aug
34
A
192:
Minn Union lat g 68
Uont C lat gu B Ob... ...1937
Green Bay
101
100
65
6334 Sale
ee's 6S
6858 73 "8
4812 Sale
41^8 4812
70i8 73
3738
45
M
t
Aug'20
8OI4
Y.
'08
951a Aug'20
78 ""ii
7612
84
M N
H
M V
la tret 5a .1937 J
T SusQ 4
...
1937 T
3d gold A'yie
Sa
194t) F
General gold
Terminal lat sold 5B--.1943 M
!»
Feb
lOOU July'20
100
55'>8
M N
NY* Qreen L gu
6a*4
96
192i)
ii*9H J
RR
Sale
82'8 84
10012 Sale
71^8 Sale
,
Bsglstered
78
I
48 A.-lP+i'
coll trust
& Mack— 1st Hen
J
J
9454
Jan.
High No. Low
102 13
96'8
Sines
Last S(U4
Ask Lore
Bid
J
XjtW* or
to .f.
BONOS
STOCK EXCHANGE
Pri«e
Fridav
Aug 27
[Vol. 111.
2
!
73
73
Aug. 28
New York Bond Eeoord— Oontmuea— Page
1920.]
BONDS
.
Weel£ ending Aug. 27
Dent * H a RR (Con)—
1997 J
Lake Shore gold 3l23
NT
Wtek't
Range or
Last Salt
1997 J
Reglater«a
M
1928
1931 M
iS-yeax gold 43
1931 IN
Heslstored
.1991
Mob & Mai lat gu S 48..
1934 J
Mahon C"I RR let 5s
1931 M
Michigan Central 68
1931 Q
Reglsterei
1940 i
4s
1940 J
Registered
J 1. A a let solfl 3MI...19S1
1862 M
l3t goldSHs
20 year tieueature 43 .1929 A
N Y Chi 4 St L. l8t g 43 -.1937 A
1937 A
Regtaterefl-
Debenture sold 4s
M
M
1931 ra
Debenture 4s
N
ti
NY & NortiMirn let g 6B-1923 A
N V * Pu lat cons gu g 43.1993 A
J JUDoRguur lat 4s-. .1936 V
y & Harlem g 3>i6...2000 M
Pine Crtek reg guar aa
R t^ <fc O can let ext 6B..kl922
Rutland lat con g 4 Ma
1941
Og& LCbam lat gu4ag. 1948
uut-Canada lat gu g 4a. 1949
St Lawr & Adlr lat g 5a...l99ti
199f<
2d gold 8a-,.
Utica <fc BIk RIv gii g 4S..1922
Pitts ck L Erie 2d g 68..-al92s
1932 J
A
66U 69
63'8
81
78
64
'ee" "72U
73
"73"
7012
88
961s
97I4
9612
Aug
80
77
58
60
Oct
J
J
68
Sale
J
65
60
76
871a
84I2
77
77
6618
63%
6618
7012
72
81
67I4
8I34
61
75
64
64
95
10
58
62
53
'20
Feb
13018 Jan '09
2d guaranteed 6S
1934
West Shore lot 48 guar... 2301 J
Registered
2301 J
95U June'20
95U
9514
73I2
64»4
74%
6712
64
717*
94ij
971a
6534
79
lat (-u 6a -.193:
9312
N
TO
LliaeB
BHUlp
ea tr 6s - .1920-61'
M
4H8..1920-192E
t
trust
T Oonnoot latgu 4 Ha A.. 195? V
T J* H &
Nan-oouv
Non-ooQv
Non-conv
Non-oonv
Non-conv
Hartlord—
M
M
1947
deben 4a
dobsD 3 Ma
ly47
deben 3 He
195 i
deben 4s
1955
deben 4g
1956
196»i
OOBV debenture 3 H8
Conv debenture 68
..194^
Cona Ry non-oonv 4g
193(.
Hon-conv deben 4s
1954
Hon-cocv deben 4i
1965
Won-conv deben 4e
1968
Harlem R-Pt Cbea Ist 4a -1954
B * N y Air Line lat 4a-. 1955
Cent New Eng lat gu 4g..l9fil
Hartford St ay lat 4a
1930
Housatonlo R oona g 68..1937
Faugatuok RR lat 4b
1954
N Y Prov 4 Boston 4a -.-1942
«yWchea4B
BOBton
1st aer 1
TeriDlna! iQt 4s
A
Pennsylvania
RR
Ist g 4s..
ODBC I gold 48
OBBOl
ornerai
•
4H8—
«Hs-.
.
eneraiaii.
43I2
73
50
75
i
M
M
i
43
J
M
M
M
M
r
M
M
F
A
A
i
J
M
M
J"
J
M
Series
B
8crlcsC43
P
V-
A
di
I.
mM
O
Pirlffi
I
Ceaera 5a aer
•
No
4Ha
A
none gu
price Friday
39I2
65
76%
45
46
'19
17
51
51
6278
63
'44"
58"
Cent Pao
17
43
48
68
Sale
77I8
100
98
83%
107
-.-
70
36
QH4
Apr
7334
7434
"19
7012 Aug '20
Oct
76
76
Aug
72l8
96S4
9812
Dec
99^8 Sale
75
73-is
6912
70
94%
71I2
76
J
J
M
M
J
94
6l
70
6018 ...
93
90
90l8
'72"
'97'"
96'8
9678
"6534
6838.
July'20
69
7412
75
July'20
53I2
69
49I4
21
69
May'19
96
97
JunB'20
76l8
37I2
Oct
Feb
Dec
97% 102%
96 100%
'19
'19
'16
... 103% 108
62
66
11
78l8
7818
8978
7478
8312
90
Feb
83
97
10,
92
97
258
S3-ls
72%
8.'j
82
S3
9612
96% 90%
69% 69%
66
71%
73% 73%
8034
8OI2
'20
67
66
80
81
Feb
Apr
May' 19
Apr 20
Aug
'20
74% 90
79% 90
Apr
'20;
HO
80
78
78
76l8
76l8
76is
77
Nov -19
78
82
>
I
73%
May "20
Apr
72% 84
82% 82%
73% 7378
'20l
Junp'20j
76ut Juoe'20
7S
76
ami asked, u Duo Jan.
76
»
Duo
Feb.
J
J
O
J
J
o
s
.
o
J
J
J
i
o
o
J
M
8
O
J
J
J
J
o
N
8
S
8
3HB.1926
960
.1917
.
A..
June.
72
86
8I34
82%
82
80%
88%
Duo Aug.
Duo
Oct.
17
'20
56
80
52
59%
62%
7134
81
87%
56%
39%
82
85
182,
17
2
16
50%
3234
3934
848
41
52
43%
127,
64
May'20
14
52
66% 70
8678
3984
SO
48% 69%
66
90
74
95
69
38
49
52
64%
64
64
43
67
76
68
93%
72
100
87
68
Oct '18
Mar'2U
96
95
Nov -18
84%
847g July'20
89
94
94
85
11
76% 82%
60% 70
1:
87
85%
Sale
86
july'19
Apr
80% Aug
S234
73
74
66%
6534
8234
82
85
87
72
81%
60
77%
77%
98
82
90
Sale
69
7934
80% 83
142 '68
9
40
'123 "54'
62
68%
71% 90
61% 67%
I
60% '60%
92%
79% 91
I
91
68%
81% 82
05
80
63
Sale
60% 79%
73
75
75
85
25
35
81
July'20|
Apr
2O1
M.-»y'l8:
83% 84%
80%
77l|
Due Nov.
74
75%
47%
78%
77
79
f
82
83
68
84»4
19
85
76% 85
52% 66
I
SO
52
86
14
85%
62% 73%
05
65
36
72% 74
96% Sale
83% 88
77% 78%
84% Sale
'82'%
S3
Fob
S2% 73
'19
10
46
18% Mar'16
12% 18 Aug 'IS
7134 65
May'20
82% 82 July'20
80
80
70
July'20
40
Sale
3ale
Sale
'90
7934
"79
76% Mtty'20
Sale
89%
62% Juno'20
83 Aug '20
05
Sale
3478
79%
60
'95
80% 80%
'19
'20
'20
SO
60
96
55
106% Nov04l
83% 83% May'20;
8134 77% Apr '201
85% 80
60% 70
75
46
99% 100
90
97%
80% 90%
M!ir'20|
'20
Apr
7534
74% 80%
81% 88%
65
60%
Aug
Aug
"ei'ia
50
76r-
May 20
75% Apr
79
83
65
81
SO
66
86
'79"»4
62% 73%
77
87%
69
80% June'20
86
70
86
82
96
90
7634 June'20i
91
93%
85% 93%
'9"l%
86%
96
94
93
June'20
'20
'20
87
81% 85%
82% 82%
84% 93%
Mar-19
Mar'20
100% Oot '17
91% Apr '20
83
99
61% 73
73% 93%
93% 106
66% 78
82%
82%
84% May'20
Sale
81%
348
469
160
82%
83
93% ^i July 19
44% 51
62 Jaa '19
97
96
99% Jan '20
9434 9678 97'k Apr '20
80
73
80% May'20
61
66
66 Aug 19
8738 96
92% Nov'19
58
56
60 Feb 20
95%
102% June'll
86%
96 Jan '20
82% 100 104% Dec '16
82
79
69
6078
55
49% 61
30
41%
Feb 14
87% Sepfle
75%
76
Sale
Sale
69
54% 62
80
83
65%
49
'il'
92
9234
86
60
Mar'20
83
68
64
102
9234 lOU
26
Aug '20
65% "63
Aug '20
59% '128
76% 82
74% .Vug '20
82% 87% 83% Aug '20
Oo
60
59%
60
55
81% Mar'16
58%
6OI4
60%
98
;<
89
16
85% Sept'19
59% Sale 68%
59%'
66 Sale
5534
66%
73I8 77%
77% Aug '20
66%
64%
64%
80
78»4
72
July'l9
July'20
May" la
73% Sale
66% 68
82
May
May
67
53
81
93% 97
75
96
'20
75%
81
84
69% 70
78%
75%
I
*:
6
1808
4
54
92
87%
71
84% 93
Sale
9734 Sale
Sale
72
70
47
.
July.
104
73
75%
•,
70
3
57% 321
69% 108
24
84%
64% 693
Aug
42
93% 93%
99% Nov'19
101
Dec '16
66% Sale
S
57
Tor
Due
75% 87%
71%
68
40
Juiy20
57
<-51%
63
W
or lien g
78%
Aug '20
40%
I
D
W
5678
J
A
79I;
72I4
N
Due
Novl9
8078
8II2
"II
J
76
88%
74% 76
'76'%
76
S3
....
J
J
O
Truat CO otfH of deposit
Hum A BufI Ist g 4b..»1946
192H
Ulster A Del lat oona g 68
1962
lat refundlnu s 4a
1947
UdIod Pncirio lat g 4a
1947
Registered
1927
20-yenr conv 48
^2008
lat A refunding 4s
lO-year perm secured 68.192S
Ore RR 4 Niiv con g 48.. 1946
ere Short Line iBt g 6B...1922
1946
5Bt oonaol g 5s
1929
Ouar refund 48
1926
rrtah A Nor gold 68
1933
lat flxieuded 4a
1955
Vnndalla oona g *8 Ser A
1957|M
Couaola 4K Serlea P
P I-"' TU 4 %<> . 1 ^3 1
Ve Oriin
68
88 1« Sept'17
74 Is Auk '20
76
O
W
Coll truBt 48 g Ser
87lg
"70I8
J
W
nO-yoar gold 48
'la
'17
'20
8234
M
J
N
N
N
i
J
M
W
Tol St L 4 W
SO
84% 84%
Miiy'lO
935i Apr '17
P
lat 5al93i
1st g 4Hb-6b— .1996
1951
at Loula dlv Ist B 48
Ala Gt Sou Ist 00ns A 68.. 1943
Atl A Charl A L lat A 4 Ha 1944
1944
Ist 30-year 5a Ser B
1948
Atl
Danv lat g 4b
1948
Sd 4b
Atl 4 Yad lat g guar 4a -.1949
W
'83%
82
80
78
A
A
D
O
N
M
98
9:1
8178
D
Dlv
W
S47s
93%
103%
95'4
Mar'20
9
N
1936
General 63
J
7a 4 So'w'n let gu 68. .2003
O
Ist conB 60-year 68. .1968
A
1924
Ist cy gu 4a
O4
J
Spokane Iniernat lat g 68-. 1966
O
of
St
L
lat
Term Aasn
g 4H8.1939
A
1894-1944
Ist cons gold 59
J
1953
Gen refund a f g 48
O
Brldne Ter gu g 88-1930
St L
2000
gold
4
Pao
let
6a
Texaa
2nd gold Income 6a
f2000 Mar
J
1931 J
La Dlv B L 1st g 53
lat gu 6B1930
MIn
4N
.1936
lat
Ohio
Cent
gu
6a.
Tol 4
1936
Weatem Dlv lat g 6fl
General gold 6a
1936
1990
iBt gu g 4s
Kan 4
1927
2d 20-ye8r 6a
1917
Ist gold 48Tol P 4
921''
97
Aug
D
D
.
4 Dan deb 5b atmpd.1927
1948
Moh 4 Mock let « 8a
Virginia Mid Ser D 4-6S-.1921
1928
Scrlea E 6a
1926
Series F 68
75% 86%
101
'20
68
.
93%
81l4
83
73
82
3
9612
6918
88I4
7
7914
70I2
8534
89
48
96%
Rich
72%
70%
Marie
60
...
. . .
g 6a.. .1930
1956
Cona lat gold 6a.
1938
E Tenn reorg Men g 5a
1946
Qa Midland lat 36
1922
Ga Pac Ry lat g 68
Snoxv 4 Ohio lat g 68. ..1925
Mob 4 Blr prior lien g 58-1945
1946
Mortgage gold 4a
81%
6334
82%
'17
591.
43%
. - .
4
56I4
Dec
92% Aug
60%
63
86
Hiak
99
Jane 17
54%
58
98% Jan '14
58
58%
Sale
Sale
Sale
80
a T Va 4 Ga Dlv
97I8 July'20
90i(( tHjT,
79
77
Nov'19
76
53
39
N
Mem
80%
67U 70%
61
"50
'20
72I4 77
Ni)v'19
63
77I2 78i2 7812
7812
R9'>4 Sale
6934
70
64
xO Fob '20
74>2 8412 8412 June'20
96'4 May'18
Dec '15
104
9614 Feb '12
6512
6512
70^8
76
10434
73% Juu
A
M
37
21
9812 Jan '20
75
5838
57 's
—
78%
77%
49
92
86
78
90
59 18 Sale
57 Sale
N
RR
'19
9978
76 Sale
76
85 Sale
85
IO2I4 Sale 102
102%
7734 72U June'20
65
jl
70
70
76
81U Apr 20
78
M
M
26
61%
62% 63
73%
64% Sale
48% 64
—
104%
103
67% 80
'20
July'20
108
1041s
69^4 Sale
6934
6738
7OI3 75
70 Aug '20
75 101)18 Feb '17'
71
9312 89
June'20
7710
77%
69
82^4
97^8 9812
96i2 .--
r
71%
56l4
94%
72% 80
98% 98%
72
Sale
60
68
84
93
9278
dlv lat g 6a '30
1941
A4NWlat8ug8s
1921
LouLslana West Ist 6s
eio ol Cal guar g bs
1938
Ore 4 Cal lat guar g 68. .-1927
9o Pac of Cal Gu g 68 ... 1 937
ao Pac Coast lat gu 4a g.. 1937
Tex 4
O con gold 68. .-1943
lat ref 4a
1956
80 Pao
San Fran Terml Ist 4s. -.I960
1994
Southern lat oona g 8s
1994
Reglatered
1956
Develop 4 gen 4s Ser A
Mob 4 Ohio ooll tr g 4a. ..1938
Waco A N
657g
57
T 1st g 6a- .. 1B33
guar 5a red
1933
Istg 6slnt gU-.-1937
Gen gold 48 Int guar
1921
103
Mar'20
76
Sale
60
48
100
'20
79
75
71
61%
Sale
69 Sale
84% Sale
6438 Sale
53% Sale
92 Sale
85% 87
66%
W
E4
Houa
40
61
O
Oot
H4TC
11
'20
Feb
A
.*1949
*1949
01929
1934
gu g 4a. .1949
1949
4 P
40
60
1st
48^2
7118 Aug '20
100 Aug '20
122
Nov'16
103
7454 Sale
32
99^8 Dec '13
883, P'eb '14
74I2 Dec 19
60
48
M
A
8
77I2
6138
Sale
57i'>
2d exten 5a guar
1931
V Q 4 N lat gu g 68. .1924
Gila
92
100
87
93% Apr '20
97% Dec "17
79'4 Sale
79%
80
79
76%
76%
81% 85% 80 Aug '20
Mort guar gold 3H8.-tl929
Through at L lat gu 48.1964
34% 44
Sept'17
36
5612
57
92I2 June' 12
lat rel
Registered
'13
77
High No. Loto
97
78
Jan "93
May'20
90
»196(.
ooll)
Sinc4
Jan. 1.
May20
97
78
102
60
61
403s Sale
Co
Reglatered
30-year conv 48
80-year oonv 6e
JuJy'14
Aug
Pacific
Gold 4e (Cent Pao
May'16
87
83
42
A 6a
Ask Low
80
M
M
M
outhern
63
J
1963 P
197« J
latest bid
Deo
i
«U4H8 A..1940 A
Series B guar...
1942
Heries (; kuir
1942
"nrlOK t . an rfiiar
.io«R
SarlDd I' SUHRUiir
1949
fertea F guar 4b gold. ..1953
Serloa
4a uuar
1067
7yi2
56
74
76
-..1933 J
1942
4!<;3
10
66
55
50
July 18
52I2
ex IBI gu g 4 >»B. 1941 J
*H8 A.,1H31
Oct
53I2 Sale
M
lat gu 4e..,1943
lat eouB 5b. 1927
60
49
63
75
1940 i
40 Bu
4412
Oct 17
91ijJan 12
«
Q
Q
Q
reducea to 8HB..1942 A
194H
Series D SHb
1950 F
V
74
02
60l8
A
ini.
w
67^8
J
M
Tol
38
36
J
1923 M
1943 M
1948 M
1960 P
1966 J
1968 3
1980 A
Erie* flttagugSHb B..1940
68I2
5434
i
1946 J
PerlesOSHa
Sale
51
A
J
Jnar 18-26-yeur gold 48. .1931 A
.8 year guar 4m otfg Ser E.1952 M
Lib Leb 4 Nor gu 48 a
1942
01 4 Mar lat tu g 4Hb...193I> M
CX * P Ktu gu 4 Ha ser A. 1942 J
Series B... ..
1942 A
Ohio Connect
Pitta li 4 ABh
Sale
'20
Aug
IO6I2
6978
M
I
51
A
M
R4
65
M
Ucar 3Ha ooll trust ser B.1941 P
anar 8Hb trust otfs C...1942 J
•-•uar SHs trust otle D.. 1944 J
Or
.
63I2
F
RR
C
44l2 --
W
46% 45%
4QH 48%
'20
42^4
48
46
42
J
10-year secured 7a
4lleg Val gen guar g 4!!-..ll<4Z
R
ft B It^ lat ffii Aa g 1936 F
Pennsyl Co gu 1st g 4!a3 --1921 J
ucgistereQLvxi }
Qnat 3H8 coil trustr eg A-1937
Series
42
48
M
Ha. .1965
4o..
.juiisol koiii
.
fia-..
'20
Feb
4518
43
i
4Ha"46
Aug
48
40
40
'20
48
Nor Pao Term Co Ist g 0s-.l«.'!3 J
Oregon-Waah lat 4 rel 4a. ..1961 J
«
47I4
Aug
Sale
43I2 Sale
74'4 Sale
Registered oertHlc-ate6..iH23 Q
St Paul 4 Duluth lat 6a-. 1931 F
Jst oonaol gold 4b
._1B58 J
••^sh Cent Ist gold la
1948 Q
>
6534
J
t
Tils lat a
97 12 June'20
77
J
J
W
Ooaat Co lat g
941s
687«
93% 93%
'19
Feb
99I4
r
W
Palucab A
69
4514
J
1939
pons fia
1945
CoDSOl 48
..1946
providence Seciir deb 4a -.1957
prov 4 Springfield l9t 58-1922
Pi-ovldenca Term lat 43.. .1958
W 4 Con Eaat lat 4He-.. 1943
»1992
N T O 4 ref lat g 4e
Registered JS.OOO ooly..«1992
General 4a
-.1966
Nsrfolk Sou l8t 4 ret A e8..19Gl
Norf 4 Sou lat gold 6a.
1941
Norf4 West gen goid t!s
1931
ItoDrovement A ext g "39-. 1934
New River 1st gold fia
1932
& Ry lat oona e i»..1996
uegletered
1996
DIv'l lat lien 4 gen g 4R.1944
lO-23-year oonv 48
1932
10-20-sear oonv 4a1932
10-26-year conv 4).4b.--1938
10-year conv Os
1929
Pooah C 4 C Joint 48. -.194!
C O 4 T Igt guar gold 6e-1922
Solo V 4 N E l3t SU g 48. .1089
Northern Pacl/lo prior Hen railway a land grant g 4e
1997
liegletered
1997
Ueneral lien gold 8s
a2047
Registered
a2047
Bel 4 Imp 4H8Ber A
2047
Paul-Dulutb Dlv g 48.-1996
it P 4 N P gen KOld 88-.. 1923
Pacific
68
47I4
M
New England
N
73'2 Sale
7134
6712
99I2
Series
or
Last Sale
Bid
98
76
78%
et Louis * San Fran gen 68.1931
Oeneraigold 6a
1U31
St L 4 d F RR cone g 4a. .1996
Southw Dlv l8t g 68
1947
K C Ft S 4 cona g 6a. 1928
K C Ft 9 4 Ry ref g 48.1938
K C 4 R 4 B lat gu 8a. 1929
at L 8
lat g 4a bond otfB..1989
2d g 4a Income bond otfa.pl989
Consol gold 4a
1932
lat terminal 4 unifying 58-1982
Qray'a Ft Ter Ist gu g 68-1947
S A 4 A Pasa lat gu g 4a
1943
Seaboard Air Line g 4a
1950
Gold 4a atampod..
1950
Adjustment 5a
ol949
RefundlUK 4s
1959
Atl Birm 30-yr 1st g 4a..el933
Oaro Cent lat con g 4s
1949
Fia Cent 4 Pen Ist ext 6a. 1923
lat land grant ext g 6a-.I930
Conaol gold 68
1943
Qa 4 Ala Ry lat con 58. .01945
Oa Car 4 No lat gu g 6a.. 1929
Seaboard 4 Roan lat 68.. 1926
68
60
J
MoK i Y
i
Income
971s
h
A
Suuuury 4 Ltnia lat g 48-193t5
U W J RR 4 Can gen *B..i944
Peoria 4 Pekln Un 1st 8a g..l921
2d gold 4Ha
61921
Pere Marauette 1st Ser A 68.1956
lat Series B 4s
1958
Philippine Ry lat 30-yr a J 48 1937
Pitts 8h 4 L E 1st g 6a
1940
ist oonaol gold 58
1943
Beading Co gen gold 4a
1987
Registered
1997
Jersey Central coll g 4a-. .1961
Atlantic City guar 4a g--.1951
St Jos A Grand lal lat g 4a -.1947
8t Louis 4 San Fran (reorg Co)
Prior lien Ser A 4a
195'
Prior lien Ser B 68
1950
Prior llan Ser C 68
1928
Oum adjuat Ser A 68
61955
92% 92%
'20
'19
—
W
Rangi
5a
Week's
Range
Fridav
Aug. 27
St L 4 p lat eons g 6a. .1932
Fblla Bait 4
Ist g 48. .1943
Sodus Bay 4 Sou 1st g 6a. 1924
May'15
113
J
u
Nov'17
Feb 16
May'20
9258 Jhd '20
7814 Apr "19
.1
,
May'20
64
71
Pennsylvania Co (Com.)
70
69
7513 '75I2
9314 93U
66lg Mar'20
66I2 July'20
73I2 Aug '20
70I4 Aug '20
O712
89I2
55
65
76
74I8
mob
Nov'19
85
67I2 Sale
20
26
1.
101
Nov'16
103
Nov'16
9318 Jan '20
103 May' 17
Pitta
N
N
81'8
78»4
82
77
64»4
No. Lew
65
65
'"2
7814
84I2 Nov'19
7618 Jan 20
93I4 May'20
99I2 Aug "17
9812 Nov' 18
82lg
..
'20
65
7SH
Sale
Sale
78U
Aug
69
66
Jan.
Priet
n. Y. STOCK EXCHANQK
Weak ending Aug. 27
8inc4
1^
Ask Low
Bta
BONDS
Baag4
Fridav
Aug. 27
PrJc«
T STOCK EXCHANQK
883
3
43:,
64% 68
82
86%
Sept' 17
80%
80%
74%
7538
97
98
lOS
74% 85%
"47
19
78% 8S%
66
35
96
77
Jnne'20
73% Aug '20
96%
86
86%
76%
77%
84%
84%
89 Feb 'IH
'19
Do*
8034
86% Jnna'18'
90%
i
66%
»6%
4
83
81
108
81
101
1
35
26
1
May'19'
Due Dec.
j
OpUon
93
74% 86
84% 92%
skle.
New York BoDd Record — Concluded -Page
884
BONOS
H Y STOCK BSCHANaB
Wsflk ending Aug. 27
—"
53 aeries
Wibaab lat gold 5a
Id gold 53
Iflt
Ask
Sid
i
M N
M M
A
1962
1939
1939
Debenture aerlea B
1939
1921
lit lien equip 3 fd g Sa
lat lien 50-yr g term 48. ..1954
Det * Gb Bit lat g Sa
1941
Des Molnea Dlv lat g 49.. 1939
Om Dlv lat g 3^3
1941
Tol * Oh Dlv g 4a
1941
^Mh Terml lat gu 3 V<8
1945
lat 40-Fr guar 4a
1945
West Maryland lat g 43
1952
Weat N Y * Pa lat g 53
1937
Oen gold 4a
1943
Income 53
pl943
Weatern Pao Ist 3er A 53 ..1946
Wbeellog * L E lat g 5a
igai^
Wheel Dlv lat gold 5a
1928
Eiten (t tmot gold 5a
1930
Befundlng 4^a aeries A. .1986
HR lat aonaol 4a
1949
iJInaton-Salem a B lat 4a.. 1980
»lBCent50-yr lat gen 4a... 1949
aoD Sc Dul dlv «: term lat 4a '36
VI -gl Qiao
F
A
J
J
M
3
80'8
8712
77
84
61 Is
5OI2
"6534
54%
9
A
O
J
J
82
57
22
5812
'69"
Sale
82'*
,
63
Bk City latoonsSa. 1919-1941 J
Bk Q Co A a con gu g 5a..l941 M
Bklyn Q Co A a lat 59 . .1941 J
Bklyn On El
S
.•Metropolitan atreet
W
A
f
Oertlfloatea of deposit
80-year adj Ine 58
Oertlfloatea of deposit
a Y atate
Rya
1st
^tilrd
Ave Ry
I'at
63''8
Sale
67
RR9 San Fr 9 r 49
Union rr(N Y otf9 dep
EaultTr(NY Inter otfs
Va Ry A Pow Ist A ref Sa.
United
21I4
42
70
Qai and EUctrle
20
Oetrolt Edison lat ooll
lat A ref 5a ser A
71i2
D
J
M N
M
59.1933
41940
«a a L N Y lat oona g 58...1932
Qaa A Bleo Berg Co g 53. .1949
Havana Eleo oonsol g 5a
1952
Hadaon Co Qaa lat g 5a.. "1949
Xao City (Mo Qaa lat a Sal 1922
Klng9 Co El L A P g 58
1937
Purchase money 88
1997
Convertible deb 99
1926
Ed El III Bin let con g 4al 1939
S.BC Qaa L ol at L Ref A ext Sa '34
Milwaukee Qaa L lat 48
1927
Ifewark Con Qaa g 58..
1948
5a
1948
Furcbaae money g 48
1949
Ed Elec III l8t 0018 g 59.. 1995
«TAQ El LAP lit oon g 58. 1930
Pmolflo Q A E I Jo— Cal Q A
OorD unlflng A ref 58...1937
rsolflo Q A E gen A ref Sa .1942
f »o Pow A Lt Ist A ref 20-yr
08 Intertiatlonal Series.
1930
?»t A Passaic a A El 58
1949
?eoD Qas A O lat oona g 68.1943
Refunding gold 58... .
1947
Ch Q-L A Coke lat gu g 89 1937
Con a Co of Ch lat gu g 58 1936
Ind Nat Qaa A Oil 30-yr 581936
Mu Fuel Qaa let gu g 58..1947
Philadelphia Go conv g 58..1922
Stand Qas A Bl conv a f 6a 1926
ayraouae Lighting lat g 5a. 1 1951
Syraeuae Light A Power Sa
1954
Trenton G A El l»t g 59
1949
Union Elec Lt A P lat g 5a.. 1932
Refunding A extenalon Sa. 1933
Unltfl Fuel OaH Isr « f nn 1936
tr
WYQELHAPg
E—
price Friday latest bid
J
40
30
65
Deo
19
J
D
F
A
S
J
J
A
O
83
'85"l2
80
75
J
J
D
O
75
'94'2
60
61
57
53
94
82
2II4
2OI2
1
I9I2
4
578
5>8
25
75
20
5^8
41a
46
59
87
90
68
60
95
Julyl7
Jan
Sale
23
23
64
IO3
75
10
21
20-8
63
70
Sept'lS
.Aug'20
July'20
H4
8212
85
8712
87
June
19
9534
"49
99 is
79
Apr 20 ---95I2 Apr 20
9134 85^3 Aug 20
80
81
July'20
74
94
Feb 18
100
Feb 13 ---.1
8278 84
June'20
"91" 91 Sept 19
9212 Deo 19 ....
817s
78
83
76
65
8038
90
98
77
June'20
Apr' 19
Feb
'20
72I4 Jnly'20
May
IO4I2
75I2
59I2
Apr
77
75I2
89
8238
.
9712
70
98'8
80
8978
82
74
82
90
mil
—
20 ~"
*
17
7512
60
Aug'20—
7412!
10
May'17
Apr 20
96 14 10134
79
79
9512
8214
951?
77 Ig
95
90
84
85l2
98
f
Waaufacturing & Indus
\m
Chem
Agrlc
Conv deben
ist
"
Am Got Oil debenture Sal
Am 3m A R l8t 30-yr 58 aer
Am Tobacco 40-year g 83
Gold 48
Am Writ Paper a f 7-681111
i
Baldw Loco Wor.8
Cent Foundry Ist a
lat Ss..
f 88
nt eather 20 yea g Sa.I
•nsol Tobacco g 43 ..
Corn Prod Refg 9 f g 58
lat 2S-year 9 f 5a
Cuba Can >ugar conv 73 ..
Distill Sec Cor conv 1st g Ss.
•
E
du Pont Powder 4H8.
General Baking lat2S-yr68.
Gen Electric deb g 3Via
Debenture 5a
I.I
I
20-year leb 83.. I F"eb"
Ingersoll-Rand lat 58
.
Int Agrlc Corp lat 20-yr Sa..
Int Paper conv 8 f g 5a
lat
1
ref 9
f
oonv
aer
A Myers Tobao
Co
(P
78
A
78
Vatlonal Tube
N V
Air
Bra.e
Ist
Milling let Sa
Standard
Union Bag
A
Paper
8a
.
e
Coal, Iron & Steal
Beth Steel lat ext a f Ss
lat A ref 5s guar A
88 '8
57
67
80
85
8OI2
70
89
91
'io'
74
'88"
8412
"94"'8
"75'^
.939IJ
8II4
95
96
55
11
68
10
17
20 yr p m A Imp s
Buff A Suaq Iron a f
Debenture 5s
Cahaba C M Co 1st gu ea'
Colo F A I Co gen 9 f Sa
Col Indus Ist
A
ooll
fo"'
76
95
87
C & Nav s 4I2 .\.I
A O oonv 8 59
s
f
—
d
Va Iron Coal A Co .e
Am
M
J
N
J
D
68
82
71
827,
797g
.
39
70'2
100
63 92
HI 70
1
80
11
16
95I2
94
S9
95
801 2
7634
75
95I4
5812
8512
67U
7812
1
89
86
83i8
93
"88
85
85
65
75I8
533g
68
96
90
29
8
83?4
105
108
86
88
90
85
70
85^8 '98U
83
96>4
Dec 18
98
89 13
87
May
140
7
74
9134
68
90
20
75I2
Aug 20
95
Aug'20
89
July'20
Nov
32
M
M
.957 J
940 A
955 J
.951 J
95
95
91
""3U
94
93I2
94
Sale
9
78
78''s
Sale
A
A
O
D
O
a
J
76
O
J
J
95U
91
7012
97
9958
7512
9912
84'4
9912
86»»
111
I
94
99..,
8
891,
no
88
91
9318
97t2
83
93I2
99'«
931j
11
n
85
85
97
88
15
15
82
74
97
76
97I2
9fll'4
90
R7
88
8434
I0314
90
98
9414 105
5
2
9II4 95l|
92I4 101
97»4
93
'13
85»4
97!^i
77
89
77l»
867a
78
95ig
6978
72
74
76
72I4
S3l2
931*
;
79
74
.--
72
98
77
86I2
85^8
86I2
19
88^8
SOig
9012
8238
9OI2
7978
83I2
Aug'20
80
3
i
'
7lis
92
78
80
Sale
,
i
78
6978
June'20
70
July'20
Feb
'19
77
83I2
78
77
90
79'8
83I2
7578
1
25
84*
94I4
99l»
83lj
851i
1
86
65
8318
8OI4
Aug'20
88
68
85
86
Aug 20
June'20
71
8378
8378
837g
9 1 12 Sale
92
91
90i2 Aug'20
8634 Nov 19
86
62
80
J
9
100
83
9534
77
100
76
11
I56
9II4,
Aug'20
2
16
75
68
68
85
78
86
93
J
983 M N
983 M N
931 M N
1953
's
8178
81
81
8534 Aug'20
78^8 Aug'20
7838
7838
9312 July 19
917g Nov 19
!ioi
Dec 14
8878
97
97 14
18
9112
771.
87
75
95
89
60
6
7
95
94
73>2
837«
IOOI4
8912 inoij
75is
>4
119
98
2
71
65
86
99
98
95
Sale
101
86 12
7338
8912
8934
76'8
97I2
86
875s 100
91
99»4
79
8912
73I2 86I2
1
^0
73I2
65
85
O
N
D
A O
lat g Sa 1949 IN
70
80
84
81
Mar
80
80 «
67
1
177
82li
96
80
72
93
88-58
9934
88
99 14
80
83I2
7?i
8018
6212
7718
7258
83.34
19
Aug'20
Talagraph & Telaphon
Telep A Tel coll tr 48
Convertible 49
20-yr convertible 4 ^s
30-yr temp ooll tr Sa
7-year convertible 68
Cent Dlat Tel lat 30-yr 5a
Commercial Cable
I
75
64
929
939
933
948
925
943
71
6358
7858
77
95
82 Is
•'.
(
.1
-i
U
J
J
1
79
7912
85
74I2 Sale
88 Sale
SI'S 8234
80
7i
73
Sale
78^3
Sale
97
75»4
6358
79 ig
75
70
8J
Ist g 48
M
y
I
Sale
'
785j
7734 Sale
95I4 Sale
2397
Registered
2397
Cumb T A T lat A gen Ss.
937
Keystone Telephone lat 5a.. 935
Mich State Teleph lat Sa
924
N
N Y Telep lat A gen a f 4 ^a. 939
30-yr deben 9 f 6a
Feb 949
Pacific Tel A Tel lat Sa
"t
937
South Bell Tel A T lat a f Ss. 941 J
J
Weat Union col! tr cur Sa
J
938 J
Fund A real eat g 4^8
950 IN N
IN
Mut Un Tel gu ext 68
N
941
>I 1-
May
771?
9734
92
J
lat a f Sa
Victor Fuel lat 8 f 58
78
7712 Sale
9734 Sale
s
10-60-year Sslreg
21
17
76
99 '2 Jan 20
May'20
84
10434 IO312
103 "'8
7814 79I2 79I2
80
IO3I4
10312
103
7834 Sale
78^4
83s
91
94
91
July 20
93
89
931s Apr 20,
84
84
84
91l2 Aug 20
"9"l"i2
96
87
Aug'20
81
"84'l8
90
Aug'20
85
20
84
May
87
88
88 Sale' 88
80i8 Sale
80i8
80
97I2
9734 Sale
981s
"7'5li
938
58. 928 J
t
78
79
96
89
lOOij
.954 J
f
93"
73 '8 Aug'20
Aug'20
78
9178 July'20
70
Aug'20
90
9012
'747s
Sale
86 Sale
98I4 Sale
M
952 m
928 J
950
73'2
li7
91
79 12
75
i
5a. .95o!J
925 i
I .940 A
A
84»«
84
65
Aug'20
91
91
79
fi,")
924 A
922 J
Steel lat g Ss.. 9'23
oone 59 serlea
Ist
73^8
I
I
9o38
78l2
"88I2 101
8912 92
8858 Sale
M
a .926
Indiana Steel Ist Ss. .
Jeff A Clear C A I 2d Sa.I.
70
Aug'20
I
•
90is
1
922 J
943 F
58 gu.. 934 F
Gona Goal of Md latAref
Elk Horn Coal oonv 88
Illinois Steel deb 4^8
8912
72
20
"16
5
.
I
931s
940 IN
931
925
951
931
934
930
927 A
936
930 J
942 F
952
940
935
932
935
947
944
942 M
f SsIII
938 J
Sa
932 J
Utah Fuel
8818
944 A
95I1F
.928'J
85i2
75I2
M
931
47 A
930]
lat Ss fiecl.l.
42
'18
58
Mar 18
77
76
77
104 104
104
Sale
92
9434
Sale
7378
70
8234 81
81
92
92 May 20
90
95 Apr 20
8734 89
Mar 20,
8OI2
Sale
82
8034 80
81
75
75 Apr -ao
83
Apr'14!
94
June 16
Sale
61
62
88I2 85I2 July'20
97 IOII2 Oct '19
88
85
May 20
75
7334
7334
7818 July'20
68I2 65
Aug 20
Sale
60
60
95
90 May'20
9078 July 19
84
87^2 857s
87 14
84l8,
83'8
Sale
Sale
79
75
7434 Sale
117
M
Weat Electric
Feb
71
5
13
75I2
7412
72
68
91
Sa.I .930 J
930 J
Union Oil Co of Gal lat 58 ! I 93i!J
U S Realty A I conv deb g 58 924 J
U 3 Rubber 5-year aeo 78
922 J
Ist 4 ref 59 aeries A
947 J
lO.year 7i23
930 F
U S Smell Hb( A
conv as' 9/8, F
Va-Caro Ghem lat IS-yr Sa. 923'J
Conv deb
1'
55
I5ig
I5I4
8718
90
88
lat
821
8712
83
A
.924 F
Stamped
77
9OI4
High
:rlal|
929
930 J
942 IH
conv 83. 938 [iW
70
7912
72I2
8334
Ist 58
7534
81
86I2
"' 951
Pocah Con Collier lat s f 58
Repub I A S 10-30-yr Ss a f.
3t L Roc - Mt A P 08 stmpd
Tenn Coal I A RR gen Ss..
U a Steel Oorp fcoup
d
89
80
Vat Enam A Stampg ist 58
Vat Starch 20-year deb Ss
90
653i
9112
944
IIIIII 951
8412
7Iis
14
A
85
89
60
M
928
Sa
5a
8038
7812
737s
75I8
.928;
vlidvale Steel
Ootl7
July'20
July 19
Mis' 20
a
Pleasant Val Coal 1st
7434
5812
7934
i
76
A
10-yr oonv
Letiigh
827g
62
84
M
>
Lackawanna
75I2
Aug'20
8238
943,
.939 J
Pub Serv Oorp N
a f
Apr 20
May'20
105
July'17
8S78 8818 .-vlar 20
59 '8 5S58
58 '8
89 '8 7li8 Apr 20
70 100
Aor'l7
Mar' 17
89
75
May' 19
86I4
Sfiis
80 Is
8238 Sale
8018
6712 72
2
8038
82 '8
74I2
74
21
30
30
30
81
83
J
2II2
7514
4712
81
76
N
6334
47'2
July'20
July'20
83I2
I
37
Apr 20
75
M
84
92
86
81
82
8078
IN
75
87^8
81
N
S
S
Aug'20
1914
4134
31
•vlay 19
Deo '19
Aug'20
23
24
Aug'20
A
.941
M
Sa
Lorlllard
58
80
82
81
80
N
Liggett
8134
78I4
.9661a
64^8
79
88
89
M
M
57
65
M
4a aer 2..
lO-20-year ha^ eries 3
Y Doo. 50-yr 1st g 4a
NTIagara Falls Power IstSs..
Mtge Boada (N Y
55
70
79
7812
J
71,
7I2
71
89
D
32
31
80
7938
86
45
59
37I2
47 12 Apr 20
50 June 17
2II2
534
4I2
80
21
6334
8
85
J
J
J
'20
Aug'20
8912 June'2j
73
60
75
Feb' 17
80
38
20
75
3
47
Aug'20
Doc irf
9012
Sale
69
July 19
July 19
55
40
77
2II4
201,
J
N
N
D
19
Apr 20
Jan 20
77
IW
.940
'
92'
A
58
6OI2
67I4
A
5811
4934
40
42
F
M
M
3
13
58
60
21
J
J
445
I
19%
10
41 '8
49I2
40
7012 July'20
928
Great Falla Pow lat a f 59...
Int Meroan Marine a f 68
Montana Power lat Ss A
Morris A Co 1st s f 4V4a . .
1934
40
73
M
11
Oct 19
80
•28
73
43
13
13
Aug'20
58l2
J
47
49 12
SO
941|J
69
68
60
23
78
Juue'20
Mar 20
8718 100
8978
86
8712
71I2
70
M N
F
I
Stamped
932 a
68
53i8
Low
Oct 19
90
74
7614
10318
9434
7312
8018
M
.923
1
Sale
7112 78
960 A
927 A
.983 J
983tJ
58'2
223
I3I2
8i2i (ctts)
68
68
1952 a
l95S;j
-
97
93
M N
O
A O
A O
15
C
Chile Copper 10-yr oonv 7a.
Coll tr A conv 88 aer A
ComputlngTab-Rec a f 8a..
Granby Oons MSAP oon 63 t
1931;f
1
— 83
Apr'20
Dec
Braden Cop M ooll tr 9 f 68..
Bush Terminal Ist 49
Coasol 59.
Bulldlnga 59 guar tax ex..
Ohio C A Gonn Rys 9 f Ss. ..
Ohio Un Stafo Ist gu 4 Ha A
68I2
21
73I8
a
A
20I2
M
60
23
40
9933 Sale
J
J
I9I2
W
Am
5712
sou
3
m
Sinee
Jan. 1.
Mar 20
Nov 19
85
15
15
15
15
89 ierles B
928
S3 of
Va Ist Ss
.920
Armour A Go 1st real est 4 Hi r39 J
Booth Fisheries deb 9 f 89
1926 a
55
28
70
55
50
2Ui
55
28
50
47
45
66
88I2
95
87
88
Sale
Sale
Sale
102
98
751? Sale
90 12
.
871s Sale
M
M
.925
J gen 5a.. 959 A
Tennessee Cop lat oonv 8a.. ;925 ,
Wash Water Power lat Sa.. 1939,.
Wilson
Go Ist 25-yr a f 6a. .911
66
Aug'20
Aug'20
Jan
3334
71I4
80
HoMg*
Htoh No
71-34
55
1948'
M deb 88 A
64
63
34I2
3112
55
57I2
5818
66I2 JuQe'20
July'19
77
58i2
5812
5434
35
53
56
65
71
70
40
54
92
24
24
64
N
9212
39.8
23
23
63
72
S-i
46
30
21
75li
a
M
4OI2
42 >8
49 12
50
76
2912
31
O
M
M
18
ll's
1012
Sale
Sale
49
Stampe;
..1927
Oolumbua Qaa lat gold 68..1932
Oonso! Qaa 5-yr conv 7a . 1925
Oong Qas E LAP of Bait S-Fr 59'2
Detroit City Qaa gold 58
1923 J
May
2II4
coll tr g 48
Alaska Gold
1932'j
1951 F
i932 J
Ref A gen 8s
a .932 A
Mlag Loc. A O Pow lat Sa.. .954
Vor States Power 25-yr 58 A .941 A
Ontario Power N F lat 5a.. 1943 F
Ontario Transmission 5s
1945
2
80
78
9612
3858
40
42
34I2
55
55
5II2 Aug 20
5912
6078
21
1
Aug'20--Apr 20
50'4
ig
61
33
66
23
Adams Ex
1st -!er
65
55
2 01 2 Sale
5'8 Sale
411 Sale
4712 50
72I2
52
1934 1
Llg.-it
75
80
58
61
61
56
40
21I4 Sale
1
Atlanta Q L Co lat g 58. ...1947 J
8kly Bllaoo lac gun 59 A- 1949 J
SklFn On Qaa Ist oona g 58 1946
OInoln Qaa A Eleo latAref 5a 1968 A
Jolumbla Q 4 E latSa. . 1927
*No
Aug 20
Sale
7678
9012
or
Last Sate
MUcsllanaoui
17
21 14
375s
34I2
3413 Sale
34'2
34
63'8
19
Aug'20
64
94
.
6312
'17
23I8
20
1924
1927
Feb
24
41
N
54
40
1937 J
St Louis Transit gu 59
55
92
70I4
193l! J
Income 99
anited Rya Inv Sa Plt^a'lag "l926
Onlted Rya 3t L Ist g 49 .
1934
81
68I2
1926 F
1923
1933 J
1948
47
61
50
50
19371
52
3
Cm' 17
8
72
18
45
50
1937iM
"
55
83
July'20
1
4fil'> riale
M
M
g Sa
Aug
58
a 1960 A
yn-Clty Ry A Lt 1st 8 f 6a
andergr of London 4 ^a..
S.i
52
82
56
36
78
"66 "
5
Sale
Sale
78
1310 Sale
1338 Sale
1980, J
Ad) Income 5a
July 20
53 '4
65
55
20
70
oona 4 ^<s" 1982
1930
1942 F
1935 J
ruird Ave Ist ref 48
66
7II2
944 r
dtlca Elec
Ist g Sa... 950 J
CTtIca Gas A Elec ref 5s
957 I
Westchester Ltd gold Ss
9S0 J
1st Sa
LAP
Range
Ask Low
Bid
Gas & Electric Lt — (CorjcJ.)
Utah Power A Lt
12
1^
WeeK'i
Friday
Aug. 27
Aug. 27
ling
Conv deb
19
iJui
53
65
5812
1941 J
1935 J
1989 i"
1942
55l2
1
70
aI942 A O
Ry 1st A ref 5s
?ortld Ry Lt A P Ist ref Sa
Portland Gen Eleo lat Sa
8t Joa Ry L a A P lat gSs
St Paul City Cab oona g 58
?ortland
74I2
51"
50i2
60
M
A Lt oona g 59
Refunding A exten 4 \48
34ontreal Tram Ist A ret 59
?lewOrl Ry A Ltgen4 49
ff Y Munlolp Ry tat s
68 A
'9 Y Rya lat R
E A ref 4a.
July'20
Mar
P F IstgugSa .1993
(Ohio l9tg4a
1938 F
J«et
a El
44IIW Eleo Ry
53
83^8
50ij
.iOU
_ ,
FiHh Sale
Bway A 7th Av lat c g 5«.1943'J
A9th Av latgug 59 1993 M
Lex Av
83
8834
90
Ry
Col
91
SQij Sale
52'» 53^4
BOig 69
55
50
51
4-5a...l950 F
Stamped guar 4-58
1958 F
Kings County E lat g 48. .1949 F
ata'nped guar 48.
1949 F
Ifassau Eleo guar gold 4s 19511
Olitoago Rya lat 5a ... . .l927iF
Qjnn Ry A List A ref g 4^8 1951 J
Stamped guar 4^8
.l951iJ
Oet United lat oons g 4 H^a . 1932 J
Smith
rt
Lt A Tr lat g 53...1936 "•
and A Manhat 58 ser A
1957|F
Adjust Income 58
.1957|..
N Y A Jeraey Ist 58
1932 F
llterboro-Metrop ooll 4^8.19591*
Certificates of Deposit
..
iDterboro Rap Tran lat 5s .1986' •»
«anhat Ry (N Y oons g 4a 1990 A
Stamped tai-exempt. . 1990 A
daalla Eleo Ry A Lt a f 58..1953,«I
lat g
85I4
79
73
75
2512
21I4 Sale
Oertlfloatea of depoalt
Oertlfloates of deposit atmp'd
Aug 18
97I2 July'19
7034 ."* )v 19
88'8 Miir20
81
Aug" 12
H\ah
725,
79
Apr 20
Str««t Railway
3»ooklyn Rapid Tran g 58..1945
lat refund oonv gold 48--.2002|»-yr 7% aeoured aotea..»1921 J
13
14
13
78i2 Sale
9OI2
8OI2 85
78
83^8 100
70
M N
85
80
Week en
1
90
"9514
III I "7518
M
7734
79
8413 Sale
50
Nov
Lo-o
77
84I2
Price
W Y STOCK EXCHANGE
Since
Jat
'^^
BONOS
Range
[Vol. 111.
4
78
95I2
35
1
2
108
81
8II2 July'20
6412 Aug'20
68 12 Jan 18
80
98
85
Aug'20
Apr 16
Aug'20
74I3
86I2
75
88
81
80
79
81
8OI2
25
90
2
10
Aug'20
727s
73
19112 Sept 17
Nov 16
94
and asked. aDueJan. bDueAprU. cDue May. ^Due June. ftDueJuly. tDue Aug. oDue Oct. pDueNoy. jDue Dec.
s
15
Option
I
69
85
92
81 14
99^8
60
64I2
70
8«l4
8238
7218
96
96
84
8 111
96*4
767g
88 U
7SI4
701,'
SSlf
86l»
8II1
70
sale.
