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I.
1
finandal
•~y
mmm0
VOL.
AUGUST
Ill
7 1920
NO. 2876
H»?,
CLEARINGS FOR JULY, SINCE JANUARY
July.
T
1,
Inc. or
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
SjTacuse
Reading
Wilmington
WTieeling
Wilkes-Barre
Trenton
Harrisburg
York
Erie
Lancaster
Chester
Greensburg
Blnghamton
Altoona
Beaver County, Pa.
Norristown
Franklin
'_
Frederick
Montclair
Oranees
Hagerstown
Bethlehem
Huntington
Total Middle.
Cleveland
Detroit
Milwaukee.
Indianapolis
ColumbusToledo
Peoria
_
Grapd Rapids..
Evansvllle
"
Dayton
Akron
Youngstown
Canton
Springfield. l\\."
Wayne
Rockford
_
Le.vington
South Bend..
Springfield.
Ohlol
Bloomington .
Quincy
"
Mansfield
Danville
Jackson
II
II'
Owensboro
Lima
'_"
Lansing
Decatur
I'"
Jacksonville, in
Gary
Flint
Ill"
Ann Arbor
Lorain
Adrian ..II
New Albany
Paducah...
Hamilton..
Aurora..
"I"
4.113.556,
Total Middle West.
Kansas City.
"'
Minneapolis
""'
Omaha
Paul. II
Denver
St.
St. Joseph
""
r>es Moines
Wichita
""
nuluth.
Slou.\-
City.
Lincoln
Topeka .
Cedar RapldV
Waterloo
Helena ..
Sioux Falls
""
Fargo
Colorado SprfngV
Pueblo...
Fremont...
Aberdeen
""
""
Hastlnug
"
Hillings.
Joplln.,.
Grand Forks"
Lawrence
lowacity
Oshliosh
Kan.sasCltyrKan""""
I-pwistown
f-tpnt Falls.
Rochester
MInot
Dec.
19,832.301,206 21.874.629.840
—9.3
2.195,583,707 1.935.468,968 + 13.4
777.788.404
610,823.408 + 27.3
431.5SS.8S7
405,505,800
+ 6.4
215.417,502
161,100,778 + 33.7
75.616,642
68,579,000 + 10.3
21,800,555
24.290.195 —10.3
51.405.996
43.421,7.59 + 18.4
22 833,846
21,073,900
+ 8.4
24,329.228
19,434,023 + 25.2
13,474,521
11,509,792 + 17.1
14,660,554
17.520,001 —10.3
24,614,546
22.595.102
+ 8.9
14,030,850
11,4,53,096 + 22.5
18.429,773
13,191.579 + 39.7
17,789,278
15 650,645 + 13.7
6.446,403
6,026 581
+ 7.0
12 543,422
9.977.027 + 25.7
12,006.034
10.192,896 + 17.8
7,063,523
6,459,677
+ 9.4
7,440,000
5,037,782 + 47.7
5,739,900
4,702,700 + 22.0
5,241.808
4,387,637 + 19.5
3.862,959
3,229.550 + 19.6
3,826,193
3,493.267
+ 9.5
4,326,972
3,521.355 + 22.9
2,625,490
2.589,895
+ 1.4
2,385.738
1.870,844 + 27.5
4.457,754
3.307,426 + 34.8
3,573,843
2.923.433 + 22.2
20,080.945 Not included in total
8.227,079 Not included in total
2.853,489,463
319.414.417
638,371,026
522.634.147
153.486.444
87.586.000
66,935,000
67,632,315
24,985,836
30,052,794
25,909.343
23.496,290
48.483.000
22,123.683
24,840,883
10,274.783
8,954,872
12.673,400
7.220,783
8 361.041
8,631,187
7,471,035
7.137,597
8.327,577
4,689.815
7,909.537
2.522.744
4.383,441
8 557.777
6 723.951
2.702.946
6,585,175
12.000.000
2.692.265
1.962.357
1.250.100
666.224
7.500.000
3.000 ,000|
Cincinnati
Fort
1919.
23,833.205.534 25.323.967.956
Chicago
III
—5.9
2.676.307.723
+ 6.6
261.877.065 + 22.0
498.653.579 + 28.0
368.688.600 + 41.8
118.121.568, + 29.9
80.404.0001
+ 8.9
64.928.7001
+ 3.1
61.985,576
+ 9.1
20.788.927 + 20.2
24.731.304 + 21.5
21.892.416 + 18.3
24.222.029
—3.0
38.370.000 + 26.4
29.684.622 —25.1
17.766.538 + 39.8
11.564.993
11.2
—
8.058.6.59
12.673.400
6.040,151
6,950.720
8.088,307
7,290.388
6,7.33,108
5.963.586
3.694,867
6.704 369
2.880.251
5,329.375
6.218,408
6 107.878
3.662.538
5.394.074
9.354.447
1,833,343
2,027,819
443,595
+ 11.1
+ 31.6
+ 19.5
+ 20.3
+ 6.7
+ 2.5
+ 6.0
+ 39.6
+ 24.2
+ 15.0
—12.4
—17.8
+ 37.6
+ 10.1
—26.2
+ 22.1
+ 28.3
+ 46.8
—3.2
+ 181.5
756,9.32
—11.9
7.115,280
3,395,790
3,237,171
—11.7
5.065,755.804| 4,446,897,749
,025,915.026
3.53,214,189
237.780,000
82,609,637
12,593. 196
04.627,362
45.910.210
64,691,399
35.633,298
37,130,081
22,668,636
15,209,985
11,636,000
8,878.816
7,083,615
13 821.381
11,003,064
5,090.972
4.789.043
3.149.316
7,415.313
3,345 925
4.945.234
7,113.591
6.219.400
1.975.842
2.564.925
3.469 132
22,247,836
1.820,767
6,527,278
AND
:
FOR
WEEK ENDING JULY
945,080,844
182,875,448
257,221.446
84,092,229
125,445,601
68,711,595
47.704,737
57,962.622
30.720,458
48.735,656
25,807,811
15„393,812
10.630,304
8.550,826
8,294„535
16,807.998
11,7.54,5.^.6
+ 5.4
+ 27.1
+ 13.9
+ 8.6
+ 93.5
—7.6
— 1.8
+ 21.6
—5.9
—3.8
+ 11.6
+ 16.0
—23.8
—12.2
— 1.2
+ 9.5
+ 3.8
—14.5
—17.8
—6.4
4.803,073
+ 6.0
3.187,425 + 50.3
3,536.654 —11.0
7.559.204
—1.9
2,895,705 + 15.5
5,560,590
11.
6,557,000
+ 8.5
5,723.000
+ 8.7
1.809.118
+ 9.2
2.139.795 + 19.9
2.899,968 + 19.7
3.204,400 + 594.3
2.216.951
17.9
Not included In total
Not Included In total
Not included In total
—
—
1920.
1919.
S
145,570,042.067 126,386 295.639
14,773,319.250 12 168,407.839
4.994,847.948
4,019.321.908
2,798.835.580
2.371,714.376
1.338.018.615
807.100.927
153.929..568
153.716.288
97,f 17.224
109.745,183
164.909,926
87,327,135
115,115.065
120.051,086
48.070.455
80,473,970
97,092,479
49,129,014
40,316,346
38,018.000
30,697,322
25,042.434
26,323,635
24.277,627
18,447,8.53
17.395.666
28,6.33.177
23,773.208
20.080.945
31.960.869
172,0.':6, 743,630
147.868.886.749
19,355 .917.040
2,123 .353,526
4,009 ,772,607
3,575 ,921,240
1,022 15,975
56 ,529,000
432 009,600
466 ,111,526
178 817,677
212 ,660,038
161 ,887,039
155, 370,357
16.312.660,027
1,748,765,467
2,925,963,013
2,291.205.298
893.197.930
367, 525.000,
144, 021.348
161. 520.394
83, 172.651
64. 099.249
82,, 767.349
81. 467.716
58, 323.165
57 395.335
62 591.109
61, 975.4.53
52 380.961
30 497.445
51 770 813
25. 219.160
33, 282.972
58 068.220
48 6.59.570
19. 221.675
41 143,741
87 754.265
18,1002,113
12. 946,486
650,046
5 178,780
58.1645,944
21 526,796
29 738,505
34,088,711,892
7,186,445,.505
2,072.248.805
2.009.149.696
900.4 14,.S94
1,103,508,201
545,283.688
417.880,110
433,054,497
222,111,755
342.895,469
184.723.172
108 ,,357, 163
95,634.053
67.461,704
56.142,037
118,944,164
S5,,S.30.084
36 624.061
30,062.334
26,036.209
•50.401 400
28,298.291
38,2.53.4.53
57 498.684
48.733.400
13.766,632
22. .3.39. 675
22.918.097
131,001.881
22 ..339.675
.'0.750.948
Total othr
!;'-'• West.
2.264
.s .190
„,
1,997,883.961 + 13.4 16.471.677,515
Clearinss conclnued
on page 562. Clearings by
Tciciiraph on page
Dec.
%
+ 15.2
+ 21.4
+ 24.3
+ 18.0
+ 65.8
465.882.732 + 14.6
146.041.836
+ 2.0
267.538.444 + .30.7
123.512.846 + 24.6
118.031.124 + 30.2
73.822.928 + 31.4
108,908.877
+ 1.5
129.517.928 + 27.3
71.137,598 + 22.8
84.348,234 + 36.5
96,611.984 + 24.3
38.459.612 + 25.0
61,536,981 + 30.8
76,707,004 + 26.6
42.299.878 + 16.1
30,142.735 + 33.8
27.300,944 + 39.3
26.432.497 + 16.1
19.036,257 + 31.5
21,842,334 + 20.5
17,502,834 + 38.7
16.847.460
+ 9.5
12,313,916 + 41.3
21,658,101 + 32.2
18.610.976 + 27.8
Not included in total
Not included in total
533.622.824
148.956.050
349.597.735
31
Week Ending July 31.
Inc. or
I
%
New York
Saturday morning by WILLIAM B. DANA COMPANY/' PresiVice-President. Arnold G. Dana: Business Manager, William
Herbert D. Seibert. Addresses of all. Office of the Company.' j
Seibert Jr
Seven Months.
Clearings at-
1920.
I'^^^'^S''^
Ti w',„^'^°Q
_U^Jliggs,
Secretary,
+ 16.4
+ 18.6
+ 21.4
+ 37.0
+ 56.1
+ 13.8
444.4.54.000 + 27.2
368.200.300 + 17.3
354.952.450 + 31.4
155,667.008 + 14.8
150.429,268 + 41.3
126,158.163 + 28.3
126,730,.524 + 22.6
242,493,000 + 51.6
130,.561,291
+ 5.5
98.620,198 + 63.8
70,4.56,115 + 18.5
44.222,533 + 44.9
60.207.254 + 37.5
65,169,269 + 25.0
36,997.743 + 57.6
42,929,301 + 33.7
50.842,828 + 23.1
46.124.648 + 34.4
36.728.674 + 42.6
23.406.731 + 30.3
39.528.344 + 31.0
33.514.949 —22.7
31.230.147
+ 6.6
34 429.895 + 68.7
37,324.248 + 30.4
19.670.096
—2.3
32.002.364 + 28.6
56,561.684 + 55.1
12.226,888 + 47.2
10,676.489 + 21.3
2,883,859 + 234.7
4,744,999
+ 9.1
56,534,267
+ 3.9
16,728,748 + 28.7
22,381,146 + 32.9
27,263,581,156 + 25.0
5,895,611„320 + 21.9
1,141.826,704 + 81.5
1,699,730,601 + 18.2
512.362,098 + 75.7
851,570,852 + 29.6
522,755,495
+ 4.3
312,112,998 + 33.9
317,478,877 + 36.4
207,699,711
+ 6.9
316.102,061
+ 8.5
151.092,735 + 22.3
95,621, .573 + 13.3
72.497,208 + 31.9
52.734,936 + 27.9
61,372.198
—8.5
104.189,926 + 14.2
81,144.346
+ 5.8
27.057,826 + 35.4
22,556.886 + 33.3
23.276.167 + 11.9
43 499.188 + 15.9
17.631,474 + 60.5
37.808,399
+ 1.0
45,951.000 + 25.1
.39.710.400 + 22.7
12.054.674 + 14.2
15.909.724 + 4'i.4
16.930.270 + 35.7
21.658.,569 + 505.1
Inc. or
1920.
1919.
Dec.
4.123.765,985 4,750.847.625
464,912,664
413,010,647
171.480.603
135,823,965
94.604.549
94,637,220
43.651.323
33.856,718
15.650.090
14,251,071
3.686.372
5,138,928
9.114.301
8.587,917
4.626,330
4.264,186
4,018,889
3,915.239
2,559,991
2,165,870
3.078,977
4,016,095
5,330,401
4,925,848
2,686,317
2.600,000
4.280,544
2,812,829
—13.2
+ 12.6
+ 26.3
—0.0
+ 28.9
+ 9.5
—28.3
+ 6.1
+ 8.5
+ 2.6
+ 18.2
—23.4
+ 8.2
+ 3.3
+ 52.2
1,222.074
2,551,509
2,467.476
1.427,978
1.722.975
1 119.900
1.157.808
1,379.076
2,028.777
2,362,200
1,202,729
1,200,000
969,600
961,638
—11.4
528.972
366.082
+ 44.5
3.915.020
1.659.137
Not
Not
30.166.7.55
19,00;1,000
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
2.300,000
1.620.000
1.875,079
1917.
3,366,-375,118 3 302,271,390'
387,697,787
124,786,129
70.277.438
22.329.747
11.848,983
4,500.000
8.444,554
3.246.284
5,000,000
2.562,036
3.567,422
4,283,661
2,054,942
2,626.838
1,221,419
2.080,091
2,285,106
1,611,644
1,534,598
+ 25.8
+ 4.4
+ 18.7
+ 43.6
+ 15.5
+ 20.4
329,415,072
75.825.185
44,530,255
19.845,498
10,485,644
4,617,849
6.507.908
3,233,494
4,150,000
2.526,700
3.612,135
3,541,961
2,027,132
2,367,130'
1.310, 12e
815.000
836.956
1,764.664
1,937,350
1,282,295
824.000
986,000
686,441
351.566
482.998
included In total
included in total
4.965.645 S28 5,491.324.266
593.435.084
68.488.086
135.000.000
124.000,000
1918.
%
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'
—9.6
+ 0.7
+ 22.2
+ 30.7
+ 33.8
+ 10.8
+ 10.4
—17.0
—4.1
+ 18.7
+ 3.7
—5.3
—1.3
—7.7
—23.9
+ 84.9
+ 13.8
+ 26.7
4,030,337.319 3 824,231.227
508,021,226
57,122.608
86.828 272
60,152,961
26.214.065
20.936.000
12,407.500
10,052,740
3.913.804
467.071.564
40.108.276
76.194.856
54.323,660
21,438.513
12,642,000
11.191.800
5.719,1.34
5,461,4392 554.832
3.167.310'
4 735.589
3.675,478
5 096 000
2.882,099
2,250 489
3.315,946
1,363,972
1.644,821
1 150,000
1.044.114
1,096,060
8.599.252:
5,327.48S
5.784.000
3,275.676
3.024.331
1.803,198
1.234,395
1,352,958
771,193
948.666
1,202.450
842.380
1.034.973
824.010
600,000
1,486,095
1,210,615
1,887,916
814.402
2.692.320
2.948,110
1,523.786
2,100 000
1,350.000
1..521. 365
1 513.192
1 582.377
1.643.207
1 143.835
764.513
600,533
854,109
1.843.62S
1,704.241
855.609
Yoslsig "— l"5l2
848.129
1.150,332
1.440.241
1,470,076
829,462
—25.7
779 566
.000.000
302.602
344.593
"m.iii
"Vo'olsei
1,503.6.56
+ 9.5
+ 20.0
+ 23.3
—0.6
—6.1
—26.4
+ 65.1
+ 6.5
283.320
1.582,828
1,009,484
630,000
1
+ 24.0
+ 27.8
+ 3.1
.246 018
865.687
541,444
713 000
.075,248
797 270
507.097
546,287
396,538
212.882
78.000
+ 37,8
+ 172.9
1.060 975.651
976,252,823
+ 8.9
829.187.630
734 858,728
230.623,944
75 ,846.219
56.000.000
15.448,100
28,000,000
14.946.324
9.109,071
14,398.737
7,447,709
7,551 781
5 260.847
3.316.713
2.213.778
1.641.162
1 600.000
236,900.890
39 550.022
55,326,149
16,6.58 312
—2.6
209,834.538
26.446.527
53.325,868
13.851.983
21.002.839
16.093.070
9.080.739
11.977.993
3.923 511
7.201.708
4,296.174
3.200.000
1.765.076
1 531.209
1 769.663
136.318.49a
25.491.594
30 308.249
12.183.311
14,585.993
15.262.465
7.153.963
8,098,303
4,467,400
5 712.305
3 481.658
2,651,301
2.401,054
2,185.934
1 676.027
21,420,.523
+ 91.8
+ 1.2
—7.3
+ 30.7
17,207,871
10.726,349
15.613 493
6 099.138
—13.1
—15.2
10..335.196
—26.9
5 164.544
3.316.364
2,381.949
1,729.03s'
1,747.138
2 6661346
2, 758". 543
840.000
863,076
851,125
1,.592.895
837 605
923.521
800.000
571.569
742.173
1.700.103
806 153
1.148.207
481 979.013
425.703.724
—8.0
+ 22.1
+ 1.9
+ 0.0
—7.1
—5.1
—8.4
""—
3I3
+ 5.0
+ 51.1
+ 14.7
—6.4
+ 3.9
1"
"4"3"4".780
l."3"9"3l376
—19.6
600 000
500.683
608.134
1.033 894
593 744
1 028 217
1.012.467
+ 6.51
391,259.450
297.471.515
693 028
515.743
592.31S
868.439
418 103
,
17,903,554 —12.9
Included In total
Included In total
Included In total
Not
Not
Not
.'..-
12.7.37,971,770
561
+29.3
THE CHRONICLE
532
[YOL. 111.
would be hard to exaggerate.
THE FINANCIAL SITUATION.
action of the Inter-State Commerce Commission, in authorizing raih'oad rate increases which it is
estimated will add, roughly, $1,500,000,000 to the
The
In addition restora-
tion of the credit of the roads will enable
them to
equipment and material, in fulfilment of their needs and in furtherance of projects
of development, which in turn must serve as import-
make purchases
of
yearly revenues of the steam railroads of the United
States, means the dawn of a brighter day not only
for these railroads but for the country's entire indus-
ant factors in stimulating trade activity. Finally
the carriers will once more be able to function properly, which is not the least of the benefits conferred.
In fact .we deem it no exaggeration The fact that the stock market this week has not
trial structure.
to say that as a constructive influence it ranks equal responded to all this, signifies nothing since the
to the resumption of specie payments on Jan. 1 1879. Russian situation is for the moment overshadowing
Following the close of the Civil War in July 1865 the everything else. With this removed the rate increase
fact that the United States was on a paper money is certain to loom up as a favoring circumstance of
basis acted as a constant bar to progress. The panic of large moment.
1873 showed on what a fictitious basis the country
Bank clearings for July, 1920, seem to confirm the
had been proceeding, and made it evident that until
we got back to a true metallic basis, growth and conclusion that business is becoming less active in
development on a sound and enduring plane would at least some sections of the country. The figures
be out of the question. The wonderful revival of make it obvious that except for the higher prices
business activity which came with the resumption of prevailing for the general run of commodities the
a revival which since then has outcome now at quite a number of points as compared
specie payments
never had a full counterpart indicated that the with a year ago would be unfavorable to the current
diagnosis of the economist as to the malady which year, besides which several different cities actually do
had been afflicting the economic life of the country show losses. At New York, of course, the lessened
for nearly two decades had been correct, and like- volume of speculative transactions and contraction
wise the conclusion based upon it that the country of other financial operations can be taken as explaincould not count upon a restoration of full economic ing in greater or lesser degree the falling off shown,
vigor and health until cured of this malady which but the same is not the case at most of the cities where
the aggregates for 1920 fail to measure up to those for
had been gnawing at its vitals for so long.
Recent developments point unmistabably to
Similarly for two decades the railroad industry has 1919.
reduced
mercantile and industrial activity in the
been a weak spot in the country's economic life. It
has been kicked and cuffed, figuratively speaking, United States for the time being. Nevertheless
and has had no friends. Literally every hand has the business situation continues satisfactory on the
been turned against it. It has been subjected to the whole, and with labor quite fully employed at
harshest kind of treatment at the hands of the phenomenally high wages there seems to be nothing
legislatures, State and national, and railroad com- in the current situation to cause concern except that
missions and other governmental bodies and agencies the already high cost of living has become increasingThe result was that even- ly so and is especially burdensome to those with
of one kind or another.
tually it was brought to a state of exhaustion where it fixed incomes and none too large at that.
Our statement of clearings for July, presented in
could no longer function properly. It needed the
war and government operation to show to what a this issue of the "Chronicle" includes 178 cities, and
The car of these only 40 fail to report totals greater than in
state of paralysis it had been reduced.
congestion,
which
have 1919, but at a number of other points the gains are
shortages and the freight
now become such conspicuous features of every-day of quite moderate proportions taking into account the
affairs, and which are so seriously interfering with the considerable further inflation in prices in the current
conduct of business, have served as an eye-opener year. At the same time new high records for any
to the whole world as to the debility under which the month of any year have been established at several
railroads have been laboring and the urgent necessity cities, notably at Pittsburgh, Baltimore, Buffalo,
Los Angeles, Indianapohs, Columbus, Oakland and
for removing it.
The total for all the cities for July at
All this has now been changed by the action of Hartford.
Congress in passing the Transportation Act and the $37,485,488,920 is, however, some 800 millions
course of the Inter-State Commerce Commission in under that for June, and, contrasting with $37,giving effect to the intent of Congress as expressed 513,314,549 for July 1919, exhibits a decline of
While the new law is mandatory in 0.01%. Compared with 1918 the increase reaches
in that Act.
manj^ respects it still leaves a good deal of latitude 30.9%. At New York the loss from a year ago is
and discretion to the Commission. Had the latter, 9.3%, but the aggregate for the remaining 177 cities
therefore, failed to prove equal to the occasion, runs ahead of last year by 12.9% and exceeds 1918
had it failed to grant the full relief demanded, leaving by 33.3%.
The exhibit for the seven months of the current
the railroads in the same state of discredit as before,
calendar
year, needless to say, is the most favorable
then, indeed, the country would have fallen upon
We might have had a panic shaking for such a period in our history. There is an increase
perilous times.
not only the United States to its very foundation, of 15.2% over 1919 at New York, the total for the
but the whole world. This danger has now been outside cities discloses a gain of 25.8%, and in the
averted.
More than that, the railroad industry, so aggregate of all (178 cities) an expansion of 19.8%
long prostrate, is now again to be resuscitated. Does is recorded. Analyzed by groups, the seven months'
the reader appreciate what that means? Think of totals are in every case in excess of 1919, New England
—
—
120,000,000,000 of railroad securities revivified and
henceforth to be stabilized as to values. This latter
alone will have a quickening influence upon the industrial life of the country, the effects of which it
18.5%, the Middle (excluding New
York) 23.3%, the Middle West 25.0%, the Pacific
36.2%, the South 27.1%, and the Other Western
29.3%.
to the extent of
Aug.
THE CHRONICLE
7 1920.]
Speculative transactions on the New York Stock
Exchange in July, while of moderately greater volume
than in June, were decidedly below those of the
month a year ago, when the number of shares traded
in exceeded the sales of any month back to but not
including January, 1906, and have been overtopped
only once since in October last. This year's
operations, moreover, were at declining values
—
The dealings this
especially in the closing days.
year totaled 12,541,922 shares against 34,502,242
shares in 1919 and only 8,449,888 shares in 1918.
For the seven months the sales have aggregated
137,739,888 shares against 175,836,328 shares and
82,219,328 shares respectively. Railroad and miscellaneous bonds were a little more freely dealt in
than in the month of 1919 and the same is true of
operations in State, city and foreign securities, but
in Liberty bonds the business, although still comparatively large, was under that of a year ago, the
July dealings aggregating only 1753^ millions against
204^ millions. The transactions in all classes of
bonds, therefore, were less than those of a year
ago.
For the seven months* period since January
1,
however, the dealings at 2,2573^ million dollars par
value compare with only 1,879 millions in 1919
and 861 millions in 1918. At Boston, too, the
trading in stocks for the month was less active than
last year, 305,038 shares contrasting with 1,314,580
shares, and for the seven months the comparison
is between 3,539,760 shares and 5,098,656 shares.
Chicago also reports a much smaller total for the
month, 281,055 shares against 657,087 shares and
for the period since the first of January 3,800,008
shares against 3,281,816 shares.
—
Canadian bank clearings continue to show a
marked increase at most points, reflecting a satisThe
factory volume of business at high prices.
statement for July, which covers 27 cities, exhibits
an improvement in the aggregate of 19.4% over 1919
and 52.0% over 1918, and for the seven months the
respective gains are 29.1% and 53.8%, with Hamilton,
Toronto, Vancouver, Calgary and Edmonton and
several
of
the
smaller
35%
municipalities
reporting
523
During the month preceding July 25 (the date
to which this report is brought down) complaints,
according to private advices, had mainly to do with
an excess of rainfall in some Atlantic and Gulf districts at various times and increasing activity of the
boll weevil in several sections which the weekly
weather bulletins quite fully confirmed. The bulletin for
July 27, a date closely corresponding to that
which the monthly report is brought do-wm, noted
that cotton had made good growth over most of the
South and though there was reference to the activity
of the weevil in certain sections it was evident that
the damage done had been inconsiderable. In fact,
up to the present time the principal adverse factor
would seem to be the lateness of the crop, but even
to
that
unfavorable only in the sense that the occurence
of early killing frosts would be more effective in holding down or cutting short the yield than in an average
season.
The situation was encouraging on July 25
and weather since has tended to work further improvement. In fact the official weather bulletin for
the week ending Aug. 3, refers to conditions as having been mostly favorable for cotton.
Weevil damage, it stated, is mostly confined to the southern part
of the belt from Louisiana and southern Arkansas
eastward.
Specifically the Aug. 2 report makes the average
condition of the crop on the 25th of July 74.1% of
a normal, or 3.4 points above the status of June 25
and better than in either of the three preceding years
and only 1.5 points below the ten-year average.
Comparison in fact is with 67.1 last year, 73.6 two
years ago, 70.3 three years ago, 72.3 in 1916 and a
ten-year average of 75.6. Louisiana alone shows
deterioration
7 points
and this seemingly ascribable
to the boll weevil.
On the other hand, the indicated
is
—
improvement
in
—
Oklahoma
is
8
points,
Arkansas
6 points, Tennessee 7 points, Georgia 5 points and
Texas 3 points. As contrasted with 1919 improve-
ment
the leading States, and reaching 19 points in Louisiana, 15 in Arkansas, 10 in
is
reported in
all
Oklahoma, 7
in Texas and 8 in Mississippi.
Rethe average condition for the belt noted
above, the Board interprets its figures as foreshadowing a yield of approximately 170.4 lbs. lint per acre,
flecting
compared with 1919.
Speculation, as in the United States, was less active or an aggregate crop of 12,519,000 bales, not includin July, the sales of listed stock on the Montreal ing linters, allowing 1% for abandonment of area,
Stock Exchange having been only 300,000 shares and stating that the production will probably be
against 392,237 shares a year ago.
The aggregate above or below that figure according as future conThis
for the seven months, however, at 2,531,109 shares ditions are better or worse than average.
latest estimate compares with the final approxicompares with 1,641,841 shares in 1919.
increases in excess of
as
mations of 11,329,755 bales last year, 12,040,532
on July 25 this bales two years ago, totals a little over 11 millions in
year, as announced by the Crop Reporting Board each of the three preceding years and the 16,134,930
The condition
of the cotton crop
Department of Agriculture Monday, was, as bales high record aggregate of 1914-150
had been anticipated, more favorable than a month
earlier, and quite well up to the average for the ten
With the passing of the days the Russo-Polish sityears preceding at that date. The outlook now, uation has grown rapidly and steadily worse, accordof the
according to official prognostication, is therefore
for a crop fully a million bales greater than had been
The
ing to practically all the Euroijeau advices.
earlier hopes of an armistice being arranged in the
foreshadowed by the low condition on June 25, and
in excess of any yield since 1914-15 when the record
production of over 16 million bales was secured. The
report as issued was quite in accord with general
opinion based upon the official weekly weather bulletins, subsequent to June 25, and private advices of
recent date, but as its favorable nature had been
discounted the immediate effect of its publication
was a stiffening of values in the option markets of the
near future were almost wholly dissipated by the ag-
country.
gressive military tactics of the Bolshevist forces
their apparent determination to capture
and
Warsaw,
and even subdue all Poland, before stopping to give
further consideration to armistice terms.
Up to late Friday night of last week, the dispatches
received in both Warsaw and London did not indicate that any hitch had occurred in the proposed
negotiations for an armistice between Soviet Russia
and Poland.
London heard that the Polish
repre-
THE CHRONICLE
524
sentatives crossed the line that night and it was expected that "deliberations at Baranovitchi would
begin at a late hour" (the same evening). Accord-
[Vol. 111.
that "the Bolsheviki are playing both ends against
the middle in Poland, and it looks as if they were
getting away with it." He declared also that "there
is a strong feeling in Paris that what is needed now
and needed quickly is an Allied ultimatum to Moscow. It is not anything in the way of notes that is
ing to the information received in Warsaw it was
understood that the armistice envoys would cross
(Friday,
the front line at S o'clock this evening."
July 30.) In a cablegram from Warsaw received suggested, but a real old-style ultimatum such as
last Saturday morning it was stated that the cross- was flying about Europe exactly this time six years
ing of the line actually took place at 8 o'clock the ago." The correspondent asserted, furthermore, that
night before. Premier Witos of Poland was said to "Call off your advance within twenty-four hours or
have been informed an hour later that ''the delega- face war with France and Great Britain," is the
tion had established contact with the Bolshevik dele- threat that will meet the French idea of what ought
sates on the road between Brest-Litovsk and Barano- to be done without losing more time. The opinion
Paris heard the same morning that the has prevailed in this country during the last few
vitchi."
Polish armistice delegates were three in number and weeks that if the Allies contemplated doing anything
that their names were "General Komer, Colonel Sol- important to help straighten out conditions in Ruslohub, who negotiated successfully with the Bolshe- sia they should have acted long ago, when the Bolviki at Murmansk, and M. Wroblewski, Vice Minis- shevist movement was largely no more than an idea,
and before this idea was crystalized into a movement
ter of the Council."
The disj)atches from London, Paris and Berlin which has gathered for itself the degree of momenthroughout the week indicated the existence in all of tum indicated so generally in European advices of
genuine apprehension over the late.
Kusso-Polish situation. A correspondent in Berlin
If the facts could be learned it would probably be
of the "Sun and ^ew York Herald" sent a cablegram
found
that in Allied diplomatic circles there was
to his paper at the beginning of the week which was
supposed to reflect sentiment at that centre. At any none too much confidence from the first in the sinrate, he said that "should the Kusso-Polish armistice cerity of Lenine and Trotsky with respect to their
prove impossible of being achieved, it is believed in agreement to negotiate an armistice at a fixed time
high political circles here, that the consequences will and place, such as they designated last week, and
be disastrous for Germany." He added that "it is which were noted in our outline of the Russo-Polish
feared that one of two crises would develop immedi- situation. Word came from Paris early this week
ately. Either the Entente Powers would deliver an that Trotsky "had ordered the Red armies to capthose
centres
of
ultimatum to Germany, demanding the right to
transport troops and munitions of war through German territory to Poland, or Kussia might invade
Germany." The correspondent, apparently on his
own observations and authority, suggested that "in
either event the Berlin Government probably would
fall and eventually there would be civil war."
A day or two later it was rumored in some of the
European dispatches that already Warsaw had
fallen into the hands of the Bolshevist army. This
proved to be incorrect, but in dispatches received
from Paris Monday morning it was claimed that "the
Kussian Soviet Army is now within 75 miles of
Warsaw." According to the information received in
the French capital the Soviets had captured
"Lomza, which is just that distance northeast of
the Polish capital, and the towns of Kolno and
Szcuczyn, near the German border in the Lomza
region." In spite of these reverses for the Polish
forces the assertion was made in the Paris dispatches
that "military ex]3erts of the Anglo-French mission
in Poland are reported to be optimistic, because of
the remarkable stiffening in the resistance of the
Polish northern army under Gen. Haller." There
was said to have been special concern on the part of
the military experts "over the position of the Fourth
Polish Army, defending Brest-Litovsk," but even in
that instance also an optimistic view was taken, it
being claimed that "Polish advices declare the pressure uj)on that army will be relieved shortly by the
Polish counter offensive, which is being directed
from the region of Brody northeast of Lemberg."
Word was sent out also from Paris that "a large
number of ships is arriving at Danzig daily from
French and British ports with munitions which are
being unloaded rapidly and rushed to the Polish front ."
A Paris correspondent of the New York "Times,"
commenting upon the Polish situation, cabled
Warsaw before the armistice negotiations are
begun." Announcement was made by the French
Foreign Office, that "the Soviets had notified the
Poles that the negotiations have been postponed until Aug. 5, and have ordered the Red armies to push
on with the object of capturing the Polish capital
before pourparlers begin." Officials at the French
Foreign Office were said to have confirmed the
doubts of the sincerity of the Soviets, to which reference has been made, and to have expressed the belief
that they "are only seeking to gain time, and that to
place any credence in their good faith last week was
as foolish as at any time in the last two years."
A Paris correspondent of the "Sun and New York
Herald" cabled that "the attitude of the United
States towards the Russian question, which negotiations at the Polish front are about to bring to a
head, is in the foreground of discussion in Europe."
He added that "it is apparent that tremendous
pressure is being brought to bear on the Washington
Government through many channels to enter the
present negotiations."
He also said that "the
French Charge d'Affaires in Washington is understood to have received new*instructions to press upon
the State Department the desire of the Allies that
the United States participate in the negotiations, not
through an observer, but through plenipotentiaries."
The correspondent expressed the opinion, furthermore, that "this is being done because the French
Government believes the United States can easily
be a determining factor in the whole Allied policy
toward Russia." It should be noted that this cableture
gram was
sent just prior to the announcement of the
of the armistice negotiations.
Ap-
postponement
parently, however,
it
represented the prevailing idea
French Government circles.
Delayed dispatches from Warsaw stated that
nothing had been heard up to a late hour Saturday
in certain
Aug. 7
1920.]
THE CHRONICLE
night "from the Polish Armistice negotiators since
they were swallowed up in the darkness within the
Soviet Kussian lines, at 9 o'clock Friday night, on
their way to meet the Soviet armistice envoys."
The dispatches stated also that "the crossing was
made in a quiet sector in the region of Kobryn."
The emissaries traveled in seven Polish automobiles carrying white flags.
525
The Pans correspondent of the New York "Times"
cabled that "the capture of Warsaw by the Bolsheviki appears likely."
He added that the "French
Foreign Office takes a very gloomy view of the situation and admits that the Polish capital is in imminent danger." Commenting upon the breaking off
of the armistice negotiations he said that "after
promising an immediate armistice on July 22, postponing the deliberations until the 26th, then to the
During the early part of the week Paris continued 31st, and then to Aug. 4, the Bolsheviki, drunk with
to entertain an optimistic view of the probable out- the wine of victory, have broken off the armistice
come of the aggi*essive military operations of the negotiations altogether, on the pretext that they
Soviet forces in Poland. The correspondent at that wish to make an armistice and peace arrangements
centre of the New York "Tribune" sent word "that ;it the same time." While the dispatches for the nexc
the Russian blow in the north has now spent itself, day or two regarding the progress reported to ha.ve
is the belief in competent French sources, where it is been made by the Bolshevist forces in their efforts
said that it is now doubtful whether the Bolsheviki to reach Warsaw were somewhat conflicting, apparcan gather strength for another grand scale offen- ently they were steadily making headway toward
their coveted goal.
Wednesday afternoon they
sive before next spring."
French
capital
the
dispatches
received
at
were
reported
to
have
crossed
the River Bug "on a
Delayed
It was explained that this
told of the actual arrival at Baronvitchi of the sixty-six-mile front."
Polish plenipotentiaries, where the armistice conference was sui)posed to be held. In a cablegram
from Warsaw at about the same time it was stated
river is
"Warsaw's natural defense
line."
So serious was the whole situation regarded
here Allied diplomatic circles the same afternoon that
that "doubt is expressed in diplomatic circles
as to whether an agreement for an armistice will
was decided
in
it
to send "urgent telegrams to the Allied
between the Polish and Ambassadors, including the American Ambassador,
According to asking them to return to Paris from their vacations
Soviet emissaries at Baronvitchi."
information
had been for a meeting of the Ambassadorial Council to be
from
London
cablegram
one
(Thursday). It was stated that
received there to the effect that the Bolsheviki had held to-morrow."
even gone so far as to demand the virtual surrender "the first business to be considered at this meeting
of Poland "as the price of peace." Up to that tiuio will be the adoption of a reply to the German request
no definite word had been received in tlie British for permission to use troops for defensive purposes
capital as to whether the armistice negotiations in the AUenstein region."
According- to an Assoactually had started and it was added that "British ciated Press dispatch from Paris that afternoon
officials were plainly worried."
On Tuesday, how- "Warsaw will have to be evacuated within two or
ever, London received a report through a dispatch to three days, in the opinion of the French and British
the "Daily Mail" from Berlin that "the Polish and military experts there." The Paris correspondent of
Bolshevist armistice delegates met Friday evening the New York "Times" cabled Thursday morning
[a week ago last night] at Kobryn, on the railroad that, according to statements made at the French
east of Brest-Litovsk," and that "the negotiations Foreign Office the night before, "it has been discovbegan Saturday morning." According to the mes- ered that there exists between Moscow and the Gersage it was stated that the Bolsheviki began by de- man reactionary leaders an agreement that one of
manding the surrender of Brest-Litovsk which al- the conditions of Polish peace will be the suppressready was in their hands.
ion of the Danzig corridor, given to Poland under
A cablegram direct from Warsaw stated that the Versailles Treaty, and the establishment of an"Brest-Litovsk, the last great fortress guarding other German frontier in that region." The correWarsaw from the east, apparently has fallen before a spondent stated also that "Premiers Lloyd George
tremendous assault by the Russian Bolsheviki.'" It and Millerand held a long telephone conversation towas added that "north of that place, Soviet forces day [Wednesday] over the Polish situation," and he
have smashed their way forward in their drive west- added that "it is understood that the two Premiers
ward to a point only 60 miles east of this city." may hold a meeting very soon to talk over the mat(Warsaw). The dispatch went on to say that "over ter." He said that "it is rumored that the Allies
a front of 120 miles Polish armies are being plan to send six divisions of troops to Poland." In
pounded to pieces before the rush of Bolshevik an Associated Press dispatch from AVarsaw, dated
hordes, which are being hurled into the l)attle in a Aug. 4, it was said that "the Polish Government todesperate attempt to capture Warsaw before the cuu- day replied to the Russian Soviet Government, agreeclusion of the armistice conferences at Kobryn." ing to meet representatives of the Bolsheviki at
lioudon heard on Tuesday through a wireless mes- Minsk as soon as feasible." The dispatch stated also
sage from Moscow, and through diplomatic advices, til at "this decision was reached after an all-day
that the armistice negotiations actually had been sitting of the Council of Defense and the Allied Misbroken off. Ip one wireless message it was stated sion." It was thought at that time that "the Polish
that "the Bolsheviki, through the Moscow radio, delegation would depart for Minsk on Thursday."
have sent out word that the armistice negotiations Paris got dispatches from the French military exhave been abruptly ended because the Polish dele- perts at Warsaw in which it was claimed that "the
gates were authorized only to parley for a tempor- prime objective of the Bolshevik Army operating
ary cessation of hostilities." According to this mes- against the Poles at the moment is to cut off the
sago also "they were told to return to
Warsaw and Polish sea corridar, including Danzig, rather than
get i)(>wer to agree on peace terms," and it
was added the capture of Warsaw, which they say would folthat the next meeting would boon Thursday
at Minsk. low soon after." Arrangements were said to have
coine out of the negotiations
THE CHRONICLE
536
[Vol. 111.
Premier Lloyd was claimed that "Prince Lubormiski, Polish Minhad conferred with repGeorge and Premier Millerand to meet within the ister to the United States,
Department with a view to
next few days to discuss the Riisso-Polish situation.'' resentatives of the State
Poland.
Advices received at the
for
Lord Curzon, British Secretary of State for For- securing aid
American Legation at
eign Affairs, was reported to have sent a wireless State Department from the
message to the Soviet Government in Moscow to the Warsaw were said to have stated that "armistice
Avill be refused by the
effect that "there is no further reason why the Lon- negotiations with the Poles
don Conference should be held, in view of the Mos- Bolshevilvi so long as there is hope of capturing
cow Soviet's equivocation over the British sugges- Warsaw." A cablegram from London yesterday
tion that the Russians halt at the armistice line of morning said that the "London Times" had andemarcation in Poland and begin peace negotia- nounced that "the Russian Soviet's reply to Great
tions." The note was said to have asked for "a direct Britain's call for a halt of the Bolshevik advance in
answer as to whether Moscow intends to consider the Poland is a refusal." It was stated that "the newsThe Berlin correspondent of the paper says the ground taken is that the armies v, ould
British plan."
"Sun and New York Herald," cabled that reports not obey an order to halt and will only be content
had beeu received there from Breslau, claiming that Avhen they reach Warsaw, which has been promised
"France is concentrating 9,000 railroad officials and to them for loot." According to a cablegram from
workers in Belfort, Nancy and Strasbourg to be Geneva, also made available here yesterday morning,
used to operate German railroads for the movement "Nikolai Lenine, Premier of the Soviet Government
of French troops to Poland in the event the German of Russia, has ignored the recent Rumanian ultiGovernment and German labor refuses to agree to matum to withdraw his troops from Rumanian terthe violation of German neutrality in the Russo- ritory." In a cablegram from Berlin the assertion
beeu
made Weduesdav night
''for
was made that "the German Government
Polish conflict."
London "Evening News" announced that Great Britain and France, acting in
concert, would send large quantities of war material
to Poland at once. The newspaper represented that
the situation in Poland was regarded as extremely
On Thursday
serious.
the
In purporting to portray British
senti-
ment regarding the matter the assertion was made
that "the British Government may have to call for
volunteers within the next few days to aid in the
preservation of the Versailles Treaty." One high
British Government official was quoted as having
declared that "the situation is as grave as that in
August 1914." Premier Lloyd George made a frank
and reassuring statement in the House of Commons
on Thursday relative to the conference the evening
before between Andrew Bonar LaAv and himself and
He
the Russian Emissaries Krassen and Kameneff
and
healso
made
it
clear
declared that Bonar Law
to
the Russians that "the immediate conclusion of an
armistice on fair terms was the only course which
could remove suspicion that the Soviet Government
was insincere in its professed desire for peace, and
is deter-
means, the Entente from
sending troops through Germany to help Poland."
Doctor Walter Simons, the Foreign Minister, was
reported to have made a declaration to this effect in
the Reichstag on Thursday. London received word
the same day that "the Polish armistice and peace
delegation had left Warsaw for Minsk." According
to a special dispatch yesterday morning from the
Washington correspondent of the "Sun and New
York Herald," "placing its sole reliance upon the
League of Nations, the Government of W^ashington
practically acknowledges that it is helpless to act in
mined to prevent, by
all
the Polish situation."
Through London advises last evening it became
known that Lloyd George had received from Leo
Kameneff
Russian delegation at that centre,
the reply of the Soviets to the latest Allied note on the
Russo-Polish situation. The Russians claimed that
"the Soviet Government never desired to combine
the negotiations for an armistice with negotiations
for peace, but that it demands that the terms of the
armistice include reasonable guarantees which
Avould prevent attempts on the part of Poland to use
its declaration that it intended to respect the liberty the period of the armistice for the renewal of hostile
and independence of Poland."
Continuing the acts." That the whole statement l^eflected insinPremier said that it was made plain to the Russians, cerity and was in contradiction to previous statelikewise, that because of the invasion of Poland by ments from the same sources, seems to have been
their forces "we will take effective steps to remove shown by the following assertion
"The sole obstacle in the way of the beginning of
obstacles in the way of transmission to Poland from
of the
.
Danzig of military supplies which could be obtained negotiations for the suspension of military operafrom that quarter." Finally he observed that "I tions is the absence of the Polish delegates, whose
think in view of the critical state of affairs I would return is being awaited by the representatives of the
rather not make any further statement this after- Soviet Government in order that negotiations may
noon, but, should unfortunately our suspicions be
confirmed, I shall make a full statement to the
House Monday as to such further naval or military
may be necessary to take."
From Warsaw came the statement the same
action which
it
after-
be immediately opened."
The statement was made in a Paris dispatch last
night that "Premiers Millerand of France and Lloyd
George of Great Britain will confer at Boulogne on
the Russian situation, probably on Sunday." The
cablegram direct from Warsaw stated that the
evacuation of the city continued and that Soviet
forces were gradually getting nearer.
noon that "Russian Soviet armies driving against the
Polish lines defending Warsaw, are maintaining an
average progress of six miles per day in the direction
of this city." According to an official statement isThe Council of the League of Nations held sessued at General Staff Headquarters, "the Poles have
sions
in San Sebastian, Spain, during the greater
retaken the town of Brody, near the Galician frontier, and have forced the Bolsheviki back into Russia part of the week. At one of the earlier meetings the
in the region of Radzivlov, southeast of Brody." In "repatriation of the 200,000 European prisoners of
a dispatch from Washington Thursday evening it war still held in Russia and the 1G0,000 Russians in
Aug.
7 1920.]
THE CHRONICLE
military prisons was considered." A letter
from Doctor Fridtjof Nansen, who had been appointed to arrange for the transfer of these prison
ers, was read and disclosed the fact that "the pro-
German
537
Yesterday the Council closed
public sessions at
was made that "a
its
San Sebastian. Announcement
permanent League Secretariat will be established at
Geneva as soon as possible" and that "all member
posed exchange had been blocked by the Russian nations will be sent copies of the plan drawn up for
Soviet Government." Announcement was made that the creation of an international court."
"plans providing for the transport of Russians in
ships to Vladivostok were formulated," but, as
already pointed out, were impossible of execution.
Doctor Nansen stated that this was because "the
Soviet Government had refused to guarantee tliat
the Russians would be allowed to proceed from
Vladivostok to their homes." A special correspondent at the conference of the New York "Evening
Post" declared in a cablegram to his paper that "the
Council of the League of jS^ations will do nothing at
meeting here to commit itself on matters of demarcation between its powers and those of the assembly and the larger bodies of the League, and wil]
not attempt to lay down rules as to what character
of question belongs to the exclusive jurisdiction of
one body or the other, and what questions should be
At one of the sessettled by concurrent action."
its
Disarmament Commission of the League
of Nations, met "and made plans for a survey of the
armaments of the world as a preliminary to cutting
down all armaments to the lowest possible figure."
Announcement was made that the "Commission
named three secretaries who will be attached to the
sions, the
League, consisting of a Briton to handle naval matters, a Frenchman for military affairs and an Italian
The further announce
to handle aerial matters."
ment was made that "after the survey of the world's
armaments has been completed and submitted, the
maximum armaments which
The
definite statement appeared in Paris advices,
dated Aug. 3, that "the Turkish Peace Treaty will be
signed on Thursday, without regard for the attitude
of the Italians and the Greeks." From Constantinople came the announcement that "Damad Ferid
Pasha, the Grand Vizier, has formed a new Cabinet,
composed largely
of
members
friendly to British in-
according to political observers who are well
acquainted with the affiliations of the new men."
The statement was said to have appeared in the
Turkish newspapers that "the day when the Treaty
is signed will be observed by the Turks generally as
a day of mourning." It was added that "the shoDS
and cafes will be closed as one of the signs of protest."
Paris sent word that "while arrangements
are being made for the signing of the Turkish Peace
Treaty in Paris on Thursday, the French Foreign
Office reports another serious battle in Asia Minor
for the enforcement of the privileges the Treaty gives
to France there." From Constantinople came an
Associated Press dispatch Thursday morning saying
that "Turkish Nationalist forces opened a bitter offensive against the Greeks along a 60-mile front in
Asia Minor on Monday." It was added that "the
battle line extends along the Bagdad Railroad westward from Kutahia to Simav."
terests,
Premier Millerand, in recent weeks, has been getIt became known ting pretty much what he has asked for in the French
be permitted under its rules."
from San Se- Chamber of Deputies. He has received several votes
dispatch
through an Associated Press
bastian Thursday afternoon that "representatives of of confidence on his proposals, and in most instances
each Government participating in the international they represented a large majority in his favor. Soon
financial conference to be held in Brussels on Sept. after his return from the most recent Spa Conference
24 will be asked to present a balance sheet, showiig he presented to the Chamber the plan that had been
It
the actual financial situation of their nations."
agreed upon and signed by the Germans, according
"all
countries
will
that
be
was stated, furthermore,
to the terms of which they were to furnish the Allies
asked not to issue any more paper money, so as to a fixed amount of coal monthly. An adverse report
avoid a further weakening of foreign credit,"
on the coal arrangement was presented by the
first
i^ble
to
the
do
Although the League is not
French Commission on Finances, but notwithstandthing toward settling the Russo-Poland situation, is ing it, the Premier "obtained a favorable vote of 356
This to 169 for adoption of the recommendation of a
is continliing to incur expense on a large scale.
and
ineffective
is generally true of all impractical
200,000,000 franc monthly advance to Germany."
undertakings. A budget of expenses was presented In explaining his plan the French Prime Minister
at Thursday's session of the Council which showed its said that "coal is the question of the hour. The Spa
expenses are growing as the number of commissions agreement gives us 80% of our needs at a price oneat work is multiplied. It asked for £500,000 for the fifth less than we pay now." He declared, furtherensuing six monthe, of which sum £86,000 will be re- more, that "if there were no opposition party, this
quired for the contingent fund providing for the fu- arrangement would be approved unanimously."
ture growth of the work of the League. An increased
In a cablegram to his paper the Paris correspondoutlay of £162,000 to pay the expenses of the Inter- ent of the "Sun and New York Herald" said that
national Labor Bureau was included, and it was esti- "after an all-night session the French Chamber ralmated the cost of holding the meeting of the Assem- lied to the support of Frederic Francois-Marsal,
bly in Geneva will be £25,000. Following Thursday's Minister of Finance, for a new national loan, to be
session of the Council of the League of Nations, issued in October, and intended to provide the baldefinite announcement was made that "the Interna- ance necessary to meet the ordinary and extraorditional Financial Conference will be held at Brussels nary budgets of France."
Immediately after the
Sept. 24."
It was also stated that "Gustav Ador, adoption of the loan by the Chamber, the Finance
former President of Switzerland, will preside." The Minister "promptly carried the project to the Senate
further announcement was made that "the repara: and is expected to have little difficulty in obtaining
tions question at issue between the Allies and Ger- a favorable vote." According to the Paris advices,
many will not be put on the order of business unless "the loan is expected to yield at least 5,500,000,000
notification is received meantime that a decision has francs, which the Government is not able to obtain
been reached."
by increasing the already burdensome levies on the
League will
fix the
will
THE CHRONICLE
538
[Vol. Ill
Premier's statement is taken to mean that a campaign of "Cromwellian intensity will be pursued
until the real leaders of the Sinn Fein are rounded
up, when the Government hopes the Moderates will
take control."
In a cablegram from Dublin about midweek it was
claimed that "indications of an outbreak of economic
Avar between North and South Ireland are increasing
as a result of the expulsion of Catholic workmen
from the shipyards and other industrial concerns, in
the North, by their Protestant fellow-workmen."
The correspondent added that "it is thought in some
quarters that this will be the next move to add to
the already great embarrassments of the country."
At
at
French
command."
a conference at Downing Street on Wednesday
ural resource
of a deputation of Irish business men, Unionists and
The situation in Ireland has been considerably Nationalists, with Premier Lloyd George and other
quieter than in preceding weeks. Disturbances were Ministers, "the case for Dominion rule in Ireland
reported at various centres, but apparently they were was argued." It was explained in a London cablenot nearly so serious as those previously experienced. gram Thursday morning that "the deputation was
There was considerable informal discussion as to appointed at a conference of professional and busiwhat the British House of Commons would do with ness men at Cork the day before." Its members arrespect to legislation, calculated to straighten things gued that "the present Home Rule BUI was not de^ut in the Emerald Isle. In one cablegram from the sired by any section in Ireland, and would do nothBritish capital it was claimed that "although the ing to allay the present discontent." They were said
Oovernment intends to present next week a bill to have urged that "the Irish problem could be solved
providing some sort of new court procedure for in an acceptable manner only by an immediate grant
Ireland, and possibly other changes of methods, to Ireland of a Dominion status within the Empire,
in an attempt to control the situation, the Cabinet and an appeal for generous financial treatment, in
has not yet decided definitely on a plan or upon view of the over-taxation of Ireland in the past."
the day on which it will take the matter up." According to the accounts of the Conference that
It was added that, nevertheless, "an effort is being were cabled here, Lloyd George did not give the
made to reach an agreement" but that "what the bill deputation any encouragement, and is said to have
will contain remains in the realm of conjecture." told them in effect that "the deputation spoke for
The very next day the London correspondent of the only a limited number of Irishmen and that if pro"Sun and New York Herald" declared that "the posals of that kind were to receive consideration
British Government starts in to-morrow to break the they must be made to the Government by a body repSinn Fein." All hopes of a friendly settlement, resenting a much larger section of Irish opinion."
which seemed possible last week, have been splin- Announcement was made in an "Associated Press"
tered largely on the question of dealing with the cablegram from Dublin of a decree of the Irish ReSinn Fein as the representatives of an independent publican Parliament "prohibiting emigration from
The belief was expressed that "it will
nation." He declared also that "the law and the arm Ireland."
effect
of preventing the departure of many
have
the
of the law Avill be joined to what is expected to be
taxpayer." It was understood that the loan would
bear 6% interest and that it will not be subject to
taxation, "thereby providing a revenue, which, compared to other investments will yield nearly 14%."
At that time no date had been set "for the expiration
of the issues, but it was said that "the Treasury believes that, commencing with 1931, it will be able to
amortize a portion yearly, probably by the popular
form of 'tirages.' " In discussing further the financial plans of the French Government, the correspondent said that "the ordinary expenses are to be
distributed over a long list of revenue sources, affecting every line of business, hitting capital as well
as the workmen, and taking advantage of every nat-
the extermination of the Republican Government in Irishmen for America and Australia, which at presIreland." The Cabinet, at its meeting on Monday, ent are the most popular destinations for emigrants."
according to London advices, "approved the Irish It was pointed out that for some time "the Sinn FeinThe expectation at ers have been discouraging young men from leaving
bill practically as presented."
that time was that it would be introduced in Parlia- the country." It was stated that "women liad conment at once. It was further understood that the stituted the majority of the Irish emigrants for
measure "suspends trial by jury, and provides that several months."
Andrew Bonar Law in moving in the House of
offenders shall be tried by court martial in Dublin."
on Thursday, "a program motion providCommons
Premier Lloyd George was said to "consider it necessary to enable the Government to cope with the Sinn ing for the passage of the new Irish Crimes Bill by
Some opposition to the measure was ex- 6 o'clock to-morrow evening [yesterday] declared
Fein."
pected in Parliament, but it was added that "victory that the Government, above all, desired peace in
for the bill is considered certain." The measure was Ireland, but tliat it must use every means to restore
formally introduced and had its first reading in the decent conditions of civilized life there." He added
House of Commons Monday evening. Immediately that "in the opinion of the Government leaders, the
thereafter it was sent to the printer. More detailed bill represented powers that the Government conaccounts of that session of the House of Commons sidered necessary to effect that purpose, although he
stated that "under a hot fire of questions, Lloyd could not offer the hope that it would cure condiGeorge outlined two of the most important Govern- tions in Ireland rapidly." The dispatches stated
ment policies the Russo-Polish and Irish." The hat "the opposition immediately began obstructive
London correspondent of the "Sun and New York tactics against the measure." At Thursday's sesHerald," in his account observed that "incidentally sion of the House of Commons the bill had a second
the prophets of a Ministerial crisis were woefully reading, "after a series of passionate demonstrations
awry."
In discussing the Irish situation, "the and counter demonstrations, including altercations
Premier made it plain that no attempt would be between Mr. Asquith and 'the Premier," according
made to settle the problem until 'order in Ireland to a special cable dispatch from the London corre-
—
was
restored.' "
The correspondent added that "the spondent
of the
New York
"Times.**
Aug.
THE CHRONICLE
7 1920.]
529
and £103,193,758 one and two years ago, respectively.
Despite rumors of a possible increase in the minimum
discount rate in the near future, the Bank has maintained its 7% rate, and the opinion is gaining ground
that no increase will be announced for the present
July
week
of
at
least unless the Russian situation should become
24),
618,000 (against £10,217,000 for the
with the total outflow, including repayments of acute. Clearings through the London banks were
Treasury bills, advances and other items £113,935,- £688,298,000, which compares with £685,490,000
Re- a week ago and £518,740,000 last year. We append
000, compared with £160,362,000 last week.
ceipts from all sources amounted to £113,585,000, a tabular statement of comparisons of the different
Of items in the Bank of England statement:
as contrasted with £159,763,000 a week ago.
returns for the week ended
July 31 indicated a further loss in the Exchequer
balance, this time totaling £350,000, and thereby
reducing that item to £3,107,000, as against £3,457,000 a week ago. The week's expenses were £13,British
Treasury
revenues contributed £23,434,000, against
£19,996,000, and savings certificates £750,000, against
this total
amount the week
Advances brought
£16,250,000, against £7,700,000, and sundries
a like
in
falling
New
off,
issues of Treasury bills showed a sharp
being only £72,741,000, against £128,-
217,000 a week earlier. Treasury bonds were sold
to the amount of £310,000, against £365,000 last
week. The sum of Treasury bills repaid again exceeded sales, with the result that Treasury bills outstanding were reduced £8,010,000 to £1,058,348,000,
in comparison with £1,066,358,000 the preceding
week. There was also a reduction in temporary advances, which now stand at £203,841,000, as against
£205,341,000 a week ago. Total floating debt has
been brought down to £1,262,189,000, in contrast
with £1,271,699,000 the week before. In the corresponding week of 1919 the total was £1,181,255,000.
There has been no change in
leading European
at
official
centres from
discount rates
5%
in
Berlin,
Belgium
Vienna, Spain and Switzerland; 53^% in
and Norway; 6% in Paris and Petrograd; 7% in
London and Sweden, and 434% in Holland. The
Bank
of
Bombay
last
Saturday reduced
its
rate from
In London the private bank rate has
been advanced to 6 9-16% for sixty days and
6 11-16% for ninety days, against Q@,Q}/8% ^^^ sixty
days and 6 11-16@6%% for ninety days last week.
5%.
6 to
6^@
money
London is slightly easier, at 5%,
against 53^2% a week ago.
So far as can be learned,
no reports have been received by cable of private
Call
1920.
Aug.
£
previous.
yielded a total of £100,000, against £2,735,000 last
week.'
BA:NK of ENGLAND'S COMPARATIVE STATEMENT.
in
126,489,000
17,461,000
Other deposits
130,684,000
Governm't securities 76,266.000
Other securities
74,788,000
Reserve notes & coin 15,069,000
Coin and bullion.. .123,108,175
Proportion of reserve
Public deposits
to liabilities
of
21.70%
17.16%
17.69%
5%
5%
5%
France in
its
of
England statement this week, totaling £126,208,
which contrasts with slight gains the two preceding
weeks. Note circulation again expanded, £1,120,Substantial increases were
which
shown
9.
36,146,815
54,625,309
88,989,712
42,188,110
80,642,144
38,853,992
56,550,807
27%
.
6%
weekly statement congold item, the in-
its
crease this w^eek being 305,000 francs.
The Bank's
aggregate gold holdings now stand at 5,589,479,975
comparing with 5,567,648,910 francs last
year and with 5,433,321,589 francs the year before;
these amounts include 1,978,278,416 francs held
francs,
abroad in 1920 and 1919 and 2,037,108,484 francs in
1918.
During the week gains were registered in the
various items as follows: silver, 344,000 francs; bills
discounted, 329,800,000 francs; advances, 1,591,000
francs.
On the other hand. Treasury deposits fell off
52,644,000 francs, while general deposits were reduced 71,514,000 francs. Note circulation took an
unfavorable turn, an expansion of 517,384,000 francs
being recorded. The total outstanding now amounts
to 38,215,370,370 francs, contrasting with 35,258,864,680 francs last year and with 29,476,586,275
On July 30 1914, just prior to the
francs in 1918.
war, the amount was only 0,683,184,785
of the various items in this
week's return with the statement of last week and
corresponding dates in 1919 and 1918 are as follows:
outbreak
francs.
of
Comparisons
BANK OF FRANCE'S COMPARATIVE STATEMENT.
shown by the Bank
000, so that the total reserve
£
7%
Changes
small loss in gold was
Aug.
£
8.
80,128,070 56,777,930 40,366,310
22,934,735 39,878,383 47,465,392
99,844,674 132,762,292 130,423,683
33,675,356 57,855,332 56,558,628
80,493.213 103,193,758 107,947,718
26,633,982 29,624,305 31,477,938
88,312,052 67,952,235 53,394,248
tinues to report small gains in
discount rates at other centres.
A
Aug.
7.
10.20%
rate
The Bank
1916.
1917.
1918.
Ang.
£
6.
£
Circulation
Bank
1919.
Avg.
4.
was cut £1,246,208.
in the deposit items,
caused a sharp reduction in the proportion of reserve to liabilities, bringing it down to
10.20%. This compares with 12.20% last week and
21.70% a year ago. The lowest percentage thus far
in 1920 was 8.49% for the week ending July 2, while
the highest was in the week of March 18, when it
advanced to 23.49%. Public deposits expanded
in turn
Gold Holdings
In France
Abroad
—
for Week.
Francs.
-Inc.
305,000
No
change
Status
as of
Aug. 5 1920.
Aug. 7 1919.
Aug. 8 1918.
Francs.
3, 61 1,201, .559
Francs.
3,589,370,494
1,978,278,416
Francs.
3,396,213,104
2,037,108,484
1,978,278,416
305,000 5,589,479,975 5,507,648,910 5,433,321.589
304,849,716
247,291,495
298,860,268
344,000
Inc. 329.800,000
923,410,199 1,002,990,111
2,362,707,298
850,291,052
Inc.
1.591,000
1.9,34,929,000
1,284,874,089
Advances
Note circulation ...Inc. 517,384,000 38,215,370,370 35,2.58,864,680 29.476,580,275
68,403,059
56,974,000
87,040,895
Treasury deposlts.-Dcc. 52,644,000
General deposits... Dec. 71,514,000 3,235,152,894 2.865,143,879 3,888,665.418
Total
Silver...
Bills discounted
Inc.
Inc.
The Imperial Bank
of
Germany
in its statement,
as of July 23, showed an increase in total coin and
bullion of 1,807,000 marks, and a gain in Treasury
Note circulation
certificates of 44,106,000 marks.
marks,
expansion
of
additional
136,447,000
showed an
Bills dis£2,314,000, other deposits £12,036,000 and Govern- while liabilities gained 191,072,000 marks.
ment securities £16,354,000. A contraction of £693,- counted were heavily reduced, namely 2,334,086,000
000 was noted in loans (other securities). Thread- marks, and this was accompanied by a contraction
needle Street's gold holdings aggregate £123,108,175. of 2,552,260,000 marks in deposits.
Notes of other
In the corresponding week of 1919 the total held was banks expanded 369,000 marks, investments 1,460,£88,312,052 and £67,952,235 a year earlier.
Re- 000 marks and securities 62,284,000 marks. There
serves total £15,069,000, which compares with £26,- was a decline in advances of 537,000 marks.
The
633,982 last year and £29,624,305 in 1918.
Circu- Bank announces its stock of gold as 1,091,632,000
lation is £126,489,000.
Last year it stood at £80,- marks, which compares with 1,111,757.000 marks
128,070 and in 1918 £56,777,930.
Loans amount last year and 2,347,080,000 marks in 1918.
to
£74,788,000, which contrasts with
£80,493,213
THE CHRONICLE
530
Last week's bank statement of New York Clearing
House members, issued on Saturday, occasioned some
surprise, inasmuch as it again reported a deficit.
Latterly a deficit has come to mean very little, but
this is the first time in a long while that there has been
a Clearing House deficit on two consecutive weeks.
Last year eight deficits were reported at intervals,
while there have been five thus far this year. Aside
from this feature, changes were not important. The
loan item was reduced $20,599,000, reflecting stock
market liquidation, it is thought, while net demand
deposits increased S9,586,000 to $4,000,168,000.
This is exclusive of Government deposits of $59,948,000, which, owing to the recent heavy withdrawals, decHned $12,990,000 during the week.
Cash in own vaults of members of the Federal Reserve Bank fell $1,482,000 to $89,036,000 (not
counted as reserve). In the reserves of member
banks -u-ith the Federal Reserve Bank there was a
contraction of $779,000 to $521,222,000, while the
own vaults of State banks and trust companies decreased $125,000 to $7,962,000. Reserves
of State banks and trust companies in other deposi-
for new accommodations than with the
hundreds of millions of dollars that were borrowed at
varying periods to finance undertakings begun when
prices were at the top, and which it has not been
requests
possible to carry through, largely because of the general freight congestion.
Railway officials and bank-
due time the increases in railroad
authorized will relieve the railroad situation, and, in turn, the credit situation, in various
ways. While speculation in stocks is not active,
there is a steady investment demand for bonds,
ers expect that in
rates
now
particularly railroad issues.
So far as our knowledge goes, there have been no
changes in Federal Reserve bank rates this week.
The
following
is
the schedule of rates
now
in effect
for the various classes of paper at the different
Re-
serve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 5 1920.
reserve in
showed a small gain,
[Vol. 111.
Discounted
bills
maturine
within 90 days ilncl member banks' 15-day collateral
notes) secured by
.
—
Federal Reserve
Bank of
—
Treasury
Liberty
Other-
Bankers'
acceptances
Trade
tural ana
live-stock
dlsc'ted
tances
paver
Agricul-
bonds
wise
maturing maturing
certififor
$340,000 to $9,185,and
secured
member
cates of
within 91 to 180
indebtVictory
and
banks
90 days
days
000. Aggregate reserves were reduced $564,000 to
edness
notes
unsecured
$538,369,000. Owing to the expansion in deposits, Boston
6
7
7
7
5H
York
7
6
7
6
7
5H
reserve requirements increased; hence there was a New
Philadelphia ..
6
6
6
5H
5H
t6
6
6
BJi
5H
6H
5H
further loss in the surplus above requirements of Cleveland
Richmond
6
6
6
6
6
to
Atlanta
6
6
6
5>4
t6
5V4
$1,810,000, thus bringing the deficit up to $6,086,520, Chicago
6
7
6
7
7
t6
St. Louis
6
6
6
5«
*5H
5H
as against a deficit of $4,276,520 the previous week. Minneapolis
6
7
6
7
5«
6Ji
6
6
Kansas City
6
5H
5H
t6
The figures here given are based on a surplus of 13% Dallas
6
6
6
to
5H
5H
San Francisco.
6
6
6
6
6
t6
above legal requirements for member banks of the
*5H% on paper secured by 5Ji% certificates, and 5% on paper secured by 4Ji%
Federal Reserve system, but not including cash in and 6% certificates.
t Discount rate corresponds with Interest rate borne by certificates pledged as
vault to the amount of $89,036,000 held by these collateral
with minimum of 5% In the case of Philadelphia, Atlanta. Kansas City
Dalhis and 5K% In the case of Richmond, Chicago and San Francisco.
banks on Saturday last. In the Reserve Bank com- andNote.
— Rates shown for Atlanta, St. Louis, Kansas City and Dallas are norma
applying to discounts not In excess of basic lines fixed for each member bank
paratively little change was shown over the figures rates,
Rates on discounts In excess of the basic line are
by the Federal Reserve Bank.
to a
H % progressive Increase for each 25% by which the amount of accomof a week ago.
The cash reserve ratio was up a subject
modation extended exceeds the basic line.
small fraction to 40.4%. There was a gain in total
reserve of $5,455,000, the result of an increase in the
Referring to detailed money rates, call loans this
gold settlement fund of $7,123,000. Member banks week ranged between 6 and 8% for mixed collateral
paid off about $11,000,000 of their borrowings on and all-industrial loans without differentiation.
war paper, but increased commercial paper borrow- Last week the range was 7@10%. On Monday the
ings $12,330,000.
The bank, however, reduced its high was 8%, and this was also the ruUng figure,
purchases of bills in the open market by approxi- with 7% the low. Tuesday 8% was again the maxmately $6,000,000, and there was a net decline in imum and the rate for renewals, but there was a
aggregate bill holdings of about $4,800,000.
decline to 6%. A further easing was noted on Wednesday and Thursday and the range was 6@7%,
The general trend of call money at this centre has while renewals were negotiated at 7% on both days.
been downward. On several days a 6% rate was Friday there was no change from 7% high, 6% low
reached, the lowest quotation since about the middle and 7% the ruling rate.
Call funds were in more
Borrowers reported that they experienced plentiful supply, but this was regarded as the result
of June.
no difficulty in obtaining accommodations at the of recent heavy stock market liquidation and purely
prevaihng quotations. With the exception of a little a temporary phase. For fixed maturities the situation
stronger tendency on the part of financial institu- remains without essential change. Time money contions to renew maturing time loans, there was little tinues in exceedingly light supply, and in the opinion
Conserva- of most brokers there are no indications of any measor no change in the time money market.
tive interests are giving more attention to it than urable increase in the early future. Very few transthey are to the lower rates that have prevailed for call actions were noted. It is said that some small amounts
money. Until important lenders of money are willing of money were put out for sixty and ninety days at
This compares with
to put out larger sums on time and at lower rates than 9@9'}/2% for all-industrials.
have prevailed for many months, it cannot be as- 83^@9 last week. On regular mixed collateral
serted that money is truly easier.
It is naturally is asked, against 83/^@8%% a week ago, without
assumed that the severe declines that have taken place leading to any business to speak of.
in stocks this week have tended to ease the credit
Commercial paper has ruled firm and unchanged
position here, so far as stock exchange and other Wall with sixty and ninety days' endorsed bills receivable
Street borrowers are concerned.
It is likewise and six months' names of choice x;haracter still quoted
tories
viz.,
'
8^%
and at 8%, and names not so well known at 8i^%. The
mercantile activity throughout the country must be market was quiet and no large transactions were
exerting an influence in the same direction.
The reported.- Country banks continue the principal
point is made, however, that this has more to do with buyers
assumed that the reports
of lessened industrial
,
Aug. 7
THE CHRONICLE
1920.]
Banks' and bankers' acceptances were in fair
demand but the supply is limited, so that the volume
According to some
of business passing was light.
This
authorities the demand exceeded the supply.
factor is said to be due to recent heavy purchases
on the part of savings banks. Quotations remain as
heretofore, with the undertone firm. Demand loans
on bankers' acceptances have not been changed from
5M%-
Detailed rates follow:
Spot
Ninety
Days.
Ellgtble bills ot
member banks
6H@6}i
Eligible bUla of
non-member banks
65i@6>i
7)^@6J^
Ineligible bills
Deliterv
Delivery
Sixty
Thirty
wUhin
Days.
Days.
30 Days
6H@6H 6K@6
6M@6J^ 6H@6^
7H@6K 7>^@6H
7
bid
bid
7H
bid
7
531
offerings for purely legitimate business purposes
done much to depress
prices.
have
However, the injection
has undoubtedly complicated
matters by causing bankers who would ordinarily
of
the
Polish
crisis
have come to the aid
of the market to withdraw their
In the initial transaction commercial offerings predominated, but with the sharp drop in price
levels, a large proportion of these offerings were withdrawn and it was learned that for the time being
selling of cotton on the Liverpool Exchange had been
abruptly suspended. Later in the week London
bankers came into the market as sellers of exchange,
support.
also several large local institutions
and
prices
were
down steadily until Thursday, when a recovery
about 5 cents in the pound followed reports that
England would come to the aid of the Poles. Subsequently liberal orders were placed by the London
banks to either buy sterHng or sell dollars, while there
was a wild scramble to cover on the part of speculators who had been selling short.
On Friday a further
rally of about 6 cents followed the news that the
forced
Sensational declines again occurred in sterling ex-
of
change this week and quotations were carried down
to 3 553^ for demand bills, a new low on the current
downward swing and the lowest level reached since
Feb. 4, when the price broke to the record figure of
This compares with a low point on Friday
3.18.
last of 3.70 and was a net loss for the week of 14^/^
There was a sharp recovery, however, yes- British Government had decided to accept the
cents.
terday afternoon on more assuring news regarding Soviet note and that a peace conference with regard
Under the persistent pressure to Poland was about to be called, and the close was
the Russian situation.
of a huge volume of bills of all descriptions that kept steady.
Referring to quotations in greater detail, sterling
pouring in upon the market, prices throughout the
in
cents
exchange on Saturday of last week was somewhat
week broke precipitately as much as 8
a single day and conditions bordering upon de- firmer and a rally of about ^c. was shown, with
moralization prevailed for a time. Trading, while demand at 3 ll%@2, 72^, cable transfers 3 72^@
Monday's
feverish and excited, could not be said to be active, 3 73M and sixty days 3 683^@3 69Kexcept at brief intervals, as buyers were largely out market was a dull affair, largely owing to the fact
of the market and sales were usually accomplished that it was a holiday in London, and trading was of
only at sharp concessions. Fluctuations were violent minimum proportions; in keeping with this the underand erratic although the trend was chiefly downward tone was easier, and a loss of about l^c- was resince the few sporadic rallies that were attempted corded, to 3 70H@3 12\i for demand, 3 71}4@3 73
were quickly followed by reactions to still lower for cable transfers and 3 673^@3 69 for sixty days.
levels though, as already stated, prices recovered Sterling rates broke sensationally on Tuesday under
substantially before the close.
the pressure of heavy selling which followed news
The obvious explanation of this overwhelming of an alleged disastrous defeat of the Polish armies,
weakness was, of course, the situation that has and there was a loss for the day of about 8 cents in
arisen as a result of the successes of the Russian the pound; the range for demand was 3 62^@;3 683^,
"Red" armies in Poland, and financiers everywhere cable transfers 3 63H@3 691^ and sixty days 3 59}4
have been showing signs of serious uneasiness over @3 6534; trading was quiet owing to the almost
the possibility of Europe being plunged into another complete absence of buying power.
On Wednesday
war. Early in the week cablegrams from London demoralized conditions prevailed and demand sold
intimated that the Russo-Polish armistice negotia- down to 3 553^, the lowest point touched since last
tions had been broken off.
Later on it was stated February; the high for the day was 3 62^, while
that they had been merely postponed, while still cable transfers ranged between 3 563<£ and 3 633^
later advices were received to the effect that Polish and sixty days at 3 5234@3 593^; both London and
troops had suffered a "disastrous defeat" and that local bankers were in the market as heavy sellers of
the Soviet armies were marching upon Warsaw. exchange, and this together with lower cable quotaThe contradictory nature of these reports gave rise to tions from the British centre served to accelerate the
numerous conjectures as to the real facts in the case downward movement. Reports that Great Britain
and the market during much of the time was subject would in all probability come to the aid of the Poles
to a variety of wild rumors, chief among them being brought about a partial rally on Thursday and dethat Great Britain was about to prohibit all com- mand bills recovered to 3 6034@,3 63, cable transfers
modity imports; while it was furthermore declared to 3 61@3 63^ and sixty days 3 57@3 59^. On
that sterling would likely drop below S3 00.
Quota- Friday the market was stronger, with the trend of
tions at times showed a wide divergence, one banker prices materially upward; the range for the day was
reporting a spread of as much as 7 cents in the rates 3 6134@3 69H for demand, 3 62i^@3 70^ for cable
quoted simultaneously by three different institutions. transfers and 3 58@3 QQ}yi for sixty days. Closing
Conditions in the sterling exchange market at the quotations were 3 60^ for sixty days, 3 69 for deopening on Wednesday were likened by many to mand and 3 69% for cable transfers. Commercial
those existing on Feb. 4, excepting that the declines sight bills finished at 3 68^, sixty daj^s at 3 62 J^,
were less drastic.
ninety days at 3 60 J^, documents for payment (sixty
Bankers when interviewed on the subject gave it days) 3 623^ and seven-da}' grain bills 3 673^. Cotton
as their opinion that because of the offerings of grain and grain for payment closed at 3 08^.
The week's
and cotton bills at about this time, a decline in the gold movement was limited to a shipment of £3,200,exchanges was to be expected and was entirely sea- 000 which arrived on the SS. Philadelphia early in
sonal, and it is certain that the excessively heavy the week and an additional 82,000,000 (both from
—
,
—
THE CHRONICLE
532
London) on the Adriatic that docked here yesterday.
The bulk of this metal is said to be consigned to
Kuhn, Loeb & Co. No exports were reported.
Continental exchange followed the lead of sterling
heavy losses were sustained. Rates
fluctuated wildly and sharp breaks followed each
and
here, too,
other in quick succession as a result of the alarm
created bj^ unfavorable developments in the Russo-
Trading was completely demoralized
for a while and vast quantities of bills were thrown
upon a market utterly unable to absorb the offerings.
Polish
Some
crisis.
idea of the confusion that prevailed
may .be
gained from the fact that often rates were quoted
widely apart. Exchange on Rome broke spectacularty to 19.02 early in the week, a loss of 75 centimes,
ralhed 40 points, but subsequently dropped 280
points to 22.22 French francs also gyrated violently,
with a loss first of 60 centimes, to 13.72 a recover to
13.60, then another slump, this time of 57 centimes to
These prices, however, are still substantially
14.17.
above the low record figures of 26.64 and 17.15,
respectively, established during the latter part of
April.
German marks were also under pressure and
the price ran off 36 points from the high of last week
Austrian kronen followed the
to 2.04 for checks.
course of Reichsmarks, though to a lesser extent.
Antwerp
francs
also
lost
ground
heavily,
but
trading in this class of remittances was exceptionally light so that losses were less severe than in the
Exchange on all of the
case of French currency.
Central European Repubhcs broke repeatedly, and
rates in some instances established new low levels,
while Greek[exchange ruled materially lower, though
without specific activity. Cable quotations from
London were appreciably lower and this naturally
served to accelerate the declines here. Speculative
interests were much in evidence and by their operations, first on the selling then on the buying side of
the market, greatly aggravated the general confusion.
In the final dealings some measure of recovery
occurred and moderate advances from the extreme
low rates were recorded.
[Vol. 111.
kronen were 00.53 for checks and 00.54 for cable
This compares with 00.59 and 00.60
transfers.
the week previous. Italian lire finished at 19.40
for bankers' sight bills and 19.38 for cable transfers.
Last week the close was 18.77 and 18.75. Exchange
on Czecho-Slovakia closed at 1.84, against 2.09;
on Bucharest at 2.25, against 2.57; Poland at 49,
against 53 and Finland at 3.50, against 3.75 last
week. Greek exchange ruled easier, and finished at
a further decline to 11.70 for checks and 11.80 for
cable transfers, against 12.25 and 12.35 a week ago.
In the neutral exchanges the trend was downward
and extensive declines were noted, more, however, as
a reflection of the movements in sterling and at other
continental centres than evidencing any appreciable
increase in trading.
Dutch guilders dropped to 33
for checks, a new low.
Swiss francs were also adversely affected, declining to 6.07, also the lowest
point recorded. The same is true of Spanish pesetas,
which were sharply lower while all of the Scandinavian exchanges recorded material reductions in
values.
Bankers' sight on Amsterdam finished at 33 3^8
>
against 343^; cable remittances at 333^, against 34^;
commercial sight at 33 1-16, against 34 3-16, and
commercial sixty days 33 11-16, against 33 13-16 last
Swiss francs closed the week at 5.97 for bankers' sight bills and 5.95 for cable transfers. Last week
the close was 5.88 and 5.86, respectively.
Copenhagen checks finished at 15.35 and cable transfers
15.45, against 15.60 and 15.70. Checks on Sweden
finished at 20.60 and cable transfers at 20.70, against
week.
20.95 and 21.05, while checks on Norway finished
at 15.40 and cable transfers 15.50, against 15.60
and 15.70 on Friday of the preceding week. Spanish
pesetas, after declining to 14.88, rallied
15.25,
a
new
low,
and closed at
and cable remittances 15.27,
against 15.34 and 15.36 last week.
As to South American quotations, weakness again
developed and the check rate on Argentina once
more touched 39.00, while the close was at 38.26
and 38.50 for cable transfers, as compared with
39.60 and 39.75 last week. Brazil, however, was a
A number of banks report difficulty in handling trifle higher, at 21.75 for checks and 21.85 for cable
Polish exchange and some have ceased to quote it. transfers, against 21.60 and 21.75 a week earlier.
It is claimed that the Polish Government is requiring Chilian exchange dropped sharply, closing at 18^,
the remittance of dollars rather than marks and that as against 21 last week, while Peru after a fractional
upon their arrival these are converted into marks recession during the week, finished at 5.03, unat a rate fixed from day to day by official edict. changed
Under these circumstances and especially in view of
Far Eastern rates follow: Hong Kong, l^y^^l^,
the precarious position of Poland few bankers were against 76 @76 3^; Shanghai, 1083^@109, against 106
willing to quote exchange on Warsaw.
A dispatch @106i^^; Yokohama, 513^@52, against 513^@51M;
from Copenhagen states that recent financial nego- Manila, 473^@48 (unchanged); Singapore, 47^@
tiations between the United States and Denmark 473^ (unchanged); Bombay, 373^@373/^ (unchanged),
have resulted in an agreement on the part of this and Calcutta, 37i<^(^373^ (unchanged) The strength
country to^substitute the present "Cash before ship- in Hong Kong currencies is attributed to the recent
ment" policy by a three months' credit plan to Danish improvement in the price of silver.
.
.
importers a ainst bankers' guarantees. It is alleged
that similar negotiations between Great Britain and
Denmark nave fallen through.
The official London check rate on Paris finished at
In New York sight
50.183^, against 48.63 last week.
bills on the French centre closed at 13.60, against
13.14; cable transfers at 13.58, against 13.12; commercial sight 13.64, against 13.18, and commercial
sixty days 13.70, against 13.25 a week ago.
Belgian
francs after a decUne to 13.27, rallied and finished at
12.75 for checks and 12.73 for cable transfers.
Reichsmarks
cable
closeci
transfers.
at 2.18 for checks
Closing
quotations
and 2.20
for
for
Austrian
The New York Clearing House banks,
in
their
operations with interior banking institutions, have
gained $5,209,000 net in cash as a result of the
currency movements for the week ending Aug. 6.
Their receipts from the interior have aggregated
$9,396,000, while the shipments have reached
$4,187,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold imports, which
together occasioned a loss of $77,316,000, the combined result of the flow of money into and out of the
New York banks for the week appears to have been
a loss of $72,107,000, as follows:
i
.
Aug.
.
THE CHRONICLE
7 1920.]
Week ending August
6.
Banks' interior movement
Sub-Tre.isury and Federal Reserve
operations and gold Imports
Into
Out of
Banks
Banks.
Gain 85,209,000
§9,396,000
S4, 187.000
14,582,000
91.898,000 Loss
$23,978,000
Total-
A'et Change in
Bank Holdings.
77,316,000
§96,085,000 Loss 872,107.000
The
following table indicates the
principal European banks:
the
in
amount
of bullion
Aug. 7 1919.
Aug. 5 1920.
Banks ofGold.
Total.
Silver.
123,108,175
144,448,062
9,880,000
216,500
54,581,600
Germany
Aus-Hun.- 10,944.000 2,369.000
98,102,000 24. .384 .000
Spain
2.999.000
,32.191,000
Italy
1.251,000
Netherl'ds 53.028.000
1,056,000
Nat. Bel.- 10.659.000
21,636,000
3,551,000
Switz'land
14,513,000
Sweden
147,000
Denmark . 12,668.000
Norway .. 8,120,000
England
France a.
123,108,175
154,328,062
54,798,100
13,313,000
122,486,000
35,190,000
54,279,000
11,715,000
25,187,000
14,513,000
12,815,000
8,120,000
Gold.
Silver.
Total.
88,312,052
88,312,052
143,574,819 11,920,000 155,494.819
984,0.50 56,384,550
55,400,500
2,383,000 13,310,000
10.927.000
93,928,000 26,048,000 119,976,000
2,973,000 35,338,000
32,365,000
535,000 54,819,000
54,284,000
1,212,000 11.854.000
10,642,000
18,706,000
2,712,000 21.418,000
16,032,000
16,032,000
10.432,000 "l43",000 10,575,000
8,174,000
8,174.000
Total week 583,998.837 45,853.500 629.852.337 542,777,371 48,910,050 591,687,421
Prev. week 584,000,845 45,790,500 629,791,345 540,624,128 48,925,950 589,550,078
a Gold holdings of the
held abroad.
Bank
of France this year are exclusive of £79,131,137
RUSSIA, POLAND
AND THE ALLIES.
For a day or two this week the financial mind,
even in our own market, was preoccupied with a
European military situation as it had not been since
The ill-starred campaign of Poland
having
broken down and the Bolsheagainst Russia
vik army having actually passed the Polish boundary
and directed itself to the capture of Warsaw, the
question suddenly arose whether the Entente Govthe armistice.
system
of
But the
533
government which they had
situation in Poland
is
set
up
at
home.
exceptional, from the
not easy to reach that country, even if
Western Europe should decide to give active support
by armies of its own. Pressure against Russia by
blockade, and assistance to Poland by transmission
of arms through D3,nzig, were suggested as the policy
of the Entente; but Russia is already excluded from
trade with the Allies; the Bolshevik armies are
apparently moving to seize Danzig; and the land
fact that
it is
communications between Poland and Western Europe
must cross the territory of Germany, whose attitude
towards any such transportation of Entente troops is
problematical if not actually hostile.
In other words, coercion of Russia into abandoning
such military purposes as her government may have in
mind would not have been easy, because the machinery
which would naturally be employed was already being
used.
As for Germany, the Entente's position was
certainly not rendered any easier because of the
underlying popular hostility which the policy of the
Allies, whether wise or unwise in other respects, has
certainly created among the German people.
Nevertheless, the situation was never as bad as these surface indications might seem to suggest.
The German Government is perfectly well aware
that actual alliance with the Bolsheviki would be
fatal to itself; that the Petrograd dictators are as
bent on destroying a "bourgeois" government at
ernments, in case of Russia's refusal of their efforts
at arranging an armistice, would endeavor to intervene by force on the side of Poland. While the cables
Berlin as at Warsaw. The military equipment in
the hands of Russia, which has been sufficient to
overcome the even worse organized and provided
from Europe were describing the possibility of such an
attempt, the markets were quite unavoidably impressed with the far-reaching possible consequences.
Not until the Bolshevist note to the British Government was published on Friday, with its explanation
that the Petrograd Government was not rejecting the
armistice proposal but merely insisting on a guarantee
that Poland would not renew hostilities during such
a truce, did the Stock Exchange and the foreign exchange market give evidence of definite reassurance.
Perhaps it cannot even now be said that all danger
is past, for the situation is still full of inflammatory
possibilities.
The actual situation is plain enough.
Poland itself had a considerable part in provoking its
war with Russia, and it did so under the incitement of
the same instinct of militarism which prompted Germany's action of six years ago. But Russia, economically a derelict state, turned out to be in a military
way in somewhat the same condition as Revolutionary France in 1792.
If the Bolshevik army was not
army
by the instinct of patriotic fervor and fanaticism which inspired the troops of Dumouriez, it was
at least forced into efficiency by the absolute control
which the Revolutionary government had asserted
over the lives and persons of its subjects.
Furthermore, in the one case as in the other, the fact was that
the new government, whatever its defects of political
inspired
had managed to keep in
power and put down military attempts to overthrow
title
by
or political practices,
home, and this had resulted in the
the old army officers to the new
political regime.
The invasion of Poland by the Bolsheviki was in
some respects analogous to the invasion of Holland
by the armies of the Convention, and it is true now
as it was true a century and a quarter ago, that at
least the professed purpose of tlie invaders had been to
extend by force to the rest of Europe the peculiar
it
revolts at
submission
of
of Poland,
would certainly not
suffice for
any
further venture into Europe.
Furthermore, while
the Bolshevik Government undoubtedly reckons both
on setting up a similar government in Poland and on
exciting among its own people the enthusiasm born
of military success, it also has to consider the problem
of its own continued existence, after this preliminary
military success.
It could not prevail against united
Europe in any further military movement, but it was
easily possible that the existing situation, with the
prestige which the Lenine regime may be supposed to
have won by it, might render it possible for the present Russian Government to gain from the other
nations the concessions in the way of re-opened trade
which even the most extreme of the Russian leaders
have admitted to be indispensable.
Presumably the outcome of the negotiations will
be governed by the actual situation in Russia it-
On
we have
had some pretty
English visitor, Mr. Bertrand Russell, has lately written a very informing
account of the actual state of Russia, seen from the
Mr. Russell went to Russia with the British
inside.
self.
that
reliable information.
recently
An
visiting labor delegation.
He was
a witness preju-
diced in favor of the present Russian Government: for
he has long endeavored to induce himself to believe in
Communism as the ideal system of government, and,
as he says in this article, had hoped to prove from
actual observation how far "the Soviet system is
Parliament arianism." His story
of his observations and conclusions, published originally in the London "Nation," and subsequently reprinted in this city, is in all respects a condemnation
of the Bolshevik experiment and an exposure of its
weakness.
The Soviet system itself, Mr. Russell frankly
really superior to
declares, "is
it
moribund."
as a deliberate political
He might have
humbug,
described
for he proceeds
THE CHRONICLE
534
(Vol. Ill
show it to be exactly that. The people vote for opened for readjustment. Wages are held by the
members of the Soviet, but this is what happens as receiver of them to be an exception, inasmuch as
labor is "not a commodity."
described by this friendly critic:
The increased rates are estimated to yield 1,580
"In the first place, the voting is by show of hands,
so that all who vote against the Government are millions more revenue, but this is estimate only.
marked men. In the second place, no candidate who For while it is simple arithmetic to determine with
is not a Communist can have any printing done, the
practical exactness what certain additions to wage
printing works being all in the hands of the state. schedules will cost, nobody can foresee what inIn the third place, he cannot address any meetings, creases in rates, either freight or passenger, will do
to
because the halls all belong to the state. The whole
of the press is, of course, official; no independent
daily is permitted."
is
Even when the Soviet of a town or municipality
elected, by these methods, it is still shorn of power.
Advocates of the Bolshevist theory of government
have told us that the Soviet system meant the real
voice of the people speaking at every stage of the
Not so Mr. Bertrand Russell,
electoral structure.
who
describes
how
the
Moscow
Soviet, for instance,
does nothing whatever but elect an "executive committee" of forty, which in turn elects a "presidium"
of nine who exercise all the power.
If it be asked
why such distrust exists of the plain people, of the
very classes of the community to whom the ballot
was restricted, Mr. Russell answers this question
Some incline to deprecate
putting any increase on passenger traffic, on the
ground that this traffic has a close relation to the
volume of freights. How either of these will be afin respect to revenues.
and what rate will serve to meet a specific guaranty of net earnings, are problems for the future.
They will tax our wisdom, our courage, and our patience, and at the best we must be prepared to find
fected,
readjustments in one or the other direction necessary.
The consumer pays
expenses, and he is everybody, not excluding even the railway Brotherhoods.
Some estimate that the rate increases will lay a per
capita tax of -f 14 per annum. We do not know now,
all
and we probably can never be entirely sure but nobody should deceive himself into thinking that the
;
The Russian electorate is not Communist, increase in transportation costs will not find its way
also.
even when limited by these prescribed conditions. to all purses, for it enters into every
stage from raw
This English visitor "never came across a Com- material to consumption,
affecting implements and
munist by chance." The Communist party, which as processes as well as the moving of finished
a result of this
sham
mental authority,
election exercises all real govern-
"numbers about 600,000
a
population of 120,000,000."
Lenine, himseK, adRussell
mitted to Mr.
the impracticability of estabin
products.
The increased wages will be largely spent unthrif tily,
and Avill therefore, as already pointed out, have a
tendency to raise prices, but the increased efficiency
of transportation will operate as an offset in some
lishing Communism firmly. He admitted the hostility
part to hold or to lower prices. The men are silent
of the greater part of the population. But he "laughed
just now but not many months will pass before they
over the exchange the peasant is compelled to make will renew their howl for
more wage against the
of food for paper; the worthlessness of Russian paper
I^rices which they have been striving to keep high,
struck him as comic."
Bloodshed and revolution, and so the spiral will continue until the people
are
the world over, is, in his view, the only real solution ready to set doAvn an
immovable foot against it.
of the governmental problem.
It will be of wholesome effect that now, at last, the
But Lenine has already shown at least a shrewd people realize whose is the ownership and the conjudgment of the necessities of his government's cern. This obsession of so many years this determisituation in the matter of political relations with nation not
to be bothered about properties which bethe rest of Europe. It is difficult to suppose that the longed to "somebody;" this
delusion of the senses
easy success in Poland would so far excite the imagin- that structures so very big did not fall
under ordiation of a politician, who has been laboring for nary rules and could do and endure
whatever public
resumption of outside trade connections as a vital indifference and the statute said they must do and
necessity of Russia, as to induce him to throw away endure it has been a state of mind unworthy of
all chance of such compromise.
The interesting practical Americans, so sensible on most subjects,
;
—
;
—
question now will be, what actual concessions the
Bolshevik Government will gain from the Entente
in the pending negotiations, and how they will affect
the whole position of Russia.
THE INCREASE IN RAILROAD RATES
AND FARES.
An
increase of 25% to 40% on freight, of
passengers, excess baggage and milk, and
—
20%
50%
mere politicians must now step
on
on
aside.
may
be noted with satisfaction, in the just belief that the executive efficiency which Mr. Gompers says could carry all
loads of wage increases and pay good dividends on
railway issues if it could only be brought into the
management, gives signs of being there. Weakness
There
space in sleeper and parlor cars this is the substance of the rate decision announced on last Saturday.
The carriers will put the increase on both
freights and passengers in effect on August 26th.
The application for corresponding increases on intrastate traffic will follow promptly. These increases
are not retroactive, such a thing being obviously impossible were that possible and were it attempted, a
protest (never even thought of in connection witii
wages) would be prompt and general, based upon the
admitted principle that transactions once complet-id
in accori'Iance with existing terms cannot be re;
but it is really passing now. We must now pay
dearly for our past folly, but we realize the necessity,
and that is the first step before setting ourselves
resolutely to doing it. We shall do it, because we
must; party platforms are nothing but wind, and
is
encouragement, as
can do very easy tasks, but ability is shown by coiirageously taking hold of difficult situations and getting the best out of them. "Charging what the traffic will bear" has been grossly misunderstood and
misinterpreted, for
maximum, and
it
it
also
means minimum as well
means making traffic by
as
de-
veloping production. As opposed to the absurd notion that a railroad is or can be "octopus" and devour the country it serves, railway management has
Aug. 7
1920.]
THE CHRONICLE
in the past striven to induce settlement, open up
unused lands, teach practical agriculture, intensify
farming, and in every practical way build up the
country traversed. No man who has kept his eyes
report which
53l»
is
to be published in
book form.
Of
be
without question, it may
it is inadequate —based upon an inquiry
not largely made in first person by the Committee
or Commission but by hired and paid investigators,
themselves none too carefully selected; that it shows
bias not only by its tone but by its very evident
this report, it develops
said that
open can have failed to see this, and nobody can now
have the hardihood to deny it. And now we read
how lOG roads propose to spend in 1020 some 700
millions on main tracks and yard sidings, extensions partiality; that its criticism amounts in many ways
and branches, locomotives and rolling stock, and so to condemnation; that it ignores the efforts and
on. Mr. Howard Elliott says, in language which cer- growth of the industry along humane lines, a record
tainly sounds like efficiency, that "the great essen- of distinct appeal; that it offers a few good suggestials of the transportation machine should be put in tions as to relations of labor and capital, employer
complete repair and increased capacity and number, management and employee, but only such as might
before money, men, and materials are used for non- be made, and are often made, by press and public
desir- as a matter of ordinary honest opinion.
essentials that are desirable but can wait
We have not space to go into details of this report
able but non-essential work should be postponed
Other
until we know more about the results to be obtained nor do we discuss its merits and demerits.
ex-parte.
the
new
conditions."'
consideration
is
interests will do this, our
under
The railway executives perceive that no mere rate Our chief thought is this —we will never get back to
increases can work any magic; as Mr. Elliott says, that state called the "simple life" while these selfthe effective and -adequate transportation machine constituted and self-satisfied organizations by their
necessary for national progress of the next thirty entrance into "affairs" add to the confusion we now
years "can only be obtained by the hardest kind of witness, and render the "natural order" more
work and economy." But they face the task with complex than it otherwise would be. If its task of
courage and confidence, and so must we, the people, taking the church to the people by going down into
for, as already said, the best promise for better life the business world were a worthy one this special
in our railroads and better service from them is the organization has already proved itself incompetent.
change in the public attitude towards them.
Starting out to raise by popular subscription a
billion dollars in three years, it failed ignominiously
THE MISTAKE OF THE INTERCHURCH WORLD on its first year's quota; because itself financially
MOVEMENT.
embarrassed, it was compelled to reorganize and
There are thousands upon thousands of men, replan, and appears now to have a very precarious
.
.
.
"good citizens," as we say, who make no claim to future.
But be this as it may, be the Report of the Commisspecial piety, yet hold religion in highest reverence.
They often say of themselves that they are not sion of Inquiry worthy or unworthy, the spiritual
"good enough to belong to the church." Yet they qualities of religion, without which it is impotent to
support the local organization gladly, and encourage save men, cannot be embodied in a universal system,
family attendance.
These men are usually the cannot be commercialized. Perhaps we have no right
backbone of business in their respective communities, to use such an expression, but in the name of the
sturdy in character and steadfast in honor.
Their holiness of religion and the sacredness of individual
open lives are read of all men, and they do not need worship, we condemn degradation of religion to
"investigation," and if there are exceptions —they economic propaganda, whether this be true or false,
prove the rule. There is no need to "carry the good or bad. It is time as a people and as citizens
The muddle, the unrest,
church" down to them, they know all about it, and that we take our bearings.
they know every wolf in sheep's clothing inside the the destroyed equilibrium of life, will not yield to a
fold.
And if it be said "only women attend church greater mixture, an increased confusion. Neither
nowadays," outside of over-zealous and persistent political governments nor religious agencies are
"aid societies", the men, and in not a small proportion fitted to control and guide commercial and financial
these men, "pay the bills."
endeavor and enterprise. Once governments protect
We write these things because we like to believe men in their freedom of effort and rights of o-wnership,
that religion is honored by the favor of this "outside" once religion so spiritualizes men individually as to
influence.
Of those who are members and faithful square them with the eternal verities of righteousto the ordinances it need not be said that they live ness, commerce will proceed on lines of honor and
close to the requirements of their own "denomination" honesty, wages will be the measure of service, and
and immediate organism and are no less earnest in wealth the responsibility and trust of the successful.
business because faithful to profession and creed.
We need, as a people, a government of law and
And as in political government so in religions the most order, a religion of inspiration, aspiration, worship
effective effort is local (as should be), the town meet- and humility.
But be these what they may, what
ing and the congregational assembly being alike we make them, the material life of toil and conservaHigh
democratic.
It is our feeling that this community tion of the results of toil cannot be escaped.
form of worship and work cannot be largely extended above the moil of the mart glow these beacons of the
without loss of its essential character, without purposeful and helpful life. If man does not save
sacrifice of the true essence of religion. The proposed his religion and his government they will not save
evangelization of the world by a monster Interchurch him.
Somehow, we scarcely know how, by a divine
World Movement must ignore much of religion's alchemy of nature, a lily may flower from the oozy
intimate relation of man to his Creator.
waters of a stagnant pond, b\it if its gathered purity
We read that a Commission of Inquiry issuing out be again thrust into the slime it no longer lives.
of this Interchurch World Movement has made some
What civilization has gathered from the long
sort of an investigation of the Steel Industry and the travail of thought, toil and experience must be
late "strike" therein and submitted a voluminous held sacred above the turmoil and trial of the recur-
THE CHRONICLE
536
rent decadence
uplifting
its
if it is
if it is
to exert
The war, the world war,
made us mad. Our dream of
influence.
seems almost to have
perfection
to be preserved,
and
of paradise has
turned upon us and
We would live better, more
its shadow.
helpfully,
and rushing together with
more
humanely,
a thousand and one remedies fall into greater ruin.
we
grovel in
It is time, perhaps, to enter the cloister of religion
communion with God, for repentance and absolution —but we shall not trail religion in the dust
and be helped by its holiness
for
TEE CORPORATION AND THE COMMUNE.
[Vol. 111.
mind and the
rang his changes
on the mythical "money-poAver" and on the Machiavelian "Trusts," it was discovered that none of them
had a patent on monoi)oly, that what were known as
"independents" became rivals growing in power, and
drawing to themselves the investment of floating
funds begotten of other enterprises and of saving and
thrift by individuals generally.
Moreover results of better service and cheaper
goods became apparent until finally it was admitted that there were good "trusts" and bad. Again,
it was found by experience that the laws preventing
so-called restrictions on trade worked injury to
classes not directly concerned in the particular kind
of consolidated corporations. Experience taught that
good did not grow out of these colossal combinations
lar
political orator
The corporation came into being to assist in providing maximum production at minimum of risk to
Partnerships were not sufficient
the individual.
since the act of a single partner might bind all, and of lesser combinations, that the theory of maximum
each was obligated for the debts of the concern. production at minimum cost did work out, in many
Capital under individual ownership would not ade- instances, to the public welfare. To combine for
quately amalgamate under this j)lan, though it pos- power if rightly to he used was not longer a crime.
sessed excellent points in securing good management And in the anti-trust act "labor" asked to have its
by direct participation in operation. But in exten- own immunity inserted, which was granted though
sion of business, in the creation of large enterprises, a favor to a class and against the universality of the
it became manifest that in the consolidation of capiapplication of law equally to all. On appeal to the
tal there must be a large number who iu the nature courts certain consolidated corporations were orAnd on the dered dissolved though the people were unable,
of things could not take active part.
death of a partner his interest must be liquidated. sometimes, to discover any difference in the general
Hence, the device of the corporation, a legal entity, mode of operation. Now, for we have not space, this
by which stock or shares are issued to the partici- Sherman Act has been modified there may be compants hence, an artificial person with perpetual binations for foreign trade, there may be farmers'
life and limited liability.
organizations for buying and selling, by virtue of late
is
inconceivable,
now,
how
It
business could have special laws, facts have annulled before the judgprogressed as it has without some such arrangement. ment of high courts the prosecution of certain corIt renders possible the projecting and operation of porations. And it may be said that the political anihuge plants through the gathering together of the mosity is latent, dying, if not dead.
small funds of communities and of widely scattered
We may point to this history as the triumph of the
individual owners. In this sense it is co-operative. corporation and at the same time the defeat of the
And to-day the corporation is a predominating fact monopoly, so-called. And yet we condone no methand fixture in our industrial, commercial and finan- ods to drown out the "little men" of business that are
cial life. It is no respecter of persons rich and poor, in themselves not on the "live and let live" principle,
employer (or manager) and emidoyee, participating that are in themselves opposed to the reasonable and
and non-participating may own, severally and inde- righteous conduct of any and every business. We
pendently, shares of stock. Naturally in the course endorse the business acumen and tireless energy that
of the evolution of business, those who have the most invites capital to engage, and makes profitable the
individual wealth become the owners of the largest enterprise and if in the general result the "little
n-umber of the shares of stock. But every one who man" must go, because a public he has hitherto dedoes own, if but one share, is recognized as having a pended on is benefited elsewhere, then he must go,
vested interest, and is guaranteed, to a lesser or under the law of the survival of the fittest in ecogreater degree, access to the corporation's affairs.
nomic evolution. But, for example, to undersell him
We need not consider how there grew up a politi- at a temporary loss to the corporation which sets up
cal denunciation of the corporation.
It did exist, its agency beside his door, is the degradation of cordoes yet to some extent, without rhyme or reason. porate life, and in violation of "live and let live."
We need not point out that the consolidated cor- But we have now arrived at another era in the
poration was itself an evolution the joining to- history of the corporation. And be it said with the
gether of minor competing corporations into one co- vast majority of the people there is no movement to
operative whole. This was charged with being in do away with the corporation recognized for what
fact a monopoly, and with undue j)Ower to oppress it is and as harmless in itself. There are also, to-day,
and suppress small business though there never more individual stockholders in our large corporawas a limit to the number of consolidated corpora- tions than ever before. And, as we believe, circumtions, at law, or any legal power granted to the con- stances of the present time accelerate the increasing
solidation by which it could limit the number of new ratio of these numbers. But the field is yet not a
small plants or prevent them from exercising such well tilled one. And the weeds in it, the "wildcats,"
power as they had in the field of universally free so-called, exploited with criminal intent to deceive
competitive business.
Consolidated corporations, and rob the innocent have had a deterrent effect on
sometimes, by methods in trade itself, methods open investments legitimate, to say nothing of past
to the individual or partnership concern in the same "manipulations" to which we have only space to
evil manner did sometimes work oppression. But as refer. There ought to be and there will be more intime passed, as the political onslaught resulted in dividual stockholders in these large consolidated inlaws intended to prevent "restrictions" on trade, as dustries for they are an outgrowth, they will stand,
the word ^'trusts" came to bear a stigma in the popu- only, however, as long as they serve, they themselves
—
—
—
—
;
—
—
—
—
—
!
Aug.
THE CHRONICLE
7 1920.]
537
very laAv which, seeking to restore competition by
tying down the corporation (consolidated), has rehelpsulted, in the evolution of experience, in now freeing
strumentalities that afe not only domestically
ful but are indispensable to foreign trade inter- it to greater usefulness ?
It is said that "collective bargaining" has passed
course.
this
beyond
culmination
of
the stage of dispute. That it is open to emBut at the very time of the
progress of the corporation they are being attacked ployee and to employer alike. But does "collective
from a new angle. It may be called an economic at- bargaining" over toages constitute a right to "mantack rather than a political. It arises in no pertinent agement" on which wages must depend? This is a
accusal of the worth and necessity of the corporation patent fallacy. And reduced (quickly) to its essenIt rather arises in discontent sown by leaders tials it is a claim to set the scale of wage payments
itself.
of a class, in espousal of theoretical human relations, on the sole ground that the worker earns wages. And
and, in short, it culminates in the fallacy that "labor in this it is but a mask for the commune. Unwilling
owns all wealth because it has created it;" arises in to save and buy stock, and thus participate in both
an economic-political belief in paternalism as the management and profits, the worker would "manmission of democratic government; it demands con- age" (because a worker) and to which end if it be not
trol, participation in profits or earnings and under a larger share in the wages paid out, regardless of
the plea of "collective bargaining by representatives the profits that may be left in which he has no part.
of its own choosing" would array the "labor unions" Some "leaders" are opposed to "profit-sharing" beagainst the corporations, unless they, the unions, cause the will which sets aside the share of the
may have their way in "management" in all of worker in profits is not his own will but the will of
which the inherent right of the stockholder, who may the lawful owner. The right of the exercise of this
at any moment exist by virtue of a legitimate pur- will by virtue of the laws of ownership in and under
This partly social, partly eco- the corporation he thus refuses to recognize. He
chase, is ignored.
nomic, phenomenon seeking a political cover cul- would take part in management for his own good,
minates in what is known as the "commune" the freed from all responsibilities to other workers, to
independent common ownership of industries and in- the public, and freed from all danger of losses. And
dustrial integers responsible to no law but its own yet even now he would not destroy utterly the device
it still remains useful to him to
will to be attained if in no other way, in extremity, of the corporation
by seizure, or by successive steps of confiscation by gather together capital other than his own which he
would assume to manage, because he can set his own
those who hesitate at actual seizure.
Now, the typical commune is having its day in wages and at the same time escape all risks
What difference does it make whether or not this
Russia where by the way the workers are under
orders as are soldiers. And in Russia let us leave it. worker is represented by one of his own number inIt is not imminent in the United States. This inter- side the plant or of his own choosing outside thereof,
mediate step, however, to violent seizure and irre- if he is to be conceded the "right" of management, or
sponsible conduct, this arbitrary "right" to a part part therein, without ownership and without respon-
under the law of profits Invite competitors, but if
American trade is to compass the earth they are in-
;
—
—
—
—
—
—
management, is finding more or less favor at sibility, or contingent risk ? If corporate stockholdthe moment. We do not observe that a single leader ers even with limited liability are to surrender manof this movement for "right" human relations advo- agement or any part thereof to outsiders the corcates that workmen shall become participants in the poration will be destroyed and nothing can arise but
lawful way of lawful ownership by purchase of the "commune," and in the end management of this
stock.
Part in "management" is demanded on no will, as in Russia, reduce to failure or these very
other ground than that those who earn wages shall workers now demanding it will surrender to some
therefore in part "manage." But what ground in power (a socialistic state possibly) outside themreason, equity or law is there for this claim. Until selves, which actually "manages," and will surrender
it is conceded that every laborer has an inherent
with this surrender of the chance to own their very
right to part management in the proceeds of the freedom as workers, even their freedom to "strike"!
in
every other laborer, how can it be said that a
wage-earner in a given plant has a right in the management of the products and proceeds of the plant
in which he has no ownership? If he does so take
part on the basis of wages alone will not the high-
toil of
wage man control the low-wage man?
And
if
the
wage-earner exercises this so-called "right" to take
part in the management of the plant in which he
works, arbitrarily and without legal ownership, in
so far as he
enabled to further his own interests,
will he not be in opposition to the Avorkers of every
other similar plant, and in opposition to the interests
of every other worker in every other unlike plant,
which by the natural laws of open trade must compete, by sale and exchange of products, with the output of his own?
And can he by "management," so-called, arbitrary
is
CHRONIC DISCONTENT— THE PERENNIAL
CROP OF GRUMBLERS.
"There are persons who constantly clamor. They complain of oppression,
speculation, and the pernicious influence of accumulated wealth.
They cry
out loudly against all banks and corporations, ajid against all means
which small
capitalists
become united
in order
to produce import;»nt
by
and
They carry on mad hostility against all established inThey would choke the fountains of industry and dry all streams.
In a country of unbounded liberty, they clamor against oppression.
In a
country of perfect equality, they would nio\e hea\en and earth against
privilege and monopoly.
In a country where property is more evenly dibeneficial results.
stitutions.
vided than anywliere else, they rend the air, shouting agrarian doctrines,
hi
a country where wages of labor are high beyond parallel, they would tenth
the laborer that he is but an oppressed slave."
The truthfulness
of this sketch of prevailing condi-
tions, as well as its pointedness
and force of expression, will be at once noted by intelligent readers,
so pat is it all to this year 1920 yet it was said by
Daniel Webster, in the Senate, and as long ago as
1833. Xo railways, no work or knowledge of electricity other than in laboratory experiments, few
;
and necessarily selfish, have at heart the good of the
general community, the mass of the people?
And if banks, no monopolies albeit even then a bugaboo
he renders himself independent of tliis, does
he not accusation of monopoly tlie country only 25
States
"restrain" the natural competition by wliich comes
witli all beyond the Mississippi unknown and
eveu"
greater service at less cost— does he not annul
the the Middle West little settled— yet even then
human
;
THE CHRONICLE
538
nature was very much as now. The country was far
more nearly "native" than now, the total immigration in the previous last fifteen years not having
been more than 300,000. Labor had begun organizing, in Europe, and probably to some slight extent
here; but Mr. Gompers was not yet born, and the
"A. F. L." had not been formed.
Yet, upon the authority of Webster and the confirmatory evidence of contemporary historians, the
grumbler dinned his clamorous plaints.
"Oppression, speculation,
and the pernicious influence
—
it was of that long-deof accumulated wealth"
parted yesterday and it is of to-day, while a financial
wizard tells of dreams of overturning Wall Street and
converting every man into a Monte Christo. Dig
where Kobert Kidd planted find that lost lamp
which Aladdin rubbed so enchantingly do anything
to dodge work and slip from under that ancient law
;
—
declared in the third chapter of the Book of the BeMisinterpret and misquote Jefferson's
ginnings.
declaration of born freedom and equality of all men.
Look for dividends in quarrels and rebellions. People were so in 1833, although it is not recorded that
their shiftlessness helped them, and they persist in
being so now. Whatsoever a man sows that shall he
also reap. If he sows idleness and mischief aud
complaint, he will reap their natural fruits of
scarcity and suffering.
Now, while we read that "vegetables reach new
high levels" men do as told in the old parable, when
"they all with one consent began to make excuse."
Our transportation is not all it should be, and our
methods of delivery between soil and consumer's
table are at once a burden and a reproach yet the
disposition to do the least possible work for the
largest possible wage and expect "George" to fill all
the gaps and brace all the weak links of the chain is
;
We
right at the root of our trouble.
need abundance, and multitudes strike towards scarcity. We
need hearty working, and multitudes keep an eye on
the clock, fearful lest they do a stroke too muf^h.
We need energy, and multitudes dawdle. We need
straight out, manly sense in word and deed, and multitudes behave as though the fool-killer had given up
in sheer despair, as possibly he has.
The real democratic simplicity of Jeffersou, the
industry and thrift of Franklin, the sturdy sense of
Lincoln, and the uncompromising firmness of Cleveland would fit the country now far better than all
generalities of party platforms. We could use much
of the spirit of those departed Americans; but we
could be thankful for a small infusion of it, hopiug
it might spread.
THE NEFARIOUS PRACTICES OF THE
U. M. W. AND A. F. OF L.
[TeL. 111.
movement, Avhether they like it or not." At a convention in 1910 William Green of that body and
afterwards its president, said that "since 1908 our
organization has at various times spent hundreds of
thousands of dollars in trying to unionize West
Virginia; we have also sacrificed human life in the
attempt to redeem that promise."
At the same convention Secretary Perry of this
organization said that the price of mining in West
Virginia "is not the only cost of production; these
men have bills to pay and you know it, but it is not
necessaiy that I should mention \\iia+ thev are."
But at the convention in 1912 Mr. McDonald of the
United Mine Workers was more explicit. We have
had men go to jail, he said, and we expect that more
of us must go; "the penitentiary doors have no terrors
for us, and if putting two or three hundred of our
men in jail will organize West Virginia we will send
two or three hundred down."
So, in
an an
official
statement
the union's "Journal" for Feb. 20
1903, Vice-President Hayes of the union (later its
president) said that "we will spend every cent in our
international treasury, collect a million dollars or
more by assessment and tie up every non-union mine
in the country, if need be."
It must be admitted that the title of Mr. Welsh's
pamphlet seems at first exaggerated, if not lurid and
sensational, and the reader who has not kept watch
of industrial movements and is disposed to think
well of his fellow-men may surmise that too broad
generalizations have been drawn from a few scattered
incidental outbreaks which may have been themselves taken on the first accounts without careful
sifting.
But, unhappUy, the time has passed when
stories of labor outrages can be safely dismissed as
either exaggerated or incidental; the evidence of
careful planning and of a common thread of purpose
running through them is too cumulative to permit
that.
The record shows that after organizing for
collective bargaining (to which nobody is now opposed) labor unions went another step by undertaking collective coercion, and the latter is the virus
which has to be followed up and eliminated from our
in
industrial and social system.
The
first falsehood de-
mands a second and third to prevent disco^'ery. A
proverb truly declares that no man becomes suddenly base, nor, it might add, suddenly good. In
by step but, just
quickly
contagious
usually
more
example
is
as bad
than good, the downward glide is swifter than the
either direction the process is step
;
upward climb. Collective coercion, once began,
naturally proceeds, by a law which makes continuance easy and return apparently' impossible, to increased violence and desjieration.
President White of the United Mine Workers testified, on the witness-stand, says Mr. Welsh, that in
all his connection with the union he had never known
of any disciplinarj^ action taken against any member
"on account of violence or injury to life or property
in labor disputes" and knew of no instance when the
Francis Ralston Welsh, the Philadelphia dealer
in investments, has written a pamphlet which he
calls "an illustrative crime of the American Federation of Labor, with notes on the inter-relations of
anarchists and United States and American Federa- union had in any manner warned members of any
tion of Labor officials." The conduct particularly disciplinary action for any such conduct. His testiconsidered is the deliberate and long-persisted at- mony on this point might be declared universal, for
tempt to unionize coal mining, the time especially no man has ever professed to know of any instance
covered being the months of April and July of 1914. of such condemnation, by any union, of any conduct
As far back as 1901, Vice-President Lewis of the during any strike, by strikers; the objection is alUnited Mine Workers (of whom we have heard con- ways directed against the strike-breaker, the armed
siderable within the past year) told the coal opera- guard, the police, aud the courts.
The Bache-Denman mines at Prairie Creek, Artors to "go into these outside competing fields and
tell your competitors that they have to join this kansas, were operated under contract with the union,
Aug.
7 1920.1
THE CHRONICLE
but by the close of 1913 were facing baukrnptcy, because, although the non-union operators in the neighborhood paid the same Avages as the union mines did
and required no longer work-day, the exactions of
the union workers added so much to the cost to the
operators that the latter decided they could not successfully compete. So they determined to run openshop and invited all miners to join them, which quite
a number did thereupon the Union District No. 21
;
(which includes Oklahoma and Texas Avith Arkansas) proceeded in their manner to close the mine,
first calling a strike and then arranging for attack.
The guards (who probably were not very energetic)
were driven off; the bookkeeper was warned that
death for himself and his wife would be his lot unless he quit, and he actually was assaulted and
beaten up miners who wished to work were stoned
and beaten, one man getting the assault on court
records by a verdict for damages which lie obtained,
his front teeth having been "kicked out;" the pumps
;
539
doAvn there and kicked his Colorado guards out of
there and broke their jaAVS and put the flag of the
United States on top of the tipple and pulled the
fires out of the boilers and the mines have been idle
ever since." On July 30 this sheet had an article by
Debs (now once more a candidate for the Presidency) headed Avith "Bravo, Arkansas coal-diggers,"
applauding it all, and suggesting that each miner be
provided Avith a high-poAA^er rifle and 500 rounds oT
ammunition.
This particular case is typical, and the narrative
is sustained by the record of court trials, but space
forbids citing more details. Mr. Welsh says that
Avhen his age estopped his entering the navy during the war (as he tried to do) and he "took up
as my war work the fight against the country's enemies at home," he found that some of the most influential of them were nested in the "A. F. L." and also
Washington. He found trail
after trail leading from the Berkman gang of "Liberwere stopped, so that the mine filled; the "tipple" tarians" and the Galiani group of anarchists to the
was also set on fire. So the mine was closed, and an offices of the Secretary of Labor and his assistant
American flag was hoisted at the entrance, beside a and to other effices which he names, and he belicA'es
rag which declared that "this is a union man's coun- the Berkman lot boasted truthfullv that thev managed to get represented in nearly all government detry."
Yet after a few weeks of this the operators man- partments. He is A'ery much in earnest, but we need
aged to reopen the mine, and on May 25, 1914, the not follow him through the details of his exposure of
head of District No. 21, with the County District At- these relations. He takes up the story of the explotorney standing near him, addressed a group of sion in the office of the Los Angeles "Times" and of
union miners, to whom he said that anybody who the bomb placed in a suit-case with its time-clock,
wanted a gun could get one next week, that every- and left to explode in the ever-changing crowd of the
body knew that whoever wanted weapons could get Preparedness Day parade. He mentions aneAv the
them and he would himself see that they were sup- McNamaras and Mooney, and the interventions on
plied, for the scabs must be rooted out and he would their behalf from even the ExecutiA^e Department;
It is he cites the fact that Secretarj^ of Labor Wilson was
die sooner than see No. 4 run as open-shop.
charged that within six Aveeks in that summer rifles formerly Secretary of the United Mine Worker.^ and
and thousands of cartridges were bought by No. 21 he traces threads of connection between Keds and
and paid for by union checks. One operator was the only too-evident failure of Government to supplanning to open a small union mine near the Bache- press them.
Though Mr. Welsh be somewhat discounted, there
Denman, but was kindly warned by some union miners that he had better not, because there was going is much left which the record forbids dismissing
to be trouble "and he might be in the road," yet they lightly. To the people of the United States he puts
promised to notify him in time to gather his teams squarely the question, silently put in this city more
and get out ef harm's way. Other instances of simi- than fifty years ago, "what are you going to do about
lar warnings were proven in court, and also that, it?" We are now actively entering on a campaign
inter alia, 55 high-power rifles and 8,830 rounds of Avhich Avill determine the composition and policy of
ammunition were bought by the local union and were our GoA-ernment for the next momentous four years,
paid for with union checks signed by its president and we find organized labor defiantly avowing its
and its treasurer. It was also shown that the union- intention to elect a gOA^ernment subservient to its
ists crawled up a ravine and fired some shots careown purposes, which are selfish, blindly foolish,
fully into Frogtown, a place inhabited by union men and destructive alike of order and prosperity. The
and their families, in order to found a pretense that peoijle cannot evade meeting and ansAA'ering the
the company's guards had "shot up" the place.
question.
The shootings, the touches with dynamite, and the
GOVERNOR ALLEN TRIUMPHS.
other incidents which incidentally included some
murders, can be omitted from the sketch; but one
In the primarv election in Kansas on Wednesday
unusual incident was the writing of a threatening Governor Allen avou by an estimated 120.000 OA'er the
letter to a judge, for which offense the local unionist combined opposition of union labor. Reds, the Nonwho committed it was sent to jail, after pleading partisan League, Socialists, Communists, and all
guilty, and was granted a pension by the union after other mischievious perverts or eccemrics.
United
his release.
States Senator Curtis and the Congressmen Avho
The official "Journal" of the United Mine Workers voted for the railroad bill seem to have avou by aphad an account, on April 16, of the attack on April 6, proximately the same vote. Two years ago, Mr.
in which it said that "unionists to-day frustrated an Allen Avon by
154,903, but he has since been nuiking
attempt of officials of the Bache-Denman coal com- records. As was said of Grover Cleveland in 1S84,
pany's mine to operate under an open-shop policy;" he can now be loAcd for the enemies he has made,
the miners held meetings, and Avere addressed, then because he has made them by a
resourcefulness, a
"formed in line and nuirched to the mine." At a courage, and an independence Avhich brought him
a
meeting on May 4 a union official said of the attack nation-Avide reputation and rendered the country
the
that "the boys simply marched in on him in a day, service of a good example. His
Avrestle Avith defiant
in public offices in
;
THE CHRONICLE
540
labor iu coal miuing, his ''Industrial Court" scheme
for settling labor disputes in a manner and on a
basis meant to be at once practical and just, and the
conduct which shows him to be a man of sound substance, are too recent to need recounting.
Labor has defiantly declared its intention to elect
its own exclusive ''friends" as Congressmen and
other officers, and now it has been beaten in its
There is no reason
first clinch upon that program.
to expect any smaller vote for Gov. Allen in November, and the result is at once pleasant and encouraging. It indicates that the country will meet and
dispose of the narrow and blindly selfish issue which
organized labor has persisted in raising. We must
whites.
[Vol 111.
About a dozen
of
both classes
lost
their
the first case of what approaches the
awful anti-negro riots known in America. Unfortunately the Government has no policy except that
of drift.
We seem to have reached the rapids and
soon we shall be taking a plunge over the falls. The
trouble is that the Government cannot do justice
by the blacks and hope to retain office. The labor
vote and the secession Boers are both strongly antinative.
We need not be surprised at catastrophe
almost any time. The natives have been extremely
patient for many years, they are now becoming
This
lives.
is
reckless."
We are connecting our troubles here and in Europe
with economic conditions, the high cost of living and
That is not the condition of South Africa.
rally ourselves, but we may believe that the countiy the like.
Is not this one of the Materially it has suffered less than any country.
is sound when put to the test.
situations when "To doubt would be disloyalty, to Most of the population live on the land of which
there is vast abundance.
Much of it needs irrigafalter would be sin ?"
tion for adequate settlement, but innumerable areas
are of splendid land both for cattle raising and cultiTHE UNREST IN SOUTH AFRICA.
It is perhaps the
If there is one great section of the w^orld less vation, and it is sparsely settled.
affected by the war than any other it might well be one country in which to-day the drift is away from
thought South Africa. And yet the unrest there the towns. Great advance has been made in proshows how extensive and how penetrating is the tecting cattle against disease and local pests, and
Coal exists in
social and political disturbance which centres in high prices are paid for fine stock.
fairly
great
quantity,
mine.
easy
to
Iron ore has
Europe and which we think of as pertaining to conbeen found near Pretoria. There is copper. Gold
ditions found mainly there.
It is true that the South African Union had some and diamonds have brought amazing wealth to the
part in the war. It was thoroughly loyal to the dominion; there are indications of many new metals
British Empire and it was brilliantly represented in in the mountains.
The difficulties are the ancient ones of race and
the councils of the Empire by its representative,
temper.
It is the old conflict of different peoples
General Smuts. It promptly undertook (at its
own
charges and under its owti leader, General
Botha) the campaign against German West Africa,
which it speedily conquered and annexed. And
both these great leaders are Boers. But despite
their loj^alty in the war and their recognized success,
for
some reason not
clearly understood the good-will
with which the Boers accepted the dominion of the
British and joined with them in establishing the
Union has of late given place to a spirit of resent-
ment and
suspicion.
Intimations of this have appeared in the English
papers and we have details in a letter from a private
correspondent who has intimate knowledge of the
facts.
He
says:
"Racial questiou'^^ here are the most acute of any
time yet. British and a section of Boers versus the
Boer majority; whites versus Asiatics, particularly
Indians, and whites versus blacks.
It looks as
though several explosions might come at once. By
the cables you probably have heard echoes of the
During
recent strike of the natives on the mines.
several years there have been minor native strikes,
but this was really on a large scale, from 40,000 to
50,000 downing tools at one time. On the whole,
the natives did remarkably in adopting the policy
passive resistance only.
Unfortunately after a
fevv' daj'S the Government sent mounted police into
the striking compounds and by beatings compelled
the strikers to return to work.
In some cases the
natives attempted resistance and some nine were
killed.
The glaringly different treatment accorded
white strikers, who have everything their own way,
has created a sense of desperation on the part of the
blacks.
So the natives are organizing as never before.
Their next move may be a huge labor boycott
of South Africa's industrial centres.
The natives
would simply stay at their kraals, refusing to travel
to the cities until higher wages are offered.
"In a way more erious than the strike and following close upon it was a riot that took place in
one of our slum areas between natives and lower class
of
For some three hundred
years the Boers have lived in an eddy quite out of the
stream of the modern world. The Boer's idea of
comfort is to live beyond sight of the smoke of anHe knows little in his solitude
other man's house.
He is, as
of the news of the world, and cares less.
he always has been, mediaeval. His clergy, as so
often the clergy of an isolated people, are the mainThey
tainers of the traditions and waj's of the past.
have the reputation of being the stirrers up of the
growing antagonism to the existing order.
The Boers are the majority and have not been slow
to take advantage of the free government the British
established, and having obtained the control, have
wielded their power, with growing disregard of their
They have always been very
British fellow citizens.
heavy-handed in dealing with the natives, rough
words and the heavy rhinocerous hide whip being
and
different civilizations.
A treatment
white
man of any race has
which unfortunately the
not found altogether repellent. Hence the state of
things our correspondent describes existing among the
common means
their
of intercourse.
natives.
From time
the
to time laws
have been enacted limiting
areas within which
hampering
their
the natives could reside,
holding or transferring land and
greatly restricting their freedom of
movement.
Jus-
has been withheld from them in dealing with the
whites. In short, a relation of the races has existed
of the kind we have known at tim.es in our own country, and which unfortunately is not extinct even in
tice
our more favored situation.
The Zulus have long given evidence of being a
brave and capable people and it is not to be wondered
at that in a time of strain between the white people,
they should give evidence of resentment, and find
opportunity for securing the justice and fair treat-
ment
so long withheld.
Aug.
THE CHRONICLE
7 1920.]
Obviously under the conditions which prevail in
South Africa the democracy for which the world is
supposed to be waiting is to meet a test as to whether
democracy is yet fit for the world quite as severe as
it is likely to encounter anywhere.
Because, since the daj^s of the failure of our first
enthusiasm over the Freedmen, we have been so conscious of our own unpreparedness for a just and final
solution, and our forebodings over what may be
541
While ready to pay the loan in full if American holders insist, the French
will seek from American bankers a new loan of SIOO.000,000'
or 40% of the amount of the maturing loan.
For while France is ready to
meet her obligation if she must, it .should be recognized that to do so will
mean considerable straining on the finances of a country still convalescing
from its war wounds and which is not receiving its indemnity from Germany
Government
as
rapidly
as
expected.
that the French Government will ask to be allowed to pay 60% of its loan at this time.
An agent of the French Ministry of P'inance will .sail for New York this
week to try to effect this arrangement.
It has already been said that England will pay in full her share of the
loan on maturity.
The French Government is hopeful that the evidence of solvency France
will give with respect to this obligation will have a good effect on her credit.
It is to lessen this strain
in store for us before that settlement is reached, the
situation to-day in South Africa
tion
and
may have much
commands
atten-
to teach here before the
peace of the world can settle upon us. Clearly, better
economic conditions and reduced cost of living are
not in themselves sufficient to bring in the new day.
If our democracy is to meet the test there is every
reason
why we
should put
it
in practice speedily.
TO
An advance of £5,000,000 to Germany in furtherance of
the Spa coal agreements was voted by the British House
of Commons on Aug. 2.
The bill, it is stated was agreed
to without division.
An explanation with regard thereto
made by Preriiier Lloyd George is detailed as follows in a
Special cablegram to the New York "Times" from London,
Aug.
(^xxwtnt %vcnt$
mid discussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual
offering of ninety-day British Treasury
was disposed of
this
week by
J. P.
Morgan & Co. on a
bills
dis-
count basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
August
2.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT 6y2%.
The French ninety-day Treasury bills were disposed of
the figure to which
this week on a discount basis of 6H%
the rate was advanced March 26; it had previously for
some time been 6%. The bills in this week's offering are
dated August 6.
—
COMMONS VOTES ADVANCES
GERMANY UNDER SPA AGREEMENT.
BRITISH HOUSE OF
2.
Further light was thrown on the Spa agreement by Premier Lloyd George
in Commons to-night when the House was a.sked to pass a vote for £5.000.000
which Great Britain is to advance to Germany to provide food far the miners
who are to produce the coal from the Ruhr Valley.
The Prime Minister explained that under the Spa agreement the proceeds
of the sale of ships allocated to Britain were to be credited to Britain.
He
could not tell how much that would amount to, but if the figure realized was
£20 a ton that would mean £40,000,000 to be credited to Britain.
Then there would be the freights earned by the u,se of these .ships, which
represented millions of pounds. Therefore, all that was arranged at Spa
was that this advance should be made to Germany out of the.se reparation
receipts.
France and Belgium would receive 2,000.000 tons of coal monthly.
France also would find money out of the coal and ships she got. In form it
was a loan, but it would be deducted out of the amounts already received,
which would be considerably in excess of that sum.
He said he made this statement in order that misapprehension might be
dispelled.
It was not a fact that without receiving anything from Germany
the first action that Great Britain was taking under the Treaty was to raise
Such an idea was absolutely wrong, he said. Great Britain
£5.000,000.
would receive about ten times that amount, and out of it would advance
£5.000,000 to enable Germany to meet the needs of her industrial population.
That was
busine.ss.
The vote was agreed
to.
DUTCH LOAN
U.
OPPOSED TO POOLING OF ALLIED DEBTS.
S.
That there has been no change whatever in the policy
United States with regard to the payment of Government loans made to Great Britain, France and Italy and
of the
Associated Nations, is the statement made in special advices
to the New York "World" from Washington Aug. 5, which
we quote further as follows:
The United States is not willing to have the Allied debt to this country
pooled with debts owed to England and her associates in the war against
Central Europe. TJais question is declared not to be under active discussion either here or in London, Paris or Rome.
It is conceded that a pooling of Allied debts would be of substantial assistance to Eiu'ope in recovering its economic balance.
Even more certain,
however, is the fact that popular sentiment in this country does not approve
any cancellation of debts to strong European Governments and would
disapprove any pooling of debts owed to the United States.
It was made clear today that there is no chance whatever that the policy
in this regard will be changed after the November elections in this country.
In fact, the forthcoming elections have no relation whatever to the $9,500,000,000 which the Allied and Associated Nations owe the United States.
At the same time it was pointed out that none of the United States
Government loans to Great Britain have yet matured. Interest charges
amounting to hundreds of millions have accrued on the American loans to the
Allies but are being carried along and added to the principal with the
approval of Congress in order to assist the Allies in their work of economic
TO
GERMANY.
On
July 30, according to press advices from The Hague,
the First Chamber of Parliament unanimously ratified
the loan of 200,000,000 guilders to Germany. The approval
of the loan by the Second Chamber of Parliament was
referred to in these columns July 10, page 137.
APPROVAL BY FRANCE OF BILL MAKING FINANCIAL
ADVANCES
TO
GERMANY UNDER
SPA
AGREEMENT.
The approval by the French Senate and Qhamber of
Deputies of the bill providing for advances to Germany in
accordance with the Spa coal agreement is reported in the
following eabegram to the daily papers from Paris, Julj^ 31:
The Senate to-day passed the bill, approved by the Chamber of Deputies
yesterday after a frank address by Premier Millerand setting forth the
urgent reason for its adoption, authorizing 200,000.000 franc monthly
advances to Germany provided for in the Government's coal arrangement
reached at the Spa conference. The vote in the Senate was 221 for the bill
to 81 against
it.
the bill was adopted in the Chamber of
Deputies on July 30 was 356 to 169.
The vote whereby
rehabilitation.
Rathbone, Assistant Secretary of the Treasury, has been in
some time, where he is carrj'ing on direct negotiations with
British and Allied officials regarding the American loans and other financial
Albert
Europe
for
GERMANY'S ESTIMATE OF INDEMNITY DUE
FRANCE.
questions.
FRANCE PREPARING TO MEET ANGLO-FRENCH LOAN.
NEW LOAN
Aug. 2, said:
TO BE SOUGHT.
Following a careful study of the economic situation in Germany, forme
meet the Anglo-Fernch Loan due
President I'oincarc, who was head of the Reparation C\)mniission. in a
The plans of France to
Oct. 15 were dealt with as follows in Paris cablegrams
the daily paper Aug. 3.
to
The Ministry of Finance has virtually completed buying .sufficient
American exchange to meet obligations falling due in the Unitexl States
in October.
(The Anglo-French loan of .$r)00,000,000, of which the Froncli
share is $250,000,000, is due on October 15.)
It is explained in high financial circles that the ministry's progress
matter accounts for the recent rise of the dollar.
in the
Copyright advices to the New York "Times" from Paris
July 31 had the following to say in the matter:
The New York "Times" is officially infornu-d that the French Government
meet in full its one-half share of (he .«,500,000,000 AngloFrench loan which is duo in October. It is understood that the French
Government is able to pay its .$250,000,000 without aid from Kiiglaiul.
with whom it floated the joint loan in 1915.
It is reported hi I'aris that it would pay both through shipments of gold
and through purchases of dollars.
isliprcpared to
As to Germany's estimate of the Indemnity due France,
Paris advices appearing in the New York "Commercial,"
statement appearing in Le Matin to-day announced that Germany's estimate of the indemnity due France is appro.iiinalely 7,250,000,000 marks.
These figures are extremely significant as indicating what Germany's
attitude will be at Geneva, when the Allies propose to demand 120.000.000.000 marks, of which amount France would get (iO. 000, 000. 000.
AUTHORITY FOR FURTHER INCREASE IN NOTE
CIRCULATION OF BANK OF FRANCE.
The New York "Commercial" of Aug. 2, printed
lowing information from Paris, Aug. 1:
Total paper money in circulation in France will be brought
billion francs, when auHiorily voted the Bank of France by
last night, for the
I
ho
fol-
to forty-three
the Chamber
emission of three billion francs in new paper money,
is
carried out.
Simultaneously with this vote, the chamber aulhoriztnl the new issue
treasury bonds, which will pay
0<;^
interest
and
will
mature
in 1931.
Oi
THE CHRONICLE
543
FOR
BILL
NEW FRENCH LOAN ADOPTED BY
CHAMBER OF DEPUTIES— BUDGET ADOPTED.
Paris cablegi-ams of Aug. 1, repoi-ted that a bill providing
was adopted bj' the French Chamber
for a new loan at
of Deputies on Aug. 1. According to copjTight advices to
the "Sun" and New York "Herald" from Paris Aug. 1,
the proposed loan is expected to yield at least 5,500,000,000
francs. The same advices also said:
6^
Xo
date
is set
for the expiration of thie issues, but the treasury believes
commencing with 1931 it will be able to amortize a portion yearly,
probably by the popular form of "tirages."
Adoption of the loan project follows two months of constant study of
budget affairs by the Chamber and Senate committee. According to the
final figures the ordinary and extraordinary budgets demand the finding
of 21,770.000,000 francs and 5,425,000,000 francs, respectively.
The
that
ordinary expenses are to be distributed over a long list of revenue sources
affecting every line of business, hitting capital as well as the workmen and
taking advantage of every natural resource at French command.
For instance, it is expected that the capital tax will bring in 1 .272,000,000
francs and the revenues from profits and salaries 2,179,000,000; alcohol
tax. 430.000,000: tobacco monoply, 975,000,000; revenues from sugar,
wines, ciders, mineral waters, coffee, petroleum products and matches,
1.227,000,000; ordinary cu.stoms duties, 1.602.000,000; revenues from
commercial transactions, 2,600,000,000; automobiles, railways, postal,
telephones and telegraphs, 4,000,000,000, with additional new receipts of
2,464,000.000 francs from exploitations in the African colonies, Alsace
Lorraine and the new French industries.
Nearly 3,000,000,000 francs are expected to reach the State as profits
from the sale of American and British army supplies and the liquidation of
France still is faced, however, by the
the army and sequestered stocks.
ghastly figures of 20,751 ,000.000 francs which is essential for immediate advances as pensions and reparation in the devastated regions and other advances to Germany which imder the treaty are chargeable to their former
enemies.
The fact remains that even if the revenues should reach the totals estimated, it would barely be sufficient to meet the ordinary budget necessities
with a little left over to apply to the extraordinary budget or the special
budget, both of which are attributable to the war, but only the latter is
chargeable to Germany.
M. Marsal proposes that the loan be taken largely abroad, and is confident that the subscriptions would far exceed those of the wartime loans,
thereby making it possible to use the surplus to meet the advances to the
devastated regions, which Germany some day may be in a position to repay,
but in which, until the Allies present a more solid front at Geneva and before
the Brussels Financial Congress, M. Marsal is not displaying a surplus of
confidence.
It was pointed out here that the new loan will not interfere with the proposed issue of German coal bonds. On the contrary, coal then will be
arriving in France in large quantities, inducing greater manufacture and,
consequently, heavier investments.
The adoption
in Paris
of the French budget was reported as follows
cablegrams to the press Aug. 1.
The current budget played the part of a shuttlecock between the Chamber
of Deputies and the Senate from 9.30 o'clock yesterday morning until
3.30 o'clock this morning, when the Senate accepted the last modifications
made by the Chamber. It was necessary that the budget should be voted
by today, as no credit had been provided for the month of August.
The differences which delayed the vote were not serious. The Chamber
desired the closing of the gambling casino at Enghien, just outside of Paris,
while the Senate showed a disposition to permit the establishment to continue for the sake of the taxes it pays. The Upper Chamber tried to secure
an extension of the life of the casino until October but the Chamber remained
firm for the closing, which will now have to take place. The Senate also
refused for a long time to accept the proposal of the Chamber to vote 280,000
francs for the stimulation of invention.
SPAIN' S^AX ON FOREIGN TRADING CONCERNS.
The New York "Commercial" of Aug. 2, printed the
folio-wing ad-vices from Madrid Aug. 1.
Action on the part of foreign commercial and trading concerns relative
new Spanish taxation law which went into effect early last month
seems likely to bring about a revision of the law when the Cortes reassemto the
bles.
Imposition of a tax of 10 pesetas a thousand on the capital of foreign
trading companies having branches here and not on the capital of the
branches alone has caused many big firms to \\ithdraw from Spain.
SPANISH TREASURY BONDS SUBSCRIBED.
In reporting that the Spanish Treasury bonds of 300,000,000 pesetas (the offering of which was referred to in our issue
of July 3, page 21) had been disposed of, the cablegrams to
the daily papers from Madrid July 28 said:
The 300,000,000 pesetas Treasury bond issue at 4H % has taken seventeen
days to cover. The last subscription of 8,000.000 pesetas was taken by
the municipality of Madrid.
F.
NAMED AS AMERICAN GROUP REPRESENTATIVE AT PEKING TO CHINESE
CONSORTIUM.
Thomas W. Lamont, of J. P. Morgan & Co., made known
W. STEVENS
on Aug. 4 the acceptance by Frederick W. Stevens, now
residing at Ann Arbor, Mich., of the appointment as resident
representative at Peking of the American Group in the Consortium for China. In making the announcement Mr.
