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TWO
SECTIOKS~SECTIQK
ONES
Dmrnettial f
INCLUDING
Bant &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
COPVn.QHTED IN 19 aoarW.LUAH B.DANA
COMPANY. NEW YORK.
Issued Weekly
$10.00 Per Year
vol 111.
ENTERED AS SECOND-CLASS MATTER
JUNC?3, 1879, <TTHg
PQ8T OFFICE AT NEW
Railway Secti®®
YORK, NEW YORK, UNDER THE
City
ACT OP MARCH
NEWjYORK, DECEMBER 11, 1920.
Jfimtukl
8, 1879.
NO. 2894.
Jftnanctal
jfmanual
•
CHARTERED 1822
HARVEY FISK & SONS
THE FARMERS'LOAN & TRUST
The libertyNational Bank'
32 Nassau St.
COMPANY
of Newiork
NEW YORK
CAPITAL
....$5,000,000.00
UNDIVIDED PROFITS.$2.600.000.00
475 Fifth Avenue, at 41st Street
NEW
$5,000,000.00
SURPLUS
16, 18, 20 and 22 William Street
UNITED STATES BONDS
YORK
NEW YORK CITY BONDS
MANAGEMENT
OF
Correspondents in all countries
AND OTHER CHOICE
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
CARE OF SECURITIES
,
DOMESTIC AND FOREIGN
Harris Forbes & Co.
BANKING
FOREIGN
OF
.The New York Trust
EXCHANGE
LETTERS
COMMERCIAL
CREDIT
Company
LETTERS
10
&
Draper* Gardens, London,
HARRIS,
FORBES
& CO.,
C.
Ine.
BOSTON
HARRIS TRUST
26 Broad Street
ACCEPTANCES
Pine Street, Corner William
NEW YORK
&.
SAVINGS
BANK
~
CHICAGO
5th Avenue and 57th Street
LONDON
Act
as
fiscal agents for munici¬
palities and corporations and
in Government, munici¬
pal, railroad and public utility
deal
PARIS
BONDS
Capital, Surplus and Undivided
Member Federal Reserve System
and
New
York
Clearing
Profits,
House
on
INVESTMENT
Application
Cable Address SABA, NEW YORK
$14,000,000
Established
FOR
List
Established
ism
1874.
John L. Williams & Sons
BANKERS
Edward B.Smith &Co
Corner 8th and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS &
Members Nino York and Philadelphia
Established 1810
Stock Exchanges
CO., Inc.
The
Mechanics
GARFIELD
23rd
STREET,
FIFTH
Crosses
Capital,
A
Bank
where
OF THE CITY OF NEW
AVENUT
Philadelphia
The Chase National Bank
Surplus,
-
$1,000,000
Capital, Surplus, Profits
for the Builders of Business
•
$25,000,000
of the
City of New York
57
Deposits, Nov. 15th, 1920
$234,000,000
ESTABLISHED 1784
Foreign Exchange
The Bank of New York
National
nEW Yoasse
YORK]
Broadway
$1,000,000
-
Metals
and
National Bank
National Bank
Bond
Trust
Service
Department
CAPITAL.
BROADWAY
$15,000,000
.
SURPLUS AND PROFITS........
24,731,413
DEPOSITS (NOV. 15, 1920)
....363,855,510
OFFICERS
A.
BARTON
HEPBURN,
Chairman of the Advisory Board
Bonking Association
ALBERT
H.
WIGGIN,
Chairman of the Board of Directors
capital &
surplus, $9,000,000
EUGENE V. R. THAYER. President
Vice-Presidents
Our
136
years'
service of
experience
our
is
at
Samuel H. Miller
Edward R. Tinker
Carl J.
the
depositors
American Express Company
SECURITIES DEPARTMENT
FIRST NATIONAL BANK
GOVERNMENT
Wm.
A.
LAW,
Alfred O. Andrews
Robert I. Barr
George H. Saylor
M. Madden Howell
Cashier
William P. Holly
DIRECTORS
PHILADELPHIA, PA.
CHARTER NO.
Schmidlapp
Gerhard M. Dahl
Reeve Schley
Assistant Vice-Presidents
Edwin A. Lee
William E. Purdy
SECURITIES
1
Henry W. Gannon
A. Barton Hepburn
Albert H. Wlggin
John J. Mitchellj
Guy E. Tripp
James N. EUU
Daniel O. J&ckling
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J.
Schmidlapp
Gerhard M. Dam
Andrew Fletcher
William B. Thompson
Charles M. Schwab
Samuel H. Miller
President
66
BROADWAY
NEW YORK
Reeve
BdwardfR. Tinker
H. Wendell Endicett
William M. Wood
Edward T. Nichols
Schley
Kenneth F. Wood
Vl;!:
3treatment J&tmsei attb ©ratoera
J. P. MORGAN & CO.
Wall Street, Corner
Corner of 5th
MORGAN,
MORGAN,
Securities.
Corporations and negotiate and
Orders executed for all Investment
Act
as
agents of
Issue Loans.
and Chestnut Streets
Bills
of
Letters
Tm«
Provincial & Union Bank
England, Ltd., London,
National
14 Place Vendome
Messrs. Mallet Freres & Cie,
Securities bought and
Foreign Exchange,
sold on Commission.
NEW YORK
of
Commercial and Travellers
Letters of Credit
Paris,
and
Principal Places in Mexico.
Commercial Credits.
Cable Transfers,
on
Australasia.
Agents for the Bank of
In all
circular Letters for Travelers, available
parts of the world.
18 Broad St
BOSTON
Credit
of
on
CO., PARIS
&
115 Devonshire St
Telegraphic Transfers,
Exchange,
Old Broad Street
HARJES
KIDDER, PEABODY & GO.
NEW YORK
GRENFELL&CO., LONDON
No. 22
STREET
52 WILLIAM
•
of Broad
PHILADELPHIA
CO.,
&
of foreign Cxriiange
Maitland, Coppell & Co.
NEW YORK
DREXEL
[VOL. 111.
CHRONICLE
THE
II
TRAVELERS' LETTERS OP
CREDIT
BARING
BROTHERS & CO, LTD.
LONDON
August Belir',nt & Co.
BROWN BROTHERS# CO.
43 EXCHANGE PLA^E,
Boston
NEW YORK.
Philadelphia
NEW YORK
Members New York Stock
ALEX. BROWN &
Agents and
SONS, Baltimore
Messrs.
Exchange.
Correspondents of the
ROTHSCHILD,
London, Paris and Vienna
CREDIT
ISSUE LETTERS OF
Securities
Investment
for Travelers
Available in all parts
Foreign Exchange
Deposit
Accounts
purchase and sale of
Execute orders for the
Credits
Commercial
of the world.
and make Telegraphic
Draw bills of Exchange
J. & W. Seligman &
Co.
Transfers.
Stocks.
Bonds and
Ns 54
Wall Street
Travelers' Credits
NEW YORK
BROWN,
SHIPLEY & CO.
BORG & CO.,
SIMON
LONDON
Members of New
T. Suffera Tailer
York Stock Exchange
No, 46 Cedar Street
'New York
-
-
James G. Wallace
Grenville Kane
HIGH-GRADE
TAILER&CD
10 Pine Street,
INVESTMENT
SECURITIES
MmomlMa
New York
33 Pine St.
A Co.
Lawrence Turnure
...
New York
Pittsburgh
Union Arcade Bldg.
64-66 Wall Street,
Investment Securities
Investment Securities
New York
bought and sold on com¬
Travelers' credits, available through¬
Investment securities
mission.
Winslow, Lanier & Co
59 CEDAR
NEW
STREET
Received
Allowed
Bought
to
Deposits,
and
America
London Joint City &
Midland Bank, Limited.
Paris
Draft, Interest
Securities
Sold
Members
and
Bankers:
London
YORK
Subject
on
in
Mexico,
Spain.
Make collections
and issue drafts and cable transfers on above
Central
countries.
BANKERS.
Deposits
United States, Cuba, Puerto Rico,
out the
Bankers: Heine & Co.
Pittsburgh
New York and
Stock Exchanges
r
HEiDElfiACH, ICKELHEIMER & CO.
37 William Street.
on
Commission.
MEMBERS
Foreign Exchange, Letters of
Credit
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
Stocks and Bonds.
HUTH
& CO.
NewlYc
30 Pine Street
Foreign Exchange Bought and Sold.
Foreign Bonds & InvestmentlSecnritiefl,
Commercial and Travelers' Credits Commercial Credits, Deposit Accounts,
available in all parts of the world.
1
Bonds for*
Investment
Issue
Foreign Exchange.
Correspondent* o}
BERTRON, GRISCOM & CO. INC.
Eean, Taylor &> Co.
RouTSbrk.
iPiikshurdpL
Land Title Building
40 Wall Street
PHILADELPHIA
BOISSEVAIN & CO.
52
BOSTON
NEW YORK
Letters
of Credit for
Commercial Credits.
Travelers
Foreign Exchange
Cable Transfers.
Members of the New York Stock
Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS.
Paris
ALDRED & CO.
BROADWAY, NEW YORK
PIERSON & CO.
©
MUNROE & CO..
London
INVESTMENT SECURITIES
NEW YORK
John Munroe & Co.
FRED? HUTH & CO.,
Amsterdaln,
Holland.
40
Wall Street
New
York
Fiscal Agents for
Public Utility and
Hydro-Electrif
Companies
DEC.
111920.]
THE
CHRONICLE
in
3nte*tatent auto ^financial gott*es
Goldman, Sachs
Lee, Higginson & Co.
Millett, Roe& Hagen
YORtf
NEW
137 So. La Salle Street
60
Congress Street
CHICAGO
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
PHILADELPHIA
411 Olive Street
Boston
ST. LOUIS
$ew York
& Co.
60 Wall Street
24
*
INVESTMENT SECURITIES
Marietta Street
ATLANTA, GA.
Title Insurance
Building
LOS ANGELES, CAL.
'
Chicago
MEMBERS
Members of New York and
Chicago
Higginson & Co.
Stock
NEW YORK STOCK
EXCHANGE
Exchanges
80, Lombard St.
Commercial Paper
London, E. C.
Securities
bought and
sold
commission
on
Foreign Exchange
Commercial
&
available
Hornblower
42
Travelers'
in
all
Letters
parts
the
of
of
Credit
52 WILLIAM ST.
NEW YORK
world
& Weeks
BROADWAY, NEW YORK
railway
Investment Securities
equipment bonds
Bonds!
Preferred
MEMBERS
NEW
CHICAGO
Direct
Stocks
YORK, BOSTON AND
STOCK
wires
to
EXCHANGES
all principal
evans, stillman
Members New York Stock
markets
60
Boston
& co.
Exchange
BROADWAY
Acceptances
NEW
Main Offic,; National
City Bank
YORK
Providence
Portland
Underwriters
Established 1888
Industrial
Commercial Paper
Bank and Trade
business
well
may
by
our
Preferred
Stocks
Ue S. Government Bonds
Utility Securities
Equipment Trust Certificates
Investment Bankers
Four
overcome
112
W.
Investment Securities
26
Exchange Place
New York
ADAMS ST.. CHICAQO
Conservative
Investment Securities
Underwritten
&
Distributed
Chicago
San Francisco
Investment Securities
Seattle
Yielding 6%
Portland, Ore.
Federal Securities
Frazier & Gh.
38 South Dearborn Street
&
Sansom
to
8%
Peabod^
Corporation
CHICAGO
Broad
New Yorfc
Members New York Stock
Exchange
disposal
Bond & Goodwin
Minneapolis
&
Robinson & Co.
Distributors
expert service.
Our facilities are at your
Bsatos
&
Counselman & Co.
financing
be
Bonds
Public
Acceptances
Your particular problems In
43rd St
Avenue and
Correspondent Offices in 50 Cities,
Chicago
Detroit
BuMn|
Uptown Office t Fifth
?
Ilougliteliiig & Co.
Streets
EST. 1865
PHILADELPHIA
Baltimore
New
Washington
York
Underwriters
Chicago
Distributors
Pittsburgh
Lebanon
INC. 1318
10 So. La Salle St.
Wilkes Barre
Howe, Snow,
Corrigan & Berties
Investment
Glore, Ward & Co.
GRAND
Bankers
RAPIDS,
MICH.
B.
II.
Collins, President
/
INVESTMENT SECURITIES
h. f. bach man
& co.
Southern Securities
64
187 SO.
Established
LA SALLE ST.
PEACHTREE, ATLANTA
1866
NEW YORK
CHICAGO
JACKSONVILLB
NEW ORLEANS
INVESTMENT
'
CHARLOTTE
BIRMINGHAM
BANKERS
MEMPHIS
i.
Members N. Y. and Phila. Stock
Exchanges
1426 Walnut St.,
PHILADELPHIA
h.
t.
holtz &
INVESTMENT
61
Broadway
NEW
YORK
CO.
,
BONDS
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HARPER
INVESTMENT
&
TURNER
FOR INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock Exchange
1.
.
Colgate, Parker & Co.
49 Wall
Street,
New York
FINANCE
WE
ESTABROOK & CO.
Members New York and
Stock Exchangee
15 State Street,
24 Broad Street,
Boston
and
Power
Electric
Light Enter¬
with records of
prises
established
&
CHASE
COMPANY
earnings.
SECURITIES
WE
BOSTON
-
jffnanctel
3 tnanua»
^inanctal
INVESTMENT
[Vol. 111.
CHRONICLE
THE
iv
Bankers
and
Dealers
Investment
Proven Power and
NEW YORK
BONDS
OFFER
Light Securities
BOSTON
ST.
19 CONGRESS
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus
Richardson, Hili & Co.
71 BROADWAY.
$24,000,000)
NEW YORK
Arthur Lipper
New Street and
Established 1870
AND RAILROAD
MUNICIPAL
BONDS
investment Securities
AND
SECURITIES BOUGHT
For Conservative Investment
50 Congress
& Company
Exchange Place
YORK
NEW
SOLDION COMMISSION
St.
BOSTON
R. L.
New York Stock
35
Exchange
I Boston Stock Exchange
Day & Co.
Congress St., Boston
Chicago Stock Exchange
Branch
Members
N. Y. Cotton
Office*
Waldorf-Astoria Hotel,If ,Y
N. Y. Stock Exchange
11 East 44th St..
Exchange
N. Y.
Bxch. Saratoga Springs, N. Y.
Atlantic City, If. J. |
Philadelphia Stock Exoh.
West End, N. J.
Chicago Board of Trade
N.Y Coffee 4k Sugar
New York
Correspondents
REMICK, HODGES & CO.
Long Beach, N.
Y.
jgooseueU k
Founded 1797
PARKINSON & BURR
Seasoned
We
Members of the New York and
Boston Stock Exchanges
NEW
30 Pine Street
and
Government
Investments
Municipal Bonds
53 State Street
7 Wall Street
Specialize in
BOSTON
YORK
William P.(ompton(o.
New York
INVESTMENT BONDS
14 Wall Street,
BONDS
W.F.Ladd&Co.
New York
Cincinnati
New Orleans
St. Louis
Chicago
Baker, Ayling & Young
Specialists in
'
boston
.
EQUIPMENT BONDS
ISSUES
ALL
PHILADELPHIA
PAUL
H. WATSON
INVESTMENT SECURITIES
Investment
55
Securities
H. Mountague
William Street
New York
.
Vickers
BONDS
49 Wall St.
Tel. Hen. 5570
New York
GUARANTEED STOCKS
FOUNDED 1852
Investment
Letters of
Securities
Foreign
Credit
Exohaagt
Travelers' Checks
ESTABLISHED 1865
Correspondents Throughout
Aclt
Co
5 Nassau St.,
N. Y.
(MEMBERS NEW YORK STOCK
Thomas C. Perkins
Constructive Banking
EXCHANGE
Deal in
Underlying Railroad Bonds
15 State Street
Boston, Mass.
the World.
KnauHrNarlioD &Kulwc
dembert New York Stack Exchange
Equitable Building
New York
36 Pearl Street
Hartford, Conn.
and
Tax-exempt Guaranteed &
Preferred
^Railroad & Telegraph Co.
Stocks*
for eighteen
In the Financing
of established and pros¬
Specialist
perous
E. HOWARD GEORGE &
Investment
fl Stat* Street
CO., Inc.
Bankers
BOSTON* MASS.
Watkins & Co.
years
Entire
Industrials.
stock issues
underwritten end distributed
7 Wall Street
NEW YORK
Investment Securities
Dec.
111920.]
THE
CHRONICLE
v
Canadian
Canadian
Government
and
BANK OF MONTREAL THE
CANADIAN BANK
Established
100 Years
Municipal
over
OF COMMERCE
Bonds
These! bonds
tunity\for
offer
CAPITAL PAID UP
exceptional
oppor-
122,000,000
.
REST
22,000,000
sound investment.
chased ij^now
they
If|pur¬ UNDIVIDED PROFITS
yield
from
will
7% to 71/2%
SIR VINCENT
Principal and interest payable In
C-20
on
Head
request.
Wood, Gundy & Co.
WALL STREET, NEW YORK
Toronto, London, Eng., Winnipeg, Montreal
Paris, Bank
of Montreal,
$18,000,909
General Manager, Sir John Aird.
Assistant General Manager. H. V. F.
Jones.
New
YorkfOffice, 16 Exchange Place
FRANCIS,
}
F. B.
C. L.
C. J.
Office—MONTREAL
[Agents
FOSTER,
STEPHENSON,]
Buy and Sell Sterling and Continental
Exchange and Cable Trasfera. Collections
made at all points.
Travel era" Cheques and Letters of Credit issued
available in all parts of the world.
Throughout Canada and Newfoundland.
At London, England, and at Mexico
City.
In
;
President, Sir Edmund Walker. O.V.O.,
LLJD., D.O.h
MEREDITH, Bart., President.
Branches and Agencies.'
Incorporated
14
$15,000,809
RESERVE
560,150,812
Sir Frederick
Williams-Taylor
General Manager.
TORONTO
PAID UP CAPITAL
SIR CHARLES GORDON,
G.B.E., Vlce-Pres.
United States funds
Full Particulars
1,251,850
TOTAL ASSETS
HEAD WOFFIOE.
Banking and Exchange business
of
STC99
description transacted with Canada.
(France).
In the Uhited States—Mew
York, Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled
by the Bank of
Montreal).
West
Indies,
British
Guiana
and
Africa—The Colonial Bank (In
interest is owned by the Bank of
<2o
6>
& Corporation
Securities
fonmto
O.
Tha Bank of England,
The Bank of Scotland,
THE BANK OF NOVA SCOTIA
United Financial Corporation
Montreal
INVESTMENT BANKERS
Chicago
B.
Lloyd's Bank, Limited.
TfevYorte
WctoriaBjC.
Street.
BANKERS IN GREAT BRITAIN:
Wost
Limited
WHoadxwnj
I
which an
Montreal).
(S<an<adian
ssc^ezrnmcmt. Municipal
LONDON OFFICE—2 Lombard
Montreal
London
Toronto
(Incorporated 1882)
PAID-UP
CAPITAL
$0 999,800
RESERVE
FUND
TOTAL ASSETS OVER
18,000,000
280,000,000
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
330 branches throughout Canada, Newfoundland I
Cuba; Jamaica. Porto Rioo. Dominican IRepabHsl
and B'Boston, Chicago and New York.
Commer¬
cial ml Travelers' Credits issued, available in all
parts of the world. Bills on Canada or West Indian
Eolnts favorably UnitedSSfcates. collected by ous
negotiated or Correspondents
ranches in the
Invited.
Affiliated with
Canadian
Government, Provin¬
cial, Municipal and Corporation
Guaranty Trust Co. of New York.
New
London, England, Branch,
55 Old Broad St., E. C. 2.
Bonds
fLo"do'1
Correspondents
GREENSHIELDS & CO.
in Great Britain
Members
Montreal
Stock
Exchange
Dealers
in
Canadian
Bond
Issues
John Street,
Agency, 52 Wall Street*
H. F. Patterson, Agent.
Bought—Bold—Quoted
IT St.
York
.
A.
Daly &
Go.
j Royai
Montreal
GOVERNMENT, MUNICIPAL
CANADIAN
Offerings
on
SIR
The Dominion Bank
TORONTO, CANADA
HEAD OFFICE,
Paid
Rum
TORONTO
Up Capital._
Reserve Fund St Undivided Profits
Total
porous
assets
Clarence A. Bogert,
President
W
$6,000,000
7,739,000
...........—143,000,000
-
Sir Edmund Osier,
General Manager.
"
MenbesMoitedStodlhdtif^e
STOCK
John Street
AND BOND
Montreal
Head Office
Montreal
HERBERT 8. HOLT. President
L. PEASE, Vlce-Pres. & Man. Direct*
C. E. NEILL, General Manager
E.
Dominion Bank Building
17 St.
$19,000,000
19,000,000
590,000,000
Reserve Funds..
Total Assets
Building
McDonagh, Somers & Co.
€r CO
1869
TORONTO, ONT.
Correspondence Invited
y
Established
Capital Paid Up..
Bank of Toronto
Scotland.
ROYAL BANK OF CANADA
AND CORPORATION BONDS
Request
of
THE
CANADIAN
INVESTMENT SECURITIES
j®1"* Clt* A Midland
£ank
New York Agency, 51 Broadway
O. S. Howard. Agent
London Branch, 78 Cornhill
S. L. Jones, Manager
BROKERS
,
700 Branches throughout CANADA and NEW¬
FOUNDLAND, in
CUBA.
PORTO
RIOO
DOMINICAN
REPUBLIC, HAITI, COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro. Santos, Sao Paulo
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Catalan a.
LONDON OFFICE—Princes Street, E. O
NEW YORK AGENCY—08 William St.
F. T. Walker, J. A. Beateon, E. B Mclner
and J. D. Leavftt, Agents.
FRENCH AUXILIARY: The Royal Bank
Canada
(France),
PARIS,
28
Rne
d*
Quatre-Sepfcembre.
M. S. WHEEWRIGHT & CO.
CANADIAN
FOREIGN
EXCHANGE
BOUGHT AND SOLD
Limited
Canadian Investment Securities
AND
TRAVELERS'
AND
LETTERS
COMMERCIAL
OF CREDIT
Transportation Building
Members
MONTREAL
132 St. Peter St.,
HERDMAN & COMPANY
Montreal
Bankers &
Stock Exchange
Brokers
63 Sparks
St.,
OTTAWA
QUEBEC
Dominion
R. C. Matthews & Co.
Express Building
MONTREAL
CANADIAN BONDS
CANADIAN
SECURITIES
CANADIAN
HoussERWroo^GiMBwr
INVESTMENT
C. P. R. Bids.
TORONTO
BONDS
BANKERS
TORONTO
CANADA
Specialists in
geo,
b.
edwards
NEW YORK. N. Y.
POR SALE—Timber, Coal, Iron, Ranch and
other properties.
Confidential
Negotiation!
Settlements and
united States
Purchases
West Jodie*
Trunk, Grand Trunk Pacific,
Canadian
INVESTMENTS
72 Trinity Place
Grand
Investigation*
of Property,
Canada
Northern
Northern
Pacific
and
Canadian
Securities
AU Canadian Issues Dealt in.
TRUAX, HIGGINS CO.
Lewis Building, Montreal
KnTwk
Direct Wires
Toronto
^Emilius
Jarvis & Co.
INVESTMENT
Established
JARVIS BLDO.
BANKERS
1891
TORONTO. CAN*
[VOL. 111.
CHRONICLE
THE
VI
Jforeign
——,—-——
New Zealand
Australia and
LIMITED
BANK OF
with
$8,828,600
Proprietora..
Esq.,
F. Hyde,
kE. W. Woolley, Esq.
B. Murray,
81st March, 1920 $877,221,211
RUSSELL FRENCH, K.B.E.,
Esq.,
and
JOHN
1,466
over
branches In England and Ws5s'
banking
all
In
Agents
kscregate Assets
m*
Ltd.
54, Lombard St., London, E. C., Eng
Directors:
Joint Managing
"s.
$64,082,000
Bank.
Western
HEAD OFFICE:
Usssrve Fund......
leservs Liability of
amalgamated the LsaflH
been
South
Ac
McKENNA
The Right Hon. R.
Capital....————.•...-$28,828,500
which has
Provincial
Chairman:
ESTABLISHED
1817.)
(
I
BANK LIMITED
NEW SOUTH WALES
/•id'Up
BARCLAYS BANK
MIDLAND
JOINT CITY &
LONDON
throughout
towns
the world.
General Manager.
Subscribed
BRANCHES and AGENCIES to the
iestrsllan
States, New Zealand, Fiji, Papua
Jfew Guinea), and London. The Bank transacts
jvary description of Australian Banking Business,
•eel and other Produce Credits arranged.
$01
London Office
Head Office
£88,096,868
10,840,112
—
10,840,112
«...
Reserve Fund
Deposits (June 30
CAPITAL
ISSUED
1920).-867,667,822
Limited
£296,058,Iff
..£7,500,000
WALE
S
$8
ft 66, Old Broad^
Address: The Foreign Manager,
16$, Fenchurch Street,
2
Street, London, E. C,
London. E. G.; England
ATLANTIC OFFICES
£5,186,060
£5,000,006
£10,180,080
VICTORIA, 89 in
BANKING
BUSINESS TRANSACTED
OVERSEAS BRANCH:
Capital—
...
IN ENGLAND &
OVER 1,460 OFFICES
Incorporated 1880
Mdkip Capita] £2,508,0001
To*
Reserve Fund..£2,680,000Jgethe*
leservs Liability of Proprietors
£7,000,001
a
EVERY DESCRIPTION OF
E. C.[2.
.
Authorized and Issued
£14,210,88*
RESERVE FUND
HEAD OFFICE
6, Threadneedle Street, London,
established 1837
£20,000,081
DEPOSITS
STREET, E.C. 2
THE UNION BANK OF AUSTRALIA
—
———
AUTHORIZED CAPITAL
_
.
THRE^DNEEDLE
29,
fiSORGE STREET
SYDNEY
——
Capital
Paid-up Capital
'Aquitania,"
' Mauretania"
"Imperator,"
Total Issued Capital lb Reserves.
The Bank has 42 Branches in
flaw SOUTH WALES, 19 in
QUEENSLAND,
<9 tn SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA. 8 in TASMANIA and 44 in NEW
COMPANY, LIMITED
Over 110 Offices in
Vend Offics: 71 CORNHILL,
Banca Italiana Di Sconto
Affiliated Banks:
BANKING
BELFAST
'M ALAND.
Ireland
•
Societa Bancaria Italiana
ail
LIMITED
BANK,
CLYDESDALE
THE
Manager—W. 3. Easame.
Assistant Manager—W. A. Laing
Capital
THE
Commercial Banking Company International Banking Corporation
60 WALL STREET. NEW YORK CITY.
of Sydney
Capital and Surplus
Undivided Profits...
Established 1834.
Vales.
Incorporated in Ncto South
i" aid-up
tsasrva Liability of Proprietors
India
Straits
2,040,000
China
Java
2,080,000
....
...
Japan
Panama
£8,040,090
lead
payable
en
demand,
Sydney,
Offics,
Blrchin
Special Letters of Credit Branch In Rems
(formerly Sebasti & Reali), 20 Piazza dl Snagna.
Foreign Branches: FRANCE: Paris, 2 Rue la
Peletier angle Bould. des. It&Iie&s; BRAZIL: Sat
Paulo and Santos; NEW YORK; Italian Discount
ft Trust Co., 399 Broadway.
Offices at
Genoa, Milan, Naples,
Palermo.
Turin,
Trieste,
Venice,
Fteresee,
Bologna.
Catania. Leghorn, and over 100 Branches in the
Barclay's Bank. Ltd.
London Clearing Agents:
168 Fenchurch 8treet, E. C.
EVERY
KIND
The Mercantile Bank of India Ltd.
Head
Broker
Banker and
Office
15 Gracechurch Street,
Banco Espanol
78
del Rio de La Plata
HEAD OFFICE,
rue
Cable Address:
classss of Argentine,
£765,796
Straits Sett!#'
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wail StrssC
Rennurb.
Branches
The Union Discount Co.
European banking businsss cenductsd.
of London, Limited
Ionian
Bank, Limited
Incorporated by Royal Charter.
every
banking facility for transaction
with Greece, where it has been established for
80
years,
and has
Branches throughout thf
Country.
at Alexandria,
Also
Cairo, &c., In. Egypt
Offers
Head
Office:
39
Basildon House,
Moorgate Street,
Telegraphic Address, Udlsco: London.
IS
LONDON, E. C. 2.
RATES
OF
5,000,000
STERLING.
HEREBY
GIVEN
allowed
INTEREST
that
for
Burma, Ceylon,
NATIONAL BANK OF INDIA Limited
East
Subscribed Capital
£8,000,660
Paid-up Capital
..£1,500,000
Reserve Fund
£2,000,000
The Bank conducts every description of banking
and exchange business.
the
money
deposit are as follows:
on
India,
Head Office: 26, Blshopsgate, London, E. C.
Branches in
India, Burma, Cwrlon, Kenya
Colony
and at Aden and Zanzibar.
Capital Authorized ft Subscribed $10,000,000
Capital Paid Up
5,000,000
NOTICE
in
Bankers to the Government In British
Africa and Uganda.
CORNHILL,
Reserve Fund
I
$5=£1
£756,666
of Shareholders
Reserve Fund and Undivided Profits
Reserve Liability
St., E. C. 3
Spanish and
£1,566,666
£756,668
Capital Paid Up
Capital ( Manet ■ tapl 14I,215,755=£U,»!M75
A
London
Subscribed..
Capital Authorized and
de la Lol
BRUSSELS, Belgium
BUENOS AIRES
London Offics, 7 Fenchurch
BUSINESS
BANKING
OF
Established 1879
ROBERT BRUNNER
E. O.
Street.
Lombard
Lane.
Office:
ROME
TRANSACTED.
London Office:
ti,
San Francisco
Lyons
Wales
South
Central Management and Head
Kingdom.
Santo Doming®
London
and
New
Settlements
Philippine Islands
Letters of
Credit are issued by the London Branch on the
Isad Office, Branches and Agencies of the Bank
4 Australia and elsewhere.
Bills on Australasia
Mgeti&ted or collected. Remittances cabled,
Drafts
$10,600,000
$8,200,000
Branches in:
£2,000,000
Capital
teserve Fund
-
and the
Italiana di Credito Provincials
Fully Paid Up.
Lire $15,000,006
Reserve Fund
"
41,000,006
Deposit and Current Accounts
(May 31, 1919)
" 2,696,000,008
Societa
Over 160 Offices in Scotland
LIMITED
the
with which are incorporated
_
LONDON, E.C.
Clermont & Co.
At Call, 5 Per Cent.
BANK OF BRITISH WEST AFRICA, LTD
$5=£1
Authorized
Subscribed
West
$10,000,006
7,280,000
2,900,000
1,295,669
Capital
Capital
Capital (Paid Up)_-_
Surplus and Undivided Profits
Branches throughout Egypt,
Africa
and
the
Canary
Office,
106-108
3
to
7
Days'
Notice,
5J4
BANKERS
Cent.
Per
Portland
Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
E. C
National
The
Discount
Central
35 CORNHILL
Aetna Petroleum Corporation
8% Convertible Gold Notes
LONDON, E. C.
Cable Address—Natdis London.
Subscribed
Capital
——
Reserve Fund
_
Request
v
INTEREST allowed for money
aa
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 8.
on
4,233,325
2,500,000
Deposit
are
Phone: Broad 7412
539.437 10
539,437 10
8
8
9
•
8
by
scription transacted witn Australia.
E. M. J ANION. Manager.
|
Hong Kong & Shanghai
Paid up Capital
BH% at 7 and 14 days notice.
Reserve Fund in
Approved Bank & Mercantile Bills discounted.
received on deposit at rates advertised
time to time; and to i fixed periods upon
specially agreed terms.
Loan granted on ap¬
proved negotiable securitle
from
PHILIP
8
0
BANKING CORPORATION
follows:
Money
New York, N.Y
•
Telegraphic Transfer.
Bills Negotiated or forwarded rer Collection.
Banking and Exchange business of every de«
5% per annum at call.
Jones & Thurmond
£3.000,000
585,000
1,078,875
Paid-up Capital
Further Liability of Proprietors.
STERLING.)
NOTICE is hereby given that the RATES OF
"Clerment"
English Scottish and Australian Bank, Ltd.
Remittances made
$21,166,625
Paid-up Capital
($5=£l
86 Broad St.
America
Cable Address:
Authorized Capital..
Reserve Fund
Subscribed Capital
Company, Limited
on
GUATEMALA,
CHRISTOPHER R. NUGENT, Manager.
Street
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 100 Beaver St., New York
Circular
r
The
Morocco,
Islands.
Head Office, 17 & 18 Leaden hall St., London,
Manchester
At
HAROLD
WADE
Manager
Reserve Fund
(Hongkong Currency)-—H$15,000,006
Silver (Honkgong Curr.) JH$23,000,006
In Gold Sterling
GRANT DRAFTS, ISSUE
£1,500,000
LETTERS OF CREDIT.
PAYABLE IN
PHILIPPINES, STRAITS SET¬
NEGOTIATE OR COLLECT BILLS
JAPAN,
TLEMENTS, INDIA.
CHINA,
j. A. JEFFREY,
Agent,
36 Wall St., New York
Dec.
111920.]
THE
CHRONICLE
foxtiqn
VII
^foreign
jfonfgw
NATIONAL
SPERLING & CO.
Basildon House, Moorgate St.
Banqae Nationale de Credit
FISCAL AGENTS FOR
Capital
500,000,000
frs.
90,000,000
Deposits
and
frs.
Surplus
Public Utility
frs.2,400,000,000
Hydro-Electric Companies
Head
Head Office—Cairo.
Established
Office:
Capital, fully paid
£3,000,000
£1,663,270
AND
6
in
Branches
the
Law
Fund
LONDON AGENCY
300 Branches in France
4
Egyptian
Reserve
NEW YORK AGENTS
SPERLING & CO., INC.,
under
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer.
PARIS
120 BROADWAY.
EGYPT
of
London, E. C.
BANK
Rhenish
7
KING
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
Provinces
THE
BANCA COMMERCIALE I TALI ANA
CAPITAL
LIT.
SURPLUS
LIT.
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
156,000,000
DEPOSITS
GENERAL BANKING BUSINESS
400,000,000
LIT.4,371,970,562
Limited
Head'.Office, Milan, Italy
New!York Agency, 165 Broadway
London Office,
($5«£1.)
Old Broad Street, E. C. 2
1
Constantinople
Italy, at all the prin*
RYE
Paris, Marseille and
BANCA COMMERCIALE
De Banques
(France)
with
POUR
Lausanne, &o,
L'AMERIQUE
DU SUD—Paris,
Buenos Aires,
Rio de Janeiro and branches
DELLA SVIZZERA ITALIANA—Lugano
BANCA
and
branches
ITALIANO—Lima
SOCIETA
ITALIANA
CIALE—Vienna,
BANCO
aiso.
FRANCES
and
DI
and
Every Description of Banking Business
branches
CREDITO
Trieste
Offices
numerous
in
England
Wales
ROTTERDAMSCHE
BANKVEREENIGINO
Paulo,
BANCO
$86,196,261
Office:
and
St. Gall, Winterthur, Basle, Geneva,
UNGARO-,ITALIANA—Budapest
BANQUE
FRANCAISE
&
ITALIENNE
-
IS, Bishopsgate, London, England,
'
ZURICH
BANCA COMMERCIALE ITALIANA E ROMENA—
Bucarest and branches
Sao
Suisses
ITALIANA E BULGARA
—Sophia and branches
BANCA
689,034,1
•
-
Head
INSTITUTIONS
ITALIANA
branches
FUND
•
UNION
cipal points in the Kingdom
BANCA1*? COMMERCIALE
-
ID-UP CAPITAL
80 branches in
AFFILIATED
$199.671,•
BSCRIBED CAPITAL
Amsterdam
Rotterdam
COMMER¬
Foreign Exchange, Documentary Credits.
branches
The Hague
DE CHILE—Santiago, Valpar¬
mm
BANCO FRANCES E ITALIANO DE COLOMBIA—
Bogota.
CAPITAL PAID
UP
Fra.70,000,000
RESERVES
"
16,000,000
CAPITAL AND
RESERVE FUND.
F.105,000,008
COLLECTIONS
STANDARD BANK OF S0BTH AFRICA, Ltd
HEAD
Authorized
LETTERS OF CREDIT
SWITZERLAND
OFFICE* LONDON. E. C.
FOREIGN EXCHANGE
Capital
$60,000,000
$61,260,000
Paid-up Capital & Reserve Fund. $18,$12,600
Total Resources
$806,121,41$
Subscribed Capital
Over 850 Branches
Africa.
and
Agencies
PURCHASE AND SALE
Government, State and Municipal
STOCKS AND
OF
SHARES
BONDS
throughout
South
W.
H.
W
for
MACINTYRE, Agent
investment
THE COMMERCIAL BANK OF SCOTLAND, LM
Wall St., New York
Established 1810
Apply to
Also representing The Bank of New South
Wales with branches throughout Australasia.
Head Office*-EDINBURGH
£5,544,444
Capital (Subscribed)
SWISS BANK CORPORATION
250,000 "A" shares of £20 each
£5 pald..£l,35S,SSS
500,000 "B' shares of £1 each fully pald.-f
BASLE
The NATIONAL BANK
of SOUTH AFRICA, Ltd.
Over 600 Branches in
Total Assets exceed
-
ZURICH
GENEVA
over
Switzerland and in London
$430,000,000
-
Cable Address
:
THE
Funds
FOREIGN
SUISSE
FRANKFORT-o-M., GERMANY
Cable Address
STOCKRBOKERS
"Oponhym"
INYESTMENT SECURITIES
FOREIGN EXCHANGE
EXCHANGE
1856
Capital paid up_„frs. 100,000,000
Reserve
HAGUE
Established 1871
BANKERS AND
Established
Oppenheimer
BANKERS
Achilles-Amsterdam
10 Wall St.
E. SAUNDERS, Agent.
CREDIT
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
description of British, Colonial and Tsretgs
Banking and Exchange business transacted.
Now York Agents—American Exchange Nat .Bank
Lincoln Menny
Damrak
AMSTERDAM
ROTTERDAM
-
Street, B. O.
com¬
between this country and Africa.
R.
*141
MAGNUS IBVINE, 84*.
Arnold Gilissen & Co
80-81
facilities for the extension of trade and
Now York Agency
£34,471
and every
Africa
Offers to American banks and bankers its superior
merce
ALEX. BOBB, Gen. Mgr.
London Office—62 Lombard
Branches all
S0S.S0S
81 754 #44
Deposit*
£1,004,000
Reserve
frs.
30,000,000
Royal Bank of Scotland K0NI6
BROTHERS
&
GO.
Incorporated by Royal Charter, 1727.
Paid-up Capital
HEAD
£2,000,000
Rest and Undivided Profits.
OFFICE
£1,082,276
Deposits
£39,114,127
Zurich, Switzerland
Head Office
-
St. Andrew
Geneva, Glarls, Kreuzlingen, Lugano,
Lucerne, Neuehatel, St. Gall.
London Office
.
3
-
-
-
-
-
-
GENERAL
BANKING
BUSINESS.
Foreign Exchange
Dccnmeatary Business, Letters of
Every
Description
OP
KONSG BROTHERS,
Throughout Scotland.
of
British,
Colonial
Correspondence Invited.
LONDON
and
and
Foreign Banking Business Transacted.
Credit
Letters of Credit
Exchange Square
Agent: Thomas Lillie.
172 Branches
Travellers'
Bishopsgate, E.C.2
Manager: Wm. Wallace.
Glasgow Office
Commercial and
Squares-Edinburgh
Cashier and General Manager: A. K. Wright.
Br&nohes at Basle, Berne, Frauenfeld,
160 Pearl Street, NEW YORK
NEDERLANDSCHE HANDEL-MAATSCHAPPl
ROTTERDAM
*
THE
viii
[VOL. 111.
CHRONICLE
$anbet* anb Probers ©utsfbe JJeto
LOUIS
ST.
gorb
CHICAGO
CHICAGO
Greenebaiim Sons
"
.
■'
•
*
■"
'
'
■
lilden Alildcn
Banlr and Trust Company
A. G. Edwards & Sons
Member*
!NCOHPOHAT£D
Investment
Madison Sts.
Southeast Corner La Salle and
208 So.
BANKING
GENERAL
Stock Exchange
New York
CHICAGO
$2,000,000
and Surplus,
Capital
Stock Exchange
St. Louie
Bonds
La Salle Street
6% CHICAGO FIRST MORTGAGE BONDS
St., ST. LOUIS
410 Olive
Suitable
for
Trustees and
Estates,
Write lor Bond Circular
MUNICIPAL
MUNICIPAL
First
BONDS
CORPORATION
BONDS
111
Mortgage
Short
CHICAGO
Issues
Co.
Hyney, Emerson &
Lorenzo £ Anderson & Company
Slaughter & Co.
A. O.
tie N. 8th St., St. Louie
Members
Chicago Stock Exchange
Chicago Board of Trade
New York Stock Exchange
New York Cotton Exchange
110
Members Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
Charles W. Moore
SMITH, MOORE & CO.
CINCINNATI
Chicago
SL
Due
Bonds
1937-1941-1944
& COMPANY
SHAPKER
Yield
Price
Formerly
York
300,000
District
Population
5.30
SHAPKER, WALLER & CO.
ST. LOUIS
Members St. Louis Stock Exchange
134 SOUTH LA SALLE
The Provident Savings
STREET
CHICAGO
Bank & Trust Co.
TAYLOR, EWART &
CO.
Bond
Department
CINCINNATI,
O.
INVESTMENT BANKERS
CO.
STIX &
5H%
Interest June and Dec. 1—New
York Stock Exchange
Louis Stock Exchange
Broadway
BONDS
Corporation
HARK C. STEINBERG & CO.
DIstrictTOhlo
Miami Conservancy
Munielpal and
LOUIS SERVICE
$75,000.00
St. Louis
Philadelphia
New York
Members Neto
Chicago
So. Michigan Av„
South La Salle Street
ST. LOUIS, MISSOURI
OLIVE ST.
332
INVESTMENT SECURITIES
39
N.
ofunderlyingassete
Powell, Garard & Co.
INVESTMENT BONDS
m
expert verification
STREET
WEST MONROE
BONDS
based always upon
CHICAGO, ILL.
William H. Burg
Members
TIMBER
New York StockfExchange
Municipal and Corporation Bonds
ST.
CHICAGO
St.
La Salle
89 South
W. Monroe St,
Term
Note
Industrial
PREFERRED STOCKS
BoradoB Smith
INVESTMENT BONDS
Corporation Bonds
INDUSTRIAL
a STITT
SCOTT
A State Bank
Chicago.
Oldest Banking House in
Individuals
C 26.
CHANNER & SAWYER
100 South La Salle Street
Investment Securities
CHICAGO
INVESTMENT SECURITIES
ST. LOUIS
••9 OLIVE ST.
SPRINGFIELD,
Municipal, Railroad and Public
Utility Bonds
ILL.
Rldsely-Farmers Bank
SPRINGFIELD,
WE
High Grade Investment Se¬
Convertible
curities,
Bids.,
Note
DEALERS IN
Issues, Bonds, Bank Shares,
Unlisted Securities.
ILLINOIS.
WILL
41
BUY
South
INVESTMENT SECURITIES
La Salle St.
IRWIN, BALLMANN&CO.
CHICAGO
Springfield (Illinois) Pleasure Drive¬
way
Bldg.,
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
John Burnham & Co.
Matheny, Dixon, Cole & Co.
Union Trust
CINCINNATI, OHIO
828-330-332
& Park District 4s
F. WM. KRAFT, Lawyer
Walnut St.
CINCINNATI, OHIO
Specializing in Examination & Preparation el
BUFFALO
County, Municipal and Corporation
Slocnm, Eckardt & Company
Bonds, Warrants and Securities and
Proceedings Authorizing Same*
111 W. Monroe St.,
Trust Building
FRIED LANDEjR
EDGAR
DEALER
IN
Cincinnati Securities
Rooms 517-020,
INVESTMENTS
Harris
OHIIO
CINCINNATI
CHICAGO, ILLINOIS
420
Ellicott Square
TOLEDO
BUFFALO, N. Y.
FEDDE
&
PASLEY TUCKER.ROBISON&CO.
JOHN T. STEELE
Successors
Certificb Dttblic accountants
BUFFALO, N. Y.
David
to
Robison Jr. A
Bankers—Established
Munlcipa
end Corporation Bonds
Government,
SPECIALISTS
55 Liberty
St.,
•
New York
Toledo
and Ohio Securities
TOLEDO, OHf©
Gardner Building,
GEORGE W. MYER,
Certified
IRVING
T.
LESSER
4'tMicttSquar.
BUFFALO
N» T,
JR.
Accountant
35SNASSAUSST..5NEW |YORK
Audit?
STOCKS AND BONDS
Public
Investigations,
Estate Accounting,
Income Tax
Telephone Rector 5441
1876.
Municipal, Railroad and Corporation Binds
IN
Buffalo and Western New York Securities
Sons
Graves, Blanche! & Thornburgh
MUNICIPAL BONDS
:
Returns
'
GARDNER BUILDING
TOLEDO, OHIO
Dec.
111920.]
THE
CHRONICLE
IX
Panber* ant) Probers ©utsfbe j?eto gorb
MICHIGAN
GORDON
&
COMPANY
CBoob*. Stoan & Cbtoarbs Co.
Members Detroit Stock
INVESTMENT BANKERS
Members Pittsburgh Stock
Exchange
Inquiries Solicited
Carried
Union Bank Building.
on
PITTSBURQH.IPA.
Members of Detroit Stock
Exchange
Exchange
Charles A. Parcel Is & Co.
in
All
Markets.
Stocks
Conservative Margins
INVESTMENT SECURITIES
Phone Court 3264-5
810 Congress
LYON, SINGER
DETROIT, MICH.
A. J. Hood
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
&.
Company
(Established 20 Years)
PITTSBURGH
MICHIGAN SECURITIES
BOUGHT—SOLD—QUOTED
DETROIT
Company
Detroit
Securities
We invite your inquiries
1721-3 Dime Bank BIdg., Detroit
PITTSBURGH
and Provisions
Members New York Stock
GORDON, FORTIER & CO.
Investment Securities
Exchange
Members Pittsburgh Stock Exchange
Members Chicago Board
of Trade
Suite
MASTEN
& CO.
WHITTLESEY, McLEAN & CQ.
Municipal Bonds Corporation Bonds
Preferred Stocks
1618, Dime Bank Building
Telephone Cadillac 5050
E.
Specializing
Co.
Stocks, Bonds, Grain
A.
Members Detroit Stock Exchange
Richard Brand
Specialize in Michigan Stocks and Bonds
PENOBSCOT BUILDING
Geo. W. Eberhardt
OLIVER BUILDING,
PENOBSCOT BUILDING, DETROIT, MI CM.
& CO.
INVESTMENT BANKERS
Commonwealth Bid*.,
BIdg.,
DETROIT
MICHIGAN
Active Members of Detroit Stock Exchange
8054-56-58 Penobscot
BIdg.,
DETROIT
Established 1891
New York Stock
Boston Stock
Exchange
Exchange
Members^ Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton
Exchange
323 Fourth
Ave.*
Pittsburgh* Pa.
PROVIDENCE
FENTON,
BODELt & CO.
Branch Office:
10
Wheeling, W. Va.
WEYBOSSET
Company
*90-895
UNION
ARCADE
PITTSBURGH, PA.
KANSAS
Detroit
Grand Rapids
Boston
KEANE,
jSjEWARICJLJk,
BUILDING
BOYLE
Investment Bankers
Chicago
New York
INVESTMENT BONDS
&
STREET
PROVIDENCE
W. Carson Dick &
DAVIS
HIGBIE
&
COe
MUNICIPAL BONDS
CONSERVATIVE
67 GRISWOLD ST.
DETROIT
INVESTMENT SECURITIES
List upon request
CITY
STREET & COMPANY
F.M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE BUILDING
KAY & CO.
Inc.,
INVESTMENT BANKERS
NEWARK, N. J.
Municipal & Corporate Bonds
Local
Penobscot
Securities
Kansas City
TEXAS
BIdg.
DETROIT, MICH.
Members Detroit Stock Exchange
Missouri
J.E.JARRATT& COMPANY
INDIANAPOLIS
GEORGE M. WEST & COMPANY
Investment Bankers
Fletcher American Company
INDIANAPOLIS
-
1893
INVESTMENT BANKERS
•
Cajpital
Established
Municipal Bonds
San
Antonio, Texas.
$1,500*000
UNION TRUST BLDG.
DETROIT, MICH
Members Detroit Stock Exchange
Write
as
tor bids
Indianapolis
or
or
offerings
Indiana
on any
Security.
Statistical Information Furnished.
DUNN & CARR
Investment Securities
W. A.
HAMLIN
& CO.
Members Detroit Stock Exchange
Union
BREED, ELLIOTT & HARRISON
Nat.
Bank
HOUSTON.
.
BIdg.
.
TEXAS
Motor Stocks, Public Utilities & Oils
INDIANAPOLIS
Ondnnati
Detroit
Chicago
1010 Penobscot
Milwaukee
BIdg.,
DETROIT, MICH.
MACON
Investment Securities
Municipal Bonds
Indiana Corporation Securities
W. M. DAVIS & COMPANY
Southern Municipal Bonds
AND
NEWTON TODD
Local
Securities and
Lemcke BIdg.
INVESTMENT BANKERS
/
Guaranteed Stocks
MACON
GEORGIA
Indiana Corporation Bonds and Stocks
415
Joel Stockard & Co., Inc.,
Municipal, Government &
Corporation Bonds
Members Detroit Stock£Exchange
Penobscot BIdg.
INDIANAPOLIS
•
DETROIT
-
Cherry 2608
NORFOLK, VA
LOUISVILLE
JOHNSTON A COMPANY
MOTTU & CO.
HARRIS, SMALL & LAWSON
Established 1892
INVESTMENT SECURITIES
INVESTMENT SECURITIES
NORFOLK* VA.
NEW YORK
60
MVmm BIdg.
LOUISVILLE. KT.
INVESTMENTS
Broadway
U CONGRESS ST.
DETROIT
W.
[VOL. 111.
CHRONICLE
THE
X
J&airbtt* anfc prober* OntsRie J?rtn
PACIFIC
PACIFIC
COAST
Howard Throckmorton
gort
DENVER
COAST
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
{Government
&
AND
mt MUNICIPALITIES
Municipal
Corporation
CORPORATIONS
Company
INVESTMENT BANKERS
having substantial assets
San Francisco
and earning power.
vi
Alaska Commercial Building
COLORADO
DENVER
Quotations and
Furnished
Information
on
WILLIAM R. STAATS CO.
Pacific Coast Securities
Established
SUTRO
LOS ANGELES
1853
&
PASADENA
SAN FRANCISCO
WESTERN SECURITIES
CO.
Sugar Stocks
INVESTMENT BROKERS
San
Ban Francisco Stock
and Bond Exchange
Specialty
GREGG, WHITEHEAD & CO.
SlaBkenhorn-Hunter-Dniiss
F. M. BROWN & CO.
DEALERS
MUNICIPAL
OnMHC MORRIS
CORPORATION
DV/1NLJD
AND DISTRICT
Bank Building
BROTHERS, Inc.
Government
and
DOLLARS
Municipal
Bonds
SAN FRANCISCO
LOS ANGELES
California Securities
Established oier
SAN DIEGO
PASADENA
/
Morris Building
a
Company
Wa spacializ# in California
Municipal & Corporation
California
Quarter Centum
PORTLAND, OREGON
-
No. 8, Central Building
Los Angeles,
BOND HOUSK
THE PREMIER MUNICIPAL
CAPITAL ONE MILLION
SAN FRANCISCO, CALIFORNIA
Aronson and
Bankers
DENVER
PORTLAND, ORE.
BONDS
First National
Investment
Company
IN
Municipal and Corporation
S13-815
a
Members
Francisco
#lt Montgomery St.
-
SEATTLE, WASH.
HALL & COMPANY
BONDS
ESTABLISHED 1*12
INVESTMENT BONDS
CLEVELAND
DRAKE,RILEY & THOMAS
Looal and Paelfio Coast Seourltlea
Van Nuya Building
The Gondling-Joiies Company
LEWIS
PORTLAND, DREGO*
BUILDING
LOS ANGELES
MINNEAPOLIS
STOCKS-BONDS-NOTES
Private WiresSCoast to Coast
BANGOR BUILDING,
CLEVELAND
OorrespondentsSLogan and Bryan
A. H. Woollacott & Co.
Stocks, Bonds, Grain, Cotton
OTIS & COMPANY
ESTABLISHED
128-262 I. W. Hellman Building
Investment Bankers
LOS
Member* of New York, Cleveland, Chicago,
Detroit and Columbus Stock Exchangee,
New York Cotton Exchange,
_
Detroit
Cincinnati
Columbus
Toledo
Denver
AUCPITA
Akron
Toungatown
Colorado Springs
Bonds
Acceptances
SHORT TERM
California Securities
CALIFORNIA
LOS ANGELES
JOHN W. DICKEY
Augusta, Ga.
NOTES
RITTER COMMERCIAL TRUST
Unincorporated
CLEVELAND
BUFFALO
•M Euclid Ave.
Niagara Lifa Bldg.
A. E. LEWIS
Southern Securities
& CO.
Municipal, Public Utility, Railroad and
Corporation
Established
1886.
BONDS of the PACIFIC COAST
Lot Angeles, Cal.
Security Bldg.
WM. E. BUSH & CO.
THE
Augusta, Ga.
KLIPFEL - WASHBURN - BERKLEY CO. R. H. MOULTON & COMPANY
INVESTMENT SECURITIES
CALIFORNIA MUNICIPALS
Title Insurance Building,
tnd Floor National City Bldg.
CLEVELAND, O.
Dayton
STLRAUI
MINNEAPOLIS
TORRANCE, MARSHALL & CO.
CLEVELAND
Stocks
^
! COMMERCIALPAPERS *
Chicago Board of Trade.
Boston1
IQIO
^HUNICIPAJL RAUJROAD
'CORPORATION BONDS
ANGELES
Warren
American Nat'l
LOS ANOELES
Bank Bldg.,
SOUTHERN
SECURITIES
COTTON MILL STOCKS
San Francisco
Bucyrua
SPARTANBURG,
S. C.
MAX I. KOSHLAND
Listed
-
Unlisted
-
Inactive
Pacific Coast Securities
Stocks & Bonds
A. M. LAW & CO., Inc.
Member
San
Mills
ALBERT FOYER
Loader News
Bldg.
DEALERS IN
Francisco Stock and Bond Exchange
Stocks and Bonds
Building
SAN FRANCISCO
Southern Textiles a
Specialty
CLEVELAND, O,
SPARTANBURG,'S. C.
CHAPMAN DE WOLFE CO.
Hunter Glover &
Company
BONTGOBERY
851-853
SAN
Investment
Bonds
and
Stocks
Short Term Notes
CLEVELAND
Montgomery
FRANCISCO,
Street,
CALIF.
Stocks and Bonds
Information
and
Quotations
on
all
B.
W.
Pacific
Coast Securities
Members San Vrandaco Stock & Bond Exchange
SOUTHERN
Strass burger
INVESTMENT
MantonmerVt Aln
SECURITIES
DEC.
111920.]
THE
CHRONICLE
XI
Batdttt* and JStofetw eutefot J?tto
gortt
ALABAMA
PHILADELPHIA
PHILADELPHIA
BONDS
marx & company
BIRMINGHAM,
.
STOCKS
SHORT-TERM NOTES
BANKERS
.
4IS CHESTNUT ST.
SI
PHILADELPHIA
ALA.
.
Graham, Parsons & Co.
PINE
NEW
ST.
YORK
Parsly Bros. & Go.
Southern Municipal and
Investment Securities
RANKERS
Corporation Bonds
CHESTNUT
1421
STREET
PHILADELPHIA
Deal In
and Purchase
CHATTANOOGA
rhil.aoel.phiastock
members
Issues of
exchambs
MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED STOCKS
lewis burke & co.
of
LOCAL AND SOUTHERN
RAILROADS,
THAYER, BAKER & CO.
SECURITIES
.
INDUSTRIAL
...
UTILITIES
AND
CORPORATIONS
of
/wnu Building
ESTABLISHED VALUE
CHATTANOOGA
Cable Address "Graco."
BOSTON
New
INVESTMENTS
England
Industrial Securities
Yielding
to
Commercial Trust Bldg.,
8%
Boles &Westwood
PHILADELPHIA
J. MURRAY WALKER
®§ Devonshire Street
NEW
Members Philadelphia Stock Exchange
Established 1865
Boston
ORLEANS
410 Chestnut St.
Investment
Philadelphia
Members New
York
Securities
and
Philadelphia
Stock Exchanges
We will
Six Per Cent
buy and sell the
following
equipments
■'
:
Chesapeake & Ohio 6^s
Southern
Philadelphia
1927-30
1926-30
Canadian Pacific 6s
Canadian Northern 6s
;
'f
-
.
PHILADELPHIA
■
1926-30
Michigan Central
Municipals
'
Ltd TIB BaBdlaf,
1926-30
6s_
X
Telephone Locust 4721
MILWAUKEE
Short Time Notes
Commercial Paper
EDGAR,
Eaat
RICKER
Water
and
&
Mason
CO.
emeiamsa
Streets
MILWAUKEE, WIS.
Preferred Stocks
BANKERS
Specializing
Acceptances
WISCONSIN CORPORATION ISSUES
321
Chestnut
St., Philadelphia
Established 1837
Financing of Milwaukee
Hibernia
Securities
Company
(Incorporated)
Hibernia Bank
and Wisconsin Industries.
Stock
Building
-
Exchanges
Investment Securities
Bought and Sold.
M.s€owntCe
New Orleans
New York Office
Members New York and
Philadelphia
44 Pine St.
First Wisconsin
Company
fembers Philadelphia Stock Exchange
INVESTMENT BANKERS
Investment Securities
MILWAUKEE
Land Title Building
PHILADELPHIA
WISCONSIN
New York Telephone Canal 4848
BALTIMORE
Pennsylvania
R. Lancaster Williams & Co., Inc.
INVESTMENT SECURITIES
Equitable Building,
BALTIMORE
108
So.
La
Salle
Bonds
iembers Philadelphia Stock Exchange
MILWAUKEE
MARYLAND
Free
PAUL & CO.
Second Ward Securities Co.
Second Ward Savings Bank BIdg.
Tax
1431
Chestnut Street
PHILADELPHIA
St.
CHICAGO
Scott & Stump
INVESTMENT SECURITIES
Stock Exchange
Specialists In
Wisconsin Municipals
t^Oe
&f>I
FOR
PHILADELPHIA
Phones: Locust 6480. 6481. 6482
BONDS
and
Building
Frederick Peirce
High Grade Investments
.
1421
6483
Chestnut
Street,
mENT
INVEST
Philadelphia
Keystone: Race 2797
rt^S.tWONES^
MUNICIPAL RAJLROAD/ic
Corporation bonds
an
Broad Street
-
New Yore ,
flBI SECT* 81#—CABU AMtESS
Lint
C ffiven
current
MORRI^SIDXSCO.
Iwvestm
BOYLE, BROCKWAY & GRAHAM, INC.
MilwaukelWbl
MATTERS
Underwriters and Specialists in
Wisconsin
"MOTMEXr*
offering*.
cuRrnss
Fl.ftT WI6CON$m
matlomai. «... eu>0
Write
our
Issues
Trading Department.
Union
Arcada
FINANCIAL
Pittsburgh, Pa.
[VOL. 111.
CHRONICLE
THE
XII
Jtoqnfrfe*
Current Jionb
DNUSIHD
Acker Merrall & Condit 6s, 1923
Pfd.
Amer. Cigar,
Central New England 4s, 1961
8c Pfd.
Atlas Portl. Cement, Com.
Mallory Steamship 5s, 1932
8c Pfd.
Borden Co., Com.
New Jersey
Steel
Cresstec
Park & Tilford 6s, 1936
Wareh.
Manhattan Storage 8c
Steamboat 5s, 1921
Securities Co. of N. Y. Cons. 4s
Singer Mfg.
United Lead Deb. 5s, 1943
Ward Baking,
Com. & Pfd.
Ward Baking 6s, 1937
Willys Corp. 8% Pfd.
TOBEY& KIRK
Members New
York Stock Exchange
25 BroadStreet
Safety Car Heating & Lighting
Fairbanks Co. 1st Pref.
SterfoU
Maryland 4s
4^s, 1933
Western
Urotfyera
Bait. & Ohio Conv.
Central Aguirre
Sugar
Everett Heaney & Co.
Nassau Electric RR. 4%
1951
Ontario Power 5% 1943
Col. & 9th Ave. RR. 5% 1993
Kings Co. Ltg. Co. Ref. 5%
New York
St. Louis S. W. Cons. 4s,
St. Louis S. W. 58,
public Utility Ifcatritfes
1932
1952
III
Southern 3s, 1950
Kansas City
all issues
all issues
Provincial and Cor¬
-
Sroabumif, Jfam Hurb
Grand Trunk Pac. 3s & 4s,
Brooklyn Edison Co.
Canadian Northern Ry.
1954
Canadian
All
5%, 6%, 7% Bonds
Securities
poration
Co.
Columbus 8c 9th Ave. RR.
THEODORE L. BRONSON & CO.
Member8 New York Stock
MILLER
Exchange
Members
10 Wall St., N.
N.
Y.
Tel. Rector 7580
Y.
5%, due 1993
1st
& COMPANY
and
*Phono 7500 Ractor, N.
ISO Broadway.
Flatbush Water Works Co.
Stock Exchanges
Phlla.
6%, due 1931
1st
Y.
Hoboken Ferry Co.
American Can Deb. 5s, 1928
1st
American Tobacco 6s, 1944
Bought—Sold—Quoted
Niag. Lockp't & Ont. 5s, 1954
KODAK
EASTMAN
Pacific Gas 8c Electric 5s, 1942
Lexington Ave. 8c Pav.
COMMON
1st
13991]
3993
13994.
1st
ALFRED F.INGOLD&CO.
Trinity Bldg. Corp. 5%s, 1939
74
Tel. Rector 9261
PROCTER & GAMBLE CO.
1st
LOCATE CAPABLE MEN
to
Private
fill vacancies in your
Classified Department
the,
Company
■
to
9723-7, 6922-8
Philadelphia
&
Boston
GLOVER & MACGREGOR
141 Fourth Ave.,
FINANCIAL CHRONICLE
Stock
Exchange
Stock Exchange
PITTSBURGH, PA.
Amer. Wat. Wks. &
Elec. 5s, 1934
1960
West Penn Traction 5s,
of
Trade
Stock
Exchange
Board
Baltimore
Rector 9980-5,
Phones
Co.
5% and 1st 5%
of
S',;-:
\
Members of the
Chicago
con.
organization through the
INDIAN REFINING CO.
Cincinnati
5%, due 1948
N. Y. & East River Gas
Phone
New" York
Co.
New Amsterdam Gas
Broadway, N. Y.
JOSEPH EGBERT
I
4%, due 1951
con.
1st
Westheimer &
Co.
Nassau Electric RR.
Telephone 8992 Rector
So. Bell Tel. & Tel. 5s, 1941
Y.
Fy. Co.
5%, due 1993
'
Seaboard Air Line 7s, 1923
10 Wall St., N.
5%, due 1946
Our Classified
Department faces the
inside back
CINCINNATI, OHIO
cover.
7s, 1923
deb. 6s, 1924
St. Paul Union Depot
West Penn Power
BALTIMORE, MD.
Central
Aguirre Sugar
Federal Sugar Com. &
Pfd.
Holly Sugar Com. & Pfd.
National
American
& Pfd.
Chicle
Cigar
American Tobacco Scrip
Borden Company
R.
J.
American Cyanamid Com. & Pfd.
City Investing Com. & Pfd.
Eastman Kodak Com. & Pfd.
We
Ingersoll Rand Com. & Pfd.
Sugar
Savannah Sugar Com.
American
/
Reynolds Tob.
Railroad
William
St.,
New. York
to
Buy
Secur'ties Co. 4s
Singer Manufacturing
Pitts., Cin., Chicago & St.
Corn Exch. Bank Stock & Rights
Home Insurance Stock & Rights
Lawyers Title & Trust
Louis
3VfcSf 4s, and 4Vfcs.
Mechanics & Metals Nat'l Bank
Nat'l Park Bank Stock & Rights
Hartshorne & Battelle
Stone, Prosser & Doty
52
Wish
15
Brood St.
Tel. Broad 7740
NEW YORK
'Phone Hanover 7733
1
Dec.
111920.]
XIII
Current $onb
Amer. Light & Trac.
6s, 1925
3n<jufrfe*;
British War Loans
Canadian War Loans
Chalmers Motor 6s, 1922
Continental Motor 7s, 1923-25
Chinese
Bucyrus Co. Com.
Detroit Edison
Cleveland Elec. Ilium.
5s, 1939
Consumers Power 5s, 1936
Dominion Coal 5s, 1940
Duquesne Light & Trac. 6s, 1949
Empire Refining 6s, 1927
Stock
J
A
(
1
Firestone Tire Com. & Pfd.
Goodyear T. & R. Com. & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com. & Pfd.
Packard Motor Com. & Pfd.
5s, 1956
Texas Electric Ry.
5s, 1947
Magnolia Pet. 6s, 1937
,
Eastman Kodak
Grand Trunk Pac.
3s, 1962
Italian War Loans
Pub. Serv. of No. Ills.
Grand Rapids Ry.
6s, 1924
Grand Trunk Pac.
Ry. 3s, 1962
Island Refining 7s, 1925
& P d.
Burroughs Add. Mach.
Government 6s, 1921
Willys Corporation 8% Pfd.
Merrill, Lynch & Co..
Nat. Conduit & Cable
6s, 1927
120
Telephone 6070 Rector
Peerless Tr. & Motor 6s, 1925
St. Louis Transit
5s, 1924
Broadway, New York
Trader. Telephone 7688
Reotorl
Youngstoum, Grand Rapids and
Lansing.
Private wires to Chicago,
Detroit, Cleveland.
United Light & Ry.
5s, 1932
U. S.
Finishing Co. 5s, 1929
Wickwire Spencer 7s, 1935
Goodyear Tire & Rub.
Todd
Com. & Pf.
Shipyards
Nat. Park Bank Stock &
Morton LacheribraclL & Ca
42 Broad Street.
mam detedit Philadelphia
Pittsburgh
Rights
Tidewater Oil Stock &
Rights
General Electric Rights
Southern Pacific Rights
Home Insurance Stock &
Rights
Corn Exchange Bank Stock & R?ts
General Baking Com., Pfd. & 6s
Westchester Fire Insurance
41//2sI 1936
^ Mem. 4s, 1936
Jeff. Bridge 4s, 1945
K. C. Ft. Scott
Louisville &
N. Y. & Erie 4th Ext.
5s, 1930
New York Central
4s, 1942
St. L. Ir.
Mtn. & So. Gen. 5s, 1931
Southern Pacific Ref.
4s, 1955 ;
Specialists in all
Dividend Scrips and Rights
Instantaneous communication between
our offices is made
possible through
Bait. & Ohio Pr. L.
3i/2s, 1925
Central Pacific
3i/2s, 1929
Chic. & N. W. Gen.
3l/2s, 1987
Den. & R. G. Cons.
toeir intercom nection by private wires.
R.
C. C. Kerr & Co.
S Rector St.,
Foreign Securities
Investment
Phone 6780 Rector
Y
l
.
CHUCKS
'
.
[Sg
1
So.
M
;
r--:
"Opportunities in
IM
f
v;:,:,
Members N. Y. Stock
R.A.SOICH&CO.
Cirtular
MWaflSt,N.Y.
request.
TeL Rector 5289-92-4038-4730
52
Broadway
Private
wires
Railroad
Bond
1
Dept.
Public
Seaboard Air Line 6s, 1945
Long Isl. North Shore Br. 5s, '32
N. Y. Penna. & Ohio
4^8, 1935
to
Cinn.
Wabash & Mich. 4s,
Mexican Securities
^
British-American Tob. Co.
Imperial Tobacco Co.
Babcock & Wilcox, Ltd.
Cedar Rapids 5s, 1953
Miss. Riv. Pow. 5s, 1951
Ontario 6s, 1931
Northern
Penn Water 5s, 1940
Gt. Nor. of Canada 4s, 1934
Shawinigan 5s, 1934
Shawinigan 51/26 > 1950
Cleve. Akron & Colum. 5s, 1927
Houston Belt & Term. 5s, 1937
K. C. Memph. Ry. &
Bdge. 5s, '29
M. & O., new & extended 6s, 1927
Big Sandy RR. 4s, 1944
H
Duquesne Light Pfd.
New York
Telephone Rector 6834
Ohio Elec. Pfd.
Consumers Power Pfd.
/Texas Power & Light Pfd.
Utah Power &
Light Pfd.
Electric Utilities
St.
Louisi & Cairo 4s, 1931
Mason City & Ft. Dodge 4s, 1955
Illuminating & Pow. Secur.
Industrial
Industrial Bond Dept.
Peet Bros., Preferred
Alpha Portland Cement
Manhattan Electrical
Supply
Pacolet Mills Preferred
Norwalk Steel 4^8, 1929
FT*
Acker, Merrill & Condit 6s, 1923
Utica Knitting Mills Pfd.
Atlantic & Pacific SS.
Dept.
National Park Bank "Rights"
Standard Oil
Dept.
Corn
Exchange Bank "Rights"
Home Insurance "Rights"
S.
O.
of
California
S.
O.
of
Indiana
South
Bank of America
Illinois
Penn
Oil
Pipe
CARRUTHERS, PELL &
Toronto
Dept.
Titusville Iron Pfd. & Com.
General Fire Extinguisher
Champion Lumber 6s, 1928
Auto Sales G. & Ch. Bds. & Scrip
Consolidation Coal 5s, 1950^^
Monon Coal 5s, 1936
Bank Stock
Stock
Jacob Dold Preferred
Capitals
WIRES
Pfd.
Bqrl. Cedar Rap. & No. 5s, 1934
Columbia Trust
CORRESPONDENTS
J
Northern
National Cloak & Suit 8s, 1930
Kuczynski & Co.
Utility Dept.
Kansas Gas & Electric Pfd.
United Utilities Pfd.
Northern States Power Pfd.
Pacific Gas & Electric Pfd.
1935
Toronto Ham. & Buff. 4s, 1946
New Orleans Terminal 4s, 1953
Canadian, Cuban
PRIVATE
Montreal
Broad 8323
Philadelphia,
American Pow. & Lt. Pfd.
Nebraska Power Pfd.
Big Four, St. Louis 4s, 1990
All Important Foreign
Exchange
TeL
& CO.
BROADWAY. NEW YORK
Telephone: Rector 7360
•iembers of New York Stock
Exchange
Broadway
F.58,'51
Boston.
Baltimore, Richmond, New Haven
180
120
Pac.Co.,San Fr.Term.lst 4s, 1950
Prince & Whltely
■
Liberty Bonds"
SROS.
John 807
Tenn. Coal Iron & RR.Gen.S.
CURRENCIES
SUTRO
Telephone
CCS
VWs
Read.Co.& Phila.& Read.Coal &
Iron
Gen. 4s, 1997
■
BOKIDS
'Phone 8800 Hanover
on
O
1 Pacific RR.
Co. of Mo. 1st Ext.
4s, *38
St. L. Iron Mtn. &
So., River & Gulf
Div. 1st 4s, 1933
FOREIGN
.
Securities
PRESSPRICH
New York
Lehigh Val. (of N.Y.) 1st 43^s, 1940
ALL
DUNHAM & CO.
At Kuhwg* Place
N. Y.
W.
Street,
P. C. C. & St. L. Gen.
5s, 1970
Foreign Currency
Foreign Cheques
Bought and Sold
AO Wall
CO.
Bonds, Bank Stocks, Miscellaneous Securities, Standard Oil Stocks
15 Broad Street, New York
Philadelphia
Phone.
Locust 872:
Phones 5161
Bait.
Phms.
«
Pan'
to 5169
Hanover
/
[VOL. 111.
CHRONICLE
THE
XXV
Current JSonb inquiries
F.
Montreal & Province 4s
J. LISMAN & CO.
Maaibara
Grand Trunk Western 4s
York Stock Exchange
New
Northern
Grt.
61
BROADWAY, NEW YORK
Birmingham Railway 5s
Atlantic &
Birmingham Terminal Go. 4s, 1957
Terminal
Bush
Co.—All
issues
Irrigation District 6s
Queens County Water Co. 5s
Otero Irrigation District 6s
Chicago & Western Indiana RR. 7^s
Central Railway 5s of
Kansas City
Mobile & Birm.
Ry.
all
Depew & Lake Erie Water 5a
LeavenworthC.&Ft.L.W.4s,5s,6s
1938
Memphia Ry. &*Br. 5s
Pacific
Missouri
Racine Water Co. 5s
Emmett
Fonda Johnstown & Gloversv. 43^s
Iowa
New York Interurban Water 5a
Acquackanonk Water Co. 5s
Wichita Water Co. 5s
Chic. Terre Haute & S. E. 5s, income
WE DEAL IN
Ry., Canada 4a
Canada Atlantic 4s
I
issues
H. C. SPILLER & CO.
5s, 4s and stock
INCORPORATED
IT Water St., corner
Pittsburgh & Shawmut RR. 5s, 1959
88
Wall
Devonshire St., BOSTON
Street, NEW YORK
Stephenville North & S. Texas 5s
Toledo Terminal Railroad 4%s, 1957
AND ALL RAILROAD AND
STEAMSHIP SECURITIES
Ashland Lt. Pr.& St. Ry. 5s, 1939
Bell Tel. of Can. 5s, 1925
Canadian Car
WOOD, STRUTHERS & CO.
Investment
Nassau
5
Street
D. L. & W. Coal
Richmond Radiator Pref.& Com.
NEW YORK
Securities
&.Fdy. 6s, 1939
1946
Can. Cons. Rubber 6s,
Seaboard
Bank
National
Springfield Ry. & Lt. 5s, 1926
Thos. Cusack Preferred
Davies, Thomas & Co,
Underlying
Railroad
Members N. Y. Stock Bxdumgo
5
Nassau
Union E. L. & P. Ref. 5s, 1933
Taylor & White
New York
St.
Bonds
Telephone Rector ISM
Central Pacific 3^8, 1929
Canadian Pacific 6s, 1924
N. Y. Chic. & St. L. 4s, 1937
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
Indiana Steel 1st 5s, 1952
National Tube 1st 5s, 1952
Reading, Jer. Cent. Coll. 4s, 1951
Reading General 4s, 1997
Elgin Joliet & East, 1st 5s, 1941
U. S. Rubber 5s, 1947
BAUER, STARR & CO.
Ul BROADWAY
N. Y. CITY.
LAND TITLE BLDG.,
PHILADELPHIA
Rector 7418
Private wire connection
Now York
Street
49 Wall
Tel. Hanover 427-8-1
Exchange PL, N. Y.
American
Thread
Pfd.
Central Vermont 5s, 1930
Canadian
Northern
Ry. Bonds
Cedar Rapids Mfg. & Pr. 5s,
Chic. Milw. & St.P. deb. 4s,
1953
1934
Hamilton &
Dayton 5s
Grand Trunk Pacific 3s, 1962
Cine.
European Loans of American Rds.
Georgia Lt., Pr. & Ry. 5s, 1941
Miss. Pac. 3rd Ext. 4s, 1938
VILAS A HICKEY
Gulf &
Ship Island 5s, 1952
Empire Gas & Fuel 6s, 1926
43
Puget Sound Elec. 5s, 1932
Shawinigan Wat. & Pr. 5^1 & 5s
United Ry. & Investing 5s, 1926
BOND BROKERS
McKinley & Morris
Member8 New York Stock Exchange
ORDBRS EXECUTED IN RAILROAD
ACTIVE BOND ISSUES FOR
DEALERS
ONK WALL ST., N. Y. TeL Rector TM1 to 7936
ON
ABRAHAM & CO.
AND
COMMISSION
TeL Broad 8785
17 William St., N. Y.
Telephone Hanover 8817
Central Power & Light 6s, 1946
Continental Gas & Elec. 5s, 1927
GARDNER
&
Nebraska Power 5s, 1949
CO.
Nebraska Power Preferred
20 BROAD
Tel. Rector 7430
STREET, N. Y.
i
H.L.
Oregon Short Line 5s
1946
Man. S. W. Col. 5s
Traverse City RR. 3s
1933
Long Island Ref. 4s
Mutual Union Tel. 5s
1941
Kansas City
Wab, Tol, & Chic, 4s
1941
Bush Terminal Bldg. 5s 1960
R. R. Securities 4s
1952
Mo. Kan. & Tex. 1st 4s 1990
So. 3s
1934
1949
1950
85
NASON & CO.
BOSTON 9
Devonshire St.
Cleveland Electric 111. 5s & 7s
Consumers
Power 5s & 7s
Northern States Power 5s & 6s, 1941
Southern California, 6s, 1944
United
Light & Ry. 5s, 1932
Gilbert J. Postley
T W-"
We Will
We
Buy
Adirondack Elec. Pr. 5s, 1962
Adirondack Pr. & Lt. 6s, 1950
Alabama Power Co. 5s, 1946
Canton Akron Cons. Ry. 5s, 1933
1940
Dallas Elec. 5s, 1922
Detroit Edison 6s,
Detroit Edison 5s, 1933
Empire District Electric 5s, 1949
Madison
River Power 5s,
1935
Peoples Gas Lt. & Coke 6s, 1943
Indiana
St"a.«*on.
Rector
96^ Y°"
Will Sell
Lighting 4s, 1958
Amer.
Lt. & Trac.
Central Petroleum
Pacific Gas & Electric
Western Power
Metropolitan Edison Co. 5s, 1922
Southern Power Co. 5s, 1930
Pacific Gas & Electric 5s, 1942
United Fuel Gas 6s, 1936
Schenectady
EARLE A.
SPECIALISTS
DIRECT
TELEPHONE
IN
5s, 1946
MILLER & CO.
PUBLIC UTILITY SECURITIES
PRIVATE WIRE CONNECTION
RECTOR
Ry.
MacQuoid
Coady
{embers Now York Stock Exchange
WITH CHICAGO
111 BROADWAY, NEW YORK
14 Wall St.. N. T.
Tel. Reotor 9970.
DEC.
111920.]
THE
CHRONICLE
xy
Current Potto Snqufrfe*
Guanajuato Power
Guanajuato
& Electric 6s
Chicago & Erie RR. Co. 1st 5s, 1982
Clev. Akron & Col.
Ry. Gen. 5s, 1927
Ft. Worth & Rio Grande
Ry. 1st 4s,'28
Kan. City So. Ry. Co. 1st
3s, 1950
Power & Electric Pfd.
Central Mexico
Light & Power 6s
j
Central Mexico
Light & Power Pfd.
Guanajuato Reduction
Michoacan Power
& Mines 6s
Kings Co. Ltg. Co. 1st Ref. 5s, 1954
L. & N., St. Louis Div.
3s, 1980
6s
United States Radiator 6s
Indianapolis
New
Water 4 J^s & 5s
New Amster. Gas Co. Consol.
5s, 1948
V
N. Y. Penna. & Ohio P. L.
Hampshire Electric Railways
Fries
Manufacturing &
St. Louis & Cairo RR. Co. 1st
4s, 1931
Western N. Y. &
Power 5s
El Tiro
Pennsyl. 5s, 1937
Copper 6s
Cumberland County Pow. & Lt. Pfd.
Arkansaw Water
HOTCHKIN
Main
Wm.
6s
American Finance & Securities
Telephone
&
Tel. Rector 3273-4 and 3294
Ave.RR.Co.,Bklyn.,5s,1931-34
Broadway & 7th
Internal
State St.,
Boston 9, Mass.
Ave. RR. 5s, 1943
Broadway Surface
RR. Co. 5s, 1924
Bklyn. City & Newtown RR.lst
5s,'39
Brooklyn City RR. Co. 1st 5s, 1941
Bklyn. Queens Co. & Sub. 5s, 1941
Columb.
& 9th
Ave.
RR. 5s,
1993
Dry Dock East B'way & Batt.
5s, 1928
Lexington Ave. & Pav. Ferry 5s, 1993
Nassau Electric RR. Consol.
4s, 1951
Carnegie Ewen
2 Wall
Dominion of Canada
CO.
63
460
43^s, 1935
Atlantic
Street, New York
Securities of
Loans
Evansville & Terre Haute
Railroad
Russian
/1.- We
specialize
in
Govt.
the
5Vi%
&
§l/i%
Railroad
purchase and sale of
Missouri Kansas & Texas
BULL & ELDREDGE
T elephone & T
elegraph
Member* of the New York Stock
SO BROAD
Securities
and solicit your
B'way, N. Y.
ST., N. Y.
Federal
Farm
Tel.
Loan
Railway
Exchange
inquiries
Bonds
:
Mason City & Fort
Tel. Broad 2357-8-9
Chicago T. H. &
Rector 8460
Specialists in Short Term Securities
T. L. MacDonald
52
Chicago & Eastern Illinois
So. E.
Railway
Grand Rapids & Indiana
Railway
Wm. C. ORTON & CO.
Specialists Reorganization Securities
85 Broad St., New York
Tel. 7160-1-2
Dodge R. R. 4s.
Broad
Bonds & Stocks
June 1, 1955
of
TELEPHONE
&
TELEGRAPH
COMPANIES
A BUSINESS EXECUTIVE
Bought—Sold—Quoted
YOUR
Rollins, Kalbfleisch & Co.
INQUIRIES INVITED
JOSEPH GILMAN
Members N. Y. Stock Exchange
INVESTMENT SECURITIES
84
PINE STREET
N.
Y.
and
capable head for
of your
obtained by
Telephone Rector 2687-8-9
66 BROADWAY
CITY
5691-4 John
ad in the
of the
Power Securities
Corporation
National Securities
Corp.
West Penn
Railways
West Penn Traction
West Penn Trac. & Water Pr.
Amer. Water Works & Elec.
CONSTABLE
U/M.
66
St
CONSTABLE
Broadway N Y
FLEMING
K. L. FLEMING OR.
xelj
Rector 7270
So. Ry. St. Louis
4s, 1951
Mob. & Ohio St. Louis
5s, 1927
Ore. & Cal. 1st 5s, 1927
B. & O. Pitts. L. E. & W. Va.
4s, 1941
Inquiries Invited.
inserting
87 Wall St., N. Y.
BILLO
Phona
WANTED
Hanover 6297
Offerings
Long Term Underlying
Liberty Registered Bonds
Railroad Bonds
NEWBORG & CO.
Member* New York Stock
60
Exchange
BROADWAY, N. Y.
Classified Department
Our Classified Department
faces the
inside back cover.
FOREIGN EXCHANGE
PRIVATE
VIRE
TO
ST.
LOUIS
Shuman
7s, 1922
Detroit United 7s, 1923
New Jersey & N. Y. 1st
Hudson & Manhattan
5s, 1950
4^8,
1957
Mo. Kan. & Tex. of Tex. 5s, 1942
Central Branch Un. Pac.
4s, 1948
Fonda Johns.
&
Glov.
43^s, 1952
Southern Indiana 1st 4s, 1951
WOLFF & STANLEY
Order
&
Bonds
Seligmann
lembers Now York Stock
Exchange
80 Broad St., N. Y.
Tel. Broad 7878
S
FARLEE & CO.
Stock & Notes
Bought
BROADWAY
Sold
Quoted
1timbers American Bankers' Association
1{embers Nets York State Bankers' Association
ROBINSON & SMITH
61 B'way, N. Y.
International Traction
4s, 1949
Internat. & Gt. Nor.
5s, 1914
Internat. & Gt. Nor.
on
Checks
Peerless Motor Truck
JL
66
Telephone 4390 Bowling Green
Tel.
Bowling Qreen 10090
Toronto Hamilton & Buffalo 4s
Western New York & Penna. 5s
Fla. Cent. & Peninsular 5s & 6s
Illinois Central 4s, 1952 & 1953
"Nickel Plate" 2nd 6s
Denver Union
St. Louis & Cairo 1st 4s
New York Penna. & Ohio
New Haven 4s, 1922 &
United Tract. & Elec.
5s, 1933
Providence Securities 4s
General Gas & Electric 5s
4^s
33^8, 1954
Galv. Houston & Henderson 5s
Mason City & Fort
Dodge 4s
Seaboard Air Line 6s
Cuba Railroad 5s
Akron Canton &
Youngstown 6s
M. K. & T. Issues
National Cloak & Suit 8s
Helena Ry. & Light 5s
Consolidation Coal 5s & 6s
New Amsterdam Gas 5s
Stockyards 5s
Columbia Gas & El. Deb. 5s
Manila Suburban 5s
Rio de Janeiro Tr. Lt. & Pr. 5s
Trinity Bldge. 5^8
International Paper 5s
Mexican Govt. & RR. Issues
Teiepkone Rector 2920
72
Trinity Place, N. Y.
be
small
FINANCIAL CHRONICLE.
Currency
in
can
a
'
Bought and Sold
OTTO
any one
Departments
SAM'L
Phon. 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Str««
[VOL. 111.
CHRONICLE
THE
XVI
Jitquixit*
€utxtnt JBonfc
ACTIVE BONDS
INACTIVE BONDS
1925
Aluminum Co. of Am. 7s,
We Offer to
1929
Anaconda Copper 6s,
Allied Packing 6s, 1939
Beth. Steel 7s, 1922
Banks, Brokers
and Institutions
Beth. Steel 7s, 1923
Columbia Graph. 8s, 1929
a
H. J. Heinz
highly specialized service in
in on the New
all bonds traded
Light 6s, 1949
Duquesne
Anaconda Copper 7s, 1929
Beth. Steel 7s, 1935
Diamond Match 7J/^s,
1935
Interboro R. Transit 7s, 1921
York Curb market.
Co. 7s, 1930
Analytical reports on any se¬
1925
Southwest Telep. 7s,
furnished
curity
Seaboard Air Line 6s, 1945
request
on
1925
Sinclair Consol. Oil 7V28>
Confed. 5x/28> 1929
Swiss
HANSON &
Denmark 7s, 1945
72 Trinity
Place
Now York
•
Solvay Co. 8s, 1927
Texas Co. 7s,
Securities
Investment
Norway 8s, 1940
HANSON
1923
1925
Western Electric 7s,
Swedish 6s, 1939
Com.
Hose & Rubber
Boston Woven
Common
Corona Type
Connecticut Cotton
New Amster.
Central Union Gas 1st 5s,
Light, Pfd.
Hemphill Co., Com. &
Pfd.
Kings Co.El.Lt.&
Pow.Pur.Mon.6s,'97
Hubbard, Canadian Pfd.
Lamson &
Finlay & Davenport
International, Pfd.
Liggetts
PROCTER & GAMBLE
1927
Northern Union Gas 1st 5s, 1927
N.Y. & E. Riv. Gas 1st 5s & Cons. 5s
N.Y. Gas El. Lt. & Ht. & Pow. 4s & 5s
Mills, Class A
Crowell & Thurlow SS.
Duquesne
4s, 2004
5s, 1950
Gas Cons. 5s, 1948
N. Y. & Westchester Ltg.
Westchester Ltg. 1st
and Railroad
WALTER S. PLACE
Private Telephone
72
New York and
"Main
Utilities
Public
J.S.Bache& Co.
BRANCHES and
Tel. Rector 6881
Baltimore
Buffalo
Willys Div. Script
Chicago
Pref.
Willys Corp. 1st
Philadelphia
CORRESPONDENTS
Cincinnati
Albany
Boston
7088"
Stock Exchange
Members New York
New York " Tel., 6400 Broad
Terminal Bonds.
Trinity PI.
BOSTON, MASS.
St.,
35 Congress
Local
in
Specialists
Electric Light
Worcester
Stock & Scrip
Pittsburgh
Cleveland
Kansas City
New Orleans
St. Louis
Syracuse
Philadelphia
Troy
Rochester
bought and Sold.
Specialists
FOR SALE
Railroad 4s, 1945
Memphis & Gulf 5s, 1940
Chicago Junction
Chicago
Ttrs and Rubber
Motor Stocks
Water 5s, 1942
Laclede Gas Light Co. 7s, 1929
Northern States Power 6s, 1926
East St. L. & Inter.
R. B. Hathaway
10 Nassau St.,
CO.
Mortgage Bond
& Co.
Tel. John 6020-1
N. Y.
1958,
West Indiana 4s, 1952
Mobile & Ohio Ext. 6s,
1927
Montgomery
New York City
115 Broadway
Rector
944-6-6
Bros.
15 William St.,
Telephone
New York
Broad 8063
CHICAGO SECURITIES
Htg. Co.
Penn
Mary Coal Co. lit
Empire Gat & Fuel Co.
Cincinnati Gat Transport.
Marion
Bought, Sold & Quoted
BABC0CK, RUSHT0N & CO.
New
Members
York,
Chicago
and
7 WALL
We Deal in—
Unlisted Stocks
and
Bonds
Foreign Government
Bonds
Inquiries from Out-ofTown
Investment
Houses and Banks are
especially solicited.
ERNEST
SMITH
& CO.
20
BROAD STREET
NEW YORK
Telephone Rector 6167
Direct Private
Chicago,
SAMUEL
STREET
NEW YORK
CHICAGO
Connectlona'to
& Grand Rapida
Wire
Detroit
60T
1925
MOORE,
.
PHILADELPHIA
& 6s
Argentine Govt. 4s & 5s
American Light & Trac. 6s
Amer. Cities 5s & 6s
Aurora Elgin & Chicago 5s & 7J^s
Akron Canton & Youngstown 6s,. 1930
Alabama Traction 5s, 1962
British Govt. 4s & 5s
Birmingham Ry., Lt. & Pr. 4J^« & 6s
Brazilian Traction 6s, 1922
Consolidated Textile 7s
Chicago Terre Haute & So. E. 5s
Continental Motors 7s, 1921-25
Canton Akron Ry. 5s, 1933
Consumers Power 5s & 7s
Detroit Edison 5s & 6s
Denver Gas & Elec. 5s & 7s
Empire Gas & Fuel 6s, 1924-26
Evansville Elec. 4s, 1921
French Govt. 4s & 5s
Georgia Lt., Pr. & Ry. 5s
Grand Trunk Pac. 3s, 1962
General Gas & Elec. 6s, 1929
General Gas & Elec. 5s
Grand Rapids & Ind. 2d 4s, 1936
International Traction 4s
Armour & Co. 4J^s
Japanese Govt. 4s
Kentucky Trac. &
Laclede Gas Lt. 5s
& 4^8
Term. 5s
& 7s
Mississippi River Power 5s, 1951
Mich. United Ry. 5s, 1936
Mason City & Ft. Dodge 4s, 1955
Michigan
Lighting 5s, 1946
& LYNCH
LEONARD
New
K.PHILLIPS&CO.
ChMtnut St.
N. T.
Galena-Signal Oil 7s, 1930
Jameson Coal & Coke (Georges
Creek) 5s, 1930
5s, 1932
5s, 1939
6i, 1926
5s, 1933
DILLON
M.
FRANK J.
T1 Broadway
NEW YORK,
Tel. 6460 Bowling Green
Boston
Shock Exchanges
HOME INS. BLDG..
Light &
City Investing Co.
Aluminum 7s,
INVESTMENT SECURITIES
Co.
Ry. 1st 4s of 1921
Evansv. Elec.
Atch. Trans. Short Line 4s,
Chic. &
EDWIN BANCKER &
Stocks
York
Philadelphia
Pittsburgh
Northern Power 5s & 6s
Northwest Penn. 5s
New Orleans Ry. & Lt. 5s
Ohio Cities Gas 7s, 1921
Public Service of No. 111. 5s,
Province of Buenos Aires 6s,
1956
1926
Republic Motor Truck 7s, 1921-25
Sears Roebuck 7s, 1921-23
Standard Gas & Elec. 6s & 7s
Southern Cal. Edison 5s & 6s
Swift & Co. 5s & 7s
United Lt. & Ry. 5s & 7s
Utah Gas & Coke 5s, 1936
Virginia Ry. & Power 5s, 1934
5s
Waterloo Cedar Falls & No.
West Penn. Power 5s & 7s
Light & Traction
Burroughs Adding Machine
American
Bucyrus Co. Com. & Pfd.
British-American Tobacco
Charcoal Iron Com. & Pfd.
Commonwealth Pr. Ry. & Lt.
Garland Steamship
Com. & Pfd.
Rubber Com. & Pfd.
Grand Rapids & Ind.
Imperial Tobacco
Northern States Pr. Com. & Pfd.'
Standard Gas & Elec. Com. & Pfd.
Goodyear Tire &
Union Carbide
Com.
United Lt. & Ry. Com.
& Pfd.
Virginia Ry. & Pr. Com.
Willys Corp. Issues
& Pfd.
Dec.
111920.]
THE
CHRONICLE
.
financial
financial
9
"Hail, ye small sweet courtesies of
life, for smooth do ye make the road
of it,"
•
—Sterne.
Norway 3% Conversion Loan
of 1888
•
Principal and interest
courtesy
[
I
i
We believe that if
business
Kr.
1
is worth
being handled
all it is worth
handled
sterling, and in Paris
Sinking Fund, which operates by semi-annual
drawings of purchase, will retire the loan in 75
years.
being
Price
approximately $315
£200 Bond
per
any pro¬
must
per pound sterling.
A
courteous¬
position
payable in London in
25.20, in Christiania at
18.131/3, and in Berlin, Hamburg, and Frank-
furt at Mks. 20.40
at
ly, and if
are
at Fes.
turned down
we
I
be
Inv6stment houses
of
do
our
are
invited to avail themselves
services in connection with this
issue.
that with considera¬
tion, too.
We invite you to
our
American Express company
use
Our 39
service.
Securities
years' experience is
not
advantage
ant
ii
the least import¬
xjaemou, j
j ^
Department
|M^
we can
offer you.
i
-
|||
^
!
f
telephone
4, bowlinggreenmooo
w
IS
-
METROPOLITAN
TRUST
OF
COMPANY
THE CITY OF
CO WALL STREET
Government,
NEW YORK.
716 PIFTH
Public
Horn
Coal
Corp.
Utility
Industrial
A. B. Leach & Co., Inc.
Securities
Wash. Bait. & Annapolis Securities
Investment
J. HARMANUS FISHER & SONS
62 Cedar St., New York
(Established
SOUTH
1874)
BALTIMORE.
ST.
Members
Railroad
Investment Bonds
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light A
Power of Baltimore Securities
Elk
Municipal,
AVENUE
MD.
Philadelphia
Baltimore Stock Exchange.
Baltimore
Boston
Securities
105 So. La Salle
Buffalo
Bcranton
St.v Chicago
Cleveland
Pittsburgh
Minneapol!
Detroit
Mllwaukeea
,
w
American Tobacco Scrip
Tobacco Products Scrip
United Cigar Stores Scrip
f-C-'V
1
f
incorporated
''I
'
INVESTMENT SECURITIES
Specialist* in all Tobacco Securities
Bristol £ Bauer
i2o
MX. Phone- Rector 4594
Maintaining 93 Branch Offices in 79
|
!
|
Principal Cities of the United States
|V
i
^
EXECUTIVE OFFICES:
111 W. Monroe Street
.
CHICAGO
1
Specializing in
Russian Govt. Bonds
and
Currency
STOCKS
Foreign Govt. Securitiee
AND
conservative
CHAS.
F. HALL 8c
Tel. 6810 Recto
20 Broad
CO.
Inactive
SLLUKl I 1L«J
/
standard
Oil
Fkooee
New Stock
"When Issued"
PFORZHEIMER A CO.
Dealers la
Standard Oil
4880-1-2-3-4 Broad.
carried
on
securities.
r.NC
HTTTR BELL
Members New York Steak Exchange
110
BROADWAY,
NEW YORK
Bought—Sold—Quoted
g-
j
L
Indiana
unlisted
Old Stock
a
of
CARL H.
Q
and
or
terms.
ft.. N. T.
CENT^,RNmJ0RK
Standard
RONDS
bought and sold for cash,
So«urltloa|
26 Broad St.. SI. I»
«
f
Hohavk "alley Investment
Investment Bankers
_
Corp.
STOCKHOLDERS LISTS
ln °"r Tw^h/r"^Corpor,tlon'
WM. JONES
UTICA, N. Y.
Auditors, Inc.
116 Broad St.
Tel. Bowling Green
New York City
8811-8812
THE
XVIII
[Vol. 111.
CHRONICLE
.^financial
jfinandal
Established 1910
608 Chestnut Street
Correspondents
Both
Save
Time And
Philadelphia
Impartial Analysis
security
of fundamental
available
is
to
you
on
investment stock or
bond.
Send one dollar
any
for
Just
as
Philadelphia is the logical
collection
center
J
report—give cor-
our
title.
rect
•
•
.
of the East, The Phila¬
delphia National Bank is the
logical.
through which to route your
bank
30 Years
items.
This bank has
profited by
many years
in
Export Banking
and
has laid special emphasis upon the de¬
velopment^ of its twenty-four-hour
of experience
in making collections
Transit Department.
of
INTIMATE
Items handled at par for
no
correspondents;
charge for telegraph transfers.
KNOWLEDGE
the needs and
habits of the people,
acquired by
years
of experience
in the coun¬
and actual residence
tries themselves,
is essential when
transacting business abroad.
23 Branches in
1
Branch
9
THE
Offices
South America
Mexico
in
in
Europe
Anglo-South American
Tank, limited
49 Broadway
New York Agency,
PHILADELPHIA, PA.
$600,000
Bond
Secured 8% Notes
The Arkansas Valley
Ry., Lt., & Pwr. Co.
(Colorado)
MATURITY:
•National Bank of Commerce
Oct.
1,
1922,
8.55%.
Yield
$900,000
7%
pledged for these Notes.
EQUITY: $3,500,000 Common,
$840,000
2nd Preferred and
$1,870,800 1st 7% Preferred
SECURITY:
Bonds
in
New York
which has 9-year
uninterrupted
dividend record.
EARNINGS: 80%
from electric
power.
Balance for
these Notes FIVE TIMES Inter¬
light and
est
requirements.
Ask
for circular
CC-63
tiMByllesby & Ca
Incorporated
apital, Surplus And Undivided Profits
HI Broadway
Providence
Over
Fifty-five Million Dollars
10 wrybosset*
St
ZW^eSt
30
DEC.
111920.]
THE
CHRONICLE
financial
^ank Statements
An Excellent
The Northwestern National Bank
Investment
Portland Oregon
Safety of Principal and
Statement of
High Yield
to
15,
1920.
1100,000
$16,270,811.84
Other Bonds and Securities..
Furniture and Fixtures
Customers' Liabilities under
issues of
new
Nov.
Loans and Discounts
Federal Reserve Stock
DEALERS
purchase several
Condition
RESOURCES
An exceptional
opportunity is offered,
.
XIX
;
_
Letters
of
-
Acceptances and Bills of Exchange
each of
.
Credit,
893,434^44
U. S. Bonds and Certificates.
Cash on Hand and Due from other Banks
Public Utility 5-Year
These
$26,767,631.06
LIABILITIES
attractive basis.
Companies
furnish
U.
y
B.
Bonds
f.
Acceptances Executed for Customers
•? Deposits
$26,767,631.06
WEBSTER, Treas.