Aug. 21
BOSTON STOCK EXCHANGE—stock
1920.]
SHARE PRICES— NOT PER CENTUM PRICES
Saturday
Monday
Aug. 21.
Aug. 23.
»124
62I4
124
12434
O2I4
123
12434
62I4
62I4
Wednesday
Aug. 25.
Tuesday
Aug. 24.
124
12378
62I4
63
Thursday
Aug. 26.
124I4
63
6234
I
85
85
,
•36lp
85
85
36l2
36i2
*85
1
*85
36I4
36l2
*40
•40
SeU
8614
;
*40
63
85
36
*40
•I35I2 14012 *135i2 I4OI2 *135i2 I4OI2 *
•.10
'.10
*.10
140
I
*3i£
6I2
132
132
I*
76l2
62
33I4
III
•2114
22
•74I2
2II4
*71
...
•4II2 42
*48l2 49I2
•3
• IJo
•71I
96
•75
•73
72
6212
3378
*62
87
•76
•75
2
8
9638
75I2
61
87
I
7734
24I2
2II2
83
42
•72
49I2
49I2
*48l2
3I4
3I4
*1U"
2
8
geip
7512
3l8
*ll2
*7l2
2
8
9618
96U
75
75
75
•7
96I4
75I2
•73
83
42
50
42
75
133
•
34
3334
21U
6l2
76l2
7612*
42
334
75
132
*71
•61
•76
*3i2
6I2
*
76l2
*
6212 6212
33I2 33I2
*61
...
*75"
*3l2
6I2
62
...
33I2
61
34
•76
^76
*22
*72
42
•4812
3I2
•II2
•7I2
9618
75I2
3 Is
751^.
81
7734
77
3634
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
25
49
•784
16
24I2
8
834
*2
*2
•13
878
2l8
3
I3I2
»4l2
•30
•I712
5
3034
I9I2
•65
148
•15
24
•75,
*4l2
3018
•I7I2
•734
S
I
3
I3I4
I3I4
•4I2
3OI4
5
3034
148
39
39
28
381
2612
27
43
•6i«
I2I2
IOI2
94
79
•59
1734
15
49
73
75
43
6I4
1234
IOI2
1278
lOlo
13
•93
79
6I4
IOI2
94
79
27I2
19
43
6
78I4
79
24
•784
8
9
•2
*2
9I8
2l8
3
I3I2
5
3078
I9I4
3812
27I2
75
24
•2434
25I4
•165
•1312
3178
22
•I4I2
•35
107
65
•25
•22
166
25
24
25
166
166
91
91
1378
1378
3134
32
T3"78
32
22
151s
I
+22
25
I
[•165
;
2II2
•141.
21 7g
•35
37
I5I8
•I3I2
311.
•2II2
•I4I2
*34l2
IO6I2
31I3
6
127,
IOI2
6
1234
IOI4
94
79
94
79
94
59I2
60
6
6
1258
93I2
94
79
24
25I2
167
1478
3034
2II2
"2ir2 "2"2"
•I4I2 ISis •I4I2 1518
Last Sale 33
Aug'20
107
10738 107
10758
65I4 65I4
•2512 2534
2534 Ve"
401.
40
40
4038
1634
1918
•28
30
•28
17
17
*...
60
5912 *---
17
17
17
60
60
•60
•24
60
59
64
27
17
^60
27
60
60
'ii
30
59
•56
•60
•24
24
59
60
65
27
•I3I2
14
24
1634
1634
1678
I9I8
19
19
"lY"
19
Aug'20
•17
•17
18
28
59
59
59
Last Sale 60 Aug
La.tit
I7I8
1718
.
167
3II2
2II2
29
24
88I2 8978
89I4
Last Sale 2358 Aug'20
25I2 2534
2534 26
1478
28
2534
401.
2334
4OI4
2334
I6I2
191,
125
33
89I4
14
3II2
2II2
•60
•24
Sale 29
•60
•24
.
27
80
1,475
199
441
2,710
140
Railroads
Boston & Albany
Boston Elevated
100
100
Do pref
100
Boston &
aine
100
Do pref
100
Boston & Providence
100
Boston Suburban Elec.no par
Do pre!
no par
Bost & Wore Elec pre.rao par
Chic June Ry & U S Y
100
Do pref
.-_100
Georgia Ry & Elec stampd.lOO
Do pref
100
Maine Cen ral
100
Y N H & Hartford
100
Northern New Hampshire. 100
Norwich & Worcester pref. 100
Old Colony
100
Rutland pref
lOO
Vermont & Massachusetts. 100
West End Street
50
Do pref
50
M
N
Am on
27
•50
.90
38
•.25
•2)
24
'2I4
•9I4
*8l4
•03
300
•221,,
•9I2
33 14
•4
714
10
•2^8
.40
•.50
57
*.25
22
22
2I2
934
834
.05
2I4
9I2
*8l4
91.
834
.05
.05
2234
IOI2
33I2
41.
7I2
22i|
•9I2
IOI4
234
10
33 12
4l8
7I4
2%
3
•1»4
.40
2I4
300
300
•.50
•57I2
.•25
•21
.90
57
10
Amer Pneumatic Service.. 25
Do pref
50
Amer Telep & Teleg
100
Amoskeag Mfg
no par
Do pref.
no par
Anglo-Am CommICorp.no par
Art Metal Construe Inc.. 10
Atlas Tack Corporation.no par
Beacon Chocolate
10
Bigheart Prod & Refg
10
Boston Mex Pet Trusteesno par
Century Steel of Amer Inc. 10
Connor (John T)
10
East Boston Land
10
Eastern Manufacturing...
5
Eastern SS Lines Inc
25
Do pref.
100
Edison Electric Ilium
100
Elder Corporation
no par
Gorton-Pew Fisheries., . 50
Greenfield Tap & Die
25
Internat Cement Corp.no par
Internal Products
.no par
Do
pref
100
270 Island Oil & Trans Corp
10
1,245 Llbby. McNeill & LIbby.. 10
90 Loew's Theatres..
2234
IOI2
33I2
9I2
33I4
4l8
7I4
IOI4
258
•10
.75
•50
551.
•771.
27I2
551.
138
314
158
•138
*3
158j
3I2
*3
3I2'
•2l2
•II4
*234
3
2l2
•II4
•234
•478
*3l4
2I2
5I4
5
458
•338
5812
58l2
1«4
5
•312
58
41.
58
27I2
3I2
Do pref
117
100
22 Mergenthaler LJnotype.. 100
370 Mexican Investment Inc. 10
189 New England Telephone. 100
Ohio Body & Blower
no par
1,376 Orpheum Circuit Inc.
1
Pacific
Mills
107
5 Plant (Thos G) pref
100
10 Reece Button-Hole.
10
1.070 Root & V Dervoort CI A no par
ShawmutSS
573
25
10 Simms Magneto
5
Stewart Mfg Corp
no par
Swift & Co
1 ,435
100
31 Torrington
.
_
.
25
410 Union Twist Drill
S
1,340 United Shoe Mach Corp... 25
Do pref
235
25
1,920 Ventura Consol Oil Fields.
5
547 Waldorf System Inc
10
Waltham Watch
100
200 Walworth Manufacturing. 20
135 Warren Bros
100
Do 1st pref
20
100
Do 2d pref
20
100
5 Wickwire Spencer Steel
5
2
3
I
56
79
271.
31.
•3l8
•138
31.
• 2I2
•II4
•234
15s
138
I
3
2
3
2I2
2I2
•II4
•234
51s
•5
45s
•3I2
3I2
59
59
I
•771.
2634
*3
58
17
I6I4
•3
•2513
•821.
4
26
90
•3
*251.
•8212
I6I2
161.
I6I2
I6I2
•83
134
'•114
•21
•361.
21-34
•21
361.
•43I2
211.
361.
2II2
3612
43I2
211.
371.
38
38
44
•35
131.
13'2
14
14
II4
Us
Hi
'•."15
238
.20
1'1.
•2
371.
44
3512
I
I3I2J
II4I
878
878
I412
1412
36
I3I4
•1
23s
44
36
5
"I'ss!
.60;
filj
'
234
3
• 11.
•.5.5
15,
234
11.
.60
•55
1
2I4'
.40
131.
• ?'^
7?,
4l8
5'
•11.
•61.
2
•
30
123)
1^8
7
158
*6l2
.50
12'4
Bid aod asked prloee.
I4I4
"
1
34
'14
5
n,
.05
295
10
3434
41s
4li
7I2
lOis
778
10I4
24
312
278
3I2
134
134
158
•258
2I2
3
2I2
3
La.1t Sale 3
538
4l2
5I2
57,
59
59
9I4
1414'
I4I4
134
I
44
38
I
I
•13
38
44
38
3712
44
•36
371.
441.
85
195
35
3,070
130 Shannon
II
I4I2
•II4
•3l8
•1
3I4'
134,
7
7
7
Hi
ivr.
11.
2
n.
.50
35
50
131;
131.
/,'
131.
3I4
60
I
13,
5
3I2'
II4I
Aug'20
•15s
•61.
2
7
•n,
II4
• II.
23s
35
•13
,50
•
Superior
1,015 Superior
425 Trinity
2.5
I
*
Jan 12
Jan 3
72
70
23I2
Feb
365s Mar 10
9938
80
77
73
1
July 9
July 21
July 8
Jan 20
15
87
4534
551.
7I4
Jan
2
Jan
Jan
Aug
Feb 6
57 June 8
Aug 18
Aug 10
8258May 8
14
45
Jan 2
8OI2
317,
Feb 7
Apr 8
Apr 8
11
Jan 6
8i8
Aug 20
Aug 10
150 July 26
90 June 16
Aug 4
Aug 26
Aug 6
AugU
9'
1!
76
Mario
1|
28
49
26
Apr
39i.Junel8
2334 Aug 24
FeblL
10
10
Mar
2
I6I2
51
May
59
5
Feb 6
Feb 25
60
23
41.
3118
Dec
6
Jan
39
138
Apr
1312
478
I512
Jan
678
Nov
Mar
June
Dec
Dec
Jan
Oct
Oct
28
Apr
19
75
Mar
58l2
Julv
80
2838
Dec
Nov
35
85,
Feb
11
Jan
99
86
3834
Nov
38
May
:
534
67I4
130
Nov
Dec
Feb
471.
Nov
83
Sept
Oct
Sept
938
Feb
Oct
Jan
Mar
Jan
Jan
June
71
149
72
96
July
Mar
........
145
93
Feb
Jan
14
Jan
July
35
30
I5I2
Dec
Dec
321.
Jan
Not
199
16 May
59I2 Oct
44
2518
Dec
35I4
27I4
59I4
Nov
Oct
May
1.50
74I2
Nov
55
May
13
Feb
Dec
991.
115
Jan
52 12 Jan
Jan 2
1 1
May
Nov
34
24
79
172
23I2
60
24i2July
Feb 16
Dec
Dec
Dec
21?
Jan 20
13812 Jan 21
53
Jan 26
90 Aug 24
363, Jan 3
341s Mar 30
17618 Jan 19
99
Jan 12
16
Jan 2
55
Jan 3
3II2 Jan 7
251. Apr
4934 Apr 8
133
Jan 2
13
Aug
Aug
6
7
90
6434 July
1214
I7I2
1011. Jan 10
8.3l4July 15
63
I2OI2
31
17
16
3612 Jan 2
26 June 3
60 May 25
28I4
Aug
Apr
Dec 1081. May
Feb 152 -Nov
Jan
8412 Dec
211. Nov
Dec
26I2 Oec
Jan
-------
3;
5;
Jan 3
2838May 7
88 Apr 8
157
Feb 20
Apr 30
92l2July20
23
7812
14l2May28
6l.Mar23|
4
10
Aug
Apr 20
Apr 171
Apr23|
Apr 14
3612
1434Junel9
42 Aug 9
Feb
95
79
18
Nov
Aug
9I4
2I2
Jan 13
Jan 5
7
Aug 24
Aug
Apr 20
10
13
10
15
Mar
167
S3
19
1278
338
1
May
Mar
35I4
July 28
Aug
Aug
10058
38
13
Aug 17
3734 July 27
16
Apr 14
33
Jan
Apr
June
Dec
Feb 14
Feb 13
104
May
55c
Apr 23
3034
2038
13
Oct
Jan
23
100
50
58
June 7
8i4June24
334
131.
Oct
381; Sept
115
105
2
1213
2358
247s
Oct
Dec
Dec
Jan
83
4034 July
9912 Aug
Feb 24
Feb 10
Apr 30
5
178 June 18
6834
781; July
Dec
Dec
Dec
Sept
Feb
434
11
91.
Jan 31
Jan 3
Jan
86
94
i71
15
82
Jan
Feb
Jan
June
June
5
Aug
62
140
24
5978
25I4
11
30
135
90
110
47
11.
I7I4
Nov
Mar
Mar
Jan
Jan
Nov
7i4Marl5
6
2734
Marl 5
3812 July
50
168
70c
AugU
71 July 26
5 July 2
I4I2 Augl7
24 Aug 19
734
70
Apr 1
25i2Marll
July 29
74
Mar 30
Jan 6
Julyj 7
86
89
86
70 June 15
38 May 17
48 July 7
40c Aug 10
56 Aug 2
25c June 9
20 Aug 12
2
Aug 5
834 Aug 9
Jan
Oct
Jan
Jan
31
205, Nov
211. July
19 Mar 1
23I4 Apr 7
44I2 Jan 26
28
Aug
26
Feb 3
79 June 18
17
15
Mar
Feb
83
66 Jan 21
70
Jan 9
31l2July2l|
37
38
Jan
Jan
7212
May
Sa
July
Apr
Mar
212 July
July
91
Apr
Dec
52
734
16
3c July 19
Aug 6
I7I2
91.
13234
958
50c
3
1
May
Oct
43
25
July
July
51,
4
3
16
5
21
.100
79
10
25
AS
5
5
5
1
1
25
25
25
25
Winona.
20 Wdl verlne
ion'
W\nnrintte.
A Ex-rlghts.
Aug
Aug
81,
7
3
9
55,
llij
7I2
24
71.
Jan
Jan
Jan
Jan
Jan
7
3
21
3
2
2
Mar 27
Jan 5
Jan .S
Mavl2
July
S
3
121;
Jan
211;
Apr 20
6'
2'
Mar
10
May
11
21;
May
1 'V'.
Aug
19
7
6 June 26
950 Aug 1
11; Aug 26
30r Aug 17
July
« Ex-dlvldend
9»|
33,
31.
2
23
9
A>ig
27
26
«•
20c
350
12V,
12
39
2
434
8
July
July
101
Jan
90c
Mar
3658
62
334
141.
634
31.
99c
Apr
Apr
Jan
Oct
May
Oct
-^ug
July
91. July
Feb
Mar
"
21
Dec
July
July
20
I
May
May
July
480
Mar
Mar
Mar
Feb
Feb
July
18
May
I%May
May
73,
May
July
July
881. July
41 " July
2
5.534
61s
Mar
May
23s July
73s July
51. July
3
Jan
2
Apr
Apr
Feb
10
July
Jan
I3I4
June
Feb
Feb
July
July
291, July
121. July
2i8
4
2
21.
491.
143,
Mar
6i.Mav
4h Oct
10
83
S7s
Feb
2.S
Oct
5734
Mar
87
Nov
81,
Jan
Feb
Apr
I3i.Mav
20S July
9
25c
7.5r
301.
3
3
45
5
6
40
7
15
10
Feb
Nov
4
20c
50c
42
78
24
5
.52
13
11;
4nr
.Sr
Mar
Mar
Mar
Mar
Mar
Jan
Mar
July
July
July
July
73
83 July
75 July
261; July
414 July
1
34
4I4
.521.
3i;Junc
Jan
Jan
50c
Aug
li|
June
4
Mar
29
I
Mar
5',.
Nov
19
in
Dee
Dec
5I4
June
7 r
2"*„ Sept
7
23
Feb 20
Jan 5
Jan S
Jan 7
Jan 10
Ii->';ir''2
I
.
Apr
Jan
Jan
6l8 Jan
2'i Jan
134 Jan
3 Jan
25c
«
Aug 5
Aug 2
Aug 25
1'4
fiOc
Jan
Jan
371. Jan
58 Jan
65
Jan
58 Jan
19
Jan
2
Jan
80c
2Ni
Aug 19
A UK 0,
431. Aug 24
35 Aug 18
I2l2Mav24
1
Aug 1
!•,
Apr
Aug
20
36
12
29
90
Jan 5
July 19
Feb
Hi Aug 2
4
2^4
Mar 24
Mav20
I2
10c
10c
Jan 3
5
3
3
12,
16.
Jan 5
Jan 14
38
21,
478
3is
JulvlO
13'i
34
72
Feb
3
Jan 5
Jan 3
5934 July 13
82 June 21
18
19
Mar
Jan 2
Apr 7
6i8Mar3l
11
18
17
5
5
100
5
15
25
16
II4
7
4'8Mar
July 20
3
6
I4I4
13
19
Aug
2I4
1034
Apr
Jan 5
4858 Jan 5
60c Mar 20
39 Feb 13
Apr 21
77
26 Aug 14,
3
Jan 5
Apr 27
161;
Aug 20
Aug
Aug
Aug
Aug
Aug
7I4
Jan 6
Jan 7
Jan 3
4nis Jan 10
1
.50
6212
10c
321;
41.
1534
1078
40c
409
Feb
Aug 24
Jan 3
3
Feb 27
Jan 3
42
I.
290
57
.
134
77
6i.Marl8
278
434
25
Boston Copper. 10
25
Assessment paid.
Jan
Jan
68
60
25
25
25
25
120 Vict orla
e
Dec
.31.
132
86
Aug
Aug
Aug
Aug
Tuolumne Copi>er
"iio| ITtah Apex Mining
128 Utah Consolidated,
1,925| Utah Metal A Tunnel
14
d Ex-dlvldend and rights,
.
Sept
2 Is Nov
Oct
132
teb
84
Aug 4
11,
L
South Lake
South UtahM
Aug'20,
*1
11,
S-'le
1.534
July'26|
•4I4
I
Last
•11.
6 Ex-stook dividend,
40
Jan
Oct
28
40
130
Mar
Mar
7
11
Jan 30
5
25
25
Osceola
25
(Julncy
25
St Mary's Mineral Land.. 25
Seneca Copper Corp
no par
•361.
Aug 6
Aug 12
July 10
North Lake
OJIbway Mining
Old Dominion Co
"'24()
23s
2
I
334
6
130
72
138
.
500 NIpl.ssine Mines
3,712 North Hutte
9I4
Dec 145 Apr
8OI4 Apr
Dec
Jan
Dec 97
116
62
85
Jan
871. Jan
10c
2I2
Mine
New Idria Quicksilver.
New River Company
Do pref
26
124
25
25
25
Mohawk-.
New Cornelia Copper
78
730
22
145si
5
Michigan
22
44
•36
1
25
775 Mayflower Old Colony
22
II.
i'"
Valley
Mas.s Conaol
171,
Aug'20
Last Sale 2
Last Sale .15
138
Ps
Mason
6
Allg'20
1
Isle Royaie Copper
Kerr Lake.
Keweenaw Copper
300 Lake Copper Co
66 La Salle Copper
3
50
11.1
"
Island C'reek Coal
Do pref
5
234
114
25
25
25
25
55
2778
59
91s
163s
25:
211,
1458
1434
338
•11.
9I4
163,
Last Sale
Last Sale
.75
II4
•35
I2I2
"Vis;
Hs
Hs
"260
•27
3
2
.50
131.
30
59
17
Centennial
1.
195 Franklin
180 Hancock Consolidated
115 Helvetia
Indiana Mining
17
17
17
Last Snle 5
Julv'20
27I2
27
27
Last Sale 85
Aug'20
I6S4
.60
•II.
•
73i
103,
278
4
Aug'20
Last Snle 3
25
Copper Range Co
25
285 Daly- West
20
Davis Daly Copper
101
610 East Butte Copper Min... 10
AUB'20
Aug'20
1'4
Calumet A Hecla
Carson Hill Gold
1.695
Aug'20
Aug'20
•25s
•2I2
21.
5
10
Butte-Balaklava Copper.. 10
Bingham Mines
150
1,000
24
4.630
100
1,095
78
•2658
"2'7V2
5I2
59
Algomah Mining
2
3
"4'
•6
4I2
•21.
*3i;
Last Sale
134
4
3
• if.
"
•4l8
71.
101,
Last Sale 3l8
Last Sale 11.
3 Is
371.
134
241.
10
4434
78
•2658
2634
371.
7
295
23I4
•9I2
34I4
56
22
I'l
83s
.05
25
25
25
25
30 Allouez
190 Arcadian Consolidated
470 Arizona Commercial
10
2
Last Sale 75 Juno'20
5612 •551. 561.
.75
56
79
22
Us
I'Y.
2
I4I2
•50
• 41s
I'^J
9
878
14
238
.20;
.40
'121.
•
.05
295
2278
•912
333,
2I2
934
834
4
4
.75;
61;
934
2I4
26
•II4
•.50
778
lOVi
234
•3
134
"•11.
.05
290
IOI2
34I4
41.
26
II4
"•.15
•4l8
.05
300
23
4
•50
35I4
13l2
•1
934
*8l4
834
28
90
9
141.
.75
44
'
!
•3
•25I2
4
28
90
•.50
141s
2S4
55 Ahmeek
5758 •5734 58
Last Sale .25 July'20
•22I2 24
•22
25
•2'38
21.
234
234
Mar
67I4
Feb 18
Feb 111 3812 Aug
Jan 6! 46 May
Jan 28 143 Mar
30
39
Highest
Lowest.
I
Adventure Consolidated.. 25
Aug'20
La.tt Sale .50
5758
I
•I6I4
•8%
•50
I
I
1^8
•31s
•31s
778
3
•50
79
4I8
8
I's
.75
5534
27I2
4I4;
3
•.50
•54
•77I2
•261.
I
2234
•9I2
33I2
IOI4
234
258
2I4'
•7712
•261.
23
lOls
234
•31.
•134
3
.75
23
295
33I2
41..
•25
.80
5758
.40
•23s
•914
•814
.05
9I2
71
•134
54
79
2I2
91.
838
.05
•.03
•295
300
22I4
22
300
2
54
.40
23
2I2
9'2
838
10
McEIwain (W H) 1st pref. 100
416 Massachusetts Gas Cos
100
Mining
•.50
5768
.80
58
May 25
Engineering
i
•57
Range for Previous
Year 1919.
1.
Highest.
Feb 17 132
119
60
80
Miscellaneous
81
7918
•121
33
33
I3I4
IOI2
I3I2
1658
1918
191s
•29
24
•25
25"l2
4OI2
33
2038
45I2
6
1378
30
161->
I
59I2 60
121
125
"19
•1312
31I2
2II2
I6I2
1918
•2334
25I2
4078
36
1071,.
•65I4
IOI4
166
161.
I9ls
40U
IO6I4 10718
•65
'25
40
24
100
Aug'20
Last Sale 66
14812 14812
146
146
24I4 24I2
Last Sale 13
Aug'20
38I4 38I4
38I4 38I4
1278
IOI4
79
520
31
45
•34I2 37
19658 1071.
651. 651.
25I2 251.
40
4034
2334 2334
1634
17
19
19
37
107
65
3012
165
4I4
45
I
1518
4I4
3034
19
19
2538
22
13
414
45
167
1378
13
200
60
2l8
19
•22
25I4
"Au"g"'20
2l8
43
9312
78I4
167
5,614
•19
26I4
50
420
Aug'20
1834
IOI4
24
3012
10
1,876
135
10
"2'4'r2
43
•59
59 12 59I2
60
61
60
60
12034 12112 122
12434 •120
124
125 •121
33I2 33I2
32I2 33I2
32I2
3334 3334
32
88I2 8834
88I2 90
•8712 88I2'
89
8912
•22
"24"
Last Sale
9
9
Last Snle
•2
3
13
13
414
400
July'20
26I4
19
•578
I2I2
1234
lOl-
94
24
38I4
27I2
39
93
15
25
75
147
2478 25
•12
13
13
6
I2I4
IOI2
15
•24I3
•65
146
2434
18
•42
16
3034
I9I4
75
147
27
I
^15
•13
5
20
•38I4
1814
•4II2
6
94
79
•18
•65
147
24
•12
19
75
24I2
14
38I4
•4II2
3
I3I2
2418
•I2I2
I8I2
9l8
2l8
30I4'
13
28
9
•2
•2
2l8
•I2I2
•18
16
24I2
8
24I2
878
•2
•2
•13
•65
147
75
148
•2458 25
•15
16
24I2
243
42
Last Sale 5I2
•15
•24
275
25
June'20
•3
•3
334
334
Last Sale 158
Aug'20
•778
8
8
8
96I4 96^8
9612 9678
75I2 75I2
75I2 751.
•73
75
61
761
16
Last Sale 75
4II2
42
41
8
9612
75I2
23
107
70
25
Range since Jan.
Lowest
Aug'20
Aug'20
334
6
885
See Next Page
EXCHANGE
Shares
131
143
81
7734
24
334
2
•73
the
Week
130 Juiie'20
Aug'20
74
10334 Oct'19
Mar'20
72
*61i. 62
•6112 62
34
3312 34
343s
July'20
Last Sale 80
86
24
80
42
50
Friday
Aug. 27.
125
123
63
63
•S3
•36
3634
Aug'20
41
Aug'20
140
lOc Dec' 19
63
85
Last
Last
Last
Last
Last
Last
Last
Last
Last
j
*3l2
124I4
124
STOCKS
BOSTON STOCK
Sales
for
BONDS
Record
Half-paid.
11;
1
134>'ay
11,
Jan
Jan
11,
Mar
71-
5no
Jan
I
35, Juno
12S4 July
5
43,
July
July
Julv
July
15
^far
3
31
4 no
M."--
I'V.May
THE CHRONICLE
886
—
^utside^to ck JExchanges^
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Aug. 21 to Aug. 27, both inchisive:
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
FTldat/
Bonds
U
S Lib Loan 3HS-1932-47
1st Lib Loan 48'. 1932-47
2d Lib Loan 43.. 1927-42
1st Lib L'n 4Ms- 1932-17
2(1 Lib L-n 4^43.. 1927-42
3d Lib Loan 4Ms.-. 1928
4tli Lib L'n 4Ms. 1933-38
1922-23
\ictory 45^3
Am Tel & Tel coll 4s.. 1929 ""68""
I SS L 5s.. 1959
Atl G &
Chic June & U S Y 58.1940
Delaware & Hudson 5s
""so""
Gt Nor-C B & w 4s... 1921
.
1936
S
&
.
Ft
4s.
C
""77"'
1931
Mass Gas 4i.^s
Mies River Power 5s.. 1951
73 H
1932
E Telephone 5s
78
1944
Swift & Co 1st 5s
Western Tel & Tel .5s 1932
W
Mem
K
N
Low.
Range since Jan.
High.
89.74
84.14
84.04
84.14
84.24
87.44
84.40
95.20
74
68
89.74
84.24
84.66
84.94
84.66
88.02
85.04
95.74
74
68
74 M
80
95
75M
80
95
60M 60M
77
77
7ZH 73M
77
83J^
77
78
83Ji
77
82. 04 May
1,130
19,450
30,300
35,900
82.14May
Sl.eOMay
49,950
5,000
94. 84
5.000
10,000
13,000
14,000
4,000
4.000
1.000
S6.00M.ay
81.74May
May
72M Apr
68
Aug
74
80
July
Aug
92.34
93.80
92.98
94.96
92.98
99.30
81
81
84 H
Jan
Jan
Jan
J.an
Jan
Jan
Mar
Jan
Jan
SO
Aug
931^ July
995^
Jan
60M Aug
60M Aug
74
July
695^ Mar
77
Aug
82
May
77
June
83 Ji
76
85
93 H
84
Jan
Jan
Mar
Jan
Jan
—
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists:
Friday
Last Week's Range
Stocks
Par.
Amer Vitrified Prod, comSO
-Am Wind Glass Mach..lOO
Arkansas Nat Gas, com. 10
Bank of Pittsburgh
50
Sale.
Price.
10-K
108
100
Preferred
Kajr County Gas
Lone Star Gas
Mfrs Light
& Heat
Mar land Petroleum
Middle States
5
10
27
55^
13
18,685
1
3M
15K
97
97
97
130
14H June
90
Aug
97
410
93
IH
28
56
iH
4H
12
11
1
Ohio Fuel Oil
Ohio Fuel Supply
25
Oklahoma Natural Gas. .25
24
23
4854
30 J^
24
50
30 H
12
5H
com.. 50
Pittsb Brewing, com
50
Preferred
50
Pittsburgh Coal, com.. 100
Preferred
100
49 M
3K
11
11
62 H
61K
85
Pittsb-Jerome Copper
1
Pittsb & Mt Shasta Cop. . 1
Pittsb Oil
&
8c
Gas
100
Pittsburgh Plate Glass. 100
San Toy Mining
Transcont'l Oil
1
.
(no par)
100
U S Glass..
100
U S Steel Corp, com. ..100
West'house Air Brake
50
West'seEI& Mfg,com_.50
West Penn Bys, pref. _ . 100
Penn Tr &
P, com. 100
W
90J-4
47K
W
WA
62 K
86
9c
37c
12
13
'4
12 5^
105
3K
35c
155
4c
Union Natural Gas
131
Feb
35^ June
92
July
14}^
27
53
155
4c
V2%
118M
IISJ^
58
58
88 H 90?i
105
105 H
46 M 47 H
68 J^ 70
8K 9
1.
High.
Qi'A
50
Fireprooting,
Preferred
100
50
Low.
9H July
107 K Aug
9K Aug
94 H
12
6
12
Oil
Nat
50
180
145
IK
1
...25
50
108
3«
15
Range since Jan.
Week.
10«
llOK
430
2,855
285
1,505
4,875
10
55
515
223
452
1,000
50
100
610
20
6,000
3,500
240
35
6,300
125
30
20
70
40
650
45
300
July
Jan
25
June
48 K July
4
May
Aug
12
July
Aug
Aug
11
21
44
Feb
29}^ July
3M Aug
Aug
11
51K Mar
84 5i Aug
4c July
Aug
30c
May
11
16H Apr
Jan
Jan
June
Jan
Jan
135
45
147
5
100
Apr
Feb
17
119
102
Jan
2H Apr
45 V^
61
»i
6H
38K Feb
9H Apr
19 H Apr
Stocks
—
Par.
Sale.
Price.
Alliance Insurance
10
American Gas
100
Amer Railways, pref... 100
American Stores
no par
First preferred
Cambria Iron
. .
50
Catawissa, 1st pref. -...50
Elec Storage Battery. . . 100
General Asphalt, pref. .100
Insm-ance Co of
A
10
Keystone Telep, pref. ..50
Lake Superior Corp
100
Lehigh Navigation
50
Lehigh Valley
50
N
Midvale
Steel
Minehill
&
&
44
122H
58
Tonopah Mining
Union Traction
United Gas Imi-.t
1
50
50
S Steel Corporation.. 100
Warwick Iron & Steel. -.10
Western
Y & Pa
50
York Railways, pref
50
U
33
30
43 H
90
38
35
34
30
44
llO.'.j'
90
28
30
90
K
Wi
57
44'/^
Ord
50
50
Pennsylvania
50
Philadelphia Co (Pittsb)—
Pref (cumulative 6%) -50
Phila Electric of Pa
25
Phlla Insul Wire
no par
Phila Rapid Transit
50
Philadelphia Traction... 50
Reading
50
Tono-Belmont Devel
1
H
S
33
19W
39'^
41
40 H
10
31M
30
61H
215^
22 Vs
avA 51^
UK
50
50
92
2
iy2
2iA
40
1%
I
24 A
40
88 H
30
15
50
93 M
2
1
1,857
5
202
55
300
291
632
400
9'/8
117H June
Feb
52
Aug
84 5i
103 H Aug
45$^ May
65 H July
Jan
TVs
Low.
19M Aug
Apr
31
30
June
37 ?4 Feb
90
July
35
June
34
99
May
77
Aug
Feb
Victory 4Jis
1922-23
Amer Gas & Elec 5s.. 2007
Beth Steel p
6s
1998
Elec & Peop tr ctfs 4s. 1945
Erie 4s, Series A
1953
Lehlgb C &
cons 4Ks '54
Lehigh Valley coll 63.. 1928
Consol 4Hs
1923
83
105
3
48
43
Annuity 69
Natl Properties 4-6s..l946
N Te.x & Mexico 5s
N T Wchester B 4H8 '46
Penn RR 10-year 7s.. 1930
.
<fe
Phila Electric 1st 5s.. 1966
do
small
1966
Reading TermlnaI53..1941
Reading gen 4s
1997
United Rya Invest 58.1926
102H
80
80
83
95
79
65
26
10
Ia
101
J^
8%
80
10
Orpheum Circuit, Inc
1
Page Wov
Fence, com 20
Pick (Albert) & Co
(*)
Piggly Wiggly Stor, Inc.{*)
v^uaker Oats Co
100
Preferred
100
Reo Motor
If)
Sears-Roebuck, com... 100
Shaw
com
(*)
Stewart Mfg Co
(*)
Stew Warn Speed, com. 100
Swift & Co
100
Swift Internationa!
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
118H
55
79
15M Mar
15
Temtor Prod C&F"A".(*)
Thompson, J R, com... 25
Union Carbide & Carbon 10
Union Iron Wks v t c. 50
Unit Pap Board, com.-lOO
Wahl Co
Ward, Montg & Co, w
Armour & Co Deb
W
& Co 1st s f g .5s
No par value.
1.023
1.678
93
40
40
141
193
Sli-i
Aug
May
J^
1
Julv
Aug
23
July
40
July
84 H Aug
51
A
Mar
Mar
Mar
Jan
Jan
50
435^
Mar
36'^
25?^
Jan
Jan
51
H Aug
28
63
94 ^
3 1-16
2
A
37
57
108M
8H
8
Feb
10
29
Mar
14
Aug
32
Jan
Jan
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
84.58 .?21,20O
88.00 108,400
85.02 71,100
95.68 45,700
70
4,400
110
2,000
52
10,300
35
30,000
80
0,000
96M 5,000
83
2,000
105
1,000
3
5,000
48
6,000
43
15,000
102 H
5,000
80 H 41, .500
83
200
95
1,000
80
3,000
66
2,000
84.20May
86.40May
82.30May
91.90 Jan
94.60 Jan
94. 70 May
99.34 Jan
82 A Jan
Aug
110
70
103
May
May
51J-J July
35
Aug
80
Aug
92 H June
83
Aug
105
May
3
48
43
lOOH
Aug
Aug
Aug
Apr
79 K July
82
J'oly
94
Aug
72
Apr
65
June
92.8S
Jan
65
35
Aug
90H
102H
94
110
Jan
Aug
Aug
4,8
43
July
M
99
82
76
Jan
Jan
Jan
Apr
30
103
93
93
Jan
'i
Jan
Feb
Apr
Apr
Jan
10 '4
1
lA
4K
200
200
101
101
9
8H
80
79
15A
15
13«
12A
17
605^
78
UA
en
14
lOO
lOH
lOA
25M
3
33
239 H
88
21K
141
32%
107M
30 A
27
63H
21
30 K
31A
62
77
46
1944
1.
39 A
33
2.39 J^
88
21
H
15
13!^
7
16
101
10
2534
3
«
39 K
33
240
89
22
140
lilA
69
70
33
33
325^ 34 A
106
10734
293^ 32
41J^ 41H
25H 27 H
62 Vs 64 H
19A 21
29M 31
50
50
Shares
30
420
1,424
291
845
350
27
72
380
645
4,310
335
1,050
290
2,063
\7y2
95?^
58
75
Mar
40
ae
Aug
Aug
Aug
Aug
10
Julv
15
91
Feb
1
Mav
May
24 A
I
A
8K
215
108
77
Feb
Feb
15
13
llM Aug
530
5
May
14
Aug
100
Aug
934 Aug
25
Julv
75
60
125
374
100
39
32
215
8734
6.50
280
125
30
Feb
3
21
130
61
18
4A
434
96
62
89 A
77
45 H
58 A
83
96^
Jan
Feb
Mar
Jan
Apr
Juae
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Jan
May
Jan
Jan
H May
23 K
32
Apr
Apr
9)4.
July
44
118
15 K
35
Apr
3
Jan
Jan
Mar
A May
Aug 503^ Jan
July
Aug 43
Mar
Aug 310
Aug 98M Jan
Mar
28
May
Apr
Aug 243
Feb
Apr
90
Aug 50
9,.585
Aug 50 H
1,340 103 K Aug 128
55
11,855
28 H Aug
230
39H Aug 49
52 J^
75
255^ Aug
74^
10,475
5434 Apr
840
UA Aug 42
425
50
225
72
Mar
Aug
Aug
13)4,
Aug 101
93H Aug 102
105M June 125 A
17
Aug 33
44
100
Aug
61
115
60
Aug 92
50
74
Aug 105
360
30
75
25
K
31
1534
72
High.
85
11034
3
10 '200
175 101
1,785
8A
10,440
25
1,195
29H
15A
Low.
68
.Tulv
90 3i Julv
33
273^
Feb
Mar
Apr
Jan
Jan
Mar
Mar
Jan
Apr
Aug
36!-^
31
56
May
28 J4
40
Mar
20
Mar
Aug
IS
Aug
70K Aug
43^ Aug
Jan
2334
8\A Apr
434
Aug
62
89 A
77
46
58 !4
83
Baltimore Stock Exchange.
S6,000
6.000
2,000
2,000
12,000
3,000
2.000
95 H July
6034 May
96 A
72 A
9734
87
4»
75
92J4
Aug
Feb
77
Aug
Aug
45
June
89}iS
58 A
8234
Aug
Aug
Jan
Feb
Feb
Feb
Jan
— Record of transactions at
Baltimore Stock Exchange, Aug. 21 to Aug. 27, both inclusive, compiled from official sales lists:
Friday
Last Week's Range
Stocks
Par.
Sale.
Price.
Baltimore Brick
..100
Boston Sand & Gravel ..
..100
.
1
Ala cons
C &
1 5s ..
25
62
160
1.30
1.20
9554
9534
7954
3A
70
30
81
16
1933
Is 5s.. .1944
Chicago Ry 1st 5s... 1927
City &S(W)lst 5s... .1948
Cons Gas 5s
.1939
Con GasEL&P4Ks . 1935
Cosden & Co conv sf
United Ry & E 4s... .1949
Income 4s
.1949
funding 5s small... .1936
VaMId 5th Ser 5s..- -1926
Low.
2
65
62 J4
Sales
for
Range since Jan.
1.
Week.
3A
Atlantic Petroleum.. ...10
Atlan&Charl
Jan
22
65
47 K
IM Aug
25
41
90 H
_
Feb
Feb
Feb
Jan
Feb
46M Mar
10
13
7s. 1930
Chicago City Ry 5s... 1927
Chicago Telephone 5s. 1923
Commonw Edison 53..1943
Metr
Side El 1st 4s. 1938
Peoples G L & C 1st 6s. 1943
Cosden & Co pref
5
Houston Oil Pf tr ctfs ..100
Indlahoma Refg
5
Mt V-W Mills V t r. - 100
Preferred v t r
..100
Northern Central... ...50
Pennsly Wat & Pr...
100
United Ry & Elec... ...50
Wash B & Annap... ...50
Jan
91
45
UH
Range since Jan.
B-.nds
Consol Gas EL&Pow. .-100
Consolidation Coal.. ..100
9H Aug
57
June
iO'i May
225
430
23
56 A
64 J^
43 H
26
107
Rights
CelestineOil
1.
16
92
43 H
28
44
60
78
(*)
1.20
15H
106
17
106
Western Knitting Mills. (*)
Wrigley Jr., com
25
(*)
130
64 M
107 M
W W,
70
92
93M 93^
10
National Leather
High.
1
Motor Co
(*)
Nat Carbon, pref (new) .100
Apr
Feb
1.660
11
12,445
240
74
96H
& Libby.lO
Low.
91
91
16
Sales
for
Week.
70
Mitchell
Swift
35
29 A May
20 K May
50 H July
12H July
50
June
65
Feb
30
SO
10
Libby, McNeill
Lind.say Light
Mar
Jan
Jan
381
1,667
30
52
35
N
Hupp Motor
18
37A
37
575
300
54
70
110
m
S<Me.
Price.
D&D
53c
25c
27M Aug
30
Mar
2,816
13
84.48
87.70
84.76
95.40
Continental Motors
10
Cudahy Pack Co, com. 100
Deere & Co, pref
100
Diamond Match
100
Edmunds Jones
(*)
Godschaux Sugar, com.(*)
Great Lakes
100
Hartman Corporation.. 100
Holland-Amer Sugar
10
Jan
Jan
Jan
Bonds
US2dLibL'n4Jis.'27-'42
3d Lib Loan 4Ms..- 1928
4th Lib L'n 4Kb. 1933-38
100
& Trust.. 100
Commonwealth Edison. 100
92
High.
40
IK
HH
Preferred
Chicago Title
Preferred
7
13
8
N
204
100
367
200
22 M
14%
15
38
35
123
90
29 H
30
58 H
45 '4
40
41
41?^
(*)
(*)
(*)
common
Case (J I)
Chicago Elev Ry, com. 100
Apr
Apr
Range since Jan.
90)4
12
Briscoe,
Canton Co
Sales
for
High. Shares.
19M
100
100
15
1 00
Beaver Board
M
Mar
8H Apr
Week.
Low.
Par.
Preferred
18
655i
Apr
official sales lists:
Friday
Last Week's Range
—
Armour Leather
Mar
—
from
Stocks
34^8
55 H
52 M
Aug 172
Aug
7c
Aug 37 H
149
4c
Jan
Jan
Jan
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, Aug. 21 to Aug. 27, both
inclusive, compiled
Friday
Last Week's Range
W
Sales
for
High. Shares
10
U'A
100
HabirshawElCable(no par)
Harb-Walk Refr, com. . 100
Low.
145
Carbo-Hydrogen Co, pf-.5
Crucible Steel, pref
of Prices
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange Aug. 21 to Aug. 27, both inclusive,
compiled from official sales lists:
American R.idiator
Armour & Co, pref
S9.04May 100.00 Jan
82.04May 93.04 Jan
850
1,000
16,000
5,000
1.
High.
Loxo.
$1,300
150
[Vol. 111.
High. Shares.
3A
2
25
65
160
1.30
96 W
79 5i
4
6K
71
6 -A
30
6834
62
78 K
30
68 3i
62
81!^
IIH
IIK
16
86
83
57 H
50
85 A
74 !4
90
16
61H
43 1.^
59
9014
86
83
57 H
50
85 A
74 «
90
62 M
44
59 H
90 A
600
2H
400
134
20
125
20
53
65 160
3.072 1.05
327
95^
50
74 >4
90
334
44
67 K
50
6A
18
30
66
33
150
60
389
74
11
710
13
25
85
1,000
83
1,000
56 H
1,000
2,000
50
2,000
85 H
1,000
6,0G0
21,000
7,000
600
2.000
High.
Low.
72
83
55
42
A
Feb
Jan
Aug
Jan
Aug
June
Feb
June
May
May
Aug
Aug
Aug
July
Feb
i'eb
May
July
Aug
May
Aug
Aug
June
May
May
Mar
Mar
90A Aug
56
iA Apr
2K Jan
25
65
163
3 40
1033i
89
45^
93^
10
Aug
Aug
Mar
Jan
Jan
May
Jan
Jan
A Mar
70
95
70
84 A
15
20 K
88
85 H
70
50
96
81
93 !4
69
48 J^
63
90 A
—
Jan
Jan
Jan
Mar
Jan
JaB
Jan
Apr
Jan
Aug
Jan
Jan
Apr
Jan
Jan
Jan
Aug
New York -Curb" Market. Below we give a record of
the transactions in the outside security market from Aug. 21
It covers the week ending Friday
to Aug. 27, both inclusive.
afternoon.
It should be understood that no such reliability attaohee
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, anci they
are permitted to deal only in securities regularly listed that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictiona
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
The possibility that fictitious transacof the transactions.
tions .may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
In the circumstances.
particularly as regards mining shares.
—
Aug. 28
THE CHRONICLE
1920.]
out of the question for any one to vouoh for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
887
Friday
Last
Week'i Range
SaU.
of Prices.
It is
Other Oil
Stocks (Concladed)
Denny
Par
Week ending August
27.
Stocks
Par.
Sale.
Price.
I'A
2H
9K lOH
3M
Amer Candy Cocom(nopar)
(no par)
Amer Chicle. r
100
6
Automatic Fuel s.r
Bliss (E W) Co. com.wKt)
100
Bordea Co com.r
97^
84
100
Preferred -r
Brier Hill Steel... (no par)
Brisco Mot Corp com.r. (t)
Britlsh-Amer Chem.r...lO
Brlt-Am Tob Ord bear -r£l
Brit Empire Steel, com 100
-100
7% preferred
7'A
CarLtg
Power, r
25
Chicago Nipple Mfg d A 10
Cities Serv Bankers «hs r(t)
Cleve Auto Co, new
(t)
Colombian Emer Synd new
r.(t)
Conley Tin Foil
10
Continental Motors- r
Crude Chemical, com.r
Davies(Wm.)Co.Inc.r-(t)
Dominion Steel. r
EmplreTubeASteel(no par)
Farrell(Wm)&Son,com.r(t)
Tire&Rub com 10
Gardner Motor Co (no par)
Firestone
Asphalt, com.r
Gillette Safety
2^
Preferred
Hale
1
1
53
4K
11
Kay County Gas.r
1
Libby.McNeill&Llbby.r 10
1%
12M
29M
5
Republic Ruljber.r (no par)
Reynolds (R J) Tob B r 25
Rockaway
Root
&
Triangle Film Corp v
t c.
Union Carb & Carbon
Retail Sfs Candy. r-(t)
S Distributing com.r,"iO
U
D S High Sp Steel & Tool(t)
U S Light & Ht com.r.. 10
10
US Metal Cap Seal.r ..
U 8 Steamship..
10
VanRaalte Co Inc com r(t)
Preferred. r
Warren Bros.r
63
40
33
1
45
12
13M
31
IH
IH
7-16
2Vi
3
15i
38
100
100
Willys Corp,com.r.(no par)
First preferred r
100
8M
45
25ii
16'A
2A
10}^
10
25%
17
33
17-16
214
3
1
38
38
8
7K
m
4K
126
24
1,100
21,400
100
100
1,119
2.800
4,500
100
4,120
1,500
900
450
2,700
2,100
600
9,400
500
200
800
400
200
1,400
600
100
7,100
100
200
800
4,900
9.100
10..500
6.0.50
400
200
900
5.800
1,800
5H
2,300
1
IH
200
32
205
1,200
1,460
1,500
Aag
May
May
94
July
5J
12
July
Aug
Aug
18
36
2]4
Aug
Aug
Aug
Aug
lOK
July
48
13.1
Aug
Aug
3H
June
29H Aug
Aug
48
i%, June
Aug
8M Aug
Vi Aug
Aug
31
Aug
50
18
7H
July
Aug
20
107
24 H
Aug
Aug
4H May
40 H
145
9
102
Feb
Apr
July
IH Aug
12 J^
61
Aug 48
Aug 108
80
28
25
Apr
Jan
June
July
July
July
91
33
68
June
Mar
9H
Jan
Jan
28 K
July
39
5214 July
2H
UK
60
3H
li'A
44 K
June
July
July
Apr
July
Jan
91
Mar
25
29
Jan
Jan
Jan
14
IK
50
60
1
6% Aug
5K Aug
Jan
Mar
Jan
June
6M Aug
\i% Mar
3M Aug
Aug
27
40
June
101
5K Aug
20
Feb
17
21
40
10
I8J2
Aug
IK
July
10 H
65
37
8
Aug
Aug
44 H
12
10
10
.4ug
Aug
Aug
May
Aug
Aug
Aug
33
24 H Aug
16K Aug
30 K Aug
II4
Aug
IVs
June
IK May
m
Aug
Apr
33
7'4
Mar
Jan
Jan
Jan
Jan
Aug
2K Apr
Apr
32
92
53
35
47
39
18
Mar
Jan
Jan
July
Jan
Jan
17
7H
37
28
47
Mar
13
Apr
Aug
Aug
Aug
A
65J4
Jan
June
10
June
July
H
Aug
Mar
Mar
Aug
Apr
Aug
19
Mar
Aug
Gh Jan
Aug 108
July
Aug 69
Jan
106
28 H
151
Feb
5-16 Aug
58 K Aug
230
%
600
12J^
9
Aug
Aug
34^
30^
35
30 H
300
1,4.50
32
27
June
Jan
55
40 Ji
IH May
\% Aug
2
Aug
l« July
3H
Jiin
4
Jan
2H
2%
\%
2
2
2H
2H
IK
58
20
70
58
20
70
60
16!^
16H
18
71
.555-^
71
H
4,400
3.500
3.000
14,500
100
1.50
200
625
750
200
250
75
58
72
1
20
70
52
13 K
70
60
68
Auk
Aug
Mav
Aug
Aug
July
Aug
78
3K
19
2K Aug
4H Jan
45
Jan
70
Aug
80
June
26 K Jan
100
Jan
85
Jan
Aug
77
1
& Montana Dev--5
Caledonia Mining
I
M M
Emma
Kerr Lake
45
88
New
Jersey Zlnc.r..
Wrlgley (Wm) Jr.r .
45
88
50
92 K
11
IIM
4H
4K
iy>
1,3.50
600
400
1,700
Aug
43
85
July
II
Aug
4
July
70
100
20
July
July
5
Aug
Apr
Former Standard Oil
Subsidiaries
Anglo-Amer Oll.r
£1
G.ilena-Signal f)ll com r 100
22
45
22
Transit. r... 100
25
South Penn Oll.r
100
standard Oil (Calif). r.lOO
Standard Oil of N Y.r.lOO
Vacuum Oll.r
100
1,58
320
269
310
390
365
320
.Jo.-?"