Lamont
said:
For several years prior to 1915 Mr. Stevens resided in
New York and was
a member of the staff of .1. P. Morgan & Co., principally in connection with
For twenty years after graduating
railroad and other corporate affair-s.
from the University of Michigan in 18Si7, he practised law in G and Rapids,
later in Detroit, being general counsel for the Pere Marquette Railroad Co.
After severing his connection with J. P. Morgan & Co.
for several years.
[Vol. 111.
in 1915. he traveled extensively in the Orient, and has since been active
as
a director of several companies and in the reorganization of others.
Mr. Stevens will leave for the Far East in October, after conferring with
—
the international representatives of the four banking groups American,
British, French and Japanese
who are to meet in New York in Octolser for
the initial meeting of the new Consortium.
—
no official announcement as
be the resident representatives of the other
groups in the consortium, it is stated that A. G. Hillier,
agent of the Hong Kong-Shanghai Banking Corporation is
acting in the interest of Great Britain; M. Baylin, director
of the Banque de I'lndo-Chine is acting in behalf of France,
and K. Takeuehi, a director of the Yokohama Specie Bank
is looking after the interests of Japan.
The proposed meeting of the new Consortium in New York the coming Fall was
noted in our issue of June 19, page 2528. Later references to
the Consortium appeared in the "Chronicle" of July 17,
pages 245 and 246.
Wliile there has as yet been
to those
who
will
REPORTS REGARDING LOAN OF $9,000,000 SOUGHT
IN U. S. BY CHINA.
A
special copjTight
from Pekin, Aug.
cablegram to the
New York
"Tribune"
1, said:
China has asked the American group of bankers interested in the proposed consortium for a loan of .$9,000,000 on account, agreeing to the terms
laid down in the plan mapped out by Thomas W. Lamont, of J. P. Morgan
& Co. China asks for an immediate advance for the purpose of disbanding
troops and reconstructing the Government, after the overthrow of the proJapan Cabinet.
Mr. Lamont is reported to have denied that any request
has yet been made by China to the American group of bankers in the consortium for a loan of $9,000,000.
MODIFICATION OF LATIN MONETARY UNIONSIGNED BY FRANCE AND SWITZERLAND.
On July 31, the New York "Evening Post" printed the
foUo-nang special correspondence from Paris, June 24:
A modification of the Latin Union nas been signed by France and Switzerand (March 15 1920) and has been presented for ratification to the Belgian
Parliament.
This
is
the present situation. France, Belgium, Greece, Italy
and Switzerland, by the Monetary Convention of Nov. 6 1885, united on
a common metal standard, weight, diameter and currency for their gold
and silver coins. This constituted what is called the Latin Union.
By a first modification, Nov. 15 1903, and a second. Nov. 4 1908, the
small coins of Italy and Greece were "temporarily nationalized"; that is,
their circulation was limited to the country of issue. This covered coins of
2 francs, 1 franc and 50 centimes which had been gravitating Into France
to the great inconvenience of Italy and Greece.
The new modification extends this nationalization to France and Switzerland, for which the consent of the other countries of the union is necessary.
In fact, the difference in money exchange between the two coimtries has
had for one result a veritable exodus of French silver money into Switzerland. This, with hoarding at home and the speculative and illicit melting
up of coins to sell at a higher price as metal, has brought about the present
dearth of small change in France.
ONTARIO MORATORIUM ACT TO BE LIFTED OCT.
1.
Regarding the lifting of the Ontario Moratorium Act,
the Montreal "Gazette" in a Toronto dispatch July 23 said:
The Ontario Moratorium Act will be lifted on Oct. 1, but in the ca.se of
any mortgage that falls in between the date and Jan. 1, the moratorium
The Moratorium Act was pcissed by the
will still apply but not later.
Legislature as a war time measure to guard against any hardships that might
arise in connection with owners of homes not being able to meet their
obligations by reason of the new conditions.
FOREIGN DEPOSITS IN SWISS BANKS NOT
TO BE TAXED.
According to an announcement made by the Department of
Commerce on July 27 the lower house of the S-^v-iss Legislature has voted against the proposed law to tax foreign deposits in Swiss banks, thus changing its position taken in a
previous session. The upper and the lower houses of the
legislature are now in accord in refusing to pass the measure.
These advices have been received by the Department from
Trade Commissioner H. L. Groves at Zurich.
A U STRIA TO ASSUME EXCHANGE BURDEN.
New York
A copyright cable dispatch to the "Sun and
Herald" from Paris July 31 said:
An amazing solution of exchange difficulties presented in connection with
the repayment of Austrian debts contracted before the war, especially those
to France, was revealed by the arrival here to-day of Dr. Reisch, Austrian
Minister of Finance, accompanied by Dr. Simon and two financial experts,
Herren Hammerschlag and Rosenberg.
According to high officials the French Government is agreed on a new
principle whereby the Austrian Government -nill be asked to shoulder the
burden of exchange variation by payments during a period of twenty-five
years, commencing in 1925.
The Foreign Office and the Ministry of Finance are still studying how to
avoid loss to the French and at the same time do not wish to wreck what
It has been suggested that immediate payis left of the Austrian banks.
ment be made at normal exchange by the debtor firms, and at the expiration
of five years, when foreign exchange vrill have been somewhat restored the,
difference to be calculated, with interest and payments from Government
funds arranged.
Aug.
THE CHRONICLE
7 1920.]
Dr. Reisch was said to have agreed to this plan, as it offei-s the only means
According to the French
of restoring commercial relations ^\-ith France.
bankers, the scheme will interest America, as many I'nited States manuIt is known here, however,
facturers are being faced by a similar problem.
that there has been a considerable movement in Austrian pledges and securities from the United States to France in recent months.
BUSINESS MEN'S PROTEST AGAINST VIENNA
TAXES.
The New York "Times" on Aug. 4 published the following
copj'i'ight
cablegram from Vienna, Aug.
2:
A mass meeting of 60,000 shopkeepers and business men was held here today to protest against the intolerable business taxes imposed by the municipalitj- of Vienna, which they say is paralyzing business life, most taxes, including the house tax, having been trebled.
There was talk of ci\'il war and the resignation of the Socialist Burgomaster was demanded. All business places and cafes were closed this
afternoon.
JAPAN'S SECURITY— FOURTH
BANK
TO OBTAIN
LOAN FROM GOVERNMENT.
The
following
is
taken from the "Wall Street Journal" of
July 27:
According to cable advices received in banking circles here, arrangements
have oeen made through efforts of Governor Inouye of Prefecture Kanagawa, the 74th Bank of Japan will obtain loan of 10,000.000 yen from government at 4% interest with guaranty of T. Hara Iwakawa and T. Isaka
and petty deposits will be paid.
The suspension
nicle" of
May 29,
of the
bank was
10,
page 137.
Tenders of Argentine Government 5% Internal Gold Loan
1909 bonds for the September Operation of the Sinking
Fund have been invited for opening in London at 2.30 p.m.
on Aug. 16, 1920, and may be lodged with J. P. Morgan & Co.
at 23 Wall Street, New York up to 3 p. m. on Aug. 12, 1920,
who will cable same to London without charge. The amount
of the loan called is £83,900 nominal capital.
Tenders will
also be received in Paris by the Banque de Paris et des Pays
Bas, in London by Messrs. Baring Brothers & Co., Ltd.,
and in Buenos Aires by the Credito Publico Nacional.
Each bond has a par value of $973 U. S. Gold Dollars, and
tenders must be made at a flat price under par expressed in
dollars per bond.
Tenders must be accompanied by a
deposit of bonds of the above-mentioned loan at the rate of
not less than £10 per £100 nominal capital tendered. Forms
and further particulars may be obtained at the offices of
J. P. Morgan & Co.
BANK OF BROTHERHOOD OF ENGINEERS.
While all the organization plans for the creation of the
Brotherhood of Locomotive Engineers' Co-operative National Bank of Cleveland are not yet complete, we learn from
Warren S. Stone, Grand Chief, of the Brotherhood of
Locomotive Engineers that the sale price of the capital
stock of $1,000,000 will be $110 per share.
Mr. Stone also
limited to members of the
Brotherhood of Locomotive Engineers only, who if they
sever their connection with the organization are required to
sell their stock to the Purchasing Committee of the new bank"
Reference to the proposed organization of the bank was
made in these columns July 10, page 138, wherein we noted
that application had been made to the Comptroller of the
Currency for a charter. According to Mr. Stone advices
have been received from the Comptroller that the charter
will be granted; while the date for the opening of the new
bank has not yet been sot, it is hoped to start operations
about the middle of October. The proposed organization
of a co-operative bank to be controlled and operated entirely
by the labor organizations of Philadelphia was noted in our
issue of Saturday last, page 443.
is
PROPOSED CHANGE IN WASHINGTON,
BANKING HOURS.
A
D.
C,
change in the banking hours of the financial institutions
Washington, D. C, is recommended in a report made to
the Washington Clearing House Association on July 29 by
a special committee which was delegated to inquire into the
advisability of such change.
The report was submitted by
a committee composed of Harry V. Haynes, Chairman,President of the Farmers & Mechanics National Bank
George W. White, President of the National Metropolitan;
Bank, and Robert A. Cissel, Assistant Cashier of the Comof
While the report recommends that all banks must close at 2 o'clock,
except on Saturdays, when the present hour of nnoo closing will be observed,
it provides that on the last day and the first of each month, and the fifteenth and sixteenth, banks shall have the privilege of reopening at 4.30
and remaining open until 8 o'clock if they so desire.
No action was taken on the report at yesterday's meeting, since before the
changes can be adopted it will be necessary to amend the by-laws of the
association, and this can be done only after due notice has been given the
member banks and a special meeting has been called. .Secretary H. H.
McKee was instructed to send out notice immediately, advising the banks
of the proposed amendment, and it is probable that another meeting of the
association will be held in the near future, when definite action will be taken.
While there is no doubt that there will be some opposition to the adoption
of the shorter banking hours, sentiment among the great majority of the
banks is strongly in favor of the proposal, and chances appear to be good for
its success.
While in general the banking hours have been from 9 to 3,
stated that at present some of the banks open at 8.30
a. m., some at 9, while some remain open until 4, and as
late as 5 or 5.30 p. m. on Government pay days.
it is
BUILDING PLANS OF
of
says "the sale of the stock
National Bank. According to the Washington
"Post" of July 30, the committee also submitted recommendations favoring the adoption by all member banks of
a smaU service charge to depositors whose accounts are not
of a character to justify the banks in carrying them free.
This proposal will be acted upon at the same time that the
plan for shortening the hours is considered. As to the proposal respecting the proposed new hours, the Washington
"Post" saj^s:
mercial
referred to in the "Chro-
page 2242 and July
TENDERS INVITED FOR ARGENTINE GOVERNMENT
GOLD LOAN.
PROPOSED
543
While plans were
this
week
J. P.
MORGAN &
CO.
filed for the reconstruction
which as we have on several occasions
noted has been taken over by J. P. Morgan & Co. under a
lease, the latter with renewals extending to 84 years, the
remodeling of the structure will be deferred for several years
This is indicated in the action of the Morgan
to come.
of the Mills Building,
firm in authorizing the renewal of leases by present tenants
in the Mills Building until Oct. 1 1924.
It is tentatively
estimated by Towbridge &> Livingston, the architects filing
the plans for the improvement of the property that the cost
of the work to be undertaken will be $4,000,000.
The
building will be converted into a thirty-three story building
with the completion of the present plans, regarding which
the "Evening Post" of Aug. 3 said:
At the time the lease was negotiated for a period of twenty-one years,
with the privilege of three renewals for similar periods, a member of the
Morgan firm said that the property was acquired partly for the purpose of
obtaing more room for future exjiansion of business and also because of
the speculative value of a long term lease. It was figured at the time that
even a twenty-one story building would yield a good rental return.
The form in which the plans were filed caused a stir by creating the impression that the addition was to be made to the marble home of the Morgan
company at the southeast comer of Wall and Broad St., adjoining the
Mills Building. Goodhue Li^'ingston of the firm of Trowbridge & Livmgston
explained, however, that in order to satisfy the demands of the zoning
law the ground area of both the Morgan and the Mills Buildings had been
figured on as a single plot. This, he explained, would permit of the erection
of a taller structure on the Mills Building foundation. The Morgan Building, he declared, would not be touched.
Reference to the leasing of the Mills Building by the
Morgan firm appeared in our issues of March 13 and Maj' 22.
The building is at 11-23 Broad Street and adjoins the Morgan Building at the southeast corner
of
Wall and Broad
Sts.
COMPTROLLER OF CURRENCY WILLIAMS CRITISISES
INTEREST CHARGES IN NEW YORK— LENDING
POWER OF RESERVE BANKS.
Criticism of the "excessive and burdensome interest rates,
running up to 10, 12 and 15% and higher which have been
exacted by some of the banks in New York City" is contained
in a statement issued on July 30 by Comptroller of the Currency John Skelton Williams in which he declares there is
absolutely no justification for these rates or for "the spirit of
pessimism and uneasiness prevalent in business and financial
In
circles in many sections of the United States to-day."
New
York
in
exacted
charges
interest
of
the
criticism
his
the Comptroller asserts that that is "the only city of consequence in the world where such interest rates exist or are
tolerated," and he alleges that "these excessive interest rates
and the publicity given them here increased the uneasiness
in financial circles and have been a contributing cause rather
than a consequence of the upsetting of security values, and of
the excessive and unjust rates which corporations and others
have been required to pay for money in recent months."
As to the financial resources of the country Comptroller
Williams says that "our Federal Reserve Banks have at this
time an unused lending power of 750 million dollars, and
that if occasion required the Board could, by wai\nng reserve
requirements on deposits and notes only 10%, increase the
THE CHRONICLE
544
unused lending power
is
to 2^2 billion dollars."
Comptroller Williams' statement in full:
The
following
Official reports to this office from all national banks on the call of June 30
in about two-thirds of the Reserve and Central Reserve cities
of the country there has been a distinct tendency towards liquidation and
reduction in bank loans, the cities showing loan increases being confined
almost exclusively to the Eastern and Cleveland districts.
The reduction in loans has naturally been accompanied by a decline in
deposits, but the aggregate of bank resources at this time is still at high level
and the national banks of the country are in a particularly strong and wellfortified position.
Aside from the disturbed and alarming state of affairs in parts of the old
world, for which, I am convinced, this country's refusal to ratify the Peace
Treaty is largely responsible, there is absolutely no justification for the
spirit of pessimism and uneasiness prevalent in business and financial circles
in many sections of the United States to-day.
The action of the Federal Reserve banks in restricting extension of credit
for unessentials and luxuries and in encouraging increased production of
commodities most needed has been distinctly beneficial and has, it is believed, been a material influence in reducing the high co.st of living far and
wide. Although the application of the brakes seems to have had a jarring
effect upon some nervous systems, and has occasioned unfounded fears of
a money panic and commercial crisis, there are in our country abundant
reasons for confidence and encouragement as to the future.
Those inclined to pessimistic views as to our financial situation probably
do not know, or do not appreciate, the immensely significant fact that our
Federal Reserve banks have, at this time, an unused lending power of 750
million dollars, and that if occasion required the Board could, by waiving
[Vol. Ill,
ALLAN RYAN BRINGS SUIT FOR
AGAINST
NEW YORK
S1,000,000
DAMAGES
STOCK EXCHANGE.
Allan A. Ryan has begun legal proceedings in the controversy with the New York Stock Exchange over the corner
in Stutz motor shares. In the State Supreme Court of New
York, on Aug. 4, he instituted suit to recover from the
New York Stock Exchange $1,000,000. The suit is brought
against William H. Remick, as president of the New York
Stock Exchange, E. V. D. Cox, individually and as secretary of the New York Stock Exchange, and the members
of the Governing Committee of the Exchange.
The complaint charges that "as a result of the willful and malicious
action of the said defendants pursuant to said plan and
conspiracy in causing the expulsion of the plaintiff from
membership of the exchange in the manner aforesa,id, the
plaintiff's business, property, holdings and estate have
been injured and damaged, and he has sustained and will
sustain heavj' pecuniary losses." The complaint and exhibits,
which are said to comprise sixteen closely printed pages,
are largely a reiteration of Mr. Ryan's charges against the
Stock Exchange and the governors, which were made public
reserve requirements on deposits and notes only 10%. increase the unused
prior
to the commencement of the suit and printed in these
lending power to two and a half billion dollars, which is twenty-five times
columns at the time.
as much as all the national banks of the country (which constitutes a large
majority of the membership of the Reserve System) were ever borrowing
The specific reason on which Mr. Ryan bases his action
at any one time on bills payable and rediscounts prior to 1913, the maxifor
$1,000,000 damages is embodied in the twenty-seventh
mimi of such borrowings a^ any time up to 1913 having been only 100 million
dollars.
paragraph, which states that the marketabihty of the
In the face of such figures and facts as these the fear expressed in some
Stutz stock was destroyed by the action of the Governing
sections that there may not be money enough available to move the crops
Committee in forbidding trading in the issue. The complaint
manifestly
absurd.
It
will be recalled that in 1913. before the estabseems
lishment of the Federal Reserve System, the stringency and uneasiness
states, on information and belief, "that as a further proxiwhich prevailed at crop-moving time was instantly relieved by the announcemate
and contemplated result of the wilful and mahcious
ment of Secretary McAdoo that the Government was prepared to deposit
action
of the said defendants, pursuant to said plan and
million
dollars
of
cash
in
banks
in
the
the
South
and
move
fifty
West to help
the crops. The Federal Reserve banks can, at this time, as I have shown
conspiracy in suspending trading in Stutz stock as aforesaid,
above, based upon their present gold reserve, supply 15 times as much as
various banks and banking institutions gave notice that they
the fifty million dollars which was so effective in 1913, wholly without waivwould no longer advance money upon loans secured in part
ing or reducing their reserve requirements.
It is also reassuring to know that this unused lending power of the Federal
by Stutz stock, and demanded that the same be forthwith
Reserve banks is tw'ce as great as the aggregate a^nount of all the emergency
currency issued in 1914, upon the outbreak of the European war, involving withdrawn, and that other collateral be substituted in place
the greatest financial crisis in the world's history.
Such fig:ures as these thereof; and the plaintiff was thereupon compelled to withought to be sufficient to allay fears entertained by pessimists as to the finan- draw said Stutz stock as aforesaid, and to arrange for the
cial condition of this country at this time.
With a sane settlement of present labor troubles and the restoration of deposit of other collateral as security for said loans, or to
the old-time efficiency of labor, and the stabilization which it is hoped the
cause the same to be paid and to withdraw funds from various
forthcoming rate decision of the Inter-State Commerce Commission, toof plaintiff's operations in which the said funds of the plaintiff
gether with more scientific administration and less stock-juggling in railroad management will bring about, the business outlook for this coimtry were earning for him large and substantial profits and the
will be extremely bright.
plaintiff's borrowing capacity has thus been seriously imI will also add that there is not, and has not been, in my judgment, the
paired and his business injured." With further reference to
least justification for the excessive and burdensome interest rates, running
up to 10, 12 and 15% and higher which have been exacted by some of the Mr. Ryan's suit, the New York "Times" of Aug. 5, said:
banks in New York City, the principal financial centre of our country.
Mr. Ryan alleged that fifty-eight firms or individuals were short of
New York is the only city of consequence in the world where such interest Stutz stock at the close of business on March 31, either having borrowed
They do not prevail in London or Paris, stock which they were obliged to return on demand or had obligated themrates exist and are tolerated.
Berlin or Rome, Pekin, Hong Kong or Tokio, or in any of the leading cities
selves to deliver the same to him.
of our own country. San Francisco, St. Louis, Kansas City, New Orleans.
Among the twenty-six firms, the complaint mentioned the following:
Atlanta, Dallas, Chicago, Minneapolis, Cleveland, Richmond, Baltimore,
De Coppet & Doremus, a co-partnership, of which the defendant Henry
Philadelphia or Boston.
G. S. Noble, of the Governing Committee and a former President of the
These excessive interest rates and the publicity given them have increased Exchange, was a member, and which had borrowed of the plaintiff 500
shares of Stutz stock and was obUgated by contract to deliver to plaintiff in
the imeasiness in financial circles and have been a contributing cause rather
100 shares of Stutz stock sold "short" by the said firm.
than a consequence of the upsetting of security values, and of the excessive addition thereto,
Dominick & Dominick, a co-partnership of which the defendant Bayard
and unjust rates which corporations and others have been required to pay Dominick of the Governing Committee was a member, wtiich had borrowed
The banks which have charged their cus- of the plaintiff 300 shares of Stutz stock.
for money in recent months.
H. N. Whitney & Co., a co-partner.ship of which Howard F. Whitney
tomers these excessive rates at times as high as 15% or more have themof the Governing Conunittee was a member, which had borrowed of the
selves at the same time been liberally accommodated with millions of dolplaintiff 200 shares of Stutz stock:
lars by the Federal Reserve banks at average rates of considerably less than
Carlisle, Mellick & Co., a co-partnership of which Jay F. Carlisle of the
6%.
Governing Committee was a member, which was obhgated by contract to
to the plaintiff 100 shares of Stutz stock sold "short" by said firm:
The Comptroller's criticism is commented upon as follows deliver
Post & Flagg, a co-partnership of wliich the defendant Arthur Tumbull
of the Governing Committee was a member and which had borrowed of
in the "Wall Street Journal" of July 31:
show that
—
—
Comptroller of the Currency Williams' invidious reference to the New
York banks in the matter of charging high interest rates, is viewed by the
local bankers as another instance of the Comptroller's way of pillorying
Wall Street, for effect. In the first place, it must be understood that the
Comptroller's remarks regarding "excessive and burdensome interest rates,
cunning up to 10%, 12% and 15%, and higher," bear reference to loans to
customers, and not to call money rates. There may have been instances,
here and there, where some small banks have charged excessive rates to
customers, but the rank and file of borrowers at the large banks know quite
Such borrowers
well that they have been treated consistently and fairly.
will scarcely be impressed by the Comptroller's remarks.
The bankers point out that the Comptroller pursued the same method
of making sweeping accusations a few years ago regarding usurious rates
but it was subsequently shown that the chief offenders in this regard were
the country banks. However, it is not difficult for Comptroller Williams to
confuse the public mind in view of the published high call money rates,
although the same are not involved. As a matter of fact, it has been said
that, as a means of checking excessive speculation. Federal Reserve officials
rather favored the recent high call money rates.
Bankers believe that Comptroller Williams is lacking in consideration for
the part played by the New York banks in bringing about an improvement
in the credit situation over the past several months.
They say it is unfair
to attempt to defame the whole New York bank community just because
of one or two possible insignificant instances of abuse.
Stress is laid on the point that the recent deficit in The Clearing House
reserve shows what happens if money rates here are lowered to a level inconsistent with what they are in the interior. Money rates were slightly
easier a few weeks ago and some interior bankers, thinking that we were in
for a period of midsimimer dullness, made early withdrawals of eastern
balances, which materially cut into the local reserves. Bankers say that in
order to keep control of a reasonable supply of loanable funds here and to
prevent a squeeze in the Fall, high money rates must be maintained at
It is not a local matter but rather one of country-wide credit
this centre.
scarcity
the plaintiff 100 shares of Stutz stock.
Mr. Ryan recited how he developed the Stutz Motor Car Co. from a
comparatively small enterprise into a large and profitable automobile
manufacturing company. Until the first of April, he said, he was President
of the company and from then Chairman of the Board of Directorc. Continuing the complaint read:
Prior to the 31st day of March 1920, a deliberate campaign of "short"
sales of Stutz stock was inaugurated on the exchange. The persons effecting such "short" sales sold stock which they did not own or possess, in the
expectation that their own and other sales of Stutz stock would so depress
the market value thereof that they could later purchase Stutz stock for
dehvery or return to persons from whom they had borrowed such Stutz
stock at lower prices than they had secured upon their own sales.
Mr. Ryan alleged that the defendants "on or before the 31st day of March
1920, in disregard of the high standard of commercial honor and integrity
which the Exchange was organized to maintain, and in flagrant violation
of just and equitable principles of trade, and in order, among other things,
to relieve themselves of their obligations to return or deliver the said Stutz
stock borrowed or sold by them aforesaid, and to secure protection in such
violations of their said obligations, and to injure the plaintiff, willfully
and maliciously formulated, made and entered into an unlawful plan and
conspiracy for the doing of the several acts hereinafter set forth, with the
willful and malicious intent to impair the value of the plaintiff's holding
of Stutz stock, to embarrass him in connection with his financial commitments and generally to injure him in his business, property, holdings and
estate."
These defendants. Mr. Ryan alleged induced other defendants, the
Secretary and members of the Governing Committee, to join with them in
promulgating the ruling whereby Stutz Motors was indefinitely suspended
from the floor of the Exchange. The complaints continued:
As a further proximate and contemplated result of the willful and malicious action of the said defendants, pursuant to said plan in suspending
Stutz stock, as aforesaid, various banks and banking institutions
trading
gave notice that they would no longer advance money upon loans secured
withdra\yn
in part by Stutz stock and demanded that the same be forwith
and that other collateral be substituted in place thereof; and the plamtiff
m
Aug.
7 1920.]
THE CHRONICLE
was thereupon compelled to withdraw said Stutz stock as aforesaid and
arrange for the deposit of other collateral as security for said loans or to
cause the same to be paid and to withdraw funds from various of the plaintiff's operations in which the funds of the said plaintiff were earning for
him large and substantial profits: and the plaintiff's borrowing capacity
has thus been seriously impaired and his business injured.
The full list of defendants mentioned in the summons and complaint, in
addition to those already named, were Winthrop Burr, Edwin M. Carter,
Henry K. Pomroy, Siegfried S. Prince, Edward Roessler, Erastus T.
Tefft, Blair S. AVilliams, "VVilliam T. Floyd, Louis E. Hatzfeld, 'William W.
Heaton. Walter J. Johnson, Peter J. Maloney, Fuller Potter, William B.
Potts, Edward H. H. Simmons, George B. Thurnauer, James C. Auchincloss, Oliver C. Billings, Dexter Blagden, Robert Gibson, William A.
Greer, Richard T. H. Halsey, James B. Mabon, Samuel F. Streit, Hamilton
F. Benjamin, Seymour L. Cromwell, Arthur J. Rosenthal, Newton E.
Stout, Willis D. Wood, Edgar Boody and Warren B. Nash.
Neither the Governors of the Stock Exchange as a whole, nor any of the
forty members of the Governing Committee, would comment yesterday
on the Ryan suit.
NATIONAL ASSOCIATION OF SUPERVISORS OF STATE
BANKS FAVORS REASON ABLE COLLECTION CHARGES.
The support
of State Banks
of the National Association of Super-viaors
to the movement to have Congress amend
the Federal Reserve Act so as to permit banks, in proper
cases, to make reasonable exchange charges is pledged in
resolutions passed by the Association at its Annual Convention in Seattle last month.
These resolutions read:
Resolved, by the National Association of Supervisors of State Banks,
Convention Assembled:
That we do hereby pledge our hearty support of the movement
to have Congre.ss so amend the Federal Reserve Act as to permit banks
in proper cases to charge and collect reasonable exchange on items.
Second.-— That we commend the Federal Reserve Board for taking a
neutral position on this important question. The Board and the Federal
Reserve Banks should guard against criticisms of every kind, and request
in
First.
—
Congress to
Third.
make
clear their duties.
— That this Association does hereby request the American Bankers
Association as a whole, and each Section thereof, as well as all state bankers
associations, to assist in having the Federal Reserve Act amended so as
to permit banks in proper cases to charge a reasonable sum for their services
in remitting for items.
Fourth.
That the president of this Association appoint a Committee of
five (5) state bank supervisors, which Committee shall bring before Congress
the position taken by this association on this question, and otherwise assist
in the efforts to amend the Federal Reserve Act so as to make plain the right
of banks to make such charges."
—
In a letter sent to the banks of Alabama calling attention
D. F. Green, Alabama State Superintendent of Banks, makes kno"wn the names of the committee appointed in accordance with the resolutions. Mr.
to the resolutions,
Green says:
At the beginning of our meeting I found that comparatively few of the
Supervisors were interested in the par clearance question. Most of them
stated that their banks had accepted the demands to clear items at par
and that they had heard no complaint. A few others in the beginning
strongly favored a continuance of clearing items at par. But after discussing
the question in open session and both sides being presented. I am glad to
say that a resolution was unanimously passed as per the attached copy,
I feel very grateful that we were able to convince the other Supervisors
of the importance of taking this stand, and I feel that it was a great victory
for us. The president of the Association appointed the following as a committee to present the resolution to Congress and to make known to Congress
the position taken by the Supervisors in convention as.sembled: John S.
Fisher, Pa.; D. F. Green, Ala.: Ira R. Pontius, Ohio; Marshall Cousins,
Wis.; Chas. F. Stern, Cal.
FEDERAL RESERVE BOARD ON CHARGES FOR COLLECTION OF NOTES AND ACCEPTANCES.
In announcing that the question has been presented as to
member bank may make a charge against a
Federal Reserve Bank for the collection and remittance
of "notes and acceptances payable at the member bank,"
the Federal Reserve Board in the July "Bulletin" presents
its conclusions, as foUows:
Under the terms of section 13 of the Federal Reserve Act no member bank
may make a charge against its Federal Reserve Bank for the collection or
'whether a
payment
of "checks and drafts" and remission therefor by exchange or
otherwise. In any case, therefore, where a Federal Reserve Bank presents
to a member bank for payment a check or draft drawn upon that member
bank, no charge may be made against the Federal Reserve Bank for remitting to it by exchange or in any other manner of payment.
Inasmuch as the acceptance of a member bank is necessarily a "draft"
on that bank no charge may bo made against the Federal Reserve Bank
payment. The Federal Reserve Board, however, has frequently had
occasion to rule that the provisions of section 13. discu.s.sed above, do not
prohibit a member bank from charging the Federal Reserve Bank for the
service of collecting maturing notes and bills of exchange drawn upon
individuals, firms, or corporations other than banks. The fact that such
a note or bill of exchange not drawn on a bank may bo made payable at that
bank does not bring it within the restrictions of section 13 referred to above
and does not preclude the member bank from making a charge against
the Federal Reserve Bank for effecting its collection and remitting therefor
by exchange or otherwise.
for its
ELIGIBILITY OF COMMERCIAL PAPER FOR DEVELOPMENT PURPOSES.
The Board
545
of the opinion generally that the note of the owner of proto be developed or built upon, the proceeds of which note
have been or are to be used by him to pay for the work of developing or
building, is a note "the proceeds of which have been or are to be used for
permanent or fixed investments" within the meaning of the Board's regulations, and that, therefore, such a note is not eligible for rediscount by a
Federal Reserve bank under the terms of section 13.
If, however, the note of an owner or producer is given in good faith to a
contractor in actual payment of materials and services furnished by him
for the owner or producer it may be considered to be technically eUglble
for rediscount as paper the proceeds of which have been or are to be used for
a commercial or industrial purpose. There certainly is no doubt in such a
case that the paper in the hands of the contractor is commercial or business
paper actually owned by him and as such should be considered eligible for
perty which
is
is
rediscount when presented through a member bank, provided that it complies in other respects with the provi.sions of the law and the Board's regulations.
If this were not true no paper in the hands of a material man received by him in payment for materials furnished in the building industry
could be considered eligible for rediscount, a conclusion which is obviously
not consistent with the scope and purposes of section 13.
It must be understood, however, that even though a note maj' be technically eligible for rediscount a Federal Reserve bank may, in the exercise of
its discretion decline to effect its rediscount if for any reason it is deemed
to be an undesirable investment, and should do so in any case where the
ultimate payment of the note is dependent upon the success of the transaction giving rise to the note.
A Federal Reserve bank being familiar with
local conditions and the peculiar requirements of its own district is in a position to determine in each case whether a particular note or a particular
class of paper even though technically eligible is a reasonable or desirable
.
investment for
it
to
make.
FEDERAL RESERVE AND MOTOR TRUCK CREDITS.
The follo^wing appeared in the New York "Evening Post"
of July 31:
In response to urgent requests for some definite ruling concerning the
discounting by banks of motor truck paper, the governors of certain important Federal Reserve districts have announced a position which appears
to be most favorable to the motor truck industry.
The common excuse among bankers for refusing credit on motor truck
paper is certain supposed rulings of tlie Federal Reserve Board. Statements made by some of the governors, however, show conclusively that
there is no ruling in the Federal Reserve Board which restrains any banker
from extending all reasonable credit to motor truck buyers.
David Thomas, general manager of the Motor Truck Manufacturers'
Association, with headquarters in Chicago, has spent considerable time
in Washington with Federal Reserve officials in behalf of the leading motor
truck manufacturers. Through other sources also he has endeavored to
trace the causes of the credit problem, which has proved so troublesome for
both makers and dealers in motor trucks.
He says: "The position which the Federal Reserve Board has taken is
most satisfactory to the motor truck industry. It is not discriminating
for or against any industry by name.
Its position is so clearly stated that if
the motor truck were fully appreciated by the public and the bankers there
would be no motor truck credit difficulties."
Mr. Thomas also quotes from a letter written by Gov. Harding of the
Federal Reserve Board in Washington, D. C, to Senator Owen. In part
the letter reads:
in
"The board is insisting that all banks use a discriminating judgment
making loans, giving preference to those which are necessary for the
production and distribution of the basic necessities of life, such as clothing,
food and fuel."
NEW YORK RESERVE BANK IN ANSWER
TO CHARGES
OF PROFITEERING— EARNINGS FOR HALF YEAR.
Charges of profiteering by the Federal Reserve Banks
are answered in the montlily report for July of the Federal
Reserve Bank of New York in a reference to the fact that the
earnings of the local Bank for the first half of the current
year are considerably larger than those for the corresponding
period last year. As we have heretofore noted, the earnings
Bank of New York in 1919 were
approximately 130% on its average capital; a month ago,
July 10, page 139, we noted that the earnings for the past
six months, preliminary to the issuance of the report of the
Bank, had been figured at 104% by the New York "Times."
While the figures presented in the monthly "Bulletin" do
not indicate what the exact earnings for the six months
period have been, it is assumed from the figures given that
they are in the neighborhood of 85 or 90%. The report
characterizes it as "one of the ironies of the war than the
one bank not organized for profit should be making larger
profits than any other bank in the country." It says, however' that "as the Federal Reserve Banks are an agency
of the people to maintain an elastic credit and currency
system and to steady credit, the law provides that after
.
paying dividends of 6% to the member banks,
and after accumulating a reasonable surplus the Federal
Reserve Banks should return the balance of their earnings to
the people as a contingent franchise tax. Thus the people
are the residuary legatees of Federal Reserve Bank operations, and the Treasury's use of the money thus returned
is restricted to the purchase of Government bonds or phu'ing
The following
additional gold behind the gi-eeu backs."
of the Federal Reserve
.
.
The Federal Reserve Board in its July "Bulletin" publishes the following ruling by it respecting the eligibility of
are the comments of the Bank in full:
The earnings of the Feder.-^l Reserve Bank of New York for the first
six months of the year were considerably larger than those for the corrt^-
Commercial paper for development purposes.
3%
Inquiries are frequently received by the Federal Reserve Board as to thi
paper drawn for the purijose of developing properties or of
eligibility of
financing various kinds of construction.
bust year. After paying the legal semi-annual dividend of
setting aside reserves against contingencies, and adding $6,200,000
to its surplus, as provided by law," there remained .511.000.000, which
will be paid over at the end of the year ;vs a franchise t.ix to the United
States Treasury.
ponding period
THE CHRONICLE
546
These continued large earnings have called forth a large number of
comments to the effect that the Federal Reserve Banks were profiteering
and that in view of their earnings they should lower their rates. One critic
quite seriously pictured the Federal Reserve System as manifesting "that
same thirst for power that is characteristic of a carnivorous beast when it
has tasted blood for the first time" and annoiuiced that its management had
"come to the condlusion that these institutions should be money-making
concerns and that they should see how much profit they can show instead
of being used for the purpose of rendering a service to the commimity."
Wliile most of the criticisms are not as fantastic as the foregoing, they
evidence rather generally a lack of understanding ot the policies and workings of the Federal Reserve Banks. This is not unnatural, since we are
still relatively vmfamiliar with the operat'ons of a bank of issue and rediscount, which are well imderstood in most other countries. A few words
about the operations of this bank as they are reflected in its earnings may
therefore be appropriate.
The Federal Reserve Banks were created to provide elastic credit and
currency, which would expand or contract in accordance with the requirements of industry, commerce and agriculture. They were also expected
measurably to control and regulate the voliune of credit so that credit
conditions might be as stable as possible. They came into existence after
the European war had begun, and upon America's entrance into the war
they were called on to assist in creating the immense volume of addition:!
credit required by the financing of the war. Their effective response to the
call not only made possible the prosecution of the war but enabled manufacturers, merchants and farmers confidently to continue their affairs.
When the peak of the Government debt was passed last Autiunn and
there was no necessity for further credit expansion on account of Government operations, the Federal Reserve Banks took steps towards inaugurating gradual deflation. They adopted the method of bringing about a reduction of the credit volume which had been tried and tested in other
countries, i. e. increased discount rates. These were advanced, step by
step, from the
rate prevailing in October to 7% rate which was
established in June. The higher rates resulted in larger earnings, which
In turn raised the perfectly natural question: Are the Federal Reserve Banks
profiteering?
It is one of the ironies of the war that the one bank not organized for profit
should be making larger profits than any other bank in the country. Federal
Reserve Bank profits come from the loans which they make to their member banks to enable them to furnish credit to their customers. But, ps the
Federal Reserve Banks ai-e an agenCy of the people to maintain an elastic
credit and currency system and to steady credit, the law provides that after
paying dividends of 6% to the member banks, which are their only stockholders, and after accumulating a reasonable surplus, the Federal Resei've
Banks should return the balance of their earnings to the people as a contingent franchise tax.
Thus, the people are the residuary legatees of
Federal Reserve Bank operations; and the Treasury's use of the money
thus returned is restricted to the purchase of Government bonds or placing
additional gold behind the greenbacks.
Federal Reserve Bank earpings are a reflection of the existing degree of
credit and price inflation.
In times when credit and prices are normal
Federal Reserve Bank earnings will probably be very small. The higher
discoimt rates, established to stimulate deflation, are at present increasing
these earnings, but as the volume of credit grows less these earnings will
decrease proportionately. It is not at all unlikely that if no attempt to
stimulate deflation had been made and the relatively low rates prevailing
last Autumn had been continued, the earnings at the lower discount rates
might conceivably have equalled those at present produced by the higher
rates, so fast was the general expansion and demand for credit then proceeding.
But the continuance of last Autumn's rate of expansion to the
present time would doubtless have resulted in far higher commodity prices
and very weak financial conditions instead of the present sound banking
position.
A%%
NEW YORK FEDERAL
RESERVE BANK ON RESERVE
PERCENTAGES OF BANK OF ENGLAND AND
RESERVE BANKS.
Figures tending to sho-n^ that a close parallel exists between
the reserve percentage of the Bank of England and the
Federal Reserve Banks -when the same methods of figuring
reserves are used are presented in the July report (issued this
week) of the Federal Reserve Bank of New York, from
which we quote as foUows:
An impression prevails that the reserve percentage of the Bank of England
runs much lower than the comparable percentage of the Federal Reserve
banks. This impression is due to the different bases used by the two systems in ariiving at the percentages published. On the contrary, a close
parallel is observable when the same methods of figuring reserves are used.
The published reserve percentage of the Federal Reserve System is the ratio
of gold and lawful money to net demand deposits and Federal Reserve notes
in circulation.
In the Bank of England deposit and note liabilities are
maintained in separate departments. Notes, which are the liability of the
Issue department, are backed pound for pound by gold, with the exception
Deof £18,450.000 which are backed by Government and other securities.
posits, which are a liability of the banking department, have a much more
limited reserve of gold (mude up of bullion, coin and Bank of England notes)
and silver coin. Thus on June 30 Bank of England notes in circulation had
a gold reserve of about 84% and deposits a reserve of 8.5%
By combining
them the reserve was 38.2%, comparing with a reserve of 43.6% for the
Federal Reserve System. The following table shows comparable reserve
percentages in 1920:
Bank of England Bank of England
Federal
Published
Comparable
Reserve
Figure.
Dale
Figure.
System.
Jan. 28-19.4
41.0
44.5
Feb. 25-17.0
38.5
42.5
Mar. 31.18.5
46.3
42.7
April28-.
16.5
45.3
42.4
May 26-.
16.5
42.7
49.1
Jime 30..
8.5
37.8
43.6
.
—
NEW YORK FEDERAL
RESERVE BANK ON CHANGES
IN NOTE CIRCULATION— AMERICAN CURRENCY IN CUBA.
The
following
Reserve Bank of
is
taken from the July report of the Federal
York.
New
Heavj' expenditures during the first week of July, as usual during holiday
periods, created an increased demand for circulating currency.
To meet this
deokincl FederalReserve notes in circulation in this district increased rapidly.
[Vol. 111.
reaching the high point on July6 at SSS6 ,000 ,000, an increase of S32 ,000 ,0
from June IS. The decline was almost as rapid, however, and the amoum
in circulation on July 22 was $842,305,000, a decrease of .$12,500,000 fro
June 18. A recent careful estimate gives the present circulation of America'*
currency in Cuba as about $125,000,000, of which .§100,000,000 is in th®
hands of the banks and the remainder in general circulation. This currency
consists largely of Federal Reserve notes, of which large amounts have been
withdrawn from this bank and from the Federal Reserve Bank of Atlanta, f^i
,
FEDERAL RESERVE BOARD'S POSITION ON COTTON
LOANS.
The
position of the Federal Reserve Board toward cotton
loans is indicated in a letter which Governor W. P. G.
Harding of the Board has addressed to the Department
of Agriculture in response to a communication of the latter
in which information was sought regarding inferences that
the Board had directed that loans on cotton be limited to
only such of the staple as was in process of shipment. In
a statement relative to its letter to Governor Harding anent
the reports which had reached it the Department of Agriculture says:
These reports indicated that, due to an existing financial stringency
stocks of cotton in the South were being forced on the market at a sacrifice in price, that grave fears were entertained by some business men
regarding the prospect for satisfactory financial conditions this fall for the
gradual movement of the cotton crop, and that it was thought by some cotton dealers that a ruling or other form of instruction from the Federal
Reserve Board, which limited loans on cotton to that only which was in
process of shipment, was the fundamental cause of the depressed condition
of the market and of the imfavorable prospect for the future.
Governor Harding in his advices to the Department
no instructions have been issued by the Board
calling for the limiting of cotton loans, and he expresses the
conviction that "the Federal Reserve Banks will do all that
can reasonably be expected of them to aid in the orderly
marketing of the cotton crop."
He observes that "the
accumulation of low grade cotton is due in part to the
difficulty in making financial arrangements necessary to sell
it to the mills in the central European countries,"
and says "the member banks in the South no doubt feel
reluctant to carry too large a volume of loans on collateral
which is not readily salable." The following is Governor
Harding's reply, in part, dated July 16, but only made
public by the Department of Agriculture vesterday (August
states that
.
.
6):
acknowledge receipt of your letter of the 14th inst., in which you
on Southern markets of large stocks of low grade
cotton. You say "It was stated to a representative of this department
that the Federal Reserve Board has issued instructions to member banks
not to make loans on cotton unless shipping instructions therefor were
shown the bank in other words that member banks were forbidden to
finance cotton unless it had been already sold for prompt shipment."
The Federal Reserve Board has issued no such instructions. It has no
power to require member banks to make or refuse any loans which they
may wish to make. Member banks are required only to live up to the
requirements of Section 19 of the Federal Reserve Act relating to reserves,
and the national banks can engage in all transactions which are permicted
under the Revised Statutes of the United States and of Section 13 of the
Federal Reserve Act. State banks which are members retain, under the
provisions of Section 9 of the Federal Reserve Act, all of the powers derived
from their state charters and continue to be subject to the supervision of
their respective state banking departments.
The Board has not been advised of any circulars issued by the Federal
reserve banks in the cotton growing districts giving advice to member
banks as to what loans they should make or decline to make, and the
Board would request that you ask j-our representative who has given you
the information conveyed in your letter to me to transmit any such circular,
if any are in existence, or else to state how he received his information as
I
refer to the pressure
—
to the alleged advice to member banks.
In order to facilitate the financing of this year's crops, the Board requested Congress early in the year to amend Section 5200 of the Revised
Statutes. This Section originally restricted loans by a national bank to any
one individual, firm or corporation to an amount not exceeding 10% of the
bank's capital and surplus. Congress, however, acted upon the suggestion
of the Board and Section 5200 as amended now provides that for a period
of six months out of any consecutive twelve months a national bank may
lend to an individual, firm or corporation up to 25% of its capital and surplus where loans in excess of the regular 10% limitation are secured by
warehouse receipts for readily marketable staples.
The accumulation of low grade cotton is due in part to the difficulty in
financial arrangements necessary to sell it to the mills in the Central European countries, which have always been the principal consimaers of low
grade cottons. The member banks in the South no doubt feel reluctant
to carry too large a vohune of loans on collateral which is not readily salable.
You say that "prior to the enactment of the Federal Reserve Act there
were independent banks in the cotton belt which made it a practice to
lend on cotton as collateral" and that "Most of these banks are now members of the Federal reserve system and their policy as to loans is largely
determined by regulations of the Federal Reserve Board." As a result
of the changes in the banking law made by the Federal Reserve .A.ct the
lending power of all banks has been greatly increased since 1914. The
banks in the cotton belt, in cases where they are not over-loaned in other
directions, can make much larger loans on cotton this Fall than ever before.
To what extent, however, these banks will be able to rediscount at the
Federal reserve banks I am unable to say. Section 4 of the Federal Reserve
Act requires the board of directors of a Federal Reserve bank to administer
the affairs of the bank "fairly and impartially and without discrimination
in favor of or against any member bank or banks" and that said board
"shall, subject to the provisions of law and the orders of the Federal Reserve
Board, extend to each member bank such discounts, advancements and
accommodations as may be safely and reasonably made with due regard for
I feel sure, however,
the claims and demands of other member banks."
that the Federal Reserve banks will do all that can reasonably be expected
of them to aid in the orderly marketing of the cotton crop.
.
Aug. 7
THE CHRONICLE
1920.]
547
GOVERNOR HARDING OF FEDERAL RESERVE BOARD a pound in the West to a basis of 20 centsIfor]bulk granulated.
This figure is lower than any local refinery is quoting.
ON FINANCIAL AID IN BEHALF OF AGRICULThe
American
Beet Sugar Co. now offers new crop beet sugar
TURAL INTERESTS.
The San Francisco Chamber
of
July 31
lias
of
Commerce undep date
the following to say regarding the advices of
of the Federal Reserve Board in promot-
Governor Harding
ing the agricultural needs through adequate loans:
G. H. Hecke, State Director of Agriculture, who has been in correspondence with Governor Harding of the Federal Reserve Board on agricultural conditions, has made public a letter in which Harding has promised
to put the combined resources of the Federal Reserve banks at the disposal
of any member bank needing additional resources for "higher essential
loans."
In his correspondence Hecke told Governor Harding that the threatening financial stringency has been further accentuated by an untimely
increase in discount rates and of the difficulty which agricultural producers
have experienced in securing adequate loans to finance their work. This,
he said, has retarded production of agricultural products essential to the
nation's source of food and clothing supply.
Harding wrote that the Federal Reserve Board will lend its assistance to
the increased production of foodstuffs and farm products and added that
the Federal Reserve banks have been advised of this view of the board and
have been told that, in restricting loans for less essential production, they
should not restrict accommodations for crop production and for distribution after the harvests.
FEDERAL RESERVE BOARD'S INVESTIGATION OF
ALLEGED FRADULENT COTTON WAREHOUSE
CERTIFICATES.
in the West at 19.80 cents, to correspond ndth the decline in
price of refined cane sugar, their basis being 20 cents below
that of the refined cane sugar.
SUGAR DEALER SENTENCED TO TWO YEARS IN
PENITENTIARY FOR HOARDING.
A. Lessen, said to be a small east side grocer in New York,
was sentenced to two years in the Atlanta Penitentiary on
July 29 by Federal Judge Harlan B. Howe, after a jury in
the Federal Court had found Lessen guilty of violating the
section of the Lever Food Control Act providing against
hoarding. Another grocer, Aaron Arrison, tried jointly
with Lessen, was acquitted.
With regard to Judge Howe's action the N. Y. "Times" of
July 30, said:
The sentence imposed upon Lessen was the maximum penalty provided
by the law, and
in imposing it Judge Howe declared he had decided not to
"put the dollar mark on this judgment," a reference to the fact that he
might have given the defendant the alternative of a $5,000 fine. Judge
Howe also said he hoped the sentence would "have a salutary effect on
anybody in this city who contemplated profiteering or hoarding."
The trial of Lessen and Arrison began five days ago. Assistant United
States District Attorney J. Mattox prepared the case for the Government,
while»A Wetmore appeared as attorney for the accused grocers. According
to the evidence adduced by the Government's representatives, evidence
largely gathered by J. J. Price, Chief As.sistant to A. W. Riley in charge of
the Federal "flying squadron," Lessen some time ago began to purchase
.
Washington advices, Aug.
4,
"
published in
"Financial
America," said:
The Federal Reserve Board has fully investigated the reported use of
alleged fraudulent cotton warehouse certificates in the South for the purpose of making bank loans. The trouble has been narrowed down to two
re-discount notes in the Atlantic district which were taken by two of the
strongest member banks in that district. The Federal reserve bank, it is
stated, is not affected at all in the transaction. The entire amount involved
in these transactions thus far disclosed totals slightly less than $225,000.
It was stated by the Federal Reserve Board that there could be no possible
from the affair. The corporations with which AVillingham has been
connected are found to be solvent, Jjut he is said to have outstanding
liabilities of $2,000,000, with undertermined assets.
losses
STATE INSTITUTIONS ADMITTED
RESERVE SYSTEM.
list
FEDERAL
Washington makes public
which were admitted to the
the week ending July 30*
The Federal Reserve Board
the following
TO
at
of institutions
Federal Reserve system in
Capital.
Surplus.
Total
Resources.
The Bank of Pittsview, Pittsview, Ala
$25,000
No. 8:
Monroe County Bank, Brinkley, Ark
50,000
District No. 9:
Farmers & Merchants State Bank, Eureka,
$2,500
$139,966
5,000
322,210
25,000
13,000
451,388
No. 11:
Dallas County StateBank, Dallas, Tex
250,000
Farmers State Bank, Georgetown, Texas.. 50,000
District No. 12:
105,000
50,000
1,613.411
220,000
7,129,622
District
No.
6:
District
Mont
500,000
and in Jersey.
Assistant District AttQrney Mattox offered evidence to the effect that
Lessen 's plans of operation were to withdraw the sugar in quantities specified by customers and ship it into towns Ln Pennsylvania and into Virginia
Counsel for Lessen sought to disprove the claims of the Government's
lawyers, making an especial effort to break down evidence tending to show
that his client had nearly a quarter mOlion pounds of sugar
warehouses.
"I could have sentenced Lessen to pay a fine of 85,000," said Judge Howe
last night, "as the law pro^ddes, but I thought that I did not want a dollar
mark on the judgment. I do not know whether this is the first jail sentence
for sugar hoarding or not, but I do know that it is the first sentence of its
kind imposed by me. I have had corporations before me, but I could do
nothing except impose a money fine. With Lessen, an individual, it was
different, and I imposed the maximum sentence.
city
m
ARGENTINE'S EMBARGO ON SUGAR
AND WHEAT
EXPORTS.
Concerning the embargo on sugar and wheat exports from
Argentina, Buenos Aires press ad^dces Aug. 2 said:
The fufther exportation of sugar from Argentina has been forbidden
by decree of President Irogoyen, the limit of 100,000 tons for exportation
which permission was given last May having been reached and domesIt is estimated that more
tic prices having advanced to excessive figures.
than 75,000 tons of the total exported was contracted for by interests in
the United States.
The Government also has forbidden the further exportation of wheat,
of
District
Security Trust Co., Bakersfield, Caiif
sugar in small lots.
As soon as he had established a connection in the trade. Lessen was able
to broaden out and, at one time, according to the Government's case, the
grocer had upward of 200,000 pounds of sugar stored in storehouses in this
666.658
MILK PRICES FOR AUGUST ADVANCE.
An increase of one cent a quart for Grades A and B
milk
went into effect Aug. 1, having been announced July 28
by the two large distributing companies, Sheffield Farms
Co. and the Borden's Farm Products Co. The advance of
one cent makes the price of Grade A milk 20 cents a quart
and Grade B 17 cents a quart. The increase, which was made
on the ground that the price paid to the farmer for August
milk is about one cent a quart more than during last month,
does not affect the price of pints of milk, cream, condensed
milk and buttermilk. The price of milk sold in the stores
in bulk also remains the same as last month.
The August prices were announced by the Sheffield Farms
Co. in an advertisement appearing in the daily papers of
July 31, which said:
In accord with the increased cost of milk at the farms there is a slight
advance in the retail price of a number of art icles on the foil ing 1 ist for August
Sealect Brand Grade A milk
20c. per qt. bottle
Sealed Brand Grade A milk
12c. per pt. bottle
Household Grade B milk
17c. per qt. bottle
Household Grade B milk
10c. per pt. bottle
Certified milk
27c. per qt. bottle
Brookside certified milk
.30c. per qt. bottle
Buttermilk
..12c. per qt. bottle
Xcream
.29c. per J-^ pt. bottle
cream
j...
37c. per pt. bottle
Condensed milk
18c. per pt. bottle
Special (sour) cream..
20c. per pt. bottle
Beginning with July, the farmers' costs go up month by month until the
peak Is reached In December, afler which the trend Is downward again.
The.se seasonal fluctuations are. of course, reflected in the city soiling
.
because the 500,000 tons recently fi.xed as a limit has been exported. It
was stated that an exception had been made in the case of a certain foreign
government on contracts for which the wheat was still remaining in Argentina.
A pre^aous reference to the wheat embargo appeared in
our issue of Saturdaj^ last, page 449.
REMOVAL OF AUSTRALIAN EMBARGO ON HIDES
AND LEATHER.
A
cablegram from the American Vice-Consul at INIelbourne, Australia, dated July 31, states that by a proclamation dated July 29 the embargo on the exijortation of hides
and leather fi'om Australia was removed.
SHOE FACTORIES IN HAVERHILL CLOSED AS A
RESULT OF UNION WAGE DEMANDS.
After rejecting the new wage scale proposed by the Shoe
Workers' Union, 20 cut sole, top lift and tap manufacturers
INIore
at Haverhill, IVIass., closed their factories on Aug. 3.
than GOO workers were thi'own out of employment.
The new demands are said to call for increase of S14 to SIS
weekly. Only a third of the normal forces of the factories
have been employed during the last mouth.
DROP IN WOOL CONSUMPTION.
XX
A
drop in wool consumption of nearly 17,000,000 pounds
from the average for the six months of 1920 is seen in figures
for June 1920, released by the Bureau of Markets, United
According
States Department of Agriculture, on July 31.
prices.
to the report, 46,000,000 pounds of wool, grease wool equivaREDUCTION IN THE PRICE OF SUGAR IN THE WEST. lent, entered into niauufacturo during that month, oomparod
Following a reduction in the price of sugar by some com- with 55,000,000 pounds for the corresponding month last
panies in New York, the California and Hawaiian Sugar year.
Summaries for preceding months of 1920 have shoi^Ti
Refining Co. has reduced the price of refined sugar 1 fi cents the following amounts used: January, 72,700,000 pounds;
THE CHRONICLE
548
February, 63,700,000 pounds; March, 67,900,000 pounds:
The
April, 06,900,000 pounds; Maj% 58,600,000 pounds.
Department says:
The sharp decrease in wool consumption is a result of the curtailment
of operations -which began in the textile manufacturing industry in May
and became more extensive in June. Many mills have been running on a
short-week schedule, while some have suspended operations entirely, the
suspensions in many cases being for an indefinite period. Lack of orders,
cancellations and deferred shipments are given as primary causes for the
unstable situation
CLOTHING FACTORIES CLOSE DOWN BECAUSE OF
BUSINESS CONDITIONS.
Further indications of business re-action, were evidenced
two large wholesale manufacturing clothing
plants in New York on Aug. 4. The action was attributed
to slack demand for goods and is said to affect between
3,000 and 4,000 cutters, tailors and bushelmen. Schwartz
& Jaffe, Inc., with two plants, one at 880 Broadway and the
other at 558-574 Broadway, and J. Friedman & Co., 708
in the closing of
Broadway, are the two firms which closed
their
shops.
WM.
R. WILLIAMS APPOINTED ASSISTANT SECRETARY OF WAR SUCCEEDING BENEDICT CROWELL.
The appointment was announced on July 29 of William
R. Williams of Richmond, Va., as appointed Assistant
Secretary of War, succeeding Benedict Crowell, who resigned recently to return to private business.
Under the
Army Reorganization act, Mr. Williams will have charge
of procurement of munitions and industrial organization
for war. Mr. Williams has been associated with the Richmond Forging Company and for many years was with the
American Locomotive Company.
REPORT OF INTER-CHURCH WORLD MOVEMENT ON
THE STEEL STRIKE.
The causes and results of the nation-wide steel strike,
which began last September and after running for a few
weeks proved a complete failure are dealt with in a report
prepared by the Inter-Church World Movement which
was presented on July 27 to President Wilson. The investigation was conducted by a commission of inquiry.
In a
letter accompanying a copy of the report sent to the President the suggestion was made that a special commission be
charged with the task of bringing about at once a free and
open conference between employers and employees in the
steel industry.
Unless vital changes are made, the letter
—
—
to the President said, another strike
is
inevitable.
November
to consider their
Press, It Is Claimed, Did Not Report Facts.
"For the country at large, the source of information about conditions in
the steel industry and the progress of the strike was, of course, principally
the press. The wide discrepancies between the facts now disclosed and
most of the press reports at the time are the subject of exhaustive analysis
elsewhere.
The findings are that most newspapers, traditionally hesitant
in reporting industrial matters, failed
notably to acquaint the public with
the facts, failed to take steps necessary to ascertain the facts, failed finally
to publish adequately what was brought out by the brief investigation
of the tTnited States Senate committee."
Defeat of the strike, says the report, is chargeable in part to "the hostiUty of the press giving biassed and colored news, and the silence of both
press and pulpit on the actual question of justice involved; which attitudes
of press and pulpit helped to break the strikers' morale."
Not a "Red "Strike.
stranger in America reading the newspapers during the strike and
talking with steel masters both in and out of steel communities, must have
concluded that the strike represented a serious outbreak of Bolshevism red
hot from Russia. The chief memory that American citizens themselves
may have a few years from now may well be that the strike was largely the
work of Reds. The evidence, however, justifies the following observation
of general significance: Not one new development of major Importance
was discovered in this strike. That is, in the light of industrial history
there was nothing in the strike which deserves to be called industrially new,
or revolutionary.
It was an old-fashioned strike, preceded by a slightly
new mechanical quirk in organizing.
"The cry of 'Bolshevism' was not only a fraud on the public; it was a
dangerous th'ng because it advertised, to the mass of immigrant steel workers, who went down to defeat under old flags and old slogans, an idea and
untried methods under which they might be tempted to make another
battle.
It roused in the minds of hundreds of thousands who know best
that they are not Bolsheviki, a distrust which abides, and a siLspicion of
Government agencies and of American public opinion which seemed to
lend themselves to a campaign of misrepresentation.
"A
demands.
Dr. Daniel A. Poling, secretary of the commission of
inquiry, in giving out the text of the report declared: "There
can be no doubt that the report will be regarded by the pubhc
as strongly favoring the laboring man's side of the case.
The commis.sion believes that such an impression corresponds
wholly with the facts it has discovered." Dr. Poling said
the commission faced "far reaching difficulties" in proceeding with its work. These included anonymous attacks,
the rifling of its files and other "under cover" methods which
not only embarrassed the commission but threatened to
defeat the ends of the investigation. "But so vital does the
commission believe its work to be," he said, "and so far
reaching its recommendations for these distressed times,
that its members were prepared to make the most extreme
sacrifices rather than have the report fail."
The report, which ]^r. Poling characterizes as "a serious
indictment of the United States Steel Corporation," contains 94,000 words. The commissioners, besides Dr. Poling,
who made the investigation, were: Bishop McConnell,
ehairrian; Bishop William Bell, Mrs. Fred Bennett, George
W. Coleman, Dr. John McDowell, Prof. Alva W. Taylor,
Dr. Nicholas Van Der Pyl and Bishop Charles D. Williams.
Following is an abstract of the report of the Inter-Church
Movement, as given in the New York "Evening Post"
of July 28:
The causes of the steel strike of 1919. according to the report of the
Interchurch Commission of Inquiry "lay in grievances which gave the
workers just cause for complaint and for action. These unredressed grievances still exist in the steel industry.
"Moreover, both causes and issues remain uncomprehended by the
nation.
The strike, although the largest in point of numbers in the history
of the country up to the first date, exhibited this extraordinary phase:
the basic facts concerning the work and lives of the 300,000 strikers were
never comprehensively discovered to the public.
Book a
Foster's
Steel
Weapon.
"The first facts persistently brought up were William Z. Foster, secretarytreasurer of the National Committee for Organizing Iron and Steel Workers,
and his 'Red Book' ... on 'Syndicalism.' The two must be separated.
The 'Red Book's' actual relation to the strike is undisputed. No copy
of the original book, out of print for several years, was found in possession
of any striker or strike leader.
A reprint, which was a facsimile in everything except the price mark and the absence of the union label, was widely
circulated from the middle of September on by officials of the steel companies.
The book's relation to the strike, therefore, was in no sense causative;
it was injected as a means of breaking the strike."
Moreover, says the report, the control of the movement to organize the
steel industry, vested in twenty-four A. F. of L. trade unions, was such
that Mr. Foster's acts were perforce in harmony with old line unionism;
and Mr. Foster "harmoniously" combated the natural tendency of sections
of the foreign rank and file toward industrial unionism.
"The strike organizing plan was the same, and was directed by the
same two men, as that of the stock yards employees in 1918
From
the standpoint of the Industrial Workers of the World and the other One
Big Unionists, no group ever had such an opportunity to establish the
new kind of organization as did the National Committee for Organizing
.
.
.
Iron and Steel Workers.
Despite the fact that most professed
industrial revolutionaries 'favor' all strikes there is evidence as to their
Indifference or active opposition to this one.
Wlien Mr. Foster's organization was ha^^ng hard sledding in organizing Youngstown, Ohio, Eugene
v. Debs visited the district and began severely criticising the whole plan in
public speeches.
It was necessary to send a committee to Debs before he
could be induced to drop the subject. In the Pittsburgh district, I. W. W.'s
tried to Ijreak the strike a few days after it had been started.
.
No
The
proposed special commission, it was suggested, might go
forward on the precedent of the Presidential commission
of the bituminous coal industry appointed after the coal
miners' strike last
[Vol. 111.
.
.
"Revolutionaries" Fovnd:
investigators searching for political revolutionaries among the
leaders or even the great rank and file became convinced, from the attitude
taken by local. State, Federal and army officials, that if such revolutionaries existed the authorities would surely find them.
"No leaders of the strike were convicted of 'radicalism' in court. Hundreds of strikers were rounded up in 'radical raids,' b<it none was tried and
convicted.
In McKeesport in one raid seventy-nine workmen were taken,
three were detained and one on final examination was held by the Federal
authorities.
Federal officers testified that the denunciations which had led
to these arrests were made by plant detectives or 'under-cover men' of the
steel companies, many of them sworn in as sheriff's deputies during the
"The
strike.
"In the Gary district in October, out of 16,000 strikers seven immigrants
were turned over for deportation by the military officers whose agents had
been working in Gary since May 1919. In February 1920 these seven had
still not been ordered deported.
None of these was arrested on charges of
radical agitation during the strike but for being members of organizations such as the I. W. W. and various Russian societies or for professing
Communist beliefs.
No records of conviction through legal
process on charges of such agitation were discovered by investigators."
Grievances and Remedies.
A general summary of the findings of the commission showed the fundamental grievances to be:
.
.
.
"(a) Excessive hours; (6) The 'boss system': (c) No right to organize
or to representation."
The remedies desired were: "(a) Shorter day and week with a living
wage; (6) Representation and conference and end to the 'boss system'
which .so often subjects common labor to petty tyrannies; (c) Right to
unionize and a substitution of industrial democracy for industrial autocracy."
"We find the grievances to have been real." says the report:
"(o) The average week of 68.7 hours, the twelve-hour day whether on
a straight twelve-hour shift or on a broken division of 11-13 or 10-14 hours,
the unbroken twenty-four-hour period at the turn of a shift and the underpayment of unskilled labor, are all inhuman.
"(b) It is entirely practicable to put all processes requiring continuous
operation on a straight eight-hour basis, as is illustrated by the Colorado
Iron and Fuel Co. These processes require the services of only a fraction
of the workers.
"(c) The 'Boss System' is bad. the plant organization is military and the
The companies claim that they accord the right to
control autocratic.
join unions and the opportunity of the conference are theoretical; neither
allowed in practice.
It breeds
"(d) The use of 'under-cover' men is severely condemned.
distrust, breaks down morals and stimulates ill-will; it is undemocratic and
is
un-American.
"(f
media
)The
United States Steel Company to confer, to accept
attitude of hauteur as shown by its refusal) to follow
refusal of the
rnd
(its
Aug. 7
THE CHRONICLE
1920.]
the recommendations of the War Labor Board incited labor strife, and
because of the strength and influence of this corporation forms one of the
greatest obstacles to a just settlement of industrial gi'ievances and unrest
at this time."
Commission's Recommendations
The recommendations of the commission follow:
"(1) The adoption of the eight-hour shift on all continuous processes.
"(2) Limiting of the day to not more than ten hours on duty, with not
more than a six-day and a
fifty-four
hour week, with at least a minimum
comfort wage.
"(3) Recognition of the right to join regular craft unions or any other
freely chosen form of labor organization: recognition of right to open
conference, either through shop committees or union representatives;
recognition of right of collective bargaining.
"(4) A vast extension of house building
possible,
by the
steel
—
by the communities where
companies where community building is inadequate
549
chapters in the history of the industry is passed by as though it had no
existence.
It is hard to conceive how the churchmen responsible for this product
of the Int'er-Chvirch World Movement could think of it as aiding in the
solution of the labor problem of the steel industry or as contributing to peace
and conciliation in the relations of employers and employed. Leaders of
the industry, many of whom came up through the mills in days when the
average working hours were longer than they are to-day. admit that the
eight-hour day is a goal to be attained and they are working toward that
goal. Conditions during the war did not permit of a general shortening
of working time: conditions since the war have been scarcely more favorable. But labor betterment at iron and steel works will go on, and even the
ill-judged attempt of the Inter-Church Movement to deliver the industry
into the hands of a labor-union autocracy will not stop, though it may retard, the movement to which earnest and progressive employers are devoting themselves.
or impossible.
That organized labor:
Democratize and control the unions,
calling, conduct and settlement of strikes.
"(5)
"(a)
especially in regard to the
"(6) Recognize unions with a view of sharing in responsibility for production and in control of production processes; to this end:
"1. Repudiating restriction of production as a doctrine.
"2. Formulating contracts which can be lived up to.
"3
Finding a substitute for the closed shop wherever it is a union practice.
Scnipuously avoid all advocates of violence.
"(d) Accept all possible proffers of publicity and conciliation.
"(e) Promote Americanization in all possible ways and insist upon an
American standard of living for all workingmen.
"(f) Prepare more adequate technical information for the public in regard
to all conditions bearing upon the calling and the conduct of a strike.
"(g) Seek alliance and council from the salaried class known as brain
.
"(c)
workers.
"(6) That the President's Industrial Conference plan for standing tribunals of conciliation and publicity be given a fair trial. We believe that the
most effective step to be taken for the obtaining of justice in a strike situation is through publicity, conciliation and a voluntary system of arbitration: and as a beginning we recommend the fullest publication of these
findings and of our more complete reports.
"(7) .That minimum wage commissions be established and laws enacted
providing for an American standard of living, through the labor of the
natural bread-winner, permitting the mother to keep up a good home and
the children to obtain at least a high school education.
"(8) That the Federal Government invastigate the relations of the Federal
authorities to private corporations 'undercover' men and to labor detective
agencies.
"(9) That the eight-hour day be accepted by labor, capital
public as the immediate goal for the working day, and that the
and the
Government provide by law against working days that bring over fatigue and deprive the individual, his home and his commimity, of that minimum of
time which gives him an opportunity to discharge all his obligations as a
social being in
a democratic society."
In an editorial article in last week's issue, the "Iron Age,"
one of the leading steel trade journals, made the f ollo"wing
comment on the report of the Inter-Church Movement
"The commission 'met' at Chicago in December 'and at different times
individual members carried on investigations.' The real work was done
by a number of employees of the commission, some formerly connected
with newspapers and magazines, and several of them known to entertain
opinions on the existing industrial order. Such a personnel explains what is not long held back in the report that the investigators set
out to get material for an indictment of the steel manufacturers of the
country and did not permit themselves to come back without what they
went to get. That it was not a judicial investigation is made plain on page
after page by innuendo, invective and the unrestrained bitterness of a hired
prosecutor.
The tender way in which Foster, the syndicalist, is handled by the
investigators is fully illustrative of their bias.
The importance of the
Red Book on Syndicalism is belittled and it is pointed out that no copy of
the original book was found in the possession of any striker or strike leader,
but that the circulation of the Red Book and extracts from it was due to the
efforts of those who were fighting the strike.
The fact was that Poster
had become wiser than he was when he wrote the book and realized that it
would be absolutely fatal to his cause to adopt openly the methods which
he advocated in earlier years. Hfe, like the investigators of the commission,
tried to treat it lightly, but it is not true, as the report says, that he recanted.
Foster never recanted his earlier teachings. About the time of the strike
he published a new book in which the old doctrines were reaffirmed, but in
milder language and in his latest book there is no indication of his having
changed his opinions, but on the contrary, clear proof that he still looks
forward to the triumph of revolutionary doctrines.
The report admits that the use of the Red Book against the strike was
effective, but fails to point out that just as soon as many patriotic workingmen realized the unpatriotic and un-American character of the leadership
of the strike they refused to have anything to do with it.
The report also
minimizes the revolutionary sentiments that prevailed among certain
strikers who believed that the strike was undertaken in order to get possession of the plants and really thought that the workingmen would soon be
in full charge.
That part of the report relating to the twelve-hour day and the sevenday week, although covering familiar ground to a large extent, is worthy
of the careful consideration of all employers. Progress has been made in
reducing hours of work, and more ought to be done and we believe will
be done without unnecessary delay.
The assertion that engineers have found that the steel industry, "being
run for the making of profit and not primarily for the making of steel,
favor spells of idleness, during which the country and the steel workers
pay for the maintenance of idle machinery, and later spurts of long-hour,
high-speed labor," is so false and reckless and so like the product of an
envenomed mind that one marvels how the editor of the report could have
allowed it to remain. That might well have been penned by Foster, the
syndicalist.
'radical'
—
There is nowhere in the report any appreciation of the efforts that have
boenjmado by leading steel companies to establish employee representation
and co-operation on a fair and permanent basis. There is the slurring state-
ment that a number of "independents" have parted company, to slight or
great degree, with the Corporation in the matter of installing some conferring.
This
considered later, but there is no question that the iron and steel
a whole will change its manner of control as the Corporal ion does.
While the report recommends that the investigation of .shop coiuTiiittees
be continued, it gives the leaders in the industry no credit for what they
have done: in fact, the whole record of advance in lal)or belternu-nt at
steel works which for the
past twenty years const itutes one of the brigiitest
indii.stry
is
a,s
RAILROAD RATE INCREASES AUTHORIZED
INTER-STATE COMMERCE COMMISSION.
BY
Railroad rate increases which it is unofficially estimated
about $1,500,000,000 additional revenue per year
to the carriers, have been granted by the Inter-State Commerce Commission. The decision of the Commission dated
July 29, was made public after the close of business July 31.
Under it the railroads in Eastern territory are authorized
to raise their freight rates 40%; those in the Southern and
Mountain-Pacific Groups 25%, and the Western Group 35%.
will yield
The Commission
also
authorizes the carriers to advance
passenger fares 20%; Pullman rates 50%, and excess baggage rates and milk rates 20%. In their original application
before the Wage Award, the roads had asked for freight
increases averaging 28%, to yield additional revenue of
$1,017,766,000, estimated by the Association of Railway
Executives as necessary in order to enable the roads to meet
higher operating costs and to permit the carriers to earn a
6% return on their property investment. Details of the increases sought at the time of the opening of the hearings
on the application for higher freight rates were given in our
issue of May 29, page 2254.
The Eastern group sought
freight increases of approximately 30%; the Southern 31%
and the Western 24%. Following the award made by the
Railroad Labor Board on July 20, under which increased
wages of $625,921,085 were granted to railroad employes,
the Association of Railway Executives petitioned the InterState Commerce Commission for further additions to
revenues through higher passenger rates and added increases
in freight revenue. The application for these further extra
rates was filed by Alfred P. Thorn, General Counsel of the
Railway Executives, on July 22, pending the decision of
the Commission on the original application; in their new
schedule, the Railway Executives proposed a 20% increase
in passenger fares, a 20% increase in excess baggage rates,
an increase of 9.13% in freight rates (in addition to the
27.85% pre'viously sought), a surcharge of 50% on charges
on sleeping and parlor cars, and an increase in milk rates
equal to the total sought in the case of freight rates. The
statement embodying these increases was given in our issue
of July 24, page 351. For the respective groups this statement showed the freight increases asked for, as follows:
Official Southern
Western
Total.
Percent, of frt. and switch, revenue (addl) 10.00%
8.57% 8.23% 9.13%
Original application
29.75
30.34
23.8
27.9
Total percentage required
39.75
38.91
32.03
36.8
In announcing
its
conclusions as to the increased freight
rates to be granted the Commission said:
We are of opinion and find that the following percentage increases in the
charges for freight service, including switching and special services, together with the other increases hereinbefore approved, would under present
conditions result in rates not unreasonable in the aggregate under Section
1 of the ITransportation] act and would enable the carriers in the respective
groups, under honest, efficient and economical management and reasonable
expenditures for maintenance of way, structures and equipment, to earn
an aggregate annual railway operating income equal, as nearly as may be,
to a return of 5M% on the aggregate value, for tlie i)urpos»-s of this proceeding, of the railway property of such carriers held for and ustxl in the
service of transportation, and one-half of 1% in addition: Eastern group,
40%; Southern group. 25%; Western group. 35%; Mountain-Pacific group.
25%.
The Associated Press
in its Washington dispatches of
dealing with the rate increases granted said in jiart:
The actual increased amount to bo received by the roads as a result of
Aug.
1,
the rate advances has been roughly estimated at SI .,')00.000.000, but until
the now tariffs are worked out and put into operation the exact amount is
With passenger fares increiised om^fifth and Pullman
problematical.
charges advanced one-half pa.s,sengcr travel probably will be reduced.
Based on the present piusseiiger traffic these increases are expected to
yield the roads a return of .?277.000,000. all of which was sought to help
absorb the wage advance to railroad workers which the Railroad l.alnir
Board has informed the Commission wiU work out at JtilS.OOO.OOO instead
of the IJiiOO.OnO.OOO first est inialcd. The carriers have figured the increase
at $625,000,000; for the purposes of the rate ca.se the Commission used the
Hoard's figures.
The estimated net operating income of $1,131,000,000 which tlie roads
are to receive as a lesult of the rate incre;i.ses represents 6% on the aggregate value of the railroad properties, which was placed by the Commission
at $18,900,000,000, or SI .110.000.000 U>ss than the carriers' estimate.
Of the total income received by the roads, one-half of 1% of the aggregate
THE CHRONICLE
550
value, or 894,000.000.
must be
set aside
annually for additions and better-
ments.
Thus the actual net operating income going into the treasury of the carriers
would be 51,040,000.000. From this must be deducted taxes and other
fixed expenses not included in operating expenses before the actual net
income is determined. Admittedly taxes and most other of such fixed
expenses have increased since the pre-war period on which the standard
Government return is based.
The Co mmi ssion in
made
its decision (which we give* in full
the following observation:
Evidence has been submitted tending to show that we should accord
to the carriers the maximum per cent, authorized by the Congress. The
high rates of interest now prevailing are cited by the petitioners, and our
further below),
attention is called to prominent instances where large railroads with recognized financia Jstanding have been obliged within recent months to pay
interest rates well in excess of 6% on new capital. The evidence shows that
the Xew York Central RR. Co. recently sold S36,000,000 of 15-year equipment notes carrying an interest rate of 7% and that notes carrying the same
rate of interest were sold by other carriers, as follows: Pennsylvania RR.
Co., 850,000,000 of 10-year collateral notes: Northern Pacific RR., 84,500,000 of 10-year equipment notes: Atlantic Coast Line RR., $6,000,000 of
10-year collateral notes; Louisville & Nashville RR., 87,500,000 of 10-year
collateral notes.
Discounts and commissions raised the total cost of the
capital to these carriers to 7}4% per annum.
.
Commissioners Eastman and Woolley, joined in a separate
opinion, in which while concurring in the conclusions of the
majority ^^ith respect to the increases in rates which should
be permitted, they indicated that they reached these conclusions "by a somewhat different path.''
Commissioner
McChord
also wrote a separate opinion in
''had the decision in this ease been left to
judgment,
elusion,
which he said
my
individual
would have arrived at the same general conby perhaps by a somewhat different route." The
I
foUo-ning
of
is the decision in full, with the separate conclusions
Commissioners Eastman, Woolley and McChord.
In this proceeding carriers by railroad subject to our jurisdiction seek
authority pursuant to the provisions of section 15A of the Inter-State
Commerce Act to increase their freight revenues to a basis that will enable
them to earn an aggregate annual net railway operating income equal, as
nearly as may be, to
upon the aggregate value of tlie railway property
of such carriers held for and used in the service of transportation.
The applications, which were filed in the latter part of April and the early
part
of Hay 1920, were made at our suggestion to assist us in complying
with
the provisions of that section.
.Similar applications were filed on the part
of certain carriers by water.
Hearings were held in Washington in May,
June and July 1920, and the case was submitted upon briefs and oral argument on July 6 1920. In accordance with the provisions of paragraph 3
of section 13 of the Inter-State Commerce Act, we invited the State commissions to co-operate with us in this proceeding, and there were appointed
three representatives of those commissions, Hon. Wiliam D. B. Ainey, Chairman of the Public Seriice Commission of Pennsylvania; Hon. Royal 0.
Dunn of the Railroad Commission of Florida, and Hon. Jno. A. Guiher of the
Railroad Commission of Iowa, who sat with us throughout the hearings and
oral argument and joined with us in conferences antecedent to our
determination of the matters in issue.
Section 15A of the Inter-State Commerce Act provides that in exercising our powers under that section we shall "initiate, modify, establish or adjust" rates for the carriers as a whole, "or as a whole
in each
of such rate groups or territories as the Commission may from time
to time
designate."
We accordingy assigned for oral argument on March 22 1920 the question, among others, "whetlier for the purposes of said section
15A the rate
adjustment shall be made for the carriers as a whole or by rate groups
or territories to be designated by the Commission, and if the latter, what
rate groups or territories shall be so designated."
The preponderance of opinion was that the boundaries of official. Southem and Western classification territories shall be observed, and that three
groups should be designated accordingly.
In making their proposals in
this proceeding the carriers have observed generally those three groups,
but
the carriers in New England and in the Southwest have brought to our
attention the peculiar financial needs of the railroads in those territories.
The New England carriers do not propose a change in the grouping suggested by the carriers generally, but certain of the Southwestern lines ask
that we carve out of the Western territory a separate Southwestern group.
This separate application of the Southwestern lines is opposed by many
shippers sened by these carriers and by other carriers in the
Western
group.
The record shows that the principal railroads serving the territory west
of the Colorado common points, especially the so-called transcontinental
railroads as a whole, are in a substantially better financial condition
than
other carriers in the Western territory.
It also shows that the rates, generally speaking, are materially higher in the region west of the Colorado
common points than in the part of the Western territory lying east thereof.
Considering the whole situation, it is our view that the territory west of
the Colorado common points and the traffic to and from that territory may
properly be given separate treatment.
We find that for the purposes set forth in section 15A the groups should
be as follows
6%
Eastern Group.
Its
limits for
the purposes of this proceeding
may be
established as
follows
The Atlantic seaboard from the Canadian border to Norfolk, Va.
the
line of the Norfolk d- Western Ry. from Norfolk, Va., to Kenova,
Va. the main line of the Chesapeake <t- Ohio Ry. from Kenova, W. Va.,
to Cincinnati, O., the Ohio River to Cairo, 111., the Mississippi River to the
mouth of the Illinois River at or near Grafton, 111.
the Illinois River
from Grafton, 111., to Pekin, 111.
a line south and east of the Atchison
Topeka & Santa Fe Ry. from Pekin, 111., through Joliet and Streator, 111.,
to Chicago, 111.
a line drawn from Chicago, 111., to include the southern
peninsular of Michigan, and thence following the international boundary to
;
mam^
\v.
;
;
[Vol. 111.
?ew
Orleans, La.,
and the mouth of the Missis'"'"''PS' ^'^f" ^?
"°rth of the Guf of Mexico from the Mississippi
River
iH'''f^"n
Atlatic
Ocean, including also those portions of the Southern
Ry .
Louisville <& Nashville RR., Mobile d- Ohio RR.,
Atlantic Coast Line RR
ad Seaboard Air Line Ry. extending north of the northern
bojadary and
excluding that portion of the Virginian Ry. extending south
of the ^^^^.^x
northern boundary.
Western Group.
The territory lying west of the western boundaries of the Eastern
and
Southern gioups as above described; south of Lake Superior
and of the
international boundary line; north of the Gulf of Mexico
and the Rio
Grande, and on and east of a north and south line running as
followsFollowing the boundary line between the State of North Dakota
and the
State of Montana and the boundary line between the States
of South Dakota and Wyoming and Nebraska and Wyoming to the line
of the Union
Pacific extending east of Cheyenne, Wyo., then following the
line of the
cL^^
!>•
t??L
to the
Union Pacitic westward to Cheyenne and from Cheyenne running
ward through Denver, Colorado Springs, Pueblo and j'n.icl.id. Co'o southtiiun
following the line of the Atchison Topeka & Santa Fe Rv.
througli 'Raton
'\"'^,
^"LX"-^^'of the
Atcliison
,?•
¥•• *° Albuquerque, N. M. ; then south along the line
Santa Fe Ry. to El Paso, Tex.
&
Topeka
Mountain Pacific Group.
All that territory lying between the line last described and the
Pacific
Coast, not including Alaska.
The grouping herein approved differs somewhat from that proposed by
the carriers, and, inasmuch as the record deals principally with
the three
major groups, it will be advisable to deal with the evidence as presented.
In analyzing the results of operation for the various groups of
carriers for
the constructive year devised by them, and for the first four
months ol
1920 we sliall group the carriers as they were grouped in the application
filed in this proceeding.
THE RATE-MAKING POWER.
Paragraph (3) of Section 15.\ is as follows:
The Commission shall from time to time detrmine and make p'iblic
what percentage of such aggregate property value constitutes a fair return
thereon and such percentage shall be uniform for all rate groups or
territone.s which may be designated by the Commission.
In making such determination it shall give due consideration, among otlier things, to
the
tran.sportation needs of the country and the necessity (under honest
eficient and economical management of existing transportation facilities)
of
enhirging such facilities
order to provide the people of the United States
with adequate transportation.
Provided, that during the two years beginning March 1 1920 the
Com-
m
mission shall take as such fair return a sum equal to 5% per centus
of such
aggregate value, but may in its discretion add thereto a sum not execeeding
one-half of one per centum of such aggregate value to make provision
in
whole or in part for improvements, betterments or equipment, which, according to the accounting system prescribed by the Commission, are chargeable to capital account.
Grant
Maximum Under Law.
In establishing rates for the two-year period, we have no discretion
as to
the amount of the fair return except that we may add to the
provided
by law "a sum not exceeding one-half of 1% of such aggregate value
to
make provision in whole or in part for improvements, betterments or equipment, wliich according to the accounting system prescribed by the Commission, are chargeable to capital account."
Having determined the per cent, we are called upon to perform the
administrative task of establishing rates that will yield in the
aggregate as
nearly as may be that per cent until March 1 1922.
Evidence has been submitted tending to show that we should accord
to
the carriers the maximum per cent authorized by the Congress.
The high
rates of interest now prevailing are cited by the petitioners,
and our attention is caled to prominent 'instances where large railroads with
recognized financial standing have been obliged within recent months
to pay
interest rates well in excess of
on new capital.
5%%
6%
High Borrowing Rates.
The evidence shows that the N. Y. Central RR. Co. recently sold §36,000,000 of 15-year equipment notes, carrying an interest rate of 7%, and
that notes carrying the same rate of interest were sold by other carriers
as follows:. Pennsylvania RR. Co., $50,000,000 of 10-year collateral notes
;
Northern Pacific RR., .$4,500,000 of 10-year equipment notes; Atlantic
Coast Line RR., $6,000,000 of 10-year collateral notes; Louisville ft- Nashville RR., $7,500,000 of 10-year collateral notes.
Discounts and commissions raised the total cost of the capital to these carriers to
7V^ per cent per
annum.
Efficiency in Operation.
Much has been said upon the present record concerning the necessity of
additional equipment and the efficiency of the present management of" the
carriers.
It is the view of the carriers that existing facilities are inadequate and they state specifically that they need immediately at least 100,000 freight cars, 2,000 locomotives and 3,000 passenger cars.
Shippers
are unanimously of tiie opinion that the transportation service has been and
is unsatisfactory, and many of them urge upon us the necessity
of granting
such increased rates as may be necessary in order that the service may be
improved.
Otiiers raise the question whether considerations other than inadequacy of facilities notably labor difficulties are not equally responsible for the admittedly poor service.
Especially during recent months a
shortage of labor at crucial points, due in part to strikes, has contributed
more largely than any other single factor to the unsatisfactory condition
that has existed and still exists.
Witnesses for the carriers were unable to
state explicitly what economies in operation, if any, may be presently effected.
On the other hand, the opinion was expressed that certain increases in operating expenses are apparenty unavoidable.
During the war
passenger traffic was unusually remunerative because of troop movements,
elimination of unnecessary trains and heaAy loading of passenger cars. The
movements of troops has practically ceased, and it is the view of the carriers that a larger number of passenger trains will have to be operated.
During the war, in part because of war necessity, there was a maked increase in the loading of freight cars.
It is apparent that there may be
increases in expenses not related to the general increase in prices which
may offset economies that may be effected in other directions.
—
—
;
;
the Atlantic seaboard
including that portion of the Virginian Ey. extendwig so'ith of the southern boundary, and excluding those portions
of the
Southern Ry., Louisville & Nashville RR., Mobile
Ohio RK., Atlantic
Coast Line RR. and Seaboard Air Line extendinfg north of the southern
;
&
boundary.
Property
Investment.
The calculations of the carriers as to the increases in revenue needed by
them are predicated upon the assumption that the Commission should
permit a return of 6% on the book figures for investment in road and
epuipment, improvemnts on leased railway property, materials and supplies and Government allocated equipment, hereinafter referred to as book
Their contention is that the aggregate value of the property of the
carriers in each group, held for and used in the service of transportation,
is substantially in excess of the aggregate of the amounts shown as tlieir
respective book costs.
The carriers recognize the infirmities inherent in the investment acco.st.
Southern Group.
The territory commonly known as the Southern classification territory,
embracing tliat section of the United States lying west of the Atlantic
Ocean .south, of the main line of the Norfolk <fc Western Rv. from Norfolk,
\a., to Kenova, W. Va., thence south of the Chesapeake
"c& Ohio Ry. to
Cincinnati, and thence south of the Ohio River to Cairo, 111.
thence east
;
;
counts as carried upon the books of the carriers, as a measure of the value
:
:
Aug.
THE CHRONICLE
7 1920.]
551
but they contend that it is
of the respective properties taken separately
appropriate for us to use the aggregate of such figrures as the basis of our
calculations, tested in the light of the work of our bureau of valuation as
thus far progressed, the tendencies thereby shown and the conclusions to be
swered. Still further adjustments of the figures were subsequently made to
provision for increases in prices, additional railway-mail pay and
other items that became effective after the answers to the questionnaires
drawn therefrom by those familiar with the work so far done, and also by
consideration of such matters of common knowledge or within the knowledge of the Commission as bear upon the subject.
The aggregate amount carried as book cost of road and equipment by
all classes of carriers reporting to us, as of December 31, 1919, is set out
The difficulty of making an accurate statistical analysis of the results of
railway operation during the constructive year devised by the carriers is due
in part to the incompleteness of their own figures.
The questionnaire to
which reference has already been made requested the individual railroads to
follow the general instructions therein set forth.
A number of small carriers failed to answer the questionnaires, and we are asked to assume that
;
below according to the territorial groups defined in the applications of the
carriers
Eastern group—Southern group
Western
._
group
Total all
$9,038,194,615
2,183,923,124
8,818,454,872
$20,040,572,611
groups
How
Value Was Ascertained.
make
were received.
—
—
the directions which were none too specific were accurately and faithfully
followed by the other carriers.
The evidence indicated that such an assimiption is unwarranted.
An exhibit filed by the Southern carriers showed that in adjusting freight
revenue for the constructive year only six of them showed a credit to freight
revenue
some of them made no adjustment whatever of freight revenue,
and still others showed a debit. There is no adequate explanation of record
;
of such widely divergent results, but they strongly indicate that the
In the administration of Section 15A of the Interstate Commerce act it
becomes necessarj- for us to determine, as nearly as may be, the aggregate
value of the railway property of the carriers defined in that section, held for
In making this determination, we
and used in the serv^ice of transportation.
are authorized to utilize the results of our investigation under Section 19A
and we are required
of the act, in so far as we deem such results available
to give due consideration to all the elements of value recognized by the law
of the land for rate making purposes, and are required to give to the property investment account of the carriers only that consideration which, under
such law, it is entitled to in establishing values for rate making purposes.
Considerable evidence of a general character as to the various elements
of value has been produced herein, which we have carefully scrutinized.
While the valuation of the railroads under section 19A of the Interstate
Commerce act is still incomplete, the work has progressed so far that the
results are of value and informative in reaching the determination we are
now required to make. So far as the work has produced results, either as to
particular roads, or as showing general tendencies and principles, we have
given consideration thereto, as will appear from examination of our various
valuation reports, and from section 19A itself, our investigations under that
section are designed to give information as to the original cost of the property, the cost of reproduction new. the accrued depreciation, the amount of the
investment, the corporate histories of the properties, the values of the lands,
and other values and elements of value, if any.
We have also before us the investment accounts of carriers. Since
1907 there has been mandatory regulations by us as to the manner in which
the Investment accounts should be kept. In the administration of section 20
of the Interestate Commerce Act we have had frequent occasion to investigate, and in many cases to correct errors apparent in the investment acOther errors have been discovered and brought to our attention in
counts.
the progress of the work of valuation under section 19-A.
The probable earning capacity of the properties under particular rates
prescribed by law and the sums required to meet operating expenses, separate and collectively, are indicated in the record.
There is also evidence which tends to show the amount and market value
of the bonds and stocks of the carriers.
;
method
followed by the various carriers in responding to the questionnaires was not
uniform.
To the extent that different methods were employed the results
are subject to criticism.
A specific request by us that the carriers furnish "all underlying details
and formulas upon which the constructive increases estimated for 1920 were
based for the three groups" met with a response so general in character that
it does not serve the purpose intended.
Numerous other criticisms of the
cariiers' figures for the constructive year
some of which are justified by
the facts were made at the hearing. The inadequacy of the data furnished
by tht carriers increases substantially the difficulty of forecasting the resiilts
of operation for the two-year period.
Some of the important adjustments of revenues and expenses made subsequent to the filing of the questionnaire were based on data hastily obtained,
in part by telegraph, from a few carriers regarded as typical.
There is noassurance that this information was compiled on a uniform basis and no
proof that it is accurate.
The agents of the individual carriers by whom
the information was originally compiled were not present at the hearing.
Although an honest effort has apparently been made to provide the best information that could be obtained in the limited time available, it is necessary to call attention to the fact that the details of a number of the adjustments, both in the original questionnaire and subsequent thereto cannot be
accepted as accurate.
Tlie proposals of the carriers as originally presented and as considered
throughout the hearings made no allowance for increased wages of railway
employees not then effective. In the course of the hearings it was stated
that a decision of the United States Railroad Labor Board would soon be
forthcoming granting certain increases in the wage of railway employees,
and it was generally agreed that we should give due consideration to the
award of that board when made.
On July 20 1920, after the close of the hearings of oral arg^ument, the
Labor Board announced a decision awarding approximately $618,000,000 as
increased wages.
In discussing the results of operation in each group we
shall deal first with the evidence as presented, without reference to the
award of the Labor Board, and shall thereafter refer to the wage award
and to its effects upon the operating expenses of the carriers in the several
—
—
groups.
Total Value $18,900,000,000.
Revemic Needs
In properly appraising all these elements of value we are mindful of the
This fact has
fact that the carriers are operating units and going concerns.
been given due consideration in the light of the financial history of the
transportation system of the United States as developed by the record and
The needs for working capital and materials and supplies
as known to us.
on hand have been considered and allowance therefor has been made.
From a consideration of all of the facts and matters of record and those
which, under section 15-a of the Interstate Commerce Act we are both required and authoried to consider, we find that the value of the steam railway property of the carriers subject to the act held for and used in the
service of the transportation is for the purposes of this particular case to be
taken as approximating the following:
Eastern group, as defined by the carriers
Southern group, as defined by the carriers
Western group, as defined by the carriers, including both
the Western and Mountain-Pacific groups herein designated
$8,800,000,000
2,000,000,000
8,100,000,000
$18,900,000,000
Total
It is not deemed necessary for present purposes to apportion the aggregate value of the properties in the Western group, as defined by the carriers, so as to show the value of the properties in the Western and MounMany of the important
tain-Pacific groups as we have here defined them.
railroads are in and serve both groups into which we have divided the carriers'
Western group.
It is not thought advisable to delay the decision of this
matter to permit an accurate apportionment of the value of such properties,
particularly as the result could not materially affect the determination we
reach.
The record does not permit the estimation of the aggregate value of the
properties of electric railways other than those operated by steam roads, or
of the boat lines, both of which liave been made the subject of indepedent
representations in this proceeding.
THE CONSTRUCTIVE YEAR.
In estimating their financial needs for the immediate future the carriers
have based their figures on the actual performance for the twelve-month
period ended October 31 1919, with certain adjustments to be .subsequently
described.
This period was considered by the carriers more representative
of normal conditions than the calendar year 1919, for the reason among
others that the bituminous coal strike began on November 1, 1919, ending
early in December.
Accounting committees were formed in the Eastern, Southern and
Western groups, and in December 1919 questionnaires were sent by these
committees to the carriers in each group with a view to obtaining a "constructive" showing for the year ended October 31 1019.
Witliout discussing
in too grrcat detail the methods and bases employed in compiling the questionnaires it may be stated that an effort was made to devise a constructive
year that would reflect increased prices of materials, wages, taxes, and
rates effective when the questionnaires were ans^vered, to wit, January and
Febriiary 1920.
The Revenues Required.
This information was intended to show, as nearly as practicable, what
increased revenues tlie carriers would require to enable them to earn 6%
on the book cost of their properties, on the basis of the tonnage actually
moved during the year ended October 31, 1919, and on the basis of the
prices, wages, taxes and rates effective when the questionnaires were an-
of Carriers in
Eastern Group.
The Eastern carriers ask that they be permitted to earn an annual net
railway operating income of $559,409,933, which represents 6% on a book
That the rates of transportation now in effect fall
cost of $9,323,498,898.
far short of yielding the return sought by the Eastern carriers is indicated
by the following
Net Railway Operating Income.
As sought by the
carriers
Actual, year ended Oct. 31 1919
Year ended Oct. 31 1919, adjusted
Year ended Oct. 31 1919, finally adjusted
$559,409,933
220,981,068
112,465,003
18,008,219
The figure in the next to last line is that compiled from the questionThe figures in the last line reflect the furnaires, as previously explained.
ther adjustments that were made subsequent to the receipt of the questionIt will be noted that the Eastern carriers
naires, as has also been explained.
estimated that on the basis of the costs effective when the adjusted figures
were compiled they will fall short by over $500,000,000 annually of earning the net railway operating income to which they claim they are entitled.
later herein, the carriers proposed to obtain all the additional
revenue from freight traffic, and estimated that a general increase of 30%
No detailed analysis of the
in charges for freight transported was needed.
carriers' adjusted figin-es will be attempted in this report.
As noted
STANDARD RETURN FIGURES.
The following table compares the "standard return" of Class I carriers
the Eastern group with the figures shown in the last preceding table:
in
Net Railway Operating Income Eastern Group.
$354,711,079
Standnrd return
220,981,068
Actual, year ended Oct. 31 1919
112,465,003
Year ended Oct. 31 1919, adjusted
18,008,219
Year ended Oct. 31 1919, finally adjusted
duropemting
income
railway
decline
in
sharp
been
a
lias
there
only
Not
ing the last three or four years, but the operating ratio has increased at a
rate that causes serious concern. For the period of five years beginning with
1912 and ending with 1916 the Eastern carriers were spending out of every
dollar of operating revenue received .approximately 71 cents for operating exThis increased to 75.03 cents in 1917, to 85.82 cents in 1918, to
penses.
88.51 cents in 1919, and to 97.68 in the first four months of 1920.
When it is considered tluit operatiing expenses do not include railway tax
accruals, uncollectible railway revenues, joint facility rents, hire of equipment, rents for lease of road, interest on funded and unfunded debt and other
fixed charges, dividends and certain other items, the above figures are sigThe operating ratio for the first four months of 1920 means that
nificant.
during that period, after payment of operating expenses, there was left 2.32
cents out of each dollar for the payment of taxes and other items just mentioned. During the period of six years, beginning with 1912 and ending with
1917, it took approximately 28.79 cents out of every dollar of operating
revenue to pay the items mentioned, which are not included in operating
expenses and which are not considered in determining the operating ratio.
If the basis of the carriers' calculation be accepted as proper, an analysis
of the results of operation for carriers in the Eastern group during the first
four months of the calendar year 1920 indicates that the Eastern carriers
were conservative in estimating their revenue needs. It will be reciUed that
tliese carriers after finally "adjusting" the figures for the constructive year,
The actual rearrived at a net railway operating income of $18,008,219.
sults of operation for the first four months of the current calendar year show
THE CHRONICLE
55^
a net railway operating deficit of $870,210. Because of unusual conditions
that obtained in the Eastern group during the early part of the year it is
unsafe to assume that the result for the first four months fairly indicate whit
the results will be for the year, and the figures are referred to merely to show
that during this period the situation was even more unfavorable than the
carriers predicted.
The number of ton miles of revenue freight for Class
Eastern group during the last eight years is shown below
—
—
I
Ton Miles. i ear
149,609,767,908 1916 (Dec. 31)
170,097,999,591 1917
161,263,328.467 1918-.154,398,802,727 1919
193,530,008,573
It wiU be noted that the tonnage for the year 1919, the
of which were included in the carriers' constructive year, is
Year
1912
1913 .
1914
1915
1916 (June 30)
Rev.
—
carriers in the
Ton Miles.
202,421,305,944
212,660,638,483
216,032,596,432
190,744,545.350
Rev.
ten months
the lowest since
It is estimated that the wage award by the Labor Board under date of
July 20 1920 wiU add approximately $314,562,000 annually to the operating
expenses of the carriers in the Eastern group. This is equivalent to 12.2%
of the total railway operating re\enue of the Eastern carriers, as finally
adjusted by them for the constructive year.
IN
—
265,185,254
Adjusted net railway operating income, year ended Oct. 31
1919
226,831,658
Finally adjusted net railway operating income, year ended
Oct. 31 1919
184,839,759
The figures $226,831,658 represents the actual income, as adius'.ed in
conformity with the questionnaire. The figure $184,939,759 reflects adjustments subsequent to the questionnaire.
^
^
Deficit of $350,000,000.
first
1915.
REVENUE NEEDS OF CARRIERS
Net railway operating income as sought by the carriers
$537.883, ;'24
Standard return
401 215894
Actual net railway operating income, year ended
Oct. 31 1919
$293,212,870
Less corporate income charges net debit
28,027,616
_.
FREIGHT RECORD IN EAST.
(Vol. 111.
SOUTHERN GROUP.
will be observed that
the net railway operating
It
on the basis of the predictions of the I'arrieri*,
income for this district will be appi-oxiiaate!y
$350,000,000 lower than the annual sum to which they claim to be entitled.
They estimated that a general increase of approximately 24% in freight
revenue was required to return the amount claimed.
During the six years ended 1917 the railway operating income of the
carriers averaged $386,000,000 annually; during the four years endeii
1915
averaged $347,000,000 annually; during the years 1916 and 1917 it
averaged $464,000,000 annually in 1918 it dropped to $330,320,330 and
;
in 1919 it declined further to $302,857,219.
During the six years ended
1917 the operating ratio ranged from 62.69 to 67.68 ; in 1918 it rose to
78.14, in 1919, to 80.90, and for the first four months of 1920 to 86.06.
it
;
The financial condition of the carriers in the Southern group as r, whole
more favorable than that of the carriers in either of the other groups.
The Southern carriers ask that their rates be increased sufficiently so that
is
they may earn a net railway operating income of $136,049,091, which represents a return of
on a book cost of $2,267,484,847.
The extent to
which present rates fall short of yielding the return sought by these carriers
6%
is shown by the following
Net operating income as sought by the carriers
$133 049.091
Standard return
138,231^029
Net railway operating income, actual, year ended Oct. 31 1919_
51,208,428
Adjusted net railway operating income, year ended Oct. 31 1919
36,743,074
Finally adjusted net railway operating income, year ended Oct.
31, 1919
16,269,429
The amount, $36,742,074, represents the actual income as adjusted in
conformity with the qustionnaire.
The figure $16,269,429 reflects further
adjustments made subsequent to the questionnaire.
It will be noted that on basis of the predictions of the earr-VR
the iic,
railway operating income for this district will be approximately $120,000,000
lower annually than the sum which the carriers contend they should receive
under the law. They estimated that a general increase of approximately 31%
in freight revenue would be necssary to return the amount claimed.
During the six years ended 1917 the railway operating income of tht!;carriers averaged $126,000,000 annually; during the four years ended 1915
it averaged $108,000,000 annually
during 1916 and 1917 it averaged
$163,000,000 annually
in 1918 it was $147,711,910, which was greater
than in any previous years, except 1916 and 1917.
In 1919, however, it
declined to $75,546,591.
During the six years ended 1917 the operating
ratio of these carriers varied from 65.04 in 1916 to 74.1 in 1914.
In 1918
it was 77.66, and in 1919 it rose to 86.08, and for the first
four months of
1920 it was 86.22.
During the six years ended 1917, 27.05 cents out of
every dollar of revenue earned by the carriers of this district was required
to pay railway tax accruals, uncollectible railway revenues, rents for use of
joint facilities, equipment, and leased roads, interest on funded and unfunded debt, dividends, and other miscellaneous income deductons.
;
;
Southern Needs Overestimated.
The reports of Class I carriers of this district to us for the first four
months of 1920 show a net railway operating income of $23,399,151. Deducting the railway mail pay applicable to prior years stated by the carriers
to have been taken into account in those months, in amount $8,287,241,
leaves $15,111,910 as the actual result of operations.
This figure should be
compared with the estimate of $16,209,429 made by these carriers on the
basis of a whole year's operations. The Southern carriers substantially overestimated their needs, eren assuming that the basis of their calculations is
correct.
As $15,111,910 covers only Class I roads, $80,519 may be added
The reports of the Class I carriers of this district to us for the f?Tst
months of 1920 show a net railway operating income of $56,104,721.
Deducting the railway-mail pay applicable to prior years, stated by the
carriers to have been taken into account in these months, in amount
$27,790,388, leaves $2,8314,333 as the actual result of operations.
Adding to
four
this figure $1,209,969 to cover net railway operating income of carriers
other than Class I, produces $29,524,302.
During the period 1914 to 1919 the net railway operating income of
the first four months in each year averaged 23.29% of the aggregate for
the year.
Equating the actual results of the first four months of 1920 on
this basis produces an estimated net railway operating income of
$126,768,149, the net railway operating income of an assumed period of twelve
months, on the basis of operating costs which pervailed during the first
four months of 1920. Subtracting from this figure $3,789,728, which is the
estimate of the carriers for increased allowances to private car owners, and
$21,254,298, their estimate of increased fuel costs for the year, reduces it to
$101,724,123.
The amount of freight and other transportation revenue, excluding passenger, mail, and express reported to us by Class I carriers for the first four
months of 1920, aggregated $498,001,006. To this amount $16,462,794 has
been added to cover revenues of carriers other Class I carriers, resulting in
a gross estimated revenue of $514,463,800. During the years 1915 to 1919,
inclusive, freight and other transportation revenue, excluring passenger,
mail, and express for the first four months of each year, averaged 28.52%
of the aggregate for the year.
Equating the actual revenues of the first
four months of 1920 upon this basis produces $1,803,870,266, as the estimated revenues of an assumed period of twelve months base'd on the operations of the first four months of 1920.
The number of ton-miles of revenue freight for Class I carriers in the
Western group during the past eight years is indicated below
Year
Rev. Ton Miles. Year
Rev. Ton Miles.
1912
82,888,199,102 1916 (Dec. 31)
123.250.722,123
1913 --96,986,976,238 1917
138,044,743,597
1914
92,284,883,754 1918
142,335,128,414
1915
90.945,571,633 1919
-130,606,713,832
1916 (June 30)
112,156,323.2i2
—
The carriers estimate that the wage award made by the Labor Boarl
under date of July 20 1920 will add approximately $234,840,000 annually
to the operating expenses of the carriers in the Western group.
This is
equivalent to 11.2% of the total railway operating revenue of the Western
carriers, as finally adjusted by them for the constructive year.
EXTENT AND METHOD OF OBTAINING NEEDED ADDITIONAL
REVENUE.
for the remaining carriers,
which produces an aggregate of $15, 192, 12.1.
During the period 1914 to 1919, inclusive, the net railway cperatin;?
income of the first four months in each year averaged 32.15% of the aggregate for the year.
Equating the actual results of the first four months of
1920 on this basis produces an estimated net railway operating income of
$47,254,834. Subtracting from this figure the carriers' estimate of $943,920
for increased allowances to private car owners, and $7,820,000, their estimate of increased fuel costs, reduces it to $38,490,914. Comparing this result with $136,049,091, which the carriers urge they are entitled to receive
under the law, indicates a deficiency of $97,558,177 in net railway operating
income.
Transportation Revenues.
The amount
freight and other tran.sportation revenue, excluding passenger, mail, and express, reported to us for the first four months of j920
by Class I carriers aggregated $152,442,828. To this amount $8,226,302
of
has been added to cover revenues of carriers other than Class I carriers,
resulting in a gross estimated revenue of $160,670,130.
During the years
1915 to 1919, inclusive, freight and other transportation revenue, excluding
passenger, mail, and express, for the fir.st four months of each year averaged
31% of the aggregate for the year. Equating the actual revenues of the
first four months of 1920 upon this basis produces estimated revenues for
an assumed period of twelve months of $518,290,742.
The number of ton-miles of revenue freight for Class I carrie-s in the
Southern group during the past eight years is indicated in the .suijjoined
statement
—
Year
1912
1913
1914
1915
1916 (June 30)
—
Rev. Ton Miles. Year
-27,483,661,188 1916 (Dec. 31)
30,637,552,864 1917
31, 376, .537.497 1918 -28,568,632,209 1919
34,183,991.890
—
As above noted, in the original applications the carriers proposed to
obtain the desired additional revenue by general percentage increases in the
respective groups, applicable to freight traffic only.
No increases weie
suggested upon passenger, express, or mail traffic.
In their amended proposjils, following the wage award of the Labor Board, they propose to make
upon
inof eases
all classes of traffic.
Passenger Traffic Figures.
During the
has been a substantial increase in the
revenue passenger miles, as is indicated by the following figures,
compiled by our bui'eau of statistics
Number of revenue passenger miles for each year, 1911 to 1919, Cla.'s
I roads:
number
last nine years there
of
Year ended
June 30
1911
1912
1913
1914
1915
1916
1916*
1917*
1918*
1919*
—
Eastern.
Southern.
Western.
United States.
15.161,685,623 4,072.229,173 13.137.530 .997 32,371,444,793
15,401,753,902 4,221.415.582 12,693,093 065 32.316.262.549
16,087,159,298 4,384.239.446 13,403,687 214 33,875,085,958
16,.348.655,263 4,585,239,471 13,633,090 .680 34,566,985,414
14,960,949,033 3,988,171,076 12,840.808 ,078 31,789,928,187
15.628,070,433 4.115.759.883 13,902.077 ,834 33,645.908.150
16,627,329,935 4,573,888,153 13,384,733 .938 34,585,952,026
18,408,279,975 5.776,735.965 15.291,842 ,609 39,476,858.549
19,516,672,752 7.404,952.632 15,754,953 ,815 42.676,579,199
46.145.070,641
Rev. Ton Miles.
36,.501
,sii.3,7l.'3
42,825,200,070
46,301,543,975
-.-41,527,854,002
I
It ia estimated that the wage award made by the Labor Hoard utider
date of July 20 1920 will add approximately $68,598,000 annually to the
operating expenses of the carriers in the .Southern group. This is equivalent
to 11.8% of the total railway operating revenue of the Southern carriers as
finally adjusted by them for the constructive year.
REVENUE NEEDS OF CARRIERS IN WESTERN GROUP.
The Western carriers ask that their rates be fixed on a basis that will
permit them to earn a net railway operating income of $537,833,024, which
represents a return of 6% on a book cost of $8,963,883,753.
The extent to
^hich the rates of transportation now in effect fall short of yielding the
return sought by these carriers is indicated by the following comparison
*
Calendar year.
It will
to 1919
be noted
th,at
the increase for the country as a whole from 1911
was over 40%.
Passenger fares were increased to a minimum rate of 3 cents per mile on
June 10, 1918, resulting in an increase of 50% where 2 cents per mile was
the basic fare, 20% where 2V^ cents applied, and no increase where the
fare was 3 cents or higher.
It appears that rates per passenger mile have
increased since 1916, as follows:
In the Eastern group, 27%
in the
Southern group, 27'/2% ; and in the Western group, 22i/2%. The relatively
small increase in the Western group is due to the fact that a 3-cent basis
prevailed more generally in that territory than in other parts of the
;
country.
In part because of conditions growing out of the war the passenger
traffic has become relatively more profitable during the last three years.
A reduction in the number of passenger trains occurred simultaneously with
a substantial increase in the number of passengers carried, resulting in
:
Aug.
:
THE CHRONICLE
7 1920.]
In 1919 the number of pasheavier loading of passenger cars and trains.
senger miles was 30% greater than in 1916, but the number of passengerThus, in spite of the curtailment in service, the
train miles was 12% less.
passenger revenue for the railroads as a whole was greater by $470,362,485
in 1919 than in 1916. This increase in revenue is regarded by the carriers as
net, "almost more than net, because it was actually moved in fewer trains."
Following request of counsel for certain shippers, the carriers provided
for the record an analysis of the freight and passenger earnings and e.xpenses
In
for certain designated railway companies for the calendar year 1919.
making this analysis, the expenses that could not allocated solely to freight
or pa.ssenger traffic were apportioned generally in accordance with in.structions issued by us on January 1 1920. A recapitulation of the figures showing the ratio of freight and passenger service expenses to freight and passenger revenues is as follows
—
Atchison Topeka & Santa Fe.
Atlantic Coast Line
Baltimore & Ohio
& Northwestern
Chicago Burlington & Qiiincy
Cflicago
Erie System
Great Northern System
Louis%'ille & Nashville
New York Central
Cleveland Cincinnati Chicago
Pennsylvania RR., East
Michigan Central RR
Southern Railway
.'
&
St. Louis
services as well as to freight rates
Freight Passenger
Service.
Service.
authorized.
74.53
89.54
97.88
90.41
85.8
95.74
80.70
95.3
91.45
83.45
98.16
81.20
98.60
67.84
80.21
75.96
75.93
67.98
89.72
84.08
76.9
60.22
63.84
99.16
58.50
78.40
Freight Rates Increases Asked in Original Application.
will be noted that in the great majority of instances, the operating
was decidedly more favorable for the passenger traffic than for the
It
ratio
and other special
No substantial reasons have been developed for exempting charges for
switching from the general increases.
It is our opinion that the charges
for this service should be increased, together with the charges for transit,
weighing, diversion, reconsignment, ligterage, floatage, storage (not including track storage), and transfer, where the carriers provide separate
charges against shippers for such services.
The charges for other special
services are not to be subject to the general increases herein authorized.
The percentage to apply should be determined by the percentage applicable
in the group where the service is performed, except that at points on the
boundary line between two groups taking different prcentages the higher percentage should apply.
It should be understood that where tariffs now provide for the absorption by one carrier of the charges of another carrier in specific amounts such
absorptions should be revised in harmony with the increases in charge herein
— Operating Ratio—
Railroad
creases to switching
proper.
553
freight traffic.
However, there appears to be a wide discrepancy between
the figures presented for the various lines, and too much reliance should not
Resumption of more frequent train service
be placed upon this showing.
will tend to increase the operating ratio for passenger traffic.
That the
carriers contend that it is uncertain whether an increase in the general level
of passenger fares will yield increased revenue proportionate to the increase
in the fare level, because of possible reduction in travel following a material
increase in fare.
The foregoing would seem to Indicate that such increase as is approved
upon passenger traffic may properly be less than the percentage increase
applied to freight traffic.
There has also been suggested the desirability of obtaining additional
revenue for the rail carriers from an extra charge placed upon passengers
Such a charge amounting to one-half cent per
in sleeping and parlor cars.
mile was in effect for a brief period during Federal control.
A charge of
Unquestionably the service is more
this character has much in its favor.
valuable to the passengers, and more expensive to the rail carriers.
PuUrtmn Opposed Surchar^.
The Pullman Company opposes the re-establishment of a surcharge for
Pullman occupancy On the ground that such a charge reduces the travel in
cars of that type.
It submitted a statement showing the revenues by weeks
for the period Mar. 1 to Sept. 30 1918, compared with corresponding weeks
of the previous year.
The surcharge imposed by the Director General was in
effect from June 10 to Nov. 30 1918.
The statement submitted by the
Pullman Company shows that beginning with the third week of June there
was a reduction in the revenue as compared with the same weeks of the
previous year, whereas, during the period from Mar. 1 to June 15, the earnings in 1918 were greater than in 1917.
These figures appear in part at
surcharge operated to reduce revenues.
analysis of the situation, however, indicates that factors other than
the surcharge were in part responsible for the decreased revenue from passengers in sleeping and parlor cars in 1918, as the very large reduction in
service rendered that year undoubtedly accounts for a portion of the reduction in revenue.
It is well known that the policy of the Railroad Administration at that time was to discourage luxury travel and reduce the mileage
of sleeping and parlor cars, particularly the latter.
Figures quoted above in this report indicate that the total number of
passenger miles in 1918, notvvithstanding that the surcharge was in effect
for half the year, increased
over the previous year and were greater
least to sustain the contention that the
An
8%
than in any year prior thereto, which indicates that travel on the whole was
not materially affected by the surcharge.
In the amended application of the carriers following the wage award, it
is proposed that a surcharge on passengers in sleeping and parlor cars be
established amounting to 50% of the charge for space occupied in either
class of equipment.
The carriers estimate that a charge of this amount will
produce in their three groups respectively approximately the following
amounts of revenue
Eastern group
Southern group
Western group
$17,556,108
5,582,036
20,231,200
Total
$43,639,344
In their original applications the carriers proposed general percentage
increases in freight rates in the respective groups as follows: Eastern, 30% ;
Southern, 31% ; Western, 24%.
Following such general percentage increases, they indicate their willingness, where necessary, to revise rates to restore in so far as deemed practicable existing recognized relationships and differentials, and as to coal and
grain in certain important situations such readjustments are proposed in
this proceeding.
It is stated that the percentage method is not only on the
whole the fairest to all interests by distributing the burden in proportion to
the haul, but that it is the only way in which the desired revenue may be
obtained without complications and delays due to tariff difficulties and to
the lack of accurate statistics from which to determine the amount oS
revenue which may reasonably be expected from flat or maximum increases
on particular commodities.
It would be desirable, if were possible, to determine definitely the commodities, the sections of the country, and even the individual rates which
can best bear the burden of increases, and the relationships of the rates and
differentials which will be disturbed by a percentage iincrease.
This is
precluded by the necessity of prompt action upon the main issues presented.
PERCENTAGE INCREASES VERSUS FLAT INCREASES AND MAINTENANCE OF DIFFERENTIALS AND RELATIONSHIPS.
Many
shippers have directed their testimony and argument principally
of increasing the rates rather than to the amount of the increases.
Shippers are far from unanimous in their views and may be divided into three groups
(a) those who seek the preser%'ation of existing
relationships and differentials either by specific or flat increases or by applying the percentage increase to base rates and employing in connection therewith differentials from and to other points
(b) those whose advocate percentage advance in all instances, contending that differentials should increase in the same ratio as all other rates and charges and (c) those wnose
advocate a percentage increase with a maximum.
While established or "differential" relationships of rates are not general, there are many adjustments
some fixed by the carriers and others by
us, and it is contended by some shippers that in such cases it is desirable in
readjusting the rates to maintain the differentials.
Many relationships in cents per unit were disturbed by the increases
made by the Director General, except upon a few commodities of heavy
movement which were subjected to specific increases in cents or dollars and
cents per unit.
A relatively small proportion of these relationships have
subsequently been restored.
It is evident that there are many competitive situations where no recognized differentials have ever existed but where, nevertheless, tl>e rates have
been made to reflect competitive conditions.
Such situations greatly outnumber those where "fixed relationships" have been established.
It is generally understood that on traffic to and from Western trunk
line territory and the Southwest Chicago enjoyed for years a "differential"
This was thought to be a fixed,
of 20 cents, first class, over St. Louis.
recognized, long-standing difference, and well entitled to bear the title
"differential."
Under General Order No. 28 it was increased to 25 cents.
We are now asked on behalf of certain Chioago interests not to increase this
differential.
In this connection it is interesting to note that on traffic to
and from the East the St. Louis rates are made uniformly 117% of th«
Chicago rates, so that under any general increases in rates the spread be^
tween the St. Louis rates and the Chicago rates is automatically widened.
In 1914 the first-class rate from New York to St. Louis was 13 cents higher
than to Chicago. The difference is now 19 cents, although the percentage
relationship is the same now as it was in 191*4.
There is apparently no
more justification for maintaining Chicago's differential over St. Louis on
traffice to the West than for maintaining the differential of St. Louis over
Chicago on traffic from the East. Practically all rates in official classification territory are constructed upon a percentage basis, and attention is directed to the important fact that not a single interest has here maintained,
with the possible exception of Chicago, that we should depart generally from
the percentage basis which has so long prevailed.
In favor of maintaining differentials, it is said that they have been
fixed in most cases after careful investigation, and that thfey represent the
proper measure of differences in the rates that often they represent the maximum differences which will permit more distant shippers to compete wfli
that to increase rates by a percentage tends to
those in close proximity
decrease the radius in which goods are marketed, and thus by lessening comand that in all cases the margin of profit has
petition prices are advanced
not increased proportionately to prices.
Those who oppose maintaining differentials at this time contend that
the value of the dollar expressed in terms of commodities shipped to-day is
in reality but one half its former value, and, therefore, a differential which
was fixed at a given amount several years ago should, to have the same
economic eff^t, bo greater to-day that there have been general increases in
the prices of practically all commodities, in wages and in the charges for
nearly all services, and that differentials should not be made an exception
to the nile and that as increased operating costs are the underlying reason
for the proposed increased rates, the additional senice represented by the
differential, being more expensive than heretofore, should pay gnreater rates
as well as other sen-ices.
The adoption of specific increases in cents per unit instead of percentage
However, the
advances will, of course, maintain existing relationships.
carriers almost uniformly oppose this method and it is not generally advoFurther, the difficulty of its adoption is apperent becated by shippers.
cause of the lack of reliable statistics from which to determine the probable
It should also be noted that
additional revenue from a given increase.
everj'one who advocated this method insisted that flat increases be applied
but once to combination rates. The complicated nature of tariff publication
to make such an arrangement effective, when different percentages of increase are being made in different groups, is apparent.
to the
method
:
;
;
;
;
We
conclude that increases as indicated next below may be made by all
steam railroads subject to our jurisdiction serving the territory embraced in
the groups hereinbefore designated.
1. All passenger fares and charges may be increased 20%.
The taim
"passenger fares" may be considered to include standard local or interline
fares
excursion, convention, and other fares for special occasions
commutation and other multiple forms of tickets
extra fares on limited trains
;
;
;
;
club car charges.
Excess baggage rates may be increased 20%, provided that where
stated as a percentage of or dependent upon passenger fares the increase in
the latter will automatically effect the increase in ttie excess-baggage charges.
3. A surcharge upon passengers in sleeping anfl parlor cars may be
made amounting to 50% of the charge for space in such cars, such charge
to bo collected in connection with the charge for space, and to accrue to the
2.
rail carriers.
4.
Milk and cream are usually carried in passenger trains, and the
revenue therefrom is not included in freight revenue. Rates on those commodities may be increased 20%.
SWITCHING AND SPECIAL SERVICES.
The
carriers'
original petitions asked for percentage increases in freight
revenue only.
In their reports to us, revenue from switching and certain
other special services is stated separately from freight revenu, and therefor,
accepted literally, the proposal would result in no increases on switching
8er\'ice.
However, it is conceded that the submission of the proposal in this
form was due to a misunderstanding, and it is now proposed to apply in-
;
;
j
;
THE CHRONICLE
554
Without attempting to pass finally upon the question whether in given
cases differentials should or should not be maintained, it is evident that no
general program of maintaining differentials can be made effective coincident with the increases here approved without materially delaying their
effective date as definite testimony cov-ring individual situations is before
us in only a very few cases. To maintain differentials by applying the percenta°'e increases to basing rates and adding thereto existing differentials
cannot be done without materially lessening the amount of additional revenue
to be derived by the carriers, as generally differentials are added to rather
than deducted from base rates.
After carefully considering the situation we find that with the exceptions
hereinafter noted general percentage increases made to fit the needs of the
groups of lines serving each of the four groups must be considered for presThis conclusion is without prejudice to
ent purposes the most practicable.
any subsequent finding in individual situations.
PROVISIONS FOR IMPROVEMENTS, BETTERMENTS OR EQUIPMENT.
Section 15a of the Interstate Commerce Act contains the following
proviso
Provided, That during the two years beginning Mar. 1 1920, the Comof such aggremission shall take as such fair return a sum equal to
gate value, but may in its discretion, add thereto a sum not exceeding onehalf of 1% of such aggregate value to make provision in whole or in part
for improvements, bettennents, or equipment, which, according to the accounting system prescribed by the Commission, are chargeable to capital
account.
5%%
[Vol. 111.
—
Carriers serving the Pennsylvania-Ohio-West Virginia coal fields
Coal.
propose to continue the existing differentials in coal rates, and have worked
Carriers in the Southern and
out a scheme of rates to effect that result.
Western groups propose to ignoi'e existing differentials in coal rates within
those groups. The proposal of the Eastern lines to preserve existing relationships is approved, and carriers in the other groups should work out a similar
plan for restoring tlie relative adjustments of coal rates now obtaining in
those groups.
An effort should be made promptly to devise rates in each
group that will yield, as nearly as practicable, the same revenue in the aggregate as would be afforded by a straight percentage increase on the bases
herein approved.
Lumber. Lumber moves in large volume, and it is under ordinary conditions a commodity of comparatively low value and highly competitive in
nature.
It is produced in almost all parts of the country.
The greatest
consuming region is in the Middle West and the States east of the Mississippi River and north of the Ohio, including New England.
Lumber from
both the West and the South is marketed in large volume in this region, and
the competition between the two producing sections is keen.
There is no definite or fixed relationship in the rates from the South and
the West to the consuming territory described, but carriers from each of these
sections have endeavored to maintain rates relatively so adjusted as to permit free movement from each. The volume of production in the West has
grown materially in the past decade, until to-day it is such that if excluded
from Eastern markets it is claimed a considerable curtailment of production
—
will result.
The Director General applied, a maximum increase of 5 cents upon
lumber, which had the effect of maintaining in most cases the existing
spread in cents per 100 pounds between Southern and Western lumber in the
Northern and Eastern markets. The Western lumber producers urge in this
proceeding also the adoption of a maximum.
Most of the Southern producers, including those in the Carolinas and
to make report to us semi-annually, as of Dec. 31 and June 30, showing
what portion of the increased revenue resulting from the increases here au- others who ship on comparatively short hauls to the Northern markets, urge
the application of a straight percentage increase.
thorized has been devoted to that purpose.
For the purposes of this report it is our opinion that the percentages
hereinbefore approved should apply to this commodity.
CONCLUSION AS TO GENERAL INCREASES.
Petroleum and Its Products. The principal sources of the petroleum
We are of opinion and find that the following percentage increases in marketed in the United States are in the Southwest, which will be termed
the charges for freight service, including switching and special services,
the Midcontinent field ; in Wyoming, in California, and in Mexico.
together with the other increases hereinbefore approved, would under present
In the past ten years many refineries representing a considerable investconditions result in rates not unreasonable in the aggregate under Section 1
ment have been established in the Midcontinent field and the refined oil
of the act and would enable the carriers in the respective groups, under
there produced is marketed to a considerable extent in the Middle West and
honest, efficient, and economical management and reasonable expenditures
in tlie States east of the Mississippi and north of the Ohio.
for maintenance of way, structures, and equipment, to earn an aggregate
In competition with the refineries of the Midcontinent field in the Northannual railway operating income equal, as nearly as may be, to a return of
em and Eastern markets are the refineries of Mexican petroleum located
upon the aggregate value, for the porposes of this proceeding, of the along the Atlantic Coast and other refineries in the Northern and
Eastern
railway property of such carriers held for and used in the service of transStates, which obtain their crude oil in large part from the Midcontinent and
portation and one-half of 1% in addition; Eastern group, 40%; Southern
other fields through pipe lines, though some of these refineries use rail
Western group, 35% Mountain-Pacific group, 25%.
group, 25%
transportation for the movement of their crude oil.
increase
herein
different
percentages
of
approved,
it
view
the
In
of
The Director General imposed on petroleum a flat increase of 414 cents per
becomes necessary to make provision for rates between the various groups.
100 pounds in lieu of the standard 25%. The Midcontinent shippers claim
(1) Where rates are constructed by the use of combinations upon gatethat a percentage increase now applied without modification to petroleum
ways between any two g:roups, the through rates should be increased by ap- will in all probability tend to restrict the long-haul movement by rail.
plying to each factor its respective percentage.
Other shippers contend that the percentage increase should be applied
(2) Rates between points within a group and points on the border line
without exception.
of such group should be increased according to the percentage applicable to
It is concluded that no exception to the general percentage increases
the group. Where a river constitutes a boundary line between two groups,
herein approved need at this time be made upon petroleum or its products.
points on both banks thereof shall be considered as border-line points.
As has been observed in connection with other situations, the carriers should
(3) Joint or single-line through rates between points in one group and
give careful consideration to the effect of the percentage increases approved
points in other groups should be increased 33 1-3%.
on petroleimi and, if necessity ariss, should arrange for such modifications as
(4) In cases where the rates over different routes between the same
the situation may seem to warrant.
points would, by a strict application of the varying percentages of inFruits and Vegetables.
Fruits and vegetables are produced in large volcrease herein approved, be subject to different percentages, the lowest perume in the far Western States and in the South, particularly in Florida.
'
applied
the
over
all
the
routes
may
e
to
rates
cenage applicable to any of
These products are shipped in season to practically all sections of the
of such routes.
country, but the most important consuming territory lies east of the MisIn the construction of rates in accordance with these findings it is not
sippi River and north of the Ohio.
Comparatively long hauls to the latter
intended that the group boundaries hereinbefore desig^nated should be
territory are involved both from the South and from the Pacific Coast
strictly observed, but the territorial boundaries heretofore recognized should
States, and it has been contended that the effect of the proposed percentage
be observed. For example, Richmond, one of the so-called Virginia cities,
increases applied to these rates will produce charges so high as to restrict
should continue on the basis which it has heretofore enjoyed.
consumption because of the resultant high delivered cost.
jurisdicapply
all
steam
railroads
subject
to
our
The above findings
to
It has been shown that in some instances it has not been possible to martion, including so-called "short lines," but not to railroads in Alaska.
ket profitably some fruits and vegetables, but the facts before us in this
While the New England carriers are included in the Eastern group and proceeding do not warrant the conclusion that transportation charges are
are subject to the percentage for that group, the evidence as to the disprothe controlling factor in producing this result, or that the percentage inportionate needs of the New England lines makes it desirable that the carcreases applied to the present rates will in fact have the effect feared by the
riers give careful consideration to the divisions of joint rates accruing to
fruit and vegetable shippers.
these lines.
The Western apple producers claim that in the past they have had
INDIVIDUAL COMMODITIES.
difficulty in marketing in the East and that percentage increases will add
materially to this difficulty.
It appears, however, that the size, varying
Considerable evidence was presented with respect to the rates upon a
number of individual commodities, including coal, lumber, cement, fruits widely from year to year, of the Eastern and Western crops, respectively, is
and vegetables, petroleum, brick, sand, gravel and rock, asphalt, slag, .gjain, an important factor in determining the prices received by Western growers
and the ability to market in the East.
live stock, packing-house products, ore, bullion, potash, salt, fertilizers, and
A number of the fruit and vegetable rates covering long hauls, upon which
terra cotta.
Various issues have been raised or are presented as to these commodities,- there is a heavy movement, are now before us in other proceedings, and our
prior observations as to the effect of our present findings with respect to
the principal of which are as follows (a) Whether there should be departpending upon complaint are applicable. It is concluded that the
ures from the general percentage increases by maintaining differentials or by rates so
exception
to the general percentage increases will now be made.
whether
instead
percentages
(b)
the application of specific increases
of
;
Sand, Gravel, Rock, and Slag. The Director General increased rates on
maximum increases should be provided in order to avoid the fuU percentage
sand, gravel, and stone by specific amounts. Rates on slag in the East were
increase upon relatively high rates from distant points of production to
important markets; (c) whether because of the high cost of production and increased 25% and in the South generally by 1 cent per 100 pounds, the
marketing of some commodities, the percentage increases proposed by car- same as applied to sand and gravel.
Shippers of all of these commodities contend that the 1-cent increase
riers will result in a cost delivered at points of market or consumption so
made by the Dirctor General averaged much more than 25% and that to
great as to curtail production and distribution, an undesirable situation at
apply to the present rates the percentage increases proposed by the carriers
this time of Vforld shortage of commodities ; (d) whether a more general
will produce rates so high as to materially restrict movement. The Eastern
(e) whether the rates
necessary use warrants a lower transportation charge
shippers of sand and gravel also contend that the different method under
effective June 24 1918, before General Order No. 28 became effective, should
General Order 28 of increasing the rates on slag as compard with sand and
be made the basis of readjustment now by applying thereto a 25% increase
gravel
has resulted in preference of slag. The Eastern carriers concede that
and superimposing thereon the percentage increases now found reasonable.
Our general conclusions as to the impracticability of specific increases or of rates on slag should not be less than upon sand and gravel.
We are not convinced that exceptions should be made at this time from the
attempting now to maintain differentials dispose of a number of these conpercentages approved for traffic generally. However, the record does suggest
tentions.
It should also be said that while we do not here sanction specific
that rates in Eastern territory are out of proportion to those in the other
increases in lieu of percentages, we are not to be understood as expressing
The carriers have indicated a willingness promptly to readjust
groups.
disapproval of increases of that character made by the Director-General.
Such increases were made under war conditions and under circumstances rates in cases where hardship results from the general percentage increases,
and their special attention is called to these commodities to the end that
that do not now exist.
Our attention was called at the hearing to a number of formal complaints such action may be taken as the facts may seem to warrant.
Shippers contend that the conlAve Stock and Packing Bouse Products.
now pending, and we are asked to except from the general increase the rates
ditions of the live-stock industry is such as to make it probable that the
In issue in those complaints. This would have the effect, during the pendency
full percentage increase proposed by the carriers will discourage production
of those proceedings, of giving the rates in question a preferred standing and
and distribution. Live stock is produced throughout the country, but the
of exempting them from the general increase. In our opinion, a fairer disconsuming markets in the North and East are to a considerable extent deposition will be attained by applying the general increase to these rates,
pendent upon the stock produced in the West and Southwest. Drought convrith the understanding that this action is without prejudice to any future
findings.
ditions have prevailed here and there in recent years and the present condiThe increases here authorized are intended to yield the additional one-half
1%. The record leaves no doubt as to the needs of the country for addi-
of
All carriers participating in the increfses
tional transportation facilities.
will be expected to make appropriate provision for additional improveratnts,
betterments, or equipment of a character chargeable to capital fscoouiit and
—
5%%
;
;
—
:
—
;
—
,
Aug. 7
THE CHRONICLE
1920.]
However, it is not clear
tion of the producers does not appear fa-\orable.
that this condition results from transportation charges.
The Director General in increasing rates on live stock applied a maximum
increase was applied to packof 7 cents per 100 pounds, while the full
To apply again a maximum to live stock, as requested
ing-house products.
by shippers, without similar maximum upon packing-house products, will
in all probability tend to les.sen the movement of the Southwestern and
Western stock to local packing plants and increase the movement to the
larger and more distant plants in the Middle West.
One of the principal difficulties of which complaint has been made by
To
the live-stock producers is the lack of prompt and efficient service.
encourage the long-haul movement as against the short-haul movement under
present conditions of car supply vv'ould tend to increase rather than reduce
the transportation difficulties.
From Montana to Chicago the rate on cattle is 55 cents and on hogs 62
These are among the highest rates now in effect
cents per 100 pounds.
Under the general basis of increase
applicable to heavy movements.
herein approved, these rates would be advanced 18 cents and 21 cents,
respectively, approximately one-fifth cent per pound.
It is concluded that the facts before us at this time do not warrant any
exception to the percentage method of increasing the rates on either live
stock or packing house products.
A considerable proportion of the iron ore consiuned in the
Iron Ore.
United States originates on ranges in Minnesota and Michigan near the head
This ore moves to furnaces on Lake Michigan and Lake
of Lake Superior.
Superior; to furnaces on Lake Erie and in Pennsylvania, Ohio, and other
The movement is by rail to the upper lake ports, and when destined
states.
beyond, by lake vessels to the lower lake ports.
Because of the keenly competitive situation between the respective
furances, the Director General adopted a specific increase of 30 cents
per ton upon iron ore in lieu of a percentage, which was applied to the
movement from the Michigan and Minnesota ranges to the upper lake
ports, but not from lower lake ports to eastern destinations, thus resulting
in an equal increase in cents per ton for the rail transportation to each of the
competing furnaces. Under this plan the rates of the western carriers up
to the lake ports were increased approximately 57% whereas the rates of
the eastern carriers from the lower lake ports were not increased.
In this proceeding the eastern carriers propose first to apply an increase
of 22 cents per ton and then impose thereon the general percentage increase.
The testimony of ore shippers is conflicting, some proposing no further
increases from the ranges to the lake ports, some favoring double increase
in the rates from the lower lake ports, others proposing no exceptions.to the
general percentage increases proposed on traffic generally.
The returns made by the principal ore-carrying roads from the Minnesota
ranges to Lake Superior ports indicate that such lines are in a much more
prosperous condition than the western carriers generally.
It is concluded that at this time no increases should be made in the rates
on irofl ore from the ^Minnesota or Michigan ranges to Lake Superior or
upper Lake Michigan ports. Other rates on iron ore may be increased
according to the percentages herein approved.
In some of the western states there is a considerable moveOther Ores.
ment of low-grade ores, some of which are valued at .$5 per ton or less.
Shippers of these low-grade ores contend that further Increases in the rates
thereon will result in curtailing or destroying their movement. The
evidence before us in this proceeding, however, does not warrant exceptions
to the general percentage increases at this time.
Grain and Grain Products. On grain and grain products we are asked to
apply in connection with such percentages as may be approved a maximum
increase.
For the same reasons that have led to the conclusion that neither
specific nor maximum increases are desirable, we find that upon this record
no exception should be made of the general percentages upon these commodities, except as noted.
There are in the middle west a number of important grain markets through
which it has been customary to maintain an equalization of the rates from
Important producing states to important consuming regions, under which
the sum of the rates into and out of the various markets is in most cases
equal. This adjustment differs from an ordinary differential basis in that
it is in substance providing an equal through charge over various routes
between the same points by the use of sums of proportional rates rather
than the establishment of joint through rates or ol transit. The application
of different percentages in the various groups will result in dislocation
of this equalization.
Carriers and shippers unite in recommending that this equalization be
continued because of the keenly competitive situation of the various marHowever, siifficient
kets and of the lines of railway serving such markets.
detailed information to cover fully the situation is not before us upon this
record.
We find that the grain rates into and out of these markets may be
increased by the general percentages herein approved, with the understanding that the carriers will, within thirty days after the service of this
report, file tariffs restoring the equalization through the grain markets
now enjoying that basis. This should be done after conference with
Interested shippers, and, if desired, we will lend our cooperation in the
premises.
—
—
—
PORT DIFFERENTIALS.
The
eastern carriers express of record their willingness to preserve existNo
ing relationships between the rates to and from the eastern ports.
This result can be readily accomobjection to this proposal was made.
plished for the reason that all rates in official classification territory between
the ports and points west of the Buffalo-Pittsburgh line are based on the
New York-Chicago rates. The base rates may be increased and existing
port differentials maintained. It is our view that in filing the increased
rates here authorized a provision of this character should be made.
APPLICATIONS OF BOAT LINES.
There have been filed in this proceeding applications for increased rales
by a number of boat lines. The record shows that the expenses of the
boat lines have increased in general at least in tlie same proportion as expenses of the railroads. Authority is therefore granted to boat lines subject
to our jurisdiction to increase their rates to the same extent as increases
are herein granted to railroads operating between the same points or in the
same territory. In the construction of rail-and-lake rates the present parity
between Ct^icago and Duluth should be maintained.
FREIGHT RATES OF ELECTRIC LINES.
Petitions have been filed in this proceeding by a national organization of
electric lines, seeking permission to increase their rates in the same proportion as the rates of trunlc lines are advanced.
The operating costs of these
lines have, on the whole, increased in approximately the same ratio as those
of stoam railroads.
In some instances there is competition between the
electric lines and the steam ra'lroads.
conclude that the freight rates of
electric linos may bo increiised by the same percentages as are approved herein for trunk lines in the same territory.
This is not to be construed as an
expression ot disapproval of Increases, made or proposed In the regular
manner, in the passenger fares of electric lines.
We
555
MINIMUM CARLOAD CHARGE, MINIMUM CLASS SCALE, AND
MINIMUM CHARGE PER SHIPMENT.
There is now in effect with certain important exceptions, a minimum
charge of $15 per car on carload traffic, applicable to line-haul movements.
There are also minimum class rates in the three classification territories.
We find on the record no explanation of the underlying basis of the minimum
carload charge or the minimum class scales and no justification for increasing
them. It is our understanding that these minima were imposed as a revenue
maesure in connection with rates substantially lower than those authorized
in this report.
We also find that the minimum charge per shipment for
l'='ss-than-carload traffic should not be increased.
SPECIFIC DIVISIONS.
many
cases divisions between carriers are in the form of specific
amounts per unit. It is obvious that unless divisions of this character be
increased, such lines will receive no benefit from the increases herein approved, while the other carriers will receive more than the respective percentage increases applicable to the traffic. It is concluded that where
carriers earn specific amounts as their compensation out of through rates
or fares, such amounts should be increased in the same percentages as the
through rates or fares. Where the divisions of carriers participating in
through rates or fares are in fixed amounts per unit and are absorbed by
other carriers, such absorptions should be increased in the same percentage
as the through rates or fares.
fn
JOINT RATES TO
AND FROM FOREIGN COUNTRIES.
Nothing herein should be construed as authorizing any increasse in the
proportions of joint through rates to or from points in foreign countries
accruing in such foreign countries. The proportions of such rates accruing
within the United States may, however, be increased to the extent herein
approved for domestic rates in the same territory.
FOURTH SECTION DEPARTURES.
In instances where the approval herein of different percentages of increase
results in departures from the provisions of the fourth section of the act the
carriers will be expected either to correct such departures by tariffs filed
not later than November 1 1920, or to file on or before that date applications seeking permission to continue such departures. Temporary fourth
section lelief will be granted by appropriate order.
DISPOSITION OF FRACTIONS.
In computing and applying all increased rates authorized herein fractions
will be treated as follows:
Where rates are stated in amounts per 100 pounds or any other unit,
except as provided in the succeeding paragraph, fractions of less than J4
of a cent will be omitted. Fractions of J4 of a cent or greater but less than
M of a cent will be stated as }4 cent. Fractions of M of a cent or greater
will be increased to the next whole cent. This rule will also be followed in
computing passenger fares.
