Full text of Commercial and Financial Chronicle : August 6, 1921, Vol. 113, No. 2928

View original document
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 113

NO. 2928

AUGUST (5 1921

t'libnutoi every Saturday morning by WILLIAM B. DANA COMPANY. Preeldent, Jacob Seibert Jr.; Vice-President, Arnold
Dana; Business Manager, William
1). Higgs; Secretary, Herbert D. Seibert. Address of all, Office of the Company.

CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 30
July.

W eek ending July 30.

Seven M on th s.

Clearings at—

1920.

1921.

I n c . or
D ec.

1921.

1920.

In c. or
D ec.

$
■'
S
$
%
%
New York.... .............. 15,355,229,490 19,832,301,200 — 2 2 .6 113,371,376,013 145,570,042,067 — 2 2 .1
Philadelphia’ ............ - 1,665,000.000 2,195,583,707 —24.2 11,909,229,473 14,773,319,250
19,4
a642.000.000
777,788,404 -1 7 ,4 «4,327,302,491
Pittsburgh__________
4,904,847,948 — 13.4
431,588,887 — 31.2 2,259,159,093 2,798,835,580 — 19.3
296,856,257
Baltimore___________
215,417,502 — 30.7
149,312,338
Buffalo ____________
1,062,895,865
1,338,018,615 —2 0 .6
75,616,642 — 7.2
70,151 691
Washington_________
502,075,321
533,622,824 — 5.9
21,800,555 — 16.9
18,111,248
Albany__ __ ______
133,401,335
148,956,050 — 10.4
35,765,024
Rochester___________
51,405,996 — 30.4
277,131,373
349,597,735 — 20.7
19,662,822
Scranton____________
22,833,846 — 13.9
153,929,568 — 8 .6
140,723,897
16,869,470
Syracuse ________ _
24,329,228 — 30.7
153,716,288 — 2 0 .6
122,020,076
9,390,354
13,474.521 — 30.3
Reading _. _ . ______
97,017,224 — 2 2 .1
75.577,616
14,660,554 — 31.5
10,040,342
Wilmington_________
109,745,183 — 34.3
72,054,146
10,294,566
24,614,546 — 33.8
Wheeling _ __ ____
133,279,389
164,909,926 — 19.2
11,382,016
Wilkes-Barre________
14,030,850 — 18.9
87,327,135 — 12.1
76,735,169
15,050,547
Trenton
. _______
18,429,773 — 18.3
115,115,065 — 9.2
104,540,480
15,098,993
Harrisburg
17,789,278 — 15.1
115,155,202
120,051,986 — 4.8
6,287,719
__ __
6,446,403 — 2.5
York __
39,946.428
48,070,456 — 16.9
12,543,422 — 26.5
9,223,537
Erie __ ____________
66,338,787
80,473,970 — 17.6
12,006,034 — 2 1 .1
9,470,597
Lancaster___ ______
79,810,364
97,092,479 — 17.S
4,384,194
7,063,523 — 37.9
Chester_________ ____
49,129,014 — 35.6
31,622,582
5.800.000
40,761,414 — 9.8
Greensburg_________
7,885,068 —26.4
36,785,095
4,259,0u7
5,739,900 — 25.8
27,979,347
Binghamton.
____
38,018,000 — 26.4
4.250.000
A ltoon a _________
5,241,808 — 18.9
30,697,-322 — 6 .2
28,783,080
2,729,485
3,862,959 — 29.3
25,042,434 — 19.6
Beaver County, Pa__
20,133,142
2,870,413
3,826,193 — 25.0
26,323,635 — 25.7
Norristown
19,564,600
1,144,262
Franklin
4.326,972 — 73.5
10,664,821
24,277,627 — 56.1
Frederick
2,625,490 — 27.4
15,374,873
1,906,250
18,447,853 — 16.7
1,816,534
Montclair___ _
2,385,738 — 23.9
17,395,666 — 21.7
13,625,725
4,457,754 — 17.5
Oranges
28,633,177 — 10.3
25,696,121
3,678,666
Hagerstown
3,573,843 — 19.1
23,773,208 — 17.2
2, 89,487
19.689,881
Bethlehem j
20,080.945 — 26.9
20,080,945
89,696,447
14,671,756
6,396,304
56,203,487 — 6~9
Huntington
8,227,079 — 22.3
52,305,186
19,317,671
28,568,502 — 32.4
*162,108,674 — 12.5
141,795,304
Camden
3.100.000
3,804,148 — 18.5
24,358,862 — 19 8
Lebanon
19,540,820
Niaeara Falls
28,453,229 + 0.03
4.000
000 4,442,924 — 10.0
28,462,225
Total Middle______ 18,439,739 344 23,878,693,255 — 22.7 135,360,775,929 172,328,312,950 — 21.4
2,049,434,791 2,853,489,463 — 28.2 15,135,104,267 19,355,917,040 — 2 1 .8
Chicago
_ ._
227,687,378
319,414,417 — 28.7
Cincinnati __ __ _
1,654,285,338 2,123,353,526 — 2 2 .1
638,371,026 — 44.2 2,912,955,493
356,073,451
Cleveland. ________
4,009,772,607 — 27.4
522,634,147 — 25.6 2,615,121,150 3,575,921,240 — 26.9
Detroit. _ _____ __
388,810,028
153,486,444 — 23.4
117,564,786
838,851,986
1,022,815,975 — 18.6
M ilw aukee________
67,220,000
87,586.000 — 23.2
433,695,000
Indianapolis__ _____
565,529,000 — 23.3
58,732,400
66,935,000 — 12.3
389,504,000
Columbus___ __ . .
432,009,600 — 9.8
49,567,192
67,632,315 — 26.7
Toledo _
354,134,218
______
466,111,526 — 24.0
14,322,726
115,526,684
24,985,836 — 42.7
178,817,677 — 35.4
Peoria
__ ________
30,052,794 — 21.9
23,452,558
Grand Rapids___ _.
162,415,078
212,660,038 — 23.6
2.5,909,343 — 29.8
121,363,814
Evansville _ ______
18,177,378
161,887,039 — 25.0
18,481.486
23,496,290 — 21.3
124,998,910
155,370,357 — 19.5
Dayton __
...
27,609,000
48,483,000 — 43.1 * 196,619.000
367,525,000 — 46.5
Akron
____ _
120,657,944
15,616,396
22,123,683 — 29.4
Youngstown
____
144,021,348 — 16.2
15,208,525
24,840,883 — 38.8
107,567,152
161,520,394 — 33.4
Canton
. __
10,337,458
10,274,783
+ 0 .6
75,552,130
83,172,651 — 9.2
Springfield. Ill---------8,041,851
8,954,872 — 1 0 .2
53,375,683
64,099,249 — 16.7
Fort Wayne.
__
6,506,222
12,673,400 — 48.7
56,807,021
Rockford __ _ _ _.
82,767 349 — 31.3
4 914,376
7,220,783 — 31.9
43,387,217
Lexington___________
81,467,716 — 43.1
— 1.2
8,262,945
8,361,041
71,854,395
South Bend________
58,323,165 + 23.2
8,631,187 — 15.7
44,701,034
57,395,335 — 2 2 .1
7,280,938
Springfield, O hio.. __
5,011,788
7,471,035 —32.9
42,649,686
Bloomington..............
62,591,109 — 31.9
4,930,429
7,137,597 — 30.9
41,381,895
61,975,453 — 33.2
Quincy_
_
________
5,208,912
8,327,577 — 37.5
37,841,986
52,380,961 —27.8
Mansfield_________ .
4,081,634
4,689,815 — 13.0
26,249,280
30,497,445 — 13.9
Danville. __________
5,317,099
7,909,537 — 32.8
Jackson
37,007,566
53,770,813 — 28.5
1,445,574
2,522,744 — 42.7
13,384,403
Owensboro--------------25,219,166 — 46.9
4,383,441 — 8.7
4,001,762
26,089,949
33,282,972 — 2 1 .6
_______
Lima.
7,751,000
8,557,777 — 9.4
48,607,000
58,068 220 — 16.3
Lansing
6,723,951 — 27.0
33,908,615
48,659,570 — 30.3
4 908,010
Decatur__ _________
10,560,775
1,529,121
2,702,946 — 43.4
Jacksonville, Iil__
19,221,675 — 45.1
6 588,175 — 31 7
Gary
4 500 000
41,143,741
38,447,878
— 6 6
11,360,892 — 41.1
6,687,419
41,956,317
Fl int.
87,115,157 — 51.8
2,692,265 — 10.3
16,993,633
2,416,625
18,002,113 — 5.6
Ann Arbor------- ----1,962,357 — 29.5
10,134,332
1,384,487
12,946,486 — 21.7
Lorain
805,954
1,250.100 — 35.5
5,957,570
9,650,046 — 38.3
Adrian - __
__ 666,224 — 21.4
3,694,239
New Albany
5,3 78,780 —28.7
523,947
9,912,424 — 43.3
46,885.684
Paducah
5 624,0 3
61,058,368 — 23.2
4,446,767 — 38.7
17,901,104
22+73,563 — 2 2 .1
Hamilton
2,724,828
26,888,868
3,437,342
4,113,556 — 16.4
29,738,505 — 9.6
Aurora
18,540,379
Terre F ante
T
9,747,371 Not included in total
Not included in total
Total Middle West.
San Francisco.______
Los Angeles_________
Seattle__ __________
Portland___ _______
Salt Lake City_______
Spokane____________
T a co m a ____________
Oakland. _____ —
Sacramento_ _______
San D ieg o____ ____
Pasadena........ ........
Stockton._____
Fresno.......... .
San Jose.
Boise
(;gden
■

Reno

I A m u Beach
J ■ Ji' IO
'

R 1veraide.
Eugene
Berkeley
Santa Barbara J
Modestof
Santa itosa
Bellingham f ___
Total Pacific

3.565,591,889 5,068,975,887 —29.7 26,157,938,294 34,091,931,975 — 23.3
697,500,000
337,506,000
170,892,198
157,540,239
70,264,572
52,327,427
22,008,072
47,431,3 J2
26,737,332
13,426,239
8,667,367
28,000,100
16,377,519
10,452,214
7 84] 759
7,4g i 24 1
6,419 M38
3,814,650
12,298,807
6 152 7J2
2 647 687
1 515127

514,400,000
332,929,000
116,696,421
107,852,881
47,773,140
40,289,130
13,407,292
42,758,333
22,777,550
11,421,842
12,884,760
18,558,900
13,575,553
7,207,949
4 000 000
6 0 J ■'•>/.
4 + 72,791
3,058,784
15,125,074
5 01 8 348

2324 055
i 097 605
1 f'Jift fifth
1

12

2,087,718
2 400 000
l 70 ..384
2 , 1 0 0 ,0 0 0

___

1 85

« c o n tin u e d

*

'26 065
n

066 (\!,f;

8,240,161
4 148 608
1,820+05
8,221,506
1,721,262,286

600

t Not Included In total; co nparlson Incomplete,

— 26.3
— 1.4
— 31.7
— 31.5
— 32.0
— 23.0
— 39.1
— 9.9
— 14.8
— 14.9
+ 48.7
— 33.7
— 17.1
— 81 .0
— 49 0

— jk 7
32.2
J9.8
+ 23.0
- 18 4

3,782,800,000
2,395,221,000
850,153 469
834,236,209
370,564,884
289,130,569
100,287,288
301,610,595
150,627,246
80,565,746
95,386,184
144,322,800
109,369,071
47,912,119
9.Q r, i ■ r><7
/
51 673 595
33,591,039
19,831,670
103,503,260

37 MY/ 9.09.
15 7 16 1
«3

11 8
27 6

k

994

535

n ft

- 6.3
4/ |

24,792,662
Ik 50k 605
11,120.776
14,064,324

6 .8

34.8

4,720,314,809
2,246,939,000
1 272,067,328
1,090,931,495
517,768,800
385,624,371
160,734,620
319,364,598
173,910,271
89,554,641
65,508,375
169,124,300
144,448,193
63,94.9,981
57 4 9 0 249
78 263 785
52.309,884
25,809,069
87,717,557
38 780 192
9.9. f',7 1 507
9 991 110
k5 0 12 (or.
7,002,310
4 148 603
*10,500,704
13,600,141

— 19.9
+ 6 .6
— 33.2
— 23.5
— 28.4
— 24.9
— 37.6
— 5.6
— 13.4
— 1 0 .0
+ 45.6
— 14.7
— 24.3
—25.1
—48 7
— 34 9
— 35.8
23.2
+ 18.0
- 43

»ph on page 601.

a Estimated.

Jnc. or
D ec.

1920.

$
S
3,301,662,132 4,123,765,98L
357,000,000 464,912,664
*141,600,000 171,480,603
94,604,549
65,300,987
43,651,323
31,866,130
13,148,014
15,650,090
3,686,372
3,515,500
6,203,610
9,114,301
4,014,523
4,626,330
4,018,889
3,049,127
2,559,991
1,926,219
2,444,497
3.078.977
5,330,401
3,338,985
2,464,922
2,686,317
4,280,544
3,045,221
3,724,599
3,800,000
1,222,074
1,082,581
2,551,509
1,793,098
2,467,476
2,052,527
1,118,514
1.427.978
1,722,975
938,232
846,152
1,119,900
1,157,808
93+02S

1919.

19X8.

S
$
%
— 19.9 4,750,847,62/ 3,366,37#,118
—23 A 413,010,647 387,697,787
-1 7 .4
135,823,965 124,786,129
70,277,438
94,637,226
—31.6
22,329,747
33,856,71f
— 27.0
11,848,983
14,251,071
— 16.0
4,500,000
— 4.7
5,138,928
8,587,917
8,444,554
— 31.9
3,246,284
— 13.2
4,264,186
— 24.1
5,000,000
3,915,239
— 24.7
2,562,036
2,165,876
4,016,095
3,567,422
— 2 0 .6
— 37.4
4,925,848
4,283,661
2,054,942
2,600,000
— 8.3
2,812,829
— 28.9
2 626,838
— 2 .0
1,379~6 76
— 11.4
1,221,419
2,028,777
— 29.7
2,080,091
2,362,200
— 16.8
2,285,106
1,611,644
1,202,729
— 2 1 .6
1 ,2 0 0 ,0 0 0
— 45.5
1,534,598
969,600
— 24.4
815,000
— 2 .2
836,956
961,638

<
3

425,554

528,972 — 19.5

2,850,809
1,254,988

366,082

3,915,020 — 25.7
1,659,137 — 24.4

351,566

3.957,597,955 4,975,020,085 — 20.5 5,491,324,266 4,030,337,319
— 2 2 .0
— 25.8
— 40.5
— 23.8
— 2 2 .0
— 31.1
— 14.2
— 16.3
— 44.8
— 18.9
— 0.4
— 6.9
— 33.9
— 12.3
— 32.1
— 29.7
— 13.9
— 32.5
— 32.1
— 4.0
— 31.8
— 19.6
— 19.3
— 38.0
— 6.4

589,559,355
56,043,877
103,290,928
92,679,714
27,224,033
17,209,000
16,214,000
13,793,952
4,521,553
6,226,709
4,752,117
4,354,368
10,980,000
5,097,544
2,692,320
2,948,110
1.523,786
2 , 1 0 0 ,0 0 0
1,350,000
1,521,365
1,513,192
1.582,377
1,643,207
1,143,835
764,513

508,021,226
57,122,6.08
86,828,272
60,152,961
26,214,065
20,936 000
12,407,500
10,052,740
3,913,804
5,719,134
4,735,589
3,675,478
5,096,000
2,882,0.99
2,250,489
3,315,946
1,363,972
1,644,821
1,150,000
1,044,114
1,096,060
1,283,1120
1,582,828
1,009,484
630,000

297,331
800,000
2,033,000
1,425,178
290,920

600,533 — 50.5
854,109 — 6.3
1,843,628 + 10.3
1,704,241 — 16.4
855,009 — 6 6 .0

708,319
1,150,332
1,440,241
1,470,076
829,462

848,129
779,566
1 ,0 0 0 ,0 0 0
1,246,018
865,687

416,478

546,287 — 23.8

396,538

302,602

153,790

212,882 — 27.7

78,000

117,114

785,145,538 1,045,606,469 — 24.9

976,252,823

829,187,630

— 26.1
— 0.1
— 25.5
— 24.8
— 40.3
— 14.4
— 400
— 0.4
— 14.3
— 9.0
+ 55.8
— 28.7
— 5.3
— 30.0

145,233,459
44,798,000
39,327.155
26,000,000
13,359,135
8,825,044
4,328,349
9,079,199
5,000,000
1,803,715
1,524,654
2,367,545
2,616,844
1,911,033

100,557,089
28,029,000
34,641,173
21,687,657
11,591,687
6,434,000
4,365,540
6,139,856
3,335,461
2,099,667
759,556
1,651,608
1,799,901
1,067,755

1,119,802 — 27.2
727,061 — 19.5
2,296,122 + 32.3

1 ,0 1 1 ,8 6 6

693,063
500,000
990,643

462,662,048
50,811,295
79,617,863
83,307,281
23,523,401
13,445,000
11,532,800
11,077,041
2,964,780
5,221,381
4,485,983
4,000,000
6,706,000
3,400,833
3,381,698
2,357,864
1,661,289
1,545,036
1 , 1 0 0 ,0 0 0
1,800,000
1,025,178
1,194,415
976,548
1,169,100
762,007

111,300,000
71,881,000
25,823,808
23,133,666
9,605,416
8,464,131
2.487,889
9 ,"676,644
4,669,014
2,050,894
2,540,298
3,965,200
2,829,184
1,750,000
814,140
585,000
3,037,285

593,435,084
68,488,086
133,819,424
109,309,638
30,166,755
19,513,000
13,453,600
13,230,715
5,368,793
6,438,942
4,501,393
4,297,682
10,139,000
3,878,740
4,977,084
3,354,505
1,930,220
2,288,756
1,620,000
1,875,079
1,503,656
1,486,095
1,210,615
1,887,916
814,402

150,700,000
71,945,000
34,677,339
30,760,034
16,093,021
9,883,163
4,148,487
9,714,890
5,446,690
2,252,034
1,030,492
5,559,700
2,987,933
2,500,000

600,000
719,579

—30 7
-— 7
17

1 C3
640,292
—

1 Incomplete.

755,060

_______

+ 5.3

11,889,763,0841

21 2

1921.

-1 5 .2
____

__

_ _

............... .........
| 285,253,861 | 353,197,738 | — 19.2
16 3
...............

______ _______ _____
—

310,505,579

226,243,050

56^

THE CHRONICLE

THE El SAX VIAL SITUATION.
This week’s di.scu.s8ion of tax matters in Con
gress makes it apparent that expectations of early
relief from the present burdensome taxes are likely
to he disappointed. The House Ways and. Means
Committee is struggling earnestly with the prob
lem. and Secretary of the Treasury Mellon has been
diligently at work seeking to aid the Committee in
its task, but little or no headway has been made
towards a solution of the question. The trouble is
that the expenses continue on a prodigious and au
inordinate scale, and that therefore too much
money has to be raised.
Public opinion has been rightly insistent on tax
revision. It is nearly three years since the conclu
sion of the Armistice, and yet the burden of taxa
tion lias not been lightened in the slightest degree.
It is clear, too, that there can be no material or sus
tained revival in trade— a revival for which the
whole community is praying— until the most oner
ous of the taxes, those which are weighing down in
dustry and enterprise, are lifted in whole or in
part. Yet the week’s developments have all tended
to show that the amount to be raised is so perfectly
enormous, that the tax burden as a whole cannot
be reduced. The best that can be done is to shift
the burden, and the leaders of the ruling party, in
order to fulfill the party’s promise of tax reform,
are therefore engaged in devising new forms of taxes
to compensate for the loss which will result from
the taking off of such taxes as they feel in duty
bound to remove.
Candor compels the statement that such an ar
rangement will not meet popular demands. The
public wants tax reform' and tax revision, but it
wants a revision downward, not a revision upward.
Tax reform of any other kind will be a farce and
will be resented. Secretary Mellon has presented
figures which show irrefutably that the amount to
be raised by taxation cannot be reduced; in fact,
that even under existing law no more than $4,217,643,000 can be safely counted upon during the cur
rent fiscal year, while the amount required will be
$4,554,012,817. This is really the crux of the whole
matter. Why not, therefore, face the situation, and
frankly admit that real, genuine tax revision, such
as the public demands— tax revision downward— is
not yet possible, and that further time must be
allowed to pass before any enduring revision of the
tax laws ean be undertaken ?
Secretary Mellon has given Congress plainly to
understand that the expenditures are excessive and
that responsibility for these expenses does not rest
with him. Inasmuch, however, as the legislative
body, in its desire to conform to the popular wish,
is arranging to take some taxes off, and substitute
items of taxes have to be provided, the Secretary
has undertaken to suggest substitutes, but the task
was beyond human ingenuity, and therefore the re
sult has not been happy.
One illustration will suffice. If there is any
direction in which relief must be provided, it is
from the income taxes. These are eating up the
country’s substance. The Secretary would take off
the excess profits tax on corporations, but would
increase the normal corporation tax 50%— that is,
would raise it from 10% to 15%. There would be
no relief in that at. all. It would be simply shift
ing the tax— a few corporations might be advan

[V ol. 113.

taged ; the bulk of them would be as badly off as
before, and some of them a good deal worse. Be
sides this 15% to be levied by the Federal Govern
ment, the State (here in New York) takes 4% % ,
making 19%% altogether. Chairman Fordney has
been telling the newspaper men that the new bill is
to stand for years. Think of a 20% tax to stand
for years! Then, also, we are told that letter pos
tage may have to be raised from 2 cents to 3 cents.
There is certainly nothing to commend in that. The
tax on ice cream and some other luxuries, on the
other hand, is to be taken off.
The gravest danger of all is that this tax problem
may be settled wrong and then “ stand for years.”
Why would it not be wise for President Harding
to do what he did with the soldiers’ bonus question
and frankly declare that as far as the income taxes
for the calendar year 1921 are concerned, no change
can be made, that in the next fiscal year, how
ever, there will be no repetition of the $545,000,000
payment to be made to the railroads the present
year, and also possibly a saving of the $200,000,000
allowed for the Shipping Board, and hence that
genuine revision of taxes in a downward direction
will have to be deferred so as to have it apply to
the calendar year 1922, when with the extra calls
referred to out of the way substantial reduction will
be possible and will be granted.
Bank clearings for July 1921 are in line with pre
ceding months in furnishing evidence of lessened
activity in business throughout the United States,
the falling off from the previous year being, of
course, accentuated by the great shrinkage in com
modity prices in the interim. To some extent the
decline in bank exchanges at New York and other
leading centres of the country is due to the lessened
volume of speculative transactions, and the* contrac
tion in other financial operations. Only a very few
cities show gains, and those are ascribable to lo
cally operating causes. With the business situation
as it is, more or less stress is observable in some
lines, with a resultant increase in the number of
commercial failures and a marked expansion in the
total of insolvent indebtedness, especially in manu
facturing branches— all of which has served to in
tensify the depression in trade.
Our statement of clearings for July, presented
elsewhere in this issue of the “ Chronicle,” includes
193 cities, and of these only 8 report totals greater
than in 1920, while at very many points the losses
are notably heavy. In fact, no less than 78 cities
exhibit decreases of over 30%, including among
them leading centres of business in all sections of
the country, such as Baltimore, Buffalo, Rochester,
Springfield (Mass.), and Worcester, in the East;
Cleveland, Peoria, Akron, Flint and Canton, in the
Middle W est; Kansas City, Omaha, St. Louis, St.
Joseph and Sioux City, further west; Seattle, Port
land and Tacoma, on the Pacific, and New Orleans,
Atlanta, Memphis, Richmond, Nashville, Norfolk,
Fort Worth and Dallas, at the South. The total
of all the cities for July at. $28,155,063,737 is nearly
2,000 millions under that for June, and compares
with $37,579,165,762 in July 1920, being a decline
in this last instance of 25.1%. Contrasted with 1919,
the falling off reaches 24.9%, and there is also
a small loss from 1918. At New York the loss
from a year ago is 22.6% and from two years ago
29.5%, while the aggregate for the remaining 192

A ug. 6 1921.]

THE CHRONICLE

cities runs behind last year by 27.9% and 1919 by
18.1%.
The exhibit for the seven months of the current
year, needless to say, is identical with that for July.
There is a decrease of 22.1% from 1920 at New York,
the total for the outside cities exhibits a falling off
of 24.1%,, and in the aggregate of all (193 cities) a
diminution of 23.0% is recorded. Most of the in
dividual cities, of course, show losses— in fact, all
but 11 of them. Analyzed by groups, the seven
months’ aggregates are all below those of 1920, New
England to the extent of 26.8%, the Middle (exclud
ing New York) 17.8% ,'the Middle W est 23.3%, the
Pacific Coast 16.3%, the South 30.1%, and the other
Western 31.8%.
Speculative transactions on the NeAv York Stock
Exchange in July were of much smaller volume than
in June, well below those of July a year ago, and
decidedly restricted as compared with 1919, when
the number of shares traded in had exceeded the
sales of any month back to but not including Janu
ary 1906. The dealings this year totaled 9,288,054
shares, against 12,541,922 shares last year, 34,502,242 shares in 1919, and only 8,449,888 shares in 1918.
For the seven months the sales have aggregated but
102,955,107 shares, against 137,739,888 shares and
175,836,328 shares, respectively, in 1920 and 1919.
Railroad and miscellaneous bonds were much more
freely dealt in than in the month of 1920, and oper
ations in State, city and foreign securities were a
little heavier, but in Liberty and Victory issues the
business was well under that of a year ago, the July
sales aggregating only 137% million dollars against
175% millions. The transactions in all classes of
bonds, however, were a little larger than a year ago.
For the seven months’ period since January 1, how
ever, the dealings at only 1,788% million dollars par
value compare with no less than 2,257% millions in
1920 and 1,879 millions in 1919. A t Boston, like
wise, the trading in stocks for the month was much
less active than last year, 163,167 shares contrasting
with 305,038 shares, and for the seven months the
comparison is between 2,017,811 shares and 3,539,760 shares. Chicago, too, reports a contracted total
for the month— 151,659 shares against 281,055
shares— and for the period since the first of Jan. 2,523,101 shares against 3,800,008 shares a year ago.
Canadian bank clearings, also, continue to show
a rather marked decrease at most points, reflecting
a smaller volume of business being done at lower
prices. The statement for July, which covers 26
cities, exhibits a diminution in the aggregate of
18.8% from 1920 and of 3.2% from 1919. On the
other hand, while the seven months’ total exhibits
a falling off of 11.5% from a year ago, there is a
gain of 14.1% over 1919. A ll the cities except W in
nipeg and Windsor report decreases from 1920.
Speculation, as in the United States, was much less
active in July, the sales of stocks on the Montreal
Stock Exchange having been only 91,954 shares,
the smallest monthly total since January 1919,
against 597,763 shares a year ago. The aggregate
for the seven months, moreover, at 1,405,908 shares,
is less than half that of 1920—2,828,872 shares.
The condition of the cotton crop on July 25 this
year, as made public by the Crop Reporting Board
of the Department of Agriculture Monday, was less
favorable, than had been quite generally expected,

563

and as a result its announcement was followed by a1
rise in values in the markets for the raw material.
The outlook now, according to the official prognos
tication, is for a crop not only close to a quarter of
a million bales less than had been foreshadowed by
the condition of June 25, but the smallest in twentyfive years— since 1896-97. In much the greatest
measure, of course, the decided decrease in the prob
able size of the yield, as compared with all recent
years, is due to the drastic cutting down of acreage
this spring, that action being prompted by the heavy
surplus stocks of American cotton. But it is to be
noted that never before at this date has condition/
ever been reported so low.
During the month ending July 25 (the date to
which this report is brought down) complaints, ac
cording to private advices and the weekly official
weather bulletin, were numerous concerning boll
weevil damage, although to some extent heavy rain
fall was commented upon as an unfavorable factor.
Now this official monthly report, referring to the
deterioration during July, says: “ Cotton suffered
more than the usual decline, being damaged par
ticularly by the boll weevil, especially in the newly
invaded territories in South Carolina, Eastern
Georgia, Southern and Eastern Oklahoma and
Southern Arkansas.
Damage from this insect
throughout the belt has been heavy, and the threat
of continued and increased damage is very serious.
In many sections it promises to take all new growth.
This condition results largely from the heavy June
rainfalls, which have also bleached out much of the
scanty supply of fertilizer and encouraged a heavy
growth of grass and weeds, which is exhausting
much of what remains. Farmers are unable to give
a final dressing of fertilizer, in most instances, as
has been the custom. Through most of the belt the
present condition of the plant is unpromising since
it is placed on the one hand in danger of drouth, and
on the other, increased damage from the boll Wee
vil. Conditions are favorable only in the fringes
of the belt in Western Texas, Western Oklahoma,
along the Mississippi River, from Northern Missis
sippi through Tennessee and into Missouri, in V ir
ginia, North Carolina, northern portion of South
Carolina and in the delta section of Mississippi,
where the plants are well rooted and sturdy, with a
good set of first crop bolls.” A very poor crop pros
pect.
The August 1 report makes the average condition
of the crop on the 25th of July 64.7 of a normal, or
4.5 points below the status on June 25, and 10.7
points below the ten-year average. Comparison is
with 74.1 last year, 67.1 two years ago, 73.6 three
years ago, and a ten-year average of 75.4. Improve
ment during the month occurred in North Carolina,
Mississippi, Arizona and California, but deteriora
tion was quite general in localities of greatest pro
duction, and especially heavy in Texas. As con
trasted with 1920, condition is, as a rule, much low
er, the decline in Oklahoma reaching 17 points,
South Carolina 15, Texas and Louisiana 12, and
Georgia and Alabama 9. The Board interprets its fig
ures as foreshadowing a yield of approximately 148
lbs. lint per acre, or an aggregate crop of 8,203,000
bales, not including linters, allowing 1% for aban
donment of area, and saying the production will be
above or below that figure, according as future con
ditions are better or worse than the average. This
estimate compares with 13,365,754 bales, the final’

THE h h h o n i c l k

[V ol.

113.

estimate of yield last year, 11,120,763 bales two
Affairs in Russia continue to attract much atten
years ago, 12,010,532 three years ago, totals a little tion. Secretary of State Hughes, in reply to an
over 11 million bales iu each of the three preceding appeal from Maxim Gorky for help, stipulated that
years, the record aggregate of 16,131,030 bales in all Americans imprisoned by the Soviet Govern
1011-15 and 8,532,705 bales (including linters) in ment must be released before Secretary of Com
1806-07.
merce Hoover would take any steps to help feed the
millions reported to be starving. Word Avas re
After having urged a preliminary conference ceived iii Washington that this stipulation would!
practically ever since President Harding issued his be met. Mrs. Marguerite E. Harrison, of Baltimore,,
informal invitations for a disarmament conference was the first to be set free She had spent many
in Washington— preferably November 11, the an months in prison in Moscow and was taken to Riga
niversary of Armistice Day— the British Govern by Senator France of Maryland. Mr. Hoover, act
ment is reported to have abandoned the idea of the ing as chief of the American Relief Administration,
preliminary gathering. Its changed policy was out early in the week cabled Walter Lyman Brown, di
lined in an Associated Press dispatch from London rector for Europe of tlie Administration, requesting
Tuesday evening. It said: “ Great Britain has him to proceed “ at once” to Riga to make arrange
dropped the proposal to hold a preliminary confer ments Avith the Russian authorities for the sending
ence on Pacific questions and has agreed to partici of food. Word came from London Tuesday ev e n in g
pate iu the Washington conference as originally that Mr. Brown would leave yesterday. He will
suggested by President Harding, according to offi negotiate a written agreement with the Soviet Gov
cial circles here to-day. This decision was reached ernment.
after an exchange of conversations between London
A special European correspondent of the New
and Washington. Great Britain has also agreed to York “ Times” interviewed United States Senator
the original date suggested, November 11, the anni France in Riga the day after he arrived there from
The Senator began his interview by
versary of Armistice Day, if President Harding still Russia.
considers that the most suitable time, and will enter saying that “ Russia is reverting to ‘capitalism’ in
the conference without any reservations as to the evitably, by the play of resistless natural forces.
set program. Doubt is expressed whether Premier The Bolshevist leaders, far from attempting to im
Hughes of Australia and Premier Massey of New pede the process, recognize its inevitability and are
Zealand will be able to attend, but they will, it is framing their laws accordingly. The revolution it
said, be represented by a British deputation. The self was not the outcome of Communist action, but
attendance of Mr. Lloyd George, the Prime Minis the result of the same natural forces which are now
ter, also depends upon circumstances, it was stated.’' swinging the pendulum back from communism to
The foregoing information was confirmed in official capitalism.” The Senator Avas inclined to believe
dispatches received at Washington a little later. that the political effect of the famine on the Lenin
Dispatches from London on Wednesday stated that Government would be favorable rather than other“ Lloyd George has abandoned his plan of taking a Avise. On this idea he was quoted in part as follo A v s:
vacation on the Continent and will pass late August “ The famine has brought about something like a
and September in Scotland, leaving for the United truce of parties in Russia. Men of all classes and
beliefs are coming together to fight the common
States at the end of October.”
In the House of Commons on Wednesday, Col. disaster. Thus the recently formed relief commit
Amery, Financial Secretary of the Admiralty, ex tee included representatives even of the irreconcilplained the Admiralty’s policy. In a word, it calls ables. Already they are Avorking in unity for the
for the laying down of four capital ships, not for general benefit, and that cannot fail to remove ill“ competition or challenge, but simply for the re feeling and heal old sores on both sides.”
The correspondent in Riga of the Philadelphia
placement of obsolete ships.” He declared that
“ Great Britain’s small program could not affect in “ Public Ledger” cabled that upon his return to
any way the program before the Washington confer America Senator France “ will advocate as a meas
ence. Britain depended still on the high moral and ure for relief of famine-stricken Russians and also
professional efficiency of the personnel of the navy, for the restoration of Russia to the economic family
‘but we cannot sustain that efficiency indefinitely of nations, with its incidental relief to a hungering
world’s business, the grant of a huge credit loan to
on obsolete material.’ ”
Announcement was made in a London cablegram the Soviet Government for the purpose of food and
This correspondent said that the
yesterday morning that “ Ambassador Harvey and a machinery.”
small staff will leave for Paris Saturday [to-day] Maryland Senator’s “ estimate of the loan required
to attend the meeting of the Allied Supreme Coun is, roughly, about |2,000,000,000 as a minimum, or
cil which opens there next Monday. The formal perhaps double that sum, to put Russia Avell on its
invitation for an American representative to attend economic feet. He believes credits could be granted
the meeting was presented to the American Embassy on a sort of receivership loan issued by the Russian
here by Col. de St. Alaire, French Ambassador in GoArernment, taking precedence over all other obli
London.” According to an Associated Press dis gations, past or future, and placed not Avith Govern
patch from Paris yesterday morning, “ there are ments, but directly with banks and business men
prospects that the meeting of the Allied Supreme desiring to do business with a ‘re-born Russia.’ ”
Monday morning the NeAV York “ Herald” printed
Council will develop into a miniature peace confer
ence, with eight or nine different countries repre a long cable dispatch from its correspondent in
sented at various stages of the proceedings. The Reval regarding food conditions in Russia. He as
status of the Belgian delegation has not yet been serted that “ the Letts Avho settled in Siberia are
fixed, but it is certain that Belgian delegates will trying to escape from the famine there, but few
participate during the discussions on reparations have succeeded. These few report that famine also
threatens Siberia, as OAving to the drought the barand the Leipzig trials.”

A ug. G 1921.]

THE CHRONICLE

vest is burnt and the forests and steppes are ablaze.”
Continuing bis account lie said that “ the price of
flour is prohibitive. Millions of people are now in
the bread-line, compared with 35,000 last March.
Bread is dearer in the Governments of Perm, H ie liabinsk and Viatka than in Moscow.” Commissar
Kameneff is reported to have told the Council of Na
tional Commissars in Moscow that “ we are unable to
feed our 140,000 Moscow workmen, let alone 25,000,000 peasants.” Lenin’s newspaper was quoted as
having said that “ we must mobilize to fight the
famine.” The correspondent also announced that
“ Esthonia has formed a special commission to help
famine-stricken Russia. It includes the Ministers of
the Interior, Industry, Commerce and Foreign A f
fairs. The Esthonian Government began sending
food Wednesday to the starving. Students in sev
eral foreign countries have asked Esthonia to act
as intermediary in sending help to Russia.” He
asserted that “ the cholera is worse on the Volga,
where there are 7,000 cases in Saratoff alone.”
This was followed Tuesday morning by a long
cablegram from the Riga correspondent of the New
York “ Times” in which he said that “ an appalling
picture of famine, pestilence and despair is revealed
in the latest news from the interior of Russia. At
a conservative estimate 20,000,000 people seem
doomed to death. Some reports place the figures
as high as 35,000,000 or 40,000,000.” Explaining
the situation still further, according to his infor
mation, the “ Times” correspondent said: “ The
Soviet Government appears to be doing its.utmost to
aid the sufferers, but it is faced with two difficul
ties almost equally insurmountable. The first is
that it is next to impossible to requisition food from
the unafflicted areas. Each village, each farm 'n
Russia to-day has become an independent State,
determined to defend its possessions, whether land
or food, to the death. In the areas around the cities,
where the Soviet authority is relatively strong, local
food supplies are requisitioned for the urban popu
lation. Where there is no central city the Soviets
are powerless to carry out the requisitions. The
second and even greater difficulty is transport, ow
ing to the distances involved, the lack of mechanical
transport and the elimination through famine of
animal transport. Even in the famine of 1905, when
the area affected was scarcely one-twentieth of that
stricken to-day, the Czar’s Government had immense
difficulty in distributing food, although the sur
rounding Governments were glutted with grain.
Now, with the existing means of distribution, it is
frankly impossible.” The Berlin correspondent of
the “ Times” cabled at the same time that “ a report
reaching Berlin from Russia suggests that the Rus
sian masses in that country are nearing the point of
revolt.” He added that “ stories of barbaric mani
festations of peasant superstitions in the cholerainfected villages of the Volga come, in reports of
eye-witnesses to Berlin. One report says: ‘The
superstitions are taking the maddest forms. The
peasants see an evil spirit in injections and other
sanitary measures. They do everything possible to
resist vaccination. The sick are secreted and the
dead secretly buried at night. The rumor has spread
among the peasantry that the Bolsheviki have given
orders already to torture to death the sick in cholera
barracks. A t night peasant women plow a furrow
around their village, muttering incantations. Then
bonfires are built and the women leap over the bon

505

fires naked, in the firm belief that cholera can’ t pass
over the fire nor enter the village, over the plowed
furrow. The men chant religious songs.’ ”
That the Hoviet Government is planning to do
what it can to secure a better wheat harvest in the
Volga provinces next year is indicated by an Asso
ciated Press dispatch from Riga. It said that “ in
order to accomplish this end 12,000,000 poods [a
pood is about thirty-six pounds] of grain for winter
sowing must be delivered at the latest by Kept. 1.
To-day will begin the difficult task of collecting the
national tax, which will be the main source for ob
taining grain, and on its success will depend the sal
vation of the most fertile grain belt in Russia. The
area where crops have proved a failure was expected
to furnish 00,000,000 poods of the Government’s
240,000,000 requirements by collecting the natural
tax, hence the scale of taxation will be raised in the
fruitful provinces. Migration taxation will be
raised in the fruitful provinces. Migration of peas
ants from the famine districts, except where it is
organized by the Government, has been prohibited
by an edict of the famine committee, according to
the Moscow ‘Pravda’.”
Alexander Kerensky, former Russian Premier,
was quoted in Paris as declaring that “ Russia in the
fourth year of the Bolshevist regime is more like
the Muscovite Russia of 1613, than imperialist Rus
sia, even at the beginning of the nineteenth cen
tury. He is certain that without the methodical
help of an international organization Russia can
not live through its ruin.”
Cabling from Reval on Wednesday the corre
spondent of the New York “ Herald” said in part:
“ The whole Russian Bolshevist organization, both
civil and military, has turned out to fight the fa
mine in Russia. The Non-Partisans’ Non-Political
Famine Relief Committee, of which Leo Kameneff,
President of the Moscow Soviet, is the head, is sit
ting day and night. At the same time Gregory
Krassin has asked that the Salvation Army and
other philanthropic organizations abroad be allowed
to assist in the famine relief work.” This dispatch
was followed by another from the same centre
which stated that “ an international committee has
been organized here to render relief to the starving
of Russia. This committee, with the International
Red Cross organization in Riga, which is looking
after the transport to Russia of former prisoners
of war, will maintain relations with regard to re
lief work between Moscow and Western Europe, it
is announced.”
Unofficial reports were said to have been re
ceived in Riga Wednesday by the Bolshevist Lega
tion Press Bureau that “ American prisoners in
Russia have been released from confinement.” It
was added in a dispatch from Riga Thursday morn
ing that details were lacking. The Paris corre
spondent of the New York “ Tribune” cabled at the
same time that the Premiers, at the meeting of the
Allied Supreme Council next week, “ will enter upon
their discussion with an entirely new view of Rus
sia’s future.” He also asserted that “ this involves
the death of the Bolshevik Government and the es
tablishment of a more stable regime with which open
international relations may be again resumed.”
Thursday evening the London correspondent of the
Philadelphia “ Public Ledger,” said that “ reliable
information that has reached here from Moscow via
Riga, Reval, Kovno and Helsingfors, clearly shows

56ti

THE CHRONICLE

that the Soviet Government realizes the end is near
because of famine, the complete collapse of eco
nomic and industrial life, and the demoralization
and dissatisfaction of the people and is taking des
perate measures to keep itself in power a few
months longer.”
('able advices from Riga yesterday morning
stated that “ rumors of great disorders in Russia,
owing to the migration of peasants from the faminestricken regions are denied in a note issued by M.
Tehiteherin, the Bolshevik Foreign Minister, to all
countries. In the note M. Tehiteherin gives thanks
for offers of aid and says he will attempt to explain
the situation fully and state the exact needs in
Russia, as far as is possible.” One correspondent
at that centre said that “ the Foreign Minister places
at 10,000,000 the number of inhabitants of the re
gions to which the crop failure is confined. These
regions embrace Astrakhan, Tzaritsin, Saratov, the
German Volga Commune, Samara, Simbirsk, the
Tartar and Tchuvash territories and some districts
of Urfa and Viatka. In these regions, he says, the
crops either have been completely destroyed or will
yield only from 10 to 12% of normal. To feed the
people on half rations 41,000,000 poods of grain will
be required, while seed necessary to prevent a repe
tition of the famine next year will aggregate 15,000,000 poods.” It was reported in a dispatch from
Riga last evening that “ the Russian committee for
famine relief, which will conduct negotiations with
Walter Lyman Brown here next week, has decided
to establish permanent foreign headquarters in Lon
don, whence delegations will be sent to the United
States and European States to co-operate in estab
lishing outside relief.”
A week ago yesterday afternoon Premier Briand
of France sent a reply to the latest British note
relative to the policy to be adopted in dealing with
the Upper Silesian situation. According to a Paris
dispatch to the New York “ Herald,” the reply was
dispatched “ following a special Cabinet session, at
Avhich the Premier’s policy was ratified in detail.
It calls upon the British first to join the new appli
cation to Berlin, insisting that Germany eventually
must grant permission to Allied or French troops
to cross German territory in going to Silesia, and
declares that it must be agreed that the question of
sending reinforcements to Silesia will be the first
on the agenda of the proposed Supreme Council
meeting.” The correspondent also asserted that
“ French high officials insisted that Premier Briand
has full authority to stick to his guns on these prem
ises, and unless the British acceptance is unequivo
cal there can be no meeting of the Supreme Coun
cil.”
The British Government sent a reply which the
French regarded as a victory for themselves.
It
became known that both sides had agreed that the
next session of the Allied Supreme Council would
be held in Paris on Aug. S. Premier Lloyd George,
in announcing this fact in the House of Commons
on Monday, “ stated that the first item on the agenda
would be to decide whether reinforcements were
needed in the plebiscite area, pending announce
ment of the adjudication on the whole plebiscite
issue.” He added that “ throughout the recent dis
cussions with France, Great Britain had been
guided solely by the desire to secure a just solution
of the Upper Silesian issue in accordance with the

[Vol. 113.

result of the plebiscite.” Replying to a question, he
asserted that “ it is the business of the British Gov
ernment to see that the Poles and Germans alike
get a perfectly straight deal.” His statements were
said to have been received with cheers. Announce
ment was made that the British Premier, Lord Curzon, Secretary of Foreign Affairs, “ and other offi
cials of the Foreign Office will leave London Sun
day for the meeting. Premier Bonomi of Italy and
Marquis della Toretta, Italian Minister of Foreign
Affairs, also will be present.” The latest advices
at that time regarding the Upper Silesian situation
stated that it was “ quiet.”
Col. E. M. House, in discussing that situation in
a cablegram to the Philadelphia “ Public Ledger,”
said that “ two suggestions are being made which
may or may not be brought forward.” He said that
“ one is that President Harding instruct Ambassador
Harvey to sit in the Supreme Council as an active
participant. If that is not done, France and Great
Britain might well jointly ask him to act as arbitra
tor. His decision, no matter what it might be,
would rescue both Governments from their present
dilemma. They could not be censured for using this
method to bring about a settlement, for they would
be fully warranted in taking such action because of
the seriousness of the situation. In the event Col.
Harvey’s decision was not accepted by Germany or
Poland, the United States might feel under moral
obligation to help enforce it. That, however, is a
remote contingency. The other suggestion being
made is that Germany and Poland should be asked
to try to settle their differences without outside in
terference. There are Poles and Germans who be
lieve this could be done, and that it would be the
most effective way to bring about permanent peace.
Poland and Germany need> one another and they
should be friends. Europe has learned the ways o f
war better than those of peace. She might profit
ably turn to the Americas and emulate something
of the spirit which has made the thought of Avar
between us a remote and almost impossible
thing.”
The London correspondent of the New York
“ Herald,” in attempting to forecast the meeting of
the Allied Supreme Council, which is called for
next Monday, said in part: “With a definite an
nouncement that the Prime Minister, Mr. Lloyd
George, and Lord Curzon, Secretary of State for For
eign Affairs, are going to Paris Sunday, the scope
of the meeting of the Allied Supreme Council is
beginning to expand. Ambassador George Harvey
will be present as an observer, for the first time at
a Supreme Council meeting, and it now seems cer
tain that not only the Upper Silesian question, but
also those relating to the Near East, to Russia, to
the trials of the German war guilty at Leipzic and
the distribution of the reparations money already
paid by Germany may be discussed. Consequently
it is believed here that the session of the Council
will last for a week and possibly longer. There is
here a distinct air of optimism in connection with
all the items of the agenda, the first of Avhich will
be the question of whether the Allied troops in the
Upper Silesian plebiscite area need reinforcement.”
Through an Associated Press dispatch from Paris
it was reported that “ the future of Albania prob
ably will be added to the rest of the Allied Supreme
Council.” The correspondent added that “ Jugo
slavia and Greece are both expected to ask the So-

A ug. 0 1921.]

THE CHRONICLE

preme Council for rectification of the Albanian
frontiers in their favor.”
There is said to have been considerable impa
tience on the part of members of the House of Com
mons over the “ continued secrecy in Irish affairs.”
The understanding in London has been that “ Eamonn de Valera has consulted practically all of his
colleagues of Dail Eireann, as well as many local
leaders of the Sinn Fein. All that remains to be
done is to lay the proposals before a full meeting
of Dail Eireann.” Premier Lloyd George and he
are reported “ to have been in frequent communica
tion on minor points, the messengers being trusted
lieutenants who go and come quietly without recog
nition.” One correspondent added that “ much is
hoped for from Sir James Craig’s visit to London
to morrow” [W ednesday]. In a dispatch from Dub
lin that afternoon it was asserted that “ the sole
reason for the delay in the Sinn Fein’s reply to the
Government’s Irish peace proposals, it is authori
tatively stated, is the attempt being made to secure
the adhesion of Ulster to the peace plan before re
turning to negotiations with Premier Lloyd George,
so that he may be met by a united Ireland. It is
felt that there is no use even to consider the terms
until it is settled who are the real parties to the
bargain.”
Contrary to this understanding of the situation
came a dispatch from London Thursday evening
which said that “ the Irish situation took a sensa
tional turn to-day when it was announced in Dublin
that Eamonn de Valera and his associates had de
cided to summon a full meeting of the Irish Repub
lican Parliament to consider the British Govern
ment’s Irish peace proposals.” This announcement
was confirmed and took more definite form yester
day morning, when it became known here through
London dispatches that “ a summons has been issued
for all members of the Dail Eireann to attend a
special meeting in Dublin on Tuesday, Aug. 16, to
discuss the proposals submitted by Lloyd George to
De Valera, and which the Irish leaders have been
considering for more than two weeks. Some 25
members of the Irish Parliament are now in jails
and internment camps, but these likewise were noti
fied, and it is probable that they will be released
unconditionally in order to participate in the con
ference.” In one cablegram it was stated that “ Sir
Nevil Macready, commander-in-chief of the Crown
forces in Ireland, went to Dublin after conferring
with Premier Lloyd George, and it is confidently
believed that he has the authority to free these
members” ; also that “ Sir James Craig, Premier of
Ulster, returned to Belfast from . London and im
mediately called a Cabinet meeting. It is reported
that a statement soon will be issued defining Ul
ster’s attitude toward the peace movement. From
official circles it is learned that Sir James is in
clined to return to London for a general conference.”
Announcement was made in London yesterday a f
ternoon that another meeting of the Ulster Cabinet
had been called “ to discuss the Irish peace negotia
tions, although it is reiterated in Belfast that no
message has been received there from Eamonn de
Valera.”

56 7

time the former read a statement in the House of
Commons, which the Premier said was authorized
by King George, and in which assertions said to
have been made by Northcliffe in the course of an
interview in New York were characterized by the
King as “ complete fabrications.” The British pub
lisher cabled from Washington to Lord Stamfordham, the King’s private secretary, a. positive denial
of having made the statements, or of having given
the interview in which they were reported to have
appeared. It developed later that Mr. Wickham
Steed, editor of the London “ Times,” and who is
traveling with Lord Northcliffe until he takes the
steamer at Vancouver for the Far East, gave an
interview to the New York “ Times” in which he was
credited with having said the things that were
cabled to some of Lord North cliff e’s papers as hav
ing come from him. Mr. Steed declared that he
had been misquoted. The whole trouble arose over
the repetition by Mr. Steed of an alleged interview
between the British King and Premier. The former
was represented as having said to the latter: “ Are
you going to shoot all the people in Ireland?” The
Premier was made to reply: “ No, Your Majesty.”
Thereupon the King was represented by Editor Steed
as having retorted: “ Well, then, you must come to
some agreement with them. This thing can’t go
on. I can’t have my people killed in this manner.”
The reading in the House of Commons by the Pre
mier of the statement authorized by the King re
sulted in several speeches by members commenda
tory of their monarch’s action.
Official discount rates at leading European centres
continue to be quoted at 5% in Berlin and Belgium,
5 % % in Paris and London; 6% in Rome, Denmark,
Sweden, Norway and Madrid, and
in Holland
and Switzerland. Private discounts in London were
again lowered fractionally and short bills are now
quoted at 4 7-16%, against 4 % % , and three months’
bills 4 9-16%, against 4 % % last week. Money on call
in London is quoted at 3 % % , against
a week
ago. Open market discounts in Paris for long
and short bills are quoted at about 5 % , and on
Switzerland 4 % . No reports have been received
by cable of open market rates at other centres, so
far as we have been able to ascertain.

A further small increase in gold holdings was
reported by the Bank of England in its weekly state
ment, amounting to £12,398, although total reserve,
because of the continued expansion in note circula
tion, fell off £403,000. In round numbers the addi
tion to note circulation amounted to £416,000.
Moreover, the proportion of reserve to liabilities was
lowered to 14.50%, in comparison with 15.21% a
week ago and 10.20% last year. Increases were
shown in the deposit terns— in public deposits £944,000, and other deposits £2,275,000. Loans on
Government securities expanded £4,408,000, but
loans on other securities were reduced £719,000.
Gold stocks aggregated £128,382,461. A year ago
they stood at £123,108,175 and in 1919 £88,312,052.
Reserves total £18,133,000, as against £15,069,100
in 1920 and £26,633,982 a year earlier. Loans on
other securities amount to £77,282,000, which com
pares with £74,788,565 last year and £80,493,213 in
The long-standing political feud between Premier 1919. Note circulation stands at £128,699,000, in
Lloyd George and Lord Northcliffe assumed dra comparison with £126,489,075 and £80,128,000 one
matic proportions a week ago yesterday. A t that and two years ago, respectively. Clearings through

508

THE CHRONICLE

the London banks for the week were £637,551,000,
comparing with £688,298,000 a year ago. The
Bank’s official discount rate continues to be quoted
at 5V^%, unchanged. We append herewith a tabular
statement of comparisons of the leading items of
the Bank of England return:
BANK O f E N G L A N D ’S COM PARATIVE ST A T E M E N T .
1921
1920.
.lu g, 3.
Aug. 4.
£
£
Circulation
128,090.000 120,489,075
Public duiHWUs.
10,317,000 17,462,451
o ilie r cleuotilis.
108,710,000 130,085,798
G overnm ent seeur's 17,597,000 76,265,940
Other gecuritiee
77,282,000 74,788,505
Reserve notes 4 coin 18,133,000 15,069,100
C oin and bullion . 128,382.461 123,108,175
P roportion ol reserve
to liabilities.
14.50%
10.20%
Bank rate.
S ’4 %
7%

1919.
1918.
1917.
Aug. 6.
Aug. 7.
Aug. 8.
£
£
£
80,128,070 56,777,030 40,306,310
22,934,735 39,878,383 47,465,392
09,844,674 132,762.292 130,423,683
33,675,356 57,855,332 56,558,628
80,493,213 103,193,758 107,917,718
26,633,982 29,624,305 31,477,938
88,312,052 67,952,235 53,394,248
21-70%
5%

17.16%
5%

17.69%
5%

The Bank of France in its weekly statement reports
a further small gain of 210,000 francs in its gold item
this week. The Bank’s aggregate gold holdings now
stand at 5,521,285,750 francs, comparing with
5,589,479,979 francs at this time last year and with
5,567,648,910 francs the year previous; of these
amounts 1,948,367,056 francs were held abroad in
1921 and 1,978,278,416 francs in both 1920 and
1919. During the week silver gained 250,000 francs,
bills discounted rose 220,275,000 francs, and Treasury
deposits were augmented by 14,020,000 francs.
Advances, on the other hand, fell off 9,180,000
francs, while general deposits were reduced 440,492,000 francs. Note circulation took an unfavorable
turn, an expansion of 423,146,000 francs being
recorded. This brings the total outstanding up to
37,364,596,000 francs, contrasting with 38,213,359,530 francs on the corresponding date last year and
with 35,258,464,680 francs in 1919. Just prior to
the outbreak of war in 1914, the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week’s return with the statement of
last week and corresponding dates in 1920 and 1919
are as follows:
B A N K O F F R A N C E ’ S C O M P A R A T IV E S T A T E M E N T .
Changes
---------------------------Status as o f------------------------—
fo r W eek.
Aug. 4 1921.
A ug. 5 1920.
A ug. 7 1919
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France__________In c.
210,000 3,572,918,694 3,611,201,563 3,589,370,494
A b roa d ____________
N o change 1,948,367,056 1,978,278,416 1,978,278,416
T o t a l __________ Inc.
210,000 5,521,285,750 5,589,479,979 5,567,648,910
S ilv e r .........................Inc.
250,000
275,535,495
247,980,869
298,860,263
.Bills discounted . . . I n c . 220,275,000 2,9S9,636,208 2,360,512,967
923,410,199
A d vances_________ D e c.
9,180,000 2,170,935,000 1,934,309,464 1,284,874,0S9
N ote circu la tion .__In c.423,146,000 37,364,596,000 38,213,359,530 35,258,464,680
Treasury deposits .I n c . 14,020,000
36,285,000
56,973,959
87,040,895
General d e p o sits.. D e c 440,492,000 2,788,876 000 3,235,152,360 2,865,143,879

From the Federal Reserve Bank statement, issued
at the close of business on Thursday, it will be seen
that while there was an increase in gold reserves for
the combined system of $21,000,000, the New York
bank reported a loss of vabout $49,000,000, thus
showing that interior banks had been drawing on the
local institution. Bill holdings, however, continue
to recede and the total is now $1,647,579,000, against
$1,669,920,000 a week earlier and $2,889,223,000
last year. Total earning assets were likewise reduced
— $16,000,000— but deposits gained $10,000,000.
The ratio of cash reserves is slightly higher, advancing
from 63.4% to 63.7%. The New York Bank, on the
other hand, showed an increase in its bill holdings
amounting to $24,000,000. Deposits were cut $23,000,000, but this was more than offset by the heavy
loss in gold and the reserve ratio fell 3 points, to 69.2,
against 72.2 the preceding week. The outstanding
Federal Reserve note circulation for the twelve banks

[V ol.

113.

combined was further reduced $1,000,000, but at
New York there was an increase of about $3,500,000.
A feature of more than usual interest in last Satur
day’s statement of New York Associated banks and
trust companies was the fact that surplus declined
nearly $20,000,000 at the same time that call money
went down to the lowest level in nearly two years,
namely 3}^ % . Before the inauguration of the Fed
eral Reserve System such a change would have been
taken as an indication of severe stringency, but as
matters now stand it was accepted as meaning merely
a drawing down of reserve credits at the Reserve
institution, and sure to be readjusted in the course of
a week or so. Other changes were relatively unim
portant. Loans fell off $31,171,000. Net demand
deposits were cut $10,958,000, to $3,638,082,000,
which is exclusive of Government deposits of $43,717,000, a further decrease in the latter item of $9,932,000 for the week. In net time deposits there was
an increase of $617,000, to $211,526,000. Declines
were reported in cash in own vaults of members of the
Federal Reserve Bank, $3,300,000, to $71,683,000
(not counted as reserve), $293,000 in the reserves in
vault of State banks and trust companies, and
$20,839,000 in reserves of member banks with the
Federal Reserve Bank. Reserves of State banks
and trust companies kept in other depositories showed
a small increase, viz.: $130,000. Aggregate reserves
were reduced $21,002,000, while as shown above,
there was a loss in surplus of $19,616,410, which not
only eliminated all excess reserves on hand but re
sulted in a deficit of $13,321,120. However, bankers
showed no concern over the matter, regarding it as
little more than a bookkeeping transaction. The
above figures for surplus are based on reserves above
legal requirements of 13% for member banks of the
Federal Reserve System but do not include cash in
vault amounting to $71,683,000 held by these banks
on Saturday last.
The money market at this centre has moved in
just the opposite direction from that of last week.
The trend has been upward without interruption.
Yesterday the renewal rate for call loans was 6% .
That was the highest for the week. The business of
the day was done at that figure. Last week there
were a few small loans of 60-day money at 5 M % and
some loans were arranged for a 75-day period at
5J^%. These quotations were not obtainable this
week. Yesterday the banks held at 6% for all
periods. Borrowers reported some difficulty in
arranging their day-to-day loans at that rate. The
offerings of time money were limited also. It has not
been possible to get a very satisfactory explanation
of the firmness of the money market this week.
Bankers very generally say, however, that the quo
tations prevailing late last week were abnormal and
should not be regarded as an accurate indication of
the actual money position in this country. The
Government withdrawals were not large. The fact
that the offering of $300,000,000 Treasury certificates
recently made was more than three times over
subscribed and that New York alone contributed
more than half of the total subscriptions seemed to
show conclusively that there is an abundance of
funds in the LTnited States seeking investment.
Further confirmation of this supposition may be
found in the excellent demand for bonds of many
classes that has existed for several weeks.
Ibis

5(>9

THE CHRONICLE

A ug. 6 1921.]

demand has shown no sign of abatement. The latter the various classes of paper at the different Reserve
statement applies equally to the issues dealt in regu banks:
D ISC O U N T R A T E S OK T H E F E D E R A L R E SE R V E HANKS
larly on the Stock Exchange and over the counter and
IN E F F E C T AU GU ST 5 19UI.
to new offerings. There has been no extra large issue
Discount!id bills maturing
brought out this week,but the total was good-sized.
{including
within 00 days i
r
member banks’ 11> day col Bankers’
A yricu l
The biggest single offering was not of bonds but of
Trade lural and
lateral notes) sea<ired by— accep
accep live - stock
tances
Federal Reserve
notes, namely the $25,000,000 issue for Swift & Co.
Other
Tre.asury\\ Liberty
tances
paper
dlsc'lcd
Hank of—
wise.
maturing ■maturing
for
notes and bonds
by Chicago bankers. The demand for funds with
secured member
and
within 91 to 180
cerlf. of
Victory
90 days
banks
days
and
indebt
notes unsecured
which to finance speculative transactions in stocks
edness
r>K
r>'A
r>'A
B‘
A
B'A
has been small and brokers’ loans arc said to be at Boston............................. - 5 'A
5^
r>A
B'A
Now Y o r k ......................
r>‘
A
B'A
r>'A
Wm
B'A
B'A
B’A
Philadelphia.........
B'A
6 'A
the lowest level for some years.
6
6
6
0
6
6
Cleveland______________
Referring to money rates in detail, loans on call
this week have ranged between 4:% and 6%. A week
ago the range was 3% @ 5Y i% . Monday the high
was 5V2% , and the low and ruling quotation 4]^% .
On Tuesday, while the maximum was still 5% % ,
renewals were made at 5%, and this was the low.
There was no range on Wednesday, a single rate of
5% % being quoted. Firmness developed on Thurs
day and the call rate advanced to 6% , although the
renewal basis continued at 5% % , the minimum.
Friday all loans were made on call at 6% and this
was the renewal basis. Call funds were in lighter
supply than has been the case of late. A considerable
increase in the inquiry from country banks was said
to be a feature. Outside of the Exchange a few loans
were placed at 4% early in the week. For fixed date
maturities the demand continues light with offerings
scanty. Hence the market was a dull affair with no
important trades recorded. The range has not been
changed from 5%@,6% for all periods from sixty days
to six months, the same as last week. All industrials,
whenever dealt in, are put through at % of 1% abovethis range.
Commercial paper rates are still quoted at 6% for
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character and 6 @ 6 % %
for names not so well known. New England mill
paper is quoted at 5 % % , the same as heretofore. A
fair degree of activity is reported though transactions
in the aggregate were not large.
Banks’ and bankers’ acceptances were moderately
active with the demand reported as about equal to
the supply, and a fair volume of business passing.
The undertone was steady at levels previously pre
vailing. For call loans against bankers’ acceptances
the posted rate of the American Acceptance Council
is now 5% against 4]^% a week ago. The Accep
tance Council makes the discount rates on prime
bankers’ acceptances eligible for purchase by the Fed
eral Reserve Bank 5% bid and 5 % asked for bills
running 120 days; 5% @ 5 for ninety days; 5%@,5
for sixty days and 5% @ 5 for thirty days. Open
market quotations follow:
SPOT D E L IV E R Y .
90 Day a.

60 Days.

Prime eligible bills______
F O R D E L IV E R Y W IT H IN T H IR T Y D A Y S .
Eligible member banks__________
Eligible non-member b a n k s ........... ........
Ineligible bank bills____________

30 Days.

5yt ®5
ki /

A uniform rate of 6% on all classes of paper has
been established by the Federal Reserve Bank of
Chicago, which on July 29 reduced its discount rate
on commercial and agricultural paper from 6% to
More extended reference to this appears
among our items to-day on “ Current Events and
Discussions.” The Federal Reserve Bank of Kansas
City has discontinued its progressive rates. The
following is the schedule of rates now in effect for

Richm ond______________
Atlanta________________
Chicago.............................
St. L o u i s .. ......................
M inneapolis............... ..
Kansas C ity ____________
Dallas.................................
San Francisco_________

6
6
6
6
6
6

0
6
0

0
6
6

6

6

6

0
6
6

B'A
0
6

5A

5A

B 'A

6
0
6
r>'A
6
(1

6
6

6
5Vi

6

f
l
6

0 'A
t,
5 'A

0
0
6
0

6
6
5M

Dulness proved to be the outstanding feature in the
sterling exchange market this week and the volume
of business transacted was the smallest in quite some
time. In keeping with this, rate fluctuations were
again narrow and devoid of especial significance.
Some irregularity was noted, particularly in the
earlier part of the week, with prices generally tending
downward, although demand bills at no time sold
below 3 55% which is a small fraction above the low
point of a week ago. Toward the close firmness
developed, partly as a result of covering by brokers
who had sold short and prices rallied decidedly
so that the final range was at 3 5 8 ^ @ 3 59% for
demand.
There is nothing new of moment to report. The
practical withdrawal for the time being of profes
sional speculators from the market explains in some
measure the falling off in exchange transactions.
Added to this is the fact that Monday was a bank
holiday in London, while selling of sterling bills
incidental to German reparation settlements and
other payments has apparently subsided for the
present . Offerings of commercial bills against future
shipments of cotton, grain, etc., made their appear
ance from time to time in moderate volume and
this helped to depress prices as it was plainly evident
that support was not forthcoming except at conces
sions. What was regarded as a highly favorable
development was the material easing in money as
reflected by a decline in quotations for call loans to
the lowest level since September of 1919, while time
funds were also freely available at lower figures and
it is beginning to be predicted that it will not be long
before the Bank of England announces a further
lowering in its official discount rate to 5%. More
over, gold continues to arrive in large volume, which
of itself constitutes an important factor in stabilizing
exchange conditions Nevertheless, bankers con
tinue to express the opinion that very little in the
way of either widespread or permanent improvement
in price levels can be looked for until there has been a
settlement of some of the international problems now
pending. Sentiment continues to be adverselyaffected by the reported inability of France and
Great Britain to agree on the Silesian question, the
Turco-Grecian muddle and the outlook for renewed
dissension in Ireland. Some financiers take the
ground that conditions in many parts of Europe are
on the mend, but it is conceded that despite numerous
rumors to the contrary, practically no progress has
as yet been made toward furnishing the machinery
that is needed for the extending of financial accom
modation to European customers. It is understood

5;o

THE CHRONICLE

that short term credits in some instances are being
arranged but the movement is not of sufficient
volume to bring about any appreciable revival in
export trade.
Referring to the day-to-day rates, sterling exchange
on Saturday of last week was a trifle firmer and de
mand advanced to 3 55% @3 56%, cable transfers
to 3 56%(5<,3 571$ and sixty days to 3 50% @3 51%;
trading was dull and movements irregular. On
Monday there was a further slight easing, to 3 55% @
3 56 % for demand, 3 56%(gj3 57% for cable transfers
and 3 49% @3 50% for sixty days; owing to the fact
that it was a bank holiday in London trading here
was exceptionally dull. Very little business was
transacted on Tuesday and rates remained very close
to the levels of the preceding day, with demand at
3 55% @3 56%, cable transfers 3 56% @3 56% and
sixty days 3 50% @3 50%. Wednesday’s market
was duller than ever but rates were maintained and
ranged at 3 55% @3 56% for demand, 3 56% @3 56%
for cable transfers and 3 50% @3 51 for sixty days.
A partial recovery took place on Thursday and
although no general increase in point of activity was
reported, covering of shorts coupled with lighter
offerings of commercial bills brought an advance of
about 2c., to 3 57% @3 59% for demand., 3 57% @
3 60% for cable transfers and 3 51% @3 54% for
sixty days. On Friday the market relapsed into
dulness, though the undertone was firm and demand
rose to 3 58% @3 59%, cable transfers 3 59% @
3 60% and sixty days 3 54% @3 55%. Closing
quotations were 3 55% for sixty days, 3 58% for
demand and 3 59% for cable transfers. Commercial
sight bills finished at 3 58%, sixty days 3 51%,
ninety days 3 48, documents for payment (sixty days)
3 53% and seven-day grain bills 3 57%. Cotton
and grain closed at 3 58%.
Gold continues to arrive in considerable volume.
The week’s arrivals included a shipment, valued at
$13,500,000 on the France from Paris, $2,500,000
on the Zeeland from Antwerp, $300,000 on the
Cedric from Liverpool, and lesser amounts from
South America and elsewhere as follows:

[Vol. 113.

Movements in the Continental exchanges closely
paralleled those in sterling and here also trading was
of almost negligible proportions. Quotations on all
leading European currencies were somewhat erratic
at times, fluctuating aimlessly first in one direction,
then in the other, though for the most part the
trend was toward slightly lower levels. French and
Belgian francs gained 8 and 5 points, respectively,
to 7.67% and 7.39, lost nearly all of the advance, de
clining to 7.59% and 7.30, but subsequently re
covered to 7.75 and 7.43. Exchange on Rome
was heavy practically throughout, though lire
quotations did not go below 4.16%, while the
high for the week was 4.31%, against a low level
of 4.04% a week ago. Reichsmarks also ruled weak,
being in rather freer supply and the week’s range
was 1.19% and 1.23%, while Austrian rkonen were
colorless at or near the low point of 00.10% estab
lished a week ago. Prominent operators took little
or no part in the week’s dealings. This is also true
of the selling by foreign interests which figured1 so
conspicuously a week ago. It is of interest to ob
serve that last week’s reduction of the Bank of
France’s discount rate to 5% % is taken as a further
indication of the world-wide easing in the money
strain which has been brought about by persistent
liquidation.
The official London check rate on Paris finished
at 46.50, as compared with 46.95 last week. Sight
bills on the French centre closed at 7.73, against
7.59; cable transfers 7.74, against 7.60; commercial
sight at 7.71, against 7.57, and commercial sixty
days 7.41, against 7.51 a week ago. Closing rates
on Antwerp francs were'7.41 for checks and 7.42
for cable transfers, in comparison with 7.34 and 7.35
a week ago. Reichsmarks finished at 1.22% for
checks and 1.23% for cable remittances, as against
1.22% and 1.23% the previous week. Austrian
kronen closed at 00.10% for checks and 00.11% for
cable transfers, which compares with 00.10% and
00.11% last week. Italian lire finished the week at
4.28% for bankers’ sight bills and 4.29% for cable
transfers. Last week the close was 4.18 and 4.19.
Czcho-Slovakian exchange closed at 1.27, against
1.25; Bucharest at 1.28, against 1.27; Poland at
00.05%, against 00.05%, and Finland at 1.58,
against 1.55 the week before. Greek exchange has
remained “ pegged” at 5.45 for checks and 5.50 for
cable transfers until yesterday afternoon when there
was a small advance and the close was 5.50 and 5.55,
against 5.45 and 5.50 last week.

The SS. Megili Hellas from Greece, $200,000; the
Morro Castle from Vera Cruz, 16 cases of currency; the
General G. W. Gorgas, two cases from Central American
ports; the Aeolus from Uruguay, $537,000 and 4 barrels of
gold and silver sweepings; the Toloa from the Canal Zone,
$27,000; the Calabria from Trieste, $175,000; the Morro
Castle from Mexico, 30 packages gold and specie and the
Ryndam from Holland, 4 eases of the precious metal. Late
in the week the SS. Maracaibo brought 8 cases gold from
Venezuela, the Blair from Constantinople about $60,000
gold coin from Turkey, the Ottar from Colombia one case
Movements in the so-called neutral exchanges were
of gold dust, and the Qurrialba from Colombia with 52
unimportant . Quoted rates varied only a few points
bars of gold and one case of gold and platinum.

Approximately $6,000,000 is on its way via the
steamers Olympic and Carmania. A shipment of
silver coins has been received from Hamburg on the
Mount Carroll valued at 65,000,000 marks and
silver bars valued at 1,600,000 marks, which is said
to be part of a movement from Germany to this
country to be used as a basis for establishing credits
incidental to reparations payments. Last week a
similar shipment is said to have been received.
Word was received yesterday by Kuhn, Loeb & Co.
that they have $1,860,000 gold coming on the Lapland and $325,000 on the Olympic from England.
The Berengaria has on board $350,000 for the
National City Bank from England, while the same
institution has $250,000 on the way from Australia.

during the week, with trading so dull as to render
the market a nominal affair. This state of affairs
was regarded by many traders as the aftermath of
the activity and excitement which accompanied
preparations for the recent German reparations pay
ment.
Bankers’ sight on Amsterdam finished at 30.55,
against 30.60, cable transfers at 30.55, against
30.73; commercial sight at 30.50, against 30.63;
and commercial sixty days at 29.29, against 30.27 a
week ago. Swiss exchange closed at 16.54 for
bankers’ sight bills and 16.56 for cable transfers,
against 16.38 and 16.40 the preceding week. Copen
hagen checks finished at 15.34 and cable transfer's
at 15.39, against 15.05 and 15.10 last week. Checks
on Sweden closed at 20.52 and cable transfers at

20.54, against 20.40 and 20.45, while checks on
Norway finished at 12.77 and cable transfers 12.82
against 12.75 and 12.80 last week. Spanish pesetas
finished the week at 12.83 for checks and 12.85 for
cable remittances. This compares with 12.77 and
12.79 in the week previous.
With regard to South American exchange the
trend has been reactionary and fresh declines were
noted, which carried the check rate on Argentina
down to 28:ks and cable transfers to 28j/g, against
29% and 29% a week ago. Advices from Buenos
Ayres state that foreign exchange rates were quoted
for the first time on Tuesday in the Bolsa dc Gomercio
which has opened an exchange market for the con
venience of its members. The first day’s business
was said to be small, only cash transactions being
allowed. Argentine bankers attribute the high price
of the American dollar at that centre to the extremely
unfavorable balance of trade against Buenos Ayres.
Means will have to be adopted, it is thought, either
for the establishment of long term credits, the pur
chase of Argentine securities or the making of heavy
investments if a crisis is to be averted. Brazilian
exchange was firmer, closing at 12.50 for checks
and 12.623^ for cable transfers, which compares with
11.46 and 11.51 last week. Chilian exchange
was a shade firmer at 10% against 10 a week ago;
Peru closed at 3.80, unchanged.
Far Eastern exchange was as follows: Hong Kong,
51@,51%, against 50%(g)50%; Shanghai, 7 1 3 ^ @ 7 1 % ,
against 7 0 % @ 7 0 % ; Yokohama, 4 8 ^ s @ 4 9 , against
Manila, 4 7 @ 4 7 % , against 4 6 @ 4 7 ;
Singapore, 4 2 % @ ,4 2 % , against 42%(a>,43; Bombay,
2 3 % @ 2 4 , against 23(5)24, and Calcutta 2 3 % @ 2 3 % ,
against 23% @ ,23% .
Pursuant to the requirements of Sec. 403 of the
Emergency Tariff Act of M ay 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers
on the different countries of the world. W e give
below the record for the week just past. The Federal
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
for Thursday noon, announced on Friday:
CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK,
JULY 20 TO AUG. 4 1921, INCLUSIVE.
N o o n B u y in g R ate fo r C able T r a n sfers i n
V alu e in U n ite d Stales M o n e y
C ou n try o.nd M on elo.ry U n it.
d u ly

29 .

EUROPE—
Austria, krone.... .............
.001188
Belgium, franc ___ __
.0733
Bulgaria, lev _
.0085
C/echo-Slovakia, krone__ .01251
Denmark, krone .
__ .1511
England, pound.........
3.5615
Finland, markka-__
.0151
France, franc. _
.0755
Germany, reichsmark___ .01221
Greece, drachma________ .0548
Holland, florin or guilder. _ .3072
Hungary, krone..
.002719
Italy, lira____
Jugoslavia, krone_______ .0056
Norway, krone .
.1279
Poland, Polish mark
.0005
Portugal, escuda________ .1136
Rumania, leu__
.01258
Serbia, dinar_____ ____ .0225
Spain, peseta ..........
.1279
Sweden, krona__________ .2039
Switzerland, franc..
1037
ASIA—
Hongkong, dollar______
.4950
Shanghai, tael..
. . . . .6740
Shanghai, Mexican dollar. .4879
India, rupee____. . .
.2290
Japan, yen___
.4825
Java, florin or guilder..
.30375
Manila, peso__
Singapore, dollar. .
.41792
NORTH AMERICA

Canada, dollar____
Cuba, peso_____
Mexico, peso
SOUTH A MERICA
Argentina, peso (gold)
Brasil, rnilrels
Uruguay, peso

571

THE CHRONICLE

A ug . 6 1 9 21 . J

J u ly

30.

Aug.

1.

A ug. 2 .

3.

A u g . 4.

.001181 .00115
.001163
.07321
.0733
.07417
.0085
.0085
.0080
.01259
.012506 .01248
.1510
.1531
.1515
3.56475 3.566875 3.58775
.0154
.0152
.0153
.07019
.07628
.07727
.01212
.012135 .012225
.0548
.0547
.0547
.3052
.3054
.3058
.002519
.002581 .0025
.04209
.0422
.0429
.005625 .005619 .005606
.1262
.1268
.1270
.000492 .000483 .0005
.1117
.1085
.1093
.012531 .012494 .012556
.0227
.0225
.0226
.1279
.1274
.1271
.20273
.2036
.2039
.16409
.1642
.1650

.001169
.0735
.0086
.01253
.1518
3.568
.0156
.07625
.012325
.0549
.3076
.002681
.0426
.00561
.1279
.00052
.1142
.012556
.0225
.1280
.2044
.1639

.001175
.0737
.0086
.01259
.1510
3.5665
.0155
.07633
.01234
.0548
.3066
.0027
.0426
.005619
.1276
.00048
.1122
.01263
.0226
.1279
.2040
.1638

.4965
.6755
.4904
.2282
.4825
.3020

.4978
.6765
.4911
.2283
.48242
.3008

.4967
.0750
.4888
.22875
.48258
.3015

.4985
.6755
.49094
.22875
.48208
.30

.49875
.67725
.4894
.228958
.48208
.3005

4142

.4108

.41)88

.4 142

.4133

.8925
.9942
,48542

.892083
.993555
.48917

.6468
.1219
59199

.64919
.12109
.5970

.8890625 .8905208 .8925
.892708
.99252
.993555 .994378
.4883
.489792 .489375 .4858
.65861
.10848
1027

.

A ug.

New York.

.63363
.1114
.5917

.6513
.1147
.5898

.6484
.1 1721
.5909

The New York Clearing House hanks, in their
operations with interior banking institutions, have
gained 15,783,170 net in cash as a result of the cur
rency movements l'or the week ending Aug. 4.
Their receipts from the interior have aggregated
$6,679,122, while the shipments have reached $895,652, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
W eek e n d in g A u g .

4.

O ut o f
H a n k s.

I n to
B a n ks.

$0,079,122

Banks’ Interior movement

(Jain or Loan
to H anks.

*895,062 Gain 86,783,470

A s the Sub-Treasury was taken over by the Fed
eral Reserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
the Clearing House institutions. The Federal Re
serve Bank of New York was creditor at the Clear
ing House each day as follow s:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
July 30.

M onday,
A u g . 1.

Tuesday,
Aug. 2.

Wednesd'y,
Aug. 3.

Thursday,
Aug. 4.

Friday,
Aug. 5,

$
S
S
$
S
$
37,000,000 58,200,000 58,200,000 46,200,000 49,200,000 46,400,000

Aggregate
for Week.
C r.

$
295,200,000

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

4 1921.

Aug.

G old .

S ilver.

T ota l.

£

£

£
128,382,461
153.916,748
55,163,700
13.313.000
124,656,000
36.142.000
51.427.000
12.246.000
2-3,199,000
15.630.000
12.849.000
8,115,000

England . _ 128,382,461
France a __ 142,916,748 11,000,000
Germany _ 54,577,800
585,900
Aus.-Hun. 10.944.000 2.369.000
Spain___ 99.653.000 25,003,000
Italy_____ 33.141.000 3.001.000
Netherl’ds. 50.497.000
930.000
Nat. Belg. 10.662.000 1.584.000
Switz’land. 21.770.000 4.429.000
Sweden__ 15.630.000
Denmark _ 12.642.000
207.000
Norway __ 8,115,000

G old.

5 1920.

S ilver.

T o ta l.

£
£
£
123,108,175
123,108,175
144,448,062 9.880.000 154,328.062
321,050 54,900,650
54.579,600
10.944.000 2.369.000 13.313.000
98.102.000 24,384,000 122,486,000
32.191.000 2.999.000 35.190.000
53.028.000 1.251.000 54.279.000
10.659.000 1.056.000 11.715.000
21.636.000 3.551.000 25.187.000
14.513.000
14.513.000
12.668.000
147,000 12.815.000
8,120,000
8,120,000

Total week 588,931,009 49,108,900 338,039,909 583,996,837 45,958,050 629,954,887
Prev. week 588,864,011 48,890,250 637,754,861 584,000,845 45,882,750 629,883,595

a Gold holdings of the Bank of France this year are exclusive of £77,934,682
held abroad.

BRIGH T E N IN a TRADE SKIES.
“ They may say what they please about 11-cent
cotton, but there’s money left, if you don’t have to
pay it all out for help— and they’re not doing that
this year.” W e were talking, casually, of the “ state
of things”— with a Texas farmer of varied business
interests, on vacation, and an earnest investigator
seeking information at its original source. He had
previously stated that “ we had a good small-grain
crop, and our prospect for cotton and corn is good.”
He was practical and thoughtful and financially in
dependent. W e suspected his view was colored by
his locality, but we reflected his locality was as big
as all-out-of-doors! He sincerely believed in “better
times in the fall”— not because of Congress, but be
cause of good crops.
Thoughts wandered into our mind. W e seemed
to see the cotton crop of this empire State rushing
past “W all Street” into the resuming mills of Ger
many— a huge customer before the war— giving life

THE CHRONICLE

[Von. 113.

aud hope to a burdtiled people, aud leaving "some here is the judgment of a chivalrous soul— a man
money” in the pockets of the people of an agricul who looks beyond the immediate, who discounts, in
tural section of our country two thousand miles a way, even his professional claims, but who has
from Washington.. We thought of Henator Vest’s never relaxed his faith in God and his duty to man
a helper in the ordinary, not a wonder-worker in
remark as to where he would reside if he owned
Texas and Hell. Aud we thought further, how im the unknown.
Why do we recount this— and is it so far from the
potent, how far removed from Texas, are Congress,
and "W all Street” and Hell. Here was a man theme we are unfolding? Take the first headline of
steeped in the knowledge of his vocation and section the cartoon: "Congress Speeds Up Tariff and Tax
predicting "good times” —and thoughtless of all the Bills.” Pray, what have these to do directly with
panaceas, careless of what Congress may do, though the cotton crop in Texas? And again, when these
not unmindful of the power of legislation on affairs, laws are passed, where will the workers turn for
and apparently regardless of the mythical monster abundant hope but back to work and the next crop?
coiled in the fastnesses of Manhattan. And we pon "Better times in the fall.” W hy? If it be not that
dered upon how much "the uplifters” influence us we are experimenting less and working more; if it
all unconsciously, and by their constant harping on be not that we are gaining poise through experience
the irrelevant and unnecessary, obscure our view aud depending less on the infallibility of theory;
if it be not that when we get these world-questions
with a yawning darkness that does not exist.
Some of the old, old sayings take on a pertinency and all-accomplishing laws out of the way we will
when they come to us unbidden— appeal to our com then be enabled to do some good for ourselves and
t
mon sense. We have ourselves attempted an analy others ?
AVe read that there is not to be much change in
sis of the natural transformation of bumper crops,
of the perennial flow of wealth from work at its the tariff and tax laws. Is there a dawning con
point of contact with the soil. But without much sciousness in Congress that when the patient is con
reflection or use of the reasoning process, is there valescent it is best to let well enough alone? Here
not a new truth in the adage— "it is always darkest are two indisputable fa cts: We are working much
just before the dawn” ? Is it not still true that in the old way— and there is a growing feeling of
"when matters can get no worse they must get bet optimism. Are they not closely related? And
ter” ? W ell— the war is receding— and we are "car when we get past the dependence upon artificial
rying on.” Is it not mere fact that the betterment aids, will we not be compelled to rely on works, and
though invisible is in process? A cartoonist draws grow happy in confidence and accomplishment?
a picture for us. An old and familiar figure rests
by the ocean side—gripping his corn-cob pipe with
BUILDING AND OPERATING SH IPS.
a grin and reading his paper, while far away a fly
ing ship speeds the revival of trade. And these are
Continuance of the United States Shipping Board
some of the headlines he reads: "Congress Speeds on an acknowledged deficit of $380,000,000 for the
Up Tariff and Tax B ills; Bonus Bill Side-Tracked; last fiscal year, and by means of an appropriation
Railway Traffic Gains— Business Revival Is Seen; of $300,000,000 for further experiment must be
Future Is Bright, Concensus of Opinion of Ohio. slightly suggestive to the American public as to the
Bankers; England and Ireland Meet in Peace Par Government’s fitness to carry on business. Nation
ley; Big Powers Accept Harding’s Invitation for ally speaking, "transportation” does not seem to be
Disarmament Conference.” What a conglomeration our forte. Judging the future by the past, we have
of causes to build prosperity upon! Yet “ things” only to continue to Governmentally own and oper
are growing better— they could not have been much ate this department of industrial life to "go bank
worse— and there is a turn in the tide of thought— rupt” in short order. It will be unnecessary to "take
and even though the panaceas have little potency, over” the factories under "communism,” for the
when they appear to combine through increase they Government will ultimately take all we earn and
seem to stir the most deluded laggard into optimism. produce, before the consumer is reached, by taxes
Are these headlines a study in elimination of the laid upon the people to provide for transportation.
Government is a total failure at “business,” big or
non-essential ?
Timidly and with deference we put the question little.
A gentleman was employed during the war to in
to the old physician— "You have seen the code of
practice change much in your time?” "Yes,” he spect a certain shipbuilding yard. He was a gradu
replied, with a dry smile, "I often think I was, as ate engineer and made his own investigations. "I
Paul said, grounded in the Law— but,” he added, found,” he remarked, "foremen in charge of impor
after a pause, "I do not^ depend upon medicine as tant work who could not read a blueprint when it
much as I once did” ! There had been a "miracle was laid down before them.” Taking this as an in
woman” performing faith-cures in a nearby city, dex of the efficiency of the work done, is it any
and the conversation had drifted toward healing wonder that the "shipbuilding scandal” is a con
through "suggestion,” or by mind power. He was a tinuous one? W e know now the wooden ships are
fine-grained character, this man, gentle, serious, utterly worthless. But what of this other "mer
kindly, honest to the core, a typical "country doc chant marine” we are attempting to "operate,” made
tor,” salt of the earth. He had remarked, a testi under the same system of incompetency and exces
mony not many will give: "If I had my life to live sive cost, if not graft? Couldn’t manage the rail
over I would not change my profession— it has given roads when they were tied down to the soil— that
me so many opportunities to do good aside from is fairly hurling its products into their arms to pay
my actual practice.” And he told us, interestingly, for costs of operation— we now undertake to oper
of many incidents. You felt that he was a good man, ate fleets of merchantmen on the high seas seeking
And besides, just
dowered with years and deeds of kindness as well cargoes from every shore!
as professional accomplishments. And we thought, where and what is this "merchant marine” ?

A ug. 6 1921.]

TH E C TIR O N IC LI

Bv using the general term, if our shipbuilding was
a failure, must it not follow that our “ operation”
of these same ships will be a failure? Do wise men
set to sea in a tub? If a pontoon bridge is an ex
ample of a war “ emergency,” can any sum of money
spent on it make it a permanent structure suited
to the uses of peace? Why can’t we get rid of all the
war junk of every kind we have inherited from our
recent effort to “ make the world safe for democ
racy,” pocket our losses, and come back to our origi
nal task, “ economical” government for and on be
half of, and by, ourselves— “ a Government of the
people, for the people, and by the people” — a phrase
that takes on a new meaning when we have so ardu
ously tried governing ourselves by ourselves but for
the world? Not only are we continuing this branch
of Government ownership, undertaken under the
“ emergency,” “ cost-plus” system, when the only pur
pose was to cross the Atlantic with troops, supplies
and munitions, on into a time of peace, but under a
condition of falling exports and obstructed imports.
“ Foreign trade” (that is to be) languishes now in
its infancy because we are equally determined to
sell and not to buy. Ships galore with nowhere to
go. “ Strikes” on shore to prevent loading for over
seas and three per cent immigration laws to prevent
an “ influx of foreigners” that would destroy “ Amer
ican labor standards of living.” A Government at
work by many means to destroy ocean freight and
passenger traffic, and still taxing the people to
operate its own merchant marine! It would seem
that of this beautiful scheme of “ Government own
ership” one might say
“You may break, you may shatter the vase if you will,
But the scent of the roses will cling round it still,”

or words to that effect. W hy is our resumption,
our prosperity, our very peace, tied to this “ dead
corpse” of a dead war?
Is it not time to “ let the dead past bury its dead” ?
W e cannot galvanize this colossal shipping failure
into a success, and common sense would dictate the
policy of getting rid of the whole miserable business
for what we can get— and thus returning our “ Gov
ernment” to its legitimate and limited functions.
But Congress seems to lack the courage to order
this Bureau into quick action pending its abolish
ment. Must the people continue to groan under
taxes while these hundreds of millions are contin
uously doled out in this ghastly experiment to pile
failure on failure ? Beware of a wrath that is silent
and long-suffering!
LET U8 LABOR TOGETHER, N O W AND
FOREVER.
Chicago is now staging a “ Pageant of Progress,”
which began July 30 and is to extend to Aug. 14.
W e congratulate the second city in the United
States upon the showing it is able to make. Situ
ate on the southern border of one of the Great
Lakes that sprawl their huge waters in the centre
of a continent, drawing to itself the commercial
overplus of a wide agricultural territory unsur
passed in fertility, the railroad centre of an inter
lacing system that extends from coast to coast and
grapples into industrial unity every State of the
Union, the future of Chicago is assured. Its growth
in less than a century of actual life will remain a
marvel in our history. It need not boast; the plain
facts concerning its population, enterprise, trade,
advantageous geographical position, are sufficient

573

to attract the attention of the world. Well may it
recount in pageantry its manifold progress.
Our great cities, coastal and interior, are the
power-houses of our commerce and civilization.
They gather and redistribute the energies of a peo
ple. And they are thought centres as well as trade
centres. But we do not look upon them with en
tire equanimity or even approval. They are not
born of design, rather of circumstance. And yet
when we consider the connecting link in all our
national intercourse, “ Transportation,” we note
that seas and bays, rivers and lakes, themselves
guiding factors in the location of great cities, have,
in the circle of change, again become renewed influ
ences in their growth and progress. But before we
lay too much stress upon the power of our chief
cities we must understand that they are not within
themselves the bases of original wealth and are
subject to the shifting tides of population and the
changing currents of trade.
It is for this reason, when we contemplate as a
people the civic problems these great centres of
population thrust upon us, when we look forward
to a more unified social life and a more intensive
domestic progress, that we should not heed too
closely the voices they send out across our domain.
New York and Chicago are, and ever will be, huge
types of our communal progress ; but they will al
ways be subject to the economics of our national
geography and to the applied energies of our indus
trial growth. True it may be that our city popula
tion slightly exceeds our country. But the resources
of field and mine, even of room to manufacture and
transport, lie outside these pent cities, and will for
ever call to our growth and development, making
these crowded centres servants and not masters.
It is natural that, in recounting its glory, present
and prospective, Chicago should exploit the two
projects of water-way transportation— down the
Mississippi and the St. Lawrence. W e need not fur
ther particularize them— they are, in the main fea
tures, well known. There has been in New England
and New York a little envious feeling as to the
part Federal Government should take in these pro
jected improvements. It is quite natural that, as to
the effect of such colossal undertakings, there
should arise some degree of sectional jealousy. W e
do not now consider the cost and respective plans of
these enterprises, or the part National Power should
play either as guarantor merely or participator, we
would examine them for a moment as partners in
that unity of life and activity which w name “ one
re
peojple, one country.”
Nor do we permit a counterpart of jealous in
nuendo against our Eastern cities and our terri
torial section of a “ common country” to influence
our judgment. Brushing aside, as we. say, details
which we might or might not approve, we are free
to declare our sanction of the principle of these pro
jected internaL water-way improvements, and to
proclaim our firm belief that no progress can ever
come to the great interior valley, be it by more and
better sustained railways, or by more direct all
water routes to the ocean lanes of the world, that
will permanently injure the people of New England
and New York. Let us try to project ourselves a
quarter or a half a century into the future. Along
these rivers and across these lakes ply ocean ships
carrying the commerce of the world. The domestic
wealth engendered in farm, factory and mine in-

574

TH E C H RO NICLE

tensities. Chicago, Bt. Louis ami New Orleans are
benefited. Rut so are every town and hamlet along
the way, and every square mile of tributary soil.
This domestic increase by virtue of easier and
cheaper foreign communication spreads itself
throughout the country. Can it be imagined that
what we term our Eastern railroads and our East
ern coastal cities, deprived perhaps of some of the
present volume and course of commerce, will not
gain more than they lose by the tremendous in
crease that must become general throughout the
United States?
One proposal is to make the hydro-electric power
generated by this American-Canadian improvement
pay the cost of construction. It suggests this
thought, the Capital, centred in what we call the
East, by virtue of discovery and growth, that to
day is the power-house that finances the entire coun
try, that now' pulls as w
rell as pushes a major part
of our domestic energy and trade, will increase in
use and growth, proportionate to the internal devel
opment that may follow these projects. It is con
ceivable the railroads east of Chicago might lose
somewhat of the long haul, but would they not gain
more by the intensified growth of the short haul?
It is conceivable that Philadelphia, New’’ York and
Boston might lose somewhat of the wholesale and
importing trade that would follow' these internal
water-way routes— but would not the increased gen
eral world-trade, that can never forsake these ocean
ports unless the Atlantic Ocean runs dry, more
than pay for the losses occasioned by the shifting
of a small portion of that trade to interior cities?
Can we forget that Eastern railroads are as neces
sary to the growth of Chicago as they are to New'
York, while they link the twm cities and sections to
gether? Can Ave forget that a consuming East is
necessary to a producing West, and the reverse?
Need Ave fear the growth of any city or section while
w'e are one people under one and the same law and
Government? We built the Panama Canal at a
cost of four hundred millions, and, as so often said,
by dividing tw'o continents, united them. W e can
not, perhaps, with our debt burdens, for yet a few
years, appropriate moneys for these internal im
provements of vastly more purport, but if other
plans can be made, and, Avhether they are or not,
w e can indorse and encourage growth of other cities
T
and sections, conscious that all progress is reci
procal, all growth strengthening, all prosperity a
common blessing!
THE ACHIEVEMENTS OF THE
ADMINISTRATION.
Before starting for another brief and doubtless
needed rest, President Harding has issued a state
ment reviewing the last four months of the present
Administration, the month of March not being
counted, as Congress did not meet until April.
Some refunding of short-time debt, aiding both in
dustry and agriculture to better markets, and pro
viding for the financial needs of the railroads, are
named as the chief accomplishments, and are said
to “ constitute in the aggregate an achievement of
the largest importance to the country.” The state
ment concludes by saying that, “ speaking in the
broadest Avay, it is felt that the series of measures
constitute a truly constructive effort for the ame
lioration of business and financial conditions, and
there are already many beneficial effects; Avith a

[Vol. 113,

generally excellent agricultural production novv as
sured for the season, there is every reason for con
fidence that a steady improvement of business con
ditions may be anticipated.”
The optimistic tone as to the future is timely and
justifiable, for optimism and pessimism both have
the characteristic of tending to produce what they
declare should be expected. It is also quite right
to speak “ in the broadest Avay,” for no narrow and
detailed statement can cover all conditions open to
vieAv after such a world upheaval. It is, however,
no contradiction of the President, and no disparage
ment of his first five months of a power which it
seems to be necessary for him to use to the utmost,
to say that his statement of things already accom
plished seems somewhat over-emphasized. This pe
riod of time must be admitted to have been too
barren of actual results, so far as Congress at least
is concerned, that body having frittered away time
and talk rather than wisely using either. If we
confine ourselves to incontrovertible statements, we
must admit that the good results are mainly in Avhat
is to be done and in reforms w'hich have attained at
least a beginning. One of these, and surely not the
least important, is not mentioned in Mr. Harding’s
summary— the getting of the Budget into concrete
shape, after it has been mentioned again and again
in past years, only to be put by without action.
With this naturally belongs the expense-cutting an
nounced and promised by Mr. Dawes; for while this
has not yet gone far beyond promise and beginning
it is really much to have obtained either promise or
beginning and to have won a good vantage for go
ing ahead. Taxation is not yet reduced, but the old
squander has had something of the pruning knife.
Progress in any direction cannot be made until it
has started, and it cannot start until the face is
turned in that direction. W e have really obtained
so much as this, and it is not to be underestimated
as an achievement.
Yet the greatest progress and the firmest cause
for optimism lie in something as to which we must
go by faith instead of sight, namely a more sound
and just public opinion about the whole subject of
transportation and the not less vital subject of
industry and of the W'ages and rights of labor. In
so far as we are clearing our minds of fog and false
doctrines upon these subjects we are making funda
mental gains. The President may have a better
means of correctly judging all this than most of us
can have, and we shall not be over-sanguine if we
assume that progress in this direction is a part of
his O
Avn grounds for optimism. It is only justice to
him, moreover, to add that still another reason for
optimism is one of which course he cannot mention
even by implication, namely: thankfulness that we
have a Chief Magistrate with at least a good knowledge of business, a firm intention to use rational
means for promoting the general welfare, and a
practical mind not muddled by fantasms and ideals.
THE CANADIAN OIL DISCOVERIES.
Ottaway Can., Aug. 5 1921.
The Department of Geology of the Dominion Gov
ernment has just published the first report of its
experts on the extent and value of oil discoveries
in the Mackenzie River Basin of Northern Canada.
The report is cautious in conclusions, but the ascer
tained facts are highly promising. One section
reads:

A t g ( 1921.]
t. 5

TH E CH RO NICLE

“ The sum of the geological evidence, together with
the result of the test well, indicates an extensive oil
region in which a number of oil-fields may occur.
The capacity of the wells and the productivity of
the field are matters beyond present calculation,
but they are likely to be comparable to those of
other Palaeozoic oil fields.”
The geological description of the initial well is of
interest, in view of the fact given in the report that
the formation in which oil was found extends up
and down the Mackenzie River for many miles.
The report states:
“ As soon as the drill had penetrated the super
ficial gravel it entered the lower sandy measures of
the Bosworth series, continuing in them to a depth
of about 225 feet.
“Almost from the outset oil was coming into the
well, and before a depth of 100 feet had been reached
there was a potential production, estimated at 10
barrels a day.
“ The dark Fort Creek shales were reached at 255
feet, and continued to the bottom of the hole. In
these beds Also, showings of oil were encountered
almost throughout, and many barrels of oil were
baled.
“At 783 feet a strong flow of oil was struck. For
ten minutes a column of oil spouted from the 6-inch
casing to a height of 75 feet above the derrick floor,
after which the well was capped. The flow on that
occasion probably exceeded 600 barrels of oil. On
two subsequent occasions the valve was opened with
similar results.
“ The data available do not admit of any reliable
estimate of the well’s capacity. It seems likely that
the yield may be nearly 1,000 barrels a day. In
creased production may be obtained when the well
is deepened. It is considered that the Beavertail
limestones have not been reached.
“Whether this first well will yield a steady pro
duction or not is at present quite uncertain; but it
has already demonstrated the prospect of impor
tant oil fields in the region.
“ The crude oil from the well is light color, low
specific gravity, high gasoline content, and low cold
test.”
An analysis of the oil shows:
S p e c ific g r a v it y ------------------------------------------------------------ 0 .8 4 5 (36 d e g . B ea u m e)
D is tilla tio n — 7 0 -1 5 0 d e g . C ______________________________
2 2 .5 %
1 50-300 d e g . O ______________________________
3 8 .5 %
3 0 0 -3 5 0 d e g . C ______________________________
3 3 .9 %
350 -3 75 d e g . C _______________________________
4 .1 %
L o s s -------------------------------------------------------1 .0 %

Thus in commercial terms the oil consists of
G a s olin e_________________________________________________
Illu m in a tin g o i l ______________________________
L ig h t lu b r ica n ts________________________________________
M e d iu m lu b r ic a n ts _________________________________________

2 2 .5 %
3 8 .5 %
3 3 .9 %
4 .1 %

BUILDING OPERATIONS IN JUNE AN D THE
HALF-YEAR.
Despite the various elements that have served to
restrain activity in building, considerable progress
has been made thus far in 1.921 in solving the dwelling
end of the problem. At the same time, however,
there has not been anywhere near the measure of
relief that surely would have resulted had the situa
tion as regards construction costs, more particularly
the labor side of it, been upon a basis to encourage
builders to speed up operations to the limit. It is
..rue, of course, that in many lines of materials there
have been reductions in prices and to that extent the
situation of the builder may be said to have improved,
but labor quite generally is not only receiving the
highest wages ever paid in the industry but giving a
smaller quantitative return. This being the situa
tion, the builder naturally displays hesitancy and
caution with the result that much construction work
that under normal conditions would now be well

575

under way is held in abeyance against tins time when
labor and material costs shalUoffer loMiim a better
opportunity to proceed with safely.
For over two years, or since the end of the war in
Europe and the resultant release of industry from the
necessity of bending every energyjto the winning of
the conflict, tin; most serious problem that the coun
try as a whole has had to face has been the shortage
of structures for dwelling purposes. Recognition of
this fact gave an impetus to building late in 1919 and
in the first half of 1920 that caused the filing of plans
covering approximate cost for construction far in
excess of that of any similar period in the history of
the United States. But as the fall of 1920 approached
operations fell off very materially, revelations of
conditions in the industry brought out by the investi
gations of the Lockwood committee assisting, and for
the last half of the year the estimated expenditures
involved in the permits issued dropped very much
under those for the corresponding period of 1919,
leaving for the twelve months only a small gain over
the aggregate for the preceding year, a margin not
sufficient to cover added labor cost and indicating,
therefore, a smaller quantitative construction.
During the earlier months of the current year
operations lagged in most parts of the country al
though with the declining tendency in various classes
of materials the hope was entertained that the coming
of spring would witness the inauguration of a very
active building program. Labor, however, con
tinued to be the stumbling block in the way of the
realization of that hope, and still continues to be,
efforts to bring about a readjustment of wage scales on
the basis of a drop of $1 per day being'met by stub
born resistance, or demands for an increase, notwith
standing that the cost of living, upon which the higher
pay was based, has clearly fallen.
In the meantime, as already indicated, materials
in some instances have tended downward and are
now at about the level of 1919, but much higher
than in pre-war times. Encouraged by the easing
in the materials markets and hoping for an eventual
more reasonable attitude on the part of labor, builders
have been more inclined to enter into contracts, a
fact we find reflected in the volume of work for
which permits were issued in April, May and June,
though for the half year the aggregate expenditure
involved is much less than in 1920. Hence while
progress has been made in relieving the situation, it
is still acute in many parts of the United States.
This is particularly true of the Borough of Manhattan
in Greater New York in which during 1920 the pro
viding of housing accommodations for about 1,100
families was offset by the demolition of an equal
number, leaving a shortage at the end of 1920, as
estimated by the President of the Borough, of about
600 tenements, equivalent to 20,000 apartments.
We are not prepared to argue that the situation is
similar in all sections of the country but as population
is slowly increasing and building activities were
reduced to a minimum during war times it seems
reasonable to assume that in some other parts of
the country dwelling accommodations also still
continue deficient, though mostly in minor degree.
Our June compilation of building operations in
dicates that the amount of work (new construction
and alterations combined) for which permits were
issued during the month was quite a little greater
than for the period in 1920 and, allowing for the drop
in the cost of materials in the interim, in excess of all

576

TH E C H RO NICLE

[Vol. 113,

other months _of that year except April. In all, the striking gains are in evidence at Birmingham, Jack
estimated eostlinvolved^in the operations for which sonville, Miami, Tampa, Galveston, San Antonio,
plans were filed jn H u ne at 214 cities was, in fact, Tulsa, and a number of smaller towns.
On the Pacific Slope the exhibit is in direct contract
$158,768,981) against $138,384,486 in 1920,about 140
millions in ^1918Jand approximately 105 millions in with the other divisions into which our returns are
1916, when,\however, all items going to make up segregated in that the aggregate for the 16 cities
cost of construction were lower. All of the boroughs making returns shows an increase of some 14Jdj
of Greater^New York except Manhattan, in which million dollars over a year ago, of which over 10 mil
there was a 'nom inaldecline, exhibit noteworthy lions is to be credited to Los Angeles, the centre of
increases, with the total for the whole city $41,276,056 the motion picture industry. A very satisfactory
against $25,755,213 last year and $29,705,569 in 1919. gain also appears at San Francisco, and increased
In the aggregates for the Middle States (outside of activity is to be noted at San Diego, Oakland, Port
Greater^Newi York)7and in the Southern and other land, and Long Beach, but Seattle, Tacoma and
Western divisions as well, gains are also shown which Fresno make a contrary showing. On the other
slight declines elsewhere but little offset, so that for hand the “ Other Western” division of 29 cities
all cities outside of New York the month’s aggregate affords an aggregate of only $57,787,761, or nearly
runs ahead of last year by 4% million dollars, stand 22 millions under the six months of 1920 with Omaha
ing at $117,492,930 against $112,629,273. As re and St. Louis contributing over one-half the loss.
gards the trend of operation, at individual cities,we Passing further specific comment upon the returns
note evidence of much activity at Baltimore, Newark, we subjoin a compilation covering the 214 cities for
New Haven ^Springfield (Mass.), Dallas, Houston, June-and the six months of 1921 and 1920:
Memphis, Norfolk, Tampa, Miami, Tulsa, Grand
E S T IM A T E D E X P E N D IT U R E S , N E W W O R K A N D A L T E R A T IO N S .
Rapids, Indianapolis, Youngstown, Minneapolis,
Six Months.
Six Months.
June.
June.
Denver, St. Paul, Cedar Rapids, Oakland, Portland, New England, 31 cities. . 39,284,739 $10,059,972 $41,202,360 $66,241,931
158,459,035
116,131,268
23,526,917
20,717,997
49 cities_______
(Ore.) andjSan^Diego, and lack of it at Philadelphia, M iddle,W est, 49 c itie s ,. .. 38,350.615 38,963,021 187,942,778 235,410,404
M iddle
76,757.694
91,114,633
15,348,150
Atlanta, Chattanooga, New Orleans, Fort Worth, Pacific, 10 cities_______ . 15,179,719
79,613,214
57,787,761
13,048,965
Other W est, 29 cities___ , 14,258,234
Knoxville, Flint, Detroit, Cincinnati, Akron,Duluth, South, 39 cities_________ , 13,701,626 11,682,248 80,328,404 95,373,441
Omaha, Seattle and San Francisco.
T ota l, 213 cities_____ .$117,492,930 $112,629,273 $574,507,204 $711,855,719
Our six months’ statement, which covers the iden Great N ew Y ork, I eity . . 41,276,056 25,755,213 181,453,919 175,922,867
tical 214 cities embraced in the compilation for June,
T otal all, 214 c itie s ,. .$158,708,986 $138,384,486 $755,961,123 $887,778,586
furnishes an aggregate of intended disbursements of
There is some evidence of increasing activity in
$755,961,123, and while this compares with $887,- building operations in the Dominion of Canada,
778,586 last year, it contrasts with a little under 550 returns for the month of June indicating considerable
millions in 1916, this latter having been the heaviest expansion in construction work at Windsor, London,
total up to 1920. In Greater New York the contem Regina and in York Township. In the aggregate,
plated outlay actually runs a little ahead of last year, however, the amount of work put under permit in
$181,453,919 contrasting with $175,922,867. In the Dominion as a whole during the month covered a
Manhattan Borough, operations have been less active slightly smaller total of contemplated outlay than in
than a year ago, but Brooklyn reports a small gain, 1920 due to lessened activity in the West. For the
and there have been exceptionally heavy increases in whole of Canada (47 cities) the June total is $13,all the other boroughs. Outside of New York the 316,997 against $13,372,721 in 1920 and approx
total at $574,507,204 compares with $711,855,719 imately seven millions in 1919. The half-year exhibit
in 1920 and something under 450 millions in 1916.
is, of course, not so favorable as that of a year ago
In New England 9 of the 31 cities report for the but much better than that for 1919. Specifically the
six months larger amounts than for 1920, but the outlay arranged at 32 cities in the Eastern Provinces
total for the whole group is only $41,202,360 against aggregates $39,844,107 against $44,216,576 last year
$66,241,931, Boston, Hartford and Springfield being and approximately 24 millions in 1919, and in the
most conspicuous in the loss recorded. Of the 49 West (15 cities) $10,356,926 against $16,409,749 and
cities in the Middle section (Greater New York not 5 millions. Consequently, we have for 47 Canadian
included) only 19 show increases over a year ago, cities this half-year a total of $50,201,033 against
. conspicuous among them being Baltimore, Yonkers, $60,626,325 a year ago, only 28 millions in 1919 but
Huntington and Charlestown. On the other hand no less than 65 millions in 1914 and heavier aggregates
most of the large cities, Philadelphia, Jersey City, in 1913 and 1912.
and Newark among them, report important losses.
The aggregate of all is $116,131,268 or 4234 million
(Jyurixtii %muts tunl jpisjcttssixms
dollars below last year. In the Middle West 49
cities from which returns have been received show
CANADIAN GOLD CLAUSE SET ASIDE.
contemplated expenditures 47^-2 million dollars less
The “Chronicle,” in its issue of June 18 (p. 2593) re
than a year ago, $187,942,778 contrasting with
$235,410,404, with heavy losses at Detroit, Cleve ferred briefly to a decision recently rendered at Toronto,
against the American Chicle Co., in its effort to secure the
land, Flint and Akron, which a moderate gain at enforcement of the gold clause of a Canadian mortgage.
Chicago and rather important increases at a number The company, feeling that this decision is of considerable
of points of lesser prominence offset in only a small interest to American investors generally, and especially to
way. At the South the result is more satisfactory those who hold Canadian securities containing a gold cove
nant, has sent us a copy of the decision, together with the
than in the sections already reviewed, the loss at 39
following brief statement of the facts:
cities having reached only 15 million dollars. Diminu
T his com pany held a m ortg a ge on the b u ild in g o f th e S om erville P ap er
tion in estimated expenditures to a rather notable B ox Co., located at L ondon, O ntario, Canada, the p rin cip a l o f w h ich , $50,000, fell dm- on O ct. I . 1980,
T he mortgage coat
extent is revealed in the returns from New Orleans, “ paym ent in g old ooin at the o p tion o f the m ortg a gee o f la w fu l m oney o f
Canada w ith interest thereon.”
Atlanta, Nashville Norfolk, Fort Worth, Little
The m ortg a gor, w hen ca lled upon t o pay in g old , sot u p the defense that
Rock, Shreveport and Savannah, but more or less they cou ld n ot m ake paym ent in g o ld due to the em b argo p laced u p on

A u g . G 1921.]

TH E CHRONICLE

gold shipments by the Dominion Government. We expressed our willing
ness to accept the equivalent, in New York exchange. The mortgagor re
fused to make payment in New York funds and stood on the technicality
raised, to-wit: that they were prevented from making payment in gold.
We commenced an action and demanded payment in New York funds
or gold on the fundamental theory of law that the creditor must seek the
debtor and also on the basis of the provisions of the Canadian Currency
Act of 1910, which states that gold going of the United States of America
arc legal tender in the Dominion of Canada so long as the then standard
of weight and fineness of its gold eagles is maintained by the United
States. Under this provision of law we saw no possibility of further ex
cuse for the Somerville Paper Box Co. to refuse to pay. We proved
through a witness that gold eagles were obtainable in the United States
at the time when the amount fell due and that they were obtainable when
the case was tried.

W ithout attem pting to outline the decision of 3,000 words,
we cite several condensed and more or less detached but
significant passages as follow s:
Extracts from Decision Delivered by Superior Court of Ontario, June 0 1921.
Gold Clause— U. S. Gold a Ley at Tender in Canada Since May 4 1910.
The sole point involved is whether the plaintiffs are entitled to exact
gold coin in payment of the mortgage moneys or, in other words, pay
ment of so much Canadian or American currency as would secure gold
coin to the amount of $50,000 and interest.
The evidence shows that while gold coin is at present, and has been since
the opening of the war, unprocurable in Canada, the defendants could ac
quire gold coin at the United States Treasury, in exchange for notes of the
National Banks in the United States, or American legal tenders, if they
chose to buy them at the current rate of exchange.
The war legislation of Canada, as affecting its financial system, has an
important bearing upon the rights of the parties, and 9 and 10 Edw. YII
Ch. 14, assented to on 4th of May, 1910, was the Currency Act before the
war. By the latter, under Sec. 10, it was enacted that until otherwise or
dered by proclamation of the Governor-General in Council, American gold
coins should pass current and be a legal tender in Canada “ for their face

value.”

577

claim in lawful money of Canada, the plaintiffs can only at present obtain

judgment for the enforcement of their security #upori the term that they
accept such payment.

T R E A S U R Y 'S
TURNED

TO

DOLLAR SEC U R ITIES
OWNERS BY

A M O U N T

BR ITISH

RE

TREASURY

hi reply to questions as to w hat was the approximate*
am ount of the American dollar securities returned by the
Treasury, and w hat was the approxim ate amount the
Treasury is still holding, Sir It. Horne, in the House of
Commons on T uesday, said tho total nom inal am ount of
securities lent to the Treasury was £ 4 3 8 ,3 1 1 ,0 0 0 , of which
securities to the nominal am ount of £ 3 2 0 ,4 5 4 ,9 5 5 have been
returned to the holders, leaving £ 1 1 7 ,8 5 6 ,0 4 3 still on deposit.
Of the latter am ount £ 2 5 ,5 8 8 ,8 8 7 is under notice for return
in August, September and October. T he greater part of
th balance is pledged as security for outstanding loans in
America. ['‘Stock Exchange G azette” of London, July 21 ,r
) LOAN
On Aug. 2 the N ew York “T im es” said:

C I T Y OF F R A N K F O R T

(G E R M A N Y

R EPAID .

A loan o f 20,000,000 marks, made b y Zimmermann & Foshay to the City
o f Frankfort-on-M ain, in June 1920 has been repaid, according to an an
nouncement by the bankers yesterday.
«
The loan was arranged by Leopold Zimmermann, a member o f the fir m .
on a trip to that country last year and was one of tho first advances made
by American bankers following the armistice. Members o f the. firm said
yesterday that the C ity o f Frankfort-on-M ain borrowed the marks of them
rather than resort to a bond issue. The loan was for mimcipal purposes.

War Legislation Held to Nullify or Suspend Option of Payment in
Canadian Gold,
The result to my mind of the situation created by war exigencies, is
this, and the evidence before me bears it out, that gold coin made in
Canada, and indeed any other gold coin, is not and was not at the ma
turity of this mortgage procurable in Canada, but is and was being held
as a national security behind the Dominion notes and ultimately behind
those of the chartered banks, so that it has become legally impossible for
a debtor to discharge his obligation in Canada in gold coin made in Can
ada or to procure it for the purpose of exportation to the United States
in payment of a debt which under the circumstances of the case may be
come payable in that country.
Indeed my view of the [war] legislation and the orders in Council
pursuant thereto is that they nullify or suspend for the time being the
benefit of the exercise of the option given to this mortgagee (Hadley v.
Clarke, 8 T. R. 259), or rather prevent the debtor from complying with
it, and enable him to discharge his debt in money which is legal tender
in this country.
Obligation to Follow Creditor to United States and Pay in United States
Gold Coin Too Burdensome.
But it is said that as gold is procurable in the United States . . . and
as the creditor in this case carries on business in the United States, the
payment to him must be made in American currency. While I agree that
it is the duty of the debtor to seek out his creditor in order to discharge
his obligation, I am unable to see that that carries with it the right to
demand payment in currency other than that in which the debtor has
agreed to pay his debt.
No place of payment is mentioned and the contract was made in Canada
and payment is stipulated to be made in Canadian currency, both as to
coin (by force of the statute) and of bank or Dominion notes, so that if
the debtor did not have to seek out his creditor, his obligation is to pay him
only the sum of $50,000 in Canadian coin or currency, and he can dis
charge that liability by paying an equivalent of that sum in American cur
rency, namely the amount in either American gold or legal tenders which
$50,000 of Canadian currency will purchase.
Any other construction placed upon the proviso and covenant would seem
to me to be contrary to the terms of the mortgage itself and would place
an unjust burden on the debtor, in that before obtaining a discharge of his
mortgage he would be required to pay not only $50,000 of lawful money
of Canada, but a sum which would to-day at the current exchange amount
to $6,000.
If the election to require gold coin involves treating it as a special
species of money, and it appears that that species cannot be procured in
Canada and must be obtained at great expense elsewhere, a bargain to
pay in that particular form would be a harsh and unconscionable one.
While there are no usury laws in Canada, the Ontario Money-Lender’ s Act,
2 Geo. V, ch. 30, gives power to the courts to inquire into and revise any
such contract.
Having regard to the risk and to all the circumstances, the bargain
should, in the view I have propounded, be deemed to be harsh and un
conscionable in imposing on the mortgagor the necessity of procuring at an
expense of $6,000 the money necessary to discharge a loan originally
made in lawful money of Canada. It is probably unnecessary to have re
course to this Act, for the court has power under its equitable jurisdiction
and by virtue of Section 16 (h) of the Judicature Act to impose such
reasonable terms and conditions as it shall seem just in affording the plain
tiffs their remedy.

(A U S T R I A ) B O N D S .
A n offering of 60-year 5 % bonds of the [fiity of Vienna, .
Austria (part of the loan contracted under a resolution of
Jan. 18 1921, Pr. Nr. 6 9 0 of the Town Council of the Federal
Capital C ity of V ienna), was announced this week by M or
ton Lachenbruch & Co., investm ent bankers of this city.
The firm offered for im m ediate delivery bonds in denomina
tion of 2 ,0 0 0 and 1 0 ,0 0 0 kronen, subject to change in price,
at $ 1 6 5 per 1 0 0 ,0 0 9 kronen (par value). These bonds are
printed in English, French and German; they are dated
M arch 1 1921 and are due M arch 1 1981. T hey are issued in
denominations of 1,0 00 , 2 ,0 0 0 , 5 ,0 0 0 and 1 0 ,0 0 0 kronen.
Interest is payable M arch 1 and Sept. 1. The following
provisions, the bankers state, govern the issue:
O FFERIN G OF C IT Y OF V IE N N A

1. The bonds are a direct obligation o f the City of Vienna and the author
ized issue is 1,000,000,000 kronen.
2. In Vienna, the bonds o f this loan are admitted as trust money and
m ay be used for the investment o f funds belonging to foundations and
institutions under official supervision, to the Postal Savings Bank, to
minors, to settle estates and to trusts.
3. The principal and interest are exempt from payment of stamp and
immediate duties. The C ity of Vienna agrees to pay the Austrian tax:
called “ Rentensteuer” in its present and future extent, as well as the present
and future additions thereto.
4. These bonds are unredeemable for ten years, from date o f issue,
M arch 1 1921; beginning M arch 1 1931. redemption o f this issue is operated
b y yearly drawings to take place in public in the C ity o f Vienna on March 1
o f each year: bonds drawn are paid six months subsequently. “ The City
o f Vienna, however, reserves the right, beginning M arch 1 1931, to draw7
in any one year during the normal periods o f the operations o f the drawings,
a larger amount o f bonds than would correspond to the sinking fund plan,
and further to call for redemption all outstanding bonds at three m onths’
notice at least, and payable at date of maturity o f the interest coupons.”

BR AZILIAN

CH AM BER

OF

D EPU TIES

R E G U LA TIN G STORAGE CHARGES

A D O P T S BILLS

TO R E L I E V E

.
The Brazilian Chamber of D eputies passed on July 3 0
an emergency measure providing th at all merchandise now
in custom houses shall not be liable to more than two months'
storage charges if it is cleared before the end of October.
The measure, which is designed to assist Brazilian commer
cial enterprises to m eet the situation which has developed;
because of the low exchange rate, is said to have the Govern
m ent’s support. It is now before the Senate. In reportingthe introduction of the measure in the Senate on July 29,
Associated Press dispatches from Rio Janeiro said:
EXC H AN G E

SITU A T IO N

Conclusion That the Plaintiffs Must Accept Payment in Lawful Money.
Pending Congressional action, storage charges have been under a similar
I therefore hold (a) that both by the presumed intention of the parties exemption through an act of the M inister of Finance for several months
and by force of the Currency Act the right of the mortgagee is limited past. Under this exemption claimants aro taking their goods from the
i o requiring payment in gold coins made in Canada for currency purposes ; custom houses after depositing suitable guarantees that they will pay th e
ihat the defendants are, while the Finance Act, 1914, and the proclamations full chargesl'should Congress fail to authorize the Finance Minister’s action
under it remain in force, unable to procure such gold coins and that their
The measure how before the Chamber o f Deputies provides that imports,
contract to pay it is suspended while that state of affairs exists.
shall be paid for with 40% gold and 60% paper if cleared during August and
(b )
That whether I am right in these views or not, the plaintiffs havingSeptember, instead of 55% in gold and 45% paper as at present. The ratecome to the Supreme Court of this Province to enforce their demand are on goods cleared during October would be 45% go d and 55% paper under
subject to its powers; that the contract embodied in the renewal agree the new measure, which also provides that the gold milre, as applied to,
ment if construed as they require, is harsh and unconscionable and may be customs duties, shall be collected at the rate o f 3.850 paper milres instead
inquired into, revised and altered in an action for the recovery of the o f tho present rate of 5.280.
money,
In the event this measure becomes a law, it is believed in business circles:
(<’ ) That the enforcement of the mortgage in this action can be made here that it will stimulate the acceptance o f shipments already received,
■
abject to such reasonable terms and conditions as may be imposed by the and at the same time give the Government considerable revenue immedi
Court; and that, the defendants having offered before action to pay the ately.

578
PROPqSilD

URUGUAY

LOAN.

A Montevideo press dispatch ot‘ Aug. 4 announced that—
The National Executive Council has approved the acceptance of a loan
o $ /,500.O U by North American bankers, through the National City
U
Bank of New York
This loan to the Uruguayan Government will mature
n twenty-five years.

Regarding the above advices, the New York “Tim es” of
Aug. 5 said:
Several Wall Street banks were known to have been interested in the
Uruguayan loan and bidding yesterday was reported as brisk. Cable ad
vices were pessimistic over the outlook because of a report that opposition
had arisen in the Chambor of Deputies and that future negotiations might
be blocked. It is understood that the loan probably will be lion-ca liable,
and bear an 8% coupon
The loan is for the purpose of establishing a telephone system and is
backed by a pledge of the customs receipts. It was reported that the
Western Electric Co would supply the materials.

C.

E. M I T C H E L L

APPO IN TED

TO A R G E N T I N E

CO M M ITTEE.

Secretary of the Treasury Mellon has designated C. E.
M itchell, President of the N ational City Bank of New York,
a member of the permanent group committee for Argentina,
succeeding Myron T. Herrick, who resigned with his ap
pointment as Ambassador to France. This com m ittee was
formed to consider means of carrying out recommendations
of the first and second Pan-American conferences to the end
that closer financial and commercial relations might be
brought about between the American republics.
C.

E.

M ITCH ELL

CHOSEN

TO

M E X IC A N

B A N K IN G

C O M M ITT EE .

Charles E. M itchell, President of the N ational City Bank,
has been elected a member of the American Section of the
International Banking Committee on M exico, succeeding
James A. Stillman, late President of the National City Bank.
EUGENE
OF

[ V o l . 113.

THE CHRONICLE

M EYER
WAR

O N PROPOSAL

FIN A N C E

TO E X T E N D

CO RPORATIO N

AS

POWERS
TO

AG RIC U LTU RE.

The proposal of Congress to extend the powers of the War
Finance Corporation with respect to agriculture is the sub
ject of a statement issued by Eugene Meyer, Jr., Managing
Director of the Corporation. Mr. M eyer in pointing out that
it is of the utmost importance to recognize a new condition
in our foreign trade, states that we must now realize the
necessity to sell our agricultural products more gradually
than in former years and the necessity likewise of carrying
our commodities in the United States in larger quantities
for a longer period of marketing. The following is Mr.
M eyer’s statement made public Aug. 2:
Legislation has been proposed in Congress to extend the powers of the
War Finance Corporation with respect to both agricultural and railroad
finance. T o help the agricultural situation further it is clear that the
I egislation must meet a different condition from that contemplated by the
original amendment to the War Finance Corporation Act by which, in March
1919. it was given power in connection with the financing of foreign trade.
Foreign credit is not the critical factor at the present time.
It is of the utmost importance now to recognize a new condition in our
foreign trade. This condition has less to do with credits to foreigners and
more with credits to Americans. W e must now realize the necessity to sell
our agricultural products more gradually than we did in former years, and
therefore a corresponding necessity to carry our commodities here in America
in larger quantities for a longer period of marketing. This is strikingly
illustrated in the export, of our cotton. In the cotton year 1910-11. 81%
o f the exports for the entire year were concentrated in the six months from
September to February, inclusive. In 1919-20 only 51% of the exports
for the entire cotton year were forwarded during the same months.
This means that we must carry forward into the second six months of the
crop year one and one-half to two million bales that formerly were exported
in the first six months.
The same conditions govern our other commodities, and for this reason
financing must be provided to carry our products in this country.
The reason I say that- foreign credits are not in great demand is because
we have investigated the possibilities through representative bankers and
business men in Europe, and they report that the demand for credit is not
there. Europe prefers to take our commodities gradually instead of in a
short period, but it does not want to buy largely for future shipment, even
if credit is offered the exhange risks are too large. The fluctuations in
exchange during the past year were greater than the present fluctuations
in cotton. If the foreigner has to take a chance on one or the other, he
prefers to take the chance on the cotton fluctuations rather than on the much
wider fluctuation of exchange.
N ot recognizing the situation last fall, this country undertook to force
upon our European customers a year’s supply in a few months. This not
only broke down the prices of our commodities, but also broke down the
foreign exchanges, and this interfered not only with the exports of our
agricultural products, but also with all our other business. The price of
sterling in July 1920, before the crop movement began, was 3.96; the price
in November 1920 was 3 34. The Continental exchanges declined even
more.
If we provide financing to hold our commodities for more gradual mar
keting over a longer period, we will be doing only what any sensible mer
chant should do to handle his business. It is not a question of holding for
speculative purposes; conditions compel us to hold for gradual marketing
if we do not want to cause disaster to ourselves and to those that buy from
us. Merchants and m anufactures want a reasonably stabilized market,
and we as producers must control our goods in a way to meet the fjn
lal

conditions o f the buying market. They can no longer buy, as they did
before the war, almost a whole year's supply in the six months following
the maturing o f our crops. American producers and dealers must carry
our commodities for more gradual marketing through their banks.
If we are able to market our commodities more gradually, we shall
accomplish more toward the stabilization of the international exchanges
than can be brought about by any of the many artificial schemes now being
proposed.
Legislation with regard to railroads, which lias been proposed, authorizes
the purchase, by the War Finance Corporation, of bonds which the DirectorGeneral may have occasion to take from the railroads, in connection with
capital expenditures for improvements and betterments made during the
period o f Federal control.
The importance of the agricultural interest is paramount in our national
economic structure. 1 have repeatedly said, during the past few months,
that the merchants and bankers cannot pull themselves out of tlio hole
without pulling the farmer out of the hole. It is equally true that the mar
ket for the farmers’ commodities depends to a great extent upon a fully
employed and prosperous commerce and industry. Commerce in this
country not only depends upon the railroads for the vital element of efficient
transportation, but normal operation of the railroads involves the con
sumption of lumber, coal, iron and steel, and other great basic commodities.
When the railroads are out of the consuming market,as they are at present,
industry is inevitably stagnant and unemployment prevails. If they are
in possession of funds and functioning in a normal way, they are directly
among our greatest consumers, and indirectly through the large numbers of
industrial labor affected.
The general improvement of railroad credit would be the objective of the
War Finance Corporation should it again be authorized to assist the rail
roads this time, as it did from January to July 11)19, by making advances
of $205,000,000, o f which all but $45,000,000 have been repaid.

ADVANCES
PROVED

BY
OR

WAR
UNDER

FIN A N CE

CORPORATION

N EG O TIATIO N

AP

$63,4 71,7 00 .

A statement showing total advances of $6 3 ,4 7 1 ,7 0 0 already
approved by it or under negotiation was issued on July 29
by the War Finance Corporation. The amount approved is
$3 2,696,700, of which $2 2 ,9 1 8 ,2 0 0 represents advances to
banking institutions and $9 ,7 7 8 ,5 0 0 to exporters. Of the
total under negotiation, viz., $ 3 0,7 75,0 00 , the applications
from bankers amount to but $25,000, while those from
exporters are $30,7 50,0 00 . The following is the statem ent
issued by the Corporation:
The War Finance Corporation announced to-day that the advances
already approved by it, or now under negotiation, total $63,471,700. Of
this sum, $32,696,700 represents advances approved by the Corporation,
while the remaining $30,775,000 represents business that is in process of
negotiation; and approximately 93% of the total covers agricultural com 
modities. The largest transactions relate to cotton, the nation’s greatest
single export commodity, on which the Corporation has agreed to loan
$16,560,000. In addition, there are pending before it applications involving
$15,225,000 and covering the financing o f approximately 500,000 bales of
cotton, including 200,000 bales for a co-operative association in Oklahoma
and 300,000 bales for a similar organization in Texas. The transactions
pending and approved represent, in the aggregate, approximately 1,000,000
bales o f cotton.
The business under negotiation in connection with wheat exports repre
sents an application from co-operative associations in the Northwest for
an advance of $7,500,000 on approximately 10,000,000 bushels. Assistance
has been given in financing the exportation of approximately 7,000 hogs
heads o f tobacco, involving $1,848,600, and another transaction covering
more than 18,000 hogsheads, involving $6,500,000, is being developed.
The Corporation also has agreed to advance $8,500,000 to banking
institutions on shipments of condensed milk and $250,000 to a co-operative
association on exports o f California canned fruits and vegetables. If
satisfactory arrangements can be made, additional advances aggregating
about $550,000 may be made to the latter organization. Loans on meat
products, totaling $2,000,000, have been approved, and other advances
agreed to include the following: On railway equipment to China, $2,925,000; on copper and sheet steel to Italy, $325,600, and on sugar mill ma
chinery to Cuba, $287,500. An additional application for an advance of
$1,000,000 in connection -with the exportation o f railway equipment to
Canada is under negotiation.
The accompanying table shows, in summary form, the present status
of the business o f the War Finance Corporation:
Advances Approved or Under Negotiaiion.
Approved. Under Negotia'n.
Commodity*
—
$15,225,000
$16,560,000
Cotton - - ____________________________
7,500,000
Wheat =M _ _ ^— ---------------- ----------_
6,500.000
1.848,600
T ob acco--.----------------------------------------8,500.000
Condensed milk--------------------------------550 000
250,000
Canned fruits and vegetables-------------2,000.000
Meat p rod u cts.-------------------------------1,000,000
2,925,000
Railroad equipment---------------------------145,600
Copper----------------------------------------------180,000
Sheet steel-----------------------------------------287.500
Sugar mill machinery------------------------Total ------------------ — -------- ------------To banking institutions----------------------T o exporters_________________________

$32,696,700
$22,918,200
9,778,500

$30,775,000
25.000
30,750,000

$30,775,000
$32,696,700
T o t a l______________________________
It should be added that many other propositions have been submitted
to the Corporation, but, as they are still in the initial stages o f consideration,
they have not been incorporated in this statement.
In connection with the application o f the co-operative organizations tor
an advance of $7,500,000 to finance wheat exports, already referred to.
the following telegram from the General Manager o f the Association repre
senting the organizations may be of interest :
“ Arrived home to-day from my eastern trip and want to sa> to >ou that
our Northwest farmers are very grateful for the aid promised and wot
take great pride in handling the transaction so it will prow saitstaoun\ m
every respect to all concerned. They request l extend their thanks

In a special letter to us, Mr. Meyer has furnished us with
the following details regarding advances approved or under
negotiation:

July 20 1921
Under Nc~
A ppvovod. (/oil alion.
1.

579

THE CHRONICLE

A u g . (J 15)21.

OKLAHOMA
PLEDGES

C ITY

C L E A R lN O

$1 ,00 0,00 0

( Bolton—

(a) To a bank, for the exportat ion of cotton to
various distributing points in Europe and
Japan. (This is a revolving credit and
,
may be used two or throe or even four
times in the course of a year)-------------- .$3,000,000
(b) To a bank, for the exportation of cotton
under contracts for forward deliveries— . 1,000,000
(c) To two banks, for the exportation of cotton
225,000
(After this loan was approved, the interes
ted parties made other arrangements to
finance the transaction.)
(d) To a bank, for the exportation of c o t t o n 100,000
(c) To a bank, for the exportation of cotton__ 180.000
(After the corporation approved this loan,
the bank found it possible to finance the
transaction by using the rediscount facili
ties of the Federal Reserve system.)
(/) To an exporter, for the exportation of cot
ton _______________
80,000
(0 ) To an exporter, for the exportation of cot
ton 1
inters----------------------------------------------85,000
(After the loan was approved, the exporter
succeeded in making arrangements to fin
ance the transaction through banking
channels.)
(/?) To a co-operative association, to finance
100.000 bales of long staple cotton for
export___________________________________ 5,000,000
(?) To an exporter, for the exportation of cot
t o n __________
140,000
(j) To an exporter, for the exportation of cot
ton ____________
500,000
(k) To a banking corporation, to finance
125.000 bales of cotton for export----------- 6,250,000
(Z) To a bank, for the exportation of 500 bales
of cotton to Germany----------------------------(???) To an exporter, for the exportation of cot
ton to France, England and Germany-----(??) To a co-operative association, to finance
200.000 bales of cotton for export----------(o) To a co-operative association, to finance
300.000 bales of cotton for export-----------Total approved_____________________$16,560,000
Total under negotiation____________ 15,225,000

This action was taken following recommendations by a committee
appointed last Friday by the Clearing House Association to investigate
thoroughly the practicability of co-operation on the part of their members
with the cotton association. This committee was composed of William
Moo, Chairman; Frank I\ Johnson, George L. Browning and Roy c .
Stuart.
The Clearing House Association unanimously approved a plan of co
operation with the Oklahoma Cotton Growers’ Association embodying the
issuance and purchase of inland trade bills and bank acceptances. The
bankers further put. themselves on record as having found the cotton asso
ciation an organization entitled to credit. These findings were based on
the association having title to the cotton it will handle and on there being a
market through Federal Reserve banks or elsewhere for the cotton paper.
The matter of credit extension to the Cotton Growers’ Association wa s
brought to the attention o f the clearing house members by the special com
mittee appointed by the Oklahoma Bankers’ Association.

RESOLU TIO N
OF

$25,000
200,000
6,000,000
9,000,000

7,500,000

6,500,000

Italy

9. Sheet Steel—
To an exporter, for the exportation of sheet
iteel to Italy
JO. Sugar Milt Machinery-—
To an exporter, for the exportation o f sugar
mil I machinery to Cuba. ______________

$145,000
180,000
250,000

JO IN T

T IM E

FOR

FILIN G

OF

C O M M ISSIO N

A G R IC U LTU R AL

IN Q U IR Y.

A resolution extending to a date not later than the first
Monday in January the time when the Joint Commission
of Agricultural Inquiry shall file its report was adopted by
the House of Representatives on Aug. 1. The resolution
reads as follows:
HOUSE CON CU RREN T RESOLUTION 26.
Resolved by the House of Representatives, {the Senate concurring) That the
time for the completion of the investigation by the Joint Commission of
Agricultural Inquiry, created by Senate concurrent resolution No. 4, of the
present session, and the filing of the report to Congress therein directed to
be made, be, and the same is hereby extended to a date not later than the
first Monday in January 1922.

The earlier resolution creating the Joint Commission,
consisting of five members of the House and five members
of the Senate to inquire into various subjects affecting
the agricultural industry, was given in our issue of June 11,
page 2480. It called for the submission of a report to
Congress within ninety days. Representative Anderson in
stating in the House on Aug. 1 that the time for filing a
report would expire on Sept. 7, said that the Commission
expected to make a partial report before that date, “and a
final report at least by the convening of the Congress in
regular session in Decem ber.77

The farm export bill, which was reported to the Senate
on July 29 as a substitute for the Norris bill, was passed
by the Senate on August 4. The bill would authorize the
War Finance Corporation to make loans for agricultural
exports. In reporting the adoption of the bill by the Sen
ate on the 4th inst., the press dispatches from Washington
sa id :

550,000

$1,000,000

The Norris bill, which proposed a new Government credit organization,
was laid aside formally and the substitute, in charge of Senator McNary
(Ore.), Republican, for the Agriculture Committee, was passed without
a roll call.
The substitute plan w-as drafted by Secretary Hoover of the Department
of Commerce and Director Meye r of the War Finance Corporation. It was
adopted virtually intact to-day, the bill authorizing the War Finance Cor
poration to make loans to agriculturists’ associations, banks and trust
companies. The bill makes no change in the corporation’ s cash capital of
$500,000,000, but reduces from three to two billion dollars the authorised
maximum of bonds it may issue. This, according to Director Meyer, will
be more than sufficient.
Through loans to banks on agricultural collateral it is expected that the
bill’s influence will be mostly *elt by expansion of credit available to farm
ers.
In disposing of final amendments, the Senate rejected riders of Western
Senators to extend privileges of the Federal Farm Loan system to entrymen on Government reclamation projects. Assurances for future action in
a separate bill, however, were given.
Senator Norris (Neb.) Republican, chairman of the Agriculture Commit
tee, who initiated the credits legislation and who collapsed a week ago to
day after a long speech criticising the Administration substitute, was not
present for the vote to-day. He left to-night for an extended vacation in
an effort to regain his health.

GOVERNOR

8 . Copper—
To a bank, for the exportation of copper to

BY

M c N A R Y F A R M E X P O R T B I L L P A S S E D B Y S E NA TE.

$800,000

$3,925,000

E XTEN D IN G

REPORT

4.

6. Meat Products—
(a) To a bank, for the exportation of meat
products (two applications of $500,000
e a c h )....................
1,000,000
(b) To a bank, for the exportation of meat
products--------------------------- ------------1,000,000
Total approved-.________
$2,000,000
7. Railroad Equipment—
(a) T o a railroad equipment compay, for the
exportation of tank cars to China............. 1,440,000
(b) To three banking corporations, for the ex
portation of locomotives to China_______ 1,485,000
(c) To an exporter, for the exportation of tank
cars to Canada.............................................
Total approved..................
.$2,925,000
Total under negotiation......................... 1,000,000

OF COTTON

According to tho “Oklahoman” of duly 20 e r o d il to tho
exiont of $ 1 ,00 0,00 0 to holp tho Oklahoma Ootton Orowors7
Association in financing tho 1921 crop was pledged by mem
bers of the Oklahoma City Clearing House Association on
July 19. Tho “Oklahoman’7 also stated:

$8,348,600
Condensed Milk—
(a) To a trust company, for the exportation of
condensed m ilk----------------------------------------$1,000,000
(b) To a group of banking institutions, for the
exportation of condensed milk------------------ 7,500,000
Total approved______________________$8,500,000
5. Canned Fruits and Vegetables—
(a) T o a co-operative organization, for the ex
portation of California canned fruits and
250,000
vegetables----— ----------(b) If satisfactory arrangements can be made,
other similar advances, aggregating $550,000, will be made to the same association
on canned fruits and vegetables___ ____ __
Total approved _
__
$250,000
Total under negotiation__
550,000

ASSOCIATION

CROP.

$31,785,000
2. Wheat—
To a co-operative association, to finance
10,000,000 bushels of wheat for export—
Total under negotiation--------------------$7,500,000
3. Tobacco—
(a) To an exporter, for the exportation of
to b a c co -----------$1,691,000
(b) To a bank, for the exportation of tobacco
32,600
(c) To an exporter, for the exportation of
to b a c c o ----------125.000
(d) To an exporter, for the exportation of
18,490 hogsheads of tobacco to China-----Total approved__________
$1,848,600
Total under negotiation--------------------- 6,500,000

HO(J8E

FOR F I N A N C I N G

ON

H AR D IN G

OF

FEDERAL

RED ISCO U N TIN G

OF

RESERVE

COTTON

BOARD

PAPER.

A letter from Governor Harding of the Federal Reserve
Board relative to tho attitude of the Federal Reserve banks
of the South to member banks in the matter of rediscounting
paper secured by cotton, was recently addressed to Repre
sentative Fulmer in answer to one from the latter submitting
a proposal by J. S. Wannamaker, President of the American
Cotton Association, for the extension of a credit of $100,000,

580

THE CHRONICLE

•kjo uu customers notes secured by cotton warehouse receipts
to the extent of 8 0 % of the market value of the cotton.
Governor Harding in his letter informed Congressman
Fulmer that such loans had already been authorized and that
all the r ederal Reserve banks in the cotton section were
carrying paper of this character for their member banks and
had been doing so for many months past. Incidentally,
it may be noted, we gave in our issue of July 23 (page 349)
a statement by Mr. Wannamaker announcing that member
banks of the Federal Reserve System would be permitted to
rediscount cotton paper up to ‘ ‘ 8 0 % of the market valuo of
the cotton through 1921, or until market conditions become
normal
Governor Harding's letter, although dated July
12, has only just become available, having been inserted in
the Congressional Record of July 28 at the instance of
Representative Fulmer. The statem ent is made by Gov
ernor Harding in his letter that “ there seems to be a good
deal of misapprehension and confusion as to the functions
and powers of the Federal Reserve Board and the Federal
Reserve banks. “ Some people/' he says “seem to be under
the impression that we have a central bank in this country."
In adding that “ this is not the case" Governor Harding
sets out the powers of the Federal Reserve Board and the
Federal Reserve banks as defined byr the Reserve Act.
In his letter Governor Harding indicated that he had for
warded a copy of Congressman Fulmer's letter to the Federal
Reserve banks in the cotton section with the request that it
be placed before their respective boards, and suggesting that
each bank as promptly as possible make a public announce
ment of its policy regarding cotton loans. We give herewith
Congressman Fulmer's letter to Governor Harding:
July 11 1921.
Hon. Wm. P. G. Harding, Governor Federal Reserve Board, Washington, D. C.
M y Dear Mr. Harding: —l wish to call to your attention, for as earnest
consideration and quick action as you may find possible, a plan just pro
posed by Mr. J. Skottowe Wannamaker, President of the American Cotton
Association, for the relief of the present distressing situation in the South.
It is this:
The Rediscounting of Paper Secured by Cotton.
Authorize the loan of $100,000,000 through the Federal Reserve banks
to the banks o f the cotton States, upon customers’ paper secured by ware
house receipts for cotton properly insured, at say 80% o f its market value,
or upon cotton manufacturers’ acceptances of drafts against shipments of
cotton for consumption in their mills. Paper to run from 30 to 90 days,
renewable during 1921, or until the markets are opened. The distinct
understanding being that these discounts are not to have any bearing upon
the ordinary accommodations by the Federal Reserve banks to their member
banks. Without this understanding the loans would prove of no benefit,
as the Southern banks are so tied up with loans carried over from last year
that they are unable to function in their usual manner and make loans for
current business out of their present resources.
Leading bankers, merchants, business men, and farmers have expressed
the firm belief that this loan would accomplish the purpose of relieving
conditions and resorting some measure o f normal business. Business is now
shrinking from day to day, and distress is becoming more acute. Confi
dence must be restored promptly.
I therefore ask that you take immediate cognizance of this proposition.
As I see it, if assistance is not forthcoming at once conditions will become
so acute that it will take years to overocme the disastrous effect. This
matter has received the marked attention of leaders in business and agricul
ture, and 1 have assured them that I would immediately lay the matter
before you and request your prompt and favorable action.
Very sincerely yours,
m
H. P. FU LM E R, M . C.

Governor Harding's reply follows:
FED ERAL RESERVE BOARD.
Washington, July 12 1921.
Dear Congresstnan Fulmer:— I acknowledge receipt of your letter of the
11th instant, in which you suggest as a means of relieving the present dis
tressing situation in the South the authorization o f a loan of $100,000,000
through the Federal Reserve banks to the banks o f the cotton States, upon
customers’ paper secured by warehouse receipts for cotton properly insured
at say 80% of its market value, or upon cotton manufacturers’ acceptances
o f drafts against shipments of cotton for consumption in their mills, the
paper to run from 30 to 90 days, renewable, during 1921, or until the mar
kets are opened. You suggest, further, that there should be a distinct
understanding that these discounts will not have any bearing upon the
ordinary accommodations by the Federal Reserve banks to their member
banks, stating that without such an understanding the loans would prove
of no benefit as the Southern banks are so tied up with loans carried over
from last year that they are unable to function in their usual manner and
make loans for current businass out o f their present resources.
In reply, I would advise you that such loans are already authorized, and
all Federal Reserve banks in the cotton sections are carrying paper of this
character for their member banks and have been doing so for many months
-p a st. There is no question of the ability of the Federal Reserve banks to
rediscount paper to the amount named, or more if necessary, under the
terms presented by the Federal Reserve act. While the Federal Reserve
banks of Richmond and Dallas would be considerably below their required
reserves to-day if put upon their own footing, they are maintaining them by
rediscounting with other Fedearl Reserve banks and will have no difficulty
in rediscounting such additional amounts as may be needed. The Fedoral
Reserve Bank of Atlanta has for some time past maintained its required
reserve without rediscounting with other Federal Reserve banks, although it
is quite likely that it will be rediscounting in a short while. The Federal
Reserve Bank of St. Louis has a stronger reserve than any of the other banks
in the cotton sections and does not anticipate any difficulty in meeting all
legitimate demands out of its own resources. The Federal Reserve Bank
o f Kansas City also has a strong reserve which stands but a few points below
that of the St. Louis bank. Tho Federal Reserve banks of Richmond,
Atlanta, St. Louis, and Dallas, all have a flat rate of 6 % . Tho only bank
in the system which still maintains the progressive rate is the Federal Re-

[ V ol . 113.

surv Bank of Kansas ( ity, which has a normal rate o f 6% , an intermediate
rate of 7% and a maximum rate of 8% .
Tkeie seems to be a good deal of misapprehension and confusion as to
the functions and powers of the Federal Reserve Board and the Federal
Reserve banks. Some people seem to be under the impression that we
ha\e a central bank in this country. This is not the case. The powers
of the directors of the Federal Reserve banks are defined in .Section 4
of the Federal Reserve Act, while those of the Federal Reserve Board
are defined specifically in Section 11. Section 13 gives the Board the
right to determine or define the character of paper eligible for rediscount
within the meaning of the act and the limitations of that section. The
directors of the Federal Reserve banks are charged with the adminis
tration of their respective institutions. They havo the sole power to
pass upon eligible paper offered their respective banks for rediscount and .
the Board cannot force them to take paper w hich may bo. in their opinion,
unsafe or undesirable. Tho lending power is in the hands of the banks and
not of the Board. Each Federal Reserve bank is a body corporate and as
such each bank, among other things, is authorized “ to exercise by its Board
of Directors or duly authorized officers or agents all powers specifically
granted by the provisions of this act and such incidental powers as shall be
necessary to carry on the business of banking within the limitations pre
scribed b y this act
Every Fedoral Reserve bank shall be conducted
under the supervision and control of a board of directors. The board of
directors shall perform the duties usually appertaining to the office of
directors ol banking associations and all such duties as are proscribed by
law.
Nowhere in the act is tho Federal Reserve Board given power to
pass on credits and the board maintains no credit files. The board itself
is not organized as a banking institution, but merely as a supervisory body,
having general supervision subject to the express reservations in section 4
of the Federal Reserve Act.
In your letter you touch upon one of the.difficulties in tho present situa
tion. \ ou say that ‘ the Southern banks are so tied up with loans carried
o\ or from last year that they are unable to function in their usual manner
and make loans for current business out of their present resources." A
considerable number of the member banks in the cotton districts are not
rediscounting at all, and of those that are rediscounting more than one-half
are rediscounting very heavily. Many member banks are carrying loans
in larger volume, no doubt, than their own directors would like to have them
carry, and 1 know of some member banks which are very reluctant to add
to their contingent liability as indorser on any terms.
\ hile the suggestion made in your letter raises a question of banking
\
Policy which should be determined by the Federal Reserve banks them
selves, rather than the Federal Reserve Board, I may say that I do not
believe any advantage would be gained in having an understanding that
any new loans will not be counted as part of the bank’s regular lino. No
loans can be made by any Federal Reserve bank except with the indorsement
of a member bank, and the indorsing bank’s liability is there whether it is
regarded as part of its regular line or not.
With the concurrence of other members of the Board, I am sending copies
of your letter to the Governors of the Federal Reserve banks of Richmond,
Atlanta, Sfc. Louis, Kansas City, and Dallas, with the request that it be
brought to the attention of their respective boards of directors and sug
gesting that each bank, as promptly as possible, make a public announce
ment of its policy regarding cotton loans. It is the Board’s view and the
Board has so advised the banks, that it is the duty of the directors of each
Federal Reserve bank to give consideration to all applications for rediscount
of eligible paper and that the directors of each Federal Reserve bank or its
duly authorized officers must be the sole judges of the soundness and
desirability of paper offered for rediscount.
The Board feels assur d that the Federal Reserve banks are fully in
formed of the conditions in their respective districts, and that they will
adopt a broad and liberal policy in assisting their member banks to meet
the requirements of the situation.
Very truly yours,
W . P. G. H A R D IN G , Governor.
Hon. H. P. Fulmer, House of Representatives.

A statement made public by the Federal Reserve Board
on July 20 regarding a conference on July 19 of Reserve Bank
Governors in cotton States with Governor Harding in
W ashington to determine the need of further cotton credits
was given in these columns July 23, page 348.
A M E R I C A N A C C E P T A N C E COUNCIL ON B I L L P E R 
MITTING- N A T I O N A L B A N K S TO E N D O R S E
BANKERS’ ACCEPTANCES.

The American Acceptance Council has expressed itself
“in hearty accord with the proposed amendment to Section
5202 of the National Banking Act, which would permit na
tional banks to endorse‘bankers' acceptances sold in the
open market in tlie United States without the liability in
curred by endorsing such paper falling within the 100%
limitation, as at present provided by that section.” The
Council, in recording its views in the matter, in its “Accept
ance Bulletin’' for July says:
The amendment w as introduced into the Senate on M ay 20 1921. and is
now pending before the Committee on Banking and Currency of the
Senate. As at present constituted, the seventh exception to Section 5.202
of the Revised Statutes exempts from the limitations of that section “ ac
cepted bills of exchange payable abroad." The proposed amendment
would strike out the words ‘ ‘payable abroad," so that the seventh clause as
amended would read:
"Seventh. Liabilities created by the indorsement of accepted bills of ex
change actually owned by the indorsing bank and discounted at home or
abroad.”
It is not necessary to emphasize the importance that such an amendment,
would have. A free discount market can bo developed only w here bankers’
acceptances are passed along freely and with the endorsement of the leading
banks and banking firms. That is. as a matter of fact, what happens in
England and on the Continent.
The American Acceptance Council has stood right along for the estab
lishment of one basic discount rate for bankers’ acceptances which would
be the open market rate for prime bankers* acceptances bearing one banking
endorsement . The present habit of banks passing along their own accep
tances without any additional endorsement is a severe obstacle vo the
development of the discount market , and It is anomalous, not to say ridicu
lous, that the provisions of the law in its present term should make no
difference between tho endorsement by a bank of a single name prwmtssorv
note, which involves a commercial credit risk, and a hankers aevopianoo

A ug.

6 1021.1

THI3 CHRONICLE

w hich, if m ade b y a stron g b an k , does elim inate such cred it risks and is
bein g b ou g h t w ith (h o solo consideration o f the interest return involved
(ju st the sam e as one would b uy a cortil'Icato o f indebtedness o f the United
Statos G ov ern m en t). T h e differen ce betw een endorsing a com m ercial
prom issory n ote and endorsing a note already guaranteed b y another bank
is elem entary and should be taken into full consideration b y the law.
T h e anom alous provision o f the law at present perm its A m erican national
banks to d o in foreign d iscou n t m arkets w hat it proh ibits at hom o; that is,
to carry large p ortfolios o f bills which they m a y sell with their endorsem ent
at their discretion and at th e very tim e when foreign funds are seeking em 
p loym en t In the A m erican discount m arket in such im portan t am ounts that
it is d ifficu lt to find th e volu m e o f prim e throe-nam e paper w hich foreign
investors and banks are accu stom ed to buy and w hich th ey require.
T h e im portan ce to this cou n try o f p rovid in g adequ ate facilities fo r tem 
p orary em p loym en t here, in liquid paper, su ch as ban k ers’ a cceptan ces,
o f foreign -ow n od balances and reserves w hich ou r p osition as a free gold
m arket is certain to a ttra ct in m u ltip liable instances, ca n n ot b o overesti
m a ted, and it is sincerely to b e h o p e d th a t the p rop osed am endm ent w hich
will d o m u ch to help in this regard w ill b o speed ily en acted in to law .

581

Som e o f the prom oters h avo been m aking gro ily fal .< repre ,< illations a
•
to the earning pow er o f the stock in the, institution undor organ ization . One
instance lias ju st been b rou gh t to our attention where the p rom oter j
representing that the subscribers will receive 2 0 % in earnings.
I take It th at you r desire is to sift o u t prom otions which arc tain ted In
a ny way from (hose which are h onest and in good faith , so that the public
m a y h ave the p rotection o f sound banking service.
l shall a d op t the p o licy o f exam ining in to each p rom otion and reportin g
to you the surrounding circu m stan ces, the necessity, th e ch aracter and
ability o f the incorporators and the m eth od s em p loy ed by the p rom oter.

r u /

l a

D in ji'iiia

M ISSIO N

TO

n a t i o n a l

A C T

C O N FLIC T

AH

h a n k h

T R U S T E E S

IIFT W E E N
S T A T E

u l i t i h l d

r u n

B E C A U S E

OF

F E D E R A L

AND

L A WS.

A petition fo r the approval o f th e req u est o f th e N ation al
B ank o f G erm antow n and th e S o u th w a rk N ation al B ank
o f P h ila d elp h ia to a c t a s tr u st and su r ety com p an ies for
G O VE R N O R AN D B A N K IN G C O M M ISSIO N ER O F PEN N 
th e h a n d lin g o f tru st e s ta te s w a s d en ied by Jud ge H en d er
S Y L V A N IA TO S C R U T IN IZ E A P P L IC A T IO N S
son in the O rphans’ Court, P h ila d elp h ia , o n A u g u st 1. In
FOR. B A N K C H A R T E R S .
sta tin g th a t th e a p p lica tio n s w ere opposed by th e S ta te
T he in ten tio n o f G overnor Sprout o f P e n n sy lv a n ia h ere
a fte r to r efu se to approve an y a p p lica tio n s fo r c h a rters fo r C om m issioner o f B a n k in g b ecau se o f con flict b etw een the
new banking in stitu tio n s u n til he is sa tis fie d a s to the F ederal and S ta te la w s, th e “P h ila d elp h ia R ecord” o f the
ch aracter and stan d in g o f th e ap p lican ts, th e public n eces 2nd inst. sa id :
U nder the Pen n sylvan ia statute o f M a y 9 1889 trust com pan ies are
sity for th e e sta b lish m en t o f such banks, etc., is m ade required to keep a ll trust fun ds separate and apart from their assets, and
know n in a le tte r w h ich he h a s ad d ressed to th e S ta te Com the State B anking C om m issioner required all trust funds t o b e d eposited
m ission er o f B anking, John S. F ish er. T he G overnor sta te s in a separate b an k in g in stitu tion , whereas th e Federal law authorizes
national banks exercising fid u cia ry pow ers to deposit in the com m ercia l
th a t w h ile it is d esira b le th a t b u sin ess and th e people g en  departm ent trust funds held aw aiting in vestm en t, p ro v id e d th at th e ban k
e ra lly should h ave the a d v a n ta g e o f a d eq u a te fa c ilitie s, “it first set aside in the trust departm en t either U nited States b on d s or oth er
is ex trem ely u n d esirab le th a t ban ks should be organized a pp roved securities. W ou ld n 't C hange F ederal R ule.
by irresp on sib le or u n p rin cip led p erson s w h ose only in ter e st
W h en th e State C om m issioner o f B an k in g asked th at the State law be
respected, th e G ov ern or o f the Federal R eserve B oard at W ash in gton
in th e in stitu tio n s is in th e fe e s th ey m ay receive fo r sow rote, saying:
c a lle d organ ization ex p en ses and co m m issio n s.” I n d ecla r
“ T h e Federal R eserve B oa rd is o f th e op in ion that it is w ith ou t
ing h im se lf in accord and sym p ath y w ith th e p o sitio n o f a u th ority, in face o f th e express provision s o f the Federal law , t o im pose
national banks
differen requirem
Gov. Sproul, C om m issioner F ish e r s ta te s th a t du rin g 1 9 2 0 u pon trust funds h eld aaw aiting t investm enent as to b ow banks m ust deal
w ith
t.
“ T h Federal R eserve
course, aware o
2 1 S ta te banks and tru st com p an ies w ere prom oted in P en n  havinge the requirem ents oB oard is, o f Federal laws gen f th e a dvan tage o f
f State and
erally u n iform . It
sy lv a n ia , w ith an a g g reg a te c a p ita l o f $1 ,17 5,00 0, and th a t has alw ays h eld , h ow ever, th at its pow er to regu late is lim ited b y th e term s
o f the Federal R eserve A c t. In this particu lar instance the B oard does
th e fe e s charged by th e prom oters w ere $ 1 0 1 ,0 0 0 — or ap  n o t believe th a t th e differen ce betw een th e requirem ents o f th e State law
and the
(K ) o f
e
p ro xim ately one-tenth o f th e am ou nt paid in. T he S ta te am ended,requirem ents o f sectionas11 p ra cticathm aFederal R eserve A c t, as
is o f such im portan ce
a
l
tte r."
B ank C om m issioner also sa id th a t “in som e o f the ca se s th e
P ro fit o n T ru st F u n d s.
In this con n ection Judge H enderson says:
prom oter collected h is fe e to sta r t w ith and le ft th e in s ti
“ N one fam iliar w
f
practical
tu tio n to flounder and g e t alon g a s besi it could,” and “in tance owhether o r n ot ith ou r law cou ld say th at it is oto no in gle trust im p o r
a corp ora te trustee is p erm itted
m
assets
tw o in sta n ces th e 1 0 % w a s collected and th e ban ks n ever w ith its ow n and use them fo r its p riva te corp ora te p ro fit. T h e principle
that trustees are forb id den to m ake a p ro fit ou t o f trust funds is elem entary
opened.” T h e G overnor’s le tte r o f J u ly 2 7 sa y s:
and the ve ry heart o f th e law relating to fidu ciaries. O nce th e heart is

M y atten tion has been draw n to the fa ct that a regular business is being
m a d e o f p rom otin g th e in corp ora tion o f new State banks th rou gh ou t the
C om m on w ea lth and th a t, in som e instances, a percentage o f th e funds
raised fo r th e capital and the surplus o f these banks has been paid as a
com m ission to professional p rom oters w h o h av e solicited su bscriptions for
proposed banking corp oration s from ou r citizens.
W h ile it is very desirable th at th e business and com m ercial business o f
P ennsylvania and our people generally should h ave the advan tage o f ade
q u ate facilities, it is extrem ely undesirable that ban ks should b e organized
b y irresponsible or unprin cipled persons w h ose o n ly interest in these in
stitution s is in the fees th ey m a y receive for so-called organization expenses
and com m issions.
In their zeal to obtain such fees th e prom oters are a p t t o over-persuade
w ell-m eaning investors and to loca te ban k in g institutions in places where
th ey will n ot have a reasonable o p p ortu n ity to succeed.
W ea k banks and questionable ban k in g m eth od s will d o ve ry m u ch m ore
harm than good and, it seems t o m e, great care should be taken in investi
gating and app rovin g charters fo r new banks th rou ghou t the State, especially
in tim es like these, and th at e v ery effort should be m ade to discourage
questionable p rom otion s o f th e kind and t o m ake sure th at th e new banks
have been organized in g o o d faith and w ith a purpose h on estly to serve the
people.
W ith these m atters in view , I shall hereafter refuse to ap p rov e a ny appli
cations for charters for new banking institutions or to sign a ny such charters
until I am satisfied as to the ch aracter and standing o f the applicants for
such charters; th e good intent and su bstan tiality o f the p rom oters, th e p u b lic
necessity for th e establishm ent o f such banks in the n eigh borh ood where it is
proposed to locate th em , and w ith th e fa ct th a t the circum stances o f their
p rom otion and organization are clean and com m en dable.
H ereafter I will be unwilling to consider fa v o ra b ly such applications
until a report from you r departm ent coverin g these poin ts shall be available
for stu dy in con nection w ith the incorp oration papers com in g before m e.
I know that you feel as I d o regarding th e im portan ce o f these m atters
and th at y o u will cooperate in every w a y in handling a situation w hich is o f
m u ch public im portance.

B an k in g C om m issioner F ish e r ’s reply w a s a s fo llo w s:
I n ote in the future y o u w ill refuse to issue charters until satisfied as to
the character and standing o f the applicants, the g o o d intent and substan
tiality o f the prom oters, the p u blic necessity fo r the establishm ent o f such
banking institutions and the facts and circum stances surrounding their
prom otion and organization.
I am in full a ccord and sym p ath y w ith th e position y o u h av e taken.
D uring 1920 there were tw en ty-on e p rom oted State banks and trust com 
panies in Pennsylvania, with an aggregate capital o f $ 1,175,000.
T h e fees charged b y th e prom oters o f these institutions a m ou nted to
$101,000, approxim ately one-tenth o f the am ou nt paid in.
T h e fees o f the prom oters would seem to b e excessi ve.
It is true th at these prom otion fees were n o t taken ou t of the capital
stock , but in several instances the institutions were left in weakened con d i
tions w ith ou t a ny surplus with which t o open business and to bear the ex
pense incident t o the opening o f a new bank.
in som e o f the cases the p rom oter collected his fe e t o start w ith and left
the institution to flou n der and get along as best it co u ld . In tw o instances
the 10% was collected and the banks n ever o p e n e d .
I t Is unquestionable that som e o f the banks wore located at poin ts already
well supplied and whore th ey did riot have a fair ch an ce o f success. In
oth er instances appeals have been m ade to class and racial p reju dices.

corru p ted in this resp ect, w h o cou ld stop the spread o f th e co rru p tio n ?
I f the Federal p rovision is to prrevail, every fid u ciary w ill have tw o m asters
to serve— the trust estate and th e co rp o ra tio n : sound p u b lic p o lic y requires
th a t th ey should n ot b e put in to any su ch p osition .
“ W hen our C om m issioner o f B anking learned th at he cou ld exp ect n o c o 
op eration from th e G ov ern or o f th e Federal R eserve system , he was advised
b y th e A ttorn ey -G en eral to en join any bank refusing observances o f the
A c t o f M a y 9 1889.
I t is true ou r rule X X I requires all trust com panies to file a stipu lation
agreeing to observe this p ra ctice, bu t h ave w e the p ow er to m ake and en force
such a rule in op p osition to th e plain language o f th e F ederal sta tu te?
Shall we n ot o cc u p y stronger ground b y declarin g this p rovision in con tra 
ven tion o f our State la w ?
Could N o t E xa m in e A ll B ooks.

Judge H enderson also calls atten tion to th e p rovision o f th e F ederal law
w hich prevents State officers fro m exam ining a ny b o o k s o f a n ation al b a n k ,
except those k ept in con n ection w ith th e trust fu n d s, w hereas, u nder the
State law , the B ank E xam iner m ust g o in to every detail o f th e b a n k ’s b u si
ness. Judge H enderson also p oin ts o u t another and m ost serious co n flict
betw een th e Federal laws and the State law in th e case o f in solven cy or sus
pension o f a nation al ban k and the a p p oin tm en t o f a receiver. Such a
receiver and th e adm inistrator o f trust assets w ou ld be under F ederal
con trol, and the State cou rts w ou ld b e pow erless.
“ C o u n s e l," he says, “ suggests th at there w ill b o h arm on y b etw een th e
State and Federal authorities in receivership p roceedin gs, and legislation
from tim e to tim e w ill cure differences. H arm on y there w ou ld b e, bu t at
the expense and a nn oyan ce o f th ose interested in trust estates. I f legis
lation is to cure d ifferences, let us first h ave the cure, and n o t suffer ourselves
inter alia, to h ave th e strange p rincip le forced upon us b y th e F ederal R e 
serve B an k , com pellin g us to perm it th e use o f trust funds fo r th e p rivate
p ro fit o f trustees.
“ In view o f th e foregoin g p oin ts o f c o n flic t betw een the Federal laws and
th ose o f this C om m on w ea lth , w e h ave reached the con clu sion th a t the a p 
plication o f these and oth er nation al ban k s to b e ap p rov ed should be re 
fused. A cco rd in g ly , th e p etition s are d ism issed ."

S.

If.

B A R K E R

ON

B A N K IN G

B A N K IN G

S IT U A T IO N

AN D

P U B L IC IT Y .

“P u b lic ity in B a n k in g ” w a s tlie su b ject o f an a d d ress by
S am uel U . B arker, fin a n c ia l ed ito r o f “T h e N orth A m eri
can,” a t th e tw e n tieth a n n u a l con ven tion o f th e N a tio n a l
A sso cia tio n o f S u p erv iso rs o f S ta te B a n k s a t the B ellevueS tratford , P h ila d elp h ia , on Aug. 4. R eg a rd in g the banking
situ a tio n , he said th a t “th e d a n g ers and th e h azard s— th ey
w ere very real and o f 57 v a rieties'—h a v e been m et and
passed. T he tim e fo r recon stru ction nd new progress is a t
hand. It is now. A ll is sa fe and ready fo r the fr e sh sta r t
based upon so lid ific a tio n o f th e proved fin a n c ia l resources
o f th e A m erican people. O nly th e com m anding voice and
p o sitiv e d irectio n of strong lea d ersh ip is w a n tin g .” Mr,
B ark er a lso s a i d :
N ever in th e h istory o f this co u n try or o f th e w orld d id there present
su ch an o p p o rtu n ity for real, in stru ctive leadership as offers right n ow .
A m erica should su pp ly it. A lso, th e econ om ic interests o f th is people

THE CHRONICLE

583

d em an d that America, should lead
'That is the situ ation which looks us
in the face to-d a y , and looks not uncertainly by c o n fid e n tly .
W ith all the d epreciation in values as measured in cu rren t m arket Quota
tions, not w ithstanding the very severe shrinkage in bank inventories
which took place and the com m on inability during m onths to realize from
a large part o f iheir assets, it deserves to be tru m peted to the w orld that
A m erican banking institu tion s held stron gly solvent at the w orst.
We
know now that the great test has been passed su ccessfu lly. T h ere presents
now w onderful con stru ctiv e op p o rtu n ity beckoning to A m erican financial
genius and courage. R ut we are passing it b y, and it is because bankers
are trained to tim idity rather than in courage.
Our banking situation is safe and strong, and gettin g stronger. N on e
the less, it greatly and vitally needs to be cu t free from the jealousies little
nesses and ham pering influence o f too m an y sm all-m inded, narrow , selfish
men happening to be in positions o f fin ancial p ow er, and to be h itch ed up
w ith clear-thinking, far-visioned, big-actin g leadership su ch as will add
inspiration and put the spirit o f life, togeth er w ith th e fin e Impulse o
m ind, into the A m erican banking system , m aking it, as it is ready prepared
to becom e, a trem endous instru m en tality, w orking as a business, b u t in
high service to h um anity, perform in g in this co u n try and th rou gh ou t the
world as never yet, b u t as now easily possible in p rom otion o f th e w elfare
o f all m ankind.
P u blicity in banking was never so m u ch needed as it is n ow .
It can be
used w ith vast and certain con stru ctiv e effects. It ca n reach in to the
p u b lic m ind, heart and con scien ce, carryin g co n v ictio n , gladness and faith .
L et the losses as th ey have been and m a y yet com e, b e ann ou n ced , yes,
proclaim ed, that all suspicion and m ystery, w hich m ake th e ve ry devils
in underm ining con fid en ce, shall th ereb y be dispelled and sw ept aw ay.
A t the sam e tim e, herald abroad the m agnificent v icto ry o f A m erican bank
ing as it now is and should be revealed to th e w orld in a clarion n ote for such
accom plish m en t in fin a n ce as w as never k now n before.
F rom th at, let fullest p u b licity lead forw ard, clearly explaining every
m o v e , fran k ly advising and show ing not o n ly how business and all hum an
a ctivities now em p loy banking services, bu t how th e y m a y b e used in oth er
and m ore w a ys and furth er d evelop ed . P u blicity is m ore than an upbuilder
o f ch a ra cter. It w orks to create it, and ch aracter is the fou n d ation rock
u pon w h ich banking m ore than a ny oth er business rests. Business has lost
and suffered, and still does, b o th in inanition and through m isunderstand
ing, ow ing to lack o f creative and forcefu l p u b licity .
T h ere is very particu lar and high value in p u b licity in banking because a
fin ancial in stitu tion can offe r su ch m an ifold services reaching to th e four
quarters o f the w orld and valuable n ot on ly to -d a y b u t fa r on throu gh years
to com e. T h ere is no business w hich p u b liity can serve and advan ce
in so m a n y w a ys as banking. It can carry it into new fields; it can intro
d u ce it to tens o f m illions w h o d o n ot k n ow w h at banking services can d o
for th em ; it can open greater op portu n ities than h a v e y e t appeared; it can
g o forw ard to prepare th e w a y for a ccom plish m en ts vaster than bankers
h ave con ceiv ed o f bu t w h ich it can render easily p ossible. T h e vision is
o f the com pellin g need, th e superb possibilities, th e tran scen dent pow er,
th e m arvelou s con stru ctiv e and creative fu n ction o f p u b licity in ban k in g.

C H A R L E S

M cK E E

TO

C O M M ISSIO N E R

B E C O M E
OF

S T A TE

A R K A N S A S

B A N K

.

C h arles M cK ee, p resid en t o f th e L ee C ounty B an k of
M arian na, Ark., h a s a ccep ted th e post o f S ta te B ank Com 
m issio n er o f A rk an sas, tend ered by Gov. M cR ae. Mr. M c
K ee w ill su cceed W. T. M axw ell, Sept. 1.
E . C.

McDOUGAL DECLARES HIGH TAXES DRIVE
CAPITAL OUT OF BUSINESS.
In a d iscu ssion on “ T h e P re se n t D ep ressio n , H o w C an
C ongress H e lp ,” E . C. M c D o u g a l, P resid en t of th e S ta te
B a n k D iv is io n of th e A m erican B a n k ers’ A sso cia tio n ,
declares th a t “ b u sin ess c a n n o t fu lly r e v iv e u n til all b u t th o se
w h o n ev er w ork are w orking hard and fu ll tim e .” M r.
M c D o u g a l argu es th a t “ w e m u st h a v e th e g r e a te st p ossib le
p rod u ction and th e g rea test p ossib le m erch a n d isin g tu rn 
o v e r .” T h ese, he p o in ts o u t, “ c a n n o t be had w ith o u t
reason ab le prices. R eason ab le prices ca n n o t b e had w ith o u t
g r e a tly red u ced ta x a tio n ,” and h e add s “ th e m argin b etw een
reason ab le prices and ta x a tio n m u st be su fficien t to in d u ce
e v er y one to w o r k .” A s to ta x es, M r. M c D o u g a l says:
M od era te taxes encourage business, w h ich add s to th e w ealth o f the
n ation b y p ro d u ctio n , furnishes em p loym en t fo r labor and business p rofits
to b e ta xed . H igh taxes d rive ou t o f business m en w h o h av e accu m u lated
cap ital, m ake th em idle n on -p rod u cers and n on -em p loyers o f labor, d rive
th eir capital in to ta x-free b on d s, and discourage fresh capital. W ith o u t the
h op e o f substantial gain m en will n ot risk their cap ital. T h e present h e a v y
ta x a tion gives n o su ch h ope.

M r . M c D o u g a l co n ten d s th a t ea sy m o n ey a t th is tim e
is n o t a good sign b u t a b a d sigp. On th is p o in t he says:
W e m ust n o t m isunderstand th e statem ents o f high financial authorities
w hen th e y say th a t th e w orst is over. T h a t does n ot m ean th at th e w orst
o f th e depression is ov er, b u t th a t th e w orst o f th e m on ey strain is over.
A s a m a tter o f fa ct, if business h ad con tin u ed g o o d th e m on ey strain w ould
h a v e been as b a d as ever. T h e strain is relaxed because business is bad.
E a s y m on ey at th is tim e is n ot a g ood sign. I t is a bad sign. Business
m en understand this th orou g h ly— th ey are n ot m isled. D an ger lies in
th e fa ct th a t m a n y C ongressm en are not business m en and th a t in W ashing
to n th ey are n ot in a business atm osph ere, bu t in a political atm osphere.

M r. M c D o u g a l’s ad d ress, from w h ich th e a b o v e are
e x tr a cts, w a s d elivered before th e N a tio n a l A sso c ia tio n of
S u p ervisors o f S ta te B a n k s, a t th eir c o n v e n tio n in P h ila 
d elp h ia on A u g. 4 . B ec a u se of th e im p o rta n ce a n d serious
n ess of th e q u estio n of ta x a tio n , o n w h ich h is rem arks
co n v erg ed , w e g iv e h erew ith h is sp eech in full:
A n overw h elm in g m a jo rity o f th e m em bership o f th e State B ank D ivision
o f th e A m erican B an k ers’ A ssocia tion , w hich I h ave the h on or to represent
to -d a y , is com p osed o f cou n try ban k s. A t th e v e ry ou tset I w ish to m ake
it plain th at the State B an k D ivision ch iefly represents n o t th e so-called
m on ey pow er o f our larger cities, b u t th e sm aller com m u nities, and th a t
th e com m on p reju d ice against a ban k in g p ow er popu larly su pp osed to be
n th e hands o f a small cliqu e o f pow erfu l bankers does n o t a p p ly to th e

[V ol. 113.

A ssocia tion fw h ieh 1 represent ^ Y ou r association, representing as it does
the o fficia l su pervisory banking departm en ts o f th e variou s States o f our
Union, can testify to the tru th o f this statem ent.
T o m ake this address logically com p lete l shall give a b rie f resum e o f
things well k now n to you an W e o fte n fo rg e t th ings th at w e k n ow . T h in gs
that we h ave not forgotten often lose their relative im portan ce unless th ey
con stantly are reiterated.
It o fte n is useful to marshal well k n ow n facts
in a new way
1 shall em phasize m y main p oin t concerning ta xa tion b y
repetition
Its d om in atin g im p orta ce n ot on ly ju stifies b u t dem ands
such treatm en t.
D uring the first years o f the war th e p ro d u ctiv e ca p a city o f E u rope, as
a whole, excep t fo r war purposes, largely ceased. B ecause o f ou r vast
resources, and because o f th e m u ch longer tim e necessary fo r steam ship
transport fro m Asia and S ou th A m erica, w e cou ld sell to W estern E urope
anything it needed that we cou ld p ro d u ce , at p ra ctica lly o u r ow n prices.
W hen we entered th e W ar the dem ands o f ou r G ov ern m en t w ere added to
1 L0.se o f E u rope, and p rices still rose. A n y con cern th a t cou ld deliver
g o o d s p ro m p tly cou ld nam e its ow n p rice, ex ce p t in cases where prices were
fixed by the G ov ern m en t. M erch a n ts and m an ufactu rers b id against each
oth er fo r labor, and for p ro m p t deliveries o f m aterial. T h e G overn m en t
bid ridiculous p rices fo r labor, b o th manual and clerical, p a yin g in m any
cases tw o and th ree tim es w h at clerks and stenographers w ere w o rth . T h e
G overn m en t established the viciou s cost-p lu s system . U nder it the m ore
the expense and in efficien cy th e m ore th e p ro fit for the con tractor. D e
m ands o f labor fo r increases in w ages w ere p ro m p tly m et, and t h e co st
added to the p ro d u ct, th e increased p rice o f w hich was p ro m p tly paid;
but still labor was stead ily em p loy ed , and, p a rtly because o f p ro m p t c o n 
cessions o f m ost o f la b o r’s dem an ds, and p artly because o f th e general
sentim ent against strikes durin g th e w ar, th ere w ere few strikes as c o m 
pared w ith th e n u m ber since th e w ar. T h e re was no system in p rice in
creases.
L abor g o t w hat it co u ld . M a n u fa ctu rers and m erchants got
w h at th ey cou ld . T h e resu lt was great in equ ality in com p a ra tiv e prices
and m argins o f p ro fit, m u ch o f w h ich still exists.
W h en th e arm istice was signed la b o r felt th a t it n o lon ger was u n p a triotic
to strike. Our citizen s felt th a t it no longer was necessary fo r th em to save
to b u y L ib e rty b on d s, nor to keep up th eir p aym en ts on b on d s co n tra cte d
fo r, nor even to koep b on d s fo r w h ich th ey h ad p a id . T h e y began to spen d
n ot on ly their in com e, b u t their principel. T h e y spen t e xtrav ag an tly and
b lin d ly .
It is e vid en t th at th eir purchasing p ow er im m ediately su cceed ing
the arm istice was fictitio u s, te m p o ra ry , and m u ch in excess o f their norm al
purchasing p ow er even at high w ages. P r o b a b ly , b y this tim e, all bu t
h abitual savers h a v e spent their th rift a ccu m u lation s, and now fin d that
their wages are n ot su fficien t to enable th em to con tin u e to pay present
o n ly p artially red u ced prices. T h e ir purchasing p ow er is m a rk ed ly im 
p aired . W h en purchasing p ow er declines p rices declin e w ith it.
T o con tin u e to turn o u t at excessively high co s t, good s p ro d u ce d on a
basis o f n ot m ore than 5 0 % e fficie n cy o f p ro d u ctio n , and to sell them to one
another, does n o t m ake this co u n try rich . T o grow in w ealth we m ust p ro 
d u ce as m u ch as p ossible, as ch ea p ly as possible, use no m ore than we
actu a lly need, and sell the surplus to th e w orld . T h e purch asin g p ow er o f
th e w orld is m u ch less than fo rm e rly . E u rop e ca n n o t p a y cash fo r our
g o o d s. W e m u st either trust its buyers, and sell th em our good s o n lon g
cred its, o r w e m ust take th eir g o o d s in exch an ge. I f E u rop e b e indus
trially crip p led it ca n n o t ship us good s su fficien t to p a y fo r ou r surplus
g o o d s. I f E u ro p e be n ot in d u strially crip p led , b u t is, or very soon will
b e co m e , as stron g as ever, th en it can p ro d u ce good s m u ch m ore ch ea ply
w e ca n to -d a y , and w e m u st co m p e te w ith it not o n ly in the m arkets o f
th e w orld b u t in o u r ow n m ark ets also. T h e in evita ble result in either
case w ill be still fu rth er declines in prices and w ages. R em em b er that
durin g th e w ar E u ro p e had to h av e ou r good s a t a ny p rice, and at on ce.
N o w if our prices are to o high , th e y can either w ait until prices co m e d ow n ,
or in m a n y cases th e y can m ake their ow n good s.
In this co n v e n tio n is assem bled th e com p le te st possible k n ow led ge o f
co n d ition s th rou g h ou t the U n ited States. C ou ld the speaker h av e the tota l
k n ow led ge represented here he cou ld speak w ith m ore assurance. P ro b a b ly
no on e m an has th a t to ta l. T h e speaker m u st base his o p in ion on his ow n
experience plus w h at he has been able to gath er from th e experience and
op in ion s o f a few . In his ju d g m e n t th ere still is m u ch liq u id ation t o be
a ccom plish ed, a lth ou gh it w ou ld appear th at in a n u m ber o f lines full liq u i
d ation has been a ccom plish ed and prices h av e gotten to as low a p oin t as
can be e xp ected . Perhaps it w ou ld be to o m u ch to exp ect th a t all c o m m o d i
ties shall be fairly and eq u a bly liq u id a ted , b u t w hen a great m a jo rity are
so liq u id ated and th e p u b lic is so co n v in ce d , and w hen ou r burden som e taxes
h ave been m aterailly ligh ten ed , then , and n o t till then, m a y we look fo r a
genuine rev iv al o f business.
R e a d ju stm en t o f prices m ust be radical and com p le te . In som e co m 
m od ities, o f w hich co p p e r, c o tto n , hides and ru bber are con sp icu ou s exam 
ples, it is p ra ctica lly co m p le te . In m an y 011101* , such as farm im plem en ts,
8
fertilizers, building m aterials, h ou se furnishings, and especially in th e co st
o f building co n stru ctio n , it is on ly begun. O ne o f the last readjusem ents
will be th at o f labor.
T h ere is m u ch crim in a tion and recrim ination con cern in g th e respon sibility
fo r th e present depression. A s a m a tter o f fa c t, w e all w ere t o blam e;
bankers, in vestors, m erchants, m an ufactu rers, la b o r and farm ers. T h e
m ain cause was the w ar, b u t the n ation was drunk w ith p rosp erity and th e
h op e o f q u ick and easy gains. T h e great m a jo rity a ttem p ted to p rofiteer.
Few w ere w illing to earn success b y hard w ork . E v e ry o n e is b la m in g e v e ry 
on e b u t him self. T h ere is m u ch m isrepresentation con cern in g large in
com es. Should M r . R o ck e fe lle r’s yea rly in com e b e a m illion dollars or
m ore, as is cla im ed , does he get it ? N o . H e gets o n ly a b o u t on e-third
o f it. T h e oth er tw o -tb ird s goevS fo r taxes. T h e sam e p rincip le applies to
all incom es, th e larger th e in com e th e sm aller percen tage a m an retains fo r
his ow n use, unless he invests in tax-fj*ee b o n d s and is satisiefd w ith a very
low rate o f interest; b u t h onest m isco n ce p tio n , a b etted b y deliberate m is
represen tation , ign ora n ce, p re ju d ice and e n v y , in tensify the d iscon ten t
o f th e thriftlass and u n fortu n ate.
One con trib u tin g cause was th e unsound fin ancial p o licy o f the G o v e rn 
m ent in issuing b on d s bearing fictitio u sly low rates o f in terest. T h ese
b onds were n o t a ttra ctiv e to th e average in vestor, w h o cou ld get m u ch
larger returns on oth er b on d s n early as g o o d . U nder pressure Horn th e
G overn m en t th e F ederal R eserve B oard kept Federal R eserve B ank loan in g
rates a b o u t 2 % b elow norm al. G o o d bankers knew th at this w as w ron g,
th at it w ou ld bring a b o u t in fla tio n , w h ich in turn w ou ld intensify the
present depression, and that th e resultant co s t to th e G overn m en t and loss
to th e p u b lic w ou ld be m u ch greater than did th e G overn m en t p a y th e
m arket rate fo r the m on ey it w ished to borrow . T h e G overn m en t w ould
n ot listen to g o o d a d v ice . T h ro u g h th e Federal R eserve Banks it p ra cti
ca lly forced th e bankers o f th is co u n try to fo rce their custom ers to b u y
L ib e rty b o n d s, and to loan th em at fictitiou sly low rates m on ey to buy the
b on d s. T h e n , w hen the G ov ern m en t had n o m ore b on d s to sell, its pressure
was w ithdraw n, the Federal R eserve Banks raised their rates to the figures
w hich should have been etsablished at the beginning o f the war. and the
p u b lic were com p elled either to carry the b onds at a yearly loss o f interest
or to sell them a t a serious loss o f principal.
In the m eantim e the G o v e r n 
m en t has been b u y in g b a ck Horn tim e to tim e, at a h eavy discount bonds

A ug . < 11)21..]
;

THE CHRONICLE

that It had forced the p u blic to take at par, at th e sam e tim e boasting o f the
saving. Tills com es vory near to plain dish on esty,
Should the G overn m en t con tin u e to lnterfero in our banking ImMiunMH,
except for the enforcem ent o f law and the protection o f d epositors, It luovifcably will m ake the sam e record o f Inefficiency and failure as In designing
airplanes, in building and operating ships, and In operating railroads.
H am pered by rod tape banks will not bo able to give the p u b lic g o o d service.
Strict supervision, criticism and correction , should br m aintained, bu t the
G overn m en t should not pass the line th at separates these proper functions
from actual m anagem ent. C redit, w ith ou t which this cou n try never could
have developed and outstripped all others, ca n n ot thri ve shackled b y politics
and bureaucracy.
T h e artificially low rates o f interest tem p ted banks which wished to over
trade. T h ey borrow ed from the Federal Reserve Bank and re-loaned to
business men and speculators at high rates, m aking large p rofits. M a n y
bankers went further. T h ey forgot that th ey were bankers. T h e y becam e
prom oters and speculators.
Bankers w ho overtra d ed as bankers, bankers
w ho becam e prom oters and speculators, and the G overn m en t, w hich
coerced the Federal R eserve B oard, are ch argeable w ith a very large share
o f responsibility for much, o f the Inflation w hich led to th e present depres
sion. W hen handing ou t easy m on ey they w ere p opu lar. N o on e criti
cised them . N ow , when they are d oin g their best to c o r r e c t,the- m istakes
previou sly m ade, when, b y k eeping up rates o f d iscou n t on frozen credits
and dead loans, th ey are tryin g to ch eck specu lation on the Stock? exchanges,
in raw good s, in m anufactured good s, and to bring a b o u t the necessary
deflation in stock s o f goods and in prices, they are criticised. A lth ou gh at
present th ey are right th ey m ust endure this criticism b eca u se p reviou sly
th ey wore w ron g. . B ankers as a class ca n n ot d en y their share o f responsi
bility for present con d ition s, bu t, w ith a sm all p ercentage o f glaring excep 
tion s, X h ave no hesitation in claim ing th a t th e y h av e d on e their d u ty during
the last few years b etter than any oth er business class, and th at there Is n o
com m od ity in w hich there has been so little profiteerin g, and in w h ich the
increase in price has been so sm all, as in th e p rice o f cred it from a bank
to its custom ers.
B efore th e Federal R eserve system was established fin an cial p an ic often
accom panied severe business depression. W e m ust n ot fo rg e t th at th ey
are tw o entirely different th ings,although either m a y bring on th e oth er.
T h e Federal R eserve system is n ot a cure-all w h ich allow s the business m en
o f this cou n try to violate all g ood business rules and principles and guaran
tees them against th e consequences o f their ow n acts, b u t it has m a de the
old-fashion ed m on eta ry pan ic (and w e m u st n ot forget the q ualifyin g w ord
“ m on eta ry” ) p ractically im possible. Our m on eta ry panics were ch iefly
brou gh t on and intensified b y our inelastic cu rren cy system . N o m atter
how g ood a bank m igh t b e it cou ld n ot be sure th a t it cou ld p rocu re cu r
ren cy for its custom ers to the exten t o f their dem ands, con sequ en tly in
m an y cases it refused to p a y ou t cu rren cy, th ereby p rom otin g pan ic.
U nder our Federal R eserve system th at is changed^ A n y g o o d ban k can
get all th e cu rren cy that its depositors need. T h e ’F ederal R eserve system
w ill n ot allow a ny g o o d bank to fail. B ecau se o f th is-th ere is ve ry .slig h t
possibility o f a pu rely financial p an ic. I f one should o ccu r it p ro b a b ly
w ou ld be o f very sh ort d u ra tion . H ere is a solid fou n d ation o n w h ich to
build fu tu re p rosp erity.
B anks are under th e close supervision and con trol o f th e law . A s c o m 
pared w ith ordinary business failures, bank failures are few , and, h ow ever
severe th e business depression m a y b ecom e, still w ill be com p a ra tiv ely few .
A s a rule the percentage o f loss to depositors o f failed banks v e ry seldom
am ounts to as m u ch as 50 % , and the average is m u ch less. T h e creditors
o f ordinary business failures think them selves v e ry fortu n a te if th e y lose
as little as 5 0 % . Business m en are n ot so restricted b y law . M a n y o f
them w h o ordinarily d o n ot specu late h av e been specu latin g in com m odities
ou tside o f their ow n line o f business. T h e lack o f foresight w h ich m an y
h ave show n is appalling. T h e d ay o f reckon in g is here.
In tim es like these m a n y borrow ers ca n n ot p a y th e principal, or even
a ny part o f th e principal o f their d ebts. Should such borrow ers b e sou nd,
should their banks b e con v in ced th at th ey are d oin g their b est, that if n ot
pressed th ey cou ld p a y their interest regularly and carry o n business until
tim es im prove, bu t that i f th ey were asked t o rep ay a ny considerable part
o f their principal th ey cou ld n ot d o so b u t nm st g o in to b a n k ru p tcy , it
plainly w ould b e w ise to carry th em th rou gh . T h en w hen g o o d times
ca m e th ey gradually cou ld p a y o ff th e principal. I t is th e p la in d u ty o f
every bank at th e present tim e, in dealing w ith its regular custom ers, to
take m ore than ordinary risks rather than throu gh tim id ity, selfishness or
shortsightedness, to force into b a n k ru p tcy business w h ich oth erw ise w ould
live, to add to th e num ber o f w recks at a tim e when th e w reckage w ou ld
sell for alm ost nothing, to cause unnecessary Joss and heartbreaking sorrow
to individuals, t o add to th e general depression. I t is n o t p u ttin g it any
to o stron gly to say that a ban k w h ich during these tim es forces into b an k 
ru p tcy a business w hich otherw ise w ou ld liv e com m its unnecessary financial
m urder. A banker's first and highest d u ty now is n o t to m ake large
p rofits for stockholders, b u t to keep business alive.
T his does not m ean th at banks should carry specu lators. I refer on ly to
legitim ate business. N eith er does it m ean th at a business m an m ust n ot
be forced to liquidate, bu t th at he m ust n ot b e forced to liquidate to o ra p id ly,
and that his bank should n ot cripple him b y seizing th e proceeds o f liqu i
dation , but should allow such proceeds to rem ain in the business if necessary.
Should a business m an b e told th at his bank will ca rry him throu gh pro vidin g
he will follow the p olicy o f gradual con tra ctio n and liq u id ation , and should
he b e stu bborn and refuse, as u n fortu n ately som e d o , th en he w ou ld have
no right to com plain should th e bank fo rce liq u id ation , b u t even then the
liquidation should b e gradual.
In governm ent fin ance the same j)rinciple sh ould ap p ly . T h e net d ebt o f
our G overn m en t, after deducting w hat is ow in g us b y foreign govern m en ts,
th e greater part o f w hich we reasonably m ay exp ect t o receive in due tim e,
does not at the very outside exceed fourteen billions o f dollars. A lth ou gh
we should n ot speak flip p an tly o f so larze an ob ligation , it still is true, as
com pared w ith our natural resources, and as com pared w ith th e debts o f
European nations, ours is a very m oderate d e b t. P rovidin g reasonable
econ om y be exercised in every other governm ental expenditure, the taxation
necessary to p a y the interest on this d ebt, plus th e oridnary expense o f our
G overn m en t, need n ot b e nearly so h ea v y as it is to -d a y .
I t m ust be borne in m in d, h ow ever, that for the present our G overn m en t
is n ot receiving interest on the am ount owing it b y foreign governm ents,
w hich, with accum ulated Interest up t o date rou ghly m a y b e stated as a bou t
ten billions o f dollars. F or th e present our tax budget m ust p rovid e n ot
on ly for the interest on our net debt o f abou t fourteen billions o f dollars,
but on our gross d ebt o f abou t tw en ty fou r billions o f dollars. This em 
phasizes the need o f the m ost drastic and apparently im possible econ om y ,
not b y som e oth er congress, at som e indefinite tim e in the future, b u t by the
present congress, and now .
N otw ithstanding econ om ic theories, applicable in norm al tim es, b u t o u t o f
place to-d a y ; until the running expenses o f the govern m en t can be very
iargojy redu ced, and until foreign nations can arrange fo r th e refunding
o f their debts to m and for the regular p aym en t o f interest thereon, there
is n o good reason why during this acute depression we should, be taxed to
retire any of the principal o f a d ebt w hich we easily can carry. Surely

583

we should n o t,h o taxed to enable the govern m en t to buy back from us at
say ninety cents on the dollar its ow n bond for which it received from u
one hundred cents on the dollar.
All that sound govern m en t financing at present requ ire; r that ... date
should be set. say three years from now , or at the very furthest not more
than five years from now , upon which d ate we should begin regular pay
m oots upon the principal o f our G overn m en t d ebt.
By that tim e our
burdens should be lighter, and, so far as human Judgment can d isce rn , and
providing h ea v y taxes d o not p re v en t, we should be well .started on a period
o f prosperity unexam pled in ou r history.
Until then our citizen*, should not
be burdened with unnecessary taxation, which surely would discourage
enterprise, and m ight p ostp on e the business revival for which o anxiously
wo look.
One essential Is that the govern m en t should refund Us floatin g d ebt.
T h e Secretary o f the T reasu ry so recom m en ds.
A large part o f that
floa tin g d e b t now Is carried b y banks, w ho, in turn, are being carried by the
Federal Reserve Banks. It should be con v erted into b o n d ., attractive?
to the general p u b lic, and gradually be absorbed by them
T hr; should
be d on e at the first favorab le op p ortu n ity .
In th e m eantim e public
endorsem ent by C ongress o f su ch a p o licy w ou ld be reassuring
W hen the
banks are relieved o f this b u rden th ey will be better able to reduce their
borrow ings from the Federal R eserve banks and thus prepare them selves
to finance business enterprise.
It well m ay be suggested that Congress should coord in ate as parts o f one
b o d y , under one execu tive h ead, the In ter-S tate C om m erce C om m ission
and the U nited States R ailroad L a b o r B oard. T h e pow er to regulate
wages, and the pow er to regulate passenger fares and freight rates, should
be under one con trol. T h en , should it b ecom e necessary to raise w ages,
fares and freight rates cou ld be raised to m eet th em , where necessary.
Should it becom e necessary to reduce fares and freight rates, th en wages
cou ld be recdued w here necessary. S hould it be claim ed th a t w ages cou ld
be raised w ith ou t raising fares and freight rates, or th a t fares and freight
rates cou ld be red u ced w ithout reducing w ages, the question i>ropedy cou ld
b e determ ined on ly b y coop eration betw een th e Itn er-S tate C om m erce
C om m ission and th e U nited States R ailroad L a bor B oard. T o con tin u e
these, tw o bodies as entirely independent organizations, one w ith the pow er
to regulate wages and n ot in a ny w a y ob liged to consider their relation to
revenue, and th e oth er w ith the pow er to regulate fares and freight charges,
and n ot in any w a y obliged to con sider their relation to w ages, is eviden tly
u nsound, and is b ou n d to cause con stan t m isch ief and to p rolon g the
present depression.
W e have been ve ry unwise in defam in g ou r large corporation s w h ich trade
abroad. P olitically th a t m a y be very p opu lar, b u t when our G overn m en t
p u b licly and officially injures in the sight o f foreign nations th e corp oration s
w h ich are en deavoring t o extend ou r business w ith foreign nations w e are
dam aging ourselves. I challenge those w h o have d on e so to p oin t to any
similar practice on the p art o f foreign govern m en ts w orth y o f the nam e.
Our corporations should o b e y th e law , b u t enterprise and success u nder the
law are n ot evidences o f crim inality.
F o r a business revival, w e m ust h av e m ore cap ital. T h ere are three
m ain sources o f capital— th e savings o f la b or, th e savings o f business and
the savings o f investors. It m ust b e apparent to all th a t so far as lab or is
concerned we are n ot a nation o f savers, th at fro m the savings o f la b o r w e
can n ot h op e to accum ulate m ore th an a small p art o f the capital w e need.
A lth ou gh labor w ill n o t save it will spen d, and as it pays a v e ry sm all rate
o f incom e ta x its spending ca p a city is large, creates business, and turns
over to the business m an and investor, t o be accu m u lated as new capital
that w hich itself w ill not accum ulate. F or som e tim e to com e w e ca n n ot
h op e fo r foreign cap ital, w h ich has helped us in the p ast. T his leaves
available for the m a in /su p p ly o f capital on ly the savings o f business and
investors in this co u n try . W h en the gov ern m en t, b y h ea v y surtaxes, takes
th e m ost o f this, it con fiscates th e m ost, o f the on ly adequ ate available
capital w hich w e m ust h av e to save us fro m w idespared ban k ru p tcy.
M od erate taxes encourage business, w h ich adds t o th e w ealth o f th e n ation
b y p rod u ction , furnishes em p loym en t fo r lab or and business p rofits to be
taxes. H igh taxes d rive ou t o f business m en w h o h ave accum ulated
capital, m ake them idle n on -produ cers and n on -em p loyers o f la b o r v d rive
their capital into ta x free b on d s, and discourage fresh capital. W ith o u t the
h ope o f substantial gain m en w ill n ot risk their cap ital. T h e present
h eavy taxation gives n o such h ope.
Business ca n n ot fu lly rev iv e un til all b u t those w h o never w ork are w o rk 
ing hard and fu ll tim e. W e m u st h ave the greatest possible p ro d u ctio n
and the greatest possible m erchandising tu rn over. T hese ca n n ot b e h ad
w ith ou t reasonable prices. R eason able prices ca n n ot be h ad w ith ou t
greatly reduced ta xa tion . T h e m argin betw een reasonable prices and
taxation m ust be su fficien t t o indu ce everyon e to w ork.
W h atever scien tific theorists m a y call it, a ta x on good s is p ractically
n othing but an added cost. I f good s are b a d ly needed the b u y er m u st pay
the fu ll price. W h en the b u y er is unw illing or un able t o p a y the fu ll price
including such ta x , th en , as a tem p ora ry expedient w hile p ro fits are large,
in the h ope o f fu tu re business and fu tu re p rofits, th e seller m a y absorb all
or part o f th at ta x . W h en business slackens, w hen the h op e o f future
p rofitable business fails, w hen th e m argin o f p rofit shrinks, w hen the buyer
ca n n ot a fford to p a y the price o f th e good s w ith th e ta x add ed, and when
the seller ca n n ot a fford to absorb th e ta x, business m ust sto p . T axation
that does n ot equalize its burdens and spread them p rop ortion ately overall
lines o f business and all classes w ill “ ldiL the goose th a t lays th e golden
e g g .” I f a m erchant o r m anufacturer be load ed w ith specific taxes on
his good s, plus ordinary taxes o n his p rofits, plus excess p rofits taxes every
tim e he happens to h ave a g o o d year t o m ake u p fo r years o f lean p rofits and
o f p ositive losses, w ith ou t being p erm itted b y som e reasonable system o f
averages t o offset the losses in p o o r years against extraordin ary p rofits in
g o o d years, w h y should he d o business? I f business enterprises are killed
th ey can neither p a y adequ ate taxes to th e govern m en t nor g o o d wages to
their em ployees. U n fortu n a tely th e culm ination o f such con dition s
usually arises in tim es o f depression, m akes the depression w orse, and
postp on es business revival.
I f w e m ust h av e Shch a ta x it sh ould be in th e fo rm o f a ta x o n sales, at
a fla t u n iform rate. Th en th e ta x w ou ld b e fairly and equably distributed,
and w ould n o t fa v o r a ny one industry at th e expense o f others. A n oth er
b eau ty o f a sales tax is th a t th e farm er, laborer, m echanic o r business m an
w h o is fru gal and accu m u lates the capital w h ich builds factories and fu r
nishes em p loym en t for labor, w ould be encouraged in M s fru ga lity. H e
w ou ld n o t b e obliged to p a y th a t tax u p on w h at h e saves. T h e extravagant
m an, th e luxury lover, th e spen d th rift, w ou ld p a y . W ith ou t system atic
eco n o m y and fru ga lity this nation can n ot h av e sound perm anent p rosp erity.
Our recen t r io t o f p rosp erity did n ot last. H ad w e saved th en w e w ou ld be
richer n ow . Shall o u r presen t b itte r experience, and its plain lesson, be
igiiored b y C on gress?
W e must n ot m isunderstand th e statem ents o f high financial authorities
when th e y say that th e w orst is over. T h a t does n o t m ean th a t th e w orst o f
th e depression is over, b u t th a t th e w orst o f th e m&ney strain is over. As a
m atter o f fa ct if business had continued g o o d th e m on ey strain w ou ld h ave
been as bad as ever. T h e strain is relaxed because business is b a d .
Easy
m oney a t this tim e Is not a g o o d sign. I t is a b a d sign.
Business men

5S4

THE CHRONICLE

uiKlerbtiiuil iliia thoroughly they are not mieiect. Danger lies in the fact
that many t’ongressjnou are not business men, and that in Washington they
are not in a business atmosphere but in a political atmosphere. Some may
be honestly misled, others deliberately may take advantage of public state
ments that the worst is over as an excuse why Congress should do nothing.
That will not satisfy our citizens Congress cannot "pass the buck" and
escape responsibility
President Harding has spoken
Secretary iViellon
has spoken
The entire country is behind them in their stand for retrench
ment and reduction of taxation. No excuses will -.atisfy the nation.
Unless Congress acts at once there is grave danger that this winter we shall
lace the worst conditions that this country has known in this generation.
Wages surely will continue to fall, unemployment probably will increase,
men, women and children will be cold and hungry.
Nothing but the realization by Congress tiiat the chief cause that is
prolonging the present depression is its own inaction regarding taxation and
reduction of Government expenditures, that no other legislation even ap
proaches in importance such legislation, or will save this country from a
real calamity tins winter, and that soon it may he too late, such realization
to be followed by prompt action— will save the situation.
To labor l say Listen to the truth whether you like it or not. Don’t
let your leaders mislead you by promising you more work and better times
at any time this year. Unless Congress realizes the damage due to its
delay of Lax legislation, and its blindness to the fact that our citizens
realize that its delay is prolonging the present depression, times may be
much worse before they are (letter. Don't let your leaders persuade you to
strike when you cannot win. There are too many men looking for your jobs.
Use your common sense. l)o your own thinking. Next winter will be a
hard winter for you
Before it comes work every day you can, and save
every cent you can. The leader who persuades you to the contrary is no
true friend of labor.
We must not forget that Congress has passed one piece of legislation
which has long been needed, and which will be of untold benefit, the Budget
Bill. For that it is entitled to the thanks of our citizens, but that is not
enough. While Congress is delaying, business is perishing. We admit that
questions of tariff must be thoroughly discussed. They are without doubt
the most complicated questions with which wo have to deal. Questions
concerning the refunding of our indebtedness, and tile adjustment with
foreign nations of their indebtedness to us, are comparatively simple
questions. The duty of settling them must be delegated. No large body
can act efficiently. We have a President, in whom we all have confidence,
an able Secretary of the Treasury, and a strong Cabinet. While formal
authority, if delegated, naturally belongs to the Secretary of the Treasury,
Congress well knows that he never would act definitely on so important a
matter without first consulting the President and the Cabinet. Does any
business man in the United States of America believe that the President
and his Cabinet can not be trusted?
Most fortunately the President has tact and long political experience
He is using those qualities for the nation’s good. He is a statesman, not a
mere politician. He is straightforward and sincere, lie has courage and
firmness without blind obstinacy. His mind is open to advice, but he does
his own thinking and makes his own decisions. To crown all he has plain
common sense, without which he would fall short of complete efficiency.
Tn a comparatively short time he has earned and posseses to a remarkable
degree the confidence of the nation.
Against the customary deadly inertia of Congress, plus the united active
opposition of all forces which honestly misguided or selfishly oppose him, he
is fighting our battle for economy. To that battle the honor of the Republi
can Party is pledged. Some Senators and Congressmen elected on that
pledge, regardless of honor, are deserting him. They know that without
economy there can be no reduction in taxation. Without reduction in
taxation there can be no business revival for years to come. Apparently
they care more for their own selfish interests, personal pride and prejudices
than for the good of the nation. Individually they are not strong, combined
they are most powerful. Are we really behind the President in his fight for
us? Shall we let him fight alone while we stand idly by, or shall every com
munity in unmistakable terms serve notice on its representatives at
Washington that it is with the President, heart and soul, that it expects of
its representatives not merely cessation of active and passive obstruction
but active co-operation, and that the one thing, not only the most important,
but more important than all others combined, and without which all other
legislation would be comparatively useless, is legislation ensuring sweeping
reduction in taxes and expenditures. Such reduction even though claimed
to be impossible, is our only salvation. Without that legislation the present
depression may continue indefinitely.
IN D U STR IA L

SITU ATIO N
D ISTRICT

IN

FEDERAL

RESERVE

OF BO STO N .