22 t«
45
1.58
335
278
310
394
365
900
19
in
10
44
20
50
10
40
10
158
273
260
300
343
350
May
31
Jan
Aug 65
Aug 185
Aug 388
Aug 3.55
Aug 3.55
Aug 4S0
Mar
Mar
May
448
85K
9K
Motherlode.r
Mothcrlodo old
1
1
Murray-Mog M, Ltd
Nat Tin Corp.r
19K
K
H
19
11-16
IK
IK
"iSK
18K
New
Jersey Zlnc.r
NIplssIng Mines
Ray Hercules. r
Rex Consolldatefl Mln
6
1
3-16
1
%
2c
A
4Kc
88c
22c
8c
3M
62c
IK
29c
K
3K
13-16
9K
IK
1
I
15 K
4c
6c
I
4c
3c
11.5-16
\A
11.5-16
Mining. r
1
1 7-16
United Eastern MInlng.-I 21.5-16
Continental
Mlnes.r.
II 8
6HC
WUbert Mining.
1
Mar
•A,
Alax on. Class A.r
Allied
3
10
Alien Oll.r
1
Allied
on. r
1
Anna
Bell
1
Arkaufvus Nat Gas r
10
Atlantic Guir Oil Corp. 100
Blory on
..10
BIghcart Prod & Ref
10
Boone on
5
\%
19c
20c
12
72
16
85^
15
85i
2
Boston-Mexican Pct.r...!
Boston-Wyoming Oll-r..l
Oarlh Syiidlrite ncw.r
Central Potmleum pref.r..
Cosden & Co com.r
6
Cughing Petr Corn oom r 6
1
IIH
7H
IJi
2
1-16
11
Aug
200
3
IH
8
Mar
Apr
Amer
2c
9c
6C
A
3-165-16
12"^c 19c
5Kc SKc
58c
77c
.57c
IK
12,800
5,100
41.900
2.000
8.000
11,000
9,700
1,000
16.800
r'39
A
Tel 68. r.. 1922
notes. r
1924
IK
1
2
2^<;
3Hc
25.700
19.510
2A
52.9.50
2
2c
8c
6.060
7.530
13.200
18.200
30.000
1.100
15.100
10.000
24.900
m
IKc
K
7c
3c
4Uic
10.3.50
64
94
92 K
63 H
1,5-lf,
6Kc
I2c
1
IK
Jan
3^
190
.\ug
16-16
Jan
May
Anglo-Amer OU 7He ..•25
WIc
1
Apr
IdH
700
500
8,300
9
71
15
Aug
Aug
Aug
Aug
Aug
7% notes r'30 ^5A
Beth Steel 7% notes. r. 1922
"46"
1921
Hoono0116s
C C C A St L Ry 6s r 1929
9
2^
2i<
1 .3-16
12M
74K 74H
7Mi
7H
1.200
8H
71. .500
1 .300
I'i
43.000
6,800
50
800
19,200
IH Apr
9^
68
Apr
Ai'K
Jidy
OK Aug
July
Aug
13
Apr
7H
A
3
Jan
Apr
Jan
Jan
IK Mar
Armour * Co
93«-f
92 H
98 ><
95 K
971.4'
37
84 ti
99
66 li ?70.000
94
30.000
92 S
8.000
flS A
20.000
90 H 220.000
97 H
3.000
42
55.000
15.000
85
99 K 40.000
51
20.000
62 «i 98.500
72
.52.000
73.000
93
72.000
Colum. Graph Mfg 89.1925
French Govt 4s. r
French Govt 59. .r
I'roitch Govt 5'^, preni.r..
"99>i
92 1<
64 tj
91 «f
91
9IK 9Hi
63
70
Jun
Goodrich (BF) Co 79.1926
Aug
Interboro
3
Jan
Jaa
KenneoottCoppcr79r. . 1 930
Morris A Co 7HB.r. . . lO.^O
RT
79. r.
. .
1921
.50
"COK
«1
K
60
70
60
OS',
mH
n<!»v
K
8c
1.000
50.000
I
2K
1 3-16
K
K
70
920
420
IK
1 1-16
120
10
62o
Aug
Feb
2K
2K
June
May
Ho
June
K
22c
lOc
4o
160
l&c
4c
400
He
40
Aug
K
7-16
270
12c
15c
160
Jan
'A
1-18 May
lOc June
97o
320
58c
7Sc
Jan
IK Aug
183
8>i
A
Mar
H
June
Apr
12
13
K
Jan
K Aug
I
Jao
July
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jaa
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Apr
Jaa
Jan
Jan
Jan
I
19
I4c
Jan
Jan
300
Mar
9-16 June
Jan
Jan
Jan
KcJune
3-16 Aug
3K Jan
Jaa
1
4K
Aug
5-16 June 2 16-16 Jan
1
July
3K Jan
4K Jan
2 H Aug
3-16 Jan
Jan
3o
I
Mar
IK Aug
IKoJuly
2o
K
Aug 300
Aug
12 >i
Aug
2'i
12c
Aug
5c
1-16
Jan
Jan
Jan
6KcMay
4'ieMar
Aug
58c
74c
Aug
4K Mar
20
Aug
Aug
July
July
July
3
June
Jan
1 15-16 Jan
I 15-16 Apr
July
Au?
Jan
2K Jan
15-16 Jan
July 1
July
3K
July
16
July
Apr
Mar
16-16 June
Mar
4c
.>an
38c
Jan
49c
Aug
2c
Jan
Mar
Mar
June
Jan
23 K Jan
IK Jan
•2K Jan
9K Jan
IK Jan
•50
Jaa
8K Jan
Aug
i^c
Jan
Aug
IK
IK
16-16 Jan
May
15
800
500
15-16
A
A
18.900
1.900
7,000
33,200
3.080
17,000
23.600
2,100
3,000
7.300
1
5
3-16
9-16
16,8,50
13..300
.5-16
151
2,200
5c
2c
IK 1
IK
IK
8c
4c
53200
45
90
16Ji
19c
800
K
4c
13K
22 K
20
4vicJune
10.700
100.800
1,855
3. .500
3-16
73 K
85 K
Mar
6. .500
7c
5c
7K Jan
Apr
7
IK July
May
Aug
Feb
56
July
K July
K May
Jan
IK Mar
3
Jan
40K May
June
26.200
IK
15V
14
2c
5c
7c
Aug
1
Aug
IK Aug
62c Mar
33,900
4.000
6..500
15.000
19.400
1^^
9K
2c June
2 Ac Aug
3-16 May
30 July
Mar
58c
1
Jan
Jan
Jan
lOK
2K Aug
K
K
Jan
Mar
26
July
16
Apr
7'y 9
K Apr
15
Feb
K July
K May
Aug
1
K May
1 ,9.50
3 ,,500
IK
IHc
12.400
13
74
K
34.8(50
6c
6c
2-161-16
6C
70
'A
1.700
UK
320
2.400
100
35
Feb
Feb
9K
A
5K
Aug
Aug
Aug
Aug
12K Aug
31
185
8K
A
9HC
21c
\'4
6%
Pack conv flebOs
Tel
80
9
Ic
5KC
3K
8
5-16
1
May
300
Bonds
Other Oil Stocks
4K
5K
IK
9K
5-16
7-16
16
5-16
13c
1
1
May
600
2.500
200
2,500
72,000
1,600
5,200
Jan
Jan
Jan
Jan
K
July
K Aug
5K Aug
K May
K May
18
Aug
29 K Aug
K
K
Kc Kc
23c
40c
4K 4 7-16
4K
190
6K Aug
June
Apr
Jaa
Apr
Jan
41
29
July
22 K Jan
Aug
2K
Jan
77
May
6
6
Jan
IK Jan
Jan
IK Aug
11
May
Aug
Aug
Feb
18
May
9-16 June
2
Aug
19
June
4,200
13,400
7,400
5,400
1.000
1.800
K
Mar
3K
Jan
15K Aug
10 K Aug
200
Mar
4K
IK Aug
4K Aug
2
May
3,300
UK
15
July
60 K Jan
Aug
K
Jan
7K
2K
Aug
Feb
128
4c
Jan
10
July
May
400
39 K
IK Aug
May
2
6
3-16
27
3,700
5,600
38,000
550
25.700
4,200
2,500
600
200
IK Aug
Ang
Aug
Aug
Aug
Aug
5
26
2c
7c
3K
62c
IK
15K
X.
Hx/h.
IK May
10,300
2,200
3,500
6,200
8,300
4,900
40c 120.900
IK 2.600
5
6
12,800
K 9-16 51.900
1 1-16 IK
65.900
800
K
800
K
8c
10c 17,200
2c
3Kc 18.700
3-16
1
Mar
Mar
500
200
25c
183
184
1-16
Dlvlde.r
Extension
11,500
40.000
3,000
4,000
K
2K
60c
IK
IK
1
Belmont Dev
400
900
28,700
1,000
4,700
42,400
IKc
4c
36.200
6c
7Kc 36,500
7-16
K 22,500
4c
5c 12.800
69c
92c 249.600
19c
22c 25.100
7-169-16
2. .500
5-16 17.500
6Kc 8c 27,.500
76c
I
I
I
K
5K
IK
2K
6K
1
K
K
500
1
K
19c
5»ic
57c
Roper Group Mining
Success Mining
Sutherland Dlvlde.r
3-16
1
3
Ic
8c
1
I
A
18K 20K
Low.
IK
St Croix Silver
Lead
IK
K
K
5Kc
7KC
K
%
IK
IK
1
5
Seneca Copp Corp (no par)
1
Silver King Dlvlde.r
Silver Pick Cons'd. r-.-l
20
K
11-16 'A
19
I9Ji
3
1
50c
100
9A
14
4c
1
Tonopah
Tonopah
Tonopah
Tonopah
9K
14
12c
10c
Victory Dlvlde.r
Waslihigton Gold Quartz.
West End CousoI'd
6
10c
White Caps Extcn
lOc
White Caps Mining
Jan
82
1
Standard Sliver-Lead
(E W). com.r..
Nat City Bankr
Bliss
13K
5KC
1
IK
85
1
Marsh Mining. r
6
IK
145^
1
&
5K
1
MacNamara Mining. r
Silver
22
33
6
lOJi
5
Louisiana Consol
20
32
5
5-16
13c
10c
3K
6K
1
6K
%
IK
8
I
20 A
33
55i
1
Eureka Croesus Mln-r
K
1
Eureka HoUy.r
IK
1
Forty-nlneMlnlng.r
'"'"16
Golden Gate Explor'n.r-lO
10
Gold field ConsoPd r
9'iSc
10c
Goldfleld Devel.r
2c
1
Goldtield Merger.r
Mc
1
29c
Gold Zone Dlvlde.r
25c 4 3-16
Hecia Mining
Honduras- Amer Synd.r(t)
10c
26
K
Silver
Iron Blosssom.r
Jim Butler-r
Jumbo Extension
2K
'A
Canada Copper Co Ltd-.
Simon
Rights,
New York
Ohio on r
Booth. r
Bo.ston
Knox Dlvlde-r
9,200
3,900
IM
Co
10c
10c
5
2A
24
2K
7K
5K
6
5
Belcher-Dlvlde.r
Belcher Extension
Big Ledge Copper
%
1
Texas-Ranger Prod & Ret 1
Texon 01I& Land
Tropical OU Corp.r
25
United Tex Petrol.r
1
Victoria OU.r
10
Mining Stocks
Alaska-Brit Col Metals. -I
America Mines. r
1
Amer Tin & Timgsten.r..l
Arizona Globe Copper
1
1
Atlanta Mlnes.r
150
lOc
IK
West States Oil & Land . r . 1
White Oil Corp. r . . (no par)
Woodburn OU Corp.r..(t)
IK
7K
6Ji
par)
Vulcan Oil.r
1934
15 »4
2
17K
13%
7K
3M
VK
10
10
(no par)
OU.r
Kewanus.r
63 H
IH
OU Co.r
K
2
2A
12K 13H
28K 28 H
2K 2A
8M 9
3-16 K
33 K 36 »4
IK IK
4K 5K
7H 7K
9c
Spencer Petrol Corp
Superior
K
7K
2K
5
5
Savoy
K
9c
%
1
Sapulpa Refining. r
Apr
12
63
Ryan CJons'd.r.w
I
6
31
4
7
10
Salt Creek Producers
Skelty
H
47
1
National Oll.r
1
May
19M
15M
Noble Oil & Gas
1
North American OU.r
6
Ohio Fuel Oll.r
1
Omar OU A Gaa
10
Panhandle Pr & Ref com(t)
Pennok OU.r.
10
Petrol Prod of Amer
Producers* Ref. r
10
Red Rock OU <fe Gas.r...
Rickard Texas Co.r
5
Candalarla Silver. r
6
45
IK
5K
10
Consol Virginia Sliver. r..
Cortez Silver. r
1
Crcsson Con Gold
& .1
1
Divide Extension
EI Salvador Sliver Mln.r-l
Jan
Jan
Jan
Jan
35
.50
Cash Boy Consol
July
45
150
40
735
Mexico Oil Corp..
Midwest Refg.r.
Mldwest^Texas OU.r
July
37
45
117
23
220
£J
Leetone Petroleum. r
1
Livingstan Petrol.r
Manhatt.in OU.r. (no par)
Maracaibo OU Explor-r(t)
Merrltt Oil Coro-r
10
June
Jan
Mar
Mar
5^
3
4K
I
Internat Petrol.r
Slmms Petroleum r(no
Sinclair Con Oil, pref
Jan
214 July
Jan 2 13-16 July
1
Hudson OU.r
Oil
Settled Prod.r
13K Aug
2K
28 K
2K
6
(no oar)
r (no par)
10
Grenada Oil Corp el A.r. 10
Fensland OU
GiUiland Oil com
Glenrock Oll.r
Jan
July
Apr
54
Mar
170
29 H July
AUR 130
Aug 180
Aug 34
Aug 132
Gaa-r..l
OH.
Federal
186,200
2,100
3K
7K
1%
5
&
July
Jan
Jan
Jan
Jan
Feb
Feb
5-16,5-16
Second preferred . r . . 1 00
Wrlgley (Wm) Jrcom.r-25
800
600
11
30
"1%
"2%
2,000
1,600
300
75
100
165
12M
200
45
125
24
220
Vs
34 J^
30 ^^
13,200
1,000
32
106M 107
IH
600
600
600
31
K
30
180
3,000
45
124
24
220
lOK
r (t)
United Profit Sharing.. 25c
r
62
38 H
.5
Un
Preferred
19
I'A
125i
10
Vandev't com.. 100
Todd Shipyards Corpr. (t)
12
lOH
10}^
6Ji
11
8
8
Roll Mills. r.(t)
Roy de FranceTolIet Prod 5
Schulte Retail Stores new ( t)
Singer Mfg.r
100
Stan<Iard Parts cornr.. 100
Stutz Motor Car r (no par)
Bubmarlne Boat t t c..(t)
Sweets Co of Amer.r
10
Swift & Co.r
100
Bwlft Internat. r
15
4H
30
82
IK
M
Preferred .r
27
18H
Lincoln
M
6M
10
100
Mot Co CI A.r..50
Locomobile Co.r_.(no par)
Lucey
f g class A _ r
50
Mercer Motors. r. (no par)
National Leather.r
10
Nat Mot Car & Veh.r.(t)
Nor Am Pulp & Paper.. (t)
Orpheum Circuit com.r. .1
Packard
ot Car com _ r . 1
Peerless Truck & Mot.r 50
6?i
6K
6M
55 H
2K
25
4
28
78
26M
5M
147
10
115
2 3-16
23i
2
2M
Intercontinental Rubb.lOO
Internat Products com.r..
Radio Corp
500
25,600
15,800
3,200
100
50
145
10
108
108
2 3-16
600
750
750
200
200
4,900
3
10
5K
M
51
26
llj^
IVs.
UK
68
69
1,400
iy»
5
4H
lIJi Judy
Jan
49
Jan
40
July
97
Aug
July
50
9
Feb
Aug
5
700
700
300
GV2
Aug
36
68
2,400
35
52
Jan
May
700
700
300
100
13
2M
IJi
7
35
20
80
IK
1
On.r
Esmeralda Oil
IH
6K
IK
3H
9M
IK
6
5
5
Elk Basin Petrol.r
Engineers Petrol Co-r
High.
Low.
May
llH
SJi
13M
1,375
2,600
48
Vs
82
10
of Amer. r..(t)
M
12,100
2,500
25
45
33
39M
52}i 53
13
13M
22
23 H
115
122
24 K 25
119"
par)
T & R.r
7H
1
Hydraulic Steel com.r. (t)
Preferred. r
100
Indian Packing Corp-r.(t)
Perfection
e'A
7
19H 20M
8%
Kilburn
Hercules Paper. r.. (no par)
Lima Locomo com.r
59
29
98
84 Ji
28
28
34
52
6'A
33
&
Heyden Chem_r..(no
53
27
96 H
82
28
25
9
r
Goodyear Tire &
Grape Ola Prod Corp com
7%
38
63
2H
34
85
61
IJ
7
2H
IIM
100
(no par)
Rub r l OO
Share's.
400
400
36
12
Razor. r_(t)
Ooldwyn Picture
21
23
42
Garland Steamship.r
Gen
21
80"4
12
50
&
36
25
46
Buddy
Bii(l.sInc.r.(nopar)
10
Buick Carburetor. r
35
6
"61 k"
Amer Rpfrit;cratr)r_r
Amer Writing Pap com. 100
Caracas Sugar. r
High.
High
H
Range Hnce Jan.
Week.
Shares.
IK
Duqu&sne Oll.r
1.
Ertel
Industrial & Miscell.
i
Acme Coal-r
Aetna Exploslves.rCno par)
Air Re(iuctlon-r.-(no par)
Aluminum MIrs.r(no par)
100
Preferred _ r
Preferred. r
Range since Jan.
Week.
of Prices.
Low.
10
Dunn Petroleum
Sales
for
Low.
IK
Dominion OU.r
Friday
Last Week's Range
Price.
Oll.r..
Saitt
for
•
70
"0
May
Ho
Apr
4KojuIy
290
Jan
60
K
1
July
IK Apr
Aug
3 7-16 Jan
Jan
3c
lo
May
60
30
Aug
Aug
2O0
Apr
120
Mar
03 K
92 K
Aug
Aug
98 K
97 K
96 K
Jan
Jaa
Jan
10I«,
42
Aog
91H June
Aug
98
94 H July
97 v; Aug
37
.\U(
83
Apr
99
.\ue
.50
K
60
70
90
K
-Vug
Aug
Aug
Aug
Aug
lOOK Mar
96 H AUS
81»
Jan
Jan
99K Aug
62
77
86
99
76
June
July
July
Apr
May
9S'ii
Jan
Jaa
SSK Aug
9^'.
A«g
.50
90
THE CHRONICLE
888
fTiaay
Week's Range
Last
of Prices
Sale.
Price.
Bonds (Conduded)-
N Y Cent RR 7s wi.r. 1930
X Y X H & Hartford 4s. r.
Low.
99 M 10034
69M 69 Ji
94 « 9i%
25
25
23
23 K
89
91M
90}i 91
S3
85
98
99
965^ 96 K
98
98 H
100
69 M
94 iH
Pan-Amer Petrol A Tr 7s"20
Russian Govt oi.2S.r..l921
6>is certificates
SlnclalrConOII 7 H s r. . . '25
Southwestern Pell Tel 7s '25
Swedish Govt 6s June 15 "39
Texas Co 7% notes.r. 1923
Union Tank Car eq 73. 1930
Western Elec conv 7s.r.'25
High.
90
90 H
"98%
96H
Sales
for
Rctnte Since Jan.
Week.
Low.
Aug
81 Ji
New
97 'i June
96 H Aug
96 >4 July
100
'4
69).2
Aug
Aug
94 Ji July
38
Feb
27
Jan
98
Apr
97 Ji Apr
97
Jan
99 M
97
99)^
All prices dollars per share.
Bid
Alliance R'lty
70
Amer Surety- 65
Bond &
G. 210
City Investing
55
Preferred _ _
75
M
IDoUari per 1,000 if arks)
18H
17
ISH
18}.^
Bremen
17M
18
21
r
4s. r
20 K
20
20
22
4s.r
Coblenz 4s. r
Danzig 4s-r
Dresden 48. r
20H
17
18
4Hs_r
19H
Dusseldorf 4s. r
Frankfort 4fl.r
22
26
os.r
German Govt 3s. r
17H
Hamburg
iH»
48.r
19
'
Mannheim
H
20
-
Leip?.lg 4s-r
53 .r
Mainz 4s. r
21
25
23
4s. r
17
5'^
Vienna 4S-r
Odd
19
No
H
23
25
20
20,000
50.000
53,000
,50.000
11.000
10.000
55.000
16
19
21K
21
25
23
17
5'-$
17« Aug
20
Aug
18
Aug
28
26
28
28
20 M
29 H
July
.A.ug
Aug
Aug
20
Aug
17 H Aug
20
Aug
25
Aug
14 "2 Aug
Aug
16
Aug
17
16
Aug
20
Aug
2
Aug
Aug
23
17
Aug
5'« Aug
1,000
20
17^2
16
l^Vi
16
18
22
17
25,000
19.H
22
Aug
lots,
t
par value.
603.000
55.000
65.000
10.000
5.000
200.000
June
June
July
July
July
17
30M June
18
27
June
27
June
2814 June
m
31
34
20
23'';
June
June
Aug
June
June
June
June
28
27 H
28 H
30
July
27
July
26
July
9
June
<
CURRENT NOTICES
— Announcement
Buffalo, N. Y.. of
made by
the N. A. MacDonald & Company, Inc., of
the incorporation under Dominion charter of N. A.
MacDonald & Company, Ltd., Investment Bankers with head office in
Montreal and an office in Ottawa, Canada, for the carrying on of a general
business in Government, Provincial. Municipal and high grade industrial
securities and the handling of its Canadian business and interests.
Mr.
Norman A. MacDonald, President, says:
The new company being in close touch with Canadian financial markets
at all times and connected With our offices in the United States by private
wire enables us to place at the disposal of our clients and the public at large
an unsurpassed service for the transaction of business in all classes of
is
Canadian securities.
The officers of the N. A. MacDonald & Company, Ltd.. are: Sir George
Burn, Chairman: Norman A. MacDonald, President; Edwin 3. Miller,
Angus McLean, Sydnor J. Tucker, Alfred B. Pimm, and Ira D. Lockwood,
Vice-Presidents: Stanley MacPherson, Secretary: F. G. Driscoll. F. D.
Jones, Seaward Grant, Assistant Secretaries: G. Drummond Burn, Treasurer; A. G. O. Cooke and I. D. Brott, Assistant Treasurers.
Stanley MacPherson is manager of the Montreal office and G. Drummond Burn is
Manager of the Ottawa branch.
The report of crop conditions and prospects and review of business conditions compiled and published each year by the Continental & Commercial
National Bank, Chicago, is now ready for distribution. The estimates and
—
conclusions are based on carefully digested and tabulated reports from
nearly .5.000 business men and bankers.
It contains charts of the volume
and value of various crops, of price influences and the purchasing power of
the dollar. The booklet may be had on application to the information
booths on the main floor of the Continental & Commercial Trust & Savings
Bank, Chicago, or it will be mailed on request.
A Pew book on "Industrial Preferred Stocks" has ju.st been issued by
the Statistical Department of Dominick & Dominick. This book presents
in conci.se form the essential statistical data regarding 46 preferred stocks of
leading indu.strial corporations. Tables are included showing the high and
low prices of the stocks for the first six months of 1920 and also the yield
at various prices.
A table showing the relative income from stocks and
taxable bonds is also included.
_^^^
Robert W, Morris, formerly of Tucker, Morris & Lockwood, Inc., and
also former Vice-President of N.A. MacDonald & Co., announces the formation of R. W, Morris & Co.. Inc.. to handle reorganizations, underwritings and general financing, with offices in the Marine Trust Building,
Buffalo, N. Y.
The Guaranty Trust Co. of N. Y. has been appointed registrar of the
capital stock of the Carson Petroleum Co.. consisting of 200,000 shares,
par value $2.5. of wnich the Guaranty has been authorized to register 96.000
shares.
The United States Corporation Co. is acting as transfer agent.
Ogden H. FVeeman, formerly manager of the Bond Department of
Messrs. J. M. Byrne & Co., has become associated with the Bond Depart-
—
—
—
—
ment
of Millett,
New
Roe & Hagen.
Yorif City
Banks and Trust Companies
All prices dollars per share.
Banks
N
Y
Bid
America*
205
Amer E.xch.. 260
Atlantic
Battery Park.
Bowery*
Broadway Cen
Bronx Boro*.
Bronx Nat-..
Bryant Park*
Butch & Drov
Cent Merc-.
Chase
Chat & Phen.
Chelsea Exch*
Chemical
215
190
425
145
105
150
145
37
200
398
274
145
550
City
1»265
Coal & Iron.. 250
Colonial*
350
Columbia*
175
Commerce- . 218
Comm'l Ex*. 425
Ask
210
270
20b"
155"
125
160
155
43
210
405
280
155
560
275
210
130
Corn Exch*.. 325
Cosmop'tan*. 11
Cuba (Bkot). 184
East River... 160
Fifth Avenue* 900
Fifth
160
First
900
Garfield
230
Gotham
195
225
Hanover
815
Harriman
325
Imp & Trad.. 510
Bid
Ask
Industrial*
200
Irving Nat of
215
NY
209
395
440
208
320
490
Liberty
Lincoln
New Neth*..
New York Co
New York
190
Pacific
*
Park
Public
Republic*
Seaboard
Second
State*
224
Tradesmen's*
23d Ward*...
Union Exch.
220
3'3 5"
120
190
925
170
910
236
205
Greenwich *._
360
520
this
Banks marked with
week.
?
(t)
New stock,
1V5"
.Commercial.. 155
'Empire
300
liEqultable Tr_ 295
ijFarm L & Tr. 375
Fidelity
200
Fulton
265
'Guaranty Tr. 345
4'80"
Hudson
|Law Tit
320
|l,ino( In
650
470
200
Mercantile Tr 315
Metropolitan. 260
Mutual (West-hester)
105
;N
Mechanics'*.
Nassau
North Side*-.
Peoi)Ie's
are State banks,
t Ex-dividend.
Tru.st
305
385
210
275
355
165
143
170
27'o'"
125
Life Ins-
Trust-.
Tiust. _-
600
600
Title Gu & Tr 310
|U S Mtg & Tr 398
iUnited States 815
425
625
615
320
406
S30
Brooklyn
215
Homestead*..
Y
&
NY
185
185
205
165
110
95
88
75
205
Hillside*
* Tr
150
135
160
485"
155
Greenpolnt- .
375
375
320
165
Union 368
Columbia
310
Brooklyn
First
jBankere Trust 365
York
•Central
327
Coney Island* 140
Ridgewood
•
450
190
200
United States* 175
Wa.oh H'ts*.. 350
Yorkville*
375
Montauk*
P30"
625"
Ask
^v,„,
,
405
2Y5"
180
135
460
170
475
305
Trust Co's
Bid
;
American
Manhattan * .
Mech & Met.
Mutual*
Nat American 155
185
Common-
wealth*
Continental-.
Banks
i
195
150
180
505
275
7C0
205
290
SO
215
205
160
t Sale at
!/
Brooklyn Tr. 490
Hamilton
265
iKiiigs County 650
Manufacture! s 195
People's
270
¥2""
auction or at Stock Exchange
Ex-rights.
220
65
Nat Surety-- 194
115
87
198
Bid
Realty Assoc
(Brooklyn). 100
U S Casualty- 150
US Title Guar 75
120
West & Bronx
N Y
85
Title
&
Mortgage..
110
MG
&
Ask
110
160
85
160
Quotations for Sundry Securiti^^
Apr
Listed as a prospect.
? Listed
on the Stock
Exchange this week, where additional transactions will be found, o New stock,
w When issued. 7 Ex-dividend, j/ Ex-rights, z Ex-stock dividend.
r Unlisted,
k Correction.
J Dollars per 1.000 lire, flat,
*
.4.';*
Lawyers Mtge 110
Mtge Bond-- 80
bond
prices are
"and interest" except where marked
RR. Equipments
Standard Oi! St-.cks Per shar
Mark.
947.000
82.000
21.000
45.000
.50.000
18
20
25
53- r
H
22
20
22
17
Bid
80
70
Title
All
Greater Berlin 4s. r
Ask
May
G«rniaa Go«ernm«nt and
Municipal Bond*
Berlin 49
Yorii City flealtyaud Surety Cotrmarii^^
High.
99 'i Aug
6914 Aug
94 H July
23
Jan
23
Aug
865^ Aug
Aug
90
250.000
35.000
20.000
4,000
20,000
760.000
52.000
26.000
217.000
111.000
36.000
1.
(Vol 111
"f.*
Per Ct Basis ]
8 50
7 90
7 SO
8 00
8.75
8 25
Par Bid. Ask. Baltimore & Ohio 4^8
new. £1 •2112 22I2 Buff Roch & Pittsburgh 4Ms
1001150 1200
Equipment 4s
Atlantic Refining
100 105 107
Equipment 63
Preferred
100 420 460
Canadian Pacific 4Hs & 6S-.
Borne Serymser Co
•92
50
Line
Co.-95
Carol Cllnchfleld & Ohio 5SBuckeye Pipe
Central of Georgia 4Ks
Chesebrough Mfg new---100 220 230
100 100 105
Chesapeake & Ohio
Preferred new
100 120 125
Equipment 53
Continental on
50
Line
Co-.'SO
32
Chicago & Alton 4^3.Crescent Pipe
Equipment 5s
Cumberland Pipe Line-- -100 135 145
100 102 107
Chicago & Eastern 111 5,HS-.
Eureka Pipe Line Co
50
55
Chic Ind & Louisv i'As
Galena Signal Oil com- -.100
95
100
90
Chic St Louis & N O 5s
Preferred old
100 88
92
Chicago* N
4Hs
Preferred new..
Anglo American
Oil
W
100 150 155
Pipe Line
50 '93
98
Indiana Pipe Line Co
Petroleum.
£1 •34
35
International
26
National Transit Co - . . 12 .50 • j25
New York Transit Co. . . 100 160 170
Northern Pipe Line Co. -100 98 il02
25 •320 330
Ohio Oil Co
25 '43
46
Penn Mex Fuel Co
100 545 555
Prairie OH & Gas
..100 188 193
Prairie Pipe Line
_ - 100
370 390
Solar Refining
Co.
-100 122 128
Line
Pipe
Southern
100 273 278
South Penn Oil
68
Southwest Pa Pipe Lines. 100 63
Standard Oll(California) . 100 312 315
(Indiana)..
100
680
Oil
670
Standard
Standard Oil (Kansas) ... 100 7525 545
Standard Oil (Kentucky) 100 350 370
Standard Oil (Nebraska). 100 420 440
Standard Oil of New Jer-lOO 665 675
100 104>2 IO5I2
Preferred
Standard Oil of New Y'k. 100 388 393
100 2430 450
Standard Oil (Ohio)
Preferred
104 108
100
80
70
Swan & Finch
100 122 126
Union Tank Car Co
Preferred
95 100
.--100 355 365
Vacuum Oil
--. 10 •29
33
Washington Oil.
Equipment
—
Equipment 4,^3
Hocking Valley 4^^3Equipment 5s
Illinois
Central 53
&
Louisville
Equipment
St
6s
P& S SM 4^3--.
Equipment
& 7s
& Texas
Ss
Miss3uri Kansas
M issouri
Mobile
58
Pacific 53
& Ohio 58
Equipment 4^3
New York Cent 4H3. 5s, 73N Y Ontario & West 4HS-..
Norfolk & Western 4^3
Northern Pacific 7s
Pacific Fruit Express 7s
Pennsylvania RR 4 Hs
Equipment 4s
Reading
Co4H8
St Louis Iron Mt & Sou 53.
St Louis & San Francisco 53.
Seaboard Air Line 5s
Equipment 4H8
Co 4Hs.
7s-
4Hs
—
Southern Pacific
Southern Railway
Equipment
5s.
Toledo <Sr Ohio Central 48...
Union Pacific 7s
—
Ry
Virginian
I'.bacc'.
68
7 6O'
060
8.50
8.50
8 50
8 75
8.75
8.50
8.50
7
Prelerred
-
100,
100]
Amer Machine & Fdry.-lOO
British Amer Tobac ord-.£l
Brit Amer Tobac. bearer. £1[
7
7
75 « 75
75 6 75
7
J)
B common
Tobacco.
stock
Preferred
Young
(J S)
Co
Preferred
25
6 75
6. 75
6.76
7.50 7.00
7 50 700
8 75 7.60
8 75 7.50
8 25 7.26
8,26 7.26
7.50 6.76
8.25 7.25
7.75 6 65
7.25 e.76
7 10 6.76
7 60 6 60
7.50 660
7.76 6 7s
8.75 7.60
875
7 60
7.60
7.60
6.75
7.00
7.00
7 25
695 50
^ 50 7.00
8 50
8.50
7.50
8.00
8.00
8.25
Atk
116
78
145
120
83
160
•1212
14
14
•12
26
110
103
83
78
•70
25 •32
100 98
100 125
100
83
lOOl
Preferred
50
26
7 25
Conley Foil (new)... no par •20
Johnson Tin Foil & Met. 100 100
MacAndrews & Forbes.. 100 97
Reynolds (R
60
7.60
7.50
7 60
St-icks— Per Share
Par BU.
American Cigar common.
50
8 25 7.25
50
900! 7 60
8 75 7 60
8 25' 7 25
8 00| 7 00
8 25
7.75
7 50
7 50
Nashville 5s
Michigan Central 53
Minn
7
9.00' 7
7
Kanawha & Michigan 4H3-
7 12
7 00
7 25
8 251 7 25
8 25 7 26
7
Equipment 4^3
--.25«100
—
5s
Southern 5s
Erie 53
Other on St'Cks
110
100 325 350
Magnolia Petroleum
50
•148
Refining
150
Midwest
Ordnance St-.cks Per Share
Aetna Explosives pref..-100 75
100 15? 162
Atlas Powder common
100
78
Preferred
76
100 105 108
Babcock & Wilcox
Bliss (E W) Co common- 50 1270 310
50
60
Preferred
125
Canada Fdys & Forgings. 100
65
Carbon Steel common. _. 100 55
100
95
90
1st preferred
100
65
2d preferre<l
Colt's Patent Fire Arms
25 •45
48
Mfg
duPont (E I) de Nemours
100 250 260
& Co common
100
79
Debenture stock
77
100
76
Eastern Steel
70
36
Empire Steel & Iron com. 100 31
100
73
Preferred
71
Hercules Powder com... 100 •205 210
100
95
Preferred
92
95
90
Niles Bement Pond com. 100
- 100
95
Preferred
90
20U
100
Corp
170
Phelps Dodge
Scovill Manufacturing-- -100 370 400
50 •23 ^33
Thomas Iron
100 400 450
Winchester Co com
100
90
1st preferred
85
100,
60
2d preferred.
50
100
62
Woodward Iron
49
90
80
Preferred
Pub'lc UtIMtles
96
Amer Gas & Elec com . - . 50 •92
34I2
50 •33
Prelerred
100 111 113
Amer Lt & Trac com
100
84
I>reterred
81
46
Amer Power & Lt com. _ . 100 42
100
68
Preferred
65
8
Amer Public Utilities com 100
3
100
18
Preferred
12
com
100
Light
Pow&
27
Carolina
24
100 295 298
Cities Service Co com
lOOj
Preferred
6534 66U
9
100|
Colorado Power com
7
100,
85
Preferre
80
18
Com'w'th Pow Ry & Lt.-lOOj 16
lOOj
38
Preferred
37
82
Elec Bond & Share pref.-lOO, 79
100
Traction
8'2
&
6
Federal Light
100
12
Preferred _ .
38
74
Great West Pow 5s 1946-J&J
70
12
10
Mississippi Riv Pow com. 100
100
49
45
Preferre;!
721? 73'2
First Mtge 5s 1951- --J&J
•81-,
Northern Ohia Elec Corp. (t)
'>5
100
30
Preferred
com100
35
30
North'n States Pow
100
77
74
Preferred
73
North Texas Elec Co com 100; 70
100
70
67
Preterre 1
Istpref
100
80
78
Pacific Gas& Elec
100
Light16
Pow
&
13
Puget Sd
100
56
Preferred
52
100
10
7
Republic Ry & Light
100
28
33
Preferred
79I2
com._100
Edisjn
Calif
82
South
100
46
Preferred
S3
13
Standard Gas & El (Del) . 50 •12
:i6
50 •35
Preferred
,'2
100
'2
com
L
&
F
.
Ry
Tennessee
100
2
Preferred
4
100
18
IS
United Lt & Rys com
100
59
1st preferred
55
100
Power
Cirp
IS
20
Western
100
61
Preferred
62
&
Colorado
I
Imperial Oil
R I& Pac4K3
Chicago
Illinois
7.50
7 12
25'
"37"
9912
136
93
Short Term Securities— /'er Ctnl
Am Cot on 63 1924.. M&S2
Amer Tel & Tel 6s 1924 F& A|
A&O,
6% notes 1922
Amer Tobacco 7s 1920 -M&N
.
I'-'o
7'-i
7%
M&N]
M&N;
notes 1921
notes 1922
notes 19-23
M&N
Anaconda Cop Min '29-J&J
Anglo Amer
Oil 7
Hs
'25
A&O
Arm'r&Co7sJulyl5'30J&J15
Beth St "3 July 15'22-J&J15
7% notes July 15'23J&J15
Canadian Pac 6s 1924-M&S2
Federal Sug Rfg 6s 1924 M&N
Goodrich (13 F) Co73'25 A&O
Great North 53 1920-.. M&S
JK C Term Ry 4 V^s 1921 .J&J
90
89
92U
92^8
93»4 94I4
99»4 100
99I2 loo
99I4 994t
99li
99
89U 90
98I4
96
98
98*4
I
96'8
9318
96U
98%
97%
93I2
92I2' 93I2
t
6s
I
Nov
15
1923--M&N15
Laclede Gas 7s Jan 1929 F& A
Liggett&M y ersTc b6s' 2 1 J&D
Penn Co 41^3 1921..-J&D15
Pub Ser Corp N J 7s '22 M&S
Reyn (R J) Tob 6s '22.F&A
Sloss Sbeff S & I 6s •29-F&A
S.iuthern Ry 63 1922... M&S;
Swilt& Co 6s 1921.--F&A15I
M&S,
Texas Co 7s 1923
1930-.F&A
US Rubber 7 Hs '22
.M&S 15
Utah Sec Corp Os
West Elec conv 7s 1925-A&0
.
1
I
93'2 94I2
8t
87
97'a
96^^
97I2
97
82
96
86
84
92I2 93
9784 98
80
9512
I
£8i4
97I2
82'2
98%
9SU
98»4
and
85
Misv.ellane-'US
100 190
American Brass
American Chicle com _ no par
37
100 62
Preferred
100 I3312
American Hardware
Amer Typefounder- cjm.lOO 37
100
84
Preferred
Borden Company com. .-100 97
100
Preferrel
80
100 150
CeUuloid Company
100
Havana Tobacco Co
100
Preferred
4
l\7
1 t6 5 Junel 1922- -l&D
10
Intel continen Rubb com. 100
ICO
55I2
International S.ilt
A O 68
1st gold 5s 1951
International SUver pref.lOO •83
Lehigh Valley Coal S.iles- 50 •82
- .
I
97'4
Industrial
I
U
92U' 93
99»4 100
96
93
I
Pow com. . 100
100
Preferred
Singer Manufacturing- --100
£1
Singer Mfg Ltd
Royal Baking
Per share. 6 Basis, d Purchaser also pays accrued dividend,
/Flat price, n Nominal, z Ex-dividend, j/ Ex-rights.
e
HO
83
126
•3
New
195
39
65
136
41
88
100
84
160
3
8
55
II
'n'
89
83
120
8R
,130
4
stock.
Aug. 28
THE CHRONICLE
1920.]
and
%nvizstxti!cnt
889
%nUllxQtncz.
^lailrxraxl
RAILROAD GROSS EARNINGS
STEAM
The
following table shows the gross earuiags of various
roads from which regular weekly or monthly returne
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Ian. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a substquent page.
Latest Gross Earnings.
ROADS.
Current
Year.
H'eek or
Month.
Alabama & Vicksb. June
Ann Arbor
Atcb Topeka & S Fe
Gulf Colo & S Fe.
Panhandle & S Fe
Atlanta Birm & Atl.
Atlanta & West Pt.
Atlantic City
Atlantic Coast Line.
Atlantic & St Lawr.
&
Baltimore
Ohio..
B & O Ch Term. .
&
Bangor
Aroostook
Bellefonte Central. .
Belt Ky of Chicago.
Bessemer* LErie. .
Bingham & Garfield
Birmingham South.
Boston & Maine
Bklyn B D Terminal
Buff Roch & Pittsb.
June-
Juue
Juue
Juue
June
Juue
June
June
June
June
June
June
June
June
June
June
June
June
.3d
&
wk
Susa
June
Canadian National. 3d wk
Canadian Pacific
3d wk
Buffalo
Can
Me Ma"
Ph'- Lines in
Caro Clinchf & Ohio July
Centraiof Georia..J une
Central RR of N J.. June
Cent New England. June
Central Vermont
June
Charleston &
Car June
Ches& Ohio Lines.. Juue
Chicago & Alton
June
Chic Burl & Quincy. June
Chicago & Bast 111.. June
Chicago Great West June
Cblc Ind & Louisv. . June
Chicago Junction.. June
Chic Milw & St Paul June
Chic & North West. June
Chic Peoria & St L. June
Chic R I & Pacific. June
Chic R I & Gulf. . June
Chic St P
& Om. June
Chic Terre H & S E. June
Cine Ind & Western June
Colo & Southern
July
Ft
& Den City. June
Trin & Brazos Va June
Colo& Wyoming
June
Copper Range
May
2.028.6.50
1,271.777
658,842
453,457
261.163
7,089.677
2.504.936
W
fi
228.697
Western July
.
Dui Mi.ssabe& Nor.
Dul Sou Snore;& Atl
Duluth Winn
&
Pac
Juue
June
June
Nf w
&
Erie.
ItTsey
.
May
& NV
1.021.969 1.053.023
8,896.433 7.531,199
808.418
1.090,732
104.460
98.440
734,142
1,030.725
119.308
108.330
125,342
109.381
77.240
132.594
397,202
525.152
108,606
67,243
2,443.144 1.966.718
106.001
164.506
331.778 370.078
1.200.721 1.269,024
10472912 8.931.273
95.721
92.106
313.012
251.791
262.390 204.974
1. ,355.280 1.188.960
II 179 18X 8.579.160
6H.597
»5.413
1.416,116 1.251,252
128.702
80.287
155.370
82.126
1. 473 .3311 1.060.751
177.411
130.316
134.157
108.243
193.042
101.063
June
.Imie
Florida East Coa.st. June
Fonda Johns & Glov
Ft Smith & Western
.lune
.lune
.lune
Galveston Wharf
GeiirKia Railroad
June
Georgia it Florida.. June
Grand IVunk Syst. . 2d wk Aug
Ch D & C G T Jet June
Det Or H & Milw June
Grd Trunk West,
.lune
Northern Syst June
Green Bay & West June
Gulf Mohile .fe Nor Mav
Gulf & Ship Island.. May
Hocking Valley
June
lireat
Illinois (leiitml
Illinois 'Permiiwil
Internat
Si
.hine
May
Grt Nor. .lune
Kan City Mex & Or
.lune
K C Mex & O of Tox June
Kansas C":ity South June
Texark & Ft Sm.. June
Kansas City Term . .luno
Kan.sas Okla & Gulf May
.
Lake Sup & Ishpem June
Lake Terminal
June
Lehigh & Hiid Kiver Juno
Lehigh & New Eug June
Lehish Valley
Los Ang & S.ilt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville
fi
Louisv llend
Maine
274.2,56
115.867
252.871
351.845
5.9 10.834
1.852.180
298.982
3:!2.6U
.lune
June
June
.luno
Nash v. June
&
('entr:il.
Midlanil V.illev
St L .lune
10124211
242. 3S3
.lune
1.851.802
Juno
40.i.05-i
.
.
RR
MinoTvil U;uia;e
2d
471.62:^
wk
.\iit
Minneap & St Louis .lune
Minn St P & S S M. June
21.179
1.375.524
4.071.941
Date.
ROADS.
1.331,733
2,514,778
78.416.846
8.856,832
2,501.288
2.403,257
1.335.347
1.925.885
32.858.908
2.130.206
79.759.851
796.655
2.611,728
44.845
1.588.073
5.688.416
583.295
304.739
32.045.780
440.147
9,206,035
1.006,750
Mississippi Central.
Week or
Month.
Mo
Mo & North Arkan.
Mo Okla & Gulf
June
June
June
Mobile Si Ohio RR_ 3d wk
Monongahela
June
MonongahtilaConn. June
Mouiour
June
Nashv Chatt & St L June
Nevada- Cal- Oregon 2d wk
Nevada Northern.. June
Newburgh & Sou Sh June
New Orl Great Nor. June
N O Texas & Mex.. June
Beaum S L & VV. . June
St L Browns &
June
New York Central . . June
Ind Harbor Belt. June
Lake Erie & West June
Michigan Central June
Cincinnati North. June
ClovCC&St L.. June
Pitts & Lake Erie June
Tol & Ohio Cent. June
Kanawha & Mich June
N V Chic & St Louis June
Missouri Pacific
M
I
N V N H & Hartf-.'June
N Y Ont & We.stern June
N Y Susq & West.. June
Norfolk Southern.. June
Norfolk & Western. July
Northern Pacific
June
Minn & Internat. June
NorthwesternPaclfic June
Pacific Coast
June
RR &
Penn.sylv
Co. June
BaltOhes&
Atl.. June
Long Island
June
Marv
Del & Va. . June
Phila & Norf .lune
NY
June
W Jersey && West.
Seash June
Tol Peor
Pitts C C & St L. June
Peoria & Pekin Un. June
Pere Marquette
June
June
Perkiomen
Phila Beth & N E.. June
Phila & Reading
June
Pittsb «& Shawmut, . June
Shaw & North June
& West Va.. June
Pitts
Pittsb
22.170.928 19.197,.558
40.201,80 40. .504,367
16.848.888 14,098,587
1.157.709 1,202,984
881.433
719.953
2,241.886 1,716, .587
705.012
735.293
3.574,599 3,339.757
5.967.174 8.300,020
3,260,540 2.784,301
1.185.212
964.484
607.606
557.456
10.941,814 10.254.004
5.681.762 5.233.845
45.695.796 41,831.624
5.358.902 4.9.52.461
592.855
505.200
7.249.706 5.390,728
669.052
5.9.818
858.097
703,831
649.342
403,623
3.165.020 2.954.220
661.828
468,.555
June
Quincy Om & K
June
Rich Kred & Potora. June
Rutland
June
St Jos & Grand Isl'd June
St Louis-San Fran.. June
Ft
& Rio Gran June
St L S F of Texas. June
St Louis Southwest- 1st wk
St L S
of Texas June
St Louis Transfer. . June
San Ant & Aran Pass lune
San Ant Uvalde &0 June
Seaboard Air Line.. June
Port Reading
W
W
1.924.021
949.884
1.883 163
6.518,694
47,272,184
573,473
6.960,377
54,240,435
585,231
1.505.193 1.020.223
1.176.490
926.658
6.449.518 4,528.293
65.780.013 50.353.82 7
361 802
397.H6:i
8,261.699 6.757.763
742.328
545.973
321.117
486.545
8.703.291 6.957, IKl
962.674
670.884
715.433
625.578
959.457
.503.113
I3S.0>,'
523.080
276.6(iS
80.383
610.484
510.970
212,543 1.187.020 1.184.405
30r.65
2.076.1 71
1..59 1. .'MX
5.484,901 JO. 969. 441 29,.325.2H2
1.446.690 0.223.090 8.386.095
146.539 2.020.587 1.015.9.S8
2, it. 08.
1.965.815 I .682.160
8, 4 U. 163 .58.323.051 .50.4.59.171
239.560
955.041 1.433.646
439.469 9.1.54.931 8.1,56.165
324.299 2.16ti.7t \ l.,S74.5t5
26.403
41 t. 051
19S..503
1.160.653 7.680.947 6.021.7,53
3. .535. 373 20.191,488 18.979.823
I
lune
lune
June
Buffalo
.South
Southern Pacific
Arizona Eastern
Galv Harris & S .A
Hous & Tex Cent.
Hous E &
Tex
Louisiana Western
Morg La & Tex.as
W
Tex.-is
New
Ry System
Si,
Southern
745.782
C.
*
3d
Weekly Summaries.
week
4Mi week
Wook
2il
week
3d
wook
4lh week
Ist wook
2d wook
3d woek
iBt
May
(16 roads)
M;iy (16 roads)...
j„o<-
2
.
.
Juno (I») roads)...
Juno (15 ro;.ds).
.
Previous
Year.
10 4,50.316
$
10.885,509
15.097.292
8.878.546
12.339.698
10. .527.1 10
1.609. .MS
9.820.863
12.893,479
9.026.900
$
12,180,226
17.271,709
1
no (17 roads)
16.721.323
(13 roads)..
10.402.541
July (16 ro.ids)
.
13.021.426 I0.sos.n,s9
July (Ki roads)
13.2.30.796 11. .302. 6,50
4th wook July (15 roads)
21.S22.135 21.285.462
1st week Aug (14 roads)
15. .536,839 13.276.893
We no longer include Mexican roads in any of oiu.hi
.Inly
Increase or
Decrease.
15.24
1.928.146 17.60
->-3.536.674 16.61
-^2.259.946 17.02
totals.
.3d
wk
Cin NO&TexPac June
Mobile & Ohio. _ 3d wk
Georgia Sou & Fla June
New Orl & Nor E . June
NorthernAlabama June
South Ry in Miss. June
Spokane Internat. . June
Spok Port! it Seattle lune
Staten Island li T
June
Tonnc'ssor Ala
C.a 2d wk
Teiuiossoe Central . June
Terra R R Assn ofSt L April
St L Mor Bridge T June
Toxas & Paoifio
2d wk
Toledo St L Si, West. .lune
.