V/.',-'
>-•
:■
BROADWAY, NEW YORK
■■;
OFFICERS
EMERY OLMSTEAD, President
EDGAR H. SENSENICH, Vice Pres.
*
C. L. LAMPING, Vice President
O. L. PRICE, Vice President
ROY H. B. NELSON, Vice-Pres.
Chas.
Oil
One
of
Noble
Gas
inde¬
strongest
Oil
Special circular
6%
investors
Due
Principal
Industry
in
oil
on
UNION EXCHANGE
NATIONAL BANK OF NEW YORK
Fifth Avenue and 21st Street
Condensed Statement Nov. 15, 1920.
RESOURCES
v
Dm.
and
and
Discounts
and
Investments.
Government
1. It22
735,805 20
826.564 00
Exchanges for Clearing House
Cash
semi-annual
$16,209,760 94
Bonds
and
1,231,975 74
6,270,280 66
Reserve
Interest
payable in New York.
$25,274,376 54
Oompkts description
on request.
securities.
LIABILITIES
Capital
Surplus and Profits
.
Price
Free
LONGSHORE, Cashier
W. HOYT, Asst. Cashier
FRANK O. BATES, Asst. Cashier
WALTER H. BROWN, Asst. Cashier
WM. D. STUBBS, Asst. to the
Pres.
Loans
Published monthly in the interests
of
C.
GEORGE
Bonds
Secured Gold Notes
tt
"The Oil
A.
'
12%.
request.
on
GAS
ELECTRIC CO.
Companies.
30%—pays
over
CINCINNATI
Co.
&
the
pendent
Earns
F.
&
509,148.16
1,300,000.00
50,000.00
250,000.00
235,068.27
654,077.49
22,769,337.14
Borrowed.
Commercial Paper Rediscounted..
Commercial Letters of Credit
i
Engineering
& Management Corp.
M.
S.
$1,000,000.00
Circulation
General
141
;
Capital Stock paid in
Surplus and Undivided Profits
Light,
Heat, Power & Ice in communities
where the demand is
outgrowing the
capacity of the plants,
2,052,923.22
6,248,603.19
...
Gold Notes
most
on a
37,500.00
1,200,358.37
64,000.00
to
Yield
request
Circulation
Res. for taxes, accrd. hat.
etc.....
Bills payable Fed. Res. Bank
Acceptances under guar, by this b'k
$1,000,000 00
1,583,856 10
395,250 00
222,316 43
None
....
BOND DEPARTMENT
Deposits
R.C.Megargel aCo
Fifth-Third
27 Pine Street-New York
National Bank
•
21,618 57
22,051,334 99
$25,274,376 54
SYDNEY H. HERMAN,
LOUIS J. WEIL,
FRANK E. WHEELER,
ARTHUR D. WOLF,
GEORGE B. CONNLEY,
EDWARD J. DONAHUE,
WILLIAM
President
Vice-President
Vice-President•
Vice-President
Cashier
Assistant Cashier
Assistant Cashier
MINTON,
CINCINNATI, O.
Carlin's
As Dealers in
Income Tax Forms
Guaranteed Stocks
Since
we
offer
vice
to
a
for
1855
comprehensive
those
interested
Seaboard Air Line
ser¬
in
6s, 1945
buying or selling.
Informa¬
tive literature, analyses of specific
issues and
colored
for
Quotation
Sheets.
Realty Associates
Yukon Alaska Trnst
WE WISH TO BUY HIGHGRADE PENNSYLVANIA
Used
HUGHES & DIER
Philadelphia
and
Pittsburgh
Members Stock Exchanges, Chicago Bd.
of Trade, N. Y. Produce Exch.
42 New
Tax Return.
Direct wholesale
rates to
Carlin Income Tax
the profession.
Bwtkemge
Enksagt Building
4
THE
CITY
Organised 1850.
RESALE
>
Insurance Co.
IN
FOR
C.
The United States Life
Telephone Broad 5140
MUNICIPALS
Publishing Co,
WASHINGTON, D.
St., New York
Boenning, Garrison & Co.
decsft
by ablest public accountants, income
tax
attorneys
and
banks
everywhere.
A
wonderful convenience in the
preparation of
TAX-FREE SECURITIES.
Stock
corpor¬
>
Members Ntm York Stock
Eschano*
Broadway
New York
Member t P* leMpht*
required of all
ations and partnerships
by Federal Govern¬
ment in the preparation of Income and
Excess
your
Bought—Sold—Quoted
guscuh WLtiXkzx St jgotis
CI
as
Profits Tax Returns.
-
maps
illustrating properties, will be
furnished
upon
application.
Write
furnishing complete supplementary schedules
and balance sheets
OF
NEW
YORK.
Non-Participatin* Policies Mijrj
Over Forty-Five Million Dollars Paid to
Poifa*.
holders
PHILADELPHIA
Dlroel Private Telephone to Bar dell Broe..N.
Y,
W. H.
Goadby & Co.
Members Now York Stock Exchange
NO. 74 BROADWAY
NEW YORK
HENRY NIGHTINGALE
MUNICIPAL BONDS
Canadian, Mexican
and Foreign Government
Securities.
Phone Broad 7118
42
BROADWAY
JOHN
Good
P.
MUNN, M.
territory
open
far
D.,
PRESIDENT
high
dam
persons
producers,
under
Company.
Address Home Office, 277 Broadway;
New York City.
direct
contracts
with
Has
[VOL. 111.
CHRONICLE
THE
XX
SBMbenb*
yinantlal
ro^^^ountain
st. louis,
& pacific
Raton, New Mexico, December 3, 1920:
PREFERRED 8TOCK DIVIDEND NO. 34
The above Company has declared the regular
quarterly dividend of one and one-fourth*per cent,
Utah
Nevada
-
Chino
-
on
Ray
-
st. louis,
a
complete statis¬
tical analysis of the
achievements of
We have
these
prepared
properties
of one per cent, upon the Common stock of the
Company, payable December 31, 1920, to stock¬
holders of record at the close
ber 20, 1920.
Transfer books will not be
request.
upon
rocky^mountain & pacific
Raton, New Mexico, December 3, 1920.
COMMON STOCK DIVIDEND NO. 27.
The above Company has declared a dividend
since organization,
which will be mailed
stock of the Company, to stock¬
business December
the Preferred
holders of record at the close of
20, 1920, payable December 31, 1920.
Transfer books will not be Icosed
CHARLES SPRINGER. Treasurer.
CHARLES
dividend
semi-annual
of
MEMBERS
Exchange
Chatham & Phenix
The
Exchange
87 Milk Street
25 Broad Street
National Bank
Boston
New York
New York
of the City of
A
1921,
Transfer books
17th, 1920,
will be closed at 3 P. M., December
investment
for
10 A. M. January 3rd, 1921.
and open at
the oppor¬
that
believe
i
B.
by
many
HASKINS,
L.
Vice-President and Cashier.
now
December 9th, 1920.
New York,
afforded
long-term bonds
ALLIS-CHALMERS
MANUFACTURING
COMPANY,
are
3rd,
at the close of
1920.
17th,
December
January
payable
Directors,
of
shareholders of record
to
business
share upon
per
stock has this day been declared by
Board
the
of $4
dividend
quarterly
the capital
tunities
Cent
Per
Two
(2%) on the Preferred Stock of Chicago Indian¬
apolis & Louisville Railway Company has to-day
been declared, payable December 30, 1920, at the
office of Messrs. J. P. Morgan & Co., 23 Wall
Street, New York City, to stockholders of record
at the close of business December 22, 1920.
C. E. A. McCarthy, Secretary.
Hayden, Stone &
Boston Stock
Treasurer.
New York, December 9, 1920.
-
New York Stock
SPRINGER,
INDIANAPOLIS & LOUISVILLE
RAILWAY COMPANY.
CHICAGO
A
of business Decem¬
closed.
exceptional.
INC.
3,
Dec.
*
1920.
quarterly
Seventy-five cents ($1.75)
the Preferred stock of this Company,
The Board of Directors has
declared
a
dividend of One Dollar
per
share on
olders
§ayable of record at the close to PreferredDecem¬
January 15, 1921, of business stockber
W. A. Harriman & Co.
Checks for such dividend will be
holders of
1920.
24.
mailed to Preferred stockholders and to
voting trust certificates for Preferred stock re¬
maining unexchangedjof record December 24.1920.
There was also declared a
dividend of One
INCORPORATED
($1.00) per share on the Common stock,
payable February 15. 1921. to holders of Common
of business January 24,
1921.
Checks for such dividends will be mailed
to Common stockholders and to holders of voting
trust
certificates for common stock remaining
unexchanged of record January 24. 1921
Dollar
stock of record at the close
25 Broad Street
New York:
Boston:
Syracuse:
books will not be closed.
Transfer
60 Federal Street
H. WOODLAND, Secretary
and Treasurer.
BETHLEHEM STEEL CORPORATION
Onondaga Bank Bldg.
Notice
Dividends
on
Eight
Per Cent.
Convertible Preferred
Stock,
Cent.
Non-Cumulative
Pre¬
Stock,
Common Stock
and Class
of
Cumulative
Seven
ferred
Per
Stock.
B Common
The fourth
CENTRAL STATES ELECTRIC CORPORATION
The Board of Directors has
The regular
quarterly dividend of
3% will be paid on the capital stock
of the CHAS. F. NOBLE OIL & GAS
COMPANY
Computing-Tabulating - Recording- Company
Broad Street, New York, N.
be
of
of this
Directors
January
stockholders of record
shown
as
Corporation
of
Directors
have
declared
dividend
quarterly
(32nd)
of
FRUIT COMPANY
DIVIDEND NO. 86
Treasurer.
dividend
the Thirty-Second
of One and Three-
Quarters Per Cent (1^4%) or One Dollar and
Seventy-Five Cents (81.75) per share on the out¬
standing Preferred capital stock of the Corpora¬
tion, payable on January 3, 1921, to stockholders
Of record at t he close of business on Dec. 20,1920.
company
15. 1921, to stockholders
at
the close of business Dec.
directed
Is
special
Dec.
to
1920,
8,
Directors
NO.
January
3.
drd December
15,
yable
HUGH
O.
1921.
to
Inc.
&
to
be
Dated, Dec. 4,
LEHIGH
1920.
VALLEY
New
COAL SALES
York,
Dec.
3
CO.
1920.
Board of Directors of the Lehigh Valley
Coal Sales Company have this day declared a
dividend
of
Two
Dollars per share
payable
The
co.
&
(Jo.
for
upon
the Preferred Stock
the quarter ending
1920, payable on January
Preferred stockholders of record at
business
December
17.
1920.
31.
GEORGE
W.
MERCK,
Decem¬
to
of
1. 1921.
the close
Treasurer.
davies company, inc
meeting of the Board of Directors held the
18th day of November, a quarterly dividend of
$1 per share was declared on the outstanding
william
of twenty-fivo
Common Stock,
of
1920.
MacBRIDE, Treasurer.
owing
quarterly dividend of Two Dollars ($2) per
Merck
ber
5.
stockholders
stockholders
„
per annum has been declared on the preferrtcapital stock of the company, payable January
1st. 1921. for the period beginning October 1st,
1920,
and
ending
December 31st.
1920. to
holders of record at the close of business on De¬
cember 15th, 1920.
Transfer books will remain
open.
Checks will be mailed.
h. S. IDE, Treasurer.
3 1921 to those stockholders of the
who are holders of full share certificates
registered on the company's books at
close of business December 16 1920.
Checks
January
of this Company has
eclared
a
quarterly dividend
nts (25c.) per share on
the
& CO., INC.
N. Y.
DIVIDEND NO. 4.
.A dividend at the rate of eight per cent
P. IDE
Troy,
closed from the close of busi¬
merck
A
New York
DIVIDEND
20, 1920
that,
17, 1920. until Dec. 9. 1920.
Nov.
November 26. 1920.
Board of
Secretary.
PREFERRED
the transfer books of the
share has been declared
The
fact
JOHN W. DAMON, Treasurer.
of
Building,
the
of
meeting
will be
company
Secretary.
Times
de
this
Checks will be mailed.
WILLIAM A. FERGUSON.
V. VIVAUDOU,
been
the
Jan.
on
ness
has
on
on
the
held
share
per
of
Attention
to
dollars
stock
of record
Products
four
of
payable
capital
Tobacco
declared on January 29 1920,
dividend upon the Common
B
Common Stock of the
Corporation, which was declared on October 28,
1920, will be payable on January 3, 1921. to the
respective holders of record of said four classes of
stock at the close of business on December 15,1920.
Checks will be mailed.
Dated December 3, 1920.
GEO.
A
December 9, 1920.
Board
were
R. E. McMATH,
UNITED
clared
The
which
ation,
and the 1 >4 % regular
Stock and the Class
J. F. LANIER, Asst. Secretary.
company
TOBACCO PRODUCTS CORPORATION.
December 15th,
the books of the
on
closed.
J. G. OGSBURG,
November 30, 1920.
3rd, 1921, to
of
company.
Y.
has
to-day declared a regular quarterly dividend of
II
ner share,
payable January 10th, 1921, to
Stockholders of record at the close of business on
December 24th, 1920.
Transfer books will not
Board
on
Convertible Preferred
installment
Tulsa, Okla.
1920,
50
tive
Dividend No. 29.
fco-daj declared the
quarterly dividend of One and
Three-Quarters Per Cent (1 *4 %) on the Preferred
•tock or Central States Electric Corporation, pay¬
able
December 31st.
1920. to preferred stock¬
holders of record at t he close of business December
10th. 1920.
Checks will be mailed.
L. E. KILMARX, Treasurer.
Thirty-Fourth
The
the Eight Per Cent. Cumula¬
Stock and the fourth
1%% of the Seven Per Cent,
dividend upon the Seven Per Cent. Non-Cumula¬
tive Preferred Stock of Bethlehem Steel Corpor¬
CHAS. F. NOBLE OIL & GAS CO.
preferred dividend no. 34.
December 7tb, 1920.
Installment of 2% of the eight per
cent, dividend upon
At
A'
a
stock,
payable the 15th day of December to
stockholders or record on the 1st day of December.
JAMES 8. AGAR. Treasurer.
company
of stock,
the
will be mailed.
W. J. BURTON, Secretary
,
m
and Treasurer.
Office of The United Gas Improvement Co.
N. W. Corner Broad and Arch 8treets,
Philadelphia. December 8 1920.
have ihis day declared a quar¬
dividend of one per cent (60c. per share)
on the Common Stock o
this Company, payable
January 15, 1921. to holders of Common Stock
of record at thj close of business December 31,
1920:
Checks will be mailed:
I. W. MORRIS. Treasurer.
The Directors
terly
DEC.
111920.]
THE
CHRONICLE
©foibenbs;
TTT
Jftttantfal
The Elec. Light &. Power Co.
of
To Depositors
Abington & Rockland
Dividend No. 55
under the Plan and
Agreement, dated
September
A $4.00 semi-annual dividend
payable Jan. 3,1921, to Stock¬
holders of record Dec.
15, 1920.
1920, for Consolidation of
9,
.
GENERAL CHEMICAL
COMPANY,
THE SOLVAY PROCESS
is
COMPANY,
SEMET.SOLVAY COMPANY,
Stone & Webster, Inc., Transfer
Agent
THE BARRETT
NATIONAL
COMPANY, and
ANILINE
&,
CHEMICAL
COMPANY, INC., and
To Holders of the Stock of said
Companies, including
Voting Trust Certificates:
The undersigned
Committee, acting under and pursuant to the
Agreement, dated September 9,1920, for the consolidation
of the above mentioned
Companies, having on December 2, 1920,
declared said Plan operative, has
duly determined as follows:
Plan and
#
1.
FINAL TERMINATION OF PERIOD
FOR DEPOSITS.
The period within which stockholders of the
above mentioned Com¬
panies may become parties to the Plan and Agreement, by
depositing
their holdings as therein provided, will
finally terminate at 3 p. m.,
Wednesday, December 15, 1920.
Stockholders who desire to
participate in the Plan, but have not'
yet deposited their holdings, should deposit their stock certificates (or
voting trust certificates), in negotiable form, on or before Wednesday,
December 15, 1920, with Guaranty Trust
Company of New York,
Depositary, at its office No. 140 Broadway, New York City, which
will issue transferable Deposit Certificates
therefor.
After said date
no further deposits will be received.
on
KELLY-SPRINGFIELD TIRE CO.
A
cents
i
quarterly dividend of one dollar and fifty
($1.50) per share on the Six Per Cent.
Preferred
Stock
of
this
Company
2.
Certificates 6f record at the close of business on December
30, 1920,
date no further transfers of Deposit Certificates will be
Secretary.
made.
1920.
The
transfer books for transfers of
accordingly be permanently closed at 3
Preferred Dividend No. 21.
July 1, 1920, on the
Deposited Common Stocks of the respective Consolidating Companies,
Detroit, Michigan, Dec. 6 1920.
The
Directors
have
declared
a
quarterly
dividend of 1 % % on the 7
% cumulative preferred
stock, payable January 2 1921 to stockholders
of record December 20 1920.
Checks will be
mailed.
to the basis of
$6 per share per annum on the New Common Stock to
be exchanged therefor, as provided in the
Plan, will be made in New
Common Stock, at the valuation (for this
purpose^ of $55 per share,
for the period from July 1,
1920, to and
SCHLEGELL, Treasurer.
including December 31, 1920.
common stock is
This adjustment per 100 shares of
deposited
illustrated by the following tabulation:
KAUFMANN DEPARTMENT
STORES, Inc.
Per 100 Shares of
New Common Stock
Deposited Common
Preferred Dividend No. 32
for Adjustment of
Dividends
Stock of
Pittsburgh, Pa., December 8, 1920.
General Chemical Co.
The
The Directors have this
day declared a Divi¬
dend of $1.75 per share on the Preferred
Stock,
ISAAC KAUFMANN, Treasurer.
6.907
shares
266.863
shares
6.332
shares
322.415
shares
7.225
shares
5.211
shares
National
ary 3, 1921, to stockholders of record ht the close
of business December 18,
1920.
The transfer
books will not be closed.
Treasurer.
#
UTILITIES SECURITIES CORPORATION
PREFERRED STOCK DIVIDEND
1
Aniline
&
Chemical Co., Inc.
COMPANY
The Board of Directors has this
day declared a
Dividend of Fifty Cents (50c.)
per share on the
new no par value stock of the
Company for the
quarter ending December 31, 1920, payable Janu¬
,Y".,
'
•'
5.455
j•
•
.
273.011
shares
234.087
shares
105.455
V
shares
:
shares
No
adjustment of dividends on the Deposited Preferred Stocks
will be required, since each of the three
Consolidating Companies having
preferred stock (viz., General Chemical Company, the Barrett Com¬
pany, and National Aniline & Chemical Company, Inc.) will pay, in
cash, on or about December 31, 1920, the dividends accrued on its
preferred stock up to and including December 31, 1920, and dividends
on the New Preferred Stock will
begin to accrue from January 1, 1921.
Dated, December 9, 1920.
,
December 7th, 1920.
The Board of Directors has to-day declared a
dividend of One and Three-Quarters Per Cent
Committee:
WM.
(1 %%) on the Preferred stock of Utilities Securi¬
Corporation, payable December 27th, 1920,
ties
W.
H.
H.
the
Preferred stockholders of record at the
close of business on December 17th, 1920.
Checks
will be mailed.
L. E.
on
Exchange
Including Adjustments
The Barrett Co.
December 20, 1920.
Checks will be mailed.
to
Total New Common
Stock
Solvay Process Co.
Semet-Solvay Co.
payable January 3, 1921, to all holders of record
GEO. H. BUNKER,
New York, December 8, 1920.
Deposit Certificates will
December 30, 1920.
p. m., on
Further notice will be given in due course as to when certificates for the
New Stock will be ready for delivery.
^
r'mwi^
3.
DIVIDEND ADJUSTMENTS ON DEPOSITED COMMON
STOCKS.
The adjustment of
dividends, from
HUPP
MOTOR CAR CORPORATION
GUANTANAMO SUGAR
The New Preferred
after which
STEWART-SUTHERLAND,
A. VON
.
including dividend adjustments in New Common
Stock, will be distributed, as provided in the Plan, to holders of Deposit
been
declared, payable January 1 1921 to stockholders
of record at the close of business
December 17,
1920.
C. P.
New York, December 7,
DISTRIBUTION OF NEW STOCK.
and Common Stock,
has
NICHOLS, Chairman,
NICHOLS, JR.,
E.L.PIERCE,
R.
KILMARX, Treasurer.
W.
SWIFT,
H. H. S.
DIVIDENDS AND
INTEREST
RAY CONSOLIDATED COPPER
A.
COMPANY.
25 Broad St., New York, Dec. 3, 1920.
The Board of Directors of the Ray Consoli¬
dated Copper Company has this day declared a
W.
HANDY,
HUDSON,
EVERSLEY CHILDS,
CLINTON S. LUTKINS,
lecember 31st, 1920, of $.25 per share, payable
Suarterly distribution to stockholders of record at
WM.
d°fStth°
the close of business December 18th, 1920.
E. P. SHOVE, Treasurer.
New York
HAMLIN
CHILDS,
ORLANDO F. WEBER,
WM. J. MATHESON.
City.
CRUCIBLE STEEL COMPANY OF AMERICA.
Pittsburgh, Pa.,
November 24, 1920.
DIVIDEND NO. 73.—A dividend of
three-quarters
one
and
per cent (1
% %) has been declared
upon
the Preferred
Stock of this Company, payable December 31.
1920, to stockholders of record December 15,1920.
•ut
of
The
undivided
transfer
profits
books
will
not
be
Checks will be mailed.
W. R. JORALEMON,
closed.
Secretary.
7
DULUTH EDISON ELECTRIC CO.
PREFERRED STOCK DIVIDEND NO. 59.
The regular quarterly dividend of 1 ^ %on the
Preferred Stock of the .Duluth Edison Electric
Company has been declared, payable January 3,
1921, to holders of record of Preferred Stock at the
dose of business December 22, 1920.
T. C. HARTMAN, Treasurer.
For other dividends
see pace
2352.
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust Company
PHILADELPHIA
,•
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
of Federal Reserve Sfiti
Interest allowed
en
deposit*.
E.
B. Morris, Pre.ld.nt
J
THE
XXII
[VOL. 111.
CHRONICLE
jflntntinl
Lives After Them
lives after them; the
Shakespeare said, "The evil
that
do
men
good is oft interred with
In the
as
of those who make
case
will and
name
executor,
a
way
Bankers
"Thegood that
men
them" because there is
of carrying out your good
regarding
entrust to a
sound
that quotation might well
do lives after
no surer
a
strong trust company
be amended to read
intentions
their bones."
your
heirs than to
like the
the task of
corporate executor
Trust Company
fulfilling the provisions of your last will
and testament.
It is your
lawyer's business to draw
will, but he needs full information
To help you and him in this
all-important matter we have prepared
a blank form entitled "The First Step
your
from you.
In
Making Your Will," and we should
be
glad of the opportunity to send it to
you.
"A
Tower
of Strength'''
Bankers Trust Company
Member Federal Reserve System
Downtown Office:
Paris Office:
Uptown Office:
16 Wall Street
16 Place Vendome
Fifth Avenue at 42nd Street
BACKER
JACOB
Eat. 1919
Bankers and Investment Dealers
FINANCIAL
BROKER
St.Paul
Cxchang* Bank BMf#
Whether it be
a
Cashier
vacancies in your
capable
men
or a
Hiaa
Bond Department Manager—
organization
can
be filled with
through the Classified Department of the
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
FINANCIAL CHRONICLE
Our Classified
Department faces the inside back
1ST
cover
La
Salla
CHICAGO
H*
TORE
ST. LOUIS
SAN FRANCISCO
SCATTLB
LOS ANG8LES
Dec.
THE
111920.]
xxi n
CHRONICLE
TO HOLDERS OP
First
Mason
^7'
,
Mortgage Four Per Cent. 50 Year Gold Bonds
City & Fort Dodge Railroad Company
>'
/'7:';7'
.W'
1
•
'
7 *•."
""
'"*7
-7'.
'
..
1920, the undersigned Committee advised you that Chicago Great
Under date of November 23,
Western Railroad Company had issued a notice stating that for several years the interest on the above
described bonds had not Seen earned, that it had advanced the funds from time to time with which to
the deficiency, but that such advances would no longer be continued and that the interest
maturing December 1, 1920, would not be paid, and that accordingly the undersigned Committee had
been formed for the protection of the interests of the holders of said bonds.
make up
Chicago Great Western Railroad Company has since announced that at the request of the Interre-considered its action and that from funds advanced to it by the
Inter-State Commerce Commission for that purpose the December 1, 1920, coupon will be paid, reassert¬
ing, however, that said interest has not been earned^
The undersigned Committee has been unable to
obtain any assurances from Chicago Great Western Railroad Company that payment will be made of
any future coupons, and was informed by the Inter-State Commerce Commission that its intervention was
not to be regarded as in anywise an attempt to adjudicate any differences between Chicago Great West¬
ern Railroad Company and holders of said bonds or as an expression of opinion with respect to the
merits thereof, but that such differences would have to be determined by the parties themselves.
State Commerce Commission it has
that the payment of subsequent installments of interest on said bonds is seriously
situation exists which makes it imperative in the interest of the holders of said
bonds to examine forthwith into the affairs of the Railroad Company and its operation, maintenance
and management by Chicago Great Western Railroad Company and to take concerted action for the
ascertainment and enforcement of their rights and for the protection of their interests.
It is thus apparent
imperiled and that
a
.
already placed itself in touch with Chicago Great Western Railroad Com¬
with a view to obtaining such examination, and it is therefore important that holders of bonds
deposit same with June 1,1921, and subsequent coupons attached with the Depositary or Sub-Depositary
The Committee has
pany
on
or
before December 23,
1920.
The interests of the holders of bonds will be best
Committee may be able to
served by immediate co-operation, so that the
make substantial and effective progress without awaiting a future default.
Deposit Agreement has been executed and filed with The New York Trust Company,
New York City, Depositary, and copies thereof may be procured either from the
Depositary or from The Illinois Trust & Savings Bank, of Chicago, Illinois, Sub-Depositary.
The
26 Broad Street,
Temporary certificates of deposit will be issued,
ready for delivery.
Dated New York
F.
M.
W.
exchangeable for permanent certificates when
City, December 4, 1920.
« ■
*
-
BUCKNER, President,
The New York Trust Company
MORTIMER N.
CUTCHEON,
Chairman
ALFRED A. COOK,
FREDERICK H. ECKER, Vice-President,
Counsel
Metropolitan Life Insurance Company
HERBERT W. MORSE,
26 Broad Street,
Secretary,
FREDERICK J. LISMAN,
F. J. Lisman & Co.
New York City
26 Broad Street,
4
•
HUNTER S. MARSTON,
Blair & Co., Inc.
THE NEW YORK TRUST COMPANY,
New York City,
EUGENE
M. STEVENS, Vice-President,
The Illinois Trust &
Depositary
ASA S. WING,
THE ILLINOIS TRUST & SAVINGS BANK
Savings Bank
President,
The Provident Life & Trust Co.
Chicago, Illinois
of
Philadelphia
Committee
Sub-Depositary
WE FINANCE
established meritorious Industrial enterprises under
as sole fiscal
Sft.
//-#
Branch
on
^/tcca^a,
flit Exchange
So. Chicago, III.
Office,
Are.,
German, Austrian, Hungarian, Csecho*
•lovaldan, Rumanian, and Jugoslav Gov't
Bonds
and Currency.
and
board
agents with permanent financial
of directors and executive
longtime contracts
interest, representation
committee, control of finances,
right of audit and inspection without notice.
WE OFFER
a cpnstant supply of proven Industrial
securities and profitable underwriting opportunities, together with
financial assistance on their own local underwritings and the
bankers and Investment dealers
assistance of all our affiliated sales organizations in distribution of
security issues too large to handle locally. We also buy half interest in
and finance small investment houses everywhere.
Correspondence Solicited
Hollister,White & Co.
«*C0»O0t*T|0
Central National Industrial Finance
Investment Securities
92
YORK
North American Bldg.
Philadelphia. Pa.
National Association Building
CEDAR STREET, NEW
50 Congress St.
Boston. 9. Mass.
Corporation
Capital $1,000,000
28
WEST 44TH STREET,
NEW YORK
XXIV
THE
CHRONICLE
[VOL. 111.
Jfinanttal
Exempt from All
Federal Income Taxes
$350,000
DADE
COUNTY, FLA.
(City of Miami, County Seat)
61/2% HIGHWAY BONDS
DatedlOctober 1, 1920
/
Due as shown below
,
Principal and semi-annual interest April 1st and October 1st, payable in New York City.
Coupon bonds with privilege of registration as to principal and interest.
Denomination SI .000. ":'"
r
.
.
FINANCIAL STATEMENT
Actual Value Taxable property, est
Assessed Valuation. 1920
Total Bonded
$102,000,000
17,040,000
Debt--, —————$1,579,380
Less Sinking Fund
Net Debt—.——
113,492
——
—
1,465,888
1
Population, 1920 U. S. Census.
42,731
(Rate of increase 366% in 10 years)
DADE
COUNTY, located on the East Coast of Florida, has an area of 2,733 square miles.
This county
highly, developed in growing of citrus fruit and garden truck.
Miami, the County Seat of Dade
County, is one of the largest Cities in Florida, and as a port of entry enjoys a growing trade with the
Norths Atlantic Ports, Bahamas and the West Indies.
is
I
,
These bonds
are a
General
Obligation of Dade County, payable from
unlimited tax upon all taxable property
an
therein.
Legality approved by Messrs. Caldwell & Raymond and Chester B. Masslich, Esquire
MATURING
October 1,
October 1,
1922-30
1931-40
October 1,
1941-50
Having sold
we
To Yield 6.00%
11
11
5.75%
"
11
5.65%
large part of the above new issue
offer the unsold balance, subject to prior sale.
a
Descriptive circular C-153 sent
upon
request.
R. M. GRANT & CO.
31
,
Nassau Street,
Boston
New York
St. Louis
While the above statements
are not
guaranteed,
Chicago
we
believe them to be correct.
JioHtttf
Peoria,
Illinois,
TO
Water Power
Development on a tremendous scale of hydro-electric
powers
heretofore unavailable is made practical
through the recent passage by Congress of the Water
Scarcity in the available supply of coal and oil and
cost logically direct attention to the
use
of
liydro-electric power and
emphasize the essential nature of this industry.
extensive
Properly secured hydro-electric bond issues already
highly favorable investment status, but un¬
doubtedly such securities will be increasingly in demand
as the
hydro-electric industry enlarges its present firmly
entrenched position as one of our principal sources of
occupy a
energy.
1920.
Peoria & Pekin Union
Railway Company
FIRST
MORTGAGE
SECOND
,
DUE
6s
MORTGAGE
FEBRUARY 1ST,
and
4^8
1921.
Company, under prevailing conditions
being in funds to meet the above bonds at
maturity therefor, offer to extend both issues for
a
period of five years and to increase interest
thereon to 7% per annum.
For the purpose of
accepting this extension the bondholders
are
requested to deposit their bonds on or before
DECEMBER 20TH, 1920, with the CENTRAL
UNION TRUST COMPANY. 80 Broadway, so
that the extension contract and new coupon sheet
may be attached thereto, after which the bonds
will be returned without expense to the holder.
The Depositary will issue the customary receipt
until the bonds are ready for delivery.
The coupon
due February 1st, 1921, will be
not
their increased
further
December 2nd,
HOLDERS OF
The
Power Act.
more
THE
'
We have prepared a booklet on the Water Power Act and
the history and importance of Water Power Develop¬
etached from the bonds before
Said by the Comuany as usual and should de¬
be
same
are
posited.
Application has been made to the Inter-State
Commission under Section 20A for
authority to extend said bonds.
Copies of extension contract, etc., may be ob¬
tained from the Central Union Trust Company
of New York or from the Company.
PEORIA & PEKIN UNION RAILWAY
COMPANY,
Commerce
H.
K.
PINKNEY, President.
ment, copies of which we shall be glad to supply on request.
NASSAU
Harris, Forbes & Co
Pine Street, Cor. William,
COUNTY,
Coupon 5s
N. Y.
4.60% Basis
New York
B.I. Van
Ingen&Co.
46 Cedar St.
New York
rflL. MM iOBM.
Due.
111920.]
THE
CHRONICLE
XXV
financial
ASHTABdLAVNl
LORAIN
a^WlLLOUOHBY
SpfcEUCUD
■SANDUSKY
►TIFFIN
„
CHARbON
ELYRIi
BURTON
CHAGRIN FALLS
IURORA
norwalk
(HUDSON
WELLINGTON
MEDINA*
^mantua
^AKROn\
vWARREN
gArretsvillK,
.
^BARBERTa
V^HT^,enna
cuyanoq/TfalISs
niles
ORRVILLE-
youngsto'
masillon
alliance
canton
wooster
MANSFIELD
C iC
<A
h.jfL
,A JL.
A.«A.
"Jk,
EAST
A. <L'
A.
A A
A
a A
A!,
A. A.
A
A.
A A
A
A
^ ^
A
-A,
LIVERPOOL!
A
Qfe PLAIN DEALERS MARKET
y
All of
richest,
Northern
most
V
V
V V V
V
V V V y
V V V
V V
Ohio is the Plain Dealer's
y y y V y y y yy
y
V"
Market—the
densely populated territory between New York and
It includes such important industrial
Chicago.
V
centers as
Akron,
CantoD, Youngstown, Sandusky, Lorain, Ashtabula and others of
equal prominence.
And, of course—CLEVELAND, Fifth City
This
progressive, thickly
Dealer's
Market" because The
populated
Plain
area
is
"The Plain
Dealer—Cleveland's only
morning newspaper—is the only medium that thoroughly
ALL of it
at
one
cost to
covers
the advertiser.
The PlainDealer
CLEVELAND
Eastern
Representative:
JOHN B.
WOODWARD
Times
New
Building
York
Western Representative:
JOHN
GLASS
Peoples Gas Building
Chicago
V
V
V
V
V
V V VI
[VOL. 111.
CHRONICLE
THE
XXVI
jfimnttal
As this entire issue has been*
sold, this advertisement appears as a matter
of record only.
^
New Issue
$25,000,000
New York
Consolidated Gas Company of
One Year Secured 8%
Secured by
pledge of stock of The New York Edison Company
Dated" December 1,
Interest payable
at
Due December 1, 1921
1920
Principal and interest payable
Coupon Notes in
Notes are not callable.
June 1 and December 1, 1921.
The National
City Bank of New York.
denomination of $1,000.
Secured 8% Gold Notes "will be
The $25,000,000 One Year
direct
obligations of the Consolidated
New York, and will be
of $34,000,000, par
York Edison
which
Company, the present annual dividends upon
alone exceed
the
amount
large equity
over
•
The
for
par
■
required for interest on
; •
I
value,
thirty-five
"..
.
of New York is represented by
common
capital stock outstanding.
continuously
Company has paid dividends on its stock
over
.
and above the funded debt of the
Consolidated Gas Company
$100,000,000,
Company of
value, of the capital stock of The New
.
The
Gas
secured by pledge with the Trustees
Notes.
these
Gold Notes
years,
the present rate being 7% per
annum.
Notes
are
offered for delivery if,
counsel.
as
and when issued and received by us, subject to
Delivery in definitive form is anticipated on or about
approval of
December 13, 19 20.
Pricef^lOO and Accrued Interest, Yielding 8%
Complete circular will be sent upon request.
■
WfNational City Company
National City
Bank Building, New York
UptownJOffice :£Fifth Ave.* & 43rd St.
\v
Dec.
111920.]
THE
CHRONICLE
XXVII
iftnattdal
All of these Bonds having been
sold, this advertisement
appears as
matter of record
a
only
$5,000,000
Brooklyn Edison Company, Inc.
General Mortgage
Dated
December
1,
Series D 7
Gold Bonds
1920
Due
^
December
1, 1940
Interest payable June 1 and December 1, without deduction for any Federal Income Tax
up to 2%.
Coupon Bonds in
denominations of $500 and $1,000; Bonds of $1,000 registerable as to principal only.
Fully registered Bonds in denomina¬
tions of $1,000, $5,000 and $10,000.
option of the Company
ber
and
on any
Coupon Bonds of $1,000 and registered Bonds, interchangeable.
interest date upon thirty days' notice at 107 H % and interest
1, 1930, and at 105% and interest thereafter.
Series A Bonds have been listed
up
Redeemable at the
to and including Decem¬
the New York Stock Exchange,
on
application will be made to list the Series B, Series C and Series D Bonds.
:
*
Total General Mortgage Bonds authorized, $100,000,000.
Outstanding, Series A 5%, $5,500,000; Series B 6%, $3,000,000;
Series C 7%, $2,000,000; Series D 7% (this issue), $5,000,000; total outstanding, $15,500,000.
/;
Authorized by the Public Service Commission for the First District of the State of New York
1920576
Central Union Trust Company of New
York, Trustee
a letter from Mr. M. S. Sloan, President of the Company, copy of
which
will
be
furnished
upon
request, is summarized
as
follows:
Brooklyn Edison Company, Inc., does all the elec¬
only to $11,996,000 underlying bonds.
tric
Mortgage closes the mortgages securing these under¬
light and
business in the Borough of
power
Brooklyn (except the Twenty-ninth Ward), City
lying bonds,
of New
provisions
York, serving
1,600,000.
a
population estimated at
The number of customers served has in¬
creased from 33,973 on January
on
The
on
November 1,
are
has necessitated the
of
issue
expenditure for additions,
ex¬
improvements from October 1, 1912, to
proceeds of this issue will be used further to
reimburse the
Company for expenditures
so
made
provide funds for additional similar expendi¬
tures.
(The
additional
letter.)
Junior to the General Mortgage Bonds, there are out¬
Dividends have been paid at
Capital Stock.
the rate of 8% per annum
since 1904.
The present
quoted prices for these securities indicate
equity
Bonds
value of securities have heretofore been issued.
and to
of
EQUITY
000
October 31, 1920, of over $21,500,000.
The1
issuance
outlined in the President's
and above
over
these
a
market
General Mortgage
exceeding $15,000,000.
EARNINGS
Against this additional investment only $13,500,000
par
the
standing $1,645,000 Debenture Bonds and $17,355,purpose
increasing demand for Brooklyn Edison Service
tensions and
Bonds
of which may be issued.
no more
restricting
1, 1913, to 125,524
January 1,1920, and to 153,546
1920.
over
The^General
For the year
ended June 30,1920, Gross Income
was
than 2.18 times the annual interest charge on
more
all General
Mortgage Bonds outstanding, including
this issue, and all underlying
for the five years
bonds.
Gross Income
ended December 31,1919, averaged
times the interest
the entire funded
more
than 3
The General Mortgage Bonds are the direct obliga¬
debt
outstanding during that period.
tions of
The table below shows the
secured
*
security
Brooklyn Edison Company, Inc., and
by
a
are
mortgage on all its real and personal
property now owned
or
hereafter acquired, subject
earning
power
growth of the Company's
.and the favourable relation between
income and interest
charges
on
its funded debt:
Interest
Expenses,
Gross :"•
,
Calendar Year
on
Taxes and
Gross
on
Funded
Earnings
Plant Reserve
$7,000,814
$4,569,530
$2,431,284
$791,175
$1,640,109
8,204,808
5,014,050
3,190,758
683,540
,2,507,218
2,157,832
.
Income
Debt
Balance
8,381,055
5,511,982
2,869,073
711,241
8,854,301
6,162,445
2,691,856
715,374
1,976,482
10,850,114
7,499,102
3,351,012
954,791
2,396,221
12,098,234
8,709,868
3,388,366
1,037,743
2,350,623
........
1918..
...
Year ended June 30
Price
97% and interest, to yield about 7%%
When, as and if issued and received by
for delivery about December
,
15.
us.
It is expected that temporary Bonds of $1,000 denomination or receipts will be ready
All legal details pertaining to this issue will be subject to the approval of Messrs. Stetson, Jennings
&
Russell, of New York.
Guaranty Company of New York
•
140
Broadway
"We do not guarantee the statements and figures contained herein, but they are taken from sources which we believe to be
reliable.
[Vol. 111.
CHRONICLE
THE
XXV ill
flmmcUA
j™ Equitable
■6
^-■ OF-'-NEW
YORK
.
Krech, President
Alvin W.
Condition at the Close of Business,
November 15, 1920
'■
ASSETS
Cash
on
$25,992,819 23
hand and in Banks
Exchanges for Clearing House
Due from Foreign Banks
Bonds and Mortgages
Public
Securities.
..
Time Loans
.
..
.
.
.
.
Other Stocks and Bonds
Loans
—
_
.
Short Term Investments
Demand
—
.
...
_
...
..
..—
.
..
Bills Purchased.
Customers' Liability
Real Estate
15,746,114
7,965,576
21,443,143
36,441,332
35,442,560
64,363,517
45
18
33
69
20
98
25,698,793 69
Acceptances
on
18,503,637 24
9,776,714 38
1,737,350 42
3,420,014 38
33,100,289 23
Foreign Offices
1,647,841 88
Accrued Interest Receivable and Other Assets
$301,279,705 28
LIABILITIES
Capital
Surplus and Undivided Profits
Deposits [Including Foreign Offices]
Acceptances
Notes Payable Secured by U. S. Government Obligations
Notes Payable and Rediscounts
Accrued Interest Payable, Reserve for Taxes and Other Liabilities
..........
.
......
$12,000,000
17,888,715
206,929,010
27,373,259
17,100,000
15,200,000
4,788,719
00
96
12
91
00
00
29
$301,279,705 28
TRUSTEES
Charles B.
A
Alexander,!
Regent of the University of the State of New York
Albert B. Boardman,
Messrs. O'Brien, Boardman,
Edward T. Jeffery,
Director, The Denver & Rio Grande Railroad Co.
Otto H. Kahn,
of Messrs. Kuhn, Loeb & Company
Krech,
>
Parker & Fox, Lawyers
Alvin W.
Robert C. Clowry,.
President
Directory Western Union Telegraph Company
Howard E. Cole,
James W. Lane,
Secretary, Standard Oil Co. of New York
Henry E. Cooper,
Arthur W.
President, E. W. Bliss Company
Loasby,
Vice-President
Vice-President /
Hunter 8. Mars ton,
Frederic R. Coudert,
of Messrs. Coudert Brothers, Lawyers
of Messrs. Cravath & Henderson, Lawyers
Cutcheon,
Lawyer
.Bertram Cutler,
Franklin W. M.
John D.
of Blair & Company, Inc.
G. Meyer,
The Cord Meyer Company
George Weiwood Murray,
of Messrs. Murray, Prentice & Howland, Lawyers
Henry H. Pierce,
of Messrs. Sullivan & Cromwell, Lawyers
Winslow S. Pierce,
of Messrs. Pierce & Greer, Lawyers
Lyman Rhoades,
'
Chas.
Paul D. Cravath,
Rockefeller
Cuyler,
Thomas De Witt
IN
Director, Pennsylvania Railroad Co.
Frederick W. Fulle,
Montclair, N. J.
Robert Goelet,
m
Director, Southern Pacific Company
Charles Hay den,
of Messrs. Hayden, Stone & Company
Henry E. Huntington,
Vice-President
.
Walter C. Teagle,
President, Standard Oil Co. of New Jersey
Henry Rogers Winthrop,
of Messrs. Harris, Winthrop & Co.
Bertram G. Work,
President, B. F. Goodrich Rubber Co.
Capitalist
w
37 Wall Street
Madison Ave. at 45th St.
London—3 King William St., E. C. 4
222
Broadway
Paris—23 Rue de la Paix
VOL. Ill
DECEMBER 11 1920
Published
NO. 2894
every Saturday morning by WILLIAM B.
DANA COMPANY.
dent, Jacob Selbert Jr.; Vice-President. Arnold
Q. Dana; Business Manager. Wlllk
D. Rlggs; Secretary. Herbert
D. Selbert.
Addressee of all. Office of the Company.
CLEARINGS FOR
,!REBMEVON
SINCE JANUARY 1,
November.
Clearings
Inc.
1920.
New
York...
Philadelphia
Pittsburgh
.
Buffalo
185,840,079
75,253,428
47,364,159
19,422,414
Washington,.
Rochester.
Albany
Syracuse.,.
Scranton..
21,161,738
24,145,915
11,844,674
10,844,118
18,261,645
15,393,631
11,680,616
12,405,317
11,366,701
5,665,339
6,060,782
.....
Trenton
Harrlsburg
Chester.....
York
4,593,749
4,654,700
Oranges
4,551,500
3,539,118
3,440,839
2,798,349
3,370,326
..
Hagerstown
2,887,670
3,787,086
2,778,181
3,410,152
2,446,460
15,389,569
County,
Frederick
Franklin
4,207.534
3,607,177
Norrlstown
__
Montclair.
Bethlehem
....
Huntington
|V
5,815,978
4,729,529
6,883,550
...
Altoona
Beaver
5,540,875
3,052,231
2,417,313
3,294,294
2,073,802
Not Included
Not Included
9,416,585
Total Middle.....
Chicago
2,670,352,962
Cleveland..
Detroit
465,033,440
440,969,384
Cincinnati
280,087,423
139,613,636
70,487.000
.61,083,400
82,854,056
26,388,041
260,886.317
Milwaukee......
Indianapolis
Columbus..
Toledo
Grand Rapids
Akron
_.
Youngstown
111..
Fort Wayne
Qulncy
Flint
Bloomlngton
South Bend
Springfield, Ohio.
Decatur
Lexington..
Jackson
Lansing
...
...
Lima
Paducah.
Gary
Owensboro.
Aurora
Danville
Jacksonville, 111
Hamilton..
Ann Arbor..
Lorain
New Albany
11,204,397
9,783,340
8,925,993
6,359,223
7,310,156
6,430,768
8,864,658
7,050,996
6,655.222
6,607,477
6,026,678
6,347,429
7,590,000
3,966,528
6,260,591
5,500.000
1,760,758
4,086,656
3,452,899
2,962,484
2,838,609
2,943,824
1,841,924
443,448
Adrian
jClty.
Omaha
815,841,643
204,532,122
,
Minneapolis
St. Paul
Duluth
Dea
Joseph
....
Moines
Wichita
Sioux City
Lincoln...
Fargo
Topeka.
Helena
Cedar Rapids
Sioux Falls.
Grand
Forks
Joplin
Waterloo
Billings.....
Aberdeen
Colorado Springs
..
Pueblo
Lewistown
2.948.156
Fremont
2,006,166
2,575,871
Hastings....
Oshkosh
Kansas City, Kan..
Iowa City
Lawrence
Great Falls*
—29.4
+25.3
+ 8.7
+8.2
—0.3
+ 17.9
ta
+45.5
+9.2
+ 2.3
+ 1.6
+ 2.8
+ 3.5
+ 18.0
—0.5
+ 11.1
+ 5.5
+ 7.4
+ 12.2
—0.9
—7.3
—16.1
"
+ 17.6
223,751,881
262,443,996
247,787.024
—8.8
+40.3
—13
—41.2
—6.3
+ 12.4
+ 10.2
—15.9
—3.9
—2.4
—7.7
—6.1
—14.7
—28.0
+ 14.1
—30.0
+ 15.4
+8.5
+ 11.1
+ 10.3
+32.6
—5.1
—43.5
—8.5
+ 2.1
—18.9
247,496,951
216,462,870
165,571,145
93,501,254
33,144,211
68,310,778
45,709,186
60,643,655
33,848,086
23,532,917
15,673,086
15,782,258
10,070.086
11,973,244
13,294,014
7,702,000
7,341,000
7,942,378
6,874,880
7,568,817
4,640,966
3,114,140
3,062,587
2,694,000
—17.4
1
2,981,528
+ 87.4
+ 13.4
+ 11.3
+ 76.4
—23.8
—6.2
—18.1
—15.7
—19.0
—12.1
—21.4
+0.4
—5.1
+ 3.8
+8.1
+33.6
+43.8
—3.9
—25.5
—13.6
9,021.674
+ 15.3
Not included in total
Mlnot...
2,033,029
Not included
2,125,276,888
Clearings continued on page 2298.
In total
+ 3.8
+43.5
+ 11.1
+23.8
13.040,134
—2.6
4,878,250
4,622,650
5,802,451
+21.8
+ 19.5
+ 16.4
58,218,047
48,017,616
27,931,894
37,797,663
41,303,727
35,492.753
221,714.346
33,789,017
21.274,974
86,771,660
31.507,653
18,060,099
25,787.863^369
Clearings by Telegraph
on
428,085,528
131,560,500
91,247.212
27,402,876
17,000.000
9,711,038
5,547,048
4,996,490
4,525,672
4,624,482
4,606,132
+ 8.7
+ 1.1
—7.8
+ 1.8
—5.6
—1.8
—26.7
—4.6
380,598,691
75,058,640
46,491,318
23,803,813
13.151,334
9,081,434
5,753,742
4,500,000
2,639,310
4,414,458
4,161,724
2,616,891
3,293,930
3,571,937
3,275,071;
+ 18.4
3,000,000
3,367,833
—10.9
--32.5
4,052,565
3,824,258
+ 5.9
2,300,000
3,234,163
2,470,613
+4.0
2,220*495
—7.7
2,504,745
2,261,516
2,3*92*666
+ 18.0
+ 12.5
+27.1
+32.5
2,022,751
+ 14.6
1,105,402
1,026.100
+30.1
+23.4
v
1,433,310
1,502,833
1,500,000
1,119,195
1,252,800
—3.5
i
+ 9.9
1,647,747
1,384,357
1,900,000
—11.9
+ 34.8
—1.2
2,265,684
2,317,312
'
—6.8
2,086,884
1.373,490
1,352,772
926,808
864.742
700.000
—18.0
810,500
1,004,200
12*6
559,052
510,600
-
+ 10.7
+ 17.2
+23.5
+ 6.
29,844,984
+ 35.
+ 34.5
19,655,633
Not included
838,460
in total
Not included
In total
4,617,804
2,524,501
+ 6.8
743,194
+
Not Included in total
Not included in total
5,883.296.681 6.433,676,953
26,865,556,467
4,905,689,745
4,023,272,796
2,822,525,152
1,393,387,795
629,985,319
—8.9
102,348.270
—3.4
67,382,935
—1.4
32,723,950
15,647,000
14,377,800
17,743,808
+24.7
106,000.000
66,457.116
608,154,751
261,922,705
418,246,000
203,885,273
208.456,946
220,696,010
237,485,485
173,007,396
112,687,820
100,387,798
74,184,846
76,061,324
103,928,551
80,556,226
66,629,681
644,433,086
122,457,818
—2.2
126,886.514
733.590,000
613,031,900
31,370,581
1.333,00 0
14.281,500
16.644,188
7,231,524
+ 0.7
7 208,410
+ 6.6
—0.3
507,256,223
67,740,210
62.162,703
61,806,479
38,943,376
32,988,219
14,333,000
11.860.400
11,239,814
29,661.016
—3.9
—19.5
5,573,042
9,015,000
4,807.577
—3.8
4,166,281
+ 19.9
3,581.853
5,886,719
4,250,799
—20.6
7,912,456
+ 3.0
2,723.794
2,400.000
+7.5
1.960,000
2,134,756
2,187,975
1,259,326
1,602,742
2,500,000
1,841,848
1,599*327
+ 18.8
1,848,553
2,188.630
1,438,853
2,000,000
1,681,234
1,355,988
1,290,587
1.450,000
+ 4.3
548.195,756
96,834,014
5,354,248
4,110,686
4,175,273
4,679,600
2.928,161
71,506^256
61,940,169
90,997,434
+3.6
4,735.138.373 4,250,281,946
10,804,000
10,384.000
4.308,955
3,959,812
5,006,053
4,673,652
62,841,818
—22.2
—4.0
80,806,387
12,061,000
10,477,400
10,830.524
5,489,657
6,868,000
3,451,893
3.008,139
3,214,896
3.801,408
2,000,000
2,001,481
1,428,957
1,504,376
1,300,000
1,74+921
—8".3
1,520*,981
1,800.000
'
1,208*971
+ 11.1
1,102,376
1,056,043
1,634,262
1,798,874
1.523,326
+ 2.9
1.083.446
—24.6
1,121,036
964.783
1,084.069
—14.6
1.233,453
869,365
1,500,000
—3.3
1.200,000
1,250,000
1,800,000
1.022,020
1,900,000
1,485,748
—5*3
1,*01+847
1,06*7*702
—31.2
950,000
982,270
1,200,370
68.207,379
65,399,392
50,301,131
86,361,017
50,331,446
44,021,697
482.266
1.212,816
—60.3
1,069,220
905.489
897*336
+ 0*9
512.236
6*67*,420
577*658
570,396
—10.2
776,168
419,532
474",890
634*086
—25.2
354*328
326", 055
166,073
300,000
136,673
128", 325
1.069,886.013 1.086,632,317
—1.5 1.901,772.083
785,018,845
36,584,733
36.851,580
31,160,231
27,335,568
20,615,794
19.322,657
10,211,190,213
2,816,750,670
2,031,322,844
1,468,584,424
864,823,811
343,767,323
812,541,139
509,373,380
581,820,845
489,216,270
251,622,873
146,068,936
160,853,255
100,462,501
118,852,255
163,340,299
71,959,400
74,383,719
86,238,793
62,510,542
77,546,116
46,038,496
35,380,893
3,986,366,994 3,661,543,150
—1.1
+ 28.1
6,080,150
6,215,412
4,272,017
+ 19.7
+ 16.5
35,241,096
36,071,870
30,922,593
31,921,363
27,889,462
—10.3
1917.
6,000,000
3.134.556
63,255,089
51,392,884
43,777,238
45.143,744
45,139.792,843
10.870,630,495
2,914,156,303
3,655,350,556
1,815,789,899
1,668,849,315
421,247,372
781,032,758
602,408,467
672,451,644
477,463,601
269,128,480
139,529,891
161,223,290
12,805,842
5,168,002
4,705,888
1918.
—8.5
+ 10.6
53,038,958,977
88,110,088
—9.7
+ 14.2
or
Dec.
4,943,302,709 6,509,905,865
497,583,793
503,204,889
196,053,734
153,044,787
102,045,227
93,891,521
45,383.561
44,889.511
18,852,046
20.224.870
67,013,028
13,446,170
141,746,230
167,848,442
78,788,400
86,948,048
100,331,581
63,124,814
86,163,658
—10.5
24.3
7,752,999
4,918,875
—17.0
2,750,312 + 11.2
,877.092 + 666.0
2,347,996 + 41.3
1,899,354 —14.3
1,628,094
V
135,180,068
126,485,081
99.902,494
90,643,987
123,693,112
90,964,697
92,657,535
82,677,757
84,110,548
74,810,949
105,916,468
79,885,809
91,280,122
49,400,021
91,078,473
65,722,280
33,017,637
45,933,803
44.276,388
29,776,719
34,117,295
29,164,979
20,791,816
7,368,389
—13.1
2,430,085
30,067,751,897
6,333.235,013
5,649,362,458
3.299,681,765
1,601,581,203
869,949,000
684,371,900
724,921,165
326,850,066
532,910,000
#3
1919.
2,985,371
2,716.867
1,336,253
1,323.801
263,809,218,788 247,107,757,618
+ 14.5
+22.6
1,006,466,097
3,316,601
2,208,052,541
36.254,730
39,408,719
29,589,259
40,324,266
26,436,557
90,221,726
66,612,840
+ 24.1
+ 14.9
—11.0
438,489,121
235,223,581
193,035,303
204,304,861
221,608,242
176,630,577
120,591,532
141,158,962
156,077,974
123,069,600
121,502,784
100,565,573
50,167,182
58,747,400
43,481,878
39,926,377
—2.0
Rochester...
Total other West...
142,802,610
187,059,156
186,819,699
145,245,529
136,666,314
127,813,227
74,150,848
73,696,186
68,094,604
240,654,486
4,389,968,883
3,059,869
22,039*530
10,403,723
235,178,589
244.136.049
258,006,008
161,591,705
+6.6
231,404.526
1,941.904
784,249
842,550
52,079,938
42,867,361
49,670,336
28,540,615
19,050,186
13,776,176
12,408,726
8,746,353
9,940,554
12,008,479
7,730,000
6,568,000
7.535.155
7,138,802
8,181,296
6,199,826
4,477,38k
+ 5.6
+ 15.2
—5.4
5,836,362
6,174,354
6,878,922
8,085,000
4,650,676
8,656,379
4,818,474
2,513,017
3,541,139
3,182,832
2,667.663
2,391,518
2,219,078
405,613,082
187,751,117
199,360,750
58,460,556
Denver
St.
4,479,473,137
542.836.048
229,168,535
—6.6
10,104,389
6,362,972
7,316,360
12,426,000
6,860,098
7.888,345
6,398,962
6,723,146
771,098
Total Middle West.
+ 7.7
—17.4
17,553,206
9,141,258
19,318,196
20,101,403
....
ills
19,186,687
17,191,318
21,182,357
20,211,803
Peoria
Canton
Inc.
1920.
222,154,079,287 211.822,767,987
22,928,709,969
19,892,390,792
8,140,196,849
6,547,130,332
+ 7.5
4,485,161,570
3,926,822,854
+ 10.3
2,105,021,867
1,567.832,570
+ 5.8
818,448,371
736,425,989
58,293,800
60,943,056
28,470,843
45,815,000
19,346,636
38,448,000
18,292,657
17,913,507
Dayton.
Evansvllle
124,477,093
71,144,000
Week ending December 4.
1919.
—-14.0
In total
2,584.301,644
481,801,895
535.602,457
1920.
In total
23,137,118,134 26,010,233,379
ENDING DECEMBER 4
or
Dec.
168.422,311
71,129,090
43,981,528
23,508,100
20,055,994
19,822,279
22,645,145
16,202,668
12,024,112
14,570,833
14,162,667
10,791,715
12,444,034
9,636,876
22,848,595
Wheeling
Wilmington...
Reading
Greensburg
1919.
19,434,115,427 22,585,752,495
1,966,075,538
1,918,007,593
801,148,422
631,656,620
397,840,545
369,956,957
Baltimore
FOR WEEK
Eleven Months.
+17.5
+6.3
181,503.431
+ 3.5
46.330.387
+79.9
+23.6
91,380,428
24,169,057
+94.1
46,679,305
+22.5
} 11,350,298
—3.9
12.584,919
+ 18.3
9,658,827
12,025,457
8,200.000
+ 15.6
252,391,868 —28.1
61.304,238 —24.3
.57,853,963
+ 57.9
25,001,349
—3.3
23,069,837 + 102.3
6,912,959
+ 64.2
18,065,646 —30.3
11,406,688 —15.3
15,518,705 —22.5
188,039.239
56,380,244
56.428,016
20,279.231
20,198.353
17,872,330
18,421,765
203,032.529
45,290,817
39,264.116
19.800,184
18,979,664
8.152,216
16,905.326
10.400.684
9,305 706
3,427,531
+0.2
3,500,000
3.112,176
—11.4
2,899,319
—12.3
—6.9
2.614,862
2,400.000
7,896,662
9,470,551
4.618,752
3.480,084
2,913,656
2,689,456
—2.8
3,055.681
2,882,017
—16.7
2,317,853
3,927,718
2.819,330
2,222,379
—9.8
1,628,748
2.350.000
—3.7
1 778,359
1,758,877
863,362
849,404
1.948,674
—2.4
+ 7.0
4.830,122
—4.5
3.100,000
+ 19.3
+2.8
+9.5
10,691,580
5,986,799
—23.3
—19.3
9,113,886
8.049.996
2,500,000
+ 16.9
+ 16.3
+ 1.0
1.730,991
645,218
1,919,218
1,559 673
1,897,609
1,122.163
—42.2
980,737
842,995
+ 16.4
+ 11.1
1,501,778
1,735,056
+26.5
+ 35.7
29,109,803
—4.1
—8.5
1,349,676
782,672
642,985
38,027,922
31,238,112
—0.6
537,713
+ 32.2
810,369
—33*7
761*364
703*3*85
652,547
28,443.334
+ 24.4
724,961
—10.0
559,936
484.233
34,287,402 + 546.6
25,517,324
+ 32.4
20,037,983
+ 6.2
25,147,472
Not Included
In
Not included
in total
21,731,310,677
page 2297.
*
total
+18.7
Not included
467,510.452
508.890,820
totals; comparison Incomplete.
429,992,951
402,023,023
THE
'
spending extra amounts on road and equipment in
the endeavor to restore the properties to their for¬
FINANCIAL SITUATION.
There has been
Stock Exchange
further great liquidation on
and the decline in
ceeded almost to the
mer
the
ket
prices has pro¬
Bear
been active, making the
turning
every opportunity.
But
prevailing demoralization, and
their advantage at
it to
and the
and still
repeated breaks in prices, to a
The exhibits of
bank clearings for the cities of the
the months pass reflect in a more
values has cut off
certain and
convincing manner the changed situation
industrial lines of which reports
in mercantile and
lower
The decline in commodity
lower depth.
•
United States as
underlying these efforts there are fundamental gen¬
uine causes that account for the existing weak¬
ness
When the stock mar¬
railroad shares will
good physical condition.
again turns upward, the
lead the way.
point of utter collapse.
operators have, of course,
most of the
[Vol. 111.
CHRONICLE
THE
2256
prospective profits for the indus¬
from centres of
trade activity have for some consid¬
mer
In the early sum¬
evidence.
erable time furnished
bear witness to the
clearings locally began to
change, but if was not until October that results
of them with
for any considerable number of the outside cities
large inventories at high prices.
Their immediate reflected the
presence of the same conditions.
In
future, therefore, is somewhat uncertain. They face a
that month, however, 96 out of 178 cities showed
period of adjustment, and they are under the ne¬
declines as compared with a year ago and the exhibit
cessity of conducting their affairs accordingly. In
for November, which we present to-day, is in that
such circumstances prudence in the management of
particular almost identical, 93 cities falling behind
their finances is a prime requisite, and therefore
trial
companies, and has also left many
dividend reductions and
dividend suspensions have
These cities are
1919.
located in all sections of the
.country, indicating the general character of the
There have been a
slackening in business, but the South is most fully
number of cases of this kind the present week. Very,
represented owing, no doubt, to the collapse in the
naturally such dividend action has tended still fur¬
price of cotton. New Orleans, Atlanta, Memphis,
ther to undermine confidence, and with no one eager
Richmond, Savannah, Little Rock, Galveston, Au¬
to buy, sales of a few hundred shares have often
gusta, Charleston, Norfolk and many other points of
sufficed to produce a drop of five, ten, or even fif¬
lesser prominence in the South show important per¬
teen points.
But the downward descent has been
centages of loss, and in other sections of the country
such that it would seem safe to assume that all
Rochester, Akron, Flint, Kansas City, Wichita, Seat¬
become the order
of the day.
possible adverse happenings, even of the most dis¬
mal kind, have been amply discounted, and more.
Inventories will, of course, in time be worked off,
and the worst that can
happen here is that the com¬
panies will have to take a loss. A more serious mat¬
reduction of labor cost, which is impera¬
tle and Boston are
The total of
month reveals a loss of 14%
eleven months there
sense,
But common
will assert itself sooner or
great decline in values.
it is safe to say,
and for the
not through wage reduc¬
tions, then by greater efficiency and augmented
productivity. When that point is reached, the coun¬
try will again be on the high road to recovery. In
the meantime it is well to remember that pessimism
is not a good counsellor, and that the country will
inevitably work its way out of the difficulty, and a
normal state of things be once more established.
The last few 'days the railroad properties have
also been plunging downward with great rapidity.
quickly brought about, if
here
the movement
has been merely sympa¬
The decline in the
thetic.
from 1919, but for the
increase of 4.9%; con¬
an
gain for the month is 24.4%,
longer period it is 37.2%.
outside of New York combined
later, and induce the wage-earners and their lead¬
ers
to see that these lower labor costs must be
But
is
trasted with 1918 the
ter is the
tive under the
in the same category.
clearings at New York for this latest
industrial list has been
proceeding at such a pace that the railroad shares
have been swept along in the current.
But there is
1.2% smaller than that of
eleven months there is
ment of
ord.
and
give
The 177 cities
aggregate of
an
November 1919, with the
an
increase of 4.9%; con-
16.9%, by which percentage it is a
high rec¬
Comparison with 1918 reveals gains of 20.9%
36.9%, respectively.
of the
We have noted above some
larger declines of the month, but
there are
number of
striking gains at important points
due either to the
inclusion recently of the operations
also
a
of Federal Reserve banks or
cial local influences. These
branches
or some spe¬
include Minneapolis, St.
Paul and Oklahoma on the one
hand and Los An¬
geles, Pittsburgh, Duluth and Fort Wayne on the
other.
The result for the United States as a whole
for
the, month of 1920 falls behind 1919
exceeds 1918
by 8.5%, but
by 22.7%, and for the period since Jan.
respectively.
clearings at some
no longer anything fundamentally wrong with the
railroads.
Their troubles all lie behind them.
To points during the elapsed portion of 1920 over al¬
most universal high record totals of 1919, which rep¬
be sure they are not yet getting the full fruits of
resented great gains over 1918, we note that increas¬
the higher rates—that is, improvement in net is not
es over 1919 in excess of 30% are revealed at 38 cities
commensurate with the gains in gross, because ad¬
and that in several instances they run above 50%.
ditions to expenses are eating up nearly the whole
Analyzing the clearings for the eleven months by
of these gains in gross.
But falling off in traffic,
sections we have to note that in every instance some
which is now under way, will tend quickly to give
the managers
control of the expenses by making it
efficiency, so sadly under¬
Government control, and
when that stage is reached the gains in gross will
yield their proper proportion of net. In addition,
the maintenance outlays, we may suppose, will be
possible to restore labor
mined
during the period of
heavily reduced.
tra
At present these outlays are ex¬
heavy, because the
in very
poor
Government kept the roads
repair, and the managers have
been
1 exhibits
gains of 10.1% and 37.1%,
Indicating the great expansion in
increase is shown.
In the middle
division, New York
reaches 18.1%; in the
New England it is 9.4%;
the Middle Western
17.5%; the Pacific, 24.5%, and the Other Western
18.7%. Finally at the South it stands at 13.9%.
Operations in share properties on the New York
Stock Exchange in Nov., while considerably heav¬
ier than in Oct., were much smaller than those for
the month last year.
The general course of prices
excluded, the gain over 1919
Dec.
111920.]
THE
,
downward and in
was
declines
recorded.
were
issues
some
CH ionicle
22,069,391 shares, against 30,169,478 shares in 1919
and
14,651,844 shares in 1918, while for the eleven
months the totals
shares
202,501,522 shares, 291,935,142
are
(the heaviest for the period
132,193,166 shares, respectively.
dustrial bonds
traded in
were
on
record)
and
Railroad and in¬
actively during the
month, the dealings having been larger than for any
monthly period in 1920 except October, and much
heavier than in the
corresponding period
a year ago.
State, city and foreign government securities
a
little
freely dealt in than in 1919.
more
United States
The
quite striking
The transactions footed up
were
Sales of
statement
"Times"
after
;
made
was
representative
due
the demands put forward
staying in."
the
big
by Argentina
as
thq price
He added that "the League leaders
tion will follow the
fer to let the
of
they will not accede to
understood to be satisfied that
are
York
New
"the leaders
Powers have decided that
for
the
by
Monday morning that,
on
consideration,
2257
■■■■
no
other
Argentine example,
so
delega¬
they
pre¬
delegates of that country withdraw,
as
it is felt that to accede to their demand would be to *
overturn
everything accomplished here, and would
involve
a
revision of much of the
of
League."
the
existing machinery
The New York
"Herald"
corre¬
Liberty Loan bonds and Victory notes,
spondent took just the opposite ground, as he might
however, although of comparatively large volume,
have been expected to
do, by reason of the wellknown opposition of his
paper to everything per¬
reaching
202 million dollars
over
under those of the month in
par
value, fell much
1919, the total then at
nearly 300 million dollars having been exceeded only
in December 1919 and 1918.
sales of the month were,
duced
transactions
in
well under those of
$323,031,850
967,000.
par
a
Liberty and Victory issues,
value, against
less than $373,-
no
For the eleven months the total (a high
last
compares
trading
was more
ber, but less
with $3,132,302,-
1,678 million dollars in 1918,
year,
9441-3 millions in 1917.
1919.
having reached only
year ago,
record) at $3,413,745,050,
300
Collectively the bond
in consequence, of the re¬
and
At Boston likewise stock
active in November than in Octo¬
that for the corresponding time in
so
Transactions in
777,853 shares
a
654,402 shares contrast with
and 451,992 shares in
year ago,
1918, and for the period since Jan. 1 the repective
totals
5,237,861
are
3,446,570 shares.
Stock
the
shares, 8,260,670
Exchange than
shares for the month
a
year
between
on
comparing with 705,318 shares
months the
5,457,425
and
shares
shares.
con¬
6,037,964
'
Canadian
showing.
quite satisfactory
a
For the twenty-seven cities covered by
compilatnon the aggregate affords
1919 and
months
the
42.4%
over
a
our
gain of 16.9%
1918, while for the eleven
improvement is 23.2%, as contrasted
with 1919 and
adamantine.
into this
She
will be discussed.
are
be
can
Assembly by
adopted."
brought back temporarily
She will remain here
His dispatch
and he stated that Senor
Argentine delegation,
Geneva
on
Tuesday.
time here."
and declared that "the withdrawal of the
by
the
League refused to consider amendments
their
spokesman,
Honorio
certain
League circles of having
Winnipeg, Brandon and Windsor for Novem¬
high monthly records.
slow-and-sure
to extend
that
policy to the interpretation of the
relations between the
with
Assembly of the League of Nations naturally
sensation at Geneva and in
New York "Herald"
gentine's position
correspondent at Geneva, "Ar¬
was
voked for the purpose
while
ments
the
insisting
According to the
upon
that this Assembly
was con¬
of amending the pact, mean¬
consideration of her amend¬
changing the composition of the Council of
With the exception of the delegates
League."
from that South American
country, "the Assembly
unanimously decided that
no
Covenant be
but that
held."
definitely acted
upon
at this session,
hearings only on proposed amendments be
A vote to this effect
yesterday.
reopened
was
taken
a
week ago
President Hymans announced at that
time that "the whole
be
amendments to the
on
subject of amendments would
Monday."
a
policy in amending the Covenant, and
Council
and
the
Assembly
regard to their respective duties and jurisdic¬
tions under the Covenant."
correspondent took
The New York "Trib¬
a
friendly attitude
more
might have been expected, in view of the wellpolitical affiliations of that paper.
to break
He
with the dele¬
gates from Argentina, who withdrew from the As¬
sembly last Saturday,
Argentine delegation from
leading European capitals.
secret under¬
a
session, "the League Assembly decided to stick to
gave new
seeds of dissolution which many
the
has
standing with Germany."
said that "the firm stand
months, and the results at Toronto, Cal¬
a
Pueyrredon,
brought out the fact that Argentina is accused in
established
the
angle,
Argentine
delegates to the League of Nations Assembly be¬
cause
the eleven
caused somewhat of
was
The New York "Tribune" representa¬
tive approached the situation from another
Windsor, Brantford, Sherbrooke and Kitchener for
The withdrawal of the
head
having said that "I
as
am
through with this Assembly. It can go on talk¬
ing about typhus, but I am not going to waste my
than
are new
delegation
quoted by the correspondent
cially gratifying at Toronto, Vancouver, Edmonton,
gary,
then preparing to leave
The
une"
ber
only if they
dated last Sunday,
was
Pueyrredon, head of the
was
espe¬
The exhibit is
50.2% with 1918.
that her demands
assurance
According to the Associated Press, at Monday's
clearing for November in contrast with
those of the United States made
over
and
earlier, 551,768
year
a
and for the eleven
ago,
is
trast
shares
Chicago also reports less doing
taining to the League of Nations. He asserted that
"Argentina has driven the first wedge into the
League of Nations. Argentina's attitude remains
the
Covenant,
withdrawal.
South
evidence that the
assert
are
buried in
not sprouted by Argentina's
were
Honorio
Pueyrredon, spokesman of the
Americans, failed to win the support of
any
except his own countrymen, and a test of Argen¬
tina's power at this
not
a
morning's session showed that
single delegate from
any
rise to defend her attitude in
test
against
the
other country would
withdrawing,
treatment
which
or
to pro¬
Pueyrredon's
amendments received at the hands of the
League."
According to the "Tribune" correspondent also, at
Tuesday's session trouble
of Nations
arose
between the League
Assembly and the representative of Lithu¬
ania at the
Assembly.
The correspondent even as¬
serted that "war is threatened between the
of Nations and Lithuania.
ment served notice
the League
at to-day's meet¬
international army,
supervise the Vilna plebiscite, must not
ing of the Council
which is to
on
League
The Lithuanian Govern¬
that
the
CHRONICLE
THE
2258
set foot
Lithuanian soil."
on
He said also that "a
stormy scene occurred between Woldemar,
repre¬
Press
[Vol. 111.
correspondent, Mr. Rowell made the follow¬
ing dramatic statement:
"Fifty thousand Canadian
senting Lithuania, and Paul Hymans, President of
soldiers under the sod in France
the
the
League."
According to the statements of the
and Flanders
correspondent, "Woldemar told the Council what
The
he
made "to the astonishment of the entire
thought of the League and everything connected
He
with it.
of the
charged that Colonel Chardigny, head
correspondent added that this assertion
and the
At
League Plebiscite Commission at Vilna, and
dismay of
admitted
was
had been
Special attention
working exclusively for Poland."
He add¬
ed that "the differences between Poland and Lithu¬
ald"
ania would
stained from
been for
It/
long
have been settled had it not
ago
Chardigny."
indicated
was
dispatches
from
of the delegates."
some
as a
member of the
League of Nations.
called by the New York "Her¬
was
correspondent to the fact that "France
position
in
was
Assembly
Thursday's session of the Assembly, Bulgaria
prospective commander there during the plebiscite,
.
is
price Canada paid for European statesmanship."
on
ab¬
voting, fearing she would weaken her
the German question if she did so."
Geneva
In advance of the results of the Greek
Thursday morning that the League Assembly was
the
plebiscite
running into still other trouble, by reason of what
on
it had
being made public, the Allied Powers watched the
attempted to do for Armenia, and the varying
attitude of the different Powers.
"Times"
has
correspondent said that "Armenia, which
already caused
Assembly,
of
It is
so
much trouble in the League
threatens to involve the Government
now
of the
one
The New York
of
reason
attack
an
on
situation
Allied
closely.
In London
the
week
a
Council held
Supreme
ago
to-day the
conference at 10
a
Downing Street, and after its adjournment issued
a
communique in which it stated that "it would
withdraw financial
great European Powers in disaster.
likely to be the
proposed return of former King Constantine
support from Greece should
ex-
King Constantine be returned in the plebiscite of
Leygues Cabinet, if not in the Chamber of Deputies
Sunday."
at
also that "the Council decided that the Allied Pre¬
Paris, at least before the Senate and Chamber
Commission
miers should meet
Foreign Affairs to-morrow, whose
on
The official statement made it known
meeting, Rene Viviani, head of the French delegation
ditions
here, has left Geneva to-night [Wednesday] to at¬
their choice in the
tend."
"resolved to make
It
was
that he
seems
to the
voted down
what
tions"
from
dates is
London.
the
question of
seem
evening:
Mandates will not
the
committee
that
is
it
necessary
of
mandates
to
obtain
Allied
back to
further
York
indicated
At
the
Council
of
from
their
the
the
received
The explosion
came
was
e^plaiend that "the view of the Al¬
issue of
an
authority."
view
and the relations between them and
complete consternation."
came as
to-day
was
also,
through
Greek
again from
all
of
committees
in
Associated
an
said to have been delivered
under
cated
the
The so-called blast
to turn
lems to
tee."
over
a
The
the
are
or a
an
York
some
opening the
of the Powers."
According to the Associated
was
that
overwhelming majority in
added that "the
there
were
dispatches from
no
the
voting closed
serious
same
inci¬
centre
was even
claimed
800,000 voted for Con¬
One
The
correspondent of the New
interviewed
him
in
Lucerne
as
on
saying that
to Athens without any doubt whatever,
I receive
telegram sent from the Greek
a
Government officially announcing the result of the
plebiscite.
My first idea is to convince the Allies
that Greece is not
Smyrna and
•
against the control exercised by
the
reports received up to that time indi¬
"Tribune"
as soon as
ses¬
way
from
ex-King Constantine to the
majority of 500,000, and it
"I shall
go
European commit¬
tion of the committee reports and
dispatch
Monday, and quoted the former King
sion, removing for the first time the 'rubber stamp'
character of the proceedings incident to the
recep¬
for other protests
It
and
"an
from Switzerland."
not prepared
unexpected feature of to-day's
a
in
Later
stantine.
correspondent also said that "Canada*s
protest was
"it
dispatch stated that "all arrange¬
ments had been made for the return of Constantine
question of dealing with these prob¬
European league
that
added
was
Press
that the entire electorate of
by Newton Wesley
people of Canada
sundown
stated that the
Rowell, formerly President of the Canadian Privy
Council.
According to the correspondent he as¬
serted that "the
resulted
dents."
to be regulated
conference
aegis of the League of Nations."
was
at
by European statescraft, exercised through
kinds
It
power
Greece, caused
capital, that the plebiscite held there the day
Greek throne."
He added that "the Canadian blast
are
concern¬
ernments, it became known here Monday morning,
another
country, Great Britain,
of the leading features of
political affairs
made
Regardless of the attitude taken by the Allied Gov¬
declared
directed against the idea that the world's
economic and
hereafter
one
was
complete surprise to the Greek Cabinet."
a
before
meeting."
Government
new
ing the return of former King Constantine to
League
under
A dispatch from Athens the
favor of the return of
rapidly becoming
by the Greeks
currency
Italian Governments,
and
and of the control of another
this
new
only with the consent of the
Canada, whose independence of European traditions
is
of 200,000,000
day stated that "the note sent by the British,
same
Supreme
session,
correspondent
statesmanship
sharp blast to-day.
is
Wednesday's
"Herald"
"European
it
Government
French and Italian Governments to Greece
Members of
refer the whole question
to
information
Council."
the New
that
have
It
The Council further
protest against the is¬
agreement, and that the issue of the 200,-
without
report at this meeting of the
con¬
despite the opposition of the
000,000 drachmas by the
"It is possible the Committee
Assembly of the League of Nations.
Greek
British, French
the old
apparent
following Associated Press dispatch from
Geneva last
formal
a
could be undertaken
man¬
giving the Assembly of the League of Na¬
ever-increasing trouble, would
from the
on
That
Allies."
lies is that
"peremptory instruc¬
as
by the
suance
plebiscite."
drachmas in currency
by the British delegation because of
characterized
were
tions
urged the admission of Armenia
League of Nations, but that in committee he
fortnight hence to discuss
a
they existed after the Greeks registered
as
The Paris
we
are
a
traitor.
"Temps" received
in which it
was
We
shall
conquer
prepared to fight the Turks."
a
dispatch
on
Tuesday,
reported that "the Athens Govern¬
ment has decided not to send
an
official
delegation
Dec.
111920.]
THE
CHRONICLE
to ex-King
Constantine, inviting him to return to
Greece, but will merely send a dispatch, informing
him of the result of the
plebiscite, thus leaving to
2259
Relatively little appeared in the cable advices
from the
leading Irish centres and from London
Constantine the responsibility of the initiative in
Isle.
the matter of his return."
consideration from British Government
According to the "Temps"
The Irish situation received the most careful
correspondent, "the Greek Government's position is
and
due to the Allies' latest note."
them to
same
Paris heard at the
time that Constantine received
cast in last
Sunday's plebiscite.
98% of the votes
According to dis¬
apparently
secure
was
"virtually in
tures made
ernment."
On
war
Wednesday
a
with the Athens Gov¬
dispatch
have been received in Paris from
it
was
declared
addressed
him
that
that he
abdicate
Crown Prince."
from
"the
note to former
a
In
said to
was
Athens, in which
Greek
Government
immediately in favor of the
Associated Press
an
ditspatch
Athens, made available here Thursday
ing, it
was
morn¬
said that "the plans to have former King
Constantine return to Greece this week
have been abandoned." It
cial pressure
have become
was
appear
to
added that "the finan¬
of the British upon the Government,
which has been exerted
against the plan,
stronger."
seems
to
A correspondent in Milan
of the New York "Tribune" sent
that
has
King Constantine, asking
a
cablegram from
centre, dated Wednesday, Dec. 8, in which he
asserted that
"despite reports that the Greek Gov¬
ernment has asked him to abdicate in favor of the
Crown
Prince, ex-King Constantine expects to
turn to Greece
by
of Italy this week."
way
The
re¬
cor¬
peace at an
the
he could
to the Premier
ner
week
a
feel
dispatches
At
at the
of war."
Lloyd George, in
Law's
nar
response
lition Government
during the
him and his suite to Brindisi,
convey
warships and destroyers will await
them."
be
changed
they
are
said
that
of
men
well, and
as
ing?
men
who do not realize that
is
a
well-organized, highly subsi¬
who
I
in
that
country.
really ashamed to
of
am
people, holding them
For
up
to obloquy, not only
country, but of the whole civilized world."
some
little time the London advices have told
of
secret
negotiations between Lloyd
George and representatives of the Sinn Fein, look¬
ing to an early settlement of the Irish situation.
rumors
plebiscite is proof of the attachment of the Greeks
The first definite announcement
made
as an
emblem
of national unity."
It was doubted, according to the
dispatch in the Swiss city, that he would set out for
What is happen¬
say
for Your
Majesty, whom they regard
in Ireland against
on
discharging the elementary duties
that men belong¬
ing to the party I belong to should be attacking
his return to the throne."
George Rhallis of Greece had sent the following mes¬
sage to former King Constantine: "The result of the
Coa¬
Referring specifically to Ireland, he
"there
civilization
these
reported Thursday evening that Premier
a
and since, and
not fit for responsibility in a great epoch.
truth."
same
of this
Lucerne
war
Countries where it is not realized have had
griefs.
America, where they have not signed peace with
Germany, and even Greece, are illustrations of the
but from several German
him upon
to Andrew Bo¬
part: "The times have changed, problems
changed and methods of dealing with them must
According to ttys correspondent also, "the
King has received telegrams, not only from Athens,
ex-princes, congratulating
in
said in
have
are
will
Club
toast, defended the necessity of
the
which
a
complimentary din¬
proposing the health of the guest of honor, "paid a
glowing tribute to him, referring particularly to his
hopefulness and buoyancy during the last two years
with the Italian State
where ten Greek
a
Constitutional
campaign going
special train
over¬
to-night, Andrew Bonar Law,
ago
dized murder
a
indicated
justified in dealing in
respondent added that "he is already negotiating
Railways for
more con¬
coming from responsible individuals
serious and definite
way.
London
made by
A
early date.
Lloyd George did not regard the
as
With whom
authorities,
was
the part of the Sinn Fein lead¬
on
manifested, but
that Premier
state of
determined effort
a
ciliatory attitude
ers
patches from Constantinople, the Greeks there were
a
re¬
garding fresh political disturbances in the Emerald
along this line
public here Monday morning in
from
Dublin, in which it
Michael
was
a
was
cablegram
stated that the Rev.
O'Flanagan, Acting President of the Sinn
Athens "until the Government has had further word
Fein, had sent the following telegram to the Prime
from the Allies."
yes¬
Minister of
England:
claimed that up to the night
make peace
at once without waiting for Christmas.
terday morning it
In
a
was
dispatch from Lucerne
before Constantine had not received
from Premier Rhallis.
sage
official
mes¬
cable¬
a
from Athens last evening, Queen Mother Olga,
gram
regent, has sent the following message to Con¬
as
stantine at Lucerne:
ence
"The
Government, in obedi¬
to the unanimous mandate of the Greek
people,
King Constantine to return to Athens, again
invites
take the throne and exercise the
•
an
According to
exercised in his
name
royal
powers
to-day
by Queen Olga."
Ireland also is
pose?"
from
French
Foreign Office received
Constantinople
reported that "a
on
peace
Thursday, in which it
was
signed at Alexandro-
pol during the night of Dec. 23."
are
principal terms:
to be handed
over
was
treaty between Armenia and
the Turkish Nationalists
said to be the
telegram
The following
"All Armenian
are
arms
to the Turkish Nationalists
except 1,500 rifles, twenty machine guns and three
cannon.
Armenian
territory is to be reduced
to
a
tion that any
a
no
tion will be able to meet the Government
He added that
expecta¬
on
essen¬
"leading Sinn Fein-
deny participation in the rumored negotiations."
ers
dispatch stated that Arthur Griffith had issued
following
Ireland's
land's
message to the Irish people:
"To-day
Valley Forge; to-morrow will be Ire¬
Yorktown."
The
London
correspondent of
the New York "Herald" said that "it is
certain that Premier
his
you pro¬
said that
authoritative posi¬
an
regarded
as
Lloyd George has not given
up
hopes of settling the Irish question himself, and
it is
tiate
At
thought that he will
a
renew
his efforts to nego^
truce before Christmas."
Monday night's session of the British House
of Commons it
seems
that
Lloyd George was ques¬
tioned
include the fortresses of Kars and
Fein, about which there have been
was
truce, but there is
Sinn Feiner of
tial conditions."
is
willing to
What first step do
the district of Ervan and Lake Gokcha and will not
Alexandropol."
are
general sentiment backed by ecclesiastical
influence in favor of
The
a
willing.
In another Dublin dispatch it
"there is
the
The
"You state you
closely "about negotiations with the
The London
so many
Sinn
rumors."
dispatches stated that he would
go no
further than to reiterate his familiar statement that
"we
willing to discuss with any authorized and
are
responsible people any question which will bring
The correspondent of the New
to Ireland."
peace
York "Times" at the British
he
in
was
tions
in
are
capital declared that
position to assert that "active negotia¬
a
which, in a well-informed
progress,
quarter, are hoped will be far more effective than
Arthur Henderson's conversation with Arthur Grif¬
in
Commons, and who returned
early in the week from Dublin,)where he
conference with Arthur
Griffith,
was
quoted
that "the hour for the settlement of the Irish
lem has
tion of
prob¬
arrived, and there should now be no ques¬
It was said that "he favored an
punctilio."
armistice and
a
conference and holds out hope that
the head of the Roman Catholic Church and all or¬
ganized labor in Ireland, are ready to support
truce
the head of
as
land, and it
message
want
Labor Commission to Ire¬
a
stated that he returned with the
was
that "we
tired of this awful strife and
are
Sir Hamar Greenwood, Chief Secre¬
peace."
tary for Ireland, discussed the
impressed by the Archbishop's report, and that the
according to an Associated Press dispatch yesterday
ally it was looked forward to with special interest.
The announcement was of a more radical character
than
apparently had been expected.
stated in the House of
tion
the
made from Dublin Castle, that martial law
was
ties of
Tipperary and Kerry."
situation in that
The
striking feature of the British trade statement
for November
of
a
be
no
truce
Republican
deliver their arms,
army
are
or
lors the
It
was
said
in response to a
as
to
thought the arrest of the Dublin Council¬
day before
when the Dublin
truce."
conducive to
was
Corporation
The London
"Herald"
York
was
by Joseph Devlin, Irish Nationalist,
whether he
ad¬
either surrender and
arrested."
that "Sir Hamar's statement
query
was
truce in Ireland until the extreme leaders
of the Irish
a
that he
successful
or
said
was
a
spirit of
peace,
abdut to discuss
correspondent of the New
in
a
cablegram Wednesday
morning that "Premier Lloyd George has not yet
The figures for the two
year.
did not differ
ing President of the Sinn Fein, pending
with Sir Hamar
other
a
greatly, inasmuch
conference
shut the door
The
correspondent
are
added
against further negotiations when he
replied to O'Flanagan, but will ask him what
guar¬
offer of his ability to carry out the peace
can
negotiations, providing
a
truce is effected."
The Cork correspondent of the New York "Trib¬
of Dec.
cablegram from that centre, under date
a
7, in which he said that "advices received
here from London
to-night
say
George has refused to make
Fein."
In
since the armistice.
products,
£119,360,000 for last
at
month,
previous month of this
any
any
The exports of
year,
except July, when the total was £137,451,000, and
the
largest for
any
beginning of the
summary
month, except last July, since the
The following figures give
war.
a
of the results for November and the first
11 months of this year
compared with the correspond¬
ing periods of 1919:
——Month
of
—11
November
Months to November 30—
1920.
1919.
1920.
1919.
£144,260,000
£143.564,907
£1.795,339.000
£1,462,702,770
119,360,000
87,110,007
1,239.933,000
707.515,251
13,110,000
20,266,933
209,702,000
138,161,496
Total exports...£132,470.000
£107,376,940
£1,448,635,000
£845,676,747
£36,187,967
£346,604,009
£617,026,023
Imports
.....
British exports....
Excess of
imports.. £11,790,000
predicted that "the Premier would not
was
une" sent
only £11,790,000, the smallest for
larger than for
was
of imports for November of
excess
save one
British
were
The actual increase
£143,564,907.
The
Re-exports
prominent officials of Dublin Castle, who
anty he
month
the goods received
valued at £144,260,000 and for No¬
were
this year was
as
respectively,
The imports
Greenwood, Sir John Anderson and
hurrying to London."
that it
£695,093.
years,
£87,110,007.
£119,360,000 and
were
re¬
plied to the telegram from Michael O'Flanagan, Act¬
the large increase in exports in
was
comparison with the corresponding month of last
vember 1919
can
city and County of Cork,
city and County of Limerick, and in the Coun¬
"declared emphatically, amidst cheers,
there
Lloyd George
Commons, and the proclama¬
had been ordered "in the
country in the House of Commons on Tuesday, and
vocacy
the
hope of peace still is bright."
Announcement was made in London Thursday,
last month
convinced
to
a
It was explained that
pending negotiations."
he went
According
"the Prime Minister was much
morning, that the Prime Minister would make an
cablegram from the British capital as saying
a
Griffith1.
Arthur
Northcliffe press,
important announcement on Ireland on the opening
of the House of Commons at noon yesterday.
Natur¬
leader in the House of
a
Archbishop Clune, who brought direct
from
Mr. Henderson, who is the Labor
has been laid."
had
reports that Premier Lloyd George had con¬
ferred with
word
Thursday evening
dispatch
A London
Ireland."
told of
Logue, on which so much stress
fith and Cardinal
to London
[Vol. 111.
CHRONICLE
THE
2260
a
British Treasury returns
reflected recent
that
another
for the week ended Dec. 4
heavy loan payments with the result
reduction
in
Exchequer balances
recorded, this time to £2,365,000,
The week's expenses were
327,000
a
a
was
loss of £985,000.
£65,336,000, against £16,-
week earlier, with the total outflow includ¬
ing repayments of Treasury bills, Exchequer bonds,
that Premiar Lloyd
advances and other items, £169,555,000, in compar¬
truce with the Sinn
ison with
£114,906,000 for the week ending Nov. 27.
dispatch from London Wednesday eve¬
ning, the assertion was made that "the Prime Min¬
The total of
ister is understood to have informed the Cabinet
week.
that
against £15,705,000 and savings certificates £620,-
a
no man
extended
patch
a
was
qualifed to speak for the Sinn Fein has
peace
one
feeler."
Supplementing this dis¬
from the London correspondent of
000,
receipts from all
contrasted with
as
Of
this
000,
against
large
sum
sum,
the New York "Herald" Thursday morning, in which
sundries
the week before.
shattered
again
upon
bility of both sides."
peace
have been
the rocks of the irreconcila¬
He added that "it is stated
semi-officially here, following the Cabinet meeting
to-day [Wednesday]
include
no
that the Government's terms
amnesty, the surrender of all arms and
the abandonment of the demand for
a
Republic for
contributed
£93,812,000,
excess
of
Advances brought
an
the
£130,000,
in the
repaid.
which
there
Hence,
Treasury
augmented to £1,126,-
£1,096,594,000
advances
£268,414,000,
£100,000,
bills totaled
increase of £14,063,000, and Jar in
amount
against
temporary
against
New issues of Treasury
bills outstanding have been
729,000,
yielded£16,806,000,
of £55,150,000, against £17,700,000, while
he asserted that "the
hopes of Irish
revenues
£600,000.
£168,570,- '
sources was
£114,459,000 the previous
was
compares
a
week
an
with
ago.
expansion
In
to
£231,114,000
Dec.
111920.]
last week.
THE
Treasury bond sales
CHRONICLE
2261
amounted to
£2,- francs last year and with
5,471,382,925 francs the
050,000, against only £605,000 the week
previously. year before; of these amounts
The week's
1,948,367,056 francs
expenditures included £44,140,000 for were held
abroad in 1920,
war loan
1,978,278,416 francs in
interest and £19,660,000 in
repayments of 1919 and
2,037,108,484 in 1918.
During the week
Exchequer bonds. The increase for the week in total silver
gained 6,377,000 francs, advances rose
137,floating debt was £67,435,000, to £1,395,143,000,
829,000 francs and Treasury deposits were
augmented
against £1,327,708,000 in the week
preceding and by 42,371,000 francs. On the other
hand, bills dis¬
£1,316,150,000 a year ago. Study of the figures here counted were
reduced 117,293,000
francs, while
given shows that the
floating debt is £82,938,000 general deposits fell off
53,538,000 francs. The fur¬
greater than at the
beginning of the fiscal year on ther large contraction of
^653,230,000 francs occurred
April 1.
in note
circulation, bringing the total outstanding
down to
37,920,076,370 francs. This compares with
No change has been noted in
official discount rates
37,677,945,220 francs at this time last year and with
at
leading European centres from 5% in Berlin,
29,028,387,230 francs the year before.
On July 30
Vienna and
Switzerland; 5%% in Belgium; 6% in 1914, just prior to the outbreak
of war, the amount
Paris, Rome and' Madrid; 7% in London, Sweden was
only 6,683,184,785 francs. Comparisons of the
and
Norway, and 4%% in Holland. In London the various items in
this week's
private bank
is still quoted at
rate
return with the statement
6%@6%% f°r
of
sixty and ninety days, the
same as a week ago.
Call
in London, however, is a shade firmer, hav¬
ing advanced to 4z/i% as against 4%% last week.
No reports, so far as can be
learned, have been re¬
last
1918
week
are
and
corresponding dates in 1919 and
follows:
as
money
BANK
OF
FRANCE'S COMPARATIVE
STATEMENT.
Changes
Status
for Week.
Gold
ceived by cable of
open market discounts at other
In
Holdings—
France...
Inc.
Francs.
Francs.
3,549,695,769
3,599,368,836
1,948,367,056
1,978,278,416
2,037,108,484
2,954,000
5,498,062,825
5,577,647,252
..Inc.
6,377,000
discounted...Dec. 117,293,000
5,471,382,925
265,589,495
276,307,843
319,372,663
3,337,818,298
1,114,628,866
933,787,852
Inc.
Sliver
additional
gain in gold
was
week's statement of the Bank of
shown
Bills
by this
Advances
this time
last
reserve
year
while the proportion of
to
9.34%, which
of
7.88%.
at
a
This
The
Imperial Bank of Germany in its
statement,
as of Nov.
30, shows the following drastic
changes: An increase in note circulation of
1,691,526,000 marks (which came as somewhat of a
surprise
£957,000,
to liabilities recovered
with last week's low point
after last week's contraction of
slightly over 500,000,gain in deposits of 4,232,559,000
marks,
and the phenomenal
expansion of 5,792,358,000 in
bills discounted.
Treasury certificates gained 409,256,000 marks, but gold was reduced
5,000 marks
32%% and 55%% the
improvement was due partly
was
substantial reduction in
deposits, also to
000
decline
a
in note
circulation, £71,000, as against last week's
expansion of £2,517,000.
Public deposits gained
£773,000, but other deposits were cut £16,103,000
and
Government
securities
(other securities) registered
a
£13,188,000.
2,176,709,000
issued
week of 1919 the ratio stood
same
In 1914 it
before that.
year
to
reserve
compares
In the
13%%.
and £77,730,466 in 1918.
likewise expanded,
was
137,829,000
Note
£886,220, bringing up the total on hand to
£125,877,511, which compares with £91,659,648
The total
Inc.
3,434,274,440
1,398,020,306
1,209,526,407
circulation..Dec. 653,230,000
37,920,076,370 37,677,945,220 29,028,387,230
Treasury deposits.Inc.
42,371,000
152,881,000
94,195,485
227,853,100
General deposits..Dec.
53,538,000
3,863,327,894 3,053,251,446
2,388,092,742
England, in round
numbers
held
•
Dec. 12 1918.
Francs.
2,954,000
Total
An
of
Dec. U 1919.
No change
Abroad
centres.
as
Dec. 9 1920.
Francs.
marks);
a
and total coin and bullion
other banks showed
Loans
advances
of
a
774,000 marks.
Notes of
decrease of 740,000 marks and
10,886,000
marks.
Investments
de¬
contraction of
£3,173,- clined 7,666,000 marks, securities fell off
321,835,000
000.
The Bank's reserves
aggregate only £13,916,- marks, while liabilities were
brought down 65,000, which compares with £21,526,033 a year
ago and
472,000 marks.
The Bank reports its total
gold
£28,672,336 in 1918. Circulation totals
£130,407,- holdings as 1,091,567,000 marks. In the
correspond¬
000.
Last year it amounted to
£88,583,615 and in ing week of 1919 the total held was
1,090,520,000
1918 £67,508,130.
Loans now stand at £72,180,000. marks and a
year
earlier 2,308,360,000 marks.
This compares with
£77,073,580 in 1919 and £95,- Note circulation now stands at
64,284,400,000 marks,
901,122 the year previous.
Clearings through the which compares with
31,905,820,000 marks last
London banks for the week
comparison with
were
£753,233,000
a
£764,810,000, inweek
earlier
£690,712,000 at the corresponding period of
ago.
The minimum discount
tofore
at
of
a
We append a tabular
comparisons of the different items of the
the past, where
ENGLAND'S COMPARATIVE
STATEMENT.
1920.
1919.
1918.
1917.
1916.
Dec. 8.
Dec. 10.
Dec. 11.
Dec. 12.
Dec. 13.
£
Other
£
£
£
130,407,000
88,583,615
67,508,130
43,934,530
22,425,000
20,174,296
£
37,957,340
27,418,215
40,416,153
57,511,685
deposits.._..126.582,000 137,694,082 152,999,462 123,152,831
106.526,295
80,708,000
77,205,036
73,685,411
57,895,870
42.187,599
Govt, securities....
Other securities
72,180,000
77,073,580
95,901,122
91,535,359
Reserve notes & coin
104,059,713
13,916,000
21,526,033
28,672,336
32,027,291
bullion... 125,877,511
35,598,584
91,659,648
77,730,466
57,511,821
55,105,924
9.34%
13^%
15.90%
19.60%
7%
6%
5%
5%
6%
Proportion ol reserve
to
liabilities.....
Bank rate
a deficit in reserves one week is fol¬
lowed by a substantial
surplus the next, was repeated.
The
improvement, however, was again, as'so often
in the
past, at the expense of the Federal Reserve
Bank.
Owing chiefly to an increase in borrowings
by member banks
a
a
surplus above legal requirements in the large
gains in its
sum
$21,981,040.
serves
were
In keeping with this, aggregate re¬
expanded $19,790,000, to $548,263,000.