The industrial situation in the Federal Reserve District
of Boston is described as “ unsatisfactory” by Frederic H.
Curtiss, Chairman and Federal Reserve Agent of the Federal
Reserve Bank of Boston, tvho states that “ its confusing
uneveness makes it difficult for business men to be con
sistently optimistic about the immediate future.” Mr.
Curtiss, in his monthly review of business and industrial
conditions in the New England District, dated July 30,
also says in part:
Strictly speaking there has- not been any recent change for the worse,
but only a continuation of uneven liquidation. Some lines of industry,
such as textiles, are quite busy, while others— steel and iron, for example—
are dull. Similar examples of disproportionate price declines can be given.
This unevenness in the process of readjustment may cast a shadow of
pessimism over business for some time. Nevertheless, there will probably
continue to be certain lines of industry operating at satisfactory capacity.
New England is, perhaps, as well situated in this respect as any oher
section of the country. Our textile industry, particularly the woolen and
worsted sections has shown a remaikable recovery from the depression of
midwinter, and during June operations were at the rate of 75 to 95% of
full capacity. The cotton goods section has not fared quite as well. but
even here present production is not far from 75% of full capacity. The
boot and shoe manufacturers in New England increased operations in
June nearly 25% over M ay, a very respectable gain, and this industry was
running during June at about 60% of full capacity, with operations being
continually expanded.
It must be admitted, however, that although New England’s major
industries are faring well, this district has also suffered from the uneven
ness of the readjustment previously mentioned. The metal trades, which
are large factors in the industrial life of the district, are probably suffering
from the depression as much now as at any time, though they have not
on the whole reduced wages more than 12 !4 % from their peak— the cost of
living, as shown by the Massachusetts Commission on the Necessaries of

[V o l . 113

l.itv lias declined more than this, and wholesale, prices are down more than
lb
The paper industry in New England is also passing through a quiet
period. There has been a strike in progress since May 1, affecting manu
facturers of news-print, but in the past month this has been settled in a
number of the smaller mills and llie largest single producer has attempted
to reopen its mills with a compromised reduction in the rate of pay of
about 20%.
lit making a survey of the industrial situation at this time, one must
not lose sigin of the fact that this is the vacation season and that for industry
to be slack in the summer is normally to be expected. This year many
tb'ois are shutting down for longer periods than was the custom during the
years ot business prosperity, a condition which gives an exaggerated impres
sion of the amount of unemployment at this time. Retail trade also is
usually 30 or 40', less during the summer months of July and August than
during the spring months of April, M ay and June.
During June the New England department stores made a very satis
factory showing, the sales of eight such stores in Boston increasing 2.5%
over May, this being but 1.5% below the business of June 1920, while 16
department stores located in other New England cities did nearly 5%
more business in June than in May, although 8.5% less than in June
1920 (measured in terms of the number of dollars’ worth of goods sold).
When ii is considered that retail prices on the whole have declined as much
as 20% in the past year, it must be acknowledged that the physical volume
of goods being sold to consumers by the department stores, not only in
New England, but throughout the country, surpasses this year the totals
for corresponding months a year ago. As has been pointed out before,
it is fundamental that the surplus stocks of goods throughout the world
must bo reduced before there can be a return of prosperity and the sooner
stocks of manufactured goods are transferred from tho warehouses and
merchants’ shelves to the hands of the ultimate consumer, the sooner whole
salers and manufacturers will have to replenish their stores of finished
products by putting raw materials through manufacturing processes.
The outstanding feature of the Boston financial situation is the recent
reduction in tho rediscount rate by the Boston Federal Reserve Bank,
effective July 21 1921, liquidation in this district having gone so far that
the directors of this bank considered that it was no longer necessary to
maintain a rate of 6% . The rediscount rate on all classes of paper and
maturities was accordingly reduced to b l % . Similar action taken by the
A
Reserve banks at New York, Philadelphia and San Francisco was at the
same time approved by the Federal Reserve Board. While the reserve
ratio of the Boston Bank during the month had steadily Increased until the
adjusted ratio had averaged over 80%, the Reserve system as a whole had
shown a similar improvement, standing at an average of over 00%.
Just as we have seen the accumulation in this country of a surplus of
commodities, particularly raw materials, above the domestic consumptive
demand, a surplus which cannot find its way to a market either here or
abroad until the trade depression which prevails all over the world finds
relief, so we are also now observing the accumulation in the Federal Reserve
system of a growing amount of reserve credit caused by liquidation of loans
and the extraordinary influx of gold into this country. When, therefore,
the time comes that not only the physical reconstruction of the war de
vastated countries of Europe, but tho relief of the world in general from
present conditions of industrial depression has progressed to the point where
we may be reasonably assured of the stability of governments and of the
economic structure of the nations, the United States should be in an exceed
ingly favorable position to supply the foreign credits necessary to bring
about a satisfactory revival of industry.
Commodity prices in the United States continued their decline during
June. However, it should be noted that Bradstreet’s index, which is
compiled by adding the wholesale prices of a pound of each of 96 commodi
ties, and which is often considered by economists as an index which fore
casts the movement of prices rather than indicating the status at any one
time, moved contrary to other standard indices during June. This increase
amounted to only 1%, not a very large one to be sure, but important,
inasmuch as it was the first increase since early in i920. The index of
commodity prices compiled by the United States Department of Labor
is generally held to be the one showing best the prevailing situation, and
is compiled by scientifically proportioning the prices of 327 commodities
according to the importance of each. This index has declined over 45%
from its highest level, and during June was but 48% above the 1913 average.
Commodity prices in foreign countries, are, with the exception of Germany
still declining. In no case has the decline been as extended as in this
country.
The cost of living in Massachusetts as shown by the Massachusetts
Commission on the Necessaries of Life, decreased during June. This
Commission estimated that between July 1920. when the cost of living was
the highest, and June 1921, it had declined 21.4%. The cost of food,
clothing and sundries all were slightly less in June than in May, while the
cost of shelter and fuel showed practically no change.
CRITICISM S
JOHN

OF

FEDERAL

SKELTON

RESERVE

POLICIES

W ILLI A M S — DEFENSE

GOVERNOR

BY

BY

H ARD IN G .

The criticisms of the administration of the Federal Reserve
system which former Comptroller of the Currency John
Skelton Williams indulged in in recent speeches, were
reiterated this week when the former Comptroller was
accorded a hearing by the Joint (Congressional) Commission
of Agricultural Inquiry. As we have before indicated (in
the “ Chronicle” of July 23, page 358, and July 30, page 475),
a request that Congress investigate the operations of the
Board and the Federal Reserve system came from Governor
Harding of the Federal Reserve Board last month in view
of the allegations which had been made by Mr. Williams.
Governor Harding also appeared before the Committee,
testifying in defense of the administration of the Federal
Reserve system, as did Governor Strong of the Federal
Reserve Bank of New York. The Commission has been
delegated to inquire into the agricultural situation, and Mr.
Williams was invited to testify before it relative to its
investigation into credit facilities for farmers. With the
opening of his hearing before the Commission on Aug. 2,
Mr. Williams charged that the Reserve Board had displayed
undue favoritism in lending to New York banking groups
while Southern and Western borrowers were unduly cur-

A ug. (> 1921.]

THE CHRONICLE

ta iled .
He declared th a t there w as ‘{'abundant ground for
com p lain ts of discrim ination by I'armers g e n e r a lly .” T h e
press accou n ts from W ashington rep orted his fu rth er s ta te 
m en ts before th e C om m ission on th e 3 d in st. as follow s:

585

forcing liquidation III Southern and W csMtii agricultural districi.H, that it
had a Mowed extortionate Interest charge;, ;,nd generally failed to “ ease
down Inflation.
G ov ern or H arding rose o u t o f the audience and dem anded a hearing on
personal grou nds, to d en y allegations con cern in g him self, as M r. W illiams
h ad m a d e them . Presently with G overn or Stron g, he produced from the
M a n y o f M r. W illiam s’s assertions wore challenged in cross-exam ination
con fiden tial files o f the Reserve o ffice s co r n - pondence and reports to rom ba t
b y Representative Ogden M ills, R epublican o f New Y ork , a com m ission
M r. W illiam ’s criticism s.
mem ber, who was arm ed w ith volum es o f statistics. T h e clashes required
T o answer letters and m em oranda read by M r, W illiam s, and which he
com m ission rulings tim e and again. D u rin g the exam ination (Governor
Harding o f the Reserve Board and several oth er o f its officials were present. said he had sent to associates on the, Reserve. Board during J920 a nd 192 1
protesting against Iheir policy and course, G ov ern or H arding dem anded
In D ecem ber 1919, M r. W illiam said, on e N ew Y ork State, b an k in g In
and received permission to read a single letter o f response which the Board
stitution . which ho described as “ know n for specu la tive a ctiv itie s ,'' borrow ed
m ade to M r. W illiam s in 1021.
$ 130,000,000 through the N ew Y ork Federal R eserve B ank. N o law was
“ T h e Federal Reserve Board feels constrained to s a y ,” the letter read,
broken, ho said, bu t several oth er N ew Y o rk banks, “ in hard and in good
“ that you r action
. . . has d em on strated the fu tility o f discussions
tim es,’ ’ were allow ed to hold ou t large am ounts o f reserve loans, w hile
with you on questions o f hon or and fair p la y .”
Western and Southern borrow ers were b ein g pressed to reduce loans. M r.
M r. W illiam ’s criticism s o f the board s handling o f cred it problem s as
W illiam s read m em oranda and letters interchanged betw een h im self and
con tained in the corresp on den ce and repeated, to the Congressional c o m 
G overn or Harding over th e situ ation , o f w h ich he com plain ed.
mission were characterized in G ov ern or H ardin g’s letter as “ Ignorant,
T h e B oard, adoptin g th e policy o f forcin g up interest rates, he said, was
inaccu rate and m islead in g.”
indirectly responsible for 3 0 % interest charges prevailing on th e N ew Y ork
“ T h e o b je c t seem s to h ave been m erely to m ake a record during you r
m oney m arkets, and this “ drained o ff funds from th e farm in g se ctio n s,”
M r. M ills m et him at this stage w ith a series o f statistics ten d in g to show th at tenure o f o ffice o f statem en ts t o be handed to th e p u b lic Jater,” th e letter
read in part, “ as an appeal to preju d ices and sym path ies and not to re a so n .”
R ichm ond, M in n eapolis, D allas, A tla n ta , Kansas C ity and St. L ou is banks
T h e letter further set forth th at M r . W illiam ’s criticism s generally were
were borrow in g m uch greater sum s p rop ortion ately than N ew Y o r k insti
“ triv ia l. irrelevant or su sceptible o f no d efin ite con stru ctiv e interpretation
tutions.
As to the criticism o f lending to N ew Y o rk banks, th e H arding letter said
“ Y o u ’v e seen th e figures, h a v en ’t y o u ? ” M r . M ills dem an ded during
th at ou t o f “ a disordered mass o f details and statem en ts” forw arded b y M r .
interchanges in w hich M r . W illiam s told him to “ go to the R eserve B oard
W illiam s it has been “ im possible fo r th e B oard to understand w h at a ctio n ”
for the statem en ts.”
he desired taken . T h e letter said also th a t o f eigh ty m eetings o f the B oard
One borrow er o f call m on ey had to p a y 2 00 % to get a lo a n , M r . W illiam s
said, although M r. M ills insisted he had m isinterpreted th e arrangem ent preceding M r . W illiam s’ retirem ent from o ffice he had “ a tten ded 18 during
their entire tim e, 18 during a p art o f th e tim e, and during 44 was absent
and the charge was 2 5 % . A t th e sam e tim e, he add ed, W estern institu 
e n tirely.”
tions rediscounting were “ ob liged to p u t up collateral o f 100 and 2 00 % in
I t was charged th at M r . W illiam s had “ circu lated ou tsid e o f th e B oard
excess o f the am ounts th ey g o t .”
“ G iv e us one exam ple o f t h a t ,” C hairm an A nderson instru cted th e w it con fiden tial letters upon cred it m atters, and refused to tell the B oa rd to w hat
person or persons th ey had been s e n t.”
ness, bu t after an interchange M r . W illiam s’ repeated response “ G e t it
T h e exam ination had branch ed o f f when M r. W illiam s rem arked th at
from the R eserve B o a r d ” was a ccep ted as final.
G ov ern or H ardin g had broken a p rom ise to him con cern ing a B oard record .
T h e N ew Y o r k R eserve B an k . M r . W illiam s said, alw ays was a tre
“ I d en y th a t 1 ever m ade a ny su ch p ro m ise ,” G ov ern or H arding ex
m endous borrow er, “ to the extent o f fou r tim es its ca p ita l, for use in specu
claim ed, rising fro m his seat. “ If personalities like these are goin g in to th is
lative operations and p rom otion s.”
record I w ant an o p p o rtu n ity to m eet th em at o n c e .”
M r . M ills m oved t o strike ou t the testim on y, b u t the com m ission voted
“ G ov ern or H arding has th reaten ed to u se p oison g a s,” M r. W illiam s said.
him dow n .
“ A n d I d en y th a t, t o o ,” G o v e rn o r H arding sh outed. “ T h e re was a
“ A ren ’t y o u givin g these figures w ith ou t a ny reference to th e assets and
b oard -room inciden t w hen I told M r . W illiam s th a t I w a sn ’t after trouble,
deposits o f the borrow in g b a n k s ? ” M r . M ills asked.
“ I prefer to have the B oa rd , w hose m em bers I see here, answer questions th at m y o b je c t w as to w ork ou t ou r d ifficu lt p rob lem s p eacefu lly and e ffe c
tively, b u t th a t I w as n ot afraid o f him : th a t if h e in ten d ed to fig h t, I ’d
as to their adm in istration ,” M r W illiam s replied, addin g th at th e B oard
fig h t fair if th a t w as w hat h e w an ted, and th at if h e tried to u se poison
a d op ted general rules w h ich con trolled the am ou nt o f cred it granted to
individual banks and th at these rules varied w ith varyin g con d ition s in gas, I ’d m eet th im on th a t, to o . I ’ll n o t let th ese th ings go u n ch allen ged.”
T h e incident w h ich caused G o v e rn o r H ardin g’s ou tb u rst con cern ed a
the different reserve districts. I t w as d evelop ed th at th e R eserve B oard
established “ basic lines” com p ou n d ed fro m resource tota ls o f banks w hich rep ort m ade to th e B oard criticisin g th e form er C om p tro lle r’s exam ination
o f national ban k s. M r . W illiam s saying th a t a record had been prom ised
con trolled am ou nt o f rediscounts.
to him .
“ D o you con ten d a ny Federal R eserve B an k has viola ted th e la w ? ’ M r
G overn or Strong read extracts fro m an officia l con fid en tial rep ort m a de
M ills asked.
to th e B oard b y him on th e N ew Y o r k banking system . It referred to
“ I m ake n o such ch a rg e,” M r . W illiam s said.
F orm er C om p troller W illiam s' hearing w as co n clu d ed on M r. W illiam s’ s sem i-official re p o rt as “ ignorant and m isleading,” and
accu sed him o f “ viola tion s o f p ro p rie ty and d islo y a lty .to his a ssociates.”
th e 3 d in st. an d b o th G overn or H a rd in g an d G overn or
One N ew Y o r k ban k , w h ich M r . W illiam s said h eld $130,000,000 in
S tron g on th a t d ay in terjected s ta te m e n ts d eclaring th e Federal R eserve loans, G ov ern or Strong declared, held also $112,000,000 in
a ssertion s of M r. W illiam s to b e m islea d in g . On th e 4 th G overn m en t secu rities, adding th a t “ m ost o f its loans w ere m ade to carry
purchases during th e w a r.” W h ile it was lending $18,000,000 d irectly
in st. th e C om m ission con fin ed itse lf to h earing w h a t G overn or or indirectly to its ow n o ffice rs, G o v e rn o r Strong said, it held $15,000,000
H ardin g had to sa y . D u rin g his te s tim o n y on th a t d a y in L ib e rty b on d s as collateral, and additional secu rities as well.
M r . W illiam s ch arged th a t 3 0 % interest rates in N ew Y o rk m on ey
G overn or H ard in g a d m itte d th a t v e r y large a cco m m o d a tio n s
m ark ets m eant th e starving o f farm ing districts.
w ere gran ted in th e fa ll o f 1 9 2 0 , in c id en ta lly s ta tin g th a t it
“ H ad th e C om p troller u n d erstood th e w orkings o f th e R eserve system ”
had been feared th a t th e gold reserves w o u ld fa ll b elo w th e G ov ern or Strong respon ded, “ h e w ould h ave u n derstood th ose rates resulted
con
t
al f
s fr m N ew Y rk
to o th e r
legal req uirem en ts. A s to w h a t h e h a d to sa y on th is p o in t fro m th eo f th stanu nwithdrawu c h oo ffu ned credoit pressu re oresuto send m organ
section s
e co
try . M
th
lted fr o
th e press a d vices from W a sh in g to n stated:
ized m ovem ents in variou s p arts o f th e co u n try to w ith h old com m od ities
“ Th ere is n o use denying very large a ccom m od a tion s w ere granted in the fro m their usual m a rk ets.”
fall o f 1920,” G overn or H ardin g con tin u ed . “ I was sitting a t m y desk
“ A general denial is h ardly an effectu al answer to sp e cific charges and
getting telegram s from one R eserve B an k asking fo r rediscounts from
com p la in ts,” M r . AVilliams said w hen his tu rn cam e again. L a ter he
another. I t was p retty close figu rin g tryin g to keep u p th e reserves, bu t
expressed th e opin ion th a t th e N ew Y o r k bank dealing w ith R eserve funds
there never was a tim e w hen on e o f th ose requasts w as turned d o w n .”
“ passed m on ey ou t w ith p rod ig a lity ” durin g p eriods w hen borrow ers else
Presenting a ch a rt, h e said th e cu rren cy circu lation was bein g increased w here w ere bein g restricted .
during 1920, and the loan accou n ts, to o , rem arking th a t this was th e period
In a clash w ith R ep resen tative M ills, R epu blican , o f N ew Y o rk , M r.
con cern ing w hich com plain ts o f restriction w ere now being m ade.
W illiam s said th a t h e “ s to o d b y ” his charges th a t in sp e cific instances
“ It looked as though our gold reserves w ou ld fall b elow the legal require R eserv e banks required m em b er banks to put up 200 and 3 00 % collateral in
m en ts,” he said, “ and it was necessary n ot t o alarm a n y b o d y as to th e value farm p ap er b efo re lending.
o f our cu rren cy. I f the U nited States wishes t o g o on a pap er basis th a t is
“ D o you k n ow t h a t ? ” M r . M ills d em an ded. “ G iv e us an in sta n ce.”
the business o f C ongress, n ot o f th e R eserve b o a r d .”
“ G o to th e R e se rv e B o a r d ,” M r . W illiam s retorted . “ T h e y h av e th e
G old reserves, G overn or H arding said, should b e allow ed to d rop in em er r e c o r d .”
gencies, but be kept u p in norm al periods and increased.
L ater M r . W illiam s agreed to furnish details o f on e Southw estern bank
“ I h ave nothing to palliate or co n c e a l,” G ov ern or H ardin g said at another case w here h e said a law suit against a R e se rv e bank was bein g m atu red b y
p oin t, “ b u t in considering the B o a rd ’s a ction during th e eco n o m ic crisis we m em ber bank officials.
h ave w eathered, ju st im agine th e State o f th e U nited States h ad our cur
A s a R eserve B o a rd m em ber, M r . W illiam s said, he had fou g h t increased
rency and banking system collapsed as that o f C u ba d id .”
interest rates and “ p rogressive” interest rates, w hich m ade a bank p a y
D uring th e proceedings before th e C o m m issio n on th e higher interest on rediscou nts as its to ta l o f borrow in g increased.
“ One co tto n bank
1 f“ h e
“ and w
gs
3d in st., w hile M r. W illiam s w as under ex a m in a tio n , th e increased during th e w as ch arged 3 g % e rio d said,rate w enhen its borrow in% .
co tto n m ovin p
th e
t as high as 8 7
allegation s of the la tter provoked G overn or H ardin g to such T h e p ractical result w as th a t this little bank was fo rce d to ch oose betw een
an ex ten t th a t a fis t fig h t, it is s ta te d , seem ed im m in en t, letting its cu stom ers fac^ ruin o r p ayin g ruinous ra te s.”
T h e se charges w ere “ su p er-in terest,” M r . W illiam s said, w hile a t th e sam e
fn reporting also th a t G overnor S tron g to o k issu e w ith som e tim e “ N ew Y o r k ban k s w ere gettin g large a m ou n ts at 7 % . ”
of th e sta te m e n ts m ad e b y M r. W illia m s, th e new spaper
“ W h at was th e th eory o f progressive ra te s ?” M r M ills asked.
“ G o to th e R eserve B o a r d ,” M r . W illiam s retorted . “ I was in fa v o r o f
a ccou n ts from W ash in gton on th e 3 d in st. had th e follow in g
som e increase in rates on excessive borrow ings b u t 1 never dream ed o f th e
to say:
exten t to w hich t h e B oard w ou ld g o .”
M r. Strong, while reading to the com m ission a rep ort w hich charged M r.
“ B u t y o u ap p rov ed o f th e p rin cip le ?” M r. M ills persisted.
W illiams w ith “ false and m isleading statem en ts,” was in terru pted b y the
“ N o t w hen I fou n d th e inju stices and abuses w hich th e B oa rd a llo w e d ,”
form er C om p troller, who shouted:
M r . W illiam s said.
“ T h a t statem ent o f you rs is fa lse.”
R epresentative M ills tried to get M r. W illiam s to say th a t he did not p ro 
G overn or Strong, h ow ever, continued to read, and p resen tly referred to
test against th e p rogressive rate system until eight m on th s after it w ent
M r W illiam s as being “ jealou s o f his p reroga tives.”
in to e ffe ct.
And th at’s a lie t o o ,” M r. W illiam s in terjected .
“ I w as ignorant o f th em fo r several m on th s a fter th e y w ere establish ed,”
At this p oin t, / request the com m ittee to require th e C om p troller to
M r. W illiam s said.
m ake oath whether he has stated the w hole truth or n o t ,” G ov ern or Strong
“ T h e fa c t is y o u not on ly a p p rov ed th e p rincip le o f progressive rates b u t
excla im ed .
you a p p rov ed th e details o f th e specific plan ? ” M r. M ills asked M r . W illiam s.
Chairm an Anderson ruled amid confusion th a t It w as “ n ot feasible to
“ I p resu m e if th e re co rd s show it th a t I ap p rov ed the p la n ,” M r . W illiam s
a d op t the p olicy at this stage o f t he g a m e.”
replied, “ b u t if so it was an error o f ju d gm en t and T d id n ot share th e error
Both Federal R eserve officials, with a num ber o f associates, had. sat,
o f refusing to ch an ge th e plans after their w orkings w ere d isclosed ;”
apparen tly u n m oved , during tw o days along with an audience which
M r. M ills read fr o m B oard m inutes to show th at individual plans sub
num bered m any Senators and R epresentatives allied w ith th e “ agricultural
m itted by d istrict banks had been ap p rov ed o r am ended b y th e B oard.
group in C ongress while M r. W illiam s elaborated th ree general charges.
“ In A ugust 1920 th e A tlan ta bank asked perm ission to suspend the p ro 
Ho said first that th e Board had countenanced undue lendings to a New
gressive rate until January 1921,” M r . M ills said, “ and on A ug. 31 you w ith
Y<tfV. banking group during the last tw o years, for sp ecu la tive uses, while o th e r m em bers o f th e Board voted against th e req u est.”

580

TH E CHRONICLE

“ Because I did not have information the Governor o f the Hoard should
have given its members," M r. Williams added
He concluded his two days' discussion with observations tiiat “ there never
had been the currency inflation in this country some people believed," that
there was present improvement from the lowering o f interest rates," and
that “ farmers are entitled to get, through the Reserve system, nine months*
credits on warehouse certificates for their produce, though dealers and
profiteers should be restricted.”

On the 4th inst. Governor Harding stated that in general
“ the attitude A the Reserve Board toward agriculture has
been greatly m isunderstood and grossly m isrepresented,”
He is further reported to the following effect:
The whole trouble with the Reserve system in meeting agricultural de
mands is that Reserve banks do not and cannot lend to individual borrwers,
he added. The paper o f borrowers must get into hands o f member banks
before it gets to the system.
Giving the history o f increases o f rediscount rates in 1919 and 1 9 '0 .
Governor Harding asserted that M r. Williams, otse o f its chief critics, had
taken part in the rulings. The ideal system, lie said, would be to maintain
rediscount rates just above market rates ou money, thus avoiding inflation
and yet offering practically unlimited credit.
Legal limitations, he held, governed the Board at all times, and control o f
credit policies ought to and did centre upon the twelve district Reserve
banks.
Curiously l have never heard a complaint from one bank in the Atlanta
district which M r. Williams charged had to pay 87% on Reserve borrow
ings, M r. Harding said, but the Board, after learning o f the extreme in
stances o f penalties and charges which resulted from the progressive rate
system, now no longer in effect, did order money returned to every member
bank in excess o f 12% . The amounts were small, about $20,000 in the
United States, and in an extreme Alabama case the total returned was
$2,281. .
Gove: nor Harding gave a detailed explanation o f the restraints imposed on
credits during what he referred to as the “ crisis," declaring that their
principle was that o f penalizing borrowers who took out o f the Reserve
system sums disproportionate to their own resources.
Representative Funk said that in 1920 there had been a feeling in the
West that reserves were not being made available for their banks.
The feeling was not wan1 ted Governor Harding said, and I want to
an
discuss it later. The difficulty was in the unsuitability o f some o f the
available paper.
The question ot individual credit extension clearly is up to the Reserve
bank, Governor Harding said. N ow if through prejudice or other cause the
district bank refused a rediscount, the member bank might appeal to the
Reserve Board, but up to that point we could not interfere.
It is true that the Reserve Board has power to charge an interest rate on
rediscounts after it has been put into effect b y a district bank, but that has
never been exercised.
Limits of a member bank's right to borrow through the Reserve system,
the Governor explained, were set by a “ basic line" charted out c f com p 
utations of banking resources, but he said the determination was “ now no
longer important, since progressive rates o f interest have been abolished."

In asserting on the 4th inst. th at “ the Federal Reserve
Board did not create this financial depression” , Governor
Harding added:
The Federal Reserve Board did not create this financial depression. It
saw it com ing, and got ready to protect things, and people ought to be grate
ful it did so. N ow all we need is cessation o f pessimism, which marks bad
times as foolish optimism marks good times. W e all know now everybody
was going crazy in the boom during the Fall o f 1919.
This situation is going to work out. There’s no comparison between the
condition a year ago and conditions to-day. Take cotton, with a low yield
and exports picking up. Banks everywhere are fully justified now in carry
ing loans.
A ll we’ve got to do is to get out o f everlasting pessimism and quit saying
everything is going to the dogs. W hy, a man has to put up a good cheerful
face if he wants credit . Y ou can’t talk to the banker like you do to the tax
assassor.

A n inquiry by R epresentative Funk (R epublican), of
Illinois, as to whether the Reserve Board had called in farm
credits, brought from Governor Harding a reply that “it
never h a s.” Further questions propounded are reported
in the daily papers as follows:
“ How about the circulars o f the San Francisco Reserve B an k ," M r.
Funk continued, “ concerning the price o f wheat in 1920?"
“ I never heard that before," Governor Harding said. “ Did it cause a
break in wheat prices?"
It had some effect," M r. Funk responded.
“ - .e Board has cautioned Reserve banks not to issue circulars," G ov
ernor Harding continued. “ I t ’s the job o f a banker to look to the value o f
his collateral, but to do it in a quiet way. It is not the function o f the
Reserve system to regulate prices, up or down, but to maintain credits.’’

A M E RICA N

[V ol. 113
A CCEPTA NCE

BILL P L A C IN G
ON

CO U N CIL

OPPOSED

TO

S E C R E T A R Y OF A G R IC U L T U R E

FEDERAL

RESERVE

BOARD.

The American Acceptance Council, in its July “B u lletin ,”
in urging that politics be kept out of the Federal Reserve
system , says:
There has txum introduced in Congress a bill which proposes to place the
Secretary o f Agriculture on the Pectoral Reserve Board. Should this pass,
It would undoubtedly be regarded as a successful attempt to strengthen the
political influence on the Board.
The Federal Reserve Act has been o f greater benefit to the country than
any other legislative measure undertaken by Congress for a generation.
If it had not been for the Federal Reserve system the farmers and manu
facturers, and the bankers for that matter, would have been decimated by a
panic which, it is safe to say, would have been worse than any that we have
had before. As it is, no violent disturbances have taken place, and the
country went through the most critical period without a financial eruption
o f any kind. If any criticism could be directed at the Federal Reserve
Board, it could only be that It may not have acted soon enough in attempting
to arrest the inflation o f the medium o f circulation, bank deposits and loans.
If prices had not risen to the dizzy heights to which they were permitted to
go, the fall would now be less extreme, but that would have boon only a
difference o f degree.
The country, as a matter o f fact, L paying the price o f an exhaustion o f
s
credit in Europe, and no matter what temporary relief the palliatives that
we are now discussing may bring, the root o f the continued fall o f prices and
acute stagnation lies in the exhaustion o f purchasing power; and, until this
is restored, the excess supply o f goods will not m ove, no matter whether
money is 4% or 7 % . Credit in Europe cannot, on the other hand, be
restored in a m om ent, nor by any experimental legislation that might be
undertaken in the United States. People are disinclined frankly and boldly
to envisage these facts, and they experience more satisfaction in finding a
goat on whom to place the responsibility in the old-fashioned Biblical style
than in exercising patience and good judgment. It is from this point o f
view, and because they do not like to admit their inability to understand
the problem, that many politicians are attacking the Federal Reserve
systom, and are trying to make it appear as though it, or its administration,
are responsible for conditions which are plainly the consequences o f a
destructive war and delayed reconstruction on a peace footing.
T he Federal Reserve system has done splendidly. It is one o f the few
organs o f our economic body that has functioned to perfection, and it is the
envy o f European nations. It would be nothing short o f a crime to permit
the Federal Reserve system to be thrown into politics, and, through the
strengthening o f the political influence in its administration, to increase the
danger o f weakening the non-partisan business point o f view which is essen
tial for the safety o f the country. Unless the Federal Reserve system is
kept free from political domination, it is bound to become a danger to the
United States, where now it is a tower o f strength and a protection o f the
first order.
Bankers and business men in all parts o f the country should not fail to
realize this situation and do what is in their power to defend and keep
inviolate a system which, to-day. is the backbone o f the country.

Reference to the fact that opposition to the bill had been
registered by Governor Harding of the Federal Reserve
Board was made in these columns July 30, page 47 5.
STATE

IN ST IT U T IO N S
RESERVE

A D M IT T E D

TO

FEDERAL

S Y S T E M .

The following institutions were adm itted to the Federal
Reserve System in the w eek ending July 29:
Surplus.
$150,000

IN ST ITU T IO N S
BOARD

A U TH O R IZE D

TO E X E R C I S E

BY

Total
Resources.
$2,246,786

32,000

705,028

25,000

District N o. 3—
Capital.
Carlisle Trust C o., Carlisle, P a ______ ____ $150,000
District N o. 4—
Th e Dollar Savings Bank C o ., St. Clairsville, Ohio_____________________________
50,000
District N o. 8—
Citizens Bank o f C abool, C abool, M o ____ 25.000

500.040

FEDERAL

TRUST

RESERVE

POWERS.

The Federal Reserve Board has granted permission to
the follow ing institutions to exercise trust powers:
The Flat T op National Bank o f Bluefield, W . Va.
The Citizens N ational Bank of Grinnell, la.
The First National Bank o f Darlington. W is.
The First National Bank of Greenwood, Miss.
First National Bank in Bartlesville, Okla.
N A S H V IL L E BECO M ES S U B -T R E A S U R Y CENTRE.

The N ash ville branch of the Federal Reserve Bank of
A tlan ta assum ed on Aug. 1 a portion of the duties w hich
FEDERAL
RESERVE
B A N K
OF
CH ICAG O
LOWERS
had been performed by the Sub-Treasury at N ew Orleans.
D ISCO U N T
RATE
TO 6% .
As was indicated in these colum ns Feb. 2 6 , the last of the
The Federal Reserve Bank of Chicago on July 2 9 reduced
Sub-Treasuries of the country was discontinued early this
from 6 3 ^ to 6 % its discount rate on commercial and agricul
year, their operations have been term inated in accordance
tural paper; as the rate on paper secured by L iberty bonds,
w ith the provisions of the L egislative, E xecutive and Judicial
V ictory notes and Treasury Certificates had heretofore been
Appropriation A ct approved M ay 2 9 19 20 , which provided
6 % , a uniform rate is now established b y the Chicago R e
that the duties and functions performed by the Sub-Treas
serve Bank. W ith reference to the lowering of its rates, the
uries be transferred to the Treasurer of the United States, the
Chicago “Journal of Commerce” on July 2 9 said:
M ints and A ssay Offices and to the Federal Reserve Banks
A special meeting was held early in the day at the request of the Federal
and branches. According to th e N a sh v ille “ Banner,” J. B.
Reserve Board for the purpose o f acting on the question o f rates.
M cN am ara, M anager of the N ash ville Branch of the Atlanta
The directors o f the local bank took this step with reluctance, as some o f
them have steadfastly and vigorously opposed any reduction. The bankers Federal Reserve B ank, announced on July 3 0 that N ashville
on the Board took the position that a lower rate than 6 >2 % was not justified
would becom e one of the Sub-Treasury centres on Aug. 1.
by credit and money conditions.
said:
The progressive rates which had still been m aintained by T he e “B anner” of July 3 0 alsoReserve Bank takes over only a p e r
Th Nashville branch o f the Federal
the Federal Reserve Bank of Kansas C ity have been abol tion o f the duties performed at the New Orleans Sub Treasury . as the latter
ished.
was divided between the parent bank at Atlanta and the three ether branches.

THE CHRONICLE

A u g . 6 1921.1

one at Jacksonville, Fla., one In New Orleans and the Other In Birmingham,
Ala.
In assuming the duties o f a sub-treasury It; means the Nashville Reservo
bank will exchange, replace and redeem United States paper currency
and also perform a similar function in tho handling o f gold and silver coins.
As an example, M r. McNamara said that if one has a gold coin, a livedollar piece, for example, that has lost weight, It will be redeemed at
Its actual weight valuo. If tho $5 gold coin has lost weight and tho owner
Is not willing to take $4 70 for It, then the bank has the authority to mutilate
it so that it cannot be put back into circulation. Ifowover, silver mutilated
coins will l>e redeemed.
A paper bill will be redeemed according to how it is mutilated, M r.M c
Namara reports. Threo-fil'ths o f a bill will be redeemed at its actual value,
while If less than throe-fifths or as much as one-half it will be redeemed at
one-half Its valuo. Tf less than one-half of the bill only remains, then It is
not worth anything. All gold and silver coins that have been mutilated
are accepted and sent to tho M int for recasting. Raised hills are mutilated
so that they cannot bo put into circulation again.
In tho effort to keep only fresh and clean paper currency o f all kinds in
circulation the bank, under tho Sub-Treasury functions, is destroying all
old and worn bills, tho amount destroyed averaging $250,000 daily.
Tho plan is to cut a bill half in two, which is done in a separato depart
ment of the bank by machinery, and half of these bills are sent to Washing
ton and the other half retained until the officials at the capital acknowledge
the receipt of destroyed money and tho bank here given credit. Then the
remainder o f the money is sent. The old and worn-out bills are replaced
with crisp bills. Every package o f bills sent to Washington bears the
stamp of the Federal Reserve Bank here, and they are sent by parcel post,
where formerly money was sent to Washington as registered mail.
M r. McNamara said the bank carries small coin, ranging from the penny
to silver dollars, to the amount of $500,000.

T R E A S U R Y C E R T IF IC A T E S OF

IN D EB TED N ESS

OVER SU BSCRIBED .

Subscriptions exceeding* one billion dollars were received
for the two issues of Treasury certificates of indebtedness
which were offered by Secretary of the Treasury M ellon on
July 26. As indicated by us last week (page 4 7 6 ), the
offering was for $ 3 0 0 ,0 0 0 ,0 0 0 or thereabouts. The total
subscriptions received were $ 1 ,0 3 0 ,0 0 6 ,5 0 0 , while the allot
ments were $ 3 7 6 ,3 6 2 ,5 0 0 . The subscriptions in the Federal
Reserve D istrict of N ew York totaled $5 24 ,6 3 6 ,0 0 0 ; the
am ount allotted in that D istrict was $ 1 4 6 ,8 8 6 ,0 0 0 . The
subscriptions were closed on Aug. 1, the date of the issue.
The issues are designated Series TM 2— 1922, bearing 5 3 ^ % ,
and due M arch 15 1922; and Series B — 1922,
due
Aug. 1 1922. All of the Federal Reserve districts oversub
scribed their quota. The subscriptions allotted were di
vided am ong the several Federal Reserve districts (which are
ranked in the order of the percentage of their subscriptions
to their quota) as follows:
Total Subscriptions.
Federal Reserve
District—
Received.
Allotted.
P h iladelp h ia____ - -S201,315,500 $39,370,000
New Y o rk .
_ 524.636,000 146,886.000
Boston
__ _. . . 67,754,500
30,170.000
Cleveland
. . . 61,821,500
30,665,000
Richmond _ __. . . 22,071,500
_
11,611,000
Dallas
...
13,096,000
7,778,500
St. L o u is _____ .
20,730,000
12,928.500
Chicago
43,763.500
58,241,000
Kansas C ity _
_
16,000.000
12,400,000
San Francisco
. . . 25,000.000
21,630,000
Minneapolis
10,561,500
10,398,000
Atlanta
8,762,000
8,779,000

Series T M 2. 1922.
$9,033,500
47,263,500
9,101,500
11,295.000
3,746,000
2,489,000
3,695,000
17.686,000
2,516,500
5,613,500
2,689.000
1,812,500

Series B,
1922.
$30,336,500
99,622.500
21,068,500
19,370,000
7,865,000
5,289,500
9,233.500
26.127,500
9,883,500
16,016,500
7.709,000
6,949,500

N et total______ .$1,030,006,500 $376,362,500 $116,891,000 $259,471,500

TREASURY

CER TIFICATES D U E
ABLE

AUG.

16

REDEEM 

A U G . 2.

Secretary of the Treasury M ellon announced on Aug. 1
that he had authorized the Federal
Reserve banks on
and after Tuesday, Aug. 2, and until further notice, to
redeem in cash before A ug. 16, a t the holder’s option, at par
and accrued interest to the date of such optional redemption,
Treasury certificates of indebtedness of Series C -1921, dated
Aug. 16 1920, maturing Aug. 16 1921.
W H IT E

HOUSE S T A T E M E N T S ON A C C O M PLISH 
M EN TS

FOR

FIN A N C IA L

RELIEF.

A resume of w hat has been accom plished during the past
four months by the Harding Adm inistration toward financial
a,nd railroad relief and in assisting industry and agriculture
to better markets is furnished in a statem ent issued at the
W hite H ouse on July 29. The reduction in the discount
rates of the Federal Reserve banks which have occurred
since April, is mentioned among the measures w hich have
been adopted, and the renewed activity of the War Finance
Corporation is also referred to.
T he series of measures, the
statem ent says, “constitutes a truly constructive effort for the
amelioration of business and financial conditions, and there
are already m any evidences of beneficial effects.” Wo give
the statem ent herewith:
Thf; accomplishments o f tho last four months by various branches o f tho
Government, in the direction o f relieving financial conditions, in making
provision for tho Government’s short-dated debt, in assisting both industry
and argloulture to better markets, and in providing for the financial neces
sities o f the railroads, constitute in the aggregate an achievement o f the
argest importance to the country.
1

587

Perhaps the most Important development has boon the action taken by
tho Federal Reserve banks In reducing discount rates. This action Is cal*
culatod to relieve the stagnation of business, and at the same time It gives
authoritative recognition o f tho Improvement In credit c o n d i t i o n ' . Justifying
the policy o f reduced rates.
During the latter part o f 1019, and from time to time in the year 1020,
increases o f rates o f discount had been made by the Federal Re <rve banka
in order to moot then existing conditions. There had also b e e n introduced
In several reserve districts so-called progressive discount rates, under which,
after tho member bank had discounted its paper with Its Federal Reserve
Hank up to a certain point, It was then required to pay progressively higher
rates for further discounts in order to check excessive borrowings. These
ratos have recently been entirely abolished, again indicating Improved
credit conditions.
'Flic first o f tho successive reductions in discount rates came on April 15
when the Boston Federal Reserve Bank reduced Its rate on comrnercia
paper from 7 to 6% and made a like reduction on agricultural paper.
A reduction from 7% to 6 A % on commercial paper was made by the New
Y ork bank on M ay 5, whilo that on agricultural paper was likewise reduced
from 7 to 6 A % On M ay 0 tho Atlanta bank reduced tho commercial paper rate and also
the rato on agricultural paper from 7 to 6 % .
On M ay 7 tho Chicago bank reduced the commercial paper rate from 7 to
& A % and the rato on agricultural paper from 7 to 6A % •
On M ay 10 the Minneapolis bank reduced tho commercial paper rato
from 7 to $ A % and the rato on agricultural papor from 7 to ( SA%On M ay 16 tho Dallas bank reduced tho commercial paper rate and also
tho rate on agricultural paper from 7 to 6 A % On June 16 the New Y ork bank again reduced the rate on commercial
paper from 6 A to 6% and the rate on agricultural paper from 6 A to 6 % .
On June 25 the Dallas bank made its second reduction, lowering the rate
on both commercial paper and agricultural paper from 6 A to 6 % .
On July 21, or thereabouts, the Boston, New York, Philadelphia and San
Francisco banks reduced the commercial paper rate from 6 to 5 A % - At
the same time these banks made a like reduction in the rate on agricultural
paper.
I t is unsafe to prophesy concerning conditions in the future, but it may
expected that recognition will be given to further improvements in con
ditions in accordance with the dictates o f sound banking practice.
It will not have escaped attention that the rates o f discount of the Bank
o f England have also been successively reduced and that these reductions
have been substantially coincident with the reductions in Federal Reserve
rates in this country. This would appear to b e a frank recognition o f the
intimate relation between the money markets in this country and o f Europe
and a recognition as well o f the improvement in world credit conditions.
The importance o f coincident reduction b y these two leading banking sys
tems lies chiefly in the fact that it indicates a mutual desire to reopen the
international channels o f credit upon which international trade depends.
The Treasury on its part has, during the last four months, successfully
inaugurated its new policy o f refunding the short dated debt o f the G o v e r n 
ment and distributing the early maturities over the period between the
maturity o f the V ictory loan in 1923 and the Third Liberty Loan in 1928.
The first offering o f Treasury notes pursuant to this policy met with a most
enthusiastic response, and the further development o f the program should
bring about a better distribution o f the public debt and m uch improved
market conditions for Government seucrities. There lias already been
marked improvement in the market prices o f Liberty bonds and Victory
notes, and the market for all outstanding issues o f short term Government
securities is in better shape than at any time since the depression.
Along with these accomplishments must be mentioned the resumption o f
active operations b y the W ar Finance Corporation, which had ceased
operations in M a y 1920. Since its active resumption o f operations this
corporation has now agreed to make advances to finance large quantities
o f cotton, aggregating nearly a million bales, while the Federal Reserve
system is giving attention to cotton financing through its banking facilities.
General assistance to foreign trade is also being extended through the W ar
Finance Corporation principally for the purpose o f moving general agricul
tural products to foreign markets for which many millions have been
allocated.
The renewed activity o f the W ar Finance Corporation is not to be meas
ured simply b y the resultant restoration o f confidence or b y the amount of
its advances. Its intervention in aid of the export trade and in making
advances to carry American agricultural products, pending or awaiting
export, has been, according to many evidences received, an inspiring and
heartening factor in the whole agricultural situation. Besides the loans
actually undertaken, many important transactions involving American
agricultural products are under immediate consideration.
All enlargement o f the powers o f the W ar Finance Corporation has
recently been recommended by the President to the Congress in connection
with financing o f agricultural products. It is believed that the adoption o f
these recommendations will mean that adequate financing o f the new crop
for purposes o f foreign trade and also in domestic business may be reason
ably expected.
On the initiative o f the Secretary o f the Treasury a banking loan fund
has been organized which will afford relief to the live stock industry. A d
vances up to $50,000,000 may be made in the aggregate. About $5,000,000
has already been advanced.
The Federal Farm Loan banks have been enabled to resume lending opera
tions as a result o f the successful sale o f Federal Land Bank bonds. Addi
tional authority for temporary Government advances to these banks to
facilitate their operations has also been granted. The Curtis-Nelson bill,
which made this operat'on possible, became a law on July 1 1921.
^
The financial necessities o f the railroads have long been recognized as o f
imminent concern to the entire country, not only because efficient transpor
tation is vitally necessary, but also because there is hope for a resumption of
industrial activity when the railroads aro put in funds and enabled to begin
buying the vast quantities o f material which they need.
In order to make this possible the Administration has put forth a program
which contemplates the early and rapid settlement of the accounts between
the railroads and the Government growing out o f the period o f Federal con
trol and operation. This settlement should enable the roads to become
extensi ve purchasers o f materials and thus greatly improve industrial con
ditions .
In this connection tho President has recommended to Congress that the
War Finance Corporation should bo given power bo purchase railroad se
curities from the Director-Gonoral o f Railroads in order to finance the
settlements by the Railroad Administration. This proposal is merely a
revival of tho wartime powers o f tho Corporation, under which it made ad
vances o f about $205,000,000 to tho Director-General o f Railroads and the
"ailroad companies. Of tht ^amount about $160,000,000 has been repaid.
In connection with tho advances previously made the War Finance Cor
poration was able to give effective assistance to the general railroad credit
situation by moans o f its intervention and tho co-operation it was able to
secure from bankers. It is expected that its intervention at this time will
again have a bonoficial effect on general railroad credit and also that the

5HH

[ V o l.

THE CHRONICLE

U orp ora tiou will again be able iu secure the w hole-hearted co -o p e ra tio n o f
the baa kerb o f the cou n try in d evelop in g the m arket fo r railroad securities.
Speaking in the broadest w ay, it is felt that the series o f m easures, o f which
the foregiug is not by any means a com p lete statem en t, con stitu tes a truly
con stru ctiv e effort for the am elioration o f business and financial con d ition s,
and there are already many' eviden ces o f beneficial e ffe cts.
W ith a gen
erally excellent agricultural p rod u ction now assured for the season, there is
every reason for con fid en ce that a steady im provem en t ot general business
con d ition s m ay be anticipated

PRESI DEN T H i RDI NO AN D SECRET A RY H UGHES
FI ND U. S. OBLIGATED TO E X T E N D LOAN TO
LI BERIA .
T h e carryin g th rou gh of the n e g o tia tio n s w hereby a $«>,0 0 0 , 0 0 0 loan w as to be m ade a v a ila b le to L iberia by the
U n ite d S ta te s is the su b ject of a letter from S ecreta ry of
S ta te H u gh es to P resid en t H ard in g in w h ich the form er
s ta te s th at k
’an ex a m in a tio n of th e cou rse of th e n e g o tia tio n s
produ ces the c o n v ic tio n th a t c o m m itm e n ts h a v e b een m ade
by th is G o v ern m en t w hich im p ose a m oral o b lig a tio n to m ak e
th e lo a n .’* At th e tim e a m ission from L iberia, h ead ed by
C harles B . D . K in g, P resid en t o f th e R ep u b lic, ca m e to th is
c o u n tr y last M a rch to e n d e a v o r to co n clu d e n e g o tia tio n s
w ith th e U n ite d S ta te s for a cred it to th e a b o v e a m o u n t, it
was s ta te d th a t th ere w as o r ig in a lly a llo ted to L iberia $ 5 ,0 0 0 , 0 0 0 , an d of th is a m o u n t but $ 2 6 , 0 0 0 had a c tu a lly been
paid to c o v er th e exp en ses of the P a ris d eleg a tio n of th e
colored R ep u b lic. It w as ad d ed th a t th ere w ou ld , th er e 
fore, be le ft a v a ila b le for a fu rther lo a n th e su m of $ 4 , 9 7 4 , 0 0 0
but for th e d ecisio n by S ecreta ry M e llo n th a t th e in te n tio n
o f C on gress w as to m ak e loans for th e p ro secu tio n o f th e
w ar an d th e war b ein g o v er no fu rth er loan s ca n b e m ad e.
I t w as form er S ecretary H o u s to n ’s p u rp o se, accord in g to his
s ta te m e n ts before th e S e n a te J u d icia ry C o m m itte e a t that
tim e to p a y o v er th e b a la n ce a llo ted to L iberia u n til he' w as
sto p p ed b y th e C o m m itte e . A n a n n o u n c e m e n t to th e a b o v e
effect w as p rin ted in th ese co lu m n s M a rch 1 2 , p a g e 9 7 8 .
L ast w eek , page 4 7 8 , in referring to th e h earing before th e
S e n a te F in a n ce C o m m itte e on J u ly 2 0 on th e bill a u th o rizin g
th e S ecreta ry of th e T reasu ry to proceed w ith th e fu n d in g
o f th e A llie s’ w ar d e b ts, referen ce w as m a d e to th e L iberian
cred it o f $ 5 , 0 0 0 , 0 0 0 an d a b ill w h ich S en a to r P en ro se had
prepared to perm it p a y m en ts to th a t c o u n try on th e c o m m it
m e n t. I t w as also n o ted in our item th a t it had b een s u g 
g e ste d th a t S ecreta ry H u gh es be ask ed to ap p ear before th e
C o m m itte e before tlie p en d in g bill w as a c te d u p o n . S ecre
tary H u g h e s ’ letter of J u ly 2 9 w as tr a n sm itte d to th e S en a te
on A u g . 2 b y P resid en t H a rd in g in w h ich th e la tte r said “ it
is im p o ssib le to esca p e th e c o n v ic tio n th a t w e h a v e an
o b lig a tio n w h ich th e e x e c u tiv e b ran ch o f th e G o v ern m en t
c a n n o t d isch arge w ith o u t th e properly exp ressed ap p ro v a l
o f th e C o n g r e s s /’ T h e follo w in g is P resid en t H a r d in g ’s
le tte r , w h ich w as ad d ressed to V ice-P resid en t C o llid g e, on
under d a te of J u ly 29:
I am enclosin g to y o u herew ith for subm ission to th e Senate and reference
t o th e p rop er com m itte e , a letter addressed to m e b y th e Secretary o f State
relatin g t o the grant o f a loan to the R ep u b lic o f L iberia . T h e entire situa
tio n and ou r ob ligation s are set forth in the letter o f the Secretary o f State,
a n d I b eg to subm it them for th e con sideration o f th e C ongress.
It is im possible to escape the co n v ictio n th at w e h ave an ob ligation ,
w hich th e execu tive branch o f th e G overn m en t ca n n ot discharge w ith ou t
the p rop erly expressed a pp rov al o f th e C ongress.

T h e le tte r o f S ecreta ry H u gh es to th e P resid en t is g iv en
herew ith:
Department o f State, W ashington July 29 1921.
The President:
I beg to subm it th e follow in g con sideration s w ith resp ect to th e proposed
loan to th e R ep u b lic o f Liberia:
An exam ination o f th e cou rse o f th e n egotiations prod u ces the co n v ictio n
th a t com m itm en ts h a v e been m ade b y this G overn m en t w hich im pose a
m oral ob ligation t o m ake th e loan. T h e n egotiations w ere h ad , and p ro 
ceed ed to th e p oin t o f an ann ou n ced com m itm en t , a t a tim e w hen th e broad
a u th ority con ferred in con n ection w ith th e p rosecu tion o f th e w ar was
adeq u ate t o th e con su m m ation o f th e plan and th e fa ct th a t this au th ority
m a y n ot b e deem ed longer to exist, while m aking it im possible t o p roceed
w ith ou t C ongressional san ction , does n ot, in m y ju d gm en t, ch an ge th e
fa c t th a t assurances w ere given w hich should b e m ade g o o d .
T h e h istory o f th e n egotiation s as th ey appear fro m the in form ation at
rny com m an d m a y b e stated as follow s:
Liberia bein g at war w ith th e enem ies o f th e U nited States, a loan credit
o f $5,000,000 w as exten ded b y th e Secretary o f th e T reasu ry on S ept. 9
1918, u n der th e a u th ority o f th e act o f A pril 24 1917, to a uthorize an issue
o f b on d s to m eet expenditures for the national secu rity and defense, and for
th e p u rp ose o f assisting in th e p rosecu tion o f th e w ar, extend cred its to
foreign G overn m en ts, and fo r oth er purposes.
On Sept. 12 1918, th e G ov ern m en t o f L iberia was n otified o f th e opening
o f this cred it and negotiation s w ere initiated coverin g th e term s, service and
general p u rp oses o f the loan. T h e loan plan draw n up w as intended to
safeguard th e m on ey so adva n ced b y A m erican adm inistration o f expendi
tures and collection o f reven ues, a n d also to p ro v id e fo r repaym en ts o f all
m on eys due oth er foreign cred itors, w hich w ou ld m ean their "withdrawal
fro m p a rticip a tion in the financial and oth er p u b lic affairs o f L iberia. T h e
G ov ern m en ts interested w ere advised o f th e openin g o f th is credit.
T h e loan plan for variou s reasons, was n ot su bm itted to the Liberian
G ov ern m en t un til June 15 1920. and th e L iberian L egislature requested
certain m od ifica tion s. It was clearly u n derstood both b y th e Liberian
G ov ern m en t and b y th e G overn m en t o f t he U nited States at th at tim e that
th ere w as no question o f a w ithdraw al o f th e offer o f th e m on ey already

113.

prom ised , the tim e when liie cred it should be m ade available m erely
depen din g on a satisfa ctory agreem ent as to details o f adm inistration.
R elyin g oil the assurance that the U nited States was ready to enter into
a d efin ite agreem ent th e President o f Liberia cam e to W ashington som e tim e
ago with o th e r plenipotentiaries to co n clu d e th e negotiations.
In antici
pation o f this jou rn ey , ami at the request o f this G overn m en t, th e Liberian
G ov ern m en t g a v e to him and his associates full and necessary authority
to con clu d e th e loan plan, and since that t ime it is u n derstood th ey h av e been
prep ared lo sign an agreem ent providin g fo r th e necessary adm inistrative
m easures adequately to secu re the loan
It should also be pointed ou t, in
appreciating th e m oral ob ligation o f this G overn m en t, th at the R epu b lic oi
Liberia, w hich had her origin largely throu gh the e ffo rts o f A m erican
citizens, and at various tim es has sou gh t th e aid and th e counsel o f this
G overn m en t, d ecid ed , upon the en tran ce o f the U nited States in to th e war,
to m ake com m on cause w ith this cou n try and the A llies against G erm an y.
It was largely in con sequen ce o f this participation th a t th e econ om ic situ a
tion o f L iberia was im perilled and that her G overn m en t was com pelled to
m ake appeal fo r financial aid. It was in these circu m stan ces th at Liberia
was assured that th e U nited States, her traditional frien d , w ho had been
generous in assistance to th e o th e r nation s figh tin g against G erm an y, would
com e to her relief.
In view o f these circu m stan ces and o f t he obligation s to which they give
rise, to w hich w e ca n n ot fall to be sen sitive, 1 need n ot dwell u pon the
fact th at the extension o f this loan is highly im portan t fro m th e stan dpoin t
o f th e p rop er p ro te ctio n and p rom otion o f A m ericna com m ercial interests
on th e w est coa st o f A frica . T h e advan tages w hich will accru e to our
p eople are not to be ignored, alth ou gh in the presence o f th e considerations
already m en tion ed th ey need not b e d etailed or stressed.
In con clu sion p erm it m e to o b se rv e th at, apart from any qu estion o f our
ob ligation or o f a ny b en efits accru in g to ourselves, o u r p eop le h ave always
been especially interested in the w elfare o f Liberia because o f th e close
relations w h ich Its p rosp erity m ay b e d eem ed to h av e to all th at pertains
to th e advan cem en t o f th e negro race. T h e R ep u b lic o f Liberia has boon
fostered th rou gh A m erican interests, and at this critical tim e in her history
w e h av e o p p o rtu n ity to g iv e a practical expression o f our con tin u ed solicitu de
and b y com in g to her aid in this severe exigen cy to p ro m o te perm an ent
relations o f th e closest frien d sh ip . R e sp e ctfu lly ,

CHARLES

E.

HUGHES.

B o th P r e sid en t H a r d in g ’s le tte r and th a t o f S ecreta ry
H u gh es w ere referred to th e S en a te C o m m itte e on F oreign
R e la tio n s.
SECRETARY

OF

TREASURY MELLON'S T A X A T I O N
PROPOSALS.
in fu rth eran ce of th e A d m in istr a tio n e ffo r ts tow ard ta x
rev isio n , S ecreta ry of th e T rea su ry M ello n on A u g . 4 laid
before th e H o u se W a y s and M ea n s C o m m itte e a d eta iled
sta te m e n t em b o d y in g ta x a tio n p rop osals. T h is sta te m e n t
of S ecreta ry M ello n fo llo w ed p r e se n tm en ts w h ich h e had
m a d e to th e c o m m itte e earlier in th e w eek (A u g. 1) a t w hich
tim e also he su b m itte d e stim a te s o f th e G o v e rn m e n t receip ts
an d e x p en d itu res. T h e S ecreta ry offered su g g estio n s w hich
in clu d ed a ta x o f tw o c e n ts on b a n k ch eck s, a license ta x of
$ 1 0 on a u to m o b ile s, irresp ectiv e of horse power; an increase
of fir st cla ss p o sta g e rates to 3 cents; a red u ctio n of 5 0 % in
tra n sp o rta tio n ta x e s, b o th p assen ger and freig h t n e x t y ea r,
and th eir elim in a tio n th e yea r follow ing; repeal of th e ta x es
on so d a fo u n ta in drinks an d ice cream; rep eal of th e excess
p ro fits ta x an d e lim in a tio n o f th e $ 2 , 0 0 0 e x em p tio n on
c o rp o ra tio n s’ incom es; in crease of th e norm al in co m e ta x
on corp oration s from th e p resen t 1 0 % to 1 5 % ; th e lim itin g
of norm al an d su rta x ra tes to a co m b in ed m a x im u m ra te n o t
ex ceed in g 4 0 % th e p resen t y ea r an d 3 3 % th erea fter. In his
su p p lem en ta ry s ta te m e n t of th e 4 t h in s t., d eta ilin g his pro
p osals, S ecreta ry M ello n also a d v o c a te d th e d o u b lin g of th e
d o cu m en ta ry sta m p ta x es, an in crease in th e ta x on cig a rettes
from $ 3 to $ 5 a th o u sa n d an d an in crease in o th er ta x e s on
to b a cc o w h ich w o u ld y ie ld a d d itio n a l rev en u e of $ 2 5 , 0 0 0 , 0 0 0
in th e fisc a l y ea r 1 9 2 2 an d a p p ro x im a tely $ 5 7 , 0 0 0 , 0 0 0 in
1 9 2 3 . In p resen tin g his p rop osals, S ecreta ry M e llo n sta te d
th a t “ ta x a tio n an d ta x rev isio n d ep en d u p o n p u b lic e x p e n d i
tu res. “ A cco rd in g to th e la te st a d v ic e s receiv ed from th e
sp en d in g d ep a rtm en ts and a fter ta k in g in to a cco u n t all e s ti
m a ted red u ctio n s in ex p en d itu res rep o rted to d a te ,” he sa id ,
“ th e T rea su ry e stim a te s th a t th e to ta l e x p en d itu re for th e
fisca l y ea r 1 9 2 2 fo r w h ich p ro v isio n sh o u ld be m ad e o u t of
th e current rev en u es of th e G o v ern m en t w ill be a b o u t
$ 4 , 5 5 0 , 0 0 0 , 0 0 0 . H e a d d ed :
T h is in itse lf w ould m ean a substantial red u ction in cu rren t re v e n u e ;
and exp en ditu res b elow th e fisca l year 1921. T h e tota l ordinary revenue^
fo r 1921 a m ou nted t o a b o u t $5,6 25 ,0 00 ,0 00 or o v e r $1,000,000,000 in x e ce ss
o f th e reven ues estim ated to b e n ecessary fo r 1922. T h e estim ate for 1922m o re o v e r, d oes n ot m ean th at $4,550,000,000 m u st b e p ro v id e d b y ta xa tion .
It is estim ated th at th ere will be m iscellaneous reven ues during t he yea r from
salvage and sou rces o th e r than taxation a m ou ntin g t o abou t $350,000,000.
T h is w ould leave $4,200,000,000 to b e p ro v id e d fro m cu sto m s and internal
reven ue. It is estim ated th a t th e reven ues fro m cu stom s under existing
law w ou ld be a b ou t $300,000,000 fo r th e year, and that these might be
increased b y about $70,000,000 if a revised ta riff law should b ecom e e ffe ctiv e
a b o u t D ec. 31 1921. T h e balance, a b o u t $3,830,000,000 (as against
estim ated internal revenue yield fo r th e year u n der the existing law o f
$3,570,000,000) should b e p rovid ed out o f internal revenue.
This revenue
can be safely redu ced on ly if and to th e exten t that fu rth e r red u ction s are
en forced in th e spending d epartm ents o f the G overnm ent
T his means
that if additional taxes are to b e a void ed there m ust be additional e ffe ctiv e
cu ts in ordinary expen ditu re o f o v e r $250,000,000 and that e\ en if su ch cu ts
w ere assured th e internal revenue yell d fo r the year could not snfe>\ be
p erm itted to fall below $3,570,000,000 th e estim ated yield under existing
law. T h e red u ction s in expen ditu re rep orted up to date have been taken
into accou n t in fram ing the estim ates

THE CHRONICLE

A ijg. 6 1921.j

Secretary Mellon, in his statement to the Committee said:
In a ccord an ce with th o request o f the com m ittee, I have brou gh t with me
a statem ent which gives (a) the latest revised estim ates o f the receipts and
expenditures o f the G overn m en t for th o fiscal year 1022, (b) estim ates o f
the yield o f internal revenue and cu stom s under th e present law and the
revised law, and (c) a b rie f com m en t on the principal changes suggested
for consideration in con n ection w ith th e revision o f the internal tax laws.
T h is statem ent show s estim ated total cu rren t expenditures fo r the
present year o f a bou t $4,550,000,000, including sinking fund and mis
cellaneous p ublic d eb t expenditures w h ich h ave to be m ade under th e law,
for the m ost p art ou t o f specially earm arked receip ts w h ich are n ot available
for general p u rposes. T h ese estim ates o f expenditure are based on the latest
inform ation received b y the T rea su ry fro m th e spending departm ents o f
the G overn m en t as to their actual cash expen ditu res fo r th e year, and make
allow ance for th e cu ts in expenditure alread y rep orted to th e T reasu ry.
T h o estim ates take into a ccou n t not o n ly expen ditu res under annual
app rop riation s fo r 1922. b u t also under unexpended balances and oth er
available authorizations.
In presenting these estim ates, I ou gh t to say th at th e T reasu ry itself
does n ot con trol or supervise th e expenditures o f th o G overn m en t offices.
T h e T reasu ry’s fun ction is to fin d th e funds to m eet th e cu rren t expendi
tures o f th e w hole G overn m en t and p rovid e fo r m aturing interest and
principal o f the p u b lic d eb t. In the p erform an ce o f this fu n ction the
T reasu ry m ust h av e for its ow n gu idan ce the b est available estim ate as to
the actual cash ou tg o o f the G ov ern m en t. It ca n n o t take in to a ccou n t
paper savings or h ope for red u ction s in expen ditu re w hich ca n n ot reasonably
be expected to m aterialize. T h e T reasu ry , o f cou rse, is on a cash basis,
and in m aking its plans for th e yea r can ta k e in to a cco u n t on ly actual cash
savings. F or these very reasons, there is no on e m ore interested than th e
Secretary o f the T reasu ry in reducing G overn m en t expenditures, and I
have no hesitation in saying to y o u th a t th e T reasu ry w ould m any tim es
prefer further assured cu ts in expenditure to addition al taxes o f a ny kind.
W ith ou t a d o u b t, the m ost helpful thing w ou ld b e a furth er cut in G ov ern 
m ent expenditure, and n othing w ou ld bo m ore w elcom e to th e T reasu ry.
W ith ou t the assurance o f substantial addition al redu ction s in expenditure,
it w ou ld be fo lly to proceed to reduce reven ue m erely in the h op e o f reduced
expenditure. E ven w ith ou t ch an ge in the la w , revenue w ill shrink from
natural causes, and w ill shrink, a ccord in g to the present o u tlo o k , at a faster
rate than cu rren t expenditures.
T h e actual expenditures for the first full m on th o f th e present fiscal year
ind icate th at unless there is an extraord in ary new effort to red u ce expendi
tures, th e estim ates w hich the T reasu ry has presented m ay b e regarded as
con servative. O rdin ary expenditures fo r July 1921 a m ou nted to about.
$322,000,000. as against $307,000,000 fo r July 1920, w hile th e current d eficit
fo r J u ly 1921 was a b ou t $113,000,000, as against $76,000,000 fo r July 1920.
A n analysis o f th e principal item s o f expenditure fo r J u ly 1921 show s that
$59,000,000 was on a ccou n t o f the W ar D ep artm en t, $56,000,000 on a c
cou n t o f the n a v y , and $ 32,000,000 on a ccou n t o f th e S hipping B o a rd . I f
expenditures are to con tin u e at anyth in g like these rates, th e estim ates will
be greatly exceeded.

The Secretary's proposals regarding taxation revision were
set out by him as follows:
T a xa tion and tax revision depen d u pon p u b lic expenditures. A ccord in g
to th e latest advices received from the spending departm ents and after taking
in to a ccou n t all estim ated redu ction s in expenditure reported t o d ate, the
T reasu ry estim ates th at th e tota l expenditure fo r th e fisca l year 1922 for
w hich provision should be m ade ou t o f th e current revenues o f th e G ov ern 
m ent will be a bou t $ 4 ,5 5 0 ,0 0 0 ,0 0 0 . T h is in itself w ou ld m ean a substantial
reduction in current revenues and expenditures below th e fiscal year 1921.
T h e to ta l ordinary revenues for 1921 am ou nted to a bou t $ 5 ,6 2 5 ,0 0 0 ,0 0 0 ,
or over $ 1 ,0 0 0 ,0 0 0 ,0 0 0 in excess o f th e revenues estim ated t o b e necessary
for 1922. T h e estim ate for 1922, m oreover, does n ot m ean th at $ 4,5 5 0 ,0 0 0 ,000 m ust b e p rovid ed b y ta xa tion . It is estim ated th a t there w ill be m is
cellaneous revenues during the year from salvage and sources oth er than
taxation am ou ntin g t o abou t $ 350,000,000T his w ou ld leave $ 4,2 00 ,0 00 ,
000 t o be p rovid ed from cu stom s and internal reven ue.
It is estim ated
that th e revenues from cu stom s under existing law w ou ld b e a bou t
$30 0,0 0 0,0 00 for the yea r, and that these m ight b e increased b y abou t
$70,000,000 if a revised ta riff law sh ould b e com e effective a bou t D e c. 31
1921.
T h e balance, abou t $3,830,000,000 (as against estim ated internal revenue
yield for the year under existing law o f $3,5 70 ,0 00 ,0 00 ) should b e provided
ou t o f internal revenue. T h is revenue can be safely redu ced on ly if and to
the extent th at further redu ction s are enforced in the spending departm ents
o f the G overn m en t . T his m eans th at if additional taxes are t o be a void ed ,
there m ust be additional effectiv e cu ts in ord in ary expenditure o f over
$250,000,000 and that even if such cu ts ware assured the internal revenue
yield for the year cou ld not safely be p erm itted to fall b elow $ 3 ,5 7 0 ,0 0 0 ,0 0 0 ,
the estim ated yield under existing la w . T h e red u ction s in expen ditu re
reported up to date h av e been taken into a ccou n t in fram in g the estim ates.
T a ble 1, w hich follow s, show s the estim ated receipts and expenditures
for the fiscal year 1922 under existing law
T A B L E 1.

Statement o f Estimated Receipts and Expenditures fur Fiscal Year 1922, on
Basis o f Existing Law (Revised A u g 3 1921)
R e c e ip ts (E x istin g L a w ).

_ __________________. . . $300,000,000
Internal revenue incom e and p rofits ta xes___________________
2 ,235,000,000
M iscellaneous internal rev en u e________________________________ 1,325,000,000
M iscellaneous revenue, sales o f p u b lic la n d s _________________
1,500,000
Federal Reserve Bank franchise tax
______________ ___
60,000,000
Interest on foreign ob ligation s______ _______________________
25,026,000
R epaym en ts o f foreign o b lig a tion s____ ______________ _____
30,500,000
Sales o f surplus w ar su pp lies__________________________________
60,000,000

Panama Canal______________

14,530,000

other miscellaneous

I56,087,000

T o t a l --------------------- ------------------------------------------------------------ $4,217,643,000
_

E x p e n d itu re s.

O rd in a ry_______________________________
Public d e b t expenditures required b y law
Sinking fu n d _ _ ___
W ar savings securities (n e t)....... ......
M iscellaneous d eb t red em p tion s.
Purchase o f L iberty bonds from foreign repaym ents
R edem ption o f b on d s and notes from estate ta x e s.
R etirem ent o f Pittm an A ct certifica tes.
R etirem ent from Federal R eserve Bank franchise fax r

Total debt expenditures

. ..$ 4 ,0 0 2 ,6 5 7 ,9 5 2
$265,754,865
100,000,000

100,000

p is

30,500,000
2 5 .0 0 0 . 000
7 0 .0 0 0 .
60,000,000
$ 5 5 J ,354,865

Grand tota l ordinary expenditures (in clu din g sinking fu n d
and m iscellaneous d eb t retirem en ts).
4,554,012,817
Excess o f expenditures o v e r receip ts.........
336,389,817

589

GLAMS! K H ’A T I O N O F E S T I M A T E D E X P E N D ITU R E S F O R F IS C A L
Y E A R 1922

(Based on latest, estimates from the spending offices with allowances for all
reductions reported to date>.

Legislative

$17,213,813

Exocut •
ve
State i)opart ment
Department o f Justice
Post Office Department
Interior Department (including pensions and Indians)
Department o f Agriculture.
Department o f Commerce
i >enuft ment «*f i Jtbor

j o , 8 11 jooo
17,000,000
2 , 2 0 0 ,0 0 0

332!000’,000
123,000,000
19,923,000

Independent offices
i >i .i rlct o f ( Columbia
M 11 <ellaneous
Postal deficiency

13,484,516
62,500,000
70,000,000

Total
Treasury D epartm ent______
Bureau o f War Risks Insurance.......
Public Health Service
C ollectin g R e v e n u e ____

1617,003,630
$236,000,000
47,000,000
L o 1 39
i
99,457,795

..

All Other
.......................
. _________________$485
Federal Board for Vocational Education
War Departm ent....._____
N avj Department
___
Shipping Board
Railroads (Transportation A ct and Federal c o n t r o l).. _
Interest on public debt
..........
Panama Canal________________________ ______________________
T o t a l____________________ _________ _ ____________ ______ _

567,934
162,655,184
450,000,000
487,225,000
200,000,000
545,206,204
975,000 000
10,000,000

$3,3 85 .6 54 ,3 22

N o allow an ce is m ade for possible cash expenditures resulting fro m
w ithdraw als b y the W ar Finance C orp ora tion w hich has a cred it balan ce o f
a b o u t $400,000,000 w ith th e Treasurer and m a y draw d ow n its b alan ce,
a t least tem p ora rily , in con n ection w ith the railroad fin a n cin g p rop osed
under p ending legislation .
E stim ates o f the exp ected reven ue under th e suggested revised law (w ith
com p a ra tiv e figures fo r th e present law ) are furnished in T a b le I I b e lo w .
T h e changes u pon w h ich th e estim ates fo r the revised law are based are
briefly sum m arized and fu rth er co m m e n t w ill be fo u n d later. T h e grou nds
on w hich th e m ore im p o rta n t recom m en d ation s are based w ere presented in
m y letter o f A p ril 30 1921 to th e C hairm an o f the C o m m itte e on W a y s and
M ean s, and need n ot*be rep eated in detail here*
F or the fisca l year 1922 the present law , it is estim ated , w ou ld yield
$ 3,870,000,000 in internal reven ue and cu stom s. U nder the revised law
the estim ated collection s fro m these sources w ou ld a m ou n t to $ 3,9 35 ,0 00 ,0 00
assum ing th at th e revision o f th e corp ora tion in com e and excess p ro fits
taxes is m ade e ffe ctiv e as o f Jan. 1 1921. T h ese figures d o n o t inclu de the
estim ated proceeds o f th e suggested 1-cent tax on first>class m ail m atter
and the suggested 2-cent- tax on ban k ch eck s. These taxes, it is estimated^
w ou ld yield a b o u t $ 117,000,000 a yea r, o r a b o u t $ 58,500,000 fo r th e fisca l
year 1922.
T A B L E II.

I n the following table estimated receipts from internal revenue and customs
under present and revised Jaws are given
(Figures in parentheses show results i f the revision o f the corporation incom e
and excess profits tax is made effective as o f Jan. 1 1922.)
F IS C A L Y E A R 1922.
Source o f Revenue—
Present L a w .
C u s to m s ________ __________________________ $300,000,000
Incom e Tax—
In d ivid u al_________________________________
875,000,000
C o r p o r a tio n ____________________ _________
456,000, OoO
P rofits t a x ________________________________

669,000,000

B ack taxes, incom e and p r o fits __________
235,000,000
M iscellaneous internal rev en u e___________ 1,335,000,000
T o ta l _ s i,_____ _________________________ $3,870,000,000
F IS C A L Y E A R 1923Source o f Revenue—
Present Law.
C u s to m s __________________________________ $300,000,000
Incom e Tax—
In d ivid u al_________________________________
850,000,000
C o r p o r a tio n ______________________________
415,000,000
P rofits ta x ________________________________

485,000,000

B ack taxes, incom e and p ro fits __________
335,000,000
M iscellaneous internal rev en u e____________ 1,349,000,000
T o t a l_________ __________________________ $3,734,000,000

Revised.
$370,000,000
8 75.000.
000
6 57.000.
000
*(456,000,000)
413.000.
000
*(669,000,000)
235,000,000
1,385.000,000
$3,935,000,000
*(3,990,000,000)
Revised.
$450,000,000
850.000.
000
7 48.000.
000
*(562,000.000)
*(192,500.000)
335,000,000
1,345,000,000
$3,735,000,000
* (3,734,500,000)

* R evision as o f Jan. 1 1922N ote 1— T h e revision u pon w hich the estim ates under revised law are
based is outlined follow in g the next table,
N ote 2— An addition al revenue tax o f 1 cen t on first class m ail w ould
yield, it is estim ated, a b ou t $72,000,000 annually ($36,000,000 fo r fiscal
year 1922).
N ote 3— A stam p tax o f 2 cents on each bank ch eck w ou ld yield, it is
estim ated, a bou t $45,000,000 annually ($22,500 000 for fiscal year 1922).
E stim a te d M is c e lla n e o u s I n te r n a l R e v e n u e .

Source o f Revenue—

F IS C A L Y E A R 1922.
Present Law.

Estate tax_____________________________ $150,000,000
Transportation________________________
262,000,000
Telephone and telegraph___ _________
28,000,000
! nsurance______________________________
19,000,000
Alcoholic spirits, & c___________
75,000,000
Beverages, Sec. .628_________
35,000,000
Soft drinks, & c„ Sec. 630______________
25,000.000
Tobacco— Cigarettes________________
136,000,000
Smoking and chewing________________
60,000,000
All other
_______________________
59,000,000
Admissions and dues___________________
96,000,000
Automobiles— Present tax______________
115,000,000
—
Federal license tax__________________
Pianos, organs, & c_____ _
50,000,000
Motion-picture films _______
6,000,000
Sculptures, paintings, & c__
___ —
1,200,000
Carpets, &c., Sec. 904
________ 20,500,000
Jewelry, watches, & c____ ___
25,000,000
Perfumery, cosmetics, medicines, &c. _
6,000,000
000
Corporation capital stock
80,000,000
Issues & conveyances of capital stock,
bonds,
55,000,000
Capital stocks transfer
.
8,800,000
Sales of produce on exchanges.
7,600,000
Miscellaneous taxes
-15,590,000
T otal

_ .$ 1,33 5,6 9 0,0 00

Revised.
$150,000,000

200 , 000,000
28,000,000
19.000. 000
7 5.0 00 . 000
3 5.0 00 . 000

12. 000 . 000

155.000.

66 , 000,000

5 9.0 00 .
9 6.0 00 .
115.000.
8 5.0 00 .
50.000.

000
000
000
000

6 , 000,000

1, 200.000
5 .00 0. 000
2 5 .0 0 0 . 000

6 .000 . 000

8 0.0 00 . 000

80.000, OOO
12 . 0 0 0 . 000
10 . 0 0 0 ,0 0 0

15,590,000
$1,385,790,000

000

000

590
F IS C A ! . Y E A R 1923.
Source o f Revenue—
Present Law.
E state t a x _________________________ ______
$150,000,000
T r a n s p o r t a t io n ___________________ ______
265,000.000
T elegraph and telep h on e________
29.000,000
Insurance _______ ________ ___________ ______
20,000,000
A lcoh olic spirits, & c ______________ ______
75,000,000
B everages, Sec. 6 2 8 ______________ ______
35,000,000
Soft drinks, & c ., Sec. 6 3 0 ________ _______
25,000,000
T o b a c c o — C ig a r e tte s _____ _____
______
138,000,000
Sm oking and chew ing . _____ . ____ _
60,000.000
A il o t h e r _ ____
____
60.000.090
A dm issions and d u e s ______________ ______
100,000,000
A u tom ob iles— Present tax - . ______ _______
116,000,000
Federal license t a x ______ .
Pianos, organs,
______ __________
50,000,000
M o tio n picture film s ______________
6,000,000
Sculptures, paintings, & c . _ _______ _______
1,250,000
C arpets, & c ., S e c . 9 0 4 _________ ^ _______
20,500,000
Jew elry, w atches, & c ______________ ______
25,000,000
Perfu m ery, cosm etics, m edicines, & c —
6,000,000
C orp ora tion capital s t o c k .
80,000,000
Issues and con v eyan ces o f capital sto ck ,
bonds, & c _________ ___ __________ ______
55,000,000
C apital s to ck transfers____________
9,000,000
Sales o f produce on exch an ges____
8,000,000
M iscellaneous taxes______________
15,590,000

THE CHRONICLE
Revised.
$150,000,000
8 5,000.000
29,000.000
20,000,000
75,0 00 ,0 00
35,000,000
180,000.000
7 5,000,000
6 0,000,000
100,000,000
116,000,000
100,000,000
50,000,000
6,000,000
1,250,000
25.000,000
6,000,000
80,000,000
105,000.000
17,000,000
15,000,000
15,590,000

T o t a l _____________________________ ______ $1,349,340,000
$1,345,840,000
N ote— T h e revision u p on w hich the a b o v e estim ates are based assum ed
the follow in g changes:
I. A new tariff law in effect a b ou t D e c. 31 1921.
2- T h e increase o f the corp ora tion incom e tax to 15% as o f Jan. 1 1921
(or Jan. I 1922). and the repeal o f the $2,000 exem p tion .
3. T h e repeal o f the excess p ro fits tax as o f Jan. 1 1921 (or Jan. 1 1922).
4. Increased collection s o f back incom e and p rofits taxes.
5. A n increase in the tax on cigarettes and sm ok in g and ch ew in g to b a c co .
t>. T h e repeal o f the tran sportation tax on freigh t and passengers; the
tax to be reduced on e-h a lf Jan. I 1922, and en tirely repealed Jan. 1 1923.
7. C ertain o f the stam p taxes as carried in T itle X I . o f the R ev en u e A ct
of 1918 to be m aterially increased.
•
8. A n annual Federal license tax u pon m o to r vehicles, averaging a bou t
$10 apiece, and to be graded a ccord in g to pow er.
9 . T h e repeal o f Section 630 o f th e R even u e a ct o f 1918, as o f Jan. 1 1922
(the tax on ice cream and foim tain drinks, & c.)
10. T h e repeal o f m iscellaneous taxes levied u n der Section 904 o f the
R even u e act o f 1918, as o f Jan. 1 1922.
I I . A revision o f the in com e tax rates, w ith the m a xim u m su rtax rate
red u ced to 3 2 % .
1. C u stom s— T h e estim ates o f revenue under th e revised law' assume that
a m ore p rod u ctiv e ta riff law wrill be a d op ted , cap able o f yield in g a bou t $70,0 0 0 ,0 0 0 additional revenue for the fiscal year 1922, and $ 15 0,0 0 0,0 00
a dd ition al for th e fiscal year 1923.
2. in d iv id u a l In com e T a x — T h e tota l net in com e su b je ct t o th e higher
surtax rates is rap id ly dw in d lin g, and funds w h ich w ou ld otherw ise be
invested in p rod u ctiv e enterprise are bein g driven in to fields w hich d o not
yield ta xa ble in com e. T h e tota l estim ated revenue from the surtaxes under
existing law is a bou t $ 5 0 0 ,0 0 0 ,0 0 0 for the taxable year 1921. T h e esti
m ated yield for the year from th e su rtax rates a b o v e 3 2 % w ou ld be less
than $ 10 0 ,0 0 0 ,0 0 0 . Im m ediate loss in revenue w th a t ou ld result from the
repeal o f th e higher surtax brack ets w ou ld b e relatively sm all, and the
u ltim a te effect sh ould be an increase in the revenues. It is suggested that
th e norm al and surtax rates be lim ited to a com b in ed m axim im i rate n o t
exceedin g 4 0 % for the taxable year 1921 and 3 3 % thereafter. I am co n 
fid en t th at in a sh ort tim e th e T reasu ry w ould a ctu ally collect m ore under
the low er rates than u n der the higher rates if con tin u ed.
3. Corporation Taxes— I approve the repeal of the excess profits tax,

which is rapidly becoming unproductive. I suggest as a substitute an
increase o f 5% in the rate of the corporation income tax and the repeal of
the specific exemption of $2,000 now accorded [ t o corporations. This
would greatly simplify the problem of administration and collection,
without substantial loss o f revenue.
4. Back taxes— Collections of back taxes are estimated to'yield net about
$235,000,000 in the year 1922 and about $335,000,000 in the year 1923.
It may be possible to secure some additional revenue from this source* perhaps
as much as $100,000,000 additional in the year 1922.
5. Miscellaneous Taxes; Suggested Reductions— It is suggested that the
following miscellaneous taxes be repealed or reduced:
(A ) The transportation tax on freight and passengers, it is suggested,
might be reduced one-half by Jan. 1 1922, and repealed entirely at the close
of the calendar year 1922. The resulting loss of revenue would be ap
proximately $62,000,000 for the fiscal year 1922 and $180,000,000 for the
fiscal year 1923.
(B) Tax on ice cream and fountain drinks imposed by Section 630, now
collected from consumers in such a way as to cause unnecessary irritation
and material evasion, should be repealed. For similar reasons the excess
price taxes now imposed by Section 904 upon articles o f wearing apparel
should be repealed and the other articles included under Section 904 should
be taxed at appropriate rates to the producer or importer under the general
provision of Section 900. The maximum loss in revenue estimated to
result from these changes would be less than $25,000,000 in the fiscal
year 1922.
(C) The tax on perfumes, cosmetics and proprietary medicines, Section
907, also results in unnecessary irritation, and is widely evaded. I suggest
that this tax be imposed upon the producer or importer, as are most of the
sales or excise taxes now imposed by the Revenue act of 1918. This could
be done without any loss in revenue.
6. Suggested additional taxes. Shrinkage in the yield of existing taxes,
the gaps resulting from the suggested reduction and repeal o f the trans
portation tax and the changes in other taxes, and the pressure of expendi
tures upon the Treasury, make necessary the consideration of additional
taxes. These taxes are, of course, not suggested as desirable in themselves,
but in m y opinion they are less objectionable than some other new or
additional taxes which have been proposed.
(A ) Increase the documentary stamp taxes by approximately doubling
the present rates, so as to increase the revenue from this source by approxi
mately $30,000,000 for the fiscal year 1922 and $70,000,000 for the fiscal
year 1923. The estimated additional proceeds are included in Table II.
(B) The proposed stamp tax of 2 cents on each check (payable on sight or
on demand) would yield, it is believed, about $45,000,000 a year. The
estimated proceeds of this tax have not been included in the main totals of
Table II.
(C) I suggest also as a convenient method o f taxation an increase of 1 cent
in the rate o f postage on first class mail matter, to 3 cents per oimce or frac
tion thereof on all except drop letters and to 2 cents per ounce or fraction

[ V ol . 113.

th ereof on postal card s. Such a tax w o u ld y ie ld , it is estim ated , a b o u t
$ 6 7 ,00 0 ,00 0 a year (n o t in clu d ed in T a b le I I ).
1D) A n annual Federal license tax u pon m o to r vehicles, averaging abou t
10 per vehicle and to b e graded a cco rd in g to pow er, w ou ld y ield a p p rox i
m ately $10 0,0 0 0,0 00 , or a b o u t $35 ,00 0 ,00 0 th e first year, 1922, o f its im 
p osition . T h e estim ated proceeds o f this tax are inclu ded in T a b le II.
(E j Aii increase in the tax on cigarettes fro m $3 to $5 per 1,000 and a
•slight increase in the oth er taxes on to b a c c o p rod u cts w ould y ield addition al
1 < iu ol 125 Q00 0 0 0 1-- the fiscal year 1 9 12 and approx i at< iji $57 000,000
in the fiscal yea r 1923 (in clu ded iu T a b le 11).
T h e foregoin g recom m en d ation s ta k e into a cco u n t p ro b a b le red u ction s
in cu rren t expen ditu re fo r th e fiscal year 19-23, when, fo r exam ple, it is
exp ected that there w ill be relatively small p aym en ts to m ake to th e rail
roads as against estim ated paym ents in the fiscal yea r 1922 o f $ 54 5,0 0 0,0 00 .
Against these redu ction s, h ow ever, it is expected th at there will b e shrinkage
in receipts. T h e su ggestion that th e tran sportation tax be repealed,
e ffe ctiv e in part Jan. 1 1922, and in its en tirely Jan. j 1923, w ould alone
in v o lv e a loss o f reven u e o f a b o u t $ 300,000,000 fo r a full year.
It is also necessary to bear in m ind th at the estim ated in com e and p rofits
tax receipts fo r the fiscal year 1922 in clu d e tw o qu a rterly instalm ents o f
incom e ad p rofits tax based on th e business o f th e calendar year 1920, and
Unit a su bstan tial shrinkage b elow the 1922 figures fo r th ese receipts is to bo
exp ected durin g th e fisca l yea r 1923 as a result o f th e shrinkage o f incom es
and the depression in business in 1921.
In the fiscal year 1923, m oreov er, the V icto ry L ib e rty loan and the 1918
series o f w ar savin gs certifica tes b e com e d u e. W ith these extraord in ary
m aturities o f th e p u b lic d e b t to m eet, it is im p orta n t th a t the T reasu ry
h ave som e m argin o f cu rren t reven u e over current expen ditu re fo r the year,
in order that the va st refu n din g op eration s w hich will h a v e to bo carried on
du rin g th e year in a n y even t m a y n ot be co m p lica te d o r em barrassed b y
add ition al b orrow in gs to m eet cu rren t expenditures w hich ou g h t to be
p ro v id e d fo r ou t o f cu rren t revenues.
D.

II.

B L A IR

R E V E N U E

,
,

C O M M IS S IO N E R
ORDERS

OF

IN T E R N A L

IN V E S T IG A T IO N

B U R E A U — A L L E G E D
GOVERNOR

C H AR G E S
A L L E N

OF

OF

.

A sweeping investigation into the operations of the Bureau
of Internal Revenue has been ordered by David H . Blair,
Commissioner of Internal Revenue, who, in making known
his intentions on Aug. 3, said:
C ertain charges, m ore o r less sensational and som e o f th em o f a serious
ch a ra cter, h av e been m a de against th e co n d u ct o f a ffairs in th e B ureau o f
Internal R even u e. M a n y o f th ese ch arges h a v e em anated fro m w ithin th e
B ureau, w hile o th e rs h av e been m ade b y person s n ot con n ected w ith th e
B u rea u .
A n y circu m sta n ces o r fa ct th a t w ill ten d to su p p o rt a ch arge th at incom e
tax cases o r o th e r m a tte rs handled b y th e B ureau are n o t d isposed o f a cco rd 
ing t o th e law and regu lation s is a p ro p e r s u b je c t fo r th e m ost sw eeping
in vestigation . A fte r a cu rso ry in v estiga tion m y s e lf I h av e d ecid ed th a t a
th orou gh in q u iry is n ecessary and h a v e d irected that hearings b e held.
E a ch w itn ess w ill b e exam ined u n d er o a th and a full sten ogra p h ic record
will b e m a de o f th e p roceed in gs. W h en th e tim e co m e s I shall review th e
re co rd and d eterm in e w iiat a ction is n ecessary.
I h a v e issued in stru ctio n s th a t th e in vestiga tion b e full and im partial,
as I w an t to g e t th e ex a ct fa cts, regardless o f con seq u en ces. T h e findings
will b e m a d e p u b lic upon th e con clu sion o f th e hearings and m y review o f
th e te stim o n y . I t is im possible at th is tim e t o g iv e even a te n ta tiv e d a te
beca u se o f th e large n u m ber o f w itn esses and th e in vestigation n ecessary in
each in d ivid u al case.

Governor Allen of Kansas is reported as one of those who
has made allegations of irregularities. Press dispatches
from Topeka stated on Aug. 2:
W h en told to -d a y th a t C om m ission er B lair had ord ered a th o ro u g h in
v e stiga tion o f alleged irregularities in th e Internal R even u e D ep artm en t,
G o v e rn o r A llen said h e w as glad o f th e o p p o r tu n ity to p ro v e his ch arges.
T h e G o v e rn o r said h e exp ected to b e called as a w itn ess in th e in vestiga
tion and fo r th a t reason h ad n oth in g fu r th e r to disclose a t th is tim e. H e
add ed th a t h e had alread y tu rn e d o v e r som e eviden ce t o C om m issioner
B lair and th a t corresp on d en ce had passed b etw een th em .
T h e charges referred to w ere m a de in a s to ry w hich appeared in the
“ W ich ita B e a co n ” a few w eek s a go, a ccom pan ied b y a statem en t signed b y
th e G ov ern or th a t h e had in vestiga ted th e ch arges and w as satisfied o f their
tr u t h .
T h e G ov ern or alleged th a t fo rm e r D e m o cra tic R ep resen tatives and G o v 
ernm ent a ttach es, a ctin g as agents fo r large p a y e rs o f in com e and excess
p ro fits taxes, h ad been using th eir influen ce to ob tain red u ction s in th e
am ou nts. T h ese cases h ad been taken , it w as ch a rg ed , on a com m ission
basis, and it w as alleged th a t em ployees in th e T reasu ry D e p a rtm e n t had
shared in th e m on ey.
H E A R IN G S

ON

T A X A T I O N

REVISIO N .

Public hearings by the House W ays and Means Committee
on proposed tax measures were concluded on July 29, the
views of Secretary of the Treasury Mellon and other repre
sentatives of the Government being presented in executive
session this week. Elsewhere we give the details of Secre
tary M ellon’s proposals. The Secretary was heard by the
Committee on two days— the 2d and the 4th. Following
the presentation of his suggestions on the 2d inst., it was
reported on the 3d inst. that his proposals had apparently
found little support among members of the committee. The
New York “ Times” in a Washington dispatch of the 2d inst.
relative to the reception of the proposals, said in part:
R epu blican m em b ers o f th e H ou se C o m m itte e on W a y s and M ea n s
announced to -d a y that th e recom m en d ation s o f S ecretary o f th e Treasu ry
M ellon as to new s u b je cts o f taxation and th e am ount o f m on ey necessary
fo r th e G overn m en t in th e fisca l y e a r 1922 w ould n ot b e a d op ted by Che
com m ittee, w hich is engaged in preparin g th e G eneral T a x R evision bill.
In th e opinion o f R ep resen ta tive J. W . F o rd n e y , C hairm an o f (h o
com m ittee, th e bill will n o t raise m ore th an $3,500,000,000. and th ere will
b e no sh iftin g o f taxes, as th e corp ora tion s, h o said, w ould h ave to b ear
their share o f taxation and th e loss from th e repeal o f the excess p rofits tax
w ou ld be m ade u p b y a fla t tax o f 15% on the net incom e o f corp ora tion s
w h ich should yield a b o u t $1,250,000,000.

A u g . < 1921.]
>

THE CHRONICLE

M e m b e r s o f th e com m ittee did n ot h oslta te to say th a t Um statem ent
p rep a red b y Secretary M ellon contained estim ates greatly in excess o f th e
a ctu a l needs o f th e G overn m en t and th a t th e recom m en dation s as to form s
o f taxation did n ot take Into con sideration th e relative ability o f th e tax
p a y ers to m oot them . T h ere was a stron g p rotest against the suggestions
adva n ced by M r. M ellon th at th e su rtaxes on Individual incom es should be
red u ced from 77 to 4 0 % , and th at th ere should be a h orizontal Increase in
the ra tes on incom es fro m $0,000 to $50,000.
1 am in agreem ent w ith the view th at th e heavy* surtaxes should be
reduced because th e system is p u ttin g large incom es Into tax-exem pt
secu rities,” said R epresentative L on gw orth o f O hio, a m em ber o f the
com m ittee, “ b u t I am op posed to increasing th e ra tes u pon th ose whose
Incom es are below $ 50 ,00 0 ."

On the 3rd inst. in reporting Chairman Fordnoy as statin g
that taxes will not bo loviod sufficiently to provide a Treasur A
surplus, “ Financial American’ 7 added in part.
I w ou ld prefer th at there should be a T rea su ry d e ficit durin g th e present
fiscal cear, said C hairm an F ord n oy . T h is w ou ld p reven t dem ands for
m ore funds from tho departm ents and h<fld C ongress w ith app rop riation s.
T h e d eficit cou ld bo m et b y tem p ora ry loan s and co u ld b o taken care o f
next year ou t o f th e receipts.
C hairm an F ordn ey said th at h e d id n o t believe th a t th ere w as any
p rob a b ility o f levyin g the taxes suggested b y Secretary M e llo n , unless it
was th e a u tom obile tax. I f this ta x is d ecided u pon b y th e com m ittee it
will be a gradu ated tax on h orse-pow er and accom p a n ied b y a Federal
license ob v ia tin g th e necessity ofr State licenses ou tsid e o f th e S tates’
registration .
I th ink th e G overn m en t can get a lon g on som eth in g less th an $ 4,0 00 ,000,000 from taxes and ta riff this year, and next yea r it should b e less than
$ 3,500,000,000, C hairm an F ord n ey a d d ed . H e a v y drains on th e Treasu ry
from the Shipping B oa rd and th e railroads sh ould end this yea r. W e are
m aking a tax and a ta riff law for several years, I h op e, and w ith decreasing
expenditures b y the G overn m en t for th e com in g yea r, I see no reason for
piling on taxes to m eet this y ea r’s needs. E v e r y expert has assured us
that redu ction in th e higher in com e taxes w ill increase receipts fro m the
low er in com e rates, so w e h a v e n oth in g to fear there.

A statement to the effect that it is entirety praeticable
“ to reduce the total tax levy by about $500,000,000 and
still meet all proper, necessary and essential expenses of the
Government, was made on Aug. 4 by Representative M on 
dell, Republican leader of the House. In his statement
he said:
I h a v e entire con fid en ce in th e W a y s and M ea n s C om m ittee o f th e H ouse
o f R epresentatives and in their ju d g m en t on ta x legislation , and I am very
con fid en t th at the bill th ey w ill even tu ally rep ort w ill m eet th e reasonable
expectation s o f th e A m erican p eop le in relievin g them fro m th e m ore o p 
pressive and an n oy in g o f th e w ar taxes; and th a t b ein g true I sh ould n ot
h ave th e slightest d isposition to m ake a ny statem en t in anticip ation o f their
a ction if it w ere n ot fo r th e fa c t th a t th ere seem s to b e , in certain quarters at
least , a persistent e ffort to create th e im pression th a t it w ill n o t b e possible
in th e com in g tax revision t o ap p recia bly lighten taxes and th a t th e best
that can b e expected is a sh iftin g o f th e b urden .
I t is en tirely p ra ctica l, in m y op in ion , to red u ce th e to ta l tax levy' b y at
least $500,000,000 and still m eet all p rop er, necessary and essential ex
penses o f th e G ov ern m en t. T h e excess p rofits ta x and th e higher incom e
surtaxes should be repealed and n oth in g su bstituted fo r th em . T h e socalled nuisance taxes and the tran sportation ta x , in w h ole or in p a rt, should
be repealed and som e sim p le, easily u n d erstood ta x, as fo r in sta n ce the
p rop osed 5 % fla t increase in corp ora tion taxes, en acted to p ro v id e fu n d s
lost b y th e repeal o f these last m en tion ed taxes.
P ossib ly som e oth er on e form o f a dd ition al ta x m a y b e necessary, b u t I
d ou b t it. In a n y even t, w e sh ou ld n o t, in m y o p in io n , a d o p t th e stam p,
the ban k ch eck or oth er taxes o f th a t ch a ra cter th a t h a v e been suggested,
and I d ou b t either th e n ecessity o r th e a d visa b ility o f th e a u tom ob ile ta x.
P eop le are expectin g a real red u ction — a liftin g and n o t w h o lly a shifting
o f th e burden. T h e y are en titled to it, and their reason able expectation s
can be m et and still fu lfill all th e necessary and legitim a te ob ligation s o f
the G overm m en t.

On the 2nd inst., the Republican members of the Commit
tee gave a hearing to Chairman Madden of the Appropria
tions Committee: Eugene M eyer, Jr., Director of the W ar
Finance Corporation, and Director General Davis of the
Railroad Administration. M r. Meyer and M r. Davis were
called in to discuss railroad financing. Regarding this
hearing the Associated Press said:
Chairm an F ord n ey said th a t th e p u rp ose w a s to g e t sp e cific inform ation
as to th e financial needs o f th e G ov ern m en t and th en to d eterm in e w here
cu ts cou ld b e m ade. H e sta ted th a t M r . M e y e r had told th e com m ittee
th a t under th e plan recen tly su bm itted to C on gress b y P residen t H arding
th e railroad fin ancin g could b e taken care o f w ith o u t m ore th an tem p ora ry
assistance from the T reasu ry from tim e to tim e until th e securities p roposed
to b e issued cou ld b e m arketed.
Should this p ro v e to be th e case, it "was said, a m aterial c u t cou ld b e m ade
in th e T reasu ry estim ate o f $4,675,000,000 needed fo r th e G overn m en t next
year, as th a t included $545,000,000 fo r th e railroads. I t w as recognized,
th e Chairm an explained, th a t th e T rea su ry had taken in to a ccou n t m axi
m um expenditures.
C hairm an F ordn ey also explained th a t th e new tax law w ould b e designed
to run for a num ber o f years and th a t th e rates sh ould n ot b e fix e d fo r such
a length o f tim e on con d ition s believed now to b e on ly tem p ora ry . H e
th ou gh t th a t th ere should be im m ediate red u ction s o f h alf a billion o r m ore
in taxes, even th ou gh th a t brou gh t a bou t a d e ficit at th e end o f next year.
T h is cou ld b e w iped ou t, he added, b y revenues a fte r expenditures had been
returned to som ething m ore Tike norm al.

Representative Bacharach (Republican) of New Jersey, in
a formal statement on the 2nd inst. indicated his opposition
to the elimination of all or any part of the transportation
taxes, and to the proposed tax of $10 on all automobiles.
He also declared that he was not in favor of tho proposed
tax on bank checks, but that, of course, he did favor the
repeal of the tax on soda water and ice cream. He said:
i believe th e elim ination o f the higher surtaxes w ould h av e a ten d en cy to
get m on ey in to investm ent channels. On th e oth er h an d, I see n o g o o d in
the argum ent th a t w e should elim inate tho higher brack ets o f tho surtax
schedule, which a ffe ct d irectly a pp roxim ately 5,000 p eop le, and raise the
raff*-, substantially on 5,00 0,00 0 taxpayers o f th e co u n try . A ccord in g to

591

tho 1010 statistics, o u t Of a total o f 5 ,332,700 Lax payors in tho co u n try on ly
5,526 paid a tax on incom es o f $100,000 or morn

Ho also declared against the proposal to make the small
corporations pay a tax of 1 5 % on their net income. “ Rather
than increase the corporation normal tax by this amount
( 5 % ) ,” lie said, “ I would prefer to have the excess profits
tax retained, because corporations would not be affected
by that tax unless they make large p ro fits, while the proposed
increase in the normal corporation tax may endanger the very
life of small corporations.”
The American Automobile Association in a letter trans
mitted to Chairman Fordney, has registered its opposition to
the proposed license tax on automobiles; it stated that the
Federal sale tax on machines and the State and municipal
taxes of all forms now totaled $346,720,878 annually, or
$34 67 per car, and that any increase would “ add to the
already excessive burden charged against the automobile
user.”
On the 1st inst., the committee heard Internal Revenue
Commissioner Blair, and Dr. T . S. Adam s, Treasury tax
expert. Republican members of the Committee also con
ferred further with Dr. Adams on the 3rd inst. On the latter
date press dispatches from Washington said:
A p p a ren tly, th e m em bers n ow are som ew h at fa r apart as to th e actual
am ou nt o f taxes th at it w ill be necessary to raise. I t has been estim ated
th at th e present law will yield a pp rox im a tely $3,7 00 ,0 00 ,0 00 this fiscal
year, b u t revisions suggested w ou ld red u ce this to ta l. A ll m em bers o f the
com m ittee are n ot y e t satisfied th a t this can b e d on e w ith safety.
Since th e T reasu ry suggestions fo r new taxes w ere presented on M o n d a y
there has been eviden ce o f an increasing op p osition to a repeal o f th e excess
p rofits ta x, b u t, a pp aren tly, th ose ch a m p ion in g th is ch an ge in th e law d o
n ot believe th a t this o p p o sitfo n has reached su ch p rop ortion s as t o threaten
defea t o f th e plan.

On July 30 the press advices from Washington had said
in part:
E m phasizing th a t h e w as speaking solely fo r him self, C hairm an F o rd n e y
said a fterw ard th a t th e goal tow a rd w h ich h e w ou ld striv e w ou ld b e a c*ut
o f h alf a billion dollars in th e tax bill n ext year. H is op in ion w as th a t b y
th e exercise o f rigid e co n o m y th e G ov ern m en t cou ld b e o p era ted fo r $3,500,000,000 in 1922 instead o f th e $4,000,000,000 estim ated b y th e T reasu ry.
O ther m em bers w ere less op tim istic. T h e y th o u g h t th a t w ith th e
enorm ous fix e d expenses, inclu din g th e interest on th e p ublic d ebt, th e costs
o f m aintaining th e arm y, n a v y and th e G ov ern m en t m erch an t fle e t, it
w ould b e im possible to get along w ith m u ch less th an $4,000,000,000, and
con sequen tly cou ld see little p ro sp e ct o f a n y m arked red u ction in th e
ta x b urden .
P ractica lly all m em b ers o f th e C om m ittee are in sy m p a th y w ith th e repeal
o f th e tra n sp orta tion taxes, b o th passenger and freigh t, b u t th e y h av e n ot
y e t fix e d u pon a new sou rce o f reven ue t o o ffs e t th e loss o f $330,000,000 to
th e Treasury th at this w ou ld in volve.
C hairm an F o rd n e y ’s idea is th a t if th e repeal o f all th ese taxes is fou n d im 
p ra ctica b le, a sta rt m igh t b e m ade b y cu ttin g th em in h a lf n ext yea r and
elim inating th e balan ce th e y e a r follow in g. R ep resen ta tive L on g w orth o f
Ohio has b e fo re th e C om m ittee a revision bill p rop osin g straigh tou t repeal.
A sk ed a b o u t th e repeal o f w h at th e T re a su ry has ch aracterized as "n u i
sa n ce" taxes, su ch as th a t on soda w ater, M r . F ord n ey said sm ilingly th a t
all th e taxes in th e bill w ere "n u isa n ce s.”
T rea su ry and Internal R even u e B ureau o fficia ls are exp ected to present
som e new recom m en d ation s to th e C om m ittee M o n d a y in e xecu tiv e sessions
as well as renew ing th e A dm in istration p rop osa l fo r repeal o f th e excess
p ro fits and h igh er su rtaxes and increasing th e norm al incom e ta x o n c o r 
p ora tion s fr o m 10 to 1 5 % .
C hairm an F ord n ey , R ep resen ta tive L n og w orth and m a n y oth er m em bers
o f th e C o m m itte e are k n ow n to fa v o r th is plan. M r. F o rd n e y said to -d a y it
w ou ld m ake fo r sim p lification . H e w as o f th e op in ion th at th e revenue re
ceived b y th e G overn m en t w ou ld b e su bstan tially th e sam e, b u t said th at
in a ny event h e th ou gh t it w as th e general b e lie f th a t corp ora tion s should
n ot p a y as m u ch in p ea ce tim es as in tim e o f w ar.

Regarding those heard by the Committe on July 29,
when public hearings were closed, the press advices stated:
W illiam A . B ra d y o f N ew Y o r k , and oth er spokesm an fo r th e m ov in g
p ictu re indu stry, inclu din g theatres, asked th a t th e th eatre seat ta x, th e 5 %
salas tax on film s and th e 1 0 % adm ission ta x b e rem oved . T h e y declared
the industry was in w orse shape than a ny oth er in th e co u n try w ith 4,000
theatres already closed and m a n y others planning to shut d ow n next m on th .
M r . B ra d y said the high salaries o f m o v ie stars had disappeared in th e last
year.
James A . E m ery , o f this c ity , on b eh a lf o f the N a tion a l M a n u fa ctu rers’
A ssocia tion , urged repeal o f th e excess p rofits ta x and th e higher brackets
in th e surtax, su bstitu tin g a general tu rn over or sales ta x, w hile representa
tives o f th e fu r indu stry asked repeal or m o d ifica tio n o f th e ta x on their
p rod u cts.
R epresen tative A p p le b y o f N ew Jersey, argued i,n fa v o r o f his bills to
im pose a tw o -ce n t stam p tax on ban k ch eck s, to repeal the soda w ater tax
and to le v y a Federal tax o f 40 cen ts per horse p ow er on passenger autos and
$10 a ton on truck s, w ith a p ro p o rtio n o f this to go to th e States in lieu o f
the present State taxes. H o also asked fo r a sim plification o f the incom e
tax sheets.
*
R o b e rt H om an s, a B oston law yer, representing corp ora tion s and asso^
ciation s h old in g and d e velop in g real estate, argued against a ny increase in
th e norm al tax on these corp ora tion s. H e said n on e o f them now paid excess
p rofit taxes and th a t a ny increase in their taxes w ould b e p ractically un
bearable.
O pposin g repeal o f th o excess p ro fits tax and the higher groups o f surtax,
Charles A . L y m a n , secretary o f the N a tion a l B oa rd o f F a rm O rganizers,
said th cre'w as a fooling on the part o f tho farm ers th a t som e plan should be
w orked o u t under which th e va st accu m u lation s o f w ealth should bear a
largo part o f th e tax b u rd e n .

It was stated on July 30 that there is a difference of opinion
among members of the W ays and Means as to tho time which
will be necessary to frame the tax bill. Representative
Frear, Republican of Wisconsin, said that it might be Sept. 1
before the measure could be made ready for the House. He

TILE CHRONICLE
d ecla red th a t th e Subject w as a h ig h ly im p o rta n t o n e and
sh o u ld receiv e ea rn est th o u g h t an d s tu d y .
.
W hile o b se rv in g th a t the h earin gs w h ich h a v e b een under
w ay before th e S e n a te F in an ce C o m m itte e on th e tariff bill
h a v e d e v e lo p e d little progress th u s far tow ard th e fram in g
of th e S e n a te bill, th e s ta te m e n t is m ad e in th e “J o u rn a l of
C o m m erce” of th e 4 t h in st. th a t it is clear th a t a S e n a te bill
w ill be b rou gh t o u t as a s u b s tit u te fo r th e F o rd n ey bill,
w h ich p a ssed th e H ouse on J u ly 2 1 .
H earings on th e bill
were b egu n by th e S e n a te C o m m itte e on J u ly 2 3 , th e in itia l
hearin g b ein g m arked by a d isa g reem en t on th e p a rt of
e x p e rts as to th e p r a c tic a b ility of th e v a lu a tio n p ro v isio n s
of th e bill. In his a n n o u n cem en t reg a rd in g th e tariff
hearings, S en a to r P en rose, C h airm an of th e S e n a te F in a n ce
C o m m itte e , had th e fo llo w in g to say on J u ly 22:
H E A R IN G S O F

S E N A T E

C O M M IT T E E ON

T A R IFF B IL L

A fte r a, con su lta tion w ith m em bers o f th e Finance C o m m itte e it was
d e cid ed to hold a m eeting M o n d a y for the pu rp ose o f taking up the A m eri
can valu ation featu re o f the bill b efore proceedin g with con sid era tion o f the
ta riff sch edules. V alu ation is the basis o f the w h ole b ill, and, it is th ou gh t,
sh ould be d isposed o f first.
T h e com m ittee has asked three m em bers o f th e T a r iff C om m ission to be
present, President Page and M essrs. M a rv in and B urgess, and su ch oth er
experts and m em bers as th ey wish to bring alon g. T h e y h av e also invited
G eorge D a v i s , special agent in ch arge o f th e N ew Y ork C u stom s O ffice ,and
O tto Fix, special agent in ch arge o f com p a ra tiv e va lu a tion s o f the N ew
Y o rk o ffic e , to be present.
T h e com m ittee has had hundreds o f letters, b oth fo r and against the
A m erican valu ation featu re, so that there is a differen ce o f o p in io n , not on ly
a m on g business m en , bu t a m on g experts on the s u b je c t. T h ese the c o m 
m ittee will con sider in th e hearings on M o n d a y .
It is th e in tention o f the com m ittee to hear business m en after the testi
m o n y o f the T a riff C om m ission and the experts has been co n clu d e d . W e
h op e to co n clu d e the va lu a tion hearings by T h u rsd a y , and after th at we
will ta k e up the sch ed u les In regular ord er as th ey a pp ear in the T a r iff b ill,
begin n in g w ith the ch em ica l sch ed ule. T h is w ill u n d o u b te d ly op en up the
q u estion o f th e d y e em b a rgo, w h ich is the co n tro v e rte d article in the
ch em ica l sch ed ule, and this m a y o c c u p y a g o o d deal o f tim e.
W h en the hearings are con clu d ed and the bill is taken u p for actu a l c o n 
sid eration it w ill b e in ex ecu tiv e session, w ith o n ly R ep u b lica n m em bers o f
th e com m ittee presen t. T h is is the usual cu stom .
W e h op e to close th e hearings w ithin tw o weeks fro m M o n d a y , and an
earnest e ffort w ill be m ade t o finish w ith in th at tim e. A fte r th a t w e will
take the bill up w ith T reasu ry officials in order t o h av e the b en efit o f their
a d v ice in w riting th e bill.
T h e co m m itte e has received a mass o f corresp on d en ce regarding the rates
th a t h av e been a d op ted b y th e H ou se, and as usual a great m a n y changes
h a v e been su ggested , th ere bein g requests b o th fo r increasin g and reducing
th e va riou s rates.
It is n o t possible at this tim e, h ow ev er, to sp e cify ju st
what changes h a v e been p rop osed , bu t there has been a string o f things
su ggested .

A s to th e h earin gs o f th ese ex p erts th e p ress d isp a tch es
from W a sh in g to n J u ly 2 5 said:
T h e com m ittee heard statem ents b y T h om a s W alk er P age, C h airm an , and
W illiam B urgess, a m em ber o f the T a r iff C om m ission , and th eir view s
d iffered w idely as t o w h a t e ffect th e suggested basis o f levyin g im port
duties w ould h av e on th e con su m er on th e on e h an d and on th e m an u factu rer
and m erch a n t on th e oth er.
M r . P a ge con ten d ed th at th e new plan m eant h igher p rices on A m erican
co m m od ities w h ich com p ete w ith im p orts s u b je cte d to th e im port tax.
W ith a higher valu e forced on im ported good s b y th e h om e va lu e p la n , said
M r . P age, A m erican m an ufactu rers n aturally w ould n o t reduce their prices
H e asserted th at to th e extent th a t th e foreign p rices w ere th u s sent higher
co m p e titio n w ou ld b e elim inated.
M r . B urgess h eld th a t pyram idin g o f p rices w as n o m ore likely to result
u n der th e h om e va lu e basis than im der th e presen t system o f basin g duties
on th e foreign value.
D esign edly, the A m erican valu ation plan is to d efea t u n d erva lu a tion o f
im p orts, and, th erefore, collect m ore revenue, b u t th e o b je c t, M r . P a ge said,
w as p h a n tom lik e in ch a ra cter fo r th e reason th a t little fraudu len t valu ation
h ad taken p la ce. M r . B urgess howrever, su bm itted figu res w hich h e said
sh ow ed th a t u n d e v a lu a tio n o f im ports in 1920 h ad been d iscov ered in
2 5 % o f all shipm ents su b je ct to ad va lorem rates.
M r . B urgess told th e com m ittee th at th ere w as n o oth er m eth od b y w hich
th e G overn m en t cou ld ju stly levey assessm ents on im p orts in view o f the
flu ctu a tin g exchange rates. H e held th a t it presented th e on ly p ossibility
o f obtain in g a ccu rate va lu a tion figu res on im ports and th a t th ese w ere
vita lly im portan t b eca u se o f th eir e ffe c t on th e ultirhate a m ou n t o f revenue
co lle cted . H e argued th a t it wrou ld a v oid discrim ination in th e ta r iff rates
against cou n tries w h ose m on ey has n ot d epreciated and in fa v o r o f th ose
w h ose cu rren cy w as at a low eb b as com p a red w ith A m erica n m on ey.
O b jection to th e p rop osed ch an ge w as v o ice d b y M r . P a ge b eca u se, he
said, it m ean t distu rbin g fu rth er an already ch a o tic com m erce. H e felt
th a t th e elem ent o f d ou b t and u n certa in ty w h ich w ou ld enter in to business
tran saction s fo r th e n ext few years w arranted th a t th e ch an ge b e deferred
un til con d ition s are m ore favorab le. T h e international econ om ic situ ation
M r . P age explained, sh ould b e given an op p o rtu n ity to righ t itself b e fo re
th is G ov ern m en t sh ould a ttem p t w h at h e called a radical d epa rtu re from
p ro v en m eth od s at th e cu stom s house.
M r . P a ge said, h ow ev er, th a t th e plan cou ld b e d evelop ed and h e b e 
lieved th at if given tim e, it cou ld b e m ade p ra ctica ble, b u t his principal
o b je ctio n w as to p u ttin g it in to e ffe c t at this tim e . H e m en tion ed as
a n oth er “ d an ger” th e extension o f “ so m u ch resp on sibility and p o w e r”
to cu stom s appraisers.
T h e p ow er op p osed b y M r . P a ge w ou ld b e tu rn ed to th e a cco u n t o f th e
G ov ern m en t itself, a ccord in g to M r . B u rgess, w h o declared th a t, u n der th e
A m erican va lu a tion , con trol o f th e im p orts fo r th e fir s t tim e rested fu lly
w ith th e A m erica n G ov ern m en t. H e add ed, th a t, fo r th e sam e reasons,
d ip lom a tic en tanglem ents w ou ld b e a void ed and qu estion s o f en forcem ent
o f th e law' w ou ld b e d isp osed o f w ith ou t d elay o r d ifficu lty .

In tellin g th e C o m m itte e on J u ly 2 6 th a t o v e rh a u lin g of
r a te s in th e b ill w o u ld be n ecessa ry in order to p erm it it s
e ffe c tiv e a d m in istr a tio n , G eorge C . D a v is , C h ief of th e
C o m p a ra tiv e V alu es B u r ea u in th e N e w Y o rk C u sto m s
H o u se , declared th a t if C on gress a d o p te d th e A m erican

[ V ol . 113.

v a lu a tio n p la n of le v y in g im p ort d u tie s, e v e n m ore radical
ch a n g es in th e ra tes w o u ld h a v e to fo llo w . T h e A m erican
v a lu a tio n plan as a s u b s titu te for th e p r e se n t sy ste m of
a ssessin g d u ties on foreign v a lu e s w a s a tta c k e d b y M r.
D a v is, w ho saw in it th e ca u se for “ u n en d in g litig a tio n and
a gen eral ty in g up of th e im p o rtin g b u sin e ss.” H e add ed
th a t as draw n som e o f th e ra tes in th e bill, a d m in istered on
an A m erican v a lu a tio n b asis, m e a n t a “ p o sitiv e p r o h ib itio n ”
of im p o rta tio n s, l i e did n o t, h o w ev er, en u m era te th e
c o m m o d itie s of w h ich he sp o k e. T h o m a s O. M a rv in and
W illiam S. C u lb ertso n , m em b ers of th e T a riff C o m m issio n ,
w h o w ere a lso heard by th e C o m m itte e on J u ly 2 6 , favored
th e A m erican v a lu a tio n p lan . On A u g. 2 , w h en th e C o m 
m ittee had p r a c tic a lly c o m p leted its hearings on th e v a lu a tio n
p ro v isio n s, it w as s ta te d th a t m a n y S e n a to rs declared th e
A m erica n v a lu a tio n se c tio n as d ra fted b y th e H o u se had
sm all ch a n ce of receiv in g C o m m itte e a p p ro v a l. T h e press
d isp a tch es from W a sh in g to n on th a t d a te rem arked:
It was said th at n on e o f th e D e m o cra tic com m ittee m em bers fa vored it
and th at several R ep u b lica n s w ould op p ose it.
Sentim ent lias been eviden t in the com m ittee for a cce p ta n ce o f the m o d i
fied h om e va lu e p la n , p roposed b y G eorge O . D a vis o f the N ew Y o rk
C u stom H ouse. T h is w ou ld p u t th e burden o f p rov in g th a t im p orts were
com p a ra ble or co m p e titiv e w ith A m erican p ro d u cts on th e d om estic m a n u 
factu rer instead o f the cu stom s service. T h e h om e va lu e basis, it is as
serted, w ou ld be installed o n ly in cases w here p r o o f was fo rth co m in g o f the
sim ilarity o f th e articles, in w h ich even t, its op p on en ts b e lieve, th ere w ou ld
b e little room for litiga tion over cu stom s decisions as to valu es.
T h e p oin t was m a de to -d a y b y T h om a s J. D o h e rty o f N ew Y o r k , repre
senting the N a tion a l C o u n cil o f Im porters and T rad ers, th at the H ouse
B ill had given no d e fin ite o f the term s “ com p a ra b le ” and “ co m p e titiv e .”
l i e d eclared th ey co u ld be con stru ed in a score o f w ays, and th at th e net
result w ould be an endless tan gle o f con troversies o v e r w hether im ports had
co u n ter-p a rts in th e A m erican w holesale m arket. H e also asked th e co m 
m ittee fo r a con stru ction o f th e phrase “ principal m a rk e t,” from w h ich ,
under th e b ill, th e prices fo r the h om e valu ation m ust b e taken fo r assessing
duties.
T h e A m erican v a lu a tio n p rovision s w ere ch aracterized b y Senator S im 
m on s, D e m o cra t, o f N o rth C arolin a, as o n ly a stop fro m an em bargo.
R ep u b lica n fram ers o f th e h om e va lu a tion plan, M r . Sim m ons to ld his
com m ittee colleagu es, h ad no oth er th ou gh t than th at it w ou ld sorve as an
em bargo to let A m erican m an ufactu rers m aintain high prices.

T h e C o m m itte e on J u ly 2 9 co n sid ered th e ch em ica l sch ed u le
o f th e bill and has sin ce had fu rth er d iscu ssio n o f it. T h e
d y e em b a rg o , prop osed b y th e H o u se W a y s a n d M ea n s
C o m m itte e , b u t k illed b y th e H o u se , w a s b ro u g h t in several
tim es, b u t w itn esse s c o n te n d e d m a in ly for h ig h p r o te c tiv e
d u tie s on c h em ica l p ro d u cts. M em b ers of th e C o m m itte e
said it app eared th a t su p p orters of th e th ree-year ban on
d y e im p o rts had lo st h o p e o f h a v in g it resto red to th e bill,
b u t it is k n o w n , h o w ev er, th a t th e provision w o u ld b e given
co n sid era tio n in C o m m itte e la ter on .
O pp osin g v ie w s regard in g th e p rop osed em b argo on d y e
im p o rts w ere v o ic e d b y d y e co n su m ers a t th e h ea rin g before
th e C o m m itte e on A u g . 3 . In m a k in g th is sta te m e n t a ,
W a sh in g to n d isp a tch to th e N e w Y o rk “ C o m m ercia l” said
in part:
D an iel F . W aters o f the G erm an tow n D y e W ork s o f Philadelphia, a co m 
p an y w h ich has n o interest in the m an u factu re o f d yes, b u t uses the p ro d u ct
in d yein g h osiery, sw eaters, b ath in g suits, u ph olstery, rugs and oth er good s,
stron gly fa v o re d the d y e em b argo.
C . L . M ille r, also fro m Philadelphia and engaged in a sim ilar business,
o p p o s e d th e em b argo.
W h ile M r . W a ters stated th a t it is possible to get every needed co lo r from
A m erica n d y e m an u factu rers, M r . M iller, w h o d yes art silks, declared th a t
it is necessary fo r him to get som e o f th e colors he uses from a broad and th at
th e restriction s o f th e W a r T ra d e B oard h ave greatly ham pered his business.
M r . W aters, in fa vorin g th e due em bargo, said his sole pu rp ose was in
th e interest o f an A m erican in d u stry.
“ T h e re is no co lo r to -d a y th at w e h av e n ot in the U nited States, said
M r . W a ters. “ W e h av e a line o f colors th a t are 100% as g o o d as w e o b 
tain ed fro m a b roa d b e fo re th e w ar. N in e ty per ce n t o f th e colors bein g
used in th e U nited States to -d a y are m a de here. U nder p rop er p ro te ctio n
it w ill b e possible fo r th e A m erican in d u stry t o p ro d u ce 1 0 0 % o f th e dyes
used here.
“ T h ere is $ 300,000,000 invested in th e d y e in d u stry in this co u n try . I f
w e d o n o t get p rop er p rotection th e in d u stry will b e scrap ped w ith in fiv e
years. I p red ict th at if we h av e this em b argo fo r th ree years w e w ill n ot
ca re a n yth in g a b o u t G erm an co m p e titio n .
M r . M ille r exh ibited a letter received fro m th e W a r T ra d e B oard w ithin
the past few d ays refusing to p erm it him to im p ort a certain co lo r w h ich he
insisted ca n n ot b e ob tain ed in this co u n try . M r . M iller said th a t the
co lo r w h ich th e W a r T ra d e B oard sou gh t to h a v e him use w ou ld n ot answer
th e purpose. A s a resu lt, he d eclared , a d e la y has been experien ced in
fillin g th e order.
“ W e o b je c t t o an em bargo because A m erican d y e m an ufactu rers are not
m akin g all th e colors needed fo r ou r busin ess,” said M r . M ille r. "U n d e r
th e restriction s now in e ffe ct, it takes us to o lon g to get d yes. W e h av e
faith enough in im p orted d yes to g iv e a w ritten guarantee to th e textile
m an ufactu rers. A b o u t 5 0 % o f th e d yes th a t w e use are im p o r te d .”

J o sep h H . C h o a te , J r ., G eneral C o u n sel for th e A m erican
D y e I n s titu te , in sp e a k in g in su p p ort o f th e em b argo on the
3 d in s t., declared , a cco rd in g to “ F in a n cia l A m e rica ,” th at
th e G erm an G o v e rn m e n t w as prepared to sp en d hu ndreds
o f m illio n s of dollars to “ g iv e ” d y es a w a y free in th e U n ited
S ta te s, if th e y co u ld kill off th e A m erican d y e in d u stry in
th a t w a y . T h e s ta te m e n t in th e “ Jou rn al o f C o m m e r c e ’
o f th e 4 th in s t., regardin g th e lik elih ood o f a su b stitu te
S e n a te b ill said in part:

Tho Sonato tariff niftkors aro satisfied Unit they « n make a bettor hill

ml

that it would not ho safe to pass tho lloiisi' measure.
It is first of all filled with rlslty proposition# midi as tho American valua
tiott plan and tho rato levels that tho House tariff .exports regarded as necossary in order to make tho valuation work. Them is too serious doubt
that tho hill would product) tho amount of revenue exported because, tho
many novelties of tariff making adopted might discourage rather than
increase Imports.
J iin h a roo in Fenghd .
That tho bill would In many cases result In complete prohibition of Iin
ports, as was desired by American manufacturers, is conceded by Honatorx
who have studied tho hill carefully. This would react politically in next
year's Congressional elections and might throw tho Republican party out of
power just when it had started in for a quarter-ceutury of power.
The Republican members of tho Finance Committee have found the
Democratic members agreeing with them in many of the criticisms they
have made of tho Fordney bill, and it is now tho understanding that both
majority and minority members will work together in framing the substitute.
Thus far no plan has been worked out for conducting the resconstruction
of the House bill. There is a strong group of members, both Republican
and Democratic, who believe in securing a comparison of foreign production
costs, including both raw materials and labor, together with cost of trans
portation, and making a fair comparison with tho same article made in this
country. This would take the Committee back to practical scientific
rato making. Industries that clamor for protection would be required
to show the Committee the facts and abide by the consequences.
O v er s ta te

C o n d itio n s .

It is asserted that producers have overstated competitive conditions as
wantonly as many importers are charged with undervaluing foreign goods.
Chairman Penrose expressed to-day the fear that the Committee would be
delayed many weeks in preparing its bill because of the-steadily increasing
number of witnesses that desire to be heard. There was no disposition on
the part of the Committee, however, to limit the number of those who
should be heard, and tho hearings will run on through this week and next.
It is more than likely however, that they will be so little decisive of actual
rate making that the Committee will call a halt and take up the matter of a
definite policy before wasting more time on hearings.
Few witnesses were heard to-day on the dye embargo and the Committee
held but a half day session. To-morrow the dye men will go on with their
appeal for inclusion in the tariff bill. The statements differed little from
those that have been made repeatedly before the Ways and Means Com
mittees in the consideration of the several embrago bills.
An attempt by Chairman Penrose to limit the number of witnesses giving
views on the tariff bill and to keep them from “ roaming all over the face of
the earth,” brought objection from Senators La Follette, Republicn,
Wisconsin, and Reed, Democrat, Missouri. , Mr. Penrose said he was
ready to “hear it all over again.”

The passage of the House bill was referred to in our issue
of July 23, page 359.
H . ./. D I A M O N D & C O . , B O S T O N , A S S I G N .
Press dispatches from Boston yesterday (Aug. 5) an
nounced the failure of the brokerage firm of Hugh J. Dia
mond & Co. of that city, members of the Boston and New
York Stock Exchanges. Daniel J. Lane of Boston, it is said,
is the assignee and will act as trustee for the protection of the
firm’s creditors. Formal announcement of the failure of
the firm was made from the rostrum of the New York Stock
Exchange yesterday afternoon.
FIRE

DELAYS

TR AD IN G

ON

STOCK

EXCHANGE.

A fire, attributed to defective insulation behind the an
nunciation board, delayed trading on the New York Stock
Exchange on Tuesday until 1 p .m . The fire was discovered
at 9 a. m. at the north end of the Exchange Building adjoin
ing its netv addition under construction. The Exchange
opened at the usual hour, 10 a. m., but recessed hourly
until 1 p. m.; while the fire was slight and was quickly ex
tinguished, the conditions on the floor made advisable
the delay in operations. Comment on the incident appeared
as follows in the “ Journal of Commerce” of Aug. 3:
Actual damage to the building was slight with the exception of the call
board on the north end of the trading floor. Total loss was estimated at not
more than S15.000. Most of the damage was confined to the mechanical
equipment behind the board. Upon the resumption of trading recourse
was had to a similar board on the south end of the floor, the one damaged
being out of commission for the day. Until ordered off the floor by firemen,
brokers remained grouped at the south end, interested onlookers of the
novel sight.
Yesterday’s partial closing marked the first instance of a suspension
of trading on the New York Stock Exchange because of fire. About ten
months ago a slight blaze was discovered, but was quickly extinguished
without interruption to trading. Trading was suspended at noon for the
remainder of the day at the time of the Wail Street explosion. On that
occasion heaps of broken plate glass on the floor rendered occupancy unsafe.
Again on Dec. 29 1919, the opening was postponed till 10.30 o’clock in
the morning because of a heavy snowfall that delayed the arrival of mem
bers. Prior to a two months’ suspension of trading in 191-1 regular business
ha,d not been interrupted since 1901 when the Exchange was closed for a
day to make up accounts following a local panic The only other suspen
sions on record arc one of a day and a half in 1888 and another of ten days
in 1873.

Tho Consolidated Stock Exchange, which trades in the
same securities listed on the Stock Exchange, postponed its
opening until 1 o’clock.
CHANDLER

593

THE CHRONICLE

Vu g . 0 1921.]

BROTHERS
FULL

A

GO.

I’ R O M I S E

CREDITOR

BA Y M E N T .

r ditors of Chandler Brothers & Co., of' Philadclphi
rid this city, whose failure on July 25 was recorded in oi
■ of last Saturday, page 474, will be paid in full, accordin
sue
statement made by Earl Mendenhall, chief partner <

tlm failed firm, reported in f 1< Philadelphia “ Itccord” of
1 Mr. Mendenhall said:

J u ly 30.

Splendid piogi’e H In boink made by (Jie rerelwi in Iralftblcnlntt oul. our
is
allnlrK, and U
illlKK look imieli bel.ier Lo-d;iy M
inn when w elo j-d.
«
Our eredll.oi'H will be paid in full
II will lake time, but there will be
no Iosnuk. Wo hope dial when the reedvership ends there will be, Htifft'oU m l
assets to pay all debts, but If not, they will be paid out of o u r own peel *a
from the proceeds of the money we may earn In future years.
The bankruptcy precededngs attains!; our firm would absolve us from debt
in the event our obligation not be met as proscribed by law. but there
remains a moral obligation that is not erased by law. Wo will meet, that.

Tho suspension of ( ’handler Brothers A C'o. was referred
to in our issue of Saturday last, page 474 . Tho firm consisted
of Earl Mendenhall, Lewis E. Waring, Edward S. Little
and Frederick T. ( ’handler, Jr., floor member. Despite the
similarity of names between ( ’handler Bros A Co. and .
Chandler A Co., Inc., investment bankers, of Philadelphia
and New York, there is no connection or open accounts be
tween the two firms.
C L A I M S A G A I N S T I M B R I E & CO. F I L E D I N

SUPREME

COURT.

A list of claims against the failed New York Stock Exchange
firm of Imbrie & Co. has been filed in the Supreme Court,
according to a statement appearing in a recent issue of
“ Financial America” of this city. The total of claims listed,
it is said, was $1,446,973, the largest being that of the
National Bank of South Africa for $968,195 for a loan.
Other large claimants, it is said, were the Banco Internacional
de Guatamala for $139,427 for a deposit, and the estate of
Mrs. Elizabeth Milbank Anderson for $11,401 for capital
furnished to the firm.
MASTER

COTTON

SPINN ERS’ A N N U A L
GREAT

M EETIN G IN

BRITAIN .

At the annual meeting of the Federation of Master Cotton
Spinners’ Associations, Ltd., held in Manchester (England)
on July 22 1921, Mr. John Smethurst, the Chairman, in
making his annual report on the past year’s working of the
Federation said that “ your Committee have to record what
has been an unparalleled year of depression in the industry.
For nine months out of the year organized short time working
has been in operation and it is felt that such curtailment of
production can have nothing but beneficial results for the
trade. Appearances of an improvement, however, are not
yet at hand, but I sincerely hope that before we have passed
very far into the year which is commencing, the trade will
again have resumed full time to the advantage of all con
cerned.”
After referring to the wage dispute and remarking that
it was a matter for regret that the dispute did not finish
until the whole of the mills had been stopped for a period of
three weeks, Mr. Smethurst mentioned the increase in the
Indian import duties and said that it had been decided to
appoint a permanent committee to watch over contemplated
alterations in the Indian import duties and all the members
might rest assured that in the event of further proposed
increase the committee would leave no stone unturned in
seeing that the members’ views should be placed with as
much force as possible before the proper department.
M OVEM ENT

FOR

RED UCTIO N

IN

WAGES

OF

PRIN TERS.

A resolution in which employing printers are asked to
take up with Typographical Union No. 6 the question of
the adoption not later than Sept. 1 of an arbitration contract
in the event that an agreement as to wage reductions can
not be reached in the meantime was adopted by the National
Publishers’ Association, Inc., on July 27. The present
contract with No. 6, including the contract for arbitration,
will expire on Oct. 1. The Now York “ Times” of July 29,
in referring to a letter sent out by Frederic W. Hume,
Executive Secretary of the Association, quoted him as saying:
In ease the employing printers are unable to conclude an arbitration
agreement with Typographical UnionNo. 6 by Sept. 1, the publishers should
be notified in order that individual publishers may make such agreements
as are necessary to guarantee the continuance of their publications on a
reasonable cost basis.

According to Mr. Hume, reductions already effected as
a result of arbitration with other unions are not proportionate
,
to the easing up' of living conditions. In presenting the
report of the Labor Committee, Mr. A. J. Baldwin, Chair
man, briefly reviewed the situation as follows:
The wage scale and arbi(ration contracts with six unions, namely: Press

men \ Union No. 51, Paper Cutters No. 119, Sheet Rtraiglitcners No. 119,
s
Job Pressmen and Feeders No. 1, Press Feeders and Assistants No. 23 and
Paper Handlers No. I. expire Oct. I 1922, subject to readjustment of wage
scales on Oct. I 1921 and April 1 1922, based on the cost of living and the

594

THIS CHRONICLE

economic condition of thu pruning industry. The contracts with Mailers
No. 6 and Bindery Women, expire Oct. 1 1921, but w undoubtedly be
ill
renewtd on a satisfactory basis for a further term of years. Both these
latter unions recently accepted a voluntary reduction in wages although
their contracts entitled them to the same wage scale to Oct. 1 1921.
In the case of Typographical Union No. (j, all efforts to obtain a read
justment of v v-i i in proportion to the reduction of the other unions in the
y
trade have been unsuccessful, it being the contention of No. 6 that the
present contract (which is in effect to Oct 1 1921) should be adhered to.
The present contrui ts with Typographical Union No 6, both as to wage
scales and arbitration, expire Oct. i 1921. Overtures made by the New
York Employing Printers for a renewal or the making of new contracts with
No. b have not been received favorably by the Union.”

Mr Baldwin further explained that an analysis of the
situation indicated that it was the purpose of No. it to delay
tin making of either an arbitration contract or a wage scale
contract and endeavor in this way to force continuance of
the present high scale of wages. It was very evident that
in the absence of any contract, publishers, on Oct. 1, would
be confronted with a strike of compositors or forced to meet
the demands of No. G whatever they might be.
,
I

S. S T E E L C O R P O R A T I O N M E E T I N G P R I C E R E D U C 
T I O N S OF I N D E P E N D E N T S .

A statement anent reports that the United States Stool
Corporation was meeting new low prices quoted by inde
pendent producers was made as follows on Aug. 2 by Judge
Elbert it. Gary, Chairman of the Corporation:

hen liis attention was called to the article which appeared in the ‘'Wall
Street Journal" of to-day, and ho was asked to make comment, Judge
Gary replied as follows:
“The statement published in the “ Wall Street Journal” Aug. 2 concerning
prices of steel products Is substantially correct, with the modification that
our subsidiaries have not made any reductions except to moot the prices
of leading independent manufacturers. Prices generally would seem to
have reached the low point, as many, if not most of the manufacturers are
at present selling below' the cost of production."

The item in the “ Wall Street Journal” which the above
statement refers to follows:
United States Steel Corporation, although making no official announce
ment of a new price schedule is meeting the new low prices Quoted by in
r
dependent producers on steel products and appears to be setting the pace in
at least one product. Reports of this have been contained in news dispatch
es lor some time and in the past week, the corporation has sent letters to its
customers quoting prices on various products from $3 to $10 a ton below
the official prices of July 7.
In most cases, the new prices meet the late prices of the independents
but tinplate, which is not quoted at $5.25 a 100-pound box (coke), went
below the independent level of $5.50 a box and has forced several of the
independents to reduce their quotations. The Steel Corporation's price
on tinplate as of July 7 was $5.75 a box.
Other reductions were in steel bars to $1.75 a hundred pounds from the
July 7 price of $1.90 in plates to $1.85 a hundred pounds from $2, in black
sheets to $3.25 a hundred pounds from $3.50, and in galvanized sheets to
$4.25 a hundred pounds from $4.50. These prices of course, have been
quoted by a number of the independents for several weeks.
It may be added that these prices are only' for orders involving fairly
large tonnages. But it is reported that if orders are sufficiently attractive
an even better price might be made
Following table gives a comparison of some of the new prices with the
prices officially quoted on July 7, on April 13 and 'with the Industrial Board
prices:
N ew
P r ic e s .

I n d u s . B oa rd

7.
A p r i l 13.
P rices.
Tinplate-----------------------------$5 25
$5 75
$6 25
$7 00
Bars--------------------------------- 1 75
1 90
2 10
2 35
Plates-------------------------------- 1 85
2 00
2 20
2 45
Galvanizedsheets__________ 4 25
4 50
5 00
5 70
Black sheets...... ................. 5 25
5 75
6 25
7 00
This lowering of prices bears out predictions made by observers of the
steel trade that, after July 7, there would probably be no further official
cutting of prices, but that prices would be made, as time went on, that would
take business.
Reports from various trade centres for the past ten day's have pointed
out an increase in inquiry for steel products. To take this new business, it
is only' natural at the present time that lower prices would be made.
J u ly

The steel price reductions made early last, month were
referred to in these columns July 9, page 147.
STEEL

M ILLS

ADJUST

WAGES.

Pittsburgh advices appearing in the New York “ Evening
Post” of July 23 said:
At the end of last week a common labor rate of 30 cents an hour became
effective at practically all the independnt mills in the Pittsburgh and valley
districts that had been paying 37 cents, a rate that is now paid by scarcely
any producers except the Steel Corporation. The overtime payment, on
the basis of time and a half for hours over eight in a day, had been discon
tinued by almost all the independents before the Steel Corporation made its
announcement to this effect on July 6.
The prospect is now clearer that the final common labor rate in the steel
industry will be 30 cents an hour, but there is no indication as to when the
Steel Corporation will come down to this rate. In the East, rates as low
as 27 and 25 cents are being paid, but this is no indication that the Central
West will get down to such rates, as divergences have been common in the
past. A 30-cent rate is regarded as fair considering that the rate was 19
cents in 1914 and 13 cents in 1898.
WESTERN

BAR

IRON

AGREES

TO

WAGE

SCALE

FOR

YEAR.

Agreement has been reached between the Western Bar
Iron and Amalgamated Associations, representing employers
a ! Ihe union, on the wage so^le for the year to ond Juen 30
1922. the new arrangement, it is stated, provides for a

[V ol.

118.

wage cut for puddlers of Si 14 a ton, or about 10% at the
present bar iron price, when bar iron is selling at 1.50o. or
higher. Finishers’ wages are also correspondingly scaled
down and minor adjustments in the scale are made that will
mean some reduction in production costs. The new scale
is virtually the same as that operative the 1919-1920 scale
year. Signing of the scale will enable mills to resume opera
tions with union employees so far as business warrants.
A R G E N T IN E 0 / L -BE AR IN G TERRITORY.
Solution of the world oil question will be largely influenced
by continuing developments in Argentina. International
manoeuvrings for control of oil deposits in that country are
taking place on a large scale. Official cognizance of this is
taken in the statements of the Department of Commerce of
the United States.
English capital and Dutch enterprise are greatly interested
in purposed exploitation of the petroliferous lands in Argen
tina. It is reported that a German company backed by
lingo Stinnes has acquired a concession in the Comodoro
Iiivadavia region, some 45 miles north of that city, and that
it is about to begin development of this section. Other
foreign companies arc said to bo creating extensive interests
in that zone. Foreign scientific investigation has kept its
own counsel and Government search has lagged.
Three other oil regions are found in Neuquen, Mendoza
(Cashueta) and Salta Jujuy on the Bolivian frontier with
surface indications of oil in Bahia Blanca and north coast of
Mar del Plata regions, both in the Buenos Aires Province.
Producing in 1919 more than 1,500,000 barrels of oil,
Argentina imported in addition more than 2,000,000 barrols
of crude and combustible petroleum besides great quantities
of gasoline, benzine and other similar products. “ Argen
tina needs 35,000,000 barrels of petroleum, according to the
calculation of an Argentinian engineer,” continues the
statement, “ including the fuel oil necessary to operate the
railroads and the factories, but excluding that needed by the
steamers which operate in the ports of the Plata River and
Bahia Blanca.”
Production in the Comodoro Rivadavia region, begun in
1907 with 100 barrels a month, increased in 1915 to 24,000
barrels from five wells, and attained in 1917 more than
1,000,000 barrels from 63 wells. Because of limited means
of transportation, 90 wells produced in 1920 only 1,465,570
barrels. Most of the wells are 150 feet above sea level,
grouped in two small valleys, two or three miles north of the
city and on the shore. The wells have greater flow during
the first month. Their temperature is 32 degrees centigrade,
although they are 300 to 400 meters below the surface.
Assuming, continues the report of the Department of
Commerce, that the actual tankers could make three trips
a month, the greatest quantity which could be transported
to Buenos Aires during the month would be 195,000 barrels.
Two new steamers ordered in England would increase these
figures to 400,000 a month.
The distance between Como
doro Rivadavia and Buenos Aires is 980 nautical miles.
Because of this, transportation is the principal problem to
be solved by individual companies that wisli to exploit the
deposits of petroleum of that region.
Argentinian mining laws are not unfavorable for foreign
companies but political parties and the people look with a
certain distrust upon anything suggesting a “foreign trust.”
The Department of Commerce urges the formation, in line
with the action of English and of German capital, of national
companies incorporated under the laws of Argentina.
L E T T E R OF P R E S I D E N T H A R D I N G

TO R E P R E S E N T A 

T I V E B Y R N E S R E G A R D I N G REPORTS OF T H R E A T 
ENED

EPID EM IC

OF

PELLAGRA.

Regarding the reports as to the threatened epidemic of
pellagra in the South, Representative Janies F. Byrnes, of
South Carolina, has addressed a letter to President Harding
in which he states that there is no objection to the special
investigation which the President has directed the United
States Public Health Service to make, but that what is re
gretted is the fact that the President was misled into making
in his letter to the President of the American Red Cross a
statement to the effect that the South was “ actually menaced
by famine and plague.” Representative Byrnes states that
if the President “ will direct that the investigation include the
aecuraoy of this statement, and if the facts do not justify it,
you will make an official refutation of it, it will be exeeedingl\
gratifying to us.” Representative Byrnes's letter to the
President was in answer to one from the latter in which he

A ug.

6 1921.]

595

THE CHRONICLE

said th a t “if th ose reports h a v e m isrep resen ted co n d itio n s in
a n y part of th e S o u th to th e d isa d v a n ta g e of th a t soot ion, a
fu ll and official refu ta tio n of th em w ould be h ig h ly desirab le,
w hile if such in v e stig a tio n should d ev elo p th e need for
unusual m easures of relief, th o se cou ld be prom p tly and in
te llig e n tly a p p lie d .” A brief referen ce to th is le tte r of
P resid en t H a rd in g ’s le tte r w as m ad e by us la st w eek in our
ite m on th e rep orts of th e th rea ten ed ep id em ic on page 4 8 1 .
T h e follow in g is th e P r e sid en t’s le tte r in full:
The W hite H ouse, Washington, July 28 1 92 !.
M y Dear M r . Byrnes:- -1 h ave received and h ave to thank you for your
letter o f July 27 and its illum inating enclosures. T h e latter include a
num ber o f telegram s from South C arolina regarding con d ition s there, as to
fo o d supplies and existence o f pellagra. Y o u r letter sum m arizes y o u r con 
clusion from these com m u nication s thus:
“ W hile assuring you that I speak th e views o f our p eop le in expressing
gratitu d e to you for the generous spirit that prom p ted you to m ake this
appeal for aid, I am con fid en t that in South C arolin a there exists at this
tim e no necessity for any greater co-op era tion on the part o f the P u blic
H ealth Service than is rendered at all oth er tim es. A nd as the existence in
South C arolina at this tim e o f either a plague or a fam ine is an utter ab
surdity, there is no necessity for th e R ed C ross furnishing aid . Should
the State ever be unfortunate enough to suffer a disaster w ith w hich the
people o f the State ca n n ot co p e , w e w ill gla d ly w elcom e aid and ask for
it, but 1 think it w ould be un fortu n ate if the R od C ross is called upon to
relieve a plague and a fam in e o f w hich the p eop le in South C arolin a are
u n aw a re.”
It is gratifying to be assured that South C arolina is so fortu n ately situated,
and w e m ust all h ope that full inform ation will show th at con d ition s gener
ally are equally satisfactory.
U n fortu n ately, th e reports ind icate th e y are n ot. O ne, dealing with
M ississippi, says th at in M a y 1,700 new cases were reported in the State;
in June, a bou t 2 ,40 0, and that a further increase over the June figures was
expected in Juiy. T h e reports indicate th at a w ide territory is a ffected ,
and, com in g through the P u b lic H ealth Service, stron gly suggest th e advis
a bility o f th orou gh investigation as a m easure o f preparedness against further
spread o f pellagra another season. In m y im pression this is h igh ly desirable,
and con firm ed b y th e telegram from M r . Charles O . H earon , editor o f the
Spartanburg “ H era ld ,” w hich y o u h a v e been g o o d enough to forw ard to
m e. In p art he says:
“ I am th orou g h ly fam iliar w ith the pellagra studies th a t h av e taken
p la ce here from th e com in g o f the T h om p son -M cF a d d e n C om m ission , with
C aptain Siler o f the U nited States A rm y and C ap tain G arrison o f the
U nited States N a v y on th at C om m ission , to th e fin al report on the disease
b y D r. G oldberger as th e result o f an investigation m ade at the U nited
States Pellagra H osp ital in this city . T h a t institu tion was closed last
January, I believe, b u t D r. W h eeler, representing th e P u b lic H ealth
D ep artm en t, is still located here and is stu dyin g th e disease. H e says there
has been som e increase in the num ber o f cases. In m y ju d gm en t there is
nothing alarm ing in the situ ation , bu t those o f us w h o h ave been interested
in the stu dy o f this disease in this part o f th e cou n try h ave felt th at the
G ov ern m en t’s stu d y o f pellagra stopp ed ju st at the tim e it should h ave been
con tin u ed. T h e disease subsided in th e d ays o f abnorm al p rosperity and
th e experts pred icted at th e tim e it m ight reoccu r in a ny period o f depres
sion.
* * * I d o n ot k n ow w h at causes pellagra, b u t I think th e
P u b lic H ealth D ep artm en t is on th e right track and sh ould con tin u e its
investigation ju st n ow , w hen th ey tell us th e disease is com in g b a c k .”
T h ere h ave been so m a n y reports o f precisely the sort w hich w ou ld ju stify
M r . H earon ’s view s, and th e y h a v e com e fro m such au th ority th at it has
seem ed t o m e desirable to take th e steps w hich h ave been a d op ted . These
d o n o t con tem plate a n y organization o f relief m easures or special extension
o f relief, unless full in vestigation , cov erin g th e entire a ffected area, shall
m ake it apparent that such measures are necessary.
I can n ot bub feel th a t if these reports h av e m isrepresented con dition s
in any part o f the South to the disadvantage o f th a t section , a full and
official refu tation o f them w oiild be h igh ly desirable; w hile, i f such in
vestigation should d evelop the need for unusual m easures o f relief, those
cou ld b e p rom p tly and intelligen tly applied.
Y o u m a y be assured that th e last th in g in the A dm in istration ’s m in d has
been t o exaggerate the seriousness o f the situation or to d o anyth in g which
w ou ld cause undue alarm . T h e effort is m erely to d e v e lo p th e fa cts in
order that a prop er course m a y be determ ined in view o f th em .
M o s t sincerely you rs,
W A R R E N G . H A R D IN G .

R e p r esen ta tiv e B y r n e s’s le tte r in an sw er to th e a b o v e
follow s:
W ashington, July 30 1921.
H on . W arren G . l ia r ding, W ashington, D . C.
D ear M r . President:— I wish bo thank y o u very m u ch fo r y o u r letter o f the
28th. I agree th a t it is h igh ly desirable tb a t the B ureau o f P u b lic H ealth
Service should con tin u e its investigation as to pellagra and I k n ow th at
Congress appropriated for this fiscal year $300,000 t o enable th e service to
investigate th e “ diseases o f m a n ,’ ’ th e representatives o f th e H ealth Service
advising our A ppropriation s C om m ittee th at ou t o f this sum th e y w ould
continue their pellagra investigations. A n d there is n o o b je ctio n to the
special investigation y o u h av e directed th e H ealth Service to m ake. W h a t
I deeply regret, M r . President, and w h at I believe the p eop le o f th e South
regret, is that before such an in vestigation was m a de y o u w ere m isled in to
stating in you r letter to th e President o f the R e d C ross:
It m ust bring a sh ock to the A m erican p e o p le to realize th a t a great
section o f their ow n cou n try , w h ich th ey are w on t to think o f as im m une
from such experiences, is a ctu ally m en aced b y fam in e and i)lague, for
that is what it w ould b e called if it should befall a ny oth er co u n try , and w o
m a y a„s w ell give it its right nam e.
It is o f course, a consequence o f th e e co n o m ic disorgan ization fo llo w 
ing th e war, and it dem ands instant and v ig orou s a tten tion . Our p eop le, so
lon g and so often m oved b y splendid charitableness tow ards unfortunates
o f oth er lands, will never perm it such an a fflictio n here.
C om in g from th e President o f th e U nited States, this statem en t has
com m an d ed a tten tion and has been publish ed in p ra ctica lly every news
paper in this cou n try and doubtless in th e press o f oth er n ation s. It is to
these statem ents w e take exception .
W e m ay b e oversen sitive, b u t the
average A m erican dislikes to have placed In fro n t o f his d o o r a fla g indicating
the presence o f a plague, when as a m atter o f fa ct th ere exists w ithin his
hom e noth in g to ju stify that characterization . Arid likew ise, whore
there is no fam ine, he dislikes to be h eld up as th e o b je c t o f ch a rity , and
com pared w ith th e “ unfortunates o f oth er lan ds’ ’ fo r the relief o f w hose
starvation arid disease our people have so generously con trib u ted .
Upon reflection 1 think you will agree th a t these statem ents are n ot
warranted by th e report as to the Increase o f pellagra In M ississippi.
Even it it should develop that these statistics are correct th e indicated in
crease o f pellagra in on e State w ould n ot con stitu te a plague or a m enace
to the entire Mouth, because the disease Is not con ta giou s.
And certainly there is n othing in th e telegram o f the e d itor o f “ T h e
-Spartanburg H erald'' to warrant either o f the tw o statem ents in question.

In that part o f M»‘ . Iloaron i telegram which you q u ote, he e-<pn • the
opin ion that the Health Her vice should con tin u e Its Jn vestigai Jon this: year.
E v e ry b o d y agroos, and C ongress has authorized It. Hut you will n ote that
he says “ In m y ju d g m e n t there is nothing alarm ing In the .,i<urt i Ion1
*
and in that part o f the telegram which you did n ot q u ote Jn y o u /’ h M* j , .i/id
which bears d irectly upon the qu estion , M r. Hearon stated
“ T h ere Is, o f course, n oth in g even a p p r o a c h rig fam ine con d ition '; in this
part o f Mouth C arolin a. C rop con d ition s are excellent and there , t< be
>
m ore fo o d In this co u n ty , grow n upon its own land, than ever Jn the h istory
o f the c o u n t y .”
I call it to you r atten tion because I am satisfied it is true generally o f
the Mouth. T h e fa ct th a t co tto n Is selling below the co st o f p rodu ction
has fo rce d the Mouth to the p rod u ction o f m ore foodstuff;;. And 1 r< peat
th at while th e Mouth Is appealing for assistance Jn the. m arketing o f its
co tto n at a fair price, and fo r m ore liberal cred its Jn ord er to hold, if:; p rod u ct
until such air price can be secu red, its people are not m enaced with fam ine
and are not seeking ch a rity .
I write y o u again because o f y o u r statem en t th a t if investigation do , ' lops
that reports have m isrepresented con d ition s an official refu tation i d e 
sirable.
1 th ou gh t y o u should know that th e p eople o f the. South d o not
question the a ccu ra cy o f the statem en t th at pellagra m ay h av e increased in
som e on e o r in several States, b u t w h at th e y co m p la in o f is th e statem en t
that the entire S ou th is “ a ctu ally m enaced with fam ine and p la g u e .”
If
you will d irect th at th e investigation in clu d e th e a ccu ra cy o f tins statem en t
and if th e facts d o not ju s tify it, y o u will m a k e an o fficia l refu tation o f it
it w ill b e exceedin gly g ra tifyin g to us. A n d 1 shall h op e th a t In d oin g so y o u
will ta k e a p p rop riate a ction tow a rd the o fficia ls who b y m isrepresenting
con d ition s m isled you in to m aking the statem en t.
1 assure y o u again, M r . Presiden t, th a t it is w ith great h esita tion th a t the
p eople o f th e South h a v e taken excep tion t o y o u r statem en t. T h e y are
con sciou s o f th e fa ct th a t y o u r u tteran ce w as based upon in form ation y o u
believed to b e reliable a n d , im pelled b y the highest m o tiv e th a t can p ro m p t
th e action s o f m an .
R esp ectfu lly you rs,
JAM ES F. B Y R N E S .

H O W

O P ER AT IN G

COSTS

ABSORBED

R A I L W A Y

.
A n y o n e w h o desires th e fu lle st p o ssib le p roof o f.th e eonv ersio n process, b y w h ich railroad p ro fits w ere transferred
un der th e ex ig en cies o f w ar a n d th e so cia listic b e n t of a
F ed eral A d m in istra tio n to th e v a rio u s cla sses of railroad
labor a n d w ere also sw a llo w ed u p b y th e in crea sin g c o st of
railroad fu el an d o th er railroad m a teria ls and su p p lies, due
to th e sam e cau ses, w ill fin d th e d a ta in th e d eta iled com p ila
tio n of th e ex p en se a c co u n ts of th e C lass I roads of th e
U n ite d S ta te s as ju s t p u b lish ed , fo r th e years 1 9 1 2 to 1 9 2 0
b y th e B u rea u o f R a ilw a y E co n o m ie s.
T h e ela b o ra te array o f fa c ts th u s b ro u g h t to g e th er dis
closes (a) a n in crease in th e c o st' of m a teria ls for railroad
m a in ten a n ce a n d o p era tio n from $ 3 8 6 , 0 0 0 , 0 0 0 in 1 9 1 2 a n 3
$ 4 8 9 , 0 0 0 , 0 0 0 in 1 9 1 7 to $ 1 , 0 6 5 , 0 0 0 , 0 0 0 in 1 9 2 0 (6) a n a d 
v a n ce in lab or c o st from $ 1 , 2 0 9 , 0 0 0 , 0 0 0 in 1 9 1 2 a n d $ 1 ,1 9 0 ,0 0 0 , 0 0 0 in 1 9 1 5 to $ 3 , 6 9 8 , 0 0 0 , 0 0 0 in 1 9 2 0 an d (c) a lo co m o 
tiv e fu el bill rising from $ 2 2 4 , 0 0 0 , 0 0 0 in 1 9 1 2 an d $ 2 0 9 ,0 0 0 , 0 0 0 in 1 9 1 5 to $ 6 7 3 , 0 0 0 , 0 0 0 in 1 9 2 0 .
S im ilarly th e p rop ortion of to ta l o p era tin g rev en u e, th e
B u reau sh ow s, h a s a d v a n ce d ( a ) fo r p a y ro ll from 4 0 . 8 % in
1 9 1 6 to 5 9 . 9 % in 1 9 2 0 , (6) fo r m a teria ls an d su p p lies from
1 2 3 ^ % in 1 9 1 6 to 1 7 . 3 % in 1 9 2 0 , ( c ) for lo c o m o tiv e fu el
from 7 % to 1 0 .9 y o> W io r sa x es, d a m a g es, esc. rrom ± 0 .8 %
to 1 0 . 9 % , le a v in g fo r retu rn on in v e s tm e n t o n ly 1 % o u t of
to ta l o p era tin g rev en u es of $ 6 , 1 7 1 , 4 9 3 , 3 0 1 in 1 9 2 0 as a g a in st
2 8 . 9 % in 1 9 1 6 from o p era tin g r ev e n u es o f $ 3 , 5 9 6 , 0 0 0 , 0 0 0 .
T h e sa lien t fa c ts for th e several years appear as follow s:
P R O FITS

(1) Growth in T raffic— Tonnage and Passengers Carried.
N et tons c a n . N et ton m iles
Passengers.
Passenger
Rev. & noru-rev. Rev. & n on-rev.
Carried.
M ile s .
1912*_________1,892,248,748 2 86 ,47 3 ,62 8,19 8
944,265,173 32,316,262,549
1913*________ 2 ,150,546,926 328,059,528,693
983,692,468 33,875,085,958
1914*________ 2 ,069,932,056 3 13 ,957,749,718 1 ,002,350,385 34,566,985,414
1915*______ 1,904,798,711 302,786,500,454
936,368,539 31,789,928.187
1916*________ 2,337,480,717 373,516,310,356
958,887,957 3 3,645,908,150
1916 ________ 2 ,426,557,938 396,365,917,082 1,005,954,777 3 4,585,952,026
1917 ________ 2 ,518,132,432 4 30 ,319,014,635 1,066,638,474 39,476,858,549
1918 ________ 2 ,54 0,85 3,83 0 4 40 ,001,713,665 1,084,997,896 42,676.579,199
1919 ________ 2,2.54,561,696 395,679,051,729 1,177,820,454 46,358,303.740
1920 ________ 2,499,312,672 4 49 ,29 2 .35 5,00 0 1,234,222,889 46,724,880,000

(IfRailway Revenue and Expenses— Return on
Ry. Oyer.
Revenue.
1912*___ $2,805,006,544
1913*___ 3,108,361,215
1914*___ 3,031,326,963
1915*___ 2,871,563,047
1916*....... 3,381,597,866
1916_____ 3,596,865:760
1917 ___ 4,014,142,748
1918____ 4,880,953,480
1919 ___ 5,144,795,154
1920 ..__ 6,171,493,301
t ;Pa rtlall y esti mated.

Investment— Interest Charge•
Operating
Tax
Return on
Interest
Expenses.
Payments.
Investment.
Charges.
$1,987,076,754 $109,445,467 $708,484,383 $376,617,403
2,202,363,921
118,386,859
787,610,435 391,180,505
2,234,736,237
135,572,579
661,018,147 409,254,865
2,055,181,884
133,276,330
683,104,833 414,538,932
2,251,207,873
145,517,034
984,872,959 414,414,437
2,399,667,877 157,113,372 1,040,084,517 421,521,992
2,860,153,883
213,920,095
934,068,770 419,010,295
4,019,209,498 223,175,379
638,568,603 426,399,493
4,457,208 805
232,601,390
454,984,953 446,812,052
5,830,696,007 278,868,668
61,928,626 f450,000,000

(3) Details o f Operating Expenses.
Depreciation Materials,
- Labor Costs .
Fuel Costs. & Retirements. Supplies, &c.
1912*_____ $1,209,716,680
$224,516,528 $71,122,327 $386,015,450
1913*____ 1,338,612,385
241,598,314
84,783,585 432,700,102
1914*_____ 1,337,344,135
235,231,481
91,284,870 458,111,430
1915*.
X, 190,223,755
208,998,991 101,036,360
147,849,266
1916*
1,366,100,518
226,880,054 117,411,680 433,486,382
19 If)
1,408,576,394
250,544,862 119,785,157 448,113,629
1917.
1,739,482,142
393,929,538 115,404,686 489,812,140
1918
2,613,813,351
500,225,205 119,233,705 638,720,851
1919
2,843,128,432
474,174,792 126,292,105 802,628,983
1920
3,698,216,351
072,891,964 145,252,339 1,064,994,880
* 'Years en din g June 3 0. C alendar years 1910-1920.

Miscel.
Deductions.
$95,675,763
101,379,612
112,764,321
107,753,429
108,135,986
113,445,321
128,225,468
147,830,207
211,901,382
250,565,45^

THE CHRONICLE

596

i!> Distribution Expressed in Cents per Dollar.
Calendar Years.
Years Under June 30
1912. *13. 14 4 5. 16. 16
17
18
19
L a b o r ______________ _ 43.1 13 l 44 l 41 5 40.4 40.8 43.3 53.6 55.3
Fuul i locoiuotivo)___ - 8.0 7.8 7.8 7.3 6 7 7.0 9.8 10.2 9.2
Loos and damage___ - 1.2 1.3 1.4 1.3 0.9 0.9 11 1.3 2.3
Injuries! to persons__ . 1 0 1 0 1.0 0.9 0.8 0.8 0.8 0.7 0 7
Insurance.... ............ _ .03 • 2 0.3 0.3 0.3 0.3 0.4 .02 O.i
*
Depree.
retirements - 2.5 2 .7 3.0 3.5 3.5 3.3 2 9 2.4 2.4
Mat'l, suppl. A inL tel -13.8 13.9 15.1 15.6 12 8 12 5 12.2 13.1 15.6
a
Taxes _______________ 3.9 3.8 4.5 4.6 4.3 4.4 5.3 i 6 4.5
Hire of equip. A jt.fae
rents*______________
t o 0.9
1.0 1 2
1.1
0 .8
1.2
0.9
1,1
Return on investment .25.2 2 5 . 3 2 1 . 8 2 3 . 8 29 l 2 8 . 9 2 3 .3 13.1 8 . 8

'20
59.9
10.9
2.0
0.8
0.2
2.4
17.3
4.5
1.0

1.0

[ V o l . 113.

of the hands of ihe Labor Board, where it is now under discussion, and
violate every agreement the men now have with their respective roads,
each of which has a terminating or revision clause. After hearing the
arguments presented by the labor men, the railroad officials said they
would make a import to the Eastern Presidents’ Conference, which will take
final action.

The railroad officials present were;
E. E. Loom is, President, L. V. HR. Co.
W V . Atterbury, Vice-Pres., Penna. System.
V
E N. Brown. Chairman, Per© Marquette Ry.
Percy R Todd, President, Bangor & Aroostook HR.

The brotherhoods were represented by:
SURPLUS

FREIGH T

CAR

IN C LU D E

REPORT

RAD

ORDER

W ILL

HEREAFTER

CARS.

The Car Service Division of the American Kailway Asso
ciation has adopted a new plan for stating the number of
freight cars temporarily out of service in the United States
ami reports the same as totaling on July 23 555,168 being a
reduction of approximately 10,000 since July 15.
In reaching this total, the Car Service Division takes into
account the total number of cars now in excess of current
freight requirements and also the number of cars now await
ing repairs above 7 % of the total. Officials of that organi
zation believe that this percentage, while higher than the
accepted maximum of the pre-war period, probably represents
a better standard for present comparisons due to the difficult
conditions respecting labor and materials during the past
three years.
The official statement further says:
The change in the method of compiling the number of idle cars is due to
the fact that the Car Service Division has felt that the data heretofore
presented to the public through the press relative to surplus cars did not
go far enough in picturing the true situation but that some recognition should
be given to the number of bad order cars, owing to the fact that the latter
are closely related to the subject of cars idle because of the business
depression.
Reports show that surplus cars on July 23 numbered 350,772, 'which was
a reduction of 21.278 cars compared with the total on July 15. This reduc
tion was due principally to the increased demand in the central western
region for grain cars. Surplus box cars totaled 119,442 cars which was a
decrease of 16,191 compared with the earlier date while surplus coal cars
were reduced 5,049 to a total of 168,568. Surplus stock cars fell off 628
during that period so that on July 23 they numbered 16,297.
Reports from the Central Western region show' that the decrease in the
number of surplus cars reported in that territory was not offset by any
increase in the number of cars needing repairs but that the freight car situa
tion in that part of the country has taken a turn for the better.
Due to the demand for grain cars, a shortage of 2,768 freight cars was
reported to the Car Service Division of which 2,500 represented box cars.
This was an increase of 1,500 over the total shortage reported on July 15.
Cars in need of repairs on July 15 totaled 365,092 or 15.9% of the cars on
line compared with 354,611 or 15.4% on July 1. Allowing lor 7% being
normal, cars in need of repairs above normal totaled 204,396 which added
to the total surplus means 555.168 cars out o f service because of business
conditions,
_______________________________
R AILRO AD S

BEH IN D

IN

FREIGH T

CARS.

W. S. Stone, Grand Chief Engineer, B. of L. Engineers.
L. E. Shephard, President, Order of Railroad Conductors.
V . S. Carter. President, B. of L. Firemen & Enginemen.
V
James M urdock, Vice-Pres., B. of R. Trainmen,
T. C . Cashen, President, Switchmen's Union of North America,

Press dispatches from Cleveland on July 30, referring to
the proposed overtures by the brotherhoods, said:
The meeting is held at the request of the brotherhoods following the meet
ing of general chairmen of the organizations in Chicago on July 1, which
considered the order of the United States Railroad Labor Board reducing
wages 12% , effective on that date.
A letter mailed July 11 to members of five organizations by their officers
instructed them not to carry on negotiations with the managers of any
railway regarding working rules and conditions, pending conferences by
their cheif executives with the railroad Presidents.
The meeting of the railway executives was said to have been asked to
‘ clcarJy place the railroads on record as to whether they will request further
decreases in wages and the elimination of time and one-half for overtime.’
A referendum of the entire membership of the five organizations on the
reduction in wages recommended by the United States Labor Board on
July 1 will be taken, following a report by the brotherhood chiefs of the
results of t he New York conference.

ITEMS

ABOUT

BANKS,

TRUST

COMPANIES,

&C.

X o sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week. Extensive
tables reporting bid and asked quotations, deposits, surplus
&c\, of banks and trust companies in all important cities in
the United States are published monthly in the “ Bank and
Quotation” Section, the August issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of this paper and
will be found to-day on page 618.
The Continental Bank of New York, which has been lo
cated at 25 Broad Street since 1895, announces the removal
of its banking offices to more commodious offices in the
Broad Exchange Building at 25 Broad Street.
The bank
was established in 1870.
♦
#

According to “ Financial America” of Aug. 5, a new textile
bank, to be known as the Capital National Bank, is now
being organized by M ax Radt, formerly a Vice-President of
the Irving National Bank of this city. Application for a
charter under the National Banking Act, it is said, has been
made for the new institution, and quarters have been leased
in the Garment Center Capital Building, Seventh Avenue
Freight Cars in Service End of Years 1911 to 1920The new institution, it is said, will have a
June 30 1911_____________ 2,145,050!June 30 1916_____________ 2,264,233 and 37th Street.
June 30 1912_____________ 2,168,223 Dec. 31 1917____________ 2,507,53
capitalization of $2,000,000, with a surplus of $500,000,
June 30 1913______ - _____ 2,237,446 ! Dec. 31 1918_____________ 2,426,51
June 30 1914_____________ 2,291.750: Dec. 31 1919__________
2,389,86 most of which has already been subscribed, manufacturers
and merchants in the textile and apparel industries predomi
June 30 1915___________ - 2,286,792 ] Dec. 31 1920_____________ 2,382,21
Since Jan. 1 of this year the number of cars in bad order nating in the list of stockholders.
has increased more rapidly than in any similar period for
many years, due to lack of funds for making car repairs.
Through an error, the rates of interest allowed for money
on deposit by the National Discount Co. of London were
R A I L R O A D B R O T H E R H O O D S S E E K R E S T O R A T I O N OF
given incorrectly in their advertisement appearing on page
OLD W A G E SCALE.
V I. of last week’s issue of the “ Chronicle.” The figures
On Aug. 3 representatives of the railroad brotherhoods should have read 3 }4 % per annum at call and 3 % % at 7
presented to a committee of railroad executives of the East and 14 days’ notice.
ern Presidents’ Conference in this city a request to restore
the wage rates in effect on June 30 1921. After hearing
At a meeting of the board of directors of the United States
the arguments presented the railroad officials stated that
Mortgage & Trust C o., on July 20, John C. Foley was elected
they would make a report to the Eastern Presidents’ Conference, which will take final action. The following is the an Assistant Treasurer.
announcement issued by the Railroad Executives:
Statistics covering the number of freight cars in service at
the end of all years from 1911 to 1920, inclusive, show that
the increase in that period of ten years has been only 237,162
while from Dec. 31 1917 to Dec. 31 1919 there was an actual
decrease of 125,324. The complete table as compiled by the
Bureau of Railway Economics follows:

A Committee of Railroad Executives of the Eastern Presidents’ Confer
ence met a delegation c f the chief cfficiais of the engine, train and yard
service organizations in New York to-day. The union chiefs in seeking the
meeting said it was their desire to ascertain:
1. If the operating officials of the railroads will restore the wage rates in
effect on June 30 1921.
2. If all demands for further decreases will be withdrawn.
3. If all demands for the elimination of time and one-half time for over
time and radical schedule revision will be withdrawn and not again pressed
for a stated period.
The railroad executives pointed out that to grant the requests of the
Brotherhood heads (1) would mean an increase in wages of approximately
12% at a time when all other wages are coming down; (2) would assume that,
no further decreases are or will be warranted by reductions in the cost of
living; and (3) would take the question of time and a half for overtime out

The North River Savings Bank of this city has purchased
a site for a new home at 202-212 West 34th Street from the
Mercantile Holding Co. The site, which is in the Pennsyl
vania Terminal zone, has a frontage of 107.7 feet on West
34th Street and a depth of 100 feet. At present the site is
covered by a row of old two and three-story brick and frame
buildings. These will be demolished as soon as the existing
short-term leases expire and a modern commercial structure,
with spacious quarters on the ground floor for the bank, will
be erected.
- ♦-----

THE CHRONICLE

Auo. < 1921
{

At the regular meeting of the board of directors of the
Metropolitan Trust Co. of Boston, held on July 27, the
following now directors were elected:
Professor Charles 1 . Brood, consulting engineer, Beacon St,. Boston:
1
Reginald O. Heath, Treasurer Bigelow, Konnard & Co., Tin'.; Edward S.
Foster, Treasurer of the Carr Fastener Co.; George T. Cobb, of the firm
of Sands & Loekio, hide brokers, Boston; Hugh .1. Robertson, Jr., of the
American Agricultural Chemical Co.

The Charles River Trust Co. of Cambridge lias been
consolidated with the Harvard Trust Co. of that place under
the title and management of the latter instiution.
The
banking rooms at Central Square and Harvard Square are
now maintained and are available for the depositors ol both
institutions. Walter F. Earle is President of the enlarged
Harvard Trust Co. The merger became effective July 28.
The Northwestern Trust Co. of Philadelphia on the after
noon and evening of July 29, experienced a run amounting
almost to a panic started by an unfounded rumor that the
bank was insolvent, according to newspaper advices from
that city. During the run, it is said, $318,640 was with
drawn by frightened depositors. The Philadelphia “ Record’ ’
gives the following account of the run:
From the middle of the afternoon until late last night, hundreds of
depositors thronged about the bank in their eagerness to withdraw their
savings. Curious crowds also assembled on the Streets, so that a detail of
forty policemen from various stations had to be sent to the scene to keep
order. The bank continued to pay everyone who demanded his money
and, up to last night, many thousands of dollars had been pai'd out. The
bank still had considerable cash on hand and its officers declare it will be
able to pay everyone. The bank always keeps open Friday nights, and
continued to pay until 9 p. m., when the doors were closed. At that time
practically everyone who had asked for his money had been paid.

The “ Record” further states that William Freihofer, the
President of the bank, who was in Atlantic City when the
trouble at the bank started, hurried to Philadelphia, reaching
the bank when the run had partly subsided. Standing on the
steps of the bank, M r. Freihofer, as reported in the “ Record,”
said:
I have come here to-night to tell you that this is one of the strongest insti
tutions in the country. Nothing is safer than the Northwestern Trust Co.
It is safe in every way and at all times, and we have the strongest diiecfcorate in Philadelphia, composed of good, hard-headed administrators. I
hope you will believe me. I wouldn’t tell you if it wasn’t so.

Later, it is said, announcement was made that M r. Frei
hofer had offered a reward of $10,000 for the apprehension
of the person who had started the rumor of the bank’ s insol
vency. According to the Philadelphia “ R ecord,” the last
report of the Northwestern Trust Co. as of June 1 showed
deposits of $8,151,324 76; cash on hand, $973,664 86; capi
tal, $150,000; surplus, $650,000; safe mortgages for invest
ment, $1,466,800; time loans, $1,760,541 87; demand collat
eral loans, $2,949,719 08; and railroad and municipal bonds
for investment, $1,687,037 64. There were 17,000 deposi
tors, it is said, in the savings department, and 8,000 deposi
tors in the other departments of the institution.

At a regular meeting of the board of directors of the Ninth
Title & Trust Co. of Philadelphia on Aug. 4 J. WilliarSheetz
was appointed Assistant Treasurer. M r. Sheetz was for
merly a National Bank Examiner in the Third Federal
Reserve District and has been in the employ of the Trust
Company since the commencement of its business in Oc
tober 1920.
The International Exchange Bank— a new Washington,
D. C., institution— was opened for business on Aug. 1. The
new hank is located at Fifth and H Streets, N . W . There
were 425 accounts opened on the first day with deposits close
to $50,000.

----

♦ -----

Subject to ratification by the stockholders at a meeting
to be held on Aug. 10 1921, it is proposed that The Citizens
Trust & Savings Bank of Columbus, Ohio, will acquire by
purchase all of the business, assets, etc. of The Central
National Bank of Columbus. The Citizens Trust and Sav
ings Bank proposes to increase its capital stock from $700,000
to $900,000 and the stockholders of The Central National
Bank (capital $200,000) have the privilege of subscribing
to the new stock of The Citizens Trust and Savings Bank.
Should the stockholders of both, institutions ratify the
agreement, it is thought that the consolidation or merger
will become effective on or about Sept. 15. N o ehango is
contemplated at the present time in the officers of The
Citizens Trust and Savings Bank.

597

According to 1lie Pittsburgh papers a meeting is to be held
Aug. 30 of the stockholders of the First National Bank of
Pittsburgh to vote upon the question of increasing the capital
of the First National Bank from $4,000,000 to $5,000,000,
and also upon the question of increasing the number of the
directors of the institution. This meeting, it is said, is
part of a proposed plan for the consolidation of the Peoples
National Bank (owned by the Peoples Savings & Trust Co.
of Pittsburgh) with the First National Bank under the title of
the First National Bank at Pittsburgh, thereby giving to
Pittsburgh an institution, ranking in strength among the
foremost in the country. The proposed plan is for the
First National Bank to purchase the Peoples National Bank
for $3,850,000 and with the proceeds the Peoples Savings A
Trust Co. is to purchase the additional stock of the First
National Bank ($1,000,000) or 10,000 shares, at $200 per
share, and to acquire 10,000 shares from the present stock
holders of the First National Bank at $185 per share. The
enlarged institution (the First National Bank at Pittsburgh)
according to the “ Dispatch” will then have a capital of
$5,000,000, surplus and undivided profits more of than
$4,000,000; deposits of approximately $50,000,000 and total
resources of about $65,000,000. It is understood that the
Peoples Savings & Trust Co. will retain its identity and
personnel without change. According to the “ Dispatch”
the enlarged institution will be located in the present build
ing of the First National Bank at Fifth Avenue and W ood
Street. W ith reference to the consolidation of the two
institutions, Alexander C. Robinson, President of the
Peoples Savings & Trust Co., as reported in the Pittsburgh
“ Gazette” of July 15 said:
When 31 hard-headed business men of varied experience representing the
boards of both institutions, are unanimously agreed that a consolidation of
interests will be a benefit both to the public and to the banks, and have spent
six months, time in working out a plan equitable to the shareholders of both
banks, it is safe to assume that their judgment is sound.
To me the enlarged First National Bank spells opportunity for more
service. Undoubtedly, it will be a most advantageous arrangement for
the Peoples Savings and Trust Company, as it will extend its influence
through the many friends of the First National. We aim to have an
aggressive, cosmopolitan bank, capable of aiding, in a large way, the ex
pansion which is sure to come to the Pittsburgh district when normal
conditions again prevail.

Lawrence E. Sands is President of the First National Bank
and Robert Wardrup President of the Peoples Nationa
Bank. The executive officers and clerical forces will be
retained, it is said by the First National Bank at Pittsburgh.
Henry Reis, President ot the Old State Nationa Bank of
Evansville, Ind., died on July 19. M r. Reis was seventyfour years of age. He began his banking career in 1865
with the bank of J. Lowry Co. and in 1872 became associated
with the Evansville National Bank of Evansville, Ind.,
becoming Cashier of that institution four years later. In
1885 the Evansville National Bank was reorganized and
became known as the Old National Bank. Mr. Reis re
mained as Cashier of that institution until 1908 when he
was elected President. In 1914 the name of the institnion
was changed to the Old State National Bank and M r. Reis
continued as President until his death. M r. Reis was the
first President of the Evansville Clearing House Association.
The Commercial State Savings Bank of Detroit, a new
institution with capital of $1,000,000 and surplus of $200,000
was formally opened for business on M onday (Aug. 1).
The new bank is located in the Penobscot Building. Its
officers are as follows: Elbert H. Fowler, President; Lewis
G. Gorton, Frank G. Baxter, Charles P. Sieder, John D .
Morton and C. R. McLaughlin, Vice-Presidents (Mr. M or
ton also being Cashier as well); T . Allan Smith, Assistant
Cashier, and Charles H. M ooney, in charge of new business.
A press dispatch, from Chicago dated Aug. 1 states that it
has been announced that the Morris interests haVe disposed
of all their s£oek in the Reliance State Bank at Madison
Street and Ashland Avenue, Chicago, and that Edward
Morris, C. M . MacFarlane and W . J. Rathje have resigned
from the Board of Directors of the bank. A stock dividend
of $100,000 or 50% of the present capitalization, it is said,
is planned by the bank. A special meeting of the stock
holders has been called for Sept. 1 to act on a proposal to
increase the capital of the Reliance State Bank from $200,000
to $300,000 and also to vote on the question of increasing the
number of directors of the institution. The bank, it is said,
has doposits of more than $5,000,000.

598

TUK CHRONICLE

The Alliance National Bank— Chicago's newest institution
-will open for business on Aug. 20. The new institution
will have a capital of $200,000 and a surplus of $20,000.
Its stock m shares of $100 each, is being disposed of at lit)
per share. Joseph Ruskiewicz will be President of the new
bank. The other officers will be Leo. 8. Mallek, and
Clatou F. Smith. Vice-Presidents; J. Louis Kohn, Cashier,
and Bruno E. Kaznecki, Assistant Cashier. The bank will
locate at Chicago and Ash and avenues

The loss sustained by the Michigan Avenue Trust Co. of
Chicago may reach $1,124,368, according to the report of
Bank Examiner 11. S. Savage, now in charge of the failed
institution, says the Chicago “ Tribune” in its issue of Aug. 3.
It is hoped, however, that this sum may be reduced by the
determination of the value of loans, bonds and stocks now
listed as doubtful. At the close of business on July 20 last,
according to the-“ Tribune,” WarrCn C. Spurgin, the missing
President, had the bank’s books in perfect balance. In his
showing of assets, howrever, it is said, he had included items
totaling $1,595,495, which the Exmainer now lists as doubt
ful or utterly worthless. “ Spurgin kept the books in appar
ent balance by substituting forged or dubious securities for
ones of undoubted value and by memoranda which indicated
certain securities were in the bank vaults when in reality
he had confiscated them for his onw purposes.” A press
dispatch from Chicago on Aug. 2 states that the directors of
the Michigan Avenue Trust Co. have filed a petition in bank
ruptcy in the Federal Court and that the Court has ap
pointed Hugh V. Keane receiver of the failed bank. At the
same time time the Central Trust Co. of Illinois was madereceiver for the Warren Oil Co. This company, we under
stand, is one of six enterprises in which Warrren C. Spurgin
is said to have been interested. According to press dis
patch from Chicago dated Aug. 2, the Illinois State A ttor
ney’s office had been notified by telegram on that day of
the arrest of Warren C. Spurgin, the fugitive President, at
Marfa, Tex.
At a meeting of the stockholders of the West Englewood
Trust & Savings Bank of Chicago held on July 27 an increase
of $100,000 in the capital of the new institution was ap
proved, raising the same from $250,000 to $350,000. The
new- stock will be offered to shareholders at $100 a share.
As the old stock has been selling at $200 a share,.the subscrip
tion rights will be of substantial value. The increased capital
will become effective Sept. 1 1921. A new building is to be
erected at Sixty-third Street and Marshfield Avenue,Chicago,
for the institution.
At the first regular meeting of the Board of Directors of
the West Englewood National Bank of Chicago— a new
institution— held on July 27, John Bain, President and Chair
man of the Board of Directors of the West Englewood Trust
& Savings Bank, was elected President of the institution;
W . Merle Fisher, Assistant Cashier of the West Englewood
Trust & Savings Bank, wr elected Cashier and James J.
as
Gammonley was made Assistant Cashier. M r. Bain is also
Chairman of the Board of the Marquette Park State Bank
of Chicago. The West Englewood National Bank will
occupy the present quarters of the West Englewood Trust
& Savings Bank at 1610 West 63rd Street, Chicago, when a
new building is erected for the latter institution at 63rd St.
and Marshfield Avenue. The new institution has a capital
of $200,000 and surplus of $50,000. Its stock is in shares of
$ 100.
The Fidelity Trust & Savings Bank, Wilson Ave. at
Broadway, Chicag), celebrated its first anniversary on
July 30 with a birthday party in the bank. The Fidelity
opened for business Saturday July 31 1920, with 3,000
accounts and aggregate deposit of one-half million dollars.
Their statement at the close of the first year shows approxi
mately 11,000 depositors with an aggregate deposit of two
and a half millions. The officers and directors of this
bank are: E. C. Hart, President; John A. N ylin, VicePresident and Cashier; John T. Benz and E. S. Liijeborg,
Assistant Cashiers, and Ellis P. Egan, Manager bond
department. The directors are:
Edward Morris, President Morris & Co.; C. M. Macfarlane, Vice-Presi
dent and Treasurer Morris & Co.; A. MacLean, President MacLean Drug
Co.; L. H. Heyman, Vice-President Morris & Co.; Forest Pratt, Forest
Pratt & Co.; Charles Hollenbach, Manufacturer; Wm. H. Vehon, retired

[V ol. 113.

merchant; Wm. C. Smith, Wm. D. Smith Co.; Dr. Henry Taecker, dentist;
E. C. Hart, President; John A. Nylin, Vice-President and Cashier.
— —

* -----------

A special press dispatch to the Omaha “ Bee” from Lincoln,
N eb., under date of July 27 states that stops toward pressing
the prosecution of Ray A. Lower, former Cashier of the
Valparaiso State Bank (Noli.) were taken on that day by
Slate Attorney-General Clarence A. Davis, when, accom
panied by the State Sheriff, lie left Lincoln for Valparaiso
to arrest Mr. Lower. According to the dispatch, the Cashier
was convicted and sentenced to the State Penitentiary on a
charge of converting $2,500 of the bank’s money to his own
use. He appealed to the Supreme Court on a technical
error in the complaint filed against him, which was signed
by an Assistant Attorney-General instead of the AttorneyGeneral, and because of this error the Supreme Court
ordered tins District Court’s findings dropped. Subsequently
it is said, M r. Lower retim ed to Valparaiso from Colorado,
where he had been staying. Upon receipt of a telegram
advising him of his return, Attorney-General Davis im
mediately hurried to Valparaiso to place him under arrest.
The Attorney-General is reported in the dispatch as saying
that “ I have not determined on just what charge we will
prosecute Lower at this time, but as there are 22 counts
against him I don’t believe we will have any trouble in
getting a conviction.”
The Omaha “ Bee” in its issuo of July 28 states that Harvey
L. Babcock and Frank A. Burling, President and Cashier,
respectively, o f the First National Bank at Chappell, N eb.,
which wbnt into the hands of a receiver on Jan. 1, were
arrested bn July 26. M r. Burling, whose arrest occured at
Lincoln, N ob., is charged, according to the “ Bee,” with
the issuing on M ay 6 1920 of two false certificates of deposit
to Joseph W . Johnson for $5,000 each when no money had
been paid into the bank; while M r. Babcock, who was
arrested at Chappell, it is alleged, is accused of aiding and
abetting the same. Both men furnished bond, it is said, in
the sum of $10,000 each.
According to a press dispatch from Lincoln,: N eb., to the
Omaha “ Bee” dated Aug. 1, the Octavia' State Bank at
Octavia, N eb., has been closed and its Cashier, E. A .
Rusher, is missing. The bank had a capital of $10,000.
The Comptroller of the Currency announces on July 29
the placing into liquidation of the banking house of M c
Cormick & Co. of Salt Lake City. The consolidation of its
business on M ay 18 with that of Walker Brothers, bankers,
following the death of W . S. M cCormick, was reported in
these columns June 4.