..fe
ITIster
& D
-laware.
.
hi'ie
July
Union Pao-ifio
Oregon Short Lino .lune
Ore-W.asli RR& N June
Union Rli (Penn).. lune
lune
Utah
V^icks Shreve & Pac. June
Virginian Kit
Juue
W ib.ish
.
lune
Wosiern Mirvland. |2d wk
Wostern V icif ic
lune
Wostorn Rvof Ala.. June
Wliool & Like Krie. June
June
Wicliita Falls & N
Wichita Valley Co . June
Yazoo & Miss Valley May
W
and
Curr.Yr.
.
\iigu»i
.
^oi>t.o..il>or
>ri..ih.T
'
.23:<
i2.'i
.2.32.772
.233 192
233 .xj
233 W9
..232.511
p.hrnH-v ...2'M 304
.March.
213.434
April
221.725
May
213.206
Juno
213.525
Ni
.-.• iih.
Deo^.nljH.Miury
Previous
Year.
.$
S
S
474.911
459.631
76.684
2.803.978 17.981.946 15.609.924
2.031.913 13.383.548 11.371.309
703.348
907.345
112.671
610.441
107,328 1,132,964
7.373.212 53.575.506 42.039.701
Aug
286.097 11.1.57,040 9.2,56.528
275.936 1.638.63V 1.757.784
832.668
98.485 1.513.167
559.143
551,272
113.543
1.460.370 11.795.216 9.061.398
176.386
188,078
16.940
Aug
820.259
939.558
145,462
841.164
774.826
136.368
173.107 1.231.718 1.054.886
889,148
144.974 1,194,900
231,540
604.314
991.463
80.845
155.554
399.413 425.952 3.496.251 2,460.168
.30216 937 26340826 159367 030 141813609
708.219 532,420 3.665.566 3.001.705
999,510 747.741 4.982,984 4.429.792
7.006.792 6.395.813 38,3H4.004 35,083.567
245.7.39 1.567.513 1.409.470
289.766
6.944.253 6.040.730 40.152.510 32.304.999
1.909.848 2 077.860 12.855.945 13.558.113
846.699 5.132,612 3.970,457
1,081,711
428.021
429.321 2.268,486 1.975.871
2,180.442 1.792,578 12.240.635 11,830.523
10485898 8,964.900 55.404.937 47,535.174
1.160.835 947.793 5.095.937 4.610.066
375,809 309.538 2,017,012 1,834,823
622.606
461.265 3 .864 ,602 2. 9H 1.226
7.231.13 6.385.268, 43.928.135 41.744,065
7,868.443 8.045.787 50,273,974 45.570.224
542.550
642.188
86.276
96,498
681.763
612.902 3.361.254 2.741.498
509,026 325.020 3.076,715 2.406.077
4397650 40737933 2342.50095 224468523
655.638
626,931
122,033
138.853
2.434.762 2.520.876 10.666.610 11.409. 562
560.026
108.82:^
500.815
105,23
631.308 3.509.853 3.692.713
630.941
785.564
144,862
921.502
171.588
1.084.878 1.056.492 5.187.791 4.947.149
8.204.964 7.135.402 40.961.753 35.889.446
586,7-8
737.402
107.6
93.887
3,368.062 2.483.381 17.398.467 15.638.076
511.192
93.031
554.673
81,e47
414.699
615.278
128,074
56.558
7.093.297 6.989,861 41. 81,911 33.649.604
89.17',)
535.973
120.526
64,3.56
4S8.117
108.6
82.007
675.832
642.190
908.912
193,473
113.031
841.513 1,259.590
70.072
203.992
504.022
631.484
109.653
85.251
814.204 1.216.107 5.540,288 6.376.312
407.932 2,595,250 2.201.432
485.387
254.068 334.543 1.521.146 1.396.789
7.548.942 6.260.189 42.523.274 35.480.667
91H,211
66H.086
130.942
126.904
657.350
143.727
780.144
105.636
Aug .547.220 453.249 1.660.078 1.316.499
2,925.294
4.290.893
728.141
564.170
6-18.282
471.397
104.528
73.451
342.646 325. 04h 2.134.900 1.940.858
538.679
726.694
124.886
94.848
3.970.125 3.356.0X9 24.677.065 20.449.365
5.' 99
657.63 7
554 .526
124 IS,
18080938 13955116 S9.813.230 76.001.925
3.59.241
3 14. .390 2. 004. -292 1.875.671
1.993.585 1.820.464 11.4S7.49S 10.112.155
8,59.084
739.712 5.295.045 4.103.179
919.944
25.1.276
191.841
1.171.912
35S.3.S3 2.516.631
1.969.408
446.735
5.0.S9.137
3.644.659
1,014.861
661.249
28,779 66 7. 4."^3 1.461,966 3.740.160
Aug 3.821.201 3,385.572 87.171,093 76.644.245
984.663
871,577 5.179.696 4.947.457
1.617.742 .380.962 9.348.442 8.303.699
Aug 340,976 286.097 11.157.040 9.256.528
377.933
308.457 2.62'<.093 2.130.119
036.1.55
.554.680 3.627.225 3.095.768
745.861
558.791
112.436
79.345
908.375
818.040
122,562
126.090
465.129
136.698
91.823
741.047
814.901
609. .831
029.975 3.378.203
2l2.94it
038.608 1.073.279
210.244
4.0.S9
2.39S
71.622
110.231
Aug
209,193
189.163
401.771 1.241.9.59
225.072
290.913
380.026 1.171.523
313. ,566
211.621
78.682 1.299.336
731.669 23.961.002 27.145.234
743.897
.\ug
943.626 .599.358 5.068.016 3.452.878
S3. 245
461.718
121.7,86
57 .396
16382 451 14649 075 1092'>4 713 93,922.425
20.75S.,S4S
17.055,942
3.052.168
3,345. .S39
2.701.2.59 2.285.108 15 793.822 12.765.152
669.072 1.410.956 3.757.636
1.128.062
879.410
515.843
86.865
165.640
330 ti65 269.061 2.I03.SS7 1.532 702
1.372.151 1.136.421 7.225.413 5.10;' 8.59
4.84 I..52 4.009.782 25.161.100 22. 7 30. S5
277.1 16 10.S07.,8')3 S. 082. 233
Au'.?
4 19..569
1.403.839 1.135.815 6. 6S 1.630 5.3.5S.385
8 912 1.363.648 1..302 075
2H.7.5;)
1.460.575 I.36S.9>*6 7.0S9.707 5.<iS(>.277
5
926.513
1.88.196
2 73..302
103 "9
836.113
422 38
113.923
70 .505
9.297.933
2. 388. 805 1.961 896 1 1. 84 1. 406
$
74.853
3.234.369
2.099.309
148.715
173,507
9.407.646
340,976
28».852
249.250
150.066
2.004.493
25,498
171.134
139.664
205.513
1
1
1
I
I
iaoQr.ai.9
Current
*Monthltj Summaries.
Mileage
Current
Year.
Precious
Year.
Year.
Previous
Year.
Increase or
Decrease.
.$
$
$
1
f 2.213.337 20.19
+
June
June
Ala (Jreat South. June
%
$
+ 1.294.717 11 .53
+ 2.174,417 11.89
+ 1,571,770 17.70
+ 1.812„^.,'<S 17.22
+ I,7S«.9K5 IS 22
+ 3. ,827.841 29.69
+ l.375.()ll
Juno
June
May
Orl -.lune
AGOREOATB OF QROSS EARMINGS - \^-»«»siy
Current
Year.
June
Kan & Tex June
K & T Ry of Tex Jime
Missouri
Current
Year.
1 to Latest Date.
Jan.
Latest Gross Earnings.
Prevoius
Year.
13,098,532
1,343.872
61.207.677 .54,988,406
118799000 99.199.000
1.374.040 1 435,195
3.279,785 2.764.767
12.239.723 10,104.559
20.876.340 20.197.406
2,860.559 3,057.399
3.020,173 2.629.991
1.699.616 1.478.481
38,886.264 34,778,132
13.174.469 12.081.991
83.918.6,4 68.485.084
13,642.815 11,510,535
10.971,401 9.812.065
6.984.956 5.604.328
1,500.457 1,688.745
76.001.059 62.550.323
72,139.706 62, .5.50, 324
1.169.307
768,749
62,120.995 49,082,858
3.154.463 2,176.504
14,754,295 12,640,.380
2,470,562 1,847.296
2,036,036 1.381.004
7,933,544 7.367.184
5.900,623 4.989.915
587,564
865.253
451,866
569.387
402.772
354.616
6.558.671 6.172.343
131.898
June
June
181^.635
2d wk Aug 2,53. .509
206.633
129.356
June
110.630
94,951
June
2.135,894 1.462.385
June
East St Louis (^onn.
Elgin Joliet & East.
El Paso & So West. May
Erie Railroad
June
Ohl<ag<>
.858
554.581
347.162
2.540,920 2.285.648
547.432
291,829
361.855
248.045
2.344,882 2,195.77H
999.963
843.422
125.572
86,211
91,806
95,864
65,129
79.051
1.427.950 1.282.646
213.684
184.781
4,055.981 3.2.58.573
7,038.977,6.342.013
2.339.872 2,569.432
267,059
304.405
163.582
136,489
408,573
269,601
180.298
154.179
1.630.993 1,287,086
3.109.024 3,209,797
Denv & Rio Grande June
& Salt Lake
Detroit & Mackinac
Detroit Tol & Iront.
Det & Tol Shore L. .
Dul & Iron Range.
7
319,266
1,368.752
74.795
38.648
6.120.307
79.575
321,407
178.499
1,832,914
3,374,000
124 379
487,640
1.730.100
3. .555. 594
483.023
507.854
180.090
6,711,914
2.188,104
10999228 8,787.315
May
Denver
175.465
373,399
13846253 12883510
13161817 12480 377
Camaguey&Nuev May
Delaware & Hudson July
Del Lack
1.849.101
36.919.086
1.473.935
99.786,722
1,014,188
3.213.000
47.983
1.861,140
5.018,070
909.055
291.709
38.402,714
1476/613 12219535
W
Railroad
99.492.068
12,0S0.906
3,992.826
2.785.175
1.482.698
2.455,465 2.003,521
1,882.800 1.785.432
1.327,997 1.081.446
255,839 310,094
.
M
Cuba
1,569.702
2,915,.59/
17584907 15233216
146.700
497.759
9.510
321.869
1,474,848
157.483
55.536
7.600.946
104.131
Aug 424,975
212,136
Aug 2,150.350
Aug 3.895,000
175.247
566,330
1 to Latest
Current
Year.
254.739
227.152
102,225
93.425
15321964 13679380
1,714,112 1,530.033
725,611
506,688
467,558 401.058
240.850 200.229
409.392
394.948
5.502.056 4.903.597
225.783
362.617
wk Aug
2d
Jan.
Previous
Year.
\
Prer.Yr.\
233,203 169 M.>.67.S .502. 505.334
232.349 i95 12* (97 I85.s70,475
023..S54 Is9.iisl
%
32.»36.fl5.,
'^
40
-9.252. 122
I
tt?
2.33.136
,J H
><•; H« ."."I
(9 029 9^»
-2.503,,3
'\
2.32 91
233.814 »5I 991 .330 44fl.«Rl .121 ^ 11. 510.20" i 61
232,210,494. 70*;. 25 392.927 .365 f '0I77S76' 2.^ JP
23ir>|7|42l,lV1 «-6 3l<! 719 787
72.431 OSit 20 77
212.770 40S ,->S2.467 317.090 277 + 61.492.190 17 72
220 9IS 3S7.»'S0.9V2 372.82S 15 + 12.852 8ii7 3 45
211.040 3S7.33n.4S7 348.701.414 + .38.629.073 11 ns
208.598 430.931. 4.S3 369.225.761' + 61.705.722 16.99
.(IN
^.5.^
.
- IS.-< (2. i9t)
t
1
1
4-
1
THE CHRONICLE
890
—
Latest Gross Earnings by Weeks. In the table which
follows we sum up separately the earnings for the second
week of August. The table covers 13 roads and shows
19.29% increase in the aggregate over the same week last
year.
Second Week of August.
Ann
1920.
1919.
$
$
Arhrvr
Buffalo Rochester
& Pittsburgh-
Canadian National Rys
Canadian Pacific
Duluth South Shore & Atlantic.
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & Mil.
Canada Atlantic
Mineral Range
..
Total (13 roads)
increase (19.29%)
.
.
.
102,225
455,778
2,253.719
4,043,000
353,509
$
93,425
1,926,349
3,298,000
182,635
steam Roads
—
2,443,144
1,966,718
476,426
24,479
342.387
25,498
3,690,028
4,089
743,897
449,569
26,403
302,528
39",859
1.924
16,941
3,286,874
2,398
731,669
277,146
8,5,57
403,1.54
1,691
1,924
—The
table
following shows the gross and net earnings with charges and
surplus of
railroad and industrial companies reported this week:
STEAM
-—Net
Current
Year.
EarningsPrevious
Year.
RR
RR
Western N Y & Pennsylvania
West Jersey* Seashore RR
.
.
1,253,043 defl99,793
80,298
7,733. 140df 1,096,283 def671,328
72,139,706
62,550,324
12,480,377
877,861
1,711,014
6,342,043
40,504,367 3.375,422 9,205,051
311,539
3,258,572
543,228
19,197.558 defl65,020 1,467,294
6,385,268 def251, 897 1,209,903
41,744,065 def649.930 7,333,898
July 16, 382, 451 14,649,075 dl.633,058 5,001,164
.109,264,713 93,922,425c26, 674,651 25,858,932
b Net earnings here given are before deducting taxes.
d This result is obtained after Including $2,249,000 increased wages for
July 1920 and one-half of increase for May 192() granted by the U. S.
Railroad Labor Board, effective May 1 1920, the increase for June and the
other one-half of the increase for May having been included in June accounts.
c This result is obtained after iucluding $4,465,784 increased wages for
May, June and July 19 20, granted by the U. S-. Railroad Labor Board,
IB
effective
May
1920.
1
Railway and Other Public Utility Net Earn-
Electric
following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
ings.—The
Net Earnings
Gross Earnings
Current
Previous
Year.
Year.
Companies.
Current
Year.
%p
Alabama Power Co
337,407
Aug. 1 to July 31
3,655,953
Barcelona Trac,
P.. July 2,542,202
Mar 1 to July 31
12,923,755
Dayton Power & Light.. July 277,932
Jan 1 to July 31
2,068,142
Huntington Dev & Gas. July
117,289
Aug. 1 to July 31
1,399,811
New York Dock Co. a.. July 489,576
Jan 1 to July 31
3.224,431
July
Virginia RaUway Co
892,134
Jan 1 to July 31
Western States Gas & El. July
179,683
Aug. 1 to July 31
2.102,894
July
L&
3'
iS)
220,3.58
2,997,499
2,012,289
9,761,023
202,835
1.614,626
74,664
977,482
449,797
3,031,959
756,135
Previous
Year.
176,127
1,950,848
1.570,414
8,418,966
67,796
123,078
1,544,708
1,118,641
5,312,106
66,517
55,401
627,200
86,898
509,393
284,963
29,858
441,258
93,327
618,925
303,228
55,291
837,837
60,591
714,880
'--
153.495
1,770,932
a Net earnings here given are after deducting taxes.
Gross
Earnings.
tJ5
Arkansas Light
&
July '20
Power Co
12
Citizens Trac
Co
Dmluth-Superior
mos
June
'19
'20
'19
'20
'19
'20
'19
12
mos
Co
July '20
7
mos
'19
'20
•19
Eastern Shore Gas June '20
t
Electric
12
Erie Lighting
Co
June
12
08«rgia Light
6
mos
mos
to June
Nerada-Cal Eloc
C*rp
mos
mos
Penn Central Light June
& Power
12 mos
Rodty
'20
•19
'20
"19
July '20
7
*
'20
'19
'20
'19
'19
'20
'19
'20
'19
'20
'19
Mt
July '20
7
'19
'20
'19
Pacific
mos
Southern California July '20
Bdison
'19
12
WnitedRyof
Baltimore
1,103,2.33
29,662
23,015
344,688
275,265
76,782
61.634
1,015,906
1,068,073
after
Taxes.
.
Fixed
Charges.
V
Balance,
Surplus.
$
33.081
32,586
224,551
217,907
8,322
16,241
222,289
160,610
35,536
39,456
208,790
219,210
7,071
7,100
110,186
90,271
23,900
16,279
382,851
381.779
11.871
9,867
125,960
125,377
8,216
7,217
90,882
84,290
14,741
14,781
101,972
102,464
5,893
4,565
64,865
53,868
15,182
14,232
178,624
184,619
26,891
22,951
138,033
102,094
105
9,023
131,407
76,320
10,495
16,169
57,262
73,437
1,053
2,409
43,820
34,903
1,496
2,415
132,097
148,229
372,835
300,972
693,718
474,808
130,353
117,163
882,257
671,398
48,373
51,212
746,788
646.766
91,624
72,552
689,458
593,877
606,122
421,165
5,499,124
3,798,268
177,342
101,134
302,522
77,309
59,657
57.763
410,317
405,674
27,287
28,914
351,924
349,815
19,887
20,245
140,268
142,694
272,216
257.216
3,055,846
3,089,336
142,615
72,387
239,047
19,813
111,747
94,252
507,761
423,078
21,085
22,298
*1^
& Power
mos
12
St Leuis
'19
'20
'19
151,557
106,490
1,030,601
760,556
81,740
61,990
877,280
694,672
161,145
169,468
1,130,838
Net
mos
828,144
691,751
1,589,326
1,329,461
301,907
269,519
1.804,739
1,500,976
159,729
131,078
1.861.563
1,643,286
402,492
314,039
2,8.35.966
2,287,330
1,534,458
1.009,541
'20 12,.305,371
'19 9,713.353
,394,864
296,950
5.363
36,074
424.598
338.323
646,119
331,159
3,750,400
2,825,748
July '20
'19
7 ai«s '20
•19
9,961,300
8.174.408
1.023,420
8W.396
1,905.396
1,858.667
586,729
142.617
Ry
Electric Railways—
American Railways Co
Augusta-Aiken Ry.& Elec.Co
Boston Elevated Railways
Chicago Elevated Railways
Commonwealth Pow., Ry. & Lt.
Eastern Massachusetts Street
Georgia Ry. & Power Co...
Ry
International Railway
Newport News
Buff Roch& Pitts Ry_.. July 1,871,257
Jan 1 to July 31
10,645,927
Chicago & North West. .Junel3. 161,817
DelLack&Western-b-- July 7.038,977
Jan 1 to July 31
40,201,807
Delaware & Hudson. b.. July 4,055.981
Jan 1 to July 31
22,170,928
Norfolk& Western. b... July 7,231,137
Jan 1 to July 31
43,928,135
Union Pacific...,
Jan 1 to July 31
& Milwaukee RR. 790
RR
12,228
172,423
14,831,322 12,432,133 2,401,113
2,399.189
-Gross Earnings
Current
Previous
Year.
Year.
—
Page.
indzistrlal Cos. (Concluded)
Page.
584 General Gas & Electric Co
593
General Motors Corporation
797
Cincinnati Indianapolis & West. RR.488 General Motors Acceptance Corp
586
Cleveland Cin. Chic. & St. L. Ry.._784 General Optical Co
...593
Cripple Creek Central Ry
786 Gllliland Oil Co
593
Delaware Lack. & Western RR.585, 685 Goodrich (B. F.) Co
497, 593
Michigan Centrjil
785 Gorton-Pew Fisheries Co
593
Nevada-Californl.a-Oregon Ry
589 Great Northern Iron Ore Properties. .690
687
N. Y. Central
487, 686, 792 Great Western Power System
Philadelphia & Western Ry
593
69 3 Greelock Co
490
Pittsburgh & Lake Erie
785 Guanajuato Power & Electric Co
789
Seaboard Alr'Line Ry
693 Guantanamo .Sugar Co
594
Southern Railway
584 Hercules Powder Co
RR
Chicago No. Shore
Net Earnings Monthly to Latest Dates.
Roads.
—
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 31.
This index, which is given monthly, does nol include
Boston& Albany
J
.
FINANCIAL REPORTS.
reports in to-day's "Chronicle."
Full-face figures indicate reports published at lengtk.
8.800
134,731
327,370
745,000
70,874
.321,047
1
Mobile & Ohio
Nevada-CaUfomia-Oregon
Southern Railway..
.
Tennessee Alabama & Georgia. .
Texas & Pacific
Western Maryland
Net
Increase. Decrease.
[Vol. Ill
&
& Hampton
587
498
Indian Refining Co
697, 79»
Interna.tional Cement Corp
697, 798
488 International Motor Truck Corp.594, 697
685 Independent Pneumatic Tool Co
488 Indiahoraa Refining Co
686 International Nickel
.587
791
Co. 588
493
...786
588
Ry., Gas
Co
686
Northern Ohio Traction & Light Co.. 494
&
Power
Northwestern Ohio Ry.
Co-589
Pennsvlvanla-Ohlo Electric Co
693
793
Philadelphia Rapid Transit Co
589
Reading Transit & Light System
693
Republic Ry.& Light Co
589
Rutland Ry., Light & Power Co
.787
United Rys. Co. of St. Louis.
590
Utah Power & Light Co
Electric
Wash.
Bait.
&
AnnapoUs Elec. RR..790
—
Industrial Companies
594
49^
697
594
498
Lawrence Gas Co
489
McElwain (W. H.) Co
595
Manufacturers' Light & Heat Co
499
Mexican Petroleum Co
595
Co
Midv.ale Steel & Ordnance
Minneapolis Steel & Machinery Co. .595
698
Mobile Cotton Mills
698
Motor Products Corporation
-*99
National Acme Co
,...698
National Cloak A Suit Co
595
National Conduit & Cable Co
499
Nevada-California Electric Corp
698
Co
Nevada Consolid.ated Copper
798
New Britain Machine Co
595
New Jersey Zinc Co
-596
Niagara Falls Power Co..
---'„
North Butte Mining Co
499
Ohio Fuel Supply Co
596
Ontario Steel Products Co., Ltd
Co
International Salt Co
Invincible Oil Co
Island Creek Coal Co
788
Aetna Explosives Co
590
Air Reduction Co
687
Aiax Rubber Co., Inc..
.694 Otis Steel Co
Alaska Gold Mines Co
"--fn*
499
590 Owens Bottle Co
Alvarado Mining & Milling Co
s»5
794 Pacific Development Corp
.
American Bank Note Co
789 Pacific Mall SS. Co
American Caramel Co
J»»
'99
495 Pacific Power & Light Co
American Hide & Leather Co
American-La France Fire Engine Co. .590 Pan-American Petroleum & Trans.Co.499
586 Parke, Davis & Co
American Light & Traction Co
'J^l
*99
586 Penney (J. C.) Co
Americm Locomotive Co
691
495 Pennsylvania Coal & Coke Corp
American Manufactviring Co
699
591 Philadelphia Insulated Wire Co
American Rolhng Mill Co
491
591 Phillips-Jones Corporation
American Steel Foundries Co
499
694 Pleice-Arrow Motor Car Co...
American Sumatra Tobacco Co
596
694 Pond Creek Coal Co
American Writing Paper Co
787
795 Procter & Gamble Co
Arkansas Natural Gas Co
*°'
795 Pure Oil Co
Associated Oil Co
698
..694 Rav Consolidated Copper Co
Atlantic Fruit Co
585 Roval Dutch Co
Atlantic Gulf & W. I. SS. Lines
f
°f
596
491 Sandusky Gas & Electric Co
Atlantic Sugar Refineries, Ltd
59
Barnsdall Corporation
Savage Arms Corporation
"""en
596
495 Sayre Electric Co
Boone County Coal Corp
597
687 Shaffer Oil & Refining Co
British Empire Steel Corp., Ltd
69(1
490 Shell Transport & Trading Co
Ca.s3 & Daly Shoe Co
59/
496 Sinclair Consolidated Oil Corp
Central Leather Co
500
789 South Porto Rico Sugar Co
Central Petroleum Co
69 9
689 Southwestern Power & Light Co
Certain-teed Products Corp
695 Stewart-Warner Speedometer Corp../88
Chino Copper Co
59
592 Studebaker Corporation
Cities Service Co
"o"
-592 Tide Water Oil Co
Coca-Cola Co
49B
796 Todd Shipyards Corporation
Colorado Fuel & Iron Co
691
796 Union Natural Gas Corooratlom
Conner (John T.) Co
---!„?
Continental Gas & Electric Co. .496, 592 Union Oil Co. of Delaware
597
Crucible Steel Co. of America. .497, 592 Union Tank Car Co
796
695
FuelGisCo
Davison Chemical Co
United
f^\
592 United G.as & Electric Corp.
Dayton Power & Light Co
--"an.
796 United Paperboard Co
Dort Motor Car Co
°0
489
796 United States Steel Corporation
Dunn Petroleum Corp
Inc
587
Co
Edison (Thomas A.),
Utah Copper
-"'-cS,
:
<
,
Electric Storage Battery
Co
Emerson Phonograph Co
Endlcott-Johnson Corporation
Fairbanks, Morse & Co., Inc
Foundation Co
Franklin (H. H.) Mfg. Co
Freeport Texas Co
Galena Signal Oil Co
Gaston, Williams & Wigmore, Inc
General Chemical Co
General Cigar Co...
.696
497
592
686
797
593
696
696
586
497
689
ooo
o95
Vanadium Corporation
Vermont Hydro-Electric Corp
Virginia-Carolina Chemical Co
Virginia Iron, Coal & Coke Co
Wabasso Cotton Co
Wahl Co
Wheeling Steel Corporation
Wickwire-Spencer Steel Co
Willys-Overland Co
Wolverine Copper Mining Co
Wrigley (Wm.) Jr. Co
58 S
598
700
°"2
-Vcoo
503, 5y»
fz^
695
•*^*
Florida East Coast Railway Co. (Flagler System).
{Report J or Fiscal Year ending Dec. 1910.)
President
Beardsley, N. Y. July 31 wrote in subst.
W. H.
During the year 1919 the Florida East Coast Railway was operat«l
by the U. S. RR. Administration. Formal contract between the IJ. S.
Government and'.the company was entered into Feb. 28 1920. the standard
return allowed amounting to $2,408,171.
It was necessary to estimate net operating income for 1918. The amount
of net operatmg income for 1919 ($2,477,752) shown in the report is in
excess of the Standard Return by an amount necessary to make up th«
difference between estimate and Standard Return for 1918.
CORPORATE INCOME STATEMENT FOR CAfR YEARS— (See Note "X")
xl919.
764.75
$2,408,171
xl918.
(64.75
32,408,1/1
74,203
21.420
(.141
$2,482,374
$2,429,591
$3,716,113
Cr $46,272
S12S.060
61.094
16,556
$670,632
169.896
100,865
Rentals, &c
540,000
Interest on 1st mtge. bonds
xinterest on gen. mtge. bonds---(5%)l. 250,000
133,308
Other interest, &c...:
540,000
1,250,000
61,822
(X Revised)
Mileage operated
Federal compensation
Net earnings
Income from unfunded
Gross
securities,
mcome
&C-.
l?.!//(64./
------S3.63S.9//
Dp(iuct—~'
Taxes
Expenses prior to Jan.
Corporate expenses
Hire of equipment
1
(net)
— Vcii
^X'S^i
25-5i«
540.000
l,2.i0.008
29,894
$2,147,798 $2,057,532 $2,526,752
Total deductions
$372,058 $1,189,361
$334,576
Balance, surplus
X Figures revised by editor both for 1918 and 1919 in order to sk«w th«
precise amount of Federal compensation for each year.
Aug. 28
THE CHRONICLE
1920.]
FEDERAL INCOME STATEMENT [FROM REPORT I. S. C. COMM.—Ed].
AS COMPARED WITH CORPORATE ACCOUNT FOR PRIOR YEARS.
Freight
Passenger
Mail, express.
1919.
—
-$5,986,109
2,997,315
\1. 137.798
-
&c
&c.
Incidentals,
Transportation
,
Maintenance of way, &c
Maintenance of equipment
799,467
459,864
f
$10,121,222
$8,841,222
$8,140,167
$4,310,713
1,690,238
$3,798,948
1,176,625
1,540,285
$2,482,408
809,942
1
,843 ,366
&c.
416,298
Total operating expenses
1,030,3.52
107,134
193„533
70,546
Cr.192,720
226,845
$4,501,195
$3,638,972
$8,260,615%$6,742,703
Net earnings
Taxes, less war taxes
revenue
Uncollectable
2, .588,027
1,200,120
./
Total operating revenues
Traffic,
$4,292,809
2, .578, 389
..$1,860,606
$440,279
2,674
$2,098,519
$420,396
1,879
81,417,652
$1,430,535
$1,676,243
$1,601,838
These
items not
shown
ti-i
Net after above
Net after rents
&c
taxes,
GENERAL BALANCE SHEET DEC.
in this
form.
31.
1919.
1918.
1918.
1919.
Assets
LiahilUles
S
S
$
S
Road & eqiiipm't.52 ,444,213 52 504,829 Common stock .12 ,500.000 12,500.000
Misc. phy. prop. &c
49.979
48.451 Equip obligations.
950.000 1.100.000
Inv. affil.co3.(stks.) 106,099
106.09d First Mtge. bonds. 12 ,000.000 12.000.000
170.092
92 Gen. Mtge. bonds. 25 ,000.000 25.000.000
do notes
—
—
.
299.293 Loans & bills pay.
470.000
659.247 Traffic. &c., bal.. .
45.826 Acets. & wages
""T'loo
19.103 Miscellaneous
1.550.000
1
299.29.3
do advances ..
Other investments. 659.247
Cash
558.440
12,577
Cash for mat'd int.
*
Loans & bills rec._
Agents & conduc'rs
1
.001.190
1
.102,543
Int.
300.000
926
6.440
84
19.103
1,316,167
55.111
1,001.652
matured unpd
12.578
int. accr.. 1.381.392
1
8.886 Unmat.
233.272 Tax liabihty.. . .
.988.590 Accr. deprecia'n.. 1.172".i3i
3 .166.927 U. S. Govt, unad]
128.013
credits. &c
4 186.479
45,407 Other unadj. cred.
36.145
Add'ns to prop, inc
& surplus
77.856
Profit* loss
3 390.481
4.654
Miscellaneous
95.794
U.S. Govt. comp.rec 2 .566.342
U.S.Govt.def.as'ts 4,.352,988
Other del. assets..
313.527
Unadjusted debts32.726
1
Total
62,727.162 60.356,578
-V. 110. p. 1415.
Duluth Missabe
Total
&
3.925.330
2.971
59.654
3,069.141
62,727.162 60.356.578
Northern Railway.
Year Ended Dec. 31 1919.)
A. McGonagle, Duluth, Minn., May
{Re-port for the Fiscal
President W.
wrote in substance:
1,
During the entire year 1919 and until March 1 1920, the property was
operated for account of the Government, under direction of the DirectorGeneral of Railroads, in pursuance of proclamation of the President dated
Dec. 26 1917, and Act of Congress approved March 21 1918. The operation
of the property by the Company was resumed on March 1 1920.
STATISTICS FOR CALENDAR YEARS.
Freight—
Iron ore (gross tons)
Miscel. freight (net tons)
All freight 1 mi. (net tons)
Avge. rev. per ton.
Avge. rev. per ton per mi
Avge. rev. per tram mi
Passenger
Passengers carried
Pass, carried 1 mi
Avgo. rev. per pass
Avge. rev. per pass, per mi
Avge. pass. rev. per train mi
—
1919.
1918.
18,155 622
21,494,042
1,666,374
1,902,401
1,565,619,620 1,889, .387, 519
$0.8157
).7781
1.15 cts.
1.07 cts.
$18.91
$16.81
396,490
18,837,070
$1.3709
21,594,763
2,282,463
905,312,100
$0.5329
392,841
17,879.058
$1.1291
2.48 cts.
$1.26
2.89 cts.
,«!
1917.
1
.82
0.74 cts.
$10.96
466,400
20,099,690
$0.8995
2.00 cts.
$1.21
COMBINED FEDERAL AND CORPORATE INCOME ACCOUNT.
1919.
Freight (iron ore)
do (misceUaneous)..Passenger
Other transporfn rev...
Incidental, &c., revenue
1918.
1917.
Norfolk Southern Railroad.
Annual Report Year ended Dec. 31 1919.)
H. Young, Norfolk, Va., June 26, wrote in substl
1916.
$16,605,763 $18,962,183 $12,758,570 $12,417,011
1,345,052
1,252,565
1,347,052
937,569
543,566
443,550
401,533
369,023
303,550
438,028
278,675
255,982
1,196,782
448,944
520,770
409,693
Total oper. revenue.. $19,994,713 $21,545,270 $15„306,600 $14,389,278
$1,973,980 $1,902,945 $1,798,367 $1,499,293
Maint. of equipment... 1,671,562
1,722,262
1,383,364
1,375,083
Traffic expenses.
26,954
34,253
44,220
42,136
Transportation
3 ,860 ,632
3,381,431
3 ,788 ,755
2,573,348
Miscell. operations
16,973
16,332
16,613
14,256
General expenses
239,351
492,886
516,660
188,348
Pres. J.
Total oper. expenses.. $7,789,451 $7,957,433
$12,205,262 $13,587,837
Fed'lCompens'naccrjt. x5a22,051
Other income
106,208
Gross income
$5,228,259
Interest on funded debt.
$552,698
Rental of leased roads..
194,353
Miscellaneous charges..
81 ,836
Federal taxes
640,621
85,692,464
$8,696,814
131,577
209,596
x5, 122, 061
125,241
5,247,292
$7,533,7.30
$570,702
188,166
109,694
507,492
8,023
2,878.750
$590,667
180,580
4,088
1,546,683
7,810
2,056,250
(70%)
(50%)
(100%)
392,948
415,038
Miscell. tax accruals
Dividends
do rate per annum
General amortization
$7,140,655
$8,165,945
7,402,153
313,034
389,780
$8,906,410
$609,218
96,455
50,404
"873 a 26
4,112.500
Balance, surplus
$566,967 $3,473,435 $2,754,705 $2,749,609
X This total entered in the accounts but does not represent an amount of
compensation agreed upon, no contract having been entered into with the
United States RR. Administration.
Note.
The above account includes an adjustment credit of $391,330
account of Federal taxes for the year 1918, entries for which were made iu
1919, but as of Dec 31-12.18,;
—
.
Assets
—
GENERjS.Li.iiALANCE'SHEET—DECEMBER 317"
1919.
'Md
1918.
LiabAConcl.)—
1919. '4^)(,
equip. .$42,277,965 $41,873,640 Gen. M. bonds. $9,507,000
Misc. phys.prop.
75,357
83,680 Acc'ts & pay rolls
84,805
Llb.bQnds(mkt.
Mlsc.u<:cts pay13,271
val.)
Interest
matured
775,962
1,360,200
274,045
Trust, ofbd. 8kg.
U.S.Govt.dcf.llab 5,326,327
Road &
fund
a83.703
9,014
355,420
Cash
Special deposits
Traffic &c. bal..
Misc. accLs rece
Other
21
84,3,38
55,351
funds
396,052
U.S.Gov.def.ass 5,316,829
asspt.s
Ins. &i)thor
U.S.Gov.unadJ.
debits
8,005,911
Other unadj .debits
113,735 Other def. Hub.75,480
10,506 Accrued tAx Uab
640,807
Prem.
on funded
283,390
debt
-.
21
72,440
140,400 Ins. fund reserve
324,453
59,304 Otlier unadj. acc'ts
78,732
1,906,209 Kqulp. & docks
deprec
5,122,442
4,933,840
Amortlzafn f und 4,628,399
5,176,851 U. 3. Gov't un814
adj. cre<Ut3
8ur. Inv. In
Total
LiaMlUtes—
CnpU.il stock.
1st
M.
bonds.
-557,435,925 $56,131,313
,
.
—
annual railway operating income (Standard Return) for the three test period
years ended June 30 1917. [For the half year beginning Mar. 1 1920
(when Federal control terminated) the company has the Federal guaranty
of railway operating income of $640,000 or one-half the amount of the
aforesaid yearly compensation.]
Neiv Equipment. 200 freight cars allocated to your company by the
U. S. RR. Administration was finally reduced to fifty cars of the composite
gondola type, at a maximum purchase price of $137,250. and a minimum
purchase price of $132,250. Payment for this equipment has been arranged
through an Equipment Trust Agreement under which your company has
issued its equipment notes of $132,000.
Wages. The following comparison of the number of employees, their
total compensation, and their average rate per hour for the month of Dec.,
1917, thelast month preceding Federal control, and the month of Dec., 1919,
under Federal control, will no doubt prove of interest:
Wages, &c., in Month of December
1917.
1919.
Number of employees..
2,710
2,696
Hours on duty
582,149
530,703
Total compensation..
.$193,863
$327,928
—
—
—
Average rate per
1919.
$4,112,500
1,174.000
$ 1918.
hoiu-
—
,
Total debits
$2,236,614
Dcductiotis
for leased roads
Interest on funded debt
Interest on unfunded debt
Amortization of disc, on funded debt. .
Rent
1917.
1918.
1919.
Operating income
Govt, compensation for lease of road.a$l ,366,751
Other income (net)
256,360
Gross income
$1,623,111
$1,321,899
$l".Y66',99i
8,416
$1,175,407
"634',774
$1,956,673
$76,866
$76,866
901', 054
909,229
14,582
22,688
36,618
39,864
Miscellaneous
7,952
78,333
Net income
$919,601
$48,427
.$312,986
a Includes additional compensation $99,880 per annum, allowed for years
1918 and 1919.
FEDERAL OPERATING ACCOUNT FOR 1919
1918, COMPARED
$76,866
896,982
67,754
39,388
229,134
AND
WITH CORPORATE ACCOUNT FOR
1919.
Freight revenue
Passenger revenue
Mail, express, &c
Total operating revenues
$4,318,945
1,872,065
400,217
.$6, .591 ,227
Maintenance of way and structures.. l,.'?53,54i
Maintenance of equipment
1,228,255
Traffic
101,004
3,259,051
255,694
Transportation
Miscellaneous
Not operating revenue
Tax
accruals,
355,142
$5,753,644
1,067,871
1,313,195
81,278
2,.5(>9,551
&c
Gro.ss income
DcdiictioTis^^
_•
Hire of equipment
Joint facility rents
Total deductions
charges not deducted
see
—
"Standard return"
1917.
$3,709,597
1,260,772
329,545
$5,299,914
636,726
773,842
97,496
1,934,531
212.916
$180,766
184.260
$365,026
241 ,666
$480,083
1 94,134
$285,949
417,066
$703,015
533,206
$1,956,673
$169,739
31,616
$201,355
$391 .543
20,019
$411,562
$558,824
21,092
$579,916
163,671
1,366,751
$1,203,080
291 ,453
1,166.991
1,376.757
$.393,681
Total operating income
Non-operating income
Not income
1917.
1918.
$3,877,124
1,521,377
2 37 ,773
$1,619,546
196,079
$1,423,467"
(fixed
first table)
$875,538
a Federal income account includes debits for lap-over revenues and
expenses chargeable to the corporation as follows: Revenues, $65,116;
expenses, $167,267; total, $232,383.
Federal deficit. a
BALANCEgSIIEET DECEMBER
»«(
$1,480,870
Total credits...
Net bal.due by U.S.RR.Adm$755,744
CORPORATE INCOME ACCOUNT FOR YEARS ENDING DECTsi.
'
1918.
33.3c.
61.8c.
Percentage of increase in rate per hour
85.6
Surplus Account for 1919. P. & L. surplus Dec. 31 1918. S2, 064,9691
add: (a) Net income, year 1919, $312,986.36; (b) profit on retirement of
$5,000 Suffolk & Carolina Ry. 1st Mtge. bonds, $1,479; (c) profit on
retirement of $100,000 bonds John L. Roper Lumber Co.. $20,000: (d)
profit on retirement of $435,000 Norfolk & Southern Fu^t & Ref. bonds,
Balance surplus
$161,196.25; miscellaneous items, net debit $19,387.
at Dec. 31 1919, $2,541,244.
Account with U. S. RR. Administration as of Dec. 31 1919. omitting
interest not computed.
Amounts due the Company:
Credits due the U. S. Govt.:
Cash, Dec. 31 1917.
$389,668 Liabilities, Dec. 31 '17 Pd S671 ,641
Agts. & Cond. Accts. rec.
11'7,303 Corporate transactions
400,947
Materials and supplies
220,078
466,670 Exp. prior to Jan. 1 1918.
Assets, Dec. 31 1917, coll.
276,116 Add. & better. .$415,225
Equip, etc. ret. notreplac.
Less payt. Acct.
62,283
Accrued dap., equip
189,000
164,348 Note
Rev. prior to Jan. .1 1918.
38,022
62,262 Cash
188,203
Compensation
697,962
"
31.
1919'
1918.
Liabilities—
S
$
16 ,000 ,000 1 6 ,000,000
Road & equlp't-e 30,151,555 30,196,178 Capital stock
Funded debt (see
Real est not used
"Ry. & Indus."
In operation
135,438
148,533
.Section)
19,820,600 '20,314,200
Leased rail. &c.-.
114.515
113,867
14..53r.
Traffic. &c.,bal3-.
66,045
Securities of under117
117
0,114.327 Vouchers .t wages.
lying & other cos 6,039,327
1919
1918
S
S
'
$9,919,000
16,142
3,703
283,390
3,543,.551
82,256
669,978
75,889
320,061
4,736
4,937,302
4,315,365
Ass6ts~~~
'
'
Sinking fund
318,494
36,817
74,345
138,842
Notca receivable-
5 13, '279
UucxtlnK'd dlsc't-
969,480
Inv InatfU'doos..
Cash.
Depos with trust.
M Iscollaneous
88.3(50
Speclal deposits
1,273,418
Uucomplct'd work.
.tc
bond
funds
b2,208,032
Approprl. surplus 9,830,183
Protlt&loss
14,091,013
sk!,'.
'
—
—
Total Surplus.
The Profit and Loss Account at Dec. 31 1919 showed a
credit balance of $2,541 ,244, an increase for the year of $476,275 [including
miscellaneous credits, etc., see details below Ed.]
Funded Debt. First and Refunding Mortgage Bonds of a par value of
$435,000 were purchased at market prices and retired by the Sinking Fund.
There were also purchased $5,000 Suffolk & Carolina Ry. First Consol.
with proceeds of sale of property. Equipment Trust Obligations, $52,600
matured and were paid during the year.
Since Jan. 1 1920. arrangements have been made to extend to April 1
1922, the 6% Collateral Trust Notes due April 1 1920. subject to an agreement that the principal and interest accrued upon such notes shall be paid
by the Railroad Company on April 1 1921 if the holders of 50% in amount
of all such notes so extended make request in writing not less than sixty
days prior to April 1 1921
The extended notes bear interest at the rate of
7% per annum from April 1 1920. (V. 110, p. 1089).
Federal Contract, Ec.
A contract with the Director-General was executed
on Dec. 29 1919, effective Jan. 1 1918, fixing the compensation for the use
of the property of your Company and its subsidiaries, the Kinston Carolina
RR. and the Carolina RR. at $1,280,000 per annum during the period f
Government control, being $99,880 more per annum than their average
Maint.ofway,&c
Net earnings
Net operating Income
—
{10th
1917.
1918.
$5,062,71.3
891
2,208,031
9,830,183
13,401,147
4.1ia„'i00
37,770
569,784
396,485
4,592
7,376
74,345
74,365
302,271
26,506
304,661
14,114
justed accounta.
32 ,'207
128
41,005 Reserves
10,810
2,000,112 U. a. Govt, defd
llablllUes
1,480,870
30,614
2,541,244
82,452 Surplus.
103,477
13l,.V>i5
Accrued
Interest
rents, *c
1,008,868
29,867 Taxos accrued, Ac.
Di-tcrrod
orders
•29,145
noferrcd assets
U.S.Gov.dcf-assota 2,236,014
do tax adjust.
Oth dot., &o.. Items
233.121 Notes payable
18,065 Miscellaneous accounts payable.
74,365
229,538 Coupons due and
368,134
unpaid
*
unad-
1.667.961
2,064,969
1,174,000
Total
$57,435,925 $56,131,313
* a Represents $.'1,231,000 par value of company's own bonds redeemod
with siukini? gund, but held by trustees, not treated as an asset.
b Being net income appropriated for payment of bond sinking funds.
V. 110, p. 2192.
-40,SS3,979 *iv,i'io,*i>.'>
Total
luun
40.883.9(9 40.913,768
40,913,768
..
. . . . -^o,""^,},".'*
e Includes road, $25,364,768, and equipment, $4,926,762; losis dopreci.ition roserrc, $627,937; b.-klauco, $4,298,825; and $187,962 general expendi-
Total
iuiai
turus.
-
'.»
THE CHRONICLE
899
BALANCE SHEET OF JOHN
DECEMBER
L. ROPER CO.
31.
LiahiUHes
1918
1919
1919.
1918
Timber, lands &e. $5,464,570 $5,795,070 Capital stock
31,000.000 $1,000,000
450,583 1st Mtge. Sink.
329,835
Mills. mach..&c.Fund 5% Gold
65 1 ,475
68 1 ,788
RR tugs, etc
49,494
71,511
bonds
Other investments
aS3 .967 .000 $4,067 .000
5»,880 Bills accts. pay.
62,157
Cash
388,179
154,802
169,722 Dividends payable
297,920
Sink, funds
49,015
551,113 Def. credit items.
Bills & accts. rec.
809,477
15,090
569,962
572,320 Surplus
Inventories
2,907,196 3,247,810
133,714
Def. debit Items..
76,498
—
Assets:
.
Total
Total
$8,311,390 $8,484,701
aAftcr deducting $1,033,000 redemeed to date.
..,-
—V. 110
$8,311,390 $8,484,701
P. 2388.
Hudson & Manhattan Railroad
Co.
—
Throughout the year 1919 and until
1920 the Director-General continued in possession of your railroad
property and Hudson Terminal Buildings, all of which were operated by
and for the account of the U. 8. RR. AdminLstration, the annual compenFrom time to time payments have been
sation or rental being $3, 003. .363.
received from the Government in sufficient amounts to enable the company
to meet its current obligations, but as yet there has been no final settlement
either of compensation or other matters growing out of Federal control.
Your company on March 1 1920 filed with the I.-S. C.
Increased Fares.
Commission its local passenger tariff, which provided for a uniform rate of
8c. for both uptown and downtown inter-State rides in lieu of the 7c. and 5c.
fares for the uptown and downtown inter-State rides, respectively.
This
tariff of increased fares was suspended by the Commission pending an inThe Commission, however, recognized the justice and necesvestigation.
sity of an increase in revenues and suggested the filing of a substitute tariff
providing a rate of 10c. for the uptown inter-State ride and 6c. for the
downtown inter-State ride, and accordingly a tariff carrying these rates
was filed on April 7 1920 and became effective on April 18 1920. Upon the
request of certain municipalities the I.-S. C. Commission is now investigating the reasonableness of these rates. (V. 110. p. 1748; V. 111. p. 792.)
Moreover from March 1 1920 (the end of Federal control) to Sept. 1 1920,
the company under terms of Transportation Act of 1920 will be entitled to
receive from the Government such amount as may be necessary to make its
net operating income for said 6 months' period equal to .SI .501 ,681 [i.e., onehalf of the sum fixed as annual Federal compensation during Federal conShould the net operating income actually earned, however, exceed
trol].
that amount the company is obligated to pay such excess to the Government.
During Federal control the DirectorJoint Revenues on Newark Line.
General changed the apportionment of the joint revenues of the Newark
Rapid Transit line, jointly operated by your company and the Pennsylvania
RR., so that your company received a larger amount than that provided In
the contract between the two companies. The Transportation Act of 1920
provides that the same apportionments of joint revenues which were in
effect on Feb. 29 1920 shall continue in force and effect until thereafter
changed by State or Federal authority, respectively, or piu-suant to law.
Power Supply. In order to meet the increasing demands for electric
power, made necessary by the rapidly increasing traffic, the company has
been facing an expenditure in excess of $1,000,000 for new power plant
equipment and repairs to existing equipment. The company, owing to the
low price at which its bonds have been selling, has been unable to finance
these needed iniprovements. To meet this situation, an agreement was
entered into on Jan. 5 1920 with the N. Y. Edison Co., under which, for a
term of years, Edison Co. will operate the power plant and supply electric
power either from this company's plant or from their own plants, on a scale
Under this agreement your comof charges based on varying prices of fuel.
pany should obtain power at a lower cost than it can produce it, in addition
to which there is relief from making the capital expenditure which would
otherwise have been necessary. Under terms of the agreement your company is assured an adequate and practically uninterrupted power .supply.
C [The company's power plant equipment includes. 4 turbo units A. C,
mapacity 28.000 k.w.. with 9 water-tube boilers, superheaters and econoizers (8.100 hp.). 12 rotary converters (19.500 k.w.) and 37 transrmers (21.850 k.w.)].
TeHudson Terminal Buildings; Rentals. During the 28 months the Hud.son
rminal Buildings were operated by the U. S. RR. Administration, the
ntals remained practically stationary, notwithstanding a very large inease in operating expenses for both labor and materials, resulting in a deb ©ise of approximately $100,000 per annum in the net earnings from the
In the same period the rentals of office buildings similar to the
uildings.
Hudson Terminal Buildings were adjusted to offset increasing expenses.
Your management has not considered it good policy to take advantage of
the abnormal conditions obtaining to exact excessive prices for office space,
but in order to receive returns sufficient to meet the large increase in cost
of operation and maintenance of the buildings it has, since March 1 1920,
adjusted the unreasonably low prices fixed by the U. S. RR. Administration
The.se buildings
to a basis more commensurate with existing conditions.
continue to be 100% rented and there is no diminution in demand for space.
Labor Demands. Like all other railroads, your company has had demands made upon it by the several organizations representing the employees.