In loans the contraction
gold item, the increase this week being 2,954,000
The Bank's gold
holdings now aggregate
5,498,062,825 francs, comparing with 5,577,647,252
at the
Reserve Bank (but also ac¬
reduction in both loans and
deposits),
the deficit of the
previous week was converted into
companied by
of
The Bank of France continues to
report
francs.
companies, issued on Saturday, made
better showing and the
procedure so often noted in
a
21.70%
Coin and
Clearing House
banks and trust
BANK OF
Circulation
Last week's statement of New York
year
England return:
Public deposits
and 18,609,880,000 in 1918.
here¬
as
7%, unchanged.
statement of
Bank
rate remains
year
and
demand deposits fell off
was
no
$25,140,000, while net
less than $46,376,000, to
$3,969,248,000, which is exclusive of Government
deposits of $8,289,000. The latter item represents
a
decline for the week of
$27,158,000.
Net demand
[Vol. 111.
CHRONICLE
THE
22G2
$261,849,000, against Monday, Tuesday, Wednesday, Thursday and Fri¬
Aside from the ex¬ day. This applies to mixed collateral and all-indus¬
trial loans without differentiation.
Last week the
pansion in reserves of member banks with the Fed¬
range was 6@7%.
The undertone was firm and a
eral Reserve Bank, $20,210,000, to $529,851,000,
deposits were also lower, at
$268,801,000 a week earlier.
changes were insignificant,
comprising a decline of
vaults of members of the
$4,919,000 in cash in own
Federal Reserve Bank, reducing that item to $96,649,000 (not counted as reserve); a cut in reserves of
State banks and trust companies in vault of $140,000,
$9,152,000, and a reduction in reserves
to
kept in
depositories by State banks and trust companies
of $280,000, to $9,260,000.
As shown above, the
net result of these operations was a gain in excess re¬
other
of
$26,066,^40, which wiped out last week's
deficit of
$4,085,500 and left a surplus of $21,981,040.
serves
here given for surplus are based on re¬
above legal requirements of 13%, but not in¬
The figures
serves
cluding cash in vault to the amount of $96,649,000
these banks on Saturday of last week. In
the Federal Reserve Bank, conditions were unfavor¬
held by
able and
loss of three full points was registered
a
in
carrying it down to 37.8%,
with only two exceptions for the year,
in the history of the institution.
Hold¬
fair
and in fact
ings of discounted paper increased more than $74,-
ninety days, against 734% a week ago.
Four, five
and six months' money is now quoted at 7@734%>
comparison with 634% the week before. Lenders
showing an indisposition to put out fixed date
in
are
of the market for both call and time
probably been more even
and quiet this week than for a long time.
The
ruling rate for call funds was 7% and there was little
or no change from 734@7%% for time loans.
Yes¬
terday afternoon a fairly active demand for the
former was reported.
Earlier in the week the supply
at this centre has
money
seemed to be well in excess of the
a
It is
demand.
in considering the money market in
worth noting,
view of the heavy
payments and the preparations for year-end dis¬
bursements, and the market was very quiet.
Offer¬
ings
In fact,
the time money market here has been spoken of all
week as being dull and largely nominal.
As the mid¬
large
sums
dle of the month
in
light and no important trades were reported.
predict that tight money will prevail
turn of the year.
All-industrial loans con¬
until the
negotiated
tinue to be
comes
Commercial paper rates remain at
well
less
known
Most of the business is
8%.
at
usual the
as
principal buyers.
closer to hand, somewhat
have ruled steady,
Banks' and bankers' acceptances
With the slight stiffening
in the money market, trading in acceptances showed
a falling off and the volume of transactions was only
without
quotable change.
however,
Both local and country banks,
moderate.
Demand loans on
bankers' acceptances have not been changed from
6%. Rates in detail follow:
represented in the dealings.
were
Delivery
Spot Delivery
Ninety
Sixty
-Thirty
within
Days.
Days.
Days.
30 Days.
6J£@0H
0>$@6M
6M@6
*
*
Eligible bills of member banks...
Eligible bills of non-member banks..
Ineligible bills.
*
on
Market stagnant;
6H@6
6%@6M
*
*
rates ordinarily about 1% higher as
compared with the rates
eligible bills, but In present circumstances every transaction
subject to whatever
be done with it.
can
kind is likely to occur in con¬
preparations for the large
Jan. 1.
Broadly speaking, how¬
same
There have been
no
disbursements
of rates
on
the leading authorities on the money market
now
changes this week in Federal
The following is the
Reserve bank rates.
DISCOUNT
general tendency is toward greater
Considerable attention was given to Secre¬
Treasury
within
member
bills
maturing
(including
col¬ Bankers'
days
banks'
Agricul¬
15-day
notes)
secured
by—
Reserve
accep¬
Trade
tural and
tances
lateral
Federal
90
BANKS
10 1920.
EFFECT DECEMBER
Discounted
the
FEDERAL RESERVE
THE
OF
RATES
IN
Houston's annual report.
Several of his suggestions with respect to new sources
of income for the Government through taxation
6f
schedule
in effect for the various classes of paper
at the different Reserve banks:
believe that the
tary
7%@8% for
sixty and ninety days' endorsed bills receivable and
six months' names of choice character, with names
nection with the necessary
ease.
the
speculative circles, and it is assumed that
something of the
ever,
at about 34 of 1% above
levels herein noted.
for the longer periods.
higher rates for call money would not cause surprise,
even
were
Some bankers
that the banks are still disinclined
broader way,
to offer
periods, which is not surprising in
demands incidental to the Dec. 15
for long
loans
being done at the maximum figure. Trading was
dull and featureless.
Out of town institutions were
000,000, while the cash reserve fell $33,700,000.
The tone
For fixed maturities, a
slightly hardening tendency has developed and rates
have been advanced to 734 @7%% for sixty and
the ratio of cash reserves,
the lowest
of business is said to have been put
amount
through at the 7% rate.
accep¬
live-stock
Treasury
Bank of—
provoked active discussion and generally have
met with disfavor.
increased de¬
disc'ted
tances
bonds
wise
for
maturing
maturing
and
secured
member
within
91 to 180
banks
90 days
days
cates
of
Other¬
indebt¬
Victory
and
edness
Nothing has occurred this week
to indicate that there will soon be an
Liberty
certifi¬
have
notes
unsecured,
7
because of
new
in industrial and mercantile lines
business.
As has been true for
time, there is still need of large
weakened
will
positions.
naturally tie
sums
some
to strengthen
The granting of this assistance
up a
big amount of
money
in the
aggregate until such a time as those to whom it was
loaned are able to work out of their difficulties.
Just at the moment there appears to
be
a
disposition
Boston
5)6
6
New York
mand for money
paper
5H
6
6
7
Philadelphia..
t6
5)6
5)6
6
Cleveland
t6
t6
5H
5h
5%
6
6
0
Atlanta
te
5)6
6
7
Chicago......
te
6
6
7
St. Louis
*5 X
5)6
5)6
0
6
6
5)6
te
te
6
5)6
6
5)6
5)6
0
te
0
6
0
Richmond
Minneapolis..
5)6
Kansas City..
Dallas
San
Francisco
*
5ki% on paper secured by 5X% certificates, and 5% on paper secured by
%
and 5% certificates.
t Discount rate'corresponds with Interest rate borne by certificates pledged as
collateral with minimum of 5% In the case of Philadelphia, Atlanta, Kansas City
and Dallas and
5)6% in the case of Cleveland,
Richmond, Chicago and San Fran-
Cisco.
on
of
the part
new
of
our
slow in the making
Apparently, however, some¬
bankers to
foreign loans.
go
thing will be done for Cuba in the near future.
Referring to
week
were
money
rates in detail, call loans this
"pegged" at 7% which was the only rate
quoted, being the high, low and ruling quotation on
Note.—Rates
City and
Dallas are normal
basic lines fixed for each member bank
In excess of the basic line are
progressive Increase for each 25% by which the amount of accom¬
shown
for
St.
Louis,
Kansas
rates, applying to discounts not In excess of
by the Federal Reserve Bank.
subject to a
Rates on discounts
modation extended exceeds the basic line.
The
sterling exchange market has experienced an¬
other dull
week, with operators again marking time
pending further developments in the present inter-
Dec.
111920.]
THE
national situation.
in the way
crease
continued
of
As
result very
a
of activity
small
little if
CHRONICLE
any
however,
Rates,
proportions.
fluctuated somewhat irregularly and early in the week
there
was
loss of nearly 4 cents, to 3
a
mand, following
tions abroad.
a
42% for de¬
material lowering in cable quota¬
This,
usual, had
as
depressing effect
a
here and led to speculative
operations for the
A feature of the
dealings
of
at
buyers noted
served
to
times,
at concessions, which
even
the
accentuate
decline.
the almost total absence
was
weaker
tendency.
Later
London sent generally better quotations and this
on,
brought about covering of shorts, with
increase in price levels tO'3 45.
for
consequent
a
transfers.
'Commercial sight bills finished at 3 44%,
sixty days at 3 36%, ninety days at 3 35%, documents
for payment
(sixty days) at 3 36% and seven-day
grain bills at 3 43.
closed at 3
cluded
The week's gold movement in¬
shipment of $5,000,000
a
and about
More
Cotton and grain for payment
44%.
$3,684,000
gold is said to be
stood that
its
on
way,
received
in
London.
From
private
time, but rallied again
the
on
sentimental influence of the hearings in Washington
of equalizing exchange, and the final
slightly above this figure.
range was
One explanation of the
finding its
to New York via London.
way
recently been
balances
reversal
a
with
since culminated in
don
the balance
by French interests coincidental to seasonal
re¬
quirements..
of
Considerable interest is being manifested in foreign
exchange circles
ings of fully
over
normal
curities have been released
maintaining British credit.
'Britain, exports of gold from India
war
for the purpose
According to
appar¬
In the
mobilized
by the American
weaker with losses of several
loss of 18
a
close, to 5.83 for checks.
Dollar Securities Committee during the period 1914-
11% points, touching 3.47% at
there
The Greek situation continues to be closely
par.
watched,
but thus far has exercised very little actual influence
Rumors
are
very
plentiful
as
to
were
foreign units here
ing offered for the stabilization of foreign exchange
offerings and
and the rehabilitation of
which is
foreign trade, but thus
of these appears to
have taken definite form.
being heard of the action of
a
bills
purchased.
South
Africa, it is learned that advances
of these bills is
On
bills
covering
on
shipments
on
With
change
on
declines
week
ago
was
ex¬
easier, and
were
days; trading, however,
was
extremely quiet.
ran
On
off to 3 44%@3 46, cable transfers to 3 45%
@3 46% and 60 days to 3 38%@3 40%; buyers
scarce even
at the concessions
factor in the decline
tions
on
3
from
was
the
offered, while
an
were
added
receipt of lower quota¬
London.
Irregularity featured dealings
Tuesday and there was a further recession to
42%@3 44 for demand, 3 43%@3 44% for cable
transfers
and
3
nesday's market
37@3 38% for sixty days.
was
firmer, largely
as
a
Wed¬
result of
Thursday and the
range was
fractionally
throughout,
on
3 43%@3 44% for de¬
at
this
and
recovery
values
again made
was
on
improved somewhat,
continued
steady, with demand slightly higher at 3 44%@
cable transfers at 3 45@3 46% and sixty
With the
erratic
and
the
although
close
currency
fluctuations
showed
sagging
a
tendency.
Greek
200
exchange attracted attention by
slump of
a
points, to 6.43 for checks, thereby establishing
another
new
low record.
of intimations
This
by the Allied
was
largely the result
that
powers
no
further
financial aid would be extended Greece in the event
of
Constantine's
return
the throne.
to
It
learned that the French Government has
a
is
also
presented
request to the Greek authorities for the payment of
outstanding loans.
the
possibility of
of
Russia.
Later
are
permitting
and rubles
Russian currency
from Italy
was
a
to
were
heard of
recede.
Federal
said to be discussing the
exchange
the
between
led to the belief that
dispute
reports
continued
Washington
of
on,
compromise being reached, but the
drachmas
officials at
question
a
transactions
United
States
in
and
which recently has been
Latest reports
45%,
par¬
occasion for
in the sterling market, Continental
@3 38% for sixty days.
On Friday the undertone
the
the weak spots!
quoted noniinally at 80c., is
3
on
was
standstill much of the
a
mand, 3 44%@3 45% for cable transfers and 3 37%
was
however,
As it was, London
dollars
off
Trading
speculative selling
3
sagged
demand broke to 1.25 for checks,
a poor
quotations, following the
unfavorable developments in Greek affairs, came
value
Prices
ex¬
of larger
pressure
16% points below the final quotation
last.
time.
improved cable quotations from London also covering
of shorts and demand rates moved up to 3 43%@3 45,
cable transfers to 3 44%@3 45% and sixty days to
38@3 39%.
quoting
German
sluggish, and had it not been for the sporadic
Monday increased weakness developed and demand
rates
of
method
new
have been practically
noted, to 3 45%@3 46% for demand,
46@3 47% for cable transfers and 3 39%@3 41 for
60
Friday
lower
a
the
heavy and under the
was
the
cases
to
being limited to 50%, instead of 75%,
Saturday of
In botjh
ticipation of speculative operators business would
the value
regard to the day-to-day rates, sterling
time, although
one
all
formerly.
as
3
some
margin of from 25 to 50%
points from last
exchange rates for these currencies.
change
all
French
quoted in cents in American
are
according to
money
were
Lire checks lost
subsequent recoveries.
the various plans and recommendations that are be¬
our
sterling.
points recorded.
1918 in order to
keep the pound sterling close to
of
course
early dealings, francs, lire and marks
week's
are
are
Continental exchange moved irregularly and to a
considerable extent followed the
francs led the decline with
of the total
retaining
As
against India is almost entirely in favor
four-fifths
Complaints
which has
gold export movement.
a
ently reliable estimates, this amount represents about
banks in
trade
being made for British account.
se¬
by Great Britain during
and since the termination of the
market levels.
There has
Indian
the announcement that hold¬
billion dollars worth of American
a
Great
of
violent break in rates,
a
weakness is the demand for American dollars in Lon¬
none
advices
selling in the Bombay bazaars at slightly more than
5% discount. Large amounts have already been
shipped to Japan and more of the yellow metal is
a
before the Ways and Means Committee for the pur¬
far
cable
completion of short covering operations,
the
sagged off for
on
while it is under¬
shipment of Russian gold, presumably
from Esthonia, totaling about
£500,000 has been
a
received by bankers here it is learned that
gold is
with
of
the S. S. Celtic
on
the Red Star Liner Finland.
on
Towards the close,
rates
pose
days at 3 38%@3 40. Closing quotations were 3 39%
sixty days, 3 45 for demand and 3 45% for cable
in¬
shown and trading
was
2263
now
lower at 65 cents.
were more
reassuring and
peaceful solution of the Fiume
at last within measurablejdistance.
The official London check rate
week
a
ago.
ished the week at 6.20 for checks and 6.21 for
transfers
exchange is
Far Eastern
Paris finished at
on
In New York
sight bills on the French centre closed at 5.86%,
against 6.01; cable transfers at 5.8734 against 6.02;
commercial sight bills at 5.8334? against 5.96, and
commercial sixty days at 5.7734 against 5.93 a week
earlier.
Antwerp francs after declining to 6.19, fin¬
against 57.38
58.20,
[Vol. 111.
CHRONICLE
THE
2264
follows: Hong Kong,
as
54@54% against 60%@61; Shanghai, 70%@70%,
50%@50%, against
Yokohama
against 79%@80;
50%@50%; Manila, 45%@46, against 46%@46%;
(unchanged); Bombay, 26@
Singapore, 40J4@41,
2634, against 28%@29%, and Calcutta 26%@26%,
&
against 28%@28%.
.
cable
Clearing House banks, in their
York
The New
Reichs1.3334 for checks and 1.34)4 for cable
operations with interior banking institutions, have
remittances, which compares with 1.40% and 1.41%
gained $6,809,000 net in cash as a result of the cur¬
against 6.38 and 6.39 last week.
marks closed at
a
week ago.
Austrian kronen, which moved in sympa¬
thy with German exchange, declined to 00.28, rallied
and finished at
00.2934 f°r checks and 00.30)4 f°r
cable Itransfers.
For lire the final range was 3.50%
for bankers*
A week ago
receipts from the interior have aggregated $8,849,000, while the shipments, have reached $2,040,000,
as
3.59%@3.60%. Exchange
was heavy and dropped to as
on
as
before;
Bucharest
for
close
the
1.34,
was
Poland 1734? against 20, and Finland
against 1.49;
Out of
Banks.
10.
Gain or Loss
to
Banks.
Greek ex¬
change closed at 7.10 for checks and 7.15 for cable
transfers.
A week ago the close was 8.85 and 8.90.
2.25, against 2.10 the
week previous.
$2,040,000 Gain
§8,849,006
Banks' Interior movement—
eral Reserve Bank on Dec.
6, it is no longer possible
results of Government operations on
the
to show
The Federal Re¬
Clearing House institutions.
the
$6,809,000
Sub-Treasury was taken over by the Fed¬
As the
1.09, although closing at 1.1434, against 1.22 the
week
Into
Banks.
Week ending December
was
Czecho-Slovakia
low
the following table:
per
sight bills and3.51%for cable transfers.
the close
movements for the week ending Dec. 10. Their
rency
Bank of New York was creditor at the Clear¬
serve
Monday,
ing House each day in amount as follows:
$90,999,413; Tuesday, $50,454,119; Wednesday, $52,*
the
In
neutral
exchanges there is
Rate variations
report.
were
very
little to
comparatively unim¬
These
114.
heavy credits reflect the huge mass of
portant, though the tendency was to follow the course
checks which
of
from
The volume of
trading dull and listless.
sterling and the other exchanges.
business
was
light
Guilders
were
about steady at close to
and
last week's
levels, but Swiss francs lost ground slightly.
sustained
further
a
decline
Scandinavian exchanges
and then down.
shown in Danish
the demand
12.63,
to
Pesetas
while
the
moved irregularly, first
A greater
degree of strength
exchange, which
incidental to
was
up
was
attributed to
shipments of butter and
sight bills
on
cial
sight at 30.39 (unchanged)., and commer¬
to the
as
with the
sent
transfer^ in comparison with 15.65)4 and 15.6634
in the
Copenhagen checks finished
preceding week.
14.60
at
and 13.86.
Checks
cable transfers
checks
on
transfers
on
13.76
14.70, against
Sweden closed at 19.20 and
19.30, against 19.23 and 19.33, while
finished
Norway
at
14.55
Spanish pesetas
were
cable
and
14.65,
as
transfers,
12.83 for checks and 12.85 for
to the bank
and
never
With regard to South
was
December
9
Gold.
1919.
11
£
£
England
France
141,987,832
a..
Germany
id.eoo'ooo
10,944,000
98,193,000
....
J52.587.832 143,974,753
316,050
54,578,350
.
A us-Hun..
■;\£\
54,514,800
54,894,400
13,313,000
23.552,000 121,745.000
£
91,659,648
if,odb'ooo
155 014,753
1,115,100
55,629,900
2,374,000 13,575,000
25,367,000 122,148,000
U,201,000
96,781,000
2,369,000
■
91,659,648
125,877,511
.Spain
'■
£
125,877,611
Total.
Silver.
Geld.
Total.
Silver.
32,192,000
3,018,000
35,210,000
32,200,000
3,006,000
35,206,000
Net! erl'ds
53.012,000
1,681,000
54.693,000
52,680,000
488,000
53,168,000
Nat. Bel..
10,660,000
1,112,000
11,772,000
10,656,000
1,049,000
11,705,000
Swlt.z'land
21.639,000
4,495,000
26.134,000
19,e45,000
2,351,000
21,996,000
Sweden...
15,682,000
16,670,000
12,644,000
*139" coo
15,682,000
12,783,000
8,116,000
8,151,000
8,151,000
47,282,050 632,807,743 .549,920,201
46.658.550 631.177.113 548,379,752
46,980,100 596,900,301
Italy
.
Norway
8.116,000
Total week
•585,525,693
a.Gold
held.abroad.
year
-
..
HUNDRED
American exchange, further
on
MILLION
FINANCING
,
The advent of
Ar¬
a
are
16,670,000
*190.066
11,977,000
47,052.450 595,432,202
exclusive of £77,934,682
■ v;V:;
35.50
for
cable
transfers, against
It is understood that
negotiations between Minister of Finance Salasyndicate of New York bankers for
$100,000,000 ldan to Argentina
are
practicably
a
com¬
The loan which is to be used to reduce the
capital of
would be
It
rises
vide for
be
corporation with
an
in¬
sixty days thereafter,
time.
every
"notable event" within itself at any
especial importance in the present in¬
largest single attempt to pro¬
foreign trade expansion hitherto made.
To
organized under the Edge Act and to operate un¬
national debt is
der the
it is
to
TRADE
hundred million dollars, payable
stance in that it is the
action of
expected to improve exchange.
The
Argentina in withdrawing from the League
is a subject of much conflict of opinion, some arguing
that it will injure, some that it will improve, her
credit position.
Brazil exchange on the other hand
was easier, falling to 15.8734 for checks and 16.00 for
cable transfers, against 16,25 and 16.3734 last week.
Chilian exchange was firmer at 14.04, against 13.96
while Peru is now quoted at 4.16 against 4.10.
a
a
FOREIGN
CORPORATION/
finance
25% down and 10%
and
11,787,000
holdings of the Bank of France this
for
pleted.
December
1920.
Baiks of—
A
noted and the check rate
34.8734 and 35.00 last week.
a
Clearing
principal European banks:
itial
berry and
the
following table indicates the amount of bullion
in the
gentina after advancing to 35.62 finished at 35.3734
the
through
go •
House.
compared with 13.02 and 13.04
Friday of the week before.
checks
They repre¬
side of the account, as checks drawn
one
Prov. week 584.518,563
improvement
collection scheme.
the Reserve Bank itself are presented directly
upon
Closing rates for
against 13.70 and 13.80 last week.
on
par
Denmark
cable
and
System's
Clearing House institutions.
only
sixty days at 30.02 (unchanged).
closed at 15.47 for bankers'
ble
Swiss francs
sight bills and 15.48 for ca¬
Bank,
credit balances, however, show nothing
results of the Reserve Bank's operations
(unchanged); cable remittances at 30.55 (unchanged);
commercial
to the New York Reserve
These large
The
Amsterdam finished at 30.45
come
parts of the country, in the operation of
the Federal Reserve
potatoes from Denmark.
Bankers'
all
$55,388,-
Friday,
$53,079,153;
013,098; Thursday,
a
supervision of the Federal Reserve Board,
strong assertive of the power of the people to
manage
their
own
the Government.
business affairs without aid from
It is thus
a
welcome fact from the
purely economic standpoint.
As is
probably well known by this time, subscrip¬
tions at $105 per
a
share (thus creating at the outset
$5,000,000 surplus)
are open
to the banks, "busi-
Dec.
111920.]
ness" and the
THE
public.
CHRONICLE
The financing of the corpora¬
tion will be restricted to
foreign trade and matters
immediately affecting it, without competition to
or¬
other actual
producer. It is what the
that in the end makes
possible his
the
is true in
same
dinary domestic or foreign banking. As the law pro¬
All men
vides, debentures of the corporation to the extent qf which all
ten times the
amount of
capital stock
be issued, or to the
may
$1,000,000,000. Both in its business
tions and in its directorate the
opera¬
corporation is to be
representative of the whole country and of all our
industrialism; and,
the prospectus
as
announces,
\jthe organism will be of such size and
capability as
will enable it to
employ in its management the most
enlightened and experienced financial and legal tal¬
ent to be obtainer.
We
-:i.v
strong in the belief that this enterprise is
"step in the right direction"—having not only an
a
an
educative power independent of the
great good which may flow from its financial minis¬
trations.
It will show to the
especially to the classes
among
people at large, and
the„ assistance of the invigorating and extending
of credit issuing out of the very being of trade,
be made to
may
the highest good
serve
without appeal to the Government.
practical conduct
We
in its
see
bringing together of the individ¬
factory and farm with those upon the other side
ual
side
of
a
oceans.
Indeed, we see, by means of the
factory operative investing idle funds
to-be-well-safeguarded debentures, individ¬
farmer and the
in these
ual persons
tion
we
and
aiding in financing their
payment.
produc¬
own
We feel, also, that the
sooner
leave off
politico-economic theorizing and ideal¬
dreaming and espouse the cause of these practi¬
istic
cal
agencies in
will
enter
our
upon
business affairs, the
sooner we
that universal trade advance des¬
tined to transform the world.
And
last
there
of
is
when
reason
tried
and
to be sure,
to carry us
through, not in evidence
people at large
in
ment
lending
these
a
a
Unfortunately, instead of cultivating
con¬
prac¬
participating ownership, and enabling it to work for
work
us—a
those who
that
are
cannot
go
without benefit to
on
non-participating
or
not directly a
So that it follows that the
man
who
buys stock in this 100 million finance corporation or
later buys one of its
debentures, becomes a practical
agent of the general good. Without surrendering
single right of private ownership he is engaging in
a
a
co-operation world-wide in extent and helpfulness.
We
are
caution
disposed, if
the
we may
management in
make bold to do so, to
its
initial
formative
period
against failure to properly distribute the
credit power of the
corporation and to guard espe¬
cially against a possible charge of favoritism to any
division of
omen
of
industry
good
or
class therein.
A very strong
in making membership banks
we see
agents for the sale and distribution of debentures,
and
as
the books
to be open
are
to all without the
usual form of
special underwriting, failure to take
advantage of this opportunity should deny much to
future criticism.
Looked at in the
ing put underway
large—here is be-
practical process in reconstruc-
a
tion that should
enlarge foreign trade, stabilize ex¬
change, inspire renewed confidence in business, and
above all, make for that peace which endures where
now.
MR.
But when
to understand that invest¬
properly-safeguarded debentures is
hand to the "mutual good" that lies in
WELLS
AND
HIS
APOLOGY
RUSSIAN BOLSHEVIST
FOR
THE
GOVERNMENT.
It is difficult to follow Mr. Wells in his articles
judgment
emotional urge that tended
come
world in
upon a
employed and
struction, and, in extremity, we are even denouncing
capital, instead of combining it through universal
years,
well-nigh impossible.
There was,
the
We floated
considerate
deemed at the start the task
an
thought
prosperous,
statecraft fails.
billions, approximately, in two
most
our
are
why this should be the
these colossal corporations.
debt of 25
war
no
sales, and
tical agencies that tend to
bring this about we gorge
ourselves upon speculative modes of artificial con¬
the people, that, with
power
enterprise
tented.
producer buys
own
foreign trade.
like to dwell in
men
part thereof.
are
economic but
3365
on
"Russia in the Shadow."
says,
themselves
find
Marxists
are
themselves
contradiction,
of
In his fourth paper
he
at intervals it is true, that: "Th,e Bolsheviki
Karl
in
and
control
of
Communists.
They
Russia, in complete
I have explained, to the theories
as
Marx.
.
.
I
.
disbelieve
in
their
overseas
is
a
the
exchange of goods and grains, and that this faith, I ridicule Marx, their prophet, but I under¬
tie that makes for
understanding and respect, stand and respect their spirit. They are—with all
integral elements of peace, there is no reason their faults, and they have abundant faults—the
why the sober thought and increasing energy of the
should
masses
not
abundantly sustain this enter¬
prise, and others like it to follow.
tial credit power of our whole
vast material
resources,
at the
business
no
to
as
that
shore.
appear
tions ;
foreign trade
as
we
In
complex and in¬
hope to
see
touch
In this complexity there is sustaining
as
there is in the interlacing domestic
have builded.
w^e
by this corporation.
they will become
One
thing, however, it would
starts out clearly from present world-condi¬
namely, the service of this huge credit
will not
power
apply, cannot be exclusively applied, to the
selling of
our
necessity to
products abroad, but largely and of
our
buying of products abroad.
ing is the medium of world-exchange.
with the farmer in
the circle
we come
our
If
domestic trade and
back to the farmer.
Financ¬
we
begin
complete
So with any
now
to
a
renascent Russia."
"honest," and exercising real "crea¬
tive power" in the "social crash"
the
consequent upon
abolishing of "private property."
that
they
come upon a
having had
be conducted
strength, just
trade
is impossible of computation
attempt to consider the details of the
doubt
terwoven
every
our
present time.
We need not
time
The future poten¬
people, backed by
only possible backbone
He finds them
any
It would
seem
full state of "ruin" without
part in causing it.
It
was
the old
regime of the Czar and its tyranny that brought
everything down to chaos.
every one
dispersed the Assembly?
the
And who
can
look upon
expedients of this hideous rule, even admitting
the immediate
see
That this is not the fact
Who1 seized the factories, and who
knows.
necessity of
some
of them, and not
clearly the fanaticism of huge dreamers sudden¬
ly called upon to bring some sort of "government"
out of their wild
imaginings?
Mr. Wells laments the decline and disappearance
of the scientists
some
of them
and
reluctant consent to
and
artists.
He is in agony
that
starve; that others are forced to give
a
continuation of this
gigantic
grotesque experiment; that they have nothing
to work
with, not
even paper upon
which to write.
|
THE
3266
lightly upon the horrible massa¬
He touches all too
thought necessary to perpetuate this rule of
He visits the schools and finds that the at¬
cres
iron.
instances and respects
worthy of praise—praise under the existent circum¬
tempt at education is in some
would have us be¬
But these conditions he
stances.
[Vol. 111.
CHRONICLE
and investment of
and more on accumulation
more
Civilization and profits go hand in hand.
capital is the result of brains. All the
capital.
"Invested
elements that are
assembled in
Corliss engine,
throughout all the ages.
earth
the
a
a
airplane have lain in
mpdern printing press, or an
For countless
generations there has been sufficinet human labor
the result of the former bourgeois rule!
We need to assemble them, yet they did not appear. They
came into being only when called by the skill and
not, we think, stop to split hairs over the difference
The same is true of the plant
between socialism and communism.
If Mr. Wells brains of men.
lieve
not due to theories
are
embraces one rather than
in the
of Bolsheviki, merely
the other, if he disbelieves
private ownership of property, he can find the
But how, it may
be asked, does he expect intelligence to rule ever
in this benighted land when it has no property base
theory embedded in either one.
on
which to live and must be forever at
beck and call
of
a
whereby is carried on all modern business. It is on
existence of this power in man which
the continued
is the result of effort
and training that not only the
maintenance of our present stand¬
advance but the
ards exists."
In
the low-grade
place Mr. Wells says:
one
to-day stands more in need of men of the
"Russia
proletariat which he admits is
class than she does of
foreman and works-manager
ignorant ?
medicaments
and at another, he
food,"
says:
90%
"These Bolsheviki are, as I have explained, extreme¬
population, with a superior wave of the hand.
They, too, are ignorant. They do not even produce, ly inexperienceS men, intellectual exiles from Gen¬
eva
and Hampstead, or comparatively illiterate
apparently, these mighty men of thought and con¬
Ho seems to dismiss the peasants, 80% or
or
of the
administering communist rule
show the possibility of lifting the
structive ability now
To
in the cities.
lower classes to civilized
refinement, he cites
a
place
manual workers from the United
"Never
of
trol of
private property has produced heretofore.
istic
rest, a converted palace, where workmen may be
sent to taste for a time those finer things which
And he
Yet
States."
amateurish
so
a
Government
early Moslems found themselves in con¬
the
since
there
was
Cario, Damascus and Mesopotamia."
we are to believe that this Bolshevik Commun¬
Government which forbids
private ownership
property, denies the individual the exercise by his
though compelled to laugh. The other
own will of his skill and training, measures out his
day there was shown upon the screen some moving
is interested
of
pictures taken by the camera from an airplane while
pay on a
scale that puts brains and brawn in the
hopeless condition of ever rising by personal
same
One saw the surface of the earth
The vast expanse of city and sea accumulated effort, saving and thrift—if expanded
rise, whirl round, and overturn.
Huge to cover the earth, would make all things right for-
looping the loop.
upside down.
seemed
to
buildings, tall "sky-scrapers," thread-like evermore!
blocks of
waters of rivers and
in
the roofs and
had lost their anchorage;
streets,
IMMIGRATION
bay were above us, were moving
Whether
long, circling, plane-like masses, yet did not fall.
Perhaps Mr. Wells sees the new civilization wrought
in
normal,"
such way
some
by the "overturn" which abolishes
If
find it.
as we
will
we
or
EMIGRATION.
AND
not
we
we are ever
must take this world
to have peace and
"the
must station ourselves in a moment of
we
Our minds and spec¬
And to-day is all-
private ownership in property—a new motion given
time and survey the scene.
to the earth and a new motive to
tacles must be clear and clean.
mankind, wherein
Two things are true.
nothing shall exist as it was, and yet all that is good
important.
and
alleviate the
stable, that was and is, shall remain as before.
We
are
glad of this indicated concentring of this
whole scheme around the
erty.
principle of private prop¬
For in reactionary old-fashioned America we
have not
yet relinquished the belief that liberty and
advance for the individual and
initiative,
tinuous
It
energy,
society depends upon
enterprise, and the
happened that
as
Coolidge to
a
school society.
a
speech made by
Mr. Coolidge being
a
Governor and also Vice-President-elect.
a
short
We
place
excerpt alongside Mr. Wells and his devious
contentions
as
the midst of
a
the world
a
sample of good
Citizen Coolidge
"Our modern life is very
known of
on
common
sense
complex.
technical skill.
Its conduct is
every
mechani¬
device, all transportation by power-driven
mo¬
Thus, while
ourselves,
whelm the earth in
a
and pestilence would
few days."
over¬
"But it is not only
ing bonds
ditions
and
He is
The "re¬
engaged in fasten¬
lives, unconscious of the fact that con¬
reasoning is worthy we develop some truths
We cannot deny that it
applicable to immigration.
a
duty of this generation, since we find ourselves
a
people and
we
have
a
nation, to preserve and protect what
distinctively accomplished.
boundaries constitute
and
we
fruct
a
we
us
Our territorial
part of earth that is ours,
cannot conceive any
right to crowd
other people as having
off this particular part of earth.
believe it was, said "the earth in usu¬
belongs to the living."
Yet a right of self-
protection which inures in the nature of things to
cannot
capital and for its advance will depend
this.
interests, and that change is eternal.
one
and invested
see
give rise to relations and relations to rights
If this
by technical skill that modern civilization is sus¬
depends to a large'degree on accumulated
develop the gospel of duty to
the unborn according to his present
upon
in which he
tained.
It
according to conditions then to
we
light concerning the rights and wrongs of the time
Jefferson,
chemistry,
cannot relieve the
giving to this next generation its chance.
water
out
we
discover at the same time the duty of
we
former" does not
tors, all manufacturing, heating and lighting plants,
supply and drainage would fail to operate;
Second,
duties and activities
exist.
a
strike
First, we cannot
right the wrongs of a gen¬
or
generation that is to follow of its responsibilities,
is
says:
Strike out what is
physics, and substantially
eration that is gone.
in
topsy-turvy speculation of how to right
by ruining it:
dependent
cal
of con¬
the fourth article of this series
appeared the press quoted from
Mr.
power
production inherent in private ownership.
suffering
people must be admitted to all peoples.
though
push
there
or
crowd neither can another.
are
some
wide,
waste
If one
And
continental
Dec.
111920.]
THE
there is great
spaces,
CHRONICLE
in the density of
unevenness
population and the best part of the habitable globe
is
already pre-empted by peoples and nations that
have established their
ment for their
Anomalous
and confused
period of time.
That
to establish
us
To define it
more
close¬
said to be waged on one
war was
"democracy"
pendence."
by tyranny. If it is best to allow
goods and grains to circulate freely, it may be best
to grant the same
privilege to men. But it is seri¬
can
V creation
the earth, and to make
on
It actually resulted in Europe in some
of
the
ance,
number of
a
new
States.
Governments
having decimated and
war
continent, ties
desolated
a
were
broken, allegiances diverted, and
men
the unrest of
and
peoples using the
afford to shut out all
immigration for two years,
leaving the peoples to perish in their extremity. Yet
side it is just as apparent that it should not allow an alien
into being and with their advent and accept¬
sprang
representative republi¬
a
government in setting an example to the world
can
element to congest
power
races
increased.
All these
of government for their
re¬
in pent cities where crime and
want, and rebellion against law and order, fecundate,
to fester and
Not
arbitrary divisions of territory and the wilful
very
peoples and countries sodden in ignor¬
and menaced
ance
call it the after-the-great-war
for "territorial integrity and political inde¬
way
labor" from
ously to be asked whether
things transpire in the present heated
ly and vividly let
period.
peculiar forms of govern¬
own
protection.
own
2267
corrupt the body politic.
only must the "undesirable" be excluded, but
those that come,
skilled and unskilled, must be
allocated in point of location that
they
Americanized and
They must
for the purpose
ter and
assimilated.
so
can
indicated—the working out of
brighter
career
so
become
come
bet¬
a
for themselves and thus aid¬
ing the general advance, and not for leeching the
spective protection find themselves confronted with
trade and toil of the
country for
the
to return to live in
comparative idle luxury among
agitation of the period; and have
old States
quence,
well
as
as new,
migration and emigration.
as
conse¬
a
the problem of im¬
And it turns out, there¬
their
less
fortunate
while minor
former
a
few years in order
associates.
objections spring
up
So
fore, that in the swell and triumph of democracy and
solution, the guiding principle for legislation
human
not to be
one
brotherhood, emigration
and
a
problem to
and
immigration to another.
What must
seem
to many
anomalous is that in the
time and tide of free peoples and independent
very
States those
into
action
make of
boundaries
life, liberty and happiness.
exists
and
cannot
wall
a
beyond
in the pursuit of
Yet the self-preservation
be
denied.
If
the
United
States, yielding to the clamor of class interest shall
shut out the
immigrant for
two years, may
If the agony
period of six months
a
of living drives
men across seas
very
its strongest
on
appeal?
hand shut in its
Shall Germany
quo?
to seek
a
And again,
the other
people to the slavery of the
it be successfully
can
tained that the trade which is
sus¬
champing at the bit in
country and eager to be away, shall be loosed
to carry
now
its benediction of helpfulness, and the living
any
seems
class spirit
of the United States, but
But above every¬
thing else in the making and execution of law the
people from those who would
our own
tear down and overturn.
reads, found
A
husbandman, the fable
frozen snake in the field, and in the
a
goodness of his heart took it home and warmed it to
life
by his fireside, only to set it free to sting his
family to death.
As to racial
the
preservation and the "yellow peril,"
protection of the
must be
regarded
and avoidance of the other
one
as one
of the inherent rights of
hour of prior territorial possession.
population eager to seek relief in
far lands and condemn
every
interest) speaking
control, direction, and allotment.
or
not the same be done for all time?
opportunity, shall it be denied in the
status
prohibition (the yielding to
respective Governments should spring protection of
to
which individuals shall not pass
law
be
may
that,
to any and every
inferior races,
If it be said there
they stamp themselves
as
are
inferior by
seeking to rise by amalgamation rather than by their
solidarity of life and effort.
Nor have they the right
to demand
equality of treatment under immigration
laws
protect property, and opportunity,
that
moral and mental standards of
in
and
life, attained by those
possession.
tradesman and toiler be cabined and confined?
There would
unassailable.
seem
to be
a
middle ground
DAMNATION
that is
possession, the duty of transmission in the fullness
of power
ants
and benefit to those who
of the
are
lineal descend¬
present owners, the right of protection
against the poisonous agents
and agencies of
an¬
acceding to all peoples the democracy of
archy;
brotherhood and the
right thereunder to migrate in
the interest of fortune and in the almost
necessity of
harassed conditions and the embarrassments to life
and
happiness;—there would seem to be this middle
ground, inherent in the situation and accruing to all
Fifty thousand dollars is the reward finally of¬
fered
who
for the
discovery and conviction of the
committed
criminal act of the many
alarmed the
Arrests
city this
have
criminals that he has
the
a
broad and vital
one
rightly be considered in a narrow spirit.
Trade
can
But when
been
a
a
longer look is taken and it is remem¬
our
jails and prisons have for generations
same
penalty,
men,
now
still largely young, having paid
hardened experts in crime, brand¬
a
ed
by the prison, outcasts in the community,
no
career
up
long
to be able to go quietly
be best to shut out the "pauper
right and best for every nation to set
may
more
answer
ing doors will by and by be seen emerging the stream
of these
it
glad once
would take
chiefly schools of crime, and from their open¬
their
tariff wall,
community
about its business.
himself be bound by
If it is
any
The
dynamiters should be arrested.
hardly ask to be free to overrun the earth and man
chains and walls of government.
if
highwaymen
our own
and cannot
mean
number of the thieves and robbers and
bered that
problem is
"plenty of empty cells"; but
community must ask what it would
breath and be
The
which have disturbed and
year.
relatively few, and the chief
emigration and immigration,
emprise.
men
destructive
in his proclamation to outside
and
peoples which is the very base of
most
been
would be that the
of free
and
criminal officer says
peoples and States of the world to-day—namely the
either, and thus in principle deny that commingling
boldest
the
right to control and direct and measure out both
but not to prohibit
REFORMATION—THE
OR
PROBATION SYSTEM.
Recognizing the vested rights of prior
but
a
criminal
one
open
with
to them, we must
[Vol. 111.
CHRONICLE
THE
3268
do?"
ask, "What then?" "Is this the best we can
Family Courts domestic relations are care¬
from the
To-day we do well to be fully dealt with and everything done to preserve the
The service as a whole thus extends to care
angry, not only with the wrongdoers, perhaps also family.
with the officers of the law who catch so few and suc¬ of health, education as available in neighboring
"Is this
worthy of us?"
punishing still fewer; but what of the New schools, settlements and the like, employment, in¬
cluding better positions and earnings, with thrift,
York, what of the America, of to-morrow?
credit for rent, legal advice, purchasing, and care of
Happily there are men and women, though still
ceed in
only few in number, who are alive to the situation.
With not
much discour¬
little obloquy often, and
a
agement they have been striving to introduce better
criminal, but to wake up the community to rec¬
criminals
are
regarded unfit,
Of the various efforts in this direction the closest
not to weaken the
of the most promising is the
public confidence.
one
recently enlarged work of probation in the Magis¬
trates'
of this
Courts
city.
and if possible to
turn the offender to better ways.
with
A large
propor¬
criminals began their career
tion of the confirmed
petty offenses; but much wrong-doing has a
It is the result of
different history.
very
A suggestion has
solely.
process
dealt with
The
It proposes to attack
crime at its earliest appearance,
to
come
a
mental
a
mind not
lic
its possibilities
over;
no
finds
It
strong moral inclination
lodgment and is brooded
are
pleasant; its perils and
penalties fade; the sudden opportunity
all the
it has
comes;
aspects of familiarity; the transgression is
swift, though then strangely inexplicable.
It is irre¬
parable and the descent is
unhappily
many are
ready to "cast the first stone," and there
are none
to
easy;
chosen
are
Here the work
of
tude of the work in
port of
probation begins.. The magni¬
single field
a
City Magistrates Courts.
our
of these courts and
in the
There
34
they deal with 300,000 offenders
probation clinic in the country
for in its
does his
It deserves the special
and enlightened aim it makes
new
the effort to treat its
subjects
as
Each is dealt with
cases.
a
wise physician
individually and
the effort made to discover conditions and
and, if possible, produce
A most
before
are
re¬
This constitutes what is called the largest
yearly.
name,
appears
can
be tried.
new
officers
The law allows the
humane feeling
gence,
fort, and
the
any
The results show that 75% of all those
system.
placed
public, to avoid duplication of ef¬
possible curtailing of the influence of
so
complete and
so
are
proving
enlightening that the judges
no
longer have to act with only such facts before them
as can
the
be
got at
a
glance
or
from the declarations of
remade
Many youthful offenders who
by probation.
saved.
of
Many homes have been rescued from destruc¬
-
Many
women
have been lifted from the depths
despair, and millions of dollars have been saved
them
to
which
and
their
children
are
58
delinquents
probation officers to whom 6,668 adult
turned
were
4,013
were
in all
10,681
cases
under
over
during the
and
year,
carried forward from the previous year,
under supervision.
were
These
were
all
suspended sentence put by the Magis¬
trates into the
care
carefully selected
of the
probation officers, who
persons
are
charged with the task of
keeping, in touch with them and helping them in
every way
to get established in right living.
ficer has to
secure
full
surround him.
his education
community,
have been wasted through prison sen¬
may
tences, loss of jobs and the consequent neglect that
flows
incarceration
from
of
the
family's
bread¬
I'
winner.
There is
no
immunity from punishment
light of transgression in this system,
as
or
making
there is in
suspension of sentence and setting the culprit free
with
an
injunction to
and sin
go
no more,
when he
and has gained only increased
own ways
contempt for courts and laws, and when there is no
one
to look after him.
methods
mere
boys.
The
appears
are now very young men,
special court known
been
often
The promise of reformation is far surer
with them than with older
A
high significance of the
in the fact that the great
men.
as
the Probation Court has
organized by the Magistrates to establish sym¬
by
conditions
a
one
court.
This
judicial
secures
ity of method and continuity of connection.
super¬
uniform¬
It also
gives dignity and impressiveness to the final act of
the
and
probationary
process
of trustworthiness and is
the
when it is judged complete
discharge is granted.
probationer settled in
The credit for the
new
Magistrates, especially
It serves as a guaranty
an
a
important aid in getting
new
career.
system belongs to1 the City
to
Chief
Judge
McAdoo,
important influences that
Hovt, of the Children's Court, and Mr. E. J. Cooley,
the lack of
it, his employment and
competent physician where abnor¬
are
vision centred in
Judge Brough, of the Probation Court, and Judge
tendencies, and includes often mental and physical
examination
probationers by having the whole
begins with his home training,
This
or
The of¬
knowledge of the home life of
the individuals and all the
mal
the
and
pathetic relations between the Magistrates and the
culprit.
The
that
might have become confirmed criminals have been
majority of criminals
Special officers
means
lives that might have been marred have been
many
and real character of the
accused.
This
probation make good.
on
Magistrates 72 hours in which to learn the history
delegated to this task and the results
and have
and good sense,
Co-operation has to be secured, both of the
newer
are
The officers
by Civil Service examination under ex¬
training both in social work and knowledge of the
prefers his
a cure.
important work is done by the
probation
causes,
agencies, and the Service of Pub¬
perts, and have to be persons of integrity, intelli¬
tion.
stay their hands.
delinquents have to be
These
Health, both State and National.
laws.
duty, and with
has to be taken
probation system works in co-operation with
courts and of the
conviction.
as care
probationary system and destroy
all the other social
life
or
population
through other institutions.
fortified against temptation, with no clear views of
or
that embraces
feeble-minded, confirmed inebriates and habitual
ing conditions and what can be done to change them.
hand and
field
an average
Magistrates have the responsibility of decid¬
the
our
a
ing which offenders are proper subjects of probation;
ognize its own share of responsibility for the exist¬
to
has
miles with
square
150,000 souls.
The
They have been trying, not only to reform
things.
the
of
officer
Each
children.
some seven
suspected.
Where
cases
come
the chief
probation officer, who are doing all in their
power to secure the best
For years
possible results.
the Prison Association has been doing
similar work and
trying to keep the problem of de-
Dec.
111920.]
THE
linquents especially before the State
vidual but
social
a
problem, and
not
as
CHRONICLE
indi¬
an
co-ordinating of existing agencies and securing
tion in
the local communities.
reported, has
The
State,
All workers
ac¬
stand
prison population of 12,000.
Massachusetts, which
pioneer in the movement, announces that she
the
was
has not built
existing cells
The
cause
most
wide
cell in
a
twenty
years,
and half her
moral
example of the City of New York which, be¬
as
on
This
last
of
out
have
scarcity.
a
Yet
superficial
to
as
expect to take abundance
some
very
substantial truths
it
seems
unworthy of acceptance. For example,
unlikely that more can produce less; yet the
possibility of this will
have
seen
several
assisted
clear to persons who
seem
the street while several
more,
high
and
the
gives the testimony of his
factory manager of
In
or were
a
dropped, he
accompaniment
evident effect from
a
men
concern
observation to
more
may come
either left volun¬
says, an
increase of
one
one-
result—not
coincidence merely, but an
The
cause.
vernacular, something
manager says; as
often tend
typewriter
own
found to be
was
or a
zation, by the remaining
of
a
week when 60
eighth in the output
an
wages
possibly seeming paradox that
tarily
clock
something
men,
was
cause
was
a
reali¬
that, in the expressive
"up to" them.
he puts it, "workers
saw
So this
long lines
more
than just punching the time
required of them;" that is, if they cared to
keep employed they would have to "make good" by
was
making
goods
more
and
goods
of
all
draws and states another deduction:
plants
now
have opportunity to cast
out the human deadwood
they have been compelled
keep during the industrial boom of the last four
else close down outright. They are not, he
thinks, "firing" the inefficient in all cases, but "are
years or
simply putting them in their
based
on
their
the
announced
something and
earn
To
some
as
atten¬
recall (and it plainly confirms)
determination
system that
class,
proper wage
production capacity."
tive readers this may
Railroad
men
will
of
the
now
selves—for
a
their pay.
Under the
persua¬
by employers, it may not
to "fire" men, for they may fire them¬
time, until they realize that
a
change
of conditions has occurred since the time when
sooner
shall
we
get back to the solid, and
doing it.
BONUS—AND
THE
CONSTITUTION.
inquiry of the Secretary of State (who ap¬
parently should have the returns in custody) has
been unable to procure
2
the bonus
on
few
the figures of the vote of Nov.
proposition in this State, although the
fragmentary reports given out in the first week
of November indicated that it did receive
approval
majority of the electors voting thereon."
In
of "a
to "floods of letters of
answer
General
announced,
wait until the
a
inquiry," the Attorney-
month ago, that the
Legislature
create
can
men
a
men
must
distributing
commission, but that the bonus is "effective through
ratification" and the
Comptroller "can immediately
proceed to issue and sell bonds."
This is
settled
assuring declaration that the matter is
the
bonus
doubt about
some
a
an
and
that;
certain.
so
let
Yet
us
there
may
look into the
be
case
little.
The Constitution
the
a
provides that
law for authoriza¬
a
debt must
single out and distinctly specify
particular object and that "such law shall im¬
pose
and provide for the collection of
tax to pay
a
direct annual
and sufficient to pay" the interest
accru¬
ing and also to discharge the principal within fifty
years, the evident object being to conserve the State's
credit
by ensuring that provision for payment shall
be made
a
simultaneously with authorizing creation of
debt.
say
The bonus law submitted and voted
any
annual tax
funds for
It does
does
on
does
the bonds shall be payable in 25 equal annual
Pennsylvania installments, but does not provide
be required to do
sion of this determination
be necessary
and because
unorganized labor, to refraim from kicking
The saner and more cheerful we
the
are
tion of
This manager
as
Direct
careful
more
quality.
that industrial
successfully with¬
can
It will be better, for all organized
with the least distress in
job-hunters at the employing office and realized
that
to
and all
nobody
will rise in reality
more
but less, efficiency and output
now
out of less.
the
against the pricks.
TEE
It has been discovered that
the
prices decline.
by standing by.
straight to not
wages were
city employees deliberately felling
dead shade tree in
a
economic fact which
stand is that
wages
of being paradoxical
appearance
and therefore
that
says
(which is not altogether true,
our experience at munition plants
ship building yards) and that he now thinks
they should be the last to come down. But a further
they like to hear that they fall
into such delusions
manager
gojip
bearing in mind
boys have grown large enough to join
organizations and there listen to clever leaders
who tell them what
factory
and
when small
labor
troubles and their per¬
expressed in terms of commodities,
gradually return to the normal.
thing to
per¬
is cleverly deceived; it is only
eye
on
or sus¬
rate of wage as
is bound to
contained, the small¬
boy in the audience knows that the act is not
formed, but the
going
alter
employed, and between the quantity and
quality of output and between those factors and the
the platform takes from a
articles than the hat could have
est
Employers have their
now
or can
numbers
DE¬
larger aggregate of miscellaneous
a
changes
made
sternly includes both em¬
ployer and employee and demands philosophy and
sense and
patience from all. The relation between
MAND FOR LABOR.
magician
no man
of return to normal which
LABOR EFFICIENCY UNDER LESSENED
hat
The
one.
plexing questions about the future, and have them in
plenty. They are not entirely happy or at ease them¬
selves, for they are in a process of readjustment and
support of all citizens.
When the
right to be
by laws which
pend.
the
unpromising and difficult, cannot fail to have
influence, and the work should have the hearty
borrowed
be done by a kindly coming into
by employers) that there is not the
or of triumph¬
them in the mind of any employer who has a
over
come
be regarded
ought to somehow be made to under¬
can
slightest feeling of hostility to them
ing
are vacant.
of its local conditions
may
(which
touch with them
total
a
only to "just hop along" and put shop after shop
the closed basis.
on
last
as
16,000 probationers, with
some
had
such needing the
as
2269
or
other
means
or even
mention
of procuring the
meeting interest and discharging principal.
provide for distribution of the bonus, and
require the Legislature to provide "for estab¬
lishment
and
administration
of
for the amelioration" of persons
a
fund
to be used
suffering from dis-
this does not
of omitting to comply with a condi¬
abilities incurred in the service; but
the defect
cure
required by the Constitution in such cases. That
condition is that the same law which authorizes a
tion
debt
shall,
part of its own terms, provide a tax
as a
[Vol. 111.
CHRONICLE
THE
2270
placed another barrier before the bonus,
italicised were amended out, in the
would have
but the six words
unobtrusive and unobserved manner,
presumably at the instance of
forwrard-looking persons who thought the pro¬
customary
15 years ago,
some
some
It is surely viso might possibly get in the way, some time or
incompetent and absurd to claim that wrhat the Con¬ other, of a free indulgence in the contracting of debt
But put by for the moment all constitutional ques¬
stitution says must be in the authorizing law itself
tions and examine this bonus on grounds of moral¬
can be supplied by some subsequent law and referen¬
dum—except, of course, by going through the process ity, keeping in mind its radical defect of being in¬
discriminate and thus a very different matter from
over again and doing as required.
Is this constitutional obstacle capable of being a proposal for aid of persons who really suffered
A majority of 400,000 in the
surmounted?
If so, there is another still more seri¬ anything in the war.
ous.
Article VII, relating to the subject of debt, city and a half-million in the State is claimed, and
while only a few fragmentary figures are obtain¬
begins by declaring that "the credit of the State shall
not in any manner be given or loaned to or in aid of able, it is wholly probable that both the majority
takin'g
for
of the debt to be created.
care
individual, association, or corporation."
any
Here
further conserve the State's
the evident intent is to
by guarding it against misuse for private pur¬
credit
and the intent is made more clear by the pro¬
the credit nor
poses,
viso in another section that "neither
the money
of the State shall be given or loaned to or
much larger than usual on
and the total vote were
propositions. Conceding it so, the fact is
referendum
a
consider¬
condemnation, because, although a very
have been given from sen¬
able affirmative vote may
timental considerations, as
being "for the soldiers,"
great bulk of it was clearly from the persons
the
who
dertaking," with an exception in the same paragraph
mediate
expected the money and from their im¬
relatives and friends.
It thus stands out in
empowering the Legislature to make such provision
view
a
association, corporation, or private un¬
in aid of any
as
for certain afflicted classes of
may seem proper
tent is made
minor
clear, again, by another proviso that no
political division in the State shall give money
loan its credit in aid "of any
or
tion,
All this agrees with and con¬
corporation."
or
individual, associa¬
forms to the established doctrine that the
of
one
person
;
Now
"given
law, for the money is to be raised solely
credit, by exchanging the State's promissory
his
own
case, as
cannot
quibbling proposition that what
lawfully be done for "any" individual can be
for
and
each
individual composing
every
a
Perhaps it is of slight consequence whether the
proponents of this bonus were so eager that they for¬
got to examine or think
whether
they proceeded
constitutions have
Constitution,
of the
on
or
the understanding that
become, by general consent, mere¬
Human
people always
motives; therefore nobody is
direct¬
decisions.
Moreover, ex-service men engaged in a propaganda
for the bonus, and a well-known sensational journal
competent or trustworthy when he stands to
ly lose or gain something by his own
went
far
so
as
to
Ex-service
organize parades for it.
quite largely engaged as election inspect¬
men
were
ors;
the ballots were so indifferently handled and
canvassed that there are
was
not
as
grounds for doubts whether
much guessed at as counted
and
anybody will ever really known what it
A
cast.
as
was
"an
weekly journal which calls itself
independent newspaper for all Americans" yet
carries the motto "of the
veterans, by the veterans,
veterans," illustrated in its issue of Nov. 13
for the
mass.
judge, juror, or legislator.
frail, and judgment is liable to deflection
understand their own
whether
to advance the
violation of the uni¬
is competent to pass on
by personal considerations, nor do
The process is certainly "in
present cash.
selfish vote, in direct
nature is
somebody, and it would be an affront to rea¬
aid of"
done
as
versal rule that no person
the vote
notes for
son
to be
loaned" for this bonus, according to the
or
terms of the
that
.
State is proposed
credit of the
the
property
cannot be taken for the benefit of an¬
other.
on
The in¬
who are or may be a public charge.
persons
wanted and
the wrong
spirit which has pervaded this subject. It
rejoicingly proclaimed the success of a like bonus
in
one or
of
two other
several
States; it gloated over the defeat
candidates for
anti-bonus
ferring to them
as
Congress, re¬
"puppets of Wall Street," and
ly obstacles to be stepped over when encountered.
forecasting the successful taking-up of the bonus
But this raises
bill which went
a
question which should be and real¬
ly must be taken
tions
still
restraining power?
any
vestors who
and answered: Have constitu¬
up
might ordinarily deem
bond of tliig chief State
an
cial determination of the
issue, for it
to
5% long-term
purchase,
even
wisely await judi¬
Indeed, it
may
be that
an
application
enjoin the Comptroller from offering the issue
would be
no
orderly and legitimate, and there
doubt that any
will at least have
It is of
some
Constitution
izing
a
can
be
citizen who chooses to attack it
a
provided that
no
law for author¬
debt could be submitted to the people "at
any
general election when any other law, or any bill, or
any
amendment to the Constitution, shall be sub¬
mitted."
was
Inasmuch
as
a
constitutional amendment
submitted and voted on on Nov. 2, this
proviso
through the lower branch of Con¬
in the last session; it declared that the vote in
State "shows
that the
ests
soldier-enemies how folks feel";
people have "decreed the big-money inter¬
wrong" and that this is the "people's reply to
big business."
But
can
the vote be
reply" to anything,
One defect in
serious
ties ;
truthfully called "the people's
or
"the people's" in any sense?
representative institutions is that no
attempt has yet been made to protect minori¬
the greater outweighs the less, but that is no
reason
for
majority
standing in court.
collateral interest to note that the
once
this
validity of this proposed
hardly be doubtful that the question
can
will be raised.
a
attractive
in this time of dear money, may
in¬
At least,
gress
denying the less any wreight at all.
must
control
in
all policies,
The
including
spending and taxing; but this leaves still unattacked
the wrong
may
that the minority must submit to what it
abhor and what
destructive of all the
a
to
may
be unjust, unwise, or even
people.
As conditions are, if
majority of the electors of this State had decided
impose
the
a
tax for making a gift to all
service
men,
minority could only acquiesce, having no refuge
Dec.
111920.]
but in its
own
THE
thoughts; but in fact the people of the
State have not
given any such decision.
tion put
of
they have made
no
as
Nor
asked, for
were
a
the
of
solid
few
a
so
much
as a
even a
decent pretense at
seen
by
publicity,
journals.
or
the
correspondence columns
This bonus bill has been "ap¬
proved" by a "majority of the electors voting there¬
on," most of those persons being stirred and gov¬
erned
by
desire to get the money, while the great
a
2211
Perhaps
we should make a loan to
Armenia, and per¬
haps not to Armenia only; but kindly wisdom rather
than mere
impulse should govern the action, and it
should conform to the motto of "America
that is not selfish but of
The message does not
month.
of his
predecessors of
creation of
a debt
may be repealed "at any
the approval of such law
by the people,"
allude to the
as
our
get
own
so near as
did most
day to the original
mandate of the framers of the Constitution to
pre¬
he
comes
possibly
little
a
has been his wont.
ures
in
particular.
stand
by until
a
meas¬
confession of faith in which
solemn purpose to
last fighting day."
my
than the sentence he
more
than
manner
He says that he does not, but
bred and which it is
my
was
Union," though
that
nearer
Nor does he "recommend"
I
out of the situation,
for the Constitution
provides that any law for the
much
sent "information of the state of the
of the Government for the next four
years.
a way open
so
Mr. Wilson does not
that he seeks "to utter
is, however,
first," for
sympathy and
"league," and this reticence may perhaps be rightly
interpreted as an acceptance of the verdict of last
body of the electors knew nothing whatever about it,
being absorbed in the great struggle for possession
There
world-wide
a
humanity instead.
part of several pages
supplemented by a few voluntary men¬
tions in the editorial
of
and questions
which silence is
advertising type, practically not
when
a ques¬
few insertions, in a few journals, of
anybody, is not
even
on
To
people of the State
referendum proposition
a
answer,
money are not in the class
consent.
CHRONICLE
If that is
quotes from Lincoln that
time after
"right makes might," it must be
a
faith that de¬
if
mocracy will
find the way.
ultimately do right and
will 'somehow
that
no
debt
has been
already contracted in pursuance thereof.
The subject is before the
Legislature, with the way
clearly indicated, if that body has the wisdom, the
and the independence to follow it.
Gov¬
It is somewhat
Congress is=
challenged and left to find it, instead of having it
pointed out in the manner of authority.
new
courage,
ernor-elect
Miller is said to stand
aghast in contem¬
plation of total "requests" by departments for 220
millions
for
whetting his pruning knife for cutting out 100 mil¬
lions, to the distress of many directly-interested per¬
We
respectfully suggest to him that a good be¬
ginning would be to head off 45 millions of proposed
new
debt which
TEE
seems
to have
no
validity whatever.
In
address
an
tatives of
respects. It is less voluminous than
usual,
perhaps somewhat less rhetorical, although it
opens with some
platitudinous moralizing which
of
Pennsylvania, made
States.
persistent attempt to impose
principle of autocracy
proceeded
the whole
on
as asserted in the
but without the authority and sanction, of the
multitude"; this is true, but stating it does not bear
clearly on what course our country should now take
name,
for its welfare and for fulfilment
of
That
cannot
some
duties it
owes to mankind.
have had
we
an
of
autocracy here
yet be forgotten, and "the multitude" made
rejoinder to it
on
the second of last month.
We
cer¬
tainly should justify and live democracy
by enforc¬
ing justice and reasonable liberty at
home, by con¬
serving and increasing our own strength
which alone
through
we can
"keep house"
as
any non-democratic
my; we
form;
should revise
be halted
or
help elsewhere;
our
we
we
should
as can be done under
should practice
econo¬
taxes into
some
coherency
budget system, and not
discouraged by the veto which prevented
and reason; we
one
carry
successfully
should have
a
in the last
session; we should turn the people of
Philippines over to themselves as soon as
they
can be
safely trusted with self-care; we should aid
the
Europe in
some
effective manner, not
only for the
welfare of that troubled
with which this particular
so
broad
so
continent, but for
our own.
as
similar laws in
utility
com¬
common, officers and directors
utility companies made little objection to the pass¬
by Legislatures of statutes which it was under¬
age
stood
would
day they
regulate utility corporations, but to¬
astounded by the fact that regulation,
are
mild, has given place almost to absolute
authority of the shareholders and the
con¬
man¬
agement to make
new capital issues, to make ratesgive what the corporations may regard as
affording a fair return and even to operate the
which will
properties according to the best judgment of skilled
and experienced officials
having been wrested from
them in many
States and vested in the utility
missions.
some
In
com¬
respects the control of utility
companies by State commission is far greater than
that of the steam railroads
assertion of
represen¬
invitation
invested, although the statute
Some years ago, before
missions became
at first
war
upon
number of statements show¬
a
power
commission has been
trol—the
stopped with the
It is true that democracy
implies the right of the individual to freedom from
imposed tyranny and that the late
recently delivered before
public utility corporations,
ing the wonderful
first three
paragraphs.
undeniably
COBt-
Philadelphia Chamber of Commerce, W. D. B.
Ainey, Chairman of the Public Service Commission
Senator to remark that he should have
liked the document better had it
one
world "the
SERVICE
of the
and
from the
PUBLIC
MISSIONS.
other
in several
an
OF
creating the body is not
PRESIDENT'S MESSAGE.
The last
message of President Wilson is unusual
caused
POWER
next
year, with only 125 millions of
prospective revenues, and he is said to be
grimly
sons.
VAST
merce
Commission,
by the Inter-State Com¬
condition which surely was not
in contemplation when State
supervision was first
a
inaugurated.
The
cause
address of Chairman
the Commission in
jected to
Ainey
was
invited be¬
Pennsylvania had been
sub¬
public criticism for exercising so much
authority, and the opinion was growing that the
some
Commission
chairman
was
exceeding its legal powers.
The
evidently felt that he was on the defensive
and he made
a
strong argument to justify the posi¬
by himself and colleagues. His exposi¬
tion has a bearing
upon all like commissions, al¬
though they ^ary in statutory powers according to
tion
the
taken
legislation enacted in the
For
several States.
utility corporations were unre¬
stricted, that is to say, they had the general freedom
many years
of action
of other
corporations, the principle that
public corporations being lost sight of
State regulation arrived. They sold
bonds when they required more capital,
they are quasi
before the era of
and
stock
just as any private corporation would do.
They
fixed their rates exactly as the seller of any com¬
the
judgment of the managers such extensions would
prove to be profitable and before the days of com¬
They made extensions when in
modity might.
small corporations were
binations when numerous
exist, there was a
service which would draw more
competing and monopoly did not
rivalry to supply
(,
business.
But the State
stepped in and gradually
control and to a certain
such charters in
perpetual.
made the point that as the State
degree virtually impaired
the contract
special obli¬
gation to protect the interests of all investors in such
corporations and to see that while endeavoring to
provide the public with adequate service and reason¬
able rates, the rights of owners and of creditors
would not be permitted to suffer.
He pointed out
that regulations of a utility corporation carried with
it a regulation of the public, and that consequently
the authority of the utility commission extends not
merely over the corporations, but also over the pub¬
utility corporations, it was under
with
lic which such
indirect
comes
With regulation
corporations serve.
are
municipality and a public utility company
a
interfere with the rendering
invalid when they
by the utility company affected or when
of service
they deprive such utility company from
it
revenue
the
must
in
order
receiving the
to carry
its
on
words, if the State is to regulate
utility in the control of its revenue and service
it must also
regulate the public which is dependent
The broad
principle governing many commissions
that, first of all, a utility company, whether a
street
railway, light and power company or a gas
company,
upon
must be enabled to function. If it does not
in the hands
the market and placed them
permanent investors to the extent of $270,000,000.
The Dominion Government securities were
of
market, and undoubtedly in the near
the best in the
future the
a
would appre¬
selling price of these bonds
in his opinion, had served
The stabilization,
ciate.
useful purpose, but it was felt, in view of
methods of control so general dur¬
very
the fact that the
ing the war period
had been abandoned in so many
throughout Canada, that
sale of Government securities
countries, and generally
the control of the
should also cease.
1%
the
on
a sharp reaction,
dpening day ranging from
registered
The market at once
the net declines
maturity to 3% on the
the issues of early
on
1924 maturities.
As
reflected
inevitable the entire bond market
was
confusion when "Victories"
started on their downward course.
With the shortterm Government bonds offering yields of more
condition of general
a
7.5%, and the long-term in excess
than
of 6%, it was
municipalities to proceed with bond offer¬
futile for
Ontario Government succeeded
ings, although the
market last
placing $15,000,000 of bonds on the
in
United States
brokerage houses who absorbed the greater part of
week
through the co-operation of the
the issue.
is
,
displaying
for
well
writing, the market for Victories
of recuperation which augurs
a power
permanent
The
recovery.
market has
action
rapid absorption, mostly through the
shown
conservative investors who laid away the
of
long-
realization.
It is the
general view of leading financiers that
the market
securities
term
future
for
Victory bonds can now be
for
of stability.
their fears that
sure
Others do not hesitate to express
of national
debt
responsibilities incident to the taking
Canada, having regard to her limitations
income, has assumed a heavy load in the war
and the
the utility.
upon
is
obtain
In other
business.
come
regulation.
the courts have ruled that contracts
tween
The committee had
tions.
At the time of
Pennsylvania at least, according to Mr. Ainey,
entered into be¬
In
subject to violent fluctua¬
sold bonds which had
declared, had not been
granting the charter, many
the Eastern States being
Chairman Ainey
had in some
Assumed
extent impaired the contract
which it had made when
[Vol. 111.
CHRONICLE
THE
2272
over
new
of two trans-continental
in the times of
ingenuity to maintain its finan¬
have to exert every
cial
railway systems, and
depressed business now upon us will
strength unimpaired.
function it becomes useless to its owners and to the
No public utility company can give proper
public.
service unless it is
enue
supplied with
and thus it becomes
vice Commission to
so
a
an
for which they
were
created.
Our
compilation of the
United
States
makes it
deriving
CANADIAN VICTORY BOND PRICES.
EARNINGS FOR
NET
latter
gross
for
railroads
and net earnings of
the
month of October
plain that the roads have
very
freight and
WITHDRAWAL OF ARTIFICIAL CONTROL OF
as
yet been
little benefit from the great advance in
rates accorded the carriers
passenger
the
The situation, however, is
part of August.
apparently by degrees getting better in that respect.
The advance in rates is
being reflected in greatly
interesting development in financial cir¬
enlarged totals of
gross
earnings, though some of
during the past week has been the withdrawal
the benefits in that
regard
Ottawa, Canada, Dec. 10 1920.
The most
cles
of the artificial control of Canadian
restored to the active
exchanges.
came
as
and the
a
are
trading list of the stock
The action of the Minister of Finance
are
being lost because of a
falling off in the volume of traffic due to growing
inactivity in trade and also (as far
agricultural sections
back
of
are
as
the Western
concerned) to the holding
wheat, by farmers, for better prices.
The
complete surprise to brokerage houses
chief, difficulty however, with which the roads are
might be anticipated
contending is in the continued great augmentation
investing public, and
immediate slump
menced.
Victory bond
The Dominion Government securities
prices.
now
an
AND
OCTOBER.
duty of the Public Ser¬
regulate the public that the
'utility corporations will derive sufficient revenue
to fulfil the purpose
GROSS
RAILROAD
adequate rev¬
The
as
from previous standards
Minister
of
com¬
n
Finance, in his public
*n
expenses
under which the greater part of the
gross revenues
are
statement, points out that the control assured to
addition to the net.
the
Board in
investing public during the Victory Loan cam¬
paigns has been sufficiently exercised through the
committee of bond houses.
The price of bonds, he
eaten
Of
July awarded
themselves alone
$600,000,000
are
a year
up,
gains
leaving little or no
course as
the Railroad Labor
new wage
increases which by
estimated to add (at a
to the annual
minimum)
payroll of the roads,
Dec.
an
111920.]
THE
CHRONICLE
increase of expenses in amount of
$50,000,000 a
on that account,
cannot in any event be
control,
month,
avoided.
But
running far in
the
augmentation
of that
excess
in
figure and
ameliora¬
any
tions which will
to
serve
above this $50,000,000
a
prevent
rise in
a
kept in
poor
month.
situation
former
physical
condition.
329,844.
get
is
costs
in
the
and
everything
into the operating accounts of
else
road.
a
entering
will not be
slump which has
an
come
unmixed evil.
$9,080,575.
inevitable in
in trade, but this
extra maintenance
outlays will then be
factor
of
and
prices
fuel
gravitated towards lower
it is
and
encouraging to find that
For
will
the
have
to
turning out
be, they do not absorb the whole of the gain in
For October, the addition to the gross
the gross.
reaches,
according to
$130,570,938,
by
$115,634,417,
leaving therefore only
penses,
14.49%.
or
ment
our tabulations
of to-day,
25.94%, and this is counterbalanced
increase of
an
net,
or
28.89%, in
or
$14,936,521
This, however, is
ex¬
$104,878,082
in
$8,905,693 addition to the
for
October
are
as
leaving
expenses,
net.
The
only
comparative
follows:
For-
1910,
Inc.
Roads—
1920.
1919.
(+)
in those
or Dec.
Amount.
foregoing,
assumes
in mind how
%
costs.
of
huge
registered by
the
roads
to
report
(—)
1908
1909
1910
1913
1914
1915
+1,504
0.65
1910
+$130,570,938
25.94
1917
+115,634,417
28.89
+$14,936,521
Decrease.
$
...
...
—
...
...
...
...
...
.
%
Preceding.
$
$
Oct.
1906
1907
229,935
nothing to boast of in such
and the
was
growth
in the
years
our own
we
tables
monthly figures for
Net
Given.
400,219,326
extra
Inter-State
portion of the railroad mileage of the
always unrepresented in the totals
Year
1918
...
...
...
...
...
...
—
Increase
Earnings.
Year
Preceding.
$
261,117,144 232,556,223 + 28,560,921
263,464,605 260,821,546
Year
Given.
or
143,336,728 128,494,525 + 14,842,203
154,309,199 141,032,238 + 13,276,961
232,230,451 250,426,583 —18,196,132
+ 2,643,059
260,482,221 259,111,859 + 1,370.362
293,738,091 258,473,408 + 35,264,683
299,195,006 300.476,017 —1,281,011
269,325,262 298,066,118 —28,740,856
$
51,685,226
48,826,357
46,983,606
Increase
or
Decrease.
S
50,847,903
+ 4,858,869
—3,864,297
88,534,455 83,358,002 + 5,176,453
104,163,774 88,803,236 + 15,360,538
93,612,224 104,101,228 —10,489,004
93,836,492 91,725,725 + 2,110,767
108,046,804 93,224,776 + 14,822,028
97,700,506 110,811,359 —13,110.853
87,660,694 95,674,714 —8,014,020
311,179,375 274,091,434 + 37,087,941 119,324,551 89,244.989 + 30,079,562
345,790,899 310,740,113 + 35,050,786 130,861,148 119,063.024 + 11,798,124
389,017,309 345,079,977 + 43,937,332 125,244,540 131,574,384 —6,329,844
484,824.750 377,867.933 + 106956 817 107,088,318 122.581,905 —15,493,587
508,023,854 489,081,358 + 18.942.496 104,003,198 106.196.863 —2.193,665
633 852.568 503,281,630 +130570 938 117 998 8?5 103 062 304 + 14.936 521
14.49
Note.—In
the
as
Gross Earnings.
$503,281,630
$103,062,304
the
use
com¬
back to 1906.
Year.
1920
accounts
we
year
publication.
1919
as
and net for each
1908
11.85%. Inthefol-
of the October
days because of the refusal at that time of
of
some
231,439
.$117,998,825
or
summary
our
of $1,281,011
country being
515,853,743
..
At best there is
a
gross
totals, but for the preceding
each year—a
$633,852,568
Gross earnings
Net earnings
9.64%, and $8,014,020 de¬
$13,110,853,
and
1909
Thus for
years.
8.38%, while in October 1913
give the results just
1911
October—
Miles of road
Operating expenses
preceding
shrinkage in the
a
gross
Commerce
1912
197
two
Year
increase
or
compilations registered $28,740,-
furnish
we
parisons of
the
over
13.57%, and the
or
$30,079,562,
gain in
comparisons for September which
showed $113,783,775 gain in
gross,
attended by
totals
in net, or
lowing
improve¬
some
the
our
and in the net of
present
earnings is accruing to the benefit of the roads,
of
them
collectively—that
is,
huge
expenses are
both
table showed
a
speaking
though the additions to the
in
crease
increase in net
some
and net, the addition to the
856 decrease in gross, or
the
longer
no
supplies
levels.
as
gross
able part
recovery of previous losses, the totals of
earnings having shown decreases in gross and net
alike
inasmuch
better exhibit than the average
33.70%. These
gains, though, at that time represented in consider¬
juncture
October 1914
pace
a
addition to the net
employees. In the nature of things
of getting control of operating costs is a
but after another month or two it is certain
accelerating
rising
feature in railroad affairs.
having been $37,087,941
and undesirable
an
had
we
the process
proceed at
in 1916 and prior years
even
expenses were a
regards both
gross
incompetent
to
comparisons of the figures further
our
ceding (1915)
as
it will be helpful rather than the
reverse, since it will
make easier the task of
weeding out the
slow one,
we
comparisons were fairly good,
compilations then having recorded $35,050,786
gain in gross earnings or 11.28%, and $11,798,124
gain in net, or 9.91%.
In October of the year pre¬
consequent
Indeed at this
that
For October 1916 the
will, we may suppose, by degrees be
brought back to somewhere near its former standard.
view of the
the
at
our
but nevertheless
seems
1917
gross
and the three preceding years,
find that
we
operating
efficiency, which became impaired during Gov¬
ernment operation, can
only be restored gradually,
traffic,
The
month
back
labor
reduction in the volume of
October
Combining the October results, therefore,
Carrying
improvement i$ occurring, fuel cost, for in¬
stance, having somewhat cheapened.
Furthermore,
a
In
same.
$43,937,332, but expenses ran up in
$50,267,176 leaving net smaller by $6,-
amount of
Here, als©,
slackening of business with
the
of
$300,407,583, but as the expenses
jumped up no less than $309,488,158, net
earnings in the four years have actually dwindled in
some
Continued
much
have
extravagant prices ruling for fuel,
supplies
12.63%.
or
aggregate increase in the gross earnings for
an
•that
however,
before long these heavy maintenance
outlays should
come to an end1,
Another factor in the high operating
materials,
more
net therefore in October of that year of
for the present
equipment to their
Obviously,
expenses
striking fashion, increasing
$122,450,404 or 47.97%—involving a
was
of
amount
incur extra outlays
in order to restore track and
now
gain in the large
a
28.30%, but
or
time increased
repair during the period of Government
necessary to
in still
shrinkage in
$15,493,587
expenses
expenses are apparently much heavier
oMmarily due to the fact that the roads were
control, making it
$106,956,817
less than
no
Maintenance
than
of
moved up
tion of the
expense situation must look to modifica¬
earnings registered
gross
amount
is
expenses
2273
results
in
in 1913
expense
significance when it is borne
on
contracting cost again ought to be correspondingly
In October last year our tables showed
greater.
on
the number
of roads included
returns
were
241,214 miles; in 1911
for the month of October was 91 •'
based
on
on 231,721 miles; in
1909 on 238,955
236,291 miles: in 1912 on 237,217 miles;
243,690 miles; in 1914 on 244,917 miles; in 1915 on 248,072 miles; in 1916
1917 on 247,048 miles; in 1918 on 230,184 miles; in 1919 on
As far
vary
a
on
246.683 miles; in
233,192 miles;
the antecedent rise in operating
By parity of reasoning, however, the chance
1906
1907, 88; in 1908, the
miles; in 1910
in 1920, 231,429.
as
the separate roads are concerned,
considerably and
much
better
some
account
results
roads and systems give
of themselves
than
others.
The fact that the maintenance
expenses are
diminish¬
$18,942,496 increase in gross accompanied by $21,- ing in these instances and operating efficiency being
136,161 increase in expenses leaving $2,193,665 loss promoted, would seem to argue that in the course of
in net.
In October 1918 owing to the first great time similar
improvement will come in other cases.
advance in passenger
Director-General
of
and freight rates made by the
Railroads
under
Government
In the New
England States both the New Haven and
the Boston & Maine have suffered losses in net in
[VOL. 111.
CHRONICLE
THE
2274:
Increases:
Increases.
face
which
considerable additions to the gross,
of
the argument ad¬
vanced on behalf of these roads, namely that on
through traffic they are getting too low a pro rata
would
to give weight to
appear
net, and the Boston
177,162
falls $995,696 behind in the
& Maine with $1,489,350
increase
reports $1,089,420
gross
Central, though adding $9,013,650
The New York
carries forward only $365,411 of
to the gross,
this as a
gain in the net; the Bait. & Ohio with $6,097,626
increase in gross has added no more than $409,330
to
the
Railroad with
reports $1,913,186
and the Pennsylvania
net,
addition to gross
$13,490,606
It should be said
increase in the net.
to this latter
with reference
that the figures cover the Western
lines
Pennsylvania Railroad System as well as the
Eastern with the exception of those comprised in the
of the
St. Louis which
has done considerably better proportionately than
the
Pennsylvania itself, it reporting $2,705,926
increase in gross and $1,334,945 increase in the net.
The Erie actually has $77,611 decrease in net—this
on a gain of $2,827,599 in the gross.
The anthracite
coal roads all make pretty good returns and the
Reading is able to report $3,306,143 increase in
gross and $1,487,258 increase in the net.
Among the
Pittsburgh Cincinnati Chicago &
Western roads
several report shrinkages in the net,
the Northern
and the Atchison.1 On the other hand, the
St. Paul, the Chicago & North Western, and
others have succeeded in bettering their net.
South the Louisville & Nashville with $1,including the Great Northern,
the list
Pacific
Mil. &
several
In the
141,855 addition to the gross
suffers
contraction
a
Valley
Lehigh& NewEngla d__
Vicksburgh Shreve & Pac
178,553
decrease in net. The
great East and West trunk lines have on the whole
done much better than those of any other section—
but only to this extent that there are no very con¬
siderable losses in the net, not that there are gains
in the net proportionate to the increases in the gross.
in
128,992
120,248
120,197
Detroit Toledo &
Belt
167,020
—
Galveston Wharf
Gulf Mobile & Northern.
Pittsburgh & West Va._
St
St Louis Merch
Bridg
—
^272^994
Yazoo & Miss Valley
Bingham & Garfield..
142,964
140,603
Note.—All the figures in the
100,027
Representing 127 roads
in our compilation_$128,617,227
144,863
Joseph & Grand Isl'd.
South Buffalo
102.127
Kanawha & Michigan
165,588
161,700
156,860
154,615
154,248
152,316
Valley.
110,360
102,661
Gulf & Ship Island
Kansas Okla & Gulf
167,223
Iront—
Ry of Chicago
Central Vermont
Rutland
Trinity & Brazos
116,999
114,417
169,319 Cincinnati Ind & West..
Rapids & Ind
Grand
130]658
Midland
180,652
Monongahela
$139,579
134,557
Northwestern Pacific
Atlantic & St Lawrence.
189,236
184,537
182,130
Cincinnati Northern
The New Haven with $2,060,842
of the total rate.
addition to the gross
Western
Central RR of New Eng.
N Y Susq & Western-..
Lake Erie &
$203,538
191,713
Spokane Port & Seattle.
Newburgh & So Shore—
Bangor & Aroostook
Chic Terre H & So East.
Duluth So 8hore & Atl—
Chicago & Great Western
124,545
Representing 2 roads
in our compilation._
$397,539
above are on the basis of the returns
filed
Commerce Commission.
Where, however, these
total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (incl.
the Pennsylvania
Company) and the Pittsburgh Cincinnati Chicago & St. Louis combined,
the Pennsylvania RR. reporting $13,490,606 increase and the P. C. C. &
St. L. $2,705,926 increase.
b These figures cover merely the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of $15,617,356.
with
*
Inter-State
the
returns
do not show the
PRINCIPAL
CHANGES IN NET EARNINGS
IN OCTOBER.
ITVCT6&S6S
IftCT€CLS6S*
City Southern._
Western
Denver & Salt Lake
K C Mex & Orient of Tex
Denver & Rio Grande—
N Y Ont &
Texas
Pacific
Galveston Wharf
Cincinnati Northern
Representing 55 roads
516,122
in our compilation..$24,321,895
509,729
Dcctcctscs.
455,009
Atch Topeka & S Fe (3). $1,505,257
446,028
1,160,875
428,583 Louisville & Nashville..
1,089,420
409,330 Boston & Maine—
995.696
394,979 N Y N H & Hartford
724,656
388,611 Great Northern
Northern Pacific
644,534
372,416
478.933
6365,411 Western Pacific
414.046
355,346 Southern Pacific (8)
331,278
331,509 Chicago Burl & Quincy
318,223
326,50o Michigan Central
292,057
319.791 Yazoo & Miss Valley..__
265,102
315,933 Pere Marquette
223,862
306,269 Nash Chatt & St Louis..
221,244
304,719 Detroit Gr Hav & Milw.
181,484
300,648 Rich Fred & Potomac
Detroit Toledo & Iront.
176,272
291,694
151,498
271,025 Chicago Great Western.
Chicago Junction..
145,270
233,371
126,550
227,818 Georgia
125.215
218,291 Grand Trunk Western
123,293
214,248 Lake Erie & Western
Erie—
Delaware Lack & West—
Union RR of Penna
Southern Railway
Baltimore & Ohio
Cine New Orl & Tex Pac
Colorado Southern (2)-.
Bessemer & Lake
Maryland
New York Central
San Ant & Aransas Pass.
Seaboard Air Line.
Central
St Louis So West (2)
Kansas
592,693
Duluth & Iron Range
Buffalo Roch & Pittsb—
Western
$136,427
136,415
124,121
124,026
119,339
114,427
113,451
104,379
102,718
Chic St Paul Minn & Om
Pennsylvania RR (2)—a$3,248,131
Chesapeake & Ohio—_.
2,121,097
Pittsburgh & Lake Erie.
1,684,772
Philadelphia & Reading.
1,487,258
Elgin Joliet & Eastern—
1,178,004
Illinois Central.
954,557
Lehigh Valley
877,811
Chicago & Nor Western.
764,067
Internat'l & Great Nor..
753,733
__
Maine
— —
Chicago Milw & St Paul.
Chicago & Alton
Missouri Pacific
Virginian
Duluth Missabe & Nor..
Indiana Harbor Belt
El Paso Southwest
Toledo & Ohio Central..
Central RR of New Jer—
Missouri Kan & Texas..
St Louis-San Fran (1)
205,093
121,838
113,248
112,138
101.739
206,064 Central of Georgia
Chicago & East Illinois..
Toledo St Louis & West.
185,290
Bangor & Aroostook
Midland Valley
St Louis Merch Bridge..
a
Ala & Great Southern
196,155 Cleve Cine Chic & St L_.
194.083 Can Pac Lines in Maine.
New Orl Tex & Mex (3).
Representing 34 roads
152,525
141,872
in
our
compilation..$10,143,728
Pennsylvania RR. (incl. the Pennsylvania
This is the result for the
Company) and the Pittsburgh Cincinnati Chicago &
the Pennsylvania RR. reporting $1,913,186 increase
St. Louis combined,
and the P. C. C. &
L. $1,334,945 increase.
the Southern
figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
Railway has $1,832,668 increase in gross and $428,583
Michigan Central, the "Big Four," &c., the result is a gain of $2,095,248.
increase in net, while the Seaboard Air Line belongs
When the roads are arranged in groups or geogra¬
in much the same category, it having $676,783 gain
phical divisions according to their location, it is
in gross and $331,509 gain in net.
A particularly found of course that all record larger or smaller
of
$1,160,875 in the net, but by contrast
St.
6 These
itself.
favorable exhibit in this group
is that of the Chesa¬
improvement in the gross and—what is more signifi¬
$3,304,013 addition to cant because indicating improvement over the
gross
and $2,121,097 addition to net. In the
showing in September—all the sections likewise
following we show all changes for the separate
record improvement* in the net with the exception
peake & Ohio which reports
roads
for
increases
in
amounts
or
IN
CHANGES
PRINCIPAL
of $100,000, whether
excess
and net.
decreases, and in both gross
EARNINGS
GROSS
OCTOBER.
IN
Increases.
Increases.
Pennsylvania RR (2)
New York Central
Baltimore & Ohio
Southern Pacific
(8)
Illinois Central
Union Pacific (3)
a$l 6,196,532
69,013,650
6,097,626
5,350,157
3,896,166
3,815.721
Chicago & North West—
Atch Topeka & S
Erie (3)
Fe (3).
Philadelphia & Reading.
Chesapeake & Ohio
Chicago Milw & St Paul.
Chicago Burl & Quincy_.
Delaware Lack & West.
Pittsb & Lake Erie
Missouri Pacific
~
•
Lehigh Valley
N Y N H & Hartford- —
Chicago R I & Pac (2)..
Norfolk & Western
Southern
Ry
St Louis-San Fran (1)—
Elgin Joliet & Eastern..
Central RR of New Jer
Clev Cine Chic & St L—
Boston & Maine
Great
Northern
Northern
Pacific
Michigan
Central
ouisville & Nashville—
Louis Sou West (2)—
abash
ernational & Gt Nor.
falo Roch & Pittsb—
semer & Lake Erie—
n St Paul & S S M„
ware &
Hudson
ntic Coast Line
Colorado Southern (2)
Duluth & Iron Range
Pere
2,276,487
Maryland
Wheeling & Lake ErieVirginian
Chicago & Alton..
Seaboard Air Line
Kansas City Southern
Denver & Rio Grande
578.410
Louis.
Toledo & Ohio Central
Cine New Orl & Tex Pac
525,873
497,224
__
Seashore.
Nashv Chat & St Louis..
1,573,494
1,520,942 New Orl Tex & Mex (3).
1,489,350 South Atl SS Lines
1,471,678 San Ant & Aran Pass
groups
is
as
Chic St Paul Minn & Om
Angeles & Salt Lake.
Minneap & St Louis
Central of Georgia
Toledo St Louis & West.
Florida East Coast
N Y Ontario & Western.
Los
El
Paso
Southwest
Louisiana & Arkansas
sum¬
follows:
SUMMARY BY GROUPS.
1920.
1919.
$
"
Section or Group—
Group 1 ( 8 roads), New
,
865,096 Caro Clinchfield & Ohio856,295 Mobile & Ohio
482,429
471,624
451,722
449,398
448,362
411.397
399,976
376,139
365,889
353,297
330,889
293.942
Total
Inc.(+)or Dec.{—).
$
October—
$
633,852,568
(197 roads)
%
+ 4,876,297
23.17
+ 46,725,573
32.41
+ 15,178.219
30.71
England
534.947
N Y Chicago & St
West Jersey &
Our
Pacific Coast at the other end.
by
25,919,487 21,043,190
Group 2 (38 roads), East & Middle... 190,870,284 144,144,711
Group 3 (28 roads), Middle West
64,598,608 49,420,389
Groups 4 & 5 (35 roads), Southern
78,548,729 65,574,525
Groups 6 & 7 (30 roads), Northwest—139,800,443 113,884,643
Groups 8 & 9 (45 roads), Southwest.. 97,051,128
77,428,759
Group 10 (13 roads), Pacific Coast... 37,063,889
31,785,413
676,783
663,520
645,253
638.006
614.606
603,150
590.661
_
1,329,933
1,287.264
1,141,855
1,129,188
1,097,497
1,077,763
937,311
911,703
899,970
the
mary
683.164
Marquette
2,060,842
1,938,140
1,876,897 Indiana Harbor Belt
1,832.668 Long Island.
Grand Trunk Western
1,750,542
1,657,452
on
811,265
793,452
734.660
720,465
708,299
694,302
3,486,827
3,419,014
3,403,479
3,306,143
3.304,013 Maine Central
2,700,838 Texas & Pacific
2,637,751 Chicago & East Illinois
2,435,203 Union RR of Penna
2,369,039 Duluth Missabe & Nor
2,317,481
group at one end of the
comprising the tier of States
England
country and the group
$854,619
—
Missouri Kansas & Texas
Western
alone of the New
+ 12,974,204
19.78
+ 25,915.800
22.75
+ 19.622,369
25.34
+ 5,278,476
16.60
503,281,630+130,570,938 25.94
—Net Earnings
1920.
-MUeageOctober—
Group No. 1
1920.
7,407
7.298
1919
lnc.WorDec.tr->
$
$
1919.
%'
%
1,508,909
3,225,719
—1,716,810 53.22
+ 7,303,527 34.93
28,209,320
20,905,793
Group No. 3
18,434
18,540
13,664,499
10,623,302
+ 3,041,197
28.62
Groups Nos. 4 & 5..
39,007
38.582
11,522,606
10,399,180
+ 1,123,426
10.80
Groups Nos. 6 <fc 7_.
66,718
66,289
32,326,477
28,314,897
+ 4,011,580
14.17
20,047.082
17,981,785
+2,065,297 11.48
10,719,932
11,611,628
Group No. 2
Groups Nos. 8 & 9_.
Group No. 10—
30,665
52,482
16,726
30,525
52,118
16.583
291.001
Total
231,439
229,935 117,998,825
265,997
251,691
231,743
222.943
217,677
of Pittsburgh and Buffalo; also all of
214,783
extreme northern portion of West
NOTE.—Group I includes all of the New
Group II Includes all of New
7.68
103,062,304 +14,936,521 14.49
England States.
York and Pennsylvania except
New Jersey, Delaware and
Virginia.
—891,696
that portion west
Maryland, aad the
Dec.
111920.]
THE
CHRONICLE
m Includes all of Ohio
and Indiana; all of Michigan except the northern
gwdnwj^and that portion of New York and Pennsylvania
west of Buffalo and
bales in 1917.
Southern
combined Include the Southern States south of the Ohio and
Mississippi River.
The
outports
£rotip# IV and V
east of the
2275
RECEIPTS OF COTTON
details
of
the
AT SOUTHERN PORTS IN OCTOBER AND FROM
Groupt VI and VII combined Include the northern
peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St.
Louis and Kansas City; also all of Montana.
and
Nebraska, together with Colorado north of a line parallel to the
passing through Denver.
Groups VIII
Indian
?£
Mexico north of a line
running
Santa Fe and east of a line
of Louisiana; and that portion of New
from the northwest
oorner
of the State through
running from Santa Fe to El Paso.
>
As to the movement of the
Utah
as
as
movement there
was
leading staples during
considerable
i
Mobile
I"
Savannah
"I
Charleston...
Wilmington
Newport News,
ending Oct. 30
-IIIHIII"
.1111111
"
mm I
Ac.Ill"II
170
Total..
bushels this year against 55,971,000 bushels in the
corresponding five weeks last
But nevertheless
year.
at Duluth the wheat
receipts the present
10,569,000 bushels
against only 4,183,000 bushels
and at Omaha and
heavier
than
in
considerably
as
year were
Indianapolis the receipts
1919.
heavier
The
than
corn
last
were
movement
and
For wheat,
oats,
corn,
combined, the receipts for the
rye
the present year
CONTINUED
346
movement in
now
barley
our
usual form
OFFERING
Wheal.
Corn.
Oats.
Barley.
end.Oct.30.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago—
RATE
13,063,000
5,301,000
7,665,000
10,274,000
952,000
548,000
1,120,000
458,000
114,000
372,000
1919
112,000
1,262,000
the
395,000
703,000
TREASURY
The bills in this week's offering
FRENCH
French
rate
on
TREASURY
are
for
dated
BILLS
CONTINUED
6V2%.
ninety-day Treasury bills
was
advanced
were
63^%—the
discount basis of
a
time been
some
March
26;
disposed of
figure to which
had previously for
it
The bills in this week's offering
6%.
are
dated December 10.
CONTROL
CANADIAN
VICTORY
CEASES.
Open trading.in Canadian Victory bonds
exchanges in the Dominion
begun
was
on
the stock
on
Nov. 29, following
the announcement made
on Nov. 27 by Sir Henry
Drayton,
Finance, that the control of the sale of Govern¬
The
cease.
following is his statement:
The control of Victory Bonds has ceased.
The control which has been
exercised by the Stabilization Committee of the Victory Loan, was made in
performance of the promise made during the different Victory Loan
campaigns.
1,449,000
2,662,000
891,000
1,180,000
386,000
were
233,000
not
4,341,000
1,519,000
36,000
1.602,000
2,606,000
2,527,000
161,000
5,690,000
73,000
24,000
1,171,000
167,000
496,000
1,202,000
78.000
303,000
174,000
142,000
250,000
136,000
348,000
266,000
Toledo—
OF
BOND
932,000
513,000
St. Louis—
1920....
ON
this week
The
Milwaukee—
1920..
BRITISH
6%, the rate which has been in effect
AT
proper
1,874,000
OF
December 6.
Rye.
10,447,000
of
time past.
some
ment securities would
WESTERN FLOUR AND GRAIN RECEIPTS.
698,000
1,317,000
basis
count
Minister of
>
Flour.
1919
4.206
usual offering of ninety-day British
Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis¬
GOVERNMENT
Five wks.
1920
2.160
The
was
as
shown in the table
are
3,497
five weeks
aggregated 103,505,000 bushels
present:
550
BILLS.
The
against 100,268,000 bushels in the corresponding
period last year.
The details of the Western grain
we
'
was
receipts of 20,688,000 bushels in the five weeks end¬
ing Oct. 31 of the present year as against 12,871,000
bushels last year.
1918.
1919.
1,550,007 1,130,278
962,140 984.477 731,517 4,536.457 4,748,276 3,690,041
also
comprising
year,
1920.
©ttmwt %vmts and gtacttaalnug
only 50,267,000
were
1918.
91,306
165,346
164,508 152,161 183,126 1,004.638 1,113,499 1,150,573
8.322
22,572
18,970
109,646
101,911
74,784
357
7,625
5,857
18,863 IS 19,717
29,079
107,612 258,697 170,811
688.528 1.016,193
791,177
5,200
24,800
10,000
73,254
176,030
67,400
13.257
66,269
100.458
284,869
34,863
198,850
23,310
26,878 22,585
72,444
133,430
73,466
27,050
63,467
266.398
52,592
183,446
177,314
I.Ill""'
Norfolk
1919.
receipts at the different primary markets combined
for the five weeks
■•'."V
!
Since January 1.
bales 527,187 334,332 217,327
1,732,822
85,167
27.330
14,836
372,185
Texas City, Ac
New Orleans.
irregularity
between the different receiving markets and also
between the different cereals.
Aggregate wheat
11992200
«
Brunswick
October, Western roads had to contend with a
heavily diminished livestock movement, but in the
grain
Galveston
Pensacola, Ac
Qrovp X Includes all of Washington, Oregon, Idaho, California. Nevada.
and Arlxona and the western
part of New Mexico.
!
■
,
State line
Oklahoma, Arkansa and
city; Colorado south
"
October.
Ports.
1920.
nver*tlie whole of Texas and the bulk
.
'
Wyoming
,
and IX combined include all of
Kansas,
south of St. Louis and
Territory, Missouri
receipts at the
in the subjoined table.
appear
committee's
work
has
been
efficient.
very
Many subscriptions
made in the National interest and by persons whose circumstances did
The price of the bonds has not been
permit them to hold their bonds.
subject to violent fluctuations but stabilization of prices has been effective.
The committee has sold bonds which have
come upon
the market and placed
them in the hands of permanent investors to the extent of $279,000,000.
Stabilization has
now
continued for
more
than
a year
since the last loan
and full opportunity has therefore been given those whose circumstances
DetroU—
compel them to liquidate.
The Dominion Government securities
Cleveland—
are
the best in the market and
no
price fluctuations affect the quality of the investment and the liability of
Canada to redeem at par.
Peoria—
171,000
670,000
346,000
1,213,000
2,329,000
930,000
102,000
10,569.000
4,000
890,000
1,089,000
2,849,000
64,000
624,000
2,204,000
628,000
4,312,000
2,759,000
2,283,000
686,000
1,625,000
1,143,000
406,000
294,000
12,000
4,183,000
M inneapolis—
1
1919
20,558.000
371,000
future
tage.
The stabilization has served a very useful purpose, but it is felt in view ot
t
..
18.515,000
near
will appreciate.
It Is very much to be hoped that the people of Canada will continue to hold
the securities of the best country in the world to their great personal advan¬
Duluth—
Kansas
Undoubtedly in the comparatively
the selling price of the bonds
204,000
the fact that the methods of control
been abandoned in
so
so
general during the
war
period, have
countries and generally in Canada, that the
many
control of the sale of Government securities should also cease.