Where rates are stated in dollars per carload, including articles moving
on their own wheels, when not stated in amounts per 100 pounds or per ton,
amounts of less than 25 cents will be dropped; thus, 825.24 will be stated
as $25. Amounts of 25 cents or more but less than 75 cents will be stated
as 50 cents; thus, S25 65 will be stated as S25 50. Amounts of 75 cents
or more but less than $1 will be raised to the next dollar.
OUTSTANDING ORDERS OF THE COMMISSION.
An
order will be entered modifying outstanding orders of the Commission
to the extent necessary to permit the carriers to make effective the increases
herein authorized.
EFFECTIVE DATE OF
NEW RATES AND SUBSEQUENT
In view of the existing situation it is important that the increased rates
be made effective at as early a date as practicable. The increases herein
approved may be made effective upon not less than five days' notice to the
Commission and to the general public by filing and posting in the manner
prescribed in the interstate commerce act. The authority herein granted will
not apply to any rates, fares, or charges filed with this Commission to
become effective later than January 1 1921.
Most of the factors with which we are dealing are constantly changing.
It is impossible to forecast with any degree of certainty what the volume
of traffic will be. The general price level is changing from month to month
and from day to day. It is impracticable at this time to adjust all of the
rates on individual commodities. The rates to be established on the basis
hereinbefore approved must necessarily be subject to such readjustments
as the facts may warrant. It is conceded by the carriers that readjustments will be necessary. It is expected that shippers will take these matters
up in the first instance with the carriers, and the latter will be e.xpected to
deal promptly and effectively therewith, to the end that necessarj' readjustments may be made in as many instances as practicable without appeal
to us.
An
appropriate order will be entered.
Eastman, Commissioner, concurring:
I
concur in the conslusions of the majority with respect to the increases
which should be permitted, but reach these conclusions by a some-
in rates
what
different path.
In the transportation act. 1920, Congress has attempted to lay down
a rule by which we may be guided in determining the general level of railroad charges. Briefly, we are to adjust rates so that the carriers, as a whole,
or as a whole in such rate groups or territories as we may designate, may
earn an annual aggiegate railway operating income equal as nearly as may
be to 5H or 6% upon the aggregate value of the railway property held
for and used in the service of transportation. In my opinion this rule cannot
now be applied. Under present conditions any forecast of traffic and
expenses for the next twelve months is largely a leap in the dark. But the
controlling fact is that any valid determination of "aggregate value" Is
now Impracticable.
For some time the Commission has been diligently engaged in the enormously difficult task of ascertaining and assembling the valuation data
required by section 19a of the Inter-state commerce act; but it has not
yet fixed final "value" for any road, and preliminary reports are available
on but little more than 15% of the mileage of the country. Nor have we
as yet determined the principles by which "value" for rate-making purpo.ses Is to be estimated from the data accumulated. Those principles are
of vital consequence to the country. It is my conviction that the valuation
doctrines which are prevalent in railroad and public utility circles and
which have been urged upon us are fundamentally unsound in many respects
and yubversive of the public welfare. Discussion of this subject, however,
must be reserved for another occasion. For the present It Is enough to say
that even If the controlling principles had been enunciated, upon the
evidence now before us any present finding as to "aggreg.ite value" is
without adequate foundation. I know the good faith in which the m.ijority
have proceeded, but I feel sure that It is not In the public Interest, and I
cannot believe It necessary imdcr the law, that such an estimate should
now be made. It will almost certainly be misunderstood and misinterpreted and may have an unconscious Infhionce upon our valuat ion work for
the future from which It ought to be free. As a side light upon the situation,
it will, I think, be conceded that something more than estimates of this
THE CHRONICLE
556
kind will be necessary when it conies to enforcing the closely related portion
of the act which provides for a division with the government of any income
which a carrier may earn in excess of 6"~c upon value.
I was one of those who opposed the early termination of Federal control
of railroads. The truth in regard to Federal control was then obscured, in
part by natural misunderstanding of circumstances arising out of war
conditions and in part by propaganda which was often deliberately mendacious. The fact is that both the central and the regional organizations
of the United States Railroad Administration were made up of men of wide
railroad experience, chosen without regard to political considerations, and
that they carried on pioneer work for their country in trying times, for the
most part with an ability, fidelity, and patriotism for which they merit
only honor and praise. It was my hope that Federal control might be continued, because it was evident that the transition back to private operation
would create additional disturbance in a time of unsettlement and unrest,
that existing railroad facilities could be made to do more work and meet
more nearly the transportation needs of the country under unified control
than imder the control of many separate companies, that the addition 1
which are so greatly needed could now be provided more easily
and more economically by public than by private capital, and that disturbances resulting from both rate increases and labor difficulties could be
reduced to a minimum if the government retained direct responsibility for
facilities
the roads.
It was also my hope and belief, if Federal control were continued for a
reasonable period that it could gradually be developed, in the light of experience and by genuinely constructive measures, into a system of administration which would preserve the manifest advantages of unified operation
and direct governmental responsibility for the transportation system, avoid
the dangers which are presumed to inhere in governmental operation by
providing a management remote from political influences and free from
undue centralization, and enlist the co-operation of labor by recognizing
its just claim to some voice in the management.
The situation, however, received the careful consideration of Congress,
and after long deliberation other conclusions were reached which were
embodied in the tran.sportat'on act, 1920. It is our plain duty to do everything possible to make the plan of operation adopted by Congress a success.
Viewing the matter in this light, I am impelled to the conclusion that under
existing conditions liberality in estimating the revenue needs of the carriers
is desirable. Poor service is crippling our industries, curtailing production,
and raising prices. As between high rates and poor service, the former is
the lesser evil. While high rates will not at once bring good service, they
may help to achieve this result. To provide good service the railroads greatly
need additions and improvements and must secure large sums of capital
for that purpose. They can only obtain such funds by the sale of their
securities, and no private corporation is financially sound or can long continue to borrow unless it is able to market new stock. The war has depleted
the resources of the world and produced profound disturbances in the
money markets. Capital can only be obtained by the railroads in competition with demands from innumerable sources and at rates which would
normally be regarded as exorbitant.
S umming the matter up, conditions are critical and they have not been
made less so by the transition from Federal to private control. The evil of
poor service we have with us. and it is certain that the health of the nation
will suffer seriously unless this evil is cured. It is my best judgment that the
railroads cannot function successfully without materially increased rates,
and I am also persuaded that it is in the best interest of the country that
the present plan of operation should receive without delay the best test
that can be given it. Under all the circumstances, it follows that it would
be a mistake if the railroads were now accorded rates designed to produce
substantially less revenue than their responsible executives with unanimity
assert that they need in order that good service may tie provided. What
revenue will actually be produced no one can tell. If the rates prove unduly
high, they may latea' be reduced. The present proceeding has nothing of
many respects is similar to a suspension case, where
finality about it and
the question is whether or not certain proposed rates shall be permitted
to take effect without suspension, a matter left by the act to the discretion
of the Commission. I therefore, concur in th increases of rates which the
,
m
majority have approved.
I am authorized to say that Commissioner Wooley joins in this expreasion
of opinion.
^IcChord. Commissioner:
The concurring report of Commissione*« WooUey and Eastman injects
Into this case large political questions of governmental policy which are
owhere in issue here. The Congress has, for the time being, settled the
question of Government operation of the railroads by restoring them to
private operation, hedged around by comprehensive laws vesting broad
powers in this Commission to regi^iiate them. It is the duty of this Commission to enforce the law as Congress has written it. The questions involved
in this case are so great and so vital to the American people that no such
suggestions as are here made should be injected to further complicate the
extremely delicate and vital situations that now confront this Commission,
the public, and the railroads.
For more than thirty years this Commission has stood four square to
every wind that blows, confining its activities within the four corners of
the law, and it is unwise in this critical period to complicate the real questions involved with extraneous issues. This is neither the time nor the
place. The Congress is the forum, and should Congre-ss fail to meet the
views of a dissatisfied public, if indeed it is dissatisfied, then the final
remedy is to be found in that still greater forum, as was so well pointed out
by the Supreme Court in Taylor v. Beckham. 178 U. S., 548, 580:
The august tribunal of the people, which is continually sitting, and over
whose judgments on the conduct of public functionaries the courts exercise
no control.
and further:
This tribunal, therefore, should be the last to overstep the boi*idaries
which limit its own jurisdiction. And while it should always be ready to
meet any question confided to it by the Constitution, it is equally its duty
not to pass beyond its appropriate sphere of action, and to take care not
to involve itself in discussions which properly belong to other forums.
The Conunission has attempted to deal with this case under the law in
a broad, comprehensive, common-sense way, realizing that the primary
r&sponsibility for the future of our railroads rested upon its shoulders and
that of the state railroad commissions who have throughout the case and
are still co-operating in a most helpful way. They will, in my opinion,
measure up to this reuponsibility to make fully effective what the Interstate Commerce Commission has, with their cooperation, done in this case.
After this the gravest responsibility rests with the employers and employees,
for, after all, neither the Inter-state Commerce Commission nor the state
commissions can alone insure efficient rpilway service. The money derived
from increased rates in and of itself will not solve the transportation problem.
To enable the carriers to meet the present situation every man and group
of men, whether employers or employees, must realize that they are in
fact performing a public service.
The spirit of duty and service must
actuate all.
Had
(Vol 111.
the decision in this case been
left to
my
individual judgment,
I
would have arrived at the same general conclusion, but perhaps by a somewhat different route. However, I, in common with others, subordinate
my individual views to the views of the majority as to the method to be
adopted to raise the increased revenue regarding which there is no difference of opinion.
With respect to the criticism of aggregate value I do not share the apprehension that what is said and done by the majority will result in misunderstanding, misinterpretation, or that it will have any influence upon the
—
CommLssion's valuation work now being conducted. It will be recalled
that in the discussion of this question the report, among other things, says:
From a consideration of all of the facts and matters of record, and which,
linder section 15a of the interstate commerce act. we are both required and
authorized to consider, we find that the value of the steam-railway property
of the carriers subject to the act held for and used In the service of transportation is, for the purpose of this particular case, to be taken as approximating the following
*
*
*_
ORDER.
At a General Session of the Interstate Commerce Commission, held at its
office in Washington, D. C, on the 29th day of July. A. D. 1920.
Ex Parte
74.
In the Matter of the Applications of Carriers in Official, Southern, and
Western Classification Territories for Authority to Increase Rates.
It appearing. That by its report entered in the above-entitled proceeding,
which is hereby referred to and made a part hereof, the Commission authorized ce rtain increases in the rates, fares, and charges of railroads within the
continental United States;
It is ordered. That all outstanding unexpired orders of the Commission,
whether or not effective upon the date of this order, authorizing or prescribing rates, fares, and charges which have or have not been published
at the date of this order, and all outstanding suspension orders, be, and
they are hereby, modified to the extent necessary to permit the increases
herein authorized to be applied to the rates, fares, and charges authorized
or prescribed in or maintained or held by virtue of said outstanding orders;
but that in all other respects said orders shall remain in full force and effect.
It is further ordered. That all tariffs or supplements changing rates now
maintained or held by virtue of outstanding orders of this Commission
shall bear on their title-page the following:
"Rates shown in this supplement (or tariffs supplemented hereby) pubunder authority of outstanding orders of the Inter-State Commerce
Commission are increased herein under authority of order of the InterState Commerce Commission in docket No. 74 (Ex Parte), dated July 29
lished
1920i
And
further ordered. That a copy of this order be, served on each
and that a copy thereof be inserted in the docket
injeach such proceeding.
By the Commission.
it is
carrier party to saidforders
GEORGE
[Seal.
B.
Me GINTY.
Setrelary-
NATIONAL ASSOCIATION OF OWNERS OF RAILROAD
SECURITIES ON RAILROAD RATE INCREASES.
According to the Executive Committee of the National
Association of Owners of Railroad Securities the new railroad
rate increases authorized by the Inter-State Commerce Commission "will not mean a large net increase in living costs."
The Committee also says, in a statement issuedfon the 5th
inst. following a meeting held at 60 Broadway, "the question
that Congress had to decide and the Commission to carry out
was whether the public is to be supplied with anfadequate
transportation system or not. Nothing less than what was
done by Congress and now put in effect by the Commission
would suffice." The Committee also refers to the erroneous
on the value
impression that the new rates will yield
of the property of each carrier, and says "a majority of the
railroads of the country under the rates named will not
earn 6
either individually or on the fair aggregate value of
The Committee also sets out
their respective properties."
that the methods adopted by the Commission under the
Transportation Act "makes rate-making in the future
The Committee's
practically an automatic procedure."
statement in full, as given out by S. Davies Warfield, President of the Association, follows:
6%
%
This Association has been requested to state its views in respect to the
recent Rate decision. The Association's position that the Inter-state Commerce Commission was the proper body to alone deal with the question of
rates, and not a new politically appointed Board of Transportation, has
been fully justified. Apart from the inexpediency of its creation, such a
board, necessarily inexperienced, could not within the time have mastered
the details essential to meet the demands of the Transportation Act or (be
present railroad crisis.
The provisions of the Act in respect to the fixed percentage jaeld on the
fair value of the property of the railroads devoted to the public use. taken
in the aggregate in the four rate districts, are mandatory: Congress pro\ided
the machinery for the guidance of the Commission initiated and believed
to be essential by this A.ssociation and thought by Congress necfssary
to be made part of the Transportation Act.
The Inter-State Commerce Commission, in its decision, takes a broad
view of the necessities of the public and the railroads and places itself in
accord with and firmly behind the Transportation Act. Under the heading
"conclusions as to General Increases," the Commission says:
.
"We are of opinion and find that the following percentage increases In
the charges for freight service, including switching and special services,
together with the other Increases hereinbefore approved, would under present conditions result in rates not unreasonable in the aggregate imder
the respective groups,
Section 1 of the act and would enable the carriers
undw honest, efficient, and econoipical management and reasonable
expenditures for maintenance of way,' structures, and equipment, to earn
an aggregate annual railway operating income equal, as nearly as may be,
upon the aggregate value, for the purposes of this proto a retm-n of 5K
ceeding, of the railway property of such carriers held for and used in the
service of transportation and one-half of 1% in addition; Eastern group,
40%; Southern gTOup, 257c; Western group, 35%; Mountain-Pacific group.
m
%
2L%-"
This section of the decision makes the position of the railroads clear;
has never been so since their regulation by the Government. It is a
It
definite thing upon which the railroad and the investor can count.
districts,.
means that upon invastigation, should the railroads grouped
it
m
Aug.
THE CHRONICLE
7 1920.1
with "honest, efficient and economical
management and reasonable expendi-
tures for maintenance of way, structures and equipment" not earn under
the rates named the yield in the aggregate prescribed by Congress, as
essential to produce an efficient transportation service as a whole, the
Commission will adjust the rates so as to yield the return required by the
Act.
Where railroads in any district may feel they are entitled to greater
revenue, the question will automatically settle itself after sufficient time
has elapsed for it to be demonstrated whether the yield Congress thought
necessary and the Commission has acted upon has been produced. If the
rates named do not yield the amount pr&scribed by Congre.ss, It is clear that
the aid of the Commission can be invoked without delay.
\Mien presenting to the Committees of Congress the reasons for the
fimdamental rate-making features advocated by the Association, 't contended that the adjustment of rates would largely become automatic.
The Commission's decision evidences this interpretation of the Act. The
laborious rate hearings held were not essential to the establishment of the
Congress had established it. Congress, by autocase of the railroads.
matic process having prescribed within certain bounds the amount that
rates should yield chargeable to the shipper, the distribution of such rates
was largely to become a matter for decision directly between the shippers and
The methods
the railroads, subject to final decision by the Commission.
adopted by the Conunission under the Act therefore makes rate-making
in the future practically an automatic procedure.
An erroneous impression prevails in some quarters that rates have been
made that will yield 6% on the ralueof the railroad property of each carrier.
A majority of the railroads of the country under the rates named will not
earn 6% either individually or on the fair aggregate value of their respective
propertias; it will be less than 6)4%: this is on property value, not on securitias or dividends on stocks as Mr. Gomiiers in a recent interview apparently
misinterpreted the Act.
This Association in its argumeHts before Congress in support of this
method of making rates contended that when rates are made which will
yield the percentage return on the aggregate of the fair value of railroad
property in each group, the incentive is given to each carrier to earn as
much out of the rates adjusted to yield the 6% on the group value as its
"Without the division of
efficiency in operation will enable it to receive.
earnings provided in the Act (one-half to those carriers earning in excess of
67o on their individurl property value and one-half to the Government
Transportation Fund) Congress could not have given power to the Commission to make the rates named.
The new rates will not mean a large net increase in living costs. The
question that Congress had to decide and the Commission to carry out was
whether the public is to be supplied with an adequate transportation
system or not. Nothing less than what was done by Congress and now put
The big question involved was
in effect by the Commission would suffice.
whether or not the American transportation system was to exist under
private ownership and operation or break down, the result of which being
Government ownership with all that meant to the people as a whole.
Congress and the ComIt is now up to the railroads to do their part.
mission have thus far done theirs.
LOWER LIVING COSTS LOOKED FOR BY DANIEL
WILLARD WITH NEW RAILROAD RATES.
The belief that the newly authorized railroad rates wiU
reduce instead of increase living costs, is expressed by
Daniel Willard, President of the Baltimore & Ohio RR. who
is quoted as follows in a Chicago dispatch to the New York
"Times" from Chicago, Aug. 1.
"With rates and charges increased to provide 81,500,000,000 additional
income annually the railroads of the United States will have the long
awaited opportunity of buying new equipment, of extending service of
new
lines, of
making railroad
securities
more
attractive to investors and
meeting increased wages," said Mr. Willard.
"I believe that the decision, instead of increasing the cost of living, will
have just the opposite effect. The rate decision will bring about renewed
activity in the development of our railroads which will be reflected in the
movement on an enlarged volume of business. The enlarged volume of
business the ability of the roads through added equipment and new
branches of line to take care of more shipments will mean a greater supply
to the market and a consequent lowering of prices."
Mr. Willard expressed confidence in the future of the railroads under
private management and declared the responsibility now rests upon the
railroad managers, the Government bodies having "done their part."
—
FRANKLIN
—
K.
LANE SAYS RAILROADS MUST
NOW MAKE
GOOD.
That the raise in railroad rates was necessary is the statement made by Franklin K. Lane, ex-Secretary of the Interior,
according to the New York "Evening Post" of Aug. 2, which
reports him as adding:
always necessary to lay a foundation of revenue for a basis in getting
This doesn't mean that the Inter-State Commerce Commission
will approve everything that the railroads are going to ask.
This is the
first step in an attempt to help the railroads to a state of efficiency.
The
success of this move will be proved by the ability of all to play a co-operative
game, to work together sanely and wisely, and to get rid of small ambitions
and notions. There will bo a period of test now, and if the railroads do not
make good something else must be attempted, the Plumb plan or some form
of Govommient ownership.
It is
results.
FAIRFAX HARRISON ON EFFECT OF RAILROAD
RATE INCREASES.
According to Fiarfax Harrison, President of the Southern
Railway System, the completion of "the cycle of Government
management of the railroad industry" though increases
in freight and passenger rates will have the effect of leaving
to the carriers of the country the opportunity for "a constant and progressive reduction of rates accompanied by
an enlargement of service." Mr. Harrison who indicated
his views in a statement issued on Aug. 2, said:
The tremendous incrojuso of railroad rates authorized by the InterCommerce Commission, seems to complete the cycle of government
mauagemont of the railroad industry. It was necassary to carry the scale
state
557
of expenses set up by the railroad administration but it must cause great
concern as to its economic consequences.
It now remains for private management to resume the practice of competitive efficiency and self reliant initiative which distinguished the American railroads during so many years, and to justify the preference of the
American people for that form of admin'stration by making possible not
only the success of individual companies and the prosperity of their loyal
employes, but a constant and progressive reduction of rates accompanied
by an enlargement of service to the public such as may be traced through
the old fashioned railroad statistics.
No one can expect this to be accomplished over night, considering the
practical conditions, but a start can be made at once. Relying on the cooperation and support of the employes, the management of the Southern
Railway System will make the effort.
NEW RAILROAD RATS ETO BE EFFECTIVE AUGUST 2&
—INCREASED REVENUES TO GOVERNMENT.
When immediately following the announcement of the
decision of the Inter-State Commerce Commission in the
railroad rate case, it was stated by A. P. Thom, General
Counsel for the Association of Railway Executives that the
increased passenger fares would be put into effect Aug. 20,
while the increased freight rates would become effective
Aug.
was later (Aug. 3) stated that both the higher
and passenger rates would go into effect Aug. 26.
In reporting this. Associated Press dispatches Aug. 3 said:
2.5, it
freight
Decision to postpone the putting into effect of the advanced charges
authorized last Saturday by the Interstate Commerce Commission from the
datas announced yesterday was reached tonight after tariff experts of the
carriers had informed Alfred P. Thom, general counsel for the Association
of Railway Executives, that it would be impossible to have the blanket
.schedules ready before Aug. 21.
Under the orders of the commission the
new schedules must be filed five days before they become effective.
On
the previous day, dispatches from Washington from
same source
the
said:
By
putting the increased rates into effect prior to Sept. 1 the drain on
the Treasury under the guarantee provisions of the Transportation Act
likely will be ended before expiration of the Government's guarantee of
earnings to the roads. Officials estimated today that by Sept. 1 the
guarantee provisions would have cost the Government approximately
$650,000,000 for the six months .since the passage of the present railroad law.
The Government has been obliged to continue the .$75,000,000 monthly
rental payment which was in effect during Federal control, as well as to
meet deficits, not covered by the rental amount, sustained by the individual
carriers.
Included in the charges which ^^^I1 fall on the Treasury in these
deficits is that portion of the .$600,000,000 wage award covering labor costs
from May 1 to Sept. 1, when the guarantee expires. This was officially
estimated at $206,000,000. Thus the American people will pay one-third
of the increased wages for railroad employees this year in taxes.
With the amount guaranteed the carriers this year and the claims of the
Unas for compensation under their contracts with the railroad administration the roads niU have cost the government approximately a billion and a
half dollars since the President took over the properties Dec. 28, 1917.
Operation of the roads after Sept. 1 under the new rates, will yield,
according to accountants and tariff experts of the carriers an annual return
of about $1,580,000,000.
While these figures were of a preliminary sort
the railroad experts believed the freight revenues to be derived under the
new charge would amount to $1 ,300,000,000, had the income from passenger
traffic $283,000,000.
Their estimates, it was explained, were based on the
assumption that intrastate rates would be increased correspondingly with
the advance authorized by the Federal commission in interstate rates.
,
We also quote the following from Associated Press dispatch from Washington Aug. 3:
Increased revenues, officially estimated at $100,000,000 annually, will
accrue to the Treasury as a result of the advance in transportation rates
allowed the railroads. The added income for the Government, officials
said tonight, would be derived from increased transportation taxes, which
are paid by the public, as well as through operation of the income and
excise provisions of the revenue laws.
Transportation taxes for the fiscal year ending June 30 aggregated approximately .$231,000,000. This sum was made up from the 3% tax on freight
charges amounting to $125,000,000 the 8% tax on passenger tickets supplying $100,000,000 and the 8% tax on Pullman charges producing $6,500,000.
Should railroad traffic continue at its present volume, all of theseamounts
would be inqi-eased correspondingly with the advance permitted by the
On
Interstate Commerce C^ommission in its rate decision last Saturday.
this basis, officials of the Bureau of Internal Revenue calculate the additional
taxes will aggregate $38,550,000 on freight, $18,700,000 on passengers
and $3,500,000 on Pullman charges.
Another source of revenue would be from income taxes levied against the
Railroad executives, expect many of the carriers
railroad corporations.
to earn .sufficiently large returns imder the new rates to compel the payment
It is from this source
of income taxes for the first time since prewar days.
that the Treasury expects to obtain a large portion of the remaining .$40,000,000 of their, $100,000,000 estimate. Officials placed the amount from
income taxes con.servatively at $30,000,000 a year.
The wage award of $600,000,000 a year, one of the causes for a rate
advance, also w ill result in producing a certain return to the Government for
it places most of the railroad employes within jurisdiction of the income tax
laws.
Amounts levied on most of the workers will be small but. it was
pointed out, the railroad labor army numbers more than 2.000,000 persons.
From this number officials believwi the taxes would aggregate a "substantial
amount, probably $10,000,000 or moDe."
,
NEW YORK CENTRAL LINES COMMEMMORATE
MEMORY OF LATE W. K. VAXDERBILT.
Following the death on July 22 of William K. Vanderbilt
A. H. Smith, President of the New York Central
in Paris,
Lines issued to the officers and directors a bulletin commemorating Mr. VanderbiU's scr\'icos and directing that flags on
the buildings and vessels of the Central Lines be kept at
half-mast for a period of one week as a token of respect to
We give herewith Mr. Smith's bulletin:
their late associate.
THE CHRONICLE
558
[Copy]
NEW YORK CENTRAL
LINES.
A'e^L• York, July 23, 1920.
All Officers and Employes of the New York Central Lines:
With deep sorrow I have to announce the death on July 22, 1920, of William K. Vanderbilt at the age of seventy j'ears.
Grandson of Comodore Cornelius Vanderbilt, first President of the
New York Central, son of William H. Vanderbilt. the second President, he
entered the raUroad service in his early manhood. In 1877 he became a
Vice-President, and for nearly fifty years he has faithfully served our
companies as a director. With clear \-ision, keen intelligence, sound
judgment and absolute integrity, he has guided the development, extension
and consolidation of the New York Central Lines. His great influence
with his associates in these matters has been due to the recognition not only
of extraordinary ability and foresight but to the universal recognition of his
sense of the right thing to do. That sense of right regarded not only the
particular corporation of which he was Director, but the interests of the
State and of the Nation as well. In all matters affecting the interests
and well-being of the officers and employes of our Companies, justice and
fairness guided his action.
mourn his loss, we reverence his memory.
not only because he was one of the great factors in the development of one of
the greatest transportation systems iu the world, and because he was one
of the great builders of our nation, but because he has always been our true
We
and
loj'al friend.
All flags on Companies' buildings and vessels will be displayed at half
mast for the period of one week from 12.00 o'clock noon this day.
(Signed) A.
H. SMITH,
President.
Mr.
Vanderbilt's death
was
referred to in our issue of
July 24, page 351.
ROADS TO ASK INTRASTATE RATE INCREASESJURISDICTION OF COMMERCE COMMISSION.
In indicating on Aug. 2 that the various State railways
commissions would be asked by the railroads to advance
intra-State freight, passenger and Pullman rates to correspond with the inter-State increases authorized by the
Inter-State Commerce Commission, Alfred P. Thorn, General Counsel for the Association of Railway Executives, stated
that "such intra-State rate increases will not add to the
total income provided for by the Federal Commission's
decision because in submitting their estimates the carriers
calculated on a basis of increases of both intre-State and
In stating on Aug. 1 that applications
intra-State rates."
to the State Commissions were being prepared by the railroads, and that it was expected by the railway executives
that the increases would be granted, the Associated Press
said:
Should any State Commission refuse to authorize them, however, the
carriers, Mr. Thom said, will proceed under the Transportation Act and ask
a hearing before the Inter-State Commerce Commission to determine
whether the existing intra-State rates are discriminatory or prejudicial to
inter- State commerce.
Three representatives of State Commissions who sat with
the Inter-State Commerce Commission during the hearings
on the application of the railroads for higher rates this week
sent to the various State Commissions a report in which they
declare that the "reasons requiring an increase of interState rates are very persuasive of the need for increase in
The report, signed by William D. B.
intra-State rates."
Ainey, Chairman of the Public Service Commission of Pennsylvania; Roj^al C. Dunn of the Florida Railroad Commission
and John A. Guiher of the Iowa Railroad Commission, says:
We participated in the conferences in the same manner as members of the
Commission, being invited by them to take part in the discussions and express our views with full freedom. The members of the Commission gave
to the case intense and efficient application, examining and discussing it
with the evident desire to reach correct conclusions and apply the increase
in such manner as to deal justly with the whole country.
The questions presented were very numerous, involving the commerce
of the whole country, and the entire rail transportation system of the
United States, many of these questions being of complex character. Any
decision of the case looking to the observance of the statute affects in some
way every rate now effective. Speaking generally, every controverted
question concerning all classes and commodities, and all rates, rules and
practices of rail carriers and all the theories of shippers and carriers were
presented and urged in the testimony and in argument before the Commission and given cajeful consideration in conference.
The Commissioners were not of one mind on all questions and their conclusion in many cases was the result of recognizing that* the views of the
other man must be taken into account and that there must be some surrender
by each before an agreement could be reached. In some instances the conclusion of the majority is the view expressed in the ruling. On some of the
questions our views were not in full accord with the majority and in some
instances we three State Commissioners did not have unity of view. However, when all matters are considered, and remembering that where 13 men
are considering controverted questions and proposed policies, their differences of opinion must be composed or decided by the majority, we believe
that the conclusion, considering all things, is just and fair and we give It
our approval.
The increased rates permitted under the ruling in ex parte 74 will probably go into effect Sept. 1 1920. The reasons requiring an increase of interState rates are very persuasive of the need for increase in intra-State rates.
The operating revenues of the railroads under present rates and conditions
are recognized by all persons as insufficient. A part of the responsibility
to meet the situation rests upon the State Commissions.
Such increases
as will be made in intra-State rates should, If possible, be made effective
Sept. 1 1920.
On July 29 the following ruling respecting its jurisdiction
over intra-State rates was issued by the Inter-State Commerce Commission:
(Vol. 111.
Jurisdiction over intra-State rates, &c., of carriers which were tmder
Federal control when it terminated at 12:01 A. M. March 1 1920, thereupon
passed to the authorities of the respective States, subject to the provisions
of Section 206 of the Transportation Act, and' with the limitations: (a) that
such rates, &c., shall not be reduced prior to Sept. 1 1920 without approval
of the Inter-State Conmierce Commission, and (6) that they shall not contravene the provisions of Section 13 of the Inter-State Commerce Commission.
VIEWS OF GLENN E. PLUMB AND A. P. THOM ON
EFFECT OF NEW RATES ON LIVING COSTS.
The following is taken from the New York "Times" of
Aug.
4:
Views of Glenn E. Plumb, author of the Plumb plan, and of Alfred P.
Thom, general counsel for the railway executives, on the effect of the rates
on the cost of living were obtained to-day.
"At the recent rate hearing before the Inter-State Commerce Commission
a large number of shippers," said Mr. Thom, "testified that inadequate
transportation was far more costly to them than adequate transportation
rates.
They presented the ^^ew that if the producer cannot get his goods
to market production of the necessaries of life will be diminished.
On the
other hand, if the producer can get adequate transportation production
will be encoiu-aged.
"If the supply of the necessaries should be curtailed by inadequate transportation and the supply thus diminished the cost of living would inevitably
go up. On the other hand, with adequate production and a bountiful
supply in the markets of the coimtry, the result would be to dmimish the
cost of living.
Mr. Plumb "proves by a single mathematical calculation" that the cost
of living wUl be increased by the rate raise, and that this increase will more
than offset the .$600,000,000 awarded the railroad workers in higher pay.
He bases his calculations on a statement attributed to Walker D. Hines,
formerly Director-General of the Railroad Administration, that increases
in rates will be borne by the public three to five times over.
This Mr. Plumb asserts, would mean that the higher rates, amounting to
$1,600,000,000, trebled, woiUd be $4,800,000,000, which is a conservative
estimate, he declares, of the addition to the cost of living.
Two million railroad workers of the country, with their families represent
one-eleventh of the country's population, he added. Their purchasing
power has been increased by $600,000,000. But one-eleventh of the burden
they must bear in paying higher rail rates will be $436,363,637, or $163,636,363 less than they received in higher pay. Taking Mr. Hines's alleged
estimate that the public will pay five times the amount granted the railroads,
the employees, he said, will be "out" several millions of dollars.
HOWARD ELLIOTT ON RAILROAD RATE
DECISION.
Howard EUiott in a statement issued on the 3d inst.
observed that "the decisions of the Labor Board about
wages and of the Commerce Commission increasing rates
to meet these wages and to establish the earning power
of the roads on the basis of present costs, make a new platform for the Transportation System of the United States,
which will have far reaching effects on the economic development and history of the country." Commenting upon the
fact that "the law and the Commission both say that opera^
tion must be honest, efficient and economical," he averred
that "this can only be accomplished by having indi-vidual
consumers and producers of transportation honest, efficient
and economical," and he expressed the hope that "all railroad users and workers will carry out the spirit and letter
of the law." Mr. Elliott, who is Chairman of the Northern
Pacific Ry. Co., was Chairman of the Rate Committee of
the Association of Railway Executives. In his statement,
he said:
Ever since the Cummins-Esch bill became law, I have had an abiding
faith that the Commerce Commission would so interpret it that its fundamental principles would be established. The Commission have now done
this with commendable promptness, considering the complicated situation
with which they had to deal. Arguments may be made for and against
Fome of the figure and percentages named in the decision, but the principle
Is now plainly declared that the unrivalled railroad system of this country
shall noc only be regulated in the interest of the public, but also sh?ll be
protected, encouraged and developed in the interest of that same public.
The will Oi the people as declared by Congress is now made effective:
namely, that their railroads sh?ll be owned and managed by individuals,
and that owners are as much entitled to a return on r?ilroad property as
are owners of any other kind of property that is necessary to the public
welfare, and is honestly an efficiently administered.
Everyone interested, however, should bear in mind the fact that this
decision is not a rubbing of an Alladin's lamp so that commtmities, shippers,
travellers, employes and owners will at once obtain their every wish.
Improved service and enlarged facilities, rehabilitation of road and equipment cannot be obtained in a few days. Much hard work remains to be
done, a great deal of courage must be displayed and much self denial and
patience exercised.
The transportation machine has been undernourished for many years and
particularly so for the last ten. In addition, the complications and dislocations in methods of maintenance and operation that developed during
the war and Govermental control are serious and can only be adjtisted
slowly. The return of freight cars to the owning roads and restoring them
to pre-war condition is one very large task that is vital to shippers and
railroads alike.
The great essentials of the transportation machine should be put in complete repair and increased in capacity and mmiber before money, men
and material are used for non-essentials that are desirable, but can wait.
Trackage, terminals, motive power, cars, both freight and passenger, facilities for caring for equipment and suitable working conditions for employes
are behind the necessities of the country to-day and we must prepare now
for the next uplift in business.
It is to be hoped, therefore, that prosperous, progressive and ambiJous
communities will not assimae that this decision of the Commission furnishes
imlimited money for things like elaborate passenger stations, grade separations and other non-essentials, and that they will not make insistent demands that such projects be undertaken at once. Every dollar that the
railroads can save under the new rates and under the new wages will be
Aug. 7
1920.]
THE CHRONICLE
needed to make paj-ments for interest, taxes and reasonable dividends,
so as to sustain their credit, and to do the essential work above outlined,
so that the commerce of the country can be moved satisfactorily. Desirable
but non-essential -work should, in the interest of thecountry as a whole,
be postponed until we know more about the results to be obtained under
the new conditions.
559
A New York Stock Exchage membership was reported
posted for transfer this week the consideration being stated
as $95,000.
M. Warburg,
Felix
of the banking firm of Kuhn, Loeb
Europe on the White Star steamer Olympic,
York on the 3rd inst.
The law and the Commission both say that operation must be honest,
efficient and economical. This, however, can only be accomplished by having individual consumers and producers of transportation honest, efficient
and economical. As citizens, it is to be hoped that all railroad users and
workers will carry out the spirit and the letter of the law, and will help the
countrj- by working hard and faithfully, by conserving transportation, by
eliminating waste and by co-operation to make the railroad system adequate
imder the new law and the new conditions.
Suppose that the 2,000,000 men in the railroad service, from the water
boy on the extra gang to the highest executive, could save 5c. a day, by
greater and more intelligent effort, by greater care of plant, materials and
fuel, by the elimination of waste, and the adoption of improved methods,
the total saving would be $30,000,000 for a 300-work-day year. This is
enough to buy 400 heavy locomotives, or 10,000 freight cars. Suppose
only an average of one hour a day could be saved by shippers in loading and
& Co.,
unloading the 2.400,000 freight cars; this time for a 300,work-day year
would be 720,000,000 car hours, or 30,000,000 car days or 100,000 cars
per year added to the available supply of the country without the invest-
The New York "Evening Post" of July 31 in referring to
the action of the Exchange, says:
It is said to be the first time the Exchange has thus honored detectives.
Mayor and Brown figured prominently in the apprehension of principals
in wholesale bond thefts from Wall Street brokerage houses.
They also
worked on the Jules W. ("Nicky") Arnstein disappearance in connection
with the much discussed "$5,000,000 bond theft plot."
ment of new capital.
Now
necessary for all good citizens, whether In or out of railroad
obey the new transportation law in spirit and letter and to work
and save day in and day out, until the wastage of the war is made good and
the transportation system brought back more nearly in keeping with the
it is
service, to
needs of the country.
I have just returned from an 8,000-mile trip to the North Pacific Coast
and back, and never was I more impressed with the possibilities of growth
and development in the United States than I was on this trip. Nature has
been very good to this country in nearly every way, and if man will only do
his part, work, save and not expecti perfection in every walk of life, our
progress in the next thirty years will be more wonderful than in the last
thirty. An effective and adequate transportation machine is necessary for
that progress and it can only be obtained by the hardest kind of work and
economy.
W. JETT
.^----^.^...^^^^^^^^.^mmmmmm
LAUCK ON RAILROAD RATE INCREASES.
W. Jett Lauck, who recently presented statistics to the
Railroad Labor Board in behalf of the railroad labor organizations issued a statement on Aug. 2 regarding the new railroad rate increases in which he said that the new rates
"should have no appreciable effect on the prices of the vast
majoritj' of things which the ordinary' consumer pm-chases."
He
also said:
the public ought to know, is that there would have been no occasion
for so large an advance in raili'oad rates provided the railroads had been
and were now efficiently and economically managed, and provided the
"water" were squeezed out of railroad securities, and provided the railroads
were not themselves the victim of the profiteers in railway equipment,
steel and iron products, lumber, coal and oil, to the extent of 3400,000,000
or $500,000,000 per year, as shown by our investigation.
Still, there is no occasion for alaiin in the prospect of an addition of
$1,500,000,000 to the annual transportation bill of the country, provided
this item is not multiplied four or five times before it is presented to the
people for payment. For instance, by no possible computation can the
increased freight rates be made to justify an increase of 1% per lb. in the
price of meat to the consumer, an increase of 5c, per pair in the price of
shoes, an increase of 10c. in the price of a suit of clothes, or an increase of
What
one-fourth of Ic. in the price of a loaf of bread.
An added annual charge of $15 per capita, or $75 per family, seems large,
but as a matter of fact the increase in railroad rates will not mean that much
as a direct charge to the Individual or the family.
A substantial part
of the revenues of the railroads comes from freight on exports and in that
case the increase will be paid entirely by i^urchasers of those exports in
other countries. There is also the very considerable item of the freight on
materials and produce of all kinds bought by the Federal, State and municipal Governments, which is paid through taxation,
Co?l is one commodity the price of which willbe directly and appreciably
increased by the advance in freight rates, the increase ranging from 75c.
to 81 35 per ton, but even that does not make a very great difference in
the annual budget of the family.
The increase in freight rates should have no appreciable effect on the
prices of the vast majority of things which the ordinary consumer purchases. This is so for the reason that in the case of almost all ordinary
commodities the cost of transportation at present is such a negligible item
in their selling price that an increase of even 40% in freight rates would be
an unimportant addition.
This fact Is brought out clearly when an analysis is made of the selling
prices of almost any commodity in relation to the cost of transportation of
such commodity. Thus, in the average household budget meat constitutes
one of the most important items ot expenditure, the average family consmning about 400 lbs. of meat per year.
The average wholesale price of meat in Eastern cities in 1919 was about
21c. per lb. and the average retail price about twice this much. At the
same time the freight rate per lb. for a haul of 1 ,000 miles, which is well
above the average haul, was less than seven-tenths of Ic.
BlEven when liberal allowance is made for the other transportation costs
entering into the final price of meat, such as the hauling of the cattle to
the slaughterhouse or the hauling of feed for the cattle, it seems clear that
the total transportation cost in a pound of meat is at present not over 2c.
A 40% increase in freights, therefore, would add less than Ic. per lb. to
transportation costs, and, at the maximimi, should add no more than the
same amount to the retail selling price.
The great industries of the country could amply afford to deduct the increased freight rates from the price of their products, thus allowing the
commodity to reach the retailer at the same prfce as formerly. By so doing
they would be decreasing their excess profits less than one-fourth and would
still have left their full normal profit and three-fourths or more of the
excess profit which they are now malving.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made at
the'Stock Exchange or at auction this week.
which
sailed for
left
New
The Board of Governors of the New York Stock Exchange
has adopted the following resolution commending the Police
Department of the city for its work in bringing to justice those
involved in thefts of securities:
Resolved, That the Board of Governors of the New York Stock Exchange
extend to the Police Department of the City of New York, their congratulations and commendations for the very efficient and satisfactorj' work of
Detectives August Mayer and Grover Cleveland Brown, resulting in bringing to justice the culprits and instigators of the recent thefts of securities.
Announcement
the inability of the firm
of
of
Gross,
Romary & Co., of 36 Wall Street, to meet its obligations was
made from the rostrum of the New York Stock Exchange on
Aug.
A
bankruptcy has been
firm in the Federal District Court by Hays,
Herschfield & Wolf, acting in behalf of the creditors. The
liabilities of the firm are given at approximately $350,000,
with assets of approximately S250,000. Judge Hand has
appointed Edward H. Childs receiver for the firm, the members of which are James S. Gross, Alfred J. Romarj', Charles
R. Gauvain and Milton L. Morgenroth. Mr. Gross is the
Exchange member. Regarding the firm's difficulties, the
"Journal of Commerce" of Aug. 3 said:
At the offices of House, Grossman & Vorhaus, attorneys, to whom
Gross, Romary & Co. referred inquiries, Louis J. Vorhaus said he had not
2.
petition in involuntary
filed against the
yet had time to examine the affairs of the Stock Exchange firm sufficiently
closely to warrant a statement.
Speaking informally, he attributed the
firm's difficulties to general market conditions, declaring that it was unable
He
to go on and that therefore it had been deemed advisable to suspend.
could give no figures as to the firm's assets and liabilities, but declared that
the latter undoubtedly slightly exceeded the former. He predicted that
they would be able shortly to offer a settlement which would be "satisfactory to the creditors."
The Canadian Bureau of Information at 1463 Broadway,
makes the following observations regarding the
growth in Canadian bank deposits:
this city,
banks are any indication of riches, then Canada
On June 30 1914 Canadians had on
piling up money at a rapid rate.
deposit in these institutions $1 ,158,000,000. Then came the war and huge
investments in war loans. Bankers were afraid their deposits would be
On the contrary, deseriously reduced. Yet nothing serious happened.
posits grew steadily.
According to the latest bank statement, Canadians had on deposit in
their eighteen chartered banks demand deposits (no interest) amounting
to $1 .019,980,000 and time deposits (bearing interest) amounting to Si ,243,700,000. The total deposits were thus $2,263,680,000. or more than twice
This is surely evidence of growing
as much as on the same date in 1914.
If deposits in chartered
is
wealth.
We
are advised of the opening of the
House at Moncton,
New
Moncton Clearing
Brunswick (Canada), on Aug.
2.
The
application for the listing of the $1,380,000 additional
Corn Exchange Bank of this city on the New
York Stock Exchange was approved July 28, making the total
amount listed $6,000,000. The issuance of this additional
capital was authorized by the stockholders of the bank on
June 17, and particulars were given in our issues of June 5
and June 19. The circulars regarding the listing of the
new stock gives the capital June 30 1920 as $4,620,000, the
surplus as $7,380,000, the undivided profits as $1,202,092
and the net deposits of $176,421,852.
capital of the
•
I'^f-'''^
t^Group insurance covering everj' officer and employee has
been provided by the National Park Bank of this city. The
policies wall range from $500 minimum and $5,000 maximum,
according to the length of service rendered.
R. P. Tinsley, Vice-President of the American International Corporation, has been elected to the additional post
of Secretary' to succeed Cecil Page, who resigned to become
associated with the law firm of Pratt, McAljiin & Page.
W. F. Sands, Executive Assistant of the American International Corporation, has been elected Assistant Secretary
of that corporation.
«
The
Citizens National
a capital
of $100,000,
Bank of Englowood, N. J., reports
the amount ha\'iug been increased
THE CHRONICLE
560
from SoO.OOO. The additional stock was authorized by the
It was disposed of at par, viz.,
shareholders on May 10.
SlOO per share, and the new capital was made available
July 24.
An increase of §400,000 has been made in the capital of
the Farmers and Mechanics Bank of Jamestown, N. Y.,
thus raising the amount from $200,000 to $600,000. We
are advised that the issue of new stock was largely oversubscribed and issued almost entirely in small blocks to other
than former stockholders. The price at which the additional
stock was placed was $150 per share, par $100. The plans
for enlarging the capital were ratified by the stockholders
in May, and the date on which the increased capital was made
effective
was Aug.
IVOL 111.
The Central National Bank of Philadelphia announces
the appointment of Stanley E. Wilson as Vice-President.
At the same time D. R. Carson, Assistant Cashier, was given
the additional title of Assistant to the President.
An application has been made to the Comptroller of the
Currency to convert the Bank of Waynesboro (a State bank),
of Waynesboro, Pa., to the National system, under the name
of the National Bank of Waynesboro, with a capital of
$200,000 in shares of $50 each. The stock of the proposed
institution will be taken by the present stockholders of the
Bank of Waynesboro. The National bank will be under the
same management
as the existing institution.
1.
The Mt. Lebanon Trust Co., is in process of organization
made in the capital of in Pittsburgh; its principal headquarters in Mt. Lebanon,
the New London City National Bank of New London, Con- Pa., and it will be formed with a capital of $125,000. The
necticut, raising the amount from $150,000 to $200,000. stock is in shares of $100 and is to be sold at $125 per share.
The new capital became effective July 26. The additional The first call of a 25% payment will be made Oct. 1 1920.
stock was sold at $150 per $100 share.
The organization committee, composed of I. C. Overdorff,
J. S. Easton and Wilham C. Hale, has temporary offices
On July 10 the Old South Trust Co. of Boston, whicn at 510 Park Building, Pittsburgh. Subscriptions to the
closed its doors on Dec. 18 last (see our issue of Dec. 20 1919)
capital of the proposed company are being solicited from
An
increase of $50,000 has been
was reopened
for business.
It is said that
upoi a thorough
by Bank Commissioner Joseph C. Allen, it
was found that all the bank's objectionable accounts had
been eliminated and that its affairs were now entirely satisfactory.
In his statement announcing the reopening of the
residents of the South Hills Section of Pittsburgh.
investigation
institution
Mr. Allen
said in part:
The statement
of the bank shows cash on hand and in banks of $1,625.634 69. which, of course, is remarkably large in proportion to the demand
deposits of 32,133,360 68.
As a result of careful and painstaking investigation and the elimination of bad and doubtful assets, the bank to-day is in
excellent condition to resume business.
The following is a detailed statement of the condition of
the Old South Trust Co., as issued by Commissioner Allen:
U. S. bonds (at market)
$46,305 40 Capital
Other bonds(at market)
214,230 00 Surplus and undivided
earningsLoans
1,214,985 45
Safe deposit vaults and
42.683 04
16.002 84
323 76
fixtures
Accrued interest
Revenue stamps
Cash on hand and
banks
Deposits
Time
—demand
$500,000 00
29,139 29
2,133,360 68
...
497,665 21
in
1,625,634 69
,160,165 18
$3,160,165 18
Under the reorganization plan as announced by President
John R. McVey, the officers of the Old South Trust Co. are:
Samuel W. McCall, ex-Governor of Massachusetts, Chairman of the Board of Directors; A. Hailparn and Nathan
Pelousky, Vice-Presidents; Robert T. Harward, Treasurer,
and Clarence E. Kellogg and Nicholas Vigilante, Assistant
reasurers.
On
July 16 the West Springfield Trust Co., West Springfield, Mass., which began business on April 17, last (see our
issue of May 1) held its first stockholders' meeting at which it
was decided to increase the number of directors from 20 to 26
and to elect two new members of the executive committee.
The following six new directors were appointed: J. Henry
Parent, Willard C. Crouss, Wralf B. Farnsworth, Adam
W. Jeutoch, Charles W. Hegeman and Clarence A. Boyce,
Col.
the last named being the Treasurer of the bank.
Benjamin A. Franklin was also elected a member of the
board to fill a vacancy caused by the death of Louis F.
Ivers.
Willis H. Sanburn and Clarence E. Day were
Treasurer
elected members of the executive committee.
Boyce reported that for the three months that the trust
company had been doing business 800 accounts had been
opened and over $300,000 had been deposited.
Albert R. Thayer and Frank E. Baker announce the formation of a partnership under the firm name of Thayer,
Baker & Co., for the transaction of a general investment
banking business in Philadelphia. Both Mr. Thayer's and
Mr. Baker's experience in the investment banking business
has been wide and varied. Mr. Thayer has been associated
with a number of well-known investment houses in the past,
including E. H. Rollins & Sons, Edward B. Smith & Co. and
W. H. Newbold's Son & Co. He was with the latter firm
for seven years preceding the formation of Thayer, Baker &
Co. For the past two years Mr. Baker has acted as the
Philadelphia representative of the National City Bank of
New York, and previously was associated with the Newbold
company. The new firm will have offices in the Commercial
Trust Building, Philadelphia.
The
Citizens Savings
&
Trust Co. of Cleveland, Ohio,
open its first branch office Sept. 1 at Euclid Avenue and
East 101st Street, in the heart of a thriving outlying business
section which serves a great residential district.
It marks
a departure from "The Citizen's" established practice of
conducting all its operations from its downtown quarters.
The Euclid-lOlst office will be in charge of P. T. Harrold,
manager. Mr. Harrold has been an Assistant Treasurer
of the institution for five years, and for seventeen years
in its employ.
The office is to be a true neighborhood bank,
localized in management and offering a complete commercial
banking service in addition to aU the customary services of
a savings bank and trust company. The Citizen's is jointly
owned with the Union Commerce National Bank of Cleveland
will
On Aug. 1 Casper H. Rowe retired from the Vice-Presidency of the Fifth-Third National Bank of Cincinnati but
will continue as a director of the institution. Mr. Rowe has
long been prominent in business and banking circles of Cincinnati being identified with the Fleischmann interests in
that city. For many years he was President of the Market
National Bank, with which the Fleischmann interests were
identified. Upon the merger of that institution in June of
last year with the Fifth-Third National Bank, Mr. Rowe
Mr,
became Vice-President of the enlarged institution.
long
and
will
planning
take
a
rest
to
Rowe, it is said, is
travel extensively in Europe.
At the semi-annual meeting of the Board of Directors of
Union Trust Co. o^ Chicago, three new Assistant Cashiers
were elected, Philip Weinheimsr, William A. Handtmann,
and R. K. O'Hara. Each of these men has been with the
bank for some time in important capacities, Mr. Weinheimer
as Chief Clerk, and Mr. Handtmann and Mr. O'Hara aa
Assistants to the Senior officers. Mr. O'Hara has attended
the
many
bankers' conventions.
An increase of $100,000
the Home Savings Bank
has been
made
in the capital of
Kalamazoo, Mich., thereby
effective
July 10, from $100,000 to
amount
the
raising
disposed
of at $175 per share,
was
stock
new
The
$200,000.
bank
reports a surplus
the
capital
increased
its
and A^ath
profits
of
$10,000.
undivided
of $150,000 and
of
The weekly bulletin of the Comptroller of the Currency^
issued July 31, reported that an application had been filed
for a charter for the Inter-State National Bank of Fort
are officially
Smith, Ark. with a capital of $100,000.
informed however that the parties who had contemplated
organizing the bank have bought the Arkansas Valley Bank
of Fort Smith, and hence the organizations of the proposed
We
Bank
will
not be perfected at this time at
least.
•
&
Company of Butte, INIont.,
of the institution to the
name
announces the change
The change has been
Company.
Metals Bank & Trust
The Daly Bank
Trust
in the
accompanied by an increase in the capital to $300,000;
changes
the capital had heretofore beeni$100,000. These
.
<
Aug. 7
.
THE CHRONICLE
1920.]
Daly holdings in the
Dah- Bank & Trust Company by a number of Butte men.
With reference thereto the Montana "Record" of July 28
are incident to the taking over of the
Clearings
561
— Returns by
Per
Telegraph.
Week ending August
New York
Chicago
Philadelphia..
said:
The expiration of the trust provisions of the Marcus Daly will caused the
Daly bank holdings to be distributed among Mr. Daly's heirs, one of whom
has since died, causing a further division of the stock. Under these circumstances the Daly family concluded to sell its holdings to men who are
actively engaged in business enterprises in the State and who have the finanonly safeguard the deposits of the bank, but likewise
because of their business activities, to enlarge its scope of usefulness to the
community and build it into a larger institution. This group of men included John D. Ryan, C. F. Kelley, Charles J. Kelly, J. Bruce Kremer,
L. O.Evans and Harry A. Gallwey of Butte, James E. Woodard, formerly
of Lewistown, now of Butte; Thomas A. Marlow and Norman B. Holter
of Helena.
The Daly Bank and Trust Company of Butte was established in 1882
under the name of Hoge, Brownlee & Co., bankers. In February of 1901,
the bank was incorporated, and it was at this time that John D. Ryan was
elected a member of the board of "directors and was made Vice-President
and Managing Officer of the institution. In February of 1902 Mr. Ryan
was elected President of the bank, and ever since that time he has been an
In 1907 the late John G. Morony became President
officer and director.
He was succeeded in December of 1911 by Charles J. Kelly,
of the bank.
who has been President of the bank since that time up to the present time,
when he was elected chairman of the board, and James E. Woodard,
President of the Bank of Fergus County at Lewistown, succeeds him as
President of the Metals Bank and Trust Company.
cial strength to not
The official staff of the Metals Bank & Trust Company is
Charles J. Kelly, Chairman of
constituted as follows:
the Board; James E. Woodward, President; Charles C.
Swinborne, Vice-President; R. W. Place, Cashier and W. C.
Rae, Assistant Cashier. The following are the directors:
John D. Ryan, Cornelius F. Kelley, Thomas A. Marlow,
Charles J. Kelly, J. Bruce Kremer, H. A. Gallwey, L. Orvis
Evans, James E.
Woodard and Charles C. Swinborne.
Boston
Kansas City..
St. Louia
San Francisco.
Pittsburgh ...
Detroit
Baltimore
Kew Orleans..
1919.
83,806,552,482
521,153,329
383,537,220
291,587,866
197,939,256
127,267,272
126,300,000
143,848.515
* 105. 000 ,000
90,390,797
56,417,667
53,897 ,669,154
524 957,250
343 ,761,324
282 806,399
235 ,270,113
137 ,569,419
121 293,882
102 ,843,890
his resignation as
a Vice-Presi-
dent of the Mississippi Valley Trust Co. of St. Louis, to take
effect Sept. 15 next and has accepted the position of VicePresident of the Marland Oil Refining Co. and Kay County
Gas Co. with offices in Ponca City, Okla. Mr. Lackey
will continue as a director of the Mississippi Valley Trust
Company.
—2.3
—0.7
+ 11.6
-(-3.1
—15.9
—8.8
-f-39.9
81 ,866,459
+28.3
79 788,239
59 ,097,747
—4.5
+ 13.3
—
t-
Eleven cities, five days.
Other cities, live days
Total
AH
85,868, 923,878
952, 418,409
$6,936, 103 ,.331
1,324,689,948
86,821,342,287
1,395,406,275
88.260.793,279
.88,216,748,562
five days.
all cities,
one day
cities,
Total
55,849,994,404
1,086,108,927
all cities for
week.
.
—0.3
+ 14.0
+ 1.7
—5.1
+0.5
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the seven months of 1920 and 1919 are given below:
Seven Months 1920.
Seven
Months 1919.
Description
Par Value
Actual
Aver.
Par Value
or Quantity.
Value.
Price.
or Quantity.
fSh's
137,739,8881
s
Stock
Aver.
Actual
Value
Price.
175,836,328;
8
s
S
12.184,520.67510,736.520.450 88.1 16,120,469,08014,363,873,691 89.1
RR. bonds
339.124,500
282.361,840 83.3
321,465.500
286.629,205 89.2
U.S. bonds 1,748,361,8001 1,565.324,979 89.5 1,364.478,200 1,295,022,802 94.9
'
I
IVal
State, city &
for'n bds.
Bank stocks
Total
170,137,800
1.400
158,246,735 93.0
3.884 274.6
191,232,774 98.9
101,182214.3
193,359,000
47,200
14.442,146.17512,742,457.888 88.217,999,818,98016,136,859,654 89.7
.
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in
1920 and 1919 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1920.
W. G. Lackey has tendered
Cent.
1920.
7.
1919.
Mth
Number
Number
Values.
of
Shares.
Par.
Values.
of
Shares.
Actual.
Par.
Actual.
I
S
8
S
8
Jan.. 19,880,166 1,781,060,2001,611,927,486 11,858,4651,126,755,7051,037.426,808
Feb. 21,865,303 1,929,409,8001,685,946,40312,210,741 1,152,181,0001,038,276,918
Mar. 29,008,749 2,585,053,325 2,312,469,840 21,403,5312,019,230,1001,845,369,427
I
1
1
!
l3tqui70,754,218 6,295,523,325,5,610,343,729,45,472,737,4,298,166,805,3,921,073,153
April 28,447,239 2,534,782,100 2,300,049,816 28,587,4312,710,196,850 2.141,053,298
16,642,242 1,436,029,9501,235,942,107.34,413,553 3,215,473,425 3,841,347,811
815,179,150! 685,942,11132,860,3652,879,567,4502,599,924,618
May.
June. 9,354,267
Henry E. Litchford, Vice-President of the Old Dominion
Trust Company of Richmond, Virginia has been elected
President of the Federal Trust Company to succeed T. T.
Adams. Mr. Litchford was at one time Cashier of the Citizens National of Raleigh.
2dqr. 54,443,748 4,785,991.2004.221,934,034',95,861,349;8,805,237 ,725,8,582,325,727
6mos 125197966 11081,514.525|9,832,277,763,141334 086113103,404,530 12503,398,880
July . 12,541,922 1.103,006.1501
The
904 242,687i34,502,242 3,017,064,550 2,810,474,811
following compilation covers the clearings
and 1919:
by months
since Jan. 1 in 1920
MONTHLY CLEARINGS.
The Guardian Trust Company
capital of $300,000, surplus of
of Houston, Tex., reports a
$125,000 and undivided profits
$34,419. The capital was recently increased from
$200,000, the $100,000 of new stock (par $100 per share)
having been sold to stockholders at $125 per share, those not
caring to take advantage of the increase in stock being allowed
to surrender their rights and receive $30 per share for the
number of shares coming to them on the increase. The
increase was authorized by the stockholders on April 6 1920,
and became effective on June 1 1920.
Clearings Outside
Clearings, Total All.
Month.
of
1920.
1919.
S
$
%
New
York.
1919.
1920.
S
January 41,605,136,81932,428,137,754+28.318,395,416,71314,567.494.920+26.3
February 33,230,502,16125,808,147,986+28.815,086,449,73811,613,895,464+29.9
March .. 41,240,600,536 30,092,846,875+37.018,907,335,67513,605,873,216 +39.0
l8t quar.
116076 239 516 88,329,132,615+31.4 52,389,202,126 39,787,263,600+31.7
April
39,586,069.592 130,610,755,295
36 ,752 ,594 ,890133 ,1 96 ,526 ,667
38,360,683,791 34,254,611,450
May
June
+ 29.3 17,785,625,497 13,277,687,872 +34.0
+ 10.7 17,011'070,885 14,313,628,498+18.8
+ 12 17,851,948,420 14,500.780,258+23.1
2d quar. 114699 348,273 98,061,893.412 +16.9 52,648,644,81)2,42.092.096,628+25.1
&
The Puget Sound Bank
Company
Tacoma,
Wash., announces that it has secured the services of Ben
B. Ehrliehman, formerly manager Bond Department of
The National City Bank of Seattle, who will take charge of
its
enlarged Bond and Investment Department. The
Trust
of
functions of this department will be to deal in high-grade
Government,
municipal,
corporation
and
first
mortgage
6
mos
230775 587,7891186391026027
37.485,488,920i37,513.314,.549—0.01 17.6.53,187.714 15,638,684,709-1-12.9
July
The course of bank clearings at leading cities of the country
month of .July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
for the
COOO.OOOs omitted.
New York
First National
Bank
of
Hay ward,
Calif.,
and the
Farmers & Merchants National Bank of Hay ward, both
having a capital of $100,000, have been consolidated under
the charter and title of the First National Bank of Hayward
with a capital of $100,000.
Tlie
First
National
Bank
$100,000) and the Farmers
Lompoc,
1920.
.19.8.32
Chicago.
Boston
The
•
S
securities.
Calif,
&
Lompoc, Calif, (capital
Merchants National Bank of
of
have been consolidated
the Fkst National Bank of
(capital $25,000)
under the charter and
title of
Lompoc.
.
.
Philadelphia
St. Louis
Pittsburgh
San Francisco
.
C'lnclnn.atl
.
1026
.
.
.
.
Louisville
.
Detroit
.
.
Los Angeles
Providence
.
Omaha.
.
Huffiilo
St. Paul
.
Denver.
other leading
.
.
.
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Richmond
Memphis
.
_.-
Seattle
.
Hartford
Salt
Lake City...
Total
Other cities
Totalall
cities.
.
.
2,853
1.643
2,196
676
778
698
319
432
.
Indianapolis
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 mouth. The figures are received by telegraph from
+ 23.8,105037 846,928 81,879,360,228+28.3
.
63S
262
353
122
523
153
338
60
138
215
83
88
153
239
79
Jan. 1 to July 31July
1919.
1917.
1919.
1917.
1919.
1918.
1920.
s
8
8
8
S
8
8
100.731
103.671
15,185
L45..570
126,386
21,875 15.401
19.3,56
16.313
14.862
14.,564
2,676 2,246 2,078
9,728
8.770
7.104
1.116
11.402
1.659
1 .369
1.332
14,773
12,168 10.931
9.840
1.935
1,766
554
4.4.34
.532
4,998
4,.
3.820
667
654
2.922
4.995
2.353
559
342
4.019
611
3.079
420
4.720
3,793
2.645
633
521
1.749
1..5S7
1.187
262
265
186
2.123
2.799
1.692
194
2.372
1.301
406
305
5.-599
3.890
587
5.896
945
847
7 186
3.59
2,926
2.371
2.052
404
4.010
499
1.672
1..507
1.022
193
142
252
2 001
871
111
1.142
S70
116
2.072
183
688
.597
82
682
573
99
71
1.683
1.605
277
229
3. .576
2.291
369
830
729
893
128
105
1.023
118
,S73
900
1,197
210
137
125
2.247
423
311
347
311
45
50
53
2,009
225
1.680
1,605
1.002
257
131
555
99
620
161
87
1.338
807
84
80
125
224
79
67
87
105
19S
59
58
62
116
41
41
96
38
56
171
61
171
167
•15
70
65
39
57
512
444
852
434
449
1.104
1.S.5S
1..502
1.222
77S
1.272
311
541
1,083
254
518
425
35S
974
240
372
900
.566
6.53
425
397
435
71S
;ni
604
2.56
377
34.2S9 34.712 26,425 23.914 244.610 206.083 170.704 163..541
17 821
3.196 2.801 2.217 1.752 23.651
14.S91
12.266
37.485 37.513 28.642 25.666 268.261 223.904 185.595 175.801
13.241 10.481 122.691
97,518 84.864 72.130
OutsldeNcw York. 17,6.53 15.638
THE CHRONICLE
563
[Vot. 111.
BANK CLEARINGS=CONTINUED FROM PAGE
Week Ending July
Seven Months.
July.
—
521,
31-
Clearings at
Inc. or
1919.
1920.
.642.762,414
59.507,800
50 843,157
32.402.323
24.904 875
12.700.000
23,542.799
9,182,871
8,269,109
6,143,540
4,898,074
4.320.072
8.921.000
3.053.482
1,659.345 317
49,719.000
44.781 278
27.083.643
20.416,596
12,193.024
18.056.762
10,546,855
7,830,989
5,125,402
1,891,451,505
1.872.661 951
697 500 000
337 ,506 000
170 892, 198
157 540 233
70 ,264,.572
52 ,327,.427
22 008,.072
47 431,,312
26 ,737,,332
633.273.023
210.332.573
170.805,000
128.151,279
64,847,165
41,445,386
20.974.785
Boston
Providence
Hartrord
Xew Haven
Springfield
Portl.'ind
Worcester
Fall River
New Bedford
Lowell
;
Holyoke
Bangor
Waterbury
Stamford
Total
Xew
England
San Francisco
Los Angeles
Seattle
Portland
La lie City
Spokane
Salt
Tacoma
Oakland
Sacramento
San Diego
Pasadena
13
8
,607,,367
28 000,,100
Stockton
Fresno
San Jose
Boise
1,423.007.093
Eugene
Berkeley*
Santa Barbara
St. Louis
675 .896
262, 149
121, 918
105 634
243 812
239 ,321
New Orleans
Louisville
Houston
Atlanta
Richmond
Galveston
.338
232
001
274
821
,358
26 ,084 530
78 586, 044
84 760 ,302
91 .824 164
34 46 483
Memphis
Fort Worth
Nashville
Savannah
47 .392 330
Norfolk
Birmingham
Little Rock
79 .602 791
44 513
29 000
55 .771
S3 ,036
35 341
Macon
Jacksonville
Oklahoma
8.,399.495
33.836 462
54.157.883
27.097.366
11.849 984
—27.3
—0.06
+ 14.7
+ 46.6
—5.0
— 11
+ 49.4
+ 17.9
+ 245.3
+ 64.8
—
1.
-11-2
Jackson
Vlcksburg
Columbus, Ga
El Paso
Dallas
_
Tampa
Texarkana
Raleigh
Shreveport
Waco
Port Arthur
Wichita Falls
16.383,-501
16.262.187
8,718 449
5,829,187
47-444-452
10,821,243
5.602.929
3 577.156
10.991.727
2.138.110
1.415.618
5.476.471
23-182,306
117,304.130
6,423,631
6,789,000
7,299,484
3,373.804
4.668.880
13,045.9.34
37,485,488.920 37,513 314,549
York_ 17.6.53.187,714 15.638.6.^.709
include<I
+ 20-0
+ 1.3
+ 4.2
+ 71.1
+ 37.6
—0-3
+ 6.9
2,448.895,929
C
Muskogee
New
in total
2.723.185.322
Columbia
Beaumont
.Til
+ 29-4
+ 20-5
+ 00-4
+ 41.3
+ 21.6
+ 35.0
+ 16-8
9.311.474
1.174,710
18,504,004
Austin
Tulsa
Njt
607.321.664
251,525,434
71.240.600
76 783,347
244-476 445
223.857,127
35,874,800
78,631,613
73 917 492
20.029.545
30.825,464
53.700.223
53-200.486
37,740.022
—18-1
—10.8
9 .870 ,807
1 ,598 .333
IS ,758 000
Augusta
Mobile
Outside
192
1,122..585
10-354.145
—1.0
+ 19-7
+ 13.5
+ 19.6
+ 22.0
+ 4-2
—+ 30.4
12.9
+ 5.6
+ 19.9
+ 21.2
+ 28.5
+ 13.0
+ 35-1
+ 1.0
+ 10-1
+ 60.5
+ 0.0
+ 22.9
+ 8.4
+ 26.3
+ 4-9
+ 16.0
+ 23.5
+ 32.1
+ 28.8
+ 100.5
+ 11-8
+ 44.0
+ 30.4
+ 21.5
+ 31.2
—6.0
+ 27.2
—19.0
+ 22.9
+ 14.3
+ 2.0
+ 42.2
+ 77.7
+ 23.2
+ 15.0
—22.4
+ 24.0
+ 9.0
—21.4
+ 13.2
+ 36.2
—
15.7
+ 25.9
+ 46-2
+ 6.0
+ 36.1
+ 1-4
Knoxville
Charleston
Total Southern
648
000
457
668
14 .398 684
21 495 734
15 251 733
11 090 .303
4 713 113
58 307 660
12 307 ,764
5 ,713 153
5 ,088 165
19 ,529 197
2 031 926
1 ,627, 990
4 ,252, 454
28 744 062
127 890 000
5 040 028
7 085 234
9 939 ,993
2 ,843 355
5 ,877, 807
19 ,078 188
Chattanooga
Newport News
Montgomery
21.641.127
10,164.358
6.728.073
10,505,176
14,655,126
7,256,336
9,576.427
8.385.031
4.984.547
3.014.786
7.669.245
4.355,437
2.176.983
1,707,332,565
Bakersfield
Riverside
Wilmington N.
40.882,-145
Not included
Yakima
Reno
Lonj Beach
Total Pacific
3,303,080
7.898.000
2,260.857
16 377,,519
10 ,452 .214
7 841 .759
7 481 .244
6 .449 538
3 .814 6.50
12 298 .867
6 .152 712
2 .047 .687
1 .515 .427
12 099 056
3 240 161
Ogden
Total
,426,,329
4,040,-548
Dec.
in
totals;
Inc. or
1920-
1919.
11.402.472.870
422,573.600
311.313.642
197 001-843
159.202.813
88.800,907
140.300-753
81.195.128
64.040,707
39.520.916
30.124.028
26.551.675
60.170.100
18,490.428
13.041.885,410
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
949.981
490,249
78 ,263,785
52 .309.884
25 .809.059
87 .717.557
78 786.192
22 .071.507
9 ,991,110
85 912,195
7 002,310
63,
57,
1920.
1919-
%
+ 17.2
+ 35.9
+ 22.8
+ 19.4
+ 36.5
+ 21.3
+ 30.3
+ 32.6
+ 20-4
+ 27-1
+ 37-6
+ 24.8
+ 18-4
+ 22-8
11,007,166,973 + 18-5
3.793,314,770 + 24.4
1,197.148.674 + 87.6
1,083.391,352 + 17.4
858,547,534 + 27.0
424,558,292 + 22.0
201,500,020 + 47.5
135,081,054 + 19.0
251,911,713 + 26.8
124.033.172 + 40.2
64.070-873 + 39-8
39.583.109 + 65.5
58,169.073 + 193-7
81.243.692 + 77-8
37.671.570 + 09.8
46.610.802 + 23.3
61.338,732 + 27.4
29.072.528 + 79.9
20.938.088 + 23.3
42.994,042 + 104.0
26.141.939 + 48.4
13.112.73
+ 72.9
6.472.060 + 54.4
9.727 797.918
311 012.500
253 616.007
165 034.575
116 682.657
73 ,259.049
107 ,723.924
61 .232.675
SO 683.246
31 -109.003
21 .880,577
21 .270.7-38
50 .810,800
15 053,304
Dec.
321.320.012
12,138.300
12.230.088
7 027.406
4.746.849
2,900,000
4,368,016
1.670.697
1.728.303
1.157,304
1,080-000
870.330
339,211.399
9,846.600
10.552 938
5.502,525
4.379.442
3.000.000
3.257.440
2.262.708
1,798.582
1.287.569
900.000
690,434
371.243,311
382,685.63'
150-700-000
71,945.000
34.677.339
30.760-034
16.093.931
9.883 163
4.148,487
9,714 890
5,440,690
2.252,034
1.630.492
5 559.700
2.987.933
2.500 000
1,119,802
727,061
2.296.122
(.
—5-3
1917-
+ 20.0
+ 25.0
292.429.843
11.349.800
10.333-469
5-688.823
3,908-796
3.045 869
3.680-701
1.857.055
1.645.226
1-050.000
818 417
720.520
269,952,416
9 134.900
8.070,851
4.636,269
3.655.110
2.649,041
3.478.506
1.892,264
1 267,594
971,197
814,741
678.944
—3-0
336.528,519
307,801.833
145.233,459
44,798,000
39,327.155
26.000.000
13.359,135
8.825.044
4.388.349
9,079,199
5.000 000
1.803.715
1,524.654
2.367.545
2 616.844
1.911,033
+ 3-8
+ 60-6
+ 18.3
+ 20.5
+ 12.0
—4.2
+ 0.06
+ 8.9
+ 24.9
+ 7.0
+ 134.8
+ 14.2
+ 30-8
100.557.089
28-029,000
34,641.173
21.687.6
6.434.000
4.365.540
6.139.850
3.335.401
2 099.007
759,550
1.051,608
1-799.901
1.067,755
98,319,105
27,270-000
19,396,203
13.120-026
12.047.363
5.700.000
2.555.177
4.833.828
3.031.958
1.816.388
924.932
2.616-345
1.581.806
L 857.144
1-011,866
600,000
1,719.579
+ 10-7
+ 21-2
+ 33.6
593,063
500,000
990,643
508.188
475.000
675.489
+ 23-3
+ 16.0
+ 27.7
+ 8.4
—3-3
+ 34.1
—26.2
—3-9
— 10-1
—11.8
in total
11.-591-687
755,000 Not included in total
11.793,280.125
8.656,841,092
+ 36.2
352,442,678
310.505,579|
4-998 .140.560
2.001 .183.623
682 .385.055
811 236.620
2,008 .490.950
1.857 818 129
208 .501.751
777 523.667
602 .160.820
707 832 611
300 775 051
325 667.232
581 .798.245
372 877.831
234 6-50.985
382' .925.524
390 642.579
24 937.512
100 .378 550
154 .944.420
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
1.121 452,115
29 .802.568
62 932.923
79 305,412
23 030.007
51 519.898
158 ,749.168
94 974.388
12 .324.468
154 .200.071
4.553 ,883.472
1.071 ,613.868
572 ,778.464
486 -077.336
1.642 .091.177
1.502 .422 015
170 ,258.048
540I.919..370
457 .700,690
444 ,990.824
214 .763,433
308 ,100,572
145.591.087
57.592.625
24,879.988
22.102.747
49.286.241
48.839.919
6.000.000
15.843.959
17.015,825
18,040.825
7.380.788
9.027.438
16.463.348
8.887.39
7.000-000
10.405.300
11.550.071
6 358.441
2.396.009
5-000.000
3.105.736
2.400.000
1.150.000
12.189.529
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
8.3S6.443
11.696.7
7.410.008
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
+ 7.6
+ 40.7
+ 19.9
+ 250.0
+ 43-7
—3.9
+ 20.2
+ 3.3
+ 51-5
—3.3
+ 41-2
—23-3
+ 17.0
4.215.791
404.697
278.2S9
2.777.788
445,063
374.837
29.964.864
20.808.778,137
16-369,912,836
+ 9.8
+ 19.7
+ 19.1
+ 06.9
+ 22.3
+ 23.6
+ 22.5
+ 43.7
+ 31.5
+ 59.0
+ 40.0
+ 5.7
+ 62.6
+ 117.3
+ 324.4
+ 52.4
+ 25.8
+ 47.0
+ 27.5
+ 42 1
+ 42.4
+ 44.9
—72.1
+ 36.7
+ 68.9
+ 11.0
+ 31.9
+ 67.4
+ 34.3
+ 8.3
+ 35.9
+ 23.5
+ 43.4
—
14.0
+ 29.2
+ 37.1
—4.9
+ 73.7
+ 90.1
+ 39.0
+ 36.4
+ 43.3
+ 27.1
122.691,034.042
1918-
%
38 490,745
Not Included
35' ,873,282
171 ,568,841
551.293 595
251 .240 890
310 .522.862
168 .695.677
78 708-623
109 022.790
99 .524.723
52 -527.747
174 ,304.045
290 .746.410
66 ,773.328
41 ,493.392
26 .287.973
81 .848.369
10 ,248.507
11 .987.575
25 ,898.145
108 .454,228
781 ,986.748
34 .648.313
48 ,701.279
57 ,836.457
24 ,201.900
29 .0,50.818
83 .504.597
68 .055.940
9 .037.082
106 .942,753
-0.01 268.261-076.709 223,904,300.576
+ 12.9
Dec.
Inc. or
97.518.004.933
+ 19.8
+ 25.8
+13.5
226-243,6561. 194,728,952
15o.4y/.yy3
[43.463.972
;21. 194.401
12.142.846
34.721.231
45.932.908
\
3.495.935
8.397.230
/
11.168.712
11.811.413
5.772.815
7,552,870
4,444,217
3,914,536
1,500,000
4.128.532
8.496.247
4.395,568
2,294,813
2,700,000
4,300,900
1.319.041
2,500.000
9,585,986
liy.4;;8.368
—25.8
1.890.413
,1416.652
270,908
1.550.763
371.978
216,339
25.548,844
+ 17-3
15.620.204
9.500.000
3.685.071
2.597.562
+ 41.5
1.693.182
1.500.000
548-310-045
515.604.473
+6-3
425.513.577
321.182.576
+ 1-2
+ 64.7
+ 41.5
—2.1
—1.8
—38-7
—0-9
+ 13-5
+ 32.6
—13.2
-
+ 51.8
+ 4.3
I
32.162.491
17.661,237
(9.200-000
21.394.669
28.058.929
4.000.000
8.678.652
10.899.849
7.835.776
5.758.774
5.409.022
3.689.238
3.107,415
1.151 182
3.105,905
7.985.147
3.318.136
2.206.537
2.344.575
1,638.793
1.093-112
2.160.000
5,755.689
7.780.602.626 8.129.070.502
-4.3 6.238.870.151 5.680.274.831
3.6.56,830 041 3.378.228.877
-8.3 2.872.495,033 2.378 003.441
comparison incomplete.
—
Canadian Bank Clearings. The clearings of the Canadian banks for
month of 1919 of 19.4%, and for the seven months since Jan. 1
the same
Week Ending July
Seven Months.
July.
—
the month of July 1920 show an increase over
the gain reaches 29.1%.
29.
Clearings at
Inc. or
Inc. or
1920S
Montreal ..
Toronto
Winnipeg
Vancouver _
Ottawa
Calgary
Quebec
-.
Victoria
Edmonton
Hamilton..
..
Halifax
John
London
St.
.
Reglna .
Saskatoon
.
Moose Jaw
Brandon
'.
.
Lethhridge
Briintford
Fort William
New Westminster
Medicine Hat
Peterborough
647,820-992
447.270,993
187,417,562
76.434,040
38.188.647
32.758.119
34.892.388
14.670,096
21.110.274
34,312.454
24.520.961
15.961 197
16.409.122
18.211.891
10,037,638
7,4-50 168
3,523,792
2,940,000
6.507,651
3.943.737
3.120.751
2,043,720
4.385.513
6 071 297
1919.
S
548.408.945
302.804.420
103.813.409
54.070.340
38.528.285
28.055.192
28.238.414
11.807,469
19,699,769
28,158,831
22,627.589
13.679.104
15.754,171
10.650,725
9.382,795
6.950,073
3,168,089
3,0.30,-525
4,981.486
3,539..398
5.312..S.54
2,578,031
1.943.989
3.019.321
3.937.307
3.922.975
16.6-17.014
8.578.2-58
Prince Albert. „.
1.933.060
1.803.417
Total Canada
1,083.895.931
1.410,344.397
Sherhroolie
Kitchener
Windsor
D,c.
%
+ 18.1
+ 23-3
+ 14.4
+ 41.3
—0-9
+ 16.8
+ 23.6
+ 24.2
+ 7-2
+ 21-9
+ 8-4
+ 16.7
+ 4.2
+ 9.4
+ 7.0
+ 7.2
+ 11.2
—19-1
+ 30-6
+ 11.4
+ 21.0
+ 5-1
+ 21.2
+ -54.2
+ 35-4
+ 94-1
+ 7-2
+ 19.4
1920.
S
4,112.804.840
3.119.251-181
1,337,222.754
496.137,050
296.763.949
234.212.657
207.110.946
85.842.600
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
23.949,011
43.289.274
26.171,358
20,982,013
13,977,730
29.089.057
30.076.380
36.790.898
94.137.811
13.899.948
11.246,081.2.59
1919.
Dec.
S
%
+ 22.8
+ 37.1
+ 22.4
+ 45.4
+ 24.7
+ 38.9
+ 33.4
+ 30.9
+ 51.9
+ 35.6
+ 11.5
+ 26.0
+ 29.3
+ 21.9
+ 18.4
+ 9-6
+ 29.4
+ 15-9
+ 46-5
+ 30.3
+ 33.7
+ 12.5
+ 31.1
+ 31.0
+ 48.9
+ 119-6
+ 31.6
+ 29.1
3.350-227,571
2,275,245,429
1-092,533,707
341,162,277
237,916,742
168,000,236
155-206,694
65,564,289
113, .520,497
161,7,58,472
133-694.498
83.676.796
88.401,982
101.188,541
54,217.505
44.405.711
17.055.565
20-670.705
29.515.215
20.088.376
15.703.745
12.442.547
22.195.043
27.530.904
24.702.852
42.860.823
10.559.363
8.710,682.085
Inc. or
1920.
S
143,467.269
90.091.603
40-065.807
15.608.895
7.071-090
7.265,152
7,047,780
2,442,271
4,281,533
7.279.492
4.422.472
8.610.058
3-308.991
3.374.742
2.028.502
1,600.916
820.353
574.848
1.354,507
897,219
676.950
430.445
884,736
1919.
.s
Dec.
%
+ 24-9
+ 10.1
+ 0.6
+ 30-8
—10.6
+ 25.5
+ 31.2
—5.0
+ 10.3
+ 21.9
—5-5
+ 24.9
+ 53.5
1918S
93.320.499
71.836.003
22.678.266
8-942.339
6,154,929
2,798.145
4,132,552
1,500,706
2.860.845
4.608.481
4.236.104
2.323.851
2.346.483
1.856.611
1.091.283
1.007.243
555.096
870.000
828,634
627,820
342,723
283,907
797.459
752. 5S1
1.019.220
3.373.736
361.358
114.909.507
77 592.038
39,813.469
11,936,235
7.910,891
5.791.112
5.370.389
2.571.201
3.881.724
5,806,973
4.680.765
2.889.518
2.155.547
3.551.472
2.258.015
1.518.043
858.738
1.047.149
921.149
760.653
636.548
416.028
839.952
838.568
852.033
1.850.962
418.487
—13.6
999.896
174.068
351.618.173
302.083.766
+ 16.4
238.570.213
1,2.58.228
—5-0
—10.2
+ 5.4
—4.5
—45.2
+ 47.0
+ 18-0
+ 6.4
+ 3-5
+ 5.4
+ 50.1
+ 19.6
+ 83.9
643,6,89
1917.
S
77.576,225
55,612.535
43.72S.823
8-190.934
6.413.137
5.863.975
5.103.553
1.791,824
2.398-229
4.842.647
2.833-602
2.119,012
1,857,431
2. 795.189
1.586.848
1.061.556
537.105
864.882
703.865
577.369
422.047
4SS.S98
6S8.5S3
699.169
537.962
229.295.400
—
Aug.
CHRONICLE
fTHE
7 1920.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
of
of
July 22 1920:
GOLD.
563
Bonds:
Consols of 1930
Loan of 1925
Panamas of 1916-1936..
Panamas of 1918-1938
Panamas of 1961
Conversion Bonds.
Postal Savings Bonds
5599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
11,612,160
00
00
00
00
00
00
00
8883,622,190 00
The Bank
of England gold reserve against its note issue is practically
unchanged, being £121,470,010 as against £121,469,785 last week.
A moderate amount of gold came into the market this week and was
mostly taken for India and the trade. A small amount was pm-chased
Loan
Second Liberty Loan..
Third Liberty Loan
Fourth Liberty Loan.
First Liberty
00
3,325,068,700 00
3,660,827,000 00
6,394,154,463 00
SI. 952,452, 200
15,332,502.363 00
America.
for
Total bonds
SILVER.
On
the 16th inst. a reaction set in which ultimately carried the price
for cash delivery to 52d. on the 17th inst.; at the same time the premium
on prompt delivery shrank to }4<1. On the 20th inst. a fresh upward
movement began, owing
some buying on account
of Indian Bazaars for
shipment and to cover bear sales. On the 21st a rise of 214^. was recorded
in the quotations for spot and forward deliveries.
The fact that supplies
during the week have not been plentiful is accountable for the irregularity
to
market.
reported from Germany that Mexico is taking steps to regain her
All the mines,
old position as the largest silver producer in the world.
even those hitherto regarded as unprofitable, are to be worked, partly at
the expense of the Government, so as to take advantage of the high value
The Ministry of Commerce has assured
of silver on the world's markets.
special advantages and guarantees to the private silver -mining companies,
of the
It is
order to facilitate production.
The rise in the market price of silver has proved a fruitful soiu-ce of embarrassment in connection with Siamese currency. The Tical having
ceased to be protected by its intrinsic value, the Government had recourse
to notes of the denomination of one Tical and also sought to check the
drain of silver currency by issuing in Jan. 1919 an amendment to the Paper
Currency Act, making notes temporarily inconvertible for a period of six
months; this period has since been renewed. Further, it was necessary to
issue a new subsidiary silver coinage, consisting of pieces of fifty cents with
a reduced fineness of 650, the Tical of 900 fine being melted down for the
purpose. Notwithstanding this reduction, the continual and phenomenal
rise in the price of bar silver compelled the Government to raise the theoretical value of the Tical on three occasions.
It may be mentioned that the
theoretical unit of the Siarnese monetary system was fixed in the Gold
Standard Act of the year 1908 at 55.8 centigrammes of pure'gold, the silver
Tical containing 13.5 grammes of pure silver having a value equal to 55.8
in
centigrammes of pure gold.
The great variation
In the Indian exchange owing to currency changes
necessary to prohibit subject to slight concessions to immigi'ants
the importation of Indian coin currency notes in the East Africa
and the Uganda Protectorates and in the Tanganyika Territory.
has
made
—
it
—
INDIAN CURRENCY RETURNS.
—
In Lacs of Rupees
Notes in circulation..
June 30.
16434
and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
-.4555
Silver coin
July
16424
4698
4306
234
3780
3278
—
amounted
inst.
Silver per oz. Standard
Bar
21
22
Average
Mos.
Cash.
52}^d.
52d.
51Md.
52d.
51Hd.
2
Gold per
oz.
Fine.
106s. 6d.
Total gross debt
824,222,917,013 74
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings
of the Government as the items stood
July 31 are set out in the following. The figures are taken
entirely from the daily statement of the United States
Treasury for July 31:
CURRENT ASSETS AND
Assets.
52Md.
51H<i.
54Md.
54Kd.
52.541d.
107s.
107s.
107s.
107s.
107s.
Toi,aI
2,171,4S8,.537 79
9d.
3d.
9d.
3d.
Aug. 2
Man.
Silver, per oz
Gold per fine oz
d. 54;^
110s. Gd.
H
Consols, 2
per cents
Brit l.<li .5 per cents
Krltlsh 4^2 per cents
HoUd.ay
Holiday
Holiday
Holiday
Holiday
Holiday
Holiday
Holiday
French Rentes (in Paris).. fr.
French WarI,oan(lnParIs).Ir.
The
Silver In
price of silver in
N. Y., per
New York
Aug.
3,
Tuts.
57
112s.
Total
Foreign
cts.
cts.
094
yij-s
f)9H
91J^
Aug. 4,
Wed.
Aug.
57H
58K
Aug.
5,
Thurs.
114s. 6d. 114s.
46H
46,'-i
46^
SiV,
775i
58.5
87.50
8iyi
78
57.50
87.50
Siyi
78
57.45
87.50
6.
Fri.
595^
114s. 3d.
of
46H
84%
78
50.65
87.50
Decrease for period
Assets.
Avail, gold Csee above).
Available silver dollars
Liabilities.
(see above)
United States notes
Federal Reserve notes..
Fed Rea've bank notes.
National bank notes
Certif d checks on banks
.
Subsidiary sliver coin
Minor
coin
Sliver bullion
Unclassified
256,653,908 19
Depos. of Govt, officers:
8,190,928 00
Post Office Dept
6,045,3.38 00
Board of trustees. Pos27,650,850 00
tal Savings System
2,115,735 50
(5% reserve)
Comptroller of the
23,824,305 89
Currency, agent tor
71,729 50
creditors of Insolv6,364.173 37
ent, banks
819,450 64
23,390,436 81
(unsor.cd
currency, &o.)
Deposits in Fedeial Land
banks
5,950,000 00
officers
131,444,000 00
eral
28,646,817 32
Reserve notes
7,974,801 71
14,104,491 95
fund)
11,892,710 00
19,670,413 19
Retirement ol addicirculating
tional
notes. Act May 30
1908
131,300 00
Exchanges
11,008,618 55
252,769,915 95
ol FedReserve bank
notes (5% fund)
Redemption of natloruil
bank notes
<5%
Deposits In Philippine
Treasury:
To credit of Treasurer,
U S.. and other
Government officers
1,169,305 32
Redemption
eral
sales of certificates of
9.
7,545,881 00
Fed-
of
(5% fund)
Deposits In special depositaries account of
U.
34,447,975 36
,
Redemption
35,083,947 67
Indebtedness
Deposits In foreign de-
Po.=tmasters clerks of
courts, <Sic
826,744 64
18,141,705 97 Deposits for:
Deposits In Federal Reserve banks
Treasurer's checks outstanding
cur-
of
rency, coin,
&c
19,370,543 22
376,471,606 00
Net balance.
205,161,915 04
2,799,099 29
581,633,52104
Total
581,633,52104
Note. The amount to the credit ol disbursing officers and agencies to-day was
51,264,903,261 91. Book credits tor which obllsatlons of foreign Governments are
held by the UnUed States amount to 570,736,029 05.
Under the Acts of Jul? 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes .are
piild Into the Tre.-isury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part ol the public debt. The amount of such obligations to-day was $28,148,259.
S3, 105,808 In Federal Reserve note, 51,952,236 In Federal Reserve bank notes,
and 521,851,131 In national bank notes are In the Tre-asury In process of redemption
and are charges against the deposits for the respective 5% redemption funds.
90^
93U
national banks
99H
92Ji
99H
94H
the
public
99H
95'A
1920.
—
National Banks. The follo^^'ing information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
CAPITAL STOCK INCREASE.
Amount
of
Increase.
debt of the
$24,299,321,467 07
$736,642,289 53
813,046.742 86
76,404,453 33
Total gross debt July 31 1920
824,222,917,013 74
Note.
Total cross debt before deduction of the balance held by the Treasurer
free of current obligations, and without any deduction on account of
obligations of
forclcii (.iiverumeuts or other Investments,
was as follows:
—
131,241,142 00
Commercial andi^l isccUanco us ^emr^
United States for July 31 1920, as made up on the basis of
the daily Treasury statements, is as follows:
Total cross deht Jinie 30 1920
Public debt receipts July 1 to 31 1920
Public debt disbursements July 1 to 31 1920
Total
on the same day has been
DEBT STATEMENT OF UNITED STATES JULY 31
The preliminary statement
2,171,488,537 79
LtabUUtes.
S
Silver certs, outstfndlng 121,396,795 00
131,241,142 00 Treas. notes of 1890 out.
1,653,419 00
Available silver dollars
in general fund
8,190.925 00
131,241,142 00
oz.
Domestic
Total
—
daily closing quotations for securities, &c., at London,
by cable, have been as follows the past week:
Sat.
256,653,908 19
SILVEK DOLI,ARS.
Assets.
Government
as reported
JulyZX.
1.52,979,025 63
Avail, gold in genl fund
—
Total
London,
Gold reserve
Reserved against 5346,681,016 of U.S. notes and 51,656,355 of Treasury
Note.
notes of 1890 outstanding. Treasury notes are also secured by allver dollars In
the Treasury.
To credit Treas., U.S.
To credit of other
ENGLISH FINANCIAL MARKETS—PER CABLE.
(ntling .lug. 6,
S
356,799,901 93 Gold certfs. outstanding 584,267,263 00
1,814,688,635 86 Gold settlement fund.
Fed. Reserve Board.. 1,177,588,340 97
Deposits in nat. banks:
The silver quotations to-day for cash and forward delivery arerespectively
and 2Md. above those fixed a week ago.
Wed:
LiaMHlles.
S
Gold coin
Gold bullion
positaries:
credit Trejis.,
15^d.
The
LIABILITIES.
GOLD.
To
olVid.
55;4d.
.55;4d.
53.291d.
20
S23,988,670,682 76
5,500,407 07
228,745,923 91
5
3780
3277
although the total note issue had contracted by 506 lacs inlthe meant
time. As we pointed out when the embargo upon the import of silver into
India was removed, coined rupees would probably come out from hoards,
one strong reason for secreting them having disappeared. The stock in
Shanghai on the 17th inst. consisted of about 38,050,000 ounces in sycee,
•119,300,000, and 2,610 bars of silver, as' compared with about 37,600,000
ounces in sycee, SI 9, 500, 000, and 1.360 bars of silver on the 10th inst.
The Shanghai e.xchange is quoted at 5s. SHd. the tael.
16
17
19
Total interest-bearing debt
Interest has ceased.
Debt on which
Non-interest-bearing debt
4664
atter,
Quotations
2,712,921,500 00
818,506,334 76
Savings Securities (net cash receipts)
GENERAL FUND.
to 3 lacs of
of the metallic reserve and
the note issue has greatly increased recently.
It was 49.7% on May 7,
on July 15, it had risen to 57%. Most of the improvement consists of
silver coin; which was shown as 3920 lacs on the former and 4698 on the
July
July
July
July
July
July
Special issues
War
00
00
00
00
00
81,866,660,500
566,886,000
259,375,000
20,000,000
Loan...
Plttman Act
July 15.
7.
16200
4602
4,241,118,295
Tax
Sliver dollars...
4348
249
3555
3727
The coinage during the week ending 15th
rupees.
The improvement in the proportion
816,216,124,553 00
Notes:
Victory Liberty Loan
Treasury Certificates:
The Siecuritv National Bank of Sheboygan, Wis.
The Broadway National Bank of Buffalo, X. V..
The First National Bank of Brownficld, Texas..
National Bank of Suffolk. Va
The La Kue National Bank of Hodvenville, Ky..
Continental and Commercial National Bank of
Chicaco, III
The First National Bank of Douglas County at
Castlo Rock, Colo..
The First National Bank of Charlotte, Mich
The National Bank of .Vl.aniance of (iraham.N.C.
The First Natioual Bank of De Ridder, La
Total
$250,000
100.000
25,000
30.0,000
10.000
Cap. ^\'hcn
Incrrascd.
S500.000
300,000
50,000
500,000
50,000
3,500,000 25,000.000
25,000
25,000
75.000
75,000
84,445,000,000
,50,000
100.000
125, OHO
100,000
THE CHRONICLE-
561
CHARTERS ISSUED.
Conversions of State banks and trust companies;
The First Xational Bank of Rockford. Ohio
Conversion of Farmers-Sa\ings Bank of Rockford.
President, D. H. Robinson; Cashier. J. S. Riley.
The First National Bank of Lynden. Wash
Conversion of The Lynden State Bank, Lynden, Wash.
President, P. M. Serrurier; Cashier. W. B. Vander Griend.
Capital.
SSO.OOO
50,000
Transactions at the New York Stock Exchange daily
weekly and yearly. Brought forward from page 570.
—
Saturday
25,000
The Caspian National Bank, Caspian. Mich
25,000
Chas. E. Lawrence: Cashier, Joseph A. Michela.
The Rocliford National Bank, Rockford, Ohio
50,000
President. Geo. H. O'Neil: Cashier. J. C. Van Fleet.
The Citizens National Bank of Dalles City. Oregon
160,000
President, P. J. Stadelraan; Cashier, H. E. Greene.
The Army National Bank of Camp Lewis, Wash
25.000
President. O. S. Larson: Cashier. Geo. H. Ball.
Succeeds Army Bank of Greene Park. Wash.
J>resident.
Total
$385,000
Capital.
$25,000
50,000
First National Bank of Mendota, Calif
Correspondent, Guy T. Smoot, Mendota.
The American National Bank of Saint Francis, Kans
Correspondent, .J. L. Finley, Saint Francis.
The First National Bank of Manhasset, N. Y
Correspondent, S. M. Powell, Manhasset, N. Y.
The First National Bank of Hunter, Kans
Correspondent, Charles HeUer, Hunter, Kans.
The
Friday
Total
Week eadint August 6
Sales at
1920.
—
No. shares
Par value.
Government bonds
State, mun &c bonds
RR. and misc. bonds..
.
,
.
.
Total bonds
25.000
Monday
Wednesday
Thursday
Total
MiUigan, LowviUe. N. Y.
The Cape Cod National Bank of Harwich, Mass
J.
.$200,000
Liq. Agts., Charles W. Megathlin
Harwich, Mass. Succeeded by the
Cape Cod Trust Compny of Plarwich, Mass.
take effect July 31 1920.
Tillson.
Stocks.
.
of capital stock
MiUorook Gas
per sh.
.54
& Elec,
each
10 Publishers Paper
Co
.
.
S30
$4 per sh.
pref
.
85 per sh.
3d Nat. Bank ofN.Y., 837
sh. paid in liq'n..S3 per sh.
,400 Proprietary Mines of Am..
•85
each
830 lot
..
750 Yellow Jacket
81 each
Shares.
Mg..
G.
815
lot
Am. Rotary Tunnel Mach.
&
810
Devel., 81 each
lot
Messrs. Wise, Hobbs
&
8 per sh.
Slocks.
1 American Trust, ex-rights
164-3 We.st Point Mfg
300
9)^-9Ji
200
1 Bates Manufacturing
35 Nashawena Mills
143 'X,-144
3 Berkshire Cotton Mfg..
_198}4
10 American Textile Soap, pref
80
2 Hart. Auto-Mo. Parts, com.,
850 each
55
By
Messrs. R. L.
Shares.
Stocks.
12 Merchants Nat.
20 Nat
.
Day &
Bank
Shawmut Bank
263
271 ^
109H
27 American Trust rights. ..98}^-99M
5 Dedham Nat. Bank
-__135
1 Blgelow-Hart. Carpet, com._108
1 Tremont & Suffolk Mills
250
65-3 West Point Mfg..
...9M-9H
81,409,609,000
197,232,000
332,489,000
857,797,100
$59,135,600
$2,361,596,900
$1,939,330,000
Stocks
Shares
3,100 Pacific
Smeltg. & Mg.,
85 each
$50 lot
16 Pacific Smeltg. & Mg.,
common, 85 each
SI lot
313,400 Lockeslee Gold P. Mg.,
.825 lot
81 each
Per Cent.
Bonds.
$5,000 Paradox Val. Farm Lands
6s, 1924. Jan. 1919 coupon on. _- 75
81,000 Victor. City of (Colo.), ser.
A 5s, 1931. Feb. 1919 coup. on-S250 lot
$5,000 Ft. Lyon (Colo.) Canal Co.
1st &ref. 6s. 1941
86H
$3,000 Aspen, City of (Colo.), funding 6s, 1929
85
83,000 Mohawk Hydro-Elec. 1st 6s,
65
1940
8500 Gering Irrig. Dist. ref. 6s. 1925 55
.82,000 Julesburg Irrig. Dist. 6s, '21 65
85,000 2nd Ave. RR. receiver's
pref.,
ctfs., ctf. of
deposit
15
85.000 Tye River Timber 1st 6s.
8200 lot
1922
$1,000 Proprietary Mires of Am.
special contract conv. 63
S40 lot
Bond
Sale*
5.620
18.677
18.459
13.701
15.724
16.394
$30,200
52.400
Bond
Share*
1
1
10
20
19
5
25
$ per sh.
Stocks.
97
Geo. E. Keith Co. 7% pref
Boston Woven H. & R.. com__190
Coe Stapley Mfg.. pref
75
A.L.Savles&Sons,pf..S50each. 45
98-98 Js
Hood Rubber, pref
Turners Falls Power & Elec. . 82
98-98 H
American Trust rights
First
we
88.575
49.100
69.500
6.000
3.164
1.450
1.149
752
536
•
739
$6,000
22.000
3.600
15.000
10.000
10.000
8274.150
28.688
8324.100
7.790
$66,600
66.9.50
all
RR
lis Chapln Realty Trust
9 Cambridge Gas Light
50
_
131
15 Boston Security, common. 10c. lot
100 TheGintv,rCo..pref.,S10ea- 10
25c.
50 Canadian Sardine, pref
400 Mining Exploi pref. 85 ea . } lot
1.600 Mining Explor.. com.. 85 ea.
1
.
.
.
Per cent
Bank
397
$1,500 American Gas conv. 7s, 1928 78J-8
25 Tenth National Bank
1 60 K
$5,000 Pub. Service Newark Terml.
1 Market Street National Bank 220 J4
Ry. 1st 5s, 1955
75
2 Commercial Trust
293
$1,000 North Coast Power gen. &
1 Philadelphia Finance
16
20 Phila. Life Insur., 810 each.. 10
150 Pine Ridge Coal
60
500 Quesnelle Hydraulic Gold
pref.. 85 each
50c.
50 United Stores As,soc.. pref
150 Un. Stores Assoc, com., 82.5eais2
1,000 Tono. Cent. Mg. of Nevada.
lot
50 Atlantic Coast Devel
$65 lot
1
Big Bayou Realty
820 lot
10 Royal Polnciana Nurseries. .815 lot
2 St. Petersburg Transp'n
$5 lot
.
f
I
20
inc., 1941
$10,000 Altoona Gas 1st 5s, 1932,
'i
3H
Certificate of deposit
81 ,000 Arcade Real ES6. 1st 53, 1924 88
83,000 Atlantic Coast Devel. of
Avalon, N. J., 1st 6s
7H
82,000 Indlanap. Trac. & Term. 1st
53. 1933
64K
$1,000 Kenmore Pulp & Paper s. t.
90
6s, 1937...
the dividends announced the
Then we foUow with a second
which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name
of
Company.
Per
When
Cent.
Payable.
table, in
Book* Closed.
Days
Inclusive.
Railroads (Steam).
Cripple Creek Central, pref. (quar.)
Sept.
Street & Electric Railways.
Cent. Arkansas Ry. & L. Corp., pf. (qu.)
Fairmount Park & Haddington. Ry
Sept.
•81.50 Aug.
1
Holders of
rec.
Aug. 14
Holders of rec. Aug. 16a
•Holders of rec. July 24
Miscellaneous.
Acme
Tea,
preferred (quar.)
pref. (quar.)
Alaska Packers' As.sociation (quar.)
preferred
(quar.)
American Chicle,
Amer. Smelt. & Refg.. common (quar.).
Preferred (quar.)
first
Advance-Rumely Co.,
*1H
*1H
2
1!^
*1
*1H
(in com. B stk.)
k3
(payable in com. B stk.).. k3
Preferred (quar.)
IH
British Columbia Fish & Pack. (quar.)..
IM
Brown Shoe common (quar .)
*1H
Brunswick-Balke-Collender, com. (quar.) *IH
Common (payable in new Com. B stk.) *150
Cities Service, bankers' shares (monthly)
42c
*2
Continental Guaranty Corp. (quar.)
Continental Motors Corp.. pref. (quar.).
*lJi
Cosden & Co., preferred (quar.)
IH
Crescent Pipe Line (quar .)
75c
Dominion Oil (monthly)
1
American Tobacco, com.
Common B
.
Dow Chemical, com. (quar.)
Common (extra)..
Preferred
IH
IH
IH
IH
(quar.)
Federal
$4
Utilities, pref. (quar.)
Great Lakes Dredge & Dock (quar.)..
Harbison-Walker Reftact., com. (qu.)..
Pref erred
(quar .)
;
Hartman Corp:)ratlon (quar.)
Huop Motor Car Corp.. pref. (quar.)..
Indian Refining,
Preferred
common
Lanston Monotype Machine (quar.)
Liggett & Myers Tobacco, com. (quar.)
(quar.)
Extra
Ludlow Typograph. pref. (qu.) (No.
Merrimack Mfg., common (quar.)
1).
Preferred
Minnesota Sugar, common (quar.)
Preferred (quar.)
National Refining, com. (quar.).
National Steel Rolling Co.. pref. (quar.)
New England Fuel Oil
I^eferred
Juice, common (quar.)
(ouir.)
Aug.
Oct.
Sept.
Sept.
Sep;,
Sept.
Oct.
Aug.
Sept.
Holders of
to
Occ. 15
rec. Aug. 16a
to
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
*\H
Aug.
3
3
Sept.
Sept.
50c
30c
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
.Sept.
4
.A.ug.
2
5
2
Aug.
Aug.
IV
1
Aug. 25
Sept.
Oct.
Sept.
Sept.
75c
Holders
•Holders of rec. Aug.
•Occ.
Oct.
*2^
*1M
Aug. 14
Aug. 14
Aug. 14
Sept. 15
July 31
Sept. 18
Aug. 29
Aug. 22
to
Sept. 15
to
Sept. 15
to
Sept. 15
of rec. Aug. 10
Sept,
Sept.
Sept.
*m
1«
Aug. 20
Oct.
Aug.
2
2Vi
of rec.
Holders of rec. Aug. 15
•Holders of rec. July 30
Sept,
IH
*m
Holders
•Holders of rec.
Holders oX rec.
Holders of rec.
•Aug. 21
to
•Aug. 14
to
Aug.
2
common (quar.)
Preferred (quar.)
IH
*3
Paige-Detroit Motor Car (monthly)
Pratt & Whitney, preferred (quar.)
U^
Schulte Retail Stores, com. (In com. stk.) /50
1
Seamans (R. E.) Co.. com.(qu.) (No. 1)
2
Preferred (quar.)
Southern Calif. Edison, common (quar.)
IM
*3
Standard Oil (Indiana) (quar.)
•5
Extra
Studebaker Corp., com. & pref. (qu.).. *IH
50c.
Superior Oil Corporation (quar.)
Tacoma Gas & Fuel, preferred (quar.).. •IJi
.-.
Texas Chief Oil (monthly). ._
IH
4
Thomp.'^im-Rtarrett Co., preferred
*1«
Tliiikcn-Drlnjlt Axle Co., pref. (quar.).
l\
United Cigar Stores, preferred (quar.)..
Welch Grape
Sept.
Oct.
Sept.
*5
(quar.)
(quar .)
Lit Brothers Corporation
$ per sh.
lli'4
5 Girard National
M
bring together
current week.
Common B
Shares.
Slocks.
5 Nashua & Lowell
Bonds.
Bond SaUi
88,900
88.400
58 100
93.300
63 400
12.000
Empire City Sate Deposit
Lofland, Philadelphia:
8 per sh.
Share*
Salt*
2.051
6,005
6 864
6 786
5.142
1.840
Electric Investment, pref. (quar.)
Arnold, Boston:
Shares.
BaMmoTi
PhUadelphia
Nilcs-Bement Pond,
By Messrs Barnes &
Stocks.
York:
Co., Boston.
8 per sh.
10 Fidelity Trust
Shares.
New
Sons,
.
f
By
&
Messrs. Adrian H. Muller
Hudson Co. Cons. Brew_S15 lot
20 Alpo Hat, Inc
825 lot
300 Brunswick Site Co., 810
each
SI, 100 lot
50 Peerless Ins. W. & Cable.
pref 810 each
,8200 lot
100 Kinney Mlg. 7'7r Drof__ ISIO.OOO
10 Kinney Mfg.. common,
lot
312 Montana Cons. Copier.
v. t. c. SI each
.85 lot
10 Millbrook Land & Impt..
S795 paid on acct. distrib.
1,000
$1,784,547,900
223,141,500
353,907,500
DIVIDENDS— Change in Method of Reporting Same.
We have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
—
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:
2
$46,550,000
2,629,000
9,956,500
Share*
Tuesd.ay
.$225,000
Capital.
3
838,612,100
3.553,000
15,632,000
Wtek tndino
August 6 1920
The First National Bank of Lowville. N. Y
$50,000
To take effect July 31 1920. Liq. Com.. C. Fred Boshart, Leon
Auction
1919.
5.237.560
8, 876, .540
142,796.698
182,291,425
$433,679,000 8781,774,000 $12,612,016,675 816,988,564,430
$1,400
847,200
shares, par
Saturday
LIQUIDATIONS.
and Roger W.
AuQUSt 6
1 to
1920.
Bank
and William
83.553,000 838,612,100
Jan.
1919.
82,426,000
6,086,000
8,342,500
7 781.000
7,976.000
6,000,600
50,000
-.-
.
815.632,000
Boeton
of Haj-ward, Calif, (capital $100,000), and The
Farmers and Merchants National Bank of Hayward, Calif, (capital $100.000). consolidated under charter and title of "First National Bank of Hayward." with capital of $100,000.
The First National Bank of Lompoc. Calif, (capital $100,000), and The
Farmers and Merchants National Bank of Lompoc. Calif, (capital $25.000)
consolidated under charter of The First National Bank of Lompoc and under
corporatetitleof "First National Bank of Lompoc," with capital of $100,000.
Shares.
10
5,237,560 8433,679,000
Exchange
Friday
By
8343,500
334,000
874,500
700,500
708,500
592,000
50,000
25,000
CONSOLIDATIONS.
To
8850,000
3,753,000
2,492,000
3,178.000
2,675,000
2,684,000
State*
Bond*.
DAUiY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AM*
BALTIMORE EXCHANGES.
Original Organizations:
S. Miller
815,183,000
85,510,500
104,478,000
70,209,500
81,978,000
76,320,000
UnUea
dt
Bonds.
Conversions of State banks and trust companies:
The First National Bank of Laverne, Okla
Conversion of The Laverne State bank.
Correspondent, Roy Sappington, Laverne.
The National Bank of Woodstock. Va
Conversion of the Valley Savings Bank, of Woodstock.
Correspondent. N. H. Gorman, Woodstock, Va.
First National
Foreign
Bond*.
180,950
957,415
1.192.960
798,825
1,164,900
942,510
.
Mun.
Bond*.
<tc..
Wednesday
Thursday
Stocks
State,
Par Value.
Share*..
Tuesday.
Bank
APPLICATIONS FOR CHARTERS.
Raaroaa.
Stock*.
Week enMno
August 6 1920.
Original Organizations:
The First National Bank of Earlimart. Calif
President. J. E. Gange; Cashier. Ray W. Hawley.
Total .-
[Vol 111.
Sept.
Aug.
Aug.
.4ug.
Aug,
.\u?.
Aug.
Aug.
Seot.
Sept.
Sept.
Sept.
Aug.
Sept.
Oct.
Sept.
Sept.
.4ug.
.\ug.
7
Sept. 15
Holders of rec. Aug. 10
Aug.
Aug
.
6
6
6
to
to
to
Holders of rec.
Aug.
Aug.
Aug.
Aug.
16
16
16
11
August
Holders
•Holders
•Holders
•Holders
•Holders
•Holders
•Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
of rec.
of rec.
of re?.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rei.
of rea.
Holders of rec.
Holders of rec.
•Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of lec.
Holders of roc.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
•Holders of rec.
•Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of r^f.
Aug. 14
Aug. 9
Aug. 20
Oct.
9
Aug. 18
Sept. 20
Sept.
Sept.
Aug.
Aug.
.4ug.
Aug.
Aug.
8
8
21
16
16
9
9
July 29
July 29
Aug. 15
Aug. 15
Aug.
1
July 25
Aug. 10
Sept. la
Aug. 5a
July 31
Aug. ,5a
Aug. 9
Aug. 16
Aug. 16
July 31
Aug. 16
.\ug. 16
Aug. 10
.A.US. 23
July 31
Aug. 5
Sept. 20
Aug. 20
Aug. 31a
Aug. 20
A<ie. 20
—
Aug.
of
Company.
Miscellaneous (Coni uded)—^
CJ.
&
G.)
Co., preferred (quar.)..
White (J. G.) Ensiueerlng. pref. (quar.).
White (J. G.) Management, pref. (quar.)
Wire Wheel Corp., pref. (monthly)
Per
When
Cent.
Payable.
IH
IH
1%
1
Books Closed.
Sept.
Sept.
Sept.
1
1
1
Days
Holders of
Holders of
Holders of
Aug. 10 Holders
Name
Inclusive.
rec.
rec.
rec.
of rec.
Aug. 16
Aug. 16
Aug. 16
Aug. 1
give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
Below we
announced
week.
this
Per
Name
ol
Compang.
Cent.
Atch. Topelca & Santa Fe, com. (quar.).
Baltimore & Ohio preferred
Buffalo Rochester & Pittsburgh, com...
,
$ 1.75
IH
2
2
When
Books Closed.
Payable
Days Incluatn.
3
Pennsylvania (quar.)
Pittsburgh & West Virginia, pref. (quar.)
Reading Company, common (quar.)
IM
First preferred (quar.)
Street and Electric Railways.
Connecticut Ry. & Ltg.. pref. (quar.)..
Detroit United Ry. (quar.)
Montreal Lt., Ht. & P. Cons. (quar.)..
Pacific Gas & El., 1st pf.& orig. pf. (qu.)
Philadelphia Co., 5% preferred
Tampa Electric Co. (quar.)
&
Elec, pref..
West Penn Rys., prel. (quar.)
West Penn Tr. & Water Pow.,
pf. (qu.).
Aug. 20
;.
Sept.
Sept.
1
1
Aug. 16
Aug. 16
Preferred
Chic. St. Paul Minn. & Omaha, common
.-.
Preferred
Cleveland & Pittsburgh, reg. gu. (qu.)
Special guar, (quar.)
Delaware & Hudson Co. (quar.)
Illinois Central (quar.)
Louisville & Nashville
Norlolfe & Western, common (quar.)
Preferred (quar.)
2H Aug
3H Aug
1?4
1
2H
IH
3H
IJi
1
1
.
Sept.
Sept,
20
20
1
1
Sept .20
Sept 1
Aug. 10
Sept,.18
Aug. 19
Aug. 31
Aug. 31
Aug. 12
$1
50c Sept.
9
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders ol rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
July 16
July 30a
July 17a
Aug. 6a
Aug. 6a
Aug. 2a
Au«. 2a
Aug. lOa
Aug. lOa
Aug. 2Sa
Aug. 3a
19a
Aug. 31a
July 31a
Aug. 2a
July
3a
July 20a
24a
Aug.
Aug.
Lincoln National (quar.)
lyi
2
l!4
Aug.
Aug. 1
to
Aug. 15
Holders of rec. Aug. 16a
Sept.
Aug.
Holders of
Holders of
Holders of
Holders of
IM Aug.
$1.25 Sept.
2>i
Aug.
2}^ Aug.
IJ^
I'A
2yi
Holdres
Holders
Holders
Sept.
Aug.
rec. July
rec. July
rec. Aug.
rec. Aug.
of rec. Aug.
of rec. Sept.
of rec. Aug.
31a
31a
10a
2a
5
1
2
Holders ol rec. July 29a
Aug.
Trust Companies.
Miscellaneous.
common (No. 1)
American Bank Note, com. (quar.)
Am. Brake Shoe & Fdy., com. (special).
American Brass (quar.)
Extra
American Druggist Syndicate
American Gas (quar.)
Amer. Hide & Leather, pref. (quar.)
Amer. La France Fire Eng., com. (qu.).
American Radiator, common (quar.)
Allls-Chaimers Co.,
Preferred (quar.)
Amer. Rolling Mill, com. (in com. stock)
American Soda Fountain (quar .)
Amer. Sugar Refg., com. & pref. (qu.)
(extra)
American Sumatra Tobacco, preferred..
Amer. Water Works & Elec, pref. (qu.).
Anaconda Copper Mining (quar.)
Armour Leather, common
Associated Dry Goods, pref. (quar.)
Second preferred (quar.)
Atlantic Sugar Refineries, com. (quar.).
Preferred (quar.)
Preferred (acct. accum. dividends)
Barnet Leather, common (quar.)
BetUehem Steel common (quar .)
Common B (quar.)
Non-cumulative preferred (quar.)
Cumulative convertible pref. (quar.) .
Borden Co., common
Preferred (quar.)
Preferred (quar.)
Brompton Pulp& Paper com. (quar.)
Preferred (quar.)
Brooklyn Edison (quar.)
Brunswlck-Balke-Collender, pref. (quar.)
Buckeye Pipe Line (quar.)
Burns Bros., common (quar.)
By-Producta Coke Corp. (quar.)
Canada Cement, preferred (quar.)
Canada Foundries & Forg., com. (qu.)..
Preferred (quar.)
Canadian Converters, Ltd. (quar.)
,
Caracas Sugar (No.
Cedar Rapids Mfg.
Chic.iRo Mill
& Power
& Lumber
(quar.)
(quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
15
16
31
14
*1H
*iy,
14
40c.
Sept. 15
1
Sept.
IH Oct.
2>i Aug. 16
$1
Sept. 30
*1H Aug. 16
*/25
Nov.dlS
l}4
Aug. 14
2
IJi Oct.
Oct.
2
ii
3H Sept. 1
Aug.
16
IJi
Aug. 23
$1
*30c.
Sept. I
IH Sept. 1
Sept. 1
IH,
2H Oct. 1
IH Oct. 1
ft28
Sept. 1
81.50 Aug. 15
1
IJi Oct.
IM Oct. 1
IM Oct. 1
2
Oct.
1
4
Aug. 14
'IH Sept. 15
*1H Dec. 15
1
$1
$2
Holders of
Holders of
Holders of
Holders
Holders
Holders
Holders
Holders
Holders
Sept. 23
Aug.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
Aug.
7
7
Sept.
1
*1%
Aug. 15 Holders
Sept. 15
82
2H
*1)4
1%
3
IH
IH
H
*l}4
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
16
20
16
15
15
16
Oct. 15
Aug. 16
Aug. 14
of
of
of
ol
of
of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
rec,
rec.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
July 31a
Aug. 2a
Aug. 20a
rec.
rec. July 31
rec. July 31
rec. July 3la
rec, Aug. ISa
rec. Sept. 11a
rec. Aug.
2a
Sept. 30
to
to
8
3
*lJi
2
$1
1)
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug. 16
dNov. 1
July 31
Sept. la
Sept. la
Aug. 16a
July 31
July 17a
Aug. 14
9a
9a
Aug.
Aug.
Sept. 20
Sept. 20
Aug. 20
July 30a
Sept.
Sept.
Sept.
Sept.
July
Sept.
Dec.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
15a
15a
15a
15a
31a
1
1
31
31
20a
5
23
2a
5
31
31
July 31
July 31
Oct.
1
July 31
Aug.
7
Cities Service
Common and preferred (monthly)
*H Sept.
Common (payable in common stock).. */lH Sept.
Preferred B (monthly)
*^ Sept.
Cleveland Automatic Mach. (qujir.)
IH Aug.
Colorado Fuel & Iron, com. (quar.)
H Aug.
.
Preferred
2
(quar.)
Columbia Gas & Electric (quar.)
Columbia Gtaphophone Mfg., com.(qu.)
Coniircn (payable in
common
stock)..
Preferred (quar.)
Consolidated Cigar, pref. (quar.)
Consolidated Gas (quar )
Consumers Co. preferred
Continental Motors Corp., com. (qu.ar.).
Continental Paper&liag MllIs,com (qu.)
,
Preferred
(quar.)
IH
25c.
(/))
IH
IH
IH
Aug.
Aug.
Oct.
Oct.
Oct.
Sept.
Sept.
Aug.
20c. Aug.
IH Aug.
I'A Aug.
Aug.
.^50
*3'A
Com. & pref. (payable In com. stock)
Cramn (Wm.) & Sons S.&E.B. (In stk.) cLW Sept
Crucible Stee; Com. (pay. In com. stock) fli 2-7 Aug.
Cuban-American Sugar, com. (quar.)..
Preferred
(quar.)
Davison Chemical
Deere & Co pref. (quar
,
Iron* Steel, pref.
Diamond Match (quar.)
Dominion Bridge (quar.)
Detroit
Eastern Steel,
common
(quar.)
(quar.)
(quar.)
Comm.in
IH
.Sept.
*1H
Oct.
Sept.
Aug.
Aug.
1
(extra)
(extra)
Preferred ((luur.)
Eiaenlohr (Ottn) & Bros., com. (quar.)..
Sept.
Sept.
.•\ug.
2
2
Eastman Kodak, common
Common
IH
IH
$1
)
2H
2H
5
IH
Oct.
Oct.
Sept.
Oct.
1
Aug.
Aug.
Conmion (extra).
Electric Storage B.att., com.
pf. (qu.)
Erie LlEht log, preferred (quar.)
3
IH
Oct.
Oct.
Firestone Tire * Rubber, prof. (quar).
General Asphalt, pref, (quar.)
l?i
Aug.
IH
Sept.
Sept.
Sept.
Oct.
&
General Clieniloal, com. ((luiir )
oencral Cigar, preferred ((luar.)
Debenture preferred (quar.)
Development (quar.)
'gpneral
.
565
Company.
of
H
2
15i
IH
50c.
Aug.
Holders
Holders
of rec Aug. 15
of rec Aug. 15
Holders of rec Aug. 15
Holders of rec Aug. 5a
Holders of rec July 31a
Holders of rec July 31a
Holders of rec July 31"
Holders of rec Sept ina
H(ddcrs of rec Sept 10a
Hohlers of rec Sept. lOo
Holders of rec Aug. 16a
Holders of rec Aug. lln
Holders of rec Aug. 10
Aug. 8 to Aug. 16
Holders of roe. -Aug. 7
Holders of rec. Aug. 7
Holders of rec. Aug. 9
Aug. 11
to
Sept
Holders of rec Aug.rlS
Holders of rec. Sept. lOa
Holders of rec Sept 10a
Holders of rec July 30
Holders of rec Aug. 14(1
•Holders of rec Oct.
1
Holders of rec. Aug. 31a
Holders of rac July 31
Holders of rec, Aug. la
lloUlers of rec. .^tig. 31a
Holders of rec. .\UK. 31a
Holders of rec, July 31u
Holders of rec, Aug. 31a
Holders of rec Aug
1
Holders of rec Aug. 1«
Holders of reo. Sept 13a
Holders of rec. Sept. 15
.
.
dm
.
:.
Holders
Holders
Holders
Holders
Holders
Holders
rrc. July 31a
rec. Aug. inn
rrc. Aug 2(1"
rec. .\ug. 250
of reo. Sept. 24a
of
of
of
of
of rec. Aug.
Per
When
Cent.
Payable
5a
Books Closed.
Miscellaneous (Concluded).
Gillette Safety Razor (quar.)
$2.50 Sept.
Goodrich (B. F.) Co., common (quar.)..
IM Aug.
Goodrich (B. F.) Co., com. (quar.)
$1.50 Nov.
Preferred
(quar
)
.
Greene Cananea Copper
Guantanamo Sugar ( quar .)
Extra
Hart, Schaffner & Marx. com. (quar.)..
Illuminating & Power Sec, pref. (quar.).
Kelly-Sprlngfield Tire, pref. (quar.)
Lake of the Woods Milling, com. (quar.)
Common
(special)
IH
50c.
50c.
50c
•1
IH
Preferred (quar.)
2
3
25
y.H
Lee Rubber & Tire Corp. (quar.).
SOc
Lehigh Coal & Navigation (quar.)
$1
Libby, McNeill & Llbby (in stock)
•eSO
lig-Mar Coal Mining
2c.
atock dividend
e5c.
Liggett & Myers Tob., com.&eom.B(qu.)
Lindsay Light, common
Miidison Safe Deposit
3
Martin-Parry Corp. (quar.)
50c.
Massachusetts Cotton Mills (quar.)
4
3
2
May Department Stores
Common (quar.)
2
15i
Preferred (quar.)
Merrltt Oil Corp. (quar.)
Miami Copper
(quar.)
50c.
Middle States Oil (monthly)
Moline Plow, 1st pref (quar.)
Second preferred (quar.)
Montreal Lt., Heat& Power (quar.)
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Holders
Sept.
Sept.
Holders
Holders
Sept
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Holders
Holders
Sept.
Aug.
Aug.
Holders
Holders
Holders
Sept.
Aug.
Sept.
1
Aug. 16
Sept.
Sept.
2
Aug. 16
\H
IH
IH
IM
IH
(quar.)
Nat. Cloak & Suit, pref. (quar.)
National Lead. com. (quar.)
Preferred (quar. ).
National Leather
New Cornelia Copper
New York Shipbuilding
Ontario Steel Products, com. (quar.)..
40c.
25c.
$1
2
2
2
2
Common
Common
Common
(quar.)
(quar.)
(quar.).'
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
(quar .)
(qu.ar.)
Development Corp. (quar)
Patchogue-Plymouth Mills, pref. (quar.)
Penmans, Ltd., common (quar.)
Pennsylvania Coal & Coke (quar.)
Pacific
Pierce Oil Corporation
Common (quar.) (pay. in com. stock)
Pittsburgh Oil & Gas (quar.)
Pittsburgh Steel, pref. (quar )
Pressed Steel Car, com. (quar.).
Preferred (quar ,)
Procter & Gamble, common (quar.)
Common (payable in common stock).
1
IH
IK
87He
Preferred
Preferred
Preferred_
Oct.
40c Oct.
National Acme (quar.)
National Biscuit, com. (quar.)
1
1
Sept. 1
Oct. 15
Aug. 31
Sept. 1
Sept. 30
Sept. 15
Aug. 15
Aug. 23
Sept.
1
Aug. 16
Nov. 15
Feb .115
Mayxie
IH Aug. 16
IH Nov. 15
IH Feb .116
IH MayzlS
IM Aug.il5
SI
2
2
$1
/2H
2H
IH
2
IH
5
/4
2
Days
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Oct.
1
25c Aug. 14
.
Banks.
Common
.
Indiana Pipe Line (quar.)
$2
Inland Steel (quar.)
75c.
Internat. Harvester, com. (in com. stk.). */12H
Internat. Harvester, pref. (quar.)
IH
Jefferson & Clearfield Coal & Iron, pref.
2H
Kaminlstiqua Power. Ltd. (quar.)
2
Railroads (Steam.)
Alabama Great Southern, preferred
Washington (D. C.) Ry.
.
THE CHRONICLE
7 1920.]
Name
WTiite
——
H
..
(quar)
Extra
Standard Oil of Ohio,
,
(quar.)..
Sept.
Sept.
*1
Preferred
*1H
Standard
(extra)
(quar.)
Sanifciry Mfg.,
(quar.)
com. (quar.)
Common
1
Preferred (quar )
Stern Brothers, pref. (qu.ir.)
Pref. (acct, accumulated dividends)..
Stewart Mfg,, common (quar.)
Stewart-Warner Speedometer (quar.)..
Submarine Boat Corporation
Superior Steel Corporation
First and second pref. (quar.)
—
Swift International
Thompson-Starrett Co., preferred
Tobacco Products Corp., com. (qiuir. )..
Underwood Computing Mach., pf. (qu.)
Underwood Typewriter, com. (quar.)..
Preferred
(<iuar.)
Union Tank Car, com. (quar.)
(quar .)
Preferred
LTnlted Drug, second pref. (quar.)
United Retail Stores Corp., com. (In stk.)
United States Steel Corp., com. (quar.).
Preferred (quar.)
Vlrglnla-C^arollna Chemical,
Wabasso Cotton (quar.)
com.
(extra)
Wa>'agamack Pulp & Paper (quar.)
West India Sug. Fin, Corp., com. (qu.).
(quar
Preferred
Woolworth
(F.
IH
IH
hlH
Aug.
Aug.
Aug.
Aug.
W.) Co.. com.
(auar.)
SeptdlS
Oct.
Oct.
Sept.
1
1
1
Aug. 10
Aug. 10
Aug. 10
Sept.
Sept.
1
1
SI
SOc.
\ug.
'2
.'Vug.
7
•Vug.
$1.20 Aug.
Oct.
fflH Aug.
IH Oct.
2
Oct.
IH Oct.
*IH Sept.
•\H Sept.
4
IH
Sept.
15
Aug.
IH
IH
Sept.
2
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
IH
IH
'IH
2
(quar.)
1
15
Aug. 15
'SI
•2
)
Woods Mfg.. common
IH
2
Sept. 10a
Sept. 10a
rec,
Aug. 20
rec
rec
rec
rec
rec
July 31
July 17
Aug. 10
Aug. 20
Aug. lOa
Aug. 6a
July 31
Aug. 20
Aug. 21
Aug. 21
Aug. 21
rec.
rec,
rec.
rec
rec
rec,
rec,
rec,
rec,
rec
rec,
rec,
6a
Aug 14a
July 31a
June 6
Aug. 1
Aug. 15
Aug. 16
rec July 31
rec. Aug. 10
rec Aug. 17a
rec.
July 20
Holdersofrec Jan31'21
.
.
Aug. 31
Aug. 31
Aug. 31
Septals
Common
Aug.
rec
rec
:.
2
2
*3
.
July 31
Aug. Sa
Nov. 5
Sept. 21
I.
Sept.
1
common
,
rec,
rec,
Holders
4
IK
2H
,
Holders ol rec Aug. 31a
of rec July 31
Holders of rec Aug. 14a
Holders of rec .\ug. 18a
Holders of rec .\ug. lOa
Aug. 15
July 25
to
Aug. 15
July 25
to
Holders of rec July 3lo
Holders of rec Aug.dU
Holders of re. Aug.-rfl4
Holders of rec Aug. 2
Holders of rec. July 15
Oct.
Aug.
2
(extra)
Preferred (quar.)
Standard Oil (Calif.)
rec
rec
rec
Holdersofrec.Apr.30'21
Holdersofrec. July 30'21
2a
Aug. 16 Holders of rec. July
Sept. 1 Holders of rec. Aug. 20
Aug. 16 Holders of rec. Aug. 6
6
Aug. 10 Holders of rec Aug
,
Common
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders of rec. Aug 16a
Holders of rec. Sept. 15a
Holders of rec July 3 la
Holders of rec. Aug. 2a
Holders of rec. Sept. lOa
Holders of rec. .\ug. 18o
Holders of rec. Aug. 18
Holders of rec. July 31
Holders of rec. Aug. 14a
Holders of rec Sept. 300
Holders of rec. Aug. 16a
Holders of rec. Aug. 20a
Holders of rec Sept. lOa
Holders of rec. Aug. 20
Holders of rec. July 17
Holders of rec. Aug. 6
Holders of rec Aug. 12
Holders of rec. July 31
Holders of rec Oct. 30
Holders of rec. Jan 31 '21
Holders of rec. Apr 30 '21
Holders of rec. July 31
Holders of rec. Oct. 30
Pullman Company (quar.)
Pure Oil, common (quar.)
50c.
Sept.
Common (payable in com. stock)
/50c. Sept.
Quaker, Oats, preferred (quar.)
Aug.
*1K
Rainier Motor Corp pref. (quar.)
2
Sept.
Reynolds (R. J.) Tobacco Co., com. and
com. class B (in new class B com. stk.) u;200 Aug. 16 Aug. 3
Riordon Pulp & Paper, common (quar.)
2H .4ug. 15 Holders
Rlordon Pulp & Paper, pref. (quar.)
IH S8pt.30 Holders
Savage Arms Corp., com. (quar)
IH Sept. IS Holders
Second preferred (quar, )
IM Sept. 15 Holders
Scott^Adams Corp., pref. (quar.)
4
Aug. 15 Holders
Preferred (extra)
3
Aug. 15 Holders
Sears, Roebuck & Co., com. (quar.)
Aug. 14 Holders
S2
Semet-Solvay Co. (quar )
Aug. 20 Holders
Sloss-Sheffield Steel & Iron, com. (qu.)
IH Aug. 10 Holders
Smith (A. O,) Corp., pref. (quar,).
IH Aug. 16 Holders
So. Porto Rico Sug., com. (In com. stk.) /lOO Aug. rf6 Holders
Southern Pipe Line (quar.)
Standard Milling, com. (quar.)
Inclusive.
Aug.
.
.
.
.
of
of
of
of
of
of
of
of
of
of
of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
to
rec
rec
.
.
rec.
.
rec
.
rec,
.
rec
.
Aug. 16
Aug. 6
Sept. 24
Sept. la
Sept. la
Aug.
Aug.
1
1
rec,
rec.
rec,
rec.
rec.
rec.
July 3ia
rec
Aug. 2la
Aug. 210
Aug. 2la
.
,
.
.
.
.
.
rec.
rec.
.
.
rec
.
rec,.
rec
.
Aug. 5
July 28a
Aug. 2
July J24a
Aug. 16
.-Vug.
rec.
rec.
rec. .\ug.
rec. Aug.
rec. Aug.
.
.
14
Aug. 14
Aug. 27
Aug. 27
July 30
.
,
5
5
5
rec Aug. 20a
20o
rec. .\ug.
rec. July
rec. July
rec. July
31
3la
24
Holders of rec. Aug. 2a
Holders of rec. July 20
Holders of rec. Sept. 20
Holders of rec .\ue. 2
Holders of rec. Sept. 18
Holders of rec. Sept 4a
Holders of reo. Sept. 4a
Holders of rec Aug. 5
Holders of rec Aug. 5
Holders of rec. .\ug. 16
Holders of rec Aug. 2a
Aug. 31
Aug. 3
Holders of rec. Sept I5a
Holders of rec Aug. 16
Holders of rec .\UK. 16
Holders of rec Aug. 14
•Holders of rec. Aug. 14
Holders of rec. .\UR. 25
Holders of rec. Aug. lOa
• From unofficial sources,
t Conditional on receipt from the U. S. GovemmeBt
of an adequate payment of the rental now due.
t The New York Stock Exchange
has ruled that stock will not be quoted ex-<livldend on this date and not until further
books
not
dividend,
b Less British Income tax.
Transfer
closed
for
this
notice,
a
d Correction. < Payable In stock. / Payable In common stock, tf Payable In scrip,
ft On account of accumulated dividends.
< Payable In Liberty Loan bonds
J New York Stock Exchange h.as ruled that South Porto Rico
stock bo quoted ex the lOOVi stock dividend on Aug. 9.
k Payable In Common B stock.
t New York Stock Exchange has ruled that Crucible St«el
quoted ex the stock dividend on .Vug. 31.
w Payable
11921.
In
new
class
B common stock,
par value $25.
Sugar common
common
stock be
THE CHRONICLE
566
Philadelphia Banks.
— The Philadelphia Clearing House
statement for the week ending July 31 with comparative
Reserve
figures for the two weeks preceding is as foUows.
em bere of the Fed eral Reserve s ystem
requirements for
are '10 %~on"demand deposits and"3% on t ime de posits ,_all
to^be" kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal res erve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
m
Week ending July 31 1920.
Two
cipher t (00) omUiea.
Trust
F.R.Svstem Companies
833,225,0
89,465,0
110,023,0
130,667,0
deposits
511,561,0
Individual deposits
7,513,0
Time deposits
649,741,0
Total deposits
(not
Included)
U. S. deposits
Kes've with Fed. Res. Bank "51,443,0
Reserve with legal deposit's
12,027,0
Cash In vault*.
63,470,0
Total reserve and cash held
Reserve required
50,761, Ol
12,709.0
Excess res. & cash In vault..
Bank
—
Cash
In vault Is not
Total.
§4,404,0 337,629,0 837,629,0
12,478,0 101,943,0 101.860,0
36,115,01 748,955,0 750,369,0
505,0
27,357,0
26,343,0
22,0 110,045,0 118,233,0
340,0 131,017,0 141,916,0
20,236,0 531,797,0 636,067,0
250,0
7,763,0
7.891,0
20,826.0 670,577,0
85,874,0
7,133,0
7,571,0
51,443,0
62,120,0
2,517,0
2,517,0
2,630,0
909,0
12,936,0
13,177,0
3,426,0
66,896,0
67.927,0
3,019,0
63,780,0
54.592.0
407,0
13.116,0
13.335,0
712,840,01
26,852,01
Due from banks
•
Ju!v 24
1920.
Memberso]
Capital
Surplus and profits
Loans, dlsc'ts <t Investm'ts
Kxchanges for Clear. House.
July 17
1920.
837,629,0
101,859,0
749,059.0
30,092,0
125,842,0
143.472,0
542,278,0
7,789,0
693,539,0
6,312,0
64,425,0
2,565,0
13,445,0
70,435,0
54,230,0
16,205,0
[Vol. Ill,
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
—
shows the condition of the New York City Clearing House
members for the week ending July 31. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(.Stated in
CLEARING
HOUSE
—
JuW
Changes from
31.
1920.
June30,
June30
endlng'State,
iTr.Cos.,June30
July 31 1920.
(,000o>»i«ed.) [Nafl,
17
1920.
S
$
Circulation
2.950 000
597,900 000
Individual deposits. Incl. U.S. 460,592 ,000
Due to banks
111,431 000
Time deposits
15,.537 000
United States deposits
4.657 000
Exchanges for Clearing House 17,107 ,000
Due from other banks
47,945 ,000
Cash In bank & In F. R. Bank 73.621 000
Reserve excess In bank and
Federal Reserve Bank..
22,458,000
Loans, dlsc'ts
& Investments.
Inc.
2, ,000
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
428, 000
4,801, 000
Dec.
4,745,000
3,534 .000
736, 000
665, 000
63, 000
5,324, 000
6,062 ,000
2 ,948,000
2 941,000
598 ,328,000 598 381,000
465 ,393,000 471 704,000
114 ,965,000 119 ,610,000
16 ,273,000 16 109,000
5 ,322,000
3 ,201.000
17 ,170,000 21 ,462,000
53 ,269,000 61 ,042,000
78 ,683,000 81 024,000
27,203,000
Condition of the Federal Reserve Bank of
29,660,000
New
York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 30 1920, in
comparison with the previous week and the corresponding
date last year:
Resources
July 30 1920. July 23. 1920
S
S
88,016,858
89,113,950
57.503,690
50,381,029
40,931,650
40,931.560
—
Gold and gold certificates
Gold settlement fund F. R. Board
Gold with foreign agencies.
—
Aug.
1 1919.
S
160,070,000
224,828.000
186,451,998
279,138,931
35,977,400
180,426,529
280,222,031
35,970,500
384,898,000
287,017,000
24,829,000
Total gold reserves
Legal tender notes, silver, etc
501,568,329
119,520,829
496,619,060
119,014,853
696,744,000
48,557,000
621,089,158
615,633.913
745.301,000
497,399,073
22,804.002
508,424,820
21,407,877
644,095,000
Total reserves
Bills discounted:
Secured by Government war obllg'ns:
For members
For other Federal Reserve banks
520,203,075
629,832,697
644,095,000
291,898,083
16,220,281
279,567,756
17,976,383
58,121,000
308,118,364
135,195,306
297,544,139
141,003,228
58,121,000
98,002,000
963,516,745
1,450,900
50,000
81, .501, 500
968,380,064
1.456,900
50,000
75,312,000
800,218,000
1,257,000
50,000
61,580,000
1,046,525,145 1,045,198,964
3,784,086
3,783,160
863,105,000
3.999,000
All Other:
For members
For other Federal Reserve banks
•
Bills
bought
In
open market
on hand
Government bonds
Total
bills
U. 8.
U. S. Victory notes
U. 8. certificates of Indebtedness
'.
Total earning assets
Bank premises
5%
redemption fund against F. R. Bank
notes
Uncollected Items and other deductions
from gross deposits
All other resources
Total resources-
3,126,900
3,086,000
2,091,000
150,977,559
801,648
161,585,179
661,650
171,038,000
2,388,000
1.826.304,496 1,829,847,866 1,787,922,000
LiabUUies—
Capital paid in
24,679,400
Surplus...
51, 307, .534
Deferred availability Items
Other deposits, incl. foreign govt, credits
409,634
710,488.073
101,074,925
26,024,814
24,676,950
51,307,534
664,942
713,736,591
109,487,398
21,316,559
Total gross deposits
F. R. Notes In actual circulation
F. R. Bank notes In circulation— net llab
All other liabilities
837,997,446
849, .589. 010
35.958.000
26,773,106
845,205,490
846.836,340
36,045,000
25,776,552
Government deposits
Due to members reserve account
—
Total Liabilities
Bkof
Bank
i
$
2,000
6,862j
5,000 15,974
10,000 14,929
5,500
6,108
26,000 58,826
4,500 14,491
1.000!
1,076
168
300
6.000'
6,856
25.000 31,533
1.000
1,765
7,470
7.000
3.000 19,995
2,000
2,988
4,620
8,582
1,500
8.338
6,000 21,820
764
1,000
1.000
4,439
10.000 36,185
9,000 10,526
443
1,000
1,000
783
15,000 22,667
600 2,263
NY,NBA
Manhattan Co.
Mech & Metals.
Bank of America
National City..
Chemical Nat..
Atlantic Nat'l..
Nat Butch & Dr
Amer Exch Nat
NatBkofComm
Bank.
Chath & Phenix
Hanover Nat'l.
Pacific
Metropolitan ..
deposit liabilities
40.4%
40.2%
941,881,000
745,918,000
39,529,000
6,212,000
F. R. notes Inclrculatlon
on
bills
or foreign correspondents
49.1%
63
_..
Ratio of reserves to net deposits after deducting 40% gold reserves against
liability
200
400
40.9%
40.5%
6,091,830
6,088,731
purchased
7%
980
801
1,000
2,173
1,496
1,000
665
1,000
4,442
1,000
7,211
5,000
1,634
1,600
Nat
1,466
1,000
Union Exch
2,696
Brooklyn Trust
1.500
Bankers Trust. 20.000 17.407
USMtge&Tr. 2,000 4.650
Guaranty Trust 25,000 33.260
gl,.5O0 gl.SOO
Fidelity Trust.