Negotiation of these matters is now pending before the Railroad Labor
Board created by the Transportation Act. 1920. and it is impossible at this
time to predict what effect the awards will have upon the pay-rolls of co.
Federal Control and Guaranty.
March
1
—
.
—
—
.
—
—
INCOME ACCOUNT FOR YEARS ENDED DEC.
[In 1919
and 1918 combined account of U.
—
S.
.
.
1917.
71.757.169
8.442.020
8.63
53.24 cts.
22.99 cts.
30.25 cts.
5.73 cts.
$4,110,436
316.570
.$4. 42/, 006
Maint. of way & struc.
$293,168
.S518.821
.S392.986
Maintenance of equip
4.33,851
266.574
190.234
Power
818.7,50
729,074
476.819
Transportation expenses 1,468.173
995,490
742,338
Traffic expenses
715
2,335
210'49.5
General expen.ses
196.705
206.572
.
Total RR. oper. exp.. .$3,450,090' $2. ,58 1.545" $1,911,466"
Net RR. oper. revenue. $2,680,628 .S2. 496, 877 $2,515,540
Railroad taxes
369.278
342,767
308.438
Not income
.$2,311,350
do Hud. Term. Bldgs.
781,739
do other real estate
30.487
Total net income
.$3,123,575
Non-oper. income
101.252
Gross income
,224.82/
Int. on car-purch. agree
ments
$9,033
Int. on real est. Ms., &c.
43,215
Rentals
62,0.50
I
Govt, and the company.
1919.
1918.
Operating Statistics
passengers carried . . 94 1 02 ,46
79,964.372
9^407,573
do per mile of road.. 11,070.877
10.15
9.40
do per rev. car mile.
Grcssrev. per rev. carm. 66.10 cts.
59.67 cts.
Oper. exp. (excl. taxes)
.30.33 cts.
37.19 cts.
per rev. car mile
29.34 cts.
Net rev. per rev. car m_ 28.91 cts.
6.14 cts.
5.90 cts.
Pa.ss. rev. per pass
Pa.ssenger fares
$5,747,298 »$4.715.120
616. .580
363,302
Misc. rev. from RR. op.
Total RR. revenue
.$6,078,422
.•nib, 130,718
No
31
1916.
66,183,630
7,786,309
•18.3
50.18 cts.
19.93 cts.
30.25 cts.
5.78 cts.
$3,822,578
262.270
.$4,084,848
$268,061
219,179
275,986
679,464
3.308
176.63 fi
$1,622,634
$2,462,214
293.610
$2.1.54.110
.$2,207,102
.$2,168,604
795.179
20.840
$2,970,129
96.861
S3. 066. 991
876,777
900,376
df&.26,703
$3,057,175
78.013
.$3,135,188
17.701
$3,086,681
$26,667
47.566
76.287
.$35,867
.50,536
$17,467
43.795
79.481
39.795
98.740
$2, .87,713
,55,398
$3,142,080
83,377
Amort, debt di.sct.. &c.
39.795
,39,795
.39,795
Miscellaneous
139.889
90.493
54,968
Balance for bond int. $2,930,835
.$2,854,381
$2,877,537
Bond int. (N. Y.& J. 5s,
1st M. 4)^s and 1st
Lien Ref. ,5s)
2,168,535
2,168,535
2,167,534
2,155,402
Int. on adj. inc. bonds.
None
(1%)331.020
Reserve for contingencies
640.000
*685,000
660.000
390,000
Bal.. surp. or deficit. sur.$122.300bdof. $40. 822
sur. $1,847
sur. $1,115
a Includes in 1918 (as also in 1919] an arbitrary allocation of revenue to
the Hudson & Manhattan RR. by the Dirt^ctor-General, amounting in 1918
to $183, .588 in excess of the normal proportion of joint revenue accruing to
the Hudson & Manhattan RR. under the existing contract with Pennslyvania RR. b If the aforementioned arbitrary were not included the combined deficit for 1918 would have been on a normal basis of $224,410.
Note.
The income account as shown above for 1918 and 1919 is the result
of the combined accounts of U. S. RR. Administration and company.
—
CORPORATE INCOME ACCOUNT YEARS ENDED DEC.
Incomefromleaseof road and Hudson Terrninal Bldgs.:
"Standard return" payable by U. S. RR. Ad-
1919.
$
31.
1918.
S
..3,003.363 3.003.363
. .
59.336
.52 ,865
xl46,433
94,265
ministration
Gross rentals from outside real estate
Non-operating Income
Total
Operating expenses and taxes on outside real estate
Operating expenses, general
3,209,132 3,150,493
28,849
32,026
76,488
25,.'}87
Gro.ss income
3,103,795 3,093,081
Rent of track and terminal privileges, &c., deductions. 271,698
260.949
Bonds interest New York & Jersey ,5s
250.000
2.50,000
First Mortgage 454s
42,480
42,480
First Lien and Refunding 5s
1,876,055 1.876.0.55
—
Reserve for contingencies
Annual Report— Year Ended Dec. 31 1919.)
Pres. Oren Root, N. Y., June 15, wrote in substance:
(llth
HI.
IVOL.
640,000
660.000
x Balance of net income for the period
23,562
3.597
X Includes $70,957 "miscellaneous interest" subject to adjustment: also
an item of $75,133 for interest earned on .securities in amortization and depreciation fund, this $75,133 being also included among deductions below.
FEDERAL INCOME ACCOUNT YEARS ENDED DEC.
1919.
31.
1918.
Total RR. revenue (see combined income account
$
$
above)
6.130,718 5.078,422
Total operating expenses of railroad.3,404,197 2,565,642
Taxes on railroad operating properties
369,278
342,767
Net income from railroad operation
.2,357,243 2,170,013
Net income from Hudson Terminal Buildings.
812,334
804,664
Non-operating income
11,152
18,640
Income deductions
deft .22,293 dc6. 18.329
Balance of income
..3,158,435 2,974.988
Note.
If the arbitrary allocation revenue to the Hudson & Manhattan
RR., amounting in 1918 to $183,589 above, the .sum called for by its contract with the Penn. RR. (see text) were not included, the U. S. RR. Administration would have failed in 1918 to earn the .standard return ($3,003.363) and int. item ($16,044 .subject to adjustment) by a total of $228,007.
U. S. RR. Administration H. A M. RR. Co.
Operating Revenues—
1919.
1918.
1917.
1916.
Gross rentals
$1,729,707 $1,692,023 $1,685,290 $1,674,459
Miscellaneous revenues.
59,149
54.399
58.049
49,828
Total
$1,788,856' .$1,746,422 $1,743,339 $1,724,287
Less assumed leases in
other buildings.
$5,352
$16,116
$16,324
Maint. of struc. & plants
$133,011
94,988
75,760
94,.509
Expenses of operation..
4.5.5.056
424.778
377,116
331.748
Gen. exp.— RR. Admin.
66.970
90,405
88.232
111,816
do
Corporation.
30,595
9,484
Depr. of bldgs. & plant.
36,864
36,864
36.864
36.864
Total oper. expen.ses..
.$722,496
.$661,871
$617,672
$567,678
Net oper. revenue
$1,066,360 $1,084,551 $1,125,666 $1,156,609
Taxes...
284.622
289,372
248,890
256,233
Net inc., H. T. Bldgs.
$781,738
$795,179
$876,777
$900,376
Ratio of op. exp. to net
total oper. revenues..
43.70%
32.28%
37.71%
34.83%
—
BALANCE SHEET AS OF DEC. 31
A ssets
1919.
—
1918.
$
1919
AND 1918.
1918.
S
1919.
$
Liabilities, dtc.
Common
Property accts,
stock. 39.994.890
less reserve..! 19,357 965 119,313, 328 Preferred stock.
5,242.151
Tunnel Adv. Co.
1
000
1,
000 Stocks
Proceeds of prop(with trustees)
65,,561
111, 071
«1,681, 235
3,561, 322
Cash
69 ,904
do for coupons
265,,832
U.S. bonds
302.,650
Current accts.
68,,229
1,405, 459
3,615, 479
Amor &depr.fds.
& exp.
Bd. dlsct
13, 284
480, 345
400, 000
74, 769
Depos with public
departm'ts
''repaid
taxes,
14,,186
14,
186
insur.,
&c
Due from U.S.
RR. Admin.,
see note
to
red.
12,909
5,000,000
12,909
5,000,000
see note below
c944,000
1st llen&Ret. 5s 37,521,234
Adj. inc. M. bds. 33,102.000
Real estate Mtg.
858,000
131,000
Car purch. oblig.
479,074
Readjus. reserve
Res. for conting. d2 ,375 ,000
Bank loan
50^666
do pur. lib. bds.
44,693
Cur 't accts. pay.
317,684
Due amort .&dep.
271,742
Matured interest
916,744
Accrued interest
4.845
Accrued taxes..
Other reserves. .
127,779
Bal. of net inc..
68,419
944,000
37,521,234
33,102,000
888,000
272,000
601.359
1.735.000
110.000
150.000
48.989
117.042
487,063
919,944
sec. of old cos.
N.Y.&J.RR.5S
erties released
,958
21, 868
y2,067,322
1,889,034
39.994.890
5.242,151
l8tM.4H%bds
151,628
41,610
Total assets. .127,465,165 127,339,820
Total liablls. 127,465,165 127,339,829
x The amortization and depreciation funds at Dec. 31 1919 aggregated
at par value $1,892,781 and at book value $1,681,235, viz.:
Book Value
$892,996
435,000 cost 433.987
9,138
9,138
27,429
27,429
Amount of funds accrued not yet dep., per contra.
317,684
317,684
y This account, which is subject to interest adjustment, contains the
charges made against the company by U. S. RR. Administration for expenditure.-i for property account aggregating $442,286, which amount is
subject to adjustment and to acceptance by co. under terms of contract.
Note.
The treasury is entitled to reimbursement, through the is.sue of
additional bonds, for capital expenditures in the amount of $1,734,668
made from working capital.
c The balance of the issue of 4}^ % bonds ($66,204,000) is deposited with
the trustees of the 1st Lien & Ref. M. and Adjustment Income M.
d The account "Reserve for contingencies" consists of appropriations of
income made by the board of directors .as special re.^erves created under the
terms of the adjustment Income mortgage, "to secure the proper, safe and
adequate maintenance, equipment and operation of tunnels, lines of railroad and other properties of the company or to preserve its earning
capacity."
V. Ill, p. 792.
—
H. & M. RR. Co. 1st Lien & Ref.
Other securities.
Cash
Accrued interest receivable
Par Value
5% M. bds.par$l,103,5'29 cost
par
—
—
American Ship
& Commerce
Corporation, Ne'w York.
and its Subsidiary Cos. June 30 1920.
An official statement shows (See Shawmut SS. Co. below)
(1) AMERICAN SHIP AND COMMERCE CORPORATION
HOLDING CORPORATION.
{Status of Corporation
Capitalization
Capital .stock,
Issued
—
no par value: authorized.
1.500,000 shares;
522 .130 shares
Holdings.
Cash, $200,326; accounts receivable. $1,679; total $202,005;
less accounts payable, $1,549 and reserve for Federal t^vxes.
$4,051: balance net quick assets
SS. "De Kalb," 12.000 D. W. T. under agreement of purchase
from U.S. Sliipping Board for .8800.000; paid on account
S196.402
83.500
5.535
Office furniture and fixtures
Ini'cstments (Figures given are the book values appearing on
books of subsidiary companies, as shown by statements below)
Wm. Cramp &
Sons Ship & Engine Building Co., 44,287
15,434,019
348.50
Kerr Navigation Corporation, Class A 3,989.15 shares
<
Kerr Navigation Corporation, Class B 79,495.6563 shares
J10.479..597
shares
(®,
1
Total
I
$26,199,053
as.sets
$50.18
& Commerce Corp. stock; per share on above basis.
Note. — On June 4 1920, W. A. Harriman & Co. Inc. and Chandler & Co.
Amer. Ship
.
Inc.. piirchased 100.000 shares of treasury stock at
in
90 days.
.
.
$25 per share, payable
i~*(.-«<
With completion of this transaction, bringing in S2. 500. 000 in cash.
resulting in 622.130 shares of stock then outstanding, without considering
earnings which may accrue from subsidiar.v companies' operations during
that period, will change the above figure of $50.18 to $46.13,per share.
Aug. 28
THE CHRONICLE
1920.]
KERR NAVIGATION CORPORATION SHIPOWNING COMPANY.
(2)
INCOME ACCOUNT FOR YEARS ENDED JUNE
—
Capitalization
stock, no par value; Pref. as to dividends
Capital stock; Class
at the rate of $7 per annum, dividends not cumulative until
40,000 shares
after July 1 1922
1 1 1 .000 shares
Class B stock, no par value
.?8,729,613
Ket current assets
TerriInvestments at cost: U. S. Govt., State, Mtmicipal
A
&
torial
2,411,405
2,221
bonds
Office furniture
and
fixtures
W.
Steamships and vessels: 45,565 D.
T. owned outright,
less
W. T.
paid U. S. Shipping Board on account
468,000
.'
$18 ,955 ,297
Total assets, net.'. Book value of one share of stock (without segregation as between
125.53
stock)
A and B
WM. CRAMP & SONS SHIP & ENGINE BUILDING COMPANY
(3)
AND
Capitalization
1919-20.
Gro.ss sales
Freight allowances
Net
sales
—
SUBSIDIARIES (SHIPBUILDING
$5. 547,.508
$8,684,085
6.611.19(5
S6. 205. 386
4.1.58.704
356.528
473.640
$6,194,668
3,.548, 284
301,148
Net profit on sales
$1,716,361
Income or sub. charter of steamship..
$60,015
Miscellaneous income
34,479
Profit on manufacture of cyanide
Interest, exchange and discount earned
281 ,322
$1,573,041
$2,345,236
$11,1.52
$35,472
85.848
41,052
Total sales
Cost of
sales
Selling
and general expenses
$9,321,444
$6,673,854
444,619
17,403,389
Total assets
Less book value 157 shares Pref. and 82 shares
subsidiary companies' stock outstanding
Common
$24,521,861
stock
46,853
.$24,475,007
Balance
Book value of Capital stock
bonds and mortgages
Book value, one share of stock
(after
allowing for $3,223,444
$21, 251 ,564
348.50
—
Stock dividend of 150% declared Aug. 10 1920, payable Sept. 10
Note.
1920. will increase the number of shares to 152.450, the book value of which
will be $139.40 each.— V. 111. p. 794.
{Semi-Annual Report
— Six
Months ended June 30 1920.)
Six Months endinc June 30
Gross earnings
Operating expenses
Net earnings
Depreciation
Provision for depletion,
Bond
.$2
279,.588
136,082
41,912
12,736
222,721
interest
(3K%)392,456
a88,823
Balance, surplus or deficit
1918.
$2,259,440
664,112
$1,819,253
455,274
$1,363,979
$1,.595,327
239,330
278,575
75,262
172,171
49,078
45.837
13,042
2,013
128,568
(8)987.442(2 1^)339,433
76,251
75,328
$1.821.1 97
Other reserves
I
.823 .013
1.001.816
&c
Subsidiary company's share
Reserve for Federal taxes, &c
Preferred dividends
1919.
1920.
sur.$646,879 def.$55,364sur. $532,338
In 1920 represents special reserve of 5 cents per barrel on production.
BALANCE SHEET JUNE
30.
1920.
1919.
1920.
1919.
S
Liabilities
Assets
S
$
$
Property accounts 31 ,858.084 31,755,951 Preferred stock. .11,343,026 12,343.026
Investm'ts at cost.
100,000
100,000 Common stock. .14,877,005 14.877.005
Sub. cos. stock In
U. S. receiver (ashands of public
sets of co. in con512,339
at book value...
510.388
trol of U. S. rec'r
Bonded debt
y913,800 1,525,300
pending outcome
281,912
168,446
1,435,303 Accounts payable.
of litigation)... 1 ,624,930
65,000
Cash
746,347 1,420,663 Notes payable
Accrued
interest..
29,848
Liberty bonds
141,500
136,300
(Federal
Reserve
2,600 shares Pretaxes &contlng.)
572,937
402,546
ferred stock ac197,914
Dividend payable.
524,579
quired (.at cost).
182,865
reserve
Special
1,599,400
1,426,517
538,987
Accts. receivable..
545,046
301,566 Ded'd credit (net
Oil inventories
302,505
prof, from oper'n
Materials and supof prop. In hands
828,209
770,441
plies
U.S. receiver)..
392,424
Deferred charges.
48,529
Capital surplus
Revenue surplus..
—
—
Total
36,320,247 36,909,404
Total
36,320,247 36,909,404
y Bonded debt Includes American Oilfields Co. 6% 1930, $913,800, and
V. 110, p. 2490.
in 1919, American Petroleum Co. 6%. 1920. $601.500.
—
American Cyanamid Company, New York
City.
$2,507,608
S7.448
64.800
Am. Cyanamid Co. .$2,023,695 $1,621,480
Amal. Phos. Co
Cr. 71. 157
Res. for inc. & war excess prof, taxes. .
335.000
$175, oon
Loss, year of .sub. co., Amal. Phos. Co.
163,7.52
Licenses and patents written off
233.975
233.975
Div. in arrears paid on pref stock. b( 12%,) 959, 304 c(9)716,508
$2,435,360
—
—
Operation of the cyanamid plant at
Year's Business New Furnaces.
Niagara Falls has been at full capacity for the entire year. The two new
capacity
in excess of the eight old furand improved carbid furnaces, of a
naces which they replace, were completed during. May. and in economy
and efficiency have fully met expectations.
Operation of the Ammo-Phos plant at Warners. New Jersey, was less
than capacity, due to interruptions in deliveries of mat(^riaIs; but on the
whole has done well. For the past six months the prodiuiion of AmmoPhos. in order to meet trade demands and market condiUons, has been
confined to a new grade of material containing approximately 20% Ammonia
and 20% available Phosphoric Acid.
Operation of the phosphate mines at Brewster, Fla., was seriously interfered with for six months by the walk-out of employees referred to in our
For the past six months, however, normal output has
report.
E receding
een attained and even exceeded.
The market demand for all our products has been materially in excess of
the supply; and the larger pai-t to be produced during the current fiscal
year has already been contracted for at profitable prices.
Dividends.
E)iu-ing the year the dates for dividends were changed from
a semi-annual to a quarterly. Jan. 1, &c., basis. All accrued dividends on
the I'ref. stock have been fully discharged (V. 109, p. 1368).
Acquisition
Hydrocyanic Acid for Fumigation of Citrus Trees. During
the year the company acquired ownership of a half interest in the Owl Fumigating Corporation.
This company was formed primarily for the purijose
of manufacturing and distributing liquid hydrocyanic acid made from
"Aero Brand" Cyanide produced at your Niagara Falls plant. This
company recently constructed a plant iu the town of Azu.sa. Calif., in the
centre of the citrus fruit district.
The output is to be used in the fumigation of citrus trees.
This development promises to bo a profitable one in
itself, and al.so provides an outlet for a substantial part of the Cyanide
manufactured at Niagara Falls. The entire process is covered by United
States patents, and patents cither have been or arc being seciu-cd in certain
European countries.
"Aero Brand" Cyanide which is the trade name given the pi'oduct manufactured from Cyanamid, is now used in every important gold and silver
mining district in the United States, and also in many similar districts in
Mexico and Canada.
Orders.
On June 30 1920 we had on hand contracts for delivery prior
to June 30 1921, of various products estimated to have a sales value of
approximately $7,000,000.
[Proposition to retire 30% of Pref. stock at 60 & divs.; see V. Ill, p. 794.
—
—
—
—
$4,115
.57.617
Loss on commissary operations
Loss on sale of Liberty & Victory bonds
Technical department expense
6,7.50
Net profit year
Profit of sub. co.
S570.000
29.974
233.975
(3)203.007
Net income
$566,573
.$3.32.244
SI. 398. 404
b This includes dividends on the Pref. stock for two years, June 30 1918
to June 30 1920, clearing up all accumulations.
c Footnote to balance sheet below (see "zz") shows that during the year
1919-1920 the profit and loss surplus was credited with $70,158, "for adjustment of reserve for income tax as at June 30 1919."
BALANCE SHEET JUNE
1919-20.
Assets —
1918-19.
S
s
Lands, bldgs.&cx 3,997.311
Notes &acc'tsrec.
558,706
679,651
1,431,067
Inventories
Advance pay.. &CLicense. pats. .&c_y 5.055,178
Inv.Am.Phos.Co.z 4,761,741
Inv in Nitrates Co
1 ,000
Inv. iu Owl F. Co.,
510 sh. (no par).
Due from sub. cos. 369,276
.
Liabilities
30,
1919-20.
—
6. .594. 300
1918-19.
S
0,594.300
,994,200
7,994.200
423,162
300,.561
•S
Common
3,791,140
180,478
438,808
2,070.770
60]
5,289,154
4,700,389
1,000
stock..
Preferred stock..
'<
Accounts payable.
Notes payable
Notes pay .to sub. cos
Amal. Phos. Co.
Air Nitr. Corp..
Dividends payable
Accrued wages and
7,400
.
306,226
353.000
119,913
taxes
1
Reserve forU S.&
Canadian taxes
20,951
Amalg. Phos. Co.
5% gold bondS82.000
Air Nitrates Co..
li366
U. S. Lib. bonds &
Can. Vict, bonds
44.597
U. S. Treas. certifs 1,035,000
150,000 Surplus
23,093
306,226
950,000
239,826
72, .568
66,360
364. -"43
z2. 392, 629
409.386
1,723,529
239,727
1,650,000
C.taxwarr.,
N.Y.
par value 5.95%
550,000
Deferred charges..53.847
35.678
Total each side. 18. 620. 741 18.591,787
X After deducting $1,236,102 for depreciation in 1920. against $1,236,102
in 1919.
y After deducting $701 .926 for proportion of licenses and patents
vrrltten off.
z After deducting $220,446 for raserve against losses,
zz Surplus as at June 30 1919, $1,723,529; add (a) adjustment of reserve for
income tax. $70,158: (6) sundry credits, $32,369; (c> net income for year
1919-20, after deducting two years' dividends on the Pref. stock. S,566,573
total surplus at June 30 1920, .$2.392.629.
V. Ill, p. 794.
—
United Paperboard Company, Inc., New York.
(Seventh Annual Report
Year ended May 29 1920)
—
President Sidney Mitchell writes in substance:
—
In the last six months of the fiscal year an excellent demand
Operations
prevailed at profitable prices, and the daily production at a number of
your mills was substantially increased.
During the year we had no labor difficulty of any importance, except a
strike at the Thomson Mill, which occurred during a period when the mill
was not in operation, but merely making repairs. After some months,
when the demand increased, the mill was put in operation.
The mill at Yorktown, Ind., which has been idle for some time. Is now
operating profitably.
Improvements, &c. The mill at Urbana, O.. which was partially destroyed by fire, is being rebuilt with additional equipment of modern construction, and increased production is anticipated.
Improvements to the
extent of $106,852 have been completed.
Bonds. The company purchased $4,000 Mortgage bonds of the Thomson
Pulp & Paper Co; amount outstanding is $195,000. due .\pril 1 1921.
Dividends amounting to 2% on the Common Stock were
Dividends.
paid during the fiscal year (against 1 % in previous year)
Outlook.
closed the fiscal year May 29 with very favorable prospects
for profitable operation, with a considerably increased capacity.
The company purchased 623 sharas of Preferred
Stock for Employees.
and 250 shares of Common Stock for the accounts of employees subscribing
for same at the purchase price, on the installment plan.
—
—
—
—We
—
INCOME ACCOUNT FOR YEARS ENDING
{Annual Report for Year ending June 30 1920.)
President Frank S. Washburn, N. Y. City, Aug. 1920,
wrote in substance:
092. 177
$1,798,130
$6,349
61.042
1.149
61.357
46.754
Cash
California Petroleum Corporation.
647,160
49,510
148.706
15,721
Royalties on nitrogen
>.
Total stocks, bonds, &c
Net current assets
Deferred charges ($443,711), &c
Real estate, plant and machinery, less depreciation
67.840
$5,545,123
660.263
Interest, exchange and discount paid..
Int. on bonds of the Amal. Phos. Co..
$2,343,000
860.000
20,444
6,098,000
1917-18.
$5,587,077
39,569
$8,139,468
544,617
Amalgamated Phosphate Co..
Sales to
CO.).
Bonds: 1st Mtge. bonds, $975,000; 20-yr. 5% notes, $346,000;
20-yr. 5% Cons. Mtge. bonds. $1,022,000; total
Mortgages on real estate
Irredeemable ground rents
Capital stock, 60,980 shares @ $100 (see "note" below)
30.
1918-19.
S5. 612. 963
$8,464,889
325,421
7 ,344 ,058
depreciation
32.000 D.
893
Gross earnings
Repairs & replacements.
Taxes & in.surance
Administration expenses
Net
earnings.
1919-20.
$1 ,664 ,731
224,377
99,019
... $1,341,334
Other income
8,722
Total net earnings
Interest charges
Depreciation
Preferred divs. (6%)
Ciommondivs
$1,350,056
$10,046
500.000
94.633
..(2%,) 183,636
Balance, surplus
May
29 '20.
May
31 '19.
Plants, equlprn't
treas.sec.,&ciS13,414,332 $13,631,080
289.202
452,808
451,608
& accts .rec. 1,202,0/4
849,186
Mdsc.& supplies 1,1.54,434
379,079
577.972
Deferred charges
assets
37,169
4,070
Suspended
Cash.
Bills
MAY
1917-18.
$686,170
$715,472
31.
1916-17.
93.423
974
84,781
$1,937,339
348,287
75,019
68.783
$486,640
18,722
$533,717
36.015
$1,445,249
10,042
$505,362
$17,251
300.000
94.616
$1,455,291
$27,180
600.000
103.672
(1)91,811
$569,732
$21,818
400,000
95.177
(>i)45.904
$1,684
$6,833
$724,439
" 106". 107
$561,741
UNITED PAPERBOARD CO
Assets—
1918-19.
INC.,
'""96",
BALANCE SHEET.
Liabitttics
—
May
29 '20.
Preferred stock $2,100,000
Common stock 12.000,000
Accts. payable.
327,826
Contracts tor Improv'tsAreplac
424,789
Res. for accr.lnt.
&c
Surplus
285.571
1,629.410
May
31 '19.
$2,100,000
12,000,000
141,083
305.373
154,307
1.067,669
Total
$16,767,595 $15,708,432
$16,767,595 $15,768,432
Totiil
29 1920. real estate, plants, machinery, personal propX Includes.
erty, stocks and bonds, $13,135,764, and sundry other six-urities. $173. ."UiS;
les.s sundry bonds and mortgages (not liabilities of this company), $195,000;
balance as above. $13,414.332.— V. 111. p. 800.
May
American Druggists Syndicate.
{Se7ui-Annual Report for Six Months ending June 30 1920)
President C. H. Goddard writes in substance:
The report shows net earnings (after roserves). of $3(i0.8;<l.
Results.
—
providing for our regular 4% semi-anntial dividend, a iiropor depn\"iatlon
cliarge. and leaving a substantial sum to add to our surplus aocouitt.
Our regular A. D. S. earnings, not considering those coming from the
chemical subsidiary liave been restortxl to normal, and our volume of
A. D. S. sales has shown a normal and hcilthy increa.se.
THE CHRONICLE
894
—
Organic Salt & Acid Co. The new chemical plant in which we acquired
an interest early in 1919 and full control in January of this year (See foot
note and balance sheet below) and which we expected to vieid a net profit
of at least $500,000 during the first six months, contributed to the
net
earnmgs as shown on the statement $102,540.
An explosion in February put that plant out of commission for a time
and was the partial cause for the first two months of a loss
about $80 000March and April showed a profit of $54,000 and May and of
.Tune a net profit
° '^Z^I- S128.000: makmg a net profit for the half year of $102 540
Addition.
On July 1 a new addition to our enameling plant at Huntingcompleted. Our stamping work, formerly done in Long
tP'
J^>,Y*'^'^f
Island City, and sent to Huntington to be enameled, will now
along with the enamelmg work under one roof at Huntington, be done
insuring
greater economy and a decidedly larger output.
—
,
SURPLUS ACCOUNT FOR SIX MONTHS ENDING JUNE
""""^^
S^dl/^' "^
30.
^^7:956
fgf
AND
LOSS
pr?4^ursu%tl"::::::::::::::::::::::::::::::::::«33j^
Federal taVe^TpVeViSuiy^'r)::::::::::::::::::::::::*^^";!!? ^^4|;852
ACCOUNT STANDARD PARTS COMPANY
f^^%F''i{^Lias^j_^f}^^^^^^'''°''''''''^''''^''''
-*2-lil^Z2
.
__
qRT^on
from operations, 1919.11111. .IIIIZIIIII..""IIII" 1
611349
Profit and loss, deficit, Dec. 31 1919
.
sq^q riKO
Note.— The net loss of the Standard 'Parts'Co"'aVgr'egatinV $1
6I1 34q
as here shown., do^ not include the loss of
$48,136 f6r the ylar sustain^
1'^,^.°°^ Bearing Co.. Toledo, all of the Common shares and 95 PreflSId
shares of which are owned and carried as an investment by
Standard PartsCo
Common dividends
Net
loss
BALANCE SHEET DECEMBER
1919.
$
Assets—
$360,832 $252!257
Dividends on'sub." cii: stockii:::::::;::::::::::::::
PROFIT
[Vol. 111.
1918.
$
,
1
Profit
and
loss surplus
BALANCE SHEET.
Assets
—
---
$733,530 $858,800
-
INCL. SUBSIDIARY
1920.
$
COMPANIES— JUNE
1919.
Liabilities
Land, bidg., mach.
—
1920.
$
$
Capital stock
a6, 779,120 5,566,150
2 702,465 1.527,555 Subs'y cos. (at par)
Formulae, tr. marks
held by minor. Int.
12,450
14,280
good will
571.364
537,515 Instal'mts received..
10,099
11,652
Inv. In for. branch.. 140,871
73,436 Organic Salt & Acid
Bonds & stks. of other
Co
b 245,000
cos
307,541 Purch. money oblig.
& equip
&
Liberty bonds
M iscellaneous
Inventories
Notes &accts. rec
Real est. mtge & munic. bonds at cost.
Cash
Unexp. ins. & piep.
taxes
62,000
123,860 Accts. payable
322.735
27,510 Unclaimed div., &c..
11,326
3 355,122 2 ,802.543 Surplus
c 733,529
800,590
635,943
158,241
372.553
23,521
51,530
Deferred charges
Total
74.457
26.596
858.800
415,089
Tot!iI
8,176,259 6.551.934
—
Co., Cleveland.
(Report for Fiscal Year Ending Dec. 31 1919.)
President J. O. Eaton writes in substance:
Rcsu/(s —This report shows^ a net loss from operations
of the year of
•$1 .611 .349. and the further reduction of surplus
from pavmont of dividends
on Preferred and Common stock of S832.889. making a total reduction
of
working capital for the year of $2,444,238
New Management.— On Feb. 16 1920 the board of directors was reorganized and a new management placed in charge of the business,
which action
the ^stockholders at the annual meeting on
Feb IsToM^^V.^'nO™ 763^
Notes.— Asa consequence of 'the losses of last year and the resulting curtailment of the company s credits, it became necessary to arrange for
immediate financing which was done through the sale of $6,000,000
of 7<^^ 6 mos
notes maturing Sept. 5 1920. Arrangements are now being made
for more
permanent financing to refund thase notes, and to pro\'ide additional
workP'^" described in the letter to the stockIImT^'^f
V'V
'^on°r?r^",^,®,^*''^.^¥
holders of July 29 (V. 111. p. 597. 800: V. 110. p. 1296
Earmngs in 1920.— During Jan. and Feb. of the present) year the company
lost from operations .$137,005.
The new management immediately took
steps to install a dependable cost system in the plants and to
revise the sales
contracts based on accurate costs and to effect all possible economies,
both
at the central office and at the plants.
The operations for the four months
from March to June. mcl.. produced a profit of $788,021.
management has sold the old and new Flint prop^J^'ir %A.''°V-^''^'^''^^^'^}^^
erties
Wheelmg, W. Va. property and the Central Development Co.
of
Cleveland and plans to dispose of several other of the smaller plants.
Acquisition— Dwiswns.— At the time of change of management the company acquired the Eaton Axle Co.. which had under construction a large
up-tp-date axle plant on East 140th St., Cleveland. This plant
is now
neanng completion and ^nW be in operation in August
organized
into
five
main
''^?
divisions,
*^'i™P??.?
consisting
of
^^^
ti,Jaf
the
Standard Welding
Division vnth one plant at Cleveland: the
Spring Division with plants in Cleveland. Pontiac and Canton: Perfection
Eaton
Axle Div^ion with two plants at Cleveland and one at Cincinnati;the
the Bock
Bearing Division with plant at Toledo, and the Vehicle Division
with
a
plant at Connersville. Ind. The forge department at Canton
and the
spring service .stations at New York Boston and Cleveland
have been placed
under the Perfection Spring Division.
Economies.— With the exception of the Vehicle Division each division
has been p.aced under a new General Manager with a competent Division
Comptroller, so that the work of the central office has been largely reduced.
Ihe expense^ at central office has been reduced over $300.000' per year.
uiuiook
It IS estimated that these main divisions with a further reduction in the number of plants operated will produce a volume
of business
greater than the company has yet done, and that these larger plants will
brmg adequate returns to the stockholders.
Ernst & Ernst, certified public accountants, Cleveland, May 25, wrote
(in part):
The aggregate of the inventories at Dec. 31 1919, when compared with that at Dec. 31 1918, revealed a net increase of
$293,352, after
proAading an allowance of $188,000 to cover items obsolete through
change
.
—
models, &c.
"The
liabilities
S
6,744,200
13,303,758
2.53S.368
220.484
2,225.961
141,560
Notes payable
3.798,000
Trade acceptances
85,103
Accounts payable. 3.128,115
Accrued accounts.
199,496
DuetoBockB.Co.
Deferred
31,974
256,250
liability.
Divg. pay. Jan. I.
Reserves.
Capital surplus
Approp. surplus..
Profit
&
Total
loss
102,852
.
def323,069
118,024
252,222
10,000
750,000
1,371,170
26,052,353 27,675,745
controUed company includes Bock Bearing Co.—
695
and 95 shares Preferred, $1 ,876,984 and buildings and 11
equ^*° ^"""^ Bearing Co. under purchase agre^
in
Sent $385"000
company was reported
ri^^^^i'^"'^^?
as being contingently liable as endorsers on notes receivable discounted, aggregating
$156,554.-V.lll ,p.800.
Carib Syndicate, Ltd., New York.
(Official Statement of Aug. 20 1920.)
Accompanying the notice of the annual meeting set for
11 a. m. Sept. 9 at the office, 23d floor, 90 West St., N. Y
there was issued on Aug. 20 a statement signed by Chairman C. K. MacFadden saying (in substance):
stated include provision for
all
known
the
obligations
company, together with accrued items of State and county taxes, thereof
no provision made for Federal taxes, as the results for the year show bemg
a net
loss for the shareholders.
•The net sales, exclusive of
the Bock Co., amounted to $21,148,507 for
the year ended Dec. 31 1919, this amount, when compared with
ro
vealmg a decrease of $3,551,080. Production and sales during 1918,
the first
IX months of 1919 were, owing to the peculiar conditions
affecting the
P?''t,s t>usmess
in that period, considerably less than for the same priod
n 1918: better results in the volume of business were shown during
the
9."
months
excellent
some of the complans
South America.
The Syndicate's position in South America was never in a more satisfactory condition, and with the completion of additional development
contracts, at present
negotiation, the company is expected
with sources of income for the future which should yield toanbe provided
attractive
retiu-n on the outstanding shares.
Equatorial Oil Co., Colombia. S. A.— This company, either owning in
fee
or controlling by purchase option approximately 225,000 acres, is
through stock ownership by the Carib Syndicate. Ltd. The controlled
property
located on the east side of the Magdalena River, extends from a point
near
the mouth of the Sogamoso River up the Sogamoso some 30 miles
Immediately adjoining the Equatorial property to the south are the
extensive
holdings of the Tropical Oil Co.
[See International Petroleum Co be^"J ^" ^'^^ Tropical property have been completed producing wells
5T
of large capacity at a point but a few miles from our Equatorial holdin<>-s
North of the Equatorial property are located extensive areas owned 'bv
what IS known as the Guffey-Gillespie interests.
The Carib Syndicate has provided the Equatorial Oil Co. with a very
complete drilling equipment and transportation facilities, and much of the
machinery, &c.. has already been delivered in Colombia. Active develonment work should therefore proceed rapidly.
Barco Concession. This property, comprising approximately 1 300
000
acres, is being developed by the Colombian Petroleum Co.. in
which 'the
Henry L. Doherty interests own approximately 75%, the balance
of the
shares being held by the Carib Syndicate. Ltd.
The Syndicate has been advised by a representative of the Doherty interests that every facility will be provided the Colombian Petroleum
Co for
the vigorous development of the Barco property.
The fir.st well which was started on the Barco property obtained at a depth
01 less than 500 feet a fine flow of petroleum, and when tested with an
improvised bailing equipment yielded approximately 100 barrels of oil per
hour, arguing well for the production at the 1,100-ft. formation, which has
been found to be of excellent productiveness on the Colon property immediately to the north.
A trail is being surveyed from the Magdalena River to the Barco concession through a low pass in the mountains, over which suppUes and eauinment may be transported.
Panama. The Syndicate has completed a very considerable amount of
geological work in the Republic of Panama and has exercised its options for
the acquisition of oil rights of a tract of 50,000 acres, in which the Syndicate
will own an 80% Interest.
It has also acquired the entire ownership of the
oil rights in an additional area of about 200,000 acres.
Part of these holdings adjoin those of the Sinclair interests in Panama. (V. 111. p.
187 )
Colon Development Co.. Venezuela.
This company, organized under English laws, controls the Vigas concession in Venezuela, comprising
the entire
State of Colon, about 4.500,000 acres.
The development work already
completed proves that a very considerable area of the concession wiU j-ield
petroleum in large quantities. Recent official reports indicate that plans
are well under way for a much larger organization both in the geological
and drilling departments. The Syndicate owns approximately 25% of the
.shares in the Colon company, the balance being owned by the Burlington
Investment Co., a Royal Dutch Shell subsidiary.
The Syndicate owns certain special rights and privileges which are considered of great value aside from the value of the shares.
The recently reported decree by the Supreme Court of Venezuela was
rendered against one of the Caribbean Petroleum Co.'s subsidiaries, involving a local question in the State of Zulia and bears no relation whatever
to the Colon Development Co.'s affairs.
Honda District, Colombia, S. A. In the upper Magdalena Valley our
Hughes group of properties has been involved in a controversy with the
Prudential Oil Corporation (the estate of Anthony T. Brady). The Syndicate has now reached an amicable adjustment with the P>rudential intere.sts and plans are now under way for a considerable amount of activity in
this district.
Seepages prove the presence of oil.
The Syndicate has many other properties in Colombia covering large
areas having excellent prospects.
Peru, Ecuador and Bolivia.
The Syndicate has recently completed geological investigation covering lands which have been offered for development along the west coast of South America. In view of the more favorable
conditions surrounding our development operations in Colombia. Venezuela
and Panama, it was decided not to take up the lands offered which were
located in Peru. Ecuador and Bolivia.
V. 111. p. 796.
pany
This $245,000 represents that part of the Capital Stock which has not
been paid for by the parent company. The payment when made
will
*''•'' Organic Salt & Acid Co. but in no
case will
^t P^^l^ ^9 ^nn^nnn'^f^"^
American Druggists Syndicate Capital Stock plus
$1 MO 000 in cash
a Authorized 1.000.000 shares of $10 each, issued and outstanding
6/7,912 shares. V. 110 p. 761.
oi
Common
1918.
$
1
.^^J*
yet
Standard Parts
shares
f
...26,052,353 27,675,745
a Investment
1919.
7% cum.. 6,471.000
Common stock
12.302,631
Pf. stk.
Recent Progress in South Americc.— During the past few
and gratitymg progress has been made in carryuig through
"lb". 941
8.176.259 6.551,934
Total
30.
1919.
—
Liabilities
Land.bldgs..mach.,
equip
&c
10,387,140 9.030,242
Cash
178,720
781,198
Govt, securities
11,587
59,536
Notes&trade accep
105,897
102.026
Accts. receivable. . 2,668,183 3,676.027
War claims
66,793
Inventory
6,086,098 5.792,736
Other assets
300,543
226,706
Investment in controlled company 2,261,984
2.381,160
Patents & li censes 3,683,636 1.323,427
Good-will
I
13,107,477
Deferred assets
368,565
228,418
i
prem.^?MVvedanValior(;ap^7t¥.7e"ti::;::::::::::::;*l9o;8ii *^^2:fi?4
2.614
31.
m
s
m
—
—
—
—
—
—
—
GENERAL INVESTMENT NEWS
atter period of the year •191
OPERATIONS OF STANDARD PARTS CO. AND BOCK BEARING
FOR CALENDAR YEAR 1919.
J„
VNet^
Stand. Pts. Co. Bock B. Co.
.$21,148,507 $1,624,908
,
.sales
Cost of sales
21,113,882
Gross profit
Selling, admin, and general expenses
Interest
Doubtful accis.
rec.
and other
Tnn.?«=f*i^^l??S---^;;
interast and dividends earned
Other income
Net
loss.
CO.
mlsce'u".
5134
.
II
deductions"
1
g25 ^
,345.658
310,365
219,897
$1,.530.930
nn
"IZZZllllllllZ
7^8
119!l88
$1,611,349
1,484,579
$140,328
88,886
42,557
59,219
$7,777
2,198
$48,136
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.
— The
following table summarizes recent railroad and electric railway news of a more or less general character news concerning which detailed information is commonly published
on a preceding page under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
as may be practicable.
New Railroad Rates. On Thursday. Aug. 26, the new freight and passen
ger rates on inter-State traffic went into effect as authorized by the I.-S. CCommission on July 29. See V.^lll, p. 549-559.
—
—
Aug. 28
THE CHM)NICLE
1920.]
Similar increases on intra-Stale rates are noted in numerous States under
authority of their respective P. S. commissions, notably Mass., B. Id-,
N. J.. Penn., Md., Va., Ky., Wyo., Ore. and Calif., and on freight
and
rates In N. Y., W. Va., Ohio, Mich., Iowa, Wis., Minn, and Mont.,
with some variations and exceptions in 111., Tex. and Neb.; with consents
proposed
or
pending in other States, and also with some cases of delay
adjudication as to local passenger rates as in N. Y., Ohio, Mic;h., Tenn.,
lU "Wis., Ind., Minn., &c., and as to local freight in Texas, Tenn., &c.
The commission in Texas allows an increase of 33 1-3% instead of 40%.
on local freight.
^
_
„
,
,
-i
j„
The Arliansas Corporation Commission has refused to grant railroaas
operating within State a 20% increase in intra-State passenger rates on the
ground that the State statute fixes passenger fares at 3c. a mile and that the
N H
.
,
C. Commission has consequently no jurisdiction.
Lmcer Rates for Grain by Water. See Industrial Index below.
Improvements. &c.. in 1920. Official figures filed with I.-S. C. CommisN. Y, "Eevmng
sion suggest expenditures before Jan. 1 of $762,000,000.
C|]»i*' A.iiflr
2^
See New York
Yardmen's
Ass'n.
Union
Asked
by
Receiver for Trainmen's
— —
I.-S.
—
"Times'* Aug *^2
The Ohio P. U. ComIncreased R'at~es for All Ohio Interurban Railways.
mission on Aug. 20 authorized all interurban railroads in Ohio to increase
Applications
for 20%, increase in
1.
Sept.
freight rates 40%, effective
passenger rates are to be decided on the merits of each apphcation.
—
Aug. 21, page 3.
Commission Recommends "Service for Cost for Electric Railways. Ihe
report of the Federal Electric Railways Commission, urging "service for
New York "Times"
—
,
cost" as essential to the preservation of the electric railway industry, was
cited in New York "Times" Aug. 25, and also discussed editorially.
Canadian Wage Increase. The Canadian Railways Adjustment Board on
Aug. 24 announced a settlement affecting some 40,000 shop employees of
Canadian railways. The settlement involves recognition of the signatory
unions, higher scales of wages retroactive to May 1, and the 44-hour week.
Skilled workmen receive a minimum wage of 85 cents an hour, while common laborers and other unskilled classes are awarded 10 to 13 cents an hour
abore the old scale. New York "Times" Aug. 25.
«
(1) Gross and net earmngs for
Matters Noted in "Chronicle" of Aug. 21.
(2) American dollar securities returned to
half-year 1920, pp. 737 to 741.
(4) Re(3) Coal news, p. 747.
owners by British Government, p. 743.
(5)
volving fund, list and purposes of advances recommended, pp. 750-1.
(.6) Railroad rate deciTwo RRs. fUe claims against Government, p. 751. Canada
touching
I.-S.
C.
sions by Commissions in N. Y., N. J., Va.,Ill. and
order, pp. 751 to 753.jii.(7) Express rates, increase 1214%, V P. 754-5 .^>?-
—
—
—
.
""Altoona (Pa.) Northern RR.—NegotiationT'to Resume.
Negotiations, it is said, are under way between W. Frank Vaughn and
J B Denny receivers, and the bondholders to effect an agreement whereby
idle smce early
the ©peration of the road will be resumed.
last winter.— V. 109, p. 675.
&
Arkansas
Road has been
Louisiana Missouri RR.
—Equip.
Trusts.
—
This company has applied to the I.-S. C. Commission for authority to
the
equipment trust notes to the amount of .$220,000 to be used
purchase of four 10-wheel freight locomotives, 1 steam wrecker, 1 Jordan
of
a
cost_
at
ditcher, 1 steam bucket crane and 2 steel passenger coaches,
Compare V. Ill, p. (90.
S287.703, of which $67,703 is to be paid in cash.
m
issue
—
—
—
Baltimore & Ohio RR. Prospectus.
Am analysis has been made by Hayden, Stone &
Co. indicating the
company's prospective earnings under the rate advances which went into
effect. Aug. 26.— V. Ill, p. 790, 587.
Boston
& Maine RR. — Receivership
Denied.
—
Fedn-al Judge Edgar Aldrich, at Concord, N. H., on Aug, 20, denied the
petition of Edward F. Brown, of Ipswich, Mass., and other minority stockholders for an injunction against the company and the appointment of a
temporary receiver. The petition for a permanent receiver for the railroad Is left pending.— V. Ill, p. 791, 692.
Central Vermont Ry.
— Bonds Approved. —
Commission has granted the company authority to issue .115,000,060 Refunding Mortgage 5% gold bonds, of which $12,000,000 would be
dated May 1 1920, to mature May 1 1930, the proceeds to be issued to retire
a like amount of 4% First Mortgage gold bonds due May 1 last. V.
The
I -S
—
Ill, p. 588.
—
—
Chicago Elevated Rys. City Appeals lO-Cent Fare.
has filed appeals from
A Chicago dispatch of Aug. 26 states that the city
the orders of the Illinois
the 10c. fare on the elevated railroads and against
P S. Commission directing the Surface Lines to use part of its renewal and
V. Ill, p. 294.
depreciation fund for the purchase of new equipment.
—
Chic. Mil'W.
&
— Claims against
—
—
Ironton RR. — Lease—
Paul Ry.
St.
See page 751 in last week's "Chronicle."
Detroit Toledo
&,
Gov't.
—
V. Ill, p. 791.
Suit.
Lean Tannebaum and Samuel H. Strauss, as stockholders of the company
brought suit in the Supreme Court in N. Y. on Aug. 20 against Henry Ford.
Ed.sel Ford, the Ford Motor Car et al. to prevent the proposed lease of
the tobA to a holding company (the Detroit & Ironton Ry.).
The plaintiffs say that the defendants refuse to divulge the purposes of
the lease but that investigation discloses that the lease is intended to
run for 75 years and that the intere.st upon the railroad's first mortgage
bonds would be recognized as a rental, rendering the stock worthless to
[In addition to the $1,439,000 ,1st M. 5s of
the minority stockholders.
1914 there are also outstanding, ranking ahead of the stock, $7,628,868
Adjustment Income bonds. These income bonds, most of which are now
owned along with over 90% of the stock, by the Ford interests, have never
Ed.]
received anything in the way of interest.
.
, , ,
,
,
The Detroit & Ironton Ry. was recently incorporated to lease and take
over the operation of the Detroit, Toledo & Ironton RR. The company has
applied to the I -S. C. Commission for authority to issue $1 ,000,000 capital,
none of which, it is said, will be sold to the public. Officers are: Pres.^.
J A Gordon- V.-Pres., Fred Osborn; Sec.-Treas., E. C. Davis; all of
Detroit.— V. Ill, p. 492.
—
Erie
The I
RR.
— Government
,,
Loan Approved.
—
obligations
692, 792.
C Commission
is
made
a condition of the loan.
Compare
V. Ill, p. 588,
—
—
Fond. Johnstown & Gloversville RR. Fare Increase.
The Now York P. S. Commission has authorized the company to charge
775.
Amsterdam. —
8 cents in Johnstown, (ilovorsville
Grand Rapids &
and
V. 109, p.
Indiana Rail-way. — Anmial
Report.
—
1917.
1916.
1918.
1919.
Federal statistics— Cal.Yrs.
$8,238,636 $7,207,727 $6,491,359 $5,897,566
Op^aUug revenues
7.341,516 6,474,945 5,116,260 4,396,460
Operating oxpensS
Netreventie.
Corporate Statistics
,120
—
'
Gross income
War tax-es
Interest
Rent
on funded debt.
road
$929,385
27,910
$1,014,800
$18,160
481,957
.
$957,295
$7,774
1.55,101
108,348
155,113
10,332
$251,234
$300,470
for leased
MisceTliUieous
N»t iTicome
—V.
$732,782 $1,375,098 $1,501,106
$929,385
85,415
Compensation accrued
Otherincome
...I
Hagerstown (Md.) & Frederick RR,
Interborough R. T. Co.
— Neio
Extensions Opened,
—
into operation on Aug. 23 two new extensions to Its
lines in Brooklyn.