City—
7,609,000
7,701,000
1920....
1919
403,000
807,000
500,000
888,000
2,717,000
2,041,000
3,120.000
Omaha and Indianapolis—
1920
5,471,000
4,332,000
1919
CANADIAN
FINANCIAL
BY PRESIDENT OF
Total of All—
1920
1,411,000
50.267,000
1919
2,538,000
55,971,000
As to the
20,688,000
12,871.000
22,363,000
22,640,000
Western livestock
5.670,000
4,724.000
Kansas
as
against 28,872
City 11,517
cars
movement, Chicago
cars
in October 1919;
against 17,698 and Omaha
9,713 carloads against 13,363.
was
large receipts at the Gulf ports and the sharp
falling off
(as compared with
receipts
the Atlantic seaboard.
on
a
year
ago) in the
In the final total
the
change from last
the
receipts at the Southern outports for October
1920
were
October
bales
in
year
was
small.
Altogether
962,140 bales against 984,477 bales in
1919,
but
October
comparing
1918.
The
with only
shipments
731,517
overland
aggregated 94,322 bales against 170,398 bales in
1919; 232,623 bales in 1918 and 306,991
October
VIEWED
Canadian bankers
are
confident of the financial and general
business situation in Canada.
address
delivered
This is made evident by an
by President Bogert, of
the Canadian
Bankers' Association, at the annual meeting of that body
held
to
recently at Toronto.
Among other things, according
the Canadian Bureau of Information of this
city, Mr.
Bogert pointed out that comparative figures of the gold
In the Southern cotton movement the feature
the
AS
CANADIAN BANKERS'
ASSOCIATION.
4,517,000
4,062,000
reports receipts of only 20,388 carloads in October
this year
SITUATION
1,967.000
holdings of Canada by the banks and the Government before
the war, at the
conclusion of the
war
and the present time,
showed Canada's position to be a favorable one, when com¬
pared with that of Great Britain
or
the United States.
A
comparison of the note circulation of the three countries
showed that A while
between Dec. 31 1918 and the end of
August 1920, Canada's note issue had decreased by nearly
$2,000,000 in the
same
Britain had increased
States
by
period noted outstanding in Great
by $150,000,000, and in ihe United
$250,000,000.
Canada at the present
Another
favorable
feature
pleted and already announced whereby Great Britain
repay
for
time is the arrangement recently com¬
will
itsjlebt^of„$150,000,000AtoJhe Canadian banks in
[VOL. 111.
would have to be made,
exploitation of forests, the manufacture of machines and
automobiles, chemicals, textiles, paper, printing, petroleum, and electrical
fruit products,
enterprises.
GOLD
concerned in
vitally
Britain is
now
gold for British account.
''Times" of Dec. 7 had the following to say:
the
The
from
gold which has been received
in this country from
Further the gold is being sent here,
it is reported to liquidate a debt which
to the Argentine Government,
owes
could be obtained yesterday, but the banking
community believes them to
be accurate.
Advices from India
is
buying.
now
received in banking quarters yesterday state that gold
said to be between $10,000,000 and $15,-
metal,
the report
continues, now is finding its way to New York via London and, it is inti¬
mated that more than the $25,000,000 thus far received may be expected.
The yellow
000,000 already have been shipped to Japan.
should take place during
In
explanation of this movement of gold, it was pointed out that the high
Indian exchange ruling last winter had caused a reversal of the nor¬
rates of
in the exchange rates, culminating in the
PROPOSES
GERMANY
CALL
TO
IN
almost entirely in favor of Great Britain, most of
being made for British account, with some of the
issued the follow¬
and some coming to this country.
,
German
invalidate
currency
by American
held
investors.
half of this would have to be
These news¬
last May to
manner
"all notes
May 15 maturity, the
who bought it as
Large amounts of this currency are held by Americans,
pect of the currency being rendered
The New York banking firm
worthless.
:
-
here now believe that
caoled the Direction der Disconto-
bank states that the Government has no
for
*n
As
/:
official German bank, its message should be
of German'
ers
mark
NICARAGUAN
GERMAN
STABILIZING
FOR
PLANS
MARK
Press
Berlin advices to the daily papers Dec. 3 said:
Plans for the stabilization of the German mark by the
The
establishment of an
new
to
a
support
currency,
the Reichbank's ability to issue 16,000,000,000 marks in
have been worked out by Americans in Geneva, according
private dispatch from Swiss sources to the Zeitung-am-Mittag of
The syndicate's procedure, as announced, would
purpose
of refunding bonds for $5,000,000 held in
sold by the
the proposal has created a lively discussion in Geneva
England and for the
Atlantic coast.
building of an east and west coast railroad running to the
are
guaranteed by continuing the American collector of
general
v,;:'-;'
customs.
The Congress also
be to purchase German
United States Government.
The report says
ratified a
negotiated by the Minister of Finance with, a group of New York
bankers for a loan of $9,000,000 on bonds, the money to be used for the
The bonds
Berlin.
property in America valued at 4,000,000,000 marks, formerly
dispatches from Managua, Nicaragua, Dec. 9, said:
special session of Congress adjourned to-day after having
contract
2,000,000,000 gold
guaranteed by German property in the United States, which
American, French and English bank syndicate with a
would
CONGRESS APPROVES LOAN OF
$9,000,000 TO BE FLOATED IN NEW YORK.
'
mark reserve
needed "dollar funds."
reassuring to American hold¬
7'.':
currency.
fortnight.
A week ago it had recovered to 34.25, and
by placing her in much
semi¬
Disconto-Gesellschaft is the largest and most important
the
the past
33.00.
intention of calling in its currency
not feasible.
as
inclined to the
In the middle of November the rate was as low as
yesterday it was up to
35.375.
Parity of exchange is 42.44 cents to the Argentine paper dollar;
so that the rate still stands at a heavy discount in this market.
Payment
of the British debt here, it is thought, would help Argentina considerably,
received a
The German
stamping, that such a plan was discussed several months ago but was
abandoned
to Argentina, and they are
opinion that the gold now coming from England is to make up the balance.
Argentine exchange, which was very weak all fall, has been recovering
Gesellschaft, of Berlin, one of its correspondents, and has just
reply from that institution denying the truth of the rumors.
London
funds sufficient to meet the
loan to extend for seven or eight months. Bankers
maturity of that short loan was timed to offset the
maturity of the British debt
:
of Morton Lachenbuch & Co., which is very
active in the foreign exchange market,
from London last May said that a group of
banks had agreed to furnish Argentina with
speculation and who naturally become somewhat alarmed over the pros¬
a
6% gold notes which fell due at that time.
Cabled reports
was
Argentine
liquidate the $25,000,000 and £5,000.000 Argentine Govern¬
ment five-year
pointed out that in this
remaining in foreign lands will be rendered worthless."
It
for stamping.
supplied in the form of new money, as it was
understood that British Interests advanced $50,000,000 to the
"high official source" as| saying that Germany had decided to
adopt radical measures to protect her money exchange and proposed to
German
call in all currency notes
credit. This is
But, the report continued, only about
understood to mature about Jan. 1.
imminent to
printed a special cable from their Berlin correspondent quoting a
papers
Britain had contracted a debt of approxi¬
mately $100,000,000 with Argentina in the form of a grain
been given within the past few weeks to rumors
emanating from certain Western newspapers that a move was
It was
Regarding the British debt to Argentina, the reports were vague.
said that during the war Great
/,
As the
balance against India was
metal going to Japan
ing statement yesterday:
violent breaks
gold export movement.
the gold exports were now
STAMPING.
CURRENCY NOTES FOR
Morton Lachenbruch & Co. of this city
Wide circulation has
discount
selling in the Bombay bazaars at slightly more than a 5%
and that substantial amounts,
mal Indian favorable trade balance, with the result of recent
THAT
which falls
No confirmation of either of these reports
due about the first of the year.
the balance of the winter.
DENIAL
originally
received in the financial district.
according to advices just
India,
the. British Government
The effect
of these sales was just becoming apparent, and although no
material reductions have yet been made in the ordinary com¬
mercial loans, gradual improvement
$25,000,000
England in the last two or three weeks is supposed to have come
in the market for Canadian
Switzerland and Spain had already been
of
Regarding this the New York
000,000 shipped tq the Morgan firm on a recent movement
gratification, while Belgium, France,
matter for
was a
in
gold, consigned to the account of J. P. Morgan & Co.
It is
stated that this $5,000,000 consignment is a part of $25,-
Mr.) Bogert said it was re¬
assuring to know that the value of Canada's exportable food
products alone this year would reach very large figures, and
growers of products and grain dealers should be offered all
possible facilities for the marketing of these products.
The
wheat
|
Saturday, Dec. 4, carried a shipment of $5,000,000
last
speedy marketing of the crops,
fact that Great
MORGAN FROM GREAT
J. P.
Celtic, which arrived from abroad*
The White Star Liner
against commodi¬
ties for liquidations, but asked them to give reasonable time
for gradual absorption of the commodities by the public,
thereby avoiding further depreciation and the accompanying
being
SHIPMENT FOR
BRITAIN
bring undue pressure upon borrowers
banks
Societies Bank of Warsaw; Poznan Land Bank; People's
Inowrociaw;?and Poznan Land-Owners' Bank.
would have to
period to provide for these contingencies.
Discussing the
decline in commodity prices, Mr. Bogert urged the banks
The
Warsaw Land Bank;
Bank of
but he believed the majority of them had
accumulated sufficient surpluses during the profitable war
disturbance.
Poznan; Poznan Credit Bank;
Co-operative
losses,
not to
Industrial Bank'of Poznan; United Polish
Bank of Poznan; the
Territories Bank in
and those engaged in lines of business,
Merchants in some lines of business
belong to the combination are The Co-operative
The institutions which
Societies
depreciating in value with
falling prices, would have to draw on their profit and re¬
take
industry, sugar factories, breweries, starch factories,
the food
industry,
is'especially interested in the development of
Itjis concerned in the agricultural implement
agriculture In all phases.
holding merchandise which is
serve.
"Lacznosc Bankow"
The
is all repaid by April
1922.
This would bring a large amount of new money into
the country.
Canada, in Mr. Bogert's opinion, was prob¬
ably in a better position to recuperate from the war than any
other country, with its great resources and steadily increasing
volume
of
products.
Many commercial readjustments
monthly installments until the money
the purchase by
ratified
an
issue of Treasury notes for $1,500,000 for
the republic of the majority stock of the present Pacific
and also an issue of
railroad from the American syndicate now owning it,
Treasury notes for $2,500,000 for the
construction of the Atlantic railroad.
financial circles, where it is understood the plan must wait upon the Repara¬
It is said the French members of the Com¬
tions Commission's demands.
mission
disapprove of the plan,
belief that
American,
Swiss informant expressed the
but the
English and Italian
pressure
TION
ThelAmericans* chief interest in the proposal is said to hang
on
A bill,
to
The American Polish Chamber of Commerce and Industry
United
has made
of
(40 West 40th Street,
the
New
Yor}0
banks have formed
State and facilitate foreign trade.
a
combination
appropriation of $500,000 annually
campaign to
independence for the Philippines.
The bill provides
sending to the United States of independence missions.
obtain
for the
BANKERS'
TRUST FIGURES OF
The extension of credits to commercial
Even in the present state of
Detailed
returns
largest member is the Bank of the Co-operative
at the head of the Polish banking world.
In financing commercial
a
The capital of the banks in this
combination, without reserves, amounts to about 600,000,000 marks.
The
Societies, which stands at
undertakings the banks are taking into considera¬
general economic needs of Poland as well as the merits of the par¬
ticular enterprise.
^
obtained
by
the Foreign Information
New York, and
Great Britain, besides
repaying £50,000,000 to the United States, had on Oct. 31,
reduced her national obligations by an additional £248,000,000 during the current year.
The following figures show
the status of the British national debt at its maximum and
Department of the Bankers Trust Co. of
the Polish currency this union represents
powerful financial force in the country.
BRITISH NATIONAL
DEBT
new
and industrial undertakings in Poland by Polish banks has assumed such
,
an
spread propaganda in the United States in a
called
the banking problems of the
large proportions as to be beyond the scope of individual banks.
tion the
STATES
adopted by the Philippine Legislature on Dec. 1,
provision for
.
leading Polish
"Lacznosc Bankow," in an effort to solve
r
UNITED
INDEPENDENCE.
public the following from the Warsaw "Gazette"
of Oct. 13 1920:
Nine
States
IN
the desire
export trade with Germany.
NEW POLISH BANK COMBINE
the
PROVIDES
LEGISLATURE
PROPAGANDA
FOR FORMER'S
makes
in
FOR
"j
accept it.
to revive
PHILIPPINE
would force them to
made
public Dec. 3, disclose that
after repayment
of the American loan:
Dec.
111920.]
THE
British
Debt
CHRONICLE
Total Debt*—»■
.
Jan.
1
Oct.
1920
31
»
PORTUGUESE GOVERNMENT LOAN OF
£6,000,000
-
Lisbon advices to the
daily papers, under date of Nov. 12
and made public here
Dec. 7 report an announcement to
the
effect that the
Portuguese Government has made an internal
loan of
£6,000,000. It is added
€8.079,000,000
1920
Amount
7,781.000.000
of
reduction...
€298,000,000
—
The
company also in its announcement of the 3rd inst. says:
Latest returns of the
British Treasury also indicate that the national
This is expected
by Portuguese financiers to have
expenditures
are
being kept within the limitations announced by the
Chancellor of the
Exchequer at the beginning of the fiscal year, April 1.
the rate of
exchange.
mediately
While national
Income has been lower than the amount
required at this
time to equal the
Chancellor's estimates, heavy year end
receipts have yet
to be realized.
f
The estimate of
receipts from April 1
418.300,000,
tures
an average
1920 to March 31
of €27,270,000 weekly
1921
British
Expenditure,
Actual
the United States in
Returns.
€783,565,000
.....
at the
681,659,000
Legation
LLOYD
GEORGE
OF
ENGLAND
URGES
TRADE
ESTIMATED
cor¬
is
"Times" from
a
London Nov.
30, which
give herewith:
we
Premier Lloyd George,
speaking to a gathering of business
a dinner given
by the Federation of
directly to the question of
men In
lengthened, mitigated*
on
its
London
British Industries, went
the present trade
slump, which he said might be
or
aggravated, but could
not
be avoided.
He laid stress
This
copyright cablegram to the New York
to-night at
worldwide character and
causes
ing necessity of applying,
possibly
and the correspond¬
so far as possible, a worldwide cure.
For him that
peace—not merely the signing of
treaties, but the rebuilding of nor¬
of good-will.
Great
mal economic relations
and restoration
said, lies in the
survival of war's rancors,
controversy," to which
too
many
hindrance, he
the "blowing up of the embers of
people In
too many countries
still
are
addicted.
Regarding economy, he affirmed with emphasis the
present duty of all
cut down public
expenditure in every practicable way, but
Governments to
a
public.
reminder that private
extravagance is just as mischievous
as
"Since the war there has been an
orgy of expenditure," he said.
"In
this country, In
France, In America, in fact in any of the
shops and In any
place where money is spent, they will tell
you the same thing.
'Let the
Government set
example to the Nation,' but let the Nation set an
example to the Government is as vital.
If we are going to build
up our
there should be economy all around.
I saw an
appeal by
the newly-elected President of
the United States on that basis—a
sound
one, a sensible one—to the American
people as head of the
Government,
and I make the
railroads
same
PAYMENT
appeal to the people of this country."
OF
S.
$10,000,000
ACCOUNT OF
cablegram from London
TO
GREAT
WAR
to the
CONTRACTS.
daily
papers
BY
.
Dec. 7 said:
The American army
has, in one way or another, cleared up all
outstanding
contracts with Great Britain
by payment of a lump sum of
approxi¬
mately $10,000,000.
The bulk of this goes to
pay for heavy
shortly before the armistice, delivery of which has
but is hoped to be by the end of the
year.
artillery ordered
not
been completed,
The next largest item was that incurred
for the North Russian
campaign,
for which the United States
paid Great Britain approximately
$1,750,000.
This was mostly for articles of
equipment, and when the armistice was
signed hundreds of men in Great Britain were
working on big gun contracts
for the United States.
As the materials
already had been purchased for the
contracts it was considered advisable to
allow the manufacture of
the
proceed, thus giving employment to
the contracts in that
manner, rather than
them.
a
large number and completing
trying to
pay a
lump
sum to cance
,
VATICAN.
|
from Paris
the French Chamber of
Nov.30,
Deputies, supporting the Govern¬
resumption of diplomatic relations with the
that date, voted confidence in the
ment's bill for
a
against 195.
Government,
The bill
was
adopted later by
a
vote of
These advices add:
Leygues raised the question of confidence on an
amendment,'
moved by Deputy Avril,
providing that while France should have
an
Ambassador at the Vatican, the Vatican should
not send a nuncio
to Paris,
on the ground that it was
likely to interfere with French internal
affairs!
The Premier refused to accept the
amendment, which was then rejected
authority from Parliament to send
279,000,000 francs
300,000,000 francs
in order to cover the
floating debt and
being operated is attributed
are
by the railway officials to the excessively high cost of fuel and
the constantly
increasing
wage and salary dsmands of the railway
personnel.
In order to
combat the fuel cost, the recommendation is
made that the electrification
program now well under way
be pushed with all possible speed.
To this
end will go the bulk of
expenditures for capital account.
The electrification
program for 1921 calls for an expenditure of some
52,000,000 francs, not
including
rolling
estimated
of
material,
which
for
which
alone
about
29,000,000 francs will
some
39,000,000
be
locomotives.
devoted
francs
to
is
electric
:
FUNDS
ADVANCED
FOR
CREDIT
TO
ITALIAN
COOPERATIVES
The
receipt of the following advices under date of Nov. 1
Osborne, Secretary to the Commercial Attache
from A. A.
at
Rome,
was
announced
Nov. 29
on
by the Department of
Commerce at Washington.
of the Italian Council
to
sum
Cooperatives.
of Ministers on Oct. 29 it was
of 20,000,000 lire to the National
Institute for
The
Institute
is
the
medium
through
which
distributing supplies at low
The present high prices of foodstuffs
and
cost to consumers are financed.
competitive purchases by food speculators have
seriously straitened the
capacity of the Institute and of the cooperative associations to find
adequate
funds for
buying and
carrying large stocks of goods for later retail dis¬
consumers.
The advance of 20,000,000 lire
authorized by the
Government will place the cooperatives in an easier
position with respect to
the credit needed to carry on their operations
and'give their members the
benefit of lower prices than they could otherwise
obtain.
tribution to
U.
S.
MONEY
ORDERS
TO
ITALY
IN
AMERICAN
CURRENCY.
Postmaster General Burleson at
that
beginning Dec. 15, all
Washington, has directed
money orders issued in the United
States, payable in Italy, shall be expressed in dollars and
and converted in
Italy
cents
the day of receipt at the current
exchang erate of that day into lire by the exchange office of
In
Post Office
an
on
made
announcement
public
Nov.
26,
the
Department said:
This action, which was taken at the request of the
Italian postal admin¬
that the payees will
receive the largest
possible amount in Italy, as the postal authorities of that
country agree to pay the orders at the market rate on the date that
the
descriptive lists of the orders are received at the exchange office in
Turin,
and is expected to be very popular with the
patrons of the postal service
who desire to send money to
of
of
much
a
larger
amount
Italy, because of the certainty of the payment
in Italian money than is possible under the
plan
fixed rate of conversion in
use
heretofore.
men
to express the amounts
of debts, contracts and other obligations
exclusively in money of the United
States rather than in the currency of the
foreign countries will also be
encouraged, since after Dec. 15 only the amount in dollars and cents
will
appear on
the money orders and advices payable In Italy.
a
force,"
he
neglect."
declared, "which France
.
Former Premier Briand remarked that he would
vote with the Govern¬
sending of an Ambassador to the Vatican.
ment for the
Premier Leygues reminded the Chamber that
Great Britain
taining its envoy at the Vatican and that the Swiss Government
ing diplomatic relations with the Vatican, broken in 1873.
SOUTH AFRICAN FINANCES
Government's decision
French Ambassador to
the Vati¬
can was simply a question of
foreign policy and that it was in the interest of
France.
"The Vatican is a moral
cannot afford to
about
voted.
Premier Leygues stated in the Chamber that
the
to ask
to
.
The growing practice of American business
Premier
was
1921
istration assures the remitters of orders in this
country
According to Associated Press advices
and the bill
of
exchange
consolidation loan
to a maximum of
Italy.
FRANCE TO RESUME DIPLOMATIC
RELATIONS WITH
397 to 209.
end
the treasury needs for the
year 1921.
The continuing deficit at which the roads
big
.
387
normal
cooperative associations and other bodies for
BRITAIN
war
on
the
at
The proposed budget for next
year estimates the needs of the
railway
treasury at 133,000,000 francs.
The proposals is submitted that
the
Federal council in conjunction with the
railway authorities and the Swiss
National Bank be authorized by the
legislature to issue a
At the meeting
Vatican
SWISS
Including the current year, will bring the total deficit of the
Swiss
(Swiss franc—$0,193 at
Credit
guns to
OF
1921
The prospective deficit added to
the deficit accumulated in the last
six
decided to advance the
U.
FOR
an
resources again
A
in charge
The following from Trade
Commissioner H. Lawrence
Groves at Zurich, appeared in Commerce
Reports of Deo. 3:
Government
learned from
CONDITION
RAILWAYS
years,
good will.
he added
Secretary and Counsellor.
as
the Swedish representative in
as
FINANCIAL
SLUMP.
rection of the world wide trade recession
lies not merely in
the signing of peace
treaties, but the .rebuilding of normal
economic relations and the restoration of
cure is
duties
Washington, Mr. Ekengren during the war was
Austro-Hungarian affairs in the United States.
RE¬
According to Premier Lloyd George of England the
'
March, 1912, after six years' service
Washington
In addition to his
BUILDING OF ECONOMIC RELA TI0NS TO
REMEDY
or
at
of
PREMIER
shortened
improvement in this respect im¬
announcement.
The Government has made a
Wilhelm August Ferdinand
Ekengren, Swedish Minister
to the United
States, died at Washington on Nov. 26, after
a brief illness.
Mr. Ekengren was
appointed Minister to
Income and Expenditure.
€746.460,000
beneficial effect upon
a
some
DEATH OF SWEDISH MINISTER TO U.
S.
€1,176,053,000, a weekly average of €22,620.000.
The table
below gives the actual
receipts and expenditures for 33 weeks, to Nov. 20
compared with the average of the estimates.
€899.910.000—
following the
was
€1,
was
and the estimated expendi¬
Estimate—33 Weeks—
There
contract for a
supply of foreign corn said to be
sufficient, with the home
product to supply the needs of the
country.
are
Income,
2277
Reduction.
was
main¬
was resum¬
R. E. Saunders, New York
of South
Agent for the National Bank
Africa, received last week a cable dispatch from the
bank's head office in
Pretoria, Transvaal, "giving
the conditions in that country.
Despite the
check
to
commercial
a resume
of
The dispatch said in part:
prosperity
the
Union
Government
finances for the first six months of the crurent financial
year are in a sound
condition.
Expenditure for the above period is under half the
annual
estimate and whereas
€165,000 deficit
was
anticipated it Is
now
undoubted
that a substantial
surplus can be
in
of €14,000,000.
Government Imports and specie, the value
000,000 against expenditures
Excluding
for the eight
months ended August was
British Possessions
From Foreign Countries
Last year
i
£6,846,342 equals 11.5%.
€19.525,619 equals 32.6%.
the above percentages were
44.2%, 15%, and 40.8% respective¬
ly.
eight months ended August
during same period
1919.
Total value of Exports €33,672,225 (excluding raw gold €25,707,970
compared with €31,460,665 last year. Chief Items are:
Oversea Cargoes
landed at Union ports during
compared with 745,000 tons
totalled 1,300,000 tons
Wool, £14.472,750
diamonds, €8.611,982 hides,
scure
owing to British
wool and mohair
countries which have
large an extent during the war is far below
markets. They continue to need the surplus
output of the American producer.
In many cases they need this output
as raw material
for reconstruction, which must be effected if they are to
pay their bills, and the economic balance of the world is to be restored.
It is important to the American nation again for this reason, that these
goods shall reach them.
The difficulty comes with arranging the terms of
bought American goods to so
requirements of their own
£1,034.334 sheepskins,
Volume of business meagre.
markets.
of old orders are now
soft goods in execution
heavily stocked.
the
ob¬
the
Large supplies of
arriving and merchants are
sale.
_________
liquid assets with which to pay for our
goods.
Our manufacturers and producers are unable to accept long-term
payments and thus tie up the money invested in producing the goods over
a period of years.
The only way in which this diverse position of the two
parties to the transaction of our exporting can be adjusted is through an
agency capable of accepting the offers for long-term payments from the
foreign nation, and advancing the money on them immediately to the
AFFECT CHILEAN
Through force of circumstances,
enter into the
last .six
of soda and copper
Chile's post-war trade with the United
was the expansion of that trade after 1916, its subsequent
more abrupt.
The acute consequences Is reflected In a
peso worth but 14M cents In New York to-day, or 60%
present condition of
Sharp as
States.
too much nitrate
decline was even
Valparaiso paper
its products exports for its imports, Chile has always
trade balance. This small balance rose from 43% of its
572,573, placing the
Agencies of the kind
1919 volume considerably
below that for 1917.
In
from Chile and exports
of soda imported by the United States
from Chile.
In 1918 it reached almost 1,800,000
approximately $90,000,000. With sharp shrinkage of
American needs in 1919 nitrate imports fell to less than 407,000 tons valued
at less than $19,000,000.
Chile sold upward of $43,000,000 of copper in
1918 and $24,000,000 in 1919.
Her combined exports of these two com¬
modities to us in 1918 were 80% of all her exports to America.
They were
analysis of the Edge Law at
is similar to that familiar
in this country, of a street railway company which needs new equipment,
and an equipment company which has equipment to sell to it.
The street
railway company can only pay for the equipment through an issue of
long-term bonds.
The equipment company operates a subsidiary company,
which can accept these bonds and issue debentures against them for sale
to investors.
From the proceeds of this sale, it receives immediately cash
for
of Chilean nitrate
1 1908:
30
1919
-
1918
1917
1916
^
1915
1914
1913
-
1912
u
1911
L
1910
1909
1908
AUSTRALIA
Imp. Bal.
Exports.
Imports.
1920, 9 months to Sept
$97,998,627 $43,250,320
82,442,364 53,471,683
166,082,920
142,597.929
82,123,995
37,284,043
24,238,713
29,553,823
22,297,192
20,230,463
20,381,138
16.700,994
12,494,122
$54,748,307
66,404,300
14,934,955
57,549,304
33,383,499
17,816.114
13,667,618
16,616,912
15,363,738
9,981,278
6,787,537
6,373,911
EXTENDED OPERATION OF
28,970,681
99,678,620
85,048,625
48,740,496
19,467,929
10,611,095
12,936,911
6,933,454
5,295,508
10,399,860
9,913,457
7,120,211
WAR PRE¬
ACT
CAUTIONS
27, a cable¬
Commissioner A. W. Ferrin of
Melbourne, states that the Australian Government has
extended the operation of the War Precautions Act to Jan. 1
1922, and that foreign companies must obtain permission
According to "Commerce Reports" of Nov.
gram
from American Trade
from the Federal Government to
wealth..
immediate payment for his exports.
institution of sufficient magnitude to take the
place in relation to our foreign business that the Federal Reserve Board oc¬
cupies with respect to our domestic business—a national institution to open
the way for the financing of foreign trade to the American people—and
it has been developed with that thought continually in view.
Banks, manufacturers, farmers, exporters and individuals generally from
every section of the country will be asked to subscribe to the $100,000,000
capital stock of the corporation, each Federal Reserve District subscribing
an amount as nearly as possible proportionate to its resources,
25% to be
paid in at the commencement of business, and 10% every sixty days there¬
after.
(This is in accordance with the terms of the Edge law.)
The
board of directors will be chosen as nearly as possible according to Federal
Reserve Districts, vesting control in a national body.
With the resources
which the organization would have at hand, the operating personnel could
and would be composed of the ablest experts in the country.
It would
operate under the guarantee of safety of the judgment of these experts
working with a sense of national responsibility, and checked and super¬
vised by the highest Federal banking board in the land.
Of the ability of the American people to solve this problem through the
investment of their surplus funds in foreign securities and the financing of
our export trade, there can be no doubt.
In the unbalance of business operations during the war, the money of
the world flowed to them in exchange for American goods.
The largest part
of available wealth to-day is in their hands.
They have in addition vast
potentialities for an increase of this wealth through increased production
and thrift.
It will be the problem of the proposed corporation to demon¬
strate to the American people the fundamental soundness of foreign invest¬
ment and its need.
It will further be its problem to encourage by every
means within its power an added thrift and production which
yield
annually an added surplus of wealth for the carrying of our export trade.
the announcement of
that
the Basic Wage Commission has recommended
£5.16.6
($ 8.34) as the weekly basic wage for the Commonwealth.
The
producer and manufacturer
plan is further for an
of Commerce on Nov. 27, also reports
EUGENE
H.
SAB IN ON URGENCY OF FOREIGN
a
discussion on Dec. 5 of the plan for the
formation of
the Foreign Trade
meeting to effect
In
urging the
Financing Corporation, a
which opened in Chicago yesterday [Dec.
t clear that
he does not believe
is to hold the grip on the markets of
of the world"; he
"I do believe that its resumption will be
one important step in remedying the congested state in the
business of our agricultural production, in our industrial
commercial processes, and in our banking
be understood that the policy of pricesmashing has, by confession of the Secretary [of the Treas¬
ury] himself, produced no liquidation of loans, and Governor
system, for let it
laid out the proposal that the plan is es¬
the resumption on the part
"will cure all the woes
said, however:
production, in our
sential if the country
BENEFIT^ RESULTING
revival of the War Finance Corporation,
Sabin, President of the Guaranty Trust Co.
have studied and
ON
WAR FINANCE CORPORATION.
Jr., at the joint session of the House and
Committee on Agriculture on Dec. 6, sought to make
declared that it is the belief of the men who
10], Charles H.
of this city,
proposed
JR.,
Eugene Meyer,
of the corporation
TRADE FINANCING CORPORATION.
In
MEYER,
FROM REVIVAL OF
Senate
CHARLES
other foreign nations are in the
trade within the Common¬
The cablegram according to
the Department
equipment.
present case the European and
the
American
elongated coastal mountains, has a genera
climate and a soil capable of marvelously varied production.
It has
abundant raw workers and raw material and but little capital.
Following is statement of imports from and exports to Chile from Sept.
Chile, with its remarkably
30 1920, to Jan.
by Gilbert H. Montague,
railway company; the United States, its manufacturers
and producers, are in the position of the equipment company; and the pur¬
pose of the Edge Law is to furnish the agency analogous to the equipment
company's subsidiary, to accept the foreign nation's securities, sell them,
and with the proceeds give the manufacturer and producer cash for his
goods.
The plan which is to be considered at Chicago is of a single insti¬
tution, national in its scope and control, of great financial power, operating
under the supervision of the Federal Reserve Board and in accordance with
the terms of the Edge Law, which shall receive foreign securities and by
selling debentures against them to the American investor furnish to the
j
brought $.14.
pointed out in an able
as
position of the street
aggregate $60,000,000, and
New York market
its
In
of copper $18,000,000. Nitrate
sold at $56 74 in December, 1918, and as low as $30 28 in September, 1919.
Its September, 1920, average price was $56 72 a ton.
Copper pigs sold as
high as $.239 in December, 1918.
On Nov. 24 1920, refined copper in the
in 1920 should
goods.
the time of its passage
1919 exports.
of American requirements Imports
his
situation,
The
at
than half of her
for
ducer
in the last four years was
At the current rate
incorporation and with the
in December 1919
sage
posits.
Practically every ton of nitrate
more
operating under Federal
Federal Reserve Board were made possible by the pas¬
of the Edge Act. They are permitted to receive the
promises to pay of foreign buyers and issue interest-bearing debentures
against them.
These debentures will be offered for sale to investors, and
the proceeds from them will pay
the American manufacturer or pro¬
supervision of the
have increased. Imports average
nearly $10,000,000 monthly; and, even Including the unfavorable showing
of September, exports to Chile promise to exceed those of 1919.
From graphophones and sewing machines to pastry and confectionery,
through the hardware and clothing lists, Chile is an eager, almost prefer¬
ential, buyer of American exports, of American construction material,
finished and unfinished; of machinist tools, engines, tractors, and every
kind of industrial equipment
But she has not a great deal to offer in
exchange, outside of herhighly developed nitrate beds and her copper de¬
1920, both imports
It is
and is being developed
in readiness for demand.
banks, under their charters,
operated to-day.
by some
$32,339,387 above the great expansion of 1917, and many times the
amount of commerce between the two countries in any earlier year.
In 1919, the 1918 gain of $32,339,387 was replaced by a decline of $96,620, or
ordinary commercial bank of the
of which must be always
possible to certain State
66% in 1918. In the latter year the combined volume
with the United States reached a swollen stream of $232,486,-
valued
producer and manufacturer.
beyond the scope of the
country, the assets
exports in 1913, to
tons,
have no further
This is a task
Wholly dependent on
of intertrade
years,
American
under gold par.
managed to earn a
particular, impoverished by the
and European nations in
Foreign nations,
EXCHANGE.
The following is from the "Wall Street Journal" of Nov. 27:
NITRATE & COPPER
exporting so heavily.
production of the foreign
time the
the same
At
the future outlook being
labor troubles and the continued Instability of
during October was dull,
in its export trade to-day
the tremendous
which he has been
to
£1,768,256.
Trade generally
Mr. Sabin states
disruptions of the war. American industry and
production have expanded during the war until their output is far in ex¬
cess of the powers of the domestic
market to absorb.
M
,
The surplusage of goods above the demands of domestic consumption in
the United States this year, for example, has been estimated at 2,000,000
bales of cotton, 300,000,000 bushels of wheat, $750,000,000 worth of semi¬
manufactured raw materials, and finished manufactured products, and $250,000,000 worth of packing-house products.
If the American producer is to
be prosperous, he must continue to have open to him the foreign markets,
Proportion of British to
From other
which the United States faces
situation
arises from
392,917 for the corresponding
From
prosperity requires.
part:
The
of total imports
€59,819,684 compared with €32,-
period of last year.
Foreign Imports:
United Kingdom €33,447,523 equal 55.9%.
that its full
the world
The revenue totalled €15,
expected.
[VOL. 111.
CHRONICLE
THE
3378
Dec,
111920.]
THE
Harding testified before
the
Committee
that
our
CHRONICLE
banking
.
the joint sessions of
^Committee ..of
the
House
and
Senate
this
Finally,this statement about the. difficulties of
doing business with
Central Empires while a
state of, war existed.
On this point, he sub¬
stantially repeated a statement made in a letter dated
Sept. 29 1920, re¬
ferred to above, in which a
lengthy explanation of his policy concludes With
the
following sentence:
"Matters ares further
complicated for this nation
the
system would be helped by a more
orderly marketing of our
production."
In his statement before
the
2219
13.
week, Mr.
poriatlbn,' subihh®^ a: Yer^ew:'otthe testimony of the Secre¬
tary of the Treasury with regard to the
advisability of the
by reason of the fact that it has not
.yet concluded peace with its enemies,
and has not yet
joined with the other great nations of the world in a ' Co¬
operative effort to hasten the return :of sound
conditions and to allay the
fears of the world as
to the recurrence of other wars.**'/
j
resumption of
statement
Meyer, who
was
formerly Managing Director of the Cor-
the War ^Finance Corporation activities in
financing American exporters and
finance
American exporters.
said:
American
Mr.
bankers that
Meyer in his statement
/
~
"The
Secretary's testimony, to a great extent, was a repetition of previ¬
statements in explanation and defense of his
policies, as expressed first
letter dated September 29
1920, and published in full in the "Com¬
mercial and Financial Chronicle" of New York on
Oct. 9, and
ous
in
a
again in a
lengthy address to
the
Oct.
20
ence
to the general
1920.
American
Bankers'
Association
at
Washington
on
The only addition to his previous statements was his refer¬
advice
curtaling
on
that he
crops
gave
country in the spring of 1919, when he was Secretary of Agriculture.
This advice, he
intimates, would have been very much to their benefit had
they followed it; but it appears they did not.
One is apt to infer that
Secretary of the Treasury Houston contemplates the plight of the pro¬
ducers of the
country with somewhat greater equanimity
failure to follow the admonitions of
Secretary's testimony constitutes
account of their
on
Secretary of Agriculture Houston.
present great crisis.
In
support of
which,
were
,
his
policy
of
inaction he
continues to
inclined to characterize them in
one
The
confession of complete impotence in the
a
make
statements
unfriendly way, might
misleading, but in view of the high office he holds, I prefer to
describe them as inexact.
I refer specifically to:
1. His statements,
continuously repeated during the past six months, that
an
be called
the
War
Finance
Corporation was a war organization created for a war
This, in spite of the fact that the powers to make advances to
emergency.
finance
American
gress
a
as
the Armistice.
the
exports
United
States
His
one
and
President."
2.
to
the
the
This
after
year
the
Germant
much
as
has
event
the
Con¬
1919, four months after
according to the law, "until
termination
Government,
desired
Corporation by
March 3
on
These powers were to continue,
expiration of
the
granted
were
Reconstruction Amendment
of
the
war
fixed by
not
between the
proclamation of
yet taken place.
repeated efforts to stigmatize the movement for the resumption of
Corporation as an attempt to restore inflated prices, when
the War Finance
he must be aware,
producers of the
by this time, that the real question which is agitating the
is the problem of the orderly marketing of our
country
products.
The
3.
of
use
misleading statistics, such
ports of cotton for the year before the war
$700,000,000,
and
for
the
1919
year
the statement that
as
were
the
ex¬
between $600,000,000 and
amounted
to
$1,137,000,000,
point here being that the exports, in bales, for the year 1913
excess of the exports for the year 1919.
the
about
were
33% in
4.
The
statement that
the
war
of
powers
the
Corporation expired with
is
weapon of
railroads
$100,000,000 under its
over
tically the
same
Fuel Administrator
5.
His
loaned
the
to
during April, May and
than six months after the Armistice, and that it has prac¬
war powers as those under which the President appointed
June 1919, more
a
Corporation
statement
war
powers
sion to
I
be avoided?
by authority of the Lever Act in November 1919.
50% of the export finance loans which the Cor¬
50%
only
time
the
War
for
made for the export of manufactured
were
the
export
Finance
of
agricultural
products,
whereas
goods,
the
at
Corporation
activity was suspended, its tentative
involved the export of agricultural
products to the extent of 300% of the loans previously made on agricul¬
tural products.
■
i.
applications
6.
His
from
responsible
statement
banking business.
ment,
time
of
the Treasury
peace
should not be
in the
with
This, in spite of the fact that the purpose of the amend¬
The
words of the law, is "to promote
foreign nations through the extension of credits."
statement
bankers.
that
the
Government
could
not
compete with private
This, in spite of the fact that
an overwhelming proportion of the
desire the aid and co-operation of the War Finance
Corporation is the present crisis.
bankers
of the country
The
8.
holding out of great hope in connection with one export financing
corporation now being formed under the Edge law, with $6,000,000 paid-in
capital,
and
Chicago.
tutions
another
whose
is
to
be
discussed
on
Dec.
10
head
has
much
at
expressed
of the
case
himself
Southern
doubtful
as
if
Cotton Export
it
would
be
able
early date to relieve the situation without the
an
the War Finance
cision
to
do
The statement that
the
progress
in connection with the formation of
taken
was
him
of
to
the
States
of
unbalanced conditions due to the
rapid changes in our domestic and for¬
eign markets; to the difference in the war-time needs and peace-time
needs,
and also to the post-war breakdown in the
purchasing power of many of
those countries
previously accustomed to purchase from our people.
It is
impossible to conceive that the Congress acted with an idea attached to a
date
much
so
new
Cotton
Export Corporation,
stated that
the formation
with
as
the
to time and as to purpose.
industry,
our own
national
as
Nevertheless,
suspension
The
10.
of
the
War
statement
cept all sorts of
law
Finance
that
the
corporations
Corporation's
Corporation asserted
judgment with
will
"In
do
much
the
our in¬
activity promptly, I believe we would
most important contribution toward international peace and
prosperity,
and that the results arising would benefit alike
extending the credits and the countries which receive them."
At
this
moment
not been in
lack
millions of
wish
make
it
a
broad
way.
right to exercise its
own
considering them from the
For example, the Corpora¬
South America and to China last spring
11.
in accordance with public
policy to give credits for exports.
The statement that the War Finance Corporation had no funds
ex¬
industrial
production,
Treasury, for on the contrary I have recommended
finances of the needs of the Corporation, in case of resumption,
by issu¬
ance
of
12.
which
its
own
bonds.
and
Governor
I
called
business would
Finance
Treasury should not be asked to take security
This, in spite of the fact that the War
not take.
Corporation could make loans only to American business that had
already taken such security in connection with exports.
that
I
do
not
believe
the
resumption
all the
cure
woes
on
of the
the
world,
step in remedy¬
agricultural production, in our
our
commercial
Harding
our
testified
because
the
there had been
The
action
Dec.
on
could
suspension
24
be
of
to
our
our
banking
production.
suspension of the
about to be formed
were
1919,
in
were
Finance
along these lines previous to
the
of
facts,
of
it
that the
appears
and the regulations under
not
were
Finance
War
country only six weeks.
consumed
was
War
that
time of the
taken
formed
the
the passage of the
between
the
Committee
the
examination
an
law corporations
poration
that at
little
so
Form
suspension.
1920.
the
orderly marketing of
scale, and Governor Harding stated that he doubted it,
Edge law was passed
23
before
more
processes,
Corporation, Edge law corporations
considerable
a
a
attention to the fact
War Finance
published
Corporation
until
which
March
allowed
the
More than two-thirds of the entire
Edge law and the suspension of the Cor¬
formulating
the
regulations
under
which the
to operate, if they were organized.
Corporation
at
resumes
Edge law corporations
present situation would be
testimony before the Senate Committee
this time,
on
I believe
a
con¬
will be formed and that their
increased
accelerated by
and
On this point I
Finance,
the
quote my
follows:
as
"This bill is
designed to meet this unprecedented condition of the world'!
international trade, and should stimulate our bankers and our merchant!
to the
the
greater courage and the prompter action
that is
necessary
to meet
emergency."
this
connection
more
moment
than
than
a
a
with
rules
the
finance
our
matter
discussion
and
trade
the
Secretary
for
appears
to be
involve the welfare and
action
this
of
is
more
finance—and above
of
matter of the outworn political
sides of the water.
In the great
under
normal
problem,
than
economy
an
may
matter
a
all things,
I add that at
of "business—
it is certainly more
of the laissez-faire school,
adherent.
Let us not forget that
happiness of millions of people on both
crises of the
conditions
in
war we
favor
suspended the normal
exceptions rules of
of
We all
not of those,
nor. do I believe that you are, gentlemen of the Committee, who think that
by merely acting as though things were normal, they will become normal.
In order to restore to normal conditions in the soundest and promptest way,
conduct
The statement that the
in
system would be helped by
the stakes
with the Secretary of the
perhaps haa
and in our banking
system; for let it be well understood that the policy of price-smashing has,
by confession of the Secretary himself, produced no liquidation of loans,
of which
the
clear
ing the congested state in the business of
not because I believe it would be
wise policy to use the money on
deposit
country
but I do believe that its resumption wiU be one important
This, in spite of the fact that the Corporation
has $375,000,000 on deposit with the Secretary of the Treasury.
This point is mentioned here as an example of inacurate statement and
a
the
it
are suffering from a
sell which is causing distress to
part of the War Finance Corporation will
In
cept what it could borrow.
as
Millions of people in Europe
things the inability to
people in our own country.
to
demoralized
co-operation of the War Finance Corporation.
the ground that while we were shipping gold to these countries it would
not be
and
number
and practiced the
tion refused to finance exports to
on
upset
material
of
I
history.
our
is
trade
our
the
ac¬
own
normal
resume
value
Corporation would have to
our
extending credits at this time to foreign countries to enable
dustries and theirs to
be making a
If
activities.
finance, and thus
more;
siderable
Finance
respect to any and all loans,
point of view of public policy in
after
It is intended, primarily, to
own
This, in spite of the fact that the War
or
the needs of the present situation.
Finance
abandoned
our
a
not material to the public interest and
War
loans, whether
was
The Congress did so
prompt restoration of international
it will enable Europe to restore its industry
and employment of labor, and thus hasten its
political and social peace. Un¬
employment and hunger are the surest sources of social disorder.
trade
Edge law corporations
Edge
labor,
our own
well-being.
organization
several
condition.
a
designed to displace private enterprise or to put
permanently into general banking business.
The amend¬
Government
time
of
idea attached to
some regard to the idea which I expressed
my testimony, ai
follows: ;>
r-:•
i-V;.
"It (the amendment to the War Finance
Corporation Act in connection
with foreign trade) is not
export corporation had been delayed by the cessation of
the activity of the War Finance Corporation, and in spite of the fact that
law
an
perhaps, with
bankers of the
the
Edge
interpretation of the intent of the Congress at
Government at the Peace Conference, to consider the
question in an
advisory way, but this suggestion was rejected.
When the Congress passed the Reconstruction
Amendment to the War
Finance Corporation Act, it did
so, I believe, with a view to the possibilities
terested
the
own
do, but in vain.
On the question of policy, apart from the intent
Congress, I suggested calling a conference of representative business
bankers, including the economic representatives of the United
Edge
in
his
on
and
men
export financing corporations has probably been retarded by talk of Treasury
help.
This, in spite of the fact that a leading banker at New Orleans, in¬
of
progress.
the Congress was in session and the matter could
have been
submitted to the Ways and Means Committee of the
House of Representa¬
tives and the Senate Committee on Finance for their
views.
This I asked
very
co-operation of
advancing its
time when
a
on
Corporation.
^
of Nation!
At the time of the
suspension of the business of the Corporation, opposi¬
was expressed
by a substantial part of the Board of Directors, and by
prominent business men and prominent bankers, interested in
financing ex¬
ports, from various sections of the country without
regard to geography or
politics.
Some of the leading members of the Democratic
party opposed the
Secretary's action, as well as members of the Republican
party.
His de¬
in
Corporation, the
•
Corporation and its possible resumption?
strongly desirous of the co-operation of the War Finance Cor¬
are
poration, and in the
9.
formation
This, in spite of the fact that the leaders in both of these insti¬
*
staunchest adherent of the League
tion
in accordance with the identical
commerce
7.
that
parties
the
For the benefit of the
Committee, may I be permitted to review briefly
few essential points in connection with the
suspension of the War Finance
a
t
and
r.-y
.-.'M
cannot believe that
will sanction this method of
that
poration actually made,
in this explanation of the economic
during the campaign, there is a directly implied
One cannot avoid the conclusion that the
Secretary la
which is a feature of the League of Nations
Treaty, should be applied by an officer of the Government
against the people of his own country to force them to
accept his views oh
international relations, but in'view of these
words, how is such a conclu¬
help
Finance
the rest of his
economic pressure,
This, in spite of the fact that when the railroad appropria¬
War
for all
any,
of the Versailles
March
the
as
pointing out to the farmers, as well as to' the merchants and bankers
of
America, not only that this analysis of the situation indicates its
solution,
but that perhaps ,it is the
only solution. - One is loath to believe that tha
tion
1919
point
a
published
ment is limited
in
important
as
remedy.
the Armistice.
failed
is
negative in import, but
difficulties,
method of
to the farmers
of the
W/ff
*
This, perhaps,
share
in affairs
the
desire
to
made
necessary
have things
by the prosecution of the war.
return
to normal, but I
am
her
Civilization
contrary, all that we value in
Increased and are going to Increase. As long as rates of
the present levels there Is great opportunity for Europe
here or into countries where sales are made In
competition with us.
England, and in some lines, France and Belgium,
are goingto be keen competitors of ours, and I should not be at all surprised
to see textiles, steel and some other manufactured goods coming into this
country, and certainly going Into South America and the Far East, within
the ne*t six months at prices which we will not be able to meet.
Where
raw material has to be bought from us, presumably Europe will not be able
to compete because it will have to pay the high exchange premium to get
the raw material.
But where raw materials are bought from countires
exchange are at
the mind sufficiently flexible to meet them.
does not consist in letting nature have
keep
imports have
abnormal conditions and
to have a clear vision of the
it is chiefly necessary
to
the
way—on
to
civilized life has been achieved through the
direction of natural laws in accordance with the
needs
of humanity.
The Secretary of the Treasury considers that we
should bow our heads to the inevitable.
His disposition to bow to the in¬
and
control
intelligent
ready
involves too
opinion,
in my
evitable,
that
acceptance of conditions
alleviated in the
an
be, if not entirely cured, nevertheless considerably
can
[Vol. 111.
CHRONICLE
THE
2280
general interest.
If the Congress authorizes the resumption of the War Finance
Corpora¬
dump her surplus over
It should, if I may suggest—pro¬
where the
exchanges are not so heavily against England, France and Bel¬
promptly to a consideration of the broad question of the economic con¬
dition of the country internally and internationally.
But this will take
gium, the
competition of these countries will be severe.
second stage that we will expereince.
It is not at all likely
tion, it should not stop with that action.
ceed
and
time,
to develop
recommend that for the present the re¬
respectfully
would
I
That Is the
No
haste.
of attitude
of
and her competition may
When I
helpful and the most healing event of the year.
most
have to be reckoned with by American companies.
months, I mean that orders will begin to
had at the beginning of this year or during last year.
as we
Brown of the banking firm of
There will still be more men
to the
& Co., in which he analyzes the outlook for
labor will follow a rational, sensible course.
The end of the year may bring quite a
few failures, although probably
After these are out of the way and'the year
end settlements have been made, the way will be paved for the advent
great magnitude.
few of very
I look for enough buying to start
conditions.
more normal
of sounder,
be healthier than before,
moderate business activity, and this activity will
the transition stage has
No statement about present conditions of
and margins of profits
wide, the effect on business of the existing system of
but with lower prices and restricted volume of out¬
taxation was not serious
put a narrowing of the margin
mind at this time.
We have had tremendous
inflation of prices all around, due to
When prices were high
would be complete without a word on taxation.
in, it invariably follows after
had its effect upon the money market and upon the
This basic principle should bo kept prominently in
of investors.
abnormal, that they are sitting on a volcano.
business and its nearby future
when prices were
and while the movement In securities does not
begin immediately fall in commodity prices sets
and manufacturers will not have the feeling, which they had
for merchants
thirty years and you will find that whenever
in one direction, quotations for fixed-rate securities
in the other direction:
It is then
of profit is natural and certain.
that men will consider whether the incentive to
causes now
effect economy in operation
measured
of profit. In
be successful Is properly compensated when success is
in order to
and the present liquidation in commodity and produce
well understood,
the facts of the situation, and their
Mr. Hoover encourages the hope that
soliciting the advice of a man like
Study the history of the last
minds
whether disturbances will be
or
Judging from recent conferences held by the
incited, remains to be seen.
willing to state publicly, and we hence reprint his
commodity prices move
by
increasing rates of taxation and decreasing percentage
merchandise and produce prices has been more rapid than was necessary,
my
opinion, there can be no return
with the result that all buyers are holding off,
our
To my mind, the fall in commodity,
logical consequence.
markets is the
notwithstanding that the
effected within the next six weeks
shelves, which ought to be
months,
or two
PAYMENTS BY CANADA
stagnation, which has been acute, should give place to a period of
the
"INVISIBLE"
actual consumption has not diminished to any very
active buying, because
Resumption of buying will immediately have an influence
great extent.
The
prices, and this, in turn, will hasten the plaicng of further orders.
The stabilizing of prices at new levels in such staples as sugar, silk, wool,
upon
leather will bring
cotton, grain, coffee, cocoa and
for six
twelve months would be hard to foretell.
or
ed
Clearly, the fall in prices must have a potent effect on the cost of living,
a
I think capital
distinction, however, between capital and credit.
The demands for new capital that have
continue to be great for a long peiod.
Money in the sense of credit,
and
are
going to
1
While the
fact that capital is to be scarce may militate against any unusual advance in
fixed-rate securities of the first order, easier rates for current money will at
least
keep those securities from declining to
the Investor will
continues easy,
securities
bearing
When do I
a
summon up
extent,
any
courage
and
money
as
to come in and buy
fixed rate of interest.
moratorium was declared, which of course, keeps the
situation in statu quo.
at
All buyers have been holding off, hoping to buy
cheaper prices, especially as the
world's needs
to be very
are
countries outside of the Central
in this country
and
or
But the
is coming along.
crop
England, France, Belgium, in fact, all
Empires, will be extensive buyers.
have bought relatively little
became exorbitant
lower
new
heavy.
since the
sugar,
decline began.
Millions
either when the prices
They
are
also hoping for
But buying in this country cannot be much longer delayed,
prices.
I say, when the demand again becomes active, prices are certain to
as
show firmness.
Nor
can
in
a
profits
on
the stagnation in South America continue very long.
Prior to
1914 Canada secured in Great Britain the greater part
current was reversed and
millions of
Canada
gave
back to the mother country
exchange against the country
than
more
the price of coffee in outside markets.
about
on
ever
paper
obtained overseas.
longer to be
for the capital no
The result is that in the past six years
This money has
have loaned Canada nearly a round billion of dollars.
we
gone to
help Canada meet her military expenses, to help her
finance her
foodstuffs and of munitions of war.
has been invested in American owned factories because
of Canadian tariff regulations it is more profitable to manufac¬
account
be sold within her borders rather than to
classes of goods to
ture certain
Again we need paper pulp and paper and Canada has
materials to produce them if we will turn them into
export them to her.
in abundance
the
raw
the manufactured product on
her side of the boundary line.
On the contrary our interest and profits
But this is not done at a loss.
received from our Canadian investments are estimated to
the
past six years,
paid
us over
have been, during
around $330 million while Canadians have
$90 million in freight money, insurance and the
like.
been
Canada
in
recent
years
payments made to us by our Canadian friends.
visible trade" with the Land of the Maple Leaf."
placed
countries,
against
are all on a
Such in brief is our "In¬
Heavy
As
they
are
gold, yet prevents
will be sustained
when they find themselves forced to
any
in
are
still the
are
A
great many
now
exporting
it would all
Argentina, for example,
all
those
Latin
dispose of their
American
cancellations
countries
new crops on an
more severe In
who have withheld their old crops from the market.
over-imported.
heavy
of it leaving the country.
different basis, while the losses will be still
and
all
If they would only allow gold to be exported
losses
coun¬
gold basis except Brazil, obstacles have
gold shipments.
the
case
entirely
of those
All these countires
followed,
and
those
goods
property of Americans, who are thus unable to get their
money
practically unable to find any market for their goods.
This
Itself,
because
consumption will overtake supplies and create
demand for these goods.
on
of Europe to throw manufactured goods into this country.
a
*
Turning our attention across the Atlantic, we must keep our minds
power
FOREIGN
FAVOR
LOANS
IN BEHALF OF FARMERS.
A report,
the
Our
approved
Governors held at
on
Dec. 2 at the Annual 'Conference of
Harrisburg, Pa., calls for the creation by
the Federal Government of a finance
which loans to
view to relieving
and other products with a
The
the situation confronting the farmers.
report also declared
be
corporation through
foreign countries would be possible for the
export of American foodstuffs
that the Federal Reserve Board should
urged and authorized to advise the banks to adopt a liberal
policy of renewals, and it further stated that' "if necessary
the Congress
so
as
con¬
dition, extremely unpleasant for the time being, will, however,eventually
correct
CONFERENCE
before, and thus reacting on
flow back to them at the end of their crop season.
has $500^)00,000
GOVERNORS
The premium which has been brought
the American dollar has, indeed, interfered with business to a very
Although they
probably
There¬
dollars which we have invested in
nearly half represents merely a reinvestment of
fore, of the approximately one billion
setting
currency,
great extent between us and almost all Central and South American
tries.
many
capital.
Then it was that Canada turned to the United States
There will
Brazil's financial condition has governed the state of the coffee market.
more
of the
The war immediately
the wells from which flowed this vivifying supply.^ In fact the
surely come a resumption of business, although on a different scale of prices.
Only recently Brazil authorized $8,000,000
direct
statement issued
capital required to develop her natural resources.
on
Inordinate speculation in Cuba sent prices sky-rocketing.
They have now dropped to an extreme level, precipitating such a financial
a
have
A large amount
Within the next sixty days.
crisis in Cuba that
study just com¬
and from 1914 to 1919 it is stated and is
netted $420,000,000 in payments by
war
to
exports of wheat and other
expect the stabilization of prices to begin?
Take sugar.
a
Dec. 6, says:
dried up
the other hand, Is bound to be easier
on
because of the decline in the volume of business and In prices.
the
of
The "invisible" trade was develop¬
company.
In explanation, the company,
trade.
going to be scarce for some time.
trade between
"invisible"
Canada to the United States apart from the
price of money, particularly in view of the drastic liquidation
goods.
I make
is
by the
estimated
not been satisfied for a number of years are very great
THROUGH
TO U. S.
TRADE.
in "The Dominion of Canada"
pleted by the
copper
and curtailed demand.
and also on the
the
of
importance
New York,
nine
months,
Rubber and
lag in the general recovery, because there has been over-production
may
present.
as at
countries is indicated by the Bankers Trust Company,
resumption of at least
a
business for another period—whether
fairly good
months
discouraged,
is encouraged and
Therefore, as soon as retail merchants have cleaned out their
modities.
of
of real prosperity In this country until
whole system of taxation is revised and private initiative and incentive
to progress
statistical records do not show an oversupply of any but one or two com¬
.
itself.
labor leaders, permitting the
prevail among
effected smoothly,
be
to
adjustments
views herewith:
move
counsels will
chief labor leaders, they are alive to
expected to begin, gives more than ordinary value to what he
feels
Labor will be obliged to adjust
than jobs.
changed conditions, just as business finds itself obliged to adjust
Whether wise
general business and also for securities, appears in Forbes
Magazine, issued on Dec. 9.
The fact that Mr. Brown
is so very rarely quoted, coupled with the further fact that
in what he has to say he is, after a penetrating analysis, very
definite on the question as to when improvement may be
be placed with manufacturers and
end of the absolute stagnation that
I do not mean that I expect as active business
time.
exists at the present
JAMES BROWN ON BUSINESS OUTLOOK.
Brown Bros
or a
speak of a recovery in business being likely within the next two
merchants and that there will be an
An interview with James
Nine months
strengthened her ability to compete in the world's steel markets,
enormously
the most comforting, the
dire necessities of the country—it will be
the
until some time after our recovery has begun.
from now, however, this matter may become one of grave importance.
France, for instance, through the acquisition of Alsace Lorraine, has
year
determined with all possible
only will the funds available be helpful, but as an expression
on the part of the Congress—as an evidence of its appreciation
sumption of the War Finance Corporation be
more
to
should at
time in which to pay to
tion of the report on
day's
once
amend the Federal Reserve law
temporarily supply additional currency and afford
action
representing
grew
The adop¬
out of the previous
Governors and Governors-elect,
than half a dozen States voted to begin
when .the
more
debtors in distress.
the 3rd inst.
DEC.
111920.]
THE
CHRONICLE
an
inquiry into whatYwas * variously called the "acute,";
"alarming" and "tragic" situation facing farmers of the
.
country, with
to
view to
a
assist them.
ernors on
to pay to debtors in distress.
We
believe that the general
adoption by individuals and by the Govern¬
ment of the policies herein
suggested would not only afford material aid but
would at once
supplant the gloom and the feat of the present with that
Gov¬
dispatches from Harrisburg
the 1st inst. the press
Congress should at once amend the Federal Reserve
to. temporarily supply additional
currency and.affprd more time
as
in which
instituted by the
measures
said:
As
If necessary the
law'so
recommending Federal legislation
As to the
3381
confidence which Is
vital to wholesome and successful business.
so
first step toward
carrying out their plan, which was suggested by
Governor Harding, of
Iowa, the conference appointed a committee consist¬
a
ing of Governors
Harding, Bickett, of North Carolina; Holcomb, of Con¬
necticut; Parker, of Louisiana, and
Goodrich, of Indiana, to make a pre¬
liminary survey and report back before the
conclusion of the conference.
After that, It is
contemplated to send the committee to Washington to urge
legislation before
FARM MORTGAGE BANKERS
history of American Government, is for the
organization of Governors
ucts
industry and all agencies dealing with the farmer.
Kingman
Robins, President of the Farm Mortgage Bankers'
to
suggest to
Congress and actively advocate
passage of legislation necessary
are found
by falling markets with heavy
stocks of surplus
products on hand, so as to give them a
year or more in
which to recoup losses and wait for
a
strengthening market.
It is proposed
to do this
through extension or adaptation of the Federal Reserve
system.
A second
proposal, also scheduled to receive consideration
by the commit¬
tee, was another by Governor
Harding that a foreign trade, corporation be
formed to finance purchases of
American farm products by foreign countries
N.
to refund the debts of
farmers who
unable, through present lack of
funds, to come into the American market.
Acting on Governor Harding's
suggestions, Governor Bickett introduced a
resolution providing for
appointment of the committee to act under
instruc¬
tions of the conference
and take the
propositions up with Congress direct.
This motion received a
second and was about to be voted
upon when it
was objected
that the constitution
of the Governors' conference forbade for¬
mal resolutions or
action of the sort.
At
vania, pointed
of Governor
this, Governor Sproul, of Pennsyl¬
out that no.such
formal action was necessary,
and, at the call
Bamberger, of Utah,
who presided, a vote was taken on the
suggestion to appoint the
committee informally approbation of the Gover¬
nors
was
overwhelming.
One voice, that of
Governor Edwards of New Jersey, was raised in ob¬
jection.
The New
Jersey executive, who is a banker, said he thought Fed¬
eral
legislation such as was
contemplated by his colleagues would "econom¬
ically wrong."
Conditions should be left to adjust themselves, he declared.
Apprehension regarding
agricultural and industrial conditions throughout
the country
characterized most of the expressions by speakers
addressing the
Governors to-day.
Several States,
represented by their chief executives
were
reported in a condition
verging on the extremely
men
or
Governors-elect,
critical, while spokes¬
for most of the
others assented to the general
proposition that there is
cause for alarm in
the outlook.
Conditions in Iowa, Governor
genuine
Harding said,
urged
on
menace the very existence of the
agricultural industry.
He
every State official the
necessity of emergency legislation to protect
farmers from
impending ruin.
Few persons, he said, realize the extent
to
which they are
dependent upon the farmers.
Most cities, he declared,
are "within
4§ hours of starvation."
The farmers, he warned, are facing
conditions under which
they will be unable to supply cities with necessities
of life.
Production
of foodstuffs
will
positively
within the next two
in the Mississippi Valley
cease
years if better conditions are not
quickly obtained,
Governor Robertson, of
Oklahoma, informed the conference when he was
introduced at a luncheon tendered
the visitors by the Harrisburg Chamber
of Commerce.
He told of huge
supplies of grains and foodstuffs as well as
cotton, which, he said, had crowded
warehouses In the Southwest following
bumper crops which could not be
moved from their points of origin when
prices were high on account of
the car shortage, while present
prices for the
commodities
are
not sufficient to
pay expenses
The
and
fears
same
echoed by Governor Bartlett, of New
Hampshire,
of South Carolina, who added that his
misgivings
extended into other fields
of necessary production as well.
emphasized the need to
preserve the morale of the
Governor Cooper
country in facing the
difficult situation
growing out of disproportionate relations existing between
supply and demand, complicated
by labor and transportation conditions.
"We must strive with
all our might to preserve the same
spirit in dealing
with these problems
that
to
take
the
our
bovs manifested
impregnable positions from
did take them.
We must not lose
the
so
nobly when they marched
Germans—so
thought—and
fighting strength, which lies in the
might," he declared.
^Governor Cooper said necessary readjustments cannot take
place without
casualties, adding that It was foolhardy to think the
present economic
knowledge of
our
food
producing localities of the United
adopted
as a
follows:
some
bankruptcies."
Governors, which
report at last Saturday's conference, were
The financial situation in the
concern, but not for despair.
but the swift decline of
production threatens
patience and
but evil
can
principal
1.
States and Canada
declares
that it is necessary to adopt
emergency measures to
restore confidence in the
buying power of the market in some
proportion to the
and
known needs of the world.
develop foreign markets, the formation
under provisions of the
permanent
Edge law
mended.
means
To finance
of corporations
endorsed
was
of
financing exports.
Finance Corporation as a
temporary
a
is
country
measure
cause
for
the
gravest
realizing heavy losses,
prices of farm commodities to far below the cost of
National disaster.
The situation demands infinite
forbearance and
and
marketing accumulated stocks
live stock
so
marketing
year,
of grain, cotton and
distribute the pressure over the entire
to
as
month by month.
E. D. Chassell, Secre¬
tary and Treasurer of the Association in
to members Nov.
1.
communication
a
27 said in part:
Methods of financing foreign purchases of United States farm
products.
To meet this need you are urged to endorse the formation of
corporation
under the provisions of the Edge
Bill, already endorsed
by the American
Bankers'
Association,
of
two
the best permanent
way, as
which
understand
we
measure, we advocate the revival of the War Fin
agencies
are
ance
As
as
soon
as
private
in operation.
are
2. Of financing
the
marketing of accumulated stocks of wheat,
cotton, live stock and other farm products in
to distribute
the
the pressure on the market over
corn,
hands of the farmer
so as
the entire marketing year,
month by month.
To meet
an emergency
Corporation, with the
to function
cease
well under
now
of financing exports.
means
important reservation that it should
•
this need
we
commend careful study of measures
pending in
Congress dealing with short term farm credits, particularly the Bill advo¬
by Congressman McFadden, and also of the various plans of co¬
operation for profitable and orderly marketing.
cated
3. Of relieving breeders of the necessity of liquidating breeding herds,
and animals not yet ready for market.
To meet this need
endorse the
we
committee of bankers of
reserve
measures
being put in effect by
now
cities to create
a
fund of $25,000,000 or
more,
available for the relief of stock breeders and holders of breeders'
paper
where
such relief is necessary to prevent the disastrous results of
killing off breeding herds and slaughtering immature stock.
There should be
no
about to assemble.
delay in affording the
relief.
necessary
Congress Is
This condition should be the first to receive attention.
Every member of the Farm Mortgage Bankers Association of America is
urged to write to Congressmen, to circulate and forward petitions, to send
telegrams, to invite
newspaper
publicity and to otherwise aid in rescuing
agriculture from the disaster by which it is
now
confronted, caused by the
sudden unusual slump in prices.
MEMBERS OF
supreme
In
stating that
Senators
the
CONGRESS
and
PLAN
TO
AID
Representatives
from
the
combined, without regard to party, to
wisdom
and
courage.
Nothing
New York "Times ' in
be relieved in several
.
a
pass
can to help and encourage his
neighbor.
complete mobilization of the financial and spiritual assets of
Neither God
nor
Government ought to b8 asked
to
legislation
immiment, the
Washington dispatch
on
is
Dec. 5 said
ripe for such a combination, and Senator Capper of Kansas agreed with
It is known that other Senators from the South and West share the
same
and political observers
views,
believe
that
the
proposed
Southern alliance will be in action before the short session is
every community.
see
agricultural
Senator-elect Heflin of Alabama stated to-day that in his opinion the time
him.
can
FARMERS:
alignment in Congress which will
a new
for the benefit of farmers and cattlemen is
Let every individual do all he
a
recom¬
was
Bills
are
result from anger or fear.
Let there be
the best
as
Revival of the War
pending in Congress for short term farm
credits, particularly the McFadden bill, and the plans for
orderly marketing were commended as measures for financing
States
I
whole
All lines of business
We believe that the tenseness of
the situation
ways.
Chicago
special committee and the board of governors of the
association.
The association which represents the
The conclusions of the committee of five
were
conference in
a
our
storms could be weathered
"without
as
a
with
a
were
Governor Cooper,
Association of America last week held
of production and transpor¬
tation to the
markets.
FAVORS
With the rapid and drastic reduction in
prices of farm prod¬
threatening serious embarrassment to the farming
Congress, which convenes this month.
The object of the State
executives, which is said to be without parallel In
the
ASSOCIATION
EDGE LAW CORPORATIONS TO
FINANCE EXPORTS.
It was just before the
Western-
week old.
adjournment of to-day's session of the hearings
being conducted by the Senate and House Committees
Mr. Heflin, who was
»
on
now
Agriculture that
sitting with the committees, asserted his
entire sym¬
help those who do not first make every effort possible to
help themselves.
There ought to be a united effort in
every community to keep any good
man from being
destroyed because he cannot
pathy with the movement to bring about the alliance between the Senators
tions.
West and South should suffer this loss.
and Representatives, regardless
"I do not think," sayd Mr.
immediately meet his obliga¬
Under existing conditions it would be the
acme
of
inhumanity and
of party, from the agricultural States.
Heflin, "that it is right that the farmers of the
We have the Western and Southern
of unwisdom to force any debtor into
bankruptcy if by the most liberal
indulgence he would be ultimately able to pay.
Business failures do
votes to
than wreck business:
not to come to the aid of the farmers of the West and South, and I don't care
more
they ofttimes destroy
man.
Liberal indulgences and renewals should be
granted by the manufacturers
to the jobbers, by the jobbers to the merchants, by the
merchants to the
Individuals.
It Is no time for a creditor to seize his debtor
by the throat
and savagely say, "Pay me what thou owest."
2.
Let the
Federal Government create
a
corporation of
wilfenable
the people of other lands to obtain from
ties
so greatly
need but for which they
payment.
We believe such
its mere creation would
3.
a
are not
for a
us
some
the commodi¬
able to make immediate
corporation to be entirely
feasible and that
The law authorizing six
on
The
reafwealth
of the country Is unimpaired.
It would be
suicidal policy to destroy this wealth by a preemptory call of loans.
we
should combine to
outrage and a crime for this Congress, with the power it has,
or
Mr.
Secretary of the
Treasury Houston have-to say about it."
Senator
Capper, who
was
present,
expressed his approval of the stand
them Harrison of
present, are
a
Mississippi, Norris of Nebraska and Kenyon of Iowa, also
understood to be of like opinion regarding the proposed combin¬
ation to force the Government to
come
to the financial aid of the farmers and
stockmen of the country.
It
to advise
foreign paper should be liberally construed and renewals
like period should be freely granted wherever consistent with other
solvency.
an
what Mr. Harding of the Federal Reserve Board
substantially help the situation.
The Federal Reserve Board should be urged and authorized
all banks to adopt a liberal policy of renewals.
months' credit
It is
do it.
taken by Mr. Heflin, while other Senators from the farming States, among
finance
sort that
they
give the relief that is needed, and I think that
Governor 8. R. McKelvie of Nebraska, the principal witness of the
was
day, who first expressed the hope for
a
nation-wide co-operation by the
farmers, and Mr. Heflin made his remarks in the course of an indorsement
of the views expressed by the Nebraska Executive.
so
far
as
question, said Governor McKelvie.
handled
The farming problem,
present financial conditions are concerned,
as
a
great National problem.
It must from
is no longer
now on,
a
local
he added, be
ETPS '^SBPJSDfW^WWV^ebraskaTGovernor"sfPlea .,NJS40PWWHI
of the farmer Is almost exhausted.
Beacuse of the Injustice
them they, the farmers, were developing a class consclousnes;
patience
heaped
upon
which he added had
distinct radical tendency.
a
of a con¬
McKelvIe, "Is the culmination
"The situation," said Governor
and now menaces not only the
dition that has been growing for some time
the welfare of the entire
250,00°,000 bushels of
accumulated surplus.
This great surplus has
present and future welfare of the farmers but also
This year there has been added a total of
country.
corn
to Nebraska's previously
market this crops despite a
been created because the farmer was unable to
desire
his part to do so.
on
"In the first Instance he was unable to get to
market his products because
When at last the transporta¬
the prices had dropped so low that if he had sold he
at a price below the cost of production.
If he sells now
for a price that represents just about one-half what It
he did not have the transportation
facilities.
tion situation eased up
would have done
so
he will have to sell
cost him to
produce his crop.
"Especially pathetic Is the case of the small and tenant farmers.
They
able to bear the burden and if they sell at present prices It will mean
are not
farmers will be driven
their financial ruin and thousands of these small
from
He cannot, like others,
The farmer must have long time loans.
the land.
make quick turnovers.
"And there is another problem
lem of
distribution,
ultimate
a.
that must be attacked and that is
distribution that should be from
of cooperative
these cooperative organizations will solve
beginning to find a solution through the organization
are now
societies and I think eventually
distribution. 'XfJ
the question of
■*£
<A
will
suffer some
loss during
this period.
because of inadequate storage and financial
however, is not that the
Should It develop that
facilities he is obliged to put his
products on the market at ruinous prices, see others get
those products, and
that must come, the unfairness of it
be obliterated from the minds of our farming people for a generation
hold his crops for the higher prices
will not
This is the most serious thing in the present
to come.
and they saw it held
there is developing among
our
that is
the farming population a class feeling
and is absolutely contrary to the Inherited conservatism
radical in tendency
of
There is no question that
And they have not forgotten.
the consumer.
reached
and Its price doubled, then trebled, before it
movements are due entirely,to
agricultural people.^ These radical
injustices that have been heaped upon the
farmers."
of the War Finance Corporation,
Governor McKelvIe favored the revival
shouldradopt a more 'liberal policy so far
as the renewal of farmers') notes are
^concerned. If necessary, he added,
Congress, in his!'opinion, should pass"a law to[ make p~*°<bu» <*reater relief
and
"The
*
situation,"
concluded
national, not local, action."
Want
War
^
Board.
Finance
Farm Mortgage Bankers' Association of America.*
of the
Secretary
theTGovernor, "is national and demands
jr
l-jy«,iffr a *1' 1
heard today was Edward D. Chassell of Chicago,
The only other witness
pleaded for the adoption of some plan that
fanners to hold their crops until prices were
benefit to the farmer and
revision of the tariff; he
declared that "we
He
would make It possible for the
higher and in this way give the
done to equalize costs
was
abroad and here by adjusting
the American markets would be flooded
exchange,
ton Woolen
completion of the organization in Chicago of the Live
Corporation, which has been formed to finance
announced on Nov. 29. ^Mejvin
A. Traylor, of""Chicago, has been chosen President and
Thomas B. Peal, Jr., of Boston, is a director.
The cor¬
the live stock industry, was
Mills, presented a plan for
Chicago, Boston, and
cities, it is understood), placed at its disposal to be
used in
making loans.
and the loans, it is
cutive Committee.
The headquarters will be in Chicago,
understood, will be made through an exe¬
On Nov. 23
a
special Chicago dispatch
that is not readily market¬
The corporation will purchase live stock paper
able from banks and cattle loan companies with their
keting
more
the mar¬
of the corporation must be
but only for breeding and producing purposes, to prevent
of immature
wound up
of
Indorsement and at a
No loans will be made for feeding or speculative
10% rate of discount.
The
animals.
by March 1 1922, and
business
as paper
discounted
may
not have maturity
than six months and be subject to renewal not exceeding six
loans will not be made after March
The two parts of the plan are as
which duties are assessed on the basis of the
foreign purchase values in depreciated
duties
currencies should be rescinded and all
should be collected on the
provided in the present tariff schedule
foreign invoice
exchange
of the country of origin at the time of purchase and the normal rate of ex¬
change should be added to the invoice and the duty collected on the total.
In this way there would be restored the amount of duties intended to be col¬
basis of the foreign cost at
is in United States money
normal rates of exchange, or if the
the difference between the current rate of
tariff law.
lected under the present
In order to correct the present
2.
alarming possibilities for dumping huge
quantities of raw and manufactured products from
currencies, it is proposed that in the case of all
dutiable or not,
said
that
New
duties provided by the
foreign seller figured
at the current rates of exchange and the same amount figured at the normal
rate of exchange.
The equalizing charge thus provided for might be
limited to say 30% of the foreign value of the merchandise at par of ex¬
the difference being the amount paid the
tariff law,
change.
In
proposal, it
was
tariff is built on the assumption that exchange
will remain comparatively stable.
regulation are the present unstable
conditions ade¬
that normal or
several years.
Under the present distressing conditions of business in this country,
with the increasing amount of imports now coming in and with the impossi¬
There is no ground for expectation
quately provided for.
steady rates of exchange will be restored for
even
bility of tariff revision before the elapse of many months, some
action is imperative in order to save
Some emergency legislation
plan thus far
immediate
certain industries from descturction.
should be passed immediately, and we
the suggestions made offer more
believe
general and more certain relief than any
proposed.
Senator Smoot
on
the 7th inst. introduced a bill to
prohibit
of wool wastes and
wool on the pelt, until such time as the bill is repealed.
Another bill presented by him is intended to stabilize the
livestock industry by putting a tariff on hides of 15% ad
the importation of wool manufactures
valorem and
granting
a
drawback
exported leather made
on
imported hides equal to the amount of the duty.
On
the 7th inst. when it was stated that a delegation of live
stock men, headed
banks
had
$12,-
subscribed
ington to confer with Senator Smoot, the press dispatches
from
Washington quoted Mr. Hagenbarth as saying:
The credit situation has reached the point
extreme
to
resort
measures
original producers, practically
cattle
able age have gone to
will
to
In
result
or
where it has been necessary
prevent irreparable loss through liqui¬
The wool crop to the extent
dation.
All animals, either
corporation.
by Frank J. Hagenbarth, President of the
arrived in Wash¬
National Wool Growers' Association, had
months,
000,000, Boston banks $2,000,000 Chicago bankers $8,000,000 for support of the
the
explanation of the purpose of
also said:
1 1921.
York
countires with depressed
foreign purchases, whether
in the form of an
the Federal Government shall collect
equalizing charge on all imports, in addition to any
to
It' is
in foreign
in American dollars that they had in
follows:
to the same relative value
1914.
from
to the New York "Times" said:
purposes,
meeting the exchange
proposed herewith is designed to restore purchases
The plan
money
pool of 22,000,000 (con¬
tributed by bankers in New York,
other
with
He said:
problem.
The United States import
FORMATIONS LIVE STOCK FINANCE CORPORATION.
a
being ruined
the 9th asserted that, unless something
Means Committee on
not.'as^Mr.fChassell said, to the speculators.
poration has been formed with
are
meats," and added that "some¬
thing has got to be done otherwise it means universal bank¬
ruptcy in the West."
According to Dr. McClure there is
now in storage in the United States, 996,000,000 pounds of
wool, enough for two years' supply.
Wool, imported from
Argentina he added, was selling in Ameirca at 9 cents a
pound, while it cost the American producer 6 cents a pound
to market his products.
He estimated that 95% of this
year's clip in the United States was unsold.
Manufacturers
of wool and cutlery who appeared before the Ways rand
Neither by law nor by
The
growers
by the import of wool and
conditions with the chief trading countires
Stock Finance
urged by wool
representing the National Wool Growers'
S. W. McClure,
thought the Reserve Board
debtors.
-
was
Association, advised that the embargo be retained until the
1. The present regulations by
situation.
wheat for 70 cents a bushel,
"When the war started the farmers sold their
wool and sheep
An embargo on
appearing before the House Ways and Means Committee,
and the Senate Committee on Agriculture on Dec. 9.
Dr.
foreign goods and industry here would be very seriously
affected.
F. W. Hobbs of Boston, President of the Arling¬
Becoming Radical.
Sees Farmers
"The most serious thing in the present situation,
fanner
the prob¬
the producer to the
WOOL IMPORTS SOUGHT—PLAN FOR
MEETING EXCHANGE PROBLEM
and other farming States
The farmers of Nebraska
consumer.
ON
EMBARGO
longer any doubt that the
Governor McKelvIe asserted that there was no
[VOL. 111.
CHRONICLE
THE
2282
of 90% Is still in the hands of the
without a market.
sheep, that are fit for market and of market¬
market, and a further liquidation is demanded.
It
to market of the breeding cows, the breeding
curtailment of our future
shipment
and immature animals, which means the serious
$500,000
WHEAT GOLD BONDS.
meat
With regard to an offering"of gold bonds, in the
of
interest
Spokane
County wheat
"Financial America"
growers,
of Dec. 6 said:
Growers'
Association
will
be
divided
between
and Idaho
Portland,
Seattle
and the Inland Empire for sale, according to C. D. Robinson, manager
Trust
Lincoln
Co.
and director of the sale of the bond issue.
of
The
bonds are offered to aid Spokane country wheat growers to carry the 1920
crop
until more favorable prices can be secured.
Portland and Seattle investors will be allotted $100,000 of the bonds and
the
remaining
Robinson.
Inquiries have been received from many bankers in
Washington.
months,
$300,000 will be distributed through the Inland Empires.
of the bond Issue will be taken by the banks, according to Mr.
A large part
The
bonds will be dated
bearing interest at 8%.
Dec.
1
eastern
and will mature in
The growers' association
reserves
six
the
right to redeem any part of the bonds after 30 days with Interest and a bonus
of one-half per cent,
for each month of the unexpired time.
receipts for 500,000 bus. of
wheat are security for the bonds.
Warehouse
livestock mean lower prices; lower prices
This is
liquidation, thus setting up a vicious circle.
what has been happening
loan
The $500,000 issue of wheat gold bonds of the Washington
Wheat
the
production.
Large shipments to market of
in turn force further
Get rain livestock
future prospects, have forced their
The heavy shipments have smashed the
during the past few months.
companies, owing to the uncertain
clients
to
excessive
liquidation.
'
markets.
situation would right itself naturally, but the
finding the opportunity of a
lifetime by reason of the unusually favorable exchange rates, is dumping
into our markets his surplus.
The American market is actually bringing
a bonus to the foreigner of 30 to 40% varying with the point of origin of these
Normally,
this peculiar
credit situation being so bad, and the foreigner
imports.
The only
gress
which will prevent the dumping of surplus
their products onto
ous
and which will restore con¬
of an embargo measure by Con¬
remedy that is practical, immediate,
fidence, stability and credit, is the passage
foreign wools and meats and
the present ruin¬
the American markets, especially at
rates of exchange.
It has been
sumer.
would be an Injustice to the con¬
Market records show that the whole-
urged that such an embargo
This is manifestly untrue.
.
Dec.
centers has gone off about
lamb
or
marke
the hoof at the great
on
On the other hand,
40% during the year.
prices in 1920 have actually averaged higher than they were
to wool, It is a determined fact that if some altruistic agency
retail
inl919.
As
should furnish
the manufacturer with his wool gratis the consumer
benefit to know the difference.
pound
For instance, a
on wool would mean about
$1
on
would never get enough
tariff of 30 cents per clean
the retail price of an all-wool suit
of clothes of thirteen-ounce wool, which is the average
On
the
represents the
ability and inability to produce wool in the Unted
other hand,
difference between
this apparently small sum per suit
' V':".
States. '
A
weight used for suits.
■
'."A
or
manufacturing plant when conditions become
a
He must feed his animals and care for them or else
close down.
.
' ■'
j
'
■
.
'
-
-
liquidate
'
1
'
'
■
_
being considered by the national authorities and the probability is that
are
some
plan will be immediately devised that will give some measure of relief.
At any rate,
drastic
I cannot believe that conditions
course
indulgence
The
on
suggested.
are
such
are
The creditor class
to warrant the
realizing
as
I believe that
their part is the only sensible course to be pursued.
"Savannah News" of Dec. 4 printed the
letter which Commissioner Brown
Dorsey, setting out his
for the enactment of
reasons
our
conditions of
;
,
.
conference Wednesday in connection with
a
called for deflation
In the
the unwarranted and un¬
letters
as
well
as
that in
hundreds of
prices of farm products, I beg to state
conference I made this suggestion to you on account of the
our
consider the
moratorium to meet the deplorable financial
State brought about as result of
our
Gov.
for making the suggestion
the calling of the Georgia Legislature in extraordinary session to
advisability and necessity of
following
addressed to
had
moratorium.
a
Dear Governor.—Relative to
unbearable
may close down, and when conditions are better can start up again.
This
truly is a hardship on the community.
But in the case of live stock when a
cow is slaughtered or a ewe goes to the shambles she can never have another
calf or lamb, for the productive plant is destroyed.
The stockman cannot
mine
*
«■
1
sale prices of Iamb, for example,
3283
CHRONICLE
THE
111920.]
personal calls which were being received at my office
daily
by shipment to market, and this is a calamity.
urging me to take up with you the matter of calling the Legislature
situation in live stock
followed by a winter
most severe, the smash in wool and meat prices and the breaking down of the
credit structure, for a while at least, have proved a combination too heavy
for the industry to bear.
If any one of the calamities had not occurred the
situation would not have been so critical.
Everything has happened which
the purpose of undertaking to give some relief to
Conditions which have brought about the present
production
Apparent.
are very
The drouth of 1919,
with not one single
favoring factor in the situation, except that range conditions are excellent
and feed is abundant and reasonably cheap.
But there is no money in
sight to buy feed.
j • , '-A.■
could possibly have happened in the way of reverses,
With
a
view to aiding the
introduced
or
wool-growing industry and live¬
Representative Young, of North Dakota,
stock interests,
10) providing
bill in the House yesterday (Dec.
a
Federal Farm Loan banks.
The
$50,000,000 of the earnings of the
credit extension through
would set aside
measure
Federal Reserve banks during
the year 1922, to be
1921 and
distributed
for credit to cattle and
sheep
as
like
a
sum
during
loans to farm loan banks
growers.
EARNINGS
OF
INTRODUCES BILL FOR
HITCHCOCK
RESERVE
OF
USE
FOR'
BANKS
■
FARM
LOAN.
that unless the
higher level that there will be an absolute
State that win make it impossible for the farmers of
obligations, and
as a
dollars in our
this State to meet their
system of def ation has been put upon the people by
the acts of those In political and financial authority
that threatens the very
future existence not only of Georgia's agriculture, but the
nation's as this
deflation Is voluntarily thrust upon us and as the Secretary
of the Treasury
and the Governor of the Federal Reserve Board showed no disposition last
October when
than thirty States representing
more
of their States, called upon them to make some
and
as
the agricultural interest
effort to relieve the situation
the Secretary of the Treasury has persistently
War Finance Corporation with the money at his
refused to revive the
command to the end that
export trade conditions may be regulated, thousands of people of our State
believe that
have
come
just and fair until those in authority-
moratorium would be
a
to the rescue of those who are
suffering as a result of this tre
mendous deflation that is now upon us.
-
I merely suggested to you the wisdom of
advisability of
SENATOR
a
loss, below the cost of production of millions and millions of
fresh from among the people
t
/
I do not know just what would be best, but I do know
prices of farm products reach
the General Assembly, who come
of every county of our State, considering the
week (page 2180) authorizing
to use not more than
the Secretary of the Treasury
$60,000,000 in
any one year
of^the net
earnings derived by the United States from the operations
of Federal Reserve banks in the purchase of debentures or
obligations issued by Federal land banks, was
other similar
introduced in Congress this
bill
amends
loans for not
and
for
of
on
agricultural products
livestock. The Federal land banks
empowered to issue and sell to the Secretary
year
would also be
Among other things, the
so as to permit
Loan Act
than six months
more
one
week.
Federal Farm
the
on
You recently notice in the press that it Is
State.
thatwould
be put upon them.
I notice since the agitation in
that
nation
Washington in behalf of the farmers of the
suggestions and encouragement are
and has promising
gressmen
War Finance
being given by the con¬
of the
Federal
advance in the last forty-eight
agricultural relief by the reviving
some
Corporation and extending more credit through the
Reserve Board, and this has caused prices to
hours.
■
I
-
Y'Y •'
I feel confident that if aid is given, which can
J
level and save the states from the humiliation
selves
our
me as an
reach
a
higher
of having to protect them¬
In placing this matter before you as
through any drastic legislation.
Chief Executive, I feel that I have discharged
upon
_
be done through the Secre¬
tary of Treasury and Federal Reserve banks that prices will
the duty that devolves
official representative of the agricultural interests
of our
State.
Yours respectuflly,
other purchasers their debentures at
the Treasury and
of
moratorium or some form of relief for the debtor class
a
conceded that more
than twenty billions of dollars shrinkage has taken place principality in the
values of American
agricultural products.
Unless a definite system is
Immediately installed to reinstate true value, it will be impossible for the
our
farmers and business interests of our State to sustain the losses
referred last
The bill of Senator Hitchcock, to which we
for
the present deplorable
conditions that prevail in our State.
y
J. J. BROWN, Commissioner
of Agriculture.
6%, the proceeds to be used in making the loans provided
similarAbill, in the interest of the wool-growing and
introduced by Representative
A
for.
TWENTY-THREE BANKS CLOSED IN NORTH
—RELIEF MEASURES.
live-stock industries, has been
Young, of North Dakota, as noted above.
North Dakota reached
BRITISH
AUSTRALIAN
AND
(Australia)
was
press
announced
agreed to form British and Australian wool realization asso¬
ciations to control and dispose of the Australian carry-over
of wools, amount¬
the British Govern¬
ing to 12,000,000 bales, which are now in the hands of
ment.
....
£25,000,000 and assist wool-selling
The association will raise a fund of
houses financially, so as to
enable them to make advances to needy wool
■: ■:
growers.
week, when
we
a
total of 23
-
as
y
on
Dec. 7.
Since last
reported (page 2183) that 17 bank3 had been
closed from the period since Nov.
dispatch Dec. 7 said:
conference of persons interested in the wool trade held
At an important
to-day it
WOOL GROWERS.
ASSIST
TO
A Melbourne
ASSOCIATION
WOOL
DAKOTA
closed their doors in
of banks which have
number
The
;
follows:
15, suspensions have been
Bank of
Dec. 3, the Citizens State
Mohall; Dec.
Medina; the Citizens State
Bank of Edgeley, and the Nortonville State Bank at Nortonville; Dec. 7, the Loraine State Bank at Loraine.
On Dec. 9
a statement regarding the suspensions was issued as follows
by F. W. Cathro, Director General of the Bank of North
Antier;
Dec, 4, the Mohall Security Bank at
6, the First National Bank of
Dakota, said:
SOUTH
DAKOTA
the
a
Congressmen
fixing of
Washington urging legislation for
price at certain terminals for
at
hand at the end of the crop year. The
declared that the proposed extension of credit would
surplus grain
bankers
telegram to the South Dakota Senators
minimum
a
on
not meet the present
in North Dakota
the western
proportionately and because of four
short crops.
The crop of 1919 was almost a total failure.
During the unusually long and severe winter of 1919 and 1920 banks were
compelled to advance money to help farmers feed their stock and additional
money had to be furnished to provide for the 1920 crop planting.
Farmers
have been unwilling to sell the 1920 crop at present depressed prices, below
There have
been
more
banks failing proportionately
than in other States, because the
banks In the new territory of
portion of the State are much smaller
representing the South Dakota Bankers'
committee
Association sent
and
CON-
GRESS OF MINIMUM GRAIN PRICE.
•
A
BANKERS URGE FIXING BY
the cost of production.
,
In the ordinary course
which are closed will re-open as soon as
majority of these banks
induced to sell a
farmers can be
The aggregate resources of all
portion of their crops.
crisis.
of business no doubt a
combined does not exceed resources of one
the closed banks
substantial bank in some com¬
munities in Illinois.
GOV.
DORSEY OF GEORGIA
D1TI0NS
DO
NOT
DECLARES THAT CONDI-
WARRANT
A statment in which he said
including in
session
of
any
call which
may
moratorium
to Gov.
that he has
be issued for
no
an
intention of
extraordinary
the suggested enactment of a
Dec. 3 by Gov. Dorsey of Georgia.
the Legislature,
was
issued
on
As stated in these columns
ium,
MORATORIUM
last week (page 2180)
an
appeal
Dorsey for the enactment of a stay law, or morator¬
was
by State Commissioner of Agriculture
Gov. Dorsey's statement follows:
made
J. J. Brown.
I have no intention of
Including in any call for an extraordinary session of
which may be issued the suggested enactemnt of a
law would be of little or no benefit, even temporarily,
the General Assembly
moratorium.
Such a
and the consequences that
hurtful.
would Inevitably follow would be permanently
and which are not local to our section
The conditions obtaining
f
State
stating
Bank
on
Examiner O.
E.
Lofthus, was reported as
opening of the closed institutions.
press
dispatch Dec. 3, said:
The State Industrial Commission, at a
resolution authorizing the Bank
drafts drawn
meeting this afternoon,
of North Dakota not to
by County Treasurers unless
the money is
adopted a
honor checks o
needed to meet
The commission supervises the bank.
Payment of
drafts drawn on the Bank of North Dakota by Treasurers of Logan
urgent
two
for the re¬
A Bismarck (N. D.)
Dec. 3 that plans were under way
obligations.
ground that the Initiative
and does not give authority to
draw funds deposited before Dec. 2, except to meet
and Norton counties was
Act, effective yesterday,
County Treasurers to
refused to-day on the
is not retroactive
obligations.
cope
,
.
,
bankers on the 7th mst. to
with the situation, Bismarck dispatches to the daily
Regarding measures taken by
papers
stated:
CHRONICLE
THE
3384
More than 600 North Dakota bankers, in conference here to-day with
than
representative officials of the State Administration, adopted a plan intended
to meet the financial situation that has resulted in the closing of the banks.
was
the creation of a pool to
be used for the benefit of banks that
million dollars could be saved from the wreck.
a
statement made on Dec. 7, Mr. Ponzi asserted that
could
taken to prevent the closing of additional banks
The most important step
[Vol. 111.
tween
unable to finance themselves.
a
be recovered from commissions paid his agents, be¬
j
are
In
$500,000
$250,000 and $300,000 from
who when they
persons
the
had obtained one 50% profit reinvested capital and interest
approval of State bond issues for the financing of farm loans, and the
for succeeding profits, and also $200,000 from other credits.
Another step aimed at
bringing additional capital into the State
was
pledge of the bankers to assist in the sale of such bonds.
E. O. Lofthus, State Bank Examiner, in addressing the Bankers' Confer¬
ence,
GOV. HARDING OF FEDERAL RESERVE BOARD
DE¬
said that depreciated farm product values was almost wholly respon¬
NIER ADOPTION OF RADICAL DEFLATION POLICY.
sible for the closing of banks, and that more than half of the institutions
which have been closed will be reopened.3
EXTENT OF AGRICULTURAL AID.
Dealing with the Bank of North Dakota, the deposits of which are reduced
In
through the adoption by the voters of the State recently of a law doing away
with the compulsory deposit
tion at Indianapolis on Dec.
of all public funds in the State bank, the
bankers pledged their co-operation, to the end that withdrawals that may
of
be made shall be orderly and that the State bank shall hot be unnecessarily
crippled.
system has adopted
ers' Association pledged its co-operation with the Bank of
North Dakota, in the
the
following resolution adopted at Fargo
Congress be urged to take immediate steps
to
fair
restore
the bankers
That
possible
,
association
;
,
Asociation
the
will
give
the
the
Industrial
"there
that
Commission in
Bank
of
North
Dakota
has
curtailment
;;
That the association request public treasurers of the State to withdraw
Bank
Dakota only necessary
of North
funds and that sinking
funds be left with the Bank of North Dakota for at least six months.
financial
relief:
E.
J.
National Bank of Fargo;
Weiser,
President of
the
year ago
First
troller of the
of
vanced
as
press
advices:
not involve
great sum was brought out by bankers.
a
The total capital of
all banks combined is approximately $270,000, while total deposits in the
banks
Most of the banks,
$2,531,000.
were
according to
bankers,
are
solvent and the depositors have the further State guarantee of deposits.
The North Dakota Bankers' Association extended
an
MacFadden of the
Dakota Bankers'
Association
tends greetings to all those in attendance at your meeting.
ex¬
The interests
of the farmers, the bankers, the merchants and investors are always identical
just
as
are sure
to be
If
we
us,
all work conscientiously
The surest and safest
agriculture.
director,
a
was
quoted
as
saying
going.
Our
was
wiped out, however, and
asked
we
dispatches stated that depreciation of livestock
given by Mr. Preszler
as
The bank
the
selling their grain
reason
the
were
time."
institution
of
present
OKLAHOMA BANK SUSPENSIONS.
to-day
of
the
by Fred G. Dennis,
have been caused by
cotton
The
First State Bank
belt of
the
Marietta
within the last
There is
Marietta, Okla.,
the drop in the cotton market.
Losses
The
announced
was
are
bank
is
said to
in
the
the State banks in Oklahoma
months, according to the State Bank Department.
The
"on
of
Clarinda Trust and Savings Bank did not
open this morning, and a
posted on the door saying the bank was going out of business
the
bank
of
difficulties
showed
total
of
collection."
resources
of
The
last
published
statement
$458,000.
According to estimates of appraisers, who have been in¬
vestigating the financial affairs of Charles Ponzi, his lia¬
bilities are $6,396,000 and assets $1,593,834.
The latter in¬
cludes all the Ponzi assets except those connected with the
Trust
Co., which
tion to the
was
closed by
August.
the
State Com¬
Mr. Ponzi takes excep¬
findings of the appraisers, and claims that
the
keen
a
withholding all
for any
market
length
of
the view that the convention would
of preventing in future a
means
conditions,"
bad
and
ultimate
they seem."
as
and
recessions
assumed
as
well
repeti¬
would
it
that
periods
over
"the processes
as
at
consumer
high prices."
"Things
are
We should take this philosophy to
but
the
obtain
resultant
conditions
everywhere
and
present conditions unprecedented
are
basic
although it is true that
industries
are
we
would
passing
in
not
are
peculiar
countries
to
this
there
where
has
for
a
and
months
In
was
far
particular nations
as
are
depresses
this
In
country
the
there
event
was
of the present generation.
which existed a year
conditions
sensed
by
for
unsettlement
an
in
urgent demand for commodities
an
developed which required satisfaction at any
upward until they attained levels never before
soon
bounded
they seemed,
as
goods
the memory
reviewing
what
that
after
hesitation in business, but
prices
reached in
as
world-wide situation which
a
productive activities is unusual.
a period of readjustment which it was expected
immediately after the signing of the Armistice.
In
into
few
a
and
through
enter
manufactured
ago,
at the time, that things
many
price
levels
were
unnatural
and
we
were
the
realize
all
not
good
as
burden
of
the
high cost of living was too great to be permanently endured.
It was gen¬
erally recognized many months ago, following the collapse of the Japanese
silk market early last
spring, that sweeping price readjustments were in¬
evitable.
In fact, a year ago last summer the continued
expansion of
credits and the
constantly advancing cost of living became objects of
concern.
The Senate of the United States
communication
to
the
Federal
Reserve
Board
on
grave
Aug. 5 1919, addressed
the
on
subject.
Shortly
an address to
Congress discussed these questions.
time until the adjournment of Congress last June these matters
subject of frequent discussions in both Houses.
On the 17th of
From that
the
were
May last the Senate addressed
Board
mend
ther
Hanover
have
saying—of Chinese origin, I believe—that
or as
alone,
"to
advise the
to the
inflation of
CHARLES, PONZPS ASSETS PLACED AT $1,593,834.
missioner of Banking last
Board
afterwards the President in
dispatch from Clarinda, Iowa, Dec. 4 stated:
was
account
Reserve
maturing of farmers' obligations
old
an
concerned,
a
CLARINDA, IOWA, BANK SUSPENDS.
notice
by
agricultural districts
been the greatest inflation of credits and currency the distress is most acute.