A charter has been issued by the Comptroller of the
Currency to the National City Bank of St. Louis, the instituiion which, as stated in our issue of April 2, has been organ
ized by a number of prominent St. Louis business men
headed by B. F. Edwards, who will be the President of the
institution. The new bank will be situated in the quarters
in the building at Seventh and Olive streets which were
recently occupied by the Central Natioanl Bank. The
rooms have been entirely rearranged,new fixtures have been
put in ancl the quarters most excellently equipped for the
expeditious handling of the business of the customers. The
new bank has a capital of $1,000,000 and a surplus and
profits of $200,000. Those who will assist M r. Edwards
in the management of the bank are E. A . Schmid and
J. J. Dimmitt, Vice Presidents; W . M . Stone, Cashier, and
J. L. Crain, Assistant Cashier. Messrs. Schmid and
Dimmitt were with the Central National Bank, Mr. Stone
was Examiner for the St. Louis Clearing House for a number
of years, and M r. Crain was Cashier of the Bank of M an
chester, located in St. Louis County. A complete list of the
directors fol.ows:
W. P. Anderson, President Gideon-Anderson Lbr. & Merc. Co.; David A.
Blanton, President The Blanton Co.; J. C. Boyd, President Boyd-Wvisit
Shoe Co.; M. P. Burroughs, President Thatcher-Kerwin Glass Co.;
Norman B. Champ, Vice-President Champ Spring Co.; B. F. Edwards,
President; A. Friedman, Vice President Friedman, Friedman-DOenoh x
Duhme Inv. Co.; Geo. E. Hackman, \editor of the State of Missouri;
Sam B. Jeffries, Jeffries & Corum. attorneys: J. F. Mackey. President
Centralia National Bank, Contralia, 111.; Ed Mays, Mays Mtg Co.; John V
Muckerman, Vice-President Polar Wave ice X Fuel Co.; Louis \olto.
Comptroller City of St. Louis; H. M. Hen. Secretary aiul Treasurer Southern
Gem Coal Corp.; E. A. Schmid, Vice-President; Harry Sternberg. Baer
Sternberg & Cohen; J. Stiassny, Treasurer Arkla Lbr. X Mfg Co V c

A ug . < 1921.]
>

THE CHRONICLE

Stuever, Proprietor Highlands FIro Olay 06.; Sydney H. Thomson, presi
dent Provident Chemical Works; A. H. Trombley, Secretary and Treasurer
Oarr-Trombloy Manufacturing do;

599

ager, J. 1 . Hull; Asst. Managers, Chus. 1 . Tabor and V . M.
0
0
V
McKean; Cashier, V . Merrlam; Asst. Cashiers, 1 . PlckersV
0
gii! and 1 . 0. Horton; Auditor, .1. J. Armstrong; Trust
0
Officer, V . Merrlam; Attorney, 1 . K. Taylor.
V
0

The bank opened for busings,on July 12, the lobby was
crowdod with visitors, tJao Iloral offerii (?s were most beaul il'ul,
so.much so thal it looked as though it wore a flower.sho^y and
deposits were received that first day in excess of $>1,400,000.
R ealizing that the industial prosperity o f Los Angeles
It is stated that within two weoks the deposits had reached
$2,000,000 and that at the clo.se of three weeks they wore depends not only on the prosperity o f Southern C alifornia
alone, but also o f the entire western territory, the First
$2,755,553.
National Bank o f Los Angeles and the Los Angeles T ru st &
According to a press dispatch' from-Clinton, Mb.,'dated
Aug. 1, tne Western Missouri Trust Co; of that place organ
ized less than a year ago has decided" to cease business. Four
other banks in Clinton will pay all depositors, it is said.
W. W. Gutiiridge has been placed ip charge of the liquidation
of the business, the dispatch states.
---♦ —

The Seattle “ Post-Intelligencer” in its issue of July 19
states that, realizing the moral obligation of member banks
of the Washington Bank Depositors’ Guaranty Fund toward
the depositors of the failed Scandinavian-American Bank,
124 banks of the State, comprising the entire membership
of the Guaranty Fund, have pledged themselves to secure
$1,250,000 paid-up capital and surplus for a new bank to
be organized for the purpose of taking over the assets and
liabilities of the failed institution with a view to paying its
depositors 100% of their claims. According to present
plans, it is said the new bank will be opened on Oct. 1 with
approximately $3,000,000 in cash, if the expectations of
the committee in charge of the organization of the bank
are realized. Under the above plan, it is said, no draft will
be made upon the Washington Bank Depositors’ Guaranty
Fund. The “ Post-Intelligencer” further states that fol
lowing the statutory provision in the liquidation of the
Scandinavian-American Bank, the State Supervisor of
Banking on July 15 levied a 100% assessment on the stock
holders, which, if collected in full, will add, it is said, $1,000,000 to the assets to be assumed by the new bank and
ultimately used in paying off the depositors of the failed
institution. The plan for the paying off of the depositors
of the failed bank, as printed in the “ Post-Intelligencer,”
is as follows:
All deposits of $100 or less are to be payable in full on the opening of the
new bank.
The new bank will assume 75% of all the Scandinavian-American Bank
deposits in excess of $100.
As regards savings and time deposits, 10% of the amount assumed by
the new bank will be payable at once, upon the opening of the bank; 22 J %
4
will be payable in three months; 2214% will be payable in six months;
2 2 1 4 % will be payable in nine months; 22M% will be payable in twelve
months. These deposits w draw interest at 3% a year.
ill
The new bank will assume, as stated, 75% of all demand deposits of the
Scandinavian-American Bank in excess of $100. Demand deposits thus
assumed will be payable as follows: One-fifth at once, upon the opening of
the bank; two-fifths in three months; two-fifths in six months.
The remaining 25% of the deposits of the old bank, amounting to some
$2,000,000, are to be repaid out of the following assets: Slow loans held
by the old bank, $3,250,000; assessment levied by the Supervisor of Bank
ing on stockholders of the Scandinavian-American Bank, $1,000,000, to
which will be added all amounts recovered on items heretofore charged off
by the old bank, which amount to several million dollars. Thus the 25%
deferred deposits will be secured by items whose face value is several times
that amount, and it is the hope that sufficient funds can be collected from
these items in the course of time to pay the depositors in full.
\\ ith

reference to the appointment of officers for the new
bank, the “ Post-Intelligencer” states that, while it was not
possible to make any definite announcement as yet of the
executive staff of the new bank, “ it is understood that in
assuming the responsibility of securing a 100% recovery
for the Scandinavian-American depositors, the banks pledg
ing themselves to obtain the $1,250,000 capital and surplus
unanimously have joined in insisting upon Ralph S. Stacy
(Mr. Stacy is the former President of the ScandinavianAmerican Bank) being in charge of the active management
of the new bank as its President.” We referred to the closing
of the Scandinavian-American Bank in these columns in
our issue of July 9.
On June 30 the Alameda Savings Bank o f Alameda, Cal.,
was merged with the Alameda National Bank o f that place.

1he resultant institution is known as the Bank of Ala
meda, the original name of the Alameda National Bank.
This institution is the oldest bank in Alameda, having been
founded in 1878. The Alameda Savings Bank also was
one of the oldest financial institutions in the city. The
enlarged institution has a capital of $500,000, and surplus
and undivided profits of $275,000. Its officers are: Presi
dent,
it. Knowland ; Vice-President, J. L . Borden; Man

Savings Bank have more and more turned attention to the
developm ent o f com m odity financing throughout the west
ern territory. On Aug. 1 another step in developing west
ern industry will be taken when W illiam E. Hough, now
o f San Francisco, and one o f the leading cattlem ent o f the
W est, com es to L os A ngeles to take over many o f the prob
lems o f financing in connection w ith the cattle industry.
An officia l notice s a y s :
M Hough is being brought to Los Angeles because it is realized that
r.
the time has com w
e hen the cattle and livestock industry, not only be
cause of its size, but also because of its financial and economic impor
tance to the community and nation, has the right to be thoroughly recog
nized and to obtain adequate financial assistance in the solving of its
problems. For this reason, the First National Bank of Los Angeles and the
Los Angeles Trust and Savings Bank are preparing for a m
ore intelligent
and com
prehensive grasp of the problems surrounding the livestock business
than has before obtained in the Southwest.
The bringing of M Hough to Los Angeles is in line with the pioneering
r.
policy of these two banks, and it is planned that he will take hold of the
cattle industry in the West in the sam fashion that J. Dabney Day or
e
ganized the financial end of the cotton industry in Arizona, New M
exico
and California, Mr. Day having been brought to Los Angeles from Texas
for that purpose.
M Hough has had long experience in the cattle business and has ac
r.
quired a wide reputation for ability and integrity. He is familiar with
every angle of the livestock industry, and his availability insures a sym
pathetic and intelligent consideration of the livestock problem west of the
Rockies.

A. J. Mount, Vice-President and Cashier of tlie Central
National Bank of Oakland, Cal., and for more than 15 years
associated with that institution, has announced his resig
nation, effective Aug. 15, to become Vice-President in charge
of the seven branches of the Bank of Italy in Alameda County
with headquarters in the Bank of Italy Building at Broad
way and 11th Street, Oakland. “Mr. Mount is to have
active direction of the affairs of the Bank of Italy in the
East Bay District, not only in respect to its present branches
but in the development that will be experienced as the bank
extends its service to the people of Alameda and its neigh
boring county, Contra Costa,” said A. P. Giannini, Presi
dent of the Bank of Italy. For many years Mr. Mount
has been identified with prominent organizations in Cali
fornia, including the California Bankers’ Association, in
which he now serves as Chairman of Group 6, and as a
member of its Trade Acceptance Committee. He is a
director of the Oakland Chamber of Commerce and a con
spicuous figure in the industrial progress of that city. Prior
to his association with the Central National Bank Mr. Mount
served for several years as an officer of the Bank of Palo
Alto. The local management of the Bank of Italy at Broad
way and 11th Street will continue in the hands of S. E. Biddle.
A press dispatch from Spokane under date of Aug. 4
states that a receiver has been appointed for the Irving
Whitehouse Co. which dealt in bonds. The company has
a branch in Seattle.
The directors of Lloyds Bank, Ltd., have declared an
interim dividend for the half-year ended June 30 last of
Is. 8d. per share, being at the rate of 1G 2-3% per annum,
payable, less incomo tax, on and after July 30th. This is
the same as a year ago.
ENGLI S H F I N A N C I A L M A R K E T S — PER CABLE.

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending A u g.

Sal.

M on.

Tuts.

Wed.

T hu-s.

FH.

5.
•Julg 30. A u g. 1. A u g. i . A ug. 3. A u g. 4. A ug. 5.
Silver, per oz_________ <.. 39ks
1
3 3 -A
38 H
3814
3SH
115s. 5(1. 115a.5d. 114s. 16.114s. I0d.
Gold, per fine ounce.. . . . . 118s. 2(1.
H O L I 4 9 A
49A
49 A
4 9%
Consols, 214 per cents.
4!)
881'
8SA
88 A
88A
DAY
Brltlsh 6 per cents. ___ . . 8814
81A
81 h
5114
811
4
British 414 percents.
. 8114
56.25
50.25
56.35
56.45
French Rentes (In Paris). . fr HOLI 58.35
81.45
81.45
SI .45
81.4 5
French War Loan (InPari:,) fr DAY 81.45

The price of silver in New York on the same day has been
Sliver In N. Y., peroz. (cts.):
Domestic.
09 U
Foreign
0) %

99 'A

99 }4

GIM

61 1
1

99».j
M

99 U
a1

99 %

01 %

THE CHRONICLE

600

[V ol. 113

BANK CLEARINGS—CONTINUED FROM PAGE 561.
S even M o n th s .

J u ly .

1921.

1920.

T otal New England
Kansas C ity
—
.-M inneapolis
Omaha
-----S t . P a u l---D enver
- _____ ____
-----St J o s e p h -----Des M oines
W ic h it a ______ _____
Duluth _____ ____ - Sioux C ity . .
L in coln _______ _______
T o p e k a ---- ------ -----C edar R apids _ _
_
W aterloo _ _ _________
Helena
__
Sioux Falls
F a r g o _______ ______
C olorado S p r in g s ____
Pueblo _____________
F rem on t. _____________
A b e r d e e n _____ _____
H astings - _____ ____
B illin g s ,______
J o p l in ______ - _ ___
Grand Forks
L a w re n ce _
_ _______
fnwa C ity
O sh k osh ______________
Kansas C ity Kan
O r eat Falls
Rochester
M in ot
Springfield M o
M ason C ity
Pittsburg, K a n ,-

_

U
7

1921

I n c . or
D ec.

1920.

— 30 0
—27 2
— 19.0
— 28.8
— 33 J
— 26 8

$
8,211.528,328
303,988,501
267,291.463
164,928,838
127,484,047
80,432,452

23.542,799
- 3 7 .4
9,182,871 — 36 6
8.269,109 —26.8
6,143,540
27 fl
4,898.074
34.8
4,320,072
10.2
8,921,000 — 28.5
3,053,482 + 212.1
Nut included in total

106,683,206
42,605,796
39,364,917
32,571,589
27,231,842
26.404,369
48,583,100
09,885,031
16.180,384

1,338,827.157 1,893,992,445 - 29.3
614,782,795 1,025,915,026
40.1
353,214,189 — 27.5
256,282,960
231,214,930 — 33.2
154,444,975
82.609,637 + 66.1
136,966,450
152.593,196 — 29.3
107,943,875
64,627,362 — 32.5
43,622,137
45,910,210 — 26.0
33,985,543
64.691,399 — 20.0
51,778,507
35,633,298 — 27 9
25.699,214
37.130,081 — 38.2
22 949 001
22,668,636 — 39.0
13,830.382
15,209,985
-5 .8
12.800.000
11,636.000 — 31.9
7,916,187
8.878.816 — 38.8
5.429,953
7,088,615 + 84.0
13.041,670
13,821,381
-3 3 .0
9,258,487
11,003,064 — 25.0
8,249.450
5,090.972 — 18.7
4,139,868
4,789,043 — 30.2
3,341,236
3,149,316 — 33.3
2,101.710
7,415,313 — 37.1
4,065,000
3,345,925 — 16.3
2.800,000
4,945,234 — 48.5
2 547,604
7,113,591 — 45.6
3,870,000
6,219,400 — 16.1
5 ,2 i 5,000
1,975,842 — 32.9
1,324,648
9 non nnn1
2.564.925 — 22 0
3,469 132 — 20.3
2+64,211
17 694.360
22.247.836
20.5
1 629 842
1,820,767
10.5
6,527'278 — 35.3
4 221,951
2,840.797 — 35.2
l , 841,859
1.665,766 — 2 8 0
1.200,000
8,213,781 — 28.1
5,906.412
3,194,615 — 35.8
2 ’049,481
8.2
2,547,610
2^337,868

9,548,983,472
4,431,689,737
1,851.735,361
1,132,498,481
971,627.107
690,919,994
318,444,387
268,084,510
320,440,650
175,629,937
177.130,739
106,334,957
84,944,582
65,068,825
42,123,042
82,417,256
09,186,634
57,468,451
28,035,167
24,905,506
15,549,818
36,169,612
17,872,455
23,245,720
31,201,000
35,599,000
9,805,253
17.635.114
20,221,357
121,376,193
14,198,474
32,681,619
12,684,721
7,793,442
44,942,667
16,754,816
16,797,719

13,044,426,351]
7.186,445,505
2,072,248,805
2,002,584,626
900,414,894
1,103,508,201
545,283,68*
417,880,111
433,054,497
222.111,755
342,895,469
184,723,172
108,357,163
95,634,052
67,461,704
56,142,037
118,944,164
85,830,084
36,624,061
30,062,334
26,036,209
50,401,460
28,298,291
38,253,453
57,498,684
48,733,400
13,766,632
22,339,675
22,918,097
131,061,881
15,598,341
50,750,948
16.228,294
10,380,728
66,844,737
31,353,071
18,414,693

21 0
31 9
— 37.6
+ 46.8
— 41.8
— 33.0
— 23.5
— 17.2
— 40.3
28.2
— 36.8
— 39.2
— 45.7
— 26.9
— 28.8
— 21.1
— 11.8
— 7.4
— 9.0
— 35.6
— 21.8
— 24.9
— 32.7
— 46.6
— 8.8

%
$
Boston ---- ------ ---- 1 1,149.611,001 l i d '
1 t
1
59,507,800
Providence ___
43,315,1U
U
50,843,157
Hartford. - —
41.192,135
32.402,312
sew Haven
23,076,675
Springfield .
16,637,844
24,904,875
11,155,525
15,240.940
Portland
___

V orcehter
V
—
Pall R iver _
New Bedford
LoweiL __ _
____ H olyoke
_____
Bangor ------- -----------W aterbury
Stam ford
-----—
Lynn ________________

In c. or
D ec.

W ee k e n d in g

14,736,364
5,621,566
5,849,054
4,449,671
3,195,954
3,873,863
6,381,900
9,530,505
6,357,227

$
11,402,472,871
422,573,001
311,313,642
197,001,84c!
159,262,812
91.407,847

%

28.0
— 28.1
— 14.1
— 10 3
19 9
12 0

140,300.752 — 21 0
81,195,12*
47.5
64,040.707
38.5
39,520,911 — 17.6
30,124,02*
— 9.6
26,551,07f
— 0.6
60,170,101 — 19.3
18,490,42* | 272 0
N o t included in total
— 20.8
— 38 3
10.7
— 43.4
+ 7.9
— 36.8
— 41.0
35.9
25.9
— 20.9
— 48.3

1921.

1920.

July 30.

I n c . 0/
D ec.

1918.

3
339,211,399
9,846,606
10,652.93*
5,502,525
4,379,442

8
292,429,843
11,349,800
10,333,469
5,688,823
3,908,796

3 ,ooo, not
3.257,446
2,262,708
1,798,582
1,287,569
900,000
690,434

3,045,869
3,680,701
1,857,055
1,645,226
1,050,000
818,417
720,520

371,243,311 — 26.0
230,623,944 — 30.1
75,846,219 — 28.6
60,400,681 — 27.2
15,448,100 + 103.1
20,115,532 — 15.9
14,946,324 — 31.0
9,109,071 — 22.3
14,398,737 — 17.1
7,447,709
28.2
7,551,781
35.5
5,260,847 — 44.4
3,316,713 — 21.7
2,213,778 — 20.3
1,041,162 — 33 2
1,278,995 + 128.5

382,685,637
236,900,896
39,550,022
56,326,148
16,058,312
21,420,523
17,207,871
10,720,349
15.601,493
6,099.138
10,335,196
5,164,544
3,316,364
2,381,949
1,729,038
1,747,138

330,528,519
209,834,538
26,440,527
53,325,868
13,851,983
21,002,839
10,093,070
9,089,739
11,977,993
3,923,511
7,201,708
4,296,174
3,200,000
1,765,076
1,531,209
1,769,663

— 33.0
— 10.7
— 26.8
— 51.4
— 38.7
— 16.4
— 49.1
_ ___

2,758,543
800,000
571,509
742,173
1,700,103
806,15:1,148,207

1,434,780
600,000
590,683
668,134
1,033,894
593,744
1,028,217

$
239,248,19:
8,271,201
8,800,321
4,341,371
3,600,00(
2,190,346

$
321,320,012
12.138.30C
12,230,08*
7,027,406
4,740,841
2,900,00(

274,003,861
147,355,906
54,127.353
35,091,683
31,307,753
10,911,069
10,307,225
7,076,957
11,938,541
5,340,000
4,869.297
2,923,001
2,595.708
1,764,751
1,097,947
25921,555

%

— 25.£
— 31 +
— 281
AH .2

24 .2

3,400,U0(
4,368,011 — 2 2.2
1,670,697
1,144,57:]
31 f
972,27(
1,728,303 — 43.7
858,461
1,157,304
25 +
750,000
1,080,000 — 30 0
1,027,111
870,336 + 18.0
____
2,138,382 N ot Included in total
949,253 N o t Included In total

1,786.089
750,000
632.722
414,291
975,671
700,000
470,250
______ _

1919.

2,666,349
840,000
803,070
851,125
1,592,895
837,665
92,521
-------

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

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

—

—

1,590.624.131 2,282,982,96S
675,896,338
457.900.000
262,149,232
162,526,186
93,099,579
121.918,001
105.634,274
85,000,000
152.271,821
243,812,821
152.047,073
239,321,358
26,084,530
27,997,661
78,586,044
48,520,233
84,760,302
46,270,085
91,824.164
61,278,199
34,746.483
15,989,606
27,448,671
47,392,336
67,086,084
79,602,791
44,513,648
37,264.450
15,500,000
26,235,311
55,771,192
34,743,883
53,036,457
96,519,533
19.732 OSS
35 341,668
14.398,684
12.394,559
21,495,734
9,749,679
15,251,733
7,749,669
11,090,303
6.022,879
4.703,622
4.713.113
25,765,397
58,307.660
12,367,764
8,001,152
3,912,412
5,713,153
5.08S.165
2,400,000
10,396,401
19,529,197
2,631,926
2.323,708
1,037,893
1,627,990
4,252,454
3.054,930
28,744,062
20,558,306
83.403,931
129,530,593
2.059,911
5,040.028
7.685,234
5 ,0 JO.COO
7,836,400
9,939,993
1,756,229
2.843,355
5,877,807
5.128.611
1 9.0 78 ,18S
13.650,000
8,660,224
9,870,S07
1.547,706
1,598,333
7,692,000
IS 758,000
1,763,215
1,501,930
2,666,000
1,722,450
5.000,000
6.7S4.480
2,552,469 N o t included

— 30.3
— 32.3
— 38.0
— 23.6
— 19.5
— 37.6
— 36.5
+ 7.3
— 38.1
— 45.4
— 33.3
— 54.0
— 42.1
— 15.7
— 16.3
— 40.9
— 37.5
+ 82.0
— 44.2
— 13.9
— 54.6
— 49.2
— 45.7
— 0.2
— 55.8
— 35.1
— 31.5
— 52 8
— 46.8
— 11.3
— 36.2
— 28.2
— 28.4
— 35.6
— 59.1
— 34.9
— 21.2
— 38.2
— 12.7
— 28.5
— 12.3
— 3.2
— 59.0
— 14.9
— 35.4
— 26.3
in total

11,379,214.315
3,552,029,698
1,252,389,956
701,816,471
671,416,984
1,192,802.713
1.180,435,910
213,540,686
414,923,485
353,164,267
496,352,401
131,479,734
209,386,397
493,771,683
261,730.644
123,627,403
305.075,031
696,289,264
156,538,544
87,531.944
79,773,313
55 319,978
49,500,186
39.070.248
240,303,080
59,347,895
32,809,206
17 875 119
101,541,242
19.739,546
8.615,615
21,185,254
160 091,465
724,464,133
16 535 677
38,860,034
70.577,879
14,399,913
34,208 497
114,175,975
68 389 844
12,076,794
69,146,000
9 260.066
13 677 190
33,616 993
20,935,937

16,657.084,915
4,998,140,560
2,001,183,623
682,385.055
811,236,620
2,008,490.956
1,857,818.129
208,561,751
777,523.667
602,160,820
707.832,611
300,775,651
325,667,232
581,798,245
372.877.831
231,886,296
382,925,524
390,642,579
247.397,512
100,378,556
154,944,426
141,698.487
76,109,882
48,648,943
397,470,674
112,758,793
46,037,957
.34,673,247
137,050,431
21,823.257
12,978,461
35,196,936
208 047,718
1,123,092.708
29 802 568
62,932i923
79,305,412
23.030,007
51,519,898
158,749,168
94,974,388
12,324,468
154/260,071
15,290 764
22 068,000
42 261.134
N o t included

— 31.8
— 28.9
— 37.4
+ 2.8
— 17.2
— 40.6
— 36.5
+ 2.4
— 46.6
— 41.3
— 29.7
— 56.3
— 35.4
— 15.1
— 29.8
— 46.7
— 20.3
+ 78.2
— 36.9
— 12.8
— 48.5
— 61.0
— 35.0
— 19.7
— 39.5
— 47.4
— 28.7
— 48.4
— 25.9
— 9.5
— 33.6
— 39.8
— 23.1
— 35.5
— 44.5
— 38-3
— ] i .o
— 37.5
— 33.6
— 28.1
— 28.0
— 2.0
— 55.2
— 18.0
— 38.0
— 20.5
in total

342,030,375
106,500,000
35,008,689
19,432,333
17,439,784
31,917,763
33,901,055
6,921,036
10,270,730
9,897,875
13,845,233
3,430,974
5,299,829
14,144,535
7.173,145
3,600,000
7,400,741
21,573,469
4,257,607
2,520,038
2,400,000
1,601,204
1,300,000
1,031,043
5,337,164

468,180,221
145,591,087
57,592,625
24,879,988
22.102,747
49,286,241
48,839,919
7,389,005
15,843,959
17,615.825
18,640,825
7,380,788
9,027,438
16,463,348
8,887,397
7,000,000
10,405,300
11,550,071
6,358,441
2,396,069
5,000,000
3,105,736
2,400,000
2,067,550
12,189,529

— 26.9
— 26.8
— 39.2
— 21.9
— 21.1
— 36.5
— 30.6
— 6.3
— 35.2
— 43.8
— 25.7
— 53.5
— 41.3
— 14.1
— 19.3
— 48.6
— 28.9
+ 86.8
— 33.0
+ 5.2
— 52.0
— 48.4
— 45.8
— 50.1
— 56.2

452,703,724
155,822,579
56,883,256
15,101,770
15,624,313
50,325,896
49,749,377
9,781,024
15,992,850
15,523,851
14.060,373
8,500.000
8.386,443
11.696,788
7,410.068
2,000.000
7,243,009
12,019,547
5,288,112
2,320,808
3,300.000
3,212,004
1,700,000
1,500,000
10,418,011

391,259,450
150,497,993
43,463,972
21.109,401
12,142,846
34,721,231
45,932,968
3,495,935
8,397.230
11,168,712
11,811,413
5,772,815
7,552,870
4,444,217
3,994.536
1,500,000
4,128,532
8,496,247
4,395,568
2,294,813
2,700,000
4,300,900
1,319,041
2,300,000
9,585,986

2,285,724
518,824
180,891

4,215,791
464,697
278,289

— 45.8
+ 12.5
— 35.0

2,777,788
445,663
374,837

1.896,413
416,652
270,908

20,738,111

29,964,864

— 30.8

25,548,844

15,620,204

2,836,049

3,685,071

— 23.0

2,597,562

1.693.182

2,733,268,921

+ 31.8

14.598,858,420

20,883.273.939

* 30.1
—

392,165,846

515,604,473

425,513.577

T ota l a l l . ____ ____ 28,155,863,737 37,579,165,762

— 25J 206,998,791,123 268,896,783,214

— 23.0

6,036,797,436 7,763,870.424

— 22.2 8,129.076.502 6,23S,S74.151

Outside N ew Y o r k . 12,800,634,247 17>746,864,556

— 27.9

93,627,415,110 123,326,741,147

— 21.1

2,735,135.304 3,640,149,439

— 24.9 3 ,31 8,22S,877 2.872.495,033

487,967,989
647.S20.992
400.200,129
447,270.993
169,100,232
187,417,562
59,571,725
76.434.040
29,242 9S7
38,1SS,667
23,871,791
32,758,119
25,629,822
34,S92,3SS
10.324.9SS
14,670,096
21,110,274
18,760,263
34.312,454
24,374,555
14,502,007
24,520,961
13.4S6.603
15,961,197
12,251,853
16,409,122
IS ,211,891
15,944,599
10,037,638
7.S17,146
5,927,532
7.450,168
3,523,792
3,166,105
3,634,534
2,555,724
4,781,444
6.507,651
3,943,737
3,446,027
3,120,751
2,599,087
1,673,275
2,043,720
4,385,513
3,546,742
6,071,297
4,312,623
5,312,854
4,352,014
16,647.014
16,351,804
4,805,281 N o t included
3,414,867 N o t included

— 24.7
— 10.5
— 9.8
— 22.1
— 23.4
— 27.1
— 26.5
— 29.7

4,112,804,S46
3,119,251,1.81
1,337,222,754
496,137,050
296,763,949
234,212,657
207,110,946
85,842,660
172,431,244
219,350,348
149,131,985
105,433,640
114,293,277
123,343,646
64,211,365
48,691,115
22,064,516
24,645,545
43,289,274
26.171.35S
20,982,013
13,997,730
29,089,657
36,076,380
36,790.898
94.137.811
N o t included
N ot Included

— 17.5
— 5.7
+ 2.6
— 17.5
— 18.2
— 15.6
— 13.0
— 15.9
— 17.5
— 18.8
— 28.4
— 18.4
— 14.9
— 11.3
— 16.4
— 17.8
— 6.8
— 23.0
— 14.6
— 4.3
— 14.5
— 11.3
— 7.8

n total
n total

3,394,295,540
2,941,347,767
1,372,403.534
409,364,325
242,625,641
197.625.S53
ISO,201,784
72,217,263
142.171,313
178,104.528
106,716,233
85,980,456
97,198,995
109,407,826
53,665.817
40,019,503
20,556,960
18.9S0.907
36,962,225
25,057.297
17,936,156
12,418,914
26,842,711
33,708.030
29,559,874
95,020,941
33,000,209
10,319,930

— 19.7
+ 0.9
In total
In total

119,352,959
140,467,269
95,839,837
90,091,603
36,674,021
40.065,807
13,870.587
15,608,895
5,602,596
7,071,090
5,196,798
7,265,152
5,634,284
7,047,780
2,644,489
2,442,271
4,062,899
4,281,533
4.967.0S9
7,279,492
3,045,005
4,422,472
2,969,936
3,610.058
2,342,209
3,308,991
3,394,462
3,374,742
1,600.000
2.028.502
1,175,713
1.600.916
693,SI4
820,353
527,444
574.848
920,713
1,354.507
89,
783,540
526,354
676,950
338,314
430,145
681,085
884,736
992,987
1.258,228
826,384
1,019.220
. . .
3,317.241
1,031,860 Not included
586,914 N ot Included

1,682.659,405

-1 8 .8

9,940,390,393

11.233.477.845

— 11.5

T ota l other W e s t _
_
St. Louis ......... ........ .
N ew O rleans_________
L o u isv ille . _
____ .
H ouston - ,
_
-_ __________
A tla n ta _
R ich m on d . . . __ __
G a lveston _____ _ ____
M em ph is __ _ ____
F ort W orth ,
N a s h v ille _
_
S a va n n a h _ _
, _
N orfolk ____ __ _ - _ _ Birm ingham _______
Little R o c k ___
_ M a con
__
J ackson ville.
____ .
Oklahom a
C hattanooga ___
K n o x v ille ________
C h arleston ____ _____
A u g u s ta _____
M o b i l e _______________
A ustin______ ____ __
Tulsa __
__ __
C olum bia
B eaum ont
W ilm ington, N . C
M u sk ogee_____
_ .
J a c k s o n ___
___—
V'icksburg _____ _ .
C olum bus, Ga
El Paso
Dallas
_____ __
N ew port N ews
M on tg om ery
Tam pa
Texarkana _ _
Raleigh
S h rev ep ort__
___
W a co
P ort Arthur
W ich ita Falls
Law ton
M cA lester
-Vsheville
M eridian _ _ _ _ _
T o ta l Southern____

1,864,255,151

Canada —

M o n tr e a l_____________
T oron to
_ __
W innipeg
_ _
V a n c o u v e r ___________
O tta w a _____
C a lg a r y ______ __ _ _
Q u e b e c___
__
_ _
V ictoria
____ __
E dm on ton __
H a m ilto n ___
H alifax _ _ _____ _.
St. John _ _ __ __
Lon don ___
____
R e g in a _______________
Saskatoon _
M oose Jaw _ _ _
Brandon
___ _
L eth b rid ge___________
Brantford
F ort W illiam _________
N ew W estm inster____
M edicine H a t_____
P eterborough______ _ _
Sherbrooke. _ ____ __
K itch en er_ _____
W in d s o r______________
M on cton __ __ _
_
K ingston _ _ - , _ .
T o ta l C a n a d a _____

1,365,777,066

— 11.1
— 29.0
— 40.8
— 13.2
— 25.3
— 12.5
— 22.1
— 20.4
— 10.1
— 29.7
— 26.5
— 12.6
— 16.7
— 18.1
— 19.1
— 29.0
— 18.1

— 1.8

— 6.6

—

317.980,760

550,622,600

351,256.815

— 28.8

— 16.S
114,909,507
+ 6.4
77,592,038
— 8.5
39,813,469
— 11.1
11,936.235
— 20.8
7.910,891
— 28.5
5,791,112
— 20.9
5,370.389
+ 8.3
2.571.201
— 5.1
3 ,S S I.724
5.806.973
— 21.8
4.680,765
— 31.1
— 17.8
2.889,518
— 29.2
2.155,547
3,551.472
+ 0.6
— 21.1
2,258,015
1,518,043
— 26.6
— 15.5
858.738
— S.2
1.047.109
921.149
— 32.0
— 12.7
760.653
— 22.2
636,548
416.028
-2 1 .4
839.932
— 23.0
888.568
— 21.1
832.688
18.9
1.856,962
— 1.7
In tot a ,
In tot a

93.320,499
71,886,003
22.678.266
8,904.339
6.154,929
2,798.145
4,132.552
1,500,706
2,860.845
4,608,481
4.236.104
2 ,3 2 3 ,8 5 l
2,346.483
1 ,8 5 6 ,0 1 1
1.091.283
1.007,243
555,090
870.000
828.634
627.820
342.723
283.90.
797,459

8 0 1.663.279

\+s 396 t l •

9 5

>8
643.689
999,896

THE CHRONICLE

A u g . (> 1921.]

Clearings by Telegraph— Sales of Stocks, Bonds, &c.
— The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Cleanups— Returns by Telegraph.
Week ending Aug. 6.
New Y ork-Chicago.
Philadelphia
Boston__
Kansas City
St. Louis. .

1921.

Com m ercial am llU i s ccllancoxts Wf,em.r
FOREIGN TRADE
STATEM ENT.

Per
Cent.

1920.

$3,440,200,000
423,665,616
313,000,000
227,707,904
125,498,376
96,600,000
103,000,000
+1 18,500,000
81,042,371
67,321,757
40,311,658

$3,806,552,482
521,153,329
383,537,220
291,587,806
197,939,256
127,267,272
136,000,000
143,848,515
105,000,000
90,390,797
56,417,667

9.6
18,7
18.1
2 1.0
36.6
2:4. 1
24.3
17.6
•22.8
25.5
— 28.6

$6,036,847,674
835.406,927

$5,859,694,404
1,11 1,413,268

14.0
— 24.8

Total all cities, 5 d a y s ._________ .
l day _____________

$5,872,344,601
1,075,964,238

$6,971,107,672
1,284,016,654

— 15.8
— 16.3

Total all cities for w clk ____________

$6,948,308,839

$8,255,124,326

San Francisco

Pittsburgh .
Detroit
iBaltimore
Now Orleans

__

Eleven cities, 5 days
__
Other cities, 5 days.
_____________
aii cities,

Month

7 M os., 1921.
Par Value K

July...........
August . . .
September
October _.
November
December.
January
February .
March___
A p r i l ___
M a y .........
J u n e_
_

Total par value___ __

- ________________

$9,453,976,974 $14,442,146,175

^ The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1921
and 1920 is indicated in the following:
SALES OF STOCKS A T TH E N EW Y O R K STOCK E X C H A N G E .

1919-20.

par Values.

No. Shares.

Par Values.

Month of January, .............
February_______
M a rch _________

16,144,876 $1,327,513,750
10,169,671
795,420,453
16,321,131 1,178,823,470

19,880,166 $1,781,060,200
21,865,303 1,929,409,800
29,008,749 2,585,053,325

Total first quarter___

42,635,678 $3,301,757,673

70,754,218 $6,295,523,325

15,529.709
17,236,995
18,264,671

28,447,239
16,642,242
9,354.267

1.044,593,548
1,218,686,698
1,369,519,461

2,534,782,100
1,434,029,950
815,179,150

Total second quarter___

51,031,375 $3,632,799,707

Six Months_____________

93,667,053 6,934,557,380 125,197,966 11,081.514.525

M onth of J u ly ___________

731,205.604

9,288,054

54,443,748 $4,785,991,200

12,541,922

1,103,006,150

The following compilation covers the clearings by months
since Jan. 1 in 1921 and 1920:
M O N TH LY CLEARINGS.
Month

Clearings, Total All.
1921.

1920.

1921.

1920.

%

S
%
$
$
Jan___ 33,599,927,206 41,688,893,871 — 19-4 15,026,882,881 18,479,173,765 — 18.7
Feb— 26,639,072,624 33,31 ,265,390 — 20.0 12,110.457,551 15,167,212,967 — 20.2
M arch 31,017,896.613 41,338,257,691 — 25.0 14,335,908,350 19,004,994,830 — 24.6
1st qu. 91,256,896.443 116338418,952 — 21.6 41,473,248,782 52,651,381,562 — 21.2
April _ 28,907.388,782 39,679,843.476 — 27.1 13,371,573,631 17,879,399,381 — 25.2
M a y ._ 28,594,983,121 36,845,151,356 — 22.4 12,747,678,413 17,103,627,351 — 25.4
J une _ _ 30,083,659,040 38,454,203,678 — 21.8 13,234,280,027 17,945,468,297 — 26.2
2d qu_ 87,586,030,943 114978,198,508 — 32.8 39,353,532,071 52,928,495,029 — 25.6
6 mos. 178 842 927 386 231317617 452 — 22.7 80,826,780,853 105 579 876 591 — 23.4
July , _ 28,155.863,737 37,579,165,762 — 25.1 12,800,634,247 17,746.864.556 — 27.

The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LE A D IN G C ITIES.
----- ----------- July------------------ -----------------Jan. 1 to July 31(000,000.?
1921. 1920. 1919. 1918.
1921.
1920.
1919.
1918.
omitted:)
$
$
$
$
$
$
$
$
New York15,355 19,832 21,875 15,401 113,371 145,570 126,386 100,731
C hicago_______
2,049 2,853 2,676 2,246
15,135 19,356 16,313 14,862
Boston
1,150 J,643 1,659 J,369
5,212 JJ,402
9,728
8,770
Philadelphia 1,665 2,196 1,935 1,766
11,909 14,773 12,168 10,931
St. Louis___ ..
.. 458
676
667
654
3,552
4,434
4,554
4,998
Pittsburgh642
778
559
4,327
2,922
611
4,995
4,019
San Francisco. . - 514
521
698
633
3,783
3,079
4,720
3,793
Cincinnati___
228
319
262
J,654
2,123
1,749
J,587
265
Baltimore , . __ 297
432
406
305
2,372
1,692
2,259
2,799
Kansas C ity. .
615 1,026
945
847
4,432
5,896
5,599
7,186
< levi land
3*56
638
4.99
404
2,913
2,926
2,371
4,010
(>; lean
163
262
252
1,507
193
2,001
1,672
1,252
Minneapolis _
2 56
353
183
J,852
116
2,072
1,142
871
Louisville
93
122
71
99
702
682
688
573
I)('T(At
389
523
369
277
1,683
2,615
3,576
2,291
Milwaukee
118
J53
J 18
839
128
893
J,023
830
Los Angeles
338
2 J0
137
2,395
2,247
1,197
873
Providence
43
60
50
304
347
53
311
4.23
<l rnaha
154
138
257
225
1,132
1,605
2,009
1,680
Buffalo
149
161
215
807
99
1,063
1,338
620
Hi. Paul.
137
83
84
67
434
972
512
900
Indianapolis
67
88
80
87
434
444
566
449
Denver
108
153
125
1,104
105
697
852
653
Richmond
152
239
224
198
1,222
1,180
1,858
1,502
Memphis
49
79
79
41
54 1
415
358
778
Seattle
117
171
171
167
974
850
1,272
1,083
Hartford
41
51
45
39
240
267
3 1i
254
Halt Lake City.
48
70
65
57
37 J
425
372
518
Total
( nber cities

1920-21.
*
21,468.214
18,392,047
I0 ,140,521
10,845,172
15.336,704
12,190.079
12,205,070
14.154,349
18,015,000
26.838.089
17,221,670
10,397,034

1919-20.
%
16,281,139
15,444,278
16 740.934
16,792,158
21.023.909
19,576,716
21.284,852
19,323.958
22,429,O )
IK
19.999,683
17,971,669
21,434,058

Movement of gold and silver for the

12

months:

Gold Movement at New York.
Month

July...........
AugU8t ...
September
October . .
November
December.
January
February _
March-----A p r i l ___
M a y _____
June ___

Exports.

Imports.
1920-21.

1919-20.

%
$
393,587
10.945.005
12,454.509 1,310,313
34,228.556
287,011
114,561.653 2.6S3.735
1,230,283
54.248,571
791,436
53,324.215
183,085
31,328.278
18.439,803 1,458.285
81.335.005 1.708,182
74,173.373 55,186,705
29,701,157 1,682,127
37,152,786 6,023,355

Silver— New York.

1920-21.

1919-20.

$
23.609,186
3,921,003
5,279.491
3,080,163
12,110,147
23,246,193
17.790.299
24,814,399
35,247,500
34.820.300
2,649,762
1,436,853
300,000

$
246.300
4,212,285
274,003
130.000
53,000
350,043
124.300
234.300
100.000

Imports.

Exports.

1920-21.

1920-21.

*
1,230,840
1,062,356
2.133,024
1,359,391
1,511,726
950,187
1,595,573
841,850
874,225
858,684
4,376,916
1,013,620

%
1,937,526
709,679
323,010
316.556
7,532
557,847
2,800,154
2,137.837
1,329,649
1.114,930
1,042,557
239,657

6,024,231 188,005,296 17,314,392' 12,516,833

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIO N TO ORGANIZE R E C E IV E D .
C apital.

July 29— The Liberty National Bank of Syracuse, New Y ork____$200,000
Correspondent, Harry H. Skerritt, 331 Union Bldg.,
Syracuse, N. Y .
APPLICATIO N TO ORGANIZE APPRO VED .
July 28— The Far well National Bank, Far well, Texas___________
25,000
Correspondent, H. E. Guy, Texico, N . Mex.
CH ARTERS ISSUED.
July 25— 11,997 Continental National Bank of Ft. Worth, Texas. _ 750,000
President, J. G. Wilkinson. Cashier, Ed. H. Winton.
Succeeds Continental Bank & Trust Co. o f Ft. Worth.
July 30— 11,998 The Tri-County National Bank of Oliver Springs,
T e n n __________________________________ ____________ 25,000
President, Samuel Tunnell. Cashier, R . L. Haffington.
CORPORATE EX ISTEN CE E X T E N D E D .
U n t i l rln<tp hn<tin

Clearings Outside New York.
%

1919-20.

*
%
%
%
323,427,245 179,457,378 200,319,001 239,532,410
205,399,334 103,182,188 100,310.294 264,759,378
184,023,524 251,529,881 174.781,030 207.305,906
179,929,909 214,750,732 207,317,072 324,027,015
172,054,042 231.808.185 289.529.113 237,600,749
120,251,890 221,159,902 345,414,105 204,779,114
108,051,387 280,997.059 350,467,000 257,101,089
103,427,293 200.144.811 237.794,400 301,020,954
123,990A59 292,275,850 107,830.305 390,929,004
124,920.1 17 270,147.137 132,400.324 302,496,803
110,004.302 224,033,443 108,502,231 343,323,392
100,048,763 315,350,911 107,500,523 254,300,437

T otal__ 1551,892,911 72,938,104

M onth of A pril._J________
M a y_______ ____
June___________

1920-21.

1920.

1921.
No. Shares,

Customs Receipts
at New York.

T otal_ 1922741371 2903845143 2548235378 3394513461 205,803,858 227,302,424
_

7 M os., 1920.
Par Value.

Stock/Shares______
_
_______ _____
102,955,107
137,739.888
_ $7,665,762,984 $12,184,520,675
\Par va lu e._____
__ _ ___ _____
Railroad bonds__ ______ _________________
532,419.600
339,124,500
United States Government b o n d s _____ ___
1,087,838,690
1,748,361,800
State, foreign. Arc., bonds
170,137.000
167,955,700
Bank s t o c k s ___
_ _
_ __ ____
_
1,400

YORK— M ONTHLY

Exports.

Imports.
1920-21.

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the seven months of 1921 and 1920 are given below:
Description.

OF NEW

Merchandine. Movement at New York

— 15.8

- _____ __________

001

25,746 34,289 34,712 26,425
2.410 3,290 2.80J 2,217

188,887 244,610 206,083 170.704
18,112 24,287 17,821 14,891

Total all
28.156 37,579 37,513 28,642
outside Lew York 12J80J 17,747 15,638 13,241

206,999 268,897 223,904 185,596
93,628 123,327 97,518 84,804

5938— The Citizens National Bank of Crandall, Texas_______July 28 1941
5961— The First National Bank of Pawhuska, Okla_________ July 28 1941
5941— The Farmers National Bank of Pilger, N ebr________ July 29 1941
5956— The Peoples National Bank o f Monessen, Pa_________ July 29 1941
5933— The Chilton National Bank, Chilton, W is____________ July 30 1941
5952 The Baxter National Bank of Baxter Springs, Kans____July 30 1941
5942— The Langlade National Bank of Antigo, W is_________July 31— 1941
CORPORATE EX ISTEN CE R E -E X T E N D E D .
2546— The Western National Bank o f Pueblo, C olo__________ July 25 1941
C H A N G E OF T IT L E .
J u ly 29— 11,376— T h e N orth ern N ation al B an k o f C levela n d, O h io, to
“ T h e N orth ern N a tion a l B ank Savings & T ru st C o m p a n y o f
C le v e la n d .”

Auction Sales.— Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H . Muller & Sons, New York:
Shares. Stocks.
$ p ersh .
100 Fort Dodge Des Moines &
Southern R R . common, vot
ing trust ctfs_______________40

Shares. Stocks.
$ per sh.
304 H . S. Rhynsburger, Inc., Oska-j$100
loosa, Iowa, preferred______\ lot
160 H . S. Rhynsburger, Inc., com. J

By Messrs. R . L. D ay & C o., Boston:
Shares. Slocks.
$ per sh. Shares. Stocks.
$ per sh.
5 Boott Mills, com mon__________ 95
110 National Shawmut Bank.
119 %
1.84 East. M ass. St. R y . ad j . stk 11
5 Old Colony Trust_____________ 220
2 American Trust.... ............ _-300
4 Nashua < Lowell R R _________ 101%
fc
5 Hood Rubber, preferred______ 84
2 Cambridge (Mass.) Trust- .. . 31.0
8 Boston Investment_____________ 35
18 Hamilton M fg., full paid____ 70
1 Boston Athoneum, $300 par__ 500
H Bates Manufacturing............. 91

By Messrs. W ise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Slocks.
$ per sh. Shares. Slocks.
1 Lynn Gas & Electric__ _______ 310
15 B. B. & It. Knight, prof_______ 85
3 Great Falls Manufacturing_____12214 15 American Glue, common _______110
6 Hood Paibber, preferred
.. 84

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
4 Keystone Pure Oil
__ $25 lot
6 Miners’ Nat. Bank, Pottsville,
sach
_____ oo
2 Central Nat. Bank.
.520
5 Fanners A Mtich. Trust, West
t
Chester...... ..............................90
10 Pa. C . 8. A Market, $50 each
c
1014
75 ) lghtstosubscribo Phlla. Bag Co. 1-5
3 Philadelphia Nat. Bank
-310
15 Land Title A Trust
c
.483
3 United Security L. i . & T
130
2 Fire Assn, of Phil., $50 each
301
2 2d A 3d Bts. Pass. Ry
c
163
3 John li. Stetson, common 3(HK
id

Isko ( Jo . ist pref

5 Isko Co., common.
300 New Central Coal, $20 each . _

Shares. Slocks.
$ per sh.
25 Eastern Fishing, Mass________ $4 lot
fcandar i Pal nt
............ - - 45

Bonds.
. Percent.
$14,000 Richmond Lt. & R . 1st
coll. 4s, 1.952
lo
$2,000 Reading, City, ref. 4s, 1929.. 90
$6,000 Indiana Service Corp. 1st
Ac ref. 5s, 1950. ................................50
$6,000 IndianaServ. adj. 3-6s, 2020 21%
$5,000 Lukens Steel 1st 8s, 1940
97
$500 Wilm. A Nor. R R . 1st 5s, 1927 92
c
$10,000 Wilkcsbarro Co. 1st A ref.
c
5s, 1960.......................................
71
' ■ $10,000 Kanawha Bdge. & Terrnl.
/
1st 5h, 1948
. . . 7(i%
14
c
8% $2,000 Phil. A West. R y. 1st 5s, ’60 7314

THE CHRONICLE
D IV ID E N D S .
D ividen ds are now grouped in tw o separate ta b les.
In the
first we bring together ail the dividends announced the cur
rent week.
T h en we follow with a second table, in which
we show the dividends previously announced, b u t which
have not yet been paid.
T h e dividends announced this week are:

R a ilr o a d s (S te a m e
C ripple Creek Central, pref. ( q u a r .)___
Pittsb Y oungst. & Ash , pref. (quar ) .
S tr e e t a n d E le c tr ic R a ilw a y s .
C entral Ark. R y . & L t., prof, (quar.)
Falrm Park A H addin gton Pasu. l ly _ .
M is c e lla n e o u s .
A cm e T ea, 1st pref. (quar.) _ . .
—
Alaska Packers Assn, (quar.)
- — -A m erican Beet Sugar, pref. (quar.) _
Am er. Sm elt. A R efg ., pref. (q u a r.). - B elding-C ortlcelh, L td., pref. (q u a r .)_
_
-----Border C ity M fg . (q u a r.)___
Boston M anufacturing, 1901, com m on .
Butler M ill (q u a r.)______________________
C ontinental M ills - ____________ ________
C row s N est Pass C oal (q u a r .)------------E lectric investm ent C orp ., pref. (quar.)
Fam ous Players C anadian C o rp .,p f.(q u )
Federal Utilities, preferred ( q u a r .) .. . .
Firestone T ire & R ubber, pref. (quar.)_
Great Lakes D redge A D ock (quar.) _ _
H am ilton M fg . (quar ) . --------------H arbison-W alker R efra ct., com . (quar.)
Preferred (q u a r .)____________
____
H artm an C orporation ( q u a r .) ..
-------H om estake M ining (m o n th ly )------------H oosac C otton M ills, pref. (q u a r.)._ _
Lanston M on oty p e M achine (q u a r.).
Lit Brothers C orp ora tion __________
Extra ______________________ . ------------Ludlow M fg . Associates (q u a r ,)------------S p e c ia l________________________________
M ac Arthur C oncrete Pile& F d n . , p f . (qu.)
M ahoning Investm ent (q u a r .)--------------M anhattan Shirt, com . (q u a r .)----- -------M a yer (Oscar o . ) & C o ., In c., 1st p f.(q u .
Second preferred (quar.) _
--------M errim ack M fg . com . ( q u a r .) .. __
Preferred
_ ____________
______
New R iv er C o ., pref. (acct. accu m . cliv.)
N iles-B em en t-P on d C o ., com . ( q u . ) -----Preferred (quar.)
_ ---- ------Pacific Lighting C o rp ., com . (q u a r .)-----Preferred (quar.) ............
P ratt & W h itn ey C o ., pref. (q u a r .).
_
Quissett M ill, com m on (q u a r.)............
_
Spalding (A . G .) & B ros., 1st pref. (qu .)_
Standard Oil (C alifornia) (q u a r .)-----------Standard Oil (Kansas) (quar.) __ _ _ _
Extra . .
.
-------------------------Standard Oil of N . Y . (q u a r.)— ----------Suncook M ills, pref. (quar.) —
T a com a Gas & Fuel, pref. (q u a r .)-------U nited Cigar Stores or A m ., c o m . (m thly)
Pref erred (quar.) ______ _ - W ill & B aum or C andle, com . (quar.)___
Wright, v eron*v"t.ical C o m . (N o. 1 )-------

Is ** 1
*
s
1 A
h

Nam e o f Com pany.

l

When
Payable.

Book9 Closed.
Days Inclusive.

Sept.
Sept.

1 H olders o f rec. A ug. 15a
1 ♦Holders o f rec. A ug. 20

1 % Sept.
*$1.50 A ug.

1 H olders o f rec. A ug. 15a
5 ♦Holders o f rec. July 25

***

O
1H
m
*4
2
3
1A
in
3
1H
*2
$2
IA
1A
* l:
K
*25c.
2
1M
50c.
25c.
$1.50
$1
2
$ r.5 o
*43 %
) 1%
2
2
9 L'
h *l A
1
1A
3A
1a
1A
S2
1%
*$1
3
3
*4
1A
IH
IA
1H
25c.
25c.

Sept. 1
A ug. 10
O ct. 3
Sept. 1
Sept. 15
Aug. 15
A ug. 1
A ug. 15
A ug. 10
Sept, i
A ug. 22
A ug. 15
Sept. 1
A u g. 15
A u g. 15
A ug. 15
S e p t. 1
O ct, 20
Sept. 1
A ug. 25
A ug. 15
A ug. 31
Aug. 20
A ug. 20
S e p t. 1
S e p t. 1
Aug. 15
Sept. 1
Sept. 1
S e p t. l
Sept. 1
S ep t. 1
S e p t. 1
Sept. 1
Sept. 30
A u g. 20
A u g. 15
A u g. 15
A ug. 20
A ug. 15
Sept. 1
S e p t .15
S e p t .15
S e p t .15
Sept. 15
A ug. 15
A u g. 15
Aug. 29
S e p t .15
A ug. 15
A ug. 31

♦Holders
H olders
H olders
♦Aug. 10
H olders
* H olders
Holders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
♦Aug. 9
H olders
H olders
H olders
♦Holders
♦Holders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
♦Holders
Holders
H olders
H olders
H olders
♦Holders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
♦Holders
H olders
H olders
♦Holders
H olders
H olders
H olders
H olders
H olders
H olders

of rec. A ug. 20
o f rec. July 30
o f rec. Sept. 10a
to
A ug. 25
o f rec. Sept. 1
of rec. A ug. 3
o f rec. July 28
o f rec. A ug. 5
o f rec. A u g. 3
of rec. A u g. 13
o f rec. A u g. 12a
o f rec. July 30
of rec. A u g. 15
of rec. A u g. la
to
A ug. 15
of rec. A ug. 2a
o f rec. A ug. 20
o f rec. O ct. 10
o f rec. A u g. 18
of rec. A ug. 20
o f rec, A u g. 5
o f rec. A u g. 20
of rec. A u g . 9
of rec. A u g. 9
of rec. A ug. 3
o f rec. A ug. 3
of rec. A ug. 1
of rec. A u g. 22
of rec. A ug. 15
o f rec. A ug. 20
of rec. A u g. 20
o f rec. July 29
o f rec. July 29
o f rec. A u g. 20
o f rec. Sept. La
o f rec. A ug. 3a
o f rec. July 30a
o f rec. July 30a
o f rec. A u g. 3a
o f rec. A ug. 5
o f rec. A u g. ISa
o f rec. A u g. 20
of rec. A u g. 31a
o f rec. A u g. 31a
of rec. A u g. 26
o f roc. July 28
o f rec. July 31a
o f rec. A u g. 17a
o f rec. A u g. 31a
o f-re c. A u g . la
o f reo. A u g. 17

B elow we give the dividends announced in previous weeks
and n ot y e t paid .
T h is list does not include dividends
announced this w eek.
N am e o f C o m p a n y .

Per
Cent.

Railroads (Steam ).
Alabam a Great Southern, p r e f .------------- S I .50
A tchison T op ek a & Santa F e, com . (qu .)
1A
2
Baltim ore & .O hio, preferred------------------1
B u ffalo R ochester & Pittsburgh, c o m . . .
3
P r e fe r re d -------------------------------- -----------Cleveland & Pittsburgh, spec. guar, (qu.) 50c.
R egular guaranteed (q u a r.)----------------- 87 A c
2A
Delaw are < H udson C o. (q u a r.)------------&
D e l. L ack . & W est, (payable in s t o c k ) .. elOO
Illinois Centra] (q u a r.)__________________
1H
3 >6
Louisville & N ashville---------------------------N orfolk & W estern, com m on (q u a r.)_ _ .
IK
1
A dju stm ent preferred (q u a r.)-------------Pennsylvania (q u a r.)------------------------------ 50c.
1A
P ittsb. & W est V a ., pref. (q u a r.)-----------R eadin g C o ., com . (quar.) --------------------- SI
50c.
First preferred (q u a r.)-------------------------

When
Payable.
A u g. 18
Sept. 1
Sept. 1
A ug. 15
A u g. 15
S ep t. 1
Sept. 1
S e p t .20
A u g . 20
Sept. 1
A u g. 10
Sept. 19
A u g. 19
A ug. 31
A u g. 31
A u g. 11
Sept. 8

Street and Electric Railways.
C onnecticut R y . & L t g .. com . & o f . (au .)
l H A ug. 15
D etroit U nited R y . (pay. in s to c k )-------- e2 A Sept, l
K ansas C ity P ow . & L t.. 1st p f. (m thly.) 66 2-3c A u g. l
M on treal L .. H . & P . C ons, (q u a r.)-----I K A u g. 15
S I .25 Sept. 1
Philadelphia C o .. 5 % pref. (qu ar.)__ —
2 A A u g. 15
T am pa E lectric C o. (q u a r.)------------------W est Penn R y s ., pref. (q u a r.)--------------1 A S e p t .15
W est Penn T r . & W a t. P o w ., pref. (qu .) IA A u g. 15
P ref. (acct. accum ulated d ivid en d s)__ h l K A u g. 15
M iscellaneous.
1 V
Allis-Chalmers M fg ., com . (q u a r.)-------Am erican A rt W orks, com . & pref. (qu.)
1A
Am erican B ank N ote, com . (q u a r.)------ SI
A m erican B ank N ote, pref. (q u a r.)-------- *1 A
2
Am erican Brass (q u a r.)--------------------------A m . La France Fire E n g .,In c ..c o m .(q u .) 25c.
Am erican R adiator, com m on (quar.) —
SI
Preferred ( q u a r .) -------------------------------m
Am erican Soda Fountain (q u a r.)-----------1A
A m erican Sum atra T o b a c co , p ref---------3A
Am erican Telegraph & C able (q u a r.)------ * 1 A
Am erican T o b a c co , com . & com . B ------ PS4.75
3
A m er T o b a c co , com . & com . B (qu a r.)A m er. W ater W k s. & E lec., 1st pf. (qu.)
IK
2A
A m paro M in in g (q u a r.)--------------------------10c.
A rt M etal C on stru ction __________________
A ssociated D r y G oods, 1st pref. (quar.)_
1A
Second preferred (q u a r.)_____________
IK
Auxiliary Fire Alarm & T el., pref. (quar.) *2 A
B ethlehem Steel, com m on (q u a r .)______
IK
C om m on B (q u a r .)____________________
IK
2
E ight per cent cum . con v . pref. (quar.)
Seven per cen tn on -cu m . pref. (q u a r.).
IK
4
B ond & M ortgage Guarantee (quar.) —
4
Borden C o ., com m on ____________________
Preferred (q u a r.)....... ..............................
1A
1A
Preferred (q u a r.)_____________________
IK
B oston M fg . C o ., 1901 pref. (q u a r.)- -B rom pton Pulp
Paper, pref. (quar.)__
IK
2
B rooklyn Edison (q u n r.)________________

A u g.
O ct.
A ug.
O ct.
A u g.
A u g.
Sept.
A u g.
A ug.
Sept.
Sept.
A u g.
Sept.
A ug.
A ug.
A ug.
Sept.
Sept.
Sept.
O ct.
O ct.
O ct.
O ct.
A ug.
A ug.
Sept.
Dee.
A ug.
Aug.
Sept.

16
15
15
1
15
15
30
15
15
1
1
15
1
15
10
31
1
1
1
1
1
1
1
15
15
15
15
15
16
1

Books Closed.
D ays Inclusive.
H olders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
H olders
f o ld e r s
Benders
H olders
H olders
H olders
H olders
H olders
H olders

o f rec. July 14
o f rec. July 29a
of rec. July 30a
o f rec. A u g. 8a
of rec. A u g. 8a
of rec. A u g. 10a
of rec. A u g. 10a
o f rec. A u g. 27a
of rec. A u g .m 8a
o f rec. A u g . 5a
of rec. July 12a
of rec. A u g. 31a
of rec. July 30a
o f rec. A u g. la
of rec. A u g. la
of rec. July 19a
o f re c.A u g . 23a

A u g. 1
to
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders o f rec.
H olders o f rec.
H olders of rec.
H olders of rec.
H olders o f rec.
H olders o f rcc.
H olders of rec.
♦Holders of rec.
H olders of rec.
H olders of rec.
H olders o f rec.
H olders o f rec.
H olders of rec.
H olders of rec.
♦Holders of rec.
H olders of rec.
Holders of rec.
H olders of rec.
A u g. 1
to
H olders of rec.
H olders of rec.
H olders of rec.
♦Holders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders o f rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.

A u g.
A u g.
July
July
A u g.
A ug.
Sept.
A u g.
A u g.

15
16a
20a
31a
10a
la
1
1
1

July 25a
Sept. 30
A u g. la
Sept. 15
July 30a
A u g. 2 a
S ep t. 15a
A u g. la
A u g. 1
A u g. 15a
A u g. 31
Ju ly 23a
A u g. 10a
A u g. la
A u g. 10
July 8a
A u g. 13a
A ug. 13a
A u g. 25
Sept. 15a
Sept. 15a
Sept. 15a
s e p t. 15a
A ug. Sa
A ug. la
Sept, la
D o c. la
A ug. 10
July 3 la
A ug. 19a

N a m e o f Company.

M is c e lla n e o u s (Concluded).
B uckeye Pipe Line (quar.)
________
Burns B ros., com m on (q u a r .)__________
B y-P rodu cts C oke C orp ., com . (quar.)
Canada Cem ent pref. (quar.) _ ________
Canadian C onverters (q u a r.)_ _ _________
C edar R apids M ig . & Pow er (q u a r .)_
_
C leveland Elec, ilium , 8 % pref. (quar.)
Clinchfiekl C oal, com m on (quar.)
____
C olorado Fuel & Iron, pref. (q u a r.)..
C olum bia Gas & E lectric (q u a r.)______
Consolidated Cigar, pref. ( q u a r .) ,........ _ _
Consolidated Gas, N . Y. (quar.) Continental Papen&Bag M ills, o o m .(q u .)
Preferred (quar.)
_____ ____________
D avis M ills (q u a r.)_____ ________________
D avoll M ills (q u a r.)_ ___________ _______
Deere & C o ., preferred (q u a r.)__________
Diam ond M atch (q u a r .)________________
Diem & W ing Paper, pref. ( q u a r . ) . . ___
D om inion Bridge, L td. (q u a r .)________
D ow C hem ical, com . (q u a r.)___________
C om m on (e x tra )______________________
Preferred (q u a r .)_____________________
E dm onds Oil & Kef. C orp . (m o n th ly )_
Elseniohr (O tto) & B ros., co m . (qu ar.)__
Eisenlohr (O tto) & B ros., In c., p ref.(q u .)
.
Elec. Storage B attery, com . & pref. (qu.)
E m pire C ity Safe D e p o s it .______________
General A sphalt, preferred ( q u a r .) ____
General C igar, pref. (q u a r.)____________
D ebenture preferred (q u a r.)..... .............
G illette Safety R azor ( q u a r . ) . . _________
G ood rich B i .) C o ., p ref. (quar.) ____
Hart. Schaffner a M arx, com m on (qu .)
Illuminating & Pow er Secur., pref. (q u .)
Imperial Oil C orp. (m onthly) _ ........... ......
Indiana Pipe Line (q u a r .)____________ _
inland Steel (q u a r .)_____________________
Internat. H arvester, pref. (q u a r.)______
Iron P roducts, preferred (quar.)__:_____
Jefferson & Clearfield C oal & Iron, p ref.
Kam inistiquia Pow er, L td. (q u a r.)_ ____
K e lly Springfield T ire, pref. (quar,)__
Lake o f the W ood s M illing, com . (qu.)
Preferred (q u a r .)_____________________
Lancaster M ills, com m on (q u a r .)______
Lee R u bb er & T ire C orp . (quar.) ________
Lehigh Coal & N avigation (q u a r.).........
L igg ett& M yersT ob ., co m ,& co m .B .(q u .)
M adison Safe D e p o s it......................... ........
E x t r a _________________________________
M artin -P arrj C orp . (quar<.)____________
M ason T ire < R u bb er, pref. (q u a r.)____
fc
M assachusetts C otton M ills (q u a r.)____
M ay D ep artm en t Stores, co m . (qu a r.)__
Preferred (q u a r .)......... ........ ...................
M iam i C opper (quar.) ........................... ......
M ichigan Stam ping, pref. (q u a r .)______
M ontreal Light, H eat & Pow er (ouar.)__
M o to r W heel, preferred (q u a r .)_________
N ational B iscuit com m on ( q u a r . ) ______
Preferred (qu a r. ) ___________ ^________
N ational Cloak & Suit, pref. (q u a r .)____
N at. Enameling A Stamping
C om m on (q u a r.)______________________
C om m on (q u a r.)______________________
Preferred (q u a r.)_____________________
Preferred (q u a r.)_____________________
N ational Lead, com . (q u a r.)____________
Preferred (q u a r.)_____________________
N ational R efining, com m on (q u a r.)____
N ew Jersey Zinc (q u a r.)________________
N ew Y ork Shipbuilding (q u a r .)________
N o v a Scotia Steel & C oal co m m o n ______
Ontario Steel P roducts, com . (q u a r.)___
Preferred (q u a r .)_____________________
Preferred (q u a r.)_____________________
Preferred (q u a r.)_____________________
Preferred (qu ar. ) ______ _______ _______
Preferred (qu ar. ) _____________________
Pacific Gas & E lectric, pref. (q u a r.)-----Package M ach in ery, com . (q u a r.)______
Peerless T ru ck & M o to r , oom . (qu ar.)__
C om m on (q u a r.)_____ _________________
Penm ans, L td ., com . (q u a r.)___________
Pennsylvania C oal & C oke (q u a r.)____
Pittsburgh Steel, pref. (q u a r.)__________
Pressed Steel Car, pref. (q u a r.)________
P rocter <k G am ble C o ., com . (q u a r.)___
C om m on (payable in com m on s t o c k ,_
Pullm an C om pan y (q u a r.)______________
Pure Oil, com . (q u a r.)___________________
Quaker Oats, preferred (q u a r.)_________
Sharp M anufacturing (q u a r.)___________
Shaw (W . W .) C orporation (q u a r.)_____
Sinclair C ons. Oil. pref. (q u a r.)_________
Sm ith (A . O .) C o rp ., pref. (q u a r.)______
Southern California E dison, com . (q u .)_
Southern Pipe Line (q u a r.)____________
Standard M illing, com . (q u a r.)_________
Preferred (q u a r.)_____________________
Standard Sanitary M fg -, com . (quar.)__
Preferred (q u a r.)_____________________
Stewart-W arner Speedom eter, co m .(q u .)
Superior Steel C o rp ., 1st & 2d pref. (qu.)
Swift International______________________
Swift International____________________
Thom pson-Starrett C o ., p ref___________
T o b a c co P roducts C orp ., com . (quar.)_
U nderw ood T ypew riter, com . (quar.) —
Preferred ( q u a r .) .............. ......................
Union Tank Car, com . and pref. (quar.)_
U nited Gas Im p t., pref. ( a u a r .) -----------U . S. Steel C orp ., com . (q u a r.)_______
Preferred (q u a r.)____________________ ,
V an R aalte C o ., 1st & 2d pref. (quar.)__
W ahl C o ., pref. (q u a r.)--------------------------Preferred (q u a r.)-------------------------------W h ite (J. G .) Engineering C o rp ., p f.(a u )
W hite (J. G .) & C o ., In c ., pref. (quar.)_
W hite (J. G .) M an age’ t C o rp ., pf. (qu.)
W oolw orth (F. W .) C o ., com m on (quar.)
oW rigley (W in.) Jr. C o ., com . (m th ly .)_
oPreferred (q u a r.)--------------------- ----------Y ellow Cab M fg ., class B (q u a r .)_ ,____

[V
Pe r
Cent.

When
Payabl e

$2
2A
♦75c.
. IK

St pt. 15
Aug. 15
A ug. 20
A ug. 16
A ug. 15
A ug. 15
Sept. 1
A u g. 15
A ug. 25
Vug. 15
Sept. 1
Sept. 15
A ug. 15
Aug. 15
Sept. 24
O ct.
1
S e p t. 1
Sept. 15
A ug. 15
A ug. 15
A ug. 15
A ug. 15
A ug. 15
Aug. 16
A ug. 15
O ct.
1
O ct.
1
A u g. 6
Sept. 1
Sept. 1
O ct.
1
Sept. 1
O ct.
1
Aug. 31
A u g. 15
Aug. 15
A ug. 15
Sept, l
Sept. 1
A ug. 15
Aug. 15
Aug. 15
A ug. 15
Sept. 1
Sept. 1
Sept. 1
Sept. 1
A ug. 31
Sept. 1
Aug. 15
A u g. 15
Sept. 1
A ug. 20
A ug. 10
Sept. J
O ct.
1
A ug. 15
Sept. I
A ug. 15
A ug. 15
O ct. 15
A ug. 31
Sept. 1

iK
K

2

K

2
1A
IK
IK
lA
XA
*IA
*1A
IK

2

IK
2
IK
IK
IK

2

IK
IK

3
4

IK
IK
IK
$3
IK

l

iK

l
S2
*25c.

lK

2

2A

2
2
3
1M

m

50 c.
$1
3
3
1
50c.
IK

3
2
IK

50c.
IK
2

2
IK
IK
IK

1A
1A
IK
IK
1A
IK
1A
2

SI
21c.
2
IK
IK
IK
IK
IK
IK

*50c.
50c.
50c.
2
$1
IK
IK

5

/4
2
50c
1A
2

♦si
2
IK

2
2

2
1A
2
IK

50c.
2
$1.20
$1.20
4
fflA

2A
IK
IK

S7Ac
IK
IK
IK

*$ l
♦1 K
IK

1A
IK

2
50c.
IK

*1K

o l . 113.

Books Cl osed.
D a y s Inc l us i ve .

H olders
H olders
♦Holders
Holders
H olders
H olders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
♦Holders
♦Holders
H olders
Holders
Holders
Holders
H olders
H olders
H olders
Holders
Holders
H olders
Holders
July 28
H olders
H olders
Holders
Holders
H olders
Holdens
H olders
H olders
H olders
♦Holders
Holders
H olders
H olders
Holders
Holders
H olders
H olders
H olders
Holders
H olders
H olders
H olders
H olders
H olders
H oldesr
H olders
H old eis
H olders
H olders
Holders
H olders
H olders
H olders
Holders
H olders

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
or
of
of

rec.
rec.
rec.
rec.
rec.
rec.
roc.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
roc.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec
rec.
rec.
to
of rec.
o f rec.
o f rec.
of rec.
of rec.
of rec.
of rec.
of rec.
o f rec.
of rec.
of rec.
of rec.
o f rec.
of rec.
of rec.
of rec.
of rec.
ol rec.
o f rcc.
of rec.
of rec.
or rec.
of rec.
o f rec.
o f rec.
of rec.
of rec.
of rec.
of rec.
o f rec.
of reo.
of rec.
o f rec.
of rec.
of rec.

A ug. 23
A ug. la
A ug. 5
July 31a
July 30
July 31
A ug. 15a
A ug. 10
A u g. 5a
July 30a
A ug. 15a
Aug.dlO a
A u g. 8
A ug. 8
Sept. 10
Sept. 24
A u g. 15a
A u g. 31a
July 31
July 30a
A ug. 5a
A u e. 5a
A u g. 5a
July 28
A ug. 1
Sept. 20
Sept. 12a
A u g. 7
A ug. 16a
A ug. 26a
Sept. 24a
July 30
Sept. 21a
A u g. 20a
July 30
July 30
July 18
A ug. 10
A u g. 10a
A u g. la
A ug. 8a
July 3 la
A u g. la
A u g. 20
A u g. 20
A ug. 24
A u g. 15
July 30a
A u g. 15a
A u g. 10a
A ug. l()a
A u g. 15a
June 30
July 26a
A u g. 16a
Sept. 15a
A u g. la
A u g. 15a
July 31
July 31
Sept. 30a
A u g. 17a
A u g. 23a

A u g. 31 H olders of rec. A ug. 11a
N o v . 30 H olders of reo. N o v . 10a
Sept. 30 H olders o f rec. Sept. 10a
D e c. 31 H olders of rec. D ec. 10a
Sept. 30 H olders of rec. Sept. 9a
Sept. 15 H olders of rec. A u g. 19a
to
A u g. 15
A u g. 15 A u g. 1
A ug. 10 H olders o f rec. July 30
Sept. 1 H olders of rec. A u g. 12a
A u g. 10 H olders of rec. April 16
A u g. 15 H olders of rec. July 30
A u g. 15 H olders of rec. July 30
N o v . 15 H olders of rec. O ct. 31
F eb. 15a H olders of rec. Jan. 31n
M aylow H olders of rec. A p r. 29 n
A ug. 15a H olders of rec. July 3 In
A ug. 15 H olders of rec. July 30a
Sept. 1 ♦Holders o f rec. A u g. 20
Sept. 30 H olders ol reo. Sept. 1
D e c . 31 H olders ol rec. D e c. *
A u g. 15 H olders of rec. A u g. 6
A u g. 10 H olders of rec. Aug- 6a
Sept. 1 H olders of rec. A u g. 15
A ug. 30 H olders of rec. A u g. 9
July 21 to A u g. 15
A ug. 15
July 21 to A u g. 15
A u g. 15
A ug. 15 H olders of rec. July 30a
Sept. 1 H olders of rec. A u g. 15a
A u g. 31 H olders of rec. A u g. la
A u g. 22 H olders of rec. Julyd30a
A u g. 15 ♦Holders o f rec. A u g. 1
A u g. 31 H olders o f rec. A u g. 15a
A ug. 15 H olders o f rec. A u g. la
A u g. 15 H olders of rec. July 31a
Sept. 1 H olders o f rec. A u g. 15
A ug. 31 H olders o f rec. A u g. 20a
A ug. 31 H olders of rec. A u g. 20a
A u g. 10 H olders of rec. July 29a
A ug. 10 H olders of rec. July 29a
A u g. 15 H olders o f rec. July 30a
A u g. 15 H olders o f rec. A u g . la
A ug. 23 H olders o f rec. July 23a
F eb.21« H olders of rec. Jan.n21a
O ct.
1 H olders of rec. Sept. 20a
A u g. 15 H olders o f rec. A u g. 1
O ct.
1 H olders of rec. Sept. 3a
O ct.
1 H olders of rec. Sept. 3a
Sept. 1 H olders of reo. A u g. 5a
Sept. 15 H olders af rec. A u g. 31a
to
A u g. 31
S e p t .29 A u g. 30
A u g. 2
A ug. 30
S e p t. 1 H olders o f rec. A u g . ISa
O ct.
1 ♦Holders o f rec. Sept. 22
O ct.
1 ♦Holders o f rec. Sept. 22
Sept. 1 H olders of rec. A ug. l o
S e p t. 1 H olders o f rec, A ug. 15
S e p t. 1 H olders of rec. A u g. 15
Sept. I H olders of rec. A u g. 10a
Sept. 1 H olders of rec. A ug. 2c>
Oct..
1 H olders of rec. Sept. 2 o
A u g. 15 ♦Holders o f rec. Vug, 1

* From unofficial sources, t T h e N ew Y o rk Stock E xchange has ruled that stock
will n ot be quoted ex-dividond on this date and not until further n otice, a Transfer
books not closed for this dividend, b Less British Income tax. J C orrection.
e Payable in stock . /P a y a b le In com m on stock , o P ayable In scrip . h On ac
cou n t of accum ulated dividends. I P ayable in Liberty or v ictory Loan bonds.
m N , Y . Stock E xchange has ruled that D e l. Lack. A West be not quoted ox the
100% stock dividend on A u g. S and not until further notice, n 1922
o D ividends o f 50c. a m onth declared on com m on stock , payable on the first day
of each m onth to holders o f record on the 25th day of the m onth preceding date of
paym ent. Also three quarterly dividends o f l % % each on the preferred stock ,
payable July 1, O ct. 1 and Jan. 1 1922 to holders o f record June 25. Sept 2e and
D e c . 25, respectively.
p P a ya ble In com m on stock o f the M ongol C o . S t 75 lit par value ^U>0^ of the
com m on stock o f the M ongol C o . for each share of the Amor t'obaooo com m on
and com m on " B ” stock held.

THE CHRONICLE

A u g . 6 1921.]

Transactions at the New York Stock Exchange daily,
weekly and yearly.— Brought forward from page (>07.
Week endino
Auo. 5 1921

Shares.

Saturday .
Monday
Tuesday Wednesday .
Thursday . .
F r id a y __

State, Afun.
4 Foreign
Ronds.

Railroad,
<fcc..
Ronds.

Stocks.
Par Value.

$20,218,000

$932,000
1.465.000
704,000
1.303.000
1,525,500
1.258.000

$1,850,000
3.545.000
2.786.000
4.405.000
3.047.000
3.685.000

2,143,519 $168,645,900

Total

$8,891,000
31,075,200
16,7 12,750
40.737.000
20,258,950
34.971.000

138,200
404,962
31 1,575
506,000
339,052
442,830

Week ending August 5.

Sales at
New York Stock
Exchange.

1921.

Total bonds________

$60,791,170

$3,107,000
8,110,000
4.840.000
5.806.000
6.379.000
5,125,670

$7,1.87,500 $33,385,670

1920.

104,960,426
142,706,698
$7,825,517,884 $12,612,010,675
$J ,400
$1,118,117,360
174,210,900
550,787.600
$1,843,115,860

$57,797,100

$1,784,547,900
223,141,500
353,907,500
$2,361,596,900

D A IL Y T R A N S A C T IO N S A T T H E B O STO N , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .
Boston
Week ending
Aug. 6 1921

Shares

Philadelphia

Bond Sales

S a tu rd a y_ _____
_
M onday _ ...............
Tuesday______ _
W ed n esd ay______
Thursday____
F r id a y ______

4,394
6,120
10,029
6,298
6,288
7,694

$25,950
28,800
40,950
67,950
129,500
53.000

T o t a l.. _______

40,823

Shares

$346,150

AND

Bond Sales

$13,050
120,150
125,800
86,050
70,950
33,200

404
1.247
952
810
406
367

$15,000
25,000
11,000
45,000
15,300
7,000

$149,200

4,186

$118,000

New York City Non-Member Banks and Trust Com
panies. — Following is the report’made to the Clearing House
by clearing non-member institutions which are not included
in the “ Clearing House Returns” in the next column:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G
HOUSE.
( Stated in thousands o f dollars— that is, three ciphers [000 omitted.')
Net L o a n s,
Capital. Profits. Dis
C L E A R IN G
Net
Reserve
Net
Nadi
N O N -M E M B E R S
counts, Cash
with D em and Time
Bank
Legal
in
Nat.bks.June30 I n v e s t
De
De
Circu
Week ending
State** June30 ments, Vault. Deposi posits. posits. lation.
July 30 1921. T r. cos. June 30
&c.
tories.
Members of
Fed’l Res. Bank.
Battery Park N a t.
Mutual Bank. _
W . R . Grace & C o.
Yorkville B ank_
_

%
1,500
200
500
200

Average Average Average A verage Average Average
%
$
S
$
$
%
$
1,443 11,656
184
1,354
9,642
115
190
770 10,823
245
1,403
10,164
349
1.032 5,388
42
546
2,965
1,294
754 16,477
519
1,469
8,548 8,694

T otal. _ ______
State Banks
Not Members of the
Feder'l Reserve Bank
Bank of Wash Hts.
Colonial Bank____

2,400

4.001 44,344

990

4,772

31,319 10,452

100
600

433 3,531
1,691 16,175

469
2,138

220
1,309

3,614
17,228

30

T otal.
Trust C om panies
Not Members o f the
Feder'l Reserve Bank
Mechanics Tr, Bay

700

2,125 19,706

2.607

1,529

20,842

30

200

530

9,816

387

258

4,295

5,549

T otal___________

200

530

9,816

387

258

4,295

5,549

Grand aggregate. _ 3,300
Comparison previo us week

6,656 73,866
— 516

3,984
+ 123

6,559 a56,456 16,031
— 222
— 562
— 36

190
—5

G r’ d
G r’d
Gr’d
G r’d

6,656 74,382
6,656 74,712
6,681 74,967
6,696 4,592

3,861
4,222
4,365
4,148

6,781
6,967
6,950
6,533

195
199
197
195

aggr.
aggr.
aggr.
aggr.

July 23
July 16
.July 9
July 2

3,300
3,300
3,300
3,300

a57,018
a58,157
a57,451
a 56,532

190

----

16,067
16,101
16,019
16,037

a U . S. deposit:-! deducted, $573,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,103,000.
Excess reserve, $64,020 decrease.

statement for the week ending July 30 with comparative
figures for the two weeks preceding is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve B ank.
“ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 0 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in v a u lts.”

Capital_
_ .
____
$33,225,0
Surplus and profits
92,583,0!
Loans, dlsc’t h & investr/fts 630,431,0!
Exchanges for <
House
2J.098,0]
84,141,0!
Dtie from banks
Bank deposits
101,068,0!
Individual deposits
4 6 J,245,0
A Ime deposit -:
12,720,0
r otal deposits
/
575,033.0
Dr 8 . deposits (not incl )
Reserve with legal deposit's
Reserve with l<. St. Bank.
4 8,4/3,0
___
Cash In vault*
0,053,0
T otal reserve and cash held
58.300.0
Reserve required
46.088.0
Excess reu fa c< -'n In vault
12.278.0

$4,500,0
13.208.0
33.001.0
400.0
15,0
273.0
18.221.0
285.0
18,770,0
2.270.0
780.0
3.002.0
2.724.0
338.0

$37,725,0
105.881.0
004.032.0
22.407.0
84.150.0
102.241.0
470.406.0
13.005.0
594.712.0
5.860.0
2.276.0
48.413.0
J0,730,0
61 ,428,0
48.812.0
12.616,0'

$
2,571,000
51 1,01 1,000
387,79 1,000
86,198,000
20,702,000
3,077,000
1.2,853,000
47,275,000
42,392,000

Changes from
previous week.
I >oc,

! m e.
1)< C
J.
1) 0 C .
I n c,
Dec.
Dec.
D ec.
Inc.

385,000 Inc.

July 23
J921.

July 10
1921 .

$

30,000
2,001 .000
2,0 j 6.000
070,000 5 12,28 1 ,000 5 J2 .505.000
3,025,000 390,810,000 395,529,000
5,138,000 91,030,000 90,007,000
297,000 20,405,000 20,544,000
1,100,000
4 ,837,000
9,549,000
149,000 13,002,000 15,577,000
5,057,000 52,332,000 57,991,000
1,052,000 4 1,340,000 43,830,000
1,369,000 def .984,000

1,409,000

Statem ent of New York City Clearing House Banks
and Trust Companies.— The following detailed statement
shows the condition of the N ew Y ork City- Cleaaing House
members for the week ending July 3 0 . T he figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:

Net
Loans,
Reserve
Capital. Profits. Discount, Cash
with
Net
M EM BERS.
Invest
in
Legal
Demand
L000 omitted.) Nat’I, June 30 ments,
Vault. Depos i Deposits.
&c.
W e e k e n d i n g State, June 30
tortes
J u ly 39 1921 T r.cos., June 30
C L E A R IN G
house

M em bers o f
Fed. R es. B an k
Bk Of N Y .N B A
Manhattan C o .
Mech & M etals.
Bank o f Amer__
National C it y ..
Chemical Nat 1.
Atlantic Nat 1__
Nat Butch & Dr
Amer Exch Nat
Nat Bk of C om .
Pacific Bank —
Chat &»Pnenlx.
H anover Nat 1_
Metropolitan . .
Corn Exchange.
Imp < Trad Nat
&
National P a rk ..
East River N at.
Second Nat’I—
First N ation al..
Irving National
N Y County Nat
Continental-----Chase NationalFifth A ven u e..
Commonwealth
Garfield N at’I. .
Fifth NationalSeaboard N at’I.
Coal & Iron-----Union Exch Nat
Brooklyn Tr Co
Bankers T r C o .
U S M tg & TrC o
Guaranty T r Co
Fidel-Int T r Co
Columbia T r Co
Peoples’ T r C o .
N Y Trust C o ._
Lincoln Tr C o . _
Metropol T r Co
NassauNat ,Bkn
Farm L & Tr Co
C o lu m b ia _____
Equitable T r Co

$
2,000
5,000
10,000
5,500
40,000
4,500
1,000
500
5,000
25,000
1,000
7,000
3,000
2,500
7,500
1,500
10,000
1,000
1,000
10,000
12,500
1,000
1.000
15,000
500
400
1.000
1,000
3,000
1,500
1.000
1,500
20,000
2,000
25,000
1,500
5,000
1,500
10,000
2,000
2,000
1,000
5,000
2,000
12,000

$
7,184
16.S28
17,004
5,976
64,056
15,339
1,084
233
7,630
34,49^
1,668
8,402
20,954
4,403
10,093
8,500
23,011
738
4,735
36,533
11,202
501
859
19,716
2,189
835
1,606
736
4,829
1.400
1,509
2,678
19,034
4,850
30,545
1,631
7,652
1,905
16,340
1,202
3,394
1,501
11,617
1,606
16,599

Average Average Average
%
$
%
34 733
655 3,259
121,482
1,996 14,085
174,188 8,909 18,253
52,293
1,471
6,528
488,010 10,104 48,996
122,601
1,433 12,626
16,987
400
1,830
5,080
104
547
100,036
1,198 10,511
276,425
1,958 30,694
20,770
1,155 3,130
111,986 4,907 12,930
111,983
778 13,196
6,304
41,372
2,851
160,852 5,945 21,116
34,288
662 3,323
161,608
1,106 16,555
10,476
1,385
308
22,003
705 2.470
231,440
648 23,530
167,598
6,648 23,432
12,314
598
1,727
6,597
109
796
5,059 28,572
269,939
19,539
887 2,737
7,992
470
1,146
15,319
43S
1,959
13,237
315
1,618
48,672
5,442
1,011
15,298
756
1,625
16,795
423 2,181
804 3,637
31,538
246,536
1,037 31,979
50,008
60S 5,869
416,711
2,579 40,803
18,382
350 2,311
69,611
1,051 8,507
35,265
1,153 3,630
139,S87
661 15,730
20,931
418 2,907
27,140
617 3,137
15,936
385
1,300
110,872
742 12,103
24,460
587 2,955
143,463
1,692 17,787

Average
$
25 260
102,231
136,934
48,909
*471,123
95,152
13,706
3,764
78,960
229,356
22,203
92,914
100,961
43,804
151,286
25,359
126,643
9,542
17,103
180,301
•172,928
13,042
5,367
218,796
19,305
8,393
14,427
12,209
41,205
11,948
16,769
27,141
*233,663
43,127
*410,307
17,952
64,935
33,823
118,047
20,323
23,671
12,809
*101,137
22,618
*158,716

Time Banco
De Circu
posits.
la
tion.
Average
$
1 205
13,427
2,239
984
23,046
1,617
836
92
3,046
2,445
119
15,576
479
15,613
35
2,058
1,263
83
3,367
2,275
671
100
7,549

Avge.
8
1 353
980
1,281.
350
234
288
4,727
4,473
100
51
5,201
50
617
7,176
2,344
193
1,063

37
387
352
240
708
67
392
392
330
385
3,049
8,401
4,789
14,927
579
2,202
1,351
1,856
505
720
321
50
14,752
523
9,642 . - - - -

Avge. July 30__ 271,400 454,822 4,242,653 76,691 475,098 c3 ,552,813 163,561 32,002
Totals, actual co ndition July 30 4,245,688 71,683 450,760 c3 ,540,042 164,045 31,919
Totals, actual co ndition July 23 4,276,248 74,983471,599 c3 ,550,594 363,410 32,535
Totals, actual co ndition July 16 4,277,842 75,039 482,972 c3 ,585,792 167,228 32,945
2,483
625
3,068

1,769
300
1,921

17,264
50
4,998
27,797 45,858

—

5,973

97,118

6,176

3,990

50,419 45,908

—

Totals, actual co ndition July 30
Totals, actual co ndition July 23
Totals, actual co ndition July 1G

97,258
97,373
97,665

6,154
6,288
6,526

4,078
3,804
3.769

51,377 45,857
50,443 45,883
50,932 45,772

------

Not M e mbers of F. R. Bk.:
Trust Cos.
Title Guar < Tr 6,000 12,416
fe
46,501
25,084
Lawyers T1 < Tr 4,000 6,296
fe

1,435
871

#
3,258
1,628

31,207
16,480

1,073
544

—

A vge. July 30_.

3,750

__

10,000 18,713

71,585

2,386

4,886

47,687

1.617

—

Totals, actual co ndition July 30
Totals, actual co ndition July 23
Totals, actual co ndition July 16

71,230
71,726
70,540

2,153
2,312
2,285

4,908
5,052
4,673

46,663
48,003
44,036

1,624
1,616
1,532

—

Avge. July 3 0 ..

___

G r’ d aggr. avge. 285,150 179,508 4,411,356 85,173 83,974 f3 ,650,919 211,0S6 32,002
— 6,684 — 2,221 — 762
Comparison, pre vious w 'eek___ —13,641
+ 101 — 2,033

Week ending July 3 0 1921.
Total.

( Hrcuhitlon
Loans, dlneTi-iA. lnvostmontu
Jndivldual deposits, 1riel, IJ .H.
I >uo to banks
Time d eposit.
United States deposits
Exchanges for <leaping 1 ouse
1
Due from other banks
Gash In bank and F. R. Bank
Reserve excess In bank and
Federal Reserve Bank

S ta te B an k s. Not M e mbers of F. R. Bk.:
1,955
1,000
Greenwich Bank
17,105
845
250
Bowery _______
5,189
3,172
2,500
74,824
State B ank____

Philadelphia Banks. — The Philadelphia Clearing House

Two ciphers (00) omitted. Members o f , Trust
F Jt.Hystern \
Companies

July 30
1921 .

N E W Y O R K W E E K L Y C L E A R IN G HOUSE R E T U R N S .
( Staled in thousands o f dollars— that is. three ciphers [000 omitted.)

Baltimore

Bond Sales ' Shares

955
2,252
6,164'
4,939
3.49S!
2,661 j
20,469

HORTON C L E A R I N G HOI .1. M l.M IO .lc .

u . s.

1921.

Stocks— o . shares.
'N
5,237,560
2,143,519
_ ____
$168,645,900 $433,679,000
Par value_
Bank shares, par_ _.
Bonds.
Government bonds__ $33,385,670 $38,612,100
State, mun., 4 c., bonds
7.1S7.500
3.553,000
H R. and raise, bonds
20.218,000
15,632,000

Boston Clearing House Banks. W< give below a sum
mary showing tho totals for all tlio items in the Boston
Clearing House weekly statement for a series of weeks:

Ronds.

Jan. 1 to August 5.

1920.

603

July 23
1921.

July 16
1021.

$37,725,0 $37,725,0
105.841.0 105.848.0
670.234.0 673.171.0
20.444.0
24.105.0
86.520.0
02.113.0
104.548.0 108.588.0
480.036.0 483.860.0
12.961.0
12.882.0
508.445.0 605.330.0
8.307.0
11.951.0
2.121.0
2,112,0
48.102.0
48.462.0
JO, 010.0
I 1,054,0
6 1,142,0
61.028.0
40.130.0
48.003.0
12.003.0
12.725.0

•Cash In vaults not counted as reserve for Federal Reserve members.

G r’d aggr., act’l con’dn July 30 4,414,176 79,990 459,746 33,638,082 211,526 31,919
10,958 + 617 — 616
Comparison, pre vious w eek____ — 31,171 — 3,593 -20,709
Gr (1 aggr., act 1 con d’ n
Or d aggr., act 1 cond’n
G r’d aggr., aot’l cond'ii
G r’d aggr., a ct’l cond’ n

July 23 4,445,347 83,583 480,455
July 16 4,446,048 83,850 491,414
July 9 4,504,355 90,886 507,314
July 2 4,576,302 77,864 498,633

3,649,040
3,680,760
3,645,740
3,754,330

210,909
214,532
219,759
221,327

32,535
32,945
33,538
33,126

Note. U. S . 'deposits deducted from net demand deposits In the general totals
above were as follows: Average for week July 30, $49,126,000; actual totals July 30,
$43,717,000; July 23, $53,049,000; July 16, $85,201,000; July 9, $154,023,000; July 2,
$170,050,000. Bills payable, rediscounts, acceptances and other liabilities: average
for week July 30, $604,931,000; actual totals July 30, $599,082,000; July 23, $031 ,761,000: July 16, 8010,1 1.7,000: July 0, $675,807,000: July 2, $612,607,000.
^
v " Includes deposits in foreign branches not Included in total footing as follows:
National City Bank, $96,119,000; Bankers Trust C o., $9,021,000; Guaranty Trust
G o., $100,891,000; Farmers Loan & Trust (Jo., $12,484,000; Equitable Trust C o.,
$26,841,000. Balances carried in banks In foreign countries as reserve for such
deposits worn: National C ity Bank, $37,564,000; Bankers Trust G o., $217,000;
Guaranty Trust ( lo., $20,970,000; Farmers Loan ; Trust C o., $1,420,000; Equitable
Trust C o ., $0,195,000. c Deposits In foreign branches not Included,

THE CHRONICLE

004

0 PAT EM ENTS Ut RESERVE POSITION OF C L E A R IN G HOUSE BANKS

C O M B IN E D

AND TR U ST COM PANIES
Averages.
C ash
Reserve
in V ault.

Mem tiers Federal
Re <erv<* banks
Stale banks*__
Trust companies.
To ;il July
To tal July
To ;al J uly
To al July

30.
23
16
9

R eserve
R eq u ired .

T ota l
R eserv e .

S u rp lu s
R eserve.

§
§
§
§
8.325,480
475,098,000 175,098,000 466,772,520
9,075,420
1,090,580
6,176,000
3.990,000 U), 166,000
7,153,050 38,950,000
4,836,000
2,306,000
7,192,000
§

8,483,000
8,723,000
9,063.000
9, 100,000

133,97 1,000
1.33,007,000
189, 19 000
195 '' 1

192,456,000
194,730,000
198.257,000
505.048,000

R E SU I/rS OF BANKS AND T R U ST COM PANIES
G R E A T E R NEW Y O R K .
L o a n s and
In v e s tm e n ts .

W eek en d ed —

u

R eserve
in
D ep o s ita r ie s

183,000,990
133,925,491)
184,607,320
487,857,720

9.455,010
10,80 1,510
13 649,680
17 190,280

[ V ol . 113.

D em a n d
D e p o s its .

*T ota l

C ash
in V a u lts.

§
§
§
113.031.400
4,245,541,100
5,220.460,900
4,291,978,300 111.270.400
5,190,335,300
115.802.000
4.344.640.400
5.133.910.400
4.356.385.400 111,206,200
5,159,297,200
i 12.499,100
4.291.071.600
5,202,318,800
109,716,700
4.326.379.600
5,204,031,100
115.158.000
4.274.515.500
5,137,681,600
116,703,500
4,255,95 1,300
5,077,470,000
108,53 I ,900
4.247.218.500
5.020.355.400
108.482,600
1,2 I I 523,600
5 .0 12,06 1.900
* This item includes gold, sliver, legal tenders, national bank notes
Reserve notes.

May
June
June
June
J une
July
July
July
J uly
July

IN

R eserve in
D ep o s ita ries.

§
571,3^3,700
580.576.900
593.039.900
615,166,100
595,220,400
580,941.200
582,114,000
574,530.600
598,566,800
560, .326,300

_
28_
4
11.
18-.
25
2 .
9 ___
16
23
30

and Federal

A ctu al Figures.
C ash
R eserve
in V ault.

Members Federal
Reserve banks__
State banks* __ __
Trust companies_
Total
Total
Total
Total

July
July
July
July

30___
23 ___
16___
9_

b

R eserve
in
D e p o s ita ries

R eserve
R eq u ired .

T ota l
R eserv e.

S u r p lu s
R eserve.

§
§
§
§
450,760,000 450,760,000 465,126,810 d e ll4366810
9,247,860
984,140
4.078.000 10,232,000
6.154.000
6,999,450
61,550
7,061,000
4.908.000
2.153.000

§

8,307,000 459.746.000
3 600 Q0Q 480.455.000
s s 11,000 491.414.000
9 n o.o o o 507.314.000

468.053.000
489.055.000
500.225.000
515.663.000

481,374,120 d c fl3321120
6,295.290
482,759,719
486,942,000 13,282,000
482,605,310 34,057,690

* N ot members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Re serve banks
includes also amount of reserve required on net time deposits, which was as follows:
July 30, *4,906,830; July 23, §4,975,860; July 16, §5,052,510; July 9, S’. 187,930.
b This is the reserve required on net demand deposits in the case of State banks
aud 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:
July 30, §4,921,350; July 23, §4,902,300; July 16, 85,016,840; July 9, $5,175,390.

State Banks and Trust Companies Not in Clearing
House.— The State Banking Department reports weekly
figures showing the condition of State banks and trust com
panies in New York City not in the Clearing House as follows:
S U M M A R Y OF STATE BANKS AN D TR U ST COM PANIES IN G R E A T E R
N EW Y O R K . NOT INCLUDED IN C LEARIN G HOUSE STA T E M E N T .
(.Figures F u rn ish ed by State B an k in g D e p a r tm e n t .)

k J u ly 30
Loans and investments.
_____ _ ___________ $600,708,000
Gold ___
6,958,200
Currency and bank notes___ ____ _____
________
16,351,400
Deposits with Federal Reserve Bank of New Y ork . _ 50,670,800
Total deposits. __ ________________________________ 630,445,500
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com
panies In X . Y . City, exchanges and U. S. deposits 590.604,600
Reserve on deposits_____________
105,661.900
Percentage of reserve, 20.5% .
R ESERVE.

------ Slate B anks -----Cash in vaults________________ * §25,147,100 15.65%
Deposits in banks & trust companies 8,171,900 5.08%
Total

$33,319,000

20.73%

D iffe r e n c e s f r o m
p reviou s, w eek.

Inc. $5,350,500
Inc.
70,000
Dee.
220,300
Dec. 750,500
Inc.
965,300
Inc.
Dec.

989,100
349,800

— T ru st C o m p a n ies —

§48,833,300 13.82%
23,509,600 6.66%

$72,342,900

20.48%

* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on July 30 were S50.670.800.
k The Equitable Trust Co. is no longer included in these totals, it having become
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.

Banks and Trust Companies in New York City.— The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:

Condition of the Federal Reserve Bank of New York.
-T h e following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 8 1921, in
comparison with the previous week and the corresponding
date last year:
>
A u g . 3 1921. J u ly 27 1921 A u g . 6 1920.
Resources—

Gold and gold certificates___________
Gold settlement fund—F. R. Board___
Gold with foreign agencies__________
Total gold held by bank__________
Gold with Federal Reserve Agent_____
Gold redemption fund______________
Total gold reserves_______________
Legal tender notes, silver, Ac_______
Total reserves__________________
Bills discounted: Seoured by U. 8. Gov
ernment obligations—for members__
For other F. R. Banks............
,
All other—For members__________
For other F. R. Banks__________

§

323,673,971
20,303,232
344,037,204
463,002,278
20,000.000
827,039,482
67,462,022
894,501,505

§

§

301,637,380 89,755,000
66,335,176 50,589,000
_______
40,932,000
367,972,566 181,270,000
488,336,778 278,544,000
20,000,000 35,943,000
876,309,335 495,763,000
71,198,260 119,528,000
947,507,595 615,291,000

135,175,047 141,088,225 537,262,000
30,950,000
30,173,500 14,657,000
166,125,047 171,261,725 551,919,000
244,245,431 224,644,138 294,031,000
6,935,000____ 8,110,000 12,628,000
251,180,431 232,754,138 306.659.000
2,018,046 134.576.000
Bills bought In open market________ _ 12,732,480
Total bills on hand--------------------- 430,037,959“ 406,033,910 993.154.000
1.512.000
1,005,400
1,005,400
U. S. Government bonds and notes----U. 8. certificates of Indebtedness—
59,276,000
52,276,000
One-year Certificates (Pittman Act)__ 52,276,000
9.467.000
9,857.000
All others------ ---------------------- —
Total earning assets--------------------- 493,176,359 459,315,310 1,063,409,000
5,380,969
3,869,000
5,386,985
Bank premises____________________
1,769,710
3,156,000
i ,750,810
6% redemp. fund agst. F. R. bank notes
Uncollected Items__________________ 111,827,115 112,713,552 154,060,000
2,797,372
599,000
3,456,093
All other resources_________________
1,510,098,869 1,529,484,509 1.840,384,000
Total resources
Liabilities—
= = = = =
24.681.000
26.873,550
Capital paid In______________ 26.873,550
51.308.000
59,318,368
Surplus____________________
59,318,368
18,181.010
Reserved for Government Franchise Tax. 18,233,010
Deposits:
10.014.000
8,564,550
Government______________
11,969,427
649,183,642 722.701.000
Member Banks—Reserve Account_ 620,915,972
21.341.000
11,291,140
All Other______________________
12,394,047
645,279,448 668,539,332 754.056.000
Total deposits. ______
643,875,237 852.368.000
F. R. notes in actual circulation_ 647,345,650
35.360.000
29,752,200
F. R. bank notes In clrcul’n—net liability 29,821,960
94.728.000
79,375,971
Deferred availability Items_____ 79,492,234
27.883.000
3,568,838
All other liabilities.....................
3,734,648
Total liabilities............ ................... 1,510,098,869 1,529,484,509 1,840,384,000
Ratio of total reserves to depost and = = = = = :— ---- ----:
—
—
F. R. note liabilities combined_____
69.2%
72.2%
39.8%
Ratio of total reser es to F. R. Notes
in circulation after setting aside 35%
against deposit liabilities____________
103.3%
110.8%
43.7%
Contingent liability on bills purchased
for foreign correspondents_________
18,355,658
20,926,022
6,093,355
N o t e .—In conformity with the practice of the Federal Reserve Board at Washing
ton, method of computing ratios of reserves to liabilities was changed beginning with
the return for March 18. Instead of computing reserves on the basis of n et deposits—
that Is. Including in the total of deposits “ deferred availability items’’ but deducting
“ uncollected items’’—the new method is to disregard both amounts and figure the
percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis; that is, reserve percentages are calculated on
basis of net deposits and Federal Reseive notes in circulation.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Aug. 4
The figures for the system as a whole are given in the following table, and in addition we present the results for seven preced
ing weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities sepa
rately for each of the twelve banks. The Federal Reserve 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 says:
F u rth er gains o f $ 18,500,000 in cash reserves accom p a n ied b y a to ta l in
crease o f a bou t $ 10,000,000 in deposit liabilities and a decrease o f $ 1,0 00 ,0 00
in F ederal R eserve n ote circu lation , are indicated in th e F ederal R eserve
B o a r d ’s w eek ly ban k statem en t issued as at close o f business on A u g . 3 1921.
T h e b an k s’ reserve ratio show s a furth er rise fo r th e w eek fro m 63.4 to
6 3 .7 % .
F ederal R eserve ban k h old in gs o f paper secured b y U nited States G o v e rn 
m en t ob ligation s sh ow a •decline o f $ 18 ,600,000, oth er d iscou n ts on hand
decreased b y $ 1 4 ,30 0 ,00 0, w hile holdings o f accep tan ces purchased in th e
open m a rk et, w hich had d eclin ed to $19,400,000 on the previou s W edn esd ay,
sh ow an increase o f $10 ,50 0 ,00 0 for th e w eek.
D u rin g th e w eek th e G ov ern m en t retired an a dd ition al $6,5 00 ,0 00 o f
P ittm a n certifica tes used as cov er for ou tstan d in g F ederal R eserve B ank
n otes, w hile th e increase o f $ 12,600,000 in oth er T reasu ry ce rtifica te h o ld 
ings is due large to tem p ora ry purchases b y th e N ew Y o r k and C h icago
banks o f these securities. T o ta l earning assets, in con seq u en ce o f the
changes n oted , show a further decrease for th e w eek o f $ 1 6 ,30 0 ,00 0, and
on A u g . 3 sto o d at $ 1,9 03 ,1 00 ,0 00 , or a bou t 4 0 % b e lo w the to ta l reported
a b ou t a yea r ago.
O f the to ta l h old ings o f $572,600,000 o f pap er secured b y U nited States
G overn m en t ob liga tion , $386,600,000, or 6 7 .5 % , were secured b y L ib e rty
and oth er U . S. b on d s: $153,100,000, or 2 6 .7 % b y V icto ry notes; $ 6 ,8 0 0 ,000, or 1 .2 % , b y T reasu ry notes, and $26,400,000, or 4 .6 % , b y T reasu ry
certificates, com pared w ith $ 40 6,500,000, $ 15 4,300,000, $ 3 ,2 00 ,0 00 , and
$27 ,30 0 ,00 0 show n the w eek before.

D iscou n ted bills held b y the B o sto n , N ew Y o r k and C lev ela n d banks
in clu d e $56,900,000 o f bills discou n ted fo r th e R ich m o n d , A tla n ta . M in n e
apolis and D a llas banks. T h e R ich m on d ban k reports an increase o f its
a cco m m o d a tio n at th e N ew Y o rk bank from $24 ,400,000 to a bou t $ 25 ,00 0 .000. T h e A tla n ta ban k , w hich on the previou s W ed n esd ay had under
rediscou nt over $ 4,000,000 o f paper w ith th e B o sto n and C lev ela n d ban k s,
show s a red u ction in th e am ount o f rediscounts to a b o u t $ 1,8 00 ,0 00 , all
h eld b y th e B o sto n b an k . T h e M in n eap olis bank reduced its rediscou nts
w ith th e N ew Y o rk ban k from $13,800,000 t o $ 12 ,90 0 ,00 0, w hile the D allas
bank rep orts a slight increase fro m $ 19,100,000 to $ 19,200,000 in its a cco m 
m od ation w ith the B oston and C levelan d banks.
A s against a decrease o f $18,700,000 in m em bers' reserve deposits, there
is show n an increase o f a bou t $25 ,00 0 ,00 0 in G overn m en t deposits and o f
$ 3,5 00 ,0 00 in oth er deposits, com posed largely o f n on -m em bers' clearing
a ccou n ts and cash ier’s checks. In add ition to th e decrease o f $ 1,000,000
in Federal reserve n ote circu la tion , there is also show n a red u ction o f
$2,800,000 in the b an k s’ com bin ed liabilities on Federal R eserve bank notes
in circu la tio n .
G old reserves show a further gain fo r th e week o f $ 21 ,600,000. largely
throu gh purchase o f im p orted g o ld , w h ile th e ban k s’ holdings o f silver and
legals declined b y over $ 3,0 00 ,0 00 . Since th e beginning o f the present
year, th e Federal R eserve banks h av e gained a tota l o f $49 0,0 0 0,0 00 in
gold and h ave lost som ew h at less th an $40,000,000 o f legals and silver, their
gain in to ta l cash reserves being th u s a b o u t $450,000,000.

C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o p B u s i n e s s A n :. 3
Aug.

RESOURCES.

Gold and gold certificates__________
Gold settlement fund, F. R. Board___
Gold with foreign agencies

1921

3 1921. J u ly 27 1921. J u ly 20 1921. J u ly 13 1921. J u ly 6 1921, J u n e 29 1921. J u n e 22 1921. J u n e 15 1921. A u g . 6 1920.

S

412.836.000
425.766.000

S

389.665.000
419.741.000

S

368.448.000
404.005.000

S

352.341.000
402.248.000

S

338.957.000
403.146.000

§

323.900.000
407.234.000

$

315.472.000
400.841.000

$

SI 1.017.000
456,211.000

S

185, lt>5,000
88 L 250.000
IU.53l.0U0

Total gold held by banks__________ 838,602,000 809.406.000 772.453.000 754.589.000 742.103.000 731.134.000 716.313.000 767.228.000 l»77,055.000
old with Federal Reserve agents____ 1.615,482,000 1.616.287,000 1,624,332,000 1,623,321,000 1.598.265,000 1.597,219,000 i ,598,128,000 1.550,817.000 1,150,343,000
105.535.000 111.513.000 114.634.000 137.438.000 133.576.000 136.047.000 127.528.000 131.30.000
98,729,000
Gold redemption fund____ _______
Total cold reserve_____ __
2,552,813,000 2,531,231,000 2.508,298,000 2,492.544.000 2,477,806,000 2,461,931,000 2.450,'488.000 2.445,568,000 1.'*80,M*3.00O
'

THE CHRONICLE

Vug. (> 1921.]

605

M
Any. 3 1921. lull/ 27 J921. .July 20 1921, July 13 1921. Jiity 6 1921. Jura 29 1921 Jurat 22 J921. Jura-. 15 J92 J. 1 u y. 6 J920
/1

$
151,030,000

i oa:al tender notes, silver, £ o _________

#
154,005,000

•
I
f
151,008,000

•
I
f
155,050,000

%

153,405,000

$
163,527,000

•
1
5
169,517,000

%

170,056,000

151,139,000

Total reserves__________ ______ ___ 2,703,843,000 2,085.290,000 2,659,306,000 2,647,594.000 2,031,211,000 2,625,458,000 2,620,005,000 2,615,624 ,000U,I il ,744 000
Bills discounted.
Secured by U. S. Govt, obligations... 572,009,000 591,450,000 009,779,000 618,784,000 674,377,000 647,761,000 657.980,000 664,296,000 1,285,398 000
All other. ________________________ 1,0 15,009,000 1,059,0 10.000 1,070,370,000 1,085,190,000 1,126,986,000 J,123,801 ,000 1,095,903.000 1.043,383,000 1,204,435,000
29,901,000
23,907.000
31,130,000
19,424,000
31,601,000
25.136,000
39,488,000
53,200.000 339,390,000
Bills bought In open market__ ______
Total bills on hand___
_____ 1,047,579,000 1,069,920,000 1,710,056,000 1.72!), 115,000 1,832,499,000 1,803,165,000 i ,793,451,000 J.760,879,000 2,889,223 000
34,175,000
34,1 1.4,000
35,407,000
36,6 10,000
34,549,000
30,098,000
26,879.000
33,729,000
35,066,000
U. S. Government, bonds and notes___
U rt. certificates of indebtedness:
207,875,000 21 1,375,000 215,875,000 216,875,000 215,875,000 215,875,000 222,375,000 222,375,000 259,375,000
One-year certificates (Pittman Act) —
13,541,000
2,892,000
10,551,000
6,908,000
938,000
18,534,000
12,115,000
32,848,000 300,515,000
All other__________________________
Total earning assets.......................— 1,903,109,000 1.919,408,000 1,964,230,000 1,999,022,000 2,095,535,000 2,060,495,000 2,082,403,000 2,318,833,000 3,187,592,000
25,702,000
24,861 ,000
24,845,000
24,442,000
14,444.000
25,892,000
25,846,000
24,7 J7,000
Bank premises_______________________
25,519,000
9,954,000
10,042,000
9,000,000
9,679,000
13,002 000
9,014,000
10,033,000
10,170,000
6% redemp. fund agst. F. R. bank notes
10,194,000
493,700,000 494,948,000 544,655,000 590,694,000 657,162,000 506,454,000 564,105,000 722,766,000 732,573,000
Uncollected Items______ ___________
12,813,000
17,170,000
15,046,000
13,088,000
14,747,000
4,615,000
J4,404,000
15,338,000
14,698,000
All other resources___________________
5,150,210,000 5,216,780,000 5,288,360,000 5,331,536,000 5,242,041,000 5,315,828,000 5,707,179,000 6,083,970,000

Total resources____________________
L IA B IL IT IE S .

95,341,000
102,372,000 102,263*000 102,222,000 102,090,000 102,103,000 102,184,000 102,177,000 102,156,000
Capital paid In____ _________________
Surplus_____ ________________________ 213,824,000 213,824,000 213,824,000 213,824,000 213,824,000 202,036,000 202,036,000 202,036,000 164,74.5,000
42,065.000
39.057,000
45,826,000
44,231,000
45,503,000
40,910,000
4 ),400,000
43,419,000
Reserved for Govt franchise ta x ___ __
34,024,000
15,352,000
14,597,000
20,780,000
50,747,000
17,957,000
31,709,000
34,967,000
10,942,000
Deposits—Government ______
Member banks—reserve account.____ 1,619,920,000 1,638,037,000 1,630,196,000 1,655,303,000 1,651,757,000 1,641,156,000 1,647,709,000 1,866,455,000 1,816,798.000
44,821,000
48,175,000
27,856,000
27,746,000
27,371,000
29,280,000
28,399,000
All other____________________ ______
31,581,000
24,928,000
T o ta l...... ...................... ...............

1,705,060,000 1.695,274,000 1,693,019,000 1,693,991 ,000 1,713,152,000 1,685,788,000 1,697,247,000 1,929,227,000 1,882,399,000

F. R. notes In actual circulation______ 2,536,673,000 2,537,517,000 2,564,613,000 2,603,833,000 2,671,916,000 2,634,475,000 2,639,319,000 2,674,435,000 3,141,861,000
F. R. bank notes in circulation—net llab. 122,379,000 125,143,000 127,875,000 130,556,000 133,303,000 132,400,000 135,004,000 135,050,000 194,834,000

Deferred availability Items.__ ________
All other liabilities______
___ ______

409,227,000
17.967,000

413,037,000
17,549*000

453,543,000
17,453,000

483,901,000
16,746,000

438,455,000
16,718,000

412,214,000
32,034,000

594,207,000
31,011,000

467,928,000
31,717,000

549,778,000
55,012,000

DUtribuiion by M aturities —
1-16 days bills bought In open market.
1-16 days bill discounted____________
1-15 days U. 8. oertlf. of Indebtedness
16-30 days bills bought in open market.
16-30 days bills discounted__ ________
16-30 days U. S. certlf. of lndebtedness.
31-60 days bills bought In open market.
31-60 days bills discounted__ ________
31-60 days U. 8. oertlf. of Indebtedness.
81-90 days bills bought in open market.
61-90 davs bills discounted. _ _______
61-90 days U. 8. certlf. of Indebtedness
Over 90 days bills bought in open market
Over 90 days bills discounted ________
Over 90 days certlf. of Indebtedness.,

s

CO

Total liabilities____________________ 5,153,334,000 5,150,210,000 5,216,780,000 5,288,360,000 5,331,536,000 5,242,041,000 5,315,828,000 5,707,179,000 6,083,970,000
Ratio of gold reserves to deposit and
58.9%
39.4%
F. R. note liabilities com bined____
60.2%
56.5%
56.9%
53.1%
58.2%
56.5%
59.8%
Ratio of total reserves to deposit and
62.5%
60.8%
42.4%
60.0%
60.4%
F. R. note liabilities combined_____
61.6%
56.8%
63.7%
63.4%
Ratio of total reserves to F R. notes In
circulation after setting aside 35%
80.6%
77.3%
76.0%
72.6%
46.9%
78.9%
against deposit liabilities___________
82.4%
76.8%
S
19.028.000
947.421.000
15.265.000
3.053.000
149.629.000
12.500.000
4.271.000
270.797.000
36.450.000
3.606.000
198.782.000
29.456.000
3,000
50.989.000
127.745.000

$
9.675.000
943.796.000
4.700.000
2.951.000
156.985.000
10.245.000
3.259.000
281.629.000
34.317.000
3.536.000
198.559.000
25.742.000
3,000
69.527.000
140.309.000

'$
14.258.000
971.150.000
3.700.000
3.277.000
163.545.000
6.595.000
2.983.000
286.529.000
29.742.000
3.379.000
190.922.000
35.092.000
10,000
74.003.000
143.638.000

$
$
S
S
19.311.000
16.225.000
21.019.000
17.225.000
984.521.000 1,049,879,000 1,032,489,000 1,006,319,000
2,600,000
4.228.000
25.337.000
10.063.000
7.706.000
6.708.000
7.668.000
3.243.000
160.140.000 169.610.000 165.256.000 184.746.000
4.700.000
6.528.000
4.304.000
4.700.000
3.434.000
4.760.000
7.788.000
2.827.000
265.996.000 280.130.000 271.088.000 267.860.000
20.959.000
17.669.000
16.172.000
28.002.000
1.683.000
2.910.000
3.013.000
1.830.000
215.803.000 223.550.000 213.178.000 210.194.000
39.482.000
34.814.000
44.376.000
52.340.000
10,000
78,194,000
89,551,000 ~S~4,844~000
77.520.000
117.268.000 157,057,000 161,172,000 157.070.000

3
6
S
28.520.000 114,800.066
986.528.000 1,529,341,000
301.500.000
17.967.000
69.882.000
10.781.000
186.993.000 189.930.000
3.947.000
12.900.000
10.237.000 122.345.000
261.852.000 434.400.000
13.120.000
37.738.000
32.363.000
3.662.000
190.103.000 342.326.000
40.273.000
25.736.000
82.203.000
178.585.000

53,836,000
162,612,000

Federal Reserve N otes —
Outstanding______________________ 2,917,123,000 2,933,241,000 2,969,666,000 3,000,507,000 3,014,824,000 2,996,025,000 3,002,066,000 3,030,050,000 3,438,500,000
380,450,000 395,624,000 405,053,000 396,674,000 342,908,000 361,550,000 362,747,000 355,615,000 296,639,000
Held by banks_____________________

In actual circulation_______________ 2,536,673,000 2,537,617,000 2,564,613,000 2,603,833,000 2,671,916,000 2,634,475,000 2,639,319,000 2,674,435,000 3,141,861,000
Amount chargeable to Fed. Res. agent 3,720,177,000 3,742,072,000 3,781,176,000 3,785,977,000 3,784,499,000 3,803,365,000 3,807,463,000 3,837,187,000 3,882,314,000
803,054,000 808,831,000 811,510,000 785,470,000 769,675,000 807,340,000 805,397,000 807,137,000 443,814,000
In hands of Federal Reserve Agent____
Issued to Federal Reserve banks____ 2,917,123,000 2,933,241,000 2,969,666,000 3,000,507,000 3,014,824,000 2,996,025,000 3.002,066,000 3,030,050,000 3,438,500.000
How Secured—
flj gold and gold certificates__________ 344.992.000 344.993.000 344.993.000 344.992.000 344.993.000 344.992.000 34.5.093.000 345.093.000 259.226.000
By eligible paper____________________ 1.301.641.000 1.316.954.000 1.345.334.000 1.377.186.000 1.416.559.000 1.398.806.000 1.403.93S,COO 1.479.233.000 2,288,157,000
119.176.000 117.047.000 118.896.000 119.094.000 126.558.000 127.264.000 128.760.000 121.141.000 117.784.000
Gold redemption fund________________
With Federal Reserve Board__________ 1.151.314.000 1.154.247.000 1.160.443.000 1.159.235.000 1.126.714.000 1.124.963.000 1,124,275,000 1.084.583.000 773.333.000

T o ta l...... ...................... ...................... 2,917,123,000 2,933,241,000 2,969,666,000 3,000,507,000 3,014,824,000 2,996,025,000 3,002,066,000 3,030,050,000 3,438,500,000
Eligible paper delivered to F. R . Agent. 1,607,793,000 1,626,719,000 1,659,119,000 1,676,862,000 1,773,005,000 1,744,990,000 1,732,677.000 1.690,448.000 2,818,486,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 3 I f 21.
T w o d ith e r s (00) o m itte d .
F ed era l R eserv e B a n k of—

B o s to n .

RESOURCES.

S

N ew Y ork .

8

P h ila .

A tla n ta .

C h ic a o o .

S t. L o u is . M i n n e a j t . K a n .C i t y .

D a lla s .

$

S an F r a n .

T o ta l .

$

8,040,0
Gold and gold certificates. _ .
Gold settlement fund—F. R. B’d 42,948,0

323,674,0
20,363,0

$
6,472,0
57,595,0

$
2,720,0
26,298,0

$
8
4,783,0 21,300,0
5,269,0 114,685,0

$
2,915,0
22,133,0

$
8,569,0
7,257,0

$
2,118,0
44,918,0

Total gold held by banks....... 50,988,0
Gold with F. R. agents________ 195,374,0
Gold redemption fund_________ 19,211,0

344,037,0 52,652,0 64,067,0
463,002,0 144,044,0 182,914,0
5,487,0
20,000,0
4,736,0

29,018,0
35,285,0
8,205.0

10,052,0 135,985,0
51,226,0 279,047,0
5,008,0 14,123,0

25,048.0
50,694,0
3,789,0

15,826,0
18,663,0
2,965,0

47,036,0
32,564,0
3,103,0

12,885,0 51,008,0 838,602,0
11,162,0 151,507,0 1,615,482.0
2,774,0
9,328,0
98,729,0

Total gold reserves.. _ _____ 265,573,0
tender notes, silver, <tc__ 17,083,0

827,039,0 202,183,0 251,717,0
67,462,0
5,446,0
5,201,0

72,508,0
4,090,0

66,286,0 429,155,0
7,286,0 16,426,0

79,531,0
13,032,0

37,454,0
664,0

82,703,0
3,937,0

26,821,0 211,843,0 2,552,813,0
151,030.0
6,940,0
3,463,0

Total reserves_______
282,656,0
discounted: Secured by
U. S. Govt, obligations____ 27,432,0
All other.___ __________
45,656,0
Bills bought In open market.......
5,286,0

894,501,0 207,384.0 257,163,0

76,598,0

73,572,0 445,581,0

92,563,0

38,118,0

86,640,0

33,761,0 215,306,0 2,703,843,0

22,750,0
74,351,0
1,590,0

35,651,0 83,986,0
69,290,0 157,951,0
964 0
2,713,0

29,366,0
50,054,0
340,0

6,411,0
64,204,0

21,019,0
50,191,0
959,0

7,271,0 38,680,0 572,609,0
48,117,0 103,003,0 1,045,009.0
29,961,0
100,0
3,252,0

Total bills on hand________ 78,374,0
U. 8 . Bonds and notes______ _
555,0
U. S. certificatesoflndebtedness:
One-year ctfs. (Pittman Act). 18,936,0
All other............ ................ .
701,0

430,038,0 122,801,0 144,153,0
1,005,0
844,0
1,537,0

98,691,0 105,905,0 244,650,0
1,233,0 10,130,0
4,490,0

79,760,0
1,153,0

70,615,0
116,0

72,169,0
8,868,0

55,488,0 144,935,0 1,647,579.0
34,114,0
3,979,0
‘ 204,0

33,612,0
1,707,0

11,568,0
548,0

5,480,0
223,0

8,320,0
32,0

Total earning assets_________ 98,566,0
Bank premises______________
3,876,0
6% redemption fund against Federa) Reserve bank notes_____
772,0
Uncollected Items____________ 43,373,0
All other resources_________
439,0

493,176,0 151,299,0 166,824,0 106,184,0 126,600,0 284,459,0
2,335,0
2,220,0
5,387,0
529,0
4,125,0
738,0

93,029,0
627,0

76,434,0
655,0

89,389,0
2,893,0

61,867,0 155,282,0 1,903,109.0
25,892,0
586,0
1,921,0

523,0
26,627,0
640,0

347,0
12,880,0
523,0

916,0
37,465,0
489,0

236,0
18,594,0
1,854,0

Legal

m Bills

166,125,0
251,180,0
12,733,0

52,276,0
9,857,0

1,751,0
111.827,0
3,456,0

$
2,098,0
50,554,0

C lev ela n d . R ic h m o n d

87,503,0
34,617,0
681,0

26,780,0
181,0

700,0
43,830,0
309,0

46,415,0
96,395,0
1,343,0

21,799,0
28,0

1,239,0
46,106,0
852,0

6,260,0

363,0
40,189,0
248,0

10,564,0
1,0

608,0
18,630,0
728,0

1,665,0
64,342,0
1,925,0

9,226,0
3,659,0

2,400,0

$
20,921,0
30,087,0

9,880,0
263,0

494,0
29,837,0
5,713,0

412,836,0
425,766.0

207,875,0
13,541,0

9,614,0
493,700,0
17,176.0

Total resources.................. 429,682,0 1,510,098,0 404,051,0 474,519,0 225,802,0 220,876,0 802,097,0 214,009,0 128,957,0 217,792,0 118,233,0 407,218,0 5,153,334,0
LIA B IL IT IE S .
Capital paid In....... ..............
7,911,0
26,874,0
5,378,0
4,109,0 14,291,0
7,400,0 102,372,0
8,622,0 11,044,0
4,341,0
4,313,0
3,548,0
4,541,0
urplus____________________ 16,342,0
59,318,0 17,564,0 22,203,0 11,026,0
8,708,0 30,536,0
9,1 14,0
7,113,0 15,207,0 213,824,0
9,330,0
7,303,0
Reserved for Govt, franchise tax. 2,392,0
45,826,0
18,233,0
1,914,0
2,278,0
2,892,0
8,765,0
1,734,0
3,007,0
2 ,0 1 2 ,0
1,062,0
1,537,0
Deposlts: (Government______ _
56,747,0
i ,735,0
2,812,0
6,653,0
11,969,0
767,0
2,662,0 10,906,0
6,882,0
1,807,0
4,313,0
3,922,0
2,319,0
M etnher bank—reserve acc t _ _ 107,970,0 620,916,0 102,995,0 14 1,336,0 54,578,0 42,699,0 234,377,0 01,104,0 39,772,0 67,909,0 38,867,0 107,397,0 1,619,920,0
All other______
28,399,0
1,027,0
12,394,0
764,0
6,025,0
J,324,0
795,0
384,0
610,0
559,0
3,240,0
777,0
500,0
Total deposits_____ ________ 1J0,732,0
F R. notes in actual circulation, 246,082,0
F. f t . bank notes In circulationnet liability______________
7,722,0
Deferred availability Items____ 37,483,0
All other liabilities___________
1,018,0
Total liabilities............

65,803,0
99,980,0

42,591,0
56,062,0

75,350,0
75,600,0

41,284,0 120,075,0 1.705,066,0
41,769,0 229,626,0 2,536,673,0

12,901.0
6,070,0
48,801 ,0 26,423,0
i ,016,0
2,941,0

4,842,0
1 l .832,0
J,242,0

14,542,0
35,682,0
1,213,0

3,934,0
18,535,0
1,285,0

645,279,0 108,632,0 14 4,943,0 56,109,0 45,745,0 248,523,0
647,346,0 2/7.307,0 239,795,0 112,044,0 135,723,0 435,339,0
29,822,0
79,492.0
3.734.0

8,201,0
39,963,0
755,0

14,445,0
5,276,0
39,001 ,0 32,982,0
1.073,0
1,016,0

8,725,0
J 4 ,128,0
846,0

5,899,0
24,905,0
J.828,0

122,379,0
409,227,0
17,967.0

429,682,0 1,5 J0,098,0 404,051,0 474,519.0 225,802,0 220,876,0 802,907,0 214,009,0 128,957,0 217,792,0 1)8,233,0 407,218,0 5,163,334,0

THE CHRONICLE

606
LIABILITIES (Concluded) —
Two dithers (00) omilled
\1 emurandu.
Hallo of tola! reserved to deposit
and F. R. note liabilities comblued, per cent----- . . . . . . _____
Contingent liability as endorser on
discounted paper rediscounted
with other F. ft. banks__ ____
Contingent liability on bills purchased for foreign ccirespond'ts
a includes bills discounted for
ether F. R . banks, vln.:

New York

Boston

*

Cleveland. Richmond Atlanta

Phila.

$

i

%

63.6

66.8

Chicago. St. Louis M inneap. Kan.City.

*

*

S

4,100,0

18,356,0

12,645,0

4,503,0

37,885,0

4,616,0

45.6

40.5

24,950,0

69.2

79 2

[ V o l . 113.

1,751,0

2,758,0

2,026,0

65.2

55.8

8,326,0

$

$

57.4

38.6

2,646,0

Total.

$
40.6

12,935,0
6,698,0

San Fran.

$

$

$

Dallas.

63.7

19,220,0

1,520,0
----~ _
—

61.6

2,702,0

58,856,0

1,464,0

2,589,0

53,987,0
58,856,0

—

STATEMENT OF FEDEKAI RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS AUG. 3 1921.
F ed era l
tit so u rces —

Bestroe Agent at —

B o sto n .

( i n T h ou sa n d s o/ D olla rs)

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-----Eligible paper i Amount required__________________
(Excess amount held____________

New Y ork

Cleoe. h tch m 'd A tla n ta

P h ila .

Chicago

St. L.

Minn. K. City D a lla s San Ft.

Total.

"$
s
$
25,032 31,760 803,054
45,349 289,570 2,917,123

203,731

$
S
3
$
$
272,260 20,620 44,100 23,789 76,803
/lit), /o4 247,712 264,932 119,270 in , i i j

$
%
174,180 27,580
481,201 121,178

$
$
11,880
4,020
59,174 83,100

5,600
19,774
170,000
68,357
10,017

286,924
20,078 19,655
156,000 124,389
332,762 103,668
69.664
3,275

6,110
15,402
3,554
263,645 41,030
202,154 70,484
9,21 i
42,158

13,052
6,131
344,992
1,41 1 2,204
2,797 14,051
119,176
: 200
i
2 ,2 3 1 137,466 1,151,314
40,511 50,536 34,187 138,063 1,301,641
29,721 21,624 21,219
6,686 306,152

$
90,430

23,775
3,400
14,139
3,826
2,285
115,000 33,000 44,000
82,018 83,985 94,916
61,796 14,509 10,972

Total....... .................................................. 627,909 1,933,452 524.319 635,760 276.838 380,059 1,179,040 279,147
Net amount of Federal Reserve notes received from
Comptroller of the Currency__________ _______ 354,161 1,068,024 268,332 309,032 143,059 222,945 655,381 148,758
Collateral received from /Gold_________________ 195,374 463,002 144,044 182,914 35,285 51,226 279,047 50,694
Federal Reserve Bank (Eligible paper__________ 78,374 402,426 111,943 143,814 98,494 105,888 244,612 79,695
Total........................... ...................... .......

159,949 192,444 136,949 $17
71,054
18,663
70,232

86 6,943,452

87,720 70,381 321,330 3,720,177
32,564 11,162 151,507 1,615,482
72,160 55.406 144,749 1,607,793

1,933,452 524,319 635,760 276,838 380,059 i,i 79,040 279,147 159,949 192,444 136,949 617,580 6,943,452

Federal Reserve notes outstanding______________ _ 263,731
Federal Reserve notes held by banks__________________ 17,649

795,764 247.712 264,932 119,270 146,142
148,418 30,405 25,137
7,226 10,419

481,201 121,178 59,174
45,862 21,19.8
3,112

{ 3 100 45,349 289,570 2,917.123
7,500
3,580 59,944 380.450

Federal Reserve notes In actual circulation_______ 246,082

647,346 217,307 239.795 112,044 135,723

435,339

75,600 41,769 229.626 2,536,673

99,980

50,062

Member Banks of the Federal Reserve System.— Following is the weekly statement issued b y th e Federal R eserv e
Board giving the 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 1 9 1 7 , published in the “ Chronicle” D e c . 2 9 1 9 1 7 , page 2 5 2 3 .
STATEM ENT S H O W I N G P R IN C IP A L R E S O U R C E A N D L IA B IL IT Y ITEMS O F R E P O R T IN G MEMBER BANKS1N F E D E R A L
B AN K AND B RAN CH CITIES AND ALL O T H E R

RESERVE
R E P O R T I N G B A N K S A S A T C L O S E O F B U S I N E S S J U L Y 27 1921.

A ggregate red u ction s o f a bou t §1 5,0 00 ,0 00 in loan s and d iscou n ts and o f
$ 45,000,000 in investm ents, largely in T reasu ry n otes and certifica tes,
a ccom p a n ied b y com m en su rate red u ction s in d ep osits, and a decrease o f
$37,000,000 in b orrow in gs from the Reserve banks are in d icated in the
Federal Reserve B oard 's con solid ated w eekly statem en t o f con d ition on
July 27 o f 814 m em ber banks in leading cities.
# L oan s secured b y G overn m en t ob ligation s show an increase fo r th e w eek
o f a bou t $ 3,0 00 ,0 00 , loans su p p orted b y co rp o ra te and oth er securities
declin ed b y $ 21 ,000,000. w h ile oth er loan s, largely o f a com m ercial and
industrial ch aracter, increased b y $ 2,000,000. C orresp on din g changes
show n for m em b er banks in N ew Y o rk C ity inclu de an increase o f $3,0 00 ,0 00
in loans secured b y G ov ern m en t ob ligation s, a red u ction o f $ 22,000,000 in
loan s su pp orted b y oth er securities, and an increase o f $ 27,000,000 in c o m 
m ercial and industrial loans.
O n ly nom inal changes are show n in m em ber bank h old in g s o f U nited
States b on d s and V ic to ry notes. In vestm en ts in T reasu ry n otes sh ow a
furth er d eclin e o f $ 11 ,000,000, holdings o f T reasury certifica tes decreased
b y $24 ,00 0 ,00 0 reaching the low level o f $ 9 9 ,00 0 ,00 0, w h ile corp ora te and
oth er securities on hand declin ed b y $9,0 00 ,0 00 . F or th e m em ber banks
in N ew Y o rk C ity an increase o f about $ 2,000,000 in U nited States b o n d s
and V ic to ry notes, and redu ction s o f $ 10,000,000 in T reasu ry n otes, o f
$21,000,000 in T reasu ry certifica tes, and o f $ 6,000,000 in oth er securities
are n oted . In con seq u en ce o f the a b ov e changes, to ta l loan s and in v est

m ents o f the rep ortin g in stitu tion s show a fu rth er d eclin e for the w eek o f
$ 60 ,00 0 ,00 0, the J u ly 27 to ta l o f $ 14,890,000,000 being a b o u t 12% below
th e figure reported a bou t a year a go. F or th e N ew Y o rk C ity banks the
correspon din g decrease since th e end o f July o f last year was a b ou t 1 7 % .
A cco m m o d a tio n o f reportin g banks a t the F ederal R eserve banks show s a
decrease fo r th e w eek from $1,1 50 ,0 00 ,0 00 to $1,1 13 ,0 00 ,0 00 , or from 7.7
to 7 .5 % o f th e b a n k s’ to ta l loans and investm ents.
For the N ew Y o rk
C ity banks a decrease from $313,000,000 to $285,000,000 iu the tota l b o r
row ings from th e loca l R eserve bank and from 6.6 to 6 .1 % in th e ratio o f
a cco m m o d a tio n is show n.
G ov ern m en t deposits show a redu ction fo r th e week o f $ 29 ,00 0 ,00 0, oth er
dem an d deposits (net) declin ed b y $ 27 ,000,000, w h ile no ch an ge is show n in
the to ta l o f tim e deposits. F or th e banks in N ew Y o rk C ity , redu ction s o f
§ 1 6,0 00 ,0 00 in G overn m en t deposits, o f $ 14,000,000 in oth er dem and
d ep osits, and o f 3,00 0,00 0 in tim e deposits are n oted , the red u ction s in
dem an d deposits o f these banks bein g due prim arily to w ith draw als o f bank
b alan ces b y co u n try correspon den ts.
R eserve balances o f th e rep ortin g banks, n otw ith stan d in g the decreases
n oted in d em an d deposits and in b orrow in gs from the Federal R eserve
b an k s, sh ow ed an increase o f a b o u t $ 10,000,000 fo r all rep ortin g banks and
o f $ 8,0 00 ,0 00 fo r th e banks in N ew Y o rk C ity . C ash in va u lt declin ed b y
$ 4 ,0 0 0 ,0 0 0 , th ou gh th e N ew Y o r k C ity banks rep ort an increase o f $ 1 ,0 00,000 under this h ead.

1. Data for all reporting member banks in each Federal Reserve District at close of business July 27 1921.
Boston. New York Philadel. Cleveland. Rlchm’d. Atlanta.

Federal Reserve District.

Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran .

Number of reporting banks___________
Loans and discounts, Including bills rediscounted with F. R. bank:
Loans sec. by U . S. Govt. obligations..
Loans secured by stocks and bonds__
All other loans and discounts
____

112

58

S
S
34,754 250,595
1S7.324 1.240.961
596,589 2,715,242

S
71,845
187,355
365,713

Total Joans and discounts .............
D. 3. bonds _ __________
__ _ . .
U. 3. Victory notes__ __ _
______
U. S. Treasury notes___ _____________
U. S. certificates of indebtedness._____
Other bonds, stocks and securities____

818,667 4,206,798
35,213 312,470
5,980
79,542
1,944
34,555
2,773
42,170
138,574 718,336

624,913 1,059,747
46,871 104,431
6,135
14,962
9,565
1,813
4,103
7,776
157,567 280,551

464,872 376,227 1,743,874
62,320
30,468
70,901
5,472*
2,408
27,727
870
272
4,505
804
2,453
16,857
36,662 342,696
53,598

849,154 1,469,280
59,503
88,608
16,810
29,875
621,124 800,255
41,687 429,271
10,596
8,265

589,585
31,705
15,282
301.867
121,321
1,970

49

Total loans, disc’ts & investments, incl.
bills rediscounted with F. R. Bank__ 1,003.151 5,393,871
Reserve balance with F. R. Bank........ .
74,778 589,843
Cash in vault_______ _
__________
20,297 106,266
Net demand deposits_______________
726,250 4,504,795
176,423 415,994
Time deposits____________________
Government deposits__ ______________
6,540
52,443
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt, obligations__
10,058 102,964
_____
_____
All other,_________________
Bills rediscounted wl h F. R. Bank:
5,472
18,554
Secured by U. S. Govt, obligations__
27,3141 211,897
All other _ _

82

88

S
$
25,252
60,645
340,727 109,685
658,375 329,935

28,266

20,925
27

23,429

23,771
27,790

6,658
85,376

3,065
45,834

Three ciphers (000) omitted.

43

112

Total.

37

35

79

52

$
S
S
18,021
21,343
87.06S
53,439 440,422 128,531
304,767 1,216,384 299,468

S
12,569
32,818
231,056

S
19,952
71,468
379,071

S
6,818
37,716
208,477

8
S
28,688
637,550
145,076 2,975,522
743,665 8,048,742

449,342 276,443
16,012
25,636
2,289
808
314
259
564
210
66,570
19,767

470,491
31,820
3,103
670
6,849
45,801

253,011
32.410
1,229
1,526
1,915
10,989

917,429 11,661,814
98,427
866,979
165,594
15,939
2,068
58,361
98,765
12,291
167,852 2,038,963

446,841 2,206,560 544,715 313,499 558,734
26,678 175,516
37,587
38,873
19,098
55,052
9,650
6,996
6,949
13,286
212,209 1,267,405 286,915 172,S76 365.994
143,986 653,296 142,558
70,664 106,916
616
6,846
2,607
1,592
1,181

67

814

301,0S0 1,214,006 14.S90.476
20,292
75,074 1,237,555
315,554
10,291
24,800
184,053 558,408 10.002,061
60,466 542,711 2,905,293
1,367
1,437
95,460

12,335

39,212

14,575

4,031
243

9,870

5,196
220

18,598
129

289,459
619

4,792
35,701

12,744
133,456

3,335
35.444

496
32,922

2,377
30,840

497
18,440

3,629
52,033

85,390
737,047

_____

_____

2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
Three"ciphers (000) omitted.

New York City.
July 27

July 20

Number of reporting banks______
70
70
Loans and discounts, incl. bills redisS
counted with F. R. Bank:
$
Loans sec. by U. S. Govt, oblig’ns 228,405 225,750
Loans secured by stocks & bonds. 1,079,550 1,101,531
All other loans and discounts___ 2,417,662 2,390,395

City of Chicago.
July 27

51
$
63,811
320,799
778,590

July 20

51

|

All F. R. Bank Cities. F. R. Branch Cities. A ll Other Report. Bks.
July 27

281

July 20

281

July 27

214

July 20

214

July 27

319

Total.

July 20 jJuly 27 ‘21 July 20 ’ 21 July 30 ’20

319!

S14

814

814

S
S
S
S
S
$
$
S
$
$
449,139 102,433 104,962
78,232
61,931
980.942
456,885
80,729
637,550 634.830
316.485 2,085,271 2,105.6S7 469,952 468.769 420,299 421,960 2,975,522 2.996.416 3.060.319
786.738 5,225,272 5,208,140 1,456,084 1.463.75S 1,367,386 1.374,4461 S,04S,742 8,046,344
a

Total loans and discounts___ 3,725,617 3,717,676 1,163,200 1,165,154
C . S. bonds___________
T
266,020 264,470
18,941
20.339
U. S. Victory notes____
71.6S1
72.015
12,076
12,533
U. S. Treasury notes_____
31,271
41,393
1,341
1,486
38,085
58,949
U. S. certificates of indebtedness__
6,607
7,658
Other bonds, stocks and securities. _ 545,064 551,457 133,933 136,390
LU
iU
tiilS Ou> US tb| O v lU C U »
1U
V vit v
J
incl. bills redlsc’ted with F.R.Bk. 4.677.73S 4,705,960 1,336.098 1,343.560
545,612 537,517 122,629 123,499
Reserve balance with F. R. Bank__
Cash in vault___
93,299
92,018
31,205
32,209
4,033,505 4,047,793 874,403 875,768
Net demand deposits__
251,824 255,052 312,588 '314.040
Time deposits.. ............
50,982
Government deposits.. _____
66,647
3,859
4,314
Bills payable with F. R. Bank:
Sec’d by U. S. Govt, obligations._ •81,898 S9.773
14,215
16,647
All other.. _ _______ _
Bills rediscounted with F. R. Bank:
Sec’d by U. S. Govt, obligations..
17,242
17,557
9,260
9,352
All other...... ........... _
SO,044
185.405 205,340
79,264
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and Investments, per cent______
6.1
6.6
7.7
7.8
a Comparable figures not avallab e.

7,767,428 7,762.966 2.028.469 2,037,489 1,865,917 1,877,13511,661.814 11,677,590
439,931
445.170 213,602 211,430 213,446 209.120
865.720
S66.979
39.127
2S.234
167.506
100.126 38,009
28,253, 165,594
99,351
5.S54
55,906
6,200
7,494
69.711
45,013
7,605
58,361
122,650
22,555
16.732
22,308
16,967
98,765
59,725
83,128
1.109,975 1.11S,278 583,452 583,504 345,536 345,835 2,038,963 2.047.617

a

875,398
193.683
433,958
a

9,521.423 9,565,574 2,891,694 2,900,305 2,477,359 2,484,915 14.890,476 14,950.794 16.859.973
897,882 189.044 189,235 140,210 140.130 1,237,555 1.227,247 l ,368,659
908,301
319,302
61,038
64,109
75,154
354.749
179,362
179,713
75,480 315.554
7,017,314 7,030,718 l ,55S,63S 1,565,391 1,426,109 1,433,089 10.002.061 10,029.198 11,401.052
1,339,662 1,340,822 912,274 914,060 653,357 650.496! 2,905.293 2,905.378
115.287
10.445
13,462
124.469
7,328
77,687
9,829
95,460
101.178
708.812
2.122

160,6S7

176.954

SI.756
320

86,505
320

47.016
299

45.757
186

289.459
619

309.216
506

61,333
499,762

59,714
515.042

16,107
114.629

16.122
116,657

7,950
122,656

10.030
122,747

685.390
737,047

256.863
85,866
754.446 1.005,237

7.6

7.9

7.4

7.6

7.2

7.2

7.51

1.y
4

•?

11.7

007

T H E Cl IRO XI OLE

A ug . 6 1 9 2 1 .]

United States Bonds. Sales of (iovornmenf bonds at
the Board arc limited to the various Liberty Loan issues.

%mxkzxs? (Sa^jette.

D a ily Record, o f L ib erty L o a n P rices. J u ly W) A u g . ij/lwi/. ‘) a u u . :i A u (j. 414110. 5
12 1921.
f nigh 87.94 88 .00 88.00 88.20 88.32 88,98
Railroad and M iscellaneous S to ck s.—Tlio stock mar First Liberty Loan
( 1 W 87.56 87 .H 87.78 87.04 88,01 88.20
iO
O
3 ! 4% bonds of 1032-47
ket was decidedly firm during the early part; of the Week,al
O
1( 'Ipse 87.76 87,90 88.00 88. J 88.21 HH : i o
(First 3 1j h
)
300
92
118
M
O
1M>
Total hrIu In $ l ,000 uniL
m
h
979
though the volume of business was not large, the latter being
87.70 87.40
87,90
O
onvorfcod 4% hondH off High
( Low
87 64 87.40
87.88
1082-47 (First 4h
)
considerably curtailed on Tuesday by a fire in that part of
87.70 87.40
iClose
87.88
5
2
3
Total fla HIn $1,000 unit:!
lO
the Exchange building now in process of construction. The
Converted '1\ [ % bonds o ( High 87.88 88.00 87.98 88.10 88.08 88.08
advance in railway shares, which has occurred during the
87.74 87.80 87.84 87.90 87,90 87.82
{ Low
1032-47 (First 4 54s)
88.08 88.00 87,82
1(D
ose 87.82 87.98
past two or three weeks, led to liberal sales1to take profits
58
195
44
205
36
116
'Total salon In $ J,000 m
iltH
Second Converted 4^%(iFlRh
96.10
when call loans went up to 5% and then to 6% on Wednes
96.10
bonds of 1932 47 (First! Low
1
Close
96.10
day and Thursday. This movement did not attract much
Second 4)4h
)
I
Total sales In $ 1,0 0 0 units.
attention, however, and an analysis of June earnings, indi Second Liberty Loan
87.60 87.04 87.70 87.68
f High
87.00 87.04 87.70 87.64
{ 1
,<IW
4% bonds of 1927-42.
cating a not of nearly $50,000,000 for the month as against a
87.00 87.64 87.70 87.68
(Second 4a)
1
Close
69
4
l
1
Total sales In $1.000 units.
deficit of $11,000,000 last year, has caused owners of railway
Converted 4 8 % bonds off High 87.80 87.74 87.82 87.82 87.76 87.80
shares to hesitate about offering them for sale at the present
87.60 87.66 87.52
1927-42 (Second 4 % a ) ( Low 87.54 87.52 87.68
(Close 87.60 87.02 87.74 87.66 87.74 87.62
market.
887
501
411 1 ,039 1,099 ' 964
Total sales In $1,000 units
Among other influences which have contributed to a more Third Liberty Loan
f 11
igh 91.96 91 .94 0J .90 91.90 92.10 92.06
91.80 91.90
( Low 91.70 91.60 91.70 91.76
4 5 4 % bonds of 1928
hopeful feeling has been a substantial reduction in the
(Third 4 )4s)
(Close 91.80 91.70 91 .78 91.80 92.04 91.90
number of idle freight cars, and a more or less general belief
435
493
399
410
586 1,430
Total sales In $1,000 units.
< High
87.98 87.90 87.80 87.90 87.88 87.96
that the steel industry has reached the limit of depression, Fourth Liberty Loan
87.74.
• Low 87.72 87.60 87.74 87.74 87.76
j
4)4% bonds of 1933-38
and that from now on any change must be for the better.
(Close 87.80 87.74 87.74 87.80 87.80 87.80
(Fourth 434s)
906
903 1.887 1,104
775 3,562
Total sales In $1,000 units.
This belief is based on the fact that the output for July is
Liberty
f High 98.66 98.66 98.76 98.86 98.86 98.88
reported to be the smallest since Dec. 1903, that inquiries Victory notes of Loan
{ Low
98.60 98.60 98.64 98.72 98.78 98 70
454%
1922-23
from consumers are becoming more frequent, and certainty
(Victory 454s)
iClose 98.60 98.66 98.76 98.86 98.80 98.70
1,089 2,785 2,180 1,966 2.368 1,0111
Total sal'esln $1,000 units
that the railways must soon become purchasers on a consider
f High 98.62 98.66 98.74 99.00 98.84 98.82
354% notes of 1922-23
able scale.
( Low 98.62 98.64 98.64 98.76 93.80 98.70
(Victory 354s)
(Close 98.62 98.66 98.74 99.00 98.80 98.74
In to-day’s highly irregular market nearly all the railway
9
493
207
56
282
208
Total sales in SI.000 units
shares traded in lost from 1 to 2 ^ points, and industrial
stocks covered a wider range. Evidently the professional
N o t e .— The above table includes only sales of coupon
bear element had control and made the most of such a situa bonds. Transactions in x-egistered bonds were:
tion. We know of no reason why railway and other invest 1
114 4th4q s_____________87.58 to 87.86
87.50
Victory
11 ls
87.50 to
ment stocks are not intrinsically worth as much to-day as 40 2d tiq s ______________ 87.10 to 87.95 119 Victory 4 ^ 3 ________ 98.44 to 98.70
88.52 97
454s______________
38s
_-98.60 to 98.70
yesterday or the day before.
41.3d 4 8 s ______________ 91.63 to 91.90
The following sales have occurred this week of shares not
Q uotations for Short-term U. S. Govt. O bligations—-represented in our detailed list on the pages which follow:

W a l l Street, F r id a y N i g h t , A u g .

STOCKS.
W eek en d in g A u g . 5 .

Sales
fo r
W eek .

R ange fo r W eek.
L o w e st.

H ig h e st.

R a n ge s in c e J a n
L o w est.

1.

H ig h e st.

S p er sh a re. S p e r sh a re. $ p e r sh a re. $ p er sh a re.
Feb 10554 May
100 104 Aug 2 104 Aug 2 100
200 52 July 30 £53 54 Aug 1 4654 Jan 54
Feb
Jan 11254 May
100 10254 Aug 5 10254 Aug 5 95
July 354 Jan
400 154 Aug 1 154 Aug 2 1
1,600 13 Aug 1 13 Aug 3 1254 June 23 5 Apr
4
Aug 4 950 July 30 820 June 1125 May
9 925
4
100 107 Aug 7 107 Aug 7 103 54 July 110 5 Jan
Apr 15
200 12 July 30 1254 Aug 5 10
Jan
200 15)4 Aug 2 1754 Aug 5 1454 June 35
Jan
Jan 72)4 May
1,200 66 Aug 2 6954 Aug 3 51
250 46 54 Aug 1 48 Aug 4 4154 JaD 53 May
Mar 209
Mar
1:00 190 Aug 1 190 Aug i 190
Apr 8 54 Jan
100 7 54 Aug 3 754 Aug 3 6
900 4054 Aug 3 41 Aug 3 3654 June 62)4 Jan
4
Jan
100 81 Aug 3 81 Aug 3 79 5 Api 86
Mai 44 May
1 C 3454 July 30 3454 July 30 23
0*
Aug
100 101 Aug 0 101 Aug 5 96 May 101
Aug 4054 May
200 36 Aug 5 3754 Aug 4 36
100 56 Aug 1 56 Aug 1 49 54 Mar 61 May

P a r. Shares

All America. Cables 106
American Bank Note 50
American Snuff100
Assets Realization-_ _10
Atlantic Petroleum 25
Atlantic Refining. _ 100
Preferred .. - 100
Auto Sales, pref _ .50
Barnsdall, Class B_ __25
Brooklyn Union Gas 100
Calumet. & Arizona. . 10
Central RR of N J - 100
Chicago & Alton, _ 100
Cluctt, Peabody & ColOO
Preferred100
Davison Chem
no par
Detroit Edison
100
Elk Horn Coal, pref 50
Homestake Mining,-100
Ills Cent-P.R Secur stock
trust ctfs
1 55 Aug 5 55 Aug 5
C
100 8 July 30 8 July 30
Indian Refining.
10
100 60 Aug 3 60 Aug 3
Kelsey Wheel, Inc . 100
Kress (S H) & Co_ ,100
100 75 Aug 2 75 Aug 2
Market Street Ry , 100
200 354 Aug 4 354 Aug 4
400 3154 Aug 5 3354 Aug 1
Prior preferred.. .100
Mariand Oil _ n o par
700 1454 Aug 1 1454 July 30
Maxwell Motor 2d pref
500 2 Aug 3 2 Aug 1
ctfs dep stmpd asstd .
1st pf ctfs dep stpd assf 1.000 454 Aug 4 4)4 Aug 4
200 38 Aug 2 40 Aug 4
Maxwell Mot Class A 100
Class B ______ n o pop
400 9 Aug 3 10 Aug 4
Morris & Essex__
50
75 06 Aug 2 66 Aug 2
N Y Shipbuilding n o par
400 20 Aug 3 2054 Aug 3
200 354 Aug 4 354 Aug 1
Ontario Silver MlninglOO
Otis Elevator, . _ 100
700 87 Aug 3 90 Aug 1
Preferred _
100
J O 80 Aug 5 80 Aug 5
Oi
400 56 Aug 5 60 54 Aug 4
Otis Steel, pref- _. . 106
Panhandle P & R pf 1 C
0
100 72 Aug 5 72 Aug 5
200 92 Aug 1 94 Aug 1
Penney f.JC ) , pref__ 100
200 11 Aug 4 1154 July 30
Peoria & Eastern.
100
Phillips Jones, .n o po. 1.200 70 Aug 1 7654 Aug 5
Preferred ., __, . 100
300! 83 Aug 3 85 Aug 5
Rand M ries Ltd. .n o p a
100; 198 Aug 5 19 54 Aug 5
100 48 Aug 2 48 Aug 2
ReisfRobt.)&Co 1st pfioo
Sears, Roebuck, pref 100
100 96 July 30 96 July 30
Shat,tuck Arizona . . . 10
100 6 8 Aug 2 654 Aug 2
So Porto Rico Sugar 100
600 37 Aug C 40 July 30
Standard Milling,
100 200 89 54 July 30 90 Aug 3
Standard Oil of Calif. .25 2,700 73 Aug 4 7554 Aug 1
Temtor C & F P, Class A
no pat
200 7 % Aug 4 754 Aug 4
Third Avenue Ry
J00 300 16 Aug 2 17 Aug 3
United Drug, _
__ 100 24,500 5 2 % Aug 5 6054 Aug 1
First preferred__ ,50
400 38 July 30 39 54 Aug 1
W
fcfoor A Hoi!brou . n o par
:
200, 11 Aug 1 1154 Aug 4
West’h'seE&M, 1st pf.50
10C 56 Aug 2 56 Aug 2
Wilson & Co. pref. . . 100
4
100 79 5 Aug j 79 5 Aug 1
4
W r ig h t Aeronaut n o p o
1.800 854 Aug 3 9!4 Aug 1

54)4
7)4
35
75
3
3054
1254

May
June
Mar
Aug
May
July
June

56
1554
62
75
7
4554
2154

Jan
Jan
May
Aug
May
May
May

2
3
38
8
65
20
354
87
7954
56
70
8554
9
37)4
67
19
4.054
96
454
35
89 5
4
67 54

Aug 5
May 954
June 42
June 10
July 65
Aug 33
Aug 6
Aug 148
June 86
Aug 85
June 72
Feb 94
Mar 12
Apr 7754
Mar 85
Apr 2554
Mar 50
Mar 104
Jan 7 5
4
June 103
• u 111
J ly
June 7554

Jan
Jan
June
June
July
Feb
May
May
Mar
Jan
Aug
Aug
Jan
Aug
Aug
Jan
July
June
May
Jar,
Apr
Aug

7
13
5254
3654
85
4
56
79 54
65
4

July 2554
Jan 20 %
Aug 106
July •47
Jan 13
May 62 5
4
Allg 8954
June 9 5
4

Jan
Mar
Jan
Feb
Jan
Mar
Feb
July

For volume of business on New York, Boston, Philadel
phia and Boston exchanges, see page 603.
State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this week.
The market for railway arid industrial bonds has not
fully maintained its recent standard of activity and buoyancy
although the usual list of 25 representative, standard issues
shows that 5-5 of the number have scored an advance this
week. The movement is generally limited to minor frac
tions, however, and the “ pep” which characterized this
department of late has been lacking. But the market
for foreign and Liberty Loan issues has apparently lost
none of its former interest at the hands of investors. The
transactions in both have been on a very large scale and
some of the latter have made a new high record.

M a tu r tty .

Sept.15 1921___
Sept. 15 1921___
Oct. 15 1921___
Oct. 15 1921___
Dec. 15 1921___

In t.
R a te.

5% %
6%
5% %

5 54%
6%

B id .

A sk ed .

M a t u r i ty .

10 0
100
10 0 M
i
100 %
100 Vs

100*32 Feb.
100 M Mar.
1 0 0 % Mar.
100 54 June
10054 Aug.
June

In i.
R ate.

16 1922___ 5 % %
151922___ 5 % %
15 1922___ 5:8 %
15 1922___ 5 % %
1 1922___ 554 %
15 1924__ - 5 8 %

B id.

A sk ed .

100%
100
100%
100%
IOO54

10054

100%

10014

100%
100%
1 0 0 )4
100 8

Foreign Exchange.— Sterling exchange has ruled dull,
in fact so much so that the market at times was at a complete
standstill. The Continental exchanges were likewise quiet
and featureless and changes in rates were unimportant.
To-day’s (Friday’s) actual rates for sterling exchange were 3 54 % @
3 5 5 M for sixty days, 3 58 % @3 59 % for checks and 3 5954s @3 6055 for
cables. Commercial on banks, sight, 3 5854 @3 59%: sixty days. 3 51 %
@3 52*4: ninety days, 3 47% @ 3 4854. and documents for payment (sixty
days), 3 5 3 % @ 3 5 4 % . Cotton for payment, 3 5 8 % @ 3 59 %, and grain
for payment, 3 5854@3 5954.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 7.40 % @
7.43 for long and 7 . 7 0 % @7.73 for short. German bankers’ marks are not
yet quoted for loug and short bills. Amsterdam bankers’ guilders were
30.29 for long and 30.50 for short.
Exchange at Paris on London, 46.50 fr.; week’s range, 46.59 fr. high and
46.87 fr. low.
The range for foreign exchange for the week follows:
S te r lin g A c t u a l—

S ix t y D a y s .

P a r is B a n k ers' F r a n c s {in cen ts p e r f r a n c )

—

High for the week_______________________ 3 5 5 %
Low for the week________________________ 3 4 9 %

C h ecks.

3 5954
3 55%

High for the week_______________________ 7 . 5 9 %
Low for the week________________________ 7 . 4 0 %

7.76

High for the week_______________________ _____
Low for the week________________________ _____

1.2354
1.19 34

G erm a n y B a n k ers' M a r k s —

A m s te r d a m B a n k e r s ’ G u ild er s—

High for the week_______________________30.32
Low for the week________________________29.29

7 .5 8%

30.75
30.40

C a b le s .

3 60%
3 50%
7 .6 8%
7 .5 9%

1.2454
1.20M
30.78
30.45

Domestic Exchange.— Chicago, par. St. Louis, 15@
25c. per $1,000 discount. Boston, par. San Francisco, par.
Montreal, $120 31 per $1,000 premium. Cincinnati, par.
The Curb Market.— Trading in the curb market at the
opening of the week was active and gains in prices were the
rule. Soon thereafter business dwindled to small propor
tions and the price trend was devoid of significance. The
close to-day was quiet with an easier tendency to values.
Standard Oil (Indiana) was the feature among oil shares
and on active trading rose from 67% to 73 %• To-day,
however, it ruled heavy and the close was at 70%. Elk
Basin Petroleum gained almost a point to 0 % and eased
off finally to 6 % . Guffey-Gillespie Oil sold up from 9 %
to 1 2 % and at 11 finally. Maracaibo. Oil after early im
provement from 21 % to 2 1 % , , dropped to 20 and finished
to-day at 2 0 % . In the industrial department Glen Alden
Coal was a firm feature advancing from 3 4 % to 3 5 % with
the close to-day at 3 5 % . Amalgamated Leather com. was
active and moved up from 9 % to 1 3 % , the final transaction
to-day being at 1 2 % .
Durant Motors, after early im
provement from 28 to 28% , eased off to 28 and sold finally
to-day at 28% . Intercontinental Rubber was quiet, advanc
ing at first from 7 % to 8 and reacting finally to 7 % . Union
Carbide & Carbon gained about two points to 4 6 % . United
Retail Candy Stores, after fluctuating between 6% and 6 %
during the week, dropped to-day to 5. The market in bonds
was fairly active and for the most part strong. Allied
Packers 6s advanced from 42% to 46 and reacted to 45.
Southwestern Bell Tel. 7s moved up from 96% to 98% and
ends the week at 98.
_
’<*
A complete record of Curb Market transactions for the
wook will bo found on pago 617.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

G 08

O CCU PYIN G rH RBR PAGES

____________________ l o r l i U « d u r ia n lh < w o«k o l i l o c t i u iu o lly IllftCtlvo*

lu e ce d liu t p age.

AND

lay
J u ly

I

ao.

|
I

i>er ifa ife
So
85%

LOW

SA LK P R I C E --P a n

M onday
A u g . 1.
i par sh a re

\

T u e s d ay
A Up

|
$

p e r sh are

86
79
70
79
*2 lj
*2 %
3
89
88
«39% 39%
39%
*51
52
52
13%
12*4 12 %
♦7%
7H
7%
1 1 2 % 13% 113%
56*4 57
57%
*7*4
*17
277
*
42*4
67*4
101
52*4
733*
63*2

8
18
28
42%
67%
101
33%
73%
63%

_ . _.
*98

.

lia
«2 u
*5
M35
*
20**
♦14
72*2
*27*4
*8
*20
94%
*3%
11*8
253
4
*10
*21
53
*111
49
12
*64
*82
2%
*3*2
207
8
40*4
*3*o
*52
72
*51
*60
*59
17
*17*2
*95
77*4
377
8
203
4
*50
*38
*27*4
*73
693s
39%
24%
38
*26%
367$
6
*9
78%
20%
*45*2
25%
*38
120%
65
*8
*19
7%
*09
*13
10
*18%
*24%
*63
*8%
*16%
*27
*42%
*13
*39
30%
*22
lo
1%
35%
S6i*>
3134
34%
*30
*60
31
26%
*81
1221o
*109
*18
*38
*41*
*117
11
*52%
55%
63
33%
9
25
*55
82
*102
4
7

86% 86
79%
3
*2 %
86%
88
39%
39%
51%
52
1 2 % 12
7%
8
113% 113%
57%
57%
*3%
1%
*1
*%
8
8
7%
17%
17% 17%
28%
28
28
42%
42% 43%
67
67«2 67%
101
*100 101
33% 33%
33
75
75%
75
64% 64% 6434
*30
40
♦37
*60
38
38
52
52
....

S H A R E . N O T PER C E N T .

W ed n es d a y
A up 3.
i p e r sh a re

87%

86%
79%
*2 %
3%
88
*87%
40% 39%
52
5i%
12
12
7%
*7%
14% 1 1 1 %
58
57%
1%
*%
1%
*%
8
7%
18% 18%
2 8 % 28%
43% 42%
69% 67%
101 *101
33%
34%
76
76
65%
65%
40
40%
64
*60
38%

Fridt.iy
A u g . 5.

T h u r sd a y
A u g . 4.

3

$

p er sh a re

86% 85%
79 % 77%
3%
89
87
40% 39%
52% *50%
12
11%
8
♦7%
116
114%
56%
58%
1 % *1
1 % ♦l
8% *734
18%
18
28% 27%
44
42%
69%
67%
*101
34% 3338
766> 76
66
05%
40%
64
38%
38

86
78%
87
3934
52
12
8
1534
56%
1%
1%
8
18
28%
43%
68%
10
34%
77
66

84%
7834
*2 %
84
38%
51
11%
7%
113%
55%
*»4
*%
734
17
26%
40%
66
*101
32%
76
65%
_„

J3 i

*100 101
1 0 1 % 102
1 0 1 % IUP4 *100 103
♦195 195 *188 199
199 199
200 200
1
%
3
4
*%
%
%
%
%
r%
1%
1%
1%
1%
1%
1%
1% 1%
4
4
4
*3
*3
*2 % 4
5
*212
*5
9
*5
9
*5
9
*5
9
8
14
14%
14
14%
14
14%
14
13% 14%
22
19% 20 »> 20% 20% 20% 21
•
*20
20%
14% 14%
14lo
14% 14%
14% 14% *14% 14%
74% 76%
73% 74%
75% 77%
73%
751^ 77%
27% 27% 28
28
28
28% 28% 28
27%
*6
10
*6
*6
9
*7
10
10
9
20
20
23
♦20
30
*20
30
*20
23
95% 95% 96
98
96
96
96
95
96%
4
4
4
4
3%
4
3%
3%
3%
12
*11% 11% *11% __ _. * 11% 11%
11% *11
26% 26'% 26% 26% 26% 26
26
26 lo
25%
51% 49% 50
49% 50%
49% 51% 50
14
14
14
*10
♦11
13
14
*10
*10
23
23
23
23
23% *21
*21
23%
23
54
53
53
53 % *52 % 53%
53% 54
53
112% *111% 114
11134 112 *111% 113 *110 113
249
49%
50
49% 49% ♦47
49% ____ ____
12% * 123 12*o
12
12% 12%
12
12
8
12
69
71
7 13
.J
71% 72 % 71
68% 68% 69
90
*82
85% 90
90
♦88
♦88
90
90
*>
•
2
2
2%
2%
*2
238
2%
2%
4
4%
4
*3%
4
*3%
*3%
4%
*3%
20% 21
20% 21
21
21% 20% 21
20%
4034 41*% 41% 41%
41
40%
41% 40% 41%
4 I0
4%
3%
*3%
3%
♦3%
*3%
4%
4%
55% 56
55% 56% *54
55
*521 55
>
57
72%
72 % 73% 72 % 73%
72
72
73%
72
54
*53% 54
54
53
53
*53
*52% 53%
65
64
65
64
*60
*60
63
63
*63
*60
61
♦60
61
61
60
60% 61% 61%
17
17%
17% 1734 17
17%
16% 17
17%
___ §17% 18
17%
18% *17% 18% *17
96% 96%
96% 98
97% 99
97% 9734
97
79% 79% 803s 78% 80%
78
78
79%
78%
39
4
j 37% 38%
38
38% 39% 38% 383
38
203 21% 20% 21 % 20% 20%
4
20% 20% 21
54
*51
54
54
♦52
*52% 54
*52% 54
39
39
*39
40
40
41
40
*40
40
28% 2734 28
28% 28% 28% 27% 28% 28
75
*70
*71% 75% *71% 75% *71% 75%
76
6934 69% 70% 693g 71%
70*% 7L%
70%
70
40
40
39% 39%
42%
*39
41% 41%
39%
4 24% 25
25% 24% 253
24% 25%
25
24%
37% 37%
37
37
38% 38% 38% 38%
38%
27
27% 2734 27% 27% *26% 27%
27
27%
37%
37
37
*36
37
37
37
37%
36%
6U
*53
4 6%
6
6%
*534 61* *5%
6
*934 11
*93 11
4
*9
11
11
*934 11
79
80
78% 79%
79
78% 79% 783g 79%
20% 21
20%
20% 21%
20% 21%
20% 20%
47
46
47
46% 47
47% 47% 4634 47%
261> 25% 26% 25
*
26
25%
25% 25% 26%
43% 43
43% *38
43% *38
43
46
*38
121% 122%
120% 121% 121% 121 12234 121% 123
65
65% 65% 65
65% 66
66%
65
66
8%
9
*8%
9
*S
*8
10
_ *19
21
20
20
20%
20% ___
*19
7%
8
8
8
7%
8
8
8%
*8
223
4 22
22% 22% 23
22% 23% 22% 22%
*14
16
15
*13
15
16
16
15
*15
10
103s
10
10% 10% *10
10 %
10% 10%
19% *18% 19% *18% 20
19% 19% *18% 20
2534 26
2534 26% *24
25
26
25% 25%
65
*63
*60
65
66
63% 63% 63
63
9
9%
9
9
934
9
9
9
9%
17%
17% 18
17% 17%
17% *16% 17% 17
*27
29
28% 29% *28
29
*28
29%
29

101

45
45
15
*13
50
*39
30%
23
23
%
*%
1%
1%
36%
38
86% *85
32
31%
*72
34%
35%
60
31
30%
70
*60
31% 31
26U
26%
82
*81
123% 124%
110 *109
20
41
*38
434
4%
122
118%
11
11%
54
*52
57
*55
*60
63
33%
33
9
8%
25
25
*56
62
83
82%
101%
106
4
4
7%
7

45
15
50

*43
*12%
*39
30%
23% 23%
%
%
1%
1%
371* 35%
89 1*85%
32
32
*72
78
34% *34%
*59
60
31
*29%
*62
70
30%
31
27
27
*81
82
125
125%
110 *109
19
41
*39
*41*
434
118% *117
11% *11
54
54
*55
58
62%
62
33%
33%
*8%
8%
25
*24
*55
62
82
83%
102% *100
4%
4%
7
6%

45
15
39
30%
23%
%
1%
36%
88%
32
78
35
31
70
30%
27%
82
125%
110
19
40
4%
122
11%
54%
58
62
34%
9
26
61
83
102
4%
7

44%
*13
*36%
*30
23%
* lo
1%
37
*85
32
*73
3434
*60
30
*62
30
27%
*81
124%
109%
*18
*39
4%
*117
11%
54%
*55
*62%
337
8
*8%
25
60
83%
100
4%
6%

4434
16
39
34
23%
%
1%
37%
87 lo
32
74
34%
61
31
70
30%
28%
82
125%
109%
19
40
#«
122
11%
54%
57%
63
35%
9
25
60
85%
100
4%

*44
*13
*36%
*30
23%
%
1%
36%
31%

31%

28%
82
125%
109%
20
42

*117 122
11
11
52% 5334

_

63
33%
*S34
25%
*58
S33
4
100%
4%
7

85
78;%
3
85
39
51
11%
7%
14%
56
1%
1%
7%
1734
27%
42
67%
110
33%
76
65%

§8
53

_. ~
38
53

101
io l
_. _
_ _
_
1%
1%
*2 % 4
*5
7
13% 13%
19% 20
*133» 14%
73% 75
273j 28
*7
10
*20
23
2:94%1 94%
334
33
4
11% 11%
25% 26
*49% 50
14
*10
*21»*> 23
52
52%
110 110
___ ___
1 ! % 11%
*70
72

___

2
*3%
20
39%
*3%
54%
70%
51
63
*60
16%
*17%
Q )
71*
76
37
19%
50
40
27
7834
69

2
4
20%
40%
4W
54%
71%
51
63
63
17
18
97%
7734
3734
20
50
40
27%
79
70

40
24%
35%
26
33
534
*9
76%
20
46%
23%
*38
120%
6638
*8
*18
734
21
*14
*10
*18%
23%
§63
8%
17
*28

40
24%
35%
26%
36
534
11
78
20%
46%
25%
46
121%
6638
8%
20
734
22
17
10%
19%
24%
63
8%
17
29%

45
44
15
*13
39
*37
32
23%
22
l*
>
5
8
1%
1%
37% 37

*34% 36
60
60
*29
30
*62
70
27%
*81
*123io
10S
*18%
*40

p e r sh a re

44
15
50
23

%
134
37%

30% 31%
34%
*59
*293
4
65
3034
26%
82
124
109
*18%
*40
4%
*117
11
. 51
55

63
35
33%
9
*SS
4
25%
24%
62
*58
S4% 83%
100% *100
4%
4%
7
6%

3434
61
30%
65
303
4
27%
82
125
109
19
42
4%
122
11
52%
55
33%
9
24%
62
83%
102
4%
7

* Bid and asked prices; no sales on this day. { Ex-rights. § Less than
share for share, to stock of G*en Alden Coal Co. at $5 per share

• 2S fc.
-C
A ^«
-

pan
H IG H

stocks

NEW YORK STOCK
EXCH AN GE

sbam b

M ange s in e s J a n . 1.
O n b a sis o f 100-s h a r e lo ts
L ow est

H ig h est

pan

sbana

Mange f o r P rev io u s
Y e a r 1020
L ow est

|

H ig h e st

Railroads.
P a t 9 p e r s h a r e 4 9 p e r § h are
I per Share 9 p er ek a re
11,900 A lob Topeka A Santa Fe . _ 100 77 % June24
87% Aug 2
76
Feb 90% Nov
1,300
l)o pref-------------- 100
75%Jau 3 79% Jan 24
72 May
82
Jan
Atlanta Blrm A Atlanta...1 0 0
2 % Feb 26
7% Jan 4
4% Deo
12% Sepi
1 .166 Atlantic Coast Line HH - . . 100
89% July28 •82
77
Apr27
Deo 104% Oot
15,400 Baltimore A Ohio...............100
42** May 9
30% Mar l l
27% Feb
49% O01
1,700
Do pref____
___ .--lOO
47 Mar 14 64 Jan 11
40% June
54
Oot
1,400 Brooklyn Rapid Tranalt__100
9% Juuel3
I47a Jan 25
9% Aug
17 Mar
500
Oertlfloatee of deposit..
6% Junel7
5% Sept
13% Mar
10 Jan 25
15,100 Canadian Pacific...... ......... 100 101 June20 119% Jan 11 109% Deo 134
Jan
5,000 Chesapeake A Ohio............ 100
46 Juue20
47
Feb
70% Nov
60% May 9
Ohio A East Illinois trust recta
% Apr28
4
Feb
6% Jan 29
16 Sept
Do pref trust reels___ __
3*4 Deo
% Apr28
6% Jan 31
17% Sept
l ,300 Chicago Great Western_ 100
_
14% Oot
6% June23
6% Deo
9% May 9
3,000
Do pref_________ _____ 100
14 Junel8 20% May 9
33% Oot
16% Deo
9,200 Chicago Mllw A St P a u l...100
44% Nov
22 June20
21
Deo
31 Jan 12
10,700
Do pref...........................100
32 JuneJl
36*4 Deo
66
Oot
46%Jan 12
6,300 Chicago A Northwestern.. 100 60% A p ril
91% Mar
60
Deo
71 Jan 11
200
95 July 1 110 Jan 24
9 8 June 12 0
Jan
Do pref_______________100
27,200 Chlo Rook lal A Pao______100
41 Mar
21% Deo
22% M arll
34% May 18
2,900
64
Feb
7 preferred____________ 100
68% Mar 12 78 May 10
84*4 Oot
3,000
54
Feb
71% Oot
56% June2l
6 % preferred__________ 100
67% May 10
62 Sept
200 Clev Cln Chlo A 8t Louie. .100
32 June2l
31% Deo
48 Jan 20
Oot
60 Feb 3 66 Mar 3
69
60
Deo
Do pref____________ ..100
1,100 Colorado A Southern........ 100
27 Jan 8 39% May 6
20
Feb
36% Oot
54
Oot
46 July
200
49 Jan 3 53% Apr27
Do let p r e f...................100
Deo
46
35 Aug
42 Jan 26 47% July 7
Do 2 p r e f .......................100
Oot
90
A p ril 103% May 11
500 Delaware A Hudson______100
83% June 108
Feb 260% Sept
425 Delaware LaoJ k Western. 60 6176 June20 249 May 16 165
Jan
9
% N ov
% June30
2% Jan 29
1,300 Denver A Rto Grande___ 100
16% Feb
% Nov
4% Jan 31
4,000
1 M ar21
Do pref______________ 100
Oot
3 M ay
8
4% Jan 3
t% Mar24
Duluth S 8 A Atlantic___ 100
5% Deo
4% Feb 23
7 % Jan 17
12*4 Oot
Do pref.......................... 100
21% Sepi
9% Feb
1 i ,600 Erie__________ ___________100
11% Mar 12 15% May 9
16% Deo
30i2 Oot
4,400
16% June2l
Do 1st pref.....................109
22*4 May 9
11% Aprl4
12
Deo
22*4 Sept
700
16% Jan 12
Do 2d pref.....................100
6534 June
91% Nov
60 June14 79% Jan 29
34,300 Qreat Northern pref______100
41% Mar
24% Deo
25% June24
32% Mar 4
1,200
Iron Ore properties.N o p a r
7
Jan
17% Oot
7 July2l
11% MaylO
Qu) M ob A Nor tr ot a .-.100
20 June24
18% Deo
300
26 Feb 1
35*4 Oot
Do prel.......................... 100
80% Feb
85% Marl2
98 Aug 2
97% Oot
3,200 IUlnola Central...................100
3 Aug
6 % Oct
3% Junel3
5% Jan 26
2,500 Interboro Cona Corp . . N o p a r
17% Nov
8% Deo
9 Junel3
16 Jan 25
309
Do pref...........................100
27% Oot
18% Feb 7 28% May 6
13% M ay
8,000 Kansas City Southern___ 100
52% Oot
46% Jan 25
52 Mar30
40 M ay
2,700
Do p r e f . . . .................. 100
24% Oot
10 M arll
14% Jan 13 1 8 % Feb
Lake Erie A Western_____100
Oot
16
Feb
40
19 Mar21
28 Jan 25
200
Do pref______________ 100
56% Nov
39*4 M ay
47% June21
56% Jan 5
3,000 Lehigh Valley----------------- 50
94
Aug 1 1 2 % Jan
97
A p ril 118 July 6
600 Louisville A Nashville____100
38% July
36% Junei4
65*4 Oot
58% Jan 25
1,500 Manhattan Ry guar--------- 100
Oot
21
14% May 9
8 % Deo
9 M arll
700 Mlnneap A 8t L ( n e w ) ___ 100
63
Feb
65 Junel4
73% May 9
90% Oot
2,400 Minn St P A 8 8 Marie___ 100
801 j j Un*
95 Nov
85 May 3 93 Jan 11
200
Do pref...........................100
Feb
2% Deo
11
3 Jan 31
2 MarlO
800 Missouri Kansas A Texas. 100
Feb
3% Deo
18
3 July 13
5*4 Jan 10
Do pref.................... ......100
11% Deo
31% Feb
16 M a rll
23% May 18
4,300 Missouri Paolflo trust ot a. 100
65% Oot
33% Deo
33% M arll
43% May 9
6,200
Do prei trust otfs_____100
3% Deo
6% Feb 7
8*4 Oot
3% July28
500 Nat Rys of Mex 2d pref_ 100
_
31 June
65% Oot
77% Feb 17
1,100 New Orl Tex A Mex v t o . . 100 46 June21
64% Feb
84% N ov
61% June21
74%Jan 12
14,800 New York Central_______ 100
Oot
65
54% MaylO
23*4 Feb
39 June20
500 N Y Chicago A St L ou is.. .100
50
Apr
73% Oot
58 July 16 65 June 6
200
First preferred-..............100
Oot
41% M ay
70
54 June24
6 1 % Aug 4
400
Second preferred.............100
15% Deo
37% Sept
13% June23
23% Jan 12
5,110 N Y N H A Hartford.........100
16
Feb
27% Oot
16 M arll
20% May 6
65 N Y Ontario A Western_ 100
_
84% June 106% Nov
88% June21 104% Feb 19
3,300 Norfolk A Western_______ 100
96% Nov
66% June
61% Junel4
88 Jan 28
53.700 Northern Paolflo_________ 100
Oot
44
37% M ay
4134 Jan 12
32% June23
29,800 Pennsylvania______ _____ _ 60
Fob
32
14 Dec
23% May 18
15*4 M arll
3,600 Pere Marquette v t 0------- 100
Feb
68
50
Dec
50
Apr29
57 Jan 20
D o prior pref v t 0____100
200
57% Oot
37
Deo
35 Jan 19 45 Jan 6
Do pref v t 0_________ 100
300
21% Feb
39% Oot
32 Jan 10
24% June21
2,600 Pittsburgh A West Va------100
66% Aug
84% ®«pt
79 Aug 5
70 M arll
Do pref_______________100
6434 Feb 103 N ov
89% Jan 15
25.300 Reading............................ .. 50 6034 June20
61
Oot
32% Mar
36% June24
65 Feb 7
Do 1st p r e f..________ 50
200
33% Mar
65% Oot
5734 Jan 15
38% June25
400
Do 2d pref.....................50
15% Feb
33% Oot
2534 Aug 3
19% M a rll
9,800 St Loule-San Fran tr o tfs.. 100
48% Oot
23% Jan
38% July°0
27% June23
Preferred A trust o tfs.-.100
1,700
11
Feb
40 8 opt
19% June23
30% May 9
8t Louis Southwestern------100
2,000
20% M ay
49*4 Oct
28 June24 41 Jan 13
Do pref______ ________ 100
1,000
1 1 % Oot
5% Deo
5% Aprl6
7% May 9
700 Seaboard Air Line...............100
8% Deo
2 0 % Oot
12% MaylO
8% M a rll
Do pref_______________100
S8% Feb 118% Nov
67% June21 101 Jan 3
37,100 Southern Paolflo C o ..........100
33% Oot
18
Feb
24% Jan 13
17% June20
9,600 Southern Railway------------ 100
6 6 % Oot
50
Feb
60 Jan 13
42 June21
Do pref_______________100
2,000
47 Mar
14
Deo
16% Jan 5 27% M ayl6
13,800 Texas A Pacific. .......... — 100
Oot
43
27% June
36%Jan 10
55% Apr 7
200 Twin City Rapid Transit..100
Feb 129% N ov
14,000 Union Pacific____________ 100 111 June21 123 Aug 3 1 10
69% Jan
61% M ay
62% July 18 67*4 MarlO
Do pref_______________100
1,700
15% Oot
7% Aug
7% June24
12% Mar 3
United Railways In vest.. . 100
32% Oot
14
Aug
17% June23
26 Mar 3
Do pref_______________100
100
Oot
13
7 M ay
9 May 9
7 M a rll
1,600 W abash ..............................100
34% Oot
17
D ec
24% MaylO
18 M a rll
Do pref A ____________ 100
8,600
23% Oot
12% Deo
12% Mar 12
15% May 5
Do pref B ____________ 100
100
8 % Feb
1 1 % May 9
15% SOP*
834 June23
Western Maryland( n«w)__100
1,000
27% Oot
11 July
14%June23
21 May 6
Do 2d pref__________ ..1 0 0
200
40 Sept
20% Feb
22% June20
30% May 9
3,200 Western Pacific__________ 100
54% Feb
7 8 N ov
70% Jan 10
Do pref_______________100 z61 June21
520
Oot
16
8 % Dee
7% June21
11% May 9
2,600 Wheeling A Lake Erie Ry.100
Oot
28
15 M ay
19% May 9
13% Jnne2l
Do pref______________ 100
700
Oot
48
2 5 M ay
25 July 2 2 37% May 9
520 Wisconsin Central-----------100
Industrial A Miscellaneous
22
Deo
42*4 Apr
4
26% Jan 3 463 July27
300 Adams E xpress.................100
46% Mar
14
Deo
1934 Jan S
12 June20
Advance Rumely.............-100
Jan
72
40
Deo
52% Feb 17
38 June23
Do pref___ ___________100
200
40 Jan 12
30 June21
300 Air Reduction, Ino___ n o p a r
24
Deo
88*4 Jan
18 July 11 39% Jan 11
1,400 Ajax Rubber Inc-------------- 50
% Dec
2% Mar
l% F eb 9
% M ay 25
700 Alaska Gold Mines-----------10
3 Mar
*4 Deo
134 Feb 9
1 Jan 3
Alaska Juneau Gold Mln’g. 10
1,200
62% Sept
43% Deo
35 June23
55%Jan 13
S.500 Allied Chem A D ye___ n o p a r
84% Deo
92% Nov
93% Jan 26
83 June23
D o pref_______________100
100
26% Deo
53% Jan
39% M ay 2
28% June23
1,300 Allls-Chalmers M fg--------- 100
Jan
92
67% Dec
69% July 18 S3 Mar23
Do pref. _ _____ _____ 100
Jan
95
51
Dec
65%
6
2,200 Amer Agricultural C h em .. 100 34% Aug 1 90 Jan -0
96% Jan
79
D ec
Jan
Do pref___ __
100 56 Junel3
200
32*4 Deo 103*4 Apr
25s<i Juue23
51 Feb 15
400 American Beet Sugar------- 100
Jan
93
75
Oct
74% Jan 6
55 June22
Do pref______________ 100
100
45% Dec i 128*4 Jan
30 Aug 3 65% May 2
Amer Bosch M agneto. . N o p a r
1,000
61*4 Jan
21*4 Dec
23% June21
32*4 J»u 29
8,600 American Can----------------- 100
Jan
72*4 Dec1 101
7634 June25
88 Jan 20
Do pref______________ 100
100
Dec1 147% Apr
115% Junel7 129% M ay 5 111
2,725 American Car A Foundry. 100
Feb
*
Do pref______ _______ 100 10S M ay 23 11-1 1 eb 35 105*4 July 116% Jan
1,100
15% Deo
54*4
15% June 2^ 23% Jau 33
200 American Cotton Oil------- 100
86 Mar
59% Dec
Apr 26
35% July 5 67
T q nrof
V
________ 100
6% Deo
15% Jan
4 June 13
Jan 11
Amer Druggists Syndicate. 10
500
95
Feb 175 Mar
American Express. —
100 111 Julylo 13c May 9
200
5 Deo
30% Jan
S A p ril
13*s May I n
900 American Hide A Leather. 100
Jan
35
Dec 133
40% Feb 2 57*4 May IS
Do pref_______________100
3,300
37 AU«! 53% Mar
42 Jan 25 5912 May 300 American Ice------------------- 100
Jau
68
53
Feb
A p r-.
67 Jan S 65
Do pref______________ 100
300
30% Dec 120% Jan
29% June23
53% May 6
5.50U Amer International Corp. .100
14% Jan
S% Dec
U % Apt U
S
S June *
20 Am La France P E ---------- U
A iv
42 Dec j 95
62% Jau 31
20 JuuolS
American Linseed------------ 100
500
99% Jan
80 Aug
06 July 5
Do pref---------------------- 100
too
74 Dec 109% Apr
73% Juutv.Hl 91% May 5
8,900 Amerloan Locomotive----- 100
96% June 107 Mar
9S% June20 107% Fee a
Do pref------- ---------------100
400
17% June
6% Deo
4 *uly 12 , 10 Jan
2.000 American Safety R a io r ... 25
30% )*ta
11 Jan -\» 1 7% Deo
6% July23
l ,900 \in Ship A Oomm____ no pa
(Line l
ta suMonh*
100 shares, a Ex-dividend and rights, x K vdividend. f> l'x rights

Shares

New York Stock Record— Continued— Page 2

609

fod ifttoa during the week of xtocka usually liuctlTo, see second preceding page.
H IG H
S a tu rd a y
J u ly 30.

M onday
A n y . 1.

$ p e r sh a re
*66
69
37
37
*71
71V
—
—
68 It 68 V
8S
i-> 89
47V 48V
85
*75
105V 105V
122% 123
—
—
70V 71
*96V 97V
—
—
—
. _- ---- .
37
37V
32
*30
*62 V 67
*54
58
—
—
—
—
21V 21V
*17i-i 19
—
—
—
77V 78V
*95
99
47
47
49 V 50V
♦_ _
91V
*98% 99
*3 '8 4V
94
*90
91
91
4V
4V
25V 26
12V 12V
*10V 12 V
56 V 56 V
36V 36 V
74
*70
*4V
4V
8
*4V
34
34
68
69 V
26 is 26V
49V 49V
*48
50V
10V 10V
23
23V
33 V 34
24
* __
54 V 547
s
4%
4V
*191-? —
31V 31V
29
30
*65
70
*5V
8V
88V 88V
15V 15V
45 V 45 V
*75
95
V
V
67 V 67V
*99 102
28V 28V
55
55 V
*77
82
l o v lo v
27 . 27V
*16
17
—
—
* 17V 18V
---- —
93V 93V
46V 46V
*73
78
*6
9
21V 21V
*76
83
1J
13V
12V 12V
*1V
IV
52 V 52 V
*85
88
*56
60
*83
89
117 118
10V 10V
—
—
—
*32
32V
/3
*70
*17V 20
*11
13
*20
22
*9
12
—
—
—
—
*14
15
—
*11
1IV
2 "S
2V
—
7
7

% p e r sh are

71V 72
100 100
11
*10
43V 43V
*30
3 JV
*67
70
61V 6 J"1
14
14V
51V 521 1
7l
~
*09
10V 1OV
28

2V

*27
*18
43
83

19 V

3

)
30
22
44 V
83
J9 V

13 V
39 V
*50
52
28 V 28'1
13 %

11 v

I 1v

'B td & l

F r id a y
A n y . 5,

Sales
fo r
th e
W eek.

STOCKS
NEW YORK STOCK
EXCHANGE

% p e r sh a re

S h ares

In d u s . A Mlacell. (C o n .) P ar

A N D L O W S A L K P R IO R — PICK S H A R K , N O T P E R C E N T .

70
*67
37
37
71V 71V
68V
89
48 V
*75
105 V
123V
90V
123 V
71V
*96%
*23
8
*25i-’
37V
*29
*62 V
*54
101
*4V
21V
*18

69 V
89
49V
85
105V
124V
90V
124V
7211
98 V
25
8
27
37V
32
65
58
101
5
221.1
19

____
78V
___
49V
50V
* _
*98V>
*3V
*90
*89
*4
25*8
*12 V
*10i->
56V
36V
*71
*4V
*4V
34V
68
26
46V
49
10V
*22i->
33V
*22
55
4V
___
*31
30V
*65
___
88V
15V

___
79V
___
49V
51V
91V
99
4V
97
90
410
26
13
12V
57V
36V
75
4V
35
68
26
50V
49
10V
23V
35
24
06 V
4V
___
33
30V
70
___
89V
15V

V
68
*99
28V
55V
*80
10V
28V
16V
17V
18V
61V

V
68V
102
29V
56°8
82
11V
30V
17V
17%
18V
61V

46V
*75
*6
22
82
10V
*12
IV
53 V
88

4734
78
9
22
82
13
13
IV
55 V
88

___
118V
10V
*65
*63
70V
32V
*70
16V
*11
_. „ _
9%

___
120
10V
66
65
71
32 V
73
17%
12V
___
9V
___
57
15
57V
11%
23*
33 V
7V
38
73V
___ ,
11

*53
*14
56 V
11
2V
33 V
*7
*36
72V
'10

44V
31

44V

25
2V
9%

25
•
J

31
*68
70
*60
62
14
14V
53 V
*69
70
10V 10V

30
18

42V
8J

10 v

823*

18
44V
81

19V 19V
12V 133*
39 V 40
52

;/a\
9

28V 28V
*15/
155
101 101
1IV

'2

T u esd a y
A u y . 2.

W ed n es d a y
A u y . 3.