The new hues consist of the Eastern Parkway line extension and the Nostrand Ave. extension and complete the principal Brooklyn link of the Interborough system. The trains enter Manhattan through
The company put
the Clark St. tunnel in Brooklyn.
According to a count made made by the company's inspectors, the noTr
lines carried 12,400 passengers between 7 and 9 a. m., the first morning of
operatio n. V. Ill, p. 792.
—
—
Use of Oil as
International & Great Northern Ry.
Thornwell Fay, executive officer for the
Fuel Limited.
receiver, in letter to "Railway Review," says in substance:
'-
—
International & Great Northern is not converting all of its motive
oil to coal burners, but so far has converted only the locomoThe
tives operating between Taylor and San Antonio, Tex., 114 miles.
rest of this division, from San Antonio to Laredo, has always burned coal.
addiWhen the road was taken over by the Government Jan. 1 1918, in
tion to a large amount of cash, which they also took over, there was about
60 days' fuel supply of oil in storage tanks, and when the road was turned
back on the first of March last there was no cash turned over to the receiver,
and there was not three days' supply of fuel on hand. By paying an
exorbitant price for fuel oil, enough spot oil was bought in the open market
to tide over a short time.
, „,
,
,„
^
^,
^ j
,
the United States that deals
Bids were invited from every oil company
in fuel oil.
Only two bids were received, both for Mexican oil at very high
prices.
The lowest bid was accepted to take care of the lines north of
Taylor. Oil prices at that time were equivalent to $12 to $14 per ton of
coal, and as it was possible to buy coal on a much cheaper basis it was, of
course, good business judgment to do so, and the Shipping Board alsoj had
to pay exorbitant prices.
If the price of oil continues at its present high rate I do not see how any
railroad can afford to continue to burn it when any present contracts they
may have at a reasonable rate shall expire. V. 110, p. 2654.
The
power from
m
.
.
—
—
International Railway, Bniidlo. —Readjustment Plan.
Elliott C. McDougal as Chairman of the Protective Committee for the Collateral Trust 4% Gold bonds of the International Traction Co. in circular of Aug. 1.5. explains the
plan outhned last week (p. 792), saying in brief:
After conferring with large depositors and with bankers, this committee
has formulated a readjustment plan for the International Railway Co.
At the sale on Nov. 26 1919, the committee purchased all of the secunti^
pledged for the 4% bonds of International Traction Co., and thus acquired
$4,344,000 Ref. & Imp. 5% bonds and all the outstanding stock of the
railway company, and 8640,500 of underlying 1st M. 6% bonds secured by
upon portions of the property.
has been necessary to use .?400,000 of the Ref. & Imp. 5% bonds to aid
the railway companv in paying «800,000 of 1st M. 5% bonds of Lockport
& Olcott Railway, maturing July 1 1920. an underlying lien.
The committee holds the remainder of the securities purchased as aforesaid and about $400,000 in ca.sh subject, however, to liens and charges for
the payment of its obligations and expenses. The committee has been
obliged to pledge the securities in its hands to secure loans aggregatmg
$2,100,000 in order to enable the railway company to pay the interest on
its bonds and meet other pressing obligations.
,
^,
The purchase of the stock of the railway company having placed the
committee in control. H. G. Tulley was appointed President and under the
direction of Thomas E. Mitten, a member of the committee, he has brought
about a decided improvement in the operating conditions and in the relations with the public authorities.
,,.,.,
Owing to the great increases in the costs of operation, and the failure to
maintain adequate reserves, the railway company has an operatmg deficit
The P. S. Commission has authorized an increase in
of over $2,000,000.
the rate of fare in the City of Buffalo from a five to a seven cent cash fare
ffour tickets being sold for 25 cents) but the resulting increase in the operatThe railway company is m
ing revenue is offset by an increase in wagers.
need of funds to make good its operating deficit and provide for necessary
renewals and new construction.
Because of the provisions of the Supplemental Indenture to its Refunding
& Improvement 5% Gold Mortgage the railway company will not be able
liens
.
It
,
.
to issue anv additional bonds under said mortgage until its earnings for a
period of 12 consecutive months shall have aggr(>gated about $800,000 over
In order, therefore, to make the financial
all charges ahead of the stock.
position of the railway company reasonably safe, the committee estimates
that it is necessary to raise about $3,800,000 and to hold some secunties
in reserve for possible future needs.
It is deemed essential to provide for stability of management under the
direction of Mr. Thomas E. Mitten by a 5-ycar voting trust to vote the
stock of the railway.
,
.
.,„
^„„
Out of a total of $18,335,000, there have been deposited about $18,100,000
committee
and
the
has
Co.
Traction
International
of the 4% bonds of the
decided that it will not receive any more bonds for deposit under the Pro.
tective
Agreement.
j
,.
>
,,
Under these ch-cumstances, the committee recommends the followmg:
K.cau,iii>Liiiciiv.
of Readjiiiitnient
Plan
Kian Of
The committee proposes to cause the stock of the railway company to be
amount equal to 95% of the principal
an
increased from $116, 707. .500 to
been
Co. which have
amount of the4% bonds of the International Traction
,^
-^ .
„ r
deposited under the Protective Agreement and to exchange all of said stock
for Voting Trust Certificates.
.^
,
,. «„„ .„
j
The committee proposes to offer to each depositor of a $1,000 4% bond
1
'p
,
,
,
of the Iniernational Traction Co., the opportunity to purcha.-e (a) S200 of
bonds of the railway company for .>100 and int.
Refunding and Imp.
company for >100.
(&) 9!^ shares of stock (v, t. c.) of the railway
proposes
to .sell to underwriters or others at the price
The committee
5%
above stated the portions of the Ref. & Imp. Mtgo. 5%, bonds and the stock
(v. t. c.) which the dojiositors do not elect to purchase, as above stated.
The purchase price for he bonds will be payable upon election to purchase:
and 50%, of the purchase price for the stock (v. t. c.) will be payable at
said time and the balance in 1921 as the committee may determine.
After discharging its obligations and expenses, including the compeusa
tion of its members, the committee proposes to tran.sfer to the railway
companv. or to trustees for its benefit, all cash, securities and other property which may remain in the hands of the committee, including SblO.oOO
of underlying 1st M. 6% bonds.
^
,
,
t, rr
Through the public-spirited co-operation of certain bankers in Buffalo.
at^moderarrangements
underwriting
make
able
to
been
the committee has
iito expense which will enable it to sell at the priciw above mentiontxl all the
bonds and stock (v.t.c.) which the depositors do not purch;ise as aforesaid.
This plan, if carrietl out, will afford e;»ch depositor the oi)portuiuty to
acquire his pro rata intere-^t in the collateral, mion pa>-inK his pro r.ita share
of the cost of protecting the same and rehabilitating the railway company,
in our judgment, the most desirable and equitable pl.in,
.
,
„
The railway companv has been in serious danger of Incurring a default
provisions
fhiancial
with
ho
but
Mortgage,
(lold
and
its
Ref".
Imp",
under
and the improviHl management which are now propostxl we fivl that the
II is hope«l that the normal increase in the busifuture is reasonablv safe.
lUAss and some fiirtiier improvement in opi-raling condition-, will increase the
earnings materially and permit future financing through the sale of Kef.
.
.
.
i
I
Imp.
5%
bonds.
,
,
...
In order to carry out this plan it Is noces-sary for the conmilttee to adopt
the ProposcHl .Amendment of the Prote<-Uve .Vgreenu'iit (V. 111. p. 792).
without giving lo anv depositor the right to witlulraw from the agrtH-ment.
If the conimillee is obligini to abandon this iilaii there is d.inper that the
securities lielcl by it will be sold to satisfy the loans for which they stand as
six;urity and that the proccHMis will not be sufficient to enable the committ-ix;
make anv disiribiition among th(> dejiositors.
Commillee. Elliott (\ McDomiJil, ("hairman; .lacob (iould Schurman,
Thomas DeWitt C^ivler. K. Walter Leigh and Thomas K. Mitten with
A, F. Malstead, .S»>cretarv. 62 C'txlar St.. N. Y, City. The depository is
Guaranty Trust Co.. 140 Broadway. N. V. City, and London, and Its
agents as such depository are the (^ity Trust Company, Huffalo. N, Y. and
Counsel to comiuitte«.
1'^iilelilv .t Colunibi.i Trust Co.. Louisville, Ky.
Siiiii)s(;ii. Th.scher .V Itnrtlett. New York City; Joseph G. Dudley. Buffalo.
N. v.— Compare V. Ill p. 792. 692.
to
— Rates Increased. —
cijinpanv announc<-d an incnase of 11'; in passenger rates and an
The new
increase of from 10 to 25% '" freight rates, elfective .\ug. 26.
passpiiRiT rates will not api>ly to the city service in Uagers^town or I-rederick.
cents
instead
of
per
zone.
zone
a
cents
bo
8
The new interurban fare will
T. t1«, p. 261.
The
—
—
p. 1289.
&
483, (i05
108, p. 2523.
—
—
&
Springfield St. Ry. Wage Increase.
Hartford
Employees have been granted a wage increase of 10 cents an hour by
Harrison B. Freeman, receiver, bringing the maximum up to 55 cents
an hour. The men demanded an increase of 15 cents an hour. V. 110.
t
has approved a loan of ,$8,000,000 from the
revolTing fund to aid the company in meeting its maturing obligations
during 1920, which total $23,516,500. Conditions as to t^he inothod to be
employed bv the company in financing the remaining $15, 516, .500 of its
-S
S95
,
.
THE CHRONICLE
896
&
Sale Sept. 22 of $2,667,000 Ref.
Impt. 5s, Securing International Traction Co. 3-Y'ear
Notes Due Aug. 1 1920.
The S2, 667. 000 Refiinding: & Improvement bonds of the International
Railway Co.. due 1962. which were pledged by the United Gas & Electric
Engineering Corporation in 1917 to secure the $2,000,000 3- Year 6% gold
notes of the International Traction Co., due Aug. 1 1920 (but still unpaid),
will be offered at auction as one lot on Sept. 22 by the Bankers Trust Co.
The auction will be held at the Real Estate Exchange Rooms, 14 Vesey St.
N. Y., through Adrian H. Muller & Sons. V. Ill, p. 792.
—
6%
—
Buffalo. —
International Traction Co.,
See International Ry. above.
Iowa Ry.
&
— V.
d-c.
Ill, p. 792, 588.
— Wage
Light Co.
Sale,
—
and Fare Increases.
—
Following a meeting of street c,ir company officials and employees, it was
announced on Aug. 16 that Cedar Rapids street car fares would be advanced
from 6 to 8 cents and that employees will receive a maximum wage of 60
cents an hour, an increase from 40 cents.
V. 110, p. 2568.
—
Long Island RR.
— Withdraios 10% Fare Inc. Application.
The company has obtained
withdraw
its
permi.s.sion from the P. S. Commission to
application for a 10"^ increase in the fare on its lines operating
within New York City limits, filed on June 1. Much testimony has been
taken in attempts to verify the company's statement that its property was
worth .?9S.00O,0O0 and that the present return was inadequate.
The New York P. S. Commission has denied the application of the comSany to put into effect a 20% increase in its passenger rates along the same
nes as the order recently issued by the I.-S. C. Commission.
Cotmsel
for the company said an appeal would be taken to the I.-S.
Commission.
C
—V. Ill, p. 692.
Market Street Railway, San Francisco. To Authorize
Neiv Securities as per Plan. With a view to consummating
the amended plan of reorganization of the United Rail-
—
—
roads of San Francisco as outlined in the "Chronicle" of
Oct. 4 1919 (p. 1367) the Market Street Railway Co. as
of Aug. 14 gives notice that its stockholders will vote Oct.
18 on authorizing the new stock and bonds called for by
the plan, thus increasing the total capital stock to $32,150,000
and the authorized bonded debt to $22,700,000.
The official notice in conformity with said plan calls for an increase in
the Capital .stock from $18, 7.50,01.0, par .SlOO, all Common to !S32, 150,000,
viz.: (a) $11,7.50,000 Prior Preference .stock; (b) .$5,000,000 Pref. stock; (c)
$4,700,000 Second Preferred stock, and (d) $10,700,000 Common stock.
Agreeably too with the plan the stockholders will vote on increasing
the authorized bonded debt from .$17,500,000 to an authorized $22,700,000
by authorizing the issuance of $5,200,000 6% 5-yr. notes, to be secured,
among other ways, by pledge of $5,200,000 of the present authorized bonds.
The meeting will also act on increasing the number of directors of said
corporation from five to eleven.
Compare the plan, now operative, in
V. 109, p. 1367 and United RRs. of S. Fr. in V. lll,p.390 V. 110, p. 1527
—
Mexican Southern Ry., Ltd.
At a special meeting held June
for two years to May 29 1922.
9, it
—V
Midland Valley RR.
—
;
Extension of Moratorium.
was resolved to extend the moratorium
101, p. 130.
—
—
Interest.
The directors have declared that for the year ending June 30 1920 3%
has been earned and is payable Sept. 1 upon the Ad,1ustment Mtge. Series "A" bonds on surrender of coupon No. 4 at the FideMty Trust Co. of
Philadelphia. See also adv. on a preceding page of this issue.
V. 110. p. 765.
Montreal Tramways
The men
Co. — Wage
—
and Fare Increases.
—
recently voted to accept the wage award granted by an arbitration board. The new and old rates are as follows;
Rates per hr.
Present. Demanded. Granted.
1st year
45
37
70
2nd year
40
73
50
3rd year
44
75
55
4th year
48
75
55
The new contract runs until June 30 1921, and is retrr active to July 1
1920.
The Montreal Tramways Commission has granted the company permission to increase its fares to meet the wage increase. Instead of 5 tickets
for 30c., the rate will be 4 tickets for 26c., or books of 50 tickets for $3.
The former 7c. cash fare, the I5c. owl fare and children's fares, 7 tickets
for 25c. remain the same.
Back Dividend.
—
has been declared on the stock, payable on account
dividend of
of accumulations to holders of record Sept. 8. This dividend is understood
to be for the quarter ending March 31 1919. and leaves a total of 5% in
dividends in arrears. V. Ill, p, 692.
—
National Properties Co.
—
— Time Extended
to Sept. 1.
The time for the deposit of the 4-6% bonds, which expired Aug. 16 has
been extended to Sept. I and not to Sept. 20 as stated in last week's "Chronicle," page 792.
New York New Haven & Hartford RR. — Dissolution
Decree Modified to Permit Execution of Mortgage on Trolley
Merger of Two Subsidiaries Sought.- Federal Judge
Property
Mayer signed an order on Aug. 26 modifying the dissolution
decree of Oct. 17 1914 (V. 99, p. 14.52) entered in the Sherman anti-trust stiit instituted by the Government.
The order permits the company, if the necessary consents can be obtained from the Federal and State authorities, to merge with the Harlem
River & Port Chester RR, and the Central New England Ry.
The New York "Times" of Aug. 27 says in substance; The purpose of
—
—
the merger is to enable the New Haven Co. to vote the 400.000 shares of
stock of the Connecticut Co. (now held by five trustees pursuant to requirements of U S Department of Justice) which controls the Connecticut
trolley lines, to the end that the latter company may execute a mortgage
of its "property so that outstanding $10,884,000 Debentures of the Consolidated Railway merged with the New Haven Co. may be secured.
The Connecticut Co.. it was explained, owes the New Haven Co. $4,071 ,038, of which $1 ,000.000 is upon debentures and the remainder on notes
for advandes made up to Dec. 31 1919.
In its application to the court the New Haven Co. said that on March 1
last it was indebted to the U.S. Goverimient for substantially $66,000,000,
including its short-term indebtedness, amounting to $43,000,000, advanced
for betterments and improvements at the beginning of Federal control.
The company stated that it was arranging for a new loan from the Government of $13,500,000 with which to buy needed locomotives and to make
necessary improvements. It said that it expected to be able to meet all
of its financial obligations by taking advantage of the Transportation Act
of Feb. 28 last untU the return of normal conditions, when it hopes to be
able to take care of its own financing.
The application says that the Consolidated Ry. Co. was merged with the
New Haven Co. on Feb. 28 1910. The New Haven Co. assured the court
that the merger of the New Haven with the Harlem River & Port Chester
and Central New England companies would conserve the interests of all the
companies involved.
See also Rhode Island Co, below V, 111, p. 792.
.
.
,
—
New York
State Rys.^
The New York P.
S.
to charge a 7c. fare in
Ill, p. 589.
—
— Allows
7-Cent Fare.
Commission on Aug. 24 authorized the company
Rochester on one day's notice to the public. V.
—
New York & North Shore
It is understood that real estate
efforts to raise $350,000 to buy the
the public interest. The company
it
& Portsmouth
Belt Line
The
RR.
111.
— Note Authorized.
Inter-State Commerce Commission has authorized the company to
issue short-term notes in a sum of $50,000 to finance maintenance of its
property. V. Ill, p. 793.
—
Ottumwa
Judge
Ry.
&
Light Co.
— Fare
Decision.
—
Salinger of the Iowa Supreme Court recently handed down
a decision which holds that agreements or franchises permanently establishing rates are not binding.
V. 109, p. 578.
15en
I
.
—
—
—
Pacific Great Eastern Ry,
Government Ads.
The last session of the provincial legislature of British Columbia passed
the "Pacific Great Eastern note payment loan act," for the purpose of
authorizing the Provincial Government to borrow or raise such sums of
money as may be needed, but not exceeding $4,800,000. bv the sale of
debentures or treasury bills or by issue of British Columbia stock at a rate
of interest not exceeding 6 %
The money so raised is to be loaned to the
Pacific Great Eastern Ry.for the payment of a promissory note given by
the railroad to the Union Bank of Canada.
The legislature also passed the "Pacific Great Eastern construction loan
act" which enables the Government to borrow $4,000,000 to be loaned to
the Pacific Great Eastern Ry. and applied to the construction, equipment,
and operation of the railroad. V. 110, p. 562.
—
Philadelphia Rapid Transit Co. Result of Negotiations
with Union Traction Co. as to Proposed .$6,000,000 Car Trust.
The company has issued a pamphlet containing the letter
written by Chairman T. E. Mitten to the directors of the
Union Traction Co. on Aug. 10 (cited last week, p. 793)
and other letters relating to the proposed $6,000,000 7^
Car Trusts, Series F., etc. (Compare V. 110, pp. 1527, 24^2)
The pamphlet quotes a letter from V.-Pres. W. C. Dunbar sa., ing:
—
"The Union Traction Co., as consideration for its guaranty of .tie $10,000.000 P. R. T. bond issue of 1912, demanded and received from the
eld management the following;
All Eq^iity in Market
All Equity in:
St. Elev., viz.:
A — Entire issue of cap. stk$2,800,000 Doylestown & W. Gr. Ry.$500,000
B — Due bills for advances 8,178,824 Darby & Yeadon St. Ry..
5.000
.Snvder
Avenue PassenC — .Assignment of claims
for future advances, abt. 3,000,000
ger Ry
140,000
D — Leasehold
in 1920, when application is made for the consolidation of certain
trusts. Union, as a condition precedent to its consent, requires
that all ownership and equities of P.R.T. in cars, real estate and stocks and
bonds of subsidiary companies shall be transferred to Union as follows:
"Now,
equipment
Motor
& Phila. Rv. stk_$247,350
& Yeadon St. Ry.bds. 200,000
& Willow Grove St.
bonds
100,000
Darby M & Ch St Ry. bds. 1 26 ,000
R. E. Co. prop.,cost .$4,000,000 Chester
real estate, cost..
600,000 Darby
Phila.
500 cars, now underEquip.
Tru.st "C," cost
Ry.
2,500,000
P.R.T.
Willow Grove Park Co.stk.
219,500
.
.
.
All real est. & seciu-s. hereafter acq'd. Continental Pass. Ry. stock
4,000
"Only in consideration of the transfer of the above equities will Union
give its assent to the issuance by the P.R.T. of the proposed consolidated
eouipment trust, of which $2,635,000 would be used to refund car trust certificates now outstanding; the remaining $3,365,000 to be used on properties held under lease from Union."
C^hairman T. E. Mitten, writing
20, as shown in the pamphlet,
states fully the concessions the directors would be willing to make to the
Union Traction Co., and summarized these substantially as follows;
"In con.sideration of Union a.ssenting to the proposed $6,000,000 [7%]
Equipment Trust Loan. P.R.T. will now make over to Union the ownership
of real estate and stocks of subsidiary companies to the same effect as if
Union had leased them to the P.R.T. under the pro\isions of Sections 12
and 13 of the lease of 1902. P.R.T. will agree that the 500 cars purchased
since 1902 shall be considered as if turned over and included under the terms
P.R.T. desires to retain its present position of stock ownerof that lease.
ship in so far as the Chester & Phila. Ry. Co. is concerned. The ownership
of the bonds of the underlying companies, as well as the stock of the Continental Passenger Ry. Co., must be reserved to the P.R.T. to assist it in
providing the moneys required in the further development and improvement of the property held by P.R.T. under lease from Union.
"In reply to your letter of
10. would say that the Philadelphia Rapid
Transit Co. has not. directly or Indirectly, aided in any attack on the rentals
paid to its underlying companies and that, while assured of the continued
co-operation of IJnion Traction Co., it is the intention of the Philadelphia
Rapid Transit Co. to fully observe its obligations under the lease of
May
May
July
1
1902."
the Five Leaseholding ComThe pamphlet also outlines the proposed plan for
panies.
consolidation of the five leaseholding companies (Philadelphia
Proposed Plan of Consolidation of
2H%
A
Norfolk
'VOI.
was not earning expenses.
— V.
Northern Pacific Ry.
Traction Co.
and commercial interests are making
company's property and operate it in
ceased operation last
March because
111. p. 189.
— Claims
See page 751 in last week's "Chronicle."
against Government.
— V.
Ill, p. 793.
—
—
Rapid Transit Co., Union Traction Co., Philadelphia Traction Co., Electric Traction Co. and Peoples Traction Co.),
precisely as shown in last week's "Chronicle" (p. 793), including the table of new capitalization and the return therefrom for the several companies and also states many reasons
for the merger, among these (substantially) the folio-wing:
Some Reasons Why the Proposed Merger Plan Should be Adopted
by the Several Interests.
(fl) The general street railway situation in the United States is so bad
that the P.R.T. Co.. which .stands out distinguished by its success, is enIn Pittsburgh the first mortgage bondtitled to every proper assistance.
holders are not receiving their interest, and in Brooklyn, after 25 years of
control, the holding companies have been swept aside and the 28 different
,
lines returned to their owners.
things are essential; (1) the elimination of excessive heavy taxes
(b)
due to the peculiar organization of the system: (2) facility of operation to
run the lines according to the best interests of the business for all concerned,
incl. the public. Proposed plan would in a large measure accomplish this.
(c) The Union Traction Co. has been, and while in its present financial
position always will be, the object of attack on account of the so-called
"water" in its stock. An attack on one part of the system in the minds of
Two
is an attack on the whole system.
Union Traction stockholders by paying $10 a share and exchanging
the public
(d)
their present certificates for the 7 %. par $50 full-paid Cvunulative Pref. stock
of the new company would get credit for $32 50 and receive the same $3
per share dividends they are now getting, plus an additional 50 cents a
share, making $3 50 per share per annum.
(f) Union Traction, under this plan, would be full paid and its $30,000,000
.stock have assets back of it of $54,735,261 (the combined Union and P.R.T.
paid-in capital and surplus) or over $91 a share as against less than the
.$24 a share to-dav represented by paid-in capital & surplus of Union alone.
,
(/) The money paid in bv Union Traction stockholders could be used in
the repurchase of P.R.T. 50"-year bonds of the 1912 issue, which are guaranteed by Union Traction and come ahead of dividends upon Union Traction
These bonds when redeemed would go into the treasury of the new
stock.
company and be available for issuance to secure new capital.
(a) The total capital and surplus of all five companies, including $6,000.P.R.T. contributes
OCiO to be paid in bv Union Traction, is $89,519,401.
$34,482,120 to this fund, or almost 40% whereas its dividends which come
Union Traction,
last of all amount to less than 25%. of the total dividends.
including the assessment, will only contribute .$20,253,141. or 23% of the
total assets, but will draw Pref, dividends of $2,100,000 a year, or about
30% of the total dividends.
.
^ ,. .^
(h) Union Traction stock would be preferred as to assets and dividends
Union
Tractions
and
anything,
received
before the P.R.T. stockholders
position would also be strengthened by the agreement between the operating
company and the city of Philadelphia as well as by the money invested
in the street railway business by the city.
-..,..
a share or less for their
(!) Pvirchasers of Union Traction who paid $40
receive
or more
would
share
a
%
$10
of
assessment
paid
an
and
stock
Those who paid $50 or $60 a share and who pay
interest on their monev.
costs
them
or
$60
JmO a
an assessment of $10 a share, so that their stock
share, respectively, would, with 7%> on $50 par. receive interest on their
in future have a guaranteed
money at rates of 6.8% and 5%, and
full-paid Preferred stock.
,
,
wU
THE CHRONICLE
Aug. 28 1920.
U) The position Union Traction holds is very similar to that of the P.R.T.
namely control by lease of many underlying street railway companies. The
lease of both companies is virtually an improvement lease; P.R.T. stockholders, however, have paid in $50 a share on their stock, while Union
Traction stockholders have paid in only .S17 50 a share on their stock.
^k) Philadelphia Traction by uniting with Union Traction and P.R.T.
could retain its preferred position as against those two companies, botli as to
assets and dividends, and its stockholders would receive its present income
return.
Philadelphia Traction, except for the ownership of some pledged
securities, is a leaseholding company controlling about one-half of the
Philadelphia street railways.
Supposing the underlying companies controlled by the Philadelphia Traction were turned over to it to manage,
it would face the following situation: No working capital: treasury stocks
repre.senting about 20% of its capital tied up as collateral for the P.R.T.
5% bonds of 1957; no rolling stock; power houses and other equipment
still to be arranged for; no operating management, &c.
(/) Philadelphia Traction, Electric Traction and Peoples Traction were
all leased by Union Traction for 999 year.s.
This lease has only run for
25 years or 1-40 of its term, and yet already .some of the various lines of
these three companies have been abandoned in part.
With the building of
the city's subway and elevated lines, the lines of these three companies will
become more and more dependent on the entire .system for earnings and of
correspondingly less value as individual or small groups of properties.
(m1 All the leaseholding companies, namely P.R.T., Union Traction,
Philadelphia Traction, Electric Traction and Peoples Traction, would do
well to bear in mind that as their existence is dependent on leases, .so the
value of those leases is dependent on the ability of the company operating
the physical properties to make them profitable. Unless the owner can
see clearly that he can operate his own property on a paying basis, in case
it were returned to him. it is enually to his interest to see that the operating
lessee is successful and to a.ssist his lessee by every means in his power.
Exchange of Securities Under Merger Plan (Compiled by Editor, V. Ill, p. 793)
Amovnt
Holders of Present Secvritics
Phila. Traction
8%
stocl;.--
Pejples
Tractionl4% Trust
Electiic
Traction/ Certif.
Total new
8%
Ovfstandinff
,'$20,000,000
IPar S50, full paid
Receive New Slock.
1st Pref., $20,000,000
Wovid
.
8%
(100%)
8%
S29,730,114
(Secured by stock)
S14,865,057
1st Pref.,
(.50%)
1st Preferred stock
$34,865,057
C%
stock!
600.000 shares, par $50 7% 2nd Pi'ef., $30,000,000
It paying assess., $10 p. 8h/
(paid in $17 50 per sh.)
(100%)
Philadelphia Rapid Transit!
$600,000 s^iares
Common stk. 600.000 sh.
Co. capital stock
Par $50, full paid
(No par value) (100%)
/
Note.
Capital paid in and surplus are now as follows: (n) Phlla. Traction Co.
stock full p.ald. $20,000,000; surplus, $486,220; total, $20,486,220.
(b) The "Peoples
Electric Traction 4% Trdst Certificates" are secured by $6,000,000 f>ill-paid stock
of Peoples Traction Co., and also Electric Traction Co. stock on which $8,297,920
has been paid in, viz., 152.396 shares if $50 each full paid ami 22.604 shares .$30 pitid.
(c) Union Traction Co. paid in on stock $10,500,000, surplus $3,753,141, and proposed assessment $6,000,000.
(d) Phila. R. T. Co. stock, $30,000,000 full paid and
surplus .'84,482,120.
Grand total paid-in capital and surplus, $89,519,401. See
also V. Ill, p. 793. 494, 389; V. 110, p. 2482.
Union Trac. Co.
—
Pittsburgh Cincinnati Chicago
&
St.
Louis
RR.—
The Pennsylvania Co. gives notice that it is prepared to deliver the temporary mortgage bonds of the P. C.
& St. L. RR. Co. to the holders of
the remaining outstanding $3,042,000 Penn.sylvania Co. certificates of deposit for stock of the P. C. C. & St. L. RR. Co. as soon as they are presented for exchange. Also, that no transfers of Pennsylvania Co. certificates of deposit will be made after Aug. 31 1920.
Pennsylvania Co. ctfs.
of deposit will be stricken from the unlisted department of the Philadelphia
Exchange at close of business Aug. 31 1920.
An additional $467,300 Gen. Mtge. 5% temporary bonds, series "A."
issued in the aforesaid exchange, have been added to the unlisted list of the
Exchange, making the total amount of said temporary bonds and scrip
certificates listed Aug. 21 $13,347,800.
V. Ill, p. 589, 295.
C
—
Pittsburgh
& Lake
RR.
Erie
— Note
Issue Approved.
—
C. Commission has approved the issue by the Company of
(a) as of JtUy 19 1920. promissory note for $500,000 of that date and to
mature Oct. 18 1920, payable to Farmers Loan & Trust Co., New York,
at 6 % int secured by the pledge of $500 .000 in 4 % % Fourth Liberty Loan
Bonds; and (b) as of .July 22 1920, promissory note for $435,000 of that date
to mature Oct. 30 1920. payable to Union Trust Co. of Pittsburgh, at 6%
int. secured by the pledge of an equal amount of 4 M % Liberty bonds.
As a condition precedent to the issuance of the two prorrussory notes of
the aggregate amount of .$925,000, the Commission orders the company to
pay in cash to the Union Trust Co., Pittsburgh $75,000 on partial curtailment of the principal of the $500,000 note issued Oct. 24 1918 whichfelldue
as renewed for the sixth tune July 22 1920.
V. Ill p. 785.
The
S.
I.
.
,
no bid is received for the stock, the bonds will not be offered. (6) The stock
of the Providence & Danielson Ry. will be offered for sale before the bonds
of that company are offered, and if no bid is received for the stock the
bonds will not be offered.
Each purchaser before receiving any of the said shares or bonds purchased
by him will be required to make an affidavit to the effect that in making
such purchase the purchsaer is not acting for or on behalf of the N. Y.
N. H. & Hartford RR., or in concert, agreement or understanding with
any other person, firm or corporation for the control of the corporation
whose shares or bonds are purchased in the interest of the New Haven Co.
but in the deponent's own behalf an in good faith.
See also Providence & Danielson Ry. above.
V. Ill, p. 190.
Pittsburgh
RR.
Belt
& West
—President
Virginia Ry.-
Henry E.
—
,
Merger of West Side
Farrell in response to our
inquiry writes as of Aug. 20:
Application of The Pittsburgh c& West Virginia Railway Co. to Tnter.State Commerce Commission for permission to purchase from the Pittsburgh Terminal RR. & Coal Co. the stock of the West Side Belt RR. Co.
now owned by the Coal Co. is preparatory to proposed merger of West
Side Belt with Pitlsburgh & West Virginia.
The primary purpose of this merger is to siiupllfy the accounts by combining the two railway operations and clearing the accounts of the Coal Co.
and The Pittsburgh & West Virginia of certain items of indebtedness due
them by West Side Belt
Co. The con.solidation will also make for better
operating efficiency.
This railroad consolidation, and the read.iustments of inter-company
accounts which are necessarily involved in the jilan, has no significance
whatever with respect to the rumors of the segregation of the coal properties
for which there is no definite foundation. In f^ict it may be said that such
segregation has not been considered.
[The Pitt.'burgh & We.st Virginia Ry. Co owns the entire $14,000,000
.stock of the Pitt:i;burgh Terminal RR. & Coal Co.. and the latter owns 98%
of the $1,080,000 stock of the West Side Belt RR. so that the merger is
merely an inter-company matter. Ed.l V. Ill, p. 494.
RR
The
—
Providence
&
Danielson
Ry.— City
to
Pay $200,000.
Board of Providence in a statentent is.sued Aug. Hi
announced that the Board has voted to accept the compromise of the
company for $200 ,000 for the settlement of claims against it for the condemnation in 1916 of about Hh-i miles of track, includmg the powerhouse plant
and building, water rights and simdry lands and other property.
The announcement says; "By order of the coiu-t the railway property is
to be delivered to the owners on Sept. 7 next and consequently the road will
likely bo closed down, temporarily at least, as the company will be withoul
Sujiply
funds for operation. Ttie receivers of the lessee company "have represented
that the gross revenue is not now sufficient to meet the payrolls, henci! if
this condition cannot bo overcome in some way, obviously the railway will
have to go out of existence. It is hoped, however, that when the real owners
obtain control of their property a wa>' may bo devised eventually to resinne
service on the line, or a part of same, although no assurance or decision can
be given as to this until such owners have had an opportunity to investigate
the situation."
See Rhode Island Co. below. See V. 110, "p. 2.56S.
.
,
—
Rhode Island
Co.
,
—
Trustee's Sale under Dissolution Decree
I.sland Trolley Lines, Rathbone Gardner,
Oro-en. William A. Viall. appointc^d by the
U. S. District Covirt of New York, by decree entered Oct. 17 1914 (V. 99
p. 1452). in the (Jovcrnment suit against the N. Y. N. H. & If. RR.. by atl
order enterc-d on Aug. 25 1920, will sell at public auction on Sept. 3 1920,
at the Federal Huilding, Exchange Place, I'rovidence, R. I., the following
The
.lohn
trustc<'s of
t).
tli(!
Rhode
Ames, Theodore Francis
and shares of stock. sub.icct to the prior private .sale thereof in
accordance with the terms of said decree of Oct. 17 1914:
(rt) the entire 7,000 shares of the capital stock of th(> Seaview RR.
(/)) the entire issue of $600,000 5% 1st M. Gold Honds of Sea view RR.. due
•luly 1 194S. with the interest coupons due .Ian. 1 1919. and all subsequent coupons attached thereto,
(c) 9,132 shares of the capital stock of the Providence & Danielson Ry
bf)nds
The
5%
&
Uef. Mtge. Gold Bonds of I'rovidence & Danielson Hy., dim May
1931, with the interest coupons due
Now 1 191S. and all subsecuient coupons altaclied thereto,
(fi)
The <'ntire 96,885 shares of the capital stock of Rhode Island Co.
Each item of stock or bonds will be offered as a whole and sold to the
highesti bidder without reserve, (>xcept: (n) The stock of the S(>aview RU.
will be offered for sale before the bonds of that company are offered, and if
(rf)
entire issue of ,$600,000
1st
I
RR. —
Francisco
—
Payments.
Interest
—
have declared a semi-annual interest instalment of 3% on
the Adju.stment Mtge. bonds and an annual instalment of 6% on the
Income Mtge. bonds, both paybale Oct. 1. V, 111, p. 693. 74.
directors
—
— Fare Increase. —
Metal
—
San Joaquin Light & Power Corp. — New Plant.—
The
San Antonio Public Service Co.
Fares in San Antonio were increased from 7 to 8 cents on Aug. 16.
tokens are being sold at foiu- for 30 cents.
V. 110, p. 1850.
Kerckhoff power plant, built at a cost of approximately $5, .500.000.
began operations on or about Aug. 16. The plant is situated on the San
Joaquin River near Auberry, about 30 miles from Fresno, and has a maximum output of plant amounting to 50,000 h.p. V. Ill, p. 390.
—
—
—
—
Staten Island Midland RR. —
Seaview RR.
Trustees' Sale.
See Rhode Island Co. above.
\^ 110, p. 2568.
—
Citn Ends Bus Linen.
According to an announcement made by Commissioner of Plant and
Structures Grover A. Whalen. the municipal bus service maintained in
Staten Island over the company's lines since it quit operating on Jan. 19
1920 were discontinued on Aug. 26. Commissioner Whalen gives as the
reason for the discontinuance of the bus service, which, he sa d. would not
be resumed tmless "an unquestionable right to do so comes into existence
by legislative enactment," was the action of Captain .John J. Kuhn. receiver
of the Richmond Light & RR., in opposing the operation of city buses on
lines paralleling the lines of the latter
company.
Tehuantepec National Ry.
—
— V. 111.
p. 29.5.
—
Interest Payments.
Glyn, Mills, Cunie & Co. give notice that they will be prepared on and
after Sept. 2 1920 to pay in sterling in accordance witn their face value the
unpaid coupons for the seven half-yearly payments of interest payaole on
Jan. 2 1915, July i 1915, Jan. 2 1916, .July 1 1916. Jan. 2 1917. Julv 1 1917
and Jan. 2 1918, in respect of the 5% bonds (coupons Nos. 20 to 26, incl.)
and 414% bonds (coupons Nos. 11 to 17, incl.). V. 105, p. 2543; V. 107.
p. 803; V. Ill, p. 692.
—
Twenty-Third
St. Ry., N. Y. City.— July 1 Interest.—
on the Improvement & Refunding Mtge. 50-year 5% coupon
bonds, due 1962, which became due July 1 la,st, is being paid. Compare
Interest
—
V. Ill, p. 794, 74.
Twin City Rapid Transit Co.
The
— Fare
Increase.
—
Paul City Council on Aug. 20 passed two ordinances one providing for better service and the other granting the company a 6 cent fare.
Both ordinances become effective Sept. 13. The company has granted the
employes an increase in wages retroactive for 30 days. See V. 1 1 1 p. 794.
St.
—
&
United Light
Rys. Co,
Twelve Monihs Endina July 31
—Earnings. —
1920.
.
1919.
Ctianges.
Gross earnings, all sources
$11,178,304 $9,847,956 Inc. SI. 3.30.347
Operating expenses (incl. maint.,
general and income taxes)
8,023,153 6,918,911 Inc. 1.104.242
Int. & pref. div. charges, sub. cos..
894,610
903,085 Dec.
8.475
Int. charges. United Lt. & Rys. Co.
937,973
867,833 Inc.
70.140
Pro rata dl vs. on pref. stock
3,468
603,190
606.657 Dec.
stirplus
— Balance,
V. 111. p. 494.
167,908
.$551,470 Inc.
.$719,377
—Reorganization. —
Wabash- Pittsburgh Terminal Ry. Co. — Notice
Own2d Mtge. Bonds Deposited with Committee. —
United RRs. of San Francisco.
See Market Street Railway above.
— V. Ill
.
p. 390.
to
ers of
.
The committee of holders of 4% 2d Mtge. bonds makes substantially the
following announcement:
The deposit agreement of 2d Mtge. bonds, dated June 2 1908, was terminated June 28 1915 when the committee approved the plan of reorganization.
A large number of these bonds have not been reclaimed by the
holders of certificates of depo.sit. The Mtge. has been foreclo.sed and .vour
rights under the plan have expired.
Charges have accrued against these
bonds and an expense of about $1,600 per year is being inciu-red in further
holding them with Guaranty Trust Co. of N. Y. as depositary.
Unless reclaimed by the owners before Sept. 1 1920. these bonds will be
dispo-sed of by Guaranty Trust Co. of N. Y. at public sale to satisfy the lien
of and meet the charges now due to the committee and depositary.
Charges
will be waived as to the holders of certificates ret lainiing their bonds on or
[Signed: Alexander J. Hemphill. Andrew J. Miller
before Aug. 31 1920.
and Albert H. Wiggin.]— V. 111. p. 794.
.
—
The Water
Louis-San
St.
,
—
897
Westchester Street Ry.
— To Abandon Line. —
have applied to the New York
Commission, for approval of the action of the company on June 29
in a declaration of abandonment of the Westchester A\"e. and Mamaroneck
Ave. lines on the ground that "they are no longer necessary for successful
operation of its road and the convenience of the public."
V. Ill p. 590.
The Company and
J*.
Ij.
S. Miller, receiver
S.
—
Wilmington
&
Philadelphia Traction Co.
— Fare Incr.
.
The Board of Public Utility Commissioners of the City of Wilmington.
Dela., authorized the company, effective Aug. 17. to charge a straight fare
of 8c. per passenger and have also reconuuended that the company sell
The old rate of fare was 7c. cash with 4
tickets at the rate of 4 for 30c.
Company is one of the most important subsidiaries of the
tickets for 25c.
American Railways Co. V. 106, p. 2651
—
INDUSTRIAL AND MISCELLANEOUS.
—
General Industrial and Public Utility News. The
table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preo(^ding page under
the caption "Current Events and Discussions" (if not in
following
the "Editorial Department"), either concurrently or as
early as practicable after the matter becomes public.
See N. Y. "Times." Aug. 22.
Profiteer!! Warned as lo Freight Rise.
.Xpplication-for Freight Increases.
(1) Telephone charges in N. Y. City.
See American Railway
See "Current Rvonts'' above.
(2) Express rates.
——
Express Co. below.
Ncir Grain Kale b\i Water. The I.-S. <\ Commission on .Vug. 25 at request of RRs. and shinpers reduced the increase in gr;iin rates by water to
s(-aboard, from Buffalo. N. Y., Erie, Pa. and Fairi>ort. O.. to .30% on
domeslic and 25%. on export grain (instead of flat 40'";), making saving of
about 3c. per 100 lbs. over rail routes, in interest of free niovenient of traffic.
N.N'. "Times," .\ug. 2().
U. S. Shipping
Higher Rales for Atlantic Coast and Gulf Steam.'<hip Lines.
Board on Aug. 24 authorized higher rales for this service, effective Jan, 1.
"N. V. Times"
on freight up to 10'*^., on passengers '20 to 33 1-;?%
(For increased fare on Pacific set> "N T Times Aug. 21 and 23.)
Aug. 25.
The employees of We,st<-ott
Local Eipressnien in N. Y. CiluOul on Strike.
Express Co. and N. Y. Transfer Co.. together suppost-d to handle .W; of
th(> baggage delivery of N. Y. City, went on st rike Aug. 23 for an eight hour
day and higher wages, amounting to about 50'~;-. N. Y. "Tiuicj;. Aug.
—
.
—
—
"
—
.
.
"
24 to 27.
—
,\nthracilc Coal Report.
The Anthracite Connnission. appointed by
rrcsidcnt Wilson to settle the wage controversy in the anthracite field, has.
THE CHRONICLE
898
both majority and minority reports. The majority report is said to
of the wage increases demanded.
"Fin. Am.." Aug. 25.
favor grantmg 40
(1) Attorney General on Aug. 23 orders prosecution of
Coal Prices.
dealersfor unfair prices, or practices; N. Y. "Times." Aug. 24.
(2) Federal
Commission finds for entire country (680 operators) cost of coal f. o. b..
averages $2 77 per ton and sales .$2 31; for Pocahontas field, \V. Va., S2 17
and S3 01 respectively; for Penn. field (135 operators), $2 87 and S3 80
Delivered at Hampton Roads, the W. Va. coal, it is claimed.
respectively.
Tvould represent a cost of about S5 40 per net ton; N. Y. "Times," Aug.
(3) Following this report on Aug. 23 a sharp break occurred
25, 26 and 27.
in the price of bituminous coal induced it is said by embargoes and congestion
Fairmont gas coal fell from about Sr2.50 to around 88 and
at piers.
central Pennsylvania coal from S13.50 the recent high to $11.
Phila.
News Bureau Aug. 23."
Other Prices.
(1) Silver in Jan. 1920 at -SI 37 per ounce and in June at 80
cents again in neighborhood of .81
"Boston News Bureau," Aug. 21.
(2) Sugar (recently up to 22 cents) is offered by independent refiners an
Aug. 24 at 17. Am. Sugar Ref. Co. wtUidraws from market. "Ev. Post"
Aug. 24; compare "N. Y. Times" Aug. 21, 22 (p. 5) and 24. (3) For decline in price of cotton and lead and advance in oil see "Commercial
Epitome" on a subsequent page. (4) Market for coffee, see "N. Y. Times,"
Aug. 22. Sec. 2, p. 10. (5) Increase in price of "Montreal Gazette" made oc.
Coal Wages.
(1) Indiana miners on Aug. 24 receive substantially higher
wages, effective Aug. 16 and are ordered back to work; N. Y. "Times,"
Aug. 25. (2) Illinois miners, it is said, will receive a further .f 1 50 per day
making S7 50 for 8 hours. (3) In Kansas the miners who demanded a
five-day week and a six hour day have been reported ordered back to work.
Mexican Oil Taxes. The Mexican Government believing that the various
foreign oil companies operating in Mexico have been understating the value
of their export oil for purposes of taxation, has been bringing pressure to
compel full settlement. See N. Y. "Times," Aug. 21, 23, 25 and 27, and
compare Issues for Aug. 13 and 15.
Matters Noted in "Chronicle" of Aug. 21.
(1) Foreign oversupplies reported, p. 742.
(2) U. S. Grain Corporation reduces capital to .$50,000,000,
of
profiteering,
746.
Cases
allcfiud
p.
(3)
p. 747.
(4) Right to requii'e coal
reports, p. 747. (5) Pliiladrlpliia stand as to open shop, p. 747. (6) Arbitration under N. Y. iWalton) law, p. 753.
(7) Express rates, I2l'i%
filed
—%
—
—
—
—
—
advance, p. 754-5.
American
(8) Suspension of preferential rates on
ships, p. 755.
(9) Purposes of merchant Marine Act. p. 756.
(10) Pittsburgh basis steel price upheld, p. 759.
—
—
All America Cables, Inc.
Landings in Cuba, &c.
The Cuban Government has granted the company the right to land
four
cables on the coast of that country, which it is believed will lead to better
communication between Cuba and the United States and Cuba and Central
and South America. Hitherto Cubans to reach Central and South America
have had to cable by way of New York.
Additional cable facilities in the Rejaublic of Colombia are announced
by the company which recently completed the laying of a cable from Colon,
Panama, to Cartagena, Colombia. The cable, which is not yet open for
traffic, is about 315 miles in length and is of the duplex, high-speed type.
At Colon it will connect with the main lines of the All America system from
New York to the West and east coasts of South Amei'ica. V. Ill, p. 590.
,
—
American
To
&
British Manufacturing Corp., N. Y.
$1,000,000 Convertible Mortgage Bonds or
Authorize
Notes.
— New
Stock.
The stockholders
—
intended to authorize it for this purpose. The management
75% of the employees will become stockholder.s a situation
these days of labor unrest and always tending toward greater
shop efficiency." V. 111. p. 590.
available,
—
American Cyanamid
posal
Oct. 1
to
it is
—
estimates that
most helpful
in
—
American Railway Express Co.
Buy 30% of Pref.
Annual Report.
—
Stock at
—
Company's Pro$60 and Divs. on or Before
Co., N. Y. City.
The preliminary
circular of July 29 1920 states that the directors have
authorizea the Trea.surer prior to 3 p. m. Oct. 1 to purchase 30% of the outstanding Pref. stock from holders of record on Aug. 16 at .S60 per share,
plus accrued and unpaid dividends, payable in N. Y. exchange, upon the
deposit of the .shares (properly endorsed with endorsement guaranteed)
with the Guaranty Trust Co., 140 Broadway. N. Y. City. Formal offer
be mailed shortly.
In case the entire 30% (23.983 shares) of said Pref. stock is not purchased
in response to this offer, the Treasurer is directed to purchase the remainder
of said 30 % of the Pref. stock at not exceeding said price from any holders.
Compare "Financial Reports" on a preceding page and V. Ill, p. 794.
to the Inter-State Commerce Commission for
further increase of 15%. in expre.ss rates to meet Increased wages, &c.
On
Aug. 11 the Commission granted the express companies an increase of
12 '2%.
See pages 754 and 755 in last week's "Chronicle." V. Ill, p. 794.
—
—
American Ship
& Commerce
—
Corporation,
American Hide & Leather Co.
— Profit-Sharing Plan. —
shareholders will vote Sept. 1 on the following profit sharing plan,
approved by the board July 27:
"(a) The President and the Vice-Presidents are to be given participation
in profits as hereinafter stated, in proportion to their salaries with the right,
however, to the board of directors to fix upon another method of division
in the event of additional Vice-Presidents being elected the limitations in
(c) on payments into the profit-participation fund shall be modified so as
not to curtail the profits of the existing officers by reason of such elections.
"(6) From the net profits in each year, after the payment of all taxes and
charges other than income taxes and exce.ss profit taxes, and after providing
a reasonable but adequate charge for depreciation, there shall be deducted
the stun of $1 ,600,000, plus 8% on all additional capital that may hereafter
be invested in the business.
"(c) Whenever the net profits, less $1,600,000 and interest on additional
capital invested, arrived at as in (b), shall amount to not exceeding $1,500,thereof, or not exceeding .$112,500, shall be credited to a profit000, 7K
participating fund which is to be distributed to those entitled thereto within
30 days after the stockholders' annual meeting excejit as and to the extent
hereinafter stated.
5% of all net profits in excess of the $1,500,000 above
named, shall likewise be credited to the profit participating fund and distributed as above stated, provided, however, that such 5% shall not in any
year exceed $50,000 or (say 5%, of .$1,000,000). Of net profits as above
defined in excess of $2,500,000 234% shall be credited to the profit-participating fund and distributed as above defined.
"(d) If in any year net profits as above defined shall be less than $1 .600,000 plus 8% on the amount of additional capital as above stated, the deficiency is to be carried forward and before any further distribution be
made such deficiency must be made good out of future profits.
"(e) No payment shall be made in any fiscal year so long as dividends for
that year to the extent of 7% on the outstanding Preferred stock may remain unpaid or unprovided for. In such case the amount withheld shall
nevertheless be credited to the profit-participation fund but shall be disper annum shall have
tributed only when all such arrears of dividends of 7
beenlpaid or provided for, and immediately thereupon the amount withheld
V. Ill, p. 495.
shallibe paid."