Columbia Trust 6,000 7.206
1,500
1.900
Peoples Trust-.
New York Trust 3,000 11.292
Trust
2,000
1.060
IJncoln
2,000
3,282
Metropolitan Tr
NawauN.Bklyn 1.000 1,370
Farm Loan & Tr 6.000 10,713
1,374
2.000
Columbia Bank
Lincoln Nat'l..
Garfield Nat'l..
Fifth National
Seaboard Nat'l.
Liberty Nat Bk
Coal & Iron Nat
229,520 424,227(4,975 Oil
Average-
92,772 531. 702'c3 979.257 213.447:35,029
Totals, actual CO ndltion July 314.980 9891 89.036521,222c4.011,3.55213.433 35.183
Totals, actual co.ndltion July 24,5.001,6901 90,518 522,001! 4,001,823213.672 34,935
Totals, actual co ndition July 175,003,642^ 93,420562,660 4,061,989212.76134,975
State Banks.
Greenwich Bank
Bowery Bank..
18,770
6,254l.
Bank
I
28.545! 38.606|
52.569! 38.606i
Average
53.481|'38.657|
63.2841 38.4761
62.619' 38 .0081
Totals, actual CO
Totals, actual CO ndition July 24
Totals, actual condition July 17
Trust Compan
Title Guar & Tr
Lawyers T.& Tr
Average
Totals, actual CO ndition July 31
Totals, actual condition 'july 24
Totals, actual condition [July 17;
Gr'd aggr, avge242.27o'448,099l5.141.159!l01.031 540 586'e4.078,514 253.497 35.029
Comparison, previous
-12,976,— 2.062— 3,481, —33,593 -t-827t -1-38
week
Gr'd aggr. act'Hcond'n Julv 31:5.147,660; 96.998530,407
Comparison, previous
—20,599—1,6071
439
week
—
Gr'd
Gr'd
Gr'd
Gr'd
aggr.
aggr,
aggr.
aggr.
act'lcond'n
act'lcond'n
act'lcond'n
act'lcond'n
f4. 111. 168253.54835, 183
+9.586
—
+248
42
Julv 24 5.168.2591 98,605 530,846 4,101,682 253,590 34,935
July 175.167,844101,752 571,577 4,159,695 252,195 34,975
4,138,349 2.52.638 34.821
4,202,630 253,07634,945
'July 106, 125, 516|110, 157 549.415
IJuly 35,164,088i 97,281601,239
t Includes deposits In foreign branches not included in total footing as follows:
Nat. City Bank, 8128,209,000: Bankers Trust Co.. 82.900,000: Guaranty Trust
Co.. S113.912.000: Farmers' Loan & Trust Co.. 821.994.000. Balances carried in
banks in foreign countries as reserve for such deposits were: National City Bank,
838.098,000; Bankers Trust Co., 8158,000: Guaranty Trust Co., 82,534,000: Farmc Deposits in foreign branches not included.
ers' Loan & Trust Co., 89.989,000.
eU. S. deposits deducted. 867.129.000. f U. S. deposits deducted. 859,948.000.
Bills payable, rediscounts,
of July 20 1920.
acceptances and other
liabilities,
S As
Sl.088.250.000.
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
1,826.304,496 1,829,847,866 1,787,922,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after deducting 35% against
Contingent
21,460,000
32,922,000
10,540,000
741,754,000
140,053,000
49.534,000
&c.
Members of
Fed. Res.
State
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Boat I
Cireulatum.
ments,
Week
Commonwealth
JuW
Naf
i
Chase National.
Fifth Avenue..
Commercial Ex.
July 24
1920.
previous week.
that is. three ciphers [,000] omitted.)
Are«
Loans,
ICapital. Profits. Discount.
Invest-
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston Irving National.
N Y CountyNat
Clearing House weekly statement for a series of weeks:
Continental Bk.
BOSTON CLEARING HOUSE MEMBERS.
—
I
MEMBERS
Corn Exchange.
Imp & Trad Nat
National Park.
East River Nat
Second National
First National.
counted aa reserve for Federal Reserve Bank members.
thousands of dollars
Members
Federal
Reserve banks
State banks*
Trust companies*
Total
Total
Total
Total
July
July
July
July
31
24
17
10
a
Reserte
in Vault.
Reserve
in
Depositaries
Total
Reserve.
Reserve
Surplns
Retjuired
Reserti.
S
8
S
8
S
531.702.000 631.702.000 523.700,820
9,462 420
6.239".005
3,827.000 10.066.000
7 003.200
7 077.000
6.057,000
2.020.000
7,995,180
603.5S0
73.800
540.172.440
8.672.560
7,962,920
13,273.180
15.036.210
8.259,000
8,409,000
8,498,000
9,018.000
540.586.000
544,067,000
653,073,000
656,982,000
548.845.000
552,476,000
561,571,000
566,000,000
.544,513,080
548,297,820
550,963,790
Aug. 7
THE CHRONICLE
1920.]
—
New York City State Banks and Trust Companies.
In addition to the returns of "State banks and trust companies in New York City 7iot in the Clearing House," furnished
Actual Figures.
Members Federal
Total
Total
Total
Total
July
July
July
July
Reieru
Reserve
in Vault.
in
DepoaitCTles
24
17
10
Reserve.
by the State Banking Department, the Department
presents a statement covering
class in the City of New York.
S
7.962.000
8,087,000
8,332.000
8,591.000
31
Surplm
Reserve
Required.
Total
Reierve.
S
$
S
521.222,000 521.222,000 527.879.140 —6.657.140
4 085.000 10.179.000
9.626.580
552.420
6".b94".o6o
6.949.800
1S.200
1.868.000
5.100 000
6.968,000
%
Reserve banks
State banks*
Trust companies*...
b
Caifi
For definitions and
also
the institutions of this
under which the various items
made up, see "Chi-onicle," V. 98, p.
The provisions of the law governing
16G1.
the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V. 104,
The regulations relating to calculating the amount
p. 1975)
of deposits and what deductions are permitted in the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
oJ Federal Reserve Bank.
the reserve required on net demand deposits In the case of State baok^
and trust companies, but In the case ol members oJ the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
July 31. 56,403.410; July 24. 56.388.740; July 17 56.412,560; July 10. St; 452.730.
b This la the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
July 31. 56.402.990: July 24. .56.410.160; July 17. 56.382.8.30; July 10. 56.410.580.
This
rules
all
are
530.407.000 .538 369.000 544.455.520 c!f6.0S0.520
530,846,000 538,933,000 543,209,520 (!14,276,520
571,577,000 579,909,000 550,672,870 29,236.130
549,415,000 558,006.000 547,988,200 10,017,800
Not members
•
567
.
la
STATE BANKS AND TRUST COMPANIES IN
State
NEW YORK
CITY.
Trust Companies.
Banks.
Wetk Ended
July 31 1920.
Banks and Trust Companies Not in Clearing
House. The State Banking Department reports weeldy
State
July 31.
1920.
—
Capital as of Feb. 28
Surplus as of Feb. 28
Loans & Investments.
Specie
_.
Currency & bk. notes
Deposits with the F.
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Currency and bank notes
Deposits with Federal Reserve
-.
Bank
of
New York
..
Total deposits.
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 19.3%.
R. Bank
5781,400,300
7,893,500
17,671,900
73,032,900
835,864,000
788,981,100
135,821,100
Reserve on deposits..
P. C. reserve to dep..
Dec. 54,304,300
Dec.
47,500
Dec.
553,700
Dec. 2,062,700
Dec. 8,825,800
Dec.
Dec.
Deposits In banks
&
Total
533.632,600
8,499,300
612,400
21.48.%
(Stated in thousands of dollars
TVusr Companies
575,004,700
27,183,800
13.78%
4.99%
5102,188,500
18.77%
Net
CLEARING
NON-MEMBERS
Week
endin(>
July 31 1920.
New
WR
Netherland..
Grace & Go's
Yorkville Bank...
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
First
NBk. JerCy
Total
Loans and
Demand
Investments.
Deposits.
'Total Cash
in Vault.
$
May
May
May
May
May
1
8
15
22.
29..
June 5..
June 12
June 19
June 26
July
July
July
July
July
3
10
17
24.
31
5.933 ,082,000
5,939 ,839,600
5.922 .559.300
_.
1,029.100
73,600
2,892,900
0.3%
0.1%
16.6% Inc.
Reserve in
Depositaries.
132.585,200
129.262.500
134.487.200
129.740,800
131,772,400
126,207,200
136,312,000
131,500.400
131.116,200
129.100,500
133.387,300
131,309,500
128,548,900
127,495,800
124,512,200
138,243,400
129,651,100
124,771,600
129,596.400
tJiat is,
three ciphers 1000] omitted.)
Loans,
S
1.494
200
600
500
200
400
1,108
3,400
6.071
63.009
1.639
100
600
444
1.400
3.429
14.506
700
1.845
17,935
500
200
1.005
452
700
1.458
755
1,332
Nan
Net
Bank
De-
De-
Circis-
posits.
posits.
lation.
Average Average Average Average Average Average
$
$
t
S
S
$
224
72
189
15.131
1.987
13.056
305
10.614
230
1.519
10.699
283
215
6.867
9.918
1.004
2.418
658
4.363
26
516
13.727
373
1.251
6.680
7.698
9.256
571
934
8.378
<
1.500
697
682
Net
Demand Time
"386
575
7.211
49.116
7.998
435
202
1.346
3.355
15,613
30
1.907
2.342
1,548
18.968
30
9.077
8.675
574
439
374
367
7.496
5.245
914
4.876
17,752
1.013
741
12.741
5.790
9.374 98,696
4,994
—9.500
422
State Banks.
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hts
$
4,915 ,902,800
4.979 ,072,300
4,997 453,900
5,015 732,100
5,007 452,600
4,965 687.100
4,938 152,700
4,950 458,200
4.989 ,835,900
4,985 .879,800
5,032 577,100
4,975 ,186,300
5,034 ,693,800
4.907 ,609,000
4,985 928,900
4,972 ,091,500
4,955 ,519,800
4,909 .587,400
4. 867 495,100
—
DUReserve
counts, Casb
with
Nat.bks. June30 Investin
Legal
St.atebks.Jun.30 ments, VauU. DeposiTr. COS. June30i <fec.
tories.
Mutual Bank
the Clearing House, are as follows:
557,500
438,800
884,600
998,300
588,000
5,929, 153,600
5,935 200,400
5,923 805,600
5,928 544,500
5,901, 424,000
5.018 063,600
5,911 312,000
5,930 652,500
5,930, 986,500
5.965,,438,500
5,938 .501,400
4,368,800 206,995,900 Inc.
5,150,700 2,024,303,100 Dee.
5,155,900
277,252,700 Inc.
Capital.] Profits.
Members of
Fed'l Res. Bank.
Battery Park Nat.
New
5,884
5,934
5,946
6,959
5,970
70,579,400 Dec.
835,701,300 Dec.
120,898,000 Dec.
19% Dec.
"Clearing House Returns" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
trust companies combined with those for the State banks
and trust companies in Greater
York City outside of
April 3
April 10
April 17
April 24
1,146,000
287,600
344,100
%
—
—
Mar. 27
$
116,700,000
179,589,000
3,588,300 1,992,799,600 Inc.
75,300
10,728,300 Dec.
184,000
18,534,400 Dec.
Non- Member Banks and Trust Companies. Followis the report made to the Clearing House by clearing
non-member institutions which are not included in the
Banks and Trust Companies in New York City. The
averages of the New York City Clearing House banks and
Week ended-
28.600.000
52,703,000
728,974.400 Dec.
4,465,600 Inc.
30,377,700 Inc.
HOUSE.
Banks
15.07%
.S23,.593,600
trust companies 10,039,000
6.41%
State
In vaults
Differences from
previous wetk.
ing
RESERVE.
Cash
N. Y..
of
Deposits .-
Differences from
previous week.
July 31.
Loans and Investments
Specie
July 31.
1920.
S
showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
figures
(Figures Furnished by State Banking Department.)
Differences from
previous week.
679,267,600
688,403.300
729.909.700
694,405,700
694,100,200
689.051,100
658.932,400
694,904,700
674,250,800
700.111,800
697,525.700
699,402,500
662,435,000
685.640.S00
721,682.800
669,101,300
691,297,100
641,112.900
647.841,700
Colonial
Bank
Total
Trust Cmpanies
Not Members of the
Fed'l Reserve Bank.
Hamilton Tr.Bkln.
Mech
Tr. Bayonne
Total
Grand aggregate __
4.800
Comparison previo us week
Gr'd aggr July 24
Gr'd asKT July 17
Gr'd acsr July 10
4.800
5.300
5.300
—179 —237
9.374 98.875
9.763 106.7.55
9.614 106.507
5.231
6,029
6.207
a U. S. deposits deducted. 5396.000.
Bills payable, rediscounts acceptances and other
Excess reserve. 5533.830 Increase.
•This Item Includes gold, silver, legal tenders, national bank notes and Federal
Eeserve notes.
9,922
10.398
10.082
675
a80.825 13.818
4-40
+ 18
80.785
88.231
88.143
liabilities.
—6
581
579
577
13.800
14.182
14.078
S6.647.000.
—
The Federal Reserve Banks. Following is the weekly statement issued by the Federal Reserve Board on July 30.
The figures for the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions
In Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks.
week before. Discounted paper held by the Boston, New York and ClevCj.
land Ke.serve Banks is inclusive of 138.7 millions of paper discounted fo
six Reserve Banks in the South and Middle West, compared with 123.2
millions the week before, while acceptance holdings of the Boston, Pliiladelphia, Cleveland and San Franci.sco Banks comprise 42.0 millions in
bank acceptances jjurchased from the New York and Chicago banks.
Government deposits show a slight increase of 0.2 million, members'
reserve deposits a reduction of 17.4 millions, and other deposits, including
Increases of 13.5 millions in bill holdings, and of 24.1 million.s in total
earning a.ssets, together with increases of 11.6 millions in net depo.sits and
O' 1-9 Diillions in Federal Reserve note circulation, are indicated in the
J^ederal Reserve Board's weekly bank statement issued as at close of business on July 30 1920. Gold reserves show a reduction of 5.6 millions and
total cash reserves
a reduction of 5.4 millions, while the Banks' reserve
ratio diclined from 44.4 to 44.2%.
As au-aiiist a reduction of 6.4 millions in the holdings of paper secured
"-^"ited .States war obligations (war paper), the Banks show an increase
"J""
.01 J^ 1 millions in other discounts on hand.
Holdings of acceptances decimed ,S.2 millions, while an increa.se of 10.6 millions in' Treasury certificates
represents Iarg(!l.\' the increase in tlie amount of special temporary certificates held by four Reserve Banks to cover advances to the Treasury ponding receipt of funds from depositary institutions.
Of the total of 1,241 millions of loans secured by United States war
Obligations held by the Federal Reserve Banks, 585.4 millions, or 47.2%,
were secured by Liberty bonds, 30S.0 millions, or 24.9%, bv Victory notes,
H"* 316.7 millions, or 27.9%. by Treasury certificates, as against 4S.2,
^i.b and 28% of a correspondin.g total of 1,247.4 millions reported the
—
—
—
foreign Government credits and non-members' clearing account.'s au
increase of about 3 millions, while the "float" carried by the Reserve banks
and treated as a deduction from gross deposits shows a decrea.so of 25.9
millions. As a consequence, calculated net deposits are 11.6 millions larger
than the week before.
Both Federal Reserve notes and Federal Re-serve bank notes in circulation
show moderate increases for the week: the former by 1.9 millions, and the
latter bv 2.1 millions. The paid-in capital of the Reserve banks shows a
further "increase of $217,000, owing to increases in capital and surplus accounts of member banks in the Boston, Dallas and Sau Francisco districts.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close op Business July 30, 1920.
July 30 1920. July 23 1920
RESOURCES.
S
Gold coin and ccrtitictttes
Oold settlement fund. F. R. Board
Qold with forel(?n agencies
.
174,179,000 SI SO .529 .000
389.389.000
387.345,000
111.531.000
111,531,000
Total Rold hold by banks
OoId with Federal Reserve agents...
675.099,000
Oold redemption fund
Total gold reaervea
July 16 1920. July
1920. July 2 1920. June 25 1920 June 18 1920. June 11, 1920 Aug.
S
168.929,000
402,760.000
111,531,000
168,767,000
303,905,000
111,531,000
1
1919.
S
171,170.000
402,760.000
111,531,000
171,120,000
402.628.000
111, .53 1,000
162.878.000
400.833.000
111.531.000
168,103.000
431,905.000
111,531.000
263.275.000
641.896,000
685.279,000
675.242.000 711,629,000 905.171,000
679,405,000
674,203,000 683,220.000 685,467,000
1.1.'')3.712.000 1,160,215,000 1,152,875,000 1,145,102.000; 1,146,944,000 1.150.175,000 1.161.784,01X1 1.103.751.000 1,071,307,000
14S.S93.000
133.921,000
125.295,000
149.678.000
143.051,000
111,997,000
142,994,000
139,285,000
144,343,000
1.977. 704, nnn'i .nsn. 271 .nno 1.971.421.0(10
1
071.3ir.
000 1.071.696 Ono l.OfiO.375.000 1.962.321.000 1.965.058.000
2.ns.s.4-.';.noo
THE CHRONICLE
568
Jtily
Legal tender notes, silver, 4c.
150,936.000
150,741,000
147,626.000
July 9 1920.
1920. June 25 1920 June 181920. June 11 1920.
July 2
136,877,000
139.230.000
137.805.000
138.579,000
Aug.
137,533,000
1
1919.
67,852.000
2.128,640.000 2,134,012,000 2.119.047.000 2,108.193. 00 2.109.501.000 2.108,605.000 2.100.900.000 2,102,591,000 2.155,327,000
Total reserves
Bills discounted'
Secured by Govt, war obligations
All other
Bills bought In
30 1920 July 23 1920. Julv 16 1920
[Vol. 111.
1.241,017,000 1,247.371.000 1.255.258.000 1.296,350.000 1.294.892.000 1.277.980.000 1.231.841.000 1,440,931,000 1,612,639,000
1,250,613.000 1.222.536.000 1.234.890.000 1.265.243,000 1.250.302.000 1.153.814.000 1.064,296.000 1,082,019,000
235,300,000
345,305.000
399,185.000
353.543,000
356.471,000 371,592,000 390.085,000
398,591,000
403,896,000
374.791,000
open market
on hand
Total
O. 8. Government bonds
U. 8. Victory Notes
U. 8. certificates of Indebtedness.
2,836.935.000 2,823,450.000 2,846,619,000 2.934.184,000 2,935,279,000 2,830,979.000 2,694,728,000 2,926,846,000
2,222,730.000
26,791,000
26,791,000
26.793,000
26.791.000
26.793,000
26,792,000
26,795,000
26,796,000
27,094,000
69,000
68,000
69,000
69,000
69,000
69.000
69.000
69,000
280,000
298.520.000
325,434,000
287,909,000
294,182.000 281,942,000 309,379,000
347,091,000
280,108,000
217,982,000
bills
All other earning assets
Total earning assets
3,162,315,000 3.138.218.000 3.167,661,000 3,242,988,000 3,271,519,000 3,183.275,000 3,068,683,000 3,233,819,000
2,468.086.000
Bank premises
14,289.000
14.243.000
13.492.000
13,734,000
13,254.000
14,084,000
13,658,000
13,111,000
11,801,000
Uncollected items and other deductions
711,074.000
from gross deposits
772.333.000
797,347,000 785.059,000 •750.486.000
890,554,000
949,977,000 772,903,000
739,617.000
12,684,000
12.148.000
6% redemp. fund agst. F. R. bank notes
12.742.000
12,293,000
12,424,000
12,110,000
12,400,000
11,794,000
10.735,000
3,767,000
All other resources
3.576.000
6,590,000
8,053,000
4,271,000
3,822,000
5.191.000
5,751,000
9,386,000
Total resources
6,032,769,000 6.075.124,000 6.208.017.000 6.178,377,000 6.197.352.000 6,074,596,000 6,152,977,000 6,139,969,000
5,395,952,000
*
83,532,000
Capital paid In
95.225,000
94,506,000
95,008,000
94,639,000
94,462,000
94.730.000
94,594.000
94,284,000
81,087,000
164.745.000
Surplus
164,745,000
120,120,000
164,745.000
164,745,000
120,120,000
164.745.000
120,120,000
68,357,000
Government deposits
12,167.000
11,280,000
14,189,000
15.919,000
56,356,000
11.700.000
21,704,000
21,830,000
1,742,478,000
Due to members, reserve account
1,808,156,000 .825,564,000 1.867.428.000 1,839,704,000 ,874,161,000 1,831.916,000 1.800,017,000 1,870,240,000
581,232,000
Deferred availability Items
536.690.000
572,109,000
550,012,000
626.580.000
647,782,000 594,434,000
572,105,000
574,684,000
113,731,000
credits..
Other deposits. Incl. for'n gov't
51.296,000
49.024.000
•76,592,000
84.627.000
50,585,000
55,159,000
71,980,000
86,282,000
LIABILITIES.
2,408,309.000 2.457.977.000 2,577,495,000 2,505,216,000 2,539,950,000 4,472 709000 2.567.580,000 2,553,036,000 2,505,798,000
3,120,138,000 3.118.205.000 3,135,893,000 3,180,948,000 3,168,814,000 3,116.718,000 3,104,810,000 3,112,205,000 2,506,820.000
200,945,000
192,168,000
190.067.000
185,604,000
183,904.000
189,375,000
190,287,000
189,232,000
181,382,000
17,770,000
52,184,000
49.122.000
84.939.000
82,101,000
42,542,000
45,779,000
40,017.000
78,942,000
Total gross deposits
F. R. notes In actual circulation
bank notes In circulation net Uab
F.
All other liabilities
—
R
Total Ilabllltiea
6,032,769,000 6.075.124.000 6.208,017.000 6,178,377.000 6,197,352.000 •6,074 596000 6,152,977,000 6.139,969,000 5,395,952,000
Ratio of gold reserves to net deposit and
F. R. note Ilabll't es combined
41,3%
41.1%
40.2%
48.9%
Ratio of total reserves to net deposit and
40 7%
41.6%
40.3%
40.9%
40.4%
F. R. note liabilities combined
44.2%
44.4%
43.0%
50.5%
Ratio of total reserves to F. R. notes in
43 6%
44.5%
43.1%
43.9%
42.8%
35%
circulation after setting aside
against net deposit liabilities
49.2%
49.5%
47.5%
48.7%
47.2%
48
3%
49.4%
61.4%
47.5%
MaturUies—
DUtribuHon by
S
74,344,000
days bills bought In open market
99.100.000
119,338,000
97,177,000
105.303.000
120,799,000
101,902,000
101.612.000
109,527,000
days bills discounted
1.464.290,000 1,422,134,000 1.437.321.000 1.437.411.000 1,389,732,000 1,283,470,000 1.193,472,000 1,440,942,000 1,521,353,000
19,229,000
days U. S. certlf of Indebtedness..
42,325,000
31,136.000
62,873,000
86,316,000
18,237,000
26.705.000
53,794,000
36,987,000
days municipal warrants
"85,V4V,66o
days bills bought In open market..
86,034,000
77,966,000
88,680,000
67,968,000
83,588,000
88,285,000
72,802,000
76.971,000
88.439,000
days bills discounted
225,623,000
291,222,000
240,829,000
285,693,000 291,845,000
335,105,000
246,996,000
241,400,000
6,015,000
days U. 8. certlf. of Indebtedness..
12,000,000
8,655,000
13.773,000
6,600,000
7.559.000
6,982,000
4,400,000
5,600,000
days municipal warrants
l"65,"o"47,66o
,"544",
days bills bought In open market..
153,773",666
129
l'38',7"l4",666
566
f52",9"l8"6o6
166,942,000
l'6'3Vl73'666
f58",984"666
14"2",b24",666
103,937,000
81-60 days bills discounted
495,258,000
426,928.000 416,780,000
469.460,000
508,484,000
449,893,000 486,603,000 511,758,000
28,233,000
31-60 days U. 8. certlf. of Indebtedness..
8,600,000
27.430.000
23,680,000
13,100,000
13.172,000
36.975,000
19,400,000
17,600,000
81-60 days municipal warrants
'49,95'4,666
"36,"6'2'7',666
'2"8",972",666
'44",663"666
61-90 days bills bought In open market..
'47".5"l4",666
"4l",88b',6o6
46,767.000
"4"d,b"33',666
'36V147T666
115,283,000
61-90 days bills discounted
237,256,000
257.812.000
304,257,000
316,347,000
259,993,000
284,650,000
272,743,000 261,835,000
36,314,000
61-90 days U. 8. certlf. of Indebtedness..
27,918,000
28.144.000
24.200.000
43,945,000
29,867,000
31,252,000
36,533,000
28,023,000
61-90 days municipal warrants
Over 90 days bills bought in open market
18,927,000
Over 90 days bills discounted
78,929.000
68.716.000
70.532.000
73,817,100
83,766,000
76.884.000
79,143,000
90,024,000
128,191,000
Over 90 days oertlf. of Indebtedness
175.375.000
212,035,000 215,602,000
217.517.000
188,621.000
192,704,000
183.368,000
205.562.000
Over 90 days municipal warrants
1-15
1-15
1-15
1-16
16-30
16-30
16-30
16-30
31-60
.
Federal Reterte Notet
—
Outstanding
Held by banks
3,425,788,000 3.434.186,000 3,450,964,000 3,454,488,000 3.419.457.000 3,396,168,000 3,375,826,000 3,376,028,000 2,715,374,000
208,554,000
271,016,000
263,823,000
315,981,000
279,450,000
305.650.000
315,071,000
273,540.000 250.643.000
In actual circulation
Fat. Rea. Notes (Agenla AccounU)
Received from the Comptroller
Returned to the Comptroller
—
3.120.138.000 3.118,205,000 3,135,893,000 3,180,948,000 3.168.814.000 3,116,718,000 3,104.810,000 3,112,205,000 2,506,820,000
7.276.540,000 7,241,340,00^ 7,231,560,000 7,200,920,000 7.131.660.000 7,091,560,000 7.049.580.000 7,005,980,000 4,864,540,000
3.381.434,000 3,350,921,000 3,319,113,000 3,292,919,000 3.271,334.000 3,240,103,000 3.213.860.000 3,187.928,000 ,741,197,000
Amount chargeable to Fed. Res. agent 3.895,106 000 3,890 419,000
In bands of Federal Reserve Agent
456, 233,000
469,318 000
Issued to Federal Reserve banks
Secured
By gold coin and certificates
By lawful money
By eligible paper
259,226.000
259,226,000
2.272,076 000 2,273 971,000
107 700.000
111,633 000
793 289,000
782.853 000
Gold redemption fund
With Federal Reserve Board
Total
259,226,000
259,226,000
259.226,000
781.954 000
769, 591,000
777.081.000
777,868,000
786,570,000
258,552,000
221,248,000
,272,277,000 l,644,b"6y,o66
81,549,000
108,897,000
768,510,000
736.302,000
R. Agent.
2.777,081.000 2.737.010.000 2,765,693,000 2,8,55.592.00012.884.290.000 2.783,397,000 2,641.202.000 2.862.936.000 2,140,965,000
Revised figures.
Tico ciphers (00) omUted.
Bolton.
RESOURCES.
Neuj York
Phita.
In
(a).
(b).
Total earning assets
Uncollected Items and other deductions from gross deposits
5% redemption fund against
Federal Reserve bank notes
All other resources
Total resources
LIABILITIES.
15,033,0 53,531,0
675,099,0
27,160,0 100,231,0 1,153,712,0
9,278,0
4,599,0
148,893,0
501.568,0 155.825.0 251,184,0
119.521,0
352,0
1,986,0
72,650,0
153,0
74,810,0 303.718,0
1.699,0
8,821.0
73.258.0
7.541.0
49,731,0
165.0
68,291,0
1,798,0
46,792,0 163,040,0 1,977,704,0
791,0
150,936,0
1,097,0
621.089,0 156.177,0 253,170,0
72.803.0
76.509,0 312,539,0
80.799.0
49,896,0
70,089.0
47,889,0 163,831.0 2,128,640,0
142,978,0
37,630.0
11,405.0
42,429,0
62,079,0
5,588,0
54,639,0 156,477,0
59,488,0 288.160,0
3,536,0 39.482,0
38,492.0
69.094.0
2.740,0
8,805,0
69.719,0
3,159,0
45,997,0
63,202,0
3.016,0
16,000,0 48,142,0 1,241,107,0
56,075,0 100,177,0 1,250,613,0
658,0 54,074,0
345,305,0
963,516,0 192,013,0 211,690,0 110,096,0 117.663.0 484,125,0 110,326,0
833,0
1,233.0
114,0
1,153,0
1,386,0
4,477,0
1,457,0
10,0
3.0
50,0
81.502.0 39,357,0 25.322,0 12,260,0 15.665,0 39,669,0 17.233,0
81,683,0 112,215,0
116,0
8,867,0
72,733,0 202,393,0 2.836.935,0
2,632.0
3,966,0
26,791.0
205,701,0 1,046,52,5,0 232,756,0 237,855,0 123,589,0 133,44.5,0 528,271,0 128,712,0
1,156,0
1,535,0
619,0
1,079,0
601,0
866,0
2,118,0
3.783,0
90,280,0 133,966,0
566,0
762,0
89,821.0
59.760,0
28,901,0
t
1,188,0
29.475.0
8.922.0
77.034,0
77,105,0
57,551,0
9
7,784,0
7,133,0
4.015,0
12,883,0
8,300,0
11,191,0
69.0
298.520.0
84,999,0 216,216,0 3.162.315.0
14.289.0
232,0
972,0
62,231,0
70,576,0
52,535,0
24.040.0
93,939,0
40,628,0
19,351,0
62,710,0
43,978,0
35,883,0
711,074,0
1,072,0
3.127,0
792.0
1,300,0
871,0
179,0
451.0
278,0
517,0
114,0
2,211,0
606,0
523,0
312,0
445,0
82,0
916,0
274.0
586.0
276.0
665,0
255.0
12,684,0
3.767,0
244,0
355,0
486,616,0 1,826,304,0 453,438.0 563,807,0 250,735,0 235,226.0 939,684.0 251,840.0 160,620,0 268,717,0 178.700.0 417,082,0 6.032,769,0
837,997,0 156.181,0 203,478,0 100,874,0 72,085,0 328,340,0 105,015,0
849,589.0 254,445,0 315,526,0 125,214,0 139,277,0 533,589,0 126,517,0
—
liabilities
1,0
8,481,0
150.988,0
Total gross deposits
165,851,0
F. R. notes In actual circulation. 284,842.0
F. R. bank notes In circulation
net liability
13,894,0
Includes
S
54,215,0
8,304,0 10,162,0
24,679,0
51,308,0 13,069,0 13,712,0
756,0
410.0
748,0
710,488,0 104,911,0 144,444,0
101,075,0 47.779,0 55,950.0
2,328,0
2,743.0
26.024,0
Total
S
174,179,0
389,389,0
111,531,0
28,391,0
35.202,0
4,698,0
S
88,016,0
57,504,0
40.932,0
Capital paid In
7,586,0
Surplus
12,351,0
Government deposits
5.59.0
Due to members, reserve account 118,938,0
Deferred availability Items
44,124,0
All other deposits
2,230,0
All other liabilities
S
11,780,0
36,620,0
5,131,0
Total.
18,377,0
31,309.0
45,0
Total bills on hand
D. 8. Government bonds
D. 8. Government Victory bonds
U. 8. certificates of Indebtedness
Bank premises
s
5,649,0
6,484,0
2,900,0
San Fran
23,398.0
44,719.0
5.141,0
Secured by Gov-
open market
Dallas.
18,932,0 105,102,0
47.218,0 157,137,0
8,660,0 41,479,0
223,849.0
bought
Uintuav Kan.CUy
26.003,0
37,561,0
9,086.0
216,837.0
7,012,0
ernment war obligations
LottU
515,0
22,523,0
5,353,0
Total gold reserves
Legal tender notes, silver,
All other
St.
S
7,225,0
8,141,0
3,011,0
186,452,0 39,585.0 98,639.0
279,139,0 105.697,0 151,473,0
1,072,0
35.977,0 10.543.0
Total reserves
Chicaoo.
30 1920.
%
3.138,0
15,018.0
5,242.0
Total gold held by banks
61,656.0
Gold with Federal Reserve agents 136.866.0
Gold redemption fund
18,315.0
Bills discounted:
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY
t
24,347,0
67.483,0
13,272,0
t
11,862,0
41.652,0
8,142,0
9
2.403.0
18,135,0
5,465,0
Ac
13
CUteland Rtehmona Atlaraa.
$
10,272,0
79,221,0
9,146,0
Gold coin and certificates
Gold Settlement Fund, F. R. B'd
Gold with Foreign Agencies
•
261,227,000
,298.089 000 2,309 386,000 2.272,513,000 2,245,993,000 2,214,042,000
113,987,000
113,081,000
111.695 000
116, 285,000
110.637,000
WKKKtY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Bills
259.226,000
3.425.788.000 3,434.186.000 3.450.964.000 3,454,488,000 3.419.457,000 3,396,168,000 3,375,826,000 3.376.028.000 2.715.374,000
Eligible paper dellverpd to F.
•
.818.052.000 3,123,343,000
407,969,000
442,024,000
3,425,788,000 3,434,186,000 3,450,964,000 3,454,488,000 3,419,457.000 3,396,168.000 3,375,826,000 3,376,028,000 2,715,374,000
—
How
,912,447 000 3,908, 001,000 3.860.326.000 3,851.457,000 3.835.720,000
459,894,000
461,483 000 453, 513,000 440.869.000 455,289,000
2,092,0
35,958,0
26,773.0
19,277.0
2,162,0
18,478,0
2,451,0
486,616.0 1.826,304.0 453.438.0 .563.807
Government overdraft
of $10,000.
4,876,0
8,067,0
843,0
57,772,0
40,891,0
1,368,0
10.4.55,0
1,249,0
3.855,0 13,495,0
7.050.0 23,917.0
67.0
743,0
50.041,0 259.736.0
20.838,0 63,970,0
1.139,0
3.891,0
11,490,0
1,469,0
33,3,55,0
6,988,0
4.270,0
5,884,0
2,139,0
64,246,0
37,092,0
1„538,0
8,557,0
1,597,0
3,299,0
5.178,0
294,0
47,770,0
17,502,0
965,0
4,319,0
8,395,0
2,084.0
80.970,0
55.678,0
1.438,0
6,467,0
11,662,0
1,960,0
1,564.0
52,925,0 115,915,0
27,558,0 24,233,0
838,0
6,794,0
3,913,0
4,152,(1
95,225,0
164.745,0
12.167,0
.808.156.0
536,690,0
51,296.0
66,531,0 140,170,0 «2, 885,0 148.902,0 2.408,309,0
76.374,0 98,887,0 79,192.0 236,686,0 3,120,138,0
7,807,0
1,431,0
15,019,0
1,927,0
7,098,0
1,460,0
10,780,0
2.585,0
192,168,0
52.184,0
2.50.735.0 235.226,0 939,684.0 251.840.0 160.620.0 268.717.0 178.700 0417.082.0 6.032.769.0
——
Aug.
Two
569
THE CHRONICLi:
7 1920.]
New
Boston
ciphers (00) omUted
PMla
York
Chicago
Richmond Atlanta
Cleveland
LouU Minneap Kan
St
41.9
40.8
23,133,0
21,607.0
784,0
576,0
56 5
44.8
40.4
Total
S
$
LIABILITIES (Concluded)—
Ratio of total reserves to net deposit and F. R. note liabilities
56.5
combined, per cent
Utmoranda Contingent liability
endor
as
redlsoounted
Discounted paper
vrtth other F. R. banks
Bankers' acceptances sold to
San Fran
Dallas
City
42.3
40.4
39.7
40.5
30.607,0
13.738.0
22.902.0
26.716.0
752.0
432.0
768.0
416,0
40.7
442
46.8
—
other F. R. banks
OOQtIng. llabll. on bills puroh. tor
1,168,0
foreign oorreepondents
(a) Includes bills discounted tor
44,923.0
other F. R. banks, vli
<») Includes bankers' acceptances bought fr
With their endorsement
Without their endorsement
1.312,0
1.280.0
6,092.0
F.
16.220.0
736,0
138.703.0
54,755,0
39,025.0
cm other
1.904,0
138,703.0
R. banks:
1
I'o.ooi.o
10.014.0
3,445,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY
Boston.
(/n Thousands of Dollars.)
New
—
York PMla.
Chicago
Rlchm'd Atlanta
Clevel.
Dallas
San Fr.
Total
75.740 18,'240
592,052 144,923
S
6.4.50
11,395
78.095 105,409
%
S
%
469,318
5,080
12.350
3,425.788
273.435
82,729
2.500
3,218
41.500
95,819
21,836
3,810
3,378
9.992
147.145 37,531
434.915 100,204
49.210 10.024
13.052
1.557
16,700
46.786
25,828
259.226
10,331
111,633
4.095 19,737
782,853
12.734 80,494
55,569 173.204 2,272.076
505.005
17,164 15.257
32, 025
196.608
9,531 14,308 19, 448
73,000 91.389 100, 000
702,519 159,608 180, 238
1.581 27, 785
259,995
—
Minn. K.Citv
135,000 28,780 31 ,150 27,313 68,520
981.658 265,305 331 .711 131,481 143,037
S
S
S
Resources
49,300
Federal Reserve notes on hand.
295.953
Federal Reserve notes outstanding
•Collateral security for Federal Reserve notes outstand'g:
900
Gold and gold certificates
18.966
Gold redemption fund
117.000
Gold settlement fund Federal Reserve Board
159.087
(Amount required.
19,395
held
Eligible paper: \ Excess amount
L.
St.
42,552,
9V092.6I
30 1920.
4,061
33,500
93,920
14,925
660,601 2.358,311 560.971 722,357
-Total
LlabUUles
605.880 623,220
Federal Reserve notes received from Comptroller gross 615.700 2,238,960
270.447 1.122,302 311,795 260.359
Less amounts returned for destruction..
Net amount of Federal Reserve notes received from
345,253 1.116.658 294,085 362,861
Comptroller of the Currency
136,866 279,139 105,697 151,473
(Gold
Collateral received from
962,514 161.189 208.023
178.482
Federal Reserve Bank \ Eligible paper
—
3.342
31,860
70,207
42,005
305.200 376.430 1.309.054 318.110 193.413 259.273 194.972 567,207 7.825.899
342 500 357,420 1.094,880 345,360 169,580 235,480 170,980 476,580 7.276,540
427,088 182.197 80,090 123.621 75.901 198,065 3.381,434
183 706 145,863
667,792 163,163
157,137 44.719
484.125 110,228
794 211,557
37 561 47.218
108 845 117,655
158,
95,079 278,515 3,895,106
27.160 100,231 1,153,712
72.733 188,461 2,777,081
89,490
31.309
72.614
:
Total
376,430 1.309,054 318,110 163.413 259,273 194.972 567.207 7,825.899
660,601 2.358.311 560.971 722.357 305.200
3,425,788
592,052 144,923 78.095 105.409 82.729
981.658 265,305 331.711 131.481 143.037
295.953
305,650
6.522
3.537
1,721
58.463 18,406
3.760
6,267
132,069 10.860 16.185
11.111
.
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
Federal Reserve notes in actual circulation.
533,589 126,517
849.589 2.54,445 315.526'125.214 139.277
284,842
98.887
76.374
79.192 236.686 3,120,13 8
the weekly statement issued by the Federal Reserve
Defimtion. of the different it.m.
o(the Member Banks
Board'"^?ng fhrpr1n°4ll itemfoTlh^'r^s^r^^^^
Deo. 29 1917, page 25Jo.
Chromole
the
in
pubhshed
1917,
14
in the statement were eiven in the statement of Deo.
MomhAr Runks
of the Federal Reserve
Svatem.— Following
is
.N CENTRAL RESERVE ANO OTHkR
SELECTED CITIES AS AT CLOSE OF BUS1N1!.S!> JULY .Ji iv^u.
^
„
for all reporting
show but a nonunal increase
loans .«»_>*
and discounts,
-^
J
merclal i^^o.
iiiciv-.ai
j„„ reaiiclions
J corresponding
,„rt„f.tinTis in
...
_,,, -,_..,,,
and
demandJ deposits
under
millions
increase
of
11.7
banks
an
New
York
for
the
though
banks
are Indicated in the
TAtrETsToWING^PuTN^^^^^^^^^
.
Data
1.
ot reporting
New
Boston.
Three ciphers (000) omitted.
Number
—
.
Large decreases in
Reserve balances with the Federal Reserve Banks
ot
Federal Reserve Board's weekly statement of condition on July 26
814 member banks in leading cities.
Holdings of United States bonds and Victory notes show slight aeclines
secured
and those of Treasury certificates fell off 10.7 millions, while loansmillions.
by United States was obligations show a net reduction of 18.6
in
millions
For the member banks in New York City reductions of 8.4
upon
Treasury certificate holdings and of 14.8 millions in loans basea
United States war securities are shown. Holdings of United States securities
9
were about 500 millions below the high figure for the year on January
iirsi
while loans supported by such securities (so-called war paper) tor the
oi
decrease
a
time during the present year are shown below one billion,
beginover 300 millions since the first week in January. From 18.2% at the paper
ning of tne year the ratio of United States war securities and war
combined to total loans and investments has gone down to 16 -6 /c notea
New York City banks a decrease in this ratio from 21.5 to 177© is
since the beginning of the year.
j,
^
,
,,
.* ,q ,v,iin„,i=
Loans secured by corporate stocks and bonds went up about 1,^ millions,
comlargely in New York City. Other loans and investments, including
—
Reserve balances (all with the Federal Reserve Banks), in accord with
the considerable reduction in demand deposits, show a reduction of 33.9
millions, and an even larger decrease in New York City.. Cash in vatilt.
millions
largely Federal Reserve notes, show a further decrease of about
for the week and a decrease of over 33 millions for the fortnight.
<
district
City
DallOi.
San Fran.
Total.
S28.352
33,782
7.658
11.844
47
S14.235
28.197
4 ,282
8,694
107
S2 1,549
59,614
39,996
61,787
35
516,925
12,971
2,652
5,726
35
S7,321
9,857
1,010
3,118
83
§15.358
23,569
4.513
11.300
49
§19,573
21,394
3,428
4,801
68
S32.535
63.245
11.733
26.423
814
§268.260
606.123
193,701
462.099
55,408
182,946
38,274
21.306
54.740
49,196
133,936
1.530,183
16.499
29.425
283.452
26,517
79.948
509.638
10,207
39.233
249.995
350.682
21.842
10,479
213.172
670,843
47.618
14,894
416.012
109,281
348,631 1.308.8.59 16,916,291
81,660 1.3.SS,021
25.133
300.887
28,024
10.529
2-24,770
636.544 11,416,385
2.715.438
520.439
54.339
142.276
8.080
461
251,008
83,084
254,340
29,0'26
9.047
26.600
635.091
76.020
144,736
81,636
471.919
52.289
186.993 1,300.528
785.961 4.0U3.241
89,806
200,772
581,933
74,746
329,006
936,021
32.940
106,439
392.844
109,723
28.443
458,081
60,951
420,057 1,768,490
948.531
.485,109
99,994
33,879
914,964
363,317
7,433
613.859
36,284
16,952
343.827
106.739
987
564,859 2.519.240
191.670
32,298
65.057
12,871
265,752 1.405.649
625.004
150,641
1,72'
12.135
612.762
124,118
3.461
63.9.56
138
5.962
33.810
150
32,36
869
99.223
20,896
2.388
4.685
26.329
85
16.851
24,921
185
713.402
4.163
4.937
37,510
6,801
52.650
6,24S
59.207
1,885
20,146
2.515
58,865
258.533
977,332
Total loans and Investments incl.
rediscounts with F. R. banks.. 1.082.137 6,410,779
655,454
85.622
Reserve balances with F. R. Bank..
118,478
23,973
Cash in vault
835,041 5,165,55
Net demand deposits
424.107
140.044
Time deposits
84,466
QovMnment deposits
8,204
Bills payable with F. R. Bank'
19.631
348.217
Secured by U. 8. war obligations.
69.2.50
16,343
675,638
33,453
9.222
30,729
55,748
Another
36j
rediscounted with F. R. Bank'
Secured by U. 8. war obligations.
Bills
21,019
45.789
Another
2.
Kan.
Chicago. St. LouU. Minneap.
Atlarua
Rtchm'd.
Three ciphers (000) omitted.
92
S42.095
59,400
19.228
24.013
56
§11,347
$46,6.59
56.894
Total U. 3. securities
Loans and Investments. Including
bills rediscounted with F. R.
and other banks:
Loans sec. by U. S. war obligation
Loans sec. by stocks and bonds
All other loans and investments..
.
,
Government deposits, other demand deposits (net) show a decrease for the
week of 135.4 millions, of which 72. 7 millions represents the decrease at
the New York member banks. Accommodation of reporting banks at the
Federal Reserve Banks, as shown on the books of the latter, decreased from
less than 50% was war paper.
1 989.8 to 1.953.4 millions, of which slightly
Accommodation of the New York City members at the local Federal
Reserve Bank shows a decrease for the week from 686.1 to 684.1 millions
banks In each
Cievelarut.
York, Phtladel,
114
46
S12,311
14.060
7,070
23,453
banks
O. 8. bonds to secure circulation
Other U S.. Incl. Liberty bonds...
0. S. Victory notes
U. S. certificates of indebtedness
for all reportlntt
.
head is shown. In consecjuence of the above changes total loans and
investments of the reporting institutions were 17.9 millions less than the
week before, while no change is shown in the corresponding total for the
member banks in New York City.
„.
„„ .,
As against increases of 16.9 millions in time deposits and 20.7 nullions in
this
Data
125,745
269,421
for
Banks
New
York.
12.343'
47,308
31,647
47.160
In Federal ReserTe
Bank and Branch
41.1 Mi
9,408
319,4.59
10,940
68.989
16.635
241,988'
Cities
and
All
4501
2.157
43.900'
981,714
33.249
145,259 3,059 .79B
996,415 11,344,596
Other Reporting Bank»
All inner
All
Chicago.
F.R.Bank CUiet. F. R. Branch
Three ciphert (000) omitted.
Jxthj 23.
Number
of reporting banks
to secure circulation
S. bonds. Incl. Lib. bds
U.S. bonds
Other U.
D. 8. Victory notes
C 8. certificates of IndebtednessTotal U.S. securities
Cash In vault
Net demand deposits
Time deposits
Government deposits
payable with F. R. BankSecured by U.S. war obligations
July 23.
Julij 16.
July 23.
f
July 16
July 23.
July 16.
278
96.717
340.403
103,319
329,250
278
96,717
342,087
103,869
339.554
198
71.119
142,737
51,548
82.845
198
71,437
143.835
•24,142
50
1,438
23.838
12.300
22.034
83,637
572.586
60,481
59,676
809,689
882.227
348,249
350.538
4,54, 4-27
72,720
72
36.961
218,057
73.680
235.130
72
36.961
218.825
73,310
243,490
1,438
22,414
12,489
563.828
Loans and Investments. Incl. bills
rediscounted with F.R. banks:
Loans sec. by U. 8. war obllg..
Loans sec. by stocks and bonds.
All other loans and Investments
Total loans & Investments. Incl.
rediscounts with F.R. banks:
Reserve balances with F.R. bank
July 16.
Cities.
50
.134,789
341.531
,522,254 1,054,645
.684.100
1„529.377
610.846
.136, .552
104.5,55
30,1S5
4.653.013
301.623
81,009
974,:}03
51 .629
140.852
139,212
757,753
740.130
479,496 4S0.340
2.102.126 2,147.083
2.182,700
2,187,636
7.279.134
,068,504 7.274,218
75,885
341,2.5.3
July 23.
July 16.
1'20,263
124,102
241,973
Ju!y25'VJ.
338
338
38.834
50.004
100,372
122,461
38.868
49.614
814
268.260
606,123
193.701
462,099
814
208.526
608.383
194.366
472,805
769
269.622
636.510
353.751
896.685
312.245
311.315
1,530,183
1.544,080
2,156,568
981.714 1.000.329 a 1,363.764
101,724
102,372
418.176 419,371 3.059.798 3.046.794
a 10859 247
1. 882 .742 1,881,162 11,344,596 11.342,996
10,916.291 10.934.199 14.719.675
3, 154, .593 3,154.430 2.715.535 2,713.572
1.421.906 1.31S.281
107, 496 1.3SS.021
162.408
208.100
208,047
1,017,560 1.046.304
355.910
367.8.53
3(i0.8S'
87,017
85.042
73.005
70.790
207.831
205,055
10.543.056
11,551.815
11.416.3S5
,S,0n5.534 8.082.309 1,745,300 1.769,825 1.605.551 1.699,681
1,789,774
2.698.479
2.715.438
598,305
598.530
878,849
884,438
1,232,470 1.221.325
405,161
121.561
142.276
6.0
8.496
9.967
12.131
105.519
121,649
.37,612
33.095
477,140
150
481,316
9,097
109,092
9.127
194.695
214.678
702,143
219.541
733,114
All other
rediscounted with F.R. B'kSecured by U.S. war obligations
July 16.
100.4-24
122 .983
Bills
3'20,011
July 23.
11046 103 11066197
282.040
7,976
311,600
Total.
Reporting Banks.
147.345
3.527
149,051
88.917
S9.3S1
486
760
713,402
4.163
719.748
839
28.990
144.022
30.709
139,374
14,865
131,167
14,079
131,699
258,533
977,332
264,329
1.004,187
13 3
11.6
11.5
13.3
13 4
1,100.684
1.599
Bills
Another
Ratio of U. 8. war securities and
war paper to total loans and
Investments, per cent..
252.218
8.0
17
17
Exclusive of rediscounts with Federal Reserve banks.
s.';
13
13.9
13
340,096
THE CHRONICLE
570
New York, Friday Night, Aug. 6 1920.
Railroad and Miscellaneous Stocks. ^Owing to the
Inter-State Commerce Commission's decision to allow an
to a
increase of from 25 to 40% in railway traffic rates
fm'ther heavy decline in sterling exchange rates to the
—
—
Government report estimating a cotton crop of 12,519,000
bales as against an estimate of 11,450,000 a month ago and
last but not least, to the increasing blackness of European
war clouds the stock market has been decidedly irregular
throughout the week. ]\Ionday's opening prices were
generally higher than last week's closing, on a practical
certainty that the railwaj^s of the country will soon have
sufficient income to meet their operatrng expenses and perhaps something for the stockholders. On that day also
many industrial stocks recorded the highest quotations of
the week, while the active railway issues continued to advance until Wednesday and Thursday. To-day's market
opened weak on the European situation but recovered later
on the news cabled from London. Commenting upon this
matter "The Evening Post" says:
"The distinct turn for the better which was taken by today's finan'cial markets (including foreign exchange) resulted
plainly from the reassuring character of the note from the
Russian Government's London representatives to the British
Government. The language of this communication largely
dispelled the fears of people who were imagining that a fanatical in^-asion of Central Europe by the Bolsheviki had
begun, with the inference that the Western nations would be
At all events, an entirely
drawn into the struggle.
favorable interpretation was placed by Wall Street on
Kameneff's note" The markets reversed their movements
as soon as the text of it was received."
As a result of the week's operations all active railway
stocks, except Can. Pac. which closes over 6 points lower than
it sold on Wednesday, show a gain aA^eraging about 2 points,
while industrial shares have declined from 2 to 2.5 points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY.
For transactions on
changes see page 564,
New
generally made a substantial advance.
It is said that an
increased demand for standard railroad bonds has been
noticeable since the rate decision, and the supply of high
grade securities of that description is growing srnaller day
by day. The recent issues have been absorbed readily and
are quoted at or above their issue figures. Of a list of 23
notably active issues 16 are from J/^ to 3 points higher than
last Aveek and 2 are unchanged.
Among the exceptional features are Am. Tel. & Tel.,
Atch. 4s, Ches. & Ohio 4Hs, St. Paul 4i^s and "Frisco."
Series A, which show a gain of 2 points or more.
Other
strong features are B. R. T. 7s, Bait. & Ohio 6s, BurHngton
joint 4s, St. Paul 4,V^s, U. P. 4s, Rock Island 4s, New
York Cent. 6s, Readings, So. Ry. and U. S. Steel issues.
On the other hand Cons. Gas, Inter. Met., Inter. R.|T.
and Inter. M. M., have fractionally declined.
—
United States Bonds. Sales of Government bonds
at the Board are limited to .S500 4s coup, at 105 and the
various Libertv Loan issues.
DaUv
Record of Uherty Loan Prices. JulySl.^Aug. 2: Aug. 3. Aug. i.Aug.^.S. Aug.'e.
First Liberty Loan
3%8, 15-30 year, 1932-47
Total sales In 51,000 units
Second Liberty I^oan
48, 10-25 year
follo"wing sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
The
STOCKS.
Week ending Aug.
Week.
6.
'
Range since Jan.
1.
Highest.
Highest.
Lowest.
1
Par. Shares S per share.
$ per share.
July 31
100 103
July 31 103
AmBrakeShoe&F-Hopar
900 58 Ji Aug 4 59 Ji Aug 2
Preferred
100
100 88% Aug 2 88 K Aug 2
Malt & Grain -«o par
400 30
Aug 5 30K Aug 3
American Snuff
100
400 99
Aug 6 100 Aug 3
Tobacco com B. . 100 2,600 107 Aug 3 2-113 Aug 2
Ann Arbor
100
100 16H Aug 5 161.^ Aug 5
Assets Realization
10 1.000
3
2y>, Aug
2% July 31
Atlantic Retg pref..-100
300 104K Aug 2 104}^ Aug 2
Austin ,Nichols& Con ovar
Aug 2
400 20 H Aug 6 21
Preferred
100
100 79 }i Aug 3 791^ Aug 3
4
Auto Sales Corp
200
Aug 5 4 Aug 5
50
Brunswiclc Terminal. 100
5
j\.ug
200
5
5
AUfe 5
Buffalo & Susq v t c.lOO
COO 65
Aug 4 67 Aug 5
94
Case Thresh Mach pi 100
Aug
Aug
219 92
6
3
Chicago & Alton
100
9
Aug 4 9 Aug 4
200
Preferred
Aug 4 12 Aug 4
100
300 12
Chic & E Ills tr rects
1,100
6M Aug 4 8 Aug 5
Preferred trust rects.. 1.500
7}^ Aug 2
8K Aug 6
Cluet t Peabody & Co 100
Aug 6 75 Aug 3
800 73
Computing-Tab-Rec. 100
300 46
Aug 6 461^ Aug 5
Continental Insur
25
200 68
Aug 2 68 Aug 2
Crex Carpet
100 55
Aug 6 55 Aug 6
100
Cuban
Sug pref . . 100
100 100
Aug 6 100 Aug 6
DeBeersConMinesnopar
Aug 5 28 Aug 4
400 27
Detroit United Ry . . . 100
July 31 88
200 88
July 31
Dulut h S S <t Atl
Aug 4
100 1.500
4
July 31
5
Durham Hoseiry Mills 50
Aug 2 47 Aug 2
100 47
Preferred...
100 94
Aug 4 94 Aug 4
60
Elec Stor Battery rights.
400 2% Aug 6 3
Aug 5
FahbanltB Co (The).. 25
300 48
Aug 6 48 Aug 6
General Chemical... 100
283 163
Aug 2 169 Auc 2
Preferred
100 93
Aug 4 93 Aug 4
100
General Cigar pref. . . 100
Aug 3 92 Aug 3
100 92
Homestake Mining.. 100
Aug 5 52 Aug 5
100 52
Wheel
821^
Kelsey
pref... 100
200
Aug 6 83 3^ Aug 6
Lake Erie & Western. 100
Aug 2 12 Aug 4
900 11
Liggett & Myers "B" 100
25 130
Aug 4 130 Aug 4
Mallinson (H R) pf..l00
Aug 6 68 Aug 4
200 65
Manhat Elec Supply. 100
Aug 5 57 Aug 5
100 57
Aug 3 45 Aug 3
Marlin Rockwell v t c. .
100 45
Martin-Parry
no par
Aug 5
400 22 J^ Aug 6 24
MathicEon Alkali
Aug 2 31
Aug 4
400 31
50
Maxwell Motor
Aug 6 16 July 31
100 2,700 12
Certificates of deposit.
Aug 2 10 Aug 3
300 10
Aug 3 22 Aug 3
First preteri-cd
100 22
100
Certificates of dep..
100 25
July 31 25
July 31
Aug 3 10 K Aug 3
2d oref ctfs of deposit.
500 10
Aug 2 72!^ Aug 6
St P & S S Marie. . 100
600 70
Preferred
Aug 4
100
300 81 Ji Aug 4 81
MuUins Body . .
600 32>^ Aug 6 34 5i Aug 3
National Biscuit
Aug 5 105 Aug 5
100
500 105
Preferred...
Aug 2 106 Aug 2
100
200 105
Norfolk & West pref. 100
100 67
Aug 2 67 Aug 2
Otis Elevator pref... 100
100 80
Aug 6 80 Aug 6
Peoria & Eastern
100 1,000 10^ Aug 2 11% Aug 4
Phillips Jones
Aug 3 50 Aug 3
no par
100 50
Preferred
Aug 2 83 Aug 2
100 83
100
Rand ines
Aug 5
200 28
July 31 28
no par
Rels (Robt) & Co.no par
Aug 4 15 Aug 4
100 15
Shattuck-Ariz Copper. 10
100
Aug
6
8H
8K Aug 6
So Porto Rico Sugar. IOC
Aug 5 227 Aug 6
300 220
Standard Mil! pref. _ . 100
Aug 5 78 Aug 5
100 78
Standard Oil
J sub
scrip rects part paid...
Aug 2 103 Ji Aug 2
100 103
Third Avenue Ry...l0C
Aug 4
500
9}^ Aug 6 11
Tol St L & West tr rects. 1,700 13
Aug 4 \ZH Aug 2
All
American Cables. 100
Am
Am
K
M
,
M
K
K
K
M
N
20 K
79
K
ii
4
17
Feb
Apr
Feb
Aug 24
May
June
Aug 82
Aug 19 K Jan
Aug 8% Mar
5
June 69% Mar
65
iJan
92 M Aug 101
6
Feb IIM Feb
73
44
68
55
100
27
85
H
Aug 44
Jan
Feb 115K Jan
Aug 210 June
2% Aug 6%
May 114
103
H
M
K
per share.
July 109M May
July 60
July
July 90
July
sftare.ls
Jan
7
12
Am
H
M
53%
86
30
80
107
H
•
K
S per
103
4
4H
Aug 15% Mar
F-eb 11% Mar
Jan 11
Mar
Aug 106
Jan
Jan
Jan
leb 56
Aug 82
Feb 64
Feb 106
Aug 36
July 101
May
Apr
Jan
K May
5%
Jan
Aug 67%
Feb
Jan
May 102%
2% Aug 3%
July
3
47
93
48
Aug 83%
150
June 192
86 H May 100
92
Aug 100
51
leb 71
82 H Aug 98%
8H
l''eb
129 ?i July
65
57
45
20
29
Apr
57%
July
Aug 63
June
l<eb
64
80
33
38
Aug 35%
Aug 63%
51
July 125
July 116
May 72
Aug 80
July
Apr
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Aug
Mar
Mar
Aug 92% Mar
9
June 16
50
83
28
July 68
June 29
June 23
15
8Ji Jtme 12%
200
78
Feb
30% Jan
32% Aug
103%
Jan
Jan
Jan
Jan
12% Mar
155% Aor
22
24
July 62%
10
Aug 30%
l^'eb 80
63
80 K June 94
105
Jan
Mar
Aug 80%
July
12% Aug
WH
Jan
310
June 85
i'eb
June
Apr
Jan
Apr
Apr
July
100% June 105
«H Aug 17% Mar
10% Feb 15% Feb
—
State and Railroad Bonds. Sales of State bonds at
the Board are limited to $51,000. Virginia 6s deferred trust
receipts at 59
K
to 61.
The market for railway and industrial
considerably more active than of late,
^^
bonds has been
and prices have
13
84.50
Close
84.50
1
TotAl sales In $1,000 units
Second Liberty Loan
High
<Low.
f
1932-47
4s, convertible,
I
Close
(
High
Total sales In $1,000 units
<Low
I
Close
(
High
Total sales In $1,000 units
Third Liberty Loan
4 %s of Ist
85.60|
85.60;
85.60,
91.08
90.92
91.00
860
84.76
84.50
84.56
43
85.60
85.60
85.60
L L conv,'32-"47< Low
[Close
Total sales n $1,000 units
Third Liberty Loan
High
4% s of 2d L L conv. •27-'42< Low.
f
I
Close
Total sales In $1,000 units
Fourth Liberty Loan
f
Hleh
<Low
of 1933-38
Total sales In $1,000 units
Fourth Liberty Loan
Close
91.06
90.96
91.02
660
84.60
85.46'
85.40'
85.50
85.50
91.00
90.94
90.98
415
84.84
84.58
84.84
401
85.40
85.30
85.46
85.50!
•85.30
91.02
91.00,
91.00
643
84.48
84.32
84.40
84.501
84.60
34|
5i
3
1
Third Liberty Loan
4%8 0fl928
88.70
88.46
88.68
1,871
85.70
1
88.78
88.60
88.70,
88.8O1
88.58
88.64
88.52
325
85.82
1,017
85.80
85.56
85.76
70!
67
107
84,70
84.76
84.56
84.58
761
85.20
85.00
85.14
1,805
84.76|
84.90
84.42
84.04:
84.80,
l,394i
85.82
85.70;
84.521
84.56|
8791
85.20
85.00!
85.06
857
88.60I
85.56!
85.601
84.76'
1,146
85.16;
84.90
85.10
2,403
88.64'
1,026
85.60'
85.50!
85.50
30
88.80
88.56
88.70
1,119
85.60
85.36
85.36
138
85.04
84.80:
2,244
84.96
1,977
85.48
85.04
85.30
3,513
95.74
95.66
95.66
95.72
95.66
95.70
85.16
85.02
85.12,
High
4%8,lstLL2dconv,'32-"47<Low.
91.00
90.90
91.00
1,237
84.88
84.80
84.80
283
85.40
85.40
85.40
1
88.90
88.60
88.60
1,121
85.70
85.36
85.40
101
85.10
84.80
84.80
834
85.36
85.20
85.24
1,366
(
I
Close
Total sales In $1,000 units
Victory Liberty Loan
High
4%8 conv gold notes,'22-'23< Low
Total sales In $1,000 units
Victory Liberty Loan
f High
notes. '22-'23<Low.
95.76
95.70
95.72
372
95.72
95.72
Close
95.721
I
Lowest.
91.00
84.46,
f
Range for Week.
Sales
for
91.08
High
<Low.
(
conv, 1942
1
York, Boston, Philadelphia and Baltmore ex
High
(
<Low
91.08;
4%s
WEEKLY AND YEARLY
rVOL. 111.
Close
3%s,conv gold
I
Total sales In $1,000 units
20
95.74
95.64
95.68
1,316
95.72
95.66
95.66
381
95.80
95.64'
95.68
1,328
95.70
95.66
95.68
1.040
9061
95.70'
95.66
95.68
1.488
95.72
95.66
95.68
7741
.S91
95.80
95.66
95.80
218
95.68
95.64
95.66
•
520
—
Foreign Exchange. Sterling exchange broke severely,
losing more than 14 cents on unfavorable European developments. Continental rates were likewise affected and hea\T
losses were sustained throughout practically the entire list.
To-day's (Friday's) actual rates for sterling exchange were 5 58@5 6634
for sixty days, 3
69% for checks and 3
70ii for cables.
Commercialfn banks sight, 3 eo^s© 3 &SH: sixty days, 3 65%
6 63%:
documents
for payment (sixty days).
^^i's- ^°^
JJ'??*^^^^?^,^ ^2^?!^
3
62«i. Cotton for pajnuent, 3 60Ji@3 68Ji, and grain for
61%@3
54M@3
payment, 6 605^
62%@o
@
@3 68^.
To-day's (Friday's) actual rates for Paris bankers' francs were 13.84®
13.95 for long and 13.41© 13.89 for short. Germany banker's marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
32 13-16@32 11-16 for long and 33 3-16@33 1-16 for short.
Exchaiige at Pans on London, 60.18% fr.; week's range, 48.7o fr. high
and 50.41 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual
sixty Days.
Check.-!.
Cables.
High for the week
_
o72i^
.
o 69%
Low for the week
o 52K
3 55%
3 b6H
Paris Bankets Francs
High for the week
13.09
12.98
12.96
Low for the week
14.27
14.17
14.15
Grrmanxj Bankers' Marks
High for the week
2.33
2.35
Low for the weeli
II IIII
2^04
2.06
Amsterdam Bankers' Guilders
High for the week
33 13-16
34^
Low for the week
32 9-16
33
33!^
Domestic Exchange. Chicago, par. St. Louis, 15@25c per $1,000
discount.
Boston, par. San Francisco, par. Montreal $118 75 per
$1,000 premium. Cincinnati, par.
—
—
—
—
—
Outside Market.— The "curb" market was erratic this
week with stocks under considerable pressure at times.
Losses were recorded throughout the list and new low levels
reached in a number of instances. Some recovery was
recorded in to-day's trading. Dominion Oil in particular
broke from 10 M to 5 K and closed to-day at 6 M
Maracaibo
Oil dropped from 213^ to 17 M and ends the week at ISMTropical Oil after the loss of 1^ points to 16 J^ sold up to
193^ and closed to-day at 18 K- Carib Syndicate improved
about a point to 123^ but reacted to 10 and finished to-day
at lOMInternat. Petroleum moved down from 31 M to
27 and up finally to 30. Merritt Oil was off from 145.| to
lOM, the final figure to-day being 11 3^. JSIidwest Refg.
lost about 11 points to 140, recovering finally to 146.
Simms
Petroleum receded from 14 3^ to 11 H and closed to-day at
12 M- There was a broader market in industrials but total
•
sales were Small.
General Asphalt com. dropped from 57
to 473^ and ends the week at 49.
Borden Co. com. lost 5
points to 94 and closed to-day at 95 >2.
Cleveland Automobile was traded in down from 55 to 48. United Retail
Stores Candy weakened from 133^ to
and ends the
week at 11. Conley Tin Foil lost 33^ points to 20. There
were few
changes in bonds. Interboro R. T. 7s moved
down from 65 to 57 and recovered finally to 60.
complete record of "curb" market transactions for the
week will be found on page 580.
10^
mde
A
1
New York
Stock
Exchange—Stock Record,
Daily,
OCCUPYING THREE PAGES
571
Weekly and Yearly
For record of sales during the week of stocks usually Inactive, see preceding page
Monday
Saturday
July 31
iper share
79I2
79o8
•72
7
73
85
85
32I2
43I2
33I8
4312
Aug. 2
Tuesday
Aug. 3
S per share
S per share
79I2
72=8
82
79I4
72"s
7312
»6
7
lOU
lOU
I2OI4
121%
3334
45
3555
4734
1014 1014
*6i2
7
11838 12138
561s 58
S
85
33
45I8
1018
634
117
55I2
*7l2
55
8
56 12
S
8I4
22
22
2234
23
33'8
49I2
34
50
34
49
69
3558
23
33
52
49I4
70I4
69
69
*100
3434
55^8
•S9I4
6978
745s
1001
3458
3Y12!
7234
75
63i2
64
63
56
56^8
5534
105
'3414
3534
56
S9l2
90
208
434
5
10
12
12
•19
13
20
6934
34^8
•1134
•28
IOI4
121»
I9I2
I4I4
•314
9
I712
•44
42I2
"igsg
3058
I3I2
91
28
•57
37
•28
1412
14
14U
1438
75
33I2
7312
3334
1234
1234
12I9
14
32
30
83
30
84
S2I4
3I2'
9
I8I2
47
|.
1
42I2
338
15
1934
46
46
43I2
44I8
99I2
1318
658
37I2
3712
3OI2
76
8934
43
45
25
72
33I2
55
50
3178
1858
19
8912
7134
13934
2358
90
74
27I2
*73i2
8658
4134
4334
2318
2734
7
1218
4OI2
2534
76
9II4
4134
&h
*19
778
23
•14
938
I3I2
2034
•73I4
5611
•88
3584
7OI4
3978
23-8
2612
I72
8 71s
9334
2978
6OI2
3938
•S2r2
•85
72
34
*56
•48
331
50
35
834
1938
8
23I2
16
8
2378
16
9I2
I
978
11
33
32I2
64
47
II2
65
33
3458
91
"4"0'58
*50
11
133
I5I2
78
78I4
1158
56
56
2812
*72
72
8934
74
91
94
16
lOis
1412
27
65
9058
74
82
•84
82
94
9I2
*12l2
2634
6212
9I2
33
•28
•61
II2
158
3018
"79"
14
2634
62l2
1038
58
33I2
20
90
ISio
75
7258
4OI4
2338
89
2514-
2734
2612
•72
76
9OI4
934
2684
641;
lOis
35
•88
7234
7912
8718
27I4
76
89I4
82
IOI2
101
IOI2
I30I4 13134 •134
138
I3I4
I4I2
143g 1434
7578 7714
73
78
1134
71
91
97
80
92I2
100
•88
36
89
37
"13I2
75I4
571s
1258
20
•73
5458
•88
34I2
85
95
100
"2"8"l2
40
60
40
73
75I2
11
6684
60
•1078
66
•81
94I8
100
87
97
102
1334
2OI2
2018
2OI2
75
58
89
73
55I4
73
56
887s
8878
35I4
86
*8
I6I2
2413
17
10
2612
28
•15
9I2
978
66I2
1068
1758
1758
•13
27
•63
97s
1578
35I2
38
20
64
25
47I2
•61
4453
64l2
9
17
8
2434
18
gio
1312
27
66I2
1014
1578
3534
2718
64
46
Us
II4
1»4
158
158
32I4
3018
31
77I4
7234
7734
II4
168
31
71
II4
71
71
7878
•8OI2
95
43
48
43
8I34
85
82I2
33I2
86I2
13212
l"3"4"34
35
'IO7I4 IO8I4
24
2734
35
85
Bid and asked prioea: no sales on tbla day.
134
I3I2
14
75I4
5934
6412
•1073
•41
7812
78
811s
32I2
90
43
48
80
85
84
33I2
90
13134 13478
24
25
10
lOig
t
136
I3I2
7483
1334
7638
40
40
•56
62
6434
6884
10
63
6II4
1078
6312
8312
931s
8312
963s
83
83
9284
94I2
1284
20
88I2
34I2
•85
•117
102
8II2
'101
I2I2
I9I2
13
2018
•73
74
56
8SI2
35
87
121
IO4I4
•82
85
40
60
135
7234
11
6678
5434
87
IOI2
I4II4
74
40
•72
II7I2 119
10(i34 IO684
8OI2 8212
•81
978
•101
I3I4
II8I2 119
117
lis
10578 10578 IO4I4
8038 83
7958 8034
saio S3I
SOlo 80I2
6312
2568
91.
2838
601s
3612
79
1338
3538
65
8
18
91
I32I2 136
lOij
11
6512
33
•86
11
I34I2
79
33
93
H6I4 H8I2
24I2
•16
80
8784
3534
2078
3078
7
I312
7I2
78I4
82
85
*
•107
27
3978
79
73I4
11
68I2
40
243s
I9I2
3OI2
7
I3I2
9II2
2718
59I2
35I4
8I4
•41
13138 133
"5"8""
941s
2812
6II2
3734
2318
7I4
42
89
58
72
8
I7I2
78
•85
43
90
13534
10718
407s
15
6434
44I2
131
107
78
41
3II4
11618 118
45
32
85
•39
40
90
"87r2
33I2
9II2
2738
6OI2
•61
II4
158
79
"8"l""
90
21
26
31
64
48
3058
7II4
3138
35I4
S8
30
19
3038
3358
35
47
158
80
11
3484
II4
48
2514
30
•63
66
•25
168
•41
2812
•61
11
44I2
181s
SI4
2534
I6I2
lOis
1334
13
23I4
I
33
31
64
48
•85
•39
9I2
16
I
978'
89
21
8412
91
16
65
25
861s
34I2
201s
•73I4
5538
119
9
923s
3734
2034
361s
65
65
*88
92I2
8678
35
*33
1155s 11834
8OI2
'1234
88I2
65
62
38
40
•33
40
80
80
135,
5612
3734
28I4
6OI2
3714
85
85
101
76
35I2
921'>
II4I4 II6I4
441s
3338
•85
2612
•72
76
887s
2538
74
•1114
6834
3568
403s
2378
16
311s
72
*50
4118
27
II2
134
I4I2
75I2
70
52
413s
25I4
8I4
13s
132
70
*31
4058
2418
8
46""
IOI2
33I4
1878
36U
7338
3512
735s
405s
2378
I9I4
"4434
40
70
34
89
I8I4
734
35
29
34I4
43
75I4
*8l2
1818
33
29
87
45
"3"6"34
90
8I2
III2
I8I2
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24I9
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2734
1338
6I0
IOI2
12
2638
73I4
28
43I4
"42"
89
25
171?
•43
468
*57Io
70
52
9878
19
8912
73I2
834
1938
834
1038
177s
80
24I2
4318
44U
3618
I9I4
29
60
86
119
72%
5934
•33
II4I2 lis
65141
6434 65
8l8
I9I2'
6I1
•lOi'*
"3684
7I2
1434
94I2
2938
40
•100
3034
•1812
8912
5l8
45
7I2
I4I4
13278 13378
92li
34
70
Sis
14
935s
3734
•73
•87
321;
*S0
50
12
2612
13
9012
2718
90
7734
1158
3714
•1012
2534
4338
14Is
47I2
•1458
77I2
37
70
7
6'8
25I2
43I2
14
84
85
90
133
1488
7
9OI2
276s
5958
89
1084
1334
I3I2'
VUs
"4058
41
14U
1334
634
III2
92
•8478
•88
41
1378
44
32I4
•80"
•81
98
45I8
9812
3134
158
84
4412
9U
3034
3II2
13
33
4434
97I2
9I4
22
2634
*ll4
451-
9I2
21
13
45
1884
45I2
43I2
9878
9I4
3
9
2II4
3II2
28
65
33
1634
45
29
83
2018
3OI2
20
•2612
•6212
•29
64
19
45
3184
•14
3l8
21^8
3178
Vl"
•11
958
isis
46
*13
72
8378
2534
11538 II5I2
•65
30
9I2
1238
1938
8334
3
24I2
36
1084
I2I2 1318
1934 «ll4
I4I2
141s
72
745s
3234 3338
14Is
1418
3l8
25
38
38
10
3
83I4
23I8
26
33
2878
6OI4
5
911738
42
NEW YORK STOCK
EXCHANGE
"
"8"3"
85
Ex-rlghta.
i
102
1388
20
74
54 14
8818
55I4
88I2
34I4
34 12
118
118
IO4I4
7934 81
•82
85
Range since Jan.
On
2d pref....
100
Deiaware &. Eudacn
100
Delaware Lack & Western.. 50
Denyer A Rio Grand*
100
Do pref
100
Erie
100
100
100
Great Northern pref
100
Iron Ore properties.. A'o par
Gulf Mob A N(r tr ctlg..-100
Do
Do
iBt pref
2d pref
..100
100
Interboro Ctns Corp..iVo Par
Preferred
Central
Illinois
Do
100
100
100
Letlgn Valley
60
Louisville A NashvlUe
100
Manhattan Ry guar
100
Mlnneap A Bt L (new)
100
Missouri Kansas A Texas. 100
Do prel
...100
Missouri Pacific trust ctfs.lOO
Do pref trust ctla
100
Nat Rys of Mex 2d prel.. .100
New Orl Tex A Mex v t 0..IOO
New York Central
100
N Y Chicago A St Louis.. 100
First preferred
100
Second preferred
100
N Y N H A Hartford
100
N Y Ontario A Western. ..100
Norfolk A Western
100
Northern Pacific
100
Pennsylvania
50
Pere Marquette v t c
100
Do prior pret v t c
100
Do prel V t c
100
Pitts Cin C A St L ctfs deo.
8,500 Pittsburgh A West Va
100
100
Do pref
100
135,100 Beading
50
200
Do 1st pref
60
100
Do 2d prel
5
42,700 St Loul9-San Fran tr ctfs. .100
300
Preferred A trust ctfs. .100
25,600 Bt Louis Southwestern
100
7,400
Do pref
100
200 Seaboard Air Line
100
1,400
Do pref
100
60,600 Southern Pacltlo Co
100
123,500 Southern Railway
100
4,000
Do pref
100
23,600 Texaa A Padfle
100
100 Twin City Rapid Transit. .100
32,600 Union Pacific
100
1,800
Do pref
100
600 United Railways Invest
100
1,500
Do pref
100
8,600 Wabash
100
16,900
100
Do prefA
1,900
Do prefB
100
7,900 Western Maryland (n4u>)..100
2,400
100
Do 2d pref
2,200 Western Pacific
100
1,200
Do pref
100
6,300 Wheeling A Lake ErU Ry.lOO
1,750
100
Do pref
Industrial Sc Miscellaneous
3,800 Adams Express
100
1,000 Advance Rumely
100
100
Do pref
100
7,500 AJax Rubber Ino
50
2,6(10 Alaska Gold Mines
10
3,500 Alaska Juneau Gold Mln'g.lO
100
4,900 AlIlB-Chalmers Mfg
500
100
Do pref
1,700 Amer Agricultural Chom..I00
100
Do pref
"""206
American Bank Note
60
Preferred
60
100
American Beet Sugar
...100
100
Do pref
5,200 Amer Bosch Magneto. ..^0 var
100
14,800 American Can
...100
Do pref
9,300 American Car A Foundry. 100
200
100
Do pref
100
10,800 American Cotton Oil
100
100
Do pref
4 ,000 Amer Druggists Syndicate. 10
1,500 American Express
100
3,100 American Hide A Leather. 100
100
10,100
Do prel
100
1,300 American Ice
..100
500
Do pref.
International
Corp..
100
46.900 Amer
...10
1,000 Am La France
100
6.900 American Linseed
100
400
Do pref...'.
Locomotive
100
48.100 American
100
100
Do pref
25
10,900 American Safety Rasor
14.825 Am Ship A Comm Corp. no var
100 Am Smelt Seour pref ser A. 100
8.300 Amer Smelting A Refining. 100
100
Do pref
400
7,800 Am Steel Found tem ctr«.33>i
par
ctfs
No
Pref temp
100
2.600 American Sugar Reflnlnfl..l00
.100
Do prof
200
100
9.S00 Amer Sumatra Tobacco
100
Do preferred
200
prof
Kansas City Southern
Less than 100 shares,
Do
pref
FE
a Ex-dlv. and rlgbta.
Range for Previous
Year 1919
1
basis of lOO-share lots
Lowest
Do
4,400
240
6,500
5I4
3,200
IOI4
8,900
127s 16,600
20
11,700
IS
2,400
73I2 34,500
5,800
325s
1484
1,900
32 ^
100
8334'
2,800
4,200
3 Is
2,300
91s
18
10,200
46
300
44
5,800
1,400
"4"2""
325
1378
13,300
658
5,300
11
1,500
25I4 27,400
44
23,200
4=8
200
3612
600
7218 45.800
35
3,700
70
100
51
250
3538 202,700
20
2,100
8912
5,300
74I2 25,700
4078 30,650
2458 19,400
100
100
9212
4334
33
I
5
478
•29
32
84
225
9
1634
•4434
43I2
658
lllo
Week
224
3I4
58
44
29I4
215
30
24U
the
Aug. 6
9II2
92
8234
13
Friday
40
3I4
I5I4
2612
4434
•28
9II2
*2S
42I2
11
\
ZS138
97
44
25
43
70
33
55
§50
2934
18
SSI2
7134
3934
2434
338
9I4
9
17
58
44
89
20l'>
70
37I2
6858
3II4
•4134
*425g
24I2
2010
33I2
4212
•73I2
20
1338
37I2
68I2
3II4
27
2110
I3I8
72
4138
3958
24I4
1034
I3I4
35
612
III4
7II4
5l8
1338
26
S8I2
21234 215
5I4
5
105s 11
1234
lll2
1312
92I2
70
10
•17
5
10
*35
40
33I2
25l'>
29I4
514
*35
92
S9l2 9II4
209I4 213
34"8'
I2I2
13
7018
991s
§42l2
1378
612
208
Thursday
Aug. 5
STOCKS
Sales
for
Railroads
Par
S per share S per share $ per share Shares
8II2
80
81
SOI2 82l8
24,000 Atch Topefea 4 Santa Fe..lOO
7iJ38
si's
74:.
73I2 7418 »73l2 75
75
1,100
Do pre?
731?
100
6I4
•6
•6
734
1,100 Atlanta Blrm 4 Atlantic 100
6
712
7
8578
85
1,200
85
8512 8512
Atlantic
85
Coast
Line RR..100
857s
34I4
35I2
•3334 3578
34
35
47,500 Baltimore <k Oblo
34
100
45I2
45
45
4,100
45
4638
4612 4734
Do pteJ
100
10
lOSs
lOls
3,100 Brooklyn Rspld T7an6lt..l00
lOis
10
Ids
103s
*634
678
500
678
634
7
C«rtlllcates
6'S
of deposit
67s
121
119U 1217s 117 11978 11434 H814 24,412 Canadian PtclJlo
100
57I2
55
56
11,100 Cheeapeake & Ohio
56
5534 5734
57
100
8I4
784
734
778
778
800 Chicago Great Westetn.-.IOO
SI2
*S
22I4 233f
23I4
2284 233s
23
23
2,800
Do pref
100
33I4 3478 14,200 Cblcago Mllw t St Paul. .100
3353 35
35
3434 3578
501->
521'.
5OI4 5134 18,4001
51I2
5034 5278
Do prel
100
69I4
6814 6884
7,100 Clifcttgc * NorthweBtern..l00
6912 7034
685s 6934
100
*101
103
105
1,300
10112
10214
101
Do pref
..100
34I4 361s
35I2 3634
341s 3538 68,400 Otk Rock lalAPao
3612
100
72I2 73
7312 74I8
2,100
731
7234
74
7% preferred
100
62
63l2
6312
64
1,800
6312 6312 *62
prelwred
100
8%
55I4
S5I4
55
1,100
55
56
Clev Cln Chic A St Louis.. 100
•61
66
Do pref
ICO
24I2 25I2
2438 26
24I2 25
2,300 Colorado A Soutlietn
100
,*46
•46
49
49
Do iBt pret
100
13*2
2II4
1434
7434
34I4
I
S2I4
SI2
Wednesday
Aug. 4
PER SHARE
PER SH.iRE
HIGH AXD LOW SALE PRICE—PER SHARE, NOT PER CENT.
72
S per share
8UI2 Mario!
82 Jan 3
878 Feb 24
May20
Apr21
6
x82i8 Junel8
2758 Feb 13
401s June28|
10
Aug
5'
684 July29,
110
47
7
1978
May20
Feb
Feb
93
Jan
3878
4978
Feb 24
Feb 24
17
1314
134
13,
13!
May24
SOU Feb 6
4554 Feb 13
Feb
10
4
Junel7
9
f eb 11
I2I2 Fel- 9|
6534 Junel2|
3184 Aug 6
Jan 2-i
7
Feb 20
Feb 28
Marll
Marll
»
1638
1558
25
1712
8434
4178
9334
884
434
1612
3934
May24
4812
4714
97
JunelO
9
Feb 13
3I2
May22
May24
Feb 11
Feb 11
4I4 Feb 13
31 JunelS
64I4 Feb 13
2334 Feb 13
Aprl3
60
21
36
4
23J2Feb 11
Ih
8414
6684
3778
2214
56
39
69
Feb
6
Juneie
Junel2
May24
May20
Aug 5
June 8
6434
3278
Mar
Aug
Feb 11
Feb 11
32U Jlny
84
73
Junit
5478
Jun)
Bept
74
July
31 '4 May
Marl3
Aug 6
9112
I7212
Mar
Jan 3
Feb 24
Feb 24
Feb 24
Feb 24
312
6i8
123g
I8I2
1334
7618
Apr
Feb
Dec
Dec
Dec
Dec
6
Mar
Sept
30
8573
Dec
Dec
Sig
Mar
1
40
5
Mar
Jan
7
2
Mar20
9
11 Feb 21
18 Feb 19
SUg Feb 28
49S4 Feb 24
763 Mar29
4712 Feb 20
7712 Mario
3612 Marll
62
Marll
95
77
397»
12ig
66
Feb 13
June23
Feb 13
6II4
8
May24
Aug 5
7
20ijFeb 11
14 June21
858
11
July30
20l2Feb 13
64l»
Feb
9
15
June23
6
33»4
IOS4
Aug
107g
23
65g
12
917g
2014
627g
27lj
29S4
119ig
44I8
lis
Feb
II
71
76
84=8
39
38
Aug
Aug
Feb
63
Feb 13
64I2
Aug 5
Aug 6
10
Apr 1
Mar29
29>i
Apr
968
Aug
54I4
S8's
34I4
85
117
102
Jau
Jan
Jan
Jan
5
Apr
Feb
Jan
Jan
817( Jan
87 Bept
192
Dec
33
Jan
42
Jan
62
Jan
84»4 Jan
1*4
113
Jan
396g
SSlj
Marl9
68
Jan
2
1201s Jan
.!
IO914
107
May
July
Jvn*
Jui7
414 Jai"
8I4 Jul>
97
OOX
Sept
11384
May
103
66
49
July
61»8
101»4
95
Mar
Oct
Oct
May
88
Jan
Jan
Jan
IOI4 Nov
7612 Sept
ISig Jan
7114 Jan
87i| Aug
64>4 Jan
62it Feb
119
July
67i< Jul)
93
I4I4
103
Apr
Mar
May
431* July
142«s Oct
76i| JUD«
7eV4 Jun*
13ai4 Oot
Mar
9
JunelO
301] Jan
5
Mt( Mar
89
Nov
86
68
100
Mar
Jan
Jan
OS's Apr
lITij Oot
109*4 July
26
Deo
Deo
Dec
Deo
471* Oot
941* J UD*
8U<4 July
1093* July
1774
Aug 4
MarSO
83
72 Jan J
Aug 6
6'
100i4Jan 13
Aug
Aug 6 60 Mar2a
June22! USijJan 19
Aug 3 1421^ Apr 14
May 20, ll.sSiJan 20
77
Feb
131
SOij
Aug
3
i Ex-dlyldend.
Hi Dec
30
64
64
76
113
84i2May 1437* Nov
6»58 Sept
427i Fob
X98
Dec 107tsJun*
84ig Feb 148«8 Nov
95 Apr 7
HySjJan 27
Apr 8
3
Fob 13
961: June 1
ll»8Apr 16
I684 Feb 13
73
Mar24
MarSl
Jan
661a Jan
66
Jan
21
July
26
61ij Jan
U'sJan 22
61l4Aug 6
SO
82
May
26ij July
147* July
SOij July
I8I4 Sept
1 Ittij
_
Dec'
S-
2&U Sept
88
Mar26
ISisJan 14
175
MarSl
SOlgjan A
122 Jan 3
Feb
ISSg July
I
Jan
6438
I3I4
3484 July
Mar
101
14738
73
157g July
Jan
Jan
7»4
8858 June28
I24i« Feb 26
IOS'4 July
95
Jan
17
93
Auk
May
7212 May
701 J July
Feb
19
7
4812 Apr 1
4.)iiJan 28
10334 Aprie
June
115
33
6218
12834
61'4
978
July
Jun*
Julyl2
1418 Feb 20
2212 Feb 20
24
3
637s Jan
92 Jan 3
95 Jan 28
9612 Jan 16
Aug
12
23'4 July
Apr
Deo
Feb
81l8Aug 6
32i2Aug 6
24
79
May
16
17
238
4012 May 19
74»4F"eb 13
80 Aug 3
Dec
Deo
Dec
60 Jun*
Dec
Aug 138iiMay
74>4 Mar
Dec
14
3
June 2
Feb 13
May
May
2388 Jun*
377, Jun*
Deo
Dec
19
714
37
Nov
7U Dec
20U Dec
Jan 12
8884 Jan
5
Aug 5
May20
70
Jan
15
7^
ISg Feb
4
SOigAug 3
997i
4812
33ij
Dec
Dec
Dec
Dec
Dec
24
24
4284
4658
Aug 6
May21
Aug 3
Aug 6
112i2May
Mar
Feb
Feb
Feb
Feb
Feb
Apr
•
25
25
61
Apr
44>4 Jun*
84ij Jun*
9353 June
38ij Feb
3912 May
27«4 July
20
67
May20
70
63it July
4078 July
2414 July
Jan
Jan 27
2012
1278
2OI2
32S4
Feb 13
SSU July
Dec
Dec
Dec
63
31
Mar
Sept
83'4 Juns
Nov
69U Jan 3
1338 Marl8
2954
lOij
May20
14
60
Apr
Feb 20
35lj July20
I2512 Mario
16l2Aug 6
Jan
Jan
Dec
Dec
Dec
Dec
Dec
34
22
27I4
88
24
75
23i'>Jan 14
Feb 11
11
201s May24
July 1
6
July 1
10
8818 Feb 13
18 Feb 14
60 Feb 13
25
May
39
737g
Aug 4
Mar22
67
6038 Junt
122*4 May
53ig
33
62
47
2SU May
1658 July
25ig July
387g July
6884 Junt
Apr 27
Apr 27
1
May
Juni
31U Jun*
9ig
Feb
AprJ 7
Mar
104
45s
8ij
45
I8I2
lOOSg May
6284 July
127, July
4OI2 July
2218 Nov
37i2 Dec
4I4 Dec
28»4 Apr
66'4 Dec
23«4 Sept
6OI2 Dec
Dec
lOSSg Jan 3
3078 Julyl2
July
2SI4 July
2412 July
Nov
4
May
33
Jan
2618
leij
32l4Aug 4
93s Feb 19
July
2014
Aug
Dec
40
2684 Julyl2
24
9ig
MarlU
Mario
Mario
Maris
Mario
Feb 19
Feb 27
45
May
May
ISij July
Dec
Dec
Julyl9
Mar26
SlijMay
116
217
Nov
3684
2l7g
lOOig
8458
4Sli
80
SSij July
Dec
52
32
68
61
July
4018
1047s
3758
9434
llO
Dec
Dec
Feb
Dec
31 '4
10
13
Mario
Jan
Jan
Jan 16
Maris
Marl9
May
Dec
Aug
Feb
65I4
Mar25
105
133
Dec
68
Mar 9
Mar 9
leUFeb 13
3314
Nov
22i8
32
63
19
48
45
1884Aug
6218
1812
85
116
1
Feb 24
Feb 19
Highest
S per share S per share
8OI2 Dec 104 May
767g Dec
JsE
89
Mar 151* July
6
8712 Dec 107 Mai
S514 May
Dee
69i2 May
gii Dec
t8'4
SSig July
10
Dec
28I4 July
5
Dec
12618 Dec 17078 July
eilj Dec
68ii May
71* Jan
12
Jul!
21
307g May
Dec
5284 July
3413 Dec
487g Dec
76 July
2
Jan 5
75I2 June24
331* Apr 26
May28
21i2Feb 11
70
8
112i2Jan
38I4 July 2
May
Mar
Feb 21
Apr 14
Mario
Maris
Maris
34
Feb 13
Aug 4
41 14
6
May
Jan 24
7
Mario
Jan
IS
8078
July29
135gMay 5
40 May 19
3
I07s
271*
4212
6II2
9112
28
3
Maris
Maris
Jan
Mario
240
912 Feb 13
17l2May20i
7
.S912
67 June24
98 June28 120
23i2i-eb 13
41
6414 Feb 13
78
64 Feb 11
6612
6
42 Feb
56"s
62 May 19
08
20 Feb 11
27
46 July 6
5112
40 July22! 43
83I4 June29|
9934
166
Lowest
Hiihest
? per share
76 Feb 11
79»«
fllij
64
3314
91
May
47
July
Deo
96i|
Aug
IIII4
113i|
Jan
Jan
148»s
119
May
Aug
Dec
r.Hlit
June
100
May
10684
Mar22
73
106
Apr 12
9058
Full paid.
Oct
New York
573
Stock Record— Continued— Page 2
For record of lalea during tbe we«k of •cocks usually Inactive, see second page preceding
Btea AND LOW BALM PKICBa—PBK SBARB. NOT PBK CBNT.
Saturday
July 31
Monday
S per tJtare
S per share
200U
Aug. 2
951s
200ij zll5
SOis
S138
76
92
92
9134
4812
49U 49U
•12
*44
53%
•30
•59
•57
13
III2
46
45
5334
5238
3012
33
65
67
'
•80
IIOI2 111':
•63
105
iso" 151
•63
67
•39
139
I44I4
40
14034
I37I2
*103
"•r "vl
I8I2
I8I2
'82^
sVlg
•1
I8I4
7612
7634
*7
84
4Sl2
•102
•7I2
107
1103
7%
734
13
•26'
2012
20
1258
141->
67
67
29
13
6634
2678
•271
•68
537$
•96
691j
6O34
'54I4
*6S
"ii'
5012
100
"40i2
82
88
79
'1434
•2734
•3512
54
25I2
•81
64
•81
1434
1418
2812
3612
2812
35I8
54
26
83%
6478
82
11
11
•3OI4
31
80
80
•
5234
2418
•81
64
*81
74I4
1078
29I2
11
11
IIU
86I2
8934 9OI4
•IO2I2 IO4I2
35I2 35I2 "35i"4
I49I2 1120
147
•94
•94
95
45I8 45I8
43I8
77I4
'ih'
*i9i4
•35
46""
"2"2""
38I4
44
10
20
•35
74
*62l2
68I4
64
83i2
85
•11
1234
11
*33l2 34
34
•IO712 120 •111
2838 29
27%
2II2
2114 2II2
11
11
11
7312 7312
74
•6012 66I2
6058
•8014
•sou 85
13934
75
75
7512
2218 22I2
21%
7OI2
70
70
•84
"56'
*80
5"6l4
54%
•8512 ...
86I2
•36
•20
36
28
37
25I2
28
52I4
•80
6834
•25
80i8
6912
ao
9918 IOOI2
I4I2 I4I2
•7
7I2
49
4958
•18
8O34
22
8O34
124% 124%
•78
68
28
96
1334
7
48I4
18
•77
12234
27I4
7812
28
25%
781;
77
52
52Io
8OI2
50
8OI2
•65
68
8OI2
•65
I7I4
I7I2
1718
79
80
77I2
"42r2
44I2
eig
•20
8OI4
94I2
•50
'4"3'"
§74
41
4434
44
6%
2212
8312
94I2
70
•20
75
*92
•50
24% 24%
241
2II2
66I2
23
20%
6712
65
23
•134
•101
2058
•I4I2
140
102
2138
15
52
•10534 125
•134 140
•92
105
•45
'
6II4
•593,
*
6II4
20
1418
•45
10534
134
•92
62
Kfl
Bid and asked
Thursday
Aug. 5
Wednesday
Aug. 4
Tuesday
Aug. 3
Friday
Aug. 6
SaUi
for
the
PER SHARB
STOCKS
NEW YORK 3TOCE
EXCHANQK
W'.ek
Range since Jan
On
PBR SBARB
1.
basil of 100-«Aar< ioli
Loieest
Bighesi
Banee for Preitoti
Tear 1919
Loteesi
$ per share S per share $ per share Shores Indus. & Miscall. (Con, Par S per share
S per share
S per skare
96i2
9534 96I4
9558 9618
92% May22 10034 Marl8
96
6,000 Amer Telephone 4 Teleg-.lOO
95%
95
Dec
109
IIOI4
•105
IO7I2
108
4
115
112
100
Aug
115
111
107%
2,100 American Tobacco
283 Jan 5
19178 Feb
•88
•88
89
89
8734 8734
100
100
Do pref (new)
85.4May20 97'4 Jan
93% Dec
74I2 76l2
77I4
76l'> 26,400 Amer Woolen o( Mass
7734
76
74
79
75
100
74 Aug 6 166% Jan
46% Jan
92I4 931^
•91
9278 9278
9134 Aug 2 105% Jan
92
100
700
Do pref.
94% Feb
'43'
•43
4612
"4"5'ii
37
"4"s"
45
preJ..100
4.200 Amer Writing Paper
May20 613g Jan
275g Jan
'50h
111, III2
III2 12
III2 1134
12
11% 12
25
11% Aug 2
1,900 Amer Zinc Lead <fc Smelt
21% Jan
II
Jan
•44I2 49
44 12 44 12 •4412 46
45
200
-.25
44% Aug 2
Do pref
69% Jan
40
Jan
54I2
5II2
5II2
5OI4
5078
.50
Aug 3 06% Apr
50
52% 50%
51
28,100 Anaconda Copper Mining. .50
64% Nov
SOlg 30ls
30
30is 3OI2
30
2812 30
28
31
100
May25 67% Jan
1,800 Associated Dry Goods
17% Jan
•59
59
59
59
59
55 May24
69
59
100
59
Do lat preferred
300
74% Jan
61
Mar
•52
•57
•57
60 June 5
67
67
67
100
75'4 Jan
Do 2d preferred
68 ig Feb
•82
*82
•80
•80
90
90
90
90
90
...100
87% July28 125 Jan
Associated Oil
Jan
68
I43I2 14834 I47I2 150
I37I2 I44I4 17,600 Atl Gulf 4
143
137 Feb 26 176% Jan
150
148
I Sa Line... 100
92
Feb
*63
*63
•63
6154 July 1
6334 6334
66
66
66
66
100
100
Do pref
75 Jan
64
Jan
113
10434 10834 107
10958 10478 iesi2 IO3I4 10634 284,800 Baldwin Locomotive Wks.lOO 103% Aug 6 148% Apr
647, Jan
9678 97
97
97
97
97
96% July21 102% Jan
200
100
pref...
do
100
Dec
35' "4'3""
•35
•39
42
39
39
40
100 Barnsdall Corp CI A
39 Aug 4
25
60% Mar25
I42I2 136
I37I2 135
135
138
136
138
137
100 114
Mar 3 154%Junel9 103 Jan
5,600 Barrett Co (The)
103
102
110 103
110
109
103
100 102 June 4 111% Jan 6
400
Do preferred
110
Feb
•1
•1
II4
1
Feb 9
1'4
1
1
1
1
900 Batopllas Mining
20
l%Jan 5
lU
1% Jan
I6I2
I5I2
I8I2
1778
15%
Aug
1734
161->
par
15%
5
12,700 Bethlehem Motors
No
19
16%
32% Apr 9
26 Sept
75I8 75%
75
71
75
7518
71 Aug 6
7118
2,001) Bethlehem Steel Corp
100
80% 75
98% May 6
65% Jan
74
721
7612 7878
77%
75 105,700
Do Class B common.. 100 72% Aug 6 102% Jan 3
83% 75% 78
6638 Jan
91
92
90
90
91
400
90 Aug 3 102% Feb 24
92
100
Do preferred
90
Dec
10434 105
105 105
10434 l"6434 10434 108
700
Do cum conv 8% preflOO 104 July28 114 Jan 5 101% Jan
7I4
7I4
7'8
7 Aug 6
7
7
1,400 Boeth Fisheries
No par
15 Jan 9
712
7%
7U
11
Dec
•84
•85
85 Julyl2
92
92
92
100
Brooklyn Edison, Inc
0634 Apr 1
85% Dec
4834 50
481.2 June30
4812
600 Brooklyn Union Gas
100
62
Mar20
Dec
41
IO2I4 103% 101% 102
IOOI4 102
93 Feb 4 129 Apr 7
103
100 102
1,500 Burns Bros
.100
Dec
115
7l8
7I4
7I2
712
714
734
4,200 Butte Copper 4 Zinc v t c..5
6% May20 11% Jan 9
6% 7
7%
6% Feb
121-.
1212 1234
12 May21
13
13
13
1,000 Butterick
...100
26 Jan 6
12%
16
Jan
I9I4
18
19
18 Aug 5
20
1934
19
18
18% I8I4
2,500 Butte 4 Superior Mining.. 10
29% Jan 12
16% Feb
121-.
12
IOI4
I2I2
I3I4
1218
12
Aug
14
1234
8,800 Caddo Central Oil 4 Ref..l00
5
12%
28% Jan fi
19% Dec
67I4
6434 65%
64U 65
6434 6634
65
6512
4,701) California Packing
No par 64% Aug 6 85% Jan 2»
48% Jan
23I2 26
2578 2612
2612 27
2712
22% 24I4 6,600 California Petroleum
100
22% Aug 6
46 Jan 3
20% Jan
68I2
•68
67
65 Feb 10
70
6912 •67
67
66% 66%
200
Do pref
100
75% Jan 6
64% Jan
56I4 *54l2 5612 •54
56I4
52
52 Aug 6
100 Calumet 4 Arizona Mlnlni;.10
6O34 •55
52
69
Mar2«
66<4 Mar
11
III4
III4
11
III4
11
11
11
10% JulySO
900 Case (J I) Plow Wks..no par
11%
1934 JunelS
49 Aug 4 104»4 Jau 5
49
49% 5134 24,100 Central Leather
iOO
53% 5II2 53 Ij
53% 49I2 50
66% Feb
•96
96 99
•96
•96
95% Julyl9 108% Jan 5 104% Jan
99
99
100
99
Do pref...
40
"4"l"l2
411"
4OI4
40ls
40
40
40
No par 40 Aug 4 6138 Jan 3
40
4,300 Cerro de Pasco Cop
31
Jan
8II2 84
86I4
8178 8534
85
8I34 84
15,200 Chandler Motor Car
8878
No par 81% Aug 5 I6434 Mar29
90 Nov
77I2 8OI4
80
8OI2 83
Aug
77%
82
84
2,400
Chicago
Pneumatic
Tool..
3 111% Apr 8
"
100
Apr
68
'13"
I3I2
I4I4
1418
14
13 Aug 6
15
14
'ii
10,700 Chile Copper
14%
25
21% Jan
16»4 Dec
29I2
2734 281^
2734
25% 27
25% Aug 6
27% 2734 27
4,900 Cblno Copper
415g Jan
5
32% Feb
35I8 36%
35I8
35I4 3612
3578 3618
3578
35
5,700 Coca Cola
No par 3 )% May20 4034 Jan
37% Nov
3OI2 31%
31
28 May20
31
31
44 14 Jan
32
32
2,400 Colorado Fuel 4 Iron
100
34»4 Feb
31%
52I4
52I4 52I4
52I4
50 Mayl9
5134 52
52
5234
54
2,300 Columbia Gas 4 Elec
100
67 Jan
39% Feb
22I2
24I4
2534
2378
20% 24
21
20% 21% 32,200 Columbia Graphophone No par 20% .\ug 6 66% Jan
60»4 Oct
81
92S4 Jan
•81
8312
82
Do
pref
100
80%
July27
84
01% Dec
"6"4'
>.T% Feb 10
66I4 *62"
63% 63% 63
64
900 Consolidated Cigar
No par
6512
701? Mar22
64%
64
Aug
•80
•79
8OI2 8OI2
82
83
80
81
700
Do preferred
100 .r76i4 Feb 13
80
83% Apr 1 •78 Aug
75I2
78
7378 July28
81
77% 80
7,700 Consolidated Gas (N Y)-.100
78»4 Dec
74% 75I2
93% Mar22
IOI2 1034
IOI4
IOI2
10% Aug 6
11
11
3,100 Cons Inter-State Call Mg..IO
578 Apr
11
20% Jan 5
lUi
10%
28I4 2934
No par 25 Feb 27 46% Apr 26
30
27% 2834 8,600 Consolidated Textile
28% 29I2 29I4 30
30>i Dec
77
75 Aug 6
7934
79
7818
75
100
98 Apr 9
80
78
80
65% Feb
76% 3,450 Continental Can. Inc
9734 June22 102'4Jan 22
Do preferred
100
100% Oct
10i8 May24
III2
UI4
III2 11%
10% 11
1034 11
107,
3,700 Continental Candy Corp No par
Aprl6
1034 Sept
14%
8434 86%
46
Jan
9034
8412 88
8512 8734
84% 87% 81,900 Corn Products Refining.. 100 76% F>'h IX 106% Aprl4
101% 101% '100 103
1021 102lj •100
200
Do preferred
100 100% July 7 107 Jan 9
102
Jan
104
32I4
34I4
33I4
30 \lay24
321,,
2.300 Cosden 4 Co
no par
3278 33% •33
36
43% Apr 29
"3"5"u
1251".
I24I2
12934
Crucible
Steel
of
115%May24
Apr
Feb
12534 121
131
126% 130% 49,900
America. 100
7
12718
278%
62%
92 95
92% June30 100 Jan 7
94
91
94
400
Do preferred
100
Jan
95
94
94
94
94
39I2 43
45I8
42l« 44
44I4
20*8 Jan
43
38% 40% 21,000 Cuba Cane Sugar
No par 38% Aug 6 593g Apr 14
77I4
77I4
77 July27
771..
857gJan 21
77% 7734
2.200
Do preferred
7734
100
69% Mar
77%
"4234 "4"4'34
45I4
40% 44
39
39 Aug 6 605
Aprl7 nl60
Jan
41
22.700 Cuban-American Sugar
48
44
10
9% May 19 13 Jan 3
10
1018
10
9% 10% 10% 10% 3,600 Dome Mines. Ltd
10
10% Jan
10%
10%
18 May24
I9I4
1918 20
19
28 Jan 2
23>« Dec
20
20
1 ,300 Elk Horn Coal Corp
60
19% •I9I4 20
38I4 •35
38I4
•35
33 Fpb 17
35
100
Do preferred
39
46 Mar26
Dec
35
50
3814 •35
38%
74I2
62 Aug 5 147 Jan 6
62
7II4 74
6218 65
80 June
70
5,100 Endlcott.Johnson
50
76
70
•93
•93
92 Aug 6 104 Jan 3
lOl'- Aug
92
200
Do preferred
95
92
100
95
65% Feb 11 96 Jan 5
7OI2
Dec
72
67% 68
67
8,500 Famous Players Lasky No par
83
70
68
70% 69
80 May20
81
9158 Apr 16
82
800
Do preferred (8%)
8312
82
82
83
83
100
84
84
9I'>
10
Jan
6
10
375 Federal Mining 4 Smelting 100
9
Dec
11
10
10
13
10
16% Mar30
•33" "3"6"
33I2 34I2 32
26% Jan 2 4434 Mayl4
Do preferred
26
Dec
500
100
34
37
33% 33%
110 120 •105 115 •105 120
Fisher Body Corp
No par 100% Feb 13 134% Mar20
38% Jan
120
107% 107%
28I4
26I2 2758
2573 Aug 6
26% 27% 26% 27I4 17,100 FIsk Rubber
25
39% Nov
2578 27%
48 Jan 3
317g Dec
2II2
2II4 2II4
2II2 22
21% 22
No par 20 May20 36% Jan 5
21% 2II4 4,000 Freeport Texas Co
9I4
Aug
Jan
10
Gaston
4
W.
Inc
par
9%
6
5
16
11
3,800
No
19%
Dec
11
11
10
11
11%
49 JunelO
71
900 Gen Amer Tank Car. .no par
Ju]y23
71
77%
74
73
73
"
"5*9"
"47"
68% FPb 27 7538 Jan 3
"Jan
100
59% 59I4 '58%
2,500 General Cigar, Inc
6058
5834 6012 "ei" "e^i"
•7834 83
79% May25 9434 Jan 6
7834 83
90
100
Debenture pref
Dec
100
85
8014 8OI4 •7834 83
134
Jan
2
General
Electric.
May20
172
144%
Feb
140%
2,500
100
141
139%
13812 13934 13834 143
140%
140%
73 May26
89»4 Jan
3
82
Jan
•75
600 General Motors Corp pref- 100
74% 75% 74
7512 •75
77
77
77
22I4
42 Mar 26
20% 21% 117,200 Do temporary otfs.. no par 20% Aug 6
21
22
21% 2214 20% 22
70
82% Feb
1,600
Do Deb stock (6%)... 100 68% May21 85% Jan 6
69
70
70
70
70
69
697$ 70
•80% 84
Do deben stock (7 ) . . 100 80 May 3 94 Apr 20
1,900
85
80% 81
81
81% 8OI2 81
56I4
56I4 150
8578 Jan
5
66% Jan
5018 52I4 20,700 Goodrich Co (B F)
100 150 Aug 5
53
52%
5434 56
86 Aug 6 102»4 Jan 3
86I2 •86
*86l2 89
102
•8634 88
Do preferred
Aug
500
86
...100
86
89
31
Feb 25
3434 35
65% Jan 3
47% Dec
•35
*35
34
800 Granby Cons
8 4 P
100
36
36
37
34%
19i2June24
4638
4934
Jan
5
22I2 *21l2 23
Dec
•20
21% 21%
100 Gray 4 Davis. Inc
25
'24""
25I4 25I4 x2¥
32% Dec
•25
38% Jan 3
•26
1,100 Greene Cananea Coppei-..100 123 Aug 6
27
28
8
53I2 531
45 Aug 5
8478 Jan
49% Feb
45
50
46
1 ,800 Gulf States Steel tr ctf8..100
54
48
51% 53
•74
75 Aug 3 109% July23
54% Jan
•75
200 Hartman Corporation
100
81
78
80
75
78
"6'8"34
"6614
67I4
8
July27
July
40
Feb
7II2
Haskel
Barker
par
66
78%
22,000
4
Car
No
66
70% 66% 68
68%
24% Aug 5 46% Aprl9
27I2 2734
2412 25
25
100
28
1 ,300 Hendee Manufacturing
2778 2778
26
75 July 2 108 July 9
8,600 Houston Oil of Texas
101
88
100
9234 96
95
98%
86% 93
9812
13 Feb 13
2314 Apr 9
1334 14
9,330 Hupp Motor Car Corp
10
1434
1334 14
13% 14
1312 1334
9»4 Apr 6
Refining
6% Aug 6
Indlahoma
5
7
7%
7
7
7
6% 6% 4,600
"46" "4"7"l2
4558 Aug 6
48i'>
46I4 48
6178 Apr 8
42% Feb
20
4658 47%
45% 46% 10,500 Inspiration Cons Copper
Aprl4
17 18
13% Feb 13
27
10% Jao
100
17% 18
1,600 Intemat Agrloul Corp
18
18
18
17
18
69 Feb 11
77 82
48
Jan
8838 Aprl6
77
700
Do preferred
100
7534 7634
84
77
7834 7834
11234
Feb
142%
Apr
13
Jan
II7I4
Harvester
17
110%
(new)
100
5,000 Inter
125
123%
120
12218 1221s 12212 I24I2 119
111
Dec
Do Preferred, new
104
900
100 104 Aug 5 116 Jan 24
104
104
104
105
104
23I4 25%
6178 Jan
3
25I2 2678
23% Aug 5
21% Jan
2334 2434 12,700 Int Mercantile Marine
100
277,
25% 27
92*4 Feb
76I4 7712
73% Aug 5 11178 Jan 5
100
7934
73% 76I4
73% 7534 16,900 Do preferred
76% 77
45
Aug
Apr
7
6 170
5OI2
47
49
49
45
2,800 Internat Motor Truck.no par
4714 49I4
49
4634
72 Feb 4
77 80
84 Jan 19
8OI2
78
700
8OI2 8OI2 •80
Do Ist pref
100
81
78
•65
60 II eb 18
Apr 9
64 68
71
400
Do 2d pref
65
65
100
68
65
65
68
17I4
26'4 Jan
I6I4
16% May20
7
20% Dec
I6I2 17%
I7I2
1778
17
16% 17% 16,100 International Nickel (The). 25
76I4
Maris
78I4
62%
9134
79I2
International
Paper
30% Jan
100
May20
73
24,700
74%
8278
78
77
7834
70 Feb 16
797, Jan
3
62
Jan
262
Do stamped pref
100
73% 73% 73% 73%
74
34% Aug 6 47% JulylS
4II4 42
35
34% 37% 71,800 Invincible Oil Corp
50
43
4034 42I4
41%
34
uec
4II2 43
No par 36% Mar 1 51% Jan 27
42
41
4134
5,700 Iron Products Corp
43
44
41
44
558 Aug 6
6l4
6I4
534
7% July 9
61;.
6
5%
5% 37,900 Island on & Transp v t c.lO
6%
6
8 May21
2134 Jan 9
15
Dec
100 Jewe ITea, Inc
100
10% 10%
45i4Jan 10
31% July 1
38% Dec
Do preferred
100
20
24*4 Dec
Aug 5 30 Jan 5
22I2 •20
100
22I2
2OI4 2OI4
20
20N 201,
400 Jones Bros Tea, Inc
20
152i2Jan
Jan
3
5
68
71%
Aug
75I2 81
25
75
7458 77
11,400 Kelly-Sprlngtleld Tire
76
84
71% 76
Jan
21
105
Dec
90
91
Aug
101%
90
Temporary
4
200
preferred
100
•92
95
95
8%
91
91
98
98
Jan
34
50 70
55I4
95 Apr 9
53% May20
200 Kelsey Wheel, Inc
100
55
70
27% Nov
No par 22 Aug 6 33% Apr 7
23I2 24I2
22
13,300 Kennecott Copper
24
23
25
23% 24% 23
Jan
5
48%
38%
Dec
Tire
Aug
4 Rubber
10
18%
6
2II4
19% 2114
22
2118 22
18% 1938 19,100 Keystone
20
9134 Jan
5
Feb26
62% Jan
63
100
64
6534 12,500 Lackawanna Steel
67% 6534 67
68% 65% 66I2 65
38
Dec
36
Aug 5 43 Marl5
800 Laclede Gas (St Louis)
100
36
36
3618 36I4
'
"22" "2*2"
21
Jan
No par 21 Aug 6 387s Jan 6
1,71)1) Lee Rubber 4 Tire
22
21
22
21
23
22
22
Jan
10
196
207
Dec
130
Aug
4
MyersTobacco-.lOO
6
I30I4 131
301) Liggett
130 150
•130 140
130 130
Jan
107
99 June21 1097gJan 31
Do preferred
100
200
102
101
101
10114 IOII4 101
36 Apr 12
19 July30
__
2OI4 20% 14,486 Loew'a Incorporated
no par
21% 20% 2138 2OI4 21% 20% 20%
Jan
28
3
25% Dec
no par
12% Aug 6
I4I2
I3I2
13
13
13
12
12% 11,300 Loft Incorporated
127«
14
45I4 50
70 Jan 3
40% Feb
44 May21
45I4 4514 •45
300 Loose-Wiles Biscuit tr ctfa.lOO
52
52
45
45%
94
Feb
Do 2d preferred
100 105% Mayl9 115% Jan 19
125 •10534 125 10534 125 •10534 128
10534 128
Aug 5 18334 Jan 2 147*4 Apr
100 126
134% 1301s 133 n30 138
126
2,800 Lorillard (P)
130% 125% 127%
Jan
8
107
Jan
Do preferred
100 loo July 9 110%
•92
92 105 92 105 •90 100
105
105
63
Dec
61
Aug 6 6934 Jan
•61
100
62
600 Maokay Companies
62
62
63
61
61
962 >62
Inn*
ion 58% .Im1v13
6414 Mftr22' ««^
r»o
nrpf
c.n
*SOS„ fin
40n
r>9% 60% *r;o5s fiOl,
cn
$ per share
95I2 98
W
'
W
m,
»
Btgkui
sktf
108% Mar
314% Got
It per
106
69
29
65
prices:
no
sales
on
this
day.
ILeaa
ttukm
100
maiw.
I Bx-tigtM,
m Ex-ilj. and
rights.
Par value $100.
t
Old stock,
Oct
July
July
Julf
77%
66% Dee
AUS
80% Mar
82
142
No»
192% Oct
76% MS7
16R'4
11178
Oct
JUIM
145
119
July
45
Oet
May
2% May
107*4 Jul]
112
108
116
26
102
92
166
Got
July
Sept
July
Aug
May
Apr
17
Cot
39*4 July
37%
64%
87%
66%
86%
July
May
Dee
Oct
Sept
86*4 July
116% July
114
July
67% July
141% Nov
113% Nov
29% July
60% July
43% Not
66
69
July
Oci
76% Oct
95% Oci
75
June
86%
July
106% July
23
OcJ
37% No^
103*4 June
110
16%
99
June
Oct
Oct
109% July
261
105
65
Oct
July
Dec
87% Dec
Oct
nllO
16% May
43 July
49
160
July
Det
107% Dec
123
23%
48%
173
66
July
July
July
Oct
Oct
64% July
38*4 July
'957« j'uly
Aug
101
176
95
Oct
June
94*4
Apr
93*t
109tt
Apr
%
M
Jao
169% Dee
110% June
80
63*4
Oct
Jan
Nov
47% July
89% Oct
100% Det
71%
July
68% July
37*4 July
917g July
149% July
120
June
67*4 Ju'»
128%
May
33% June
82
Nov
80
July
66
Nov
48
91
44
164
Mar
Mar
July
Nov
110% Oct
114*4
Ool
43
July
126% July
107*4
Nov
83
40
Jan
Oct
260% Aug
116
275»
81
120
246
116
July
Deo
July
June
Jttfy
July
79% May
x EU-dlyldend.
'
"
"
1'
New York
91 61
.
Record—Concluded— Page
Stock
1
11
573
3
For record of «ales during the week of stocki usuallylnactlve, see third page preceding.
Monday
Saturday
July 31
I
$ per share
•106
lOS
•72
30^8
•34
79I8
S9l2
48I4
•92
3934
39
62
97
30%
36
82
31
I
8912
50
96
I
93
•102
103
88
48
I
733s
2'6i2'
•40
*45
50
53
49
49
1
"'7i"2
•90
73
•40
I5I2!
48
15
•47U
4
•291:
31
46l8
9514
9II2
•28
40
90
8634
2034
19I4
"ii!2
81
59
•85
39
45I2
"l¥34
59I4
15l8
15l8
97
97
113
88
113
88
97%
152
93
162
96
156l->
I9I4
I9I4
I9I4
20-%
39I4
2038
201
39I4
81
38
31
•3478
"
59
91
91
92
6I2
59
95
•85
45
55
50
4SI4
4758
15
51
15
15
4612
47
334
4
4
4934
50
•40
50
37s
•5I2
6
lYs" •117
^0
21
48
47I4
4OI2
40
3-80l">
8412
i76l4
79I4
291"
2OI4
2958
95
73
103
7II4
102
46
5%
3OI2
III4
37l->
ISI4
51
5
5%
•117% 135
20% 21%
•47
50
391->
391-
4458
45
•28
31
9714
9134
I8I2
34I4
2034
3OI4
3434
37
39
4358
45I2
2812
33I2
35I8
4134
•88
12
93
89
89
1258
1178
I2I4
•58'
•85
81
SUs
eY"
5634
57
I2I0
95I2
37I4
44I2
78I4
20
28
33I4
3534
43
76
84
40
•90
6I->
55
85
70%
102
21%
•40
49
47
1434
46
3%
5%
116
20%
47%
Development
800
Gas 4 Electric
31
Mall 88
200
Teleph 4 Teles
104,900
Pan-Am
Pet 4 Trans
81%
391
3914
28
8512
I3I2
131
*13l2
97 12
92
96
95
98
'
114^
8SI2
81
39
93
41
94
38%
112%
92l'>
*98l2 IOOI2
15% I512
T6"l4
23,300
751
29
300
30
I9I4
30
33%
321o
33I8
\7U I8I4
2S% 28%
31% 321
3734
45I4
34I4
36%
34
41%
4334
93
93
1134
I2I4
"ii"
57
57%
85%
•85
85
14
•13%
93
93
•98
100%
15
ISIj
94
35
42
40%
16
98
95
100
11134
60
112%
55I4
85%
13%
93%
13%
97%
112
78
75
77
73
39%
37% 38
93
93
58
2,100
19,900
13.300
1,400
93
93
14
lOOU
14%
98%
6112
6II2
60
60%
60
6OI4
58
55
55I4
76-58
77
72
81
77
69l2
76
70%
76
70%
72
63%
70
8538
86
8334
80%
83I4
7834
73I2
93
42
72
73I4
17
•46
•7I4
•130
66I4
2758
64
§640
79%
82%
93
93
93
41% 42
73%
7214
73i->
72
73-34
14%
15
15%
I7I4
I6I4
I7I4
I7I4
I7I4
47
45
46
41
44%
7%
7I2
7'4
-1*130
"65"
6614
7%
71,
28
65
26I2
6212
641
10538 105381
105% IO5I2
36
79
37I4
8O34
35%
8734
3634
70
65I4
80%
661..
62%
•92
49
95
49
•40l2
48%
4II2
651->
25I4
281->
65
•85U 89
§630 638
140
64
6S34I
62
•85I4
§629
27
62
89
631
§6r-
34
35
75
661s
71
62
62%
65%
63% 65%
*92
40.%
431-
40% 42%
42
39
41
3834
86
86
13%
48%
1234
13%
"•6"
""6I4
6II4
613j
83%
84
99
•93
93
51-14
51-34
,50
87I3
88
S2I-'
106
103-34
•104
55
*42%
87%
55I4
751 i
68
88%
65
S1-.
76lT
•10-.
68
107
•10.5
1!3
Ifil-.
*(ii
65
163" \6i
47%
105
•102
1033/
28
2SI4
41
110
41%
40
194
64
15
•40
110
43
196
44
190
65%
15
46
fi
61.1
58 1-
60-38
79% 82%
92
49%
82%
102%
110
98
511
861,
103-34
851;
1234
83% 'si"
26
29
42
110
48
196
40
100
44
65%
64Is
13%
40
47
47
165
194
64
80
81
271,,
115
48
196
65%
14%
•40
6
45
6I4
61%
57
81% 83%
80
60%
82%
IO2I4
102%
102U
11
26%
28%
42
46
49
83
10%
"8"3"
6
86%
62
85
85
165
59I0
52
6 lis
46
14
84.84
40
26% 27
161
15
93
50
'"9"3s
47
6I4
93
"5'o"
8534
1021-
55
55
5338
55%
53% 54
52
53
89
85%
87%
86%
85I4
8734
47-'4
105
64
734
68
65Vi
104
17%
81%
53U'
108
64%
10.5% 10534
00% 6434
6718
IO718
69
63%
105
105
"l'6"'S
16
601s
60%
60
82
82
61%
8
723;
65I»
65
'105
1071
104
106
16
6058
1 6-%
•SII4
53I4
47%
48%
46% 47%
4<)34
47%
151-
55
15%
65
60% 61%
82% 82%
46%
40
108
41
108
48
43
18734
194%
63
64
14
14
•40
6
46
6I4
Is
.56%
58
79 14
80%
90
90
50
49%
82%
102%
1021-
52
52
,S41-
103
28.84
29 Is
16%
17%
8II4
53I4
52.%
53
•8034
5214
63% 63%
orloes:
no
61%
85
65
Bales
on
"46%
"4"7'l2
47
47.84
•27%
I6I4
"5'2'38
52%
17
no
103
59
63
j
I
day.
61.84
02%
7.84
734
64% 67
62
63
104% 105%
I
no
62%
14%
60
1434
55
l'o"2"
46% 46%
46
28
47
28
I6I4
•80.84
"5"2"78
107% 107%
•75
•63
this
30
•8O34
108
6158
861105.% 106
84.84
162"
"r6"78
58.34
65
IO7I4
80.34
78
"7"o"l4
15
"ifi%
85
'67%
64
107
46.34
47%
47% 49
no •105
no 103
105% 105%
61% 021
15%
107
105
17%
2Sl->
62% 64%
Mked
66%
84%
•105
•10?
75
623s
8
6938
102
47
lOS
110
'Bid and
7134
881j
105% 105%
73.
76%
iiiu
28
531-.
"
99
50
89
83%
461
165
831
85
12
45%
"161
83%
28%
40
85-%
47'8
17
•SI
6I4
13
45%
'161
62
62
85%
12
M
N
5234
107%
16%
"6"4""
1071'
58% 60%
85
66
Leaa than 100 shares
t
100
100
TemtorCorn 4 F pref A no pat
do pref class B
no vat
Tenn Copp 4 C tr ctfs.A'o vat
Teias Company (The)
25
Texas Pacific Coal & Oil... 10
pref
3,000 Superior Steel Corp'n
500
""9"
4S
107I-. 1071-.
•64I•7I5
46
58% 61
81% 84
61
85
291s
6284
26% 27%
61% 63
85 85%
III4 12%
5
100
60
Do Class B
50
Parish & Bingham
no par
Penn-Seaboard St'I v t c No par
People's G L 4 C (Chic). .100
Philsdelphla Co (Plttab).. .60
Phillips Petroleum
no par
Plerce-Arrow
Car
No par
Do pref
100
Pierce Oil Ccrporation
26
Do pref
100
Pittsburgh Coal of Pa
100
Do pref
100
Pond Creek Coal
10
Pressed Steel Car
lOo
Do pref.
100
Public Serv Corp of
J.. 100
Pullman Company
100
Punta Alegre Sugar
50
Pure Oil (The)
25
Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper.. 10
RemlngtonTypewriter vto 100
no par
Replogle Steel
Republic Iron 4 Steel
100
Do pref...
100
Republic Motor Truck. A^o pat
Do
93
934
435,
88
15
92
91
9%
100
Steel & Tube of
pref.. 100
86%
33% 35
4,500 Stewart Warn Sp Corp..»o pat
651- 69% 34,400 Stromberg- Carburet ..No vat
62U 64% 93,200 Studebaker Corp (The) ..100
47% 48% 47% 48%
40% 4058 •40
45
9I4
.
N
Am
42%
•6318
•8684
15%
105%
9
27%
68-34
§625
49I4
41
15%
S9U
4034
41
68I4
24
*85l4
4084
91"
19634
65I4
6OI4
48%
2Sl->
110
44
104
764
15
•40
•6
40"
6U
•1321-
Pacific
Pacific
Paclflo
Pacific
200
2,200
24,577 Royal Dutch Co (N Y shares)
15
800 St Joseph Lead
10
1.600 San Cecilia Sugar v t c.no par
1734
1,400 Savage Arms Corp
40
lOO
6,200 Saxon Motor Car Corp No par
7
140
500 Sears, Roebuck A Co
100
£2
62
8,700 Shell Transp & Trading
26
116,800 Sinclair cons Oil Corp No pat
61
3,800 Bloss-Sheffleld Steel 4 Iron 100
Do preferred
89
100
625
310 Standard Oil of
J
100
10538
do pref non-voting
100
3,100
49I4
43%
119-34
95
15
•161-.
8134
5,500
2,175
35,000
67,300
401s
7134
48
4
45
202
86%
•92
95
105%
39%
69%
•4034
3934
27l8
44
§621
62
89
630
SO34
35I4
42
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26%
72
30I4
62I3
•110
24I4
85I4
34%
92
29
42
110
44
6218
74
65
95
4434
28
42
88%
7%
135
60%
60
630
40
7
35I4
43
29
44
40
135
64
86%
39i->
2S-5j
17%
10538
27%
42
17%
105%
34%
69%
49
461s 47
>161
165
8334 84
I7I1
IO5I4
lOS's 1051s
43%
47
72I4
1434
136
62
42
30
2:61%
7018
1434
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•S5I4
42
30
6434
15%
61% 63%
25% 27I4
9%
42%
I3I4
93
41%
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43% 43%
7
136
9% 9%
43% 44
9l8
93
41
"
17
137
81
•41%
1,100
5,400
100
"5"934
1*12
8434
43
13,400
700
2,200
56
38
*98% 102
14% 15
6,600
3,200
3.300
11,200
27.800
300
"12"
80% 80%
851-
60
5934 *
II3I4 113" 113
83I4
84l2
80
3834 391,
39
92l->
78
30
1818
81%
57%
•
57%
72I4
77%
72%
1,-500
28l'>
"12% T258
81
77% 83%
•29
30
20
29
1434
90
851
79I4
•29
•85
•85
11218
84I4
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331->
82%
74,200 Mexican Petroleum
98% June22
Aug
151.84
6
.
29%
34%
III4
100
100
100
19
59
95
9OI4
preferred
S 1>*t $hat*
101
July27
Aug 6
24
Aug 5
72
Do pref
88 Maris
2,000 Miami CopDer
6
18% Aug 6
12-34 369,400 Middle States Oil Corp
10
10% Aug 5
37'4 Aug 3
38% 26,000 Mldvale Steel * Ordnance. 50
100 Montana Power
lOd
59 May 19
60
Preferred
100
95 May 4
100
97
7,000 Mont Ward&CoIllsCorp ao par
30%
29% Aug 6
400 National Acme
35
60
32% May24
44
Feb 13
14,400 Nat Aniline A Cham vtc.no par
78
Febl3
83
900
85
Do preferred v t c
100
40
Aug 4
1,850 National Cloak <% Suit
100
48
200
91
Aug 4
Do preferred
96
100
7
2,600 Nat Conduit 4 Cable. JVo par
6% Aug 4
Enam'g
55
Aug 6
5,300
Nat
4
Stamp'g...l00
56
700
Do pref
91
July31
90
100
72I4
5,600 National Lead
70% Aug 6
100
200
102
Do pref
100 llOOis Mav21
3,200
Nevada
Coneol
Copper
11% Aug 5
6
11%
2,000 New Yorh Air Brake
94
100
90U JunelO
2178 Aug 6
23
1,700 New York Dock
100
46
Febl
200
Do preferred
100
48
48 May20
1,500
American
SO
North
Co
100
47
Aug 6
2,100 Nova Scotia Steel A Coal.. 100
48
I5I4
July 8
900 Nunnally Co (The)
no par
15
44
Feb 13
300 Ohio Fuel Supply
2fi
46
334
15,100 Oklahoma Prod 4 Ref of Am 5
3% Aug 6
Febl9
51
6
1.000 Ontario Sliver Mining
lOu
135
200 OtlB Elevator
no par 107 May20
20% Aug 6
20%
4,800 OtiB Steel
BO par
47
July21
475g
1,400 Owens Bottle
26
18%
11%
1434
Do
157
96
•93
96
25
48
53
Manhattan dutrt
26
May Department Storea..l00
24
74
151-34
III4
40
Lomtit
97i-> 103
95
25
6I4
46
4fi
31
90
4
2II4
471
401s
•28
•28
43
334
135
2134
79I-.
86
43
92
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4S1»
15
51
*46
35%
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50
50
4812
15
1914
7
7%
55% 5S%
7
5858
45
51
41
4638
31
60
95
30
•35
77
86
73lj
74I4
7338 733s
10218 102!s •102
103
III2 1134
1158
1134
96
9775
95
95
2618 26i8
26
26
1178
391-
351
4538
7I4
91
9534
2612
20%
3S34
30
87
40
74
102
160
96
I9I4
lO'i
311;
SO
87
79-%
45
94
634
5814
5934
39I2 395s
9318 931s
•9Si2 IOOI2
1534
1534
6 lis 6118
74I;
3II4
35I2
81
8512
241
73
*97l2 102
Wlh
24
70
40
96I4
9II2
30
•38
45
Iadustrial&Ml8C.(Coa.) Par
Manatl Sugar
100
2958
*34l2
7838
29
2034
S per share
10134
104
104
95
I2OI4 I2OI4 •lis"
21
2234
2078
48
4778
48
41
S per share
lOS
24I4
60
60
95
378
578
6
135
S per share
97
fh
103
1134
95I4
2612
49
•47I4
'
EXCHANQS
61
"45"
73I2
49I4
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90
102
11781
22
49
43
SI34
4988
5Sl8
"26"
22
49
35I2
7Si2
31
35I2
Krlday
Aug. 6
•60
•95
•9234
91
73
•112
397
Thursday
Aug. 5
•93
96
2OI4
37I4
207|
I
5934
•578
•93
19
20
Kange since Jan i
Om ba*U 0/ 100-ikart ton
Wednesday
Aug. 4
103
7334 7434
*97i2 102
Zl53i2 I59I2
*97l2 102
17112 ISl
20-14
5734
4
$ per share
105
105
1I9I2
2038
734!
11^8
S per share
lOG
lOG
SO
I
•60
•95
Tuesday
Aug. 3
SO
•97I2 100
I79I4 ISlli'
20ts
39I2
Aiig.2
9.400
74.400
11.200
3.400 Times Sq Auto Supply.no par
6.400 Tobacco Products Corp..l00
Do pref
100
200
31.900 Transcontinental Oil.- Wo pat
2.100 Transue 4 Williams St.A'o vat
Underwood Typewriter
100
1.300 Dnlon Bag 4 Paper Corp. 100
no pat
15.700 Dnion Oil .....
No pat
900 United Alloy Steel
100
500 United Drug
Do 1st preferred
100
60
100
5,400 United Fruit
United
Retail
Stores
par
..No
23,300
100
1,200 U 8 Cast I Pipe 4 Fdy
100
Do pref
100
U S Express
16,400 U S Food Products Corp. .100
22,500 V 8 Industrial Alcohol ...100
Do pref...
100
200
2,800 U SRealty 4 Improvement 100
Rubber
United
States
...100
74.300
Do 1st pref
100
2.000
60
1.500 U S Smelting Rcf &
Do pref
60
States
Steel
Corp..
United
100
.365.925
100
Do pref
2.310
10
6.800 Utah Copper
100
600 Utah Securities v t o
Coro
no
par
Vanadium
141.705
3,300 Virginia-Carolina Chem...lOC
100
Do pref
500
100
400 Virginia Iron C 4 C
no
pat
V
VIvaudou
2,400
100
1,100 Wells, Fargo Express
200 Western Union Telegraph. 100
60
700 Weatlaghouse Air Brake
8.500 Westlugbouse Eleo 4 Mfg.. 50
...60
6.100 White Motor
5
700 Wlckwlre Spencer Steel
2S
24.900 Willys-Overland (The)
pref
(mtt)
Do
100
200
2,100 Wil8onACo,Tno, v t o..Nt pat
100
200 Woolworth (F W)
100
Do pref
Worthluftton
P
*
v
t
o.. lOfl
6,400
Do preiA
100
.100
Do prefB..
"""l66
M
M
Ex-rights
a Ex-dlv. and rlgbts.
PBK aaAMM
SBAKJi
PBtC
STOCKS
HEW YWKK 8TOOK
mtma and low sale fmicbs—pmm bharm, not pb» csnt.
Rang* lot Prtttumj
Y»ar 1918
Biautt
how*ai
S v»r that*
t v*t iharr
151% Apr 14
33% Jan 6
137% ADrl9
Janl2
Jan 3
Jan 6
Jan 6
71.84 Jan 6
5234 Jan 6
69% Jan 7
100»4 Jan
40 Mar25
40
Marly
107
222
106
26
102
Sept
112
110
17%
117%
48%
61
59%
77%
41% Jan
6
65
78
Feb 13
June 3
Aprl2
104% Feb 2
Jan28
68
113»4
Mayl9
May24
Aug 6
124
120
Aug.
37.5s
8834 May20
92% May 3
14
Aug 6
55
Aug 6
34% Feb2H
7834 Aug 6
7
87
621
Au:
43
Jan
66
July
6% Mar
128
Nov
34% Dec
46
Mar
Dec
68% Dec
29% Feb
70>4
22
Jan
67
Jan
92 »4 Dec
42
Dec
27% Apr
32
Dec
30
Jan
11% Nov
39% Nov
75% July
42-% July
Dec
41
140% Ooi
104% Dec
47% Nov
99
Jan
93
46
Dec
Feb
85% Mar
12% Feb
f69
Feb
Mar
July
68
67
13
111
16
Oct
Oci
74
80
Jan
38»4
Nov
149
101% Jan
104
19
38
46
May
API
06i
0«i
May
2858
105% Ocu
7453 July
May
98
Oct
Oct
311]
109
105
Jan 13
Aprl-,
Jan 6
Dec
Feb
Mar
Aug
Dec
71% Jan
112
July
June
27% July
105% Oo«
63»4 Dec
Nov
145
Jan
106% July
44l! Sept
74% Nov
84
82% JaDi26
94% Aprl9
§860 Mar26
June
JuDt
May 10
90% Jan28
4834
75
67
97
100
17% Aprl2
25% JunelS
83->4 Apr 6
243
July
July
Jan
Jan
107% Nov
12338
Aug
24
Aug
59% Aug
Mar
47
40
68% Feb
Jan 6
Jan 3
Aug
Au
145'4 Ooi
70»4 July
98% Dee
69.%
6OI4
21% July
Feb
Feb
A^r
July27
Mar 4
2158
July
Nov
Nov
93
37
Aug
6% Aug
13%
91%
19%
44%
May
94% Ooi
01
93% July
40
Dec 108% May
2434 Jtuy
8% Dec
45% Feb 88% Jun«
Aprl9
Jan 3
IO6-84 Janl3
66»4 Jan 2
135
July
91<4 J&»
1321J July
12434
14% Jan
16% Aug
Nov
92
100
60
110
106'4 Feb20
94
Jan
July
101% Oct
Mar 19
42% July 7
106% Aprl2
22.84
Sept
Apr
17
8
634 Mar 8
9% Apr 6
Aprl4
157
2238
65% Apr
Aug 4 42
Feb 9
31% Aug 6
42% Jan 10
34
Aug 6 44% July 2
401- Aug 6
827a Jan 3
88" July 2 108%
Jaa 8
11
Aug 6 23% Jan 8
Jan 7
80% Aug 6
98
61% Febl3 66
Apr 8
85 JuIySO
91% Jan24
12% Aug 2
271% Jan 6
IOS84
73
43%
75
604
7
Jan 2
Jan 7
Aprl2
Jan 3
Jan 6
Jan 6
Jan 3
Jan 3
June26
Jan 5
28
84
96
63
29% Jan
Jan
Jan
89%
102%
93%
Apr
Oct
Nov 83 July
Nov 106% Feb
93
64
13
May
11R»4 Sept
323« July
71 '4 Nov
62'4 July
Nov
36% Apr 8
Aug
40% Feb
64
100
001
131%
110
264
87
70
103
3
29
Jar
162% Jan
99
Doc
21
Nov
32
Oct
46
17% \\lg 6
Jams
Febl3
Feb 13
Ja->
June28
Jan 3
80
102% Janl3
98
Jan 2
Jan 2
61% Jan 6
38% Jan 9
46 June22
11638 Aprl4
111»4 Aprl4
47% Jan 6
7134
6734
t vtt lir
137
Deo
Aug
"
Dec
38% Jai>
8688 July 9
39% Aug 6
41% Mav20
28% July27
37
130
28
60
104
Hightt!
Aug
12% Dec
July
July
121
17
83% "Jan "94%
6% Mar 29
168% Feb 230%
74
Dec 81%
41% Dec
(54%
48% Feb 89
86 Mar
97%
"60
Aug
Dec
Dee
Nov
Nov
July
100%Junel7 11338 Mar26
July 5
91% June24
331- ..^ug 6
50
Feb 13
61% Mar26
118% Apr 8
May24 126% Apr
59
92
41
June
38
Mar26
9
July29
7
10112
JanSl
60
47
38
Apr 8
Apr 7
Feb 13
40% Aug 5
Aug
Aug
4OI4
38.34
26% Aug
60»4
85
IQis
45"8
6
6
6
May20
Mayl2
Aug 6
Aug
73% May22
26
Aug 5
Aug 6
Aug 6
44
Aug 2
40
108
176
63
14
Febll
42%
6
5338
Apr20
FeblS
77%
Febi:<
Aug 6
Feb 13
90
40
95% Jan
3
Jan 7
Jan 6
66% Jan 3
106
3834
200
127
38
63
148
63
224
Aprl.'i
Aprl4
Jan 6
Jan 6
Janl4
Janl3
Apr!4
96% Jan 3
26% Jan
65% Apr
37% Apr
H6-8s
10334
Jan
Jan
Jan
6«.%
Apr
78-88
Aug 6 14334 Jon
102% Aug 4 116% Janl3
Jan 3
52
Aug
76
41"» Junel4
47% Mar27
84.84 Aug 6
Jan 6
109
7% Mayl9
Febl3
42
59% Feb 13
104
76
May
3
101.13
6
Aug
14.^4
4.S
May
Jan2S
Jau 3
Jan
3
12%
April!
97
80% Aprl4
Jan 7
1121
119 Junel7
21 June 7
115»4
S0»4
76
1
80% July 13
Mtu-31
S9u Marl.s
102
Jan 8
119
65% Jan 3
46
6tt% Mnr2((
3178 July23
Juo 3
32
Jan 5
93
82% Jan a
July 9
44%. M:iy20
Aug 6
25% July 2
16% Aug 3
77% May 2
51% July22
100
103
Juno
3
JulylO
Aprl4
116% Jan (^
145
58% Aug
95
Jiiu27
July20
63% July 30
9334
Janld!
76
Jan
80
s Bx-dlv.