Nor
public
A press
and
Harding's speech in full follows:
good
as
Price
now
State.
seventh among
agricultural,
heart at the present time.
cost
Dec. 4 said:
State Bank Commissioner.
failure is the
few
of
ad¬
Governor Harding observed that
Federal
sold to the
are
Governor
fact,
Regarding recent suspensions of banks in Oklahoma, the
Liquidation
have
Federal Re¬
of marketing and ascertain why in many cases commodities
which are sold by the farmer at less than the cost of pro¬
prices and
on
seven other
largely
are
extending from October to March"
and
dispatches from Oklahoma City
Comp¬
co-operative marketing, greater diversification of
crops and the
was
had deposits of $170,000.
press
the
Cleveland
and
distinctly
from
He expressed
"consider
all
capitalized at $25,000 and
was
tabulations of
banking system to provide funds for
we
forced to close.
in
$1,500,000,000."
staple crops entirely
country
and grain values and farmers not
what ex¬
agricultural pur¬
a
examiner to take charge.
The press
-
reserve
for
desirous of doing everything they can legitimately and
never
We have been aided by the Federal Reserve system and it has helped
us
indicating to
properly to help them," but he declared, it is impossible, "for
on
t
national bank
broad
a
sympathy for the farmers in their present predicament, and
duction
With reference to the closing of the First National Bank of
keep
is about
tions
affecting all industries, including the basic industry of
Dec. 6:
district
Banks
Reserve
"no doubt consider
We pledge the support of our members in any
Medina, A. Preszler,
cited
Philadelphia
whose
are
and every possible constructive effort which has for its purpose the better¬
ment of conditions
In
available
$250,000,000 to
as
are
road to real and permanent relief is through intelligent cooperation by all
citizens of all occupations.
Boston,
much
We
right.
We hope your meeting will result in real progress.
Harding
and know you
benefits all—and what injures one injures all.
one
earnestly working on your problems.
the results
Federal
any
To the State Branch National Wheat Growers' Association:
earnesly working to solve the problems that come to
towards
he noted further that the total amount of bills discounted
are
A resolution presented to the farmers by Secretary
Executive Council read:
—what benefits
made
"the members of the
fit of conditions.
Council of the North
policy looking
no
offer to the farmers
of the State, in session here, to cooperate closely in all matters for the bene¬
The Executive
In stating
Currency showing that the Federal Reserve
Banks
serve
suspension of 17 banks in the State since Nov. 15 does
been
Governor
poses,
Banks
That the temporary
reduction
currency."
being diverted into all kinds of speculative
were
Early of Valley City.
also stated in the Fargo
been
tent credit had
E. D. Pierce of Sheldon; 0. S.
was
"has
deflation of credit," Mr. Harding added that
or
non-productive channels."
Hanson of Grand Forks; H. .P Beckwithof Fargo, and J. J.
It
said,
of fact, there has
matter
a
moderation and better judgment in the use of credits which a
and
'
A Committee, as follows, was named to further the work
of
as
"efforts have been made to "correct abuses and to bring about
heartiest
cooperation in carrying out the provisions of the initiated law.
from the
and,
/
will assist
Dakota.
That
Federal Reserve
Governor Harding
policy,"
such
undertaken
in the net volume of bank credit and
The Industrial Commission directs the Bank of North
way.
"that the
many
policy of radical deflation and that
a
been during the past year an increase and not a
and
equitable prices for grain and cattle by eliminating the cause which brought
every
"No
been
ever
about the present condition.
7, W. P. G. Harding, Govenor
Board, alluded to the impression
farming interests have been the chief sufferers from this
policy."
Nov. 30:
;
Reserve
Federal
the
existing in the minds of
The Executive Council of the North Dakota State Bank¬
That
address before the American Farm Bureau Federa¬
an
more
steps
to move
member banks of
currency and
it
the
purposes
1920
marked
contrast
are
The
the
the
directing
the Federal Reserve
steps it purposes to take and to
Federal
Ieserve
recom¬
system to meet existing
credit, and consequent high prices, and what fur¬
to
crop."
take
recommend to
or
mobilize
credits
in
order
Reference is made to these incidents in order to
direct attention to the trend of
force expansion of
resolution
a
Senate what
legislative sentiment
efforts
now
a
being made to
few months
secure
ago.
In
legislation to
credit and currency with a view of advancing prices.
Federal
Reserve Board is. not charged with any responsibility for
living costs.
It is a banking board, which exercises a general
supervision of the Federal Reserve Banks, and the rates of discount which
are fixed by the
Board, following recommendations of the directors of the
prices of
Federal
The
Reserve
Board
prices
up
Banks,
cannot
or
with
are
not
fixed
propriety
putting them down.
primarily with
establish rates with
reference to prices.
a
view of
putting
In the determination of Federal Reserve
Dec.
111920.]
bank discount
rates
THE
consideration
be
must
CHRONICLE
given to general conditions and
to
current rates, and in the rate revisions which the Board has approved
from time to time the view has
alway been taken that discount rates should
not be pegged or fixed
arbitrarily,
conditions related to the
there
for
basic
certain
always
are
demand for and the supply of credit in this coun¬
1919
the total
amounts
earning assets of all Federal Reserve banks
$2,350,000,000, while
000,000,
increase
an
drastic deflation
formal
expansion.
of
Federal
a
bank
Reserve
pretation of these conditions.
Federal Reserve Banks
merely an inter¬
r
:
not
are
is
rate
.
permitted by law to have direct dealings
with the
public, but they may rediscount for member banks upon their en¬
dorsement eligible paper as defined
by the Federal Reserve Act representing
loans or advancements made
The
by the member banks to their customers.
lending
of National banks
powers
broadly defined in those sections of
are
the Revised Statutes of the United States
commonly known as
Bank Act," and those of the State banks and trust
the "National
companies which are mem¬
bers of the Federal Rserve
system as well as those of the institutions which
are
not members
governed by the laws of the respective States in which
There is no centralized control over the dis¬
are
thse institutions
are
count
the
policy
of
located.
individual
Federal Reserve Board cannot
not
desire
to make
nor
member
restrain
the lawful exercise of their discretion
Normally the discount rate
the rates at which
countries
member
which have
of
the
them
they
from
loan
banks
is
well-established
a
or nearly 50% within a
banking system strong enough to sus¬
rate of expansion of credit, and, while no
no
a
attempted,
taken to regulate the credit
measures were
advanced and this
action brought about a
liquidation, the earning assets of the Federal Reserve
were
being reduced in the
of
course
sixty days by about $100,000,000.
of
marketing the crops of 1919 before those of 1920
reducing borrowings at the Federal Reserve banks
quirements
where
of
of
the
autumn
it should become
should
necessary
develop.
until
Banks
for them
harvested, and of
were
the
seasonal
advised
were
in
re¬
cases
to discriminate in the matter
making loans to give preference to essential credits, which included all
credits related to legitimate
productive activities, and
same time that
they themselves must be the
On
they
told at the
were
judges of the essential character
of them.
^
of the purposes for which loans were asked
>
July 23, just before the crop-moving demands began to be felt, the
total loans and investments of the Federal Reserve
banks had declined from
to their customers.
money
there
round
By the middle of May, however, the total loans and investments of the
Federal Reserve banks
approached again their previous high level, and the
Board called the attention of the banks and the
public to the importance
making loans which in
make.
may
Federal Reserve bank should not control
a
banks
central
and
banks,
compel banks to make loans which they do
it
can
non-member
and
banks
rapid
in
were
nearly $3,300,-
was
$1,000,000,000,
There is
so
Discount rates
moderate amount of
;
,
was
Jan. 27 1920 the total
on
almost
of
period of four months.
tain itself
very long at
try and throughout the world which must be taken into account, and the
establishment
?285
the central bank discount rate should be maintained at
In the
policy that
figure slightly in
a
the high point, about $150,000,000, and stood around
$3,150,000,000. Since
they have advanced steadily with occasional slight recessions until
that date
Dec.
3, when the total amount reached $3,333,792,000,
on Dec.
5 1919.
Federal Reserve notes
Dec.
3
parent for it eliminates all consideration of profit in rediscount transactions
Dec.
in
circulation
on
5
and
compared with
as
$2,923,082,000
banks
of
excess
the
market
current
This
rate.
gives the central bank better control
the banks which deal
own
its
over
such
of
own
a
policy is
and
reserves
ap¬
causes
with the
public to rely to a great degree upon their
extending accommodations while still affording them an
in
resources
wisdom
outlet for any undue
accumulation of loans.
Because of
exigencies of
financing, it has not been practicable for the Federal Reserve Banks
war
rates
lower
are
than
that conditions
are
the
rates
charged by member banks.
gradually adjusting themselves
bank rates may be maintained at
not
only without
distinct benefit.
where member
disturbance to
any
In fact,
is believed
It
that Federal Reserve
so
level slightly higher than current rates
a
and
commerce
business
reduced
their rates
their
but to
this adjustment has already begun in
banks have
cities
some
to
increase
of
in
Federal
$3,312,039,000,
Reserve bank
"
$430,000,000.
as
against
$2,881,359,000
You
credit
of
$400,000,000
on
and in currency
_;',C
'
however, most interested in knowing to what extent credit has
are,
been available for agricultural purposes.
cise information on this
point until the
It will be impossible to give pre¬
reports recently called for by the
Comptroller of the Currency from national banks have been tabulated and
digest made public.
The Comptroller has asked each national bank for
the
statement both of direct and indirect loans to farmers.
a
banks
serve
in
agricultural
several months past with
commercial loans.
on
amounted
1919.
You will see, therefore, that as far as the Federal Reserve
are
concerned, np contraction of credit or currency has been had
during the past twelve months, but on the other hand there has been an
up to
this time to adopt this policy, and as a rule Federal Reserve bank discount
1920
ordinary circumstances banks rely upon their own lending power as
by the sum total of their capital, surplus and deposits, and re¬
discount or borrow money only at certain seasons of the
year, or at other
amount of
been
have
The Federal Re¬
rediscounting heavily for
Federal Reserve banks in the industrial districts.
Three
times when unexpected demands are made
upon
districts
In
measured
regarded
to
be
them.
Formerly it
not
was
sound policy or good practice for a bank to permit its loans
as a
habitually extended to
point which obliged it to be constantly in¬
a
debted to other banks for borrowed money.
Before the Federal Reserve sys¬
tem was established banks were
requird to carry in thir own vaults a cer¬
tain
percentage of their net deposits in gold
This percentage of reserve was
carried.
As regards
lawful money as
or
reserve.
a
considerably higher than that which is
national banks, the
required
reserves
were
now
25% in gold
lawful money for banks in the central reserve
cities, New York
and St. Louis, for all other reserve city banks 12%% cash in
or
,Chicago
vault, and
12%% with banks in central
in
cities, and for country banks 6% cash
reserve
vault, and 9% with banks in
or
reserve
central
cities.
reserve
This per¬
centage of
posits.
reserve applied to the time deposits as well as to demand de¬
The framers of the Federal Reserve Act felt that with the Federal
Reeerve
banks
these
established
be
could
reserves
of the banks in
power
and
dependable
a
lowered
a
with
means
safety,
thus
corresponding degree.
increasing the lending
The present law does
not
require any member bank of the Federal Reserve system to carry any specific
cash
amount
of
Federal
Reserve
in
its
Banks.
Banks
the Federal Reserve Bank
posits, banks in
posits the
vault.
own
in
lawful
central
reserves
10%
required in all
of their
own
own
tirely the additional lending
they
7%.
On time
de¬
The Federal Reserve
mem¬
serve
extent to
banks
baifks
the
are
which
now
Federal
the
discount
facilities
afforded
by
the Federal Re¬
being used shows that through the medium of member
banks
Reserve
are
and rediscounts of all national banks amounted to
$59,177,000, against total
$4,709,027,000, the percentage of bills payable and
rediscounts to total loans being 1.26%.
On Sept. 23 1908 the percentage
was
1.11%; on Sept. 12 1914 total bills payable and rediscounts had in¬
loans and
creased
discounts of
the
to
the total
then
unprecedented
bills
1916
amount of
payable and rediscounts had fallen to $91,893,000,
participation in the
our
$285,104,000,
of
On Sept. 11
war
or
1.16%
year
bills payable and rediscounts amounted
war,
financing.
The
same
Aug. 31 1918,
on
12 1919, when the percentages of rediscounts to total loans
12.8% and 13.04%, respectively.
to
These figures,
observation will apply to fig¬
compiled from reports of conditions of national banks
and Sept.
of
due
was
On Sept.
1917, the first
3.09% of the total loans, $9,234,289,000.
or
reflect
course,
ures
2.34%
or
This increase
outbreak of the European war.
of the total of loans of all national banks.
of
$150,071,000,
loans, which amounted to $6,417,910,000.
to the disturbance incident to the
12
There has, however, been
no
new
were
finan¬
cing by the Government since the floatation of the Victory Loan; the total
volume of Government obligations outstanding has decreased since
Sept. 12
1919, when rediscounts and bills payable of all national banks amounted to
$1,505,516,000,
total loans of
panies
are
tion of
is any
while
Sept.
on
borrowed in this
money
8
1920
the
national
banks'
amounted to $2,299,640,000,
way
$13,723,611,000.
or
liability for
16.8% of their
The figures for State banks and trust
not available, but there is
money
loans
were asked to estimate the
proportion of their
directly in support of the agricultural and livestock interests.
The estimates
Richmond,
for
Sept. 3 1920
27.3%;
Minneapolis,
65.6%;
cisco, 58.7%.
In
curtailment of
while,
yet
com¬
to believe that the propor¬
borrowed by these institutions to their loans and discounts
no
reason
less than that shown by the national banks.
available,
Senator
it
reasonable to
seems
998,000,
matter of fact, there has been during the past
increase and not a reduction in the net volume of bank credit and
There has been
of
no
policy looking towards
credit, but efforts
have
a
broad curtailment
been made to correct abuses and
bring about moderation and better judgment in the use of credits which
year ago were
channels.
power
conserve
not
very
sup¬
reduced
were
November 10, 1920, to $4,916,375,000,
on
deposits in New York City of about $1,400,000,000, and
of
loans amounting
to
a
a
net loss
net reduction
similar amount," and that, "while the individual
a
according to the Comptroller's letter of Oct.
loans
fiscal
I
believer
firm
a
marketing
our
in
the
of
those
of
manufactured
the
business
the
resources
and credit
With statistics, but in order to correct wrong
impressions I desire to call your attention to the following:
the
of
questioning the fact that farming
production
be
aided
in
languish.
will
It is
preserving the full
measure
This
enterprises have the
crops,
must
are
desirable that the
every
proper
the
that there be
a
or
on
terms
of which
extends
The
large part of
not
certain
actual
not always continu¬
The farmer, how¬
a
period of
staple
Great
several months,
until the next season's
surplus held
over
from
crops
pending the'market¬
one crop
It is important, however, that the surplus held
is
crops
dumping
a crop,
only
the banks in
over
requirements of consumption
one
abnormal demand should develop.
means
sufficiently profitable
It is well to consider,
are
industry.
unwieldy, for the marketing of
great staple
sumer.
or
the
of his harvests and that he be given
respect to farm
ordinary requirements call for only
seen
of
of
In order to prevent possibility of shortage, it is desirable
produced.
large
efforts
and that he be
way,
advantage of more frequent turnovers.
the production
meet
ing of the next.
too
re¬
any¬
rule, has only one turnover a year, while those engaged in other
as a
ever,
is
I cannot conceive of
staying in the business of farming.
also true with
is
is
Con¬
other lines of business
however, thart in other lines of business, profits
ous.
consumer
manufacturer.
business must be remunerative
as a
highly
opportunity of marketing his products
an
great
a
his buying power
and
products.
supported and stimulated in
to warrant his
that agriculture
agree
its fruits depend the lives
merchant
in manufacturing and
depression
a
upon
The farmer is
products and anything that affects
in
flected in the reduced demand for farm
farmer
All will
industry, for
engaged in all other industries.
reflected
versely
policy of gradual and orderly methods of
great agricultural staples.
the basic and fundamental
one
1920, $4,045,164,000, and
$5,805,736,000 (including overdrafts and discounts) for the
ending June 30 1920."
year
am
soon
13
increased
a
crop
a
crop
means a
and
over
be not
half when the
loss, unless
an
unfor-
The gradual and orderly marketing
matter of importance both to producer and
upon
con¬
the market within a short period of time of
the consumption of which extends throughout the
loss to producers, often to those who
a
a
can
a
year,
least afford it,
great strain upon our transportation facilities and upon
providing the funds
necessary
for large purchases in advance of
The dumping of farm products pro¬
requirements for consumption.
speculation and usually results in higher prices to the ultimate con¬
•
I take this occasion to say
that the members of the Federal Reserve Board
legitimately and properly to help
banking system to provide funds
withholding all staple crops entirely from the market for any length of
time.
The volume of our great staple crops is so large and their value so
great that any efforts to valorize them by means of bank credits would in¬
evitably result in disaster to the community in general and to the farmer
especially.
Orderly marketing means marketing; it means steady sales
and steady purchases.
Gradual sales make possible the gradual liquidation
of debts, and as the maturity of so many obligations synchronizes with
a
the crops.
a
to
of the member banks and of the Federal Reserve banks in order that
I do not wish to burden you
been
have
they might better respond to the seasonal needs occasioned by the harvesting
of
has
or
being diverted into all kinds of speculative and non-productive
Efforts have been made also to
there
has
Owen
sumer.
deflation
that
of
motes
currency.
assume
and
are
recently called attention to the fact that "the indi¬
deposits of New York City banks, which were Nov. 12 1919 $6,313,-
vidual
been undertaken, and,
year an
It is certain that there has been
by the Federal Reserve banks,
large volume of credit extended by member and non-member banks in
port of the agricultural interests.
that the Federal Reserve Sys¬
tem has adopted a policy of radical deflation and that the
farming interests
have been the chief sufferers from this policy.
No such policy has ever
a
Sept. 3.
agricultural credits
I have stated, exact figures of member bank transactions
as
but involves also
The impression exists in the1 minds of many
as
Federal Reserve Bank of
of these banks the proportion of agricultural paper
some
held is much greater now thas on
no
follows:
were as
23.7%; Chicago, 48.3%; St. Louis, 22%;
Kansas City, 59.8%; Dallas, 50% and San Fran¬
Atlanta,
is
participating actively in extending
On Aug. 22 1907, just before the panic of that year, bills
payable
credits.
total
en¬
acquire by rediscounting with
the Federal Reserve Bank.
The
by Federal Reserve banks in distinctly agricul¬
Early in the season Federal Re¬
$1,500,000,000.
deposits and loans of New York City banks were coming down, the total
carry
leaving out of consideration
can
about
deposits of all the banks of the country, including bank deposits, increased,
is only 3%.
resources,
power
is
banks in these districts
with
must
Act, therefore, has greatly increased the normal lending power of the
ber banks out
bills discounted
districts
serve
their net demand de¬
and country banks
cases
kept with the
are
cities
reserve
balance equal to 13% of
a
cities
reserve
reserve
All
eral
tural
rediscount provided,
of
banks, the Federal Reserve Banks of Boston, Philadelphia and Cleve¬
as much as $250,000,000 to seven other Fed¬
Reserve banks, whose districts are largely agricultural.
The total
land, have advanced at times
On Sept. 19
a
keen
desirous
them.
for
of
sympathy for the farmers in their present predicament and are
doing everything they
It is impossible,
can
however, for
any
the
it is probably no exaggeration to say the
marketing of staple crops,
million dollars of farmers' indebtedness means the liquida¬
Your convention will
no doubt
consider means of preventing in future a repetition of present
conditions.
I
assume
that
you
will consider co-operative marketing,
liquidation of
tion of four
a
five million dollars of general debts.
or
greater diversification of crops, and the maturing of farmers' obligations
over periods extending from October to March.
I suggest also that you do
not overlook the importance of minor crops as a means of giving the farmer
an additional turnover.
I assume also that you will consider the processes
of
commodities which are sold
by the farmer at less than the cost of production are sold to the ultimate
consumer at high prices.
I am aware also that there is much apprehension
on the part of farmers as to their current indebtedness.
The present crops
were produced at abnormally high costs, and many farmers, no doubt, have
stuff on hand for which there is now no ready market, or which cannot be
sold for enough to liquidate their debts.
Such a situation calls for the
closest co-operation between the farmer, and the merchant and banker with
whom he deals.
I have no authority to speak for the banking business in
marketing and ascertain why in
his
of
institution
own
which his bank is located.
other
and
drastic methods
of
as a
The average banker is adverse to foreclosures or
liquidating indebtedness, except as
opinion is that if the farmer will
my
creditor and make
go
a
last resort,
to his banker or merchant
frjank statement of his condition, giving additional
a
se¬
curity if available and if required, and agree to make gradual sales of his
produce
the market develops, applying the proceeds on his indebtedness,
as
he will be able to make arrangements
for present pressing needs and for re¬
quirements for another season.
Many farmers have had this experience in
years when there has been a crop failure.
This is a year of physical plenty,
and the farmers' troubles arise from price derangements.
The decline in
prices of all agricultural staples has been very marked, and some may not
be salable in the present circumstances at any price.
Such commodities, of
must be carried
course,
over
for account of
be carried for the account of the producer.
and
The
one
some
and they had better
Other staples
price and gradual sales of these staples will, in
entire situation.
can
be sold at
a
resumption of activity
on
employment of labor will stmiulate the demand for foodstuffs and
I shall
higher than a year ago.
not undertake to
The October price, however,
from last June, when the average was
that the cost of producing next year's crops
products,
it
seems
certain
While it is true that the greater volume of our staple crops and
the larger
part of our manufactured goods are consumed at home, the maintenance of
our export trade is of the greatest importance to farmers and manufacturers,
for ability to dispose of surplus products abroad is a potent factor in the
determination of the price at which goods are sold at home.
The great need
of the world to-day is peace and revival of the industries of peace, the reestablishment of trade relations between the nations, and, in my judgment,
the surest means of relieving present conditions permanently lies in the
development of our foreign trade upon a basis of assured permanency. This
subject is too complex to admit of its discussion here, but I refer to it
merely to emphasize the fact that the farmer is vitally affected by things
which lie beyond his own horizon.
All these matters are pressing for solu¬
tion and are being considered by those in administrative and legislative
authority and by banking and trade organizations all over the country. In
the meantime it is most desirable that there be no feeling of undue de¬
pression or despair.
Remember that things are not as bad as they seem
and that a morale which it is so necessary for an army to maintain in a
military campaign is just as essential in fighting against industrial and
business depression.
Let us look on the bright side and take care before
advocating measures which may seem to hold out promise of temporary re¬
lief to consider their ultimate results.
One of the most effective utterances
last year
had risen
conditions; but
solution
of
our
not
generally adapted to
matter what the
no
course of legislation may be, the
problems will depend mainly upon
economic and financial
individual effort, and calls for good
and co-operation, and
is
a
judgment and forbearance, self-reliance
display of courage and optimism, which, after all,
really justified by fundamental conditions.
I
That the fall in prices, which has recently become pro¬
nounced in the United States, is not confined to this country,
but is well-nigh world-wide in its operation,
may be seen,
said Gov. Harding in an appendix to his address, from an
examination of monthly average import prices of commodi¬
ties entering the United States.
of which for the most
below,
are
based
These figures,
it
the wholesale price of articles in the
on
markets of the countries from which they are
imported:
Unit.
Hemp..
Sept:
Pound
Coffee
$
"
..
Jute and jute butts
Manila..
Dec.
.184
$
.24
Ton
j
.156
S
.179
$
.168
Sept.
September 1919; in view of the very poor jute crop reported from
$
.116
$
.117
.223
.215
.206
.166
.164
430.50
456.66
545.60
a
96.88
180.40
113.65
122.12
51.80
77.55
225.90
237.93
300.80
348.71
292.58
310.62
»
295.00
207:66
214.17
202.21
150.14
125.98
.497
.577
•'
.33
.363
Goatskins
»
.776
.866.
India rubber
«
.372
.Gallon
2.13
Pound
.452
2.16
"
.0355
8.04
.0363
9.61
.632
.354
1.21
.453
2.54
.0421
12.28
.561
.387
.341
.258
1.19
.458
3.26
.0431
9.99
.2224
1.07
.994
.367
.393
3.01
3.11
.0552
.0512
6.42
6.66
"
.0555
.0651
.0832
.1611
.1501
.1395
"
.257
.241
.243
.305
.264
.266
Tin
"
.534
Pulp, wood
-Cord
Woodpulp.unbleacbed.Ton
reductions
are
alued at less than 12 cents
.666
.815
.522
.551
2.85
10.35
14.12
14.61
14.93
73.70
76.85
77.80
114.83
142 10
148.98
.473
.553
.663
.659
.437
.433
shown for
instance, worth about 18 cents
a
.641
10.53
2^2l^Jjirii^g;i5ij;---]pound
Decided
and wood pulp from $73 20 to $148 98 a
from $10 53 to $14 93 a cord
rose
In the case of paper, a growing world-wide
during the same period.
ton
a
a
price movement at variance with the general downward trend.
principal countries from which each article is imported
To indicate the
and thus
emphasizing the fact that the price movement under discussion
encircles the world, the following is added:
Principal Country from which Imported.
Article.
British West Africa and Ecuador.
1
Central America and Colombia
crude..
Cocoa,
Brazil,
Coffee--
Philippines
Hemp
-India
Manila
.Philippines
Sisal Grass
Mexico
Calf skins.-..
Prance, Dutch East Indies and India
Cattle
Argentina, Canada
hides
Goat skins
China and British India, Brazil
-
India rubber.
India and Brazil
Olive oil
Spain, Italy and Prance
news
--.Canada
print
Japan and China
raw.
Cuba
cane
Tea
-----Japan, India and China
Tin
-Straits Settlements
Pulp, wood
.Canada
Wood pulp, unbleached
Canada and Sweden
Wool, clothing
—
United Kingdom
Uruguay,
.Argentina,
.
Australia and British South Africa.
OF
ELECTION
DIRECTORS
The
Dec.
RESERVE
FEDERAL
OF
YORK.
BANK OF NEW
Federal Reserve Bank of New York announced
that
6
election
the
directors
pf the
bank has resulted in the choice of Robert H. Treman
Class A Director,
and Richard H. Williams
Director, each for
a term
The nominations
who
as
a
a
of three years from Jan. 1 1921.
referred to in
our
issue of Nov. 27,
eligible to vote, those for Class A director
was
as
Class B
Of the total number of 141 votes of the insti¬
2102.
page
were
on
of Group 2,
by member banks
New York Federal Reserve District, of two
were
Mr. Williams
Treman and 19 for Mr. Kean.
the sole candidate for Class B director,
received the
full number of 141 votes.
STATE
INSTITUTIONS
ADMITTED
FEDERAL
TO
RESERVE SYSTEM.
The Federal Reserve Board at
Washington
following list of institutions which
Federal Reserve system in the
were
announces
the
admitted to the
week ending Nov. 26 1920:
Total
District No. 7.
The Hamilton
ster
Surplus.
$33,000
Resources
$421,149
100,000
30,000
1,663,582
50,000
10,000
459,396
50,000
15,000
907,888
Capital.
Citizens' State Bank, Early, Iowa.
County State Bank
City, Iowa..
$30,000
Web¬
...
10—
Fidelity State Bank, Aurora, Nebr—
District No. 12—
J.
N.
Ireland
City,
&
Co.,
Bankers,
Malad
40,000
Idaho
During the week of Dec. 3 the following
12,500
were
many articles for food.
Cocoa, for
pound in September of last year, was
pound in September and October of this
year,
612,913
admitted to
the Federal Reserve system:
Total
District No. 5—
Capital.
Surplus.
Resources.
Farmers' Bank & Trust Co., Forest City,
$75,000
$1,347,778
40,000
50,000
10,000
20,000
247,393
648,994
5,000
348,061
30,000
-
$100,000
25.000
Nor. Caro
8,000
5254384
100.000
50,000
867,840
250.000
49.500
District No. 7—
Commercial Savings Bank, Farragut, Ia_
Hudson Savings Bank,
Commercial
State
Hudkm,
Bank,
Iowa
Constantino,
Mich
Sparta State Bank, Sparta, Mich--—
District No. 8—
Saline
Trust
burg,
&
Savings
Bank,
111——.—
Harris-
District No. 12—
offee dropped in price from 24 cents in 8 jptember 1919 to 16.4 cents in
Guaranty
ctobar 1920: cane sugar, valued at 5.5 cen s a pound in September of last
Wash
materials results in a
demand combined wjth a decreasing supply of raw
.364
Tea
—
Paper rose from 3.5 cents
pound in September 1919 to 5.5 cents in October of this year; pulp wood
475.79
"
Pound
Olive oil..
in the price of jute will take place.
and most consistent price advances are shown for paper and the
materials from which it is manufactured.
raw
Oct.
338.90
582.25
Cattle hides..........
Paper, news print.
Silk, raw
Sugarcane
which advances in price are shown
India, it is possible that a further advance
The largest
1920
June.
Raw silk, which
ber, but is still fa. below its maximum price in June and below the price
shown for
The
March.
and for cattle hides, while
which rose from $51 80 a ton in September to $77 55 a ton in Octo¬
is jute,
Stratford State Bank, Stratford, Wise—
"
Sisal grass
Calfskins.
grass
averaged 66.9 cents a pound, had dropped to 43.3 cents a pound in
District No.
1919
Article—
sisal
Among the principal commodities for
Monthly Average Import Prices of Selected Articles,
Cocoa, crude
valued at
October.
a summary
important commodities is presented
was
and wool, which also was at its maximum price in March, when
122 for Mr.
are
which
$12 12 a pound last March, had dropped to $6 42 a pound
to
in October,
tutions
measures
pound.
cheaper than a year ago, and 20% cheaper than 1 ast July.
We
that war-time
a
advanced in price from 77.6 cents a pound in Sepember of
to $1 07 a pound in October of this year.
Rubber was somewhat
of the President-elect during the recent campaign was his statement that he
favored "More business in Government and less Government in business."
peace
September 1919; for
and $582 25 in
Sugar
will be greatly reduced.
year ago,
goat skins have
Silk,
price of farm
a
$475 79 a ton in October, compared with $545 60 in September of this year,
Paper,
remember
30.5 cents
price are shown for hemp,
in
declines
Notable
han
of 26.6 cents a pound in October marks a perceptible recession
but its price
substantial
improvement in the
was
is 15 cents a gallon lower than the peak price
Tea is also somewhat more expensive
shown for June.
predict the course of prices, but I will say that
prices are relative and that, barring shortages, prices of all commodities and
goods tend in the long run to rise and fall together.
While the decline in
prices of the goods the farmer has to buy has not been commensurate with
the slump which has taken place I with respect to his own products, there is
every reason to believe that within a short time these inequalities will
adjust themselves—either the price of farm products will advance or the
price of other goods will decline.
Tbus, in the event that there is no
must
The price of olive oil, on the other hand,
13 01 per gallon last October, as compared with 12 13 in September 1919.
Jute and jute butts
other farm products.
all
occurred and the November price of sugar will be likely to be only a little
opinion, stabilize the
my
the part of woolen mills
cotton mills will revive the demand for wool and cotton, and the con¬
tinued
year/rose to 16.1 cents in June of the present year, but dropped below 14
cents in October; since that time a further precipitate fail is known to have
many cases
rule the banker realizes that the welfare
depends upon the prosperity of the community in
general, but I do know that
[Vol. 111.
CHRONICLE
THE
2286
Bank
&
Trust
Co.,
Seattle,
J—
1,209.57
Dec.
THE
111920.]
BANKS AUTHORIZED BY FEDERAL
TO EXERCISE TRUST
The Federal
reserve
RESERVE BOARD
POWERS.
Board has granted
The Second National Bank of Hoboken. Hoboken, N.
The First National Bank of Ridgewood,
.'•■•C " ""
j.
known
the
as
York
New
the mints and
announced, arrangements have been made to transfer to
Office, and to the
and functions
offices, including particularly the New York Assay
assay
heretofore performed by the New York Sub-Treasury.
the time
Space in the Sub-Treasury Building has been made available for
Merchantvllle, N. J.
The Broad Street National Bank of Philadelphia,
be
the New York Assay Office, and will
Sub-Treasury Building.
As already
Federal Reserve Bank of New York, certain of the duties
Ridge wood, N. J.
The First National Bank of Merchantvllle,
building,
Sub-Treasury Building at New York will continue to be a Treasury
in the custody of the superintendent of
still
the
permission to
following institutions to exercise trust powers:
...
2287
CHRONICLE
being to the Federal Reserve Bank of New York,
Philadelphia, Pa.
United States, for the purpose of carrying on
The First National Bank of Sharon, Sharon, Pa.
fiscal agent of the
as
exchanges of coin and other
business heretofore performed by the Sub-Treasury.
'
r2:"
'
The Lycoming National
'y.\
Williamsport, Pa.
& Trust Co., Cleveland, Ohio.
Bank of Williamsport.
The Superior National Bank
The Central National Bank of Cleveland,
The First National Bank of Aurelia, Aurella,
......
:#::}■/■ ''''
The First National Bank of Maryville,
The First National Bank of Emerson,
The City National
.
■
......
The
Iowa.
Maryville, Mo.
1.
Emerson, Nebr.
of Hominy, Hominy,
The Farmers' National Bank of Shelbyvllle,
approved
Executive and Judicial Appropriation act
The Legislative,
May 29 1920 provides in part
follows with respect to the discontinuance
as
of the Subtreasury of the United States:
Okla.
Section 3595 of the Revised Statutes of the United States, as
Shelbyville, Ind.
The First National Bank of El Paso, El Paso,
the Federal Reserve Bank.
To all concerned:
Bank of Lansing, Lansing, Mich.
The National Bank of Commerce
following is the official order transferring the func¬
tions of the Sub-Treasury to
Cleveland, Ohio.
providing for the appointment of
111.
amended,
Assistant Treasurer of the United States
an
San
of laws so far as
maintenance of offices of such Assistant
York, Philadelphia, Baltimore, New Orleans, St. Louis.
at Boston, New
Francisco, Cincinnati, and Chicago, and all laws or parts
DISCONTINUANCE OF SUB-TREASURY
AT NEW
YORK.
e:I
The transference of the
Bank of New York took
occasion of the pass¬
ing of the sub-Treasury being marked by the holding of an
informal reception by Martin Vogel, the retiring Assistant
Treasurer, those participating including Albert H. Wiggin,
James Brown, Gates W. McGarrah, Walter E. Frew, Ste¬
phen Baker, William Woodward, Lewis L. Clarke, JohnW.
place
on
Monday last, the 6th inst., the
Besides
Plat ten and others.
in the form of resolutions
shown them during
ness
also the
recipient of
a
tribute from the employees
a
expressing appreciation of the
kind¬
his administration, Mr. Vogel was
letter from Secretary of the Treasury
Houston, which said:
You leave the service of
of which you have been
directed to
dates
of Subtreasuries of the United States are hereby
repealed from
and the Secretary of the Treasury is authorized and
discontinue from and after such date or at such earlier date or
the Treasury only because
the head during seven
the historic institution
eventful years will disappear
as
he may deem advisable, such
substreasuries and the exericse of all
their offices.
duties and functions by such Assistant Treasurers or
office of each Assistant Treasurer
The
specified above and the services of any
employees assigned to duty at his office shall
officers or any other
terminate
the discontinuance of the functions of that office by the Secretary
upon
of
the Treasury.
By virtue of the authority vested in the Secretary of the Treasury
2.
unde®
provisions of the act above quoted, I hereby discontinue the Subtreasury
the
of the United States at New York and the exercise
of all duties and functions
by the Assistant Treasurer of the United States at said Subtreasury
after the close of business on Monday
of the United
York and the services of any and all officers or
to duty at his office
from and
Upon such discontinu¬
Dec. 6 1920.
the office of the Assistant Treasurer
ance
States at New
other employees assigned
shall terminate in accordance with the statute.
3. The Secretary of the Treasury has
made provision, pursuant to the
authority conferred by said act approved May 29 1920, to
functions performed or authorized to
and
You have the distinction of being the last Assistant
and of having served in that most important post
by Act of Congress.
or
and after July 1 1921;
functions of the Sub-Treasury at
New York to the Federal Reserve
they authorize the establishment or
Treasurers
transfer the duties
be performed by the Assistant
Treasurer at New York, or his office, to
the Treasury of the United States
and the Mints and Assay Office of the
United States, and will utilize the
Federal
York acting as depositary or fiscal agent
Reserve Bank of New
Treasurer at New York
of the United States, for the purpose
world war. I cannot sever our official relations
without expressing my sincere appreciation of the efficient and effective
work you have performed.
You have handled the tasks assigned you ably
and functions.
and United States coin pursuant to
and well
of performing certain of such
duties
Secretary of the Treasury.
during the period of the
I note the tribute you pay
if you will convey
I shall be pleased
to the interests
served under you and
to them my thanks for their devotion
the employees who have
of the Government.
The New York "Times" on
The Federal Reserve Bank of New
and after Dec. 7 1920 to handle exchanges of
numbering in all 120, will be transferred
to the Federal Reserve Banlr, but a few of the older men,
who are nearing the time when they will be eligible for retire¬
ment on.....the pensions provided for Gdyernment employees,
will be retained on the Treasury Department payroll.
The
United States paper currency
rules and regulations
prescribed by the
Upon the discontinuance of the Subtreasury
payable to order, issued by the
Treasurer of the United States at New York, will be received for
York, outstanding gold certificates
at New
Assistant
payment by the Federal Reserve
the 7th inst. stated that most
York will be prepared on
Bank of New York or the Treasurer of the
United States at Washington.
HOUSTON,
F.
D.-
Secretary
of the Treasury.
of the employees,
following is from the New
NEW OFFERING OF TREASURY CERTIFICATES
OF GOVERNMENT DEBT.
York "Tribune" of the 7th inst.:
in which Mr. Vogel was in charge, the local Subhandled $3,000,000,000 a year, or $21,000,000,000 for
the full seven years.
A greater part of his last day in office was taken up
in receiving calls from leading bankers in the financial district.
The local Sub-Treasury has been in existence since 1846 and has been in
use since 1849.
Mr. Vogel said it would be one of his chief aims to keep
the historic building standing on its present site for years to come.
A
During the period
Treasury, he said,
Up until recently the great
steel vaults of the Sub-Treasury held
within
$100,000,000 in
silver, representing metal owned by the Treasury.
Most of this has since
been transferred next door to the vaults of the new United States Assay
their massive walls
$900,000,000 in gold and approximately
Office.
.
of the Sub-Treasury Building yesterday
the hands of the Federal Reserve.
Last week approximatey $25,000,000 in notes was taken over.
From now
until the new Federal Reserve Bank building is erected the bank will handle
the distribution of subsidiary coin and paper money at the Sub-Treasury
In
making the formal transfer
about
$5,000,000 in small coin passed into
Building.
Post"
Dec.
of
Ever since George
the following from the New York "Evening
6:
Washington took oath of office as President at
this
then the seat of the Federal Congress, the Sub-Treasury
of some of the most stirring and important events .< the
annals of the city and country.
No visitor to New York, whether the
Prince of Wales or some lone sightseer from 'way down East, went away
without seeing the famous place.
Here the men whose names illumine the pages of American history have
spot, which was
has been the scene
of Europe or the leaders
During that trying period, the SubTreasury building, occupying a commanding position in the heart of the
financial district, was the scene of recruiting rallies, panics, Liberty Loan
meetings and wild excitement.
No spot in the country can equal its record
for spontaneous subscriptions of funds to finance the war.
Historical societies, on important anniversaries, have claimed it as their
own, and have re-enacted the scenes of history there.,
George Washington
has been inaugurated as President again and again, with all the pomp and
spoken, as well as
of armies
color of
those who later became the rulers
prominencehasresulted from the fact that the mysterious
which killed more than thirty and did
serious damage to nearby buildings, occurred only fifty feet away from the
bronze statue of Washington.
Visitors to-day express a desire to satisfy
their curiosity as to the explosion's effect as much as a desire to see the spot
Its most
recent
bomb explosion
so
of September 16,
entwined in our history.
In
a
statement issued on
Sub-Treasury
the 3rd inst. announcing that the
building will be preserved, Secretary Houston
Dec.
7.
The Treasury
regards the New York
which should remain, notwithstanding the dis¬
of the New York Sub-Treasury. With this in mind the
public monument
continuance
Sub-Treasury Building as an his¬
One
in two series,
by Secretary of the Treasury Houston on
offering at
for six months from
15 1921, while the
5%%—Series
TJ 2-1921—runs
Dec. 15 of this year, maturing on June
other, at 6%—Series TD-1921—matures
The certificates of these
an adjustment of accrued
interest in payment of income and profits taxes payable at
maturity of the certificates.
The certificates of the six
months' issue will have one interest coupon attached, paya¬
in
one
year,
series will be
on
ing
15 1921.
Dec.
accepted at
ble at the maturity of
par
with
the certificates, while the issue matur¬
Dec. 15 1921 will have two coupons, payable on June
and Dec. 15 1921.
The certificates will be issued in de¬
on
nominations of $500, $1,000, $5,000, $10,000 and
Treasury
of indebtedness
certificates
$100,000.
of Series TD-1920,
maturing Dec. 15 1920; of Series A-1921, maturing Jan..3
1921, and of Series B-1921, maturing Jan. 15 1921,
accepted at
in
par,
with
an
will be
adjustment of accrued interest,
payment for any certificates of the Series TJ 2-1921 or
now offered which shall be subscribed for and al-
TD-1921
otted.
by Secretary of the Treasury Houston
A letter addressed
to
the
presidents of the banks of the country was made
public along with the announcement of the offering, in
which he said that about $700,000,000 of Treasury Certifi¬
cates
will mature
on
Deo. 15, about $175,000,000 on Jan, 3,
and about $125,000,000 on Jan. 15.
volume of the Government's gross
He also referred to the
and floating debt, and the
reduction, which it is expected, will be effected Deo. 31.
points to the further distribution of Treasury
He likewise
certificates among investors
which has been witnessed during
months and the further reduction of holdings
of Treasury certificates by the
banks, and instances the
attractive features of the certificates now being offered. He
the past few
commends
said:
toric
offering of Treasury certificates of indebtedness,
announced
was
during the World War.
Colonial days.
new
in the amount of $500,000,000 or thereabouts,
15
We also quote
OF IN*
DEBTEDNESS—SECRETARY HOUSTON'S FIGURES
them
as
particularly
desirable for taxpayers
having taxes to pay in the calendar year
those having idle
1921 as well as to
funds awaiting investment.
2288
THE
president
wilson's
■
.
For
annual
message
CHRONICLE
the
Wilson
third
this
time
week
Congress in
his
annual
May,
1919,
when
the
by clerks in the Senate and
Congress
a
year
appearing in
While
it
written
message,
Paris to Washington,
the
that
at
person
indicated
was
time
to
week ago
a
illness prevented
When I addressed myself to performing the duty laid
by the Constitution to present to you an annual report
Union, I found
his
Lincoln's,
let
to go
"Let
in
"faith of
his
which it has grown
he finally yielded to
message,
the
counselling
of his physician and transmitted the message in
writing to
Congress,
where
it
House and Senate
account
of
the
read at
was
sessions of
separate
reception
cation he
might be pleased
the 6th. inst. said
The President did not
the Senate
and
notify him
of
of every
the
the
that
make
Congress
left him
with the
The
his intention
to
Mr. Wilson
with
the
since the
under
Republican
leader
in
the
blue
peared from
On
White
adjoining
an
hands with
the
his visitors.
He
room.
The
gentlemen,
see,
Committee
I cannot yet
the
at
was
President remained
Some of the visitors said that,
tion, and that he kept
Besides
Mr.
up
defeated
were
Wilson
character and
tion.
He
There
a
callers described it
not
robust
as
put
much
on
as
President had
before
his
illness,
to say,
that
the
President would
since
he returned
"a
trip in September,
One
set
of
|
was
One of the
with
difficulty
while others said that while
was
good and
that
dais
as
reports had it that the
President would appear
in
upon
partial seclusion
about without
were
the
President
journey to
the
that
progress toward health
appearance
Congress
somewhat
was
real
no
and
to
but other
persons,
Capitol,
the
and
that
counsel
occasion
he
inclined
to the
ence
urged in
that
one
commented
message,
the
upon,
not
for
It
making
a
personal
to
The passage of
he
makes
its
secure
full
be for the protection of the weak
which is struggling toward its right and toward
recognition and privilege in the family of nations.
nation
United
States
cannot
stigma of rejection
refuse
this
role
the great
upon
Congress to remedy
forces
our
and
a
of
its
champion without putting
devoted
who
men
brought
its
President
and
to
from
the
there
me
One of
cessfully
of the Allied
is also contained in
to
with
tures
hope
will
tyranny which
evils
or
i
afford
are
the
playing
that
most
of 1812.
war
disposition
may
effectual offset
disastrous
so
a
part
part of the world.
one
the
on
have shown
to
in
The
its
upon
disturbing
success.
for Budget
and
sometimes
Bill.
disastrous
effects
the
of
a
serviceable
ought to attempt, to
to
that
prove
the
first
fashion
a
step
great
a
of
legislation
recovery
Government of
great democracy
a
business-like
as
that
force of
acts
assist that
as
any
and
the
which
keep house
can
other
it
the
prove
people.
as
suc¬
Government.
It
toward
a
systematic
method
income
our
or
of
necessitate
workable budget system,
are
essential
of appropriations
to
such
a
unreasonable taxation, in other
and I respectfully suggest that two ele¬
system;
namely, not only that the proposal
of a single body, such as a
single
should be in the hands
appropriations committee in each house
of the Congress, but also that this
body should be brought into such co-operation with the departments of the
Government and with the
to act upon
resources
I
a
Treasury of the United States as would enable it
complete conspectus of the needs of the Government and the
from
which
Congress because of
the
it must
reluctantly vetoed
tives
a
the
draw
constitutional
subsequently modified the bill
revised form
I believe
for
an
effective
one
Con¬
of
the first
to
pass
its
income.
Bill
Budget
passed
objection.
in
by the
The
last
House
session
of
and
order
to meet this objection.
In
coupled with action already taken
procedure, furnishes the foundations
national
budget system.
I earnestly hope, therefore, that
steps taken by the present session of the Congress will be
the Budget BiU.
•
,
Improvement in Nation's Finances.
<
The
year.
the President's
the
of
Representa¬
that the bill,
by the Congress to revise its rules
are among other mat¬
Governments during
the
as
providing this is to supply our¬
handling our estimates and expendi¬
bringing them to the point where they will not be an unneces¬
and
ments
every¬
of
me
in
strain upon
sary
The necessity
attention
injustices
any
immediately
are
we
these is
and
selves
budget bill is
has, he says, become
directs the
know
we
war
words,
measure.
in what
us
national life
own
chaos and
of
seems
by the present session of
regulating cold storage, etc.,
a
the
times
week,
President expressing the
pass such a
made to several
the war"
which
democracy is for the protection of the weak, and the influence
democracy in the world should
every
nations,
indestructible recuperative
A suggestion that the U. S. Treasury be authorized
"to make thb struggling Government of Armenia such
a loan
was
their administration—laws
the will and
unquestionably just
has been exceedingly slow on the other side of the water and has
given promise, I venture to say, of early completion only in our own for¬
tunate country; but even with us the
recovery halts and is impeded at
gress.
as
in
Recommendations
urged
was
President; the "importance of doing
the
equal
are
The law of
of
late
thing possible to promote agricultural production
along eco¬
nomic lines, to improve agricultural
marketing," the need
which
which
are
same time safeguard the integrity of property,
particularly of that property which is devoted to the development of
industry and the increase of the necessary wealth of the world.
Second, by standing for right and justice as toward individual nations.
Recovery
oppor¬
Measures for the rehabilitation and vocational
training of disabled soldiers and sailors are likewise recom¬
law
borders of
own
right to labor and yet at the
after
necessity.
to
surely
democracy of the world, and the
simplifi¬
a
is
by offering the example within her
triumph of democracy depends
is the absence of refer¬
cation of the income and profits taxes
ters
ways
It
the
the fortunes of the free peoples of more than
United States is of necessity the sample
for immediate consideration of the revision
of the country's
tax laws is also dwelt upon
by the President.
The
for
democracy should
prove its purity
the manifest destiny of
attempt to make this spirit prevail.
in which the United States can assist to accomplish
prevail.
to
lead in
of democracy to make and enforce laws which
seems
of the first steps taken
mended by the
wanton rejection of the prin¬
principle of autocracy as as¬
sanction of the multi¬
a
of the
authority and
object:
1
Congress would be to
a
the
and
the
possibly endanger his
by the fatigue and strain that such a record-breaking
Peace Treaty.
the
substitution
without
power
two
are
First,
power
by few.
take the
to
prevailed.
existed
ought
country,
seen
One fact regarding the President's
message of this
been
the part of any combination of in¬
on
suffering from
now
a
but
States to
great
part of
an
would entail.
which has
just
name
themselves in
strongly of the view that he would
during which he has been
Wilson, it is said,
in
attempt
any
laws
I urge you to consider that the display of an immediate
Speaker's
repeated statement of his friends that his
physical and mental condition
appear
men
which democracy came into the world.
De¬
the right of the individual to live and to be
poleonic decrees which involved
invalid
an
to the effect that he would walk to the
opportunity to make his last annual communication to
Congress the occasion for a dramatic appearance in person, revealing his
tunity to
gallant
our
of victory.
sure
which will overburden him, or which will
destroy
his fellows in the matter of right or privilege, and I
realize that the day has come when
democracy is being put
spiritual
There
the
do well to take the
of
say
make
sick man" from his League of Nations speaking
very
Some of the President's friends
months
everywhere
was
attempting to perpe¬
that this was the faith
Government into existence and established it in the face of almost universal
usual and demonstrate the
President
its
and
'right
was
among
the
the United
this
that
opposition and iqtrigue, even in the face of wanton force, as, for example,
against the orders in the Council of Great Britain and the arbitrary Na¬
health had been sufficiently regained to enable him to
get
14
seas to
This is the time of all others when
and
to
himself before Congress
public for the first time
in
appear
assistant.
actual
realized
true
in
The
personally show
opportunity to
was
is
the
upon
its
the
the
beginning of the
people found themselves face to face
and
that it
upon
against
as
make
all
we
proper
1919.
chair, while another
to
the world be lifted out of
can
remember that
tude.
the
clearly, with only slight difficulty in enunciation.
Washington has been alive for the last two weeks with "positive" infor¬
to-morrow, taking the
in
the
came
this faith which prevailed over
was
world
assertion of
an
justly
It
serted
the Executive spoke
mation
is
mission
/
weight.
Mr. Wilson's voice
it,
the affairs of the
Certainly this is the faith with which
ciple of democracy and
Senator Underwood of
"hollow and low," and said that it
as
he heard what the
that
having
as
the faith
and
upon
influence upon
that their Government
wrong
cane.
during the interview.
difference of opinion as to the President's voice.
a
of
You will
therefore,
The Old World is
said:
visible evidence of his long illness, but that considering the
duration of his sickness he appeared in unusually good condi¬
described
was
was
founded
its final test.
upon
ap¬
his chest.
were
conceived
was
nation,
a
exercise
our
the
of
war.
the
equality
ushered
were
Mr.
cane,
room
across
Lodge, the White House callers
gave
his
think
They
Alabama, Democratic Senate leader, and Representative Mpndell, Republican
House leader; Chairman Fordney, of the House Ways and Means Commit¬
tee, and former Speaker Champ Clark.
Some of them said that the Presi¬
dent still
the
is
treated
in walking, his left leg evidenced his afflic¬
his left hand
won
dividuals
dispense with my third leg."
House only a few minutes, and
White
standing at the door of the
of
when the German
came
think,
mocracy
the
was
blue sack suit and used
wore a
birth
Germany.
war
I
Senator
room.
Senate,
House attendants and then
entering the door he smiled, and pointing to his
"You
•
shake
by
room
it
*
conscience
which
Lodge's leadership.
The President did not
into
the
This
League of Nations Covenant and the Peace Treaty
the Senate
in
went into the field and out
spokesman, and he and the President thus met face to face for the first time
in
and
of
force
trate.
that he would not appear before Congress in
to the Committee was that he would
Congressional visitors in the blue
Massachusetts,
affairs
arrayed against the
session,
Congress to-morrow.
received his
simplicity and purity the essential
thoughtful American when I say .that this sentence marks for us in
manner the part we should play alike in the arrangement of our
end of the
joint committee of
a
the
and
present confusion and despair.
to-day at the White House to formally
but members of the delegation
in
was
impression
with"
faith
I
wicked
known
utter
By this faith, and by this faith alone,
Press
President's statement
"communicate
of
to make, the Associated
called
of
the faith in which
plainest
domestic
communi¬
any
'J
:
which
House
person.
Lodge,
ready to receive
was
immortal sentence of Abraham
an
we
to glory and power.
world.
tify him that Congress
the state of the
hope into the world that a new order would prevail throughout the affairs
mankind, an order in which reason and right would take precedence of
force, and I belipe that I express the wish and purpose
joint Committee of the House and Senate delegated to no¬
on
that
the President
upon
on
of
the
In giving an
Monday
on
spirit
covetousness and
Tuesday, the 7th inst.
on
President's
to
of
that right makes might, and in that faith
understand it"—a sentence immortal be¬
as
form
a
the nation,
With
duty
our
embodies
it
cause
have faith
us
do
dare to
us
thought dominated by
my
before Congress with its reconvening this week and deliver
annual
power
"the manifest destiny
The following is the President's message in full:
prevail."
present his message.
that he planned
others when de¬
the United States to lead in the attempt to make this
and
On the assembling of
the President's
ago
abroad
It is truly, he added,
prevail."
read in his absence
was
House.
while
of all
should prove its purity and its spiritual
mocracy
opening of the first session of the Sixty-sixth Congress, in
cabled from
rejection of the principle of
declared that "this is the time
message to
was
wanton
a
democracy and a substitution of the principle of autocracy,"
and
deliver
to
One of the other two occasions
person.
suffering from
now
during his Administration President
failed
the President observed that "the Old World is just
message
to
congress.
[Vol. 111.
nation's finances
have
shown
•.
marked
improvement during the last
The total ordinary receipts of $6,694,000,000 for the fiscal
year 1920
message, and1 exceeded those for 1919 by $1,542,000,000, while the total net ordinary ex¬
penditures decreased from $18,514,000,000 to $6,403,000,000.
further recommendation in behalf of the
The gross
inde¬
pendence of the Philippine Islands.
At the outset of
his
public debt, which reached its highest point on Aug. 31 1919, when it
$26,596,000,000, had dropped on Nov. 30 1920 to $24,175,000,000.
>
\
was
DEC.
There has
3389
THE
111920.]
marked decrease
also been
in holdings
of Government war se¬
well as in the amount
held by the Federal Reserve banks secured by Government war obli¬
This fortunate result has relieved the banks and left them freer to
curities
of bills
gations.
the
finance
needs
of
industry and
agriculture,
commerce.
It has been
especially of the float¬
the improved distribution of Government
large part to the reduction of the public debt,
due in
ing debt, but
securities
The
among
cessation
certificates
particularly to
more
of
'
investors.
permanent
'
except through 6hort-term
the Government's borrowings
of
indebtedness has
been
matter of great consequence
a
to the
holders of Liberty bonds
important bearing on the matter of
people of the country at large, as well as to the
and
Victory notes,
effective
The
credit
had
an
the domestic
The future course will
placed
withdrawal of the
position of domi¬
necessarily depend
practiced and upon the
industrial developments
sufficiently high level.
the extent to which economies
upon
the progressive
credit market and from a
that market.
influence in
are
the Treasury, as well as upon
upon
maintenance
of tax
receipts at a
burdens
and the
with
termined
reference
to
these
of
during the
the
and I would also suggest that it would
war;
provide
in
loaned
be
the
under
within Armenia
itself
*
■
might not be
afforded by the loan a
*
.
further
.
.
Philippine Independence.
tempting opportunity.
.
.
Y
attention to the fact that the people of the Philip¬
pine Islands have succeeded in maintaining a stable Government since the
me
to call your
last action of
Congress in their behalf, and have thus
the
fulfilled the con¬
precedent to a consideration of granting inde¬
I respectfully submit that this condition prece¬
dition set by the Congress as
pendence
dent
islands.
the
to
having been fulfilled, it is
now
our
liberty and our duty to keep our
them the independence
which they so honorably covet.
I
have not
men,
sought to utter
as
v
much laid before you a
so
series of recommendations, gentle¬
confession of faith, of the faith in which I was
to stand by until my last fighting
a
bred and which it is my solemn purpose
day.
this
be
to
the
faith
of
America,
of all the victories which await national
in
."-'j
tT-V'-- V.yy
'
believe
I
from taxes and salvage be maintained
sufficiently high to provide for current requirements, including interest and
sinking fund charges on the public debt, and at the same time retire the
floating debt and part of the Victory loan before maturity.
With rigid
economy, vigorous salvage operations and adequate revenues from taxation,
a surplus
of current receipts over current expenditures can be realized and
should be applied to the floating debt.
All branches of the Government
should co-operate to see that this program is realized.
I cannot over-emphasize the necessity of economy in Government appro¬
be desirable to
itself that the expenditure of the money thus
supervision of a commission, or at least a
legislation
should
Commissioner, from the United States, in order that revolutionary tenden¬
cies
maturities.
policy demands that the Government expenditures be reduced to
the lowest amount which will permit the various services to operate effi¬
Sound
and opinion
author¬
Treasury of the United States to make to the struggling Government
Armenia such a loan as was made to several of the Allied Governments
ize the
promise to the people of those islands by granting
Government's finan¬
cial situation is that seven and a half billions of its war indebtedness ma¬
ture within the next two and a half years.
Of this amount two and a
half billions are floating debt and five billions Victory notes and War
Savings Certificates.
The fiscal program of the Government must be de¬
present dominates the
The fundamental fact which at
believe to be the impulse of sympathy
throughout the United States, I earnestly suggest that the Congress
Allow
has been characterized by
year
Treasury from
nant
has
and
control.
Loan to Armenia.
,
In response to what I
by the banking institutions of the country, as
America
r".
the faith of the future and
action in the days to come, whether
elsewhere.
or
ciently, and that Government receipts
priations and expenditures and the avoidance by the Congress of
which take money from the Treasury by indefinite or revolving
practices
fund ap¬
The estimates for the present year show that over a billion dol¬
lars of expenditures were authorized by the last Congress in addition to the
amounts shown in the usual compiled statements of appropriations.
This
propriations.
strikingly illustrates the importance
of making direct and
specific appro¬
priations.
expenditures of the
Government during the present fiscal year, as well as during the last half of
the last fiscal year, has been disturbed by the extraordinary burdens thrown
upon the Treasury by the Transportation Act, in connection with the return of
the railroads to private control.
Over $600,000,000 has already been paid
to the railroads
under this act, $350,000,000 during the present fiscal
year; and it is estimated that further payments, aggregating possibly $650,000,000, must still be made to the railroads during the current year.
It is
obvious that these large payments have already seriously limited the Gov¬
ernment's progress in retiring the floating debt.
relation between the
The
current receipts and current
KITCHIN'S.
REPRESENTATIVE
SECRETARY HOUSTON'
In
the
criticizing
Treasury
on
CRITICISM
OF
TAX PROPOSALS.
Dec. 9 the tax proposals of Secretary of
Representative Kitehin, ranking
Houston,
Democratic member of the House Ways and
Means Com¬
mittee said:
I think it is the most unwise,
program
its
unjust, undemocratic and pro-Republican
that ever emanated from any department
of the Government since
I am sure the
If the Democrats had control of the House
beginning.
House Itself would unanimously
reject them.
The whole Intent and policy of his recommendations are to
relieve the corporate Interests and mllllonaries, who for the last four years
have plundered and profiteered upon the people to the extent of $50,000,000,000, of a billion and a half or two billion of taxes annually and place
that amount on the backs of the people, that is, the victims of such plunder¬
Ways
ers
and Means
Committee and the
and profiteers.
■
I cannot understand how any man
the
masses or
who claims to have a single impulse for
who claims to be a Democrat
could make such recommenda¬
neither Mr. Houston nor any of his friends
a Republican Administration were to make
the Democrats in the House would not want a
tions, but I understand that
make such claims for him.
such
recommendations
better Issue.
.
If
/.-y
y.y
I have not time now to discuss in
• •
detail his recommendations or report.
do this in the next Congress, when the
Republican Administration recommends the same policy.
Have you ever thought about It?
The secretaries of the Treasury under
Mr. Wilson were the first to ever assume the authority to tell Congress what
Perhaps I will have opportunity to
Revision
of Tax Laws.
Closely connected with this, it seems to me,
mediate consideration of the revision of our tax
is the necessity for an im¬
Simplification of the
necessity.
These
during the war.
The
need for their simplification, however, is very great, in order to save the
taxpayer inconvenience and expense and in order to make this liability more
certain and definite.
Other and more detailed recommendations with regard
to taxes will no doubt be laid before you by the Secretary of the Treasury
income
and
laws.
it
profits taxes has become an immediate
taxes performed an indispensable service
and
the Commissioner
or
tion leaves it.
I trust the Republican
istration will have more
of Internal Revenue.
secretaries
Democratic Congresses
with respect to
as
the need for action upon certain mat¬
which I dwelt at some length in my message to the second session
Sixty-sixth Congress:
The necessity, for example, of encouraging
ters upon
the
of
chemicals; the importance of
doing everything possible to promote agricultural production along eco¬
nomic lines, to improve agricultural marketing and to make rural life more
attractive and healthful; the need for a law regulating cold storage|in such
a way as to limit the time during which goods may be kept in storage, pre¬
scribing the method of disposing of them, if kept beyond the permitted
period, and requiring goods, released from storage, in all cases to bear the
date of their receipt.
It would also be most serviceable if it were provided
that all goods released from cold storage for inter-State shipment should
have plainly marked upon each package the selling or market price at
which they went into storage, in order that the purchaser might be able to
learn what profits stood between him and the producer or the wholesale
the
of
manufacture
dyestuffs
and related
dealer.
Indeed, it would be very
serviceable to the public if all goods destined for
to carry upon every packing case, whose
plain statement of the price at which they left
the hands of the producer.
I respectfully call your attention, also, to the
recommendations of the message referred to, with regard to a Federal
license for all corporations engaged in inter-State commerce.
inter-State
form
commerct were made
made it possible,
In brief,
obstacles
the immediate
to
the
several classes of
by which
er
a
legislative need of the time is the removal of all
realization of the best ambitions of our people in their
employment and the strengthening of all instrumentalities
difficulties are to be met and removed and justice dealt out, wheth¬
form of mediation and conciliation. I do not feel it to
by law or by some
be my
suggest the detailed and particular methods
be attained, but I have faith that the in¬
several committees will discover the way and the method.
privilege at present to
by which
these objects may
quiries of your
behalf of many Republican measures
Secretary Houston as well
taxation, the Republicans will cite
for their position.
REVISION OF TAX AS
PROPOSED IN ANNUAL REPORT
OF SECRETARY
-
Administration have
the President as authority
Agricultural Marketing, Etc.
to emphasize once more
Wilson's
under
and will not assume to tell Congress what it
predict that in the next Congress in
.
me
Secretary of the Treasury under the next Admin¬
confidence In the Republican Congress than, our
shown in
shall
tax or shall not tax and the rate of taxation, but will be willing to leave it
where all other secretaries of the Treasury, before the advent of the Wilson
Administration, have left It—to the judgment of Congress, as the Constitu¬
tion does.
They performed their duties by Informing Congress the condi¬
tion of the finances of the Government and the amount of money required to
meet Government expenses.
*
v '
If the Democratic Party in Congress were to adopt the suggestions of
Secretary Houston's report, it would be no use to hold future Democratic
candidate hereafter would get anything like as many votes as Governor
Cox did In the last election, and the Lord knows he got few enough.
I
Democratic
attention for very sympathetic consider¬
for the care and treat¬
ment
forces who are sick or
disabled as the result of their participation in the war.
These heroic men
can never be paid in money for the service they patriotically rendered the
nation.
Their reward will lie rather in realization of the fact that they
vindicated the rights of their country and aided in safeguarding civilization.
The nation's gratitude must be effectively revealed to them by the most
ample provision for their medical care and treatment as well as for their
vocational training and placement.
The time has come when a more com¬
plete program can be formulated and more satisfactorily administered for
their treatment and training, and I earnestly urge that the Congress give the
matter its early consideration.
The Secretary of the Treasury and the
Board of Vocational Education will outline in their annual reports propo¬
sals covering medical care and rehabilitation which I am sure will engage
your earnest study and command your most generous support.
problem of providing adequate facilities
of former members of the military and naval
the
Permit
the question of what ought or ought
the judgment of Congress, as the Constitu¬
not to be taxed and the rate to
privilege to draw to the
It is my
ation
ought to tax or ought not to tax, and the rate of taxation; whether tariff
domestic taxation.
All other Secretaries of the Treasury for the last
seventy-five years were content to leave
Revision of the tax law
HOUSTON.
without reduction of revenues is
proposed by Secretary of the Treasury,
his annual report made public on Dec. 8
D. F. Houston in
"While," he
says
"it is highly desirable that the tax law should
be revised at the earliest possible date, it is imperative, in
in his report,
my
opinion, that the revenue from taxation be maintained
level of not less than four billions a
after this fiscal year on a
year,
to the end at least of the fiscal year 1923."
Secretary
"since the adoption of the heavy war
Houston states that
surtaxes in the
Revenue Act of 1917, the Treasury
has
re¬
peatedly called attention to the fact that these surtaxes are
excessive; that they have passed the point of maximum
productivity and are rapidly driving the wealthier taxpayers
to transfer their investments into the thousands of millions
of tax-free securities
which compete so disastrously with
the
securities upon the ready purchase
of which the development of industry and the expansion of
foreign trade intimately depend."
He continues:
It seems idle to speculate in the abstract as to whether or not a progressive
Income-tax schedule rising to rates in excess of 70% is justifiable.
We are
confronted with a condition, not a theory.
The fact is that such rates can
not be successfully collected.
Tax returns and statistics are demonstrating
what it should reqhire no statistical evidence to prove.
For the year 1916
net income amounting to $992,972,985 was included in the returns of tax¬
payers having net income over $300,000 a year.
This aggregate fell to
industrial and railroRd
3290
THE
$731,372,153 for the
year
There Is little
to
payers
reason
1917 and to $392,247,329 for the
CHRONICLE
only the 8% normal income tax rate is increased to 12%, the additional
to be derived therefrom during a 12-month period would amount
1918.
year
believe that the actual income of the richer tax¬
of the country had fallen in that interval.
revenue
It is the taxable income
in
taxpayers
tax-empt
Whatever
properties.
one
point above 70%, when the taxpayers affected
and local taxation, the fact remains that to retain such rates in the tax law
is to
cling to
shadow while relinquishing the substance.
a
$230,000,000, only this
amount
12% would yield during a 12-months period an additional revenue of
a
general reduction of the
It
Est. additional
is suggested that the Congress consider such a general revision, with a re¬
yield for
maximum rate lower than that contained in the present law,
a
provided acceptable
new taxes
of equal yield
be found.
can
a
level which would induce
Increase in
to select taxable rather than tax-exempt investments, an effective remedy
business
or
yielding taxable income
leaving higher
(hereinafter referred
to
Additional
dends
rates—perhaps the present rates—upon income
premium would be placed upon saving and
would
check
legitimate
be
imposed
a
lowered,
were
Investment
in
by
I
corpora¬
avoid the 20%
to
undis¬
$500,000,000.
a
Stamp taxes, Title XI, Act of 1918-- Double
penalty upon spending, and a
upon
I
ruple rates in subdi¬
This policy could be applied in a number of different ways, which the
proper
of the Congres may desire to consider in detail.
Thus, a
reduction
on
all saved income could be given
visions 1-9, 11 & 12.
Federal license tax
by including it In the taxable
*134,000,000
of automo- 50 cts. per horsepower
100,000,000
biles.
80% of the full amount; or the proportionate amount of surtax
attributable to that part of the income which is saved, could, for example,
be reduced one-fifth, with a provision that such surtax should never exceed
Income"
But the surplus plan would be to treat
to the highest surtax rates, and then limit the tax
whatever other rate
or
would work
having
as
selected
was
follows in the
case
of
or
$161,190 in all.
pay
on
saved
$77,510; the 20% surtax
the total tax would
make
on
Increase
ing
saved
on
revenue
Income
to
new
5% additional.
7% additional.
2,000,000
5% additional.
20,000,000
surtax
nearly
as
possible
equal
Motion-picture films (Sec. 906, Reve¬ 5% additional.
is
Imposed upon the saved income of the individual.
the
to
If individuals
doing business in partnership pay 20% on undistributed profits, individuals
doing business through the medium of the coporation should pay 20%
This plan could be applied in many different ways: (1) The distributed
profits of the corporation could be substituted for the so-called excess profit
credit of the
at
excess
20%; or (2)
a
4,000,000
nue
on
Act;
revenue
or
articles,
proposal which would prove very advantageous to all corporations with
amount equal to
If
proviso that the total surtax should
a
never
exceed
an
20% of the undistributed profits.
undistributed profits tax be
an
ter in lieu of the tax
corporations to
the
partnership, and
The object
tax
same
any
Imposed upon the members of a
procedure which facilitates the attainment of this
object should be welcomed.
permitted, for example, by
members of
a
poration are
should be to subject stockholders of
burdens
partnership
The stockholders of any corporation should be
unanimous vote to elect to be taxed
a
or as
now taxed under
the stockholders of
existing law.
a
It would be advisable seriously
individual, to be treated
whose solution Is
now
the
personal service cor¬
to consider the propriety of
requiring every corporation,
stock of which is held by one
personal service corporation.
as
95%
as a
or more
of the
partnership or
This would go far toward solving the problem
vainly sought in Section 220 of the Revenue Act of
*
In setting out his proposals for additional
nue,
Secretary Houston
sources
says:
of
reve¬
The loss of revenue which would result from the
adoption of the preceding
recommendations, together with| the loss to result even under
existing law
from the shrinkage of business, would have to be made
up from new sources.
For the convenience of the committees of the
Congress which will be directly
responsible for tax revision, I set
taxes capable of
These estimates
out below
yielding in the aggregate
are
as
a
number of
much
as
new
or
The
'
following surtax rates, limited to 20%
if1*
Surtax
Increase the 4 and 8%
to 6 and
Month Period.
Income.
of Income.
Income.
$5,000-56,000.
$6,000-58,000—
$8,000-510,000--
2%
$10,000-515,000.
2%
$30,000-540,000.
5%
10%
12%
15%
20%
$20,000-530,000-
5%
10%
12%
15%
20%
540,000-550,000-
(6)
do
a
do
It is estimated that
rates to
6230,000.000
c465,000,000
Abolish $2,000 exemption
an
increase of the 4 and 8%
58,000,000
Over
Congress.
While
be called to the
and additional
given above for the belief that
of
in
are
of Income.
■%.
20%
$100,000..
25%
30%
35%
40%
50%
mentioned for the information of the
I shall not attempt to discuss
new
Remainder
them, attention should
consumption taxes.
Reasons have been
valid objection exists to the employment
no
moderate number of consumption taxes
properly selected, but it would,
a
my
opinion, be neither wise
nor
expedient to increase radically the
volume of consumption taxation.
During the last fiscal year the taxes on
transportation and insurance, beverages, tobacco products, admissions and
dues, together with the excise or sales taxes imposed by Title IX of the
Revenue Act—taxes which may be
roughly grouped as consumption taxes
—yielded $1,150,386,743,
this amount could be
But I
or
21% of the total internal taxes.
moderately increased to perhaps 25
justification for
can see no
stitute indirect taxes falling on
the
a
or
If necessary
30% of the
general sales tax designed to sub¬
consumer
for the income tax,
which
furnishes the backbone of the Federal fiscal system, nor even for an
increase in specific sales or
consumption taxes which would yield perhaps
two billions in place of the one
billion, approximately now collected from
the consumer.
ADDRESS
OF
PRESIDENT-ELECT
HARDING
An address
TO
WARREN
G.
SENATE.
before the Senate by President-elect Warren
G. Harding featured the opening on Dec. 6 of the final ses¬
as
Congress.
Mr. Harding appeared in his
Senator, and in his leave-taking of that body
he asked the co-operation of his colleagues in the four years'
next.
of
his office
as
President, which begins on March 4
Stating that "we
"we have
our
are
facing
no easy
task," he added,
full part in the readjustment of human
after the world tumult.
affairs
We have our tasks at home.
We
have our part in the inevitable work of the civilized world.
normal income tax
5% and 10%, respectively, would yield during a 12-month period
revenue amounting to $75,470,000.
It is also estimated that if
additional
$75,000-5100,000
20%
20%
20%
20%
550,000-575,000.
These possible sources of revenue
term
o$150,950,000
Additional 6%
Corporation income tax
Surtax Rates.
Saved
sion of the present
12-
rates
12%..
reinvested income,
Incomes.
capacity
a
'
Readjusted surtax rates
or
Remainder
yield for
Normal Income tax.
saved
Saved
Est. additional
Tax Rate.
on
Rates.
Incomes.
a year.
1
Source.
esti¬
it is
additional
$2,000,000,000
based upon conditions in the midsummer of
1920, and
may affect the revenue yield of the taxes mentioned
.
12-month period would,
would yield, it is estimated, as much as the present surtax rates:
changes In the future
.
imposed by Title XI of the Revenue Act of 1918
doubled the additional yield for a
mated, be $90,000,000.
now
*
16,000,000
impor¬
imposed under
If the stamp taxes
were
total.
1918.
or
Sec. 907, Revenue Act of 1918, of.
$15,000-$20,000.
adopted, it should contain provisions
medicinal 10%..........
tax upon the sale by the
manufacturer, producer
expressly recognizing the various devices by which many corporations find
It possible to distribute statutory
"dividends," while actually retaining the
profits in the business.
a
and
(3) corporations
could in form be subjected to the same
progressive surtaxes as Individuals—
small Incomes—with
cosmetics
undistributed profits could be applied as a
corporation surtax under Title II of the
a
Act of 1918).
Perfumes,
profits tax and the remaining or taxable profits be taxed
20% tax
4,000,000
21).
25.000.000
One partial substitute for the excess profits tax would be a tax on the
as
and toilet-soap powders 7% additional.
(subdivision
He continues:
of corporations
..
13,000,000
Jewelry and articles of precious metal 5% additional.
(Sec. 905, Revenue Act of 1918).
The excess profits tax, Secretary Houston says, "must be
replaced, not merely repealed, and I believe that it should
be replaced in large part by some form of corporation
profits
acces¬
(subdivision 6)
gum
Toilet soap
$230,000,000.
This could be made by increasing the lower
if it is thought wise, the normal tax, or by adopting some of the
taxes later indicated.
undistributed
motor-cycle
Candy (subdivision 9)
or
profits tax."
and
Chewing
which
20%
automobiles
Musical instruments (subdivision 4)
estimated at
surtaxes,
100,000,000
Automobiles
tires, inner tubes, parts, and
additional capital, a consideration which would throw the balance in favor
The maximum loss of
1918:
sories (subdivisions 2 and 3).
Federal taxation is concerned, as a tax free investment at
6%, but the
tax payer would have the tax abatement of $40,000
to use or invest as
limitation of surtaxes
following articles 5% additional
on
of
wagons) and motor-cycles, includ
would be
$100,000 of saved income would be $20,000 and
other taxable fields.
70,000,000
(other than automobile trucks and
income in the
as
or
Act
enue
It is important to note not only that the limited rate of
20% would
a "taxable" investment at 7J^%
approximately as attractive, so far
of Investment
90,000,000
10% additional....
specified in Section 900 of the Rev¬
is
be $121,190 a reduction of $40,000 from the
present
would result from the
rates
8,000,000
2 cts. per gallon.
...
Admissions to theatres..
last plan
Income
70,000,000
per
6 cts. per lb. additional
Gasoline
$23,680 normal tax and $137,-
"With the limited tax
form suggested above the surtax on $200,000 of spent
tax.
The
limit.
5,000,000
1,000 additional
than 3
more
Tobacco and snuff
head of a family with no dependents
a
Under the present law he would
610 surtax
the proper
as
25 cts. per 1,000 add'l
^
-
lbs. per 1,000.
saved income to 20%
on
——- -—... .- -
Cigarettes, weighing not
'saved
of $300,000 of which $100,000 is "saved" and $200,00
an Income
spent.
Cigars--
"at the top" of the taxable income, or In other words, as subject
as
on use
'
income at
20% of the saved Income.
rates in subdi¬
vision 10 and quad¬
non-taxables
committees
a
{$69,000.0000
tributed profits tax, estimated at
By adopting this partial abatement, the yield of the surtaxes would not be
greatly reduced as if the general level of the surtaxes
12-
f
from the appli- Individual surtax rate-
revenue
distributed
tions
which is spent or wasted or invested in tax-free securities.
as
corporation income tax, 20%._
tion of the surtax rates to divi¬
"saved"
as
a
Month period.
mated at $190,000,000.
might be found in limiting the surtax rates possibly to about 20% on that
part of the taxpayer's income which is saved and reinvested in property
income),
rate.
Corporation undistributed profits tax
make it profitable for wealthier taxpayers
or
Tax
Source.
But if for the
immediate future it is found impracticable to reduce the higher surtaxes
to
reinvested
has been in¬
$118,800,000.
simplest remedy for this situation would be
higher surtaxes, accompanied by increases in the lower surtax rates.
duction to
or
same
the loss
as
It is estimated that an increase in the corporation income tax from 10
c
to
tax*
exempt securities.
The
.
.
yield the
Inasmuch
cluded in the table of suggestions.
The effective
to tax the rich is to adopt rates that do not force investment in
way
.
would
of revenue resulting from the abatement of surtaxes on saved
income has been estimated at
subject also to State
are
•'
below, it is estimated,
amount, $990,000,000, as the present surtax rates.
therefore, about the abstract propriety of projecting income-tax rates to
a
1
'
6 The surtax rates shown
believe,
may
$103,090,000.
to
which has been reduced and almost certainly through investment by the
richer
[VOL. 111.
I
us
am
sure
to work
that
the
necessity of wise solution will inspire
together, to take
common
counsel, to be tolerant
DEC.
of
one
THE
another, to give the best which is
attain
will
111920.]
the
ends
maintain
which
its
become
high
all
Republic at
our
place
in
the
among
CHRONICLE
of
of
the
I have
President, before making the motion to adjourn I cannot refrain
calling attention to the fact that this is a memorable occasion.
For
elected
President of the United
States.
He
to-day, still a
venture to suggest that he
may be recognized by the Chair
speak informally to the Senate before he leaves his service here.
among nations
great maritime nation.
I
In the old
mistaken policy that
a
want
us
to
acclaim
the
Senator, and I
maritime nations.
day
the future of the
country.
Instead of letting the Senator address the Senate from the
where
he
had
been
sitting,
Vice-President
Marshall
escorted him to the rostrum, the members of the Senate
and
those
in
the
galleries vociferously
elected Chief Executive of the
lier in
the
to the roll
answer
tion.
day, with his
While
he
applauding
Nation, just
not
newly-
they had
ear¬
Senate, and his
enthusiastic
an
ova¬
again appear in the Senate, Mr.
Harding will not tender his resignation until early the com¬
ing month.
The following is his speech delivered in the
Senate
Monday:
on
Mr. President and Members of the Senate, I am
the part of the membership of this
on
affords
me
an
things in
my
conscious
of
opportunity
I
and
position which
ment which
may
I
grateful for this greeting
the
am
rather
here
am
pleased that it
more
informally
some
of
I
that
there
is
body could be
I.
am
I
Senate that I came here with very high respect for this
leaving it with greater respect than that with which I bame.
always direct his own political fortunes to his liking I should
preferred
Republic
membership here to
my
any office a citizen may
hold in this
elsewhere in the world.
or
fairs.
big
when
America
is
the
most
eminent of the
big merchant marine are necessary to
I believe in partial but not permanent disarma¬
realized, but until that time
:
There has
we
been
agree with
have
written
ever
worthy of
wanted America to lead the
way
some
disagreement among
us
so
great
because I wanted
com¬
country and
a
in
none
to the right order again.
to the method.
as
the policy of the
President, and if I
unseemly criticism, because, there is
a
prominent place in maritime af¬
a
merchant marine
a
nation has
no
goods to all the world.
carry
comes
equal to the aspirations of this
•'
must
we
our
navy and a
time when this will be
see a
outsailed the world, and it was
merchant marine to recede.
we
allowed
navy for America's defense that is
We must
can
my
it to
say
I did
not
without
you
heart, I only
did differ
be an
unmortgaged America.
too happy if America can give of her influence for the
preservation of peace and if
accomplishment is not wrought before I come
to
responsibility I want your help in
accomplishing that relationship.
Every citizen of this Republic, from the
highest to the lowest, must do his
share and I want you to know that
I want the help of all in the Adminis¬
I shall
to
ours
be only
tration that is to
begin next March.
In his earlier remarks before
the
I
gathering at the Acad¬
of Music Mr. Harding said:
emy
wouldn't
dents.
am
could
a
A
days
we
We
form of self-efface¬
reluctant to leave it than
more
put the
great
and I further believe that
of the world,
must be a maritime
people, since
plete page in history that has not taken
delicacy about my
some
through
a
quite possible.
seem
want
country.
am
to-day under somewhat unusual cir¬
unmindful
to
the
way.
other
no
to this
say
have
not
cannot escape except
one
does not
body, and I
one
that I
am
No member of this
If
body.
to you
say
heart which I could utter probably in
the fact
cumstances,
to
ment, and I
I
I have said
appearance in the
call, accorded him
will
as
the
best
our
just
to
place
and
the
only by
member of this body has been
is here with
most
our
come from Panama, where We witnessed the
great transforma¬
shipping routes of the world.
We have transformed the
ship¬
ping routes; the still greater
thing for us to accomplish is to become a
tion of
a
do
particularly glad to come to Newport News because of
your
great shipbuilding industry here.
We must be an America of
shipbuilders
and of ship
operators on the high seas. ;
Senator Lodge said:
history of the country
resolve to
that influence will make itself
felt.
I have been
drawn by Senator
Lodge, who requested that the President¬
elect be recognized to
speak informally.
In suggesting this,
from
all
knows
one
stabilizing influence
The attention of the Senate to
the fact that for the first
time a member of the Senate had
been elected President was
the first time in the
2391
and
on the
right, safe, forward track once more.
precisely what the morrow will be, but I
confidently be¬
lieve in the
courage of America and in her ability to solve the
perplexing
problems facing her now.
I also believe that America is the
one
No
earth."
Mr.
each
United States of America
and
home
nations
We must
to
us
Of
object if Virginia resumed the practice of
furnishing Presi¬
as one of
my political faith I would want her to have a
but I wouldn't even insist on that.
I wouldn't come
course
reformation
first;
before you
with
partisan plea, but it will never be amiss in America if
to be a matter of geographical sections.
I have a
strong conviction that what is good for Ohio is
good for the Old Do¬
minion ; that whatever is
good for any State is good for the whole of this
great nation.,
'
our
a
partisanship
ceases
very
-
.
.
I
like
in
the
freedom,
the association,
this Government which
which
Congress
I
particularly
am
the
of
mean
in
I
the
the
at the
and
obligations
executive
responsibilities
as
from
of
the
have
just
responsibility
the
Senate.
I
shall
here
When
be
as
been zealous of them
insistent about the
as
responsibilities of the Executive.
lie
in
and
Our Governmental good fortune does not
surrender at either end of the avenue, but in the co-ordination
any
co-operation which becomes the two in
popular
This
been
brings
said
to the thought particularly in my mind.
me
about
Something has
the
"Senatorial oligarchy."
Of course every one here
bit of highly imaginative and harmless fiction.
But I
a
recognize how essential is the helpfulness of the Senate in the
making of
successful National
a
great and truly representative
Government.
I .knows that to be
do
a
I
want
to express
Administration.
to-day the wish of
colleague for the confidence and
body in the four years which begin
I do not limit this sincere
request to this side of the aisle.
promise agreement in all things with an opposite
party which
is sometimes insistently wrong, but we
may find common ground in the
spirit of service, and I hope, sirs, for that agreeable and courteous and oftcannot
times
.
-
-/•
•
•
y,i."
helpful relationship with the opposite side which has added to the
delights of fellow service during the last six years.
We are facing no easy task.
We have our full part in the readjustment
of human affairs, after the world tumult.
We have our tasks at home.
We have
that
the
to
us
maintain
attain
its
the ends
high place
With propriety I
I
speaking
am
I
am
sure
necessity of wise solution will inspire us to work together, to take
counsel, to be tolerant of one another, and give the best which is in
common
all of
part in the inevitable work of the civilized world.
our
as
a
which
among
become
our
Republic at home and will
of the earth.
the nations
cannot venture upon any suggestions now,
even
though
member of this body.
Three months of the present Ad¬
have the House and Senate
join cordially
fruitful rather than wasted months.
There is so much to
ministration remain, and I would
in making
be
done,
them
and
unanimous
days
I
we
have already
recognition
had
that there
calling for service to
are
cannot
resist,
Mr.
so
are
our
much
no
of delay,
party ends to
common
President and
that my association on this floor and
that I
should like
but precious
serve,
country.
in committee
rooms
is
ending to-oay.
a
happy and a proud experience.
Let me express the hope, to
all, that, though there comes a change in official
relationships, it
will not interrupt our co-operations nor
deprive us of the personal fellowship
and
which
I
have found
scientious
to be
a
great compensation for the sacrifices of
was
the
sub¬
[We quote from the "Times" account.]
I
cannot talk to you
to-day about public1 policies and proposals because
there is yet a proper and respected Administration
in power, and I'd be
the last man in America to
give offense to the President or his friends by
assuming responsibilities before my time.
So I can
know you and want you to know
me, because we're
and,
God helping
we're
us,
going to
preserve
only
is
in
speak in criticism of any party
representative
I
want
the restoration of
Among other things, I want to
on
the face of the
ca
had
been
earth.
our
rights
have
normal Government.
a
see
a
never would have
been affronted by the Central
i
■
lot of
Gov¬
:
or any
America the greatest maritime nation
profound conviction that, if our Ameri¬
great merchant marine as an auxiliary of na¬
I
possessed of
defense,
Powers.
A
popular
personality. I believe very
essential autocracy for the
winning of the war, but now that
an
over
tional
that I want to
r'r:.
I do not
much
say
going to work together;
ernment..
old hide-bound
Democrats
and
lot of miserable old
Mugwump
Republicans have been utterly blind to the idea of the American nation
giv¬
ing a thought to an adequate merchant marine. If the La Follette Seamen's
a
Act represents the 'conscience of the American
people, and I believe it does,
then the American Government
ought to step in and share the burden it im¬
poses.
I
'
'
'
to call
want
attention to
the fact
that the chief propagandists
against
subsidies for American
North
sition
ships were the agents of the Hamburg-American and
Lloyd steamship lines.
I don't know whether their oppo¬
inspired by selfish competition or whether it was-due to a far-
German
was
reaching design of the ruling class of the Central Empires.
Sometimes
aspiring monarchs think of these things, and I believe the ruler of
Germany
looking forward to world domination.
was
What I want for America is that the
10,000,000 tons of
in haste
during the
Government
thing
shall be turned
war
encouragement.
And I
over
shipping
we
built
to private management under
want above
all
that
we
shall
preserve
We must preserve the majesty of Government and of
law,
the Constitution.
And I want the citizens of
Virginia to
join the citizens of Ohio, and the citizens of Maine to join the citizens of
one
Senators, the repetition of my regret
It has been
one
said:
a
March 4.
One
development
ject of further remarks by Senator Harding In an address
at the Tabernacle, in
Norfolk, on the 4th Inst., when he
it
the co-operation of the members of this
next
The Merchant Marine and its
great place
service
my
capacity
I
time to be
same
of
sense
conscious of
am
Constitution
our
to
begin
Senate's
member, but I
a
abides here.
under
sensible
responsibilities
my
mindful
as
holds
the patriotic
and
more.
these rest
California, in
of
our
on
one
common
concord of American union and consecration to the service
country.
-
con¬
public service.
PRESIDENT-ELECT HARDING'S
VISIT
TO
THE
CANAL ZONE.
PRESIDENT-ELECT
HARDING
CHANT MARINE
In
AND
DISCUSSES
MER¬
ITS NEEDS.
Newport News and Norfolk, on Dec. 4, following his
return from
the Panama
Canal Zone,
President-elect Har¬
ding delivered several addresses, and in
Academy
"there
of
are
Music,
in
Newport
News,
much
as
they are the result of
a
believe
do their
a
that
those
of other
the
Pacific
Coast
on
Nov.
24, and
upon
his
of these, at the
observing that
Mr. Harding, given by President Porras,
tumult in the world."
as a
Republican to
are
willing to
continued, according to
special dispatch to the New York "Times":
to
in
political faiths
utmost for the nation," he
Christobal
Harding, who reached the Ca¬
22, went through the Panama Canal from
one
he noted that "they are
not the heritage of the Administration that is soon to
pass
so
Nov.
on
entry to the Republic of Panama exchanged greetings with
President Porras.
On Nov. 25, at a banquet in honor of
difficult times ahead,"
Adding that "I have confidence enough
President-elect Warren G.
nal Zone
erhood and co-operation was
a
given by each.
pledge of broth¬
Regarding the
exchanges, the Associated Press, in Panama City dispatches
Nov. 25, said in part:
Speaking at
ras
declared
it
a
banquet given by him in honor of Mr. Harding, Senor Por¬
was
the
States should continue
ing the
way
wish
as
of the
"the
Pan-American
Polar star of
our
nations that the
American Continent,
United
light¬
for other people that they may follow the paths of liberty and
independence."
voiced warm reciprocation of these expressions of
that it was one of his fondest hopes to see the
Central and South, united in the purpose of living peace¬
MANUFACTURERS PROPOSE 22^% REDUC¬
TEXTILE
reply Mr. Harding
In
[Vol. ill.
CHRONICLE
THE
2393
co-operation.
fully and in
the other exchanges
As in all
Mr. Harding
of courtesies during
made it clear that he spoke only as
officials of the Canal Zone and
The American
were
iY-r '•'
pierces.
held a
held, and shook
public reception in the Union
banquet Mr. Harding
After the
the dinner was
where
that "in
Club,
the banquet to specific diplo¬
he spoke detailed in¬
subjects affecting the
policies, the President-elect had before him as
formation, gathered during his visit here, on many
matic
canal management
and relations with Panama.
Among the data was
a
memorial addressed to him
by 250 citizens of
the present American land policy along the Canal
Zone boundaries and declaring that the United States is trying to enlarge
her territorial holdings and sphere of influence in Central America by un¬
Colon, protesting against
justifiable methods.
The document compared the alleged methods
with those employed by the
Government in Haiti and Santo Domingo and asserted that
Panama's sovereignty was being crushed little by little.
To this memorial
Mr. Harding has made no reply and his close advisers expect that he will
make none prior to his inauguration.
Another problem to which Mr. Harding has given thoughtful attention is
the question of the enforcement of prohibition in the Canal Zone.
The task
of preventing intoxicants from entering the Canal Zone through Panama
and Colon, both of which lie on the boundary lines, has been found very
difficult, and in the interest of continued international friendship a move¬
ment of considerable proportions is under way among some of the Panaman
officials to make the two cities dry territory.
Washington
be done, it is indispensably necessary,
be some wage reduction." In
adding that "it has been suggested that a reduction of 22%%
will aid materially in stabilizing the market" it is further
said that "this will approximately re-establish the wage
schedule of November 1919, and will leave wages in the
textile industries more than double the wages of 1915."
About 300,000 mill operatives in New England and New
York State, would be affected by the proposed reduction.
William
M.
Wood, President of the American Woolen
Company, was reported as stating on the 9th inst. that the
directors of his company had not yet considered the question
of reducing wages of its operatives.
The statement issued
of the
in his
guest of honor, who, he said, was as popular in Panama as
own
President Porras referred to the canal as "the common property
of two nations, dug, as it were, through the heart of our country."
community of interest,"
continued Senor Porras, "permits
"No country
subject.
.j
been reluctant to make any radical change in wages
because of its effect at a time when there has seemed to be so little willing¬
ness on the part of the retailer to do business on a lower basis of price, but
conditions have recently come about whereby this situation has been
materially affected and prices of articles entering into the cost of living
have been reduced to a considerable extent.
Now that the process of read¬
consideration to this
of the
people.
and for our own, we
favorably situated than is Panama for
For your sake,
polar star of our
of your doctrine of self-determination.
wish that you continue to be like the
Continent."
American
In his address at
the banquet,
Senator Harding, according
Associated Press, said:
to the
v
cordiality of your greetings
lieving that is the reason, I cannot believe it unbecoming
more cordial relations between peoples and riveted ties of
nations is the call of
the great heart of human
Moreover, though bent on
insensible to
be
this hurried visit
the obligations of
to accept, because
friendship among
seek
tion
as
a
mainly for recreation, I would
citizenship if I were indifferent to
the
and I
I did
the developing obligations of our civiliza¬
add to the friendly understanding which
two republics in their exceptional intimacy here.
fuller understanding of
reflected here, and aim to
becomes our
the cup of most
the gigantic ad¬
vances
of the twentieth century transportation.
Your freedom and our
genius and resources combined to link the oceans, and the day will come
when the commerce of the world will stage its surpassing pageant here.
One cannot escape the inspirations and the impelling influences of com¬
merce and trade.
The adventurous navigators and discoverers came hither
and revealed a western continent to the Old World, but they came because
they were inspired by trade.
Trade has made peoples eminent throughout
all times, and this fact is no less true to-day than in the past.
.
In your own republic you are aspiring to enhance your trade.
The su¬
preme problem is to further this essential trade, hold it everlastingly righ¬
teous and not forget the finer human accompaniments which are assential to
spiritual, as well as material, upbuilding. It would be folly to produce and
We
are
rather more than
cordial association.
We
are
friendly neighbors, quaffing
spiritual partners in one of
exchange if we failed to educate and
uplift and exalt.
mirrored here in our Canal Zone activities.
I can well believe and trust that you find in the Zone a reflex of a righteous
America which believes in that liberty for others which we demand for our¬
selves, and that you catch that spirit of ample justice and fair dealing which
You
spoke of our America being
indexes
further to be
labor cost
the manufacturer can
involved in production.
The refusal of
on a
buyers to purchase
high basis of cost has
manufacturers depend so
In New England have
on
wage-earner's favor, and living costs are still
prices of raw materials are reflected
properly take some action to lessen the
lessened as the present low
in retail costs,
short time, and
goods for the past four or five
months
led to a stagnation of the markets upon which the
that at the present time many of the textile mills
been obliged to shut down; many more are
unless something is done to
working
remedy these conditions,
increased and continue.
Therefore it becomes
the duty of manufacturers to
consider some means of
stabilization of prices so that merchants may be put in a
position to order goods without fear of further declines.
It is obvious that no one will buy the product o f the mills until the various
factors, including labor, entering into the cost of production, have been
reduced to a point which represents to the purchasers of the mills' product
providing for a
safe basis for doing
In order to
ness
business!
stabilize conditions so
be done, it
that there should
be some wage
reduction.
given careful consideration to every
into account all
that goods can be purchased and
is indispensably necessary,
busi¬
unfortunate though it may be,
The textile manufacturers have
phase of this situation, and have taken
about conditions whereby their
change in the wage scale, but they
possible methods of bringing
plants may be operated without any
find that this is impossible.
Accordingly it has been
suggested that a reduction of 22y2% will aid
market.1 This will approximately re-estabiish
leave wages in the textile
materially in stabilizing the
kind.
great sponsorship of my country.
This is a most attractive land,
would be deaf to the call of duty as a public servant in the Senate if
not
operated in the
justment has
a
and the fine spirit of your good wishes
stir me deeply.
It is a fine thing for one republic to be so reassured of the
abiding confidence and friendship of a sister republic.
I am wholly con¬
scious I am here as a private citizen, though I am not permitted to forget,
however much I may wish it, that I am to come to a great responsibility
at a not very distant day.
Is it for that you honor me as you do? Be¬
The
Manufacturers have
unemployment will be
in the world is more
full application
industries which affect
in
little country that affectionate re¬
gard natural in the statesman who does not boast of the irresistible power
of his country nor seek to place her own solitary glory above other nations
which may be weak, but looks instead to winning the friendship and broth¬
the
few months that
countrywide, and it becomes the duty of all those interested
immediately the cost of living, to give serious
been, and is,
official relations with our
erly affections of other
has transpired in the past
insistent and compelling demand on the part of the public
that the cost of living should be lessened by a readjustment of the prices of
commodities entering into the expense of daily life.
This demand has
vanishing of the differences that sometimes separate us, just as though
they were lines marked upon the dust of the road.
We live hopeful and
confident in the grandeur of the United States and are sure that you will
in your
manufacturers says:
from what
Is evident
It
there has been an
easy
show
there should
that
by the textile
country.
"That
.
.
.
banquet,
proposing a toast to President-elect Harding at to-night's
warmly praised the abilities and personal qualities
In
President Porras
statement was
purchased and business
hands with hundreds of Panamans.
in his speech at
Though he made no reference
of textile manufacturers in Boston,
issued on Dec. 9 in which it was declared
order to stabilize conditions so that goods can be
Following a conference
a
private citizen.
most of those in high au¬
present at the banquet, which was
cement the comity between the nation
Isthmian waterway and the nation whose territory it
thority in the Panaman Republic
in the nature of a love-feast to
operating the great
a
his vacation trip here,
WAGES.
TION IN
friendship and declared
Americas, North,
the best human relationship.
schedule of November, 1919, and will
industries more than double the wages of 1915.
the wage
merchants will feel that the
have been so adjusted that they
merchandise.
If this turns out to be the result, employment can be provided, and it is
hoped and expected that business can proceed on this basis.
It is also
hoped that the public will respond to this suggestion, and that manufacturers
will be able to go on with their manufacturing processes with no further
If this reduction is
made, it is hoped that
factor of labor, as
well as raw material costs,
will feel secure in
placing their orders for
reduction in the wages
U.
S.
of employees.
SUPREME
COURT
ORDERS SEPARATION OF
ITS COAL PROPERTIES.
LEHIGH VALLEY RR. FROM
The U.
S.
Supreme Court on Dec. 6
decision in the suit brought by the
handed down its
Government against the
control of the coal
Lehigh Valley RR. Co holding that
properties is in violation of the Sherman Anti-Trust.Act and,
reversing the lower court, ordered the entry of a decree dis¬
solving the combination and the
redistribution of the stock,
properties of the several coal subsidiaries so as
each component part in fact independent and com¬
bonds and
to make
petitive.
The
decision declares
that the formation of the
Lehigh
Co. by the
railroad company is "a mere device to evade the commodities
republic. ' We are deeply interested in the development of your good for¬
tune.
More, we want our proven friendship for you to add to the conficlause of the Inter-State Commerce Act and therefore void."
.dence of all America, North, Central and South, in our people and our
The court finds that before the enactment of the Anti•Government.
We crave friendly relations, and we wish to promote them
and make them abiding.
We want a spirit of fraternal Americanism
Trust Act the railroad company, in combination with its
which befits the American Continent, not in selfishness, not in rivalry of
Coal Company subsidiary, "deliberately entered upon a
I need not assure you anew
the
Old
World, but
of the friendship of our
United States for your
and the Lehigh Valley Sales
in a mutuality of interest and helpfulness to one an¬
policy of making extensive purchases of
other.