%
%
—
American International
Hog Island Shipyard.
—
Corp.
— Government
to
Sell
Admiral Wil'iam A. Benson, President of the Shipping Board, has announced that sealed bids for the Hog Island, Pa., shipyard, which has been
operated by the American International Corp., where nearly 1,000,000 tons
of the new United States cargo-carrying merchant marine were built, or are
now under construction, will be received up to 5 p. m.. Sept. 20, and will be
opened in the offices of the Supply and Sales Division of the Emergency
Fleet Corporation, Washington, at 10 o'clock, Sept. 21.
V. Ill, p. 495.
—
American-La France Fire Engine Co., Inc.
— To
Create
SI ,000,000 Additional Pref. Stock, All or Part for Employees.
The stockholders will vote Aug. 25 (1) on increasing the authorized capital
stock .$4,950,000 to $5,9.50,000, by raising the authorized amount of Pref.
stock from $2,000,000 to .$3,000,000, (2) on consenting to the issue of all
or any parts of the said additional stock from time to time to the employees
under such restrictions, if any, as the directors may impose, (3) on authorizing the board to sell for property or to offer to the stockholders any part of
guch additional stock as may not be reserved for or issued to employees.
—
New
York.
Purchase Financial Statement.
See Shawmut SS. Co. below and "Financial Reports" above.
The Corporation has announced that the fir.st ship to sail out of the
Port of New York under the new working agreement between the corporation and the Hamburg-American Line ^all clear for Hamburg on Aug.
31; also that if present plans do not miscarrj% a vessel of the same line will
leave Hamburg for New York simultaneou.sly.
V. Ill, p. 794.
Offer
to
—
American
Spirits Mfg. Co.
— Bonds. —
The $265,000 First Mtge. 6% gold bonds, due as extended to Sept. 1 1920
be paid at matmity at the Bankers Trust Co., 16 Wall St., N. Y. City.
will
— V. 105.
p. 1421.
American Steel Foundries Co.
— June
Earnings.
—
Earnings for June, before taxes, were approximately $712,000. and
after all charges and Federal taxes $502,000.
Compare -with semi-annua
statement in V. Ill, p. 591.
—
—
American Stores Co., Philadelphia. July Sales.
1920 -Jvlij 1919.
Ir>crease.\
1920— 7 Mos. 1919.
Increase.
$9,202,807
.$7,304,749
$898,0.58 1$60.500, 560 .$42,521,805 $17,978,755
Gross sales for the year ending Dec. 31 1919 were $76,401,889, and in
1918 $62,315,465.— V. 110, p. 2077.
—
—
—
American Tel. & Tel. Co. Contemplates No Financing.
"As an explanation of the persistent rumors that the American Telephone
& Telegraph Co. is about to do some financing, it may be said that it is
quite possible that one or two local companies of the Bell system may raise
money, to a relatively small extent, between now and the end of the year,
to take care of the extraordinary demand for new business in their respective localities
"No financing by the parent company (American Telephone
is contemplated at the present time." ("WallStreet Journal.")
&
Telegraph)
Agreement with General Electric Co. to Exchanae Licenses,
Patents, &c.
Acquire Minority Interest in Radio Corp. of Am.
See Radio Corp. of America below.
Application for Horizontal
Advance in Rates in
Y.
See "Current Events" on a preceding page. V. Ill, p. 795
—
—
N
—
.
Arkansas Natural Gas Co, Initial & Extra Dividends.
directors have declared an initial dividend of 2% and an extra dividend of 3% on the Common shares, both payable Oct. 1 to hslders of recThe
ord Sept. 15.
Compare V.
Ill, p. 795.
Atlantic Refining Co.
— Earnings. —
The
consolidated statement of earnings for the six months ended June 30
1920 will be found in the advertising columns of this issue;
Gross income
$60,160,170 Insur. and other reserves.
$431,585
Raw mat'l, op. exp.. &c_ 55,249,142 Fed. taxes (6 mos. '20 est.) 1.082,132
Net income
Other income
Net profit
$4,911,028
385,243 Dividends
$3,782,554
1,177.589
Totalincome
Balance, surplus
$5.296,27ll
$2,604,965
Total surplus June 30 1920
$58,929,418
For the calendar year 1919. net earnings before Federal taxes aggregated
$13,623,669;«1919 Federal taxes( est.), $4,752,623; di\'idends. $1,000,000;
balance, siu-plus. $7,871,046; total surplus. $56.324,454.
V. Ill, p. 795.
—
—
—
Bethlehem Motors Corp. Receiver Appointed.
Judge Dickinson in the V S. District Coiu-t. Pbila.. on Aug. 25 appointed
will
The
— Rate Increases. —
The company has applied
25%
vote Sept. 8 on (1) authorizing $1 ,000,000 bonds or
notes to be secured by Mtge. covering the property and franchises (2) on
giidng the purchasers of such bonds or notes the right to convert the principal
thereof, into the stock of this corporation, (3) on increasing either or both
classes of the stock as then determined for such conversion pri\'ilege (4)
on increasing the Common stock in addition to the stock necessary for such
conversion by a further 5,000 shares of common stock (5) on authoriing
the directors to pledge the whole or any part of such bonds or notes and to
borrow money on same, or to sell the same or any part thereof together
with said increased stock not so increased for conversion. J. C. Stanley is
President, and C. W. Waller, Secretary.
N. Y. office room 1505 120
Broadway. V. 109, p. 1462.
will
111
Swartwout & Appenzellar, the fiscal agents of the company, writing
on Aug. 23. say: "This issue permits the authorization of .some Pref. stock
to be sold to the employees of the company who have just completed the
payment of .$400,000 Liberty bonds through small savings from wages.
The men have voluntarily askec that the company permit them to continue
such savings and to purchase Pref. stock of the company. As no stock was
—
—
Vm
.
Clinton E. Woods receiver on the application of Keck & Brother, lumber
dealers, of Allentown, Pa.
The suit, filed by Keck & Brother, was a friendly
one instituted at conferences between the principal creditors and the
contpany's officers. The difficulties of the company are ascribed as being
due to insvifficient working capital and lack of cash to meet maturing
obligations.
It is alleged by counsel for both creditors and the corporation,
that it is solvent, having assets of .$4,900,000 and liabilities amounting to
$3,000,000. About $1,700,000 is owed to banks, including institutions in
New York, Boston and Chicago, of which .$1,300,000 is practically nnseCounsel
cm-ed.
Merchandise creditors' claims amoimt to $600,000
stated to the court that the company had put too much capital into development of the plant and did not have enough for proper operation. About
l.COO men are employed at the plants, many of whom are stockholders.
V. 110, p. 467.
—
Cambria
Steel Co.
— Usual
}/2% Extra Dividend.
—
usual extra dividend of 14 otl% has been declared on the $45,000,000
Capital stock in addition to the regular quarterly di\idend of 1 34 % both
payable Sept. 15 to holders of record Aug. 31. V. 110, p. 2195.
The
—
Canadian Pacific Lumber Co.
—Plans
A
.
of Reorganization.
bondholders' comim'ttee appointed July 8 1920 has formulated a scheme
of reorganization wliich bondholders are invited to support by depositing
their bonds with the London Joint City & Midland Bank. Ltd.. 50 Old
Broad St., E. C. 2, immediately, and by subscribing at par (10% down)
on or before Aug. 21 to the extent of at least 50%^ of their present holdings
10% First Debentures of a new company which will be formed if and
when the bondholders' committee purchases the property. The rew company will probably oe registered under the laws of British Columbia with a
for
capital not exceeding (1) $3,500,000 Common stock; '21 $1,050,000 income
bonds carrying interest at
otit of any balance at the credit of profit and
lo.ss at the end of each year, and redeemable by lot at par. or by purchase
under par, after the new 10% First Deoentiu'es have been redeemed; and
(3) £200,000 in 10%, Fir.st Debentures, secured by a first floating charge,
and repayable at 125% on Dec. 31 1930, unless previously redeemed by
drawings at that price or by purchase under that price by the application
of not less than 80% of the net proceeds of reahzations.
Subscribers will receive 10% First Debentiu-es at par with a bonus of
$500 of Common stock for each £50 Debentures subscribed and allotted.
Depositors will receive for each £100 bond of the existing company deposited, with the coupons due Aug. 1 1914 (or deferred warrants), and subse-
6%
quent cotipons attached; $250 6% Income bonds, and 8250 Common stock
of the new company.
Holders of coupons due Feb. 1 1914 will receive for
each £3 Coupon deposited $15 6% income bonds and .$15 Common stock.
Each depositor of £100 bond of the existing company who subscribes and
allotted, sav, f.50 debentiu-es of the new company would receive: f50
Income bonds, and $750 Common stock
First Deoentures. $2.50
in the new company.
The committee reserve the right to allocate some
amount of
stock to certain parties whose interests in the future
London "Stock Exchange "^^ eekly
of the company it may be well to secure.
Official Intelligence."
Compare V. 104, p. 1803.
is
6%
10%
Common
—
—
—
Central Petroleum Co. Officers Directors.
The directors of the Union Oil Co. of Delaware having acquired the control
of this company in Julv have elected the followng officers and directors;
Officers:
President,' C. H. Schlacks, President of the Union Oil Co. of
Dela.; Vice-Presidents, D. F. Connolly, President of the Wolverine OU Co..
and Henrv Lockhart, Jr., of the Goodrich-Lockhart Co.; Secretary, C. fc.
Fosdick; treasurer, H. F. Osborn. Jr., Secretary and Treasurer respectively
of the Union Oil Co. of Dela.
„
„
,
Directors:
C. H. Sabin. C. H. Schlacks, Charles Hayden, Henry Lockhart, Jr., D. F. Connolly, George C. Priestly and Irwin Untermeyer.
,
—V.
Ill, p. 796, 789.
Aug. 28
THE CHRONICLE
1920.]
Central Sugar Corp.— To Create $4,000,000 Note Issue.
The stockholders will vote Sept. 15 (n) on authorizing the issuance of
S4, 000.000 8% 10- Year Convertible Gold Notes, to be dated Oct. 1 1920.
to mature Oct. 1 1930: red. all or part at such prices, &c., as may be prescribed in indenture.
The notes are to be convertible at any time prior to and
incl. Oct. 1 192.5, or in each case until earlier redemption thereof, into the
Common stock of no par value on the basis of par for the notes and $40
per share for the Common stock; (b) on authorizing the directors from time
to time to authorize, in accordance with law. an increase of the number of
shares of Common stock of no par value sufficient to meet the conversion
when made.
Data of Letter
Charles
of Pres.
Dated Aug. 23
Welch.
J.
for the fiscal year ended .Tune 30 1920, will not
be ready for some time, preliminary figures indicate net earnings for the
1919-1920 campaign, including those of the Central Fe (whose stock is
owned by the Central Sugar Corp.), in excess of SI. 250, 000. This result
has been obtained through a production of 185,399 bags of 325 pounds
each and an average price of 12 cents realized per pound. In addition to
this production there were sold 30,000 tons of cane, equivalent to about
22,000 bags of sugar, to other centrals because the inadequate capacity
of the plant and railroad prevented the conversion of this cane into sugar.
The manager estimates that the cane supply available for the factory
for 1920-1921 will be about 450,000 tons, or sufficient for the production
of 300.000 bags of sugar. The additions to the factory and the railroad
now under way .should be sufficient to provide adequately for the total cane
supply, although it is expected that for the next year, due to the probable
delay in the receipt of machinery already ordered on account of transportation and manufacturing conditions, the total amount manufactured will
probably not exceed 275.000 bags. The present situation in the world's
supply of sugar indicates the continuation of a relatively high price for sugar
for a period of years and with the increased output of the factory the
prospects for next year may be regarded as particular! v good.
The annual report of last year (V. 109, p. 2437) called attention to the
early necessity of pennanentlv financing the 81,200,000 7% Gold Notes
due March 1 1921, and the $550,000 advances made by bankers. These
borrowings were caused by the higher costs and the nec^sity of developing
the property toward its economic capacity.
The foregoing conditions and the excellent possibilities opened up by
the greatly increased amount of newly planted cane require the expenditure
of a still larger sum to complete the program. Owing to the inadequate
service furnished by the public railroads in Cuba, it is further essential that
the supply of plantation locomotives and cane cars be increased. The
anticipated production also requires certain important factory enlargements.
The largest crop Central Fe ever made prior to its acquisition by the
Central Sugar Corp. was 150,646 bags. Since that time the capacity of
the factory and the available supply of cane have been very greatly increased.
With the additions to be made during the current year, this
capacity will have been practically doubled.
The previous borrowings and the additional improvement requirements
aggregating $1,250,000, must be consolidated and funded before the beginning of the. new crop and the creation of above note issue is absolutely
necessary as a means to that end. Owing to the high prices of sugar and
of all supplies and materials, working capital must be much larger than
formerly. Moreover, the colonos. or cane farmers, must be financed to
an increasingly greater extent. These larger cash requirements, combined
with the necessity of capital financing, make any payments on account of
back dividends on the Preferred stock inadvisable at this time, despite
the large profits made last year.
If the financing now proposed can be successfully consummated it should
make possible the restoration of the Preferred stock to a cash dividend
basis at an early date and will place the company in a position where it
should be able to take full advantage of the bright prospects for the coming
,
season.
[It is the unanimous opinion of Spencer Trask & Co.. A. B. Leach & Co..
G. White & Co., Inc., Boettcher, Porter & Co., that the contemplated
action is not only to the best advantage of both the Preferred and Common
shareholders, but that it offers the only feasible solution of the company's
problems.]
V. 110, p. 264.
J.
—
— Readjustment Plan
Chesapeake & Potomac Telephone Co. —
See Maxwell Motors Co. below.
— V. Ill,
Under Way.
p. 695.
Rates.
—
The Maryland P. S. Commission in a decision recently handed down
fixing and readjusting the company's rates fixed $16,725,532 as the valuation of the company's properties instead of $17,206,532 claimed by the
company. The new rates will enable company to earn only 5.30% on its
investment in the State. V. 106, p. 1129.
—
Chicago Pneumatic Tool Co.
Six
Months ending June 30
Gross earnings
Gen., semng& admin, exp.
—
&
— Earnings. —
1920.
S2.679.170
1.594.238
pro V. for Fed. taxes.
Net earnings
Totalincome
Dividends
Balance, surplus
V. 110, p. 2659.
$842,912
10,283
$853,195
284,853
269,152
(4%)422,616
(3)193,464
$210,682
$105,726
—
—
—
Dividends.
Cities Service Co.
Series "C" Debentures
The directors have extended to holders of Series C 7% Conv. gold Debs,
1 the privilege of converting on Sept. 1 or the first day of any
thereafter, 1(3% of such debentm-os, this being the seventh such par
of
conversion extended to the holders of these debentures, which
tial privilege
will become entirely convertible on Jan. 1 1921.
See also advertisement
on a preceding page f)f this issue. Cumul.
The regular monthly cash dividends of y, of 1% on the
Pref. stock, the Pref. "B" stock and the Common stock and also the regular
monthly dividend of 1 !.; ';; on the (^omnion stock payable in Common stock
at par, have all been declared payable Oct. 1 to holders of record Sept. 15.
V. 111. p. 695. ,592.
of record July
month
6%
Continental Candy Corporation.
Six \lo7iths enclinc
Net sales
Cost of
— Earnings.—
June 30
sales
Gross profit on salas_..
Selling
and admiui.stratlon expenses
— Net
V.
profit before
110, p. 2660.
deducting Federal taxes
—
1920.
$2,205,107
1,523,389
1919.
$1,985,644
$681,718
237,816
.$581,996
$443,902
1.403,(548
165.685
$416,310
—
Crex Carpet Co. Earnings.
1919-20.
1918-19.
HO—
1917-18.
Net after deprccialion. Federal taxes, &c_ .$447,043 $307,256 $195,341
—V. 109, p. 1463.
Dominion Bridge Co., Montreal. New Director.
Howard Murray. Vice-President of the Sliawinigan Water & Power Co..
has been elected a director.
— V.
Dorris Motors Corp.
110,
—
A
press roijort states that lour stockholders of the Corporation, a $3,000.000 concern organized last January .filed proceedings on Aug. 25 in Circuit
Court asking a receiver for the corporation.
Dow Chemical
An
Co., Midland; Mich.
— Extra Dividend. —
extra dividontl of
w a.*; paid .\ug. ll'i to holders of record Aug. 5
'i
on tlie Common slock (.SI. 500. 000 outslaiidingl in addition to the usual
quarterly dividend of 1 ''4
I'^xlra dividi-nds of 1 M ';; have been paid
V. 109. j). 1S91.
quarterly .since May 1919.
',,'
1
—
'
Dunn Petroleum
;
.
Corporation, Bartlesville, Okla.
The shareholders will M)tea( Dovii-. Dela 011 Sept 10 l<t2(). ilt Oi\
consolidating the Dunn I'elrolouin Corporation aixl the Lake Park Refining
Co. into a new conip.iiiy to be known as the Meridian Pctroleinn Corporation, and the arqxiisition by the new company of the Davenport Petroleum
Co.: (2) on increasing the authorized Capital stock of Dunn Petroleum
Corp. from $3,000,000 to $4,800,000. Compare V. Ill, p. 796.
.
—
— Earnings. —
.
Net earnings from operations
on funded debt. $2,050,688: int. on unfunded debt. 8153.471: total. $2,204,159: less amount charged to property account for interest on money borrowed for construction" purposes. $231.373
.54,210.689
Int.
Net income
for year
1.972.786
$2,237,903
Extraordinary charges: Extinguishment of discount on securities. .$175,140; additional appropriation for State and Fed-
D
eral taxes, 1919, $68,000; miscellaneous. .$60.634
i
303.774
vidends
2.1 24. 84 7
Deficit
Profit and loss
loss June
p. 592.
(E. I.)
A
$190,719
2.759.362
June 30 1919
Profit and
—V.
Ill,
.30
1920
-52.568.643
du Pont de Nemours & Co.
— Stock
Dividend.
—
stock dividend of "2?-^ '"' and a cash dividend of 2% have been declared
on the Common stock par $100. both payable Sept. 15 to holders of record
Aug. 31. Like amount was paid in stock in Jime last. V. Ill, p. 696.
—
Eiseman Magneto Corporation.
Eastman. Dillon
— Descriptive
Booklet.
—
&
Co.. 71 Broadwav. N. Y.. who in Aug. 1919 participated in the offering of this company's SI. 500. 000 Pref. stock (V. 109.
p. 681 1702). have issued under title of "The Spark in the Transportation
Problem." a handsomely illustrated booklet dealing with the subject of
motor transportation in general and the manufacture and use of this company's magnetos in particular. The firm says in brief:
"The 1920 .schedule calls for the manufacture of about 1.50.000 Eiseman
magnetos. Eiseman magneto production for the year ending June 30
1913. was 14.187: two years later. 39.361: a year later. 84.871: by June .30
1918, 117,2.59 per annum: and for 1919. 112.625.
With the country back
on a peace basis, the production figures made a new record, the total for
the year ending June 30 1920. being 133.898." Compare V. Ill, p. 392.
,
Electric Storage Battery Co. —
—
—
Listing.
The Philadelphia Stock Exchange on Aug.
21 listed 83.329.900 additional
Common stock, issued under stock allotment authorized June 17 1920.
making the total amount li-sted, $19.891,800.— V. Ill, p. 696. 298.
—
—
Fruit Growers Supply Co. Bonds Offered. The Bond
Department of the Citizen.s National Bank of Los Angeles is
offering for sale $1,750,000 6% Mortgage bonds, the total
amount authorized; dated .Jan. 1 1920 and due serially,
A
Jan.
1 192.5 to 1929, inclusive.
circular sho-R-s:
Interest payable J. & J.
Denom. $1,000 (c*)
Redeemable at 103 and
int. upon any interest date.
Interest payable without deduction from
Federal income tax not in excess of 4
Purpose.
The company is a subsidiary of the California Fruit Growers
Exchange, shippers of approximately 15.(500.000 boxes of citrus fruit annually, representing over 125.000.000 ft. of lumber: and to protect their
requirements, has purchased 41 .000 acres of timber land in Lassen County.
Calif.
The proceeds of this issue are to be used to piu-chase this tract of
timber, erect a mill and box factory, construct the necessary railroads. &c.
.
%
—
This plant and the one now owned by the company in Siskiyou County.
Calif.. Avill together produce all the boxes required by the Exchange for
some time to come.
The capital stock has been increased from $1,500,000 to 84.000.000 and
the additional .$2,500,000 will be paid by deducting 2 cents from the amount
due each member for each packed box of
fruit.
This will produce not less
than $300,000 per annum.
Consolidated Income and Profit and Loss Accovnt for Calendar Year 1919.
Sales.
Packing house supplies. $4,318,331: orchard supplies.
82. 2.50.915: lumber and lumber products. $953,194; total
S7. 522.740
Net income. Including $24,237 miscellaneous income
$464,978
—
—
—
New Offices.
.Gaston, Williams & Wigmore.
The company has sold its building at 39 Broadway to the Harrinian
Steamship interests at a price said to exceed .82.000.000.
their offices to the new Buckley-Newliall building at 100
N. City, Vice-President H. S. Kimball is quoted:
and
will
West 41
remove
St.,
N.
"By vu-tue of the removal, a large s\im of money which has been tied up
in real estate ownership will be released for use by the company for trading
And besides, we have become identified with the new trading
I)urpo.ses.
The new location is admirably
district near the Bu.sh Terminal Building.
suited for our needs."
111. p. .593. .586.
American Lines,
[See also United
General Asphalt Co., Phila.
—S135,000
Inc. below].
— V.
Bonds Canceled.
The Philadelphia Stock Exchange on Aug. 16 reduced amount of 6%
10-vear sinking fund gold deljentures. due 1925. on the list from 81.550.000
to 81.415,000, $135,000 having been canceled by sinlcing fund Aug. 11
19-20.— v. 110, p. 2073.
General Electric Co.
&
— Agreement
American
xvith
Tel.
—
Tel. Co. to Exrhange Licences, Patents, etc.
See Radio Cori). of America below. -V. Ill, p. 497.
—
— New
General Tractors, Inc.
The company announces that the
Offices.
executive offices will he removed from
Chicago to Watertown, Wisconsin, where the principal factory is located,
—v. 109, p. 981.
—
—
Glenrock Oil Co. To Increase Capital.
The stockholders will vote Sept. 15 next on increasing the stock from
$10,000,000 to 815.000.000. The purpose of the increa.^^e. it is stated, is
to provide for development of acreage in the Salt C^reck field. Wyoming.
— V.
106. p. 718.
Globe Soap Co. of Ohio.
— Extra
Dividends.
—
have been declared on both the Common and
of
Special Pref. stocks in addition to the regular quart erlj' diA idends of 1 hiTc.
of record Aug. 31.
holders
\
106, p, S20.
all payable Sept. 15 to
Extra dividends of
(B.
F.)
>..
I
Goodrich
'
;
Co. —
—
Stricken
.
from
Chicago
i^s^
at request of company have
stiicUen from list its .$30,000,000 Preferred and S60.000.000 Conunon. In
which there has been virtually no local trading. V. HI, p. ,593.
The Chicago Stock Exchange governors,
—
Gray
2079.
— Receiver Asked. —
l>.
Listed
listing of SIO.000.000 tem& Ref. Mtge. 6% Gold Bonds. Series B. due July 1 1940. which
are issued and outstanding, making the total amount of First & Ref. Mtge.
Bonds. Series A and Series B. applied for 828. ,500. 000. (See V. 110. p. 2196.)
Consolidated J nenme Account for 12 Months Ended .June 30 1920.
Gross earnings: Electricity. $17,258,561: heat, $1,238,992: gas.
$104 .478: miscella iieous .$368 .302
S18 .970 ,334
Expense of operation, $12.696.0.50: renewal, replacement and
contingency (depreciation reserve). $907,995: Federal income and other taxes (1919-1920), $1.155.600
14.7.59.645
Years endinr June
—
— Bonds
porary First
976.310
$1,097,412
281,281
182,833
and other charges
Depreciation and renewals
Interest
—
1919.
SI. 819. 226
$1,084,932
12,480
Other income
Detroit Edison Co.
The N. Y. Stock Exchange has authorized the
1920.
While the formal report
Chalmers Motors Corp.
899
&
Davis, Inc., Boston.
— Capital Changes. —
The N. Y. Stock Exchange is informed that the 3uthorizt>d Pref. stock
has been decreased by 8131 .SOO and Conunon stock increased from S2.722.600 to 83.172.600— Compare \'. 111. p. I>96. 59:i.
—Offering
— E. Hoilinsof
Great Western Power Co. of California.
General Mortgage Convertible S^'c Gold Bonds.
11.
Sons, Stone & Webster, lac. and Cntus Peirco & Co..
San Francisco, are offering, by adv. on another jiage. at par
an(l int., vielding 10.31 '^'e to S.33'~(u according to date called
hv lot, S3,500,{k)0 General Mortgage Convertible S<c Gold
Bonds of 1920, due Aug. 1 1930. but subject to call as belowA circular shows:
stated.
Callable at 10,5
Duo Vug.
1920.
19,30.
n,,frri;'(i(>».— Dal <-<l Auvr.
Intor.^-t F.
A. I.pay.-iMe
$100. S.500 and SI .000 (C*)
Denom.
and int.
Comat The Equitable Trust Co. of N. V.. tnisiiv, the Coutiuenlal
&
1
1
.
,S;
.\-
THE CHRONICLE
900
mercial Tnist & Savings Bank. Chicago, and th? Anglo-California Trust Co..
San Francisco, co-trustee. Total authorized issue, $5,000,000 (see "capitalization" below).
Tax Prorisiotis. Exempt from personal property tax in California. The
company agrees to pay interest without deduction for any normal Federal
income tax'up to 4% which it may lawfully pay at the .source. Under the
present law the company will pay the 2% tax deductible at the source.
Beginning Aug. 1 1922. it will pay an annual sum to
Sinking Fund.
retire bonds by lot at 10."^ and int.. sufficient when paid annually to and
This sum will amount to S J08.333
including lft.30. to retire the entire issue.
plus accrtied interest on Aug. 1 1922. if .S3, .500, 000 bonds are outstanding.
CoUatrral Secvritii.
To be later secured by a pledge of an equal par value
of a new Series "B" 30-year 7% bonds when issued under the existing First
and Refunding Mtge.daied March 1 1919. which bonds will rank equally
with $6,000,000 of 6% Series "A" bonds now outstanding. In the mean
time no further First & Refunding bonds may be issued.
When called as a whole, which may be done only
Convertible Fealvre.
after completion of the pledge of 7% bond collateral, or by lot. the holders
of this is.sue will have the option of either being paid in cash at 10.5 and int.
or accepting pledged 7% bonds at par. interest and a cash premium of ,5%.
Wben the new First & Ref. 7% bonds shall have been pledged with the
trustee, the holders of Gen. Mtge. Convertible 8% bonds may at any time
convert their bonds at 102 14 and int. into pledged 7% bonds at par and int.
the company paying the premium of 214% in cash.
—
—
—
—
Yield Which These Bonds Will Return at the Purchase Price of Par and Interest
if Drawn for Sinking Ftind at 105 and Interest.
1930.
Called. 1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929
Yield. 10.31% 9.48% 9.06% 8.82% 8.65% 8.54% 8.45% 8.38% 8.33%
Digest of Statement by M. Fleishhacker, San Francisco, Aug. 10 192P.
Organization.
Incorporated in 1915 in California, uniting allied properties.
All the Common stock is owned bv the Western Power Corporation (of N. Y.), which has outstanding with the public $7,079,882 of 6%
Cumulative Preferred stock and 146,615 shares of Common stock without
nominal or par value.
Serves the greater part of central California and a popuBusiness Field.
lation of approximately 1.350,000.
In the past seven years the connected
load has increased from 135,000h.p. to about 290,000 h. p. and the nimiber
—
—
of con.sumers from 12.000 to 30.000.
Present Properties.
(1) At an elevation of 4,455 ft., an artificial lake with
water-shed of about 500 sq. miles and impounding 300,000 acre ft. of
water. By raising the dam. this can be increased to 1.250,000 acre ft.
The right to use the waters from the lake and Feather River is vested in
the company in perpetuity
(2) .58 miles distant the present hydro-electric
Double
plant, at Big Bend, with an installed capacity of 87,000 h. p.
(3)
circuit steel tower transmission line, thence on private right of way. 154
lines
to
secondary
San
Francisco,
with
miles to Oakland, and by cables to
cities and towns of Central California.
(4) Distributing .systems in San
Francisco, Oakland, Berkeley, Sacramento, Martinez, Richmond, Napa,
Petaluma and Santa Rosa: also serves 25 other municipalities. A large
part of the distributing system is on private right of way.
(5) Steam stations in San Francisco and Oakland with an aggregate installed capacity of
about ,50.000 h. p. In 1919. 89% of our power output was hydro-electric.
N^ein Developments Under Construction.
(1) A second hydro-electric plant,
the Caribou Plant, about 10 miles from Lake Almanor. This plant will
use at a head of 1,104 feet, waters diverted from the lake through rock
Initial installed capacity will be 59,000 h. p.
tunnels about two miles long.
or 88.000 h. p. by installing an additional unit, and by duplicating some of
the tunnels an ultimate 176,000 h. p.. while the waters stored would permit a maximum development of 640.000 h. p. (2) A new 165,000 volt steel
tower transmission line from the Caribou Plant to Valona, the distriouting
centre for the San Francisco Bay District. 190 miles. This new line should
be in operation in October of this year, and the Caribou Plant in March 1921.
—
.
—
—
Capitalization
Common
$27 .500,000
stock
7% Cumul. (incl. $2, 014, .500 recently underwritten) 3 796,632
4 243,200
6% Conv. debentures of 1925 (conv. into Pref. stock at 95)
Gen. M. Conv. 8% bonds (this issue part of $5,000,000 auth.) *3 500,000
First & Refunding Mortgage 6% bonds. Series "A," due March
1 1949 [$5,000,000 7% Series "B" bonds ranking equally with
these, will when issued, be pledged as security for the General
6 000,000
Mortgage Convertible 8 % bonds]
3 299,200
Underlying Divisional Mortgage 5% bonds
20 546,000
First Mortgage 5% bonds, of 1946 (Clo.sed Mortgage)
Pref. stock,
—
*
An
additional $1 ,500,000 of this issue has been authorized.
If issued
no refunding 7s can be pledged as security for them or for conversion until
$3,500,000 7s have been pledged for the secui'ities and conversions of the
$3, ,500, 000 8% bonds now offerea.
The company owns substantially all the Common stock, and leases the
properties of the California Electric Generating Co., which has outstanding
with the public .$954,000 1st M. 5% Guaranteed bonds, due 1948 (interest
included in operating expenses) and $2,500,000 Guar. Pref, 6% stock.
Security.
These 8% Gold bonds, besides being a general mortgage on the
entire property, sub.iect to underlying liens, are to be collaterally secured by
—
ultimate deposit with the trustees of an equal amount in par value of a new
Series "B" of First and Refunding Mortgage 7% (underlying) bonds.
They are followed by $4,243,200 Convertible debentures and by Capital
stocks outstanding and underwritten of an aggregate estimated present
market value of about $15,000,000,
New Series "B" of First and Ref. Mtae. 7% Bonds for Use as Collateral.
These 7% bonds will be dated Aug. 1920. Due Aug. 1 19.50. Optional on
any interest date at 110 & int. up to Aug. 1 1930, and thereafter at a premium equal to l4ofl% for each year of the unexpired term. The company
covenants to pledge said bonds (which will rank equally with the .$6,000,000
Series "A" 6s) -ivith the trustees of these new 8% bonds as rapidly as the
earnings will permit, and also covenants that no additional bonds shall be
Issued under this First & Ref. Mtge. until there shall have been pledged
7% Series "B" bonds to the full par value of the 8% bonds outstanding.
Drouth Delays Issue. The requirement in our First & Ref. Mtge. that
additional bonds may only be issued when the net earnings are 1 M times the
interest on all bonds outstanding and those proposed, is the only obstacle
Owing to the
to the immediate issuance of this new series of 7% bonds.
fact that there was less rainfall in Northern California during the past
been kept,
records
have
season than in any of the 70 years during which
the company was compelled to generate an vinprecedented amount of current
by steam at a time when the price of fuel oil, due to world shortage, was
higher than ever before. This increased our operating expenses for the
past year approximately $500,000, so that our net earnings for that period
are below the necessary requirement.
The California Railroad Commission, recognizEffect of Rate Increase.
ing this unusual condition, recently granted a rate increase effective July
1920, which, it is estimated, will add $70,000 a month, or at the rate of
$840,000 a year, to our net earnings, or abotit twice the deficiency. Moreover, the Caribou Plant, when in operation on or after March 1 1921, will
increase our hydro-electric output by about 68%, -will, and should, add
$2,000,000 to our annual net earnings for the first year of full operation.
Therefore, as an increase of only about $4.50.000 in our net earnings will
permit the issuance of the entire $3,500,000 of First & Refunding 7%o bonds.
I feel absolutely confident as to our ability to issue the entire amount after
the Caribou Plant is in operation, if not before.
Purpose of Issue. This issue has been sold to provide funds which, together with those now on hand, will be sufficient to complete the Caribou
Plant and new transmi.s.sion line now under construction. This work is
now about 70% finished and its final cost can be closely estimated.
Earnings (Re-Classified) with Estimate for Year ended July 31 1921, Based
on Present Rales.
(est.)
1921
1920.
1919.
For Tuelre Months ended July 31—
Gross earnings, exclusive of interest
$5,111,220 $5,487,236 $6,600,000
during construction
3,038,000
2,699,701
Operating expenses, taxes, rentals, &c. 2,202,900
—
—
—
—
Nctearnings
.$2,908,320
Annual interest requirement on all outstanding
mortgage bonds of the company, including this
Ls-sue--!
interest
on
Surplus over
int,
Annual
all
outstanding debentures
charges, incl this issue
787, .535
$3,562,000
1.833,030
254,592
1,833,030
254,592
.$699,913
$1,474,378
.$2,
—
Greenfield (Mass.) Tap & Die Corp. Proposed
.'S;.3,000,000 87o Preferred Stock.— Status, &c.—
New
Issue of
The Common shareholders will vote Aug. 31 fa) on the creation of S5.000,000 8 % Preferred stock par $100 of which $1 ,500,000 will be reserved for
exchange, share for share, for the present outstanding $1,500,000 6%
Preferred stock; (b) on increa.sing the number of directors from 7 to 11
The new 8% Preferred stock will be callable all or part at 105 if called
prior to Oct. 1, 1921: 106 if called before Oct. 1 1922: at 107 before Oct. 1
1923: at 108 before Oct. 1 1924; at 109 before Oct. 1 1925 and at 110 thereafter.
President Frederick H. Payne says in substance:
it is proposed to authorize $5,000,000 of the new 8% Pref.
While
stock,
only expected for the present to issue $4,000,000 of which $1„500,000
be exchanged for the outstanding 6% Pref. stock and the balance of
$2,500,000 for the purpose of liquidating the floating debt and for further
exten.sion, including the acquisition of new buildings and machinery, and
providing floating capital to take care of the increasing business.
Since incorporation of the company in 1912, the business has increased
from $1,075,810 for the year 1912 to $5,291,1,55 for the year 1919. This
latter figure includes the sales of the Lincoln Twist Drill Co. of Taunton,
Mass., which company it now owns. The business for the first seven
months of 1920 including sales of said Lincoln Twist Drill Co. amount to
Compare V. Ill, p.
.$3,523,213 or at the rate of $6,176,928 for 1920.
696.593.— V. Ill, p. 696.
it is
is to
—
—
—
Gulf States Steel Co. Earnings.
Net income in July, after deducting taxes, depreciation and charges
was $98,040. compared with $102,139 in June, $103,334 in May and
$157,492 in April.— V. 111. p. 498.
—
—
—
Habirshaw Electric Cable Co. Listing Earnings.
The N. Y. Stock Exchange has authorized the listing of 132.945 shares
(authorized 300,000 shares) of Common stock of no par value, with authorto add 82,055 additional shares on official notice of the issuance, viz.:
(a) 2,055 shares in exchange for .shares of the Common stock of Habirshaw Electric Cable Co., Inc., of New York, and Electric Cable Co. of Conit.v
necticut, both subsidiaries.
(&) 80.000 shares upon the conversion of $2,000,000 7% 1.5-year S. F.
Conv. Debs., dated March 1 1920 (see V. 110, n. 1191). making the total
of shares applied for 215,000 shares of Common stock.
Statement of Earnings Jan. 1 to May 31 1920 (Subject to adjus. end fiscal yr.)
CornElectric
Habirshaw
Bare
bined.
Electric.
Wire.
Cable.
119x.$4.846.807
Sales
.$1,913,803 $2,9.33,004 $1,945,
84. .581
412.618
Profit in trading.
216.806
111,230
Interest, discount, &c
32.069
163,767
68,719
62.978
number
Net income
$148,086
$48,2.52
.$314,977 $1,116,163
Surplus Jan. 1 1920
Less Federal tax, 1919
Divs. paid Common
Preferred
Adjustment account
—
Total surplus
Increase in five
May
2,243
6.000
5,687
7,538
14.475
33,495
1,599
31 1920
months
818
.$405,957 $1.1 51 ,.302
.$90,980
.$.35,139
X Bare Wire Co. sales not included.
1530. 1646. 2571.
Compare V.
—
$,52,511
$248,850
$157„326 $1,588,467
13.025
22,808
None
20,475
42,798
3,616
3,8.35
5,434
$189,36131.746.620
$32,035
8158,158
110. p. 1092, 1191,
—
Hale & Kilburn Corp. Plan Approved. The stoekholdon Aug. 27 voted to accept the proposition to combine the
title of American Motor Body Co. the plant and business
of the corporation, as outlined in full in last week's "Chroners
icle,"
page 797.
Hamilton Woolen
Co., Boston.
—
Stock Increase
—$500,-
?ar—
at
.$750,000 to Issue as Stock Dividend.—
The stockholders on Aug. 18 voted to adopt a financial plan briefly described as follows in official circular of Aug. 2:
"To add $1,500,000 to the capital .stock, making the total authorized
capital $2,500,000.
Out of this increase .$250,000 to be resen-ed for futiu-e
use and $500,000 to be sola for cash at par, and $7.50.000 to be capitaUzed
out of undivided profits and issued as a stock dividend in the ratio of one
share for each two outstanding shares on Nov. 16 1920. meaning and intending that the new shares fully paid by Nov. 15 1920 shall share equally
in the said stock dividend.
"It is expected that the tisual regular dividends wnich have heretofore
been at the rate of 6% per annum can be maintained."
The- shareholders on Aug. 18 also voted [substantially', as follows: That
5,000 shares of the new stock be offered pro rata to the stockholders for subscription at $100 per share (full shares only) with payment of initial 30%i
on or before Sept. 15. the second 40% Oct. 15 and the balance, 30%.
Nov. 10 1920, all subscriptions and payments to be made at the New England Trust Co. Boston: payment in full may be made on or before Sept. 15,
in which case the stockholders wiil receive on Nov. 10 1920 a check for
interest from Sept. 15 1920 at 7% p. a. on installments paid in advance.
Any original stockholder (but not an assignee) desiiing to secure an additional .share in order to estaolish a holding on Nov. 15 exactly di^'isole by
two mav subscribe for one share more than his warrant calls for.
The directors intend to declare the 50% stock dividend on or aoout
Nov. 16 next to stockholders of record of that date, the distribution to be
made as soon as practicable, probably within ten days.
Digest of Statement by Treasurer Arthur E. A\ason, Boston, Aug. 2.
The companv, now entering upon its 90th year, owns 202 acres of land
in and about S"outhDridge and 20 factory buildings, with 16 acres of floor
space; one new, nearly all of recent construction: also enlarged steam and
power plants, with improved water-power faciUties (a considerable factor).
We also own 65 brick and
All transmission of power is now by electricity.
wood storehouses, &c., and more than 200 tenements. The .Amesbury
cotton goods plant was disposed of over five years ago.
j
,
n
On these various additions and improvements we have expendedj (all
from earnings) over .$815,000, of which only $396,776 appears as an addition to book value of plant.
A lease of a spinning plant Worcester enables us to maintain the same pound product under the 48-hour law as before.
use more and oetter wool than ever before. Our product consists of
worsted dress fabrics for women and children, our standard being 50-in.
wide.
But while the average sale value in 1915 was about 26 cents per yard
our present return is above $1 per yard, due in considerable part to change
from "woolen" to "worsted" fabrics.
Company's Record for Fire-Year Period Ended May 31 1920.
Increased Assets
Gain in surplus of $1,258,741 and reserve for
dcprec, $252,166; total. $1 ,510,907; represented by increase
in plant (very conservativelv valued), $396,777 and in work$l,510,90r
.
ing capital. $1,114,131; total.. .Dividend and Other Disbursements from Earnings (fl) For reorganization, reconstruction and special repairs
7?„niiA
410,000
(6) For dividends (41%)
000 Offered
.
m
We
—
—
$2,349,90*
Total earnings for five years
Book value
of shares:
Permanent investment, $200 per
sh.;
*3 'ilR?'" f-?«
quick assets. $170 per sh.; total
Notwithstanding this increase in working capital (over $1,000,000), the
advances in cost of materials and labor have necessitated the borro\\nng ot
considerable sums, dictating conservative action as to di^^dends. Our
business
now
exceeds $6,000,000 annually.
— V. 110, p. 1530.
—
Hollinger Consolidated Gold Mines, Ltd. Dividend.—
of
A special dividend of 1% has been declared payable Sept. 8 to holders
record Aug. 25.
The company is also paying dividends of 1% every eight
weeks. It is said that this special dividend will not change the eight weeKij
1% dividend policy. V. 110. P- 1646.
—
This surplus is shown without benefit from the proceeds of this financing,
and exclusive of $349,557 interest during construction allowed by California RR. Commission.
V. Ill, p. 687.
—
[Vol. Ill
Honolulu Plantation Co.
have been declared pavable
notice.
— V. 106, p. 1234.
— Extra
Dividends.
in addition to the regular
—
monthly, until further
Aug. 28
THE CHRONICLE
1920.]
Inland Coal Co.
— Bonds
Called.
—
Mtge. and Coll. Trust 6% Serial gold bonds maturing March 1 1925 have been called for payment Sept. 1 at 101 J^ and interest
at the Commercial Trust Co., Phila.
V. 1 10, p. 768.
All outstanding First
—
International Cement Corporation.
Results for First
— Earnings. —
and Second Quarters of 1920.
2nd Quar,
Sales
1st
Quar.
$2,297 ,568
1,389,227
242,541
$1 ,500 ,347
Netprofit
Miscellaneous income
$665,799
10,663
$280,850
11,256
Gross income
Interest reserved for Federal income taxes, &c
$676,462
128,872
$292,106
66,760
$547,590
$225,346
Cost of sales
and general expenses
Selling, administrative
Net to surplus
—V.
1,024,806
194,691
Ill, p. 697.
Petroleum Co., lA^..— Merger with
Tropical Oil Co. -Letters patent bearing date Aug. 11 1920
have been issued under the Canadian Campanies Act to the
'"International Petroleum Company, Limited."
These letters provide that the Capital stock of the said company shall
consist of 20.000,000 shares, of which 100,000 shares shall
when issued be Preference stock of the par value of $5 each
and the remaining 10,900,000 shares shall be Common stock
without nominal or par value, provided that the Capital
stock with which the companv shall carry on its business shall
International
—
not be
less than $100,000,000.
this stock it is proposed to issue at the present time at
least 100,000 Preference shares of $5 each and at least
7,118,138 shares of
stock -without par value in order
Of
Common
to carry out the
The new company
merger below described.
(See adv. pages)
endowed with broad powers
to produce, manufacture, refine, transport, &c., petroleum, natural gas, coal and mineral substances generally, and without limiting these powers, it is authorized "to
acquire, take over, merge and consolidatt- as going concerns the properties
and liabilities and the business of producing, refining and marketing petroleum and its products now carried on by "International Petroleum Co., Ltd."
(incorporated in Canada, Sept. 1914), a,nd" Tropical Ot? Co., "of Delaware."
[The present International Petroleum Co., Ltd. is controlled by the
Imperial Oil Co.. Ltd., of Canada, .'823,239,800 of whose .$30,000,000 stock
is owned by the Standard Oil Co. of New Jersey.
Ed.]
is
—
—
—
—
now issuable
100,000
7,118,138 no par
Authorized Statement issued for Publication on Aug. 23.
Effect of Merger.
The plan is oliviously advantjtgeous to both companies,
the one company being a producing, refining and marketing organization
capable of handling a larger production for its future needs and the other
a producing company without sufficient facilities for distribution. Their
properties are in the same general latitude and the new company will be
one of the most powerful if not the largest, oil company doing business in
stock
—
will
It
start off as a well-rounded organization,
refineries, a fleet of oil carrying tankers and
Petroleum
company was incorporated
Co..
Ltd.
— The
present
International
Clanada in 1914 [compare V. 100. p.
111;
V. 109, p. 1278; V. 110, p. 8751 and acquired control of three British corporations, the London & Pacific Peti-oleum Co.. Ltd. and the Lagunitos Oil
Co., Ltd.. both producers, and the West Coast Oil Fuel Co.. Ltd., a marketing concern.
It operates in Peru with a refinery and .shipping port at
Talara.
It has nine tank steamers with a combined capacity of 85,500
tons and a 20,000-ton ves.sel under construction.
The International Company supplies the local trade in Peru and exports
to C-hile, Ecuador and Panaiiui.
Surplus crude oil and naphtha are shipped
in bulk to Vancouver.
The company i'lso purcha.ses largo quantities of
Mexican oil. It has between 500 and (iOO square miles of territory of which
only 16 square miles have been drilled upon besides 125,000 acres in" K<iuador.
Tropical Oil Co.
The Tropic;il Oil Co. (see V. 100. p. 1800) was organized in Delaware in 191G and acquired the de Mares concession of two million
acres in Colombia.
It has drilled three wells, estinuiled at from
000 to
5,000 barrels daily capacity each. The company is constructing a road
and i)ipe line from its wells to the Magdalena River, a distance of 28 miles,
and a refinery and tanks on the river banks. It is planned e\entiuUlv to
build a pip<< line from the conces.sion about 300 miles to the .\llantic i-oast.
The Colomliian Oovernment has consented to transfer of the de Mares
concession to the Tropical C^ompany, which has since inaugurated an ag•gressiveicampaign of development.
V. 110, p. 875.
in
1
—
I
—
Jones Bros. Tea Co., Inc.
1920
,Iu:ti
— 1919.
Judge Mining
An
&
— July
Sales.
—
— 1919.
Increase.
$549,302 |$11.796, 719 $9,099,315
$2,697,404
Increa.se.
$1,960, 264 $1,410,962
—V. Ill, p. 393, 78.
Lehigh Valley Transit Co.— President
Resigns.
Harrison R. Fehr has resigned as President and Director.
Lexington Motor Co., Connersville, Ind.
See United States Automotive Corp. below.
Liggett's International, Ltd., Inc.
—
—
— V. 110.
p.
2387
— Holding Co.
Pref. Stock Offered.
—Kidder, Peabody & Co. are offering at $50 per share, to
yield 8%, this company's 8% Cumulative Pref. stock (see
advertising pages).
For description of stock, together with
full information regarding Boot's Pure Drug Co., Ltd.
Compare V. 110, p. 2492: V. Ill, p. 594.
—
—
—
Loe-w's Incorporated.
Listing
Earnings.
The N. Y. Stock Exchange has authorized the listing of 303,523
additional
4.000,000 shares) of no par value, upon official
notice of issuance and payment in full making the total amount of capital
stock applied for 1.058.455 shares. The shares for which application is
made are to be Issued as follows:
Property Acquired
Shares.
Cost of Acquisition.
Lease on Mercy Theatre,
Yakima. Wash
1.401 $38,201 cash
Metro Pictures Corp. of N. Eng. 4,952/20% of receipts from contracts exeIcuted prior to acquis'n by Loew"s
xinterest in 9 local companies
8.500 $4,250 Ccush.
Cash
288 ,670 (offered to holders of record
lAug. 9 (V. 110. p. 498)
xViz.: (1) 25% of capital stock of Oakland & San Fran.Theatre Co..
Sacramento Hippodrome Co., *Oregon Hippodrome Co., *California Hippodrome Co., *Cascade Amu.sement Co., Long Beach Theatre Co. (2) l-6th
of capital stock of *San Jose Hippodrome Co., Regent Theatre Co.
(3)
l-3d of capital stock of Salt Lake Casino, Inc.
(4) Balance (40%) of inter*
est in *San Diego Booking Agi-eement.
*The acquisition of the additional interest indicated in each company will
increase the percentage of interest of Loew's Inc. in them to 100%.
The consolidated income account of Loew's Inc. and affiliated companies
for 40 weeks from Sept. 1 1919 to June 6 1920 shows: Gross income. $14,1 12,.392; expenditures, $10,152,491; Net earnings (before taxas), $3,959,901:
less Federal income and e.Kcess profit taxes (est. about 25%).$989,975
Profit for period
2.969,926
Surplus Sept. 1 1919, $3,184,508; net adju.stments $17,783; .surplus
Sept. 1 1919 (adjusted) $3,202,292; less surplus of Loew's Theatrical Enterprises at Sept. 1 1919 to be eliminated on dissolution. $1,420,951: consolidated surplus Sept. 1 1919 (adjusted), $1,781,340: surplus acquired on purchase of subsidiary companies. $325, 48i: net .surplus acquired through consolidation of companies since Feb. 15 1920. $56,294; consolidated profit for
period, Sept. 1 1919 to June 6 1920. $2,969,926: total .svirplus. $5.1.33.042:
less dividends paid (a) by Loew's Theatrical Enterprises to old stockholders
prior to date^f reorganization (Oct. 18 1919). $108,705; (6) bv Loew's Inc.
(after Oct. 18 1919). .'«:747,568: (c) by affiliated corporations to co-operative
interests (Sept. 1 1919 to .lune 6 1920), $302,014; consolidated surplus
June 6 1920. $3,974,754.— V. Ill, p. 798.