$ p e r sh a re % p er sh a re
69
69
*07
*66
37V 37 V 37 V 37 V
71V
71V 71V 71
20
26
25l.t 251-t
00V
05 V
69
88
89
89
49 V 49% 49 V
*75V 79V *75%
105V 105 V 105%
123 V 124 V 123
90V 90-% *90
123% 123% 123 V
09 V
70V 72
90V
97V 97V
23
23
22V
*8
8 V *8
*25 V
*25V 27
37%
37
37V
*29
32
*29
*62 V
*62 V 65
57
57
57
973j
*99 102
*43.,
5
*4V
22*-t 22V
22
181.1
Tsv 18V
9V
*8V
*8V
*501 • 57
>
*50V
78V 79 V 78V
*90
98
*90
50
50
50
51%
50V 52
90V 90V *
99
98 V 99
4
*3%
*3%
98
*91
*91
89
89
89V
*4
4V
4V
26V
26 V 28
13
*12 V 13
11
11
10V
59V
58V 58V
37
35
*35
75
72
*71
*414
4V
4V
*4
*419
34V
34
33%
67
67
66 V
26V 26V *26
47
48
47 V
50
50
*48
10V
l o v 10V
*22V 23V *22
33V 34
34V
22V 22% *22V
56
56V
56V
4%
4%
4V
19
19
19
*31
*31
33
*29
30
29 V
*66
70
78V
*5%
7
7V
89V 90% 89V
15V 15V ____
46
*75
*%
%
V
68%
68V 69
*99
*100 102
28%
28V 28V
57% 56
56
*80
*80
82
11
11
11V
28V 28V 27%
17
17V
16V
*17
17V
17V
*17V 20
*17V
60V 61
60V
94
46V 47V 46*%
76
76
76
*6
*6
9
*2IV
*21V 24
*83
83
83
9% 10V
8%
*12
13
12V
*1V
IV
*1V
54% 55*% 54V

69%
88%
50 V
79%
105%
124 V
91
125
71V
97
22V
8V
27
37%
32
66
57
99
5
23%
19
9li
57
80V
98
50
52%
911*
99V
4
98
90V
41*
27
13
11%
61%
35
72
4V
35"
68
27
48%
50
10%
23
35%
24
57
4%
19
33
29V
70
7
90%

T h u r sd a y
A ny. \

$ p er
+67
+37
*70
26

sh a re

69
37 V
71
26

*67
69
36 V 37
71
71

0 1 % 67
88V 881
2
49 V 50
*76
79%
105% 105V
123 123
90 V 90%
*122V 125
09% 71V
+95V 98V
23
23
8
8
+25V 27
37
37%
30V 30‘s
64
64
*54
58
___ ___
*|| 5
:i
22 V 24V
20
23V
78
50%
51
90
*98V
*3%
*91
4V
26i.t
12%
11V
61V
*34%
*70
4V
33V
65V
26
48
*48
10V
23V
33V

56
4V
18%
32 V
*29
*67
*6
*89
15V
46
45
95
*75
%
%
69V 68V
102
*99
29V 28V
55
57V
81
*80
11V
lo v
29
27V
17
16V
17V
20
*17V
61
60V
94
48
46%
76
*75
9
*6
24
21%
89
88V
9V
9V
12V
IV
IV
56% 53%
*87
57V
57
90
119
118V
10V
10V
66
64V
72
72
32% 32 V
75
*74
17V
12V *11
20V
20
9V
36V
34 V
58V
57%
15
56%
55
11% *11
2V
2%
33% *33 V
7V
*7
38
*36 V
73% 73%

66
88 V
48 V
*76
105V
122V
90
*121
69%
*96
22
8
*25V
36
30
*62 V
*54
98 V
*4%
23
23V
*8 V
50%
76%
78V
___ *90
50% 48V
52
50
90
89V
99 V 98%
4
3%
98
*91
*88
4 .1 *4V
1
27
27V
12% 12V
11V
11V
62% 61V
36V
34V
75
72
4%
4-%
*4V
34
3234
66 V 64V
26
26V
49V 47%
50
*48
10%
10V
23V 22%
33
34V
*23
56 V 55V
434
4%
18% *18
32 V *31
30
29V
70
78V
7
*6
88
90V
15V
15V
45
*44
95
*75
%
%
69
67V
102
*99
28% 27
56*% 54V
81
*80
10%
11V
27V 27V
16
16V
19V
60V

17V
59%
94
46%
48
77
*75
9
*6
2134 *21
89V
89V
9V
9V

67V
88I-1
49
79%
105%
122V
90
123
70%
98 V
22
8
27
37V
30
66
58
98V
5
24 V
23 V
91.1
50%
78
98
48V
51V
90V
98%
3%
97
91
419
27V
12V
11V
61V
35
72
4%
33%
65V
27
48%
51
10V
23
33V
24
56
4V
19
33
29V
70
7
88V
15V
46
95
%
68V
102
28%
55V
82
ii
27V
16V

1 .700
1.800
500

38,200
1,000
7,600
10,000
6,700
700
1.100
36,300
300
700
400
4,700
300
100
200
1,200
50,000
2,800
100
46,600
2,200
33,800
400
1,000
200
500
300
4,500
400
600
1,500
1,800
300
500
12,200
5,000
2,100
33,600
200
3,400
900
13,700
300
3,300
4,700
500
200
700
100
100
5,800
800
400
1,600
9,500
15,000
22,200
8,400
5,800
7,400
1 600
400
4.900
i mn
20,900
200

TB R S IIA R B
R a n g e s in c e J a n . 1.
O n O asis o f 1(M
i-sh a r s lot
L o w ss t

Ain Smelt Hoour prof nor A . 100
Amor Hmelting A Refining .100
100
Do prof. _ _ ____
Am Stool Fdry tom otffl-33 1-3
Prof tom otffl_________ 100
Amorlonn Sugar Refining . 100
Do p r e f _____________ 100
Amor Sumatra Tobacco— 1(M
)
Do prof______________ 100
Amor Telephone A T eleg.. K )
M
Amor Tobacco. __________ 100
Do prof ( n e w ) ________ K )
M
Do common Class B __ 100
Amor Woolen of Mane___ 100
Do prof.. _________ 100
Amor Writing Paper prof_„100
Amor Zlno Load A Smelt— 25
Do prof_______________25
Anaconda Copper Mining. 50
Associated Dry Goods____100
Do 1st preferred______100
Do 2d preferred______100
Associated Oil___________ 100
Atlantic Fruit________ N o p a r
At Gulf A W 1 SS Line___ 100
Do pref_______ ______100
Austin, Nichols A Co . . N o p a r
Do
pref___________ _K)0
Baldwin Looomotlva Wks.100
Do pref______________ 100
Bethlehem Steel Corp___ 100
Do Class B common. . _ 100
Do pref______________ 100
Do cum conv 8% pref. 100
Booth Fisheries_______ N o p a r
Brooklyn Edison. In c-------100
Burns Bros_______________100
Butte Copper A Zinc v t o . 6
Butterlck________________ 100
Butte A Superior M in in g.. 10
Caddo Central Oil A R ef-.100
California Packing____N o p a r
California Petroleum_____100
Do pref_______________100
Callahan Zinc-Lead______10
Case (J I) Plow Wks_ N o p a r
_
Central /Leather_________ 100
Do pref_______________100
Cerro de Pasco Cop_ N o p a r
_
Chandler Motor Car__N0 p a r
Chicago Pneumatic T o o l.. 100
Chile Copper____________ 25
Chino Copper________ . . . 5
Coca Cola___________ N o p a r
Colorado Fuel A Iron------- 100
Columbia Gas A Eleotrlo.lOO
Columbia GraphophoneiVo p a r
Do pref______________ 100
Computing-Tab-Recording 100
Consolidated C ig a r ....N o p a r
D o pref_______________100
Consol Distributors, Inc.no p a r
Consolidated Gas ( N Y ) . . .1 0 0
Consolidated Textile.-N o p a r
Continental Can, Ino.____100
Do pref_______________ 100
Contlnt’I Candy Corp.No p a r
Corn Products Refining— 100
Do
pref_____„ ____ .-.1 0 0
Cosden A C o------------- No p a r
Crucible Steel of America. 100
Do pref______. _______ 100
Cuba Cane Sugar_____No p a r
Do
pref.............. ......... 100
Cuban-Amerloan 8ugar_ 10
_
Dome Mines, Ltd_______ 10
Elk Horn Coal Corp_____ 50
Endtco tt-Johnson________ 50
Do pref______________ 100
Famous Players Lasky No p a r
Do preferred (8 % )___ 100
Federal Mining A Smelting 100
Do pref.......................... 100
Fisher Body Corp___ No p a r
Fisk Rubber____________ 25
Freeport Texas C o___ No p a r
Gaston W A W, Ino . . N o p a r
General Asphalt_________ 100
Do p r e f,.„ ___________ 100
General Cigar, Ino_______ 100
Debenture pref...............100
General Eleotrlc........ ....... 100
General Motors Corp ..N o p a r
Do pref_______________ 100
D o Deb stock (6 % )...1 0 0
Do Deb stock (7 % )...1 0 0
Goodrich Co (B F ).............100
Do pref......................... 100
Granby Cons M S A P ____100
Gray A Davis, Ino_______ 25
Greene Cananea Copper..100
Guantanamo Sugar_ N o p a r
_
Gulf States Steel tr otrs_ 100
_
Haskell A Barker Car ..N o p a r
Hendee Manufacturing_ 100
_
Houston Oil of Texas_____100
Hupp Motor Car C o r p ... 10
Xndlahoma Refining______ 6
Inspiration Cons C opper.. 20
Internat Agrloul Corp___ 100
Do pref______________ 100
Inter Harvester (new)___ 100
Do pref (new)________ 100
Int Mercantile Marine___ 100
Do pref-------------- _ . 100
Internat Motor Truck-No p a r
Do 1st pref__________ 100
O
Do 2d p ref-__________ L O
International Nickel (The) 25
International Paper______100
Do stamped pref______100
Invincible Ol! Corp__ — 50
Iron Products Corp__ No par
Island Oil A Transp v t o . . 10
Jewel Tea, Ino---------- — L O
O
Do pref---------------------- 100
Jones Bros Tea, In o .......... 100
Kelly-Snrlngfleld Tire----- 25

H io h s s t

$ p s r sh a rs
63 Jan 11
32% June23
67 Juno20
24 Juno21
80V July M
63V July i>
85 V June 16
40% Juno20
70V June2(
95% Jan 3
111V Jnno21
87 Jan 4
110 Jan 3
57 Fob 21
93 Feb 21
22 A ug 5
7% June22
23 V June23
33V Jan 3
2 4 Jan 26
65% Jan 6
4 5 Jan 5
93 J une20
4 V July21
18 June 17
15% June 17
8 V June 13
50% Aug 5
62V June24
95 June27
39 V June24
41V June23
87 Junel3
90 June24
3% Aug 5
88 Jan 8
81V Jan 8
4 June20
14V Jan 3
10U June20
10 Junel6
53% July28
2 5 Jan 5
68V Jan 4
4V June22
4 Junel4
31% Apr 7
64V Aug 5
23 MarlO
46% Aug 1
49 June29
9 Mar 9
19V Mar30
19 Feb 24
22 July29
52 June20
4V July28
17V June28
28% June21
21%June24
65
A p rl9
5 July 8
77 V Jan 6
14% July 9
42 June 6
90
Apr 4
% July 18
59 June20
96 June15
25V Mar H
351 Julyl5
77 June27
6V July 11
19V J u ly ll
12V July 8
10% Jan 3
16 Jan 24
52 Jan 5
8 7 Jan 5
44% July21
74% July22
5V Junel8
21V July30
75 June28
8% Aug 3
12V June21
1 June 6
40 V Jan 3
80 Jan 3
54 Jan 3
80V Apr25
116 July29
9V June20
63 June21
61 June24
70V Aug 1
26°p June24
62 V June23
16V Aug 1
9 Jan 6
19 July21
7% June21
25 June21
50V June20
13 June20
47 June23
10V Juneil
2 June30
29% M arl2
6V June24
36VJuue 9

% p s r sh a rs

72 V June 6
44% May 2
83 Jan 20
31V Jan 11
91 Mar 7
96 Jan 19
107V Jan 27
88 Mar 1
91% Feb 17
108V Mar29
129% M ay24
94 Jan 31
127% M ay23
82% May 5
98 June 1
39V Jan 20
10 MaylO
33 Jan 14
43 V May 11
35V May 6
65 May 3
61 May 21
107V Mar23
9 Jan 3
76 Jan 3
44V Jan 7
13V Jan 12
70 Jan 21
94V Jan 11
102V Jan 25
62V May 6
05 May 6
93V Jan 11
107V Jan 16
5% Jan 27
95 M ay 6
93 May20
6 Jan 8
28 Aug 2
15% M ay 2
19% Aprl9
64% Feb 17
49% May 14
79 May 13
712 Jan 8
10V Apr27
43% Jan 19
9 6 Jan 12
32% Jan 20
86
Apr3Q
70V Jan U
12% Feb 10
27V May 11
35-% Aug 3
32*% May 6
6 3 Jan 29
12% Jan 8
62V Feb 10
42V M ay 9
5 9 V Jan 11
8 0 Feb 18
10 Mar26
91% May 17
21% Jan 7
6 6 Jan 2 9
9 8 Jan 6
5
Jan 7
7 6V M ar26
104V Jan 17
43% Apr29
107V Jan 11
91 Jan 17
26 Feb 14
68V Feb 28
33V Feb 25
21% Apr21
25% M ay 6
69V May 2
96 May 7
82V Apr29
90
Apr27
9 Mar23
29V Jan 28
9 0 Jan 11
19% M ay 5
20V Jao 17
5% Jan 13
78% May 5
117 V May 5
62% Jan 2 0
88 May 6
138V M arl8
16V Jan 11
71% AprlS
70% Jan 13
82 Jan 24
44% Jan 11
8 5 Jan 7
25 Jan 26
16% Mar23
25V May 3
16% Jan 8
48V May 6
60% Feb 15
25% Apr25
86 May 6
16% May 2
7% Jan 8
37% May 18
13% Jan 11
57 Jan 7
7 0 % July27 100V Feb 16
99V June20 110 Jan 29
9 V June20
17V TaQ H
42 J une21 63%Jan 11
42 May 6
28 July 6
76 Jan 18
66V July l
56•%June22 6 412 Apr25
13 June23
17 May 2
46 Jaa 3 73V May 17
75 Jan 20
68 V Juno2l
26 Jan 20
5V Aug 5
40 Jan 11
24 JuneM
4% Jau 8
2% July 5
11% Mar 17
4 Jan 6
32V July 5
8 V Jan 4
l4VJan 3 25V Jan 27
54% May 5
34 June 7
70V M ay3 1 94 Jan 25
16 MarM
22 > May 11
8
17% May 2
8VJan 3
58 V Jan 11
32 Juuo23
2
40 Jan 3 57■ May 1*
17V Jan 14 29% Apr3f)
138 V Jan ‘1 3 155 M iy2 1
97% Jan 3 105% Feb 8
1
31 V M ar38
10 June /

17V
60%
941 j
48V
77
9
24
400
89V
500
9% 24,500
200
500
IV
IV
IV
55% 50% 53V 122,100
inn
90
*86
90
*55
58
57V
57
200
*56V 57V
86
86
*83V
200
*83V 90
117V 120V 116%
119V 117V 118V 19,300
10-% 10V 10% 34,700
10V 10% 10 %
*65
*65
66
65
65
200
64
63%
*63
200
*63 V 66
72
*70V 72
72
*71
73
862
33
33
32%
33
32
1,400
32V
71V 71V
72V
80
600
*73V 80
*16
20
17V
17
17
500
*11
*11
12V
*11
11%
*20
22
20V
21%
600
20V 21
*9
*9
9V
200
*9
9V
33
33
33
35
34
34
1,800
3,235
56V 57
57V
58V *57 V 58V
*14
*14
15
*14
15
56
55
56V
6,200
55V
51V 54V
11
11%
11V MV
3,600
10V 1IV
2V
2'%
2V
4,608
2%
2%
2V
33V 33 V 33 V
34
1,300
33 V 33%
*7
7% *7
7%
100
*7
7V
*36 V 38
*36V
38
*36 V 37 V
7134 73% 72V
10,100
731,1 74
75V
____
200
102 V 102V
* io v MV
10
700
1.0V 10V
10V
45% 46% 45% 45%
45
45%
2,600
44% 45 V
*30
31
*31
31V 31
32
32
31
1,400
68
69
*67
70
200
*67
70
*67
70
*59
62
*59
62
6 1% *59
*59
62
100
13V 14
14V 14V
J4 V 1.4V
13 V 14V 4,100
*5284 53
52V 54
51V 52 V 51V 52 V 9,900
*69
70
*69
70
*69
71
*69
71
*10
10%
10
1OV
9 V 15,000
9 V 10
5V
*22
25
*22
25
100
25
*22
O
'J
2
•
J
2V
2V
7,000
2%
3
2V
103* 1OV
IOV 10%
5,200
*9% JOV
934 10
323* 32 V *32
33
32
30
900
30
*30
18
1.8
*18
22
400
22
*18
42V 43V
42V 43 V 41V 43 V 40 V 4 l V 29,900
Tem porary 8% p r e f., .100
*80V 83
80V 80V
800
HI
81
80 V 80 V
19 V 19V
19V 19V
3,800 Kormeoott Copper _ . .N o par
19% 19%
18% 19V
13% 13%
13 V 14V
14
13% 13 V 10,709 Keystone Tire A R u b b e r.. 10
14 V
_
89V 40
39V 39V
39% 39%
1,200 Lackawanna Steel_ ..... 100
39 M 39 V
5334 54
54 V 54 V *51
55
54
1,300 Laclefle Gas (St L o u is )-..100
*50
27% 27%
*27V 28
1,200 Leo Rubber A Tire----- No p a r
27 V 27 <2 20% 27
v151 155
155 155 *145 155 * 150 155
100 Liggett A Myers Tobacco. 100
1o o v 100 V *99 101
Do nrof______________ 100
*98 101
200
*98 103
MV 12
11% 12
1 1% 12
J1% 11V 10,200 Loew’s Incorporate'! . mNo par
H 0al00 on tblfl day, I Less than 100 shares. t Ex-rlghts. a 15x-div. and riff Mis. • Par Value 4100.
O
»

0 Old ntock.

M HU A R B
l
Ranos f o r I*rsviows
Y e a r 1920

Lowest

fl i g h s s i

I f«r shars 9 p e r 1hmr$
61
Deo
83 M ar

29U Deo
64>i Deo
26 Nov
70il Deo
82ia Deo
97'/* Deo
66 Deo
79
Deo
92% May
104% Deo
86V May
1001* Deo
66% Deo
88% Deo
281* Deo
6*4 Deo
251* Deo
30 Dec
18 Deo
497i Dec
38 Deo
84
Deo
6% Dec
7 Hi Dec
42
Dec
Deo
8
677 Deo
*
78 Deo
92
Deo
47
Dec
487 Deo
*
90 Aug
99U Deo
2*4 Deo
82
Deo
76
Deo
3*4 Dec
10
Dec
8
D ec
9i« Deo
66U Dec
15*8 N ov
6 3 N ov
4
Deo
6i« Dec
30% Deo
80V D ec
24V D ec
69*8 Deo
6 0 N ov
7U N ov
16*8 Deo
18
Deo
22
Deo
6 0 M ay
9
Dec
6 2 if Deo
34
Deo
611* Dec
70
Deo

72
100 V
60
931*
142**
118*4
106*4
106
100*4
283
97*4
210

1651*
1051*
61**
211*

691*
661*
67V
748*
76*4
125

20V
1761*
76
24
82

Jao
ia o
Mar
Jao
Apr
Jao
M at
Apr
Mar
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Aub

Jan
Jan
May
June
1481* Apr
1021* Jan
96*8 May
1021* Jan
102V Feb
Jan
114
Jan
16
96*4 Apr
Apr
129
111* Jan
Jan
26
29V Jan
28V Jan
851* Jan
Jan
46
751* Jan
20*8 Jan
19*4 June
104*4 Jan
1081* Jan
61*8 Jan
164*4 Mar
1117* Apr
2114 Jan
4188 Jan
4014 Jan
4414 Jan
Jan
67
651* Jao
9 2 * Jan
Jan
56
Aug
80
897 Aug
a

71*4 Dec
16
Deo
62
D ec
97*4 June
3*8 D ec
61
Dec
97
Dec
241* Dec
70
D ec
811* Dec
161* Dec
64
Dec
211* Dec
9U M ay
13*8 Deo
47
Dec
84
Deo
40
D ec
66
D ec
5
D ec
211* Dec
78
Dec
10
D ec
121* D ec
11* Deo
321* Dec
711* D ec
61
D ec
78*4 D ec
161* Dec
12*4 Deo
641* N ov
58*8 D ec
69
D ec
27
Dec
70
Deo
16
Deo
SI2 Dec
15 Dec
III 4 Dec
25 Deo
51% Deo
121* Deo
65U Dec
9U Dec
5% Aug
28 Dec
9% Dec
40V Dec
88 Nov
100 Nov
10V Deo
44 Nov
2812 Dec
68 Nov
547 Dec
8
11’8 Deo
381* Dec
69V Deo
19 Dec
271* Deo
Deo
Deo

9 3 7a M ai
4614 Apt
Apr
98
102*4 Jan
14lfl Apr
105V Apr
Jan
107
43*8 Apr
2781* Apt
Jan
100
59*8 Apr
857 Jan
*
Apr
•605
Jan
13
Jan
28
Jan
147
Jan
104
Jan
96
91*8 Apr
161* Mar
44*4 M ay
1347* Mar
Jan
48
361* Jan
191* Jan
D ec
43
791* Deo
75*8 Jan
9444 Jan
Jan
172
42 Mar
89*4 Jan
85V Jan
Apr
94
857 Jan
«
102*4 Jan
551* Jan
49*4 Jan
38V Jan
201* Aug
847 Jan
*
78V July
46V Apr
1161* Sept
23V Apr
9*4 Apr
617* Apr
Apr
27
88V Apr
142V Apr
Jan
115
51*4 Jan
1117 Jan
*
Apr
170
Jan
84
Apr
71
26*4 Jan
91*4 Mar
79V Jan
47V July
5H* Jan
7V July
21*4 Jan
45V Jan
30 Jan
152V Jan
105 Jan
33V Apr
18V Jan
91V Jan

15V Deo

38% Jan

7% Sept
13 Deo
25*2 Deo
75 Deo
14*8 Deo
5*4 Deo
46 Deo
35 Aug

127 V N )V

67V Oot

207

Jfttt

190 7 Jan
*
14*2 Deo1 36 Apr

95

Deo

« Ex-dlvldeao

010

New York Stock Record—Concluded— Page 3
tot aulca durtag the week ot stucko usually Inacdve, uee third preceding page.

N IC J t i

a n d

day
J u ly

30.

|
1

l o w

s a l s

M onday
A u g . 1.

1

|

p r ic e

- -P E R

T uesda y
A u g . 2.

SH A H S. N O T PER

W ed n esd ay
A u g . 3.

.
j

T h u rsd ay
A u g . 4.

CENT.
F r id a y
A u g . 5.

S a le s
fo r
th e
W eek.

STOCKS
N EW YORK STOCK
EXCH AN GE

H p e r s h a r e • p e r s h a r e S p e r s h a r e $ p e r s h a r e $ p e r ah a r e S h a r e s Indue 6c VUacell. (Goa.) P a r
$
9%
9 ‘4l
1,800 Loft Incorporated_____ N o p a r
*9
9%
9*8
9*8
8%
9*2
9%
9*8
9*2
9*4
*31
*33
*32
38
38 | 33
33
38
100 Loose- Wiles Biscuit tr otfs 100
*32*4 38
*32*2 38
*92 115
*92
*92
115
115
115
♦92 115
*92
115
*92
Do 2d preferred______ 100
* 143 151
148 148
149 150% 150 150 *147 152
1,500 Lorlllard (P )_____________ 100
150% 150*2
10 L 101
101
900
101
101 101
♦100 105
l)o pref.......
100 100
100 100
......... .. 100
*00
*60
03
03
03
04
65
200 Mackay Companies_____ 100
03
04
*03
*63*8 05
*55
*55
50
58
08
55
55
100
03 *2 *55
55*2 *55
*55
Do pref____ . . ______ 100
40
*35
38
40
32
*30
70
1,200 Maaatl S u g a r_
_
_____ 100
32
38*2 *30
34% 36
78
79
79
*77
78
600 May Department Stores. _ 100
80
*76
80
78
78%
____
Do pref
. ............... .. 1(H
)
1U4 105*4 1U4 4 107*2 106*2 109*4 106% 110% 10 0 % 108*2 104% 107*1 92,800 Mexican Petroleum_____ 100
—
Do pref............................ 100
21
000 Miami Copper____ ______ . . 6
21
21
20*4 21
21
21*8 21%
21*4 21*4
10% 11%
1 0 % 11%
25,700 Middle States OH Corp_ .10
_
11*2 12 %
11% 12*4
l 1*2 12
11% 11*2
24% 25*i
24% 25%
5,700 Midvale Steel A Ordnance- .50
*23% 24*4
24% 24%
24% 25
OU 25*8
4
*45
46%
45
46%
45
300 Montana Power_ ______ 100
45% 46% *44% 46% *44% 40% *45
_
*93
*94% 95
*94% 95
*93%
*94*2 98
*94%
Do p r e f _____ ________ 100
18
100 Mont WdACoIlls Corp.Wo p a r
♦17% 18*2 *17*2 18*2 *17*2 18*2 *17*2 18*2 *17% 18*2
18
14%
14% 14%
14% 14%
14% 14*2 *14% 14*2 * 14
500 National Acme ......... ...... 60
14*2 14%
*113 119
+ 112 110
300 National B iscuit-._______ 100
115 115
115*2 115*2 * L15 117
112
*107
*108
112 *107
112
Do pref_____ __________ L O
--112*2 *107
O
100 National Cloak A Suit____ 100
*26
29
*26
28
29
20
26
*20
*20
29
29
*20
*00
70
*59
*60
64
*60
70
05
05
*57
70
*58
Do pref_______________ 100
*1
000 Nat Conduit A Cable.Wo p a r
1
1
*1
*L
1%
1*2
1%
1%
1*4
1%
1*1
*46
*40
48
49
*47
49
48
50
48
*47
48% 48*2
300 Nat Enam’g A Starnp'g... 100
*89
95
*89
95
95
95
95
95
*89
*89
*89
Do pref_______________ 100
*89
8 74% 74%
75
75
73*2 737
1,200 National Lead___________ 100
75% *74*2 77
75*4
*74*2 77
103% i03% 103 103 *101 105 *100 n o *101
110 *101
200
110
Do pref....... . . . ................ 100
*10% 10%
9% 10*8 *10
10
10%
4,600 Nevada Consol Copper_ . . 6
10
10
10
_
10*4
10*4
. . . . _ _ _ _ ♦54
70
00 1 *54
58 | *54
— - ____ - . - - ____ ___ ___ New York Air Brake_____ 100
$ p e r M art*

200

PER SH A R E
R a n g e s i n c e J a n . 1.
O n b a s i s o f 100-#/lar# lo ts
L ow est

i

p er sh are

8% July 0
31 Jan 5
94% June23
130 Feb 3
100 Jau 6
59% Jan 3
55 June 7
32
Aug 4
05% Jan \
95 Mar 18
87% July 0
84 June17
15% Jan 3
10 July 20
22 Junoil
44 July23
93 June15
14% Feb 3
13% Juue23
102 Jan 4
106 Jan 3
25*8 July20
55*8 July23
1 A pr 13
41 JunP‘ 3
2
89 June11
67% July28
100 JuneiO
9 Mar31
54 July 18

45 Jan 26
Do prefer rod___________ 100
54*2 Feb 7
800 North American Co--------- 100
Nova Sootla Steel A Coal-_ 100
20*2 JuaelO
ID'I Nunoally Co (The)____N o p a r
8*2 Mar 8
2
184 May31
*I7S
2,700 Oklahoma Prod & Ref of A m .6
178
3978 Aug 1
1978 20
26
20
700 Orpheain Circuit, luo________1
97g
9% Junegs
10
*10
10
10
10*4
10*8
800 Otis Steel____________ N o p a r
27*8 Aug 5
2778
30
29
♦28
31
*28
29
1,500 Owens Bottle_______________25
8*2 July L
♦9
10
300 Paclflo Development----------9*8
0%
9*8
♦5484 55
5484 5484’ *5419 55
46*4 Jau 19
55*2 2,800 Pacific Gas A Electric____100
27*2 M ar 12
30% 367g
37881
3 0 % 37141 37
36% 36,400 Pacific Oil....... ............ ..........
39*2 July 6
*48% 49
49
50% ‘ 50
Pan-Am Pot & Trans........... 50
51
4S7 12,300 1
8
3584 July 6
43
43
Do
Class B____________ 50
42%
5,000
43*2 43 78 4334 44
678 June20
.... ....
778
8%
8%
8*2
778 2,900 Penn-Seaboard St*l vto N o p a r
33% Jan 3
54
54
54
56
55
56
56%
7,700 People’s G L A C (Cblo)--lOO
287s July 11
3Q
30
30
30%
1,0 0 0 Philadelphia Co (Plttsb)_._60
30*2 *30% 3i%
16 Juno17
17
17% 18
17
17% 17%
20
5,200 Phillips Petroleum____ N o p a r
13% J u ly30
1438 1478
14
14% 37,500 Pierce-Arrow M Car___ N o p a r
13% 14%
15*4
28 July3()
28
28%
Do pref_______________ 100
29
30%
30
32
30
7.700
6*2 July 13
7%
7
7
7*4
7%
7*8
7%
4,000 Pierce Oil Corporation--------25
45
Aug 3
51
51
51
54
Do prof_______________ 100
600
51*2 *
52 July 16
54% 55
54% 54%
1,500 Pittsburgh Coal of Pa--------100
54(2 54%
54*4
S2?8 Jan
87 I 87
*84
87 I *86
Do pref_______________ 100
88
88
100
12% M arl5
*14
15% *14% 15% *14% 15*2
14%
100 Pond Creek Coal----------------- 10
56 JUly29
57% 5778
61
59
58
58%
60%
5,800 Pressed Steel Car_________ 100
83 June22
Do pref_______________ 100
54 Jan 15
Public Serv Corp of N J — 100
72
*68
89*2 June 14
92
94
93
95%' 94*2 95
92% 93
93% 94-%
4,400 Pullman Company________100
93*2 95
25*2 June 1 1
30
30
30% 32
30% 31 *41 30*4 30*2
32
32
29% 30*4
3,700 Punta Alegre Sugar------------ 60
24% June2l
2578 20 %
25% 25%
25% 26%
26% 271,1
27
2 7 %; 26% 27*4
8,700 Pure Oil (The) k _____ ______ 25
67 July 28
74
75
76
797 80 | 78% 78*2
s
86%
771- 77*2
77*2 80
1,600 Railway Steel Spring--------100
98
A pr 2 1
*98
Do pref_______________ 100
*98 n o
*99 n o
*100
*100
*100
11 M ar 12
w_ _ _
12% 1 2 % . . . .
12% 12%
1,500 Ray Consolidated Copper,. 10
12*2 12*9
12*2 12%
17*8 June20
*19*9 23
*19
*19% 20
500 Remington Typewriter vtc 100
20*2
20*2 217S *20% 23 I *19% 23
18 June2l
23
*20
*20
23
*19% 22
*21*2 23
23
20% 23%
23
500 Replogle Steel,________ N o p a r
41*8 June23
46% 47
47% 47%
47% 49
47% 49% I 47*4 48
46% 47*2
7,600 Republic Iron A Steel_____ 100
79's June22
*84
85
*84
Do pref_______________ 100
So
85
85
*84
8 / | *81
86
85%
*81
100
953 Aug 5
____ ____
11% 11%
10% 10%'
11% 11%
9% 10
800 Republic Motor Truck . N o p a r
46*2 June20
52
507 51°s
3
52
51% 52 1 51% 52*4
50*2 52%
51% 5178
9,900 Royal Dutch Co (N Y shares).
10% June 13
____ ____ §11
11
*11
11% *11
11%'
11
11
163 St Joseph Lead------------------- 10
2 June23
278| 2%
*2
2%
278
*2
*2
*2
*2
2%
100 San Cecilia Sugar v t c - N o p a r
2%
278
97s June23
* 1 0 % 12
Savage Arms Corp------------ 100
*10
13% *10*2 12
*10% 13
*10*9 12
*10% 12
278 Jan 3
4
*3 %
3% ____ ___
37S 378
*3%
3%
4
500 Saxon Motor Car Corp- N o p a r
62% July 11
65?s 66^s
64
65
65
65
65%
65%
s
65% 657
65% 65'%
7,300 Sears, Roebuck A Co--------100
12% M a r ll
1634 17%
16% 17%
17
17%
16% 17 i 17
17
6,400 Seneca Copper--------- . N o p a r
16% 16%
36% July21
37%
37% 3711 *37
37% 37*2
37% 37%' 37% 37% *36*2 38
800 Shell Transp A Trading — £2
1 7 % June20
20% 2078 20% 20%
20% 20%
20% 20%
20
20% 20%
20*2 16,900 Sinclair Cons Oil Corp. Wo p a r
32*s June29
Sloss-Sheffield Steol A Iron 100
*34
35
35
35
35% 3578 *34*4 36 I *34% 36
34% 34%
400
68*4 June29
*6578 71*2 *66
Do preferred----------------- 100
3
s
71% *6 o7 71% *657 71% *657 71*2 *657 71%
8
s
*134 137
135 136% *135 137% 137 137 1 137 139
136 137
1,400 Standard Oil of N J--------------25 124*2 June 13
Do pref non voting--------100 105*8 Jan 3
107 107 . 10678 107
I067 107*4 105% 107% *107% 107*2 107% 107%
s
3,800
70 July 30
70
70
*70
72% *70
72%
72% *72
71%
100 Steel A Tube of Am pref— 100
70
70 *
21 June 6
*24% 26
*24% 25% *25
26
25% 25% *24% 26
24*% 24%
500 Stewart Warn Sp Corp.Wo p a r
26% June2l
32
32
*31
33
*30
33 ! 31
30% 30%
33
800 Stromberg-Carburet— N o p a r
31*s *30
42% Jan 3
s
77
78%
76% 77%
77% 78%
77*2 79% 100,900 Studebaker Corp (The) — 100
76% 777
78% 80*2
83 Jan 5
Do pref________________ 100
*92% 95
*92*s 95
*92% 95
*92% 95
*92% 95
*92% 95
4% July 18
434
47S
434
47S 478
47
8
47
8
478
5
5%
5
1,400 Subma ine Boat---------- N o p a r
5%
4*4 July29
____
4%
4%
4%
4%
4*4
*4*4
4%
4%
800 Superior Oil___________ N o p a r
4%
4%
26 June20
30
30
100 Superior Steel Corp’n--------100
7 M arl2
*719
*7%
7%
778
8
7%
77
s
*7%
77
s
8
778
400 Tenn Copp A C tr ctfs.Wo p a r
*7*2
29 June21
35%
36% 37*8
35
36
367S 34% 36
35% 36%
36*2 37%
55,200 Texas Company (The)--------25
16% June2 l
19% 1978
19% 20%
19% 20%
19% 20%
19% 19*2
9,000 Texas Pacific Coal A Oil— 10
18% 19%
45 Mar22
Tobacco Products Corp— 100
58% 59
*58% 59
58% 59%
587 60
s
57% 58% 10,300
58*4 59%
76*2 June28
Do pref________________100
85
85
86
87
*85
86
*80
87
86
86
85
85
500
6% M ar 12
7
7%
7%
7%
7%
7%
773
8
8
13,200 Transcontinental Oil, _ N o p a r
7%
7%
7%
28 June25
Transue A Williams St_Wo p a r
*31% 34% *31% 34% *31% 34% *31*9 34% *32
34% *32
32%
60 July 15
60
60
62
62
*60
*60% 63% *55
62
64
62
*60
200 Union Bag A Paper Corp..100
17% M a rl4
19% 19%
19%
19% 19%
19
19% 20*2
19%
5,800 Union OH............ .......... N o p a r
20% 20%
19
19 June 8
257 257 *25
8
8
26
25
26
*25
25
26
25
*25
25
400 United Alloy S te e l..---W o p a r
295% June20
99% 102% 102 103% 1027s 104
103% 104% 104 105
17,900 Un ted Fruit---------------------100
8
103*2 1037
48 Apr 1
54% 557
8
54% 55
00
55%
547 56
s
54% 5434
53% 54%
S.200 United Retail Stores. _ . N o p a r
1 1 % Jan 3
____ ____ *147S 15% *15
16
15
15%
*147$ 16
300 U S Cast I Pipe A Fdy------ 100
39U Jan 3
Do pref------------------------ 190
____ ____ *42
45
*42
45
45
*42
*42
45
5% June20
6
*5%
*5%
6
*5%
6
*5%
6
6
5%
200 U S Express---------------------- 100
*5%
5*2
15 June23
17% 17%
17
17% 18%
17% 18%
17%
17% 17%
3,900 U S Food Products Corp.-100
17% 17%
48 July U
g 50% 51%
49%
*49
51% 52*4
51% 517
49% 51
48% 49% 13,900 U S Industrial Alcohol------ 100
84 July 29
Do pref________________ 100
85
85
85
S5
*70
85 *__
*75
*75
90
90
300
41*8 M a r ll
513
4
8 50*s 50%
49% *48
51
50
49% 50
507 517
8
2,100 U S Realty A Improvement 100
49%
47*8 July 11
United Stages Rubber-------100
53% 53%
54
53% 54%
53% 54%
54
53
53*4
51% 52% 20,000
91*2 June20
Do 1st pref----------------- 100
96% 96%
96
96
96
96
700
97
97
*97
95% 95%
98
26 Apr 1
30
30
—
30%
*30
31
—
30
400 U S Smelting Ref A M ......... 50
37*4 July 18
Do pref-------------------------- 50
70% June23
8
75% 76%
7334 7478 747 7534
75% 76
74% 75 103,400 United States Steel C orp.. 100
75
75%
Do pref------------------------ 190 105 June21
*109 n o
109 109% 109 109
107% 109 *108 n o
109 109
1,500
45% M ar3l
48%
48% 48%
46% 47%
47% 4 7%
47% 48%
8,000 Utah Copper....... ................... 10
47% 48%
48
7 Aug 5
*9
10
9%
9%
*8
10
10
10%
S7
s
S78
7
7
500 Utah Securities v t c........... 100
Vanadium Corp------------------ N o p a r 25*8 J u n eil
297$
297 31
8
29*9 30%
28% 28%
29%
30
30
3,700
29% 29%
20% July30
*22*9 24
20% 24
21% 22
22
24
23
23
10,700 Vlrglnla-Carolina Chem-__100
23*s 25%
57% J w 3 0
Do pref-------------------------190
6 43
4
57% 67%
62
64
67
70
63
*65
67
8,500
68
67*
70 July 23
_ _
____ *70
75
SO
*70
*70
80
*70
75
70
100 Virginia Iron C A C --------- 100
70
5% M a r ll
*6%
634
634
6%
*6%
7
8
7%
4,200 V Vivaudou----------------------- N o p a r 49*2 Jan 4
7*8
7*8
7%
7%
62
62
*57
59% 59% *56
62
*58
60
*58
*58
60
100 Wells Fargo Express--------100
81 July 15
*82% 84%
84% 84% j ____ ____ *83% 85*2 *83% 85% *83% 85
100 Western Union Telegraph. 100
86 July29
90%
88% 88*2 *86
8SU
90
300 Westtnghouse Air Brake— 50
41*2 July 15
Westinghouse Eleo A M fg ..5 0
437
g 43% 43*2
42%
I 4338 43%
*42
43
43%
6,600
43%
43*2 44%
29*4 Juue23
White Motor........... - ............. 50
32
32% *32
32
31% 31% *31
31% 31%
31% 317S
800
32*2
7 July 16
White Oil Corporation-Wo p a r
87
s
87
s
87
8
8%
87g
8%
8%
s%
4,200
STs
9%
8%
8*2
14*4 Apr i l
Wlokwtre Spencer Steel-------- 5
5U Jan 3
678
6*9
6%
67
8
6%
6%
67
8
6%
6%
6%
7
6.800 Wlllys-Overland (The)-------- 25
67
s
26*4 Juue23
Do pref (new)----------------100
*28% 29
29
29
29
29
29
29
*29% 35*2 *2S% 35
1,400
31 July 15
___
__ 1 34% 35
35
36
36
700 Wilson A Co. Inc. v t o.Wo p a r 108*4 Feb 24
35
35
*33
*34
*33
*110 114 *111
114 *111 114
116 *111
11278 1127® *110 114
100 Woolworth (F W )................ 100 105 JuneJl
Do pref________________ 100
____ *100
___ *106 ____ 1*100
*106
*106
*106
38*2 JuneS*
41
600 Worthington P A M v t 0 ..1 0 0
♦39
40
40
40% *40% 42%
40
*39*2 41 1 39*2 39*2
70% Aug l
Do pref A ......................... 100
100
78 * . _
7S j* —
78
78
70% 70% *70
78 1* -----Do pref B --------- ----------- 1001 56 July 26
59
*56
59
59 1 *55
59
*53% 59
*54
*52% 59 1 *64
Qx-dlv # R staoed
Bid and aaked prices; no sale on thla day. i Loss than 100 share#, t Ex rights. a «]<•dW an l
♦50
02
00 %
60
60
*2 i % 25%' *21

*50
53
52
00%! *58*2 61*2
2512! *2112 25
*978 10

*50

52 84'

51*4
80
211® 238a * 21*2
. . . ____| *984
o
2
1 78
20
20
10*8 10*8
16*8
28
28
28*4
9
9
* 8*2
55
553
8 55*4
36*2 37*8*
50% 51%' 49*2
43% 4478 43
7%
778
8 %;
55% 56*2' 53*2
30% 31 | 30*2
19
18*2 19*2
14% 16%' I378
32% 34*2 28%
i
7*8
7
45
45
46
00
55
55*2
*87
88
* 14*2 15*2 *14%
60% 6 Ua
60%

51*4 *50
60
60*8
23*2 *21*2
10 |
9
o
1?8
------1
10%
10*8
28 i 27*8
9*8
9 I
55
56
37 I 35-*4
50%
47%
42
43%
77s
8 l
53
55%
30%
30
19 | 19
15%
14%
3 3*8i 29%
7
7%l
46*8I
55 1 54
*87
.15%! 14%
61
60

53
60
23
9*8

PER SH A R E
M a n ge f o r P r e c io u s
Y e a r 1920

H ig h e s t

$

p e r sh a re

12% Jan 10
42 Jan 31
100 M arll
101% Feb 28
107 Feb 3
08 Jan 24
57*8 Feb 2
89*8 Feb 14
93*4 Apr 18
101*2 Apr 7
107%Jan 13
91 Jan 11
24 Apr 26
15% Apr 25
33*8 Jan l
60‘4 Jan 11
98 June15
25 May 2
30 Jan 4
120% Apr 26
120 Jan 26
3 5% Jan 18
79*4 May 10
5 Jan 10
05 Feb 14
95 Mar 9
81 May 7
108 May 4
13% May 11
89 Feb 19

L ow est

9

H ig h e s t

p er sh a re $ p e r sh are

9%
25
100
1201*
97
60
50
03%
06
95%
148
88
14%
10
28%
47%
93
12%
25%
96
103%
26%
59%
2
45
88
63%
100
8
00

Nov
Dec
Deo
Dec
Dec
Deo
Deo
Deo
Deo
Oot
Aug
Mar
Deo
AUg

Deo
Deo
Deo
Deo
Deo
Dec
July
Deo
Deo
Dec
Nov
Nov
Deo
Dec
Nov
Dec

28
70
116%
183%
110%
09%
04%
161%
137%
107
222
106
20
71%
52%
09%
100*4
JO
40
125
U9
80
102%
13
89*2
102%
93*4
110
17*2
117%

Jan
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan

Jan
01
36% Deo
57*i May 18
61% Ool
62 July 13
48 May
Dec
39 Mar29
77% Jan
20
127a Jan 8
Deo
22 % Apr
9
4 Jan 7
2% Dec
6*4 Mar
28% Sept
30% Apr 29
23 Nov
41% Jan
16 Jan 11
12 s Deo
l42 7 Deo
y
Jan
5!:% Jan U
05
Jan
19% Jan 8
78
10*4 Deo
56 M ay 19
41% May
61*4 Jan
41r D en
%
41*2 Jan 4
Deo
36
79% Feb 17
69% Deo 116% Apr
71% Jan 12
64*2 Deo 111 % Apr
6*4 Deo
17 Jan 17
30*4 Apr
Oot
57% M ay 17
Aug
27
45
36*2 Jan l i
42% Jan
30% Deo
31*2 Jan 8
44% July
26*4 Deo
Deo
42 U M ay 2
15
82% Jan
Dec 108% Jan
59
88 Mar28
1178 Jan
Deo
9
23*4 Jan
Jan
Dec
78 Jan
72
98
647g M ay
72U Sept
51% Feb
88*2 Jan 19
Dec
91*4 Jan
83
Dec
12
16*2 M ay
27% Jan
96 Jan 24
Dec 113% Apr
72
104 Jan 24
90% Doc 104% Feb
Jan
Dec
52
68
70*4 May 19
95*a Dec 124 Mar
110% Jan 21
Apr
51*2 Jan 11
Deo 120
40
507g Jan
29% Deo
36% May 6
90% May 10
Dec 306*8 Apr
73
109 Mar 3
92% May 107 Nov
10 Nov
22 % Jan
15 May 11
Jan
24% Deo
94
3S% Mu,yll
93*2 July
Deo
30
39*2 Jan 12
73UJan 13
55*4 Dec 124% Jan
Deo 106% Jan
84
96*4 Mar 2
65% Jan
24*2 Jan 25
10*4 Dec
49*2 Deo 123% May
697 May 5
s
17% Apr
13 Jan 12
Deo
10
25*4 June
2*2 Deo
5*2 Feb 16
23% Jan 11
Deo
9
83% Apr
21% Jan
6% Apr30
2*8 Deo
Apr
98% Jan 3
85*4 Dec 243
20% Jan 17
.14*4 Oct
23*8 Nov
90*4 Jan
49 May 9
33% Dec
48% Jan
28% May 6
20 Deo
56 Jan 11
43
Dec
82*4 Jan
Dec
75
94U Apr
73*2 Feb 28
107*2 Jan 13 #142*2 Dec #212*2 Mar
110 Jan 20
100*8 June 113% Mar
91*2 June
77
Deo
82 Feb 7
51% Mar
37 JaD 24
24*s Dec
46 Apr 30
22% Dec 118*4 Apr
93*4 Apr 29
37*4 Deo 126% Apr
76
Deo 101% Jan
97 May 4
14
Oct
10% Jan 7
8*4 Dec
11 % Deo 20% Sept
13*4 Jan 11
60
Apr
Feb
41
48 Jan 13
13*4 Mar
10% Apr 26
0*4 Deo
Deo r57% Jan
45 Jan 10
40
22 Deo
53% July
36% Jan 21
95*f Jan
46
Dec
60*s July27
Jan
91 Jan 13
Deo 100
80
13 Apr 25
6% Deo
38% Jan
34% Dec
60*2 Jan
44*2 Apr 25
Apr
75 Jan 13
61*4 Dec 127
Jan
38
25*2 May 19
19*2 Dec
Jan
34 Jan 4
53
27% Dee
207 Jan 7 176
Feb 224% Oct
62% M ay23
45*4 DC© 96% Jan
19 May 0
25% Jan
10% Nov
50 Mar24
Dec
38
55*4 Apr
37% Apr
7 Jan 13
5*4 Dec
27*4 Jan 19
78% Jan
Dec
15
74*2 May 3
60*a Dec 116% Jan
Aug 103% Jan
90
102 Mar 8
09% Apr
58% May IS
35% Nov
79% Apr 30
Deo 143% Jan
53
1037 Jan 4
8
95% Dec 116*2 Jan
Jan
76
35*2 Jan 27
Dec
29
47% Mar
44*2 Jan 3
39*s Dec
Jan
86*2 May 6
76*4 Dec 109
112 Jan 27
104% Deo 115% Jan
59*2 Jan 19
80% Jan
44*s Dec
Oct
U
Aug
7
12% Mar 17
Apr
97
41 Jau 11
28*8 Dec
4 2% Jan 11
80% Apr
24% Deo
102% Jan 18
88% Dec 112% Jan
Feb 120*3 Sept
95 Jan 25
76
21 June
5% Dec
9*4 May 11
70 Mar
40% Nov
72 Jan 20
92% Oot
80*3 July
94 Apr 12
Jan
96% Jan 14
89*4 Nov 119
55% Jan
Dec
49% Mar29
40
09*f Mar
44 May 2
30*2 Deo
25% Dot
18% Deo
17% Jan
82*4 Sept
19 Nov
18*2 Jan
82
Jan
5*3 Deo
1 0 * 2 M ay
93
Jan
D *0
26
42 M ay
347$ Deo
82% Jan
47 Jau
Apr
100 June 145
U7*s Apr
Jan
Deo 116
111 Feb
Jan
95
35% Deo
55% May
93% Jan
Deo
81 Feb
Jan
76
53% Deo
65*4 Mar
haaia of $J» oar

< Bar St00
*

Mew York Stock Exchange— BOND Record Friday, Weekly and Yearly
Jan. 1

1909 (toe Rxctoanoc rnettood o f Q uotin g bonds was changed and prices are now

BONDS
W. Y . STO C K E X C H A N G E
Wool! ending August 5
II. S. G ov ern m en t.
fflrot Liberty Loan...
8 H % Of 1932 1947_____ _______
Conv 4% o f 1932 1947 ______
Conv 4% % of 1932 1947______
2d oonv 4 \i% of 1932 1947_._
®80ond Liberty Loan—

11

So.

Aid
J
J
J
J
)

M
Conv 4 ^ % of 1927 1942........... M
Third Liberty Loan—
M
\\L% o f 1928
F ourttiU berty Loan—
4*4% of 1933 1938____________ A
victory Liberty Loan—
AtX 07 MAtfio r»f 10')9 1090
j
3 H % Notes of 1922 1923------- J
Sa consol registered ............... 41930 %
2fl consol coupon___________dl9S0 Q
registered
.3925 Q

Week's
Xanye or
Lan Sale

Price
Friday
Auousi 5

HiO* No. Low

Ait* Low

N 87.OS Halo 87.60
N 87.02 Sale 87.52

00 85.31 88.80
87 70
.
87.82 490 J 85.30 88.40

S 02.90 Sale 91.70

92.10 1753 88.00 92 10

O 87.80 Sale 87.00

87.96 9137 85.34 88.00

88.*. 0
87.88
87.82
9(5.10

Halo
Halo
Sale
Sale

98 .SS 11389
99.00 1255
June’ 21
Juno’ 20
June’2 1
July’21
July'21 ____
July’ IS
Apr’20
July’21 ___

95 50 98.88
95.80 99 00
100 100
... 104 105%
102% 104 %
100 " 100

09
09%
5
100%
102
135
94%
95% 135
100%
101% 235
97%
70
99%
98%
99% 102
82%
83%
55
99%
100% 326
92%
93
52
89
90
12
99% July’ 21 —
92%
93% Sale
93% 141
104
98 “
221
93% Sale
46%
49
6J
X 48% Sale
99
J00
99 100
78
78%
78% 240
78% Sale
79%
18
78
79% 78
78
80 1 77 July’ 21 ____
67
70
30
69% Sale
101% Sale 101%
34
102%
102%
35
101% 102 101%
102% 101
102% Sale i02
80
79% 79% 79%
15
10058 s aie 100%
101
285
96% Sale
95%
93% 2218

66% 72
95l2 102
87
97%
90% 101%
93% 100
92% 99%
74
84%
97 101%
85% 93
83% 90%
98
99%
87% 94
92 ~ 104
40% 49
94% 100%
72
78%
77
82%
75% 81
6$
71%
Q5% 103
95% 103
95% 103
70% 83%
96 101%
95
98

69 Sale
102 Sale
94% Salo
101 Sate
100 Sale
99 Sale
83 Sale
100 Sale
923g Sale
589 Sale

99% Sale
99
99%
S6%
87%
87% Sale
88%
89 Sale
89%
98%
99 Sale
99%
8 8 % ____ 89%
89%
85%
X 85% 85% 85
85
85%
f$i5% Sale
70%
t 70% Sale
69%
84
83
83% 82%
83
84
83 Sale
44%
I 44 Sale
45
33
33 Sale
34
103% Sale 103%
104
99%
100 Sale
99%
98%
98% Sale
99%
*35%
87%
87% Sale
108
106 Sale 105
102% .Tunft’ 21
i^wit^ruiiiu
vt
£ i oo iy iu 1 8
5
60%
60%
60% Sale
M S
Tokyo City 5s loan of 1912100%
99
Zurich (City of) s f 8s_____ .1945 A © 100% Sale
XThese art prices on the basis of $5 to £

5-year 5 H % notes_______ 1921 M hi
20-year eold bond 5 M s. .1937 F A
10-year conv 5 Ms______
1929 F A
F A
Italy (Kingdom of) 8er A 6 M s .’25 F A
Japanese Govt— £ loan 4MS-1925 F A
Second series 4 Ms_____ 1925 j j
_
__ .1931 J J
Sterling loan 4a_
Lyons (City of) 15-yr 6s_
1934 M N
Marseilles (City of) 15-yr 6s 1934 M N
Mexico— Ester loan £ os of 1899 Q J
Gold debt 4s of 1904_____ 1954 J D
Norway external s f 8s____1940 A O
Paris (City of) 5-year 6 s __ 1921 A O
9an Paulo (State) ext a f 8s. 1936 J J
Sweden 20-year 6a . .
____ 1939 J D

IS s
V
w s
A O

j b
IB S
V
rv N
s
M N
3
4 % Corporate stock______ 1957 W N
M N
New *M s____________....1 9 5 7 M N
v
4 M % Corporate s to ck .__ 1957 r a n
1961 (V S
I

Highway Im prov’t 4M S --1963 M S
F d Aterred Brnwr BrnR ntfa
ji

85%
81%
85%
89%
91
90%
80%
80
81
81%
89
9t
73%
90
_ 88
89
93
*85
88
94 ____ 101
95
* 6 1 % ____ 71%
75%
85% 92%
8 5 % ____
85%_____
90% 91
90% 91
20% Sale
81
82
80% 83
81 Sale
81 ____
91 ____
91
95

R ailroad .
54% Sale
Ann Arbor let g 4 a ._______ *1990 Q J
77% Sale
Afcoh Top < 9 F g— Gen g 4s . -1995 A O
fe
7 5 % ____
R egistered_____________ 1995 A O
71% 72%
Adjustment gold 4e______ *1995 Nov
71% Sale
Stam ped............. ............ *1995 Nov
70% Sale
Conv gold 4s
1965 J D
70% Sale
Conv 4s Issue of 1910_____1900 J D
84% 86%
East Okla Dlv 1st g 4s____1928 M S
71 Sale
Rocky M tn Dlv let 4s____1965 J J
Trans Con Short L 1st 4s. 1958 J J
75% 76%
Cal-Ariz 1st A ref 4 H s “ A” 1962 W S
78% 79
H Fe Pres A Ph lat a 6«
1949 M S
AtI Coast. L 1st gold 4s
K1Q52 M S
79% Sale
10-year secured 7s________ 1930iM N 103 Sale
Gen unified 4Ma - ...........1964 J D
76% 78
92 ____
Ala M id 1st gu gold 6s____1928 M N
78% 83
Bruns A W 1st gu gold 48. .1938|J J
Charles A Sav 1st eold 7s 1936 J .1 [13% J15
L A N coll gold 4s
ol965 M N
72 Sale
99% _
Sav F A W 1st gold 0s____1934 A 0
89% 94
1st gold 5s_________ _ 1934 A 0
Balt A Ohio prior 334b______ 192/ J J
86% Salo
Reglstored______ _______ *192/ Q J
1st 60-year gold 4 s ______ *194* A 0
69% Sale
Registered_____________ .*194* Q J
10-yr conv 4 M b....... ............1932 . . .
70% Sale
Refund A gen 5s Series A . . 199/ .1 D
72)4 Salo
Temporary 10-yr 6s______ J92t J J
91 Sale
Pitt* June 1st gold 0s
. 1925 J J
95%
P June A M Dlv l0 tg 3 M « 192 M L
82% 841'
p /, E a w Va By* ref 4 h 194 M N
Southw Dlv 1st, gold 3 M«- 192/> J J
83 Sale
8 1 % ____
Cent Ohio 1st o g 4 M »---1 9 3 () M «
80
Cl Lor A W con 1st g 5 s .. 193:* A 0
Ohio River R R 1st g 5 s .. J93f5 J 1
85% 88
7 6 % ____
General gold 6s________ 193' A C
97 ____
Pit’ s Olev A To) 1st g 0B..1921l A <
3
To) A Oin dlv 1st ref 4s A . _ 19511 J J
55 Sale
90% 92
Buffalo R A P gen g 6 s ._____ 193' 7 M <
80% 83
Consol 4M « ___ . ___ 196' IV fv
I
71 ____
All A West 1st, g 4s g u ___ 1991 A C
8 3 % ____
Cf^ar A Mah 1st, gu g 6s .194: J
99%
Rooh A Pitts Con 1»t (/ ft? 1992 J n

•N o

ot\ca) Friday;

Ilioto

88.98 1755 80.00 93.50
87.90
10 85.24 88.50
88 10 054 85.40 88.00
1 94 00 100.60
90.10.

F»r®l$jra G ov ern m en t.
V
Argentine Internal 6s of 1999— I S s
Or.1nliim OR 1rr evt o f 7U n fT IQA.Ri
6-year 6% notes_____ Jan 1925
20-vear s f 8s_ __ ______ 1941 F A
_
Bergen (N orway) s f 8s_____ 1945 M N
Berne (City of) s f 8s_______ 3945 M N
Bordeaux (City of) 15 yr 6S.1931 M N
Brazil, U S extern S s _______ 1941 J D
Canada (Dominion Of) a 5 s ..1926 A O
do
do
_ 1931 A O
_
2-yr 5*4s gold notes A ug.1921 F A
RL a
iC
1QOO F A
Chile (Republilc) ext sf 8 s _ . 1941] F A
Chinese (Hukuang R y) 5s of 1911 J D
A O
Copenhagen 25 yr s f 5*^0.-1944 J J
t
Cuba— External debt 5s of 1904. IV S
Exter dt of 5a 1914 ser A .1949 F A
F A
F A
Hprlp; R
1Q4fi F A
Denmark external 6 f 8e_...... 1945 A ©
Dominican Rep ('ons Adm s f5 s '58 F A
French Republic 25-yr ext 8s_1945 J D
J D

7J Y fltate— 4s

If

87.50
87.40
87.74
90.10

D
1)
1)
D

D 98.70 Sale 93.00
D 98.74 Sale .98.02
J 100% 101 U1100
J 100 LOlti 100%
F 104% 105 104%
104^ 105 101%
Pan Canal 10-30-yr 2s......... *1936 Q F 100% 101% 100
IOOI4 101
99
75
79%
75 ____ 75
Registered._____ _________ 1961 0 M

3 ts te and C ity Secu rities.
N Y City— 4Ms Corp stoek.1960
4*4s Corporate stock____1964
♦.Ms Corporate s to ck .. ..1 9 66
IMa Corporate stock July 1967
♦Mg Corporate s t o c k ____1965
XI/ rYirnorftto nt.nnlr
(.a
1QR3

Itanoe
Since
Jan. 1

13

53%
77
75%
71%
71%
70%
84%
83%
70%
76%
78%
87
79
102%
76%
95
79
129%
71
100%
89
80)2
79%.
69%
64%
70%
72%
90%
1 12
81
00
82%
86
86%
85
84
95%
55
89%
80
71
86

75

103
321
516
529
1
27
106,
71
38
41
64
25
65
102
202
76
132

79%

97%
83
86
94
81
75%
75%
56
74%
74
40
29
96%
94
95
81%
102%
102
2 43
48 94

100
87%
91%
99%
89%
85%
85%
70%
85
84%
55
41
105 ‘
100
9914
88%
103
104%
62%
100%

1 82%
85%
July 21
82%
July’21 _ . — 82%
Juiy’ 21 ____
87%
2 87'%
91
90% 103 87%
July’21
79
Julv’ 21
78%
2 78%
81
Apr’ 21
81%
July’21 _ ___ 87%
4 86%
91
A pr’21
73%
D ec’20
Sept’20
Julv’20
A pr’ 2l|____ 10 1
July 20
O ct’2 0 ____
D ec’ 20

88
88%
88
93%
92%
94
84
84%
84%
83%
93%
93%
74

12
55
78% 167
July’21 ____
3
72%
27
73
71%
36
12
85%
July 21 - — 72%
16
2
76%
2
78%
20
87
80
15
7
103
10
76%
July'2 1 _
Jan’ 21 • •
Aug'16
LI
72
N ov’20 ____
June’ 21 ____
87%
55
M ar’2J
100
71
J ulvf2 ]
71% 194
73
92
91%
65
Jan'12
84
5
49
67
79
83%
M ar’ 2( ____
JuJyf2l
J u ly '2 1
Feb’ 21
M a y '21
85
50%
Q
90
«
>
July’ 2 1
M ay *2
Apr’ 2C .
r -1 '

16 1

50
55
73% 79%
75
77%
67% 73
68
73
67% 72
79 ~ 85%
83
85
65
72%
72% 77
77
84%
86% 88
73% 81
99 ~ 104
72% 78
91
95
78% 79
66% 73
89
79%
79%
64%
64%
65
60
87%

89
87%
79%
71
67
7178
73
93%

08% 84
r; |% r,7
73% 83%
86%
85
84
95%
50%
Of
79
71

91%
88
84
96%
66%
93
85
71

OOlo

003*

latent bid and aakefl. a P u e J a n . iD u e April. oDue M ay.

cu

“ and intermit” —except for income, nun defaulted bond*

BON DS
Y . STO C K E X C H A N G E
Wouk oudlng AugaHt 6

II

Price
Friday
August 6

W eeks
Xante or
Last Sale

2 i

XtinQ
Sines
Jan. 1

Fiid
Ask Low
Kioto No Low U*0b
Canada Sou oofiH gu A 5fi — 1902 A O
86
87%' 86%
38 81 % 88%,
87%
Canadian North dob a t 7b. . 1940 1 ID 103 Hale 102
103% 1 13 99% 03%
490 90% 99
98
99
15 oar a d b •1j 11 . _ 1946 1 J 98% Hale
6 08
Car Clinch A Ohio let 30-yr Gfl.38 J IJ
78%
73%
73% 74
70
89% Sale
11 85 % 95%
Control o f Ga lat gold 5«_ p i 946 F A
_
89%
89%
84J4 Hale
6 80% 89
84%
84 % 1
Consol gold 6 b_______ . . 1946 M N
„
89% Bale
10-yr tomp uoour 6h J u n e .. 1929
89
92 | 36 847« 92
6 8 % ____ 08 June' 21- . . _ _ 1 67%. 09
Chatt Dlv pur money g 48.1951 J D
%
81% 84% 90 M uy’ J8
M ae A Nor D lv 1st g 6 a .. 1946 J J
771.1 ____ 97% June’ J7 ____1
Mid Ga A Atl Dlv 5 s_____1947 i J
M obile Dlv 1st g 6s______ 1940 J J
Apr’ 2J
8 1 % ------- 83
83
83
80% 81% 77 June*2J
Cent R R A B o f Ga coll g 68.1937 M N
75% 84
i\ 92% 10034
93
90
90
90 |
Cent of N J gen gold 5s_____ 1987 J J
94 M a y '21
07 U
Registered
.61987 •i 1
94
Am Dock A Imp gu 68____1921 I J ____ 100% 100% June’ 21!
99 L O
O
78
81
78
Apr’ 2I ____ | 78
N Y A Long Br gon g 4s— 1941 M S
78
81
83% 82 July’2 %
I
Chosa A O fund A lmpt 60— 1929 J J
84 %
79
90% 91
9 J July’211
87
93%
1st consol gold 6b________ 1939 m n
78% June’ 20 ____
Registered . ________ 1939 M N
77% Sale
75%
77 | 15 71% 77%
Genera) gold 4*$s________ 1992 ivi s
86 M ar’ 17
Registered
1992 m S
77% Sale
77
-78% 125 71% 79
20-year convertible 4*^8..1930 F A
82% Sale
.
82%
83% 144 79
_
30-year conv secured 6s_ 1946 A O
85
Apr’ 21 —
6 7 % ------- 07
07
Big Sandy lwt 48___ _____ 1944 J D
67
67 ------- 65
Jan’ 21 —
Coal River Ry let gu 4g_ 1945 J D
05
65
_
2 73
76% 82
76%
78%'
76%
Craig Valley 1st g 5s_____1940 J J
Pott,a Creek Br 1st 4fl
.1946 J .0 6 3 % ------- 69 June’ 19
71% 96% 70)2 June’ 21 ____ 70
74
R A A Dlv 1st con g 48___1989 J J
63 ------- 65 July’21
03
67
2d conaol gold 4s_____ .1989 J J
0 2 % ------- 69
A pr’ 21] ____ 09
Greenbrier R y 1st gu g 4a_1940 M N
69
____ 73% 74%
7 4 % ------- 74% A pr’2l|
I
Warm Springe V 1st g 5 8 .. 1941 IV S
45% Sale
45%
4.6%' 14 41
Chic A Alton R R ref g 3 s____1949 A O
46%
35% Sale
48 30% 39%
34
35%
Railway let lien 3 Ha___ .1950 J J
72
74% 74%
1] 69% 70%
74%
Chic Burl A Q— 111 Dlv 3H 0-1949 J J
15 77% 84%
81
84%
Illinois Div 4s____________ 1949 J J *81 Sale
90
92
89% July’ 2 J —
86% 90%
Nebraska Extension 4a___1927 m N
_
90% O ct’ 19
Registered
1927 M N
8C Sale
79%
80 1 6 74% 82
I
General 48 _ _ ............... __1958 IV S
28% M a y ’ 21 —
28
85%
Chic A E 111 ref A imp 4s g__1955 J J
_ 27% 34
28% 30
27% July’ 21.
U S M tg & Tr C o cts of dep____
1 90% 95%
9 1 % ------- 91%
91%
1st consol gold 6 8 _______ 1930 A O
85
89
87 June’21 —
82
90%
General consol let 5s—
.1937 M N
85
90
87 July’ 21 —
90%
78
U S Mtg & Tr C o ctfs of dep
*____ 73
681s M a y ’ 21
Stamped _ ______
50
70
______
87 .July *21
Guar Tr C o et.fp of dep
78
90%
*6 ------- 32 M ar’ 17
Chic A Ind C R y 1st 50
1936 j J
52% Sale
52%
53 , 62 47% 54
Chicago Great West 1st 4s___1959 M S
93
95% 95
1 91% 98 96 1
Chic Ind A Loulev— R ef 6S..1947 J 3
79
78% July’ 21 —
76% 81%
Refunding gold 5o________ 1947 J i
65% 66
68 M ar’20
Refunding 4s Series O
1946 J J
50
68
63 May* 19
Ind A Loulav 1st gu 48
1956 i J
7 0 % ------- 70 M a y ’ 21 ___ 70
Chic Ind A Sou 50-yr 4s____1956 J J
71%
78 ------- 76 June’ 21 ____ 76
Chic L S A Eaet 1st 4 H S ...1 9 6 9 J D
J
78
69% Sale
16 63% 71%
69
70
Ch M & St P gen g 4a ser A .el98 9 J 3
Registered
el 989 Q J
92% F eb’ 16
59% July’21 - - — i 57% 61
Gen’l gold 3H s Ser B _„__e!989 J J ____ 65
19 71% 7934
75% 75% 75
76
General 4H s Series C _____e!989 J J
61% Sale
32 57% 65
60%
61%
C
Gen A ref Ser A 4 H s _____ u 014 A ©
69 Sale
40 62
68
70
Gen ref conv Ser B 6s____u2014 F A
72%
67% Sale
70 62% 72
66%
6S
Convertible 4 H s __________1932 J D
76% Sale
58 70
75%
76%
Permanent 4s_____________ 1925 J D
7834
59
o9% 59
12 55% 683
59%
4
25-year debenture 4s _____ 1934 J J
98 M a y ’ 21 ____ 97% 98%
Chic A L Sup D lv g 6s____1921 J J
88
91
89% M a y ’ 21 ____ 89% 91
Chic A M o Rlv D lv 5s____1926 J J
6 Ii2 Sale
52 59% 68%
61%
63
C M & Puget Sd lat gu 4s_ .1949 J J
92 ------ 102 Bept’ 19 ____ _ _
__
_
Fargo A Sou assum g 6s_ 1924 J J
_
79 - - - - - 79 July’21 ____ 76% 81%
_
Milw A Nor 1st ext 4 H s _ 1934 i D
79 ------- 84% Jan’21
Oonq extended 4 ^ fl
1934 J D
I 84% 84%
j J
Q
99% June’ 21
i 98% Q 3o
90% 91
7 ! 85% 91
89%
91
Ohic A N ’west Ex 4 s_.-1 88 6-’ 26 F A
82
89
84% M ar521 ___il 1 84% 85
Registered_________1886-1926 F A
67 Sale
67
67
3 62% 69
General gold 3 H s........... ..1 9 8 7 M H
Registered
pi 987 O F
68
Jan’ 21
68
68
77% 76
28 71% 78
77
General 4s________________ 1987 M M 76
75
75% 73% J u ly’21 ____ 72% 7734
Stamped 4s_____________ 1987 M N
93% Sale
91%
93%
15 87% 96
General 5s stam ped- _____ 1987 M N
96 100
96% July’ 21
96% 99%
Sinking fund 0s______ 1879-1929 A O
93 - - - - 98% Feb’21 ____ 97
Registered________ 1879-1929 A C
98%
89% - - - - 90% July’21
90% 90%
!
Sinking fund 5s______ 1879-1929 A ©
8 7 % ------- 94% F eb’20
Registered________ 1879-1929 A ©
Debenture 5s
1Q21 A O
993, F eb ’ 21 ____ 99% 9938
98
Mar* 19
Registered
1921 A O
90% 90% 9038
90%
8 ~87% 91%
Sinking fund deb 58_______ 1933 M N
Registered
1933 M N
90% N o v ’ 20
103%
99% 104%
10-year secured 78 g_______ 1930 J D 102 102% 103
n
102
44 96% 102
S 101 Sale 100%
15-yea secured 6 K s g ____19361
76%.____ fiOTio O ct’ 10
Des Plaines Val 1st, gu 4H 8 *47 iV 3
S
’100% 1028/4
Frem Elk A M o V 1st 0s 1933 A © 100% 101% 100% M a v ’ 21
66% - - - - 70 ’ M ar’ 21
1 70 ' 70
Man G B A N W 1st 3 H b 1941 3 J
6 5 % -----Milw A S L 1st gu 334s
1941 J J
91% 98
91 June’ 21 ____ 91
M il L S A West imp g 5S..1929 F A
93%
Ashland Dlv lat. 0 fla
1Q25 R S
ffl
9 8 % ------- 99 M ar’ 21 __ _ 99
99
M ich Dlv 1st. erold 6s
1Q24 I.T 1
9 8 % ------- 98% June’ 21 ____ 98% 90%
7 6 % ------- 76 '
22 74
77%
M il Spar A N W~lst gu 4s 1947 M S
78%
87 ------- 87%
87%
St L Peo A N W 1st gu 58.1948 J J
2 85% 90
7134 Sale
43 67
71%
72%
Chic R I A P— Ry gen 4s____1988 J J
73%
69 ------- 67% F eb ’21
07% 67%
R e g iste re d ______ ______ 1988 J J
68% Sale
68
69% 269 64
Refunding gold 4s_ _____1934 A O
69%
67% Sale
67%
68
36 64
R I Ark A Louis 1st 4H 0--1934 rvi s
6938
84% 92
86 June’ 21 ____ 85% 86
Burl C R A N 1st 6s......... 1934 A O
9 8 % ------- 97% Feb* 19 ___
C R I F A N W 1st gu 6S..1921 A ©
80% June’ 21
Ch Okla A Q cons 5s
1952 M N
79% 82
62% 67
62% June’ 21
62% 73
Keok A Des M oines 1st 6s. 1923 A ©
66 Sale
49 61% 68%
St Paul A K C Sh L 1st 4Hs-*41 F A
65%
66%
2 9734 102%
301
Ohic St P M A O cons 6s____1930 J D 10 LM 1002 101
8 0 % ------ 81% Jan’21 _____ 81% 81%
Cons 68 reduced to 334s 1930 J D
80% 83
82 July’21 _____ 79
84
Debenture 5s_......... .. . . 1930 M S
118 N ov’ 16
J J
M S
95 M ay’ 18
65
75
64
08
68 M ay *21
Ohio T H A So East 1st 58..I96 0 J D
_ 100% 101%
Ohio A West Ind gen g 6s_.el932 Q M 100% 103% 100% July’21
60% Sale
62%
60
60%
19 53
Consol 50-year 4s________ 1952 J J
95% 97% 95 July’ 21 ___ 93% 100
15 y e ir s f 7 34s ___________1935 M S
73 ------- 75 June’ 21
723 75
4
Cin H A D 2d gold 4 H h
1937 J J
M N
88 M ar’ 17
1 81
81
81 ------- 81
81
D ay A M lcb 1st cons 444s. 1931 J J
68% 10
11 6 534 75
69
75
Clev Cln Ch A St L gen 4s 1993 J D
77% 76%
81
8 72
77%
20-year deb 4H s - ______ 1931 J J 77
82
84% 82 June’ 21
83%
81
General 5s Series B
1993 J D
89%
9078 78 853s 91
90% Sale
Ref A lm pt 0s Series A _ 192S
_
76
75% Sale
28 73
75
76
Cairo Dlv 1st gold 4a
1936 J J
62% July’ 21 _ _ _ _ 62% 69
6612 68
Cln W A M Dlv 1st g 4fl„ .1991 J J
6 5 % ------- 66% July’ 2 1 ____ 65% 71
St L D lv 1st coll tr g 4s__ _199C M N
77
74 ------- 77 June’ 21 ____ 68
Spr A C ol Dlv 1st g 4s____194C M S
84 Nov* 10
J J ____ 75
7 6 % ------ 7512 July’ 21 1____ 75% 75%
C I St L A C 1st g 4a_____*193C Q F
Q F
82% Bept’ lG !
80% 90
85% Juiy’ 21 : : : :
8518 85%
Cln S A Cl cons 1st K 5a_ 192* J J
_
9012 99% 98% M a y ’ 2 1 '------ 9834 9834
C O C A I gen cons g 6a_ .1934 J J
—
N ov 20 ____ —
6 8 % ------- 74
Ind B A W lat pref 4b____194C A O
____
6 7 % -----O Ind A W 1st pref 6s__.dl93* Q J
57
58
6 54
57%
58
01%
Peoria A East, lat cons 4s._194( A O
18% 22
22
22%
2 18
26
Income 4 s_....................... 199C Apr
84%
84 ____ 83% July’21 ___ 79
Cleve Short L let gu 4 H 0 ____1901 A O
49 77
84
83% Sale
81%
84
Colorado A Sou lat g 4 a ._ _192t F A
76 Sale
76
78
63 72
78
l
Refund A Ext 4 Ha_______ 193/ W N
99%
99
99%
0 99 Sale
Ft W A Den C lat g 6a____1921 J 1
6 93
_____
„ ___ ____ _ — - —
—
Conn A Paa Rlvn lat g 4a_ 194? A f
_
r,c\
fiO
»a
65%
60
4 507, ■
Oiiha r» p ini no vf/T 5fl g 1965 T

0D uc Ju n e. ADue Ju ly . * P u e Aug. #D u e Oot.

p D u e N o v . fD ue Deo. «opuon salo

an

New York BOND Record— C o n t i n u e d —
diJNDa

v flTOOK BKC
W tsX oailing \U
O
i

1]

bnct,
Prida*

A ttk *
/

BONDS
N Y . ST O C K E X C H A N G E

tin n y

Itunyc or
Laxt Suit

Sine*
Jan. 1

Week end lag August 5

el LtkOk Jt Woeunu—
b id
jLuto
Hiuii N o. Low High
70
Morrtu A Eaaex lat gu 3H*2U0U j o
00i4 70?*
6 7k J Uy’2 i
do
9014
95k June'2 L
97
N Y Lao* A W 66 ----------- 1923 F A
I
I'wui A Improve +a . . 1923 /vi N 94
94*2 June 2 L
91
93*4
1021* Feb’08
Warren Ui ref gu g 3 H* - 2 U O F A
O
Jeiavvare A Hudson—
98 k
98*5
tat lieu atjuip g 4 Ha___ . _1922 J J 97*4
- I 90*2 98k
8 0 14
ldt A rot id
______________ 1943 A N, 80 Sale
rt
78*4
1 74*8 81
Sale 85
86
JO/ottf conv 6 d__ _______ 1935 A O
7U 78
80
103 6 105 ) 03*4
103*4
li> yoat secured 7a ______ 193U i L)|
1 L00>4 10412
uly *21 I - - - I 681* 73*2
70
Alb A duo»4 ouuv 3Hd-------1940 A 0
71k
Kcndti A diA tog a 2O-yr08 19 tl rv
.ru
i
— r r ...................
o > 62
001
65*2 Sale 0^*8
>en A H Gr— lat cona g 4a_ _ 1930 j
66 *2
14 6 6 I2 72
70
Coadoi gold 4 He
~ 1930 i j 09 G 70
6912
27 67*4 72*4
72'
improvement gold 6d........ 1928 j D 72k Sale 72
23 4012 47k
4/*
ldl A refunding 6 d. ........ 19551F A 40*4 Sale 46*4
451
42?8 ------ 45*2
l'rudt Co oertlfa of deposit
37*2 48*8
-74*4 72*8 Juue’2l
Rio Or Juno lat gu 5d. . . 1939 J D 71
72*8 75
6 1 11 A pr’ 1 1
Rio Gr dou Ldt gold 4a.. 1940] J J
297 Dec*20
a
1940 J J 1 10
Guaranteed_________
66*8
&lo Gr Weei ldt gold 4a. 1939'J J 00k Sale 06
lJ dU 2 067s
52 Sale 52
5Mtge A colltfUdl 4a A 1949
O
477S 54
57 May *21
Dot A Maofc— ldt lien g 4d. .1995
D 59k 78
57
57
50 May’21
D
GOU) 4d............................ .1995
50
50
77k Sale 77*2
78
Det Rlv Tua Ter Tun 4 Ha . 1901
N
* L\ 74i2 78
9 4 k ____ 92*2 Juue’21
Dul Mlddube A Nor geo 6 d. .1941
J
9212 92i2
30 87k 91
88*2
O 88k Sa*e 88*2
Dul A Iron Range ldt 5d------- 1937
1051a Mar’08
O
Reglatered —___________ 1937
83
83 Feb ’21
Dul dou dbore A All g 6 d.
1937
/
83
83
Elgin Joliet A East 1st g 5s. .1941
N 88*2 92
8 6 k June’2 1
86i2 89i2
95 May’ 21
Erie ldt oonaol gold 7a ext ..1930
S
95
09U
Jau’20
N Y A Erie lat ext g 4a___ 1947
N 72 ____ 80
91 May *21
3rd ext gold 4 Ha--------------1923
8
91
9 H4
Apr* 21
89
85
90
O
4tn ext gold 6a-----------------1920
90
90
94*4 Nov'16
5th ext gold 4a_---------------1928
L
>
98i2 Aug'19
N Y L E A W l it 7a ext ..1930
5
45 51
5<
Erie lat oona g 4a prior___ 1990
J 56*4 Sale 50
58*4
58*2 Oct’ 20
RegiaCored--------------------1990
J
44 Sale 43*4
44U 111 39*4 ’ 45 '
lat oonaol gen lien g 4a. _ 1996
J
73 June’ 2 1
Registered...............
1990
J
3
73%
Fean ooli truat gold 4a.. 1951
A 73*8 7412 73*8
33 72k 73k
40
50-year conv 4a Ser A___1953
O 39*2 Sale 39*8
35U 40*4
395
8 46' 34k 41
do Series B...................1953
O 38*4 Sale 38*4
22 37
44
42 Sale 42
Gen conv 4a Series D ____1953
O
457g
8 75
80*2
Ohio A Erie 1st gold 5a___ 1982 iv N 78*8 80*8 77
*
8 Uf
78*4 . . . 1067 Jan'17
8
Oleve A Mahon Vail g 6 a .. 1938 J J
80 ____ 82
82
Erie A Jersey lat a f 6 a___ 1955 J J
76*2 88
83
Oeaeaeoe River lat a f 6a__ 1957 J J 75 ____ 83
80
83
99 ____ 97 June’21 ----- 97
Long Dock oonaol g 6 a___ 1935 A O
99
103
Jan 18
Coal A RR lat cur gu 6a— 1922 m n
78*8____ 78i4 Apr’21
Dock A Impt lat ext 5a___ 1943 j j
76
78*4
Jan'18
85
N Y A Green L gu g 6 a___ 1946 J I N 70k 77
V
If Y Suaq A W lat ref 5a__ 1937 J J 57*8 57G 57 July’21
557g *61 "
40 Apr'21
2d gold 4 H a....................1937 F A ____ 40
40
40
44
45
July’21
4578 50
4578
General gold 6 a________ 1940 F A
Terminal lat gold 6a._1943 I t N 75 ____ 81k Jan’21
V
81*2 81*2
72 ____ 72 Nov’ 19
Mid of N J lat ext 6 a.......... 1940 A O
50
50
Witt A Eaac lat gu g 6 a___ 1942 J D 49*2 52
47
54
23i2 Jan’ 17
Ev A Ind lat cona gu g 6a___ 1926 J J
99k JuDe’21
Evana A T H lat oona 6 a____ 1921 J J
89*2 9934
Apr’ 21
let general gold 6 a------------ 1942 A O 85 ____ 88
88
88*4
5314____ 69*2 Apr’ 2 l
Mt Vernon lat gold 6a— 1923 A O
69k 71
53U ____ 6912 Apr*21
Sul Co Branch lat g 6 a___ 1930 A o
69i2 69*2
76
Florida E Coast lat 4 Ha........ 1969 J D 76 Sale 76
71^8 77l2
Apr’ 21
Fort S t U D C o lat g 4HB— 1941 J J 64 ____ 66
66
66
63 ____ 65 May *21
613 65
4
Ft Worth A Rio Gr lat g 4a_.1928 J J
6 3 k ____ 63 Mar’21
GaJv Hous A Hend lat 5a___ 1933 A o
62U 63
135 99*4 103
Grand Trunk of Can deb 7B..1940 A o 102*2 Sale 10112 103
842 96i2 101
10 1
100k Sale 10058
Great Nor Gen 7a ser A ----- 1936 J J
lat A ref 4Ha Series A-------1961 J J 84*s 84i2 SOU July’ 21
77
82*2
96 June’10
Registered_____________ 1961 J J
St Paul M A Man 4s.......... 1933 J J 84G 85*: 84 July’21*
81*4 84
1st consol g 6s--------------1933 J J 100*4 102 101*8 101*4!
99*2 102^2
99 8ept’20
Registered_____________ 1933 J J
Reduced to gold 4H8---1933 J J 88*s 8 8 I2 8 8 G July’21 *
87
92
95 120i2 May’ 16
Registered___________ 1933 J J 86
80*4 81*4 80*4 July’ 21
Mont ext 1st gold 4s___ 1937 J D
79
82*4
80 Mar*2l|
Registered.......... ..........1937 J D
80
80
83 Mar’20
Pacific ext guar 4s £____1940 J J ;____ 80
fi Minn Nor Div lat g 4 s.. 1948 A O 7 5U ____ 741' May'21 1
75
79l2
Minn Union let g 6 s_____ 1922 J J 98 ____ 99 Mar’211
99
99i2
Mont C lat gu g 6 a_______ 1937 J J 101 ____ 99 July’21
901 103
2
136*4 May’06
Registered........ ............... 1937 J J
9 0 78 . . . .
90i?> 90*2
1st guar gold 5s________ 1937 J J
1 90
94U
Jan’21
Will A S F 1st gold 58___1938 J D 8 9 k ____ 90
90 90
Feb’21
57*4 70
Green Bay A W Deb ctfe "A ” ___ Feb 50
65 70
6
July’21
6k
7
57g 8
Debenture ctfs “ B” __________ Feb
72
65 July’ 21 o- 65
Gull A 8 I lat ref A t g 5 a..61952 J J 65
6934
74*4 Sale
J
723§
75*2
Hooking Va- lat cona g 4H8--1999
34 67*2 76
73*2 June’ 18
J
Registered_______________ 1999
8
O 67 3 7 0 - 73i2 Oct’ 18
Col A H V 1st ext g 4a____ 1948
66 69 67k July’21
A
Col A Tol lat ext 4s-----------1955
67i2 675
8
77k 82
77 June’ 21
J
Houston Belt A Term 1st 58.1937
76
84
83U July’21
J 84k
Illinois Central 1st gold 4a__ 1951
8U2 84
92 Sept'17
J
Registered_______
1951
J 67 ____ 68 June’2L
lat gold 3H s____________ 1951
68
7H2
J 6 2 k ____ 84 Nov’ 15
Registered_____________ 1951
O 70 ____ 70*4 Dec’20
Extended 1st gold 3Hs----- 1951
o
Registered.____ _______ 1951
80 July’09
s
lat gold 38 sterling............ 1951
10 67*8 74
737
8
74
s 73*4 74
Collateral trust gold 4s___ 1952
9538 8ept’ 19
o
Registered--------------------1952
1st refunding 4s__________ 1955 M N 7 e u ”7712 76*s
76*2 22 71*4 77*2
657 May’21
8
Purchased lines 3Hs_____ 1952 J J 6734 68
657S 69*4
7378 42 6614 737
L N O A Texas gold 4s___ 1953 M N 71is Sale 70*4
8
Dec’ 20
Registered--------------------1953 M N ____ 6778 68
9178 29 85*4 92*2
913 Sale 9138
4
15-year secured 5Hs_____ 1934
72 ____ 73U Jan’21
Cairo Bridge gold 4s_____ 1950
73U 73U
58*s____ 58 June‘21
Litchfield Dlv 1st gold 3s. .1951
58
58*8
65 ____ 657 July’21
8
Louiav Dlv A Term g 3H8-1953
64*2 68
102 June’ 16
Middle Dlv reg 5s___ _— 1921
575s ____ 60 July’21
Omaha Dlv 1st gold 3s----- 1951
50
605
s
57 ____ 56*4 June’21
St Louis Dlv A Term g 3s. .1951
56*4 5812
67*2 71
66*4
66*4
64^4 66*4
Gold 3 Ha.............
1951
67 ------- 80*8 Nov‘10
Spring! Dlv 1st g 3Ha-------1951
71 ____ 70 July’21
Western Lines 1st g 4s____ 1951
69 U 75
92 Nov’ 10
Registered_____________ 1951
9158 ____ 94 May’21
Bellev A Car 1st 0a............1923
94
94
70 ____ 73 Mar’ 19
Carb A Shaw 1st gold 4s__ 1932
^
SS18 ------- 8 6 * June’21
Chic 8 t L A N O gold 5S-..1951
8634 91i2
87*8 Sal6 i 87*8
S7is
87i8 ggn
Registered_____________ 1951
6 2 * 8 ----------- 65G July’ 18
Gold 3H8_____________ 1951
82
833 83*2
8
83*2
Joint 1st ref 5s Series A .1963
78*8 87
73
73*i 713s July’21
MemPb Dlv 1st g 4s___ 1951
67U 73
65 Nov’ 17
Registered___________ 1951
8
7i> ------- 777 May’21
St Louis Sou 1st gu g 4s— 1931
75
777
8
74 ____ 6 SI4 July’21
Ind 1 1 A Iowa 1st g 4s_____ 1950
1
6 SI4 76k
Int A Great Nor 1st g ext 7s..1922 M N 90 ____ 90*2 May’21
88 k 90*2
72*4------ 72 July’21
James Frank A Clear 1st 4s._1959
72
75*2
57*2 US 54
57 *4 Sale 57
Kansas City Sou 1st gold 3a..I960
57*2
78
Oct’09
Registered_______________ 1950
62 72
78
77G Sale 76h>
78
Ref A lmpt 5a_____ Apr 1950
73
29 69*8 74
721.1 Sale 72
Kansas City Term 1st 4s___ 1960
80
817S S l!2
8 G2
79
83
Lake Erie A West 1st g 5s___ 1937
75
69 June’ 21
66
64
72
2d gold 5a-------------------- 1941
70
65 Aug* 19
52
North Ohio lat guar g 5S..1945
84
8 6 14 83"8 July’ 21
83
85
J
Leh Val N Y lat gu g 4 H a.--1940
80 July’21
8134 85
Registered ........................1940 J j
80
SO
69*2
6912
671g 70
Lehigh Val (Pa) cons g 4s__ 2003 (VI N
69*2
80*2
76
79*2 79
General cons 4H s_______ 2003 M N
72U 84

1

• N o prtee F r id a y ;la te s t old and asked this week,

a D u e Ja n

0 Due k « d .

Page 2
SI

Frlc*

aI

prldav

August 5
bid

Leh V Term Ry lat gu g 6a . _. 1941
1941
Reglatered- . _______
Leh Val RR 10-yr coll 0a. .n 1928
Leh Val Goal Co lat gu g 5a_.1933i j
Regia tered_______
1933 j
lat Int reduced to 4a...........1933 J
Leh A N Y lat guar g 4a_____1945 M
Long laid lat cona gold 5a..A1931 (1
lat ooqboI gold 4a_____ A 1931 Q
General gold 4a__________ 1938 j
Ferry gold 4 He__________ 1922 I I
V
Gold 4a............................ ..1932 J
Unified gold 4a___________ 1949 IV
I
Debenture gold 5a..............1934 J
20-year p in deb 6a________ 1937 IV
I
Guar refunding gold 4a____1949 rv
i
Reglatered .......... ............1949 IV
I
N Y B A M B 1st con g 6a 1935 A
N Y A R B lat gold 6s____1927 M
Nor 8h B 1st con g gu 6a.a 1932 Q
Louisiana A Ark latg 5a_____1927 M
Loulavllle A Naahv gen 6a__ 1930 i
Gold 6a................................ 1937 I I
V
Unified gold 4s__________ 1940 J
Registered_____________ 1940 J
Collateral trust gold 6a____1931 M
10 year secured 7a________ 1930 IV
I
L Clu A Lex gold 4 He____1931 M N
N O A M lat gold 0a_......... 1930 J J
2d gold 6a.................
1930 J J
Paducah A Mem Dlv 4a___1940 F A
St Louis Dlv 2d gold 3s__ 1980 IV S
I
Atl Knoxv A Gin Dlv 4a__ 1966 IV N
I
At! Knox A Nor iat g 5s__ 1940
D
Hender Bdge 1st 0 f g 0a__ 1931 M
Kentucky Central gold 4s. 1987 J
Lex A East 1st 60-yr 6s gu. 1905 A
L A N A M A M letg4H a.l946 M
L A N South M Joint 4s...1962 J
Reglatered____________ 61952 Q
N Fla A S 1st gu g 6a______1937 F
N A C Bdge gen gu 4Ha__ 1945 J
Penaac A Atl 1st gu g 0s__ 1921 F
S A N Ala oona gu g 6a____1930 F
Gen oons gu 60-yr 6a____1963 A
La A Jef Bdge Co gu g 4s___ 1946 IV
I
Manila RR—Sou llnea 4a____1930 IV
I
Mex Internal lat cona g 4s— 1977 M
Stamped guaranteed.......... 1977 M
Midland Term— 1st s f g 68.-1926 J
Minn St Louis 1st 7a________ 1927 J
lat consol gold 6a------------ 1934 M N
lat A refunding gold 4s____1949 IV S
I
Ref A ext 60-yr 6a Ser A__ 1902
Dea M A Ft D lat gu 4a__ 1935
Iowa Central lat gold 6a.. 1938
Refunding gold 4a______ 1951
M St P AS S M con g 4a int gu’38
lat cona 6a______________ 1938
1st Chic Term 8 f 4s ........... 1941 M N
M S 8 M A A lat g 4a Int gu’20 J J
Mlaalaslppl Central lat 5s___1949
Mo Kan A Tex— 1st gold 4S..1990
2d gold 4a...... ..........
01990
Truat Co otfs of deposit
1st ext gold 5s___________ 1944 M N
1st A refunding 4s________ 2004 M S
Trust Co certfs of deposit—
Gen sinking fund 4 Ha____1930 j " j
Trust Co certfs of deposit__
St Louis Dlv 1st ref 4s___ 2001 A O
6% secured notes “ ext” ___1916
Dali A Waco 1st gu g 5s. __ 1940 M N
Elan City A Pac lat g 4a__ 1990 F A
Mo K A E 1st gu g 5a-------1942 A O
I
M K A Okla 1st guar 6a__ 1942 IV N
M K A T of T lat gu g 6a. .1942
Sher Sh A So 1st gu g 6a— 1942
Texas A Okla 1st gu g 5s. .1943
Missouri Pacific (reorg Co)—
1st A refunding 6s Ser A ..1905
1st A refunding 6a Ser B_al923
1st A refunding 5s Ser C..1920
General 4s______________ 1975
Missouri Pac 40 year 4s------.1945
3d 7s extended at 4 % ------- 1938 M N
Cent BrU P lat g 4s______1948 J D
Pao R of Mo 1st ext g 4s__ 1938 F
2d extended gold 5s------- 1938 J
St L Ir M A S gen con g 58-1931 A
Gen con stamp gu g 6a__1931 A
Unified A ref gold 4s___ 1929 J
Reglatered-----------------1929 J
V
Rlv A G Dlv lat g 4s___ 1933 I I N
I
Verdi V I A W lat g 5s___ 1926 IV S
Mob A Ohio new gold 6s_____1927 J
lat ext gold 6s__________ 61927 Q
General gold 4s--------------- 1938 M
Montgomery Dlv 1st g 6s-1947 F
St Louis Dlv 50...........
1927
St L A Cairo guar g 4s____1931
Naahv Chatt A St List 5s__ 1928
Jaaper Branch lat g 6a------1923
Nat Rys of Mex pr lien 4 Ha-1957
Guaranteed general 4s----- 1977
Nat of Mex prior lien 4Ha— 1920
lat consol 4s_____________ 1951
NO A N’ Elst ref A lmpt 4HaA ’ 52
New Orleans Term lat 4a------1953
N O Tex A Mexico 1st 0s----- 1925
Non-cum Income 5s A-------1935
I
N Y Cent RR conv deb 6a-_.1935 IV N
10-year coll tr 7s--------------1930 M S
Conaol 4s Series A ________ 1998
Ref A lmpt 4Ha “ A” ------- 2013
New York Cent A Hud R iv e rMortgage 3 Ha-----------------1997
Reglatered--------------------1997
V
Debenture gold 4a------------ 1934 I I N
V
Registered_____________ 1934 I I N
30-year deb 4a-----------------1942 J J
Lake Shore coll g 3Ha------- 1998
Reglatered-------------------- 1998
Mich Cent coll gold 3 H a..1998
Reglatered-------------------- 1998
Battle Cr A Stur lat gu 3s. 1989
Beech Creek 1st gu g 4a— 1930
Reglatered--------------------1936
2d guar gold 6a------------ 1936
Beech Cr Ext 1st g 3H8.M951
Cart A Ad lat gu g 4a-------1981
Gouv A Oawe 1st gu g 6a__1942
Ka A A G R 1st gu g 5a..1935
Lake Shore gold 3H*------- 1997
Registered____________ 1997
Debenture gold 4 a -------1928
26-year gold 4a--------------1931
I
Reglatered__________ 1931 IV N

9 Due June.

A Due J u ly .

» Due Sept,

W ttk'i
fiangt or
Last Salt

02*8
99

92

Aktc Low

Higti

v-‘>
113

Sale
95

M any
S in e*

Jan. 1

No

Low

Mar* 12

99
92
105

ffigM

90*4 92

00
July’21
Oot’ 13

9512 100k
91*8

93*k

July’ 21
July’ 21
June’ 2 1
70

70
85l2
82*4
66
91

71*2
91
83*4
75
91*2

03
08
67*2
04

001;
72
63k
09*4

'84'
83
75*8
12 03*2

87
83
70*4
71

90
78*4
78
85*s
100
80
98

93k
84*8
78
92
10478
89*2
101*8

77*8

701 87*4 70
2
88
91
82*4 82*4
81
70*4 73
70
945g 9812 91k
68
99*4
68
65
00*2

Feb’21
Oct’00
60*2

70

72

M a y’ 21

82
88
8 3 k ____
75*4
.
71 Sale

87

July’ 21

00 g
60
02 ’ 00*2
&
6012 0O 8 06 July’21
Jan’ 11
95

S3

75*4 July'21
00*i

92*4 June’ 21

831 Sale
79 ____
87*4 92
101*4 Sale
88*8 90
99 ____
92
97
72
75
52
5-1*4
72*2 Sale
8 8 * 2____
99 G 101
71
75

82
78

100

8 9 *2 ____
82*2 87
0 7 58

425« . . .

86

80
66

40*2

9 1 k ____

90

36*2 Sale

37*8
40
57
63k
38*4
38*4

34k
18k 25
39
42

62*8___

54*8____

48*8___

71*2
70

50

79*8 Sale
93k 94*2
87
90*2
54*8 Sale
63*2 73*4
69*2 71
57l4 ____
76
82*2
80*8 84
88*s 90

09
39*2
44 k

097
8
39*2
80*4
85
90

90 ’
81
99
91
80k
10 64*4

~90’
85
99*4
94 k
53
68

41
41*2
4412

697g
40

80*8
June’ 21
Deo’ 20
90

4
78

67*8
39
12 3978
5 40
1 08
48 38k
12 76*8
87

72k
45
48
47
75
44
84k
91

90*8
70*8 70*8
139j 56
62k
26 34*2 42
37*2
36*2
34 July’21
42
34
Jan’2l
30
30
25
53
10 49*2 66
53
48 G 54
53 July’21
3058 40
38*2 July’21
40i8
34*2 July’21
33
17 June’21
17
17
43
41*2 July’ 21
37
60*8 June’22
51k 63
57 May’ -l
58
57
42 Deo'20
60*2 July’21
55
69
627 Oct’20
s
32 May’ 21
30
32
37
Oot’20
88*4

70 July’ 21
62
61k

77k
91*4
87
53*4
58
71
68
77
80*8
90

102

73*8 S*ie"* 72*8
68*4 Sale
8 2 k 90
98k 99
975S ____
60 Sale
73*s 81
77
82
78 Sale
90*2
99
19 Sale
22
30
25
28*4
17
72 Sale
65k 66
92*2 94
59k Sale
93 Sale

72
87*4
81*4
71*4

67

Feb’06
90
Jan'21
85 June’21
99*8 May’ 21
94k Jan’21
80k June'21
67*4
07 k

99
96

100

70
83
80
04*2

July’21
juue’ 2L

Mar* 10
Nov’ 10
July’20
Mar’20
69

94k 100k
50k 65
69*2 7 3k
100

95

9578 98*4
71*4____
4 0k Sale
39G 41
44k 45
67
70
40 Sale
80r8 Sale
>
80*2____
90 Sale
70 ____
61k Sale

20

70*2 July’ 21

77
76

-----

Feb’ 20

71*4 Deo'20
51*8 July’ 2
73
72*2

95i2 Nov’ 19
100 May’ 2l

____

62k
55

Feb 21

21

J u ly’2 1
104
104*2
87 7
«
8778
98 J u ly’ 21

86*2 91
78G

36*2
25
----------34*2

84

88

80*2____
06*8 09

07*8

71

9912 Nov’20

90

83

Apr’21

8078
68*4
87
975
$
90
60

71

77
76

79k
July’ 21
July’211
55 I 225
Oct’ 18 i
71 : 10

75k
86k
81*4
50*4

80
92k
87
50*2

67

75*4

July’ 21
90

75 *s 78*4
79k 79k
S3
90*2

June’ 19
Junc’2i
July’ l4
74

67

70

64*s 71k

Sept’20
July’21
M a r ’ 21

60

Dec’20
Mar’21

32

78
93k July’21
99 July’ 21
19
19
18*2 July’ 21
Apr’ 21
30

20

16*s Juue’2l
74
687
$

65*8
92
58
92 k
102
Sale 101*4
70
70 Sale
78*2 79
78k

66*4 73k

50

Oct’ 17

65*s

93k
59*4

93
103 k
71*2
79

8

11

3
63
230

G sale
37S

67k
66*4
64*4 66*2 61*4 June’21!
78*4
79*2,
78*4 Sale
66*2 June'20
75
74
761- 75
63
63
63 Sale
59 July’ 21
56
61
63
03
62k 64
57 June’21
56
Feb’20
49
47*2
7Sk SI * 8 Ik Apr*21
2
76k July’21
76*4____ 104 May* 16
61 ____ 59 June’2 1 i
70 k ____ 73 June'20

94
90
57
30
77
72
91k
98
19
18k
30
16k

87
98
30 05
8 71

ol

62
30

85
78
95
99k
26*i>

27
30
33
66*4 70*4
61*4 67k
90
99k
53k 64k

'X

79

100
90

9

103k
72*2

82

62*2 69k

61*4 67k
71

SOk

10 72
76k
14 ; 59*2 64 k
56
59
57

60
68
62

81k

81k

59

59k

76*2 76*2

7 8 k -----8 2 k ------68k
6 8 k ____ 08 k
67
67*2 64 July *21
S:
85*4 Sale
85k
S3 *4
83 Sale S3

80

i D ue Oot.

July’21

t Option sale

14 61*4
-I1 63k
27 ! 82

7 Ik
67
87

;YJ ! 78*4

85

..

S2

SO

New York BOND Record— Continued— Page 3
m

BONDS
N . Y . STOCK EXCH ANGE
Week ending August. 5

W e e k 't
R a n g e or
L a s t S ale

Vffthnn n*l RR 1 nf. M
1934
Michigan Central 6b____ 1031
1040

J T .V rt 1«f. ffftlfl 3 U r
.
1Qfi 1
18t gold 3 )4 a__
______ 1962
If J Juno R R guar 1st 4s— 1930
N Y A. FTarlttm a 3UR
2000
N Y A Northern 1st g 6s__1923
N Y A Pu 1st cons gu g 4s_1993
B W A O con 1st ext 6s__ 61922
Og A L Cham 1st gu 4s g_ 1948
Rut-Canada let gu g 4s_l949
St Lawr A Adlr 1st g 6s— 1996
9.d vnlri ft«
1996
A Rlk Rlv mi a 4s
1922
Pitts A L Erie 2d g 6s___ al928
Pitta M aV a V 1at. mi 6a 1932
West Shore 1st 4s guar------2361
Registered____________ 2361
W V G T.lnpifl ah tr fis
1920-22
N Y Chic A St L 1st g 48------1937
Debenture 4 s ___________ 1931
If Y Connect 1st gu 4 H b A . .1953
If Y N H A Hartford—
^nn-cenv deben 4fl_
1947
Non-con v deben 3)^9------- 1947
Non-con v deben 3)^8------- 1954
Non-conv deben 4s---------- 1955
Non-conv deben 4s .......... 1956
Conv debenture 3)48........ 1956
Conv debenture 6a---------- 1948

M 5
1 |
V S
I
U rv
i
J J
J T
M S
I1 N
V
A O
F A
MN
A O
A O
t n
A O
j J1
3

J

J J
J J
A o
i i
A O
T |
I |
J J
J J
Tf M
V
I T
A O
A O
MN
F A

1jo to
H ig h
69 Doc'20
93% May*20
90% Juno’ 21
98% Nov’ 18
72»8____ 82 Nov* 19
74% flopt’20
71
66% Mar’20
69 ____ 67 July’21
7
78
78
78
81
_
7012____ 70% Apr*21 _
_
68%
68 .Iune’21
10
9412 Sale 94
94%
69 ____ 68 June’21
99*4
L
13 May’ 16
98% 99 >2 98%
98% 1 1
66I4 _ _
71% Nov’20
50
60
60 July’21 ___
55 ____ 50
Feb’21
____ 87
76
Apr’ 21 —
103 Nov* 16
93
Jan’21
9612
84 ____ 90 M ay’21 ___
130% Jan’ 09
9858
9 8 i,i____ 95% June*20
73% Sale 73
73% 24
69
G9% 69 July’21 —
99% Feb’ 19
67% June’20
1
8 0 % ____ 79%
79%
85 N ov’ 17
+
4
72% 73% 73%
73%
10
77 ____ 77
77
_
_
73
8584____
90 ____

___
4 2 % ____
M fl
35
Anr’ 21 _ _ - 3712 55
W s
l
40
37 July’21 —
A O 37
41% 41% July’21
-J J 40
2
42
45
43
4138
I1N
V
4
J J 363 37^2 36 July’21
1^
61%
J J 60 Sale 60
50
Oct’ 17
F A
I T
I T
49
Oct’ 19
66 ____ 63% June’ 21
Harlem R-Pt Ohea 1 st 4fl .1954 M N
4
64% N ov’20 —
B A N Y AJr Line 1st 4a__.lfi65 F A 693 62
1
44
Cent New Eng 1st gu 4s— 1961 J J 4 3 % ____ 44
57 ____ 70% July’21 —
Housatonlc R y oone g 5e__1937 M N
Naugatuck R R 1st 4
-fl
1954 M N
5 7 % ____ 87 July’ 14
Aug* 13
N Y Prov A Boston 4 e _ 1942 A O 6 0 % ____ 83
_
16
40 Sale 37%
40
N Y W ’chee A B 1st Ser 1 4)48 '46 J J
New England rymfl 5s
_1945 J J 67 ____
64
Consol 4s_____________ 1945 J J 56
70 Sept’ 17 . . . .
26*4 32
27 June’ 21 —
Providence Secur deb 4s_ 1957 rv n
_
i
88% Feb’ 18
M S
74% Dec’ 19
W A Con East 1st 4)4s. _ .1943 J J
4
59%
60%
H Y O A W ref 1st g 4s_____01992 M S 60% Sale
Reirintpreri £6 O O nnlv
O
cl 992 M 3 ____ 58
59% N ov’20
50
59
59 M ay’21 —_
General 4s________________1955 J D
24
46 Sale 42%
Norfolk Sou 1st A ref A 6s_ 1961 F A
_
46
Norfolk A Ron 1st gold 6a
1941 IV N
73% June’ 21 _„ w
t
Nori A West gen gold 6a------1931 IY N 10 1% ____ 92% July’21 —
I
Tmnfnvpmpnt, A ext a fifl
1934 F A 99 __ _ 122 N ov’ 16
New River 1st gold 68------- 1932\ O 100% 102
A
97% June’ 21 —
7S% Sale 78%
79% 81
N A W Ry 1st cons g 4a_ 1996 A O
_
Registered
1996 ' A O
74
Oct*20
1
79%
Div*l 1st lien A gen g 48.1944'J J 76% 79% 79%
80 ig ____ 80% July’21 —
10-25-year conv 4s.........1932'J D
90 ____ 92% Apr‘ 21 —
10-20-year conv 4s_____1932.M S
Apr'21 —
_
10-25-year conv 4)48_ 1938 M S 85]4 ____ 90
4
10-year conv 6s________ 1929 M S 1033 104 103
104% 117
77*2 75 July’21 . . . .
Pocah C A C Joint 4s_ 1941 J B 76
_
2
O C A T let guar gold 6a. _1922 J J 95% ___ _ 98%
98%
Solo V A N E let gu g 4a._198i9 M N 72^8 1 0 1 % 74% July’21
Northern Pacific prior lien ral way A lend grant g 4s
1997 Q J
77%
78% 42
74% July’21
Registered
_
1997,0 J
38
57 Sale 56%
57
General lien gold 3s______a2047 Q F
Registered
a2047 Q F
54% Feb’21 __ r^
32
10 1
Ref A lmpt 6s serB _______2047'J J 10078 sale 100%
77 ------ 75% July’21 ___
Ref A Imp 4)4a aer A ______2047. J J
St Paul-Duluth Dlv g 4a_.1996 J D 86*4____ 88
Apr’21 —
10078 726
N P-Gt Nor Joint 634s___ 1936'J J 1007g Sale 99%
99% 102
St P A N P gen gold 6a___ 1923 F A
99%
99% —
1
Registered certificates. _1923 Q A 9 9 % ____ 100 M ay’21
St Paul A Duluth lat 6b__-1931|Q F 91i2 Sale 92 July’21 —
7 4 % ____ 75% M ay’ 21 —
let consol gold 4s............ 1968] J D
67
Wash Cent 1st void 4s
1948 O M 63
37% Dec’ 16
Nor Pac Term Co 1st g 6a_ 1933 J J 105 ____ 105% June’ 21 ____
_
‘7
Oregon-Wash let A ref 4a___ 1961 J J 72 Sale 71%
74
653 70
4
Paclflo Coast Co let g 6 b ___ 1946 J D
65 July’21 —
Paducah A Ilia 1st a f 434 a .1955 J J 70
79% 76% Jan’21 „ „ _
94% ____ 94% M ay’21
Pennsylvania R R 1st g 4a_ 1923 Im N
_
80% 83
Consol gold 4a_
_
______1943 M N
81 July’21
8
Consol gold 4g.............. ..... 19481 i N
rv
81
8 134 80%
82
1
86-% 87
Consol 4348...................... _1960',F A
86%
86%
803i Sale 79%
111
General 4 348_____________ 1965|J D
86
873 Sale 87%
4
General 5a___ __________ 1968 J D
88% 79
120
10-year secured 7 a _______ 1930'A O 10312 Sale l02%
104
99% Sale 99%
15-year secured 6)48.......... 1930' F A
99% 795
AUeg Val gen guar g 4a
1942 fV 8
I
80 M av’ 21
D R RR A B’ve 1st vn 4s v 1936 F A 7 9 % ____ 83
Feb’2C —
Peansylv Co gu lat g 434a_ 1921 J J _______
_
99% June’ 21
Registered___ ___e ..192
J J _________
99% M ay’ 21 _
Gu»r 3348 coll trust rfcg A .193*7 M S 70% 731s 69% Mar’2C ____
Guar 3)48 coll trust S^r B.194 F A 67% 71.3 67
Dec’2C —
67% 767* 69 M ay’21
Guar 3)48 trust ctfs C ___ 194! 2 J 0
Guar 3348 trust ctffl D ___ 1944'J C
67% 88
70
Apr’2i
1
Guar 16-26-year go d 4s__-193l|A C
7 9 % ____ 79%
79b
7 2 % ____ 72 June’ 21
40-year guar 4s ctfe^er E ..1952 M N
69 ____ 80
C)n Leb A Nor gu 4a g ___ 1942 M
Feb’2( 1 -----Cl A Mar lat gu g 4 He___ 1936 M Is ____ _____ 80% Apr’ 21
Cl A P gen gu 4)4a Ber A . .1942! J .
8878 Feb’21
84% 96
Series B _______
.__1942 A C
Dec* If
84% 96 104
Int reduced to 3)4 b .1942 A G 69 ____ 96% Feb’ 12 ___
68% ____ 90% Dec’ 12 —
Series C 3)40________ .1948 M h
68% ____ 67
8erlea D 3)4 h__________ 1960 F /»
Jan’21 —
Apr’ 2( —
Erie A Pitta gu g 3)40 B ...1 9 4 0 J . l 7 3 % ____ 76
Series C .
l94nl.T j
7 3 % ____ 79% M ay’ It ___
Qr R A I ex 1st gu g 4)4s._194 l J J 7 9 % ____ 79 July’21 —
Ohio Connect Jat gu 4s. _ _ 194 3 M S 7 5 % ____ 80 Sept’2l 1 ___
Pitt* Y A Aah 1st cons 6S..192 7 M b
88% ____ 93 Mar’ K) ----_
84 July’2 —
Tol W V A O gu 4)40 A _ 193 1 J J 81% 84
Herlea B 4)4a_. _______1933 J
1 8 J% ____ 82 Dec’2C
Series C 4a____________ 19421M 5
76% . . .
88% Sept’ r r ___
8 3 % ____ 83% July'21 —
P O C A St L gu 4)40 A ...1 9 4 0 A C
Series h guar_____
1942|A <)
8 3 % ____ 80 M ay’2 —
Series C guar__________ 1942IM b
84 Sale
84
84
Seriea D 4s guar____
1946 M b
8 2 % ___
82 M ay'2 ___
75% Feb'2 ___
var gold 194 9 F /
8 2 % ___
Seriea V guar 4a gold
1963 1 L1 82% . . .
82% Apr’2 ___
13
Series 0 4n guar
1967 M r1 82% _
80 May *2 _
Series / cons guar 4)4s-.196 3 F /t 8 8 % ___ _ 72% June*2<) ___
General 6n Series A ___ 197 0 J 1)
82% 84
83%
823
2(
O St L A V 1st cons g 60__ J93 2 A C)
92% 96
96% M ay’2 ___
Phlla Balt A W
g 4s
1943 M t4 8
___ . 80 Mar 2 ___
rv>dun Bay A Sou ] at g 6a J924 J 1 84 . . . . 02
Jae’0 4 ___
O If J R R A Gan gen in _ 194 4 M 4 8 2 % ___ - 8b % June’ 2 ___
_

iOw

a

Dae Jan,

b D ue F e b .

H ig h

90

00%

62
74
70%
68
92%
68

71
79%
70%
70
9412
73

97% 98%
55% 00
50
50
76
76
93
93
84% 90
67% 74%
66
73
77% 82
70% 74%
71% 78*%
37
35
35%
38%
39%
35
58

46
40%
45
50
49%
45
72%

63% 69
39% 63
70% 70%
33% 43
27

30

56

65

49%
39
73
92%

59
54%
7310
104%

97% 101%
73% 80
74
75
92%
90
99
70%
98%
74%

80
80%
96
90
105%
80
98%
77

73
74%
52%
54%
9638
73
88
96%
98%
99%
91%
75%

79
74%
57
54%
10 1
81%
88
100%
100%
100
92
75%

104% 106%
67% 74%
70
65
7619 76%
93% 95%
84
81
76% 85%
92%
83
74% 86
92
81
100 105%
94*2 100%
80
81%
98% 9978
99
99%
68
67
76%
69%

69
70
83%
72%

80% 80%
88% 88%

67

67

78% 82
84

84

82%
86
84
82
75%

85%
86
84
82
75%

80

81

87
79
95% 95%
1 80
80
80% 80

.
• 1 o price F rid ay ;late n t bid and anker],
?

BONDS
N . Y. STOCK EXCHANGE
Week ending August 5

R'inpd
S in ce
Jan. 1

1 «
N o.

If Y Cent A H R R R (Con)—

4s

S i

P r ic e
F r id a y
A u ou st 6

§

§3
l l

613
P r ict
F rid a y
A ugust
Bid

6

W e e k 't
R a n g e or
/jUtt S ale

Auk. L ow

H igh

Jill|
|
No

/t/imgt
Sin et
Jan. 1

Low

H i$ k

Peoria A Pcklu Un 10t O g
n
1921 < F
7
9 1% Oot’20
1
2d gold 4 H h_ _________ 61921 V N
80% Bept’20
10 7 7 in 85%
83%
Pore Marquette lnt Sor A 60.1966 . J 83% Hilo 83
J 07 1st Series B 4s__ _ ____ 1950 ,
_
13 03
06
07'"
70
J 39
'11% 39 July’21
Philippine Ry lst30-yr a f 4m. 1937
42
Pitts Sb A L E 1st g 60______1940 \ O 8 5 % ___ 90 June’ 21
81% 91
8 4 % ____ 97% Dec’ 17
1st consol gold 60._
..1943 1 .1
70%
Reading Co gen gold 4s........ 1997 1 J
70 Sale 70 "
70 I 71% "83
Registered______ _ ___ 1997 l .1
77
Dcc’20
77
77
Jersey Central coll g 4s___ 1961 \ O
70% 78
87
1 1 70
J
Atlantic City guar 4s g ___ 1951 .
59% 04% 59 June’21 —
8 fc Jos A Grand Isl 1st g 4s_ 1947 1 J
_
59
04
St Louis A San Fran (reorg Co)—
, 3
01% Hale 01%
03
250 58
63%
75% 70 70% 76 *
J 741- Sale 74%
Prior lien Ser B 5s.............. 1950
00 84% 9011
90%
Prior Hen Sor C 0 s ___ _ 1928 . 1 J 9()i sale 89%
07% Bale 07%
09% 314 j 0 1%
Cum adjust Ser A 0a------- 61955 a 0
57% Sale 57
Income Series A 6s
_ 61900 Oct
59% 629 I 44% 50%
1 93% 98
95
98
94%
94%
St Louis A San Fran gen 0S..1931 1 J
General gold 6s ________ 1931 1 J
8 0 % ____ 87% M ay’ 2 1
87
89%
St L A S F R R cons g 4s
1990 j j
6 7 % ____ 67
Oct’20
Jan’21
77
77
Southw Dlv 1st g 5s----- 1947 A O 7 5 % ____ 77
.
92% 90
K C Ft 8 A M cons g 6s
1928 P N
d
95% 100
94% July’21
47 02
6714 iSale 66%
K C F t S A M Ry rof g 4a_. 1936 A O
68
68'"
K C A M R A B ’lst gu 60..1929 A O 78% Sale 82 July’21 ____ 78
82%
68%
St L 8 W 1st g 4s bond ctfs...1989 M N 07 Sale 67
18l 62% 69
2d g 4s Income bond ctfs_pl989 J J 53
55 June’21 - -- 55
68
59
64% Sale 64%
06% 1 10 00% 60%
Conaol gold 4s
1932 J D
68% 54 62
let terminal A unifying 59.1952 J J 68% Sale 6778
69%
I
Gray’s Pt Ter 1st gu g 6a__1947 J D 63% ___ 98% Jan’ 13
14 58
62% Sale 62%
62%
63%
S A A A Pass lat gu g 4s.........1943 J J
56% «9%
Seaboard Air Line g 4s_ ..1950 A O 58
_
61% 53% July’21.
4 60
53%
55
57
Gold 48 stamped.......... ..... 1950 A O 55 Sale
29% 128 j 25
39%
28% Sale 2678
Adjustment 6a _________ ©1949 F A
4078 32 36
40% Sale 40
43
Refunding 4a____________ 1969 A O
55
1st A cons 0a Series A . _ .1945 M S 50 Sale 4978
50% 155 45
62
Atl A Blrm 30-yr lat g 4s.el933 M S 5 8 % ------ 62
1 59% 05%
63% 63%
Caro Cent 1st con g 4s___ 1949 J J 60 ....... 63% M ay’ 21 ___
93
Fla Cent A Pen 1st ext 60..1923 J J 93 Sale 93
96%
1 93
84% 85% 89% Apr’21 —
lat land grant ext g 6a__1930 J J
89% 89%
1 73% 81%
Consol gold 5a
1943 J J 77% 85
78
78
I 73
Ga A Ala Ry 1st, con 5s .©1945 J J 74
73 July’21
80 ’
5 83% 85%
Ga Car A No 1st, gu g 5fi
1929 J J 83% Sale 83%
83%
1
Seaboard A Roan lat 5a _ .1926 J J 89 ____ 92 N ov’25
Southern Pacific Co—
J
7278 29( 66% 73
72% 72
Gold 4s (Cent Pac coll) __ .61949 J D 72
70
68% July’21 ----- , 68% 68%
Registered...................... *1949 J D 67
3371 75% S3
20-year conv 4a
_ .{71929.M S 531% Sale 80
83
2 86 L O
90
94
O
20-year conv 5 a _________ 1934 J D
90
90
260 70% 76
73% Sale 73%
Cent Pac lat ref gu g 4s_ 1949 F A
_
74
Registered
1949 F A
87% 8ept*16
4 75% 79%
Mort guar gold 3 Ha_ *1929 J D 79% 80
_
79%
79%
3 67% 73%
Through St L 1st gu 4a. .1954 A O 72 Sale 72
72
8 9 % ____ 88 July’21
G H A S A M A P lat 5a
1931 M N
84% 88%
2d exten 5s guar _ _
1931 J J 78
92
87 M ay’ 21
87
90
8
90
Feb’21
90
Gila V G A N lat gu g 5a. .1924 fV N
90
H oiih E A W T 1st, v 5s
1933 M N
84
83 Julv’21
83
84% 87% 86 Mar‘21 ____ 86
I
87%
lat guar 5a r e d ................1933 IV N
89
8638 June’ 2 ____ 86% 88
H A T C lat g 5a lnt gu___ 1937 J J 88
85 .
Waco A N W dlv 1st g fis 1930 fW N
94 Mar’ 19
84
Jan’ 21 ____ 84
A A N W 1st gu g 5e______1941 J J 85 ____ 84
Louisiana West 1st fis
1921 J J
95% S8pt’20
• >
—
No of Cal guar g 5a.............1938 A O 89 % ____ 90% Feb’21 ••— 88% 90%
91%
91% 32 88
Ore A Cal lat guar g 5a___ 1927 J J 91% Sale 90%
94 June'21
94
So Pac of Cal— Gu g 5s
1937 M N 89
93
94
80
88
So Pac Coast 1st gu 4s g .1937 J J
80% Aug’ 20
5 78
78
78
Tex A N O con gold 5s___ 1943 J J 7 7 % ____ 78
s
783S 206 73% 78%
So Pac R R lat ref 4a______1955 J J 77% Sale 767
2 68
76
73%
San Fran Terml lat 4a___ 1950 A O 73% Sale 73
85% 104 80
Southern— lat cone g 6 b ____ 1994 J J 84% Sale 84%
90
Registered___ __ _
1994 J J
84% Oct‘ 20
172 55
Develop A gen 4s Ser A ...195G A O 57% Sale 57%
58
61%
2 1 57% 617g
.
Mob A Ohio coll tr g 4a_ 1938 M S 61% Sale 60
_
61%
1 80
86
Mem Dlv lat g 4Ms-5s___ 1996 J J 83% Sale 83%
83%
flt. Louis div 1st. v 4s
1Q51 J J 67% 69
71%
71 Mar’21
67
85
Ala Gt S
I011 1st, cons A 5s 1943 J D 82
84% 82 M ay’ 21
82
—_
81% 88
Atl A Chari A L 1st A 4H sIl944 J 3
77% June’21 — — 77% 79%
1 84% 92%
1st, 30-vear 5s Her R
1944 J 3
88% 89i*> 89
89
64 ____ 65
1 64
70
Atl A Danv lat g 4a______1948 J J
65
2d 4a................................ 1948 J J 4 2 % ____ 81% Mar’ 16
67%
67
Atl A Yad lat g guar 4s___1949 A O 63% ____ 67% Feb’21 ___
88 ____ 87% July’21 _ __ _ 88% 90%
E T Va A Ga Dlv g 5s___ 1930 J J
• —
Cone lat gold 5s________ 1956 M N 85 ____ 85 July’21 — — 84% 90%
86
!
88
Feb’ 21 ____ 87% S9%
E Tenn reorg lien g 5a___ 1938 IV S 82
D
O
Ga Midland lat 3 a ......... .1946 A O 50% 55% 50 M ay’ 21 ____ 50
96% 99
Ga Pac Ry lat g 0s.............1922 J J 98% 99% 98% July’21 ___
Knoxv A Ohio 1st g fis
1925 J J 94%
96i? Jan’21
9012 96%
1 75% 75%
75%
M ob A Blr prior lien g 5a. .1945 J J 76 ____ 75%
Mortgage gold 4s
1945 J J 59 ____ 65 Aug* 19
89%
Rich A Dan deb 5a atmpd.1927 A O 89 ____ 89 M ay’ 21 _ _ _ _ 88
60
Rich A Meek 1st e 5s
1948 M N
58
Apr‘ 21
58
871*____ 85 June’21
89%
85
So Car A Ga 1st extd 5)£s 1929 M N
Virginia Mid Ser E 5s
1920 M S 91 ____ 88% Dec’20
Jan’ 21 ____ 90
90
Series F 5a.................... .1920 M S 8 5 % ____ 90
I
86% 98
86% July’21 __ _ 86% 89
General 58_____________ 1936 IV N
81%
Va A So’w’ n lat gu 5s_____2003 J J 80 % ____ 80 July’2) . . . . 80
61 July’21 __ — 60% 66
let cons 50-year 6a____ 1958 A O 61% 65
87 % ____ 85%. Mar 21 ___
W O A W 1st cy gu 4s___ 1924 F A
85% 85%
Spokane Internat 1st g 5a___ 1956 J J 68% 76
68% June’21 ___
68% 68%
4- Julv’91
841*; K
85
85
A O 82
1st. cons gold 5s
1894-1944 F A 86
"2 83% 88
87 ~ 84
84
19 67
72
72
Gen refund s f g 4s
1953 J J 72 Sale 71
flt, L M Bridge Ter gu v 5s 1930 A O 83
81 Julv*20
S3%
6 77
79% 79% 79%
Texas A Pac 1st gold 5s
2000 J D
79%
45 ’ _ _ _ 50 Mar *21
50
60
2nd gold Income 5a
#2000 Mar
1 60
71
71
78
71
71
La Dlv B L 1st g 5a_.
1931 J J
] 06i*> N ov’04
W Min W A N W 1st. gu 5s 1930 F A 60
82% 90%
82% July’21
_
Tol A Ohio Cent 1st gu 6a_ 193E J J 83% 86
75
83
75
75
Feb’ 21
Western Dlv lat g 58.._ ..1935 A O 80
6 5% ____ 65% Jan’21
General gold 6s
1935 J D
65% 65%
71
Ran A M 1st, gu g 4s
199f A O 67
71
6 09
69%
71
85
84
84
1 80% 8-1
2d 20-year 6s_ _______1927 J 1 84
Tol P A W 1st gold 4s
1917 J J ____ 32
36
Feb’ 19
1 73
78
78
72
70% 78
J
11 45% 53
50-vear gold 4s
195f A C
46
47
46
47
15%
15
15% ------ 15% June’21
Coil trust 4s g Ser A ______1917 F A
Trust co ct.fs of deposit.
___ 15
15 Nov’20 ___
To r Ram A Ruff 1st a 4s
2*1
94f 1 c
63% 70
65
85
63% June’21
79
75
75% 78&f 79 July’21
Bister A Del 1st cons g 6s___ 192£ J E
52
52
1st refunding g 4s
1955 A G 48 ____ 52 M ay’ 21
S4%
55 78
82%
Union Pacific 1st g 4s
1941 J J 8J7,s Sale 8178
77% 81%
78 July’21
Registered____________ 1941 J J ____ 82
86%
85% Sale 85
86% 146 81
20-vear conv 4s
192r J J
80%
/ 8% 40 73
1st A refunding 4s
©200? M £
78% Sale 78
19 97% 101%
9978
101
99% 102
10-year perm secured 6s_.192? J J
1 1 75
78%
78
7 8 % ____ 77%
Ore R R A Nav con g 4s .19411 J E
99%
99%
99% 100
9 97% 99%
Ore Short Line 1st g fis____1921 l F -A
14 86% 92
91
590 Sale 88%
1st consol g 5a.___ _ _194f5 J
84% 31 77% 84%
Guarrofund4s . ___ .1921 ) J c1 82% 84i 82%
94
89
91 July’21
95
5 J 1 91
l 1
89
Feb* 18 ___
79%
72% 76%
>F A
73 % ____ 70% Mar’21
72% 72%
Consols 4s Aeries B_
_ .195'7 M ^1 73 % ____ 72% Jan’ 21
24
23
24 Mar'21
Ver* Oru» A P 1st gu 4)^8. 193*1 J .r ____ 25
83%
84
19 78% 85
I
83% Sale
Virginian 1st 5haeries A . _ 1961 1 IV h
_
21 82% 90
87
Wabash 1st gold 6b_..............1931 ) rvi hj 87 Sale 87
28 72
80
80
/6
793 79%
2(1 gold 6 s ... ___ _______1931 J F /
90 Aug’ H ___
JJ 1
62
62 Feb’21
fid
l 0t, lien 60 y r g term in .
195-1 J 1 55

Due June. A Due July, ft Due Aug. a D ue Oct.

D ue N o v .

# D ue Deo.

#Option sale

614
BONDS
C V ITO O K H)XOK4NQ£2
f
Week ending Aug HR 5

New York BOND Record— Concluded— Page 4
H
J i

,

P r ict
P id u y
A a ju jl

5

W e e k 's
itn<k'jt or
L a st d ale

ItUPJi

1^ ^

Jan. i

Wabadh (C o rk d .) —
b id
-ii* L ow
H iy b S o . \Low
H ig h
Dot * Oil Ext leu. d 5d
rj 1 1 I i
82*% _ . .
L>oo M.jiucts Dlv let 4 id __ l 939 j | | 5614 70 | 80
Aug' 13
Dm Dlv icsC 4 5 %ij.............. 1041 A O 50 >4------ 61 May *21 L . - » 51% 61
I’ul A Ob Dlv 4 G ________1941 M 3 5813 50
6. *2 M ay’21 I . . - . 55% 59
8
Watih lertul 1st g$u 3Vid_._ 1945 * \
_
•
57% 5U V 68% M ay*21 L . - - 66*4 08%
]
let 40 yr guar id ___ .1945 f \
751«____ 1 78 Juue'JL
73
79-4
56 1 51*2 56*2
Weat Maryland let 4 4d____ 1952 a o 1 6 l b Sale | 54
55*2
3 83
Wddt N Y A P* idt tf Od........19-17 J J 8513 85
85
85*2
89%
5 60*4 03
02
65
62*4
62*4
Otm goU1 4d
.............. 1943 a 0
36
G el'll
Income 6« - _ . _. ____ . ___ #1943 w. „
Wenteru Pao let s e t A 6j
3___ 19413 V 3 80 Sale 79*2
80 *
2 57 75% 88
I
Wheeling A L E 1st 4 6 a ___ 1920 A O 8412 . . _ . 85 June421 - . 82
85
Wheel Dlv let gold 5a ___ 1928 j ,
53
84
84
Oct 2 0 -----Ex tom A Lmyt gold 6d____ 1930 r \
80*4____ 94h M ar'17
Refunding IHbderlott A __ I90tj M S 4912 56
5^ July *21 I- - - - 47
50
o
1
56
56*8 >4*2
KH let consol 4e_________1949 \f §
51*4 59
Wlndtoa Salem 8 b la U e . . . I960 j 1 07‘2 ____ 71 June’21 1-* -- 00
71
5 03% 71*4
Wle Cent 50 yr let gen 4d
. 194j j j
OS'tt 70 1 69*2
70
dup A Dul d! v A term let 4e *3t M X
58
70 1 66 July’21 —
05 ’ 73
street rfjliw ay
25
Brooklyn Rapid Tran 4 5d__ 1945 A O 25 Sale | 25
32
0 25
let refund oonv gold 4d___ 2002 J i
31
50
30 Feb *21
33
25
56 Sale 54
50*2 1
4 yr 7 % secured anted.. 41921 | i
40% 50*2
J
5 S 39
51 Sale 53
65%
Oerclficatee of depoelc________
55*2
50
53
51
53*4 118 37
Certificated of deposit atm pd.. r y r
53%
bk City idt cone 5d 1915 1941 j i
Hi
Dec*2C
80 M ay'18
Bk Q Co A 8 con gu 4 &d_ 1941 r I N ------ 90
_
V
21
Dec‘20 ___
Bklyn Q Co A 3 lat 5d___ 1941 jj i ------ 25
6912 66*2
66*2
06*2
Bklyn Un El Idt g 4 oa___ 1950 F A 67
58
Stamped guar 4 6a_____1955 F A 6012 67*2 65 July'21
05%
63
5S
55 July’ 21 - - - - 53
Kings County E lat g 4a.. 1949 F A 55
55
Stamped guar 4a___ ___ 194£ F A 55 ____ 51*8 June’21 - - - - 53
54*8
22
Nassau Elec guar gold 4a.. 1951 1 J 1712____ 22
18
61*2 29 58
Chicago Rya lat 5 a ________ 1927 f A 01*2 Sale 64*4
66*2
Oonn Ry A L lat A ref g 4 V 1951 J J 58*4------ 6 Id June’ 21
4a
61
60
60
03*2 62 July*2l —
_
Stamped guar 4Via_ ...1951 1J J
57*2 62
27 57
58
59
57
59
Dec United lat oons g 4 Via. .1932 J i
63%
58
Jau’20 ... - -1
4ft Smith Lt A Tr lat g 5 a ... 1935 M 3 — __.
Hud A Manhat 5a aer A ____ 1957 | A 67 Sale 67*2
6S*2 297 59
F
69%
123 Sale 42*2
4
Adjust Income 5a________ 1957
4434 317 23*a 44%
li 82
86
86
N Y A Jersey lat 5a______1932 If a ------ 94
86
13*2 17
interboro Metrop coll 4 via .. 1950 ia o
163
4
17*2 3 ) * 13*2 2 1 %
179 11*4 19*2
13*2
14
13 * Bale
4
Certifloatea of deposit____
___
5534 3 lie 55
Interboro Rap Tran lat 5s. .1955 j j
57*4 454 48*2 58*4
57 Sale 56
58
Manhat Ry (N Y ) oona g 4a .1990 A 0
>i 1 52*2 58
*
38
Stamped tax exempt.......... 1990 A O 57*2 Sale 55r2
60
21
___ 1 53
4
34*4____ 633 M ay’ 21
Manila Elec R y & Lt a t 6a. .1953 W 3
63% 63%
42 08% 74
71
Market St Ry lat cons 5a----- 1924 M S 70 Sale 70
Metropolitan Street R y—
43
Apr*21 —
Bway A 7th Av 1st o g 5a. .1943 J O ------ 42
44
37
15*2 Mar’ 2l —
Col A 9th Av lat gu g 50..1993 M S ------ 20
15*3 19
—
2i
59
25 July’ 21
Lex Av A P F lat gu g 5a..1993 M S
21*2 25*2
— . , _ 54
Dec’ l l —
MeC W 3 El (Chic) lat g 4a..1938 F A
74
85
92
Apr’ 2 L —
Mllw Elec Ry A Lt cone g 5a. 1929 F A
93"
92
#
Refunding A extea 4 Via_ 1931 J J 697 7Us 71*4 Juae’ 21 —
_
71% 74
75
72*4 June‘ 2 1 —
Montreal Tram lat A ref 5 a .. 1941 J J 74
67*2 74%
50
Feo‘21
New Orl Ry A Lt gen 4 Via.. 1935 U J
50
50
57
July’ 19 —
N Y Munlclp Ry lat a f 5s A . 1965 J J
21
21*2 21*2 July’21
N Y R y8 lat R E A ref 4a._.1942 3 J
17*2 25
3 16
2v
0
20 Sale 20
Certifloatea of deposit........ .......
22
30 year adj Inc 5a______ a 1942 A 6
5*2 5 July’21 —
3% 6*2
4*8 4*2 4*2 July’ 21 ------1 3
Certificates of deposit______
5%
56’ 2
if Y State Rya lac oona 4 Via. 1952 \I N 55*2 Sale 56*2
46*2 57
4
Portland Ry lat A ref 5s___ 1930 M N 703 73% 69 M ay’ 21
72
69
4 56
07
6 33 67
8
Portld Ry Lt A P lat ref 5 s .. 1942 F A 68
75
90% Feb’ 17
Portland Gen Elec lat 5a.. 1935 J J
7* *2 June’ 2 L ------! 74*i 74*2
8t Paul City Cab cons g 6s. .1937 J J ------- 91
31 40% 52*2
50
>2*i
Third Ave 1st ref 48.............. I960 J T 52 Sile
3 13 151 25
4
31%
Adj Income 5s................ _al960 A Q Z3 Sale 33
1 75
85
81*2 SO
Third Ave Ry lat g 5 a _ _ _ 1937 J J 81
_
81*2
92*2
Trl City Ry A Lt lat a f 5 s..1923 A O 92*2 Sale 92
88% 93
6S Mar’ 21 —
Undergr of London 4 Vis___ 1933 j j
68
68
____ _____ 50 3ept’20
Income 6s _______________ 1948
10 65
66*2
66*2
United Rya Inv 5a Pitts lss.,1926 M \
r 65*4 66
70
3
United Rya St L lot g 4a___ 1934 J J 4 > 4 ____ 47 M ay’21 — ! 47
50*2
St Louis Transit gu 5s___ 1924 A O
36
69*2 36 VIar’ 21 —
36
31*2 Apr’2 1 ------; 29
United RRs San Fr a f 4a___ 1927 A O
36%
27 July'21
28
29
Union Tr (N Y) ctfa dep..........
35
26
28 26% 36*4
2S
2S
------29
Eqult Tr (N Y ) Inter ctfa___
l| 60
64
Fa Ry Pow 1st A ref 5 a ___ 1934 J J
64
67*2 64
69
Gas and Electric Light
7 76
4
81
S U s ____ S03
Bklyn Edison Inc gen 5a A . . 1949 J J
81
2 87
8
89%
General .63 series B ______1930 J J 89 * Sale 89*2
89%
7
9934 Sale 9S%
99%
General 78 series C --------- 1930 J J
95*2 99%
31 95*2 99%
99
General 7s series D ______ 1940 J D 9 > Sale 93
6 71
81
Bklyn Un Gas lat cons g 5 s .. 1945 M N
T 85 ____ SO
8212
Cincln Gas A Elec 1st A ref 5a 1956 A O 8 0 % ____ 83*2 July‘21 —
83*4 85*2
6 80*2 89*2
84*2
85*4
Columbia G A E 1st 5a______1927 J J 8 U2 Sile
1 81
Sa
85
86
Stamped_____ ____________1927 J J 84*2 86
87 June’ 19:
Columbua Gas lat gold 5a._ 1932 J J ____ 75
103 1 86 98% 103
Conaol Gas 5 yr conv 7a___ 1925 Q F 102*4 Sale 10 1%
Hnna flaa T7!T,A r»f Ra.lt 5 vr5s ’21 M N
-P
79
Apr’ 20
95*2 Apr’20
95*2
Detroit City Gas gold 5a___ 1923 J J
1 87% 90
4
8^
Detroit Edison 1st colltr 5a..1933 J J 873 Sale 83
17 76*2 82*2
78*2 Sale
773
4
78*2
lat A ref 5a aer A ________*1940 M 3
60 86
4
90
88 Sale S73
lat A ref 6a aeries B ______M940 M 3
90's
Duqueane Lt lat A coll 6a ._ 1949.J J 917 Sale 91*8
8
92*4 116 88
92*4
P .1 O T. N V lat cnnfl a 6a
T
T
1932 M 3
94
Feb’ 18
Havana Elec conaol g 5a___ 1952 F A 903 ____ 73% July’ 21
4
75
66
75
91 9ept’ 19
Hudson Co Gas lat g 5a_____1949 M N 72
87
90 M ay’ 21
Kan Clt.y (M o) Gas lat g 5a 1922 A O 91*4
90
Kings Co El L A P g 5a_____1937 A O 83*2____ 81% Apr’ 2 1
81% 81%
97% July’ 21
Purohaae money 6a_______ 1997 A O 96 s4 _
O
93 L O
Convertible deb 6a
.1925 M 3 - - - 9o
92
Dec’20
7 3*s____ 75 June’21
Ed El 111 Bfcn lat con g 4a. 1939 J J
76%
73
II 68% 7S
77*2
Lao Gaa L of St L Ref A ext 5a *34 A O 77*2 Sale 76
___ l 79
!
81*2____ 80*4 July’ 21
Milwaukee Gaa L lat 4a___ 1927 IV N
81*2
104% Apr*17
Newark Con Gas g 5a
1948 J D 72
3 81
85
N Y G E L A P g 5 3 _ ...___ 1948 J D 85 Sale 85
85
9 64% 69
68
Purchase money g 4a------- 1949 F A 68 Sale 67*2
2 86*2 90
89*2
Ed Elec 11 1st cons g 5a— 1995 J J 88*2 90*2 89*2
1
NYAQ El LAP lat con g 5s 1930 F A 90
78% M ay’20
Pacific G A E Co— Ca G A E—
7 827b 86*4
85% 86
85%
857
$
Corp unifying A ref 5a___ 1937 M N
26 75*2 79
78*4
Paclfio G A E gen A ref 5 a . . . 1942 J J 78*4 Sale 7S
Pao Pow A Lt 1st A ref 20 yr 5a ’30 F A 76*2 7 7*2 75% July’21
| 73% 79%
30 105 July’ 17
Pat A Passaic O A El 5s
1949 M S 72
Peon Gas A C lat. cons a 6a 1943 A O 89 ____ 86% July’ 21
84
89%
7334 76
72*4 J7ly*21 ------1 63*s 75
Refunding gold 5a________ 1947 M S
27 72*2 80
79%
80
Ch G L & Coke lat gu g 5a. 19371J J SO Sale
Apr’ 17
Con G Co of Ch lat gu g 5a.1936 T J 70 ____ 100
Tnrl Mat Caa A Oil SO r r 5a T Q 2 fl M N
89 Mar’ 17
Mil Fuel Gaa lat gu g 5S..1947 M N 65 ____ 76 M ay’ 19
93%
97% 80 88
_
Philadelphia Co conv g 5a_ 1922 M N 97*s Sale
97*2
84*2 July'21 ----- i 81
88
Stand Gas A El conv 8 f 6a_ 1926 J D 85
_
84*2
7 13 ____ 70% Nov’ 20
4
J D
68% 68*2
Syracuse Light*A Power 5s_1954 J J 78*2____ 68*2 Mar'21
73 ____ 73 June’ 21
73
Trenton G A El lat g 5a___ 1949 M 3
73
Union Eleo Lt A P lat g 5a_.19.32 M S SO*8____ 79 June’ 21 ----- 1 78% 79
82 July’ 19
M N 78
f
80
United Fuel Gaa 1st a f 6a_ 1930 J T 81 ____ 81 July’ 21 ____ SI
_
SI
25 76
SO
Utah Power A Lt lat 5a____ 1944 F A 79*2 S l*2 7S
81
(Jtlca Elec L A P l a f g f i s
1950 J J 77*4____ 95 Mar’20
87 Nov'19
(J tloA Gaa A Elec ref 5a
1957 T i
73
96
72 ____ 77 May* 21 ___
Westchester Ltd gold os___ .1950 J O
77
77
1
M iscellaneous
4 56% 03*.i
62 Sale 62
62*2
Adama Ex coll tr g 4a___ __ 1948 51 3
1 10
10 Sale
10
10
Alaska Gold M deb 6s A ___ 1925 M 3
l 0%
v
lo
Jnlv'M _—
Oonv deb 6a
R
1 90S •a 3
*0
11
1 0%
1o

BONUS
W. Y. STOCK EKOH a NGE
Week ending A ig isi 5

II
\ h

,

P n c4
F r id a y
A u gu st 5

W e e k 's
K u h j4 o r
L a st b a l 4

| l

R ange
S ln c§
Jan. 1

#
b id
A t k Lute
H ig h N o . L o w
H lg/i
Armour A On 1 ut phaI M lU a 1 U ■
at
'-tU
M S On 7Q j
O I
1*
}«A 1 41
o«j
Atlantic Fruit conv deb 7e A 1934 J u
3 , *2 Sale 37*2
40 1 5 33
73
I
Atlantic Refg le b O U i........ .1931 fV a i() l *2 Sale 101
56 98% 101%
m i1
'
Booth Fisheries* deb a f 6a _ .. 1920 A 0
68
70% 90
Feb’ K
H
Braden Cop M coll cr a f 6a .1931 F A 83*2 Sale 83%
80 ; 209 80
86
liuah Terminal lat 4a______ 1952 a O
70
75*2 70 July’21
71%
70
Conaol 5a.............. ............. 1955 1 J 72*8 Sale . 73
8 67*4 72%
72%
Building
4- t k *
.
i960 A O
71% Sale 1 74%
76 1
6 67% 70
,1 J
Ge ro de Pj,aco Oop 8a
i
io n 2
103
19 104% 111
58 Mar’ l 8
Ohio C & Conn Rya a f 6a
1927 A ()
Chic Uu Stft’n lat gu 4V^a A . 1903 j J 8 1 Sale
.
25 77
80
81*2
82%
lat Ser O 6 Via (ctfa) _
1903 J 1 104 Sale 104
105 I 38 101 100%
13 90
I
Chile Copper 10 yr oonv 7a .1923 fV N
93*4 Sale ; 93*4
94%
94%
Co 1 tr Ac conv 6a aer \
. 1932 A O 71 *2 Sale
31 00
71
71%
70%
Computing Tab Reo a f 0a. . 1941 J J 78*2 80 1 79
79 1
82
2 77
I
Granby OonsMS&P eon O A 1928 V N ------113%
a
82 May ’21
80*2 82
Stamped................. . .......1928 vl N ____ 87
95
Apr’20
86 July'21
Great Falla Pow l«t a f 6a
1940 VI N 86
89%
82
O 79*4 Sale
Inter Meroau Marine a f 0a .. 1941
79*4
” 0 I 97 77% 84
8
2 92*2 97*2
M in and oil a/ 8s ae lea A ..1931 A O 94*2 Sale
91*2
91*2
M exlcm Petroleum a r 8a.. .1936 nd N 98*8 dale 97*2
98*8 165 92% 99*8
Montana Power lat 5a A __ 1943 J J
87 | 29 82
88
80*2 dale 86
Morrla A Co lat a f 4 Via.. ..1939 J J
77*2 32 71*2 77*2
73
70*4 74
N Y Dock 50 yr latg 4a._ ..1951 F A 71
71
71% 1 3 62
71%
2 86% 93
Niagara Falla Power lat 5 a ..1932 J J
93
88
91*2 93
Ref A gen 0a.
u)932 \ O 92% .
92*2 July’21 1____ 90
92*2
...
Nlag Lock A O Pow lat 5a. _ 1954 M N 83
89 '
80*2 May‘ 21
89
83
78%
79%
Nor Scatea Power 25-yr 5a A .1941 A O
10 70
80
73*4 Sale
Ontario Power N F lat 5 a ... 1943 F A
80 ____ 82 July’2 L — — 75% 82%
I
- 67% 78
Ontario Tranainlaalou 5a.. .1945 V N
70
79*2 74 July’ 21
4 87
93%
Pm Arne*. P .A lM st l0-yr7al930
89 Sale 89
94
Pub derv Corp of N J gen 08..1959 \ O 66
05
07
67
57% 08%
n
Sincl tlr Con Oil conv 7%a___192 A N
91
93 %1 108 90*2 94%
9 i h Sale
93 101 104
103%
Stan lard Oil of Cal 7a____ ul93l F A 103*2 Silo 103
___
82 July’21 |
Tennessee Cop lat conv 0a . 1925 M N 1 ------ 83
80*4 94*2
Tide W i f r Oil 0 t i a .......... 1931 F A 95 Sale 95*2
97 I 107 90*2 99%
32 100 102
Union Y ink Car equip 7a .1930 F A 101*2 Bile 101*8
101*2
02 82*8 90%
Wliaon A Co lat 25 yr a f 0a. . 1941 A O
86% Sale 83%
80%
41 77*2 87*2
10-year conv a f 0 a .............1928 J D 80*2 Sale
79
80*2
M anufacturing and In d u stry
|
91 July’21
Am Agrlc Chom lot o 6a___ 1928 \ O
90% 93
98%
88
Conv debeo
5a........ ........1924 F A 91 ____ 10 0 % M ay’21
87*2 100%
52 92% 97%
Is ref a t 7*29 g _______ 1941 F A
93%
96% Sale 90*2
I
Am Cot Oil debenture 5a___ 1931 V N
75
74
74*2 74 July'21
05
80
78
79*2 93 73
Am 3m A R lat 30-yr 5a aer A 1947 \ O
79*2 Sale
117
Jan'2i 1 . . . . 117 117
_
Am Tobaooo 40-year g 0a_ 1944 V O m
69
70
Gold 4a _________ ______1951 F A
5 09
09
70
74
4 67
70
70
Am Writ Paper a f 7-0s____ 1939 l J 69% 70
70%
Atl ia »owd ‘ ‘ conv 7*23 g ___ 193 F A 90% Sale 96%
96% 27 96% 97
!
93%
Baldw Loco Works lat 5a___ 1940 V N
93 ____ 92 July’21
91
Ceot Foundry lat a f 0a____ 1931 F A
69 ____ 70 M ar’21
70
70
89% 23 86*2 93
Cent Leather 20-year g 5a__ 1925 A O
89% Sale 89
Conaol Tobacco g 4 a _______ 1951 F A ____ 73*2 73*2 Dec’ 1 8 ____
I
Corn Prod Retg a f g 5a........ 1931 V N 89*2____ 89% Mar’ 21 . w^« S9 *2 88*2
—
T
90 July *21 — - - 89*2 92
lat 25-year a f 5a________ 1934 4 N 89% 95
86
Cuba Cane Sugar oonv 7a___ 1930 J J
65% Sale 65%
67*2 441 57
I
100
49 96 10 2%
C ib in Am S ig n Lat coll 8s 1931 V 3
99% Sale 99%
104
Diamond Match a r deb 7 Vis.l )36 . . __ 104 Sale 103
18 101% 104
O 62*2 65
64% June’ 21 - — _ • 64% 77
_
Distill Sec Cor conv lat g 6a. 1927
79
_
E I du Pont Powder 4 Via_ 1936 i D ____ 81% 79 M ay’21 . . . . 79
I
da Pont de Nemours A Co 7 Via ’31 V N
93% 273, 96 100*2
97% Sale 97*2
90
General Baking lat 25-yr 09..1930 3 D
89*4____ 90 July 21
90
69 July’21 ____I 66
Gen Electric deb g 3 Via____ 1942 F A 69
72
70%
5:5! 84
Debenture 6a____________ 1952 M S 87 S tie 86*2
87
90
20-year deb 09___ ...F e b 1940 F A 102 Sale 100*4
102
45 99% 102
G oo! year TlreA Rub 1st a fSs’ 19 U M N 102*2 Sale 10 1
102*2 310 97*2 102*2
Ini Agrlo Corp 1st 20-yr 59--1932 M N
72
73
71%
72
9 71
75*2
2 80
80
International Paper 6a__ .. 1947 J J
80 Sale 80
83*2
97*2 250 92% 99%
97 Sale 96%
Keily-Springfield Tire 8s___ 1931 vl N
6 102 10S
10:5%
Liggett A Myers Tobao 7 ...1944 A O 106% Sale 101
1951 F A
88 Sale 86%
83
59-------------------------- -----9 77% 88%
10 '>
%
Lorillard Co (P) 7 a . . .
.1944 A D L06% Sale 10o%
6 103 108%
87%
2 78
59____________ _________ 1951 F A 85% 85% 85
85*2
88
90% 87% M ay’ 21
Nat Enam & Stamps i8t 58..1929 J D
87% 90%
92
88
Feb 21
88
_
Nat Starch 20-year deb 59_ 1930 J J 88
38
a
92%
94
92*3 Sale
94
National Tube 1st 5a_______1942 fv n
lj1 87
I
N Y Air Brake 1st conv 08. .1938 V N 88
90% 8^*2 July'2 L
93*2
86
Picka d Mot ir Car l0-yr8s_1931 A O
93%
96*4 Sale 95%
30 94*2 100*2
Standard Milling 1st 59___ 1930 M N 86
86% 86*2 July’ 21 ____‘ 85
88%
92
93
Steel A Tube gen a f 7a ser C.1951 J J
92*2 93
6 i , 91% 95%
__
Union Bag A Paper 1st 59_ 1930 J J 83*2 81% SI June‘ 21
_
85%
81
Stamped______ __
_ 1930 J J
80 . . .
36% N ov’20
Union Oil Co of Cal 1st 58....1931 J J
85
89*2 86*2 Jan’2.1 ___
86*2 86%
U S Realty A l conv deb g 58.1924 J J
87%
5 79% 87%
87% 87% 37%
15 94% 100
99%
U S Rubber 5-year 8eo 79___ 1922 J O
97*2 99% 93*2
79%
83 75
lat A ref >9 aerleo A ______1947 J J
79%
79% Sale 79
10-year 7 Via _____________ 1930 F A 100*2 10 1% 100%
53 95% 102
102
91
a S Smelt Ref A M conv 08..1920 F A
s 89>j 94%
91
92% 91
Va-Caro Chem 1st 15 yr 58..1923 J O
91
9>% 93
93*2
3 89*2 95%
4 85
95%
87%
88%
Conv deb 6a____________ e l924 A O
87% 90
91*2 31 87*2 9334
1 2 -ye ir a f 7 V is _________ 1932 M N 91% Sale 91
ElAAt.rfn Inf.
Hno
1Q99 J J
9 7* Sale 97
4
22 Q93a 100
97%
Weatingh E A M 7a
' " ” '1931 M N 1 0 1 % Sde 1 0 1 %
10 2 % 145 94% 102%
90%
21 90
95
90*4 Sale 90
Wlckwlre Spen Steel 1st 7a..1935 _
Coat, Iron & StaeS
1
l
16 86% 95
91% 95
90%
91*2
B9th Steel 1st ext a f 6a_____1926 J J
87 I 12 78% S6%
lat A ref 5a guar A ______.1942 M N
s85 Sale 83
J
7 74% 82%
75
77% 77
77%’
8 1% 8 U2 93% July’ 19
Buff A Suaq Iron a f 5a........ 1932 J D
. 81% Sl%
77
81% 81% Apr’ 2 1
Debenture 5a___________ al926 M S
Dec’ 14
Oahaba C M Co 1st gll 6s
1922 J D 96*2 - - - 101
82
76 July'21
77 " 81
Colo F A I Co gen 8 f 58_____1943 F A
76"
74%
74%
72
74 1 74%
Col Indus 1st A coll 5s gu_ 1934 F A
_
2 i 62% 78
1 72
Cons Coal of Md 1st A ref 5s 1950 J O
7 6 % ------ 78 July'21
98
Feb* 19,
Elk Horn Coal conv 08 _
.1925 J D
S2%
Sale 81%
37 76
82
Illinois Steel deb 4 Vi a_______1940 A O
92
s 86
89*2 90
89*2
90*2
Indiana Steel 1st 5s________ 1952 M N
9 6 % ____ 95%
i| 91
95%
Lackawanna Steel 1st g 5a 1923 A O
95*2
7 , 70% 7S
74%
1st cons 58 aerlea A__ _ ..1950 M S 74% Sale 1 73
1 83
S3
Lehigh C A Nav a f 4Via A . .1954 J J 81*2------ S3 M ay’ 2l
79
76 Sale
76
77%
Midvale Steel A O oonv a f 5s 1936 M s
31, 73
SO
Ploasant, Val Coal lat s f 5a 1928 J J
70
79
79 Julv'21,
79
| SO
SO
76% SO
80 July’21 j
Pocah Con Colliers lat a f 5a. 1957 J J
2 80% 86%
83% Sale 83%
83%!
Repub I A S 10-30-yr 5a a f_.1940 A 0
75
72% 71 July’21
66
St L Rock Mt A P 5a atmpd.1955 J J 70
Tenn Coal I A RR gen 5a__ 1951 J J
87
88*2 87 July’ 21 __ i 86% 91
95 I 207 92*o 96%
U S Steel Corp— \coup
J1963 M N
91% Sale 94%
s f 1O-0O-vear 5afree
d l903 M N
94 July’21
93*2 85%
52
52
Jan 21 — - 52
Victor Fuel lat a f 5a________ 1953 J J ____ 75
85
83
86
85 July’21 . . . . 81
Va Iron Coal A Coke 1st g 68.1949, M s
Telegraph & fo ia p l r»e
SOla Sale 79*2
Am Telep A Tel noil tr 4s
1929 J J
SI
SI 73% 81
72
70%
03
70 “ 78*2 70
Convertible 4 a __________ 1936 M 3
5 80
V
S7% 78*2 87%
87%
90
20-year conv 4 Vi a________ 1933 I I 3
v
85 I 9 8 77% 85
81% Sale 84%
30-year temp coll tr 5a___ 1946 J O
101 1 28 1 94 0 02
7_vftar convertible fta
1925 F A 100% Sale 99%
105*2* 85 ;100% 106*3
Bell Teleph of Pa a f 7 e a ___ 1945 A 0 105 Sale 104%
86%
S‘>%
Cent Dlat Tel 1st 30-year 5a.. 1943 J
so June*21 ___ 1 86
60 , «.| 01*2 F eb'21 ___ 1 61 % 64*?
Commercial Cable 1st g 4a__ 2397 Q
81%
81%
IS 78
SO Sale SO
Climb T A T 1st A gen 5a
19371 9 J
98
Apr’ 10
Keystone Telephone 1st 6a .1935 J J
90
14 85
90
Mich State Teleph lat 5a __ 1924 F A 80% Sale 1 87
S3*s
' 82*2 30 75
S2 Sale S.
N Y Telep lat A gen a f 4 Via 1939 \1 N
*
7 87% 93%
93%
93% Sale 92%
30-vftar dehen a ? 6a .Feb 1949 F A
10 2% 2)0 00% 10 2 %
Norttiweat’ n Bell T lat 7a A 1941 F A 101% Sale 10 1%
10 SO
85
84*2
Pacific Tel A Tel lat 5a__. .1937 J J 8 4 % ____ S3%
88
South Bell Tel A T lat a f 5a. 194! J J 83 S ile S2
■
W 80% S3
S3
87%
87% July*21
83*2 01
Wear Union coll tr cur 5s . .19 38 J J
8 1%
80 S \le 8 >
12 77% 81%
fT'ind V **e*\1 esf « U^ti
IO‘ 0 W N

•No price Frid iy; latest Did and aaked. aD ueJan, GDue April. #Due May. (jDueJune. ADueJuly. JtDue Aug. oDue Oot

pDuo Nov fD ue Deo. eOpUoii sale

IBOSTON STOCK EXCHANGE— Stock Record
H IG H A N D LO W SA LE PRICE— PER SH ARK, N O T PER C E N T .
Saturday
July 30.

M onday

| A n y 1.

i Tuesday
1 A u y.'Z .

Wednesday j Thursday
A n y . 3. | flu y. 1.

|

!
I243,i 2434 123
23 123
051.1 65i.| 0512 6512 65
83
82 1 83
82
*82
20

*24
*125

20

130

20

*24
*125

20

1

130

20

*24
125

|
1231.1 124 12 4 12 123'2 123% 124 124
651.1 05'1 65*8 651.1 6 51g 6512
65
84:
83
831;;
*82
83
20

125

20

*25
128

20

128

20
1’

__ _ „
*3i.i
*3U
*130
*130
*130
*130
*6 /
70
*67
*67
70
*07
70
*38
*38
*38
*38
11
7 .1 17'1
1758 *17-ih
17% 17% 17
___ *60
*60
*60 ___ *60
59
*50
60
0 2 % 6212 *62
*G1
*61
—
♦17
19% *17i2 19% *17
1912 ♦_
_ *70
*70
*70
*70
*411.) 41% 41lo 42
42
42
42
53
53
*53 ___
*52 •- - - 53
---334
*1334
1053a
87i2
*75

20

70

20

Last, S tie 23

,

125

Last
Last,
Last
Last
Last
Last

*310

*.06
.20
.06 .00
31
*.1 384
3% 334
1334 1334 1334 H
1051.1 I05i2 1051.1 10 5%
*87
88
8712 8 8 is'
7519
751s 75's *75

Friday
A u y . 5.

Sale
Sale
Sale
Sale
Sale
Sale

J73s
17*4 *17
___
Last Sale
59
"59
___ *62
68
Last Sale
19i2
Last- Sale

4211 42
53
*53

42

___
___
*.05
334 *3'8 3J4
3%
13% 13
3.1 133.1
14
1053., 105% 1053.J 10538
87'.i 87
87i2 87
75% *75 __
*75

.20
3>
2
133.,
1053.,
87
___

20

July’21

.25 Jan’21
,75 I'Vb’21
3 > Mar'21
2
130 July’21
65 July’21
38 .July’21
1678 L 8
67
01 June’21
59
59
*62
68
19 July’21
70 July’21
41
42
*53
.04 .04
___ __ _

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Shares

Kitliroadn
Heston A Albany_______ 100
Boston Elevated________ 100
Do prof ....................... 100
Boston A Maine________ 100
Do p rof____________ 100
Boston A Providence____ 100
Bouton Suburban EIeo__no par
Do prof __ _ ____ no par
Boat A Wore Elec prof.no par
Ohio Juno By A U 8 Y ___ 100
Do p rof____________ 100
Maine Central.. _______ 100
N Y N II A Hartford____ 100
Northern New Hampshire. 100
Norwich A Worcester pref. 100
Old Colony....................... 100
Rutland pref..................... 100
Vermont A Massachusetts- 100
West End Street...... ......... .60
Do prof ..................— .60
Miscellaneous
Am Oil Engineering_____ .1 0
Amor Pneumatic Service. -26
Do p ref....................... -50
Amer Telep A Teleg-------- 100
Amoskeag Mfg_______ no par
Do pref........ ........... no par
AnP-ln-A m
f!nrn no -nor
Ar?Metal Construo Ino__ -1 0
Atlas Tack Corporation no par
Beacon Chocolate_______ ..1 0
in
Boston Mex Pet Trustees no par
Century Steel of Amer Ino. .10
Connor (John T )________ .-10
East Beaten Band
10
Eastern Manufacturing...,_-6
Eastern S3 Lines Ino____ ..25
Do p ref____________ .100
Edison Electric Ilium____ 100
Elder Corporation____ no par
G irdner Motor______ no par
Gorton-Pew Fisheries____ -60
Greenfield Tap & Die------ -25
Internat Cement Corp.no par
Intel oat Cotton Mills----- -50
Do p ref____________ .100
Internat Products____ no par
Do p re f-------------------.100
Island Oil A Trans Corp_.--10
Libby, McNeill A Libby..--10
Loew’s Theatres________ -25
McElwaln (W H) 1st pref..100
Massachusetts Gas C os.-. 100
Do pref____________ .100
Mergentbaler Linotype- . 100
Mexican Investment Ino_...10
National Leather_______ ..10
National Oil..
10
New England Telephone. - 100
Ohio Body A Blower__ no par
Orpheum Circuit Ino _
--1
Pacific Mills............ .........
Plant (Thos G) pref_____ 100
Reece Button Hole______ -10
Root A V Dervoort Cl A no par
Simms Magneto________ -.6
Swift A Co_____________ 100
Torrlngton______________ -25
Union Twist Drill_______ -.6
United Shoe Maoh Corp. -25
Do pref........ ............ .25
Venutra Consol Oil Fields. --5
Waldorf System Ino..____ .10
Waltham Watch________ 100
Walworth Manufacturing. -20
Warren Bros. _
60
Do 1st pref_________ ..50
Do 2d pref_.
50
Wlokwlre Spencer Steel. . . .. 5
Mining
Adventure Consolidated.. -25
Ahmeek____ ___________ ..26
Algomah Mining............ . ..25
Allouez________________ _..25
Arcadian Consolidated__ .26
Arizona Commercial____ ...6
Bingham Mines________ ..10
Butte-Balaklava Copper....10
Calumet A Heela........ .. ..26
Carson Hill Gold________ .. 1
Centennial____ _________.-26
Copper Range Co_______ ..26
Daly-West______________.-20
Davls-Daly Copper_____ .-10
East Butte Copper M in .....10
Franklin__ ____________ ..26
Hancock Consolidated.....26
Helvetia________________.-26
Indiana Mining_________ -2 6
Island Creek Coal_______ - 1
Do pref____________
1
Isle Royale Copper______ ..26
Kerr Lake_____________ ...6
Keweenaw Copper______ ..26
Lake Copper Co________ 26
La Salle Copper________ -2 6
Mason Valley Mine_____ ...6
Mass Consol____ ______ ..26
Mayflower-Old Colony . . . -2 6
Michigan______________ -2 6
Mohawk_______________ -2 6
New Cornelia Copper____
6
New Idrla Quicksilver___ - 6
New Rlv r Company___ .100
Do pref____________ .100
Nlplsslng Mines_______ - - 6
North Butte---------------- *-1 6
North Lake_______ ____ 26
OJibway Mining........ ...... -2 6
Old Dominion Co_______ -2 6
Osceola________________ ..26
Quinoy________________ -2 6
St Mary’s Mineral Land. -2 6
Shannon----------------------- -1 0
South Lake.. ------------- -2 6
South Utah M A S _____
5
Superior_______________ .25
Superior A Boston Copper ..10
Trinity Copper Corpn__ - 5
Tuolumne Copper______
6
Utah-Apex Mining_____ - 6
1
Utah Consolidated____
Utah Metal A Tunnel___ . . 1
Victoria-------- ----------- -2 6
W inona_______________ __25
Wolverine_____________ —26
W yandotte____________ -.25

222
120

54
134
79

585
26
1

264
7
1.550
840
255
2.807
118
4

lo.r % 105%
>
___ ___
*75
Last Sale .10 June’ 21
40
16
*13 ___ *13 ___ *13
13
13
*13
*1214
___ ___
15
15
25
*15
16
15
15
*15i.i 17
Last Sale .50 July’21 ______
*.50
1
1
1
*.50
1
*.50
*.50
Last Sile 41.1 Mar’ 21
200
.15 .15 *.10 .20 *.10 .20
*.15 .20 *.15 .20 *.15 .20
100
.50 *.25 .50
.35 .35
*.25 .50 *.25
.50 *.25 .50 *.25
*9i2 10
*9i2 10
110
10
10
10
10
10
10
*914 10
Last Sale 3% July’21
*3i-> 4i.i *3i2 41.1
110
*13i2 14
14
14
14
14
*13i2 14
*13i2 14
395
23
23
23
23
*23
23i2 23% 23i2
23
*22i2 23% 23
*75
80
Last S ite ,75 July’21
82
80
*65
80
*75
*75
135
160 160
160 160
156 157
157 158
158i2 158i2 160 160
*
9
Last Sale 8
July’21
9 *
9 *_ _
9 *----12%
200
*123 1312 *H% 13
4
12% 12i2 12% 1219 *12
12i2 *12
*_
*5
6
6
6
Last Sale 6 ii6
May’21
6
*5
*5
*22i2 23
10
*22*2 23
22% 22%.
*22% 23
*2219 2234 *22l2 23
___
250
21
19% 20
21
20
20
20
20
2 O 4 *20
I
*36
10
37
*36
37
*36
37
36
36
*36
37 I *36
37
200
80
80 *___ 80 * ___ 80
*_
80
80
80 *
80
815
334
334
334 4
3
3
3
3
3i2
314
3%
314
*_
15
15
*10
Last Sale 17 July’21 ___ __
15
15
*10
*10
4 3
10
*2% 3
*234 3% *234 3 - *2 3
s *234 3
27
8 27
734
Si2 8i2
9
87
8 87
9% 938
9
9%
8
87
8 8%
8h
36
*14
*14
1414 17
15
*14
15
15% 16% 15
291
78
75
76
77 78
78
76
76
76i2 76% 75% 76%
267
71
*70i2 71
2 711 71% 7119 72
71
71% 72
711 711
2
2
137
61
61
61
61
61
61
*61
6H2 61
61j2 61*2 61
Last Sale 119 July’21
*118 119 *11812 119 *11812 120 *118i2 11934
26i2 25
345
26
223 25
4
*25
27
*26
*26
25
27
27
8
8
8
81*
8
8% 1,534
7% 8
7%
8is
8
8i4
___
Last Sale 219 ADr’21
122
102 102i2 102% 103
IOII4 102i2 10214 102i2 102l2 102i2 103 103
*7
*734 9
Last Sale 7
July’21
*7i2 834 ___ ___
8 I2
Last Sale 2019 Julv’21
203
4
203 *20
4
*20
*201> 2119 *20
*
5
*160
*160
165% 166%
*160
*160l2 167
*160
LaM Sale 80 June’21
1334 *13
-51
1334 *13
13
13
133a *13
1334 1334 *13
1334
Last Sale 20 June’21
*20
21
*20
21
*20
21
*20
21
53
4 6
250
*5i-> 6
—
*5i2 6
8 *519 6
*5!2 57
824
97
97% 99
98
99i2 97i2 99
94i2 95% 95i2 98
9714
___ ___
40
*50j2 52
*50
51% *50
51% *50i2 52
5112 52
1334
Last Sale 13 July’21
*13
13%
*13
1334 *13
574
3534 36
36
36
36
36
36
36
36
36
3512 36
175
23% 24
23% 24
2414
2414 24i2 *24
24i2 24i4 24% *24
503
17% 17i2 l?i2 17 % 17% 17%
17
17
17
17
17is' 17
4,886
20
20
20% 20
20% 2014 20
20
20i4 20
20U 20
____
30
9i2 *8
834 834
*8
10
834 834 *8
87
8
226
9% 9%
*9% 10
10
10
*9i2 10
*9i2 10
914
912
*15
*15
*15
21
Last Sale 15 July’21
21
21
21
10
19
20i2 *19
20l2 *19
*19
20i2 19
20l2 *19
20l2 *19
*19
21
Last Sale 20 June’21
*19
21
21
*19
21
*19
Last Sale 10 July’21
*9
1012 *9
10*2 *914 10i2 *9l2 10U
*.50 •75 *.50 .75 *.50 .75 *.50 .75
*47
48 1 48
48
48
*47i2 48
48
*20
.35
.40 .40 *.20 .40 *.20
.30
*18
20
20
20
18
*18
19% 18
2
2
1% 2
*1% 2% *2% 2i2
*7% 8
*712 8
734 734
8
8
9J4 934 *9i2 10 1 914 9% *9l2 10
*03
.05
.05 *.03
.05 *.03 .05 *.03
220 220
224 224
220 220
222 222
* lli2 12
*1112 12
l l i 2 l l i 2 1138 1214
*8
10
812 8i2
*8
10
*8
10
31J2 31*2 *31% 32
311 311
2
2 31i2 32
*2J4 2*4 *2i4
*6
6i2
6i2‘
6i4 6 I4 *6
6i2 *6
*734
8
83s
8
8% *8
8% *8
*1% 2
2% 214
* 1,> 2
r8
*1% 2
*212 3
*2% 3
212 212 *212 3
*114
1% *114
1%
n 2 li2
Vz
Vz
*50
.75
.75 *50
.75 *.50
.75 *.60
*66
66i2 66
67
67
6612 66i2 66
*80
82
82
82
81
82
81
*18
19*2
1914 *18% 19U *18J 19i2 *18
2
*314
334 *31o 32a1 *310 3*4
*1
II91 *114
n 2 *138 " 2
1]2 *1
*2*4 3
*2% 3
*214 3
*2i4 3
1*
4 1% *114 ll2
114
*114 1J
Vd
2
*U4 112
1J
2 11
2 *114 11
2
1% 1%
2
11
2 1% *1% 1 1
11
2 112
3
3
3% 3i2
314
314
*314 3%
* 114
1% *J14 2
1%
* 1 % 1% *114
47i2 4712 *47% 49
48i2 48i2
48
49
13% 1334 13% 14
1334 1334
*
.50
.50 *
.50 *
.50 *
*40
*8J
85
4J2 4i2
412 419
419
4 '2
4i2 434
9
9 is
9j2 912
9»4 9M
9% 912
*25
.50 * 25 .50' *.25
.50 *.25 .50
*1
2
1
1 V*. 1
1%
\h
*U4
23
5 23» 2 23
22
23
23
22%
*25
27
25
*25
27
26>4 25}4 25U
*37
37
38
*37
37
*37
38
38
*32
35
31
*31
35
31
35
*31
*.86
1
1
1
*.85
I
*.86
*.85
*.50
II4 *.50
1»4 *,50
.90 *.50
1%
* 04 .10 *.04
.09
.10 *.05
.10 *.07
V
3<1 *3
5
/
3
334
334
*3
*3
*114
112 * 114
11? *114
1% *J>4
Vz
1% II4
Ji2 J%
Vz
Vz
1% ll4
*40
44 .48
* 40 .53 *.48 .50
*2
2% *2
2% *1% 2
2% *2
33/
33/
*312 4
4
4 1 *31'/ 4
*1%. JI4 * 1V , . 1 1
A
*1
1U
*1% 1^
13
^ *11*
*1%
13
8
* 45
50 *.45 .50 *.45 .50 * A 6
.50
10
10
♦10
12
*10
J0i2 1034 JJ
*30
.50 *30
.50 *30
.50 * 30 .50
• Bid and a/fk^O prlc m ,

Last Sale .50 July’21
48
48
*47i2 48
*.25 .35 *.20 .30
*18
20
*18
20
*1% 13
4
2
2
734
734
*7i2 8
*9% 10
*9i2 10
Last Sale ,05 July’21
219 220
219 220
12%
12U 12U 12
7% 8%
*8
10
31i4 313
4 31% 31%
Last Sale 2 34 July’21
6% 6%
*6% 6i2
734 8
*8
83s
134 134
*134 2
*2% 3
*2i2 3
1% 1%
*114 13
4
Last Sale .75 July’21
65
6534
*65
68
*80
82
*80*2 81
19%
19U 19i4 19
L uSl Sale 3% July’21
Last Sale 1% July’ 21
Last Sale 2% July’21
1% 1%
Vz
Vz
♦11.,
U2
1% 1%
*1% 1%
Vz
Vz
3
3%
*3% 3i2
*1% 1%
114
m
*47% 48
48
49
13% 133
4 13% 13%
Last Sale .50 Apr’21
Last Sale 40 July’21
Last Sale 85 July’21
4*
2
412 *4% 434
9% 9%
9*8 93
8
Last Sale .25 July’21
1%
13
8 1% *1%
22
22%
23
23
*23
25
25
25
36% 30%
8612 37
*31 ___
31
31
.95
.85 .85 *.85
1
J
.10
J
O
*.07 .10
334
*3
334 *3
1%
1
*4 JI4 *1%
1% 1%
13
8 112
.44 .44
*.4 7
.50
July’21
Last Sale 2
3% 3%
3*2 8%
JVu l U
1% J%
Last Sale 1% JuJy’ 2 1
Last Sale .40 July’21
1
1
10
JO *10
Last Sale .25 June’21

4 Ex-dlvldend and rights.

$

Assessment paid.

_____
90
100
85
370
310
639
33
450
100
211
135
225
104
60
275
_____
449
60
130
_____
1.220
435
875
670
50
95
715
_____
330
1,030
_____
400
260
95
85
47
50
50
100
100
200
520
2,100
265
730
98

* Ex-rlghts.

Many* Hue* Jan 1.
Lowest.

H ty fleet.

119 Apr 16 129% Feb 26
61 % Jan 1 1 0 0 %May J()
78 Jan 7 86 May 24
J5%June 20 26% Feb 8
.
20 June 22 30 Jan 4
110 June27 133 Jan 21
.26 Jan 29
.26 Jan 29
.76 Jan 29
.99Jan 28
3% Jan 19 334 Feb 16
130 Fob 26 130 Feb 26
63%Juno 16 73 Feb 4
36% Mar 19 43% Feb 3
13%Juno 18 23% Jan 12
60 Apr 11
75 Feb 23
59 Aug 3 76 Jan 27
68 Mar 31
75 Jan 19
15 Apr 23 21 Jan 12
70 May 24 76 Feb 9
40 Jan 3 43% Mar 3
49 Jan 8 53 May 6
04
2

Aug 5
Jan 21
8 % Jan 3
96% Jan 3
74 Jan 3
73 Feb 24
.07 Jan 6
12 Jan 21
15 Mar 29
.50June 21
4% Mar 18
.15 July 25
.25 Mar 9
9% July 27
3%Mav 4
13%June 9
16 Jan 10,
70 Jan 17
152 Jan 3
8 June 23
1178 July 14
5% Mar 8
22% July 28
19 July 6
36 June 20
80 May 3
3 May 25
17 July 1
23
4June 30
7%June 21
o il Jan 3
73 June 15
70% July 28
59% Jan 6
117%June 9
15 Mar 8
6%June 23
2% Apr22
95i2 Jan 3
7 July 26
20 July 18
146 Jan 3
80 Mar 8
12l2 AprU
17 Jan 29
5% July 11
88% July 11
47 June 10
12 July 12
x33%June 14
22% Apr 1
16% July 16
16% Jan 5
83 July 27
4
914 Aug 4
11 Apr 13
19 Apr 1
18 Apr 6
8 July 12
.40 Mar 29
43% Apr 6
.15 July 5
16 Apr 5
1 % Aug 1
67g Jan 3
8 Mar 8
.03 Jan 6
210 Apr 5
11% July 29
7 Jan 4
27 Jan 3
2%May 3
5% Mar 28
7% Jan a
13s Apr *
1% Mar 30
1 June 20
.25 Mar 18
48 Jan 3
76 Jan 6
16% Jan 3
2% Mar 14
1% Apr 1
2 Jan 4
1% Jan 26
1% Jan 22
.55 Apr 9
2% July 13
1% Aug 4
43% Jan 3
12%Mar31
.50 Apr26
40 Feb 4
80 Jan 4
4 July 14
8 Mar 23
.25 Mar 8
1% Feb 9
15% Jan 3
23 Mar 30
35% Jan 3
28 Jan 3
.76 Jan 3
1 Jan 22
.04 Mar 4
3 Mar 18
1 June 23
1 July 8
.40 Jan 3
17g July 19
3 Jan 3
96 Jan 4
.40May 4
.36 Jan 6
8%July 5
.25June23

Kano* for Previone
Year 1920.

Lowest.

| Hi (j keel.

119 Feb 134 Not
60 May, 68
Oct
74% I>eo] 89% No?
13% Deo 40 Hepi
26 Deo 49 Ool
124 Jan 143 Mar
lOo Deo 250 Oot
760 I >00
7 Mar
3 Nov
11
Mar
130 Jan 132 Jan
6 6 % Deo
86
Jan
32 Dec 76 Bept
16% Deo 37% Hepl
76 Deo 86
Jan
77 July 89 July
60 Deo 86 Apr
16 Jan 27% Oot
70 June 89% Nov
36 Deo 45% Jan
48 July 65% Jan

7% Mar
3o Deo
3 Jan 5
Feb
3% Nov
1
4% Apr30
Feb
13% Nov
6
15%May 2
80 Apr 100 % Bepl
109 Mar 30
70 Nov 167 Apr
90 May 7
70 Nov 83 Jan
81% July 9
19 Jan
lo Deo
16 Feb 9
Nov 38 Apr
10
13% Mar 8
14 Deo 35% Apr
20 Apr 29
Apr
10
3% Dec
4 Jan 8
12 % Apr
5 Dec
6% Jan 3
6O N v
0
«% Jan
95 Jan 10
7 Jan
490 Dec
1% Jan 10
Nov
14% Sepl
12
13% Jan 10
6 % Mar
3% Dec
4% Feb 11
Deo 36% Jan
21
23 ~ Jan 8
16% Dec 28% May
2334May 7
Apr
88
62 Aug
75 Apr 16
164 Jan 25 140 May 164 Nov
36% Jan
16% Dec
17 Jan 8
23% Apr 12
Deo 26 June
8
8 Jan 3
35% Jan 17
32% Deo 6 0 May
16 Apr 29% Oct
25% Apr 18
40 Dec 74% Jan
41% Feb 7
Jan
80 Deo 90
86 Mar 28
Jan
45
6 % Dec
13 Jan 8
Deo
80% Feb
24
32 Jan 7
4 Dec
8 % Apr
4% Mar 18
31% Apr
10% N ov
13 Jan 11
09% Apr 012% Sept
18 June 7
89% Dec 101% Jan
92% Feb 23
80 Nov
6 8 % Feb
85 Jan 8
63% Nov
57 June
64 May 9
122 Jan 26 118 N ov 138% Jan
Jan
53
Dec
15
35% Apr 25
12 July
7% Dec
9% Jan 13
8 % Sept
4% N ov
4% Feb 2
82% M ay 101 N o?
105 May 9
Deo
30*8 Jan
9
10% Jan 7
34% Mar
23% D ec
30% Apr 29
167% Feb 18 146% Deo 176% Jan
Jan
99
85 Dec
87 Feb 17
Jan
10
13 N ov
14 Ja$ 10
Jan
55
17% Dee
24 M ar 23
25% Apr
5 N ov
9%May 2
Jan
97% N ov 133
IO534 Jan 12
76 Mar
50 Deo
61 Feb 15
Apr
28
21 N ov
22 Jan 10
Jan
49
32% Deo
39% Jan 4
Feb
26
22% Sept
25 Jan 14
19 Mar
12 % Feb
19 Mar 3
Deo
23U Apr
15
22 May 18
44% Jan
14% Deo
17 Jan 5
Feb
26
Deo
14
17 Feb 18
39% June
19% Deo
22%A pr28
Jan
33
D ec
27
29% Apr 18
Jan
35
Deo
25
30 Jan 11
32 Sept
Deo
15
18% Jan 11
1% Feb
40o; Aug
75 Mar 3
Jan
77
40% Dec
56 Jan 19
20 o Dec
% Jan
.50 Apr 7
42
Jan
Dec
15
23% Feb 11
4% Apr
Aug
2
334 Jan 7
1534 Jan
5% Dec
10 Apr 28
10 % Apr
6% Mar
10%May 13
4 00 Jan
2o Oct
.08May 25
Jan
259 Jan 4 2 00 D ec 409
10% N ov
40% Jan
16% Jan 17
16% Jan
6% D ec
10 Jan 28
Dec
25
48% Jan
3634May 3
4% Mar
3% Deo
4% Jan 18
14% Jan
4% Deo
7% Jan 6
Jan
16
7% Deo
10% Jan o
5% Apr
50c Aug
3% Jan o
6% Mar
2 Deo
3% Jan 6
Jan
4
1 Aug
2% Jan 7
250 N ov
% Jan
.95 May 27
60 Sept
Feb
39
68%June 16
82 June
76 N ov
82 Aug 2
Jan
38
15 Dec
22 May 11
5 Mar
2% Doc
3%May 16
2% Jan
1% D ec
1% Apr 12.
4% Apr
1% Dec
3% Feb 16
1 % Deo
3% Jan
2% Feb 11
Jan
3
90o Dec
1% Feb 25
5% Jan
3% Jan 8
1% Dec
11 % Jan
3% Dec
5% Jan 8
7% Jan
1*4 Dec
3%May 5
40% Deo 72 Mar
55 May 5
Jan
24
12% N ov
16% Apr 25
7% Jan
35c Dec
.95 Jan 7
Oct
21 Mar 48
57 May 10
95 Sept
Feb
79
95 Mar 7
12 % Jan
7 Deo
8% Jan 20
21 % Apr
8 Deo
12% Feb 21
% Oct 80o Jan
.50 Jan 7
2 % Jan
1 Dec
1% Jan 6
16 Dec 37% Jan
25% July 11
58 Jan
2 0 % Deo
33 May 14
Jan
34% Deo 66
43 May 3
Jan
26% Dec 58
40 Apr 26
2 Jan
60c Deo
1%, Jan 28
2 % Apr
10c Mar
2 Jan 18
3o Dec 26c Jan
.12 Jan 8
6 Jan
2 % Deo
4 % Feb 11
6% Jan
1 Deo
2% Feb 17
4 Feb 16
33c Deo
134 Jan
.75 Jan 17
Oot
4
l X e Aug
3 Jan 5
934 Feb
42% Dec
5 Jan 12
338 Jan
20 Nov
2 7 a Jan 31
X
Deo
3% Jan
1
2% Feb 17
2 Jan
260 Sept
.80Mar 4
Jan
Deo1 23
8
14 Feb 21
1% Mar
160 Oot
48 Jan 13

x Ex-dlvldend. « Par value $10 per shore.

616

THE CHRONICLE

Outside Stock Exchanges
B o sto n B o n d R e c o r d .— Transactions in bonds at Boston
Stock Exchange July 30 to A u g. 5 , both inclusive:
Friday
Last Week's Rang
Sale.
o f P rit es
High
Price. Low.

Bua J }
l S Lib Loan 3 4$ 1932-47
2d Lib Loan L - 1927- t'J
1st Lib L'n 4 Us. 1932*47
2d Lib L'u4.Vf s 1927-12
3d Lib Loan 4 4 s _ . 1928
4Lh Lib L'u 4 4 a 1933-38
Victory 4 4 3
1922 23
Am Tel A Tel coll 4a__ 1929
Collateral trust 5a 1943
Convertible 6 s____ 1925
All C A W 1 8 8 1. 5s.. 1959
i
Balt A Ohio 8 W 3 4 d_1920
Carson Hill Gold 7a ._ 1923
Chic June A U 8 Y 5a . 1940
4a____________
.1940
General LU Trie 6 s
*
1940
K C M A birm 5a
1931
Miss Riv Power 5a
1951
N L Telephone 5a
1932
Pennsylvania 7s_____
Seneca Copper 8 3 ____ 1925
Swift A Co 1st 5s ._ 1941

Western Tel A To! 5 1932
-J

87.84
87 44
87 64
87 14
91 22
87-54
98 ki
80.4
85
47

6 14
102 1s
67 4

600
88 00
6,550
87.90 8,350
92 16 i ) 050
83.0 1 162,100
98.76 11,650
80 4
2 000
85
1,000
1 0 0 4 100 4
3,000
40,000
45 4 47
83
83
5,000
2 .0 0 0
97
97
77 4 77 4
1 ,0 0 0
10 H
•
64 4 6 44

102 4
67 4

102 4
67 4
101

77 4
g1

96
-j

83
82

78 4
8 44
96
83

82

Range sin ce J a n . 1 .

Week.
Shares.

88.04
87.44

101

77 4

Sales

1 ,0 00
L,000

31,800
9,000
2 ,0 0 0

4,000
l ,500
23.000

High

Lou).

85.84 June 92 90 Jan
85.44 Mar 87 64 Jan
85.62 Jan 88 64June
85.51 Jan 88 79 Jan
O') 1 i AUg
8 8 .1 0 Jan
85.31 Jan 83 51 Jan
95.78 Jan 98 76 Aug
75 4 Jan 80 4 Aug
85
AUg
81 H Feb
95 4 Feb 100 H Aug
Jan
45 4 Auy j 2
AUg
Aug 83
83
Jan 100
May
90
74
Apr 82
Jan
Apr
63 H May 66
LX
102 > Aug
100 % Mai
Feb 81
67
Mar74 % Jan 78 A May
May
79 4 Jan 86
104
Aug
Aug 104
94
Jan 101
Jan
Apr
80 4 Jan 87
July
July 84
78
a

C h ic a g o S to c k E x c h a n g e .— Record of transactions at
Chicago Stock Exchange July 30 to A u g. 5, both inclusive,
compiled from official sales lists:

Stocks —

Friday
Last Week's Rangt Jot
Sale.
Week.
0/ Prices.
Par. Price. Low.
High. Shares.

Amer Shipbuilding prel .100
56
Armour A Co pref____ -100
91
Armour Leather______ -.1 5
Preferred________
-100
Beaver Board______ __(*)
Booth Fisheries new. --(* )
Preferred_ ________ - L O 25
_
O
Briscoe common_____ --(* )
10 4
Case (J I)___________
44
Chi City A Con Ry pref-(*j
Chic Pneumatic Tool. .100
Commonwealth Edison 100 109
Continental M otors,. .,1 0
Cudahy Pack Co com. .100
Diamond M a tch .___ .100
Hart. Sc.iaffA Marx com 100
Preferred___________ 100
Holland-Amer Sugar.. ..1 0
Hupp Motor__________ ..1 0
Libby, McNeil & Libby. 10
9
Lindsay Light_______ __10 _ _ ____
Nat Carbon pref (new) -100
National Leather_____ __10
8
Orpheum Circuit Inc. ___1
People’s Gas Lt A Coke 100
53 4
Pick (Albert) A Co___ --(* )
23
Plgg Wigg Stores Inc “ A "<*)
1 44
Pub Serv of Nor 1 1 com 100
1
Preferred___________ ,100
Quaker Oats Co.
-100
Preferred___________ .100
Reo Motor_______ . __10
_
Sears-Roebuck com_ .100
Preferred____
_ 100
SerlD
Shaw W W com. _
444
Standard Gas A Electric. 50
Preferred................... --5 0
344
Stewart War Speed com 100
254
______ .100
Swift A Co.
974
Swift International_ ..1 5
_
244
Temtor Prod C A F “A ” (*)
_
Thompson. J R, com .. ..2 5
Union Carbide A Carb ..1 0
454
United Iron Works v t c.50
Wahl Co____________ -(*)
40
Ward, Montg A Co, pf .100
When issued. _ .
18
..2 0
Western Knitting Mills, (*)
1 1 y*
Wrlgley Jr common_ _ .25 _
_
99
Yellow Mfg Co_______ ..1 0

Bonds—
Chicago City Ry 5s___ 1927
644
34
Chi City A Con Rys 5s 1927
Chicago Railways 5s__ 1927
64 4
>*43, Series “ B” ______ 1927 ______
Co mmon w E dison 5s. _1943 ______
South Side Elev 4 4 s__ 1924

(*) No par value.

55
90
124
83
13
4
25
10 %
44
6
48
108 4
54
54
98
70
103
6
114
84
44
100
74
20
534
23
104
784
80
83
2-804
18
64
96
97 4
44
74
324
*24 4
944
234
63^
41
44
10
40
90
18
104
734
96
64
34
64 4
314
824
674

56
91
124
83
134
4
25
11
44
6
48
109
54
54
98
70
103
6
114
94
44
100
84
20
57 4
23
14 4
SO
81
83
*814
18
66 4
96
974
45
74
344
254
99
254
9
42
474
104
424
90
184
114
74
99

Ramge since Jan. 1.
Low .

233
Aug
55
84
Jan
1,310
98
12
July
J line
11
83
675
1 1 4 Mar
25
3 4 July
July
60
25
1,545
Jan
9
25
4 4 July
Feb
5
250
Aug
5
48
494 102
Jan
350
4 4 June
June
190
46
25
July
95
Jail
10
65
50 103
July
50
5 4 July
20
1 0 4 June
7,681
7 4 June
4
June
50
1 100
Aug
8,707
6 4 June
610
July
20
1,660
3 4 4 Jan
75
July
23
675
1031 Aug
68
Jan
109
132
Aug
80
100
Aug
83
June
105
73
June
100
17
945
6 2 4 July
11
Mar
95
3S2
Feb
93
551
Feb
38
100
7 4 Aug
390
32
July
2,304
2 1 4 June
3,742
8 8 4 July
Apr
3,453
22
1.10 0
6 4 Aug
1,185
Jan
27 4
12,430
4 0 4 June
135
July
8
185 * 3 6 4 June1
16
85
June
Feb
585
16
1,970
8 4 Jan
130 *73 4 July
74
Mar
177

6 4 4 826.000
34
8,000
2,000
644
32 4 20,000
7,000
824
2,000
674

Jan
60
34
July
6 1 4 Jan
Mar
28
7 S 4 Jan
Jan
61

High.
77
944
154
94
42
54
35
24
104
8
68
110
74
63
105
75
105
84
164
13
74
106
94
304
574
27
194
81
834
149
91
274
87
100
97 4
66
134
374
364
105 4
314
26
46
62
154
504
95
24 4
324
774
1134

Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Apr
Apr
Jan
Apr
Jan
Jan
XI ar
Jan
Jan
Jan

May
Jan
Jan
Apr
Jan
Apr
May
May
Apr
Apr

Mar
Jan
Jan
Mar
Feb
Feb
Aug
Jan
Jan
Feb
Jan
Jan
Jan
Jan

M ay
Jan
Mar
Feb
Feb
May
Jan
May
May

6 7 4 Apr
4 1 4 Apr
6 6 4 M ay
35
Apr
88
Jan
6 7 4 July

x Es-dividencl.

P itts b u r g h S to c k E x c h a n g e .— Record of transactions at
Pittsburgh Stock Exchange July 30 to A u g. 5 , both inclusive
compiled from official sales lists:

Stocks—

Sales
Fnaay
fo r
Last W eek's Range
Sale.
o f Prices.
W eek.
H jg h . Shares.
Par. Price. Low.

Am Vitrified Prod com _.50
Am Wind Glass Mach. .100
100
Preferred
11
Arkansas Nat Gas com ..10
IS
Barnsdall Corp Class B.25
Consolidated Ice pref. ..50
Guffey-Gfiles O il..(no par)
114
7
Indep Brew Jng pref
_ .50
Lone Star Gas______ . .25 _____
Mfrs Light A Heat__ _ _50 46
7
Nat Fireproofing com. ..50
Preferred
50
Ohio Fuel Oil____ __ ___1
25 44
Ohio Fuel Supply.
Oklahoma Natural Gas.25 23 4
Pittsburgh Brew com. ..50 _____
Pittsburgh Coal pref.. .100 _____
Pittsb A XIt Shasta Cop. _ 1 _ __ _
Pittsburgh Plate Glass .100
Transcont’al Oil__ (no par)
Union Natural Gas__ _100 1104
U S Steel Corp com
.100
89
West’house Air Brake. -.50
W ’house El A M fg com ..50 —
Bonds—
T
ndep Brewi ng 6s. . . - 1955

84
84
64
6S
75
76
84 11
18
IS
21
21
9 4 124
7
8
184 20 4
47
45
7
64
15
14
134 15
44
42
2 14 24
24
24
87
S7
22c 22c
116 116 4
74
74
109 1 1 0 4
75 4 764
86 4 8 94
42 4 44
63

63

Range since Jan. 1.
Low.

H igh.

30
Jan
12
8 4 July
330 49 4 June 115
Jan
25 714 June 85
Jan
7
Mar
Apr
21,620
19
Jan
100 174 July 35
100 204 Jan 2 84 May
5,605
6 4 June 29 4 Feb
540
S
July
3 4 Jan
659 16 4 June 26
Jan
225 42 June 53
Jan
105
6
Jan
9
Mar
360 12
Jan IS
Mar
360 114 July 19
Jan
530 40 June 50
Mar
975 19 June 304 Jan
100
2 June
4
Mar
50 84
Jan 88
Jan
1,000 20c J une 36c
Jan
110 113 June 120
July
150
7 4 Aug 10 4 Jan
35 1074 July 119
Mar
200 71
June 8 44 Feb
1,016 86 4 July 97 4 Jan
35 42
July 494 Mar
$10,000

41

Feb

65

July

[ V o l . 113

B a ltim ore S to c k E x c h a n g e .— Record of transactions at
Baltimore Stock Exchange, July 30 to A u g. 5, both in
clusive, compiled from official sales lists:

Stocks

Friday
Sales
Last IVeek's Range
fo r
Range sin ce Jan. 1.
Sale.
o f Prices.
Week. —------- —
Par. Price Low.
High. Shares .
Low.
H igh.

C lestlne Oil
1
Cent Teresa Sugar. . . 10
Preferred.
10
34
Commercial Credit
25
Preferred B__ . . .
.25
Consol Gas, I- L A P 100 82 4
( consolidation < oal
100 85
Cosden A Co pref
. 6
Davison Chemical- no par 36
Houston Oil pref tr ctfs. 100 69 4
1 Benesc h A Sons, no par
Preferred_____
.25
Manufacturers Finance
Preferred........ .........
M 1 V Y oodMills pf v t r 100
Y
Pennsyl Wat A Power. 100 84 4
Pittsburgh Oil pref
. 10
United Ry A Elec
..50
Wash B A Annap pref 50
Bonds—
Baltimore Brick 1st 5s 1943
Balt Traction 1st 5s. 1929
Consolidated Gas 5s 1939
General 4 4 s ..
1954
Consol G. E LA P 4 4 s ’35
5 per cent notes.
6 per cent notes . . .
7 per cent n o te s__
7 4 per cent notes..
Consol Coal refund 5s. 1950
Convertible 6s. __ 1923 ____
Cosden A Co conv s f ___
94
Elkhorn Coal Corp 6s. 1925
Fla Cent A Pen cons 5s 1943 ______
Extended 6s______ 1923 95
Pennsy Y A P 5s
V
1940
United Ry A E 4s___ 1949 64
Income 4s_
1949
Car trust 8s
Funding 5s_______ 1936 ______

.45
14
34
45
25
82 4
8 24
34
35 4
69
28
23 4
43
22
45
84 4
24

9
27
82
88 4
88
71
754
98 4
96 4
)
984
774
984
94
90
784
92 4
834
63 4
424
100
614

.45
14
34
45
25
83
85
34
36
70
28
23 4
15

22
46
85
24
9
27
82
88 4
88
71
76 4
99
96 4
98
99
774
964
94
90
78 4
95
64
43
100
62

200
25
200
17
42
69
55
410
90
280
19
38
10
100
409
180
10
760
60
$2,000
2,000
2,000
1,000
4,000
11,000
3,000
2,000
14,300
13,000
2,000
3,000
1.000
1 ,000
3,000
1.000
7,000
38,000
1.000
2.000

.36 July
1 4 July
2 % June
39
2 04 Feb
81
Jail
79
July
3 4 July
23
M ar
69
July
23
Jan
23
Jan
41
July
21
July
40 4 June
77 4 Jan
2 4 Aug
9 June
26
July

Jan
Jan
Jan

.95
4
7
4fi l .
25
92
88 4
44
43 4
83
29
23 4
44
22
6 24
88
3
124
30

July
Jan
Jan
Apr
M ay
Jan
Apr
Feb
Aug
Feb
Apr
Mar
Jan
XI ar

Jan 82
July 92 4
Apr 88
June 76
June 76 4
Jan 99
Jan 97 4
Jan 98
June 99
Jan 80
Jan 9 74
Jan 97 4
Jan 92 4
Aug 784
J uly 95
Jan 83 4
June 65 4
June 4 7 1 {
June 100 4
June 65

774
844
86
68 4
72 4
94 4
924
93 4
95 4
72
96 4
904
89
7 84
9 24
804'
61
42 4
99 4
60 4

Aug
Apr
July
Jan
Jan
July
July
July
Aug
May
Jan
May
Apr
Aug
Jan
Aug
Jan
Jan

M ar
Feb

P h ila d e lp h ia S to c k E x c h a n g e .— Record of transactions
at Philadelphia Stock Exchange, July 30 to A u g. 5 , both
inclusive, compiled from official sales lists:

Stocks—

Sales
Friday
fo r
Last W eek's Range
o f Prices.
Sale.
Week.
H igh. Shares.
Par. Price. Low.

28
American Gas. . . . 100 324
American Milling____ 10
64
64
American Rys pref___ 100 _____
20 4
American Stores.. no par
574
574
1st preferred.......... 100
934
Elec Storage Battery 100 1074 105
554
General Asphalt . _. 100
Germantown Pass
65
29
Insurance Co of N A __ 10
25
J G Brill Co
.. 100 __
Keystone Telephone
.50
74
7
Lake Superior Corp
100
74
62
Lehigh Navigation____ 50
634
Lehigh Valley_________ 50
5 24
5 24
25
Lit Brothers
__ ___ 10
Minehill A S H .
...5 0
44 4
66
Northern Central
.50
43
Penn Cent L A P pref. 100
69
Pennsyl Salt Mfg
.50
37
Pennsylvania__________50
3 74
Philadelphia Co (Pitts) .50 ______
3 04
31
Prof (cumulative 6% ).50
32 4
22
Phila Electric of Pa___ 25
22 4
Preferred. _ . . ____ 25
26 4
26 4
Phil Insulated Wire.wa par
504
504
Phil Rap Transit.
50 16 4
164
Philadelphia Traction..50 53
524
4
Phila A Western.. . . .50
Reading . . . . . . __ 50
694
1
Tono-Belmont Devel. .1
1 3-16
Tonopah Xlining
1
30
Union Traction_______ 50
304
33
United Gas Impt__ __50 33 4
__ 50 39 4
Preferred____
494
31
West Jersey A Sea Shore 50

324
64
20 4
574
944
1104
554
65
294
29
84
74
634
54
25
45
66
43
69
39
31
324
22 4
27
51
17
53
4
70X
1 Vs
14
31
344
49 4
32

Bonds—
87.94
U S Lib Loan 3 4 s . 1932-47
87.84
1st Lib Loan 44s_ 32- 47
87.48
2d Lib Loan 4 4 s . 27- 42
91.20
3d Lib Loan 44s__.1928
87.74
4th Lib Loan 4 4 s 33-38
98.74
Victory 4 4 s ___ 1922-23
Amer Gas A Elec 5s__ 2007
714
70
do do small'.___ 2007
Atch T & S Fe adjstpd. 40
724
Atlantic Refg 6 4 s ___ 1931
1014
Baldwin Locom 5s___ 1940
934
105
Bell Teleph of Pa 7s. _194-^ 105
514
El A Peoples tr ctfs 4s, 1945 55
Erie series B 4s__ ___ 1953
394
30
Inter-State Rys coll 4s. 1943
66
65 4
Keystone Tel 1st 5s__ 1935
35
Lake Superior Corp 5 s .. 24 37
Lehigh Val Consol 6S.1923
984
_ __ 98
Registered 6s_____ 1923
994
Collateral 6s______ 192S
994
Market St Ry 5s____ 1924
70 4
994
Pennsylvania RR 6 4 s . . 36 9 94
10-year 7s_______ 1930 _____ 1034
77 4
Phil Co cons A coll tr 5s 51
Phila Electric 1st 5s__1966 884
864
87
do do small__ .1966 ______
St Lou A S F inc 6s----584
United Rys Invest 5s.1926 66 4
96 4
Welsbach Co 5s. _ __ 1930 96 4
96
Welsbach small.
.1930' ............

88.00 $20,800
400
87.84
87.SO 42.450
91.88 21,800
88.12 87,450
98.94 69,900
8.000
72
1.000
71
2,000
724
1,000
1014
1.000
934
044 11.000
9,200
55
2,000
394
30
4,000
7.000
66
4,000
37
98 4
1,000
O
S
6.000
1.000
994
704 11.000
994 41.000
1.000
103 4
2.000
77 4
SS 12 58,000
87
500
584 20,000
2.000
66 4
5,000
96 4
96
1.000

Range since Jan. 1.
Low.

H ig h .

June 32 4
91 27
50
64
6 4 Aug
2 17
Jan 254
Jan 60
65 44
78 87
Jan 944
2,237 92
Jan 119
100 454 June 70
Aug 65
10 65
302 2 74 July 294
170 25
Aug 56
130
7
Apr
10
322
6 4 June 10
298 62
July 71
211 47 June 564
25 25
Aug 25 4
8 43
Apr 49
3 66
Jan 67
Jan 44
10 40
34 64 4 Jan 744
5,484 3 24 Apr 42
100 30 4 June 3 54
415 31
June 34
1,602 21
Apr 224
1,803 2 54 Apr 284
85 50 June 52M
1,188 154 Jan 194
152 51
Mar 57
4
4
May
50
21 624 June 88
410
1 June 1 11-16
1.600 1 1-16 July
14
740 294 Jan 33
1,212 30
Jan 38
2 494 Jan 50
190 27 June 374
86.76
86.47
S4.40
88.20
85.60
94.50
6-84
68
72 4
994
93
101
53
394
30
59
35
97
97
96
70 4
944
1004
77 4
82
81
587s
6511
91 4
93 s

July
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Aug
Feb
XIar
Jan
Jan
Aug
June
Jan
Aug
June
June
June
Aug
Apr
Apr
Aug
Jan
Jan
Aug
Aug
Jan
Feb

Aug
Aug
Mar
May
Aug
Apr
Jail
Aug
Jan
Jan
May
Jan
Feb
Jan
June
Mar
Jan
May
Mar
Jan
Jan
Jan
Feb
Feb
Jan
XIay
May
XIay
Jan
June
Mar
May
May
XIay
Feb

92.44 Jan
87.84 Aug
8S.30 Jan
92.00 July
88.58 Jan
98.94 Aug
74.4 May
74
Apr
724 Aug
1 0 1 4 Aug
93 4 Jan
Aug
105
564 Apr
394 Aug
Jan
30
66 4 May
48
Jan
9S4 Aug
Jan
98
9 94 Aug
704 Aug
100 4 Feb
105
Jan
S24 May
88 1■ Aug
>
Apr
s
i>8 4 Aug
Jan
70
9 / *2 June
96
Aug

N ew Y o r k C u rb M a r k e t.— Below is a record of the
transactions in the N ew Y ork Curb M arket from July 30 to
A ug. 5 , both inclusive, as compiled for the official lists.
Friday
for
Last Week's Range
Week.
o f P rices .
Sale .
High. Shares
Par. P rice . Low.