Indeed, I may speak
all just
Valley Coal Co.
for our Republic.
peoples, and we crave for all
We choose peace and amity with
of the Americas that happy relation¬
which you have uttered to-night
and pledge to you and to your
ship and cordial friendship and good-will
and which I can so sincerely reciprocate
people.
of
the canal with a visit on Nov. 27 to the fortifications at
its eastern entrance and made calls on several military and
naval stations in the vicinity of Cristobal.
He departed
from the Canal Zone for the United States on Nov. 28.
President-elect
Harding
completed
his
inspection
anthracite land tribu¬
company's lines for the purpose of con¬
trolling the mining, transportation and sale of coal to be
obtained therefrom and of preventing and suppressing com¬
tary to the railroad
petition, especially in the transportation and sale of such
coal in inter-State commerce, and that this policy was con¬
tinued after the passage of the
Anti-Trust Act, with increas¬
ing energy and tenacity of purpose,
practical monopoly
sale of
was
with the result that a
attained of the transportation
anthracitej3oaljderived from such lands."
and
Dec.
111920.]
; ?
THE
CHRONICLE
Extracts from the Decision of the Court.
Property & Business of Railroad, Co.—The
owned
1,438 miles of main line and
Railroad
;
Company in
1913
character,
total trackage of 3,354
miles, its
$60,600,000, funded debt $85,800,000, its total assets
had a book value of
$182,700,000, but a much greater actual value, and it
carried a larger
tonnage of anthracite coal than
•capacity stock
a
13,000,000 tons in 1913, this being 18.84%
69,000,000 tons shipped over all railroads in that
year.
The annual reports of the
railroad company show that
early
as
as
as
markets."
form become
Middle Coal Field RR.
President E. E. Loomis made
with reference to the
decision:
When I
purchasing and leasing coal lands tributary to its lines for the
purpose of
controlling Inter-State trade and commerce in anthracite coal and of
did
venting and suppressing competition therein was
deliberately entered
by the Railroad Company, and in combination
rail
pre¬
with
same
to
YACHT
MAYFLOWER.
use
in
was
V
Washington by rail.
My gratitude to
Am obliged to travel
you.
WARREN
G.
HARDING.
SENATOR BORAH'S PEACE PROPOSAL
RESTORE ALL SEIZED
A program
of
It
is too plain for discussion that with
will
on
company thus organized and
a contract by the Coal
Company for the sale of all
Ten-Year
Company was, in substance, and effect,
making
itself, the terms of which it could determine in its discretion.
Contract.—Immediately after
the
organization
of
the
Company the anticipated contract between that
compasy and
Company for the purchase of all the coal which the latter
was
1 1912.
This contract
10 years unless terminated in the manner
in which it
provides for, and its terms
wanna
are so
nearly identical with the earlier Lacka¬
(Delaware Lackawanna & Western) contract
(V. 101, p. 17), which
hold was void because violative of the
provisions of the Anti-
the Court
Trust Act and the commodities clause of the
Act to
It will suffice to say that the
Regulate Commerce.
provisions of the Lackawanna
contract,
which were clearly determinative of the former
decision by this Court, are
plainly the same in substance, and almost exactly the same in form as
are
by it, together with all coal
prices to be paid for the
more
which it might
are
or
be
65% of the
in precisely the same words in
this
respect); (5) that, with negligible exceptions, the Sales
Company is to sell
other coal for itself or for any other than that
"purchased" from the Coal
Company;
no
(4) That the Coal Company shall lease all of its
facilities, structures and
trestles to the Sales Company; (5) that either
party shall have the right to
abrogate and cancel the contract upon giving to the other six
months' no¬
tice of its desire
so
Fifth.
Senator
a
to
do; (6) that the Sales Company shall not
buy coal
a provision which excludes the Sales
Com¬
strong competitor, from the market.
The Coal Com¬
purchased 2,960,000 tons of coal in 1911 in addition to that
which it
UNITED
hold now, as it was there in principle held:
Company did not
so
That the purchase in form
by
dissociate the Railroad Company from the
transportation of coal in which it
was
interested
as
to meet the
requirements
of the law, that the contract,
restrain inter-State trade
and that for this
as
nominally of purchase, was so calculated to
to be obnoxious to the Anti-Trust
Act of Con¬
it is unlawful and void.
reason
The area of the anthracite territory is so restricted that
to thus obtain
control of the supply of such coal on a groat system of
railway by a combina¬
tion of corporations, such as we have here and by such
methods as we have
were
several
employed, effected
States and
monopolization of
a
constituted
a part
restraint of trade
an
or
commerce among the
attempt to monopolize and
of such trade
an
actual
in anthracite
coal,
clearly within the meaning of the first and second sections of the Anti-Trust
or
commerce
they have frequently been interpreted by this court.
Former
Decree
Reversed—Disassociation
Required.—Since
device
STATES
to
evade
the
commodities
clause
of
have
the
also
Company
Inter-State
Commerce Act and therefore void, it results that the decree of the
District
Court (V. 99, p. 1910) must be reversed and the case remanded
with in¬
structions to enter a decree, in conformity with this opinion,
dissolving the
combination
effected through the intercorporate relations
subsisting be¬
Lehigh Valley RR., the Lehigh Valley Coal Co., Coxe Bros. &
Co., Inc., the Delaware, Susquehanna & Schuylkill RR. and the Lehigh
tween the
cognizance
no
of
the
of the proposed association of nations
President-elect Harding.
CHAMBER
OF
COMMERCE
ON
A
summing
and its
the
of
up
possible remedies
so-called
are
"cancellation
contained in
a
evil"
final bulletin
this subject issued on Dee. 3
by the Fabricated Production
Department of the Chamber of Commerce of the Uinted
on
States.
An exhaustive
of orders and
study of the practice of cancellation
repudiation of contracts in almost every divi¬
sion of business has been made
Department,
as
by the Fabricated Production
result of which study it groups opinions
to possible causes under these three heads:
as a
First: That the practice is the result of war time
Irregularities and will
pass as we return to a normal basis.
Second: That
we are
now
reaping the results of the loose business prac¬
inaugurated before the war, when many lines
production and the
measures taken to unload this
were in
of
our
by
system of order taking, making each order
law.
a
a
state of
a
surplus were
Those entertaining this belief feel that the
remedy Is in
over
demoralizing.
general reformation
contract enforceable
•;
Third: That
we
business and the
have been
drifting
away
from the fundamentals of sound
"Golden Rule," and that
belief in the rights of others and
a
must return to
we
higher regard for
our own
a
stronger
Integrity if
the change Is to be permanent.
Terming the
cancellation
practice
a
"serious
matter",
the bulletin goes on to say:
Earlier In the year when cancellations began to trickle in
they were almost
welcomed
by those
having
more
orders than
began to crumble and the tide of refusals
the situation
was
to
production,
perform set in the
manifest, for It brought with it
a
but
as
prices
seriousness of
curtailment of production
in lines which had not reached the volume of normal
requirements.
we
found that the contract between the Coal Company and the Sales
mere
nor
"CANCELLATION EVIL."
tices
Arrangement in Restraint of Trade.—Being entirely satisfied with the
reasoning upon which the Lackawanna case proceeds to its
conclusion we
;,Vv.
takes
program
said to be sponsored by
mined.
the Sales
war.
Borah's
League of Nations,
except from the Coal Company,
potentially
Provide for settlement of all
disputes by the international court
without resort to
purchase; (2) that the
important grades of coal shall
New York prices (the two contracts
pany,
Declare that all territory seized
by nations in the peace settle¬
given back to the countries from which it was
appropriated.
ment shall be
Company
owned
Germany.
Expand The Hague tribunal, giving it greater powers in the settle¬
disputes between nations.
considering, viz.:
The agreement of the Coal
Company (1) to sell and of the Sales
buy all of the coal mined by the Coal Company from lands
leased
follows
simplification of inter¬
those
in the contract we
hereafter
as
Pass the Knox resolution
declaring a status of peace with
Declare in favor of recodification and
Fourth.
or
entered into and bears date March
to continue for
Third.
ment of
Sales
might mine
purchase
announced
national law.
a
the Coal
United States
was
Nov. 28:
First.
of its coal to the Sales
contract with
play in international relations,
Second.
a
WOULD
TERRITORY.
proposed by Senator Borah for the restoration
and the part which the
peace
company
officered, the making of
a
■
declined by Senator Harding
in a radio message to Secretary of the Navy
2^1 inst.
or
restricted to the stockholders of the Railroad
Company.
The Sales Company "was
promptly organized and the minutes of the
company show that slightly less than 97% of the stock
was subscribed for
by stockholders of the Railroad Company.
was
OF
Please thank the President for
Mayflower tender.
day the directors of the Coal
was
as
us between
studying how
Transportation Act provides, and to break
Daniels, which said:
Sales
Act
new
journey to Washington,
the
on
Sales
Company "before the transportation thereof shall be commenced."
The privilege of subscription to the
capital stock of the new
seen
*
busy winter ahead of
a
the
the 3d inst. with the latter's arrival at
Norfolk for
his
shall
be mined,
pur¬
acquired" by the Coal Company during the term of the
proposed contract, so that the title to such coal should vest
in the
gress,
as
yacht Mayflower at the disposal of President-elect
Harding
on
same
formed the Coal Company
should, "if possible," contract with it for
"limited time" for the sale to it "of all coal which
pany
& Western coal and
the decree just handed
as
company
chased, owned
to
have
combinations,
WILSON'S OFFER
declared pay¬
was
was
we
however,
The offer of President Wilson to
place the Presidential
Company should be organized as
requested by the railroad company, with a
capital stock of $10,000,000,
but that only $6,060,800 of it should be
issued; that when the new
a
Delaware, Lackawanna
PRESIDENT-ELECT HARDING DECLINES PRESIDENT
$6,060,800.
the
in the
started six years ago.
case
-
conveyances as
Lehigh Valley Coal Sales Co.—On
Company resolved: That the new
V-
combinations which have existed more than
a quarter of a
century, but
which the Supreme Court now
declares a monopoly in restraint of trade as
result of a suit instituted over
six years ago.
y
advantageous in perfecting the sales arrange¬
to be organized, and in aid of the
enterprise a
was
following statement
a
necessary or
ment with the new
company
the
up
Company's 10% Dividend.—As if anticipating compliance with its
request on the part of the Coal
Company, of which it owned all of the
dividend of 10% on the stock of the Railroad
Company
on Feb. 26, which amounted in
the aggregate to
in the
It appears that
RR.
able
B.
to the Lehigh Valley about four
years ago the first thing I
change everything around to conform with the United
States
This had but little
effect,
was
to form
On Jan. 11
1912, the directors of the Railroad Company
requested the
directors of the Coal Company to consider the
propriety of organizing a
Sales Company, and of
entering into a contract with it when formed for a
limited time, for the purchase and sale
by it of the coal mined, purchased
and owned by the coal
company.
The board also requested that the
privi¬
lege of subscribing for the stock of the new
company be extended, not to
the Railroad
Company, but pro rata to the common and preferred stock¬
holders of the Railroad
Company.
might be deemed
the G.
came
to
case.
down
increasing energy and scope
after the
passage of the Anti-Trust Act, until the commencement
of this
suit
...
stock, the officers of the Railroad Company were
authorized at the
meeting of the board to take such action and make such
was
Supreme Court decision
upon
with its agency, the Coal
consistently pursued
& Coal Co.
•
policy
was
in
as
Railroad Company.
or
must be
agency or instrumentality of a Railroad
Company
for the
purpose of avoiding the legal infirmity which it was
thought might
inhere In the
owning of coal lands and in the conducting of coal
mining,
shipping and selling operations by the railroad
company;
and the
Company,
well
as
competition if
Company
Markle Co., the Girard Trust
Co. and the individual
defendants, the bill
dismissed.
'V
Coal Company was organized
as a mere
of
independence, so that it may in effect
independent dealer in coal and free to act in
an
it desires with
the defendant Coal
As to the New York
&
\:.V
Organization of Lehigh Valley Coal Co.—The
and
with entire freedom
and
containing lands tributary to its
lines of railroads for
the purpose of
preventing, or, when it had become
•established, of suppressing competition in the carrying of coal over its
interState lines to inter-State
and conducted
in any maimer controlled
or
be necessary to establish their
independence
^
'
the Sales Company must be
decreed to be void and all con¬
tract relations between
the two
companies enjoined which would serve in
any manner to render the
sales company not
entirely free to extend its
business of buying and
selling coal where and from and to whom it chooses
1868 it
entered upon the
policy of acquiring by purchase and lease the control of
as
possible of the anthracite coal
may
Contract of 1912 Void.—The
contract of March 1 1912, between the Coal
Company
of the total
much
as
of and from
each other.
other railroad in the
over
of any one of said
companies owned
by any other of them
was
any
country,
2393
Valley Sales Co., with such provisions
for the disposition of all shares of
stock, bonds or other evidences of
indebtedness, and of all property of any
,»
The retailer cancelled to the jobber and wholesaler and they in turn to the
manufacturer,
and
he
to
those
supplying
his
raw
materials—a
literal
"passing the buck" and shirking of responsibility regardless of consequences.
Sellers had encouraged buyers by misleading paternalism In assuming
many
of the nautral responsibilities Inherent of their customers' functions as
merchants—"We will take
care
of you" or
"you
may return
examples of some of the undermining factors when the pinch
body seemed to be doing it and it
houses of
more
than
was
by
no means
the goods.'
came.
are
Every¬
confined to the weak, but
ordinary standing permitted their buyers to get rid of
THE
2294:
It Is said "big" buyers coerced sellers by threatening
if contracts were enforced. Last but not least,
It is claimed that banks favored cancellations as a rapid means of house
cleaning and bringing business back more quickly to a normal state.
If
the latter conclusion has any merit the fact should not be lost sight of that
somebody paid the bill, for between May and November the failures both
in manufacturing and among merchants Increased rapidly.
their
responsibility.
to cut
gives
the total volume of
$10,826,277, and in October 1920, as $38,914,659, while
$6,871,966.
But the monetary loss was not
although many went to an
not "make
in October 1919,
the greatest loss,
the Council or
dent was
somebody did
4
standards has made doutbful the
good."
of business
placed upon the books for future shipment.
schedules could not be deifnitely worked out because of this
Production
written and
increasing doubt.
the bulletin says, there is a
happen again and to that end many
the possible remedy for this evil,
In suggesting
strong feeling
that this thing must not
have met and formed committees
trade organisations
and bureaus to deal
and Credit Methods Committee
The credit Cooperative
Credit Men have met twice to
Association of
of the National
consider it, and they suggest
have been a dulling of public conscience.
repudiates his contracts and orders be given a
truly there seems to
who habitually
Should one
higher credit
who lets his notes and drafts go to protest ?
They also feel
remedy, and as a safeguard against the unscrupulous, would be
rating than he
that
one
that
each line of trade should at once
order taking
and
This is
examine its contract making
methods to bring them strictly within legal
lines.
Immediately applied.
practical and can be
that perhaps the most effective remedy must be the
back to "first principles," to where we can "point with
We feel, however,
one
that will call us
pride" to our house as one that "fills its orders and keeps its contracts."
There are many in alii lines who have through all this upheaval
stood
right—preferring to take loss rather than mar a
steady and
of good
performance.
.;
The advertising men
"clean
lifetime record
■
redeemed their line from discredit by standing for
and money to those who
Hymans,
Department of St&te, Washington, D. C., December 8 1920.
Paul Hymans, President of the Council of League of Nations,
Geneva, Switzerland.—
■
I have the honor to acknowledge receipt of your cable of Dec. 1 inviting
the Government of the United States to name representatives to sit with
the Military, Naval and Air Commission of the League in a consultative
Bis Excellency
countrywide campaign
contracts and bad faith? We will
have one but you have an opportunity to suggest it now.
Before we legislate for the other fellow let there be a pause for selfexamination—will we do what we expect our customers to do?
The
Department in this matter feels It is representing the best Interests of the
Chamber membership in placing this situation before them and asking
direction.
There is no patent remedy, but out of the wisdom of many we
shall find the right way.
;
unjust cancellations, broken
RECOMMENDATIONS BY U. S. TARIFF
LEGISLATION.
COMMISSION CONCERNING
Annual Report to Congress covering
In its fourth
the fisca
1919-1920, the United States Tariff Commission renews
its recommendations concerning interim legislation, customs
adminsGrative laws, foreign trade zones, dumping and unfair
year
competition in the United States, and reciprocity and com¬
mercial treaties.
Regarding its report, a statement issued
6, says:
The work of
studies of the
the Commission during the year
commodities provided for in the
has been in part a series of
tariff acts of Oct. 3 1913,
Broad surveys have been made of industrial conditions
and in several fields investigations have been extended
As a result of the investigations the Commission
has issued reports upon the economic status of a number of industries; for
others, unpublished surveys, between one and two thousand in number, are
in its files ready to be put at the disposal of Congress when tariff legisla¬
and Sept. 8
1916.
in the United States,
into foreign
countries.
tion shall be under
The scope
consideration.
of the Commission's work may
be briefly outlined by the fol¬
subjects which have been given detailed study:
agricultural products, including vegetable oils and fats; dairy products,
starches and starch materials, fish, oysters, and other shell fish; chemicals,
such as the barium chemical and lithopone industries, crude botanical drugs,
incandescent gas mantles, dyes and other coal-tar chemicals, including a
study of the cost of production in the dye industry; metals and minerals,
especially those affected by war conditions; sugar, molasses and their
manufactures:
the textile industries, including cotton, flax, hemp, jute,
and wool manufactures, silk and silk goods;
the wool-growing industry;
wood and wood manufactures; paper and books; earths, earthenware, and
lowing synopsis of the
and sundries.
Foreign investigations were conducted in Great Britain and Japan and
were concerned with the British wool manufacturing industry, the British
general industrial conditions in Japan.
silk production and manufacture in France,
Data concerning
Italy, and
special agent with a view to ascertaining what
international competition since 1914. The
Commission has completed reports on the colonial tariff policies of France,
Germany, Italy, Spain, Portugal, the Netherlands, Belgium, Great Britain,
Japan, and the United States.
A unique volume about to be published by
the Commission is a digest of the commercial treaties in force between all
Nations at the outbreak of the war in 1914, as well as of those that have been
concluded since that date.
This is the first official compilation of any
Government which gives a synopsis of the world's commercial treaties,
Switzerland were secured by a
changes
have
occurred
in
conventions, and tariff agreements.
opportune at this time because
of the Dominion of Canada.
The Commission has
reciprocity,
and Means, is especially
A report on Canadian
prepared at the request of the Committee on Ways
of the contemplated revision of the
tariff
in progress an investigation of preferential trans¬
portation rates by railroads, not only in the United States but in foreign
countries, and by ocean carriers.
Effort is being made to determine as
possible the relation of such preferential rates to the
operation of the customs duties imposed by the United States.
fully and definitely as
efforts to evolve
a
deliber¬
appointing a comm ssion to take even a de facto participation in the
ations of the Council, or of the Commission acting on behalf of the Council,
in the
of the covenant of the League
execution of provisions
Norman H. Davis,
Acting Secretary of State of the United
Nov. 30 from
WILSON
DECLINES
In answer to an
Nations that the
OF
invitation of the Council of the League of
United States name a representative to sit
with the Military,
tive capacity
INVITATION
ON ARMAMENT
Naval and Air Committee "in a consulta¬
during its study of the question of the
reduction
States.
Geneva said:
The Council of the
a
League will send to the American Government to¬
cooperate with the League in the task of
formal request that it
disarmament.
the recom¬
Naval and
declared that "in considering various phases of dis¬
desirable to have the advice of the United States."
drafted tonight on
Advisory Committee on Military,
The letter of the Council was
mendation of the Permanent
Questions, which
Air
armament it is highly
The message of
To the Government
the Council to Washington reads:
of the United States:—
acting on the unanimous recom¬
Committee passed at a
meeting at Geneva on Nov. 25, invites the Government of the United States
to name a representative to sit on this committee in a consultative capacity
during its study of the question of the reduction of armament, a study which
the Council has asked the Committee to undertake forthwith.
This permanent Adviosry Committee was constituted by the Council at
its meeting in Rome, and held its first session at San Sebastian.
It is now
composod of military, naval and air officers of the States represented on the
C ouncil.
Its decisions are purely advisory and not in any sense binding, but
they represent the commission's technical judgment as formulated by the
The Council of the League
mendation of the permanent
of Nations,
Military, Naval and Air
experts of many countries.
It would of course, be
perfectly understood that the presence
the committee would not
on
of Americans
commit the United States Government
with
Indeed, the report itself will not be more than
members of the Assembly of means for the
reduction of armaments, which united action may enable it to achieve.
Nevertheless, just as in Brussels, the presence of American representatives
whose function was only to give and receive information was an important
factor in the success of that conference, so the general consideration of dis¬
regard to the final report.
basis for consideration by the
Government can be
Committee.
The problem is one to which public opinion everywhere attaches the high¬
est importance.
It is needless to say that a reduction of armaments is
necessary for the well-being of the world, and, unless relief can be found
for the general economic situation by international cooperation to obtain
a reduction of the taxation required to maintain armaments, it must become
worse.
The Council in sending this invitation cannot but hope that the
American Government, especially in view of the past attitude of the country
toward disarmament, will not refuse the proposed association with the
Government of the League in beginning the preliminary work necessary for
ultimate success and in lending to the present effort its assistance, which can
armament will be greatly
facilitated if jthe American
represented at the sessions of the Advisory
in no way
encroach on its own perfect liberty
VISCOUNT ISHII ON JAPAN'S
A
of action.
DEMANDS FOR EQUAL¬
LEAGUE
BEFORE
ITY
special copyright article, cabled from Geneva,
by Edwin L. James,
Nov. 30,
appeared in the New York "Times" of
Dec.'1 said:
Viscount Ishii of Japan
said on the floor of the League of
Nations Assembly
unceasingly for equality for all men with¬
out distinction of race, nationality or religion "in order that lasting peace
may be doubly assured."
He said that his Government considered that
the League had not yet reached a stage "to consider such fundamental
to-day that Japan meant to work
principles, which might involve revision of the covenant," and therefore
Japan would not press the point now, but would "patiently bide her time
until the opportunity offered."
Inasmuch as Japan is aiming at changes in the covenant, it is worth while
to say
that such changts can only
members of the Council, of
be carried out by the consent
which America would be one
America occupied an analogous position
and refused Japan's plea
League.
which drafted the covenant
of all the
if she joined the
in the allied council
for equality.
Ambassador at Paris. Recently he spoke in
before the Assembly, but to-day he spoke in English.
There was
Ishii was formerly Japanese
French
no
reply to his challenge,
although Canadian and Australian
half an hour of his speech.
delegates
talked on other subjects within
Urges Equality as
LEAGUE TO NAME COMMITTEE
of Nations.
Regarding tbe invitation extended by the League in the
matter the New York "Times" in a copyright cablegram
League Basis.
•
plea for racial equality on the decision
that the Assembly hold yearly meetings.
He said that the journey from
Japan was too long and expensive.
Then he eulogized the League, saying
that Japan had sent a big delegation because "the Japanese Government
attached great importance to the meeting of the Assembly and wanted the
The Japanese
PRESIDENT
.
with any
constructive plan for disarmament which is so
necessary for the economic rehabilitation, peace and stability of the world.
The President of the United States is deeply interested in this question and
is most desirous of cooperating to this end, but as the Government of the
United States is not a member of the League he does not feel justified in
sincere
glassware;
metal and chemical industries, and
the reduction of
forthwith
' , ;
consideration of which is to be undertaken by it
at the request and on behalf of the Council.
The Government of the United States is most sympathetic
a
Dec.
the discussions by this Commission of
capacity during
morrow
pioneered it, but the fight was won and it paid.
Wht shall the "slogan" be that can be used In a
RENEWALS OF
of State Norman H. Davis to Paul
President of the Assembly of the League:
by Acting Secretary
advertising"—it meant a loss of business
to clean up
decision of the Presi¬
follows on Dec. 8
made known was forwarded as
armaments, the
:
with it.
of the Commission acting on behalf of the
A cablegram in which the
Council."
untimely business grave because
The apparent lowering
value of business
which he
that "as the United States is not a member of the
League he does not feel justified in appointing a Commission
to take even a de facto participation in the deliberations of
says
commreclal failures in May, 1920, as
the total was
armament," President Wilson has made reply in
of
off future purchases
Dun
[Vol. 111.
CHRONICLE
Japanese
spokesman hung the
people to understand and gain deep confidence in this novel
and good will among men.
realize in co-operation with her sister members
attempt toward peace
In an enthusiastic effort to
the sublime
spirit embodied in the
covenant," he continued, "Japan is
Dec.
111920.]
prepared to make all
motion of the
ushering in
cause
all success to the
sacrifices and is firmly convinced that pro¬
necessary
of this League is the most effective measure
of enduring
an age
CHRONICLE
THE
League,
Japan is second to none in wishing
peace.
especially because it is based
more
toward
on
the doctrine
to the Commonwealth in the way of taxation for State
purposes.
Our
revenues are derived from taxes upon the
capital stock, securities and earn¬
ings of certain classes of our corporations, upon inheritances and from various
fees and business licenses.
that territorial ambitions and aggressive
policies should cease to exist among
Nations and that the spirit of harmony
all
as
well
as
fair and equal treatment for
"Japan had the opportunity when the covenant
to declare her firm belief that
to
all
Taxation upon realty is left entirely to the municipalities and it will, I
trust, be
long time before the State will have to add to the burdens which
a
the homes, business establishments and farms of
Pennsylvania are already
should prevail for all time.
men
2295
was
originally formulated
equality before the law ought to be assured
carrying in the maintenance of the local governments.
Public utility com¬
panies also pay a tax upon their gross earnings which is quite heavy .
We
should be established in order that the various merits and geniuses of man¬
levy no taxation upon capital stock of manufacturing corporations as we are
still nursing our "infant Industries"
here, nor do we tax our vast mineral
kind might be
products the
men
irrespective of nationality,
civilization.
bedrocks
race
emancipated and given free play in the interest of human
That
principle of equal opportunity should be one of the
which this great peace organization
on
That principle
religion.
or
Nations owing allegiance to the League should be loyally willing to make
their sacrifices in blood and treasure when the occasion might arise in order
that all should know that the League unfailingly stood for right
might and in order that lasting
"It is
and not
might be doubly assured.
peace
A
10%
per
to
on
$2,000,000,000
$30,000,000
per annum, and a five mill tax upon
manufacturing and which
is
as
paid by transportation
$25,000,000 additional.
and
the capital stock of corpora¬
exempt—the same rate
are now
other
many
It will, therefore, be seen that our fields of taxation here are still inviting,
and that much additional revenue could be raised without
Japanese proposals in this matter."
particularly heavy burden upon our people.
not to impose taxes
Japan to Resume her Plea.
the adoption
on
in the
where
based
on
the
insistence
their demands by the League in the future.
of
of the present circumstances,
stage
of its
organization
the present covenant was involved and that
concrete
imposing any
It is our desire, however,
or
bring any marked increase
price of commodities.
In view
actual working
and
Prom that viewpoint
ITEMS
questions relating to
fundamental principles wnich might involve revision of the covenant ought
a
which will restrict business
Japan felt that the League as yet was in a
consolidation
to be deferred for some time.
from
yield
companies—would
original framers of the covenant found themselves unable to accept the
The Japanese delegates declared that they would continue their
a
ton tax upon the coal mined in Pennsylvania alone would yield
tions engaged in
poignant fact to the Japanese Government and people that the
a
value of which alone amounts to well
year.
is founded, so that all
Japan would refrain
ABOUT
BANKS,
No sales of bank
the Stock
Exchange
or
TRUST
trust company
or
COMPANIES,
stocks
were
&C.
made at
at auction this week.
proposal to this Assembly regarding equal opportunity and
treatment and would patiently bide her time until the opportune moment
At the annual
presented itself.
"The only point which I wish to make clear," he added, "is that the
Japanese policy in the present Assembly consists in acting invariably in the
spirit of concord, accommodation and co-operation and to expedite the
progress of our deliberations by
readiness to accept
our
might be entailed
offering
on
the altar of the common cause
and suffer inconveniences and disadvantages which
on us
owing to
our
witnessing the work of the present Assembly with
deep satisfaction.
Let
a sense
congratulate the Assembly
me
the
on
on
delegates
of wonder and
the brilliant suc¬
city, to be held Jan. 11, action will be taken
recommendation
'will
be
provided
through
to
made
be
in
holders voted
the
to
There is
general tendency
a
Ishii's speech.
race
equality
omit
the delegates not to comment on
among
account of American opinion.
at present
there is
sharp debate being carried
a
on
with regard to the Aus¬
tralian desire to exclude the Japanese from the Pacific islands for which Aus¬
tralia has received
a
meeting of the stockholders of the Chase
National Bank to be held
increase the
on
OF
TIME FOR INCOME
DECEMBER
Members of the
Senate
Finance
At
TAXES DUE
Committee decided
on
11
1921
a
proposal to
upon.
♦—
meeting of the board of directors of the Fifth Avenue
a
Bank of New York
15.
Jan.
membership of the board will be acted
mandate.
EXTENSION
In July the stock¬
year.
*
At the annual
■■"
NO
per
The latter became effective Aug. 2 1920.
$7,500,000.
It would be, however, to
important point not to mention that in allied diplomatic circles
an
($100
the amount from $5,000,000 to
The desire is evident to avoid emphasizing the question of
on
par
the
capital
new
This is the second increase
capital this
increase
increase
to
The
the issuance at
share) of 25,000 shares of stock.
which is already evident."
cess
directors
the
of
capital from $7,500,000 to $10,000,000.
special circumstances.
"In conclusion, let me state most emphatically that the Japanese
are
meeting of the stockholders of the National
Park Bank of this
Meixell
on
Dec. 8
George A. Way and Royal A.
appointed Assistant Cashiers.
were
Dec. 9 that nothing could be done in the way of immediate
taxation recision and agreed, it
for
tariff
At the
is said, to postpone all plans
legislation at this session of Congress.
It also
meeting of the board of directors
M. Rine,
W.
on
decided that any bills to postpone payment of the Dec. 15
&
quarterly installment of income tax payments would be
National Bank of the City of New York.
futile
five railroad connections
the
as
Secretary of the Treasury Houston is opposed to
William
plan.
Edwards,
H.
Collector
of
Internal
Revenue for Manhattan, in announcing that no extensions for
the payment
RR.,
was
elected
a
are
W. J. Harahan, who has
taxes
this
recently been
provision
To
avoid penalty,
reaching the Commissioner of Internal
taxpayers have ten days grace on
was
*
the tax
Revenue
indicate
this installment.
Such
On Dec. 1,
the Armour Fertilizer Works
or
check.
The
a
Bureau of
Internal Revenue urges that
the taxpayer by saving him a trip to
gestion at the cashier's window.
whenever
This method helps
the collectors office and avoids
con¬
Check or money order should be made
payable to "Collector of Internal Revenue."
Bills will be sent to taxpayers, but failure to
.
The Columbia Trust
obligation to
—.—«
pay on
this being a summary of
As
individuals.
in
the
such of the law
a
bill does not relieve
time.
FORMITY OF STA TE AND FEDERAL TAXA TION.
Governor William G.
mended the creation of
both
the
State
and
a
States will require new
Harrisburg, Pa.,
on
governments
to
revise and
Gov. Sproul pointed out that most
tax legislation within the next few
and in urging the desirability of enacting uniform
taxation measures so as to avoid duplication of Federal and
years
State levies, he said:
The best way to
handle the problem would be to create a commission
This commission could
simplify our tax laws and make suggestions to Congress and to the respective
legislatures to prevent duplication of State and Federal levies and recom¬
representing
both the
States and the Nation.
mend such modifications or Federal taxes as would protect the States in
their revenues.
The most hopeful prospect we have to contemplate is that
the Federal requirements will
depreciate.
The Governor also stated:
In
Pennsylvania we levy no
people.
direct State tax upon the property of our
Land and personal estates of living Pennsylvanians pay nothing
in applicable to
as
year's edition,
one
of Liberty
♦
a
meeting of the Executive Committee of the Board.of
on
Dec. 2, Arthur G. Cable was appointed a Vice-
President of the Guaranty Company of New York.
'
•
Dec.
Sproul of Pennsylvania, recom¬
National Commission representing
Federal
simplify the tax laws.
last
Bonds and Victory Notes.
At
URGES COMMISSION TO EFFECT UNI¬
At the Governors' Conference at
of
case
chapter is devoted to income tax exemptions
receive
Directors
3,
"Federal Income Tax"
free distribution a booklet entitled:
the serial number of their accounts when making payments.
SPROUL
Director of the
a
v
Company of this City, has ready for
Taxpayers will also facilitate the work of collectors' offices by indicating
GOV.
elected
Garfield National Bank of New York.
-
.
possible payment be made by check or money order.
the taxpayer of his
was
a
Payment of the fourth installment may be made In cash or by money
order
Charles H. MacDowell of Chicago, President of
contained in the 1917 Revenue Act, but was removed by the
Revenue Act of 1918.
Jersey.
G. O. Waterman, Auditor N. Y. and Long Branch RR. Co.
year.
by midnight of that date.
Inquiries
President of the Cheea
elected
Lehigh Valley RR.
John A. Middleton, Vice-President
must be in the offices of the Collector of Internal Revenue or branch offices
belief that
also represented on the bank's
George H. Campbell, Asst. to President of B. & O. Railroad.
public the following statement of Intenal
profits
excess
Iron
&
The following
W. G. Bealer, President of the Central Railroad of New
Dec. 15 is the last day for the payment of the fourth installment of the
and
the Coal
peake & Ohio RR. and the Hocking Valley Railroad.
Revenue Commissioner Williams:
Income
director of
board:
of the quarterly income tax due Dec. 15 would
be granted, made
Dec. 8 Edwin
Vice-President and General Manager of the D. L.
The
issued
in
Guaranty Trust Company of New York has just
"A
Bank
question and
Catechism,"
answer
a
ciples of banking without attempting to
technical ramifications.
which
booklet
presents
form the general fundamental prin-v
cover
all of the
The material is set forth in lucid,
elementary style, making the booklet of especial value to
those unfamiliar with the details of
banking.
The Richmond Hill National Bank of New York at
mond Hill took possesssion of
Jamaica Ave.
The bank
000 and
on
its
new
R;e!k-
home at 118th 6$« and
Nov. 15.
began business last April with a
crpltnl of $200,-
Its officers are Qe >rge Solms,
surplus of $20,000.
President; Emil G. Raeder, Vice-President;
Mahler, Vice-President and cashier.
4
and C. Bertram
3396
THE
The plans for
CHRONICLE
the consolidation of the Fidelity Trust Com¬
pany
and the Union National Bank both of Newark, N. J.,
were
ratified
meetings
by the stockholders of both institutions at
As
Dec. 1 1920.
on
a
step toward the merging of
the two institutions the stockholders of the Union National
Bank voted to place
On
Dec.
6
their bank in voluntary liquidation.
of the Fidelity Trust Company
directors
the
fixed Dec. 28 at 11
m.
a.
will meet to decide upon
stitution.
the date when its stockholders
as
the
As indicated in
It
will
have
capital,
a
surplus
and
undivided
profits of approximately $10,000,000, resources of $61,000,000 and
deposits of
more
of Jan. 1 1921.
as
tjie charter of the
Central National Bank with a capital of $1,800,000, surplus
$2,200,000 and undivided profits of about $500,000.
For
this purpose the Central National Bank will increase its
capital stock from $1,000,000 to $1,800,000; the par value
of $100 per share.
A small amount of new stock will be sold
at $250 per
issue of Oct. 30, the consoli¬
dation will make the resultant institution the largest in New
Jersey.
is expected to be effective
The consolidated bank will operate under
share.
I
of the consolidated in¬
name
our
The merger
[VOL.111.
than $50,000,000.
The
will be submitted to the stockholders for
The directors of the First National Bank of
caused
adoption is "the
Fidelity Union Trust Company."
senger,
total
Witkowaky. Mr. Heins
July 15 1889, as mes¬
by the death of M. D.
entered the
that
name
Chicago, have-
appointed H. H. Heins, Vice-President, to fill the vacancy
employ of the bank
and has
seen
the bank
on
grow
from an institution whose
deposits barely exceeded twenty million dollars to one
During the past twelve years he
of ten times that amount.
official
has been connected with Division B of the bank's
At
meeting of the directors of the East Hartford Trust
a
Company of East Hartford, Conn.,
on
November 29, Robert
D. Olmstead, Assistant Treasurer, was elected Treasurer to
take the
place of Charles A. Renner, resigned, and Lynwod
K. Elmore
was
office
vacant
left
appointed Assistant Treasurer to take the
by
Olmstead's
Mr.
promotion. I
Mr.
Renner had been Treasurer of the bank since Jan. 1 1918,
and
resigned to accept
a
position with the firm of Goodwin-
Beach Company of Hartford.
Mr. Olmsted has been
con¬
nected with the bank since 1917.
successively as Assistant Manager,
Cashier, Assistant Vice-President, now being in
organization,
Assistant
charge
The Lincoln National Bank of Rochester, N. Y.
was
(capital
placed in voluntary liquidation Dec. 1,
having been consolidated with the Alliance Bank of Roches¬
ter under the title of the Lincoln-Alliance Bank.
cated in the "Chronicle" of Sept. 4 and 18,
tion has
total
the
As indi¬
appointed
assigned to Division B, to fill the vacancy caused by thepromotion of Mr. Heins.
The
National
First
*
Bank
of
Chicago and its affiliated
institution, the First Trust and Savings Bank, distributed
Dec. 1 to their forces
on
an
amount
equal to 10% of each
Both banks have made twoprevious distributions this year; one April 1 and one August
1, of like amount, so that the employees have recieved during
the year extra compensation equivalent to 30% of their
annual salaries, or four month's extra pay.
Increases in
salaries have also been quite general during the current year.
annual
salary.
»—-
capital of $2,000,000, surplus of $2,000,000 and
a
approximating $40,000,000.
resources
in
the
191(1,
Those associated
management of the enlarged
bank
are:
Vice-Presidents, Thomas E. Lannin, William J. Simpson,
Frank S. Thomas, Peter A. Vay,
ward F. Pillow;
The
James (J. Cut¬
is President of the Lincoln-Alliance Bank.
him
been
has
Vice-President,
Assistant
institu¬
new
ler, who had been President of the Alliance Bank sincb
with
Thomas J. Nugent, who was
Vice-President.
as
recently
employee's
$1,000,000),
serving
capital of the South Chicago Savings Bank of Chicago,
111., has been increased through a stock dividend from
000 to $600,000.
The
holders
21,
and
Nov.
on
$300,-
stock was voted by the stock¬
the increased capital became
new
effective Dec. 1.
William B. Farnham, Ed¬
Cashier, Arthur J. Meisenzahl; Assistant
The
Chicago Trust
Chicago, 111., has* in
Company of
Cashiers, John W. Jardine, Bernard J. Shaw, Ray J. White,
augurated
Raymond E. Leinen, William G. Watson, Thomas R. Baker.
The offices of the Lincoln Bank will be retained by the con¬
officers
solidated institution and will be known
adopted 3 3^%] of the net earnings]will go to employees other
than officers.
An additional sum equal to 20% of the suplus
as
the Lincoln branch
of the bank.
plan for the division of its profits with ^ its
a
and
institution.
Under the plan
earnings after setting aside 8% for stockholders'
increase
An
Bank of
of
of the Central
$100,000 in the capital
Rochester, N. Y., raising it from $300,000 to
000 has been
$400,-
approved by the State Banking Department.
will be divided
40%
as
senior officers chiefly responsible for
among
stock
be
Nov. 30.
on
The increase will be effected
dividend, and
operative
on
the
enlarged
through
capital will
become
distributed
the
as
New Year's
earnings for 1920.
The Central Bank of Little Rock,
capital from $100,000 to $200,000.
became operative Nov. 13.
stock
the
authorized
was
shares
new
were
The
capital
new
The issuance of the additional
by the stockholders
disposed of at
par,
on
July 22 and
namely $100.
Sept. 8 of close to
on
the amount
deposits
tional
Valley National Bank of Lebanon,
$100,000)
was
new
(capital
placed in voluntary liquidation Dec. 1, having
been absorbed by the Farmers' Trust
The
Pa.,
institution will have
a
Company of Lebanon.
capital of $350,000 and
a
Ark., reported deposits
million dollars, namely, $^01,704,
having been doubled since Sept. 8 1919, when
On Aug. 31 last the bank in¬
but $427,426.
were
creased its
The
The
of
The amount to
presents, will be based upon
the other officers.
January 1.
The First National Bank of Hazleton, Pa., has increased
its
the pro¬
duction of business and the conservation and management
the bank, and 20% among
stock
dividends,
follows; 40% among employees not officers;
The stockholders authorized the issuance of the additional
a
madeiby
employees, announcement of this is
Lucius Teter, President of the
capital from $100,000 to $200,000.
stock
was
authorized
price at which the
The addi¬
by the shareholders in July-
stock was disposed of was $125
new
Its
C. C. Kava.
naugh is President and D. B. Renfro is Cashier.
$100 share.
per
resources
on
The bank has
Sept. 8 1920
were
a
surplus of $36,650.
$1,148,301.
sur¬
plus and profits of $390,000.
—*—
"
At
a
W. C.
? '
v
' ;A
meeting of the shareholders of the Northwest Savings
Washington, D. C., on Monday Nov. 29, it was
Bank of
voted unanimously to issue $25,000 additional stock and to
offer the
to the
existing stockholders ratably, that is
in proportion to their existing holdings, and at the price of
$12 a share providing such offering is subscribed and paid
for
on or
same
before the 20th of December, 1920.
of the stock is $10 per
shares will
$75,000.
serve
to
share.
The par value
Roberts, National Bank Examiner, announces his
association, Jan. 1,
&
Southern
Bank
1921,
of
dent of the bank which has
a
wish to
become interested.
—♦——
Mr.
his work
covering various Southern sections of the country,
with
year
one
in Pennsylvania.
•
In order to still further
as
a
popularize the bankers acceptance
short-term investment,
Hibernia
Securities
particularly in the South, the
Company,
Acceptance"
recently
written
Superior Savings & Trust Co. of Cleveland has been approved
Company, G. L. Wooley.
by the boards of directors of the two banks and will be passed
who may
of $55,000,000.
Department since 1915,
Inc.,
of New
Orleans, is
distributing to banks, corporations, and individual investors
a booklet entitled: "The Investment Value of the Bankers
The consolidation of the Central National Bank and the
by the stockholders of the two banks
Mills B. Lane is Presi¬
resources
Roberts has served the Treasury
to
Approximately 500 shares will be reserved for
Comptroller of the Citizens
Ga., with branches at
Macon, Atlanta and Augusta, Ga.
The issuance of the additional
increase the capital from $50,000
the employes of the bank who have expressed
upon
as
Savannah,
on
Dec. 24 1290.
secure
by
the
of the
and others
are informed,
Secretary
Investment houses
be interested in this subject may we
copies of the booklet by application to the Hibernia
Dec.
111920.]
Securities
Company, Inc., of New Orleans,
Our usual monthly detailed statement of transactions
to tlie New
or
the New York Stock
York Office of the
Company, 44 Pine St.
Exchange is appended.
for the eleven months of 1920 and
1919
Henry M.
Robinson,
President
of
Eleven Months 1920.
Bank of Los Angeles and the Los
Angeles Trust Co. and one
the best known financiers in the
country was recently
director of the Union National
a
•
Bank of Pasadena and has assumed
Descrip¬
tion.v
management of
the Union banks.
part in the
Mr. Robinson, whose
home is in Pasadena, was for many
years before the war a
Union National Bank director goirg over [to [that [bank
when
the San
Gabriel Valley Bank
During the
Wilson to
Washington,
and
the
after
United States
sioner
he
war
as
he served
war,
was
as
a
Coil ty and
bommunity
National Defense.
In
bonds.
Commissioner of
the
or
291,935,142
84.0 $26627,196,460 $23904.885,802
501,007,000
457,218,213
91.3
91.5
2,185.986,491
89.0
2.378,709,800
243,947,754
91.1
.252,585,500
26,384 231.5
47,200
York
of
Stock
OF
Defense System of the Council of
director of
a
was
2.18,780,917 98.5
101,182 214.3
90.3
in share properties on the
Exchange each month since Jan. 1 in
STOCKS
AT
THE
NEW
following:
YORK
STOCK
EXCHANGE.
1919.
Mth.
Number
Values,
Number
of
Shares.
Feb.
Par.
Val ues.
'of
Shares.
Actual.
9
Jan..
Mar.
special meeting of the stockholders of the Portuguese
American Bank of San Francisco, Calif., will be held on
2,251,419,238
transactions
1920.
the
A
90.0
84.6 $29759,645,960 $26862,405.352
1920 and 1919 is indicated in the
SALES
Price,
80.3
$21158,055,425 $17895,586,825
_
Aver.
Value.
267 782,700
11,400
The volume
New
Actual
Quantity.
the builder of the
was
Dr. John Willis Boer is President of the Union National
on
Par Value
2,455,632,350
_
bonds..
Bank stks.
During
adviser.
Bank.
Jan. 8 to act
202,501,522
State. &c.,
General Emergency Fleet Corporation and was a member of
the Labor Conciliation Board, which settled the coal strike.
9
Par.
Actual.
9
9
19,880,166 1,781,060,200 1,611,927,486 11,858,465 1,126,755,705
1,037,426,808
21,865,303 1,929,409,800 1,685,946,403 12,210,741 1,152,181,000 1,038,276,918
29,008,749 2,585,053,325 2,312,469,840 21,403,531 2,019,230,100 1,845,369,427
lstqu 70,754,218 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 28,587,431
2,710.196,850 2,141,053,298
May- 16,642,242 1,436,029,950 1,235,942,107 34,413,653 3,215,473,425
3,841,347,811
9,354,267
815,179,150
685,942,111 32,860,365 2,879,567,450 2,599,924,618
June.
the
institution from
Price.
U.S.Gov't
Confererce, member of the
addition he
Value.
Quantity.
Aver.
\Val $17744,298,975 $14910.946,829
690,330.000
654,679.367
called by President
Shipping Board, Special Shipping Commis¬
International Labor Conference and
Eleven Months 1919.
Actual
merged with the
was
Republican
a
the Versailles Peace
at
Stock/Shs
Value
RR. bonds
Total.
institution.
Par
,
or
active
an
given below:
are
First National
the
of
unanimously re-elected
on
The results
question of increasing the capital of the
$500,000 to $1,000,000.
2dqr. 54,443,748 4,785,991,200 4,221,934,034 95,861,349 8,805,237.725
8,582,325,727
6mos 125197966 11081,514,525
9,832,277,763 141334086 13103,404,530 12503,398.880
The Bank of Italy, at San Francisco, announces the
ap¬
pointment of five
new
Vice-Presidents
as
follows:
'
July. 12,541,922 1,103.006,150
904,242,687 34,502,242 3,017,064,550 2,810,474,811
Aug. 13,728,598 1,172,753,800
940,461,408 24,432,647 2,165.107,475 2,056,927,637
Sept. 15,296,356 1,321,942,900 1,023.468,729 24,141,830 2,210,207,875
2,114,448,927
James E. Pickett, Manager Credit Department.
L. M. McDonald, Asst. to the President.
3d qr 41,566,876 3,597,702,850 2,868,172,824
83,076,719 7,392,379,900 6,981,851,375
Leo V. Belden, Manager Bond
9mos 166764842 14679217375 12 700450587 224410805 20495 784430
18535250255
Department.
W. W. Dougles, New Business.
13,667,289 1,183,064,100
930,497,816 37,354,859 3,369,280,880 3,249,147,918
22.069,391 1,882,017.500 1,279.998,416 30,169,478 2,762,131,150 2,120,487,629
W. E. Blauer, Manager San Jose Branch.
The Banque Industrielle de Chine
officers
have
been
authorized
to
announces
The
the following
sign for its
agency
at
following compilation
covers
Tsinanfu: R. Fermus and H. Bee.
■
■
.
MONTHLY CLEARINGS.
Clearings, Total AU.
Charles E.
the clearings by months
since Jan. 1 in 1920 and 1919:
Berthoud, for fifteen
years
Manager of the
foreign exchange department of the Chase National Bank,
has been appointed Manager of the foreign
exchange d3partmert of Banque Industrielle de Chine, 27 Pine St.,
Clearings Outside New York.
Month.
1920.
1919.
$
$
1920.
1919.
$
%
$
%
January. 41,605,136,819 32,428,137,754 +28.3 18,395,416,713 14,567,494,920 +26.3
February 33,230,502,161 25,808,147,986 + 28.8 15,086,449,738 11,613,895,464 +29.9
March
41,240,600,536 30,092,846,875 +37.0 18,907,335,675 13,605,873,216 +39.0
..
New
York.
This
bank,
established
in China
since
1913
and in New York since last May, has 25 branches and is
1st quar. 116076239516 88,329,132,615 +31.4
52,389,202,126 39,787.263,600 +31.7
April
May
possessed of wide connections in all parts of the world.
39,586,069,592 30,610,755,295 +29.3 17,785,625,497 13,277,687,872 +34.0
36,752,594,890 33,196,526,667 + 10.7 17,01P070.885 14,313,628,498 + 18.8
38,360,683,791 34,254,611,450 + 12.0 17,851,948,420 14,500,780,258 +23.1
June
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as
reported by cable, have
been
as
follows
the
past week:
SUver,
Sat.
per fine ounce
Mon.
Tues.
Wed.
Thurs.
44#
___.._._d_
peroz
348,273 98,061,893,412 + 16.9 52.648,644,802 42,092,096,628 +25.1
587,789 186391026027 +23.8 105037846,928 81,879,360,228 +28.3
2d
37.484,647.153 37,513.314,549 —0.01 17.652,345.947 15,638.684.709 + 12.9
August.. 34,360,792,789 34,708,905,706
1.0 16,473,486,684 15,181,764,909 + 8.6
Sept
35,991,044.059 35,607,338,896 + 1.1 17,384,861.550 15,997,472,639 + 8.7
July
—
London,
Week ending Dec. 10.
Gold,
quar. 114099
6 mo8... 230775
43#
43#
43
39#
117a. 6d.ll8s. 2d.ll8s. 9d.ll8a. 7d.ll9s.
Consols, 2# per cents.,
43#
43#
44
44
38#
3d
quar. 107 836484001 107829519161 +
0.0 51,510,694,181 46,817,922,257 + 10.0
118s. lOd.
43#
British, 5 per cents
Fri.
44#
83#
83#
83#
83#
83
83
British, 4# per cents....... 76#
76#
76#
76#
76#
76#
French Rentes
56.87
56.97
57
57.40
58.20
57.90
85.20
85.20
85.20
85.20
85.20
85.20
9 mos... 338607418 380 294220545178 + 15.1 156 £>48 541109 128 697282485
+21.6
(In Paris).fr.
French War Loan
(In
Paris)
The
.
-
October. 38,767,734,004 41,829,995,356
Novem'r. 36,005,184 243 39,350,218,392
The
__.tr.
price of silver in New York
on
the
same
day has been:
Sliver In N. Y., per oz. (eta):
Domestic
99#
99#
99#
99#
99#
69
68
65#
65#
60#
of bank
last four years
59#
—
clearings at leading cities of the country
is shown in the subjoined statements:
.SANK CLEARINGS
1919.
1918.
1917.
$
New York
CITIES.
——Jan.
1920.
omitted.)
$
$
1 to Nov. 30
$
1920.
1919.
Week ending December 11.
New York
Chicago
Philadelphia
Boston
253,690,592
Kansas City
St. Louis...
Pittsburgh
4
1
Detroit
Baltimore..
New Orleans
Eleven cities, five days
Other clUes, five days
Total all cities, five days...
All cities, one day
Total all cities for week
•
Partly estimated.
1920.
13,354,184,551
463,096,132
*358,359,199
...
San Francisco..
Per
V
139,312,089
116,757,542
*125,000,000
139,935,728
*78,316,388
74,850,466
57,729,293
1919.
Cent.
$4,109,411,939
—18.4
506,512,647
390,007,374
356,054,358
185,102,940
141,463,710
144,081,716
129,838,686
79,543,715
—8.6
76,834,937
79,075.456
—8.1
—28.8
—24.8
—17.5
—13.2
+7.8
—1.5
—2.6
—27.0
$5,161,231,980
1,057,681,246
$6,197,927,478
1.151.467,928
—16.7
$6,223,903,226
1,259,989,974
$7,349,395,406
1,567,835,085
—15.3
$7,483,892,200
$8,917,230,491
—16.1
—8.1
—19.5
1917.
$
Chicago
I
1,466
1,654
Philadelphia
1.966
1,918
Louis.....
14,834 222,154 211.823 161,874 162.791
2,128
23.685
30,068
26,866
20,903
1,461
1,247
17,275
15,975
14,200
11,490
1,782
1,633
22,929
19,892
17,945
15,648
628
696
658
697
7.643
Pittsburgh
801
632
558
345
San Francisco
672
678
507
474
8,140
7,458
Baltimore
398
7,439
7.131
6,294
6,547
*
5,198
3.694
6,512
5.082
4.399
2 988
2,585
2,077
1,874
9,147
3,939
3,364
370
331
Cincinnati
280
261
238
167
4,485
3,300
3,927
2,823
Kansas
Clearings—Returns by Telegraph
1918.
19.434 22,586 15.606
2.570
2,584
2,171
Boston
St.
AT LEADING
-November—*
—
(000,000s
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
—The subjoined table, covering
clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month.
The figures are received by telegraph from
other leading cities.
7.3 18,106,647,415 18,116,242,557 —00.6
8.5 16,571,068,816 16,764,465,897
1.2
for the month of November and since Jan. 1 in each of the
99#
Foreign
course
—
—
816
1,006
826
886
10,871
10,211
Cleveland
536
482
378
336
6,333
New Orleans
255
342
242
216
3,067
4,906
2.803
City
198
Minneapolis..
406
216
'199
174
Louisville
115
70
91
86
3,655
1,172
Detroit
465
441
293
228
Milwaukee
140
124
124
120
352
239
125
3,614
Los Angeles
Providence
137
6,846
2,392
1,729
1,725
1,507
1.055
917
5,649
2,031
849
4,0.23
2,875
2,522
1.602
1,393
1,345
1,184
2,074
1.404
1,381
54
63
51
53
641
528
545
496
Omaha
205
247
213
203
2,914
2,817
2,581
1.695
Buffalo
186
168
100
90
2,105
1,468
1,035
897
St. Paul
199
Indianapolis
94
78
74
1,669
865
726
689
70
71
59
95
870
734
714
630
Denver
188
166
136
101
1,816
1,469
1.083
788
Richmond...
Memphis
247
347
252
175
2,813
153
94
83
1,108
642
541
150
173
171
116
1,927
2.740
981
1,837
2,150
94
Seattle
1,687
1,042
42
41
34
32
484
410
381
388
81
86
70
76
804
731
619
634
Hartford...
Salt Lake City
Total
Other cities
Total all
...
1,300
....32,816 35.908 26,860 24 858 375.966 344.674 276,733 257.720
....
3,189
3,442
2.489
2,373
37,414
30.726
36,005 39.350 29,349 27.229 413.380 375.401
24.812
22.686
301,545 280,406
Outside New York. 10.571 18,764 13.743 12.395 11.2920 163.578 139,671 117.615
BANK
CLEARINGS—CONTINUED FROM PAGE 2255.
1919.
1920.
Dec.
1919.
%
+8.1
Hartford..
1,653,861,251
—11.4
17,275,172,841
15,974,996,088
54,192.700
42,130,281
26,268,432
22,374,563
18,428,024
13,884,987
7,407,441
7,292,788
9,331,700
6,528,462
62,769,800
40,859,890
26,447,047
20,781,023
19,201,099
12,559,531
14,756,978
11,418,373
8,321,550
5,136,508
4,195,258
—13.7
641,391,200
483,984,208
301,069,331
527,404,600
410,082,710
270,979.246
+ 11.1
+ 7.7
—4.0
243,552,419
204,902,497
+ 18.9
215,737,761
147,711,485
180,876,209
122,363,027
+ 19.3
+ 10.2
—
New Haven
Springfield.
—
Worcester
Portland.—River.—
Fall
—
New Bedford
—
Water bury-
Lowell
—
5,174,841
4,447,367
11,283,799
Holyoke-.
Bangor—
Stamford
—
Total New England
1,694,504,031
San Francisco
Seattle
Los Angeles—.—;
Portland
Salt Lake City
Spokane--—------Oakland---Tacoma
Sacramento
———-
Fresno-.--
—
Ogden—
San Diego.
Stockton-————
Boise.—- -—. .
-
i-
San Jose
Yakima.
--------
—
Pasadena
Long Beach....Reno—.——————
Bakersfield..—
Riverside
—
Eugene.
Berkeley*
—
Santa Barbara.
'
678,115,768
671,900,000
173,411,835
150,373,866
239,422,000
351,735,000
151,701,279
152,476,407
86,497,387
81,294,524
57,639,082
53,555,679
39,229,603
44,894,642
18,664,872
19,540,931
31,183,126
31,286,758
29,257,819
32,484,341
12,283,571
12,355,475
9,492,839
12,767,888
27,063,500
21,783,100
9,844,485
7,254,001
12,559,964
10,735,961
10,178,789
8,512,513
7,863,300
13,945,558
8,761,207
16,120,011
4,155,692
3,797,749
4,587,978
5,581,692
2,169,938
2,223,103
1,351,716
1,489,729
16,763,264
12,601,462
3,794,210 Not included i
New Orleans
Dallas
Memphis
-
-.—. -——
Nashville
Fort
-
Worth.—
Birmingham.
-
-
-
-
-
- .
Oklahoma.--------Norfolk—
Savannah
Tulsa.
_—-
Little
Rock
-'i——
Jacksonville
Galveston
Augusta
—————
Charleston
Austin
Shreveport
Muskogee
Macon
Columbia————
Knosville
Montgomery
Tampa
Beaumont
Newport News
El Paso—
•
Raleigh
Wilmington, N.C
Texarkana
Columbus, Ga
Jackson
Vicksburg...
Waco
-----
Port Arthur
Wichita Falls
Total Southern
—0.9
+ 14.4
+4.7
+0.3
+ 11.0
+0.6
—26.3
—16.4
+ 2.5
+ 10.2
—28.7
—38.3
+64.8
—9.3
—26.4
+ 9.5
+74.3
—25.4
—40.8
+ 13.1
—23.4
+ 24.9
—12.8
—4.2
—59.4
—41.1
—26.5
+ 3.4
38,786,641
—44.6
18,017,216
—36.3
13,314,004
+ 30.3
—26.1
3,172,310
6,048,400
2,641*448
+
20.1
2,*1*9*4*,435
7,013,200
—13.8
2,101,635
2,465", 467
3,207,419
2,117"; 255
2,*441*,408
—13*3
1,000"; 000
1,17*5", 000
1,946,489
3,354,589
4,037,597
720,000
2,466,503
2,100,785
2,881,162
784,541
—21.1
1,308,512
1,173,327
1,228,892
794,233
965,741
1,137,573
958,885
741,139
308,286.399
239,701,644
166,228,515
3,721,753
2,900,000
3,114,505
3,051,076
2,600,000
165,709,799
60,165,835
43,797,188
56,864,918
22,975,052
19,031.975
24,475,611
17.250,000
16,726,687
21,103,731
4,318,060
11,632,283
10,723,757
11,271,301
6,675,722
8,500,000
5,595,400
9,100,000
4,826,781
6,878,868
4,589,267
5,800,000
3,761,085
3,707,737
3,295,618
+ 19.8
+4.2
total.
15,007,224,311
114,301,623
70,125,489
44,025,028
317,974,962
74,421,028
53,176,491
118,584,680
35,624,809
53,257,955
7,439,065,938
2,913,891,869
2,740,400,514
2,803,285,945
1,438,096,306
1,033,321
—15.1
—2.9
—17.0
+ 12.8
—3.4
—16.7
+ 59.7
+ 40.1
—8J2
—2.8
+ 24.5
400,424,885
411,818,023
+2.7
148,416.613
+3.9
53,215,137
56,623,027
59,316,101
35,104,612
20,274,297
26,357,388
24,609,708
20,476,050
172,220,707 —13.8
87,469,797 —39.2
84,970,566 —33.3
83,947,003 —29.3
45,658,156 —23.2
35,523,275 —42.9
+ 41.9
18,569,091
34,810,580 —29.3
24,774,043 —17.3
24,044,749 —24.4
+ 6.5
18,288,075
+ 97.6
16,428,448
15,518,697 —30.1
12,830,421 —39.7
+ 11.4
12,120,937
13,411,432 —25.2
+ 0.3
11,986,924
13,800,108 —11.9
7,988,604 —17.9
6,767,182 —63.9
5,500,000 —-41.8
2,404,330 —29.3
5,106,497 —15.9
+ 24.8
4,136,781
7,977,767 —37.3
+ 2.7
+ 9.4
+ 20.2
980,592,520
849,036,188
970,922,968
753,851,996
797,712,078
+ 13.1
+ 16.0
18,186,842
633,876,242
582,662,896
492,097,559
421,842,205
478,282,740
369,861,749
400,127,043
354,122,460
+ 43.4
19,477,325
32,46^.563
10,850,188
7.752.622
13,507,483
285,824,534
+ 32.4
10,022,927
12,024,524
11,160,400
6,639,054
204,166,212
—4.7
2,440,793
189,482,031
204,900,417
153,121,977
+ 13.2
——61.9
3,200,000
1,700,000
4,294,046
5.163.623
5,000,000
+ 37.9,
+42.1
+44.8
+ 58.6
—1.1
+ 7.5
+28.9
+ 50.3
+ 42.9
+ 3.4
+ 52.6
154,994,239
+42.6
+ 74.0
—28,6
153,262,421
1,448,268
+ 18.6
—«-44 A
19,241,581
216,254,463
32,236,707,279
28,299,636,608
+ 13.9
772,812,328
+ 10.1
8,801,948,978 9,703,146,360
9.3
191,226,257,340 163,577,990,939
+16.9
3,858,646,269 4,193,240,495
62,032.420
58,902,961
61,891.080
?1,500.000
23,946,887
25,153,000
13,342,714
18,083,825
14,439,339
12,243,452
9,151,342
10,836,864
7,050,152
8,330,165
7,800,000
8,024,517
5,424,896
5,000,000
6,000,000
-20.3
-8.5 413,380,336,627 375,400,758,926
—0.7
—31.0
—32.7
+1.4
—29.2
—31.8
32,983,141
19,443,616
—18.4
—35.3
18,333,976
-16.3
3,323,378,900
16,571,068,816 16,764,465,897
1.2
30,306,000
20,554,217
20,000,000
2
8,350,624
6,206,818
3,646,273
5,063,832
3,805,736
Not Included in total
26,997,501
8,539,893
5,364,107
9,701,321
4,959,799
6,155,940
3,326,694
2,680,041
—32.5
36,005,184,243 39,350,218,392
Canadian
—13.1
+ 39.3
196,079,180
126,460,411
134,037,563
81,320,225
87,406,216
63,050,342
55,173,598
276,531,935
55,574,250
44,299,426
90,547,223
42,616,068
47,932,778
28,185,950
20,092,576
132,734,082
15,069,304
190,306,855
Outside New York.
an
31,895,994
23,514,607
12,500,061
12,088,524
4,687,597
7,146,608
6,690,316
+74.3
+ 16.8
+9.9
731,123,621
+ 22.9
495,747,525
+21.4
415,623,693
+ 11.2
217,758,043
+ 25.6
236,004,659
+43.8
177,025,303
+ 15.0
103,406,764
+ 38.4
101,217,458
120,529,127 + 121.7
+5.3
82,522,435
+ 30.0
83,521,803
+29.8
63,418,058
+ 74.2
66,333,943
+95.9
75,179,177
+ 11.6
37,065,721
+ 38.5
44,220,008
+ 56.0
20,702,470
+39.2
11,661,219
88,401,348
341,242,395
159,039,656
161,239,282
92,290,732
9,746,098
7,874,784
5,614,634
5,288,887
29,616,780
2,781,927,472
Not included in totals
104,725,688
26,391,732
1,091,277,622
927,247,799
908,694,117
923,881,812
486,636,759
453,358,537
616,685,127
555,765,376
571,876,329
366,056,767
378,525,088
194,589,659
214,450,540
77,998,688
233,594,749
220,949,368
—3.5
—23.4
Total all..
*
—19.9
3,066,800,454
1,728,332,562
1,108,492,116
1,171,702,457
1,379,673,954
—20.7
736,619
859,444
45,008,098
62,143,000
37,553,450
24,215,155
15,066,842
10,714,677
4,854,974
8,580,800
7,699,709
2,813,029,193
—25.4
1.2*80*856
750,000
653,721
6,512,467,839
1,836,545,779
2,073,843,113
1,501,308,553
7,642,974,961
3,027,623,843
—9.7
—32.1
1,189*275
1,271,563
330,109,426
18,682,313,442
+5.6
—4.5
+ 16.7
900,000
+ 7.6
929,342
Not included in total
1,214*950
131,619,983
41,143,263
35,358,000
37,497,550
20,148,566
10;163,920
8,514,737
4,860,928
5,370,809
3,807,609
24,732,639 Not included in
total
n
1,871,707
375,507,416
41,380,307
61,237,908
32,292,159
16,234,514
137,706,897
—24.9
2,008,611
—45.0
—10.1
147,248,745
—8.6
+ 21.7
3,749,691
2,995,326
—21.3
115,517,768
+84.0
+ 10.0
—49.0
7,320,661
4,344.311
4,040,962
4,069,875
2,600,000
3,218,767
2,015,706
176,652,271
108,538,162
82,296,053
+77.3
—19.6
2,817, 783
1,050,000
1,000,000
2,087.387
3,924,832
12,221,700
489,315,919
86,904,001
—14.5
1,548,971
—0.9
*
6,436, 689
5,547, 319
4,989 606
3,000 000
3,313, 780
287,400,525
158,000,000
36,060,538
86,444,000
140,059,517
267,260,100
+ 34.5
—19.5
3,300,000
1,688,902
—2.8
332,781,335
11,645,300
8,315,654
5,621,964
385,210,436
803,598,282
609,097,238
504,583,197
242,078,726
296,448,473
254,648,750
118,961,871
—7.1
—4.7
—21.2
+9.4
1,754,991,357
—6.0
—22.3
11,006 166
+14.5
+4.9
1,926,926,505
3,614,085.000
+46.9
+0.5
433,754 ,971
15,348, 700
337,062,343
12,094,400
10,483,891
6,253,396
5,500,000
4,013,583
1917.
$
.
18,115,036,869
7,457,914,809
21,222,029
9,839,255
3,512,522
4,200,566
2,714,602
1,733,340
13,096,000
1,717,489
15,000,000
Mobile
59,215,708
19,825,274,772
—13.3
21,260,220
21,503,506
11,475,320
13,717,083
7,200,000
9,435,196
5,852,113
3,569,284
29,416,000
5,893,037
3,608,059
—
—10.1
55,856,083
32,493,547
32,022,699
23,489,097
9,607,978
31,125,769
12,981,078
13,827,728
7,060,085
18,544,772
21,946,205
Chattanooga
+ 23.3
73,080,045
54,420,540
60,836,924
46,433,630
62,186,301
39,574,361
40,602,070
36,005,480
52,505,600
47,629,766
49,422,968
42,807,000
—
+ 27.1
695,868,573
360,028,311
346,984,072
342,118,375
190,107,673
153,298,125
69,683,287
142,815,440
95,515,777
100,980,169
77,729,060
94,570,548
114,859,048
129,473,905
92,132,462
74,284,500
85,111,169
127,361,183
Louisville------
+ 12.1
;
+20.7
107,734,502
85,024,482
83,553.100
50,859,553 + 24.1
+ 30.2
37,790,680
+ 26.5
34,648,343
23,821,832 +148.6
94,518,752
94,690,900
63,137,379
49,201,180
43,830,226
—36.1
+21.6
+ 18.0
+4.0
+ 11.2
+ 13.3
112,061,382
—49.8
1,615,435,750
150,837,886
Richmond
—0.7
1,885,925,592
628,411,651
244,399,745
247,428,653
255,114,829
St. Louis..—.—
Atlanta
+ 3.1
+30.6
3,405,441
2,171,893 +419.6
1,706,108,928
Total Pacific
Houston
m
1,465,758,646
„
1918.
Dec.
1919.
1920.
Dec.
%
*
Providence
Inc. or
Inc. or
Inc. or
1920.
Week ending December 4.
Eleven Months.
November.
Clearings at—
Boston
[Vol. 111.
THE/CHRONICLE
2398
+25.8
3,950,564
3,399,082
+ 4*4
3,13*3",048
2,853,094
2,400,000
2,493,683
-3.8
1,605,292
1,729.510
+ 17.0
662,571
1,074,922
-38.3
—3.2
336,053
578,575
-41.8
744,740
507,051
804,108
589,329
615,620,511
566.767,599
554,752,716
+ 20.3
+ 13.5
+30.8
+ 11.2
—20.2
+ 15.0
+ 33.9
+20.0
+ 31.0
—16.4
+ 11.1
+ 15.7
+ 27.7
+ 13.6
7,317,464,821 6,561,885,100
—8,0'3,331.097,827 2,900,341,950
comparison incomplete.
Clearings.—The clearings for the week
of 6.1%.
ending Dec. 2 in comparison with the same
week of 1919 show
increase in the aggregate
Week ending
Eleven Months.
November.
Clearings
•
Inc. 01
Inc. or
".
.
..
f:'
/'
■
'
December 2.
Inc. or
652,846,705
494,365,696
429,192,133
75,231,031
57,308,079
48,407,532
Montreal
Toronto
Winnipeg
Vancouver..
Ottawa
34,276,
Hamilton
....... .
Regina
Halifax.....
Edmonton
London
St. John
Victoria
Moose Jaw
Saskatoon
Lethbrldge
Windsor
4...
Brantford
Sherbrooke
Brandon
Fort William......
Peterborough
Kitchener
New Westminster..
Medicine
Hat
Prince Albert
Moncton
Total
Canada...
615,325,528
414,730,544
285,392,865
65,623,725
60,671,751
44,763,369
29,495,935
33,361,
25,881,328
32,112,322
25,115,597
22,056,205
25,512,472
16,608,636
14,239,714
12,145,250
9,479,543
11,747,355
3,377,806
11,066,303
6,194,872
4,602,798
4,672,293
4,722,590
4,353,399
5,431,365
2,698,019
2,526,774
2,619,747
23,812,271
27,788,217
16,980,248
14,297,754
11,718,439
10,886,385
12,668,947
5,347,988
15,512,541
6,651,144
5,668,353
4,688,149
5,107,407
4,395,692
5,395,160
3,145,045
3,385,257
2,184,123
3,843,638 Not included i
'
2,030,403,727
1,737,286,775'
Dec.
+6.1
19.2
tl50.4
+ 14.6
—"5.5
+8.1
+ 16.2
+3.6
3.0
8.0
+8.9
+ 2.2
+0.4
—3.5
+ 14.8
+ 7.8
+ 58.3
+40.2
+7.4
+ 23.2
+0.3
+ 8.2
+ 1.0
—0.7
+ 16.6
+ 34.0
—12.8
n
total
+16.9
1920.
6,517,428,644
4,908,781,179
2,612,220,882
796,226,903
467,785,370
396,958,947
332,085,809
348,959,539
1919.
5,593,562,853
3,780,169,958
2,051,488,348
588,072,343
419,619,559
314,603,040
260,967,021
274,741,519
189,306,894
208,613,659
218,570,641
235,727,536
205,030,247
268,759,708
146,423,046
177,030,093
137,885,385
162,510,494
110,882,957
134,141,796
77,642,724
84,930,768
95,055,253
104,672,564
34,460,211
42,931,728
83,435,847
155,359,351
51,087,568
68,719,431
44,477,808
58,416,552
32,611,207
37,247,921
36,913,124
43,048,801
37,344,180
46,222,880
42,705,939
56,407,325
26,731,656
33,317,060
21,711,379
25,031,727
18,954,276
21,753,473
14,204,724 Not included in
18,345,288,140
14,894,454,983
Dec.
A
1920.
1919.
Dec.
1918.
S
1919.
1920.
S
%
8
—12.8
13
,154,650
v.-
1917.
$
82,531,811
66,511,312
77,445,540
9,281,004
7,479,260
10,805.953
6,373,350
+ 16.5
145,67',628
167.028,108
+ 30.0
115,160,952
110,103,780
13,443,327
104,723.893
+27.4
+35.4
+ 11.5
11,913,043
+26.2
10,258,345
65,920,492
15,887,184
13,452,338
8,662,344
27.3
7,578,981
9,174,149
—17.4
7,8o8.529
27.0
6,921,530
7,886,156
—12.2
6.515.759
6.080,101
+ 10.2
5,394.645
4,793,643
5,241,216
5,955,763
5,500,000
+ 2.9
—19.5
5,603,039
4,591,208
5.156.727
3.000,000
4,131,680
2,765,207
2,178,897
2,202,804
2,010,085
2,409,042
1,265,595
t
+ 7.8
+ 10.0
81,756.732
+ 67.0
79.870.137
—15.4
16,403,873
—11.4
10,375,608
+ 18.4
8,800,804
+31.1
6,013,202
+ 9.3
4,087,813
+ 20.9
3,502,044
2,951,343
4,678,175
—25.1
+ 17.9
3,596,255
—17.9
+21.0
2,008,623
3,066,434
2,567,987
2,643,460
—34.5
3,462,852
2,439,847
2,265,332
2,698,325
2,396,946
+ 9.4
2,367,173
10.1
2,648,552
1,092,485
3,644,388
1,387,844
1,224,108
is
24.6
86.2
+34.5
+31.3
—77.9
+ 0.2
961,789
+ 13.6
941.618
2,332,791
1,019,223
+ 56.2
+ 36.1
1,169,105
1,059,660
965,433
+ 26.8
849,153
+ 14.2
967,842
1.074,018
—10.0
914,596
+ 16.6
1.066,225
+ 0.5
1,285,016
+ 8.2
685,915
—
_
...
.
1,120,817
804,558
1,048,127
1,034.785
717,584
23.8
939,436
1,060,356
868,818
32.1
998,259
1,203,725
—17.0
630.368
671,360
24.6
677,005
573.578
+ 18.1
575,280
450.579
—2.7
56?,983
718 518
—17.5
300,000
15.3
723,393
743,536
14.8
470,302
570.000
total.
+23.2
791.958 Not included
463.925.098
437,356.821
In total
+ 6.1
382.256,148
298.205,306
A
V
tier's
5m:
Dec.
THE
111920.]
GOVERNMENT
AND
REVENUE
and 1919-20.
Receipts.
Ordinary—
5 Mos. 1919.
$
S
$
$
21,884,850
117,942,067
131,541,471
27,389,469
61,193,605
„„
5 Mos. 1920.
Nov. 1919.
Nov. 1920.
—
45,556,651
113,895,464
53,874,662
Internal revenue:
Income and profits tax.
Miscellaneous
Miscellaneous
124,868,247
66,601,533
revenue
•
Panama Canal tolls, &c._
Total ordinary.........
275,420,812
Public Debt.
*
Lib. bonds & Vict, notes.
241,385.762 2,035,529.880
'
<-.*
79,471,717
28,075 1,030,802,106
59,360,000 3,206,542,950 5,925,143,514
32,826,878
10,208,208
8,020,437
7,500
787,124,000
War savings securities...
2,137,371,496
v.-.:;
•.
Certifs. of Indebtedness..
957,532,751 1,098,016,239
647,399,842
617,842,048
296,357,004
301,477,128
2,697,812
2,094,014
669,516
872,577
1,912,967
LAKE SUPERIOR ORE SHIPMENTS.—The shipments
ore from Lake Superior docks during the season just
EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to
place before our readers to-day the details of
Government receipts and disbursements for November 1920
and 1919, and the five months of the fiscal years 1920-21
Customs.——
72,800
3,841,252
of iron
closed amounted to 58,527,226 tons, an increase of
tons over the movement of last year.
In 1918
11,349,831
61,156,963
shipped and in 1916 the movement totaled 64,734,198 tons, the latter being the largest tonnage moved in
tons
Reserve
789.751,525
147,991,153 3,220.693.285 6.996.691,844
389,376,915 5,256,223,165 9,134,063.340
Disbursements.
Ordinary.
Checks and warrants paid
Superior
(less bal' ces repaid, &c.)
1,766,877
93,338,484
Governments..
Iff,201,634
10,000,000
—
Com.
$25 each..
5,400,000
314,080,873
15,600,000
587
Pref
117,149
Total ordinary......
426,092,313
%1'Ya. per sh.
368,832,29 4 2.103.439,242 3.354.474.444
...$1,56 per sh.
25c. each
240,189,329 3,338,722,227 6,354,376,490
Bank
10,769,562
1913)
..."
242,469.471 3.344.858.508
677,104,953
6.365.146.052
611,301,764 5,448,297,750 9,719,620,496
1,103,197,266
Receipts and disbursements for June reaching the Treasurj in July are
included.
-
V
Bldg
12)^ Gates
)$160
TRAFFIC
MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States
Steel Corporation yesterday
....
Pref..
Aug.
May
April
30 1920-11,118,468
30 1920—10,978,817
31 1920—10,940,466
30 1920-10.359,747
Mar.
153 Mutual Film Corp.,
131 Mutual Film Corp.,
Fairhaven Water,
Dec.
31 1916-11,547,286 July
31 1913—
5,399,356
Nov.
30 1916-11,058,542 June
30 1913—
5.807,317
6,324,322
6,978,762
7,468.956
7,650,714
7,827 308
7,932,164
Oct.
Aug.
31 1919— 6,472,668 Mar.
30 1919.. 6,284,638 Feb.
31 1919- 6,109,103 Jan.
July
31 1919-.. 5,578,661 Dec.
June
30 1919-
May
31 191930 1919— 4,800.685
31 1919— 6,430,572
28 1919
6,010,787
31 1919- 6,684,268
31 1918- 7,379,152
30 1918- 8,124,663
31 1918.. 8,353,298
Feb.
4,892,855 Nov.
4,282,310 Oct.
—
Jan.
Dec.
Nor.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
July
30 1918.. 8,297,905 Feb.
31 1918- 8,759,042 Jan.
31 1918.. 8,883,801 Dec.
June
30 1918-
May
31 1918.. 8,337,623
30 1918- 8.741,882
31 1918.. 9,056.404
28 1918— 9,288,453
31 1918.. 9,477,853
31 1917— 9,381,718
30 1917.. 8,897,106
31 1917.. 9,009,675
Sept.
Aug.
April
Mar.
Feb.
Jan.
Deb.
Nov.
Oct.
8ept.
Aug.
July
June
30 1917— 9,833,477
31 1917-10,407,049
31 1917-10,844,164
30 19ir.,11,383,287
a
Oct.
31 1916-10,015,260 May
31 1913..
30 1916.. 9,522,584 April
31 1916.. 9,660,357 Mar.
31 1913..
28 1913—
31 1916.. 9,937,798 Dec.
31 1912—
30 1916- 9,829,551 Nov.
31 1916.. 9,331,001 Oct.
30 1912—
7,852,883
31 1912— 7,594,381
29 1916-
30 1912..
6,551,507
31 1912..
6,163,375
31 1910..
statement
Institute, the
8,568,966 Sept.
7,922,767 Aug.
31 1912..
5,957,073
30 1915—
30 1912—
5,807.349
31 1912—
5,750,980
5,664,885
7,806,220 July
7,189,489 June
31 1915- 6,165,452 May
30 1915- 5,317,618 April
31 1915.. 4,908,455 Mar.
31 1915— 4,928,540 Feb.
30 1915- 4,678,196 Jan.
31 1915.. 4,264,598 Dec.
30 1915- 4,162,244 Nov.
31 1915- 4,255,749 Oct.
4,345,371
31 1915
4,248.571
31 1914— 3,836,643
30 1914- 3,324,592
31 1914.. 3,461,097
28 1915..
30 1912—
31 1912..
5,304,841
29 1912..
5,454.201
31 1912..
5,379,721
31 1911—
5.084,765
30 1911..
4,141,958
31 1911..
3,694.327
Sept.
30 1911..
3,611,315
Aug.
31 1911.. 3,695,985
31 1911.. 3,684,088
July
June
May
June
May
31 1914.. 3,998,160 Dec.
July
31 1913—
31 1915-
30 1914.. 3,787,667 April
31 1914.. 4,213,331 Mar.
31 1914- 4,158,589 Feb.
30 1914.. 4,032,857 Jan.
Sept.
Aug.
30 1913—
31 1916.. 9,593,692 Feb.
30 1916.. 9,640,458 Jan.
30 1911—
3,361,087
31,1911..
3,113,154
30 1911..
3,218,700
31 1911—
3,447,301
28 1911—
3,400,543
31 1911—
31 1910—
3.110,919
2.674,750
2,760,413
30 1914.. 4,277,068 Nov.
31 1914.. 4,653,825 Oct.
30 1910..
Mar.
31 1910—
2.871,949
Feb.
28 1914— 5.026,440 Sept.
30 1910—
3,148,106
4,613,680 Aug.
31 1910—
3.537,128
31 1910—
3,970,931
April
Jan.
31 1914..
Dec.
31 1913..
Nov.
4,282,108 July
30 1913- 4,390,347
PRODUCTION
STEEL
to
8,918,866 Nov.
IN NOVEMBER.—According
prepared by the American Iron & Steel
production of steel ingots in November 1920
by 30 companies, which in 1919 made 85.12% of the total
output in that year, amounted to 2,638,670 tons, of which
1,961,801 tons were open hearth, 673,215 tons Bessemer and
3,594 tons all other grades.
The figures for the correspond¬
ing month in 1919 are not available for publication.
The
production by months in 1920 was as follows:
Total
1920
Gross Tons—
February.
March
—
April
—
May"
June" I
July"
August
Open Hearth.
.2,242,758
2,152,106
January
"
September I
October
November
2,487,245
2,056,336
...2,251,.544
2,287,273
2,135,633
2,299,645
..2,300,417
2,335,863
1,961,861
lot
Pref.._1f$30
Com_./ilot
Total
1920.
2,968,102
2,865,124
3,299,049
1919.
8,107.778
2,704,683
2.662,265
2,239,711
1,929,024
2,219,219
Bessemer.
All Other.
714,657
700,151
795,164
568,952
615,932
675,9.54
653,888
10,687
12,867
16,640
13,017
15,688
17,463
13,297
695,003
693,586
5,784
2,638,305
2,883,164
2,980,690
2,802,818
3,000,432
5,548
2,999,551
676,634
673,215
3,485
3,594
3,015,982
2,638,670
2,508,176
2,746,081
3,000 Nautilus
Y.
Utilization
Sanitary
$5
1,200 Cone
Mining
$20 lot
Mng. of
)$450
57,650 Oatman Comb. Mng. 10c. ea] lot
100 United Amer. Oil & Gas...$11 lot
200 Hughes Petroleum, no par.$55 lot
125 Liberty Farms Corp. Cum.
Pref. V. T. Certif
—<.$55 lot
no
$20 lot
par
50 Criterion Concessions Corp.
Cum. Pref
—$20llot
Oil,
50 Wilhurst
Oil,
Inc.,
no par
101 Never-Skld Mfg. Inc.,
Investing
Investing
Second Pref.
$20'lot
$3llot
$16 lot
400 Stone Canon Consol. Coal of
Me., Com......
$6 lot
600 Stone Canon Consol. Coal of
Me., Pref.
$3 lot
14,000 Bellevue Mining, $1 eacb.$24 lot
1,000 Furnace Ck. Cop., $1 each.$2 lot
2,500 American Sapphire, $10 ea..$5 lot
400 Mutual
Tire
Rubber
&
$300 lot
—$8 lot
Fisheries
$8 per sh.
Corp., $10 each
25 Alachua Planting
1 Amer.
75 Atlantic
Bearing Pref..
Roller Bearing Co.,
75 Atlantic
sh.
per
$1,350 lot
50 Ontario Electric Steel, Inc.,
$50 each...
$12 lot
22 97-100 Ambrose Farms of Ste-)
phensville, Mon., Com. Rec.) $3
8 28-100 Ambrose Farms of Ste-J lot
phensville, Mon., Pref. Rec.j
10 Wawbeek Land
—_$11 lot
2,000 Maibohn Motors, $10 each
Com...
Ltd., $1 each
$10
4 Newton Creek Land
$10 each.
100 S. E. Dunn Lumber
Bank of Pough-
...$142 per sh.
5,450 Oppenhelmer Institute
$351ot
233 1-3 Light Commercial Car Com.)'
$50 each
) $20
266 2-3 Light Commercial Car Pfd., I lot
keepsle
©RCtl
Comm. Car.,
Inc., Com., $50 each......$21 lot
3,228 Memphis Gas & Electric.$175 lot
25,000 Rival Mining, $1 each....$70 lot
5,000 Arkansas & Arizona Copper
$250 lot
140 Staked Plains Trust, Ltd..$700 lot
191 Land & River Co., 1st Pld.
$10 per sh.
841 Land & River Co., 2nd Pfd.
$3 per sh.
1,514 Chicago Elevated Rys. Coll.
Tr. Ctfs. for Pref. Par tic. Sh.
$3 per sh.
$1 per sh.
Corp.,
Pref
$20 perish.
300 Haytian
American
Corp.,
Com., no par
$3 per sh.
525 American Uniform..
$75 lot
200 Spicer Mfg., Com
$1,050 lot
110 Spicer Mfg. Pref
$10 per sh.
100 Haytian Amer. Corp., Pfd.)
50 Haytian Amer. Corp., Ord.l $2Com.
1.
) 100
50 Haytian
American
Corp., lot
35 Hudson
600 Haytian
Realty
American
*
Founders
.sh
J
Shares
25 General Bond &
Share.$15 pet sh.
Com.,
no par
$3.70 per Sh.
1,000 Verde
Combination Corp.
of Ariz., 50c. each.
$8 2 ot
1,000 Butterworth-Judson
Bonds.
sh.
Pfd..$800 lot
14,443 Seaboard Steel & Manganese
Corp., no par
$100 lot
106 G. G. Hynsen Co., Pfd
\ $10
106 G. G. Hynsen Co., Com
/ lot
180 Interstate
Chemical Corp.
690 03-100 Argentine Ry.,
per
$8
1,500 Amer. Foreign Trade Corp.
each—
50c.
Fisheries,
Coast
Com
sions. Ltd., $5 each
1,000 Carlisle Mining Co. of N. M.
Coast
Pref...
1st
-----
Gold Conces¬
.1
50 British Guiana Gold
ConCessions, Ltd., Pfd. $5 each
85 Chyrsoltte Silver Mg. $50 ea
2,880 Davis Silver Cobalt Mines,
400 Brltigh Guina
S3 per
of
$5 lot
Pref—
5 Amer. Roller
$1 each..
$10 per sh.
of Del.,
—$2 lot
of Del.,
$4 lot
250 Steel Package Pref
55 Amer. Planograph
104 1-3 Wayne Light
$5 lot
Kaolin..$20 lot
125 Steel Package, Com
Ind. |
Creek Land Inc.)
5?, 1907
I
$1,000 Ottumwa Gold Mng. First)
Mtg 7s, 1912
)$110
400 Ottumwa Gold Mng, $5 ea.| lot
Nat.
.—$10 lot
Pfd.$10 lot
50 Guaranty Cattle Loan..
1,250 N. Y. Rubber Rec. of N. Y.
$1,500 Newton
84 Dunderberg Mg.,
Cum.
—.$30 lot
Com.
Inc.,
1st Pref.......
91 Wilhurst
1,000 N. Y. Rubber Reclaiming
N. Y., Com
$5,820 shares Fairhaven Wtr. |
stock $5 each, and 200 shares |
Fairhaven Mng., $5 each_._|
50 Gold Hill Consol., $5 each.. |
106 First
Com.
100 Liberty Farms Corp.,
First Pref.
lot
Ariz.)
10c. each
500 Carlton
First Mtgel
20 New Dunderberg Mng.
lot
Ariz.,
of
$1 each
500 Carlton
Bds., $1,250; Fairhaven Wtr.j
•Prior
L.
Bds.,
$1,287.50:1
Common
sh
per
500 Relc Equipment Corp., $10
each
$30
lot
$125
for $6,250)
Fairhaven Wtr., Cert, of
sh
4)4 to $5 per
534 N.
$1 lot
Inc., Com., $25 each
Mausoleum
354 Eatern
5,003,785
5,223,468
7,128,330 April
Pfd..$9
Inc., Pref., $25 each......$25
Cottage
Community,
4,513,767
Oct.
lot
Commer¬
$250 lot
Securities Corp.
1,100 Anglo-American
cial Corp., Com
123 The Immaculate
31 1913..
Sept.
9,892,075 Aug.
28 1920— 9.502,081 July
$20
struction
300 Realty Trust, Pref
30 1913—
30 1919—
Mar.
Cottage
31 1917-11,474,054 Aug.
Nov.
Apr.
$50 each...
3 Valll
28 1917-11,576,697 Sept.
11,711,644
$190 lot
175 Fleischmann Realty & Con¬
New Canaan
$160 per sh.
Trust Co. Receipt
31 1920— 9,285,441 June
31 1919— 8,265,366 May
Sept.
31 1917
75c. per sh.
$10 each...
Community,
2 Country Club of
/
$6
J lot
—
Corp.
31 1913..
Dec.
Jan.
Tons.
Tons.
30 1920—
Feb.
....... -
31 1917-11,886,591 Mar.
30 1917-12,183,083 Oct.
31 1920— 9,836,852 April
30 1920-10,374,804 Feb.
31 1920-10,805,038 Jan.
June
— .
_
Father'd
20 The
3 Valll
'
Tons.
30 1920— 9,021,481 May
lot
Inc., Com
1
56 White Star Specialities, Inc.)
815,371 tons from the unfilled tonnage on hand Oct. 31 1920,
| July
Amer. Bank. I
1,000 Kugarok Mn. & Ditch, $1 ea)
.
10 German Publication Co. Pref\$ll
10 German Publicat.- Co. Com/ lot
60 White Star Specialities, Inc.)
regular monthly statement showing unfilled orders
months:
Dell,
1,279 Jersey Biscuit Co., Pf..$20 per sh.
200 Ray Tire & Rubber, $10 each
50,000 Cash Entry
2)4 Estates Long Beach
25 Isle of Pines Bank, $50 each. |
50 Isle of Pines SS., $50 each.
$80 Gt. Nor. Ry. Pref. stk scrip )$210
on
but compares with orders on hand totaling 7,128,330 tons
as of Nov. 30 1919.
In the following we give comparisons
lot
50 Mfrs. Ins. of Am. $10 each
(Dec. 10)
the books of the subsidiary corporations as of Nov. 30
1920 to the amount of 9,021,481 tons.
This is a decline of
j
Realty
9 Scandinavian
AND
Percent.
'i
Com.$31ilot
Inc.,
699 Poole Eng. & Mach__$40 per ah.
Trade)
10 North Side Board of
,
6,136,281
2,280,142
1,114,495
TRADE
Mach./ lot
12 Bronx Consumers Ice.$82 per sh.
notes
Grand total dlsbureem'ts.
Lubricating &
2Amer.
and
retired
(Acts of
July 14 1890 and Dec.
Stock.
76 Wasson Piston Ring
;
12)4c. per sh.
250 Coahuila Lead & Zinc $1 ea.\$35
'<■
675,990,458
the following,
'
500 United Texas Petrol. $1 each
and certllicates retired.
Sept.
12,787,046
64,734,198
62,498,901
200 Benmo Oil Co.,
$160 per sh.
Ltd., $5
Mines,
200 United Profit Sharing Corp.,
Bonds, Int.-bearing notes,
Oct.
10,735,853
$77 per sh.
...
each
——
Public Debt.
Nov.
..$50 lot..
50 Pierce Butler & Pierce Mfg.
100 Nippisslng
with previous
20,567,419
9,990,901
8,723,472
Shares.
$110 per sh.
$152
Steel Rolling Co.
Casino
1 Free Right N. Y. Soc. Lib..
100 Boone Oil, $5 each
Accrued Interest.....j
issued its
20,564,519
61,156,963
47,177,395
Per Cent.
Stock.
2 Newport
200 The Nat.
Principal—
♦
6,424,545
8,057,814
21,837,949
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York-:
Loan bonds:
Total..
13,978,741
not
Purchase of Federal Farm
Reserve
3,207,145
7,597,841
14,068,341
Auction Sales.—Among other securities,
<
4,285,685
5,728,023
1,312,027
*
Purchase of obligations of
23
9,278,464
58,527,226
3,858,092
7,565,608
-..—15,479,334
Harbors
7,457,444
7,156,854
3,457,054'
10,919,965
16,821,209
Total
Tons.
Tons.
6,774,969
5,915,383
....14,812,398
Duluth..
Two
Tons.
4,963,358
2,132,935
1916.
1917.
1918.
Tons.
7,361,070
Marquette.....—.. 3,415,108
Ashland...
8,180,852
281,559,660 1,680,825,752 2,709,717,132
326,384,754
75,960,607
343,966,684
325,586,365
notes
Season-
1919.
Tons.
Escanaba—
Shares.
(less bal'cos repaid, &c.)
on public debt paid..
Pan. Canal; Checks paid
Int.
Federal
Vi.
,
©omracvcial atx&lBXis ceilatxenus plexus
1,138,999
707,058
Total
bank
shipments from the various ports
14
Grand total receipts...1,065,172,337
National
.
■Entire
bank
1890 and Dec. 23 1913)
foreign
•
;V;'v 1920.
Ports—
national bank notes and
(Acts of July
vv-.y
any one season.
7,816,206
Savings bonds
Deposits for retirement of
notes
were
Below we compare the
for the last five seasons:
103,140
Postal
Federal
2299
CHRONICLE
$1,000 Kansas Cy. Rys. 1st
Per Cent.
5s 1944. 28
Ctf. of dep. for
$11,000 Raton Water Works of
Certif.
of Dep. for
N. M.,11st 5s
$30 lot
$27,850.38 Chicago Elev. Rys. Co.
10-year Deb. 6s, 1924; July, 1919,
coupons attached
$7,500
$8,050.35 Nat. Rys. of Mex. 6%
lot
1915
$1,900 lot
$117,853.82 Nat. Rys. of Mex. 6%
Note, ext. to
$25 lot
Notes, 1915
$27,000 lot
Land, Com.)$100
$36,000 Seaboard Steel & Manga-)
Land, Pref—J lot
Corp. 0% Mtge. & Coll. Notes!
3 Wyoming
Plant
&
Seed
1920
$1,000
Breeding
..$3 per sh.
400 Seaboard Steel & Mangarl
lot
6 Bluffun Pine Seed
$3 per sh.
nese
Corp., no par
J
400 Ojibway Mng. (Inc. Mich.)
$20,000 Mexican Internal Silver 3s. 10H
$5.50 per share, paid $25 each
75c. per sh.
$5
each
50 Incorporated
50 Incorporated
2300
THE
Bondt.
■
Ctf.
of
Dep
N. M.-Col.
$3,750
Series
Oct.
"A"
$25 lot
Coal
Income
1912
Bonds,
50,000 Roubles Russian Govt. 5%s
Internal bonds of 1916
$500 lot
$9,000 St. Lawrence Pulp & Lumber
Corp., 6s 1933, Feb. 19 1 coupons
.
:
$10,000 2nd Ave. RR. 1st Consol.
6s,
August,
1908,
coupons.
&
Mng.)
bonds,
coupons
1941
$10
_>
on
Com.
Certlf
Tr.
By Messrs. Wise, Hobbs & Arnold, Boston:
of Maine, 6s,
1920
800
By Messrs. Barnes & Lofland, Philadelphia:
ares.
Shares
Stocks.
$ per sh.
140
-
Shares.
2 Southwestern Nat. Bank
2 Real Estate Trust,
pref——.100%
1 Franklin Trust,...
Nat.
2
72
20
$ per sh.
10 Sullivan Machinery
1,020 Am. Manganese Mfg., pref..
%
5 Salem Elec. Storage & Batt'y lot $1
Bank
Bonds.
$3,000 Consumers' Brewing
1943
(together
with
Consumers' Brew.
..375
$2,750 Cleveland
v.
&
Erie
y
Ry.
Income, 1929..
50 Lobl Mfg., 7%
pref.
150 Salt
$10,000 New Orleans Ry.
45 Montgomery Trust, $50 each
70 Staked Plains Trust, Ltd-...
$10,000 Roubles
1 Library Co. of Phlla
4 Phlla.
1
Russian
...
50 Plttsfleld Chemical
lot $2100
31 Union Passenger Ry
13 The Autocar.......
83%
..101
45 Titan Metal..
lot $3
$15,000 Ohio Elec. Ry. equip, trust
6s, Series E-2, 1928
60
The dividends announced this week
„
pref...,
—.13%~15
1958
47
2% $20,000 The
30
Netherlands
deb.
Co.
in¬
1925 (July 1905
40
coupons attached)
lot $20
4 American Cement..........lot $1
$1,000 Huntingdon Devel. & Gas
'
12'.Last Chance Gold Minting—lot $1
1st 6s, 1936
82%
1,000 Goldfleld Bulldog Mines
lot $3 $80,000 Alaska Consol. Copper of
1,600 Eden Mining....
11c
Arizona, and the Alaska Corp. of
come
6s,
-
375 TIndel Morris Co
lot $675
1,000 Rockaway Rolling Mills..X..
30 Amer. Public Utll., pref.....
160 World Film Corp., 1st pref..
500 World Film Corp., 2d pref...
Del.
5)4
15
1927
$1,000 The Larchmont Yacht Club
2d 5s, 1928
%
$3,600 The Lambs (New York) 6s,
20
_
Ambassadeurs, com .lot $1
1925
20
10 Cafe Des Ambassadeurs, pref .lot $2
$5,500 Alaska Copper Devel. synd.
5 Cafe
Des
Ambassadeurs
'*
participation ctf
lot $90
gf*.
(Wash., DJC.), pref..... .lot $1 $19,000 Key West Gas s. f. 6s,
.
'
[
1 Cafe
r
Des
Ambassadeurs
1931
(Wash., D. C.), com.....lot $1
Land, pref
lot $3
10 Incorporated
10 Incorporated
Land,
lot $1
lot $3
com
100 Keen-O-Phone...
%
&
%
...
16 Nat. Athletic Ass'n of Phila..
!
Lumber
50
common
14
318 North Coast Power,
pref....
1926
31
85
$17,600 North Coast Power
lien & inc. 5s, 1941..
gen.
25%
$2,500 Development Agreement of
4
Producers' Devel. Co
lot $40
I 800 East Coast Fisheries, pref
4
$38,500 North Ala. Fuel & Gas 1st
620 East Coast Fisheries
Products,
Mtge. ctf. of deposit
.lot $130
i»
I
pref $32
414 $90 Mortgage Certificate Mine La40 Employers' Indemnity
lot
2-10 Interest the Harry Van Ness
Oil Syndicate; 240 shares
Royal Oil & Ref'g
of
motte & Smelting.
Interest)
lot $1
$3,000 Berkshire Elec. Co. 5s
40
$3,000 United Gas & Elec. Corp.
coll. tr. 6s, 1945.