.shares of capital stock (auth.
,
—
McCrory Stores Corp.
—v.
—
—
.July Sales.
1920 7
Inereasel
— Mos. — 1919.
$293,161 1$7,346,908 $5,958,211
—
1920 .July 1919
.$908,487
$1,201,648
Ill, p. 499. 195.
Manhattan
Increase
'
Electrical
Supply Co., Inc.
$1,388,697
— Stock
Div.
—
A
stock dividend of 10%, (3.000 shares, no par value) has been declared
on the Common .stock, payable Oct. 15. The committee on securities of
the N. Y. Stock Exchange has ruled that the Common stock be not quoted
ex-10% stock dividend on Sept. 20, and not until Oct. 15.
Compare
v. Ill, p. 798, 697, 499.
A quarterly dividend of 1 H has been declared on the Common stock
payable Oct. 1 to holders of record Sept. 20. An initial dividend of 1%
was p?id in April 1917: this rate has been paid quarterly to July 1920. incl.
An extra dividend of 1 % was al.so paid in Alay 1918. ^V. Ill, p. 798. 697.
%
—
Maxwell Motor Co.
— Readjustment Plan
Under Way.
—
announcement regarding the readjustment of the affairs of the
Maxwell-Chalmers Motor ((iniiiimies is expected to be made shortly. It is
reported that a tentative arrangement .irrived at by the readjustment committee wtiicli held several meetings this week provides for formation of a
new company with two classes of stock, viz.. class A and class B. AccordOfficial
B stock will be given In exchange for the stocks of the
will absorb a considerable part of the new issue, and
stock together with the stock not required for exchange will be
offered for subscription on the basis of a straight price for the class .V with
a certain percentage of the class B as a bonus.
The new company through
the readjustment plan is expected to raise in the neighborhood of $15,000,000
of fre.sh capital which wili De sufficient to place it on a satisfactory operating
basis.
v. Ill, p. 697.
ing to reports class
two companies which
the class
A
—
—
Middle
States Oil Corp.
To Increase Capital from
to $16,000,000.— The company has notified the
New York Stock Plxchange of a in-oposed increase in Capital
stock from $8,000,000 to $16,000,000.
$8,000,000
Total number of shares of new
distributing stations.
Present International
—
.
The new company will issue (a) to the Preference shareholders of the
International Petroleum Co.. Ltd. (Old Company) one Preference share of
S5 par value fully paid up and non-assessable and one share without nominal
or par value of its Common stock fully paid up and non-asse.ssable in exchange for each Preference share of the Old Company, and (ft) to the Common shareholders of the Old CJompany two shares without nominal or par
value of its Common stock fully i>aid up and non-assessable in exchange for
each Common sliare of the Old Company.
[The old International has outstanding"2 ,608,802 shaVes of Common, par
£1 or $5 each, and 100,000 shares of Preferred, par £1 or $5, and the exchange will require the is.sue by the new companj of 5,313.604 shares of
Common .stock and 100,000 Preference shares. Ed.]
The New Company propo.ses to issue 1,804,534 shares without nominal
or par value fully paid up and non-assessable of the New Compan\ in exchange for 1.575,000 -shares (being the whole of the outstanding stock
(par .?25]) of the Tropical Oil Co.. a company holding conces.sions from the
Government of the United States of Colombia. The delivery to the New
Company of 90% of the outstanding stock of the Tropical Oil Co. has been
assured, and in the event of the whole of such outstanding stock not being
delivered then a pro rata reduction will be made in the numoer of shares in
the New Compan.N to be exchanged therefor.
[After .setting aside enough of the Common stock to meet obligations, the
Tropical, it is stated officially, will have 1,732,500 Common shares of new
International which it will exchange in the proportion of 1.1 shares for
each share of Tropical. Ed.]
Holders of the Bearer shares of the present International Co. [and holders
of the stock of the Tropical Oil Co.] who surrender the .same to the new company at 56 Church St.. Toronto, or to the Farmers' Loan & Trust Co.,
16-22 William St.. N. Y. City, between Sept. 15 1920, and Sept. 30 1920.
inclusive will receive in exchange therefor Bearer share warrants on the
basis above stated.
No warrants for "Rights" will be issued and shareholders who fail to
exchange their Old shares for the New shares within the time limit and in
the manner aforesaid will subject these rights to forfeiture.
(Signed by J. R. Clarke, Secretary of International Petroleum Co., Ltd.]
Terms of Exchange for Existing Stock [Inserted by Ed.].
No. of Shares
To be Exchanged for
Existing Issties
Outstanding.
New Pref. Shrs.
Neu^ Common Shrs.
Internat. Com___2,606,802 par .$5
200% 5, 21 3. (in4 no par
Internat. Pref -.100,000 par .fo 100,000 par $5 100%
100,000nopar
Tropical stock... 1,575. 000 par 825
110%, 1,732,500 no par
Set aside for Tropical obUgations. .
72,034 no par
the Latin-Americas.
—
&
Kansas
Gulf Co., Chicago. Stock Offered.
Bison Mortgage Co., Inc., Buffalo, are offering Common stock of the
company at $16 per share. Capital stock Authorized $15,000,000 (par $10).
Issued 788,889 shares. No Pref. stock, bonds, mortgages or notes outstanding.
Regular Div. rate 12%; payable Q. J.
Company was incorp. Dec. 15 1919 in Delaware, successor to Kansas
& Gulf Producing & Refining Co. of South Dakota. Company's properties
total 197.035.08 acres located in Kansas. Oklahoma, LouLsiana, Texas,
Alabama and Mexico. H. L. Mourer, President.
,
Digest of Official Circular Dated Aug. 23 1920.
owning ample production, large
901
\
1920
Smelting Co.
7
Mos.
—New
Plant.
—
article by L. W. Chapnum on the Electrolytic Zinc Plant has been
.reprintc<l in booklet form from "C^hcmlcal and Metallurgical ICnglnoering "
March 24, 1920.— V. 110, p. 153i.
President P. D. Saklatvala has reromincnded to the Directors that'
meeting of the stockholders be called to vote on increasing the capital
.stock of the company.
This is to make possible the continuation of the
company's business on the same basis of production and gi-owth as hereEarnings arc said to be increasing and it is intimated that the
tofore.
Pre^sent authorized
present cash dividend may be materially increased.
Capital. $8,000,000 of which about S7.S00.000 outstanding.
V. 1 1 1 p. 78.
—
—
—
,
Morris & Co. Packers Notes Offered. The Continental
& Commercial Trust & Savings Bank, Ilalsev, Stuart & Co..
F. S. Moseley & Co., Merchants Loan & trust Co.. all of
Chicago, are offering bv adv. on another page at 98 '.i and
int. to yield over
an issue of $15,000,000 7><j%
Ten-Year Sinldng Fund Gold Notes of this company.
1920.
Due Sept. 1 19.30. Int. payaole M & S. in New
Dated Sept.
7M%
1
York or Chicago. Coupon Notes (c*> denoni. $1,000. .<.")00 and SIOO.
HedetMuablc at option of company
interchangeable prior to Aug. 1 1921.
all or in part, on any interest payment date, on 60 days' nolitv. at 107 during
years.
during
the first three
106
the itext three years. 105 during the next
two years, and 101 during the last two years. (Interest payable without
Continental
deduction for normal Federal income tax not in excess of 2%
and Commercial Trust & Savnigs Hank, (''hicago. "TrusHxv^
will
is
which
fund
provided
beginning
retire in
A sinking
Sept. 1 1922.
semi-annual Installments an amount of the.se Notes aggregating $5,000,000
before maturity.
The proceeds of these Notes will be applied to the reduction of bank lo.ins.
Digest of Letter from Chnirman Nelson Morris. Chicigo. 1920.
Incorporated in 1903 under the laws of Maine, succ<»«>dlng to
Hislorii.
the packing business of Nelson Morris & Co.. which was established in 1S59.
Today, Morris & Co. is one of the three largest packing Companies In the
world, its total a.ssets being in excess of $1 11. 000.000.
Capilali:alion Vpon Issuance of Tlie.^e Xoirs
.
—
Funded Debt:
Mortgage 4
%
.\iitliiiri:rd
Ou!.t:ni)ding
bonds, due July 1 1939
$25.OOO.000»$16.4.50.O00
Ten-.vear tiold Notes..
15.0(V1.000
15.000.000
Capital stock
3.000.000
3.000, (K>0
The accumulated surplus as of Nov. 1 1919 amounted to $53. 227. .MIS.
Of the SIS. 750. 000 First Mortgage Bonds issuinl to date. $2,300,000
have been retired and cancelled through operation of the Sinkinir Fund.
First
7H%
ij
,
THE CHRONICLE
902
leaving outstanding, as shown above, $16,450,000 and $6,250,000 stil'
issuable under the terms of the Mortgage.
By the maturity date of the
Ten-Year Notes, Sept. 1 1930, there will have been retired by the Sinking
least
additional
Fund at
.$3,000,000
First Mortgage Bonds.
Assets.
These notes will be the direct obligation of Morris & Co. The
balance sheet as of Nov. 1 1919, discloses total assets in excess of $114 000 OOQ
and net current assets (after application of the proceeds of the present
financing) in excess of $42,000,000.
There is no lien of any kind on the
property except the mortgage securing the 414% bonds, dated July 1 1909
of which $16,450,000 are outstanding and .$6,250,000 still issuable under
the terms of the mortgage for 75% of the actual cash expenditiures made or
to be made by the company for additional fLxed assets.
The investment of
the company in packing house real estate, branch markets, car equipment,
etc., is over $40,000,000, and in securities of subsidiary companies $8,679.953.
Indenture.
The Indenture under which these Notes will be issued will
—
—
provide
(a) No new mortgage shall be placed on the properties and assets, which
does not equally secure these Notes by the lien of such mortgage.
(b) Current Assets shall be maintained in an aggregate amount equal to at
least one and one-half times all current liabilities, including all of this
issue outstanding, any mortgage indebtedness (excepting purchase money
mortgages) maturing prior to the maturity of these Notes, and any other
issues of notes or debentures at any time outstanding.
Sinking Fund.
The company ^vlll. beginning Sept. 1 1922, semi-annually
on Sept. 1 and March 1, pay into a sinking fund amounts sufficient to retire
$5,000,000 par value of these notes prior to their maturity. These payments shall be apportioned as follows: On Sept. 1 and March 1 of each vear
from Sept. 1 1922 to and including March 1 1928, $250,000 and on the "four
following semi-annual dates $500,000 each.
Cash payments shall be applied
to the purchase or redemption of the notes at not exceeding the redemption
—
price.
—
Earnings.
During the four fiscal years ended Nov. 1 1919 the average
annual earnings of the company available for interest charges after the payment of all taxes were $5,993,488. These figures include only a relativeiv
small proportion of the earnings accruing to the company from its South
.American properties.
The company's average annual interest charges were
S2, 454, 791.
During this period over $12,100,000 net earnings have been
retained in the business after paying cash dividends aggregating $1,750,000.
[See last report with balance sheet of Nov. 1 1919 in V. 110, p. 463
V, 111, p. 698.
—
Mullins Body Corporation.
— July
—
Earnings in July before taxes
July 31 net profits before taxes were $747,000, as against $452,726 for the
months ending Dec. 31 1919. V. 110, p. 2392.
/
National Cloak
&
Suit Co.
— Capital
The stockholders on Aug. 27
Increase, At.
—
ratified the propositions (a) to increase the
stock from $12,000,000 to $17,000,000: (6) to issue
authorized Common
$0,000,000 10-year 8% convertible sinking fund gold notes.
V. Ill, p. 698.
—Compare
—
—
National Shipbuilding Co., New York, Bankruptcy.
An involuntary petition in bankruptcy was filed on Aug. 21 against
this company, with offices at 42 Broadway, N. Y. Citv which is alleged
to be insolvent and to have liabilities in excess of $5,000,000.
The petitioners are Louis Turgan, La Societe Martime Francaise, Robert Ryan
& Egget and Marsh & McLennan.
National Transit Co. Extra Dividend.
An extra dividend of $1 per share has been declared
Parson
—
—
—
—
Calendar j'ear
Operating income
Net income after expenses
Other income
Total income
Rosario Mining Co.
— Report.
1919
$2 .053 ,092 Depreciation, taxes,
S843.919 Dividends
147.996
Balance, surplus
S991. 915 Profit and loss
&c
$233,776
200.000
S55S,139
aS2, 657,455
I
a After deducting $334,750 reserve for depletion of mines."— V. Ill,
—
p. 300.
—
stock in addition to
the regular quarterly dividend of 5*7^, both paybale Oct. 20 to holders of
record Sept. 30. In Jan. and July 1919 and in Jan. 1920 an extra di\idend
of 5% was paid; no other extras paid since Jan. 1920.
V. Ill, p. 78.
Results for
Net
—
—
—
Co., Atlanta, Ga.
Earnings.
Six Months ending June 30 1920 and Calendar Year 1919.
6 Mos. '20.
Year '19.
sales
Cost of sales
•
Net
$1,301,977 $2,620,616
669,535
Correct
442,2431 compariison not
$190,1991 available.
10,482
i
General, &c., expenses
^
profit
Other income
I
Grossincome
Dividend
Balance, surplus
—\
.
110. p. 1855.
Pennock
Oil
Company.
Results for First Quarlcr
$200,681
79,990
$525,158
100,000
$120,681
$425,158
— Earnings. —
3 Month.'!.
74,738
(incl. rentals)
$133,012
Grossincome
Loss on cancelled and surrendered
$141,278
5,903
2 .363
Net income before provision for
preciation and Federal taxes
— V.
Pennsylvania Textile
Co.
Earnings.
—
—
Potomska
Mills,
A
New
Bedford.
— Dividend
of $16.
—
dividend of $16 per share has been declared on the stock, payable
Sept. 15 to holders of record Aug. 17.
On June 15. a dividend of $2 per
share was paid and on March 15 one of $5. Stock outstanding $1 .200,000,
par $100. In 1919. di-vidends were paid as follows: March 2%, June 2%,
Sept. 7<"c and in Dec. 2%, total 13%.
V. 107, p. 910.
—
Co. — Listing. —
Pure Oil
The N. Y. Stock Exchange has authorized the
listing on and after Sept. 1
of temporary interchangeable certificates for $921,975 additional stock,
par $25. on official notice of issuance, as a Common stock dividend, making
the total amount applied for to date $58,609,475. Compare V. Ill, p.
504,499,489.
—
Radio Corp. of America. American Tel. & Tel. Acquires
Minority Interest New Director Wireless Devices Pooled.
The American Tel. & Tel. Co., in order to better carry out the purposes
—
—
—
of the recent agreement with the General Electric Co. to co-operate in advancing the art of radio transmission and communication has purchased a
minority interest in the Radio Corp. of America. W. S. Gifford, V.-Pres.
of the Am. Tel. & Tel. Co. has been made a director in the Radio Corp.
According to an announcement of Pres. H. B. Thayer of Am. Tel. & Tel.
Co. that company and the General Electric Co. have entered into a contract
for an exchange of licenses by which patents and scientific developments of
both companies along the line of wire and radio transmission will be made
jointly available.
The announcement states:
"In January of this year both companies received letters from the Bureau
of Steam Engineering of the U.S. Navy Department, referring to the wireless situation, and saying the bureau has consistently held the point of view
that the public interest shall be best served by some agreement between
the several holders of pertinent patents whereby the market can be freely
supplied.
The letter also urges the necessity of some such arrangement so
that .ships at sea can get the benefit of the latest devices, which would concontribute to their safety and the safety of their passengers. The bureau
states further: 'In the past the reasons for desiring some arrangement have
been largely because of monetary considerations.
" 'Now the situation has become such that it is a public necessity that
such arrangement be made without further delay, and this letter may be
considered as an appeal for the good of the public for a remedy to the
,
—
situation."
"Following this, negotiations were commenced between the two companies
with a view to the exchange of licenses so that the General Electric Co. and
the Radio Corp. of America, with which it had become interested, would be
able to further the development of the art of radio transmission and especially of wireless telegraphy, and the American Tel. & Tel. Co. could employ
in its present nation-wide system such radio apparatus as is adaptable to
wire transmission, and, further, could supplement its wire system with
wireless extensions where particularly adaptable as between shore and
ships at sea.
"Much has been done in radio commimication by all parties of interest
which can be made fully effective in the public service only by this co-operation of several companies.
"The worldwide wireless system of the Radio Corp. and the universal
service of the Bell system are thus brought into a harmonious relation that
the use by the public of the present wireless telegraph facilities
of the Radio Corp.. and. as the art advances, will enable the American Tel.
& Tel. Co. to extend its telephone service to ships at sea and to foreign
countries.
"The public interest lies in the fact that by exchange of licenses, as suggested by the Government, the patents of each company vn]l be utilized to
greater advantage and the progress of the art of electrical transmission and
communication will be accelerated in America as in no other country."
It was stated on Aug. 7 that the Radio Corp. of America had just put
into operation the first direct commercial radio service between the L'nited
States and Germany.
V. 110, p. 2297.
—
,
per ordinary share; each "American share representing 2}^ ordinary shares.
Compare V. 110, p. 2663.— V. Ill, p. 699, 300.
"
St.
Stock
Dividend.—
N. Y. Stock Exchange has ruled that
the capital stock of the company be not quoted ex-10% stock dividend on
Sept. 20, and not imtil Oct. 1. Compare V. Ill, p. 799.
securities of the
—
—
—
,500
St.
$363,336
9,508
to
$135,852
$353,828
in
—
.
A Boston dispatch on Aug. 26 stated that the minority stockholders have
agreed to withdraw their suit instituted for an injunction to prevent the
reorganization of the company.
President W. H. Roberts, of New York, who, it is stated, is in control
ol the management, has made an offer to buy the 1,300 shares of Common
stock and the 40 shares of Preferred which were represented in the litigation,
at price to be mutually agreeable.
If no agreement can be reached on the
P"fe. It IS understood that the price will be fixed according to the laws of
Massachusetts, whereby the minority stoclcholders appoint one appraiser.
State officials another, while those two in turn appoint a third.
V. 95. p.
180.
Maurice Paper Co., Ltd.
$2,488,691
— Dividend Increased. —
The
In
—
Joseph Lead Co.— 10%
The committee on
5,426
30.
—
Surplus (before providing for Federal taxes for 6 months)
— V.
Ill, p. 799.
1 1
— Reorganization—
—
Rand Mines, Ltd. Dividend on American. Shares.
The Bankers Trust Co. announced that it would pay Aug. 27 the initial
dividend of $1 35 on its certificates for "American shares" of Rand Mines,
Ltd.
This payment represents Dividend No. 34 of 60% or three shillings
$336,362
15,473
Suit.
J. W. Farley and the trustees under the avUI of G. A. Gardner, stockholders, have brought a bill inequity in the Massachusetts Superior Court at
Boston asking to be alloAved to examine the books of the corporation and
also to have the stockholders enjoined from transferruig the assets of the
company to a new company to be organized under the laws of Delaware.
According to the plaintiffs, they are informed and believe that the affairs
of the company are being mismanaged and that its assets are being wasted
and lost and the value of the stock destroyed. The plaintiffs also say that
the stockholders are to vote at Attlrboro on Aug. 28 on the reorganization
of the company under the laws of Delaware.
JudKe Sisk, of the Superior Court, has temporarily enjoined the stockholders from voting to transfer the assets of the company to one to be
formed in Delaware and an order of notice has been made returnable on
Aug.
— 1920
160,894
$529,405
193,042
depletion, de-
109, p. 2444.
Co.
Company reports as follows (see adv. pages):
Net Income (Including Subsidiaries) Half-Year ended June 30 1920.
Net income, $3,336,195: less depreciation, .$214,303; net
$3,121,892
Deduct Fixed charges
32, 430
Reserve for depletion
600.771
6 Months.
$231,060
98,048
Net income from oil sales
Gas and gasoline sales
Miscellaneous sales and interest
leases
Pierce-Arrow Motor Car
Ch'mChas. Clifton, to whom we referred a financial news sheet estimate
of the fiscal results for the cal. year 1920. writes under date of Aug. 21:
This analysis did not emanate from this Company, and we very much
deprecate the prognostication for 1920. There surely is nothing in the first
SIX months of that year that justifies the conclusions reached, and 1 think
anyone conversant with bu.siness facts at the present time cannot possibly
.see any opportunity of very considerably increasing financial results in this
industry during the present year. Further comment I would prefer not to
make at the present time." Compare official statement for half year in
V. 111. p. 499.— V. Ill, p. 596.
Earnings.
and Six Months ending June 30 1920.
Net productions (bbls.)
Gross income from sales of oil
Direct operating and general expense
—
vriW facilitate
Nipissing Mines Co. Extra Dividend.
An extra di\'idend of 5% has been declared on the
Nunnally
—
Oct. 1 to holders of record Sept. 17.
Previous dividend record: Quarterly
cUvidends of 11-^%, Oct. 1918 to July 1920, incl.; dividends at rate of 5%
p. a. Sept. 1916 to June 1918 and at rate of 4% p. a. from April 1914 to
June 1916. V. 110, p. 1094.
—
on the stock payable
Sept. 15 to holders of record Aug. 31.
In March and June last, extras
of 50 cents per share were paid, as against $1 50 extra in Dec. 1919, $2 in
Sept. and 50 cents in June 1919.
V. 110, p. 21S4.
New York & Honduras
—
Pennsylvania Water & Power Co. Divs. Increased.
A quarterly dividend of \%% has been declared on the stock, payable
,
Earnings.
were $134,9.58: for the 7 months ending
—
[Vol. 111.
quarterly di\idend on the capital stock has been increased from \hi%
2% with the distribution to bemade Aug. 30to holders of record Aug. 28.
May last, an extra di\idend of 5% was paid. Quarterly dividends of
have been paid since May 1919. The Union Bag & Paper Co. will
the future therefore receive $390,000 (as against $243,750 heretofore)
its $4,875,000 of St. Maiu-ice stock.
V. llO. p. 2199.
\H%
on
—
Scottish-American Oil & Transport Co., Ltd.
An agreement has been entered into, effective July 1 1920, by
which the
Anglo-Persian Oil Co., Lta., has assumed the technical management of the
company. R. I. Watson has been elected a director. V. 110, p. 771.
—
Shattuck Arizona Copper Co.
Total income
Oper. expenses,
Depreciation
— Balance,
V. Ill,
—
&c
— Quarterly Report. —
—
1920 3 Mos.
1919.
$370,512
$21,810
379.179
111,821
18,886
3,000
sur. or def_-def.$27,553
p. 597.
def.$93,011
Shawmut Steamship Co.^— Offer for
& Commerce Corporation. —
—
1920 6 Mos.— 1919
.$249,330
$816,414
749,415
499,208
38,812
7,121
sur. $28. 187 def. $256,999
Stock
from American
Ship
President Harris Livermore announced on Aug. 13 that the directors
had unanimously agreed to recommend to the stockholders the acceptance
of the following offer from American Ship & Commerce Corporation to
acquire the stock in exchange for certain securities described in the offer,
leaving it to each stockholder to determine whether he will take stock or
notes.
A substantial majority of the $2,860,125 stock (par $25 a share)
is already committed to the exchange.
Compare Am. Ship & Commerce Corp. under "Financial Reports" above.
Aug. 28
THE CHRONICLE
1920.]
Options of Exchange Offered Till Sept. 7 to Stockholders of Shawmut
Steamship Co.
(1) The stock of the American Ship & Commerce Corporation one share
[of no par value] for each [$25] share of [$2,860,125] ^tock of the Shawmut
Steamship Co.
(2) Ten-year 10% notes of American Ship & Commerce Corporation (or
of a subsidiary ship-owning corporation, in which case the notes will be
guaranteed as to principal and interest by American Ship & Commerce
Corporation) at the rate of $100 of notes for each four shares of stock of
Sh.-wmut SS Co.
Such 10% notes to be issued in denominations of $1 ,000 and $100 (c&r)
to be dated Aug 15 1920, interest payable semi-annually and to be con-
vertible at option of holder into Common stock of American Ship & Commerce Corporation. 3 shares of stock for each $100 of notes. Trustee.
Guaranty Trust Co. Sinking fund to receive annual payments in cash or
notes sufficient to pay all the notes at maturity.
Redeemable on an.v int.
date at 102% and int. upon 60 days' notice, subject, however, to the right
of the holder to convert the same into stock as aforesaid at any time up to
and inchiding the redemption date.
This offer must be accepted on or before Sept. 7 1920 by deposit of stock,
duly endorsed (with necessary transfer stamps) with Guaranty Trust Co.,
140 Broadway, N. Y. City, or the State Street Trust Co. of Boston. Com-
pare V. 110, p. 2083,
17.54.
—
—
Standard Parts Co., Cleveland. Suits Annual Report.
R. L. Perlman and other stockholders have filed an application in the
Federal Court .seeking to restrain the issuance of the .$8,000,000 notes
recently authorized by shareholders.
Another suit, filed in Common Pleas
Court at Cleveland, asks the return of 50,000 shares of stock to the company, claiming it was issued illegally and without proper compensation.
See "Financial Reports" above.
V. Ill, p. 800, 597.
—
—
—
Steel & Tube Co. of America.
An authoritaOutlook.
tive statement issued Aug. 27. says:
Net earnings after taxe.*;, interest charges and available for the 175,000
shares Pref. stock for July amounted to $966,664 or $5 .52 a share. This is
at an annual rate of $66 a share on the Preferred.
Actual net earnings
availabe for the Pref. stock for the seven months ended Julv 31 last amounted
to $6,292,541. equal to $35 90 a .share.
There is $1.9-11,884 Common
outstanding which is largely held by officials of the company.
All units are now running at full capacity and have been operating at
maximum without interruption since Jan. 1. Orders on the books for
finished products are sufficient to utilize the entire steel capacity for the
next nine months.
Orders for pig iron for 1920 are more than adequate to
insure a full furnace operation, and considerable pig iron tonnage has been
booked going into the first part of next year.
Due to ownership of coal properties, and also railroad equipment, coal
deliveries have been in sufficient quantity to keep all plants in full operation.— V. Ill, p. 395.
Stromberg Carburetor Co.
Results for Quarter
of America.
— Earnings. —
and Sir Afnnlhs ending June
30.
1920-3 M0.9.-1919.' 1920-6 Mo."!.-1919.
Gross income
.$313,637
$203,292 $622,076 $361,953
Admin., general. &c.. expenses.. 74,409
101,498
143,369
54,539
Reserve for Federal taxes
50,000
70,000
35,000
25,000
Dividends
($1)75,000 ($1)50,000 ($2) 150,U00 ($2)100000
Balance, surplus.
—V. Ill, p. 301.
Toledo Machine
The "Iron Age"
$129,228
&
.$73,753
$110,455
$2.58,707
Tool Co., Toledo, O.
New
Plant.
—
of Aug. 19 contains a four-page article regarding the new
foundry recently placed in operation. The company has also acquired 98
acres on Dorr St.. Toledo, with a \iew to erecting a 4-story machine shop,
1,250x200 ft.— V. 105, p. 825.
Texas Co.
John
— May
—
Declare Eeqular Stock Dividends.
Mitchell, a director, in stating that the company may decide on
J.
a plan of regular distributions of stock in the form of dividends instead of
an annual increase of 20% in stock at par, is quoted as saving:
"A 50% stock offer at par calls for large payment from shareholders,
and some are forced to sell their rights. We pay dividends at the rate of
12% annually. If we should declare a stock dividend of 4% semi-annually
this would amount to more than 20% on the stock.
New shares would not
be taxable as income, and the plan would answer all purposes of the present
method."— V. 111. p. 395.
Todd Shipyards Corporation.
Capital Stock and to Declare a 100%
in Extra
Cash Dividend.
—
— To
Increase Authorized
Slock Dividend
Increase
—
The stockholders will vote Sept. 16 1920 (a) upon .luthorizing an increase
the number of shares from 116,000 to 232,000 shares, the additional
116.000 shcires to be distributed as a 100% stork dividend, and (ft) to in-
in
crease the stated capital from $580,000 to $1,160,000.
Extra Cash Statement by President William H. Todd. N. Y., Aug. 27
"The board of directors to-day declared the regular quarterlv dividend
of $1 75 per share and an extra dividend of .$2 25 per share, both payable
Sept. 20 to stocliholders of record Sept. 7.
The extra dividend declared
includes $1 per sh.nre in addition to the extra dividend of $1 25 per share
heretofore declared [and paid in March and June 1920], thus resulting in a
quarterly distiibution at the annual rate of .$16 per share upon the present
capitalization.
"It is hoped by (he directors and officers that the company will be able
to continue dividends at that rate
that is, $8 per share [no par value] upon
the proposed doubled capitalization."
V. Ill, p. 490, 196.
— —
Towar Consolidated
Mills Co.
—Incorporation. —
The United States Automotive Corp. is the holding company for the
"following comppnies: (a) Lexington Motor Co., makers of the Lexington
Minute Man Six automobile (b) Teetor-Hartley Motor Corp., Hagerstown,
Ind., for many years builders of Teetor motors; (c) Ansted Engineering Co.
of Connersville. Ind., general automotive machining and builders of the
Ansted motor; (d) Connersville Foundry Corp., Connersville, Ind., manufactiu-ers of automobile castings for the automobile trade generally.
—
incorporated in Delaware Aug. 17 1920, with an authized capitalization, unofficially reixiited as $30,000,000: the Corporation
Trust Co. of America as their Delaw.iro representative.
Incornorators arc:
T. L. Croteau, M. A. Bruce, and S. E. Dill, all of Wilmington, Dela. An
— V.
109, p. 1994.
U.
—
United States Glass Co.
Earnings.
S. Food Products Corp.
Subsidiary Co.
See American Spii-its Mfg. Co. above. V. Ill, p. 800.
Year endinq June 30
Gross income from oper
$6,051 .836
Net income from oper'ns, .,$1 ,230,065
Extraordinary expenses
216.848
Administiative expenses..
200, ,532
Losses on accounts
1,006
Interest
20,742
Net income
Union Bag & Paper Co.
— Dividends. —
Union
— V.
United
— Central Petroleum Co.
—
Lines, Inc. — Neiv Offices — Status
Oil Co. of Del.
American
Officers.
A
Allied American Sliip
Commerce Co.—
The Harriman interests have purchased from CJaston, Williams & Wigmore the five-story building located at 3.5-37-39 Broadway at a price s.-iid
to exceed $2,000,000 and announce that it will serve as headquarters for
the United American Lines.
Possession will be taken on or about Sept.
As to status of the American Ship & Commerce Co. see that company
above, also Sh.awmut Steamship Co. item above.
V. Ill, p. 800. 59,S.
1
—
United Cigar Stores Corp. of America.
—
Neiv Directors.
Samuel Simons L. K. Denslow, F. I. Becton and M. A.
Vouvicr have been elected Vice-Presidents and directors and C. W. Rattray
Albert
C'.
.Mien.
has been appointed a Vice-President.
— V.
Ill, p. 700, 196.
United States Automotive Corp.
— Amended
—
Articles.
F. 1. Harrows, V.-I'res. both of Lexington .Motor Co. and United States
Automotive Corp., writing from Connrrsville, Ind., .\ug. 23, says in siil>st.:
The amendment of charier (filed recently at Wilmington. DcLl merel.v
changes the Common stock <if no-par-value from 200.000 .shares of otu' class
to 300.000 shares, of which 100.000 shares arc called Class ".\ and 200.000
called Class "H."
There renuiin in the treasury and \inissued 60.000 shares
of Class "A" Conmion sto<k imkI 100.000 shares of Class "1!" Common stock
The authorized aniount of I'nf. stock is still $10,000,000.
Quarterly dividends on the Preferred at the rate of 7'"c per annum have
been paid since the organization of the company and liefore th.at time with
regtilarity from the inception of the v.arious subsidiaries dating liack as far
as 1914.
C^ommon dividends h.ave been paid on the Lexington Ctmimon
stock, but Sept.
will end the first year of the United States Automotive
Corp. and no Common dividend has been fixed or declared.
'
1
Called-,
—
Net gain
$790,939
$606, 170
for year
—
—
—
—
—
Victor-Monaghan Co., Greenville, S. C. Stock Div.
The stockholders on July 1 authorized (a) an increase of the capital stock
to a maximum amount of $8,300,000, and (6) the distribution of a 50%
stock dividend on July 31 on the Common stock, to holders of record July 20.
The outstanding stock as increased by this dividend is as follows: Pref.
stock, $1,626,500; Common .stock, $6,582,980.
During the calendar year of 1919 7% was paid on the Pref. stock and
has been paid on Pref. stock and 19%
8% on the Common; in 1920
in cash on the Common.
On Jan. 1 1920 a 10% stock dividend was paid
on the Common stock in addition to the 50% referred to al:)ove. (Official.)
V. 110, p. 2298.
3H%
—
Warren Brothers
Boston.
Co.,
— Stock
Offered.
—
directors have decided to offer 60,000 shares of additional Common
stock of no par value to shareholders at $35 per share.
The stockholders on Aug. 19 authorized the creation of 200,000 shares
of Common stock of no par value of which 40,000 shares are to be issued in
exchange for the present 20,000 share of Common (par $100) in the ratio
two shares of the new common of no par value for one share of the old
Common of $100 par. The new offering of 60,000 shares will increase
the outstanding Common stock to 100,000 shares.
The par of the Preferred stock has been reduced from $100 to $50 two
new shares of $50 par being exchanged for each share of $100 par.
The sale of the new stock, it is stated, will provide working capital
for the greatly increased business and furnish funds for the greater cost of
labor and materials.
The company, it is said, has made large investments
in labor-saving machinery which does the work of what previously was done
by low cost labor.
The contracts carried over by the company and its licensees from the
previous year and the new contracts secured during the current year,
compare as follows:
The
Work
by company and
laid
Sq. Yards.
Sg. Yards]
16.700.0001 June 30 1919
June 30 1920
,9,200.000
its licensees:
Sq. Yards.
...l.,300,000
3,000.00011919 to June 30.
It is stated that there is a constantly increasing demand for all kinds
of street and road construction, with every indication that the demand
will continue for a number of years, and officials state that the company
should avail itself of the opportunity to secure a fair share of such business
without reljing upon its borrowing capacity and accumulated earnings to
finance such business.
V. Ill, p. 800.
Sq. Yards.
\
1020 to June 30
—
—
Initial Dividends on All
Three Classes of Stock— Deposits Close Sept. 15.—J. D. Merriman & Co., niembers of the New York and Wheeling stock
Wheeling Steel Corporation.
exchanges, report to the "Chronicle":
At the first meeting of the board of directors of the newly organized
Wheeling Steel Corporation held on Aug. 25 in Wheeling an initial cash
dividend of 1% was declared on the Common stock. Cash di\^dends of
and
2% and 2!^%. respectively, were also declared on the Preferred "A'
Preferred "B" stocks. Common dividend is payable Nov. 1 to stock of
record Oct. 15: Preferred disbursements are payable Oct. 1 to stock of
record Sept. 15.
t t. „
It has become known that approximately 70% of the stocks of LaBelle
Iron Works, Wheeling Steel & Iron Co. and AVhitaker-Glessner Co.. which
are being exchanged for Wheeling Stock Corp. stocks, has been presented
Sept. 15 has been fixed as the final date on which
for transfer to date.
exchange of stocks may be effected. V. Ill, p. 800, 700.
—
Youngstown
(O.)
Sheet
& Tube
Co.
— No
Par Value.
Holders of the 200.000 shares of $100 par value common stock have been
formally notified to surrender the same for exchange for he newiy authorizee
non-pa'- value common on the basis of four shares of ho new for one of thd
old. The new stock, it is stated, has sold on Youngstown and Cleveland
exchanges at $77 a share, w^hich is the equivalent of $308 for the old stock.
Compare V. Ill p. 200. 400.
t
,
CURRENT NOTICES
—
111. p. 301.
See Central I'ctroloum Co.. above.^V. Ill, p. 788, 597.
<jf
Bonds
United States Gypsum Co. Approves Plan.
The stockholders on Aug. 17 adopted the proposal of the directors to
reincorporate the company in Illinois and to reduce the par value of the
stock from $100 to $2() a share.
Stockholders will receive 5 shares of new
stock for each share now held.
V. Ill, p. 700.
—
See St. Maurice Paper Co. above.
—
Year ending June 30
Sundry income
S5.912
Gross income
.$796,851
.\dd'ns to reserve accounts. . 185,000
Glassport Land Co. loss for
7,581
year
Cr. 1 ,901
Net adjustment
-V. 111. p. 301.
M. 7% bonds of Towar Cotton Mills, Inc., Niles, Mich,
was made by W. G. Souders & Co. of Chicago, in Sept. 1919. V. 110,
p. 772.
—
United States Finishing Co. New Power Plant.
A power plant to co.st $400,000 will, it is announced, be erected at Norwich, Conn.
Day & Zimmerman of Phila., architects, are preparing plans.
t
The company was
offering of 1st
903
Chicago is to have a third morning newspaper. The "Journal of Commerce" the first issue of which will appear Monday morning, Oct. 11.
It will be a business man's newspaper, publishe<l by Andrew M. Lawrence
and will be quite similar to the Journal of Commerce of San Francisco,
now published by Mr. Lawrence. The Chicago office of Dow, Jones & Co.
issues a statement saying:
The news policy of the paper is indicated by the .slogan, ".Ml The News
a Busy Man lla.s" Time to Read." Cable and donu^tic news of a general
nature will be presented in terse form on the first two pages. The balance
Any news
of the twelve to sbcteen pages will be devoted to business news.
having relation to business will be puhlishwi in full. This includt>: news of
slate and federal commissions, bureaus and departments and their activities
in regulating rates, servici^s or Imsiness practice, foreign trade, domestic
commerce, credits, shipping insurance and statistics and reviews of all
„
the Temple Building.
The business office of the new publication will be
108 South La Salle Street. The plant and news dep.artment will beat
162 .\ustin Avenue, corner of Wells Street. Several financial and couuner-
markets.
m
.
.
,
„
.,j.
Chicago and New York will join
of Dow, Jones & Co., and
manager.
the Wall Street Journal, be<-onies business
Moving picture theatres are estimated to have 50.000.000 patrons in
"Investment Survey." a bi-weekly publication issued by Scott & Stump of
The current issue contains an article describing the business
Philadelphia
of D. W. Griffith, Inc.
Ernest Mayglothling. fourteen years with Dow, Jones & Co. and for
eight years Manager of Doremus & Co. .has become as.sociated with agency
of Rudolph C.uenther-Russell Law Inc., specialists in financial advertising
'n all its branches.
Granger & Comp:iiiy. 32 Broadway, announce that Edwin F. Dodge
is now associated with them in their Foreign Department.
men
cial editors well known to busiiuiss
the staff. Glenn Griswold. Wi^^tern
—
.
—
,
—
in
Manager
THE CHRONICLE
904
^Ixje
®0ittmjerx:ial
^imjes.
COMMERCIAL EPITOME
Friday Night, August 27 1920.
American trade continues to contract rather than to expand. The trouble is the uncertainty about prices. The
advance in railroad rates on August 26 complicates the
Deflation, however, is in the air.
situation.
Everywhere
there is an expectation of lower prices. Naturally dealers
are loath to buy freely lest they be caught with burdensome
Money is tight foreign exstocks on a falling market.
change has fallen further this week. Stocks of raw and
manufactured commodities are hanging over a dull market.
They accumulated from the difficulty or impossibility of
moving merchandise in the scarcity of cars. Raw materials
are to all api>earance more plentiful than finished products,
but the supply of both evidently much exceeds the demand.
Retailers, jobbers and wholesalers hesitate to buy. Inefficiency of labor hampered production and trade for a long
period. Now the demand for goods fails and labor suffers.
;
The result is that dealers are buying now only to supply
immediate needs. Food prices have advanced with a good
European demand for wheat of which the exports this week
have reached the imposing total of 10,505,000 bushels. Some
favorable factors in the situation, however, include the
highly important one of an increased supply of cars. With
higher freight rates and a bi'ightening future opening out
before them the railroads will give better service.
That
is the general expectation in the business community of the
United States. Already the supply of cars has noticeably
increased; railroad congestion has been eased. It means a
freer movement of merchandise and in some cases lower
prices.
The coal trade will be affected as quickl.v as any
and an increased supplj' will help manufacturers in a hundred fields of activity. It will bring buyer and seller together. It cannot but inure to the benefit of the whole business world. Before long this ought to tell. Meantime the
retail trade is rather better than the wholesale and .iobbing
trade. Crop reports in general have been better. The crops
will be larger than was expected three months ago.
The
surplus to all appearance will have a ready market in Europe.
The iron and steel trades halt for the time l)eing to
get their bearings, on the new freight rates.
But lower
prices for coal point to cheaper coke, and this should promote business in pig iron. Bituminous coal fell $11 a ton
Trade in clothing is still
at Baltimore within 48 hours.
very quiet, and cotton, woolen and silk goods are also slow
of sale. Some further recent failures in the silk trade of
Japan are reported, and American importers have canceled
orders for Japanese silk. It is hoped that the threatened
If it occurs it
big coal strike in England may be avoided.
will inevitably react for the time being, at any rate, on
American trade.
Washington reports the greatest improvement in the car shortage situation since January last.
An official of one of Chicago's leading garment manufacturing concerns says it is impossible to see how the clothing
trade of that city generally can avoid a shutdown lasting
from the middle of October until Dec. 1 or 15. The i>eople
evideutl.y balk at paying the high prices still demanded.
The fur trade is dull. The New York fur auctions announced for October have been postponed. At the seventh
British government auction of colonial wool in London,
72,000 bales of Australian and 18,000 of New Zealand were
There was an active demand for the finest niewith prices 5 to 7%% higher than in July. In general prices were unchanged.
The result of the balloting on the question of a strike by
British coal miners will not be known for several days, but
offered.
riftos,
the London press forecasts an overwhelming ma,iority favoring a strike, unless the demands of the workers are
granted, i.e., higher wages and lower prices for coal. The
demands are declared by the British Government to be unjust.
It is supposed that the miners really aim at getting
control of the mines. Government officials sa.v that British
mine owners are not opposed to the strike because of their
antipathy to government control. Coal experts say there
will be no fuel famine here this winter if precautions are
taken to keep the Hudson River open. Coal production is
increasing and prices, it is predicted, will drop in the near
future. The Brazilian embargo on sugar exports has been
partially lifted.
It seems that the number of unemployed
textile workers is estimated at 250.000 in the United States,
and it is said conditions are apparently getting worse.
A grand jury in Chicago is investigating the high cost of
clothing.
Price-cutting on cotton yarns continues in Philadelphia and new low levels have been reached.
England
has lK>en able to replenish shipping tonnage lost in the war
b.v purchasing largely from foreign countries.
As a result
of the strike of the New York Transfer and Westcott Express ('ompanies, baggage at the terminals of New York is
piling up high. The Com))anies declare they cannot afford
to grant the demands of the men.
A 20% increase in the
area devoted to sugar raising in the Philippines is announced. The yield in 1919 was 411,273 metric tons. The
New Yoi'k and New Jersey commissions have adopted final
plans for sinking shafts for a vehicular tunnel under the
Hudson River in Spring and Canal Streets. Work here is
(Vol. 111.
to begin on October 12, and will start on the New Jersey
side at aliout the same time. A dispatch from Washington
says that the Rockefeller Institute has isolated the yellow
fever germ, discovered a curative serum and is able to make
preventative vaccine, something that will interest our neighbors of the tropics and others.
LARD
higher; prime Western 19.20 @19.30e. refined to
the Continent 21.50c.; South American 21.75e.; Brazil in
kegs 22.75e. Futures at times advanced on covering of
shorts, but lower prices for hogs and grain have occasionally
Hog receipts have been larger than
had a weakening effect
expected and stocks of product are large. The bull side has
not attracted the public. To-day, however, prices advanced
with grain and they closed somewhat higher for the week.
Packers were good buyers. The cash trade at Chicago is
Offerings are not large.
Hogs advanced 15 to 25 cents.
fair.
.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon.
Sat.
Septemberdelivery.cts.18. 45
18.80
October delivery
January delivery
19.17
Tues.
18.15
18.45
18.80
18.37
18.72
19.10
Wed.
18.02
18.45
18.85
Thurs.
18.25
i8.62
19.00
Fri.
18.50
1885
1905
PORK
steady; mess $32@$33; family $46@$50; September closed at $25 10, a rise for the week of $1 10; October
$25 90. Beef steady; mess $18@$19; packet $19@,$20;
extra India mess $32@$34. No. 1 canned roast beef $3 25;
No. 2, $8 25. Cut meats firm; pickled hams, 10 to 20 lbs.,
29K@30Mc.; pickled bellies, 6 to 12 lbs., 27@28c. Butter
creamery extras 57M@58Me. Cheese, flats, 20@28MeEggs, fresh gathered extras, 60@61e.
COFFEE on the spot in better demand and steady;
No. 7 Rio 8 Mc; No. 4 Santos 14 J^
15 Mc.; fair to good
14.
Futures declined in sympathy with
Cueuta 1314
faUing prices at Santos. A rise at Rio was for a time ignored.
At times sharp declines in cotton affected coffee. At others
local and Wall St. shorts covered on a momentary rally in
There was considerable liquidation on
Brazilian prices.
Later Brazilian cables were
the general outlook in Brazil.
higher both from Rio and Santos and -svnth Wall St. and
Selling of near
European buying here prices advanced.
and buying of distant months has been a feature! Today
They end
prices were higher on Sept. but lower on Dee.
a few points higher for the week on Sept. with Dec. down a
@
@
little.
December. 10. 956611 00 March
January.. .10.39@10.40 May
August
11.15®
September. 11.15®
October. _-10. 98®
10.00@10.25
10.00@10.25
1
SUGAR. — Refined
1
has been declining. Raw was dull at
Futures fell, though at
lie. for Cuba cost and freight.
The feeling in
times steadier, partly on Cuban support.
not a few quarters, however, is that the general drift of
prices must be downward in company with other commodities, though rallies are to be expected from time to time at
the expense of the short interest. Some 35,000 tons of
Cuba have, it is reported, been sold to the Far East for
shipment in January, February and March at lie., or slightly
Receipts at Cuban ports for the
better, cost and freight.
past week decreased to 12,272 tons, against 25,929 tons the
previous week and 18,350 a year ago; exports were 40.494
tons, against 32,385 in the previous week and 94,549 a year
ago.
Of the exports over 32,000 tons were destined for
United States Atlantic ports. There are five centrals still
grinding old crop cane. Heavy rains occurred In parts of
Cuba, with rains needed in others. To-day prices advanced
sharply on futures, ending 50 to 100 points higher. The
market had become more or less oversold on the recent big
break.
Stocks ai Cuban ports are 563,000 tons smaller
than a year ago. It is said that much of the Java sugar
under contract to the United States has been resold to
Europe. Europe is said to show more interest in Cuban
sugar at around these prices. The net result is an avdance
Closing prices:
in futures for the week of 20 to 25 points.
9 50®9..55
9 31@9.32|May
September --8.18@8.22l March
9./3@9.io
'July..
December .-8.78@8.82|
OILS Linseed quiet and lower. Carloads are quoted
by all crushers at $1.37, while smaller quantities can be had
loVsc;
at SI .40
Coeoanut oil, Ceylon bbls. 15M
3.15.
Lard, strained \\anter
Cochin 16c.; Olive $3.
$1.05; Newfomidland $1.05.
$1.42.
Cod, domest c $1.00
Common to good strained
Spirits of turpentine $1.56.
rosin $14.75.
active and steady; refined in bbls. 23.50
Gasoline
27c.
14.50c.; cases 26
24.50c.; bulk 13.50
in brisk demand at unchanged prices; steel bbls. 30c. consumers 32e.; gas machine 49c.
The Oil City Derrick states that Oklahoma's important
contribution to the news was an extension of the Wilcox
sand poo] in Okmulgee County and an important showing of
—
@
@
@
PETROLEUM
@
@
@
Okmulgee
and gas in a wildcat venture in Stephens Co
also furnished a well making 1,400 bbls. initial production
in the pool of Township 14-11, a section which has become
other completions were
of importance this year.
reported from this county, starting from 100 to 600 bbls.
The list of dry holes was "large and included wildcat failures
There seem
in Hughes, Haskell and Mclntoch Counties.
to be many wildcat operations going on in northern Texas.
$3 00
S3 63 Strawn
Pennsylvania
86 10 Indiana.
Thrall...
3 00
"^
4 25 Princeton
Corning
ZI
oil
.
Many
Cabell
4 17 Illinois
Somerset., 32 deg.
Plymouth
4 00 Kansas &
and above
Ragland
Wooster
North Lima
South Lima
3 77 Ileaklton
3 98 Moran
Henrietta
Okla-
2 75
3 00
3 00
3 50 Caddo, La liftht. 3 50
crude
2 50
3 00 Caddo,
4 05 Corsicana light. .
.S 40
3 73 Corsicana, heavy. 1 75 Da So(,o
3 50
3 73 Electra
2 35
homa
.
.
Aug. 28
THE CHRONICLE
1920.]
RUBBER
declined in sympathy with lower foreign marand a light demand. Smoked ribbed sheets sold at 31c.
October-December 34c. and January-March 37c. On the
Transactions have been
other hand offerings were not large.
limited to smal' quantities.
Paras dull and lower at 32 H'^for up-river fine.
Centrals were unchanged at 19c. for
kets
Corinto.
OCEAN FREIGHTS
more or
less
have in the main been quiet and
depressed.
Spot coal tonnage however, has
been in better demand it is stated at somewhat firmer
Cars are becoming more plentiful. In general
however business has been slow. Charters have been comparatively few.
Rates may not have been generally reduced; it would be too much to say that. But on general
cargoes lower than conference rates it is intimated have
now and then been accepted in order to fill out a cargo.
The United States Shipping Board has reduced rates to
$20 per ton from the Pacific Coast ports to the United
Kingdom. Some are therefore wondering whether this
action may not yet have the effect of stimulating shipments
Grain
of Canadian wheat by way of the Panama Canal.
ship
@FedFRASER