Week ending A u g. 5—

Stocks—

Industrial & Mlseell.
Acme C o a l.,.................. 1
Acme Packing . . -----10
Aluminum Mfrs com . (t)
Preferred.

1
14
184

90© 1 1-16
14
IK
IS
18 4
75
75

5.200
2,800
700
100

Range since Jan
Low.

4
14
15
70

Mar
July
June
June

X.

H igh.

2
54
23
s>

Apr
Feb
Jan

Stocks (Concluded) Par

Friday
Veck's Range
Lust 1
o f Prices.
Sale.
O
H igh.
Price. / j iv.

121i
<
Amalgam Leather, com. (t)
40 1
Automatic) Fuel H
-(f)
50c
Bethlehem Motors.. __ t
Bortlon Co common
100
ijrlsco Motor <Jorp com (1 >
12 1n
Brlt-Am Tob ord boar. £1
Ordinary
•Car Lighting & Row
.25 1 ;m c
Carlisle T iro-.
Celluloid Co preferred 100 102 M
Central Teresa Sag com 10
<Jhalmers Motor ctfs
Ohio & E Ills, new com. 100
L1%
Chic Nipple Mfg, Class A 10
Cities Service com____ 100 U S 1,
Common scrip
80
Preferred________ .100
Preferred scrip
Preferred B scrip ___
Cities Serv Bankers’ sh_(f)
13%
67c
Colombian Emerald Synd
C ’ mnwealtlil'lnance com(t)
48
Preferred.. __ - -.100
63
Conley Tin Foil -. (no par)
Continental Motors.
10
l )avles (William) Co (nopar)
Del Lack & West Coal .50 ..........
du Pont. (E. r .) de Nemour?
& Co d e b .. . . . 100
Durant Motors___ (no par)
28 %
Elgin Motors . . .
Emerson Phonograph. — 5
Empire Food Products, (t)
32 H
Farrell (Wm)&Son,com.(t)
Gillette Safety Razor. _(f)
Glen Alden Coal__(no par)
35%
Goldwyn Pictures (no par).
Goodyear T & R, com 100
13%
Preferred__ ________ 100
32
Grant Motor Car_______10
Griffith (D W) Inc____ (t)
Hall Switch & Sig pref _ 100
Hanes (P H) Knit corn.. 10
Havana Tobacco pref. _ 100
5%
Heyden Chem----- (no par)
2
Holbrook (H F) Inc(no par)
12
Intercontinental Rubb .100
7%
Lake Torpedo Boat _ _ .10
Libby McNeil & L ibby..10
9
Lincoln Motor class A . .50
Locomobile Co,com(no par)
60c
Mac And s& Forbes com 10C 88 %
Manhattan T r a n s it.__ 20
Mercer Motors----- (no Dar)
3
Morris (Philip) C o.,L td. 10
3%
New Mex & Arizona Land 1
National Leather com _ 10
Nor Amer Pulp & PaDer (t)
Packard Motor Car com 100
Peerless Truck & M otor. 50
Pennsylv Coal & Coke. .50
Perfection Tire & Rubb. 10 94c
Pressman Tire & Rub__ 10
Radio Corp of Amer _. (t)
1A
Preferred.. . ___
5
2
Republic Rubber. _ (no par)
40c
Reynolds (R J) Tob B __ 25
Rlordon Pulp & Pap com 100
c
Rockaway Rolling Mills (*)
Southern Coal & Iron___ 5
234
3tand ComT Tob Cl B_(t)
5834
Preferred____ __
.100
98
Standard Motor Constr.10
4)4
Sweets Co of America__ 10
2A
Swift International.. . 15
Tenn R y , L & P com__ 100
Preferred___ . _ .100
5
Tobacco Prod Exp. __(t)
Un Carbide & Carb(no par)
45
United Profit Sharing. _25c
134
Un Retail Stores Candy, (t)
5
U S Light & Heat com ..10
iA
Preferred____ ______10
IT S Ship Corp
10 20c
T S Steamship
J
10 34c
Van Raalte Co Inc corn (f)
Wayne C oal.. ------------- 5
134
West End Chemical____ 1
65c
WillysCorp, com .(no par)
First preferred____ 100
im
Rights
Texon Oil & Land.. ____

017

THE CHRONICLE

A ug. 6 1921.

lc

Former Standard Oil
Subsidiaries
__ £1
Anglo-Amer OIL
15%
Buckeye Pine Line____ 50
Galena-Signal OH com. 100
Illinois Pipe Line..
100
................ . .25 256
Ohio Oil
Prairie Oil & Gas______100
Prairie Pipe Line______100 188
Southern Pipe Line___ 100
Standard OH (Ind) . 25 7034
Standard Oil of N Y .-.10C 31534
Other Oil Stocks
Allen OH. ........................I
26c
Allied Oil _____________ i
4c
New____ ____________1
C
38c
American Fuel Oil..............
Anglo Texas Oil
_ ___
Arkansas Nat Gas. com. 1
C 1034
Atlantic Lobos Oil____ (t)
1234
. . J
Boone OH__ __
20c
Boston-Wyomlng Oil. ___]
72c
Garib Syndicate____ _____
43s
(yonsolldat od Iloyal ties
Cosdon & Co old com___
Ppreferred ________ J
3^
Creole Syndicate.
Gushing Petrol Corp____ j
Denny Oil
12C
Dominion Ofl
n)
Edmonds Oil < Refining.
fe
Elk Basin p e tro l..
5
____
Empire Ky Oil
26c
Engineers Petrol C o ..
48c
Fay Petroleum..................
2c
____ 5
Federal Oil
V/
Fensland OH (no par) _
Gilliland Oil, com _
ft >
11
Glen rock OH
1 ) 87c
Grenada Ol JCorp c i a ii >
Giiffey-Clllesple OH
ff
11
Gulf Oil Co
Hart Oil ( Jorp class A
4c
'Harvey Crude Oil.
Hudson Oil
J 15c
imperial oil fOel)
25

Rales
fo r
Shares.

Range since Jan. 1.
Low .

H ig h .

\)\
13J4
40
40 1
$
50c
75c
95
95
10
10
11% 12J4
11 U 12
1 1-16 1 L
,
4%
5!4
102 102'.j
134
LL
1
134
141H H %
4
4
118
120
80
80
4434 46
60
70
52
52
1334 14
67c
75c
47 34 48
62
6334
14 34 1434
534
534
22
22
75
75

7
Apr
16’}:( May
4,050
June 68
Jan
200 38
50 o Aug
3,000
2A
Apr
96' . July
Jan
10 85
24
Mar
10
Aug
too
3,000
11 % Mar
M
Jan
IS
Fob
11)j Mar
1,000
75e July
3%
Feb
5,100
6
July
1,01.2
2!k July
65 98)4 June 103A May
11i July
2
July
400
2
Jan
yh jh.ii
1,50
12 % June
2,600
1 1 A May
3
July
7 A Jan
LO
O
l 101
July 255
Fob
80
Aug
Aug
165 8 0
June 7 1
Feb
730 35
60
July
70
Aug
601
Aug
62
Aug
350 52
31 A Apr
1 1 A July
5,150
4 A Jan
64c July
4,300
July
16
Apr 43
273
74
May
44
Feb
325
June
Id A
Jan
100 11
8
Jan
4J4 June
1,550
36
Feb
Aug
40 22
July 8 6 A May
10 75

65
65
28
2834
434
434
50c
50c
2534 3234
13
13
13934 14034
34
35 J4
4
.
434
1234 14
30 34 32
234
2%
10
10
6
6 34
1134 1134
534
554
134
234
1134 12
734
8
50c
57c
834
034
15
15
50c 65c
8834 8834
6c
6c
234
3
334 434
134
134
734 8 34
334
334
6 34 6 34
29
3034
33
33
90c 1 3-16
80c 90c
134
134
134 2
36c
45c
3434 36
434 4 34
334
334
1%
234
5834 5934
9734 98
4J4 434
234
3
2534 2534
1
134
534 6 34
5
6
4434 4634
134 1 5-16
5
634
1 7-16 134
134
124
16c
23c
32c
36C
3024 3034
134
124
65c
75c
48c
50c
1434 15

July
2 65
13
Jan
1,500
4
July
30C
50c J une
300
1% Apr
2,650
J unc
30C 11
Jan
440 130
July
9.580 33
3 A June
200
4
June
1,515
21
June
225
1% July
200
9
July
50
6
Feb
200
11% Aug
200
3
July
300
1 A Mar
3,300
11H Aug
1,920
7% June
1,200
800 50c July
7 A June
500
15
Aug
20
A June
1,600
205 88 A Aug
6c Aug
400
2
July
2,400
2 A June
500
1 June
100
6 % July
800
2
A pi
620
6% Aug
100
19
Jan
425
100 32 a July
A Apr
29,700
200 80c Aug
1% Apr
1,700
1 A Apr
1,700
3,100 30c June
Jan
600 31
4 A Aug
10
3 A Aug
1.000
1
July
3 ,10C
1,400 4 1 A Apr
June
300 97
4
July
100
2
Jan
22,350
Apr
200 23
300 75c July
4
June
1.10C
5 June
1,100
500 40
June
6,500
1 A Mar
5
Aug
6,050
2,400 l 1-16 July
Jan
800
99,000
A May
A June
42,800
100 30 % Aug
1
July
2,200
% June
3.200
40c July
2.200
13 ^ June
300

lc

1534
80
32 34
151
246
432
188
80
6734
31534
26c
4c
33c
25c
73c
9
12 34
15c
66c
434
95c
534
3 34
3 34
16c
10c
734
134
524
20C
4.0c
2c
134
8
134
86c

3c

1534 .
80
33
152
260
433
18934
80
7534
322
26c
5c
39c
25c
74c
10 a
13
25c
83c
4L
95c

33*
33
*
19c
15c
73
1V
6 3/
27c
50c
2c
J 5-1 3
8
J*i
95c
33'6
934 123/£
lc
2c
1%
V/i
4c
4c
15c 21c
8
JO

Sales
Friday
for
liUnl
Week's Range
Of P rices.
Week
Other Oil Stocks
Sale.
j
High Shares
(Concluded)
Par. P r ic e. rQXD.

lmpoi'lal oil (<huiftdii)
Inter Petrol
(no par)
Koyst Ranger Dev G o.- 1
Livingston Oil Gorp
i
Livingston Petroleum
Lyons Petroleum
Maracaibo <H Expl
I
- (t)
Margay oil <Jorp (no par)
Marland Refining
.5
Gurllflcates.. . . ___
Meridian Petrol
Merritt Oil Corp.
— 10
M ex lean Pa mco Oil
10
Mexico Oil <)orp
10
Midwest oil common.
Mountain Prod
National Oil of N J -------10
Preferred____________ 10
Noble Oil Sc Gas___ _ .. .1
i’referred
North American Oil. ----- 5
Northwest Oil.....................
Ohio Ranger.____ ___ 1
Okmulgee Prod & Ref. .5
Omar OH & Gas.
___ 10
Pcnnock O H ._____ __ 10
Producers & Refiners. 10
Preferred
- .........- Red Rock Oil & Gas
1
Ryan Consol____________
Salt Creek Producers new
Old stock___
25
Sapulpa Refining------------5
Sequoyah Oil & Refining. 1
Simms Petroleum, (no par)
Southwest Oil___
Skelly Oil.... ............. ---10
Texas Ranger----------------- 5
Texon Oil & Land_______1
Vacuum Oil & Gas Ltd__ 1
Western States Oil & Gas.
Wilcox Oil & Gas. _ ____
Woodburn Oil Corp----- (t)
“ Y ” Oil & Gas__________ 1
Zapata P & R_ ---------------

11 1
60c
i%
IA
20 A
•
>
VA
7A

*82c"
8A
17c

9c
4c
1 3-16
—
3A

—
Mar
— —
July
16 A
4l
A July
—
50c June
3
32 A Aug
—
21
Jan
67
A
147
Apr
50
May
37
A
6
Jan
— —
2b % * an
1
58 c
54
Jan
—
2% July
—
11
June
2
6A Aug
90c
15 A Jan
25c
8
Jan
50c
3 A Feb
12
Aug
Mining Stocks
14 A Fob
36c
2 A June Alaska-Brit Col Metals__ 1
13
Jan Amer Tin & Tungsten----- 1
58c
20
Mar Arizona Patagonia Min __1
4
Jan Belcher Divide________10c
Belcher Extension
__10c
88 A Aug
24c
Ce Aug Big Ledge Copper Co___ 5
45c
6
Jan Boston & Ely----- ------------69c
Boston & Montana D ev. .5
6
Jan
__ 1
1 A Aug Caledonia Mining
10
Jan Calumet & Jerome Cop — 1 15c
30c
5A
Jan Canada Copper Co______5
32o
12
Apr Candalaria Silver________1
5c
30 A Aug Cash Boy Consol______ .1
Comstock Tunnel_______ 2
3 5 A June
1A
2 A Feb Coniagas M in e s __ _____
1
90c Aug Consol Copper Mines___ 1
2 A Mar Corp Mines of Anier
80c
. __1
2 % Jan Cortez S ilv e r .__
1A
1% Jan Cresson Con Gold M & M .1
39
Jan Crystal Copper Mines__ 1 —
. . .
1
4 A Aug* Darwin Silver
32c
8
Jan D1 ride Extension________1
10
Apr Dolores Esperanza.. _ .5
60
June El Salvador Silver Mines. 1 23c
99
Mar Eureka Croesus____ ._ 1 45c
_
1
9 A Jan Eureka Holly
Goldfield Consolidated. _ 10
3 A May
42c
28 A May Goldfield Florence. . .
IH
Apr Gold Zone Divide_______1 _____
11c
Harmill Divide__ ____ 10c
7 A May
_25e 4 3-16
9
Jan Hecla Mining ___
Hennessy Divide— See N ote below
60
Jan
Hollinger G M n e w _____
1 A Jan
2A
9
Jan Howe Sound Co_________ 1
Hull Copper _ _
___.
1 7 Mar
A
1 13-16 July Jerome Verde Copper__ 1 _____
1
1 A Jan Jim Butler.
.1
1 A Jan Jumbo Extension . . .
3A
30 % Aug Kerr Lake. _ _________ 5
11 c
2% Jan Knox Divide. . _. __10c
1 13-16 May La Ro3e Cons Mines____ 5
1
3
Jan Lone Star
5c
25 A
Jan MacNamara Crescent___ 1
15c
MacNamara Mining____ 1
Magma Copper
^ 5
lc
Aug
5c July Mason Valley Mines_____5
4,250
McKinley-Darragb-Sav ..1
M o th e r lo d e ..___ _____ 1 " _5^ic
Motherlode. _ ___________
3K
2,10C 14 A June
22
May
Murray Mogridge M L td .l _____
64c
June
National Tin Corp___ 50c
3C 71
89
July
28c
8c
31
July
51
Jan Nevada Ophir__________ 1
June 183
2C 140
May
New Cornelia
June 320
12C 233
Apr New Dominion C o p p e r __
June 515
2f 395
May New Jersey Z i n c . . __ 100 116 M
55 160
Mar Nipissing Mines_________ 5
June 202
4A
June 103
Mar Peruvian Copper
4C 79
Portland C M of Del_____
60 A June
77
May
11.00C
30c
121 296 June 385
Apr Ray Hercules_
_
______ 5
Red Hills Florence__ _____
Red Warrior. _ _
____
10c
26c Aug
8c
60C
1% Feb Rex Consolidated Min. ..1
13,045
3c July
20c
Jan Silver Dale
2,25(
4c J uly 1 7-16 June Silver Hills.
1 12c
60C 25c Aug
37c July
Sliver Mines of America 1 1 7 H
72c July
40(
71c Aug
Silver Pick Consol
1
13c
6 ,10(
7 A Mai
18% Apr South Amer Gold & P_ If . ___
1,10() 1 1 A June
25 A
Apr Standard Silver-Lead _ 1 __ _
1
3c
34,70( ) 15c July
2% Jan Stewart Mining
96,70( ) 44c July
1 A Mar Success Mining_____
.1
3% July
9,20( J
1A
10 M Jan Tonopah Belmont Dev__
05c Aug Tonopah Divide__ . __l
80c
50( ) 95c Am
5% Ap r
6
July Tonopah Extension " __
10()
50()
3 A J un
4 A July T on op ah M id w ay.
2
Ma
1 5 ii
4 % Apr Tonopah Mining________
50 )
10c Jun •
5,50 )
40c
A
Jan Tuolumne Copper _
4,20 )
8c July
1A Jan United Eastern Mining. . 2 3-1
7 jun
10
./ an United Verde Extension 50(
23
33 )
20 )
1
July
1 A July Unity Gold M ines......... _f
5H
7,74 )
70c
5% July
10
Apr
West End Consol’d ____ f
3,90 ) 25c Julyi 27c July
24c
Western Utah Copper
7,60 ) 35c July 1 11-16 Apr
White Caps Mining. _ 10c
5c
lc July
3c
4,00 )
81
Mar Wilbert Mining.1% Jun
3,40
2 A Jan
Yukon Gold C o................
20 >
7 A Jun
15
Jan
H a n d s—
Jan
90 )
1 A Ami, 24
11,80 0 55c JuL>
45
2A
Jan Allied Pack conv deb 6s ’3i
2 A Jun
41 A
50 J
Certificates of deposit
9 A May
3,80 0
98A
5 A Jun
30
Feb Aluminum Mfrs 7 __ 192.r
5,50 f)
2c July Amer Tel & Tel 6s
lc Jul
I92f
< 98 y,
80 )
1% July
00 r
192
97E
1 A Jul /
100S
3c Jul /
10c Mar Amer Tobacco 7s
2,00 0
192 '
23,00 > 15c A u 4 11 16 May Anaconda Coo Min 7s ’2
93 A
1
2.40 0
7 Jun e 14
Feb
6 % notes Serle i A 1921 .
75
29 A

81 A
10 %
00c
25c
1L
96c
20
•
»
iA

VA

1lc
7%

75c
75c

2A
/%

86c
3%

17c
45c
I1
i
25c
9c
ij
VA
3H
2 ‘A
5 At

85
iiA
5030 •
1A
1A
21 7
A
V
TU
17
A
||c
HA

76c
90c
2%
8 Ai
85c
3H

18c
45c
1V
\
25c
9c
4c
%A

3M
3A

5M
25c
35c
5H
5 Yi
10 Ah 11
25 A

3
10c

6A

4c
3h
4c
55c
5c
28c
2
90c
22c
50c

35c
7c
57c
2c
2c
22c
45c
64c
8c
15c
30c
30c
5c
8c
1H
1
25c
77c
1M

35c
1A
32c
2A

20c
39c
80c
6c
39c
10c
10c
4l
A

25 A
3A

13c
7

4c
4
6C
65c
5c
32c
2
90c
35c
75c

Ramgi since Jan. 1.
Low.

H igh.

364 8 2
July
86
July
20,300
( % July
J
17 >4 Jan
1,500
% A |l
> 1 3 16 Apr
2,200
20c July
•5c M ay
1
12,600
1A A ii^
3 % Jan
2,200
80c June
l A July
3,400
10 A
Jan
32 A M u r
too
2
M ar
4 Vh A pr
40
1A July
3 At J'an
1l . All20(
Aug
6,1.00
UC Jul \ 16c July
2,600
7
June
13 A Feb
700
75c Aug
86 A Jan
/•>,!)1
>
)0
As Jura
2
Feb
1,g0(
2
July
2 Vi .June
3,00(
7 A June
12 A A pr
100 75c July
88c June
too
2 A July
3 A Aug
24,235
15c July 13 16 Jan
1.000
45c July
45c July
500
1 'A Jan
3A
/an
2,300
13c July
25 c July
4,500
7c July
Vx Apr
1,500
2c July
6c June
2,200
l A July
2% Jan
500 ■ 3 A June
6 % Jan
5,100
2 % July
5 A -Ian
400
5 Vi July
5 A Aug
8.900
A
A pr
1a Feb
200
4 A June
14 Vi Jan
2,500
14% May
9 A Feb
200 23
Mar 30 X Mar
A
i ,30C
2 7 June
A
5 A -/an
5,000
10c July
30c July
7 ,10C
5 % June
12% May
1,000
lc July
4c July
5,800
3
June
9% Feb
4,200
3c July
% Mar
51,700. 553 Aug
1
Mar
1,000
2c J uly
5c Aug
57,200
21c June
35c July
1.100
1 A June
5
Feb
400
76c July
2
Jan
9,400
A
Feb
% Apr
300
50 c Aug
A June

37c
8c
59c
2c
2c
27c
49c
77c
9c
17c
35c
34c
6c
8c

11,700
A
Jan
1,900
3c July
23,300
43c May
500
lc July
2,700
lc June
30,000
13c July
2,000
45 c July
376,600
37c
Jan
2,200
8c June
3,500
12c July
5,100
16c July
3,100
12c
Jan
8,000 3H c
Jan
500
8c July
200
1 A July
6,200
1A
1
Aug
25c.
100 25c July
80c 25,100 62c
JaD
2,450 15-16 Mar
17
A
35c 2,000
35c Auf
30C
1A
1A Aug
35c 48,000
18c June
100
2 >4
IVs May
27c 41,900
8c June
50c 240,800
24c June
90c 10,400 80c Aug
8c 7,620
5c Apr
43c 75,600
20c June
12c 15,000
9c July
12c 23,500
7c May
3,675
4%
3A
Jan

% June
7-32 May
60c July
5% c Jan
6c
Jan
7-16 Jan
50c July
77c July
17c
Jan
7-16 June
35c Aug
55c May
9c
Jan
10c June
1 A July
2% Jan
76c July
80c July
2
Apr
35c Aug
2
Feb
65c Mar
2% May
9-16 Jan
2
Mar
2
Jan
11c Feb
46c
Feb
26c
Feb
34c Feb
4% Feb

100
1,300
2,500
1,000
3,300
15,100
1,500
57,050
100
5,000
3,500
18,900
600
1,000
2,200
600
5,360
300
62,500
8,000
100
100
61C
3,09C
30(
25C
6.50C
8,50(
1,20(
18.60C
5.00C
4 ,10C
30.40C
10,00C
871
1.90C
6.00C
1,00C
1.00C
21,60(
1,75(
50(
30C
3.50C
11,80C
40C
70(
14,20(
3,90(
1,00C
7.50C
1,30C

57
A
17
A
30 c
10c
7c
4c
2

July
May
June
June
Mar
Jan
July
7V2c
Jan
A
l
Api
2c June
4c June
13c Mar
17
Mar
1 June
11c July
4^c
Api
3 A June
46c June
7-16 Mar
16c June
13 A July
1 A Aug
110
July
4
July
17c Aug
1 May
15c July
K cM aj
. 7c July
4c
Jan
3c July
12c July
36c Feb
3c Apr
' 3 A Fet
12c June
3c June
lc July
98c July
62c July
1 1-16 May
9c July
1 A Api
40c Aug
2 June
22
Aug
4 A July
A June
15
Fet
3 LcMay
lc July
A
A pt

July
Feb
Aug
July
Feb
Feb
Mar
Mar
A Feb
8c
Feb
20c Feb
31c May
25% Feb
1 A May
30c
Jan
5% c July
3% July
61c
Feb
1 9-16 May
34c July
14% July
1% July
158
Jan
8% Jan
28c July
1% June
A
Feb
4% Feb
20c July
14c Apr
14c July
56c Apr
1% July
16c July
6 A Jan
3-16 Jan
10c July
46
Mar
1% Jan
1 7-16 Apr
1% July
14c
Jan
1 11-16 Mar
%May
3
Mar
24
July
7 % Jan
1 3-16 May
40
Mar
10c
Jan
4% c May
1% May

$
43
46 A 859,00C
8,00(
40
45
97 A 98 A 31,000
98 A 98 7 31,600
A
97 A 97 A 36,00(
34,()()(
100
101
93 H 93 A 72,000
88 A 88 A 22,00(

38
May
40
Aug
96
Mar
94
Jan
92% Jan
99 A Mui
91
Jai
83
Jai

60
4.1
98 A
99%
97 %
101
94%
89%

6H
2A

31c
18c
7c
4c

3A

9c
18c
3c
5c
15c
17 A
1A
14c

6A
2%
35c
18c
8c
4c
3H

11c
18c
3c
6c
17c
17 H
1H
15c

5A c 5Ac
3A
4

49c
58c
25c
14
1A

49c
68c
29c
14
1A
115 A 117
4A
47
A
17c
17c
1
1
28c
30c
lc
2c
10c12c
8c
9c
3c
3c
12c
12c
1A
1A
11c
16c
4A
4A
12c
12c
3c
4c
2c
2c
1 1-16 V A
75c
81c
1 A 1 7-lf
12c
12c
1 5-16 1 5-1C
40c
51c
2 3-16 2 7-U
22
23
5
5 /n
l
70c
75c
24c
25c
6c
5c
lc
3(
90c 1 1-lf

6%
3A
35c
25c
19c
12c
3A
24c

Jan
July
Aug
July
Aug
Aug
July
Jan

THE CHRONICLE

018
F rid a y
L a ai
W eek ‘s Hanot
o f P ricea .
3a l e .
P rice
Low.
H iyh

bou ja (C o n c l u d e d )

H u n y t s i n ce J a n .

S a lt a
for
W tek.

97%

93 4g
90
65
99
95
92
99%

94
59
10048
98 %
92
99 %
98 %

984s
98 %
98
90
9144
99
83
92%

94
9444
94 H
97%

67
87 %
81

91 4a
99
96
91
93 %
47
95
9944
99 44
97%
97%

94%
91%

97
94 44
92
97
10044
100
10044

100>i
10044

10044
10144
99

89%

9344
97%

9544

9844

100
104
91

99 44
97%

June
June
July
May
Feb
J une
June
July
June
June
J une
Jan
Mar
June
Mar
Mar
Mar
June
J une
July
j une
Jan
June
Mar
Jan
June
June
Jan
Jan
jan
June
Mar
Jan
Feb
Aug
Apr
Jan
June
June
Mar
Jan
Mar
Mar
June
May
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
June
June
Aug
Jan
Jan
June
Aug
June
June
Jan

101 % Jan
98 44 Jan
i ■b
98
99 44 Feb
Aug
100
99 % Aug
9 9 % May
102
Jan
9 8 44 July
Mar
70
105
July
June
101
102
July
101 % Aug
July
101
10144 Aug
10244 July
100
June
9844 Mar
97
July
10244 Apr
93 44 May
Aug
97%
98 44 Feb
9 9 % July
98
July
1 0 1 % July
83
June
94 44 Jan
94
Jan
9 5 % May
Aug
101
99%
Jan
97
May
9644 Jan
70
Jan
98 % Aug
100 44 Aug
10044 July
99 % Aug
100 44 July
Aug
99
98
May
10244 Jan
97 % Aug
Aug
98%
1004a Aug
102 44 Jan
1024s Aug
103
July
July
103
10344 Aug
104 % Aug
1 0 4 % July
Aug
99
95 44 Apr
Jan
98
Aug
97%
July
99%
Feb
99%
10044 June
10644 Aug
10144 July
10144 July
10044 July

Aug
Aug
Aug
Jan
Aug
Mar
Mar
Jan
Aug
Aug

Jan
Aug
Jan
17%
Mar
21
Aug
20
21
Aug
Aug
20
Aug
ss
3
Feb
244 May

Foreign Government
and Municipalities.
§ Berlin 4s__
_ ________
_
^German Govt 3s__ _ _
§ Hamburg 4s_______ _____
Russian Govt 544s_ 1921
_
544 s c t f s ________
6 44s. _____________ 1919
6 44% certificates_______
Switzerland Govt 5 44s. 1929
Vienna 4s. ____
5 s _________ ___________

10 %
11 %

16%

88

(70S.000
{74,000
1144 1 1 % 10,000
15
21
52,000
17
29,000
20
154* 21
60,000
15
20
11,000
87%
42,000
88
144
1 44 25 000
144
144 25,000
1044

11%

8

8

10%

8
11%

12
17
1244
1244
7944
144
144

1644
8

♦Odd lots, t No par value, i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found, o New stock,
r Unlisted, w When Issued, x Ex dividend, y Ex rights, z Ex dtock dividend.
t

Dollars per 1,000 lire, flat. $ Dollars per 1,000 marks, g Marks, k Correction.
N o t e . — Henne.csy Divide, 500 shares reported sold last week at 13 should have been
Harmiel Divide.-

New York City Banns and Trust Companies.
_____ __________ All prices dollars
Hanks— N Y B i d
A sk
Banks
America*____ 168
175 Irving Nat of
Amer Exch__ 228 234
N Y ..........
____ Manhattan *.
Atlantic_____ 215
Battery Park. 150 160 Mech A Met.
Bowery*____ 425 450 Mutual*
Broadway Cen 120
Nat American
Bronx Bor ♦. 105
125 Nat City___
160 New Neth*__
Bronx Nat__ 150
Bryant Park* 145
155 New York Co
Butch & Drov 135
145 iNew York__
190 Pacific*_____
Cent Mercan. 175
Chase_______ 300 310 Park________
Chat A Phen. 23J 2-15 Public______
100 Republic*___
Chelsea Exch* 75
450 'Seaboard____
Chemical____ 440
Coal A Iron.. 220 230 Second...........
Colonial*____ 350
- . _ - State*______
165 Tradesmen’s *
Columbia*__ 150
Commerce___ 214 218 23d W ard*...
CommonUnion Exch..
wealth*___ 215 225 United States*
Continental. . 120 130 Wash H’ts*__
Corn Exch*.. 310 320 Yorkville*___
Cosmop’tan*. 75 105
East River__ 170
....
B rooklyn
Fifth Avenue* 900 925 Coney Island*
Fifth........ ...
150
165 First. _
F ir s t .......... . 830 860 Greenpoint__
G arfield____ 215 225 Homestead
Gotham_____ 195 205 Mechanics’ *..
Greenwich* . . 240 255 Montauk*___
Hanover____ 775 790 Nassau_
_
Harriman___ 350 360 North Side*..
Imp A Trad.. 490 500 People’s _____
165
Industrial*__ 155
• Banks marked with (♦) are State banks,

per share.
B id

174
187
285
510
140
308
140
130
400
300
356
230
230
460
215
200
190
167
160
325
420
145
215
175
80
85
125
220
195
160
t

___
Trust C o.’s

A sk

B id

A sk

N ew York

178
191
290
525
150
315
150
140
415

American___
Bankers Trust
Central Union
Gnlumhl^
Commercial _.
Empire_____
Equitable TY_
Farm L A Tr.
Fidelity Inter
Fulton______
362" Guaranty Tr
240 Hudson_____
Law Tit A Tr
245 Lincoln Trust
480 Mercantile Tr
230 MetropolitanMutual (West
____ Chester__
174 N Y Life Ins
175
A Trust__
350 N Y T ru st...
Title Gu A Tr
U S Mtg A Tr
United States
155
230
B rooklyn
185 Brooklyn Tr.
100 Kings County
95 Manufacturer
People’s ._ __

295

300

328
275

335
280
135
310
260
355
206
250
241

300
255
347
198
235
236
150
105
150
285
235

115
160
305
245

105

125

550
295
295

565
305
305
275
875

1265
850
425

650
200
275

450
670
210
300

205
160

New stock,

x

Ex-dividend. i/Ex-rlghts.

New York City Realty and Surety Companies.
All prices dollars per share.
B id
67

Alllan R ’lty ..
Amer Surety. 63
Bond A M G_ 195
City Investing 50
70
Preferred

A sk

B id

Ask

Lawyers Mtge 115
66 Mtge Bond..
75
205 Nat Surety.. 174
65 N Y Title A
SO
Mortgage.. 1 1 2

12 0

77

84
180
116

B id

Realty Assoc
(Brooklyn). 93
U 8 Casualty. 11
5
U S Titl Guar 70
West & Bronx
Title A M G 145

Quotations for Sundry Securities.
All b o n d prices are *'an<l I n t e r e s t " e x c e p t a here marked M . "
l

tlijh .

Low.

Apglo--Amer Oil 7 44s. 1925 100 % 100 *.i 100 % $58,000
96 % 9 7 % 7 l ,000
ArmourA Cu 7% nuies-'Jo
97 %
95
Barnsdall Corp 8s
1931
94
95
11,000
BcuVcf board < os 8s 1933
79
80 1i 15,000
80
Beth Steel 7% notes 1922 100
99 % 100
11,000
7% notes
1923
99 V
*
9 8 '% 90 4s 104,000
Equipment 7s 1935
95 %
94 U 95 % 47,500
Canadian Nat liya 7a - 1936 101
100 % 101 % 52,000
Canadian Pacific 6a
1924
97 % 984s 12,000
Chic A East 1 1 5s_ - 1951
1
60 1
Q 60
60 4 * 40,000
Chic Union Slat 6 % d 1963 104
103 % 105
77,000
Cons Gas of N Y 8s
1921 100 4* 10044 1O 1i 55 000
O
Cons Textile cleb 7s 1923 101 , u 101 % 102
‘
15,000
Copper Exp Ass 8 s. _ 1922
101
101 % 53,000
8% notes. . . l*'cb 15 1923 i 00 H 1004s 100 % 30,000
8%* notes
Feb 15 1924
101 % 1 0 1 %
11,090
8% noted--Feb. 15 1925 102 % 10144 102 % 42,000
i udahy Pack 7a
1923
3,000
99 % 99 L
i
Deere A Co 7 4aa___ 1931
92
93 Li
2,000
Galena Signal Oil 7a
1930
41,000
93 44 94
General Asphalt 8a .1930
! 9 9 % 1001 * 11,000
Goodrich (B F) Co7a 1925
91%
90
91 % 1 73,000
Grand Trunk Ry 6 4ia. 1936
67,000
97 %
96
97%
Gulf OH Corp 7a ___ 1933
98
93,000
97 H
97%
ticlnx (il J) Co 7a- . _ 1930
99 44 99 % 13,000
99 4
4
Humble OIJ A Ref 7d 1923
97%
98
160,000
9744
Illinois Cent 6 Ha w 1. . 193t, 101 | 101
101 % 155,000
Interboro R T 7a_____ 1921
79
80 44 306,000
7944
Kennecott Copper 7a 1930
93
93 44 32,000
Laclede Gas Lt 7s
90
91
9,000
Libby McNeil A Libby 7s '31
95 %
94 M 95 % 112,000
Ligg A Myers Tob 6s 1921 101
99 % 101
14,000
M orris A Co 7 44s .
1930
98 44 994a 41,000
Nat Cloak A Suit 8a_ -1930
92
93
13,000
National Leather 8a . 1925
i
93 44 94 L 12,000
N Y N H 4 Hartf 4a 1922
57
58
58
96,000
Ohio Cities Gaa 7a 1922
27,000
98
98 44
98%
Philadelphia Co 6a______ _ _
100 % 1 9 0 %
1,000
Procter A Gamble 7a .1923
5,000
w o n 100 %
Reynolds (R J) Tob 6a 1922
99 %
1,000
99%
Sears, Roebuck A Co 7s '21 100
23,000
99 % 100
7% ser notes.-.Oct 15’22
99
24,000
97%
7% ser notes. ..O ct 15*23
97 % 9744 49,000
9744
11,000
Solvay A Cle 8 s .- ____ 1927
99
99
98%
South Ry 6% notes. 1922
97 4*
97
97 4s 39,000
Southw BellTelep 7s - 1925
98
98 % 9 8 % 172,000
Stand Oil of N Y deb 6 H 9 ’33 10044 100>s 100 44 141,000
7% ser gold deb 7s . 1925
101 % 102 % 20,000
7 % ser gold deb. - - -1926 102 4* 102
102 % 21,000
7% ser gold deb. — 1927 102 1• 102 44 103
»
23,000
7% ser gold deb___ 1928 102 % 102 44 103
12,000
7% ser gold deb____1929 10344 10344 103 %
9,000
7% aer gold deb___ 1930 1034a 103 44 1 0 4 :% 13,000
7% ser gold deb___ 1931 1044s 104 % 1 0 4 %
7,000
Stewart-Warner 8s - 1926
99
99
2,000
Sun Co 7s____________ 1931
92
93 % 36,000
93 %
Swift A Co 7a.... ......... 1925
97%
96 44 97 44 195,000
7s_
_
Aug 15 1921
9744 9744 24,000
6s_________
...
1021
3,000
9944 9 9 %
TexaaCo 7% equ’nts- 1923 9 9 %
9944 9 9 % 45,000
United Drug 8s______ 1941
100
100
10044 70,000
United Oil Producers 8s 31 106 4s 104
106 44 12,000
United Ry of Hav 7 % a . 1936
94
95*4 13,000
Vacuum Oil 7s______ 1936 1014s 101
10144 85,000
Western Elec conv 7s -1925 100 % 1004s 10044 48,000

1

[ V o l . 113

Ask

103
160
80
155

Staudarri Oil Stocka^uri B i d . A s k .
Anglo American OU new - £1, *161; 16
)
Atlantic Kellulug_______1(H 020 9 0
Pro! erred____________ 100 107 103
Borne Scrymscr Co______ 100 310 360
Buckeye Pipe Line Co____60 *80
82
Cheeehrougb Mlg new. _. 100 161) 180
08
Preferred new________ 100! 95
Continental OH ________100. 106 111)
Crescent Pipe Line Co____60; ♦26 28
Cumberland Pipe Line___100; 115 120
70
Eureka Pipe Line Co____1(H 75
)
31
Galena Signal OH com___100, 32
04
Preferred old_______ 100 00
00
Preferred new _______100! 87
Illinois Pipe Line___
1(H 150 151
)
80
Indiana Pipe Line Co. - 60 *78
Interiiatlonai Petrol.(i par) •11*8 11
National Transit C o.. 12 60 * 22*2 23*2
New York Transit Co -100 140 145
90
Northern Pipe Line Co. 100 87
Ohto Oil C o_____ _____ . 26 ♦257 260
22
Penn Mex Fuel Co_____ . 26 ♦19
Prairie Oil A Gas_____ . 100 430 4 35
Prairie Pipe Line..
-1(H) 188 190
Solar Refining____ _____ 100 335 350
Southern Pipe Line Co.-lOO! 70 I 81
South Penn Oil_________ 100 183 .188
60
Southwest Pa Pipe Lines-100 57
Standard Oil (California). 25 ♦73 * 75
Standard Oil (Indiana) __ 26 •70*2 71
Standard OH (Kansas). . -100 540 ,5 0
Standard Oil (Kentucky) .100 305 105
Standard Oil (Nebiaska) 100 155 |166
Standard Oil of New Jer. 26 136 1139
Preferred____________ 100 10711 10712
Standard Oil of New Y ’k.100- 318 322
Standard Oil (Ohio)........ 100, 370 380
Preferred____________ 100 107 110
Swan A Finch_____ ____ 100 30 35
95
Union Tank Car Co........100 85
95
Preferred____________ 100 00
Vacuum Oil____________ 100 265 270
30
Washington OH.... .......... 10
Other Oil Stocks
s:
Imperial Oil........................ 26 *83
Magnolia Petroleum___ 100 125 130

HR. Equipments— P erC t. B a s i s . |
Baltimore A Ohio 444s_____
7.00, 6.65
Buff Rooh A Pltcdburgh 444a 6.75 k6.30
Equipment 4s___________ 6.801 6.30
Equipment 6s___________ 6.80 6.30
Canadian Pacific 444s A 6a..
7%‘-----Caro Cllnohfleld A Ohio 6s_- 8.001 7.00
7.60 6.75
Central of Georgia 4 44s____
Chesapeake A Ohio 6 44s___ 6.75 6.40
Equipment 6s __________ 7.00. 6.60
Chicago A Alton 4 44s, 6s__ 8.50 7.60
Chicago A Eastern 1 1 644s._ 8.75 7.60
1
7.25 6.76
Ohlc Iud A Louisv 4 44s____
6.60
7.
Ohio St Louis A N O 6s____
Chicago A N W 444s........... 7.00 6.60
6.75 6.35
Equipment 644s. _ _____
Chicago R 1 A Pao 4 44s. 6 s.. 7.75 7.00
8.00 7.00
Colorado A Southern 6s___
Erie 444s, 5a A (is ________ 8.00 7.12
Hocking Valley 444s, 6s___ 7.37 6.76
Illinois Central 6s__________ 7.00 6.60
7.00 6.60
Equipment 4 44s________
Equipment 7a A 6 44s___ 6.75 6.30
Kanawha A Michigan 4 44S-- 7.50 6.76
7.00' 6.50
Loulsvllie A Nashville 6s___
Equipment 6 44s.............. . 6.75 6.30
6.70 6.30
Michigan Central 5s, 6s____
Minn St P A H B M 444s A 6s 7.25 6.76
7.37 6.50
Equipment 6i2s A 7a........
Missouri Kansas A Texas 6a- 8.00 7.00
7.75 7.00
Missouri Paclflo 6s________
7.26, 6.50
Equipment 644s________
7.50' 6.66
Mobile A Ohio 444s. 6s____
New York Cent 444s. 6s___ 7.00 6.35
Equipment 7 s __________ 7.00 6.35
N Y Ontario A West 444§__ 7.75 7 00
7.00' 6.40
Norfolk A Western 444s___
Northern Pacific 7s________ 6.76' 6.35
0.801 0.30
Paclflo Fruit Express 7s__
Pennsylvania RR 444»_ ___ 7.00 6.60
_
Equipment 4s___________ 7.00 6.50
Pittsburgh A Lake Erie 0448- 6.75 6.35
Reading Co 444s___________ 7.00 6.40
St Louis Iron Mt A Sou 5s_. 7.75 7.00
St Louis A San Francisco 6s. 7.75 7.00
7.50’ 7.00
Seaboard Air Line 6a______
Equipment 444s_________ 7.75! 7.00
*7% 8
Southern Pacific Co 444s___ 7.00 6.50
5 *18 21
Equipment 7a___________ 6.70 6.30
60 *140 145 Southern Railway 4448........ 7.371 6.75
Tobacco Stocks—
Equipment 6s___________ 7.371 6.75
100 70 75 Toledo A Ohio Central 4s__ 7.50 6.70
82 Union Paclflo 7s___________ 6.70' 6.25
100 78
7.12 6.50
Amer Machine A Fdry_. 100 125 J35 Virginian Ry 6s________ _
_ ! 101 106
Public Utilities
-£l! *1134 12 Amer Gas A Eleo, com____60 ♦105 107
_£1 11*4 12
Preferred...... ................. 60; *37% 38i2
15 Amer Lt A Trao, com____100 91 I 93
Conley Foil (new )...no par *13
Helme (Geo W) Co, com. 100 155 162
Preferred____________ 100] 78 ! 79
100 90 93 Amer Power A Lt, oom__100i 55*2 57
68
Imperial Tob of G B A Ire..! *8% 9
Preferred____________ 100| 66
10
8
Johnson Tin Foil A M et-100 90 100
Amer Public Util, com___100,
MacAndrews A Forbes. .100, 86 90
Preferred____________ 100| 12
_U
3*2 ” 4
Preferred____________ 100 78 82 Amer Wat Wks A El......... 100,
48
45
1st preferred................. 100 £47
Meng 4 C o ______________1001 40
8
9
Porto Rican-Amer Tob..100, 58 63
Participating pref-------100
83
Scrip___________________ | 77
5s, 1934____________ AAO 57 57*2
Reynolds (R J) Tobacco. 261 *68 76 Carolina Pow A Lt, oom.100 27 29
B common stock_____ 25 *34% 3512 Cities Service Co, com— 100 119 121
Preferred____________ 100, 99 100
Preferred____________ 100 45 46
94
6*2 7*2
Tobacco Prod Corp scrip___
90
Colorado Power, c o m __ 100
Weyman-Bruton Co. com 100 155 163
Preferred____________ 100 70 75
12
92
Com’ w’th Pow, Ry A Lt-100 10
Preferred.......... ............100 90
85
Young (J S) Co...............100! 75
Preferred____________ 100 29 30i2
93 Elec Bond A Share, pref. 100 79 8112
Preferred____________ 100, 88
6
8
Rubber Stocks (Clevepnd p r i c e s ) Federal Light A Traction.100
Firestone Tire A Rub, com 10 ♦6212 65
Preferred____________ 100 42 44
Great West Pow 6s 1946.JAJ 76% - 6% preferred .............. -100 80
Mississippi Rlv Pow, com 100 n | 1212
7% preferred-............ -100 71
Preferred____________ 100 63 65
Gen’l Tire A Rub, com .. .100 150 200
First Mtge 6s, 1961__ JAJ 77*2 78*4
Preferred----- ------- .100 75 85
8
S f g deb 7s 1935.. MAN 91%' 93*2
Goodyear Tire A R, com .100 1338 135
Preferred.......... ......... .100 30% 31 Northern Ohio Eleo. (no par) *3 I 6
12 L
Miller Rubber................ -100 59 ____
36 41
66 ___ _
Preferred___________
79 . . . ^
Mohawk Rubber-------- -100 70 SO
Preferred
77 80
10
orth Texai
Portage Rubber, com ____100
70 72
10
Preferred
Preferred_____________100
79*4 79%
40
Swlnehart Tire A R , com . 100
16 18
Puget Sound Pow A
Sugar Stocks
73 75
Caracas Sugar___________ 5u ♦16 20
97 97*2
59
Gen m 744s 1941 — J
*
Cent Aguirre Sugar com__20 ♦57
4
6
2 Republic Ry A Light----- 100
**2
Central Sugar Corp_ (no par)
3 10
Preferred____________ 100 10 J4
Preferred_____________ 100
70 90 South Calif Edison, com. 100 93 95
Cupey Sugar common_ 100
_
75
Preferred------------------- 100 99 101
Preferred_____________ 100 65
10
57 Standard Gas A El (Del)__50 *8
Fajardo Sugar___________100 53
93
Preferred---------------------50 *32 34
Federal Sugar Ref, com ..100 90
% 1
95 Tennessee Ry, L A P.comlOO
Preferred_____________ 100 90
4
6
Preferred------------------- 100
Godchaux Sug In c..(n o par) ♦15 20
22
58 United Lt A Rys, com— 100 21
Preferred_____________ 100 50
1st preferred--------------100 58 60
Great Western Sug, com . 100 125 140
Western Power Corp----- 100 26 27*2
Preferred_____________ 100 97 103
70 72
15
8
Holly Sug Corp, com (no par)
45 Short Term Securities— P e . r Cent
Preferred_____________ 100 40
9034 91*4
50 100
Juncos Central Sugar------100
973s 97%
National Sugar Refining.lOOi 104 108
98% 98%
25
6% notes 1922......... A
Santa Cecilia Sug Corp, pflOO 10
Amer Tobacco
Savannah Sugar, com (no par) ♦15 20
40
7% notes 1922...........MAN 100% 100%
Preferred_____________100 35
7% notes 1923---------MAN 100*2 100%
West India Sug Fin, com . 100 175 225
73
AnacondaCop Min 6s’29> JAJ 88L SS34
Preferred_____________ 100 69
7s 1929 Series B_____JAJ 93*4 93%
Industrial & M iscellaneous
Anglo-Amer Oil 744s’25 AAO 100% 100%
American Brass---------------100, 145 150
130 Arm’rAOo7eJuly 15’30JAJ15 97*4 97%
American Hardware_____100
42
Deb 6s J’ne 15 *22 _JAD15 99 9934
Amer Typefounders, com .100 38
83
Deb 6s J’ne 15 ’ 23 _JAD15 97 98
Preferred_____________100 78
25
Deb 6s J’ne 15 ’ 24 . JAD15 95*2 97*2
Bliss (E W) Co, new ..n o par *20
60 Beth St 7s July 15 ’22.JAJ15 99% 100*8
Preferred______________ 50 *50
92
7% notes July 15 ’23 JAJ15 99% 99%
Borden Company, c o m ..100 z90
Preferred_____________100 8512 87*2 Canadian Pac 6s 1924.MAS2, 97% 98%
Federal Sug Ref 6s 1924MAN 95*2 96*2
Celluloid Company.........100 100 103
90 Goodrich(B F)Co 7s*25.AAO 91 91*2
Childs Co c o m __________100 87
Hocking Valley 6s 1924_ MAS 93 94*2
Preferred_____________ 100 97 100
Interboro R T 7s 1921.-MAS 79 81
du Pont(E I) de Nem&ColOOj 109 113
69
K C Term Ry
Debenture stock--------- 100, 67
2
1
68 Nov 15 1923 MAN 15 98 98*2
Havana Tobacco C o------100
4
5
6
Laclede Gas 7s Jan 1929 FAA 903 91*4
Preferred........... - ..........100
48 Lehigh Pow Sec 6s 1927-FAA 67 68
Istg 5s, Tune 1 1922__J«&D| /43
LlggettAMyersTob68’21 JAD 9S>% 100L*
8
Intercont’ Rubb, corn.-. 1001
International Salt-. — 100 41 *2 ____ Pub Ser Corp N J 7s ’22-MAS 96% 97
68 Sloss Sheff S A l 6s ’29. - FAA 83 85
1st gold 5s, 1951----- AAO /6 6
Southern Ry 6a 1922- - - MAS 97% 97%
International Silver, pref- 100, *84 89
Lehigh Valley Coal Sales.50i 64 67 Swift A Co 6a 1921 -FAA15 99 s 100
7% notes Oct 15’25 AAO 15 97% 97%
Phelps Dodge Corp _ _ _. 100, 145 155
Royal Baking Pow, com. 100 70 75 Texas Co 7s 1923----- --MAS 99% 99%
U S Rubber 7 Ha 1930- FAA 101% 102
Preferred---- ----------- 100 73 77
Singer Manufacturing- - 100 *93 95 Utab Seo Corp 6a ’22 MAS15 91 92
2*2 West Eleo conv 7a 1925 AAO 100% too %
Singer Mfg, Ltd---------- - £11 *2
>er share. 6 Baala. d Purchaser also pays accrued dividend * New atv>ok
t price. ALast sale, n Nominal. % Ex-dividend, v Ex-rights.
:

uw l

f t m c s tr a s m t

S ta iU 'c ra d f t i l d l i g m o ;

RAILROAD GROSS EARNINGS
T ho follow in g tab le show s th.e gross earnings of various t t TKAM roads from w hich regular wool ly or monUil;, rofurns
can bo ob ta in ed . T h o first tw o colu m n s of figures gi ve th e gross earnings for tho la te st w eek or m on th , and the last tw o
colum ns th e earnings for tho period from Ja n . I to and in clu d in g th e la test w eek or mont h.
T h e r e t u r n * o f tha e l e c t r i c r a i l w a y *
a r e b r o u g h t, t o g e t h e r s e p a r a t e l y o n

a

su bseq u en t

Latest Gross Earninos.
ROADS.

Week or
M onth.

Current
Year.

Previous
Year.

page.

Latest Gross Earnin<js.

J a il. 1 to Latest Data.
Currant
Year.

Previous
Year.

no a ns.

Week or
M onth.

J a n . 1 to Latest Data.

Current i Previous
Year.
Year.

Currant
Year.

I Previous
Year.

a
©
«*
u
S
4
%
$
$
A labam a Sc V ieksb June
2 ,0 )7 ,7 9 2 2.050.839 13,200,100 ) 3,252,317
M o K Sc T R y o f T ex Juno
247.240 267,073 1,598,223 1,002,786
A nn A r b o r _____
92,024
147.186
M o & N orth Arkan Juno
500,083
June
917,734
412,04 1 405,925 2,30-1,416 2.285.800
A tcli T op ek a & S Fo June
8,584.383 9,402,99 J 52,400,955 54 ,400.768
J line
M issouri P acific
14850 226 16321961 89,200,128 99/192,008
G u lf O olo Sc S F o - Juno
Juno
M o b ile Sc O h io .
1,303,285 1,370,528 9,241,502 8,756,786
2,437,914 L,714,113 1 1,011,191 12,080,907
i 12,718
Panhandle & S Fe June
073,554
128,225
O olum Sc Green V- M a y
785,813
737,823
725,01 1 4,133,56-1 3,992,826
307,339
290,01 I 1 ,8854 73 1,712,846
A tlan ta B irm Sc A ll- Juno
M on on ga h ela
____ .1uno
261,609
467,027 1,489,894 2,868,778
A tla n ta Sc W est Pt_ June
51.769
249.250
370,004 1 .513.167
196,055
M on on gah ola C o n n . June
2-10,850 1,254,772 1,482,098
144,361
A tla n tic C ity
J une
803,784
448.788
150,066
June
M o n t o u r _____
551 .273
410,451 1,865,232 1 ,854,074
A tla n tic C oast L in e. J une
1,612,637 2,004,493 10,0904 38 1 1,795.260
4,938,183 5,453,071 36,615,406 30,918,935
N asi iv C h att Sc St L J uno
9,990
B altim ore Sc Ohio
J une
175.559
6,681
3d wk July
16316024 17584907 96,230,951 99.780.722
N ovada-C alif-O ro
151,786
B & O C h ic T erm _ Juno
207,748
14,440
171,134
N evada N o r thorn _ J uno
939,558
195,442
975,008
151,931 1,208,657
048,942
B angor Sc A roostook June
139,664
N ew burgh Sc Sou Sh J une
774.826
99,775
438,983
497,759 3,776,159 3,213,000
B ellefon te C en tra l. _ April
217,404
4,955
30,170
N ow Orl G roat N o r . June
7,964
25,904
205,514 1,200.048 1,23) ,718
B elt R y o f C h ic a g o . June
N O Texas & M e x ico Juno
209,564
228,266 1,385,214 1,172,1 18
457.234 316,829 2,503,440 1,871,079
Bessem er Sc L Erie
137,007
153,464 1,111,033
998,230
June
B eaum S L Sc W _ „ June
1,656,529 1,474,260 5,923,351 5,3 20,813
B ingham & G arfield June
388,507
395,199 2.992.732 3.503.966
St L b row n s Sc M Juno
106,494
11,425
909,055
157,485
B oston Sc M a in e ___ June
27866455 2 98 95 91 I 157520012 163082738
N ew Y ork C e n tra l. _ Juno
6,440,900 7,649,897 37,149,810 38,412,980
B k lyn E D T e r m ___ June
722,323
706,193 4 ,402,755 3,799,399
In d H arbor B elt June
96,104
471,023
104,131
661,067
774,518 1 ,047,493 4 ,454,359 5,218,968
B u ff R och Sc P itts b . 4 th w kJuly
L ake E rie Sc W est June
672,730 8,516,823 12,109,409
414,908
B u ffalo Sc S u sq____ Juno
6,331,524 7,283,799 34,484,225 39,123,039
M ich igan Central June
130,268
210,774 1,035,466 1,341,785
C anadian N a t K y s . 4th w kJuly 2.593.734 2,847,220 59,121,744 54.568,498
6,942,887 7,097,044 39,593,700 39,875,873
C l e v e C C & S t L . June
C anadian P a c ific ___ 4th w kJuly 5,063,000 5,600,000 97,541,000 107445 000
368,044
309,276 1,752,663 1,574,283
C in cin n ati N o rth - June
C a ro C linch & O h io . June
1.639.711 1,910,266 12,360,145 13,139,352
609,084
P itts Sc Lake Erie J une
589,747 3,581,720 3,393,461 ,
Central o f Georgia
June
922,950 1,072,019 4,994,529 5,247,548
1,941,431 2,055.224 11,132,682 12,314,873
T o l Sc O hio C e n t. June
C en tral R R o f N J _ . June
458,242
4,426,927 4,271,777 25,149,836 20,876,340
K anaw ha & M ich June
426,579 2,280,863 2,25 8,84 0
C en t N ew E ngland . June
684,373
N Y C h ic & St Louis June
658,682 4,109,667 2,885,141
2,209,245 2,165,504 13,120,307 12.146.409
Centra 1 V e rm on t___ June
1.783.733
330,484
N Y C o n n ectin g___ June
533.234
523,457 3,086,836 3,090.173
C harleston & W C ar June
9,772,686 10486 550 55,055,001 55.310.150
247,682
295,139 1,698,092 1.734.800
N Y N II & H a r t f.. J une
Ches Sc O hio L in es. _ June
8,564,711 7,089,677 41,883,146 38,886,264
1,323,626 1,165,234 6 ,479,855 5 ,348,256
N Y O nt & W estern June
C h icago Sc A lt o n ___ June
458,991
N Y Susq Sc W e s t -- June
2,580,089 2,504,936 14,467,083 13,174,469
377,522 2.157.441 2,025,827
C h ic B u rl & Q u in cy . June
704,162
621,421 3 ,931,406 3 ,856,079
13343 056 14761 245 78,397,916 84,615,604
N o rfo lk S ou th ern . _ June
C h icago & E ast 111 _ June
7,050.018 6,285,821 39,191,070 38,304,273
2,101,846 2,455,108 12,850,818 13,748,415 N o rfo lk & W e ste rn . June
C h icago G reat W est June
N orthern P a cific___ June
7,408,685 8,622,238 40,427,221 51,027,769
2,004,592 1,882,800 11,659,885 10,971,401
C h ic In d & L ou isv_ _ June
1,286,638 1,327,997 7,313,188 6,984,955
834,554
671,570 3,690,774 3,356,665
N orth w estern P a c ._ June
C h icago J u n ction . _ June
418,833
254,671 2,461,410 1,498,448
43268215 43970502 248584923 234250095
P en n sylv R R & C o_ June
C h ic M ilw Sc St Paul June
626,931
12353 001 13844179 67,769,580 76,274,334
122,034
719,258
156,935
B a lt Ches & A t l . _ June
C h ic & N orth W est- June
542,347
530,880
94,519
C ine Leb & N o rth June
11864180 13459532 67,606,358 72,837,338
102,562
C h ic Peoria & St L . June
617,668
231,789
G ran d R a p & Ind June
160.588
732.186 4,086,038 4 ,172,353
956.618 1,165,145
C h ic R I & P a c ific . _ June
June
2,792,777 2,434,762 12,767,134 10,666,610
L on g Isla n d .
11106854 10999228 62,313,356 62,120,995
C h ic R I & G u l f .. June
113,032
646,319
105,232
500,816
539,665
536,908 3,568,395 3,185,681
M a r y ’d D el & Va_ June
C h ic St P M & O m . June
621.099
2,145,519 2,517,706 13,046,971 14,911.120
630,942 3 ,072,356 3 ,509,853
N Y Phila Sc N o r f June
C h ic T erre H Sc S E_ June
998,287
110,619
397.789
172,748
547,503 2,386,766 2,507,382
T o l Peoria & W est June
807,315
C in e Ind & W estern J une
361,119 1,697,748 2,048,122
1,105,932 1,084,878 5.543,977 5,187,791
288.806
W Jersey Sc Seash June
C olo & S ou th ern ___ 3d w k July
7,942,514 8 ,“340,874 48,177,641 51,309,264
517,000
P itts C C & St L . June
594.974 13,664,016 15,385,494
F t W & D en C it y . June
789,072
751,949
125,120
107,164
995,400 5,238,254 5,896,060
Peoria Sc P ekin U n . June
830,611
T rin & B razos Yal June
Pere M a rq u e tte ____ June
3,141,105 3,292,195 16.953,667 17.554.361
228,571
125,116 1,297,283
864,797
W ich ita V a lle y ___ June
June
Perkiom en
555,423
646,297
105,195
102,306
83,035
113,143
786,842
835,333
C u m b V al & M a rt’g June
7,215,001 7,021,784 42.321.725 41,209,810
Phila & R ead in g___ June
61,830
147,896
732,957
347,363
D elaw are Sc H udson June
764,356
3.723.607 4,212,873 22,411,256 18.720.723
617,230
81,870
120,526
P ittsb & S h aw m u t. _ June
D e l L a ck & W estern June
7,566,132 6,596,671 42,279,985 34,767,3 V3 P itts Shaw & N orth June
675,832
596,211
96,683
108,627
D e n v & R io G rande June
Pittsb & W est V a__ June
949,978
1,858,507 2,827,042 14,240,766 17,241,933
950.071
174,199
193,714
D en v er & Salt Lake June
843,712
157,734
June
P ort R eading
298,096
72,357 1.206,703
267,031 1,161,268 1.174.485
D etroit & M a ck in a c June
177,362
916,794
162,715
109,787
881,394
Q u incy Om & K C __ June
631.281
628,264
109,145
D etroit T o l & Ir o n t. June
713,527
408,574 3,033,072 2,241,886
R ich Fred & P o t o m . June
792.254
814,204 5.397.385 5 ,540,288
D e t & T o l Shore L __ M a y
R u tlan d
206.589
464,751
484.662 2,794,642 2.600.647
June
951,079
165,899
825.313
D u l & Iron R an ge __ June
701,530 1.631,403 2,128,259 3,594,474
St Jos Sc G rand Is l’d June
254,390
254,069 1,510,122 1,521,146
D u l M issa be & N o r . June
6,406,079 7,548,942 39,950.388 42,523,374
St Louis San F r a n .. June
1,993,538 3,109,520 4,497,117 5.982.853
D u l Sou Shore Sc At! 3d w k July
145,782
787,268
687,321
134,898
F t W Sc R io Gran M a y
77,975
112,203 2,501,518 2,775,453
D u lu th W in n & P ac June
674,507
131,122
St L -S F o f Texas M a y
701.646
119,575
139,444
206,633 1,390,987 1,185,212
E ast St L ouis C o n n . .June
125,884
1,351,086 1,699,607 8,294,988 9,702,735
808,486
110,630
St Louis S ou th w est. June
607,606
E astern SS L in es___ June
615,750
526,480 1,874,933 1,619,825
594,587
St L S W o f Texas June
728.141 3.613,713 4,230,732
E lgin Joliet & E a s t. June
1,311,077 2,133,747 10,414,301 10,864,529
404,614
T o ta l s y s te m ____ 3d w k July
644.591 13.169.725 15,549,491
E l Paso & Sou W est June
1,025,721 1,237,353 6,003,017 7,038,934
648.282
St Louis T ra n s fe r. _ June
88,057
566.072
104.528
E rie R ailroad
June
8,112,296 8,845,451 49,596,485 45,619,293
San A n t & A ran Pass June
524.403
333,786 2,813,338 2,129,902
C h icago & E r i e .. June
748,409 1,089,729 5,325,183 5,366,889
San A n t U vald e & G June
727,401
619,497
115,619
96,956
N J & N Y R R ___ June
124,023
104,864
719,990
Seaboard A ir L i n e .. June
594,630
3.056.711 3,970,125 22,178,211 24,677,064
Florida E ast C o a s t. June
874,873 1,030,411 8,295,665 7,348,493
Southern P a cific C o June
23044 227 24266176 130248 365 125561296
Fonda Johns & G lov June
109,748
662.414
119.308
Southern P a c ific ___ June
669,052
17131779 18080938 91,967,338 89,813,230
F t Sm ith & W estern June
109,466
125,342
913,912
858,097
A tla n tic SS L in e s. June
761,679
416,605 5,149,519 2 ,741,986
G alveston W h a r f___ June
199,838
132,594 1,245,161
A rizona E astern . June
180,729
359,241 1,586,998 2,004,392
649,342
Georgia R a ilroa d ___ June
412,195
599,965 2,636,265 3.180.363
G a lv H arris Sc S A June
1,932,907 2,042,347 12,831,852 11.889,207
G eorgia & Florida __ June
127,937
106,742
H ous & T e x C e n t. June
691,402
1,074,835
912,152 6,071,871 5,321,101
655,262
G rand T ru n k Syst__ 4th wkJuly 3,272,924 3,837,569
H ou s E & W T e x . June
240,650
258,338 1,353,630 1,454,248
A tl & St Law rence June
154,999
217,049 1,573,470 1,438,334
L ou isiana W e s t .. June
298,168
456,849 2,097,288 2,569,263
C h D et C an G T Jet June
129,755
116,372
M o r g La & Texas June
963,476
764,533
569,585 1,042,621 4.295,347 5,162,544
D e t G H & M ilw . June
360,266
Texas & N ew O rl. June
366.308 1,793,968 1,953,521
768,440 4,253,797 4,587,241
749,642
G rand T rk W e s t- June
1,321,348 1,297,132 6,909,786 7,008,356
Southern R a ilw a y . _ 3d w k July 3.145,189 3,886,722 91,814,317 103111007
G reat N o rth S ystem June
8,448,603 10558338 41,903,787 54,949,140
A la G reat S o u th . June
753,124
984.663 4.704.441 5,179,696
Green B ay & W e s t .. June
106,916
690,298
95,763
Cin N O & T ex P_ June
599,549
1,400,328 1,617,742 8,827,258 9,348,442
G u lf M o b ile & N o r . June
306,017
300,873 2,049,326 1.766.364
G eorgia Sou & Fla June
377,933 2,228,121 2,628,093
338,726
G u lf Sc Ship Isla n d . June
225,263
204.757 1,391,473 1,386,295
N ew O rl& N o r E _ June
474,809
636,155 3.261.386 3,627,225
H ock in g V a lle y ____ M a y
1,302,738 1,000,681 4,860,010 5,094,237
N o r th ’n A labam a June
745,861
444,843
63,714
112,436
Illinois C en tra l____ June
11404594 11179188 68,876,746 65,780,013
Spokane In te rn a t’l . June
741,047
633,117
101,541
136,698
Intern at & G rt N o r . June
1,461,262 1,240,542 9,473,963 7.992.854
Spok P o r tl Sc Seattle June
814,902 3,530,877 4,029,975
679,148
Intern at R y o f M e . June
149,741
197,336 1,599,809 1,571,377
Staten Island R T __ June
216.099
216,248 1,197,108 1,040,427
K an C ity M c x & Or June
127,332
116,058
Ten n A la & G eorgia 3d w k July
97,593
833,331
753,312
66,070
3,124
4,346
K C M c x & O o f T ex June
155,818 1,016,538
134,656
837,970 Tennessee C e n t r a l._ June
196,047
203.528 1.178,396 1,398,029
K ansas C ity South.. June
1,631,239 1,473,339 9,996,366 8,703,292
T erm R R Assn o f St L June
383,390 2.176,331 2.113.150
346,118
T ex ark Sc F t S m . _ June
150,132
185,272 1,090,730 1,012,374
St L M er B dge T_ June
313,566 1,742,584 1,778,682
274,955
Kansas C ity T e r m .. M a y
121.758
103,805
638,512
Texas & P a cific____ 3d w k July
597,764
578,844
754,545 19.543,119 21.612.409
K ansas Ok la Sc G u lf June
142,922
173,507 1,147,873 1,132,964
T oled o St L & W e st June
740,353
969.251 4,357,888 5,267,307
L ake Sup Sc Ishpem _ June
274,256
26,311
74,139
Ulster Sc D elaw are. _ June
577,616
524,520
684.579
164,408
121,538
L ake T erm R y _____ June
94,004
115,867
697.619
610,484
U nion P a c i f ic ..
June
8,785,175 9,854,262 48,705,977 56,329,591
L ehigh & H u d R iv er June
269.240
268,916 1,594,706 1,215,528
T ota l s y s te m ____ June
13854644 15904362 77,848,643 92,882,262
Lehigh & N ew E n g . June
431,182
385,048 2,210,735 2.082.486
O regon Short Line June
2 ,621,958 3.345.839 15,652,677 20,758,848
Lehigh V a lle y ___ _ June
6.579.734 5,946,068 36,842,040 31,082,745
O re-W ash R R Sc N June
2,447,510 2,704,259 13,439,989 15,793,822
L os A n g & Salt L ak e J une
1.749.608 1,852,180 9,964,066 9,223,090
Union R R (P en n )__ June
859.255 1,128,062 4,985,184 4,440,956
Louisiana Sc A rk a n _ J une
264,640
302,041 1,683,880 2,021,055
U t a h _______________ M a y
713,770
501,569
82,632
111 ,206
L ouisiana R y Sc N a v June
274,398
332,644 1,846,383 1,965,815
V ick s Shreve Sc P a c . June
339,915
360,055 2,047,287 2,241,991
L ou isville Sc N ash v. June
9,829.545 10125618 57,604,139 59,546,792
Virginian R a ilro a d . June
2,004,240 1,370,536 9,596,649 7,243,916
L ou isv i I end Sc St L J une
W abash R R
218,403
241,361 1,406,985 1,469,583
4,738,969 4,868,935 28,832,268 25,787,169
June
M a in e C en tra l_____ J une
1,595,842 1,853,667 10,476,772 9,159,347
W estern M a ry la n d . 3 d w k July
378,554 10,075,919 8,681,293
354,941
M id la n d V a lley .
June
320,813
400,660 2,251,298 2,281,691
W estern P a c i f ic ___ June
963,152 1,413,890 5,555,690 6,689,191
M ineral R ange
_
3d wk July
14,771
2,461
W estern R y o f A la . _ Juno
197,974
374,825
204.404
213,750 1,214,117 1.363.648
M in n eap Sc St Louis 4th w kJuly
W heel Sc L ak e E rie. June
262,015
319,325 8,846,625 9,101,095
1,484,822 1.481.840 6,748,924 7.109.361
M inn St P Sc S S M _ June
3,281,158 4,071,915 19,378,742 21,329,579
W ic h Falls & N W . . June
152,594
198,706 1.174,993 1.284,185
M ississippi Central . June
454,542
97,199,
70.974
513.415
Y a z o o Sc M iss V alley June
1,512,706 2,355,577 9,994.179 14,197,217
M issouri Kan Sc T ex J une
2,070,216 3,251,406 16,004,242 18,507,913

A G G R E G A T E G R O S S E A R N I N G S — W eekly and M onthly,
*W e eklfj Summaries
3d
4 th
1St
2d
3d
4 th
1st
2d
3d
4th

Current
Year.

S
week M a y 0 9 ro a d s )____ 12,840,249
week M a y ^20 ro a d s )____ J7,266, J58
week June 120 ro a d s )____ 12,659,519
week June 0 9 ro a d s )____ 12,973,712
week June 0 8 ro a d s )____ 12,977,363
week June ( 13 r o a d s )____ 15,455,421
week J ’dy 0 5 ro a d s)____ 12.479,200
week July 0 8 ro a d s )____ 13,432.807
week July <20 roads)
13,598,294
week July ( 9 roads;
J J ,606,581
We no longer Include M exican roads in

Previous
Year.

Increase or
Decrease.

%

%
%
14.192,371 — 1,352,122 9.53
19,814,490 — 2,548,332 12.86
14.148,035
-J .488,516 10.52
1 ,5/1.2 10 10.80
14,544,922
14,424.221
1,446,858 10.03
17,296,277
1,840,856 10.04
14,080,532
1,601.332 1 1.37
15,289,104 - 1,856,297 12.14
2 ,3 2 7 ,5 6 0 114.61
15,925,854
J3,276,844
1.670.263 12.58
any o f ou r tota ls.

*Monthly Su mmari as
Mileage.

Curr.Yr.

A u g u st___ -.1 9 9 ,9 5 7
S ep tem b er .-2 2 6 ,9 5 5
O cto b e r___ _ .2 31 ,4 39
N ov e m b e r -.2 3 5 ,2 1 3
D ecem ber- -.2 2 9 ,4 2 2
January
_ .2 3 2 ,4 9 2
F eb ru a ry _ _ -235,653
M a rc h . _ - _ .234,832
A pril
_ -220,340
M ay
235.333

Current
Y ea r.

Prev. Yr.
199, 418 441 ,423,158
224, 922 594 ,192,321
229, 935 633 ,852,568
233, 839 592 ,277,620
228, 134 539 ,197,615
231, 513 469 ,784,542
234, 510 405 ,001,273
233, 839 456 ,978,940
219, 743 I I I ,279,831
234, 9161444 ,028,885

Previous
Year.
$

367 ,865,628
480 ,408,546
503 ,281,630
438 ,038,048
443 ,124,170
503 ,011,129
424 ,172,348
458 ,462,330
381 ,112,844
457 ,243,216

Increase or
Decrease.
+ 7 3 ,5 5 7 ,5 3 0
+113783775
+ 130570938
+ 154239572
+ 9 6 ,0 7 3 ,4 3 9
— 33,226,587
— 19,171,075
— 1,483,390
+ 30,166,987
-13,214,331

%
19.98
23.68
25.94
35.21

21.68

6.60
4.52
00.32
7 .9 i
2.8

TILE CHRONICLE
Latest Gross Earnings by Weeks, la the table which
follows we sum up aeparately the earnings for the fourth
week of July. The table covers 9 roads and shows 12.58%
d e c r e a s e in th e a g g r e g a t e o v e r th e s a m e w e
Fourth Week of July.

1921.

B u ffa lo R o ch e s te r & P ittsb u rg h _
i Canadian N a tio n a l R y s________
C a n a d ia n P a c if ic , _ ___________
G r a n d T r u n k o f C a n a d a _____
G ra n d T ru n k W e s t e r n _______
D e tr o it Or H a v en & M i l w _ _
C a n a d a A t la n t ic .
_________
M in n e a p o lis & St L ou is _
Io w a C e n t r a l. _ __ _________ \

1920.

Increase. Decrease

%
1
*
072,730
414,908
2,593,734 2,847,220
5,063,000 5,600,000

257,822
253.486
• 537,000

3,272,924 3.837,569

561,645

319,325

57.810

262,015

%

1
T o t a l (9 r o a d s )________________ 11,000,581 13,276.844
N e t d ecrease (12.58% )________

1.670.263

For the third week of July our final statement covers 20
roads and shows 14.61% decrease in the aggregate over
the same week last year:
T hird Week of July.

1921.

1920.

i

S

16 ro a d s re p o r te d last w eek ____ 12,990,868 15,197,225
C o lo r a d o & S ou th ern _
. . .
594,974
517,000
D u lu th S o u th S h ore & A l l .
112,203
77,975
M in e ra l R a n g e ___
2,461
14,771
6,681
N e v a d a -C a lifo r n ia -O r e g o n ______
9,990
T o t a l (20 roa d s) _ _____
N e t d ecrease (14.61%) .

13,598,294 15,925,854

Increase. Decrease.
*

3,309

S

2,206,357
77,974
34,228
12,310

3,309 2,330.869
2,327,560

Net Earnings M onthly to Latest D ates.— The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
— Groza from Ra ilway - — Net from
1921.
1920.
1921.
%
$
%
Alabama & Vicksburg—
J u n e ---------247,240
267.073
— 11,057
From Jan 1 1,598.223 1.662.786
— 33,984
Ann Arbor—
J u n e --------412,044
51,452
405,925
From Jan 1 2,304,446 >,285.800
190,568
A teh Topeka & Santa F
Gull Colorado & Santa Fe— .
J u n e ______ 2.4.17,914 1.714.113 1,029,083
From Jan 1 14,011,191 12,080.907 2,620,846
Panhandle Santa Fe—
J u n e --------737,823
725,611
291,697
From Jan 1 4,133,564 3,992,826
517,514
Atlanta Blrm & Atlantic—
June ...........
261,609
467,027 — 146.4S2
From Jan 1 1,489,894 2,868,778 — 908.375
Atlanta & W est Point—
J u n e --------196,055
240,850
7,542
From Jan 1 1,254.772 1,482,698
125,190
Balt & Ohio Ch Terminal—
J u n e --------195,442
151,931
— 15,074
From Jan 1 1,208,657
975,668 — 179.913
Bangor & A roostook—
J u n e ---------438,983
497,759
56,733
From Jan I 3.776.159 3,213,000
529,774

Railway— -----Net after Taxes----1921.
1920.
1920.
%
S
S
— 29,522
59,480
381,417 — 147,529

45,223
295,023

16,106
41,420

31,021
73,875

— 1,495
— 103,877

— 195,888
721,643

950,216
2,164,321

— 282,999
198.381

3,046
— 151,270

— 20,802
270,059
400,496 — 296,799

— 116.98G — 169,467
- 3 2 7 ,1 2 8 - -1,023,123

— 134,558
—426,803

— 7,974
32.090

10,392
297,665

19,319
351,231

— 148,774
— 53,429 — 179,942
— 594,960 — 401.168 — 787,259
— 35,854
338,331

24,005
313,713

— 62,283
174,753

29,152
95,596

68.284
303.296

4,385
— 64,237

Belt B y of Chicago—
J u n e ---------457,234
From Jan 1 2,503,440
Bessemer & Lake Erie—
J u n e --------- 1,656.529
From Jan 1 5,923,351

1,474,260
647,621
5,120,813 — 147.311

615,484
460,960
183,137 — 330,137

445,156
89,238

Bingham & Garfield—
J u n e -----------l l 425
From Jan 1
106,494

157 485
— 24.319
909,055 — 121,824

— 30,916
44,667
248,830 — 152,504

37,242
204,273

316,829
1,871,079

Buffalo & Susquehanna—
June ______
130,268
210,774
From Jan 1 1,035,466 1,341,785
Canadian Pacific—
J u n e ----------14,461,642 16,480,574

98,547
456,725

— 59.615
— 49,790
— 273,427 — 161,870
3,104,757 2,630,817
12,950,166 11.428.186

Central Verm ont Bail wav—
J u n e ______
533,234
523,457
— 81,962
— 99.431
From Jan 1 3,086,S36 8,090,173 — 677,692 — 653,276
Chicago & A lton—
J u n e ----------2.5S0.089 2,504,936
217,319
413,593
From Jan 1 14,467,083 13,174,469 1,237,254 1,082,499
Chicago Burlington & Quincy—
J u n e --------*13,343,S56 14.761.244
3,164.444
767,6S4
From Jan 1 78,397,916 84,615,664 16,206.969*10,879,862
Chicago & Eastern Illinois—
274,664
J u n e ---------- 2,101.847 2.455.10S
189,087
From Jan 1 12,850,SIS 13,748,415
S96,672
— 22,912
Chicago Great W estern—
J u n e ---------- 2,004,592 1,882,800
368,412 — 110,828
^ F r o m Jan 1 11,659,SS5 10,971,401 1,355,402 — 117,112
Chicago Peoria & St Louis—
J u n e ---------160.558
231,789
From Jan 1
956,61S 1,165,145
Chicago R ock Island & Pacific—
J u n e --------- 11,106,854*10,999,228
From Jan 1 62,313,356 62,120,995
Chicago St P M inn & Omaha—
J u n e --------- 2,145,519 2,517,705
From Jan 1 13,046,971 14,911,120
Chicago Terre Haute & S E—
J u n e ---------397,789
547,503
From Jan 1 2,383.766 2,507.382
Colorado & Southern—
J u n e --------S04.886 1,169,198
From Jan 1 6,196,754 6,791,739
Ft W orth < Denver C ity—
fc
J u n e --------789.072
995.400
From Jan 1 5,238,254 5.898,060
W ichita Valley—
102,306
113,143
J u n e ______
From Jan 1
786,842
835,333

— 62,915
— 56,090
— 293,227 — 200,470

—
— 103,085 — 116,831
— 803,456 — 757,731
141,603
743,349

353,223
692,369

2,363,090
11,381,806

34,178
6,577,406

103,415
— 536,311

174,281
323,515

309,160
916,597

— 192,865
— 525,544
— 5,302
— 229,329

— 19.447
— 310,599

1,798
— 188,713

— 30,094
— 367.599

1,888,074
9,133,201

430,408
5,061,571

1,417,254
6.465,697

— 36,581
2,387,314

329,406
*28S,737

188,528
300,99S
2,432,237 *— 531,421

146,860
1,548,834

77,383
— 39,785

97.074
54.8S3
22,724 — 168,848

77,574
— 93,275
4,474
676,983

— 34,273
1,107,660

65,053
1,038,242

— 98,701
652,877

330,019
1,515.900

98,438
519,146

305,154
1,346,595

75,235
379,560

38,663
199,102

— 3,213
12S.996

33,261
164,989

— 8,921
94,796

Denver & R io Grande—
J u n e --------- 1,858,507 2,827,042 — 536,483
From Jan 1 14.240.766 17.241.933 1,637.572

— 15,653
3,430,855

— 686,747
750,745

— 176,623
2,627,266

'

[V O L .

113 .

i Railway—■ — Net from Railway— -----Net after Taxes----1921.
$
Denver A Salt LakeJune _______
298,096
From Jan 1 1,161,268

267,031
1,174,485

Duluth A Iron Range
J u n e ______
701,530
From Jau 1 2,128,259

1,631,403
3,594,474

1920.
$

Duluth South Shore A Ath ,IltiC—
J u n o ______
362,329
514,216
From Jan 1 2,252,008 2,518,625
Duluth Winn A Pacific—
Juno _._____
119,575
206,633
From Jan 1 1,390,987 1,185,212
Elgin Joliet & Eastern—
June _ _____ 1,311,077 2,133,747
From Jan l 10,414,3 )1 10,804,529
Florida East Coast—
June _ ____
874,873 1,030,411
From Jan 1 8,295,605 7,348,493

1921.

1920.

1921.

%

S

*

1920.
$

61,283
155,593

27.086
— 647,590

83,280
— 203,713

18,084
— 708,000

259.411
362.423

993,554
1,089,709

218,911
— 301,344

910,072
894,881

67,692
213,014

57,088
2,935

- 94,706
-427,165

13,881
202,530

— 28,680
107,679

21,506
140,428

— 34,774
35,920

9,471
76,188

355,234
2,558,696

690,581
2.368,773

285,228
2,124,178

660,762
2,080,614

23,590
2,208,474

266,025
2,550,390

— 71,100
1,867,355

225,980
2,297,320

ersville—

J u n e ______
From Jan 1

109.748
007,414

119,308
669,052

37,318
217,293

46,478
239,251

31,743
183,843

41,403
209,151

Ft Smith A Western109,406
J u n e ______
From Jan 1
913,912

125,342
858,097

— 17,247
— 38,775

— 5,547
20,583

22,747
— 72,393

— 10,547
51.144

Galveston W harf—
J u n e _____ _
199,838
From Jan 1 1,245,161

132.594
649,342

79,903
555,810

40,674
136,424

62,903
453,803

24,704
44,224

Georgia Railroad—
J u n e ______
412,195
From Jan 1 2,630,265

599,965
3,180,363

20,473
— 63,366

— 11,668
34,608

14,466
— 99,314

— 17,63!
-1,046-

Georgia A Florida—
J u n e ______
127,937
From Jan 1
691,402

106,742
655,262

— 14,837
— 80,860
— 6,467
— 03,656 — 412,296 — 111,088

— 87,187
450,605

Grand Trunk System—
Atlantic A St Lawrence
217,049
J u n e ..........
154,999
-38,251 — 125,147
— 67;450 — 166,527
From Jan 1 1,573,470 1,438,334
—42,372 — 538,794 — 158,722 — 648,739
Chicago Detroit C am d D n Grand Trunk Junction—
J u n e ______
—58,702
21,933
— 5*1,106
129,755
116,372
28,570
5,442
From Jan 1
764,533
265,719
35,524
297,546
963,476
Detroit Grd Haven & Milwaukee—
6,483 -1 1 6,1 0 2
•119,190
246
J u n e ______
306,308
300,266
-409,636
From Jan 1 1,793,968 1,953,521 — 273,922 -3 9 0 ,0 6 9 — 306,880
Grand Trunk W estern169.541
J u n e ______ 1,321,348 1,297,132
168,232
112,081
-118.457
184,533
10,844
From Jan 1 6,909,786 7,008,358
103 I
329,583
Great Northern System—
500,151
June ........... .8,448,603*10,558,338 1,893,819 *1,374,939 1,145,023
From Jan 1 41.903.7S7 54,949,140 2,695,197 4,670,821 -1,787,708 — 249,996
Green B ay & Western—
106,916
Juno - . From Jan 1
690,298

95.763
599,549

15,034
124,254

— 15,740
28,279

Gulf M obile & Northern
J u n e ---------3,054
— 84,462
306,017
300,873
From Jan 1 2,049,326 1,766,364
75,789 — 244,182
Gulf & Ship Island—
J u n e ______
31,664
— 67,612
225,263
204,757
From Jan 1 1,391,473 1,386,295
170,174
— 52,506
International A Great Northern—
J u n e ______ 1,461,262 1,240,542
97,531 — 2S2.013
From Jan 1 9,473,963 7,992,854
553,500 -1,202,461
International R y in Maine—
— 35.899
J u n e ______
149.711
197,336
— 16,300
179,232 — 211,847
From Jan 1 1,599,809 1,571,377
Kansas C ity M exico & Orient—
— 41,534
— 53,598
J u n e ______
116,058
127,332
From Jan 1
833,331
753,312 — 235,103 — 294,664
Kansas C ity M ex & Orient of Texas—
— 59,586
— 68,988
J u n e ______
134,656
155,818
From Jan 1 1,016,538
837,970 — 335,461 — 422,417
Kansas C ity Southern—
278,474
422,554
J u n e ______ 1,631,237 1,473,339
From Jan 1 9,996,366 8,703,292 2,617,040 1,598,904
Texarkana & F t Smith—
68,326
13,240
J u n e ______
150,132
185,272
422,309
349,069
From Jan 1 1,090,730 1,012,374
Kansas Oklahoma & Gulf—
— 24,754
J u n e ______
142,922
173,507
— 6,107
From Jan 1 1,147,873 1,132,964
—
8,688 — 120,596
Lake Superior & Ishpeming—
191,926
— 16,588
J u n e ______
26,311
274,256
163,609
From Jan 1
74,139
524,520 — 233,928
Lehigh & Hudson River—
73,194
85,345
J u n e ______
269,240
268,916
107,631
393,305
From Jan 1 1,594,706 1.215,528
Los Angeles & Salt Lake—
582,974
431,231
J u n e ______ 1,749,608 1,852, ISO
From Jan 1 9,964,086 9.223,090 1,545,453 2.304,081
Louisiana R y & Navigation—
— 6,634
56,407
J u n e ______
274,398
332,644
139,482
225,426
From Jan 1 1,846,383 1,965,815
Louisville Henderson & St Louis—
27,422
12,521
J u n e ______
218,403
241,361
243,884
201,943
From Jan 1 1,406,985 1,469,583
Maine Central—
213,520
86,450
J u n e ______ 1,595,842 1,853,667
From Jan 1 10,476,771 9,159,347 — S20,65S - 6 5 3 ,7 1 9 Minneapolis & St Louis—
57,387 — 202,473
J u n e ______ 1,253,388 1,370,387
From Jan 1 7,692,033 7,781,124 — 126.0S1 — 160,375
Minn St Paul & Sault Ste Marie—
J u n e ______ 3,281.158 4.071,915 — 202.S3S
693,285
From Jan 1 19.378,742 21.329,579- -1,150,147 2.360,132M o Kan & Tex R y of T ex—
393,212 — 842,980
J u n e ______ 2,017,792 2,050,839
From Jan 1 13,200,106 13,252,317 2,256,344- -2,384,576
Missouri & North Arkansas—
— 39.S72
— 42,998
J u n e ______
92,624
147,1S6
From Jan 1
566,083
917,734 — 311,288 — 165,274
M obile & Ohio—
J u n e ______ 1,303,285 1,370,528 — 108,399 — 539,530
614,002 — 434,941
From Jan 1 9,241,562 8,756,786
Nashv Chattanooga & St Louis—
259 764
143,797
J u n e ______ 1,612,637 2,004.493
From Jan 1 10 096 138 11.795,259 — 344,950 1,296,452
Nevada Northern—
73,471
—10.294
J u n e ______
14,446
171,134
333,384
22.795
From Jan 1
207,743
939,558
New Orleans Texas & M exico—
48,854
76.SOS
J u n e ______
209,564
228,266
82,364
369,899
From Jan 1 1,385.214 1.172,11S
Beaumont Sour Lake & Western
30,542
— 6.235
137,007
153,464
J u n e ______
249.044
209.068
From Jan 1 1,111,033
998,230
St Louis Brownsv & M exico—
*
—56,584
73.687
J u n e ______
388,507
395.100
542,965
565,588
From Jan t 2,992.732 3,503.906

7,534
81,226

-22 ,56 4
-1 2 ,8 8 9

— 19,629
— 28,322

-9 9 ,1 5 2
•330,321

12,399 — 117,428
53,050 — 164,910
48,384 - -315,119
334,071 -1 ,402,195
— 31,300
89,232

■ 4 8 ,0 9 9
- -285,047

— 61,638
— 2S4.376

—49,564
- -340,928

—66,511
— 75,138
— 372,386 - -461,242
345,324
2,153,885

206,455
1 ,185,349

5,877
304,899

60,256
348,921

— 18,192
— 63,327

—36,839
- -190,327

— 22,622
—267,017

186,992
126,741

73,194
320,395

61,505
35,352

339,492
9S4.5S9

505,412
1 ,827,653

40,223
128,695

-2 0 ,7 4 3
55,044

5,142
157,633

20,197
223,375

117,597
— 19,222
■1.454,460— 1 ,228,524
— 7,815 — 264,724
— 5S4.526 — 515,756
— 453.703
-2.S68.7S7

391.473
477,094

344,S57 —■903,876
1,966,576—2 ,735,915
—45,765
— 47,362
— 338,603 — 201.574
— 129.999 — 599.182
285,469 — SI 2.858
89 395
— 653,409

216 912
1 013,100

— 20.071
— 81.690

2 8 1.680

60,*566
269.262
• 10.405
229,350
:>s. U ''
K

4762 1 l

64.885
36,687
11. 6 11

27,680

192.910
69.400

472.425

Auo. (> 1921.

T H E Cl IKO'N IOLE

— Gross from Hail way- ■ — Net from Railway• ---- Net aflc /• Taxes
1920.
1920.
1920.
1921.
1021 •
1921.
S
%
$
$
.H
i
%
New York Central System
Indiana 11arbor Belt
191,072 — 277,071
738,073
•289,000
Juno. ___
722,323
706,193
709,103
From Jan 1 4,402,755 3,799,399
595,158 - 644,005
454,540
( Jncinnatl Northern—
June. ___
308,044
151,019 - 24,548
14,083
169,555
309,276
From Jan 1 1,752,063 1,574,283
118,818
181,652
319,537
411,142
Toledo & Ohio Central
102,915 — 174,090
J u n o______
922,950 1,072,019
157,700 — 50,302
From Jan 1 4,994,529 5,247.548
210,344 — 259,707
548,884
42,435
Kanawha & Michigan
38,344
70,601 — 115,578
147,398
J u n e______
458,242
120.579
From Jan 1 2,280,863 2,258,840
302,319
28,468 -1 7 1 ,4 8 7 — 239,064
N Y Chicago A St Louis—
c
J u n e ..
__ 2,209,245 2,165,504
477,364
343,152
380,973
529,108
From Jan 1 13,120,307 12,146,409 2,670,630 2,391,084 2,078,158 1,891,113
New York Susquehanna & W estern- _
J u n e______
458,991
133,303
— 89,050
377,522
159,140 — 707971
From Jan 1 2,157,441 2,025,827
84,286 — 396,841
— 71,230 — 527,807
Northern Pacific—
J u n e _____ 7.40S.685 8,622,238 *— 243,496
348,105 — 909,081 — 216,867
From Jan 1 40,427,220 51.027,769 1,009,752 7,377 599--3 328,665 3.010,061
Northwestern Paciflc—
J u n e______
834,554
264,402
105,470
671,570
191,006
294,960
From Jan 1 3,690,774 3,355,665
658,731
602.876
448,843
475,391
Pennsylvania R R & Co—
Cincinnati Lebanon & Northern—
14,040
— 12,693
— 8,104
J u n e______
94,519
102,562
— 4,030
From Jan 1
530,880
542,347 — 105,212 — 126,568 — 157,184
162,559
Grand Rapids & Indiana—
— 74,182
- -37,198
— 38,379
June
617,668
732,186
— 6,935
From Jan 1 4,0S6,038 4,172,353
66,812
— 93,643 — 148,013 - 298,909
Toledo Peoria & Western— •
4,298
J u n e______
110,619
172,748 — 49,241
12,799 — 59,432
From Jan 1
807,315
998,287 — 266,929
21,720 — 327,119 - -29,279
Pittsburgh C C & St L—
Jun e______ *7,942,514 *8,340,874
421,351 —-909,221
830,600 — 583,252
From Jan 1 48,177,641 51,309,264 1,744,173 *— 40,322 — 709,142— 1 ,933,807
Pore Marquette—
J u n e______ 3,141,105 3,292,195
434,572
504,587
592,855
457,218
From Jan 1 16,953,667 17,554,361 2,120,819
308,988
853,816 1,395,266
Pittsburgh & Shawmut—
— 5,327
J u n e ______
81,870
120,526
— 26,237
— 5,216
— 26,091
From Jan 1
617,230
764,356
81,431
82,133 — 100,204
— 99,272
Pittsburgh & West Virginia—
J u n e ______
174,199
193,714
—
21,110
- -18,341
430
— 2,130
— 97,316 — 193,670 — 217,100 —-285,473
From Jan 1
950,071
949,978
Quincy Omaha & Kan City—
J u n e______
109,145
109,787
— 9,834 - -30,715
— 5,350 — 26,705
From Jan 1
628,264
631,281
— 49,456 — 142,355 — 74,823 — 165,741
Richmond Fred & Potomac—
J u n e______
792,254
814,204
136,302
68,064
167,354
103,307
From Jan 1 5,397,385 5,540,288
750,987 1,,491,917
955,219 1,680,861
St Louis-San Francisco—
J u n e--------- 6,406,079 7,548,942 1,652,120 1,722,655 1,350.421 1 .472.378
From Jan 1 39,950,388 42,523,274 9,576,263 7,940,796 7,910,897 6 ,554,840
St Louis Southwestern—
J u n e--------597,587
728,141
— 93,829 — 156,354 — 117,979 — 179,382
From Jan 1 3,613,713 4,230,732 -7 0 8 ,6 4 7 - -1,195,346 — 853,273— 1 ,342,180
St Louis Transfer—
Ju n e______
88,057
104,528
35,652
23,368
23,640
36.018
From Jan 1
566,072
648,282
158,169
238,859
156,659
236,519
San Antonio & Aransas Pass—
46,944 — 120,035
J u n e______
524,403
333,786
33,668 — 133,86S
From Jan 1 2,813,338 2,129,902 — 298,882
635,303
-379,980 — 725,837
San Antonio Uvalde A G—
c
J u n e______
96,956
115.619
25,717
837
22,756
3,286
From Jan 1
619,497
727,401
103,303 - 151,935
120,571 — 137,562
Seaboard Air Line—
J u n e--------- 3,056,711 3,970,125
— 77,462— 1 ,342,964
71,966- -1,192,138
From Jan 1 22,178,211 24,677,064 2,518,417 — 184.289 1.610,430— 1 ,089,072
Southern Pacific System—
Galveston Harrisb A S A—
c
J u n e........... 1,932,907 2,042,347
274,242
— 86,554
231,516 — 263,066
From Jan 1 12,831,852 11,889,207 1,738,690
— 64,907 1,479,169 — 590,283
Houston & Texas Central—
J u n e ______ 1,074,835
912,152
136,751
92,907 — 63,197
— 11,551
From Jan 1 6,071,871 5,321,101
468,684
151,868
204,229 — 116,799
Houston E & W Texas—
J u n e --------240,650
258,388
49,564
— 26,892
57,503
— 43,218
From Jan 1 1,353,630 1,454,248
104,471 — 155,946
56,487 — 216,313
Louisiana Western—
J u n e ______
298,168
456,849
33,494
107,599
8,226
145,386
From Jan 1 2,097,288 2,569,263
225,854
699,531
391,156
553,558
Morgan’s Louisiana A Tex—
c
J u n e--------569,585 1,042,621 — 144,450
206,571
283,936 — 185,851
From Jan 1 4,295,347 5,162,544
— 39,453 1,106,096 — 316,982
815,291
Texas A New Orleans—
c
Ju n e______
749,642
768,440
62,074
— 95,371
42,063
— 52,401
From Jan 1 4,253,797 4,587,241 — 219,046
59,447 — 340,868 — 100,978
Southern Railway—
Ju n e---------10,218,486 11,777,264
1,721,943
336,839 1,320,452
— 76,440
From Jan 1 62,416,785 72,749,681 6,598,906 13,007,005 4,464,773 10,540,038
Alabama Great Southern—
J u n e--------753,124
984,663
243,797
100,390
278,738
129,7Gf
From Jan 1 4,704,441 5,179,696
232,584 1,025,520
389,925 1,230,466
Cine New Orl A Tex Pac—
c
June______ 1,400,328 1,617,742
156,795
308,488
96,305
256,086
From Jan 1 8,827,258 9,348,442 1,065,968 1,823,354
769,354 1,480,531
Georgia Southern A Fla—
c
338,727
377,933
Ju n e______
100,089
— 68,054
— 51,566
— 80,381
From Jan 1 2,228,121 2,628,093 — 257,261
241,809 — 360,306
124,957
New Orleans A Northeastern—
c
Ju n e______
474,809
636,155
26,769
— 41,108
—25,922
2,005
From Jan 1 3,261,386 3,627,225
365,272
018,261
224,164
— 34,310
Northei n A laba m a—
Ju n e______
03,714
112,436
— 10,369
6,534
— 5,788
10,348
From Jan 1
444,843
745,861
158,272
131,016
23,459
47,788
Spokane International—
J u n e______
101,541
136,698
48,827
53,997
13,011
20,638
From Jan 1
633 117
741,047
175,151
131,786
250,679
281,360
Spokane Portland A, Seattle—
r
J u n e___ _
679, J48
814,902
234,539
149,110
139,523
239,720
From Jan 1 3,530,877 4,029,975
901,530 1,174,359
667,204
454,465
Tennessee Central
June „
196,047
203,528
— 29,087
11,466
— 35,397
6,846
Fiom Jan J 1,178,396 1,398,029 - 102,008
32,784 — 130,926
— 720
Term H it Assn of St Louls—
J u n e......
346,118
383,390
65,795
33,431
12,982
69,900
From Jan 1 2,170,331 2,113,150
535,542
325,097
106,806
248,668
Texas A Pacific—
c
J u n e ..
2,688,122 3,236,173
509,972
524,344
646,898
381,596
Irom Jan I 17,840,491 19,372,486 2,250,935 2,033,986 3,481.954 1,297,668
Toledo St Lout; A Western
c
June
740,353
969,251
218,017
— 8,667
181,989
22,333
From Jan I 4,357,888 5,267,307
720,172
747,303
933,598
513,623
Vicksburg Shreveport A. Pac)/Jo
r
June
___
339,915
360,055
69,109
75,913
02,173
52,461
Yrma.io.o) 2,047,287 2,241,991
224,768
611,124
529,566
133,333
Western Pacific
June
963,152 1,4/3,890
60,585
472,896
413,026
-1 9 ,2 2 8
From Jan 1 5,555,690 6,689,19!
464,427 l , 495,979
19,424 1,131,459

<>21

Gross from Ha IIway
1921.
1920.

ft

ft

Western Ky of Alabama
June
204,404
213,750
From Jan J 1,214,117 1,363,648
Wichita Falls A Northwestern
c
June
.
152,594
J98,706
From Jftn I 1,124,993 1,284,185
YazOO A Mississippi Valley
c
Juno
1,512,700 2,355,577
From Jan 1 9,994,179 14,197,217

N<t fro m

1921 ■
V

/ to It w a y
1 020.
%
>

N e t a fte r

J921.

J

1920.

22,71 J
03,102

-9,590
272,281

13,010
40,299

16,700
220,224

2 1,007
196,219

54,703
-181,619

35,531
130,791

-05,377
249,160

30,627
823,1 11

88,896
1,724,039

89,174
176,089

0.474
J,212,240

ELECTRIC RAILW AY AND PUBLIC UTILITY COS.
Latest Cross Earnings
N am e o f Road
or Company.

fo n th .

> June
June
A ppalach ian P o w O o._ Juno
June
At lantic Shore Uy_
• M ay
* June
) June
June
B ingham ton L, H A F June
c >
B lack ston o V G & El June
. June
I
j
l M ay
t M ay
i M ay
dM ay
N assau E le ctric. _ M a y
M ay
South B ro o k ly n .
1 M ay
M ay
1 June
Juno
fc M a y
June
C itizcns T raction C o. M a y
z June
b M ay
June
C olora d o Pow er
M ay
June
C olu m bu s E lectric.
C o m ’w ’th P . R y & l June
June
) June
C u m b C o P & L t C o. M a y
M ay
. June
June
lig h t & pow er cos. _ June
) M ay
1 M ay
June
£ June
June
June
E rie L t C o & Subsid. M a y
s June
3 M ay
Ft W orth P ow & L t .
June
June
June
M ay
G reat W est P ow Sys. June
M ay
; M ay
June
i June
) June
H ou g h ton C o T r a c . _ June
June
M ay
Id ah o P ow er C o ____ June
d Illinois T r a c tio n . _ June
Inter boro Rap T r a n T o ta l sy ste m ______ M a y
K eok u k E lectric C o . June
K ey ston e T elep C o . June
June
Lake Sh E lec R v Sys. M a y
L o n g Island E lec C o. M a y
L ow ell E lec L t C orp. June
M ay
M ay
M e tro p o l E dison C o. June
M iss R iver P ow er C o. June
M u n ic Serv C o & sub. M a y
N ashville R y & L t C< M a y
N ebraska Pow er C o . . June
N ev a d a -C a lif E l C or] ) M a y
N E ng C o P ow Sys_. June
June
April
June
N Y & L on g Islam
M ay
N Y & Queens Com
M ay
5 N Y R a ilw a y s ._
M ay
b E igh th Avenui
M ay
b N in th A ven u e
M ay
M ay
June
June
June
Ocean E lectric C o _ M a y
_
P a cific Pow & L t C o . June
P aducah E lectric C o . June
Penna E dison L t & F June
P en n sylv U til System M a y
Philadelphia C o and
M ay
Philadelphia Oil C o.
Phila & W estern ____

R ead in g Trans & Lt.
R u tlan d R y , L t Ac P.
.Sandusky Gas A Ele<
c
Sayre E le ctric C o ____
Second A v e n u e .___
17th St Inel Plano C<
Southern Cal E dison
South Can P ow er C o
T a m p a E lectric C o .
Tennessee Pow er C o
T enn R y, L t Ac Power
Texas Row Ac Lt ()(>

June
June
June
June
June
M ay
June
June
M ay
M ay
June
June
June
M ay
June
J une
June
June
June
M ay
M ay
June

Current
Year.

Previous
Year

Jan. 1 to Latent Dale.
Currant
Year.

Previous
Year.

\
$
%
%
$
351,185 3 58,795 2,281,507 2,19 8,15 2
361,253 ; 335,612 2,050,709 1 ,810,632
213,190 192,902 1,308,569 1 ,119,737
10,759 | 18,339
105,310
90,420
100,551
100.834
575,561 j
470,480
2912,556 2523,998 18,100,834 i 4 ,804 ,582
43,502
37,449
277,619 | 227,583
52,188
58,495
352.265
347,042
07,003
57,936
425 552 ,
319,810
284,316 271,320 1,707,036 1 1,585,960
14257000 10874000 80,199,000 61,040,000
1014,156
0,150
251,853
9,687
413,656
74,213
1954,490
228,558
52,196
41,565
11 i ,845
823,785
76,110
70,150
66,142
81,177
1197,409
145,773
2491,036
112,204
1095,801
246,130
327,990
1728,216
148,552

932,718 4,634,570 ! 4,206,480
6,864
33,896
30,431
230,476 1,046,007
956,986
9,858
28,797
29,613
572,435 1,877*624 2,549,489
72,322
347,313
353,627
1836,187 9,144,559 8,697,974
172,753
747,235
864,644
285,840
315,732
49,174
39,453
237,359
252,418
541,299
108,660
559,158
2137,240 7,967,571 12,743,296
.386,244
412,258
79,199
436,413
80,796
505,616
69,878
287,835
299,051
94,722
1139,390 6,805,308 6 ,467,439
783,704
130,288
858,887
2430,317 15,773,822 15,004,378
717,801
117,543
713,690
1090,510 7,135,354 6,805,893
239,753 1,301.849 1,180,505284,271 1,790,691 1,549,434
1607,803 11,624,400 10,309,002
969,693
160,639
905,176

1242,577 1154,557
308,148 322,694
40,347
37,623
141,865 134,052
93,471 111.006

8,304,834
1 683,767
208,672
859,259
614,547

7,235,297
1,661,439
197,335
759,393
676,982

162,969
27,762
29,193
162,465
911,466
189,499 148,482 1,142,169
75,312
503,359
462,153
79,204
85,778
412,723
.480,642
71,130
377.659 357,968 2,061,900 1,910,553
192,836 2 00.SOI 1,082,865 1,011,872
321,689 325,156 1,878,965 1,760,060
898,822 869,916 5,603,278 5,214,774
695,457
134,081 130,578
711,315
580,479 463,952 3,633,413 2,781,139
715,703
143,642 152,687
704,606
1100,117 946,301 5 ,341,730 4 ,58 7 ,3 7 7
219,577
35,984
248,673
44,966
408,626
79,717
68,894
461,808
251,661
39,878
279,078
36,811
161,291
16,313
24,344
139,725
872,849 784,719 5,216,035 4 ,253,215
672.054
86,452 133,342
486,475
208,044 226,850 1,070,605 1,050,540
1720,433 1602,389 10,931,727 9,988,412
4730,491 4597,479 23,675,145 22,986,332
165,765
30,330
179,699
29,526
862,451
868,277
144,880 144,630
128,631
21,483
21,301
136,731
220.822 229,029 1.036,886 1,294,073
114,669
35,854
31,850
133,341
606,914
92,398
94,137
579,556
109,481
25,093
23,773
118,783
102,787
33,337
136,257
26,861
209,075 223,134 1,322,476 1,325,383
221,700 232,181 1,368,366 1,282,570
194,809 188,445
321,392 320,236 1,604,763 1,540,549
238,898 222,539 1,549,189 1,391,758
232,714 250,658 1,222,024 1,142,420
427,406 486,254 2,587,061 2,760,159
207,234
33,770
219,339
34,608
215,521 209.980 1.112,164 1,030,043
478,246 464,026 3,066,214 2,734,854
187,290
54,849
224,341
50,116
444,591
119,720 113,904
502,053
807,633 699,921 3,862,287 3,211,772
108,772
364,585
95,648
490,628
127,552
226,144
48,246
38,647
406,490
464,519
92,101
83,638
694,551 954,068 4,411,830 5,659,210
186,211
215,321
38,223
37,864
287,091 331,492 1,851,947 1.911,317
60,861
72,224
23,231
19,259
243,734 212,240 1,414,896 1,220,160
235,297
260,249
41,826
36,786
197,008 152,029 1,108,898 1,052,258
851,865
183,518 162,840 1,025,308
758,375 1135,516
552,907
63,039
67,911
3566,338
202,336
830,907
751,871
249.005
602.005
68,350
43,676
48,312
13,668
85.017
4,309
79,821
1375,812
o i 370
138,145
205,272
558,256
359,010

1003A
1 19,052
65,856
3177.708
194,623
741,300
735,578
253,101
633,962
41,012
45,413
47,370
12,245
84,223
4,278
63,975
1314,259
54 681
109,836
200,730
518,713
326,561

5,619,176

7,230,886

6,172,083 8,234,725
941,579
661,269
361,476
390,181
21,554,034 18,653,531
1,831,640 1,233,538
4,230,128 3.700,267
5,311,429 4,908,666
1,474,159 1,471.748
318,471
269,732
367,923
96,945
360,176
20,844
427,296
7,656,189

224,815
251,468
337,453
74,275
275,291
19,320
388,044
6.094,998

866,257
1,031,378
2,787,877
2,427,423

065,244
978,196
2,650.730
2.043,163

022

THE CHRONICLE
Latest Gf oss E arn in gs.

N am e o f Road
or Curn p u n y .

Current
Year.

M onth.

Previous
) 0j

Jan. 1 to Latest Date.
Current
Year.

Previous
Y e a r.

%
%
%
%
1224.307 1094,779 7,256,089 5,696,624
1146,869 1017,813 4.717.181 4.135.037
1000,199 949,907 5.341.382 5.062.836
519.609 490,887 3 ,341.895 3,201.841
667,910 638,816 4,277,709 4 .081,518
245,722
265,921
43,482
3 6.155
835,578 784,131 5,090.882 4,679.542
446,209 407,625 2,856,715 2,645,743
267.772
4 7,502
a T h e B rook ly n (Jiiy UK its no longer part o f the B rook lyn R a p id T ransit
B ystem , the receiver o f the B rook lyn H eights R R . C o h avin g, with the
ap p rov al o f the C ou rt, declined to con tin u e p a y m e n t o f the rental; therefore
since O ct i?s 1919, the B rook lyn C ity R R has been operated by its owners
6 T h e E ighth A ven u e and N inth Avenue R R . com pan ies were form erly
eased to thr N ew Y ork R ailw ays C o ., but these leases were term in ated on
July 11 1919. resp ectively since w hich dates these roads have been operated
sepa ra tely
c Includes M ilw au k ee L igh t, H eat and TTaction C o
d In
clude* all sources
e In clu d es con stitu en t or subsidiary com pan ies
/ E arnings given in m ilreis. g Subsidiary co s. o n ly , h In clu d es Tennessee
R ailw ay. Light A Pow er C o ., the N ashville R ailw ay A L igh t C o ., the
Tennessee Pow er C o and the C h a tta n ooga R ailw ay A L igh t G o . i Include?
b oth su bw ay and elevated lines, j O f A bin gtou A R o ck la n d (M a ss .)
k G iven In pesetas
T h ird A ven u e System - Jline
T w in C ity R ap T ran _ A pril
U nited Gas A El C orp M a y
U tah Pow er A L igh t- June
Utah Securities C orp June
V erm ont H y d r o -E le c . June
Virginian R y A P o w _ June
W in n ipeg E lectric Hy June
Y oungstow n A O hio June

Electric R ailw ay an d O ther Public U tility N et Earn
in g s .— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------- Gross Earnings----------------N et Earnings------Current
Previous
Current
Previous
Year.
Y ear.
Year.
Year.

C om panies.
B razilian

Tr

I.t

A P ow

Co

$

$

$

%

Ltd - - . . . -- - -June*14,257,000*10,874,000 *7,803,000 25.796.000
Jan 1 to June 3 0 ____ .*80,199.O OrGl .040,000x40,820,000x33,057,000
O
Illinois Trac Co_ ...J u n e 1,720,434 1.602,389
435,378
377.511
Jan 1 to June 30 . .
10,931.727 9.988,413 2.846,837 2,818.767
U tah Securities C o rp . (S u b ..
C os. o n ly ) --------------..J u n e
667,910
July 1 ’20 to June 3 0 . . 8.787.397
W in n ipeg E l R y C o _ ,_ J iu ie
446.209
Jan 1 to June 3 0 . . . . . . 2,85 6,71 5

638.816
7,905,831
407,625
2,645,743

2 94 .48 6
4,16 4,78 3
118,734
710.106

257.576
3 .860,259
118.602
710,721

* G iv e n in m ilreis.
Gross
E arnings.
S
C ities Serv ice
June 21
823,785
C om pany
'20 2 .13 7 ,2 4 0
12 m os ending Juno 30 ’21 19,922,312
20 21,958.032
F t W o rth P ow er
June 21
192,836
A L igh t C o
*20
200 801
12 m os ending June 30 •21 2,900.623
’20 1.802,827
H arrisbu rg R y C o . . M a y 21
143.642
'20
152,687
5 m os en din g M a y 31 ’21
704,606
*20
715,703
H on olu lu R a p
June '21
79,717
T ra n s A L an d C o
’20
68,894
6 m os en din g June 30 ’21
461,808
’20
408,626
Id a h o P ow C o
June '21
208,044
’20
226,850
12 m os endin g June 30 ’21 2.320,679
’20 2,040,073
M a n ila E lectric
June 21
310.462
R y A L t C o rp
'20
267,100
12 m os ending June 30 21 3,626,100
’20 2 .969,668
M ilw E l R y A L t C o June '21 1,407,868
_
'20 ________
1,430,843
12 m os en din g June 3Q ’21 19,193.268
’20 16,719,609
N ebrask a P ow er
June 21
238,898
C om pany
'20
222,539
12 m os ending June 30 ’21 3 ,04 4,85 0
’20 2 ,655,935
N ew E n gla n d C o
June ’21
427,406
P ow er System
’20
486,254
12 m os ending June 30 ’21 5.783,345
’20 5,162 192
P a cific P ow er
June ’ 21
243,734
A L igh t C o
’20
212,240
12 m os en din g June 30 ’21 2,85 8,69 5
‘20 2,398,481
P ortla n d G as &
June ’21
262,336
C oke C o
’ 20
194,623
12 m os endin g June 30 ’21 3,21 1,42 6
’20 2,371,374
P a cific G as &
Ju n e ’21
3,22 7,06 4
E le ctric C o
’20 2,753,991
6 m os ending June 30 ’21 19,367,796
’20 16,374,736
Southern C a lif
J u n e ’21 1,375,812
E d ison C o__
’20 1,314.259
12 m os endin g June 30 ’21 16^209!088
’20 11,790,454
Southern C aliforn ia E d ison C o—
(C ity o f L os A n - June ’21 1,251,691
g e le s o n w h olesale b asis)’20 1,185,662
12 m os ending June 30 ’21 6,916,101
’20 5,356,293
T ex as’ P ow er &
June ‘21
359,010
L igh t C o
’20
326.561
12 m os ending June 30 ’21 5,240,608
’20 3 .980,758
U nited L t A R y s C o A
Subs id C os:
12 m os ending June 30 '21 12,053,371
’20 10,995,207

N et after
Taxes.
%
783,187
2 075,714
19,285,340
21.261,252
*100,126
*85,312
*1,093,752
*918,503
550,013
549,710
5229,942
5272,201
32,099
24,659
155,969
147,352
*127,001
*144,228
*1 .32 6,82 3
*1.111,736
*126,210
*91,961
*1,378,653
*886,867
*332,549
*245,953
*4 ,34 5,33 8
*4 ,79 3,77 0
*68,396
*57,664
*971,085
*970,112
112,703
136,861
1.729,831
1,545,312
*108,639
*97,163
*1,351,208
*1,122,161
*83,107
*83,366
*951,740
*994,834
1.251,145
918,835
7,259,818
5,801,228
848,266
720,561
9 ,417,840
6,476,286

170,592
153,272
1.991.414
1,949,349
16,918
16,470
199.122
167,157
41,170
40,570
205.852
202.852
13,331
14,032
83,785
84,183
57,143
40,207
631,549
470,028
32,906
31,925
460,254
366,509
208,076
175,236
1,986,199
1,991,166
48,803
35,014
469,563
384.778
74,840
67,739
864,925
770,058
54,527
44,761
639,454
530,659
41,889
31,019
412.783
357,192
515,566
453,112
3,039.941
2,487,716
345.635
258.482
3,431,257
3,040,846

*848,266
*720,561
*4,664,850
>*3,481,221
*118,561
*70.687
*1.480,729
*1 ,31 7,03 9

345.636
258.482
1,783,706
1.514 ;865
70,809
58,141
722,440
662,717

502.630
462.079
2,881,144
1,966.356
47,752
12,546
758,289
654,322

3,285,037
3 .126.555

1,874,457
1,823.956

1,410,580
1,302,599

Fixed
Charges.
$

B alance,
Surplus.
S
612 595
1,922,442
17,293,926
19,314,903
83,^08

68 , 8-12

894.630
751,346
8,843
9,140
24,090
69,349
18,768
10,627
72,184
63,169
69,858
104,021
695.274
641,708
93,304
60,036
918,399
520,358
124,473
70,717
2,359,139
2 ,802,604
19,593
22,650
501,522
585,334
37,863
69,122
864 ,906
775,253
5 4 ;112
52,^02
711,754
591,502
41,218
52,347
538,957
637,642
735,579
465,723
4 ,219,877
3,313,512
502.630
462.078
5,986,583
3,43 5,44 0

b B efore d edu ctin g taxes.
* A fter'a llow in g for oth er incom e receiv ed.
----------- Gross— Net after Taxes---- -—Surp, after Charges—
1921.
1921.
1920.
1920.
1921.
1920.
S
S
S
S
S
S
Baton Rouge Elec Co—
r J u n e ______
12.004
43,562
37,449
13,583
7,649
9,715
12 mos____
521,224
426,302
154,500
166,599
102,877
123,931
Blaekstone Val Gas & Elec Co—
t June ______
284,316
87.436
67,885
271,326
59,501
42,952
p 12j_mos___ 3,387.984 3,018,777
923,873
936,316
609,450
625,315
Cape Breton Elec Co, Ltd—•
^ J u n e______
52,196
49,174
3,025
9,013
5,148
— 449
>
mos___
681,900
591,448
101,252
93,475
32,394
28,258
Central Miss Val Elec Co—
J u n e __ ___
41,565
39,453
10,336
9,790
6,677
6,995
12 mos___
506,043
462,577
125.249
96,920
84.941
65,655

[V ol. 113

- Gross------- —----------Net after Taxes----------Surp. after Charges —
1921.
1921.
1920.
1920.
1921.
1920.
$
S
8
$
%
%
( ulumbus Electric Co—
J u n e -, 145.773
130,288
86,183
55,747
52,995
24,601
12 mos
1,622,536 1,482,470
741,666
643,553
342,912
273,773
Connecticut Power Co—
June . . . . . . . .
112,204
32,753
117,543
46,684
12,764
27,066
12 mos
1.469,489 1,380,525
569,484
563.803
329,630
328,597
Eastern Texas Elec Co J u n e ______
141,865
134,052
51,826
44,565
42,255
34.453
12 m os___ 1,719,110 1,498,941
622,206
578,958
407,544
419,076
Edison Elec* Ilium Co of Brockton—
June __
93,471
27,821
111,006
39,063
26,131
36,698
12 mos
1,240,265 1.244,581
317,263
431,708
282,348
370,609
El Paso Electric Co—
June . . . . .
189,499
148,482
57,617
43,872
46,692
35,518
12 mos
2,162,333 1,735,271
542,164
686,188
556,400
445,681
1 lee Lt & Pow Co of Abington & Rockland
June . . . . . .
27,762
6,195
29,193
1,291
692
5,320
12 mos
356,473 0 325,257
59,948
57,694
49.834
50,728
Fall River Gas Works CoJune
85,778
71,130
22,588
14,402
14,397
22,415
12 mos
977,619
832,193
214,535
165,347
163,721
212,023
Galveston Houston Elec C o—
June
321,689
325,156
94,742
99,440
59,015
64,148
12 mos
. 3,927,858 3,385,329 1,124,607
914,480
700,298
492,496
Haverhill Gas Light C o—
June ____
44,966
35,984
13,996
4,076
13,160
3,567
12 m o s ..
479,739
428,963
74,680
72,572
64,195
65,667
Houghton County Elec Light Co
J u n e ___
39,878
36,811
— 139
— 5,205
7,023
3,099
12 m o s ,,
599,573
485,354
75,474
146,357
11,973
99,376
Houghton County Trac Co
June
16,313
24,344
— 3,444
4,407
— 955
— 7,956
12 mos
298.855
309,531
23,141.
69,995
— 30,421
21,283
Keokuk Electric Co—
J u n e______
30,330
29,526
7,416
5,111
7,540
3,763
12 mos___
366,107
336,911
81,263
59,814
31,009
42.901
K ey West Electric Co—
J u n e ______
21,483
21,301
5,903
8,523
4,030
6,566
12 mos___
268,112
242,893
93,263
' 61,782
84.610
68,681
Lowell Elec Light Corp—
J u n e ______
92,398
94,137
24,545
17,081
24.082
14,892
12 mos___ 1,208,520 1,118,207
287,401
327,982
304,574
266,435
Miss River Power Co—
164,121
June______
221,700
232,181
81,546
180,861
59,667
12 mos____2,821,167
2,585,267 2,116,031 2,039,051
888,828
821,868
Northern Texas Elec Co—
Ju n e______
287,091
331,492
120.723
73,244
98,616
95,860
12 m os____ 3,892,281 3,740.603 1,349,854 1,459,761 1,046.850 1,161,400
Paducah Electric Co—
J u n e ______
41,826
10.142
36.786
7,871
1,822
1,689
__ ___
133,441
______
12 m os___
508,520
48,392
Puget Sound Pow A Light Co—
J u n e ______
751,871
267,587
735,578
106,339
263,696
123,626
12 mos___ 10,203,194
9,482.548 4,260.461 3,875,678 2.391,169 2.049,289
Sierra Pacific Elec Co—
J u n e ______
79,821
38,122
22.034
63,975
27,871
31,815
12 mos____
818,498
757.948
352,087
358,425
286,628
276.925
Tampa Electric Co—
J u n e ______
138,145
37,754
109,836
50,751
46.309
33,509
12 mos____ 1.607,684 1,387,637
604,723
545.328
490.872
552.978
New Y o r k Street Railways.
Gross Earnings---------------- N et Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Com panies.
8
$
$
$
a B k lyn C ity R R ( R e c ) . .M a y 1,014,156
234,884
932,718
87,652
Jan 1 to M a y 3 1 . _ 4,63 4,57 0 4,20 6,48 0
612,597
49,566
a B k lyn H eigh ts ( R e c )_ _ M a y
6,150
6,864
1,660
16,485
Jan 1 to M a y 31
30,431
33,896
— 1,863
22,323
B kln Qu C o A S u b (R e c) .M a y
228,558
172,753
22,020
52,795
Jan 1 to M a y 31864,644
747,235
117,873
— 2,752
C o n e y Isl A B k ln (R e c) .M a y
72,634
251,853
43,887
230,476
Jan 1 to M a y 31
1,046,007
946,986
70,848
169,346
C o n e y Isl A G r a v e s e n d .M a y
9,687
9,858
2,073
— 4,855
Jan 1 to M a y 31 - 29,613
28,797
— 5,454
— 13,202
N assau E le ctric (R e c )_ _ M a y
413,656
108,790
572,435
74,638
Jan 1 to M a y 31
198
1,877,624 2 ,549,489
234,853
N Y C on solid a ted (R e c) .M a y 1,954,490 1,836,187
487,569
485,898
Jan 1 to M a y 31
9,144,559 8 ,697,974 1,780,546 1,906,241
24,802
South B ro o k ly n
M ay
74,213
72,322
18,981
Jan 1 t o M a y 31
353,627
47,680
347,313
90,796
bN ew Y o r k R a ilw a y s ___M a y
— 27,869
699,921
807,633
8,055
Jan 1 to M a y 31 _ 3,862,287 3,211,772 — 113,111 — 395,541
b E igh th A ven u e R R .M a y
108,772
95,647
— 31,257
— 33,858
Jan 1 to M a y 31 - 490,628
364,585
— 98,641 — 224,437
38,647
b N in th A ven u e R R _ _ M a y
48,246
894
— 5,285
Jan 1 to M a y 31
127,552
226,144
— 32.858
— 67,286
In te rb o ro R a p T ra n S ystem —
S u bw ay D iv isio n ____ M a y 3.006,506
2,850,011
1.160,544 1,223,210
Jan 1 to M a y 3 1 _______15,282,178 14,370,935 5,795,513 6,204,821
E lev a ted D iv is io n ____ M a y 1,723,985 1,747,468
397,778
431,033
Jan 1 t o M a y 31
8,392,966 8,615,393
1,579.183
1,883,777
M a n h B ridge 3 c L in e ___M a y . 25,093
23,773
2,337
3,757
Jan 1 to M a y 31
118,783
109,481
8,217
7 ,63 0
Second A v e R y ( R e c ) ___M a y
85,017
84,223
— 3,949
6,213
Jan 1 to M a y 3 1 ____
366,176
275,291
— 56,199 — 110,947
N Y & Queens C o u n t y .- M a y
119,720
113,904
— 29.6S2
— 473
Jan 1 to M a y 31
502,053
444.591 — 162.962
— 97,091
L on g Island E le c tr ic ____ M a y
35,854
5,743
31.850
5,421
Jan 1 t o M a y 31
133,341
114,669
— 11,476
— 5,379
N Y A L o n g Isla n d M ay
54,849
50,116
— 2,830
2,867
Jan 1 to M a y 31 - - 224,341
— 49,620
187,290
— 47,133
O cean E le ctric
-M a y
23,231
19,259
8,537
2.381
Jan 1 t o M a y 31
72,224
60,861
9.195
— 22,206
M a n h a t A Q u e e n s (R e c)_ M a y
33,337
6,641
26,861
3,757
Jan 1 to M a y 31
136,257
102,787
11,026
— 7,895
R ich m L t A R R ( R e c ) - .M a y
68,350
41,012
— 4.166
— 11,586
Jan 1 t o M a y 3 1 _______
318,471
— 56,159
224,815
— 49.424
N o te.— A ll th e a b o v e net earnings are after d ed u ctin g taxes.
a T h e B ro o k ly n C ity R R . is no longer p art o f th e B ro o k ly n R apid Transit
System , the receiver o f the B ro o k ly n H eigh ts R R . C o . h avin g, w ith the
a pp rov al o f th e C o u rt , declined t o con tin u e p aym en t o f th e rental; therefore,
since O ct. 18 1919, the B ro o k ly n C ity R R . has been op erated b y its ow ners.
b T h e E igh th A v e . and N in th A v e . R ailroad C om pan ies were form erly
leased to th e N e w Y o rk R ailw ays C o ., bu t these leases were term inated on
July 11 1919 and Sept. 26 1919, re sp ectively, sin ce w hich date these roads
h ave been op erated separately.
— D e fic it.

FINANCIAL REPORTS.
F in ancial R ep orts.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will ;c
include reports in the issue of the “ Chronicle” in w h i c h it is
published. The latest index will be found in the issue of
July 30. The next will appear in that of August _7.

THE CHRONICLE

A ug. 6 1921.]

Great Northern Railway
(32 nd Annual Report— Year ended Dec. 31 1920)
The text of the report signed by President Ralph Buck
together with various statistical tables, income account and
balance sheet as of Dec. 31 1920, will be found on subse
quent pages of this issue.
RESU LTS OF L IN E S O P E R A T E D A S G R E A T N O R TH E R N R Y . A N D
THOSE IN D E P E N D E N T L Y O P E R A T E D : M IN N E A P O L IS
W E S T E R N R Y . A N D D U IA JTU T E R M IN A L .
(R oad operated by U S. E H . A dm in. Jan. 1 1918 to M a r 1 1920]
1910.
1918.
1920.
1917.
Statistics—
—Federal
Combined.
DataCom p a n g .
A vorago m iles operated
S.17S
8,17(>
8,200
8,233
Operations—
Passengers ca rried _____
8,538,912
8,530,661
7,264,346
8,382,035
d o on e m ile ________ 685,004,740 704,978,961 601 ,023,056 667,036,000
A v . rev . per pass.per m . 3.000 c t s .
2.784 cts.
2.608 cts.
2.374 cts.
R even u o freight (tons) _ _ 32,948,292 27.390,432 30,948,659 30,650,814
d o on e m ile (o o o )___ 8,518,841
7.973,569
8 ,399,349
8,844,787
A v . re v . per ton per m ile 1.0537 cts.
.9701 cts. .8699 cts.
.7655 cts.
R e v . train-loan ( t o n s ) .663
684
684
671
Earns, per pass, t rain m_
$1,673
$2,107
$1,601
$2,319
E arn , per fg t. train m ile .
$7.21
$5.95
$6.44
$5.14
G ross earnings p er m ile .
$12,963
$14,997
$12,191
$10,762
Earnings—
1919.
1920.
1917.
1918.
P assenger____________ $20,551,025 $19,623,859 $15,672,420 $15,836,341
F re ig h t______________
76,937,445 64,300,666
77,351,472
89,760,845
M a il, express, & c
8,413,794
6,277,063
5,707,159
6,342,062
O ther than tran sp
3,891,112
3 ,309,750
2,381,496
2,119,666
G ross oper. r e v . _ .$ 1 2 2 ,6 1 6 ,7 7 6 $106,562,145 $100,698,520 $88,598,735
Expenses—
M a in t. o f w ay, &c_ $25,739,672 $18,176,655 $17,405,470 1 i ,570,157
M a in t. o f eq u ip ____
20,200,065
26,742,469
20,757,399 11,890,989
T ra ffic expenses___
1,232,215
678,088
778,989
1,336,870
G eneral expenses___
1,846,851
2,938,478
1,737,401
1,510,405
T ran sp or. expenses.
44,482,867
55,712,338
43,024,345 32,262,502
M is c e l. operations _
1,930,320
1,586,165
1.246,744
1,133,911
Transport for invest
Cr. 184,416
C r.295,832
Cr. 521,102 C r.422,678
T o ta l op er. exp en s.$113,999,659
N et earnings________ $8,617,117

$86,786,273
$19,775,872

$84,429,245 $59,282,156
$8,8 87 ,7 79 $ 2 9 ,31 6 ,57 9

C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31.
1920.
1919.
. 1920.
4
_
c
Liabilities—
S
$
R y prop < inv_.427,792 ,984 412,260,555 Capital stock_ 249,477,150
fc
_
Misc. phys. prop 4.917,415
4,937,666 Prem. on cap. st.
81,268
Dep., improv.,
Grants in aid of
sink, fund, &c
213,098
219,788
construction. _
168,365
Half int. in C. B.
Funded debt__ 257,931,062
& Q. stk. held
Accts. & wages. 12,292,983
by trustee of
Other accts. pay 9,023,761
joint b o n d s ...109.114.810 109,114,810 Accrued taxes. _ 6,094,005
Other holdings—
Acer, int., &c_
_
604,150
Stocks_______ 76,346 ,872 80,934.739 Loans & bills pay 21,500,000
Bonds oth. cos 26.7S7 ,600 26,787,600 Traffic, &c., bal
895,910
N otes_______
2,992,405 Int. matured_
2,468,,542
_ 4,789,720
Advances____ 10,938,,555 10.333,705 D iv., & c., matd.
28,252
Miscel. invest._ 8.156, 358
8,127,377 Depreciation___ 32,815,420
Cash on hand_
_
9,847.036 Ins., &c., funds. 1,916,182
7,840, 904
Loans & bills rec
14.842 Additions, &c__ 37,375,080
46, 956
Demand loans &
Other work liab.
deposit______
1.050, 000
& def. credit
Traffic &c., bal. 1,513, 162
items (net)_
_ 9,441,911
Agts. & conduct. 3,441, 309
U. S. R R . Adm.
Materials & supp 14,305, 321
def. liabilities. 73,992,617
Other accounts
LTnadj. credits._ 8,232,525
receivable, &c 9,106,425
3,656,727 Fund dt. retired 1,334,024
Rents U. S. R R .
Sink, fund reser.
12,608
Ad minis_____ 19,976, 154 22,025,928 Misc. fund re s..
674,155
Other assets____
123 278
25,352 Approp. surplus
653,115
U. S. R R . Adm.
Profit and loss._ 83,310,856
def. assets___ 58,348, 775 57,417,430
Other def. assets 8,261, 426
6,987,400
1,585,652
Unadj. debits. _ 21,175, 174
Total „
--812,645,119 757,269,012
-V . 113, p . 532.

1919.
$

249,477,150
81,268
104,102
270,868,941
186,308
6,402,924
1.539.802
492,675
1.475,000
1,831
4.876,700
9,885
32,272,753
1,664,101
37.444,657
7.093.084
58.698,182
2,223,981
1.230.447
24,321
5,385,635
303,871
75.411.395

Total________ 812,645,119 757,269,012

Gulf Mobile & Northern Railroad.
(4 th Annual Report— Year ended December 31 1920.)
Pres. I. B . Tigrett, Mobile, A la ., June 1, wrote in subst.:
Final Settlement With U . S .— On Sept. 23 1920, a (com prom ise) settlem en t
was m ade w ith the D irector-G en era l coverin g the entire p eriod o f Federal
con trol and em bracing all item s o f a ccou n t inclu din g addition s and b etter
m ents, m aterials and supplies and open a ccou n ts, as well as an adju stm en t
for deficiencies in m aintenance during Federal con trol and an allow an ce o f
addition al com p en sa tion .
T h e net result o f the settlem en t w hich in clu d ed the a ccou n ts and claim s
o f M eridian & M em ph is R ailw ay C o ., was th e determ ination o f the balance
due b y th e com pa n y to the D irector-G en eral as $100,000 and the fun din g
b y the D irector-G en eral o f this indebtedness and an addition al sum o f
$380,000 representing cash p aym en t to the com pa n y at tim e o f settlem ent,
or a tota l o f $480,000 in the co m p a n y ’s 6 % n ote, due M a rch 1 1930. T he
stockholders on N o v . 10 1920 v oted to ap p rov e the settlem en t and the
agreem ent was executed on F e b . 1 1921. [The p ro fit and loss a ccou n t for
1920 includes a credit item o f $293,399 for “ A d ju stm en t o f U . S. G o v t,
accounts as settlem en t w ith U . 8. R R . A dm inistration Sept. 23 1920.”
See also V . I l l , p . 2420, 1566.— E d.]
A tten tion is called to th e fa ct th at the cost o f new con struction during
Federal con trol, inclu din g the Jackson E xtension and B lod gett B ranch was
m et alm ost entirely from funds ad va n ced throu gh the com pa n y b y the
U. 8. R R . A dm inistration or applied d irectly b y the A dm inistration.
Federal Guaranty for the 6 M onths ended A u g . 31 1920.— T h e corporate
Incom e A cco u n t for 1920 shows th at for the 6 m onths ended A u g . 31 1920
(V . 112, p . 2637) an a m ou n t o f $728,000 has a ccru ed as the a m ou n t due the
com pan y under the Federal G u aran ty for th a t period alth ou gh the co m 
p a n y ’s claim , which has n o t y e t been settled , is in excess o f this am ou nt.
As o f D ec. 31 1920, $528,000 had been received as partial p aym en t on ac
cou n t o f th e claim .
D uring th e guaranty p eriod extraordinary expenditures were m ade to
restore the p rop erty to efficien t operating con d ition and charged to m ain
tenance. T o th e exten t th a t m aintenance, m easuerd b y the equated c o s t o f
work d on e and m aterial a pp lied, exceeded on e-h a lf o f the average annual
m aintenance during the test p eriod, the a m ou n t th ereof m ust b e born e b y
the com p a n y.
Funded D eb t.— D u rin g th e year there were retired and canceled $26,000
M obile Jackson & Kansas C ity R R . C o . 1st M . 5 % G o ld B on ds. T h rou gh
the deposit o f cash with the trustee coverin g principal and interest o f th e
$J 000 bond o f said issue rem aining ou tstanding, the m ortgage securing the
same has been released o f record .
7 h e com pa n y execu ted on O ct. 1 1920 its First M ortga ge to U . 8.
Mortgage, & T ru st C o ., trustee, to secure an issue o f $15,000,000 b onds.
There have been issued under the said m ortgage $ 4,0 00 ,0 00 First M ortgage
6 % Series “ A ” G old B onds which under the order o f th e Inter-State C o m 
merce C om m ission a p p rovin g the issuance th e re o f m ay be u sed , pending
further orders o f the C om m ission, on ly as collateral secu rity to loans. As
o f D ec. 31 1920, there were held in the Treasu ry $ 2,970,000 o f such b ond s,
snd $1,030,000 wfire, pledged as collateral to loan fro m the G overn m en t.
' V. 11 J. p. 1J82, 1369, J752, 204 1.)
Add/UUms and Betterments.—-An additional am ou nt o f $212,454 was
expended during the year ori the; Jackson extension, bringing the total cost
o f the p roject as o f D e c. 31 1920 to $2,182,704. T h e principal item s o f
expenditure were grading $81,760; ballasting (n ot yet co m p le te ), $43,252;
•./gna.js and infcrloekors, 819,736; arid interest during con struction on
expenditures m ade by the U. S. R R . A dm inistration $39,303. T h e Jackson
Extension has been in op eration since Sept. 3 1919. (As to Jaekson A
Eastern R y . sex; v 1J3, p. 4 )6 .)

623

T h e B lod gett Branch was extended 3.85 m iles, lncr< sing the, length o f
the branch to 28.05 miles. T h e total Investm ent in till:; p ro je ct .IS o f
D ec. 31 1920 was $68 I ,080.
E llts n llle Branch Abandoned. -Tills branch 6.56 miles was abandoned
D ec. 26 1920 with permission o f I. s . C C om m ission.
Roadway. a , Hated In the 1019 report, the property was returned to its
owners in poor physical con dition duo to Inadequate m aintenance during
Federal con trol.
By the expenditure o f large sums for m aintenance the
p rop erty was restored to efficien t operatin g con d ition before !>• : 31 1 9 2 0 .
Comparative Figures Indicating the Extent o f M aintenance Daring 1920 A 1919.
1919,1 Bridge Material
1920.
1920.
1919
<irons ties:
(/rcosotod feet it M 1,802,862 600,314
( ‘rro-uited
8/5,254
<ire in feet. 1: M
4,602
063,879 330,616
40,818 42,379
Old feet. li M
i hi treated pine
124,594 41,631
88,685 107,817
Untreated oak .
427
Total fecit H M 2,061,335 884 .661
Untreated gum
Piling:
Total
.215,184 154,793, Green lineal feet
11,698
8,307
142
20
Switch tics: Sets.... ........
do Oreosotcd
123,478
31,457
Equipm ent.— D uo to the p oolin g of equipment during Federal co n tro l.
resulting in a large percentage o f equipm en t rem aining on foreign lines for
long periods, there have been substantial accruals o f m aintenance and in the
closing m onths o f the year m an y cars were returned needing h eavy repairs.
As o f D e c . 31 1920, there wore 149 bad order cars on h an d, or 8 .6 % o f
equ ip m en t ow ned.
T h e m otive pow er situation was su bstan tially im proved b y the sale o f
ob solete locom otives and purchase o f fou r now M ik a d o loco m o tiv e s.
T ra ffic.— Substantial progress was m ade in the resotration o f com p etitive
tra ffic routes. B ranch offices were opened in St. Louis, C h icago, M em ph is,
D etroit and N ew Orlenas for the solicitation o f freight tr a ffic w ith satis
factory results. C onferences have been held with con n ectin g lines and
progress m ade in an e ffo rt to secure increased divisions o f jo in t rates.
Operating Results.— T h e increase in op eratin g revenues is the result o f
heavier m ovem ent o f tra ffic and increased rates m ado e ffe ctiv e b y the
1. S. C . C om m ission on A u g . 26 1920. Passenger rates were increased
to 3 .6 cents per mile and freight rates in the Southern D istrict in w hich the
road is located, were increased 2 5 % . R ates on freight traffic m ovin g from
one district to another were increased 33 1 -3 % . A large percentage o f
lum ber traffic originating on the line is consigned to oth er d istricts and
carries the increase o f 33 1 -3 % . T h e p rop erty did n ot receive the fu ll
b en efit o f the rate increase until O ct. 1 1920, the M ississippi R R . C o m 
mission having refused to perm it the a pp lica tion o f the increased rates on
intra-State tra ffic m ovin g in M ississippi until th at d ate.
W hile lum ber tra ffic originating on the line fell o ff tow ard the end o f the
year due. to depression in the lu m ber indu stry there was an increase in
exp ort traffic.
A ll item s o f operating expense were m aterially increased b y reason o f a
wage award m ade b y the U . S. R R . L a b o r B oard on J u ly 20 1920, increasing
wages paid to all classes o f labor on an average o f 2 2 % , retroa ctive to
M a y 1 1920
T h e large increase in m aintenance o f w a y and structure and
m aintenance o f equipm en t a ccou n ts reflect extraordin ary expenditures
m ade to restore the p rop erty to efficien t operatin g co n d itio n . T h e increase
in transportation expense is the resu lt o f the w age increase and heavier
m ovem en t o f tra ffic. T h e co s t o f fuel was greatly in excess o f 1919.
T h e practice o f charging per diem rental for freigh t cars on foreign lines
was resum ed w ith the restoration o f p rivate co n tro l. T h e d e b it in this
a ccou n t is due to the large a ccu m u lation o f foreign cars on the line under
load w ith export freight during the later m onths o f the year, and to the
large num ber o f b ad order cars on hand.
[The corporate incom e a ccou n t fo r 1920 (V . 112, p . 2637) inclu din g
$103,051 com pen sation fro m U . S. G overn em en t fo r the tw o m on th s
ended F eb . 29 1920 and $728,000 a ccru ed o n a ccou n t o f Federal guaranty
fo r the half-year ended A u g . 31 1920, show s a surplus a fter interest charges
o f $15,827.
T h e aforesaid Federal item s are n o t taken in to a ccou n t in
the com bin ed operatin g statem en t b e lo w .— E d .
O P E R A T IN G R E SU LT S A N D S T A T IS T IC S FOR C A L E N D A R Y E A R S .
1917.
1920.
1918.
1919.
A verage m iles operated
402
470
424
438
Passengers ca rried _____
549,699
1,102,084
674,570
918,906
Pass, carried 1 m ile____ 23,380,047
15,058,994 12,543,940
19,308,501
A v e r, am ou nt rec. fro m
63.21 cts.
61.53 cts.
each passenger________ 64.571 cts. 61.754 cts.
A v e r, a m ou n t per pass.
2 .7 cts .
p er m ile______________
3 .0 cts.
2 .8 cts.
2 .9 cts.
T on s o f frt. carried_____
1,545,897
1,346,153
1,247,951
1,197,196
T o n s o f fr t. carr. 1 m ile .2 1 6 ,2 4 1 ,5 1 0 111.074,724 125,774,952 137.285,504
A v . a m t. rec. per t o n ___
$2.05775
$ 1.3835
$1.4968
$1.76468
A v e r, receipts per ton
1.36 cts.
per m ile______________
1.47 cts.
1.48 cts.
1.90 cts.
C O M B IN E D CORP. A N D F E D E R A L IN C O M E A C C O U N T E X C L U D IN G
I N A L L YE A R S F E D E R A L C O M P E N S A T IO N A N D G U A R A N T Y .
[R oa d op erated b y U . S. R R . A d m in . Jan. 1 IS 18 to M a rch 1 1920.]
1917.
1920.
1919.
1918.
O p e r. revenue— freigh t _ _$3,181,066 $2,112,677
.867,949 $1,862,430
Passenger____ _________
711,629
338,234
426,398
567,466
M a il, express, & c_____
197,882
95,141
99,834
86,445
In cid en tal rev en u e_______
57,383
2 6,845
3 7,500
43,529
T o ta l op er. re v e n u e .
147,960 $ 2,823,506 $2,418,292 $2,322,650
O perating expenses—
M a in t. o f w ay & stru c t.$1,440,842
$637,502
$311,491
$431,541
686,546
M a in t. o f e q u ip ________ 1,093,938
399,371
557,449
T r a ffic -------------------------133,984
71,060
51,816
56,228
T ra n sp o rta tio n ________ 2 ,026,246
1.298,091
717,340
999,168
M isce l. op era tion _____
____
38
75
270
G eneral expenses_____
215,999
166,515
109,308
123,415
T ra n s . for in v e st_____ _ C r,1,907
C r. 12,172
$2,847,579 $2,168,070 $1,589,401
T o ta l op er. expenses___ $4,909,102
N e t operatin g r e v e n u e ._d e f761,142 def$24,072
733,249
250,222
R ailw ay tax accruals, & c _
180,404
183.326
141,140
202,159
N e t oper. in c o m e ____ d e f$941,545 d ef$207,399
$48,062
$592,102
H ire o f freigh t ca rs_______
_______
11,285
153,514
43,497
21,748
R en t from e q u ip ., & c____ deb .92,552
15,922
34,139
M iscella n eou s____________ x842,279
9,264
5,517
4,396
In c. from u nf. sec. & accts
46,866
8 ,000
18,724
12,705
In c. fro m fd . sec. & a c c t s .
33,396
30,006
$149,940
G ross in co m e ___________d f $ l l l , 5 5 6 d e f$127,094
$778,640
R e n t for equipm en t, &c__
4 ,89 6
5,128
8,831
Interest on fu n d ed d e b t . _
7,758
1,58$
1,350
1,350
Interest on u n fu n d . d e b t .
51,540
144
20,602
36,716
M is c. in com e ch arges____ x644,370
15,164
B alan ce, surplus
772,011
__ d f$815,224 d e f$189,156
$122,861
x T h e “ C h ron icle” learns o fficia lly th a t the 1920 item s “ M iscellaneous
incom e $833,530” and “ m iscellaneous in com e charges, $644*370” represent
resp ectively Federal co n tro l receipts and disbursem ents (lapovers a fter
M a rch 1 1920 from op eratin g a cco u n t) plus corp ora te incom e $936 and
m iscellaneous in com e charges, $7,225.
G E N E R A L B A L A N C E S H E E T — D E C E M B E R 31.
1920.
1920.
1919.
1919.
Assets—
Liabilities—
$
$
$ ;
S
Road & equip_ 25,340,178 24.797.48S Common stock_ 11,072,500 11,072,500
_
_
Misc. phy. p rop ..
11,494,400 11,494,400
54,371
59,095 Preferred stock
Affiliated cos. and
27,000
M . J. & K . C. bds.
1,000
other Invest___
631,915
631,915 Dir. Gen. of RRs_
480,000
C a s h . . __________
349,473
515,000
68,991 Sec. of Treas___
►
Special deposits_
_
3,110
835 1st m. 6% gold bds 4,000,000
744,122
Loans and bills rec.
2,345
2,345 Loans < bills pay. _ 598,187
fe
9,817
861.457
Traffic, &c., bal__
82,077
18,163 Accts. & wages pay
2,860
Materials
supp
488,686
146,238
Traffic, &c., bal._
62,970
78,613
Agts. & conductors
8,051
Miscellaneous____
835
835
Miscel. accts. rec_
544,290
3,475 Interest matured. _
129
6,797
Int. & dlv. receiv.
28,465
58,431 Interest accru ed..
1,556
975
Deferred assets_
_
1,601
761 Deferred liabilities
2,540,073
2,436,095 U. S. G ovt_______
U. 8. Government
___
119,542
33,100
i readjusted debl ts 112.11s
71,762 Operating reserves
671,866
Accrued deprecla.
611,434
►Securities unpledg. 2,970,000
56,534
35,396
Securities pledged 1,030.000
1 fnad 1. credits
1,843,037 1.513,167
Profit and lo ss ...
1 ota i
. _ .31.946,981 28,149,359
v . 113, p 4 I 7.

Total__________ 31,946,981 28,149,359

THE CHRONICLE
M issouri K an sas & Texas Lines.
Report for the Fiscal Year Ending Dec. 31 1920).
Receiver C\ E. Schaff, St. Louis, M o . , July 1 1921, wrote
iu substance:

c o n s o l id a t e d

[ V ol . 113
federal

Operating Revert ueF re ig h t__________
Passenger _ ________
M a i l ______________
Results fur the Year ( including I
S HR. Adm inistration Operations.— • E x p r e s s __________
Operating revenues were $72,914,737 an increase of $11,089,361 or 18%, but M is c e lla n e o u s ___
operating expenses iiuTc&sed $12,893,983 or 23% anti taxes increase*! Inciden tal ______
$50,986, oi- 3% , so that operating income was $945 003, a decrease of Join t fa c ility _____

$1.861.H()l, or 66% . Miscellaneous income was $614,644, an increase of
$162,806, or 36% , vvhile rentals and other payments were $2,005,680
1increase $321,3;-9 or 19%), leaving a deficit fur year before deduction fur
interest of $446,033. as compared with net income of $1,574,159. Interest
accrued was $6,855,343 (increase $113,550), resulting in a net loss for the
year of $7,301,376.
IN T E R E S T A N D S I N D tN O F U N D S M A TU RED D U R IN G R E C EIVE R S t l lF B U T N O T R A ID DEC. 31 1920.
Interest Deferred. Aggregating $1,038,131
D ec 1 1920 $799,990
M . K . St T . R y 1st M ___________________
N o v . 1 1920
136,700
M . K & O. 1st M ................................................
Aug. I 1920
50,000
K . O. A Pac. 1st M _________________________
N o v . 1 1920
17,940
B oon ville R R . B ridge 1st M _______________
N o v . 1 1920
33,500
D allas A W 1st M _________________________
Coupons M aturing
Int. Defa ulted Aggreg<al'g $10,978, 170
M . Kansas A T exas 2 m 1 Alt'- - . . ! Feb. 1 1916 to A u g. 1 1920 $4,000,000
do
G enl. M tgt5. b o n d s ___ .Jan. 1 1916 to July t 1920 2,344,725
do
First A R ef . M b o n d s . M ar. l 1916 to Sept. I 1920 1,998,400
do
1st M . exte nsion b d s __ .N o v . 1 1915 to N o v . l 1920
894,575
do
384,800
St. L D iv . 1st M R ef Apr. l 1916 to O ct. I 1920
do
2 -y r . gold notes e x t . _ N ov. 1 1915 to N o v . 1 1920 6 ,261,420
M lv A E 1st M tge. bonds _ _ _ O ct. 1 1916 to O ct. I 1920
900,000
do
2nd M tge. b o n d s ______ -A p r. l 1916 to O ct. 1 1920
14,500
T ex . A Okl;it. R R . 1st M . b o n d s___ . M a r. 1 1916 to Sept. 1 1920
586,750
SVV. C oal A Im p . C o . 1st M . b d s . _Jau. 1 1916 to July 1 1920
222,900
M . K . A T . R y. C o . o f T ex . 1st M .S e p t , 1 1916 to S ep t. 1 1920 1,013,625
Sherman Shrevep. A So. R y . 1st M D ec. 1 1915 to D oc, 1 1920
464,475
W ichita Palls A N W . liy . C o. 1st M J u ly 1 1918 to July 1 1920
262.250
do
1st A R ef. M tg e b o n d s . July 1 1917 to J u ly 1 1920
525,000
do
1st Lien C o ll. T r . bds __ July 1 1918 to J u ly 1 1920
104,750
Sink. Funds Deferred— $14,233—
B oon v ille R ailroad Bridge C o . 1st M t g e ______________ N o v . 1 1920
$14,233
Sink. Funds Defaulted Aggregat. $2.906.172—
M o . K . & T e x . R y . C o . G enl. M . ..J a il
l 1916 to J u ly 1 1920 $2,618,525
S W . C oal A Im p r. C o . 1st M ______ Jan.
11916 to J u ly 11920
198,647
W ich ita F alls A N W R y . 1st M . . . J u l y
11918 to J u ly l 1920
57,500
do
1st Lien C o ll. T r . M . ._ J u l y 1 1917 to J u ly 1 1920
31,500
Funded Debt.— T h e changes in funded debt in hands o f the p u b lic during
the year sh ow a net increase o f $418,324. v iz .: (1) Increase M . K . A T . R y .
N at. R y . E q u ip . T ru st, $1,261,500, and M . K . A T . R y . o f Texas. M exican
Petroleum C o . agreem ent. $182,824; (2) D ecreases, B o on ville R R . B ridge
C o . l&t M tg e. Is, $13,000; M . K . A T . R y . C o . 2 -year G old notes extended,
$26,000; W ich ita F alls A Southern R y . C o . 1st M . b on d s [road released
from system F eb . 29 19201. $729,000; M . K . A T . R y . C o . 10-year 5 %
E qu ipm en t notes o f 1913, $190,000; T h e M . K . A T . R y . C o. o f Texas
10-year E q u ip m en t n otes. Series A , 5 % Serial o f 1914, $68,000.
Return on Property Investment.— In 1920 th e in com e a vaila b le for interese
was $4,340,130, and the per cen t o f incom e on p rop erty in vestm en t was
1 .7 3 % , con trastin g w ith 2 .8 5 % in 1920 and 3 .4 0 % in 1917, and an average
o f 2 .8 3 % for the ten years 1911 to 1920. inclusive.
Rolling Stock.— D u rin g th e yea r, expenditures were m ade for new equip
m ent (principally locom otives] a m ou ntin g to $ 4,926,880 and im p rove
m ents to existin g equipm en t a m ou ntin g to $504,384. T h e va lu e o f eq u ip 
m ent retired durin g the year, less replacem en ts, was $381,586, leavin g a
net increase o f $5,049,678 in th e valu e o f equ ip m en t ow n ed.
Federal Guaranty for the H a lf Year Ended A u g . 31 1920.— T h e am ounts due
the receiver under this g u aran ty can n ot be stated until all o f th e transactions
ap p ly in g to the gu a ra n ty period h ave been ascertained and the allow ances
fo r m aintenance o f the p rop erty determ ined b y th e In ter-S tate C om m erce
C om m ission .
A d v a n ce p aym en ts to D e c . 31 1920 on a ccou n t o f the gu a ra n ty h av e been
received as follow s: M . K . & T . R y ., $700,000; M . K . A T . R y . o f T exas,
$2,870,000; W ich ita F alls A N . W . R a ilw a y , $287,000.
Federal C om pensation, & c.— T h e annual com pen sation w h ich th e D ire cto r
G eneral is ob liga ted to p a y under these con tracts for the use o f these lines
(from Jan. 1 1918 to F eb. 29 1920] is as follow s: M . K . A T . R y ., $ 6,5 80 ,872; M . K . A T . R y . o f T exas, $735,002; W ich ita F alls A N . W . R y .,
$144,004.
T h e a ccou n ts arising out o f, or in cid en t to . Federal co n tro l, h a v e n o t been
a d ju sted . T h e properties at the term in ation o f Federal co n tro l w ere n ot
returned in as g ood repair and w ith as com p lete equipm en t as th e y were on
Jan. 1 1918 w hen taken over b y the G overn m en t.
Traces.-r-The R R . L a b or B oard gran ted increases in w ages, effectiv e
M a y 1 1920, greatly increasing th e op eratin g expenses fo r b alan ce o f year.
Rates.— T h e I . S .-C . C om m ission authorized increases fo r tran sportation
o f freight and passengers, effectiv e A u g . 26 1920, a p p roxim a tin g 3 5 % on
freight tra ffic and 2 0 % on passenger tra ffic. T h e fu ll b en efit o f this auth
orized increase was n ot ob ta in ed due to the op position o f som e States to th e
•application o f the increases to the tra ffic w h o lly w ithin such States.
Federal Valuation.— A d efin ite date o f com p letion o f this im portan t w ork
m a y be determ ined som e tim e during 1922.
Death o f O fficers.— T h e R eceiver announces w ith sorrow , th e death on
J u ly 12 1920, o f M r. Frank T ru m b u ll, C hairm an o f the B o a rd , and also on
M a y 2 1921, o f Frank H . D a v is, w h o served on th e B oa rd o f D irectors.
B oth h ad been m em bers o f the E xecu tive C o m m itte e fo r m a n y years
C O M M O D IT IE S C A R R IE D FOR Y E A R E N D E D D E C . 31.
(A ll in ten s).
Agriculture. A n im a ls.
M in es.
Forests. M 'fa c , &c.
1920---------------------------- 2 ,293,846
552.512 3 ,871,630 844,611
5.789,868
1919---------------------------- 2 ,463,314
719,028 4,83 7,66 2 975,020
4 ,313,923
1918---------------------------- 2.685,712
704,985 4,51 0,07 8 897,862
4 ,077,230
1917---------------------------- 2 ,329,886
693,115 4,62 4,01 3 944,994
4,21 8,96 5
552,106 4 .531,497 842,132
2,747,351
1916---------------------------- 2 ,452,768
1915---------------------------- 2,380,710 4 47,520 4 ,378,935 825,936
2,184,847
G E N E R A L S T A T IS T IC S FOR Y E A R S E N D IN G D E C . 31.
1920.
1919.
1918.
1917.
A verage m iles o p e ra te d .
3,793
3,839
3,861
3,866
Passengers c a r r i e d . . , . .
8 ,699,660
£ ,32 2 ,2 1 8
6 ,051,075
6,777,365
P ass, carried one m i l e . . .6 5 8 ,7 7 2 ,1 6 4 626,535,040 561,969,428 467,763,812
R e v . pass, per m ile _____
2 .9 4 cts.
2.67 cts.
2.62 cts.
2.39 cts.
R even u e ton s ca rried . . . 13,352,467 13,308,947
12,875.867 12,864,973
d o 1 m ile (000s om it)
3,31 2,95 3
2,978,281
3 ,263,766
2 ,986,316
R even u e per ton per m ile
1.43 cts.
1.39 cts.
1.10 cts.
0 .97 cts.
R even u e per m ile o f road
$19,221
$16,106
$14,022
$11,211
O P E R A T IN G R E SU LT S FOR C A L E N D A R Y E A R S .
[Road Operated by U . S. RR. A d m in . Jan. 1 1918 to A lar. 1 1920).
Operating Revenues—
1920.
1919.
1918.
1917.
F reight tr a ffic ___________ $47,363,851 $41,283,106 $35,754,940 $ 29,027,903
Passenger tr a ffic ________ 19,378.120 16,709,711
14,715,178 11,160,922
M a i l -------------------------------2,286,747
715,239
765,503
796,848
E x p r a s s _________________
1,899,967
1,609,690
1.623,472
1,239.934
M is c e lla n e o u s ___________
1,986,053
1,507,631
1,279.705
1,118,543

T o ta l op er. r e v e n u e s ..$72,914,737 $61,825,376 $54,138,799 $43,344,150
M ain ten an ce o f w a y &c_ $ 1 6 ,42 2 ,65 2 $12 ,12 4 ,06 4 $9,5 39 ,2 54 $6,3 53 ,6 65
M a in t. o f eq u ip m en t___ 17,378,345 14,814,835 12,630,284
8 ,737,922
T r a ffic expen ses________
978,596
6 57,120
582,149
786,980
T ran sp orta tion expenses 3 2,0 14 ,1 52 26,876,430 2 2,377,510 15,672,561
M iscellan eous op era tion s
480,381
4 02 ,02 8
382,947
345,659
2.146.421
1,852,763
1.273,611
G eneral expenses________ 2 .630,756
T ra n sp ’n for in vestm en t C r.24,004
C r.34,002
C r.35,875
C r.2 4 .2S7
T o ta l oper. e x p e n s e s ..$69,880,879 $56,986,896 $ 47,329,033 $33,146,111
O p eratin g r a tio _________
(9 5 .8 % )
(9 2 .1 7 % )
(8 7 .4 2 % )
7 6 .4 7 %
N et earn in gs------------------$ 3,033,858 $4,838,481
$ 6,8 09 ,7 66 $ 1 0 ,19 8 ,04 0

a n d

1920.
Corporate.
$40,158,683
- 15,919,265
- 1,293,317
1,597,773
699,700
1.001,223
42,719

in c o m e ACCOUNT
1920.
1920.
1919.
Total.
Federal *
Total.
$7,205,168 $47,363,851 $41,283,106
1 6 ,7 0 9 ,7 1 1
3 ,458,855 19,378,120
993,430
715,239
2,286,747
1,609,690
302,194
1,899,967
791,558
416,308
94,857
126,973
1,128,196
1,026,626
20,580
63,299
64,697

corporate

$60,712,680 $12,202,057 $72,914,737 $61,825,376
Operating Expenses—
M a in t. o f wa y A stru ct $13,314,164
M a in t. o f e q u ip m e n t___ 14,092,697
T r a ffic expen ses________
809,649
T ran sporta t ion ex ponses 25,176,038
M iscellaneous operationsi
382,155
2,253,100
G eneral expen ses________
T ra n sp o rt, fo r in v est___
C r.20,506

$3,108,488 $16,422,652 $12,124,064
3,285,748
17,378,345
14,814,835
657,120
168,918
978,596
6,838,113 32,014,152 26.876,430
402,028
480,381
98,226
' 1!
377,656
2,630,756
Cr 34,002
Or. 24,004
Or .3,408

T o t a l op era tin g exp _$56,007,198 $13,873,681 $69,880,879 $56,986,806
> $4,705,482«d f$ l .671,624
$1,720,113
$368,742
8,648
8 ,85 0

$3,083,858
$2,088,855
17,497

$4,838,481
$2,031,869
12,241

T o t a l o p er. in c o m e 8 2 ,9 7 6 ,510 df .82,049,014
R ent from e q u ip _____
91,628
54,741
153,928
40,998
Joint fa c. rent in c ____
2,818,681 dl\2,807,408
In c. from lease o f road
167,026
M is e e ll. rent i n c o m e .,
M is cel .n on -op .phys .propt
23,396
8,000
D iv id en d in c o m e ____
32,810
1,042
In c. fro m fu n d ed s e c .
105,639
67,938
In c. from tinf. s e c ___
4,379
d eb. 1,784
M is c e lla n e o u s ____

$927,506
i 16,369
194,926
11 ,273
167.026
23,396
8,000
33,852
173,576
2,595

$2,794,300
2 ,032,715
240,961
1 1,373
48,470
11,522
1,587
63,552
73,503
911

R ailw ay a ccru a ls_____
U n coil, ry . re v e n u e ___

G ross in co m e _________ $ 6,382,006 d f.4 ,693,487
DeductionsH ire o f frt. cars d r. b a l._ $ 1,102,624 C r.$ l 11,496
R e n t fo r e q u ip __________
109,183
206,982
6 45,820
154,159
Join t fa cility re n ts _____
1,177
.................
M isce ll. tax a ccru a ls____
6 ,683,436
_________
In t. on fun d ed d e b t -----165,793
6,114
In t. on u n f. d e b t ________
183,072 Cr. 156,969
M is c e lla n e o u s __________

$1,688,519
$991,129
316,165
799,979
1,177
6,68 3,43 6
171,907
26,103

$5,278,924
$1,037,003
1,837,123
789,933
1,346
6,604,739
132,054
39,359

T o ta l d e d u ctio n s _____ $ 8,891,105 $4,792,277 $8,9 89 ,8 95 $10,441,558
N e t lo s s _________________$ 2,509,099
$98,790 $7,301,376 $5,162,634
* In clu d in g la p over item s to A u g . 31 1920.
G E N E R A L B A L A N C E S H E E T - -D E C E M B E R 31.
1919.
1920.
1919.
1920.
Liabilities—
$
§
Assets—
S
S
Prof, stock ___ 13,000,000 13,000,000
Inv. in road A
equipment ,.250,486,394 243,038,770 Com. stock held
by public___ 63.283.257 63,283,257
Impr. on leased
6,594
do held by co.
26,500
26,500
7,162
property------2,044 Funded debt un2,435
Sinking fundsm atured.........143,411,824 142,993,500
Dep. in lieu of
1,629,233
31,377 Loans & bills pay 1,583,750
161,448
M tge. p ro p ..
87,068
274,648 Traffic Ac. B al. 2,482,295
339,808
M isc. phys.prop.
Accts. & wages. 10,083,057
160,317
Inv. in affil. cos
236,630
3,013
955.907 Miscel.accts pay
955,907
pledged------8,310 Interest matured 22,238,417 18,566,299
6,405
d o unpledged472,267 D iv. & funded
Other inv.,pledg
debt matured.
3,538
18,688
491,024
62.9C9
do unpledged1.209,857
850,880 Interest accrued 1,286,254
5,122.644
Cash__________
120,756
4,575
247.410
370,509 Rents accrued._
Special deposits.
Other cur. lia b ..
812,042
16,731
Loans & bills reU. S . RI L Admin—
1,352
1,398
celv_________
6,314,810
58,501 Add.A bettermts 7,553,586
Traffic, A c., bal. 1,112,496
Loans received. 1,959,000
1.802,000
Agts. & conduct . 1,441,585
344,204 Llab. Dec. 31 ’ 17 13,359.507 13,304,144
Miscell. accts.rec. 3,891,883
________ Corp. transacts. 1,948,885 1,786,115
M at’l A supplies 10.230,989
6,115 Fed.mat’l & sup
5,088
Int. A d i vs .rec _
plies 2-29-20.. 7,685,064
-----32,022
186,223
Other cur .assets.
Exps. prior to
_
—
Jan. 1 1 9 1 8 ... 1.848,128
2,045,748
U . S. RR. A d m in
Miscellaneous. _
289,520
24,238
M at’ l & supplies
_
792,653
2,760
7,276,110 Deferred liab_
Dec. 31 1917. 7.098,846
9,714,263 Tax liability____
347,114
1
Fed. control rental2,521,671
2,997,418 Acc. deprec. on
Cash D ec. 31 ’ 17 2,997.418
e q u ip _______ 6.327.051
2,906.868
Agts. & conduct.
240,039
1,106,980 Other unadj. cr. 5,314,415
Dec. 31 1917. 1,090,004
Add.to prop.thru
Assets Dec. 31
in c .& s u r p l..
1,773,370
1.669,948
6,587,130
1917, collected 6,572,307
273,S12
273,760
1,308,976 Sinking fund res
Miscellaneous _ _ 1,545,003
App. sur.not inv
111,785
112,414
Accrued deprec. 2,493,150
1,626,564 4,236,002
103,014
18,065 Profit and lo ss ..
W ork, fund adv_
40,000
Other d ef. assets
13,725
Rents & ins.prep
192,536
613,135
Other unadj .deb.
T o t a l ............. 309,778,574 275,717,886

T o t a l _______ 309,778.574 275,717,886

N o te — T h e follow in g securities n o t inclu ded in B alan ce Sheet a ccou n ts
jcurities issued or assum ed— u n pledged 1920, $884,043, 1919 J17,04o
curities issued or assum ed— p led ged 1920, $30,184,000, 1919 $30,894,000
n d e d d eb t in sinking fun ds 1920, $ 2 ,7 49 ,0 00 , 1919 $ 2,749,000.
a Federal C o n tro l rentals $16,119,821, less a m o u n t receiv ed on a cco u n t
!,598,150.
A cc o u n ts w ith th e U . S. G ov ern m en t b o th A ssets and L ia b . are s u b je c t
, a d ju stm e n t. T h e p led ged securities include ch ie fly $19,545,500 b on d s
edo-ed u n der M . K . A T . C on solid a ted M o r tg a g e n ota b ly $4,7 76 ,0 00
K A T . T erm inal C o . o f St. L ou is and $6,830,000 M . K . A T . G en . M .
>p led ged and $1,823,000 s to ck p ledged u nder G en . and C o n so l, m ortga ges.
T r

1 1 0

, 1 1 7

American Light & Traction Co.
(Report for the Year ending June 30 1921.)
Pres. Alanson P . Lathrop, N . Y ., Aug. 1, wrote in subst. •
T h e b oard o n J u ly 5 1921 d eclared w ith the regular P referred d ivid en d o f
1 y z % a cash d ivid en d o f 1 % to h old ers o f C o m m o n s to ck , and a sto ck
d ivid en d a t the rate o f 1 share o f C o m m o n s to ck o n e v e ry 100 shares o u t
stan d in g; all p a v a b le A u g . 1 to stock h old ers o f re co rd July 14
IN C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E 301917-18.
1918-191920-21.
1919-20.
E arn in gs on sto ck s o f sub
sid iary cos. o w n e d -------- $1,8 81 ,2 42 $ 3,215,996 $3,417,867 $ 4,302,056
924,650
793.531
946,520
M iscella n eou s earnings- _ 1,295,764
G ross earn in gs-------------- $ 3,1 77 ,0 06
365,721
E xpenses _______________
350.838
In terest on 6 % n o te s ------

$ 4,162,515
268.281
14.199

$ 4,211,398
239,681

$ 5,226,706
315.683

$2,460,447
N e t earn in gs-----------854.172
Preferred d iv id e n d s -----C o m m o n d iv s. fc a s h )------ 1.092,108
i ,292,754
C o m m o n divs. ( s t o c k )..

$ 3,894,234
854.172
2 ,340,492
2.340.192

$ 3,971,718
. 112
2.300.STJ
2,300.822

$4,911,028
So4. 1 2
? 08> ■
7.083.978

B alan ce, d e fic it— ------ $778,587
P r o fit and loss, surplus. $8,731,188

$114,094
$1,640,921
$1,484,099
$ 9,509,775 $ t l . 150.696 8 1 1 97 189

THE CHRONICLE

A.UG. 6 1921.]

C O N D E N S E D HA L A N C E S H E E T J U N E .10
1921.
1020.
1921
Assets —■
$
$
Liabilities*
Investment aoc't 35,471,007 3/i ,009,829
11 od stock
i i. S30, 00
Temporary lnvosi_ 3,165,216 3,155,491 Common stools
27,782,800
Earnings, subsldlfi-yr.0% gold notes 0,000,000
ary companies. _xS,O92,807
329,951 Warrants
180,366
Bills receivable. . 9,199,320
754,025 Miscellaneous
27,751.
Accts. receivable . 605,670
473,088 Taxes & ox-p. antic.

Miscellaneous___
Note discount and
oxponsos______
lnt .& dlvs. rocei v .

Cash

24,697

100,872
55,938

1,122,910

00,000
15,590 Interest accrued
Accts. payable,&«.
13,220
529,911. Dividends accrued 097,018
58,077 Taxes accrued
,419,931
1,714,239 Surplus & reserves 8,731,188

.58,098,479 57,100,802

Total

'Total

1920.
,230,200
,298,100
,450,000
139,422
3 10,09 I
51,500
9,915
,002,795
.509,775

58,098,479 57,100,802

x E arnings, su bsidiary com pan ies: Earnings receivab le, $ 2,121,152, and
recon stru ction reserve, $ 5,9 71 ,0 55 .— V . 113, p . 415.

Virginia-Carolina Chemical Co.
(Report for Fiscal Year ending May 31 1921.)
The President's remarks will be cited later, when issued.
C O N S O L ID A T E D RE SU LTS FOR Y E A R S E N D IN G M A Y 31.
1920-21.
1919-20.
1918 L9.
L917-18.
T o ta l net p r o fits . . . . l o s s $7,719,198 $16,259,322 $16,213,592 $16,832,942
R epairs & m a in ten a n ce.
2,787,609
3,461,038
3,696,401
2,998,552
R es v e for d ou b tfu l debts
and cask discounts on
unsettled a c c o u n t s ...
2 ,446,069
1,434,569
1,186,325
1,012,001
-------------- l 2,111,969
2,397,531 x 2 ,629,121
Federal taxes-------- --------R eserve for depreciation
2 00 ,00 0 /
B a l., not p r o fit___loss $13,152,876
$ 9,251,746 $8,933,335 $10,193,268
Less In t., D i v s <&c.—
lilt, on 1st M . 5 % b on d s
$577,500
$592,500
$607,500
$622,500
Interest on d eben tu res. _
539,454
187,454
262,209
275,753
Interest and d iscou n t___
1,364,525
1,119,746
1,398,370
910,346
Preferred d ivid en d (8 % )
1,721,747
1,682,043
1,604,165
1.600,976
C o m m on d iv id e n d . __ (5 % ) 1,399,220 (6 )1 ,6 7 9 ,0 6 4 (6 )1 ,6 7 9 ,0 6 4
(3)839,532
C on su m er’s C h e m . C o r p . *— •
P ref. d ivid en d ( 7 % ) _ .
28,875
Surplus_____ __________Cr. 115,176
Prem . on co n v . o f deben. Cr. 10,182
T o ta l d ed u ction s------------- $5,505,963 $5,260,807 $ 5,551,308 $4,249,107
B alan ce, surplu s--------- d ef.$18,658,839 $ 3,990,939 $3,382,027 $5,944,161
P rofit and loss---------------------$8,776,016 $27,434,856 $24,109,233 $21,552,295
* N o t p reviou sly con solid ated .
C O N S O L ID A T E D B A L A N C E S H E E T
1921.
A ssets__
$
R eal estate, p lan ts, & c _ . 50,925,815
R eal estate, & c., C on 
sum er’s C h em . C o r p . _ *309,278
In vest, in su b. co s ., & c__ 7,198,678
C a s h ------------------------------7,407,814
M fd . p ro d ., m a t .& s u p p . 15,534,370
A ccts . & b ills re ce iv a b le .a 3 2 ,692,116
I n t ., m s ., & c., p aidin a d v . 2 .393,759
M iscellaneous in vestm ’ts
281,912
L iberty b on d s----------------------------Insur. fun d In vestm en t.
_________
I s t M . 15-yr. 5 sp u rc h ’d .
_________

M A Y 31, IN C L U D IN G SUB. COS.
1920.
1919.
1918.
$
$
$
48,491,314 46,352,081 45,707,718
_________
7,484,912
8,467,583
2 1,189,109
33,873,892
856,274
274,264
364,247
_________
238,748

___ ______
8,241,625
7,202,091
18,594,077
31,961,182
803,425
192,9491,277,090
30,000
-- _ _ -

___
8",339,234
6,776,286
18,706,853
25,629,595
658,564
502,415
1,093,250
30,000
_________

T o t a l . . ........................... 116,743,743 121,240,343 114,654,520 107,443,.915

Liabilities—
--

$

C apital s to ck , p re fe rr e d .y 2 1 ,568,573
C apital stock , c o m m o n .
27,984,400
C onsum ers’ C h em . C orp .
Preferred s to c k _______
z400,000
1st M . 15-yr. 5 % b o n d s .
11,400,000
10-yr. 6 % s. f. co n v . d e b .
2,617,000
12-yr. 7 M % s. f. d e b e n . 12,250,000
B ills p a y a b le------------------ 27,421,703
A ccts. p a y ., in cl. F ed . tax
1,611,349
C on tin gen t a c c o u n t s .._
606,660
D ep rec. reserve, & c____
1,755,988
Insurance, & c., reserves.
352,053
L iab . a cct. o f 1st M . 5s
purchased in a d v a n ce .
_________
Su rplus............................
8,776,016

$

$

$

21,466,791
2 7,984,400

20,425,891
27,984,400

20,012,255
27,984,400

_________
11,700,000
2,799,137
_________
22,507,473
5,021,950
_________
1,569,448
517,539

__________
12,000,000
4 ,02 9,44 0
_________
17,317,500
5,785,150
1,445,022
1,082,480
475,404

_________
12,300,000
4,60 9,38 5
_________
13,729,000
3,374,886
993,699
b 2 ,510,657
377,338

238,748
27,434.856

_________
_________
24,109,233 x 2 1 ,552,295

T o ta l --------------------------- 116,743,743 121,240,343 114,654,520 107,443,915
* N o t p reviou sly con solid ated .

a In clu des accou n ts receivable, $14,613,123; bills receivab le, $21,139,405,

mss reserves fo r d ou b tfu l d ebts, rebates o f interest and cash discounts
allow able on accou n ts receivable, b In clu des p rovision fo r Federal taxes
now reported w ith “ a ccou n ts p a y a b le .’ ’ x T h is p ro fit and loss surplus
as o f M a y 31 1918 was later redu ced to $20,727,207 b y an a dju stm en t o f
$825,088 “ in respect o f Federal taxes fo r th e year ending M a y 31 1918.”
y In clu des $101,782 Preferred stock issued fo r 6 % C o n vertib le debentures,
z D ividen d s and principal guaranteed b y V irgim a-C arolin a C h em ical C o .
N ote.— U nder agreem ent o f A p ril 1 1913 th e V irginia-C arolina C hem ical
C o . guarantees th o 7 % d ividends on $412,500 P ref. stock o f the C on sum ers’
C hem ical C orp ora tion , and retirem ent o f the principal on or b efo re A p ril 1
1933 , all o f the p rofits in excess o f the Preferred d ividends belon gin g to the
Virijinu^-Carolina C h em ical C o . through ow nership o f the C om m on stock .
foregoin g balan ce sheet includes the a ccou n ts o f V irginia-C arolina
Chem ical C o ., C harleston (S. C .) M in in g & M an u factu rin g C o . and Sulphur
M ining & R R . C o .; th e tw o independen tly operated subsidiary fertilizer
com panies at B altim ore, M d ., and B irm ingham , A la .; the Southern C o tto n
Od C o ., and oth er su bsidiary com pan ies, district office s and branches.
— V . 113, p . 91.

International Mercantile Marine Co., New York.
(Report for Fiscal Year ending Dec. 31 1920.)
President P. A . 8 . Franklin, July 15, wrote in substance:
Results.— T h e net result o f operatin g tho International M erca n tile M arin e
C o . and its su bsid ia ry com panies (A m erican Line, R e d Star L ine, W hite
Star Line, A tla n tic T ra n sp ort Line, Leyland Line and D om in ion Line) for
the year 1920 was $9,905,959, as com pa red w ith $17,062,912 tho year before,
a decrease o f $7,156,953.
T he increase in b oth the gross earnings and the op era tin g and general
expenses m 1920 over 1919 is due to the fa ct that m a n y o f the steam ers
were under G overn m en t requisition during p a rt o f 1919, free o f operating
costs to the com p a n y , and also to the re-en try o f passenger steam ers into
their regular trad es. T h e details are as follow s:
,
. .
1920.
1919.
Gross earnings (after p rovid in g fo r British excess
p rofits d u t y ;, also m iscoL earns. & insur. fun d
surplus for the y ea r............ ............... ............... .........$128,277,610 $86,603,021.
Operating & general exp. JncL U . H. incom e tax,
excess p rofits tax, Sc B ritish incom e tax, also int.
on d eb . bonds o f subsidiary com pan ies__________ 110,793,595
62,005,213
N et earning*, b efore p rovid in g fo r in t. on I. M .
M . C o . bonds & depreciation on steam ers „*$ 17,484,015 $24,597,808
Interest on 1. M . M . C o . b o n d s _
_
.
2,231,680
2,309,232
D epreciation on steamers

5,252,835 $22,288,576
5,346,376
5,225,664

N et
______ resu lt____ ________

. - $9,905,959 $17,062,912

H ^r,r. prrd>er com parison with results o f previous years the earnings o f
.he Br/ush com panies have been con verted a t $4 85 per £ sterling.

625

T h e International M erca n tile M arin o C o. can ser uro l i e earn logs o f the
su bsidiary com panies on ly through the dividends which i boy d<jelaro from
tim e to tim e. T hose, togeth er with the oth er earnings o f tlie j>arent corn*
p an y, were as follow s:

1920.

1010 .

'Total Jiet earns, ol 1. M . M . C o . plus d lvs. from
sill), co s ., after d ed u ctin g taxes A gen. expenses . $1 I ,307,442 8 15,103,831
Deduct I. IV1. M . C o . bond interest
2,*231,*080
2,800,2:12
D epreciation on steam ers d ire ctly ow ned
768 478
060,406
IJaiauce,
$8,807,288*$ J2,224.104
,l D ividends received from British su bsidiary com panies have
verted at the m arket rate o f exchange on date received.

been con-

Adverse Business Conditions in J920. 'The decrease In net earnings for
the year 1920 as com pared w ith 1919 was caused largely by the smaller
m ovem en t o f freight tra ffic, the con sequen t recession in freight rates and
also by labor d ifficu lties in various d irection s, which seriously interfered
with the regular m ovem ent o f tra ffic and the dispatch o f you r steam ers
and w hich m aterially Increased op era tin g expenses. 'The difficu lties o f
con d u ctin g tho business during the last year and so far this year have been
very great, duo to com p lica tion s w ith labor and exceedin gly h eavy expenses
in con n ection w ith repairs, recon d ition in g o f the ships after their war work
and excessive co s t o f all supplies required.
Earnings in 1921.— The net earnings o f you r p rop erties fo r the 1st h alf
o f 1921 have been running con siderably lower than the figures given
a b o v e for 1920, due to the great shrinkage in the m ovem en t o f tra ffic all
over th e w orld, resulting in m an y idle freigh t steam ers end m uch o f the
freight m ovin g being carried at rates( which in m a n y cases does n ot p ay
the co s t o f labor and oth er charges incidental to handling the tra ffic to and
from steam ers.
In add ition to this, the m ovem en t o f third-class passengers from Europe
to this co u n try has been m aterially d istu rbed b y p a ssp ort d ifficu lties and
quarantine regulations, cu lm inating in C ongress passing a law in M a y o f
this year lim iting im m igration from each n ation to 3 % o f the residents o f
such nation in this co u n try , as show n b y th e 1910 C ensus. H ow ever,
tho first and secon d class passenger business, in w hich you r co m p a n y is
very largely interested, is q u ite satisfa cto ry .
Outlook.— It is im possible to p red ict a m aterial im provem en t in the
situ ation in th e near fu tu re, as this can on ly b e b rou gh t a b o u t as p olitical,
eco n o m ic and labor con d ition s in E u rope im p rove and th o b u y in g a b ility
o f E uropean nations is gradu ally restored. In the m eantim e you r p rop erty
is being well m aintained and ju d iciou sly stren gthen ed, y o u r cash position
is stron g and y o u r d irectors feel th a t the com pa n y is well equ ip ped to m ain 
tain its position in its variou s trades, and in excellent co n d itio n to weather
the storm through w hich sh ippin g is n ow passing.
Steamships.— A lth ou gh you r d irectors h ave m ade som e a dd ition s to the
fleet to replace the steam ers lo st d urin g the w ar, th ey con sidered, w ith
business generally falling o ff, th a t their m ost im portan t d u ty was to pursue
a p o licy o f husbanding cash and n o t assum e com m itm en ts b eyon d re
sources plus reasonable exp ectation s o f earnings. T h e y h av e been p articu 
larly desirous to a void the n ecessity o f p rovid in g fo r a dd ition al capital
during the present financial situ ation and feel th a t this has been a ccom p lish e d .
Purchase Ley land Stock.— D u rin g th e year 1920 y o u r co m p a n y purch ased
1,537 ordinary shares and 82,162 preference shares o f F rederick L eyla n d
& C o ., L td ., and n ow ow ns all o f th e ord in ary shares and all bu t 570 o f the
preference shares (this sm all num ber, a m ou n tin g to less than ^ o f 1 % ,
being still in th e hands o f the p u b lic) m akin g the present ow nership as
follow s:
Leyland Stock—
Total Issu e. I . M . M . Co.
Outside.
£1,200,000
---------O rdin ary______________________________ £1,200,000
Preferen ce_____ _______________________
1,414,350
1,408,650
£5,700
T he Leylan d C o . has no b o n d e d d e b t, all o f its debentures h avin g been
retired in 1915.
Combined In com e A ccou n t.— T h e com bin ed incom e a ccou n t fo r th e year
1920 (see below ) show s a p ro fit o f $12,782,178 after m eeting all fixed
charges and op era tin g expenses, in w hich latter are included all charges
fo r repairs, m aintenance and overh au ls, as com pa red w ith a p r o fit o f
$17,749,932 fo r the year 1919.
T h e incom e a cco u n t fo r 1920 includes the entire earnings o f F rederick
Leylan d & C o ., L t d ., while th e com p a ra tiv e figures fo r 1919 and 1918
include on ly th at p o rtio n o f th e Leylan d C o . earnings received in dividends
b y Intern ation al M erca n tile M a rin e C o .
Cash and Cash A ssets.— T h e con solid ated balan ce sheet o f D e c . 31 1920
show s fo r the com p a n y and its su bsidiaries, inclu din g F rederick L eylan d
& C o ., L td ., were as follow s:
M a rk eta ble sto ck s and b on d s, $ 55 ,522,220; cash , $ 1 7 ,0 2 2 ,9 5 2 ..$ 7 2 ,5 4 5 ,1 7 3
Deduct— A m ou n t p a y a b le fo r taxes and excess p ro fits d u ty
accrued to D e c . 31 1920_______________________________________ 22,119,832
Proceeds o f steam ers lo st o r s o ld , in replacem en t o f w hich
oth er vessels m u st u ltim a tely b e secu red, in order to m ain
tain the services a t their pre-w ar stan d ard, a p p ro x im a te ly - 23,000,000
B alance, inclu din g w orking ca p ita l_________ __________________ $27,425,341
A s heretofore p oin ted o u t, earnings o f the su bsid ia ry com pan ies can reach
the treasury o n ly throu gh the p a ym en t o f d ivid en d s.
Consolidated Balance Sheet.— O w ing to th e acquisition in 1920 o f p ra ctica lly
a ll o f the ou tstanding stock o f Frederick L eyla n d & C o ., L t d ., th e b alan ce
sheet o f th at co m p a n y as o f D e c . 31 1920 has been in corp ora ted in th e
I . M . M . C o . con solid ated b alan ce sheet. T h is w ill a ccou n t largely fo r
the m aterial increase during th e year in p ro p e rty a cco u n t, in vestm en ts,
reserves, & c.
Sinking Fund fo r First M ortgage
Collateral Trust Bonds.— -A further
$400,000 has been paid to th e trustees since Jan. 1 1921 and $493,000 6 %
b onds h ave been purchased and can celed , leavin g an unexpended balance
o f $600.
Insurance Fund.— T h e insurance d epartm ent fo r 1920 show s a net
p rofit o f $442,896.
T h e to ta l am ou nt o f 6 % b on d s ou tstan din g and
in th e hands o f th e p u b lic J u ly 15 1921 is $37,313,000.
T h e debenture b onds o f subsidiary com pan ies h eld b y the p u b lic am ou nted
o n D e c JS! .1920 to_$8,443_t850, as com pared w ith $ 9,0 49 ,6 15 on D e c . 31 1919.
Dividends.— Since Jan. 1 1917 15 d ivid en d s h av e been paid on this c o m 
p a n y ’s Preferred sto ck , aggregating 6 7 % , inclu din g in 1920 (a) F eb . 2 1920,
3 % sem i-annual; (b) F eb . 2 1920, 5 % a ccou n t o f u npaid b a ck d ivid en d s;
(c) A u g. 2 1920, 3 % sem i-annual; (rf) A u g. 2 1920, 5 % a ccou n t o f unpaid
b a ck dividends; (e) F eb . 1 1921, 3 % sem i-annual.
T h is leaves a balan ce o f 4 2 % unpaid back d ividends on th e P ref. sto ck .
Under date o f June 9 1921 the directors declared th e regular sem i-annual
3 % P ref. d ivid en d , p aya b le A u g. 1 1921.
Reduction o f Obligations.— D u rin g the years 1915 to 1920, in clu sive, the
b on d ed d e b t o f Intern ation al M erca n tile M arin e C o . and su bsidiary co m 
panies has been reduced fro m $84,146,033 to $47,749,850, or $36,396,183,
and th e annual interest charge from $3,867,656 to $2,738,837, or $1,128,819.
D uring th o sam e p eriod, in addition to p ayin g th e regular 6 % annual
d ivid en d on its Preferred sto ck , th e International M erca n tile M a rin e C o .
has paid to its P ref. stock h olders 4 0 % o f th e accu m u lated d ivid en d s, or
$20,690,200.
D om in ion L in e.— A ll o f the steam ships and oth er p rop erty belon gin g to
tho British & N orth, A tla n tic Steam N a viga tion C o ., L td . [in liquidation ]
were sold to Frederick Leylan d & C o ., L t d ., as o f June 30 1920, and the
steam ers will con tin u e to bo op erated in the regular services o f the L eylan d
Lino and W h ite Star-D om in ion Line with the o b je ct o f e con om y .
N ew Tonnage.— D uring 1920 tho follow in g steam ers were added to you r
fleet: SS. Philadelphian, 6,585 ton s; SS. M a in e, 6,600 ton s; S8. B olivian ,
5,115 tons; SS. T a iroa ('A S. S. & A .) , 7,982 ton s; SS. M a im oa ( l > S. S. &
/
A .) , 8,010 tons; to ta l, 34,292 tons.
With, the o b je c t o f m aterially im p rovin g the service o f the passenger
carrying fleet o f the W hite Star Line and also reducing th e con struction
o f new steam ers at present p roh ib itiv e costs, it was d ecided to m ake the
follow in g purchases for tho W h it e Star Line: (a) SS. M a je s tic (ox B is
m a rck ), 56,000 ton s, th e largest steam er in th e w orld , now com p letin g at
I fam bu rg and expected to b e finished and operatin g in the N . Y .-C h erbou rgS ou th am pton service in the spring o f 1922; (b) SS. H om eric (ox C o lu m b u s),
35,000 tons, now p ra ctica lly co m p le te d at D a n zig, also for the N ew Y ork C h erbou rg-S ou th am p ton service, p ro b a b ly this fa ll.; (c) SS. A ra b ic (exB erlin), 17,324 ton s, fo r the N ow Y ork -M editerran ean service, w hich it is
h op ed th e steam er will bo able to enter sh ortly.
T h e con stru ction o f tho SS. H om eric, 33,000 to n s , has been abandon ed
ow in g to th e excessive cost o f m aterial and lab or, w hich has also m ade it
Im perative to stop work on oth er steam ers under con stru ction fo r y o u r
respective com pan ies until con dition s app roach m ore n early t o n orm a l.

THE CHRONICLE
H amburg ■Service
T h e regular passenger and freight service o f the A m er
lean Line betw een New Y ork and H am burg has been ch a n ged to fo rtn ig h tly
by the a d d ition o f the 3 3 . iVIiunekahda, 17,281 ton s, w hich was transferred
from th e B ritish to the A m erican flag and fitte d exclu siv ely as a th ird class
carrier w ith the m ost m odern e q u ip m e n t.
Laboi Troubles.
The lab or troubles in the United States and a broad have
very seriously interfered w ith th e business o f th e co m p a n y . T h e strik e o f
the join ers in E ngland not o n ly m ade it im possible to put into com m ission
the SS. A ra bic (ex B erlin), 17,324 toils, purchased in N o v . 1920, bu t also
resulted in the stop p a ge o f all work in con n e ctio n with the co m p le tio n o f
the SS K im ouski as a third class passenger carrier, for which she was
d e sig n e d .
Strikes h ave added m aterially to the cost o f the general recon dition in g
and repair work o f the com p a n y and h ave cause:! d ela y s in the sch ed uled
sailings o f you r steam ers, and in m an y oth er ways added greatly to the
expense o f op era tion o f you r fleet.
C O M B IN E D E A R N IN G S OF T H E C O M P A N Y A N D S U B S ID IA R IE S .
'
1920
1919
IM S .
1917.
G ross earn s., after p ro
vidin g for B ritish ex
cess p rofits d u ty
$1 Id id 1 ,319 $58,875,494 $ 30,151,369 $ 41,604,208
M iscellan eous earn in gs. 12,475,634
8 ,75 1,47 4
4,51 6,98 5
9 ,541,546
1‘ota l ea rn in g s__
_ $125,807,453 $67,626,908 $34,668,354 $51,145,754
O p er., general expenses,
taxes and m isc. int_
110,387,584 47,139,691
18,938,054 3 2,871,452
N et earnings __
Fixed charges
..

$15,419,868 $20,487,277 $15 ,73 0 ,30 0 $18,274,302
2 ,63 7,69 0
2,73 7,34 5
2 ,789,763
2 ,798,317

P r o fit b efore d ep rec'n _$ 1 2 ,782,178 $17,749,932 $ 12,940,537 $15,475,985
Previous surplus
. . . 3 0,278.542 3 0,5 61 .0 58 2 6,611,836 24.686,172
T o t a l -------- -----— $43,06 ),720 $48,310,990 $39,552,373 $40,162,157
Deduct— D ep recia tion
5,346,376
4 ,583.818
3,301,511
3 ,722,477
MLscell. a d ju stm en ts.
1,467,566
_____
_______
___
Pref d ivid en d s <text)
5,68 9,80 5 13,448,630
5,68 9,80 5
9,82 7,84 5
d o P er c e n t-------------x c ll% )
(2 6 % )
(1 1 % )
(1 9 % )
Sur. as o f b al. s h e e t ..$ 3 0 ,5 5 6 ,9 7 3 $30,278,542 $30,561,057 $26,611,836
\ In clu d es 3 % and 5 % p a id A u g . 2 1920; 3 % F eb . 1 1921; 3%, and 5 %
F eb. 2 1920; 5 % N o v . 1 1919; 3 % A u g . 1 ,10% M a y 15; 3 % F eb . 1; 3 %
A u g. I 1918, 5 % M a y 3; 3 % F eb. 1; 1 0% D e c. 31 1917, and 3 % each
A u g . 1 and A p ril 14.
T h e foregoin g inclu des the earnings from op era tion s, v iz .: A m erica n , R ed
Star, W hite Star, A tla n tic T ran sp ort, L eylan d (entire earnings in 1920,
in 1919 and 1918 o n ly that p ortion received in d ivid en d s) a n d D o m in io n
Lines, togeth er w ith d ivid en d s receiv ed from partly owned com p a n ies.
CONSOL. B A L A N C E S H E E T D E C . 31 (Including Constituent C om pan ies).
[A m erican, R ed Star, W hite Star, A tla n tic T ra n sp o rt a n d D om in ion L ines.!
1920.
1919.
1918.
1917.
A ssets
$
$
$
$
*C ost o f p rop erties-------- 177,999.602 155,118,686 142,032,588 143,220,617
In vestm en ts in—
F . L ey la n d & C o .,L t d l 7 ,21 7,80 91 11 ,9 69 ,6 84 11,965,177
11,965,177
O ther in v estm en ts— (
{ 6,17 6,49 5
3,550,511
3,50 6,36 9
C ash (on h an d , & c .) ____ 17,022,953
18,909,587
18,443,556 14,056,248
A ccts., & c., re ce iv a b le .. 2 0,772,172 31,1 43 ,5 20 3 1,5 11 ,9 55 3 0,1 95 ,1 94
A g e n cy b a l a n c e s ______
829,871
679,928
730,573
295,836
M a rk e t, stk s. & b o n d s .. 5 5,522,220
3 6,5 63 ,0 88 3 0,8 56 ,1 44 25,129,937
I n v e n t o r ie s -------------------- 2 ,36 6,99 0
1,936,040
1,349,537
1,068,879
D eferred ch a rg es________
8,51 7,08 8
6,14 0,71 4
2,818,131
1,192,141
T o t a l---------------------------- 290,248,705 268,637,741 243,258,172 230,630,399
Liabilities—
P referred s t o c k .a _______ 5 1,725,500 51,725,500 5 1,725,500 51,725,500
C o m m on s t o c k . b ______ 49,8 72 ,0 00
19,872,000 4 9.8 72 .0 00 4 9.872.000
C ap ital stock o f su b . co s .
29,342
243
243
243
1st M .& C o ll.T r .6 % bclsc 3 7,8 06 ,0 00 3 8,250,000 3 8.6 55 .0 00 39.0 61 .0 00
D eb. b on d s o f con stitu en t
cos. h eld b y p u b lic ___
8,44 3,85 0
9,662,170
9 ,049,615
10,230,299
L oa n s on m ortg a g e_____
1,500,000
339,500
329,800
351,329
L oan s, bills p a ya b le, &c_ 3,940,871
3,557,992
229,034
3,653
A cco u n ts p a y a b le _______ 45,323,454 51,378,029 3 6,767,165 34,381,621
A g e n cy b a la n ces________
1,166,772
542,361
711,647
475,706
In terest a ccr u e d ________
646,718
825,266
672,700
783,924
R eserve for lia bilities___
8 ,676,434
3 ,360,759
5,419,975
2,547,741
M iscella n eou s reserves. _ 3 3,531,848 14,858,154 15,469,328 11,275,980
D eferred cre d its________ 13,890,209
7,420,717
996,814
2,882,713
In su rance fu n d _________
1,586,968
1,144,072
525,047
880,966
P re f. s to ck d iv id e n d ____
1 ,5 5 1,765
4,13 8,04 0
1,551,76>
1,551,765
S u rp lu s---------------------------- 30,556,973 30,278,542 3 0,561,058 26,611,836
T o ta l

290,248,705 268,637,741 243,258,172 230,630,399

* C om b in ed u ndertakings and their p rop erties a t co st to the I. M . M . C o .
in b on d s, stock s and cash , $199,873,680; add net a ddition s in 1920, inclu din g
F rederick L ey la n d & C o ., L t d ., properties n ow con solid ated , $ 32 ,98 7 ,72 4,
a n d d ed u ct reserve for d ep reciation , $54,861,802; b a la n ce D e c . 31 1920,
$ 17 7,9 9 9,6 02 . a A fter d ed u ctin g $ 8,274,500 in treasury; a ccu m u lated
d iv id en d s u n pa id , 4 2 % .
b A fter d ed u ctin g $10 ,12 8 ,00 0 in treasury,
c O riginally $ 4 0 ,00 0 ,00 0, less in treasury $500,000 and retired b y sinking
fu n d , $ 1 ,6 94 ,0 00 ; b a la n ce, $ 37 ,806,000.
N o te .— T h e cap ita lization o f subsidiary com pa n ies, percentages ow n ed ,
& c., rem ains as p u b lish ed in V . 108, p . 2 327.— V . 113, p . 424.