65%
(ctf.
lot $7
r
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
$
ver ^
30 Saco Lowell
1 Nashua
Shops, pref...90-91
Mfg., nref
98 & div
52 Mass. Cotton
pref
79
14 Bigelow Hartf.
5 Ipswich
25 Nashua
Carpet, pref.. 93
Mills, pref
95
Mfg., common
105%
3 Great Falls Mfg
1-3 Warrant Davis Mills
10 Fairhaven Mills,
....132%
35
common__.l60
5 Arlington Mills
89
20 N. H. Electric Rys.,
pref
5%
18 Worcester Cons. St.
20 Stanley Works, com., $25 each 43 %
4 Mass. Real Estate
38%
-
1,035 Colorado Power, com
4,500 Cons. Red Top Leas
Ry., 1st
2
pref..II
l
25
Cbem^__I\
8 Bay State Fishing,
5%
Mfg., common
l
100 Pope Mfg., pref
1
28 Becker Milling Mach.,
pref.. 45
10 Hood Rubber, pref
93%
20 Exceptional Pictures, com..."
20 Exceptional Pictures, pref... $700
50 Murray & Tregurtha
Corp.,)
lot
common
Tregurtha Corp.,
25%-26%
81 American Glue, com
122-123%
Draper Corp., ex-diy
58 Fall River El. Lt, rights
35
Inter'l Tungsten Corp
1st pref..
93
19
25
Fish., 1st pref
3 Com'wealth
Gas&El., pref..
lc
12,400 Gasoline Corp., common...]$600
4,900 Gasoline Corp.,
preferred../
3
65
Per cent.
$3,000 Russian 6%s, 1919, ctf.dep.lot$27
185,000 roubles Russian Internat'l
Loan 4s, 1894
__S6 per 1000
$7,000 ctf. of dep. Buff. Lack. Trac.
1st 5s, 1928, with coupon Dec.
1918
on....
....lOflat
j.
$31,000 Lake Shore
Elec.
Co.
5s,
1933
50
$5,000 Eastern Mass. St. Ry. adj.
tr. 3-yr. 6s, 1922
$8% lot
$1,000 Allied Packers inc. conv. s. f.
J.
e
1962
Power
1st
.60 flat
5s,
54% flat
8,050 shares Florida Soft Phosphate
& Lime com. tr.
ctfs., and $62,000
123
60c
37%
50
Cs, 1939
$1,000 Tennes3
preferred
25 Boston Belting, pref
88 Hood Rubber, pref
25
11
10 Atl. Coast
5
100 Pope
50 Murray &
31
$10 Bonds.
pfd./ lot
145%
10 East Coast Fisheries, pref...
i
50 Gt. Western Elec.
50 Gt. West. Elec.
Chem.,
80
lot
20 Gorton P(w Fisheries, prof..
10 Atlantic Coast Fish., com
Haytlan Amer. Corp.,
com.)
Corp., pref
)$200
25 Haytlan Am. Corp. Foundlot
625 So. Amer. Gold &
Platinum..
200 Wire Wheel Corp. of Amer...
,
$2%
50 Willys Corp., 1st pref
2 Bay State Fishing
50 Haytian Am.
stock
,/
50 Mass. Fire & Marine Ins
25
ers'
$2
8 Northwestern Leather, pref..
45
1%
Knitting,
1
1
Association../
pref.60%
50 Wisconsin
Edison, Inc......
-.132%
19%
2 Mass. Motion Pictures Film. 1
3 Boston Cotton
$20
_
Springfield Gas Light
17 H. B. Claflin, common
5 H. B. Clafltn, 1st pref
deposit
Welding,
5c
2,000 N. E. Fuel Oil of Mass.
100 Norcross Bros., common
15
each
5c
5,907 The Big Hurricane Zinc
5c
1,500 Goldfield River B. M. & M._
5c
1,500 Goldfleld Tonopab K. M. Co.
5c
35 Miller Rubber common.
75
50 Walter Baker Co.,
Ltd.. 105-105%
50 Thomson Elec.
2 Consumers
Power,
20 American Tire
10 Hampden
10%
223 West Coast Mines
_
pref
100 Mass. Elec. Cos.,
pref. ctf. of
$ per sh.
42 Merrlmac Chem., $50 each 77-78
Mills..-132%-132%
49 Dartmouth Mfg.,
Slocks.
Shares.
,
Fla. Soft Phos. & L. 1st
6s, 1929
7
shares
Eastern
Mass.
St.
are:
When
Books Closed.
Payable,
Days Inclusive.
*4%
Jan.
2 ♦Holders of
Dec.
15a
Feb.
1
♦Holders of
rec,
Dec.
31a
Dec. 30
Holders of
rec,
Dec. 22
Railroads (Steam).
Albany & Susquehanna
...
Atchison Topeka & Santa Fe, pref
♦2%
2
Chicago Indianapolis & Louisville, pref—
Colorado & Southern, first preferred—
Dec. 19
to
Jan.
4
Dec. 31
Dec.
to
Jan.
2
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
Joiiet & Chicago (quar.)
1%
Morris & Essex———— $212% Jan.
New York & Harlem, com. and pref—..
$2.50 Jan.
3
Holders of
rec.
Dec. 20a
2
Holders of
rec,
Dec.
3
Holders of
rec
Dec. 15a
New York Lackawanna & West, (quar.)
2
Holders of
rec
Dec.
2
Northern
Securities
♦4
Itttsb. McKeesp. & Yougbiogheny.
Reading Company,
1%
Dec. 31
rec,
2%
Second preferred.—
Detroit & Mackinac, preferred..
Jan.
*81
3
13
Jan.
10
2
9a
13a
Jan.
10
rec,
Dec.
15a
ree,
Jan.
18
Dec.
23
to
Holders of
10 ♦Holders of
Feb.
♦50c. Jan.
2%
19
10 ♦Dec. 28
Jan.
$1.50 Jan.
(quar.)—.
Second preferred (quar.).....
United N. J. RR. & Canal Cos. (quar.)
common
♦Holders of
rec,
Dec. 21
Dec. 31
to
Boston Elevated, common (quar.)
Holders of
3
$1 37% Jan.
Preferred
Jan.
3 ♦Holders of
3%
Brazilian Tr., L. & Pow., pref. (quar,)..
Jan.
1
Holders of
1%
El Paso Electric Co.,
Jan. 10 ♦Holders of
#3
preferred
Indianapolis Street Ry., pref. (quar.)
Springfield Ry. & Light, pref. (quar.).
Union
$12 lot
Ry.
pref. B; $100 East. Mass. St. Ry,
5s, 1948, ser. *B; $84 adj. stock
scrip, and $5 5% ref. bond scrip $52 lot
rec.
Dec.
17
rec.
Dec.
17
rec.
Dec.
Dec.
15
1%
rec.
Dec. 20a
' 1
Holders of
rec.
Nov. 24a
1
1%
Holders of
rec.
Dec.
Jan.
15a
♦$4.75 Jan.
Passenger Ry., Philadelphia
Union Traction, Philadelphia
United Light & Rys., prpf. (quar.)..
.....
1 ♦Holders of rec. Dec.
15
*$1.50 Jan.
1 ♦Holders of rec. Dec.
10
15
Jan.
2 ♦Holders of rec. Dec.
*$5
Jan.
1 ♦Holders of ree. Pec.
15
America, Bank of (quar.)
*3
Jan.
18
Chatham <fc Phenlx National (quar.)
Cuba, Bank of, in New York
3 ♦Holders of rec. Dec.
Dec. 18
to
3
Jan.
*6
Jan.
1
♦Holders of
rec.
Dec. 20
2
Jan.
3
Holders of
rec.
Dec.
*1%
West Philadelphia Passenger Ry
Banks.
$1,000 Colo. Midland Co. 1st 4s,
1947 ($85.55 paid on account)...lot $8
$1,000 Waterloo C. F. & Nor. Ry.
5s, 1940
26
pref.
,
5
(coll. trust ctfs.)
450lNorth Coast Power,
(trustees* receipt)
1
85
400lGreenwater Copper Mines
112%iGrandln
of dep.) (Aug. 1918
attached)-............
$15,000 Southern Trac. of Pitts. 1st
coll. tr. 5s, 1950 (ctf. of dep.)
$13,000 Portland Ry., Lt. & Power
1st & ref. 5s, 1942...
55
114 $1,000 West Phila. Pass. Ry. 2d 5s,
70 Congoleum, Inc., pref
l,875,The Touraine Co....
i. 705 Alaska Consol. Copper
Smelter
(ctf.
coupons
$200 lot
Street and Electric Railways.
..lot $300
%
3 Cafe Des
Ruble
Cent.
1st and coll. tr. 6s (convert¬
ible),
5%
Per
—
5 United Gas & EI. Corp., com.
Gi>vt.
1926
6
tached)
...lot $25
$5,000 Colo. Springs & Cripple Cr'k
61% Sterling Realty Corp. of At~
Dist. Ry. 1st 5s, 1942 (ctf. of dep.) 5
'.:ilantic City....
26
$5,000 Municipal Service Co. deben¬
13 Hale & Kilburn Corp., pref.
ture 6s, 1928.......
77%
(v. t. c.)
16J4 $5,000 Municipal Service Co. 1st
10 Eastern Foundry & Machine.lot $4
coll. tr. 5s, 1942
67
190 Am. Pipe & Construe. Secur¬
$10,000 Corpus Christ! Ry. & Lt.
ities, pref
55
1st 6s, 1934..
30
137 United Gas & Elec. Corp.,
$10,000 Ardmore Street Ry. 1st 5s,
203 Charleston Consol. Ry. & Lt.
100 Nor. Ind. Gas & El., pref
15
..
Russian
Loan,
we
(Feb. 1919 coupons at
1957
5s,
terior Loan
10,000
bring together all the^ dividends announced the
Then we follow with a second table, in which
we
show the diviends previously announced, hut which
have not yet been paid.
1960 (ctf. of dep.)
(June
1918 coupons attached).........
$5,000 Amer. Union Telephone 1st
16 G. B. Newton Coal, 1st pref.
31%
5 United Nat. Utilities, pref...
5
125 Bitter Root Val. Irrigation..lot $30
1st
First
$6,000 Scranton & Blnghamton RR.
1st 6s,
Per cent.
$2,000 Boston Elev. Ry. 5s, 1942.. 65
6,000 Russian Govt. 6%s, 1919 Ex¬
Aasn.,
current week.
*
1 John B. Stetson, common...308
700 East Coast Dev..........lot $145
Bonds.
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.
Govt.
12
5%s,
1926
lot $185
5% $500 Black Pearl Mining 1st 7s, 1916 4
20% $182,000 Lima Elec. Ry. & Light
130%
refunding 5s, 1925
60
....
Bourse, com
9 Phlla. Bourse, pref
100 John B. Stetson, pref..
ers* stock
8
$1.50 lot
-
Producers
10
25
& Light
7% note3 (ctf. of deposit)...,... 30
223%
Creek
77%
50
*
Inc., $10 each
;——
9%
100 Mountain Prod. Corp., $10ea 12%
200 Rumsey Petroleum Co.—-— 50c.
.....
1st 6s, 1930
ace
-
-
pref
Match of Mass.,
10 Pan-Amer.
$5,000 Ala. Tenn. & Nor. RR. gen.
Inc. 6s, 1948 (June 1919 coupons
Pittsburgh & Eastern RR—-lot $2
attached)....
10%
Northeast Penna. RR
lot $6 $5,500 Northampton Traction ref.
United Security L. I. & T—150
& consol. 5s,
1942 (Jan. 1920
Northern Central Trust, $50
coupons attached)
1
each.....
52% $2,300 Phila. Auditorium & Ice Pal¬
25 Holmesburg Trust, $50 each, 65
2 Aldlne Trust Co.
......160
72
100 Mass. Lighting Cos., com—.
50
&P.,com.l5%
100 Automatic Time Stamp, pref.
5
5 Haytian Amer. Corp.,
com..)
20 Haytlan Amer. Corp., pref.. $500
10 Haytlan Amer. Corp., foundlot
$1,000 lot
3 International Textbook--.—
lot $55
5s
lot $32
& E., com.
50 Kapo Mfg. (v. t. c.)
3 Puget Sound Tr., L.
com.,
pref
Fisheries,
shares
53
Machine, pref. 80
20 Blackstone Val. G. & E., pref.
$10 each, and 200 EastCoast
4a
gen.
29
t. c.)
10 Narragansett
55-55%
Fisheries,
Coast
800 East
Per cent.
1
22
55 Narraganpett Electric
30 Blackstone T&\. G
47
—
19
—
Power, Ltd., pref
Lt. & Power,
25 Puget Sd. Trac.,
pref
5 Broad Street Bank, $50 each. 60
25 Real Estate T. I. & T__
350
9 Penna. Co. Ins. on L. & G.A-490
20
10
165
1% Hamilton Trust
171
10 People's Trust Co., $50 each. 45
1 The Netherlands Co...,:
1
74 First Nat. Bank of Phila
250
2 Ninth
48
Stocks.
25
Fuel Oil, Mass.,
250 National Tool & Machine...
20 Nova
Scotia Tramways
&
105%
Ft. Dodge Des M. & So. RR. 50
Becker Milling Macb., pref—40-45
Fall River Elee. Light, rights 58c.
Conn River, pref—76
20
_
Eng.
$5 each
195
1 Naumkeag Steam Cotton
$ per sh.
20 Riverbank Trust (trust ctf.)..
2,000 New
126 Nashua Mfg., com
$35 lot
Stocks.
Shares.
$ per sh.
Worsted, com., $10 ea.2-2%
1,707 U. S. Worsted, 1st pref
54
100 Salmon Falls Mfg., com
85
Stocks.
Shares.
8 525 U. S.
$500 lot
$100,000 Stone Canon Consol. Coal
70% Shares N. M. Col. Coal Mng.| lot
[Vol. 111.
CHRONICLE
X'V,
4
Mechanics, Brooklyn (quar.)
.■
.
Extra
2
18
2
....
Union Exchange National
Yorkvllle (quar.)
—.——....
Jan.
3
Holders of
Dec.
18
3
Jan.
3
Dec.
9
to
Jan.
11
3
North Side, Brooklyn
Extra
"Extra
Jan.
Jan.
3
Dec.
9
to
Jan.
Dec. 31
Dec. 22
to
Jan.
1
Dec.
31
Dec. 21
to
Jan.
11
Dec. 31
Dec. 21
to
Jan.
11
5
5
w————.
20
rec.
11
Trust Companies.
Hudson (quar.)...
Italian Discount & Trust..
Lawyers Title & Trust (quar.)
N. Y. (Ate Insurance & Trust
3
Dec. 16
to
Jan.
Jan.
3
Dec.
to
Jan.
3
*3
Jan.
3 ♦Holders of
rec.
Dec.
2
15
—
Holders of
Jan.
1
Manufacturers, Brooklyn (quar.)
Holders of
Dec. 31
1%
Extra
Dec. 31
5
...
Dec.
10
Holders of
rec.
Dec.
7
Dec.
31
Holders of
rec.
Dec.
20
Dec. 31
Holders of
rec.
Dec. 20
2%
Miscellaneous.
Aeolian Company, preferred
(quar.)
1%
Aeolian, Weber Piano & Pianola,pf.(qu.)
1%
Air Reduction
*$1
(quar.)
1
Amer. Agric. Chemical, com.
02
(quar.)...
16
rec.
Dec. 21
rec.
Dec.
15a
3
,
Preferred
(quar.)..
;
Amer. Exchange Secur. Corp. CI. A
(qu.)
Amer. Fork & Hoe, common
(quar.)
American Rolling Mill, common
(quar.).
Common (extra)
Armour Leather, preferred
(quar.)
Associated Oil (quar.)....
Bell Telephone of Canada
(quar.)
com. &
pf. (au.).
(quar.)
common
Celluloid Co. (quar.)
Central States Elec.
Corp., pref. (quar.).
Cleveland Stone
(quar.).
Crowell & Thurlow SS.
(quar.)
Davies (William) Co., Class A
(quar.)
Dayton Power <fc Light, common
Preferred
rec.
Dec. 20
Jan.
15
Holders of
rec.
Dec. 20
2
1
Dec.
rec.
Dec. 18a
Holders of
rec.
Dec.
5
*50c. Jan.
15 ♦Holders of rec. Dec. 31
*25c. Jan.
15 ♦Holders of rec. Dec.
31
Jan.
15 ♦Holders of rec. Dec.
31
Jan.
15 ♦Holders of rec. Dec.
31
1%
3%
H%
*1%
Jan.
1
Holders of
rec.
Dec.
Jan.
1
Holders of
rec.
Dec.
27
Jan.
3 ♦Holders of rec. Dec.
15
31
15a
Jan.
25 ♦Holders of rec. Dec.
Jan.
15
Holders of
rec.
Dec. 31a
Jan.
3
Holders of
rec.
Nov. 20
*1%
1%
*1%
1
♦Holders of
Jan.
*1%
Jan.
2
Jan.
rec
.
Dec. 20
Dec. 31
1 ♦Holders of rec. Dec.
20
1
♦Holders of
rec.
Dec.
20
Dec.
31
Holders of
ree.
Dec.
17a
10
Dec.
31
Holders of
rec.
Dec.
3
Dec.
10
Holders of
ree.
Dec.
1%
1%
Jan.
1
Holders of
rec.
Dec. 22
Jan.
1
Holders of
rec.
1%
la
Deo. 20a
Jan.
1
Holders of
rec.
Dee. 20a
75c. Dec.
—
31
Holders of
rec.
Dec. 20
Dec.
15
Dec
$1
2
to
Dec.
15
10
4
Dec. 20
Holders of
ree.
Dec.
1%
(quar.)
Jan.
Holders of
rec.
Dec. 20
Dellcn Tire & Rubber,
pref. (quar.)
2
2
Jan.
1%
Jan.
1
3
Jan.
Dictograph Products Corp., pref. (qu.).
Dodge Manufacturing, com.
(quar.)
(quar.)
Dunham
(James H.) & Co., com.
First preferred
(quar.)
Second preferred (quar.)
Elder Manufacturing,
pref.
(qu.)
...
rec.
Dec. 24
rec.
Dec. 31a
Holders of
rec.
Dec. 24
Jan.
3
Holders of
rec.
Jan.
1
Dec. 22
Dec.
31
Jan.
3
Holders of
rec.
Dec.
15a
1%
——
Dominion Textile, common
Preferred (quar.)
Holders of
Holders of
3
2%
Common (special)
1
15
1%
(quar.)...
Preferred
Holders of
15
Jan.
2
31
1%
Cluett, Peabody <fc Co., Inc., pref. (qu.)
Continental Can,
Inc., common (quar.).
Preferred
Holders of
1%
California Petroleum Corp.,
pref.
Crocker-Wheeler,
15
2
(quar.)
Boott Mills, common
(quar.)
Canadian Woollens,
Preferred (quar.)
15 ♦Holders of rec. Dec.
Jan.
*1%
*1%
Six per cent preferred
(quar.)
Seven per cent preferred
(quar.)
American Wholesale Corp., pref.
(quar.)
Apsley Rubber, preferred
Can.
1%
Jan.
Jan.
15
Holders of
rec.
Dec. 31a
1%
Jan.
1
Dec.
19
to
1%
1%
Jan.
1
Dec.
19
to
Jan.
2
Jan.
1
Dec.
19
to
Jan.
2
/
♦2
Jan.
Jan.
3
Dec. 24
Jan.
2
1
4
(quar.)
to
Electric Light & Power Co of
Abington
&
Rockland
Fairbanks
Co., pref.
Firestone Tire <fc
(quar.).„III
Rubber,
com.
(quar.)..
General American Tank
Car, com
Second preferred
(quar.)
General Optical, common
General Railway Signal, com.
(quar.)...
Preferred
(quar.)
•
Gold <fe Stock Telegraph
(quar.)
Guantanamo Sugar (quar.)
Harbisbaw Elec. Cable fouar.)
Holders of
rec.
Jan.
1
♦Holders of
rec.
Dec. 20
Jan.
5
Holders of
rec.
Dec.
$1 .50 Jan.
1
Holders of rec. Dec.
15
Jan.
1
Holders of rec. Dec.
15
*2
$1.50
1%
Dec. 15a
10a
$2
Dec. 31
Dec.
1%
Jan.
1
Holders of rec. Dec. 20
1%
*1%
Jan.
1
Holders of
Jan.
50c. Jan.
*37%c Jan.
16
to
rec.
Jan.
1 ♦Holders of rec. Dec.
3
2
Dec. 20
Holders of rec. Dec.
1 ♦Holders of rec. Dee.
31
18a
21
DEC.
Per
Per
When
Payable.
Days Inclusive.
Name of
Haverhill Gas Light (quar.)
Hendee Mfg., pref. (quar.)
2
$
Jan,
3
Advance-Rumely Co., pref. (quar.)
24
Dec.
16
to
Dec.
Jan.
Dec.
25
to
Jan.
2
Jan.
Dec. 25
to
Jan.
2
IX
Jan.
Dec. 25
to
Jan.
2
IX
2
...
20
Jan.
75c.
10a
10a
Holders of rec. Dec. 15a
Dec.
2
♦15c. Dec. 31 ♦Hoders of rec.
♦Holders of rec. Dec. 17
Jan.
*3
Holders of rec. Dec. 20
Jan.
Ide (Geo. P.) & Co., Inc., pref. (quar.)..
Indlahoma Refining (quar.)
Ingersoll-Rand Co., preferred
Intercolonial Coal Mining, Ltd., com...
3X
3X
Jan.
Holders of rec. Dec.
Jan,
*1X
Jan.
Kaufmann Department Stores, pref.(qu.)
IX
Jan.
IX
Jan.
Internat. Motor Tuck
Kelly-Springfield Tire, pref. (quar.)
King Philip Mills (quar.)..
*2
Jan.
Kirschbaum (A. B.) Co., pref.
*1X
Jan.
Kress (S. H.) &
*1
Feb,
Preferred
20
20
Loose-WIle3 Biscuit, 1st pref. (quar.)...
Lyons Petroleum (quar.).:
—
2
3
1
I fHolders of rec.
1/
Jan.
Jan.1
15
rect Dec.
16
rec. Dec.
18
Jan.|
Jan.
ml 1-6 Jan.
2
(quar.)
Dec.
*2
Jan
*3
Preferred
21
Dec.
30
Jan.
IX
Dec.
31
Holders of rec. Dec
Jan.
15
Holders of rec. Jan.
1
Jan.
21
Holders of rec. Dec.
15
IX
Jan
Holders of rec. Dec.
18
American Thread, preferred
American Tobacco, pref. (quar.)...
IX
Dec.
nx
(quar.).
.£24
Amer. Window Glass Mach., com.
Holders of rec. Nov. 30
♦Holders of rec. Dec. 15
15
Jan.
Preferred
♦$1 .50 Jan.
(quar.)——1_
10 ♦Holders of rec. Dec.
IX
Dec.
Pennsylvania Power & Lt., pref. (quar.)
IX
Jan.
Holders of rec. Dec
Reece Buttonhole Mach. (quar.)
3
Jan.
iHolders of rec. Dec.
1
Jan.
...
Reece Folding Machine (quar.)
Riordon Co., Ltd., pref. (quar.)....—
First cum. preference (quar.)
Cum. conv. preference (quar.)..
...
Royal Baking Powder, com. (quar.)
(quar.)
(quar.)...
Times Square Auto
Supply (quar.)
Tobacco Products Corp., pref. (quar.).
Union Carbide & Carbon (quar.)
United Drug, common (quar.)
United Gas Improvement, com. (quar.).
(quar.)
Utilities Securities Corp., pref. (quar.).
Victor Talking Mach., com. (quar.)—.
(quar.)
Western Canada Flour Mills
(quar.)
Electric Co. (quar.)..
not
Barrett
31 ♦Holders of rec. Dec. 15
31 ♦Holders of rec. Dec. 15
Dec. 31 ♦Holders of rec. Dec.
15
Holders of rec. Dec. 20a
Dec. 31
Holders of rec. Dec. 20a
Holders of rec. Dec.
13
*2
Jan.
♦Holders of rec. Dec,
7
Jan.
♦Holders of rec. Dec.
7
2
Dec. 15
Holders of rec. Nov. 30
rec. Jan.
rec. Dec.
5
20
♦Holders of rec. Dec,
8
Jan.
♦Holders of rec. Dec,
16
Jan.
♦Holders of rec. Dec.
15
*50c
Jan.
♦$ 1 .50 Jan.
*2
............
....
1st pref. (quar.).
15 ♦Holders of
rec.
ix
2
$2.50
15 ♦Holders of rec. Dec. 31
Jan.
15 ♦Holders of rec. Dec. 31
Dec. 31
Dec.
15
Dec. 31
Dec.
6
to
Dec.
20
15
Holders of rec. Dec. 24a
♦Holders of rec. Dec. 21
Jan.
*3H
Htlders of rec. Dec
Jan.
1H
♦Holders of rec. Dec. 21
8
Dec. 15
Holders of rec. Dec.
give the dividends announced in previous weeks
yet paid.
This list does not include dividends
we
announced this week.
Per
When
Days Inclusive.
Dec. 29
Feb.
18
50c. Jan.
Beech Creek (quar.)..
zx
3X
Preferred
3
_
Dec. 30
accum.
—
Preferred (extra)
California Packing Corp., com. (quar.).
Calumet & Arizona Mining (quar.)
Cambria Steel (quar.)..———————
Extra
;
Canada Steamship Lines, com. (quar.)..
Carter (William) Co., preferred (quar.).
Caee (J. I.)
Preferred
Threshing Machine,
com...
(quar.)...
Coke,
com.
(quar.)
—
Preferred
common
(quar.)
(quar.)
Dec.
31
Holders of rec. Dec.
3
Chicago & Northwestern, common
15
Holders of rec. Dec.
1 to
City Investing, common..
1
Dec.
lie
11
to
Jan^
2
Claflins, Inc.
3X
Dec.
11
to
Jan.
2
3
Dec. 23
Holders of
3 X
Dec. 23
Holders of rec. Dec.
Dec.J 2a
2a
Dec. 20
Holders of rec. Nov. 27a
IX
Dec.
15
Holders of
Dec.
15
Dec. 30a
Holders of rec. Nov. 27a
2
Dec. 31
2
Jan.
2
Dec.
87 Xc Jan.
3
Holders of rec. Dec.
11a
$1 .25 Jan.
3
Holders of rec. Dec.
11a
Holders of rec. Dec.
Jan.
10a
4
2
Jan.
Norfolk <fc Western, common (quar.)...
IX
Dec. 18
Holders of rec, Nov. 30a
Pittsb. Ft. Wayne & Chic., com. (quar.)
IX
Jan.
Holders of
.............
Southern Pacific Co. (quar.)..
Ry., preferred
Union Pacific, common (quar.)
rec.
Jan.
2
Dec. 10a
IX
Jan.
4
Holders of rec. Dec.
IX
2X
2X
Jan.
3
Holders of rec. Nov. 80a
IX
Dec. 15
10a
Dec. 30
Holders of rec. Nov. 30a
Jan.
Holders of
3
rec.
Deo.
la
Street and Electric Railways.
Arkansas Valley R., L. & P., pref. (qu.j.
Contlnental Pass. Ry., Philadelphia
Duluth-Superlor Tract., pref. (quar.)
El Paso Elec. Co., com^(quar.)
Frankford & Southwark Pass. (quar.)...
Preferred
1
Jan.
2X
Dec.
$4.50 Jan.
Dec.
la
Holders of rec. Dec.
18a
1
Holders of
3
Holders of rec. Dec.
14a
IX
3
Holders of rec. Dec.
14a
Jan.
Jan.
IX
Dec.
20
Holders of
rec.
Dec.
la
Dec. 3la
3 ♦Holders of rec. Dec. 20
15
Holders of
rec.
Dec.
1
(quar.)—.
Jan.
Holders of rec. Dec.
17a
Jan.
-
Dec.
10a
Dec.
31
Holders of rec. Dec.
10a
rec.
Feb.
1
Holders of rec. Dec. 30a
Dec.
16
Holders of rec. Nov. 22a
Dec.
20
Holders of rec. Dec.
10
Dec.
31
Holders of rec. Dec.
15a
Jan.
1
Holders of rec. Deo.
Jan.
3
Holders of
Jan.
15
Dec.
16
Dec.
15
Dec.
15
rec.
16
Dec.
4a
15
Holders of rec. Dec
Holders of
30
Dec.
la
Jan.
3
Holders of rec. Dec.
15a
Jan.
3
Holders of rec. Dec.
15a
3
Holders of reo. Dec.
15a
3
Nov. 21
Jan.
Jan.
rec.
to
Jan.
2
la
15
Dec.
1
.
1
Holders of rec. Nov. 22
Holders of
reo.
Dec. 20
Dec.
31
Holders of rec. Dec.
Dec.
15
Holders of rec. Nov. 15
Dec.
15
Holders of
Dec.
15
Holders of rec. Nov. 30a
rec.
15
Nov. 16
Dec. 20
Holders of
rec.
Dec.
Dec.
15
Holders of
rec.
Nov. 30a
Dec.
15
Holders of rec. Nov. 30a
15
10a
Dec.
Holders of
rec.
Dec.
Jan.
2
Holders of
rec.
Dec.
16
Jan.
10
Holders of
rec.
Dec.
27
Jan.
♦Dec.
*1X
*1X
Jan.
♦Holders of rec. Dec. 31
1
Dec. 31
Holders of
rec.
Dec. 22a
Jan.
Holders of
rec.
Deo.
Dec. 31
Holders of rec. Dec.
la
15
Holders of
Dec.
15
Holders of rec. Nov. 29
Holders of
Jan.
17
rec.
rec.
to
Dec.
15
Dec.
Dec.
10
13a
Dec. 31
Jan.
♦Holders of rec. Dec.
31
Jan.
Holders of rec. Dec.
10
Jan.
Holders of
Jan.
Holders of rec. Dec. 16a
X
flX
Jan.
Holders of rec. Dec.
17a
X
39c
6
IX
*6
reo.
Dec. 16a
Jan.
Holders of rec. Dec. 20a
Dec. 30
Holders of rec. Dec. 14a
Dec. 30
Holders of
rec.
Dec.
14a
♦Holders of rec. Dec. 23
Jan.
Dec. 31
1
Holders of rec. Dec. 30a
Holders of rec. Dec.
16a
Jan.
Holders of rec. Deo.
Jan.
Holders of rec. Dec.
15a
Jan.
Holders of rec. Dec.
15
15a
Dec. 20
Holders of rec. Dec.
Jan.
Holders of rec. Deo. 20a
10
Jan.
Jan.
Holders of rec. Dec.
10a
Jan.
Holders of rec. Dec.
10a
Jan.
Holders of rec. Dec. 10a
Jan.
Holders of rec. Dec. 24a
Holders of rec. Jan.
Jan.
Holders of rec. Dec.
Jan.
3a
15a
Dec.
15
Holders of rec. Nov. 27o
Dec.
15
Dec,
9
to
Dec.
15
Dec.
15
Nov. 25
to
Dec.
15
Dee.
15
Nov. 25
to
Deo. 15
Deo. 15
Holders of rec. Nov. 30a
Dec. 31
Holders of rec. Dec.
15a
Jan.
Holders of rec. Dec.
15a
Jan.
Holders of rec. Dec.
10a
Jan.
Holders of rec. Dec.
10a
Dec. 15
Holders of reo. Nov. 30
Dec.
24
Holders of rec. Nov. 10a
2
*el50
IX
Preferred
(quar.)
IX
Dominion Iron <k Steel, pref. (quar.)
IX
Dominion Steel Corp. (quar.) _—
IX
Draper Corporation (quar.)
3
Drayton Mills, preferred
*3X
luPont (E.I.)deNem. ACo.,com.(qu.)
2
(quar.)
Crucible (stk. div.)
Dominion Glass, common
(quar.)
15
Holders of rec. Nov. 30a
Dec. 20 ♦Holders of rec. Dec.
10
Jan.
Holders of rec. Dec.
16
Jan.
Holders of rec. Dec.
15
Jan.
Holders of rec. Dec.
15
Jan.
Holders of rec. Dec.
4
Jan.
Holders of rec. Dec.
4
—
Common (payable in common
Debenture stock
Preferred
Banks.
Extra
Holders of
15a
stock).
.
(quar.)
1u Pont (E. I.) de Nem.
Commerce, National Bank of
31
15a
Dixon (Joseph)
Jan.
r6
15a
Dec.
Dec.
la
Jan.
♦$2
Holders of rec. Dec.
♦Holders of rec. Dec.
15a
Jan.
pref. (pay. in pref stk.)
preferred
(quar.)..
15
♦Holders of rec. Dec.
Dec.
3
West Penn Railways, preferred
15a
Jan.
rec.
Jan.
Nov. 30a
3
Va. Ry. <fc Power,
Holders of rec. Dec.
Jan.
rec.
Sts.Pass.Ry.,Phlla.(qu.)
West End St. Ry., Boston,
10a
Dec.
15
*X
rec.
T„ Minneapolis, common-
(quar.)
10a
Holders of
1
Jan.
_
Extra
Holders of rec. Dec.
rec.
Holders of rec. Dec.
Jan.
25c
(o)
IX
$1
$1.75
2
Consolidated Gas of New York (quar.)..
IX
Continental Motors, com. (quar.)
10c
Continental Oil (quar.)
2
Crescent Pipe Line (quar.)
75o
Crex Carpet
3
Crucible Steel, pref. (quar.)
IX
Cuba Cane Sugar Corp., pref. (quar.)...
IX
Cuban-American Sugar, com. (quar.)...
1
Preferred
(quar.)
1 X
Cumberland Pipe Line
12
Davis Mills (quar.)
2
Detroit & Cleveland Nav. (quar.)......
*2
Holders of
rec.
1
Jan.
3 ♦Holders of rec. Dec
(quar.)
Computing-Tabulatlng-Recording (qu.).
Consolidated Cigar Corp., com. (quar.).
Consol. G. E.L. &P., Bait., com.(qu.)
Holders of
Holders of
2%
10a
.
Preferred
3
1
Nov. 80
Jan.
Columbia Graphophone Mfg., com. (qu.)
Common (payable in common stock).
30
15
...
(quar.)
Diamond Match
Dec. 31
Manila El. RR. & Ltg._ (quar.)
Twin City R.
S3
Dec.
Holders of rec. Nov. 30
IX
Second & Third
(monthly)
stock).
common
Clifton Manufacturing
2X
Southern
(payable In
Dec.
Fonda Johnstown & Glov.. pref. (qu.)_.
(quar.)
Common
Dec.
Delaware <fc Hudson Co. (quar.)
Preferred
Common and preferred
Dec. 31
to
Jan.
to
IX
Jan.
2
to
Holders of rec. Dec.
81
IX
$2.50
3X
IX
*1X
2
(quar.)
2
Dec.
Dec. 21
•Nov. 15
3
Jan.
IX
IX
IX
2
IX
IX
(P)
1X
*1X
(quar.)..
Canadian Car & Fdy., pref. (quar.)
Canadian Consol. Rubber, pref. (quar.).
Canadian General Elec.. com. (auar.)_.
Oarbo-Hydrogen of Amer., pref. (quar.)
2X
1
20a
1X
Preferred
Chesapeake & Ohio.
3
Holders of rec. Dec.
Jan.
25c.
Preferred B (monthly)
Cities Service, Bankers' shares (mthly.).
(quar.).......
Mobile & Birmingham, preferred
la
Holders of rec. Feb.! 15a
Mar- xl
Dec. 20
(extra) (acct.
Buffalo General Electric (quar.)
Calne Bros. Paper, Inc., preferred
2X
Preferred
Holders of rec. Dec.
3
Jan.
Dec. 20
(quar.)
Lehigh Valley, com. (quar.)
15a
rec.
2
Illinois Central, leased lines
Holders of rec. Dec.
rec.
2
to
31
Holders of
Jan.
12
Dec.
Holders of
Jan.
$2
15a
2
to
.........
Dec.
rec.
2
to
Great Northern Iron Ore Properties
Holders of
2
16
Hocking Valley..
31
Jan.
divs.)
dlvs.)
16
rec.
Dec.
Jan.
accum.
Dec.
rec.
Holders of rec. Dec. 30a
Jan.
(extras (acct.
Holders of rec. Dec.
Common (extra)
10a
3
15
15
Dec.
rec.
10a
Holders of rec. Dec.
Jan.
Jan.
Dec.
Dec. 30
Holders of
22
$2
IX
hX
b3
2
3X
3X
IX
$1
75c.
Dec. 31
15
22
Dec.
2
1X
2
31
Dec.
to
Cities Service—
3
Jan.
to
14
Holders of rec. Dec.
4
2
16
^X
14
Dec.
3
5
Jan.
Dec.
Preferred
Dec.
3
Jan.
tIX
3X
2
IX
*$1
*IX
IX
IX
IX
stock)..
Chicago Mill ALumbcr, pref. (quar.)...
Chicago Telephone (quar.)
Dec. 30
Chicago Rock Isld. & Pac., 6% pref
Seven per cent preferred......
Cln. N. O. & Texas Pacific, common...
3
Jan.
10c
*1X
5
Chandler Motor Car (quar.)
IX
Canadian Pacific, common
Dec.
Jan.
Buckeye Pipe Line (quar.)
Bucyrus Co., preferred (quar.
Cbesebrough Mfg.,
Buffalo & Susquehanna, com. (quar.)...
.....
15
Holders of reo. Dec. 31
Nov. 20
to
Nov. 28
Dec.
15a
Holders of rec. Nov. 30a
(extra)
15a
Holders of reo. Deo.
16 ♦Holders of rec. Dec.
16 ♦Holders of reo. Dec.
20
Dec. 31
Preferred
15
Holders of rec. Dec.
Deo.
Holders of rec. Dec.
2X
Com mon
13a
Holders of rec. Dec.
Feb.
IX
IX
20c
(quar.).
Holders of rec. Jam.
Boston k Albany (quar.)...
;
Dec.
3
Zx
I. SS. Lines, com
Holders of rec. Nev. 30
to
13a
Jan.
Central Leather, preferred (quar.)
Certaln-teed Products Corp., com. (qu.)
First and second preferred (quar.)
Railroads (Steam).
Alabama Great Southern, ordinary
35a
Dec.
15
Eight per cent preferred (quar.)
Booth Mills, common (quar.)..
Preferred
Books Cloud.
Payable.
la
Dec.
Jan.
Case (J. I.) Plow Wks., 1st & 2d pf.(qu.)
Cent.
11a
Dec.
2
Co., common (quar.)
Central Coal &
Name ef Company.
Dee.
2
(quar.)
Bethlehem Steel, com. & Cora. B (quar.)
Seven per cent preferred (quar,).._..
Pref.
Dec. 31
Jan.
15a
Nov. 30a
Jan.
Preferred (quar.)
Belding Paul Corticelli, pref.
Pref.
*87 He Mar. 15 ♦Holders of rec. Feb. 28
Holders of rec. Dec. 17
Dec. 27
1.X
*15
la
Dec.
Borden Co. preferred (quar.)
IX
Boston Woven Hose & Rub., com. (qu.) *$3
Preferred
*$3
3 ♦Holders of rec. Dec. 20
Holders of
062 He Jan. 27
♦Holders of
*1X Jan.
Dec.
Dec.
Jan.
(quar.)....
(quar.)...
Beaver Board Cos., com
Dec, 31
Dec. 22
15a
18,
to
Preferred
1
*4
Western Grocer, common
and
Dec.
Dec.
nx
(quar.)
Weber Piano, pref rred
Below
:
16a
Dec.
Dec.
to
Baldwin Locomotive Works, com. & pref.
*75c
First preferred (quar.)
Wyman-Oorion Co..
IX
*2
(qu.)
.*
com.
Atlantic Terra Cotta, preferred
Auto Sales Corp., pref (in pref.
Holders of rec. Dec. 20
*50c. Jan.
Stromberg Carburetor (quar.)
Preferred
20
Jan.
3
(quar.)
Standard Gas & Elec., pref.
Western
22
Holders of rec. Dec.
15a
16a
Dec.
Dec. 22
Atlantic Refining, common (quar.)
15
Holders of rec. Dec.
Dec.
Jan.
IX
com.(quar.
.....
Sbawmut Mills, common
Preferred
Atlantic Gulf & W
*1X
Savoy Oil (quar.)—
Preferred
Holders of rec. Dec.
31
IX
11a
Dec.
Dec. 22
...
15
2
*1X
(quar.)
St. Louis Rocky Mtn. & Pac.,
Preferred
(quar.).
Preferred
*15
*2
Common (extra).....
Preferred
Holders of rec. Dec .120
31
16a
Dec.
Jan.
(quar.)
ArkansasNaturalGas.com. (quar.)....
Common (extra)...
Armour & Co., pref. (quar.)....
11
IX
pf. (qu.)
Penney (J. C.) Co., pref. (quar.)
Deo.
Dec.
Jan.
Preferred
18
Holders of rec. Dec.
Jan
Panama Power & Light Corp.,
(quar.)
American Woolen,
Pan-Amer. Petrol. & Transport—
Common A and B
Dec. 31
I$2
*12Xc
IX
3
,
1X
Extra (payable In Class B shares)
3
Noble (Chas. F.) Oil & Gas (quar.)
New River Co., pref. (quar.)
......
Dec. 24a
1X
IX
3X
2
American Sumatra Tobacco, preferred..
American Telephone & Telegraph (quar.)
American Thermos Bottle—
♦Holders of rec. Dec. 21
1
24a
31
Jan.
IX
$1
———
♦Holders of rec. Dec. 21
.5
2
Jan.
Jan.
75c.
$4
First and second preferred (quar.) —
Amer. Sugar Refg., com. & pref. (quar.)
2
National Licorice, pref. (quar.)...._**l.
National Oil, pref. (quar.).
to
16
Holders of rec. Nov. 30a
IX
_
4
Jan.
to
(quar.)——........
Amer. Snuff, com. (quar.)
——
15 ♦Holders of rec. Dec. 31
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Jan.
$1
Preferred B
Preferred (quar.)
Amer. Steel Foundries, com. (quar.)....
Common (payable In common stock) L
Preferred (quar.)....,
American Stores, common (quar.)
♦Holders of rec. Dec. 18
Holders of rec. Nov. 30
2
Dec. 15
*ZX
National Breweries, common (quar.)
Oklahoma Gas & Electric, pref.
Otis Steel, pref. (quar.)
15
'Holders of
3
IX
$1
i'S
1
IX
IX
2
Amer. Rolling Mill, com. (In com. stock)
American Smelt. & Refin., com. (quar.)_
Amer. Smelters' Securities, pref. A (qu.)
20a
Dec.
Jan.i 10 ♦Holders of
2
Mount Vernon-Woodberry Cat. Mills pref
(quar.)
National Casket (quar.)
NationalGrocer, common
Dec.
Holders of rec. Dec.
*2
.......
Preferred
^Holders of rec.
*3
—
(quar.)———*—————.
Oil
1
Jan
i.?
IX
Mexican Petroleum, common (quar.)
Preferred
Jan.3!
IX
(quar.)..
Manhattan Shirt, pref. (quar.)
Montreal
Jan.
IX
Manati Sugar, pref. (quar.).
Manhattan Elec. Supply, com.
Amer. Public Service, pref. (quar.)
American Radiator, common (quar.)
20
1 ♦Holders of rec. Dec. 20
1 1 Holders of rec. Dec. 18
Jan.
*1X
IX
(quar
»
15
♦Holders cf rec. Dec.
♦Holders of rec. Jan.
—
(quar.)..
(quar.)..
common
Dec.
15
Holders of rec.
Feb. 15
1
IX Jan. 15 Holders of rec.
Amalgamated Oil (quar.)._.
*$1.50 Jan. 15 ♦Holders of rec.
Holders of rec.
Jan.
3
*mer. Bank Note, pref, (quar.)
75c.
Amer. Beet Sugar, pref. (quar.).
IX Dec. 31 Holders of rec.
Holders of rec.
Amer. Bosch Magneto Corp. (quar.).—
3
$2.50 Jan.
Holders of rec.
American Can, pref. (quar.).....
IX Jan.
Holders of rec.
Amer. Car & Fdy., com. (quar,)—*
Jan.
3
Holders of rec.
Preferred (quar.)—
IX Jan.
Jan
Holders of rec.
American Chicle, pref. (quar.)
IX
Holders of rec.
Dec. 15
American Cigar, com. (In com. stock)
/50
Holders of rec.
3
American Cigar, pref. (quar.)..
1X Jan.;
Holders of reo.
Jan.
3
American Express (quar.)
$2
Holders of rec.
3
American Hide & Leather, pref. (quar.).
IX Jan.
American Linseed, common (quar.)..—
X Dec. 15 Holders of rec.
Holders of rec.
3
Preferred (quar.)......„*
IX Jan.
American Locomotive, com. (quar.)....
IX Dec. 31 Holders of rec.
Preferred (quar.)
1X Dec. 31 Holders of reo.
....
Holders of rec. Dec, 20
Holders of rec. Dec. 17
♦Holders of rec. Dec.
Co.,
3
Dec.
IX
$1
.———
15
1st & 2d pf. (qu.)
Holders cf rec. Dec.
♦Holders of rec. Dec.
_
Jan".
18a
Holders of rec. Dec.
—
20
IX
—
Internat'l Buttonhole Sew.Mach.(quar.)
3
Allis-Chalmers Mfg., com. (quar.)
Preferred (quar.)
23
Jan.
1 ♦Holders of rec. Dec.
Holders of rec. Dec.
Dec, 31
Holders of rec. Dec.
Dec. 31
nx
Dec. 17
Holders of rec.
31
;
Ajax Rubber, Inc. (quar.)—-..-.
Dec.
Dec.
IX
Hupp Motor Car Corp., pref. (quar.)—
Hydraulic Steel, common (quar.)
Preferred
Dec.
Jan.
—
Miscellaneous.
Holders of rec. Dec. 20
Dec. 23
16
to
3
Dec. 24
IX
———
States
15a
Holders of rec. Dec.
2
(quar.)
(quar.).
Days Inclusive.
]-Holders of rec.
2
com.
United
Holders of rec. Dec. 20
Dec. 15a
1
$1
(quar.)
Common (extra)..—
preferred (quar.)..
Preferred
Jan.
1.12 M Jan.
Jan.
IX
.
Herring-Hall-Marvin Safe,
Books Closed.
Payable.
Guaranty (quar.)__
(P. H.) Knitting Co.—
Common and Class B Common (quar.)
Haskell <fc Barker Car (quar.)
Hercules Powder, common
Common (extra)
Company,
Trust Companies.
Miscellaneous (Concluded)—
Hanes
When
Cent.
Books Closed.
Cent.
Name of Company.
2301
CHRONICLE
THE
111920.]
Powd.,com.(qu)
(quar.)
Eastern Rolling Mill, pref. (annual)
Eastern Steel, 1st
2d pref. (ouar.)
f2X
IX
IX
IX
8
IX
Jan.
Dec.
15
Holders of rec. Nov. 30a
Dec.
15
Holders of rec. Nov. 30a
Jan.
25
Holders of rec. Jan.
Feb.
1
Holders of rec. Jan.
20a
Feb.
1
Hold ere of rec. Jan.
20a
Jan.
Dec
1
15
Dec.
16
to
Jan.
Holders of rec. Dec.
10a
J
1
THE
2302
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
1
Holders of rec. Nov. 30a
Jan.
1
Holders of rec. Nov. 30a
Common
Jan.
1
Holders of rec. Nov. 30a
Preferred
*50c. Jan.
1
Common
(extra)..
Preferred
(quar.).
1X
*i x
(quar.).
Jan.
1
IX
Jan.
1
3
Jan.
3
*620
♦Holders of rec. Dec.
20
♦Holders of rec. Dec. 20
Holders Oi
Holders of
rec.
Dec.
♦Holders of
rec.
Dec.
15
1
Holders of
rec.
Dec.
1
Holders of
rec.
Dec.
lla
IX
Jan.
2
Holders of
rec
Dec.
Jan.
3
Holders ol
rec.
Dec. 15a
Jan.
3
Holders of
rec.
Dec. 20
Dec.
IX
rec.
iec.
Dec*. 20
Jan.
Dec.
31
Holders of
rec.
In common stock) __
General Chemical, preferred (quar.)...
General Cigar, Inc.. deb. pref. (quar.).
General Electric (quar.)...
Extra (payable In stock)........—
Globe Soap, common (quar.)
Common
Jan.
1
Holders of
rec.
Dee.
15
fx
Jan.
1
Holders of
rec.
Dec.
15
IX
Jan.
3
Holders of
rec.
Dec.
17a
IX
Jan.
3
Holders of
2
Jan.
15
Dec.
9
to
Dec.
62
Jan.
15
Dec.
9
to
Dec.
19
IX
Dec,dl5
!Dec.
2
to
Dec.
15
Preferred
Dec.
2
to
Dec.
Dec.dl5
Dec.
2
to
Dec.
Dec.
2
to
Dec.
15
1
Jan.
3
15
15
Jan.
Jan.
1
15a
2
Holders of rec,
Holders of rec,
Deo.
Jan.
Dec.
10a
2
Jan.
2
Holders of
rec
Dec.
10a
Preferred Series S (quar.)__
IX
IX
Jan.
2
Holders of
rec,
Dec.
10a
Feb.
1
Holders of
rec,
Jan.
15a
IX
Jan.
2
Holders of
rec,
Dec.
50O. Jan.
1
Holders of
reo,
Deo. 15
Jan.
1
Holders of
rec
Deo.
31
Holders of
rec.
Dec. 22
Republic Iron & Steel, common (quar.)
Preferred
(quar.)
—
Reynolds (R. J.) Tobacco, com. (quar.)
Preferred (quar.)
Riordon Pulp <fc Paper, pref. (quar.)...
Ritz-Carlton Hotel, preferred
'Holders of
rec.
Dee.
15
IX
IX
3X
•25o
Rockaway Rolling Mills (quar.)..
St. Joseph Lead (quar.)...^
21 ♦Holders of rec. Deo. 20
25c. Dec.
20
Dec.
10
to
25c. Dec.
20
Dec
10
to
Dec.
Deo.
15
Holders of
reo.
Nov. 30
IX
Extra
Deo.
15
Holders of
rec.
Nov. 30
....
IX
San Joaquin Light & Power, pref. (qu.).
Prior pref. (No. 1)
20
Dec.
Feb.
ix
Jan.
1
Dec. 2la
Settled Production Co
3
Dec.
15
Dec. 31
Holders of
rec.
Dec.
15a
Shell Transport & Trading
(«)
Jan.
15a
Sherwin-Williams Co. of Can., com. (qu)
Sears, Roebuck & Co., preferred (quar )
Dec.
rec.
Dec.
15a
Holders of
rec.
Dec.
31
Sloes-Sbeffleld Steel & Iron, pref.
3
Holders of
rec.
Deo.
15a
3
Holders of
rec.
Dec.
15a
Jan.
3
(quar.)
(qu.).
Extra
Dec.
15a
South Penn Oil
rec.
Dec.
15
15
IX
IX
2X
Jan.
20
Dec.
31
Jan.
Holders of rec. Jan. 10a
Holders of rec. Dec. 20a
3
Holders of
3
Holders of
rec.
Dec.
13a
Jan.
3
Holders of
rec.
Dec.
13a
Standard Oil (Indiana)
IX
2
Holders of rec. Dec.
15
Dec.
31
Dec.
21
Dec.
a$i.50 Dec. 18
Deo.
18
to
Dec.
International Cement Corp
31
Jan.
1
Dec.
31
Holders of
rec.
Dee.
10a
31
Holders of
rec.
Dec.
10a
Dec.
31
Holders of
rec.
Dec.
15
Dec.
15
Holdera of
rec.
Nov. 30
Dec.
15
Holders of
rec.
Nov. 15
Dec.
to
15
Holders of
rec.
Nov. 15
Dec.
18
Holders of
rec.
Dec.
17
Dec.
15
Nov. 16
to
Dec.
15
5
Dec.
15
Nov. 16
to
Dec.
15
3
Dec.
15
Holders of
reo.
Nov.30a
Dec.
15
Holders of
reo.
Nov.30a
1
...
6150
(In stock)
'
Extra
Extra
13
Standard Oil (Kentucky) (quar.)
*3
Jan.
16
to
Dec.
8a
Standard Oil (Nebraska)
10
Dec.
20
Nov. 21
to
Holders of rec. Dec.
8a
Standard Oil of N. J., com. (quar.)...
5
Dec.
15
Holders of
rec.
Nov. 26a
Holders of rec. Dec.
15a
rec.
itlX
2
Jan.
3
Holders of
IX
Jan.
1
Dec.
Kennecott Copper (quar.)
50c.
Dec.
31
Kresge (S. 8.) Co., common
Preferred (quar.)
3
Jan.
IX
Extra
International Silver, preferred
(quar.)..
16
to
Dec.
15a
Jan.
rec.
2
Holders of rec. Dec.
1
Holders of
Holders of
rec.
Dec.
6a
15a
Jan.
1
Dec.
15a
Lackawanna Steel, com. (quar.)
IX
Dec.
31
Holders of rec. Dec.
10a
Laclede Gas Light, preferred..
2X
Dec.
15
Holders of
Lehigh Valley Coal Sales (quar.)
Libby, McNeil & Llbby
Liberty Match, Ino
Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light, common (quar.).
rec.
rec.
Dec.
la
$2
Jan.
3
Holders of rec. Dec.<216
60c.
Jan.
5
Dec.
11
to
Jan.
13
5
Deo.
Holders of
reo.
Jan.
1
IX
Jan.
1
Holders of
rec.
Dec.
Dec. 31
Holdera of
rec.
Nov. 30a
15
Dec.
15
Holders of
rec.
Nov.26a
Standard Oil of New York (quar.)
4
Dec.
15
Holders of
rec.
Nov. 26a
3
Jan.
1
Holders of
rec.
Nov.28
1
Jan.
1
Holders of
rec.
Nov.26
Standard Textile Products, com. (quar.)
Preferred Class A and B (quar.)
2
Jan.
1
Holders of
rec.
IX
IX
Jan.
1
Holdera of
rec.
Dec. 16
Feb.
1
Holders of
rec.
Jan.
10
10
Preferred
(quar.)—....
IX
Steel Co. of Canada, common (quar.)...
Preferred
(quar.)
Holders of
rec.
Nov. 30a
3
Holders of
rec.
Dec.
15a
Tidewater Oil
15a
Todd Shipyards Corp.
3
Holders of
rec.
Dec.
3
Holders of
rec.
Dec.d21a
IX
Jan.
3
Holders of
rec.
Dec.
1
Jan.
3
Holdera of
rec.
IX
Jan.
3
Holders of
rec.
Jan.
15
IX
Jan.
1
Mergenthaler Linotype (quar.)
Michigan Drop Forge, preferred (quar.)
Dec.
2X
$1
4o
Dec.
4a
Dec.
20a
Holders of rec. Dec.
31a
3
Holders of
rec.
Dec.
15a
15
Holders of
rec.
Dec.
1
Dec. 31
Holders of
rec.
Dec.
4a
■Holders of
Dec.
15
Montreal Cottons, Ltd., com. rquar.)..
Preferred
(quar.)
Mountain Producers Co. (No. 1)
National Aniline & Chemical, pref. (qu.)
National Biscuit, common (quar.).....
National Lead, common (quar.)!
National Lead, preferred (quar.)
National Sugar Refg. (quar.)
$2
Surety (quar.)
Dec.
4a
62 Xc Jan.
3
Holdera of
rec.
Dec.
35a
Dec.
15
Holdera of
rec.
Nov. 30a
3
...
United Cigar Stores, preferred (quar.)..
United Dyewood Corp. com. (quar.)...
Preferred
Holders of
rec.
Dec.
10a
Jan.
2f
Holders of
rec.
Dec.
20
Jan.
2
Holdera of rec. Dec.
14a
Jan.
2
Holders of
Dec.
14a
Common (payable In common stock)..
Dec.
15
Dec.
1
to
Deo.
14
Preferred (quar.)
IX
Dec.
15
Dec.
1
to
Dec.
14
Preferred
Preferred
Holders of rec. Nov. 39a
Holders of rec. Dec.
15a
Holders of rec. Dec.
15a
IX
Jan.l7z
Holders of rec. Jan.
8a
(quar.)
IX
Apr.l5z
Holders of rec. Apr.
(quar.)
IX
July 15z
Holders of rec. July
la
Holders of rec. Dec.
la
15
IX
Jan.
1
Holdera of
rec.
Dec.
13a
United Retail Stores (in Class
A stock).
n5
Dec.
IX
IX
Jan.
15
Holders of
rec.
Dec.
31a
/5
Dec. 31
Dec. 31
10a
U. S. Gypsum com. (In common stock).
U. S. Gypsum, com. (quar.)
Dec.
rec.
Nov. 19a
reo.
Deo.
9
Preferred
Dec.
2a
2h
Feb.
15
Holders of
rec.
Feb.
5a
2 X
Jan.
15
Holders of
rec
Jan.
5a
York Transit (quar.)
Niagara Falls Power, common (quar.)..
Preferred (quar.)
4
Jan.
15
Holders of
rec.
Dec.
IX
Dec.
15
Holdera of
rec.
Dec.
IX
Jan.
15
Holders of
rec.
Dec. 31a
Nlles-Bement-Pond,
2
Dec. 20
Holdera of
rec.
Dec.
4X
Jan.
1
Holders of
rec.
Dec.
15
3
Jan.
1
Holders of rec. Dec.
16
Waldorf System, common (quar.)
First and second preferred (quar.)
Walworth Mfg.,
20a
20
8a
la
ix
Jan.
3
Holdera of
rec.
Dec.
15a
5
Jan.
1
Holdera of
rec.
Dec.
Dec.
31
Holders of
Nov. 30o
rec.
SI.25 Dec. 31
Nov. 28
to
Dec.
26
$4.75 Dec. 31
Nov. 28
to
Dec.
2
Jan.
2
Feb.zl6
1
Holdera of
Holders of
Dec.
rec.
2
Mayzl6
Holders of
IX
Feb ^16
Holders of rec. Jan 31 "21
IX
IX
50c. Jan.
Holders of
1
Holders of
IX
Dee.
15
Dec.
Dec.
15
Holdera of
Dec.
15
Holdera of
Jan.
15
'Holders of
*1X
IX
Pacoiet Manufacturing, common
10
50c.
3X
Parke. Davis & Co. (quar.)..;
15a
reo.
Dec.
rec.
Deo.
15a
Dec.
rec.
Dec:
rec.
Deo.
reo. Dec.
1o
Holders ol
rec.
Dec. 21
to
Dec.
31
Dec. 21
to
Dec.
31
15
Jan.
1
75c.
Jan
West
(quar.)
Pennsylvania Water & Power (quar.)
Pettlbone, Mulliken &Co.,lst&2dpf.(qu.)
(quar.)
Preferred
2
Jan.
Jan.
1
IX
Dec.
3
Dec.
15
Holders of
rec.
Dec. 21a
Deo. 2ia
Dec.
|
Holdera of
Holders of
Dec.
rec.
8
rec.
rec.
to
Dec.
18
Dec.
15a
Dec.
15
Jan.
1
Holders of
Dec.
20
Jan.
3
Holders of rec. Dec.
15
Jan.
2 ♦Holders of rec. Dec. 21
Jan.
2 ♦Holders of rec. Dec. 21
3 ♦Holders of
♦Holders of
rec.
rec.
Dec. 20
'sc.
Dec. 20
35c. Dec.
15
Dec.
7
to
Jan.
2
IX
Mills
Dec.
31
Dec.
21
to
Jan.
2
Dec.
15
Holders of
rec.
Nov. 16 a
♦50c.
Jan.
*2 5c.
(qu.)..
(extra)
Coast Oil
Holders of
30
SI .50 Deo. 31
♦20c. Jan.
Jan.
*1X Jan.
*1.50 Jan.
(quar.)
2X
Jan.
IX
(quar.).
Jan.
Preferred
(quar.)
(quar.)
Williams Tool Corp.. com. (No. 1)
$1
Dec.
♦50c.
White Motor Co.
Jan.
Preferred
A
B
17 ♦Holders of
rec.
Dec. 31
17 ♦Holdera of
rec.
Dec. 31
27 ♦Holders of rec. Dec.
31
5 ♦Holders of rec. Dec. 31
3
3
31
Holders of
rec.
Dec.
13a
Holders of rec. Dec.
13a
Holders of
15a
rec.
Dec.
2 ♦Holdera of rec. Dec. 20
Holders of rec. Deo. 10a
15
Jan.
3
Holdera of rec. Dec. 20a
IX
Jan.
3
Holdera of
5
Yale & Towne Manufacturing
3
Jan.
IX
(quar.)
Jan.
IX
(quar.)
Preferred
3
IX
Woolworth (F. W.) Co., pref. (quar.)...
Pump & Mach., com.Cqu.)
Worthington
•
1
3
♦25C. Jan.
....
Jan.
3
Holders of rec. Dec.
Holdera of rec. Jan.
rec.
fia
Dec. 20a
17
From unofficial sources.
J The New York Stock Exchange has ruled that stock
will not be quoted ex-dlvldend on this date and not until further notice,
a Transfes
books not closed for this dividend,
b Less British Income tax.
d Correction.
Payable in stock.
/Payable in
of accumulated dividends,
tNew
common
stock,
o
Payable in scrip,
h On account
i Payable in Liberty or Victory Loan bonds.
York Stock Exchange has ruled
1
Holdera of
rec.
Dec.
la
IX
Dec.
31
Holdera of
rec.
Dec.
15a
Dee.
31
Holders of
rec.
Dec.
15a
Jan.
1
Holdera of
rec.
Dec.
17a
m
IX
Jan.
3
Holdera of
rec.
Dec.
21a
n
43 Xc Dec.
15
Holders of
rec.
Nov. 19«
46c. Dec.
15
Holders of
ree.
Nov. 19a
1
Holdera of
rec.
Dec.
15a
that Va.
Iron, Coal <fc Coke be quoted
I Payable In Class B shares.
IX
Pierce-Arrow Motor Car, pref. (quar.)..
2
Jan.
Pierce Oil Corp., pref. (quar.)
2
Jan.
2
Pittsburgn OH & Gas (extra)
*2
Pittsburgh Plate Glass, com. (quar.)
Common (payable in oommon stock).. ♦/20
Procter & Gamble, preferred (quar.)
IX
2
Jan.
2
.
IX
common
Jan
to
*1X
Weyman-Bruton Co., com.
«
1
Jan.
Nov. 30a
to
16
IX
First and second preferred (quar.)
la
31
16
Dec.
Holdera of rec. Nov. 30a
(quar.)
com.
(quar.)
Common
15
to
Dec. 31
*4
Peerless Truck & Motor (quar.)
7
Dec. 31
Dec.
*4
Extra
Holdersof rec. July 30'21
1
Jan.
50c
Apr 30 '2'
Holdersofrec.Apr.30'2i
2
Common (extra)
Pacific Telep. k, TeJeg., pref. (quar.)
Packard Motor Car, pref. (quar.)
Preferred
Mayzl5
Aug.zl5
rec.
Dec.
15
SI
(quar.)
(quar.)
Warner (Chas.) Co. of Del., com.
15a
Jan 31 "2.
reo.
31
31
Dec.
♦1
Victor Monaghan Co., pref.
26
Dec.
25c. Jan.
Wahl Co., com. (quar.)
Preferred
(quar.)
Wamsutta
Deo. 15
Dec.
2X
Wabasso Cotton. Ltd., com.
Preferred
rec.
1
Vivaudou, Inc. (quar.)
Valvollne Oil (quar.).
13
1
Extra
U. S. Steel Corporation, com. (quar.)...
Utah Copper Co. (quar.)
V.
Holders of
la
2
5
rec.
3
15
IX
(quar.)
U.S. Industrial Alcohol, common (quar.)
U. S. Playing Card (quar.)
Holdera of
.....
Dec. 20a
15
Dec. 24
(quar.)IIHI
rec.
10
2X
.......
Holders of
10
Dec.
(quar.)
Pabst Brewing, preferred (quar.)
Pacific Mall Steamship, common..
15
Jan.
Nov. 30a
Preferred
Jan.
100
Dec.
Nov. 30a
I
15a
Dec. 20a
Jan.
rec.
.....
16a
Dec.
rec.
IX
rec.
Common (quar.)
Preferred (quar.)
Dec.
rec.
Holders of
2
rec.
Extra
rec.
Holders of
f 10
Holders of
Oklahoma Prod. & Refin., com. (quar.).
Ontario Steel Products, com. (quar.)...
Holdera of
3
15
Dec.
rec.
4a
Jan.
rec.
Holders of
4a
Jan.
Holders of
Holdera of
Nov. 30
Jan.
3
Holders of
rec.
IX
Jan.
3
Holdera of
IX
Holders of
Z.I.I..I
I.II.
IX
18
4
(quar.)
X
IX
IX
15
Dec. 21
Deo.
Extra (payable In stock)
United Gas Improvement, pref. (quar.).
United Paper Board, common
Dec.
to
rec.
United Fruit (quar.)
Jan.
16
Holders of
Holders of
...
Dec.
14
15
(quar.)
1
lla
Dec.
15
North American Co. (quar.)...
Northern Pipe Line..
Jan.
rec.
2
Union Bag & Paper (quar.)
Union Twist Drill (quar.)
Dec.
Noble (Chas. F.) Oil <k Gas, com. (quar.)
Holdera of
rec.
Dec.
common (quar.)
lla
1
Holders of rec. Dec.
Jan.
New
la
Dec.
Jan.
Holders of
3
Preferred
Holders of rec. Dec.
Dec.
1
75c.
New York Air Brake (quar.)
New York Dock, common
20
5C.
(quar.)..
50c.
.....
Dec.
rec.
1
10a
IX
Extra
10
Holders of
Dec.
10a
2X
National Transit
Holders of rec. Dec.
31
Jan.
Holders of rec. Dec.
♦2
10
3
Dec.
Jan.
Holders of
rec.
10a
Dec. 10a
Holders of rec. Dec.
IX
1
31
rec.
3
IX
1
Dec.
7a
6
Holders of rec. Dec.
Holders of
la
Dec.
Jan.
2X
1
2X
Montana Power, common (quar.)
Preferred (quar.)..
rec.
to
4
2
Midland Securities (quar.)
Mill Factors Corp., Class A (quar.)
11
Underwood Typewriter, com.
Preferred (quar.)
Jan.
Dec.
31
Mar. 31
Dec.
5c.
Jan.
ree.
Holders of
1
Tonopah-Belmont Devel. (quar.)
Tooke Bros., pref. (quar.)
Jan.
rec.
20
Jan.
620c. Jan.
(quar.)
Tonopah Extension Mining (quar.)
1
*1X
Deo. 20
25c. Jan.
(quar.):
3
Middle States Oil (quar.)..
Extra
Jan.
610
D°o. 31
Jan.
rec.
reo.
Holders of rec. Dec.
75c. Dec.
dividend
Jan.
IX
Holders of
Holders of
2
.....
Texas Pacific Coal & Oil (quar.)
Extra (payable In stock)
SI .25 Jan.
1
12
31
50c. Dec.
Superior Oil Corporation
(quar.)
Texas Company (quar.)
IX
Lucey Mlg., class A (quar.)
Mackay Companies, common (quar.)...
Preferred
(quar.)
Mallinson (H. R.) & Co., pref. (quar.)..
Manufacturers' Light & Heat (quar.)
May Department Stores, pref. (quar.)..
McCrory Stores Corp., com. (No. 1)
15
Dec.
50c.
Swift & Co.
Stock
Dec.
Feb.
IX
$1.25 Jan.
Stutz Motor Car (quar.)
Submarine Signal
3
Preferred
(quar.;
Lorlllard (P.) Co., common (quar.)
Preferred (quar.)......
Dec. 20
Standard Oil (Ohio), common (quar.)...
Common (extra)
15a
2
3
♦Dec.
Jan.
Holdera of rec. Nov. 24a
Holders of
15
Holders of Coup. No. If
Holders of rec. Dec. 15a
com.
Dec.
Dec.
16
3
Philadelphia Electric,
Dec, 20
15
3
Pennsylvania Rubber,
Preferred (quar.)
Dec. 20
Dec.
Jan.
International Salt (quar.)
oommon
12
to
to
Dec.
5
25c. Jan.
International Petroleum, Ltd
(quar.)
Dec.
1
1
3
Extra
18
Deo.
2
Standard Oil (Indiana) (quar.)
to
Deo.
20
3
Jan.
Jan.
1
20
Dec.
Deo.
2
Standard Oil (California) (quar.)
IX
4
18a
Dec.
rec.
2
(quar.)
Preferred
(quar.)
South West Penn Pipe Lines (quar.)
Standard Gas & Electric, pref. (quar.)..
13a
15
Holders of
3
South Porto Rico Sugar, com. (quar.).
Holders of rec. Dec.
Dec.
15
Holdera of rec. Dec.
3
2X
rec.
Holders of
1
rec.
Holders of rec. Dec.
31
5
Holders of
1
Jan.
75c. Jan.
31
Dec.
Jan.
IX
Solar Refining
Jan.
Jan.
Preferred
Dec.
IX
5
rec.
Holders of
31
1
Dec.
35
Holders of
Dec. 31
IX
(quar.)
15a
10
rec.
62XC Dec. 31
....
(quar.)
(quar.)
(quar.)
Holders of rec. Dec.
Holders of
50c. Dec.
Indian Head Mills of Alabama
Nunnally Co
20
IX
Dec. 31
Jan.
Imperial oil, Ltd.—
Indian Refining, common
Dec. 20
5
4z
Standard Oil (Kansas) (quar.)
Canad. Victory bonds)-
15a
15
Mar. zl
Jan.
rec.
10
Illinois Pipe Line
Holders of rec Dec.
4a
Holders of rec Deo. 18
Holders of rec, Jan.
5
Holders of rec, Jan.
5
IX
.......*.——i
...
rec.
IX
Co., com. (quar.)
Common (extra)..
Preferred (quar.)
Huntington Devel <fc Gas, pref. (quar.).
rec
IX
Extra
2
(No. 1)
Helme (Geo. W.)
Preferred
31
31
Holders of
IX
(quar.)
Orpheum Circuit,
Dec.
Dec. 20
250. Dec.
Holders of
10
Hart, Scbaffner & Marx, Inc., pf. (qu.)_
Preferred
Feb.. 28
2
1z
X
Harbison-Walker Refrao., pref. (quar.).
Ohio Oil
15
Jan.
$1.50 Feb.lSz
Greenlleld Tap & Dye, common (quar,).
Preferred
Jan.
Holders of reo Deo. 15;
Holders of rec, Deo. 15,
Holders of rec. Dec. 31a
Holders of rec Feb.
la
Holders of rec Dec. 18a
IX
IX
Common (extra)
National
Holders ol
1
1X
3
Great Western Sugar, com. (quar.).
Preferred
Deo> 15
1
1
k
IX
Common (extra).
Preferred
(quar)
Extra (pay In
Nov. 30
Jan.
(quar.)
Reis (Robert)
15
Dec.dlo
Jan.
15 ♦Holdera of rec,
Dec.
IX
Great State Petroleum of Texas
(quar.)
19
Dec.dl5
*1X
(quar.)
Pr el erred
24a
X
Graaselll Chemical, com. (quar.)...
Preferred
Dec.
X
special pref. (quar.)
Co., common (quar.)..
uoodricn (B. F.)
rec.
IX
(extra)
Special preferred (extra)
Godschaux Sugar, pref. (quar.)
15
Dec. 15
rec
2
Nov. 30a
X
Common (payable
Dec.
rec.
& Co., 1st & 2d pref. (qu.)
1
2
15
rec
Holders of
3
(quar.)
Ray Consolidated Copper (quar.)
Realty Associates
Nov. 24a
Holders of
1
♦1X
-
Dec.
Holders of
Second preferred (quar.)
Holders of
1
Jan.
IX
Gaffney Manufacturing..
Holders of
1
1
Jan.
i
Railway Steel-Spring, com. (quar.)
Preferred
1
Jan.
Jan,
;.| 2
Quaker Oats, common (quar.)
Preferred
Jan.
Remington Typewriter, first pref. (quar.)
15
10c. Jan.
*3X
Federal Oil, preferred (quar.)
*1X
pref. (quar.)..
5X% pref. (quar.)
15
$2
IX
(quar.)
Six per cent
11a
Jan.
(bonus)—
Puget Sound Gas, pref. (quar.)—
Pure Oil, 8% pref. (quar.)....—
15a
IX
(quar.).i._.i
ETle Lighting, pref. (quar.)
First, second and
Days Inclusive.
Jan.
IX
(quar.)
Provincial Paper Mills, com.
Deo. 20a
rec.
$1.25 Jan.
(quar.)
Preferred
Special
Books Closed.
Payable
Miscellaneous (Concluded)
Jan.
2X
2X
Endlcott Johnson Co., com.
When
Per
Cent.
Name of Company.
Miscellaneous (Continued)
Preferred
[Vol. 111.
CHRONICLE
1
Holders of
rec.
Dec.
20a
Dec.
24
Holders of
rec.
Dec.
10a
Dec.
31
Dec.
31
Dec.
15
ex-the 10% stock dividend on Nov. 1.
o
Nov. 24a
on every
100 shares of oommon outstanding.
Declared a common stock dividend of 39,000 shares of new common stock, to
to the holders of the 91,000 shares of common stock now
outstanding In proportion to the amount of common stock held by each.
p
q
r
rec.
Class A stock.
be distributed ratably
t
Holders of
Two months' dividends,
Payable In
At rate of five shares of common
u
Payable in 1934 Dominion of Canada Victory bon#1.
Payable In
Preferred stock.
x
1921.
Payable to holders of record Dec. 31.
Two
shillings
Per share.
Dec.
3303
CHRONICLE
THE
111920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 2307.
Boston Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
a series of weeks:
mary
Clearing House weekly statement for
Week ending
Doc. 10 1920.
United
Railroad,
State, Mun.
Ac.,
Stocks.
A Foreign
States
Bonds.
Bonds.
Bonds.
'
Shares.
Saturday
Monday
Par
Value.
3,787,000
782,500
925,500
6,104,000
553,000
4,542,000
792,000
875,500
11,752,000
11,511,000
1.169,811
98,000,100
$25,905,500
:
728,520
Wednesday
Thursday...
841,473
Friday
Total
$327,500
4,664,500
4,846,304 $397,380,900
.
HOUSE MEMBERS
4
Changes from
13,677,750
$4,256,000 $62,972,750
1920.
1920
Week ending Dec.
10.
Jan. 1 to Dec.
10.
2,463,000
Loans, disc'ts A Investments- 584,511,000 Dec.
2,463,000
2,471.000
9,476,000 593.987,000 600,188,000
8,189,000 434,367,000 444,928,000
Individual deposits, lncl. U.S. 426,178,000 Dec.
Due to banks
100,101,000 Inc.
22,053,000 Dec.
752,000
2,213,000 Dec.
18,996,000 Inc.
4,758,000
60,798,000 Dec.
52,797,000 Inc.
1,250,000
Due from-other banks
Exchange.
1920.'
1919.
1920.
1919.
Cash in bank A in F. R. Bank
Reserve
302,455,493
215,066,732
5,632,996
4,846,304
$399,380,900 $506,896,600 $18,383,266,475 $27,572,340,930
$48,200
$22,400
$1,000
8tocks—No. shares
Par value
Bank shares, par
mun.,
$62,972,750 $115,536,350
8,058,000
4,256,000
$2,558,794,500
323,823,400
$2,589,124,400
25,283,000
719,432,500
547,598,000
$93,134,250 $148,877,350
...
Ac., bonds
RR. and misc. bonds..
$3,602,050,400
$3,403,222,900
25,905.500
Total bonds
DAILY
In
excess
22,805,000
6.971,000
18.687,000
22,675,000
10,117,000
21,048,000
175,000
62.048,000
52,622.000
67.279.000
53,451,000
638,000
6,849,000
6,637,000
509,000
and
bank
7,487,000 Inc.
Federal Reserve Bank
Statement of New York City Clearing House JJanfcs
Bonds.
Government bonds
State,
97,260,000 104,733,000
2,841,000
Time deposits
Exchanges for Clearing House
New York Stock
20
1920.
$
Circulation
United States deposits
Sales at
Nov.
Nov. 27
previous week.
10,592,000
957,950
739,940
„
Dec.
$5,846,000
9,594,000
5,050,000
$1,758,000
$34,021,500
62,251,000
55,880,000
67,912,800
79,315,500
408,610
.
Tuesday
BOSTON CLEARING
TRANSACTIONS
AT
BOSTON,
THE
266,500,500
AND
PHILADELPHIA
BALTIMORE EXCHANGES.
Saturday
Monday
31,781
52,880
48,285
46,519
Tuesday
Wednesday
Thursday
Friday
40,000
91,503 $1,483,100
19,593
$386,800
17,418
11,000
$734,000
235,700
287,700
26,202
9,482
100,750
247,000
$78,500
94,100
$175,200
164,750
15,531
18,000
423,600
46,138
1,105
2,210
4,915
7,032
3,303
1,028
4,870
$139,300
66,050
93,300
21,397
579,750
WEEKLY CLEARING HOUSE RETURNS
NEW YORK
(Stated in thousands
Bond Sales.
Shares.
Bond Sales.
Shares.
Bond Sales.
Shares.
Companies.—The following detailed statement
Clearing House
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.
The return of the Equitable Trust Co. has been included in this
statement since Sept. 25.
shows the condition of the New York City
members for the week ending Deo. 4.
The
Baltimore.
Philadelphia.
Boston.
Week ending
Dec. 10 1920.
and Trust
57,700
70,200
54,300
32,000
HOUSE
Cash
Invest¬
Week
8
ending State, Sept. 30
Dec.
4 1920.
(.000 omitted.)
Nat'l,
Sept.
in
ments,
MEMBERS.
Na
Reserve
Net
Loans,
Capital. Profits. Discount
CLEARING
three ciphers [000] omitted.)
of dollars—that is,
Vault.
Net
with
Ac.
Ban
Time
i
Ciren
De¬
Demand
Legal
Deposit Deposits.
posits. lotion.
tories.
Tr.CoB.,Sept.30
I*#-*
Total
Members
Average.
of
Bk of N
New York City
Non-Member Banks and Trust Com-
y
In the
10,000
5,500
Bank of America
National City.
Chemlcal Nat'l.
"Clearing House Returns" in the next column:
5,000
Co
Mech A Metais.
ganies.-—Following is theinstitutions which are not included
clearing non-member report made to the Clearing House
2,000
Y.NBA
Manhattan
Atlantic Nat'l
$
$
Fed. Res. Bank
40,000
4,500
1,000
127,967
212,501
(Stated in thousands of dollars—that is, three ciphers
14,940
1,129
161
Amer Exch Nat
5,000
25,000
7,148
NatBkofComm
1,000
Chath A Phenl.
7,000
3,000
Hanover
Net
Loans,
Net
with
Demand
Cash
counts,
•ON-M EMBERS
Net
Bank
Time
Corn Exchange-
Imp A Trad Nat
National Park.
in
Legal
De¬
De¬
Circu¬
8tatebk8.Sep.30 ments,
Vault.
Deposi¬
posits.
posits.
lation.
Tr.
oos.
8ept.30
tories.
Ac.
__
Nat'l
Nat.bks.Sept.8 Invest¬
Week ending
Dec. 4 1920.
Nat'l.
Metropolitan.
Reserve
Dis¬
Capital. Profits.
CLEARING
East River Nat-
Second Nat'l—
First National..
Average Average Average
%
$
$
Members of
fed'l
Res.
$
$
Bank.
Average
Average Average
$
$
$
198
Irving National
N Y County Nat
98
394
1,000
5,000
1,500
1,000
1,500
7,656
97,012
1,600
6,571
Seaboard Nat'l.
Nat'l..
Union Exch Nat
700
1,568
2,019
19,528
2,614
1,539
20,853
1,334
1,188
8,764
9,088
16,275
317
13,091
587
1,232
6,191
45,575
838
65
1,116
9.402
2,520
2,352
18 788
1,239
348
408
1,583
19.253
653
391
394
2,741
38.934
842
1,859
2,344
3,837
28,721
71,453
13,995
Tr.
2,000
19,612
5,143
25,000
36,114
1,500
5,000
1,500
3,000
2,000
2,000
1,000
1,593
Nassau N.Bklyn
Farm Loan A Tr
Columbia Bank.
Equitable Tr Co
53
Trust Companies
Not Members of the
Federal Reserve Bank
:
'
Hamilton Tr, Bkln
500
1,012
9,279
764
396
7,934
759
Mechanics Tr, Bay
200
516
8,767
384
314
4.490
5 274
18,046
1,148
710
12,424
6,033
4,800
Grand aggregate..
10.119
97.633
5,633
9,079
a79,209
14,780
Comparison
prevlo
us
—1,754
+ 75
—527
—949
—173
99,387
5,558
9.606
a80,158
9,823 100,910
5,707
a80,979
9.823 101.480
5,608
9,458
9,474
14,953
14,981
a83,908
14,951
week
591
*»
Gr'd aggr, Dec.
4
Gr'd aggr, Nov. 20
Gr'd aggr, Nov. 13
U.
9,823
4,800
4,800
4,800
591
,
590
reserve,
decrease
5,422
*200,860
11,904
49,983
*446,647
10,380
27,630
1,631
74,490
3,974
1,410
3,382
32,401
85,483
583
8,698
63,934]
1,553
1,821
24,034
598
489
31,931
690
25,665
1,281
1,416
16.339
638
5,000
11,056
116,441
1,626
2,000
1,618
956
12,000
17.888
22,540
165,468
3,419
3,632
1,352
13,453
2,710
19,024
23,285
3,435
Dec. 4.. 262,900 470,079
5,038.989
2,273
484
2,002
18,769
697
12.940
754
*113,797
23,284
*163,899
15,107
12,718
98,786524,433 c3,902.920 222,305 34,887
Totals, actual co ndition Dec.
4 5.018 090
96 649 529,851
c3,868.719 218.495 35,058
$388,200.
State Banks.
Not Me mbers of Federal
Reserve
Bank.
1,859
19,096
53
Greenwich Bank
1,000
1,919
18,139
2,980
Bank..
250
848
5,756
737
344
5,729
2,500
2,615
73,169
3,680
2,180
32,131
4l",478
3,750
Bowery
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Dec. 4 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
statement
not
members
of
the
Federal
Reserve
the
reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Dec. 4 1920.
Nov. 27
Two ciphers (00) omitted.
F.R. System Companies
$4,500,0
$33,225,0
Surplus and profits.
Loans, disc'ts A Investm'ts
Exchanges for Clear. House
90,618,0
12,929,0
103,547,0
686,722,0
35,161,0
721,883,0
27,920,0
459,0
Due from banks
110,136,0
16,0
131,622,0
513,604,0
317,0
18,644,0
28,379,0
110,152,0
131,939,0
532,248,0
9,647,0
317,0
9,964,0
654,873,0
19,278,0
2,094,0
52,861,0
Bank
deposits
Individual deposits
Time
Total
deposits
deposits
U. S. deposits (not
1920.
Total.
$37,725,0
Capital
7,335
4,331
41,546
41,469
97,301
7.389
4,758
67.796
41.402
1,343
Trust
6,000
1,051
25,925
941
3,270
1,555
28,634
4,000
12,459
6,333
46,902
Lawyers R A Tr
15,980
379
Avge, Dec. 4..
10,000
18,793
72,827
1,992
4,825
44,614
1,722
Totals, actual co ndition Dec.
71,890
1.931
4,730
43.386
1.808
74,118
1,957
5,209
1,953
4,893
46,049
44,933
1,702
73,513
aggr,
26,462,0
Gr'd
aggr,
112.666,0
116,784,0
Gr'd
aggr,
131,915,0
133,993,0
Gr'd
aggr.
536,545,0
546,466,0
Gr'd
aggr.
9,742,0
9,352,0
674,151,0
678,202,0
4,403,0
2,094,0
1,958,0
689,811,0
7,998,0
2,248,0
52,681,0
54,735,0
15,983,0
15,866,0
70,505,0
15,539,0
72,522,0
51,006,0
2,787,0
53,793,0
54,175,0
54,978,0
244,0
17,145,0
16,330,0
17,544,0
16,901,0
Cam hi vault not counted as reserve
1,668
34.887
avge 276,650 444,256 5,208,880 108,175 533,641 14,004,490 265,558
—96
—18,650 —3,729
—311 —5,741
—9,865
Comparison, pre vious w eek
Gr'd aggr,
act' lcond'n
Comparison, pre vious
70,938,0
......
N
Compan 7
ot Mem hers of Fe deral Re serve Ba nk.
Title Guar A Tr
Gr'd
937,0
96,61(
Totals, actual co ndition Nov. 20
104,447,0
3,031,0
cash in vault
41.531
57,143
56,750
737,022,0
15,046,0
67,907,0
•
56,956
4.530
$37,725,0
52,861,0
Excess rec. A
4,383
7.221
734,222,0
26,248,0
Cash in vault *
Reserve required
7,397
97,364
$37,725,0
104,813,0
Reserve with F. R. Bank..
held
97,064
1,285,0
incl.)_.
Res've wltb legal deposit s
Total reserve and cash
5,383
4
Totals, actual co ndition Dec.
Totals, actual co ndition Nov. 27
Avge, Dec. 4..
Nov. 20
1920.
Trust
Members oj
Bank
State
Totals, actual co ndition Nov. 27
Totals, actual co ndition Nov. 20
system
50
129
225,630 35,024
Totals, actual co ndition Nov. 27 5.041,750 101,568 509,641 c3,912,825
226.128 34,984
Totals, actual co ndition Nov. 20 5,055,025 96,418 525,333 c3,907,135
S.
Excess
249
589
deposits deducted, $260,000.
Bills payable, rediscounts, acceptances and other liabilities, $6,067,000.
a
777
27,916]
78,222
32,938
Peoples Trust Co
New York Tr Co
Avge,
1,296
21,051
8,010
1,958
11,719
1,121
Columbia Tr Co
Lincoln Tr Co..
1,528
281,471
61,219
529,607
19,653
594
6,515
45,628
2,564
9,754
Metropolitan Tr
700
Total
20,000
197
2.401
1,799
Guaranty Tr Co
Fldel-Int Tr Co
U S Mtge A
Total
2,495
50,852
45,932
Coal A Iron Nat
Colonial Bank....
187,764
782
1,000
6,830
Brooklyn Tr Co
Bankers Tr Co
635
7,330
4,688
National.
1,871
53
90
6,565
562
60.059
3,730
cO
19,213
181,154
16,458
12,968
1,647
17,123
1,147
2.937
1,000
223
1,022
""51
5,426
949
509
Garfield Nat'l-
1,316
22,739
285,319
27
2,685
1,022
7,128
477
1,619
2,814
8,575
8,823
601
2,137
18,740
451
19,665
523
3,655
15,873
1,404
11,294
100
12,098
1,054
10,001
4.50
899
200,591
....
44,942
146,995
29,636
143,646
10.745
2,319
1,385
100
112,694
6,849
21,274
3,884
7,288
4,645
500
804
600
15,733
2,346]
•mmmm
240
200
400
Not Members of the
Federal Reserve Bank
13,874
1.091
Avenue..
Liberty
3.844
23,701
112,411
9,235
Commonwealth.
|State Banks
253.577
3,441
16,253
274,000
19,424
Commerc'l Exch
Fifth
33.835
1,897
5,707
1,702
36,065
552
591
2,763
6,050
7,378
8,694
297
4,872
380,719
7,527
•
60
4,305
24,731
2,245
"393
4,349
92.991
100
433
400
680
12,550
2,377
880
1,084
First Nat., Jer. C.
239
136
1,440
5,926
1,275
Fifth
m
13,374
25
466
m
883
441
220
703
*
350
1,868
14,333
200
118,886
39,728
147,032
43,843
14,570]
m
1.431
140
863
721
500
363,886
20,923
126,418
445
105,670
970
1,162
600
Yorkville Bank...
53.744
*657,075
8.077
243
W.R. Grace A Co.
7,151
58,585
13,987
1,981
14,080
7,499
11,955
6,599
New Netherland—
1,920
766
i",ooo
203,396
1,698
Chase National
149,218
798
470
387
738
19,350
3,243
14,157
3,950
1,544
41,572
2,166
1,000
1,000
15,000
55
Continental Bk
99.268
23,742
24,578
10,478
200
Bank of Wash Hts
20,410
3,379
2,000
9,471
6,000
8,835
1,500
7,500 23,176
846
1,000
4,597
1,000
10,000 "37,742
12,500 10,744
1,739
Mutual Bank
3,400
8,039
275
1,700
Total
33,182
1,710
12,926
11,116
V ,521
4,162
1,500
Battery Park?Nat.
13,536
13,926
1,856
4,340
127,348
9
$
29,349
58.202
300
Pacific Bank...
[000] omitted.)
3,104
10,244
Average Aw#.
$
$
3,891
574,448
127,259
18,969
66,103
Nat Butch A Dr
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
$
802
%
16.887
6,118
Average.
Average Average
44,928
7,211
16,672
for Federal Reserve Bank members.
act'lcond'
act'lcond':
act'lcond';
act'lcond"
w
Dec,
eek...
45, 187.344 106.801 539,111 g3,969,248 261,849 35,058
+ 34
—46.376 —6.952
-25,140 —5,059 + 19930
Nov. 27 5,212,484 110,860 519,181 g4,014,624 268.801 35.024
34,984
Nov. 20 5,225.839 105,759 534,984 £4,009,864 269,196
104.986 559,136 44,042,108 270.307 34,684
Nov.
135.241,081
Nov.
6'5,289.018 105,1044 528,033 g4
059.361 273. 90834,809
Included In total footing as follows:
National City Bank, $117,688,000: Bankers Trust Co., $4,297,000; Guaranty;IYust
Co., $100,518,000; Farmers' Loan A Trust Co., $14,888,000; Equitable Trust Co.,
$22,077,000.
Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $52,064,000; Bankers Trust Co-. $218,000;
Guaranty Trust Co., $7,956,000; Farmers' Loan A Trust Co., $2,186,000; Equitable
Trust Co., $6,298,000.
c Deposits in foreign branches not Included,
e US.
deposits deducted, $21,486,000.
fU. 8. deposits deducted, $8,289/X)0.
Bills
payable, rediscounts, acceptances and other liabilities,^ $1,251,521,000.
g As of
*
Includes deposits in foreign branches not
Oct.
5
1920.
2304
CHRONICLE
THE
STATEMENTS
OF RESERVE
AND
<
POSITION
CLEARING
OF
HOUSE
BANKS
[Vol. 111.
RESULTS
COMBINED
OF
AND
BANKS
GREATER
TRU8T COMPANIES.
TRUST
COMPANIES
lit
YORK.
NEW
Loans and
Demand
•Total Cash
Reserve la
Investments.
Deposits.
in Vault.
Depositaries
6,180,987,100
6,033,985,500
4,919 ,536,700
4,734 ,688.600
119,786,400
122,518.100
664,983.300
640,648.100
4,722 ,031,500
Oct. 16.
6,049,015,800
6,104,585,900
640,474,200
653,642,900
23
6.066.267.200
,329,700
Nov.
6
Nov.
13
5,938,526,500
5,882,990,000
125,787,400
121,362,100
120,382,300
127,970.600
124,345,700
625,891.600
Averages.
Week ended—
Cat*
Reterte
a
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reterte.
Required.
Reserve.
$
Sept. 25
Oct.
Oct.
Members Federal
524,411,000 524,433,000 514,048,750
Reserve banks..
State banks*.....
Trust companies..
Total Dec.
4,383,000
4..
11,780,000
4,825,000
7,397.000
1,992,000
6,817.000
10.384,250
10,252,080
6,692,100
1,527,920
124,900
9,389,000 533.641,000 543,030,000 530,992,930
9,234,000 539,382,000 548,616,000 533,554,810
Total Nov. 27..
Total Nov. 20..
12,037,070
15,061,190
19,488,590
9,115,000 543,777,000 552,892,000 533,403.410
9,081,000 537.281.000 546,362,000 534,704,450
Total Nov. 13..
11,657.550
...
2
9
Oct.
Nov. 29
Nov.
*
,334,600
646,136,300
637.344,000
134,093,100
623,231.100
4.601 ,927,100
5,813,900,300
4
338.000
,533,300
,925,700
4,612 716,600
5,871,526,800
5,828,684,300
....
27..
Dee.
4,786
4,777
4,681
4,631
4,622
134.874.400
621.490.100
This item Includes gold, sliver, legal
132,040,300
630,326,000
tenders, national bank notes and Federal
Reserve notes.
Actual
Reterte
Cat*.
Figures.
in
Total
Deposilarict
Reterte.
essrte
Surplut
Required.
Members Federal
Reserve.
$
$
n
Reserve banks
Condition of the Federal Reserve Bank of New York.
b
.
Reterte
<* Vault.
528,851,000 528,851,000 509,488,320
4,530,000
7,221,000
11,751,000
10,285,740
1,931,000
4,730,000
6,661,000
6,507,900
State banks*..
Trust companies
20,362,680
1,465,260
153,100
—The following shows the condition of the
Bank of New York at the close of business
4
9,152,000 539,111,000 548,263,000
9,292,000 519,181,000 528.473.000
9,341,000 534.984,000 544,325.000
9,154,000 559,136,000 568,290.000
3
Dec.
Total Nov. 20....
Total Nov. 13....
*
Nov. 26 1920
1920
$
v'- V-5*
J
Dec. 5
1919
§
,v.n
99,490,415
74,128,001
25,637,591
151,202,000
74,560,000
199,256,008
274,549,000
249,031,930
109,555,590
291,356,000
526,281,960 21,981,040
532,558,500 -4,085,500
Gold and gold certificates
Gold settlement fund—F. R. Board.
30,127,883
531,854,620
12,470.380
Gold with foreign agencies
24,677,042
536.083.820
32,206,180
Total gold held by bank
Total Nov. 27
.
Dec. 3 1920, in
comparison with the previous week and the corresponding
date last year: vr
^
Resources—
Total Dec.
Federal Reserve
164,360,516
248,235,630
38,000,000
38,000,000
25,000,000
Total gold reeerves..—.—.—585,887,142
486,287,939
641,012,000
Not members of Federal Reserve Bank.
Gold with Federal Reserve Agent..
,
This la the reserve required on net demand deposits In the case of State bank
trust companies, but in the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
a
Gold redemption fund
48,787,000
»nd
Dec. 4, $6,669,150: Nov. 27, $6,784,410: Nov. 20, $6,806,550: Nov. 13, $6,855,e60.
b This Is the reserve
»ud
trust companies,
of
case
members of
Legal tender notes, silver, Ao..........
135,290,994
133,297,187
50,107,000
Total reserves.............
Bills discounted:
469,382,684
619,585,127
641,012,000
441,622,760
465,027.025
667,513,000
441 622,760
required on net demand deposits
but In the
465,027,025
667,513,000
119,342,000
In the case of State bank
the
Federal
Reserve
Bank
Inoludes also amount of
reserve required on net time deposits, which was as
follows;
Dec. 4, $6,554,850: Nov. 27, $6,768,900: Nov. 20, $6,783,840; Nov. 13,
$6,822,000.
Secured by Government war obllg'ns:
*
For members
State
Banks and Trust
Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
House.—The
follows:.
State
.
All other:
-
,
.... ...... ........
529,172,799
Less rediscounts with other F. R. Banks.
6,700,000
446,909,656
10,150,000
522,472,799
436,759,656
119,342,000
89,924,030
77,990,570
131,865,000
.1,054,019,589
979.777,253
918,720,000
1,467,145
1,467,145
,
For members.
.
Bills bought in open market
.
.
,
SUMMARY OF
STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
Total bills
on
hand...
U. S. Government bonds
U. S. Victory notes
Inc.
147,800
Inc.
944,500
54,287,200
640,007,200
Inc.
' Inc.
2,355,100
7,384,000
;
Inc.
State
—
,
Cash in vaults
Banks
5,092,300
Trust
$27,408,000
Total
Companies—
$53,578,600
14.40%
17.00%
9,606,900
05.95%
Deposits in banks & trust companies
$37,014,900
75,406,000
995,433,000
23,955,000
22.95%
4,211,348
notes
2,648,975
152,651,980
Uncollectible items and other deductions
All other resources
$77,533,600
00.44%
20.84%
*
Includes deposits with the Federal Reserve Bank of New
York, which for the
State banks and trust companies combined on Dec. 4 were $54,287,200.
k The
Equitable Trust Co, Is no longer Included In these totals, It having become
a member of the
Clearing House and being now Included In the statement of the
Clearing House member banks.
The change began with the return for Sept. 25.
2,627,375
r
...^......1,863,534,724
3,994,000
2,884,OOOT
135,447,305
225,597,000
1,194,338
1,362,000
942,044
1,815,062.019 1,870,282,000
Liabilities—
Capital paid In
Surplus
Government deposits
26,245,250
26,244,950
51,307,534
912,850
660,023,631
32,922,000
11,454,000
746,535,000
96,546,359
13,036,038
103,996,390
162,920,000
13,140,022
43,118,000
828,118,172
778,072,895
876.320,730
964,027,000
51,307,534
22,143,124
....
Due to members—reserve account
698,392,648
Deferred availability Items
Other deposits, lncl. foreign govt, credits
Total gross deposits
F. R. notes in actual circulation
873,359,630
F. R. Bank notes in circulation—net llab
36,989.500
All other liabilities
47,514,638
Total liabilities
Ratio
of
total
37,139,500
45,976,409
22,373,000
774,971,000
56,163,000
19,826,000
1,863,534,724 1,815,062,019 1,870,282,000
reserves
to
deposit and
F. R. note liabilities combined
40.8
37.8%
42.4%
Ratio of gold reserves to F. R. notes in
Banks and Trust
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York
City outside of
the Clearing House, are as follows:
H
4,207,975
7,860,500
Inc.
;r
reserve.,
Total earning assets
Total resources....
21.4%.
',
70,705,500
5% redemption fund against F. R. Bank
18,650,400
4.
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits 597,437,100
Reserve on deposits..........
114,548,500
Percentage of reserve,
50,000
61,656,500
Bank premises...
8,049,000
$005,020,300
Gold....
Currency and bank notes
Deposits with Federal Reserve Bank of New York...
Total deposits.
—..i..
Deposits, eliminating amounts due from reserve de¬
50,000
.
Differences from
previous week.
Dec. $4,919,000
k Dec.
Loans and investments
1,257,000
50,000
1,117,193,235 1.051,999.898
U. S. certificates of indebtedness
(Figures Furnished hy State Banking Department.)
'
.
circulation after deducting
35% against
deposit liabilities
49.4%
Ratio of reserves to net deposits after de¬
ducting
40%
gold
reserves
against
F. R. notes in circulation
35.0'
Contingent liability on bills
for foreign correspondents
41.9%
purchased
7,074,634
...
6,071,251
Federal Reserve Banks.—Following is the
weekly statement issued by the Federal Reserve Board on Dec. 4.
are given in the
following table, and in addition we present the results for seven preoedcorresponding week of last year.
The second table shows the resources and liabilities separ
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts
(third table following) gives details regarding
sransactions in Federal Reserve notes between
the Comptroller and Reserve Agents and between the latter and Federal
tieserve banks.
In commenting upon the return for the
latest week the Federal Reserve Board say:
the
figures for the system
as a
whole
.ng weeks, together with those of
S 41.4 millions In discounted
reductions
paper, as against aggregate
of 11.3 millions in other
earning assets, accompanied by an
of 43.6 millions in net
deposits, are indicated in the Federal Reserve
Boards weekly consolidated bank statement
issued as at close of business
mcreaso
2 1920. Federal Reserve note circulation fell off 13.5 millions
reserves increased by 2.9 millions.
The banks' reserve ratio,
accordingly, shows a decline for the week from 44.4 to
44.1%.