<
Oct
Oct
109tf
161
104% Nov
e47| June
Mar20
S2I4
10438 Junel5
00% Aug 3
82
82
.an
Jan
Jao
Jan
5338 July 7
34I4 July 15
Aug
Aug
6
5
June 5
36*4
46S«
934 Dec
13% Ma; 31
17% May
Jan 2 nl84
Oct
C57-8,
Jan n346
3
164% Jiinell
8
Reduced
61
72B8
Jan
97% Dec
34S4 Dec
37% Jan
116
76
Jan
Jan
ZiH Dec
Jan
90% Jao
37»8
fiO
July
116
120
6268
747,
juui
JUDt
Nov
Oct
197% Dec
100
July
46% Oct
68% July
176% July
68% May
Oct
Feb 215
80% Aug 119% Oct
14
Jan
38% Am
42% Jan
74% July
16<4 Feb
32% May
66
Apr
91% Oct
197% Dec 167 May
96% Jan 111 May
17% Jan
607a JuDt
157
Jan
Jan
43% Jan
46
Jan
88% Feb
111% Dm
66% Feb
73
109
S»4
l>ec
64% Dec
61
110
64
Fell
Jan
13ti%
60
21>ii
79
9.:%
Feb
112% Dec
6U
Feb
8S
66
to bosla of S25 piir.
Jan
Jan
Oct
lie'i
82
120
Jant
Dec
92% July
62
61% Nov
2&% Jail
87% Jun
65% Jan
Mat
116% July
117% July
67% July
Mar Z88
Sept
94% Jan
40% Jan
46
Jan
Nov
119% July
78% Nov
126
797(
86
Deo
May
May
July
Juo«
Ort
40 <4 JUD*
98% May
1047a July
136fi Mf J
117% July
117
Oof
98% Oct
81
n Par SlOO
Oo,
Week en ling Aug.
V. S.
First
6
D
l8t L Lconv...l932-'47
2n<l L L conv..l927-*42
1928
l8tLL2ndnonv
4thL!
192fi
eoupon
tl936
Pnn Canal 10-30-yr 2b
reg..l93s
Pan Canal 10-30-yr 2i
1961
Panama Canal 3t B..
4-
1961
1014-34
43
Foreign Government.
Anslo-Frenob 9-yr esSzter loan
Argentine Interns! 69 of 1909
Belgium 25-yr ext s f 7 Hs g. 1915
1921
1-year 6% nUes
J
5- year 6% notes
Jan 1925
I
Lb-?! 0'!.H)d4
<y!
M
M
— Kiternal debt
9568
95.66
100
100
105
105
100
100
Q F
O F
g N
Q M
Q .\d
Q F
A
m
^
80
•
97U
O
89
86
A
A
a
I
J t
t
3
Nj
N
J :
D
.
A
f>
M
J
a
Paris 'C'T on S-ye^r <!i.
Swltzerlan-J (Govt of) s f 83 1940 J
M
N
A
5m
State and City Securities.
City 4 Ms Corp stock. i»flO
iHs Corporate stood
1964
4)^3 Corporate atoc»
1966
4^9 Corporate stools July 1967
N
34^8
30
ntfs
98% 98%
93
83% 92%
41
50
74I4
75I2
46
89
74
89
8034
89
8018
86
76
2'
81
81
71^8 July'20
8718
8412
70
70
76
Ann Arbor
89I2
8634
97'2
I4I
91%
47:
A daota tt
102%
51U
90I2
M
M
M
W Vaayaref 48.1941 M
Cent Ohio a Ist g 4HB..1930 M
CI Lor 4 W oon Isi g 5a.. 1933 A
E4
N
SoutliW Dlv lat gold 3 Hs. 1925 J
J
52% 71
8334
33I2!
83% 93%
19
28
19;
29
26
RR
851
91
..1936 J
1937 A
Pitts Oicv 4 Tol lat g 8a.. 1922 A
Tol & Cic dlv l8t ref 4s A . 1959 J
Buffalo fl 4 P gen g 69
1937
Cons'il 4Hs
1957 M
All A West l9t g 48 gii
1998 A
Clear » Mah let iu g of.. 1943 J
Rxh V Pitts lat gold «'..'.921 F
OOU80I Ist g e»
1922 J
C<na la Sou oons gu A if. 1962 A
far "Mnjb 4 Ohio lat 30-yr 59 '38 J
Central of Ott I31 gold 8e
plfl48 F
Consol gold Sa
1945
lO-yr remp aeoiir flfi June 1929
Ist g 8b.
M
M
':
la es; t'.iU
227,
200 102% 103%
SO
61
302
375
294
92% 97%
82% 90%
83% 95114
163
90I4
8534
8534
93
90% 94
92 •8
8534
June' JO
9L4
lOO'ig
91
Sale
9II2 92I2
86
81
90
81
81
91
91
9134 July'20
81I2 July'20
8218 July 20
83
July'20
8534 Mar'20
9II2
91^2
9134
91%
9'1lj
lOOij
91% lOOis
8O34 903s
80
91
8II4 90
8534 89
9118 lOOij
7134
9Sl2
7134
82
92
92
•
91% 100%
7134
'
Dec
91
93
107%
99
l"0
95
31
w-a
50
Sale
72^2
....
76'2' 268
74%
71% July'20
65I2 July'20
73>2 June 18
65I2
67%
631'.
63
66% 67
*80
82 14
66
82
72
731? Sale
78 Jan
12f% Aug
71
98I4
loo
»79
81
100
60
6II2 Sale
1
Sale
Sale
69
68
86
A
"If
7712
8412
oDueJan
82
69% n..
95% 98%
78
9258
92%
78
78
72%
7S
84%
81
81
70
5714
222
81%
69
92
60
Jun'>'20
59
70
84
51»4
75
61
11
67%
77%
86
86
91
UII4
90 Is
90%
4434
53
88 Is
92»4
'19
4612
7314
Jau
1
85
Apr '20
May'20
I
82
'12
1
I
82
85
6818
76tj
81
87
87%
88% July'20
72% 'v^U 72% July'20
N
88
61
Jan
.M.ir'18
98
79
70
85
S9»4
60
99%
I
77I4
82
8618
45
99
71%
69%
60
971
Sale
Sale
71I2
62
60
57%
'20
62
46
IOII2 1 )0
62
71ij
'409
161
Feb
J
60i|
6778
82 »4
79
57%
%
91
58
69
133
61
55I2
Sale
Sale
80%
79
68
98% 100
25
Apr 20
5734
5812
85
112
68
*77
97I2
95
48
6OI4
1
8OI2
58%
Sale
*60
99
99
107%
July iS
79I4
79I0 Sale
-201
Aug
D
...194!S«« Qrea' North
Extension 4a... 192'
43
70% 83%
73%
7-<u
2U
85
lOlds
97^8 100
77I4 R7
vl'l»4
June'20
79
70
July'20
78l2
79I2
84%
87
dOaeAprll
85
70
85
4
27
70
96%
75% 88
84
94
Hl]h
May'19
i
JuneT7
I
Jac
I
!
i
1
.
19
July'20 ---\ 79
81%
9 90
94
100%
July'20 --87% 99%
10 96% 9834
97 s
!
Jau
"18
8134
1
'.
-
Mar'
"0
17
1
i
.
77
July'20
Mi,
1
!
!
7714
July'20
July'20
Sept'16
Feb 15
!
42%
I
33
i
82%
77
61% 73
58% 85
7
73
49
38
9S
76
84
83 V
92
67
81%
28%
41
19
I
Feb '20
67%
77%
68
95
«
69'4
1.
191
I0I
D*June
68%
'3534
182 'ii\\ "77"
187 70
811,
...
57 <8 6334
73%
i
^0
84
78
--
I
72
i
I
2
24
88
June'20
98
64
Joint bonds
Nebraaks
Registered
.
lit oonaol gold 68
9^
General consol lai, 5s . . 193"
O 8 Mtg 4 Tr Co ctfa of dep
Stampe
8734
85
July'20
9 1%
Oct
1927
General 4a
195
Ohio A E HI ref A Imo 49 g - igs.-^
V 3 Mtg A Tr Co ctl? of dep.
77%
20%
25
23
'85%
F^l.
.
53
Jan
75
,
I
Stamped
Sale
Sale
4O
4
C
3t
W W
I
lat coll
Col Dlv
Val Dlv
LA C
r,r
a 4a.
Isi «
4e
Ist g 48
i9t g 49 .
7638
67%
S6338
62%
!
96% 100%
23
67% 220
60
;
67»4
J5
K
6534
4
I
.
I
19
79
.
65
58
98
.
July'20
"79
95
May'18'.
6712
June 19
June 20
9«
54%
Si
Jan '20L
i<i.
M.'-Jil.
.
12
18
..|
2
...
.
.
6734
I
.
.
i»
I
:
;
10)
22
77
78
6S
77%
Sale
C
RR
69
70
Apr
16
27
1
73
74
88%
86%
66I4
75
2
11
...
I
.it
K<9
LacS 4
19I (fu
3Hfl..20(W
V^ l9t6s
is
1921
1923
loo?
66
68I2'
9914 100
98
iT.'s
I
I
66
99%
921s
90
«OiieMay. »Dj8Jjue. 'iJidiiiy. ADueAjg. (DueOot. yDueNor.
91% 98
70
'20
73
I
July'20
99I4
May
57%
17
4 W«ii,fn
Co.istnjotlon 89
r-^-- * Tvnn>-nv
66%
74% 77%
47
2
;
July'20
93
66%
81
70
77
84
75
62
NivlH.
57%
i
79
68
..! 60»4
....J\
82'4 Sept If,.
93'j May'li*!.
102'4 0"t 19 .
7614 Nov'lw .
I
60
69
.
74% June'20
23%
103
52% 61
52
May
741s J .u
Sale
'87l»
.
.
Bu
85
73
June'20
69
5733 July 20
63 '4 July 20
101%
73
66%
104
10|.
79
69
.Jkl93b
78%
85. 90%
.
66%
60%
Niv
7238
8734
.
71
48. ..
1990
Clove Short L 1st «u 4 Ha
1961
Colorado 4 3ou lat a 49
1920
Refund i Ext 4 v^s
.1936
fft
A Den
Idt a 99_..1')21
5oQU 4 Pas RlvB ift g 48
1J43
O'Jba
lt"t 30 year 58 g
1962
N Y
9»»4
99»4
tf.>
.
.
84
98%
.
Cot 19
64%
..1H90
1940
1940
...
I
.
52%
Income
Vioirli
.
.
79
100
100%
I
9934 July'20
8312 Nov'19
118
9934
6534
66%
60%
W
W
De' LacE
,
84%
159
I.
Apr 20
Feb 19
.
98
"90'7«
70
79
65
May
65
!
87
97
89
Registered
iy.>.p\
Oln 3 A CI oona Ist g no
192S(
O C C A I gen oona ? 8a .1934
Ind B A
Idi t)rt!t 49... 1940
O Ind A
Ist pre! 59..-ill93S
Peoria 4 Eaat l9t cona 48.1040
W
"e
I
94t»
17,
99 >4 Apr 20
100
Sapfl'^
96l2 June'20
71%
72
July'20
81
69%
70
l^)8^
98
2
9334 July 20
..198'
"97"
94 It
'
I
NoVl'
W
L Dlv
68%
81
l6\
Jan
6e reduced to 3)^a..l930
Dabajiture 5e
1930
North Wlsconslij lat 88... 1930
Superior Sbori L 1st 6s g.^1930
Caic T H 4 So East lat 6b. .1980
Oblc 4 Wi-st lU'l g!>n \i 69..tl932
Oonaol 60-Feir 4s
.1952
Oln H A O 2d gold 4 .1,1,.. .193':'
C Kind A Ft W iHt <ii 48 g 1923
Day 4 .Mich Ut con>< 4^p 1931
Clev CU Cb 4 S. L g«-n 4s .1993
20-yoar deb 4-ja-.
.1931
Qanero! oe Ssrlos B
1993
Oalro Dlv I91 KOld is..
.1939
Oln
4 '4. Dlv Idi g 4i .199!
3pr
"20
Ojo
Cons
•3t
5918
]I"r92
86
N:)V(.S
100
1930
(^ons «8
92
\
Mar' 19
Keok A Dea Molue* lat 58 1923
St Paul 4 K C Sh L 1st 4H3'41
Nl
78
77»4
96<4
04
81
81
'Ifii
98
Burl C R 4. N lat g ie
1934
C RI F A N W lat gu 5a. .1921
Cb Okla A G onnsg 59
1952
Oblc St P
21
I
93%
19|
Feb
gold o8...192t
.
06
;
W
W
P—
98'4
58
n
June'20
Weatl8tg68...1921
l-t
14
*» sen te
Registered
941
1
192i-
Refunding gold 4i
1934
a I Ark 4 loul- lat 4H8.. 1934
O512
97>4
7-
'21
Apr
Aabla'jn Dlv let g P8..-I92c
Mloh Div lat gold 88.. 1924
Mil Spar A N
lei gu 48 1947
St L Peo 4 N
lat gj oe 194s
Oalo
79%
53
94 12
93
July'20 ..'.'. 'f,i' "so"
71
July'20 .... 70
1
98
94
84
Apr 20
99 103
W
f
72l»
.
4
10
°20
Apr
82
72
73
''
19
7
...
...
'20
"62"l8
,
60
61
84%
I
80%
53% 6078
67% 78
61%
52
6
20
42
46
90
July 2u
67
1
A imp 8
811
July'20
Registered
SlD^iim fund deb 68
1933
Registered
193 <
10-year secure 73 g
1930
Dea Plalnes Val Isi gu lyt^ «
Frem E!S 4 Mo V lat 69..193r
N
1st 3 Ha 194
Mllw 4 8 L lat gu 3H9...194!
MIIL9A
5934
60
Sepi ^i-
1921
1921
ManG 84
62ig
9534
1987
pl987
1987
1987
19S7
1S79-192&
1879-1926
1879 1921^
1879-
:
...
10
Jan
Jan
'67%
68
6>i
I"
Feb
1886-1926
4a
8O12
;
70
50
52
70
97
.
20
67
76
58
June'20
Mllw A Nor lat ext 4Ka..l934
C0D8 extended 4V»s
1934
Wl8 A Minn Dlv g 59
1921
Oaic A N'weat Ex 4e
lS88-'2''
M
Mar'2u
70
59
65
W
,
5038
)
.—
Feb 16
53%
Cblo 4 Mo Rlv Dlv 5S-..192e
Ohio A P
l8t g 69
1921
O A Puget 8d lat gu 48.1949
Fargo A Sou asaum g 6a.. 1924
General 09 atamped
Slaking fund 6s
Registered
Slnislng fund 89
Registered
50
64
66
.
General 48
50
"31
--...
29
90%
I
May
56
Sale
Sale
.67
Sale
Sale
60
4
90
68
'
...
zi)
May
Registered
el98!
Gen'l gold 3^8 Set B ...<198'
General 4^49 Series C ...el98'
Gen A ref Ser A 4 i-ja
u20U
Gen ref oonv Ser 3 6a
j201'i
Convertible 4Ha
193:;
Permanent 4a
1926
a6-year debeutu^ 4a
1934
Cbto A LSup Dlv g 59
1921
3^8
19
.—
Mar'2o
Mar'20
M
Reglgtered
1
53
Sale
Oblc Ind 4 Loutav
Ret 6p 194
Refunding gold 5e
194
Ref uuding 4a dories C
1947
ind A Loulav 1st gu 4s ..19,5(.
Ohio Ind A Sou 50-yr 49
196»
CbloLS A Eaat lat4Sa
1961'
Cb
A StP gen g 49 aer .4.a989
Resl9tered
.'
.'..
-
I
May'20
Mar"2U
FdO 'i:
Mi'''
.
Qsneral sold
56
5
26
June'20
Apr 20
.
—
!«
77I4
;
42
1
Guar Tr Co otlB vjl de;.-..
Purch money 1st coa' 5s 1941
Cbic A [nd C Ry lai 5a
183'
Chicago Great West 1st 48 .1959
Ext
68
'18
64I2'
6212
J
c.
93
98%'
70
92% Mar'20
91
•92
57
70
50
67
July'20
70
100
671''
ns
64% 69
72I2
97I2
Sale
641a Sale
86
7
58
72I2
80
61
62%
7934
84
7012
721' _
61
83
64
82
84
64l2 June'20
69%
70
83"%
60'^8
49%
48
88
D
Dlv 4e
1
iviaylS
.
9I
7.51 >
67I4
91
97
'18
61
i
41987
Am Dock A Imp gu 68...1921
N Y A Long Br geii g 4e..l941
Cbesa A O fund A !mpt 5s.. 1929
1st oonaol gold 5e
1939
193!'
Registered
109.
Oeoeral gold 4^a
Illinois
Since
^0- Low
Registered
199'.i
Reulrtered
20-year ooavertlble 4^9 .193(i
30-year conv secured Sa.lPl''
Big Sandy 1st 4h
.1944
Coal River Ry Ist gu Is . 194
Craig Valley let g 58
1940
Potta Creek Br Ist 4a
194f
H A A Dlv l8t oon d 48. . .198V
.19812d co'jsol gold 49
Greenbrier Ry lat gu g -is 19 K
Warm Springs V 91 g 6s.. 194:
Obic A Alton RR ref g 3?... 1945
19.S'
*a«u)ir lat lien 3 ><s
Chic B & (i— Denver Dlv 4s. 192Illinois ulv 3HS
.l'/'4:
Rang*
Jan
Ask
Bid
MM
Debenture 68
June'20
93 July'20
10712 Jau 20
Mar'20
99
102 May'20
95
July20
5912
47I2
98
70
86
81
AUJ IV
Nov'19
9018
A
943i
9514
9514
88
N
88%
43
37
94
86
....
D
>4
9234
8514
Mar'20
Mar'20
Mar'20
ienerhl gold 5a
No pr.ce Fr; la
I
July'20
S
r-.
76
86
7X7s
M
Ohio rtWer
I
82
82
77
85U July 20
59'2 Sale
I
I.
67ij
85I2
102
M
P
209
9512
91
90
92
M
93% 98%
S9U 97%
147j
91
M
92I2
96
12;
96I4
84I4
Week's
Raniie for
Liit Sale
1946
Mobile Dlv lat < 5s
Cent RR 4 B of Ga coll g 68.1937
Cent of N J Ben gold 63
1987
98%
13
5II4
Price
Friday
Auj. 6
Cent of Ga (CorK.)
Chatt Dlv pur money g 4s 1961
Mac A Nor Dlv lat g 68. .1948
1947
Qa A Atl Dlv Os
M
1
M
8412
84%
9314'
IO3I4!
8212
8734
92
69
1
I
100
1996 X O
ReaiflCered
..
1995 A O
• Clustmect gold «s...
.kl995 Nov
Registered.
»1995 Nov
Stamped
N
41995
Conv gold 4s
1955 J D
J
Conv 4a Isaueof 1810
D
I960
Eaal Okia .Olv 1st g 4s... 192:^ M 8
R cky Mta Div 1st 48., .1986 Jl J
J
Trans r^on Short L 1st 48.1958 J
Cal-Arl2 lat 4 ref 4Hs"A"1962 M S
s
3 Fe frea A FB Ist g aa...l942
s
Atl Coast L lit gold 4e
»lfi52
10-year serured 7s
N
1930
J
Gen unified *K9
D
...1964
N
Ala Mia l8t gu gold fie. ..1928
Brun-i *
J
isi i!u gold 43.1938 i
Jbarlei 4 3av Ist gold 78.1936 J
J
coll gold 4s.
N
...01962
3»v F * W" lat gold 6s .. .1934 A
1st gold 8s
1934 A
B;i|t A Ohio prior S^f
J
1925 J
Rsiia'.erod
J
.-»1925 Q
l.st SO-year gold 4.i
41948 A
Registered
41948 Q J
lO-yr oouv 4H9
.1933
Refun A gea fis flerles A. 1996 J' D
Temporary iO-yr Os
1929 J
J
Pitts Jiicj I8t gold eS
J
1922 J
PJunc .%
Dlv 1st g 3 Kb 1925
N
LAN
lo
79
95 U
87
54I2 '201
84I4
95I2
I
—
W
}-l
'201
Jan
92%
71%
92^2
72^4
7134
52I2
83^4
83I2
91
81%
.tl09(
.at g 4e
i
9714 -37J
31
97 Is
89
86
90^8 Sale
91%
.
98
9112
15!
51
27I2
i
101
13
27[
34%
1
97
98l2
Railroad.
Atchison Topeka
Gen g 4s
4'
84I4
83%
4Hs_.1963
Brown Brof
431'
I
t 4 i« 8.. 1965
Virginia funded d»b^ 2-3e..l99!
6s (leierred
98''4
93I2 100
6912 7\
44
85% Sale
9138
3H%
'
26
O
1«57
iyi% Corporate stock... 1967
Corporate stock.. 1964
N Y State— 4s
.19«1
Otnal Improvement 4s
1961
\3>nal Improvement 4b
1962
Oanal Improvement 4b... 1960
Oanal Improvement 4H8-1964
Otnal Iiiirrovemeat 4Vi8.1965
t
]
53% Sale
83^8 Sale
83'2 Sale
85
4>^9
HIgbway Improv
Highway Improv
,-1
a
4 Ks '-orporate stock
19fi5
4^8 Corporate stock
1963
4% Corporate stock
1969
4% Corporate stock
igs*4% Corporate stock
1957
4%CorDor8te stock rei..l956
788
97I4
90^4
92I2
96I4 Sale
82I2 Sale
—
New
I
911, Sale
102^8 Sale
Si's 54
5-year
aotea
192
20-year gold bond 6HB..1937 F
10-yetr conv
.1929 F 0|
pI922 F AJ
6-year conv 8 Hs
tThese are prices on the basia of S5(o£
RY
Sale
Sale
Sale
97I4 Sale
90'8 Sale
92ii Sale
72 Sale
71U Sale
and iefaalitd tomdi
for (otercii
1
99 54
71
43
I
3418
'15
I
I
M
M
5H%
1
82
O
a'
—
9918
69I2
97'8
9818
9II2
831
Feb
I
r>
Second series 4V4«
1925 J
do do
'GsrinaD stamp".
Bterling loan 4b
...1931 i
Lyons City of) 15-yr 8e
1934
Marseilles (City oO IS-yr 861934
Mexico Exter Iosd £ 5b of 1899 Q
Gold debt 48 of 1904 . . 1954 J
lOl)
71^4 72%
8412 Sale
A
.
Tokyo City Se loan of 191^
U K or Ot Brit <k Ireland—
85
69*8 70
9712 Sale
98 '8 9812
92 Sale
83 12 Sale
43 Sale
75I2 Sale
88I2 90
M
DomlnlcanRep ConsAilm a t 5s'58 I
Oomlnlno o! :.«i>s.d8 g As.
1921 A
do
..192B A
do
1931 A
do
do
2-yr 5123 i?old note* \\ia 1921 F
10-year Sijfl
.192Q F
Italy (King lomof),Ser a 6!^3'25 F
Japanese Govt £ loan 4 kb.1925 P
"»''i
85.821 530 84.00 94.00
85.10.6y'Jl 81.10 92 S6
88.9016479, 85.80 95.00
1
99U Sale
M
—
775| 81.40 92 90
Sale 95.64
95.80 5287 94.70 99.4l>
Sale 195.64
95.80 3667 94.64 99 4
lOHj 100 Juiy'20
100
I n
14
IOU2 100"2 June'20
IOOI2 10!
IO6I2 105
.uly'20
105
106U
IO6I2 105
July'20
104
106 ,
IOII2 9^
Mar' 19
July'18
101'2 99
79I2 8914
7912 Apr 20
83
8712 Mar 20
87
86% 87ij
78
Kf
5e of 1904
Exter dt Sa of 1914 aer 4
1949 r
External loan 4 Vj! .
1949
(
42' 83.00 93.4.S
96 00 July'20'
96.00
86 00 101.10
85.24 Sale 184.90
85 48|l21S8; 82.00 93 011
Chinese Hukuang Ryl C" of 1911 J
Copenhagen 28-yr s f 8'^?-..l944 J
Cuba
8432
85.40 Sale 85.36
84.80 Sale 8442
88.60 Sale 88.46
J
m
Borlfaux (CIt/
ieo.40
85.60
84.88
—except
Wee A
High
85 30
interetl"
BONDS
STOCK EXCHANGE
en ling Am. 6
Y.
,
1
Hiatt No. Low
85.40 Sale
84.80 Sale
19^5|Q
4* registered
IsUnd
Ask Low
SI net
Jan.
91.08:3828 89 10
Victory Liberty Loan
4H,3 conv g notes.. -1922-'23 J
3H9 oonv g notes. .1922-'23 •»
41930 Q
2- oonaol registered
2;' oonsol coupon
4^930 Q
Philippine
Last Sa:e
90.90
1932-"47 J
1933-'3S A
Reglatere-I
Ranje or
Au;. 6
91.00 Sale
M
4H3
iHa
— "and
Rangt
Fridav
Bid
GoTernment.
3H9 lat 16-30 year.. 1932-"47 J
Second Llbeity Loan
lat L L oonv...l932-'47 i
49
1927--42
2ndLL
49
Loan
Liberty
TWrd
Srd L L
Fourtb Liberty Loan
Weekt
Price
sfe
UbertF Loan
4«a
4Hs
4H9
Record. Friday, Weekly and Yearly
]a*. 1909 (»« Szciamg* method of tooting bondi mat ckauoti anil prlcei are now
BONOS
STOCK tXCHANQE
H. Y.
BxcMnge— Bond
f<ew York Stock
574
20
.Tiinp'20
,
..
'
63
70%
1
98-s
100%
..
92%
97««
90
Due Deo. (Option
94
sale
———
6
.. .
...
Friday
Aug. 6
*«ek ending Aug. 6
Delaware Lack A Weet Concl.
Warreu let ref gu g 3H8. 2000
Delaware & Hudaon
Bid
V
A
92;^
4
102
—
M
M
LEA W
D
AW
i
N
t
.
DCO
M
ASF
W
95
937
nilnole Central lat gold 4a.. 961
961
Beglatered
961
Utgold3Ha..
Registered
961
Sztended Ist gold 3He
961
Ist 68.
"si"
65
M
M
M
Joint lat ret 68 Series
Mempb Dlv let g 48
M
M
Basil terad
*
No
lat
N
J
N
N
J
7118 Sale
63i8 64
65'2 Sale
63
85
76
77I4
5712
62
52I4 --51'2 63
61
6534
69I2
65I4 ..
100
70
85i8 Sale
60
65'2
7418
5958
68
S
7OI2
82
J
65
and Mked
68
71
541s Sale
063t Sale
6618 Sale
7012 79
67
81
79^8
80
tbla
65
2
00
23
144
July 20
70i8 July'20
42
Apr
July 17
July'20
50i2
4912
11
IO5I2
weak,
Reijlstered
99^8 lOl's
72I2
65
loou 100.4
Registered
Ist Int reduced to 43
Lib
lat guar g 4a
Registered
Lang Isid 1st cooa uu'd 5s. .A
Ist consol sold 4?
k
General gold 49
Ferry gold 4Hs
ANY
67\
58'4
62^8
72^8
71
63
38
39
49
70'8
75
43I2
58
48
Gold 4s-
67
52
9278
92^8
90^8
86
Nor 3h B
Louisiana
liOUlHvllle
May'20
99'8
9634
Jan
Jan
80
92
93
i
2ii
June'20
9434
9812
4758
Nov' 16
84
40
73
Dec
84
86
93I2
99I8
5138
80
92
93
80
92
96
116
47
136
38" '47
June le
7458 Apr 20
38'4
35I4
37
3734
39I2
72
72
91
IOOI4
3918
97
72
48
Dec 06
May'20
Deo '18
Nov' 19
95
June' 12
'8II4
11
73^8
73^8
92 Aug 10 ....
5158
5158
76
Dec 1
"263
93I4
94
9334 July'20
78
78
96 June' 16
84 June'20
July'20
118 Apr '17
65
"io
'92"
80
7378
'si'ss "se'is
'92"l2
"96"
89
70
'83
9514
85I2
"
*88i2
98l2 1053$
84I4
'8314
"92"
IO2I2 May' 16
77I4 July'20
76i8
83I4
84I4
80
83
78
97
Sept'19
Mar 20
July'20
Feb
'20
8512
9118
10
8
July 20
22
65^8
6718
7312 June'18
73I2 Oct '18
76I4 Apr 19
78
Mar'20
80
92
May
84
Nov' 16
'83
"94'"
55
7
58i2
5934
»li8
55I2
IOI2
65
73
20
78
79I8
8318
64
72
'62"«4
62»i
July'09
40
70
9538 Sept' 12
7OI4
73
64
65i8
64
66
July'20
83I4
85'2
70
70
19
5
28
'32
1
62
65
62l2
5958
63
83
68
741J
7612
63»4
72 18
63
9312
80
Decl9
60
69
Jan
'20
69
June' 1
54
102
54
53
52
53
Jan 20
6II2 Feb -20
6II2
69
m
Nov 16
May' 19
92
NoVlO
85i8
84
'7'5
7018
6912
69I2 Feb 20
83i8
6912
Nov' 17
Novm
Jan '20
78
65
65"8
72
80'8
66
80
Z78
a
54I8
Ooi '09
67I4
76
63
67
66 Is
July'20
7S
497g
6314
6278
72
?«
69
751
7658
8158
Fob M?
Au(? '19
May'20
80
8714
Sept'19
Due
Jan.
7yi2
946
66I2
921
aso
955
9734
94fl
75
46
B
Du«
Feb.
Due
89
ilOlis
67
I
'86"
79
95
89
1
98I4
96I4
81
i
6II4
Jund.
A
Due
July,
26
97^8 May'16
98I4 Dei 19
93I2 Jan 20
7612 July'20
Mar'lO
99
38
75
671
—
.—
I
I
3912
Sale
1
i
.
.
.
.
9312
7612
;
61
87^8
i
.
.
I
25
35
30U
19
67I4
3478
'
3
42
-
40
69
i
1
35I2
7012
89I2
33
"s2'ig
—
23I8
27I2
12
99
95
95I4
75
4334
65
42
71
44
82
CI
.
Dec '16
53I2
541s;
281"
30
27I2 Junc'20
17
17
.
12
2, 17
1
31
July 20
.
30%
24
27
30
27
24
23
June'20
40
40
60
45
June'20
33I2
36
6212 Dec 14'
33I2 July 20
48I4
48'4
48
26
i
24
89l2
Nov
88
85
95
94
I
---
I
3038 Sale
2434 Sale
O
—
9312
8II4
65i8
;l
---
I
95
5334 54's
28l2 Sale
30l2
27
17
—
.—
—
—
58
May
20
July 20
39
725g
75
40
70
37
65
8534 July'20
70
A
4118
51
89I2
...
6S
8534
.
June'20
50I4
45
80
*85l2
.
NovlO
37
75
8778
82l2
"89" "89
.—
July'20
M:.l- 2U
95I4 Feb 20
97
6838
5812
I
32^8
--
24.''4
Feb
May20
51
Dec
^
--
.
'20
20
'
15
20
3038
2434
28
'
.
"eoTi
32
33
17
3978
31
25
23 14
24
23
37
28
26
23
46
45
"38
48I4 50
20
20
'33I2
.
161
38 14 Dec 19
1
7678
77
88
84
8478
8218
July'20
77
is 84
87"4
74I2
1
82 '8
Sale
53 14 532 61
52
9734 9334' 9734 July'20
9612
58 Oct "18
"
'60
63
65
61
July'20
68 June 19 1::::,
7012 7134' 7034 July'20
70
8512
80
53
I
79I2
7912
8234
83
84
89
7"o"34
Sale
6412
67
791:
5
July'20
July 14
66I2
72
--
82
102
807s
83I4
56'4 Sale
67
. .-.
|
77I2 Mar'20
73I2
78
:::: ::::i 20
2014
25
68
- - . -
15
15
Sale
92
-
I
631s
72
86
9214 102:,
955»
91
61 78 59
76ii 771
76-g 78
68
74>»
8SI2 97>4
30
23
16
9034 Juae'2u
49
52
4 Us
69l2
86
63
93I4
73I2
66
Sale
6353
201
62
5
i
69.0
i
12
72
79
ei4t
70
01
64lt
82l2
69
66I2 June'20|
671:
59
62>i May'20|
6614
75'4
66
62ij
62
60
June'20|
64
6l7«
Mar'17
Fob '20
Jan 20
49
491s
833<i
82
73
I
H2I.
9534
1
July'20
70.'4
60
75
49
2
60
06
63
63
40'« ...
72is ...
76
65
96
675$'
59
66
16
8834
"ss"
80
94l2
I7I4
72I4
73'2
79»4
87
20
'19
Jan '20
58I4
65
Sale
78'4
67««
Dec
86I2
58
,
June'20
Sale
74
M
69
76li
80
3
2
SSI- Sale
72'8
Sept.
'20
Apr
05
73
61
893b
6678
9034
58
50
49
12
--.-.
...
6
...
6SI2
6SI2
90I2
9OI2
IIOI4 Mar- 17
2134 July 20
96
99
8312
9U8
'17
67
May 20
92I4 July'20
Apr 20
91
56I4
56
76
6SU 69
901;
9512
Oct
1
23
64
80
98
89
91
951
Due
72
68
'
M«r20 mil
77
75
99
35
4H8- 92«
n
63is
7934
1
I
67I2 t3l4
4012 Sale
49I2
47
977
936
99s
2013
Rel A Imp 4H8 "A"
Cent
A
Hud
RlvYork
New
997
Mortgage SHa
997
Registered-034
Debenture gold 48
934
Registered
998
Lake Shore ooll g 3 Hb
998
Registered
Mich Cent coll gold SHa.. 998
998
Registered
Battle Cr A Stur let gu 3B. 9.S9
Beech Creek lat gu g 48.. 936
936
Registered
936
ad guar gold 6e
Registered
936
Beecb Cr Ext let g 3m-6 961
9><1
Cart A Ad 1st go g 48
Goiiv A Oawe Ist go g 6A-. 942
^-loh A MftI Ist gu a 49
991
9S«
If J Jun» R guar lat 4s
lOHs 104
1
'05
June 20
W
93fi
965« 100
45I2 5178
6OI2 76
1
8
5
63
Feb
61
|58
929
Rlv A O Dlv Ist 8 49... 933
1st g 5e... 92(1
Verdi V I A
927
Mob A Oblo new gold 6s
k 927
lit ext gold 69
93,>General gold 48
Montgomery Dlv let g 68. 947
927
St Louie Dlv 6e
St L A Cairo guar g 49.. 931
Nasbv Chatt A St I. l9t 6b. _ 928
923
Jasper Brancb 1st g 68
Nat Rye of Mex prllen 4 Vis. 957
A
!
—
May'20
67
Registered
68
,
I
90'8
"75
1
64
62"8
Sale
*7158
M
lat 68-.
25
104
631s June'20
7934 July'20
72
8818
937
945
4%
RR—
69I2
95I2 Nr.. 19
e5'2
963
925
60
.-- 84
91
41 99 lOl's
... 85
90
... I1OI4 103
100 loo
Apr 2u
64
73I2
rleposl
la? 4b
67
68
9112 94
87'2 100
72
8412
!
104
68
78
63
737,
I
I
66
76
T
of Mex prior lien
lat ooneol 49
79
72
591s
.'72'li
20
July 20
ilOO
Feb 20
791. Jan 19
9758
9812 9758
45I2
47
47
95
97
1
M:ir-2<:
7734
7934
81 12 Sept'19
8534 84
July'20
10158
Sale ,10034
91
85 July 20
97I4
—
Nat
Dec 19
I
6312
M
U
Mo
'i'i
7934
9258 100
Oonaol 49 Series A
93
7712 AUR'19
75I4 Dec 19
Is
May
D
New York Central
Oonv deb rte
OS's Feb 19
65I2 July'18
51
73
94
90
92
70
931
987
965
945
Joint 4s.- 962
Non-cum Income
Mttr'19
93
78
—
June'li^
-
85
New Orleans Term
N O Tex A Mexico
H7l2 May'lO
73
84
90U
•76
- --
lOlU
Guaranteed general 4s
53
6II2
June'ie
8058
7912
1
M
R
62>4 June'20
68
6II2
C.
78
«3
67
;
J >n 11
.^ugi.
Jan
6II2
931
930
930
Mo K A
MKA
MK T
73
'92'
..
95
92
»6
6%
78
99
96I4 IO6I2
9334 July'20
I36I4 May '06
85l2
85I2
9118 Apr 20
5512 Mar20
8
61
"
98l8
73
i
A
'
82
78
97
1
103
"84"5^
--I 77
6412
2c)
949
935
927
lat ext gold 68
94^
refunding 4a
2004
lat
Trust Co certfa of dep.
Osn alnklng fund 4 Ha.. 936
Trust Co certfe of deposl
Bt Loula Dlv lat ret g 48.. 2001
aecured notee "ezt" 16
Dall A Waco lat gu g 58... 940
Kan City A Pac lat g 48.. 990
942
E lat gu g 69
Okia 1st guar 68-. 942
A of 1st gu g 59 942
Sber 8h A 80 Ist gu g 5s.. 942
Texas A Okie 1st gu g 6B.. 943
Missouri Pacific (reorg Co)
1st A refunding 6b Ser A.. 966
923
1st A refunding 58 Ser Ba
926
lat A refunding Ss Ser
97.5
General 49
Missouri Pao let cons g 6e . 920
945
49-7ear gold loan 4s
938
8d 78 extended at
948
P 1st g 48
Cent Br
of
Ist ext g 49.. 938
Pao
9S8
2d extended gold 6s
9t L Ir
A S gen con g 6e 931
Gen con stamp gu g 68.. 931
Unified A ref gold 4b .. 92P
9818
....
591s July'20 ----
930
Co certts of
8658
67
92]
03f
96?
L 4 Jeff Bdge Co gu g s
94f
Manila
Sou lines 4b.-. 93e
Mez Internat 1st cons g 4s.- 977
Stamped guaranteed
977
Midland Term 1st 8 f g 68. 92 f
Mlnn 3t Louis 1st 7s
927
Pacific Ezt 1st gold 68
921
1st oonsol gold 69
934
lat A refunding gold 4b . .
949
Bef A ext 50-yr 5s Ser A..
Des
1st gu 4s.. 936
A Ft
Iowa Central l9t gold 5s.. 93'.
Refunding gold 4s
961
St F A S S
eon g 4s Int gu 938
93s
lat cons 68
1st Cbic Term s f 48
941
S S .M A A let g 4a Int gu .2f
Mississippi Central Ist 6a
94P
Kan A Tex lat gold 4s 991
990
ad gold 48
(
Trust
-Ij
934
937
949
931
Mo
Jan'ao
May
72
83
95
On
94fc
84
M
92
!i
my
921-
I
13
Jan '20
Oct "13
6534 July 20
Oct 19
92
99I4
'06
6312 June'20
79
89l2
1
High
17
86-%
89U
M
,
60
69
4
96%
931
931
—
4S
23I2 Jan "17
86I4 July'20
68 Dec '15
Nov'll
933
933
945
94o
RR —
'3918 "3"9i8
June'20
108
98
lOo
SAN
'52"
Mar
951 i
927
930
937
940
940
M
Jan.
6II2 July'20,
71*4
7178!
8912 June'20
I
113
A Ark Ist g 5a
A Nasbv gen 89.-
Beglstered
t
N Fla A H 1st gu g 5s
N A C Bdge gen gu g 4H9Pensac A Atl let gu g 69..
Ala cons gu g 59
Gen cons gu 50-year 6a
91
40""
July'20
6858
Sale
LANAMAMl8tg4Ha
90
79
Since
14
HiQh No. Low
Ask Low
93:;
L A N-South
'20
'18
Feb
44
83
8834
79
Jan
41
661:
JuDe'20
IOSI2 Sepi l\>
103 Jan 'IS
79
85
49
7934
4134
30 Is
30
34
Lasi Sate
con g «u 5s-0
let
Mem
56
73I4
75
58
89
4
106^8 Jan '17
8834 Mar 2"
91
5e
M
N
'16
35
con
Unified gold 4s
Registered
Collateral trust aold 58 ..
10-year secured 7s
L CIn A Lei gold 4)^8-.O A Ist gold 6a
aa gold 68
Paducab A
Dlv 4s..
Bt Louis Dlv Ist gold ds aa gold 38
Atl Knox A CIn Dlv 48...
Atl Knox A Nor 1st g 59..
Hender Bdge 1st s f g 6a..
Kentucky Central gold 4a.
Lex A East Ist 50-yr 58 gu
Aug'l*
42I4
Ist
Gold 59
June' 19
83
86
B
NY 4 RB let gold 5ag
80
Aug. 6
93'.'
Unified gold 48
Debenture gold 6b
ao-year p m deb 6e
Guar refunding gold 4s..
Reglatered
69
Week')
Range or
941
NYBAM
MarOv
6
Range
Price
Friday
I
Leh Val RB lO-yr ooll 6s.. 928
Leb Val Coal Co 1st gu g 5s. 933
85,
2512 July' 16
July'20
69
93 18 June'20
86 June'20
.
S;
Leblgb Val (Pa) 00ns g 49-.20o3
General ooub 4 vjS
2003
Leu V Term Ry ist gu g 6a
941
Deo 16
82
Aug
575
BiJ
'11
61 14
34
64
76i|
9034
02
50
9078
81
27
6312
62'2
63I4 July'20
68I2
71
44I4
46^8
tiS
N
9434
67
73
101
ling
""
.;;a.
High
4
lOOU July"20
80
GO
Week en
1
5
14
SOI2
100
65
63
89
68I4
53I4
960
950
960
937
941
945
gu g 4H8.. 940
940
prloe Friday; latest bid
9434
8TO K EXCHANGE
Y.
It.
Feb 08
9434
80
6934 Sale
Reglatered
..
Ref A Itupi 68Apr
Kansas City Term let 4a
Lkkt Erie A vvest Ist g 68..
aa gold ea
nortb Oblo lat guar g 6s..
NY
6734
S
A. 963
951
Reglatered
951
St Louis Sou lat gu g 48.
931
•dill A Iowa lat g 48
950 J
lat A Qreat Nor lat g 68
9U)
•mee Frank A Clear lat 48. 959
Caneaa City Sou Ist gold 3e- 950
L«h Val
1|
Sept'17
6418 July'20
6518
Beglatered
96]
- 951 IN
lit gold 38 sterling
Beglatered
961
OaUateral trust gold 4b. .. 962
Beglatered
952
In refunding 48
955
952 J
Parcbaged Unea 3Ha
953
b N (} A Texas gold 48
.
Beglatered
953
ifl-year aeoured 6i»8
934 J
Oalro Bridge gold 4a
950
Litoblleld Dlv lat gold 3b. 951
boulav Dlv A Term g 3 Ha 953
921
tflddle Dlv reg 88
951
Omaba Dlv lat gold 3b
*t Louts Dlv A Term g 3s. 951
Gold 3Ha
961
Registered
961
aprlngf Dlv 1st g 3 Ha
951
^eatern Lines iBt g 48
951
Beglatered..
951
aellev A Car lat 88
923
Carb A Sbaw Ist gold 49. . 932
Chio St L A N Ogold 6b.. 951
Beglatered
951
Gold SHa
951
Registered..
951
Jan.
High No. Low
M
M
Sine*
Latt Sal*
Ask Low
J
9434 Sale
J
N 74': 77^8
94?
8OI2 Sale
935 A O
930 t D 100 Sale
10-year secured 7s
61% 65'2
946 A O
Alb A dutiu ooDv d^m
N 99 104
Renss A Saratoga lat 7e.. 921
Qrandc
Denver A Rio
J
63 Sale
93e J
let eons g 4b
6412 66
J
U3« J
Oonsol sold 4Ma
71
Sale
J
D
9ii^
Improvement gold 68
F
45% Sale
A
966
1st A relundlDg 6b
Trust Co cert re ol deposl
40
4212
Bio Or June let gu g 6a. . 93i.
7018
94C
Bio Or Sou let gold 4a
3712
94C
Guaranteed
64^8 65
Bio Or West iBt gold 49.. 936
50
50'2
Mtgr A oolt trust 48 A.. 94(>
78
50
lei lien a 49,. 996
Dei A Mack
996
tiold 4'..
DetRlvTuuTar lun4H8.- 961 m N 7018 72
91U '86'"
J
Dul Mlaaabe A Nor gen 6a.. 941 J
79^8
937
Dul A Iron Range lat 6s
937
Reglsterei^
77^8
76
937
Dal 8oa Shore d Atl g 6b
7858 84
Elgin Jollet A Ea»i. lat g 68.. 941
9918 Sale
Brie lat conaol gold 7a
92C
I
N Y A Erlelatext g48... 947 IM N
87
92c M 8
Sia ext gold 4Hf..
921 1
4iD «^xi iioM 9e....
92^ J D
Sth ezt gold it
96 100
79.181* 10
92C
S
V V
5034 Sale
99e. J
^^e lat oona g 4a prior
J
aeglatered
99e
42 Sale
UC eonaol gen Ilea g 4b. 99e
996
Beglatered
6318 68^8
pinn ooll trust gold 48. 951
36U Sale
BO-year ooDv 48 8er A.. 953
3412 36'2
95f
do Series B
38 Sale
953
Oanoonv 49 Series D
72^8
72
98^
Onlc A Erie lat gold 68
75I8 83
Olev A MaboD Vail g 68.. 93s
73^8 78^8
Brie A Jersey let a I Sa.
95c
7612
Qmesee River lat a t oa .
957
--95
Liog Dock consol g 68
936
100
922
>al A RR let cur gu ea
78^8 102
/ck A Impt lat ezt oa.
943
N V A Green L gu g 68. .- 946 M N 49I4 83
50
la«rel89
937 J
If TSuaa
3
93
ad sold «Ha
44
Qeneral gold 68
94(
Terminal lat sold 68.. 943 m N "72" 88
Mid of
940 A O
J lat ext Ss...
'59"
942
Wllk A East lat gu g 6a.
92(
a Ind lat cons gu s Os
86
90
921
ranav A T H let ecna 6b
50
942
lit general gold 68
923
idt Vernon Ist gold 68.
930
aull Co Brancb let g 6a.
73^8 7634
959
Vlorlda E Coast let 4H»..
Ittg -;>^8.. 941
fort St U
51% '70"
48.
Wortb
Rto
Gr
lat
A
92b
s
rt
64
933
Oalv HouaAHenlet6a
94 Sale
Qreat Nor C B A Q ooll 4a.. 921
» 921
Registered
7612 78
It
961
rel
Seriea
A
1 A
iiia
82
961
Btslatered
933
•t Paul
A MaD4B
103
933
Itt oonsolg68
105
933
Beglatered
8413 8658
Beduced to gold 4 H 8 933
91
Beglatered
933
79
937
Ulont ext let gold 4a. .
79
Beglatered
937
85^8
PacUlc ext guar 4a i
940
70
-a Minn Nor Dlv lat g 4a. 948
96i2
96
922
^nn Union lat g 6a
98 103
i«ont o lat ga g Oa
937
BeglBtered
937
SSlj 88I2
let guar gold 68
937
87l2
Will
lat sold Sa.. 938
53ig 60
otfs
Qreen Bay A
deb
"A"
Feb
8 Sale
Debenture otia "B"
Feb
60^8
aoll A 8 I lat rel A t g ea..& 962 1
i
67 Sale
Hocking Val lat oooe g 4H8 999
Beglatered
999
65
948
Ool A H V Ist ezt g 48
64I4
956
Ool A Tol lat ext 48
1st Ilea equip K 4 Ha
ref 4e
1st
2i>-year noDV 68.
Mane* or
J
1
2
si
BONDS
Rangt
Price
ttONU»
STOCK EXCHANGE
aouaton Belt * Term
4
..
New York Bond Record— Continued—Page
Aug. 7 1920.
t.
—
a..
1
'
|
N0VI6
154
May'16
73
June'20,
73
751.
89IJ
Jan '20'...
Feb •16!...
751s
5712
68
55
«
Due
Dot.
j
<
Option
sale.
576
"New Yorl B6'nS Record—Contm\i'ed--Page 3
ri
BONDS
eeS en
\^
r
Y
ung
^.
.>
ea.
g
H R
Cent *
W Y 4 Harlem
.2000
NT * >uruier
H Y * Pt] l3t ^^"iUS 48-1993
Pine Creek re
nw AOc
Og<kI
8ut-C
t Lsw^
ta
t
iVeek\
Ran'ie Vr
Alt}. 6
Lait
/fVi'6re»</l(3
^K97
/^Mii't?^
^ifeiato'.e poia 4i.....l92S
...-1931
r>^fe^Tio\a «a
1931
"Ses'Jterea
^
66
90i2
65'2
m
M
*'^'A'*OR l8tgU»58...193S
J
jMaaor
J
RR
1934
Sl'rtg-'^ L Erif
s 58. -.01928
•^Tibr MoK A Y l!rt BU 68-. 1932
v. guaractc<?3 88
1934
^
1931
5*f jhigan Central 58
BtgisCereO
1931
1940
Regl««<!fea
.1940
C'l
Ist 58
3(1
U
Q
I
J
M
J L 4 S Ist goia 3H8..-1951
in gcKiSHs
1952
*0-jT»T debenture 48.. 1929 A
Y
4 8t L iBt g 4a -.1937 A
Kef.stered
1937 A
Di>t?Q:ure 48
..1931
V«e Shore let 48 guar-. .2361 J
SSgl8tered
2381 J
Y C Lines ea tr 58- -1920-22
trust
Kaulp
4H», -1920-1926 J
Connect Igt gn 4/»8 A..1953 V
M
M
«
HY
H4
If
Hartford
dcben 4s
deben 3H«
debeo 3Vi«
deben 48
Hon-ooav
Kon-conv
Won-conv
Hon-coav
Ron-conv debea 4a
OoBV debenture 3 Ha
Oonv flebenturf 6b
Cons Ky aoc-coav 4a
Non-con V dcben 4s
Won conv deben
4s
97U
99
8218
6714
8134
"7712
70
65
69
48ii>
40
40
Conaol 4Hs
Qeneral 4H«
Qeneral 5a
1980
1965
1988
10-year secured 73.
1930
Alleg Val gen guar g 48... 1942
D B RR 4 Bgc lat gu 4a S 1936
Pblla Bait 4
1st g <?..1943
odus Bay 4 Sou Ist g 5a. 1924
Pacbury 4 i.v-wig lat g 48.1938
N J RR & Can gen 4s.. 1944
yenngyivania Co
W
Qnar
lat gold
Begiateren
4H8
1921
1921
Qnar 3HgcoiI::u3t'es A.1937
Guar SHscoll trust ser B.1941
fJuar 3 He trust ctfe C...1942
Qaar HHs trust otls D...1944
anar 16-25-year gold 4b. .1931
lO year guar 4g otig Ser K.1962
Oln Leb 4 Nor gu 4fl g...l942
ai
4 Mar
1st
gu g 4Ha_..193S
4 P sen gu 4 Ha ser A. 1942
Series B
1942
Int reduced to 3XB..1942
Series
1948
Berleg
3^8.
1950
Br»e 4 Pitts gu t 3Mb B..1940
Serlee
.,
1940
Or
4 1 ei lat guV*HBll941
01
77
Sale
'
45I4
451, 50
43I2 Sale
72
Sale
491s
G
W
•No
price Friday; latest bid
85
65
70'.
K
Nov'17
64
75
68^8
681.
6934
6434
74%
67
67
64
7178
94I2
68I2
9712
45
61
99l! Feb '19
97I2 June'20
70'4 July'20
4812
4812
45I8 Feb ^20
4OI2 July 20
4534 Juiy20
W
79
45% 45%
4OI2
4412
48
48
10
40^8
7012
431
7234
33
45
4812
45
39I2
66
55
50
65
7612
Oct 17
91l2Jan '12
60 July 18
62^8 July'20
79I2 Deo 17
6278
6278
49
44
68
6978
Sale
29I4
38
67%
87
83
40
Sale
58
52
8334
997$
Dec
Feb
Deo
73
July20
79
Mar20
9634
Dec
75
Sale
97
54
Sale
69
July'20
51^8
55
76
71
7818
76
67 14
80
3
10
70
70
76
7812
77I2
75
2
7378
'20
69
76
July^20
64
54%
Nov^l9
80%
'74,
6714
4914
7012
66I4
13
69'
8II2
97I8 July^20
9Y%
96
97
June^20
96
7618
37I2
Oct
94
60%
60ig
IO4I8
65-8 Sale
75
75
64
.
65I4
65
10f)l«
89
June^20
79
81U Apr
92
82
102
"76"
78
77
Sale
96'i
"6512
65i8
76
84I4
IO2I2
i
6O'
Jan
'93
92
Dec
"17
96
96
wasg Apr 20
66
62I4
77I2
70
64
83
78
9534
963s
84"l2
77
Nov'19
76
66
80
June^20
June'20
F«b
76
66
80
-iO
84% June'20
96 U May'14
104 Deo '15
68
,
79I4
May 19
Novl9
79
9018
771*
93
May 10
93'4
Apr
82
82%
98
81
80
75
79% 90
80
ff
90
80
Due June,
Due
July,
67
83
83% 48
62% 374
61%
48%
93
85
8734
66
9234
Due
9478
Sale
85
78
90
50
93
May
May
1940
3
3
7,
62%
^20
64
48
55%
52
53
"6'o"
59'*
62%
71»4,
8712-
81
56% 66
39% 6OI4,
93
102
92'*
'^
64
48
89
16
63%
Jan
871?
78»4
62
85
9234
54
55% Sale
55 Sale
7234
23
9234
86
52
727:
July^20
eiV" Sale
4034 Sale
57
98% Jan ^14
July'20,
58
39
54
84
June 20
81
Mar'20
93
July'19
81
July 20
41
May'20
99% Nov'19
"" 164" 101
Dec
'11
3
92'4 100
56% 70
86
60
64ly
39'4
50
8678.
87,
48% 561*
96
49
69
"
'54% "62
65
60^»
493$ 61
93 30
41%
23 38
49
64
64%
64
64
'16
...
72
84
80
80
81%
'81
"88JI4
96% May'iW
D
D
S
D
66
J
O
M N
J
66
J
Due Oct
663»
22
61% 73
Feb ^14
76% 176 73%
75%
9612 403 9338
93%
101 65%
69%
72
87% Sept 16
7534 July'20
II 1
75%
69% 67
67%
60%
781-
71%
85
95
80% 84%
81% 89
90% 95
75
Oct 18
Mar'20
loo
87
95
Nov
"99"
86% 87
S8%
80%
65% Sale
87
Oct
9373
106
78
821'
70
87
-18
'81% *85%
8478 July'20
loo
81
95
N
65%
90
"7"5"3i
N
J
N
N
m N
Sale
'751, Sale
953I Sale
7ir,8 Sale
1949
M
.\ug.
61
47%
93% 93
66%
'.'.'.'.
W
t
July20
57% 60
July'20'
59
54% 60
51% 53% 49% July'20
Sale
32
34
33%
M
a
55"
66%
48
M
8234
79%
W
77
72
Sale
Sale
Sale
Sale
J
J
D
'71
51
56%
64
J
I
54I4
A O
A O
M N
W
83%
•I?
87% NoT"19
88% Seofl?
'83"
79% July'20
'79" 8712
79%
79%
80 Apr '20
'19
74I2
Got
90%
and Askea. a Due Jaa.
Due Feb
M N
M
W% '80%
76% Apr 20
A O
M
84% 84%
96U Feb '12
90% Oct '12
88I4 Feb '17
7
Apr 20
79
82
83
95%
69% 69%
66
71%
73% 73%
July'20
20
J
J
W
W
103%
W
12
.Inn
86«<
75
65
72%
J
J
M
72%
69%
93%
81% 833g
75% 86%
83
92%
73
84%
82
93%
197 101
20
102
73%
65'8
65l8
7OI2
5
82
09% Mar'20
.
74^2
8OI4
8OI4
11
8934
May
IO2I2
lOOis
89
'20
77I2
77I2
86I2
74^8
62
65
J
M
103% 108
32
72I4 June'20
83 Feb ^20
75 ig
75I2
68I2
July'20
66
93l2
75I2 Sale
84I4 Sale
10218 Sale
61
Dec
8538
'
56% Sale
67
83
O
Ranre
1
Since.
Dec •
7s%
79%
75% May '20
85% June^20
97I4
60
Oot
1
High No. Low High
72 4 May20
72% 84
82 14 Apr ^20
82% 82%
73% June^20
73% 73%
75.8 87% 76, June^20
76
88%
97 May 20
96
97
97
99
100 June 17
87
80
Mar 16
77
13 75% 871s
76% Sale 76%
5838 July'20
58
58% 65
711*
4434 42
Apr 20
40
42
80
93% Apr 80
93% 93%
79
J
-a
Ask Low
79
A
;
73%
74%
74%
'16
8458
May'20
84%
9334
94
94
85
June^20
93
94
Mar'19
Mar'20
'ss'
'87'
'9"l%
'93%
100% Oct '17
91% Apr '20
86%
86%
98 Apr '20
10
July'20
83
65
85%
9378
96
96
83
S3
65%
16
62% 73%
July 19
75
73%
90
68
77
79»4
54
60
61%
58%
85
74
Sale
8134 Sale
58% Sale
56% Sale
73
Dlv lat g 4H8-6a...l998
63%
1951
80
Ala Gt Sou Ist oons A 6e..l943
75%
Atl 4 Charl A L Ist A 4 Ha 1944
83
lat 30-year 5a Ser B
1944
Atl 4 Danv lat g 4a
58%
1948
55
20 4.1
1948
Atl 4 Yad lat g guar 48. .1949
58
83
E T Va 4 Ga Dlv g 58. ..1930
M
Cons Ist gold 68
80%
..1956
E Tenn reorg lien g 5s
1938 M S
44%
Qa Midland lat 3s
1946
96
Ga Pac Ry 1st g 88
1922
9434
Xnoxv 4 Ohio 1st g 6s-..1926
73
Mob 4 Bir prior lien g 68.1945
51
Mortgage gold 4s
1946
87%
Rich 4 Dan deb 6b stmpd-1927
N
Kloh 4 MeoX 1st g 88
1948
95%
Virginia Mid Ser D 4-68. .1921 M S
Series E 68
86%
1928 M S
82%
Series F 5s
1928 M S
General 6a
82%
1938 m N
7934
Va 4 So'Wn lat gu 6s. .2003
55
lat cons 50-year 5a.. 1958
O 4 lat cy gu 4s
81%
1924
60
Spokane Intemat 1st g 68. .1965
77%
Term Assn of St L 1st g 4 V{a.l939
lat oons gold 5s
1894-1944
77%
Gen refund s f g 43
65%
..1953
St Ij
Bridge Ter gu g 58.1930
7734
Texas 4 Pao Ist gold 63
2000
53
2ad gold Income Ss
f2000 Mar
60%
La Dlv B L lat g 5s
1931
MIn
4 N 1st gu 581930
Tol 4 Ohio Cent 1st gu 6a. .1936
71
Weatorn Dlv lat g 68
1935
General gold 5a
1935
65%
Kan 4
lat gu g 4s
1990
60
75
2d '^O-year 5a
1927
25
Tol P 4 NV lat gold 48
1917
pr lion g 3 ^8.1925
75
Tol 9t L 4
60-year gold 4s
41
.....960
Ooll trust 4e g Ser A..
.1817
Trust CO ctfs of deposit
"s'
Tor Ham 4 Buff lat g 4B..il946
56
70
Ulster 4 Del Ist oons e 6s
1928
lat refundins e ia
1952
Union Pacific lat g 4a
1947
82
Registered
1947
20-year conv 48
1927
SO34
S
let 4 refunding 48
73%
(12008
97I4
10-year perm aeeured 6a. 1928 J
J
Ore RR * Nbv con g 4g..l946
72
Ore Short Line l3t g 0a-.-19'22
97
1st consols 5«
S85
1946
Guar refund 4s
7738
1929
Otab 4 Nor gold Ss
1928
88
lat estOQded 4s
1933
79%
'VandaUa cons g 48 Ser A
1956
H
Conaola 4a Series E
...
1957
Ji
Vera Cruz 4 P 1st eu 4ii'j.-1934 J
^19
^19
•lO
June 20
Feb •n
77%
96
108
Feb
Last Sale
79% Sale
Mem
19
9612
Aui. 6
at Louis dlv 1st g 4s
77
69
73
May
76
Week's
Range or
80%
—
94I2 104"3i
72I2 80
98i2 9812
98
93
—
103'" 103'"
99
Jan
73%
77%
104%
'19
7334
9812
72
56I4
22
M N
1P41 i
Louisiana West 1st 63
1921
No ol Cal guar g 5s
1938
Ore 4 Cal Ist guar g 58.. .1927
Bo Pac of Cal Gu g 58. ..1937
80 Pac Coast 1st gu 4a g 1937 J
San Fran Term! Ist 43... 1960
Tex 4 N O con gold fia.. .1943
80 Pac RR lat ref 48
1965
outhern lat cons g 5s
1994
Reglatered
1994
Develop 4 gen 4s Ser A
1958
Mob 4 Ohio coll tr g 43. ..1938
Oct •ig
76
7118 '73
100
70
76
W
A4NWlsicug6a
7II4
'20
72i8
7412
4N
" "eo"
49
75
76
98
"60
F
1st g 5s int gu...l937 J
Gen gold 4s int guar
1921 A
Waco
dlv Ist g 8s '30
61%
51
Nov'16
70% 70
73I2
9438
W
H4TC
28
a
N
A
A O
Q F
M
581931 M
2d exten 58 guar
1931 J
Qlla V Q 4 N lat gu g 5a. .1924 M
Hous E 4
T 1st g 68. -.1933 M
lat guar 5s red
1933
13
70
Sale
aH4eAM&Pl8t
'14
'19
100
Feb
_
Mort guar gold 3V<a-.il:1929
Through St L 1st gu 48.1964
44
40
32
74I2
54I2
56
92I2 June" 12
60 Apr '20
52
53^8
7Ii4
7 114
100
122
103
74"8 74
34I2
A
J
Co
Pacific
Reglatered
'13
148
F
M
July' 14
44
M
M
M
Friday
Bid
1949
1963
1957
Gold 4a (Cent Pac coII)..iH94e J
Registered
»1949 J
ao-year conv 48
gW29
aO-yearoonv Ss
1934 J
Cent Pac lat ref gu g 48. .1949
May*15
Aug
Sept' 1
100
98
July^20
70
32
88-i,
74
"56
outhern
57^8
IO6I2
42
Oct"l9
64
65
D
R
May 20
7012
"49 '
C3Hb
Ohio Connect let gu 4e. 1943
Pitts Y 4 Ash let ocas aa.l927
V 4 O gu 4H« A. .1931
Tol
Bertee B 4j^i
1933
0eriesC48
igi2
P O O 4 et L gu #H8'aIIi94C
Series 8 gtiar
1942
Series C guar
194a
Nov^l9
50
44I2 .-
Q
4HB--1955
99I4
9412
"Qis
Hejiaterid..
Qanerul lien gold 3g
Registered..
Bef 4 Imp 4V<8 8er A
i
6712
6934
68I2
€714
M
a
'9514 "95I4
81
lat guar gold 59.1922 j
Olo V
K lat gu g 4b. .1989
Vortttern Pacific prior Hen rallvay 4 land grant g 48
1997
let
13018 J;in ^09
9514 June^20
99I2 Aug '17
9812 Nov'18
661s
7012
PooaliC&Ciolnt48-..194] J
RR
9314
72
M
Ills
93I4
May'17
63%
M
4
May 20
July20
W
Jaducah
Nov'19
Ju]y^20
M
M
Pennsylvanlii
let g 4b. .1923
C0&80I gold 4a
1943
OOD80I 8e!<3 4s
1948
74I8
74
M
1997 Q
02047 Q
..c2047 Q
2047 J
et Paul-Dulutb Dlv g 4b. -1996 J
8t P 4 N P gen gold 88-..1923jF
Registered certificates. .1923 Q
8t Paul 4 Duluth let 68.. 1931 F
1st oonsol gold 4s.
1988
Wash Cent let gold 4g
194S
•Wor Pao Term Co Ist g 68. .1933
Oregon-Wash let & ref 48. ..1981
iPaelflo Coast Co lat g 6b. ..1948
76
87i2
8412
66
General 48
19551
Korfol* Boa Ist * ref A 68..1961If
JJort 4 ecu 1st gold 5s
1941
iSor' 4 West een gold 88
1931
Improvement 4 ext g 88.-1934 F
W»w K Iver lf?t gold es
1932 A
(t:
Ry l8t oons g 4S.-1S96 A
Begletered
1998 A
DW! l3C lien A gen g 48.1944 J
l(}-25-year oonv 48
1932 j
10-20-year conv 48
1932
l0-2&-ye6r conv 4H8...1938
10-year oonv 8b
1929
4N
70
69
Jan '20
79'.
79'4
7734
77
87
M
OC*T
93i8
65
67
69
6618
Boston
Sew England cone fls
1945 J
OoBsol 4b
1945lj
Providence Secur deb 48..1957|Bfl
Prov A SprlnsJlelfl lat 68.1922 J
C
93i8
69
69
.
2a gold 4v<s
...61921
Pere Marquette lat Set A 58.1956
Ist Series B 4s
1956
Philippine Ry 1st 30-yr 8 f 4a 1937
Pitta Sh 4 L E lat g 58
1940
lat oonsol gold 58
1943
Beading Co gen gold 4a
1997
Registered
1997
Jersey Central coll g 48-.. 1951
Atlantic City guar 4s g.-.1951
at Joa 4 Grand Isl lat g 48 ..1947
at Loula 4 San Fran (reorg Co)
Prior lien Ser A 48
195ii
Prior lien Ser B 58
19.50
Prior lien Ser C 68
1928
Cum adjust Ser A 68
»1955
Income Series A 6s
41960
at Loula 4 San Fran gen 6a. 1931
General gold 5s
1931
at L 4 8 F RR cons g 48. .1996
aouthvir Dlv Ist g 58
1947
K C Ft S 4
cons g 6a. 1928
C Ft S 4
Ry ref g 48-1936
K C 4 R 4 B 1st gu 5s. 1929
St L 8
l9t g 4s bond ctfs..l989
2d g 4s Income bond otfs.l>19S9
Consol gold 4g
1932
1st terminal 4 unifying 53.1962
Gray's Pt Ter Ist gu g 58.1947
8 A 4 A Pasa 1st gu g 48
1943
Seaboard Air Line g 48
1950
Gold 48 stamped
1950
Adjustment 5s
al949
Refunding 4e
1969
Atl Birm 30-yr 1st g 48..«1933
Caro Cent Ist con g 4s
1949
Fia Cent 4 Pen Ist eit 8a. 1923
lat land grant ext g 68. .1930
Consol gold 6s
1943
Oa 4 Ala Ry Ist con 6s. .01945
Qa Car 4 No 1st gu g 58.. 1929
Seaboard 4 Roan 1st 6g-.1926
Nov"'•16
87
W
J5.fi00 onl7--ffl992
93I8 Jan •20
20
let eer I i4H8'46'j
TeriQlnal let 48
^^1939i A
He^stered
58
60
Nov •16
6618
66I2
721.
—
Series P guar 49 gold
SerlOE
4a guar
8«rles I oons gu 4^^...19a3
C St L 4 P 1st coos g 58. .1932
Peofia 4 Pekln Un 1st 8e S..1921
•19
82
77
73I2
(COB.J
Si2a gusir gold
a
65
64
m
M
04 W
92% 92%
58
Feb 20
Mar
K
Jerlea
Price
Aug.
eofllnij
4 St. L
P. C. C.
64
9712
93I4
BONOS
STOCK E^CCHANQE
Weefe
High
95
103
WYWctiesAB
W
77^4
78
1947
1947
1954 A
1955 J
1958
1956 S
1948 J
19S0,F
1964|J
1955 -J
19551a
1956lj
ProTldenoe Term 1st 48
1956
4 Con East lot 4H3...1943 J
ref 1st g 43
Y
ffl992|M
64
H. Y.
1.
52
53
77
58
60
101
103
8412
Won-cQDV deben 48
:^on-conv deben 4a
Harieni R-Pt Chee Ist 48-1954|(¥i
B & N Y Air Line 1st 48_.1965!F
Cent New Eng let gu 48..196llj
HartrTord 8t Ry lat 4g
1930|M
Housatonlo R cone g 0a..lG37iM
Faugatuci RR lat 4a
1954 jlW
» Y Prov 4 Boston 4a. ..1042 A
K
79I4
7812
7534
CM
M
No. LOU)
Oct
A
M
High
Mayr20
Mayf20
65
J
J
Since
80
62
60
76
69
.
M
Rnnae
Jan.
0)
ikile
97U 95
i9«fl
g 4a. .1922
1TO7
3Hb
*9 ...
9258 Jan '20
78i4 Apr •19
113 May 15
'
>^;>,f
*Ti(k¥iv 8U
«r
Ask Vfte
84
Bid
65
88
y^tiVep
1932
/W.eit a8.-»1922
1<^
.''*Hb'3VH8...1941
*=iJt£(l8tgu4SB-194S
/*x:J,» ??<. gu« la. 1949
. .^rairlBtg 5a-..199f.
Botland
0tlO8
I
Price
Friday
(Vol. 111.
87
76
45
82%
80%
85% Sept 19
58% 233
57
12
56%
56
7138 June 20
6I34 July'20
7634 June'20
71% 90
61% 67%
74%
74% 80%
81% 88%
55
60%
74%
87%
82
66
66
68
763..
83
June^20
811'
"
Mar'ie
Oct '19
86% 91
May'20
83
80
July-19
51
80
92
62
99
991-
93%
92%
79% 91
'19
^20
'20
Jan
Jan
99% 100
97%
80% 90%
97% Apr
801- May'20
66
65 Aug ^19
95% 92% Nov'19|
56
60 Feb '20
102% June'll
9678
96
'20
'18
95 Jan
104% Deo
Mar'20
90
81% 80 May'20
100
100
98
69
86
70
80%
75% Apr
78%
79
83
60
60
9'6
"95'
89% 90
80
65
69
June'20
70
7634
91
80
80
70
80% 80%
19
"79
79
Apr '20
65%
68% 65%
July20
81
82
82
87%
"82%
85%
62% 73%
83
81
85
76
55
July'20,
Apr '20
75% 85
52% 65
79% 86
May'18
Nov'04
May'20
Apr '20
83% 84%
77% 80%
July'20
66
June'20
62% 73
82
106%
83% 83%
8134 77%
80% 65
70
62%
82
37%
35
"40'
Dec '10
36
Feb "19
May'20
75%
44
44
34%
12%
18% Mar'16
65
85
Aug 'IS
May'20
18
82% 82
80%
July'20
Sept' 17
82
77
June'20
58
Sale
Sale
Sale
Sale
73I4
Sale
Sale
Sale
"so'
84S4
p Due Nov.
79%
71%
74%
70%
July'20
98
75%
42%
47^4
74% 85%
77
32
65
3
85
1
78
59
88
74
64% 68
82
85%
9734
96
85
76
88
89
SO34
82
1,
77
78% 88%
66
81
95
108
66% SI
9634 101
82
93
74% 85
92%
88
Feb 18
80»4 Dec 19
sols June' 18
35
*
May'19
Due Dec
«
Option sale
—
Aug.
.
—M
Price
Y STOCK EXCHANQB
Week ending Aug.
4»
Friday
Awj. 6
»i.
6
77=8
84
78%
Q Co 4 8
Nov
69
Sale
O
J
t
IW
.
78^8 Sale
F
F
J
F
A
Ooan Ry 4 L Ist 4 ref g 4 Hs 1961 J
Stamped guar 4 ^8
1961 J
Dst United Ist cons g4H8.. 1932 J
»t Smith Lt 4 Tr Istg 6s. ..1936
Hod 4 Manbat 68 ser A
1967 F
Adjust Income 68
1967
Y 4 Jersey 1st 68
1932 F
J
i
M
69
65
Sale
Sale
21I1 Sale
24
38
35
33
32
357s
J
65
55
511?.
5|l2
60
60
65%
17
A
A
O
J
J
a
A
M
J
M
LeiAv4PFlstgug68..1993 M
O
O
S
S
MetWSEKCblo 1st g 4s.. 1938 F A
MUw Eleo Ry 4 Lt cons g 68 1926 F
Refunding 4 ezten 4HS..1931 J
Montreal Tram Ist 4 ref 68.1941 J
Hew on Ry 4 Ltgen4Hs..l936 J
II T Munlclp Ry Ist s 6b A. 1966 *
W T Rys 1st R B 4 ref 48.. .1942 *
—
OertUloates of deposit
80-year ad] ne 68
al942 A O
Certificates of deposit
« T State Rys 1st cons 4H9-1962 M N
rortland Ry lat 4 ref 68
1930 M N
1134 Sale
3^
43
50
40
22I2
I
F
A
i
i
M
t
i
J
*
O
J
O
i
A
I
"•
i
A
*
Union Tr (NY ctfsdep
Eqult Tr (N Y Inter ctfs
Ist
02
80
i
N
J
20
20
5
4I2
52
2212
Sale
5I8
20
HodBon Co Qas
Can
City
518
A
CIngs Co El L 4
Purcbase money 6s
1997
Convertible deb 6s
1926
Ed El III Bkn 1st oon g 4a. 1939
Aae Gas L of St L Ref 4 ext 5a '34
Milwaukee Qas L lat 48
1927
Newark Con Qas g 68
1948
A
A
"*
*
A
(IYGELH4Pg 6s
—
40
30
66
94
Sale
68
60
66I2 Sale
4978
30
211? Sale
62I4
60%
61
61
24
24
21
3334
21U
2II2
3612
2II4
3612
3634 July 20
35
35
32
68
80
33
31 12
28
60
47
45
66
Apr '20
May' 18
Deo '19
4OI2
55
56
63
66
57I2
55
56
55I4
June 20
5OI4
SOU
23
60
77
July'19
60
58
Jan
6OI2
'20
18
78 Apr '20
I2I2
11
IOI2
I2I2
42la
4478
28
69
68
60
23
78
1934
60
60%
Oct 19
June'20
June'20
67I4
40
21
40
Mar'20
July'19
1978 July'20
20
20
6
5%
40
42
434
Sale
23
65I2
40
434
90i2
734
7%
49
'20
'19
65
64%
64%
Feb'17
95
July'17
80
'20
Jan
37%
38%
20
75
2OI4
30
60
May 20
89% June'20
73 May' 19
60 Dec 19
66%
67
47% Apr 20
50
31
4%
1
49
80
80
37%
4134
20
31
75
84
92
8778
11
75I4
65
47% 47%
June' 17
21%
21%
21%
22
21% July'20
64% July'20
1
j
21% "3d'
30
30
70
6] 21
20%
63
96''>
68% July'20
66I4
82%
7214
8678
75I2
71
July'20
79
Apr 20
81
86
81
82
70
79
81
85
87
Sale
93
85%
Sale
July'20
July'20
June' 19
96I4
Apr '20
95% Apr '20
85'8
8518
81
July'20
94
Feb
84
100
84
91
8178
8718 100
8978
86
87'8
72'4
70
59
"fs"
8312
75
78
83
89
98
80
74
87%
96U
10134
79
79
95% 95%
""i
8234
7718
96
90
84
85%
'18
Feb 13
June'20
Sept 19
92% Deo 19
84% June'20
90
98
86
89
81
79
91
85
"75"
June'20
8414
84%
85
89is
Apr' 19
'20
77
Feb
72I4 July'20
'7"5'34
82%
82% 87%
70
82% May20
104% Apr
'77'
17
77I4
75
60
89
89
85
83Vi
831
Sale
74%
75%
"7434
*><5'ij
59%
58%
65^4
89
89
89
81
75
59%
Apr '20
78% May'20
78%
6
22
79% 90%
72i2
83
I
75
*
No
price Friday; latest bid
7612
82
Apr' 19
105
Juiyi7
87% 88% Mar'20
67
861,,
8OI2
671:
•57
SS'^s
57
71
71% Apr
70
M
M
5S...1927
ChlcUn8tat'nlBtgu4>ia A 1963
lat Ser C 6%3 (ctfs)
1963
Chile Copper 10-yr oonv 78.1923
Coll tr 4 conv 6s ser A. ..1932
Computlng-Tab-Rec s f 6s-.1941
Qranby Cona M34P con Os A '28
Stamped
1928
Great Falls Pow lat sf 5s. -.1940
Int Mercan Marines f e8...1941
Montana Power lat 6a A. ..1943
Morris A Co lat 8 f 4Ha
1939
Mtge Bonds (NY 4s ser 2. .1966
10-2O-year889erIes3
1932
Salf
100
89
76
86
1,
89% 82
Oot'lV
July'20
July 19
90
Mav'20
90
67
Apr' 17
May' 10
SC%
85
80% July'20
80% 97% M»y'17
72
70 Apr 20
74
57
71% 80
84 '8
80
88%
88%
Mar'17
9838
74
'20
and aaked. a Due Jan. 6 Due April
89
80%
Wi
70
70
'74'
84%
'
'88
«
Due May.
a
D
79
88
Oof 19
g
55
58
55
55%
g
a
11
Sale
11
12
July 20
N
d
98
14% 10
lOis
a
J
j
j
j
72%
93
70
80
A O
j
Sale
Sale
n
m n
ih
J
j
j
a O
j
A Intfuatrlal
Am Agrlo Chem 1st o 6s
1928
Conv deben 6s
1924
Am Cot Oil debenture 6s. ..1931
AmSm4 Rlst30-yr6s8er A'47
Am Tobacco 40-year g 6s 1944
Gold 48.
1951
Am Writ Paper s 7-6s
1939
35
86%
9
86%
Mar
74%
92
95
May
8734
89
Mar
73%
8418
84
65
93
76
90
95
88
80%
Apr 20;
72'4
7334
61
95%
7634
86
76
83%
101% Oct '19,
85 May'20
85
73 \s July'20
70
O
N
60
90
78
86
84
90%
88
85
76% 85
7178 76%
43
60 J
60
90 May'20
Sale
Sale
83
58% 67%
85% 93
A
95
84
95
89
71
I
78% July'20
76% -65
68% 75% July'20^
Sale J
95%
42
Apr' 14'
June'16
61
July'20
85%
7978
70% 82
71
82%
90
94
89
20
80
83
80
60% 62
J
10
S8
20
17
i
'20
Apr
83
94
O
D
56
II
59 70% 83
27 100 103%
72 92 10834
64 70
86
88
12 80
S3
20
92
90
84% 75
j
-.1
18
7234
82% SO
a O
2
75%
103%
94%
103
92
70
Sale
80'8 Sale
j
1
70%
70%
71% July'20
83
A
95
1
July '20
67
76
75'4
M n
N
75I4
Feb '18
58
103%
M
75
90
75
76
70
j
95
102
75% Sale
90%
8534 86%
67% 69
q
High
71% 85%
72
Mar'20
J
o
O
j
72
95
Sale
No Low
High]
Nov 19
ji
Ontario Transmission 6s
1945
Pub Serv Corp N J gen 68.. 1959 A
Tennessee Cop lat conv 68.. 1925
Wash Water Power 1st 68. .1939 j
Wilson 4 Co Ist 26-yr s 1 68.1941 a
10-yr conv s f 6a
1928 j
t
A O
F A
M N
A O
A O
F A
J
J
Baldw Loco Wor.s Ist 6s.. 1940 M N
Cent Foundry 1st s f 6s
1931 F A
Cent Leather 20-year g 68. .1925 A O
Conaol Tobacco g 4s
1961 F A
Corn Prod Refg s f g 68
1931 M N
M N
1934
7a ..1930 J
J
Distill Seo Cor oonv lat g 68.1927 A
O
E I du Pont Powder 4^8. ..1936 J
General Baking Ist 28-yr 68. 1930 J D
Qen Electric deb g 3 ^8
1942 F A
Debenture 68
.1952
S
20-year deb. 63
Feb. 1940
Ingersoll-Rand Ist 6s
1935 J
J
Int Agrlo Corp 1st 20-yr 6s. .1932
N
Int Paper conv 8 f g 68
1935 J
J
Ist 4 ref s f conv ser A
1947 .. ..
Liggett 4 Myers Tobao 7s.. 1944 A O
68
1961 F A
Lorlllard Co (P Ts
1944 A O
5a
1961 F A
Nat Enam 4 Stampg 1st 88.1929 J D
Nat Starch 20-year deb 6s.. 1930 J J
National Tube Ist 6s
1942 M
Y Air Bra.e 1st conv 68.1938 IW
Standard Milling Ist 6s
1930
N
Union Bag 4 Paper 1st 68.. 1930 J
J
Stamped
1930 J
Union Oil Co of Cal lat 68.. 1931 J
U 8 Realty 4 I oonv dab g 6s 1924 J
U S Rubber 8-year aao 78... 1922 J
1st 4 ref 58 series A
1947 J
U S 8melt Ref 4 oonv 6a.l926;F
Va-Caro Chem Ist 16-yr 68.1923 J
Conv deb 6s
«1924 A
West Electrlo iBt 68 Deo
1922 J
68
f
D
M
M
N
M
N
N
M
a
Beth Steel
Sept' 15
80
97
J
M
M
ChloCAConn Ryaaf
Coal, Iron
71>4
Ask Low
88% 87
a f
Cuba Cane Sugar conv
19% 32
20
5
m
'39 J
fl8...1926 a
BradenCopMcoUtrsf fls..l931 p
Bush Terminal Ist 4s
1952 a
Con9ol68
1955 J
Bulldlnga5s guar tax ex..l960 A
lat 25-year a
92" '94%
77
77
69
75
Apr '20
Jan '20
7OI2 July'20
61
July'19
Since
Last Sale
Jan. 1.
90
66
96
86
84
98%
96%
5338
July'lO.
86
84
87%'
15
85
24
Manufacturing
5978
4978
4934
Hs
lat real eat 4
m
m
m
M
66I2
Week't
Range or
T2
m N
10% 19%
42% 58
50
1948
1925
1926
1920
M
Nor States Power 25-yr 68 A 194 1
Ontario Power N F lat 68.. 1943 f
70
11
81
336
J
O
n
a O
57I2
73
ni
A
m
23
13
July20
50
50
76
Mlicellaneous
Adams Ex coll tr g 48
Alaska Gold
deb 68 A
Conv deb 6a aeries B
Am 88 of Va lat 5s.
F
J
J
J
j
Doc. 50-yr l8tg4a
1951 F
Niagara Falla Power 1st 8s. .1932 j
Ref 4 gen 68
al932 a
Nlag Loc. A O Pow lat 58. .1954
60
68
54
32
138
55I2
54%
16%
Utab Power 4 Lt 1st 6s
1944
Utica Elec L 4 P lat g 6s. ..1950
Utlca Oaa 4 Elec ref 68
1967
Westchester Ltd gold 68
1960
Range
Price
Friday
Aug. 6
NY
64
63
60
55
50
66I2 JUQe'20
103
75
M
56
62 14
71
70
50
63I2
64% Jan
55 Deo
76U
"
1948 J
Purobase money g 4s
1949 F
Ed Eleo III 1st cons g 5a. .1996 J
nT4Q El LAP lit oon g 68. 1930, F
raolflo O 4 E «Oo
Cal O 4 E
Corp nnlfvlDg 4 ref 68
1937
Faelf Ic Q * E gen A ref 5a . . 1942 *
rae Pow 4 Lt Ist 4 ref 20-yr
68 International Serlea. .1930 F
Fat 4 PaHsalcO * El 58
1949
Peop Oas 4 C Ist eona g 6a. 1943 A
RetiiDcUag gold 68... .
1947
Ch Q-L 4 Coke lat gu g 68 1937 J
OonOCoof Ch latgugSa 1936 J
Ind Nat Qas * Oil 30 yr 6al930
Mu FuelUas lat gu g58..1947:M
PbllndelDkla Co oonv g 68.. 1922,
Stand Qae * El oonv a f 6a. .1926 J
Syracuse Llirbtlng lat g 6a.. 1961 J
Syraeuae Light 4 Power 68 . . 1 954 J
Trenton G 4 El lat g 68
1949 M
OnloD Eleo Lt 4 P lat g 6a.. 1932
Retondtng 4 extension 68. 1033 M
Unttfvl Fnrt Oaa lat a f n* .1936 J
45% 53
64
49
•
Ist g 6b
1949
1st g 6s. 1922
P g 58
1937
(Mo Qas
92t2
9012
-20
72l2
90
M
q
6312
64l2
50
38U Sale
Qa* and Elaetrle Llg^it
O L Co Ist g es
1947 >
M
62U Apr
39%
Atlanta
Bkly ilson Inc gen 59 A.1949 J
Bklyn Dn Qa* Ist oons g 68.1946 <**
OSncIn Oas 4 Elec Ist4ref 68 1966 A
Oolumbla Q 4 B Ist 6s
1927 J
Stamped
1927 J
Oolnmbus Oas 1st gold 68.. 1932 J
•Oonsol Qas *-yr conv 79
1925 "J
'OonaaasELAPof Balt6-yT6s'21
Detroit City Qas gold 68
1923 •»
Detroit Edison 1st eoll tr fls.1933 J
Ist 4 ref <s ser A
»1040
O L N Y Ist eons g 6s. ..1932 "•
Qas 4 EHee Berg Co o g 68. .1949 i
Havana Eleovonsol g 68
1962 F
64
76% 88
50
50
46
30
82
O
O
81
57
22
22
64
4 ref 6s. ..1934
Sale
Sale
94
80
68
60
H
»
J
26
'20
21
Lt— (Conct.)
Booth Flaherlea deb
53
92
47
Deo'I9
f
rortid Ry Lt 4 P 1st ref es 1942
Portland Qen Elec Ist es 1936
It JosRy LH4Pl8tg6s..l937
Paul City Cab eons g 6s.. 1937
Third Ave Ist ref 48
1960
AdllnoomeSs
a 1960
TWrd Ave By 1st g Ss
1937
TrI-CIty Ry 4 Lt Ist 8 f 6b. . 1923
fiDdergrof London«HB
1933
Income 68
1948
Cnlted Rys Inv 88 Pitts IsB.. 1926
United Rys St L 1st g 4s
1934
St Loals Transit go 68 ...1924
United RRs San Fr s f 4s. ..1927
Sale
Sale
S
D
52
80
Apr
Electric
W
"7"2'
Feb' 17
50'4
78
70
11
5II2
78%
9012
23
60
Sale
55I2
Oofl7
57
70
8878
51
577
Bid
Gat &
1
4
en ling Aug. 6
Armour 4 Co
July'20
July'20
40
Sale
60
S
A
34
72 £
75
80
58
61
53
8834
'66"
90% Mar' 17
46 June' 20
Sale
91
83
79
73
Aug'18
82
56
36
8378 100
J
A
72% 85U
July'20
7418 Oof 19
66 July'20
82 Aug '18
78
75
Week
High
Loir
3
44
53
85
J
A
A
A
No
9712 July'19
7034 N0VI9
8S78 Mar' 20
sn
Aug' 12
8OI4
N
J
Va Ry 4 Pow
Jan. 1.
47^8
83
63
22
50
60
64
64
1941 J
Un El Ist g 4-68... 1950 F
Stamped guar 4-68
1956 F
Ilterboro-Metrop coll 4HB.1966
Certificates of Depoalt
Interboro Bap Tran Ist 68..196e
If anhat Ry (N Y oons g 4s. 1990
Stamped tax-exempt
1990
Manila Elec Ry 4 Lt a f 68. . 1953
Metropolitan Street Ry
Bway 4 7tb At letoge8.l943
Ool4 9tb Avl9tgug68..1993
64''4
47I8
Ist 68
R
7518
5812
5438
stmp'd
Clngs County B Istg 4s. .1949
Stamped guar 48
1949
Nassau Elec guar gold 48.1961
tnioago Rys Ist 68
1927
63
51
82
-BkCltyl8toon85a.. 1918-1941 J
)BkIyn
iBklyn
La»t Sale
Since
Hiol)
7734
7734
84
8r'8
76l2 July 20
82
Sale
79
9518
kaiooklyn Rapid Tran g 5s. .1946 A
lat refund oonv gold 48. ..2002 J
•-yr 7% secured notes. .kl921 3
OkQCo4 8oongug6a..l94l
Range
90
tract Railway
'Certificates of depoalt
'Certificates of depoalt
'
BONDS
N T STOCK EXCHANQB
Week'*
Mange or
Ask Low
Bid
A
1902
1939
1939
1939
Debenture series B
1921
Ist lien eaulp a (d g 68
term
.1954
lien
dO-yr
4s
1st
g
DetifcCb Ext Istg 58. .1941
Des Moines Dlv Ist g 4s. .1939
1941
Om Dlv iBtgSHs
.1941
ToIACh DIvg 4a
Waab Terml Ist gu SMs.. .1945
1946
Ist 40-Fr guar 48
1952
'West Marjiand 1st g 4s
"West N Y 4 Pa 1st g 68... 1937
1943
Qengold 4a
Income 6a
P1943
vt7estern Fao lat ser A 68 . 1946
'^beellng <k L E 1st g 68..
192fi
Wbeel Dlv lat gold 5a.. .1928
Ezten ft Impt gold 5a.. .1930
Refunding 4 Ha series A .1968
BR Ist oonaol 4s
1949
^Wlnston-Salem S B 1st 4a. 1960
"Wis Cent 60-yr Ist gen 4a. .1949
Bap A Dul dlv A term 1st 48*36
Virginian l8t 6g series
^ Wabasb lat gold 6a
30 gold 68
"'
New York Bond Record— Concluded— Page
7 1920.]
BONDS
If
4
s
Ist
4
lat ext s
ref 58 guar
m
1926 J
1942
6s. ..1936 J
1932 J
6s
6a
M
s
f
al92fi
Co
gu 68..19'22
Colo F4 I Cogensf 5s
1943
Col Indus l8t 4 ool] 68 gu..l934
Cons Coat of Md lst4ref 68.1950
Elk Horn Coal oonv 6s
1926
Illinois Steel deb 4Ha
1940
Indiana Steel let 63..
1952
Jeff 4 Clear C 4 I 2d 6s
I92P
Lackawanna Steel 1st g 88. .1923
l3t oons 58 series A
1950
1st
MIdvaleSteel4 Oconv
s
Pleaaant Val Coal lat
f
s
M
J
F
F
J
J
A
92
79
79
76%
Sale
June'20
74%
77
78
6738
92
70
9178 July'20 """3
9134
97
68
90
68
90
81%
97%
98
91
100%
100%
91
75
100
83
68
I
Sale
89
89
101
08
May'20'
95
91
Sale
79
91
91
JunP'20
95
75
95
87
65
85
98
76
100%
55
90%
73% Dec 18
77I4
75%
95I4 July'20
100
89
67
89
Sale
Sale
65
85
98
Sale
96
76
84
69
I
95% 95%
99%
70%
17
61
81
9534
10
76
97
99%
Nov' 18
76
102%
99t2
3
102%
77
78
102%
102%
1
78
July'20
3
78
91
94
91
89
60
July'20
July'20
86
99% Jan '20
86% 84 May'20
10234 104-34
78 Sale
10258 Sale
7714 78
119
73% 73%
83%
74
90
78%
89%
86%
74
117
76%
76
9934
92
79
92%
... 117 May'20
75
73% July'20
12
I
84%
99%
86%
81
9934 111
89%
77
100 110
76
88
91
97I1
9634
91
92
84
93% 93is Apr '20;
83%'
84% 83%
93%
83
93%
921'>
96
July'20|
91
9934
June'20
88
93%
89%
87
90
87
74
97
103%
81
83%
84
84
SO
87% 89
79% Sale
98
78
96
92
93%
92
88
89% May'20
89% 87 May 20
Sale
Sale
Sale
92 U
93
'14
Oct
96
|
78%
79%
97
77%
98
78%l
96
96iii
13
9
I
36
49
5434
76% 90
94% 105
-91% 95%
92%
92%
1,
94% July 20 ... 92% 101
I
94
94I4
89
79
89% 89%
7934 Sale
78
70
66
85
O
7934
94
8
9414
7834
101
72
71
July'2o
SO
80
July'19
7
78%
93%
91% Nov'19
31
Dec' 14
June'20
70
July'20
82% 78
70
72
98
76
93
9734
89%
9738
77
89
77% 86%
9518
78
70
72
74
76
'19
Feb
72% 84
83% 93%
75I4
76
.S5>s
Sale
85%
86%
91
90%
90%
6
84
84
8434
7734
10
51
76
93
90%
7734 Sale
7578
94%
99%
75% 85%
90
84
70
75% S3% 80% May'20
M N
N
M N
M
87
69
84
91%
80
J
8
SO
90
70
Sale
Sale
85
62
82
80
80 ig
867s July'20,
June"20i
71
10
85
92%; 231
84
91
82%
67
80
96
72
93
88%
99'4
99%
90% July 20
88
8634 N»v'19
70
Mar 19
8034 June'20
80% 83%
a Taiaphona
Telep 4 Tol coll tr 4a
1929
Convertible 4a
I93H
ao-yr convertible 4 Hs
1 933
80-yr temp aoll tr 58
1946
7-year oonvertlbl* Us
lir.'
Cent nist Tel lat 30-7r 68.. 1943
Conmorclal Cable Ist g 48. .2397
Refflstered
2397
CumfcTAT lalAgaa 5b. ..1937
Keystone Telaakaae lat 5s.. 1935
MIoh fltata Toleab let 6S...1924
N V Tola* l9t A gaa a f 4 V<8. 193»
ao-yr dekea a I 69. ..Fob 1949
Pacific Tel * Tallrt 6»
1937
South BellTal A T 1st sf 8s. 1941
West Union poll tr cur 58...193S
Fund A real est g 4 48. ..1950
Mut Un Tel en ext 5a
1041
Norrhwe^t Tel gn 4 Ha g 1834
A
117
76
6al936
58.192s
—
Duo June.
87% 100
91%
Sale
751- Sale
S
M N
J D
A O
M 8
sf 10-flO-year6a|reg
(11963 .M
Utah Fuel Ist a f 88
1931
Victor Fuel lets f 58
1953 J
Va Iron Coal 4 Co.e Ist g 6s 1949
Talagraph
77
D
A
A
D
D
f
Pooah Con Colllar lat a f 58.1957
Repub I 4 8 lO-30-yr 68 8 f . 1940
8t L Roo. Mt4 P 58 9lmpd.l956
Tenn Coal I 4 RIt gen 6fl..l951
U S Steel Corp [coup
(JI963
Am
J
M N
J
D
Debenture 6s
Cababa C
92%
Steal
f
A
4 Imps f
20-yr p
Buff 4 Susq Iron
88I4
Dae July,
t
75I4 Sale
75's
63% 70
62%
78% 81
76% Sale
78
Sale
93
N
J
J
M N
M N
J
1
92
102
80%
69
77% 85
72% 8334
99%
92
81% 96
82%
64%
81%
60
Apr
'20
60
60
79
SI
68% Jan 13
79% July 20
70
8«%
85
88
86
98
84
823«
96
75% Sale
87
J
J
75%
73
62l«
95 34
July'20
9,-,i->
M
23
76
July'20
July 20
Sale
77-14
80
83% 85
.-74
97
'16
July 20
74'4
76
85%
88
80
79
70
Apr
7918
82%
July"20
Julv'20
191% Sept 17
Nov 16
94
74
f
Due Dec.
72% 81%
19
10
84
96»4
767»
88 14
78% 85%
7ni| 86%
81%
70
July 20
78
Due Aug. oDueOot 9 Due Nov.
35
>
Option
sale.
BOSTON STOCK EXCHANGE—Stock
578
SBAKM rmiCMS—NOT PER CENTUM PRICES.
Saturdav
July 31
Mondav
Tuesday
Aug. 2
Aug. 3
125
12334 I24I4
6II9 62
S4I2 S4l2
...
•84
33I2 36
•33I4 3334
33
35
•42
...
41
•40
40
*137
...
•135
140 •140
140
*10g
*10c ...
•10c ...
123
*1221« 124
•62
6212
62
123
62 14
6II2
*84l2
•84
•334
6
•334
6
•6
9
•6
9
132
74
•
•
29I2
•72
•17
•71
39
•48
62l2
291
*
132
74
•
•
*
•61
3034
6212
301s
•60
•75
•72
731;
20
80
39
49
2OI4
•70
39
48
31%
6219
35
85
73I2
731-.
6II2
39I4
•48
125
62
23
80
*72
•20
23
39I2
39I2 ¥9'l2
49
48
Aug. 6
SItarti
66
Boston
<t
513
Bo'^t'in
BIfivat.ed
135%
*
Milne
33% 35%
4,585
"
23
Last Sale 75 June'20
3934 3934
39% 391
*48l2 50
50
48%
48
NT
Eleo stampd.ioo
100
100
Central
A Harttord.. -.100
NH
Y
103
On
pref.
S^i
H<«tMI
for
Lowtit.
Feb 17 132 Mar 16
67% Jan 2
119
60
80
30
39
134
May 25
Feb 18
Feb 11
Jan 6
Jan 28
87% Jan
38
46
143
2
May 21
May 28
Mar
15
Mar
Mar
8
lie
62
85
28
40
130
Priutw
130
Au? 6
7
Jan 28
Jan 30
11
Aug
72
4
5
Oct
Bept
Deo
3% Nov
2% Nov
132
84
72
Mar 30
Mar 5
3658 Mar 10
70
70
Dec
25% Dec
86
Dec
9938
Jan 12
Jan 3
23% Feb 11
80 July 9
68
60
July 21
July 8
Jan 20
77
73
15
70 June 15
38 May 17
48 July 7
Oct
Feb
Jan 8
Jan 2
132
86
Jan
July
6
7
Apr
1
25% Mar
11
8R
89
86
87
Jan 31
45»4 Jan
3
55% Jan
6
7% Mar
15
Mar
Mar
597$
04
171
mthut.
Deo 146 km
Dec 80% Apt
97
Jao
Dec
Jan
38% July
lOo
334
8
A
Northern New Hatnpahtre.lOO
Norwich A Worcester pref. 100
lOn
177 Old Colony
100
341 Rutland pre!
VermDnf A Massachusetts lOn
276 West End Street.:
60
July'20
July'20
20
23"
A
Oeorttia Ry
Do pref
731,
"
A Maine
pref..
AUSY
74
Sale 80
Sale 77
Do
Providence
Bo'iton gub'irban Elecno
10
Do praf
no par
Bo3t A Worn Eleo pre no vv
Chio Juno R
100
.ion
Do aref
50
Sale 10334 Ocfl 9
Sale 72
Mar' 20
Sale 62% July'20
35%
100
lOO
100
100
100
100
par
Dre
Boston
Boston
Sale 10c. Dce'lO
6
334
334
Sale 8
Jime'20
Sale 130 Jun8'20
74
Do
15
793
54
3534
tanoe
Tear 1S19.
Lomt$i
125
•42
[Vol. 111.
Kaniit Since Jan. I.
Rallroadt
Albaoy
61% 62
34%
3534
•73I-.
"2.3"
Week
•84
BOND!
S«« Next Pag*
EXCHANQE
F rtday
125
•84
73l'>
20
•70
21
80
39
48
•
¥6"34
34I2
36
*42
•42
140"
'I35I2
140
Last
*10o
•334
6
*3h
Last
9
Last
132
72
72
Last
Last
•61
Last
6212
34
3312
36
Last
*76l2
Last
6
9
132
74
•334
•
125
62
STOCKS
BOSTON STOCK
8al*$for
th*
Thursday
Aug. 5
Wednesdav
Aug. i
Record
Jao
Jao
60
168
70o
Nov
11
Jao
30
136
90
110
Feb
Jan
June
June
78tt July
Jao
83
40*4 July
99% Aog
Get
Jao
Oct
lis
Dec
Dec
105
23
May
Oct
38% Bept
Bept
47
100
50
68
Jao
Apr
15
82
Jan*
VfHcellaaeouf
3I4
• llo
"
3%
312
2
•7
•7
95I8
75I2
95I4
75I2
9514
75
•72
•72
•5l'>
•15
25
8I4
938
•134
284
•I3I2
•5
*30l2
2018
"s
8I4
8'S
9
958
2
1^4
312
14
5I2
31I4
2018
•26
*13
39
26
49
*6l8
I2I4
•934
6I2
I2I4
10
35I4
*23l2
•13
•3412
23
16
3912
10738
6512
2534
4012 4012
24I4
24
*37
106
•65
•25
*37l2
107
•65
•25
•734
838
9%
9
29I2
29I2
175,
1758
'is"
66
59
66
30
•60
1534
1934
k
*58l2
"28i"2
4
2
8
•7
8
75I2
73
8
17
25
26
8
8
9
9I4
9
2
1%
338
3
2
3
13
•5
3I4
13
5%
•5
51s
3012
30
3OI4
2OI4,
1934
30
20
•70
301201;
5%'
20
70
6934
145
•26
•13
l'45'l2
27
I
15
I
2214
47
•134
338
•13%
27
15
•13
38I4
•25
2038
•43I2
2034
6I4
6I4
20%
•42
6
45
!
658
I2I2
10
12
10
1134
10
I
•93
¥0""
10
•93
78
"
¥0
79
60
123
32
85
•24
61
1134
59
•123
6II2
123
*25l2
3234
33I4
85
26
26
85
15
21
125
34
86I2
95
137,
2812
62
27
66
27
'28'
25%
25%
25
26
14
1358
14
37
106%
107ij
65
34
15
ioe'
65%
24
20
29
1958
17%
60
60
20%
15%
2434
1534
1934
3934
241
40
25
15%
1534
1958
29
1653
171'.
60
60
60
29%
S3
2,591
158
4,525
795
35
605
90
45
20
29
17%
60
64
Julv'20
28
LIbby... 10
Reece Button-Hole
Root A V Dervoort CI
Shawraut 39
10
A
par
f»o
26
Slmms Magneto
Stewart Mt? Corp
A Co
5
no par
1.076 Swift
l'6'634
65
65%
25% July'20
40%
64
Last Sale 66
27%
90
4S0
2 on
190
22
36
2038
Last Sale
40
33I0
25
36
24
IS
37
15%
60
60
65
29
62
125
122% •120
A
10
MoEIwaln (W H) lat pref. 100
302 Massachusetts Qas Cos
100
110
100
Do pref
27 Mergenthaler Linotype
100
550 Mexican Investment Inc.. 10
222 New Enijland Telephone.. 100
20 Ohio Body A Blower
no par
270 Orpheum Circuit Inc
1
2 Pacific Mills
2.3 Plant (Thos Ql pref
100
7slo
"
85% 86%
15%
60
60
60
62
Fisheries
20 Loew's Theatres
10%
Juiy20
77I4
77i'>
100
100
no var
50
.25
Greenfield Tap & Die
Internal Cement Corp.no par
no par
Internat Products
100
Do pref
Island Oil A Trans Corp.. 10
1,194 Lib V. McNeill
10
10%
Qorton-Pew
12
33
34
20%
253,1
1734
|c
116
Do pret..
156 Ellson Electric Ilium
670 Elder Corporation
1134
86
25
15
1758
12
3234
•1358
40% 40%
24% 24I'>
61<
19
Bunearr Prod A Refg
110 Boston Mex Pet Trusteegno par
628 Century Steel of Amer Inc. 10
20 Connor (John T)
10
530 East Boston Land
10
1,194 Eastern Manufacturing
6
925 Eastern 33 Lines Ino
26
43" 43
5%
5%
86
25
25I2
106% 107
65% 651.1
19%
6
32%
•24%
131.>
29
•60
77I4
•60
122
60
9334
2034
10
7,2011
142
769
5,674
173
1,355
Last Sale 93
>¥"
38
1758
10
10
•36
19%
11%
12%
3612
"l768
870
285
146
26
I9I0
16
k
30
45
6
24
16
20
29
18
66
66
66
30
•41%
6
26
1558
1934
13
5
45
3.51r
1534
13
5
21
*20%
15%
*24
1
"3% '¥%
25
•2414
25I4
•25
1%
3I4
24
•34
3934
2,915
103
10
75U
38% 38%
I6I4
25
96I4
39
24
65I4
2534
4OI4
241 "•>
16
9534
75I0
\naer Pneumatic Service.- 26
50
Do pref
lOf)
Kraer Telep A Teleg
par
Mfg
no
Amosfeeag
no par
Do pref-.
inglo-.\m Comml Corp.ao par
10
Kn Matal Construe Inc
Atlas Tack Corporation. no par
10
Beacon Chocolate
25I4
34%
107
12!)
38ii
25
20
•15
361.
4m Oil Enijlneerlnz
Ho
7%
76
Sale 5% July'20
Sale 15
Julv'20
25%
2434 25%
8
734
734
938
9
91s
13%
•5
5%
30% 30%
19% 20
39
26
•20%
106
•65
Ho
7%
147
26
Last Sale 14% Julv'20
23
39
945
72"
70
146
147
25% 26
•121
347;
IO7I4
65I4
2534
75%
3%
3lr>
70
14
35I2
14
9634
76
•13%
1312
75
146
147
*25l2 26
I45I2
96
*75
•72
Last
Last
96%
•134
24I2
16
1534
•31•158
1341
24
20
4
2
3I2
41
19%
•29*
SI2
958
3934
1512
•60
59
25
12334 125
33
33
85
85
•25
2612
•2434 26
156
156
I6I4
*_
•15
25
25
24
I6I4
8
17
2434
38I4
61
14
3534
*5l2
•15"
25
80
14
*.5U
17
25
38I4
60
•12312 125
35
35
85
85
*25
26
•26
27
•156
60
74
25
sY
•7934
80
96I4
74
•72
3SI4'
*92l2
*16s
•7
96
•75
73
24%
•934
*92U
134
38I4
21
*43l2
6
12
3I4
8
9512
75
201..
1451-
2658
15
2134
9534
30
26=8
•1312
*38i4
48
134
13341
•70
3I4
•7
3
•I3I4
*5
75
I45I2 146
2II2
2
8
•SI')
*15
25
17
25I2
•70
•25
3%
3I2
ISO
29
100
26
Torrlneton
6
Union Twist Drill
25
United Shoe Maoh Corp
25
Do praf..
Ventura Gonsol OH Fields. 6
10
Waldorf System Ino
100
Waltham Witch
Walworth Manufacturing. 20
100
Warren Bros
100
Do l9t pref
100
no 2d pref
Wlckwlre Spencer Steel
6
Mialoa
•.40
•55
•.20
•24
*2!5
•934
*8l4
•
03
300
25
•10
•37
•4
•8I4
III4
.76
•3I4
80
58
*.40
.40
•20
56
•24
26
2I2
258
IOI2
10
834
*8l4
08
300
25
•03
299
2438
III2
3734
4I2
8I2
•10
lUs
11
.80
334
•214
•138
3
•478
•4
•60
•17
•4
•27
86
858
•I512
•.50
•II4
•24
•37
48
*381»
29
•3I4
•138
158
3
2I2
•214
*ll4
2
3
6
3
4%
*4
4I2
63
62
I7I2
I7I4
•4
5
299
24I4
3I2
158
300
4%
10
11
.75
334
.50
•3
134
•77%
29
3
•138
8I4
134
.75
234
214
Ho
3
3
4%
I7I4
5
434
2%
5
•4
60
17
•4
27
86
9
238
.23
5I2
358
158
38%
1381
1%
II4'
"•."15
238,
.231
•.15
5%!
•414
3341
134
3%
1%
*.60
.65
134
134
612
6
6
138
15
.75
•.60
1%
6%
27
85%
1334
834
1434
22
38
14%
1%
15%
1%
338
338'
•1%
2
1%
.65
*.60
.65
.60
•158
1%
July'20
3%
1%
3%
1%
1%
560
490
475
.60
.60
.60
1.600
1%
6%
1%
134
134
310
•6
134
1%
2%
1%
1%
1%
1%
.50,
*.40
.50
.50
.50
13%
13%
•.40
14:,
14%
14%
•13%
.75
.•25
14
Et-«took dividend
I
.75
I3I0
14
Last Sile
I
25
Feb
6
1
1% Au?
5
June 18
12% Apr 23
334 Feb 14
2734 Feb 13
1 '8
1834 July 19
63
Feb
11
140
May
15
25% Aug
5
14 July 27
3734 July 27
16
Apr 14
1434June 19
42% July 29
434M;tr 4
11% Au? 5
9% Apr 30
92% July 20
68-<4
Feb
6
57 June 8
122 Aug 5
32 Au? 3
8258May 8
24 May 20
25 Aug 5
ISO July 26
90 June 16
13% Aug 4
3478
Aug
3
20 Is Aug 6
13 Feb 13
36% Aug
Aug
3
2
6434 July
1
24% July
1
106
39i2JunelS
2378June25
12% Feb 11
Feb 16
17
29 J'lly 28
1658 Aug 6
51 Mir 2
69 May 5
Feb 8
60
23 Feb 25
500 Aug 6
56 Aug 2
25oJune
9
2
Aug
Aug
3
9
May 20
23
6% Mir
5
18.
July 19
3;;
6
290 Aug
17% Feb 13
ir8July 9
*
35% Aug
Jan
3
778 Aug
978 Aug
y'8
AUi;
"
Aug 3O
01
Aug 3%
1% July 27
50e
±
Mar 26
1
60c
39
77
26
28
6
3
Aug 6
Aug 3
1
Feb 13
Apr 21
5
1% July 20
25
26
26
25
3 July 31
434 July 20
4 July 30
)n Valley
Mass Consol
M.ivflower-Old Colony
Mohawk
New Cornelia Copper
New Idria Quicksilver
New River Company
6
6
100
100
6
16
25
26
26
26
Osceola
26
Quinoy
St Mary's Mineral Land.. 25
no par
Seneca Copper Corp
10
Shannon
26
South Lake
A8
6
South Utah
25
Superior
Superior A Boston Copper 10
25
Trinity
6
Tuilumne Copper
6
Ut.-ih-Apex Mining
1
Utah Consolidated
..
A
Tunnel
Assessment p»ld
1
26
. 25
26
25
Wyandotte
e
3
July 28
734
Mine
Mas
260 Victoria
425 Winona
127 Wolverine
July'20
Aug
2134
26
25
25
16S
2,355 Utah Metal
6l->
d Et-dlvldend and rights
2E
2£
M
Juiy20
134
1%
855
715
%
Ho
6
60
131
110
1434
6%
1%
.50
!
I
1%'
26
North Lake
140 Ollbway Mining
290 Old Dominion Co
23
36
49
38
36
•46
10
26
iI5_ June 21
Keweenaw Copper
Lake Copper Co
La Salle Copper
12s
Do pref
255 Nlolsslng Mines
2,3S6 North Butte
July'20
1%
134
38
50
16-%
26
25
20
10
74 July 29
71 July 26
5 July 2
138 July 10
2% Aug 3
2% Aug 3
Michigan
452
520
Julv'20
8%
834
I5I4
1.925
60
29
86
3%
.40
ft
29
86
410
260
60
505
July'20
4
•6
3%
434
51,1
4
•3
1'8
28
310
434
3
3%
Copper Ranze Co
100 Daly-West
Oavls-Daly Copper
East Butte Copper MIn
Franklin
Bancook Consolidated
550 H:?lvBrla
Indiana Mining
393 Island Creek Coal
.....
Do pref....
384 Isle Royale Copper
470 Kerr Lake
54%
1%
4%
3%
1%
1%!
6%
511
.75
2%
1%
15
238
.20
•25
wid «id asked prtoes.
Ho
38% 38%
'•'.V5
1%,
2
14
3%
31.1
26
25
26
26
26
<lloue»
2,991
3.023
2,652
110
July'20
28
Last Sale 2
Last Sale .15
4
4%
238
.20
1%
•25
15
i%
2
.75
46
1%
1%
•20
29
23% 24
•36
1%
23?
.50
112
•2
•1%
24
37
48
II4
53%
54%
Last Sale .60
2
14
35s
1'2
834
1434
.75
38% 40
•434
86
8%
1334i
3%
1%
4
Last Sale 5
29
90
38%
t
434
27
15%
47
.65
Last Sale 4
8%
37
.70
Consolidated
VhmeeK
\lKomah Mining..!
Centennial
36% 36%
59I4
59% 60
16% I6I0 xlGh
5
1338
Ih
238
.50
25
42
48
1%
3
15%
23%
Last Sale 138 July'20
3
234
3
31,"
•2%
3
3
1634
•.50
•1%
•23%
3%
434
14141
.55
138
24
•37
48
38
•28
5
61
•4
•27
•85
27%
1%
15%
16%
17
5
294
23
11% July'20
4
2
2
Last Sale .75 June'20
2
3
434
434
60%
290
.'idveniure
130 Arcadian Consolidated
395 Arizona Commercial
6
10
50 Bingham Mines
Butte-Bilahlava Copper.. 10
80 Calumet A Hacia
25
1
3,015 Cirson am Gold...
9
July'20
4%
8% "7% "s"
10%
9% 10
334
100
2%
9%
37
.65
28%
3% 3%
•138
1%
*4
9%
Last Sale 78
2%
57%
•4
10
79
•1%
10
250
Julv'20
25
8%
297
.50
35%
54%
60
2
2I4
10
9
2434
Last Sale
•50 .75
52% 52%
1%
1%
25
37
48
295
23
134
3
57%
Last Sate .03
158
2%.
II4
24
37
48
.75
334
234
II4
26
42
49
42
10%
.60
334
234
134
8%
•8%
281'
15«
2
3
10%
•78
3
3
4%
15s
53
79
29
2%
4I2
9%
4
8
.50
25
2
234
10
25
25%
11111% •10
35% 36%
35% 36%
•4
8
.80
58
Last Sale .25
*
2538
3
62
296
58
*10
•.42
•2
•.45
15
*
08
299
1534
.75
834
I5I4
II4
•25
81,1
•.03
.*50
37I2
•1334
•6
8%
.08
9%
.75
858
16
I3I2
•434
•3i4
•II2
.55
•112
•8%
•03
86I4
9
1534
.75
II4
'*.'l5
79
29
29
86
I3I2
*
•gi'
5212
54
•77
3
111
23
"*2l"4
•50
•50
3
25
.80
60
40
24
934
834
5612
.75
55I2
•314
•138
300
.40
•.40
*.40
•58
*.20
2I4
8I2
III4
.75
3I4
2
.75
S512
79
834
.08
58
2I4
212
10
37I2
4I2
•50
2934
3I2
26
.80
58
*.25
23
838
2
•77
•29
.40
•40
3658
•4
.75
3I4
•134
•134
.80
57
3% Au? 2
1
Feb 24
5 Feb 10
80 Apr 30
h Ex-rtghts
May 17
May 20
69
16
5
21
July 10
Mar
I-
Feb 16
79
8% July 19
1334 Aug 6
% Feb
1%
June 7
SUJune 24
2
100% Maris
Apr 20
Jan 13
Jan 5
Apr 20
35% Apr 17
10
Apr 23
1278 Apr 14
3^8 Jan 3
7
Jan 6
167
83
19
38
14%May28
6% Mir 23
36% Jan 3
28i8May 7
88
Apr 8
157
Feb 20
36% Jan 2
26 June 3
60 May 25
27 June 10
45
Jan 2
80% Feb 7
8% Apr 8
31^8 Apr 8
Jan 6
101% Jan 10
83% July 15
63
Jan 20
11
138% Ian 21
Jan 26
53
Aug
Aug
Aug
37% Aug
73
28
49
28
Mario
19
Mar
June 26
l%Aug
5
Aug
4
134
40c June 15
l3loAug 6
%July 1
« Ei-dlv1d«nd
•
Nov
June
Nov
Dee
Dee
Jan
38^ Nov
May
38
19
Mar
68% Ool
78
July
90
Bepi
Feb
5»4
Dec
28«8
Nov
36
858
Feb
11
Oot
Jan
9>g
Jao
99
Mar
67% Nov
Dec
Feb
47% Nov
86
71
149
72
Jan
Jan
June
Mai
90
60
130
Deo
15% Dec
32% Jan
Joly
Nov
90% Deo
16
60%
36%
27%
69%
May
Oot
D«0
Nov
0«t
May
74% N«V
Jan
52% Jan
160
Jan
66
31
May
Jan
209|
Nov
May
21%
July
43
26
83
July
July
116
Apr 13
Jan 2
44
Feb
25% Oct
11
19
7
23% Apr
44% Jan 26
Feb 3
26
79 June 18
66
70
Jan 21
Jan 9
734
16
28
Aug
17
16
37
38
Mar
Feb
Jan
Jao
Oot
72% May
July
Jao
80
Apr
62% Mar
10c Apr
32% Dec
91
52
July
Feb
18
July
31%July2i
134
Feb 27
Jan 3
% Jan 8
42
Jan 7
4% Apr 7
15'<4 Jao S
107g Apr 27
40c Jan 2
Jan 3
409
40% Jan 10
16% Jao 6
4858 Jan 6
478 Mar 3
14% Jan 5
Jan 3
16
77
412
Apr
7
8% Mar 31
4
V
Jan 5
Jan 14
5934July 13
82 June 21
Jan 3
38
5 Mar 24
2% Jan 6
7
*'<i Apr
3% Jao
3
Jan 21
6H Jan 3
IIS4 Jao 2
7% Jan 2
72 Mar 27
24
Jan 6
7u Jan 8
3
29
90
May 12
July 8
12% Jan 3
21i->
Apr20l
Jan
Jan
Jan
Jan
Jan
2% Apr
5
3
3
6
6
7
15
25c Jan 10
l%May 20
6
Oct
23% Oct
Apr
28
138
24
79
172
July
19
2
1
Jan
Apr
35
30
58
19
6
39
Q7t
M
199
12
2
3
7
25% Apr a
4934 Apr 8
133
Jan 2
-
.\;ig
4% Jan
31% Deo
47|
16% Mar
Feb
Jan
Jan
Jan
Jan
Jan
65
31% Jan
16
68
July 27
Dec
145
93
14
99
12%May 24
l%May 13
10c Mar 10
1% Apr
eOcMay
6
176% Jan 19
65
o
13% May
2% Dec
06
37tt Jan
1
Dec
7
Sept
22
4
3
26% Dee
83
36
47
lOcMay
17% Jan
89% Jan 3
36% Jan 3
34% Mar 30
80c Jan 27
258 Jan 26
.4ug
Dec
7% If o»
Aug
Jan
2
9% Aag
2% Apr
95
Dec 108% May
79
Feb 162 Not
78% Jan 84% Dee
18
Dec
21% No?
5
660
Jan 7
6% Jan 29
2S4 Jan 19
13s Jan 10
Jan 23
3
9»4 Feb 20
33s Jan 6
3i| Jan 8
2
Jan 7
Jan 10
23
6
1% Mar
Half-paid
22
.00
10>4
8
Nov
Jan
212 July
10% May
90o May
480 July
200
850
Mar
12%
May
3658
12
Mar
Mar
Mar
20
82
39
2
4»4
8
138
4
200
50c
42
78
24
3ti
90o
July
1% July
3«4
Deo
July
July
May
Feb
Feb
14% 0)t
Aug
21
May
May
634 July
Feb
7«4
July
2
5534 July
Mar
Apr
Apr
Jan
Oot
Mar
Jan
2
Apr
2% Apr
Feb
4
2
Jan
3
9%
July
May
88% July
41
July
6% May
2»8 July
7»8 July
6%
4>i
10
July
Oot
July
13% June
2% Feb
49% Feb
10
83
Mar
8% May
8% Feb
67»4 Mar
8% Jan
29% July
12% July
14<4
28
87
July
July
Ooi
Nov
13% May
Feb
Apr
20»g July
Mar
30% Mar
45 Mar
62 Mar
40 Mar
4% July
62% July
9
26c
75c
13
Jan
1% Mar
40c
8c
4
1
Jan
Jan
Mar
Mar
1% Dec
71C Deo
1«4
May
7% Jan
1% Jan
1% Mar
1»4
73
83
76
July
July
July
26% July
4% July
3% June
Aug
11% June
60c
5% Nov
5% June
2% Sept
358 June
12»4 Ju\y
July
6
4»,
50r
Jan
3
16
Mar
Mar
SI
40c
July
I'S.
July
July
July
May
———
H
Aug.
—
H
Bonds
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange July 31 to Aug. 6, both inclusive:
Friday
Last Wetk's Range
Sale.
Price.
Bonds
1
S Lib Loan 3 MS- 1932-47
1st Lib Loan 4s- 1932-47
2ci Lib Loan 4s. _ 1927-42'
Lib L'n 4 i:,S- 1932-471
2d Lib L'n4MS-- 1927-42
3d Lib Loan 4Ks... 1928!
4th Lib L'n 4 14S. 1933-381
1922-23
Victory i-Hs
Am Tel & Tel coll 4s_ . 1929
Atch Top & San Fe 4s . 1995
I SSL 6s. -1959
AtIG&
Carson Hill Gold 7s. . . 1923
Chic June & U S Y 4s. 1940
Gt Nor— C B & Q 4s. - 1921
1929
Mass Gas 4 Hs
Miss River Power 5s. .1951
1932
N E Telephone 5s
1934
New River 5s
Pond Creek Coal 6s- . . 1923
1944
Swift & Co 1st 5s
Western Tel & Tel 53. - 1932
1st
75
W
Low.
Sales
for
Range since Jan.
90.94 S18.400
85.34
150
450
84.34
85.76
5.300
84.92 11.000
88.90 75.700
85.44 79,150
95.90 20.050
2,000
75J^8
1,000
75H 75>^
70
70 H
2,000
6,000
103
104
62
62
1,000
94
94
2.000
80
80
1,000
72
7,000
71
78
79
4,000
79
79
3,000
92
92
2,000
83 >i 83 5i
1,000
78
78
1.000
89. 04
90.74
85.34
84.24
85.24
84.34
88.34
84.84
95.44
75
H
H
79
79
Higf
Low.
High.
May
82.04May
82.04May
S2.14May
81. 60
86. 00
May
May
81.74May
94.84May
72 34 Apr
70 Ji
69
100
60
93!^
80
69 H
78
75
92
82
77
June
June
Feb
May
July
July
Mar
May
Feb
Jan
May
June
I.
.
100.00 Jan
93.04 Jan
92.34 Jan
93.80 Jan
92.98 Jan
94 96 Jan
92.98 Jan
99.30 Jan
81
Mar
Jan
81
Jan
81
Jan
150
May
75
95?^ Jan
9m
76
Mar
85
80
93 '4
Mar
Elec
&
—
Gas 7s-.
.1925
Peoples
4s '45
tr ctfs
May
93H
Jan
Jan
Nat
Apr
84
— The complete record of the
Exchange from July 31
compiled from the official sales
6, both inclusive,
given below. Prices for stocks are all dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.
is
Properties 4-6s- . . 1946
Penna
10-yr 7s... 1930
General 4 ks
1965
Consol 4ks
1960
Peoples Pass tr ctfs 48.1943
Phila Electric 1st 5a-. 1966
do
small
.1966
Reading gen 4s
.1997
West
Y & Pa gen 48. 1943
N
Stocks
Par.
Arundel Corporation
Atlantic Petroleum
50
Sale.
Price.
30
10
Celestine Oil
1
Y.ib
Central Teresa Sugar
10
Preferred
10
Commercial Credit, pref .25
Preferred B
25
E L&Pow.lOO
ConsolGas,
100
Cosden & Co, pref
5
Davison Chemical. .no par
Houston Oil pref tr ctfs.lOO
Indiahoma Refining
5
Mt V-Wood Mills vtr. 100
Preferred v t r
100
Pennsylv Wat & Pow..l00
United Ry & Electric... 50
Wash Bait & Annap
50
Preferred
50
96
Consolidation Coal
Low.
SaZes
for
Low.
High. Shares.
30
30
75
S'A
3H
600
1.4(
1.55
5H
7H
5H
4,410
50
22 H
21
96
78
3H
8
22 H
25
167
67
150
201
3%
66 K
33
66
79
33
70
79 H
15
12
15
29
30
36
70
205
7
UH
10
97
79
33 ^
70
>4
30
2ys
July
22
June
20
95 K Feb
74 J^ June
3i)-4
32 H
67J^
May
Feb
May
40
J.an
4i4 Apr
3.40 Jan
9H
May
103 5i
89
May
4H
Jan
Apr
Feb
Feb
84 H
15
13
May
29
Aug
20 M
36
10
Jan
K Mar
11
74
Jan
Jan
44 Ji
93 }4
70
95
7
33
66
Jan
Jan
11
29
25
Aug
Aug
Aug
10
95
490
255
50
June
Feb
5H Aug
7H July
40
141
High.
1.05 June
370
21
33 ^
70
7
1.
Jan
Jan
Mar
Jan
Jan
Jan
Bonds
Ry 1st 5s. 1923
Chicago Ry 1st 5s
1927
City & Suburban 1st 5sl922
Consolidated Gas 5S-.1939
General 4 )^s
1954
Cons G,EL&P4H8. 1935
Charles City
5%
6%
notes
notes
Consol n Coal conv 6s. 1923
United Ry & Elec 4s. . 1949
Income 49
1949
Wash Bait & Annap 5s 1941
93 H
98
62
44H
69
Wash & Vandem4Hs.I947
91
eo'A
91
60}^
95
86
73 J^
74
92 ?f
93 H
96
95
86
em
44 5i
69
65
73H
75
92?-j
93 H
96
62
45
69
65
Philadelphia Stock Exchange.
.$1,000
3,000
2,000
5,000
2,000
5,000
2,000
1,000
1,000
19,000
16,000
1,000
1.000
July
91
56
H May
Mar
95
86
73!^
July!
72^2''
June
June
June
Jan
92H
93
96
55
42
69
65
July
May
Mar
Aug
Aug
Jan
Jan
Jan
Jan
96
70
95 Ji
96
83
Feb
95
96
98 1^
69
48 J^
76
Apr
Jan
Jan
Jan
M
Aug
65
— The
complete record
of transactions at the Philadelphia Stock Exchange from
July 31 to August 6, both inclusive, compiled from the
official sales lists, is given below.
Prices for stocks are all
dollars per share, not per cent.
For bonds the quotations
are per cent of par value.
Stocks—
Par.
Alliance Insurance
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
10
American Gas
100
American Rys, pref
100
American Stores
no par
30
43^2
114h
Warrants
General Asphalt
1
00
Preferred-
100
Insuranre Co of
A
10
J O Brill Co
100
Ijike Superior Corp
100
Lehigh Navigation
50
Lohigh Valley
50
Mldvale Steel & Ord
50
Inehlll & S H
.50
Penusyl Suit
fg50
Pennsylvania
..50
Philadelphia Co (Pitts)—
Pref (cumulative 6%). 50
Phlla Electric of Pa
25
Phlla Insul Wire
no par
Phlla Rapid Transit
50
Philadelphia Traction ... 50
N
M
27 >s
Reading
31
Apr
30
43 K
30
44
30
June
91
33
114
14
91
33
118
165-4-
55
82
27 H
34
55
91
28 k.
37i..>
13!-,
395-^
45
38,14
42
65
41 »^
Aug
93
36
May
2,791
2,048
10
Feb
141
Jan
14
Aug
25
July
130
Jan
193
Jan
37!^ Jan
58 k Apr
22
Mar
65
Mar
55
July
82
Aug
27 H Mar
34
Aug
252
241
330
2,935
285
321
300
20
201
12
Lib L'n 4 !-^8. 1932-47
2d Lib L'n 4 tj's.. 1927-42
3d Lib Loan 4^3..- 1928
4th Lib L'n 41^3-1933-38
Victory 4}4S
1922-23
1st
Amer Gas
5s.. 2007
small
2007
Armour & Co 4 Hs
1939
Atchton T A a Fe 43. . 1995
<fe
i:iec
do
ChlcM&StP4'i8...2014
Chlc&NW.'Ss.-
19.37
May
57
June
40 'g May
37 Ji Aug
40
May
64
July
37 J^ July
3,427
200
1%
1'/^
IH
24 H 25 H
40
40 H
86
Him
1,365
Ik May
15H
51
14
50
88 K
31>A
22 }4
51 '4
15',
50 k
IH
71
H
7m
140
29
140
29
91.00
85.60
84.60
88.60
84.90
95.62
71
91.00
85.60
84.80
88.70
85.20
95.74
71
71
71
75 }4
75,4
58)^
90
299
1.591
310
5,760
241
350
683
1,521
1,145
5
34
10
75 M
75 H
58
90
H
M.ar
July
33
99
1
3-16 July
23
40
86
July
July
71
June
100
29
Mar
Aug
Bonds
S Lib Loan 3^8-1932^7
Feb
Feb
Jan
90
90!.^
30 ^
2U<i
i'A
37 ?i
Jan
23
56 >4
64 4
46 Ji
750
20
20
29 H May
20 k May
50 k July
12,4 July
50
June
65
Feb
31
22
25 H
40 M
U
19
5
15
59
1
Wm
110
12
50
50
U S Steel Corporation. .100
Westmoreland Coal
50
Cramp & Sons
100
York Rys preferred
50
Aug
19Ji
58
421^
37 ".i
42
65
1
M
1.
High.
35 H
12
...50
Tono-Belmont Devel
Tonopah Mining
Union Traction
United Gas Impt
M
58
M
Low.
High. Shares.
35 H
19
1st preferred..
Catawlssa 2d preferred.. 50
Elec Storage Battery.. 100
Low.
Range since Jan.
S2,000
5.000
28,400
11.500
52.300
54,900
4,000
300
5.000
5,000
5,000
5,000
Aug
90.60May
85.60 Aug
83. 20 May
86.40May
82. 30 May
94.70May
70
71
75 1^'
75 k
58 'i
90
May
May
Aug
Aug
Aug
Aug
Feb
M
"5"
80 K
60
Last
Stocks
Sale.
—
Par. Price.
Amer Rolling Mill com.. 25
Amer Vitrified Prod com 50
Amer Wind Glass Mach 100
10
Arkansas Nat Gas com. 100
Carbo-Hvdrogen Co com.
lOJ^
Preferred.
5
Crucible Steel pref
100
Fidelity Title & Trust. - 100
Guffey-GillespieOiKno par)
Habishaw El Cable (no par)
Harbison-WalkRef pref 100
5C
.5C
Kay County Gas
Lone star Gas
25
Mfrs Light & Heat
50
Marland Petroleum
5
Nat Fireproofing cpm. . .50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply.
25
Oklahoma Natural Gas _25
Oklahoma Prod & Ref
5
Plttsb Brewing pref
50
Pittsburgh Coal com ... 100
Plttsb- Jerome Copper
1
Plttsb & Mt Shasta Cop. -1
M
2H
Feb
37
57
108 J^
75
150
32
Jan
Jan
Jan
Jan
Mar
Jan
100.00 Jan
91.78 Apr
91.90 Jan
94 60 Jan
92.88 Jan
99.34 Jan
82 k Jan
82
Jan
75 H
75 k
58 k
90
Aug
Aug
.Aug
Aug
11
iH
95
300
28 «
97
3
3
10
3
10
•
15
27
51
4K
5V,
15k
Aug
97
5UI
July
67
83
92 k
59
70
June
3k
June
June
June
June
100 5^
74 5i
Apr
Apr
84
53
June
Aug
k
79
82
72
60
July
July
Apr
Aug
Aug
97
65
85
90 K
July
Jan
Jan
Jan
Jan
102 M
72 k
82 k
Mar
Jan
Jan
30
July
103
Jan
83
S2
Jan
72
Feb
93
Jan
9314 Feb
82 k Apr
64 . Mar
sin ce
Jan.
1.
5M
45
29 k
4
12>^ 12j/s
56 Ji bH'A
8c
8c
30c
30c
12 J^ 13
150
149
57
57
85 !4
104
103
46 'i 4754
71
70
k
M
mn
High.
Feb
50
9H
109
10
16
135
45
July
1>4 May
3J^ June
92
July
300
June
25 k June
465
1,061
260
696
100
634
1,720
100
40
85
800
1,000
330
2M
8
Ik
July
25
48 k July
4
May
5 k July
11
21 Ji
64 k July
July
May
Jan
Jan
June
7,566
12
Low.
14 k June
93
July
27 k
52
4k
4K
5k
22 k
49
30 H
4
71
Range
640
45
20
25 5<
50 K
11
86 J.^
103
47
12
2,475
15
1,600
21 ?i
8
50
1%
11
56 K
30
10
135
11,420
100
30
1%
22
46 k
30
Aug
Aug
44
Feb
29 k July
4
July
Ilk June
5VA Mar
4c
30e
July
11
May
Aug
k
Apr
Jan
100
300
39
Jan
Jan
Jan
Jan
June
Jan
17
Apr
3H
5
Jan
102
k
K
k
45 k
61 H
Apr
Apr
Apr
5
15
2
Jan
Jan
k Jan
QH Apr
19 k Apr
6
34% Mar
Apr
5514
5254
Mar
10^
Jan
18 >4
Apr
Apr
65 M
25c * Jan
Jan
53c
18
Mar
172
Apr
64 M' Apr
107 14 " Jan
P
130
155
90
169
825
85
149 k July
52
Feb
S5'4 Aug
103
July
65)^ July
55
79
Jan
Jan
SI, 000
48
June
66 k July
55
75 k
Jan
Jan
i5% May
llSkl Jan
Bonds—
50
68
Indep Brewing 6s. ... 1955
1949
Plttsb Brewing 68
50
70
9,000
—
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange July 31 to August 6, both inclusive,
compiled from official sales lists:
Sales
Friday
for
Last Week's Range
Week.
Prices.
Sale.
of
High. Shares.
Par. Price. Low.
Stocks-
American Radiator new 100
100
American Shlpbldg pref 100
100
Armour & Co pref
15
Armour Leather
100
Preferred
71
102
Preferred
Beaver Board
Booth Fisheries new
Briscoe
common..
70
70
91k
15
H
94
(*)
(*)
(*)
10
Bunte Bros
(*)
Case (J I)
ChlC'y&ConRyptshcom(*)
1
(*)
Chicago Elev Ry pref.. 100
Chic Pneumatic Tool. -100
Commonwealth Edison 100
Continental Motors
100
Great Lakes D & D
Hartman Corporation.. 100
100
Hart Schaff & Marx com
Holland-American Sugar 10
25
62
74
15%
10
LIbby. McNeill &Llbby. 10
14
Warrants
Lindsay Light
10
Middle West Utll com.. 100
Ilk
Preferred
Mitchell Motor
100
Co
National Leather.
.....
26
(*)
.10
Circuit. Tnc
10!^
25
29
WW
Temtor Prod C & F "A"
Thompson. J R, com
25
l^nlon Carbide A- Carbon 10
(•)
United Iron Wks v t c. . ..50
ITnltcd Paper Bd com. . 100
Wahl Co
Ward, Montgomery,
prof, when Issued
(•)
& Co
20
Western Knitting Mills. ()
Wilson A- Co common.. (•)
Wrigloy Jr, common
25
401.^
"61""
16
29
49 K
30
16
53
74 H
Rights
Bonds
Armour & Co
1930
7s
Chicago CItv Ry 5s. . . 1927
Chic City & Con Rys 5s '27
Chicago Railways ."is. . 1927
Commonw Edison 58. . 1043
Cudahv Pack 1st g 5s. 1946
Swift A Co 1st s r c 5s. 1944
•
No
par value.
7K
38
38
14»/S
14
H
UH
1
1
8
8
6
101
101
HH
,
Hupp Motor
94
40
16Ji
81k 81k
lOlH
10
(*)
93 ?i
40
5k
Cudahy Pack Co com. . 100
1 00
Deere & Co pref
100 108
Diamond Match
Elder Corporation
92k
lOH
11
25
25
100
71
102
70
91
15'^
7H
Peoples Gas Lt & Coke. 100
(*)
Pick (Albert) & Co
34
Plggly WIgglv Stores Inc (•)
Quaker Oats Co pref... 100
Reo Motor
10 '"2i».i
Sears, Roebuck com
100 134 ',i
64
(*)
Sh.aw
com..
34 T^
Stewart War Speed com. 100
Swift & Co
100 106 k
30 K
Swift International
15
Jan
62
10
110
95
Plttsb Oil & Gas
Pittsb Plate Glass
100
100
U S Glass
..100
100
U S steel Corp com
West'house Air Brake.. .50
com .50
West'house El &
West Penn Rys pref... 100
62
10
109
10
97
1
Sales
for
Week.
High. Shares.
26
J.an
Apr
42,000
300
13,000
1,000
1.
High.
Low.
— Record of transactions at
26 k
Mar
Jan
Jan
k
75 K
88
53
80}^
83
79 K
60
1,000
1,000
11,000
7,000
8,400
12,000
9,000
2.000
3,000
Range Since Jan.
of Prices.
Low.
95
50
76
43 H
51K
102
Week's Range
300
Orpheum
28
63
94 k
3 1- 16
75
88
53
80
82
78 ?f
60
3%
95
Jan
Jan
Jan
5
1}4
Mar
July
71M 7\%
102K
51k
36 k
255^
S5,000
20,000
5,000
83 k
05
62
47?-g
Jan
97
52 k
68
83 k
95 M
63
Friday
Preferred
Friday
97
Pittsburgh Stock Exchange.
Jan
Jan
Jan
81
Week.
68
62
Sales
for
High.
Pittsburgh Stock Exchange July 31 to August 6, both inclusive, compiled from official sales lists:
Preferred
Range since Jan.
Week.
of Prices.
of Prices.
Low.
513^
52
RR
Indep Brewing com
Friday
Last Week's Range
Friday
Last
Week's Range
Sale.
Price.
Jan
transactions at the Baltimore Stock
August
Con.sol
(Concluded)
Keystone Telep 1st 5s- 1935
Lehigh C&N consol 4 ks '54
Lehigh Valley coll 63.. 1928
Gen consol 4s2003
Registered 4s
2003
Week.
of Prices.
Baltimore Stock Exchange.
lists,
K
579
1
to
«
THE CHRONICLE
7 1920.]
Outside StockJExchanges^
U
M
5
06
H
81k 82
95 k 95 U
108
110
25
25
64
62
74
74
75
75
15K 16Vg
13%
Ilk
Ilk
6M
11
Ilk
26
20
26
20
lOH
11
25
26
29
29
39 k 40
36
33
87 U 87 ?i
215^ 2-2H
137
134
66
64
34
37 k
105H 107 li
30
32
40
41
27« 28 k
59 'i 64
14 k 24
29
27
48 H 51 >i
29 K
15 k
3Hf
52!-f
S3
75
74H
4H
95 k
65 k
38
60
78
14
12 U
12
7
77 U
80
83 '4
1,875
4,145
373
125
80
240
50
340
300
405
300
50
610
1,900
65
55
121
200
ISO
100
Range since Jan.
Low.
July 9 85
Mar
94
Mar 120 • Jan
70
Aug
80 Vi' Jan
90 K July 110%' Jan
I
15 M
Feb
91k
July
Aug
7H Aug
40
38
July
14k Feb
10
July
6
Jan
Jan
3
May
Vs
17VilMar
Feb
95 H
58
13%
75
17
8% Feb
110k Apr
Feb
Aug
108
July
13
101
170
675
15
13
Feb
Feb
7,570
150
100
105
1.325
50
775
411
1,010
14,000
3.186
8,499
255
390
9,375
2. 9,10
460
1,380
May
5
11
26
20
mi
Aug
Aug
Aug
Aug
25
July
29
Aug
39 V^ Aug
33
Aug
87 U .A.ug
21
134
61
34
May
Aug
Feb
Jan
Feb
Feb
Feb
125k Mar
36% Apr
Aug 92
Aug 105
Aug 96
Ilk Aug
Ilk Aug
H
102
62
74
75
200
160
275
25
800
Apr
Ilk June
80
Aug
81
94 ?i July
105 >4 June
25
.\ug
Jan
Jan
Ik June
101
8H
Mar
k Mar
24 k
75
11,784
1.
High.
Jan
Jan
Jan
18',^
May
H
Apr
Apr
12%
July
July
23
32
9%
22
45 %
44
15'4
35
41
50H
Jan
Jan
Apr
Jan
Mar
Feb
Jan
43
July
98 Vi Jan
Mar
28
243
Apr
90
50 k
105'*' .^UKJ 128
30
Aug' 55
40
May| 49
271^ Aug!
,52 k
54H Apr 74 %
14 k Aug
42
20
Feb
29
36H Mar 56
.^vig
Apr
Apr
Jan
Jan
Mar
Mar
Jan
Apr
Mar
May
Mar
4,575
1,510
29H Aug
40
k
15
23%
July
52
73 k M.iy
4»» Aug
76
81
4H
400
505
425
96'^ 524,000
2,000
65 k
38
l.OtW
60k 2.000
3,000
78
SO
1,000
1.000
S3>i
95 ij July
96% AuK
17
k Aug
60% May
34
57
Feb
May
77% May
80
Aug
S2'i June
4
k
k
Jan
Mar
Apr
July
72 k Feb
42
June
70
Mar
87
86 k
92 %
Feb
Feb
Jan
THE CHRONICLE
580
New York "Curb"
Market.
—Below we give a record of
the transactions in the outside security market from July 31
It covers the week ending Frito August 6, both inclusive.
day afternoon.
be understood that no such reliability attaches
It should
to transactions
on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed that
is, securities where the companies responsible for them have
compUed with certain stringent requirements before being
Every precaution, too, is taken to
adm^itted to dealings.
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of he transactions.
The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
—
Week ending August
Friday
Last Week's Range
6.
Sale.
Stocks
Par. Price
Industrial
Acme Coal.r
&
IH
1
Aluminum Mfrs-r(no par)
Preferred, r
100
Amer Candy Co com (nopar)
Preferred _ r
Chicle. r
Preferred, r
(no par)
100
Amer Vitrified Prod com 50
Amer Writing Pap. com 100
Armour Leather com. r.. 15
Preferred-r
100
Co. pref-r..lOO
Automatic Fuel s.r
Beaver Board Cos com r (*)
BUsa (E W) Co, com.wl(t)
Bliss
(EW)
85
1 00
Amer
&
com
Co,
old- _5
Bordem Co com.r
Pref erred. r
Brier Hill Steel
100
100
(no par)
Brltish-Amer C'hem.r
10
Brlt-Am Tob
Ordinary
bearer
£1
British
Empire
7%
preferred
Steel,
com.