H. H. Franklin Manufacturing Company.
( S e m i-a n n u a l
Pres. H .

S ta tem en t f o r

S ix

M o n th s

H . Franklin, July 30,

en ded

June

says in substance:

Sales for the six m on th s p eriod eq u a lled 8 2 % o f sales during th e sam e
p eriod in 1920. June sales o f 1,046 cars were the largest fo r th a t m o n th in
the h is to ry o f th e co m p a n y . F a c to r y car o u tp u t has been at one shift
ca p a city since F e b . 10 1921.
S tockh olders list increased to 3 ,538 nam es
on June 30 as com p a red to 2,365 stock h olders on D e c . 31 1920, and 1,217
stock h old ers on D e c . 31 1919. A d ivid en d o f 50 cents on C o m m o n s to ck
w as paid on J u ly 11 1921, on 280,269 ou tstan d in g shares. B an k loan s o f
$ 4,5 10 ,0 00 on D e c . 31 1920, were p a id o f f in fu ll on June 30 1921.
C O N S O L ID A T E D IN C O M E A C C T . FOR 6 M O N T H S E N D E D J U N E 301921.
1920.
N e t sales_____________________________________ _______ $14,393,858 $17,238,936
C o s t o f sales________________________________________ 13,658,032 14,289,733
N e t p r o fit ____________
M is c e l. in com e less taxes

$735,826
50,735

$2,949,203
1,100,000

N et in com e fo r p eriod.

786,561

,849.203

C O M P A R A T IV E B A L A N C E S H E E T
D e c .31 ’20. June 30 ’21.
.
Assets —
S
S
Land,
buildings,
equipt., mach’y
and fixtures____7 738,595 9,105,492
C a s h ..___________ 1 74S.295
850,387
Sight drafts and
Govt, b on d s.__
9S6.559
293,854
Accounts and notes
receivable______
591,203
715,155
Inventories______ 7 614,696 5,990,702
495,554
520.865
Miscellaneous____
Patents and good
will ___________

IN C L . S U B S ID IA R Y C O M P A N IE S .
D ec. 31 V . June30 ’21.
20
Liabilities —
$
S
7% cum. pref. stk.a3.324, S00 4,136.600
Common stock_ b6,S87, 478 7.S06.240
_
_
Bank loans pay_ 4,510, 000
_____
Current accts. pay
able & m iscell-_ 2,S5S, 180 2,528,361
Other liabilities_
_
237, 646
295,759
Equity of minority
stockholders in
Fr. Die C. Corp.
32, 174
31,928
Res. for deprec.- . 1,049 ,014 2,209,422
A dj. of merch.
inv. to mar. val. 250 000
250,000
218,145
Miscell. reserves-.
25, ,610

T o t a l _________ 19.174,902 17,476.455
T o t a l _________ 19,174,902 17,476,455
a A u th orized $ 15 ,00 0 ,00 0.
b N o p ar value authorized 600,000 shares, ou tstan d in g D e c . 31 1920,
275,743
sh s.; June 30 1921, 280,269 s h a r e s — V . 112. p. 2541.

ol.

113.

Fisk Rubber Co.— Federal Rubber Co.
30 1921.)
In connection with the merger plan given on a subsequent
page the directors of the Fisk Rubber Co. and the Federal
Rubber Co. in a letter to shareholders say in substance:
(F in a n c ia l

S ta te m e n t

as

of

June

T in m arked falling o f f in Liu; d em an d fo r tires during th e last h alf o f 1920
was a ccom pa n ied by a declin e in th e m ark et values o f ru b ber and c o tto n
fa b r ic , tin- tw o principal m aterials used in th e m an ufactu re o f tires. T h a t
decline con tin u ed well in to 1921
Since D e c. 31 1920, in ven tories, in clu d 
ing fin ish ed sto ck , have been w ritten dow n to a new basis o f 20 cen ts a
pound fo r ru b b e r a id a corresp on d ! lg basis fo r fa b ric, oth er in v en tory
it m s to m arket, and labor c o d s in fin ish ed sto ck to 1921 level?.
T h ro u g h these a d ju s tm e n t’1 som e $8,5 00 ,0 00 was d e d u cte d d irectly from
I'isk , surplus a ccou n t so that its balance sh eet now show s a d e ficit instead
o f a surplus as d oes also th at o f Federal. C osts are now figu red on th e now
basis, and o n this the com pan ies can re a d ily m eet co m p e titio n based on
present m arket values. In fa ct, on th e basis establish ed by th ese a d ju st
m ents the business has show n durin g th e past qu arter and is show ing, during
the cu rren t qu arter, norm al p ro fits.
Since M a y 15 th ere has been an increasing im p rovem en t in th e volu m e o f
sales and at the prosent tim e Fisk’s in v e n to ry o f finished tires has been
red u ced to or h low n orm al, orders and sales are close to a m axim um level,
and p rod u ction is nearing ca p a city .
Federal is also sh ow in g an increased
a ctiv ity .
Since D ec. 31 1920, Fisk has taken in n early if n ot q u ite tw o -th ird s o f
the ru b b e r and fab ric for w h ich it was th en com m itted under p riced co n 
tracts, and on June 30 1 9 2 1. th e exec -s o f the co n tra ct price o f th e rem ain der
o v e r th e new in v e n to ry basis was less than $ 1 ,2 00 ,0 00 . T h e earnings and
collection s o f Fisk du rin g th e last h alf o f this yea r are exp ected to be am ple
n o t o i l y to p ro v id e this sum , b u t also to disch arge all th e floa tin g d e b t
oth er th an iti ba nk loans, and perhaps to red u co th e bank loans som ew h at.
In re d u ctio n o f bank loans Federal m ay m ake a som ew h at b etter show ing
than Fisk.
W hile p rospects fo r earnings and fo r a substantial red u ction o f cu rren t
d e b t are thus excellen t, th e com pan ies n everth eless rem ain d epen d en t
upon bank loans for a largo a m ou n t o f w orking ca p ita l.
It is im p orta n t
th at these ban k loans, or a substantial p art o f th e m , be fu n d ed .
Federal Rubber C o.----— Fisk Rubber C o.—
A ssets—
June 3 O'21 D ec. 31 ’ 20 June 30 ’ 21. *D ec. 31 19
L au d, b ld g ,, m a ch ., & ca $ 10,678,562 $10,859,821
$4,633,769 $3,536,083
5 ,000.000
G o o d will
8,000,000
8 ,000.000
5 ,000,030
73,687
In v . 6c a d v . to a fil. c o s .
3,91 7,30 2
6 ,143,909
3,691,293
In v e n to rie s____
_____ 14.086,078 20,888,163
4,359,655
2 .342,240
A d v . on fa b ric co n tra cts
1,309,100
954 ,633
151,038
A ccts . & notes r e c e iv .
9,751,333
2,404,213
9,905,577
Ernpl. notes— stk . sub
30,225
30.585
334,719
478,045
C a s h ____
_
2,419.277
2,900.337
65.547
195,000
384.967
D eferred ch a rg e s______
292,274
T o t al
$53,346,422 $57,205,726 $17,070,683 $15,194,608
Liabilities—1st preferred s t o c k .
$14,500,000 $14,500,000 $4,451,500 $ 2,751,500
2,000,000
270,000
3 ,278.825
2nd preferred s to c k .
268,000
4,556,800
15,494,000
C om m on sto ck 15,606,977
4 .627,800
_____
88,186
In st, scrip c o m _
_^
— 1,250,000
Bills p aya b le
___
3,401 ,115
N o te s 6c tra d e a ccp . pay 19,805,790
16,818,321
2,177,790
1,731,626
A cco u n ts p a y a b le _
_
724,003
1,621,753
235,700
P ro v . fo r F ed . taxes _
112,927
443,200
372,200
C apital reserve.
___
50,000
345,310
65,820
R e se rv e s___________
1,348,320
C apital su rp lu s_____
941,120
b 9 2 6 ,128
1,965,318
Surplus _ _____
___
7.789,085 defS5S,203
d e f8 4 3 ,473
T o t a l___ ______
_ $53,346,422 $57 ,20 5 ,72 6 $17,070,683 $15,194,608
a Sound valu es, inclu din g excess appraisal o f $ 926,128, see c o n tr a .
b E xcess o f appraisal valu e o f ca p ita l assets b a se d on 1917 values o v e r
b o o k valu es M a rc h 31 1919, see co n tra .
* Figures as o f D e c. 31 1919 n o t 1920.— V . l l 3 , p . 188.— V . 113, p .2 9 8 .

Mercer Motors Company, New York.
30 1921.)
Accompanying the plan outlined on a subsequent page,
Tlieo. E . A . Barthel, Vice-President and Treasurer, has sent
to the bank and merchandise creditors substantially the
following balance sheets, saying:
(B a la n c e S h eet o f J u n e

W e hand y o u h erew ith a b alan ce sh eet o f th e co m p a n y as o f June 30 1921 >
taken fro m its b o o k s, togeth er w ith a p ro form a balan ce sh eet o f th e c o m 
p a n y as o f th e sam e d a te, a fter givin g e ffe c t (a) to th e new fun ds p rop osed
to be ob ta in ed b y the sale o f $500,000 F irst M o r tg a g e 8 % Sink in g F luid
G o ld b on d s and (b) b y a loan o f a p p ro x im a te ly $200,000, and also takin g
in to a cco u n t (c) th e p ro p o se d p aym en t o f 2 0 % in ca sh to ban k and m erchan
dise creditors o f th e co m p a n y a n d (d) th e issue to su ch cred itors o f th e
p rop osed 4 -Y e a r 7 % Sinking F u n d C ollatera l N o te s o f the c o m p a n y to
th e exten t o f 8 0 % o f the in debtedn ess o f the co m p a n y to su ch cred itors on
J u ly 31 1921, all as m ore fu lly set fo rth in th e a cco m p a n y in g letter from
th e b a n k and m erchandise cred itors co m m itte e [see a su bsequ en t page.)
C O N S O L ID A T E D B A L A N C E SH E E TS (IN C L U D IN G S U B S ID IA R Y ) .
J U N E 30 1921.
[As per b o o k s a n d also after givin g e ffe ct to new funds to be ob ta in ed b y
th e p rop osed readju stm en t.]
Assets —

30 1921.

[V

Per
Books.

Pro
Forma .

Liabilities —

Per
Books.

Pro
Form a .

Capital stk. (100,000
Land, bldgs., mach’y,
sh., no par value),
& c., less reserve tor
less 1mpairment _ _c 1,275,267 1,275,267
depreciation __ bl, 331,451 1,331,451
2 Coilat. notes— Banks
1.004,459
Pat’ts, good-will, &c.
2
513,368
Trade creditors.
337.248
Cash_______________
16.705
First M tge. bonds_
_
500,000
Accts. & notes rec’le,
Trade creditors_____
51,526
51.526
less res. for doubt
168,218 Excise tax on cars and
ful accounts______ 168,218
parts _ __________
5,559
5,559
Inventories at cost_x 1,700,118 1,700.118
5.S36
60.181 Accrued pay-roll___
5,$3j5
Adv. to body builders 60,184
1.001 Notes payable—
M i sc. i nvest ments _ _
1.001
703,645
60,575
Trade creditors..
70,105
Deferred charges___
60,575
___ _
_
Banks__________ .1,240.574
1.083
Accrued i n terest __ 24.253
_____
200,000
Loan on note -a_
Misc. reserves ___
31,594
31,594
T o t a l ___________ 3,338,254 3,658,797

3,338,251 3,658,797

Total

a L oan on jo in t n ote o f Sim plex and M e rce r C o
b D e p recia tion reserve
d ed u cted , $200,289- c Im p a irm en t d e d u cte d , $ 1,213,242. x In ven tories
a t co st, viz : cars, $317,525; service p a rts, $394,195; ra w m aterials and w ork
in process, $1,172,194; supplies, & c., $74,693; to ta l, $ 1,9 58 ,6 07 ; less reserve
to reduce estim ated m arket valu e, $258,489; b alan ce, $1,700,1 IS
Y 113.
p. 541.

Studebaker Corporation, South Bend, Ind.
30 1921).
President A . R . Ersldne in a statement made public
July 30, following the directors meeting at which the regular
quarterly dividends of 1 % % were declared on each class of
stock, saj^s in substance:
(S ta tem en t f o r

Q u a r te r

E n d in g

June

Remarkable Business E xten sion .— T h e business o f the corp ora tion in the
secon d quarter w as v e ry large, surpassing b y 5 0 % the best previous quarter
on record . H ad ou r plants been able to reach ca p a city p rod u ction Vpril i
instead o f June 1, results w ou ld h ave been approxim ately 10% greater.
In
F ebru ary, the plants were operatin g on a 5 0 % basis, w it h pvogrossiv o sch ed 
ules for M a rch , A pril and M a y , and w ith Juno b o o k e d lev capacity
T h e dem and in the secon d quarter greatly exceeded the supply . and our
branch es and dealers were com pelled to refund deposits coverin g orders for
several thousand cars because o f their inability to m ake prompt- d eliveries.

TIIE CHRONICLE

A ug. (i li)2L.|

In Juno, p rod u ction reached 8,498 cars, as against 4 ,8 1 1 in Juno last year
an increase o f 77 % .
Increased Labor E fficien cy - T his 7 7 % increase in ou tp u t was a c c o m 
plished w ith 4 % loss men w orking 11% m ore m on-hours, and with a total
labor turnover o f lews than 5 % . T h e average wages per man hour earned
in June at all plants shows lews than 7 % reduction from the wages o f last
June, w hich means that our men earned p ractically as m uch per hour as
th ey did last year, and that their total earnings are a pp roxim ately 0 % m ore,
because o f the increase o f 11% in total m on-hours.
Outlook Prom ising. -Production in all plants Is now proceeding sm ooth ly
o n ca p a city schedules which call for 25,000 cars in the third quarter,and tlieiv
is no question b u t what those cars will be p rodu ced and sold. Substantial
increases in dem and are coin in g from the grain States and several other
section s, inclu din g som e exp ort m arkets, where on ly nominal business has
prevailed heretofore.
W ith these con dition s prevailing, and the noticeable
revival in general business, the m anagem ent fools sanguine that the business
o f the corp ora tion for the second h a lf o f the year will exceed that o f the first
Status and Financial Policy.— R um ors originating ou tside regarding declar
ation o f an extra dividend at to -d a y ’s m eeting wore quite u n official and
w ith ou t w arrant. T h e directors this year have fo llo w e d the p olicy o f
p ayin g o f f bank loans, m aintaining d ivid end s, and b u ild in g up big cash
balances in order to strengthen the corp ora tion and th ereby increase the
va lu e and stab ility o f its sto ck . T h e d ivid en d record o f the corp ora tion
speaks for itself, and the liberal con sideration o f the interests o f s to c k 
holders is ever forem ost in the m inds o f the d irectors and m anagem ent.
P lan t extensions have reached the p oin t o f d evelop m en t where no great
increases are in con tem plation in the near fu tu re, and hence p rofits a b ov e
dividends are now d ev oted to building up stron g cash reserves.
Reference
to the balance sheet o f June 30 will sh ow a substantial gain in the cash
a ccou n t and investm ents.
T h e in vestm en t in inventories show s h eavy
redu ction s, and ban k loans have been liqu id ated .
S T A T E M E N T FOR Q U AR T E R S E N D IN G J U N E 30 JN 1921
1920,
IN C L U D IN G S U B S ID IA R IE S .
Quarter Ending—
June 30 *21. June 30 ’20
N u m ber o f ca rs ______________________________________
22,840
11,943
N e t sales________________________ ______ _____________ $33,059,834 $22,249,299
N et earnings on sales________________________________ 6 ,400,920
3,618,359
Interest and exchange d e b t _________________________
270,833 net 113,000
N e t p r o fits _________________________________________ $6,136,093
R es. for C itizens H om es C o ________________________
250,000
R es. for engineer. & d ev elop , w ork & e x tra o rd .e x p _
400,000
R e s . for special a d j. o f in v e n . o f foreign branches _ _
215,545
R es. for incom e ta x _________________________________
1,000,000
Preferred d iv id e n d __________________________________
171,500
C om m on d iv id en d __________________________________
1,050,000
T o ta l d ed u ction s_________________________________ $3,087,045

$3,731,965

725,000
179,550
1,050,000
,954,550

S u r p lu s _____________________________________________ $3,049,048
$1,777,415
N ote.— T h e tota l sales for the first quarter o f 1921 were $ 18 ,475,270,
against $23,301,242 for the same p eriod last year, w ith n et p ro fits o f $ 2 ,1 1 0 ,577, against $4,472,092 last year; 11,620 cars were sold this yea r, against
13,414 in 1920. See V . 112, p . 1985.
C O N SOLI D A E D B A L A N C E SH E E T A S OF J U N E 30, A N D J A N . 1 1921.
Assets—
Liabilities— June 30 ’21. Jan. 1 ’21.
June 30 ’21. Jan. 1 '21.
Casli_
Sight d r a ft s -In v estm en ts _ __
A ccts.& n ts. ree_
In ven tories _ __
D eferred ckarg es
P lants & prop __
C itizens H om es
C o _________ __
T ra d e nam e &
g o o d will _ _
T o ta l _

56,376,030
3 ,318,068
1,582,908
5 ,879,734
20,926,304
299,511
36,421,502
2 ,259,046
19,807,276

payable
$4,226,233 N otes
_____ _
fo r lo a n s _____
2,137,093
826,910 A c c ts . p a y a b le—
5 ,6 2 8 ,7 7 4
c u r r e n t_______ 53,892,413
2 8 ,076,792 M iscellan eou s _ _ 3,165,772
471,692 R eserv e fo r F ed .
2 ,617,022
3 6 ,162,604
taxes _
P ref. s to ck _
9 ,8 0 0 ,0 0 0
2,266,832 C o m . s t o c k ____ 6 0 ,0 0 0 ,0 0 0
S pecial su rp lu s. 3 ,645,000
13,760,173
19,807,276 S u rplu s.

-.5 9 6 .8 8 0 ,3 8 1 599,604,211
— V . 113, p . 4 2 7 .

T o ta l

___

5 8 ,500,000

iii 7

pr • n
Labor U • ■ u it it1 u It hi til l Ilf.
Pennsylvania RR. Plan f
t
U. 8, Rail™
Wa 1i.'iboi* 1bull'd o i July 31 ord <i ed tl ie 19 mi. tl
to o il I for a new labor
11 also (loci'in d 1 m earllo r elec •lion Void it id
ballot.
•Is wor Icing rule
.
drafted it that time. (I ill ! vot< uys u-m mfaf r . ‘Tlnm ’ ' Ai ig 1 , p 1,
Dare tills i nd t\ J i ly 1< , i> 291 a id ‘ Kv A V ‘" 1ul v 10, • . 09 i o H
>
and com
>
0&
P o n n . R R . C o . ob je cts to ap|>ai out iJTorl of 1 ah or 1ioai d to for co closed
ie b y com pellin g U o f ballot s slg nod l>y em ploy eos. Board also
He
simp Iksi
f1
orders l . I H it., control 1O by 1’one R R , to no got ial e wl tli tin* unions.
A eg. 4 , l>. 1 and 18,
Boo “ Tli non” Aug. 5, i>. 2;
k
tidal in i cull >> ( Rob; v t B Lo /a U, <' i;>Inin
RR. C ms >
i ; . P , UU.J\
*‘ W o r l d ' , W ork ” for Aug r;i
/
u
l trait.: < Statement 8h > in / Jut / Hon lh Rrtui n (/n tho Palal RR / nuest
m oils o f Class I Ho ids Hus Bren Hr.lur i fr ,m ‘■'S.T;; In |qj0 It | In \pop.
Boo “ C urrent E ven ts” a b o v e and in “ Ity A g o ” July 30, p 199 to /()!
Wage Reduction in Cauada. T c itatlvo r« < u -(ion < I'fi * i.. .« .July |i, Jxuul
1
lug co iforo loos) 8 cts. h ou rly in the lo co m o tiv e and ror department.-. ..ml
7 to 10 e t c from m aintenance o f w a y em p loy ee:; and hop l .b on r.
111y.
A go” July 30, p. 221.
Special Hale Decisions by l.-S . ('. Commission in Kan so.,, Oklahoma,
Florida, & c. Id >m, p. 222.
Louisiana IIR. Commission Becomes P. if. Comml ssion with Same Per
sonnel. Idem , p. 223.
Federal Court Upholds Receiver's Cut in Wages Below the Scale, in Cnee o f
M issou ri A N nth Arkansas lilt,
id em , p . 223.
Rush o f Wheat Breaks A ll Records, Causing Car Shortage.
Tim e:
A u g. 1, i). 16.
M iscellaneous. (a) Som e H R s. solicited traffic during war. T im e .
J u ly 30, p . 5. (b) Liaison C om m ittee for I .-S .'C . C om m , and l/. 8. Shipping
B oard, id em , A ug. 1, p. 17. (c) N ow E ngland H R s. fig h t m o to r truck
co m p etition . B oston ” N . B .” J u ly 30.
Cars L o a d ed — T h e num ber o f cars load ed w ith revenue freigh t during
the wook ended J u ly 23 was 790,348 cars, being an increase o f 14,096 over
the previou s week bu t a decrease o f 138,070 cars com pa red w ith 1920 and
a decrease o f 119,334 cars com p a red w ith 1919
G rain and grain p rod u cts
totaled 64,919 cars, o r 7,928 cars m ore than durin g the p recedin g week
Oars loaded w ith m erchandise and m iscellaneous freigh t aggregated 467,889
cars, an increase o f 4 ,80 4.
F rom Juno 1 to J u ly 28, in c l., 362,800 cars h ave been lo a d e d w ith grain
and grain p rod u cts, exceedin g the loadin gs in 1920 b y 100,000 cars and in
1919 b y 8 3,400 cars.
Idle Freight C ars.— Id le freigh t cars tota led 555,168 o n J u ly 23, a ccord in g
to the A m erican R ailw ay A ssocia tion , bein g a red u ction o f a b o u t 10,000
since July 15. In reach in g this to ta l, the num ber o f cars n ow aw aiting
repairs a b ov e 7 % is for the first tim e taken into a ccou n t; see explan ation
under ‘ ‘C urrent E ven ts” on a p receding page.
D u e to tho dem an d fo r grain cars, a sh ortage o f 2,768 freigh t cars is re
p o rte d , representing an increase o f 1,500 o v e r tho sh ortage on J u ly 15M tl rs Covered in Chronicle o f July 3 0 .— (a) President H ardin g's m essage
on i uportance o f fu n d in g R R . in debtedn ess to U . S. and settlem en t in cash
o f claim s against U . S ., p . 487. (b) U . S. m em orandum as to status o f
R R . accou n ts w ith G overn m en t and treatm en t o f sam e; am ount o f deferred
m ai tenance, b ad -order rollin g sto ck , d ela yed vou ch ers, & c., p . 488.
(c) Vinslow bill for a dju stm en t o f R R .-U . S. accou n ts th rou g h W a r Finance
C orp ora tion , p . 489.
vd) N ew E ngland R R s . denied redivision o f jo in t tra ffic rates, b u t m a y
secure rem oval o f “ in con sisten cies,” p . 490. (e) F . I . C o x succeeds E . E .
C lark on I.-S . C . C o m m ., p . 489. (f) T ran sp orta tion com m ittees o f U . S.
C h am ber o f C om m erce, p . 489. (g) F u tility o f R R . va lu a tion (N . Y .
T ru st C o .) , p . 490.

Chicago & Alton RR .— A g e

L im it A g a in

E n fo r c e d .

—

2 ,3 1 2 ,3 4 0
3,188,832

T h e num ber o f applications fo r em p loym en t has p erm itted the co m p a n y
to restore its age restriction fo r new em p loyees. N o one over 45 years o f
age or under 21 w ill b e em p loyed hereafter, a lth ou gh during th e lab or
shortage occasion ed b y th e w ar this rule was w a iv e d .— Y . 113, p . 291.

2 ,335,990
9 ,800,000
60,000,000
3 ,645,000
9,822,047

Chicago Milwaukee & St. Paul Ry.— L e a s e . —
See C h icago Terre H au te & Southeastern R y . below and a lso V . 113, p .
7 0 , 182, 291.

596,880,381 599,604,211

Barnsdall Corporation.
( R e p o r t f o r H a l f Y e a r e n d e d J u n e 3 0 1 9 2 1 ).
P resid en t R o b ert L aw , Jr., sa y s in substan ce:
Results.— N otw ith sta n d in g the red u ction s m ade in the price o f all grades
o f cru de oil since Jan. 1 1921, the com p a n y m a de a n et op era tin g p ro fit
fo r the six m onths en din g June 30, a fter p a ym en t o f all interest charges, o
$1,232,276- T h e follow in g a m ou nts w ere ch arged against op era tion s fo r t e
p eriod; n am ely, (a; for d epletion $472,148, (5) d epreciation $389,186, (c) ex
penses incu rred in drilling op era tion s (largely for com p letion o f wells started
prior to Jan 1) $330,988; (d) am ortization o f b on d d iscou n t $112,137 and
(e) p rice red u ction on inven tories $313,727, leavin g a n et a cco u n tin g loss for
p eriod o f $385,911.
Oil Production.— E v en w ith the discon tin u an ce o f drilling, p ro d u ctio n is
being m aintained in a satisfa ctory m anner. F o r the first six m on th s o f the
cu rren t year it was 1,191,973.03 barrels as com pa red w ith 1,223,551.96
harries fo r the sam e period o f 1920. O perating costs h av e been redu ced
to a p oin t th at w ill enable us to p rod u ce oil p ro fita b ly a t th e present low
price o f cru de oil.
N atural G a s — T h is division is operatin g on a p ro fita b le basis. T h e
con su m p tion is nearly 100% d om estic consum ers and, th erefore, n ot de
pending on m anufacturers, the general industrial situ ation has little or no
influen ce on deliveries o f gas. M o r e o v e r , recen t a dvan ces in ta riff rates
will furth er reflect a m arked increase in earnings
M ip in g .— A ll m ining plants and properties are in excellen t con d ition and
those in op eration are show ing substantial net p rofits after depreciation and
depletion . T h e m anagem ent expects th at the secon d six m on th s o f the
current year will sh ow even better results than the first h a lf o f the year.
C on dition s in the m ining sections o f M e x ico h av e greatly im p roved and our
silver p rop erty in the State o f Sinaloa has been su fficien tly d evelop ed to
warrant plans fo r th e erection o f a m ill a t a sm all co s t, and in view o f the
grade o f ore, n otw ith stan d in g the present low p rice o f silver, substantial
earnings are exp ected for 1922.
Oil Written D ow n .— T h e large red u ction in the p rice o f cru de oil and the
low prices o f m an ufactu red p rod u cts, due to the stagnation o f industrial
business generally, has m ade it necessary to m aterially redu ce the in v en tory
values o f oils in stock .
Y our m anagem ent believes, h ow ever, that crude
oil prices h av e reach ed the b o tto m and th at refin ed p rod u cts are generally
at the lo w p oin t a n d th at it w ill n ot be necessary therefore to w rite o f f any
additional am ounts
Outlook.— B eginning w ith A u gu st, a d epa rtm en t w ill H art operations
w hich has bean organized for the m arketing o f lubricating oils in packages,
particu larly for a u tom obile and industrial p lan t lu b rica tion , as well as
gasolene and kerosene, to the actual consum er
T h e refinery is being oper
ated at 9 0 % ca p a city and m arketing at p rofita b le prices 8 9 % o f the refined
p rodu cts
T h e stockh olders are fam iliar w ith the industrial depression throu ghou t
the cou n try and the w hole w orld.
W e believe the corn er has been turned
and th at all con serv ative, well m anaged com pan ies in every line o f business
acti vity wiJJ gradu ally increase and grow in a substantial and h ealth y w a y .—
v 113, p 74

Chicago Railways Co.— B o n d s

Chicago Rock Island & Pacific Ry.— O b i t u a r y . —
M a rcu s A . L o w , form erly General A tto rn e y , died in T o p e k a , K a n ., on
July 19.— V . 113, p . 291, 182.

Chicago Terre Haute & Southeastern Ry.— L e a s e .—

H olders o f 9 5 % o f the $6,336,055 6 % incom e m ortgage b on d s and 9 2 %
o f the stock are reported to have a p p rov ed the p rop osed lease o f th e road
to the C h icago M ilw au k ee & St. P au l R R .
See also C h ica go M ilw au k ee &
St. Paul R y . in V . 113, p . 7 0.— Y . 113, p . 70.

Cincinnati Indianapolis & Western RR .— S t r ik e F a i l s .
Th ree hundred and tw o em ployees o f the federated shop cra fts o f th e
co m p a n y ’s shops at In dian apolis w alked ou t on an unau th orized strike on
July 22. T h e shop laborers refused to join the strikers and all th e forem en
rem ained in service, takin g th e places o f the m echan ics. T h e roa d began
hiring new m en and on the fo llo w in g W ed n esd a y m ornin g had 320 m en at
w ork w ith applications m ore than am ple to fill all vacan cies. A tr a ffic o f
over 2 5 % a b ov e norm al has been han dled w ith ou t d e la y during th e strike.
“ R ailw ay A g e ” J u ly 3 0.— V . 113, p . 411.
City Light & Traction Co., Sedalia, Mo.^— F a r e s . —
T h e co m p a n y recen tly p u t in to effect a 6 cen t fare for purchasers o f
tickets and 10 cents fo r a cash rate. C hildren m a y ride fo r h a lf fa re .—
V .1 1 0 , p .1 6 7 .

City Ry., Dayton, O.— S t r i k e

RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.— Tl:
follow in g tab le sum m arizes recen t railroad and electric rai
w ay new s of a m ore or less general character, fu ll d eta i
concerning w hich are com m on ly pu blished on precodin
pages under th e heading “ C urrent E v en ts and D iscu ssio n s
'bf n o t in the “ E d itorial D e p a r tm e n t” ), eith er in the wee
the m a tter b ecom es p u b lic or sh ortly th ereafter.

E n d s .—

T h e strike o f the em ployees was term in ated on J u ly 21, fo llo w in g the
signing o f an agreem ent betw een the railw ay and its em p loyees. T h e
w a lk ou t occu rred on J u ly 6 w hen th e co m p a n y sou gh t to red u ce wages
from 62 cents an h our to 45 cents an hou r. T h e m en d em an ded 52 cen ts.
Under the agreem ent the m en w ill receive 48 cen ts an hour.
W ith th e redu ction in w ages th e C ity C om m ission o f D a y to n is expected
to red u ce fares from 7 to 5 cen ts.
It is expected th at sim ilar w age and w orkin g term agreem ents w ill be
entered into b y the O ak w ood Street R ailw ay and th e D a y to n & X e n ia
E le ctric R a ilw a y .— V . 113, p . 292.

Columbus Newark & Zanesville El. Ry.— S e g r e g a t i o n . —
See O hio E lectric R y . b e lo w .— V . 112, p . 2536.

Connecticut Company.— J i t n e y

M en

O b ta in

In ju n c tio n .

Federal Judge E dw in S. T h om a s at South N orw a lk on A u g. 2 granted the
jitn e y interests a tem p ora ry in ju n ction returnable A u g. 16 restraining the
State executives from en forcin g the new jitn e y con trol law . T h e jitn ey
m en declare th e y w ill, if necessary, ca rry the case to the IT. S. Suprem e
C o u rt. C om pare V . 113, p . 531, 416.

Dallas Terminal Ry. & Union Depot Co.—

V a l u a t i o n .—

T h e ten ta tive valu ation as fixed b y tho In ter-S tate C om m erce C om m is
sion is reportod at $ 1,187,810.— V . 107, p . 2187.

Delaware

GENERAL INVESTMENT NEWS.

C a l l e d .—

A ll o f the ou tstan din g Series “ C ” C on sol. M tg e . 2 0 -y e a r-5 % b on d s,
d ated F eb. 1 1907, were called fo r p a ym en t A u g. 1 a t p ar and interest at
the M erch an ts Loan & T ru st C o . On Jan. 31 last there were ou tstan din g
$349,336 Series ” C ” C on sol. 5s.— V . 113, p . 531.

Lackawanna

&

Western

RR .— C l a i m s

A d j u s t e d .—

Director-General of Railroads Davis announced
in Washington Aug. 1 that claims of the company against
the Government growing out of the period of Federal railroad
control have been definitely settled by the payment of
$5,000,000 to the railroad.
T h e ‘ ‘Journal o f C om m erce” A ug. 2 stated th at ‘ ‘details regarding the
basis o f settlem en t h av e n ot yet been given ou t, bu t it was intim ated th at
the term s were ‘ very sa tis fa cto ry .’ It is u n derstood th at the settlem en t
took a ccou n t o f underm aintenanee, balances due for m aterials and supplies,
unpaid com pen sation , depreciation and all accou n ts arising o u t o f the 26
m onths o f Federal c o n tr o l.”
Bee U. B. R R . A dm in istration b e low .— V . 113, p . 531.
Denver & Rio Grande Western RR . — O r g a n i z a t i o n .—

Title to the properties of the Denver & Rio Grande was

(ii8

THE CHRONICLE

formally transferred to the new Denver & liio Grande
Western RR. Og . at midnight July 31.
Thu officers o f the new com p a n y inclu d e: Joseph 11. Y ou n g , form erly
President o f N orfolk A Southern H it. President; A lv in W , K rech , Ch&irni&n
.
o f the B om d o f the V eslern P a cific and President o f the E qu itable T ru st C o . ,
\
as C hairm an o f the B oard; F. W . M O u tch eon, also o f N . Y ., V ice-C h a ir
man ( ' B. H otch k iss. Assistant to the President amt Secretary; James
Hurtsell and Fred W ilde Jr. as V ice-P residents in charge o f operation and
tra ffic, respectively ; L ym an R h oad es o f N. \
V ice-P residen t; Hawson F.
W atkins, Treasurer
John E. Bowie o f N . V ., C ounsel to the B oard;
Hein v Me Vliister Jr General C ounsel; Elroy N ( lark, General A tto rn e y .
th e N. \ o ffic e will con tin u e to he at 43 E xchange Place.
President \ oung in a statem en t July 30 em phasized the p o licy o f (he new
com p a n y as to independent op era tion o f tiie D en ver A R io G rande W estern.
il« cxpiaiiiod that the W estern R R . C orp ora tion con trolled the stock o f
both the W estern P a cific and the 1) A R . G . \V , but that the tw o properties
w ould h av e indei endent operatin g forces and w ou ld be op erated separately
except i s to iht? ord in ary tr a ffic relations that usually exist betw een friendly
lines con trolled b y the sam e interests.— V . 113, p. 532, 292.

Des Moines City RR.

S t rvice S u s p e n d e d . —

h h avin g proved im possible to operate the roa d under a 5c. fare franchise
w ith ou t jitney petition and under an He. fare with unrestricted jitn e y
com p etition the receiver at m idn igh t on A ug. 3 stopp ed the operation o f
the cars, as ordered A u g. 2 b y Federal Judge M a rtin J. W ad e in th e fore
closure proceedings.
A foreclosu re sale, it is u n derstood, will n ot be
ordered for several weeks to com e
An exten sive bus system , with 5c. fares, supplem en tin g existing jitn eys
is p roposed b y the city Fathers, to operate on a license or other basis.
A protectiv e com m ittee has been form ed to lo o k after the interests o f the
b on d h old ers. T h e com m ittee is com prised o f 5 C h icagoan s, nam ely:
D M a rk C u m m in gs, as C hairm an; S tan ley Field CL W . B eall, W . E.
M cG re g o r and C hester C o re y , V ice-P residen t o f the Harris T ru st & Savings
b a n k , which holds a con trollin g stock interest in the co m p a n y .— V . 113
532, 416.

Detroit United Ry.— B o n d s , & c .—
T h e M ich ig a n P. U C om m ission on J u ly 30 ap p rov ed the issue o f the
$ 4,0 00 ,0 00 1st Mfege. C o ll. H% Sinking Fund gold b on d s recen tly placed
b y D illon , Heard & C o ., interim receipts for which are now being delivered
(see offerin g in V. 113, p. 5 32, 4 16).
T h e D e tr o it C ity C ou n cil on A u g . 2 passed an ordinan ce requiring the
co m p a n y to rem ove its tracks and cease service on W ood w a rd A v e . and
Fort Si. within 90 days. T h e com p a n y has been operatin g on these
thoroughfares under a d a y -to -d a y agreem ent, its franchise h av in g expired.
Passage o f the ordinance follow ed the co m p a n y ’s refusal to sell the lines
for $388,000.
M a y o i C ouzens has announced that as ra p id ly as the co m p a n y ’s p rop erty
s rem oved the lines will be rebu ilt as a part o f the m u n icipal railw ay system .
T h e $ 1,4 00 ,0 00 1st C o n so l. M tg e . b on d s o f D etroit & F lin t R y . w hich
m atu re A ug. 1 1921, w ill be paid u pon p resen tation to th e C en tral U nion
T ru st C o . o f N . Y . , 80 B roa d w a y, N . Y . C ity . C ou p on s w ill b e p aid as
h eretofore b y T h e E q u ita b le T ru st C o ., N . Y .— V . 113, p . 532, 416.

Elgin Joliet & Eastern Ry.— F i n a l

S e t t l e m e n t .—

See L M S .'R R . A dm in istration b elow .— V . 112, p . 61.

Green Bay & Western RR.—

T en ta tiv e

V a l u a t io n .—

T h e ten ta tiv e 'v a l u a t i o n 's fixed b y the In ter-S tate C om m erce C om m is
sion is rep orted a t $ 5 ,2 98 ,5 82 .— V . 112, pJ?1024.

Humboldt Transit Co., Calif.— C i t y

O w n e r s h i p .—

T h e C itizen s h av e v o te d $130,000 b on d s to take o v e r and im p ro v e the
C o m p a n y ’s p ro p e rty .— V . 113, p . 182.

Idaho Central RR.— N e w

R o a d .—

T h is com p a n y has been authorized b y the In ter-S tate C om m erce C om m is
sion, to con stru ct a railroad from R ogerson , T w in Falls C o ., Id a h o, to
W ells, E lk o C o ., N e v ., a d istance o f 90 m iles.

Illinois Central RR .—

B o n d s A u t h o r i z e d .—
T h e I. S. C . C om m ission on J u ly 29 authorized the co m p a n y to issue
$ 8 ,0 0 0 ,0 0 0 15-year 6)i>% secu red gold b on d s (offered b y K u h n , L oeb &
C o . in June la st. See V . 113, p . 71).
T h e purpose o f this issue is to secure $7,500,000 fun ds to m eet th e fo llo w 
ing m a tu rin g indebtedn ess:
6 % loan from N a tion a l C ity B an k , N . Y . , m atu rin g J u ly 29 1921 _S2,000,000
6 % loan fr o m F a rm ers’ L oa n & T ru st C o ., N . Y ., m atu rin g
S ep t. 2 1921______________________________________________________ 1,000,000
5 % b on d s m a tu rin g A u g . 1 1921 secu red b y m ortga ge on the
K an kak ee & South W estern R R -------------------------------------------------968,000
Illin ois C entral Series A B & C equ ip trust in sta lm en ts____________
674,000
B alan ce o f initial p aym en t 111. C en t, equip trust series B _________ 2,100,000
O ther o b lig a tion s covered b y vou ch ers or to b e v o u c h e r e d ________
758,000
T h e I. S. C . C om m ission has also authorized th e co m p a n y to issue
and use as collateral $136,700 o f Illin ois C en tral R R . C o . and C h icago,
St. L ou is & N ew Orleans R R . C o ., jo in t F irst R ef. M tg e . 5 % b on d s, series
A in order to reim burse the treasury for a dvan ces m a de for a dd ition s and
b etterm en ts.— V . 113, p . 532, 71.

Indiana Columbus & Eastern Traction Co.— S e g r e g a t ’ n
See O h io £ E le c tr ic lR y . b elow .— V . 112, p . 469.

International Railway, Buffalo, N. Y .— W

a g e s , T r a ffic .

President H . G . T u lle y , A u g . 1, says in su bstan ce:
“ T h e co m p a n y desiring to put o ff fo r as lon g as possible, a n y general
red u ction in w ages, m a de certain a dju stm en ts as o f M a y 1 1921. b u t
con tin u ed th e 60c b a sic w age d epen den t u pon an im p rov em en t in th e
rev en u e. W ages since M a y 1 1921. h a v e been v e ry g en era lly decreased
elsewhere on street railw ays, and in d ication s are th a t there w ill be further
red u ction s in th e fu tu re.
“ Street ca r ridin g on th e In tern ation al system has been fa llin g o f f at an
alarm ing ra te. T h e figures fo r M a y , June, July 1921, as com pa red w ith
1920 are as fo llo w s:
_
Total Passengers Carried D ec. 1921 under
1920
1921.
1920. Passengers.
%
M ay
18,158.661
19,194,767
1,036.106
5.40
June ‘
___
17.529,883
19,007,069
1.447,186
7.77
J u l y . . ' . : . ______________
17,375.454
19.994,294 2,61 8.84 0 13.10
“ F or th e six m on th s en ded June 30 1921, th e co m p a n y fell short b y
$916,684 o f earning a fair return u pon the v a lu e o f its p ro p e rty d e v o te d to
th e p u b lic service a ccord in g to th e form u la a d op ted b y the P u b lic Service
C om m ission w h en granting th e 7 c. fare— 4 tick ets fo r 25. T h is great
ailin g o f f in business m u st b e m et w ith a>cut in op eratin g costs. E ffe ctiv e
A u g . 15 1921, th e b asic m a xim u m w age o f trainm en w ill th erefore, be
red u ced fro m 60 cents per h ou r to 55 cen ts per h ou r, w ith sim ilar a jdu stm en ts
in th e h o u rly rates p aid oth er em p loy ees.’ ’
International Railway Company In com e A ccoun t fo r H a lf Year
1921.
1920.
Six M on th s ended June 30—
.$5,274,179 $5,126,730
O p eratin g rev en u e____________
. 4 ,377,205 4,078,428
O peration and ta x e s -------------. x508,000
278,117
D ep recia tion and r e n e w a ls ..
O perating in c o m e -------------N o n -op era tin g in c o m e ---------G ross in c o m e ______________
In com e d ed u ction s__________

.
.

$388,973
19,343
$408,316
750,998

$ 7 7 0 ,1S4
10,055
$7S0,239
814.961

D e f i c i t . . . . . ________________________________________
$342,682
$34,722
Result for H a lf Y ear ended June 30 1921— Based on “ Fair R etu rn ."
“ Fair retu rn ” as a d op ted b y P . S. C om m issio n ------------------------- x $ l ,325,000
G ross in com e for six m on th s ended June 30 1921------------ ---------408,316
A m ou n t b y w h ich gross revenues are insu fficien t to p ro v id e for
op er. expenses, d ep . and renew als, taxes, and this return u pon
the va lu e o f th e p rop erty d e v o te d to the p u b lic se rv ice---------916,684
x Based on annual form u la a d op ted b y the P . S. C om m ission when gratnin g the 7 c. cash fare, 4 tick ets for 2 5 c., for C ity o f B u ffa lo— V . 113, p. 71

Jacksonville (Fla.) Traction Co.— TTo^es R e d u c e d .—
E . J. T r ia y , receiver, has been authorized b y the C o u rt to reduce w ages o f
trainm en. 2 cents an hou r from 40 cents to 38 cen ts.— V . 112, p . 932.

[ V o l . 113

Kansas City & Pacific RR. F e b . 1 1921 C o u p o n s P a i d . —
N otice was given July 28 that the interest due F eb. 1 1921 on the First
A ltge i ; 100-year gold b o n d s . due 1990, w ould be p aid on presen tation
o f cou p on s ai the o ffic e o f the a gen t fo r the receiver, 61 B roa dw ay N Y
lilt, tiue Aug i 1921 has been deferred,
bit- a lso M issouri Kansas A T exas R y. under “ Financial R ep orts”
a b o v e .— V . 112, p. 849
Kewaunee Green Bay & Western Ry.—

V a l u a t i o n .—-

T h e ten tative valuation as fixed b y the In ter-State C om m erce C om m is
sion is rep orted at $ 1,2 89 ,1 93 .— V . 112, p . 1740.

Lincoln Traction Co.— 8 - C e n t

R a t e to C o n t i n u e . —

By a recent ruling o f the N ebraska R ailw ay C om m ission, the com pa n y
will continue indefin itely its 8-cent cash fare. T h e schedule o f rates is
H cents cash w ith 4 tokens for 30 cents within the Lincoln zon e. B etw een
ou tly in g points and Hie city the fare is 10 cen ts. S ch ool children are
transported for 5 cents. C o m p a n y op erated under a tem porary ruling
H*4 * *) e c ’ 1920. and this schedule expired on June 30 1921.— V, 110, p .
>

Little Rock Maumelle & Western RR.— D i s m a n t l e d . —
i he rig h t-o f-w a y , ties, rails and equ ip m en t o f this co m p a n y , w hich runs
betw een B ecker, A rk ., and ( 'o l d Springs, 25 m iles, and was origin ally
planned to be extended to H ot Springs, will be sold and ju n k e d .
(“ R ailw ay
A ge ’ ).—

Louisville & Nashville RR .— B o n d s

P a i d .—

T h e outstan din g $893,000 P en sacola A A tla n tic R R . First M tg e . 6 %
Sinking Fund G old b on d s, d u e A u g. J 1921, were paid o f f a t m a tu rity at
the o ffice o f the L ou isville A N ash ville U R . C o ., 71 B roa d w ay, N . Y
C ity .— V . 113, p . 533.

Manhattan & Queens Traction Corp.— O p e r a t i o n s .—

W.
B . D u n ca n , M g r. for the receivers, states th at u nder the tw o zone
system the com p a n y is op eratin g on a p ayin g basis.
M r . D uncan says:
'Phe secon d fare is now p la cin g the co m p a n y on a p ayin g basis fo r the first
tim e in m an y years. W e are p ayin g ou r wages and all oth er b ills .” — V .
I l l , p . 2423.

Mexican North Western Ry. Co . — T o R e o p e n L i n e . —
T h is co m p a n y , w h ich exp ected to h av e through con n ection s established
over its line fro m C iu d a d Juarez to C h ihuahua C ity b y Sept. 1 1921, will
put into op era tion a p ortion o f its lines betw een M adera and T em osa ch ic
th a t has n o t been op era ted since 1916. T h e establishing o f another co n 
n e x io n betw een Juarez and C h ihuahua w ill open up a new trade territory
for b oth cities sin ce the re-establishm ent o f tra ffic in the M a d era territory
will h av e its in flu en ce on m in in g, agricultural and oth er en terp rises."
(“ R a ilw a y R e v ie w " J u ly 3 0 .)— V . I l l , p. 1566.
Mexico Tramways Co.-— T o

Pay

B ond

I n t e r e s t .—

On a n d a fter A u g. 16 p a y m e n t w ill be resum ed o f a n y o f th e C ou p on s
N o s. 1 to 16, in clu siv e, o f the F irst M tg e . 50-year 6 % gold b on d s w hich
m a y be still ou tsta n d in g , a t th e B an k o f M o n tre a l, T o r o n to , M on treal,,
a n d L on d on ( E n g .) , a n d at th e A g e n cy o f the B ank o f M o n tre a l in th e C ity
o f N e w Y o rk .
P a y m e n t w ill also be resum ed on and after th a t d ate, o f a n y o f th e
C ou p on s N o s 1 to 11, in clu siv e, w h ich m a y be still ou tstan d in g , o f th e 6 %
50-year m ortga ge b o n d s, a t th e B an k o f S cotla n d , L o n d o n .
F o r reorgan ization plan see M e x ica n L ig h t & P ow er C o , L t d , . in V . 112,
p 2756, and in V . 113, p. 189 — V . 113, p.^ 183.

Minneapolis Northfield & Sou. Ry.— F a r e s

R e d u c e d .—

T h is co m p a n y op eratin g from M in n eapolis to N orth field and Faribault
M in n ., has redu ced fares from 3.6 to 2 .5 cents per m ile.— V . 107, p . 1192

Missouri Kansas & Texas Ry.— A n n u a l
See u n der “ F in an cial R e p o r ts " on a p recedin g page.
S econ d

M o r tg a g e

C o m m ittee

O b j e c t s to

R e p o r t .—

P l a n — D e p o s i t s .—

T h e C om m itte e n am ed b elow w h ich is a ctin g for the A m erican owners o f
th e co m p a n y ’s Second M o rtg a g e 4 % B on ds due 1990, asks that all h old ers
o f such b on d s d ep osit them at on ce w ith F eb. 1 1916 cou p on s attach ed w ith
C en tral U n ion T ru st C o ., 80 B ro a d w a y , N . Y . under d eposit agreem ent o f
D e c . 23 1915. T h e com m ittee fu rth e r says in su bstan ce:
D ig e s t o f S ta te m e n t M ade b y 2 n d M tge. B o n d h o ld e r s C o m m itte e ,
N e w Y o r k , J u ly 29.
T h ere are special reasons fo r im m ediate a ction b y holders w h o h ave n o t
yet d eposited their b on d s— In 1917 a plan o f reorgan ization w as proposed
b y the reorganization m anagers w h ich you r C om m ittee was w illin g to
a ccep t on certain con d ition s. T h ere has recen tly been p rop osed to y o u r
C o m m itte e an am ended plan w h ich has the a p p rov a l o f a large num ber o f
com m ittees representing oth er secu rity issues o f the M . K . & T . T his
am ended plan is m u ch less fa vora b le to th e 2d M . b on d s than th e first plan.
T h e present plan is not a p p rov ed b y y o u r C om m ittee because you r
C om m ittee b elieves it calls fo r to o great a sacrifice b y the 2nd m ortgage
b on d s and does n o t fa irly recogn ize the lien o f the 2nd m ortga ge (subject
o n ly to th e F irst M o rtg a g e issue o f $27,650 per m ile at 4 % w h ich is not
to b e foreclosed) on over 1,446 m iles, inclu din g th e m ain stem o f the M .
K . & T . , w h ich carries its densest tr a ffic and is cap able o f successful in
depen d en t op eration .
N evertheless, the am ended plan has been ap p rov ed b y a D u tch C om m ittee
w hich holds a substantial b lo ck o f the 2nd M o rtg a g e b on d s. T h e re
organ ization m anagers prop ose shortly' to prom u lgate the plan and through
their agreem ent w ith th e D u tch C om m ittee, and such other 2nd M o r tg a g e
bonds as th e y may* co n tro l or m a y acquiesce in the plan , to foreclose the
Second M o rtg a g e and fo rce the A m erican holders o f Second M o rtg a g e
b o n d s to a cce p t their offer.
Y o u r com m ittee has been unable after p rotracted n egotiation to obtain
changes in the Plan m ore fa vora b le to the 2nd M tg e . b on d s, a lth ou gh certain
A m erican holders o f the certificates representing the D u tc h b on d s h a v e
agreed to co -o p e ra te w ith y o u r C om m ittee.
T h e A m erican h old ings o f the 2nd M tg e . B on ds (w h ich in th e aggregate
considerably exceed the D u tch holdings) m a y b y deposit under agreem ent o f
D e c . 23 1915. a ct togeth er in con trol o f th e foreclosu re p roceedin gs o f their
m ortga ge and in the p ro te ctio n o f their in vestm en t. D ep oisted b on d s are
su b ject to w ith draw 1 at a ny tim e on p a y m e n t o f their share o f the expenses
o f th e C om m ittee, n o t t o exceed $10 fo r each $1,000 b o n d .
H olders desiring fu rth er in form ation should com m u n ica te w ith th e
S ecretary o f the C om m ittee, G . K . B . W a d e , at o ffic e o f N . Y . L ife Insur
ance & T ru st C o ., 52 W a ll S t ., N e w Y o rk .
^
_
C om m ittee E d w in G . M errill, C hairm an: W . J. M a th eson , D . E .
Pom eroyr, Lew is L . C la rk e, P . J. G o o d h a rt, G . E . R o o se v e lt. Joseph
P . C o tto n is C ou n sel. — V . 113, p . 417, 293.

Montgomery (Ala.) Light & Traction Co.— F a r e s .—

T h e A labam a P . S. C om m ission recen tly authorized the com p a n y to put
an 8 -cen t cash fare in to e ffe c t. T h e co m p a n y applied fo r a 10-eent fa re.—
Y . 112, p . 1866.

National Rys. of Mexico.— TFapes

C u t .—

W ages o f the em ployees o f the N ation al R R . lines, w ith the excep tion o f
th ose earning less than 100 pesos m o n th ly , a ccord in g to a decision reached
b y the new railw ay b o a rd o f d irectors, were cu t 2 0 % .— V . 112, p . 2191.

New Orleans Texas & Mexico Ry.— Bond

I s s u e .—

T h e I -S . C . C om m ission on A u g 2 a u th orized th e co m p a n y to issue as
collateral secu rity fo r a $500,000 2 -yea r n o te (p a y a b le to th e C olu m bia
T ru st C o . . w ith interest at nor e x ceed in g 7 % ) , $561,800 o f 1st M b on d s,
these a t 9 5 % o f fa ce va lu e, equ alin g the co s t, $533,723. o f ad d ition s, b etter
m en ts, extensions and im provem en ts .made during 1920 as follow s: On New
Orleans Texas & M e x ic o R y ., $115,440: St. L ou is B row n sville A M e x ic o
R v , $ 339,927: B eau m on t Sour L ak e A W estern Ry . >78.356
O f first m ortga ge b o n d s, au th orized issue $ 15 ,00 0 ,00 0. $ 6,0 00 ,0 00 h a v e
h e retofore been issued, w h e re o f $ 5,8 70 ,0 00 avo o u ts ta n d in g — Y 113. p 417.

N. Y. New Haven & Hartford RR . — R a te D e c i s i o n C a s e .
In reference to the rate division decision o f the Inter-St a ic C om m erce
C om m ission (V . 113, p . 490) President Pearson is q u o te d as say nig
“ T h e decision, o f course, is exceedin gly disappointing.
\Ye were and still
are confident- o f the merit o f our case and the invitation o f the Inter State
C om m erce C om m ission to the effect that join t com m ittees should take ihe
m atter in hand further will h ave ou r prom pt attention

THE CHRONICLE

A u g . 6 1921.]

“ W e w ill d o all th at wo can to that encl In eo-oporatin g in the en deavor
to reach som e con clusion that seems fair and proper and which will afiord
11s the relief which wo so b ad ly n eod ."
V. 1 Id, p. 53*1.

N. Y. Ontario & Western Ry.

D iv id e n d

U n c e r ta in ly .

T h e directors on A u g 1 took no action in resp ect to a d ivid en d on the
C om m on sto ck . It is th ou gh t p rob ab le that the m atter will be (Inferred
Indefinitely. T h e directors m eet again on A u g 23.* V. 113, p 71

New York Railways.— 10% W a g e C u t —
F ollow in g the reduct ion in wages o f em ployees o f the I ntorborough Rapid
T ransit C o ., the B rotherhood o f this com p a n y's em ployees, b.v a vote o f
a b ou t 9 2 % o f the m em bership, has agreed to a ccep t a voluntary reduction
o f 10% in the existing scale o f wages, to take effect- A ug .7 1921. - V . 113, p.
293.
Northern Ohio Traction & Light Co.— O f f e r s
Stock to Employees— Wage Decision Stands.—

P re

fe r r e d

T h e com p a n y has started the salo o f its 7 % Href, stock to em ployees and
patron s at 95 and d iv . per share (par $100); stock may be paid for (a)
either in full at tim e o f su bscription or (b) $10 per share a t t ime o f purchase
and $10 per share lor seven m onths and $15 as final paym en t.
T h e com pa n y has refused to set aside th e award o f the arbitration board
w hich recen tly redu ced the wages o f the em ployees 2 5 % (See V . 113, p . 1S3).

Ohio Electric Ry.— Segregation.—
Inter urban and city properties w h ich have h eretofore been operated as a
part o f the O hio E lectric system , h av e com e under separate m anagem ent,
the operating agreem ents having been canceled on J u ly 18, thereby per
m itting the various lines to b e operated in three groups. A pp lication has
been m ade to the U nited States cou rt at T o le d o for can cellation o f leases.
Foreclosure w ill, it is said, b e the next, step after w hich there will be a re
organization o f th e interurban properties b y a N ew Y o rk syn dica te. It is
stated th a t several n on -p ay in g branches w ill be abandon ed.
In the sep a ra tion , the Indiana C olu m bu s & Eastern T raction C o . has
com e under the active m anagem ent o f J . H . M cC lu re, receiver. H e will
m ove his headquarters from L im a to S p rin gfield .
T h e O hio E lectric R ailw ay p rop er, as distinguished from the leased
properties has co m e under the a ctive m anagem ent o f B . J. Jones, receiver.
H o w ill m ove,h is headquarters from Springfield to L im a.
T h e C olu m bu s N ew ark fa Z anesville E lectric R y . has com e under the
a ctive m anagem ent o f B . A . B erry, receiver, o f C olu m b u s. T h is, it is
stated, w ill be op erated su bstantially as at present, in con n ection w ith the
Indiana C olu m bu s fa E astern.— Y . 113, p . 72.

Philadelphia Co., Pittsburgh.— N o t e s

C a l l e d .—

In add ition to th e 3 -yea r n otes w h ich h ave been called fo r p a ym en t O ct. 1
a t 100% (see V . 113, p ' 533) the co m p a n y has an issue o f $9,7 94 ,0 00 10-year
5 % d eben tu re b on d s, fallin g due M a y 1 1922.
, .
,
P a ym en t o f the three yea r n otes it is stated, is p ro v id e d fo r th rou g h funds
w hich cam e into th e co m p a n y ’s treasury th rou gh the recen t issue o l $ 1 0 ,000,000 1.5-year 73^ % co n v . g old deben tu re b on d s b y th e D u quesn e L igh t
C o. (see V . 112, p . 2195) th e p roceed s o f this issue h av in g been turned over
to th e parent com p a n y in p a ym en t for properties a cqu ired b y th e ligh t
su bsidiary. C om p are V . 113, p . 533.

Pittsburgh & West Virginia R y . —

F in a l

S e t t l e m e n t .—

Final settlem ent b y U nited States R ailroad A dm in istration o f a ll disputed
item s grow ing o u t o f Federal con trol as announced last w eek:
(a) W ith W est Side B elt R R $1,080,000; (b) W ith P ittsb u rgh &
W est V irginia R y .— $720,000.— V . 113, p . 183.

Public Service Corp. of N. J.— 2 - C e n t

T r a n s f e r s .—

T h e tw o -ce n t transfer charge granted b y th e N . J. State P . TJ. C om m ission
on all lines o f th e P u b lic Service R y . C o . w en t in to effect in N ew Jersey
A u g. 5, superseding th e on e-cen t ch arge. T h e a dd ition al charge is ex
p ected , a ccord in g to estim ates o f th e P . U . C om m ission, to bring a gain o f
$750,000 in annual incom e on an estim ated 75,000,000 transfer passengers,
w hich is 5 ,000,000 less than w ould b e expected to ride if th e charge re
m ained at one cen t.
..
. ___
._ 0
D uring th e first six m on th s o f 1920 the N ew ark jitn eys carried 24,343,493
passengers, as against 19,675,979 passengers for th e sam e period m 1920.
See V . 113, p . 293, 183.

Public Service Ry., N. J.—

T w o -C e n t

T r a n s f e r s .—

St.

Ii2<)

Johnsbury

&

Lake

Champlain

RR.

T en ta tiv e

V a l u a t i o n .—

11 Is reported that the ten ta tive valuation o f the road ha be*-ii fixed b
lnter-H tato C om m erce C om m ission at $2,924,120.
V 109, j 2172.

Salt Lake & Utah RR.

the

F a r e I n c r e a s e .-

T h o Utah P. IJ. C om mission has authorized the C om p an y W T i > • *
ln< -a .<
on e-w ay tick ets 2 0 % .
H ound-trip tickets, for which a 2 0 % Inon-asc w
;>
asked, are perm itted to b o increased I .8% o f one w ay faro. One thou .md
mile books are increased from 2 H cents to 2 % cents a, mile.
No IncrcaM:
In 500-m lle books com m u tation tickets or sch ool tickets Is allowed
v . J J2
!>. 2643. •

Scranton Ry.—

V a lu a tio n

of

$9,000,000.

T h o Pennsylvania P. S. C om m ission has fixed the fair value, o f the prop
erty o f tho com p a n y for rate-m aking purposes, a t $9,0 00 ,0 00 , and allow ed a
return thereon o f 7 % . T h o C om m ission fixed a rate o f faro o f X cents cash
or 4 tickets for 30 cents. C o m p a n y ’s outstan din g b o n d o d d e b t I 37,395,500.
Bee V . 112, p . 2085, 1807.

Southern Ry.— I n q u i r y

a s to G u a r a n t y f o r

Sub.

C o s .—

T h e 1. B. C . C om m ission ann ou n ced that an inquiry would begin Aug 3
before D irector o f Finance C olston to determ in e whether the subsidiaries
o f the Southern R ailw ay arc entitled to b e n e fit under the guaranty p rovis
ions o f the T ransportation A ct. T h e co m p a n y itself declined to a ccep t tho
gu aran ty.— V . 112, p . 2750, 2538.

Texas City Terminal Ry.— N e w

S lo c k &

B o n d s .—

T h e In ter-State C om m erce C om m ission has authorized the com panyTto
issue (a) $500,000 capital sto ck , par valu e $100 and (/)) -$1,984,000 20-yr.
sinking fun d 6 % 1st M . gold bonds, to be used in part p aym en t for certain
railroad p rop erty a cqu ired .— V . 112, p . 373.

Toledo, Peoria

&

Western RR. — R e c e i v e r

A p p o i n t e d .—

Judge Louis F itz H en ry, o f the Federal C ou rt, has appoin ted Bamuel M .
R u ssell o f P eoria, as R eceiver to succeed the late E . N . A rm stron g.—
V . 113, p . 536.

Toronto Ry.— A r b i t r a t i o n

P r o c e e d i n g s .—

A n inquiry regarding w h at provision is bein g m ade fo r the p aym en t o f
th e $2,502,307 4J^ % b on d s due A u g . 31 b rou gh t the fo llo w in g reply:
A s the C ity o f T o r o n to is takin g over the co m p a n y ’s system at th e expira
tion o f the franchise A u g. 31 1921, and as arbitration proceedin gs are now
under w a y , a p u b lic announcem ent w ill be m ade later o n throu gh the press
givin g particulars regarding p aym en t o f the co m p a n y ’s b o n d s.— V . 112,
p . 2750.

United Traction Co., Albany.—

J i t n e y s R e s t r a i n e d .—

Supreme C ou rt Justice H arold W . H in m an issued A u g . 4 an order re
straining som e 200 jitn ey drivers in A lb a n y aDd T r o y fro m con tin u in g their
operations in com p etition w ith th e U nited T ra ction C o . un til S ep t. 10, when
the C ou rt w ill pass u pon an app lication b y th e co m p a n y fo r a prelim inary
in ju n ction . T h e com p a n y con ten d s that th e jitn ey s h av e been operatin g
in A lb a n y , T r o y and surrounding m unicipalities in v iola tion o f Section 26
o f the T ran sp ortation L a w .— V . 113, p . 72.

U. S. Railroad Administration . — F i n a l S e t t l e m e n t .—
T h e U . S. R R . A dm in istration has a n ro u n ce d th a t fin al settlem ents o f
claim s grow ing ou t o f th e tw en ty-six m on th s o f Federal co n tro l h ave been
m ade w ith (a) D elaw are, L ackaw an n a & W estern R R . C o . fo r $5,000,000;
(&) E lgin Joliet & E astern R y . for $ 3 ,7 00 ,0 00 .— V . 113, p . 536.
Wichita Union Terminal Ry.—

T e n t a t i v e V a l u a t i o n .—

T h e Inter-State C om m erce C om m ission has fix e d th e ten ta tiv e valuation
o f the p rop erty , it is said, at $ 2,070,911.— V . 101, p . 1629.

Youngstown & Ohio River RR.— E a r n i n g s .—
Earnings fo r Twelve M onths ended June 3 0 .
1920-21. 1919-20.
1920-21. 1919-20.
G ross earnings. $622,881 $548,366 N e t _____________ $148,852 $134,970
O per. expenses. _ 419,897 373,742 Interest on b onds
6 0,000
60,000
Taxes and rentals
54,232
39,654 Surplus _________ . $88,652 $74,970
R a tio o f oper. expense t o gross earnings, 6 7 .4 % , agst. 6 8 .2 % in 1919-20.
C . E . D enison & C o ., B o sto n , are interested.— V . 113, p . 419.

See P u b lic Service C o rp . o f N . J. above.-— V . 113, p . 418, 293.

Rapid Transit in N. Y. City.—

R eq u est F o r A p p r o p r i a t e s .

G eorge M c A n e n y , C hairm an o f the T ran sit C om m ission recen tly f o r 
w arded a com m u nication to the B oard o f E stim ate and A p p o rtio n m e n t
holding the m u n icipality responsible for the presen t transit situ a tio n . In
the com m u nication the B oa rd is requested to a ct im m ediately u p on 31
requisitions totalin g $1,171,414, tw o o f w h ich , tota lin g $476,619, were
presented A pril 25, and nine totalin g $763,794, were presented b y the form er
T ran sit C on stru ction C om m ission. Im m ediate a ction is urged b y the
C om m ission to solv e the transit situ a tion .— V . 113, p . 418.

Reading Co.— P l a n G o e s to U . S . S u p r e m e C o u r t .—
Ju d ge T h o m p so n a t P h ila d elp h ia on A u g. 4 g ra n ted to th e
C om m on stockhold ers' co m m ittee , Sew ard P rosser, C hair
m an , th e rig h t to a p p eal to th e U . S. Su prem e C ourt from
th e decision of th e U . S. D is tr ic t C ourt in th e coal p rop erty
seg regation case, h old in g th a t C om m on and P referred
stock h old ers of th e R ea d in g C o. h a d eq u a l rig h ts in par
ticip a tin g in th e sto ck of th e n ew coal co m p a n y to be form ed.
C o m m i t t e e to P r o t e c t ls£ a n d 2 n d
P r e f.
S to c k s A g a i n s t
M o v e o f C o m m o n S h a r e h o l d e r s to U p s e t P l a n .—-An a d v ertise
m en t on a n oth er p age un der d a te of 3 6 W a ll S t., N e w Y ork
A ug. 4 , sa y s in substance:
T his com m ittee w as form ed to p ro te ct the interests o f b o th classes ol
Preferred s to ck o f the R ead in g C om p a n y again st th e dem ands o f the
C om m on stockh olders w ho seek to exclu de the Preferred stock h olders from
all participation in the valu able coal properties o f R eadin g C o m p a n y held
through th e Philadelphia & R ead in g C oal & Iron C o . fro m w hich the
R eading C om p a n y is forced to disassociate itself in co n fo rm ity w ith the
decision o f th e United States Suprem e C ou rt. U pw ards o f one thousand
different stock h olders h av e executed proxies to the C om m ittee.
This C om m ittee appeared b y cou n sel at three hearings in Philadelphia
and was allow ed b y the C o u rt to intervene and filed a p etition and b rief
in opposition to th e claim s o f the C om m on stock h olders.
T he U. B. D istrict C o u rt in an opinion filed M a y 21 1921, sustained our
p o sitio n , overru led th e con ten tion s o f the C om m on stock h olders and
a pproved th e plan o f th e R eading C om p an y w hich gives equal rights to
the Preferred nad C om m on stock h old ers. Subsequently on June 6 1921,
a decree was entered in con form ity th erew ith .
Prom this decree an appeal has already been taken to the U . S. Suprem e
C ou rt b y tw o C om m on stock h old ers, the C on tin en tal Insurance C o . and
the Fidelity-Phenix Fire Insurance C o . o f N ew Y o rk , and b y the so-ca lled
Prosser C om m ittee, representing a, large num ber o f C om m on sto ck h o ld e rs.
P ractically the sole' o b je ct o f the appeal is to deprive the Preferred
stockholders o f iheir right to share equally w ith the C om m on stock h olders
in the plan o f dissolution. T h ese rights have a nominal m arket value at
present equivalen t to a b o u t $15 for each share o f Preferred s to ck . O b
viously, if the interests o f the Preferred stock h olders are t o be p rop erly
protector!, the con ten tion s o f the C om m on stockh olders m u st be op p osed .
T his com m ittee therefore deem s it o f u tm ost necessity th at appropriate
cou rt action be taken by it on b eh a lf o f the Preferred stock h old ers, bu t to
take, such a ction , su fficien t funds m ust be raised to d efray the, costs. E ach
Preferred stock h old er is therefore requested to con trib u te the sum o f 25
cents for each share o f stock ow ned tow ards the C om m ittee's expenses.
A n y balance over such expenses will be refunded p ro rata to the c o n 
tributing stockh olders. I f m ore con venien t, rem ittances can bo m ade
d irect to the f irr t N otional Hank o f Philadelphia, Pa.
(Signed) Adrian Isclin, o f A . Jsclin fa C o .; R obert B. D od son , T ru stee,
J. A / C ar land E state; Edwin O . M errill, President, New Y ork Life In
surance A 4 ru J C o ., and W illiam A . Law. President, First National Bank,
I'hiladelpbfa, Pa. with CadwaJadcr, VVjckersbam fa T a ft, as C ounsel.
— V. 118, p. 534.

INDUSTRIAL AND MISCELLANEOUS.
General Industrial and Public Utility News.— T he
follow in g ta b le su m m arizes recen t in d u stria l and pu b lic
u tility n ew s of a gen eral character, su ch as is co m m o n ly
trea ted a t le n g th on precedin g p ages u n d er th e cap tion
“ C urrent E v e n ts and D iscu ssio n s" (if n o t in th e “ E d ito ria l
D e p a r tm e n t" ), eith er co n cu rren tly or as early as practicab le
after th e m a tter b eco m es pu blic.
Steel a n d Iro n

P r o d u c t io n , P rices, & c.

T h e “ Iron A g e ’ ’ o f A u g . 4 says in substance:
P rices.— T h e latest transactions in steel p rod u cts h a v e show n substan
tially the sam e lo w prices th a t were u n covered in th e previou s w eek, with
here and there a new decline, sheets and plates ap p aren tly being the lines
o f least resistance. W illingness to nam e a price th a t w ill take the business,
w here the tonnage is larger than usual, is still the a ttitu d e o f th e leading steel
com panies, albeit sentim ent is b etter in view o f a som ew h at larger volu m e
o f orders and inquiries and the feeling th a t im p rovem en t in oth er industries
will soon b e fe lt in iron and steel.
Som e p u b licity has been given to w h a t is ca lled a new a n d low er schedule
o f prices b y th e Steel C orp ora tion , p articu larly on bars, plates, shapes,
tin plate and sheets, b u t the figures given h ave been the basis o f ordinary
transactions fo r m ore than a fortn igh t.
P ittsbu rgh , C levelan d and C h icago reports agree as to con tin u in g irregu
larities in nearly all finished p rod u cts
S om e bars h av e been taken at
1.70 c., P ittsbu rgh
A t C h icago, 1 6 0 c . to 1 .7 0 c., P ittsb u rgh , o n plates
has been the usual range, whereas C levela n d rep orts 1 7 0 c . to 1.75c.
Sm aller transactions are a t $2 to $3 per ton a b o v e these levels.
T h e $5 25 price on tin p la te, w h ich is referred to in som e quarters this
week as new , is th e form al recogn ition o f recen t co m p e titio n , aided b y the
new w age scale. H oop s and bands h av e show n new p rice cu ttin g, and in
all m arkets irregularities are rep orted in n u ts, b olts and rivets.
P ig iron p rice redu ction s inclu de $1 on ch arcaol and 50c. on fou n d ry
grades a t C h icago $1 on b asic and 50c. on Bessem er and m alleable at
P ittsbu rgh and $1 on Southern iron; w hile in th e E ast ve ry little change has
taken p la ce and som e im p rovem en t in dem an d is rep orted.
Operations.— T h e general average o f steel m ill operation s in the P itts
burgh , Y ou n gstow n and W h eelin g districts is som ew h at higher this week
due largely to the starting o f d epartm ents th a t h av e been idle in som e cases
for several weeks
A m aintenance o f the new rate o f a ctiv ity is dependent
in m o st cases on the d evelop m en ts o f the n ext few weeks
Pig Iron Output.— T h e returns o f J u ly pig iron p rod u ction con firm the
w eek -to-w eek reports la^st m o n th a h at iron and steel w orks operations were
declining
In the 31 days o f July 864,555 tons o f pig iron was m ade. This
was a t the rate o f 27,889 tons per d a y, or m ore than 2 0 % less than the June
ra te o f 35,494 tons per d a y , th e June to ta l being 1,064,833 tons.
N o t since D e c. 1903, nearly 18 years a go, when 846,695 tons was pro
d uced , has th e cou n try seen so small a pig iron ou tp u t as last m o n th ’s.
July sh ow ed a net loss o f 7 in a ctiv e furnaces, 69 being in blast A u g. 1,
with a ca p a city o f 28,175 ton s per d a y, against 76 on July 1, representing a
daily ca p a city o f 32,195 tons
T h e July ou tp u t was at a yearly rate o f
a b o u t 1 0 ,000,000 ton s, or n o t far from 2 0 % o f the co u n tr y ’s ca p a city .
Wages - T h o W estern B ar Iron A ssociation has reached an agreem ent
with the A m algam ated A ssociation on the w age scale, the workers goin g
b ack to th e 1919 basis, w hich is a b o u t 3 % a b o v e pre-w ar rates
T h e re
d u ction fro m present la b or co s t is a b o u t 1 0 % .
Wage-.s— (a) Jones fa Laughlin, follow in g the exam ple early in July o f
m ost oth er independent steel concerns in the Pittsburgh and Y ou ngstow n
districts reduced the wages for com m on labor from 37 to 30 cts. an hour—
“ T im e s” July 30, p . 2. (b) C am bria Steel C o . has reduced wages o f
com m on lab or to 25 cts.
Railroad Car Repairs, <fac
T h e orders for repairs t o 6,500 cars distributed
by the N ew Y o r k C entral Lines will require a b o u t 30,000 ton s o f steel.
Repairs to o v e r 900 cars arc planned b y th e Illinois C en tral, on a b o u t 275

THE CHRONICLE

630

S W V a , and on1 500 to 1.0 0 0 in atid itio n tc» the 500 aw arded
l
b y the P
last weelc by the Burf alo Rocfa1ester & P ittsbu rg h
C ar builders f<
eel that
the turn has com e In railroad purchaseis , though. the fncriease in vo lum a o f
business will be gradiia l for siLime tim .
A setbiack to the rcscent oremiising im provem erit in th 0 fab rica t ed steel
trade is »Relief ally repo rted . buiLnew wcirk totalin g 8 ,40 0 ton s has a,ppeared
and aw ards for the p«1st- week co v e r 1 l ,000 ton,s
Cam para t'Loe 1
Prices ( Ta ken by
C hr uni cle" from “ Iro n A ge” Tables ). See
V 113, i> 419
P r ic e.
10-Y e a r
Price
Peak
Indus' t
Price
Price
P rice
Cents
Period
July
Board
A u g 3 Julu 12 July 26 A u g 2
per Lb
“ /*
re-W a r ‘
M a r "i 9 1920
1921
1917
1921
1921
B a r s ____
1 42
1 90
4 50
2 35
3 25
1 75
1 75
Plates
1 488
1 90
1 80
1 80
9 00
2 65
3 25
B e a m s_
- 1 50
4 50
2 45
3 10
2 00
l 85
1 85
R a i ls .. _
1 34
2 10
2 54 >3 2 .1 0
2 .1 0
l 79*
2 10
S h e e ts .
2 226
8 50
7 50
3 50
4 35
3 00
3 00
* Reat hed 2 5 45c., $57 per ton whiii h was m ain tain ed all th rou gh 1918;
again in 1920 (against $47 in 1921)
(See also a n n ou n cem en t as to price
cu t under “ C u rren t E v e n t s " a b o v e ]
C h in ese G overn m en t order for 17,000 tons o f rails fo r the Pekin-Suiyuan
R y . has been placed w ith U. S. Steel P rodu cts C o.
C u rren t estim ates on W all Street p la ce the u nfilled orders o f U . S. Steel
C a rp . on J u ly 31 at a bou t 4,75 0,00 0 tons, against 5 ,117,000 June 30, a
decrease o f a bou t 350,000 or sligh tly m ore. “ Fin. A m e r.” A u g. 4.
C o a l P r o d u c t i o n , P r ic e s , tkc.
“ C oal A g e,' New Y ork , A u g. 4. rep orts in b rief:
bitum inous Output, P rod u ction
of
bitu m in ous coal con tin u es i n
gradual declin e
T h e tutal ou tp u t for the w eek en ded July 23 was 7.36 9,00 0
net ton s, com p a red w ith 7,40 3,00 0 durin g the week p recedin g. T h e slug
gishness o f th e exp ort m arket and the low ered L a k e shipm ents are th e
resp on sible factors in th e decline.
P rod u ction for the yea r to July 23 now stands at 2 19,320.000 not tons.
In the sam e period in 1919 th e ou tp u t was 245,009,000. and in 1920 it was
2 89.191,000
P rodu ction for this p eriod is 10% beh in d 1919, 3 2 % beh in d
1918, and 2 5 % less th an the average for 1917-20.
O u tlook — C lose ob serva tion o f all coal m ark ets fails to d isclose a n y m a
terial im provem en t in th e past week. Signs are n o t lackin g, h ow ever, th a t
things are soon to be “ on th e m end ’ A b etter line o f in q u iry is d e v e lo p in g .
T h is is not resulting in th e placin g o f m uch a dd ition al ton n age, b u t sen ti
m ent in business has im p rov ed and it is o n ly natural to b e lie v e th a t th ose
feelers on prices and ton n age are th e forerunners o f orders w h ich h ave been
w ith h eld until basic fu el requirem ent-' co u ld be con sisten tly d eterm in ed.
P r ic es. Prices d o not show a ny particular ten d en cy to a d va n ce or d e clin e .
L a b o r — In non -u n ion field s wages have been cu t to a p oin t where c o m 
p etition by u nion operators is b ecom in g d ifficu lt, and this has given riso to
the a d visa b ility o f parin g d ow n th e w age scales o f the latter. H ow ev er,
union officials are op p osin g possible m oves in this d irection and refuse to
con sider any discussion o f the m a tter. A fu rth er w age red u ction was p u t
in e ffe ct A u g. t b y th e H . C . F rick G oal C o ., a m ou ntin g to a b o u t 10% .
Exports. T h e exp ort m arket is quiet , m ain ly as a result o f th e resum ption
o f British op eration s. D u m pin gs for all a ccou n ts a t the H am p ton R oad s
piers durin g the w eek en ded July 28 w ere 310,504 gross ton s, as com pa red
w ith 373,811 during the w eek en ded July 21. D u rin g th e fo u rth w eek o f
July 179,832 net ton s w ent for exp ort and 82,991 for bun k ers, a to ta l o f
262.823, com p a red w ith 616*869 ton s for the first w eek o f J u ly. T h e on ly
coa l now m ov in g to G reat B r ita in —during th e strik e th e m a in stay for
A m erican overseas ton n age— is on con tra cts m a de som e tim e ago a n d w h ere
coa l has been d e la y e d in transit.
Rail Shipments t > New England over H udson River.— F o r b o th a n th racite
and bitu m in ou s coa l an increase in th e rail m ovem en t to N o w E n glan d is
rep orted by th e G eologica l S u rvey.
N ew England Rail
-----------------1921----------------- ------------------1920--------------Shiprnents—
A n th racite. Bituminous. Ynthracite. Bituminr
W eek en ded J u ly 9_
2.647
1.169
5,904
3 .228
W eek en ded J u ly 16- 2.066
6,154
2 ,444
3.090
W eek ended J u ly 2 3 _
_
3.018
2 ,37 7
7.033
3 ,160
D um pin gs at the Lower Ports for Lake Shipm ents.— M in e load in gs sh ow th e
effect o f the ja m at th e H ea d -of-th e-L a k e s and m u ch less ton n age is now
rollin g. F or th e season to A u g. 1, th is year n early 14.000,000 n et ton s
h a v e gon e u p th e Lake, com p a red w ith 6,814.074 la t year and a b o u t th e
sam e as in 1919. P relim in a ry figu res fo r the w eek en ded July 31 sh ow
699.113 ton s ca rg o and 25,574 o f vessel fu e l d u m p e d , a total o f 724,687
ton s, less than durin g a n y w eek since early in M a y .
A n th racite. -P ro d u ctio n o f h ard coal con tin u es to h old up rem arkably
w ell, d esp ite th e b e lie f that th e m arkets h ad n early reach ed th e saturation
p o i t. T h e ou tp u t fo r th e w eek en d ed J u ly 23 w as 1,837.000 n e t ton s,
a b ou t 40.000 less th an i i th e last p reced in g w eek. (F or th e yea r to J u ly 23
th e a n thracite p rod u ction has been 51,347,000 n e t te n ., against 40,808,009
in 1920 ]
T h e larger com pan ies p u t th e usual 10c. m o n th ly a d v a n ce A u g . 1 on th e
d om estic sizes, w hile grow ing pressure to m ake sales has caused a soften in g
o f in d ep en d en t prices. R eta il i rices w ere a d v a n ce d t o co v e r, and in m an y
cases an addition al 15c. per ton was p u t on to co v e r th e new' Pen n sylvan ia
State tax. A gen erally dull a n th racite m arket is n ow rep orted and m ore
coa l m u st go into stora ge if p rod u ction is to be m a in ta in ed .
O il, P r o d u c t io n Prices, & c .

P rices.— T h e T exas C o . on A u g . 3 reduced th e p rice o f ex p o rt grades o f
kerosene in barrels 2c. a barrel, m akin g standard w hite 13c. a gallon .
A fte r six weeks o f con secu tive declines the oil p ro d u ctio n o f the U nited
States in the last week o f J u ly show s a p ro d u ctio n o f 1,314,240 b b ls.,
bein g an increase o f 6.880 bbLs. as com pa red w ith th e previou s w eek, and
con tra stin g w ith 1,344,120 b bls. in the w eek o f June 11. th e p eak just
previou s the recen t d eclin e and w ith 1.209,335 b b ls. fo r the w eek ended
Jan. l . T h e recen t increase is m ain ly due t o th e a ctivities o f the fields in
the S ou thw est, w hich p rod u ced 810.900 b bls. d a ily , a gain o f 6,460 b bls.
as com pa red w ith th e p reviou s w eek— “ T im e s ” A u g . 5. p . 14.
W aaes.— C arter Oil C o . (Stan dard Oil su b sid .) reduces wages a b o u t 9 H %
— “ T im es” July 30, p . 5: J u ly 31, p . 8, Sec. 8.
O t h e r P r ic e s , W a g e s a n d T r a d e M a tte r s .
P rices.— (a) On A u g . 4 cop p er m ade a new low record , at 1 1 H c t s ., as
against 13 cts. Jan . 4 1921 and 1 9 l cts. Jan . 5 1921. “ T im e s” A u g . 5, p .
A
14, (b ) T in also on A u g . 3 tou ch ed 2 5 .3 7 }o cts ., con trastin g w ith 3 9 H cts.
ja n . 10 1921 and 65M cts. J an . 11 1920.
(c) R efin ed sugar took an u pw ard turn ten d ays or m ore ago and on
A u g . 4 the A m erican Sugar R efin in g C o . ann ou n ced another a d va n ce in
th e p rice to 6.15 cts ., an a d va n ce o f 15 p o in ts, as against 5.2 cts. the low'
p rice June 28 1921. T h e W arn er Sugar C o . ann ou n ced a sim ilar increase,
b u t the F ederal Sugar R e fin in g C o . has m a d e its p rice 6 cts.
(d) P rice o f C in cin n ati “ T im es-S t^ r” and C levela n d “ Plain D e a le r”
and three D es M oin es aftern oon new spapers, the “ T r ib u n e ,” the “ C a p ita l”
and the “ N e w s ,” red u ced from 3 to 2 cts. “ T im e s” J u ly 30, p . 10; A u g . 5,
p . 18. (e) M iller C a n d y C o . o f N . Y . cuts prices 40 to 5 0 % and G e o . W .
L o ft C o . 10 to 2 0 % . Id e m , A u g . 1. p . 1; A u g . o, p . 19; A u g . 2, p . 9. (f)
L a b or B oard fin d s retail prices higher in nine cities. Id e m , A u g. 1.
(g) C lu e tt-P e a b o d y & C o ., G eorge P . Id e & C o and U n ited Shirt & C ollar
C o . o f T r o y , N . Y . . on A u g . 2 ann ou n ced a red u ction in collar prices fro m
$2 10 to SI 90 a d ozen .
(h ) E lliott Fisher C o . ann ou n ced a 1 0 % red u ction on all typ es o f b o o k 
k eeping m achine eq u ip m en t.
‘ Rubber Producers C orporation” — English Plan to Control Output o f N ot
Less than 2,20 0,00 0 Planted A cr es .— “ L on d on Statist” J u ly 9, p . 62;
J u ly 16, p . 106.
Germans Open Fight to Recover $350,000,000 Worth o f Properly Seized in
U . S. D u rin g W ar.— “ T im es” A u g . 1. p . 1; A u g . j2, p . 3 . C om p a re A m .
B osch M a g n e to C orp . in “ C h ro n ic le ,” V . 113, p . 537.
M iscellan eous.— ( a ) N . Y . M u sician s’ M u tu a l P ro te ctiv e U nion ejects
radical directors. “ T im es” J u ly 31, p . 8 . (b ) N ew m od el au tom obiles,
F ord , idem , J u iy 30, p . lO i B u ick , & c., id em . J u ly 31, Sec. 2, p . 6.
(c j
H u d son R iver P on to o n B ridge C o .’s p lan . “ E n g. N ew s R e c o r d ” A u g . 4,
p. 207; “ T im es” J u ly 30, p. 11.
(d) U . S. sh ip seizure. Id em ,
(e) W in.
K . H a tt. L a fa y ette. I n d ., heads new U . S. A d v is o ry H ig h w a y B oard.
Id em , Julv 31. Sec. 2. p . 5. (f) P o lic y o f L o y a l L a bor L eg ion . Id em ,
A u g . 1. p. 5. (g) B eth leh em S h ip b u ild in g C o . and B altim ore D r y D o c k &
Shipbuildin g C o ., b oth o f w h ich early in th e year cu t wages at their plants
in B altim ore 10 to 1 2 % , w ill sh ortly m ake a further cut o f a b o u t the sam e
am ou nt. T h e form er com p a n y is said to be e m p loy in g a t B altim ore o n ly
abou t 5.000. against as high as 21,000 during th e w ar. “ T im e s” A u g. 4.
9- 3.

[V ol. 113

L eg isla tion ,

T a x a tio n & M isce lla n eo u s.

a) M r. M< lio n ’s* statem en t, see “ C u rrent E v e n ts ” above*
l a m labo( gi <
<up opposes d rop pin g excess p rofits taxes and cu ttin g su r
taxes P ublic hearings close —‘ "rim es” A ug. 5, p. 1; A u g. 1. p . 7; July 30.
P tb j lu rdn ey hopes for large tax cut- Idem , July 31. p . 6. (c)
W isconsin su prem e C o u rt, like N Y . and M ass, cou rts, holds sto ck d iv i
dend taxable under State law n otw ith stan d in g con tra ry interpretation o f
Federal law
Idem Julv 30, p. 12. (d) Bill o f R ep. Ram soyer, Iow a,
proposes to d ou b le l s inheritance and reduce exem ption from $25,000
to 8 10,000
B est. :\ B
July 30. p. 5. (e) D ecision against M r . R o ck e 
feller iit Prairie Pine Line ca s e — “ Wall St. Journ al” A u g. 3, p . 10.
Hill fo r T ree Tolls fo r A m er ic a n S h ips through Panam a C anal.
T h is bill
is said to be o p p o se d b y President H arding - “ T im e s ” July 31, p . 5
A u g. 5 p. 12
T ariff B i l l . — Valuation Issues cause delay— “ Times” Aug. 3, p. 15;
July 31, p, 6.
C on feren ce A g re em en t an Packer C ontrol b ill A d o p ted by Senate — -“ T im e s ”
A u g. 5, p 2.
T axes.

F arm Credit B ill Passed by Senate
Idem.
Extracts from M exican {V era C n r ) State Laic R equiring that W orkm en
Get 10% o f N et P r o fits— " T im e s ” July 30, p. 9.
Revival o f P roject fo r Great T erm in a l an J a m a ica B ay. N . V . C ity — “ T im e s "

July 31, p . 2 0 , 21

D ep ressio n in M otion P ictu re B u sin ess.
“ 4,000 m ovie houses closed.
O nly on e-third o f the m ovie stu d ios is o p e ra tin g " (Saul R ogers in tax hear
ing at W ashington Julv 2 9 ) - “ T im e s ” July 30. p . 2.
M a tters Putty C w er ed in “ C h ron icle ” o f July 30. — (a) N ew ca p ita l flo ta 
tions for June and h alf-yea r. p. 463 (con ioa ro V 112, p. 1216, 1681, 2243.
2688). (b ) T a x revision proposals, p. 479, 495.
(c) Personal in com e tax
collection s fo r 1919, p. 178. (d) Y ield from Federal incom e, p ro fits and
o th e r taxes fo r year 1920-21, p. 479.
(e) H ow F ord m e t $ 58,000,000 m atu rin g obligation s, p. 482 to 485.
(f) F o r d ’s p rofits per ca r, p. 485. (g) F o r d ’s o ffe r for U. S. n itrate and
h yd ro -e le ctric plants a t M u scle Shoals, p. 485. (h ) Fruit grow ers w ould
have M r. Ford run all R R s ., p. 185.
(i) Prices, decreases, at w h olesale and retail in June, p . 496. (j) Falling
o f f in retail trade in June. p. 476. (k) C om p arison o f e m p loy m en t and
wages in selected industries in June 1921 and 1920, p . 497. (I) Loss b y
u n em p loym en t in building trade, p . 490
(m) H ousing m a tters, p . 492, 493 .
(n ) P residen t’s e co n o m ic p rogram , p. 492. (o ) M ilk p rices, p . 478.
(p) M e x ica n oil m atters, p. 485. (q ) C u ba n sugar, p. 467, 472, 480.
r) C o tto n fin an cin g, p. 472. (s) $50,000,000 liv e -s to ck p ool, p. 472.
t) A gricultu ral re lie f m easures, p. 469 to 472.
(u ) W a r Finance C o rp .
resources and p rop osed en largem ent o f fie ld o f op era tion s, p . 471. 487, 489.
(v) N Y . S tock E xch a n ge regu lation as to use o f custom ers" secu rities, p .47 3.
(w ) P ostal savin gs d ep osits, p . 473.

Adams Express Co.—

D i v i d e n d O u t l o o k .—

A publish ed statem en t u n derstood to be a u th oritative says: “ A cc o rd in g
to a d irector the question o f declarin g a d ivid en d on A dam s E xpress has not
been con sidered aud ca n n ot be un til claim s against the co m p a n y are liq u i
d a te d . T h is disposes o f d ivid en d possibilities fo r a t least a yea r, b e 
y o n d reasonable d o u b t.
“ C on sideration o f A dam s E xpress as a liquid atin g p rop osition is also
unw arranted, in op in ion o f this d irector. C o n tra ry to b e lie f in som e
quarters the co m p a n y has no intention o f retiring its b o n d s, excep t in such
sm all quantities as it has been a ccu stom ed to d o p r o fita b ly fro m tim e to
t im e .” — V . 113, p . 537, 295.

Air Reduction Co., Inc.— Q u a r t e r l y

R e p o r t .—

R esults f o r Q u a rter and Six M o n th s E n d in g J u n e 30
3 M os.
S ix M o n th s.

1921.
1921.
1920.
T o ta l in c o m e
.......................... ............. $ 1,3 37 ,7 84 $2,666,781
$ 3,410,978
O perating exp en ses___________________
8 98,196
1,849.388
2 ,297,003
O perating in c o m e _____________ _______
R es. fo r d ep rec. & a ccr. b d . in t. & disc.
M is c e lla n e o u s ________________________

$439,588
255,274
_________

$817,393
522,732
_________

$ 1,1 13 ,9 75
477,451
34,023

N e t p ro fits b efo re Federal ta x e s _____
$184,314
$294,661
$602,501
On J u ly 15 th e regu lar q u a rterly d ivid en d o f $1 a share w as paid o u t o f
cu rren t earnings fo r th e quarter.
T h ere are n o o u tstan d in g loans oth er than deben tu re b o n d s, and su fficien t
U n ited States T reasu ry certifica te s are on hand to p a y all 1920 Federal
taxes, cash $ 1 ,1 6 2 ,0 0 0 and a cco u n ts and n otes receiv ab le $ 1,1 24 ,0 00 .
A cco u n ts p a y a b le con sist en tirely o f current bills and a m ou n t to $217,000.
— V . 1 1 2 , p . 2086

A m e r ic a n C h ic le C o . —
C la u se in

C a n a d ia n

C a n a d ia n

C ou rt

S e ts

A sid e

G o ld

M o r t g a g e .—

See “ C urrent E v e n ts ” on a p receed in g page o f this issu e.— V . 112, p. 2416.

A m e r ic a n H id e & L e a t h e r C o —

Q u a r t e r l y R e p o r t .—

Results fo r Quarter and Six M onths ending June 30.
1921— 3 M o s .— 1920.
— 1921— 6 M o s .— 1920.
N e t earnings____________*$329,015 loss$7 3 0,801 lossx$803,996 loss$398,731
D e p re cia tio n _____________
77,371
7 9,896
154,742
173,832
B alan ce, surplu s_______ $251,644 lo v $810,697 loss$958,738 loss$572,563
* R esu lts fro m op era tion s after ch argin g repairs, interest on loan s and
reserves fo r taxes.
x R esults fo r six m on th s are obtain ed after givin g effect to a dju stm en ts
o f in ven tories o f a p p rox im a tely $950,000 as show n on rep ort o f M a rc h 31.
N ote.— T h e results o f th e quarter and six m on th s h va e been adju sted to
the basis o f cost or m arket va lu e, w h ich ever is the low er, fo r a ll m a teria ls,
and to replacem en t cost fo r the finished leather, w hich is at a co n serv a tive
m arket va lu e or low er. N o appreciation has been given t o in v e n to ry
values due to th e a dvan ces in raw m aterial m arkets, over those p reva ilin g
M a rch 31. N e t current assets outstan din g June 30 1921, $ 4 ,7 3 2 ,5 1 9
against $ 12 ,532,252, June 30 1921.— Y . 112, p . 1980.

American Steel Foundries.— Meeting Postponed.—
T h e q u a rterly m eetin g o f the directors w hich was scheduled fo r A u g . 4
w a s p ostp on ed fo r w an t o f a quoru m . T h e co m p a n y ’s statem ent o f earn
ings for the first h a lf o f the current year, w hich was expected to be issued
a t th is tim e, w ill, it is now su pp osed , be delayed un til the m eetin g, which
w ill p ro b a b ly be held on Sept. 1.— V . 112, p . 1980.

American Telephone & Telegraph Co.— Ctfs. Ready.—
C ertifica tes fo r s to ck paid in full as o f J u ly 20 1921 are read y fo r d elivery
u pon th e surrender o f fu ll p a id re ce ip ts.— Y . 113, p 537, 296

American Writing Paper Co.— Reduces Forces.—
N o tic e was served J u ly 30 on several h u n dred o f th e em p loy ees th a t
ow in g to co n tin u ed business u n se ttle m e n t. th eir services w ou ld b e dispensed
w ith
T h o se a ffe cte d are said to be c h ie fly in th e cost a n d in v e n to ry
d e p a rtm e n ts.— V . 112, p . 2416-

Arizona Copper Co.— Possible Merger.—
See P h e lp s-D o d g e C orp . b e lo w .— V . 112, p. 2308.

Borden Co.— Price of Milk Advanced.—
See “ C urrent E v e n ts ” July 30, p . 4 7 8 .— V . 113, p . 538, 187.

Braden Copper Mines Co.— Tenders .—
T h e B ankers T ru st C o. o f N . Y ., trustee, w ill u n til A u g. 19 receive bids
for the sale to it o f 15-year 6 % sinking Hmd b o n d s o f 1916 to an am ount
su fficien t to exhaust $6 6 6 ,735 at n o t exceedin g 1 0 5 % and int
Y l l 2 .p .655
Butler Brothers, Chicago.— Notes Paid.—
T h e $325,000 5 % n otes due A u g. 1 1921, w ore p a id o f f at m atu rity w
at
o ffic e o f First Trust & Savings B a n k , C h ica g o .— V . 112. p . 375.

Bridgeport Hydraulic Co.— Notes Offered. T h e bankers
(nam ed b elow ) are offerin g a t 9 2 a nd in t.* y ie ld in g about
7 . 2 0 % , $ 1 , 7 5 0 , 0 0 0 4-year 5 % gold n o tes o f 1 9 2 1 . Bankers
say:

D a ted Juno l 1921. D uo Juno l 1925.
D o n o m . $ l.0 0 0 u '* Y
In t.
p a y a b le J. & D . P rin cipal and interest p a y a b le at Bridgeport Trust C o
tru stee. C a lla b le at 1 0 0 >3 and int. on any int. date. E xem pt tYom State
ta x if held b y residents o f C o n n e cticu t.

TIIE CHRONICLE

\U(3. < 1921.]
>

Capital'll (upon comp let'n o f present (inane i up)— Authorized. Outstanding.
5< f gold notes
o
..._________ ______ ______ ,$5,000,000
D uo Sopt. I 1921, $1 ,000,000; duo D oo. I 1921,
$500,000; to bo retired b y 1 1is Issue.
,1
D ue D e c. I 1923
$600,000

D u o Juno l 1 9 2 5 (in cl. th is issue.

C om pare

V. I 10, p. 2059)

-

15 50,000

$4,250,000
( hipi tal s t o c k .......
.....................
$10,000,000 $5,000,000
Th ere is no m ortgage d eb t and while any o f those notes are ou tstan din g
no m ortgage can bo placed upon any property now ow n e I or hereafter
acquired, and no evidences o f d eb t be issued except ju n ior to jdiese notes.
T h e co m p a n y supplies water to llridgepopt, S tratford , Fairfield and
Sou th port and parts o f W estport and H untington, under a franchise that
is both perpetual and exclusive, serving a population o f a bou t 175,000.
Owns 17 reservoirs w ith a storage ca p a city o f abou t 9,000,000,000 gallons,
has tw o pum ping stations, 12,043 acres o f land and 507 m iles o f mains.
It serves a bou t 23,000 custom ers.
D ividen ds at rate o f 8 % p. a. have been paid on the capital stock since
1900, and th e eq u ity in the p rop erty a b ov e obligation s as eviden ced b y
m arket va lu e o f stock is m ore than $0.750.000.
T h ese notes will be a legal investm ent for C on n ecticu t savings banks
upon redem ption o f the notes duo Sept. 1 1921, w h ich those notes are
ssued to retire.
Incom e A ccount Year ended D ec. 31 1920.
G ross in com e___
________$806,018 IN o te intorost requ ires____ $212,500
N et, after taxes
______ 5 1 2 ,2 7 5 1Balance
..
299,775
N ot incom e over 2.4 tim es tota l n ote interest requirem ents.
B ankers are Lee, H igginson & C o . , E stab rook & C o . , 1 incks B ros. & C o .,
1
T . L . W atson & C o ., Putnam & C o . and th e C h as W . Scranton C o .
V . 110, p . 2659.

C entral Sugar C orp. — B o n d s A u t h o r i z e d — I n j u n c t i o n . T h e shareholders on A u g. 1 authorized the proposed $3,000,000 bond
issue. T h e E q u ita b le T ru st C o. as trustee has obtain ed a perm anent
in ju n ction restraining the corp ora tion from m ortgagin g its p rop erty to
secure these b onds un til it has paid a d eb t o f $ 70 ,00 0 .— V . 113, p . 539, 297.
Chile Copper C o. — P r o d u c t i o n ( I n P o u n d s ) . —
1921------- M a y------- 1920. D ecrease. | 1921------5 M o s .------1920.
Decrease.
4,007,134 10,300,000
6 ,2 9 2 ,8 6 6 1 25,990,936 4 3,866,000 17,875,064
— V . 113, p. 74.
Cities Service C o. — G u a r a n t e e d E q u i p m e n t
See E m pire T an k Line C o . b e lo w .— V . 113, p . 539.

T r u s t C t f s .—

Citizens’ Water Supply Co., Queens. —C o n d e m n a t i o n . —
T h e 'B o a r d o f E stim ate on A u g . 2 v o te d to acquire th e mains and plant
o f the com p a n y in the Second W ard o f Queens b y con d em n ation proceed
ings, thus closin g the fig h t b y residents against th e co m p a n y th a t has
waged fo r n early tw en ty years.
T h e b oa rd was unanim ous in its decision th at the p rice dem anded b y the
water co m p a n y for its system , $4,250,000, was excessive. Cat skill w ater
w ill p rob a b ly b e turned in to th e m ains in a few m on th s.— V . 113, p . 421.
Consum ers Com pany, C h icago. — A c q u i s i t i o n .—P a ym en t fo r the properties o f th e C o o k C o u n ty S upply C o ., recently
a cqu ired , is to be m ade with, treasury stock ,con sistin g o f $700,000 Pref.
and $ 1,000,000 C om m on . (‘ 'C h ica go E co n o m ist.” )— V . 113, p. 4 2 2 , 297.
C uba Cane Sugar C o . — F i n a n c i n g .—
T h e co m p a n y ’s $8,000,000 a ccep ta n ce cred it, due at this tim e [Aug. 11
lias been extended for another n in ety d ays. T h e com p a n y has $5,000,000
in acceptan ces m aturing on A u g .15 and another b lo ck o f bills am ounting to
$5,000,000 m aturing on A u g . 17. A rrangem ents h av e been p ra ctica lly
com pleted for extending th e entire a m ou n t. It is u n derstood th at the
m atter o f perm anent fin ancin g is under con sideration , b u t it is d ou b tfu l
whether there w ill b e a p u b lic offering o f securities (N . Y . “ E ven in g P o s t” ) .
C u b a 's S u g a r P r o d u c t i o n & S a l e s — C o m p a n y ' s S h a r e T h e r e i n .

T he follow in g statem ent origin ally published in th e “ B oston N ew s
Bureau” o f A u g . 1, h avin g been revised in m aterial respects, is understood
to be su bstantially correct:
Effect o f Advance in P rice.— T h e adva n ce o f M cent per p oun d in C u ban
raw sugar nam ed b y th e selling com m ittee havin g in hand the disposition
o f a very large portion o f th e u nsold sugar on the island o f C u b a is a m atter
o f great im portan ce to all the C u ba n sugar producers.
On that p ortion o f the p rod u ct o f th e C u ba C an e Sugar C orp oration as yet
unsold, every a d va n ce o f % cen t per p ou n d m eans added p rofits— or reduced
losses— o f $2,100,000.
It has been figured, th at if th e C u ba C an e Sugar C orp ora tion realizes but
3 cents per pound for its unsold raw s, th e operatin g loss w ou ld b e $3,000,000,
so that ic is entirely possible th at if there is a furth er adva n ce o f M cen t, or,
say, to 3
cen ts, th e C u ba C an e C o . can y e t em erge w ith a p ro fit instead
o f a loss, b u t, o f course, from a ny operatin g net there m ust b e d edu cted
$6,000,000, in round figures, for unearned interest and pref. d iv . p aym ents.
Company's Production and Sales for Past Season .- -T h e net p rod u ction o f
the C u ba C ane Sugar C orp ora tion for the past season was 3,783,000 bags,
and sales h av e aggregated 1,370,000 bags, as follow s:
335.000 bags at 1 2 M cen ts.
! 100,000 bags at 4 l cents.
A
65,000 bags at 12
cents.
1400,000 bags at 4
cents.
320.000 bags at 4 .3 5 cents (through th e co m m ittee ).
150.000 bags at 2.85 cents (through the com m ittee).
Chiba's Selling Pool.— O f C u b a ’s tota l p rod u ction o f 26,000,000 bags, all
but 9,000,000 were pooled under the selling agreem ent, in this p ool the
C u ba C ane C o . has a 15% interest. A t the present w riting th e p o o l has
som ething less than 13,000,000 bags, or a little under 1,900,000 ton s unsold
on its hands.
Opinions differ as to the am ou nt o f C u ba n sugar w hich can be sold
between n ow and the end o f th e year. In su pp ort o f pred iction s that a
very large amount- o f the accu m u lation in C u ba is certain to m o v e betw een
now and the first o f January, it can be said th a t in 1919 C u ba con tribu ted
83 % o f th e to ta l im portation o f sugar at the IJ. S. A tla n tic p orts— in the
last h alf o f that year. In 1913 the C u ban con trib u tion was 7 5 % o f the
total im portations a t th e sam e ports for the last six m on th s, and the average
proportion received from C u ba in the last eleven years fo r the sam e period
at the sam e ports was 6 1 % .— V . 113, p. 297.

Dangberg Land & Live Stock Co . — B o n d s O f f e r e d .—
E. \ \ . R ollin s & Son s, W m . R. S to a ts C o. an d C yrus P ierce
& C o., Sau Prar:cisco, C al., are offering a t 1 0 0 and in t.
5 7 5 0 .0 0 0 of F irst M o rtg a g e 8 % Serial b o n d s d a ted J u ly 1
1921 and du e serially from J u ly 1 1 9 2 2 to J u ly 1 1 9 3 6 .
D en om . 8 5 0 0 an d 8 1 ,0 0 0 .
A circular says: “ T h e D ang berg lands include 33,597 acres in D ou glas,
Orrnsby and Lyon counties, N evad a, and E ldorado and A lpine counties,
( .la)if.; appraiser! at 81,518,423. T h e co m p a n y ’s principal business is raising
sheep and oaf tie and feeding th em for m arket. T h e D a n gberg C o . ow ns
10,520 ewes [Jambs n ot counted] and 180 bucks; 3,154 ca ttle [calves not
countedJ, 34 pure bred registered H ereford cow s w ith calves and the registered Hereford bull, 'M a ster K e y ,’ and 368 head o f horses, valu ed at $251
560; a pp roxim ately 250 m iles o f ditches, laterals and canals; 21 artesian
wells, 30 m iles o f roa d . See."

Dodge Manufacturing Co. —
About $50,000 or the balance o f th e
not. previously retired were paid o f f at
Savings At T ru st C o ., C levelan d, O .— V .

P o n d s P a i d .—
$100,000 0 % b ond s due A u g. 1
m aturity at o ffice o f < uardian
J12, p . 2753.

Empire G a s & Fuel Co. find. Sub. Cos.).—
Year

ending

M ay

31

E a r n in g s —

J9 2 1.
$ 6 4 ,3 9 9 ,9 1 0

Operating expenses, taxes, See

40,209,431

•rf earning#
___ __________________________ _ $ j8,190.485
Annual interest on divisional b on d t
,9 , 700
l»c<re j r,n >18,134 .700 6 % notes ami on >4,080.000 8 % nob s 1,494,902
urphtn ...............................................
E q u ip .

T ru st

C tfs.

G u a r a n te e d .

Heo Em pire Tank Line C o . below .

V. 112, p . 937,

E m p ir e R e f in in g C o.

<>:u
(lu a r a n lc c d

Boo E m p ire'I’ank Lino C o ., below .

E q u ip .

'Pru

t

( ' i f :.

V. 112, p. 2417

G ifs . G u a ra n teed b y E m p i r e G a s A

Rue

■ /«/

I ) I Aj • / <> t , I A
y

Hjtlnoy, StuurL & C o ., P a in e, W ebber &
C o. and K astm an, D illon & Co ., N ow Y ork, & n ., are
Co
offering a t 9 9 and int. to yield a b o u t 8 . 1 0 % $ 2 , 5 0 0 , 0 0 0
10-year 8 % E q u ip m e n t T ru st C o ld Cortifieatr;: (elored i no)
to bo issu ed under P h ilad elp h ia p lan . G u aran teed un con 
d itio n a lly as to p rin cip al and in te r e st b y en d o rsem en t by
Em pire G as & Enel Co.
S e r v ic e C o m p a n y .

D ated June I 1921. D ue June I 1931.
Interest payable .1 Sc D . ;».!/'
Bankers T ru st C o ., 1 T Y ., trustee. D cn o m . $ 1,0 00 , $500 and
S.
100,
registrable as to prinicpal o n ly .
Interest p ayable w ith ou t d edu ction o f norm al Federal incom e tax <<
|
d u ctlblo at the source, n o t in excess o f 2 % . Pennsylvania fou r mill , tax
refu n dable.
Sem i-annual sinking fu n d o f 5 % o f tota l issue to retire b y purchase in the
m arket, at n ot m ore than the redem ption price, or b y call b y lot at 105
and int. to June I 1922, inclusive, less 1-2% for each year or part th ereof
to June I 1929, inclusive, and at 101 and int. thereafter to /Maturity. Issue
redeem able as a whole at 105 and int. o n any in t. d ate.

Data Prom Letter of Pres. Frank W. Frueauff.
Equipm ent. -The equipm en t t o be held in T ru st com prises 2,037 Jill steel
standard tank cars, average age a b o u t 6 years. All in excellent operatin g
con d ition and w ill be so m aintained through frequ en t inspection .
E qu ipm en t will be leased to the E m pire T a n k Line C o . a t a rental
su fficien t to p a y the principal o f th e certifica tes, interest (tech n ically
term ed “ d ividends” ) and oth er charges as they m atu re.
In the opinion
o f independent engineers, the tota l replacem en t va lu e o f these cars is
con servatively estim ated a t $ 4,443,820. T h ese certifica tes are $ 2,5 00 ,0 00
at the con servative rate o f less than $1,228 per car.
T h e equ ip m en t is
fu lly covered b y insurance under p olicies to be deposited w ith the T rustee
for the b en efit o f the certifica te h olders.
Guaranty.— T h e E m pire R efin in g C o . w ill agree u nder co n tra ct w ith the
E m pire T a n k Line C o . to p ro v id e business fo r a p eriod exten din g b eyon d the
life o f this issue, the proceeds fro m w hich w ill b e su fficien t to p a y the
principal and interest o f the certificates together w ith all oth er charges.
E m pire Gas & Fuel C o . o f w hich the E m pire R efin in g C o . is a su bsid ia ry ,
will u n con dition ally guarantee this co n tra ct and fu rth erm ore will guarantee
b y endorsem ent on each certifica te the p ro m p t p aym en t o f princip al and int.
E arnings.— E m pire G as & Fuel C o . w hich w ill u n con d ition ally guarantee
the a b ov e m entioned co n tra ct together w ith p ro m p t p a y m e n t o f princip al
and interest o f this issue, o fficia lly rep orts as o f M a y 31 1921, average n et
earnings fo r the p ast three years (in cl. earnings fr o m p rop erties and s u b 
sidiaries n ow ow n e d ), after depreciation and all taxes o f $ 18 ,05 1 ,26 9.
F or the sam e 3-year p eriod , the average interest charges on th e fu n d ed
d e b t o f these com panies was $1,873,670 and the average annual cash sinking
fu n d requirem ents $ 3,9 86 ,2 00 . F o r the year en ded M a y 31 1921, E m pire
Gas & Fuel C o . and subsidiaries o ffic ia lly re p o rt n et earnings in excess o f
$ 18 ,00 0 ,00 0, and n et q u ick assets over $ 10 ,50 0 ,00 0. In terest charges
on the fu n d ed d ebt for the yea r ended M a y 31 1921, were $ 2,2 92 ,6 62 , and
the cash sinking fu n d requirem ents $5,2 84 ,8 00 . T h e m axim u m annual
interest and sinking fu n d requirem ents on this issue is $ 445,000 assum ing
retirem ent at p a r .
E m pire Gas & Fuel C o . is on e o f the largest o il-p ro d u cin g com pan ies in
the U . S. and is the m ost im p o rta n t su bsidiary o f C ities Service C o .

Equitable illum in atin g Gas L ight Go. of Phila.— Veto.
See U nited Gas Im p rov em en t C o . b e lo w .— Y . 110, p . 364.

F e d e r a l R u b b e r C o .—

M er g e r P la n

.—

See Fisk R u bber C o . under “ F inancial R e p o rts ” a b o v e .— V . 113, p . 298.

Fisher Body (Ohio) Co., Cleveland.— N e w ’. P l a n t , & c .—
T h e C leveland plan t is rep orted to h ave been com p le te d and m achinery
installed and can be p la ced in op era tion w ithin 60 d ays. T h e D e tro it
plan t is said to be p rod u cin g 2 5 % m ore than in 1920.— V . 113, p . 298.
Fisher Body C orp. — N o t e s P a i d .—
T h e $1,000,000 serial-6 % notes due A u g . 1 1921 w ere paid o ff a t m a tu rity
at o ffice o f Bankers T ru st C o ., N ew Y o r k . T h is w ill red u ce th e outstan din g
am ou nt to $4,000,000.— V . 112, p . 2638.
Fisk Rubber Co., Chicopee, Mass. — M e r g e r P l a n — N e w
B o n d s — I n c r e a s e o f S to c k a n d M o d i f i c a t i o n o f P r e f . R i g h t s —
N o P a r V a l u e C o m m o n S h a r e s — P o s s i b l e O p t i o n o n B lo c k o f
C o m m o n . — To facilitate the financing of the allied enterprises

and the making of a bond issue for $10,000,000 or more on
the combined properties, the directors of the Fisk Rubber
Co. have voted to purchase the assets of its subsidiary com
panies, the Federal Rubber Co. and the Ninigret Co. (the sub
sidiary •manufacturing cotton fabric). Circulars announce a
meeting to be held at Chicopee on Aug. 9 to vote on the
propositions outlined below.
Under the plan the stockholders of the Fisk Rubber Co.
will retain their present holdings of stock, subject to, if
thought best, to change in par value of the common shares
from $25 par to no par value and in provisions of First
Preferred stock.
Late balance sheets of the Fisk and Federal companies
are given under “ Reports” above.
Transfer o f Properties— N ew Bond Issu e.
1. T h e Fisk R u bb er C o . to acquire the assets o f its subsidiaries, T h e
Federal R u b b er C o . and T h e N in igret C o ., and to assum e their liabilities,
all w ith such exception s and in su ch m anner as the Fisk d irectors shall
d eterm in e.
2. Fisk to authorize the issue o f new b o n d s, to run fo r n o t m ore than 20
years from date, and, if and to th e exten t determ ined b y the Fisk d irectors,
to b e secured b y m ortgage. It is co n te m p la te d th a t the a m ou n t o f these
b on d s w ill be $ 10 ,000,000.
Fisk 1st P ref., 2nd P ref. and Common Slocks.
3. T h e authorized a m ou n t o f Fisk First Preferred soock to b e increased to
su ch a m ou n t as the p ro x y com m ittees shall determ ine to b e-a d v isa b le for
the p u rposes o f the p la n . T h e preferen ce clauses pertaining to this stock
to rem ain a ; at present, su b je ct to arrangem ents m ade as to m anagem ent as
b elow m en tion ed, except th a t p rov ision m ay b e m ade b y the p ro x y c o m 
m ittees in their discretion for ch an ging the restriction s upon the further
issue o f First Preferred sto ck , fo r exclu din g fu n d ed d e b t fro m the liabilities
to be d ed u cted in determ ining net quick assets, for m od ifyin g or elim inating
the sinking fu n d until the m aturity o f the fu n d e d d e b t issued pursuant to
the p la n , and fo r perm itting the retirem ent o f 2nd Preferred or C om m on
s to ck within such p ro te ctiv e p rovision s as the p ro x y com m ittees shall
determ ine.
4. T h e authorized am ounts o f Fisk Second Preferred and Common stocks
to b e increased to su ch am ounts as the p ro x y com m ittees shall determ ine.
T h e com m on stock m ay, in the discretion o f th e -p ro x y com m ittees, be
ch an ged to stock o f no par va lu e and all o r any p art o f the ca p ita l o f the
co m p a n y in resp ect th e re o f transferred to surplus accou n t.
>
T h e right to co n v e rt Second Preferred stock in to com m on stock to be
extended to D ec. 31 1930.
In the discretion o f the p roxy com m ittees, an o p tio n m a y be given for
ten years on fifty thousand .shares o f com m on sto ck at $5 a share to facilitate
the sale o f b onds; or second preferred stock or com m on sto ck , or b o th m ay
be otherw ise sold or disposed o f or op tion given thereon, at such prices and
on such term s as the p o x y com m ittees shall a pp rove.
Terms o f Exchange fo r Federal and N inigret Slock.
5. $1.5,897,823 Hie ($4,4 51,500] First P referred sto ck o f Federal to receive
H olders o f
First Preferred stock o f Fisk share for share (par for par) in exchange for
their present sto ck , and in addition 58 1-3 cts. a share as a divid en d .adjust
m ent, dividends on this Kisk stock to cu m u late fro m M a y 1 1921.

THE CHRONICLE

o rj

b H olders o f ('td,278,825) Second Pref. b lock o f Federal to receive Second
Preferred stuck o f Fisk. shu.ro for share (par for par) in exch an ge for their
present stock and in a d d ition 58 1-3 cis . a share as a d ivid en d a dju stm en t,
d ivid en d s on this Fisk stock to cu m u late from June 1 1921.
7 H olders o f IM 527,800) C om m on Stock o f Federal to receive C o m m o n
S tock o f Fisk share for share, that is to sa y , on e share o f $25 p ar va lu e (or
o f no par value) o f the com m on stock o f Fisk in exch an ge fo r each share o f
$100 par value o f the co m m o n stock o f Federal.
H H olders o f preferred and co m m on sto ck o f NiuiQTel to receive in ex
ch an ge for their si o k com m on stock o f bisk, on such basis as sh all be
a p p rov ed b y the Fisk d irectors.
Purchase AToney Aforty ay an.
9 T h e G reen e & D aniels plant o f N inigret m ay be m ortgaged to secure
,
th e b alan ce o f the purchase price th
I m d th e W illiam A . Slater M ills
plant now leased to N inigroat a cqu ired and m ortgaged fo r an a m ou n t a p 
p rov ed b the Fisk d irectors. Such m ortgages am i the ob ligation s there
under m ay bo m ade b y Fisk, or the p rop erties m ay be taken o v e r b y Fisk
su b ject thereto, as shall be d eterm in ed b y the Fisk d irectors.
M m a g eraent— Voting Rights— Possible Votin'] Trust.
10. T h ro u g h the issue o f a nom inal a m ou n t o f a new class o f stock created
tor the pu rp ose or throu gh readju stm en t o f the v o tin g rights o f the other
classes o f tock , or b o th , the right to vote for all o r a part o f the o fficers and
d in to $ o f th e com pany ma
if i dr a ble in th e op in io n o f th e p r o x y eotCL*
m ille ts to facilitate the fin a n cin g o f the co m p a n y , be vested exclu sively or
oth erw ise for such tim e as the p ro x y com m ittees d eterm in e, not longer than
the life o f the new b ond s, in su ch persons and w ith su ch su ccession o r in
su ch s to ck , as the p ro x y com m ittees shall fix
Proxy Committees
i) b isk and Federal First Preferred: Stedm an B u ttrick , Jam es Dean
and T h om a s H GauuetL
(b) Fisk S econd P referred and C o m m o n : II T
D unn, H << Fisk and E H B roadw ell
(< ) Federal S econ d P referred and
■
C om m on : H T D u n n , H G Fisk and B H P ratt
Present Capitalization o f Fisk Rubber Co [Inserted b y E d ]
Class—
A uthorized. Outstanding
C om m on sto ck , par $ 2 5 _
_
______________
--.$ 2 0 ,0 0 0 ,0 0 0 $15,600,977
1st P r e f stock 7 % cu m callable a t 110, par $ 10 0-_ 15,000,000 14.500.000
2nd P ref stock 7 % cu m c o n v till N o v . 1 1923,
par $100 _____________________
____________
7,00 0,00 0
268.000
See also “ Financial R ep orts” a b o v e and R y . & In d . Sec. p . 177-

At 9 0 % Capacity.— A fin an cial new s sh e e t o n A u g. 5 s&iH
W ith a p rod u ction o f n early 10,000 casings a n d 13,000 tu b es d a ily Fisk
R u bber C o is op era tin g at 9 0 % o f its peak c a p a c ity
A t the b o tto m o f the
w in ter depression it w a s d ow n cl fee to a 3 0 % basis.
T h e A u gu st p rod u ction sch ed u le upon w hich th e fa c to r y is n ow w orkin g
calls for 225,000 tires, an increase o f 3 2 % o v e r th e July o u tp u t o f 170,000
tires w h ich in turn represen ted an increase o f n early 5 0 % o v e r Jun o
The
M a y ou tp u t was bu t 6 5.000 tires
E v e r y m on th sin ce M a y has sh ow n a sales increase o v e r th e p reviou s
m on th for Fisk
N o t o n ly th a t b u t th e p ast th ree m on th s h av e been
ahead o f the sam e p eriod in 1920
Fisk is ra p id ly w orkin g o f f its h igh -p riced in v e n to ry and on th e rea d ju sted
basis o f 20 cen ts a p ou n d fo r cru de ru b ber sh ou ld begin to sh ow som e n ot
p ro fits
“ H ost N B ” , A u g 5 — V . 113, p. 188.

Ford M otor G o .— How Henry Ford Met Maturing Obliga
tions of $ 5 8 , 0 0 0 , 0 0 0 — Ford's Profits— Margin Per Car—
Offer to Buy Government Nitrate Plant at Muscle Shoals.—
See “ C u rrent E v en ts” J u ly 30, p . 482, 485 and 48 >-487.

Financing Early in
Muscle Shoals Plant.—

1 9 2 0 — Profits Per

Car— Offer for

C on cernin g th ese m a tters see V . 113, p . 482 to 485.

Barge Line on Erie Canal— New Model Ready Aug. 1 5 .—-

H en ry F o r d on A u g . 1 announced that he w ill sh o rtly p u t in op era tion
a fleet o f self-p rop elled freigh t barges betw een D e tro it and N ew Y ork v ia
the E rie C a n a l, to han dle th e entire A tla n tic seaboard freigh t o f th e F ord
M o t o r C o . E a ch o f these barges, it is stated , w ill h av e a ca p a city for 1,000
ton s o f freigh t, and w ill be equipped w ith m arine gas engines, m akin g
p ossible th e d e liv e ry o f freigh t ahead o f railroad schedules.
D eliveries w ill not o n ly be m ade to New' Y o rk , but to B u ffa lo , R och ester,
Syracu se and A lb a n y .
T h e new m od el F ord tou rin g cars and roadsters, w ith v e n tila tin g w in d 
sh ields. on e-m an top s, m etal dashes and refined b o d y designs, w ill, it is
sta ted , b e on th e m arket betw een A u g . 15 and S ep t. 1.— V . 113, p . 540.

(H . H .) F ran k lin (A u tom ob ile) M a n u fa c tu rin g Co.>
Syracuse, N. Y . — Earnings— Production— Bank Loans Paid
Off— Additional $ 2 , 5 0 0 , 0 0 0 Preferred Stock— Financial Report.
A n officia l statem ent J u ly 29 says in s u b st.: (see also “ R e r o r s,T ab ve)
E arnings fo r first six m on th s o f 1921. after taxes and all reserves, w ere
$787,000. D u rin g this p eriod 5.386 cars w ere sold as com p a red to 6 ,53 9
ip first h a lf o f 1920. P rod u ction con tin u es at 40 to 43 cars per d a y (one
sh ift ca p a city ) h av in g n ow been m aintained con tin u o u sly at this rate sin ce
F eb . 10 1921.
B ank loan s o f $4,5 10 ,0 00 on D e c . 31 1920, w'ere en tirely p a id o f f on June
30 1921.
V In v en tory w as redu ced $ 1,625,000 during six m o n th ’s p eriod , m akin g
$ 5 ,4 3 0 ,0 0 0 red u ction from peak in v en to ry on A u g . 31 1920. A p p r o x i
m a tely $ 1,0 40 ,0 00 cash w as received on a ccou n t o f stock sales du rin g first
six m on th s o f yea r. V en d ors’ a ccou n ts w ere p u t on d iscou n t basis J u ly 1.
A t D irectors’ m eeting on J u ly 27 a u th orization wras given t o th e sale o f an
a d d ition al $ 2,5 00 ,0 00 Preferred sto ck . T h is b rin gs th e to ta l au th oriza tion
up t o $ 7,5 00 ,0 00 o f w h ich $ 4,1 37 ,0 00 w as ou tstan d in g on June 30 1921.
S tock h old ers o f co m p a n y n u m bered 3 ,538 on Jun e 30 as com p a red to
2 ,36 5 on D e c . 31 1920 and 1,217 on D e c . 31 1919 — V . 112, p . 2541.

§ G eneral Electric

C o.— Bonus— Earnings— Wages.—

T h e co m p a n y on A u g . 4 ann ou n ced the p aym en t o f a to ta l o f $1,067,899
in su pp lem en ta ry com p en sation to the 24,773 em p loyees o f the various
plan ts, w h o, prior to June 30 o f th is year, com p leted fiv e yea rs’ service.
T h is sum represents 5 % o f earnings for the six m o n th s’ p eriod ended June 30.
T h e em p loyees in question are distributed as fo llo w s: S ch en ectad y w orks,
10,038; L y n n w orks, 4 ,67 1; P ittsfield w orks, 2,301; E rie w orks, 675; Fort
W a y n e w orks, 1.077; all other w orks. 3 .22 0; genera] offices, 1,304: district
o ffices. 1.487; to ta l, 24,773. T h e com p a n y p aid the com pen sation in 7 %
in vestm en t b on d s. P aym en ts averaged a b o u t $43.
A wage red u ction a ffectin g the em ployees at th e General E lectric C o .’s
plant in L yn n was ann ou n ced A u g. 4 b y R ich ard H . F ish, General.
M a n a g er.— V . 113, p . 423, 298.

p" G oodyear Tire & R u b b er G o .— New Stock:— T h e offerin g
of a b lo c k o f th e n ew 8 % Prior P referen ce sto c k is a n n o u n ced
a t $ 8 5 a sh are, m ark in g th e fin a l step in th e c o m p a n y ’s
refin an cin g program . T h e n ew sto c k u n d er th e p la n
(V . 1 1 2 , p. 6 5 6 ) is e n title d to 8 % cu m . d iv id e n d s, in terest
from J a n . 1 1 9 2 1 , a n d m a y b e ca lled in a t $ 1 1 0 . T h e e x a ct
a m o u n t o f th e offerin g is n o t s ta te d .
(C om pare V . 1 1 2 ,
p. 6 5 6 , 1 7 3 5 , 1 7 4 5 ) .— V . 1 1 3 , p. 4 2 3 .
G u ffe y -G illesp ie Oil C o .— N e i u N a m e — B a l a n c e S h e e t . —
T h e stock h old ers w ill v o te A u g . 21 on ch an ging th e nam e o f th e co m p a n y
to the T id a l Osage Oil C o .
See also T id a l Osage Oil C o . b elow .— V . 113, p . 298, 188.

S? H o u sto n Oil C o .— Sales for Quarter.—
Gross sales o f oil for th e quarter ended June 30 are reported as $408,984.
N et in com e before d ed u ction o f d epreciation and depletion charges aggre
gated $ 35 4,2 9 1. T h ese earnings are reported to b e exclu sive o f the funds
derived from the settlem en t o f the H ou ston Oil C o . with the K ir b y L u m 
ber C o .— V . 112, p . 2418.

Illinois BUI Telephone C o .— Earnings.—
F or six m on th s en din g Juno 30 1921 the co m p a n y re p o rts op eratin g
revenue o f $17,032,260; expenses $14,204,880, and expenditures fo r addition s
and betterm en ts, $4,109,982. N e t gain in teleph on es in service was
15,098. brin gin g to ta l to 590,938.— V . 112, p . 2647.

[ V o l . 113

Imperial Oil Co., Ltd . — N e w S u b . C o . — B o n d s ,—
See U ni ed Oil P rodu cers’ C orp o ra tio n b elow ,- V. 113, p . 541.
Indiahoma Refining Co . — T i m e E x t e n d e d — E a r n i n g s .—
C reditors have exten ded the tim e o f grace un til S ep t. 25 and app oin ted
bankers' ci m inittee o f three to adjust the co m p a n y 's finances. T h e
co m p a n y , it is re pi.-r ted, ow es banks $2,7 00 ,0 00 and the banks fin d p ra ctic
ally its liquid assets and inventories listed at $1,583,957.
A certified audit o f the lo o k s o f (lie co m p a n y b v W a rw ick , M itch e ll &
i \» , it is sta ted , show s earnings for the six m on .h s en din g Tune 30 last o f
$160,000. On that date current w orking assets, it is said . consisted o f cash,
a ccou n ts receivable and inventories, were m aced at 83,017,000; current
and accrued nubilities, con sisting o f notes and a ccou n ts p aya b le, $2,361,000;
reserved for Federal taxes $ 12 4,0 0 0.— V . 112, p . 2512.
International Nickel Co,— E a r n i n g s .—
Quarters end. Ju n e 30—

1921.
$300,198
119,004

1920.
$2,172,097
272,208

1919.
$1,012,856
19,598

$ 3 ,8 3 8 ,5 0 6
5 2 ,2 0 8

T o ta l in c o m e _________
A dm in . & gen. expen ses.
Reserve fo r taxes_______
D eprec. & m in. exhaus__
.
Pref. d iv s. (1 H % ) ____

$509,202
112.263
24,817
192,720
133,689

$ 2,4 44 ,3 05
160,651
306,973
574,612
133,689

$1,032,451
129,612
211,618
486,293
133,689

$ 3 ,8 9 0 ,7 1 4
2 4 8 ,4 8 7
1 .3 2 2 .9 0 9
4 7 2 ,9 5 3
133,689

B a la n ce , su rp lu s_____
— V. 112 p . 2754.

$45,713

$ 1,268,380

$ 4 1 ,2 4 0

$ 1 ,7 1 2 ,6 7 6

E arn in gs.

(Y h e r
t

_____

in c o m e

1018.

Jones Bros. Tea Co., Inc. —June SahAS.----

1921------- June------- 1920.
$1,392,942 s i ,749,869
— V. 112, p . 2754.

D ecrea se. 1 1921
6 M os.
1920.
$356,927 | $8,557,185 $ 9 ,8 3 6 ,4 3 5

D ecrease.
$ 1 ,2 7 9 ,2 5 0

Lit Bros. Corp., Philadelphia.— Extra Div. of 2]/z % . —
A n extra d ivid en d o f 2 \\ % (25 cen ts) has boon declared on the ou tstan d in g
C ap ital s to c k , togeth er with the regular sem i-annual divid en d o f 5 % , b oth
p a ya b le A u g. 20 to h olders o f record A u g. 9.
An extra d ivid en d o f 2 J4 %
has been p aid sem i-annually from F eb. 1917 to F eb . 1921, in clu sive. A
4 0 % s to ck d ivid en d was paid to h olders o f record A pril l , increasing the
o u tsta n d in g C apital sto ck to $ 3,500,000, p ar $10.— V . 112, p . 1522.

Loft, Incorporated.— Prices— Wages.—
T h e co m p a n y furth er red u ced ca n d y p rices 10 to 2 0 % on A u g . 1 on 35
kinds o f ca n d y as w ell as the salaries o f all em p loyees 1 2 H % -— V- 113,
p . 424, 299.

Malden Electric Co.— Stock Issue- Approved.—
T h e M assachusetts D ep artm en t o f U tilities on July 29 a pp roved an issue
o f $534,000 stock (par $ 100), v iz .: $320,000 to retire an equal am ount o f
o b liga tion s o f Jan. 31 and $214,000 on a ccou n t o f now con stru ction subse
quen t to Jan. 31.— V . 107, p.1196.

Manati Sugar Co.— Common Dividend Omitted.—
T h e d irectors on A u g . 5 v o te d to om it p a ym en t o f th o q u a rterly d ivid en d
usually paid S e p .. 1 on the C o m m o n sto ck . A n official statem en t says:
“ T h e co m p a n y lias durin g the present fiscal year paid d ividends on the
C om m on stock aggregating 7 3 4 % as follow s; D e c. 31 1920 o f 234 % .
M a rch l o f 2 3 4 % . June 1 1921 o f 2 3 4 % .
“ It is n o t possible n ow to estim ate the earnings for th o fiscal year in view
o f the fa ct that a large part o f the now crop is still u n sold. It is n ot likely,
h ow ever, that earnings a pp lica ble to the C o m m o n sto ck w ill exceed the
am ou nt o f the d ivid en d s alread y paid on the C o m m o n sto ck . In these
circu m stan ces and m v iew o f tho desirability o f con servin g the cash re
sources o f the co m p a n y , the d irectors d o not believe th a t the surplus o f
the co m p a n y sh ould be en croach ed u pon a t this tim e b y the p a y m e n t o f
a ny a d d ition al d ivid en d for this fiscal year on th e C o m m o n sto ck .
“ T h e directors h ave a cco rd in g ly d ecided to om it th e dividend ord in a lily
p aid on the C o m m o n stock on S ep t. 1 ." — V . 112, p . 378

Meng-el Co., Inc., Louisville, Ky.— Transfer Agent.—
T h e G u a ra n ty T r u s t C o . o f N . Y . has been a pp oin ted Tran sfer A g e n t for
60,000 shares o f C o m m o n s to c k . C om pare Y . 113, p . 299.

Mercer Motors Co., Trenton, N. J.— Bank & Mer
chandise Creditors' Committee— Plan to Pay Creditors 2 0 %
in Cash and 8 0 % in 4-Year 7 % Notes— New Management to
Take Control— Financial Statement Showing Effect of Plan.—
A b o u t 8 0 % o f th e creditors h av e given their assent as o f July 29 to the
plan o f the bank and m erchandise creditors d ated July 21 and outlin ed
su bstan tia lly as follow s: (C om p a re “ Financial R e p o r ts " on precedin g p a g e .)
To Raise $700,000 Cash Through Bonds & Loan— Underwritten.
T h e undersigned co m m itte e com p osed o f th e B ank and M erch an dise
C reditors a p p oin ted under agreem ents betw een com p a n y and oth ers, dated
O ct. 30 1920, and D e c. 23 1920, re sp e ctiv e ly , h ave given con sideration to a
plan under w h ich it is p rop osed th at co m p a n y shall ob tain $500,000 in cash
b y the issue o f 1st m tg e. b on d s a n d in a d d ition , a loan o f a pp roxim ately
$200,000. T h e sale o f said b on d s has been u n derw ritten and an agreem ent
has been m ade to p ro v id e th e loan . T h e sale o f the b on d s and com pletion
o f th e loan , h ow ever, are con tin gen t u p on th e a pp rov al o f the b on d issue
b y th e stock h old ers and u pon th e accep ta n ce o f th e plan b y su bstan tially
all o f the B ank and M erch a n d ise C red itors.
To Pay Creditors 2 0 % in Cash and Balance in 4-Y ear 7 % Coll. Trust N otes.
T h e plan p rovid es fo r th e p a y m e n t on or before Sept. 1 1921, to B ank and
M erch an dise C red itors, o f 2 0 % in cash, o f th e indebtedness, including
interest to J u ly 31 1921, due th em b y com p a n y and for the a cce p ta n ce
b y su ch B ank a n d M erch a n d ise C red itors o f 4-Y ear 7 % Sinking Fund C o l
lateral N otes o f co m p a n y t o th e extent o f th e rem aining 8 0 % o f su ch in
d ebted n ess. T h e C ollateral N o te s shall be dated A u g. 1 1921. and shall
bear interest from said d ate, and shall be secured b y d ep osit o f th e s to ck o f
the Sim plex A u to m o b ile C o . There is a p ssib ility o f th e cash p aym en t
bein g increased t o 2 5 % before the issue o f th e C ollateral N o te s or o f a 5 %
p a y m e n t in cash bein g m ade into th e C ollateral N o te s Sinking F u n d.
N ew Control. — T he plan also con tem plates replacing the co n tro l o f the
co m p a n y in th e hands o f persons largely interested in th e M e rce r A u to 
m ob ile C o ., p rior t o its reorganization in O ct. 1919, inclu din g substantial
T ren ton interests. T h e a ctiv e m anagem ent o f the co m p a n y w ill b e put
in to th e hands o f T h eod ore E . A . B arth el, as V .-P re s . & G en . M g r ., and the
com m ittee will be represented on th e b oard o f d irectors.
T h e com m ittee has ap p rov ed this arrangem ent and recom m en d s u s
a ccep ta n ce to th e cred itors. A ssen t to th e plan sh ou ld bo sent to D . D .
D a vis, Sec. B an k & M erch a n dise C red itors C om m ittees, care o f M ercer
M o to r s C o ., T ren ton , N . J.
Bank A Merchandise Creditors' Committee.— Joseph A . B ow er, N ew
Y o r k T r u st C o .. N . Y .; C . A . D a n a, Spicer M fg . C o ., P lain field, N . J.
E dw ard A . G o d fre y , B lue R ib b o n B o d y C o ., B rid g e p o rt, C o n n .; A . C .
G ood yea r, M a rin e T r u st B ld g ., B u ffa lo, N . Y .; E . H. H avens, H unter &
H avens, B ridg eport, C o n n .; P ercy H . J oh n ston , (C h a irm an ), C h em ical
N a tion a l B ank, N . Y .; W . G . K im ba ll, C olu m b ia T ru st C o ., N . Y .; Sidney
S. M ey ers, G en. C ou nsel, M o to r & A ccessory M f r s .’ Ass-n, N . Y .; C hauucey H . M u rp h e y , U. S. M tg e . & T r u s t C o ., N . Y .: F. \V. Philips, J . B .
Judkins C o ., M e rrim a c, M a s s.; W illia m T . W h ite, M ech an ics N a tion a l
B an k , T ren ton , N . J.; E dm un d S. W o lfe , First N a tion a l B ank, B ridgeport.
C o n n ., w ith D . D . D a v is, L ib e rty In du strial C o rp . (S ec.) care M ercer
M o to r s C o ., T re n to n , N . J .— See V . 113, p . 541.

Merritt Oil C orp. — Defers Dividend—Condi ion . —
T h e d irectors h a v e d ecided to d efer p aym en t o f the d ivid en d , usually
p aid A u g . 15- T h e co m p a n y had been payin g d ivid en d s at th e rate o f
2 3 4 % qu a rterly fro m N o v . 1919 to M a y 1921, inch
President C . F . C la y says in su bstan ce:
“ In v iew o f existing con d ition s the d irectors h av e d ecided to defer p a y 
m en t o f th e d ivid en d due A u g . 15.
.
. ,
.
.
"T h e co m p a n y is in a stron g fin ancial co n d itio n , its cash or equivalent
treasu ry reserve on July 1 1921 being in excess o f s i , 800,000. but u has
been considered fo r the best interests o f the stock h old ers to adopt- a policy
o f storin g cru de oil and con servin g cash resou rces.
“ A t present the co m p a n y 's gross produ ct ion, in c lu d in ' its jo in t operai tons
w ith the O hio Oil C o ., a m ou nts to 3 .500 to LOGO bids daily
N u h the
\
present price o f 50 cents a barrel fo r B ig M u ddy cru de oil it has been decided
t o lim it our p ro d u ctio n s o that it will not exceed 3.000 bids daily and tv'
store a p ortion o f the p rod u ction unt il con d ition s im prove
•The com p a n y has discont inued new drilling operaa ions w uh the exception
o f tho deep test-well on Section N o . S, B ig M u d d y field, w hich is now drill
-ng at ap p rox im a tely 3,750 ft
V. 113. p. 542.

TH E (II IKON IOLE

A u g . 6 1 92 1.]

Mexican Eagle Oil Co., Ltd.

N o tes

G u a ra n teed .

See E agle Oil T ran sp ort C o ., Idid., In V . 1 L . p . 540.
:i

Mexican Electric Light Co., Ltd.

-

V . 113, i>. 424 .

C oupon

P a ym en t.

N o tice is Riven under date o f Aug. 3 that in accordan ce with the terms o f
th e reorganization plan approved by the holders ol the f>% First M tge. gold
b o n d s on June 29 (see M exican Light- & Power C o. in V. 112, | . 2750, 27 13),
>
cou pon s N os. 19 to 28 inch , and also coupon N o. 32, due July I 1921,
detach ed from (he a bove b ond s will be paid on Aug. 10 at the Hank o f
M on treal, T oro n to , M on treal or London, E ngland, or at the agency o f
the Hank o f M on treal in N. Y . C ity , at tile h o ld e r’s op tion .
H olders o f the a bove b ond s are further n otified that paym ent o f a ny o f
co u p o n s N os. 1 to 18 inch which m ay be still ou tstanding will bo resumed
o n and after A u g. 16 at the above-m en tion ed places.— V. 112, p . 2618.

Mexican Light & Power Co., Ltd.— B o n d

I n t e r e s t .-

N o tice is given under date o f Aug. 3 that in accordan ce with (.ho terms
o f the reorganization plan a pp roved holders o f the 5 % hirst M tge. gold
b on d s on June 29 (see plan in V . 112. p. 2756; V. 113, p. 189), coupons
N os. 24 to 33 inch, and also cou p on N o. 37. due A ug. 1, will bo paid on
A ug. 16 at the B an k o f M on treal. T o ro n to , M on treal or L on don . England,
or at the agency o f (he B ank o f M ontreal in N . Y . C ity , at h old er’s o p tion .
H olders o f the a bove b onds are further notified that p aym en t o f a ny o f
cou p on s N os. I to 23 in ch , w hich m ay bo still ou tstanding, will be resum ed
on and after A ug. 16 at the a bove-m en tion ed places.
N otice is also given that on and after A ug. 16 paym ent w ill bo resum ed
o f cou pon s N os. 1 to 5 inch o f the 5 % 2d M tg e . 50-year b on d s at the C ana
dian B ank o f C om m erce, T o ro n to , M on treal or at the B ank o f Scotland,
L on don , E n glan d, or the agency o f the C anadian B ank o f C om m erce. N . Y .
P aym ent w ill be m ade in T oro n to and M on treal in C anadian currency
at th e current rate o f exch an ge, and also in N . Y . C ity in U . S. cu rren cy
a t the current ra te o f exch an ge.— V . 113, p . 189.

Middle States Oil Corp.— N e w

Sub.

C o . — B o n d s .—

See U nited Oil P rodu cers’ C orp ora tion b e lo w .— V . 113, p. 424.

Midvale Steel & Ordnance Co.— B o n d s .—

T h e Phi la. S tock E xchan ge on J u ly 29 listed $9,500 addition al D efin itiv e
2 0 -Y ea r 5 % C o n v . S. F . g old b on d s, duo 1936, issued in exchange for a like
am ou nt o f tem p ora ry b on d s, ca n celed , and also stru ck o f f the list $786,000
o f the a b ove-m en tion ed b on d s rep orted can celed th rou gh op e ra tio n o f the
sinking fu n d , as o f M a y 1 1921, leavin g the a m ou n t listed $ 42 ,660,000.
Results for Quarter and Six M onths ending June 30.
1921— 3 M o s .— 1920.
1921— 6 M o s — 1920.
N e t, after ta x es_________ loss$87,490 $6,590,213 $1,108,101 $10,259,898
O per. p ro fit adju stm en t
from first qu arter_____
659,014
----------------- -----------------------

N et__________________ $571,524
In terest________________
755,439
Depreciation reserve___ 1,105,478

$6,590,213
770,564
1,470,151

$1,108,101 $10,259,898
1,515,726
1,547,317
2,276,970
2,846,086

Balance, surplus_ def$l,289,393 $4,349,498df$2,684,595 $5,866,495
_
— V. 112, p. 2197.1
*
-a ■
^
3-

Moline Plow Co .—

R e o r g a n iz a t io n P l a n .—

A plan of reorganization prepared by the Bank and Merchandise Creditors
Committee, Frank O. Wetmore of Chicago, Chairman, is reported as
practically ready for submission to the noteholders Protective Committee
of which Ronald M . Byrnes of N. Y. is Chairman. A press dispatch from
Chicago announces the deposit of 99 of all outstanding claims with the
Creditors Committee. Compare V. 112, p. 2648, 2756.

Montgomery Ward & Go., Chicago .—
1921— July — 1920.
$4,329,164 $7,353,431
— V. 113, p. 189.

J u ly S a le s .—

D e c r e a s e .]

1921— 7 M o s . — 1920.
D ecrea se.
$3,024,267 |$41,499,555 $66,642,316 $25,142,761

National Transit Co . —

N ew

T r e a s u r e r .—

Lewis C. Longaker and Joseph H. Contino, formerly Assistant Treasurers,
have been elected Treasurer and director, respectively, to succeed the late
Duncan R. Mackenzie.— V. 113, p. 425, 189.

New Jersey Zinc Co.— E a r n i n g s .—

Q uarters end. J u n e 30—
1921.
1920.
1919.
1918.
Income________________ x$637,440 $3,341 577 $1,971,337 $5,342,643
Interest on mtge. bonds.
40,000
40,000
40,000
40.000
Res. for retirem’t of bds
______
75,000
75,000
75.000
Reserve for Federal taxes
______
470,000
365,000
1,530,000
Acer. int. on stk. subscr
13,513
______
______
D ividends_____________ysee below (4)1,680,000 (4)1,400,000 (8)2,800,000

Surplus

$583,928

$1,076,577

$91,337

$897,643

x Income (including dividends from subsidiary companies) after deduc
tions for expenses, taxes, maintenance, repairs and renewals, betterments,
depreciation and contingencies, y As previously announced, a dividend
of 2% , amounting it is understood to about $910,000, was declared from
surplus, payable Aug. 10. Stockholders of record M ay 12 1920 received
a stock dividend of 20% ($7,000,000) increasing the outstanding stock to
$42,000,000, and -were allowed to subscribe at par on additional $7,000,000 new stock, payable in four equal semi-annual installments from Nov. 15
1920 to M ay 15 1922. The new certificates will be issued in M ay 1921 to
the extent that the first and second installments shall warrant and the
remainder in May 1922. For quarterly statement of previous quarter
see V. 112, p. 1983.— V. 112, p. 2756.

Ohio Fuel Supply Co.—

E a r n in g s

Six M o s . en d . J u n e 30— In c o m e fr o m

1921.
G a s -------------------------------- ! ______ $5,437,819
O il---------------------------------------------254,017
Gasoline-------------------------------------561,614
Interest--------------------------------------65,930
Divs. from United Fuel Gas C o_
_
1,176,000
Dividends from other companies. _
220

1920.
$6,644,327
288.092
469,179
69,246
1,151,500

1919.
$5,235,757
122,103
373,204
74,647
882,000

Total gross income_____ -------------$7,495,600
$8,622,344 $6,687,711
Expenses_________________ -------------$3,418,766
$3,899,127 $3,010,852
Taxes____________________ ----------741,589
369,451
482,617
Depreciation_____________ ----------545,383
531,545
493,386
Cash dividends (5 % )_____ -----------\ 1,753,704/
990,650
990,650
Div. paid in Liberty bonds -----------/
1(2%) 396,260(2%) 396,620
Surplus for six months----------------- $1,036,158 $2,435,311
$1,313,946
Dividends are paid quarterly (J. A . J. O. 15) at the rate o f 10% per ann.
On July 15 and in Jan. 1920, Jan. and July 1919, and July 1918, extra divi
dends o f 2% (not 2 j^ % ) were paid in Liberty bonds— V. 112, p. 1405.

Otis S t e e l C o., C le v e la n d . — B o n d s S o ld . — A syndicate
headed hy Blair & C o., N . Y ., sold in two hours’ time on
Thursday, the offering price being 99 and int., yielding
8 .1 0 % , $5,000,000 First Mortgage 20-Year 8 % Sinking Fund
gold bonds, series A , dated Aug. 1 1921 and due Aug. 1 1941.
(See advertisement on a preceding page.)
Authorized, $15,000,000; Series “ A ,” to bo presently issued, $5,000,000.
KwJcernablo all or part at option o f company on 6 weeks’ notice on any
interest date up to and including Aug. 1 1924, at JJ0 and int.; thereafter
at 107H ^nd mt. up to and including Aug. l 1926; thereafter at 107 l and
A
jnt Jess Yt % for each 12 months or part thereof elapsed after Aug. j. 1926.
Interest payable F. Sc A . in New York at office of Blair & Co., and in
Cleveland, without deduction for any Federal income taxes to the extent
of 2% per annum which the company or the Union Trust Co., Cleveland
trustee, rnay be required to withhold . Denom. $1,000, $500 and $100 (c * ).
Offering was made subject to authorization of the issue; by stockholders.
Digest of Statem ent by President G. B artol, Aug. 3 1921.
Jyusiness. The company's business, originally established in 1873 con
sists In the manufacture and sale of the highest grade of steel plates’ steel
sheets, castings, pig iron , coke and by-products (its castings ranging in sizes
bom one pound to 150,000 pounds), for use by railroads, locomotive shops
boiler makers, shipbuilders, automobile manufactures, oil companies'
m a ch in ery concerns, other large steel companies, Sec.
P u rp ose o f I a sm . To pay off approximately $3,'500,000 current indebted
ness and to increase the working capital,

Capitalization If lion Completion of Tht• Financing (No Other Funded Delft),
>
A nihot ize.d', Outstanding

Preferred stock, 7% Cumulative (par $100).
$16,000,000
30,600
Common stock (with no par value)
500.000 hIis. 4 I J.068M
r*
1st M . 20 year 8% s. f. gold bonds (this Issue;
$•/>, * » > GO
.
5,000.000
$24,888,653 Assets (with After Acquired Property) Behind These 1st M . Bonds.
General property account (after deducting $6,005,262 for do
proclatlon) as appraised in 1918 plus additions.
816,099,683
Investments In and advances to other companies (not in
cluding Q u v ah<>;111 Valley 11y .)
1 ,4 0 4 ,1 24
Net quick assets, after giving effect to this issue, on June 30

I9 2 i. btste

7,381,844

The entire $150,000 capital stock of the Cuyahoga Valley Ry. Go.,
which servos the Riverside Works, will also be pledged as part security.
Financial Condition as of June 30 1921 . a fter effecting I .me of These Ponds.
(Also after readjusting unsold inventories to the prevailing market prices.1
Cash (after providing $154,535 Pnd', dividend payable July Ij \l .291,639
U. 8. Liborty bonds, $58,677; notes and accts. receiv'lo. $995,219 J,053,796
Inventory__________ __________________________________________ 6.017,764
T o ta l cu rren t assets_____________________________________________ $8,366,189
A cc o u n ts p ayable, p ay-roll, & c., $509,964; accrued taxes and
a ccou n ts, $ 4 7 1 ,8 8 1 .___________________________
_________
- - $981,845
Description o f Issu e.— T o ta l authorized, $15,000,000 Including aforesaid
$ 5 ,0 0 0 ,0 0 0 Series 1 A ” and a further $ 10,000,000 b on d s reserved as billow s:
4
(a) $1,000,000 for general corp ora te purposes Including additional working
capital; (h) $3,000,000 for addition s to the R iverside W orks; (c) the balance
for a dd ition s and im provem ents subsequent to Aug I 1921. to 8 5 % o f the
co st thereof; bonds reserved under headings (b) and (G shall on ly be issued
when the annual net earnings or the average for the last preceding 5 years
have been 2L6 times the annual Interest on all m ortgage d e b t, including the
b onds proposed to be issued.
Sinking Fund.— An a m ou n t su fficien t to retire and cancel 5 % o f the
m a xim u m am ount o f Series “ A ” bonds annually by purchase up to , or by
call b y lot a t, the redem ption price: first installm ent due on M a y 1 1923.
Properties.— T w o .separate plants, both in C levelan d, viz.; (a) T h e R iv erside W orks, com prising 350 acres on the C u yah oga R iver, tw o blast furnaces;
100 S em et-Solvay b y -p ro d u ct co k e oven s; one m o d e m plate mill, and 12
mills for light plates and sheets, all com pleted since 1914
(6) Lakeside
W ork s, abou t 22 acres, with a 1,500 foot fron tage on Lake Erie, 8 op en hearth steel furnaces, 2 steel plate m ills, a bloom in g mill and steel fou n d ry .
C om bin ed annual ca p a city app roxim ately (a) 360.000 tons o f pig Iron,
(b) 275,000 tons o f plates, (c) 140.000 to 150.000 tons o f light plates and
sheets, (d) 30,000 tons o f steel castings, (G 10.000,090 pounds sulphate o f
am m onia, 3.500.000 gallons tar, 1.250,000 gallons o f crude, benzol and toluol
and 600.000 pounds sodium ferro-evanide
Earnings.— F or the 4 Y years ended June 30 1921 the aggregate net
p ro fits, after allow ance fo r d epreciation , o f the properties now ow n ed,
available for interest, before m aking provision for Federal taxes (and apart
from in ven tory a dju stm en t since D e c . 31 la s t), averaged $ 4,149,715, and
after m aking provision for Federal taxes averaged $2,167,988 per annum ,
against the annual interest ($400,000) on these b on d s.
T h e a b o v e statem ent includes the u n p rofita b le h alf year ending June 30
1921. Since J u ly 1 encouraging im p rovem en t has occu rred in the volu m e
o f orders placed with us.
In 1920 the p rofits available for interest were $1,615,008 before, and
$1,543,48 2 after, provision fo r Federal taxes. In the year 1920 there was
w ritten o ff $1,435,494 to adju st in ven tory and investm en t values, $810,494
o f this $1,435,494 h avin g been charged o f f prior to arriving at the net p rofits
show n a b ov e and the balan ce charged to general reserves.
D irectors.— W illiam G . M a th er (President o f C leveland C liffs Iron C o .) ,
Chairm an; G eorge B artol, President: D . T . C roxton and H ow ard F . D e v erell. Vice-Presidents; S. L ivin gston M a th er and H enry A . R a y m o n d , o f
C leveland C liffs Iron C o .: C . A . O tis and P . F . W il on o f O tis& C o ., C le v e 
land; John Sherwin, C hairm an U n ion T ru st C o ., C leveland; E . R . T in k er,
o f Chase N a t. B an k , N . Y . ; E lisha W alk er, o f B lair & C o ., I n c ., N . Y
— V . 113. p. 542.

Pacific Development Co.— O b i t u a r y .—
Maurice F. Loeweastern, a director, died on July 29-—V. 112, p. 1874.
P a c k a r d M o to r C ar C o .— N e w

P r i c e s .—

T h e com p a n y announces a new sch ed ule o f prices sh ow in g fo r th e tou rin g
cars P a ck a rd tw in-six, $ 4,850, decrease $1,150; a n d fo r P a ck a rd single-six
$2,975; decrease $665-— V . 113, p . 190.

Peck, Stow & Wilcox Co., S o u t h i n g t o n , C o n n . — I n c r .

The shareholders on July 27 were to vote on accepting an amendment
to the company’s charter, sanctioned by the Connecticut General Assembly
last March, authorizing an increase in the capitalization from $1,500,000
to $4,000,000.— V. I l l , p. 799.

(J. C.) Penney Co.— E a r n i n g s .—
In c o m e A c c o u n t S ix M o n th s ended J u n e 30.
1921.
1920.
1921.
Sales---------$20,590,850 $15,850,873 Gross prof’s $4,764,704
Costs______ 16,020,625 11,889,217 Exp., Fed.
taxes, &c. 4,143,066
Balance _ $4,570,225 $3,961,656
Oth. income
194,479
434,002
Neb prof’s $621,638
Pref. divs_ _
98,438
Gross prof $4,764,704 $4,395,658
— V. 113, p. 300.
Surplus. _ $523,200

1920.
$4,395,658
3,420,642
$975,016
104,069
$870,947

P e n n s y lv a n ia P o w e r & L ig h t C o . — F ir s t & R e f. B o n d s

The Guaranty Trust Co. of N . Y . announces that it is now ready to ex
change the outstanding First & Ref. M tge. 7% Series “ A ” bonds, due
Feb. 1 1951 for Definitive bonds. See offering in V. 112, p. 751, 659.

Phe^ps-Dodge Corporation .—

P o s s ib le

M e r g e r .—

Officials of the company, it is stated, admit, that they are negotiating
lor control of the Arizona Copper Co. and that the matter has been receiv
ing attention for some time. Negotiations have not yet advanced to the
stage where it is possible to announce terms no details having been agreed
upon.— V. 112, p. 2090.

Pierce Oil Corp. —

S e c u r e s L o a n .—

It, is learned that several months ago the company made a mortgage of
$2,000,000 to the Exchange Trust Co. of Tulsa, Okla., on certain oil,
in tank and other property.— V. 113, p. 300.

Pillsbury-Washburn Flour M ills C o ., L td . —
A u g . 31 Y ea rs—

xGross earnings-------------Interest charges-----------Sinking fund----------------Miscellaneous---------------Income tax---------------------

1919-20.
£201,672
75,242
12,371
26,376
36,401

1918-19.
£166,493
75,957
12,371
2,708
28,418

R ep ort —

1917-18.
£230,693
76,679
12,371
2,494
zl7,724

1916-17.
£179,582
77,385
12,371
11,437
__

Balance, surplus--------£51,282
£47,039
£121,425
£78,389
x Includes dividends from water power companies, amounts received
from operating company under provision of lease (less depreciation), and
miscellaneous income. * Includes £15,637 for 19-17-18 and£2,087American
income tax for 1915-16 and 1916-17.— V. 110, p. 2486.

S e a r s , R o e b u c k & C o ., C h icago .—

J u ly

S a l e s .—

1921------ M a y ------ 1920. D ecrea se. I 1921 — 7 M o s
1920. D ecrea se.
$10,676,283 $16,743,264 $6,066,981 $100091,574$157,211,192$57,119,618
— V. 113, p. 543, 77.

Simplex Automobile Co . —

S to c k to b e D e p o s i t e d . —

See Mercer Motors Co. above.— V. 110, p. 877.

S o u t h e r n C a lif o r n ia Edison C o.— B o n d s O f f e r e d .—
Harris, Forbes & C o., E . II. Rollins & Sons, National City.
Co. and Coffin & Burr, Inc., aro offering at 88 and in t,yielding 7 .0 7 % , $0,000,000 Gen. & Ref. M tge. 6 % gold
bonds of 1917, due Feb. 1 1944.
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% deductible at the
source. A full description of the issue Is given on page 225 of “ Ry. &
1ndustrlal Section.”

u ;u

T 1i E Cl IKON I OLE

Digest oj Official In ju n nation Obtained by bunkers.
O perates iu LO counties in 8outhc.ru C aliforn ia and the San
J«>aqum V alley, with an area o f o v er 55,000 sq m and a p o p u la tio n o f
" v' ‘ i )0(),000
Hybiein includes generating plants w ith a present to ta l
nistalle I ca p a city o f 18-1,700 t i p . , o f w hich 219,500 h .p . is h y d r o -e le c tr ic
high tension transm ission lines, com preh ensive d istributin g system s a n d
o v er 250,IX)0 motors.
C a p i t a l tK u p u fi c o m p l e t ' n o f p r e s e n t f i n a n c i n g
Authorized. O utstanding.
fir s t Pref. stock now on 8 % d ivid en d basis. .
$ 1,000,000 $1,000,000
Second Preferred stock., paying 5%j ____
12.500.000 12,029,900
(1
ommo.il stock . now on 8% dividend basis_______ 81,500,0()0 20,144,07 2

<O m p a n u

General ot Refunding Mtgci. 6s (incl . this issue).
Underlying [division tl inort^jageJ bon 1 outstanding with p u b lic 3 3 .9 0 1 ,0 0 0
is
7 % Debenture bon i s ______ .
7 ,0 0 0 ,0 0 0
y v n i in js fu r Y ea r ended J a m 30 1921 ( for Cal. Year 1920 Sea V.11 i , p lhi l),
i iross earnings - _ _________
__________ $ 1 0 ,2 0 9 ,0 8 8
Net., after exp., taxes, insui’anee and mai ntea ance
________
9 ,3 6 4 ,0 7 7
Annual int. charge on outstiHiding M l ,ge. b ond s, in
B alance avail for lilt, on D eb . bonds, amort , deproi*., & d ivs $ 5 ,7 2 2 ,8 6 7
\m nitl interest ch arge on $7,000,000 D eben tu re b on d s, $ 1 9 0 ,0 0 0 .
V . 113, p. 426.

Sprin gfield (M o.; C ity W ater C o .—

B o n d s S o l d .—

H B. M cD a n ie l. President o f the U nion N a tio n a l B ank, Springfield,
M o., B eyer A Sm all, P ortlan d , M e ., a n d G eo A . Fernald A C o . o f B oston,
:
have sold $ 100,000 7 % 5 year deben tu re b o n d s, d ated A p ril 1 1921, and
tlue A pril 1 1926.
I*he $ 100,000 6°, 5-year g old cou p on notes, due A u g. 1 1921, were paid
«>|f at m a tu rity at the Lin ion Safe D ep osit & Trust C o ., P ortla n d , A le .—
V. 93. p. 1469

Stan dard Oil Co. (K a n s a s ).—

U s u a l E x t r a D i v i d e n d .—

An extra d iv id en d o f 3 % , togeth er with the regular q u a rterly p a y m e n t o f
>
has been declared on the ou tstan d in g $ 2 ,0 0 0 ,0 0 0 ca p ita l s to ck , par
$ lo o p a ya b le Sept . 1» to holders o f record A u g. 31. A n extra d iv id e n d o f
:
h i b e e n p aid, alon g w ith the regular q u a rterly d ivid en d since F e b . 1918,
— V. 112, p . 2091.

Stern B ros,—

To

In crea se

C a p i t a l — D i v i d e n d s .—

T h e Preferred stock h old ers on A ug. 5 were to v o t e upon a p lan to fun d
arrearages o f d ivid en d s, which are cu m u la tive. A t th e presen t there is
$ 3 ,0 0 0 ,0 0 0 o f Preferred s to ck , on a 7 % basis, on w h ich deferred d ivid en d s
a m ou n tin g to 3 3 % % h ave a ccru ed .
U nder the plan p rop osed an addition al $ 1 ,0 0 0 ,0 0 0 o f the s to ck is to
be issued on an H% basis, w h ich is to b e d istrib u ted a m on g the Preferred
stock h old ers for the purpose o f discharging the deferred d ivid en d o b lig a 
tions. See plan in V . 112, p . 1984, 1973.

Sw ift & C o ., C h ic a g o .— N o t e s S o l d . — T h e in s titu tio n s
n am ed b elow on A u g . I offered a t 97j/£ an d in t. y ie ld in g
tfcbout 7 % % th e to ta l a u th o rized issu e of $ 2 5 , 0 0 0 , 0 0 0 7 %
10-y ea r gold n o te s. I t w as a n n o u n ced on A u g . 4 th a t th e
e n tire issu e h as b een o v ersu b scrib ed (see a d v e r tise m e n t on
a n o th er p a g e .)
D a ted A u g . 15 1921 and due A u g. 15 1931. In t. p a y a b le F eb . 15 and
Vug. I 5 at Illin ois T ru st & Savings B ank, C h ica g o , th e trustee fo r the issue,
or at the A m erican E xchan ge N a tion a l B an k , N ew Y o rk . In terest p a y a b le
so far as m a y be la w fu l, w ith ou t d ed u ctio n for F ederal in co m e taxes n o t
in excess o f 2 % , as p rov id ed in the T ru st In d en tu re. C o u p o n n otes in
interchangeable denom in ation s o f $ 1 ,0 0 0 , $500 and $100, w ith the p rivilege
o f registration as to princip al o n ly . R ed eem ab le as a w h ole or in p a rt at
the o p tion o f the com p a n y on th irty d a y s ’ p reviou s n o tice on a n y interest
p aym en t date b efore m a tu rity on p a y m e n t o f a p rem iu m o f 2L £% if re
deem ed du rin g the yea r 1922, su ch p rem iu m decreasin g
o f 1 % each su c
ceed in g year thereafter.
T h e offerin g houses are Illin ois T ru st & Savings B an k , First T ru st &
Savings B a n k , T h e M erch a n ts L oan & T ru st C o ., H arris T ru st & Savings
B ank and C on tin en ta l & C om m ercial T ru st & Savings B an k , a ll o f C h ica g o,
and the G u a ra n ty C o . o f N ew Y o r k .
D ig e s t o f S t a t e m e n t b y P r e s id e n t L . F. S w ift , C h ic a g o , J u l y 29 1921.
Property.— T h e com p a n y ow ns and op erates 27 p ack in g p la n ts, th e
principal ones b ein g loca ted a t C h ica g o, K ansas C ity , S ou th O m ah a,
South St. Joseph , P2ast St. L ou is, South St. P a u l, F t. W o rth and D e n v e r,
and 53 plan ts for the m a n u fa ctu re o f cream ery b u tte r a n d th e co lle ctio n
o f p ou ltry and eggs for sale throu gh its d istrib u tin g agencies. B ran ch
houses and sales agencies n u m ber over 500 a n d serve p ra ctica lly every
im p orta n t c ity in the w orld . T h e com p a n y ow ns and operates o v e r 7 ,00 0
refrigerator cars essential to its business.
T h e com p a n y h an dled in 1920 14.000.Q 00 head o f live s to ck a n d p aid
$ 49 8 ,0 0 0 ,0 0 0 to stock grow ers. T h e to ta l sales o f the c o m p a n y ’s p rod u cts
h ave increased from $ 2 5 0 ,0 0 0 ,0 0 0 in 1909 to o v e r $ 1 ,1 0 0 ,0 0 0 ,0 0 0 in 1920.
Purpose o f Issu e.— T h e proceeds o f this N o te issue w ill be u sed in retiring
$ 2 5 ,0 0 0 ,0 0 0 6 % G old N otes due A u g . 15 1921.
Financial Status.— T h e fin ancial statem en t o f O ct. 30 1920, after givin g
effect to this fin a n cin g , show s net tan gible assets o f $ 33 6,877,811, a p p lica b le
to th e tota l fu n d ed d e b t, in clu d in g this issue o f $ 94 ,5 9 1 ,0 0 0 .
Capitalization as it will stand u pon the com pletion o f this f in a n cin g.
C a p ita l S tock , authorized and o u tsta n d in g ______________________ $ 15 0,0 0 0,0 00
First M ortg a g e 5 % b on d s due 1944, a u th o r iz e d ._ $ 5 0 ,0 0 0 ,0 0 0
gg^U n issu ed___________________________$16 ,63 0 ,00 0
•^R etired b y sinking fu n d ___________
4 ,4 4 6 ,5 0 0 2 1,0 76 ,5 00

- -------------------- ------------ —

O u tsta n d in g_____________________________________________ _
28,9 23 ,5 00
7 % G old N otes, due 1925________________________________________ 4 0 ,0 0 0 ,0 0 0
7 % G old N o te s, due 1931 (this iss u e )___________________________
2 5 ,0 0 0 ,0 0 0
* O f the unissued First M o rtg a g e B on d s, $ 1 ,6 3 0 ,0 0 0 are reserved for co r
p ora te p u rposes, and the rem aining $ 1 5 ,0 0 0 ,0 0 0 m a y b e issued on ly for
7 5 % o f the co s t o f a d d ition al p ro p e rty u pon w h ich the m ortga ge shall b e a
first lien as therein p ro v id e d . A sinking fu n d o f 2 % per annum is op era tiv e
fo r th e retirem ent o f the First M ortg a g e B on d s, and sin ce O ct. 30 1920,
$667,500 o f th e b on d s h av e been so retired.
ggProvisions o f Trust In d en tu re.— T h e T ru st In d en tu re w ill p ro v id e in p art:
F i o ) W h ile a n y o f these N otes are ou tstan d in g a n d u n pa id n o new m o rt
gages except pu rch ase m on ey m ortgages fo r the a cq u isition o f add ition al
p rop erties shall be p la ced on jth e p rop erty and assets; this p rov ision , h ow ever
shall n o t p re v e n t th e em ission o f the au th orized a n d unissued F irst M o r t 
gage 5 % b on d s.
(&) So lon g as a n y o f these N otes are ou tstan d in g Sw ift & C o . w ill a t all
tim es m ain tain its current, assets equal to an aggregate a m ou n t o f a t least
1 }< tim es all its cu rren t liabilities, p lu s the ou tstan d in g a m ou n t o f 7 %
2
N o te s, due 1925, a n d th e ou tstan d in g N otes o f this issue.
(c) T h e p rin cip a l a n d interest are p a y a b le , so far as m a y be la w fu l,
w ith ou t d ed u ction for a ny taxes (except^ estate, su ccession .a n d inheritance
taxes a n d ex ce p t F ederal In com e T axes in excess o f 2 % ) w h ich the co m p a n y
m a y b e required to p a y under a n y present or fu tu re law .
E arnings and D ividend R ecord.— D u rin g the 11 yea rs en din g O ct. 30 1920,
net earnings o f Sw ift & C o . a m ou n ted to $149,537,840 o f w h ich a m ou n t
$ 7 2 ,0 9 9 ,3 8 0 , or over 4 8 % , has been retained in the business.
A nnual net earnings a vaila b le for interest and after p ro v id in g fo r Federal
and foreign taxes fo r the fiv e years ending O ct. 30 1920, a veraged $ 2 8 ,1 5 7 ,564 per y ea r. In terest charges on the entire fu n d e d d e b t, in clu d in g this
issue, w ill b e $ 6,0 29 ,5 50 p er yea r.
D ivid en d s h av e been p aid w ith ou t in terru p tion fo r the p a st 35 years,
8 % per annum n ow b ein g p a id on th e present capital o f S I 5 0 ,0 0 0 ,0 0 0 .
Outlook.— W h ile the p a st yea r has been a tryin g tim e in our business
as in m a n y oth ers, I feel th a t the indu stry is n ow in a satisfa ctory con d ition
and have th orou g h con fid en ce for the fu tu re . W e are op eratin g on a
p ro fita b le basis, and w e n ow h av e an actu a l, stable m ark et fo r our p rod u cts,
in clu d in g hides and w o o l.
Since the date o f the last b a la n ce sheet [O ct. 30 1920, see Y . 112, p . 159]
w e h ave m ade a su bstan tial red u ction in ou r liabilities.
T h e com p a n y turns o v er its in vestm en t in inven tories m ore than six
tim es p er yea r and the average tim e o f ou tstan d in g a cco u n ts has been a b o u t
37 d a y s, thus eviden cin g th e liquid n ature o f the c o m p a n y ’s in v e n to ry and
receiv ab les and the speed o f its tu rn ov er, w h ich add d e cid e d ly to the
in vestm en t m erits o f the N o te issue.— V . 113, p . 543, 191.

[ V ol . 113.

Tidal Osage Oil Co. - R o n d s O f f e n d . — D illo n , R ead &
( ’< . are o fferin g , at 9 8 % and in t., to y ield a p p ro x im a tely
>
7 11( , . #3,500,000 m-\ tai D M Juaranteed S in kin g F u n d gold
bon ds of 1 9 2 1 , gu aran teed by T id e W a ter Oil C o ., as to prineip a l, int. uul sin m g fu n d . (S ee a d v ertisin g p a g es.)

D a ted An
1 1921
I )ue Vug. l 1931. T o ta l auth .issue, $3,500,000.
Principal mt< iv.a and sinking fund p a ya b le in gold at the o ffic e o f First
vV^n!',ia
^ / Mty, trustee.
Interest p a ya b le F. & A. D en om .
9'
' 1
R edeem able, at o p tio n ot co m p a n y , on a ny interest date after
60 days n ot let On or b efo re A u g. 1 1924 at 104 ■inti in t., the redem ption
price decreasing A o f l
per annum thereafter
interest p ayable w ith ou t
d e d u ctio n fot nn> fe d e r a l norm al incom e tax up to 2 % .
Pennsylvania
i null Ia\ refunded. An annual sinking fund o f $437,500, operating quaru' • ‘
- vug. I 1923, will purchase b onds if available at or under
par and interest, a n y balance to revert to the com p a n y.
D ig e st o f L e t t e r b y R . I). B e n s o n , P r e s . T i d e W a te r O il C o ., A u g . 1.
i f f P ' l,j a,ui Hus in css of Tidal Osage Oil i U. In order to a d d to its presen t
■>nd iutm e produci ion T id e W ater Oil C o. has purchased at a cash co st o f
11,111 4 000,000 5-1.8* ; o f the com m on s lo c k o f G u ffe y -G illcsp ie Oil
( o a Del i are -or(> > •
< / 11ion incorporah d in 1918, the nam e o f w hich c o m 
pany it i-, ch a n -in g in T id al Osage Oil C o . T h e latter co m p a n y is entirely
a produ mg co m p a n y , and T id e W ater O il C o . purchased its con trol on ly
/ ■ ' , a / ar lu ‘ 1 ' anim ation o f all properties a vailable had show n those o f
(iip h > <u ik s p ie Oil C o . to be th e most desirable.
Its properties com prise
a total o p era ted acreage m the m id -con tin en t fie ld o f 9.940 acres and
unopera tea acreage o f 4 5 ,2 2 8 acres.
W ihough (In p rop erty is still co m p a ra tiv e ly u n d ev elop ed , a pp roxim ately
i m i^ lills, a r o 2 !)read y p rod u cin g a d aily net p rodu ction o f a pp roxim a tely
•
bins
T h ere art; also on this acreage several hundred a bsolu tely
proven location s read y to d rill
A large part o f this acreage is located in
tin; Osage N ation d istrict, where the oil is produced from (he m ost p rolific
and lon g -liv ed o f the sands in the m id -co n tin e n t field . T h e com p a n y also
ow n s a gas lease on 166,400 acres o f the rich est u n dev elop ed acreage in
O klah om a, i his p rop erly b ein g located in the centre o f a large gas con su m ing
d is tr ic t. where, gas rates to consum ers h ave recen tly been ad va n ced because
ot lack o f su fficien t gas su pp ly
T h e co m p a n y also ow ns a 22 % interest in
ihe C olom b ia syn dica te, ow n in g a p p rox im a tely 1,000,000 acres o f w ellselected oil territory in C o lo m b ia , South A m erica.
In m akin g its purchase, the T id e W ater Oil C o . d id n o t con sider a ny
v a lu a tio n o f the c o m p a n y ’s interests in C olo m b ia or o f the gas lease in
O k lah om a , bu t based its purchase p rice solely on th e co m p a n y ’s acreage
d e v e lo p e d and u n dev elop ed in the m id -con tin en t field .
Security. -T he b onds will com prise the sole funded indebtedness o f T idal
Osage Oil C o. and it agrees to place n o lien on a ny o f its fixed assets, other
than purchase m on ey m ortgages fo r p rop erty herafter a cq u ired , so long as
a n y o f these b on d s are ou tstan d in g. T h e cash price p aid b y T id e W ater
Oil C o. for i m a jo rity o f the co m m o n s to ck o f this co m p a n y , together with
t he m arket value o f its pref. sto ck , indicates a tota l e q u ity ju n ior to these
b on d s, in T id a l Osage Oil C o . alone o f a pp rox im a tely $7,600,000.
Principal, interest and sinking fu n d o f these bonus are u n con d ition ally
guaran teed b y endorsem en t b y T id e W a te r Oil C o ., whoso net tan gible
assets, togeth er w ith its subsidiaries, exclu d in g T id a l Osage Oil C o .,
a m ou n ted on M a rch 31 1921 to m ore than $57 000.000, after d edu ctin g
d epreciation and oth er reserves o f m ore than $20,000,000. T h e c o m p a n y ’s
s to ck is listed on th e N ew Y o r k S tock E xchan ge and at present -prices in d i
cates a m a rk et e q u ity in excess o f $60,000,000.
A n n u a l N et Earnings o f Tide Water Oil Co. arid Subsidiaries.
T h e earnings o f these com pan ies (exclu din g T idal Osage Oil C o .) a v a il
a ble fo r b o n d interest, b efore Federal taxes, b u t after d epreciation and
d e p ictio n , for the fiv e years, 1916 to 1920 inclu sive, averaged $10,801,389,
b ein g m ore than ten tim es annual interest o f $ 1,025,000 on present total
fun d ed d e b t, inclu din g these b o n d s, and in 1920 w ere m ore than 11 tim es
this interest charge. T id e W a te r Oil C o . has paid cash d ivid en d s annually
since 1889; ran gin g durin g th e p ast 15 years fro m 8 % to 19% per annum .
Balance Sheets.— F or balan ce sheet o f T id e W a te r Oil C o . and its su bsidi
aries (n ot in clu d in g T id a l Osage Oil C o .) as a t M a rch 31 1921, see V . 112,
p . 2199.
Condensed Balance Sheet o f G uffey-G illespie Oil Co. as at M arch 31 1921.
A ssets—
Liabilities—
L easeholds, w ells, eq u ip 
C u rrent lia b ilitie s_______ $2,492,753
m en t, & c., after depr_ _ $ 1 2 ,113,639 D eferred lia b ilitie s_______
320,280
In v e s tm e n ts _____________
1,600,001 M iscella n eou s reserves, _
65,762
A d v a n ce s_________________
733,301 P ref. sto ck , 7 % c u m . _ _
520,900
C urrent a s s e t s __________
1,055,687 C om m on s to ck , 479,164
D eferred ch a rg es________
728,137
shares o f no par value;
10.179,100
a rb itrary value.
T o ta l each s id e ________ $16,230,765 S u r p lu s ________ __________ 2,651,969
Purpose o f Issue.— T h e p roceed s o f these b on d s w ill be used to p rovid e
a dd ition al w orkin g ca p ita l for further d evelop m en t o f the T id a l Osage Oil
C o .’s p ro d u ctiv e ca p a c ity . T h e proceeds are adeq u ate to retire all current
indebtedness o f the com p a n y as o f M a rc h 31 (see b elow ) a nd leave it with
substantial cash balance.

Tide W a ter Oil Co.—
G u a ra n teed

O il-P r o d u c in g

Property Acquired—

B o n d s O f f e r e d .—

See T id a l Osage Oil C o . a b o v e .— V . 113, p . 301.

Tobacco Products Corp., N. Y . — Status— Outlook.—
P res. J a m es M . Dixon, N . Y ., July 30 in a letter to Preferred
sto ck h o ld ers sa y s in substan ce:

“ I t is p a rticu la rly g ra tify in g therefore in a period o f general business
depression, to be able to in form y o u th a t y ou r com p a n y , p rod u cing brands o f
high and m ed iu m q u a lity cigarettes, w e feel has m ore than held its p ro
p ortion o f the trade; ou r tu rn ov er in volu m e and value o f sales b o th show ing
substantial increases over the p receding six m onths period; oiu* net p rofits
h a v in g increased o v er 3 0 % and y ou r com p a n y has earned d ou b le the
a m ou n t n ecessary to p a y the d ivid en d on its P referred stock for the entire
yea r in the first six m onths. W e look to the closin g h a lf o f th e current
year to show even m ore satisfa ctory results. On J u ly 1 th e com p a n y paid
the 34th con secu tive quarterly d ivid en d on its P referred stock .
“ W ith a con tin u ation o f the d ow n w ard ten d en cy o f prices o f th e m aterials
entering in to ou r p rod u cts, low er rates o f m on ey and an increasing dem and
fo r th e p rod u cts o f y ou r com p a n y , w e feel that* there is n o reason to alter
our established p o lic y o f d istributin g to shareholders p rofits so ju stified b y
earnings.
“ S ta tistics, as published b y th e LT. S. Govt*., fo r th e m on th o f June 1921
are n o t as y e t available. T h e figures fro m Jan. 1 to M a y 31 show an in 
crease in p rod u ction o f cigarettes over 1920 o f 280,000,000. T h is increase,
w h ile n ot large, in rea lity is greatly in excess o f an ticip ation s in view o f the
fa c t th a t p rod u ction in th e first h a lf o f th e yea r 1920 was extraordinarily
h e a v y , there h avin g been p rod u ced in th a t p eriod con siderably m ore than
h a lf o f the ou tp u t o f cigareetts for th e entire yea r o f 1920; th e total pro
d u ction for 1920 h a v in g been a pp rox im a tely 45,000.000,000.
The
p rod u ction for th e first fiv e m on th s o f th e current year as com pa red w ith the
last fiv e m onths o f 1920, w ill therefore sh ow an increase o f m ore than 2 0 % .
« ^ V . 113, p. 427.

Transcontinental Oil Co.— E a r n i n g s . —
Results fo r Quarter ending M arch 31 1920 and Year ended D ec. 31 1920
3 M a s. 1921. Year 1920
G ross in com e fro m all sou rces______________________ $ 3,8 05 ,4 80 $22,190,397
M a teria l co s t and op era tin g exp en ses_____________
4 ,0 8 6 ,9 9 6 2 0,053,499
N e t in c o m e ______________________________________ clef.$281,516
A d m in istrative and sellin g exp en ses_______________
4 05,970
L oss on drillin g n o n -p ro d u cin g w e lls______________
_______

$2,136,898
1,085,453
541,301

N et d eficit or su rp lu s___________________________*d ef.$ 6 87 ,48 6 su r.$5 10 .1 44
* B efore d ed u ctin g d ep recia tion , d ep letion and cost o f d ry and abandon ed
w ells a n d can celed a n d forfeited leases.— Y . 112, p . 2421.

Union Tank Car Co.—

T e n d e r s .—

Texas Company.— Definitive Stock Certificates Ready.—

T h e E q u ita b le Trust O o . o f N . Y . , as trustee, w ill until Aug 19 receive
b id s fo r th e sale to it o f E qu ipm en t T ru st 7 % G o ld notes. Series “ V dated
A u g . 2 1920, to an am ou nt su fficien t to exhaust $ 62 5,0 0 0. and at a price not
to exceed par and in terest.— Y . 113, p . 544.

T h e co m p a n y on A u g. 4 ann ou n ced that it was rea d y to exch an ge dofini
tiv e s to ck certifica tes for fu ll-p aid certifica tes, d elivery to be m ade early
n ext w e e k .— V . 113, p. 4 2 7 , 191.

United Drug C o .— Status— Business.- President LouisIKj
Liggett, whose personal affairs were placed in the handsjo*

A ug.

( 1921
■>

THE CHRONICLE

(>35

tru stees la st w eek, has sen t a letter to th e sto ck h o ld ers of
th e U n ited D rug C o., sa y in g in substance:

ease of ove r subscription. T h e entire am oun t, it is st a te d ,
has been taken.
(Sec advertisement on a preceding page.)

U nited D r Up: (•'Jo. is as .sound a:; a nut and so is L igg ott’s I nfcnrnatloiml.
I have seen to it that the interests ol* the United Di nt? C o . have boon eared
for and properly cared for at that.
As I d ictate this letter my mind goo i
b a ck to IS years ago when we started this business, and I see it now, an
organization doing business throughout, th e E nglish-speaking world with
o v e r $100,000,000 o f annual sales w ith intrinsic values back o f it th at d o
n ot ju stify th e sales o f a ny o f ou r s tock at th e present m ark et price.
M y assets have shrunken in their m arket value oven* $5,000,000 in the
last eigh t m on th s.
1 have b ou gh t United Drug (Jo. stock at $112 and have
continued to b u y it righ t dow n to $80. In oth er w ords, I have bou g h t it
as long as I cou ld and have n ot sold a single share,
i have had it up a
collateral secu rity to the loans I m ade in ord er to buy this s t o c k . T h e a tti
tu de o f those creditors can on ly bo determ ined after m y trustees get in
tou ch with th em .
A ltogeth er 1 hold 39,000 shares o f United D rug C o. and the N g g e tt’s
International C om m on stock . N o m atter w h a t I m ay have to go th rou gh,
even if 1 am wiped ou t o f this interest, m y opin ion o f th is stock is n o t going
to ch an ge. B u t th ese are tou gh tim es.
W o have had to take in v en tory
losses on sugar, ru b ber and th ings o f that ch aracter, bu t a. substantial part
has been liquidated ou t o f th e business and our financial con d ition to -d a y
is excellen t. Stories will be rife a bou t m e and m y ou tsid e enterprises:
th a t 1 have lost trem endous sums in oth er ven tu res. T h is is n ot true:
neither is it true th at I h ave ga m b led in th e stock m arket unless you can
call buying United D ru g C o . stock on b orrow ed m on ey gam bling.
In 1916 when wo took o v er th e Hiker business w e all m ade a large profit;
we got 3 % shares for each one th a t we h eld . A t th a t time I cou ld have
cleaned up by selling som e o f m y stock and payin g o f f m y d ebt:;, and again
later w hen th e stock sold as high as $175 a share I cou ld h av e cleaned up
b y selling a p ortion o f m y stock .
I never dream ed, w ith ou r stock at par and a t $95 a few m on th s ago,
th at United D ru g C o .’s C om m on would sell at th e p rice th a t it is selling
for in th e m arket to -d a y . T h e w ild stories th a t have been to ld o f our busi
ness and o f m o person ally h av e had th eir e ffe ct m arketw ise.
It- is easy for p eop le to criticize, easy to say we h av e exp an d ed to o fast,
bu t th in k o f th e m on th s and m on th s o f om issions th a t w e went th rou gh
from 1917 to 1921, running as high as $5,000,000 to $6,000,000 a year,
because w e cou ld not p rod u ce fast en ou gh for y o u r w ants. O nly tw ice in
our history have we ever gone b ackw ard. Once for a m o n th in 1914, and
the secon d tim e from January o f this yea r to July 1.
Our July business to date is 2 3 % ahead o f last year even at red u ced prices.
T o m e th at is th e tu rning p oin t. Last M o n d a y and a w eek ago last M o n d a y
we received tw o o f the largest d a y ’s orders ever receiv ed in th e B oston p lan t.
Follow ing th e slum p w e h av e had in business fo r th e last six m on th s, to me
it is e vid en t th at th e tide has tu rn ed and our volum e is u pw ard.
Should m y stock have to be sold in th e m ark et u n d o u b te d ly our s to ck
will sell m u ch low er. I d o n ot k n ow w h eth er th ey will h ave to liquidate
m y stock s or n o t, bu t 1 tell you th is so th a t you m a y app recia te th a t not
one share o f m y stock will b e sold if it can p ossibly b e a void e 1.— V . 113 .p .544.

These bonds are guarani,eed as to 8 % Interest and final p a ym en t o f
principal by Imperial Oil C o rp ., and llu m teiv.l, rate to Is*.
with > j o il
Increasing to 2 0 '4 % with oil at $2.25 per barrel.

United Gas

&

Electric Corporation.— E a r n i n g s .—

Summary Statement o f Earnings for the 12 M onths ended June 30.
[Excluding subsidiary com panies showing a deficit.]
1918.
1920.
1919.
1921.
$1,406,003
B alance o f sub. oner. cosa$2,106,861 $2,179,231 $1,399,641
404,750
313,206
553,007
R es. fo r renew. & replac
687,985
E arn, appli. to stk . o f
392,936
317,056
401,343
su b .cos.ow n ed b y pub
384,358
B alance
_ _
____: *$1,034,518
N et inc. from b d . in v.
& other sou rces______
234,491

$1,224,881

$769,379

$608,317

131,714

294,257

208,117

T o ta l__________________ $1,269,009
Ded't— In t. on C orp . bds
$558,000
do cert, o f in d eb ted ’s
131,567
A m or, o f d t. d iscou n t.
55,670

$1,356,595
$558,000
134,806
57,312

$1,063,636
$558,000
134,806
58,649

$816,434
$558,000
135,948
56,750-

B alance, surplu s_____
$65,736
$523,773
$606,476
$312,181
F or sub. co . earnings, see “ Earnings* D e p t .” a bove.
a A fter fix ed charges, x B alan ce after d edu ctin g deficits in 1921, $ 93 7,610, against $1,164,344 in 1920.
N ote.— In th e a b ov e earnings statem ent fo r year 1920-21 n o a ccou n t is
taken o f p rofit from sale o f securities, nor o f th e ca p ita l loss incurred in
con n ection w ith th e sale o f In tern ation al T ra ction C o . securities, as stated
in the last annual report.
T h e a bove statem ent is also exclusive o f earnings from oil op era tion s.
— V . 112, p . 1618.

U n it e d Gas I m p r o v e m e n t C o .— P h i l a d e l p h i a

O r d in a n c e

— Mayor Moore of Phila. on July 28 vetoed
th e H all ordinance providing for $1 10 gas and the 600
B . T . U. standard of gas for one year, on the ground that
th e ordinance was a makeshift, indefinitely postponing any
so lu tio n of the gas question.
V eto ed — E a r n i n g s .

T h e M a y o r further declared th at the com p a n y cou ld operate under the
present con tra ct until a perm anent lease was effected , and, furth er, that if
the com p a n y procured a m odern equipm en t it co u ld sell 530 B . T . U . gas
for 80 cents a thousand cu b ic feet, and y e t realize a substantial p ro fit.
E x tr a c ts fr o m M a y o r ’ s S t a t e m e n t — E a r n in g s U n d e r L e a se .
Ordinance.— T h is m easure proposes, b y am endm ent to the contract o f
N o v . 12 1897, betw een the C ity o f Philadelphia and the U nited G as Im 
provem ent C o ., to change the 2 2-can dle-pow er light standard therein guar
anteed, to a 600 British therm al unit heat standard; to advan ce the p rice o f
gas to the consum er from $1 per 1,000 cu b ic feet to $1 10 per 1,000 cu b ic
feet, and to raise the am ou nt to be paid to the U nited G as Im p rov em en t C o .
from 75 cts. per 1 ,000 c u . ft. to $1 per 1,000 eu. f t ., thus reducing the rental
to be p aid to the C ity o f Philadelphia from 25 cts. per 1,000 c u . ft. to 10 cts.
per 1,000 cu . ft., effectin g an aggregate redu ction o f return to the city in this
instance, and resulting in a b en efit to the U nited Gas Im p rov em en t C o . o f
approxim ately $4,0 00 ,0 00 for th e year.
E arnings.— A rem arkable statem en t o f the co m p a n y ’s activities appears
on page 87 o f the G as C om m ission ’s rep ort, which show s th at the op eratin g
revenues o f the com p a n y [the E qu itab le Illu m in atin g Gas L igh t C o ., the
operating com pan y] for th e 23 years from 1897 to 1920, inclusive, were
$192,843,489. T h e operatin g expenses, taxes and u n collectab le bills
am ounted to $105,886,234, m aking the gross in com e $86 ,95 7 ,25 5.
From
this gross incom e— a com p lim en t to the m anagem ent and p ro d u ctiv ity o f
the w o r k s —rental was paid to the city to the am ou nt o f $32,206,792.
In oth er w ords, the use o f the city p rop erty p rod u ced fo r the co m p a n y a
gross incom e equal in v a lu e to 45.73 cts. upon every 1,000 cu . ft . o f gas sold
to Philadelphia consum ers, while the city received as a rental fo r th e p ro p 
erty it had leased, 16.94 cts. per 1,000 cu . ft.
O f the gross in com e o f $86 ,00 0 ,00 0 plus, fo r 23 yea rs’ successful and
p rofitable op eration , the com p a n y set apart to be paid in interest on
E quitable C o . bonds, $8,593,800; dividends on E q u ita b le P ref. stock ,
$4,250,000; d ividends on E qu itable C om m on sto ck , $4,250,000; am ortiza
tion, $ 13 ,691,500, a tota l o f $ 30 ,785,300, which the co m p a n y p aid b ack to
itself and to its stock h old ers and bondh olders, whereas the to ta l cash
originally paid in on stock s and b on d s was $ 6,2 00 ,0 00 , alth ou gh the c o m 
pany claim s on am ortization a ccou n t to have paid into th e enterprise in one
form or another for alterations, betterm en ts and the like, to keep the w orks
up to date in com plia n ce with the con tra ct, a total o f a b o u t $ 25 ,800,000,
ind u cin g $19,429,664 “ United G as Im p rovem en t C o . co -a d v a n ce s ,” all o f
which seems to have been am ortized excep t $10,757,548. It is som ew hat
d ifficu lt to recognize the necessity for relief to a com p a n y with a wellorganized business, having a surplus app roxim atin g $ 24 ,00 0 ,00 0.—
C om p a re also V. j lx , p . 2314 and V . i 13, p . 89. - V . 113, p . 544.

U n it e d O il P r o d u c e r s C o rp . P a l e A n n o u n c e d o f $4,000,-(K)0 “ 10 - Y e a r F i r s t L i e n 8 % P a r t i c i p a t i m g P o n d s . 11— T h e
stock h old ers of M iddle S ta te s Oil C orp. an d Im perial Oil C orp.
and their su bsidiary corp oration s w ere offered th e r ig h t to
subscribe a t par on. o r before A u g. 15 (w ith o u t ex tra charge
f o r accrued in terest from J u ly 2 5 ) for th e aforesaid $ 4 , 0 0 0 , 0 0 0
bon ds in am ou n ts n o t exceed in g 5 0 % of th e a m o u n t of stock
held b y them r esp e c tiv e ly , su b ject to pro ra ta a llo tm e n t in

Digest o f C ircu lar Dated Julv 30, Signed by (i. N Haskell, C h airm an
o f Middle States Oil C orp. an d Imperial Oil C orp.
Organization.
W e have availed ourselves o f the o p p ortu n ity to ccim I he entire i tocU issue o f United Oil Producers C o rp o ra tio n , which co rp o ra 
tion has bee.n form ed for th e purpose o f uniting under nun m anagem e < and
i
ow n er hip several o f the sm aller oil properties in the M id <Jontluent oil field
w h ich , ow ing to financial and trade con d ition s, have found d ifficu lty in
,so<Hiring hanking accoirim odatJon.
Capitalization and Assets o f tJniled Oil Producers dorp, (fn co rp . in Delaware)
C om m on sto ck , o f which the M id dle States Oil ( Jorp. will own

$ 2 ,000,000 a n d t h e Im p e ria l Oil (Jo r p . will own $ 4 ,000,000
F ir s t Lion, m in im u m 8 % b o n d s

$6,000,000
4,000,000

Assets. T h e capital so p rovid ed is to be used to acquire; proved oil
produ cing properties in the M id-( ’on tin en t oil fie ld with a pros'-nt product ion
o f 8,000 bids, o f cru de o '1 daily (term ed settled p ro d u ctio n ), and with un
drilled proven well location s yet to be d rilled , totalin g 800 such additions!
w<ll locations, the total o f $4,000,000 o f b ond s being based upon ueh
ow nership o f oil-produ cin g properties a t n o t exceedin g $500 per bbl. o f
said bonds for each daily bans;! o f oil p ro d u ctio n .
T h e co st o f uniting said oil-p rod u cin g proper tic •under th e single ow n er
ship and con trol o f U nited Oil Producer:! C orp ora tion , in addition to the
proceeds o f this bond issue, is p rovid ed for in th e sto ck issue o f said c o r 
p ora tion a b ov e in d icated.
Interest Payments. From d aily p rod u ction o f 8,000 b b ls., a ppropriation s
are to be m ade, a ccord in g to th e deed o f tru st, as follow s;
R eserve, su b ject on ly to op era tin g exp en se.
3,900 b bls. d aily
D e d u ct fo r bond interest fund a ccou n t
1,000 bbls. daily
D e d u ct fo r sinking fu n d p rovision fo r principal o f b onds
1,100 bbl :. daily
D e d u ct for additions to assets, new w ell drillin g, & c
2,000 b bls. daily
T h e interest fun d o f 1,000 bbls. o f oil daily is intended to allow 90 bbls.
o f oil per annum against each $1,000 par va lu e o f bonds ou tstan din g, the
proceeds o f sale o f w h ich o i l , at the m a rk et price, pi us any prem ium obtained
th erefor, is paid p ro rata into th e hands o f th e Goal < Iron N ation al Bank
fe
o f N . Y . C ity , as m ortgage trustee, and such fu n d w ill be d istributed by
the trustee to all o f th e b on d h old ers at th e end o f each six m o n th s ’ p eriod ,
as their interest in com e on said b ond s.
T h is assignm ent o f oil m o n th ly w ould p a y the m inim um gu aran teed rate
° f 8 % p er annum if oil sold as low as 88 8 -9 c. p er b b l., and th a t m inim um
p rice is guaranteed. T h e p resen t price o f $1 per b b l. should insure the
bon d h old er 9 % in com e on th e b o n d s, while if M id -C o n tin e n t oil sells at
$1 25 per b b l . the b o n d h o ld e r sh ou ld n et I 1 M % : w ith oil at $1 50 he should
receive 13 l % in t.; w ith oil at $1 75, 1 5 M % ; at $ 2, 1 8 % ; at $2 25, 20 kt % ■
A
S hould th e price o f oil average higher th a n $2 25 p er b b l. durin g th e 6
m on th s’ period th e excess w ou ld b e tran sferred to th e sinking fu n d .
Striking Fu n d .— O f th e L I 00 b b ls. o f oil d aily set aside to create a sinking
fu n d for th e bonds (i. e ., 100 b b ls. o f oil p e r annum as against each $1,000
b on d outstanding) the proceeds o f th e sale o f th e pro rata p art o f this annual
allow ance, sold at th e m arket p rice, plus a n y p rem iu m th a t m igh t be o b 
tain ed th erefor, will be deposited w ith th e trustee m o n th ly as su ch sink
ing fu n d . A t th e present p rice o f $1 p er b b l. for oil, th is a llotm en t w ou ld
p rovid e fo r th e fu ll p aym en t o f th e prin cip al o f th e b o n d a t m a tu rity .
Should oil again reach last y e a r’s p rice o f $3 50 p er b b l., th is sinking fun d
plus th e excess from th e in terest oil, h ou ld p ro v id e th e sinking fu n d for
th e fu ll am ount o f th e princip al o f the b on d s ou tstan din g in less th an three
years tim e. N o b on d h old er, h ow ever, can b e requ ired to surrender his
b on d until it becom es d u e. H ow ever, fro m tim e to tim e th e sinking fu n d
m a y b e used b y th e trustee to p a y o f f and ca n cel su ch b on d s as m a y be
surrendered after call fo r ten ders.
M aintenance and Production.— T h e tru st d eed , h ow ever, p rov id es, as a
m eans o f m aintaining th e initial p ro d u ctio n , and o f increasing th e sam e
and adding to th e assets and th e drilling o f new w ells, th a t on e-qu arter o f
th e d aily p rod u ction shall be set aside and u tilized on ly fo r su ch pu rp ose.
Bonds.— T h ese b onds w ill b e k n ow n as T e n -Y e a r F irst Lien G o ld 8 %
and Participatin g Sinking F u n d P rod u ction b o n d s. D e n o m .: C , $100,
D $500, and M , $1,000; all secu red b y m ortga ge to th e C oal & Iro n N a 
tional B ank o f N . Y . C ity , as trustee. N o t su b je ct to call before m a tu rity .
This b on d issue has been u n derw ritten at p ar, n et ca sh t o th e corp ora tion .
Subscriptions are p a ya b le A u g. 15 to th e ord er o f W illiam M u r d o c k .
Treasurer, 347 M adison A v e ., N . Y . C itv ; or th e y m a y be o a id 5 0 % A u g. 15
and 5 0 % S ept. 15, w ith interest at rate o f 8 % p . a. a d d ed fo r m o n th ’s d e la y .

United States Gypsum Co.— N e w

P l a n t .—

T h e com p a n y has been reported as p erfectin g plans fo r the con stru ction
o f its p roposed new m an ufactu rin g p la n t in th e v ic in ty o f Sw eetw ater, T e x .,
estim ated to cost close to $1,000,000, in cl. m a ch in ery. W e are o fficia lly
inform ed how ever, th a t there are n o present plans to b u ild the m ill.— *
V . 112, p . 2746, 1985.

Virginia Iron, Coal & Coke Co.— E a r n i n g s .—
Results for the Quarter and Six M onths ended June 30.
1921— 3 M onths— 1920. 1921— 6 M on th s— 1921.
Gross earnings___________
$211,095
$948,640
$844,833 $1,676,171
Interest, taxes, e t c ______
111,021
158,387
273,403
320,954
N e t earnings_____ _
— V . 112, p . 1875.

W h e e lin g S t e e l

$100,074
&

$790,253

I r o n C o*— N e w

$571,430

$1,3 55 ,2 17

P r e s i d e n t .—

Charles J. H un ter, Y ice-P res. & T rea s., has been elected Presiden t, su c
ceeding John D u n can .— V . 113, p . 544-

(T h e ) W illy s - O v e r la n d C o m p a n y , T o le d o , O .— O p e r a 
& c . — P resid en t J o h n N . W illy s in circular le tte r oj
J u ly 2 8 , ad d ressed to th e Preferred sto ck h o ld ers, sa y s in brief:
tio n s,

Our business in the last tw o m on th s has been ve ry close to n orm al. June
and J u ly h ave averaged between 10,000 and 11,000 cars per m on th . Since
M a rch I h av e talked to over 2,500 o f our distributers and dealers, and have
added over 400 dealers to our dealers list. A great m a n y econ om ies have
been m ade and w e are going to m a k e a great m a n y m ore. F or instance,
last w eek w e m ade a p p rox im a tely 550 cars p e r d a y , w h ich is a b o u t 50 cars
m ore than a year ago, and the tota l num ber o f fa c to ry em ployees at the
present tim e is 7,700, against a pp roxim a tely 13,000 a year ago.
M y pu rp ose in w riting this letter, besides givin g y o u th e a b o v e inform a
tion , is to ask that y o u give ou r agent in y o u r lo ca lity th e nam es o f all a u to
m o b ile p rospects. T h e a u tom ob ile business w ill con tin u e to be a large,
and com pared w ith m a n y institu tion s, a p ro fita b le on e. W e are expecting
the usual recession in business as soon as w in ter sets in and for th at reason
w ill appreciate all the help p ossible from ou r stock h old ers.— V . 113, p . 427.

W r ig h t A e r o n a u t ic a l C o r p o r a t io n .— I n i t i a l

D i v i d e n d .—-

T h e directors on A u g. 2 declared an initial d ivid en d o f 25 cents per share
on the ou tstan din g 224,390 shares o f C ap ital s to ck , n o p ar, p aya b le A u g . 31
to holders o f record A u g . 17.
It is stated th at the co m p a n y a t the present tim e has $3,000,000 in orders
on its b o o k s.— V . 112, p . 2776C U R R E N T

N O T I C E S

— T h e W estin gh ou se A ir B rake G o . is d istrib u tin g an elaborate and
p rofu sely illustrated b o o k to its friends and custom ers recording th e results
o f a d em on stration o f h ea v y tonnage train handling m ade b y them and
th e Virginian B y. C o . on the la tte r’s lines betw een P rin ceton , W . V a .,
and B oan ok e, V a . On th e stretch on w hich the d em on stration was m ade,
th e h ea v y trains had to m o v e dow n tw o long grades, one o f 11 m iles fro m
Princeton to K ellysville, and th e oth er from M errim a c to Flagg, dow n the
eastern slope o f the A lleghenies, the p rop er co n tro l o f th e rolling sto ck ,
w hich was equipped w ith special W estinghouse brake m echanism , in
descending these grades being a d om in a tin g fa c to r. T h e results o f this
dem on stration should be o f p articu lar interest to railroad execu tives.
- J . E . W ilson , form erly m anager o f the bond d epartm ent o f E . A . B aker
Sc Bon, has opened office s at 60 B roa d w a y, N . Y . C ity , fo r the tran saction
o f a general investm ent and brokerage business u nder the nam e o f J. E .
W ilso n & C o . T elephon e, B ow ling Green 9866. E dw in J . N elson,
form erly w ith E . A . B aker & Son, has becom e associated w ith M r . W ilson

T1 IB CHRONICLE

[V o r ,

113.

Sleports and H ocum en ts,
GREAT NORTHERN RAILWAY COMPANY

To tin Stuckholiterx:
T h o B oard o f D irectors submits tho fo llo w in g rep ort f o r
the yea r ended Iteeem ber ill, 1920.
CAPITAL STOCK.

1 here ua> no change d u rin g the yea r in am ount o f a u 
t h o r . o d share capital
aine rem aining at $250,000,000.00.
O f the capital authorized, there had been
issued to Deeemhet 31, 1019—
_ .$249,178,250.00
w hieh rem ains the sam e on Dec. 81, 1020,
and w hich is represented by :
S tock ce r tifica te s
____________ $249,471,700.00
Scrip, fu ll-p aid ____________________— _______
6,550.00
Potal

____________ $249,478,250.00

T h ere rem ained unissued D ecem ber 31, 1020, 17V shares
-t
o f G reat N orthern stock fo r a cq u irin g 14 shares o f T h e St.
Paul, M in n eapolis & M anitoba Itail w ay C om pany, o f w hich
10 shares are in the T rea su ry o f the C om pany and 4 shares
still ou tsta n d in g ; a lso under the $19,000,000.00 issue, 5,200
shares not as yet o ffe r e d fo r su bscription by the C om pany.
BONDED DEBT.

T h e balance sheet, p age 31 [pam phlet re p o r t], gives
am ounts o f bonds ou tstan d in g D ecem ber 31, 1920. A com 
parison w ith the fig u res o f D ecem ber 31, 1919, fo llo w s :
1920.
Outstanding in hands of
the Public___
>142,788,515
(See detail list below)
Held in the Company's
Treasury____
27,507,000
Held by Mortgage Trus
tees
_____________
14,813,393
Pledged with Treasury
Dept. U. S. Govern
ment Sub-Treasury,
New York...... ......... .. 24,200,000

1919.

In crea se
D ecrea se

( + or
(— ).

These loans are evidenced by the Company’s notes as follows:
Lift con notes dated November I 1920, for $134,000 00
each, bearing interest at rate of 6% per annum, payable
in consecutive annual installments, aggregating
$2,010,000 00
Lour notes dated August 30 1920 for $225,000 00 each,
bearing Interest at rate of 6', per annum, payable, respec iively, in ihroe (3). four (4). five (5) and six (6) years
900,000 00
One note dated August 30 1920, bearing interest at rate of
0% per annum, payable August 30 1921
_______ 15,000,000 00

Total___________________________ ______ _____ $17,910,000 00
A ll o f the a bove loans tire fu rth e r secured by the pledge
its colla tera l secu rity o f a total o f $24,200,000.00 par value
o f G reat N orthern R a ilw a y C om pany F irst and R efu n d in g
M ortgage, Series " A ” 4 *4 % G old B onds, as show n on page 6
[pam p h let rep ort].
T h e d etails o f exp en ditu res f o r E quipm ent are given in
tlu* report o f the President.
'There w as expen ded f o r A dd ition s and B etterm ents, the
sum o f $5,204,841.21 (se e page 21 [pam phlet r e p o r t ]) , w hich
w as ch arged to “ Investm en t in road .” T h e a ccou n t “ A p 
propriated surplus not sp e cifica lly invested ” w as cred ited
w ith $350,301.57 net p ro fit from sale o f tow n lots and lands
not fo rm in g a p ortion o f the ra ilw a y p rop erty or land grant.
T h o record s o f the P ension D epartm en t sh ow the f o l 
low in g :
Number of pensioners December 31 1919___________________________
96
Employees added to roll during year_____________________________ 38
Pensioners died during tho year__________________________________ l3
Pensioners dropped from ro lls__ __________ _____ __________________
2
Number of pensioners December 31 1920__________________________ 119
Pensions paid during the year. _______________________ _____ _ $38,317 85
Pensions paid September 16 1916 to December 31 1920_____ 117.171 87

T h e pension s paid to fo rm e r em ployees o f the C om panies
w h ose p rop erties w ere operated by tlie U nited S tates R a il
road A d m in istration inclu ded in the a bove fig u re s have been
00 26,413,000 00
+1,094,000 00 paid by the D irector-G en era l and treated by him as a part
o f ra ilw a y op eratin g expenses.
93
39,813,393 93 — 25,000,000 00
C on siderable p rogress h as been m ade d u rin g the ye a r in
con n ection w ith F ed era l va lu a tion o f this C om pan y’s p rop 
C on feren ces on the ten tative en gin eering report,
00
. _______
+24,200,000 00 erty.
w h ich h ave been held in the en dea vor to a rriv e a t some
Totals_________ .$209,308,909 09 $229,136,909 09 — §19,828,000 00 a greem en t w ith respect to d iffe re n ce s betw een the C om pany
and the In ter-S tate C om m erce C om m ission, had been con 
T h e d ecrease in am ount o f bonds ou tstan d in g in hands cluded, and it is exp ected that p rop er a dju stm en t o f such
o f the P u b lic w as caused
d iffe re n ce s w ill appear in the T en ta tive V aluation.
The
by bonds redeemed through operation of the Sinking Fund
ten tative lan d report, p u rp ortin g to show the valu e o f the
of____________________________________________________
$122,000 00
lan ds in the C om pan y’ s right o f w ay and term inals, based
par value. The Sanit Paul Minneapolis & Manitoba Rail
way Company Consolidated Mortgage Bonds, of which
upon the va lu e o f a d jo in in g lands, has been received. T h e
$56,000 00 were 4G % and $66,000 00 were 4 % bonds,
C om pan y claim s that the valu e o f its lan ds d evoted to ca r
by redemption at maturity, September 1 1920, of this
Company's Collateral Trust Gold Notes 5 % ____________ 20.000,000 00 rier purposes cannot be less than w h at it w ou ld co st to
Total__________________________________ ____ ________ $20,122,000 00 a cq u ire said lan d s as o f the d ate o f valuation, w h ich cost
m ust o f n ecessity inclu d e the am ou nt paid as dam ages on
a ccou n t o f in ju r y to a d jo in in g lands, etc. T h e C om pany
T h e .in crease in bouds "H e ld in T rea su ry ” w as caused
has file d p rotest w ith the In ter-S tate C om m erce C om m is
by issuance of the Company's First and Refunding Mort
gage Gold Bonds, Series “A ” 4 H %. of par value.. . . __
$294,000 00 sion a gain st the fin d in g s show n in the land report. It is
These bonds were issued in accordance with the terms of
exp ected that the d iffe re n ce s w ill he m ade the su bject o f
the mortgage, against the acquisition of the following
con feren ces sm ilar to those on the engineering report. T h e
shares of stock:
Great Northern Equipment Co_.$250,000 00 (2.500 shs)
accou n tin g rep ort has n ot yet been received nor have h ear
by return to the Treasury of the Company’s First and
ings taken place to con sid er oth er d iffe re n ce s that m ay still
Refunding Mortgage Goid Bonds, Series "A ” 4 J4%.
exist. D ata are being com piled and every possible e ffo r t
pledged as collateral under the Compqny’s Collateral
Trust Gold Notes redeemed September l 1920__________ 25,000,000 00 w ill be m ade to see that th e fin a l values w hen determ in ed
825,294,000 00 shall be ju s t and fa ir.
L es s — The Company s First and Refunding Gold Bends,
A s n oted in rep ort f o r last year, the op era tion o f this
Series "A ” 4 ) 4 % , pledged as collateral with Treasury
C om pan y’s p rop erty by the U nited States R a ilro a d A dm in 
Department U. S. Government Sub-Treasury, New' York,
for loans made to this Company aggregating 817,910,000 00 24,200,000 00 istration ceased a t m idnight. F eb ru a ry 29, 1920. A settle
Net increase________________________________________ $1,094,000 00 m ent w a s m ade w ith the D irector-G en era l on A p ril 22, 1921,
co v e rin g all claim s o f the C om pany arisin g out o f F ederal
con trol.
T h e am ount accep ted by the C om pany in this
T h e d ecrease in bonds "H e ld by M ortgage T ru stees” w as
fin a l settlem ent w as $6,500,000 plus such a d d ition a l am ounts
caused
as m ay he fou n d due fro m the D irector-G en era l w hen the
by the release of the Company 's First and Refunding Mortstan dard return (rep resen tin g annual rental due fro m the
tge Gold Bonds. Series "A " 4 K % , pledged under the
ompany s Collateral Trust Gold Notes, upon payment of
D irector-G en era l durin g F ed era l co n tr o l) o f the C om pany
said notes_______.-________________ v________________-..$25,000,000 00
is fin a lly ce rtifie d by the In ter-S tate C om m erce C om m is
sion.
T h e am ount o f bonds “ P led ged w ith T rea su ry D ep art
A s exp la in ed in last y e a r's rep ort the C om pany accepted
ment U. S. G overn m en t-S u b-T reasn ry N ew Y o rk ” represents the p ro v isio n s o f the T ran sp orta tion A ct, 1920, gu aran tee
this Company’s First and Refunding Gold Bonds, Series
ing to the ca rrie rs a net ra ilw a y op era tin g incom e f o r the
"A” 414%, deposited as collaroral for loans made by the
six m onths ended A ugu st 31, 1920. equal to on e-h a lf o f the
Treasury Department to this Company, aggregating
$17,910,000 00______________________________ _________ $24,200,000 00 annual standard return received fro m the D irector-G en eral.
T h e actu al op era tion o f the p rop erty d u rin g this period
GENERAL.
resulted in a d e ficit and the C om pany has file d w ith the
The C om pany file d ap p lica tion w ith the In fer-S ta te C om  In ter-S tate C om m erce C om m ission its claim f o r the am ount
m erce C om m ission fo r a loa n from the U nited States G ov due under this guaran ty. T h e C om pany has thus fa r re
ernm ent under S ection 210 o f the T ran sp orta tion A ct, 3920, ceived as partial paym ents thereon the sum o f $12,500,000.
and on J u ly 28, 1920 the C om m ission ce rtifie d to th e S ecre It is expected that fin a l settlem ent w ith the Governm ent
tary o f tiie T rea su ry o f the U nited States loan s aggregatin g w ill he m ade in the n ear future.
$17,910,000.00 fo r the fo llo w in g p u rp oses:
T h e B oard resp ectfu lly ca lls the atten tion o f the S tock 
(a) To aid in purchase of locomotives and cars______
. . $2,010,000 00 h old ers to the reports o f the President, o f the C om ptroller,
(b) To pay in part for strengthening ex.s iag
w ith cu stom ary balan ce sheet and statistical tables, and o f
equipment_________________________________ $100,000 00
And other additions and betterments________
800,000 00
---------------900,000 00 the Land C om m issioner.
F o r the B oard o f D irectors.
(c) To aid in meeting maturing obligations_______________ 15,000,000 00
L O U IS \V. I l l Id . Chairman.
16 S162.910.515 16 — .$20,122,000 00

S

Total.................................... ....... ......... .......... ....... ......... .$17,910,000 00

A pril 30, 1921.

Til 11 CHRONICLE
1

A ug. 6 1921.]
R E P O R T OK P R E SID E N T.

To the Hoard of D irectors:
H erew ith reporl fo r the fiscal year ended Dec. Ml, 1920:
Under the Transportation Act, 1920, Federal control of
railroads .terminated at 12:01 a.in. March 1, 1920, and since
(hat time tin* properties have been under the Jurisdiction
and direction o f Corporate .officials. Tin* Act further pro
vides a guaranty to carriers, for a period o f .six mouths
beginning M arch I, 1920, o f one-half o f the annual sum
fixed by the President as compensation under the Federal
Control Act.
Statistics and other inform ation relative to the operation
both by the United States Railroad Adm inistration and
the Corporation appear in the report o f Comptroller.
REVENUES, OPERATING EXPENSES, VOLUME OF TRAFFIC).
ETC.

Cross Operating Revenues fo r the year were $122,616,775.70, an increase o f $16,054,630.94. This is 15.0660% over
last year, while the increase in Operating Expenses was
30.8109%. The various amounts making the increases and
decreases and the percentage fo r each, as com pared with
last year, are as fo llo w s :
R ev en u e

rom

T ra n s p o r ta tio n —

I n c r e a s e (+ ) or D e c r e a s e (—)
over L a st Y e a r .
A m o u n t.
P er C en t.

Freight...... ................ ................ ..........................+*12,409,373 17
Passenger.............................
Mail_______________________________________
Express____________________________________
Sleeping Car, Parlor anti Chair Car, Excess Bag
gage, and Other Passenger Train Revenue__

16.0428

+$927,166 11
4.7247
+1,254,546 45 65.2315
+645,786 15 27.4490
+183,335 31. 14-8247

Total Passenger Service Train Revenue__ +$3,010,834 02
11.9780
Switching, Special Service Train, and Other
Freight Train Revenue____________________
+53,062 52 6.9410
Total Revenue from Transportation______ +.$15,473,269 71 14.9859
Revenue from Operations other than Transpor
tation------------------------------------------------------+581,361 23 17.5651
Gross Operating Revenues________________+.$16,054,630 94
Maintenance of way and structures___________ +$7,563,017 29
Maintenance of equipment___________________
+6,542,403 64
Traffic expenses-------- „--------------------------------+554,126 73
0 ransportation expenses____________________ +11,229,471 45
Miscellaneous operations____________________
+344,155 18
General expenses____________________________
+729,497 21
Transportation for Investment— C r ___________
+111,416 36

15.0660
41.6084
32.3880
81.7190
25.2445
21.6973
33.0242
60.4157

Total Operating Expenses--------------------------+.$26,851,255 14 30.8109
Net Operating Revenue------------------------------— *10,796,624 20 55.6133
Taxes Accrued--------------------------------------------+2,070,386 45 . 25-9285
Operating Income--------------------------------------— .$12,867.010 65 112.5844

Freight and passenger tr a ffic statistics, com pared with
previous year, appear on pages 28 to 30 in the report o f the
Comptroller [pam phlet report].
The Inter-State Commerce Commission authorized a gen
eral percentage increase in rates on all traffic, effective
August 26, 1920. On freigh t tr a ffic the percentage o f in
crease in territory west o f the M ontana-Dakota line and
the eastern slopes o f the R ocky Mountains was made 25% .
In territory between Chicago and the M ississippi R iver, on
the one hand, and the eastern slopes o f the R ocky M oun
tains, on the other hand, an increase was made o f 35% . In
territory south of Ohio R iver and east o f M ississippi R iver
an increase was made o f 25% , and territory north o f Ohio
R iver and east of Mississippi R iver and Chicago an increase
was made o f 40% . F or inter-territoria movement, between
one o f these groups and another, tra ffic covered by join t
through rates was accorded an increase o f 33 1-3%.
I lie rates on iron ore from the Mesabi Range to Duluth,
Minnesota, and Superior, W isconsin, were not adjusted, as
the general increase authorized by the Commission did not
apply to these rates.
E ffective September 13, 1920, the B oard o f R ailw ay Com
missioners fo r Canada authorized a percentage increase in
practically all rates in the Dominion. Upon lines in this
Company’s territory the increase was 35% . The order car
ried a provision to the e ffect that on January 1, 1921, this
percentage o f increase in rates should be reduced to 80% .
Subsequent to the general increase, reductions have been
made in rates on smelter products from W ash in gton ; export
and import rates in g e n e ra l; on grain, restoring relationship
between the d ifferen t m arkets; sand and gravel in M on
tana , coke in M innesota; low grade ore in M ontana; lum 
ber from western points to Nebraska, Iow a, Illin ois and
otbei eastern States, and on all tra ffic to points in western
Canada.
On passenger tra ffic, the Inter-State Commerce Commis
sion authorized an increase o f 20% in passenger fares e f
fective August 20, 1920. A ll sleeping car fares, standard
and tourist, and parlor car fares, were increased 20% on
Ma.v 1, 1920, and a surcharge o f 50% thereon was made
effective A ugust 20, 1920.
'Jbe explanation of increases and decreases in some o f the
commodity movements is as fo llo w s :
The iron ore traffic, which constituted about 42% o f enm ' |°nnage carried by the Company, increased app roxi
mately .5,570,000 tons in 1920, as com pared with the pre
vious year. 1 be movement in 1919 was com paratively light
on account o f steel and coal strikes and labor troubles on
on- and coal docks at the Head o f the Lakes
v e n r 'l',v u 'n,1 ° f COal, Vlfl Mh' F ead <* the Fakes, Cor the
U-c v-V ’ M,,0T ,an jrKT<’a8(! of
tons o f soft coal and
;
t
! ,,,H o f tiard coal. The movement in the early
Hhortnl Tf T ! ' T ' r r J
Y'avy on ac'-oun,; o f the threatened
age of coal, while the movement during the last three

(i:*7

m onlbs o f the year shows a decrease, as compared with
lust year, on account o f (lie mild wen Iher conditions prevail
ing and for the further reason Hint the movrincnl In the
latter part o f 1919 was accelerated by reason o f strike
during November in the Illinois coal fields resulting in liipmenfs in November and December from Ibe Ilia d o f the
Fakes to territory ordinarily supplied by all rail coal from
Indiana and Illinois.
Movement o f carload shipments o f manufactured and
m iscellaneous com modities, including immigrant movable;-,
fo r the year 1920, amounted to approxim ately 2,940,000
Ions, an increase over previous year o f 372,000 tons, while
less than carload freight carried approxim ated 900,000 tons,
an increase o f 7(5,000 tons over the previous year.
W ilh respect lo Im m igration, Minnesota lias at.traded the
interest o f homeseekers to a much greater extent during
the last three years than other Northwestern States. Dur
ing the year 1920 the Company handled to Minnesota, 1,223
cars o f immigrant m ovables (as com pared with 070 for
1919) ; North Dakota, 91 ca rs ; Montana, 39 ca rs ; W ashing
ton, 33 ca rs; Oregon, 9 cars, and Idaho, 4 ca rs ; total o f
1,399 cars.
In the year 1920 approxim ately 91,000,000 bushels o f
grain were marketed at stations on the line and 6,000,000
bushels received from connecting lines, as com pared with
104,400,000 bushels originating on the line and 8,000,000
bushels from connecting lines in 1919. N otwithstanding the
larger crop in 1920, the Company handled less grain than
in the year 1919. This was caused by a large proportion
o f the 1918 crop being carried over and handled in the year
1919. Furthermore, the prevailing low prices in the year
1920 induced the farm ers to hold the grain, with the result
that on December 31, 1920, out o f a total o f 15,000,000 bush
els in country elevators, there w ere about 10,500,000 bush
els held on storage tickets.
During the years 1919 and 1920 the wheat crop through
out most o f territory served by the Com pany’ s lines wT
as
badly damaged by rust and heat, and by grasshoppers in
some districts in western North Dakota.
In the year 1920 there w ere handled approxim ately 24,000
cars o f livestock originating at stations on the line and 900
cars received from connecting lines as com pared w ith 41,000
cars originating at our stations and 1,640 cars received from
connections in 1919. The heavy decrease was on account
o f farm ers in western North Dakota and Montana being
com pelled to ship their stock in 1919 because o f the drought
conditions.
As compared with last year, east bound lake and rail
shipments show a decrease o f 9,268 tons, due to labor condi
tions in the East during the early part o f the season, and
west bound tonnage decreased 12,386 tons, due to no d if
ferential in effect in fa v o r o f lake and rail route to Mon
tana and western points, Tw in City jobbers and m anufac
turers having d ifficu lty in procuring goods ordered and
using all rail routes.
Movements o f fru its and vegetables decreased during
1920 as com pared with last year. For the period July 1 to
December 31, 1920, this Company originated 8,630 cars o f
fru it as com pared with 9.601 cars last y e a r; 8,299 cars o f
potatoes as com pared w ith 10,080 cars last vear. The poor
m arket conditions in the fa ll caused farm ers to w ithhold
shipments. There were about 2,400 cars o f apples to m ove
from W enatchee on Decem ber 31, 1920.
Summer travel to G lacier Park and to the P a cific Coast
was unusually heavy and a large number o f passengers
were handled by special and regular trains to and from the
Sliriners' Convention at Portland, Oregon, in June. Travel
from Canada to the United States, and m ore particularly
tourist travel, was m aterially a ffected by the heavy dis
count on Canadian currency. Pre-w ar passenger service
was resumed beginning July 11th by the extension o f trains
3 and 4 to run between the Tw in Cities and Seattle, W ash.,
instead o f Havre, Mont., as heretofore. The increase in
service caused by this change was approxim ately 390,000
train miles per annum.
The apparent large increase in mail revenue o f 65.2315%
is explained by the fa ct that the revenue fo r 1920 is based
on the increased rates allow ed under the decision o f the
Inter-State Commerce Commission on Decem ber 23, 1919,
while the 1919 revenue is on the old basis. The Inter-State
Commerce Commission in its decision m ade the increased
rates retroactive but the increase applicable to the period
prior to January 1, 1920, was not taken into the accounts
until January, 1920, as explained in footnote.
On July 20, 1920, the United States R ailroad Labor B oard
issued D ecision No. 2 in connection with controversy be
tween the organizations o f em ployees o f the railroads, and
the railroad corporations as to what constituted ju st and
reasonable wages. A general increase was ordered e ffe c
tive M ay 1, 1920. The effect o f this order was to increase
operating expenses o f the Company during the last eight
months o f th e 'y e a r approxim ately $7,600,000.
The increase in taxes, $2,070,380.45 or 25.9285%, was oc
casioned by increased payments to the State o f Minnesota
on basis o f gross earnings, increases in income and Capital
Stock taxes to the Government, also increase in assess
ments by the States o f North Dakota, M ontana and W ash 
ington.
On September 1, 1920, tlic Great Northern R ailw ay Com
pany executed a contract with the Am erican R ailw ay Ex-

<>3S

THE CHRONICLE

[tress C om p an y co v e rin g tlit* o p e ra tio n s <»t' that co m p a n y
o v e r the lin es o f the (trea t N orth ern R a ilw a y C om p a n y
a n d its su b s id ia rie s f o r a p e rio d o f fiv e .years fr o m S ep 
tem ber 1, 1920.
T h is co n tra ct is tin* so-ca lled “ u n ifo rm
co n tr a c t f o r e x p re ss o p e ra tio n s o v e r rail lin es” w h ich w a s
e x e cu te d by p r a c tic a lly a ll the la rg e ra ilw a y co m p a n ie s o f
the cou n try
E ach r a ilw a y com p a n y w h ich has e x e cu te d
this form o f co n tr a c t re ce iv e s as its co m p e n sa tio n th e re 
under a p ro p o rtio n o f the net op e ra tin g in co m e o f the E x 
press C om p a n y a ft e r the E x p re s s C om p an y h a s been a l
low ed 2 1
th e r e o f f o r its co r p o ra te p u rp o se s a n d a s a
return upon its in v estm en t in p ro p e rty used in th e e x p re ss
business. A s e x p la in e d in the a n n u al re p o rt f o r the y e a r
en ded D ecem b er 31, 11*18, the A m erica n R a ilw a y E x p re ss
C om p an y su cceed ed the C roa t N orth ern E x p re ss C om p an y
u pon the lin es o f this C om p a n y on J u ly 1, 1918, u n d er a
co n tr a c t m a d e b etw een it a n d the D irecto r-G e n e ra l o f R a il
roads. It co n tin u ed to o p e ra te o v e r the lin es o f th is C om 
p an y u n d er th a t co n tr a c t d u rin g the re m a in d e r o f F e d e ra l
co n tr o l and d u rin g th e g u a ra n ty p erio d to S ep tem b er 1,
1920, at w h ich tim e th e a fo r e s a id n ew c o n tr a c t b eca m e
e ffe c tiv e .
EQUIPMENT.
I till ing the y e a r c o n tr a c ts w ere p la ce d f o r the fo llo w in g
eq u ip m en t a ll o f w h ich w a s receiv ed a n d taken in to a cco u n t
p r io r to D ece m b e r 31, 1920:
50 Steam locomotives:
5 Steam locomotives of the Mikado type, 27 in. x 32 in. cylinders,
weighing 239,000 lbs on drivers,
45 Steam locomotives of the Mikado type, 28 in. x 32 in. cylinders,
weighint 242,800 lbs. on drivers,
1 Passenger train car:
1 60-ft. Business car,
1,163 Freight service cars:
145 Second hand refrigerators, steel underframe, 40 feet long,
60,000 lbs. capacity,
1,000 Steel ore, 20 feet long, 150,000 lbs. capacity,
17 Flat, 40 feet long, 60,000 lbs. capacity,
1 Flat, steel, 40 feet long, 100,000 lbs. capacity,
1 Locomotive crane. 25 tons capacity,
1 Automobile touring car,
1 Automobile truck,
1 Automobile truck trailer.

T h e C om p a n y b u ilt 1 co m b in a tio n b aggage, m a il a n d e x 
p ress ca r, 40 ca b o o s e ca r s and 1 oil su p p ly c a r a t its shops.
Im p ro v e m e n ts to ro llin g stock h a v e been con tin u ed , su ch
as p o w e r g r a te sh ak ers, a u to m a tic stock e rs, steel ca b s a n d
p ilo ts f o r lo co m o tiv e s , m in or im p ro v e m e n ts to p assen g er
ca rs, to in su re th e c o m fo r t a n d s a fe ty o f p a ssen g ers, to
co m p ly w ith th e la w a n d to secu re e co n o m y in o p e ra tio n .
O w in g to th e h ig h c o s t a n d d iffic u lt y o f o b ta in in g fu e l oil,
its use a s fu e l f o r lo c o m o tiv e s on th e W e s te rn d iv is io n s h as
been red u ced b y th e co n v e rs io n o f 70 lo co m o tiv e s in to coa l
burn ers.
T o ta l a m ou n t e x p e n d e d f o r eq u ip m en t p u rch a se d , and
f o r im p ro v e m e n ts a n d b etterm en ts to eq u ip m en t in serv ice ,
w a s $17,440,968.46, o f w h ich $11,978,577.30 w a s f o r the C om 
p an y, $41.89 f o r th e V a n co u v e r, V ic to r ia a n d E a ste rn R y.
& N av. Co., a n d $5,462,349.27 f o r th e G reat N o rth e rn E q u ip 
m en t C om p an y.
T h e a b o v e fig u r e s in c lu d e $7,080,921.52 p a id to the G rea t
N o rth ern E q u ip m en t C om p a n y to reim b u rse it f o r e x p e n d i
tu res m ade p r io r to J a n u a r y 1, 1920. re p o rte d in p rio r
y ea rs.
T h e re w ere ta k en ou t o f s e r v i c e :
12
3
4
1
2
1
5
352
58
34
195
86

Steam locomotives,
Sleeping cars,
Parlor cars,
Dining car,
Coaches,
Tourist car,
Baggage, mail and express cars,
Box cars,
Refrigerator cars,
Beer cars,
Stock cars,
Flat and coal cars.

17
7
64
6
10
69
4
2
1
1
1

Wooden ore cars,
Steel ore cars,
Ballast cars,
Sancl cars,
Cinder cars,
Boarding cars,
Derrick and tool cars,
Dozers,
Carpenter car,
Water car,
Car barge.

T h e o rig in a l co s t o f th is eq u ip m en t w a s $856,948.61. O f
th is a m ou n t $26,643.75 h a s been c r e d ite d to the in v estm en t
in th e V. V. & E. R y. & N av. Co., $803.83 h as been cre d ite d
to the in v estm en t in th e R e d M ou n ta in R y . C o., a n d $829,501.03 to “ E q u ip m en t A cc o u n t.”
T h e en tire a m ou n t o f
$856,948.61, less a m ou n ts re c e iv e d f o r eq u ip m en t sold and
s a lv a g e fr o m equ ip m en t d estroy ed , lia s been ch a rg e d
a g a in st v a rio u s equ ip m en t “ R e tir e m e n t” a co u n ts u n der
O p e ra tin g E xp en ses, o r to “ E q u ip m en t D e p re c ia tio n F u n d .”
T h e a m ou n t rem a in in g to cr e d it o f th is “ F u n d ” D e ce m b e r
31. 1920, $30,684,066.03, rep resen ts fu ll d e p r e cia tio n to th a t
d a te on a ll eq u ip m en t then in service, list o f w h ich a p p e a rs
on p a g e 42 [p a m p h let re p o r t]. T h e d iffe r e n c e betw een th is
a m ou n t a n d th e a m ou n t sh ow n by the b a la n ce sh eet on
p a ge 31 [p a m p h le t r e p o r t], rep resen ts the a m ou n t o f th is
“ F u n d ” c a r r ie d on th e b ook s o f th e C a n a d ia n C om pan ies.
T h e fo llo w in g co n v e rs io n s w ere m a d e :
10
8
1
1
1
1

Postal cars into Mail storage cars,
Baggage, mail and express cars into Boarding cars,
Tourist car into Boarding car,
Boarding car into Dozer,
Ditching machine into Flat car,
Ditching machine into Timber derrick.

T h e co n v e rs io n a n d a d ju s tm e n ts re s u lte d -in a n et cre d it
o f $837,173.11 to the C o m p a n y ’ s “ E q u ip m en t A cc o u n t.”
S ta tem en t g iv in g n u m ber, tr a c tiv e p ow er, w e ig h t, etc.,
o f steam lo c o m o tiv e s a n d nu m ber, ca p a city , etc., o f fr e ig h t
equipm en t, a p p ea rs on p a g e 43 [p a m p h le t r e p o r t],
ADDITIONS AND BETTERMENTS.

T h e w ork a u th o riz e d f o r 1919, u n fin is h e d a t the clo s e o f
th e yea r, d e scrib e d on p a g e 19 o f th e th ir ty -fir s t report,
h a s been com p leted .

[V ol . 113

T h e im p ro v e m e n ts m a d e this y e a r a re as f o ll o w s :
2.147
1,198
11
14,924

Lineal feet of new steel bridges.
Lineal feet of concrete bridges.
Bridges completely filled •
Lineal feet of bridging filled.
12 i oncrete, concrete pipe and timber culverts were constructed to
replace bridges which have been filled.
iJl ( oncrete and cast Iron culverts in place of timber, box and sewer
pipe, were placed under track and under road crossings.
D”
«•“ > line telegraph and telephone polo line rebuilt.
“

21*8 68 Miles of wire right of way fence built.

25;01 Miles of woven wire placed on existing fences.
664 Feet timber snow sheds, on the Cascade Mountains, renewed in
'■121 J'eei tunnel at Fainted Robe, Mont., lined with concrete.

1

'•‘“.eal, feet of track laid in rearrangement and enlarging yard track
facilities at HiUyard. Wash.

S id in g s am i spur tra ck s co n s tm e te d a t 2 m ines oil the
M esabi R an ge ami at 217 re g u la r station s.
Net in crea se o f m ain tra ck s la id w ith 90-pound steel rail
d u rin g the y e a r a g g re g a te d 220.87 m iles.
T o co m p ly w ith la w passed in N orth D a k o ta , w h ich re
q u ired tlie re p a irin g o f c a rs u n der sh elter, c a r re p a ir shops
w ere co n s tru cte d at the fo llo w in g p o in ts :
New Rockford, N. D. Structure 81x300 feet
Grand Forks_ N. I).
"
84x360 "
Devils Lake
.N . D.
“
84x400 “
“
84x400 “
Willistori
. _.N . D.

(*n a cco u n t o f 70 lo co m o tiv e s h a v in g been co n v e rte d from
oil to co a l burn ers, il w as n e ce ssa ry to co n s tr u c t o r e n 
la rg e c o a lin g fa c ilit ie s a t H illy a r d , H a rrin g to n , W ilso n
G reek, M a rcu s, C olu m b ia R iv e r a n d D elta, W a sh . S im ila r
w ork is n ow in p ro g re ss a t P a te ro s, B u rlin g to n , lto ck p o rt
a n d B e llin g h a m , W ash ,, a n d at V a n co u v e r, B. G.
A t S a n d ston e, M inn., and G ra n d F ork s, N. D., 500-ton
c o a lin g s ta tio n s o f b a la n ce bu ck et typ e w e re co n s tru cte d
to re p la ce old style ch u te s d e str o y e d by f i r e ; 500-ton fr a m e
b a la n ce bu ck et typ e c o a lin g s ta tio n w a s co n s tru cte d a t
F rid le y , M inn., a n d 300-ton m e ch a n ica l co a l ch u te at E ssex,
M ont.
Im p ro v e m e n ts in w a te r s u p p ly :
Additional 22.000.000 gallon capacity reservoir at Devon, Mont ;
7-100,000 gallon water tanks to replace tanks of smaller capacity:
3-50,000 gallon water tanks to replace tanks of smaller capacity;
7-50,000 gallon water tanks renewed in kind;

2-50,0OO gallon water tanks constructed.
N ew

op en

w h a rf

122x600 fe e t

co n s tru cte d

at

S eattle,

Wash.
B r ic k ven e e r p a ssen g er sta tio n 30x115 fe e t a n d fra m e
fr e ig h t h ou se 24x160 fe e t w e re co n s tru cte d a t S ou th n i b 
bing, M inn.
F ra m e m a ch in e sh op 75x152 fe e t e re cte d a t W liite fish .
M ont.
A p p r o x im a te y a rd a g e o f m a teria l m oved in w o rk a b o v e
m e n t io n e d :
In changes of line and reductions of grades________
Widening banks and raising sags___________________
B allastin g ( g r a v e l ) ________________
Filling bridges____________________
T ota l.______________

9,331 cu. yds.
898,189
5 9 6 .4 9 4
553,016
2,057,030 cu. yds.

a n d th ere w e re p la ce d u pon o ld l i n e s :
Concrete---------------------------Riprap------------------------------

20,231 cu. yds.
50,137
70,368 cu. yds.

Total -

F o llo w in g is a c la s s ifie d statem en t o f a m ou n ts a ctu a lly
e x p e n d e d d u r in g th e y e a r f o r A d d itio n s a n d B etterm en ts,
the n am es o f the a cco u n ts g iv e n b ein g th ose p re s crib e d by
th e In te r-S ta te C om m erce C o m m is s io n :
A cco u n ts—
A d d itio n s .
B e tte r m e n ts .
T o ta l.
Engineering____________
S41.559
50
$79.488 71 f]21,048 21
Land for transportation purposes *122,194 66
191 75
[22.386 41
Grading___ 1 . _______
438,169 72
460.226 57 898,306 29
Tunnels and subways----3,718
60
*71,142 68
*6/,424 08
Bridges, trestles, and culverts..
17.550 63
601,025 02
618,575 65
Ties
___________
150,627 27
57,570 58
208,197 85
Rails 11.1111_________
139,768 75
216,777 67
356.546 42
Other track material---------------91.969 31
no
Rallast.
_
____
*14,451 76
81,810 85
6/,359 09
Track laying'and surfacing----206,799 63
70,529 96
277.32959

Right of way fences_____

31.623 99

127,888 41

Snow and sand fences and snow
_____________________________ *2,485 0/ 78,931 <5

76,446 68

Crossings and signs______

96,264

19,011

42

34

132,360 88

151,37222

Station and office buildings----120,941 93
Roadway buildings___________
21,116 5/
Water stations
19.042 25
F u S s t lt "!:::::::::-.:.-.
9 5 :7 1 5 m
Shops and engine houses--------20/,25/ 40
Gram elevators----------------------- " krVoVoo
Wharves and docks----------------84,58/ 92
Coal and ore wharves — . ------160 86
Telegraph and telephone lines..
*12,927 44
Signals and interlockers----------11,494 0 6
Power dams, canals, and pipe __________
Power plant buildings---5,095
76
Power transmission system s...
2,487 52
Power distribution systems----*69 31
Power line poles and fixtures..
*o5i 99
Miscellaneous structures--------3,208 76
Paving________________________
*12,226 90
Roadway machines-----------------3.M3 29

297,472 80
418,41473
25,048 81
c).
182.3/4 64
201,41689
sio o e 9 4
1 3 3 ,7 2 2 5 s
305,017ol 412.274 91
*310 40
,
2 or
85.S03 18
. 1 - 2 1 5 -6
*110,610 10
110,,>09-4
231,56610 218,638 66
*5,982 05
17,4/6 41
10 93
10 93
1.259 84
6.35560
. 764 70
2
5,966 50
o.S.L 19
2,576 01
-.018 02
11,578 45
8.36969
*11.544 11
^ 682 79
11,876 04
3,362/5
1.180 39
4445b

ments______________________
Cost of road purchased----------Other expenditures— Road-----Shop machinery----------------------Power plant machinery-----------Unapplied construction material
and supplies.

48.156 73
48,8050.
2,590 62
6.
S56 (4
0400»
111.5 18 55
NL.L, 0 , 4
12.203 18
10,932 - 8
010
320.597 53
318,569 23

Roadway small tools---------------Assessments for public improve-

735 83

148 29
------- 207 06
29,277 81
1,270 90
„
2,028 30

.0 ,

Total, including Canadian Linos$l ,048,554 77 $3,491,899
51.198 »
Total Canadian Linos_________ *116,079 98

4e

<y

1 )” 9-'( \!
6 1 886 6

Total G. N. Ry. C o_____ $1,764,034 75 $3,440,206 40 $5,204,841 21
* Credits.

W o rk is in p ro g re s s re p la cin g ou ter halt' o f (ir e D ock
No. 8, co n sistin g o f !(>(> pockets, trestle ex te n sio n am i toutlet

THE CHRONICLE

A ug. (> 15)21. |

iml

nl onli>r (>nd, also irnowinK In I<Uul pivnont i>il<
npproufh to Dock No. 1 at Allouez, Wis,
H ospocl fu lly

M i ii I mT

H i i b m i l I o<l,

U AIVIM I

lU J I H ),

n rc m iU w l.

REVENUE ACCOUNT.
R,oven nos O p e ra tin g E xponsos, E tc ., for fcho Y e a r pncled Docombor 31 1020.
T h is s tat onion t Include,s (ho o p e ra tio n s b y U n ite d S ta te s R a .lm a d A d
m in istra tio n for Uin m o n th s of J a n u a r y a n d F e b r u a r y a n d b y t h e nil way
c o m iiinios for t h e
m o n th s of M arch to D e c e m b e r , Inclusive, of lines
ow ned hv th e G r e a t N o r th e r n (tailw ay C o m p a n y M in n e a p o lis W e ste rn
R a ilw ay*C om pany and. D u lu th Terminal R ailw ay C o m p a n y .

REVENUES.
Year ended Dee. 31 1919
Per Cent
A m ount.
o f Total.
$77,351,472 07 72.5881
1.9,623,859 09
18.4154
151,225 81
.1419
962,842 69
.9035
100,091 44
.0939
1.8048
1,923,220 90
2.2078
2,352,674 93
15,518 92
.0146
720,588 32
.6762
42,718 83
.0401
1.177 45
.0011
7,003 86
.0066

Year ended Dec. 31 1920
Per Cent
A m ount.
o f Total.
73.2044 $89,760,845 24
20.551 .025 20
16-7604
162.720 95
.1327
1,112.882 40
.9076
127,816 63
.1042
3,177,767 35
2.5916
2 ,9 9 8 ,4 6 1 08
2.4 151
16,562 23
.0135
784,360 47
.6397
33,514 47
.0273
327 82
.0002
35 82

Revenue from
Transportation—
'ii
1
'assenger _
______
Excess b agg ag e. ____
Sleeping ear
___
Parlor and chair ear .
Mail
E xpress
___
Other passenger train _
Sw itching
Special service t r a i n ._
Other freight tr a in ___
M i l k _________________
T otal revenue from
tran sportation _ _ _ 96.8266 $118,725,664 02 $103,252,394 31
_
Revenue from Opera
tions Other than
Transportation—
$729,991 91
D ining and b u ffet____
$873,464 53
7124
709,101 03
640,303 33
H otels and restaurants
5783
Station and train p rivi
leges and train news
service______________
.2691
304,507 12
330,018 78
.0507
Parcel room rece ip ts . _
62,135 20
61,553 20
Storage— Freight and
baggage ----------------.5010
614,267 39
715,576 48
D em u rrage___________
.2649
281,869 28
324,825 04
Telegraph & telephone
.1273
132,351 53
156,083 23
Rent s o f buildings and
oth er p ro p e rty _____
142,553 40
.1163
149,465 71
M is ce lla n e o u s ________
.5534
294,131 89
678,663 08
T o t a l________
- 3.1734
$3,891,111 68
$3,309,750 45
nues.

96.8940

.6850
.6009
.2858
.0578
.6715
.2645
1242
.1403
.2760
3.1060

.100.0000 $122,616,775 70 $106,562,144 76 100.0000

A n te.— $2,300,000 00 M a il revenue w hich was estim ated to b e th e additional am ou nt due from the P ost O ffice D epartm en t fo r the years 1918 and
1919 under the new schedule o f rates authorized b y the decision o f the
in terstate C om m erce C om m ission dated D ecem ber 23 1919, and w hich was
taken into a ccou n t “ M ail reven u e” in January 1920, is n o t taken into c o n 
sideration in this statem en t.
O P E R A T I N G E X P E N S E S .*
Year ended D e c . 31 1920----- Year ended D ec. 31 1919Per cent
Per Cent
o f Total.
A m ou n t.
A m ou n t.
o f Total.

Class—

M aintenance o f w ay
and stru ctu res_____ 22.5787 $25,739,671 98
M aintenan ce o f equ ip 
m e n t------------------------ 23.4584
26,742,468 72
1ra ffic expenses_____
1.0809
1,232,214 70
T ran sp ortation expen
ses-..------------------------ 48.8706
55,712,338 11
M iscellaneous opera
1.6933
t io n s ----------------------1,930,319 70
General expenses_____
2.5776
2,938,477 80
T ran sp ortation for in
vestm en t— C r _____
.2595
295,832 47
T ota l operating ex
penses------------------100.0000 $113,999,658 54

$18,176,654 69

20.8571

20,200,065 08
678,087 97

23-1789
.7781

44,482,866 66

51.0426

1,586,164 52
2 ,208,980 59

1.8201
2.5347

184,416 11

.2115

$87,148,403 40 100.0000

Per M ile o f Road Operated—
1920.
R evenue from tr a n s p o r ta tio n _______________________$14,521 29
R evenue from operations other than tra n sp orta tion
475 92

1919.
$12,560 61
402 63

-$14,997 21
- 13,943 25

$12,963 24
10,601 57

- $1,053 96
- 1,229 87

$2,361 67
971 37

Operating in com e__________________________ _______
_

$17 5 91
$175 91

$1,390 30

_

8,175.97

8,220.33

-

9 6.0 2%
9 2.97%

8 4 .4 0 %
8 1 .7 8 %

-

101.17%

8 9.2 7%

u y c i d n u u ________

y •

Operating expenses, per cent o f:
T otal Revenue from tra n sp orta tion ___
Gross operating revenues_________
Operating expenses and taxes, per cent o f:
Gross operating revenues_________

, '■«
x icv w cu i/o iiiciuuo m lien erai h mprisps
'y"uon ” for°th( m !# t
;r e ,A TCOUnt as “ M ain ten an ce o f investm en t OTganiemied 'D ecem ber 3 1 1 9 1 9 ° January and F eb ru a ry 1920 and for the year
IN C O M E

A C C O U N T , Y E A R E N D E D D E C E M B E R 31 1920.
S
N ° rnhew K ailw ay C om p an y and T h ose Indepen d
en tly op era ted . M inneapolis W estern R ailw ay C om p a n y and D uluth
ctnorr.f-n, r
Terminal R ailw ay C om p a n y.
R a if O peraticyrvvj™ (M arch 1 t o D ecem ber 31, inclusive —
O p o ia tin g E xpenses--------------------------------- 1 0 0 ,8 0 1 ,5 8 3 37
-----------------------------------* 94,911,125 41
/p era w ig

74et operating revenue
Railway Taxes A ccru e d ___
Operating Income
Other Income-—
Incorne from lease o f ro a d :
A fxr um g under agreem ent with the Uni({}
Tates Railroad A dm inistration
,
F eb, 1920)
■ F l o o r t i o n accru in g t o :
. “
Duhif.h & Superior B ridge C o.$ 5 ,508 08
W atertow n & Sioux Fails R y.
C o -------------------------------------- 8,556 58
r,

$11,890,457 96
8,617,401 88
$3,273,056 08

$4,795 226 80
9

14,064 66
EqmpmejH rents
r<:nl bieorne
e
r
r,on- operat i ng physical prop'

jm

.7 ii/videndson l r ,& u ^ m w o o
O.

y. RR. Stuck

riixl«(;<i

unTuml'»l ‘incurItJe» and

M/MoJJaneous incom e

Total other Income
Grose C orporate Income

56,4 J7 77

>0

Deductions from Gross Corporate Incom e
Joint facility rents
M lflcellaneous rents MlHColIanooiiN tax accruals
Interest on funded d e b t
$11,680,524 23
Less I nterest on N , 1*
.
G . N . Joint C . R. & Q.
Collateral Ronds.
4,304,540 00
-----------------

987,829 00
280,466 34
J ,226,915 76
14,498,381 26
24,528,662 93
$27,80] “719 01

$ 2 7 ,8 0 1 ,7 1 9 01

215, M 1 07
10,271 24
125,001 96

7,375,984 23

I n t e r e s t on u n f u n d e d d e b t A m o r tiz a tio n of d is c o u n t on fu n d e d d e b t

362,022 08
178,826 33

Miscellaneous income charges,

199,544 08

T o ta l d edu ction s from gross co rp o ra te Incom e
Not C orp ora te In co m e _______
D isposition o f Net Corporate Incom e
D ividend appropriation s o f incom e:
F ob . 2 1.920, I X % on $249,470,000
M ay I
1920, 1 % % on 249,470,200
Aug. 2 1920, I H % on 249,470,200
N ov. I
1920, \ H % on 2 4 9 ,4 7 0 ,5 0 0 .

$8,497,621 59

_________

$19,304,097 42

$4,365,720 00
1,365,728 50
4 ,365,728 50
4,365,733 75

'Total _
____ $17,462,915 75
Incom e applied to sinking and oth er re
25,685 0 3 '
serve fu n d s___________
T o ta l appropriation s o f incorne......................... ................

17,488,600 78

B alance, transferred to P rofit and L o ss _______________

$1,815,496 64

STATISTICS OF FR E IG H T A N D PASSENGER T R A F F IC ON SYSTEM.
FOR TH E YEA R E N D E D D E C E M B E R 31 1920, C O M PA RE D W ITH
PREVIOUS Y E A R .
Inc. (4-) or Dec. (— ).
Description—
Amount.
Per Cent.
1920.
1919.
Freight Traffic—
Freight Train Miles. _
11,855,917
11,378,039
+ 477,878 + 4.2000
594,058
Mixed Train Miles. _
640,906
— 46,848 -7 .3 0 9 7
12,449,975

12,018,945

+ 431,030

+3.5863

442,064

446,230

-4,166

.9336

3.5507%

3.7127%

— .1620%

— 4.3634

336,212,661

323,346,074

+ 12,866,587

+ 3.9792

159,197,373
11,951,443

148,538,482
11,405,148

+ 10,658,891
+ 546,295

+ 7.1758
+ 4.7899

507,361,477

483,289,704

+ 24,071,773

+ 4.9808

Tons of Freight Carried—
Revenue __ _____
32,948,292
C om pany___ __ _
5,552,697

27,390,432
5,056,788

+ 5,557,860 + 20.2912
+ 495,909 + 9.8068

32,447,220

+ 6,053,769 + 18.6573

T otal____'________
Mileage of Locomotives
employed in “ help
ing” Freight and
Mixed Trains____
Percentage of “ help
ing” to Revenue
Train M iles______
Loaded Freight Car
_
_
M iles_ _____
Empty Freight Car
M i l e s _______
Caboose Car Miles. _
T otal__________

T otal________ _

38,500,989

Tons Revenue Freight
Carried One M ile._ 8,518,840,991
Total Tons Carried
One Mile (Revenue
& Company Freight) 9,727,909,844
Freight Revenue.
$89,760,845 24
Averages—
All Freight Cars per
Train Mile______ _
40.75
Tons Revenue Freight
per Train Mile___
684.246
Tons Revenue Freight
per Loaded Car Mile
25.338
Tons Revenue Freight
Carried One Mile
per Mile of R o a d ..
1,041,936
Distance Haul of One
Ton— M ile s ______
258.55
Freight Revenue per
Train Mile_______
$7.21
Freight Revenue per
Mile of R oad_____
$10,978 62
Revenue per Ton Mile
— Cents__________
1.0537
Passenger Traffic—
Passenger Train Miles
I K 541,653
Mixed Train M iles..
594,058
Total

_______

12,135,711

Mileage of Locomo
tives employed in
“ helping” Passen
ger Trains________
216,339
Percentage of “ help
mg” to Revenue
Train Miles______
1.7827
Passengers Carried..
8,538,912
Passengers Carried One
Mile__________
685,004,740
Passenger Revenue. _ $20,551,025 20
Passenger Service Traln
R evenue*----- . . . $28,147,271 66
Averages—
Passengers Carried One
Mile per Mile of
R oad-------------------83,783
Distance Carried—
Miles------------------80.222
Revenue per Passenger
per Mile— C ents._
3.000
Passenger ServiceTrain
Revenue per Mile
of R oad____
$3,442 68
Passenger Service Trai n
Revenue per Train
Mile___
$2,319
Total Traffic—
Revenue Train Miles
Freight
11,855,917
Passenger _ _
11,541,653
Mixed
594,058
Special Service
14,605
Total _.. _

4,804,540 00

{ r" m r"'">>w »<-x:uru,u»
w vm u

$4,781,162 14
2,245,971 03
451.519 64

G ro ss C orp ora to In com e (Brought forward)

24,006,293

7.973,568,958

8, 617, 1( 716

+6.8385

9,913,693,323
+534,216,521 +5.8107
$77,351,472 07 +$12,409,373 17 +16.0428

40.21

+ .54

+ 1.3429

663.417

+ 20.820

+ 3.1397

24.660

+ .678

+ 2.7494

969,982

+ 71,954

+ 7.4181

291.11

— 32.56

$6.44

+ $.77

$9,409 78

+ $1,568 84

.9701

+ .0836

+ 8.6177

11,290,644
640,906

+ 251,009
— 46,848

+ 2.223,2
— 7.3097

11,931,550

+ 204,161

+ 1.7111

211,968

+ 4,371

+2.0621

1.7765
8,530,661

+ .0062
+ 8,251

+ .3490
+ .0967

704,978,961
$19,623,859 09

— 19,974,221
+ $927,166 11

— 2.8333
+ 4.7247

$25,136,437 64

+ $3,010,83402 +11.9780

85,760

— 1,977

— 2.3053

82.641

— 2.419

— 2.9271

2.784

+ .216

+ 7.7586

$3,057 84

+ $384 84 + 12.5854

$2,107

+ $.212 + 10.0617

11,378,039
11,290,044
040,906
13,203

+ 477.878 + 4.2000
+ 251,009 + 2.2232
— 46,848 — 7.3097
+ 1,462 + 11.0732

23,322,792

+ 083,501

Revenue from Trans
porttttlon * _
$118,725,604 02 $103,252,394 31
Revenue Other than
Transportation
3,891,111 68
3,309,750 45
Total Operating Rev
enue.
122,616,775 70 106,562,144 76
Operating Expenses
I 13,999,658 54
87,148,403 40
Net Operating Rove
DUO

545,272,033

19.413,74130

+ 2.9306

I $15,473,269 71 +14.9859
+ 581,361 23 + 17.5651
+10,054,030 94
I 20,851,255 M

I 30.8109
-

I 15.0000

10.796,624 20

55.0133

6 1 0

Lit act i ptio/i —
4 u r< yen—
a i
Revenue from Trane
portation per Train
Mile _ , __________
Revenue Other than
Transportation per
Train M ile______i otal Operating Rev
enue per Train Mile
Operating Expenses
per Train Mile___
Net Operating Reve
nue per Train Mile

T H E

1920.

C H R O N IC L E

[ V ol. 113.

I n c . ( + ) or D ec. (—).
A m o u n t.
IJ C en t.
er

1919.

RIGSOl ROES A N D D ISB U R SE M E N T S Y E A R E N D E D DE< 31 1920.
IO.
RESOURCES.
( ’ash on hand and in banks, December 31 1919
$10 090 k i i ok
Net Corporate I n c o m e ____________________
19 ,304,097 42
Improvements on Leased Railway Property Decreased
I 1,606 36
Investments in Miscellaneous Physical Property Decreased
20,251 58
Investments in Affiliated Companies Decreased:
Stocks
$4,587,860 66
N otes.
523,862 85
*6,111,72 1 .i
Less—Advances
604,850 11
,506,879 40
Governmental Grants:
Grants in aid o f construction_____
64,253 35
Current Liabilities Increased:
Loans and bills payable__ _______
$20,025,000 00
Traffic and car-service balances payable894,087 57
Audited accounts and wages p a y a b le ____ 12,106,675 47
Miscellaneous accounts payable_
2,620,837 00
Dividends matured unpaid. ______ _
4,366 25
Funded debt matured unpaid_________
14i0O0 00
Unmatured interest accrued______________
111,475 14
______ _____
654,471 42
Other current liabilities..

14 946

*4.427

+ *.519 + 11.7235

.162

.142

+ .020 + 14.0845

5.108

4.569

+ .539 + 11.7969

4.749

3.737

+ 1.012 +27.0805

.359

.832

— .473 - 56.8510

* Vule — $2,300,000 00 Mall revenue which was estimated to be the additional
amount due iron* the Post Office Department for the years 1918 and 1919 under
the new schedule of rates authorized by the decision of the Interstate Commerce
Commission dated December 23 1919, and which was taken Into the account
"Mail revenue” in January 1920, is not taken into consideration in this statement.

C O N S O L ID A T E D G E N E R A L B A L A N C E SH E E T , Dec. 31 1920.
I noestments—
A SSETS.
Investment in road and equipment:
Road
~
'
_______ .
____
_____ $343,048,999 16
Equipment
84,707,985 26
$427,792,984 42
Improvements on leased railway property______________
21,703 23
Sinking funds________ _____________________________ _____
3,394 96
Deposits in lieu o f mortgaged property sold ____________
188,000 02
Miscellaneous physical property. ______________________
4,917,414 86
Investments in affiliated companies:
Stocks:
C. B. & Q. R R . C o . Pledged____________ $109,114,809 76
Other stocks__________ 76,346,872 45
------------------------ $185,461,682 21
B o n d s _____ __________
26,787,600 50
2,468,541 88
N otes____________________
A d v a n ces__________________
10,938.555 07
225,656.379 66
■Other investments:
Stocks___________
$1,303,325 93
Bonds __________
6,425,805 39
N otes___________
194,841 40
Miscellaneous___
592,381 94
8,516,357 66
Total investments_____________________________
$667,096,234 81
Current Assets—
C a s h ________________________________ _____
$7,840,904 31
Demand loans and deposits. ___
____
1,050,000 00
Special1 deposits
14,000
"
:
’
- ■ — 00
Loans and bills receivable_________________
46,955 52
Traffic and car service balances receivable. _
1,513,161 70
Net balances receivable from agents and
con d u ctors_____________________________
3,441,309 44
Miscellaneous accounts receivable________
{+059^377 26
M aterial and supplies______
14,305,320
84
Interest and dividends receivable_________
33,048 03
Rents receivable— U. S. R R . Administra
tion ---------------------------------------------------------- 19,976,15436
Other current assots
123.2' 99
T otal current assets______________________________
57,403,509 45
Deferred Assets—
U. S. Railroad Adm inistration_____________ $58,348,775
8,621,426
Other deferred assets_____________________
Total deferred assets____________________________
66,970,201 68
Unadjusted Debits—
Rents and insurance premiums paid in ad
vance_________
$112,451 96
21,062,721 57
Other unadjusted debits___________________
Total unadjusted debits__________________________
21,175,173 53
Grand T otal_________________________ _______
$812,645,119 47
Stock—
L IA B IL IT IE S .
Capital Stock______________________________$249,478,250 00
Less— In treasury o f C om pany____________
1,100 00
$249,477,150 00
Premium on capital stock.
81,268 44
Total stock _________________________ ________________ $249,558,418 44
Governmental Grants—
Grants in aid o f construction____________ _________________
168,355 22
Long-Term Debt—
Funded debt unm atured:
N . P .-G . N ., C. B. & Q.
Collateral 4%
joint
bonds_________________ $215,227,000 00
Less— Northern
Pacific
R y. C o .’s proportion,
one-half_______________ 107,613,500 00
------------- ----------- $107,613,500 00
Other issues_____________$209,308,909 09
Less— Held b y or for the
Com pany -----------------66,520.393 93

Less— Interest matured unpaid____________

*36,430,912

86,979 72

Deferred Liabilities Increased:
(Not including accounts with U. S. RR. Administration)
Deferred Assets Decreased:
Accounts with United States Railroad A d
eninis trat ion increased:
Subject to current settlem ent___________$5,306,901 95
Accrued depreciation
__
_
_ _____
50,210 29
Materia 1 and supplies, December 31 1917
12(M 13 42
Materials and supplies— Federal, Febru
ary 29 1920................................................. 10,929,336 99
Unadjusted Credits Increased:
Tax liability________________________________ $4,654,203
Operating reserves_________________ _______
674,154
Insurance and casualty reserves__________
236,170
Accrued depreciation:
R o a d ___________________
113,393
E quipm ent______________________________
427,851
Miscellaneous physical property________
1,422
Other unadjusted credits__________________ 6,008,544
Appropriated Surplus Increased:
Additions to property through Income and
surplus__________________________________
Less— Appropriated surplus not specifically
in v e s te d ________________________________

^

,343,933 13
220,155 62

16,412,862 65
12
74
63
19
81
12
76

12,015,740 37

$5,669 29
1,057 04

Profit and Loss:
N et credit from sundry adjustments during year________

4,612 25
1 ,037,052 18

T o ta l____________ ____________________________________$99,974,958 26
DISBURSEM ENTS.
Investments Incrcased:
B y Great Northern Railway C o.:
C on stru ction ____________________________
$18,933 79
Additions and betterments------------------ 5,204,841 21
Increase in cost o f road---------------- ---------------------------- $5,223,775 00
Cost o f equipment_______________________ $11,978,577 30
Less—
Cost o f equipment out o f
service____________________$829,501 03
And adjustments in accounts
caused by transfers between cla sse s--........... ........ 837,173 11
----------------1,666,674 14
Increase in cost o f equipment------------------------------------ 10.311,903 16
Total expenditures for railway property owned by
Great Northern Railway C o ---------------------------------- $15,535,678 16
By Minneapolis Western Railway C o.:
Cost o f additions and betterments---------$2,712 08
6,158 69
Cost o f Equipment— Credit____________
Credit
3,446 61
B y Duluth Terminal Railway C o.:
Cost o f additions and betterments------------------------------198 09
Total Investment in road and equipment------------------$15,532,429 64
Other Investments Increased:
B o n d s ____________________ - _______________
$730,255 00
N otes___________________________ *--------------6,999 00
Less— M iscellane ous

$737,254 00
348,273 82

Current Assets Increased:
..
nnn nn
Demand loans and deposits----------------------- ®1, , V nnn XX
Special deposits____. ______________________
_
1^.000 00
Loans and bills receivable----------------- «Xa e o a ^ a
Traffic and car-service balances receivable 1,499,529 49
N et balances receivable from agents and
onr.
conductors
____________________ ______
o ,441 ,oOy 44
Miscellaneous"accounts receivable------------- 5.430,250 65
Material and supplies--------- - - - ----------------- 14,3Uo,32U 84
Interest and dividends receivable--------------o A 4 I ob
Other current assets---------------------------------111,55/ Jy

388,980 18

Other issues in hands o f the p u b lic .-_ 142,788,515
16
Total funded debt unmatured_$250,402,015
16
Equipm ent trust obligations________
4,294,500
00
Miscellaneous obligations___________
2,910,000
00
N on-negotiable debt to affiliated companies_____ 324,547 20
Total long-term d ebt___■
_____________________________ 257,931,062 36
25,889,529 96
Current Liabilities—
Loans and bills payable_____________ $21,500,000
00
Deferred Assets Increased:
W orking fund advances----------------------------<*>9,820
Traffic and car-service balances payable___
895,918 85
Audited accounts and wages payable_____ 12,292,983 19
Insurance and other funds------------------------XX
Other deferred assets---------------------------------llo.uuu ou
Miscellaneous accounts payable.
9,023,761 01
159.S26 21
Interest matured unpaid____
4,789,719 81
Unadjusted Debits Increased;
Dividends matured unpaid. _
13,951 50
Rents and insurance premiums paid in adFunded febt matured unpaid.
15.200 00
Y po
»o
______ _ _ _ ____ v A1- U v l
I
604,150 45
Unmatured interest accrued-.
Other unadjusted debits----------------------------- 19,654,898 24
Other current liabilities_____
654,471 42
$19,767,299 38
Total current liabilities_____________________________
49,789,256 23
Less— Discount oil funded d eb t--------------177,777 84
Deferred Liabilities—
19,589,521 54
U . S. Railroad Adm inistration-------------------- $73,992,616 68
Long-Term Debt Decreased:
Other deferred liabilities_________________
8,787,439 50
Funded Debt :
_ , ^
, . ,
T otal deferred liabilities-------------------- ----------------------- 82,780,056 18
St. P. M . & M . R y. C o. s Consolidated
Unadjusted Credits—
mortgage bonds redeemed through
T a x liability_________________________________ $6,094,005 38
operation o f sinking fund, $122,000,
Insurance and casualty reserves______ ____
1,916,181 50
costin g.- — — — — _____ - - - - - - - - - - - ———
$103,0/6 88
Operating reserves_________________________
674,154 74
G . N . R y. C o .’S Collateral Trust Notes
Accrued depreciation— R o a d ____________
2,277,313 19
red eem ed ____________________________ -0 , 000,1X10 00
Accrued depreciation— E quipm ent________
30,536,685 15
Accrued depreciation— Miscellaneous phys
$20,103,576 88
ical property____________________________
1,422 12
allies
20,378 SI
Non-nogotiable debt to affiliated companies
Other unadjusted credits_______________
8,232,525 42
$20.123,955 69
Total unadjusted credits______________________
49,732,287 50
—
Corporate Surplus—
Equipment trust obligations.$4,294,500 00
Additions to property through income and
Miscellaneous obligations------ 2,910,000 00 ^ ^ ^ 500 00
surplus___________________________________ $37,375,079 86
12.919. Uv 69
Funded debt retired through income and
17,462,915
surplus______________ .___________________
1,334,023 64
Dividend Appropriations o f Incom e--------Sinking fund reserves_____________________
12,608 46
Cash, December 31 1920:
3f\. o .
Appropriated surplus not specifically inves
On hand and in b a n k s .--------- ------------ ! qA
ted ______________________________________
653,115 10
In sinking funds ------------ -- wS 'lkiO
$39,374,827 06
Deposits in lieu of mortgaged propert > sold
1j '
8.032.299 79
Profit and Loss___________________________
83,310,856 48
$99,974,958 .‘6
T otal corporate surplus_________________
122,685,683 54
Grand T otal___________________________________________ $812,646,119 47

STATEMENT OF BONOS ANO STOCK OUTSTANDING IN Til E
HANDS OF THE PUBLIC FOR WHICH THE GREAT NORTH
ERN RAILWAY COMPANY IS RESPONSIBLE, DIRECTLY
OR UNDER GUARANTY.
A n nu a l
I n Hands o f
/ n Hands of
( lbar yes
rubric
BONDS.
radlic
ra id 1920.
Due Dee. 31 1920.
Dec. 31 1010.
Assum ed by (heat Northern
Railway Company.

St. P. M. & M . Ry. Co.
Consolidated Mortgage:

$13,341,000 00
20,862.000 00
7,997,000 00
s,00:1.000 oo
10,185,000 00
10, 185,000 00
28,383,515 16 Pacific Ext., 4% .1940 28,383,515 16
Eastern Ry. Co. of Minn.:
0.695,000 00 Northern Division,
First Mtge., 4%-1948
9,695,000 00
Montana Central Ry. Co.:
6.000.000 00 First Mtge., 6%---1937 6,000,000 00
4.000.000 00 First Mtge., 5%---1937 4,000,000 00
Willmar & Sioux Falls Ry.Co.
3.625,000 00 First Mtge., 5%---1938 3,625,000 00
Minneapolis Union Ry. Co.:
2,150,000 00 First Mtge., 6%-. -1922 2,150,000 00
650.000 00
650.000 00 First Mtge., 5%---1922
Spokane Falls & Northern
Ry. Oo.
229.000 00 First Mtge., 6%---1939
229.000 00

$13,341,000 00
20,0IS,000 00

4 k % __________ 1933
4 % ____
1
933
Montana Ext., 4 % _ 1
037

$107,242,515 16 Total Amount of Bonds
Assumed by Great Nor
thern Ry. Co_________ $107,120,515 16

$800,610
939,813
321,420
407,400
1,135,340

00
89
80
00
60

387,800 00
360.000 00
200.000 00

181,250 00
129,000 00
32,500 00
13,740 00
$4,908,905 29

Issued by Great Northern
RaiIway Company.

35,668,000 00 First and Ref. Gold
Bonds, Series “A ”
4 H % ---------------- 1961 35,668.000 00
1,515,890 00
20,000,000 00 Collateral Trust Gold
_____________
Notes, 5% -------- 1920 ____________
666,666 67
$162,910,515 16 Total Bonds on Rail
way Property in
Hands of Public-------- $142,788,515 16 $7,091,461 96
STOCK.

249,478,250 00 Issued by Great Nor______________ them Railway Co_____ 249,478,250 00

17,462,915 75

$412,388,765 16 Total Bonds & Stock____ $392,266,765 16 $24,554,377 71

In addition to the bonds listed Above, the Great Northern
and Northern Pacific Railway Companies have issued their
joint C. B. & Q. Collateral 4 % bonds to the amount of $215,227,000, secured by deposit with the Standard Trust Co. o f
-New York, as Trustee of 1.076,135 shares of the Capital
Stock o f the Chicago, Burlington & Quinc-y Railroad Com
pany.
Total Bonds and Stock____________________
Miles of road owned by the Great Northern Ry. Co. and $392,266,765 16
Controlled Companies____________________ ______
7,807.08
Mileage of Main Tracks in System, including second, third
fourth. fifth and sixth main tracks, covered by the above
capitalization_____ ______________________
8,153-51
Bonds and Stocks per
Bonds__________ _
Stocks___________

Mile of Road

$18,289 62
31,955 38

Totals
TRACK

<iG

Til 1 01 IT!ONI OLE
0

V u g . < 1921.
;

$50,245 00

Mile o f Total
Main Tracks.

$17,512 52
30,597 65

$48,110 17

STATEMENT, GREAT NORTHERN RAILWAY
PROPRIETARY COMPANIES.

Owned by Great Northern Railway Co.:
First Mam Track _
Second Track_____
'
Third Track____ I
Fourth, Fifth and Sixth TracksIIII_IIIII
Sidings, Spurs and Yard Tracks________
* Total Miles of Tracks Owned_______

Miles.
o c qk
oT

16.46

Main Track
Miles.

7 1 o - 99
' fi®-------IIIZZ"

171771
—

i de Track

AND
Total
Miles.

7,135.22
339.31

. _ ...........

BrouylU forward
T r a c k 'g o R ig h ts:
N orth ern Pacific

In

Ry.

Main Track
Miles.

Total
Miles.

7.786.20 10.621 57

C o ,:

341
5.46

9.89

1.30

1.30

66.02

66.02

53.47

53.47

5.83

5.83

1.48

1.48

.56
.77
.19

.56
.77
.19

18.96

18.96

.02

.02

.21

<>re_________________________-

D u lu th M issabe & N o r th e r n R y . C o .:
At EH bbing, M in n
C a n ad ian N a tio n a l R a ilw a y s:
ln to rn a tio n a l B o u n d a r y a t N o y e s ,M in n .,
to c o n n e c tio n w ith M id la n d R y . ’.s
tra ck s at W in n ip eg , M a n . ____
T erm in a l tra ck s t o W in n ip eg U n . D e p o t
A t P orta g e la P rairie, M a n ___
K e ttle V a lley R y . C o .:
B rookm ere t o H o p e , B . C .................. .
C a n a d ia n P a cific R y . C o .:
T r o u p J u n ctio n t o N e ls o n , B . C ____
P ro v in ce o f B ritis h C o lu m b ia :
B rid g e o v e r F raser R iv e r , N e w W e s t
m in ster, B . C ___________________________
T ra ck s o f U n ion D e p o t C o m p a n ie s:
S t. P a u l, M in n _ _ ________________________
S u perior, W is _____________________________
D u lu th , M in n _________________ _______
C h ica g o M ilw a u k e e & S t. P a u l R y . C o .:
M o n r o e t o C a r n a tio n , W a s h ____________
M in n e a p o lis & S t. L o u is R R . C o .:
In M in n e a p o lis, M in n ____________________
T o t a l O p era ted M ile a g e , G . N . R y . a n d
C a n a d ia n C o m p a n ie s _________________
O w n ed b y C o n tro lle d C o m p a n y b u t O p era ted
In d e p e n d e n tly :
M in n e a p o lis W e s te r n R y . C o ______________

10.70
4.81
12.72
2.70
172.64
9.33

9.89

Sm ith S u perior, VVIs., to D u lu th , M in n
A t Fergus Falls, M in n
T lld o n .Junction t o Red L ake F a lls ,M in n
S id n ey to N ow lon J u n c tio n , M o n t
M ossn m ln to B illin gs, M o n t .
Low ell to D e lta , W ash
S ea ttle to V a n co u v e r, W ash
La,Review to A m erican L ake, W ash
N o rth e rn P a cific and S p ok a n e P o rtla n d &
S ea ttle R a ilw a y C om p a n ies:
V a n c o u v e r , W a sh ., t o an d in P o rtla n d ,

3.4 1
6.46

J0.70
4.81
12.72
2.70
172.64
0.33

M inneapolis

3.09
.99

.21

3.09
.99

8,170.75 11,006.12
5.06

*Total Miles of Road and Tracks in Sys
tem as Operated Dec. 31 1920, including
line operated independently__________

1.69

6.75

8,172.44 11,012.87

Total Miles of Road in System, Dec. 31 1920,
including line operated independently, as
shown above__________________________ 8,172.44
Add —Mileage owned but not operated as
part of the System____ ______________
19.19
Total ___________ _______________
Total Mileage of Road in System, Dec. 31
1919, as per report for that year______
Decrease in Mileage________ ______
This decrease is made up as follows:
Owned by Controlled Companies:
Nelson & Fort Sheppard Ry. Co.:
Troup Junction. B. C ., track removed __
New Westminster Southern Ry. Co.:
CloVerdale, B . C ., track removed-------Vancouver Victoria & Eastern Ry. & Nav.
Co.:
Copper Junction to Phoenix, B. C., line
removed_________________________
Weston to Granby Smelter, B. C., line
removed_________________________

8,191.63
8,230.66
39.03
.44 •
.06
25-82

___ __

3.74

30.06

Less—

Manitoba Great Northern Ry. Co.:
Portage la Prairie, Man.:
Changes in connection with Canadian
National Rys. and track to G. N.
Ry. depot______ _______________
Net Decrease, Controlled Companies_
Trackage Rights:
Minneapolis & St. Louis RR. Co.:
In Minneapolis, Minn________________
Minnesota & International Ry. Co.:
At Walker, Minn____________________
Northern Pacific Ry. Co.:
At Helena, Mont____________________
Chicago Milwaukee & St. Paul Ry. Co.:
Hanover to Lewistown, Mont________
The above trackage rights were sur
rendered account unification of ter
minals abandoned_______________

2,327.29
7,1.35.22

M iles.

Less—

9,801.82

Canadian National Railways:
Winnipeg, Man., Union Depot tracks—
Increase_____________ ____________
International Boundary, near Emerson, to
Winnipeg, Correction—Decrease_____

.15
29.91
.03
.75
2.55
9.67
13-00

1.41
______
Owned by Controlled Companies:
Miles.
Duluth Term. Ry. Co. (in Duluth, Minn.)
4.20
2.10
6.30
.55
.86
aMidland Ry. Co. of Manitoba (in Winni
peg, Man.)________________
11.52
6.40
17.92
Net Decrease in Trackage Rights __
12.14
Manitoba Great Northern Ry. Co __I~~
9.60
91.92
101.52 Great Northern Railway Co.:
Brandon Saskatchewan & Hudson’s Bay
Increase in Mileage:
Ry. Co____________________
10.43
69.45
79.88
At Minneapolis, Minn___ ___________
.07
Crow’s Nest Southern Ry. Co
14.06
74.18
88.24
Hutchinson Junction to Brcckenridge,
& Foi-t Sheppard Ry. Col I I I . I""
3.74
54.98
58.72
Minn., correction_________________
.01
Red Mountain Ry. Co
2.84
9.47
12.31
Helena, Mont., changes in tracks ac
New Westminster Southern Ry. Col 1111
.73
4.62
5.35
count unification with the Northern
Vancouver Victoria & Eastern Ry. & Nav.
Pacific Ry., abandoned__________ _
3.86 •_____
54.47;
240.05
301.64
Power, Mont., change at junction point
Second TrackIIIIIIIII~~"“ ”‘
.01
_____
7.12/
Montana Eastern Ry. Co
3.95
10.09
108.27
118.36
Less—
Great Falls & Teton County YiyI Co
I
1.54
8.73
10.27
Minneapolis Belt Line Co
Decreases in Mileage:
37.80
37.80
Great Northern Terminal Kyi C olIII III
Hibbing, Minn., tracks removed_____
3.46
.74
3.46
Mam line track transferred to side track
^77^1,777s p f Track Owned and Con
account unification abandoned, as
trolled by Great Northern Ry. Co__
follows:
7,805.39 10,643.59
Walker, Minn., connection with Min
Lew Mileage Not Operated:
nesota & International Ry_______
.14
-------Hanover, Mont., connection with Chi
Ry J?oMjs»lssippi Hill City & Western
cago Milwaukee & St. Paul Ry. CO.36
6.32
6.68
abandoned account
Net Increase, Great Northern Ry. Co.
3.02
wHh Minn. & St. Louis kit.;
Sot n f -r " V ,um:Uon to Hopkins, Minn
.34
3.57
3.91
Decrease in Mileage..........................
39.03
V a V k 7 M fV ' r:!m<: f:or,ditions;
n-'
Nav
' Eastern Ry. &
* Hi addition to the mileage of The Midland Ry. Co. of Manitoba, shown
K'Gard to Cannor, B. C
.17
9.13
9.30 above, 2.24 miles of main track, 2.20 miles of second track, and 9.95 miles
ln Hope, B. C. . . . ------ -------------------.96
.17
2.13 oi side tracks in Seattle, Wash., are owned jointly with the Northern Pacific
T otaJ________
Railway Co., also 4.45 miles of side tracks in Seattle, Wash., are owned
. 19.19
S
22.02 join tly with Oregon - Washington Railroad <t Navigation Co., and 9.09 miles
oi side tracks in Seattle, Wash., are owned jointly with Oregon-Washington
Owned or CrmRailroad & Navigation Co., Chicago Milwaukee & St. Paul Ry. Co., and
by Great Northern Railway Co.
7,786.20 10,621.57 Northern Pacific Railway Co. The Company also has trackage rights over
('(/Tried forward.
Northern Pacific Railway from North town Junction to St. Cloud, Minn.,
----- 7,786.20 10,621.57 61.70 miles, and that Company has similar rights over the tracks of this
Company between the same points; the lines being operated as double
>wn<x\ Jointly by the Great Northern and Northern Pacific Ry. Co.
tracks by both Companies.

642

Til E CHRONICLE
M iles o f Truck Owned bu Great
N orth ern Ry and Controlled Com p a rues.

L ocation
M iles o f M a in T racks.
o f Track,s
T h ird ,
Fourth,
Ft i Ih
F irst.
S eco n d . and
Sixth.

V isi-imsin
V
38.62 20 71 ___
Minnesota - -2,11! 92 147.71 29.96
Iow a______
77-86
No. Dakota 1,916.52 26-53 ___
So. Dakota 262 17
Montana __ 1,745.44 76.51
Idaho
107.46
Washington
996.02 37.89 ____
Oregon ___
Province of
Manitoba
167 77
Province of
British ( Jo
lu m b ia __ 383 30
7.12 ____

M iles Total M iles o f
Track Operated.
of
M iles Tracks
M iles o f
Used
As
h id e of
G reat p en d S id in g s, Tracks U nder
N ot
Track- N orth ern
S pu rs
entage
R ailw ay,
ly.
and
O p ei Yard
a led. R igh ts .
Tracks

138.01
81254 to
35.08
421.27
33.34
552.45
27.43
369.32

5.93
16.69

i

203.27 . . .
3,101.48 6.75
112.94
2,364.32 .
>95 51
2,391.93
134.89 .
1,606*86 _
_
9.89

17.53
203.63
9.89

3 1 55

70.10

269 42

75-84 11.43

60.78

515.61

T otals___ 7,807.08 316 47 29 96 2,496 83 22 02 384.55 11,006.12 6.75

[ V ol . 113

Recapitulation of Track Mileage—
\i lin iv.uk ! irsl

M iles.

Second

M iles.

31647

— Third, Fourth, Filth & Sixth

29.96

M iles

346.43

Total Main Tracks Owned - - ______
Sidings, Spurs and Yard Tracks Owned _
1ra ck age___________ ______

*8,153.51
*2,496.83
384.55

Total Tracks o f all Kinds in System

11,034.89

* Includes 6 4 0 miles’ oia.in track and 11.52 miles o f side tracks in Winnipeg, Man., owned by the Midi, nd Ry. Co. of Manitoba, which Company

Wash., owned jointly with Oregon-Washington UK. & Navigation Co.,
Chicago Milwaukee & St. Caul ,Ky. Co. and Nortl
«
.
,
, r
hern Pacific Ry. Co. The
( ompany also has trackage rights over Northern Pacific R y. from NorthI' jvsii Junction to St. ( loud, Minn . 61.70 miles, and that Company lias
similar rights over the tracks o f this Company between the same points; the
lines being operated as double tracks by both Companies.

M MM E li OF MILES O f FIRST MAIN TRACK LAID WITH EACH W EIG H T OF STEEL RAILS ON EACH OF THE DATES SHOWN
(Does not include rails laid in Second, Third, Fourth, Fifth and Sixth Main Tracks.)
D a te.

June 30 1900_____
1901_____
1902_____
“
1903_____
1904_____
“
1905_____
1906 _ _
1907
__
1908_____
1909_____
1910_____
1911____
1912____
1913_____
1911
1915_____
1916_____
Dec. 31 1916_____
1917_____
1918_____
1919_____
1920_____

W eigh t p er Y a rd in P ou n d s.

90

85

80

77 X

M ile s .

M ile s .

M ile s .

M ile s .

75

122.28
269.21
245.63
274.61
-----259.35
755.19
257.53
927.72
—
1,085.00
254.53
469.72
1,168.73
38.96
646.69
U l 45,05
410.25
622.52
1,089.73
122.67
748.33
602.60
1,062.75
838.81
405.64
l ,049.90
584.52
697.57
831.58
961.91
562.48
850.17
797.74
542.08
933.82
1.052.14
763.84
855.84
516.02
1.715.73
738.34
506.46
765.91
678.50
2,156.61
468.50
612.52
2,208.63
656.27
456.09
748.39
2,312.20
825.93
564.43
422.87
2,343.45
837.81
568.33
397.77
2,413.95
601.30
419.64
811.70
2,489.1 1
368.76
811.08
594.94
563.67
369.24
2,644.66
762.78
546.81
2,865.53
678.62
320.11
72-lb. rails are rerolled from used 80-lb. rails. 6 6 ^ -lb . rails
------

______

72

70

68

66 H

M ile s .

M ile s .

M ile s .

M ile s .

M ile s .

1,154.75
1,160.97
1,155.26
l ,152 62
1,030.62
986.01
950.54
836.53
727.51
691.50
739.74
720.14
680.61
664.14
577.14
577.93
569.76
567.90
566.03
559.35
518.24
466.35
are rerolled

EQ U IP M E N T OF THE G R E A T N O RTH ERN R A IL W A Y CO M PAN Y
AN D O PERATED LINES A C TU A LLY IN SERVICE ON DEC. 31
1920, AS C O M P A R E D W ITH DEC. 31 1919.
--------1920-

C lass—

Locomotives:
Steam Locom otives___________________
Electric Locom otives__________________

1,429
4

Total Locomotives______________________
Passenger Equipment:
Sleeping Cars_______ _______ ___ ______
P a rlor O a rs_______________________________

Observation Compartment Cars_______
Dining Cars_____ _____________________
Coaches_______________________________
Tourist Oars__________________________
Passenger and Baggage Cars__________
Baggage, M ail and Express Cars______
Open Observation Cars________
Business Cars_________________________

------1919-------1,391
4

1,433

92

95

24

28

35
42
403
56
50
474
1
29

Total Passenger Equipment______________

35
43
405
58
50
486
1
28
1,229

1,206

Freight Equipment:
B ox Cars____________
33,118
Transfer Freight Cars_________________
50
Refrigerator Cars_______________________ 4,747
Stock Oars_____________________________ 1,723
Total B ox, Refrigerator and Stock
Cars_________________________________
Flat and Coal Cars_____________________ 5,486
Ore Cars (W ood)_______________________ 2,460
Ore Cars (Steel)-------------------------------------6,956

1,395

33,470
50
4,694
1,918
40,132

39,638

Total Flat, Gondola and Ore Cars_______
Oil Tank Cars (Steel)------Ballast Oars______________
Ballast Cars (Convertible)
Sand Cars_________ ______
Caboose Cars_____________
Cinder Cars______________
Boarding Cars____________
Derrick and Tool Cars____
Steam Shovels____________
Lidgerwood Unloaders____
Pile Drivers______________
Rotary Snow Plows______
Snow Dozers_____________
Other Work Equiment____

14,902
115
30
997
1,107
658
133
1,878
91
19

13,993
115
94
997
1,113
618
143
1,939

15

15

60
136

61
137

Total Freight and Work Equipment---------

59,810

59.495

10

88

19

21

10

N o te .— The above list does not include 2 Steam Locomotives and 1
Caboose Oar owned by the Midland Ry. Co. of Manitoba, which company
is owned by the Great Northern and Northern Pacific Railway Companies
jointly.
C U R R E N T

_ ____„_

" 25.29
26.35
45.61
24.75
24.75
100.04
150.38
24.75
25.29
191.17
25.29
191.17
209.38
25.29
24.82
212.32
24.82
212.32
24.82
224.05
24.52
225.16
23.55
234.51
228.12
23.55
228.12
23.55
23.55
228.12
23.55
228.64
from used 75-lb. rails.

979.1 1
987.46
972.32
961.45
958.83
940.03
909.91
813.50
712 62
709.79
721.28
709.78
703.18
551.58
539.31
668.56
650.64
650.64
634.69
635.10
639.09
626.12

M ile s .

94.96
102.00
111.12
111.12
111.12

110.94
109.85
109.85
109.85
108.83
102.42
102.42
102.46
102.46
102.46
102.11

85.28
85.20

Total.

56

1,153.65
1.070.51
944.76
929.35
923.81
897.08
946.02
1.113.38
1,120.96
1.080.46
965.69
968.99
1.057.94
1 ,002.88
1,000.98
1,000.69
921.83
899.78
870.76
866.97
865.25
847.91

M iles .

1,725.20
1,708.78
1,758.90
1.650.53
1,594 .85
1.512.96
1,474.05
1,390.25
1,354.63
1,229.65
1,193.38
1,202.60
1,203.48
1,173.44
1,155.04
1,155.02
1,194.44
1,194.44
1,165.04
1,155.21
1,136.69
1,111.84

M i le s .

5,404.20
5,447.96
5,845.78
5,879.20
5,942.60
6,101.82
6,248.69
6,457.64
6,687.98
6,876.34
6,999.94
7,051.63
7,177.57
7,464.45
7,528.16
7,822.87
7,814.24
7,820.64
7,837.24
7,834.30
7,827.57
7,800.68

EQ U IPM EN T OF T H E G REAT N O RTH ERN R A ILW AY C O M PAN Y
AN D O PERATED LINES ACTU ALLY IN SERVICE ON EACH
OF THE D ATES BELOW N A M E D AN D ALSO SHOWING
THE T R A C T IV E POWER AN D W E IG H T OF STEAM
LOCOMOTIVES AN D C A P A C IT Y OF FREIG H T
CARS.
S T E A M L O C O M O T IV E S .
T ractive P ow er in
W eight in T on s,
A ter age
P ou n d s.
E xcl. o f T en d er. W g h t.p er
A
/iv n r s-.
n
A vera g e E n g inn e on
A vera g. e
p er
D riv ers,
p er
N um .
E n g in e.
Total. E n g in e, in T on s
Total.
her.

June 6 30 1900. _____ 550
(
1901. _____ 563
1902. _____ 608
“
1903- _____ 637
1904- _____ 708
1905- _____ 707
“
1906- _____ 786
“
1907- _____ 943
“
1908- _____1,081
“
1909. _____1,073
1910- _____1,123
1911- _____1,169
i t
1912- _____1,187
“
1913- _____1,280
a
1914. _____1,320
Cl
1915- _____1,317
Ci
1916. _____1,290
Dec. 31 1916- _____1,311
1917.
1918_ _____1,362
1919- _____1,391
i t
1920- _____1,429

12,117,810
12,847,630
15,050,560
16,278,760
19,058.360
19,060,270
21,959,730
28,335,770
34,398,875
34,049,845
36,641,215
38,868,760
40,054,060
46,709,400
48,708,578
48,705,178
48,054,720
49,531,490
50,179,039
53,374,795
55,102.241
58,109,726

22,087
22,820
24,754
25,555
26,918
26,959
27,938
30,048
31,821
31,733
32,628
33,249
33.744
36,492
36,900
36,982
37,252
37,781
37,957
39,189
39,613
40,665

31,536 57.34 46.25
33,236 59.03 47.56
38,805 63.82 50.90
41,792 65.61 54.42
48,131 68.41 57.59
48,416 68.48 57.68
56,597 71.98 59.41
73,817 78.28 63.53
89,190 82.51 66.87
88,696 82.66 66.72
95,885 85.38 68.55
100,907 86.32 71.05
103,620 87.30 71.78
117,529 91.82 75.98
123,114 93.27 77.67
122,997 93.39 77.77
122,046 94.61 77.53
125,405 95.66 / 8.31
127,243 9 6.2 5 78.64
134,481 98.74 80.79
137.987 99.20 81.32
145,462 101.79 83.13

F R E IG H T C A R S .

(Includes Box, Transfer Freight, Refrigerator, Stock Flat Coal, Gondola,
Sand and Ore Cars (both W ood and Steel).
■Capacit y (in T on s'*

5,553
2,477
5,963

21

------

60

N O T I C E S

— Halsey, Stuart & Co. have reprinted for free distribution an article
entitled “ The Bond Business as an Occupation for College M en,” written
originally for the “ Outlook Magazine” by Ernest E Quantrell, Vice-Presi
dent o f Halsey, Stuart & Co. The article describes the bond business in
general, gives suggestions to young men as to how to get into the business,
outlines the future it offers and explains why this field is particularly suit
able for college men. Copies may be obtained on application to any Of
the Halsey, Stuart & Oo offices.
— Garrison & C o., of Philadelphia, announce that Charles T. Brown,
John A. Robb and Russell A. Deily have become associated with them
in their bond department.

N u m ber.

June 30 1900------------_________ 21,484
“
1901_______ _________ 22,989
“
1902________ _________ 24,944
“
1903________ _________ 28,426
“
1904________ _________ 30,791
“
1905________ _________ 31,277
“
1906_________________ 33,296
“
1907________ _________ 38,385
“
1908________ _________ 42,131
“
1909________ _________ 42,280
“
1910________ _________ 44,283
1911_________________ 46.101
“
1912________ _________ 47,641
“
1913________ _________ 53,595
"
1914________ _________55,279
“
1915________ _________ 55,664
1916________ _________ 55,964
Dec. 31 1916________ _________ 56,779
1917_________________ 57,638
“
1918________
1919
“
1920._ ___ _________ 54.540

Total.

548,185
606.701
688.594
839,606
932.332
951,812
1,041,707
1,282,683
1,457,236
1,474,387
1,569,226
1,660,854
1,731,603
1,985,768
2,062,645
2,079.397
2,108,661
2,144,523
2,187,369
2,144,256
2.097.001
2,148,900

\vge. p er Car.

25.52
26.39
27.60
29.54
30.28
30.43
31.29
33.42
34.59
34.87
35.44
36.03
36.35
37.05
37.32
37.36
37.68
37.77
37.95
38.84
38.74
39.40

— Carl H. Pforzheimer & C o., 25 Broad St., New York, have prepared
a booklet, “ Bonds, Notes and Preferred Stocks of Conservative Oil Com 
panies.” This booklet includes only the issues that the firm can recom
mend without hesitation” such as the Standard, Gulf, Tide Mater and
Texas Co. issues, together with tables for figuring bond interest and divide*1
'
yields.
— James W . Macartney and Norris W . McLean have formed a co-partner
ship under the firm name of Macartney & McLean for the conduct or a
general unlisted stock and bond business. Offices will be maintained by
this new house at 71 Broadway, Now York.
— Arthur Wills & David J. Blume have associated under the name ot
Wilk & Co., with offices at 50 Broadway. N. Y. City
They will carry
on a general brokerage commission business.

lV

u

.g

0 1921.]

043

THE CHRONICLE

ggfoje (Camuvrrdal ginxrs.
COMMERCIAL EPITOME
N e w York, F r i d a y N i g h t , A n y . 5 1 ii 1
D .
Trade in nine eases out of ten is st ill quiet. At the most
i! is only moderate. Seasonable' goods sell less freely.
Everywhere there is a spirit of conservatism. Mail-order
sales’ in July were about .17% smaller than in the same
‘
month last: year. Iron and steel are still quiet, although
there is some slight increase in business at lower prices.
The grain markets are down for the week and to-day at
Minneapolis cash wheat dropped 5 to 15 emits per bushel,
as farmers are marketing their grain very freely. In fact,
the movement of grain is limited only by the available
supply of cars. Last year the farmer held back and later
saw prices drop with a crash. The lesson was a bitter one.
It is now a case of where “the burnt child dreads the fire.”
At the same time the exports of wheat are enormous. This
week they have exceeded 11,000,000 bushels, or some 21,(100,000 bushels in two weeks. The exports of corn thus
far this year are 13,500,000 bushels, as against only 350,000
bushels up to this time last season. European grain crops
are short, and it looks like a big export business in Ameri
can grain this year. Timely rains are believed to have
saved the corn crop, and it may be a high record, or very
near it. but wheat, corn, oats, etc., have suffered more or
less from drought, and the yields to all appearance will
be smaller than the last, especially of oats. And the Gov
ernment offered for sale 5,000,000 lbs. of wool at Boston
on Thursday, but did not succeed in selling even half that
quantity at somewhat lower prices. Raw cotton is $7 50 a
bale higher for the week, owing to hot weather at the South
and deterioration of the crop. Cotton goods are somewhat
higher, with a rather better demand of late. Among the
industries, cotton, shoes and leather show the most life.
Collections, however, are still slow. In most branches of
business many buyers hold aloof in the hope of lower
prices. But index figures in the main show an upward
turn in commodity prices for the second time since June.
Failures for the week reveal some decrease, though they
are still much more numerous than at any time for years
past. This is supposed to be due to the refusal of many
dealers, wholesale and retail, to take first losses. Retail
trade just now' is quiet, partly because high prices for many
goods are still maintained. With 4,000,000 to 5,000,000
workers unemployed in this country, it stands to reason
that retaii trade is bound to suffer, especially if prices are
kept up to an exorbitant level. Yet. taking the country as
a whole, it may be said that in wholesale branches there is
beginning to be a more optimistic feeling. It is hoped
and believed that the worst is over, and this idea is encour
aged by the recent advance in the stock market, which i:
regarded as a kind of herald in the country’s business
Living costs, however, are still undoubtedly high, and ac
as a drawback in the revival of American business.
The cost of living, it is believed, has fallen about a
s
much as it can until labor costs are reduced. With few
exceptions wages have fallen not much more than 15% t(
20%, while farm products have dropped four to five time;
that much. In the copper mines of the Rocky Mountaii
region it is true common labor gets $4 a day, a reductioi
of $2 from the war-time scale. But common labor in an
thracite coal mines still gets, strange as it sounds, $6 50 U
•7 per day. One hundred thousand building workers ir
$
this city now receiving $9 a day coolly refuse to accept £
reduction to $8. And meantime building languishes. Laboi
stands in its own light. It has been computed that $500,
000,000 a year in wages is beipg lost from strikes or unem
ployment for other causes. Direct or indirect restrictior
of output through union regulations is declared to be re
sponsible for enormous losses. Society, it cannot be tor
often repeated, is in the last analysis a co-operative affair
4 o get back to normal, healthy, prosperous conditions oi
tiade, labor must do its share. It has not done so thus
far in many branches of industry. There is still a condi
tion of economic dislocation between the agricultural and
tbo manufacturing worlds; tin; farmer cannot buy the liiglipi iced goods of the city, kept high by high wages. Theretorc production has to be reduced; labor suffers. Only by
increased production, brought about by decreased labor
'os s and therefore lower prices for the product, can con
sumption be increased. The decreased prices would benefit
tabor as much as anybody; they would offset the decrease
m wages. Somebody must make a start; labor has not put
i s shoulder to the wheel by making an adequate cut in
wages
he output of iron and steel does not exceed 25%
to . ,( ) / 0 of its capacity. The effect of a genuine cut in
wages would probably wake up those industries and per,a"H
country the needed jog to start if on its way
towards old-time prosperity. Clothing workers in this city
have, been on a strike for nearly a year. Thev struck be
cause some reduction of labor costs was naturally sought
by fm,ployers aftn,- the rise during the war and in 1919 of
v"r
m ° ° /o‘, •
'"'oplr'
to Pay the higher prices
/ / up prices.
keep' ; il,r% vvhieh were demanded. Exorbitant wages still
Gotten, wool and bides workers are receiving wages 100%
higher than before (be war The farmer and the unem-

ployed in (lie towns and cities cannot pay the, high prices
for goods made by high wages in mills and on the railroads.
Iligli costs account largely for widespread unemployment
of millions. .M
any railroad and mill bands, it is well known,
have been forced to go to work on farms at wages practi
cally 50% lower than the war peak because (lure is no
union to dictate to the farmer as there is to Ilie mill owner.
The worker on the farm bail to yield to Ibe logic of events;
the farmer could only pay so much. It was take it. or leave
it the worker took it. The mill, mine and railroad work
ers will sooner or later also be forced to accept the situation,
and the sooner the better for their own interests, to say
nothing of the well-being of society at large of which they
are a part.
About 40,000 workers in the ConnelSvilJe coke region will
be affected by a 10% reduction in wages. The General
Electric Go. announces a wage reduction affecting 12,000
employees. The New York Railways Co.’s employees, num
bering 2,500, have voted to accept a 10% cut In wages, ef
fective Aug. 7. Reductions of salaries of officers and em
ployees of the United States Grain Growers, Inc., ranging
from 37%% to 23%, are announced. Wages of clerical
workers employed by Canadian railroads have been or
dered reduced at once $12 25 a month. At Thomsonvillo,
Conn., on Aug. 4, an agreement was reached between the
Brussels weavers and officials of the Bigelow-Hartford
Carpet Corporation, in a strike that has lasted 23 weeks.
The weavers agree to a 20% wage cut proposed by the
corporation Feb. 28, and to a modified form of open shop.
At Rochester, N. Y., on Aug. 1, several thousand building
construction workers on strike since April 1 returned to
work without waiting for a decision on the new wage sched
ules by an arbitration board. Agents representing mills in
the North Carolina district, where for some time past there
has been a strike, say they expect a resumption of opera
tions shortly. Lancaster, S. C., cotton mills are now run
ning on full time, and it is understood with as many opera
tives as are wanted. The strike of grain elevator employ
ees in Chicago has been called off.
The Merrimack Manufacturing Co. mills at Huntsville,
Ala., will resume operations on full time during Aug. and
Sept. The yarn mill of the Beaver Mill Corporation at
Nortliside, N. Y., which has recently been running shorttime, is now running on full-time schedule, with night work
started in some departments. The Otis Co. Mills, Mt. Ware,
Mass., will operate only four days a week every other week
in the cloth department until further notice. In Paterson,
N. J., out of 15.000 silk looms installed there were but
6,381 in operation, or a percentage of about 42%. The
Amalgamated Clothing Workers of America have sent a
letter to every clothing manufacturer in New York City,
it is said, threatening to shut down all work done in the
shops of tailoring contractors for manufacturers who do
not “register” both their work and the names of their con
tractors with the union officials. How long is this kind
of thing to be tolerated?
_Youngstown, Ohio, wired Aug. 1 that steel plants of the
Youngstown district then began a week of decidedly in
creased operation, with open hearth steel production at
about 50% of capacity, or considerably better than for many
weeks. A big candy company has cut prices 50% and de
clares that profits of 300% on candy have been general,
which some other candy concerns deny. There has been
a cut of 33 1-3% in some makes of candy in all of the stores
of the George W. Loft chain.
The American Woolen Co. announced last Saturday that
many of its spring lines of worsteds had been sold ahead
to the capacity of the plants making them, at this time.
Because of lack of demand for fertilizer, Florida’s phos
phate mines, employing more than 5.000 workers, are prac
tically closed down.
Bombay, India, cabled Aug. 1 that large quantities of
foreign cloth and cotton goods recently arriving there were
burned. The Nationalist leader, Ghandi, himself started
the fire, in the presence of thousands of people and the
delegates to the All-India Congress. Ghandi has thus car
ried out by direct action the threat embodied in the boycott
proclaimed against all foreign importations of this kind as
part of his non-co-operative movement.
^LARD lower; prime Western, 12.60@12.70c.; refined to
Continent 14.50e.; South America, 14.75o.; Brazil, in kegs,
15.75c. Futures fluctuated within narrow bounds earlv.
they were slightly higher, but later fell sharply with grain.
Stocks at Chicago decreased during July 9,035,000 pounds
of lard and 6,375,000 pounds of cut moats. But export
trade has been light. Hogs declined for a time. Packers
have bought to some extent. Cash houses bought lard
freely on the 2d inst. and hogs that day advanced 10 cents,
hut the next day they fell with grain. To-day prices de
clined and closed 85 to 87 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
„
S al.
M on.
T u es.
W ed .
Thurs.
F ri.

Sciptomber delivery .o ts . 12.22

October delivery -------- 12.32
January delivery
..10.30

12.20

12.32
10.30

12.22

12.20

12.30 12.30
10.37 10.35

11 .SO 11.30

11.00 n .4 0
10.30 1 0 .2 0

PORK quiet; mess $24.50@$25; family $30@$34; short
clear $23@$28. Sept, closed at $18.55 a decline for the
week of 25c. Beef quiet; mess $12@$14; packet $13@$14;
family $16; extra India mess $19@$20; No. 1 canned roast
beef $2; No. 2 $3.25; six lbs. $15.50; cut meats quiet; pickled
liams 10 to 20 lbs. 26^@ 26^c.; pickled bellies 10 to 12 lbs.

(ill

T111C C H R O N IC L E

14M(g46c. Butte
flats 16(u 21 M«- 1
COFFEE on the spot firmer; No. 7 Rio 7 1, (o 7 1jo.; No. 4
Sautos 9 N(o 101sc.; fair to good Cuouta lOfelO M!- Futures
.
<
adv aueed with Rio firm, offers high, shorts covering and trade
buying. But Rio exchange fell and the market here lacked
snap. The dollar buying rate of exchange fell at Rio 400
reis on the 2d inst. and 100 reis on the 3d inst. Coffee prices
fell at times both at Rio and Santos. In the district of Sao
Paulo the weather has been fine. Spot coffee here has been
steady with now and then a fair business. According to the
official figures of the exchange, the world’s visible supply of
coffee showed an increase of 444,038 bags during July, now
being 9,084,115 bags on Aug. 1 against 7,033,414 last year.
There are rumors that London bankers are favorably con
sidering a large loan to Brazil. A Belgian syndicate has
purchased 700,000 bags of coffee form the Brazil Govern
ment. The American visible supply is down to a compara
tively low figure. Domestic consumption has caused heavy
withdrawals from importers’ stocks. To-day prices declined
but they end slightly higher than last Friday.
Spot (unofficial) 7 K !4 cl H e c e m b e r ...7 .0 0 0 7 .0 1 I M a y ............... 7 .5 5 0 7 .5 0

September . .6. ,..@6.561M uvh_____ 8.35@7.36 [i uly_______ 7.75@7.76

SUGAR higher; centrifugal, 96 degrees test Cuban and
Porto Rican, 4.86c. Early in the week the Cuban Com
mittee sold 5,000 tons to the United Kingdom, Au
gust c. i. f., and Cuba, prompt shipment, at 3M°>
cost and fireight. Spot raws have latterly been quiet
but firm. Futures advanced. London was 2s. higher
on August on Wednesday and Is. lower on October-Decomber. Paris prices advanced owing to drought. In two
weeks Cuba has sold 250,000 tons of sugar and greatly
strengthened its financial position. Raw sugar, duty paid,,
has been quoted at 4.86c. European, Cuban and Wall
Street interests bought futures here. The receipts this week
of raw sugar at United States Atlantic ports were 48,488
tons, against 13,209 tons last week, 99,319 a year ago and
47,841 two years ago. Meltings increased to 63,000 tons,
against 54,000 last week, 82,(M ) a year ago and 53,000 in
X
1919. The total stock is 104,558 tons, against 119,070 a
week ago, 99,593 a year ago and 53,150 in 1919. Receipts
at Cuban ports for the week were 18,273 tons, against 22,502
last week, 42,873 in the same week last year and 47,614
two years ago; exports, 42,450 tons, against 28,129 last week,
61,774 last year and 71,421 two years ago; stock, 1,410,866
tons, against 1,435,063 last week, 833,868 last year and
1,024,139 two years ago. The number of centrals grinding
was four, against five last week and last year, and six two
years ago. Later in the week 10,000 tons of Cuba sold to
England and the Continent at 21s. c. i. f. and 47,000 bags
of Cuba at 3.25c., cost and freight. To-day futures de
clined slightly, but end 10 points higher for the week on
December.
Spot (unofficial)..4.86cI December
IM ay
September 3 ..6@3.27 [March_____ 2.83@2.84 |

2.88@2.90

OILS.—Linseed quiet and lower. Large consumers are
anxious to buy for future delivery, and crushers are not
pressing sales, as their supplies are said to be limited. Stocks
in varnish and paint makers hands are supposed to be ample
for the present. Export business lags. Occasionally for
eign oil is reported offered at around 4c. per gallon under
domestic oil. July carloads were quoted at 75c.; less than
carloads 78c.; five bbls. or less 80c. Vegetable oils have
latterly been rather more active at slightly lower prices. Some
50 tons of Aug.-Sept. China-wood oil sold on the 3rd instant
at 10Me. Paint and varnish interests are showing more
interest in this oil. Cocoanut oil quiet and easier. Ceylon
bbls. 9M@10c. Cochin 10M@ 10Me. Olive unchanged
at $1.10@$1.20. Soya bean oil quiet at 9@9Mc- spot.
Lard oil dull, much of the buying being to fill immediate
wants, only; strained winter 82e.; extra 77c. Fish oils
quiet; cod, domestic 43e.; Newfoundland 46c. Cottonseed
oil sales to-day 7,500 bbls.; August closed at 8.6Q@8.75c.;
Sept, at 8.72@8.76c.; Oct. at 8.82@8.84c.; Dec. at 8.47@
8.48c.; and Jan. at 8.48@8.49c.; spot 8.60@8.85c. Spirits
of turpentine 64c. Common to good strained rosin $4.85.
PETROLEUM quiet with little change in prices. Fuel
oil is easier in the Middle West and it is said can be had at
37 M to 40e. per bbl., as against the recently asked price of
45c. The demand has fallen off and the prospects for the
immediate future are not very good. Gas oil weak. Kerosens is dull. But business in gasoline has been more active.
The demand for export has been better. Prices are as fol
lows: Gasoline,, cargo lots, 32 Me.; U. S. Navy specifications
17c.; export naphtha cargo lots 18Me.; 63 to 66 degrees
21 Me.; 66 to 68 degrees 22Me. Refined petroleum tanks,
wagon to store, 13c.; gasoline steel bbls. to garages, 24c.
Kerosene for export in cargo lots 6 to 7c.; in bbls. 13@14e.;
cases 18@19c. In an interview at Chicago, W. R. Stewart,
Manager of the Western Petroleum Co., is quoted as saying
that, considering the price of crude oil, products are the
lowest in the oil trade’s history, and few refiners are breaking
even. Buffalo wired that the gasoline prise war which has
continued nearly two weeks, now finds the Standard Oil Co.
of New York selling gasoline at 25 cents a gallon, and the
main independents, including Texas Co. and Sinclair Con
solidated Oil Corporation, selling at 23 cents. All prices
appear to be steady at present figures. District-Attorney
More states that gasoline could be sold at 20 cents a gallon,
retail, and says he will present his facts to the Grand Jury.

[ V o l . 113

The Americ-an
<

P e tro le u m In stitu te e stim a te d last w e e k ’s
d a ily a v e ra g e g ross p r o d u c tio n at 1,314,240 b b ls ., ag a in st
1 ,3 0 7 ,3 6 0 b b ls. in th e p re v io u s w e e k , an in crea se o f 6,88-)
b id s.
T h e e stim a te d d a ily a v e ra g e g ross p r o d u c tio n o f’ the
M u l C o n tin e n t (ligh t o il) field, in clu d in g O k la h o m a , K a n sa s,
N o r th T e x a s , C e n tra l T e x a s , N o r t h L ou isia n a a n d A rk a n sa s!
tor tiie w eek en d ed J u ly 30 was 712,680 b b ls . a g a in st 706,430
b b ls . in the p re ce d in g w eek , an in crea se o f 6,250 b b ls . T h e
d a ily a v era g e g ross p r o d u c tio n o f th e G u lf c o a s t (h e a v y o il)
iield was 98,220 b b ls. a g a in st 98,010 b b ls . in th e p re c e d in g
w e e k , an increase ot 210 b b ls .
T h e c o m b in e d d a ily a v era g e
g ross p r o d u c tio n o f the S o u th w e st field s was 8 1 0 ,9 0 0 bills,
a g a in st 804,440 b b ls. in th e p re v io u s w eek , an in crease o f
6,460 bbls. Oklahoma-Kansas shows a daily average gross
’ ’
, H() b b ls
>
pr
roduction of 405,150 bbls., an increase of 1,950 bbls.;

N
___ _____ Texas
"Orth Texas shows an increase of 1,570 bbls.; Central___ _
a decrease of 810 bbls,; North Louisiana an increase of 340
bbls,; and Arkansas an increase of 3,200 bbls. The approxi
mate daily average gross production of the Wyoming and
Montana field was 46,340 bbls. against 45,420 bbls. in the
previous week, an increase of 920 bbls.

Pennsylvania____ $ 2 25 Indiana___________ 5 1 3 y K lectra__________ $1 0 0
Corning------------------ 1 20 Princeton_____
1 27 Strawn__________ 1 00
C a b e l l ........___ x 11 Illinois..................... ] 27 T h ra ll................... 1 OO
Somerset, 32 deg.
Plymouth_________ (J 65
and above_____ 1 00
Kansas & Okla
Ragland..................... 0 60
homa__________ 1 00
Wooster___________ 1 80 Corsicana, light
85
Lima __________ 1 58 Corsicana, heavy. 50

llealdton__________1 00
Moran___________ 1 00
Henrietta_______ 1 00
Caddo. La., light. 1 25
Caddo, heavy_____
60

RUBBER quiet and lower. Pressure of distressed lots
early in the week was the principal factor in the decline.
But in the main offerings were light. Later on prices became
steady, but this was attributed more to reluctance on the
part of dealers to hold than to anything else. Manufac
turers of rubber goods are holding aloof awaiting furtherdevelopments. Their purchases are only for small quantities
to fill immediate requirements. Smoked ribbed sheets 14e.
plantation, first latex crepe 15Me.; brown crepe thinkr
clean 12Me.; brown crepe rolled 11c.; Ambor No. 1 13e.;
No. 2, 12Me.; No. 3, 14c. Para quiet but steady; up
river-fine 17c.; up-river coarse 9c.; Island fine 16Mc.
HIDES were quiet for a tiino and moro or less unsettled.
Later trade became rather better. But in many cases
buyers and sellers could not agree early in the week. Bogata.
were still quoted at 13c. with small sales at that price.
City hides were said to be steadier. Country hides were
reported in rather better demand with out much actual
business. Rumored sale of 10,000 Venezuela at 70c. were
not confirmed.
OCEAN FREIGHTS have been dull and tending down
ward. Rates to the Antipodes are off sharply. Coal has
been taken at $1 per ton. According to Lloyd’s, there are
now 11,703,000 tons more seagoing steel and tonnage afloat
than in 1914. At Havre, France, on Aug. 4, the lockout
against the longshoremen ended when the workers accepted
the employers’ terms of 21 francs as the basis for eight hours
of work. Ships bound for Havre, which were diverted by
wireless to Antwerp, Dunkirk and Calais, are now being sent
messages to dock at Havre. The Shipping Board has re
ceived an unexpectedly large number of offers for the fleet
of 287 wooden vessels. Bids will be received on Aug. 15 for
12 ex-German vessels, according to an announcement by the
Shippig Board. The allocation of Shipping Board vessels
will be handled by all of the three vice-presidents of the
Emergency Fleet Corporation hereafter.

Charters included 26,000 quarters grain from Montreal to Continent,
25c., August; 24,000 exuarters grain from a Gulf port to Antwerp-Hamburg
range, 26c., August; coal from Atlantic range to Piraeus, So 25. August;
oilcake from a Gulf i^ort to Denmark, basis 89 to one port prompt; sugar
from Cuba to United Kingdom, .$6 50, with options, August; steamer, 4.500
tons, 10%, San Lorenzo to United Kingdom Continent, 51s. 3d.. Aug. 15;.
5,800-ton steamer from Java to Constantinople with Black Sea options, 70s.,
August; steamer 7.000 tons, 10% grain from Montreal to United Kingdom,
Continent and Antwerp-11amburg range, 6s. Id., Aug. 1-15; coal from
Atlantic range to Piraeus, 85 25, prompt; five or six months’ time charter,
transatlantic trade, 6s., delivery United States; wheat from Columbia River
or Puget Sound to United Kingdoul. 65s., August; from San Francisco to
United Kingdom, 65s., prompt loading; barley from San Francisco to
United Kingdom, 65s., late August: 40,000 quarters grain from a Gulf port
to Antwerp or Rotterdam, 6 s. 9d. Aug. 26; coal from Fernandina, Charles
ton or Savannah to a French Atlantic port, S4 75 prompt; from Atlantic
range to River Plate, 22s. prompt; sugar from Cuba to United Kingdom,.
$6 50, option Mediterranean, $7; 13,000 quarters grain from Montreal to
Denmark, 2 7 H e . , August; 17,000 quarters from Gulf port to United
Kingdom, 7s.; option of Bordeaux-11 amburg range, 26c., Aug. 15: barley
from San Francisco to United Kingdom or Continent, 65c., prompt; barley
from San Francisco to United Kingdom, 66 s. 3d., Sept. 20; coal from
Atlantic range to Petrograd, Riga or Reval, S6 75. option Copenhagen, $6 :
steamer, 1,338 tons, one round trip in West India trade, SI 50, prompt;
40.000 quarters grain from Gulf ports to United Kingdom or Continent.
6 s. 9d. if Mediterranean, 7s. 9d., Aug. 10; 26,000 quarters grain from a
Gulf port to United Kingdom, Antwerp, Rotterdam, Bremen or Hamburg,
6 s. 9d., Aug. 28.

TOBACCO has remained quiet and prices have been large
ly nominal pending’ a revival of business. Manufacturers
just now, as for some time past, are buying- merely to supply
their more immediate and pressing needs. They continue in
other words their waiting tactics, as evidently in their
opinion the best under the circumstances. In Kentucky
the plant is badly fired and continued to deteriorate. In
Ohio it is somewhat improved. In parts of New England
heavy wind and bail storms caused much damage to tobacco.
In Virginia it made fair progress. In North Carolina it is
generally doing well though deteriorating in some parts of
the State. In South Carolina it is looking better. Secre
tary of the Treasury Mellon suggests additional taxes cn
cigars and cigarettes and tobacco. Tobacco consumers
make no sign of opposition to the proposed increase in
tobacco taxes. Most of the opposition comes from the
tobacco producers and dealers who fear a curtailment of
trade.

A ug . (>

THE CHRONICLE

1921.]

C O P P E R quid, and easier. There is little demand either
for domestic or export account, however
Hut stocks in
the hands of weak holders are behoved to bo small, and the
nrice it is supposed, has reached the lowest level to which
producers are disposed to go for the present
It was inti
mated, however, that business in limited quantities could be
done at l l ^ e . , but producing interests adhered to the
lerel for August and September, while larger agencies would
not go below 12Me. The absence of any pressure to sell
has been one of the principal features of the market. T o-day
U H c. is quoted. Tin is dull and easier; spot 20c. Lead
quiet at unchanged prices; spot N ew Y ork 4.40c. Zinc
quiet and unchanged at 4.20c. for spot St. Louis.
PIG IRO N has been weaker. Chicago quoted $18 to
$19 which is down nearly to the 1914 level. Birmingham
quoted $18 to $18.50. On the decline the inquiries have
increased somewhat, but in the main trade is still dull.
The reductions include not only $1 on charcoal and 50 cents
on foundry grades at Chicago but also $1 on basic and 50
cents on Bessemer and malleable at Pittsburgh, and $1 on
Southern iron. Eastern prices have been nominal with
little or no change reported.
ST E E L has been as a rule dull and in some cases lower.
Sheets and plates have been the weakest. Com petition is
still keen and prices are affected accordingly. Y et, in
quiries have increased somewhat and here and there a small
increase in business has taken place. Some are hopeful, too,
that the trade is near the turning point. A t present, how
ever, business is unsatisfactory and prices yield in the
scramble for business. Some bars sold at 1.70c. Pittsburgh.
A t Chicago plates have been 1.60 to 1.70c., Pittsburgh;
Cleveland 1.70c. to 1.75c. Tin plate openly $5 25.
W O O L has been steady for the better grades with a fair
demand. Lower grades have been dull and depressed. Fine
Australian wools in B oston were 80 to 90c., clean basis for
64-70s. Higher grades, 95c. to $1; Adelaide wools, about
75c., clean basis; fine and medium, 60 to 65e., clean basis;
for clothing wools, 65 to 70c. for French com bing styles and
about 75c. clean basis for good com bing wools; Australian
merino pieces of 64-70s. grade, 60 to 70c. A t the Boston
wool auction on the 4th inst. the Governm ent sold barely
4 8 % of its offerings of 5,000,000 lbs. of low grade South
American wools. Prices were easier. The Bigelow-H artford Co. bought over 570,000 lbs. of greasy wools and were
the largest buyers at the sale. Scoured wools were the
steadiest. Of these Thomas K enw orthy bought 243,000
lbs. South American carbonized sold at 20 to 31e.; good,
com bing, 18c.; Pasto Fuente second clip, 17c., clean basis.
Invercargill, New Zealand, on Aug. 3, 7,300 bales were
offered and 5,600 sold. Demand pretty good, but compared
with June 23, crossbreds fine and half-bred were Jx>d. to
% d. lower. The next sale at Brisbane has been fixed for
Aug. 30, when 30,000 bales will be offered. A t a w ool sale
held at Perth, W e s t Australia, on Aug. 1, 14,000 bales were
offered and m ostly sold. Demand brisk. Continental and
English operators bought the m ost. Prices held well above
the British Australian W ool Realization Association limits;
highest for merino greasy was 16d. and for scoured 2 0 % d .
Merino lambs and cross breds were in more demand.
C O T T O N C R O P C IR C U L A R .— Our Annual C otton Crop
Review will be ready in circular form about Thursday, Aug.
25. Parties desiring the circular in quantities with them
business card printed thereon, should send in their orders as
soon as possible, to secure early delivery. Publication of this
annual review has been deferred this year to a somewhat later
date (after the close of the cotton Season) than has been our
usual practise, in order to afford more time for the invest
igation of the situation at home and abroad.

045
1 !120 .

1921.
A u fftfsi

S in n 1A ii(i

Thm
W eek.

ft

1 1921.

7his

881

818

86,944

Totals________

1920.

6,535

224 ,987
14,949

104,355
11,556

8,400
203
714
697
1,862

25,232
300

Philadelphia____

1921.

8,310

1 1920

........

0,850
203

434.771
14,584

219,566
2,572

150
1,309

1.538
110,885
1 .068
199,767
00,743
90,223
156.971
10,584
500

6,201

2,096
58.931
1,946
221 ,736
32,844
25,631
.38,878
7,736
8,348
4 ,609

18,120 1 ,303,371

741,290

W eek.

Galveston _____ 38,965
1,316
Texan <uty ___
7,214
1 louston
■1 8
7
I’orl. Arthur, &c_
18,94 5
Now Orleans
2,45.3
Mobile
Pensacola
- 4
Jacksonville......
7,472
Savannah
310
Brunswick _____
361
Charleston
3,580
Wilmington
2.989
Norfolk. ____
390
Now York....... .
1,586
H nton__________
o

S to ck .

S ince A n y

•1, 8
10,932
1,597
4

5.806
310
353
2,717
2,498
150
I ,402

77
17
717

1,171
17
863
225
1,189
1 ,015
154

1.172
1 ,015
75

52,597 24,820

In order that com parison m ay be made with other years,
we give below tho totals at leading ports for six seasons:
1921.

R eceip ts a t —

1920.

1919.

1917.

1918.

1916.

Galveston___
TexasOity,&c.
Now Orleans
Mobile_____
Savannah___
Brunswick __
Charleston__
Wilmington . .
Norfolk. . . .
N ’port N.,&c_
All others___

38,965
9,008
18,945
2,453
7,472
310
361
3,580
2,98.
2,861

3,994

1,520
28
2,680

Total this wk.

86,944

24,820

66,856

33,727

44,290

61,087

Since Aug. 1.

52,597

18,120

72,670

42,273

60,170

88,321

8,310

23,028

8,400
203
1,862

11,108
959
20,723
3,000
2,709

1,171
17
863

6,309
126
6,078
900
17,479
147
13
317
2,358

1 ,1 0 1

9,605
7,6! i
623
11,411
1,500
1,510
151
4,571
7,908

16,452
3,084
12,720
6,332
8,437
1,500
1,814
4,656
4,573
137
1,382

The exports for the week ending this evening reach a total
of 124,480 bales, of which 9,763 were to Great Britain,
10,488 to France and 104,229 to other destinations. Exports
for the week and since A ug. 1 1921 are as follow s:
Week ending A ug. 5 1 9 2 1 .
Exported to—
Exports
from —
G a lv e s t o n . _
H ou ston _ _
N e w O r le a n s
Savannah . .
W ilm in g t o n
N o r f o l k _____
N ew Y ork __
San F ran
S e a ttle .
T o t a l _____
T ota l
T ota l

Great
Britain. France. Other.
5 ,2 2 3

6 ,1 9 7

4 3 ,5 5 2
7 ,2 1 4
2 ,2 3 2
3 2 ,3 3 1
200
9 ,4 4 6

Great
Britain.

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

5 ,7 5 5
7 ,1 0 8
1 1 0 .3 9 9

France.

5 ,2 2 3

4 ,3 3 2
200
S

8 ,6 3 5
619
9 ,7 8 3

Total.
5 4 ,9 7 2
7 ,2 1 4
6 ,5 2 3
3 6 ,6 6 3
200
9 ,6 4 6
8
8 ,6 3 5
619

4 ,2 9 1

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

From A u g. 1 1 9 2 1 to A u g. 5 1 9 2 1 .
Exported to—

575
9 ,6 2 7

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

Other.

Total.

3 6 ,8 1 5

4 2 ,0 3 8

1 ,4 8 3
2 0 ,3 0 0
200

3 ,8 9 2
2 0 ,6 3 2
200
200

904
619

904
619

2 ,4 0 9

6 0 ,3 2 1

6 8 ,4 8 5

500
9 ,6 2 7

1 1 ,5 6 7
6 2 ,0 5 5

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

2 ,4 0 9
332
200

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
W e add similar figures for
N ew Y ork.
On S h ip boa rd , N o t C leared fo r —
A u g . 5 at —-

Galveston
New Orleans..
Savannah .
Charleston
Mobile . . .
Norfolk
New York* _
Other ports*..

Great
B rita in . F ra n ce.

2,900
2,609
1,741
2,0 0 0

Ger
m a n y.

Other
C on t't.

4,805 16,432 18,386
1,391 14,932 8,803
250

05,440
600
1,0 0 0

500

Total 1921..
9,250 6.446 32,964 33,129
Total 1920. _ 19,356 7,803 12,059 21,133
Total 1919.
44,744 3,127 6,047 81,050
* Estimated, a Of which 1,549 for Japan.

C oast
w ise.

T otal.

1,500 44,023
317 28,052
500
500
500
500
7,431
1 .1 0 0

3,000

L eaving
Stock.

180.96k
406,719
116,385
199,267
7,153
90,223
155,871
62,183

2,817 84,606 1,218,765
3,500 63,851 677,439
6,599 141,567 930,614

Speculation in cotton fo r future delivery has been on a
fair scale, at advancing prices, mainly owing to bad crop-’
reports. The Government report last Monday was a big
Friday Night, A ug. 5 1921.
surprise, and caused an advance o f 90 to 98 points that day.
TH E M O V E M E N T OF T H E C R O P ; as indicated b y our It gave the condition on July 25 as 64.7%, against 69.2 on
telegrams from the South to-night, is given below . For the June 25, 66 on May 25, 74.1 on July 25 last year, and 75.4
week ending this evening the total receipts have reached the 10-year average for July 25. It was the worst report
86,944 bales, against 98,712 bales last week and 98,434 for July 25 ever known. Nothing in the history of the
bales the previous week, making the total receipts since trade has been nearer to it than 67.1 in 1919. It points to a
Aug. 1 1921 52,597 bales, against 18,120 bales for the crop, according to the official statement, o f 8,203,000 bales,
same period of 1920, showing an increase since A ug. 1 1921 against 13,365,754 bales last year, 11,420,763 two years ago,
of 34,477 bales.
12.040,532 three years ago, 11,302,375 four years ago, and
11,449,930 five years back. Liverpool was closed fo r the
Sal.
M o n . j T u es.
W e d . |T h u rs.
F ri.
T otal.
annual Bank H oliday last Monday, and on Tuesday it made
Galveston_____ 13.733
12,025 3,088 5,540 4,570 38,065 a rather cool response to the sensationally bullish report
Texas City____
1,016
300 1,316 of the previous day. That, by the way, showed a decreaseHouston_______
7,214
7,21 4
Pt. Arthur, &c_
478
478 for the month o f 10% in Texas and Florida, 7% in Okla
New Orleans .
8,013
502 3,661
2,060 2,448
1,271 18,045 homa, and 5 in Georgia and Louisiana.
South Carolina
Mobile________
856
105
802
400
100
181 2,453
Jacksonville___
-I
4
4 and Texas at 62% on July 25 were 13% under the 10-year
Savannah _____
1,666
600 1,433
854
013 1,016 7,472 average. Georgia was 16% under, and Florida 14. A fall
Brunswick ____
310
310
Charleston_____
8
43
86
80
135
361 ing o ff in the crop of over 5,000,000 bales, it is argued, is
W ilm ington _
863
622
500
414
540 3,580 the forerunner o f higher prices. It is also maintained by
542
Norfolk ____
401
507
571
270
586
555 2,980
New York__ IF
240
1 50
390 some that the crop has since July 25 retrograded further.
Boston ___ ___
184
784
150,
371
' 86
11
1,586 Trade interests bought to some extent. Wall Street shorts
Baltimore
Philadelphia ' A
63 “ 130
100, ~148
300
122
881 have covered some o f ‘their obligations; Liverpool has,
bought from time to time, and there has been scattered
T o ta ls th is week - 34,347
3,482 10 .4 82
8.6091 10.668 10,356 86,041 buying for a rise among commission houses.
One thing,
................ ................ .
The follow ing shows the week’s total receipts, the otal that stimulated the buying was the hot, dry weather on
since Aug. 1 1U21 and stocks to-night, compared with the both sides o f the Mississippi River. On the 2nd instant
last year:
it was as high as 108 degrees at Rome, Ga., and at no less.

COTTON.

did

THE CHRONICLE

lhaii h weather stations in the cotton belt on that date the
«>
temperutun i W us loo degifees and above. In a number of
SIhtes it was as high as 102 ami 103. Private dispatches
rained iu cm New York reporting shedding, it was dedared that the hot weathew, by causing shedding, was doing
more harm in that way than good in keeping down the
weevil. 'The weekly weather report on Wednesday, though
not so bad as expected, was in some respects distinctly un
favorable. it was said that much damage by weevil had
been done in Texas anil Oklahoma, as well as in Alabama,
Georgia and South Carolina.
In Georgia condition and
progress were alike poor. The damage there by weevil was
officially declared to be very great. Also there was great
damage by the pest in South Carolina, and it was stated
that the menace was becoming serious, except in the north
ern part of that State There were many local reports of
weevil in Louisiana. In parts of Oklahoma the condition
is very poor, in a word the present outlook for the Ameri
can crop evidently leaves much to be desired. It remains
to be seen what August will bring forth. Meanwhile most
of the big spot houses here are said to be bullish on the
situation. There is more or less trade buying. Mills, it is
said, have bought Dec. and Jan. to at least a moderate
extent. At times New Orleans has been a buyer here,
On the other hand, while many are cautious about sell
ing the market others are quite convinced that the time has
not yet arrived for anything like an old-fashioned bull cam
paign. For there is the big carry-over. It is still big. It
has latterly been estimated at 9,194,000 bales of American
cotton throughout the world, with trade quiet at Manchester
and Fall River. Bombay is apparently boycotting British
cloths, at least to some extent. A few days ago there was
a big bonfire of British cloths in Bombay, made by Nation
alists, in w hich large quantities were destroyed. Nobody
knows how far this movement may go; whether it will soon
peter out, or whether it will persist and become a more or
less serious menace to Lancashire’s business in cotton goods
with East India. All that is known is that Manchester’s
business just now is dull. In this country spot cotton has
not been at all active. Exports, moreover, have been small,
aside from a month-end spurt last Saturday, when they
reached a total of 52,255 bales. And as regards the Ameri
can crop temperatures have latterly fallen. In fact, they
began to do so on Wednesday, when the number of sta
tions in the belt reported 100 degrees and above w as cut in
T
half. On Wednesday, in fact, prices reacted because the
weekly Government report was not so alarming as had
been expected. Some lay stress on the fact that the recent
high temperatures have kept down the boll weevil in not a
few' sections of the belt. The weekly report made that clear.
In Arkansas, where the weather was very hot, the week,
with abundant sunshine, was in the main favorable for the
plant. The weevil was checked in that State. In Tennes
see conditions have latterly been fair to very good. Growth
even in South Carolina has been fair to very good. In
parts of Alabama the plant looks w'ell. The week was
favorable in the main in Louisiana. Foreign exchange,
moreover, has been w'eak, and this, of course, has militated
more or less seriously against export business. Liverpool
cable advices state that one reason why the bullish Govern
ment report had so little effect was that trade was so poor
across the water. It is also contended here that a crop of
8.000,000 to S.500,000 bales, with a carry-over in tlie world
of 9,194,000 bales, does not portend any real scarcity of
cotton during the present season. Some believe that Eu
rope will buy very gradually, leaving America to carry the
bulk of the crop. Meantime the outside public does not
show any disposition to take hold of the bull side aggres
sively. To-day prices advanced 40 to 43 points on tempera
tures of 100 to 105 in Texas, 100 to 109 in Oklahoma, hot
weather in some other States, heavy rains in the “Atlantics,” especially in Georgia and South Carolina, and reports
of shedding in the Southwest and damage by boll weevil.
There was a tendency to reduce crop estimates. Liverpool
w'as stronger. Spot markets advanced. The basis was
reported 25 points higher in Texas. Wall Street shorts
covered freely. Trade interests, including mills, bought
here and at the South. Prices closed 135 to 142 points
higher than last Friday. Spot cotton closed at 13.45c for
middling, a rise during the week of 145 points.
The following averages of v
the differences between grades,
as figured from the Aug. 4 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Aug. 11.
M i d d l i n g f a i r ----- ---------------2 .0 0
S t r ic t g o o d m i d d l i n g .............. ..............1 .5 3
G o o d m i d d l i n g ____________________ - 0 9 3
S t r ic t m i d d l i n g ______________________ 0 .5 3
S t r i c t lo w m i d d l i n g ________________ 0 .7 7
L o w m i d d l i n g ________________________ 1 .7 8
♦ S tric t g o o d o r d i n a r y --------------------- 2 .8 0
♦ G o o d o r d i n a r y --------------------------------3 .S 3
S tr ic t g o o d m id . “ y e llo w ” t in g e d .0 .0 6
G o o d m id d lin g “ y e l l o w ” t i n g e d - - 0 . 4 5
8 t r lc t m id d lin g “ y e l l o w ” t in g e d . . 1 . 3 5

on
on
on
on
o ff
o ff
o ff
o ff
on
o ff
o ff

♦ M id d lin g “ y e l l o w ” t i n g e d ________2 .3 3 o f f
♦ S tric t lo w m i d . “ y e l l o w ” t i n g e d _ 3 . i 3 o f f
♦ L o w m id d lin g “ y e l l o w ” t i n g e d . . 4 . 4 3 o f f
G o o d m id d lin g “ y e l l o w ” s t a i n e d - 2 . 1 5 o f f
♦ S tric t m i d . “ y e l l o w ” s t a i n e d ___ 3 .0 5 o f f
♦ M id d lin g “ y e l l o w ” s t a i n e d ______ 4 .1 0 o f f
♦ G o o d m id d lin g “ b l u e " s t a i n e d . . 2 . 0 3 o f f
♦ S tric t m id d lin g “ b l u e ” s t a i n e d . . 3 . 5 3 o f f
♦ M id d lin g “ b l u e ” s t a i n e d _________ 4 .4 5 o f f
♦ T h e s e te n g r a d e s a r e n o t d e l i v e r a b l e
u p o n fu tu re c o n tra cts .

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
J u ly 30 to A u g . 5 —
Sat. Mon. Tues. W e d . T h u rs. Fri.
M iddling uplands_____________ 12.15 12.97 12.80 12.90 1*3.15 13 45

N E W Y O R K QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 5 for each of the past 32 years have been as follows:

1921
1920
1919
1918
1917.

1916

1915
1914 .

[V ol. 113.

c ___ - . 1 3 . 4 5
.3 9 .5 0
- -3 2 .0 0
..3 1 .5 0
—
- . .2 6 .5 0
.1 3 .9 5
0 10

1 9 13 ,e
1912.
1911 19 1 0
1909
1908.
1907_.
1906.

1 2 .0 0
______ 1 2 . 9 0
_______1 2 . 7 5
15.60
1 2 .6 0
______ 1 0 ) .
_______1 3 2 5
1 0 .7 0

1 9 0 5 e _______ 1 0 . 7 5
1904
1 0 .4 5
1 9 0 3 . _____ . 1 2 . 7 5
1 9 0 2 _________8 . 8 8
19 01
8 .0 6
1900.
9 .5 0
1899.
6 .1 2
18 9 8
6.06

1897.
1896 _
1895
1894
1893 _
1892.

. 8.00

3,88

7.19
6.94
- 7.81
- 38

1891

.

1890

8.00

.12.25

T11K VISIBLE SUPPLY OF COTTON to-night, as made
Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
Bui to make lie total the complete figures for to-night
1p 'd a y ), we add the item of exports from the United States
including in it the exports of Friday only.
Up >y cable and telegraph, is as follows.

A u g u s t 58 took at Liverpool
Stock at London
Stock at Manchester

1921.

1920.
991,000

770.000

i 55,000

91.000

-1,10 1,000 1,128,000

874.000

- bales .1,075,007
2,000
87,000

T otal Great Britain
Stock at H am burg.
Stock at Bremen _
Stock at H a v re_______
Stock at R otterd am .
Stock at B arcelona____
Stock at G en oa _
_
Stock at G h e n t______

22,000

277, 00
• 132,000
1 0 ,0 0 0

22,000
42.000

301.000

in 566

83.000

i 6,000

90.000

3,000
64.000
62.000

73’ 000

79.000
26.000

595,000

1918.
237.000

13.000

172,000

93.000
26 .000
25.000

T otal Continental S tocks.

1919,

12.000

138,000

8,666

2,000

265,000 100,000

T otal European stocks _
1,759,000 1,561,000 1,139,000
401.000
India cotton afloat for Europe
48,000
100,000
44,000
6,000
American cotton afloat for E urope
357,614 170,587
418 947
101.000
E gypt. B razll.& c.,afloat for E ur’e.
53,000
41,000
60,'OQO
54,000
Stock in Alexandria, E g y p t.
264,' 00
72,000
180,000
211,000
Stock in B om bay, India
1.15 3,000 1,340,000 1,040,000 *582,000
Stock in U. S. ports
____
1.303.371
741,290 1,072,181
891,905
Stock in U. S. interior towns
1,0:9,238
842,646 746,904
672,613
U. S. exports to -d a y _______ _
9.371
1,577
25,401
55,625
T otal visible s u p p l y . . . ----------- 6,046,591 4 .870,10(V 4.726.433 2,975,143
Ot the a bove, totals o f American and other descriptions are as follows:

American—

Liverpool sto ck _
_
_____
M anchester sto ck __________
Continental sto ck _ _______
_
American afloat for Europe
U. S. port s t o c k s _________
U. S. Interior stocks___
U. S. exports t o ’d a y _______

Total American___ ______

E a s t I n d i a n , B r a z il, & c .—

Liverpool sto c k _____________

London stock, _

_____

M anchester sto ck ___________
Continental sto ck ___________
E gypt, Brazil, & c., a flo a t_____
Stock in Alexandria, E gyp t
Stock in B om bay, I n d ia ______
T otal East India, & c _
_

673,000
73.000
5)6,000
357,614
1,303,371
1,099,238
9,371

666,000
567.000
60,000
11.3,000
235,000
362,000
170,587
418,947
741,290 1,072,181
842,646
746,904
1,577
25,401

109,000
16,000
*88,000
101,000
891,905
672,613
55,625

-4,031,594 :2 ,897,100 3,125,433 1,934,143
. 402,000
325,000
203,000
2,000
12,000
13,000
12,000
14,000
31,000
71,000
30,000
79.000
100.000
44,000
48.000
53.000
60.000
41,000
72.000
180,000
264.000
1,153.000 ]1,340,000 1,040,000

128,000
22,000
26,000
*12,000
6,000
54.000
11,000
582,000

2,015.000 1
1,973,000 1,601,000 ]
1,041,000
4, 31,594 S
1,934.143
2.397.100 3,125,433 1

T otal visible su p p ly_______
M iddling u plands, L iverpool. .

1,870,100 4,726,433 i3.975,143
6,046,594 <
18.53d.
2 1 .46d .
27.10d.
8.49d.
32.15 d .
32.05c.
13.45c.
39.50c.
3 3 .92d.
34.00d.
18.00d.
7 1.00d.
39.00d.
IO.OOd.
44.00d.
29.50(1.
17.85d.
20.76d.
7.8 d.
20.60(1.
I8.10d.
2 1 .Old.
2 l.8 5 d .
8.30d.

* Estim ated.

Continental imports for past week have been 70,000 bales.
The above figures for 1921 show a decrease from last week
of 101,834 bales, a gain of 1,176,494 bales over 1920, an
excess of 1,320,101 bales over 1919 and a gain of 3,071,451
bales over 1918.
A T THE IN T E R IO R TOW NS.
Movement to A u g. 5 1 9 2 1 .
Towns.

Receipts.
Week.

A l a , B i r m ’ g ’ m .a
186
E u fa u la . . .
M o n tg om ery .
351
S e lm a _ _
120
A r k ., H e l e n a ..
111
L ittle R o c k . .
2 ,0 0 2
P in e B l u f f - - 20
G a .. A lb a n y —
220
A t h e n s -----------2 .6 6 3
A t l a n t a ______
3 ,1 2 5
A u g u s t a ______
C o l u m b u s , __
267
M a c o n -----------710
R o m e ,. -_____
L a ., S h r e v e p o r t
M is s ., C o l u m b u s
400
C l a r k s d a l e ___
79
G reen w ood - 40
M e r i d i a n ------N a t c h e z ------V ic k s b u r g —
36
184
Y a z o o C ity _ _
M o . , S t . L o u i s . 1 6 ,7 7 1
146
N . C ., G r ’ n s b o r o
3S
R a le ig h _ _ 242
O k l a .. A l t u s —
C h ic k a s h a ...
633
O k la h o m a _ - 2 ,1 5 4
S . C . , G r e e n v ille
124
G reen w ood _ _
T e n n ., M e m p h is
8 ,9 4 9
N a s h v i l le ------T e x ., A b ile n e - B r e n h a m ------65
A u s t in - ...........
D a l l a s -----------1 ,6 5 1
H on ey G rove
3 1 ,2 5 7
H ou ston - - P a r is . . _ ------144
S an A n to n io ,
1 ,0 9 7
F ort W orth - ------------ SO. 7 8 5
T o t a l , 11 t o w n ?

___

Ship-

Season.

W eek .

Movement to A ug. 6 1 9 2 0 .

5.

m e n ts.

Week.

4 .1 7 4
4 ,3 8 3
2 6 ,1 4 4
1 5 ,1 9 6
6 .3 9 1
5 1 ,4 7 8
5 1 .8 2 2
62
4 ,6 2 5
1 .5 0 2 2 2 ,3 0 3
2 ,9 3 8 2 3 ,4 0 7
5 ,5 0 5 9 6 ,3 8 7
: , 2 0 0 1 4 ,S I S
13 4 1 2 .2 9 4
2 ,6 9 6
6 ,5 7 0
1 .0 0 0 5 4 ,4 5 7
1 ,4 2 5
1 ,2 0 0 3 6 ,2 0 0
4 ,7 3 4 2 8 ,6 9 3
9 6 1 2 ,4 5 8
5 ,4 3 2
48
8 ,5 2 3
9 .3 2 5
74
1 6 ,5 4 4 3 3 .9 3 3
334
5 ,2 9 7
317
73
4 ,0 4 1
9 ,3 4 4
1 ,5 4 7
7 .3 2 4
o
13
3 ,0 0 3 4 7 .0 6 8
446
S.O 42
1 5 ,0 7 8 2 5 1 .4 8 5
4 .4 3 0
17
66
4 .I l l
3 .6 3 2
73
3 40
1 .6 6 0
4 ,0 3 7 3 0 .8 6 6
3 ,3 0 0
4 8 ,6 4 4 2 0 5 .0 8 5
533
7 .4 1 5
760
4 ,9 5 3 4 4 ,0 4 6

4 0 ,1 8 7
513
4
922

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

2 2 ,0 9 8

175
260
100
100
1 ,9 0 0
___
20
200
1 ,3 4 2
3 ,0 0 0
250
700
___ _
- - jB
400
79
40
33
160
1 5 ,7 7 1
125
35
25
600
2 ,6 6 6
400
8 ,7 0 0

____

60
-----1 .5 0 0
3 3 ,0 0 0
125
1 ,0 0 0

697

625
18S
301
5 ,0 5 0

___

a L a s t y e a r ’s fig u r e s a r e fo r H u g o , O x l a .

Stocks
A ug.

Ship

Receipts.

Stocks
Aug.

___
___
4
___
430
—

___

1 00
938
1 ,4 6 0
81
258

___

Seas 7io.

6.

Week.

____

97

—
—

4

IS

430
________j

845

27

_____!
_____
597
1001
3 ,0 2 3 ,
938|
6 ,2 9 7
1 ,1 2 0

____

____
81
____
250
____
100
14 6

100
146
—

_

j

170

1 ,8 3 4
1 ,4 2 0
5 .5 7 2
366
3 ,0 4 9
1 6 ,3 2 0
2 6 ,2 0 5
913
1 4 .8 0 0
1 2 ,9 1 8
5 7 ,0 5 4
_ 3 ,7 0_4
1 0 .9 1 4

____ I 10,100
2 5 0 2 5 ,8 2 8
_____!
580
8 0 0 4 0 .S00
5 5 11 1 8 ,4 8 2
256|
1 ,5 2 6

—
—

—

1
40
2 ,4 0 8
ICO
so
781

1
40
2 .6 3 7
160
80
781
—

—

300

300
—

3 .7 7 3
—

2 ,7 6 9
— ,—
—
—

------

8 , 452!
407
4!
92 2 1

n il
2 ,1 5 0
120,
5 ,4 3 9
3 9 6 1 4 ,3 6 2
3 .7 9 4
3 ,4 0 4
1 ,8 6 5
5 ,9 9 6
50
78
1 ,4 8 6
9 .5 9 9
150
3 .9 5 9
3 9 8 1 4 .0 0 0
2 .7 1 1
9 ,0 6 4 27 5 .9 3 5
_____|
903
_____| 1 .9 3 0
____ '
l .7 3 0
4 ,9 9 5

8

2 ,8 9 ?
17. UK i s : ■ .'6
’
‘3 8 0 0
713:
2 ei 7

1 2 .7 0 1

10 5 S j ‘

t> L i s t y e a r ’s t ig u i* 8

Eu*

C la r k s -

v llle , T e x

The above totals show that the interior stocks Ilia c L during the woekj29,9tKl4
b;des and are to-night
-

cr e a se d

THE CHRONICLE

0 1921.]

bales moro than at tho same time last year. The receipts at
all towns have becnI57,7.S7J)«les more than J,ho same week
last year.
F U T U R E S .—Tho highest, lowest and dosin g prices at
'Nmv York for tho past week have been as follows:________
Saturday, M onday. Tuesday. W ed'day. Thursday,
A u g. 4 .
A ny. 3 .
Aug. 2 .
July 3 0 . A UQ. 1.
A uyust—

Rango----Closing—

1 1 .5 8
1 1 .5 7

Range----Closing...

1 2 .3 4

—

—

1 2 .5 5
1 2 .5 3

September—
October —

W eek.
1 1 .5 8 - .3 0

1 2 .3 0
1 2 ,2 8

1 2 .5 5
1 2 .6 4

1 1 .8 7

—
—

Friday,
Aug. 5.

1 2 .5 7

1 2 .3 3
—

1 2 .6 0
1 2 .6 3

—

1 2 .9 1

1 2 .8 7 .9 0 1 3 .0 7 - .1 5 1 2 .5 5 - .1 5
1 2 .9 2 — 1 3 .2 4

-

Range----Closing...

1 2 .0 0 ~ .1 6 1 2 .1 4 .OS 1 2 .7 0 .9 5 1 2 .7 0 .07 1 2 .9 9 - . 17 1 3 .1 8 - . 5 7 1 2 .0 0 V 5 7
1 2 .1 4 .1 5 1 2 .8 9 - .9 0 1 2 .7 8 .7 9 1 2 .8 8 - .9 0 1 3 . 1 2 . 1 4 1 3 .4 4 - .4 7

Range----Closing __

1 2 .4 2
1 2 .3 8

N ov em b er —
D ecem ber —

—
—

1 3 .0 3

1 3 .1 7

—

1 2 .9 2
1 3 .1 2

—
—

1 3 .2 5
1 3 .3 6

1 2 .4 2 - .2 5
1 3 .6 7

-

-

Range---Closing...

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

Range---Closing..

1 2 .5 4 - .6 7 1 2 .6 5 - . 5S 1 3 .1 2 - . 3 6 1 3 .1 2 .4 5 1 3 .4 7 - . 5 6 1 3 .5 5 - .9 2 1 2 .5 4 V 9 2
1 2 .G 0 -.6 1 1 3 .3 8 - .4 1 1 3 .1 5 — 1 3 .2 7 — 1 3 .5 0 — 1 3 .8 0 - .8 2

Range___
Closing-.

1 2 .7 5

January—

F ebruary —
M arch —

Range.. .
1 Closing-.

—

1 3 .5 3

1 3 .2 5

-

1 3 .3 7

1 3 .5 0
1 3 .5 5

—

1 3 .7 3
1 3 .8 5

—
—

-

1 3 .5 0 - 7 3

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

A pril—

Range__
Closing. _

M ay—

Range__
Closing. .

J u n e—

13.46 — 13.60 — 13.77 — 14.10 13.04-.12 13.10-.98 13.52-.73 13.48-.73 13.75-.85 13.88-.20 13.04-220
13.08 — 13.81-.S3 13.52 — 13.63 — 13.78 — 14.11 13.82 —
13.82 —
13.11 — 13.82 — 13.55 — 13.60 — 13.85 — 14.18 —
14.00-.07 14.00-.07
_ _ _ 14.21 —
1 3 .0 0

Range—
Closing. _
July—
—
Range —
Closing __
j 13c. I 14c.

—

1 3 .7 3

—

—

—

—

—

M A R K E T A N D SALES AT N E W YO RK .
The total.)ales of cotton on the spot each day during the
week at N ew York are indicated in the following statem ent.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
SALESt

Spot
Market
Closed.
Saturday_
_
M o n d a y ___
T u e sd a y ___
W ednesday.
Thursday _ _
Eri d ay

Futures
J\fa/ket
Closed.

Quiet, 15 pts. adv__
Steady, 75 pts. adv_
Quiet, 10 pts. dec.~
Quiet, 10 pts. a dv._
Quiet, 25 pts. a dv._
Steady, 30 pts. adv.

Steady
S t e a d y _______
Steady
Steadv
V r> s t fta.dy
.ry
Steady

Spot.

Contr’t. Total.
2,200

2,200

T otal.

2,200

2,200

OVER LA N D M O V E M E N T FO R T H E W E E K A N D
SIN C E A U G . 1.— W e give below a statem ent showing the
overland m ovem ent for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
August 5—
Week.
Shipped—
Via St. L ou is______ __ ______ ..16,541
Via Mounds, & c _______ ______ . . 2,760
52
Via Rock Island _ __
______
Via Louisville_________________ . . 1,651
Via Virginia p oin ts____________ ._ 1,486
Via other routes, & c________ _ ..1 3 ,24 6

T E X A S .— G e n e r a ls -Cotton has made satisfactory pro
gress, but is needing rain in some sections. Some com plaints
of shedding and plants dying. Weevil decreasing but still
causing moderate damage in many localities.
Bain. Rainfall.
Thermometer
Galveston, Tex
----------dry
high 88 low 80 moan 84
Abilene
.................
-ld a y
0.01 in high 100 low 74 moan 87
Brenham _____________________
dry
high 97
low 72 moan 84
Brownsville_________________
dry
high 94
low 74 moan 84
Ouero...........................................
dry
high 99
low 73 moan 86
D a lla s .........................................
dry
high 97
low 74 moan 85
Henrietta _
____ - ....... l d a y
0.80 in. high 102 low 70 moan 86
K orrville....................................
dry
high 94
low 65 moan 79
Lam pasas___________________
dry
high 101 low 68 moan 84
L o n g v ie w ___________________
dry
high 95
low 75 moan 85
L u lin g ---- -----------dry
high 97
low 72 moan 84
dry
high 96
low 69 moan 82
Nacogdoches________________
Palestine................... - ..............
dry
high 92 low 72 moan 82
P a r is ...........................................
dry
high 101 low 71 moan 86
San A n to n io ............ ................ l d a y
0.02 in.
high 98 low 74 moan 86
T a y lo r........... .............................
dry
........... low 72 _____
Weatherford....................
$dry
high 99
low 73 mean 86
............... - - l d a y
0.20 in. high 102 low 69 mean 85
Ardmore, Olcla
Altus .......................... ........- ___ 1 day
0.07 in. high 104 low 70 moan 87
dry
high 101 low 65 mean 83
M u sk ogee___________________
Oklahoma C ity--------- -----------dry
high 98
low 62 mean 80
Brinkley, A rk________
__2 days 0.42 in. high 105 low 67 mean 86
E ldorado_____________
dry
high 100 low 71 mean 86
Little R ock _________________ 2 days 2.24 in.
high 99 low 68 mean 84
1 day
0.97 in. high 104 low 68 mean 86
Pine B luff........................
Alexandria, L a ---------------------dry
high 101 low 74 mean 87
Amite_______________________ 1 day
0.50 in.
high 96 low 77 mean 86
0.03 in.
mean86
New Orleans________________1 day
S h reveport__________________
dry
high 97
low 72 mean 85
Okolona, M iss_______________ 2 days 0.37 in. high 105 low 72 mean 88
C olum bus____________________ 1 day 0.25 in. high 109 low 72 mean 85
2.90 in. high 103 low 63 mean 83
G reenw ood_________________ l d a y
V ick sb u rg --1 _______________
dry
high 95
low 76 mean 85
M obile, Ala.— Crop is progressing satisfactorily. The greatest complaint
is o f the weevil.
4 days 1.15 in. high 97 low 75 mean 86
D e c a tu r .;__________________ 3 days 1.12 in. high 98 low 71 mean 85
M ontgom ery-------------------------- 3 days 0.12 in. high 100 low 76 mean 88
Selma________________________ 2 days 1.06 in. high 101 low 73 mean 87
Gainesville, Fla_____________4 days 2.05 in. high 94 low 71 mean 83
M a d is o n _____________
_4 days 1.83 in. high 95 low 71 mean 83
Savannah, G a_______________ 2 days 1.30 in. high 97 low 71 mean 84
Athens_______________________ 3 days 2.55 in. high 102 low 67 mean 85
Augusta_____________________2 days 1.33 in.
high 98 low 73 mean 86
C olum bus___________________ 3 days 1.22 in. high 102 low 73 mean 87
Charleston, S. C ------------------3 days 3.27 in. high 94 low 69 mean 82
G reenw ood_________________ 2 days 1.20 in. high 98 low 70 mean 84
C olu m b ia ___________________ 3 days 2.26 in. ---------- low 72
_____
C onw ay____________________ 2 days 0.78 in. high 99 low 69 mean 84
Charlotte, N. C _____________2 days 0.49 in. high 98 low 64 mean 82
N ew bern___________________ 2 days 1.58 in. high 96 low 65 mean 74
W e ld o n _____________________ 2 days 0.37 in. high 101 low 55 mean 18
Dversburg, Tenn___________ 3 days 1.05 in. high9 6
lew 66 mean 81
M em phis___________________ 4 days 2.00 in. high 96 low 72 mean 84

QUOTATIONS FO R M ID D L IN G C O TTO N A T O TH ER
M A R K ET S.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Week ending
August 5.~

—

1921..........
Since
A ug. 1.
15,541
1,920
52
1,212
1,250
9,861

........ -1920
Week.
3,794
2,656

Since
A ug. 1.
3,212
1,280

232
1,987
2,765

200
1,850
2,487

Total gross overland________ ..3 5 ,73 6
Deduct Shipments—
2,857
Overland to N . Y ., Boston, & c.
Between interior towns________ . .
724
Inland, &c., from South----------- . . 2,143

29,836

11,434
2,583
489
1,486

2,262
327
1,023

5,724

3,856

4,558

3,612

25,980

6,876

5,417

Total to be deducted_______
Leaving total net overland*______

* Including movement by rail to Canada.

Closing Quotations for Middling Cotton on—
Saturday. Monday. Tuesday. Wed'day. Thursd’y , Friday.

Galveston. _ _ 11.45
New' Orleans_ 11.00
_
M obile
___ 10.25
Savannah
_ 10.88
_
Norfolk_____
11.00
Baltimore _ __ _______
Philadelphia — 12.40
Augusta
_____ 10.75
M em ph is______ 10.75
H ouston_______ 11.35
Little Rock _ _ 10.50
Dallas .
10.15
Fort W orth.

12.25
11.75
10.75
11.50
11.75
12.00
13.15
11.63
11.00
12.10
11.00
10.90
10.95

12.15
11.75
10.75
11.56
11.75
12.25
13.05
11.63
11.00
12.00
11.00
10.80
10.85

12.25
11.75
11.00
11.75
11.75
12.25
13.15
11.63
11.25
12.10
11.00
10.90
10.95

12.50
11.88
11.00
11.82
11.75
12.50
13.40
11.88
11.25
12.30
11.00
11.15
11.20

12.80
12.25
11.25
12.25
12.25
12.50
13.70
12.25
11.50
12.60
11.25
11.70
11.50

N E W ORLEANS C O N T R A C T M A R K E T .— The d oz
ing quotations for leading contracts in the N ew Orleans cot
ton markets for the past week have been as follows:
.
Saturday, Monday, Tuesday, Wed’day, Thursd’y
July 30. Aug. 1. A ug. 2. A ug. 3. A ug. 4.

9,029

2.370
518
968

(»4 7

-

A ug.

A u gu st________
O c to b e r_______
December______
January _______
M arch_________
M a y __________
Tone—
S p o t ___________
Options _ . __

11.16 —
11.66-.69
12.00-.02
12.08-.09
12.40 —
12.47-.54
Quiet

11.90 — 11.70 —
12.50-. 52 12.35-.36
12.89-.90 12.68-.70
12.97 -~ 12 .70 -.72
13.26 — 12.95-.97
13.40 -,1 3 .0 8 -.1 5
Steady

Steady

Friday,
A ug. 5.

11.90-.00
12.50-.51
12.83-.84
12.83 —
13.10 —
13.22 —

12.06-.16
12.66-.69
12.98-.00
13.00 —
13.24 —
13.39-.41

12.41-.51
13.0J-.03
13.32-.34
13.35-.36
13.60 —
13.70 —

Steady

Steady

F irm

Steady
Steady
Steady
Steady
Steady V ’yStd’y
The foregoing shows the week's net overland m ovem ent
has been 3 0 ,0 1 2 bales, against 6 ,8 7 6 bales for tho week last
The following statem ent we have also received by tele
year, and that the season to date the aggregated net over graph, showing the height of the rivers at the points named
land exhibits an increase over a year ago of 2 0 ,5 6 3 bales.
at 8 a. m. of the dates given:
In Sight and Spinners'
Takings.
Receipts at ports to Aug. 5_

Total marketed.

---------- 1921
Week.
86,944
30.012
t 73,000

Since
A ug. 1.
52,597
25,980
60,000

.189,956
.*29,993

138,577
£18,000

159,963

.

______ ___ 120,577
N orth. spinnV takings to Aug. 5- 29,041

22,463

* Decrease during week, z Less than Aug. 1
takings not available.

e jrnption;

----------1920
Week.
24,820
6,876
77,000

Since
Aug. 1.
18,120
5,417
64,000

108,696
*29,061

87,527
£20,000

79,635
24,216

67,527
21,418

a These figures are con-

Movement into sight in previous years:
Week—
1919—Aug.
8 ...........
2 Y A " !<- '* - ...............
1917- Aug. 10------------------

lialnx.
Since Aug. 1—
Bales.
91,751 1919— Aug. 8 _.........................104,149
127,397
95,024 1918— Aug. 9 __..........
.107,970 1917— Aug. 10_____j ________ 166,423

A ug. 5 1921.
New Orleans___________ Above zero o f gauge4.5
M em phis_______________ A bove zero o f gauge,
8.1
N a sh v ille .-..............
Above zero o f gauge_
8.2
S hreveport____________ Above zero of gauge.
10.5
V icksburg______________Above zero o f gauge.
13.9

A ug. 6 1920.
7.8
13.1
7.2
.
10.2
21.2

E G Y P T IA N C R O P.— The Alexandria General Produce
Association issued on July 5 the following summary of infor
m ation on tho cotton crop received during the m onth of
June 1921:
Lower Egypt.— The temperature during June has been generally favorabl
for the plants, except in the northern districts where it was unfavorable
during the first half o f tho month on account o f cold nights and three days
o f heavy rain accompanied by some hail. The plants are, on the whole,
in good condition except in certain districts where rains and hail have caused
damage. Tho crop is still, in general, about 20 days late. W ater for irri
gation has been distributed sparingly and has been barely sufficient. In
some fields the plants have suffered from shortage o f water. Leaf worm
has appeared, but without causing any appreciable damage.
Upper Egypt and Fayoum.— The temperature has been generally favorable
for the plants, but towards the end o f the month strong winds, which blew
continuously, damaged the flowers and the bolls. Apart from this the
plants are in good condition. In many districts tho crop is still late com 
pared withlast year. Water for irrigation has been barely sufficient.

W E A T H E R R E PO R T S B Y T E L E G R A PH .— Reports
° us by telegraph from the South this evening indicate that
W O R L D ’S SU P PL Y A N D T A K IN G S OF COTTON —
i/j the main the weather has been favorable during the week.
Tho following brief but comprehensive statem ent indicates
Texas advices arc to the effect that in some localities rain is
at a glance the world’s supply of cotton for the week and
needed, and that there are some complaints of shedding and since Aug. 1 for the last two seasons, from all sources from
dying. The weevil is apparently decreasing in that State, which statistics are obtainable; also the takings, or am ount
aJfhough jd ill doing damage in many sections.
gone out of sight, for the like period.

THE CHRONICLE

648
C o lt o n 1 a k in g ».
W eek a n d S eason

1920.

19:>1.
| S eason .

W eek.

Vioible supply July 29- . Visibie supply Aug 1
American in sight to Aug 5 . .
Bombay receipts to Aug. 4_
oth er India ship’ ts to Aug. 4
Vle.iau.lria receipts to Aug. 3 .
Other supply to Aug. 3 - * _ . . .
_

6.148.428 j

W eek.

6,111,250
120,577
35,000

S eason .

4,997,697
79,635
18,000
8B 00
1,000
6,000

4,956,257
67,527
18,000
6.000
1,000
4.000

6,276,827 5.110,332

159,963
640,000
b l ,000
65,000
68,000

T ota l su p p ly_
_
6,362,391
Lie d u e l —
Visible supply Aug. 5_____ _____ 6,046,594

» l I.M I \ irr<)\ T o Barcelona- Aug 1— Bethlehem Bridge, 'foo*1bul\u>
NORFOLK To Liverpool— Aug. 2 —Oarenco, 200__ _
_ __
oaa
T o Bremen July 30 Corson, 5,998
. ...
_
5 99
To China - July 30— Gaelic Prince, 3,448______
_________ I _ 3 4 is
FRANCIS! O To Japan July 28 Saleier.3,999
July 3Q
Empire State. 1,000
Aug. 3 Tenyo Maru, 734-- __
5 733
l o Shanghai J u ly 30 Empire State, 2,132
Aug. 3— Tenyo
Maru 1 - 0
2,302
l^JIonU Kong J u ly 30 Empire State, 600
60(1
SEATTLE- To Japan— Aug. 1— Dakar Maru, 619___ ___________
oiv)

5,052,784

4.000
6.000

[ V o l . 113

Fotal

________

124 1 0

L l\ E H P O O L . — y c a b le f r o m L iv e r p o o l w e h a v e th e f o l 
B
lo w in g s t a t e m e n t o f th e w e e k ’ s s a le s , s t o c k s , & o ., a t t h a t p o r t :
T otal takings to Aug. 5 _a . _
230,233
240,232
182,684
315,797
,
July 15.
July 2 2 .
J u l y 29.
A u g . 5.
o r which American
187,232
236,797
172,233
155,684 Q ,
Sales o f the week
68,000
48,000
28,000
26,000
Ot which other 58.000
53,000
27,000
79,000
Of which American_
43,000
28,000
20,000
19,000
: Embraces receipts in Europe from Brazil, Smyrna, West Indies, &e.
actual expo] t
3,000
1 1 ,000
4.000
1 000
a Tnis total embraces the total estimated consum ption by Southern mills.
Forwarded . -----------------------39,000
46,000
44.000
41,000
60.000 bales in 1921 and 64,000 bales in 1920— takings not being available— rota! stock
_
1,131,000 1,099,000 1,095,000 1.075.000
tiid .*£grcgate amounts taken by Northern and foreign spinners, 170,233
Of which A m erican..
_ 722.000
697,000
685,000 673,000
Total imports
58,000
25,000
41,000
31,000
bales in 1921 and 118,681 bales in 1920, o f which 112,233 bales and 91,684
bales American, b Estimated
Of w hich American—
42,000
16,000
29,000
28,000
Amount afloat . . .
. . . . . ____
127,000
130,000
130,000 _______
6,046.594 4,870,100

4,870.100

BOM BAY CO TTO N M O V E M E N T .

9 0 ,0 0 0
9 0 ,0 0 0
9 0 ,0 0 0
Brazilian, Increase 450 bales; Peruvian, In
crease 373; African, increase 250, total increase 1,073 bales.
American, decrease
5,789 bales; E gyptian, decrease 2 ,9 9 3 ; W est Indian, decrease 970; E ast Indian, d e 
crease 014 total decrease 10,372 bales.
N et decrease 9 ,2 9 9 bales.
O f w h ic h A m e r ic a n

.

LIVERPOOL STOCK TAKING.-

1 9 2 0 -2 1 .

My i •
*
Receipts at—

1 9 1 9 -2 0 .

1 9 1 8 -1 9 .

j

|

W eek .
B o m b a y . __________________ . . .

Since

Since
A ug. i

A ug.

W eek.

4 1 ,0 0 0 * 2 ,6 9 2 ,0 0 0

T o t a l a ll—
1 9 2 0 -2 1
1 9 1 9 -2 0 -.
1 9 1 8 -1 9 -_

|H

Conti
nent .

Ureat
Britain.

10,000

3 0 ,0 0 0

4 0 ,0 0 0

22,000

8,000

4 6 ,0 0 0

5 8 ,0 0 0

7 9 ,0 0 0
5 4 ,0 0 0

2,000 5 ,0 0 0
1,000 12,000
5 .0 0 0
2.000

1 4 .0 0 0

21,000

4 ,0 0 0

A ug.

1.

5 1 ,0 0 0 2 ,4 2 0 .0 0 0

T h e to n e o f llie L i v e r p o o l m a r k e t f o r s p o t s a n d fu t u r e s
e a c h d a y o f t h e p a s t w e e k a n d th e d a ily c lo s in g p r ic e s o f
s p o t c o t t o n h a v e b e e n as f o ll o w s :

Since A ugust 1 .

Ureal Conti - JapanA
Britain. neru. China
Total.

B om bay—
1 9 2 0 -2 1 ..
1 9 1 9 -2 0 -1 9 1 3 -1 9 ..
O th er I n d ia 1 9 2 0 -2 1 -1 9 1 9 -3 0 -.
1 9 1 8 -1 9 ..

W eek .

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

F or ihe Week.

Exports
from —

Since

1

2,000
4 ,0 0 0

1 5 ,0 0 0

11.000

2 3 ,0 0 0
5 6 ,0 0 0
4 4 ,0 0 0

Japan &
Cfilna.

S p ot.

Total.

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

4 1 ,0 0 0
2 4 0 ,0 0 0
9 2 ,0 0 0

12,000

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

Saturday.

T uesday.

2,000 1 5 ,0 0 0
1,000 12,000
9 ,0 0 0 10,000

4 4 .0 0 0

2,000

5 0 ,0 0 0

6 1 ,0 0 0
1 5 .0 0 0
6 9 .0 0 0

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

6 7 9 ,0 0 0 1 .2 3 1 .0 0 0 1 ,9 5 5 ,0 0 0
6 9 0 ,0 0 0 1 ,9 0 9 ,0 0 0 2 ,7 3 4 ,0 0 0
1 4 9 ,0 0 0
866,000 1 ,1 1 3 ,0 0 0

Alexandria, Egypt,
July 13.
Receipts (cantars —
4'his w e e k _
_
____
Since Aug. 1_________

1920-21.

Total exports_________

F r id a y .

M ore
dem and.

F a ir
b u s in e s s
d o in g .

Q u ie t .

1

8.22

S a le s ______

H O L ID A Y

H O L ID A Y

F u tu res.

8 .2 7

5 ,0 0 0

M i d .U p l’ d s

6,000

S te a d y
30 @ 3 5 p ts.
advan ce.

M ark et

M a rk e t.

'

I .M .

|

8 .4 9

8 .3 3
7 ,0 0 0

Q u ie t
5 @ 8 p ts.
d e c lin e .

S te a d y
V ery st’d y
3 4 @ 40 p ts. 3 p ts . a d v .
to 2 p ts .d e c .
advan ce.

5 ,0 0 0

Q u ie t
5 @ 7 p ts.
d e c lin e .

S te a d y
3 © 5 p ts.
advance.

S te a d y
5 @ 8 pts.
advan ce.

F ir m
3 @ 1 3 p ts.
advance.

1918-19.

1919-20.

M on.

S a t.

55,884
4,673,310

5,646,106

4,826,263

1 Since
Week. Aug. 1.

Since
Week. Aug. 1.

4,353 115,445
87,746
1,922 146,959
1.516 48,229

____
3J100
200
494

7.791 398,379

3,694 827,501 17,893 576.405

J U IJ 0 9
to
A u g . 5.

249,586
225,648
148,566 4,889 124,889
140,224 13,004 160,638
65,230
289,125

X o t e .— A

cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statem ent shows that the receipts for the week ending J u ly 13 were
55,884 cantars and the foreign shipments 7,791 bales.

A u g u s t ________
S e p te m b e r _ _ .
O cto b e r
N ovem ber
D e c e m b e r ______
J a n u a r y ______
F e b r u a r y ______
M arch
_______
A p r i l ___________
M a y . _ ...........
J u n e ___
- -J u l y ......................

T u es.

W ed.

Fri.

Thurs.

1234
12 M 4
12t f 4
-2
12 34 4
4
12 M 12 \ 12 34 4
p. m . p. m . p . m . p . m . p . m . p . m . p . m . p. m . p . m . p . m . p . m . p . m

d.

Liverpool____________
Manchester, & c _____
Continent and India.
America ___________

T hursday.

The prices of futures at Liverpool for each day are given
below:

Since
Week. Aug. 1.

Exports (bales —

W ed n esd a y.

Quiet.

{

M a rk e t,
1 2 :1 5
P. M .

opened

A L E X A N D R IA R EC E IPTS A N D SH IP M E N T .

To
To
To
To

M onday.

d.

H O I . 1D A Y '.

M A N C H E ST E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
easy for yarns and dull but steady for cloths. Production is
being increased moderately. We give prices for to-day and
leave those for previous weeks of this and last year for
comparison:

d.

d.

HOLTD A Y '.

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

d.
8 .5 1
8 .6 2
8 .7 4
8 .8 1

8.88
8.88

8 .9 4
9 .0 0
9 .0 2
9 .0 1
9 .0 6
9 .0 8

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

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

d.
8 .5 3
8 .6 0
8 .7 1
8 .7 9

8.86
8.86

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

d.

d.

d.

8 .6 2

8 .6 9
8 .7 7

8 .7 2
8 .8 1

8 .9 8
8 .9 8
9 .0 2
9 .0 7
9 .0 8
9 .1 0
9 .1 2
9 .1 4

8 .9 9
8 .9 9
9 .0 4
9 .0 9
9 .1 1
9 .1 3
9 .1 5
9 .1 5

8.68

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

8.86 8.88
8 .9 2 8 9 4

BREADSTUFFS

Flour was steady early in the week, though with less
business doing. Buyers held off, not liking the prices and
distrusting their stability. Mills were for the most part
firm however. But export business was small. Foreign
mills it is said, are now getting supplies of native wheat.
1921.
1920.
This naturally stimulates flour production abroad and hurts
Coi'n
Cot'n
8 34 lbs. Shin our export trade both in flour and wheat. Yet mills have
8 3 4 lbs. Shin 3 2 s Cop
ings. Common M id .
32$ Cop
in gs, Common M id .
been paying it seems high premiums for high grade milling
Upl's
Twist
to Finest.
to Finest.
Upl's
Twist
wheat. The demand such it was has been mainly for the
s.
s.
s.
s. d .
J u n e G.
better grades. Later the trade h e r e seemed to be pretty
@ 45 6
2 7 .3 6
7 .7 5 5 3
76
41 6
10 16 H @ 1 9 H 16 0 @ 1 7 0
@
well supplied by recent purchases and buyers became if
26 64
16 0
© 17 0
41 10 @ 4 6 0
7 .4 7 52
75
1 7 16 H
19H
©
@
@ 44 0
@ 17 0
74
2 6 .3 8
2 4 16 H
40 6
anything more indifferent than ever. But in rye flour a
19 >2 16 0
7 .0 0 5 0
@
©
J u ly
much better business was done on the higher grades. Harold
19
@ 17 3
@ 44 0
15 9
74
40 6
2 5 .6 1
1 17
7 .2 5 5 0
@
@
C. Samuel, Vice-President of the American Producers’
7 .8 4 4 9 3 4
74
40 0
@ 43 0
2 5 .1 2
8 17 J* ® 193* 15 9 @ 1 7 3
@
15 9
@ 17 0
@ 43 0
2 6 .6 5
19 H
69
40 0
1 5 17 34
8 .1 9 4 8
©
@
Export Corporation, announced that a shipment of 2,000
19
15 9
@ 17 0
2 6 .7 7
8 .2 S 5 0
70
40 0
@ 42 6
22 17
©
©
tons of flour to start for Petrograd Aug. 1 had been held up
15 9
@ 17 0
19
@ 42 0
2 6 .1 5
29 A /
7 .8 8 49
69
39 6
©
©
Aug.
temporarily because of technicalities. The flour purchased
15 9
@ 17 0
2 7 .1 0
19
39 6
@ 42 0
5
70
16
8 .4 9 5 4
©
@
by the Russian Soviet Government he said was at the piers
SH IPPIN G N E W S.— As shown on a previous page, the aiid would be shipped as soon as arrangements could be
exports of cotton from the United States the past wreek have completed with bankers for payment.
Wheat fluctuated within narrow limits for a time and then
reached 124,480 bales. The shipments in detail as made
advanced on lighter country offerings and some buying at
up from mail and telegraphic returns, are as follows:
v
T ota l bales.
Chicago by houses with seaboard connections. Cash mar
N E W Y O R K — T o L iverpool— July 29— Baltic, 8 __________________
8
G A L V E S T O N — T o L iverpool— A ug. 3— Napierian, 5,223_________ 5,223 kets were stronger early in the week, despite large receipts.
T o Havre— July 30— W inona C oun ty, 6,197__________________
6,197
Countrv offerings in the Southwest fell off. Europe, it is
T o Bremen— July 29— M a indy M anor, 5,716_________________
5,716
T o Ham burg— July 29— M a rn d y M anor, 200__________________
200 believed, will have to buy heavily in the United States.
T o Antwerp— July 30— W inona C ounty, 75___________________
75 Later the country offerings in Ohio, Indiana and Illinois \\eie
T o Ghent— July 29— Brazilier, 50— July 30— W inona C oun
Some think the crest ot the atteity , 696-------------------------- -------------------------------------------- |J---------746 reported very small.
One estimate puts tin
T o Barcelona— A ug. 1— Schroon, 6,784------------------------------------- 6,784 harvest wave of receipts has passed.
T o Genoa— A ug. 1— Schroon, 200— Aug. 3— Ansaldo San
crop at 766,000,000 bushels; another, 762,000,001k
Georgia I I .. 7,271___________________________________________
7,471
H
T o Naples— Aug. 3— Ansaldo San Georgio I I ., 1,900__________
1,900 809,000.000 in the Government July report, and 78/ A 0, K
T o Japan— Aug. 2— Kendal Castle, 12,001___A ug. 3— Taizan
harvested last year. The five-year average is Sol.OOOAHR
M aru, 5,851__________________________________________________ 17,852
On the other hand, the United States visible mT o China— Aug. 3— Kendal Castle, 200 Grace Dollar, 2,608-_ 2,808 bushels.
d .

d .

d .

d .

d .

d .

d .

d .

1 *7

>4

H O U STO N — T o Bremen— July 30— Northwestern Bridge, 6 ,5 6 4 -- 6,564
T o R otterdam — July 30— Northwestern Bridge. 650__________
650
N E W O R L E A N S — T o Havre— July 29— Capillo, 1 ,8 8 2 ---A u g . 3—
Hudson, 2,409_______________________________________________
4,291
T o R otterdam — A ug. 1— N obles, 483— --------------------------------483
T o Antwerp— July 30— Capillo, 100 — Aug. 3— Brazilier, 1,000 1,100
T o Lisbon— July 29— H ico, 100________________________________
100
549
T o China— July 30— R eym o M aru, 549----------------------------------S A V A N N A H — T o L iverpool— July 30— W est W auna, 4,000---Aug. 1— W est W auna, 332---------------------------------------------------4,332
T o Bremen— July 29— S.vros, 4,281— July 30— Lord Or
m onde, 7 ,7 5 0________________________________________________ 12,031
T o Japan— Aug. 2— Texas M aru, 14,000_ Aug. 3— Jedden,
_
3,000
17.000
T o China— Aug. 3— Jedden, 3,300-------------------------------------------3,300

vest

operations

The new native wheat is of excellent con-

049

THE CHRONICLE

A ug. 0 1921.]

dit,ion and is offering generally at, 70 to 7 5 shillings per 504.
lbs. In France both wheat and rye are,considered better
than those of last year. That country, it is believed, will
have to import a fair quantity, in Germany bread grams
are considered good, but coarse grains, potatoes and tedders
suffered greatly from drought. In the Netherlands agricul
tural conditions are generally good. In the Balkans many
complaints are hoard of damage by drought: In Austria,
Hungary and Poland the outlook is favorable. In North
Africa new supplies of wheat are arriving on the markets
and reducing prices. In Russia the famine mortality is
already high. In Argentine the weather is good and bene
ficial for seeding of new crops, which is mostly completed in
the northern districts. Recent rain there put the soil in
excellent condition. In the northwestern, part ol India
beneficial rains fell and sowing prospects are distinctly
bright generally.
Grain people want II. It. Bill 5676 which has passed the
House at Washington and will probably come before the
Senate this week to be amended in the following particulars:
Section five paragraph “ D” so that the exchanges will not be
compelled to place definite limits on the amount of grain
which single individuals may trade in. The bill obligates
the exchanges to prevent manipulation. It should leave
them free to adopt whatever measures to this end may seem
wise. Second amend section five paragraph “ E” so that
no applicant for membership will have an advantage or
preference over any other applicant. The bill at present
provides that representatives of The Farmers Association
must be admitted on a preferential basis which would be the
destruction of our commission rule. It would amount to
practically rebating of commissions. Third—Amend sec
tion five, paragraph seven by striking out, the paragraph, the
intention of which is to limit private wire service on grain to
wires between the large terminal markets and prevent such
service to any one outside of the large terminal markets.
The tendency of such a clause and the unfairness of it are
only too apparent. A Chicago Board of Trade seat sold
at $7,750, net to the buyer a decline of $250. To-day prices
declined with country offerings reported larger
Cash
prices at Minneapolis down 5 to 15c. and the crop movement,
limited only by the supply of cars available. Farmers who
held back wheat last year were hit hard. They are not trying
that experiment this year. Once bitten twice shy. It was
reported that 1 ,0 0 0 , 0 0 0 bushels were sold at the seaboard
for export, port Manitoba. Prices eased 4 to 5c. lower for
the week.
DAIJLY CLOSING PRICES OF WHEAT IN NEW YORK.
S a t.

M on.

S a t.

M on.
124
12734

T u es.

W ed . T h u rs.

F ri.

No. 2 red------------ ----------------- c t s . l 3 8 K 1 3 8 )3 1 4 0
1 3 8 )3 1 3 5
13 434
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
September delivery in elevator.cts . 1 2 3 3 4
December delivery in elevator____ 1 2 6

T u es. W ed .
125
123M
128
12634

T h u rs.
F ri.
1 2 1 H 11 834
12434 122

DAILY CLOSING PRICES OF OATH KUTUHES IN CHICAGO.
S a t.

M on.

T ues.

Hoptumbor delivery In olovator.ctH. 8834 3834 38 'A
December delivery In elevator
4134 4034 41 34

W ed .

38
41

T h u rs.

F ri.

3754
4034

3634
3954

Rye declined after an early advance arid following the
expiration of the July delivery. Business has been light.
Offerings of new rye have been moderate. The visible
supply is only 1,346,000 bushels, even after an increase last
week of 742,000 bushels. A year ago the total was 2,655,000
bushels, following a decrease in the corresponding week of
350,000 bushels. Exporters on the 3d inst. took 48,000
bushels. To-day prices declined and they end 'I'/ty .. lower
for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
S a l.

M o n . T ues.

W ed .

T h u rs.

F ri.

•September delivery In olevator.cts.il5
11234 113
11234
1113410834
December delivery in elevator___ _____ 11134 11234 110)4 11034 108

The following are closing quotations:
GRAIN.
Oats—
Wheat—
No. 1 ______
No. 2 r e d ------------ $1 3 4 3 4
4834
Nominal
No. 1 spring--------No. 2 white.
48
Corn—
No. 3 white.
47
Barley—
No. 2 yellow______
$0.7534
Feeding___
68@72
Rye—
M alting___
1.18
No. 2.................—
78<§82
FLOUR.
Spring patents______$8 25@$ 9 25 Barley goods— Portage barley:
Winter straights, soft 6 15® 6 50
No. 1.......................$6 75
Hard winter straights 7 00® 7 50
Nos. 2,3 and 4 pearl 7 00
Clear______________ 6 00@ 6 75
Nos. 2-0 and 3 - 0 ... 6 6 .® 6 75
Rye flour___________ 7 75@ 8 25
Nos. 4-0 and 5 -0 ... 7 00
Com goods, 100 lbs.:
Oats goods—Carload
Yellow meal______ 1 92 34 @ 2 15
spot delivery______ 6 46@ 6 80
Cornflour________
Nom.

The statement of the movement of breadstuff's to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at —

F lo u r.

W h ea t.

C orn.

Oats.

B a rley .

Rye.

m s . i m b s . bush. 6 0 lbs. bush. 5 6 lbs. bush. 3 2 lbs. bushAS lbs. bush M ilb s.
2 6 6 ,0 0 0
M in n e a p o lis . _
M i l w a u k e e ___

S t . L o u i s _____
P e o r i a _______
K ansas C ity . _

3 3 ,0 0 0

1 3 7 ,0 0 0
4 3 ,0 0 0

I n d ia n a p o lis -_
T ota l w k .
Sam e w k.
Sam e w k.

’ 21
’ 20
’ 19

4 7 9 .0 0 0
2 4 2 .0 0 0
2 8 1 .0 0 0

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

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

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

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

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

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

2 3 0 .0 0 0
1 1 6 .0 0 0
3 1 .0 0 0
4 5 .0 0 0

6 3 5 .0 0 0
1 0 8 .0 0 0
2 1 5 ,0 0 0
2 0 ,0 0 0

•
1 9 ,0 0 0
1 ,0 0 0

1 1 ,0 0 0

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

9 8 9 .0 0 0
4 4 0 .0 0 0
6 8 7 .0 0 0

S i n c e A u g . 1—
1 9 2 0 - 2 1 _____ 2 6 . 5 7 7 . 0 0 0 3 9 9 . 5 8 9 . 0 0 0 1 5 9 . 0 0 3 . 0 0 0 2 3 8 . 6 0 8 . 0 0 0 3 1 . 1 8 5 . 0 0 0 2 0 . 6 5 4 . 0 0 0
1 9 1 9 - 2 0 _____ 1 9 . 8 8 5 . 0 0 0 4 4 5 . 6 4 7 . 0 0 0 2 2 2 . 0 9 9 . 0 0 0 2 1 5 . 4 6 2 . 0 0 0 3 3 . 3 2 0 . 0 0 0 4 0 . 8 7 1 . 0 0 0
1 9 1 8 - 1 9 _____ 1 7 . 0 1 9 . 0 0 0 2 5 1 . 6 0 5 . 0 0 0 2 3 1 . 4 0 0 . 0 0 0 3 0 1 . 1 4 0 . 0 0 0 1 0 3 3 8 5 0 0 0 4 1 . 1 1 8 . 0 0 0

Total receipts of flour and grain at the seaboard ports for
_________________
the week ended July 30 1921 follow:

Indian corn fell, owing to rains in the Central West, where Receipts at— F lo u r.
B arley.
Rye.
W heat.
Corn.
Oats.
they were most needed. Yet the firmness of wheat at times
B arrels.
B ushels.
Bushels.
B ushels.
B ushels.
held corn. Besides, an export demand made itself felt. N e w Y o r k ___ 2 2 2 , 0 0 0 B ushels.0 0
2 6 0 ,0 0 0
2 1 ,0 0 0
1 ,1 3 7 ,0
1 7 9 ,0 0 0
1 5 0 ,0 0 0
2 ,0 0 0
The seaboard wanted cash corn at Chicago at 3 to 2>y%c. P o r t l a n d , M e .
P h ila d e lp h ia .
5 7 .0 0 0
6 9 5 ,0 0 0
2 9 9 ,0 0 0
4 ,0 0 0
2 9 ,0 0 0
over September, f. o. b. Chicago No. 2 yellow and white B a l t i m o r e _____
4 2 .0 0 0
was 2c. over September. A commission house put the crop N e w p o r t N e w s
2 ,0 0 0
N
o
.
00
at 3,040,000,000 bushels, compared with 3,123,000,000 N eowr fO rl lke a___ * 1 1 5 ,, 0 0 0 1 . 4 1 0 . 0 0 0
ns
0 0
8 1 ,0 0 0
7 0 ,0 0 0
bushels by the Government last month, and final returns of G a l v e s t o n _____
1 .5 0 0 .0 0 0
M o n t r e a l _____
5 7 .0 0 0
9 5 9 ,0 0 0
2 ,3 9 1 ,0 0 0
1 ,2 2 8 ,0 0 0
2 8 8 ,0 0 0
5 6 ,0 0 0
3,232,000,000 bushels last year. The visible supply statement
2 ,0 0 0
2 ,0 0 0
2 8 ,0 0 0
2 4 .0 0 0
had a steadying effect for a time. It showed a decrease last B o s t o n ________
week of no less than 4,303,000 bushels, against only 229,000 T o t a l w k . ’ 2 1 5 1 9 , 0 0 0 7 , 6 8 8 , 0 0 0 2 , 9 7 0 , 0 0 0 1 , 6 3 0 , 0 0 0 4 7 5 , 0 0 0 7 2 3 , 0 0 0
in the same week last year. The total is now down to 14,- S i n c e J a n . 1 ’ 2 1 1 4 , 2 0 8 , 0 0 0 1 2 4 , 9 6 3 , 0 0 0 5 3 , 4 5 2 , 0 0 0 3 0 , 7 0 7 , 0 0 0 9 , 9 9 3 , 0 0 0 1 3 , 8 8 3 , 0 0 0
5 3 9 ,0 0 0
6 6 4 .0 0 0
1 3 8 ,0 0 0
1 ,1 4 3 ,0 0 0
587,000 bushels, against 6,152,000 a year ago. On the 3d W e e k 1 9 2 0 . . . 1 , 8 4 5 , 0 0 0 6 , 1 6 3 , 0 0 0
inst. 600,000 bushels were taken by exports and 900,000 S i n c e J a n . l ’ 2 0 1 4 , 3 8 3 , 0 0 0 9 5 , 2 2 1 . 0 0 0 1 2 , 0 9 4 , 0 0 0 1 4 , 6 1 0 , 0 0 0 6 , 3 9 5 , 0 0 0 3 3 , 9 3 3 , 0 0 0
e
l
bushels earlier in the week. At the same time farmers were o n * tR reoc u igpht sb idl los no of t l ai n ci nugd. e g r a i n p a s s i n g t h r o u g h N e w O r l e a n s f o r f o r e i g n p o r t s
h
d
offering more freely. Later prices fell owing to further
The exports from the several seaboard ports for the week
good rains. The weekly weather report too was favorable.
Liquidation was general. To-day prices fell. September ending July 30 are shown in the annexed statement:
sold at the lowest price seen in August since 1907. The
F lou r.
P eas.
Exports fro m —
Oats.
R ye.
Barley.
W heat.
C orn .
ending was 33^c. lower than a week ago.
B ushels.

DAILY CLOSING PRICES OF CORN IN NEW YORK.
S a l.

M on.

T u es. W ed .

T h u rs.

F ri.

No. 2 yellow------------------------ cts. 8334 8234 82
8134 8034 7534
d a i l y CLOSING PRICES OF CORN FEATURES IN CHICAGO.
,,, , ,
,
.
S a l.
M o n . T u es. W ed . T h u rs.
F ri.
September delivery melevat°r.cts. 6034 5934 5934 5854 5734 5654
December delivery in elevator----- 60)3
6 0 3 4 5934 59
5834 57

Bushels.

Barrels.

B ushels.

Bushels. Bushels. Bushels.

N e w Y o r k .....................
4 7 1 ,9 7 3 1 1 6 ,8 5 5
2 9 9 ,4 7 9
5 0 ,8 2 9 3 2 5 ,6 7 8
5 8 4 ,0 9 1
B oston . .
_1 1 1 ,0 0 0
1 9 3 ,0 0 0
P h ila d e lp h ia
2 9 4 .0 0 0
4 .0 0 0
B a ltim o r e
1 7 8 ,0 0 0
1 7 .0 0 0
6 9 7 .0 0 0
3a
N o rfo lk
5 .0 0 0
N e w p o r t , N e w s _____
—
—
2 .0 0 0
- - - - 0 4 .0 0 0
N e w O r l e a n s ________ 1 . 7 8 0 . 0 0 0
2 6 1 .0 0 0
G a lv e s t o n
1 .0 0 0
2 .2 9 3 .0 0 0
1 3 ,0 0 0
M o n t r e a l ___ _
8 3 .0 0 0 1 ,1 9 3 ,0 0 0 3 2 6 ,0 0 0 6 1 0 ,0 0 0
2 9 4 ,0 0 0 2 , 9 2 8 ,0 0 0

666

—

Oats prices also moved within a rather narrow groove
T ota l w eek.
5 ,9 4 2 ,0 9 1 3 ,8 1 8 ,9 7 3 2 9 2 ,8 5 5 1 1 ,6 8 5 ,4 7 9 5 5 4 ,8 2 6 9 3 5 ,6 7 8
despite big receipts, but prices did decline especially in the
900
6 6 3 , 6 1 8 1 7 2 7 2 3 6 1 0 1 ,1 0 4
4 ,1 8 4 ,7 5 2
1 1 3 ,5 6 5 4 3 0 , 1 0 3 '
IDecember delivery. Besides, the visible supply in this W e e k 1 9 2 0 . - . .
The destinatiqn of these exports for the week and since
country increased last week 1,562,000 bushels, against 226,0 0 0 in the same week last year.
The total is now 38,562,000 July 1 1921 is as below:
bushels, against 3,610,000 bushels a year ago. A orop report
Corn.
F lo u r.
W heat.
by a commission house surprised the trade with figures E xports fo r W eek,
Since
W eek
Since
and Since
making the yield 1,087,000,000 bushels on the basis of
W eek
W eek
Since
July 1
July 3 0 .
July 1 to —
July 3 0 .
July 1
July 1
July'A0.
threshing returns, with a crop of 900,000,000 bushels in
1921.
1921.
1921,
1921.
1921.
1921.
weight. The weight is very light in all sections. The crop
Bushels.
B u sh els.
Bushels.
B ushels.
Barrels. B arrels.
is the smallest since 1911, when it was 922,000,000 bushels, U n i t e d K i n g d o m _ 1 4 1 ,9 3 5 4 9 1 , 5 9 0 1 , 6 5 7 , 9 5 5 5 , 6 7 1 , 2 1 3 . 4 6 2 , 0 0 0 2 , 1 6 1 , 0 0 0
•se t year's final returns were 1,526,000,000 bushels. Later C o n t i n e n t . ___ . . . . 1 2 0 ,3 3 0 5 9 4 , 7 6 0 4 , 2 0 2 , 1 3 6 1 7 , 7 8 3 , 3 2 3 3 , 0 8 2 , 9 7 3 7 , 4 3 0 , 2 8 0
2 5 3 ,0 0 0
1 2 8 ,0 0 0
7 2 0 ,0 0 0
8 2 ,0 0 0
2 8 ,0 0 0
l,n" ,
a trifle, but only a trifle, a fact that impressed S o . & C e n t . A m e r . 0 , 0 0 0
2 1 ,0 0 0
6 6 ,0 0 0
W
3 7 ,0 0 0
.om< .
significant, in view of the large receipts and heavy B rel st t. NI n .dAi ems . G o l 8 . 1 , 0 0 0
o
3 2 ,5 3 5
slock.-. I he crop is much smaller and lighter than the last O t l i e r c o u n t r i e s .
1 1 ,5 9 0
.....................
................
,,n ' ‘ ,ia - is not, forgotten.
To-day prices declined, howTotal ______ 292,856 1 , 1 8 3 , 8 8 6 5 , 9 4 2 , 0 9 1 2 3 , 5 8 2 , 5 3 4 3 , 8 1 8 , 9 7 3 1 0 , 3 7 7 , 2 8 0
e ver
4 ,1 8 4 ,7 5 2
2 5 ,5 1 9 ,2 4 8
1 1 3 ,6 6 6
1 ,6 1 6 ,8 6 5
3 0 5 ,7 2 5
4 3 0 ,1 0 3
w ‘ n T.hcr grain arid closed 2c. lower than last Friday.
Total 1920
DAILY CLOSING PRICES OF OATS IN NEW YORK.
The world’s shipment of wheat and corn for tbo wook
S a l.
M o n . 'T ues. W e d .
T h u rs.
F ri.
,N 1 white _
o
- . . . ------ ct#_ 52
5134
5 3 5134 5134 4 3 ending July 30 1921 and since July 1 1921 and 1920 are
14
K4
No 2 white
shown in the following:
■
...............
5134 5
1
5
1
5
1
5
1
48
—

050

THE CHRONICLE
Wheal.

f t to m .