BucyrusCo-r.
40
62
_
7
93 H
91
360
95H
83
30H
7
19
Steel. r
l:implrtTube&Steel(no pax)
FarrelI(Wm)&Son,com.r(t)
& Rubb com
Gardner Motors ..(no p-r)
Oe«
Asphalt, com.r
100
Preferred. r
100
G«ldwyB Picture r (no par)
Goodyear Tire A Rubb.r..
Preferred r
100
Grape Ola Prod Corp com
Preferred
1
1
Gnantanamo Sugar. r..(t)
lOH
2
48
20
par)
Hocking Val Prod, (no par)
Hydraulic Steel com.r.(t)
IH
IIM
Kay County Gas.r
Keystone Solether.r
National Leather, r
10
Nor Am Pulp A Paper. (t)
Orpheum Circuit, com.r.l
&
Motor-r.
K.r
10
Am.r...(t)
6
Rainier Motor-r..(no oar)
Republic Rubber. r (no par)
Reynolds (R J) Tob B r 25
Rolls-Royce of Amer pfrlOO
Boot A Vanderv't com. 100
R«y <!• »ra«»»TolI»t Vrxy\ 5
Schulte Ret'l Store3.com(t)
«••«» Mlg.r
100
Sfcuidard Gas & El com. 50
Standard Parts com.r. .100
8»l»««arine Boat » t «..(t)
Swift <t Co_r
100
Bwlfi Intecnat.r
15
20)^
29
«
Steel
& Tool(t)
52^
5Ji
10
29!^
48
9K
1
im
55
2>4
6
14'/8
33 J/2
55
23 H
9K
1«
IIM
1%
155i
114
85
2^8
2
2H
20
25
22
26 K
7%
29
80
\%
4K
7H
41
J^
9%
IVs
37
30 M
IK
IK
2%
65
121
106
9%
UK
6K
25
35
5
2 1-16
38
70
35 K
5K
65
65
120
125
35}^ 3b%
23
25
11
10
106
106
30
.32
K
173
177
60 K 64
11
30 K
IK
\%
iOH
30
200
2,300
3,700
200
1,600
29,300
1,350
4,600
410
500
4,400
5,300
1,900
1,9.50
1,300
1,000
300
900
200
300
600
1,900
5,200
200
1%
2%
37
38 M
IH 1%
38
70
35
5
42
15
32
241^
2,600
1,000
3,500
3,000
46,400
5,500
1,400
1,200
200
5,900
1,000
8,000
975
2,200
10,100
200
45
10
400
500
200
100
200
45
589
683
200
500
900
7
12
21
IVs
15
30
1,000
100
1,000
400
675
500
44 M
5^
2H
May
29 «
85
9
12K \2%
33 M
June
5
25
95
lOH
10
30
10
Feb
600
200
39 y^
55
21 -H
'9H
June
1,800
1,300
38
54
8K
5H
tIntdPletnrePr»dCorp r (t)
United Profit Sharing. 25c
(t)
lOJ^
3^4
Todd Shipyards Corp. r.(t)
Union Carb A Carbon r (t)
UnReUllSfB Candy. r
47 J^
24
95
13
2^
15
7
19
21
51
110
83
1
Locomobile Co.r..(no par)
liUceyMfg, CIassA-r...50
Mercer Motors. r.. (no par)
Nat Ice & Coal-r
100
93 H
91
59
44
37
355
370
94
99
81
85
30 H 30 H
110
83
10
Mot Co CI A. r.. 50
UH
IH
13 K
30 K
Apr
20
83
100
600
242
110
25 H
49
83 H
lOO
Imp Tob of G B & Ire.r.fl
Indian Packing Corp.r.(t)
IntercoBtlnental Rubb. 100
Internal Products com.r..
U
AM
800
335
1,700
26
26
110
118
25
27 y.
47 K 58H
88'/,
80
Preferred-r
8 High 8p
I'i Jan
ll?i July
49
Jan
36
Jan
Jan
40
97
July
7H
20
Heyden Chem.r..(no
Peerless Truck
I^rfectloi T A
Radio Corp of
Preferred
High.
May
75
4014
63
10
7
16
94
91
59
44
37
IK
H«rcule» Paper. r.. (no par)
Lincoln
Low.
7
38
6
18
48
3U
rFlrestone Tire
1.
8,000
5,100
600
500
75
40
13H
Clilcago Nipple. r
Cities Serv Bankers aha r(t)
(t)
15
24
90
6
52 M
Conley Tin Foil
(t)
Continental Motors. r.. 10
Crude Chemical, com.r
Dsvie3(Wm.)Co.Inc.r.(t)
14
22 H
85
7
Bulck Carburetor. r
10
Caracas Sugar. r
..50
C«- LtK & Power.r
26
Cent Teresa Sugar, com. 10
CleveAutoCo. new
10 H
40
7K
15%
2 'A
10
38
61
100
Preferred .r
Dominion
Week.
High. Shares.
Range since Jan.
Mlscell.
Aetna Explo9lve8.r(no pari
Air Reduction
(no par)
Allied Packers_r.-(no par)
Armour
Sales
for
of Prices.
Low.
[Vol. 111.
1.900
8,800
3,200
4,000
900
6,510
100
100
400
3,060
200
190
100
400
2,000
100
2,200
735
1,700
1,700
2,900
12,700
3,030
Aug
75
Aug
39 H May
68
July
7
H Aug
May
5
15
90 H
Feb
June
91
51
May
Aug
Aug
Aug
44
37
340
94
80
30
July
Aug
July
Jime
5H July
H Aug
May
13
14
18
Aug
48
22
95
July
Mar
Aug
10 H July
52 M Aug
1
Aug
'-8
Feb
314 June
4:14
UK
Feb
90
68
69
July
10
12 K
18
Aug
94M
July
July
Apr
July
95 K
61
57
48
390
108
91
33
9K
28 K
28 K
39
52 K
Jan
Feb
June
Mar
July
July
July
July
June
Jan
Jan
Jan
July
July
32
95
June
11 }i
July
July
Aug
60
314
9
Apr
Jan
UK
July
44 K
Jan
29 H
48
20
Aug
Aug
Aug
91
Mar
29
9
June
14
Jan
Jan
1
July
37
54
June
IK
July
Aug
50
60
July
\IH Aug
24 H July
110
Aug
Aug
26
47 y2 Aug
Aug
80
Aug
13
Mar
Apr
64
170
Mar
29 K July
130
Jan
Mar
165
Jan
34
132
June
June
100
2K July
2 13-16 July
June
25
33
Apr
Aug
7K Mar
7H
83
Aug
Aug
1
1
Jan
Jan
110
19M
July
14 K
3 "3
6K
July
June
June
29
40
8K Aug
5K Aug
Feb
10
20 K July
IK July
\2H July
Aug
41
9H Aug
44 ,K Aug
12
May
30
July
Aug
10
iH Feb
24 K Aug
30 K Aug
IK Aug
15
June
IJ
May
Feb
30
19
Apr
40
Jan
Jan
Jan
Jan
Jan
101
17
20
17
21-5 Aug
2H Apr
19,%
53
Apr
Jan
35
47
39
46
Jan
6H
3
4H
54 K
Apr
Jan
July
40
Aug
Aug
19
108
Aug
69
May
K
Mar
^i
May
78
July
1854
3K
40 K
19
Jan
Jan
June
July
Feb 230
Jan
Jan
Jan
Jan
Jan
Mar
Mar
July
Jan
Apr
2ys
18H
58 K
50 H
19
185i
80
55
Sales
for
Range since Jan.
Low.
High.
2,750
8,300
1,000
IK May
3K
4K
5K
700
200
700
500
500
1:
3
July
July
K
Jan
Jan
Jan
Jan
Jan
Jan
June
H
July
26 K
18H Aug
Aug
100
July
85
June
Apr
51
July
77
Aug
Aug
70
4
100
20
31
July
July
July
80
50
50
50K
58 K
50
74
77
1,800
K
72 K
45
48
1,200
45
300
200
85
July
11
%
1.
Week.
Shares.
Rights.
Bliss
(E W), com.r
46
IK
Preferred .r
National City Bank .r
New Jersey Zinc
Shell Traniport A Tradlngr
Wrlgley (Wm) Jr Co.r
IK
IH
90
90 >
11
11
17K
17
12 K
18
4K
4K
IK Aug
1,000
5,600
4,450
17
Aug
Aug
4
July
800
20
19
May
44
10
20
103
20
Aug
Aug
262
-4ug
303
358
May
Apr
June
4K
July
Former St*Bdar4 Oil
Suksldlarla*
Anglo-Amer OU.r
£1
Galena-Sig Oil, com.r.. 100
Illinois Pipe Line.r
100
South Penn Oil. r.
100
Standard Oil (Callf)-r.lOO
Standard Oil of
Y.r. ,100
N
20
44
21
44
155
265
308
359
1.55
262
305
358
358
1.55
Aug
Jan
31
65
163
May
355
355
480
May
Mar
Mar
Mar
Other Oil Stecks
Allen Oll.r
i
OU.r.
1
Amalgamated Royalty, r.l
Allied
Anna
Bell
21c
H
1
1
Arkansas Nat Gas.r
10
GuU OH Corp. 100
Blgheart Prod A Ref
10
75 K
Boone OU
..5
Boston-Wyoming OU.r..l
Carib Syndicate new-r
15-16
Atlantic
Carib Trading
Casa Oll.r
Cent Am Petrol Corp.r.(t)
Central Petrol, pref.r
Continental Refining. r. 10
Cosden & Co, com^r
5
Gushing Petr Corp com r.5
Del Tex Pet Corp.r
1
Dominion OU.r
...IC
Duquesne Oil-r
5
5
Elk Basin Petrol. r
Engineers Petrol Co.r
Ertel
1
OU.r
Esmeralda
Federal
OU
OU A
9
2K
9
75
K
8«
2%
lOH
10
50
50
33
2
31
71
69
3%
3K
6«
K
IK
6
1?4
bVi
3H
7
iVs
lOJi
4
3K
6K
7K
1%
1
H
cl
A.r.lO
Guffey-GlUesple 011.r..(t)
Harvey Crude OU
Hudson OU.r
1
Imperial OU.r
Indian Refining new
Indian Refining oil
Internal Petrol. r
£1
Leetone Petroleum. r
1
Livingston Petroleum. r.
Lone Star Gas.r
25
Manhattan OU.r. (no par)
Maracalbo OU Explor.r(t)
Merrltt OU Corp.r
10
Mexican Panuco OU
10
Mexico OU Corp
10
Midwest Refg.r
.60
Mldwest^Texas OU.r
1
National OU.r
10
Noble OU A Gas
1
North American OU.r
S
Northern Texas OU.r
5
1
Ohio Fuel Oil.r
Oklahoma Nat Gas.r
25
Omar OU AGas.
10
Pr& Ref,com(*)
Preferred. r
Pennok OU.r
Pittsb Oil & Gas.r
..100
.10
100
Producers A Ref. r
Red Rock Oil A Gas.r..
Ryan Cons'd.r.w i
10
T
Texas-Ranger Prod
A
3-16
2}^
14
29
86
2%
12
26
80
80
2K
9K
26 K
9-16
3-16
20 K
201
30
1%
2H 2%
9K lOK
26K 27K
K
%
3-16 5-16
16
16
20 K
20
195
27
201
31
IK
1%
5
45i
7K
18K
UK
lOK
27K 27K
6K
22K
14K
7,700
7,400
1,500
2,500
6,950
5,100
11,400
2,000
2,900
4,000
10
11
IK
5c
6K
151
8c
7Vi
Vs
2K
"20"
30
2Vi
5H
12K
5H
2H
IK
2yi
IK
20
29
24
2%
9H
66
5K
9K
70
5M
&4
12
14
5H
K
%
K
SK
IK
9K
9%
12K
18K
4
16
19
8
19
Land.r
1
11-16
25
18K
H
1
OU.i
IVs
UK
12K
Tropical Oil Corp.r
United Tex Petrol. r
10
Victoria
Vulcan Oil . r
5
White OU Com.r. .(DO par)
Woodburn Oil Corp.r..(t)
23
34 5i
5
R.l
14K
lOJ-8
14
4K
18K
13-16
6, .500
H
H
%
H
3H
3K
4,000
8,100
600
6,600
1,900
H
K
15-16
12,100
1
2
19J^
17
53
85
July
4
May
May
68
July
July
35
73
July
July
1
Booth. r
1
Boston A Montana Dev..5
Caledonia Miming
1
Canada Copper Co Ltd. .5
Candalaria Silver. r
1
1
Carson Hill Gold.r
1
Cash Boy Consol
Consol Virginia Silver. r..
1
Cortei surer. r
Divide ExtensiOB
1
El Salvador Silver Mln.r.l
Emma
Silver
13-16
9-16
2c
3c
3KC
K
5c
64c
19c
K
'A
K
24
Goldfleld Consol'd r
Goldfleld Devel.r
Feb
Hecia Mining
Gold Zone Divide, r
HarmUl Divide. r
1
10
25c
3c
7-16
>i
4c 5Kc
65c
63c
19c
17c
H
K
Vs
5-16
25 K
24
6KC 7HC
2
62c
22c
IK
6
10
lOo
9-16
2c
3c
4c
2
60c
19c
2K
IK
2
6
5
K
3-16
Vi 1
8c
4c
15c
20c
4
8c
4c
12c
15c
4
1,600
24,500
24,600
24,700
17,100
19.700
7,400
15,500
18,000
10.700
1.600
13.300
550
62c
23c
?
3-16
10c
6c
15e
25c
4 1-16
July
July
July
39 K
10
UK
I'A
May
3H
16
39 K
17
21
11
Feb
4K
May
8
1 5-16
Apr
K
July
6H Jan
4H Feb
Mar
35
42 K Mar
7H Jan
2K Aug
1
Apr
June
Aug
Aug
6
Jime
Jime
Apr
June
11
26
90
9K
16
10
1«K
K
5K Aug
fi May
19K
May
IK
July
7K
IK
73 K
Aug
9
Feb
12
3
K Aug
UK
18'/,
8
K
H
15
%
V»
13K
22 '/4
Feb
Feb
June
15K
20
Feb
July
Julv
Jan
Mar
K
2M
July
Apr
»-16 Mar
16-16 June
Mar
4c
June
1
July
Ic May
2c June
3c June
3-16 May
30 July
Mar
58c
Aug
17C
July
20
Mar
IH
IK
May
K May
Jan
Jan
47 K
3K Aug
H
K
Jan
July
June
Jan
June
Jan
23 K Jan
IK Jan
•2K Jan
9K Jan
•50
Jaa
8M Jan
19
Aug
Aug
Apr
June
2
17
Feb
56
4H May
UK
Jan
Jan
Jan
June
Jan
Mar
40K May
July
30 K
May
Jan
Jan
Jan
Jan
190
June
19
Jan
July
38
Feb
41
Jan
29
July
22 K Jan
21
Jan
Aug
29
iVs
Aug
IK
6K Aug
9-16
July
June
195
77
Aug
1
128
4c
Jan
Apr
Jan
IK Mar
IK Jan
Feb
16
Mar
15
July
60 K Jan
120
Jan
6
Jan
25'A June
7-16 May
3-16 May
16
July
19
July
195
Aug
Aug
27
IK July
4K July
25
May
2
May
10 K
9
Jan
Jan
7H Feb
2H Jan
H Mar
i% Jan
Feb
38c
49c
%
7c
91c
42c
IK
1-16
1
Feb
40
Jan
Jan
June
Jan
Apr
Jan
Jan
Jan
Jan
Mar
4KcJune
120
May
Mar
10
Jan
62 c
July
2
24.600
22.600
8.300
11,000
520
28,.500
3-16
9-16
M
June
40,200
600
2.300
12.000
12,200
18,300
16,000
2.370
5K May
10 K Jan
Jan
3
IK Aug
5K Aug
3K Aug
6^, Aug
1
May
K Aug
K July
2
May
400
1
IKc
2Kc
K
Eureka Croesus MIb.i
1
1
Eureka HoUy.r
Forty-nine Mini ng.r
1
Golden Gate Explor'n.r..6
Jan
Jan
Jan
Jan
1
1
S^^
3H
6H May
Mlaiag Stvcks
Alaska-Brit Col Metals.. 1
Jan
Aug
5
400
300
Jan
IK Mar
June
59
13,500
6,700
7M
2
15
12
200
600
400
500
Apr
Apr
13
50
1,300
1,400
6,300
2,460
3,940
16K 19K
19
13
1
3K
1,300
4,100
100
6,600
1,500
1,200
4,600
51,200
2
17K
900
31 K
3J^
31,
12H
9.600
5.300
3,100
200
July
Jan
45
90
Apr
Aug
800
280
IH
July
Apr
Jan
Jan
Apr
1
Aug
Aug
Aug
June
17?i
140
July
June
80
5,100
4,499
1,200
25,900
5.800
700
15-16
1>^
May
5
26
600
lOM
H
9
75 K
SH
2%
%
3K
Jan
Aug
300
7K
1
146
8c
600
200
IK
19c
22c
50c
13,100
5,500
21,600
1,700
4,600
7,900
17,000
10,100
1.800
1,850
1,600
7K
20
Salt Creek Producers. r.. 25
Sapulpa Refining. r
6
Settled Prod.r
SImms Petroleum r(no par)
Skelly OU Co.r
10
Spencer Petrol Corp
10
Stelner Oil Corp.r. (no par)
Superior OU.r
(no par)
receipts..
Superior OU C
10
Texas Chief Oll.r
&
H
Gas.r..l
Grenada OU Corp
Texon OU
9H
1,900
142,500
1,000
9,400
Vi
500
IK
11
1,000
900
79 K
9K 2,900
10,800
2J^
1 1-16 48.000
12K 11,000
50
5
100
2
33
3,400
620
71
2
24c
23c
5
6
Fensland Oil
(no par)
GUllIand Oil com.r. (no par)
Preferred _r
100
Glenrock OU.r
10
Panhandle
\Vi
19c
23c
1
Arcadia Oll.r
Mar
May
Aug
Aug
A
47
7K
91
54
7
67
150
41
\Vs
10 H
27
3K
37
Aug
1
2%
5
Willys Corp.com. r. (no par)
First preferred-r
100
Second preferred. r.. 100
Wood Iron Steel
5
World Film com.r
Wrlfiley (Wm) Jr com.r. 25
America Mines. r
45
I.
U S Light & Heat, com.r. 10
10
U S Steamship.
Wayne Coal
Arizona Globe Copper
1
1
Atlanta Mines. r
Belcher-Dlvlde.r
10c
10c
Belcher ExtensloB
£
Big Ledge Copper Co
July
June
Sale.
of Prices
Par. Price. Low.
High
(Concluded:)
Jan
June
Jan
37
70
35
5
62
117
33 K
23
10
106 J
30
151
60
July
Jan
Stocks
Mar
.4ug
May
July
18
1}
July
Jan
July
Friday
Last Week's Range
19c
IH
5
1
15-16 Jan
Aug
1
Feb
1
Mar
16
15-16 Jan
15-16 Apr
July
Julv
July
3H Mar
2%
2K
8c
4c
May
15c
Jan
"
Jan
Jan
Auj
1,50
Feb
Ho
June
40o
65c
Jan
July
-\Ui;
15c
15-16 Jan
Mar
4H Mar
—
H
Aug.
THE CHRONICLE
7 1920.]
Fridau
Last
Mining
Sale.
Price.
(.Concludes) Par.
Jim Butler. r
1
Jumbo Extension
1
Kewanus- r
Louisiana Consol
1
1
5
8?-^
1
5-16
5-16
Ophlr Sliver Mines. r
Prince Cona
2
Rico Divider
Rex Consolidated
27 H
26
10c
12c
52c
50c
55^c 6c
V2
11-16
188
900
278
8M
8M
2.100
5-16
5-16 7-16
7-16 9-16
5>^c 7c
1-16 1-16
%
600
m
1
1,550
6,200
12,000
23,700
2,300
5,100
14,300
11,200
1,500
5c
700
11,900
.10
Min
6c
1-16
1
Roper Group Mining
1
Bt Croix Silver
1
Seneca Copp Corp (no par)
15H
I
2c
Silver King Dlvlde.r
Silver Pick Cone'd. r-..l ......
1
Simon Silver & Lead
1
Standard Silver-Lead
1
Success Mining
Cons
Mlnes-r..!
Sunburst
Sutherland Dlvlde.r
Belmont Dev
Tonopah
Tonopah
Tonopah
Tonopah
1
1
5
10c
10c
1
6>2C
24c
2c
Ic
\%
m
1
IH
IM
IH
2
6c
5c
6^c
6c
H
1-16
1
%
mc
IKc
8HC
8c
3c
4c
1
2Hc
4c
16c
Mining. r
1
United Eastern Mining..!
U S Continental Mines. r.l "'"6c"
Victory Dlvlde.r
10c
Washington Gold Quartz. 1
West End ConsoKd
White Caps Exten
White Caps Mining
Wllbert Mining
151.2
%
'""2c"
1 9-16
1 5-16
1 9-16
1 5-16
1
Dlvlde.r
Extension
13
2c
5c
5c
1
'A
Vi
3-16
183
100
Low.
15.100
10.250
2.000
9,000
1,500
12,500
1,200
13,450
1,500
3,600
14c
5c
2c
5J^c 6c
12c
4c
2c
"Sj-jc"
Range since Jan.
High. Shares
Low.
H
5
Copper
1
Marsh Mining. r
McKinley-Darragh-Sav . . 1
Motherlode.r
Mountain States Sllv.f..l
Jersey Zlnc.r
Nlplsslng Mtnea
Week.
3-16
26
lie
Magma
New
Sales
for
of Prices.
2c
6c
10c
MacNamara Mining. r
WeeVs Range
13c
5c
1
Knox Dlvlde.r
IH
2c
10c
4i^c
Pack conv deb68
Amer Tel & Tel
6%
6s. r.. 1922
1924
not«8.r
94 K
92 K
68
94 J^
92 K
88?^
98%
98;.i
r"39
Anacon Cop Min 6s-r.l929
Anglo-Amer OH 7H8 ..'25
Armour* Co 7% notes r' 30
C C C & St L Ry 6s r 1929
Colum Graph Mfg 8s. 1925
96}^
85
French Govt 4s -r
French Govt 5s. .r
French Govt 5*7 prem.r
Goodrich (BF) Co 78.1925
53
65
Interboro
RT
95%
83
99
51
62
76
91
& Tr 7s'20
94^
Govt
5
94?^
26
26
98
Russian Govt e'js .r.l919
Slnclah-ConOU 7 H s r. . . '25
Southern Ry ef^o notes 1922
Swedish Govt 6s June 15 '39
Switzerlnn'I
M
H
93^
56H
7s. r... 1921
Kennecott Cop 7s-r..l930
Pan-Amer Petrol
H
K
97Vs
92%
82
84^^
98
96 M
98
97
83
84^
Ms. '29
Texas Co 7% notes. r. 1923
Union Tank Car eq 7s_ 1930
USRubb7H% notes. 1930
Western Elec conv 7s.r.'25
98 K
96 M
'97'M
'.1;
All prices dollars pe r share.
Job
July
)^c July
60 June
% Jan
I2s
15c
I6C
Mar
1-16
Ji
May
070
39
320
Aug
lOe
4Sc
June
June
65c
Jan
Jao
Jan
Jan
May
IH Feb
6-16 June
Aug
8-16 Jan
July
Jan
12c
Mar
Jh)
%
5 He
1-16
%
1
H
H
June
i%
June
Apr
July
Jan
lH«JuIy
19
I4e
Jan
30e
Mar
12
2c
1
July
3-16 Jan
JaB
3c
14c June
1
Jao
9-18 June
%
Jao
Jan
Apr
HeJvme
Jan
Wi. July
3H Jan
1
Aug
4H Jan
5-lfl June 2 15-16 Jan
1
JiUy
Z% gJan
7e
410
7c
4H Man
2K Aug
6c May
lie
Apr
4KejuIy
29e
Jan
V4.
1
Ic
July
IM Apr
Aug
2 7-16 Jan
Jan
3c
May
6McJune
3c
Aug
20c
120
M«y
68
93
M
June
June
June
98i.i
Aug
94H
July
91
87 H
t3
99 K
51
62 H
76 H
n%
56 Ji
A»r
89 H
97 Ji
96!^
98!^
Jon
Jw)
Jan
Jan
8«
Jaa
m%
Aug
Aug
Aug
Aug
Aug
Aug
63
77
K6
99
7A
98 H
94 H
39
98
96
97
93
99 5i
96 '4
98 H
H May
H
97 H
96 K
Mar
lOOW Mar
96 K Aug
90
May
94 H July
23 >^ Jan
97
92 ^j
82
82
Apr
July
May
July
June
Aug
98
July
96 Ji July
my%
Auk
^UM
July
July
Apr
itM
*Jaa
July
Feb
Apr
Jan
Jan
Jun
May
Aug
July
Apr
Marks
26
Berlin 4s. r
20,'i
Greater Berlin 4s. r
19
Bremen
19
18
24
25
20
24
22
4s. r
Coblcnz 4s. r
Cologne 4s. r
Dusseldorf 4s.r
Franklort 48.r
Ss.r.
21 ^^
"23 "h
28
23
German Electric 4}^s.r.German Govt 5s. r
Hamburg 4s. r
4Hs.r...
Munich 43lr
19
,
Stuttgart 43. r
21M
20
20
"22""
21
22
Vienna 4s. r
t
26
Aug
17
July
18
23
24
Aug
K
Ju'y
July
20
-*ug
21
July
July
July
July
22
28
22
20
Aug
Aug
19
21
PAug
22
fjuly
19
Aug
27
28
26
June
June
28
29 H
29 M
28 H
31
34
29 ^
23 '<
28
July
27
29
31
9
6^ Aug
H
July
July
June
June
June
June
July
June
June
June
June
flJune
June
i Listed as a prospect.
I Listed on the Stock
t No par value,
week, where additional transactions will be found,
o New stock,
Unlisted.
«> When Issued,
x Ex-dlvldend. w Ex-rlghts.
z Ex-stock dividend.
Dollars per 1,000 lire. flat.
A Correction,
i Sold
and not reported July 27,
•
Odd
lots,
Exchange
r
614
10.000
27
22 K 2448800
20
213,000
26
10,000
10,000
25
24
41,000
24
10,000
25
87,000
10,000
28
24
20,000
20
10,000
205,000
23
22
2220000
22 H 520,000
23
130,000
6H 10,000
this
20 Firestone Tire
& Rubber
New York
City
com. at 140.
Banks and Trust Companies.
All prices dollara per share.
••nk»—AT y
BM
America
206
260
215
212
270
195
206"
•
AmsrExoIi
Atii itio
Battery Park-
Bowery*
426
Broadway Cen 146
Bronx Boro». 105
Bronx Nat... 160
Bryant Pari' 146
Butch A DroT
38
0«nt Merc
Obata
.
195
398
Cbat A Pher.. 274
CbelseaEiob' 145
"^hemlcal
Olty
Goal 4 Iron..
6,')0
365
Colonial*
2;.o
3.V)
Oolumbla*..
Oooimerce ..
175
OomiD'I Ex*
218
425
wealth*..
210
Com niOD-
Oontlnental*.
Corn Exch*..
Ooemop'tan*
Cuba (Uk ofi
Baat River.
Fifth
rifth
Avenue*
Ftrgt
Qartleld
Qothum
areenwloh*..
Eanover
Hsrrlnmn..
Imp 4 Trad.
I
Banks
Induatrlul* ..
Irving Nat ol
I
Bt4
200
NY
204
Liberty
395
Lincoln
290
Manhattan *. 210
Mecb 4 Met. 320
Mutual*
490
Nat American 150
New Neth*.. 180
New York Ci 140
T*ew York... 460
l'6"6'
126
100
166
4?
205
40S
280
160
660
375
Pacific *
135
Park
465
340
Public
Republic*
Seaboard
Second
State*
185
224
TTHdffimf'n'g*
23d Ward*...
Union Excb.
220
106
12»
200
8.50
376
190
Brooklvu
Couoy lalaod*
140
900
926"
First
20S
158
168
890
230
910
236
210
225
816
330
515
525
obeeter)
Y Life lap
N
4
NY
Trust..
Truat..
Gu 4 Tr
USMti! 4 Tr
Doited Stater^
Title
160
110
95
:
110
216
206
150
160
iPeople'a
615
330
400
830
Brooklya Tr.l 490
[HamlUoa
262
iKInoa Ceuaty 650
Manufacturervi 195
People's
270
505
272
700
205
290
92
88
100
*
580
600
320
398
815
Brooklfu
166
216
166
120
Nassau
206
North Side*.. IPS
jMontauk
830
3.10
185
183
f
i
Mechanics'*..
165
143
2OO'
Weah
HomoNtead*
138
190
160
180
173
Hillside*
1.50
305
397
210
275
355
270
H'ta*.-
195
Hudson
|L«w Tit 4 Tl
375
375
320
4.-)0
6"i'5"'
United etatee*
lOreen point
475
350
Ait
150
315
200
YorkvlIIe*...
112
184
160
I
I
Lincoln Trust
Mercantile Xi
o'sb" Metropolltaa.
[:Mutual(Wea«-
340
126
1,30
330
Trust Go's
Bid
Nile y«ri
jAmerican
210 [Bankere Trust 365
405 Central UnloD 365
Columbia
310
160
2"2'o"" Commercial
327 Empire
300
Equitable Tr. 298
Farm L 4 Tr. 390
190 Fidelity
200
'iFultOD
265
470 Guaranty Tr. 347
Ait
215
Baaka tnarkad wltk a (•) are State banks, t Sale at auction or at Stock Eswanae thu wMk. 1 New itook.
Ex-OMieaa. t Ez-rlgtats.
•
Amer Surety. 68
Bond 4 M G. 247
Olty Investing
Preferred..
60
75
Ait
85
72
253
70
86
Bid
4>i
118
87
190
LawyeraMtge 113
Mtge Bond.. 80
Nat Surety.. 186
ft*
Y
Title
4
Mortgage..
Realty Aaaoo
(Brooklyn).
U S Casualty.
US Title Guar
Ait
105
150
110
160
---•
90
West 4 Bronx
134
127
Bid
Title
M
4
160
Jao
Jan
45<cMar
6>icMay
Aug
920 May
Aug 300
Apr
183
8 '4 Aus
\2% Jan
Vi
Bt4
75
Apr
German Government and
Municipal Bonds
(Dollara per 1,000 Marks)
Badische Anil Soda 4,' is.
Alltanoe R'lty
H
6,900
14,700
1,780
15,620
4,110 1
2,450
6,070
8,000
8,300
2,600
7,270
25,200
14,000
8,245
S45,000
95 H 66,000
92 >; 13,000
6,000
40,200
96% 315,000
85
58,000
1,000
99 K
55
260,000
525,000
681-i
25,000
78
93}^ 26,000
65
97.QOO
92
10,000
9iys 49,000
7,000
27
90,000
98
92 « 10,000
22,000
84
15,000
85
98 M 42,000
96 M 11,000
98!.i 391,000
97^2 47,000
High.
27e
26
581
New York City Realty and Surety Companies.
1.
June
12c
4c
Bonds
Allied
—— —
—
H
.
Quotations for Sundry Securities
All
bond
prices are
Standard Oil Stocks
"and Interest" except where marked
Per Share
Par Bid. Ask.
I
Anglo-American Oil D««f . £1
100
100
Borne-Scrymser Co
100
Buckeye Pipe Line Co
60
Cbesebrough Mfg new
100
Preferred new
100
Continental Ol!
100
Crescent Pipe Line Co
50
Cumberland Pipe Llna
100
Eureka Pipe Line Co
100
Qalena-Slgnal Oil eoni...lOO
Preferred old
100
Preferred new
100
Illinois Pipe Line
100
Indiana Pipe Line Co
60
International Petrolsum. £1
National Tranalt Co... 13 .60
New York Transit Co... 100
Northern Pipe Line Co. 100
Atlantic Refining
Preferred
*20i2
21
•84
220
100
no
•27
140
96
38
90
88
150
•86
460
S6
230
105
120
29
145
100
42
95
92
155
88
/Flatprtoe.
6 Baala.
Nominal,
Ohio
PerCl
«Hi
Canadian
Caro CUncbfleld
4Mi
4 Ohio
4Ha
iSc
6s
fia
Central of Georgia
4
Chesapeake
Equipment
4
Chicago
Ohio
6a
4Hi
Alton
Equipment
68
Chicago 4 Eastern III 6Hf
Chlo Ind 4 Loulsv 4 Ha
Chic St Loula 4 N O 6b
Chicago 4 N
4Hb
Chicago R I 4 Pao iiit
W
Equipment
»29l2 30I2 Colorado
*24
26
Erie 6a
6b
Souttiern St..
4
Equipment 4HB
mi
Hocking Valley
Equipment 6a
Illinois
4 NashvllU
Michigan Central Sa
Louisville
Equipment 6s
St
bi..
M 4HiB..
P4SS
Equipment 53 & 7a
Missouri Kansas 4 TtxsB
SB.
Missouri Pacific 6a
Mobile
4
Ohio
6fl
Equipment 4^a
Hew York Cent 4Hs, 68, 7s .
W Y Ontario 4 West 4 HO...
Norfolk 4 Wostera 4Ha
Northern PaclTic "3
Pacific Fruit Express 73
Penneylvanla RR 4Mb
Equipment 4a
44s
Reading Co
St Louis Iron Mt 4 Sou 6s..
Bt Louis 4 Sun Franolioo 5s.
Seaboard Air Line 5s
Equipment 4Ha
Southern Pacific Co 4Vi3. 7s
Southern Railway 4>^s
Equipment
Tolerlo
Lnlon
&
25
7.65 6.62
7 651 6.62
800 7.00
7.60 6.50
7.75 7.00
7.75 7.00
7.25 7.00
7.25 7.00
8.65 7 50
8.75 7.50
8.25 7 37
8.25 7 37
7.37 6.75
8.00 7 00
7.62 6 62
7.20 6.75
7.00 6.75
7.50 6.50
7.50 6.50
7.50 6.50
8.75 7.60
8.75 7.60
8.75 7.50
8.75 7.50
7.60 6.50
8.00 7.00
8.00 7.00
8.1i 7.12
6.90 6.50
7.37 7.00
6fl
Kanawha 4 Michigan 6Ht.
Minn
8.75 7.60
762 7.00
7.62 7.00
7.62 7.00
7.90 7.00
8.75 7.50
8.25 7.25
825 7.20
8 25 7.20
9.00 7.50
9.00 7.60
8.87 7.50
8.25 7.25
8.00 7.00
7 50 6.50
8.50 7.50
8.50 7.50
8.62 7.25
8.75 7.60
8.75 760
8.40 725
8.40i 7
Central
Equipment 4Hfl
58
Ohio Central 43...
Pacific 7s
Ry 6s
Virginian
Tobacco Stocks
Per Sh are.
Pat Bid.
American Cigar oommoa.lOl 126
78
lOt
Preferred
Amar Machln« 4 F6ry..lOt 145
Brltlsh-Amsr^Tobac prQ..£l •1234
Brlt-Am Tob'ao. t>«aisr..£! •13
Co nicy F"il (new)
no par *21
Johnson Tin Foil <e Met.iOU 100
MacAndrews 4 Fort)ea..lO<l 110
78
Preferred..
.100
Baynolda (R J) Tobaoeo.lOO 2200
B common atook
100 2125
98
Preferred
IOC
125
lOfi
Young (J 8) Co
PrsfttrreO
100
S3
Short Term Securltlea fe r Vent
Am Cot Oil
Oa
Amer Tel 4 Tel
6%
notea
1U24..M4S
A40
Amer Tobacco
7%
7%
7%
3
6a 1024. F4A
19'.(!2
7s 1920.
notes 1921
notes 1922
notes 1923
Beth St 78 July 15'22.J4J 16
7% notes July 16 •23J4J16
Canadian Pao 6s 1024 .M48 2
Federal Bug Rfg 6s 19-.)4M4N
Goodrich (BF)Co7s '25 A40
Great North 5e 1920.. -M4S
TermRy 4Ha ie21.J4J
88
Nov
1923-.M4N
16
If
Laolede Gas 7a Jan 1921.F&A
LlBgett4MyersTob6s'SlJ4tl
13>2
I3I2
25
110
120
84
220
175
100
135
93
89
91
94I4
94%
9Vh loo
Anaconda Cop Min '29.J4J
AngJo-Amer Oil 7>a8 "26 A40
Arru'r&('o7sJuly 15'30 J* J 15
KG
Ask.
129
84
160
92's 921'
9y's 100>4
M4N
M4N
M4N
M4N
9912,100
9914' 99^8
SSix, S8I2
9SI2 98'8
96I4 9612
98
9812
9738 9734
9234 93I4
94
91
93I2
93
99h loo
93
I
921"'
88
'I
90
94
89
9758
9718
Penn Co 4^a 1921.. J4D It
Pub Ser Corp NJ 78 •22.M4e
95341 971s
Reyn (RJ) Tob
22.F4A
95\s:
'29.F4A
86
88
92I4
93
Slosa-Shol S
4
68
1
1)8
Southern Ky Os 1923... M4e
Swlft4Coflel921... F4A If
T>Xii.» Cii 7s
M4S
1923
82
I
S3
96U
97 14 975s
9838
98
Rubber -i^s 1930. . .FA-A
Utah Sec Corp oa 'i'j m*.-- 10
98
82
98's
West Elec conv
97
9738
1'
S
7s 1926.
A40
84
Industrial
and Mlvccllaneous
100
American bruoe
Amerlciin Chicle oom. no par
192
American Hardware
38
60
136
40
84
International Silver prel. 100'
•,S9
40
lUO
65
140
100
43
Amer Typelouudera oom. 100
88
Preferred
...100
97
Borden Company com ..100 95
Preferred...
82
100
84
Celluloid C.ompnny
100 150 161
134
Havana Tobucco Co
100
1
10
Preferred
100
4
>
67
lb3U..J-D /4S
lat g 6s June
Itli;' U's
Intercouiluen Rubb oom. 100
60
International Sjilt
lOOJ
Int gold 5e U'61
;o
A-O 67
Preferred
I
Lebigh Valley Coal Salee. 60( •SO
83
Royal Itaking Pow com.. 100 120 135
Preferred
100
85
82
Singer Manufacturing
100 123 ,125
Slnff«r Mfff It/1
fl
4 Purchaser also paya accrued dividend
s Ez-dlvldend.
Bails.
4Mb
Plttaburgb
4a
69
Pacific
10334 IO5I2
420
4
4
Equipment
Equipment
1125
160 170
95
90
26*275
275 280
Ohio Oil Co
•40
44
Penn-Mex Fuel Co
25
Prairie OH 4 Gas
100 530 550
Prairie Pipe Line
100 187 192
Solar Refining
100 340 360
Southern Pipe Line Co.. 100 120 125
100 250 260
South Penn OH
65
Southwest Pa Pipe Llnea.lOO 62
Standard Oil (California). 100 300 304
Standard Oil (Indiana).. 100 635 645
Standard Oil (Kansas). ..100 515 530
Standard Oil (Kentucky) 100 .325 350
Standard Oil (Nebraska). 100 420 450
Standard Oil of New Jer.lOO 620 630
Preferred
100 IO5I4 10534
Standard Oil of New Y^k.lOO 355 360
Standard Oil (Ohio)
100 415 440
Preferred
100 104
80
Swan 4 Finoh.
...100 65
Union Tank Car Co
100 115 118
95
90
Preferred
.
Vacuum Oil
100 3.W 360
•27
<T1..
33
WaaMnfftoD
10
Other Oil Stocks.
Imperial Oil
25 *95 100
Magnolia Petroleum
100 .340 360
Midwest Refining
.50 143 144
Ordnance Stocks Per S
75
100
Aetna Explosives prel
100 155 165
Atlas Powder common
80
78
Preferred
...100
Baboock 4 WHoox
100 ins 112
Bllaa (E W) Co common. 60 300 400
75
Preferred
50 •55
Canada Fdya 4 Forglnsa.lOO
76
7?.
Carbon Steel common
100
95 105
IOC
lat preferred
68
63
100
2d preferred
Oolt'a Patent Fire Arma
*45
47
Mfg
36
daPont (E 1) de Nemourc
100 268 275
4 Co common
81
78
100
Debenture atook
76
70
10(:
Baatern Steel
37
Empire Steel 4 Iron com. 100 32
75
70
Pieterrod
100
100 210 220
Hercules Powder com
95
92
100
Preferred
98
94
Hllea-Bement-Pond 00m. 100
95
90
100
Preferred
100 175 200
Phelps-Dodge Corp
380
Scovlll Manufacturing
100 350
33
60 •23
Thomas Iron
Winchester Co com
100 415 440
93
100 SS
Ist preferred
65
65
100
Ind preferred
52
50
Woodward Iron
lUO
90
80
Preferred..
Public UUIltles
*97
100
AmerOaa 4 Else com . SO
35
Preferred
60 *34
100 112 115
Amer Lt 4 Trao oom
84
..100 SO
Preferred
.50
45
Amer Power 4 Lt com
100
70
65
Preferred
100
8
Amer Public Utilities oom 100
18
Preferred
...100
28
25
Carolina Pow4Llgbt com 100
Cities Service Co oom. ..100 270 275
65
64
Preferred
100
11
S
Colorado Power com
100
8S
Preferred
..100 83
19
16
Com'w'th Pow Ry 4 Lt..l00
40
37
Preferred
100
85
SO
Elec Bond 4 Share pref..l00
10
6
Federal Light 4 Traction. 100
42
40
Preferred
100
74
70
Great West Pow 6c 1946. J4J
I2I2
10
Mississippi Rlv Pow oom. 100
51
48
Preferred
100
72l2
7ll«
First Mtge oa 1061. ..J4J
•7
12
Northern Ohio Elec Corp.(t)
35
23
Preferred
100
32
27
Nortb'n States Pow aom.lOO
76
74
Preferred
100
71
North Texas Eleo Co oom 100 67
66
70
Preferred
100
82
78
Pacific Cias 4 Eleolat prel 100
131s 16
Puget Sd Pow & Light ..100
57
lOT
54
Preferred
7
9
Republic Ry 4 Light
100
35
30
Preferred
100
.>-3
SO
South Calif Edieon oom.. 100
92
96
Preferred
100
14
Standard G(^ 4 El (Dsl). 60 •11
36
Preferreil
60 •35
>2
1
TennesHec Hy L 4 P eom. 100
2
4
Preferred
100
19
17
United Lt 4 Rya oom
100
58
50
lat prefarre<I
...100
22
Western Power Corp
100
20
61
(U
* Per ahare.
RR. Equipments
Baltimore
Buff Roob
"f.'
v Ex-rlghtt.
'21}
New
8i«
atook.
; Ex-stock dlvldcn;!.
a
THE CHRONICLE
582
[wtTi^sttnjeut
[Vol. 111.
and ^ailr^axl %nUllxQtntt.
RAILROAD GROSS EARNINGS
STEAM
following table shows the gross earnings of various
roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
The
Latest Gross Earnings.
ROADS.
Week or
Month.
Alabama & Vicksb.
May
Ann Arbor
Atch Topeka & S Fe
Gulf Colo & S Fe.
Panhandle & S Fe
3d
wk
July
June
June
Atlanta Birm & Atl. June
Atlanta & West Pt. May
Atlantic City
June
Atlantic Coast Line. June
Baltimore & Ohio.. June
B & O Ch Term.. June
Bangor & Aroostook June
Belt Ry of Chicago. June
Bessemer & L Erie. June
Bingham & Garfield June
Birmingham South. June
Boston & Maine
June
Bklvn E D Terminal June
Buff Roch & Pittsb. 3d wk July
Buffalo & Susq
June
Canadian Nat Rys. 4th wk July
Canadian Pacific
4th wkJuly
Can Pac Lines in Me May
Caro Clinch & Ohio. June
May
May
N
Cent New
England. June
Central Vermont
June
Charleston &
Car June
Ches & Ohio Lines. June
Chicago & Alton
June
Chic Burl & Quincy. May
Chicago & East 111. . June
Chicago Great West May
Chic Ind & Louisv.. June
Chicago Junction.. June
Chic Milw & St Paul June
Chic & North West. May
Chic Peoria & St L.May
Chic R I & Pacific. June
Chic R I & Gulf.. May
Chic St P
& Om.iJune
Chic Terre H & S E. June
Cine Ind & Western June
i2d wk
Colo & Southern
Ft
& Den City May
Trin & Brazos Va June
Colo & Wyoming
June
Copper Range
May
W
i
M
W
Cuba Railroad
May
Camaguey & Nue v May
Delaware & Hudson June
Del Lack
& Western June
Denv & Rio Grande May
Denver &
Salt
Lake June
Detroit «& Mackinac, May
Detroit Tol & Iront, June
Oet & Tol Shore L. . :May
Dul & Iron Range.. Jut^e
Dul Missabe & Nor. June
Dul Sou Shore & Atl 3d wk
Duluth Winn & Pac May
East St Louis Conn. June
Elgin Joliet & East. June
El Paso & So West. jMay
Erie Railroad
June
Chicago & Erie.. June
New Jersey & N Y, June
Florida East Coast. June
Fonda Johns & GloviMay
Ft Smith & Western'june
Galveston W'harf
June
I
I
Georgia Railroad
jJune
Georgia & Florida.. June
Grand Trunk Syst..j3d wk
|
Ch
D & C G T Jet May
Det Gr H & MilwIMay
Grd Trunk West. May
Great Northern Syst' June
Green Bay & West.iMay
Gulf MobUe & Nor. May
Gulf& Ship Island.- May
Hocking Valley
June
Illinois
Illinois
jMay
Central
iMay
Terminal
& Grt Nor. June
Kan City Mex & Or June
C Mex & O of Tex June
Kansas City South. June
Texark & Ft Sm. . June
Kansas City Term.. 'May
Kansas Okla & GulfiMay
Lake Termina
June
Lehigh cS; Hud RiverJune
Lehigh & New Eng. June
Lehigh Valley
June
Los Ang & Salt Lake June
Louisiana & Arkan. June
Internat
K
1
I
Ry & Nav May
& Nashv. June
Louisv Hend & St L June
Louisiana
Louis\'ille
Maine Central
June
Mineral Range
3d wk
Mirmeap & St Louis June
M
Minn St P & S S
June
Mississippi Central. June
271.884
96.856
Previous
Year.
to Latest
Current
Year.
212.349' 1,314,963
91,400, 2,537 579
$
.104.581
.212,532
,416,846
,856,832
,501.288
.403.257
.135,117
,925,885
,858,908
,759,851
12,0S0,906
506.688 3,992,826
467,558 401.058 2,785,175
228,411
233,703 1,241,847
409.392 394,948 1,849,101
5,502.056 4,903,597 36,919,086
17584907 15233216 99,786,722
146.700
175,465 1,014,188
796,655
497,759 373,399 3,213,000
,611,728
321,869 319,266 1,861,140
,588,073
1,474,848 1,368,752 5,018.070
,688,416
157.483
74,795
583.295
909,055
55.536
38,648
304,739
291,709
7,000.946 6,120,307 38,402,714
045,780
440,147
104.131
79,575
471,622
462,179 288,235 11.104.846
,830,049
212,136
178,499 1.343.872
006,750
2,847,220 2,777,987 54.568.498
,382,635
085,000
5,600,000 4,591,000 10690.3000
175.247
124,379 1.374,040
435,195
526,007
481,039 2,713,454
277,126
1.788.736 1,656,785 10,211,073
,374,458
3.532,857 3,467,309 16.004.562
,641.811
658,842 483,023 2.860.559
057,399
629,991
453,457 507,854 3.020,173
180,090 1,699,616
,478,481
261.163
778,132
7,089,677 6,711,914 38,886,264
2.504.936 2,188,104 13,174.469
,081,991
13087310 11698694 i9. 151 .060
265.549
510,535
2.455,465 2,003,521 13.642,815
026.632
1.655.241 1,596,772 9,088,600
1.327.997 1,081,446 6.984,956
604,328
255,839 310.094 1.500.457
,688,745
13846253 12883510 76,001.059
,550,323
069.i»46
12744632 11335680 58,977,889
496,282
153.113
135.427
781.081
10999228 8.787,315 62,120,995
082,858
,829.342
465,008 365,883 2,614.882
2,540,919 2,285,647 14,754,295
,640,379
547,432
291.829 2,470,562
,847,296
,381,004
361,855 248,045 2,036,036
July
541,993
471,958 14,558,072
,628,493
883.751 4,810.803
,146.492
885,293
587,564
125,572
86,211
865.253
91,806
569,387
95,864
451.866
79,051
402,7 72
65,129
354.616
,172-,343
1,427.950 1,282,646 6.558.671
213,684
184,781
4,118,5671 2,869,306 18,114, 946
,9()8a27
,162,323
6,622.859 6.230.382 33,162 ,829
2,953,227 2.388.883 14,509 ,015
,52y,155
267,059 304.405 1,167, ,709
,202,984
130.480
583,463
155,127
717, 850
408,573 269,601 2,241 ,886
,716,587
735,293
180,298
154,179
705, 012
,339,757
1,630,993 1.287,086 3,574 ,599
,300,020
3,109,024 3,209,797 5,967 ,174
July 112,203
.399.678
117,250 2,775 ,453
183,680
143,861
978 ,579
835,127
110,630
94,951
607, 606
557,456
,254,004
2,135,894 1,462,385 7,362, ,843
1,021,9691 1,053.023 5,681, 762
.233.845
.831,624
8,898,4331 7,531,199 45,695 ,796
808,418 5,358 ,902
,952,461
1,090,732
98,440
505,200
104,4601
592 ,855
,706
734,142
,390.728
1,030,725!
7.249,
471,488
127,003
107,797
549 ,743
703,831
125.3421 109,381
858, ,097
132.594
77,240
649, .342
403,623
,020
525,152
397,202 3,165
.954.220
67,243
661 ,828
468.555
108,306
July 2,387,118 1,799,020
171,924
6d9, 780
785.378
92,945
513.085
287,720
387,057 1,592, 242
249,670
1.032.703 1.188,150 5.725, 656
272,184
10472912 8,931,273 54,240 435
481,367
100.408
489, 509
95,657
020.223
251,791 1,505, 193
313,012
926.658
262,390 204.974 1.176, ,490
528,293
1.355.280 1,188,960 6,449, 518
,774,666
10713130 9,001,860 54,600, 825
397.863
69,597
361, 802
85,413
757,763
1.416,116 1,251,252 8,261, 699
545.973
128,702
80,287
742, 328
486,545
155,370
82,126
821, 117
957,182
1,473,339 1,060,754 8,703 ,292
962 ,674
670,884
177,411
130,316
517,334
122,9r2
106,677
581 ,276
503.113
193.042
104,063
959 ,457
80.3S3
540,970
115.867
610 ,484
2.52.871
212,543 1. 187, 020
184,405
351 .845
076 ,171
.591.508
307 ,659
325.282
5.910.834 5,484,901 30,969 ,441
1.8.52.180 1,440,690 9,223 ,090
386,095
015.988
298,982
146,539 2,020 ,587
304.914
267.4.56 1 .HH3 .171
4(r.'. .37;!
.4.59.171
10124211 8,441.163 58,323 ,051
433,646
242.383 239,560
955, 641
,156,465
1.851.802 1,439,469 9,154, 931
July
374 ,825
451.021
14,771
10,182
1,3.75,524 1,160,653 7,6S0 ,947| 6 .021.753
4,071,941 3,535,373 20,194 ,488,18 979.823
474,911
459, 631
74,853
76,684
1.714,112
725,611
1, .530.033
nOADS.
Missouri
Week or
Month.
Kan & Tex May
Mo K & T Ry of Tex May
Mo & North Arkan. June
June
Mo Okla & Gulf
Monongahela
Monongahela Conn.
Montour
Nashv Chatt & St L
June
June
June
June
June
Nevada-Cal-Oregon
1st
Missouri Pacific
Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
8
%
week May (15 roads)
8.717.923
7.517.103 + 1.200 820 13.81
2d week May (18 roads),
12.366.554 11,088.114 + 1.278 440 16.97
3d week May (16 roads)
12.180.226 10, 885. ,509 + 1.294 .717 11.63
4th week May (16 roads)
17.271.709 15,097,292 + 2,174 .417 11.89
lat wenk June
12 roafls).
8,878,546 + 1.571 .770 17.70
10 450.316
2d week June (16 roads)
12.339.698 10,527.110 + 1.812 ..5.88 17.22
3d
week June (15 roads)
11.609.848
9.820.863 + 1.788 .985 18.22
4tli week June (17 roads)
16.721.323 12.893.479 +3.827 .844 29.69
1st week July (13 roads),
10.402.544
9.026.900 + 1.375 .644 15.24
2d week July (16 roads)
13.021.426 10.808,089 + 2.213 .337 20.49
3d w eek Ju ly (16 roads)
13.230,796 11.302.650 + 1.928 .146 17.60
* We no longer include Mexican roads in any of our totals.
l8t
(
wk
Nevada Northern.. June
Newburgh & Sou Sh June
New Orl Great Nor. June
N O Texas & Mex.. June
Beaum S L & W. . May
St L Browns & M June
New York Central.- May
Ind Harbor Belt. June
Lake Erie & West June
Michigan Central June
Cincinnati North. May
ClevCC& St L.. May
Pitts «& Lake Erie June
Tol & Ohio Cent. June
Kanawha & Mich June
N Y Chic & St Louis June
N Y N H & Hartf.. June
N Y Ont & Western June
N Y Susq & West.. June
Norfolk Southern.. June
Norfolk & Western. June
June
Northern Pacific
Minn & Internat. June
Current
Year.
1 to Latest Date.
Current
Year.
Previous
Year.
Previous
Year.
2,921.105 2.702.458'l4.747.577 12.805,946
2.043.521 2.081.970:il, 284.238 9,339,395
907.345
703,348
148,715
112.6711
610,441
173,507 107.328' 1.132.964
9,407,646 7.373.212 53.575.506 42,039,701
288,852
275.9361 1.638.63/ 1,757,784
832.668
249,250
98.485 1.513.167
651,272
559.143
150,066
113.543]
2,004,493 1,460,370 11,795,216 9.031,398
142,708
142,645
July
7.780
8.251
939,558
820.259
171,134
145,462
774,826
841.164
136.368
139,664
205.513
173.107 1,231,718 1.054.885
889.148
231.540 144.974 1,194,900
835,908
523.469
87.398
185.449
399,413 425.95: 3,496,251 2.460.168
27066532 24005603112915009 li 5472,82
708,219 532,420 3,665,566 3,001.705
999,510 747,741 4,982,984 4.429.792
1
6,395,813 38,384,004 35.083.567
244.4641 1.277.746 l,lo3,730
5,539,159 33.208,2,36 26,264,269
2.077,860 12,855,946 13.558,113
846,699, 5,132,612 3,970.457
429,321' 2,268,4,86 1.975.871
1.792.578'12.240,635 11.830.523
10485898 8.964,900 55.404.937 47.535.174
1,160,835 947,793' 6,095,937 4.610.066
375,809 309,5381 2,017,012 1.834,823
461,265' 3.864,602 2,981,226
622,606
6,396,562 5,467,401 36,696,997 35,358,796
7,868,443 8,045,787 50,273,974 45,570,224
642,1881
542,550
96,498
86,276
681.763
612,902 3,361,254 2,741,499
NorthwesternPacific June
Pacific Coast
June
509.026 325,020 3,076,715 2,406,077
40408665 40321410 190279 592 183730 589
Pennsyl RR & Co.. {May
626,931
655,638
122,033
138,853
Bait Ches & Atl. . June
2.434.762 2,520,876 10.666,610 11,409,562
Long Island
'June
105,232
108,822
500,815
560,026
Mary Del & Va..!June
549,590 607.544 2,878,911 3,061.404
Y Phila & NorfMay
921,502
171,588
144,862
785.564
Tol Peor & West. June
970.714
870,298 4,102,913 3.890.667
Jersey & Seash May
8,082,920 6,920,967 26,073,527 20.940.762
Pitts C C & St L. April
737,402
586.778
107,677
93,887
Peoria & Pekin Un. June
3.368,062 2,483,381 17.398,467 15.638.076
Pere Marquette
June
654,673
511,192
81,947
93,031
Perkiomen
June
615,278
128,074
414.699
Phila Beth & N E.. June
56,568
PhUa & Reading.. June
7,093,297 6,989,861 41,281,911 33.649.604
764.356
120,526
89,179
535,973
Pittsb & Shawmut- . June
675.832
488,117
108,627
82,007
Pitts Shaw & NorthjJune
908,912
642,190
113,031
Pittsb .& West Va.. June
193,473
841,613 1,259,590
70,072 203,992
Port Reading
June
521,831
418,770
103,764
81,912
Quincy Om & K
June
814,204 1,216,107 5,540,288 6,376,312
Rich Fred & Potom. June
485,387 407,932 2,695,250 2,201,432
Rutland
[June
254,068 334,543 1,521,146 1,396,789
St Jos & Grand Isl'd June
7,548,942
6,260,189 42,523,274 135,480,667
Louis-San
Fran_.|June
St
787,268
134,898
117.529
541,182
Ft
& Rio Gran May
674,507
139,444
513,622
100,933
St L S F of Texas May
1,699,533 1,055,318 9,704.167 6,128,746
St Louis Southwest. June
St L S
683,730 504,227 3,562.751 2,361,123
of Texas May
471,397
648,282
St Louis Transfer.. June
104,528
73,451
San Ant & Aran Pass June
342,646 325,048 2,134,900 1,940,858
443,830
155,479
601,80
SanAntUvalde&G. May
128,99
Seaboard Air Line.. June
3,970,125 3,356,089 24,677,065 20,449,365
657,637
554,526
South Buffalo
June
124.487
57,994
Southern Pacific
June
18080938 13955116 89,813,230- 76,001,925
Arizona Eastern. June
359.241
314,390 2,004,292' 1,875,671
Galv Harris & S A June
1,993.585 1,820,464 11,487,4981 10,112,155
859.084
Hous & Tex Cent. June
739,712 5,295,045; 4,103.179
919,944
253,276
191,841 1,171,912
Hous E &
Tex. May
446.735 358,383 2,516,631 1.969,408
Louisiana Western June
Morg La & Texas June
1.014.8611 661,249 5,089,137! 3.644,659
Texas & New Orl. May
735.9331 661.364 3.733.1861 3.072,707
11777264, 9,869,267 72,749.681 59,062.113
Southern Railway.. June
Aia Great South. June
984,663 871,577 5.179,696 4.947.457
Cin N O & Tex Pac June
1,617,7421 1,380,962 9.348,442 8.303.699
Mobile & Ohio
June
1,370,528 1.159,741 8,756,786 7,136,696
Georgia Sou & Fla June
377,933
308,457 2,628,093 2,130,119
New Orl & Nor E. June
636,155
554,680 3,627,225 3,095,768
745,861
558,791
79,346
NorthernAlabama June
112,436
908.376
818,040
South Ry in Miss. June
122,562
126,090
741.047
465,129
Spokane Internat.. June
136,698
94,823
Spok Portl & Seattle June
814,901
609,834 4.029.975 3,378,203
Staten Island R T.. June
212.949
210,244 1.038,608 1,073,279
95.537
64.164
Tenn Ala & Georgia 3d wk July
4.121
2,099
Tennessee Central. June
209,193
189,163 1,401.771 1.241.959
Term RR Assn of StL April
225,072 290,913 1.380,026 1.171.523
St L Mer Bridge T June
313,566 211,624 1,778,682 1.299.336
701.8.58
Texas & Pacific
wk
July
692.606 21,322,868 18.363.461
3d
Toledo St L & West. June
943,626 599,358 5.068,016 3.452,878
571.396
461,718
IHster & Delaware- . June
121,786
83.245
Union Pacific
9,854,262 8.246,299 56.329.591 49,452,256
June
17.413.008
14,003,774
3,614,122
2,926,556
Oregon Short Line May
2, .500.317 2,172,878 13.089.562 10,480,044
Ore- Wash RR&
May
Union RR (Penn).. June
1,128.062
669,072 4.440.956 3,757,636
879.410
515,843
Utah
165.640
,86,865
June
Vicks Shreve & Pac. May
329.889 235,369 1,773.221 1,263.640
Virginian RR
June
1.372.154 1,136,424 7,225,443 5,109,859
Wabash
May
3.861.755 4,272,003 20,319,581 18,721,068
Western Maryland. 4th wk July 583.742 401 ,093 9,922,824 7,527,940
Pacific
Western
June
1.403.839 1,135,845 6,681,630 5,358,385
Western Ry of Ala . . May
237,804 1,149.898 1,123,133
222.423
Wheel & Lake Erie. June
1,460,575 1,368,986 7.089.707 5,686,277
738,317
163,6.53 1,079,722
Wichita Falls & N
May
221,0.59
Yazoo & Miss Valley May
2,388,805 1.961.896 11,841,640 9,297.937
7,006,792
269, US
6,318,219
1.909,848
1.081,711
428,021
2,180,442
I
N
W
I
I
C.
W
W
i
W
I
I
N
W
AGQREaATE OF GROSS BARNINQS -Weekly
* Weekly
Jan.
Latest Gross Earnings.
Date.
Previous
Year.
16321964 13679380 99,492,068
June-
Central of Georgia..
Central RR of
J..
Current
Year.
!Jan. 1
and
*Monlhly Summaries
OSonthly.
Previous
Year.
Current
Year.
Increase or
Decrease.
Curr.Yr. Prev.Yr.
S
14.Do8.220 3.1
>26,y.-i4 454 ,5.^8.513 469 ,246,733
-226.654
,868.67>i!,502
32.636.65'il 6 40
,.505,334
August
-233.423 233,203 469
September -232.772 232,349 495 .123. .197 485 .870,175
t-9.252.922 1.9.
October
.233.192 233.136 508 023.854 189 .081,3.58 1-18.^42,496 3 8"
.19
November -23:^.032 232.911 436 436,551 139 .029.989 —2. .".93. 438
Decembc -233 .399 233.814 451 ,991,330 440 ,481.121 + 11,510,209 2.81
January
-232.511 232.210 494 ,706,125 392 .927.365 + 101778760 25 90
February .. -231.304 231.017 421 1,^0.8761348 .749.787 + 72,431 .089 20.77
March
-213.434 212,770 40^^ .582.467 347 .090.277 +61.492.190 17.72
April
-221.725 220.918 387 R'«0.9S2 372 .828.115 + 12.S.52.S67 3.45
May
.213.206 21 1.040 .387 .330.487 348 .701.414 + 38.629.073 11. OS
Mileage.
July
—
—
.
.
.
!
—
——
Aug. 7
1920.]
Net Earnings Monthly to Latest
THE CHRONICLE
Dates. — The table
following shows the gross and net earnings with charges and
railroad and industrial companies resurplus of
STEAM
ported this week:
Gross Earnings
Current
Previous
Year.
Year.
Roads.
Ann Arbor. b
June
409,518
Jan 1 to June 30-2,281,158
Atch Top & Santa Fe System
Gulf Colo & S Pe-b.June 1,714,112
Jan 1 to June 30
12,080,906
Panhandle & S Fe-b-June
725,611
Jan 1 to June 30
3,992,826
Atlanta Birm&Atlan.b. June
467,558
Jan 1 to June 30
2,785,175
Atlantic City-b
June
409,392
JanltoJuneSO
& Ohio- b
1.849,101
Baltimore
Junel7, 584,907
99,786.722
B&OChiTerm.b
June
146,700
Jan 1 to June 30
1,014.188
Bangor & Aroostook-b-June
497,759
JanltoJune30
3,213,000
Belt Ry of Chi- b
June
321,869
Jan 1 to June 30-1,861.140
Bessemer&Lake Erie.b. June 1.474.848
Jan
1
to
June 30
JanltoJuneSO
Boston & Maine- b
Jan 1 to June 30-
-.5.018,070
June 7,600,946
332,146
1,931,129
Net Earnings
Current
Year.
25,617
161,167
—
Previous
Year.
41,113
198,194
25,394
1,530,033 den95,888
864,031
8,856,832
725,721
3,046 defl3,871
506,688
2,501,288 defl51,270 def569,875
401,058 def90,699 defl25,401
2,403,257 def306,752 def712,161
78,664
107,700
394,948
180,459
376,484
1,925,885
15,233,216
783,402 2,244.276
79.759,851 4, 185, 267 dfl, 175,307
175,465 defl45,832 def26,406
796,655 def513,508 def507,620
18,027
373,399 def35,853
344,335
253,187
2,611,728
319,266
38,367
68.529
25.748
51,593
1,588,073
469.837
510.877
1.368.752
277.754 1.139.379
5.688.416
919,544
943,256
6,120,307
32,045,780 def586,881 1,226,682
178,499 def43,345 def37.887
1.006.750 defl08.327 defl65,307
1,042,581 def290,852 def261,469
6,480,096 def523,931 def751,626
481.039
120.358
83.459
411,340
2,277.126
698,162
def4,584
6,152
483,023
58,521
3,057,399 def816, 327
507,854 defl69,431 def69,346
def439.442
def723,276
2,629,991
6.711.914
228,062 1.386.160
34.778.132 5,609,452 6,794,673
2,003.521
306,745
91.952
11,510,535 1,228,781 def408,211
1,081,446
132,471
211,967
422,555
5,604.328
926,146
310,094 def 266, 808 def42,542
def834,794
def480,429
1,688,745
12,883,510 1,548,025 1,165,567
69.093,453 4,086,186 3,861,526
12,480,376
714,6.39
2,712,320
62,550,323 4,948,438 7,096,761
8.787,315
430.407 1,921.010
49.082.858 5,125.176 4.929.858
2,285,647
382,107
182.668
12,640.379 2,761,929 1.763.795
291.829
112.707 def60,628
1,847,296
127.756 defl84,291
248,045 defl6,083 def45,881
1,381,004 defl23,825 def219,480
38,402,714
212,136
1.343.872
1,672,628
Jan 1 to June 30
8,773,540
Caro CUnch & Ohio-b.-June
526,007
Jan 1 to June 302,713.454
Central New Eng-b
June
658,842
Jan 1 to June .30
2,860.559
Central Vermont.b
June
453,457
Jan 1 to June 30
3.020,173
Ches&Ohio-b
June 7.089.677
JanltoJuneSO
38,886.264
Chi&EastlU.b
June 2,455,465
Jan 1 to June 30
13,642,875
Chic Ind & Louisv-b-.. June 1,327,997
Jan 1 to June 30
6.984.956
Chicago Junction. b
June
255,839
Jan 1 to June 30
1,500,457
Chi Milw& St Paul-b--Junel3.846,253
Jan 1 to June 30
76,001,059
Chi & North West-b...Junel3, 161,817
.Ian 1 to June 30
72,139,706
ChiRI&Pac.b
JunelO,999,228
Jan 1 to June 30
62.120,995
Chic St P Minn &0.b.. June 2.540.919
Jan 1 to June 30
14,754,295
Chi Terre Haute & S E b June
547.4.32
JanltoJuneSO
2,470,562
Cin Ind & West. b
June
361,855
Jan 1 to June 30
2,036,036
Colorado & Southern System
Trin & Brazos Val.b. June
125,572
86,211 def36,416 def61,932
Jan 1 to June 30
865,253
587,564 def281,181 def300,776
Colorado & Wyoming. b.June
91,806
95,864
6,513
20,902
Jan 1 to June 30
451.866
569,387
20,S77
120,130
Delawape& Hudson. b..Jime 4,118,567 2,869,306 def58,511
513,567
Jan 1 to June 30
18,114,946 15,908,127 def476,558
940,627
Denver & Salt Lake. b.. June
267.059
304.405
34.473 def22.583
Jan 1 to June 30
1.157.709 1.202.984 def441.890 def512,993
Det & Tol Sh Line. b... June
508.573
269,601 def70.352 def40,322
Jan 1 to June 30
2,241,886 1,716,587 def37.554 def362,721
Duluth& Iron Range.b.June 1,6.30,993 1,287,086 1,000,527
794,542
Jan 1 to June 30
3,574,599 3,c39,757 1,113,883 1,276,084
DulMissabe& North. b.June 3,109.024 3,209,797 2,143,524 2,345,751
Jan 1 to June SO
5,967,174 8,300,020 2,243,989 4,890.015
Duluth So Sh & Atl.b..June
500,116
431,798
50,168
58,220
Jan 1 to June SO
2,453.811 2.151.127
81,649
69„500
East St Louis Connec. b.June
110,630
94,951 defl5,945
def5.650
Jan 1 to June 30
607,606
557,456 defl47,S3l def84,903
Elgin Joliet&East-b... June 2-,135,894
1,462,.385
732,735
1,39,622
Jan 1 to June 30
7,362,843 10,254,004 1.704,888 2,542,526
Erie.b
June 8,896,4.33 7,531,199 def,3.33.496
570.415
Jan 1 to June SO
45.695,796 41,831,624df3,562,328 def836,907
Florida East Coast. b... June 1,031,725
7.34,142
302,862
108,387
Jan 1 to June SO
7,249,706 5.390,728 2,610,294
795,530
Ft Smith & Western. b.. June
125,342
109,381
def5,547
1,032
Jan 1 to June SO
858,097
703,831 def20,58S
54,160
Galveston Wharf.b
June
132,594
77,240
40,673
19,799
Jan 1 to June SO
649,342
403,623
136,424
70,845
Georgia.b...
June
525,151
397,202 def70,547
12,974
Jan 1 to June 30
3,165,020 2.9.54,220
148,639
572,339
Georgia & Florida. b... June
108,606
67,243 def74,487 def36,2.59
Jan 1 to June SO
661,828
468.555 defS86,323 defl62,993
Hocking Valley. b
June 1,355,280 1,188,960
70,853
.3.33,632
Jan 1 to June SO
6,449,518 4,528,293
531,657
303,416
Internat & Grt Nor. b.. June 1,416,116
1,251,252
40,515
110,403
Jan 1 to June 30.
8,261,699 0,757,763 def580,051 def497,905
KanCity Mex& Or.b.-June
128,702
80,287 def33,014 def86.813
Jan 1 to June 30
742,328
545,973 def245,334 def333,810
Or of Tex -b.June
155.370
dcf53,4.34
,82,126
def65,776
Jan 1 to .June .30
821.117
486,545 def355.228 def368.394
KansasCity .South. b... June 1.473.3.39 1.060,754
278,474
46,380
JanltoJuneSO8,703,292 6,957,182 1,622,968
761,722
Texark & Ft Smith. b.June
177,411
130,316
63,.361
51,509
Jan 1 to Juno 30
962,674
670.884
408,245
121,787
Lehigh & Hud River.b.June
252,871
212. ,543
58.0.36
28.197
Jan 1 to June 30
1,187.020 1,184,405
104,901
169,216
Lehigh Valley. b
June 5,910,8.34 5.484.901 def970.409
491.640
Jan 1 to June 30
.30.969.441 29.325.282df3.918.118
1.598,751
LosAng& Salt Lake. b.. June 1.8,52.180 1.446.690
582.974
313.164
Jan 1 to June 30
9.223.090 8..386.095 2.366,676 1,851.221
Louisiana & Arkan.sas. b.June
298.982
146,539
61,572 def.36 069
Jan 1 to Juno 30
2,020,587 1,015,988
628,708 doflO.Sll
Louisvnend&StL_b..June 242,383
239,560
29,340
54,600
Jan 1 to June SO
955,641
1,433,646
199,108
269,136
Maine Central. b
June 1,851,802 1,439,469
235,319
dofS,999
Jan 1 to June 30
9,154,931 8,156,465 def475,148 def,385..5S3
Minneap& St Louis. b.. June 1,375,524 1,160,653 def 143, .5.52
131,271
JanltoJuneSO
7,080,947 6,021.753
124,013 dcf69,430
Mmn St
S a M.b.. June 4,071,941
3,535,373
798,674
697,319
Jan 1 to Juno 30
20.194,488 18.979,823 2,135,509 2,689,013
Mississippi Central. b.. June
74,853
76,684 def67,909
def8.74S
Jan 1 to Juno 30
459,631
474,911 def251,682 def68,7Sl
MoOkla& Gulf.b
June
173.507
107,328 def24,754 def57,721
Jan 1 lo Juno 30
1.132,964
610.441 defl20,596 der409,771
Nevada Northern. b
June
171,134
145.462
73,470
54,072
Jan 1 to June 30
939,5.58
820.259
333,384
298,184
& Susq-b
June
JanltoJune30
Buff Roch & Pitts-b-..june
Buffalo
KCMex&
P&
— ——
Gross Earnings
Current
Previous
Roads.
Year.
Year.
•S
$
NewOrlTex&Mex.b-.June 231,540
144,974
Jan 1 to June SO
1,194,900
889,148
StLBrownsv& M.b. June 399,413
425,952
Jan 1 to June 30
3.496.251 2.460,168
New York Central System
Kanawha & Mich. b.. June 428,021
429,321
Jan 1 to June 30
2,268,486 1,975,871
Indiana Harbor Belt b June
708,219
532,420
Jan 1 to June 30
3,665,566 3,001,705
Lake Erie & West.b.. June
999,510
747,741
Jan 1 to June 30
4,982,984 4,429.792
Michigan Central. b..Jvme 7,006,792 6,395,813
Jan 1 to June 30
38,384,004 35,083,567
Tol & Ohio Cent. b... June 1,081,711
846,699
Jan 1 to June SO
5,132,612 3,970,457
NYChic&StL.b
Jime 2,180,442 1,792,578
Jan 1 to June 30
12,240,635 11,830,523
Hartford. b.Jvmel0,485,898 8,964,900
Jan 1 to June 30
55.404,937 47,535,174
NYOnt&West.b
June 1,160,835
947,793
Jan 1 to June 30
5,095,937 4,610,066
Susq & West.b
June
375,809
309,538
Jan 1 to June 30
2,017,012 1,834,823
Northern Pacific.b
June 7.868.443 8.045.787
Jan 1 to June 30
50,273,974 45,570,224
Minn & Internat. b.. June
96,498
86,276
Jan 1 to June 30
642,188
542,550
Northwestern Pacific. b.June
681,763
612,902
Jan 1 to June 30
3,361,254 2,741,499
Pacific Coast. a
...June
509,026
.325,020
July 1 to June 30
5,494,884 5,312,938
NYNH&
NY
583
Net Earnings
Previous
Year.
Current
Year.
s
58,177
187.282
def53.457
624.026
s
def5,101
62,928
122.926
735,160
defll3,697
66,586
defl34,041
83,245
def272,595
41,557
def742,064 def218,523
def346,097 def83,049
defl5,478 defl02,270
def497,677 1,651,828
3,699,627 7,528,600
def48,339
158,663
def40,700
69,963
617,693
391,542
2,873,577 2,841,664
1,312,819 1,238,510
1,765,794 3,254,473
88,992
216,289
defl73,283
98,055
defl9,847
26,507
def300,538
95,117
1.676,233 1,242,361
7,231,852 8,863,889
def9,387 def 10,922
def7,609
43,300
201,718
137,134
624,040
324,814
90,592
50,600
654,040
722,397
Pennsylvania System
Bait Ches& Atl.b... June
122,033
138,853 def37,861
Jan 1 to June 30
626,931
655,638 defl99,912
Long Island. b
June 2,434,762 2,520,876
556,411
Jan 1 to Jvme 30
10,666,610 11,409,563 def327.729
Mary Del & Va.b.-.June 105,232
108,822 def25,992
Jan 1 to June 30
500,815
560,026 defl82,100
Tol Peoria & West. b.June
171,588
144,862
20,776
Jan 1 to June 30
921,502
785,564
35,201
Peoria & PekinUn.b... June
107,677
93,887 def28,634
Jan 1 to June 30
737,402
586,778 def60,550
Pere Marquette-b
June 3,368,062 2,483,381
635,738
Jan 1 to June 30
17,398,467 15,638,076 1,444,097
Perkiomen-b
June
81,947
93,031
31,651
Jan 1 to June 30
554,673
511,192
243,383
PhUa & Reading-b
June 7,093,292 6,989,861 1,036,547
Jan 1 to Jime 30
41,281,911 33,649,604 3,968,031
PhilaBeth&NE.b
June
128,074
56,558
11,714
Jan 1 to June 30
615,278
414,699 def42,128
Pitts & West Va.b
June
193,473
113,031
1,045
Jan 1 to June 30
908,912
642,190 defl84,046
Pitts Shaw & North-b.. June
108,627
82,007 def38,701
Jan 1 to June 30
675,832
488,117 def212,081
Port Reading. b
June
70,072
203,992 deflO,5.59
Jan 1 to June SO
841,513 1,259,590
151,562
Qutncy Om & K C-b-.June
103,764
81,912 def53,530
Jan 1 to June 30
521,831
418,770 defl00,663
St Jos & Gr Island-b--June
254,068
334,543 def99,710
Jan 1 to June 301,521,146 1,396,789 defl30,034
St Louis-San Fran-b...June 7,548,942 6,260,189 1,722,655
Jan 1 to June 30
42,523,274 35,480,667 7,990,191
St Louis South west -b.. June 1,699,533 1,055,318
568,288
Jan 1 to June SO
9,704,167 6,128,745 3,503,422
June
104,528
St Louis Transfer. b
73,451
23,640
Jan 1 to June 30
648,282
471,397
159,648
San Ant & Aran Pass -b.June
342,646
325,048 defl02,813
Jan 1 to June 30
2,934,900 1,940,858 def546,652
Southern Pacific.b
Junel8,080,938 13,955,116 5,525,678
Jan 1 to June 30
89,813,230 76,001,925 18,376,918
Arizona Eastern. b... June
359,241
314,390
145,655
Jan 1 to June 30
2,004,292 1,875,671
547,321
GalvHarris&S A. b-- June 1,993,585 1,820,464 def87,943
Jan 1 to June SO
11,487,498 10,112,155 defl38,397
Houst & Tex Cent. b.June
def41,564
859,084
7.39,712
Jan 1 to June 30
5,295,045 4,103,179
356,017
Louisiana Western. b.June
446,735
358,383
145,447
Jan 1 to June SO
2,516,631
746,189
1,969,408
Morg La & Texas. b-. June 1,014,861
661,249
273,694
Jan 1 to June 30.
5,089,137 3,644,659 1,142,091
Southern Rail way. b
Junel 1,777,264 9,869,257
336,839
Jan 1 to June 30
72,749,681 59,052,113 13,007,005
Ala Great South.b. -.June
984,663
871,577
278,738
Jan 1 to June 30
5,179,696 4,947,457 1,230,460
CinNO&TexPac. b.June 1,617,742 1,380.962
156,795
Jan 1 to June SO
9,348,442 8,303,699 1,825,354
Georgia Sou & Fla. b.June
377,933
308,457 def80,381
Jan 1 to June SO
2,628,093 2,130,119
241,809
June 1,370,528 1,159,741 def539,5S0
Mobile& Ohio.b
Jan 1 to June SO
8,756,786 7,136,696 def434,941
New OrI& No East. b.June 636,155
5.54,680
2,005
Jan 1 to June 30
3,627,225 3,095,768
618,261
June
def5,788
North Alabama. b
112,436
79,345
Jan 1 to June 30
745,861
558,791
158,272
June
Sou Ry inMiss-b
122,562
126,090 defl08,249
Jan 1 to June 30
908,375
818,040 defl41,345
June
Spokane Internat. b
136,698
53,997
94,823
Jan 1 to June 30
741,047
465,129
281,360
Spok Portl & Seattle-b.June
814,901
609,834
271,720
Jan 1 to June 30
4,029,975 3,378,203 1,206,359
Tennessee Central. b.. .June
209,193
189,163 defl7,338
Jan 1 to June 30
1,401,771
77.113
1,241,959
of
St
Louis
Term RK Ass'n
B & Term. b.June 313,566
211,624 def61.834
St L
Jan 1 to June 30
1.778.682 1.299.336 def227.442
Texas & Pacific.b.
June 3.244.296 2.907.538
583.776
Jan 1 to Juno 30
19.147.572 16.344.972 2.230.586
Tol St Louis & West. b.. June
943.626
599,3,58
11,751
Jan 1 to Juno 30
5,068.016 3,452,878
870,767
Ulster & Delaware. b... June
121,786
83,245 defl3,661
Jan 1 to June 30
571,390
461,718 dof9S,63S
M
Union Pacific.b
June 9,8,54,262 8,246,299 1.119,9.50
Jan 1 to June 30
66.329.591 49.4.52.256 15.483.669
Union RR of Penn.b... June 1.128.062
669.072
91.181
Jan 1 to June 30
4.440.9.56
3.757.636 defl70.050
June
Utah.b
165.640
S6.S65
60.2S7
515. S43
Jan 1 to Juno SO
S79.410
3S0.174
West Pacific.b
June 1,403,839 1,135,845
483,337
Jan 1 to June 30
6,681,630 5,358,385 1.716,6.56
Wheel & Lake Erie. b... June 1,460,575 1,368,986
312,071
Jan 1 to June 30
7,089,707 5,686,277
916,262
defl4,473
def25,169
817,804
1,870,130
64
def27,104
def27,S22
def70,510
def89,500
def251,226
760,520
2,922,347
49,968
231,006
2,332,237
2.172,196
def841
28,831
def61,166
def362,185
def43,054
defl95,954
69,270
467,647
def7,016
defl7,825
111,287
31.738
1,618,222
6,776,039
320,856
1,271,515
19,688
59,610
defl03,695
def560,781
3,871.840
13,144,553
105,153
417,650
358,482
1,842,148
172,608
558.892
145,396
673,135
169,516
510,934
495,132
4,753,943
141,343
702,172
235,440
1,338,061
def9,229
114,774
defl61,476
def5S0,837
94,674
188.738
8,091
11,211
33,628
def38,885
29,391
124,083
211.109
796,237
def35,210
def218,150
def84.617
dcf431.561
5S0.761
1.833,566
29,552
454,725
def23,634
deflS2,101
2.716.045
15.271.430
defl65.532
174.185
2S.S65
203,179
300,359
639,843
433,264
594,464
a Net earnings here given are after the deduction of taxes.
b Not earnings here given are before the deduction of taxes.
THE CHRONICLE
5S4
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name
or
Road
Company.
Jan.
1
to Latest
Date.
of
Month.
Adirondack El PowCo June
Alabama Power Co.. June
Atlantic Shore Ry
April
Bangor Ry & Electric May
Baton Rouge Elec Co June
Blackstone V G & El. |June
rBrazilian Trac, L & Pi June
'Bklyn Rap Tran SysaBklyn City RR... March
aBklyn Hts RR... [March
Coney Isld & Bklyn March
Coney Isld & Grave March
Nassau Electric
iMarch
South Brooklyn
March
New York Consol.. March
Current
Year.
Previous
Year
Current
Year.
Previous
Year.
$
$
177.464 123.891 1.051,433
807,945
335,612 215,972 1,956,254 1, 372,919
17.396
10,832
54.738
45,487
38,237
28,559
190,134
143.051
37.449
29,498
227,583
172.549
271.326 201,721 1.585,960 1,314,240
10S74000 9369,000 61,040.000 53,963,000
849.189
2,401.385
6.924 J 767 ,824
20.156 2,147,196
185,641 148.329
529.209
415,898
4.649
3,839
12.945
9,695
504,046 433,424 1.450,105 1,207,888
73.663
52,596
217,101
169.014
1859.981 1324,840 5,085,766 3.728,507
Bklyn Qu Co & Sub March
145,009 120.721
418,154
328,167
Cape Breton Elec Co. June
49.174
46.529
285,839
277.413
Cent Miss V El Prop. June
39,453
34,523
237,359
199.267
Chattanooga Ry & Lt May
108,660
74,545
541.299
389.790
Cities Service Co
June
2137,24111601,017 12.743,300 10,762.818
Cleve Painesv & East May
69,879i
54,064
287,835
243,521
eColumbia Gas & Elec June
1233,720 1067,919 7.600.727 6,108,464
Columbus (Ga) El Co June
130.288 104.852
783.705
610,616
Com'wth P, By & Lt June
2430,318 1992,372 15,004,378 12.319,674
Connecticut Power Co June
1X7,543
96.005
717,801
597.297
Consum Pow (Mich). June
1090,510 859,710 6,805,894 6,426,739
Cmnb Co (Me) P & L May
239,753 201.289 1,180,505 1.022,445
Dayton Pow & Light. June
255,315 200.133 1,790,210 1,411.791
d Detroit Edison
June
1607.804 1185,763 10.309.003 7,837,060
Duluth-Superior Trac June
160.639 159.782
969,693
933.765
East St Louis & Sub. May
322.694 252,740 1.661.439 1,321.342
Eastern Texas Elec. June
134,052 110,620
759.393
650.802
Edison EI of Brockton June
111,006
81,003
676,982
529.381
jElec Light & Pow Co June
29,193
20,295
162,970
132,109
e El Paso Electric Co. June
.48,482 123,870
911,466
750,870
Equitable Coke Co.. June
123.916 107,025
457,893
460,677
Fall River Gas Works June
71,130
63,243
412,723
341,263
Federal Light & Trac April
369.621 316,314 1,552,585 1.311.718
Ft Worth Pow & Lt.. May
168,716
90,675
811,071
612.886
Galv-Hous Elec Co.. June
325,167 255,778 1,760,161 1.469,882
Georgia Lt. P & Rys. April
137,629 114.681
664,880
466,264
Great Nor Pow Co
June
179.549 131,650
951,118
661,195
e Great West Pow Sys Mav
466,878 402.693 2,337,185 2,078,068
Harrisburg Railways. April
142,745 124 .37g
563,017
617,109
Havana El Ry. L & P May
946,301 740,304 4,587.376 3,576,815
Haverhill Gas Lt Co. June
35,984
29,389
219.577
177.246
Honolulu R T & LandjAprU
73,523
60,770
269,527
237.782
Houghton Co El Co.. June
36,811
31.552
251.661
219,467
Houghton Co Trac Co June
24,344
22,706
161,291
148,911
Hudson & Manhattan March
594,846 545.728 1.673,827 1,504.915
d Illinois Traction
June
1602.389 1341.228 9.988,413 8,256,098
Jlnterboro Rap Tran. May
4597,479 4019.001 22,986,327 19,341,036
Kansas Gas & Elec Co June
248.225 179,295 1,671,238 1.328.184
Keokuk Electric Co.. June
29,526
26,548
170.433
150,760
Key West Electric Co June
21.301
18,700
128,621
112.989
Lake Shore Elec Ry . . April
273,799 193.517
996,044
745,184
Long Island Electric. March
20,199
16,430
57,558
46.026
Louisville Railway
April
342,575 339.350 1.319.111 1,303,102
Lowell Electric Corp. June
94,137
72.367
606.914
484,661
Manhattan & Queens March
19,294
20,658
53.643
68,864
Manhat Edge 3c Line March
23,723
12.807
62.442
36.917
cMilw El Ry & Lt Co. June
1430,843 1120.942 8,902,463 7,071.301
Miss River Power Co. June
232,182 192,146 1.282,970 1,108.850
Nashville Ry & Light May
320,236 264,678 1,640,539 1,321,323
Nevada-Calif El Corp June
360,412 316.016 1.502.832 1,231,467
New England Power. June
486,254 297.766 2.760,062 1,816,938
Newp
Ry.G& E June
253,162 259.448 1,283,206 1,321,846
New York Dock Co.. June
464.030 477,525 2,734,855 2,582,163
Y & Long Island.. March
33,209
42,773
94,156
117,863
Y & North Shore. . March
67
11,869
15.363
33,310
Y & Queens County March
88,514
83,155
233,556
233,796
6N Y Railways
March
614,915)
1,793,018
6Eighth Avenue
March
54,570 1081,850
163,692 2,961,697
6Ninth Avenue
March
9,368]
54,324
Nor Caro Pub Ser Co June
82,095
66,510
937,132
770.687
Northern Ohio Elec June
954,068 746,220 5,659,210 4.312,936
North Texas Electric. June
331,492 282,415 1,911,217 1,558,568
Ocean Electric (LI).. March
1 1 ,000
7.731
28,804
21.684
Pacific Power & Light May
204,110 166,572 1.007,920
816.604
Phila & Western
June
65,856
64,826
361,476
343.248
Phila Rap Transit Co June
3177,849 2963,632 18,663,593 17,174,966
Portland Gas & Coke. June
194.623 176,246 1,233,538 1,047„531
Port(Ore)Ry,L&PCo May
741,360 711.453 3,700,267 3,644,323
Puget Sd Pow & Lt Co June
735,578 666.787 4,908,666
Republic Ry & Lt Co, Mav
623,507 491,776 3,326,430 2,537",9i3
Richmond Lt & RR.. March
46.449
42,648
131,982
116,266
St L Rocky Mt & Pac March
416,537 282,074 1.193,874
968,467
Second Avenue
March
42,017
64,017
122,011
179.074
Southern Cal Edison. June
1314,2.59 954,590 6,094.998 4,874,110
Tampa Electric Co.. June
109,836
97,926
732,203
613,813
Tennessee Power
May
200.730 149,720
978 195
968,713
ATenn Ry. Lt & P Co May
548,713 421,082 2,650.730 2,348,762
Texas Power & Lt Co May
338.309 249,788 1,716,602 1,381,040
Third Avenue System. June
1094.819 1002,976 5,696,666 5,352.534
Twin City Rap Tran. April
1017814 882,221 4.135.038 3,600.724
Virginia Ry & Power. Alay
863.441 743,505 9,043.079 7.673,497
Wash Bait &Annap.. May
213,068 214.687
584.750
783.677
Youngstown & Ohio. May
51. .338
38.933
230.768
182.209
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore.
*^^ Brooklyn City RR. has been operated by its owners.
I"^S
°S?-- }.^i.l?19
lhel!,ighth
Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & Traction Co. d Include*
an sources, e Includes constituent or subsidiary companies. / Earnings
given in milreis. g Subsidiary companies only. ;» Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated Unes.^j Of Abington & Rockland (Mass.).
N&H
N
N
N
.
Electric
Railway and 6ther~PubIic" Utility Net
EariTfollowing table gives the returns of ELECTIilC
railway and other public utility gross and net earnings with
cliarges and surplus reported this week:
ings.—The
-Gross Earnings-Net EarningsCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year
S
$
$
S
x^ V.
^
Alabama
Power
Co a.. June 335.612
215,972
185,995
119,.548
July 1 to June 30
3,538,904 3,039,737 1,897,799 1,661,252
BrazTr.L&PCoLtd.Junecl0,874,000 c9,369,000 c5, 796.000 c4,877,000
Jan 1 to June 30
c61,040,000c53,963,000c33,057,000c28,350,000
Great West Pow Sys. a.May
466,878
402,693
252,612
222,811
June 1 to May 31
5,632,716 5,025,950 3,116,211 2,966,702
Porto Rico Rail ways... June
124,382
89,191
50,607
33,112
Jan 1 to June 30
672,326
567,969
261,868
210,121
Sou Can Pow Co, Ltd.. June
64 681
48,962
25,764
23,410
bb Oct 1 to June 30
502,781
440,349
249,008
206,997
a Net earnings here given are after deducting taxes,
„
.
Companies.
c
Given
m
milreis.
..
[Vol. 111.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
S
S
$
Cities Service
Jime '20 2,137.240 2,075,714
153,272
'19 1,601.017
Company
1,546,87'
167,372
12 mos '20 21,958,031 21,264,2,52
1,949,349
'19 21,o66,635 20,898,462
1,199,4.39
Dayton Power
June '20
255,315
54,907
38,699
•19
& Light Co
200,133
73,329
41,710
6 mos '20 1,790,210
503,199
282,263
'19 1,411,791
626,776
254,877
Detroit EdiJune '20 1,607,804
204,271
192,432
'19 1,185,753
son Co
322,422
139,059
'20
6 mos
10,309,003 2,142,894 1,076,944
'19 7,837,060
2,210,523
825.741
Idaho Power
June '20
226.860
137,3,58
40,207
'19
Company
168,2.58
88.480
39,668
12 mos '20 2,040,073
1,037,910
470.028
'19 1,624,760
759,129
447.085
Kansas Gas &
Jvme '20
248,225
39,164
46.927
•19
Electric Co
179,295
49,453
39,056
'20
mos
12
3,010.470
801,249
528,408
'19 2,407,806
766,254
449.305
Nebraska
June '20
222,639
55,212
36.014
'19
Power Co
180,854
59,089
34,153
12 mos '20 2,655,935
900,846
384,778
'19 2,155,887
758,975
320,805
New England Co Jime '20
486,254
136,861
67,738
'19
Power System
297,765
109,332
65,029
12 mos '20 5,162,192
1,.545, 3 12
770,067
"19 3,839,984
1,386,625
744,052
Portland Gas &
June '20
194,623
83.366
31,019
'19
Coke Co
176,246
80.839
28,907
12 mos '20 2,371,374
994,769
357,192
'19 2,024,955
870,456
352,280
Southern CaliJune '20 1,314,259
720,561
258,483
'19
fornia Edison Co
954,590
596,824
258,072
12 mos '20 1-, 790,455 6,476,287 3,040,846
'19 9,511,023
5,879.808 3,080,908
X After allowing for other income received.
Net
Gross
Commonwealth
Power,
June
Ry & Lt Co
6
'20
'19
mos 20
19
&
Western Ry Co
June
Philadelphia
6
mos
'20
'19
'20
'19
Balance,
Surplus
$
1,922,442
1.379,505
19,314,903
19.699,023
zl9,928
135,116
z239,195
2288,061
11,839
183,363
1,065,950
1,384,782
1104,021
158,515
2641,708
z357,989
idef7,101
110,418
2277,369
2324,424
222,650
250,254
2585,334
2507,446
69,121
44,302
775,253
642,572
52,347
251,940
2637,642
2518,184
462.078
338,762
3,435,441
2,798,900
Fixed Chgs.
Earnings. Earnings.
$
$
2,430,318
750,936
1,992,372
812,906
15,004,378 5,550,945
12,319,675 6,221,189
65,866
27,221
64,826
26,060
361,476
150,965
343,248
124,227
c& Taxes.
$
742,537
679,684
4,343,003
4,059,620
14,872
14,087
88,140
84,509
Balance,
Surplus.
$
8,398
133,322
1,207,942
1,161,669
12,349
11,973
62,825
39,718
FINANCIAL REPORTS.
Financial Reports.
—An index to annual reports of steam
and miscellaneous companies wliich
have been published during the preceding month will be given
on the last Saturday of each month. This index wiU not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
July 31. The next will appear in that of August 28.
railroads, street railway
Southern Railway Company.
(Report for Fiscal Year
CORPOR.ATE
—
—
Corporate Income
1919.
Certified standard return
Operating income revised
Income from lease of road
Miscellaneous rent income
Net income from
rail
1918.
1917.
$18,653,893 $18,653,893
leased
Di\idend income
Income from funded securities
Income from unfimd. sees. & acc'ts.
Miscellaneous income
Total corporate income
Deduct
69,677
233,092
53,788
1,036,493
684.548
158,840
4,689
60,177
243,333
41,163
1,020,562
682.623
129,318
1,557
$26,085,574
6,899
148,659
40,361
1,231.859
1,052,592
469,149
107,482
.$20,884,020 $20,832,627 $29,142,476
—
Rent
Ending Dec. 31 1919)
INCOME ACCOUNT FOR CALENDAR YEARS.
for leased roads.
$2,400,256
38,415
„ 6,980
668,985
381,351
426,344
94,249
Miscellaneoas rents
Sfparatelv operated properties
Interest on unfunded debt.
Corporate expenses
War taxes
Miscellaneous income charges
$2,338,822
31.007
5,592
42,296
187,519
574,007
89,328
$2,135,600
52,593
458,756
70,482
612,911
182,097
Total deductions
Total avaUable income
Interest on funded debt
$4,016,580 $3,268,572 $3,512,339
$16,867,440 $17,664,055 $25,630,136
$10,901,409 $10,947,490 $10,680,242
Interest on equipment obligations. -698,456
681,644
686,471
Div. on Southern Rv. MobUe & Ohio
stock trust certificates.
226.008
226.008
226,008
—
Balance of income over charges
Preferred dividend (5%)
Additions and Betterments.
$5,141,567
3,000,000
4,308
$5,708,913 $14,037,415
3,000,000
3,000,000
8,707
120,210
&
loss.. $2,137,260
$2,700,206 $10,917,205
Balance to credit of profit
—v.
110, p. 1749.
Boston
& Albany
Railroad.
(Report for Fiscal Year ending Dec. 31 1919.)
The report of the New York Central RR. (see above) shows
the following results from Federal operation of B.
A. RR.
in 1918 and 1919, compared with company data in 1917:
&
1918.
1919.
1917.
394
394
394
...$14,458,083 $14,057,670 $12,213,670
9,686,755
8,321,353
7,444,694
3.228.653
3,173,056
2,903,918
$27,373,491 $25,552,079 $2-.562,282
Maintenance of way & structures
$3,514,516 $2,676,234 $2,022,796
Maintenance of equipment...
4,863.571
4,192,879
2,736.029
Traffic
263.197
236.935
239.143
Transportation
11,005,468
13.981.780 13.5.36.471
Miscellaneous, general, &c
1.3.52,658
1.124.336
940,789
Operating expenses.
$23,975,722 .$21,766,856 $16,944,223
Net revenue
$3,397,768 $3,786,223 $5,618,059
Taxes. &c
1.031.707
872.301
798.919
Operating income
$2,366,061 $2,913,922 $4,819,140
Other income,504,637
516.910
133.679
Gross income
$2,870,599 $3,430,833 $4,952,819
Hire of equipment.
320.548
714,744
561,221
Joint facility rents
204,763
203,630
217,466
Interest on unfunded debt
263
1
3
Net income
$2,345,025 ,$2,652,144 $4,034,442
For the year 1917 there was a deficit of $4,533 after adding the company's
other income and after deducting interest, dividends (8Ji%) and other
charges to a total of $5,003.496. V. 108. p. 2329.
Miles operated
...
Freight revenue
Passenger revenue.
Mail, express, &c
Operating revenues
—
.
Aug.
& Western
Railroad.
{Report for Fiscal Year ending Dec. 31 1919.)
text of the report will be cited fully another week.
'
STATISTICS OF OPERATION^
'_^'
1917.
1919.
1918.
980
980
980
31
$6.10
freight
tr.
mile,
oH
$7.58
per
fr.
.S9.24
Earn,
$1.85
$2.68
$2.39
Earnings per pass, train mile
81639
859.71
840.20
Average train load (rev. tons)..
"'25,982,548
30,477,491
(tons)..
30,372,737
Revenue freight carried
4,830,065,815 5.574,773,609 5,591.642,823
Net revenue ton miles
0.75 cts.
1.07 cts.
0.90 cts.
Average revenue per ton mile
Passenger Traffic
2,5,307,161
27,281,789
24,623.034
Passengers carried
585,179,118
64.j,2.5o,978
[604,647,645
Passengers carried one mile
1.59 cts
1.92 cts.
1.85 cts.
Ratelper passenger per mile
_^
—
OPERATING results'' FOR CALENDAR''YEARS.
[United States data in 1918;Scompany's in 1917 and 1916.]
Coal
Merchandise freight
Passengers
Mail, express and miscellaneous
Incidental
Total operating revenues
Maintenance of way. &c
Maintenance of equipment
Traffic expenses
Transportation expenses
General
Miscellaneous operations
Transportation for investment
Total
Net revenue
Tax
accruals
Uncollectible revenues
Operating income
Joint facility rent
Hire of equipment
Gross income
1917.
1918.
1919.
$19,009,846 $17,130,291
31,287,554 24,637.415
9,289,838
11.204,813
4.702,720
5.350.714
1,450,960
1.887.149
$68,740,076 $57,211,224
$j,552.541 $4,514,994
8.929,440
13.337.602
948,918
664,087
21,712,092
28,613,367
1.094,996
1,219.107
500,534
547.293
Cr. 24, 485
Cr, 8,314
.$49,925,685 $37,676,488
$18,814,392 $19,534,736
2.714,487
2,941.212
9.754
19.274
$15,853,906 $16,810,494
108.932
123.012
51,954
34,738
$16,011,656 $16,971,381
$19,055,523
32,839,878
kl2.380,787
5,723,078
1,824,780
$71,824,047
$7,682,365
15,132,815
495,947
30,661,441
1,368,205
726.926
Cr.2,447
$56,065,251
$15,758,796
3,419,429
21.955
$12,287,412
134.493
-- de&.474,54 1
$11,947,364
—
1919.
Expenses
Adjust, of value of coal on hand
—
Railroad Department
Certified compensation
Other Income
Assets —
1919.
-
—
Income from funded securities
Dividend income
Income from unfunded sec. & accts..
Miscellaneous rent income.
14.174.529
16,971,381
362.848
403,112
301.420
499.916
399,803
554,891
507,316
620,156
«
328,300
259,554
174,804
» 110.380
110,072
Mlscell. non-oper. physical property.
106,855
deft. 162,227
611.301
Revenue prior to Jan, 1 1918
48,262
Miscellaneous credits
1.464
757
Miscellaneous income
400
j^
1.956,616
2,125,631
Depletion of coal deposits
2,182,611
...$25,879,647 $22,367,160 $25,078,699
_Gross income
Deductions
'$6,126,908 $6.133,886 1'$6.272. 191
Rent for leased roads
6,156
6,156
6,156
Interest on funded debt
&<
...^1,710,374
981.661
Railway tax accruals
(870,431
1 5 ,898
1 .503
Interest on unfunded debt
3 .604
214,035
125,939
Maintenance of invest.-organization. it I 305,033
869,556
Renewals and betterments
1,458,323
1.785,612
Expenses prior to Jan. 1 1918..
735,444
'T347.282
426,240
Miscellaneous debits
646,671
8.444,455
Dividends (20%)
8.444,080 ' 8,444.080
Balance, surplus
$7,627,745 $4,389,972 $6,926,117
U413.269
L
—
I
;
^
<"
* Includes $1,574,948, being 10% of compensation for the year 1918
accrued in July 1919 upon completion of the contract between the DirectorGeneral of Railroads and the company. The figure for 1917 represents
theloperating income comparable with the Government's compensation.
—V.
31
(SEE
COMPANIES ABOVE).
1918.
3
1919.
Liabilities—
S
Common stock.c 14.963.400
f
depreciation - - . >45.800 .523 ^ 42 .753 . 457 Preferred stock d 13.742.900
Term. prop. and.
Stocks of sub. cos
equip., equities
not held by
In term'l. &c..
3,656,177
Atl.G.& W. I
241.364
Liberty bonds. t- 11.2.59.837 8.240.348 Coll. trust bds.e n.048..500
alnvestments
8.317,089 1.995.886 1st 5s of sub. cos 13.667.000
Inv. In other coa. 5,898.263
U.S.&PortoRlco
Good-will,
franNav. Co. bda
chises. &c
12.040.016 12.040.016 Acc'ts payable.
4,112 286
Inventories
281.235 Interline fgt.bals
Acc'ts receivable. HI. 768. 823{ 24.767.625 Unearn. passage
Agents' balances,
2.256.530
money. &c
Interline fgt.bals.j
61.654 Accrued interest
568.700
Ships' accld.. &c.
1.493.349 Pref. dividends.
171.786
§
Ships* equip. less!
110. p. 1289.
|
5.168.126
4.689.962
2.161.994
Cash for pref. dlv.
Cash on hand
5.755.541
5.422.468
4.771.620
4.241.310
Open voyage
counts. &c
4.033.318
1,379.940
750.000
1.589.162
22,294.299
171.786
equip, re.serve
8.036.238 U.S. Gov't Items
Res. for Federal
1.197.455
tax (est.)
ac-
Sundry reserves. 2.254.889
Profit and loss.
25.675.810
Total
104.920.882 120.816.048
Total
104,920.882 120.816.048
t Includes in 1918 cash held by trustee,
a Investments pledged under
mortgage, b Stated after deducting reserves, c After deducting $5,036.600 pref. stock held in treasury, d After deducting .$6,257,100 common
stock in treasury, e Authorized $15,000,000, issued $13,000,000. in
treasury, $1,951,500; balance, $11,048,500.
V. Ill, p. 495.
—
Co., New York.
— Year ending
Dec. 31 1919.)
Development
Pacific
(3rd
Annual Report
The report of President Edward B. Bruce, together with
the income account and balance sheet for the late fiscal year,
will be found on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
1917.
1918.
Net profits sub.
cos. aft. est. war taxes $1,331,452 t$ 1.606 ,660
$1,226,624
Dividends, &c.. inc. Pac. Dev. Corp.
$697,718
$627,299
$334,746
Expenses
244 .509
281,095
101.600
Dividends paid a
(7
)443 ,025 (7)330 ,391(3H)112,312
M
Balance, surplus.
This figure
$10,184
1917.
$48,212,055
$5,227,323
726,938
16,670,141
3,447.964
6,538,616
463,440
5,40 0,000
$38,474,422
$9,737,633
2,138,143
$11,875,776
$1 347 737
880.5 27
.$2,228 'Ki
$9,647,513
$14,676,089
623.502
$24,947^104
$73,3 533
1,496,'310
d
1 1 4q r/i i
u;iij.i>ji
31.893
S22.535!704
$120,834
$15,813
given in place of $1 ,736,905. due to the fact that in the
t
preparation of the 1918 figures the amount of excess profits taxes payable
was underestimated by $130,245.
a OnNov. 15 1919 a quarterly dividend of 2% was paid thereby increasing
the annual rate from 7 to 8%.
(See V. 109. p. 1466.)
Assets
is
BALANCE SHEET DECEMBER
—
1919.
1918.
LiabilUies—
$7,389,358 $5,842,740 Capital stock
Investments
Bank
Commerce.
Chln.-Am.
of
Liberty bonds
Mlscell. Investm.
Rep.ofChtnanote
Advances
Due from sub.cos.
Notes Aacct'srec.
Subs, to cap. stk.
Cash
Deferred charges.
833.333
123.550
180,462
b5.005.000
452.885
81.331
81.686
289.155
167.926
32,500
31.
1919.
1918.
S8.528.300 3c .772.700
Notes payable
800.000
545.000
Loan payable
5.000.000
Accrued interest.
25,278
Due to sub. COS..
45.132
12.090
Acc'ts. Ac. pay.
69.805
23.703
Federal taxes
39.272/
25,000
I
373,609 Mgrs.' compensa./
57.325
I
93.321 Surplus
129,452
119.268
116.225
114.271
14.920
$14,637,237 $6,555,086
Total
Total
$14,637,237 $6,555,086
a Includes the capital stock of the following companies: Amer. Machine
&Mfg. Co. ,.$346,537: Anderson Meyer & Co.. Ltd.. $1,424,300: Hartman
Bros., Inc., $1,600,000: International Vegetable Oil Co., $1,537,398: Pacific Commercal Co., $1,589,285; miscellaneous, $891,838.
b Note of Republic of China, $5,500,000. deposited as collateral to loan.
—V. 111. p. 300.
Virginia-Carolina Chemical Company.
(Report for Fiscal Year ending
May
31 1920.)
CONSOLIDATED RESULTS FOR YEARS ENDING
$9,251 746
Balance, net profit
Less Int., Dies., Ac.
5%
bonds
Int. on 1st M.
Interest on debentures.
discount
and
Interest
Pref. dlv. (8%)
—
dividend (6%)
$592,500
MAY
$8,933,335 $10,193,268
$607,500
187,454
1,119,746
262,209
1,398.370
1.604.165
1 ,682 .043
1.679.064(6)1.679.064
$5,260,807
$3,990,939
Total deductions
Balance, surplus
$5,551, 308
$3,382, 027
S622.500
275.753
910.346
1.600.976
(3)839.532(1
$4,249,107
$5,944,161
31.
1916-17.
$8,502,416
2.145.831
451.335
$5,905,250
$637,500
283.280
328,083
1.600.944
,':.)419. 766
$3,269,573
$2,635,677
CONSOLIDATED BALANCE SHEET MAY 31 INCLUDING SUB.
I''
—
64.223
582.113
171.786
748.170
748,170
Common
Term. Co.,
97.000
28,474.981
349.988
Claims In susp_,b
177.708 Common dlv
Unexpired insur.l 1.178.190/
780,192 Open voyage acPrepaid rents
43,632
counts. &c
/
I
Mlscell. securities
383.513 12.360.421 Deprec'n reserve
Cash for coupons
502.3.38 Replac.& marine
says, that the net earnings will fully justify this outlay.
Accompanying President Nieol's report, the reader will
find the balance sheet, income account and other tables
valuable for reference.
Santiago Warehouse Co. and Wilmington Term. Co.
1919.
1918.
Operating revenues..
.$45,587,264 $26,633,550
Deduct Maintenance, Incl. deprec'n. $9,179,114 $9,576,594
Traffic
566,638
317,475
Transportation
19,240,371
4,881,950
Goneral
3.317,485
1.795,887
Charter
5,626.704
5.291,526
Taxes
151,779
118.654
War and excess profits taxes (estimated and reserved)
1.379.940
750,0 00
Total deductions
$39,462,031 .$22,732,086
Net operating income
$6. 12."). 233 .$3,901,463
Other income.
l_.15jMi24
882^,867
Gross income.
$7,584,857 $4,784,331
Bond and note interest, &c..
$1,249,299 $1,300,394
Rentals, &c
759.953
773.950
Total deductions
$2,009,252 $2,074,314
Netnicorao..
$5,575,605 $2,709,987
Irevious surplus
$22,294,299 .$22,535,704
Sundry credits.
22.084 deb. 763 ,672
-.-,---,
$27,891,987 $24,482,020
Ts.Tr"''''':i-,V
Preferred dividends (5%)
.$687,145
$687,145
Common divideiids
(10%) 1,496,340
1,496,340
uo lor Rod Cross
Di vs. on .sub. cos.' stock not hold by
Atlantic Gulf & West Indies SS. Co.
32.693
4,236
Total surplus Doc. 31
$25,675,810 $22,294,299
14,120,000
I
1919-20.
1918-19.
1917-18.
..$16,259,322 $16,213,592 $16,832,942
Total net profits..
3,696,401
2,998,552
Repairs & maintenance 3,461,038
Res've for doubtful debts
and cash discounts on
1,434,569
1,186,325
1,012,001
unsettled accounts
2,397,531 x2 ,629, 121
Federal taxes & deprec'n 2,111,969
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
(Incl. Clyde SS. Co.. Mallory SS. Co., N. Y. & Cuba Mall SS. Co.,
Oompania Cubana de Navegacion, N. Y. & Porto Rico SS. Co. of Maine.
U. S. & Porto RicoNav. Co., N. Y. & Porto Rico SS. Co. of N. Y., Southern SS. Co.. International Shipping Corp.. Jacksonville Lighterage Co..
Tampa Towing & Lighterage Co., Clyde SS. Term. Co., Carolina Terra.
195.950
11.048..500
1
& West
Co., San Antonio Docking Co.. San Antonio C-o., Santiago
14.963.400
13.742.900
1
Indies Steamship Lines.
(Report for Fiscal Year ending Dec. 31 1919.)
On subsequent pages of this issue of the "Chronicle" will
be found the full report of President Alexander R. Nicol,
dealing with the steamship operations of the company and
its investments in British, French, and Mexican oil properties, aggregating to date over $.50,000,000, mostly accumulated from past earnings and reserves. Beginning with
July 1921, when the company's 14 new steel tankers are
expected to be completed and in operation, and the several
oil properties should be producing, it is hoped, Mr. Nicol
Atlantic Gulf
1918.
S
I
1917.
f9i8.
$44,325,488 $39,824,966 $34,350,678
39,344,273 36.191.933 30,018.421
Cr.8.467
6.323
19.989
$3,626,710 $4,321,268
u $4,989,682
*17 ,324,424
585
CONSOL. BALANCE SHEET DEC
RESULTS FROM CORPORATE OPERATIONS FOR CA L END_AR_YEARS.
Balance
..
|
Road operated Dec.
Coal Department
Sales and rents
.
THE CHRONICLE
7 1920.]
Delaware Lackawanna
The
——
J
1920.
—
1919.
1918.
COS.
1917.
S
$
S
S
Assets
Real estate plants &c. . $48 ,49 1 ,3 1 4 $46 ,352 081 $45,707,718 $45,556,568
7,484.912
8.241
625
8.302.443
&c..
S.3:i9.234
Invest, in sub. cos.,
,202 ,091
6.776.286
4,236.124
8.467.583
Cash
Mfd. prod., mat. &supp. 21.189.109 18.594 ,077 18.706.853 13. -260 .988
Accts. & bills receivable. a33. 873. 892 31,961 ,182 25.629.595 22.281.234
856.274
658.564
803 ,425
451.834
Int. .ins. ,&c. .paid in adv.
502.415
274.264
192 .949
356,957
Miscellaneous investm'ts
364,247
1,277 ,090
1.093.250
Liberty bonds...
30 ,000
30.000
""'W.OOO
Insur. fund investment.
238.748
15-yr.5s purch'd.
1st
,
M
.
.
121 .240,343 114,654,520 107.443.915 $94,476,148
$
$
S
$
,466.791
20,425.891 20.012.255 20,012,255
Capital stock, preferred.
,984,400 27.984.400 27.984. 400 27,984,400
Capital stock, common.
,700.000
12.000.000 12.300,000 12,600.000
IstM. 15-yr. 5% bonds.
4.609.3S5
,799,137
4.029.440
4.734.505
10-yr. 6% s. f. couv deb
,507,473
17.317,500 13.729.000
9.929.828
Bills payable
.374
Fed.
tax..
.886
pay.
incl.
,021,950
5,785.150
2.109.313
Accts
3
1.445.022
993 .699
Contingent accounts
1.153.017
1.5(59,448
1.082.480 b2,510.e57
Deprec. reserve etc
517,539
475.404
Insurance, &c.,roscrvas.
377,338
""34V.696
Liab. acct. of 1st M. 5s
Total
L iabilities
—
238,748
purchased in advance.
27.434.856
Surplus
Total...
24,109.233 x21. 552.295
15.608.135
.121.240.343 114.654.520 107,443.915
94.476.148
a Includes accounts receivable, $24,213,572: Dills receivable. SI 1.552. 126,
less reserves for doubtful debts, rebates of interest and cash discounts
allowable on accounts receivable, b Includes jirovision for Federal taxes
now reported with "accounts payable." x This profit and loss sur;ilus as of
May 31 1918 was later reduced to .*20,727,207 by an adjustment of SJ>26,088
"in respect of Federal taxes for the year ending May 31 1918."
THE CHRONICLE
586
—
Under agreement of April 1 1913 the Virgiuia-CaroJina Chemical
Xole.
Co. g'.iarantees the 7',t dividends or $412,500 pref. stock of the Consumers'
Chemical Corporation, and retirement of the principal on or before April 1
1933. lU of the profits in exce.'^s oi the preferred dividends belonging to the
Virsinia-Carolina Chemical Co. through ownership of the common .stock.
The foregoing balance sheet includes the accounts of Virginia-Carolina
Chemical Co.. Charleston rS. C.) Mining & ^Manufacturing Co. and Sulphur
Mining & KR. Co.: the two independently operated subsidiary fertilizer
companies at Baltimore. Md., and Birmingham. Ala.: the .Southern Cotton
Oil Co., and other subsidiary companies, district offices and branches.
V. 111. p. 500.
President
Andrew
—
— Six
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING APRIL 30.
Gaston, Williams & Wigmore, Inc.; Gaston, Williams & Wigmore
Steamship Corp., and Gaston, Williams & Wigmore of Canada, Ltd.)
[Incl.
Net income
Fletcher, July 28, wrote in substance:
The gross busine-ss for the six months ended Jime 30 1920.
Fiscal Results.
amounted to .S21.769.679 as compared with S20.630.0S4 for the previous
The percentage of manufacturing
six months, an increase of $1,139,595.
profit to gross was 14.4 as compared with 15.
The gross profits for the period were ,13,086,646 from which there has
been deducted a reserve for United States and Canadian income and excess
profit taxes .?309,447, leaving a net profit available of .§2,777,199.
were paid
During the six months two quarterly dividends each of 1
%%
on the Preferred stock and two quarterly dividends each of 1 1-^ % were paid
on the Common stock, making the total dividends paid, $1,625,000 and
leaving a surplus of $1,152,199 to be carried to general surplus accotmt,
making such account as of June 30 1920, 823.945.443.
In arriving at the net profits for the sis months ended June 30 1920. there
has been included under the heading of manufacturing expenses and deducted from earnings the sum of $632 ,867 for depreciation on all classes of
property.
Financial Status.- The amount of inventories of materials and supplies on
hand and work in progress June 30 1920, was $12,853,418 as compared with
.S7 ,364, 147 on Dec. 31 1919.
The excess of current assets over current
liabilities was $36,350,489 as compared with $35,686,011.
On June 30 1920. the company had no loans payable and had in Its treasurv on that date $11,500,000 of United States Treasury certificates and
$5,919,950 of United States Liberty and Canadian Victory bonds.
The unfilled orders for new locomotives, reconditioning of old
Orders.
locomotives and miscellaneous work on June 30 1920, amoimted to $44,073,632, compared with a total of .$8,999,921 as of Dec. 31 1919, an increase
of $35,073,711.
The total unfilled orders on Jtme 30 1920, of .$44,073,632 include $38,347,711 for Domestic business and $5,725,921 for Foreign business, or in
percentages 86.8% for Domestic and 13.2%. Foreign business, which
—
—
mostly for Cuba, South America and Far East countries.
There have been no very large orders for new locomotives placed in the
United States since Jan. 1 1920, by the European countries undergoing
Negotiations for substantial orders have been carried on
reconstruction.
for a niunber of months and are still in progress, but the general financial
and internal conditions of some of the countries desiring locomotives, and
the necessity of deferred credit payments, present problems which require
cautious and conservative consideration, especially in view of the large demands on our working capital which are being made by railroads of the
United States and which will no doubt be increased in the near future.
During the six months ended June 30 1920, there was exAdditions.
pended for additions and betterments to the plants $1,402,097 which has
been charged to the reserves created from surplus of previous years.
Production and Outlook. The tonnage production of the plants of the
company averaged for the six months period but 35 % of their rated capacity,
ranging from 23 % of capacity in January to 58% in June. The production
was neces.sarily small during the first few months of the period due to the
small amount of business on hand at the first of the year, and as business
increased the production was very materially affected by the great difficulty in obtaining materials of all kinds because of the most trying operating
conditions of the railroads due to strike troubles and the poor condition and
Inadequate amount of their rolling stock. It has been justly stated rerecently by the President of one of the largest railroad systems, that the
equipment of cars and locomotives of the railroads of the United States has
not kept pace with the natural growth and development of the country.
The freight congestion on the roads serving our plants has been somewhat
relieved and we are hopeful of a greater production by the plants for the
last half of the year, now that the long deferred decision regarding railroad
wage increases has been announced, and the stimulating effect on the railroads which will result in greater service if they are awarded increased rates
for passenger and freight service commensurate with their absolute needs
for cost of operation, maintenance and development.
—
—
,
CONDENSED INCOME ACCOUNT— FOR SIX MONTHS ENDED
JUNE 30 1920 AND DEC. 31 1919.
—
J!me30'20. r>ec. 31 '19.
Six Months ending
.$21,769,679 $20,630,084
Gross earnings
Mfg., maint.& admin, exp.&deprec. 18,633.768 17,532,188
$1,139,595
1,101,580
$3,097,896
59,326
dec. 10,061
$3,135,911
49.265
Conomon dividends (3%)
Surplus prof it
Profit
—
$38,015
$1,152,199
$952,171
$200,028
Earned on Common Stock
Amount
$1,702,171
6 81
$200,028
80
110. p. 966.
Gaston, Williams
{14:th
Annual Report
&
— Year
Psesident Geo. A. Gaston,
wrote in sub.
merchandise was made by
—A complete physical inventory ofa valuation
of $2,273,603,
our Auditors as of April 30 1920. resulting
in
&
—
Total
24,063,348 21.664,488
Drawn
a
against letters of credit.
Total
— V.
American Light
&
24,063,347 21,664,488
110. p. 2571.
Traction Co.
{Report for the Year ending June 30 1920.)
President Alanson P. Lathrop, N. Y., Aug. 2, wrote in sub:
The board on July 6 1920 declared with the regular Preferred dividend of
cash dividend of 1 M % to holders of Common stock and a stock
114%
a,
dividend at the rate of 1 M shares of Common stock on ever.v 100 shares
outstanding, all payable Aug. 2 to stockholders of record July 15.
The reduction in Common stock dividend as compared with previous
quarters was deemed advisable in consequence of the decreased earnings
due to the abnormal advance in cost of material and labor and to the necessity of conserving cash to take care of extensions and betterments required
by the subsidiary companies to meet franchise requirements.
INCOME ACCOUNT FOR YEARS ENDING JUNE
1919-20.
Earnings on stocks of
$
sub. cos. owned
3,215,996
Miscellaneous earnings.
946,520
30.
1917-18.
$
4,302,056
191-8-19.
$
3,417,867
793,531
1916-17.
$
4,795,366
924,650
708,365
Gross earnings.
Expenses
4,162,515
268,281
4,211,398
239,681
5,226,706
315,683
5,503,732
Net earnings
3,894,234
854,172
2,340,492
2,340,492
3,971,718
854,172
2,300,822
2,300,822
4,911,023
854,172
2,085,922
2,085,923
5,171,521
854,172
1,892,477
1,892,478
defl ,640,921 def 1,484,099
defll4,994
11,792,189
sur532,394
11,907,183
Preferred dividends
Common divs.
Common di vs.
(cash)..
(stock).
Balance
Profit
&
loss, surplus.
9,509,775
11,150,696
CONDENSED BALANCE SHEET JUNE
1920.
Assets —
1919.
Investment acct_. 35.069,829
Temporary invest
Earns., sub. oos.
Bills receivable.
Accts. receivable.
Miscellaneous
disct. & exp.
& divs. receiv
Note
Cash
Total
,
3,155,491
7,329,951
5,754,025
473,688
15,590
529,911
58,077
4,714,239
S
34,469,868
3,525,590
6,795,768
4,561,500
302,180
838
Liabilities
30.
1919.
S
14, 236,200 14,236,200
Preferred stock
Common stock
26. 298.100 23,855,500
5-5T.6% gGldnotes*5. .450.000
Warrants ._•
139,422
Vos'ieo
Bills payable
400.000
Taxes & exp. antic.
340.094
Interest accrued _.
54,500
55,455 Accts. payable, &c.
1,521,740 Divs. accrued
Taxes accrued
Surplus & reserve.""
-..57.100,802 51,232,939
332 '2 11
1920.
S
—
Total-
9.915
062,795
15,478
1,335,137
134.568
9, 5b9",775 11.150,696
1,
57,100,802 51,232,939
Bankers are under contract to purchase .$550,000 more of these notes,
bringing the total issue up to .$6,000,000.
— V. Ill,
p. 191.
an auxiliary of the General Motors Corporation (by which
Inventory.
shown in the attached financial statement. Over 75%
had been sold by July 15 1920, and in no instances for
& Wigmore,
—
Ended April 30 1920.)
2,
$23,487
$1,432,418
General Motors Acceptance Corporation, N. Y. City.
June 30 1920 and Dec. 31 1919.)
(Statement of Condition
This company incorporated under the banking law of New York State, is
Wigmore, Inc.
N. Y. Aug.
$212,402
$1,620,938
30.
Inc., Gaston, Williams & Wigmore
Steamship Corp. and Gaston. Williams Wigmore Co. of Canada, Ltd.i
1920.
1919.
1920.
1919.
Liabilities
s
$
stock of aim. CCS- 12,678,688 /1,389,.526
Declared
capital
Other CO. sePUT--./
103,802
(300.000 shares
\
Investm't in ship- 1,372,528 2,371,255
without par val.) 12.000.000 12,000,000
Adv. to other coS- 6,925,157
552,827 Serial gold notes-- 1,000,000 2,000,000
Furniture, fixt., .fee.
106,559
58,027
Acceptances
500,000
Claims receivable- 1,622,472
209,900 Bills receivable—. 1,721,086
Cash
880,817 1,276,894 Notes payable
5,223.707
387,980
Notes receivable-.
120,460 Time drafts accep. a 388.473 1,348,021
Accts. receivable-- 2.736,335 10,212,634 Accept, drafts
1.50,363
345,438
Mdse. purchased-- 2,585,588 4,631,907 Accounts payable- 1,029,151 1,107,276
Securities
313,190 Aco'd tax,com.,&c
101,943
526,988
Special dep. (for.)75,659
Divt. payr.,ble
150,000
Drafts on asso. cos. 1,424,705
Drafts on asso. cos. 1,424.705
Bills receivable--- 2,492,608
Speci.al loan
92.190
Adv. to !or, ship'rs
491,211
Claims payable
364,697
Outside investm'ts
373,362
Subsc. to asso. cos.
16,908
Miscell. accountsAdv. to asso. C0S-61,323
53,903
Deferred charges-.
230,336
424,066 Conting. reserve.
549,395
270.000
Loss on invest.,
adv., &c
3,125,000
Other del. liabil- 1,753,023 1,407,847
Surplus
def4,931,197 1,620,938
*
$1,902,199
6 61
Pershare
—V.
Increase.
461,399 dec.151. 952
875,000
750,000
309,447
875,000
750,000
def.36,552,135
.def$4,931,197
CONSOLIDATED BALANCE SHEET APRIL
Unci. Gaston. Williams
Int.
profits taxes
Preferred dividends (314 7c)
1917-18.
$1,298,487
X See text above.
is
Manufacttu-ing profit
1918-19.
$1,262,402
Profit
Months ending June 30 1920.)
Interestonbondsof constit. cos.,&c.
U. S. & Canadian income & excess
1919-20.
...defSl ,041,170
Dividends declared
($K) 150,000(3 i.^)1050000(4M)1275000
Prov. fordoubtfulaccts., deprec, &c 3,085,965
Losses in invest. & adv. to associated
cos. (net)
2.125.000
Loss in outside investments
150,000
Balanceand loss surplus-x
American Locomotive Company
(Semi-Annual Statement
fVoL 111.
as,
of this naerchandise
tirely), aiding dealers in
[see "News Department"
it is
owned
en-
the sale of the latter's several makes of cars, &c.
on subsequent page.] The following balance sheet
of .Tune 30 shows the enormous growth of business resulting from the company's abilit.v to give service to the aforesaid dealers, and the need of those
The company has its main offices at Broadway and
dealers for that service.
57th St. and branch offices at Atlanta, Chicago, Dallas, Detroit, ios
Angeles. San Francisco and Toronto.
than the above
valuation. Pull provision has been made for all doubtful accounts and bills
have
been
provided
to
cover
possible
losses on investreceivable and reserves
ments in and advances to associated companies.
for
deficit
of
provides
all
previously unThe
.$4,931,197
Explanatory.
determined losses incurred from the inception of the company to April 30
1920, among which are those resulting from unsatisfactory conditions during
the war period, particularly in Russia, and from the unfavorable course of
foreign exchanges; also those which might be expected as a result of readjustment from war to peace-time basis of operations, especially due to unsettled
The overhead expense for the year was
conditions in all foreign countries
out of proportion to the amount of business done, but a considerable portion
was
necessary
in
the
liquidation of war business.
of the overhead
In view of the financial statement consideration should be given to the
element of good-will for which no asset value is shown. However, the
company has a valuable asset in good-will represented by its years of
world-wide experience and operations.
In view of the generally unsettled conditions at home
Financial Status.
and abroad, the company has been converting its assets in order to reduce
its indebtcdne.ss and to provide a strong cash position for future operations.
In this Connection it is interesting to note that the current liabilities shown
in the attached financial statement have since been reduced by approximately $3,000,000.
Iune30'20. Dec. 31'19.
June30'20. Occ.31'19
Liabilities
S
S
S
S'i
stock
505,323
Capital
Cash
1,580,270
3,200,000 2.000,000
470,000 Surplus fund
Liberty bonds
800,000
500.000
Notes&accept.rec. 30,976, 232 12,022,714 Undivided profits.
234,119
884
692,079 Collat. gold notes. 22. 736 ,000 8,318.000
Cash in trust
2,111.106
Demand
notes
docum't'ry
sec.
Foreign
(Can. banks).-. 3,924,405 2,066,864
bills of exchange
5,199,747 2,310,848 Notes&accept red 3 ,476 144
(contra)
873,165
336,849
89,711 Foreign docum't'ry
Accounts receive..
15,049
bills
exchange
earned
of
Interest
36,313
disc, (contra)... 5,199,747
117,400
229,004
Off. turn.& equip2,310.848
201,842
Investments
6,075 Accounts payable.
6,075
25,895
Cash&sec. pledged
Cash & sec. pledged
_: t. _,^
foreign
foreign
custoby
custoby
198,548
mers (contra)..
213.(:23
213,623
mers (contra)..
|19S,548
112,676 Prepaid Interest..
242,192
617,996
Deferred charges..
106,878
Accrued taxes
21,000 '
10,000
Reserves
406,534
129,342
Proposed Reduction of Capital. The directors regard it advisable to present
for consideration a reduction in the declared capital from $12,000,000, the
present declared capital, to a figure which will fairly represent its net worth
when the losses for which reserves have been provided, have been fairly
determined. This readjustment would enable the company to show its
future earnings on the basis of capitalization on which earned, and would
permit a return to the stockholders in the form of dividends as soon as the
earnings should justify.
Description of Company's Collateral Gold Notes, $22,736,000 Outstanding June 30 1920.
The company is,sues Its Collateral Gold Notes as short>-term discount
obligations (limited by trust deed to not exceeding three years' maturity.
but usually running from two to six months, as the purchasing banker may
at the present time 8% for
prefer) and at the current rate of discoimt
notes maturing from Oct. 1920 to Jan. 1921. The denominations are
and
The
$10,000.
Collateral Gold notes are
$5,000
$1,000,
$2,500,
$500,
less
—
.
—
—
GENERAL BALANCE SHEET.
Assets —
—
.
.
,
'
3
'
!
Total
40,931,410 16,540,423
Totill
—
40.931.410 16,540,423
.
Arc.
THE CHRONICLE
7 1920.]
Co. of
under a deed of trust dated ]\Iay 8 1919 with Irving Trustthe said
ratably and alike secured by
New York as trustee, and are all
of
amount
aggregate
The is.sue is at all times limited to the
trust deed
sub-trustees.
nurchasc money obligations on deposit with the trustee or
^, ,, ^
See also "News Department" on a following page.
o„m
Gold
the Collateral
\n official statement dated Sept. 30 1919 describes
payment p.an of 7,891
Notes and analyzes the sales under this deferred
(' .27(> ot the
Dassenger cars and ^rucks for sums aggregating S4,/47,.100substance.
in
CT^tomers being in U. S. and 615 in Canada), showingthe
General Motore
These Collateral Gold Notes are direct obligations of
money not^
Acceptance Corporation and they are secured by "Purchase with
a direct
ten months,
of at least $1,000 face value, running not over
worth (""'^^PJ^'ce scale then
lien on automobile, having an average
Makers mcomes average $,3,333 i2 {514 times
in force) of 81,779 36.
Makers' real estate equities average S6,632. Average note
average note)
These purchase money notes carry the endorsement of a subIs for *,59''
allowed a conservative
stantial dealer who has been carefully rated and
i<5siud
i
of its sub-trustees)
"'"The CCTtification of Irving Trust Co. of N. Y. (or one
times the amount
guarantees to Collateral Trust Note holders that at all
excess ot,
equal to or
of Purchase Money Notes and cash in trust is
amount of Gold Notes outstanding.
Trucks on the
Occupational Analysis of Purchases of Passenger Cars and
of Purchasers. &c
G M. A. C. Plan, Showing Average Income
Avg. Real Est.
Inc.
Avg.
No. Avg. Notes
Owned.
Value Avg. per Month
of
m
1.
2:
3.
Amt.
No.
Cars.ofCarAmt.No.Amt.
Merchants, manufactures. &c.2,138 1.084 662 1,694 338
660 259
984 1,048 595
Farmers, real estate &c
378 323
Professional men and women.. 47/ 1,060 609
744 8,680
488 11,225
129 ».<^o
7.276 1,044 592 5,614 275 2,689 6.632
Total for cases analyzed
* Number of purchasers who furnishes this information.
Purchasers.
Analysis of Monthly Income of 1,136 Single and 4.289 Married
$600
$300 to
$200 lo
Under .S125 to
^c.
.$597.
.$299.
$199.
$125.
Monthly Income.^a
^01
319
406
121
mnsrle No
256
1.310
1.094
1,490
139
\i^?r?^ n6
over
Of 6,378 pufchasei-s'feporting ages. 4,369 were under and 2,009
in building and con'^Vf^'the 2*^38 purchasers in Group No. 1, 225 were
livery, storage, &c., 98 autos 74 painters,
struction 199 in groceries, 162
Group No. 2 mclud^
&c 60 plumbers and heating supplies, 82 clothmg.
3 embraces
729 farmers 71 insurance. 45 in mining, 139 real estate. Group
reported incomes
192 doctors and dentists and 62 teachers (of the latter 53
m
mechanics,
that average $210 per month), &c. Group 4 embraces 572 executives
444
merchants Ind sea Jonary engineers. 463 traveling salesmen,transportation,
and supermtendents. 320 employees m stores,, 208 men in per month.is
106 housewives, &c. The smallest average mcome $124 averagmg $924
shown for 57 of the 71 insurance men, who purchased carsestate
averagmg
and gave notes averaging $495; 26 of the 71 owned real
$6,646.— V. 110. p. 2079.
(Thomas
A.) Edison, Inc.,
Orange, N.
J.
{Report for Fiscal Year ending Feb. 28 1920.)
Mam-
Vice-President and Financial Executive Stephen B.
bert reports as follows:
SALES FOR FISCAL YEARS ENDING FEB. 28.
War Years— 1916-17. 1915-16.
1919-20.
1914-15.
$11,000
.$6,600
'tf'iSlars)T-"-'^$29,694
W4,736
'$1^:761
$14,400
STATEMENT OF CONDITION AT CLOSE OF BUSINESS
Accts. rcceiv. (less reserve) .
Notes receivable
Sundry accts. rec. (since p'd)
Raw material
Work in process
Finished stock
Prepayments
FEB. 28
1919.
1918.
1917.
1916.
$502
106
$420
.$340
$288
1,164
167
197
1.073
S8fi
209
29
•2,1
.029
419
i'lio
en
160
132
1,353
67
514
289
915
245
1,729
77
1,368
8
792
208
452
314
275
799
(InThousandsof Dollars) 1919-20.
$1,039
Cash
12o
Liberty bonds
2,693
1
2
657
263
61
Total cur'nt&work. assets $8,990
Accounts payable
^^^?§
8<0
Notes payable
52
(since
p'd)
accts.
pay.
Sundry
2(4
Accrued pay-rolls, &c
629
Accrued inc. & exc. prof, tax
84,107
$426
$5,262
.$3,794
$3,189
.$428
$738
.$357
400
38
1,460
Total current liabilities.. $2,451
$6,539
Net working capital
55
58
$1,177
$2,930
1,480
$2,0/9
$864
$3,18,3
.$2.9.30
$4,410
204
753
$3,359
/8/
$3,953
1,340
250
Investments
127
186
.$868
.$2,321
70
liG
$1,744
654
$1,827
156
$1,688
121
$1,811
122
$9,402
4,327
$5,500
3,297
$5,030
3,661
.$4,497
$4,080
4.392
Net worth
$13,729
*.$4,.346
$8,797
2,000
6,797
$8,691
2,000
6.691
.$8,524
Capital stock
238
.
1.357
2.358
(less reserve)
(less reserve)
Buildings
Equipment
Total fixed assets
Contingent reserve
Net worth (before adding
patents)
Patents
*9,383
Sui'plus
205
715
—
is retroactive to May 1 1920.
o ,n^o„ t^
to
Advances of intra-State rates freight, passenger and Pullman-— 01
correspond with the inter-State increases thus authorized will be asKea
intrasuch
the various State Railway Commissions by the carriers, but
the
state rate increases wUl not add to the total income provided for by
tne
Federal Commission's decision, because in submitting their estimates
rates.
carriers calculated on increases of both inter-State and intra-state
qoor
the
The increased income easured by the higher rates has opened
equipment.
to considerable orders for much needed rolling stock and other
The Commission holds that at this tune there shall be noto increases
Lake bupethe rates on iron ore from the Minnesota or Michigan ranges
Other rates on iron ore are to be inrior or upper Lake Michigan ports.
creased according to the general percentage.
„
.,
,
„„ ^^„ „„„
new
The Commission on Aug. 5 authorized the railroads to enforce the long
freight rates and passenger fares until Nov. 1, without observmg the
„„
and short haul clause of the Inter-State Commerce act.
^ „^„h
Representative railroad companies on July 29 inlormea
Iv^erest Rates.
money
borrow
to
impossible
it
found
had
the I -S. C. Commission that they
for the
at 6 and 7% interest, the rates recently fixed by the Coniinission
uovthe
simis the roads must raise to match advances authonzed from
ernment's $300,000,000 revoU-ing fund.
,
-^
,
„
„i<^ f„r t?Rc
KKs.
New Securilies.—The, I.-S. C. Commission has laid down rules for
omca„o,
asking authority to issue new securities (see "Railway Ke\new.
for July 31, p. 153 to 156).
,..
^
Coal Situation.— See. -Industrial index below.
Tjoii^c,- Servnce
<!«.riHpp
Matters Noted in "Chronicle- of July 'SI .—(a) National.Rail\^ayon loans
Corporation, p. 458; (b) authority sought to pay higher interest
referendum.
(d) wage
p. 459; (c) previous advances in RR. wages, p. 459;
yearly,
—
m
,
—
.
.
p. 460; (e) loans to
RRs..
p. 460.
Coupons.
Albany Southern RB,.—Time Extended— Sept. 1 30-yr.
Gold
The time for depositing the 1st mortgage 5% Sinking Fund e.xtended
up
bonds with the depositary Bankers Trust Co. has apin been
with aU coupons
to and including Nov. 1. Holders must deposit their bonds
maturing on and before March 1 1921 attached.
„,at„Htv
coupon at maturity
'the Cx)mpanv announces that payment of the Sept. 1
will be
on the above bonds on deposit with Bankers Trust Qo. depositary
receipt by che
to the registered holders of certificates of deposit upon
upon presen
depositary of proper income tax certificates of ownership and
..Ji, tJ.
tation to the Trust company for proper notation.— V. Ill, p.
made
Alberta
&
Great Waterways
Ry.— Government
Control.
204
-2,
»»o
4,027
$8,472
2,000
6,472
2,000
6,524
the other
''''prem°er°St^warris President of the reorganized company, and L.Coteand J.
ditVctors are J. R. Boyle, C. R. Mitchell, A. J. McLean
of
possession
These directors acting in behalf of the Government acquire
dating. rom July 21.
the Intire stocl of the co., free of claims the transfer
to J. D. \IcArthur
Under the terms of the agreement an option.is given
of ./ years on tae repayto purchase the road at any time within a period
expenditures made by the Government during its time of control.
of
ment
—V.
all
104. p. 558.
American Railways Co.— Change
Plan.—
in
report
See National Properties Co. below and compare annual
m
V. 111.
of Road.
Arkansas & Louisiana Midland RR.— Purchase
st^ated that E. \;''^'^of-^-JJuly
on
24,
La.,
Monroe,
from
report
A
Co. of fehreveWhited and G S. Prestridge of the Frost-Johnson Lumber
the road for $375,000 by .ludge George
port wertglven until July 31 to buy
Representatives of the
Jack in the U. S. District Court at Shroveport. buy ng the road within
of
roadtt is stated, have signified their Intention
is an amendment of
order
the time limit and it is said will operate it. This
interests were given
the ordlrTf Jidy 5, when the Frost-Johnson lumber
amciulineiit was made on application of
until Sept 5 to buy the road. The
option was prejud•
recovers who claimed that the sale u.i.l. the 60 days'
stockholders and creditors. See \ 111.
icial to the interests of receivers,
p. 388; V. 110. p. 2657.
W
.
Baltimore
& Ohio RR.— S20.000,000
for
Equipment.—
has decided to
According to Vice-Pres. George M. Shriver the company $10,000,000 on
pvni.n/l «lOOOOO00 on purchas ng new eciuipment and
The greater part of the $20,000,000 will be
mrii ring t^e old
(see that company in
ffnai.ced through the National Ry.s Service Corp.
493).— \ HI. p. 492.
last week's "Chronicle," p. 4o8 and
—Preliminary
.
$8,472
.$8,691
.$8,524
$8,797
During the fiscal year, Mar. 1 1919 to Feb. 29 1920. Thomas A. EdiBattery
Storage
Co.,
Edison
son Inc.. purchased controlling interest in the
(V 107 p. 805) .and in this comparison capital stocks not owned by Thomas
V. 109,
A. Edison, Inc., are shown as capital; surplus is similarly treated.
$13,729
Net worth
—
Net earnings
$1,439,376
BALANCE SHEET DECEMBER
1919.
S
—
191S.
S
Assets
Good-will, pat., tr.1,481.880
&cl,277,2I7
ml<s., develop..
Real estate, bldg.,
machinery, &c
Cash.
tr. S.