Corn.

IG 2 1 .

Week
July 3 0

Since
July l .

Week
July 3 0
B u sh tii .
2 .5 5 0 .0 0 0
9 4 8 ,0 0 0
4 .9 9 0 .0 0 0

-

bushels.

Bushels.

8 ,7 0 6 ,6 0 0
2 4 ,0 0 6
3 3 7 ,0 0 0
1 .6 2 4 ,0 0 6
bO.OOL

3 0 ,b ib ,U ijl
3 8 4 ,0 0 5
5 ,2 1 9 ,0 0 1 .
5 , 7 J8 .0 U L
5 9 2 ,U
CH

3 7 .8 9 8 .0 0 0

Oth. eountr’s
Total

19 2 1 .

Since
July 1.

Bus tin .

North Aiuer
Russ. <k H u n
J
Argentina
Australia__
I n d i a ---------

1920.

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

1920.

Since
July 1 .

Since
July 1.

Bushels.

bushels

1 0 .8 9 2 .0 0 0
2 ,2 3 1 ,0 0 0
1 8 .0 8 0 . 0 0 0

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

1 ,5 1 0 ,0 0 0
1 0 .8 3 1 .0 0 (1

4 2 .6 3 9 .0 0 0

6 3 2 3 6 ,0 0 0

8 ,5 0 8 ,0 0 0

3 2 ,7 1 9 ,0 0 0

8 ,9 2 2 ,0 0 a

The visible supply of grain, comprising the stocks in
granarj at principal points of accumulation at lake and
seaboard ports July 30 was as follows:
C H A IN
(ju it e u

STOCKS.

Wheat,
bush .

New York.

b OS toil___
Philadelphia.__
Baltimore ___
Newport News
New Orleans Galveston . . —
bulfalo . . . . . .
Toledo______ -.
Detroit_____
Chicago_____—
afloat
Milwaukee . .
Duluth . .
Minneapolis. .
St Louis.
Kansas City___
Peoria _ . _ ___
Indianapolis. ..

C om ,
bush.

Oats,
bush.

Rye,
bush.

7 1 8 ,0 0 0

S ta tes —

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

5 8 0 ,0 0 0
3 .0 0 0
1 8 6 ,0 0 0
9 6 ,0 0 0
________
5 9 ,0 0 0

8 ,0 0 0
2 ,0 0 0
2 ,0 0 0
4 5 9 ,0 0 0

4 9 2 ,0 0 0
2 ,3 3 4 ,0 0 0
.
...
...

..
...

O m a h a ....................
...
O n Lukes
O n Canal and R i v e r . .

2 .5 7 2 ,0 0 0
3 ,0 2 6 ,0 0 0
3 5 1 .0 0 0
6 4 6 ,0 0 0
14 0 0 0
3 ,4 2 9 ,0 0 0
8 5 4 ,0 0 0
1 6 5 ,0 0 0
4 2 0 .0 0 0
1 ,0 7 6 ,0 0 0
2 ,0 8 9 ,0 0 0
3 .3 4 2 ,0 0 0
1 ,0 0 0
4 3 2 ,0 0 0
1 .4 7 5 ,0 0 0
1 ,0 9 2 ,0 0 0
1 8 0 , LOO

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

Barley,
hush.
8 0 ,0 0 0
5 ,6 6 0
5 4 ,0 0 0
2 2 ,0 0 0

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

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

1 6 ,0 0 0
8 4 ,0 0 0

T o t a l J u l y 3 0 1 9 2 1 . . . . 2 . 6 5 8 , 0 0 0 1 4 ,. 8 7 , 0 0 0 3 8 , 5 6 2 , 0 0 0
1 ,3 4 6 ,0 0 0
1 ,8 4 5 ,0 0 0
1 o t U J u l v 2 s 99
6 0 4 ,0 0 0
. -1 9 ,^ 3 7 ,0 0 i 1 8 ,8 9 0 ,0 0 0 3 7 ,0 0 0 ,0 0 0
2 ,0 0 7 ,0 0 0
! o ta l
17. 8 3 ,0 0 0
9 .0 .
6 ,1 5 2 ,0 0 0
3 ,6 1 0 ,0 0 0
2 ,5 5 5 ,0 0 0
2 .9 2 3 ,0 0 0
V ote.- i u n t ie d g r a i n n o t i n c l u d e d a b o v e . O a t s , 1 4 0 , 0 0 0 b u s h e l s N e w Y o r k ; t o t a l ,
1 4 0 , 0 C 0 b u s it* Is,
17 , 0 0 j in 1 2 0 ; b a r l e y . N e w Y o r k , 5 , 0 0 0 b u s h e l s ; D u l u t h ,
j ; 0 3 0 b u s u e s ; t o t a l , 7 . 0 0 0 b a b e l s , a g a i n s t 1 1 1 ,0 0 0 b u s h e l s I n 1 9 2 0 ; a n d w h e a t ;
7 ,0 0 0 b u .-b e li N e w Y o r k , 2 5 ,0 0 0 B a lt im o r e , 8 3 ,0 0 0 B u ff a lo , 3 ,0 0 0 P h ila d e lp h ia ,
t a l, 1 4 8 ,0 0 0 b u s h e ls i n 1 9 2 1 .
C a n a d ia n —
M o n t r e a l ______________________ 1 , 1 3 8 , 0 0 0
1 ,9 0 8 .0 0 0
2 ,7 4 9 ,0 0 0
1 5 8 ,0 0 0
3 9 5 ,0 0 0
F t . Y V ilila m & P t . A r t h u r . 4 , 5 5 8 , 0 1 0
__
5 ,7 2 0 ,0 0 0
________
1 ,1 3 3 ,0 0 0
3 7 1 .0 0 0
..
...
1 .6 7 5 .0 0 0
...............
6 7 1 ,0 0 0
O t h e r C a n a d i a n . . - ..................

July

agaliiftl

T o t a l J u ly 3 0 1 9 3 1 _ 6 ,6 n 7 ,0 0 0
_
1 ,9 6 8 ,0 0 0
T o t a l J u ly 2 3 1 9 2 1 . .
6 ,6 4 1 ,0 0 0
1 ,5 6 0 ,0 0 0
T o t a l J u ly 31 1 9 2 0 . .
4 ,6 0 6 ,0 0 0
8 ,0 0 0
S u m m ary—
A m e r i c a n ________________
. 2 4 ,6 8 8 ,0 0 0 1 4 ,5 8 7 ,0 0 0
C a n a d i a n ________
6 ,0 6 7 ,0 0 0
1 ,9 6 8 ,0 0 0
T o t a l J u ly
T o t a l J u ly
T o t a l J u lv

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

1 5 8 ,0 0 0
3 9 ,0 0 0
5 1 3 ,0 0 0

2 ,1 9 9 ,0 0 0
1 .6 S 0 .0 0 0
S 9 4 .0 0 0

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

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

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

3 0 1 9 2 1 ______ 3 0 , 7 2 5 , 0 0 0 1 6 , 5 5 5 , 0 0 0 4 8 , 6 5 6 , 0 0 0
2 3 1 9 2 1 ______ 2 5 , S 7 S ,0 0 0 2 0 , 1 0 0 , 0 0 0 4 6 , 5 4 3 , 0 0 0
3 1 1 9 2 0 _____ 2 2 , 1 8 9 . 0 0 0
6 . 1 iO.OOO
2 .4 9 1 ,0 0 0

1 ,5 0 4 ,0 0 0
6 4 3 ,0 0 0
3 ,0 6 8 .0 0 0

4 ,0 4 4 ,0 0 0
3 ,6 8 7 ,0 0 0
3 ,S 1 7 ,0 0 j

WEATHER BULLETIN FOR THE WEEK ENDING
AUG. 2.—The general summary of the weather bulletin
issued of the weather for the week ending Aug. 2, is as
follows:

C O T T O N .—C otton made fairly good progress in Texas, b u t is needing
rain in some localities, with com plaints of shedding and p lan t dying. The
crop m ade fairly good advance in th e northern and western districts of
Oklahoma, but shows only fair progress or deterioration in th e south and
central and southeastern portions. T he w eather was generally favorable
in Arkansas; th e crop is fruiting very well in th e western portion and fairly
well in both central and southern districts. Progress ranged from poor to
fairly good in Mississippi and fair generally in A labam a and Tennessee.
Condition and progress are reported as poor in Georgia where cultivation is
m ostly finished. Fairly satisfactory growth was m ade in South Carolina,
but fruiting was reported as ranging from poor to only fairly good generally,
while weevil are very numerous and doing m uch damage except in th e
northern portions. No m aterial change in th e condition of cotton was
reported in N o rth Carolina, (out continued rain caused shedding in portions
of Florida. D ry treat her has resulted in a notable decrease in weevil
activity in Texas, Oklahoma and Arkansas, b u t m uch dam age continues in
m any localities. They continue very active also in m any sections east of
th e M ississippi river, especially in A labama, Georgia and South Carolina.
W H E A T .—W inter wheat ha vest advanced rapidly in th e late N o rth 
w estern districts under generally favorable w eather conditions. H arvesting
of spring w heat was well along to th e northern lim its of th e belt and th resh 
ing was in progress in th e southern portion. L ate spring w heat needs rain
in some of th e northw estern districts. As threshing progresses reports of
unsatisfactory yields of spring w heat continue.
C O ltN .—Copious rains in m uch of the corn b e lt, especially in th e northern
portion, relieved to a large extent w hat was fast becoming a very serious
drouth. The rainfall checked rapid deterioration in m ost districts in th e
Ohio Valley States, although insufficient in some sections of this area,
particularly in most of K entucky and in southern Illinois, while perm anent
injury has resulted in considerable portions of Ohio. The rainfall was
very beneficial in the New E ngland States. E arly corn is a poor crop in
m uch of the South, b u t th e late planted shows im provem ent.

THE D R Y GOODS TRADE.

N e w Y o r k , F r i d a y N ig h t, A u g . 5 1921.
While there have been no radical developments in the
situation during the week the general tone of the dry goods
market appears to be stronger. The opening of the spring
1922 season by the American Woolen Company was well
received. Within the course of a few days several of the
lines of this company were sold out and withdrawn from
the market. The attitude of buyers has been very encour
aging and the rush to secure goods has had a stabilizing in
fluence on the situation. This has been particularly true
in view of the fact that the American Woolen Company in
its new offering has not reduced prices, but in fact has
slightly advanced quotations on some lines over their prices
for the spring season of the current year. A great many
well-informed observers contended that this stand on the
part of this large company would tend to dissatisfy re
tailers, who are constantly seeking the lowest prices ob
tainable in order to draw customers during this period of
depleted public purchasing power. The situation, however,
has confirmed the judgment of the American Woolen Com
pany, as is testified to by the response to the opening.
Other companies are also offering goods, and buyers are
arriving in New York in increasing numbers. Sentiment
among retailers appears to be fairly optimistic, and, while

[V ol. 113.

a great many of them still have high-priced goads in stock
reports tend to show earnest effort being made to move
these goods in heavy quantities. The buying for the fall
season now at hand is still occupying attention, and there
is an impression prevalent that retailers have not pur
chased sufficiently for this season to cover their requireJJiSS' n£ l llV« ries for f a l 1 w i l 1 Probabiy be late, and curttulid piodiictnm on the part of many manufacturers is
to I m i L C U8! inconvenience to retailers who attempt
t
a
) supply their stock on the hand-to-mouth basis
J ^ ES? IC COTTON GOODS.—The market during the
seek lias been fairly active and 1ms ruled steady. There
lias been some disposition shown to advance prices on cer
tain lines, both on account of a consistent demand, and as
ie result oi the action of cotton on the Government Conunion Report. Mills in many cases have secured all of the
orders necessary for their use during the next two months
and are displaying reluctance to accept business beyond
mat time, at least on the present market. The demand for
export lias proved encouraging, the week bringing reports
fiorn several of the larger houses of substantial orders,
ine export business has increased steadily, and in some
lines the volume now outward bound compares favorably
2? , Percentage basis with the consumption in this country
a
Hus is encouraging to dealers, in view of the necessity
evidently existing for cotton goods from this country, as
(winced by tins buying in the face of adverse exchange con
ditions. The vast majority of export orders have been for
sheetings, although there has been an improvement shown
in the demand for twills in this field. Some Southern mills
are running exclusively on export orders for Central and
South America. Sheetings have strengthened in the mar
ket owing to good demand. At present 37-inch, four-yard
48-squares are being quoted at 6 %c for future delivery and
spots are bringing a slightly advanced price. Print cloths
arenow trading at 6 %c for 38 M inch 64 x 60’s, and 6 8 x 72’s
r
at 8 %c. Converters are beginning to be more active in
the market and are inquiring for a wider diversity of matenal. Fine goods have remained quiet, with prices steady.
I here is still some buying of seasonal goods in small lots
for immediate delivery, but this phase has practicallypassed except in rare instances.
WOOLEN GOODS.—The woolen goods section of the
market has been very active throughout the week, both in
the dress goods and men’s wear divisions. Beginning with
the heavy buying of the offerings of the American Woolen
Company in both sections the trade has experienced incieasing activity. Some of the lines of dress goods on offer
led in the volume of quick sales. Buyers who are in the
market for their spring 1922 requirements have so far
shown only the average desire for selections, confining
themselves at the openings to goods of stable quality. Cloth
ing manufacturers are not in favor of this early opening,
nor do they favor the prices at which the openings are be
ing quoted. They contend that the retailer will want gar
ments to offer the consumer at even lower levels than is
to be the case this fall, and that if they cannot offer them
they expect buying to decrease. It is being generallv
agreed that this presumption is correct and that the con
sumer yvill demand substantial reductions in prices, but
that the narrowing of price must come from the clothing
manufacturer, channels of distribution, and the turn-ewer
of the retailer. Cutters are still heay-ily engaged on fall
requirements, and in some cases deliveries have been made.
This matter of deliveries is causing apprehension to the
trade, as some retailers are apparently in fear that they
yvill open the season with practically empty shelves. There
is still evidence being shown of the desire of retailers to
augment the stocks which they have ordered for the fall
season and they are at present picking up all offerings that
are available. This field is limited at present, owing to
the curtailed production of many plants.
FOREIGN DRY GOODS.—Instead of the apathy which
burlap has so long displayed, there has been a turn for the
better. At present trading in burlap is active, and dealers
are giving increasing evidence of interest in the market.
The prices on burlap are 3.40c for spot lightweights and
4.30c for heavies. This is no advance over the market
which has prevailed during the past few weeks, and some
dealers are evidently under the impression that there will
be an upward movement in the very near future from the
increased activity shown. Indications are that the packing
season in this country yvill be nearly normal, and that the
consumption of burlaps within the next few months will
register an increase, and some dealers are purchasing with
that in view. Advices from Calcutta show that market
to be steady. Futures are being quoted at a slightly higher
rate, and crop reports continue to he of a favorable char
acter.
The linen situation in this country is gradually becoming
more acute. There has been little trading during the week
beyond the usual buying of several department stores ii;*d
hotels for their fall requirements. So far there is very
little disposition shown by dealers over the country to
cover their demands. While this is attributed to the stag
nant condition of business generally at this time of the
year, normally a brisk demand might be expected, and so
far it lias not been in evidence. The importers are appar
ently still uncertain of the outcome of the tariff question
and are purchasing from Europe lu very limited quantities

A

ug.

THE CHRONICLE

6 1921.]

^h.e (fThrom
de
PUBLISHED WEEKLY
T e rm s of S u b s c r ip t i o n — P a y a b le in A d v a n c e
For Oiio Year........... ........................- .............................................. ..
Por Six Months------------------------- --------------------- — ............................ o uu
European Suhscrlptlon (including postage). . ------- ----_ 1:5 50
European Subscription six months (Including postage) .............
7 75
1150
Canadian Subscription (Including p osta g e) ........ ................ NOTICE.— On accou n t o f th e flu ctu a tion s In th e rates o f exchange,
remittances for European subscriptions and advertisem ents must: be made
in New York fu n d s.
S u b s c r ip t i o n in c l u d e s

BANK AND Q uot a t io n (m onth ly )
R a i l w a y E a b n i n o s (m onth ly )
S ta tb a nd C ity (semi-annually)

fo llo w in g

Supplements—

R a i l w a y * l nddstb tal (semi-annually
E l bct ki o R a i l w a y (semi-annually)
I5ankior 8’ O onvfintion (yearly)

Term s of A dvertising
Transient display matter per agate lino--------------------------------45 cents
Contract and Card rates___________________________________ -On request
C hica go O f f i c b —19 South La Salle Street, Telephone State 5591.
L ondon O f f i c e —Edwards & Smith. 1 Drapers' Gardens. K. O.
W I L L I A M B. D A N A C O M P A N Y , P u b lis h e r s ,
Front, Pine and Depeyster Streets. New Yo rk.

.plate attd City Bqmtiucni

panies at par; and St. Paul, Minn., $1,000,000 30-year
school bonds awarded to Eldredge & Co. and the Merchants’
Trust & Savings Bank of St. Paul at 104.19, as follows:
$500,000 as 5 ^ s and $500,000 as 6s.
The total of $96,931,371 bonds placed, as given above,
includes only permanent bond issues by places in the United
States. There were also negotiated last month $29,575,000
temporary or short-term loans including $25,415,000 revenue
bills, corporate stock notes and tax notes of the City of
New York. In addition, Canadian obligations sold in July
totaled $11,034,387, including an issue of $5,000,000 Province
of Ontario 6% debentures.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
1921.

s

BOND

SALES

IN

JULY.

The output of municipal bonds during July, while not as
large as the June total (which included $31,800,000 5s sold
by the State of New York and $15,000,000 5s sold by the
State of New Jersey) .aggregated nevertheless $90,931,371.
The June total was $110,269,646. For the seven months
ending July 30 the total reaches $558,930,238, compared with
$379,671,407, the aggregate for the same period last year.
The feature of the market in July was the sale by the State
of Michigan of $23,000,000 bonds and notes, consisting of
$15,000,000 5 % % soldiers’ bonus bond at 100.46, a basis of
about 5.71%, $5,000,000 6% notes (part of an issue of
$15,000,000 soldiers’ bonus notes) at par, and $3,000,000
6% highway improvement notes, at par, to a syndicate
composed of the Bankers Trust Co., the Guaranty Trust
Co. of N . Y ., the National City Co., Harris, Forbes & Co.,
Estabrook & Co., Halsey, Stuart & Co., Inc., the William
R. Compton Co., Kissel, Fannieutt & Co., E. H. Rollins
& Sons, Remick, Hodges & Co., Stacy & Braun, Eldredge
& Co., Eastman, Dillon & Co., Redmond & Co., Ames,
Emerich & Co., Hannahs, Ballin & Lee, Blodget & Co.,
all of New York; the Detroit Trust Co., the First National
Co., Keane, Higbie & Co., Watling, Lercben & Co., of
Detroit, and others.
Other large sales made during the month of July were:
State of Washington $6,000,000 6% general fund bonds to a
syndicate headed by the National City Co., at 101.538, a
basis of about 5.83%; Chicago Sanitary District, 111.,
$5,000,000 5% 1 to 20 year bonds awarded to a syndicate
composed of the Bankers Trust Co., Stacy & Braun, Han
nahs, Ballin & Lee, Curtis & Sanger, Estabrook & Co.,
Dominick & Dominick, Eldredge & Co. and Merrill, Old
ham & Co., at 94.84, a basis of about 5.66%; Philadelphia,
Pa., $5,000,000 5)/2% 50-year bonds sold to a syndicate
composed of the National City Co., Harris, Forbes & Co.,
the Bankers Trust Co., Montgomery & Co., Ine., Kissel,
Kinnicutt & Co., Graham, Parsons & Co. and Estabrook &
Co., at 104.139, a basis of about 5.265%; the State of Cali
fornia $4,878,000 5 % % highway bonds to a syndicate led
by the Guaranty Company of N. Y ., at 100.401, a basis of
5.70%; Baltimore, M d., $4,277,000 5% bonds, consisting
of $2,348,000 general improvement bonds and $1,929,000
water bonds, to a syndicate headed by Estabrook & Co.,
at 96.51, a basis of 6.13%; Newark, N. J., $2,249,000 5 ^ %
bonds awarded to the Ironbound Trust Co. and the Federal
Trust Co., of Newark, jointly, as follows: $1,799,000 school
bonds at 100.10, a basis of 5.49%; $250,000 public improve
ment bonds at 100.10, a basis of 5.48%; $100,000 fire-house
bonds at 100.10, a basis of 5.49%, and $1,000,000 fireapparatus bonds at par; the State of Oregon $2,000,000 5 ^ %
highway bonds to a syndicate headed by the Bankers Trust
Co., at 100.147, a basis of 5.49%; the State of Maine $1,750,000 5% highway bonds awarded to Brandon, Gordon &
Waddell and the Fidelity Trust Co., of Portland, jointly,
at 98.147, a basis of 5.224%; Seattle School District No. 1,
Wash., $1,725,000 6 % school bonds to a syndicate headed
by the Seattle National Bank at 100.52, a basis of 5.96% ;
Minneapolis, Minn., $1,230,000 5% school bonds sold to a
syndicate headed by Eldredge & Co., at 94.81, a basis of
C a , Norfolk, Va., $1,165,000 6% water bonds to Hanna . , Tallin & Leo and Estabrook & Co., jointly; Cincin
nati C.; 31 ,000,000 5 % % rapid transit railway system
bonds to a syndicate headed by Halsey, Stuart & Co., at
J0J .177; the State of Mississippi $1,000,000 5'A % improve
ment^ bonds _fo„ a group of_JNow Y o r k jifo insurance com

1920.

s

1919.

s

1918.

s

1917.

s

Permanon.tloans (U.S.) 90,931,371 57,009,875 83,990,424 23,142,908 «02,828,199
*Tomporaryloans(U.3.>29,575,000 23,974,380 37,420,000 50,090.000 15,02.3,000
Canadian loans (pcrm't)ll,034,387 9,710,155 x78,376,959 '2,490,7705105,005,227
BondsotU.S. Possess’nsl 1,000,000
None
200,000
None
None
Gen.Iuiitlbds. (N.Y.C.)
None
Nono
Nono
None 15,000,000
Total. .

M UNICIPAL

051

........148,540,758 90,700,410 190,987,383 82,323,684 227,856,726

* Including temporary securities Issued by New York City, S25.415.000 in July
1921, SI 1,805,000 In July 1920, $19,260,000 In July 1919, 353,000,000 In July 1918
and $7,750,000 in July 1917. a Includes $55,000,000 Now York City bonds, b In
cludes $1011,000,000 Dominion of Canada 2-yeir notes, i Include $75,000,000
2-year notes and 10-ycar bonds of the Dominion of Canada.

The number of municipalities emitting long-term bonds
and the number of separate issues during July 1921 were
283 and 359, respectively. This contrasts with 258 and 492
for June 1921 and with 306 and 419 for July 1920.
For comparative purposes we add the following table
showing the aggregates for July and the seven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
M o n th o f
Ju ly.

1921___
1920 ___
1919___
1918___
1917___
1916___
1915___
1914___
1913___
1912___
1911___
1910___
1909 ___
1908 ___
1907 ___

F o r the
Seven M o n th s.

M o n th o f
J u ly .

F or the .
Seven M o n l h s .

___ $96,931,371 $558,930,238 1906 . . ____ $25,442,095 $127,780,340
122,601,356
___ 57,009,875 379,671,407 1905 -. ____ 10,878,302
171,102,409
___ 83,990,424
389,641,253 1904 . . . ____ 33,233,254
95,246,674
___ 23,142,908
174,909,192 1903 . . ____ 15,670,240
100,489,945
311,407,599 1902 . . . ____ 12,861,550
___ 92,828,499
69,485,555
___ 37.611,448
321,076,020 1901 . . ____ 8,262,495
86,017,708
356,818,480 1900 . . ____ 8,101,043
___ 33.8S9.87C
81,959,334
___ 26,776,973
384,334,150 1899 . _ ____ 18,613,958
51,947,110
___ 23,477,284
242,356,554 1898 . . ____ 7,868,563
90,665,236
276,768,423 1897 . . ____ 17,389,859
___ 30,479,130
48,490,459
255,493,667 1896 . . ____ 5,313,495
___ 42,231,297
72,366,273
198,678,899 1895__ ____ 15,374,660
___ 35,832,789
74,680,229
227,245,954 1894 __ _____ 8,253,237
___ 20,120.647
34,354,715
___ 21,108,678
190,191,257 1893 . . ____ 1,691,600
53,232,391
___ 16,352,457
131,700,346 1892 __ ____ 4,139,100

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will be given later.

N E W S I TEMS .
Missouri.— H i g h w a y B o n d B ill P a s s e d b y L e g is la t u r e .—A
bill proposing that the State issue $60,000,000 of bonds for
highways was passed by both Houses of the Missouri Legis
lature on July 30. An amendment to the bill provides
that no bonds will be issued until March 1 1923. A special
dispatch from Jefferson City to the “ Globe-Democrat”
dated July 31 said:
The bill to authorize the issuance of the $60,000,000 in road bonds was
the last matter of importance dealt with in the Legislature. The Repre
sentatives passed the bill at about midnight, after amending it several
times, and sent it back to the Senate for concurrence, then left the Capitol.
The Senate was forced either to agree to the amendments put on by the
House, or, by refusing to concur, kill the bill. So the Senate concurred
although Senators offered objections to several of the House amendments.
As amendod no bonds will be issued until March 1 1923, which will delay
the construction of roads for several months. The Senate bill provided that
the first bonds be issued Jan. 1 1922 in order to speed up construction.
The excuse for postponing the issuance of the first $10,000,000 of bonds
given by J. G. Morgan of Putnam County and other House members was
that the Highway; Department created by the new law will have all that it
can do next year in getting up surveys and estimates and mapping out pre
liminaries. T was further argued that contracts under the Morgan-Mct
Culiough law will appropriate virtually all of the automobile license fees
for tho next year.
Many of the House members did not want to issue the $60,000,000 of
bonds at all, which was one reason for the postponement of the date when
the first lot of $10,000,000 will bo issued. The measure passed provides
that after the first allotment of $10,000,000 are Issued that the bonds shall
be issued in lots of $5,000,000 annually.
The bonds draw interest at 5% and cannot be sold under the bill passed
for less than 95- That would be equivalent to paying a bonus of $3,000,000
for tho sale of tho bonds. An amendment by Myers of St. Clair provided
that in tho sale of bonds bids for as low as $5,000 of the bonds must be
accepted.
The bonds are to be paid, principal and Interest, from automobile license
foes. As tho constitutional amendment authorizing the bonds was adopted,
it provided only for the payment; of the principal. An amendment was sub
mitted at tho regular session to be voted upon at the election Tuesday
authorizing the payment of interest from the motor registration fees.
Another amendment was submitted at the extra session to be voted upon
November 1922, which is for the payment of road maintenance costs from
the automobile fees.
^

BOND PROPOSALS AND
this week have been as follows:

NEGOTIATIONS

ALAMOSA AN D CONEJOS CO U N TIES JOINT CO NSOLID ATE D

S C H O O L D I S T R I C T N O. 24, Colo.
IIO N D E L E C T I O N — S A L E .—
Tho International Trust Co. of Denver has purchased $12,000 6Ua% 10-20yoar (opt.) school-building bonds, subject to be rotod on at an election
soon to bo called.
A L E X A N D R I A , Fairfax C o u n t y , V n . — I I O N D O F F E R I N G —-Edmund
F. Ticer, Chairman Finance Committee, will receive sealed bids until 12 m.
Aug. 11 for $300,000 6% coupon street-linprovemont and gonoral fund
bonds. Denoin. $1,000. Date Oct. 1 1921. Int. A. & O. Due on Oct. 1
as follows: $9,000, 1924 to 1955, inclusive, and $12,000, 1956.
A L L E N C O U N T Y (P. O . Fo rt W a y n e ), In d.— BON'D O F F E R I N G . —
E . G. Kampn, County Treasurer, will receive bids until 10 a. m. Aug. 10

0 5 ‘£

TH E CHRONICLE

tor $26,000 5 % Sheldon roail bolide.
Dunoni. $650
D ate July l 1921.
lilt. \1 & N .
l
D u e $1,300 each six m onths from M a y 1.5 1922 to Nuv .
15 1931. iuci.
A M H ER ST, Lorain C ou n ty, O hio.
BON DS N O T SOLD
T h e two
issuer o f 6 % paving bonds aggregating $24,000 w hich were offered on July
23 (V . 113, p 315) were not sold.
A R A P A H O E C O U N T Y S C H O O L D I S T R I C T N O . 35, C o l o .
BOND
E L E C T IO N —S A L E
Lien well Phillips & C o ., D en ver, have p u rch a sed ,
su b ject to being voted , $6,000 6 % % , 1 12 yr. serial sch ool b la g, bonds.
D en om . $500.
A R G Y L L , M a rsh a ll C o u n t y , M i n n
B O N D S \.LE
On July 29
$25,000 6 % fun din g bonds were acquired b y O ates, W hite & C o . o f St. Paul
at par and interest
D en om . $1,000. D a te A ug. 1 1921.
lilt. P . & A .
D ue $1,000 1924 anti $200 each year thereafter.
A S H 1A B U L A , A s h t a b u l a C o u n t y , O h i o .
B O N D OFFERIN G.
\1
A 'Taylor, C ity A u d itor, will receive sealed proposals until 12 m . A u g 15
for $100,000 6 % bonds.
D en om $1,000
D ate M a r. I 1921.
h it.
M A S
D ue yearly oil Sept 1 as follow s: $8,000 from 1925 to 1927, in cl.;
$12,000 from 1928 to 1933, im l
s 16,000 from 1934 to 1936, inel
$ 20,000
from 1937 to 1939, in d
$24,000 from 1940 to 1942, in d .; $ 28,000 in 1943
and $ 32,000 on S ept. 1 1944; M ar. 1 1945 and on S ep t. I 1945. C ert,
ch eck for 2 % o f the am ount bid for, p aya b le to the C ity Treasurer .required.
Purchaser to p ay a ccru ed interest.
B A Y C I T Y , B a y C o u n t y , M ic h .
BOND O F F E R IN G ,— H . W . Stickle,
C ity M an ager, w ill receiv e sealed b id s until 4 p . in. A u g , 9 for $1,000,000
5 C % w ater b ond s.
In t. p a y a b le sem i-ann u ally in N ew Y ork . C e rt'
ch eck for $10,000 requ ired.
T h ese are the sam e b on d s w hich w ere offered w ith ou t success on July 11
(V . 113, p . 3 1 5 ).
The official notice o f this bond offering may be foun d among the advertise
ments elsewhere in this Departm ent.
BEAUMONT

SCHOOL

DISTRICT,

Riverside

County,

Calif.

B O N D O F F E R IN G .— D . G . C la y to n , C lerk B oard o f Supervisors (P . O.
R iverside) will receive sealed bids until 11 a. m . A u g. 8 fo r $ 49,000 6%
sch ool bonds.
D en om . $ 1,000. D ate J u ly 1S 1921. In t. sem i-ann .
D ue
as follow s: $ 2,000, 1923 to 1933 and $3,000, 1934 to 1942, in cl. Cert
ch e ck for 5 % o f bid p a ya b le to the a b o v e clerk , required.
B E L L E F O U R C H E , B u t t e C o u n t y , S o . D a k . — BON D OFFERIN G.
N P. Lang, C ity A u d itor, will receive sealed bids until A ug. 9 fo r $15,000
6 % sem i-ann. m u n icipal bld g, b on d s. D u e A u g. 1 1941. C e rt, ch eck
fo r $1,500 requ ired.
B E S S E M E R , J e f f e r s o n C o u n t y , A la .— BOND S A L E .— T h e “ B irm ing
ham A g e -H e ra ld ” o f J u ly 30 said “ T h e city o f B essem er sold on July 29
$105,000 w orth o f roa d -im p rov em en t bonds and $100,000 w orth o f sch ool
b on d s
S u llivan , L on g & H a g erty . con tra ctors, bou g h t th e ro a d -im p ro v e 
m ent b onds and the First N a tion a l B ank o f Bessem er w as th e purchaser
o f th e sch o o l b on d s. T h e roa d b onds, w ith a ccru ed interest, were sold at
par and bear 7 % interest . T h e sch ool bonds w ere sold at 7 8 % and will
m atu re in 1941. T h e road b on d s w ill m atu re in 1931. A s soon as th e
leg a lity o f th e bonds is ratified b y a ttorn eys the street im provem en ts will
begin and th e p a vin g o f the city w ill b e finished. A cco rd in g to M a y o r
B . C . Jones, b y A u g. 15, everyth in g w ill lik ely be rea d y fo r the w ork o f
p avin g to s ta r t.”
B I G H O R N C O U N T Y S C H O O L D I S T R I C T N O . 20 ( P . O . B u r l i n g 
t o n ) , W y o . — B O N D S A L E .— T h e $20,000 6 % sch o o l-b u d d in g b o n d s

offered on J u ly 15 (V . 112. p . 2659) h a v e been sold to th e State o f W yom in g
at par.
B I N G H A M T O N , B r o o m e C o u n t y , N . Y . — B O N D S A L E . — T h e $ 47,000
5 A % sch o o l im p rovem en t b on d s offered on J u ly 30 (V . 113, p. 553) were
l
so ld to the P eoples T ru st C o . o f B in gh a m ton at p ar and accru ed interest.
D en om . $ 1,0 00 . D a te June 1 1921. In t. J. & D . D ue from 1922 to 1931,
in clu sive.
B L O O M E R S C H O O L D I S T R I C T i P . O . B 1o o m e r ) , C h i p p e w a C o u n t y ,
W i s e . — P R I C E .— T h e price p aid fo r the $ 45,000 sch ool b onds aw arded as

stated in— V . 113, p . 437-—'w as par.
B O N N E V I L L E I R R I G A T I O N D I S T R I C T ( P. O . B o u n t i f u l ) , D a v i s
C o u n t y , U t a h . — B O N D E L E C T I O N .— On A u g . 15 $125,000 b o n d s will

b e v o te d u pon .

B O S T O N , M a s s . — B O N D S A L E .— D u rin g J u ly the fo llo w in g b on d s were
purchased at par b y th e sinking and trust funds.
A m t. Int.rate Purpose.
Dale.
D ue.
$200,000 5 % Stuart Street J u ly 1 ’ 21 $10,000 y r ly . J u ly 1922 to 1941 incl.
6 0.0 00 5 % C ity H osp ital
Im p t.
J u ly 1 ’ 21
3 ,000 y r ly . July 1922 to 1941 incl.
3 0.000 5 % C ou rt H ouse J u ly 1 ’ 21
1,500 y rly . July 1922 to 1941 in cl.
7 ,500 5 % M a rin e Park J u ly 1 ’ 21
1,500 y r ly . J u ly 1922 to 1926 incl.
B O U L D E R C O U N T Y S C H O O L D I S T R I C T N O . 6 (P. O. L o n g m o n t )
C o l o . — CORRECTION .— T h e a m ou n t o f the 6 % 10-20 year (o p t.) sch ool

b on d s aw arded to the Bankers T ru st C o ., D e n v e r, on J u ly 13 w as $8,000
(n ot $5,000 or $6,000 as stated in V . 112, p . 2787). D a te J u ly 15 1921.
In t. sem i-ann. p a y a b le in N ew Y o rk . These b on d s w ere carried b y a v o te
o f 7 to 0.
B R A Z I L , C l a y C o u n t y , I n d . — BON D S A L E .— T h e 810,000 5 % % park
b on d s offered on A u g . 2 (V . 113. p . 553) were sold t o th e F irst N a tio n a l
Batik o f B razil at par and accrued interest. D a te J u ly 1 1921. D u e $500
y e a rly on July 1 from 1922 to 1942, in cl.
B R O C K T O N , P l y m o u t h C o u n t y , M a ss.— BON D O F F E R IN G .— John
J. O ’ R e illy , C ity Treasurer, w ill receive sealed p roposals u n til 12 m . A u g . 8
fo r th e purchase o f th e follow in g 5 ¥2 % cou p on b onds:
$90,000 “ B ro ck to n sewerage loan A c t o f 1921” b on d s.
D en om . $1,000.
D a te J u ly 1 1921. D u e $5,000 yea rly on J u ly 1 from 1922 to 1931
in cl. and $4,000 yea rly on July 1 from 1932 to 1941, incl.
3 0 ,0 0 0 ‘ ‘ B rock ton W a ter loan o f 1918” b on d s.
D e n o m . $1,000. D a te
J u ly 1 1921. D u e $2,000 yearly on J u ly 1 from 1922 to 1931 incl.
and $1,000 yea rly on July 1 from 1932 to 1941, incl.
30,000 “ departm ental equipm ent loan o f 1921” b on d s. D en om . $1,000.
D a te J u ly 1 1921. D u e $6,000 yearly on J u ly 1 from 1922 to 1926,
in cl.
18.500 “ sidew alk loan o f 1921” b ond s. D en om . $1,000 and $500. D a te
M a r. 1 1921. D u e $4,500 on M a r. 1 1922: $4,000 on M a r. 1 in
1923 and 1924 and $3,000 on A lar. 1 in 1925 and 1926.
In t. on first three issues is p a y a b le J. & J. and on fou r it is p aya b le M . & S.
P rin. and sem i-ann. int. p a y a b le at the First N a tion a l B an k o f B oston
w here th e b on d s w ill b e delivered to th e puVchaser on o r a b o u t A u g. 12 1921.
T h ese b on d s are exem pt fro m taxation in M assach u setts and are engraved
under th e su pervision o f a n d .certified as to genuineness b y the First N ation al
B a n k o f B oston ; their legality w ill be ap p rov ed b y Storey, T h orn d ik e,
P alm er & D o d g e , w hose op in ion w ill be furnished th e purchaser. A ll legal
papers in cid en t to these issues w ill be filed w ith said b a n k w here th e y m ay
be in sp ected a t a ny tim e .
Financial Statement, A u g . 1 1921.
Assessed v a lu a tio n 1918 less a ba tem en ts---------------------------------- $53 ,98 2 ,50 0 46
A ssessed v a lu a tion 1919 less a ba tem en ts---------------------------------- 5 4.506,715 40
Assessed va lu a tion 1920 less a ba tem en ts---------------------------------- 6 0,323,310 30

$168,812,526 16
A verage va lu a tion for years 1918-1919-1920--------------------------- $ 56,270,842 05
T o ta l b on d ed debt (in clu din g issues as a d v e rtise d )------------------$ 4,372,650 00
Deductions—
W a ter b o n d s ______________________________________ $1,6 29 ,2 00 00
Sew erage b o n d s __________________________________
747,700 00
150,500 00
Surface drainage b o n d s __________________________
P la y grou n d s b o n d s ______________________________
45,750 00
N ew H igh S ch ool b o n d s _________________________
363,500 00
C ity H all b o n d s ______________________
12.600 00
187,000 00
T u b ercu la r H ospital b o n d s _____________________
T o ta l net d e b t ou tsid e d ebt lim it___________________ _______$3,136,250 00
N e t d e b t ____________________ _______ _____________________ $1,2 36 ,4 00 00
D eb t lim it 2 % % o f average va lu a tion 3 precedin g yea rs---------- 1,406,771 05
N e t d e b t . _______________________________________________________ 1,236,400 00
B orrow in g ca p a city A u g. 1 1021_

$170,371 05

[ V ol . 113

B R I A R C L I h E M A N O R , W e s t c h e s t e r C o u n t y , N . Y .— B O N D S A L E —
l’ he $13,900 5 % ‘ , roa d im p rov em en t b onds offe re d on A u g l —-V 113
P 553 were a w arded to the Bank fo r Savings o f Ossining at 10 0 i n ’
D u e from 1925 to 1938, incl

chased th e follow in g 4 % bonds.
$109,060 00 p o lice and fire d epa rtm en t b ond s. D a te J u ly 1 1921. D u e
from July l 1922 to July 1 1926.
L i ,238 23 m o n th ly loca l work b on d s. D ate July 15 1921. D u e J u ly
15 1922.
s
^ h g . 1 all o f the follow in g b id s, w hich were received fo r the
purch ase o f the §600,000 road b on d s Y 113, p 427— and which were m ade
r.
fo r 6s, were rejected .
In tern ation al T ru st C o l
A n glo A L on d on Paris N a t l
11 arris T ru st & S a v . B ank f ___98.32
Bank
9 7 .00
B o sw o rth , ( vhanute & C o . i
Jno. N uveen A O o _ _ . _________ 96.04
N ation al C ity C o .
|____ 97.29 *E . H . R o llin s & S on s_____ JIT 98.01
1 his ( om p an y also subm itted a bid o f 98.29 fo r on e h a lf o f the issue
i he bonds were again offered on A ug. 3 and $300,000 o f them were sold on’
that day to E . II R ollins & Sons, together w ith oth ers, at their auction
bid or 9 9.05 for 6s, a basis o f abou t 6.12*4 . T h e b ond s answer to the fo l
low ing d escription : C o u p o n b on d s. T a x -free. D en om . $1,000.
D ate
July l 1921
Prin. and sem i-ann. int. (J. A J .) p a ya b le in N ow Y ork C it y ,
N. \
D u e $20,000 yea rly o n Jan. I from 192/ to 1941, in c l. K. H.
R ollins & Sons are now offering the b onds to investors to y ie ld 5 .7 5 % .
Financial Statement.

Real valuation, estimated

____

____________ ___ I
Assessed valu ation , 1920 ________
T o t a l d e b t in clu d in g this issue
N et d e b t less than 1 % o f assessed v a lu a tio n .
P o p u la tio n 1920, 26,992.

’

$60 000.000
371495,570
M ooiooo

C A M B R IA T O W N S H I P , C a m b r i a C o u n t y , P a .
BON D O F F E R IN G .
— Daniel W . Jones. Secretary (P . (). W iim ore R. D .) w ill receive sealed
bids un til 2 p . m . A u gu st 19 at the A m erican N a tion a l B ank in R bensburg
for the purchase o f 870,000 5 A % tax-free roa d b on d s. D en om . $1,000.
{
D ate A u g. 1 1921.
in t. F. & A .
D u e on A u g. 1 as follow s: $11.000 1927,
815,000 1933, $20,000 1939 and $24,000 in 1945. C ert, check for $500
p a ya b le to R obert Scan Ian, Treasurer, required. Purchaser to p ay accrued
interest.
CAM BRIA

TOW N SH IP

SCHOOL

DISTRICT,

C am bria

County,

P a .— BOND O F F E R IN G .— U ntil 7 p . m . A u g. 19 sealed bids w ill b o re
ceived a t th e o ffic e o f L . S. Jones, Secretary, in th e B arker B u ildin g in
E ben sbu rg, P a .. fo r t he purch ase o f $30,000 532 % tax-free b on d s. D en om .
$ 1,000. D a te A u g. 1 1921. In t. F . & A . D u e $10,000 on A u g. 1 in th e
years 1929, 1937 and 1945. C ert, ch eck fo r $500, p a ya b le to I. E . Lew is,
D istrict Treasurer, requ ired. Purchaser to p a y a ccru ed interest.
CANYON

COUNTY

SCHOOL

DISTRICT

N O . 46 ( P. O .

Parma),

I d a .— BON D E L E C T I O N .— A n election w ill be h eld in this d istrict on
A u g. 19 to v o te on the q u estion o f issuing $36,500 6 % sch ool b ld g , b on d s.
D . H . S tevens, C lprk.
C E D A R R A P I D S I N D E P E N D E N T S C H O O L D I S T R I C T (P. O.
C e d a r R a p i d s ) , L i n n C o u n t y , I o w a . — BON D S A L E .— A il issue o f $ 20 0,-

000 6 % co u p o n ta x-free sch o o l b o n d s has b een purchased b y H arris, F orbes
& C o ., C h ica g o . D e n o m . $1,000. D a te J u ly 1 1921. Prin. and sem i-ann.
in t. (J. & J .) p a y a b le at th e o ffic e o f th e Treasurer. D ue J u ly 1 1941 op t.
J u ly 1 1926.
Financial Statement (A 6 Officially Reported.)
“
♦Value o f taxable p r o p e r ty _________ ____________________________ $48,614,423
T o ta l d e b t (th is issue in c lu d e d )__________________________________
1,084,000
P o p u la tio n (e s t.), 4 7,000.
* T h e con stitu tion a l d e b t lim it is 5 % o f the va lu e o f ta xa ble p rop erty.
T h e Suprem e C o u rt o f Io w a d efin ed th is to be 5 % o f the actual va lu e o f
taxable p ro p e rty as returned b y th e assessor and as eq u a lized.
C H A D R O N , D a w e s C o u n t y , N e b . — B O N D S A L E .—-T h e O m aha T ru st
C o ., O m aha, and th e B an k ers T ru st Co. o f D en ver, jo in tly purchased at
par th e $ 45,000 6 % sep tic-ta n k and d isp osa l-p la n t and sewer b on d s offered
on A u g . 1 (V . 113, p . 3 16 ). D u e $2,000 fro m 1922 to 1940, in clu siv e, and
$ 7,000, 1941.
C H A R L E S T O N , K a n a w h a C o u n t y , W . V a .— B O N D E L E C T I O N .—
T h e C harleston “ G a ze tte ” o f J u ly 19 had the fo llo w in g to say regarding th e
issuance o f $ 1,000,000 b on d s fo r m u n icip a l purposes: “ T h e secon d con crete
step in the issuance o f $ 1,000,000 in b on d s fo r the b u ild in g o f a b rid g e across
E lk R iv er, the con stru ction o f an incinerator and free garbage disposal
system and th e purchase o f C a p ito l Square fo r the op en in g o f new streets
in th e d ow n tow n section o f th e c ity , w hich was p rop osed in an ordinance
passed b y the C ity C ou n cil last n igh t, w ill b e the h old in g o f a special
election A u g. 17 for th e ra tifica tio n o f th is o rd in a n ce .”
C L A C K A M A S C O U N T Y ( P . O . O r e g o n C i t y ) , O r e .— B O N D OFFER
I N G .— Sealed bids w ill be received un til A u g . 15 fo r $250,000 5 % road
b onds b y W . F . H arris, C lerk B d . o f C o . C om m rs. D en om . $100 up to
$500. D ate M a y 1 1921. P rin . and sem i-ann . int. (J. & J.) p a ya b le at
C o u n ty T reasu rer’s o ffice . C e rt, ch eck fo r 5 % requ ired.
C L A Y C O U N T Y ( P . O . L i b e r t y ) , M o . — BONDS OFFERED B Y B A N K
ERS.— Stern B ros. & C o ., St. L ou is, are offerin g at prices to yield 6 .0 0 %
$126,000 4 A % o b liga tion b onds. D e n o m . $ 1,000. D a te A p ril 1 1921.
l
D u e serially $14,000 yea rly fro m 1926 to 1934, incl.
C O L O R A D O ( S t a t e o f ) . — N O B ID S R E C E I V E D .— T h e $2,000,000 5 %
ta x-free co u p o n State h igh w ay b o n d s offered on A u g . 3— V . 113, p . 101
were n o t sold , n o bids bein g su b m itte d .
C O L O R A D O S P R I N G S , El P a s o C o u n t y , C o l o . — B O N D S A L E .—
B osw orth . C h an u te & C o . and International T ru st C o ., b o th ot D en ver,
h ave ob tain ed $200,000 5 % tax-free p avin g b on d s at 9 3.816. a basis o f a bou t
5 .8 9 % . D cn om s. $1,000 and $500.
D ate A pril 1 1921. P rin. a n d semi •
ann. in t. p a ya b le a t the o ffice o f C ity T reasurer or at the C h em ical N a tion a l
B an k , N . Y . at o p tio n o f h older. D u e yea rly on A pril 1 as follow s: $15,000
1924 to 1935, in c l., and $ 20 ,00 0 , 1936:
O ther bidders:
N ation al C ity C o ______________ 92.54 IB ankers T ru st C o . . _ ------------ 92.16
Sidn ey Spitzer & C o ____________9 2.18 IE. H . R ollin s & S on s------------------ 9 1 .0o
Financial Statement.
A ctu a l valu e o f taxable p ro p e rty , estim a ted -------------------------- - - -$5 0,0 0 0,0 00
A ssessed va lu a tion , 1920---------------------------------------------3S,4M,oOU
T ota l bond ed d e b t (in clu din g th ese b o n d s )-------------- $1,621,000
W a te r d e b t __________________________________ ________ 1,269.000
N e t d ebt _ _ -------------------- ---------------------------------------------------ob-.u u u
P op u la tion , 1920 census, 3 0,1 05 .
T h e n et d e b t o f the c ity is less than 1 % o f its assessed valuation.

merit has com e to h an d:
Ann
P op u la tion o f S ch ool D istrict 1 9 1 0 ,1 8 3 ,0 0 0 ; 1921 ^estimated)
--^LOOO
School enum eration, M a y 1920----------------------------- --------------- 0 {Vq 00
T a x va lu a tion o f D is tr ic t----------------- ----------- - -------- . _$ 3 S o .4 i9 .1 4 0 >
T o ta l bonded debt July l 1921
-------- 585.216 §4
Sinking fu n d J u ly 1 1921-------------------------------------------------------^
in 24
9 .6 4 m ills
T a x le v y fo r sch ool purposes 1920-21---------1.170.000 00
L ast b on d issue, July 1 1 9 2 0 --------------- - - - - - - ----N o litigation p en d in g o r threatened a ffectin g this issue.
5.84 4.00 0 00
T o ta l issue a p p rov ed at special election A u g. 10 1 9 2 0 -----C O N N E A U T , . A s h t a b u l a C o u n t y , O h i o , - — B O Y D $ A L F.
T h e fcllovv
ing tw o issues o f 6 % b o n d s offered on J u ly 28 A • H o . p. - 0 ~
m Id
th e first bein g aw arded at p ar and accrued interest to *60 ( o iu u u u i M nu .
Loan and T ru st C o . and th e secon d issue was sold to a sy ndicate c’em\x
W ie l-R o th & C o ., C in cin n ati; U nion Savings and l rust < o ., N a ir u s
\
and Season good and M a y e r o f C in cin n ati at 100,666. a basis <
5 .9 4 % .
$25,000 fu n d in g b o n d s . D u e 10 years from date.
*400,000 b onds. D u o 20 years from d ate.
D e n o m . $ 1,000. D a te June l 1921
♦These b on d s are issu e d 'fo r th e purpose ot \nnvUasi\is iho
sonal p rop erty o f th e C onneaut W ater C om pan y . u P»‘ l
u \ / iah JsUaniN
w ithin th e co rp o ra te lim its o f th e city and supply mg watei to the inna.
thereof.

A u g . <i 1 9 2 1 . ]

653

THE CHRONICLE

C O N V E R QF C O U N T Y S C H O O L D I S T R I C T N O. 7 iP. O. D ou glas),
u /v 0 __ BON D SALK. Thu $40,000 0 % 10 25 yr. (o p t.) school bldg.

bonds offored on July 21 (V. 113. ]>. 101) have been purchased by die. Mrs!
National Bank of Douglas.

fR A F T O N
A lle g h e n y C o u n t y , P a.
BOND 8.4 1.1''
Tlir $.>0,000
p V i v ' ponds offered on July 20 (V . 1 10, > . 438) wore sold to L yon . Nlnger
>
C o at par and interest. D ate July I 1021.
Due $ I .000 vearlv Im m 020
t o 1945 Inc • $0,000 in 1010. 1947 a n d 10-48; $8,000 m 10-10 a n d 10;>0
and $0,000 in 1951
E n g lis h ),) I n d .—-BOND SALIC.
C R A W F O R D C O U N T Y (P. O
(V IE p. -13S) wore, sold
T'h e $0 500 5% h igh w ay bonds offered on A ug. 1 (v .. 113,(crest. D ue $475
ho
o C EL Alstoh o f T a sw ell. In d. at par and accrued i n
ach six m onths from M a y 15 1922 to N o v . I 5 1031, in c l. D ate A u g . 1 1 0 2 1.
BONDS N OT SOLD. -The $4 ,800 5 % h ighw ay b ond s o ffe re d on I he sam e
date.*— V . 113, p . 438— were n ot s o ld .
C R A W F O R D C O U N T Y S P E C I A L S C H O O L . D I S T R I C T (P . O .
V a n B u r e n R - F . D . N o . 1), A r k .
NO B ID S RE C EIVE D.- N o bids wore,

received for an issue o f $12,000 sch ool bldg, bonds offored on J u lv 23.
C R O W E L L , F o a r d C o u n t y , T e x . — BONDS V O T E D .— On July 20 the
$100,000 6 % 5-40-year (o p t.) w ater b onds (V . 113, p . 438) were v o te d by
136 to 11.
C R O W L E Y C O U N T Y S C H O O L D I S T R I C T N O . 1 (P . O . C r o w l e y ) ,
C o l o . - -BONDS VOTED
An issue o f $15,000 6 % tax free school bond;

has been v oted . D en om . $500. D a te A u g. 1 1921. Prin. p a y a b le at the
C ou n ty Treasurer’s o ffice and semi arm. int. p a y a b le (E. & A .) a t K ou iilze
B ros., N . Y .
D ue A ug. 1 1941 op tion a l A u g . 1 1931.
These b onds h av e already been sold to B enw ell, Phillips & C o . o f D en ver,
su bject to being v o te d at th e said election . T h e n otice o f sale and election
was given in V . 113, p . 203.
Financial Statement.
Assessed v a lu a tion , 1920_____________________________ *
--------------------$2,017,385
T otal bond ed d e b t, inclu din g this issue.......................................—
100,500
P op u lation , estim ated _____________________________________________
1,500

ELBERT

COUNTY

SCHOOL

.E The International Tnwt
1 in- ol $ l 500 1■1, tchool bond
\i

Jut. F. A A.

D IST R IC T

NO.

47,

C olo.

BOND

Den er, was awarded on Jun< H an
Denom $500.

D uo In 20 years option al In 10 yearn.

Date Aug

1021

E L P A S O C O U N T Y S C H O O L D I S T I R C T N O . 28 , (P. O . F o u n t a i n ) ,
C o lo . CORRECTION. In v . i l l p . L02 W( stated th at th is district
had defeated an issue o f $45,000 sch ool bldg b onds and that it would
ca ll a now election sh ortly to re -v o to upon a like am ount o f bonds arid that
the International T ru st C o . o f D en ver h ad purchased sam e su b ject l o being
auctioned at said election . W e h ave since i><<" advised th a t the Latter
statem ent Is erroneous and th at there will be no bond;, issued b y this district
in the near future.
E N G L IS H T O W N , M on m ou th
C oun ty,
N. J
BON D S A M .
T h e First N ational Bank o f KngJishtown, payin g a prem ium o f $50 equal to
100 37, a basis o f a b o u t 5 .9 3 5 % was aw arded the $18,250 6 % borough hall
and fire house bonds offered on A u g I V I 13, p 554
D ate July i J92J
D ue $1,000 yearly on J u ly 1 fro m 1922 to 1938. incl. and $J ,250 on J u ly I
1934.
E U C L I D V I L L A G E S C H O O L D I S T R I C T (P . O . E u c l i d ;, C u y a h o g a
C o u n t y , O h i o . — N O B ID S
N o bids were subm itted on July 28 for- iln

$25,000 6 % bonds offered on th at d a te .— V. 113, p . 203.
E V A N S C O U N T Y (P . O . C U x t o n ) , G a .
BONDS N OT SOLD
The
$50,000 5 % court, house bonds offered on A ug. I V. 113, p . 317 v re not
v
sold, the price offered being considered to o low.
F A I R B A U L T C O U N T Y C O M M O N S C H O O L D I S T R I C T N O . 116
(P . O . G u c k c e n ) , M i n n . — BOND O F F E R IN G .— H enry Seglem , C lerk ,

will receive bids until 8 p . m. A u g. 10 fo r th e purchase o f $5,000 sch ool impf .
bonds at not exceeding 7 % interest. D e n o m . $ 2,500. D a te J u ly 1 1921.
Prin. and ann. in t. to be p a ya b le at su ch fin an cial institu tion in th e State
o f M innesota as the purchaser m a y desire. D u e $ 2,500 J u ly 1 1926 and
$2,500 July 1 1927. C e rt, ch eck for $500 p a y a b le to th e D istrict Treasurer,
required.
F L A T H E A D C O U N T Y ( P . O . K a l i s p e l l ) , M o n t .— BONI) O FFE RIN G.
— S. O. B ibee, C lerk B oard o f C o u n ty C om m issioners will receive bids
C U R T I S S C H O O L D I S T R I C T (P . O . C u r t i s ) , F r o n t i e r C o u n t y ,
until 10 a. m . A ug. 29 for 6 % Free H igh School fun din g bonds not t o exceed
N e b . — B ID S D E C L I N E D .— T h e bids received on A u g. 2 for the purchase
$2,675. D en om s. 2 for $1,000 and 1 for $675. D a te J u ly 1 1921. In t.
o f the $80,000 6 % 30-year serial sch ool b on d s— V . 113; p . 438— were
sem i-ann. D ue June 30 1941 and redeem able on Jan. 1 1931 o r at a n y
turned dow n.
interest payin g date thereafter, at th e op tion o f th e B oard o f C o u n ty
Com m issioners. A ll b id s, oth er than b y or on b eh a lf o f th e State Board o f
D A R L I N G T O N S C H O O L D I S T R I C T P . O . D a r lin g t o n ) , D a r l i n g
Land C om m issioners, m ust be accom pan ied b y a certified ch eck in th e sum
t o n C o u n t y , S o . C a r o .— BOND S A L E .— Spitzer, R orick N C o .. T o le d o ,
:
o f $250, p aya b le to the a b o v e clerk . T h e said b on d s shall n o t be sold for
were the successful bidders for $65,000 6 % sem i-ann. school bonds paying
less than their par va lu e, and the board o f com m issioners reserves th e right
$58,500 equal to 90.00.
to reject any and all bids and sell such b ond s at p rivate sale, if they deem it
D E N N I S O N , T u s c a r a w a s C o u n t y , O h i o . — BON D O F FE R IN G .— H . J.
to the best interests o f said C o u n ty or to effect an exchange o f said b on d s to
Andrews, C ity C lerk, will receive sealed b ids u n til 12 m . A u g. 10 for $15,000
take up such legal outstan din g indebtedness b y issuing th e sam e to a ny
6 % cou p on street, im p t. bon d s. D en om . $500. D a te June 1 1921. Prin.
person or persons h old ing th e w arrants o f said C o u n ty so issued b y said F latand sem i-ann. int. p ayable at th e o ffice o f the C ity C lerk. D u e $1,500
head C ou n ty H igh sch ool representing claim s against said F lath ead C o u n ty
yearly on June 1 from 1922 t o 1931 incl. C ert, ch eck for 10% o f bid,
H igh sch ool, the exchange to b e m ade d ollar for d ollar.
payable to the C ity , required.
F L O R E S S C H O O L D I S T R I C T , T e h a m a C o u n t y , C a l i f . — BON D
D O R M O N T , A l l e g h e n y C o u n t y , P a . — BOND S A L E .— T h e $115,000
S A L E .— On June 14 th e State B oard o f C o n tro l purchased $10,000 6 %
tax-free im provem ent bonds offered on July 25 (V . 113. p . 203) were sch ool bld g, b onds at par. D e n o m . $ 1,000. D a te M a y 10 1921. In t.
sold to J. H . H olm es & C o . at 101.173 for 5 M s. D u e $5,000 on July 1 in
annually.
the following years: 1925. 1927, 1929, 1931. 1933, 1935. 1936. 1938. 1939,
F L O R A L P A R K , N a s s a u C o u n t y , N . Y .— B O N D S A L E .— T h e $100,1940, 1941, 1943, 1944, 1945. 1946, 1947, 1948, 1949, 1950 and in 1951.
000 serial road -im p rovem en t b on d s offered on A u g. 1 (V . 113, p . 554) were
D O U G L A S C O U N T Y (P . O . O m a h a ) , M e b r . — B ON D O FFERIN G.—
sold to G eo. B . G ibbon s & C o . o f N ew Y o r k at par fo r 6s. D a te A u g. 1
Frank D ew ey. C o u n ty Clerk, w ill receive sealed bids until 12 m . A ug. 16
1921. D u e $4,000 y e a rly on S ept. 1 fro m 1923 to 1947, in c l.
for $150,000 5 % cou p on cou rt-h ou se re-con stru ction bonds. D en om . $ 1 ,F O R S Y T H C O U N T Y ( P . O . W i n s t o n S a l e m ) , N o . C a r o , — B ID S
000- D ate Jan. 1 1920. P rin. and sem i-ann. in t. p aya b le at C ou n ty
R E J E C T E D .— A ll bids received on J u ly 25 fo r th e $300,000 6 % cou p on
Treasurer’s office . C ert, ch eck for $2,500 p ayable to the a bove clerk
roa d b onds offered on th at date— V . 113, p . 203— w ere rejected b y th e B oard
required. Each bidder is requested to subm it a separate bid for the pur
chase o f $100,000 o f bonds to becom e due and p aya b le on the 1st d a y o f o f C o u n ty C om m issioners.
January 1940, so that in th e even t the bids received for the purchase o f the
F O U N T A I N H I L L , L e h i g h C o u n t y , P a .— BON D O FFE RIN G.— F . T .
w hole $150,000 o f these bonds are n ot satisfactory to th e B oard o f C ou n ty
Summers, B orou gh Secretary, w ill receive sealed b id s un til 8 p . m . A u g . 15
Com m issioners, the board m ay consider the bids su bm itted for th e p u r
fo r $101,500 5 % co u p o n (w ith p rivilege o f registration) ta x-free b on d s.
chase o f $100,000 o f these bonds; and also a separate bid for the purchase
o f $50,000 o f these bonds to becom e due and p ayable on the 1st d ay o f Jan -, D en om . $500 and $1,000. D a te June 1 1921. P rin. and sem i-ann . in t.
p a ya b le at th e E . P . W ilbu r T ru st C o . in B eth leh em , P a . D u e $5,000
uary 1941, so th at in the even t the bids received for the purchase o f the whole
$150,000 o f these bonds are n ot satisfactory to the B oard o f C ou n ty C o m  yea rly on June 1 fro m 1922 to 1941, in cl. C ertified ch eck fo r 1 % o f the
am ount bid for, p a y a b le to th e B orou gh , requ ired. Purchaser to p a y
missioners, said B oard m a y consider th e bias su bm itted for the purchase o f
accrued interest. B ids m ust be en closed in a sealed en velope addressed
$50,000 o f these bonds. N otice o f this offerin g has already been given —
“ F . T . Summers, B orou gh Secretary, 1127 Stanley A v e ., F ou n tain H ill,
V . 113, p . 438— but it is given again as addition al inform ation has com e to
B eth leh em , P a. B id fo r B orou gh B o n d s .”
hand.
F R A N K L I N C O U N T Y (P . O . B r o o k v i i l e ) , I n d . — BOND SA LE —
D U K E S C O U N T Y ( P . O . E d g a r t o w n ) , M a s s . — B ON D O F FE R IN G .—
T h e $4,420 4 A % b onds offered on A u g. 1 (V . 113, p . 554) w ere so ld to th e
l
The B oard o f C ou n ty C om m issioners will receive sealed proposals until
First. N ation al B an k o f B atesville, In d a t par. D a te A u g 1 1921
Due
12 m . to -d a y (A ug. 6) fo r $22,831 75 5 % cou p on L agoon B ridge b ond s.
$221 each six m on th s from M a y 15 1922 to N o v . 15 1931, incl.
D en om . 1 for $831 75 and 22 fo r $1,000 each. D a te A u g. 1 1921. Prin.
BONDS N O T S O L D — T h e $77 500 5 % b o n d s offe re d on th e sam e d ate
and int. payable at the First N ation al B ank o f B oston , where the bonds
(V . 113, p 554) were n o t sold.
will be delivered to th e purchaser, and where all legal papers incident to
this issue will be filed and m ay be inspected at a n y tim e. D u e $2,831 75
FREEBORN
C O U N T Y (P . O . A l b e r t L e a ) , M i n n .— B O N D D E 
A u g. 1 1922 and $2,000 yearly on A u g. 1 from 1923 to 1932 incl. T h e bonds
SC R IP T IO N .— T h e $80,000 6 % fun d in g b o n d s aw arded as stated in— V .
are to be prepared under the supervision o f and certified as to their genuine
113, p . 317— bear the fo llo w in g d escription . D en om . $ 1,000. D a te M a y
ness b y the First N ational Bank and this b an k will further ce rtify th at the
2 1921. In t. M .-N . D u e M a y 2 1941.
legality o f this issue has been approved b y S torey, T h orn dike. Palm er &
BOND SA LE .— T h e N orth w estern T ru st C o ., St. Paul and K a lm a n ,
D od ge, whose opinion will be furnished th e purchasr.
W o o d & C o ., M in n eapolis, h av e purchased an issue o f $55,000 6 % C o u n ty
Debt Statement D ec. 31 1920.
d itch N o . 35 b on d s. D en om . $1,000. D a te J u ly 1 1921. In t. J .-J .
D ue the C om m onw ealth on a ccou n t o f con stru ction o f State H ighw ays,
as follow s: D u e $4,000 on J u ly 1 in each o f th e years 1927, 1928, 1929,
bearing interest at 3 % .
1932, 1934, 1936, 1938, 1940 and 1941 and $ 3,000 on J u ly 1 1930, 1931,
1921 _82,082 9 2 N ov . 15 1923. $717 2 1 1N ov. 15 1925- $440,051
1933, 1935 and 1937.
N o v . l o 1 92 2.
773 7 1 1N ov. 15 1924.
505 4 2 1Nov. 15 1926192 29
F R I O C O U N T Y (P . O . P e a r s a l l ) , T e x . — B ON DS N O T S O L D — T h e
T o ta l__________________
$500,000 5J4% highw ay b on d s offered on A u g. 1— V . 113 ,p. 203— w ere
-------------------------------------------------------------$4,713 60
Assessed valuation 1920
n ot sold , due to the lack o f a satisfa ctory b id . T h e m a tu rity o f these
----------------------------------------------------------- $8,249,159
Population 1920________
b on d s w ill be changed from a 10-30-year (o p t.) t o a serial issue.
----------------------------------------------------------4,372
D U R H A M , D u r h a m C o u n t y , N o. C a r o . — N O T E S A L E .— Curtis &
FR U IT LA N D SC H O O L D IS T R IC T
P. O. F ru itla n d ), P a y ette
C o u n t y , I d a h o . — BON DS V O T E D .— On July 22 $45,000 6 % high sch ool
?nSf?e r ’ * ^ ka,Vf-_purchased $300,000 tax anticip ation notes, due Jan. 26
b onds were voted .
1922. Assess, v a l. 892.410,252. N et b on d ed d eb t less than 2 % o f assessed
value. P op u la tion 21.719.
F U L L E R T O N , N a n c e C o u n t y , N e b . — B O N D S A L E .— It is reported
th a t $91,000 7 % serial p avin g d istrict and $39,000 6 % 10-20 year (o p t.)
^ J ^ Y ^ A N D , C u y a h o g a C o u n t y , O h i o . — BON D S A L E street intersection b onds h av e been sold to the Om aha T ru st C o . o f O m aha.
i ne $90,000 6 % coupon (with, privilege o f registration) street lighting gei
era! ob ligation bonds offered w ith ou t success on July 16 ( V . 113, p . 55'
G A L L A T I N C O U N T Y S C H O O L D I S T R I C T N O . 1 (P . O . L o g a n ) ,
were later sold a t a p rivate sale to the F ield -R ich a rd s C om p a n y o f Clevelan
M o n t . — BOND S A L E .— T h e $12,000 6 % sch ool-b u ildin g and equipm en t
at par and accrued interest. D a te O ct. 1 1920. D u e $6,000 yea rly o
b onds, which were m en tion ed in V . 112, p . 2661, h ave been sold t-o th e
O ct. 1 from 1926 to 1940, in cl.
State B oard o f State C om m issioners.
BONDS N O T Y E T SOLD.— T h e $40,000 6 % general city obligat ion bone
G A R D E N C O U N T Y S C H O O L D I S T R I C T N O . 53 (P . O . L i s c o ) ,
offered w ith ou t success on J uly 2 (V . 113, p . 203) has as y e t n o t been sol
N e b . — BOND S A L E .— A n ton id es & C o . o f D en ver, h ave been aw arded
ana we are advised the C ity C om m ission will not dispose o f them at presen
$ 25,000 6 % tax-free sch ool b ld g , b ond s. D en om . $500. D a te J u ly 1
inasmuch as the con struction o f the im provem en t for w hich th e b on d s ai
to be sold has been ind efin itely delayed.
1921. Prin. and sem i-ann. int. (J. & J .) p aya b le in N ew Y o r k E xchange
a t the C ou n ty Treasurer's o ffice . D u e $2,500 yearly on Jan. 1 from 1931
E A S T O R A N G E , Essex C o u n t y , N. 3 . — F I N A N C I A L STATESMEN
to 1940, incl.
— in con n ection w ith th e offering o f the $104,000 5 A % cou p on (wit
l
Financial Statement.
privilege of registration) sch ool b on d s, for which bids will b e received unt
A ctual valu ation , estim ated_______________________________________ $1,500,000
; P* ni. A ug. 8 .— V. 113, p . 316— the follow in g fin ancial statem ent h<
Assessors valuation 1920 o fficia l. ______ _________________________
856,500
com e to h a n d :
T ota l b on d ed d ebt (in cl. this issue)
___
__________ _______
25,000
Assessed valu ation o f real p rop erty fo r 1920_______
P op u lation (e st.), 900.
____$56,376,916
Assessed valu e o f second class railroad p rop erty ___
_____
94,049
G A R Y , L a k e C o u n t y , I n d . — BOND OFFERING.— John W . S co tt,
C ity C om p troller, will receive sealed p roposals until 12 m . A u g. 8 for
T otal assessed valuation
$56,470,965 00
$250 000 6 % b ond s. D a te A u g. 1 1921. D u e $45,000 yea rly on June 1
Bonded d eb t in clu d in g this issue
4 ,280,366 05
from 1922 to 1928, incl. Purchaser to p a y a ccru ed interest.
Bleating debt
1,179,097 52
G I L B E R T , S t . L o u i s C o u n t y , M in n .— BONDS VOTED.— A t a recen t
T otal d e b t _________ _
ele'*i on — V . 113, p . 555— $80,000 6 % perm anent im provem en t bonds were
$5,459,463 57
L ess sinking fu n d s
v o te d , the v o te being 206 “ fo r ” to 58 “ again st” . In t. sem i-ann. D ue
936,654 95
in 1 to 5 years.
• 1 5; L8<
8
G L E N M O R E C O N S O L I D A T E D S C H O O L D I S T R I C T (P . O . E d g e Deductions allowed by N . ./. Statute viz :
le y ), La M ou re C o u n t y , N o. D a k .
BOND SALE.— D uring July $8,500
school bonds
$1,4 28 .24 5 00
4 % building bonds were obtain ed at par b y the State o f N orth D a k o ta .
W ater
bonds
1,265 ,000 00
D a te Dee. 81 1920. D u e D e c . 31 1940. B on ds are n o t su b je ct to ca ll, but
m ay be redeem ed tw o years from d ate o f issue.
$2,693.,245 00
Be sinking fu n d s for schools
»
G L O U C E S T E R T O W N S H I P S C H O O L D I S T R I C T (P . O . C h e w s ) ,
$217,840 83•
L ess sinking fu n d s for w ater
C a m d e n C o u n t y , N . J . — BOND SALIC - T h e $16,500 5 % serial sch ool
488, J33 60i
bonds offered on Aug 2— V 113, p . 555— h a v e been sold.
705,,974 43
G L Y N N C O U N T Y (P. O . B r u n s w i c k ) , G a . — BOND SA L E .— O f the
SI ,987,,270 57
HpeciaI assessm ents
$210,000 5 % gold cou p on (will) privilege o f r< gistratioii)sch oo]-bu iidin g
956. 129 09
U npaid faxes for three 'ears
bonds offored on A ug. 2 (V . 113. p. 201). $40,000 wore aw arded t<» the
f90, 587 09
R obinson H um phrey C o . o f A tlanta at 9 1 .1 6 and interest.
8.183,98

N et debt

81,388,82

G O W A N D A U N I O N F R E E S C H . D I S T . N O . 4 (P . O . C o w a n d a ) ,
C a t t a r a u g u s C o u n t y , N. Y .
BOND SALE. — R ich ard W ilhelm was the

054

THE

C H R O N IC L E

succflfififul bidder for ike $7,5,000 5% scbool-houss bonds offcrod on Aug. 1
V. 113. p. 555). Date Sept. 1 1921. Duo $3,000 yearly.
G R A IN G E R C O U N T Y (P . O
R u t l e d g e ) , T e r m .— BOND OFFER/ A'G. J \1. drove, Clerk of County Court, will receive proposals until
1 i-» in Aug 20 for the $35,000 6% 20-year roail bonds, offered without
success on June IE V. 112, p. 2440. Denom. '$1,000. Int. semi-ann.
Due in 20 years.
G R A N D - V I E W - O N - H U D S O N (P
O. N y a c k ) , R o c k l a n d C o u n t y ,
N. Y. BOND SALE. The $25,000 6% (serial) street-improvement bonus
offered on Aug. 2 (V 113, p. 555) were sold to the Rocklandi County Trust

Co. at 101.IS. a basis of about. 5-75% . Date Aug. 15 1921. Due $2,500
yearly on Aug. 15 from 1922 to 1931. inclusive.
GREENFIELD S H O O I . D ISTR IC T, v r n C ou n ty, C a lif.—
le
BOND OFFERING. Healed bills will be re vived by K K. Smith, County
Clerk (P .O . Bakersfield) until 10 a in. Aug Hfor $16,0006% coupon school
bonds. Denom $2,000
Prin .aid semi-ami- int. (J A J.j payable to
the County Treasurer. Due $2,000 yearlv on July 21 from 1922 to 1929iucl. Cert, check for 10
of bid, payable to the Chairman Board of
Supervisors, required. Purchaser to pay accrued interest. Assess,
valuation 1920 $320,600. Bonded debt none.

[ V o l . 113.

IDAHO S t a t e o f,. FURTHER INFORMATION.— D. F. Banks, State
Treasurer ha.-. v 1-iituu us the following with reference to the $2,000,000 5 %
>
Jo 20 soar ( o p t . ) State highway bonds offered l»ut> not sold on July q
L
113 p 317)
U i-> possible that the highway bonds will bo offered
H4.ii,1 wheiiint r them is a prospect o f effecting u sale. Thera is no Federal
loom HNHilable at the present time, so there is no pressing necessity of
selling the highway bonds until Congress makes an appropriation."
1L I O N , H e r k i m e r C ou n ty , N. Y . — BONDS NOT SOLD.— The $165,000
serial water bonds not to exceed 6% , which were offered on July 25 (V. 113,
P 439), were not sold and will be readvertised,
I S L I P U N I O N F R E E SCHOOL D I S T R I C T N O . 1 (P. O . I s l i p ) ,
b u l t o l k C o u n t y , N. Y.
BOND SALE.— 'Che $200,000 coupon (with
privilege of registration) school bonds offered without success on July 12
1^ I 13, i). 31 7) as 5% s, were sold on a later date to Bonbright & C o., In c.,
and ('lark Williams & Co., both of New York at 101,47 for 6Ms, a basis of
about 5.645%. Date Oct 1 1920. Due yearly on Oct. 1 as follows:
$4,000 from 1921 to 1930, incl. and $8,000 from 1931 to 1950, Incl.
J A C K S O N C O U N T Y (P. O . B row n stow n ), I n d . — BONDS NOT SOLD.
The four issues of 5% highway bonds aggregating $62,100, which were
offered on July 25 (V. 113, p. 317) were not sold as no bids were received,
JACKSON

TO W N SH IP

RURAL

SCHOOL

D ISTR IC T,

Seneca

C ou n ty, O hio. BOND OFFERING - Morton Crain, Clerk of the Board
following two Issues of coupon (with privilege o f registration) bonds offered of Education, will receive sealed proposals at Amsden School House, north
on July 29 (V. 113, p 439) were sold to Geo U. Gibbons A Co. o f New York o f Amsden, Ohio, until 12 in. Aug. 17 for $8,000 6% coupon bonds. Denom
$1,000. Date June 1 1921. Prin. and somi-ann. int. (M . & S.) payable
at 100 01 for 6s, a basis of about 5.99%.
$15,000 Water District No l bonds. Due $1,000 yearly on July 1 from at the Commercial Bank and Savings Company in Fostoria, Ohio. Due
$1,000 yearly on Sept. 15 from 1923 to 1930, incl. Oort, check for 10%
1926 to 1940, inclusive.
15.000 Sewer District No. 1 bonds
Due $1,000 yearly on July 1 from of the amount bid for, payable to the District Treasurer, required. Pur
chaser to pay accrued interest.
1922 to 1936, Inclusive.
Denom. $1,000. Date July 1 1921.
J A N E S V I L L E , R ock C o u n ty , W i s e . — BOND SAL E — The $100,000
6 % sewer construction bonds offered on July 29 V. 113, p 440— were
G R E E N S B U R G , W e s t m o r e l a n d C o u n t y , P a . — BOND SALE .— T h e
$160,000 5 H % improvement bonds offered on Aug. 1 (V. 113, p. 555) purchased by the First Trust & Savings Bank o f Chicago, which paid a
Date July 1
were sold to J H Holmes A Co of Pittsburgh at 101.618. a basis of about premium of $2,295 equal to 102 295 a basis o f about 5 69%
1921
Due $5,000 yearly on July 1 from 1922 to 1941, incl.
5.35% . Date Sept. 1 1921. Due serially from 1924 to 1950, incl.
Other bidders were:
W. It. Compton C o.
-$102,161 0 0 !Halsey, Stuart & C o .,Inc.$101,260 00
GREENWOOD,
F lo r e C o u n t y , M i s s .— BONDS DEFEATED —
_ 102,113 00 First Nat Bank, Janesville 101,163 00
A proposition to issue $151,000 drainage system bonds was defeated by Taylor, Ewart & Co
Cont.&Com. Tr. & S. Bk. 101.950 00 E . II. Rollins & Sons___ 101,15100
29 votes
Ames, Emerich & Co
101,939 601 lenry (7. Quarles & C o. _ 101,116 50
H A M I L T O N C O U N T Y (P. O. N oblesville), I n d . — BOND SALE.—
Harris Trust & Sav. Bank 101,857 00) Paine, Webber & C o ___ 101,094 00
The $5,000 4 12 % White River Township bonds offered without success on Second Ward Secur. C o . _ \101,675 0 0 1Hill. Joiner & C o _______ 101,023 50
Wells-Dickey C o ___ .. 101,010 00
July 9— V. 113, p. 317 -were sold later to the Citizens State Bank of First Wisconsin C o _____j
National City Co_ _ .
101,630 00 Bolgor, Mosser & Will’11 _ 100,800 00
Noblesville at par and accrued interest.
100,753 00
Merchants Loan & Tr. Co 101,276 00 Morris K. Fox & C o.
H A M P D E N C O U N T Y (P. O. S p rin gfield), M a s s . — NOTE OFFER
, Federal Securities Corp_ - 100,671 00
ING.— Until 11 a. m. Aug. 9, sealed bids will be received by Kred A. Bearse.
|Prudden & C o _________ 100,561 00
County Treasurer, for $1,000,000 5 U % registered notes which are dated
J E F F E R S O N C O U N T Y (P. O . B i r m i n g h a m ) , A l a .— BOND SALE.—
Aug. 15 1921, and due Jan. 1 1924, at the Old Colony Trust C o., of Boston,
where the semi-aim. int. (J. & J.) is payable. These notes are exempt According to newspaper reports the $108,000 5% ceunty road bonds, to be
from taxation in Massachusetts and will be engraved under the supervision used in paving the South Bessemer highway beginning at the city limits of
< f and certified as to their genuineness by the Old Colony Trust Company, Bessemer and going out Nineteenth Street to the north side of the city,
>
Boston. Mass. This Trust Company will further certify that the legality were sold as follows:
$6,000 bonds to the Alabama Hart-Par Co.
o f the issue has been approved by Messrs. Hopes, Gray, Boyden A Perkins of
.
Boston, Mass., a copy o f whose opinion will accompany the notes when *102,000 bonds to the City o f Bessemer.
* The bid at which the city obtained the bonds was submitted by B. O.
delivered, without charge to the purchaser. All legal papers incident to
this issue, together with an affidavit certifying to the proper execution of Jones, M ayor, and was made with the proviso that the fund derived from
the notes, will be filed with the Old Colony Trust Company, where they may the bonds bo used for paving of the above highway only.
be inspected. Notes will be ready for delivery on or about Aug. 15 1921.
J E F F E R S O N C O U N T Y (P . O . M a d i s o n ) , I n d .— BONDS NOT SOLD.—
H A R R I S O N C O U N T Y (P. O . C o r y d o n ) , I n d . — BOND OFFERING.— The three issues of 4% % road bonds aggregating $36,920 offered on July 2/
Wm. Taylor, County Treasurer, will receive bids until 2 p. m. Aug. 9 for (V. 113, p. 440) were not sold as no bids were received. W e are advised
$52,000 5% C. H. Stewart et al. and Austin McCauley; Posey and Taylor that the contractor will probably take these bonds at par.
Townships bonds. Denom. $1,300. Date Aug. 9 1921. Int. M . & N.
K E N T , P o r t a g e C o u n t y , O h io .— BOND SALE— The following nine
Due $1,300 each six months from M ay 15 1922 to N ov. 15 1941, incl.
issues of 6% bonds dated Sept. 1 1921, which were offered for sale on Aug. 1
(V. 113, p 318)were sold to contractors at par and accrued interest:
H A Y W A R D S C H O O L D I S T R I C T (P. O . O a k l a n d ) , A l a m e d a C o u n 
$9,453 50 South Prospect Street improvement bonds. Denominations
t y , C a l i f .— BOND OFFERING.— Sealed proposals will be received until
945 35 each. Said bonds payable as follows: One bond 01
10 a. m. Aug. 8 for $180,000 6% school bonds by Geo. E. Gross. County
$945 35 on the first day o f Sept. 1922 and one bond o f like
Clerk and ex-officio Clerk Board of Supervisors. Denom. $1,000. Date
denomination on the first day of September o f each succeeding
July 1 1921. Int. semi-ann. (J.-J.) payable in gold. Due yearly on July 1
year until all o f said bonds are paid
.
as follows: $4,000. 1927 to 1931. incl.; $5,000. 1932 to 1951. incl.; and
38,060 00 Summit Street improvement bonds. Denom. $951 50 each.
$6,000, 1952 to 1961, incl. Cert, check for 2% of bid payable to the
Said bonds payable as follows: Four bonds of $951 50 each
Chairman Board of Supervisors, required. These bonds were voted recently
on the 1st day o f Sept 1922 and 4 bonds o like denomination
as stated in V. 113, p. 317. Assessed value, $3,762,875 bonded debt, this
on the 1st day o f September o f each succeeding year until an
issue only.
-*< w
*? w
of said bonds are paid.
. ,
.
ci n s i u
H E C L A , B r o w n C o u n t y , So. D a k .— BOND OFFERING .— Until 8 p .m .'
21,682 80 North River Street improvement bonds. Denom |1 ,U84 1 4
Aug. 15 sealed bids will be received by W . H. Higby, City Auditor, for
each. Said bonds payable as follows: Two bonds o f $1,084 14
each on the 1st day o f Sept. 1922 and two bonds of like denom
$20,000 6% electric-light and power-plant bonds. Denom. $500 or any
multiple thereof. Date Oct. 1 1921. Int. semi-ann. Due serially in 3 to
ination on the 1st day of September of each succeeding year until
20 years. Certified check for 1% of bonds required.
all o f said bonds are paid.
32,847 30 DePeyster Street improvement bonds Denom. $1,094 9 j
H E M P S T E A D ( T O W N ) U N I O N FREE S C H O O L D I S T R I C T N O . 12
each. Said bonds payable as follows: Three bonds of $1,094 91
(P . O . L y n b r o o k ) , N a s s a u C o u n t y , N. Y .— BOND OFFERING.— Sealed
each on the 1st day o f Sept 1922 and three bonds of like denom
bids will be received by Frank B. Wheldon. District Clerk, until 8 p. m.
ination on the 1st day of September o f each succeeding year
Aug. 12 for $85,000 bonds not to exceed 6% interest. Denom. $1,000.
until all of said bonds are paid.
,
Date July 1 1921. Principal and semi-annual Interest (J. & J.) payable
5,937 00 Sherman Street improvement bonds. Denom.
at the Lynbrook National Bank in Lynbrook. Due $1,000 July 1 1923;
Said bonds payable as follows: One bond of $o93 70 on the
$4,000, July 1 1924: and $5,000 yearly on July 1 from 1925 to 1940, inclusive.
1st dav o f Sept. 1922 and one bond o f like denomination on the
Certified check for 10% of the amount bid for. payable to the District Treas
1st day of September o f each succeeding year until all ot said
urer, required. The purchaser is to print bonds at his own expense.
bonds are paid.
^
40,388 80 Franklin Avenue improvement bonds. Denom. gl.uuy /z
H E N D R I C K S C O U N T Y (P. O . D a n v i l l e ) , I n d .— BOND OFFERING.—
each. Said bonds payable as follows: Four bonds o f $1,009 7 /
Allen J. Wilson, County Treasurer, will receive sealed bids until 10 a. m.
each on the 1st day o f Sept. 1922 and four bonds of like denom
Aug. 15 for the following 5% improvement bonds:
ination on the 1st day of September of .each succeeding year
$9,000 Marion Bailey et al Union Twp. impt. bonds
Denom. $450.
until all of said bonds are paid„
qaao 09
Due $450 every six months for 10 years.
6,622 20 Crain Avenue improvement bonds. p©nom. |bb- ^ - eacn.
14,000 John Flinn et al Union Twp. impt. bonds. Denom. $700. Due
Said bonds payable as follows: One bond of bbt>~
on the
$700 every six months for a period o f ten years.
1st day o f Sept. 1922 and one bond of like denomination on
Date July 15 1921. Int . semi-ann (M . & N .) The sale o f these bonds
the 1st day of September o f each succeeding year until all of
will continue from day to day until all are sold.
_____
H I C K M A N C O U N T Y (P. O . C e n t e r v i l l e ) , T e n n .— BOND SALE.—
5 359 20 Brady°U
Street im provem ent bonds. Denom. $535 92 each.
Harris, Forbes & C o., have purchased an issue of $142,000 6% coupon taxSaid bonds payable as follows: One bond of $53o 92 on the 1st
free road bonds. Denom. 81,000. Date July 1 1921. Prin. and semidav o f Sept. 1922 and one bond of like denomination on the
ann. int. (A.-O.) payable at the Chemical National Bank, N. Y. Due
1st day o f September of each succeeding year until all of said
yearly on April 1 as follows: $2,000, 1922 to 1926. incl.; $4,000, 1927 to
bonds are p aid .
_
~
0 -1 0 01
1931, incl.; $3,000. 1932; $8,000, 1933 to 1936. incl.; $10.000. 1937 to
m m an Aliev No
4 improvement bonds. Denom. bold 24 eacn.
I9 4i, incl.; $12,000, 1942; $2,000, 1943 & 1944; $7,000, 1945 and $2,000,
5,132 40 Sam bonds payable as follows: One bond o f $513 24 on the
1946 and 1947. The circular states that these bonds are eligible as security
1st day of Sept. 1922 and one bond ot like denomination on
for Postal Savings Deposits.
the 1st day o f September of each succeeding year until all 01
Financi a 1 Statement.
said bonds are paid.
(As officially reported).
K I R K S V I L L E , A d a i r C o u n t y , M o .— BONDS D E F E A T S D • " 9 n
“
Assessed valuation for taxation_______________________________$9,401,622
iv
Total debt (this issue included)------------------------------------------------494,125 TU 26 the $285,000 water extension bonds (mentioned in \ . H o , p. 1L>
were defeated by a vote of 554 "fo r" to 680 "against.
Population 192Q census, 16,216.
G R E E N B U R G H , W estchester C ou n ty, N. Y .— BOND SALE.— The

H IG H LAN D C O U N TY (P. O. H illsb oro), O h io .— BOND SALE.—
The $12,000 5% road improvement bonds offered on Aug 1 (V. 113, p 439)
were sold to C E. Birhu, Georgetown, at par and accrued interest. Date
July 1 1921. Due $500 each six months from March 1 1922 to Sept. 1
1928, incl.
H I G H L A N D P A R K (P. O. D allas), Dallas C ou n ty , Texas.— BONDS
VOTED.— A t the election held on July 26— V. 113, p. 102— $100,000 6%
street and bridge bonds were carried by a vote of 74 to-4. Due $5,000 in
6 years and $5,000 yearly thereafter until all bonds mature. These bonds
will be offered as soon as they are approved by the Att'y-General.
H IR A M , P o r t a g e C o u n t y , O h i o . — NO BIDS.— N o bids were sub
mitted on Aug. 1 for the $22,511-78 6% street improvement bonds offered
on that date.— V. 113, p. 439H O B B S V IL L E S C H O O L D I S T R I C T , G a t e s C o u n t y , N o. C a r o .—

BOND OFFERING.— Sealed proposals will be received by J. M . Glenn,
Sec’y Board of Education (P. O. Gatesville) until 11 a. m.' Sept. 5, for $30,000 6% school house bonds. Date Sept. 1 1921. Prin. and semi-ann.
int. payable in New York. Due in 20 years. Cert, check, on an incorpor
ated bank or trust company, for 2% of bid, payable to the Treasurer, re
quired.
,
_
_ _
* Legal proceedings and preparation and sale of the bonds under the super
vision of Bruce Craven, Trinity. N. C. Legality approved by Childwell and
Raymond, of New York.
H O B O K E N , H u d s o n C o u n t y , N. J. — NOTE SALE.— An issue of
$1,891,000 6% school notes was awarded on Aug. 2 to the First National
Bank of Hoboken at par. Denom. SI.000. Date Aug. 15 1921. Interest
F. & A. Due Aug. 15 1922.

K I T C A R S O N C O U N T Y S C H O O L D I S T R I C T N O . 35 (P . O . F l a g l e r

r 0io .__BONDS VOTED— An issue of $20,000 6% school bonds was carried
bv the voter-; at a recent election
Denom. $500.
Date
1 ly*
Principal payable at the County Treasurer s office and senn-ann ^ mt
/ t *r T ) at Kountze Bros., N. Y . Due July 1 1951. optional J u iy l H)o6
These bonds have already been reported
Phillips & Co. of Denver subject to being voted at the said election.
ine
notice o f sale and election appeared in V . 112, p 2561.
I A U K A WANNA E r i e C o u n t y , N . Y .— BOND SALE .— The $200,000
6% paving bonds offered on Aug 1 (V. 113\P
' ° 'u on om '
Potter & Co. of Buffalo at 100 03, a basis o f about 5 00‘ c
Denom
5 1 000- Int. P. & A. Due $10,000 yearly irom U>23 to 19-11, m il.
1 AFAYETTE PARISH ROAD D IS T R IC T NO. 1 (P. O. L a fa y e tte '.
L a — BOND OFFERING.— George Crouchet, Secy. of tho I olive Jur> . " d ,
receive sealed bids until 2 p. m. Sept. 1 for $3b.00Q road bonds.
L A F O L L E T T E , C a m p b e l l C o u n t y , Te n " . — B O A T ! ) »
An election will be held on Sept. 30 for the purpose of vottug m
a
of La FoUet tv. Duo
these bond? im © to bo
p
disbursed and expended for the payment and retirement ot ‘
debts of the City of La Foiletto.
i
LAWRENCE COUNTY

(P. O . N e w C a s t l e ) , P *

Edward B . SmithNW T o fV li5 a were awakedVhoV^
Co
(V.
bonds offered on Aug 1 ind 113. P price paid was July 410. 7 .
The l UP Date !W
a
July 1922 to July 11§36,
5 435%.

kVf X v tt

A u g . 0 1921.]

THE CHRONICLE

I F \C.UF SCH O OL D IS T R IC T (P. O. F r e s n o ) , F r e s n o C o u n t y ,
C a lif^ B C W D SALE.— Tho $19,000 0% school bonds offered unsuccess
fully on July 6__V. 113, p. 318— wore sold at a private salo to R. II. M oul
ton & C o. at par and accrued interest.
LEE S C H O O L D I S T R I C T , M i n g o C o u n t y , W . V « .—-BOND OFFEILTjsjn__Healed bids will be received until 2 p in A uk 13 by James A
Enrlov President Board o f Education (l>. O. Williamson) for $105,000 0%
s c h o o l bonds
Donom $500. Onto Mar U 1921. I n t m i n
Dim
$7,000 yearly on M ar. 14 from 1926 to 1940, lncl. Oort, chock for $2,000

required.

055

LO GAN SCH O OL D IS T R IC T (P. O. L o g o n ), L ogan C o u n ty ,
W. Va. BOND OFFERING. Sealed proposal-, will be received until
Aug. 9 for $105,000 5 A % worn! annual school bonds. Denofn. >1,000
Validity has been approved by tho Attorney-General of West Virginia,
Ella Ferrell, Secretary Board ol' Education.
LUCAS C O U N T Y (P. O . T o le d o ), O h io . BOND SALE. The
$31,133.61 6% Main Hewer District No. 3 bonds offered on July 25 (VC 113
p. 205) wore sold to A. T . Boll Sc C o. at par and accrued Interest. Date
Aug. 5 1921. Duo yearly on Aug. 5 as follows: $4,433.61 In 1922 and
$3,000 from 1923 to 1981. inclusive.

McCOOIC, Rod W illow C o u n ty , N obr. BOND DESCRIPTION.
The $50,000 6% funding general bonds awarded as stated In V 112, p
C
1435 boar the following description: Donorn. $1 ,000. Date April 1 1921.
lid,. A .-O . Due April I 1941, optional April J 1931.
'The $20,000 water 6% bonds awarded at the same time bear tho following
description: Denom. $1,000. Date April 1 1921. Int. A .-O . Due April
1 1961, optional April 1 1931.
MADERA IR R IG A T IO N D IS T R IC T (P. O. M adora),
Madera
LEYDEN, L Y O N S D A L E & W E S T T U R IN U N IO N FREE S C H O O L
Reports say that tho flotation o f
D I S T R I C T N O . 5 (P . O. P o r t L e y d e n ) , L e w i s C o u n t y , N. Y . — BONDS C o u n ty , C a lif.— BONDS VOTED.
$28,000,000 irrigation bonds
the
NOT SOLD— BONDS TO BE RE -A D V E R T IS E D — The $49,980 6% school was authorized at an election to provide for 26. Madera Irrigation District
held on
Tho
bonds offered on July 30 (V 113. p 556) were not sold. Tho bonds will bo Eleven o f tho 21 precincts gave 100% July the bonds.vote was 8,100 to 25.
for
re-advertisod In denominations o f $500 and $1,000 instead o f $1,666.66 2-3.
M AHONING C O U N T Y (P. O. Y o u n g s to w n ), O h io .— BOND OFFER
L IB E R T Y S C H O O L T O W N S H I P , F u l t o n C o u n t y , I n d . — BOND
ING.— Griff. Jones, Clerk o f the Board o f C ounty Commissioners, will
OFFERING.— Until 1.30 p. m. Aug. 18 bids will bo received b y James M .
’ oceive sealed proposals until 10 a. m. Aug. 8 for $25,000 6 % G arfieldMills. Township Trustee, at his office, for $50,000 6% bonds. Denom.
o.
“ I bonds.
Date
$1,250. Date July t 1921. Int. J. & J. Duo $1,250 oach six months from P etersb u rg Road Nand 8, Section int.” (M . & S.) Denom. $1,000.County
Sept. 1 1921- Prin.
semi-ami.
payable at the
July 1 1922 to July 1 1942, incl. at the Fulton State Bank at Fulton, Ind.
Treasury. Due Sept. 1 1930. Cert, check for $300, payable to the
L I N C O L N C O U N T Y S C H O O L D I S T R I C T NO . 59 (P . O . W i l b u r ) ,
County Treasurer, required. Bidders will be required to satisfy themselves
W a s h . — BONDS VOTED.— A t the election held no July 27 an issue o f $46,
o f the legality o f the issue o f said bonds. Purchaser to pay accrued interest.
000 (not $50,000, as stated in V . 113. p. 103) building bonds at not exceeding
MAINE (State o f — BOND SALE.— The
6% interest, carried by a vote o f 226 to 58. Bonds will be offered for sale highway and bridge ) bonds offered on July $1,750,000 5% coupon tax-free
29 (V. 113, p. 441) were sold
within the noxt thirty*days.
on that date to tho Fidelity Trust C o. o f Portland and Brandon, Gordon
L I N C O L N C O U N T Y S C H O O L D I S T R I C T N O . 13 (P. O . G e n o a ) ,
and Waddell o f New York, jointly at 98.147. a basis o f about 5.224% .
C o l o . — BOND PURCHASE NOT YET C ON SUM ATE D — Owing to the
Date Aug. 1 1921. Due yearly on Aug. 1 as follows: $1.00,000 from 1927
irregularity in the election proceedings tho pre-election contract o f the In to 1931, incl. and $125,000 from 1932 to 1941, lncl. The following is a
ternational Trust Oo. o f Denver to purchase $5,000 6% funding bonds from complete list o f bids received.
the Trustees o f this district has not as yet been fulfilled.
Fidelity Trust C o., Portland, Brandon, Gordon & W addell, N . Y — 98.147
The above corrects the report given in V. 113, p. 318.
The National City C o., Boston; Guaranty C o. o f New York; Hannah
Ballins & Leo o f New Y o rk _______________________________________ 98.139
L U D L O W , H a m p d e n C o u n t y , M a ss.— BOND OFFERING— C. S.
Harris, Forbes & C o., Boston; E. TT. Rollins & Sons, Boston; Coffin
Browning Town Treasurer will receive sealed proposals until 4 p . m . Aug.
& Burr, Inc., Boston; Merrill Trust C o., Bangor_______________ 97.79
10 for the following 514% tax-free coupon bonds dated July 1 1921.
& Weeks, Boston;
C o., N . Y .; Potter
$25 000 sewer bonds o f 1921. Denom 20 for $1 000 each and 10 for $500 Hornblower New York; Watkins Redmond & Y o rk _______________ 97.146
Brothers,
& C o., New
each. Due $2 500 yearly on July 1 from 1922 to 1931 incl.
40 000 schoolhouse extension bonds o f 1921. Denom . $1 000. Due Old Colony Trust C o., Boston; Edmunds Brothers, Boston; Eldredge
& C o., N. Y .; Kissell, Kinnecutt & C o., N . Y .; F. S. M oseley &
$2 000 yearly on July 1 from 1922 to 1941 incl
S C o., Boston; Lee, Higginson & C o ., Boston; Hayden, Stone
c
Prin. and interest payable at the Old C olony Trust Co. o f Boston.
& Co., Boston; M . S. Bird & C o., Portland___________________ ___ 97.058
These bonds will be engraved under the supervision o f and certified as to
their genuineness b y the Old Colony Trust Com pany o f Boston Mass. Boyer & Small, Portland; Estabrook & C o., Merrill, Oldham & C o.,
R . L. Day & C o., Boston; Blodget & C o., H . M . Payson & Oo__96.54
The favorable opinion o f Messrs Storey Thorndike Palmer & D odge as
to the validity o f these issues will be furnished without charge to the pur O. W . Wliitis & C o., New Y o rk __________________________________ 96-53
The Equitable Trust C o. o f New Y o rk ___________________________ 95.7837
chasers. All legal papers incident to these issues will be filed with the
Old Colony Trust Com pany where they may be referred to at any time.
M ALAGA SCH O OL D IS T R IC T , F resn o C o u n ty , C a lif.— BOND
Bonds will be ready for delivery on or about Aug. 15 1921.
SALE.— An issue of $48,000 6% gold tax-free bonds has been sold to the
Citizens National Bank o f Los Angeles. Date June 29 1921. Due serially
Financial Statement.
Assessor’s valuation for year 1918 less abatements__________$7 009
09100 from 1922 to 1937, inclusive.
Financial Statement.
Assessor’s valuation for year 1919 less abatements________
7 438
30900
Assessor’s valuation for year 1920 less abatements________
8 427
52500 Assessed valuation________________________________________________ $966,662
Total bonded debt______________________________________________
48,000
Gross net valuation 3 years_____________________________ $22 874 925 00
MALHEUR C O U N T Y (P. O. V a le), O re .— BOND OFFERING .— Sealed
Average valuation________________________________________ 7 624 975 00 bid will be received until 2 p. m. Aug. 20 for $50,000 5 A % road bonds by
3 % equals--------------------------------------------------------------------- - _
228 749 25 H. S. Saekett, County Clerk.
Total debt o f all kinds incurred and
outstanding_______________________ $16 000 00
M AM ARONECK, W e stch e ste r C o u n ty , N. Y .— BOND OFFERING.—
*Debts authorized but not yet incurred 65 000 00
Frederick M . Sherman, Tow n Clerk, will receive sealed proposals until
.7 p. m. Aug. 10 at 6 Elm St., M am aroneck, for the purchase o f $130,000
^ ^
-------------- $81 000 00
Debts outside debt lim it____________________________________
None
6% coupon (with privilege o f registration) sewer district bonds. Denom.
Net debt plus authorized debts to be reckoned in determinin
$1,000. Date July 1 1921. Prin and semi-ann. int. (J. & J.) payable at
debt limit_____
81 000 00 the First National Bank in M amaroneck. Due $5,000 yearly on July 1
from 1922 to 1947, incl. Certified check for 2% o f the amount bid for,
Borrowing capacity----------------------------------------------------------$147 749 26 drawn upon an incorporated bank or trust com pany, payable to the above
Sinking funds applicable debt within limit _
___ _
None
tow n , required.
Sinking funds for debts outside______
"
None
The successful bidder will be furnished with the opinion o f Hawkins.
* Amount present leans $65 000 00.
Delafield & Longfellow o f New York C ity, that the bonds are binding and
Population (1920) 7 470.
legal obligations o f the town, payable in the first instance from assessments
LYNN, Essex C o u n ty , Mass.— BOND SALE .— The following six issues and not from a general town tax, which, however, may be levied if there is
of tax-free coupon bonds aggregating $404,000 which were offered on July a shortage in the primary funds.
The bonds will be prepared under the supervision o f the United States
28 were sold on that date to Estabrook & Co. o f Boston at 100.30 for 5s., a
M ortgage & Trust C o., which will certify as to the genuineness o f the signa
basis of.bout 4.956% .
tures o f the officials and the seal impressed thereon.
$100,000 school building bonds. Due $5,009 yearly on Aug. 1 from 1922
These bonds are the first installment o f bonds vdiich will be issued to pay
to 1941, incl.
90.000 penetration paving bonds. Due $18,000 yearly on Aug. 1 from the cost o f a sewer system and outlet sewer in Sewer Dist. N o. 1 o f the Town
o f Mamaroneck. Purchaser to pay accrued interest.
1922 to 1926, incl.
85.000 street construction bonds. Due yearly on Aug. 1 as follows:
M A RICOPA C O U N T Y SCH O OL D IS T R IC T NO. 4S (P. O. P h o e n ix ),
„ „ „ $9,000 from 1922 to 1926 incl. and $8,000 from 1927 to 1931, incl. A riz .— NO BIDS RECEIVED.— N o bids were received for the $5,000 6%
60.000 water storage fronds. Due $2,000 yearly on Aug. 1 from 1922 to school bonds offered on July 18 (V. 113, p. 318.)
1951, incl.
M ARION C O U N TY SCH O O L D IS T R IC T NO. 7 (P. O. M arion ),
45.000 sewer bonds. Due yearly on Aug. 1 as follows: $2,000 from
So. C aro .— BONDS NOT SOLD.— The $20,090 6% school bldg, bonds
0.
1922 t0 1936’ incL and $1,000 from 1937 to 1951, incl.
offered on July 15— V . 113, p. 205— were not sold.
- 4 *040 water equipment bonds. Due yearly on Aug. 1 as follows: $5,000
t 4 -n flion} 1922 f°. 1925’ lncl- and $4,000 in 1926.
.
M A R Y LA N D (S tate o f ) . — BIDS REJECTED.— All bids received on Aug.
c -n •A *.
Opinion o f Storey, Thorndike. Palmer and Dodge. The
2 for the two issues o f 4 A % bonds offered on that date (V. 113, p. 103
following is a complete list o f bids received:
were rejected, the highest being submitted by a syndicate headed b y the
Bidder—
Amt.bd.for. Int.rate bid.
Price.
Chase Securities Co. which bid 91 829 for the first issue, nam ely, $500,000
Estabrook & C o ____________________
$401,000
100-30
5 %
construction loan o f “ 1920” and 94.777 for the second, namely, $100,000
F. S. M oseley & C o.l
bridge loan o f “ 1920.”
E. II. Rollins & S on s/_____________________ 404,000
100.593
5K %
MEEKER C O U N T Y (P. O. L itc h fie ld ), M in n .— BOND OFFERING.—
Curtis and Sanger__________________________ 404,000
100.282
5M %
Harris, Forbes & Co
A . O. Palmquist, County Auditor, will receive sealed bids until 1 p. m
90.000)
Aug. 21 for $100,000 6% highway bonds. Denom. $1,000.
24.000 [
5H %
85.000
MERCER C O U N T Y (P. O. M ercer), P a.— BOND OFFERING.—
45.000)
100.08
Nornian I. Bromley, Clerk o f the Board o f County Commissioners, will
100,0001
5 %
receive bids until 2 p .m . Aug. 19 for $1,500,000 coupon-tax-free road bonds
60.0001
at either 5 % , 5 H % , or 5 A % interest. Denom. $1,000. Due yearly
R . L. Day & C o ___
90.000)
$70,000 1924, $26,000 1925, $27,000 1926, $29,000 1927, $31,000
60,000 [
5 %
1928, $33,000 1929,
$34,000 1930,$36,000 $931, $39,000 9132, $40,000
45.000 J
1933, $43,000 1934,
$45,000 1935,$48,000 1936, $50,000 1937, $53,000
24.0001
100.000 1938, $o7,000 1939,
$V2%
$59,000 1940.$63 000 1941, $66,000 1942, $70,000
85.000 f
1943, $75,000 1944,$ 8.000 1945, $83,000 1946, $87,000 1947, $92,000
100,000
100.000
5M %
1948, $98,000 1949, and $68,000 in 1950. Cert, check for $30,000 payable
Blodget & Co
401.000
100-13
5M %
to the County Treasurer, required. These bonds were first offered for
O. C. Turd Co_ _
109.000
sale on July 22.— V. 113, p. 103. Due to a typographical error this offering
85.000
was incorrectly reported in V. 113, p. 556, to take place on Aug. 9.
60.000
5 %
M E RID IAN , L a u d erd a le C o u n ty , M iss.— BOND OFFERING.—
45.000,
100.39
The following two issues o f 6% electric light and power plant bonds are now
90.000)
5^%
being offered at a privato sale:
24,000/
M errill, Oldham & Co
$300,000 Series “ A ” . Denom. $1,000. Date June 15 1921. Duo yearly
401.000
100.57
on June 15 as follows: $6,000 1922 to 1926, incl; $12,000 1927 to
90.000
1936, incl. and $15,000 1937 to 1946, incl.
24.000
m %
300,000 Series “ B .” Denom. $1,000. Date Dec. 15 1921. Due yearly
100.01
85.000
or
on Doc. 15 as follows: $6,000 1921 to 1926, incl.; $12,000 1927
100 O f)
O
to 1936, incl., and $15,000 1937 to 1946, incl.
60.000
5 %
Prin. and somi-ann. int. payable at the office o f the O ily Clerk Sc Treas45.000
Blake Bros. & Co
404 .000
100.764 urer. Those bonds were voted recon bl v as stated in V. 113, p . 441. Bids for
5M S
Arthur Perry & Co
less than par and accrued interest will not be considered. "W. II. White,
90.000
City cle rk Sc Treasurer. It is stated that the C ity o f Meridian has never
24 .000
defaulted in the payment o f tho principal or interest on any o f its bonds or
85.000
100.08
5M %
obligations, and there is no controversy or litigation pending or threatening
100,000,
at this time with reference bo the issuance o f the above bonds, or affecting
60.0001
the corporate existence or boundaries o f tho municipality, or the title o f its
45,000/
White Weld & Co—
present officials to their respective offices.
Bid o. J
Financial Statement.
404.000
100.40
Bid N o. 2 1922 4 931 Maturitie ,
Estimated true valuation o f all taxable property----------- — $25,243,000 00
1932 1951 Maturities
Assessed valuation for taxation year 1920_________ _____
16.828,489 00
5M % J
100.02
Bid No. 2
90.000
Total bonded debt, incl. this issue
__________ _
2.385,1 18 54
5M %
85.000
W ater works bonds payablo by revenues o f wator dopt.
J00.000
included in above
__ ________ _
443,000 00
60,090
Paving bonds and certificate payablo by special assessment
100.06
45.000
Included In above
310,142 75
A i , s Qf the City o f Meridian in excess o f liabilities..............
1,420,000 00
24,000j
L E X IN G T O N S CH O O L T O W N S H IP , L ex in g ton T o w n s h ip , S co tt

____. — __ _
____________ . n ..
Kimberlln,
Township
Ind
BOND OFFERING.--H ldo t oy
Kin
.n
TiaisUn^wili receive bids.......... , i , 42 .............. A ••.» . t18 vforO / i / i r
until > p. m. a uk
$44,680 0% coupon high
school building bonds. Denom. $743. Date Aug. I 1921. Int. J . « c .1.
S
Duo $1,480 each six months from July 1 1922 to Jan. I 1930 and $2,972
on July l 1930. Oort, check for $500, payablo to tho above trustee, required.
Purchaser to pay accrued interest.
C o u n t y ,f

u o u n i y

tiitf

THE CHRONICLE

Cup ala t ion 1920 census, 2L43H
Rate o f tax per $1,000 for all purposes,
$22.00. T o ta l rate per $ 1,000 a llow ed by law , $>22 00. C an be increased
b
i .v1 . bi r d s inajorii , v o t e o f ele« t o r u L
.■
' Pa\ e s clue e a c h year D e c , 1:
deliuqui-ut after Feb 1
fa x e s will be colle cte d in tim e to pay all interest
and b onds as tile sam e ^hall fall due.
M IA M I C O U N T Y
P. O . P e r u j, In d
('
E .
BON D OFFERIN G
Hey bur > . C ou n ty treasurer, will receive bids until 11 a. n. A u g. 12 fo r
the folk <ving 4 % co u p o n road bonds.
$ 1 9 ,660 W illiam M u rp h y ot a b , Perry T ow n sh ip b on d s.
D cn om $983.
D ate June 15 1921.
Pipe C reek T o w n sh ip bonds.
14.600 W illiam K ife et al
Denorn $730.
D ate June 15 1921
Jackson T o w nship b o n d s . D e n o m . $980
19.600 A aron M ich aels et al
D ate July 15 1921
Jackson T ow n sh ip bonds.
D cn o m . $32J
6,460 E L O op p ock et al
D ate J u ly 15 1921
In t. £d . & N .
Purchaser to p a y accrued int
M lN iN E A P O L IS , M in n .
B I O S .— T h e fo llo w in g bids were received
for the fcl ,230,000 5 % s ch ool bonds awarded as stated in V . 1 13, p. 556.

1 /• i t

m

\m o u n t

B id

R M Grant & O o ., N atlonal iiank o f C om m erce o f S t . L . , M o $ l ,154,000 00
N orth ern T ru st C o ., H allgarteu A C o ., Field, R ich ards A C o .,
Sm ith M ot*i»- & C o
r&ylo E w art & C o
L. i >i ,013 00
______
___
_ . 1,162,350 00
_
Paine W ebber & C o
L e o B . G ib b on s A t >
>
_____
_
_ 1,163,912 10
W atkins A C o ., R edm on d A C o , B 1 Van Ingen A C o .,
M erch a n ts T ru st A Savings Bank o f St. P a u l_______________ 1,164,202 00
M in n eap olis T ru st C o ., W in . R. C on ip tro n C o ., H alsey,
Stuart A C o ., A . B . Leach A C o ., E. H. H ollins A Sons.
C on tin en tal A C om m ercia l T ru st A Savings B ank, C h i, III. 1.147,713 00
G old -S ta b eck C o . o f M in n eap olis Barr A Schm eltzer o f New
Y ork C ity , C hase Securities C o rp . o f N ew Y ork C ity ,
B onbright A C o . o f New Y ork C i t y _________________
1,158,152 01
R u tter, L in dsay A C o ., In c , W h ite, W eld & C o ., A m es,
E m erich A C o ., M a rsh a ll Field, G lore, W ard A C o .,
M erch a n ts Loan A T ru st C o _________________________________ 1 ,151,093 40
H arris T ru st A Savings B ank, C h ica g o, III
_________________ 1,150,800 00
E stabreok A O o ., B oston ; H L. D a y . A C o ., B o sto n ; T h e
M in n esota Loan and T ru st C o m p a n y _______________________ 1,163,457 00
G u a ra n ty C o . o f New Y ork S ta cy A B raun, B ankers T ru st
(Jo New Y ork Kissel, K in n icu tt, H an n ah , B allin & Lee__ 1,161,144 60
K alm an, W o o d A C o ______________ _____________________________ 1,158,300 00
D rak e-B a lla rd C o ., M in n eap olis, M inn; N ation al C ity C o .,
N Y C ity , N . Y ; First Trust A Savings B an k, C h ica g o. Ill
1,152,571 50
Eidredge A C o ., C urtis A Sanger, B lodget A C o ., W e lls-D ick e y
C o m p a n y ______________________________________________________ 1.166,175 30
T h e follow in g bids were received fo r the $340,590 33 5 % ta x-free cou p o n
special im p t. b on d s aw arded at the sam e tim e.
I G e o . B . G ib b on s A C o . N ew Y o rk , Is . Y .; b id , $325,775 00 or 9 5.6 5.
2. M in n eosta Loan A T rust C o ., M in n ea p olis, M in n .; b id , $325,750.00
or 95.64.
3 W atk in s A C o ., N ew Y o rk , X . Y .; R ed m on d A C o ., N ew Y o r k , N . Y .;
B J. Van Ingen A C o .. New Y ork , N . Y .; M erch a n ts T ru st A Savings
Bank, St. P aul, M in n ., jo in tly ; bid. $325,050 00 or 95.43.
4. W olls-D ick ey A C o .. M in n eapolis, M in n .; b id , $323,200 00, or 94.90.
5. R . M . G ran t A C o ., C h ica g o, 111 ; b id , $323,100 00, or 94.89.
6
K a lm a n , W o o d A O o . , M in n ea p olis, M in n .; b id , $322,500 00 or 94.88.
M IN O T , W a r d C o u n t y , N o . D a k .— BOND S A L E .— T h e State o f N orth
D akota during J u ly purchased, at par $11,000 4 % sew ageidisposal plant
bonds.
D ate April l 1920
D ue April 1 1940
B onds are n o t op tion a l,
b u t m a y be redeem ed tw o years from date o f issue.
M O B IL E C O U N T Y (P . O . M o b ile ), A la .— B O N D D E S C R I P T I O N .—
T h e $ 50,000 5 % c o u n ty b on d s aw arded as stated in V . 113, p . 441— bear
ihe follow in g d escription : D en om . $500. D a te S ept. 1 1921. In t. M . A S.
D u e Sept. 1 1941.
M O N R O E , P la t t e C o u n t y , N e b .— BONDS N O T S O L D .— T h e $4,400
heat A lighting and th e $ 2,0 00 w ater extension b on d s offered on J u ly 29—
V . 113, p . 319— w ere n ot sold as n o bids were received.

[ V o l . 113,

i
1 1 W ilm ington .
1
Due on July l as follow s: $10,000 1927 and
p o 000 from 10 2 8 to
incl
M essrs. C aldw ell and Raymond o f New
' oik Will c, 1-uty as to i lie legality o f these b ond s. T h e bonds will be prep.uvd under tin: superv ision o f the U nited States M o rtg a g e A T ru st C om puny or b y the ( ‘huirm an o f the Finance C om m ittee.
( ’erf ‘ ‘heck for 2*4 o f face value o f b onds b id for, p a ya b le to the C o u n ty
Iieasurer' required.
Bids are to b e m ade upon form s to be furnished b y
Finaiiei*
8tuU,s A lortgage & T ru st C o m p a n y or b y the C om m issioner o f
Financial Statement.
______ ____ $167,100,952 00
Assessed valu ation o f taxable p r o p e rty .
B on ded d e b t, exclu sive o f this issue
__
3 434 000 0(1
l o p u la tio n , census o f 1920. 148,239.
NEWMAN

SCHOOL

D I S T R I C T ,,
i

S ta

tdaus

c o u n t y ,,
Coun

C R lif. —
CaIU .

.
, j'fU tA C O IC
B o - \ _ Obb L l i l N i , —Proposals U I I I U t , received it n t 4 1 10 a. m . A u g. 9 by
D __
will be * > / ! / . . i t t r o r l until
H . B enson, C lerk B oard o f C o u n ty Supervisors (P . O. M o d e s to ), for $65,000
ard
I lilk/
I n i
'otit
»■» i >
t
/\
6 % bonds
D en om . $1,000l
In t. Isemli-ann. ID ■« /■, «yea.rly on xA u g 9 as
u e . .. .. .1
4 ’o t n n ' i . c u ° ° c l 92! u! 15,32 • i,u' 1 • *2 .00 0. 19:43 to 1958 incl.', and
? ■,
1 . ( (
c heek on som e solv en t ban k o f the State o f C aliforn ia
tor h e
or lie* entire am ount o f the bid , p aya b le to the C hairm an Board o f
C ou n ty Supervisors required. T h e successful b id der m ust prepare an
abstract o f the p roceedin gs leading to the issue o f the b on d s, at bis own
expense, it he desires such abstract.

N EW M E X IC O (S ta te of)
D E B E N T U R E SA LE . T h e follow ing
tw o issues of 6 % deben tu res offered u n su ccessfu lly on June 29— V. 113,
p. 206— h ave been so ld .
$ 10.000 State h igh w ay debentures to State Treasurer.
800,000 State h igh w ay d eben tu res to Otis A C o . o f C le v e la n d .
N E W P O R T , N e w p o r t C o u n t y , R. I. - T E M P O R A R Y L O A N .- T h e
tem porary loan o f $100,000 d ated A ugust and d u e Sept, 6 1921, w hich was
offered on J u ly 28 (V . 113, p. 442) was aw arded to Estabroolc A C o . o f
P ro v id e n ce on a 5 .5 6 % d iscou n t basis.
N E W Y O R K , N Y.
T E M P O R A R Y L O A N S — D u rin g the m o n th o f
J u ly the city issued $ 25 ,4 1 5 ,0 0 0 short term secu rities, con sistin g o f revenue
)> 1 s.
Special revenue b o n d s, co rp o ra te sto ck n otes and tax notes as
follow s:
Revenue Bills o f 1921, A ggregating
Various Municipal Purposes.
SI 7,125,000
6%
Dec. 28 1921 July b
270.000
Amount. Int.Un
M a t u r i t y . D ate sold.
6%
Nov. 28 1921 July 11
200.000
$125,000
6% Oct. 3 1921 July 5
15,000
6%
Dec. 28 1921 July i
500,000
6 % Dec. 30 19 ! i July 14
6%
July 3 1922 July 18
200,000
500,000
C . Nov. 28 1921 July 14
200,000
Dec. 22 1921 July 22
6%
1,000,000
6% Nov. 3 1921 July 14
750,000
! 2 % l On or before/
2.000,000
6 % Nov. ') 1921 July 15
/July 22 19221 July
90,000
(i% Nov. 30 1921 July 15
W a te r .
100,000
G% Dec. 28 1921 July 15
0% Jan. 10 1922 July 6
50.000
810,000
0% Dec. 30 1921 July 15
200,000
6% Nov. 28 1921 July 8
2,000,000
6% Nov. 18 1921 July 18
70.000
0% Dec. 28 1921 July 13
3.000,000
6% Nov. 2 1921 July 19
0 % Dec. 28 1921 July 13
1 0 0,000
6,500,000
6% O ct. 31 1921 July 28
300.000
6% July 3 1922 July 18
500,000 i>T % Dec. 28 1921 July 28
.
150.000 U or \On or before/
/ July 22 19221 July 22
Special R evenue B onds o f 192]
A ggregating 8805,000
Dock.
$55,000
6% July 1 1922 July 2
50.000
6 % Jan. 13 1922 July 1
625.000
6% June 28 1922 July 19
100,000
6% Nov, 28 1921 July 8
125.000
6% Jan. 10 1922 July 19
20.000
6% July 7 1922 July 8
C orp ora te S tock Notes A ggregating
25.000
6% Dee. 28 1921 July 11
$6,485,000
6% N ov. 28 1921 July 11
160,000
R a p id T ran sit.
6% N ov. 28 1921 July 12
20.000
$250,000
6% Dec. 2S 1921 J uly
40.000 5 K % \On or before/
20,000 6 % Jan. 10 1922 July
/ July 13 1922 \July 13
45.000
6% Dec. 28 1921 July
6 % Nov. 30 1921 July 15
10.000
5,000
6% Dec. 28 1921 July
70,000
0% Dec. 28 1921 July 15
25.000
0% Dec. 28 1921 July
6% July 30 1922 July 15
200,000
50.000
6% N ov. 28 1921 July
300.000
6 % July 18 1922 July 18
30.000
6% Dec. 28 1921 July
800.000
6% Dec. 22 1921 July 18
10.000
6% Dec. 28 1921 July
150,000 5 A % \On or before/
6 % July 14 1922 July
500.000
/July 22 19221 July 22
200.000
6% April 3 1922 July
Tax Notes, Aggregating $1,000,000
600,000
6% July 3 1922 July
6% Jul y 3 1 9 2 2 July 12
$500,000
20,000 A % \On oi' before/
10.000
6% June 15 1922 July 20
/July 22 19221July
75.000
6% July 14 1922 July 20
150.000 o A % \On or before/
50.000
6 % Jan. 20 1922 July 20
(July 22 19221July
6 % Jan. 17 1922 July 20
65.000
130.000 514 % On or before/
6 % Mar. 17 1922 July 20
300.000
/July 22 19221 July
NEY,
D e fi a n c e
County,
O h i o . — BON D O FFE RIN G.— John W .
G arber, V illage C lerk , w ill receive sealed b id s un til 7.30 p . m . A u g. 18
fo r $ 3,800 6% co u p o n special assessm ent b on d s. D e n o m . 6 fo r $500 each
and 4 fo r $200 each.
D a te A u g. 1 1921. P rin. and sem i-ann. int. p ayable
at th e V illage T reasu rer’s o ffic e . D u e $200 yea rly on Sept. 1 from 1922
to 1925 in cl., and $500 yea rly on Sept. 1 fro m 1926 to 1931, incl.

M O N R O E , S ev ier C o u n t y , U t a h .— B O N D S A L E .— I t is reported that
the Palm er B on d A M ortg a g e C o ., o f Salt L ake C ity , has purchased
$20,000 6 % w ater bonds at a co v e r o f 85.
M O N T E V I S T A S C H O O L D I S T R I C T , S t a n is la u s C o u n t y , C a l if .—
BOND O F F E R IN G .— U ntii 10 a. m . A u g . 9 H . B enson, C lerk , B oa rd o f
C o u n ty Supervisors (P . O , M o d e s to ), w ill receiv e b id s for $13,000 6 %
sch ool b onds. D en om . $500. In t. sem i-ann. D u e $500 yea rly on A u g . 9
from 1923 to 1929, in ch , and $1,000 1930 to 1938, in c l., a n d '$5 00 1939.
C ert, check on som e solvent bank o f the State o f C aliforn ia for 1 0% o f the
entire a m ou n t o f b id , p a y a b le to the C hairm an B oard o f C o u n ty Super
visors required. T h e successful b id d er m ust prepare an abstra ct o f the
proceedings o f th e b o n d e lection , w hich is on file in th e office o f th e C ou n ty
C lerk , at his ow n expense, if he desires such abstract.
M O N T G O M E R Y C O U N T Y (P . O . C r a w f o r d s v iile ) , I n d .— B O N D
O F F E R IN G .— B ids w ill be received u n til 10 a. m . to -d a y (A u g . 6) b y H . T .
S tou t, C o u n ty T reasurer, for the purchase o f the follow in g h ig h w ay b ond s.
N O R F O L K C O U N T Y (P . O . D e d h a m ) , M a ss. — N O T E S A L E .— T h e
$ 20,000 5 % Ferm an L A n drew s et a l.. C o a l C reek T ow n sh ip bonds.
follow in g tw o issues o f n otes d ated A u g. 2 1921, w hich w ere offered on A u g . 2
. D e n o m . $1,000
D u e $1,000 each six m on th s from M a y 15 1922
(V . 113, p. 556), were sold , the first goin g t o H . C . G rafton A C o . o f B oston
to N o v . 15 1931, in cl.
a t 100.764, a basis o f a b o u t 5 3 1 % , and the secon d b ein g aw arded to Blake
12,500 5 % Julia P a tton et a l., B row n T ow n sh ip b on d s. D e n o m .$625.
B ros. A C o . o f B o sto n at 101.78, a basis o f a b o u t 5 -3 5 % .
_
D u e $625 each six m on th s from M a y 15 1 9 22 to N o v . 15 1931, in c l.
$60,000 6 % co u p o n tu b ercu losis h o sp ita l n otes. D c n o m . $1,000.
Due
6,800 4 H % John L . L ofla n d et a l., U nion T ow n sh ip b on d s. D en om .
N o v . 1 1922.
$340. D u e $340 each six m on th s from M a y 15 1922 t o N o v . 15
15,500 6% co u p o n agricu ltu ral s ch o o l n otes. D en om . $3,100. D u e
1931, in cl.
$3,100 y e a rly on M a y 15 fro m 1922 to 1926, in cl.
In t. M . A N . D a te M a y 15 1921.
N O R T H A M P T O N T O W N S H I P (P- O . M o u n t H o l l y ) , B u r l i n g t o n ,
M O N T IC E L L O , S u lliv a n C o u n t y , N. Y .— B O N D S A L E — T h e $20,000
N. J . — BON D S A L E .— T h e $20,000 6 % 1919 em ergen cy b on d s offered
6 % sew er disposal b on d s offered on J uly 30 (V . 113. p 556) w ere sold to
w ith o u t success on J u ly 14— V . 113, p . 442— h av e been sold a t a p rivate
loca l investors
D a te J u ly 1 1921. D u e $1,000 yea rly on J u ly 1 from 1926 sale. D a te July 1 1921. D u e $1,000 yearly fro m 1923 to 1942, in cl.
to 1945, incl
N O R T H B E R G E N T O W N S H I P (P. O . N o r t h B e r g e n ) , H u d s o n
M O U N T V E R N O N , W e s t c h e s t e r C o u n t y , N . Y .— B O N D S A L E —
C o u n t y , N . J .— B O N D O F F E R I N G — U ntil 8 p m . Aug 18 P atrick A .
T h e $100,000 cou p o n (w ith privilege o f registration ) h ig h w a y repa vin g b onds
B ra d y T ow n sh ip C lerk w ill re ce iv e b id s fo r an issue o f 6 % co u p o n (w ith
offered on J u ly 29 (V . 113, p . 441) were sold to S h erw ood and M errifield
p rivilege o f registration ) sch o o l b on d s n ot to exceed $185 000
D enom
o f N ew Y o r k at 100 641 for 5 % s , a basis o f a b o u t 5 6 0 %
D a te A u g 1 $1 000- D a te J u ly 1 1921
Prin and sem i-aiui. in t. (J A J ) p a y a b le
1921. D u e $10,000 yea rly on A ug 1 fro m 1922 to 1931, incl. T h e fo llo w 
at th e T ow n sh ip T reasu rer’s o ffic e
D u e $4 000 y e a rly on J u ly 1 fro m 1922
ing a com p lete list o f b id s receiv ed for these bonds:
to 1936 incl and $5 000 yea rly on J u ly 1 fro m 1937 to 1961 incl
C ert,
Bidder—
In t Rate Bid
Price Bid
ch eck on an in corp ora ted ban k or trust co m p a n y fo r 2 % o f a m ou n t ot bonus
S h erw ood A M e r rifie ld _________________________________ 5ikt%
$100,641 00
bid for, p a y a b le to t h e 1‘ T ow n sh ip o f N o rth B e r g e n r e q u i r e d
B on ds will
C la rk W illiam s A C o __________________________________ 5 H %
100,356 00 be p rep ared under the su pervision o f the U. S M tg e . A T ru st C o. , w hich
G e o . B . G ib b on s A C o _________________________________ 5 % %
100.170 00
B ankers T ru st C o ___________________ ___________________ 5 % %
100,125 00
O g ilb y A A u stin _______________________________________ 5 M %
100,076 00
co p y
p a y a ccru ed in te re st.
M O Y O C K T O W N S H I P N O . 1 S C H O O L D I S T R I C T , C u r r it u c k
C o u n t y , N o. C a r o .— B O N D O F F E R IN G .— Sealed p roposals w ill be
N O R T H C A N T O N , S t a r k C o u n t y , O h i o . — BOND S A L E .— 'The $1 .400
received u n til 12 m . Sept. 5 b y T h om a s W . B axter, C lerk o f C o u n ty C om 
6 % storm sewer b on d s offered on J u ly 23 (V . 113, p. 4 4 2 ) w ere sold to
m issioners (P. O. C u rritu ck ; for the $25,000 6 % sch ool b on d s— V . 112,
N . M . M o h ie r at par and a ccru ed in terest. D a te A p ril 1 1921. D u e
p . 2663. D e n o m . $ 1,000.
D ate June 1 1921. P rin. and sem i-ann. int.
A p ril 1 1926.
(J. A D . ) p a ya b le at the H a n over N ation al B an k . N . Yr. D u e on June 1
O C E A N C I T Y , C an e M a y C o u n t y , N . J . — B O N D S A L E .— T h e Ocean
as fellow s; $6,000 in each o f the years 1926, 1931 and 1936 and $7,000, 1941.
C ity T itle A T r u s t C o ., w as th e su ccessfu l b id der at p ar tor the
C ert, ch eck for $500 p a ya b le to the a b ov e C lerk , required.
6 % p avin g b on d s offered on A u g . 1— V . 113. p . 319— D ate A pril t L - l N A S H U A , H il ls b o r o u g h C o u n t y , N . H .— BOAYD S A L E .— T h e $40,000
D u e $4,000 yea rly on A pril 1 fro m 1922 to 1938. in cl., and $o.000 A p iu l
5 % h igh w ay b on d s offered on J u ly 29 (V . 113, p . 442) were sold to a local
1939 and 1940.
in v estor at par and a ccru ed interest. D a te A u g . 1 1921. D u e $3,000
O C O N T O F A L L S , O c o n t o C o u n t y , W i s e . — B O N D SA LE
The
yea rly on A u g . 1 from 1922 to 1931, in cl. and $2,000 yea rly on A u g. 1
Hrst W isconsin C o ., has purch ased an issue o f sewer and an issue o f *atvv
Fir
from 1932 to 1936, in cl.
6>% b on d s aggregatin g $40,000 at 98. D e n o m . $500• D a te A pril l o
N E B R A S K A C I T Y , O t o e C o u n t y , N e b .— B O N D S A L E — A n issue
n t. A . A O. D u e serially on A p r il 1 as fo llo w s: ^ e v e r b on d s. U -~ u
1933 incl. and W ater w orks b on d s 1934 to 1939. in cl.
o f $90,000 7 % p avin g bonds has been aw arded to the O m aha T ru st C o . o f
O m aha and B ankers T ru st C o . o f D en ver. B on d s m ature on or before
U ta h
10 years.
N E LSO N VILL E,
Athens
C ounty,
O h i o . — BOND
O F F E R IN G .—
A . W . L in ton . C ity C lerk , w ill receive sealed p rop osals u n til 12 m . to -d a y
in 20 years, op tion a l after 10 years.
P urchaser to p a y a ccru ed in t .
N E W C A S T L E C O U N T Y ^P. O . W i l m i n g t o n ) , D e l . — BOND OFFERINC,.— James B all, C h airm an o f th e Finance C o m m itte e , w ill receive bids
un til 12 m . A u g . 9 for all or a ny part o f $210,000 5 A % cou p on (w ith p rivi
l
lege o f registration ) h ig h w ay im p rovem en t b on d s. D en om . $1,000.
D a le June 1 1921. Prin. and sem i-ann. in t. (J. A D . ) p a y a b le a t the Farm -

O K E M A H , O k f u s k e e C o u n t y * Okh\.

i \>YP

$90,000 gas plant and $60,000 water extension

V<>

i n J ul > 1S
b o n d s \n iv

THE CHRONICLE

Vug . 0 192!.]
authorized b y a v oto o f a >;j to I .
l)o entertained at any tim e.

Ituls for the purchase or these b onds will

O N E I D A , M a d ison C o u n t y , N. Y .
HON I) OFFERI NO
M in n ie I'.
B ro p h y , O ily C lerk, w ill receive sealed bids until 4 p m . A uk *6 for the
follow in g b onds a t n ot exceedin g 6 % Interest.
S48 000 00 Series CM p avin g bonds
D en om . $1,000 anil $800
Duo
$4,800 yea rly on June 15 from 1922 to 1 9 3 1. lncl
11 328 60 Series V-1 sewer bonds. D en om . $566 43 each. D uo $1,132 86 yearly on June 15 from 1922 to 1931, lncl.
4 000 00 Series T - l , drainage bonds
D en om . $100.
Due $100 yearly
on June 15 from 1922 to 1931, lncl.
•
Date June 15 1921
Int J & D
Oort, cheek for 5 % o f the a m ou n t
bid for, p ayable to the C ity C ham berlain, requ ired. T h e fa vora b le opinion
o f George S. C lay o f N ew Y ork C ity , will b o furn ish ed th e purchaser
These bonds were offered w ith ou t success as 5 H « on A u g 2 (V . 113, p 442.)
O R A N G E B U R G , O r a n g e b u r g C o u n t y , S o. C a ro .— BON D OFFER
ING. T . O. S. D ib b le, C ity C lerk, w ill receive sealed bids until A u g. 12
for $100,000 6 % sem i-ann. 20-40 year (o p t.) gas b onds.
O S K A L O O S A I N D E P E N D E N T S C H O O L D I S T R I C T (P. O . O sk a lo o sa ), M a h a s k a C o u n t y , Iow a.
BOND S A L E .— T h e $75,000 6 % school

bld g, bonds offered u nsuccessfully on J u ly 15— V . 113, p . 443— h av e been
sold at par and interest to the M a h ask a C o u n ty State B ank o f Oslcaloosa.
O S S I N I N G , W e s t c h e s t e r C o u n t y , N. Y .— BON D S A L E .— On July 29
an issue o f $7,600 6 % h ighw ay im provem en t b ond s were sold to the Bank
for Savings a t 100.261, a basis o f a bou t 5 .9 6 % .
D en om . $500 and $600
each. D a te July 1 1921. In t. J. & J. D u e from 1922 to 1936, incl.
P A S A D E N A , L os A n g e le s C o u n t y , C a l i f . — BOND SA LE . — it is
reported that $85,000 b on d s were sold to the First T ru st & Savings Bank
o f Pasadena for a bonu s o f $10.
P A T A S K A L A , L ic k in g C o u n t y , O h i o . — BOND O FFE R IN G .
Elias
W illiam s, V illage C lerk, will receive sealed proposals until 12 m . A u g. 18
for $3,670 36 6 % special assessment b ond s. D en om . 4 for $367 03 each
and 6 for $367 04 each. D a te A u g. 15 1921. In t. sem i-annually. D ue
yearly on Aug. 15 as follow s: $367 04. 1922: $367 03, 1923: $367 04,
1924; $367 03. 1925; $367 04. 1926; $367 03, 1927; $367 04, 1928; $367 03
1929 and $367 04 in 1930 and 1931.
Purchaser to p a y a ccru ed interest .
P A W N E E C I T Y , P a w n ee C o u n t y , N e b r . — BON DS C A N BE PUR
C H A S E D .— T h e $75,000 6 % electric light b onds offered unsuccessfully
J u ly 18— V . 113, p . 443— ca n now b e purchased at a p rivate sale.
P E N N Y A N , Y a t e s C o u n t y , N. Y .— B O N D OFFERIN G .— E v e r e tt P .
A right, V illage C lerk , w ill receive sealed bids until 8 p . m . A u g. 9 for
Y
$16,500 6 % registered pavin g b on d s. D en om . $1,100 . D a te A u g. 1 1921.
Prin. and in t. p aya b le at the V illage T reasurer’s o ffice . D ue $3,300
yearly on A u g. 1 from 1922 to 1926, in cl. C ert, ch eck fo r $1,000 p aya b le
to E zra J. T itu s, V illage Treasurer, required.
P H I L I P P I N E I S L A N D S (G o v e r n m e n t o f ) . — B O N D O F F E R IN G .—
L util 2 p. m . A ug. 11 bids w ill be received for the purchase o f $10,000,000
o coupon tax-free p u b lic im pt. b onds. D en om . $1,000. D a te A u g. 1
J ? " ’ • . J,n n ■ a.nd sem i-ann. int. (F. & A .) p aya b le at the T reasu ry o f the
united States in g old coin o f the U nited States. D u e A u g. 1 1941. E ach
bid m ust be accom pan ied b y a bank draft or certified ch eck for 2 % o f the
v a .° C th e b on d s bid for, p ayable to the C h ie f B ureau o f Insular
S
.Utair.s, Jn N ew Y o rk C ity funds. T h e b on d s are issued under au th ority
5 S o i me^ J- A c t
n
C ongress approved A u g. 29 1916, as am ended July 31
1921, and. in an A c t o f the P h ilippine Legislature ap p rov ed F eb. 5 1921.
ln e Unitea States Treasu ry Department, authorizes the statem ent th at
norms p* the G overn m en t o f the P h ilipp in e Islands are acceptable at par,
under rno regulations o f the T reasu ry D ep artm en t, as secu rity for deposits
ot p m m e m o n e ,s . B ids m ust b e inclosed in envelopes p lain ly m arked
bUDscnprion for P h ilippine G overn m en t P u b lic Im p rovem en t B o n d s ,”
an5 ^ d r e s s e d to “ Frank M c In ty r e , M ajor-G en eral U nited States A rm y ,
C m e - Bureau o f Insular A ffairs, W ar D epartm en t, W ashington,
G,J
-k© su bscrip tion or subscriptions, givin g the G overn m en t the
highest a ccep ta ble price in the sale c f the entire offering, w ill be accepted,
unless om erw ise stated in the b id , each b id w ill be understood as being
lor a.i or a ny part or the b on d s applied for. I f the b id m akes no m ention
i n o f '- ue2> ^nterest it w ill be understood th at accrued interest fro m A u g. 1
JL, ' * otrerea b y the bidder in addition to the price nam ed for the bonds.
.s
™ reser# £ the B ureau o f Insular A ffairs, W ar D ep artm en t,
1^
o f I £r al ^ d s . A cce p te d su bscriptions w ill b e p ayable on A ug.
Tn«iiPir
? o r k C it y d o be designated b y the B ureau o f
^ ar, D epartm en t, and the ban k so designated w ill m ake
a e m e r y or the b on d s, or, if necessarj*, interim certificates exchangeable
tor the d efin itive bonds as soon as th ey can b e issued.

657

R A C I N E C O U N T Y tP. O . R a c i n e ) , W i s e .

BOND DESCRIPTION

-

T h e $397, 000 c o u p o n h i g h w a y i m p r o v e m e n t bond . a w a r d e d a- s t a t e d in
V. 113, p. 557, boar t h e following d es c ri pt io n
D<-no/n >4 ,000. D a t e
J u l y I I 92J . I n t , r a t e 6 % .
Brin, a n d semi arm. ini U .J > p a y a b l e a t
<’on n t v rrrca,surer.s ol'llro. D u e o n J a n . I a follows $ 132, 000 1927,
$133, 000, 1930 a n d $132, 000, 1933

Financial Statement A s Officially Reported July \ , 1921
Act ual value o f p rop erty , estirnat<*d
%\30,423,378
Vmhch ied \aluatlon 1920
1 16,319 712
T o ta l bonded d e b t including this Issue
| .075,500
Bojndal/ion l920 censiiH, 79,071.
T ota l bonded d e b t loss than 1 % o f the assessed valuation.
R E D F I E L D S P E C I A L S C H O O L D I S T R I C T (P. O . R e d f i e l d ) , J e f f e r 
so n C o u n t y , A rk.
OFFER/NG OF BONDS E X l'E N D E D .
W e are in

formed that the time for receiving bids for the purcha e of the 111 000 6%
tax-free coupon impt. and equipment bond V. 113, p. 322 has been e x 
t e n d e d to A u g . 31.
interest will be allowed from date of bond ;.
R E X B U R Y I N D E P E N D E N T S C H O O L D I S T R I C T N O . 1 (P. O .
R e x b u r g ), M a d ison C o u n t y , I d a h o .
BONDS OFFERED BY B A N K ! : u s .

A ntonides & C o m p a n y , D enver, are offerin g to investors, at price:s to
yield 6 .2 5 % , $13,500 6 l % tax free fun din g bonds.
A
D en om . $1,000 and
$500. D ate June I 1921. Prin. and sem i-ann. int. (J. D .) o a v a b le at the
Chase N ation al B an k , N . Y . D ue serially as follow s: $1,000, June l 1932.
$2,000, Juno 1 1933; $1,500, June 1 1934; $1,000, June 1 1935; $1, 500.
June 1 1936; $1,000, June 1 1937; $2,000, June 1 1938; $1,000, Juno 1 I 939;
$1,500, June 1 1940; $1,000, June 1 1941.
Fin and al Slalcm onl.
.
E stim ated actual v a lu e ------------------------------------— ----------- -------------$5,500 ,000
............
............2,261 ,449
Assessed valuation, 1920
T o ta l bonded d e b t, including this is s u e ----------------- ------178 ,000
P op u la tion estim ated , 4,000.
R I C H M O N D C O U N T Y (P . O . R o c k i n g h a m ) , N o . C a r o .— BOND
OFFERING.— Sealed b id s w ill be received until 12 m . A u g. 31 b y Ozm er
L . H enry, C o u n ty A tto rn e y , for $200,000 cou rt-h ou se b on d s not to exceed
6 % interest. D en om . $1,000. P rin . and sem i-ann. int. p a ya b le in N ew
Y ork . B onds shall m ature either serially equal am ounts for th irty years,
or straight and m ature 1951, m aturities to be determ ined b y bids received.
C ert, check for $2,000 p aya b le to th e order o f B . F . R e y n o ld s, C hairm an
o f th e B oard o f C o u n ty C om m issionser, required.
R I C H S Q U A R E S C H O O L D I S T R I C T (P . O . R i c h S q u a r e ) , N o r t h
a m p t o n C o u n t y , N o . C a r o .— BOND OFFERING.— T . H . Peele. Secretary

w ill receive sealed p roposals un til 12 m . S ept. 1 fo r th o purchase o f $35,000
6 % bonds. D en om . $1,000. D a te Sept. 1 1921. Prin. and sem i-ann.
int. payable at such bank in N ew Y o r k C ity as the purchaser m ay designate
D u e $1,000 yearly on Sept. 1 from 1924 to 1944, in c l., and $2,000 1945 to
1951, incl. C ert, ch eck or cash vou ch ed for b y a local ban k in N orth a m p ton
C o u n ty for 2 % o f the am ount o f b on d s b id fo r p aya b le to the sch ool d istrict,
required. These b on d s are issued and sold under and b y virtu e o f an A c t
o f the General A ssem b ly o f N o rth C arolin a, to w it, C h ap ter 87, P u b lic
Law s, E xtra Session 1920, and b y an election d u ly ca lled , h eld and carried.
R I V E R S I D E S C H O O L D I S T R I C T (P . O . R i v e r s i d e ) , W a l k e r C o u n =
t y , T e x a s . — BONDS VOTED. — A n issue o f $65,000 sch ool bonds w as sanc

tion ed by the voters on J u ly 26 b y a v o te o f 72 to 50. T h e m o n e y derived
from the sale o f the b onds will be used, it is stated, to re-equip th e present
building and to b u y a site and build a new building to house the o v e rflo w
in enrollm ent. S. F . H outch en s is Secretary o f the School B oard.
R O C K R I V E R , A l b a n y C o u n t y , W y o .— BONDS C A N BE A C Q U I R E D .
— T h e tow n o f R ock R iv er w ill sell, the $31,000 15-30 year (o p t.) water
w orks and $8,000 10-20 year (o p t.) sewer im p t 6 % b onds— V . 113, p- 105—•
upon receiving a satisfactory offer.
R O S E L L E , U n i o n C o u n t y , N . J .— BOND SALE.— J. S. R ip p e l & C o .,
N ew ark, and the First N a tion a l B ank o f R oselle, jo in tly , purchased $290,000
6 % im pt. b onds. D e n o m . $1,000. D a te July 1 1921. In t. (J. & J.)
p ayable at the First N a tio n a l B ank o f R oselle. D u e J u ly 1 1927.
S T . C H A R L E S C O U N T Y (P . O . S t . C h a r l e s ) , M o .— BOND SALE —
A n issue o f $200,000 5 % roa d b on d s was purch ased b y th e St. C harles
Savings B ank o f St. C harles a t 95 23.
S T . M A R Y S T O W N S H I P (P . O . S t . M a r y s ) , A u g l a i z e C o u n t y ,
O h i o .— BONDS NOT SOLD.— T h e $10,000 6 % roa d im p rovem en t b on d s

A N D S C H O O L T O W N S H I P , M ia m i C o u n t y ,

offered on A u g . 2 (V . 113, p . 4 4 j were n o t sold .
S T . P A U L , M in n .— A D D I T I O N A L D A T A . — On J u ly 18 E ld red ge &
C o . o f N . Y . and th e M erch a n ts T ru st & Savings B an k o f St. P a u l, b id din g
jo in tly , subm itted th ree bids, fo r th e purchase o f th e $ 1,000,000 sch ool
bonds bearing 6 % , these bids b ein g as follow s: 101.51 fo r $1,000,000 b on d s
bearing 5 V2% in t., 104.91 fo r $500,000 b on d s bearing 53^% in t ., and
$500,000 bonds bearing 6 % interest, 108.29 fo r $ 1,000,000 b ond s bearing
6 % in t. A t first th e city o f St. P au l a ccep ted th e o ffer o f 108.29 fo r th e
$1,000,000 b onds bearing 6 % interest, a basis o f abou t 5 .4 3 % , as alread y
stated in V . 113, p. 443, b u t su bsequ en tly b y m u tu al agreem ent th e
split rate bid o f 104.91 was a ccep ted .
SA LE M , U t a h C o u n t y , U t a h .— BONDS VOTED.— On J u ly 15 an issue
o f $21,000 w ater-w orks bonds was san ction ed b y the voters b y a v o te o f 53
“ fo r ” to 39 “ a gain st.”

„ r P « ° o / N X ’ M a rico p a , C o u n t y , A r iz .— BON D S A L E .— O f the six issues
c
f . f i ' 0 20-year cou p on bonds offered on J u ly 27— V . 11.3 p ] 0-1— the
.
« erde water system d is, «
eSf
3 1 /2 .000 V I e .1SSU were « c l d bonds. ^ t e d , to E . H . R ollin s & S on s•
000 C a v e C reek water con trol b ond s.
60.000 street p a vin g bonds.
2 0.000 p olice signal system b on d s.
40.000 park purchase bonds.

BOND S A L E — T h e C itizens N a tion a l B an k o f L o s A ngeles has been aw arded
$36,000 6 % tax-free g o ld b on d s. D a te June 29 1921. D u e serially fro m
1922 to 1939, incl.
Financial Statement.
Assessed va lu a tion _________________________________________________ $1,288,589
T o ta l bonded d e b t________ _________________________________________
62,000
S E A F O R D , S u s s e x C o u n t y , D e l . — BOND OFFERING .— Sealed bids
w ill be received u n til 8 p . m . A u g. 23 b y Isidore S teph an y, T ow n Secretary,
for $25,000 5 % tax-free street and im provem ent b ond s. D en om . $1,000
and $500. D ate Sept. 15 1921. Prin. and sem i-a n n . int. (F . & A .) payable
at the First N ation al B an k, Seaford. D u e S ept. 15 1951, op tion a l after
Sept. 15 1931. C e rt, check for 5 % o f bid p ayable to the T o w n Treasurer,
required.

PH ILLIP I IN D E P E N D E N T S C H O O L D IS T R IC T

(P. O. P h illip i),

n r ^ ° U L C ? r t?!’ W . V a . — B O N D S A L E .— T h e $90,000 6 % 5-30 year
,
(o p t.) sch ooi b on d s oifered b u t not sold on M a y 3— V . 112. p . 2003— have
been disposed o f at par as follow s:
^40.000 C itizens N ation al Bank o f Phillipi.
35.000 First N ation al Bank o f P hillipi.'
15.000 P eoples B ank o f P hillipi.
i

O F FE R IN G .— Jesse M u m a u gh , T ow n sh ip T ru stee, will
! > . '4 v„ 7,nn
2 P - «»• A u x . 22 for $75,000 bonds o f the C iv ic Tow nsh ip
10 0 .
o °9 ° bon^ s o f the School T ow n sh ip . D en om . $500. D a te A u g. 22
( ( p , . '. ! ; " ; , , ’ ® sem i-ann. int. (J. & D . at the rate o f 6 % per annum )
in
Y . f,arm ers State B ank in Bunker H ill. D u e sem i-annuallv
o f t l w ^ i d f 8ta!,mentS
*ast o f w W ch is due
15 years from the date

A n g e le s C o u n t y , C a lif .— BONDS N O T SO LD .— T h e
r/ l
m uniclPaI roa d bonds offered on J u ly 19— V . 113, p . 322—
»»crc n ot sold.
B.u U F F ’ B u t !e r C o u n t y , M o .— BON D D E S C R IP T IO N —
in v / ' ,5Trih e .,'b ree issues o f !«ujds aggregating $47,000 aw arded as stated
Date A,ur P i t a o 7
i ! h,i follow ing description : D en om . $500 & $1,000.
pwid w a f o f M 4l
F - 'A - D ue serially 1^20 to 1941. T h e price
J D ° O r f e ^ le ° f V m T t e wP ' ° * V a fP a r a is o ), I n d .— BON D O F F E R IN G .—
for 336 l o r f 1
?
ItohJrteavTr<:o s o ! ■ receive bids until 10 a . m . A u g . 10
1
Denom on
nnn
Y M , 1£ ! ni pK et al - P orter T ow n sh ip bonds.
Int M £ \
DnnVi
? ° for ®83? each. D a te M a r. 16 1921.
1931. In<4 N ' DUC ®1,830 c ;h S1X m onths from M a y 15 1922 to N o v . 15
M o n i WEp N ? > ° U } T Y ? C H O O i m s T R l C T N O , 41 P. O . H e l m v i l l e ) ,
v m
„ 7
f 2
fi.% sch ool bonds, Offered on M a r. 5—
J i z . p. 767 have been sold to M . F . Gensen o f D eer L od ge.
o r * * / l / 5 o EJ ™ l 2 S ? h T O W N S H I P
T i p t o n C o u n t y , I n d . — BOND
:u
rn a j/
Vnl '« w r nrui r </ °J?r,l,s*?1f) tru stee, will receive bids until
■

» * r^ntt to n fZ T 1 1PJ2T0
>
BOND3 d I I , V
W
I?-R A JN A f E
t

'im VX A

^S T R IC T ,

C olum b ia

° Ue

®3 ’ 5 0 °

County,

CaCh

O r e .-

t.tu.'lr o t / r Vn V °
\ : ><: Supervisors o f this district w ill, at
,
)
bond•J Dermrnft $fo<?(to $!lo6 P o r ^ a n d ' O re., o ffer fo r sale 110,000 6%
;
to d w ?X /, | / ' : r C t i’.| VJ u \ te r C ? un,t r- K Y - W W /f OFFERIN G. U ntil
?
'F
/
:,II o / a n y N r o
f
Fw ''u> t y John II. Price. C ity Treasurer, for
l.,t. V ,ni
I’ i.t , ’
A
U\ Y,""r tax ,n:,: *old street im pt. bonds.
.
' H miiHt be for a t least par and accrued interest.
<■ A ' L t ^ k J n k i r r },^ %
l
D<

........ .

V W i

’

D -,le

.°.*r W in a m « c ) , I n d .
’

P

; 1,1

'*••• H lc h

from ’i j y ' t 1922 \o S o v ! .5 1931 U

B O N D O F F E R IN G .—
D rove

N‘

T o w n s h ip b o n d s .

dx

SAN

JO A Q U IN

SCHOOL

D IST R IC T ,

Fresno

C oun ty,

C a lif.—

S E A T T L E , W a s h . — BONDS A U TH O R IZE D .— The
‘ Seattle P o stIntelligence” has the follow in g to say w ith reference to the issuing o f an
additional $5,500,000 bonds;
“ R ejecting proposals from civ ic organizations th at action be delayed
pending a business su rvey , and disregarding figures su bm itted b y B enjam in
H . P etley, a consulting engineer, show ing th e city can secure all needed
current m ore ch eaply from its present p lan t, th e c ity cou n cil passed b y a
v o te o f 7 to 2 the ordinance authorizing an addition al b on d issue o f $5,5 00 ,000 for the G orge C reek unit o f the Skagit develop m en t, th ereb y doubling
the original estim ate o f c o s t .” A n issue o f $2,175,000 bonds was recently
sold for the sam e purpose as stated in V . 11.2, p . 1189.
SEATTLE

SCHOOL

D IST R IC T

NO.

1,

K in g

C ou n ty,

W a s h .—

BOND SALE.— On July 18 the $1,725,000 3-40 year serial cou p on school
bonds— V . 113, p . 207— were sold to a syn dicate consisting o f Seattle
N ation al Bank, B ly th , W itter & C o ., Ferris & H ardgrovo, all o f Seattle,
and P. W . C hapm an & C o ., I n c ., o f C h ica g o, at 100.52 and int. for 6s, a
basis o f a bou t 5.96 %*
T h is item was inad verten tly reported under th e caption “ Seattle School
D istrict N o . 1, C a lif” in V . 113, p . 443.
S E C A U C U S , H u d s o n C o u n t y , N. J .— BOND SA L E .— A n issue o f
$316,000 6 % 5-year cou pon tem p ora ry im provem ent bonds was recently
awarded to C handler & C o. o f N ew Y o rk . D en om . $1,000. D a te June 1
1921. Prin. and interest p ayable at th e First N ational Bank in Secaucus.
D u e Juno 1 1926.
SHARPSBURG,
A lle g h e n y
C ou n ty,
P a .— BOND OFFERING.—
T . J. M cG iv o rn , B orough C lerk , will receive sealed bids until 8 p . m .
A u g . 8 for $130,000 5 H % tax-free borough bonds. D en om . $500. D ate
July 1 1921.
Int. sem i-ann. D ue on July 1 as follow s; $7,000 1928,
$9,500 1929, $7,500 1930 and 1931. $14,500 1932, $13,000 1933, $12,000
1934 to 1936, and $5,000 1937 to 1943. C ert, check for $1,000, required.
T hese bonds were offered w ith ou t success on July 11.— V . 113, p . 106.
S C H E N E C T A D Y , S c h e n e c t a d y C o u n t y , N . Y .— NOTE OFFERING —
Leon G D ibb le, C ity C om p troller, will receive sealed proposals until 11 a m.
A u g 1J fo r $208,200 bridge notes n ot to exceed 6 % interest. D a te A u g. 12
1921
D u e on D ec. 15 1921 at the C ity Treasurer's o ffice or at tho Chase
N ational Bank in New Y ork, at the op tion o f th e purchaser, unless delivery
is desired elsewhere. T h e notes will be delivered to the purchaser th rough
the a bov e bank.
Bidder to nam e denom inations:

THE CHRONICLE

058
Fmanolal Statement Aug

1 1921

PfebtJiit bouiied debt_________ _________________________ $6,550.247 85

L'ax or revenue loan cor tin fa tea __________________________
Other temporary loan ceriificaiezi ___ _______ ___________
Temporary loan noted____. . . ________________________________

Deduct:
Sinking funds______________________________ $224,981 36
Tax or revenue loan certificates_________
188.500 00
Bonds Included above maturing (luring 1921,
tax for payment of which Included in 1921
___________________________
le v y _____.
102,500 00
----------------

188,500 00

6,128 29

360,000 00

$7,104,876 14

515,981 36
$6,588,894 78

Water bonds included In a b o r e _ ,_____________ $159,000 00
Assessed valuation 1921, real estate- .
- $70,062,975 00
Assessed valuation 1921, personal_________________________
310,90000
Assessed valuation 1921, franchises_______________________
3,769,721 00
$ 7 4 ,1 3 3 ,5 9 6 00
P o p u la tio n , 1920 F ed era l •ensus, 88,7 2 3 .

S H A W N E E C O U N T Y (P. O. T o p e k a ) . K a n s .— BONDS REGISTERED.
-O n J u ly 30 the S tate A u d itor registered the $ 300,000 5 % road b o n d s .—
V. 112, p. 2449.

S H E L B Y C O U N T Y fP. O S h e l b y v i l l e ) . I n d . — BOND SALE.— T h e
issue o f $12,500 5 % roa d b on d s and the $8,300 5 % road b on d s offered on
J u ly 25 (V . 113, p 442) was sold at par and accru ed interest to th e J . F .
W ild & C o . S ta te B ank o f In dian apolis.
S ID N E Y , D ela w a re C o u n t y , N. Y .— BOND OFFERING .— B . M B etts,
V illage C lerk , w ill sell at p u b lic a u ction on A u g 15 a t 2 p in . th e follow in g
6 % bon ds:
$ 5 ,0 0 0 w ater exten sion b o n d s
D en om $500
D u e $500 A u g . 1 1922 and
$500 y e a rly on A ug 1 from 1923 to 1931, in cl.
4 .0 0 0 D iv isio n St im p rov em en t bon ds
D en om $500
D u o $500 A u g 1
1922 and $500 y ea rly on A ug 1 from 1923 t o 1929, in cl
3 5 .0 0 0 R iv e r St im p t b o n d s
D en om $350
D u e $ 1 ,750 1922 an d $1,750
y e a rly on A u g 1 fro m 1923 to 1941, incl
D a te A u g . 1 1921
ln t sem i-an n ( A - O )
C e rtifie d ch eck fo r 2 % o f
b id , p a y a b le to th e V illa g e T reasu rer, requ ired .
S M I T H F I E L D G R A D E D S C H O O L D I S T R I C T (P. O. S m it h fie ld )
J o h n s t o n C o u n t y , No. C a r o .— BOND OFFERING — Sealed p rop osa ls

will be re ce iv e d u ntil l l a r n
A u g 26 b y F H B ro o k s , P residen t o f the
B oa rd o f S ch ool T ru stees, fo r $200 000 6 % co u p o n (w ith p riv ileg e o f regis
tra tion ) sch ool b on d s
D e n o m $ 1 ,000
D a te M a rch 1 1921
P rin and
sem i-an n ln t (M & S ) p a y a b le a t the N a tio n a l B a n k o f C om m erce,
N Y
D u e y e a r ly on M a rch 1 as follow s: $ 4 ,0 0 0 , 1924 t o 1931, in cl ;
$ 6 ,0 0 0 , 1932 to 1937. incl ; $8,0 0 0 . 1938 to 1941. in cl . and $ 1 0 ,0 0 0 , 1942
to 1951, in cl. C ertified ch eck or cash on an in corp ora ted b a n k or trust c o m 
p a n y fo r 2 % o f th e a m o u n t o f b on d s bid for, p a y a b le to th e B o a rd o f T ru s
tees, requ ired
P u rch a ser to p a y a ccru ed int S u ccessfu l bid d ers w ill b e
fu rn ish ed w ith the op in ion o f R eed. D o u g h e r ty & H o y t o f N e w Y o rk C ity ,
th a t the b on d s are v a lid and b in d in g ob lig a tion s o f the S m ith field G raded
S ch ool D is trict. B on d s a lrea d y p rin ted , execu ted an d rea d y fo r d eliv ery
on d a te o f sale. A like a m o u n t o f b on d s w as re p orted as s o ld in V . 112,
p. 2449S M I T H 'S P R A I R I E H I C F W A Y D I S T R I C T (P. O. P ra irie), Elm ore
C o u n t y , I d a .— BOND OFFERING.— B ids w ill b e receiv ed u ntil 2 p . m .
A u g . 8 b y the S ecretary fo r $i>5,000 6 % b on d s. B id s less than p ar and in t.
will n o t b e con sid ered .

STARK

COUNTY

(P.

O.

C anton),

O h i o .— BOND OFFERING.—

E d ith G . C o k e , C lerk o f th e B oard o f C o u n ty C om m ission ers, w ill receive
sealed p rop osa ls u n til 10 a . m . A u g . 10 fo r $32,000 6 % E ig h th Street and
G eorg etow n R o a d p a v in g b on d s.
D e n o m . $1,000. D a te A u g . 10 1921.
P rin . and sem i-arm . in t. p a y a b le at the C o u n tv T re a su ry . D u e $3,000
y ea rly on A u g . 10 from 1922 t o 1929, in cl.. and $4,000 on A u g . 10 in 1930
and 1931. C e rt, ch eck for $500, draw n u p on a Stark C o u n ty b a n k , p a y 
ab le t o th e B oa rd o f C o u n ty C om m ission ers, req u ired . P urch aser to p a y
a ccru ed in terest.

S T E U B E N V IL L E , J e ff e r s o n C o u n t y , O h i o .— BOND ELECTION.—
A n election w ill be h eld on N o v . 8 1921 to v o te on th e issuan ce o f $20,000
6 % fire a p p a ra tu s b o n d s.

S T I L L W A T E R , P a y n e C o u n t y , O k la . — BOND OFFERING — B id s w ill
b e re ceiv ed u ntil A u g 9 fo r $60 ,0 0 0 6 % sew er b o n d s b y G . E . M a tk ln ,
C om m ission er o f R even u e and A cc o u n tin g
In t. sem i-a n n ., p a y a b le
(J. & J .) a t th e M e ch a n ics & M e ta ls N a tion a l B a n k . N Y . C e rtified ch eck
fo r 5 % req u ired . T o ta l b o n d e d d e b t (in clu d in g this issu e), $4 9 6 ,5 0 0 .
A ssessed v a lu e, $ 2 ,3 4 9 ,4 1 6 - R ea l v a lu a tio n , $ 1 1 ,0 0 0 ,0 0 0 t o $ 1 2 ,0 0 0 ,0 0 0 .
STRUTHERS,

M ahoning

C ounty,

O h i o .— BOND

OFFERING*^-

Seth J . M c N a b b , V illage C lerk , will receive sealed p rop osa ls u n til 12 m .
A u g . 24 for $13,820 99 6 % special assessm ent b o n d s. D e n o m . 1 fo r
$820 99 and 13 for §1 ,0 0 0 each .
D a te S ept. 1 1921. In t. sem i-a n n u a lly.
D u e y e a rly on S ept. 1 as follow s: $ 2 ,820 99 1922: $3,000 fr o m 1923 to
1925 in cl. and $2,000 in 1926. C e rt, ch eck fo r $300, draw n u p o n som e
b a n k in M a h o n in g C o u n ty , p a y a b le to th e V illage T reasu rer, requ ired.
P urch aser t o p a y a ccru ed interest.
S T U R G E O N B A Y , D o o r C o u n t y , W is e .— PRICE P A ID .— Th e p rice
p a id fo r th e $ 7 5 ,0 0 0 6 % sch ool-b u ild in g b on d s b y th e C on tin en ta l & C o m 
m ercial T ru s t & Savings B a n k o f C h ica g o (V . 113, p . 444) w as $75,305
(1 0 0 .4 0 6 ). T h e b o n d s are in d en om . o f $500 an d are d a te d J u ly 15 1921 ■
__

SUMMIT C O U N T Y (P. O. A k r o n ) , O h i o . — NO BIDS RECEIVED.—
N o b id s were received on Ju ly 26 for th e eight issues o f 6 % roa d b o n d s aggre
g a tin g $846,000 offered on th a t d a te .— V . 113, p . 207.

SWEETWATER

COUNTY

(P.

O.

G re e n

R iv er),

W y o - BONDS

VOTED.— B y a v o te o f 10 t o 1 $300,000 6 % b o n d s w ere carried
recen t e lection .

at a

S W E E T W A T E R C O U N T Y S C H O O L D I S T R I C T NO. 2 )P . O. G r e e n
R iv e r), W y o . — BOND OFFERING.— U n til A u g . 20 th e D istrict C lerk will
re ce iv e b id s fo r S50.000 6 % sc h o o l b o n d s. D e n o m . $1,0 0 0 . B id s less than
p a r n o t con sid ered .
T A R B O R O , E d g e c o m b e C o u n t y , N o . C a r o .— BONDS NOT SOLD.—
T h e th ree issues o f 6 % g old b o n d s aggregatin g $118,000 offered on J u ly 26—
V . 113, p . 444— w ere n ot sold , as n o sa tisfa ctory b id s w ere receiv ed .

T H U R S T O N C O U N T Y S C H O O L D I S T R I C T NO. 30 (P. O. R a in ie r ),
W a s h .— BOND SALE.— The B an k o f C a liforn ia o f T a c o m a , w as th e su c

cessfu l b id d er on J u ly 9 a t 100 .0 5 , a basis o f a b ou t 5 .9 9 % , fo r an issue o f
810 .0 0 0 6 % s c h o o l h ouse b o n d s . D e n o m . $ 1 ,0 0 0 . D a te A u g . 1 1921.
In t. an n. (A u g . 1 ). D u e A u g . 1 1931 o p tio n a l after 1 yea r fro m d a te o f
issue or a n y in t. p a y in g p eriod th ereafter.

T U L S A , T u l s a C o u n t y , O k l a .— BOND OFFERING.— U n til 5 p . m .

-Vug. 18 sealed b id s w ill be received b y M r s . F ra n k S eam an, C ity A u d ito r,
for^the follow in g 2 issues o f 5 H % b o n d s:
$200,000 W a terw ork s im p rovem en t b o n d s .
50,000 G arbage d isp osa l p la n t b o n d s.
D e n o m . $1,0 0 0 . D a te J u ly 1 1921. P rin . and sem i-an n. in t. (F . Sc A .)
p a y a b le at th e fisca l a g en t o f th e S tate o f O klah om a in N . Y . C . D u e
J u ly 1 1946. C e rt, ch eck fo r 5 % o f each issue requ ired . L eg a lity a p p ro v e d
b y ‘ S torey , T h o rn d ik e , P alm er, D o d g e , B o s to n . B id s fo r less th an p ar
w ill n o t b e con sid ered .
U N IO N C I T Y , O b i o n C o u n t y , T e n n . — BOND S A L E — T h e $30,0 0 0
6 % g o ld co u p o n refu n d in g b o n d s, o ffe re d u n su ccessfu lly on J u ly 15 (V 113,
p. 444) h a v e been so ld a t 96 06, a basis o f a b o u t 6 3 5 % . D a t e S ep t. 1
1921. D u e S ept. 1 1941.

V A N D E R B U R G H C O U N T Y (P. O . E vansville), I n d .— BOND OFFER
ING.— W a lter Sm ith. C o u n ty T reasu rer, w ill receiv e b id s u n til 10 a . m .
A u g . 13 for the follow in g h ig h w a y b o n d s.
$41,440 5 % C harles W o lflin et a l.. St. Joseph A ven u e b o n d s. D e n o m .
$5,1 8 0 . D a to A u g . 13 1921. D u e $20,720 y e a r ly on M a y 15
fr o m 1922 to 1941, in cl.
, _
_
_
23,200 4> 2 % H en ry T . M esk er et a l.. S ch m u ck roa d b o n d s. D e n o m .
$51800. D a te A u g u st 13 1921. D u e $11,600 each six m on th s
fro m M a y 1 1922 to N o r . 1 1981, Incl,
In t. M . & N .

[ V ol . 113.

V E R O N A , Essex C o u n t y , N. J . — BONDS NOT SOLD — The issue o f
6% coupon bonds not to exceed $25,000, which was offered on Aug. l
(v 113, p 445) was not sold and will be readvertised.
W A L L I N G F O R D . New H a ven C o u n t y , C o n n . — BOND OFFERING.—
Sealed bids will be received until 6 p. ra. Aug. 30 by William Bertini, Bor
ough Clerk, for $141,000 tax-free refunding bonds at not exceeding 6%
interest. Denom. $1.000. Date Sept. 1 1921. Principal and semi-annual
interest (A. A O .) payable at the First National Bank of Wallingford or the
First National Bank o f Boston at the holder's option. Due $3,000 on
April l in 1922 and 1923 and $5,000 yearly on April i from 1924 to 1950,'
inclusive. All legal papers incident to this Issue will bo certified and filed
with the First National Bank o f Boston. Purchaser to pay accrued interest.
Assessed value for 1920 was $12,927,231: total bonded debt, exclusive of this
issue, is $365,000, and the borough owns $344,449 municipal water-works
and a $232,789 electric light, plant.
The official notice of this bond offering may be found among the advertise
ments elsewhere in this Department.
W A R R E N C O U N T Y (P. O. W a r r e n ), Pa.— BOND OFFERING.—
Sealed bids will be received by Addison White, Clerk of County Oommissioners. until 2 p. m. Aug. 26 for $350,000 road impt bonds. Denom.
$1,000. Date Sept. 1 1921
lnt. semi-ann. Due serially from 1922 to
1946. Bids will be received in throe different interest rates, i. e. 5 % , 6 \i %
and 5 H % . Cert, check for $7,000 required.
W A S H I N G T O N (S t a t e o f ) OPTION E X E R C I S E D .— Wo are advised
through official sources that the syndicate headed by the National City Co.
of N. Y. has exercised Its ootlon on the remaining $3,090,000 tax free coupon
(with privilege of registration) general fund bonds, taking them at 101.538
for 6s, a basis of about 5.83% Instead o f 100.02 for 5%s as originally pro
posed.
On July V $6,000,000 wore offered of which $3,000,000 were sold to the
)
above syndicate with an option on the remainder until Sent. 1. The price
paid for the first half was the same as the price paid for the remainder.
W A S H I N G T O N C O U N T Y (P. O. Salem ), I n d . — BOND OFFERING.—
W. L. Taylor, County Treasurer, will receive sealed bids until 1:30 p. m.
Aug. 15 for the following 6% bonds.
$28,800 Joseph Rutherford et al., Posey Township bonds. Denom. $1,440.
Dato Dec. 6 1920. Due §2,880 yearly on M ay 15 from 1922 to
1941, incl.
2,400 Seth II. Hunter et al., Posey Township bonds. Denom. $120.
Date Aug. 1 1921. Due beginning May 15 1922.
5,200 W m. M . Hardy et al., Franklin and Polk Townships bonds.
Denom. $260. Date Aug. 1 1921. Due beginning M ay 16 1922.
Int. M . & N.
BONDS NOT SOLD.— The $5,000 6% bridge bonds offered on July 16
(V. 113, p. 107) were not sold.
W A T E R T O W N , M iddlesex C o u n t y , M ass. — BOND SALE.— The
$63,000 coupon tax-free street construction bonds offered on July 29 (Y.113.
p. 445) were sold to the Old Colony Trust Co. o f Boston at 100.519 for
5J4s. a basis of about 5-115%. Date Aug. 1 1921. Due yearly on Aug. I
as follows: $7,000 from 1922 to 1924. incl. and $6,000 from 1925 to 1931, incl
W A U S U A , M a r a th o n C o u n y, W is .— BOND SALE. — T h e H arris
T ru st & Savings B an k , C h ica g o , and G ilb e rt & E va n s, jo in t ly , w ere aw arded
an issue o f $150,000 6 % sem i-an nu al w ater-w ork s im p rovem en t b o n d s.
W A Y N E T O W N S H I P (P. O. C o rry R . F. D. No. 4), Erie C o u n t y , Pa.

— BOND OFFERING.— S. R . L y o n s, T o w n sh ip T rea su rer, w ill receiv e
sealed b id s u n til 2 p . m . A u g . 20 fo r $10,000 6 % (o p tio n a l) H a re C reek
R o a d b o n d s . D e n o m . $1,0 0 0 . D a te J u ly 1 1921. I n t. p a y a b le a t th e
T o w n sh ip T re a su re r’s o ffic e . D u e $1,000 y e a rly on J u ly 1 fro m 1922 to
1931, o p tio n a l J u ly 1 1924. C e r t, ch eck fo r 2 % o f th e a m ou n t b id fo r ,
req u ired .
W E S T A L L IS , M ilw a u k e e C o u n t y , W is e .— BOND SALE. — T h e
$100,000 6 % 1-20 y r . (serial) w a ter b o n d s offered on J u ly 16— V . 112, p .
2795— h a v e been s o ld . D u e $5,000 y e a rly fro m 1922 to 1941, in cl.

W E S T E A S T O N S C H O O L D I S T R I C T (P. O. W e s t E a s t o n ) , N o r t h 
a m p t o n C o u n t y , P a .— BONDS NOT SOLD.— A n issue o f $ 1 6 ,0 0 0 414%
(o p tio n a l) a d d ition a l s ch o o l-b u ild in g b o n d s o ffe re d o n July 23, w as n o t s o ld .
D e n o m . 8 fo r $ 1 .0 0 0 , 12 fo r $500 and 20 fo r 8100 ea ch . D a te J u ly 1 1921.
I n t J. Sc J
D u e 1951, o p tio n a l 1941W E S T V I R G I N I A (S ta te o f ) . — BOND OFFERING.— G o v . E p h ra im F .
M o rg a n g a v e o fficia l n o tic e on J u ly 24 th a t, fro m the ex ecu tiv e o ffic e s in
ca p ita l on A u g . 10, h e will o ffe r the $ 1 5,000,000 ro a d b o n d s a u th orized b y
th e recen t session o f th e legislatu re. T h e “ W h eelin g R e g is te r” o f J u ly 26
sa y s:
..
“ T h e te x t o f th e G o v e r n o r ’s sta tem en t read s: ‘N o t ic e is h ereb y g iv en
th a t th e u n d ersign ed , the G o v e rn o r o f th e S tate o f W e s t V irgin ia , w ill,
u n der and b y v irtu e o f a u th o r ity v e ste d in h im b y S ection 8 o f C h a p ter 113
o f th e A c ts o f th e L egislatu re, regular session 1921, on th e 10th d a y o f
A u g u st 1921, a t his o ffic e a t th e C a p ito l, in th e c it y o f C h a rleston , o ffe r fo r
sale t o th e h igh est b id d e r, b u t in n o case fo r less than p ar v alu e— th a t is to
sa v , fo r fa ce v a lu e p lu s accru ed interest— road b on d s o f th e S tate o f W e s t
V irgin ia , Series o f 1921, in th e a m ou n t o f $ 1 5 ,0 0 0 ,0 0 0 ,0 0 0 , o r such pa rt
th e re o f as h e m a y deem a d v isa b le, th e Issuance and sale o f w hich are legally
a u th orized b y C h a p ter 113 o f th e A c ts o f th e L egislatu re, regular session
1921, en acted p u rsu a n t t o , and in c o n fo r m ity w ith , th e g o o d roads am en d 
m en t t o th e co n s titu tio n , a d o p te d at th e general election held in N o v e m b e r
1920, w h ich said b o n d s are d a ted th e fir s t d a y o f J u ly 1920, and o f th e
n u m b er, d e n o m im a tio n , m a tu rities and ch a ra cter as follow s:

Date of
Denomin
Quan
Date of
Maturity.
ation .
tity.
• Maturity.
July 1937
$ 1,000
550
July 1 1927
July 1937
5.000
40
July 1 1927
10
July 1938
5.000
150
July 1 1926
100
500
July 1939
5.000
150
July 1 1926
500
1,400
July 1940
5.000
150
July 1 1929
500
1.500
July 1941
5.000
150
July 1 1930
500
1.500
July 1942
5.000
150
July 1 1931
500
100
July 1943
5.000
150
July 1 1931
1,000
700
July 1 1944
5.000
50
July 1 1932
1,000
75
July 1 1944
10.000
50
July 1 1933
1,000
750
July 1 1945
10,000
75
July 1 1934
1,000
750
July 1 1946
10,000
75
July 1 1935
1,000
750
July 1 1936
1,000
750
All of said bonds bear interest at the rate o f 5% per annum, payable
semi-annually, on the first day of January and July o f each year, and are
exempt, from taxation by the State, or by the county .district or municipality,
thereof. Both the principal and interest are payable in gold cohi ot the
United States at the office of the Treasurer of the State o f W est Virginia,
or, at the option of the holder o f said bonds, at the National City Bank of

Quan
tity.
7,000

Denomin
ation.
$100
5,000

N(^V
Tn°the event the bonds are not ready for delivery on the day o f sale
herein designated, bonds purchased on that date will be delivered as soon as
received from the engraver, but interest will begin accruing to the purchaser
on the day of sale, or any time thereafter when the purchase price thereof is
actually paid to the State.
...... . . .
“ ‘AH bids shall be in writing and accompanied by a certified check. pay
able to the State o f West Virginia or certificate of deposit to the credit- or
the State from some bank designated as a State depository.
“ Bids will be considered, and all else being equal, sales made m the onn i
or priority, in which such bids are received.
The right to reject an> and
all bids is hereby expressly reserved.’ ”
W H IT M A N C O U N T Y S C H O O L D I S T R I C T , W a s h .— BOND NAJLK

The issue of $ 4 ,0 0 0 school bldg, bonds offered on July - a has been si k at
par for 6s to the State of Washington. Denom. $ 400. lnt. aim. t ul>
Due 1931 optional at int. paying date.
Meet ion
W H I T N E Y , Hill C o u n t y , T ex a s. -BONDS VOTED.— At the
held on July 25— V . 113. p . 324— $15,000 6 ‘V lig h tin g systwu l » o «as \ ere
^ >
carried by a vote of 03 t o 7. Due in 5-10 and 15 years- I hose b ud- J
be offered as so o n as they have been approved by the A t t o in o i
'
W ILM IN G TO N ,

New

C a stle

C ounty,

Del

$697 000 5% sinking fund bonds offertxl on Aug. I (\ • l
1 *V
r
to R M Grant and Co. of New York at 96-Sl. a basts ot about o
Date August 15 1921. Duo yearly on Oct. I as follows $91,s00
$405,600, 1956 and $199,600 in 195..

sold

W I N O N A C O U N T Y (P . O . W i n o n a ) , M i n n .
BONO OFFER}NO.
Adolph Bauerltm, County Auditor, will rocoivo Hunlod bhlN until A uk . 16
for $100,000 5 U % highway bonds. Those bonds are part ol an authorized
Issue o f $250,000.
W I N S T O N - S A L E M , F o r s y t h C o u n t y , N o . C a r o . — BONO S A L E Tho W achovia Hank & Trust G o., o f Winston-Salem, has purchased the
following 0% coupon bonds at par:
000 sl-root-improvement bonds. Due yearly on July 15 as follows:
1M J.UUU
W
\923 to 1020, Inclusive, and *30,000, 1027 to 1032, loci
20 000 water and sewer bonds
Due yearly on July 15 as follows: .$2,000,
1023, and $3,000. 1924 to 1932, inclusive.
Denom. $1,000. Date July 15 1921. Principal and semi-annual interest
(J. & J.) payable at the National Park Bank, New York.
Financial Statement.
Real value o f taxable property, estim ated......... ............................. $85,000,000
Assessed valuation for taxation..........................................................27,731,813
3,733,000
Total debt (this issue included).............................. .......... ..
Less water d ebt............. .........................- .............................$970,000
88,500
Less sinking fund____________________________________
N et d ebt_____________________ _____ - ................................................ 2,674,500
Population, 1920 Census, 48,395.
W O O D S S C H O O L D I S T R I C T , C a l i f . — BOND SALE.— The Lodi
National Bank o f Lodi has been awarded at par and interest $50,000 bonds,
it is stated.
W R A Y , Yuma County, Colo.— BOND SALE.— The International Trust
C o ., Denver, purchased on July 8 an issue o f $10,000 6% water extension
bonds. Denom . $1,000. D ate July 15 1921. Int. J.-J. Duo July 15
1936.
YAKIM A COUNTY SCHOOL DISTRICT NO. 92 (P. O. Yakima),
W ash.— NO BIDS RECEIVED.— An Issue o f $10,000 school bonds offered
July 15 were not sold as no bids were received. Donom. $1,000. Redeem
able $1,000 annually after 1927.
YEADON, Delaware County, Pa.— BOND OFFERING.— George R.
Anderson, Secretary of the School Board, will receive sealed bids until 8
p. m. Aug. 15 for $32,500 tax-free school bonds. Date Aug. 15 1921. Duo
in 30 years. Cert, check for 1% of the amount bid for, required. Pur
chaser to name int. rate.
YELLOW MEDICINE AND LINCOLN COUNTIES SCHOOL DIS
TRICT NO. 83 (P. O. Porter), Minn.— BOND SALE POSTPONED.—
T he sale o f an issue of $45,000 6% bonds was postponed.

CANADA,

its

<»59

TI1E CHRONICLE

A u g . G 1921.]

P rovinces

an d

M u n ic ip a litie s.

CALG ARY, A lta.— BONDS OFFERED B Y BAN KERS.— An issue o f
$100,000 6% coupon school bonds recently purchased by A . B. Leach & C o.

Inc. o f New York, Is now being offered by them bo Inventors to yield 8 .50 % .
Denom. $1,000. Date July 15 1921. Int. J & J. Due July 15 1924
C O A TIC O O K , Que.
BONO SALE
An issue o f $30,000 6% 34-year
bonds recently awarded to the Dominion HocurltJen Corporation at 92.167,
a basis o f about 6 .5 8 % .
G R A N D M E R E S C H O O L D I S T R I C T (P . O . G r a n d M e r c ), O u e .

DEBENTURE SALE. The $100,000 6% 30-year serial debentures offered
on M ay 9 (V. 112, p. 2006) were sold to A. 1C Ames & Co. at 97.7J, a
.
basis o f about 6.55% .
LA S A R R E , Q uo .— BONO OFFERING. J. Lavlgno,
HoerelaryTreasuror will receive sealed bids until 4 p. in. to-day (Aug. 6) for $35,000
6% municipal bonds. Denom. $100. Due from 1922 to 1926, Jncl. int.
payable at the Bank o f HochoJaga, La Sarro.
LISTOWEL, O n t. BONO SALE. An issue o f $25,000 6% bonds was
recently awarded to Uousser, W ood & Co. at a price equal to a basis o f
about 6.60% .
MIMICO, O n t.— DEBENTURE SALE.— An issuo o f $31,000 6 ^ %
(20 Installment) debentures was awardod to the Dominion Securities
Corporation at 94.185. a basis o f about 7.20% .
REN FR E W , O n C — DEBENTURE SALE.— On July 30 an Issue o f $29.140 6 Vi% 20-year debentures was sold at 95.18 to R . C . Matthews & (Jo.
o f Toronto. Int. annually (M ay 2). Due 1941.
ST. JOHN, N. B.— BOND SA LE .— J. M . Robinson and Hon were the
successful bidders for an issuo o f $38,000 6% school bonds offered on July 29.
Donom. $500. Dato Aug. 1 1921. Int. F. & A . Duo Aug. 1 1946. The
price paid was 98.17.
SASKATCHEWAN SCHOOL DISTRICTS, Saek.— DEBENTURES
AUTHORIZED.— The following according to the “ Financial P ost" o f
Toronto, is a list o f authorizations granted by the Local Governmen.
Board from July 9 to 16.
1
School Districts.— Rose Farm $1,200, Kings County, $3,500. Little
Touchwood, $1,000.
G ottlob, $1,7)0.
Maxwolfcon, $1, 00.
Beaver
Dam, $33)00. Eddy, $4,200. D itton Park, $3,800. Vonda, It. C .,
$9,000. Dundonald, $6,500.
Rural Telephones.— St. Boswells, $600. N orth Churchbridge, $6,300.
Howell, $19,000. New Fletwoode, $10,700.
Cities.— Moose Jaw, $3,500.
Villages. Strongfield. $1,500.
DEBENTURE SALES.— The following we learn from the same source, is
a list o f debentures amounting to $25,625. reported sold in the same period:
School Districts.— W olf Hill, N o. 823, $800, 5-yrs. 8% Miss Middlemiss,
Wolsley, Kilm ory, N o. 2549, $3,800 10-yrs. 8 % . Miss E. Pearson, Watrous.
Gallinger, N o. 1679, $2,000, 10-yrs. 8% .W aterm an -W aterbu ry M fg.
Freshwater, N o. 626, $3,125, 10-yrs. 8 % , w . Topham , Watrous. Flor
entine, N o. 4388, $4,000 10-yrs. 8 % . Waterman-W aterubry, M fg .C o ..
Fortuna, N o. 1439, $5,700 15-yrs. 8 % , Waterman-Water bury M fg. C o.
Pascal, N o. 1926, $6,200 15-yrs. 8 % , W aterman-W aterbury M fg. Co.

NEW LOANS

Cambria County
Pennsylvania

NEW LOANS

$ 1 ,0 0 0 ,0 0 0

NEW LOANS

$ 141,000

BAY CITY, MICHIGAN

Wallingford,

WATER BONDS

5'As
Prices: To Net 5.20 Per # Cent
C i r c u l a r o n r e q u e st

Biddle & Henry
104 South Fifth Street
PHILADELPHIA
Private Wire to New York
Call Canal 8437

MUNICIPAL BONDS
Underwriting and distributing entire issues of
Olty, C ounty, 8choo! District and Road District
Bonds o f Texas. Dealers’ Inquiries and offerings
solicited
Circulars on request.

New Haven County, Conn.

REFUNDING BONDS

Sealed bids will be received at the City M ana
ger’s office, City Hall, B ay City, Michigan, until
4 O ’ C L O C K P. M., A U G U S T 9, 1921, for the
sale o f One Million Dollars ($1,000,000.00) of
water bonds, sanctioned at an election held in
said city June 4, 1920, and resolutions adopted
by the C ity Commission pertaining thereto.
Bonds will be sold in denominations o f One
Thousand and Five Hundred Dollars, bearing
interest at the rate o f five and one-half per cent
per annum, payable semi-annually in New York
C ity. Maturity dates furnished upon request.
A certified check for Ten Thousand Dollars
($10,000.00) must accompany each bid as evi
dence o f good faith on the part o f the bidder.
The City Commission reserves the right to reject
any and all bids.
Further information may be obtained from the
City Manager’s office, Bay C ity, M ich.; at
Harris Trust & Savings Bank, Chicago; at N a
tional Bank o f Commerce, New York City; at
M ellon National Bank, Pittsburgh, Pa., and at
Detroit Trust C o., Detroit, M ich.
(Signed) C IT Y OF B A Y C IT Y , M IC H IG A N .
H . W . ST IC K L E , City Manager.
Dated, August 1, 1921.

W illiam Bertini. Borough Clerk, will receive
sealed bids until AUGUST 30, AT 6 P. M. for
purchase o f $141,000 Refunding Bonds o f Borough
o f W allingford, exempt from State and Federal
taxes, and legal for trust funds, to be dated
Sept 1, 1921. denomination $1000 each, payable
serially according to priority in number; $3000
April 1, 1922, $3000 April 1 1923, and $5000
each year thereafter until final $5000 payable
April 1 1950. Principal and semi-annual interest
(Oct. 1 and April 1) payable at First National
Bank, W allingford, or First National Bank,
Boston, at holder’s option. Each bidder must
specify rate o f interest will pay for purchase at
par and accrued interest. Bids at greater rate
than 6% interest will not be considered. Validity
assured. All legal papers incident to this issue
will be certified and filed with First National
Bank, Boston, for reference at any time. Right
to reject all bids reserved. Borough assessment
list for 1920 was $12,927,231. Total bonded
debt exclusive o f this issue $365,000. Owns
municipal water works $344,449, and electric
light plant $232,789-

Hollandsche Bank voor Zuid-Amerika

HAROLD G. WISE
(B an co H olan d es de la Am erica del Su d)
(B anco H o llan d ez da Am erica d o S u l)

&

HOUSTON

COMPANY

TEXAS

Established 1915

AM STERDAM

United States and Canadian
Municipal Bonds.

HAMBURG

BUENOS AYR E S
R IO DE J A N E IR O

SAN TOS

S A N T IA G O DE C H IL E

VKADDELL
Ground Floor Sinoer Buildino
69 L ib e r t y S tr e e t.
N ew Y o r k

SAO PAULO
V A L P A R A IS O

C a p ita l A u th o r iz e d _____________________________ F I.50,080,000

Telephone Cortlandt 3183

C a p ita l paid u p an d R eserves________________ F l.30,080,000

E O Y L E , B R O CK W A Y & G R A H A M , INC.
MATTERS FINANCIAL
Union Arcade

Pittsburgh, Pa.

H. M . C H A N C E &, C O .
Mining Engineers and Geologists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
O l ,»«1

B id e .

P H IL A D E L P H IA

im m

Advances on documentary bills
Bills negotiated and collected
Foreign Exchange
Commercial Information
Mail and cable transfers
Letters of credit
G ra n ts F acilities for en terin g in to b u sin ess
relation s in A R G E N T IN A , B R A Z IL an d C H IL E .

Correspondents All Over the World

F I N A N C I A L C H R O N IC L E
..1 lM n iiih w iu iU m iu im im i uj
U

ja ^ ijiiu ? r u i i r a r j 3 i i £ .

uiMtuja<i<iiiajj/fl)iligjanJ.i^..'j/.,:ia.iiv i s j j i s w

B U SIN E SS O P P O R T U N IT IE S

A

BOND M AN . now conducting profitable
uni kited department of large, prominent and
well regarded New York investment house, has
arranged to take over same, paying the firm a
rental for the use of their wires and for office
space, and desires to secure a partner in this
connection with $20,000. Proposition will
bear strictest investigation. Address BoxW -6,
care of Financial Chronicle, 90 Pine Street
New York City.

SALES M AN A G E R (with substantial clientele)
o f one of the largest investment houses in
New York, desires to get in touch with gentle
men of means that would be willing to back
him in forming an investment house to extent
of $100,000. Best o f credentials. Address
Box W-7, care of Financial Chronicle, 90 Pine
Street, New York City.

DO YOU NEED
A BOND MAN ?
T o manage a bon d depa rtm en t?
T o t a k e ch a r g e N e w Y o r k , C h i c a g o o ff ic e ?
T o m a n a g e a sales o r g a n i z a t i o n ?

POSITION S WANTED

STA TISTIC IA N

My a ctiv itie s co v e r s u c h d u tie s . My
c r e d e n t ia l s will m eet e x a c tin g re 
q u ir e m e n t s . A d d re ss Box Y 6, F i
n a n c i a l C h r o n ic l e , 90 P ine St., N. Y.

capable of an

alyzing railroad, corporation and
public utility securities wishes
engagement. Exceptional refer
ences.

Address Box D-9, care of

Financial Chronicle, 90 Pine St.,
New York City.

SUCCESSFUL BOND and UNLISTED T R A D E R
seeks engagement with New York Stock Ex
change House. Capable of taking entire charge
of Trading Department. Address Box A -l.
care of Financial Chronicle. 90 Pine Street,
New York City.

E N E R G E TIC M A N , 20 years’ training financial
house, well known London Stock Exchange,
has well equipped Offices and staff, two minutes
Stock Exchange, is prepared provide London
Office for good house or undertake deals.
Highest references. Bankers, others , write in
confidence, Day, Pinners Hall, London, Eng.

C O N N E C T IO N S W A N T E D

with over fifteen years’ experience as salesman and
sales director wishes to take charge of Chicago

P O S IT IO N S W A N T E D

BOND MAN
of broad financial experience will
consider new association with repu
table investment firm, strong bank
or trust company. Comprehen
sive knowledge of railroad, public
utility, industrial and municipal
financing and distribution. Exec
utive, managerial, sales manage
ment, purchasing, investigating,
syndicating, wholesaling and retail
distribution and publicity experi
ence. Wide acquaintance among
dealers in principal financial mar
kets. Qualified to assume full
charge bond department. Address
Box A-10, Financial Chronicle,
90 Pine Street, New York.

experienced in handling unlisted and inactive
securities desires engagement. Will consider
out-of-town position. Can furnish best of
references. Address Box D 8, care of Financial
Chronicle, 90 Pine Street, New York City.
T R A D E R experienced in handling unlisted and
inactive securities desires engagement, Will
consider out of town position. Can furnish
best of references. Address Box B-8, care o f
Financial Chronicle, 90 Pine Street. New York
City.

PU B L IC IT Y STA TISTICIAN — Expert statis
tician desires connection with New York Stock
Exchange or long established banking house,
where publicity experience will be an added
asset. Address Box X -14, care of Financial
Chronicle, 90 Pine Street, New York City.

M y past record

on La Salle Street speaks for itself.

i-Uiin if!i:1U nr-U iJiramffnm
J iH 1 (U iariix t n

T R A D E R in bonds and unlisted securities, young,
aggressive, thorough knowledge of markets,
now y ith prominent Stock Exchange wire
house, desires connection with Stock Exchange
or banking house or high-class brokerage firm .
Address Box C - l l , care of Financial Chronicle,
90 Pine Street, New York City.

Chicago Sales Manager

office of Eastern or Western House.

iu/j.<u;

TRADER

WANTED

T o d o w h o l e s a le -s y n d ic a t e d i s t r i b u t i o n ?
W it h w ide f i n a n c i a l e x p e rie n ce fo r
e x e cu tiv e o r m a n a g e ria l w o r k ?

r . it. m !mat.-a ■
.iuimi.a isjhu.hi! *ju.!j u

Address Box

B-10, Chronicle, 90 Pine Street, N. Y.

IN V E S T M E N T MEN W A N T E D

B n S le mn Wn d
o d a s e a te

Hang Out a Sign!

New Y o r k C ity in v e s tm e n t House
s p e c ia liz in g in High g ra d e b o n d s ,
esp ecia lly m u n ic ip a ls , h a s o p e n 
in g f o r th ree salesm en t o cover
in d iv id u a ls a n d i n s t i t u t i o n s in
a n d a r o u n d New Y o r k C it y o n
s tr a ig h t salary, c o m m is s io n , or
sa la ry a n d co m m is s io n basis.
A n sw e r s t a t in g a g e, e x p e rie n ce
a n d salary d esired t o “ E .M .1 , P. O.
B ox 372 C ity Hall S t a t i o n , New
York.

If you hung a sign on your building:
“ I have need for, or 1 am seeking a
position as, a
STATISTICIAN
TRADER
SALESMAN
CASHIER OF A BANK
OR THE LIK E ,”
possibly it would attract the attention
someone who could satisfy your wants.

of

But why not hang that “sign” before every
one in the banking and investment field
the world over by inserting an advertise
ment in this department?
This will insure your getting an “ above the
ordinary m an.”
If you have occasion to “ hang out a sign,”
draw up and send or telephone an appro
priate ad to our Classified Department.
Do it now.

WANTED
Investment Banking House desires a Bond
Salesman for Greater New York. Salary and
commission based on clientele and experience
Write full particulars to M r. Donald Grant.
P. O. Box 372, City Hall Station, New York.

W A N T E D , — Five

highest grade salesmen to
sell first class offering on commission basis.
Only producers and men o f experience need
apply. 4.30 to 5.30 third floor 27 Pine Street

E X P E R IE N C E D BOND SALESMEN -oV
York City and vicinity wanted by old estab
lished New York Stock E xpanse house.
Facilities for co-operating with salesmen.
Standard issues only dealt *n. Cad ev address
Prince & Whitely. 52 Broadway, Room mV.
Full text of Commercial and Financial Chronicle : August 6, 1921, Vol. 113, No. 2928

FRASER