$1,179,540
tax certificates
574,223
540,125
734.656
622,345
363,000
582,849
U. S. Liberty bonds. 622,935
U. S. ctfs. of Indebt. 1,600,000
Accts. & mils receiv. 563.332 1,496,159
1917.
.$819,636
31.
1916.
$597,891
6,194,832 6,544,018
—
Total
.6,194,832 6,544,018
-V. 110, p. 2661.
Bangor
Valuation.
&
—
Aroostook RR.
in Oct. 1919) it is.stated.
and the NoithV™ Maine Seaport RR. (merged
new of road and eqiupmeut.
Ifves the summary of cost of reproduction
as of June 30 191b. as
value of land, and road and equipment account,
cggi
n t Ar RR
Nor Me. 3 Rit..:""".
4:646,256
R
„j,y,
AE
Land.
""'l'''."^;. - "/^"J^Vr.,
$612,018 S25,396.8So $23,363,164
88.353
4,734,609
5.1ol.b28
.$700,371 $30,131,494 $28,514,792
.$29,431,123
-property of B. &
cost of additions and betterments to railroad
from June 30 1916 to Dec. 31 1910. including
and N Maine
A
brings valuation
which
equ^pment^ less retirements, aggregated $1,143 425,
20,0.
approximately up to .$31,574,919.-Sce annual report lu \ 110. p.
V. lU. p. 293.
.\ctiial
RR
RAILROADS, INCLUDING ELSCTRIC ROADS.
—
General Railroad and Electric Railway News. The
and electric rail-
SRR.
.
Boston Elevated Railway.
— Annual
Earnings.
—
.'\ftcr Deducting CostofScnicc^
Results for Year ended .7,/»c 30 1920
profit 8^8.928
.OSS
*o99,l99 January 1920
July 1919.3,2, '2(13
lo.ss
22, ,030 February 19'20
Joss
August 1919.profit 91,0,b
loss
102,46(j March 1020
September 1919
profit 150,190
profit ,168,09, \pril 1920
October 1919..
profit 9S,5S4
profit 230. /'O ALiv 1020November 1919
loss
5, ,76
,!uno i:>.o
1920
,-.profit
proiit .^-io,.}.?.)
.U3,33.3 .luiiu
7 i*"""
,.-0
npcemher 1919
i-r,December
items
,\ »4-i-.nM nrt fiiof.mont.e ivnri
delayed
loss
. 162.83.^
Invo "tory and other adjustments and profit and
_
- - -,- - 51"-0'j'0
for year after cost of .service
profit
proi
c »-.0^ g^,^.^.,,.^.. -^..-uulos all fixwl charges and S5 a share for the
years and !>b
.'?5,ij
two
for the next
yc'ir 1919-20 on the Common stock.
the strike
^"ii'^l.^^he'li^^ileiJt ?1).?^'^.^^^ hmigtirated on July 10 1919
during July. August
her unfaAorable conditions caused largo deficits
and
resulted
expense
snow
In February 1020 also abnormal
a d Sc Picnibcr.
In Juno again owing to additipn.-il wage incri-.a.se grantiHl
fu a heavy loss.
slight deficit.
by arbitrators and to large expenditures on track there was a
Halanco
mian^o,
GENERAL INVESTMENT NEWS.
following table summarizes recent railroad
A nrelhninarv report on the valuation of the
Total
1918.
1919.
S
Liabilities
S
3,000,000 2,988,000
Capital stock
421,821
75,985
Accounts payable-. 58,603
29,765
Pay-roll accrued
150,000
DlvldeiKl payable... 300,000
Reserve for taxes and
816,975 1,189,016
suspense Items
1,972,108 1,736,577
Surplus
1,002,154 1,350.373
Inventories
12.757
14,846
Prepaid Ins., Int., &c.
Total
&
Cost new.
.$24,784,867
(Report for the Fiscal Year ending Dec. 31 1919.)
1918.
Banff or
Aroostook RR.
follows:
Independent Pneumatic Tool Co.
1919.
—
the stock
This road is now under the control of the Alberta Government,of Cabinet
having been turned over to a new board of directors made up
and
operation
Mhiisters, who will exercise full control and arrange for the
p. 488, 492.
13
90/
.
pursuant to Transportation Act of 1920 (V. 110. p. 720 to /32).
The commission places a valuation of $18,900,000,000 upon the raih-oad
properties, against a book value of $20,040,572,611 and allows the raih-oads
a total of S.1.134,6% upon their property investment, which would mean
000,000, or more, with which to cover the increased cost of wages and supV.
Ill,
p. 329. 347 to
(compare
plies and to pay for improvements, &c.
350 459).
The decision includes increases as follows: (a) Freight Rates—-'10% in
the East, 257c in the South. 35% in the West, and 25'c in the Mountain(b) Passenger Rates
20%, the amount asked by the
Pacific territory,
(c) Pullman Rales—A.
raih-oads, or about i^ of 1 cent additional per mile,
(d) Excess Baggage Rates— 20 7o
surcharge to the roads of 50% on rates,
Coastwise and inland
(f)
(e) Milk Tariffs— 20% advance,
advance,
steamship lines and electric railway companies may increase their treignt
rates in proportion to the increases of the railroads in the same territory.
The new rates will probably go into effect about Aug. 26. The increase
In wages which was granted on July 20, aggregating about SbOO,OUU,UUU
44
$2,.391
Land
more or
of a
—
141
$2,930
180
5/9
9Z9
Total working capital.... $6,789
—
news conless general character
published
commonly
is
information
cerning which detailed
on a preceding page under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter,
as may be practicable.
Rate Au-ard.
On preceding pages of this ls.sue will be found the full text
of the rate decision handed down on July 31 by the I.-S. C. Commission,
way news
326
„
25
109
57
587
THE CHRONICLE
588
For the year as a
-n-hole
however, the earnings show a profit balance of about
wage advances, see \'. 110, p. 2487, 2675
SI", 000. As to effect of recent
V. Ill, p. 72.
Brooklyn Rapid Transit Co.
— New Lines Open— Wages.
Trains on the new Broadway-Brighton subway extension, the new East
River tunnel from AVhitehall St., Manhattan, to Montague St., Brooklyn,
and the East 60th St. underwater route to the Bridge Plaza, Long Island
Citv, were put into operation on Aug. 1.
The employees of the B. R. T. Co. and allied lines have rejected the 10%
wage increase offered by receiver Garrison.
A committee representing the emplojees have submitted a new agreement
to Receiver Garrison demanding wage increases ranging from 33 1-3% to
50%, exclusive recognition of the union, an 8-hour day and a 6-day week.
The present agreement between the men and the company does not expire
V. 111. p. 389.
before Aug. 28.
—
—
—
Rys. — Fare Increase. —
Central Vermont Ry.
Files Mortgage.
a mortgage for $15,000,000 at Springfield, Mass
See annual report in V. 110, p. 2482 and compare V. 110, p. 2487, 2567.
The company has
filed
Chicago Elevated
The
Illinois P.
to increase cash fares from 8 cents to 10 cents and to sell tickets at the rate
of four for 35 cents instead of two for 15 cents. The increases are to remain
in effect until the Commission decides on the valuation and establishes
a permanent rate thereon. The proceedings are in progress and are exV. Ill, p. 294.
pected to be closed and a decision rendered before Oct. 15.
—
Chicago
& West Towns
Ry.
— Fare Increase. —
Illinois P.
—
p. 1384.
—
&
—
Suburban Ry. of Wash. Pays Aug. 1 Interest.
City
Funds to meet the interest due August i on the $1,750,000 First
Mortgage 5% bonds, it is stated, has been deposited with the Baltimore
Trust Co., trustee. At the past two interest-paying periods on these bonds
the company has taken advantage of its 90-day clause in the mortgage
V. 110, p. 1972.
before meeting payment.
—
Cleveland Interurb. Ry.
—Agreement with Cleveland Ry. —
The
"Electric Railway Journal" (N. Y.) of July 31 has a six-page illustrated article on this company, giving the reasons why the line was built,
the history of the undertaking and the terms of an operating agreement
with the Cleveland Ry. dated Oct. 1 1919 and which is to run from two to
three years. See V. 99, p. 406.
Cleveland Ry.
—Operating
Agreement.
See Cleveland Interurban Ry. above.
— V.
—
Ill, p. 389.
Commonwealth Power, Ry. & Light
Co.
— Earnings. —
Months and Years
Results for Six
end. June 30 (incl. Subsidiary Companies)
1920—6 A/OS.— 1919.
1920— 12 .V/os.— 1919.
.$15,004,378 $12,319,675 $28,655,495 $23,904,157
9,453,433 '7,098,485 17,697,371
14,145,297
Gross earnings.
Operating expenses
Gross income
85,550 .945
Fixed charges (see note). 4,343,003
Preferred dividend
538,590
$9,758,860
$5,221,189 $10,958,124
4,059,620
8,492,624
538.590
1.077,180
7,986,4.33
1,077.180
Balance available for
replace'ts & deprec'n.
8669,351
$622,980 $1,388,320
$695,247
Note.
Fixed charges include dividends on outstanding Preferred stocks of
constituent companies in addition to taxes and interest.
V. Ill, p. 73.
—
Connecticut Co.
— Fare
—
—
Increase.
The Connecticut P. U. Commission has issued a temporary order authorizing the company to put into effect on Aug. 8 a flat rate 7c. fare on its
trolley lines in the cities of the State.
The order authorizes the company to charge 7c. for the first zone and 6c.
for additional zones, the zones to be 3 miles radiating from the traffic
centres of cities and about 2 miles long in rural districts. The company
wished to cut the rural zones to about 1.8 miles. Free transfers must be
given at all transfer points and commutation rates are retained against the
protests of the company, in all cities and towns of 25.000 population and on
all lines running out for 5 mUes or more. The rate is to be 2 34c. a mile as
compared with 1 .VoC. rate now in force. V. Ill, p. 492.
—
Cripple Creek Central Ry.
— Capital
Distribution.
—
%
A
capital distribution (No. 6) of 1
has been declared on the preferred
stock payable Sept. 1 to holders of record Aug. 14 "out of funds heretofore
realized from sale of capital assets." Five previous quarterly distributions
each of 1
have been made from capital assets. No. 1 June 1 1919 and No.
5 on June 1 1920. The present distribution, it is understood, will reduce
the face value of the Pref. Shares to $94. See V. 109, p. 172. V. 110, p.
%
—
2075.
Danville
The
&
Increase. —
St. Ry.
Light
U. Commission has authorized the company to increase
(111.)
Illinois P.
Co. — Fare
fares from 5 to 7 cents.
— V. 106,
p. 85.
—
Co. —
Denver Tramway
Strike.
to grant an increase from 58 cts. to 75 cts. an
hoiu-, two weeks' aimual vacation with full pay, dismissal of no union
employee without the sanction of the union, and to dismiss every employee
by the fifth of the month who has not paid his union dues, tiie entire force
of trainmen struck Aug. 1, leaving thecity without street car transportation.
Upon
—V.
refusal of
company
Ill, p. 73.
—
—
Des Moines City Ry. To Fix Valuation.
The Des Moines City Council has adopted a resolution
to
employ an
engineer to determine the true valuation of the company's plant. This
believed to be the first step toward the solution of the street car problem.
V. 110, p. 2387.
East
The
St.
Illinois
Louis
& Suburban
Co.
is
— Fare Increased
P. U. Commission authorized the company,
to 8c.
effective July 26.
to increase its fare from 6 to 8 cents to provide additional revenue necessary
to meet the recent wage award. Company petitioned for a 10 cent fare.
V. Ill, p. 294,389.
Edmonton Dunvegan &
British
Columbia Railway.
Company
has deposited in the office of the Secretary of State for Canada,
an agreement dated June 5 1920 between the company and Interior Trust
Co., providing for the increase from 5 to 6% per anniun of the interest
payable on the 20-year debenture stock of the company, secured by trust
indenture dated March 26 1919. V. Ill, p. 493.
—
Erie
RR.— Offer
Extend $20,590,500 Bonds.~J.
P.
holders of the
Consol. Mortgage 7% bonds of 1870 and the N. Y. Lake
Erie & W. 1st Consol. 7s of 1878 maturing Sept. 1 1920, have
offered an extension of these bonds to Sept. 1 1930 at 7%
per annum, and will pay $10 per $1,000 bond to such holders
as present their bonds for extension on or before Aug. 20,
next, thus making the net yield of the extended bonds ap-
Morgan &
to
Co., on behalf of the
proximately Ty%%.
The extended bonds are
company
to be subject to redemption all or part at 110 and
on any interest date on 30 days' notice and interest is to be paid without deductions for any taxes which the railroad company may be permitted
or required to pay thereon or deduct therefrom (except Federal income taxes
in excess of 2% per annum).
The present mortgage security is to remain unimpaired. The company
announces that it will make provision whereby the coupons due Sept. 1
1920, on bonds presented for extension will be paid at the time of presentation with proper income tax certificates.
The amount of the Con.soI. Mortgage 7s outstanding Is $16,891,000 and
of the N. Y., Lake Erie & Western RR. Co. First Consol. 7s is .$3,699,500,
making a total of $20,590,500, or at the rate of about $39,000 per mile.
int.
—
Galesburg
The
Illinois P.
from
(111.)
Lighting
& Power
Co.
— Fare Increase.
— the company to increase
ten tickets for 75 cents. — V. 108.
U. Commission has authorized
7 cents to 10 cents,
and to sell
p. 268.
Guayaquil
& Quito
Ry.
— Tenders. —
The
eighteenth, nineteenth and part of the twentieth half-yearly amortizations of the 6% Prior Lien Mtge. Gold bonds took place on July"l4 at the
banking house of Glyn, Mills, Currie & Co.. London, by public tender,
the amount to be applied being £22.803 8s. 5d. Tenders amounted to
£51,531 2s. 6d., ranging from £90 to £100%. Tenders at £97 16s. 3d.
and under were accepted in full. "London Stock Exchange Weekly Official
Intelligence."— V. 110, p. 167.
—
U. Commission has authorized the company to increase
fares from 8 cents to 10 cents on its lines operating through the western suburbs and from 6 cents to 7 cents on the Evanston surface lines.
V. 107,
The
Including the prior debt these bonds are a direct lien at slightly less than
$64,000 per mile on 526 miles of road, over 400 miles of which is double
track, including the major portion of company's main line across the State
of New York, a line that in 1917 showed a freight density of about 8,000,000
ton miles per mile of road.
President F. D. Underwood in letter of July 21 further Informs the bondholders that under Federal control the company received a standard return
at the rate of $15,841,000 annually which with other income was sufficient
to pay its entire fixed charges and left available a balance for improvement
and retirement of debt. During Federal control, about S9, 000, 000 was
expended on improvements and betterments, about $9,100,000 of debt,
including equipment bonds, was paid and about $5,200,000 was expended in
the acquisition of assets, the retirement of debt and advances to subsidiaries
and allied companies. Moreover, during the 17 years from 1901 to 191'7
the Erie RR. Co. expended approximately $129,000,000 in improving its
physical property, of which amount approximately $62,000,000 was
derived from income. V. 110, p. 2657.
its fares
U. Commission authorized the company, effective Aug. 4,
[Vol. 111.
Gulfport
&
Miss. Coast Tr. Co.
— Fares and
Wages.
—
The municipal
authorities of Biloxi, Gulfport and Pass Christian, Mi.ss.,
have authorized the company to raise its fares on its lines in these cities
from 6 cents to 7 cents in each zone. Company has granted its employees a
wage increase to a scale of 40 to 50 cents an hour. V. 105. p. 290.
International Ry., Buffalo.
Operating revenue
Operating expenses
— Half—Year Eearnings. —
Net operating revenue. $1,092,431 Net
—V.
—
$5,126,730 Deduct Taxes
4,034,299 Otheritems
Fixed charges
Ill, p. 188.
cr.
deficit
$322,247
10,055
814,961
$34,722
—
—
Interstate Railways. Aug. 1 Interest Paid.
Interest on the Collateral Trust 4s due Aug. 1 was paid as usual out of
the funds received as dividends from United Power & Transportation
stock which is held as security for the bonds. V. Ill, p. 74.
Kansas City
& Pacific Ry. — Feb.
—
1920 Coupon Paid.—
The Feb. 1 1920 coupons on the First Mtge. 4s of 1990 are being paid
upon presentation at the office of the agent of the receiver, 61 Broadway,
New York City. Int. due Aug. 1 1920 wUl be deferred. V. 110, p. !^<^'^
Long Island RR.
— Increase in
—
—
Commutation
.
Tickets.
For the month of June 1920 the company sold 45.666 commutation
tickets, an increase of 10,030 over June 1919. This establishes a new high
record.
See annual report in V. Ill, p. 386.
—
Memphis Street Ry.
—
—
—
Deficit for Test Period
Wages.
T. H. Tutwiler and Frank S. Elgin, receivers, have filed in Federal Court
a report of the results of the "Service at Cost" plan for the past three months,
pursuant to the order of the P. U. Commission.
The statement shows that the amount expended in the three months,
April 1 to June 30. inclusive, was $831 ,854, while the revenue for the same
period was $823,918, resulting in a deficit of $7,936. In addition to this,
the report shows a deficit in what is known as the "fare index fund" of
$42,524 for the six months from Jan. 1 to June 30 1920. while for the entire
year from July 1 1919, to June 30 1920, the deficit in this fund is $54,872.
This fare index fund is the sinking fund designed to stabalize the fare
which the court decreed should reach the sum of $60,000 before the company should be entitled to an increase on the 6H % allowed as a fair retiu-n
on the investment of the stockholders.
A new wage scale agreed upon between the receivers and the employees
provides that beginners shall receive 47 cents an hour during the first year,
52 cents during the second and 57 cents thereafter. The old scale "gave
beginners 42 cents an hour for the first six months; 45 cents during the next
18 months and 48 cents thereafter.
From the reported deficit for the three months' test period and the new
wage increase which will add about $12,000 monthly to operating expenses
it is expected that the fare will be increased to 7 cents.
See V. 110, p. 1290-
—
Mexican Ry. Co. Ltd.
— Agreement with
Mexican
Govt.
—
The
report of the Directors for the half-year ended Dec. 31 1919, states
that during this period the railway has remained under the control of the
Mexican Government, and has been operated by them. The revenue
derived from operation has remained in their hands, and no accounts
of revenue or expenditure have been furnished to the company.
Chairman Vincent Yorke, at the half-yearly meeting on June 24, stated
that the Mexican Government had signed an agreement whereby the
Government agreed to the amount due to the company being fixed on the
basis of the average of gross receipts, plus 10%, of the years 1909 to 1913
inclusive, less the average of the expenses, plus 10%, of the same period.
The Government also agreed to pay to the company the value of all
goods and materials taken by them in Nov. 1914, and April 1917, less the
value of such goods and materials handed back to the company in Sept.
1916, and to be handed back on the return of the railway for the second
time. In addition it is agreed to pay the company the value of the locomotives and rolling-stock destroyed and damaged and the cost of the repair
and re-construction of all stations and buildings destroyed or damaged.
The company has agreed to accept monthly payments of $200,000 (£45,OC)0)
to commence on Jan l 1921, which would take three years and eight
months to complete (London '"Railway Gazette" July 2) V 110, p 2657.
Morris Co. (N. J.) Traction Co. Sells Power House.
The (N.J) Commission oas granted permission to the Company to sell
its power house at Chatham. N J., to Martin Nordegg for $18,000. Company is now receiving its power from the North Jersey Power & Light
Co., Morris & Sommerset Electric Light Co. and MUlburn Power Co.
—
V. 110, p. 1415.
—
—
—
—
National Properties Co. Change in Plan. President
of American Railways Co., in a letter dated
Aug. 4 addressed to the holders of the 4-6% bonds of Na-
Van Horn Ely
tional Properties Co., says:
Your protective commmittee (V. 110, p. 2487) has submitted to you
under date of July 31 an amended plan meeting with its approval that provides among other things for the acquisition by your committee of all of the
Conunon stock of American Railways Co. now deposited as security for
your bonds, and for a cash subscription of 17 J^ % of the face value of your
bonds for which each subscriber will receive a like amount of 7% Income
bonds of American Railways Co.
Upon the acquisition of the Common stock of the American Railways Co.
and the distribution thereof to the bondholders, the bondholders ivill become Conunon stockholders of the American Railways Co. to the full
amount of the stock now deposited as security for their bonds, provided
they pay the above subscription.
This subscription will provide the American Railways Co. treasury with
cash to an amount estimated to be not less than S900.000. which is immediately required to take care of accounts payable of the American Railways
Co. and its subsidiary companies. In addition to these accounts payable
the American Railways Co. owes about $3,500,000 of notes payable to
banks and bankers, which the plan further provides shall be funded into a
five-year 8% note of the company secured by bonds of the subsidiary companies to the extent of about $4,550,000. thus funding the floating indebtedness of the American Railways Co. for five years.
Over 90% of these creditor institutions have accepted the plan of the
committee, and I believe before Aug. 16 all bank creditors will have assented
This agreement with the banks is subject to the
to the present plan.
American Railways Co. being provided with the $900,000 in cash under the
plan of the bondholders' protective committee and wll not be operative
unless the additional working capital as above is paid in.
—
—
Aug.
—
THE CHRONICLE
7 1920.]
Provision is made under the plan that such depositing bondholders who
are unable or unwIlUng to provide funds for additional working capital, will
receive 30% of the face of their bonds in common stock of the American
Railways Co. and their place will be taken and cash provided by an underwriting sj-ndicate.
The officers. and directors of the American Railways Co. are entirely in
accord with the plan as presented and amended by your protective comBondholders are urged to deposit their bonds before Aug. 16 and
mittee.
approve the plan. I further urge upon you to fully protect yovn- interest
by making the necessary subscription, which will be called later and payable in two payments under the plan, that you may retain all of your stock
now deposited, and participate to the fullest extent in the future of your
company. Compare V. Ill p. 493, and see plan in V. Ill, p. 189.
Nevada-California-Oregon Ry.
—
Cahndar Year
Operating revenue
Operatmg expenses
— Annual
Report.—
1918.
.S293.510
1917.
.5383,873
27.5, .361
346,37.5
18,156
24,640
$391,726
323,444
23,373
def.$7
5,624
surS12,858
4,634
surS44.909
4,151
def.S34,555
.«;5,617
58,109
53,881
$77,492
62,700
$49,060
65,489
6,780
$92,664
-848,264
$45,209
.$23,209
1919.
$348,966
370,673
14,968
Railway tax accruals
1916.
.
589
at 734%, are to be issued.
The rolling stock to be purchased consists of
200 one-man safety cars; 100 centre exit and exit trailer cars; 15 doubletruck snow plows and 15 single-truck standard Pubhc Service sweepers.
The Commission also approved an issue of promissory notes not exceeding
$205,000, payaole in two years, and an issue of promissory notes not exceeding ,$205,000, payaole in three years, at 7k %.
V. 110, p. 2488.
—
Public Utilities Co. of Evansville, Ind.
—
—
6 Cent Fare.
Commission has issued an order directing the Company
to continue in effect from Aug. 1 to Sept. 15 the present street car fare of
6c. and the rate of $1 for a book of twenty tickets. The order fixing 6c.
as a temporary fare to Aug. 1 was issued May 29 last. ^V. 110, p. 2658.
The Indiana
P. S.
—
—
Rapid Transit in N. Y.
—
City.
Commissioner Nixon
Favors Unified Control of All Coinpanies Also Flexible Fares.
Public Service Commissioner Lewis Nixon recently made public an officia
statement with respect to the stand taken by the Commission in the matter
of granting increased fares to the various traction lines in the First District.
Mr Nixon opposes the action of courts which he says permits certain separations that "lead to Increased fares," and as a suostitute advocates the cost
service fare "which will be but little over the present average and will in
a short time lead to a decided reduction."
In his statement Mr. Nixon suggests that if the various companies contemplating applications to the Commission for increased fares prepare a
joint proposal it would "facilitate prompt action."
He summarizes the
points of his scheme as follows:
(1) Each of the present railroad systems to be simplified by the con.solidation or merger of its constituent companies into one railroad corporation, and, if possible, a unified control of all systems brought about.
(2) All holding companies (not railroad companies) should be abolished.
(3) Perpetual franchises to be surrendered and be replaced by terminable
or indeterminate franchises.
(4) All leases and underlying contracts to be terminated.
(5) The city to have the option of acquiring the properties at an agreed
valuation.
If the city so elect the purchase price may be amortized out
of earnings.
(6) A flexible fare to be jjrovided, automatically adjusted to meet the
cost of service. The cost of service should be so fixed as to cover reasonable
return on values, the rates paid on such investment to be those warranted
by fixed rather than speculative return.
(7) A standard of servie of car mile per revenue passenger to be fixed
arbitrarily for six months between certain limits.
During such time careful
investigation shall fix such limits definitely.
(8) Recommendations covering the purchase of new equipment and the
putting into effect of service to secure greater efficiency shall be submitted
(9) The investment which is entitled to return shall be determined by a
committee of three to be named by the Court of -Appeals, if it can so act,
of which one member, however, shall be nominated to the court by the city.
Mayor Hylan has "directed the Corporation Counsel to oppose every
move that is made by the traction interests and Commissioner Nixon to
impose such a plan upon the public.
V- 111 p. 295.
.
Operating income
def$36,676
Total non-oper. Income-2,121
Gross income
on funded debt, &C-Sinking fund
Int.
Balance, deficit
109, p. 270.
—V.
RR.
N. Y. Central
— Fare
—
Decision
Planning Purchases.
Court at Albany, denied the application of
the Company for an injunction to restrain the P. S. Comm. from enforcing
the 2c. rate recently ordered on the company's lines between Albany and
Buffalo. The case, it is stated, will be appealed to the Supreme Cotirt.
On the other hand. Justice Harold J. Hinman of the New York Supreme
Court on Aug. 5 handed down a decision denjing the petition of the P. S.
Commission for any order requiring the company to file schedules before
Aug. 10, showing the rate of fare between Albany and Buffalo to be 2 cents
The United
a mile.
The
States District
The company is now charging 3 cents a mile.
C. Commission has set a hearing for Aug. 20
to determine
whether the rate of fare for passengers between Albany and Buffalo, as
ordered reduced will cause any unreasonable advantage as between persons
I. S.
commerce and
The company, according to
in intra-State
inter-State commerce
press reports, is negotiating for the purchase
or lease of the Chicago River & Indiana RR. and the Chicago Junction Ry.,
subsidiaries of the Chicago Junction Rys. & Union Stockyards Co.
These
companies operate in the Central Manufacturing District of Chicago. The
amount reported as involved in the deal is between .$4,000,000 and $5,000,-
000.— V.
Ill, p. 487.
New York & Queens County RR. — Wage
Increase.^
President William O. Wood has announced an increase of approximately
10% in the wages of its entire office staff, conductors, motormen and
inspectors in the operating department and shopmen and linemen in the
repair department. The increase was made voluntarily without any demand
by the employees. V. Ill, p. 494.
—
New York
State Rys.
—
—
Commissioner for Rochester.
Mayor Edgerton has appointed C. R. Barnes, Commissioner of Railways, for the City of Rochester, under the new service-at-cost plan. See
V. Ill, p. 190, 389.
.
Northampton
—
—
(Pa.) Traction Co.
Interest Defaulted
Foreclosure Proceedings.
The Protective Committee of which Theodore J. Lewis is Chairman, in
a notice to the holders of the First Mtge. 5% bonds due Jan. 1 1933. states:
On Nov. 6 1919 a bill of complaint was filed by the Northampton Trust
Co., trustee for the above bonds, against the company, asking for the ap-
—
pointment of a receiver. Accordingly, Chester Snyder, of Easton, Pa.,
was appointed.
Default in the pajrment of the Jan. 1 and July 1 1920 interest on the
above bonds has occurred.
A majority of the bonds have been deposited either with The Pennsylvania Co. for Ins. on Lives and Granting Annuities, depository, or with
Northampton Trust Co., sub-depository.
Foreclosure proceedings imder the First Mortgage have been instituted
and June 29 1920 was fixed as the date of sale, but the sale was postponed
In order that the interest of all the bondholders may
until a later date.
be protected, the Committee urges the immediate deposit of those bonds
— V.
not already deposited.-
109, p. 2074.
Northern Pacific Ry.
— Death
of Treasurer.
—
"
Northwestern Ohio Ry.
Results for
Operating reventies
Oper.exp. and taxes
Co.
—
—
Operating revenues
Oper. exp., taxes & rentals.Operating income
Interest on
$5,876
1st
M.
$3,902
50.6%
$63,923
64.650
5s
—
Mt. Pleasant RR.
—
—
—
—
—
The New York Stock Exchange has admitted to the list temporary
General Mortgage 59; gold bonds series A, due June 1 1970.
The Philadelphia Stock Exchange has admitted to the unlisted department -SO ,.S(i7 ,800 Gen. Mortgage 5% temporary gold bonds series "A"
of the (It'nom. of $1,000 and SoOO and scrip certificates of the denom. of
SlOO each maturing June 1 1970.— V. Ill, p. 295.
Pittsburgh's
Shawmut RR. — Federal
Compensation.
—
of Referees appointe<l by the I. C. S. Comm. has awarded the
Company compensation amounting to $563,622 for the period the Company
was under I'ederal control. The Comiiany asked for compensation amounting to ,$773,072,— V. 110, p. 2388.
The Board
Public Service Corp. of N.
J.
— Equip.
Trusts.
—
See Public Service Ry. below.
l)r(-xel & Co., Philadelphia, this
week offered $1,300,000 Public Seivice
company) 8%. Equi"i>. Trust Certificates, maturing
serially 1921 to 1930, at prices to yield 8.25% on the earlier and 8% on the
later maturities.
Equipment consists of 600 stee! hopper cars of 55-tou
capacity, to be made by Standard Slcel Car Co. at a total cost of about
(lighting
$1,731 ,000.
The Public Service Electric Co., all of whose outstanding Capital stock
is owned by Public Service Corporation of
J., has ordered 600 steel
coal cars to assure itself the direct and constant delivery of coal from the
mines to its power plants. V. Ill, p, 494.
N
—
Public Service Ry., N.
J.
— Equip. Notes Authorized. —
U. Conimi.s-sion has approved an equipment trust
aweenient between the company and the Osgood Br.adley Car (^o. unda
which car trust certificates "E" to the value of $1 ,820,000, bearing interest
.lersey
.$25,410
$35,987 dec.29.4%
trust certificates
.$349,981
87,260
—
Richmond &
Fairfield (Electric) Ry.
—Organized. —
has been organized at Richmond, Va.,to operate the electric road, the Richmond & Seven Pines Ry. (Y. 110, p. 2076) running from
Richmond to Seven Pines, abotit 7 miles, which has been operated by
the Virginian Railway & Power Co. during the last two years for the United
States Housing Corp., and which was recently purchased from the Government for about $160,000 by a syndicate organized by Oliver J. Sands,
who has been elected Prasident. Oscar E. Parrish has been elccted-VicePres. & Treas. and J. A. Baird, Gen. Mgr. The foregoing with S. W. Zimmer, A. L. Vaughan. J. B. Flnley, R. H. Bruce, F. M. Conner, John L.
Miller and Max Schoenbaimi, constitute the board of dii'ectors.»» The
sale includes a grant of about 200 houses, constructed by the Government
during the late war.
This
Company
,
See
Richmond &
Fairfield Ry.
Rutland Ry., Light &
Results for
— Successor Company. —
Power Co. — Earnings. —
above.—V.
110, p. 2076.
June and Twelve Months ended Juni 30.
Inc. Year 1919-20.
1920— ^unc 1919.
Operating revenues
Oper. exp. & taxes
P.
Operating income
Interest on $1,960,000 1st
.$45,413
—$37,307
34,191
30,154
21.7% x$542.965
13.4%
385-740
M,
$11,222
5s---
$7,152
56.9%
$157,225
98,000
Balance after aforesaid interest charges
$59,225
X Includes other income.
JVole.
In the above statements earnings prior to Nov. 1 1919 are adjusted
to present operating conditions.
Income applicable to Pittsford Power Co, stock owned by Rutland
Ry., I>ight & Power Co. is not included. '>'. 110, p. 2658.
—
—
its
fares
Fare Increase.
(N. Y.) Ry.
Commission has authorized the company
P. S.
from 6 to
—
—
Schenectady
The New York
—
Pennsylvania-Ohio Electric Co. Fare Increase.
A n(\w srchdule of fares became effective on the company's luies between
Young.stown and New Castle, Pa., on July 20. The rate between Youngstown and New Castle becomes 50 cents and between Youngstown and
Lowelh illo 20 cents. An advance of 10 cents has been made from all points
between Lowellville and New Castle to Youngstown. — V. 110, p. 1643.
Pittsburgh Cinn. Chicago & St. L. RR. Listed.
The New
car
$262,721
Balance after aforesaid interest charge--y Also includes miscellaneous deductions
X Includes other income,
V. 110, p. 2488.
of Oley Valley Ry. and Neversink Mountain Ry.
—
Receiver's Certificates.
R- W. Wortham. receiver, has been authorized by the Court to issue
$100,000 receiver's certificates for repairs and equipment. V. 110, p. 1089
Electric Co.
bond and
16.7% $2,888,246
25.9% y2,5.38,265
$217,055
181,068
$253,404
227,994
'
after
&
—Earnings. —
Reading Transit & Light Co., Oley Valley Ry. and Neversink
Mountain Ry. Co.).
Results for June and Ttcelve Months Fnded June 30.
Inc. Year 1919-20.
1920 Jime— 1919.
— Earnings. —
aforesaid interest charges
def.$727
X Abnormal increase in expenses due to inability to secure contract coal
owing to railroad car shortage thereby necessitating purchase of "spot
coal" wherever possible at extremely high prices,
V. 108, p. 480.
y Includes other income.
Paris
.
Richmond & Seven Pines Ry.
June and Tirelve Months Ending June 30.
1920 Jiine 1919.
Inc. Year 1919-20.
.$.37,864
.$31,001
22.1% y$392,663
31,988
27,099
xl8.0%
328,740
Operating income
Interest on $1,293,000
Balance
& Power
—
Light System.
(Incl.
Charles .Alexander Clark, Ti'easurer of the road since- 1897, died of pneumonia at St Paul on Aug 1
V 110, p -568
—
&
Reading Transit
7 cents.
— V.
110, p. 2488.
Shore Line Electric RR. (N. Y.)
Dissolution.
to increase
—
See Westchester Street Ry. below.— V. 107, p. 803.
Tacoma Ry. & Power
Co.
— Fare Increase. —
P. S. Commission has authorized for a period of six
months the establishment of 10-cent car fare by the company. The order
provides for the sale of commutation books of not less than 25 tickets for
$2 or 8 cents a ride. V. 110, p. 765.
The Wa.shington
—
—
Toledo Rys. & Light Co. Court Suspends InjunciiTon
unicipal Bonding Ordinance.
Postponing Vole on
The United States Coiu't of Appeals oji Aug. 5 suspended the injunction
M
—
granted by Judge John JI. Killetts of the U. S. District Court on .luly 24
preventing the submission of the twin street railway $7,000,000 bonding
ordinance to be voted on at the Aug. 10 primaries. As a result of the suspension of the iniunction the Lucas County Board of Elections has announced that the ordinances will now be submitted to the voters on .\ug. 10.
V, 111, p. 494.
—
&
Tri-City Ry.
Light Co.
— Fare Increase. —
Fares on the Kock Island, Moline, East Molino and Silvio, III., lines of
This
the Tri-City Railway were increased from 7 to S cents oti .luly 20.
The i-onipany
rate, it is "stated has since been increa.sod to 10 cents.
recently raised the wages of its emplovees from 60 cents to 70 cents an hour.
—See
V. 111. p. 295.
United Traction Co., Albany, N. Y.
—
TT'a^^cs.
Albany and Troy divisions of the Anialgamate<I Association of Street
and Electric Railway Employecsihaveacceptetl the offer of the company for
a flat increase of 15c. an hour with a working agreement for foiu- montlLs
This will mean that (he men, who are now receiving
retroactive to July 1
from 41 to 45 cents an hour, will receive from 56 to 60 cent-s an hour. They
of
V. 110. p, 360.
increase
81 to 85 cents an hour.
askwl for an
.
—
Utah Light & Traction
Co. — Upholds
Commission.
—
Restrictions on the powers of the cities of Ulah.i miK)siKl by the Public
Utilities law, to control by franchise utilities operating within their boundaries, were defined by the Utah Supremo Court in deciding the case of
THE CHRONICLE
590
Murray City against the Utah Light & Traction Co. and the Utah Power
& Light Company.
The suit was brought by Minray to test the legality of the Public Utilities
Commission's ruling with regard to zone systems, the order of the Commission being in \-iolation of the Murray franchise. It was alleged by the
inthe matter of fares and zones, and also in various other parwith regard to the repair and grading of tracks and crossings, the
franchise had been violated by the traction company.
The court points out that in a sunilar case it held that the State, by reason
of its right as a sovereign, retained the power to modify or annul a rate or
fixed charge for ser%ices rendered by a public utility, and that any order
made bv such a conunission is a regular and binding order. ("Electric
Kailway Journal") V. ill, p. 494.
city that,
ticulars,
—
—
Utah Power & Light Co.
Results for June
(Incl. West. Col. Pur. Co.):
—
Net earnings
Total income
$206,141 $192,366 $3,017,506 $3,007,755
102,539
98,192 1,185,885 1,116,437
37,874
477,832
39,495
609,065
591,500
539,433
Interest on bonds
and deductions
dividends
Preferred
—
$193,857 $183,237 $2,886,885 $2,876,014
12,284
9,129
130,621
131,741
Other income
int.
—
1919
S490,887 $414,415 $6,149,880 $5,572,065
297.030 231,178 3,262,995 2,696,051
Gross earningsOper.exp., incl. taxes
Other
—Earnings. —
and Twelve Months Ended June 30.
1920 June 1919
1920 12A/os.
Balance
surplus
Ill, p. 390.
$65,728
—V.
Westchester
$54,679
$762,289
$742,820
—
St. Ry., White Plains, N. Y.
Abandon.
Supreme Court Justice Joseph Morschauser has granted Leverett S.
Miller, receiver, permission to join in a declaration of abandonment of a
portion of the Mamaroneck line from the band stand in that village to the
town line.
Justice Morschauser has also ordered that the Shore Line Electric RR.
show cause before him at Poughkeepsie on Sept. 11 why the corporation
should not be dissolved. These decisions are in connection with the suit of
the Farmers' Loan & Trust Co. against the "Westchester St. Ry. to foreclose
a mortgage. ("Electric Railway Jottrnal")
V. 110, p. 2193.
—
Ry. — Notes
Western Maryland
The
Approved.
—
C. Commission has approved the application of the company
for authority to issue $5,800,000 3- Year 8% Secured gold notes, to be dated
Aug. 1 1920, and maturing on Aug. 1 1923, to be secured by $8,700,000
lst& Ref. Mtge. 5s dated July i 1917. Of tne notes .$800,000 are authorized
to be used to retire a like amount of Coal & Iron Ry. bonds due Aug. 1 and
$5,000,000 to be used to retire a like amount of 7% notes due Nov. 1 1920.
I.-S.
—V. 111. p. 495. 390.
Wheeling (W. Va.) Traction Co.
The
— Fare Increase. —
C. Commission has issued an order permitting the Company to
raise the fares on its line to Steuben ville, Brilliant, Bellaire and Martins
The fare from 'Wheeling to Bellaire becomes 10 cents. The
Ferry, O.
city of Martins Ferry has brought court action to oust the company from
the city streets. V. Ill, p. 190.
I. S.
—
— Quarterly
Winnipeg
Elec. Ry.
The shareholders on July 27
Pref. Dividends.
—
to change the dividend dates on the proposed
$3,000,000 7% cumulative pref. stock from semi-annual payments to quarV. Ill, p. 75.
terly payments.
,
—
and Mechanicville and by the electric railway systems in and about Albany,
Schenectady, Troy, Utica and Rome, including practically all the interurban roads in the territory. In addition does the gas business in Schenectady,
Saratoga Springs and Oneida with 150 miles of mains. Altogether serves
directly and indirectly a total population of approximately 700,000, and
averaging a growth of nearly 20% for each of the last three- decades.
Capitalization.
the "Editorial Department"), either concurrently or as
early as practicable after the matter becomes public.
Matters Noted in "Chronicle" of July 31 Prices.
(a) Export values,
p. 434; (b) silver, p. 437; (c) sugar and shoes, reduction, p. 449 and 451; (d)
—
oil,
(b)
(a)
increase (explanation) p. 451.
(a)
Fixing fair profit, p. 452;
—
Canadian embargo, p. 452; (c) conference, p. 453. Miscellaneous.
French tobacco, p. 438; (b) investment yield, p. 443; (c) canning in-
dustry, need, p. 443; (d) business conditions and cancellation of orders,
p. 444, 445; (e) co-operative grain elevator companies, p. 449; (f) Am.
Cotton (Warehousing) Association, p. 450; (g) rents, p. 457.
—
Stril<:ing miners in Indiana and Illinois ordered back to work on
Coal.
July 31 by President of labor union, as requested by President Wilson
(compare "Coal Trade Journal," Aug. 4); 15 coal operators and brokers at
KJQOxville arrested as profiteers Aug. 1; committee of oijerators appointed
by Attorney-General to fix fair price ("N. Y. Evening Post," July 28).
Prices.
(Compare "Conunercial Epitome" on subsequent page); wheat
after recent weakness advanced sharply on Russian-Poli-sh development;
cotton declined 75 points Aug. 3, following high record; wire products advance $5 a ton by independents on Jiily 5; milk advanced 1 cent to 16 cents
per quart by Chicago retailers Aug. 4. Federal Trade Commission on
July 27 upholds Pittsburgh bases price plus freight for rolled steel products
("Iron Trade Review," July 29).
Drugs, tin, zinc, gray goods, &c. reported weak. Department of Justice asserts conspiracy in clothing prices
(N. Y. "Times," Aug. 3); proposal to raise telephone rates outside N. Y.
City 20 to .30%. Gas, see Consol. Gas Co. below.
Report of Bay State Commission issued Aug. 3.
Wages. Flint glass workers Aug. 3 granted 5% advance; Standard Oil
bonus of 10% to N. J. refinery employees Aug. 1; Gov't shipyard works
ask $1 25 an hour Aug. 5.
Stock Dividend Ruling.
Btireau of Internal Revenue (N. Y". "Times,"
—
—
Aug.
—
6).
Miscellaneous.
—Aug.
Mr. Ryan sues
4
for $1,000,000 against N. Y.
Ten indictments for pro-
Stock Exchange, following Stutz controversy.
Binghamton, N. Y'., July 31.
fiteering at
Adirondack Power
&
Light Corp.
— Bonds
Offered.
—
Harris, Forbes & Co., Coffin & Burr, Inc., and E. H. Rollins
&.Sons are offering at 8434 and int., yielding over 7)4%,
$5,620,000 First
Ref.
gold bonds.
Dated March 1 1920. Due March 1 1950. Int. payable M. & S. 1 at the
Liberty National Bank, New York. Callable all or part on any date on or
before March 1 1925, at 107 J^ and int., thereafter, to and incl. March 1
1930. at 10Qi4 and int., and so on, reducing 1% every five years, to and
incl. March 1 1949; thereafter at 101 H and int. Denom. $1,000 and $500.
(o*&r*). Guaranty Trust Co., New York, trustee. Company agrees to
pay interest without deduction for any normal Federal income tax to an
amount not exceeding 2% which it may lawfully pay at the source.
Security.
Secured by a first mortgage on the properties of the former
Mohawk Edison Co. and further secured "by a mortgage on the remainder
of the property of the new company, subject only to $5,000,000 divisional
closed mortgage bonds of the Adirondack Electric Power Corp. which
&
—
6%
,
underljing issue has been assimied.
Data from Letter of Pres. J. Ledlie Hess. Amsterdam, N. Y.. Aug. 3.
Company. A recent consolidation through purchase of Adirondack Electric Power Corp. and the Mohawk Edison Co., Inc.
The latter company
representing a merger of five separate properties was controlled by the
General Electric Co. In consideration for its interest in the Mohawk Co.
the General Electric Co. owns approximately 50% of the common stock
of the new corporation.
Business Field. The Company's transmission lines extend from Lake
Champlam on the north and the State line on the east to Utica. Oneida
and Canastota on the west. Electric light and power are furnished exclusively to Schenectady (the head quarters of the General Electric Co.),
Amsterdam, Watervliet, Oneida, Saratoga Springs, and many other commumties in this intensely industrialized region and a large portion of the
electric busmess is done in Glens Falls. Also furnishes, under long time
contracts, aU of the electricity used by the distributing companies in Troy
—
—
Authorized. Outstanding
$9,500,000 $9,500,000
4.300,0001
Closed) x4,300,000
y5, 671, 000
Closed
6.000,000
Ref. M. 6s
Adlr. EI. Pwr. Corp. 1st Mtge. 5s, due 1962
X The total of Preferred stock and Debenture bonds will be initially
$4,300,000. The amount of each cannot be determined until Jan. 23 1921
as the holders of the Adirondack Electric Power (3orp. Preferred Stock
have until that date the option of exchanging their holdings for the Preferred Stock or Debentures of the new company.
y Fui'ther bonds (issuable in series) are limited only by the conservative
restrictions of the indenture, as follows: (1) To refund the $5,000,000 bonds
of Adk. El. Power Corp., (2) Against property existing prior to March 1
1920 with approval of P. S. Commission $1,6.50,000. (3) Against 80%
(after the bonds issued under this and underlying mortgages amount to
$50,000,000, onl'y 75%,) of the fair value or cost, whichever is less, of
property acquired but only when the annual net earnings are (o) 1 ^ times
the total annual interest charges on these and underlying bonds or (6)
10% of the aggregate principal of aU such bonds if the latter amount is
greater
Combined earnings of the two companies (with inter-co.
Earnings.
charges eliminated and with 1214% of operating revenues allowed for maintenance and deprec, as provided in mortgage) year ended May 31 1920:
Gross earnings (increase 50% over 5 years ago)
$4,139,975
Operating expenses, taxes, rentals, maintenance and depreciation 2,767,015
Annual interest on $10,671,000 mtge. bonds (incl. this issue)..
590,260
Balance surplus
$782 ,700
Principal hydro-electric plants are on the Hudson
Electric Property.
and Hoosic Rivers andEastCanada Creek, presently installed capacity over
50,000 k. w. This can be materially increased ait sites now owned. Also
has 6,750 k. w. of steam plants owned and .50,200 k. w. of steam plants
under long-time contracts for the purchase of relay power. Contemplates
the erection in the near future of a 27,500 k. w. reserve steam plant on the
Mohawk River a few miles gast of Amsterdam. Electricity is transmitted
over 300 miles of high tension lines to 21 sub-stations and is distributed
locally in 19 communities.
By virtue of its location the company with its power capacities, both
present and potential, must become one of the integral parts of the generating and distributing systems which are rapidly linking up, with interconnecting high-tension transmission lines, the entire territory between
Boston, New York City and Buffalo.
These communities are within
tran.smission distance of the hydro-electric plants of this company.
Principal franchises are, in the opinion of counsel, without
Franchises.
limit of time or burdensome restrictions.- Compare V. Ill, p. 495.
—
—
—
—
—
—
Aetna Petroleum Corp., Dallas, Tex. Notes Offered.
Jones & Thurmond, New York, are offering at 98 and int.,
8%
Common
"with a bonus of 2 shares of
stock, $2,000,000
3- Year Convertible Gold notes.
The bankers state:
Dated July 1 1920. due July 1 1923. Int. payable Q.-J. Red. all or part
on 30 days' notice at 105 and int. on any int. day. Denom. $1,000, $500
Empire Trust Co., New York, trustee.. Each $100 note is con$100.
vertible at the option of the holder after July 1« 1922 into 20 shares of
Common
stock.
Capitalization after this Financing
—
Authorized.
Outstanding.
3-Year Convertible Gold notes
$2,000,000
$2,000,000
Common stock ($5 par value)
800,000 shs.
2,000,000 shs.
Earnings. Earnings of the properties for the three months ending June 1
were in excess of $350,000, being on a basis of more than $1,400,000 per
annum. Earnings of the combined companies for a period of 12 months,
after completion of present development. &c., are est. at about $2,000,000.
—
—
General Industrial and Public Utility News. The
following' table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
Coal. —
—
Common stock
7% Cumulative pref. stock
Debenture bonds 5%, due 19-30
Adirondack Pwr. & Lt. Corp. 1st &
8%
INDUSTRIAL AND MISCELLANEOUS.
IVOL. 111.
Purpose.
—To
velopment of
pay
oil
and
for properties acquired
properties.
for acquisition
and de-
Compan!/. -^Incorp. in Delaware July 29 1920.
Formed through the
purchases and the consolidation of Republic Oil & Refining Co., Ranger
Central Oil & Refining Co., M. P. Burk Oil Co., Eastland Oil & Refining
Co. Ocean Oil & Refining Co. and King 8 Oil Co. representing some of the
best located and valuable leases in the North Central Texas, including the
Bm-kburnett, K. M. A., Ranger. Breckenridge and Desdemona Oil pools,
in addition to the corporation's producing properties.
Its lease holds are
very large and an extensive developing program has been arranged. See
V. Ill, p. 190.
,
,
Air Reduction Co.
— Earnings for 6 Mos., 1920.
1920
Total income
Operating expenses
$3,410,978
2 ,297 .003
income
Operating
$1, 1 13 ,975
Res. for deprec. and accrued bond interest and discount
477,451
34,023
Miscellaneous
Net profits before Federal taxes
—
V. 110.
2194.
$602,501
p.
—
—
All America Cables, Inc.
New Cable Service.
Announcement has been made that a new cable has been opened between
Santa Elena, in Ecuador and Chorillos (Lima), in Peru, providing a triplicate cable from the United States to points in South America as far south
as Lima and promising to shorten communication time between New York
and Central and South American ports.
The new cable was made necessary by a 75% increase in traffic to South
America the last year. V. Ill, p. 70, 75.
&
Alvarado Mining
Milling Co.
— Annual Report. —
Gross earnings for year 1919
Mining costs, development, exploration, &c
Mexican and United States taxes
$2,741,774
1,225,875
220,749*
Operating profit
_
$1,295,150
*C6ntract adjustment, $213,067; gen. exp., int., &c., $141,045;
net profit
$941,038
Reserve for depletion, $442,787; depreciation, $86,944; bal., sur.,
411.307
* Paid to American Engineering & Operating Co. upon adjustment and
cancellation of its operating contract.
V. 110, p. 2388.
—
American Bosch Magneto Corp.
—
Becoynes Selling Agent
of A%tto-Motive Business of Gray & Davis.
See Gray & Davis, Inc below
V 111, p 495
,
—
—Organizes
—V.
Oil Co. — No
American Chain Co.
See Reading Steel Castings Co. below.
—
Subsidiary.
—
Ill, p. 495. 296.
American Cotton
Dividend on Common
The following official statement was issued on Aug. 4:
Stock.
—
of directors have decided to omit the payment of dividends
upon the Common stock until the prices of commodities and general business
conditions shall be more nearly normal.
The Common stoclc has been on a 4% per annum basis since March 1916.
The board
is unofficially attributed "to the unfavorable earnings due
to the sharp decline in the price of the cotton oil products and the fact that
the export business for some time past has been exceptionally poor."
V. 110, p. 1850.
The suspension
American Drugstores
Inc.
—Incorporated. —
Incorporated in Delaware July 30 1920 with an authorized Capital of
$25,000,000 to engage in the business of druggists. Corporation Trust
Co. of America is Company's Delaware representative.
American-La France Fire Engine Co.
—Earnings. —
Operating profit for quarter ending June 30
.---
Interest
income before
—Net
V. 110,
2077.
p.
Federal taxes
_
$275,231
34,063
.5241,168
—
Aug.
—
—
American Hawaiian Steamship Co.
— Merger.—
& Commerce Corp. below. —V. 109, p. 2388.
Co., Ltd.-— Stock Reduced.-Nitrogen
American
Seal
See American Ship
or the
letters patent have been issued under the
the capital
of State of Canada, dated July 14 1920. decreasing
the
by
ected
eft
being
stock fr6m .$4,000,000 to $3,000,000. such decrei^e
canceUation of 10.000 shares of the par value of $100 each.
SuDplementary
S^Xry
Mill Co.,
American Rolling
—
Dividends — Balance
Middletown, Ohio.— Stock
Sheet.
of 25% was declared
An authoritative statement says: A stock dividend
Nov. 1.
on Julv 16 payable Nov. 15, to stockholders of record
the Common
increasing,
in Feb.
A stock mvidend of 5% was declared .Subscriptions
received from the
Stock from $9,900,975 to $10,396,000
wul bring the
stockholders to the Common Stock to be issued Oct. 15 1920
and the 25% stock dividend
Common Stock outstanding up to $12,847,000
added to this will bring it to a little over $16,000,000.
CONSOLIDATED BALANCE SHEET.
rec, lncI.Gov.
3,404.946
7,542,008
156,000
3.776,641
35,524
Markfble sec.
Deferred charges
Total
836,423.790
lAablHHes—
Dec. 31 •19.
7%
6%
31 '19.
59,900,975
1,300,000
1
less,
depreciation reserve, $4,555,554, $16,604,207.
& Commerce
American Ship
439.000
,000
1 .500
642,551
713,033
1,425.529
4,390
,„„
2.316,108
12,174,916
— Agreement
— V.
Companies
of
with
Kerr Navigation Co. The steamers of this company have
by Kerr Steamship Co., Inc., as managing agents^
Arrangements have been made for cancelling the operating agreement with
Kerr Steamship Co., Inc.. and the name of Kerr Navigation Corp. will be
changed- to American Ship & Navigation Corp.
,
.„ ^
<.,,„
, ^
The name of Livermore, Dearborn & Co., Inc., will be changed to the
United American Lines, Inc., under which name all of the ships of the fleets
of both American Hawaiian Steamship Co. and the American Ship & Commerce Corp. and their subsidiaries will be operated. ^
Harris Livermore will become President and Henry Dearborn will become
Vice-Pres of the United American Lines, Inc. To the staff of the operating
company will be added the present operating staff of the American Hawaiian
Steamship Co., including Joseph D. Tomlinson, and part of the operating
the
staff of Kerr Navigation Co., including E. W. Robinson, formerly of
of
Munson line. Capt. E.G. Tobey, European representative in London
resident
the United States Shipping Board, and W. G. Sickel, formerly
also
have
line,
Vice-Director in New York of the Hamburg-American
To assist in the development of the
joined the forces of the new company.
charge of
passenger traffic plans, the services of E. Lederer, formerly
the New York ena of tne third-class passenger department of the Hamburgannounced
wUl
be
American line, has been arranged for and other additions
in due course.
,
,,
t
x
n
Taking all of the affiliated compames. United American Lines, Inc., will
be called upon to handle 86 ships of a total deadweight tonnage exceeding
595 000 tons at once, with undoubtedly many more as time goes on.
The United American Lines, Inc., will carry out the agreement recently
be made
made with the Hamburg-American Line. Announcement will
shortly of the details of this agreement. It is felt that this agreement is
one of the most far-reaching and important steps that have been made tor
the development of the American merchant marine. V. Ill, p. 191.
is
heretofore been operated
,
m
.
.
.
.
—
American Steel Foundries Co.
—Earnings. —
President R. P. Lamont is quoted as follows: "Operations for the second
quarter were somewhat interfered with by transportation and labor diffithe
culties, but conditions are improving and prospects for the last half of
year are excellent." Eight of the nine plants are operating and all the
plants of the Griffin Wheel Co. are running at full capacity.
Income Account for Six Months ended June 30 1920.
1917.
1918.
1919.
1920.
$4,002,645 $2,970,600 $4,187,455 $3,948,197
Net earnings
184,728
133,517
287,209
Depreciation
.
.715,436
219,631
$2,837,083
162,096
$4,002,727
95,758
$3,948,197
146,680
$3,935,067
223,253
$2,999,179
28,403
965,000
$4,098,485
86,561
1,043,000
$4,094,877
410,097
$2,968,924
$3,684,780
Balance
Other income.
Total income...
Other charges
Federal tax reserve
1
Balance, surplus
110, p. 2389.
,025 ,500
.$2,686,314
$2,005,776
—V.
New
York.
— Quarterly
—
—
—
)
— Ed.]
Earnings. — Tbe company's business and earnings are in a very satisfac-
in cash.
.
,
tory condition; its volume of business for 1920 to July 1, as compared with
the same period of 1919, shows an incrca.se of more than $12,500,000. or
more than 20%
In the same period thi. business of our subsidiarj- companies, in which we have a whole or part interest, has increased more than
111,000,000.
o T,
,
Need for Workinq Capital. Raw materials and Federal taxes continue
abnormally high. Delays In transportation and the increase in om- business
make necessary more working capital.
With the volume of business and the profits satisfactory as they are, our
stockliolders are entitled to the continuance of reasonable dividends, but
with the present and prospective financial needs we do not feel that there
should be a diminution of the cash resources of the Company by the distribution of cash dividends.
.
—
.
Tobacco
Monopoly.
—
—
—
American Wholesale Corporation.
Month
of July
Seven months to'juff SlII...
—V. Ill, p. 390.
American Woolen Co.
Sales.
—
1919.
1920.
.$4,657,948
23,706,047
^
$4,342,468
18,292,681
—
—
Mill Partly Reopens.
was announced on Aug. 4 that the Saranac Mill of the company.
North Smithfield, R. I., closed since July 10, would reopen m part Aug. 9.
Work will be resumed in the dry-finishing and weaving departments.
It
Indictment Dismissed
— Wages. —
See pages 450 and 451 of last week's "Chronicle."
Month
of .July
Seven months to July 31..
—V. Ill,
—Output
1920.
11,700,000
104,950,000
p. 297.
(in Pounds).
—
1919.
1918„„„
11,122,000 2.3,400,000
91,102,000 183,184,000
—V. Ill, p. 75.
Appalachian Power Co. Rates Increased.
The West Virginia P. S. Commission has granted an increase of 30%
in rates to continue until May 1921. — V. Ill, p. 75.
Associated Welding Cos., Inc. Sub Cos'. Divs.
—
—
—
—
74 Broadway, on July 8 1920 reported stock
dividends to have been paid by the sub. cos., as follows: (a) The Electric
Welding Co. of America, (Baltimore, Md.) paid a stock dividend of 25%
on its comrnon stock on March 15 1920, thereby increasing the outstanuing
of
common stock from $75,000 to $93,750; (&) The Electric .Welding Co.and
Boston paid a stock divident of 10% on its common stock in July 1919
thereby
a stock dividend of 50% on its common stock on March 15 1920.
increasing the outstanding common- stock from $100,000 to 6ilb0,000.
V. 110, p. 1292.
Tbe Treasurer's
office,
Atlantic Gulf Oil Corp., Va.
See report of Atlantic Gulf
& West
—
Status.
—
Indies SS. Lines above.
—V.
HO.
—
—
p. 1644.
Atlantic Gulf & West Indies SS. Lines. Expected
Return from $50,000,000 Invested in Oil Properties.
See "Reports and Documents" on a following page.— V. Ill, p. 495.
Atlas Crucible Steel Co., Dunkirk, N. Y. Acquisition.
Dillon
The company. It is reported, has acquired a large interest in the stated
Crucible Steel Alloys, of Welland. Ont. The latter company it is
will hereafter go under the name of Canadian Atlas Crucible Steel Co.,
—
Ltd., which has an authorized capital of 10,000 shares of 8% cum. Pref.
stock (par $100). and 10.000 shares of Common stock (no par value).
Arthur H. Hunter, Pres. of the American company, will be chairman of the
new company, and T. J. Dillon -syill remain as an officer active in the
management. V. 110, P- 1644.
—
Atlas Crucible Steel Co., Ltd.
See Atlas Crucible Steel Co., Dunkirk,
—
Organized.
N. Y. above.
—
—
Baker R. & L. Co. Cleveland. —
—
Rauch &
Barnsdall Corporation. — Earnings. —
—
Avery Co. Capital Increase.
The company has filed a certificate
$3, .500, 000 to
increasing its capital stock from
$15,000,000.— V. 110, p. 2077.
Car Dept.
Sells Elec. Pass.
V. 102. p. 69.
Lang, Inc., below.
See
(Including subsidiary companies' consolidated statement of
,, ^^
6 months to June 30 1920 and calendar year 1919.)
6 Months.
the
which
all
cos.,
of
of
earnings
sales
and
Gross
$3,382,240
entire capital stock is owned
..$2,083,452
Net producing and operating income
capionly
of
the
part
Divs. from companies of which
_
tal stock is owned
tT'oIi
Interest income
5i'S-l
Si.Oio
Net profit on sale of capital assets
income for
v
Year.
^
Cal.
,
$4,064,314
$2,281,902
568,045
150,635
138,077
$3,138,659
.$2,426,943
-.
1.185.901
I'Tn'nkn)
Total earnings
Deduct—
American Tobacco Co.,
Dividend Reduced fro7n 5% to S% on Both Classes of Common
Stock and to Be Paid Sept. 1 in 8% Scrip, Which Will Be Exchanged for Stock on March 1 1923 Business for Half Year
To Raise Limit of
Profits Satisfactory
Increased over 20%
Common B Stock from $50,000,000 to $100,000,000— A^one to
Be Sold at Present. An official statement, signed by President
Percival S. Hill, dated Aug. 4, says:
The directors to-day have done two things:
They have declared a dividend of 3% payable in
(A
Scrip Dividend
scrip to holders of record as of Aug 14 1920 of both classes of C'ommon
The company will, on Sept. 1 1920, distribute to tbe holders of thtse
stock.
stocks scrip to be transferred into Common Stock B (or Common stock) on
March 1 1923. the scrip bearing in the meantime interest at the rate of
87o per annum (March 1 and Sept. 1].
[Previous (luarttrly dividends since 1913 have been 5% each, but of these
seven wore l)aid in scrip as follows: One on Sept. 1 1914 and six from March 1
1918 to June 1919. From Sept. 1919 to June 1920 paid 5% each 3 montlis
Inc.,
„
n-
*
...
an exigency requires, to sell additional stock for its proper financing.
[The formal dividend notice states that the dividend scrip will provide
that stock so to issue in accordance vnth the board's resolution shall be
Common Stock B, if there exists at the time, to vnt: On March 1 192d
authorized and unissued Common Stock B of the company sufficient to
cover all dividend certificates of whatever series then outstanding; otherwise
the stock so to issue shall be Common stock." Ed.]
Anaconda Copper Mining Co.
Corp. — Amalgamation
with the intention of using it to operate their joint fleets and the
Inc
shipping companies controlled by them, aggregating over 400,000 deadweight tons in addition to some 200,000 tons of Shipping Board vessels.
One of the subsidiary ship-owning companies of American Ship & Com-
merce Corp.
.
IIU,
Hamburg- American
Line, cfcc—President W. A. Harriman on Aug. 5 authorized
the following statement (much condensed):
in the William
The American Ship & Commerce Corp. (largely interested
the American Hawanan
Cramp & Sons Ship & Engine Bldg. Co.) and the
Coastwise TransporSteamship Co. (which on March 1 last purchased
tation Co.) have purchased jointly the firm of Livermore, Dearborn & Co.,
Steamship
Stock B.
See under "Current Events" in last week'^ "Chronicle" page 438 and V.
due),
b Paid
a After deducting $1,421,425 unpaid subscriptions (notand
equipment,
X Real estate, buildings machinery
off April 1 1920.
$21 159,822;
p. 2489.
Common
Besides that, while the company has no intention at present of selling
any additional stock, it ought to be in a position to maintain a rate ef dividend in stock or cash consistent with its earnings, as well as in a position, if
Ill, p. 296.
.536,423,790 530,416,503
Total
in
French
1,029.825
.1920
b42 1.000
5.008.511 6% gold notes..
0,053,348 Notes payable
1,743,516
Accts. payable..
563,022
611,192 Accrued pay-rolls
1,329,596
19.126 Accrued taxes..
442,099
Accrued Int. dlv
530,416,503 Reserve for con333,441
tingencles. &c
13,660,315
May 31 '19. Surplus.
Pref. stock. $6,430,300
569,700
Pref. stock.
(B.) Common Slock B New Limit to BeSlOO.OOO.OOO.— They have called a
special meeting of the stockholders to pass on a resolution, declaring it
advisaole to increase the authorized issue of Common Stock B of the company to the extent of $50,000,000 at par. Formal notice of the meetmg
will be sent in due course.
„,„ „_„
^,
„,
„
On/y .$800,000 Utiissued of Present $50,000,000 Class B.— The .SoO.OOO.OOO Common Stock B, into which a like amount of our authorized and unissued Common stock was changed in 1918, has not been sold, nor has any
part thereof, but most of it has been issued in the conversion of the dividend scrip and in the distribution of the 75% dividend on both elates ot
Common stock so that less than $800,000 remains unissued. It is highly
desirable that this stock dividend and any others that may follow shall be
May
"19.
Liabll (Concl.) Dec. 31
Dec. 31 '19. MaySl '19Assets—
iReal eatate.&c 516,604,267 $14,900,333 Common stock. $9,900,975
3,045,659 aCom. stk. subSundry Invest.. 3,172,720
scribed for to
778,333
1,731,683
Cash
be Issued Oct.
Notes & accts.
claim
Inventories
Special deposits.
591
THE CHRONICLE
7 1920.]
.
,
Depreciation and depletion..
Well drilling expense accrued
Interest and bond discount..
Provision for Federal taxes
240,000;
345,792
200,000
A2-'?cA
225,150
$1,406,967
.$1,350,610
Net income of consolidated companies
Barnsdall Corp. proportions of earnings (after all
2 < 1.324
charges) of affil. cos. in excess of divs. received. .
Barnsdall's proportion of earnings of aU cos.
Dividends
surplus
2569, 2078.
— Balance,
V. HO,
p.
Bethlehem Steel Corp.
— No
H%)325.000
$1,406,967
(3)390,000
$1,296,934
$1,016,967
$1 .621 ,934
(2
-
Financing Contemplated.
—
President E.G. Grace is credited with saying that there is no truth to
v
the reports that the corporation was contemplating new financing.
110. p. 2659.
—
—
—
Biddle Motor Car Co. Receivers Appointed.
United States Court Judge John C. Knox, on July 31, appointed I.
Clarence Wilson and Louis Jersawlt receivers for the company on the
\- Cornell, attorneys
petition of Edward B. Levy and Davics, Auorbaoh
for the creditors; Walter II. Lippincott, with a claim of S12.000: ^ Myers
money
loaned.
for
all
Fitlor $42,000 and Van Horn Ely $12,500,
The company has a factory and general offifos at 1 12d St.. N. l -City.
.
circular issued by the Company in July in connection with the offering
of a block of stock at $8 per share shows:
To furnish additional capit.il to increase production and for
I'urposc.
A
—
ired
iiei
,
present
ducing capacity of 3.000 cars
body building I'liuipnioiit.
.
pro-
Company
is
now about
Billings & Spencer Co., Hartford, Conn.
The stockholders will vote Aug. 9 (n) on incroa-sing the
Common
to install its
—
own
—
.\\u- Stock.
authorized
stock from $1,000,000 to $2,000,000 and (W on creating a new
pn\>;ent
THE CHRONICLE
592
issue of $1,000,000 S% Cumulative Convertible pref. (a. & d.) stock.
Divs. quar. convertible at any tune subsequent to Sept. 1 1922. and prior
to Sept. 1 1925. into common stock in the proportion of 5 shares of preferred
to 2 shares of common.
The entire issue of Pref. stock, it is stated, has been underwritten bv
Kichter & Co.— V. 110. p. 2490.
"
— Consolidated. —
Bourne-Fuller Co.
The company announces that, for the purpose of more efficiently handling
the business of the Upson Nut Co. (V. 103. p. 948) and the Bourne-Puller
Co. (the ownership and management of these companies having been iden-
the past eight years), a consolidation has been effected under the
Upson Xut Co. plants ivill continue operations as heretofore
as the Upson Works of the Bourn^FuUer Co.. the product of their nut and
bolt departments being marketed under the same trade-marks as in the past
The officers are: B. F. Bourne, Chairman: H. A. Fuller, Vice-ChairmanR. S. Hall. Pres.; L. H. Elliott, V.-Pres. & Treas.; F. K. Moore V -Pres
F. H. Chapin. V.-Pres.: W. A. Hitchcock. V.-Pres.; F. H. Ulmer, Sec. "
tical for
above name.
—
payable in new class "B" stock. This is in addition to the regular quarterly dividend of 1M% on the Common stock.
It is understood that the
stock dividend will not be paid until some time in October
The original
Intention, was to declare a 200% stock dividend (V. 110, p. 1750).
A new record was made for gross sales, which increased 50% during the
first half of the year.
Stock dividends are to be paid from the new sotck
authorized last April. In the meantime the company has increased its
Common stock outstanding to $9,000,000 by the sale of $3,000,000 Com-
mon
stock to
— Compare
stockholders at par.-
its
V. 110, p. 1750, 1851.
—Other Income. —
New
Copper
—
Canadian Collieries (Diinsmuir), Ltd. — Time Extended.
The
committee
Calumet
See
&
Arizona Mining Co.
Cornelia
Co. below.
V. 111. p. 192.
bondholders'
give notice that thev have extended until
Dec. 3i 1920, the time limited by clause 24 of the plan of reorganization
within which the formalities to make the said plan operative have to be
complied with. V. ilO, p. 1750.
—
& Milwaukee
Chicago Racine
See Goodrich Transit Co. below.
Chile Copper
— V.
—
105, p. 2545.
— Production
Company.
1920.
June
to June 30
V. Ill, p. 297, 183.
{in
— Merger. —
Pounds). —
1919.
5,003,400
28,315,430
7. .500. 000
months
Si.x
SS. Co.
17.800,000
—
1918.
9,280.000
49 432 512
—
Cities Service Co.
Half-Yearly Earnings.
Months ending .June 30
1920.
1919.
—
Six
Gross earnings
Expenses--.
Interest on debentures
Preferred divndend
^Balance
^^"^
*
•
J. J.
X
t
Com.
for res..
±j
•
oy X
Increase
--$12,743,300 $10,762,818
351,899
361,955
965.819
939,331
2,305,239
2,061,376
&
div.
surp- $9,120,342
•
Citizens Gas Light Co., Quincy.
.$7,400,157
—Rate
The Mass. Department
$1,980,481
dec. 10,056
26,488
243,863
Increase.
Cluett,
Peabody
&
Co.
—
company
— V.
110
— Acquisition. —
reported that the Williams Greene & Rome Co., Ltd., of Kitchener
Ont.. has been acquired. (Chicago "Economist").
V. 110, p. 761.
It
is
—
&
(J.
P.) Coats,
Rhode
Island.
— Capital Increase. —
Company has filed notice, with the Secretary of State of
of an increase in capital from ,$3,000,000 to $12,000,000.
Coca-Cola Company.
Rhode
Island,
1919
Gross income
$139,241 $117,292 $1,765,006 $1,519,054
Oper. exp., taxes and maint..106,730
90.961
1,321,315 1,151.196
Net earnings
—Earnings. —
Quarter.
Gross receipts
Expenses, charges, &c
income before Federal taxes
V. Ill,
—Net
392.
$2,535,505
p.
Collingwood Shipbuilding Co., Ltd.
.$3,005,727
— Approves Merger.
to sell all the company's assets to
the Collingwood Shipbuilding Corp., Ltd., which is to be a part of the
British Empire Steel Corp.
See V. Ill, p. 496.
— Board Increased. —
Collins Co. Hartford, Conn.
The board has been increased from 9 to
12 members by the addition of
George H. Sage, Pres. of the Berlin Cons. Co.. Berlin, Conn.: Philip B
Gale. Pres. of the Hartford jNIachine Screw Co., Hartford Conn
and
Charles L. Taylor, Sec'y-Treas. of the Taylor-Fenn Co.. Hartford.
The other directors: Pres. William Hill; Vice-Pres. Charles Hopkins
Clark; Sec'y-Treas. Meigs H. Whaples; Arthur L. Shipman; Richard C
Colt; Edward K. Root; F. Spencer Goodwin; Walter L. Goodwin and
William A. Hitchcock. V. 110. p. 662.
—
Consolidated Gas Co. of
New Yor'k.—F ederal Judge
Confirms Special Master's Report and Permits 50% Increase
To Appeal Case to U. S. Supreme Court.
in Gas Rate
"Federal Judge Learned Hand on Aug. 4 handed down a decision in the
—
—
m
District Court upholding
nearly all respects the recommendations of
Special Master A. S. Gilbert
the case of the company to the effect that
the 80-cent gas law was confiscatory.
The Court orders in a decree that the defendants, the' Attorney-General
the Public Service Commission and the District Attorney be restrained for
a period of five years from enforcing the "80-cent gas law" of 1906. The
Court also ordered that until March 1 1921 that the company shall not
charge nor collect for the sale of gas in New York Citv more than $1 20 per
1.000 cu ft. This last order is made pending an aijpeal to the Supreme
Court and the defendants are given 30 days in which to file notice of such
appeal
If no appeal is taken by the authorities the company after March 1
1921 may fix its own rate.
The Court also directs that on Aug. 15 and on the 15th day of each month
that the differences
sums collected by the company between SOc. and $1 20
per 1,000 cu. ft.
the case of consumers in N. Y. Citv be deposited in a
trust fund (Special Master Richard Welling, custodian) pending final
direction of the Court, and to be distributed as directed on final outcome
of case if an appeal is taken.
, State, county and city officials, it is stated, have combined to take the
rate decision to the United States Supreme Court.
President Geo. B. Cortelyou. regarding the coal situation and other
materials essential in the manufacture of gas. is quoted as follows:
'The emergency is immediate and far-reaching. It embraces the entire
industry. The economic conditions many of them of world-wide extent
and influence affecting the supply of coal, oil and other e.ssential materials
requu-ed in the manufacture of gas, of labor and of the funds needed to
maintain and develop our properties are not bogies invented by the industry
to secure preferential treatment, excessive rates or unwarranted returns
—V.
m
—
—
upon investment.
They
are plain facts.
"All over this land to-day gas companies, great and small, are rendering,
otten under most adverse conditions, this service so vital to the welfare and
comfort of our people. What they need and should have, in the interest
or the public, IS the reasonable certainty of adequate rates, a sufficient
supply of coal oil and other necessary supplies and such manufacturing and
operating conditions as will utilize and conserve these materials as well as
f^^^ribute to all other possible economies of production and distribution."
Consolidated Steel Corp.— A^ew; Officers.—
Frank
I'urncll ha-s
Sec
—V
108
Ill, p. 496.
Corona Typewriter
$443,691
108,240
6!971
7 165
$26,331
8,436
6,971
6,652
85,974
$367,859
101,235
83,658
79,818
$9,354
^^.oo'±
$4,271
$165,819
$103,147
.
83,6.58
Co., Inc.—Capital Increase.—
increased its authorized Common
shares of no par_ value to 25,000 shares of no par valuestock from 10 000
The authorizfd
capital now consists of $500,000 8% Cum. 1st Pref.
(par $100) .$1 000 000
^^'^"^ '''^™' °' CoiXon stock of no'pa?
vriue"™erv •l08,'"p.^l277^.°'^
Crucible Steel Go. ol KraQxica..— Sales— EarninqsRevised
to Show Result of Federal Tax Settlement
Balance Sheet
The company in its recent report to the New York Stock
Exchange estimates its gross sales for the fiscal year ending
Aug. 31 at $65,000,000, against $59,560,692 for 1919.
—
earnings for the calendar year 1919 and five months ending
inTi^*'
were published in last week's "Chronicle" page 497.
1920
The company
Mav
31
also reports to the
Exchange, these revised
Aug. 31 showing the effect
of the settlement "made with the commissioner of Internal
Revenue in 1919 of the company's Federal Income and Excess
Profits Taxes which affected previous year's earninss-"
(Compare V. 109, p. 1789).
figures for the fiscal year ending
'
Fiscal Year.
Gross Sales. Net Earnings.
^^qJMs
-^^^'^^S'Jjt?
-,7,160.658
iml"}-
Taxes.
«11.789,744 $1,205,790
25,812,128 16,677,781
16,713,984
7,159.269
13.556,034
313.511
3,117,542
43.792
paid were based on tan-
31,352,718
]t\t'\k
47,776,648
}q}^"}
1914-15=
18,043.446
t Figures previously submitted showing taxes
tative return. Figures now given are based on final and completed return.
^^of^^ Exchange last week authorized thelisting
,^-*''?^ ^
n«J additional
°J^
poo
common stock, issuable as a stock dividend ofof16$6,250
2-3%
increasing the outstanding common stock to $43,750 000
This will be
increased to $50,000,000 by the dividend payable Aug 31
See V
111
"s- •^^- ="^*'
-li^"
p. 392. The balance sheet of May 3 1920follows:
MAY 31
— Ma;/ S31
CONSOLIDATED BALANCE SHEET
Mav
31 '20.
Aug. 31
S
j\.SS€tS
Liabilities
I
85,168,741 Preferred stock.
514,777, Common stock.
1,519, 579 Bonds
749,500 Dividend scrip.
27,605, 896;Notes
214.220|Accts. payable.
230,309 Int. & tax. accr.
Res. for Fed. tax
547,846 Pref. div. pay..
Reserve funds..
8,958,434 Approp. surplus
4, 536,718 Profit and loss..
.
Cash
"191
S
Property
94,896,558
Investments
527,616
Scrip red. fund.
1,571,856
U. S. securities.
991,100
Mafls & supp.. 28,291,683
Adv. on ore cont.
250,545
Unexp.tax &ins.
387,870
Due from empl.
Liberty bonds
55,008
Notes receivable
59,592
Accts receivable 10, 829, 554
1,813,528
1920
'20 Aug. 31
'19
S
25,000,000
37,500,000
6,299,000
1,527,607
6,100.000
5.122,185
505,172
2,500,000
437.500
14,561,314
30,000,000
10,122,131
25,000,000
25,000.000
5,879,000
1,530,797
500,000
4,211,308
538,532
8,520,679
437.500
12,653,404
30,000,000
15,774.800
139,674,909 130,046,020! Total
139,674.909 130.046.020
Note.— The figures of
31 1920 are subject to adjustment at the end
of the fiscal year.
V. 111. p. 497.
been elected Vice-Pres. to succeed H. H. Barbour.
^^**^^ ^^^- ^^^ *^'- ^- Hayes, Compt. and Asst.
212^'* ^
May
—
Dayton
—
&
Power
(O.)
Results for
Light Co. Six
June and Six Months ended
1920— .7«ne— 1919.
$255,315
S200.1.33
Gross earnings
Oper. exp., incl.depr.& taxes
Net earnings
Non-operating revenue.
Total income
Interest on bonds
Other int. and sinking fund.
Preferred dividends
Delta Land
Months' Earnings.
June 30.
1920— 6A/os.— 1919.
$1,790,210 $1,411,791
1,287,011
885.015
200,408
126,804
$54,907
3,720
$73,329
3,497
$503,199
18,259
$526,776
16,162
.$58,627
.$76,826
$33,488
5,211
17,355
$521,458
$196,717
85,546
103,712
.$542,938
$32,113
9.597
15.997
$2,573
$19,119
$135,483
$194,491
Balance, surplus.
-V. 110, p. 1293.
& Timber
Co.
The
$192,880
61,997
93,567
—Bonds Redeemed. —
following amounts of First and Refunding 6% Gold bonds called
for rcdem.ption, were payable at Michigan Trust Co.. Grand Rapids
Mich., on .July 1 at 102 a,nd int., viz.: Series "A" due July 1 1922 127 of
$1,000 each. $127,000. and due Jan. 1 1923. par SI. 000. $66,000- Series
"B due 1922 (par $500) S8,000 and due Jan. 1 1923, .«;500 each $14 500'
total .$215,500 ^controlled by Central Coal & Coke Co. of Kansas City).—
"
Detroit Edison Co.
—Buys
Municipal Plant.
—
River Rouge, Mich., has voted to sell its municipal lighting plant to
the company for about ,$90,000. The price includes plant, machinerv
pole lines, equipment and good will and grants the Edison company a 30yea,r franchise.
V. Ill, p. 193.
—
East Boston Gas Co.
— Rate
Increase.
—
The Mass. Department
of Public Utilities has authorized the
to increase the price of gas from $1 05 to $1 35 per 1,000 cu. ft.
p. 2267.
—company
V.
109",
— Change
—
Endicott-Johnson Corporation. — Six Mos. Earnings. —
Edison Storage Battery Co.
See
m
.
.$32,510
g 020
-
Col. Tr. notes-l-.
The company has
.
m
bonds
Balance surplus
Six Mos.
The stockholders voted on July 27
,
5%
6%
Preferred dividend
$10,692,351 $18.142..306
8.156,846 15,136,579
—
on
on
Int.
Int.
Total
and Six Months ended June 30 1920.
Results for the Quarter
Electric Corp., Cleveland, O.
June and Twelve Months Ending June 30.
1920— ./«/!e— 1919
1920
Results for
$1,720,185
of Public Utilities has authorized the
to increase the price of gas from $1 35 to $1 65 per 1,000 cu. ft.
p. 1976.
&
Continental Gas
'•
Brunswick-Balke-Collender Co. 150% Stock Dividend.
A stock dividend of 150% has been declared on the Common stock
(Vol. 111.
Thomas A. Edison.
Sales, Jan.
1
Inc.. above.
Control.
— V. 107, p. 805.of
to July 3
_
Manufacturing profits
Other income
_"
Total income-.
Interest charges, &c
Adjustment of inventories. &c
Federal taxes (6 months 1920)
Workers' proportion under profit-sharing plan
.
Preferred dividends
Common dividends- a
I'll
'
"_"_"
_
.
'
__
Balance, surplus
$38,677,402
86 ,519 ,982
16!319
'
$6,536,301
433,916
2 ,865i506
'411507
749 748
525.000
782 [250
$768,373
a Does not include 10% stock dividend aggregating SI .490,000 pa'd
June 10 (compare V. 110. p. 1976). V. 110. p. 2294.
—
Fairbanks, Morse
&—Co. — Earnings. —
Six Months Ended June 30
profits after charges and Federal taxes
V. 110, p. 2294.
Net
—
—
—
1920
1919
$1,244,472 $1,278,719
—
Ford Motor Co. Purchases Coal Co. New Automobile.
Reports from Lynchburg, Va., July 16, states that the Banner Fork Coal
Corp. in Harlan Coimty. Ky., has been purchased by the Ford Motor Co.
for SI ,500,000. of which $1 ,000,000 was paid in cash and $500,000 in notes.
It is stated that the schedule production of the company for the coming
year provides for 1,250.000 cars.
—
—
The "Detroit Free Press" says: A new automobile bearing the halhnark
Henry Ford has just been perfected a machine which now is almost
—
ready to be used as the pattern for millions
known motor
like
It
to supplant the well-
car.
For a long time Henry Ford has been perfecting a new automobile different in many ways from the present machine being turned out oy the Ford
organization, and the machine now is almost ready to receive the final
approval of the motor car wizard.
One of the biggest differences between the new automobile and the
flivver is in the motor, in which it is asserted that Ford has aimed to do
away with every particle of vibration. The oody of the car will be entirely
of metal, no wood entering into its construction at any point. The work
of perfecting the new Ford car has gone forward for months. It is claimed
the e.\:periments have reached the point where the introduction of the new
model is a matter of only a short time.
The Ford idea is to perfect and scatter to every corner of the world a
tractor, truck and touring car; and in recent years he has been tirelessly
experimenting to make his Ideal a practical fact. As part of his plan Ford
has plunged into his recent enormous deals which have given him control
of his own lumber, a steel blast furnace, a railroad and a coal mine.
(The company recently filed an amendment to its charter with the
Secretary of State of Texas changing its name from Ford Motor Co. of
Delaware to Ford Motor Co.] V. Ill, p. 298.
—
(H.
H.) Franklin Mfg.
—Automobile
(Franklin
Co.
—
—
Co.), Syracuse, N. Y.
New Stock Earnings.
Toucaing the offering of stock noted last week, an officer
of the
company
confirming our statement as substantially correct, says in brief:
"It is tue intention to invest less than 50% of the proceeds of the present
sale of stock in fixed assets. At the completion of the present sale there will
be outstanding .§5,000,000 Pref. Stock and approximately 290,000 shares
Common Stock. This includes .S500.000 Preferred stock reserved for
employees, of which about 50% has been subscribed.
"A condensed statement of net sales and net earnings for the six months
period ending June 30 1920 is herewith enclosed showing over ten times
dividend requirements on the aforesaid .S5,000,0C0 Preferred and approximately .S5 90 per share on the 290,000 shares of Common."
Earnings of H. H. Franklin Mfg. Co. for the six 7nonths ended June 30, 1920.
Net
sales
.$17,238,936
'
Cost of materials, labor and administration, and depreciation.. 14,289,733
Less:
Estimated federal taxes
1,100,000
—
Net income
—
First half of year
entire year 1919 after Federal ta.xes
110, p. 977)
Compare V. Ill, p. 497, 193.
do
& Wigmore,
Gaston, Williams
•
and deprec.
—
Results for the
30.
— 1919.
— 12 Mos
.$8,460,264
22.9% $10,102,183
45.9%
7,506,904
Inc.
19.4%
6,074,248 23.6%
Oper. income$141, 878 8209,026 dec. 32.1% .52,595,279 $2,386,016 8.8%
Earnings statements of affiliated companies, namely Reading 'I ransit &
Light System. Rutland Ry.. Light & Power Co.. and Northwestern
Ohio Ry. & Power Co. will be found elsewhere in this column. V. 110,
p.
—
1646.
General Motors Acceptance Corporation,
City.
— Nature
of Business.
— Financial
Report.
—
New York
— In May 1920 was announced that to keep pace with the business
corporation had been
\'ote.
it
the
authorized to increase its capital stock from
$2,000,000 to .$4,000,000, while its surplus would be increased from $500,000
to .$1,000,000
( .'.
110, p. 2079).
This company, whose financial report is cited under "Reports" above,
describes the nature of its business svibstantially as follows:
Purpose.
Organized under the Banking Law of N. Y. State and is
controlled [as a wholly owned subsidiary] by General Motors Corporation.
Its purpose is to assist in financing sales both at wholesale and retail of the
latter's products. These including motor vehicles as follows: Buick, Cadillac
Chevrolet, Oakland, Oldsmobile. Scripps-Booth, G. M. C. Trucks, also
sales at wholesale of Sampson products, including tractors, trucks, passenger
cars and power drawn farm machinery, and sales at retail of Delco light
products.
Wholesale Plan. Finances sales to distributors, dealers and sub-dealers,
and thereby acquires jjromissory notes and trade acceptances, representing
unpaid balances on purchases. The unpaid balance in no case exceeds
85% of the wholesale price of motor vehicles or machines stored on dealers'
floor, nor 90% when stored in
i)nb]ic bonded warehouse.
Paper bought
covering .sales at wliolesalc l)y distributors and dealers bears the endorsement
of such distributor or dealer.
The Corporation offers for direct sale, notes and acceptances, growing
out of transactions under this wholesale plan.
Retail Plan.
This Corporation purchases the obligations of retail buyers
covering the unpaid purchase price and not exceeding in any instance, 75%
of the cash sales price. The purchase money obligations so arising and at
times notes and acceptances, are deposited under a trust deed as the basis
for issuance of collateral gold notes. (Fiu-ther described under "Reports".!
Character of Collateral.
The underlying physical collateral consists of
motor vehicles and machines of General Motors Corporation manufacture
and such other motor vehicles as may be taken in exchange for those of
—
—
ii
—
—
General Motors Corporation manufacture.
All motor vehicles and machines sold under the above plan are adequately
covered by instu-ance or reserves and are held under direct lien or other
control by the corporation until full payment of the obligation.
An efficient
Credit Department affords facilities for careful checking the credit of
the note makers and endorsers.
G. M. A. C. Endorsement.
All paper offered for sale, or deposited under
the Trust Deed has the unqualified cndorsenKMtt of the General Motors
Acceptance Corporation. For directors, officers, etc., see V. 110, p. 20~0
—
—
.
General Optical Co., Inc., Mt. Vernon, N. Y. Stock
Offering.Hemphill, Noyes & Co., and Low, Dixon & Co.,
New York, are offering: the Cumulative Partic. Pref. (a. & d.)
shares (not subscribed for by the stockholders) at $56 per
share. Entitled to cum divs. at rate of .$6 per share p. a. and to
additional (non-cum.) divs. of $2 per share in any calendar
—
.
year before divs. shall be paid in such year on the
stock in excess of $6 per share.
•"
Redeemable,
or part, at $65
all
thereafter at $70
and divs.
and divs. on or before Aug.
Common
1
1922 and
Divs. Q.-F.
Data from Letter of Pres. Chas. R. .Johnson, fM. Vernon. N. Y.,July 15.
f^'Companii.
Incorp. in 1911.
Is (lio princip:il manufacturer of the Kryptok fused bifocal lens, and is one of the leading manufacturers of scientific
optical diagnostic instruments, such as the Universal opthalmometor. .^c.
Factory and main office, Mt. Vernon, N. Y., with branch oftices in Chicago
and San Francisco.
*• Purpose.
Through pre.sonl financing, will acquire all the Common stock
Of General Lens Co., Inc., manufacturer of standard Toric and Meniscus
lenses.
Through present financing also, additional working capital will be
Introduced for the rapidly expanding business.
^Capitalization after This Financing
Authorized. OutsI'd'g.
Cunudative I'artic. Proforonce .shares (par $50)
$1,500,000 .$756,2.'i0
Common, shares (par $50)
1,000,000
872, .500
—
—
—
_,
Earnings
—
Sales
Profit before taxes
Year ended
Dec. 31 '19.
.$1,478,701-
Reserve for taxes
Applicable to pref .'divs..
^"^"^^!refDiv.roquir'ts.
* Estimated.
275,400
62,000
213, -100
i:
90.750
Year ended
Man
^Mos.e?id
Year ended
:n '20. A/aw 31 '20. D"f 31 '20.*
$1,835„539
454,806
1 t6,lfi()
308,640
90,750
Gilliland Oil Co., Tulsa, Okla.
Earnings for the
Gro.ss
six
income
—
—
Earnings.
months ended April 30 1920 are as follows:
Drilling expenses,
167,649
2,676,381
452,025
106, 114
&c
Preferred dividend
—Balance,
V. 110,
,562 ,049
.$4
General and administrative expenses
Depreciation, depletion and Federal taxes
surplus
$1,159,880
.
p. 171.
Glenwood (Cotton)
Mills, Easley, N.
C.
— Slock
Divi-
100%.—
dend of
A stock dividend of 100% was recently recommended by the board
subject to the authorization of the stockholders meeting on July 27, payable Sept. 1 to holders of record Aug. 20. There is at present .$600,000
Capital stock outstanding.
A ca.sh dividend of 10% was also declared
payable July 1 to holders of record.
Goodrich Company.
(B. F.)
—Balance
Sheet.
—
The net
profits for the half-year ended June 30 1920, after full provision
for depreciation interest on borrowed monev &c. were as stated last week
$7,600,000, contrasting, it is understood, ^vith the estimated $7,700,000
reported for the first half of 1919. The usual quarterly dividend of IM
on Pref. stock and $1 50 a share on
have been declared, payable
,
,
,
%
Common
Nov. 15 on stock of record Nov.
Assets
—
5.
June 30
Current assets, consisting of cash,
&
receiv.
inventories of raw
Dec. 31 '19.
'20.
and accts.
bills
& finished stock.. $104, 470, 421
Investments and advances to other companies..
Foreign associated companies, &c
Deferred charges
Real estate, plant, bldgs. & equip., less deprecia-
5,793,220
8,802,624
1,231.813
tion and obsolescence reserves ($9,456,803)..
Preferred stock in treasury
Patents and contracts
27,762,227
Total
1920
Inc.
•
—
$1,841,000
—
—
—Plant Addition. —
addition to the plant of the Oakland Motor Car Co., a subsidiary of
General Motors Corp., which, it is stated, will cost $3,000,000 has been
begun at Pontiac, Mich. See report of General ]SIotors Acceptance Corp.
above. V. Ill, p. 299, 193.
$85,874,450
3,331,361
6,054,451
1,264,990
19.486,065
1,906,600
1
1
1
57,798,000
^(V.
& Electric Co. Earnings.
Month of June and Twelve Months Ended June
1920 June 1919.
Oper. reven-.$869,916 $707,905
Oper. e.xp.,
taxes&rent'ls728,038 498,879
General Motors Corp.
Good->vill
— To Reduce Capital.
Inc.
593
An
$1,849,203
See under reports above.— V. 110, p. 2571.
General Gas
.
THE CHRONICLE
Au-G. 7 1920.]
of
—
.
SS6S.245
274.018
110.000
164. OlS
37,813
$2,500,000
600 000
200.000
400.000
90.750
$148,060,308 $175,715,918
—
Liabilities
Current liabilities,
consisting of bills and accounts payable and sundry accoimts..
$31,902,556
Five- Year 7% Convertible Gold notes
.30,000,000
Reserves for contingencies, pensions and amortization of war facilities
3,759,879
Preferred stock
38.412,000
Com. stk. (no par) represented by accum. surp. 43,985,873
Common stock
Sui-plus
$31,187,809
3,725,064
39,600,000
60,000,000
41.203,046
,
..$148,060,308 $175,715,918
not included above of $1,123,293,
—
There were contingent
covering banlcers' loans to employees, secured by deposit of stock of this
Total
Note.
liabilities
company purchased by them and by the company's guarantee.
Common
quarterly dividend of $1 50 per share, payable Aug. 16 1920, also not
included.
V. Ill, p. 497.
—
Goodrich Transit Co.
— Lake Steamship Merger Planned.
Negotiations for the sale of the company to the Chicago Racine & Milwaukee SS. Co., it is stated, have been pending for several weeks.
Other lines mentioned as going into the merger are the Northern Michigan
Transportation Co., Wisconsin Transit Co., and Milwaukee Terminal Co.
The consolidated company it is stated will have a capital of $10,000,000.
The new concern, it is said, will operate 15 vessels and will dominate the
trade between Chicago, Milwaukee, Detroit, Cleveland, Muskegon, Grand
Haven, South Haven. Sturgeon Bay, Manitowoc, and practically all ports
on both the east and west shores of Lake Michigan. V. 106, p. 1464.
Goodyear Tire
—
—
—
Co. — Earnings — New President.
& Rubber Co. —
Sales.
Announcement is made that the gross sales for July were 817,185,113;
same month last year, $15,989,349. V. 110, p. 2571.
Gorton-Pew Fisheries
March 31 Years—
1920.
...$7,822,160
725,799
139,164
Sales
Net
profit
Vessel earnings,
&c
Total
Operating expenses
Other income
Other charges
$864,964
788,639
Cr. 182, 186
342,277
1919.
$9,389,751
1,192,960
249,800
$1,442,760
774,141
Cr. 163.440
330,096
def.$83,765
Balance, surplus
$501,963
Stuart Vf W^ebb has been elected President, succeeding Banjamiu A.
Smith, who becomes Vice-President. V. Ill, p. 194.
—
.
Gray &
Davis, Inc.
— Selling Contract Approved. —
The stockholders have approved the contract, which runs to Jan. 1 1936.
by which American Bosch Magneto Corp. becomes exclusive selling agent
and assumes management of company.
An increase in the authorized common stock from 108,904 to 138,904
shares, par $25. and optioning of the additional 30,000 shares at par, to
American Bosch interests was also approved.
The new directors are: A. T. Murray, G. A. MacDonald, Martin Kerns,
Ralph Hornblower, C. II. Dwinnell, H. C. Dodge, B. J. Moses, L. Sherman Adams and George S. 'West, The new officers are those mentioned
in V. Ill, p. 498.
Greelock Co.
Tlic Boston Stock
Common
Assets
—
Listing.
—
Exchange on July 20 placed on the
Capital Stock, par $100.
Balance Sheet April
—
1
list
60.000 shares
—
1920.
Liabilities
I
$1,315,9171 Notes payable
Stocks of other cos
12, 126,208 Accrued interest
3,733 Capital stock
Prepaid interest..
Total (each side)
$13. 445,S.58 Surplus
Compare V. 110. p. 305. 470, 1752.
$6 ,650,000
24 ,0.50
2,445,375
326.433
Cash.
1
1
1
Greenfield (Mass.) Tap
&
Die Corp.
Purchase.
t(-c.
This company earlv in June 1920 acquired the entire Common stock
of the Lincoln Twist Drill Co. of Taunton, and so obtained control of a
coitiplete line of small tools, comprising taps. dies, reamers and twist
drills.
A handsomely illustrated pamphlet giving a history of tlio enterprise from 1872 to date was issued by the Greenfield Tap & Die Corporation on the formal opening of the Administration Building March 5 1918.
—V. 110. p. 2491.
Hartford Automotive Part Co.
— Earnings. —
the six months of 1920 wore .$851,586. increase of $257,408
over the corresponding period of 1919. After .setting up reservt^ for
taxes, net income for the six months was $120,113, coini>ared withS94,970
in 1919.
Not earnings fcr May and June wore $58,810. after depreciation, or at an
annual rate of about $350,000. During the past 15 months, company
after all charges and divs. has turned back into the busin(\s.s an amount
equivalent to 37';. on the Common stock. The surplus and rosorvo account
now amounts to $312,6()0. compared with $192,132 on March 1 1019.
(Reported by llollistor, AMiite & Co., Boston.) V. UO, p. 1977.
Net
s.ilcs for
—
Hartford City Gas Light Co.
Tho Conno*
— Rate Reduction
Denied.
—
V. Coniiuission has doiiiod the petition oV the City
of Hartford that the Company lie onlored t<i cancel the inori-aso in its rate
to its customers within tho City of llarli'ord by the addition July 1.1 of a
The Commission finds
so-called "customer charge of 50 cents a month.
V. lOS. p. 2531.
that the proposed increase is not unproper or inequitable.
ticut P.
"
—
594
Hart, Schaffner
&
Marx.
— To
THE CHRONICLE
Make Women's Coats. —
Earnings of
This company, exclusive manufacturers of mien's clothing heretofore, it is
announced, will now engage in the manufacture of coats for women upon a
more extensive scale than any other concern engaged in the production of this
line of apparel in tnis country.
Secretary Mark W. Cresap is quoted as saying: "We have gone into the
business not because women demand clothing which is more mannish, but
because they demand a higher quality of fabrics, a higher quality of tailoring
and a lower price, and we are in a position to meet all these requirements,
not only in material and tailoring, but we are conversant with volume
production. Our designs and styles will be of the most attractive and
"We have developed a line of women's coats with a view to
fashionable.
.
These coats have utility features t^iat so
standEirdization of style.
They are good season after season; for
well dressed women like.
motoring, sports, walking, business, shopping and all outdoor activities."
1752.
p.
110,
some
many
—V.
Helvetia Copper Co.
— Assessment. —
The Company has
levied an assessment of 50 cents a share, to be paid
Sept. 1, making a total of .$16.50 paid in on the stock which is .S25 par.
"The last two calls were for like amounts, one Sept. and the other in June,
1919. Money derived from asse.ssment, it is stated, wUl be used to push
drilling of some new wells and for further expansion of company's surface
equipment. V. 90, p. 702.
—
—
Hercules Powder Co. Half Yearly Earnings.
1920.
1919.
1918.
6 Mos. to June 30—
—
Available for impts. or
common
divs
$301,171 $2,436,800 $3,163,867
$1,074,703
net earnings, as above, are stated after deducting all expenses
incident to manufacture and sale, ordinary and extraordinary repairs,
maintenance of plants, accidents, depreciation, &c. From the earnings
of the six months ended June 30 1920 provision has been made for war
taxes under existing laws. The company during the present calendar
year has been paying on its $7,150,000 common stock 4% quarterly (2%
regular and 2% extra) amounting in the aggregate for the six months to
$572,000.
Consolidated Balance Sheet June 30.
Tbe
1919.
1920.
1919.
Liabilities
S
S
S
Plants & property .14,539,179 13,615,159 Common stock
,150.000 7,150,000
Cash
1,122,460 2,338,417 Preferred stock
,730,800 5,350,000
Accounts receiv
233,151
4,330,606 2,064,079 Bills payable
1,034,000
Collateral loans
Accoimts payable.
474,592
531,843
1,250,000
Invest, securities.
50,144
46.812
100,472
892,120 Preferred dividend
Liberty bonds
4,458,350 4,199,581 Deferred credits.
28,241
28,091
Mat'ls & supplies. 4,647,168 2,827,726 Fed tax & oth res
819,648 2,091,479
Finished produets. 1,525,080 1,899,896 Contact advances
401,120
Govt. accounts
4,276,708 Profit and loss
16,544,998 15,710,171
"58",258
Deferred charges.
229,831
Assets
1920.
—
—
S
.
Total
32,031,574 32,343,517
—V. Ill, p. 194.
Hess steel Corp.
—
.
Total
Net
profit carried to surplus
$1,983,469 $1,296,013 $1,127,093
Consolidated Balance Sheet, Including Subsidiaries May 31 1920.
Assets
LiabUUies
Real est., plants & equip
S5,790,398 7% 1st Pref. stock
S10,921,891
Investments
13,715 7% 2d Pref. stock
5,331,700
Licenses, pat. rights & goodw. 2,359,792 Com.stk.Cno par) stated val.
1,616,109
Cash
4,881,291 Funded debt
20,500
Subsc. to Common stock
4,693,613 Notes payable
1,500,000
3,404 Accounts payable
Special deposits
2,531,487
Mortgages receivable
5,000 Accrued accounts
1,674,451
4,087,491 Customers deposits
Accts. & notes ree. less rea..
138,308
Inventory, less reserve
13,394,683 Res. for Fed. taxes & conting.
1,720,072
..-. 10,368,927
Deferred charges
594,058 Surplus
—
Protective Committee.
—
protective committee for First Mtge. 6% bonds (V. Ill, p. 393) has
organized by the election of James C. Fenhagen of Robert Garrett & Sons,
as Chairman; Allen W. Mason, of the Baltimore Trust Co., Secretary, and
Harry N. Baetjer, of Venable, Baetjer & Howard, as counsel. Depositary
Baltimore Trust Co. V. Ill, p. 393, 498.
—
Imperial Brass Mfg. Co., Chicago.
— Bonds
Offered.
—
Central Trust Co. of Illinois, Chicago, are offering at prices ranging from
995^ and int. to 98 K and int., to yield 7M%, according to maturity,
$400,000 1st Mtge. 7% Serial gold bonds, dated April 1 1920, due serially
April 1 1922 to 1930. Optional at 103 to April 1 1926, and at 101 thereafter.
Int. payable A. & O., without deduction for normal Federal income tax,
not in excess of 2%, at Central Trust Co. of Illinois, Chicago, trustee.
Denom. $100, $500 and $1,000.
In addition to contract and jobbing work for a large number of the bestknown industrial corporations in their respective lines, company manufactures a great number of its own specialties in widely diversified lines. Gross
sales have increased from ,$76,854 in 1905 ,the first year of operation, to
$1,629,358 for 1919. For the first four months of 1920 gross sales were
$742,763.
Cash dividends have ranged from 8% to 13% per annum, with
stock dividends aggreagtlng, since 1806, considerably in excess of 100%.
Indian Refining Co.
—
Quarterly Dividend Increased from
with Union Oil Co. of Delaware.- The
on the
directors have declared a quarterly dividend of
.$3,000,000 Common and the regular quarterly dividend of
on the .$3,000,000 Pref. stock, payable Sept. 15 to
stock of records Sept. 8. Dividends on the Common shares
have been
quarterly since Dec. 20 1917, when they
were resumed after an interval of six years.
James H. Perkins, Charles Sabin and Henry Lockhart Jr.
(all directors of the Union Oil Co. of Del.) have been elected
directors to fiU vacancies.
3
to
5% — Alliance
5%
—
1M%
3%
The $100 Common shares were recently subdivided into ten $10 shares
and 450,000 shares of new Common of $10 par value were underwritten
by a syndicate and then offered to all shareholders of record Aug. 16 at
$20 a share or 200%. Compare V. 110, p. 1287, 2661; V. Ill, p. 498.
International Nickel Co.
Quarter ending June 30
—Earnings. —
1920.
1919.
1918.
$2,172,097
272,208
$1,012,856
19,598
$3,838,506
Total income
$2,444,305
Administration and general expenses.
160,651
Reserve for taxes
306,973
Depreciation and mineral exhaustion.
574,612
Preferred dividends (lJi%)
133,689
$1,032,454
129,612
241,618
486,293
133,689
$3,890,714
248,487
1,322,909
472,953
133,689
$41,240
$1,712,676
Earnmgs
Other income
Balance, surplus
—V. 110, p. 2288, 566.
5.^,208
—
—
International Motor Truck Corp. Balance Sheet.
& Co.. who are offering a limited amount of 7% Cumul.
market price have issued a circular which shows:
Output Growth of Company's Production During Recent Years.
First Pref. stock at
1920.. (est.)
1919.
1917.
1918.
9,000
5,015
2,981
3,821
Net sales. ..$2,735, 074 $11,716,874 $19,234,338 $22,143,698 $40,000,000
Through the acquisition of the New Brunswick plant in Dec. 1919, and
additions to the Allentown plant now nearing completion, the annual productive capacity of these plants before the close of 1920 shoiild be about
12,000 trucks [in 1915 output was 1,607; in 1916, 1,977].
Large users of Mack trucks with respective number in service by each,
include the following:
Standard Oil Companies, 1,022; Texas Co., 178; City of New York, 150;
Southwestern Bell Telephone Co., 170; Ward Baking Co., 188; So. California Edison Co., 98; Consumers Co., Chicago, 136; Chicago Fire Dept., 72.
The U. S. Government is the largest user of Mack trucks. In 1917, over
6,000 5H-ton Mack trucks were purchased by the Government for service
of the American Expeditionary Force, and after the armistice the Mack was
adopted as one of the standard trucks of the Motor Transport Corps of the
1914.
U.
S.
Armf.
835,823,445
Total
.$35,823,445
Earnings for the first five months of 1920, after all charges, including
taxes, were in excess of $1,700,000, or at a rate of more than five times the
dividend requirements of the First Pref. stock, notwithstanding that very
little benefit had been derived from the newly acquired facilities.
V. 111.
p. 299; V. 110, p. 2086, 1084, 2572.
—
Island Creek Coal Co.
—Earnings. —
Quarter and Six Months Ending June 30 1920.
Quarter.
Six Mas.
Tons of coal mined- -.
379,832
750,761
Tons of coal sold
354,892
761,312
Earnings from coal sales
$752,317 $1,147,456
Miscellaneous earnings
120,819
273,171
Results for
Total earnings..
Profit before depletion, depreciation
$873,136
$842,860
$553,121
and taxes
Net prof it
— V.
for period
110, p. 1531.
$1,420,627
$1,362,288
$940,173
—
Kerr Navigation Corp. To Cancel Oper. Agreement, &c.
& Commerce Corp. above.^—-V. 109, p. 1370.
Lake of the Woods Milling Co., Ltd. Add. Stock, &c.
Shareholders of record Aug. 21 are given the right to subscribe on or
before Sept. 30 to 7,000 shares of Common stock at par ($100) on the basis
See American Ship
—
—
new stock
may pay
for each four shares held.
for the new stock to which they are entitled by
transferring to the company, as payment in full therefor, the special divistock declared payable Sept. 1 1920 to holders
dent of 25% on the
Subscriptions must be received by the Crown Trust Co.,
of record Aug. 21
145 St. James St., Montreal.
Pref. stock and
The company has at present outstanding $1,500,000
stock. There are also outstanding $900,000 bonds.
$2,800,000
See V. Ill, p. 393.
of one share of
Shareholders
Common
.
7%
Common
Lee Rubber
&
Tire Co.
Sales for 6 months ending
Net profits before taxes
V. Ill, p. 299, 194.
—
Sales.
Liberty Ordinance Co.
1919.
$2,597,000
1920.
.-S4,.383.000
June 30
—
—
510,923
— Successor
See Morris Metal Products Co. below.
— V.
Company.
—
107, p. 2193.
Liggett's International, Ltd., Inc.— Preferred Stock
Co.
Co. and F. S. Moseley
Kidder, Peabody
Offered.
are offering at .$50 per share, to yield 8%, $7,500,000
Cum. Pref. stock.
Divs. (Q.-P.) guaranteed by
Callable at 60 and divs., all or part.
United Drug Co. Auth., $35,000,000; to be presently issued, $7,500,000;
reserved for exchange for United Drug Co. 1st Pref., $15,000,000. Application will be made to list stock on the N. Y. and Boston stock exchanges.
Data from Letter of Louis K. Liggett, Pres. of United Drug Co.,
Dated Boston, July 26 1920.
Confirming my statement (V. 110, p. 2495) Liggett's International Ltd.,
Inc has acquired all the Ordinary shares of the Boot's Pure Drug Co..
Ltd., of England, at a cost of about $10,000,000.
Sales of the Boots Company for the year ending March 31, 1920 were
about $35,000,000. an increase of nearly $2,500,000 over previous year.
is
The percentage of earnings to volume in the case of the Boot's Company in
sub-normal, being only about 60% of the normal percentage of earnings
infor
opportunity
The
States.
United
in
the
our comparative business
crease bv the adaptation of some of our methods is therefore immediate.
The Boot's Company owns and operates 632 drug stores, established in
every important community in England and Scotland, with leases rumnng
from 10 to 500 years at low rentals. Has extensive manufacturing plants
producing a large proportion of the goods sold in its stores.
Liggett's International, Ltd., Inc., is also acquirmg from the United
in Great
Drug Co. all the manufacturing and retail business conducted by it approxiBritain and through subsidiaries in Canada, doing a business of
mately $5,000,000 a year, with profits for the year 1920 estimated at
about $400,000, and will pay for these properties with its Common Class
B voting stock. The United Drug Co. will, therefore, own in the be-
—
&
&
8%
,
,
ginning the entire voting stock of Liggett's International Ltd., Inc., and
have the right at any time to acquire at $150 per share the balance ot the
outstanding Common stock or such shares ap may not hereafter be exchanged for Common stock of the United Drug Co.
L,igThe United Drug Co. guarantees the dividends on the $7,500,000
stock as
gett's International Pref. stock, and also such additional Prefof the United Drug
may be issued in exchange for the 7% First Pref. stock (V.
p. 2495).
Co underoffermadetoPref. stockholders June 9 1920 for 110,
Liggett s interexchanged
The Preferred stock of United Drug Co.
national 8% Pref. stock is to be held in the treasury of Liggett s Internaon all tne
tional, thereby representing a claim up to the par value thereof
has
net assets of United Drug Co. The United Drug Co. (consolidated)
of
property
mvtsted
its
to
addition
net quick assets rising $19,000,000 in
the treasabout $15,000,000. The Pref. shares of United Drug Co. held
requireury of Liggett's International also provide within 1% of the div.excliange
ments of the Pref. stock of Liggett's International issued
m
m
of Liggett's International now offered, while exactly
respects as the stock issued in exchange for the United Drug
Co 's Pref., may therefore be considered as representing $2,400,000ofcasn
the
capital and an investment (of $10,000,000) in the Ordinary shares
Irom
Boot's Company and the Canadian and British businesses taken over
United Drug Co. with current profits of more than thi-ee times the.Qivi-
°The $7,500,000
$1,268,380
Hayden, Stone
Trucksprod.
—
Total
32,031,574 32,343,517
The
Three Years.
1918.
1917.
$3,161,249 $4,042,552 $1,439,079
247,780
1,204,720
930,000
1,541,819
3iY,986
Operating profit
Less amortization
Reserves for Federal taxes
1917.
$9,683,942 $12,173,832 $19,880,967 $26,692,312
Net earnings (all sources) l,2fi5,2S5
488,421
2,624.050
3,351,117
Preferred dividend
187.250
187,250
187,250
(3><)190,582
the Corporation for the Past
1919.
Gross receipts
for
[Vol. 111.
544
The output is marketed largely through the corporation's own branches,
thirty-five such branches and service stations being maintained in the larger
cities of the United States; the distribution to smaller communities being
handled through local dealers.
the
same in
all
the
dend requirement on such $7,500,000.
Net Profits of United Drug Co. and Subsidiaries, Since Its Re-formation in 1916
{Not Including Profits of the Boot's Company).
$2,014,810
1916 (11 months), $2,074,501; less income taxes, $59,691
2,Slb,&£)/
1917, $3,156,007; less income and profits taxes, $339,456
d,04».ll&
taxes,
profits
$l,o31.808
1918, $4,579,922; less income and
4,29b,44U
1919, $5,275,004; less income and profits taxes, $9,8,o65
For 1920 profits are running about 15% increase over the corresponding
period of the previous year and it is expected they will continue to increase
with the further development of the business. See also Umtcd Drug Co.
below and compare V. 110, p. 2492.
—
Livermore, Dearborn & Co., Inc. To Change Name to
Consolidation of Steamship Cos.
United American Lines, Inc.
See Ameri:an Ship & Commerce Corp. above.
Lord Drydock Corp. of New York. Pref. Stock Offered.
—
—
—Peabody, Hough teling &
Co., Chicago, are offering at
par and div. with four shares of Common stock as a bonus
with each 10 shares of Pref. .$1,250,000 First Pref. (a.|& d.)
Cumul. stock. Par $100. Circular shows:
8%
— —
Aug.
THE CHRONICLE
7 1920.]
Dividends payable July 1 1920, and quarterly thereafter. Red. all or
Prom April 1 1920, an annual
part at 110 and div. on 90 days' notice.
sinking fund of 10% of the net profits available for Common stock divs. is
provided for the purchase of First Prof, stock at the lowest price obtainable,
up to 110 and div., or to call the stock at that price
Capitalization
Authorized.
To be Issued
.$5,000,000
$1,2.50,000
8% First Preferred stock (this issue)
1,843,050
5,000.000
7% Second Preferred stock
100,000 sh.
Common stock (no par value)
100.000 sh.
History.
Has taken over the ship repair plant of the Weehawken Dry
Dock Co., in New York Harbor, the plant of the Lord Construction Co..
at Fields Point, Providence, R. I., and the plant of the Marine Engineering
& Dry Dock Co.. at Providence. The owners of these properties have been
paid in Second Pref. and Common shares, and have received no cash, so
that the entire proceeds of this issue of First Pref. stock are available for the
construction of a new ship repair plant now being erected on 2,000 feet of
valuable water front in New York Harbor, and for working capital. Control and management remains in the hands of the Lord Construction Co.,
Earnings.- Combined earnings of the Fields Point and Weehawken plants
for the years- 1918 and 1919, before Federal taxes, were at the rate of over
$900,000 a year, or 9 times the annual div. requirements of this issue.
Based upon current earnings of the plants which are now operating and with
the added earning power of the new New York plant, which will be completed next fall, it is estimated that annual net earnings should be not less
than $1,250,000.
—
—
—
—
—
(W. H.) McElwain Co. Second Pref. Stock Increased.
The company has filed a certificate with the Mass. Commissioner of
Corporations increasing the 2d Pref. stock by $1,000,000. The company's
annua] report stated: The directors will recommend to the stockholders at
the annual meeting the authorization of a further increase of $1,000,000 in
2d Pref. stock. This class of stock, normally yielding 9% has always been
intended for members of the organization of the company, and has been
held largely by executives and foremen. The demand from factory and
To make
distributing hou.se employees has become increasingly evident.
the stock more easily available for them the par value was reduced in Feb.
1920 from $100 to $50 per share. Compare annual report in V. Ill, p. 489.
,
Mackay Companies.
—
—
Under I.-S. C. C. Jurisdiction.
order issued on Aug. 2 the I.-S. C. Commission assumed jurisdiction over the Mackay Companies, and ordered company to file annual
reports beginning with 1917 and to make full statements of their books
By an
and records.
refused to make reports to the Commission or furnish
their records for inspection, but after a conference with the Government
officials a stipulation was signed admitting the jvu'isdiction of the Commission, which applies only to the lines of the company situated within
the United States.— V. 110, p. 2081.
& Heat
Manufacturers' Light
30—
Siz Afonths to June
Co.
1920.
$6,215,942
Gross earnings
Expenses, taxes, &c
1919.
$5,672,399
3,540,408
3,974,304
Net from operation..
Other income
1918.
$4,938,270
2,852,556
$2,085,714
Cr.31,018
(4%)920,000
$2,131,991
0-.41 ,400
26.951
920.000
$1 ,356 ,356
$1,226,440
$1,165,225
$2,241,638
Cr.41,363
6,646
Interest on bonds
Dividends paid
— Earnings. —
Surplus
110, p. 2296.
Marland Refining Company.
31,
07
920,000
— Earns. — New
—
Officer.
The July issue of the "Marland News" reports: Beginning with Jan. 1
1920, net earnings have increased at the rate of $35,000 per month, until
in May they were $441,468, before making allowance for depletion, drilling
cost and Federal taxes; this is an increase of 55% over earnings for January.
Refinery Earnings and Earnings from Lease Operations.
Jan.
Feb.
March.
April.
Total.
May.
Refinery earns. $47,506 $55,577 $113,683 $1(>8.046 $182,384
$567,195
Lease oper'ns. 292,458 257,666 334,235 323,888 382,274 1,590,521
W. G. Lackey, formerly Vice-Pres. of the Mississippi Valley Trust Co.
has been elected Vice-President to direct supervision of finances, of both
the Marland Refining and Kay County Gas Cos.
"This will give the President E. W. Marland more time to devote to the
operating details of these companies. The Alarland interests are doing a
greater amount of development work in the Mid-Continent Field at this
time than is being done by any other organization. They are at the present
time drilling over 75 wells and have 100 additional locations to drill as soon
as materials can be secured for the same.
The lubricating plant is nearing
completion and should be in full operation by October. Mr. Lackey will
add greatly to the strength of this organization." (Statement authorized
by President Marland, furnished by Shapkers, Waller & Co., 234 So.
La Salle St., Chicago.) V. 110, p. 2662.
\
—
Martin Co.— Sale.—
(D. B.)
See Wilson-Martin Co. below.
Miami Copper Co.
Month
—V.
Ill, p. 394.
— Production
Seven months to July 31
—V.
111. p. 195.
& Ordnance
Midvale Steel
Results for Quarter
Co.
—
AT
*v,
Month
Net
.after
taxes
—Earnings. —
—V. 111. p.
(George
reserve
Balance for divs...
Earned per share
110, p. 2081. 1977.
$4..349,498
$2.17
—V.
Miller
Rubber Co.
—
Sales.
$946,267
$.48
1920.
.
of. June
months ended June 30
—V.
$5,866,495 $3,696,464
$2.93
$1.85
—
AT
.,
Month
Six
1920—6 Mos.— 1919
$3,003,760
18,374,793
110, p. 164S, 1093.
1919.
$2,196,099
10,990,515
— Merger Planned. —
—
Gas Light Co. — New Gas
Milwaukee Terminal Co.
See Goodrich Transit Co. above.
Minneapolis
By an
— V. 105, p. 294'
Rate.
—
Minneapolis Steel
licsiills
& Machinery
for the Fiscal
Co.
— Earnings. —
Miscellaneous earnings
$2,062,586
95,485
Gros.s earnings
$2,158 071
Expenses and disbursements. Including experimental and develoiv
ment expenses, depreciation, obsolescence, &c
710,147
Balance before Federal taxes
$1,447 923
Required to meet one years dividend on present outstanding
$2,000,000 7% I'rof. stock
and renewals, doprecial ion and obsolcsence.
are interested.
Compare V. 110. p. 1753.
lor repairs
W. \
.
—
A. B. Leach
&
Co.,
—
1919.
$9,009,014
53.113,007
$6,786,464
39,734,690
Moon
C.)
—
Co., of
Garwood and Dunellan,
Preferred dividends payable Q.-F.
Red. at 110 and divs. on 30 days'
notice.
Capitalization After this Financing
8%
Common
Cumul.
(No Bonds
or Mortgages).
Authorized.
Outstdg.
Pref. stock (par ,$25).
$750,000
$500,000
19.875 sh.
24,000 sh.
stock (no par value)
—
Company. Incorp. in Delaware. Plants at Garwood and Dunellan.
N. J. Products embrace all varieties of rope for every known purpose
where wire rope may be used, some of which are as follows: Oil and gas
well drilling, elevator cables, mine hoist and haulage, tramways, ships
rigging. &c.
Business up to the present time has been almost entirely
domestic and has not yet touched the export field.
Earnings.
Net earnings for years 1916 to 1919, inclusive, have been 4J^
times the div. requirements on the Pref. stock now to be outstanding.
Purpose. Proceeds of the sale will be used to retire the present banking
and outside current debt, to place purchases of materials on a cash discount
basis and to increase the wire-making capacity.
Ifeiai
—
—
Morris
&
Co.
— Note Issue
a7id Stock Dividend Contemplated.
understood, is negotiating with Chicago oankers for
the sale of $10,000,000 Ten Year 7% Coupon notes.
Vice-President MacFarlane is quoted as follows: "Our plans are too
embryonic for a definite statement. We don't know how much of our surplus we want to capitaUze nor whether we wish to oorrow five, ten. fifteen
or twenty million dollars.
Whatever change we make in our capital will
probably be in form of stock dividend. It is not probable that we wil *sell
.stock to either employees or pubhc at this time."
See annual report in
The company,
it is
V. 110, p. 463, 2662.
Morris
Metal
Products
Conn.
Bridgeport,
Co.,
This company (formerly the Liberty Ordinance Co., V. 107, p. 2193) has
filed notice with the Secretary of State of Connecticut increasing its capital
stock from $4,000,000 to $8,000,000, consisting of $5,000,000 Preferred and
$3,000,000 Common stock, par $100. Among the directors are Jacob
Farlee, W. J. Joyce and A. W. Morris.
(Leonard) Morton
&
Co.
—
Month of July
—
V. 110,
2492.
Sales.
—
Increase.
1920.
1919.
$473,058
$195,473
p.
142%
—
—
Motor Wheel Corp., Lansing, Mich. Dividend.
A press dispatch states that the corporation has declared a cash dividend
of 2% on the Common stock, which was increased to $4,502,000 on JunejlO
1920 by a stock dividend of 50%
The present dlx-idend is payable Aug. 20
to holders of record Aug. 7.
The initial common dividend paid May 20
.
was 2^2%.
The company's
financial statement is said to show "over
$12,000,()00 actual orders with shipments specified." Compare V. Ill,
p.499; V. 110, p. 2197.
—
—
Municipal Gas Co., Albany, N. Y. SI Gas Unfair.
Supreme Court Justice Nichols has handed do^vn a decision upholding the
contention of the company that the law limiting the price of gas to SI for
1 ,000 cu. ft. is unconstitutioal in that it confiscates the plaintiff's property,
and that the company is entitled to charge a higher rate. The court
valued the property of the company used in its gas business in the city of
Albany at $1,821,876 and ruled that the company is entitled to a 6% return
on this amount over all its expenses.
The present rate of gas in Albany is $1-15 for 1,000 cu. ft. The company
recently filed a new rate for $1.30 to take effect Aug. 11 1920.
V. 108.
—
—
p. 788.
Nat'l Cloak & Suit Co.— T^o Inc. Cap.— New Notes.
The company has notified the New York Stock Exchange of a proposed
its Common stock from $12,000,000 to $17,000,000.
Unconfirmed rumors state that the company is about to sell $5,000,000
Ten-Year 8% Notes, the proceeds to be used for additional working capital.
increase in
The
notes,
it is
understood, will be convertible into stock.
It
is
stated that
Goldman, Sachs & Co. are forming a syndicate to underwrite the notes.
— V.
110, p. 656.
— &
National Conduit
Cable Co.
Net
$4,760,150
5,156,964
1918.
$6,628,684
6,703,790
$191,505 def$396,815
62,066
19,342
defS75,106
47,063
$210,847 def.$334, 748
161.664
181,552
129,396
126,996
dcf$28,043
336,425
$6,987,331
6,795,825
profits.
Other income.
Operating income
—
—Earnings. —
1919.
1920.
&c.
&c
Deficit
V. 110, p. 1978, 975.
$80,214
$643,296
8364,468
New
Cornelia Copper Co. Ajo, Ariz. Div. No. 3.
This company, 1,229.741 of whose l.SOO.OOO outstanding sliaros of S5
each are owned by the Calumet & Arizona Mining has declared a dividend
of 5% or 25 cents a share Aug. 23 on stock of record Aug. 6
.The initial
dividend of 5% was paid Nov. 25. Dividend No. 2 also 5% was paid May
24 1920, so that the present payment appears to be a quarterly distribution.
The company has issued a booklet describing its mine nad reduction
plant.— V. Ill, p. 195, 187.
New
Jersey Gas Co.'— Rate Increase.
—
The New
Jersey P. U. Commission has permitted the company to'add
26H cents per 1.000 cu. ft. to its present rate of $1.65 a 1,000 cu. ft. for
gas, plus a "readiness to serve" charge of 25 cents a meter per mouth.
V. 107, p. 1007.
Jersey Zinc Co.
—
Earnings.
—
Quarters ending June 30
1920.
Income after expenses, taxes, maintenance, depreciation, &c..
$3,341,577
Interest on mortgage bonds.
40,000
Reserve for retirement of bonds
75,000
Reserve for Federal taxes
470,000
Dividends
— Surplus
V. 110,
1919.
1918.
^
$1,971,337 $5,342,643
40,000
40,000
75.000
75.000
1,530.000
365,000
(4%)1.680.000 (4)1,400,000 (8)2,800,000
$91,337
$1,076,577
p. 2081.
Newton & Watertown Gas Light
Year ended Dec. 31 1919.
Net income from operations
Sales.
195.
—
New
order and formal decree filed by U. S. District Judge Wilbur F.
Booth, approving and confirming the findings of John F. McGee, special
master in chancery the new gas rate for residents of Minneapolis beginning
for Aug. has been raised from 95 cents to $1.14 per 1,000 en. ft.
The court order reads: "Ordered that the report of the .special master in
chancery as amended by him be, and the same is hereby, in all things
approved and confiinred." V. 111. p. 394.
—
1920.
N. J. Stock Offered. L. N. Rosenbaum & Co., Inc., New
York, are offering this company's stock in units of 8 shares
of 8% Cumul. Pref. (a. & d.) stock and 1 share of no par
value Common stock at $285 the unit.
(See advertising
pages.)
The bankers state:
Depreciation,
$6,590,213 $3,138,650 $10,250,808 $7,810,184
l,.5!7.:il7
770,564
787,979
l,5SO,701
1.470.151
1,401,404
2,816,080 2,563,019
Interest
Depreciation
, T
of
June
months to June 30
Six
Interest, taxes,
and Six Mos. Ending June 30.
1920— 3 Mos.— 1919
Co., Chicago.
Six Months to June 30
Net sales
Mfg. costs and administrative exp..
(Lbs.)
1920
1919
1918
4,549,298 4,113,452 4,793,082
32,520,780 32,449,445 33,738,568
of July
595
Montgomery Ward &
The company had
—V.
——
—
Co.
— Rate
The Mass. Department
of Public Utilities has authorized the
increase the price of gas from $1.05 to $1.35 per 1.000 cu. ft.
2270.
$897,643
Increase!
company to
— V.
109, p.
—
New
York Telephone Co. Files Increased Rates.
According to new sclu'dulos filed by the company with the P.'S. Commission, telephone r;itos in Albany and all other un-State municipalities
,
covered by the company's service will be increased on Sept. 1.
The new monthly
rates are as follows: (n) Individual lines
— Business.
$8 50 instead of $6 as at present; residence, S4 25 instead of S3 50.
Business. S6 75 Instead of S5 50: residence. S3 75
lb) Two-party lines
instead of S3,
(c) Four-party lines
Residence, S3 instead of $2 50.
It is stated that the Commission has no power to suspend the operation
of the new rates on Sept. 1.
It favored legislation and a bill was introduced last winter giving the Commission authority to suspend rates of
telephone as well as certain other utility companies while an investigation
—
—
THE CHRONICLE
596
was in progress to determine a just and reasonable rate for service rendered, but the measiu-e failed to pass in the closing hours of the session.
—V. 110. p. 2572.
Niagara Falls Power Co.
— Quarterly Report. —
Mos. end. June 30 {Incl. Can. Niagara Poicer Co.)
1919. 1920— 6Afos.
1920
3 Mos.
•1919Total operaring revenue. Sl.497,878 $1,239,049 .52,927,803 §2,511,371
572,791
448,756
1,161,355
902,795
Op. exp., amort. & taxes
Results for Qiiar. and Six
Net earnings
Other income
(net)
Net income
Interest,
&c
income
—Surplus
V. 110,
1753.
8925,087
58,044
S790,293
73.595
81,766,448
111,985
81,608,576
142,389
8983,131
396,541
$863,888
337,852
81,878,433
754,590
81,750,965
677,984
$586,590
$526,036
81,123,843
Ontario Steel Products Co., Ltd.
—Annual
p.
—
$1,072,981
Report.
—
—
Increa.se in Capital Stock
Dividend Declared on Com. Stock.
Years ending -June so—
1919-20.
1918-19.
1917-18.
1916-17.
Net, after deprec'n, &c.- 8285,900
$198,770
x820S,107
8182,296
Bondinterest
$32,292
$36,000
$36,000
$36,000
Bond redemption fund...
12.000
12,000
24,000
Sinking fund
15.708
Pref.div., incl. arrears. .(9%)67, 500 (9M)73,125 (8'^)61,875 (8^)61,875
Balance, surplus
$170,400
$77,645
$98,232
860,421
Pres. W. "Wallace Jones, Gananoque. Aug. 10. reports in brief:
Operations
Notwithstanding a substantial reduction in prices, oiu' output in value and tonnage was the largest since incorporation. Since Jan. 1
domestic shovel business has been brisk, and an extension to these works is
All our original factories have been employed to about
in contemplation.
capacity diu-ing the year, and manufactiu-ing was commenced in the Central
Spring Works, Oshawa, early in April.
Plants, &c.
On Sept. 11 1919 our main spring factory at Chatham was
destroyed by fire. A new. enlarged and modern fireproof building was
erected, and manufacturing resiuned on Oct. 20.
Despite large capital
expenditures during the year, yoiu- cash position has been well maintained.
New Stock. The stockholders will be asked to sanction an increase in
the authorized capital stock from $1,500,000 (all outstanding, $750,000
being 7% Cum. Pref.) to $2,750,000.
Dividends.
Last February the balance of arrears on your Pref. stock was
was paid in May, and a
paid off and regular quarterly di\adend of
will be paid Aug. 16.
further 1
The directors also declared a dividend
of 7% upon the Pref. shares for full year ending June 30 1921, payable
quarterly Nov. 15 1920 to Aug. 15 1921, inclusive.
The directors have also authorized a dividend of
upon the Common
shares for full year ending June 30 1921, payable quarterly at the rate of
on Aug. 16, Nov. 15 1920. Feb. 15 and
16 1921, to stockholders
of record July 31. Oct. 30 1,^20. Jan. 31, April 30 1921, respectively.
—
—
—
—
,
1H%
M%
8%
May
2%
M.
[On June 30 1920 only $522,200 bonds (1st
6s)
remained outstanding;
total current liabilities, 8177,384; current assets, $755,820, including cash,
$192,563.
Ill, p. 394.
—V.
—
—
Oval Wood Dish Corp. Bonds Offered. Second Ward
Securities Co., Halsey, Stuart
Co., and Edgar, Rieker &
Co., Milwaukee, in June offered at 100 and int., yielding
Conv. Serial Gold Bonds. Circular shows:
8%, $600,000
Dated June 1 1920, due 1921 to 1927. Int. payable J. & D. at the Corn
Exchange Na. Bank, Chicago, or Second Ward Savings Bank, Milwaukee.
First Wisconsin Trust Co.. trustee.
Denom. $1,000 and 8500 (c*). Convertible at any time into Common stock at the rate of one share of Common
stock for each $50 of bonds.
Callable on 30 days' notice at a premium of
1 % for every year or fraction of a year between call date and date of maturity.
Bonds, if called, may be converted into Common stock at option
of holder on or before date of payment.
Company. The original company was incorp. in Ohio in 1884, the present
successor being incorp. in Delaware in 1920.
Wood dishes, clothes-pins,
utensils, boxes and specialties are manufactured.
Hardwood lumber for
building operations takes 60% of the output of logs. A new plant valued
at over $2,000,000 has recently been constructed at Tupper Lake, N. Y.
Company owns or has under contract 64,000 acres of timber land in Franklin
and St. Lawrence counties, N. Y.
Earnings.
Net earnings available for dividends were as follows- 1912,
&
8%
—
—
$213,167; 1913. $205,704; 1914, $267,635; 1915, .$2.38,616; 1916, .$271,582.
Earnings available for payment of interest for the 11 mos. beginning
March 22 1919 to Feb. 28 1920 were $511,711.— V. 107, p. 1291 1008.
Inc. — Listed in Boston. —
Orpheum Circuit,
The Boston Stock Exchange has placed on the list temporary certificates
Common stock, par $1. Compare V. llO, p. 366,
—
for 549,170 shares
1094; V. Ill, p. 78.
—
&
—
Electric Co., San Fran.
President.
E. Creed (formerly of East Bay Water Co.) has been elected President
succeed Frank Drum, who resigned. V. Ill, p. 499, 394.
Pacific
Gas
W.
to
—
Peoples Gas Light
& Coke
Co,
— Estimated Valuation. —
The committee appointed by the Illinois P. tl. Commission to value the
property of the company has rendered a report which fixes the estimated
valuation at 856,250,000.
In comparison with this figure are the estimates
of various engineers made previously, on behalf ot the company, which
range from 890,412.365 to $105,606,178. The committee fui-ther reported
that the company should be allowed a depreciation charge amounting to
18.S6q of original cost.— V. 110, p. 2573.
Phelps Dodge Corporation.
Month
(Lbs.)
1918
1920
1919
8,357,000 9,755,075 18,7.33,071
55,087,500 64,186,219 131,420,360
of July
Seven months to July 31
—V.
—Production
Ill, p. 195.
—
—
—
additional shares of capital stock, no par value, on official notice of "is.suance,
making the total amount applied for 660,000 shares. These 20,000 shares
were issued to Frank Phillips, trustee, for allotment and sale to employees
on pajTnent plan. Proceeds will be used for general corporate purposes.
Since May 1 1920 company has acquired about 18.000 acres of oil and
gas leases located in Oklahoma, Kansas and Louisiana. The output from
the company's properties for the first five months of 1920 was; Bbls. oil,
700.202; cu. ft. gas. 514.982.000; gallons gasoline, 461,062.
Income account for five months ending May 31 1920 (.subject to adjustment) .shows; Sales of oil. gas and gasoline, $2,520,382; miscellaneous
income. $41,077; total income. $2,561,458; expenses, including interest on
borrowed money, 8379,957; net earnings, $2,181,501. V. 110, p. 2494.
& Company. — Sales. —
July
Net
Inc. over
—
6 Mos.
sales
Ill, p. 195.
72%
.$1,227,736
—V.
Inc. over
1919
1919
$7,407,153
—
70%
Pierce-Arrow Motor Car Co. Neiv Vice Presidetit.
George M. Graham has been elected a Vice-President to succeed
FohS, resigned.
— V.
—
W.
J.
Ill, p. 499.
Pond Creek Coal Co. — Earnings. —
Results for
_
Quarter and Six Montlis Ended June 30 1920.
Quarter.
Six Mos.
Tons of coal mined
Tons of coal sold
Earmngs from coal
1.57,862
1.53,516
sales
Miscellaneous earnings
earnings
^'^P.^^}
Profit
before de,>letion, depreciation
Net profit for period
110, p. 1532.
\
—
.
and taxes
Public Service Electric Co.
— Equip.
Trusts Offered.
See Pubhc Service Corp. of N. J. under railroads above.
—
V. 110, p. 2663
—
Pullman Company. Commission Grants Railroads an
Extra Charge Equal to 50% of Price of Chairs and Berths.
This company having been authorized to increase its rates approximately
20% as of May 1 1920 to offset its own increased expenses, particularly
—
^vill ha\e its rates fm-ther increased under the railroad rate award
handed down by the I. S. C. Commission on July 31 for the Benefit of the
railroads by a siu-charge of 50% which the passenger must pay over and
above the price of his Pullman accomodations when making pavment for
the latter. See "Current Events" on a preceding page and compaVe V. Ill,
wages,
300 for further particulars as to the effect of the surcharge of Vi cent per
mile in effect from June 10 to Nov. 30, 1918. V. Ill, p. 300.
p.
Ranch & Lang,
—
—
Inc.
—
Pref. Stock Offering.
Co., Chicago in June offered 81,000,000
AY. Dvibisque &
Cumul.
Pref. (a. & d.) stock (par $100) and 10.000 shares Class
(no par value)
stock in units of 1 share of Pref. at 100 and 1 share of
at
$50 per share. Pref. stock red. all or part at 105 and div. Divs. Q.-J.
H.
A
Common
7%
Common
Data from Letter
of Pres. Paul A. Frank Chicopee Falls May 22.
Capitalization Before Present Financing (No Bonds or Mortgages)
Authorized.
Outstdg.
Pref. stock (7% Cumul.) (par $100)
$5,000,000
None
Common stock (no par value)
/Class A, 30,000 sh. 15.000 sh.
\Class B, 70,000 sh. 42,500 sh.
Company. Incorp. on Jan. 6 1920, in Delaware, to acquire all the assets,
including machinery, tools, materials, cars manufactured and in process
of manufacture, dies, fixtures, patterns, trade name, good will, manufacturing rights under all of the patents, and all of the assets of the old
electric passenger car department of Baker Ranch & Lang Co., Cleveland,
Company is at present located in the factory formerly
(V. 102. p. 69).
occupied by the Stevens Duryea Co.. but has acquired about 14 acres of
land in Willimansett, Mass., on the main line of the Boston & Maine RR..
upon which will be built a thoroughly new, modern plant, specially designed
to produce electric passenger automobiles and indVistrial trucks.
Earnings.
Records of the electric passenger car department of
Sales
the former company show that the sales and profits before taxes were;
Year—
1908.
1911.
1914.
1917.
1918.
1919.
ft
^
^
^E
^
Total sales.. .820. 210 1,256,180 1,391,105 1,277,558 1,269,346 1,609,026
Prof. bef. tax. 103,844
108,388
190,583
246,317
226,116
299,138
Proceeds will be used as additional working capital, and also
Purpose.
to build and equip a new, modern plant.
—
—
&
—
—
—
Reading Steel Castings Co. Organized.
The American Chain Co. has organized the Reading
Steel Casting Co.
with an authorized capital of $2,500,000 Preferred stock and
no
shar
es
of
par
value.
25,000
"The American Chain Co. recently purchased the entire capital stock of
the Reading Steel Casting Co. of Reading, Pa. The plant at Reading vnU.
be operated along the same lines as before.
The officers of the new company are: Chairman, W. D. Lasher; Pres.,
J. Turner Moore; Treasurer, E. L. King; Sec, M. G. Moore.
The foregoing
together w'th W. F. AVheeler, comprise the board of directors.
New York
in
common
Riordon
— Exchange
Co., Ltd.
of Stock.
—
The Kipawa
Co., Ltd., announce that it will be ready on and after
Aug. 2 to exchange the common shares for shares of the new Riordan Co.
on the basis of 1 :-2 of the new for one of the old. V. Ill, p. 500.
—
& Power
Saguenay Pulp
Co.
— Earnings. —
report has not yet come to hand. The statement of earnings
the year 1919 agrees in all particulars with the figures already published
under caption "North American Pulp & Paper Co." (the chief constituent
property) in the "Chronicle" of July 24, p. 394, except that as now given
in the press reports both the gross operating revenue and the operating
expenses are larger by $555,258 than in the earlier statement. V. 108,
The annual
for
—
p. 2439. 2246.
Sandusky Gas &
Results for
Operating revenues
Oper. exp. & taxes
Electric Co.
—Earnings. —
June and T rehe Alonths Ending June 30.
1920— ./w«e— 1919.
Inc. Year 1919-20.
.$47,370
$37,067
27.7% y$637,630
x52,604
28,068
x87.4%
563,580
Operating income
Interest on $40,000 1st
.$8,998 dec. 158.1%
1st Ref. and Imp. 5s;
3-yr, notes
def..S5,234
M.
on .$200,000 Collateral
5s;
$74,050
on $907,000
Tru.st
7%
61,350
Balance after aforesaid interest charges
$12,700
X Abnormal increase in expenses due to inabihty to secure contract coal
owing to railroad car shortage thereby necessitating purchase of "spot
coal" wherever possible at extremely high prices.
y Includes otner income. V. 108, p. 885.
—
Savage Arms Corporation.
Results for Quarter
Total earnings
Fu-st Pref. div
2d Pref. div
Common div
— Earnings. —
and Six Months ending June 30.
3 Mos.
1919. 1920
6 Mos.
1920
a$128,637
$443,611
175
3,910
(1J^%)3,333
..(IH %)116.220(1}^)116,220
1919.
$214,005
$1,294,563
6,666
(8)619.840
7.820
(3)233.340
350
Bal., sur. or def
sur. .$9, 084sm-..$323,304def.,$412,501sr. $1,053,051
a Total earnings, after deducting operating expenses, maintenance, depreciation, taxes, &c.
In 1918 the reserve for taxes was $350,273; amount
in 1919, not stated.
On April 30 1920 the company paid an extra dividend of 5% from accunmlated war profits. The profit and loss siu-plas which stood at $2,719,676
on Dec. 31 1919 is accordingly in June 30 1920, $2,307,176.— V. 110, p. 1857.
Sayre
Co.
Electric
— Earnings. —
June and Twelve MonUis Ending June 30.
Inc. Year 1919-20.
1920—7i(ne— 1919.
Operating revenues
$12,245
$10,353
18.3% yS147,670
Oper. e.xp., taxes & rentals-.
xl2,43S
x65.6%
7,508
112,593
Results for
Phillips Petroleum Co.
Listing
Earnings.
The New York Stock Exchange has authorized the listing of 20 ,,000
(Albert) Pick
[Vol. 111.
3.53,900
$147,052
9,498
345,400
$267,838
20,855
$156. .551
.8288.694
$128,890
$72,745
$233,573
$130,366
Operating income
Interest on $338,600 5s
def .$193
$2,845 dec.106.8%
835,077
16,925
iJalance after aforesaid interest charges
$18,153
X Abnormal Increase in expenses due to inability to secure contract
coal owing to railroad car shortage thereby necessitating purchase of "spot
coal" wherever possible at extremely high prices.
y After other income. V. 105, p. 1808.
—
Scheiwe Coal
& Coke
—
—
Co. Bonds Offered.
George M. West & Co.. Detroit In June offered at par and int. $150,000
1st Mtge. 7% Serial Gold bonds.
Union Trust Co.. Detroit, trustee.
Dated May 1 1920; due serially May 1 1922 to 1930. Tax exempt in MichiDenom. of $1,000 and $500.
gan.
Interest payable M. & N. without deduction for any Federal normal
income tax now or hereafter deductible at the sotu-ce not in excess of 4%.
Red. all or part on any int. date at 102 H and int. on 60 days' notice.
Auth. $250,000.
Company was organized in 1909. Present domestic trade amoimts to
over 50.000 tons per annum. Compared with 3.000 tons of coal the first
Main yards located in Detroit.
year.
Average net earnings for the past 3 years were about 1 }4 times the interest
requirements on this issue of bonds.
Schulte Retail Stores Corp.
Further Data.
—50%
Stock
—
Dividend
—Morton Laelienbruch & Co., who are offering
amount of this company's Common stock
at $65 per share announce that the directors on Aug. 2.
declared a stock dividend of 50% of the aggregate number
of shares of the Common stock issued and outstanding on
Aug. 9, payable on Aug. 24 to stockholders of record Aug. 9,
for sale a limited
j
.
Aug.
)
THE CHRONICLE
7 1920.]
A certificate for one share of conimou stock for each two shares of Common
stock of the corporation recorded in stockholders' names on said last mentioned date will be mailed on or about Aug. 24.
Gross sales dm-ing the calendar j-ear 1919, it is understood,
Sales.
showed an increase of more than 100% over those of 1918, and thus far in
A great part of this increase was
show
a gain of 80% over 1919.
1920
accounted for by the opening of a number of new stores during 1919. How1918 did a gross business of 84,000,000. did
ever, the same stores which
a gross business in 1919 of over $6,000,000, or an increase of more than
cent.
per
50
The new stores which were opened in 1919 did a gross business of about
Based on the present volume of business, the stores which
$2,000,000.
were in existence in 1919 are expected to do a gross business in 1920 of about
while
the total business of all stores in 1920 is expected to
$10,000,000,
be about .515.000,000. In addition, the subsidiary companies are expected to do about .$.3,000,000 during the ciu-rent year, making a gross
volume of business (including subsidiaries) for the year 1920 of about
S18.000.000.
That the organization has more than held its o^vn in increasing its volume
of sales, is clearly shown by comparison with .some of the other leading
chain store concerns of the country. While the Schultes showed an increase
in sales in 1919 over 1918 of 100% the gross sales of the F. W. Woolworth
Co. in the same period gained only 11H%; S. S. I\Tesge Co., 12%; S. H.
Ivress & Co., 19%; McCrory Stores Corp.. 19%; Great Atlantic & Pacific
Tea Co., 20%; Jewel Tea Co.. 6%; American Stores Co., 2.3%.
David A. Schulte (Pres.), Joseph M. Schulte (V.-Pres.),
Directors.
Jerome Eisner (Sec.) Arthiu- S. Meyer (V.-Pres.) Louis Goldvogel (V.-Pres.
6 Gen. Mgr.). The foregoing with George W. L. Jarman as Treas.. make
Executive offices, 384 Broadway, New York,
up the list of officers.
N. Y. Compare V. Ill, p. 500.
offered at 97.50 (one share of Pref. with one share of Common) $500,000
Cum. Conv. First Pref. (a. & d.) stock;
par $100.
circular shows:
Dividends Q.-J. Conv. after Jan. 1 1922 into 2 shares of Conunon stock
—
A
,
Roebuck & Co.
—
Sales.
1920.
Month
Jan.
1
of July
to JulySl
Ill, p. 500, 79.
—V.
Shaffer Oil
&
—
1918.
1919.
Refining Co.
— Earnings. —
7 ,042 ,072
Net earnings
$3,979,864
Vice-President J. J. O'Brien is quoted as saying in substance: "The outearnings
for
the
first sLx
look is decidedly good and the rate of increased
months of 1920 should be furtaer improved during the remainder of the
year.
The enlarged capacity of our refinery at Cushing is nearly completed.
The output of this refinery has been steadily increasing with
marked increases in profits. We have delayed installing the cracking
process owing to tran.sportation difficulties, but six of the 32 units are now
on the way from Philadelphia and all should be in operation well before
Dec. 31. The company has about 22 wells drilling at present, principally
in Oklahoma, where considerable new production has already been brought
in this summer."
V. Ill, p. 500. 292.
Shattuck Arizona Copper Co., Inc.
—Production. —
Lead, lbs. Silver, ozs. Gold, ozs.
45.495
919,886
505
4,593,869
205,884 2,735.44
7 months to July 31
There is no available comparison with the corresponding periods of last
year, as operations were curtailed and the property shut down during
Copper, lbs.
166,938
1,800,797
July
—
May, June and July 1919. V. Ill, p. 195.
Sinclair Consolidated Oil Corp.
Results for Six
Total
.$67,697,845
Expenses, maintenance, insurance & ordinary tax. 50,277,678
Interest, discoimt and Federal taxes
al, 877,490
$76,970,958
and reserve
b$15,542,676
876,970,958
54,300,060
3,069,663
819,601,235
a Net before Federal taxes aggregated $17,420,167, compared with 811.982,306 for six months encUng Jime 30 1919.
b Compares with $10,593,551
for similar period in 1919.
— V.
Ill, p. 500, 301.
—
—
Southern Cal. Edison Co. Acquisition.
The company has received authority from the Calif. RR. Commission to
subject to its mortgage the proi)ertv and franchises recently acouired by the
purchase of the Mt. Whitney l^ower & Electric Co. V. 110, p. 2663.
—
Spanish River Pulp
&
Paper
Mills, Ltd.
—
Listing, &c.
—
In accordance with a by-law approved by the shareholders on Jime 23 the
"Di\idend Vouchers" issued in July. 1919, representing one year's dividend
at 7%, on the Cum. Pref. shares for the year ending June iO, 1914, ^viU be paid
by an issue of Pref. stock at par upon presentation of the "Voucher" at the
offices of the Royal Trust Co. Toronto or Montreal, Can.
The Montreal Stock Exchange has admitted to list an additional .$3,143,000 Pref. stock bringing up the total amount listed to $8,842,100.
Of the additional 31,430 shares of new stock, 23,940 represent the liquidating of the 42% arrears on the Pref. announced some time ago, while 2,100
shares have been issued in payment of the dividend vouchers issued a year
ago with respect to one year's dividend on the original preferred issue of
$3,000,000.— V. 110, p. 2663.
,
Standard Milling Co.,
of July
Ill, p. '395, 196.
—V.
Studebaker Corporation.
New
York.
— Extra 2% Dividend.
directors on July 28 declared a quarterly dividend of 2% and also an
extra dividend of 2% upon the Common stock, both payable on Aug. 31
1920 in cash to Common stockholders of record at Aug. 21 1920.
Extra dividends of 2% were also paid on July 31 1918 and Aug. 30 1919.
The Common stock has received a quarterly cash dividend of 2% (8% p. a.)
since and including Nov. 30 1918.
Prior to that date for two years one-half
of the 2% quarterly was paid in stock.
V. Ill, p. 500.
The
—
—
81,300,000
Increase.
.8365,000
— Earnings. —
Months ending June 30
1920—3 Mos.— 1919.
1920 6 Mos.— 1919.
822,249,299 816„599,766 845,550,542 §27,490,114
-83,756.965
$2,839,510 89,029,057 83,985,219
461,738
750.000
461,738
1,550.000
Results for Quarter and Six
Net
—
1919.
.3935.000
sales
Profits
Federal taxes
profits
V. Ill,
301.
—Net
83,006,965
—
-82,377,772
p.
$7,47J.057
83,523,481
—
Sutter Basin Co., California. Guaranteed Bonds Offered.
& Commercial Trust & Savings Bank, Halsey, Stuart & Co., Blyth, Witter & Co. and Anglo & London-Paris National Bank are offering at 100 and int., to
yield 8%, $6,000,000 Land Mtge. 8% Serial Gold bonds.
Principal and interest guaranteed by J. Ogden Armour.
—Continental
1920, due serially Feb. 1 1923 to 1929 and final payment
Int. payable F. & A. in Chicago, New York and San Francisco, without deduction for normal Federal income tax not in excess of
2%. Exempt from personal property tax in California. Denom. 81,000.
$500 and 8100 (c*). Callable, all or part, on any int- day at 101 & int,
Dated Aug.
Dec.
1
1
1929.
of Vice-President R. J. Dunham, Dated Aug. 2.
Owns 55,122 acres
Calif, on April 28 1913.
Calif., valued at $17,000,000, at the confluence
of land in
of the Sacramento and Feather Rivers, about 22 miles above the city of
Sacramento. Of this acreage 45,654 acres lie mthin the boundaries of
Reclamation District No. 1500 and the remaining 9,468 acres lie within
the Sutter By-Pass, which is an artificial channel created to carry off
Southern Pacific RR. has recently constructed
surplus overflow waters.
a new branch line 18 miles in length, which runs north and south through
t'le company's lands.
*
Reclamation District No. 1500 was created by a special Act of Legisature of California, approved April 30 1913, and contains within its area
66,200 acres. The land within the district is completely reclaimed in
accordance mth the general flood control plan adopted by the U. S. Government and by the State of California. Constitutionality and legality
of Reclamation District No. 1500 and its works have been confirmed by
unanimous decision of the Supreme Court of California.
Practically the entire acreage owned by company within the district is
under cultivation, crops consisting of wheat, barley, rice, beans, grain,
vegetables, fruit, cotton, hemp and other miscellaneous crops.
Secured by a closed mortgage covering the company's holdSecurity.
In addition, there will be deposited with the
ings, as stated above.
trustee (a) all of the stock of the Sutter Basin Improvement Co., which
without District No. 1500 but adjacent
lying
acres
owns about 5,268
thereto: (b) all of the stock of Sutter Basin Co., of which about 60% is
owned by J. Ogden Armour and members of his immediate family, the
being owned by his associates in the management of the co.
remaining 40
Company has no other mortgage debt, and the present mortgage is a
first lien on the lands described, except only in respect to a lien represented
by an assessment for reclamation purposes against all lands lying within
the district. Company's share of this assessment amounts to about
$3,850,000.
For the calendar years 1918 and 1919 earmngs of company
Earnings,
and subsidiary, Sutter Basin Improvement Co., after deducting operating
expenses and taxes, but before depreciation and interest, have been:
Net earnings for 1920 applicable to
1918, $545,777; 1919, 8761,784.
interest and Federal taxes are estimated at about $1,750,000.
Proceeds are to be used to reduce floating debt incurred in
Purpose.
V. 110, p. 1649.
the reclamation and development of property.
— Incorp. in
Sutter County,
784,249
for surplus
Month
Sales.
Company.
Months Ending June 30 1920 and Calendar Year 1919.
Year 1919.
6 Mos. 1920.
.§66,913,596
—
1920.
Data from Letter
— Earnings. —
Gross sales
Miscellaneous income
Net available
)
$11,021,936
—
—
(F. B.) Stearns Co.
To Increase Common Stock, &c.
stockholders will vote Sept. 1 on increasing the authorized Common
stock from 150,000 to 190,000 shares so that the present outstanding
Common stocii (93,816 shares of no par value) may be doubled, each
stockholder of record Aug. 26 to be given the right to purchase one new
share for each share now held at $5 per share. Guy T. Rockwell in Cleveland 'Plain Dealer" says;
Proceeds of this sale of 93,816 shares of Common stock will be used to
retire the present outstanding Preferred stock, thus lea\'ing the company
with only one stock, it having no bonds or other indebtedness.
At the first of the year Stearns had 8417.400 of Preferred stock. Since
then it is understood about 833,000 has been retired, lea\-ing less than
$390,000 outstanding.
Progress of the company the last year and a half has been exceedingly
rapid.
As the management expects to maintain the present rate of di\adend, which is 84 per share on the increased capitalization, consisting of
187,632 shares, this will be at the rate of 64% on the old stock, which had
a par value of 8100.— V. 110, p. 976.
Stewart-Warner Speedometer Co.
1917.
816,743,264 $17,998,908 813,251,026 811,631,764
157,211,192 122,059,811 101,955,598 96,525.201
Gross earnings for year ending June 30
•
Operating expenses
Authorized. Outstanding
.8550,000
.82,500,000
275,000
.500,000
500,000 shs. 295,000 shs.
—
—
—
—
8%
8%
Common
.
Sears,
8%
each one share of Preferred.
Capitalization
Cum. 1st Pref. (incl. this issue)
Cum. 2d Pref. (par 8100)
stock (no par value)
Compare V. 109, p. 1615.
for
m
.
597
—
—
%
—
—
—
Tobacco Products Corp.
of
Canada, Ltd.
— Capital. —
letters patent have been issued July 13 1920, increasing
capital stock" ($100,000) to 8()50,000. par 8100.
Supplementary
the
— Subsidiary Purchase &c. —
,
Torrington Co.
The company,
it is
stated, will purchase
equipment for
its
subsidiary,
the Domestic Vacuum Cleaner Co. of Worcester, Mass. The company
Standard Oil Co. of Indiana. Extra Dividend.
plant of the Worcester Machine Screw Co.
The regular quarterly dividend of 3% has been declared, together with has recently purchased tlic
owned by the Standard Screw Co., Hartford, and will occupy it for the
an extra dividend of 5%, both payable Sept. 15 to stock of record Aug. 16.
Previously 3% extra had been paid in addition to the regular dividend of manufacture of electric vacuum cleaners. — V. 109, p. 2495.
3%.— V. 110, p. 1978.
Trant & Hine Co., New Britain, Conn.^Stock Inc.
The company in May filed a certificate with the .Secretary of State in
Standard Parts Co., Cleveland. New Financing.
Connecticut, increasing the authorized Capital stock from 8500.000 to
—
—
—
According to press reports the company proposes to sell .$8,000,000 FiveYear Kirst Mtgc. Coll. Trust H7c gold notes (or bonds] and 80.000 shares of
Common stock of no par value. The proceeds will be used in part to retire
the .$6,000,000 7% notes (V. 110, p. 1296), which become due Sept. 5.
The Cl(\veland "Plain Dealer" says in substance; The notes, to be dated
Aug. 15 1920, will bo secured by afirst mortgage on the fixed assets of company, incl. machin(!ry and equipment, and by a pledge of the Common stock
of the Bock Bearing Co.
The Conmion shares are to be changed from $100 par to shares of no
par value and the oul standing Common shares of $100 par value will be
exchanged, share for .slKnc. IVir new Common. The number of authorized
Common and Pr('ferre<l sharrs will reni.iin as at present. Of the 250.000
shares of C^ommon stock authorized, 227,000 shares will be outstanding
after this financing.
[The Cleveland Stock Exchange sheet of .Tulv 17
shows $13,202,100 Common and $6,741,000 Pref. stock outstanding.) '
Under present ni.inagemenl ojxrations for four months from March to
Juno, incl., prodiKcd a profit of $7SS,021, compared with losses of .<sl37,005
'n Jan. and Feb. under the old regime.
The bal.mce sheet of June 30, adjusted to includ,e this financing, shows
*s^r value back of the C\)mmon stock amounting to in excess of $40 a share.
Th<! management- expects that payments of deferred dividends will be
resumed by Jan. 1 1921.
Among those associatwl with Otis & Co. and Borton & Borton, Cleveland,
in the sale of the new securities, are;
First National Bank, Cleveland:
Ouardian Savings & Trust Co., Citizens' Savings & Trust Co., Union Commerce National liank, Cleveland Trust Co. of Cleveland, and the Chase
National Bank of New York.
V. 110, p. 1296.
The $500,000 increase was issued as a 100% stock dividend.
SI ,000,000.
T.ie dividend rate is 6% and for the last 3 years dividends amounting to
been paid. The comjiany has been in business nearly
have
12% p. a.
thirty-two years and manufactures metal no\clties, safety razors, &c.
(Officially
—
Stanwood Rubber Co.
& Co., Now
—
Pref.
Slock
Offering.
—Bolster
York, &e., and Security Finance Co., Rochester
.
— Rcceirership. —
dispatch states that on application^f the First Natoiual Bank of
San Francisco a recei\er has been appointed For the Company. Companyowns 100.000 acres of land in Nevada and is engaged in wool and live stock
growing. The petition recited that the corporation owes the bank $400,000
and that the land company has debits totaling approximately $4,000,000.
A Reno
Union
Refining
.
.
confirmed
Union Land & Cattle Co.
See that
Co.
of
Company. —
Oil
company above.
Delaware.
—V.
— Alliance
ivith
Indian
Ill, p. 500, 395.
Union Tank Car Co. — Equipment Notes Orcrsubscribcd. —
Equitaljle Trust Co. and Blair & Co., New York, announce
that the $12,500,()()() Kquip. Trust 7% Gold Notes offered
tliis week at OGH ii'ifl i"^- ^o yield 7.5%, have been over(See advertising pages.)
subscribed.
Dated .\ug. 1 1920, due .\ng. 1 1930. Iht. payable F. & A. (so far as
lawful) without deduction of the normal Federal income tax up to 4% p. a.
which company or tru.stee may be obliged to withhold. Company covenants
Equitable Trust Co.. N. Y., tru.stee.
to refund the" Penn. 4-mill tax.
Denom. $1,000 and $500 (c). Red. all of part at 102 .in and int. on any
int. date on 30 days' notice.
THE CHRONICLE
598
Data from Letter
of Pres.
Wm.
A. Barstow,
New York, Aug.
3 1920.
Jersey as Union Tank Line Co.
— Incorp. July 14 1891 in New until
the dissolution of the
as a subsidiarv of Standard Oil Co. (N.
changed
to
present
June
[Name
4 1919— V. 108, p. 2236].
In 1911.
leasing tank cars under contract to petroleum
Business consists
Company.
latter
J.)
title
In
shippers.
oil
Co. repairs its own tank cars, maintaining 21 shops for this
It has built a considerable number of its cars and is now ar-
purpose.
ranging to enlarge its building facilities.
Purpose. P*roceeds of present issue of S12,500,000 notes will be used in
connection with the building of 3,900 additional all-steel tank cars in contemplation of its 1921 business. Delivery of cars has already commenced
and contracts call for completion by Jan. 31 1921.
Equipment. On Jan. 1 1920 owned 20,584 cars, an increase of 73% over
1913. With 5,500 cars previously contracted for tliis year and the additional 3,900 cars mentioned above, will have, by Jan. 31 1921, about
30,000 tank cars of all steel construction.
Capitalization July 1 1920
Avihorized. Outstanding
$12,000,000 $12,000,000
7% Cumulative Preferred stock
Common stock.
25,000,000 12,000,000
Present issue of $12,500,000 Equip. Trust notes will constitute the sole
funded debt.
Security.
Secured on 6,000 new tank cars buUt and to be built during
1920, having an aggregate conservative present value of about $19,000,000.
Sinking Fund. Company will provide a sinking fund of $1,250,000 per
year, payable semi-annually commencing Feb. 1 1921, for the purchase of
these notes at not over 100 and int. In lieu thereof co. may deliver notes
of the issue at the ciu-rent market price, but not exceeding 100 and int.
To the extent that within 30 days thereafter notes are not available fo"*
purchase at 100 and int., co. may authorize their purchase up to 102H
and int. or may have said unexpended balance retvu-ned to it upon subjecting
to the trust agreement, additional new tank cars of substantially the same
character as those already pledged.
—
—
—
—
Cars Owned and Earnings Years ended Dec. 31.
Cars
zFederal
yBalance,
Earnings
Year
Owned.
Surplus.
Taxes.
After Ezp.
xinterest.
1915
14,358
$6,773
$1,599,665
$1,606,439
1916
16,069
2,672,585
2,683,145
10,559
1917
18,065
41,635
4,425,829
4,467,465
1918
20,039
6,426,375
908,415
5,142,960
$375,000
1919
20,584
6,956,668
262.500
1,017,053
5,677,114
X This interest on funded debt now eliminated,
y Before deducting depreciation, amortization and dividends, z Federal taxes are for the preceding years in each case.
Earnings for 1920, based on the results for the first 6 months, should
materially exceed the figures shown for the year 1919. As company will
have about 30,000 cars in service by the end of this year or early in 1921,
compared with 20,584 cars in 1919.
Dividends.
Regular divs. at the rate of 7% per annum are being paid
on the 312,000,000 Pref. stock. Company paid divs. of $5 per share on
Common stock for the years 1914 to 1918, incl. In 1919, divs. of $7 per
share were paid on the Common stock and the latter rate has been maintained during the current year. V. 110, p. 1650.
—
—
—
Union Twist
Drill Co.
— Sales for Half Year. —
Total sales of the Union Twist Drill Co., together with S. W. Card Mfg
Co. and Butterfield & Co. Inc. for the fist six months of 1920 are unofficially
reported at .?3, 321 .000. or at the annual rate of .'$6,642,000, as compared
with a total of $5,600,000 for the year 1919. V. 110, p. 2664.
United States Rubber Co.
—
United American Lines, Inc. Merger of Steamship
Coni'panies—To Operate Ships of Amalgamated Cos., &c.
See American Ship & Commerce Corp. above.
United Drug Co.
—
—
First Preferred Stockholders Given an
Subscribe to LiggetVs International New
Terms of Subscription. &c. Pres. Louis K.
Pref. Stock
Liggett, feeling that the Pref. shareholders should have had
more time in which to subscribe for Liggett' s International
Pref., writes under date of July 27 in brief:
Extension of Time
—
8%
to
—
8%
The bankers comprising the underwriting syndicate have, at my request,
agreed to sell to our Preferred stocliholders a limited amount of the Pref.
stock of Liggett's International. Ltd. Inc. acquired by them upon the terms
confidence in the future of our English purchase is
stated below.
Reports from our
greater to-day than it was at the time I made the offer.
people whom we have sent to England more than Justify my making this
statement.
(See V. 110, p. 2495.)
Offer Made by Underwriting Syndicate at Request of Pres. Liggett.
Preferred stockholders of the United Drug Co., who have not exercised
their right of subscription, may purchase a limited amount of Liggett's
International, Ltd., Inc., 8% Pref. stock at $50 per share and int. at the
rate of 8% per annum from Aug. 1 1920 to be paid for as follows:
(a) SIO per share on Aug. 16 1920: (b) $10, Sept. 15 1920; (c) SIO. Oct. 15
1920: (d) $10, Nov. 15 1920; (e) $10 89, Jan. 15 1921 being the final installment of $10 plus accrued Interest to date, or payment can be made in full
on Aug. 2 1920. Subscriptions may be prepaid.
Stockholders who desire to exercise this right must do so on or before
Aug. 16, when the first installment must be made at office of Kidder, Peabody & Co., Boston.
stockholders who exercise the right of purchase may exchange their present holdings of First Pref. stock of the United Drug Co. for an equal amount
at par of the Pref. stock of Liggett's International, Ltd., Inc., on the basis
of two shares of United Drug Co. First Pref. stock for each one share of
.
.
.
,
My
,
,
Liggett's International Ltd., Inc., Pref. stock, so piu-chased, by depositing
with Kidder, Peabody & Co. on or before Sept. 1 1920 their certificates of
First Pref. stock of United Drug Co. duly endorsed for transfer.
[A press report from Worcester, Mass., on July 19 says: The Sherman
Envelope Co. has increased its capital stock from $75,000 to $375,000 by the
declaration of a stock dividend in order to place the capitalization nearer
This is the first step in the sale of the company to the
actual valuation.
United Drug Co. of Boston which will take over the Sherman plant and two
large paperterie establishments.]
Compare V. 110, p. 2495. and see offering of $7,500,000 Liggett's InterV. Ill, p. 196.
national Ltd., Inc., 8% Cumul and Pref. stock above.
—
United Gas
Summary
&
Electric Corporation.
Statement of Earnings for the 12
— Earnings. —
Months ended June
1920
1919
30.
1918
Bal. or car. of sub. op. COS., aft. fixed chgs $2, 179,231 $1,399,641 $1,406,003
Deduct Reserve for renewals and replace
553,007
313,206
404,750
Earn, appli. to stock of sub. cos. owned
—
317,056
392,936
$769,379
294,257
$608,317
208,117
Total
$1,356,595 $1,063,636
^
Deduct Int.ontheU. G.&E.Corp.bds
$5.58,000
$558,000
Int. ontheU. G. &E.Corp.ct. ofind.
134,806
134,806
Amor, of debt discount
57,312
58,649
$558,000
135,948
56.750
401,343
by public
Balance
'.
Net inc. from bond inv.& other sources-.
$1,224,881
131,714
—
Balance surplus
For sub.
CO. earnings, see
$606,476
"Earnings Dept." above.
United Gas Improvement Co.
— Heat
.$816,434
—.$312,181
V. 110,
.$65,736
p. 2200.
Unit Standard.
—
Tile ordinance passed recently by Phila. City Council authorizing temporary suspension of the candle power standard in the lease of the Phila.
Gas Works to the Company has been signed by Mayor Moore.
The
company is permitted to substitute the British Thermal Unit standard
based upon hearing power of gas untU Jan. 1 1921.
The report of the operation of the company, lessee of the Philadelphia
gas works, for the quarter ending June 30, submitted to City Controller
Will B. Iladley, showed that during the period stated the company manufactured 3,634,886,990 cu. ft. of gas.
The amount of money collected for
sales made in that quarter and for other quarters since the lease went into
effect was $3,7.59,657.
The amount of money due the city on account of
the lease is .S939,S78. Tliis makes a total of $1,942,633 received bytlie
city from the company during the first six months of the current vear,as
compared with $1,066,885 received in the corresponding period in 1919.
V. 110, p. 2664.
— Earnings. —
Mos. ending June 30
Six
Net sales.
Net mcome
1920.
1919.
Increase
$129,588,986 $99,489,371 $30,099,615
after all interest charges,
and Federal taxes
13,690,924
—depreciation
V. Ill,
396, 301.
Upson Nut Co. — Consolidated. —
See Bourne-Fuller Co. above. — V. 103,
948.
10,631,434
3,059,490
p.
p.
—
—
Utica Gas & Electric Co. Rate Increase.
The New York P. S. Commission has authorized the company
effective
Aug. 10 and to continue for six months to increase the price of gas in Utica
and adjoining communities from $1.25 to $1.40 per 1,000 cu. ft. V. Ill,
—
p. 302.
Vermont Hydro-Electric Corporation.
—Earnings. —
June and Twelve Months landed June 30.
1920— Ju7i^l919.
Inc. Year 1919-20.
$43,483
$38,054
14.3% .x$546,017
Results for
Operatuig revenues
Op. exp., taxes & rentals
Operating income..
Interest on $1,492,000 1st
M.
32,764
26,467
23.8%
342,956
$10,719
$11,587
dec.7.5%
$203,061
89,520
6s
Balance after aforesaid interest charges
$113,541
X Includes other income.
Note.
The above statements include operations of component companies
adjusted to basis of present operating conditions for the period prior to
Nov. 1 1919.— V. 110, p. 474.
—
—
Victor American Fuel Co., Denver. Default.
The semi-annual coupons due Aug. 1 remain unpaid on the
—
First
&
Ref.
Mtge. 6s of 1910, of which $2,744,000 were outstanding at last advices.
The company merely reports to the Guaranty Trust Co. of N. Y. that funds
are lacking to meet the interest at this time. The principal and interest
of these bonds were reported some time since as assumed by the GallupAmerican Coal Co. The interest due July 1 1920 on the (approx. $1,754,000) Victor Fuel 1st 5s was paid as usual at Colfunbia Trust Co., N. Y.,
trustee.
— V.
105, p. 78.
& Coke
Virginia Coal
Co.
—Organized. —
Incorporated July 3 1920 in Virginia with an authorized capital of $10,000,000 to acquire, develop and operate coal lands in Kentucky and Virginia.
The new company, it is stated, contemplates the development of 70,000
acres of land in Leslie, Letcher, Pike and Perry counties for all of which
railroad extensions will be required.
The officers of the new company are John B. Newton, President, D. D.
Hull. Vice-Pres., J. W. Cure, Sec.-Treas., all of Roanoke, Va.
In addition
to Messrs. Newton and Hull the directors are James B. Mabon, Alexander
V. Roe and Theodore Peters, all of New York. The officers are identical
with those of the Virginia Iron, Coal & Coke Co.
^
Virginia Iron, Coal
& Coke
Results for the Quarter
,
—
(Vol 111
Co.
—Earnings. —
and Six AIos. Ended June 30
Quarter
Gross earnings
6 Mos.
$948,640 $1,676,171
158,387
320,954
.,
Interest, taxes, etc
Net earnings.
See Virginia Coal
$790,253 $1,355,217
& Coke Co. above— V. llQ ,_p^l 858.
"Warren (01 rirbn"& Steel Co.—-Stocks Offer ed.—
Trumbull Securities Co., Warren, O., in .lune offered $450,000 7% Cumul.
Pref. stock and $450,000 Common stock (par $100 each) in blocks of I
share of Pref. and 1 share of Common at $210 and div. Pref. div. Q.-J.
Red. at 110 and accrued dividend.
Data from Letter of C. B. Loveless, President of
—
the
Company
Auth.
Outstdg.
$1,000,000
3500,000
Common stock.
1,250.000 1,180.000
Company. Incorp. in Ohio in 1909 to engage in the manufacture and
sale of high carbon agricultural and stool steels.
Purpose.
Proceeds will be used for plant extensions now under construction, and for additional producing equipment.
Assets.
Net assets after giving effect to present financing shows over.
$300 per share for each share of Preferred stock.
Capital'n after this financing
Preferred stock..
(710
bonds)
—
—
—
(J.
White
G.)
Engineering
Corp.
—Extra Dividend.
extra dividend of 6% has been declared in addition to the regular
quarterly dividend of 1 J^
on the Common stock and the regular quarterly
dividend of
on the Preferred stock all payable Sept. 1 to stock of
record Aug. 16— V. 110, p. 2298.
An
%
1H%
—
—
—
White Oil Corp. Earnings Production, &c.
Net earnings for the quarter ended June 30 1920, before depletion, were
$1,417,000 partly estimated. Crude oil production, net to the company
May
average 5,508
after all deductions for royalties, other interest etc. in
barrels dailv; in June 5,502 barrels; and. for the first fifteen days of July,
1 to July 15 was 432,717
6,459 barrels. Total net production from
barrels.
Company has 178 wells and 47 additional wells are drilling. Since Jan. 1
company has acquired 15,787 acres of leases at a cost of $1,419,133. Additional acreage is steadily being acquired.- ^V. Ill, p. 80.
May
—
Wickwire Spencer Steel Corp.
Sales
Net before deprec. &
Bond
— Quarterly Earnings. —
—
•Quarters Ending
6 Mos. to
June 30 '20. Mar. 31 '20. June 30 '20.
$9,362,651 $7,603,031 $16,965,682
913,417
2,376,455
Federal taxes.. 1,463.038
interest-
Preferred dividend
surplus
— Balance,
V. Ill, p. 503. 396.
218,750
150,000
218,750
150,000
437,500
300.000
$1,094,288
$544,667
$1,638,955
— Acquisition. —
—
Wilson-Martin Co. — Acquisition. —
Wilson
&
Co.
See Wilson-Martin Co. below.
V. Ill, p. 506.
A Baltimore dispatch, reported to be confirmed by officials of Wilson &
Co. statesthatthe business of D. B. Martin & Co., meat packers, has been
acquired by Wilson & Co. and that the combination wiU be known as the
Wilson-Martin Co.
The acquired properties are located at Philadelphia and Wilmington, a
chain of branch houses in the East and Southeast, the fertilizer business of
the General Co. of Philadelphia, the rendering business of the United
Rendering Co. at Trenton, N. J., and the soap manufacturing concern of
See V. Ill, p. 506.
J. Eavenson & Son, Inc., of Camden, N. J.
—
—
—
Wolverine Copper Mining Co. Earnings.
1919.
1918.
Years ending June ZQ—
1920.
1917.
$1,707,441
676.296
4,i40
$660,727
759,025
$988,020
986,823
$965,123
739,723
...def.$98,298
12,273
$1,197
9,356
$225,400
16,520
$1,026,405
.def.$86,025
.
90,000
x$10,553
150,000
$241,920
570,000
$1,026,405
780,000
def.$176,025def.$139.447def.$328,080
Balance, surplus
Prof it and loss
1,565,607
1.736,933
1,389,582
V. 110, p. 2664.
X Before war profit and income taxes.
1,108,933
Total receipts
Depletion, deprec'n.&c.
Construction
Netprofit
Otherincome
Gross income.
Dividends
j
—
Yale
& Towne
Manufacturing Co.
—
Suit.
$246,405
—
of the Yale & Towne Maimfacturiixg Co. has brought
suit in the U. S. District Court against Richard J. McElligott, Acting
Collector of Internal Revenue for the Third New 'i'ork District, to reco^"er
$210,108 which he asserts was unlawfully assessed against him as income
p. 1S4.
_. um
tax on his stock sales and holdings.
Henry R. Towne
— V.m,
Aug. 7
THE CHRONICLE
1920.]
§ljejj^0rt$
^txd
599
S^tnmtnts*
PACIFIC DEVELOPMENT CORPORATION
THIRD ANNUAL REPORT FOR YEAR ENDING DECEMBER
New
To
York, July 29, 1920.
the Stockholders:
The
following report of the operations of your Corporation
December 31 1919 is hereby submitted.
for the year ending
Capitalization.
31,
1919
While the political unrest resulting from the confUct between
the North and South and the changes resulting from the
substitution of a republican for a monarchical form of
government have continued throughout the year, there has
been a most marked growth in the national feeling among the
masses of Chinese people. The industrial development in
China, which received its great impetus from the war, has
shown a very rapid growth. The foreign trade of China for
at par.
The total amount of the stock of the Corporation,
1919 was the highest on record, the total being Haikun Taels
issued and subscribed for, on Dec. 31 1919 was $8,528,300.
1,277,807,092, an increase of Haikuan Taels 237,030,879
At a meeting of the stockholders held May 5 1920 the total
over that of 1918. This total on the basis of the average
authorized capital stock of the Corporation was increased
rate of exchange of Haikuan Taels for 1919 is equivalent to
from $10,000,000 to $25,000,000, consisting of 500,000 shares
$1,769,762,822.
of one class having a par value of $50 each.
The business of Andersen, Meyer & Company's engineering
1919 Earnings.
and machinery lines showed a marked growth during the
The net profits of the Corporation, on the basis of a year. The orders on hand on Dee. 31 1919 amounted to
consoU dated statement for the year ending Dec. 31 1919, more than $20,000,000 against orders on hand of approxiafter making provision for the estimated amount of income mately $8,000,000 on April 1 1919.
and excess profit taxes, were $1,331,452 23 or $7.81 per
The war has not only brought great prosperity to the
share on the capital issued and subscribed at that date. The Orient but has affected the peoples of the Orient most proaverage paid-in capital of the Corporation for the year foundly. During the fall of 1919 and spring of 1920 the
ending Dec. 31 1919 was $6,421,815.
The percentage of Chairman of your Board of Directors and the undersigned
net profits on the average paid-in capital was 20.74%. made an inspection trip covering the principal offices of
The following statement shows the above earnings of the Andersen, Meyer & Co. in China, the principal offices of
Corporation as compared with the earnings for the years the Pacific Commercial Co. in Japan and the Philippine
Islands, and visited the Celebes, Java, Singapore, Siam and
1918 and 1917.
Fiscal Year
Fiscal Year
Fiscal Year
French Indo-China. We found everywhere not only abundant
1918
1917
1919
Net profits
$1,331,452 23 *$1, 606,660 47
$1,226,624 28 evidence of the prosperity which has come to the Orient
Cash ividends paid
443,024 86
112,31177 as a result of the war, but of the growth of national feeling
330,390 99
Per cent earned on Av. Cap
32.45
20.74
50.79
among the people of the various countries. The wisdom of
*Note The figures given in this report of the net profits of the Corporathe American Government in extending to the people of
tion for 1918 are given at $1,606,660 47 instead of $1,736,905 10 as they
During the year $2,755,600 par value, of the unissued
capital stock of the Corporation was issued or subscribed for
-
'
—
appeared in the Second Annual Report of the Corporation, the difference
being due to the fact that in the preparation of the 1918 figures the amount
of the excess profits taxes payable was undersetimated by $130,244 63.
Our auditors believe that ample provision has been made in the accounts
for the 1919 taxes.
Dividends.
Quarterly dividends at the rate of 7
on Feb.
15,
May
at the rate of
8%
Balance
The net worth
% per annum were paid
and Aug. 15, and a quarterly dividend
per annum was paid on Nov. 15.
15,
Sheet.
Development Corporation,
on the basis of a consolidated balance sheet, was on Dec. 31
1919, $12,446,529 04, giving its stock a book value of
of the Pacific
$72.97 per share as against its par value of $50 per share.
The total net worth of the Corporation and its subsidiary
companies, on the basis of a consolidated balance sheet,
including minority interests in its subsidiaries was on Dec. 31
1919
$13,439,716 67. Attached hereto is the Balance
Sheet of the Pacific Development Corporation as of Dec. 31
1919 certified by Messrs. Price, Waterhouse & Co.
1919 Business.
The PhiUppine
resulting
The
from
Islands, in spite of the temporary checks
the armistice, has enjoyed a prosperous year.
amounted to $231,756,878 as compared with $233,793,694 for 1918. The 1919
trade returns show imports of $118,639,052, and exports
of $113,117,826.
The Pacific Commercial Company showed during the year
a substantial increase in its turnover, especially in imports,
the total of import sales increasing during the year 23%,
as compared with 1918.
This increase has been the result
of the intensive selling campaign which has been carried on
by the Pacific Commercial Company in the Philippine Islands
for the last three years.
The Islands are covered by Branch
Offices, traveling salesmen, and trading schooners.
The
company now has on its books over 12,000 accounts -with
the smaU merchants all over the Islands, and the extensive
pubhcity campaign which the company has carried on in
establishing a market for its trade-mark goods has done
much to stabilize its regular monthly turnover of imports
total foreign trade of the Islands
into the Islands.
In China the high rates of silver which prevailed throughout
the year had a deterrent effect on exports but to a considerablcCextent[counteracted[the|.increased gold price of imports.
Philippine Islands greatly increased local autonomy
amply proved by the general contentment evident among
the people of the Philippine Islands and their attitude
the
is
toward the United States, which is little short of patriotism
and which evidenced itself in most marked ways by the
efforts made by the Philippine Islands to co-operate "nath
the United States during the war. The growth of the national
The uncertain fate of
feehng in China is most marked.
Shantung Province, the home of Confucius and the cradle
whole Chinese people
most widespread and
of Chinese civilization, has stirred the
to their depths, has resulted in the
consistently maintained boycott ever effected in China, and,
indirectly has been a great stimulus to industrial develop,
WhUe a somewhat chaotio
condition continues to exist so far as the affairs of the central
government are concerned the republican principle of responsibility of the individual for his government is being gradually
extended from local affairs, which from time immemorial
have been run on democratic principles, to the affairs of
the central government. The Corporation as a whole has
become more and more convinced that any foreign enterprise which expects to make and hold for itself a permanent
place in the Orient must take into consideration the -n-ishes
and aspirations of the peoples of the countries where it
operates, and so conduct its business that it will be welcomed and not merely tolerated. It is a source of satisfaction to be able to state that our organizations in the Orient
are actuated by this spirit and that the relationships of our
companies with the peoples of the countries where they
operate are those of utmost cordiality and goodwill.
In line with this general policy, the Corporation has undertaken, in association with a group of closely allied interests
in America, the organization of the Chinese- American Bank
of Commerce. This bank has been organized with a capital
of $10,000,000 fully subscribed, one-half of this amount
has been subscribed by the Pacific Development Corporation
and its associates in the United States and one-half by a
gi'oup of Chinese representing a wide divergence of political
and business interests in all sections of China. The bank is
organized under a speciid charter granted by the Chinese
Government which gives to it the right to operate throughout
China and makes its notes legal tender throughout the
Repubhc. We hope that the bank can be made an important
influence in strengthening the cordial relations between the
ment
in the country itself.
,
.
\
THE CHRONICLE
600
in the
portion of the funds derived from this stock issue for the
China— a
development of our oriental acti\ities but in view of existing
trade conditions your board has felt it wise to postpone aU
development for the time being and to use these funds to
strengthen the position of our trading subsidiaries. While
development of banking facilities in
territory which is not touched by
the Interior of
operating
in the treaty ports and which
the foreign banks
most
profitable field for its activities.
we believe offers a
We deem ourselves particularly fortunate in having secured
as the American Vice-President of this bank Mr. J. A.
Thomas, the former head of the British-American Tobacco
Co. in China and the dean of American business men there,
and also, respectively, as the President and Chinese VicePresident of the bank, the Honorable Chien Nun Shun and
]Mr. Hsu Un Yuen.
A decision has been reached to confine the business of
Hartmann Bros.', Inc., to the lines of hides, skins and wool
and the general import business of Hartmann Bros, has been
combined with the export business heretofore carried on
bj- the New York Pacific Commercial Co., the name of the
Hartmann
latter company ha^'ing been changed to the
tAvo peoples
[Vol. 111.
aud
export business to the Orient has shown a very satisfactory growth during the first six months of the current
year our import and vegetable oil business has been adversely
affected by the declining prices in many lines of raw materials
with a resulting shrinkage in inventory values which will
be reflected in the operatons of the Corporation during 1920.
oiu"
MEMORIAM.
IN
of Directors record mth deep sorrow the loss
of their fellow director, Mr. George W. Dearborn, who died
in
York on
29 1920.
By order of the Board of Directors:
The Board
May
New
Respectfully submitted,
EDWARD
BRUCE,
B.
President.
Pacific Co., Inc.
The International Vegetable
Oil Co., in addition to operatseed supphes of the South, successfulh^ operated its Te.xas plants, during the off-season
for cotton seed, bj^ handling copra imported from the South
Seas and the Philippine Islands. The business of the American Machine & Mfg. Co. showed a substantial
growth
during the j'ear, about 50% of its business being domestic
and 50% foreign. The company has established an engineering office at Madras, India, and has a number of active
ing
its oil mills
from the
PRICE,
enquiries there.
During the year the Corporation has acquired all of the
assets of the firm of Meurer Freres which maintained offices
in Canton, China, in French Indo-China, and in Paris.
This firm had built up a successful import business with
,
South China and French Indo-China and Europe over a
period of twelve years of operation. Mr. Charles Meurer, the
sur^d^viug partner of the firm of Meurer Freres, has become
President and General Manager of a French Corporation,
Societe Anonyme Meurer Freres, all of the stock of which
is owned or controlled by the Pacific Development Corporation, and which will act as the trading subsidiary of the
Corporation in France and Southern Europe. The Canton
of Meurer Freres has been consolidated with the
Canton office of Andersen, Meyer & Co., Ltd., and the
French Indo-China offices of Meurer Freres will be taken
over as a nucleus for the development of the business of the
Pacific Commercial Co. in that territory.
The Corporation has organized an English company, under
the name of W. G. Pratt & Co., Ltd., which will operate as
the trading subsidiary of the Corporation in Great Britian.
This company is managed by Mr. Walter G. Pratt, who has
been associated with Andersen, Meyer & Co., Ltd., in China
for several years.
This company has been organized with
a nominal capital of £10,000, and mil act as a service company for our trading subsidiaries in Great Britain.
It has been decided to apply the proceeds derived from
the sale of the Philippine Mfg. Co. in the Philippine Islands
to the erection of a vegetable oil mill in Shanghai. For this
purpose a corporation has been formed known as the Sun
Cheong Milling Co. and the plant is now under construction
and is expected to be in operation before the end of the year.
For a number of years our San Francisco office has been
carrj-ing on trade mth the South Sea Islands and Avith a
view of developing this trade the Corporation has organized
a subsidiary trading company known as the South Seas
Pacific Co., Inc., which is operating on a small scale in the
Samoan Islands and continuing the import and export
WATERHOUSE & CO.
54 William Street.
oil
New
York, July 29 1920.
CERTIFICATE.
We have examined the books and accounts of the Pacific
Development Corporation for the year ending December 31
1919, and certify that the accompanying balance sheet is
correctly prepared therefrom.
The investments in subsidiary companies have been stated
at cost and only the dividends actually received have been
credited to the profit and loss account of the corporation.
have verified the securities for the investments by certificates from the duly appointed custodian of securities, or
by actual count.
Cash in banks has been verified by certificates from the
various depositaries and we have satisfied ourselves that full
provision has been made for all ascertained liabilities.
Subject to the foregoing, we certify that, in our opinion,
the attached balance sheet is properly dl-awn up to show the
true financial position of the Corporation as a holding company at December 31 1919.
We
PRICE WATERHOUSE & CO
office
trade -nith San Francisco.
In the Fall of 1919 a situation developed in reference to
Chinese Goverimaent finance which made it seem •Rise for
the Corporation to purchase an issue of $5,500,000, face
value, two year notes of the Chinese Government, these
notes being secured by the revenue of the Wine and Tobacco
taxes of the Republic of China, the loan agreement can-ying
with it an obligation on the part of the Chinese Government
to appoint an Associate Inspector General of the Wine and
Tobacco Administration, satisfactory to the Corporation,
for the purpose of reorganizing the administration of these
taxes in China and also giving options on future loans by the
Chinese Government secured by these revenues. While the
Board of Directors feels that this particular class of Chinese
Government finance is generally outside the scope of the
regular business of your Corporation, the loan was undertaken by the Corporation in the belief that it was not only a
safe and profitable piece of business for the Corporation
but that it would have an important bearing in cementing
the cordial feeling which exists in China towards the American
people and stimulate in this country an interest in Chinese
Government finance which is necessary for the successful
development of that country.
As a means of co-ordinating our various trading acti\ities,
a Committee, knowoi as the Trade Advisory Committee,
has been organized with Mr. M. F. Loewenstein, President
of the Pacific Commercial Co., Chairman, and the executives
of the Pacific Development Corporation and our various
trading subsidiaries as members.
This Committee acts in
a general ad\isor5' capacity on all trade matters.
The Corporation has just issued $4,312,950 par value of
stock for cash at par. Plans had been discussed for using a
BALANCE SHEET DECEMBER
31 1919.
ASSETS.
[nvestments (At Cost)
Subsidiary Companies:
American Mactiine & Mfg. Co capital stock S346,537 00
Andersen, Meyer & Co., Ltd.,
do
1,424,300 00
Hartmaun Bros., Inc.,
do
1,600.000 00
Hartmann Pacific Co., Inc.,
do
500,000 00
International Vegetable Oil Co.,
do
1,537,398 21
W. G. Pratt & Co., Ltd.,
41,837 50
do
Pacific Commercial Company,
1.589,285 00
do
Sun Cheong Milling Co.,
do
250,000 00
Soutli Seas Pacific Co., Inc.,
100,000 00
do
Total Subsidiary Companies
Chinese American Bank of Commerce
U. S. Government Liberty Bonds
Miscellaneous
$7,389,357
-833,333
123,550
180,462
71
33
00
16
$8,526,703 20
81,381 24
5,005,000 00
Total Investments
Due from Subsidiary Companies
—
Republic of China Note $5,500,000, carried at
(Deposited as collateral to loan.)
Notes and Accounts Receivable
Advances
81 ,686 83
452.884
289,155
167,926
32,499
.,
Subscriptions to Capital Stock
Cash
:.
Deferred Charges
89
42
14
62
$14,637.237 34
Total
LIABILITIES.
Capital Stock:
—200,000 Shares
—par
value of $50 each- -_$10. 000, 000 00
— 29.434of Shares
Unissued
—par
$50 each... 1.471,700 00
Issued or subscribed
— 170,566 Shares—par value of $50
Due to Subsidiary Companies
Authorized
valvae
Loan payable (Note
$8,528,300 00
45,131 57
ea.
for
of Republic of
China $5,500,000 Depos-
Surplus
5,000,000 00
800.000 00
^^8Q4 57
^^'^I' i..
39,271 i5
129.451 67
Total
$14,637,237 34
ited as Collateral)
Notes Payable
.
Accounts and Drafts Payable
Accrued Interest Payable
Provision for Federal Taxes and Managers' Compensation..
STATEMENT OP INCOME AND EXPENSES FOR THE YEAR
ENDED DECEMBER 31 1919.
Income:
Dividends
Miscellaneous
$644,593 00
53, 125 25
Expenses
$697,718 25
244,509 35
$453,20890
Net Income
Surplus Account:
Balance January 1 1919
Net Income year ended December 31 1919
$119,26/ 63
453,208 90
$572,476 53
Deduct:
Dividend Feb. 15 1919
$95,838 73
15 1919
Aug. 15 1919
Nov. 15 1919
101,453 63
„
May
•'
Surplus
—
—December 31
99.22150
^'^^"^^°°
1919
443,024 86
t$12f ,451 67
Represents surplus of Pacific Development Corporation as a
t Note.
holding company. On basis of a Consolidated Balance Sheet the surplus
of Pacific Development Corporation on December31 1919 was $3,918,229 04-
Aug.
THE CHRONICLE
7 1920.]
601
ATLANTIC GULF & WEST INDIES STEAMSHIP LINES
ANNUAL REPORT—FOR THE TWELVE MONTHS ENDING DECEMBER
New
To
York, August 2 1920.
Substantial progress, wherein your Corporation through
French oil companies, will secure entry into the French
market, is being made.
As nearly as can now be estimated, your fourteen steel
tank steamships, having an average sustained sea speed
varying from 103^ to 12 knots, should be deUvered as follows:
,
allied
the Stockholders:
Your Directors present herewith the Consolidated Income
Account of your Company and its subsidiaries for the year
ended December 31 1919, together wth the ConsoHdated
Balance Sheet and Profit and Loss Account at that date.
A perusal of the Income Statement will show that the
Common
Stock earned 323^% for the year 1919,
after reser\dng $1,379,940 for Federal Income Taxes.
No earnings resulting from investments in oil properties
will be reflected until the latter part of 1920, and then only
The steamship earnings for the current year are
slightly.
likely to be disappointing owing to large losses since last
December caused by strikes, high wages, congestion at ports
and extremely high fuel and repair costs. There has also
been heavy depreciation in Liberty bonds. Furthermore,
outstanding
31 1919.
the decline in foreign freight and charter rates must affect
the results of overseas shipping.
Since the beginning of the war the coastwise business has
not been attractive. Last year your strictly coastwise services showed an actual loss, and this year conditions are still
worse. With the anticipated increase in transportation rates
in the United States now under consideration by Inter-State
Commerce Commission, it is to be hoped the coastwise lines
may at least be able to hold their own during the latter part
To-day only eleven of your ships are exclusively
of the year.
engaged in coastwise business, whereas a j^ear ago fifteen
were employed, and prior to the war twenty-four. In addition to the seventy-three ships owned by your Companies,
fourteen other ships are now chartered and operated for your
account, while eighty-eight ships owned by the Shipping
Board are operated for account of the Shipping Board on a
D. W.
Name —
Tovs.
AGWISUN
10,600
AGWTMOON 10,600
AGWISEA
12,600
AGWILAKE 12,600
AGWIPOND 12,600
AGWIMARS 10,600
AGWIWORLD 10,600
AGWIHAVRE 12,500
AGWIBAY
12,600
SS.AGWIMEX
12, .500
SS. AGWISCOT
12,500
SS. AGWISTONE 14,800
SS. AGWISTATES 12,500
SS. AGWISMITH 14,800
SS.
SS.
SS.
SS.
SS.
SS.
SS.
SS.
SS.
Built by —
•
Probabe
Contract
Delivery
Date.
Sun Shipbuilding Co
July
SuD Shipbuilding Co
July
Bethlehem Shipbuilding Co-July
Bethlehem Shipbuilding Co-Aug.
Bethlehem Shipbuilding CO-Sept.
Sun Shipbuilding Co
Dec.
Sun Shipbuilding Co
Jan.
Sun Shipbuilding Co
Mar.
Bethlehem Shipbuilding Co. Sept.
Sun Shipbuilding Co
April
Sun Shipbuilding Co
April
Newport News Shipb'g Co.Mar.
Sun Shipbuilding Co
May
Newport News Shipb'g Co.May
Delivery
Date.
31 1920*June 30 1920
31 1920*JuIy 22 1920
1920
1920
1 1920
15 1920
15 1921
1 1921
1 1920
1 1921
30 1921
1 1921
15 1921
1 1921
1
1
Xov. 11920
Nov. 15 1920
Dec. 15 1920
Dec. 15 1920
Jan. 15 1921
Mar. 11921
Mar. 15 1921
April 11921
April 30 1921
May
May
July
1 1921
15 1921
1 1921
Delivered.
As seventy-five
shillings, time form, is to-day bid for tankone year, the outlook for profitable employment of
your above 172,400 D.W. Tons is quite promising.
During the past few days a settlement has been effected
with the Railroad Administration for the claims of Clyde
and Mallory Steamship companies for the use of their properties commandeered during the war, and for the loss of
steamships San Saba and Onondaga, for a lump sum amounting to $4,019,782, of which $3,107,557 57 has ah-eady been
paid.
This still leaves the claim of the Southern Steamship
Company to be adjusted.
There is a large sum still due from the Shipping Board for
the
loss of the SS. Carolina, and for unadjusted claims for
fee and commission basis.
ships requisitioned during the war, also for management fees
There is, however, another «ide to the picture so far as
your properties are concerned, and while it is always safer to and operating commissions up to December 31 1919. Settlement, however, has been made with the Shipping Board for
be a historian than a prophet, we may at least venture the
hope that beginning with July next year, when your fourteen steamships Siboney, Orizaba, Agwidale and Ag\\istar.
new steel tankers should be completed and in operation, also While your Corporation has suffered irreparable loss by havyour British, French and Mexican oil properties should all ing had these ships commandeered, no allowance was made
by the Board.
be producing, your net earnings will fully justify the permaThe Ward Line purchased SS. Waeouta from the Shipping
nent investment by that date of over $50,000,000, mostly
in January 1920.
Board
accumulated from past earnings and reserves, in these parTo care for its increased business your Corporation has
Some temporary financing may be needed
ticular properties
executed a twenty-one year lease for the sixteenth floor of the
to carry out this progi-am.
Possession
The Atlantic Gulf Oil Corporation of Virginia, of which new building now being erected at 25 Broadway
is to be given May first next.
your Corporation owns 53^%, and which in turn owns all
Details of the profit-sharing plan authorized by you at
Compania de
of the stocks of three Mexican corporations
the
last Annual Meeting, whereby officers and emploj^ees
OleoductosdelAgwi, Compania Terminal delAgwi and Comthemselves become stockholdei's upon favorable terms,
may
four
of
Agwi
owns
or
controls
to-day
pania Refinadora del
have
not yet been finally approved by your Directors, but
the largest producing wells in Mexico located about seventywll be.
shortly
Three of these wells have been,
five miles south of Tampico.
Any additional information desired by any stockholder
or shortly will be, connected by pipe lines some fifty miles in
will be cheerfully supplied.
length, with Tecomate, your sea-loading terminal, where
On your behalf we again desire to express to the officers
fifteen large storage tanks having a total capacity of 825,000
and
employees of your Corporation and its subsidiarie combarrels, and a topping plant of 30,000 barrels daily capacity
The present ten-inch pipe line already panies a most grateful appreciation of their loj-al and efficient
are being completed.
services during the year.
in operation, with capacity of over 40,000 barrels daily, is
By order of the Board.
should
by
November
the
daily
capacity
being doubled so that
ALEXANDER R. NICOL,
be increased to 80,000 barrels. By November the first
President.
5,000-baiTel topping plant unit should be completed, and by
March next the full 30,000 barrels should be in operation.
The Company is pursuing an aggressive policy in adding to ATLANTIC GULF & WEST INDIES STEAAtSHIP LINES AND
ers for
.
.
—
—
prospective oil lands and drilling new wells.
Your Corporation, through its marketing Company, the
Agwi Trading Corporation, of Cuba, also owns a 22J^%
interest in and has acquired the first right for a period of
twenty years to purchase any oil exported by the Colombia
Syndicate of Delaware, which owns or controls over 1,000,000
acres of Colombian oil lands east of the Magdalena River
and immediately north of the Tropical Oil properties. Eminent geologists and experts, who have examined the property,
SUBSIDIARY COMPANIES.
its
have reported so favorably that a special fund of $2,500,000
has been set aside for developments. Several geologists and
engineers, with a large force of Americans and native Colombians, are now building roads, camps, &c., preparatory to
driUing a number of wells, but owing to the many difficulti* s
encountered it will no doubt take several years to proptTly
prospect and develop the property.
It is expected that the
well may be drilled late next winter.
Several wells
already developed by the Tropical Company, also the many
seepages on the Colombia Syndicate lands, justify the belief
that any oil produced will show at least 34 degrees Baume.
The Agwi Petroleum Corporation, Limited, with an authorized capital of £1,000,000, has been organized in England.
with Sir Joseph Davies, M.P., Chairman of the Board of
Directors.
Sixty-five per cent of the capital stock is owned
by your Corporation, and a suitable location of 466 acres
throe and one-half miles south of Southampton, on the west
side of the Channel entering that jiort, has been purchased.
Work has already been starleil on a. toi)i)ing plant \\ith an
initial capacity of 5,000 barrels daily, which will at first lie
supplied with your Mexican crude of 21 degrees Baume, and
later may also refine other higher grade oils.
first
Comprising the following: Clyde Steamship Co.. Mallory Steamship Co.,
New York & Cuba Mail Steamship Co.. Campania Cubana de Kavegacion,
New York & Porto Rico Steamship Co., of Maine. United States & Porto
Rico Navigation Co., The New York & Porto Rico Steamsnip Co. of New
York, Southern Steamship Co., International Shipping Corporation,
Jacksonville Lighterage Co., The Tampa Towing & Lighterage Co.. Clyde
Steamship Terminal Co., Carolina Terminal Co., San Antonio Docking
Co., San Antonio Co., The Santiago Terminal Co., The Santiago Warehouse Co., Wilmington Terminal Company.
CONSOLIDATED BALANCE SHEET DECEMBER
31 1919.
ASSETS.
(\apital Assets:
Ships and Equipment, per last published report with
845,800,523 44
additions since, less Depreciation
Kixo<i Investments:
S8,317,t)SS 83
Pledged under Mortgage
Invastcd in Other Companies (including
5.898.263 46
Atlantic Gulf Oil Corporation)
14,215.352 29
12.040,015 79
(iood will and Franchises
872.055,891 52
Total Capital Assets
Current
As.sets:
54,241,309 82
Accoimts Receivable, Supplies, Agents'
Balances and Claims, less provision for
11.768,822 88
Doubtful Acooimts
Liberty Bonds par .$11,377,100 cost... 11,259.836 50
Securities
383,513 44
Miscellaneous
Cash
—
—
Total Current Assets
Doferrwl Charges to Operations:
Open Voyage Accounts
I'repaid Rent and Insurance
27,653,482 64
54,033,317 79
1,178.189 68
5.211.507 47
5104,920.881 63
THE CHRONICLE
602
AKD
CAPITAL
COMP-4lRATIVE CONSOLIDATED INCOME
LIABILITIES.
ENDED DECEMBER
Capital Liabilities:
Capital Stock:
Common Stock
Deduct: Stock in
Outstanding
Preferred Stock
Deduct: Stock in
Outstanding
—Authorized
and Issued $20,000,000 00
Treasury
5,036,600 00
—Treasury
Authorized and IssuedS20,000,000 00
6,257,100 00
Funded Debt:
Fiftv-Year
Bonds
—
Maintenance (including de-
5% Gold
— Outstanding
Bonds of Subsidiary Com-
preciation)
9.179.113 89
Traffic566,637 88
Transportation
..19.240.370 90
General
3,317,484 64
Charter
5,626,704 38
Taxes
151,778 82
Reserves for Federal Taxes 1,379.940 00
11,048,500 00
13,667,000 00
Total Capital Liabilities
$53,421,800 00
Interest of Minority Stockholders In Subsidiary Companies.
241 ,364 49
Total Current Liabilities
Deferred Credits to Operations:
44
—397.480 55
58
+249,163130
55 +14,358,42135
38 +1,521,597 26
5,291,52586
+335,178 52
118,654 47
+33,124 35
750,000 00
+629,940 00
9.576.594
317,474
4.881,949
1,795,887
39,462,030 51 22,732,086 28
Current Liabilities:
Accounts Payable and Accruals
$4,112,285 89
Accrued Interest on Funded Debt.i
568,700 02
Preferred Dividend payable Jan. 1 1920..
171 ,786 25
Common Dividend payable Feb. 1 1920..
748,170 00
Reserve for Federal Taxes
1,379 ,940 00
Net Operating Income.. 6.125.233 11
Other Income
1 .459 .623 59
+16,729.944 23
882 .867 43
+2,223,769 74
+ 576 ,756 1
7.584.856 70
4.784,330 80
+2,800,525 90
Notes, &c...
1,249.298 62
Rentals and Miscellaneous
Items
759.952 96
1,300,393 55
—51,094 93
773,950 12
—13,997 16
Gross Income
3,901,463 37
Deduction:
Bond
6,980,882 16
Open Voyage Accounts
United States Govenmient Items
ACCOUNT FOR YE A.RS
AND 1919.
Operating Expenses:
Collateral Trust Gold
^Authorized. $15,000,000, is-
Mortgage
31 1918
Increase ( + ) or
1919.
1918.
Decrease (.—)
$
$
^
. 45.587,263 62 26.633.549 65 +18,953,713 97
Operating Revenue
5%
sued
Deduct: Bonds in Treasury
panies
$14,963,400 00
13.742,900 00
$13,000,000 00
1,951 ,500 00
First
[Vol 111.
$5,168,125 90
5 ,422 ,468 36
Interest. Interest
on
10,590,594 26
Reserves:
Replacement of Marine Equipment
Miscellaneous Reserves
2,009,25158
$5,755,541 27
2,254,889 48
Total Reserves
Surplus
Net Income for the Year. 5,575,605 12
8,010,430 75
25,675,809 97
-
2,074,343 67
—65,092 09
2,709,987 13
+2,865,617 99
CONSOLIDATED PFOFIT AND LOSS ACCOUNT.
$104,920,881 63
Balance January
New York City, July 20 1920.
have examined the books and records of Atlantic Gulf
& West Indies Steamship Lines and its Subsidiary Companies
as enumerated above, as at December 31 1919, and have
prepared therefrom the above Balance Sheet.
We hereby certify that in our opinion the said Balance
Sheet correctly discloses the financial position of the ConsoUdated Companies at the date thereof.
ATRHUR YOUNG & COMPANTf.
Members, American Institute of Accountants.
We
1919
Sundry Credits
$22,294,298 72
22.083 63
Income
$22,316,382 35
5,575,605 12
for the
1
Year
$27,891.987 47
Deduct:
Preferred Dividends. 5%
Common Dividends, 10%..
Dividends on Stock of Subsidiary
panies not held by A. G. W. I-
Com-
$687,145 00
1,496,340 00
32,692 50
2,216,177 50
Balance per Balance Sheet.
$25,675,809 97
R. C.
MacBAIN,
Treasurer.
CAPITAL STOCK OF ATLANTIC GULF WEST INDIES STEAMSHIP LINES AND SUBSIDIARY COMPANIES. DECEMBER
Company.
W. I. SS.
Common
A. G.
Lines.
Inc. in
Authorized.
of Charter.
Maine Nov. 25 1908
31 1919.
Held by
Duration
Issued.
Owned.
Public.
Perpetual
Preferred
"
"
Clyde Steamship Co. Inc. in Maine Feb. 7 1906
Mallory Steamship Co. Inc. in Maine Oct. 31 1906
N. Y. & Cuba Mail SS. Co. Inc. in Maine March 6 1907...
Compania Cubana de Navegacion. Inc. in Cuba Oct. 3 1906
N. Y. & Porto Rico SS. Co. Inc. in Maine April 8 1907
U. S. & Porto Rico Nav. Co. Inc. in N. J. Dec. 7 1900
The N. Y. & Porto Rico SS. Co. Inc. in N. Y. Oct. 11 1890
Southern Steamship Co. Inc. in Delaware Jan. 7 1903
Inc. in Maine March 10 1916
International Shipping Corpn.
Jacksonville Lighterage Co.
Inc. in Florida April 2 1908
The Tampa Towing & Ltg. Co. Inc. in Florida May 5 1909
Clyde Steamship Terminal Co. Inc. in Florida July 7 1909
Carolina Terminal Co. Inc. in Maine Dec. 13 1911
San Antonio Docking Co. Inc. in N. Y. May 19 1906
San Antonio Co. Inc. in Maine Nov. 5 1906
The Santiago Terminal Co. Inc. in Conn. Jan. 4 1910
The Santiago Warehouse Co. Inc. in Conn. Aug. 27 1915.
Wilmington Terminal Co. Inc. in Maine July 25 1913
Compania Mexicana de Navegacion (Mexican Navigation Co.).
March 1901. U. S. Cy
20 yrs.
Perpetual
69 yrs.
Perpetual
"
99 yrs.
50 yrs.
99 yrs.
Perpetual
Inc. in
$20,000,000
20.000,000
7,000,000
7.000,000
10,000,000
2,000,000
5.000,000
2,000
50,000
160,000
100,000
50,000
35,000
100,000
100,000
1,000
50,000
200.000
200,000
100,000
$20,000,000
20,000,000
7,000,000
7,000,000
10,000,000
1,287,500
4,000,000
2,000
60,000
90,000
100,000
50,000
35,000
100,000
100,000
1,000
60,000
100,000
100,000
100,000
$72,148,000
$70,165,500
$14,963,400
13.742.900
44.450
$5,036,600
6,257,100
6,955,550
6,999,750
9,947,050
1,287,500
4,000,000
2,000
60,000
90,000
100,000
50,000
35,000
100,000
100,000
1,000
60,000
69,200
32,600
100,000
250
52,950
30,800
67.500
$28,902,250
$41,263,250
Mexico
1.125.000
1,125,000
852,250
272,750
$73,273,000
$71,290,500
$42,115,500
$29,175,000
NES AND SUBSIDIARY COMPANIES. DEC.
Company
A. G. AV.
—
SS. Lines
dated Dec. 9 1908.
I.
Due Jan. 1 1959. Int. rate 5% J. & J.
Due Feb. 1 1931. Int. rate 5% F. & A.
Mallory Steamship Co
Bonds dated Nov. 16 1906. Due Jan. 1 1932. Int. rate 5% J. & J.
N. Y. & Cuba Mail SS. Co
Bonds dated March 18 1907. Due Jan. 1 1932. Int. rate 6% J. & J.
N. Y. & Porto Rico SS. Co.
Bonds dated May 1 1907. Due May 1 1932. Int. rate 5% M. & N.
—
Clyde SS. Terminal Co
.
Bonds dated Oct. I 1909. Due Oct. 1 1934. Int. rate 5% A. & O.
Carolina Terminal Co
Bonds dated Nov. I 1912. Due Nov. 1 1937. Int. rate 5% M. & N.
San Antonio Co..
Int. rate 5% J. & D.
Bonds dated Dec. 1 1906. Due Dec. 1 1966.
Bonds
31 1919
Held by
Authorized.
Issued.
$15,000,000
$13,000,000
6.000.000
5,793,000
6.000.000
4,991,000
Clyde Steamship Co
Owned.
$1,951,500
$11,048,500
$2,343,000
262,000
3,188,000
1,951.000
599,000
2,441,000
5,689,000
Canceled.
Public.
Bonds dated Feb. 8 1906.
12.000,000
10,826,000
4.868,000
269.000
5,000,000
2,968,000
1,500.000
161,000
1,307.000
635.000
160.000
28,000
447.000
1.000.000
700.000
120,000
82,000
498.000
260,000
100.000
700.000
100,000
$39,013,000
$10,942,000
$3,462,600
$24,618,600
$1,946,000
$1,761,000
$88,000
$97,000
$45,950,000
Underlying Bonds,
U.
&
Porto Rico Nav. Co
Bonds dated March 1 1901.
S.
$3,000,000
Due March
1
1921.
Int. rate
5% M. &
S.
MARINE EQUIPMENT OWNED AND OPERATED BY ATLANTIC GULF & WEST INDIES STEAMSHIP LINES AND SUBSIDIARY
COMPANIES DECEMBER 31 1919.
Is.
tbt
Mallory
^c^!:^^:::::::::::::::::::::::::::::::::::::::::::::::::::::::::
c5
N.vY. & Cuba MaiTsS. Co
Cia Cubana de Nav
N.»Y. & Porto Rico SS. Co
Southern SS. Co
Jacksonville Lighterage Co
Tampa Towing & Lighterage Co
SS.
San Antonio Co.
Santiago Terminal Co
---
r-
No. of
Ships.
D. W.
No. of
D. W.
Tons.
Tugs.
Tons.
if
UiMI
14
14
61.047
66,023
-9
3
38.210
7.212
BuUding:
A. G.
W.
Tons.
2
i85
186
'50
261
36
24
29
36
11.225
8,375
11,855
9,208
-^
11"*
•'
,
1
„„
2°
£
nen
!•"''"
16
1,615
146
44.463
1.515
146
44.463
2
2
6
.
73
I.
SS. Lines
14
268,699
172.400
87
440.999
D.W.
No. of
Lighters.
?ok
l^''
1
o
.
_
16
Aug.
THE CHRONICLE
7 1920.]
60;{
MISCELLANEOUS EQUIPMENT
Launches & Motor Boats 7
Excavator 1
_ Coal Hoisters
Barges 2
Dredge 1
Mud Scows 2
1
Pontoons 2
MARINE EQUIPMENT OWNED AND OPERATED BY ATLANTIC
GULF & WEST INDIES STEAMSHIP LINES AND SUBSIDIARY COMPANIES DECEMBER 31 1919.
Atlantic Gulf & West Indies Steamship Lines.
—
D.W.
Ships
Altaniaha
Tons.]
—
a. w. Tons.
Ships
3,540 Ocmulgee
4,970]Ossabaw.
3,000 Ozama.
3,000 Panuco
3,000 Philadelphia
3,000 Sioux
3,540
3,540
3,000
4,970
2,515
3,000
.
Cauto
Carib.
Choctaw...
Kiowa
Manta
Tankers Building:
12,600
Agwiscot
12,500
Agwisea 12.600
Agwismith
Tankers Building:
Agwibay
Agwihavre
Agwilake
Agwimars
Agwimex.
Agwistates
10 ,600
12,500
10,600
12,600
Agwimoon
Agwipond
.12.500
.12.600
.14,800
.12,500
.14,800
.10,600
..0,600
Agwistone
Agwisun
Agwiworld
Clyde Steamship Company.
Algonquin
2,980|Iroquois
Apache
Arapahoe
3,680lKatahdin
Cherokee
2,836
3,100
250
3,915
1,800
1,526
3,045
2,065
Chippewa
City of Jacksonville
Comanche
Delaware
W.Clyde
Geo.
Huron
Inca
3,935
3,100
3,310
3,860
2,570
2,700
2,515
Lenape
3 ,680
Mohawk
Mohican
New YorkNorfolk
Osceola
300
Pawnee
Yaque..
1,800
2,065
Mallory Steamship Company.
-.. 7,200iMedina
Agwidale
Agwistar
7,000
3,290
2,394
3,620
4,950
3,165
2 ,095
7,200tNueces
3,185 Rio Grande
3,165 Sabine
Alamo
ComalConcho
Henry R. Mallory
Lampasas
San Jacinto
7,148 San Marcos
3,185i Santiago
3,4,50
New York & Cuba Mail Steamship Company.
5,030
4,576
5,030
4,731
5 ,060
2,800
4 ,095
Antilla
Bayamo
Camaguey
Esperanza
Guantanamo
Manzanillo
Matanzas
New York &
Brazos
Coamo
Corozal
Mexico
Monterey
Morro Castle.
6,125
4,731
4,685
5,500
5 ,360
5 ,500
2,800
Orizaba
Santiago
Siboney
Yumuri
Porto Rico Steamship Company.
5 ,500 Montoso
5,010 Ponce
4, 650 San Juan
4,650 Santurce
4,700
Isabella
Mariana
4,650
3,400
3,400
2,250
Southern Steamship Company.
2,500|Shawmut
Algiers
Wm.
P. Pahner.
1,912
2,800l
Clyde Steamship Company
SERVICES.
Boston-Charleston-Jacksonville (Freight)
New York- Wilmington-Brunswick (Freight)
New York-Charleston-Jacksonville (Freight and Passengers)
New York-Santo Domingo (Freight and Passengers)
New York-Haitian (Freight)
New York-Virgin-Windward-Leeward Islands (Freight)
New York-Guianas (Freight)
Philadelphia-Genoa-Naples ( Freight)
Philadelphia-Hull- Avonmouth (Freight)
Jacksonville-Sanford-St. John River (Freight and Passengers)
Company
New York-Tampa-Mooile (Freight)
New York-Key West-Galveston (Freight and Passengers)
New York-Genoa-Naples (Freight)
New York and Cuba Mail Steamship Company
New York-Nassau (Freight and Passengers)
New York-Havana (Freight and Passengers)
New York-Cienfuegos-Guantanamo-Manzanillo- Santiago de Cuba
(Freight)
New York- Havana-Progreso- Vera Cruz-Tampico (Freight and Passengers)
New York-Havana-Progreso-Vera Cruz-Tampico-Puerto Mexico (Freight)
New York-Barcelona-Bilbao-Cadiz - Canary Islands -Coruna-LisbonOporto-Santander-Vigo-and other Spanish Ports (Freight)
New York-Amazon and Northern Brazilian Ports (Para, Maranhao,
Ceara, Natal, Pernambuco, Bahia. etc.) (Freight).
New York-Mid Brazil Ports (Rio de Janeiro, Santos, etc.) (Freight)
New York-River Plate Ports (Montevideo, Buenos Aires, La Plata, etc.)
(Freight)
New Orleans - Havana-Caibarien-Cardenas-Matanzas-Neuvitas-Antilla,
etc. (Freight)
New Orleans-Cienfuegos-Manzanillo-Guantanamo-Santiago de Cuba,
etc. (Freight)
New Orleans-Tampico-Vera Cruz-Progreso-Tuxpam-Puerto Mexico, etc.
(Freight)
New Orleans-Mid Brazil and River Plate Ports (Montevideo, Buenos
Mallory Steamship
Aires, etc.) (Freight)
Galveston-Port
Art hur-Tampico- Vera
Cruz-Puerto
Mexico-Progreso,
etc. (Freight)
Tampico-Vera Cruz-Puerto Mexico-Havana and Cuban Outports-various
West Indian Ports-Spanish Atlantic Ports-French Ports-Antwerp-
Rotterdam-Hamburg
(Freight)
(Passenger service in prospect)
(Freight
Tampico-Vera Cruz-Havana-Coruna-Vigo-Santander-Bilboa
and Passengers)
New York and Porto Rico Steamship Company
New York-Porto Rico (Freight and Passengers)
New
Orleans-Porto Rico (Freight)
Southern Steamship Company
Philadelphia-Tampa-Texas City Port Arthur (Freight)
Philadelphia-Houston (Freight)
Note.
Ships owned by the Atlantic Gulf and West Indies Steamship
Lines are ciiarturiKl to the Clyde Steamship Company, New York and
Cuba Mail Steamship Company and Southern Steamship Company.
—
CURRENT NOTICES.
— "Sound and Conservative Investments Which We Recommend,"
is
the
by HolUster, White & Co. 62 Cedar St. along with
their Monthly Review of Aug. 2 on market conditions and problems.
These publications will be found well worthy of examination and study.
E. E. Gardner Jr. and James Watt Jr., have formed a partnership
under the name of Gardner & AVatt. with offices at 51 Exchange Place.
The firm will transact a general brokerage business in unlisted securities
title of
a booklet issued
,
,
—
and foreign exchange.
— W.
J.
Broadway,
Wollman & Co., members New York Stock Exchange, 120
New York, have issued a circular entitled "Ten Equipment
Maniifacturing Issues."
3i^lxje
(S^onxxixzxciitl
Timjes.
COMMERCIAL EPITOME
Friday Night, Aug. 6 1020.
Trade
numbing effects of uncertainty about
prices, the fear of loading upon falling markets, money
stringency, falling exchange and despondent stock markets
coincident with a fear of trouble in Europe growing out of
still
feels the
the Russian invasion of Poland with the fear that the Allies
be drawn into the struggle. This factor has been a very
noticeable feature, during the week in and out of Wall
Street, depressing stocks and to a certain extent cotton,
advancing grain markets and in general causing a feeling of
apprehension. The scarcity of cars, though not so great as
recently, is still acute and hampers business in the great
industries of the country.
The fall trade hesitates. The
question everywhere is how low are prices going?
And
buyers naturally hold aloof. They want more light on the
situation they are waiting to see it develop.
Meanwhile coal and other fuel is scarce. Unable to get
adequate railway transportation supplies of finished goods
are accumulating at the mills. Lumber would sell more
freely but for the lack of cars, which by the way has caused
some recent advance in prices. The automobile trade shows
less life. The textile trades are dull, not only in cotton, but
also in woolens and silks and prices are depressed. The shoe
trade is slow. Rubber has been declining, and further finanIt
cial difficulties are reported in that branch of business.
is a fact, too, that general failures are noticeably more numerous than at this time last year, and also somewhat larger
than in 1918, though admittedly much smaller than in the two
previous years and also fewer than last week. Foreign exchange has dropped to the lowest prices seen since February
Yet
and, of course, this has hampered the export trade.
there are some favorable features. The crop outlook is better both for grain and cotton. The corn crop in some sections would be the better for rain, but it is none the less
a fact that the total is estimated at around 3,000,000,000
bushels as contrasted with the latest Government estimate
And the total wheat crop, which in the
of 2,779,000,000.
last Government statement was put at 809,000,000 bushels is
estimated in reports of trade experts as high as 840.000,000
bushels. Also estimates of oats and other grain have been
That of cotton is put at 2.500,000
noticeably increased.
bales larger than some of the private estimates 90 days ago.
Prospects are brightening in the iron and steel trade.
Higher ocean freight rates are expected to Increase railroad
efficiency, hasten deliveries and stimulate trade. Railroads
are likely to make large purchases of steel, now that their
financial condition is to be much strengthened. Meanwhile
the export demand for wheat and rye has greatly increased.
The Western strike of coal miners has ended, and the coal
supply ought to increase before long. There is a good business in hardware; also in paper and some holiday goods.
Trade in sole leather is somewhat better. Wheat is 45
cents higher than the "low" of last week and there have also
been sharp recoveries in other grain. With bountiful crops
the buying power of the West is likely to be large and reports from agricultural districts are cheerful as to the prospects for business. On the whole while the drift of prices of
commodities in general is towards a lower lever the readjustment in the main is so gradual that as a rule no harmful
effects are noticed. A decline in prices releases funds tied
up by abnormal war prices and naturally tends to ease the
financial situation generally throughout the .country.
Now that the production of farms is to be increased it is
hoped that that of the mills and factories will follow, as a
very necessary thing in American life. A crying need, of
course, is improved I'ailroad facilities. This in a sense is
the keylog in the present jam. If this trouble is removed
production and distribution will increase, prices fall and
the return to normal conditions be hastened, with the disappearance of frozen credits, long the bane of American busiOne gratifying feature is that the cost of food is
ness.
gradually falling. Clothing also costs less than recently.
Abstention from buying has had an obvious effect. Some
woolen mills in Rhode Island have been reopened but this
It is reported that some of the mills
is not at all general.
of the American Woolen Co. at Providence, R. I., will soon
reopen.
Twenty cut-sole, top-lift and tap manufacturers at Haverhill, Mass., have rejected demands of the Shoe Workers'
Union for advances of .$14 to ^18 weekly and have shut down.
Coastwise steamships will advance their rates 25 to SSTo
about Sept. 1. The 1920 crops of coarse grains and flax in
the Northwest will, it is said, be the largest on record
William Green, Vice-President of the American Federation of Labor, says that miners are now satisfied with wages
and nothing will restrict coal output but lack of cars.
The Standard Oil Co. of New Jersey has allowed refinery
employees an additional increase of 109f in wages, effective
Aug. i, to meet the increased cost of living. The increase i^
in the form of a bonus, which will be discontinued when living costs decline sufficiently to warrant it.
It appears that a lack of orders caused shutdown of
Schwartz & Jaffe. Inc.. and J. Friedman & Co.. among the.
largest local clothing manufacturers, employing 3,000 hands.
may
;
THE CHRONICLE
After five montlis of
OILS. — Linseed
piers
604
Only finishing rooms are unaffected.
of the Morgan
idleness, loucslioreuien employed on the
Line have returned to work. The only piers remaining tied
up by coastwise strikes are the Clyde-Mallory and Savannah
The International Harvester Co. has set aside sixty
lines.
million dollars of its stock for distribution among its forty
thousand employees. As fears are expressed that the Irish
situation, which is daily growing more tense, may burst into
a general conflagration at any moment, steamers of the
White Star and Cunard lines have been forbidden by Great
Britain to stop at Queenstown.
Tokio. Japan, reports received here say that conditions in
Japan show no marked improvement. Silk is still very
weak, being quoted 1.175 yen a bale for standard quality.
Cotton yarn is also very weak, selling at 319.10 yen. The
Cotton Spinners' Association has passed a resolution to curtail operations 10% from Aug. 10 to Dec. 15. making a total
curtailment of 40%. Exception to this resolution is granted
those firms which export more than^50% of their products.
STOCKS OF MERCHANDISE IN
Aug.
1920.
NEW YORK
July 1 1920.
bags. 653, 145
mats. 4,160
bags. 620, 747
tons- 71,913
bales- 33,208
barrels.
2,140
Coffee, BrazU...
Coffee, Java
Coffee, other
Sugar.Cotton
Flour
LARD
1
699,298
5,870
550,460
64,383
22,517
15,900
CITY.
Aug. 1 1919.
267,875
6,467
396,275
4,000
59,129
3,800
prime western 19.65 @, 19. 75c.; refined to
Brazil
the Continent 21.25e.; South American 2 1. ,500.;
in kegs 23.50c. Futures were depressed by dukiess of trade
and the tightness of money. Stocks decreased at Chicago
during July and this fact for a time caused buying, especially
Offerings fell off. But prices for hogs
as grain advanced.
have shown a downward tendency and the lack of cash
business hurt. Still there was some recovery from the lowest
prices early in the week. Stocks of lard at the six leading
western packing points on July 31st were 119,322,000 lbs.
(a decrease of 6,800,000 during July), as compared with
62,221.000 last vear. Stocks of drv meats were 126,850,000
or 11.200,000 less than a month ago, and 9,009,000 more
than last year. Of pickled meats there were 149,194,000
compared vnth. 176,274,000 a year ago. Total stocks of all
meats decreased 30,226,000 and are 355,740,000 against
384,338,000 a year ago. To-day prices declined and they
close lower than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
quiet;
Sat.
Mon.
September delivery.cts. 18.40
October deUvery
18.75
18.20
18.57
PORK
Wed.
Tues.
18.75
19.15
18.95
19.32
@
Thurs.
19.25
19.60
Fri.
18.95
19.25
@
quiet; mess $33
$50.
Sept.
S34; family $46
closed at 25.50c. a decline for the week of $1.35.
Beef
quiet; mess $18
$20; extra India mess
$19; packet $19
$32
$34: No. 1 and No. 2 canned roast beef $3.25.
Cut
meats lower; pickled hams 10 to 20 lbs. 30^ @, 315/gc.;
picnic 18
28e.
18 K; pickled bellies 6 to 12 lbs. 27
Butter, creamery extras, 54 J^
55e.
Cheese, flats 20
Eggs, fresh gathered extras 54
28c.
55c.
on the spot remains quiet at lower prices;
No. 7 Rio 103^c.; No. 4 Santos 16K@173^c.; fair to good
Futures feU again sharply on lower
Cucuta 16(§:16Mc.
Brazilian markets, war-like news from Em-ope, world-^\dde
dulness of trade, big prospective supphes, tight money,
The total
a lower stock market and heavy Uquidation.
into-sight supply of Brazilian coffee for the United States
is 1,514,829 bags against 1,167,941 a year ago.
Some belieA'ers in much lower prices argue that 1920-21 crop year
starts Avith a world's visible supply of 6,909,970 bags of all
kinds of coffee and with world's crops estimated at 16,000,000
bags maximum to meet an estimated consumption of not
This situation would ordinarily
less than 19,000,000 bags.
mean higher prices, but it is neutralized now by monetary
stringency and the fact that bankers do less and merchants
have to do more than usual in carrying the load. To-day
prices again declined and Sept, winds up about 100 points
off as compared with last Friday.
September --9.19@9.24 January
9. 71 ©9.72 (March
9.92® 9.94
December.. -9.60@9.65
May
10.04@10.05
Futures and spot raws have been quiet and
futures have dechned noticeably.
Peru and Venezuela
afloat sold at 15c. c. i. f. Porto Rico first half of August
shipment at 16.30e. c.i. f., San Domingos in port at 15c.
c. i. f., Cuba same shipment at 1534c- c. i. f. Java white in
port at 16.29c. duty paid. Ditto due late Sept. at 143^c.
c. i. f. cases of 96 deg. centrifugal.
Centrifugal 96 degrees
test Cuban and Porto Rican 16.29c.
Later Peru for Aug.
shipment sold at 14.87J^c. c. i. f.
Imports of cane sugar for fiscal year ended June 30, 1920,
were 3,388,790 tons, valued at $686,901,118, compared
with 2,603,560 tons valued at $308,982,457 for previous year.
Receipts at Cuban ports for the week were 42,873 tons against
37,223 tons in the week previous and 47,612 last year;
exports decreased some 18,000 tons to 61,774 compared with
79,694 tons in the previous week and 71,421 last year;
34,181 tons of the exports were destined to U. S. Atlantic
ports; Cuban stocks 382,868 tons against 402,769 in the
preA-ious week and 1,024,139 last year.
Five centrals are
in operation on old cane.
Cable advices said that rain was
needed in some parts. Refined, granulated unchanged at
21 @ 221^0. Today futures decHned and they end 230 to
240 points lower for the week.
@
@
@
K @
@
@
@
@
COFFEE
1
SUGAR —
I
August.... 12,70@12.80|aeptember-12.80f5i2 s:^ I5ecember.l2.40("a"2'.oO
October... 12.80@12.83 January.. .11.00@11. 15
I
1
fVoL. 111.
lower, on a private report predicting
a large flax production in the Northwest. Indications from
Canada point to a large yield there, and though nothing
definite has been heard from Argentina the prospects are
for a large crop there also.
Argentine has been shipping
large quantities of seed to Great Britain, and the stocks
in that country are now quite heavy. The crop of Minnesota, the Dakotas and Montana is estimated at 15,000,000
to 20,000,000 bu. against 6,000,000 last year.
Carloads
were quoted at $1 40@$1 50; less than carload $1 33@$1 48,
five bbls. or more $1 36@$1 51.
Cocoanut oil, Ceylon
bbls. 15M@153^c.; Cochin 16@16He. Olive $3 10@;$3.25.
Lard, strained A\anter $1 40. Cod, domestic $1 00@$1 05;
Newfoundland $1 05@,$1 15. Spirits of turpentine $1 70.
Common to good strained rosin $13 00.
PETROLEUM
in good demand and steady; refined in
bbls. 23.50
24.50c; bulk 13.50
14.50c.; cases 26
27c.
Gasoline also in good demand and steady; steel bbls. 30e.;
consumei's 32c.; gas machines 49c.
According to the Oil City Derrick's reports for July, there
was a decline in both completions and initial production as
compared with the June figures. The total completions
were 2,726 against 3,124 in June; new production amounted
to 239,238 bbls. against 265,939 in June.
Decreases are
shown in Kentucky, Texas, Louisiana, Mid-Continent and
@
@
@
the Lima-Indiana fields. North Central Texas which has
been leading other divisions for more than a year, fell behind
Oklahoma, North Louisiana and the Gulf Coast, the latter
division being the leader in new production.
Pennsylvania
completed ten more wells than in June, and increased its
initial production by 661 bbls.
The number of failures in all
fields was 654, a decrease of 59 from the June figures.
Pennsylvania
Corning
Cabell
Somerset, 32 deg.
and above
Ragland
Wooster
North Lima
South Lima
RUBBER
10 Indiana
4 25 Princeton
4 17 Illinois
S3 63 Strawn
,?6
3 77
3 77
Plymouth
3 98
4 00 Kansas &
Okla2 35
homa
3 50
4 05 Corsicana, light
3 00
3 73 Corsicana, heavy. 1 75
3 73 Electra
3 50
$3 00
3 00
Healdton
2 75
Moran.
_ 3 00
Henrietta
3 00
Caddo, La., light. 3 50
Caddo, crude
2 50
De Soto
3 40
ThraU
Though the Singapore and London markets
been reported easier and sterling exchange
weaker, the market for a time was firm due largely to small
offerings.
Factories are more interested in futures than in
spot and nearby, but the actual business has been very small.
Later prices weakened. There was a rumor on the 4th inst.
that another large firm was in bad financial circumstances.
Smoked ribbed sheets on the spot and for August, 29J4e-;
September, 303^c.; October, 32c.; November-December,
33J<4e.; January-March, 36 He.; January-June, 38c.; JulyDecember, 413^c. Later in the week rumors persisted of
financial difficulties of another prominent firm with a meeting of creditors at which it was said that the firm was long
2,403 net tons, Avhich at current prices would mean, it is
believed, a heaw loss if liquidated now.
It was stated that
a committee of five dealers was appointed to devise means
of meeting obligations to the best advantage of all concerned.
OCEAN FREIGHTS have been duU and more or less
depressed. July was bad and August begins bad. Possibly
when the raih'oad situation improves ocean freight traffic
•Rail improve, but that cannot be brought about in a day.
Grain rates from the Northern Range to the United Kingdom have dropped to 10s. per quarter. The rate for deals
have
is
latterly
now
200s. per standard.
Charters included coal from Virginia to River Plata, $11 August; from
Philadelphia to Jacksonville, S2 75; from Pensacola to a French Atlantic
port, $13 August; from Atlantic range to Chile, $8 50; to Oxelsund, $13 50
prompt: one round trip in West India trade (1 333-ton steamer) $6; coal
from Virginia to Stockholm, $13 prompt; sulphur from a Gulf port to Gothenburg, Stockholm range, .$15 August-September; merchandise from a Gulf
port to Antwerp, 40 cents per 100 lbs. prompt; china clay from Fowey to
north of Hatteras, 25s. prompt; linseed from Rosario to New York. $13
September; a 6 or 9 months time charter (steamer 2,702 tons), 16s. 3d.
,
,
TOBACCO
has remained quiet as usual at this stage of
the season. Meanwhile crop reports are in the main verj^
favorable. It looks as though the yield would be abundant.
At the same time the consumption is large. The Bureau
of the Census puts the amount of leaf tobacco held by
manufacturers and dealers in the United States Julv 1st
at 1,452,962,024 lbs. against 1,590,644,000 lbs. on April
1 1920, 1,318,131,291 Jan. 1 1920 and 1,400,963,823 on
July 1 1919. The amount of chewing, smoking, snuff and
export tvpes on Julv 1 1920 is placed at 1,013,719,134 lbs.
compared with 1,179,813,043 lbs. on April 1 1920, 962,807,355 lbs. on Jan. 1 1920, and 1,012,255,690 lbs. on July 1
1919.
Representatives of 106,000 growers in Kentuckv^
Ohio and Indiana who produce 300,000,000 lbs. of white
burley tobacco annually favor a cutting down of the 1921
crop with a view to obtaining higher prices but have delayed
action it appears until the meeting called for Aug. 18.
Their object is also declared to be to increase the acreage
of foodsluffs.
Connecticut farmers, it is said, ask $1 25 a
lb., claiming that producing costs have been 100% greater
than in 19J.9. The Connecticut crop looks well. It is in good
condition in New York.
The Georgia acreage is smaller
but for all that the forecast points to a larger crop than that
of last year. Some very high prices are reported in that state.
COPPER quiet and lower; electrolytic 18^
19e.
Tin higher on the strength of London; spot tin 49
49^0.
Lead quiet but steady at 83^
9.20c. for s"
New York.
Zinc more active and firm at 7.75
7.SC<^. lor East St.
Louis.
There w&s a good demand from galvanizing interests
and dealers, which was belie-sed to have been spurred bj' the
reports of strikes in several producing centres.
@
@
@
@
.
.
Aug.
.
.
THE CHRONICLE
7 1920.]
PIG IRON
in better demand.
It turns out too that the
July was 3,067,043 tons against 3,043,540
in June or 98,937 tons a day in July despite the gloomy talk
of car shortage, against it is true 101,451 tons in June.
Spot demand is noticeable and also buying for forward
The freight rate advance has cleared the atmodelivery.
Prices on steel making and foundry grades have
sphere.
an upA\ard tendency. Basic iron for early delivery sold at
S46.50 vallev furnace a rise of 50c. Bessemer iron advanced
production
is
in
STEEL
Railroad
prospects are regarded as improving.
it is believed, mean more cars and better service.
The advance A\-ill solve the railroad problem sooner or later.
The railroad companies, it is understood, will order more
and 2,000 locomotives
freight cars report says 10,000
Also large orders are exas well as 3,000 passenger cars.
Iron and steel
pected for tie plates and gondola cars, &c.
interests welcome higher freights as the Moses that will
lead the trade out of the Avilderness.
freight rates,
—
—
COTTON
Friday Night, August 6 1920.
as indicated by our
For the
telegrams from the South to-night, is given below.
week ending this evening the total receipts have reached
24,820 bales, against 26,945 bales last week and 27,207 bales
the previous week, maldng the total receipts since Aug. 1 1920
18,120 bales, against 72,670 bales for the same period
of 1919, showing a decrease since Aug. 1 1920 of .54,550
THE MOVEMENT OF THE CROP,
bales.
lleceipti at--
Xlon
Sat.
Texas City
Arthur, '&.c'.
Nevv Orleans
r,376
l".550
...
'714
547
553
Pensacola ..
'afksonvillc
Savannah
Brims ivick
2,419
1.675
1.787
8,310
"995
95
l",559
l',54t
l",376
8',466
108
"1.50
203
714
697
267
1,862
"592
"179
"115
"292
Norfolk
"146
N'portNows &c.
New York .
"22,5
Boston
""85
'289
Balti.Tiore -.
""79
w pek.
16
17
28
i',i7i
17
""6.5
"217
863
".37S
"420
1,015
1,189
1,015
154
5.341
24.820
""7,5
2.16S
6.700
2.626
4.151
3.8.34
shows the week's total receipts
1919 and stocks to-night, compared with
The
Aug.
'i.56
"22.5
17
Philadelphia
"lis
'"'13
47
f.694
Wilmington-
Votals this
folloAving
1
Total.
Fri.
Thtirs.
654
_
I'ort
Mobile
Wed.
Tues.
1,775
AUjUSl&.
This
Week.
Since Aug
1 1920.
8,310
Galveston
Texas City
Port Arthur, &C-.
New Orleans.-. _.
Mobile
Pensacola .
Jacksonville
.
Savannah
Brunswick
1,862
C'harle-ston
""l"i7i
Wilminsiton
.
--Norfolk
N'port News, &C-
New York
Doston
Baltimore
133,819
9,282
855
203
"""155
"ll".i08
"ll,i58
219",566
3'4l",9i7
959
961
2,572
""2",000
""2",o5o
1.309
20,723
3,000
2,709
25,199
3,000
2,905
1.101
1,520
1,140
2 All
58.931
1.946
221,736
32.844
25,631
14,465
4.038
12,700
250,025
34,000
33,921
55,786
82,671
28
""'309
"l"i72
106
1,015
75
265
28
'""309
106
415
38"878
7,736
8,834
4,609
66.856
72 ,670
77
17
717
24.820
Totals
104,355
11,556
17
154
1919.
23,028
863
"""225
Philadelphia
1920.
23,028
"6"
1,189
1,015
Stock.
Since Aug
1 1919.
This
Week.
6,535
"8"466
203
714
697
-_
total since
last vear:
1919.
i920.
Receipts to
.
18.120
' '2'.096
'80',266
6,778
5,856
6,657
741.290 1,072.181
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at
—
8,310
.
Charleston
Wilmington
AU
wk.
Since Aug.
1
7,011
203
959
900
623
20.723
3,000
2,709
17,479
11,411
1,500
1,510
151
4,571
863
1,101
1,520
147
13
317
2,358
16,452
3,084
12,720
6,332
8,437
1.500
.814
1
4,656
4,573
137
1915;
9,251
3,952
117
3.032
100
107
1.114
2, -140
3,994
28
2,680
,382
644
24,820
66,856
33,727
44,290
61 ,087
20,757
18.120
72,670
42,273
60,170
88.321
37.921
others
Total this
11 ,-i68
1916.
9,605
1,862
1,171
17
--
Norfolk
N'port N..&C1
1917.
6,309
126
6,078
23,028
'8,405
Mobile
Savannah
Brunswick
1918.
1919.
1920.
Galveston
Texas Oilv.&c
New Orleans-
_
7,908
1
for the week ending this evening reach a
total of 29,639 bales, of which 16,097 were to Great Britain,
5,575 to France and 12,967 to other destinations. Below are
the exports for the week and since Aug. 1 1920:
The exports
Week ending Aug. 6 1920.
Exported
—
From Aug.
1
1920
Aug. 6
—
to
Exported
to
1920.
to
Export.'!
from
—
Great
Britain. Fiance:.
Galveston..
New
(
8.5S4
1.177
)rleans
Mobile
Pensiacola
Total
"n',364
8,584
12,481
Great
Britain.
500
2/7
Other.
Vo",664
Total.
5,931
11.781
500
4,645
'
France.
5,931
1,177
714
714
-
Total.
700
700
JapksonvlUe
SuvaiiHuh __
New York..
.Boston
Other.
500
75
1,163
1,663
"""506
"""963
1.463
352
16,097
575 12,967 29,639
7,108
500
11,567
19,175
Total 19 lit. 110,399
Total 191K. 23.901
9,627 58,797 178.823
18,685 44,677 87,263
110,399
23,901
9,627
18,685
62,055
44,677
182,0S1
87,263
605
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.
We add similar figures for
New
York.
On
August 6
at
—
Great
Britain. France.
Galveston
New Orleans..
Savannah
.
5,760
9,980
2,000
Charleston
Mobile.Norfolk
.
'616
New
Shipboard, A^ol Cleared for
Ger-
many.
5,116
2,687j
8,898
3,161
Other
Cont.
6,700
12,733
Other ports*..
200
800
Total 1920..
Total 1919-.
Total 1918-
19.356
44,744
19,837
wise.
1
500
21,1.33
81,0.50
17.000
Total.
Stock.
27,974,
76.381
191.005
55.431
221.236
28.561
3.500
500
616
1
.9.56
1,200
1.500
25.631
37,678
68,121
63,851
3,.500
6.599 141,567
6,800 48,6.37
930.614
843.268
700 ::::::
12,059
6,047
1
1,002
1,000
7,803
3,127
5.000
Leaving
Coast-
1,500
i
York*-..
—
677.4.39
Estimated.
Speculation in cotton for future delivery has continued
within very moderate bounds at irregular prices, falling very
noticeably, especially on October one time, only to rebound
violently later on.
October's early rise was the feature
to-day.
But October was under pressure at one time
through selling attributed to London and Liverpool interests.
It looked, too, as though the South had sold it very freely.
Certainly it was conspicuous for its weakness early in the
week, and its premium o\'er later months was very sharply
reduced. Moreover, the Polish news was considered bad.
The Russian army has continually advanced. Warsaw is
threatened.
The Allies may be drawn in. And there were
sensational reports from Georgia in regard to excessive cotton insurance by compress concerns, i. e., insurance it was
alleged on more cotton than was actually in store.
In one
way or another these occurrences are reported to have been
attended with four failures invohdng something like -$2,000,000.
At the same time, too, it was announced that South
Atlantic bankers were reducing loans. Spot markets declined sharply, i. e., Montgomery, Ala., 1.50; Little Rock,
Ark., also 1.50; Galveston, 100 points, &c. There is said to
be little demand from New England mills. Increasing inquiry v/as reported from Europe, but not much actual business.
Low grades continue as dull and as plentiful as ever.
The Wednesday Government report for the week on crop
and weather conditions was in the main favorable. Also at
times stocks, grain, coffee, and sugar have declined sharply.
Cotton goods continued dull and depressed.
No improvement was reported in woolen or silks. Reports from Japan
were of continued depression in the silk and other lines of
trade.
And general business in this country has been light
with money tight, cars scarce and deflation the word of the
hour. At the same time, exports of cotton have been very
small.
The South has been a large seller.
Three thread mills at Holyoke, Mass., it is announced,
will go on a four-day schedule.
Clothing establishments in
this city employing 5,000 hands have closed at least for a time
owing to the dulness of trade. In Georgia night shifts have
in some cases been dropped in cotton mills owing to dulness
of trade and lower prices.
Some automobile concerns have,
it is understood, obtained extension of loans from the banks
owing to slowness of trade, delays in transportation, frozen
credits, &c.
It is said that sales of goods to the amount of
6,000 cases to the Levant and China have within the last
four months been cancelled and diverted to domestic markets.
Take it all and all, the news in regard to business, finance
and politics has not been cheerful; far from it. .\nd the
heavy selling by the South has more than once attracted
attention.
As for the general sentiment here, it has been
bearish. This was noticeable both in and out of Wall Street.
And the West has very evidently been selling for a decline
coincident with the recent big break in the grain markets.
Trade buying here has not been at all brisk. In fact, most
of the time it has been small.
On the other hand, there has been a tendency to overdo the
short side. And more than once this has caused sharp upturns.
Also there has been not a little buying in Liverpool
by th(! Continent and trade interests. Trade calling there
has been a feature during much of the week. And there
has been a good spot demand at Liverpool. And there has
been another feature which has attracted not a little attention here.
That was the reports from Manchester tliat there
was a better demand from India. Certainly business at
Manchester latterly has been more active. And another
important circumstance was that the weather in parts of
the South, especially in the Atlantic States, has been very
rainy and also cold at nights.
The temptn'ature in tlie
Atlantic States and also in some parts of the lOastiM-n Gulf
section and even in Texas, Oklahoma and .Vrkansas have at
times been noticeably low, i. e., in the fifties and sixties.
Also in some
In some sections they dropped to 52 degrees.
With this recases the day temperatures were rather low.
tarding of growth and the rains proj^agating weevil tlie question has arisen whether there is not a strong lik(>lilnH)d of
one of the tratlitioual crop scares occurring in .Vugust.
Certainly seldom does a season pass without something of
this kind (hiring the jiresent month.
It was noticeable, too,
that while the weekly report was in tht> main favorable, it
had little effect on the market. This of it.self seems to point
to an oversold condition.
And Li\"erpool and .Taiwanese
interests in a single day. it is understooil, bought 40,0lX) to
.")(), 000 bales of Octob(>r and December.
On .Vug. 2 appeared
THE CHRONICLE
606
the Government report, which put the condition at 74.1%,
against 70.7% on June 25, 62.4% on May 25, 67.1% on
July 25 last year and 75.6 the ten-year average. Previous
guesses on the report had generally been from 75 to 76, with
a crop indication of 13,000,000 bales or more. But the actual
under the average guesses and the crop
report was 1 to
estimate based upon it was only 12,519,000 bales.
It was
such a surprise that prices ran up 100 to 125 points from the
2%
morning's "low."
On the other hand, the news in regard to politics, possible
war finance, trade and the crop is, on the whole, regarded
by many as unfavorable. E.xports are small. Supplies are
Cottons, silks and woolens are dull. Japan's trade
liberal.
is still said to be in a bad way.
To-day, while October advanced sharply, other months balked. They advanced at
first and then fell.
This is considered by many a time of
deflation not favorable to bull markets.
Most months
ended lower and most of October's rise was lost. The close
was slightlj' higher for the week. Spot cotton ended 50c.
lower than last Friday at 39.50c., with more business of late.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
f* July 31 ti Aug. 6—
Sat. Mon. Tues. Wed. Thurs.
Fri.
Middling uplands
39.50
39.50
40.00
40.00
39.50
39.50
NEW YORK QUOTATIONS FOR 32 YEARS.
1920.
1919
1918.
1917
1916
1915
1914
1913
39.50 1912.
32.751 1911
.32.8511910
27.80 1909
13.95 1908
9.45 1907
1906
12.00 1905
12.75
12.75
15.90
12.70
10.85
13.25
10.70
10.75
1
10.45 1896.
1904.
1903
1902.
19011900.
1899.
18981897
1
12.7511895
8.88 1894
8.00 1893
9.50 1892
6.12 1891
6.06 1890
8.00 1889
FUTURES.— The
Monday, Tuesday, Wed' day,
34.00
34.40
33.85
33.40
32.65
33.00
— 32.00
31.2731.27-
30.94-.90 30.50-J60 30.63-.30 31,05-.98 31.60-Z62 30.50-«62
31.70-.75 30.84-.88 31.03
31.95-.98 32.05-.10
—
Range
Closing
October
—
Range
Closing
—
November
Futures.
Closing
December
—
Range
Market
Market
Closed.
Closed.
Quiet, unchanged..
Quiet, unchanged ..
Monday
Tuesday - Quiet, 50 pts. dec.
Wednesday. Quiet, unchanged..
Thursday .. Quiet, unchanged ..
Saturday.
Friday
.
Steady, unchanged
Irregular.
Spot.
Contr'l.
—
Range
—
Closing
—
March
Range
.Steady..
.
..
Firm
Barely steady
Total
3,000
2.000
3.000
2,000
5.000
5,000
as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
aU foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
P» August 6—
1920.
1919.
1918.
1917.
Stock at Liverpool
Stock at London
Stock at Manchester
bales..
Total Great Britain
Stock at Ghent
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
991,000
12,000
125,000
770,000
13,000
91,000
237,000
22,000
42.000
270,000
28,000
16,000
1,128.000
874,000
301,000
314,000
90.000
73 ,000
79,000
10,000
126,000
3,000
64,000
62,000
"s'ooo
2,000
177,000
3,000
72,000
11,000
433,000
265,000
100,000
263,000
Total European stocks
1,561 ,000 1.139.000
India cotton afloat for Europe
100,000
44,000
Amer. cotton afloat for Europe.. 170,587 418,947
41,000
Egypt, Brazil, &;c., afloat for Eur.
60,000
Stock in Alexandria, Egypt
72,000
180,000
Stock in Bombay, India
1,340,000 1,040,000
741,290 1,072,181
Stock in U. S. ports
Stock in U. S. interior towns
842,646
746,904
1,577
25,401
U. S. exports to-day
401 ,000
6,000
101,000
54,000
211,000
*582,000
891,905
672,613
55,625
577,000
30,000
142,000
26,000
70,000
982,000
536,787
297,416
4,870,100 4,726,433 2,975 ,143 2,661,203
Of the above, totals of American and other descriptions are as
American
—
Liverpool stock
bales.
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U.S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, cfec.
Liverpool stock
London stock.
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
Week.
6.
—
— 33.65 — 34.50 — 34.50 — 33.85 —
— 33.70 — 33.45-.70
— 32.25 — 33.45
33.70 — 33.70 —
28.75-/84 28.75-.40 28.68-.20 28.75-.48 29.02-.60 28.68- 84
29.15-.20 29.00
29. 45-, 48 29.10
29.75
—
—
—
50-.
Closing
28.70
28.50- ,80 28.32-/55 2S..53-.20 28.50-.95 28.51-.00 28.65-.20 28.50-/55
29.52-,54 28.95-.00 28.77
28.90-.95 28.65
Range
29.30
Range
Closing ...
/32C.
J
31c.
2
28.80-.15
29.15
28.60
— 28.75 — 28.55 —
—
— 28.80-. 15
28.10-.35 28.30-.80 28.55 —
28.70 — 28.10-.70
29.30 — 28.70 — 28.50 — 28.75
28.40 —
28.30
—
—
—
28.50
Closing
/29c.
30c.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week ending
March
12.
Orleans..
Charleston
Norfolk.
Baltimore
Philadelphia
Augu.sta
Saturday.
Monday
'37.00
37.00
38.50
38.50
39.00
40.50
40.50
40.50
40.25
39.00
39.50
36.05
36.00
39. 50
35.75
38.75
38.50
39.00
'40.50
40.50
40.50
40.25
39.25
Memphis
39.50
Dallas
J.
Hoa'ton
36.00
Little Rock... 39.00
Fort Worth...
—
Tuesday. Wed'day, Thursd'y,
.\
37.00
38.25
38.50
39.00
36.00
37.75
38.50
39.00
40.50
40.00
40.00
39.75
38.25
39.00
35.15
35.00
37.50
35.25
40.,50
40.50
40.50
39.75
38.25
39.50
35.15
35.00
39.00
35.25
Friday.
36.00
36.75
37.00
39.00
36.00
37.00
38.00
39.00
40.50
40.00
40.00
39.75
38.25
38.50
36.00
35.25
37.50
35.50
40..50
40.00
40.00
39.75
38.00
38.50
35.90
35.25
37.50
35.50
NEW ORLEANS CONTRACT MARKET.
Saturday, Monday, Tuesday, Wed'day, Thursdy,
July 31. Aug. 2. Aug. 3. Aug. 4. Aug. 5.
567,000
666,000
60,000
113,000
362,000
235,000
418,947
170,587
741,290 1,072,181
746,904
842 ,646
25,401
1,577
109 000
16 000
*88, 000
101, 000
891 905
672. 613
follows:
176,000
9,000
*229,000
142,000
536,787
297,416
August
September
2,897,100 3,125,433 1,934,143 1,390,203
325,000
12 ,000
12,000
71,000
100,000
41,000
72,000
1.340.000
203.000
13.000
31,000
30,000
44,000
60,000
180,000
1,040,000
128,000
22,000
26,000
*12,000
6,000
54,000
211,000
582,000
94,000
28,000
7,000
*34,000
30,000
26,000
70,000
982,000
1,973,000 1,601,000 1,041.000 1,271,000
2,897,100 3,125,433 1,934,143 1,390,203
4.870,100 4,726.433 2,975,143 2,661.203
Total visible supply...
20.15d.
21.46d.
18.53rt.
27.10d.
Middling uplands, Liverpool.
26.90c.
32.05c.
32.15d.
New
York
39.50c.
Middling uplands.
37.25d.
33.92d.
34.00d.
71.00d.
Egypt, good sakel. Liverpool
26.80d.
39.00d.
29.50d.
Peruvian, rough good. Liverpool. 44.00d.
19.50d.
20.76d.
17.85d.
20.60d.
Broach, fine. Liverpool
19.68d.
21.01d.
IS.lOd.
21.85d.
Liverpool
Tinnevelly, good,
Estimated.
Continental imports for past week have been 16,000 bales.
The above figures for 1920 show a decrease from last week
of 55,597 bales, a gain of 143,667 bales over 1919, an excess
of 1,894,957 bales over 1918 and a gain of 2,208,897 bales
over 1917.
Aug.
6.
31.81 — 32.85 —31.15 — 31.22 —31.94 —32.26 —
31.01 — 31.45 —,30.35 — 30.42 —31.14 —31.46 —
30.31-. 35 30.75-.82'29.6575 30.44-.47 30.76-.84
29.24-.26|29.73-.78,29.80-.83
29.35-.40 30.
20 29.2528.77 —29.23-. 25 29.18 —
28.90 — 29.84 — 29.0428.45-.48 28.80-.83 28.81 —
59 29.40 — 28.70—
—
—28.27 —
28.1050 —
27.95
28.75
27.90
.
October
December.
January
.70 29. 72-.
,30
,07
,78
16-.
March
28. 50-.
May
—
j28
,38
Tone
Spot
Steady
Ba'ly
Options..
Quiet
Steady
sy Steady
Steady
Quiet
Steady
Quiet
Steady
I
Quiet
Steady
TOWNS
THE
the movement— that is,
INTERIOR
AT
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year is set out in
detail below.
—
Movement
Towns.
to
August 6 1920.
Stocks
Ship-
Reoelpts.
ments
Week.
.
Week.
Season.
Montgomery
..
Selma
Ark Helena .
Little Rock..
4
4
430
430
,
Pine Bluff...
Ga., Albany
Athena
Atlanta
Augusta
100
938
100
938
1,120
597
3.023
6,297
Columbus
Macon
81
81
470
250
250
250
100
100
146
146
Rome
Greenwood..
Meridian
Natchez
Vicksburg
Yaaoo City..
Mo., St. Louis.
Raleigh
Okla., Alius...
1
i
40
40
2,637
16C
2,408
160
80
781
91
80
781
Oklahoma...
S.C, Greenville
Greenwood . .
...
300
300
Tenn., Memphis
3,773
2,769
10,187
8,452
513
407
4
922
Nashville ...
Tex., AbUene..
ClarksvUle ..
Dallas
Honey Grove
Houston
Paris
4
Fort Worth*..
913
14,800
12,918
57,054
3,704
10,914
10,100
25,828
580
91
Hugo
6.
366
18
3,049
27
845 10,320
26,205
1,460
922
Movement
Week.
20
401
126
August 8 1919.
,
Season.
20
401
126
Shipments.
Stocks
Week.
8.
1,036
251
3,837
16,200
18
18
684'
150
3,178
4,851
150
3.678
5,450
4,424
4,924
3,483
8,109
3.000
4.160
300
290
25
300
290
25
800
4.476
94
150
50
92
250
150
6,223
7.044
83
60
40,800
18,482
150
1,526
256
50
2,150
92
5,43S
120
396 4,362
3,794 13,404
4,851
5,996
1,865
78
50
83
9,599
1,486
457 8,012
1,834
97
150 3,959
14,000
398
500
2,711
9,064 275,935
2.814
993
1,930
1,730
4,995
16,865
300
2.899
17,408 187.976 12.807
713 13.800
727
2,917 12,701
800
8O0
561
200
Aug.
385
1,613
368 15.935
597
200
19.584 52 .059 842.646 37.027
•Last year's figures are for Cincinnati.
Total, 41 towns 22.998
to
Receipts.
Aug.
1.420
5,572
Ala., Eulaula..
La., Shreveport
Miss., Columbus
55, 625
Friday,
\
.
Total visible supply
Aug.
5.
is
26,000
83,000
172,000
Total Continental stocks
Aug.
55 29.15 —
28.50-.15
— 29.60 — 29,05 — 28.
28.50 — 29.15 — 28.85 —
Range
May—
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph,
Thursd'y,' Friday.
—
28.90-,
28.90-,
Closing
.April—
Mobile
Savannah
Very steady
.. .
Easy
4.
.25- .28
Range
New
.
Aug.
.97-.
Closing
February
Closing
July
Tata;.
3.
,50
Closing
January
7.81
7.31
SALES.
Aug.
2.
30.50 —
30.50 —
30.80 — 31.40 — 30.65 — 30.80 — 31.60 — 31.50 —
30.0029.75-Z83 29.65-.45 29.70-.32 30.00-.89 30.45-.15 29.65-J83
30.68-.70 29
30.00
00 30.00-.03 30.80 — 30.67-.72
29.1829.00-Z12 29.07-.70 28.95-.54 29.15-.93 29.35-.00 28.95-a2
29.1830.00 — 29.38-.40 29
29.88-.90 29.47 —
29.00 — 29.85 — 29.25 — 29.10 — 29.65 — 29.30 —
Range
Galveston
Spot.
Aug.
Range
Closing
September
June —
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and future
closed on same days.
Saturday,
July 31.
—
August
Range
MARKET AND SALES AT NEW YORK.
highest, lowest and closing prices at
for the past week have been as follows:
New York
8.12
7.19
6.94
8.00
12.25
11.31
(Vol. 111.
550
8,376
1,558
16,343
14,000
2,700
19,526
23,779
122,858
15,000
31,825
9,500
36.714
1.500
10,000
9,000
8,000
3,692
2,448
1,138
9.118
5.579
60
1.774
37
838
99 25.000
14
2.162
500
6,132
3,343 16.187 163,110
210
601
533
2,500
120
1,480
7,630
300
600
335
15,156 Yg.eoi 138,963
171
2,829
907
1,300 24.500
900
43.063 96.110 746,904
——
Aug.
—
—
THE CHRONICLE
7 1920.]
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG.
,*THE*AGK1CULTURAL DEPARTMENT'S AUGUST
REPORT. — The following statement, showing the condition
Aug.
Total gross overland
Deduct shipments
Overland to N. Y.. Boston.
—
Week.
O7.044
8,625
1.
3,212
1,280
""266
Aug.
1.
08,416
8,625
"'"648
^'S^*^
"l',856
2,765
2,487
"648
300
297
3,638
11 ,434
9,029
20,552
23,424
2.583
2,262
489
327
680
396
830
396
.486
1,023
5,498
5,636
4,558
3,612
6,574
6,862
232
&c
Between interior towns
Inland &c from South
1
. ,
Total to be deducted
on July 25, was issued by the Department of Agriculture on Aug. 2:
The Crop Reporting Board of the Bureau of Crop Estimates of the
United States Department of Agriculture estimates, from the reports of the
correspondents and agents of the Bureau, that the condition of the cotton
crop on July 25 at 74.1% of a normal, compared with 70.7 on June 25 1920.
67.1 on July 25 1919. 73.6 on July 25 1918 and 75.6 the average on July 25
Since
Since
.^ ,
Week.
3,794
2.656
of cotton
1919
1920-
—
607
•
1.
August 6
Shipped
Via St. Louis.Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
.
.
300
297
of the past ten years.
condition of 74.1% on July 25 forecasts a yield per acre of about
170. 4 lbs., and a total production of about 12,519,000 bales.
That is, the
final outturn will probably be larger or smaller than this amount, according
as conditions hereafter are better or worse than average conditions.
Last
year's production was 11,329,755 bales, two years ago 12,040,532 bales,
three years ago 11,302,375 bales, four years ago 11,449,930 bales, and five
A
5,138
years ago 11,191,820 bales.
Comparison of conditions, by States, follows:
July 25 Jime 25 July 25 July 25 July 25
1920.
Leaving total net overland
6,876
t
16,562
13,978
5,417
Virginia
South Carolina
Georgia
Florida
1920
Mississippi
Louisiana
18,120
5,417
64,000
74
78
76
81
85
85
85
85
Missouri
Since
Week.
66,856
13,978
60,000
1.
7i
71
Texas
Arkansas
Tennessee
1919Since
Aug
Week.
Takings.
24,820
Receipts at ports to Aug. 6
6,876
Net overland to Aug. 6
Southern consumption to Aug. 6.0 77,000
•
Alabama
bales.
In Sight and Spinners'
74
77
77
68
64
67
North Carolina
movement by rail to Canada, a Revised.
t
The foregoing shows the week's net overland movement
this year has been 6,876 bales, against 13,978 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from, a year ago of 11,145
Including
Aug.
Oklahoma
1.
California
72,670
Arizona
Others
16 ,,562
70,000
United States.
Total marketed
Interior stocks in excess
Came into
-
sight during
87,527
.108,696
*29,061
week.
j:20,000
150,834
t59,083
91,751
79,635
Total in sight Aug. 6
67,527
Nor. spiimers' takings to Aug. 6.. 24,216
21,418
x Less than Aug.
t Decrease during week,
sumption; takings not available.
1.
26,323
159,232
155,083
""104"
—
Year.
149
the Rio
Grande
TEXAS.
30,823
Bales.
— Condition
of cotton in
AbUene
Brenham
Brownsville
Cuero
Dallas
Henrietta
KerrvDle
HuntsviUe
Lampasas
Longview
Luling
Nacogdoches
4 days
Palestine
Paris
2 days
--2 days
2 days
1
day
AJtus
3
days
Muskogee
OklahomaCity
Brinkley, Ark
1
day
Rock
Marianna
in.
in.
in.
in.
in.
in.
in.
dry
0.05 in
dry
--1 day
Eldorado
0.06
in.
dry
Little
Alexandria,
2.31
0.55
0.16
0.46
1.72
0.02
1.71
2 days
San Antonio
Taylor--Weatherford
Ardmore, Okla
Thermometerhigh 90 low 76 mean
high 100 low 68 mean
high 94 low 73 mean
high 96 low 74 mean
high 99 low 74 mean
high 101 low 68 mean
high 98 low 68 mean
hign 97 low 60 mean
high 93 low 67 mean
high 101 low 68 mean
high 92 low 60 mean
high 100 low 72 mean
high 94 low 61 mean
high 92 low 64 mean
high 99 low 63 mean
high 98 low 72 mean
Rain. Rainfall.
4 days 0.16 in.
3 days
1.12 in.
2 days 0.31 in.
dry
0.14 in.
1 day
3 days 2.48 in.
1 day
0.14 in.
3 days 0.74 in.
---2 days
0.85 m.
2 days
1.60 in.
2 days 1.72 in.
0.03 in.
1 day
3 days 2.44 in.
1
La
1
day
day
Amite
2 days
Shreveport
New Orleans
Colimi bus, Miss
1
0.01 in.
0.85
0.30
0.24
0.20
day
2 days
in.
in.
in.
in.
high 99
high 105
high 103
high 96
high 95
high 94
high 92
high 89
high 90
high 95
high 93
high 94
low
low
low
low
low
low
low
low
low
low
low
low
dry
61
66
64
65
b5
52
55
62
54
64
65
64
high 98 low 61
Greenwood
1 day
0.05 in. high 94 low 58
dry
Ckalona
high 95 low 60
Vlcksburg
dry
high 92 low 63
Mobile, Ala. Weather conditions generally favorable and cotton
Many bolls are opening and picking is
satisfactory progress.
cing.
Weevil progress slow2 days 0-32 in. high 91 low 71
Decatur
1 day
1.06 in. high 91 low 59
Montgomery
.-2 days 0.75 in. high 92 low 67
Selma
trace
higli 95
low 66
Gainesville, Fla
4 days 3.11 in.
high 93 low 67
Madison
4 days 2.39 in. high 96 low 68
Savannah. Ga
4 days 5.89 in. high 94 low 66
Athens
dry
high 95 low 62
Augusta
4 days 0.45 in. high 96 low 63
Commbus
3 days
1.05 in. high 96 low 65
Charleston. S.C
4 days 3.36 in. high 94 low 67
Greenwood
2 days 0.16 in.
high 90 low 61
Columbia
2 days 0.57 in. high 95 low 63
Conway4 days 3.52 in. high 94 low ()2
Charlotte. N.
3 days 1.01 in. high 92 low 52
Newbern
5 days 2.19 in. high 95 low 63
Weldon 1.00 in. high 91 low 58
1 day
Dyersburg, Tenn
dry
high 91 low 56
Memphis
dry
high 89 low 62
—
•
83
84
84
85
87
85
83
79
80
85
76
86
78
78
81
85
mean 72
mean 83
mean 86
mean 84
mean 81
mean 80
mean 73
mean 74
mean 76
mean 72
mean SO
mean 79
mean 79
mean 83
mean 80
mean 76
mean 78
mean 78
has made
commenmean 81
moan 75
moan 80
mean 80
moan 80
mean 82
mean 77
moan 79
mean 80
mean 81
moan 81
mean Hi
mean 79
moan 78
moan 73
mean 79
moan 75
mean 74
mean 76
The following statement we have also received by telgraph, showing the height of the rivers at the points named
at 8 a. m, of the dates given:
XT
New
-^
Orleans..
Memphis
Nashville
Bhrevoport
Vlclcsburg
Above zero
Above zero
.
of
of
.'Vbove zero of
Above zero of
Above zero of
gauge.
gauge.
gauge.
gauge.
gauge.
Aug. 6 1920.
Aug. 8 1919.
^eet.
7.8
13.1
7.2
Feet.
10.2
21.2
5.5
9.3
7.6
10.0
15.1
76
71
67
75
87
65
80
74
69
77
70
78
81
65
61
77
86
93
75
95
95
50
64
63
52
67
63
67
67
75
100
93
72
69
72
77
83
80
70.7
67.1
83
78
75
75
75
75
80
65
73
74
68
74
73
75
71
71
78
79
78
77
94
88
80
79
98
70.3
75.6
73.6
73
Year.
19121911.
19101909.
19081907.
19061905-
Condition.
76.5
-89.1
75.5
71.9
83.0
75.0
82.9
74.9
Year.
1904.
19031902.
19011900.
1899-
Year.
1897..
1896..
189518941893.
1892 -.
1891..
Condition.
91.6
79.7
81.9
77.2
76.0
-84.0
1898..
91.2
Condition.
86.9
-70.1
77.9
91.8
80.4
-82.3
88.9
89.5
1890 -.
Review will be ready in circular form about Thursday,
Aug. 26. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible to insure 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 practice, in order to afford more time for
the investigation of the situation at home and abroad.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Texas con-
tinues good, although there are some complaints of shedding.
In northeastern section plant is in indifferent stages of development but healthy. This condition also applies to late
planted cotton in other sections. Picking and ginning
making good progress in Rio Grande section.
Galveston
80
74
74
63
63
67
69
77
10-yr.
Aver.
COTTON CROP CIRCULAR.— Our Annual Cotton Crop
127,397
166,423
184,695
section.
General.
1917.
71
74.1
Condition.
74.1
67.1
73.6
70.3
72.3
75.4
- -.76.4
79.6
1920
1919
1918
1917
1916
1915
19141913
Telegraphic
REPORTS BY
advices to us this evening from the South denote that the
weather during the week has been favorable on the whole
and the crop has done well in ,the main. Texas reports
cotton condition good, although there are some complaints
Picking and ginning are making good progress
of shedding.
in
1918.
following shows the condition on July 25 for a series
of years:
TELEGRAPH.—
WEATHER
1919.
The
a These figures are con-
Movement into sight in previous years:
Since Aug. 1
Bales.
Week
95,024 1918— Aug. 9
1918—Aug. 9
107,970 1917— Aug. 10
1917—Aug. 10-----125,065 1916— Aug. 11
1916—Aug. 11
1920.
73
Cotton Takings.
1920.
Week and Season.
Week.
—
-
Total takings to Aug. 6a
Week.
Season.
Visible .supply July 30
4,997,697
Visible supply July 31
American in sight to Aug. 6
79,635
Bombay receipts to Aug. 5
645,000
Other India shipm'ts to Aug. 5&5,000
Alexandria receipts to Aug. 4
Other supply to Aug. 4*
6(5, 000
Total supply -Deduct
Visible supply Aug. 6..
1919.
Season.
4.789,355
4,956,257
67,527
40,000
4,000
91.751
48.000
2,000
1,000
4,000
4,795,300
104,149
48,000
2,000
1,000
4,000
5,133,332
5,071,784 4.936,106
4,954.449
4,870,100
4,870,100 4,726,433
4,726,433
4,000
201,684
155,684
46,000
263,232
187,232
76.000
209,673
153,673
56,000
228,016
Of which American-.
172,016
Of which other
56,000
t Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption bv Southern mills
since Aug. 1, 64,000 bales in 1920 and 70,000 bales in 1919 takings not
being available and aggregate amounts taken bv Northern and foreign
spinners, 137,684 bales in 1920 and 158,016 in 1919, of wnich 91,684 bales
and 100,016 balas American, b Estimated.
—
—
ALEXANDRIA RECEIPTS AND SHIPMENT.
1919-20.
Alexandria, Egypt,
July 14.
Receipts (cantars)
This week
Since Aug.
1918-19.
1917-18.
4","8"2"6",263
26,937
6,062,539
—
5",6"4"6",i06
1
Since
Week. Aug.
Exports (bales)
._
To Liverpool
To Mant-he-ster, &c
India.
To Continent and
To America
Total exports
Since
1.
Week. Aug.
Since
Week. Aug.
1.
1.
249.586
225,648
3,000 148.566 4,889 124,889
200 140,224 13,004 160,638
494,289,125
65,230
219,802
260,406
85,843
75,420
3,694 827,501 17,893 576,405
641.471
BOMBAY COTTON MOVEMENT.
1918-19.
1919-20.
Jullf
191 7-18.
15.
Receipts at
—
Since
Week.
Bombay
Aug.
Sinu
Since
Week.
1.
37,000 3,452,000
Aug.
Week.
1.
51.000 2,420,000
For the Week.
Aug.
1.
62,000 1,914,00
Since August 1.
Exports
from
—
Conti- Japan &
Britain. nent.
China. Total.
Great
Oreat
Britain.
Comtnent.
Japan
&
China.
Total.
Bombay
1919-20..
1918-19...
1917-18
Other India'
1919-20..
1918-19..
1917-18..
Total all—
1919-20..
1918-19..
1917-18..
•No
4,000
8,666 46,000 68,666
13,000 13,000
88,000
54.000
151,000
1,000
6,000
12,000 22,000 35,000
2,000
4,000 11,000
52,000
44,000
477,0001,689,000 9 9.14 nnn
137,000 774,0001 '9fl5,'666
146,000 12S4 non'1 Mil nnn
192,000
12,000
190,000
92.000
434.000
148.000
140,000 669,000 1,879,000 2,688.000
98,000 149,000 866,000 1.113.000
151.000 140,000 1,284.000 1,581.000
data for 1917-18; figures for 191S-19 slucc Jan. 1.
1,000
9,000
12.000 22,000 36,000
10,000 50.000 69.000
13.000 13.000
THE CHRONICLE
608
MARKET.— Our
:^IANCHESTER
cable to-night from Manchester
yarns is irregular and cloths are
give
improvement in trade.
leave those for previous weeks of
parison
We
1920.
8H
32s Cop
TuHst
June
d.
18
25
July
2 49 H
9 49 H
16 48
23 50
30 149
Aug.l
6 54
lbs. Shirt-
Cot'n
Common
Mid.
UpVs
ings,
to finest.
d.
®
«S
©
53
52
50
11
1919.
d.
B.
41 6
41 10
40 6
@45
®46
@44
6
40
40
40
40
39 6
@43
@43
@43
@42
@42
6
®
74 H
74
69
70
69
@
70
39 6
(«>
Crii
(a>
««
d.
H
26.38 38
(3>
®
©
®
Vi
25 12 40
(3>
26.65 41H
26.77 42
26.15 42
(a
m
@
®
27.10 42
(S42
lbs. Shirt-
Cot'n
Common
Mid.
UpVs
to finest.
A.
27.36 36
26.64 36 H
26.38 38 «
6
8H
ings.
1
TtDiSt
d.
d.
8.
76
75
74
1
32j Cov
d.
a.
d.
d.
8.
40 « 22 9
40!^ 23 3
41 Ji 23 9
@27
@27
@28
6
3
41!^ 23 9
44
25 6
45
26 3
45
27
45
27
©28
3
©31
@31
©31
6
6
19 44
20 98
21.24
21.45
19.88
45
©31
6
18.53
20.38
19.82
20.39
<5i30
27
SHIPPING NEWS.— Shipments in detail:
KEW YORK — To Havre—AuR. 2 —Meissonier. 500 3
Bales.
500
Manchiu-ia 200- .Aug. — Kermit, 263
463
———July 30——
City of Florence, 200
200
5 — Zirkel 400
400
Venice—Aug. 2 — Absirtea 100
100
GALVESTON — To Liverpool —July 31 —West Hampton, 705_-2
Aug. — Spectator. 5,931
6,636
To Manchester—July —West A.shawa, 1.948
1,948
NEW ORLEANS — To 2Liverpool— Aug. 4 — Napierian, 1,177
1,177
To Bremen —Aug. — Newburgh, 10,150
10,150
To Genoa—July 30—Mount Berwyn, 700700
To Rotterdam—Aug. 5 — Wassaic, 454
454
MOBILE — To Liverpool —July 30—Oranian, 700
700
PENSACOLA — To Liverpool—July 12 — Neshaminy, 714-..
714
JACKSONVILLE — To .lapan—July 31 —
500..
500
SAVANNAH — To Liverpool —July — Brasher, 4,645
4,645
BOSTON— To Liverpool —July 23— Ikala, 277
277
To Bordeaux —July 23 —West Humhaw, 75
75
Hamburg
To
To
To
To
-
,
Antwerp Aug. 3
Rotterdam Aug.
,
31
31
Total
29,639
The
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great
Britain. France,
New York
Galveston
New Orleans..
500
8,584
1,177
700
714
Mobile
Pensacola
Ger-
HoU
Bel-
many.
463
land.
gium.
400
200
"4.54
10,150
Ilalv.
Japan.
1.663
8,584
700
12,481
Jacksonville
700
714
500
4,645
352
500
Savannah
Boston
4,645
277
Total
Total.
100
75
575 10,613
16.097
854
200
COTTON FREIGHTS.— Current
800
500 29,639
rates for cotton from
Burrows, Inc., are
&
New
York, as furnished by Lambert
as follows, quotations being in cents per pound:
Liverpool, 1.80c.
Stockholm. 2.25c.
Bombay,
Manchester. 1.80c.
Antwerp. 85c.
Ghent, via Antwerp, 1.00c
Havre. .85c.
Rotterdam. 1.00c.
Genoa. 1.35c.
Christianla, 2.25c.
Trieste. 1.75c.
Fiume. 1.75c.
Lisbon. 2.25c.
Oporto. 2.25c.
Barcelona, direct, 2.25c.
Japan, 1.75c.
Shanghai. 1.75c.
LIVERPOOL.— By
1.75c.
Vladivostok, 1.75c.
Gothenburg, 2.25c.
Bremen, 1.92^c.
Hamburg. 1.92HC.
Danzig, 2.25c.
Reval, 2.25c.
Riga. 2.25c.
we have the folsales, stocks, &c., at that port:
July 16.
Jul'j 23.
July 30.
Aiig. 6
47,000
31.000
20,000
25,000
33,000
15,000
23.000
17,000
6.000
6,000
4.000
6,000
62,000
51 ,000
51 ,000
50,000
988,000
943 .000
991 ,000
1 .000 .000
686,000
672,000
631.000
666,000
23,000
14,000
38,000
21 ,000
14,000
27 ,000
9,000
1,000
111,000
101.000
110,000
68 ,000
56,000
56,000
cable from Liverpool
lowing statement of the week's
week_
American..
Sales of the
Sales,
Act ual export
Forwarded
Total stock
Of which American.
Total Imports for the week.
Of which American
Amount afloat
Of which American
LIVERPOOL STOCK TAKINGS AUG. 4.— Decreases:
Peruvi.an, 3.058 bales;
West Indian, 989; African. 1,952; East Indian, 9,358; total decreases, 15,357.
Increases: American, 71.782; Brazilian, 9,058; Egyptian, 6,558. total Increases.
87,398. Net increase, 72,041 bales.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Market.
12:15
Monday.
Saturday.
Spot.
I
•;
P.M.
1
Mid.Upl'ds
HOLIDAY HOLIDAY
Sales
I
opened
\
M.irket,
Hardening.
Quiet.
25.56
25.98
26.90
27.10
7,000
8,000
7,000
4.000
Quiet,
3©8
pts.
decline.
Steady,
11© 15
pts.
advance.
Quiet.
7©20
pts.
advance.
Very st'dy, Very st'dy.
Steady,
unch. to 76 5 ©59 pts. 12@28 pts.
Steady,
4©29
pts.
decline.
I
Good
Friday.
inquiry.
pts.
decline.
(
M.
The
Fair
business
doing.
14©23
{
P.
Wednesday. Thursday.
Barely st'y,
Futures.
Market
4
Tuesday.
adv.
pts.
advance.
prices of futures at Liverpool for each
advance.
day are given
below:
Mon.
Sat.
July
Aug.
12
5.
k
12
p. ra. p.
i^
Fri.
January
February
March
April
...
12>4
d
6023.
85i22 85 23.
.56123
November
December
July
4
d
d.
June
Thurs.
4
12KI 4
12H 4
12K
12K]
p. m. p. m. p. m.!p. m.'p. m. p m. p. m. p. m p. m. p. m
4
August
September
October
May
Wed.
Tues.
.^1
to
HOLI-
HOLI-
DAY.
DAY.
.<
d.
24 .£3
23.93
22.94
22.29
36122 25 22. 30 22.
9621 85 21 92'22.|
21.77
53121 4021. 4.5 21
26,21. 1821 22'21 2912 1..52
0120.'9320 95J21.'02,21.21
_'0 !MI
6 20 67 20. 68 20.
.54 20 46 20 45,20 4!',20 r,(l
3120 23 20. 22 20 23.20,30
09i20 01120. 0620 00,20.98
92 10 8319 9019 87119.85
d
d.
25.10 24.98
23.78 23.82
23.12, 23.12
22.48 22.49
22.01! 22.06
21.76 21.79
21.45 21.49
21.15 21.18
20.87 20 80
20.57 20.62
20.37 20 42
20.14 20 20
111.
BREADSTUFFS
by
report received
states that the market for
easier but with a moderate
prices for to-day below and
this and last year for com-
iVo,
Fridaii Sight, Aug. G 1020.
Flour has latterly been firmer but not more active. Quite
the contrary. Buyers have still been cautious. It is true
that in one day, the 3d instant, wlieat advanced 15% to
ITVaC at Chicago, 10c. at Minneapolis, and 10 to 13c. at
Kansas City, and this for a time gave holders somewhat
greater confidence.
But the next day wheat fell. Still
prices are .some 46c. higlier on wheat than last week. Yet
business became, if loossible, quieter than ever. Recently
prices are some 45c. higher on wheat than last week. Yet
flour. This naturally made buyers wary. What of a further
decline is to come? So they pursued a waiting policy, although it is estimated that a very large decrease in commercial stocks has taken place in the last four months.
Meanwhile, too, the increase in the output is only moderate. In
the last few months the production has been notably less
than the average output. Buyers just now, however, are
not alarmed. They are getting supplies through daily receipts on old orders. They are therefore disposed to watch
and wait rather than to purchase. They do not forget that
in two weeks wheat fell 70c. r>er bushel.
Yet later came a
rise in flour of 75c. to $1 on most grades.
Rye flour advanced
The Northwestern Miller's weekly review of the flour
$1.
trade says that heavy flour buying is expected just as soon
as wheat prices stop their extreme fluctuations. Mills have
been running light. The spring wlieat mills last week reported an output of 44% of capacity the Kansas-Oklahoma
hard winter wheat mills Sl'y'o and the Ohio Valley soft winProduction is said to be running on
ter wheat mills 27 yo.
the whole somewhat below consumption.
Mlicut has fluctuated violently after declining within a
fortnight. In two da.vs early in the week it regained some
23c. of this loss, partly on an oversold condition and partly
on the Russo-Polish situation, and talks of possible intervenTalk of war
tion by the Allies or in other wards, war.
caused further advances later on. And Chicago reported
Italy, France and Great Britain in the market. In two days
nearly a million bushels, it was estimated, were sold for
France, too, it apl)ears will have to import anyexport.
where from 90.000.000
to llO.OdO.OOO bu.shels this
season.
has been supposed that she couid supply herself this year.
Besides car shortage caused a decline in the crop movement.
It
the big decline it was felt had discounted the bearish
features for the time being at least. But the crop news
from the West ^s, as a rule, very favorable. The private estimates of the crop are much larger than that of 518,000.000
bushels on winter wheat, the last Government estimate.
One is 543.000,000 bushels, another is 555,000,000 bushels.
Clement
Sterling exchange, moreover, has broken badly.
Curtis & Co. said: "On the basis of 938,000,000 bushels of
wheat supplies for the United States and a minimum export
of over 50.000,000 bushels there would be 220.000,000 bushels
for export for the same as exported last year. The require
meiits of Europe and other importing countries last year
were 603,000,000 bushels, or 75.000,000 bushels over the previous year. Assuming that they are 600,000.000 bushels this
year, the United States and Canada, can furnish 390,000.000
bushels, leaving 210,000.000 bushels to be furnished by other
countries. India has 50,000,000 bushels for export, leaving
160,000,000 bushels to be furnished by Argentine and AusThe
tralia, both of which have exhausted their surpluses.
oucouie of the new crop in these countries will fix the piice
Until their crops are in sight the
for wheat ultimately.
wheat situation will be not over comfortable. Snow says
that preliminary threshing shows a yield of winter wheat
nearly a bushel per acre above earlier indications, the improvement being mainly in Oklahoma, Kansas and Nebraska.
In the United Kingdom rains are lowering the harvest promIn Fraifce harvesting is
ise for wheat an
@FedFRASER