As against a reduction of 31.7 millions in loans
secured by Government
war obligations, other discounts
show an increase of 73.1 millions
Hold¬
ings of purchased paper show a further decline of 4.6
millions, the most
recent total of 243 millions
constituting a low record for the year.
while cash
Treasury
on,hai}d declined by 6.6 millions, Boston reporting
an increase
of 20 millions in the
holdings of these securities through purchase from the
New York Bank, while the reduction of 13 millions
shown for the Phila¬
delphia Bank is due to redemption of an equal amount of special
certificates
Me^?30.SionsTA?SS? ^ St°°d
" 3333'8 milUons'
an
millions, or 26.9%, by Victory notes, and 214.9 millions or
18 5%
bv
Treasury certificates, as against 52.8, 26.7 and 20.5% of a corresponding
total of 1192.4 millions shown the week before.
Discount*! papeYheld
the Boston, Philadelphia and Cleveland banks is inclusive
of 152.7 millions
b?
Combined Resources
'
'
and
'
*
'
•
RESOURCES.
Dec. 5 1919.
$
Gold and gold certificates
...
Gold settlement fund, F. R. Board
Gold with foreign agencies
.....
Total gold held by banks..
Liabilities
201,131,000
388,743,000
67.864,000
of
the
are
given inclusive of 9.3 millions of bank acceptances purchased from
York bank.
Ail classes of deposits show substantially
the New
larger totals than on the previous
Friday: Government deposits—by 44.8 millions, members' reserve deposits
—by about 52 millions, and other deposits, comprising largely foreign
government credits and non-members' clearing accounts,—by 2.8 millions.
On the other hand, the "float" carried by the Reserve banks and treated
as a deduction from immediately available
deposits shows an increase of
about 56 miiliohs.
The combined result of these changes in the deposit
"block" is seen in an increase of calculated net deposits by about 43.6
millions.
An
11-million
dollar
1920 Nov. 12 1920. Nov.
$
170,266,000
in
Federal
Reserve
note
circulation
districts.
19
400,678,000
74.303,000
reduction
reported by the Cleveland bank largely accounts for the total decline in
note circulation shows.
San Francisco reports an increase under this head
of 4.7 millions, while most of the other banks report slightly smaller cir¬
culation figures than the week before.
Federal Reserve bank note circula¬
tion shows a nominal gain for the week.
An increase of $120,000 in paid-in capital reflects largely increases in
capitalization by member banks in the Chicago, St. Louis and San Francisco
$
.
182,647,000
411,197,000
70,210,000
banks
Federal Reserve Banks
Not. 26 1920. Nov.
S
of bills discounted for the New York Bank and six other Reserve banks
in the South and Middle West, compared with 154.1 millions
reported the
week before.
Acceptance holdings of the Philadelphia and San Francisco
5
Close
at the
1920. Oct.
$
29
of
1920. Oct.
Business Dee. 3 1920
22
$
1920. Oct.
15
1920.
Dec. 5 1919.
$
S
$
169,814,000
409,075,000
164,849,000
416,163,000
161,438,000
192,499,000
234,622,000
417.984.000
389.069,000
381,753.000
77,244,000
77,514,000
74,686.000
80,441,000
87,021.000
428,812,000
132,935,000
174,702,000
657,738,000
664,054,000
645,247,000
670.200.000
656,133,000
661,273,000
630.948.000
655,698,000
796,369,000
Gold with Federal Reserve agents...... 1,194,204,000
1,197,681,0100 1,205,746,000 1,177,689,000 1.152,346,000 1,175,118,000 1.203.240,000 1.169,038,000 1,172,191,000
Gold redemption fund
170,733,000
162,181,000
157,117,000
174,856,000
118,704.000
179.127,000
160,423.000
161,790,000
172.504.000
....
...
Tosa) gold reserve
...
2,022.675.010 2.023.91C.OOO b.
OOR
110 000 2.OOR 67R OOO
0
OOl
«73 OOO 9 003 320 OOO 1
QQ4
«11
OOO 1
qq? ioi
OOO 2.0R7 2*4.000
Dec.
THE
111920.]
CHRONICLE
2305
Legal tender note^, silver, Ac
Total reserves
2,195,280,000
8111s discounted.
Secured by Govt,
All other
war
obligations
1,192,200,000
1,543,230,000
247,703,000
8111a bought In open market
Total bills
on
hand...
S. Government bonds..
G. 8. Victory notes
C. 8. certificates of Indebtedness
O.
Total earning assets
Bank premises
Uncollected items and other deductions
from gross deposits.
6% redemp.fund agst. F. R. bank notes
411 other resources..
Total
.
resources
LIABILITIES.
Capital paid in
flurplus
Government deposits
Due to members, reserve account
Deferred availability items
Other deposits, lncl. for'n gov't credits..
Total gross deposits
F. R. notes in actual circulation
F. R. bank notes in circulation—net liab.
411 other liabilities
Total liabilities
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total
reserves
to net deposit and
F. R. note liabilities combined
Ratio of total
circulation
reserves
to F. R. notes in
setting
after
aside
against net deposit liabilities.
35%
_
Distribution by Maturities—
S
$
$
$
$
$
$
$
S
78,942,000
78,663,000
97,488,000
119,593,000
131,993,000
115,046,000
107,424,000
138,646,000
82,562,000
1,694,523.000 1,650,831,000 1,567,959,000 1,599,696,000 1,635,658,000 1.591,408,000 1,558,148,000 1,551,801,000 1,476,085,000
1-15 days U. 8. certif. of Indebtedness.
41,417,000
35,027,000
80,051,000
16,592,000
12,178.000
15,370,000
33,641,000
54,957,000
29,075,000
16-30 days bills bought in open market.
57,390,000
62,111,000
62,281,000
64,595,000
68,556 000
73.439,000
77,329,000
56,543,000
116,662,000
16-30 days bills discounted
262.847,000
296,096,000
306,981,000
301,964,000
277.975.000
300.671,000
304,552,000
295,140,000
125,065,000
16-30 days U. 8. certif. of indebtedness.
8,859 00
22,045,000
12,922,000
12,499,000
12.597,000
8.100.000
5.650,000
6,400,000
13,242,000
11-60 days bills bought in open market.
89.841,000
90,601,000
96,948,000
83,612,000
76,589.000
82.560.000
88,171,000
97,466,000
185,802,000
11-60 days bills discounted
498,665,000
501,627,000
515,532,000
508,23S,000
504,721.000
512,062,000
497,629,000
547,622,000
298,600,000
51-60 days U. 8. certif. of Indebtedness.
7,166,000
12,385,000
12,411,000
24,850,000
26.419,000
28,883,000
31,090,000
25,293,000
8,454,000
51-90 days bills bought in open market.
16,882,000
16,328,000
18,510,000
20,054,000
22,631,000
27.330.000
27,742,000
26,865,000
129,193,000
51-90 days bills discounted...
269.328,000
235,181,000
234,289,000
338,166,000
375.876.000
368,446.000
365,967,000
356,779,000
189,634,000
51-90 days U. 8. certif. of indebtedness.
4,999,000
3,920,000
4,921,000
8,947,000
10,927,000
14,135.000
14,993,000
19,877,000
6,289,000
Over 90 days bills discounted
51,438,000
51,695,000
48,613,000
36,686,000
32,595.000
28,710.000
22,987.000
22,528,000
18,724,000
Over 90 days certif. Of indebtedness
224,569,000
220,299,000
220,849,000
206,422,000
205,926,000
202,946.000
195.443.000
195,134,000
226,793,000
1-15 days bills
bought in open market.
1-15 days bills discounted
,
Federal Reserve Notes—
Held by banks
3,664,949,000 3,653,281,000 3,657,488,000 3,660,033,000 3,659,448,000 3.666.170,000 3.663,725,000 3.642.707,000 3,108,377,000
352.910,000
327,652,000
350,053,000
331,048,000
305,268.000
314.867.000
307,526,000
289,436,000
227,018,000
In actual circulation
3,312.039,000 3,325,629,000 3,307,435,000 3,328,985,000 3,354,180,000 3.351.303.000 3,356.199,000 3,353,271,000 2,881,359,000
Outstanding
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller.
Amount chargeable to Fed.
8,107,880,000 8,086,100,000 8,033,180,000 8,011,840.000 7,972,800,000 7.881.500.000 7,793.880.000 7,763,600,000 5,869,780,000
3,845,942,000 3,814,190,000 3,782.363,000 3,747,418,000 3,722,603,000 3,696.681.000 3,669,986,000 3,648,405,000 2,404,841,000
Res. agent 4,261,938,000 4,271,910,000 4,250,817,000 4.264,422,000 4,250,197,000 4.184,819,000 4,123,894,000 4,115,195,000 3,464,939,000
596,989.000
618,629,000
593,329,000
604,389,000
590,749,000
518,649,000
460,169,000
472,488,000
356,562,000
In hands of Federal Reserve Agent
Issued to Federal Reserve banks
3,664,949,000 3,653,281,000 3,657,488,000 3,660,033,000 3,659,448,000 3.666,170.000 3,663,725.000 3,642,707,000 3,108.377,000
Hew Secured—
By gold and gold certificates..
8y eligible paper
Gold redemption fund
With Federal Reserve Board
Total
267,726,000
276,256,000
276,750,000
276,776,000
277,776,000
277,776,000
279.776,000
280,276,000
249,648,000
2,470,745,000 2,455,600,000 2,451,742,000 2,482,344,000 2,602,102,000 2,491,052.000 2,460,485,000 2,473,669,000 1,936,186,000
>123.884,000
109,357,000
119,624,000
118,103,000
119,101,000
107,222,000
113,271.000
108,629,000
98,158,000
802,594,000
812,068,000
809,366,000
782,810,000
755,469,000
790,120,000
810.193,000
780,133,000
824,385,000
3,604,949,000 3,653,281,000 3,657,488,000 3,660,033,000 3,659,448,000 3,666,170,000 3.063,725,000 3,642,707,000 3,108,377,000
-
eligible paper delivered to F. R. Agent... 2.929,842,000 2.889.663,000
•
WEEKLY STATEMENT OF RESOURCES AND
(00) omitted,
Federal Reserve hank of—
Phila,
Boston
RESOURCES.
Gold and gold certificates
...
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption
Total
fund...
gold reserves
.....
egal tender notes, silver, Ac
Total reserves
Bills discounted:
Secured by Gov¬
ernment war obligations (a).
All
other...
—
market (b)..
Bills bought In open
Total bills on hand
O
8. Government
U. S. Government
bonds
Victory notes
D. 8. certificates of Indebtedness
Total
BaDk
earning
assets
premises
Uncollected
items
ductions from
and other
gross
de
deposits..
6%
redemption
fund
Federal Reserve bank
agaiDfli
notes.,
all other resources....
1,863,535,0
Total resources
LIABILITIES.
•26,245,0
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deferred availability Items
Otb. deposits, inch
for. Govt, cred.
Totai gross deposits
F. R. notes in
actual circulation,
circulation—
p. R. bank notes In
Net
27970.906.000
2,996,612.000 3.536,068,000
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 3 1920
Two ciphers
1
2.859.901,000 2.974.263,000 3.048,546,000 3.000.646.000
Revised figures.
liability
All other liabilities..
Total liabilities
51,308,0
22,143,0
696,393,0
96,546,0
13,036,0
Cleveland.
Richmond
Atlanta,
Chicago
St. Louis
Minneap. Kan.CUy.
Dallas.
San Fran
Total,
f, Kt If'
THE
2306
Phila.
New York.
Baton.
Two cipher* (00) omitted.
>
Cleveland. Richmond
LIABILITIES (Concluded)—
"
37.8
50.1
44.7
576,0
57.5
42.2
41.9
40.8
7,937,0
24,041,0
32,030,0
30,563,0
752,0
41,419,0
784,0
40.7
432,0
768,0
410,0
41.0
41.1
10,000,0
56.6
<
$
:'v*:
Ratio of total reserves to net de¬
Total I
San Fran.
Dallas.
St. Louie. Minneap. Kan.City.
Chicago.
Atlanta,
$
posit and V. E. note liabilities
combined, per cent...
moranda—Contingent liability
Discounted paper redlaco tinted
[VOL. 111.
CHRONICLE
44.1
46.7
as endors er on;
with other F. E. banks.....
6,700,0
Bankers' acceptances sold to other
F. E. banks without endors't..
152,690,0
9,338,0
Contingent Uab. on bills purch.
for foreign correspondents
1,168,0
(a) Includes bills discounted for
other 7. R. banks, vis
24,749,0
(W Includes bankers' acceptances bought fr
9,338,0
1,280,0
6,075,0
1.904,0
om
730,0
10,203.0
152.690.0
other 7. B. banks:
6.917,0
2,421,0
OF FEDERAL
STATEMENT
(
16,184,0 111,757,0
...
Without their endorsement
RESERVE
AGENTS'
%
%
(In Thousand* of Dollars),
101,500
Federal Reserve notes on hand
ACCOUNTS
Phila.
Boston. Neu> York
Federal Reserve Agent at—
Resource*—
1,312,0
«
$
I
St. L.
1
Eligible psper:fAmount required.....
[Excess amount held...—
...
179,586
14,101
25,000 114,389 110,000
Minn.
K.
Dallas. San Fr.
City.
%
$
13,052
1,125
11,200
450,275 106,434
40.997
16,650
58,321
8,255
Total
S
1
596,989
14,690
88,124 300,512 3,664,949
10,650
6,290
83,698 113,584
7,560
8,882
174,145
54,500
751,810 153,407 216,238 106,905 116,610
266,113
5,085 13,765
6,723 21,237
42,500
9,338.0
1926.
3
t
4,209
36,631
"
"
......
95,000
DEC.
&■
17,620
128,360
633,302 154,834
63,070
Federal Reserve notes outstanding...
307,829 1,000,046 286,204 367,953 151,771 177,092
Collateral security for Federal Reserve notes outstanding:
5,900
209,608
22,775
3,500
Gold and gold certificates
2~366
27,343
13,628 18,408
2,482
Gold redemption fund-,-————
18,940
Gold settlement fund—Federal Reserve Board....
BUSINESS
S
S
24,429
32,200
OF
Chicago.
Richm'd Atlanta
Cleve.
35,680
102,500
CLOSE
AT
5,331
~~2~, 318
4,650
19",533
36,360
74,906
39,175
17,234
85,635
267,726
123,884
802,594
60,909 195,344 2,470,745
459,097
12,403 14,593
731,259 2,428,705 613,173 781,871 334,694 438,491 1,435,961 343,938 186,301 272,633 203,341 615,617 8,385,984
Total
Liabilities—
Federal Reserve noteer eceived from Comptroller, gross. 728,400 2,365,100 674,580 703,520 391,600 411,960 1,252,860 389,820 187,720 262,520 196,160 543,640 8,107,880
491,198 217,366
93,372 142,646 93,346 243,128 3,845,942
Less amounts returned for destruction.
319,071 1,202,554 352,696 303,367 215,400 171,798
...
Net amount of Federal Reserve notes received from
(Gold
Collateral received from
—
Federal Reserve bank:\EUglble paper....
Total
94,348 119,874 102,814 300,512 4,261,938
38,678 27,215 105,168 1,194,204
73,312 209,937 2,929,842
761,662 172,454
183,027 48,400
491,272 123,084
409,329 1,162,546 321,884 400,153 176,200 240,162
128,243
248,236 132,797 151,715 44,866 60,482
193,687 1,017,923 158,492 230,003 113,628 137,847
Comptroller of the Currency
25,377
66,576 114,081
731,259 2,428,705 613,173 781,871 334,694 438,491 1,435,961 343,938 186,301 272,633 203,341 615,617 8.385,984
„
f77,092
4,862
633,302 154,834
18,753
90,126
83,698 113,584
1,662
5,582
88,124 300,512 3,664,949
352,190
4,344
37,574
873,360 272,128 341.873 146,184 172,230
543,176 136,081
82,036 108,002
83,780 202,938 3,312.039
307,829 1,000,046 286,204 367,953 151,771
17,578
5,587
126,686 14,076 26,080
Federal Reserve notes outstanding
Federal Reserve notes held by banks...
Federal Reserve notes In actual circulation
....
290,251
.
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reservv
Board giving the principal items of the resources and liabilities of the Membor Banks.
Definitions of the different item*
In the statement
were
given in the statement of Deo. 14 1917, published in the "Chronicle" Deo. 29 1917. page 2523.
STATEMENT SHOWINd PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTING MEMBER BANKS
IN
FEDERAL
RESERVfe
BANK AND BRANCH CITIES AND ALL OTHER REPORTINQ BANKS AS AT CLOSE OP BUSINESS NOVEMBER 26 1920.
Substantial reductions in Government and other demand deposits, ac¬
York City.
of all reporting banks at the Federal Reserve banks,
the books of the latter, increased from 2,119.3 to 2,173.7
from 12.6 to about 13% of the banks' aggregate loans and
investments.
Accommodation of the New York City banks at the local
Federal Reserve bank shows a reduction from 806.1 to 803.2 millions, the
ratio of accommodation continuing unchanged at 14.5%.
Net withdrawals of Government funds amounted to 85.4 millions for the
week, other demand deposits (net) show an even larger reduction of 100.2
millions, while time deposits increased by 25.1 millions.
The New York
City banks report reductions of 36.2 millions in Government deposits and
of 1.9 millions in time deposits, while other demand deposits, due to a sub¬
stantial increase in bank balances, were 6.8 millions larger than on the
previous Friday.
Reserve balances of the reporting banks, in connection with the large
reductions in deposits, show a decline for the week of 57.1 millions, while
cash in vault declined nearly 10 millions.
For the New York banks a
reduction of 27.7 millions in reserve balances and an increase of 6 millions
Accommodation
companied by increased borrowings from the Federal Reserve banks, also
by liquidation of Treasury certificates and commercial loans, are indicated
in the Federal Reserve Board's weekly consolidated statement of condition
on Nov. 26 of 824 member banks in leading cities.
Reserve balances of
the reporting institutions likewise show a substantial decline.
Holdings of Liberty bonds and Victory notes show only nominal changes,
while those of Treasury certificates declined during the week by 32.2 mil¬
lions.
Loans secured by Government obligations increased by 11.8 millions,
loans secured by stocks and bonds increased by 0.8 million, while all other
loans and investments, composed largely of commercial loans and discounts,
show a reduction of 40.2 millions.
Member banks in New York City report
a slight increase in holdings of
Government war securities, a reduction of
26.1 millions in those of Treasury certificates, increases of 3 and 32 millions,
in those of Treasury certificates, increases of 3 and 32 millions, respectively,
in loans supported by Government and corporate securities and net liquida¬
tion of 23.7 millions in other loans and investments.
The result of the above
changes is seen in a decline of total loans and investments by 61.6 millions
f or all reporting banks and of 13.6 millions for the member banks in New
1.
shown
as
millions,
in cash
on
or
holdings
are
shown.
November 19 1926.
Data for all reporting member banks In each Federal Reserve District at close of business
Federal Reserve District.
Boston.
New York
Atlanta.
Cleveland. Richm'd.
Phila.
Three ciphers (000) omitted.
St. Louis. Minneap. Kan.
Chicago.
Dallas.
City
San Fran.
Total.
48
77. S. certificates of Indebtedness
Total U. S. securities...
59
93
80
46
108
35
38
83
51
68
824
$47,459
251,455
$11,347
$14,580
$21,548
$14,751
$19,573
$32,648
$269,707
33,463
27,950
53,624
22,490
66,479
614,453
6,713
3,959
37,307
10,106
1,006
23,446
5,750
18,369
$16,222
13,670
2,741
$7,571
5,204
3,167
152,744
30,280
9,411
16,250
$42,440
61,813
19,488
$28,958
19,677
15,623
7,896
6,733
50,331
4,439
1,688
6,937
5,434
14,906
26,835
194,081
313,179
56,406
Other U. S. bonds, lncl. Liberty bonds..
U. 8. Victory notes
lib
$12,610
Number of reporting banks
CJ. S. bonds to secure circulation
536,087
67,288
139,264
.77,030
53,222
162,810
37,072
20,371
50,338
50,664
140,868
1,391.420
47,090
425,081
75,184
70,859
30,665
184,2191,275,116
814,5504,018,781
211,233
581,186
324,489
977,810
905,677
3,044,789
410,536 1,757,693
37,985
258,508
33,963
148,827
388.023
934,891 1,512,422
608,152
84,429
Loans and Investments, Including bills redlscounted with Federal Reserve Bank:
Loans
sec.
by U. S. war obligations...
Loans sec. by Btocks and
bonds.....
All other loans and Investments
...
Total loans and Investments, Including
rediscounts with F. R. banks
1,102,2656,255,065
Reserve balances with F. R. Bank..
77,686
Cash In vault........................
Net demand deposits...
26,170
30,989
112,434
101,104
32,646
16,504
63,245
446,290
128,900
386,120
297,431
31,165
79,491
507,677
557,992 2,467,897
177,201
30,126
13,842
66,867
584,738
366,866
668,671
38,934
20,179
9,763
39,419
240,582 1,309,283
150.133
640,078
303,632
194,807
68,542
394,911
32,560
66,412
97,974
34,222
20,110
34,403
19,294
782,2344,883,600
921,620
381,544
0,763
679,899
39,755
5,769
330,950
449,474
38,208
12,630
107,963
1,564
871
9,516
130,781
3,247
30.360
304,588
50,113
32,611
32,178
32,992
83,145
22,478
36
Time deposits.....
Government deposits
603,187
132,913
250
999
5,225
39,524!
10.784
159,061
9,581
10,427
991,811 11,390,126
357,584 1.315,10916,732,012
79,613 1,286,946
21,993
15.153
12,250
217,448
57,693
99,066
1,411
1,084
873
5,513
19,450
17,192
674
25
8,700
2,447
9,108
2,146
62,672
61,063
71,376
25,523
27,759|
388,105
633,15010,892,122
526,433 2,811,123
5,863
87,799
Bills payable with F. R. Bank:
Secured by U. 0. war obligations
All other
Bills rediscounts with F. R. Bank:
Secured by U. S. war obligations
16,373
All other..................
2.
....
132,104
36,833
8,298
74,173
437,640
34,649
40,331
71,911
..
—
—
.
«.
».
17,475
266,876
28,850
659,470
85
2,069
4,635
72,309
254,140
1,258,047
Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting ba
New York City.
All F. R. Bank Citiu. F. R. Branch Cities. AUOther Report. Bks.
City of Chicago.
Total.
,
Three ciphers (000) omitted.
Nov. 19.
Number of reporting banks
V. 8. bonds to secure circulation..
Nov. 12.
Nov. 19.
Nov. 12.
Nov. 19.
72
72
51
51
287
37,862
218,358
74,806
137,221
37,862
217,399
74,628
163,286
1,439
17,707
12,039
18,059
1,438
18,023
11,807
19,029
96,335
342,696
106,994
204.495
468.247
493,175
49,244
50,297
750,520
394,723
397,678
by stocks and bonds.. 1,123,224 1,091,195
69,244
334.531
65,076
340,590
671,076
2,145,752
7,261,324
.....
Other U. 8. bonds, lncl. Lib. bonds.
U. 8. Victory notes
U. 8. certificates of Indebtedness
Total U. S. securities....
Nov. 12.
Nov. 19.
Nov. 12.
Nov. 19.
v.-:.;
.
'V;.^
Nov. 12. Nov. 19*20 Nov. 12'20 Nov. 21T6
287
208
208
329
329
824
824
795
90,534
72,362
150,933
107,076
233,261
72,362
151,050
52,930
66,011
100,811
121,032
35,735
44,241
209.707
614,453
194,081
313,179
269,707
614,742
195,496
345,402
269,097
628,221
265,981
67,900
101,010
120,707
34,157
42,673
779,648
342.353
343.880
298,547
301,819
1,391,420
1,425,347
1,979,839
342,777
52.685
816,540
Loans and Investments, lncl. bills rediscounted with F. R. Bank:
Loans sec. by U. 8. war obllgat'ns.
Loans
sec.
All other loans and Investments.. 3,539,739 3,563,401 1,037,274 1,041,162
Total loans and Investments, lncl.
rediscounts with F. R. Bank
Reserve balance with F. R. Bank—
Cash In vault
.......
Net demand deposits....
Time deposits
Government deposits......—
Bills payable with F. R. Bank:
Secured by U. 8. war obligations.
893,912 al,053,663
'905,677
662,434
95,748
137,248
135,732
97,353
2,134,242
410,272 3,044,789 3.044,011 3,222,622
489,664
409,373
493,497
7,303,322 2,262,258 2,262,311 1,866,544 1,864,671 11,390,126 11,430,304 a9,195,138
5,628,888 5,542,494 1,490,293 1,497,125 10,828.672 10,879,646 3,231,523 3,235,420 2,671,817 2,678,508 16,732,012 16,793,674 16,156,236
561,804
589,453
127,106
131,392
887,760
941,070
192,937
153,082 1,286,946 1,343,951 1,414,856
152,939
203,109
116,409
110,443
39,109
384,543
378,224
388,105
38,590
217,194
226,985
73,962
87,158
86,469
74,561
4,399,615 4,392,760
909,917
932,120 7,621,141 7,670,758 1,707,165 1,752,810 1,563,816 1,568,710 10,892,122 10,993.273 11,337,614
312,137
310,181
298,592
584,628 2,811,123 2,786,045 2,288,133
297,165 1,290,408 1,287,948
610,199
910,516
913,469
72,744
36,526
5,382
173,216 v 183.053
87,799
132,015
11,950
10,682
66,483
15,120
6,196
29,245
265.205
275,092
25,340
418,194
410,867
151,590
129,729
89,686
1,109
25,382
All other.......—.....—....—
878
960
87,186
1,110
659,470
2,069
633,782 11,107,935
1,988
Bills redlscounted with F. R. Bank:
Secured by U. 8. war obligations.
All other
i
.....—
129,322
408,739
128,782
402,225
9,694
183,195
8,932
171,994
208,649
918,156
207,597
898.175
31,980
177,368
29,285
173,512
13,511
162,523
13,174
161,741
254,140
1,258,047
250,056
1.233,428
15.0
15.3
7.9
7.6
12.2
12.4
12.6
12.6
11.0
11.1
12.1
12.2
Ratio of U. S. war securities and war
to total loans and invest¬
ments, per cent
—
paper
a
Exclusive of rediscounts with
Federal Reserve banks*
J 704,974
Dec.
VOLUME
(&Kzzttz.
%imkzxs7
2307
CHRONICLE
THE
111920.]
OF
BUSINESS
AT
DAILY,
[For transactions
see page
Wall Street,
THE
NEW
EXCHANGE.
STOCK
YORK
YEARLY.
WEEKLY AND
New York, Boston, Philadelphia and Baltimore
on
[exchanges,
2303.]
Friday Night, Dec. 10 1920.
Railroad
and
Miscellaneous
Stocks.—Stocks have
further declined this week.
In two or three notable cases the
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $1,000 New York 4s of 1961, at 90.
dividends
active and generally weak.
in are from 1 to 3
poned and
industrial issues have been reduced or post¬
on
vague
uncertainties
as
possibilities
to the future
of other stocks in this group had a depressing effect*. Doubt¬
were other influences tending in the same direction
less there
including, perhaps,
a
have
statement that 67 blast furnaces
closed since Oct. 1 and the output of pig iron reduced more
than 8,000 tons daily—the attitude of labor in some impor¬
tant
general
and the rather obscure outlook for
industries
business after the holiday period.
On the other hand the money market
has been steady at
relatively conservative rates and "Bradstreets" report that
there was a very substantial decline, during the month of
November, of the average price of commodities carried on
their list.
The
market for
railway and industrial bonds has been
A long list of the issues traded
points lower and not one shows even a
fractional advance.
Among the exceptional features are
Readings down 4 points, Interboros 4^, Inter. Mets. 3 3^,
St. Paul 4J^s, 2Yi and New York Central 6s, nearly 2.
There is, however, no special or important significance in this
movement.
Securities have simply followed the trend of
leading commodity and other markets and may recover
sooner than
they.
United States
the
Board
some
only the various Liberty Loan issues
relatively strong.
Today's prices
of which have been
carried
are
Bonds.—Sales of Government bonds at
include
below.
-
From whatever
causes
its recent advance
Southern Pacific lost 5M
points of
Reading and Northern Pacific de¬
clined between 4 and 5 points, Union Pacific, Can. Pacific,
Leh Valley, Bait. & O, and New York Central from 3 to 4.
These figures seem tame, however, when compared with
Mexican Pet.'s drop of 22
points, or Cruc. Steel's loss of 11,
Houston Oil's decline of 10 z/i or even Baldwin's and Atlantic
G. & W. I's. shrinkage of 7 to 8 points but these low figures
led to short covering and a consequent recovery of 1 to 3
points in a few cases.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
and
Daily Record of Liberty Loan Prices. Dec.
First
High
Liberty Loan
Low
3%% bonds of 1932-47...■
(First 3% s)
Close
Total sales In 51,000 units.
90.50
Converted
High
86.18
Low
86.00
Close
86.00
4%
bonds
of
1932-47 (First 4s)
-
Total sa'es in 51,000 units.
1932-47 (First
90.02
90.16
90.20
90.34
90.20
90.36
90.36
575
2,093
1,348
935
750
85.90
85.90
mmmrn
86.04
85.90
86.90
mmrnm
86.04
85.90
85.90
Week ending Dec. 10.
for
Week.
Lowest.
Highest.
Shares
$ per share
ce
Jan
1.
bonds
of
Second
1932-47
4%s)
74
74
Dec
10
500
44
Dec
9
44% Dec
500
21
Dec
6
21% Dec
4
21
Dec
86
Feb 115%
Jan 23
Dec
300
96% Dec
8
96% Dec
8
200
12
Dec
8
13
Dec
8
7
100
25
Dec
8
25
Dec
8
20
May
2% Dec
7
2
44
Aug
2% Dec 10
500
300
200
7
Dec
85% Aug
DeeflO 94
May
103% Dec 10 103% Dec 10 103
800
88
17% Dec
9
1,100
12
300
68
Dec
10
1,300
10
Dec
4
[Dec 10
22%
Nov
24
82
June
10% Dec
8
Dec
30%
7
9%
33
35
June
8
36
Dec
Dec
8
36
Dec
8
Dec
9 120
Dec
4 102
200
4% Deo
9
Nov
40
40% Dec 10
9
4% Dec
4%
8%
.
..
45
Dec
4
47
Dac
6
45
Nov
69
Dec
7
42
Dec
4
38
Aug
42
8
Dec
7
Oct 101
4%%
62
Jan
Feb
85.10
85.30
85.40
85.20
mrnmrn
85.10
85.20
85.40
85.44
85.20
17
62
85.70
85.34
85.30
85.12
85.20
85.30
85.36
85.38
85.30
85.44
85.46
85.30
85.44
1,018
1,122
2,621
1,976
1,942
2,413
High
88.48
88.46
88.16
88.30
88.38
88.10
Low
88.16
88.04
88.02
88.00
88.00
88.00
Close
88.32
88.10
88.06
88.10
'88.00
88.10
1,506
2,592
1,334
2,486
1,447
1,460
High
85.80
85.72
85.68
86.00
86.10
86.20
Low
85.66
85.60
85.42
85.56
85.70
85.82
Close
bonds of
85.70
85.68
85.64
85.74
85.80
85.98
1,359
3,311
3,424
4,323
5,237
"High 1
95.96
95.56
95.60
95.60
95.58
95.50
Low
95.50
95.50
95.50
95.44
95.38
95.32
Close
1933-38
95.54
95.52
95.60
95.46
95.46
95.36
714
789
599
1,646
1,261
1,538
'High
95.64
95.58
95.60
95.60
95.56
95.50
Low
95.46
95.50
95.50
95.46
95.40
95.34
Close
95.50
95.54
95.60
95.50
95.40
95.34
701
744
816
644
690
600
•
notes of
1922-23
5,726
Dec
80%
41% Dec 10
8% Dec
7
17
Oct
48% Dec 10
52% Dec
4
48%
Dec 106
Jan
nental
88
8
86%
Nov 104
Jan
were
9
Dec
40
6
87
Dec
37
Dec 10
39% Dec
7
37
Dec
56
300
66% Dec
7
67
Dec
4
66%
Nov
82
Jan
Dec
9
32
Dec
4
30
Nvo
40
Sept
16%
Dec
36% May
1,200
600
100
30
16% Dec 10
36% Dec
9
18% Dec 10
36% Dec
9
Sept
36
67%
6
Dec
9
7
Dec
8
6
42
Dec
9
42
Dec
9
42
Dec
8 130
Dec
8 125
Nov 192
653 130
Dec
7 128
Dec
4
Nov 134%
Dec 88
Dec
88
8 134% Dec
88
Dec
4
Nov
100
100
88
29
Dec
83%
Jan
95 130
800
Dec
Jan
4% Dec
4
3
Nov
58
Dec
7
58
Doc
7
53
Dec
6
45
Oct
6
20% Dec
8
19
Dec
Dec
8
15% Dec
6
15
Nov
100
82% Dec
7
82% Dec
7
80
June
200
60
Dec
8
60
Dec
8
57
Nov
38,750
3% Dec
8
100
58
Dec
7
300
53
Dec
800
19
Dec
1,000
x 15
Nov
91
Dec
95
Apr
Apr
45
Nov
33%
Dec
63
7
17
Dec
8
16
Dec
9
25% Dec
9
25
1,500
13
Dec
200
19
Dec 10
9
14% Dec
6
9
19
8
v
13
Dec
2% Dec
20
Dec
6
4%
Dec
6
2%
Dec
9
1%
Dec
600
4% Dec
2 % Dec
9
8
5% Dec
Dec
1% Dec 10
2% Dec
8
94% Dec
8
74
July
Dec
9
51
20% Dec
9
200
33,200
2,300
Dec
9
51
Dec
51
Dec
23% Dec
9 106% Dec
6
20%
Dec
51
Jan
7 100
Aug 111%
9
44
Feb
Dec
7
97
Dec 125
7 108
Dec
9
14
Dec
66% Dec
Dec
9
9
67
Dec
8
10% Dec
4
Dec
8
17
Dec
4
37% Dec
8
39% Dec
4
Dec
4
14%
10% Dec
Dec
16
Jan
Dec
Dec
13% Dec
Nov
Dec
94%
51
500 ,10
700
3
Dec 10 105
50 % Dec
400 107
300
Dec
8
30%
9
14% Dec 10
18
10 103%
8
10
86%
July 116
Feb
Jan
July
Jan
Jan
29-
Mar
72
Jan
64
May
10
Dec
29% June
16
Dec
38%
Jan
37%
Dec
39%
Dec
Dec
47%
Jan
200
10% Dec 10
9
9
June
300
30
Dec 10
31
Dec
6
30
Dec
68
Mar
200
73
Dec
6
73
Dec
6
7.3
Dec
92%
Mar
84% Dec
8
84% Dec
6
83
May
94%
Jan
1,000
Nov
29
Dec
4
9
Dec
23
Dec
4
66
Nov
84
Dec
8 102%
Dec
6
Dec
4
24% Dec
4
20%
97
700
22
Dec
4
23% Dec
220
9
Dec
9
10
66% Dec
7 66%
9 103
1,000 102% Dec
6,000 17% Dec 10 18%
5%
5% Dec
9
3,100
2,300
151505
22% Dec
400 100
15,400
1,400
Dec
8
400 192
Dec
20
,
14%
5
24%
Dec
Dec
14
Dec
4
9%
A up
22%
8 199
Dec
7 190
16
Dec
6
10% Dec
4
Dec
16
Nov
19%
800 100
8 100% Dec
52
600
8% Dec 10
15% Dec 10
Dec
9i 100
I
Domestic
discount.
1,000 premium.
Cincinnati, par.
this week was de¬
generally weak, many new low records
being established.
General Asphalt com. was one of the
chief sufferers, dropping from 44^ to 35, the close to-day
being at 3734The pref. sold down from 78 to 72. Hercules
Paper declined from 20 to 15 and ends the week at 163^.
Intercontinental Rubber was traded in from 8 to 7%, a drop
Outside Market.—The "curb" market
void of activity and
three points from recent transactions.
Motor stocks
conspicuously weak.
Lincoln Motor fell from 23 to
15 and recovered to 21.
Mercer Motors was off from 5%
of
over
were
Stutz Motor Car sold down from 190 to 170, being
thirty or forty points from recent transactions.
Willys Corp. 1st pref. broke from 31% to 25%, sales of the
2d pref. being reported at 10, this latter being 37 points under
to
a
4^.
loss of
some
previously recorded transactions.' Tobacco ProdExports lost two points to 7%.
In oil shares, Internat.
was
active and after early improvement from
the last
ducts
Petroleum
17% to
18%,
reacted to 15% and closed to-day at 16.
7% to 7, a new low record,
Simms Petroleum sold down from
Jan
100 103% Dec
8 101% Dec 10 100
9, 100
9 103% Dec
4
30.55
30%
30 1-16
30.45
30.35
29.95
er
St. Louis, 15@25c. per $1,000
Exchange.—Chicago, par.
San
Montreal, $157 75 per
Boston,
par.
San Francisco, par.
Francisc
High for the week
Low for the week
Sept
Oct 111%
Sept 110
6
Dec
52
Oct
10
Dec
100
Oct
12
Dec
10
44% Dec
Apr
229
12
6
Nov 310
May
300 101
•119,100
Jan
15
600
Dec
12%
Dec
42% Dec
Apr
Nov
9%
300
Apr
Mar
Nov
6
10
June
23%
9
8
Apr
Oct
Dec
4,500
Dec
Dec 119%
10% Dec
4 102
9% Dec 10
14% Dec
8
18%
1.40
1.26
1.25
Amsterdam Bankers' Guilders—
Jan
Jan
300
97
1.39%
63%
500
200
—
Nov
Dec
200 106
Germany Bankers' Marks—
High for the week
Low for the week
8
6
4,100
Jan
Apr
8
5.99%
5.86%
Feb
Mar
July
Dec
3.47%
3.43%
Paris Bankers' Francs—
5.98%
5.85%
33
6
3.46%
3.42%
5.76%
38
100
51
30%
Cables.
Checks.
5.89
Dec
4
87
Sixty Days.
3.41
3.37
Low for the week-.
Nov
2% Dec
94% Dec
for the week follows:
High for the week
Apr
2%
5%
900
3
58.65 fr. low.
The range for foreign exchange
Low for the week
Nov
16% Dec
463^ for cables.
Commercial "on
Feb
July 155%
25
To-day's (Friday's) actual rates for sterling exchange were 3 38% @3 40
sixty days, 3 44 % @3 45for_ checks_ and 3 45@3
banks', sight,'"3 43%@3 45%; sixty days, 3 36C
ninet. days, 3 34% @3 'I
)ty
i,
36, and documents for payment (sixty days) ,3 35%,
@3 37%L Cotton for payment 3 43 % @3 45^
37%.'
43%@3 45%, and grain for payment
3 43%@3 45%.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 77%@
5 78% for long and 5 83%@5 84% for short.
German bankers' marks
are not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 30 02@30 1-16 for long and 30.39@30 7-16 for short.
Exchange at Paris on London, 58.65 fr.; week's range, 57.90 fr. high and
for
Dec
73
200
prices fractionally lower.
The Conti¬
exchanges were irregularly weak, though net changes
particularly important.
not
88
40
500
"»
lect with the trend of
60%
129%
7
10%
Dec
44
<•
Sterling Actual—
High for the week
9
73
10
1,400
Jan
9
10
Dec
20
Dec
71
10
Dec
Dec
33% Sept
20
Aug
Dec
73
40
Jan
60
6 140% Dec
Dec
10% Dec 10 13
100
500
450 137% Dec
300
4%
Jan
Mar
mm
Foreign Exchange.—Sterling exchange continued in neg¬
41% Dec 10
8% Dec
9
600
85.10
85.94
mm
83
400
First preferred.
mm
mm mm
25
Total sales In $1,000 units.
2,600
Rights
mm
85.50
85.70
.
300
Tol St L <fc W tr recta
m
85^60
m
10
(Victory 4%s)
300
Maxwell Motor...
mrnm
4
85.40
Total sales In $1,000 units.
733
General Electric rights-
mmrnm
85.20
m
Low
3%% notes of 1922-23
(Victory 3% s)
Jan
May
'mmrnm
mmmrn
85~.48
'
Dec
84
mmrnm
85.44
(Fourth 4% 8)
Mar
40
mm
17
Mar
600
mmmm
m
••'•
85.48
Total sales in $1,000 units.
118% May
Aug
1
_
259
mm
85^50
Victory Liberty Loan
Nov 154% June
300
Canad a Southern
4%%
43% May
Dec
36
m mm
'mm
High
Fourth Liberty Loan
50 % Mar
36
86.26
135
257
94.00
'
_
Total sales in $1,000 units.
Jan
Nov
86.26
144
94.00
Close
.
(Third 4%s)
May
Dec
17%
86.10
mmmm
4% % bonds of 1928
Nov
Dec-
12
68
86.20
'
Close
Feb
6
7
400 115
Dec 10
Jan
114
86.10
94.00
Total sales in 51,000 units.
Apr
125
86.06
230
Low
Third Liberty Loan
Sept
10
13% Dec
300
40
6%
86.04
86.10
m
4%% bonds of
1927-42 (Second 4%s)
•
Oct
Dec
19% Dec
69
600
200
34
86.28
86.02
mm mm
High
Converted
Jan
Jan
86.40
86.10
86.40
Close
.
1
1
86.48
86.04
Lew
86.04
3
86.00
(First*
rnmrnm
SO.30
86.34
177
4% bonds of 1927-42
(Second 4 s)
$ per share. $ per share.
Nov
Dec 78
10 74
8
Dec- 60
July
44
100
mmrnm
High
Total sales In 51,000 units.
Par
mm
Low
Second Liberty Loan
Highest.
.
mm
m
86.24
Total sales in $1,000 units.
Second
Converted
4% %
$ per share.
Lowest.
m mm
2
m
4%s)
90.04
90.30
344
"High
4% % bonds of
90.32
90.26
-
Close
Converted
90.40
90.50
90.40
,
mm
10
9 Dec.
8 Dec.
7 Dec.
6 Dec.
90.60
Total sales in 51,000 units.
Range sin
Range jot Week.
Sales
STOCKS.
4 Dec.
90.46
Mar
Dec
Jan
Nov 148
Jan
day at 26%.
Jan
west Ref.
42%
Dec
53
52
Dec
57%
Mar
Nov
9% Dec
61
8%
Dec
11
18 % Dec
4
15%
Dec
25%
Oc
Maracaibo Oil lost 2% points to
14.
Mid¬
improved at first from 147 to 151, but weakened
subsequently to 144.
Ryan Consol. advanced from 11 to
14%, reacted to 12% and ends the week at 13.
^
3308
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For
record of tales
SHARE, NOT PER CENT.
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Dec. 4
the
Dec. 0
Friday
Dec. 7
Dec. 8
Dec. 9
Dec. 10
g per share
Shares
83%
83
8412
77i2
77
38
38%
•491*
90
82%
75%'
6%
87%
6%
88
88
37
36%
37%
39%
38%
36
*49%
50
497s
10%
*42%
49%
10%
6%
10%
10
10*4
7%
116% 117
62*8
62*4
10%
7%
6*8
6h
63
83
76
81
82
75
75*4
74%
75
6
6
86%
6%
87%
6%
3214
5214
301
51
7478
50%
74%
75l2
111
*105
8%
20%
31*4
52%
75
*105
7%
19%
8%
7%
17%
87
33%
3)
49%
48
49
3,000
10
10%
10*8
7%
20%
30% '30% 31%
50
49%
50
74
74
74%
74%
111
109*4 109*4 *107
6%
6%
112% 114
57%
17%
30%
49*4
71
73*4
110% 110%
28%
29%
76%
77
65% 66
3078
31'8
29%
29%
30
29
78'2
67i2
77
78
77
77%
67
66
77%
66*4
77
66*8
66%
48%
66%
66*8
31
69
8
46
229
1
1%
28*4
28%
101
*215
1
1
215
1
1%
%
!
1
1%
4
;:
4
214% 215%
%
%
1%
,v
*3%
1%
3%
5%
13*8
20%
4%
26
8
14
14%
21-
22
20%
21%
13*4
20%
15
15%
14%
14
78%
2'I*4
79
78
30
80
30%
1434
78%
14*4
79%
14%
79%
30
29
29%
•8
11
*8
77%
25*4
12
11
23%
88%
*8%
23%
88%
25
24%
24
24
86
23%
88
88
87
88
87
88
4%
11*4
20%
4%
17%
30
49%
101
46
*11
33%
44% Nov
29
12*4
3%
5-%
101
20%
46%
10
*11
17%
30
*27
218%
%
%
1%
3%
1%
3%
51*4
53%
100% 101
*5
13%
74*4
25%
8%
77%
26%
8%
"86%
3*4
3%
3%
9%
9
9
19
20
45*4
18%
19%
45%
45%
*11
14
27
27
*26%
51
52
£49
*11
5*4
pref..............100
1st pref
Do
2,200
Do
2d pref
16,380 Great Northern pref.
9,000
Iron
Ore
5%
25%
100 Gulf Mob 4 Nor tr ctfs.,.100
Pref
Do
7
100
3,100 Illinois Central....
18,700 Interboro Cons Corp..No par
10,390
Do
pref
100
11,709 Kansas City Southern
100
2,400
Do
pref....
Do
8*4 July29
*5
6
5%
3%
4*4
6
5*4
5*4
62%
73%
62%
74%
61%
62
62
62
73%
74%
72%
*49
73*8
53
52
53
52
68
*60
52*4
68
*60
68
*60
68
*60
67
*60
68
65
*60
67
*60
65
*60
65
20
19*8
18*4
99%
98%
83%
6
5%
20%
18
85
98*4'
83%
19%
20
18%
18*4
99*4
17%
18
17%
99% 102%
82%
83%
84%
40%
40*8
40%
20%
18%
19%
56
40%
17%
40*4
18*4
55%
55
"30*4
32%
79
*75%
86*4
54*4
91
87%
89%
88%
90%
55
55%
57%
56
58
79
31
31%
79
*76
"31%
*76
33%
79
56
40
57
57%
58*8
58
60%
23%
23
23
23%
23%
24%
23
38
6%
11%
6%
11%
24%
*59
*25%
21
42%
II984 120
60
19%
*41
*41
20
118% 120
64
11
11
63%
10*4
*23%
8%
23<%
241
22
8%
24
23
23%
15%
10%
*40*4
11
24
15%
10*4
8%
22%
15%
11%
6%
7
111*
12
100% 102%
23
23*8
59%
59%
20
205"
*40*4 42%
118% 119%
119
64*s
10%
*21%
8-1
59%
21%
42%
118
64%
8*4
6
6%
11
lll-i'
101% 109%
23%
23*4
59%
20
42%
99% 101%
21*4 23%
58
59%
18%
19%
*41
42%
117
118%
64%
10%
64
10
10
10
22%
22*4
20%
2Uo
81
8
8
8
23%
22%
64
8%
22%
16
64
21%
*14%
10%
23
73
72%
15%
11%
*14%
11%
19
17
31
32
15%
11%
17%
*30%
33
29
31
74
*71
74
71%
9*4
71%
9%
18
18
32%
10*
10
73
10
291
15%
15%
50%
10
16
10
36
*26
*28
29
*15
50
50%
50%
32
32
*1%
1%
U
1%
89
51%
88%
30*4
32
31
75
75
51
59*4
80%
55
26%
53%
*75
55
53%
80
*75
27
28
16%
15%
50
15%
50%
31%
31*4
1%
1%
1%
1%
81
52*4
89
80%
15%
*49%
Hi*
19
40*4
41
116% 117%
64%
7%
21%
078
20%
7%
22
87
I
88%
31*8
30%
74
30
9%
17
35
27
29
50
29
1%
46%
86
29%
15%
1%
1%
48%
86%
30%
72
72
52
56%
53
57
80
80%
80
80
52
53
51%
52
80
*70
*70
67
67
60%
66
60
25*4
79%
62%
261
60*4
25%
79*4
25%
61%
24*4
25%
23*4
24%
79*4
80%
80%
125
126
17%
20%
7%
7*4
121
8%
48%
121
110% *109
114
17%
19%
18%
18*4
79
124
48%
8%
48
57*4
41*4
9%
39*4
57
58%
58%
"84%
91*
118
9%
61
8%
8%
8%
48%
41%
47*4
41%
58
57%
40%
41
9*8
9*8
61%
59%
60%
86
I
"17% "18%
9%
Bid and asked prices; no sales
9%
on
17%
18%
63%
7
7%
117% 117%
*8
8*4
86
3934
*9%
86*4
84%
85%
108*4 *1001^ 108*4
9%
118
60
41%
!
*101
121
7*4
40%
9%
*57
9%
7%
48%
41%
57%
41%
57%
40*4
*9%
7%
123*4 125
108% 109
63%
7%
*115
8%
79*4
125%
47%
47U
41%
42
"39*4
9%
9%
55
55%
83%
101
85
101
9%
this day.
9%
82%
*101
9
84%
7%
116% 122
*8
z44%
"30*4
9%
53
82%
102%j*101
9% I
9
t Ex-rights
50
1st pref
50
100
20% May24
6
July
1
100
10
July
1
100
88%
373,00 Southern Railway
700
Do
pref
8*4
45%
40
4~01*
9%
57%
84%
103
9%
Nov
40
100
Febl3
41
39% Oct 2
84*4 Sept25
103
48%
Feb11
71
Oct
32% Mar 9
3314 Mar 9
15% Febl3
23% Janl4
9,200 Seaboard Air Line
3
Dec
Sept27i
10%
Dec
49*4 Oct22
11% Oct 4
20% Oct 4
118% Nov 4
33%
Oct 5
66%
47
200 Twin City Rapid
Transit.. 100
18,300 Union Pacific
100
5,500
Do
pref..........
loo
1,800 United Railways Invest... 100
Oct 5j
Mar22!
43
Oct22!
110
Do
129% Nov 4i
61%May24
7% Aug 12
69%
15%
Jan 3!
loo
14
32%
100
2d pref
7
Oct25|
100
100
pref.
....100
3,100 Wheeling 4 Lake Erie Ry.100
Do
pref...
loo
300 Wisconsin Central..
100
Industrial & Miscellaneous
800 Adams Express
100
1,600 Advance Rumely
...100
200
1,300
Do
pref
3,800 AJax Rubber Inc
11,400 Alaska Gold Mines
3,900 Alaska Juneau Gold
100
50
14
8%
June21
FeblS
11
July30
20% Feb13
54%
Feb 6
Dec
Dec
Octllj
May20
20% Febll
Dec
Dec
73%
20
Feb14
.100
24
75
Dec
Feb13
9
Jan
33
17
Aug
Dec
33*4
18
Do
pref
6,300 Wabash
10,900
Do
pref A
Dec
Oetl6
50
2,000
77
39%
Octl6
Oct 4
Oct 2
33%
100
Febl3
Deo
65%
loo
27% June23'
95
61
100
8,600 Texas 4 Pacific
Oct23'
10*4
23
Jan
Dec
6%
12
Dec
Dec
91% Nov
•20% Dec
52% Dee
27%
Jan
29*4
Dec
119% Aug
63
7%
15
Dec
Jan
Jan
Oct 4!
7%
Dec
34% Oct 5;
23% Oct 81
15% Sept30
27% Oct 18
40
Sept27
20%
Dec
14
Dec
13
9%
Apr
16
Dec
17
Feb
52%
Feb
78
Nov
9
9
June23
16
Oct
4
15
May20
Mayl9
28
Oct 5
17
Jan
48
Oct 2
25
Doc
Apr
25
25
Febll
14
Dec
42*4
7*4 Mar
Apr 1
46% Mar29
29%
49% DeclO
72
Jan 12
66%
Jan
27
88*4
Jan
66
Jan
2
DeelO
5
21
10
1
MIn'g. 10
18,100 Allied Cbem 4 Dye.__.no par
1
Augll
40
Novl9
100
86
DeclO
3
30
3
81%
Jan
62% Septl7
1,000
Do
pref
900
Do
Do
Do
Jan
28
Aug 9
69
Novl9
92
Jan
51
Dec
6;
95
Jan28
87
Sept
loo
80
Dec
9
96%
Janl6
x92
Dec
100
49
Nov20
" 100
103*4
75
Oct28
60
Dec
par
100
9
Aprl6
62
Jan
Jan
5
84*4
Jan
Jan
2
84% May
22% Nov20
77
Jan
3
101
Jan
3
147%
Apr 9
100
105*4 July 7
17% DeelO
116%
pref
100
prel
100
11,100 Amer Druggists Synd cate.
10
1,000 American Express
100
600 American Hide 4
5,000
61
7
95
Nov 22
Aug2fi
Dee
9
Feb
6
Leather" 100
7
Novl8
100
44
Nov20
100
37
[100
53
AuglO
Feb13
Do
pref
600 American Ice
300
Do
pref
26,400 Amer International
Corp.. 100
Jan
93
118% Nov 19
10O
Jan
128%
61*4
9
Foundry" 100
pref
12,400 American Cotton Oil
Do
Dec
1*4
Mar31
100
pref
9,400 American Car 4
300
1%
3
100
9,200 Amer Bosch Magneto..ATo
12,000 American Can
8,600
2% Mar24
Chem"l00
pref
2,800 American Beet Sugar
Do
Aug 9
92% Nov
53% Jan
7,000 Allls-Chalmers Mfg
22,300 Amer Agricultural
1,000
Do
pref
38% Nov 18
64*4
86
15%
175
30%
122
Feb 4
Jan
3
Mar26
120%
84%
113
Feb
Dec
Feb
Jan
39%
Jan
88
Jan
10% Nov
Mar31
Jan
3
76% Sept
13% Jan
Jan
3
71%
53% Marl9
68
42%
*98
JaDl4
Jan
2
Jan
3
700 Am La France F E
10
9
10,800 American Linseed
Novl6
14%
51
Nov20
95
Apr 7
Jan
37% Aug
54*4 Jan
62%
Feb
Jan22
100
100
•
100
8
11
150
7
40
40%
Apr
June
100
80
67%
110%
39
4,900 Western Pacific
26%
80%
125% 125%
57%
71
15%
49%
78
Mar
27
54
*75
56
Oct
70
30%
73
72%
Feb27|
8
8,909 St Louis Southwestern
2,100:
Do
pref
800
Dec
16% Nov
68
13,«00
Do
2d pref
50
25,600 St Louis-San Fran tr ctfs__l00
I Preferred A trust ctfs.,.100
Do
Nov
25%
Dec
27
17
37% Sept23
27% Oct 41
105% Nov26
95% Nov 5:
12%
3.400
74%
56%
80%
54*4
80%
52%
Do
23*4 Sept
60% Dec
40
Feb19
500
Do
prefB...
...100
4,800 Western Maryland (new).. 100
27
87"
,700j
OetlS
Oct 15
44
101o
1%
6
73%
70
32
14%
1%
Feb
Dec
Apr
Dec
DeelO
17%
49lo
16
Octl9
65
4%
28*4
66*4
16
10%
16%
1
50
Aprl3
41% May 4
18% Dec 9
Feb
37% May24
14%
51
1%
1%
47*4
88
80
15%
Feb 13
Feb 13
4%
8% Jan
22% Nov
37% Dec
84% Junel6
60*4 Junel2
100
3,600
Do
pref.........
907„ 220,000 Southern Pacific Co
21%
58%
20
G
6
Dec
100
t c
v
11*4
31
28
49*4 '51%
53%
28
64%
23*4
21% Feb 11
66% Aug 10
64*4 Feb 11
181°
9%
Feb 13
Junel8
100
56
Feb21
65%
8*4 Oct 4
65% Oct29i
84% Nov 5!
4%
55
67%
•
Dec
Nov
11
Feb11
36
39
25%
80*4
81
125% 127
90
951
Feb 19
100
33
50*4
/32%
81
1%
51*4
89
10
27
73%
52%
1%
53%
1%
53
65%
81*4
9%
1%
1%
51%
88%
31%
73%
55%
89
31%
11%
36
32
"1% ~T%
Dec
Feb28
Oct 4
100
581'
9%
~
*70
18
32
21
64
17%
1834
32%
36%
6%
11%
98%
10
22%
64*8
18
"16% "11%
70
Aug
50
9,100Tere Marquette
prior pref v t c
pref v t c
18.200 Pittsburgh 4 West Va__
32%
76
200!
Do
pref
86% 163,200.Reading
24%
37
38
7
Oct 4
18
Do
22
38
11%
Jan
90*4
31%
Do
59
38
105
19%
Dec 9
100,
22
40
6%
Oct 6
Dec lO
500
19%
40
11%
Dec
Dec
4
31
Feb
13
40%
104%
37%
17*4
55%
57
26
100
Dee 9
40
54%
24%
.100
27,900 Pennsylvania
56
40
102
40%
17%
59%
23%
28
3,600 N Y Ontario 4 Western
40
84%
26%
100
28,500 Norfolk 4 Western
75
27
55,100 N Y N H 4 Hartford
30.460'Nortbern Pacific
30%
26
100
1,900 N Y Chicago 4 St Louis... 100
First preferred.
.100
Second preferred
100
81%
90
55%
58%
22%
Central
99
79
86*4
York
97%
32
28%
39
7%
31%
19%
17%
12,040 New
Aug 9
3
.
pref trust ctfs.
100
1,700 Nat Rys of Mex 2d pref.; 100
900!New Orl Tex 4 Mex v t C..100
78%
16
18
53
.
Do
9,600
5%
60%
72%
18%
17%
55
*76
23%
26
19%
17%
98*4 100%
80%
83*8
40%
40*4
17%
5%
60%
70%
51%
40
82%
29
5%
7,700 Missouri Kansas 4 Texas. 100
Do
2,300
pref...
100
24,900 Missouri Pacific trust ctfs.100
7
6
56% Nov 3
112% Jan 5
65*4 Oct22
21
80% June23
3
3%
Dec
Dec
Oct
100
3
Dm
Nov
24*4
Feb13
3%
5%
Sept
85% Dec
3% Mar
10
40
39*4 May24
63
3'2
7
30
13
52%
Feb 13
3*4
Apr
18% Dec
13% Dec
75% Dec
31% Jan
Oct 4
Oct 4
Oct 4
100
3%
Feb
40
Febl3
16
50
Dec
Feb11
8%
100
Dec
6%
12%
17% Nov 4
27%
40
100
pref..
20.700 Lehigh Valley..
2,700 Louisville 4 Nashville
Aug 4
13% May 5
Mayl9
100
Lake Erie 4 Western
309
3
2%
Oct 2
41% Marl9
17% Oct 4
35*4 Oct 2
97% Oct 4
6%
Oct22
24
23% Nov20
80% Feb 13
100
6%
2
91% Nov 5
DeclO
Jan
Feb24
21% Sept20
30% Oct 2
22*4 Sept20
12% Feb 9
65% J'me 12
par
3
91% Dec
172% Mar
3% Apr
Oct
12*4
9% Feb 13
17% May20
100
Jan
8
Dec 9
100
properties.No
9
16%
MaylO
300 Minn St P & 8 S Marie
Do
pref
56
10
Do
2
260% SeptlS
% Nov22
3
Oct
108
% Nov23
100
70
40%
19%
87"
100
100
300 DUluth 8 8 4 Atlantic
9
62
19%
18%
12
12%
10434 106%
•
1,700 Denver 4 Rio Grande
Do
pref
94
57
105
Feb
50
83% June29
165
Feb10
38% July 2
20
97s
45
100
57
*86%
Jan 16
100
20
48*4
43
100
*60
48%
Augll
'
*60
8%
35
100
3,900 Mlnneap 4 St L (new)
68
125
...100
2,000 Manhattan Ry guar
67
8%
Dec
2d pref
12
53
7*4
Dec
48
49
*49%
126
126%
*108% 110%
19
Oct 8
11%
54
81
Oct 21
54
49
100
*51
"26"
36%
12*8
100%
75%
80
Sept
Feb 11
July 6
51
5*4
61%
55
63
20
46
12
173%
91%
55
58
24%
Octl9
100
100
5
100
76"
*70
Mayl9
Oct
1st pref
12%
"74%
81*4
62
100
72%
Do
51
19%
~60"
Feb
12%
40
31
Dec
32
49
4%
17*4
11.
88
Sept28
12%
39
*50
Mar30
62
52
5
29%
Dec
95
Feb 6
*50%
12%
41%
151-
57
Nov29
17%
33
50%
100%
20
*26
June26
101
4
18
18%
99% 100%
84% 85%
40% 40*4
Dec
58
400
19
10%
Dec
116
89
pref
13,700
89*4
40%
*69
Jan
68
55% Aug
100
100
20%
18*4
32%
22%
Oct
100
42%
64
8
Oct
71%
16 380
19%
24%
Mar
84*4
Feb11
22,200 Erie.........
41%
5%
7
41
Feb13
54
13*4
21
40
Feb 13
64
20*8
13%
42*4
29
23%
100
12%
20
24
6
20
41%
90%
54%
57%
Jan
Nov
42
300
21
*751
120
1,300 Delaware Lack 4 Western.
7
42%
"§1%
June28
20%
45%
30
53
50
3%
514
20*4
Dec
98
100
1,000 Delaware 4 Hudson
20%
19%
Dec
85
91% MarlO
100
Do
100
41%
*60
Dec
100
200
Do
pref
1,200 Colorado 4 Southern
27%
43
6%
*60
21
34%
48%
Oct
100
preferred
preferred
6%
65
June24
pref
7%
1,800
3,400
1
Dec
67
28,550 Chic Rock Isl 4 Pac
21
20%
42%
6%
Do
17%
70
51 «2
121*
3%
6%
100
pref
100%
51%
*101
700
'
6
3%
8*4
4
75%
3%
Do
14
14
14%
78*4
17%
*27
52%
102
20*4
46
20%
20%
46
8
14
3%
8*4
19%
10%
20%
46
20
45%
*27
*5
4%
10
11%
*11
"12% "12%
75%
4
4%
10%
49%
Oct
DeclO
23%
88
4%
36
3
3% Dec
7% Jan
Oct 4
Dee
47
215
12
25
104
51% Dec
860127,
Feb 13
27%
14%
78%
28%
*8*4
21%
27*4
*9*4
29%
10
49%
Dec
Dec
17% 8ept27|
14%
.
28%
72%
3%
*5
*30
15
10
Feb13,
Dec
5
70% Nov 5
Feb 17
4% Jan
7
10
126%
3
Jan
45%
61%
Vz
14%
•101
FebJ3;
4
pre! trust rects..
134
Do
pref
100
9,400 Chicago 4 Northwestern.. 100
98
13%
17%
38% Dec
Marl5
10,300
£72%
101%
215
223
%
46
Oct 15
17
13% Marl5
16,000
£57
65%
28%
28
28%
14%
21%
20%
*45%
*10%
,54
May20
47
Mar
87% Dec
28*4 Dec
49%
5%Septl4|
110
6
Oct 15
Feb 13:
40% June28
9% Aug3L
100
100
80% Dec
76% Deo
3
200 Clev Cln Chic 4 8t Louis.. 100
65%
14%
21%
*11
100
Jan
12% 8ept27
104% Oct 5
29,700 Chicago Mllw 4 St Paul.. .100
200
28*4
225
4%
*5
82
x82% June 18
27%
g per share
90% Nov 5
May20
Apr 21
18
52
66
101%
1
1*8
•4
lli
share
per
30
93
*42
30%
109
1
Do
200
Feb
5
Lowest
48*8
47
224
76
g
72
9,400 Chicago Great Western..-100
71% 72
107% 109%
Do
pref
100
12,400 American
Locomotive
100
pref.
100
7.700 American Safety
Raaor... 25
100
f Leas than 100 shares.
SHARE
Year
Do
"30%
224
Pre!
100 Chic St P M & Omaha
66
101% 101*2
PER
Range for Previous
Highest
share
per
100 Chic 4 East Illinois trust recta
6%
7*4
69
93
46
30%
Do
18,900 Canadian Pacific
14,300 Chesapeake 4 Ohio..
61%
7%
17%
28%
46%
7%
18*4
30
49%
g
6,600 Brooklyn Rapid Transit...100
3,200
Certificates of deposit..
9%
6%
6%
113
115%
61%
62%
7%
19%
•7712
Par
86
.
30
111
Railroads.
37
8
8%
20's
Lowest
35%
49*4
10%
10%
6%
6%
115% 115%
62% 63%
SHARE
1919
EXCHANGE
16,890 Atch Topeka <fc Santa Fe.AOO
Do
5,600
pre!..
100
1,309 Atlanta Blrm 4 Atlantic.. 100
.100
1,600 Atlantic Coasf Line RR
3 4,10C Baltimore 4 Ohio
100
6
6
8%
20*8
8I2
20%
31'8
page.
Range since Jan. 1.
On basis of 100-share lots
STOCK
49
49%
6%
115
115%
62% 62%
114% 116*4
62
g per share
82
82*4
83%
76%
6%
87%
8*4
*88
$ per share
82*4
76%
77
8%
90
$ per share
837g
77
7'4
*6*4
•89
*113
YORK
Week
t per share 1 g per share
7%
preceding
see
PER
HIGH AND LOW SALS PRICE—PER
81
-
during the week of stocks usually Inactive,
Do
*
Ex-dlv
and rights
1
80
3
99%
80% Novl9
96% June 1
109%
9
Aug
9
Dec
Ex dividend
1
107
Jan27
44% Mar
85
Mar
Apr
8
58
Jan
Mar
9
100
Jan
17% Junele
Ful» paw
Higher
2309
New York Stock Record—Continued—Page 2
For record of sales
during the week of stocks usually Inactive,
second page preceding
see
PER SNARE
HIGH
AND
LOW
SALE PRICES—PER
SHARE.
Sates
CENT.
NOT PER
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 4
Dec. 6
Dec. 7
Dec. 8
Dec. 9
D.c. 10
$ per share
$ per share
$ per share
$ per share
% per share
Shares
STOCK
10%
10%
1 j
101
9%
9%
10
9%
9b
71
71
72"
72%
*71%
73b
*70*4
46
46%
45%
46%
45b
46%
88
87%
87b
80
86b
44%
85%
33%
33b
3378
33%
33%
33b
*87
33^4
9*4
9
9%
9*4
*70*4
43%
72
45%
72
71
71
41%
43
43*4
84*4
85%
31%
33
85%
86
83
33%
33
33%
82%
92
80%
89%
93%
94
73%
102
75%
♦84
99
*90
101
71
72*4
69
70*4
*82
*82%
89%
84
81
98%
98*4
991,
116% 117b
119
89*4
90b
90%
85
98*4
99
98*4
901?
101b
85
118
114% 114%
76
74b
91
101
114% 115%
90b
113*4 114
99
98%
116
116%
89*4
89*4
112
72%
71
73%
71%
93b
92%
75b
93b
93*8
93*8
93%
36%
"7
21*4
54
54
69%
36%
"36%
6*4
45
45
lib
11%
29*4
38%
38*4
39b
39%
38%
38
38%
21%
*21
23
20%
21
20%
20%
54%
54%
*50
56
53
53
53
53
46
44
44
10*4
10
10
*44
'
—-m
12~"
10*8
*
109
114
60
60
60
60
58
94b
9778
83%
95%
92*4
94*4
118
110% 115%
102
102% 102%
102
102
102
56 b
90
-«»
90
90%
104% 104%
104% 104%
4
*3%
65
-
53
53*4
90%
*90
95
....
*103
*11
3%
3%
3%
85%
54*4
54*4
85%
84
81%
80b
82*4
5
5%
*5
10%
10%
10%
11
11
10b
15%
16*4
15*8
15%
15
66b
63%
64%
62
23b
22
24%
5%
10%
10*4
15*4
64%
22*4
69
6*4
6*4
39%
40%
~39b
91
7%
*90
——
38*4
40%
23%
67%
67
95
55
64
22
3%
95
16b
23%
""3*4
101% 103
3%
3*4
85%
86%
5
*85
"38*4
*89%
73
Aug
80
Aug 18
105
Aprl2
90%
Dec
100b Mar 18
Jan 5
95
Dec
108% Mai
191%
Feb
314%
Oc-,
Jan 7
June29
93%
Dec
106
Jat>
Jan 2
Jan29
Jan 3
Jan 9
Jan 9
Apr 6
Jan 3
Janl7
Jan 7
45b
Jan
94%
Feb
169% Dm
110bJUB»
27%
Jan
69
Oo»
11
Jan
29
40
Jan
65
July
Julf
Do
pref
100
7,700 Amer Telephone <k Teleg.,100
100
2,700 Amer Tobacco
Do
1,500
pref (new)...
100
Do
Common Class B..100
4,559
100
Do
Do
2d
5
5
5%
Do
Do
cum conv
par
100
common.
.100
100
8% pref. 100
1,600 Booth Fisheries
Brooklyn Edison, Ino
Brooklyn Union Gas
No par
Butte Copper & Zinc v t c__5
4,300 Caddo Central Oil A Ref.,100
No par
7,200 California Packing
21%
6%
22b
39 b
38
6%
38%
91%
*90
91%
21
22%
6%
6%
37%
38%
288%
600 Butterlck
100
100
16,200 California Petroleum
700
Do
pref...-.
100
500 Case (J I) Plow Wks.-No par
100
12,100 Central Leather
91
90
91
29%
29%
29%
30
25b
29%
26
27
25
23
25
26
78b
79%
69%
77
777g
76%
78
75%
77
73%
75%
72*4
75
68%
67
69*4
70
67*4
8%
65
67
8%
8%
18%
18b
18%
54,200 Chile Copper
22,800 Chlno Copper
23,000 Coca Cola
*90
*68
88%
8%
68%
9%
8%
8%
8*4
9%
18%
18%
18b
1878
18b
18%
18b
18%
67*4
8%
18%
22
22%
20
22
21
22
22
22b
21%
22
21
21*4
33
30
30
33
29%
28b
29
58
58
56
56*4
55
29%
55*4
12%
13
12*8
13
69*8
8%
*30
9
.
"13% "l3%
'*66
12%-
*29
5612
12*4
57b
13%
55
55%
210%
72%
12
205b
13b
*66
67
,
65b
400
Do
pref
100
15,000 Cerro de Pasco Cop
No par
23,000 Chandler Motor Car ...No par
4,100 Chicago Pneumatlo Tool.. 100
25
5
A
100
56%
*55
57
*56
57
54
55
*53
54
76%
*74
76%
*74
76
*74
76
75%
75%,
74
75
81b
89
81b
79%
80%
80%
79
79%
78b
79b
7b
7b
19%
62*4
7
300
Do
pref
100
7,700 Consolidated Gas (N Y)_.100
2,500 Cons Inter state Call Mg._10
20
19
19%
19%
19%
19%
19%
3,400 Consolidated Textile...No par
63
62%
63
62
02%
61
62
2,600 Continental Can, Ino
5%
67%
71*8
7
7%
7%
20b
*62b
20b
20b
20b
64
62%
63
*98
5*8
73%
*99
5%
74b
31%
32
97%
73
100
*99
33
31%
32
7
91%
94*4
5*4
90%
93b
5%
5%
31
65
68
99%
30%
94%
88
31
90*4
86%
85
85
85
85
24b
24b
24
22%
24%
22%
23%
68
68%
67b
68%
67%
68
67%
67%
31
31'4
24b
68%
31%
30%
31b
30%
31%
30%
31
11%
11%
11
lib
11
11
10*4
11
17*4
17*4
18
"53%
54%
68%
31%
5
-
«
-
-
■
m
~
»
—
17%
55%
54*8
77
*5
-
*5
54
7%
28%
*27%
7%
28%
28
*851
95
88%
88%
12%
16
3b
57%
*81%
16b
378
15*4
lib
13
15*4
16b
3
3%
3%
10%
16*4
29
10%
253%
287
52
53
74%
74
75%
73
73*4
*27
89
11
16%
15%
2%
3b
7%
28%
89
11*4
16
31?
57
57%
81%
57%
57%
*55
57%
50%
82%
56%
71%
67%
54
57
.71%
67%
228%
89
62
70
86
22
55%
*56
85%
129%
89*^
20b
88*4
52%
58
128%
80%
*85
56
57
*82
23
54
63
128b 129%
70
11%
85%
21*4
17%
54%
*5%
28
95
*58
171'
85%
54
-
*84
13%
-
55
77
-
53b
*27%
12%
-
89
53
-
5%
65%
98*4
30%
74%
56t2
89
"*5% "7%
-
5%
62%
98*4
29-%
86%
•
6*4
7b
98%
100
31
99
30%
94
5%
70
100
100
100
101
5%
5%
72%
5b
75
7
7
55
100
*98
100
7b
*53
*81%
86
129
130%
*70
78
a
120
71
82%
121
71%
6
27
*88
10%
15%
2
*56
55%
82*'
118
,
17%
53*4
88*4
*5
7
27b
*26
28
95
*85
90
6
lib
15%
10%
15%
2%
1%
11
15b
2%
60
57
57
56
55
55
83
*82
85
120b
71%
14*4
71%
118% 120
70
70%
300 Consolidated Cigar
No par
100
Do
pref..
100
2,500 Continental Candy Corp No par
99,500 Corn Products Refining.. 100
Do
1,200
100
pref....
No par
7,900 Cosden A Co
95,500 Crucible Steel of America. .100
700
Do
prof
100
16,800 Cuba Cane Sugar_!_..No par
Do
6,100
pref...
100
10
4,200 Cuban American Sugar
1,500 Dome Mines, Ltd.........10
50
1,100 Elk Horn Coal Corp
50
4,400 Endlcott-Johnson
500
Do
pref....
100
3,600 Famous Players Laaky No par
755
Do
preferred (8%)
100
100 Federal Mining A Smelting 100
......
500
Do
..100
No par
21,900 Ffsk Rubber. ..............26
pref
200 Fisher Body Corp
6,500 Freeport Texas Co
No par
No par
23,000 Gaston W A W, Inc
400 Gen Amer Tank Car__Aro par
100
2,000 General Cigar, Inc..
800
Debenture
pref
20,000 General Electric
..100
100
...
1,200 Genera! Motors Corp pref. 100
15%
15%
15
15%
15
15%
14%
15b
15%
14%
14*4
91,800
Do
65%
73%
65%
65b
65*4
65
65*4
64%
64*4
64
64*4
61
62%
'2,400
Do
Deb stock (6%)
74
73%
74
73%
73
73*4
70%
72%
71%
72%
3,500
Do
deben stock (7%)..100
42%
43%
4178
43%
41%
73%
42*4
41
42
40b
41
40%
41
79%
79%
78%
78%
77%
78
900
20
78%
19%
80
20
19%.
18%
18%
18
18
900 Grauby Cons MSA P
*11
—-1
*19
*21~"
*12
78%
19%
*79
1.9%
12%
*20"
22*"
*15b
16%
12%
12%
12
12%
111-
11%
20%
207s
20*8
20*4
20b
20b
201.1
20%
15%
16
15*4
31%
55*4
57
15%
15%
15*4
15*4
35%
35%
33
35
59
57
57%
"Bo"
60
~
58
*16*4
17b
17
84%
87%
85%
11
11
10%
57%
57%
17
16%
16*4
15%
16
92
84%
10*8
87
82b
84%
10*4
10%
10*4
6%
7
6*4
6*4
107g
m-
-
32
32*8
15%
81%
10%
6%
31*8
12
20%
20%
15*4
15%
33
31%
15%
32%
54
15*4
15%
55*4
15*4
82
81%
82b
10%
6*4
10
10
32b
30%
6%
6%
"32%
33""
32%
32b
32%
32%
*14
15
14
14
12
13%
11%
12%
lib
11%
11
31%
lib
54*4
57
52*4
54
49%
52%
45
49%
46
47*4
45%
48
96
98
9678
9678
96
97%
"13
13%
51*4
103
97
98
14b
5258
29%
14%
14%
53%
52%
14%
53b
30*4
28%
2934
98%
103b 103b
103
14%
"l5*"
14b
14%
53%
54b
52b
53%
31
31
30b
98%
31
97% 98%
102*4 103
13
50%
14b
52%
49%
30
30
73
71
71
*71
72
70
70
28%
70%
31
*70
70%
70
70
*57
59
*57
59
*57
59
58
58
58
58
58
58
14b
14
14b
14
14%
13%
14%
13
49%
52%
49b
52
48*4
49*4
47*4
49
48
71
71
14
14%
14
51*4
52
1
26%
1
"5%
24%
25%
23%
24%
22*2
24%
33%
34
34
32
32
5%
51'
5%
5b
22
22%
....
*84
16
16
401s
43
*84
92
16
*15
42%
92
10*4
39%
40%
3%
3%
3
*84
93
*84
18
93
18%
187?
18%
18*4
18*8
7b
8b
7*4
8%
7*8
8%
7%
7*4
54%
55*4
53%
39*4
56%
55
57
_
"l8~
*135"
150
*101
105
17%
•
18
Bid and
"
*131
*100
17b
18%
150
105
17*4
-
-
-
-
18b
140
*101
17%
18
18b
140b *128
17%
asked prices; no sales on
*84
18
17
this day.
90
18%
54%
7b
53%
54
41%
40%
41
18%
17%
18
150
17b
17
9%
16
37%
*84
102
17b
4,900
Do
5
..100
pref
3,825 Inter Harvester (new)
400
Do
Preferred, new
100
13,200 Int Mercantile Marine
100
21,100
100
Do
100
pref..
5,500 Internat Motor Truck.No par
400
Do
1st pref
100
300
Do
5
3%
9%
16%
38%
18
100
2d pref
6*4
7%
251%
52*8
--
-*
135
*101
16%
| Less than 100 shares.
100
100
25
Temporary 8% preferred 100
No par
Kennecott Copper
10,800 Keystone Tire A Rubber—10
100
11,500 Lackawanna Steel
102
1,200 Laclede Gas (St Louis)
TOO
No par
2,900 Lee Rubber A Tire
700 Liggett A Myers Tobacco.. 100
100
Do
pref
100
17
12,600 Loew'sIncorporated...No par
m-l
16b
50
700
Do
pref
1,100 Jones Bros Tea, Inc
10,200 Kelly-Sprlngfleld Tire
27" 800
17b
135
| Ex-rlghts
a Er-dlv.
Feb
64
Jan
64%
Jan
156b
Novl9
90
Aug
and rights,
n
192%
Oct
70 b May
Oct
100
Dec
111% Juns
103
Jan
145
July
110
Feb
119
May
Jan
Sept
45
lb
1%
8
51
3
100'2 Nov20
3 b Dec 7
114
20
2% Ivlay
Oc)
55%
Jan
107b July
65%
Jart
112
90
Dec
108
vTuiy
Jan
116
Sept
101%
Jan 5,
Jan 9
O0'
Dec
25
Apr 1
Oot23
8513
Dei
102
Au|
65
41
Dec
92
May
129
Apr 7
115
Dec
166
Apr
Oct
15
4
96%
Sept24
lib
Jan
Feb
Jan
10%
Fel
July
17
16
5%
Jan 9
26
M
5
28b
19b
Dei
85b
Janl2
Jan 6
Jan28
39*4 July
37b July
64% May
CM15
12
48b
Jan
«.
46
Jan
3
20%
Jar
75b
Jan 6
04%
Jan
Aug
60
29b
15% Nov20
63
Nov20
6b
Dec 9
8S
104%
Dec
9
60
Nov27
Dec
3
Dec
6
May20
May 19
*10% DeclO
65
No?
68
v
16*4
Di
32%
b
Doc
"
Oh
86% Sept
29%
80?
1
hi
*
48%
NO
56
«»
J1
°
9
3914
50*4
Oc'
91%
Dec
Aug27
54
Aug
278
46b
97b June22
141b I *°
113%
37% Nov
34b Fet
Jan 5
Jan 14
Apr
102*4
Feb
86% July
Dec
106% July
6%
Apr
23
30% Dec
6512
9
100% Oct
10b Sept
6
Nov20
14b
Jan22
Aprl6
DeclO
Aprl4
40
Jan
98 8
105b
Dec 9
107
Jan
9
102
Jan
26 b
Dec
35
Nov20
83
278b
Npv22
100
20b
DeclO
64
59%
Nov 13
85%
25
Novl2 n6 05
Apr29
Apr 7
Jan
Oct
37% No'
103*4 Jun*
110
June
Feb
62'8
43%
*Junt
7
Aug
78*4
Apr26
98
Nov20
J"
114
I#
67W'J
c
Jan
80
17% Nov 17
litfi
Feb
89% Aug25
93% Mar22
20% Jan 5
DeclO
73% July28
6b NovlS
59
90
05b
92b
Nov20
74
T
'
Jan
31
07
Nov27
52
Fet
104%
184b Mar29
111% Apr 8
21b Jan 3
41% Jan 3
40b Jan 2
44b Jan 3
7b Nov30
17r>8
Jan 5
Jan 3
01%
72b Novl9
"56"%
Jan 5
108b
Oct2«
25
6
19bJunelS
35% Novl9
15%
Get
99
Oct
109% July
"52"% "Feb *261
Oct
91
Jan
105
July
20%
7
Aprl4
Jan21
Jan
55
Dot
87%
DM
69% Mar
nl50
Apr 17
Jan n410
9% May 19
13
Jan
3
10%
16 8 Novl3
28
Jan
2
23% Dec
53% Nov 13
147
Jan
Oot
16b May
43
July
Jan
0
80
June
*87
DeclO
104
Jan
3
101%
45
Aug
107%
Nov 17
95
Jan
51
83
Dec
123
71
Novl7
6
91%
AprlS
Nov 16
2® 4
Nov2o
10 2
Dec 9
1®,&
Jan 6
19b
Jan
Dot
Dec
July
23% July
48% July
Oct
55
Oct
173
79b May25
31% Dec
64% July
5
15
Dec
38*4 Jul?
77b July23
75% Jan 3
94b Jan 6
Nov20
47
Jan
172
Dec 9
NovlS
89b
12 8 NovlO
®0b Nov 17
70b nov16
42
Dec
101
AUii
2
144%
Feb
170
Jan
3
82
Jan
95
Cot
Jun*
Mar26
Nov26
~82% "Feb
6
85b
Jan
Apr20
Jan 5
85%
102*4
95% July
90
Jan
94
39% Nov 19
77
Dec
38b Jan
39% Nov
36%
DeclO
JunelO
IJf.
®4b
160
Dec
134% Mar20
48
Jan 3
Dec 9
1%
49
9
25
16b MarSO
44*4 May 14
Jan
80
66%
102
Jan 3
"94*4 "Apr
109%
Oct
Ap'
80
Jan
Jar
93%
Jan
3
47%
Aug
Dee
Dec 9
55b
49b
Jan
6
46%
Dec
53*4 Not
J9b
Nov20
38%
Jan
3
32%
Dee
47% Jh'7
DeclO
30
2012 Augl7
Nov 19
84%
49%
Feb
89%
Nov 19
78b July
40
Feb
71% July
42%
Feb
08% July
I? %
11
DeclO
15%
04
15%
?0
0
Dec
8
Jan
8
.
Oct
46b Aprl9
116% Sept20
July 2
Nov20
Apr 0
Apr 8
27
Aprl4
10%
Jan
8
88%
Aprl5
48
Jan
87*4 Jui7
91
July
14212
Apr 13
110%
Jan
149% July
Nov19
45
Apr 9
9b
61%
Nov19
11
DeclO
DeclO
30%
23b
Aug 11
10
16,800 Inspiration Cons Copper
20
2,900 Internat Agrlcul Corp....100
90
17%
7%
140% 140%
101% 101% *101
104
9
16%
39
18%
54
18*4
8b
16
37%
100
4,600 Hupp Motor Car Corp
1,600 Indiahoma Refining
11,900 Invincible Oil Corp..
3*4
9%
10,700 Houston Oil of Texas
600 Iron Products Corp...No par
29,900 Island Oil A Transp v t C..10
2,300 Jewel Tea, Inc
100
4%
18
Manufacturing... 100
33
5b
41
1,400 Hendee
22%
4%
38*4
2,300 Greene Cananea Copper.. 100
»«. par
1,200 Guantanamo Sugar
1,800 Gulf States Steel tr ctfs.. 100
5,500 Haskel A Barker Car.. .No par
33
5b
*15
400
pref....i.100
100
Gray A Davis, Inc........25
Do
22%
4
8%
15b
42%
100
■17,200 Goodrich Co (BF
1
3%
s
100
13% ,23,700 International Nickel (The).25
49% '10,900 International Paper
100
300
71%
Do
stamped pref
100
71
33%
"25%
temporary ctla.No par
Aug
80b May
92
Jan 5
Apr 9
96% May 6
102 b Jan 3
102b Feb24
100
pref
82
Jan 5
32b
50
3,500 Columbia Gas A Elec_.
77% July
05% DM
Jan
Mar
Apr 9
10212 Jan 5
130
Oct 29
105b Nov 5
20
*74
79b
75
Nov2£
Oct
Mar
Feb
% Aug20
2b Novl7
48
100
68%
148b
DeclO
28
*55
80b
17b
Nov20
Dec
119
Ma>
120% Jun»
54% Nov
61
102
51*4
Jan
Jan 7
176b
DeclO
94^2
Jan
20b Augl2
DeclO
8878
100
Iron
27,200 Columbia Graphophone No par
Do
*53
No par
500 Colorado Fuel
200
Dec 9
80b DeclO
4b Nov20
10
Sept24
9% DeclO
3,800 Butte A Superior Mining..10
14%
9b
67b
74%
75b
100
2,900 Burns Bros
9%
62%
Novl9
59b
66b
83
9%
13*4
37
9
100
100
10%
61
Dec
100
20
No
9*4
15
25b
99b Nov26
100
10%
62
21%
8
10%
14%
I05b
61%
Dec
10%
61%
DeclO
6% Nov 12
35
44
"""Boo
2,900
165b
9
pref
500
B
97b
6038 Nov 8
90b NovlO
Dec
1,400 Bethlehem Steel Corp
Class
210
19b Novl8
pref ctfs deP
Do
85b, May20
102
Aug 9
Dec
111b
283
63
.no par
700 Batopllas Mining..
2,000 Bethlehem Motors
46,300
9
100
preferred
52,700 Atl Gulf <fe WT 88 Line
Do
Aug
100
1st preferred
3.500 Atlantic Fruit
92b} May22
104%
91
Jan19
Apr 14
93ta
2
100
2,000 Associated Dry Goods
10%
69
7b
39%
Nov 19
1,100
;■
55
66
20*4
'm
.
53
53%
52
55
14
*
*50%
105
11
11
_
53
*85
5b
5
4-r «.
3*4
87b
m
2%
52%
*4
2*4
55
87
6
%
234
55
55
88%
"""%
53%
55*8
66%
400
*4
1
2*4
53*4
93
55
-
....
4b
*83
mm
54%
56b
113b
8,900 Amer Sumatra Tobacco...1 Of)
118b Jan20
106b Mar22
Do
55%
1,600
pref....
100
91% 115,100 Baldwin Locomotive Wks.100
300
Do
94%
94%
pref
.....100
109% 112
2,700 Barrett Co Chem Cons ctf3..
2*4
**4
2*4
56
54%
106% 110b
102
1
3
51*4
**4
2%
1
3
*55
56
55
"15*4
94%
118
*b
2%
142%
Dec
88%
118b 119
3
54%
*5
94
33b May
47b OJ>
94b Jun*
89b Julf
109% July
47
July
96b Au#
148% Oc
DeclO
pref
253
60
90*4
94%
102
....
"88%
109%
*56
126b
~**4
4
108% 1121'
Dec
Dec
88%
100b
Do
200
9*;
Mar22
50
Dee
94
Janl3
100b
Dec
79%
01b
3
100
1,920
500
45
""9%
120
120
m
114%
9%
107b
59
98b
108
*
45
""9b
62
111% 114b
*2%
26
27
Jan
Dec 9
600
Do
pref
100
1,100 Amer Writing Paper pref..100
3,400 Amer Zinc Lead & Smelt.. 25
Do
I1,500
pref
25
26,100 Anaconda Copper Mining. 50
6%
26%
DeclO
Nov20
26
Jan 5
Mar 30
83
72
Highest
$ per sho n
8012
35%
6%
21%
"if
temp ctfa.m.„..No par
14,400 American Sugar Refining.. 100
$ per share
30b
Novl9
84*4
Pref
93%
7b
DeclO
26
100
35
35%
7%
1919
Lowest
$ per share
70% Aug23
*42
53,000 Amer Woolen of Mass
m*
W>
9
par
Highest
share
per
16,700 Amer Smelting <fc Refining. 100
900
Do
pref
100
70
«• —
39%
25,800 Am Ship <fc Comm Corp. No
$
65%
71%
25%
38*8
38%
Par
93%
73
Wa.
39
21*4
120
88%
113*4
111
—
38%
95 b
98%
115%
z88%
7
31
31
*57
98
112%
Indus. Cc.Mtscell. (Con.)
100
85
114
27
7
7%
70%
*80%
93%
36%
7%
69
90
*89%
89*4
100*4 101%
115% 116
112% 114
36%
92%
91
101
Lowest
9,400 Am Steel Fdry tem ctfa..33 1-3
-
-
"88%
93%
76
*82
118b.ll8i2
911-
101% 102
71% 74*4
93%
102
74%
85%
©98%
'
S3
102
102
-
Year
EXCHANGE
400 Am Smelt Socur pref ser A. 100
'
____
Range for Previous
basis of 100-share lots
On
Week
% per share
YOHK
PER SHARE
Range since Jan. 1
STOCKS
NEW
for
115
Jan24
111
Dec
120
Dec
88
!00
11% Novl8
44
28%
®8
57
Dec
9
13
45
70
21%
32
4
3
Jan
67*4 July
92*4
Feb
128% May
33% June
82
Nov
80
July
84
Janl9
71
Apr 9
Jan 7
20%
Dec
Nov26
91b Marl8
30b
Jan
Feb16
79% Jan 3
47b Julyl5
62
Jan
51b Jan27
7b July 9
21b Jan 9
45b JanlO
34
Dee
65
Nov
15
Dec
48
Ma7
38%
Dec
91
Mar
30
6
24b
Dec
44
5
68
Jan
104
July
Nov
Nov29
Dec
8
Dee 8
DeclO
.7% gept29
l~s. Nov30
37%
Dec 9
85
21b
Jan 5
Apr 7
26*4
Novl7
DeclO
Jan 3
170
Nov18
4
Nov15
152b
105
Jan
Jan
Jan21
101%
110b
Dec
17b
DeclO
33b
Apr 7
27% Nov
®%
DeclO
48b
91*4
57%
Jan 5
Jan 5
38%
Oct25
38%
Jan 0
JanlO
Jan31
4®% Nov20
35
10%
Aug 7
DeclO
127% Nov26
99
June
51*4
111%
Nov18
june21
16%" DeclO
Par value $ 100.
207
109%
36
43
126% July
62%
Jan
107b Nov
83
Dec
21
Jan
40
Oct
195
Dec
260b
Au*
107
Jan
116
July
83
Aprl2
a Old stock.
Oct
July
Dec
* Ex-dlvldend.
Jan
2310
New York Stock Record—Concluded—Page 3
For record of tales
during the week of stocks usually inactive, see third page following.
PER SHARE
HIGH
SHARE, NOT
SALE PRICES—PER
AND LOW
P^f CENT.
NEW
for
Saturday
Monday
Dec. 4
Dec .6
8 Per share
S per share
9%
9%
9%
Shares
978
share
per
10
10
9%
9%
10%
10%
30
30%
29%
29% 291- *25
*103% 110
*103% 110
*103% 115
134
136
134
135
131
131
"2,100
*100
102
1001
100%
100% 100% *100% 101
58
58
57% 57*4
1,000
m
mm
m
m
m
*100% 102
58
58
58
57%
57%
58
58
57
57
*57
*72%
78
*72%
75
*72
75
73%
*57
78
*95%
m m m m
*95%
mmmrn
184%
Do
2d
100
100
_100
100
«...-100
preferred
Lorlllard (P)
300
Do
pref...
160
mmmrn
*95%
-
57
57
200
71%
70%
71%
900
Manati Sugar
70%
1,000
mm
mm mm mm
m
162
175
*95%
+ mm
'•
mm
162
167%
169% 243,900
100
May Department Stores.. 100
Do
$
per
—..100
pref
.100
Mexican Petroleum
Highest
share
Jan
70
29i2 Novl8
102
16
13%
13%
13
13%
33
31%
33
31%
31%
55
53
53
52
52%
52
*96
98
*96
15*4
31%
*53
13%
32%
15%
15%
11512
AuglO
98
Aug25
Dec
183®4 Jan 2
IIOI2 Jan 8
09*4 Jan 7
64i4 Mar22
151% Aprl4
57*2
5012 Novll
7112 DeclO
09i4 Novl9
9512 Oct29
148
Aug 9
13*4
13%
323g
.
Janl2
104
Jan
110
Oct
Ma?
Jan 3
162*4
Jan
264
Oct
99
Dec
118*4 Sept
21
Nov
32*4 July
Oct
71*4 Nov
62*4 July
98
95
95
18%
19%
17
18%
17
17%
14%
17
29%
29%
*29
29%
29%
29%
29
29
53
53%
*95
96
52%
53
89
*27
29"
2738
*261"
71
*70
72
70
70
*70
Midvale Steel A Ordnance..50
30ls Nov20
100
50DeclO
69is
100
95
72
52%
53%
'
-
-
4%
74
m
m
m
:mm
'■
85
m
21%
*20%
22
*43
47
*43
47
52 7s
52%
37%
♦12%
37%
3%
37%
90
74
72
72
72%
72%
103
102% 102% *101
♦ 8%
8%
8%
834
8334
8234
83%
83%
27%
128
*126
15%
3%
18%
48
3%
49%
95
*70
71%
101
' 101
8%
8*4
83
18%
20
2,400
46
18%
100
.....100
36
35%
32%
311
23%
24
23
23%
22
12%
12i"
82
82
62%
9%
51%
-
.
9%
9%
36
10
38
79%
37%
77%
38
77%
71%
73%
72
74%
8
8%
9
8%
37
40%
100
6,200 Otis
900
3,300
3,500
39
40%
35%
34%
35
34
35
32%
31
31
19%
22%
19*4
31%
20%
31%
20%
37%
68
71%
71
11%
11%
11%
81%
81
81
79
81
79
79
79
61%
58
69%
85%
12%
59%
85%
58
88
85
85*
100
13
12
12%
4,900
80®4
81
1,600
*58
02
60
88
*85
88
*85%
13%
13%
13%
84%
84
84
83
83%
'' k
13%
13%
9
78
Jan 2
100
37
.50
71*4 Febl3
65i8 Nov19
15
....
Phillips Petroleum
No par
22,900 Pierce-Arrow M Car...No par
Do
6,000
pref
100
4,500 Pierce Oil Corporation.....25
Do
pref
100
2,450
100
1,800 Pittsburgh Coal of Pa
Do
62
103% 103%
52
52%
34
33%
34%
86
*100
86
86
36%
12%
36%
73
73
102
102l8 *100
12
11®4
11%
11%
35
36
35 "
34%
71
71
71 "
70
69%
67
68%
66%
67%
*
61%
102% 103%
51%
52%
33%
34
85%
86%
100% 100%
58
.58
55%
12%
"69%
Yl"~
66%
67®8
200
69%
65%
72
1,300
71%
5,700
66%
64%
6534
23,500
91
90*
'
44%
105
26
44%
26%
54
54
91
90
*
25%
63%
66
63%
*13%
14
*13%
4%
4%
16%
16%
3
.
3%
102
10484
3
3%
102% 103%
44
42%
25%
16%
19%
183/
19
66
63
65
63%
651^
41%
25%
42%
26%
5538
53%
63%
87%
26
13%
123/
*12%
*4
"15% Ye"
3%
3%
102% 103
42
4238
25
25%
62%
62%
15
15
3b
3%
100% 102b
41%
41%
25
24%
51b
51%
82% 821:
103% 104
205
58%
12
12
*«««.
*7
29%
70
7%
*
m
"40"
44%
46
43%
45%
42
438
43%
48,600
84
84
84
79
83%
76
79
85
11%
12%
44
44
11%
4384
734
433
11%
42%
77,
7%
13%
43%
784
1,200
J 1,000
1,000
13%
493
*41%
44 *
*118/
14%
*81
437S
13%
43%
8%
49%
30%
8%
8%
83S
734
8%
50%
32%
49%
50%
49%
50%
48
31%
40%
37
41%
34
10%
11
11
10%
53%
9%
52%
531/.
86
82%
82%
pmrnm
9
9
9%
41
41
*73
40%
77
23
32%
*72
233/
32%
9%
40%
77
22
69
12%
197
23%
32%
32%
198
199%
563s
57%
*12
200%
£684
12%
45
*41%
*7
41%
7%
*6%
13
41%
8%
9
39%
40
*71
51%
82 >
5,700
82
9*
26,150
8*s
39%
*71
76
22
21%
213
32%
32%
32
32%
198
201
38%
38%
75
*68
21-?
197% 199
21
2I84
31%
194
32%
200
66%
56%
54
56
53%
56%
12
12%
12
12%
12
12%
44
42
42
42
42
*411"
300
67%
66%
67%
66
93
41%
92%
41%
43
66%
6438
653/
102
40
mmmrn
"
83
44%
45
3878
38%
98
98
90
9%
51
86%
81%
83%
100% 10634
51% 52%
10
10
43%
37%
81%
82%
106% 106%
52
51%
103g
♦9%
42%
43%
373s
37%
98
*97%
45
38%
983s
*97
90
*88
90
9%
87S
9%
*46
*46
51
86%
86%
42%
43
42%
38%
*96%
42%
37%
39%
20
....
43
39
20
40
43%
43
43%
7
41
42
5%
.
808/
82%
106% 107
102
31%
102
100% 100%
32%
"79%
80%
50%
9%
5l8o
39%
42%
36%
37%
97%
*95
97
9%
200
3,800
33,400
97
31%
40
79%
80% 221,200
106% 107%
13,400
400
7,900
50%
9%
51%
9%
700
391.
4034
23,100
32
35
92
26
*102
*47
48"
*78
80
*58
92
89
9
9
51
50
63
45%
♦Bid and asked prloes; no
50
50
9
8%
50
51
86%
87%
861"
86%
861
97%
9634
96%
95%
41%
31%
96%
42%
....
42%
42
42%
38%
33
37
20
20
20
7%
39
5%
30
106
45%
105
45
6%
33
mmmm
5%
30%
34%
...
-
5%
31%
40%
3 884
41%
108
108% *107
105
45%
*102
44
106
100
...100
U 8 Realty A ImprovementlOO
Do
U 8
100
1st pref
100
Smelting Ref A M
50
Do
pref
50
United States Steel Corp.. 100
Do
pref..
100
Copper
Utah Securities
10
t c
v
100
Vanadium Corp
No par
Virginia-Carolina Chem
100
800
9
5,100
V
59
1,300
80%
1,300
Wells Fargo Express
100
Western Union Telegraph. 100
500
8%
100
92
89
9V
100
Corp.. 100
United States Rubber
19,400 Utah
9,100
pref
U 8 Industrial Alcohol
Do
pref
300
29%
40
106% 107
50%
51%
9%
9%
39%
41%
36
33%
40
41%
41%
107% 107% *107
43
108%
,■
47%
20
73s
38%
108
mmmm
35
41%
32,100
Do
U 8 Express
U S Food Products
Do
v.
3884
7%
32
41
<
500
"41%
34
*20%
5%
31
37
42%
36
8,900
36,500
25 *
300
6%
79,400
33
37%
7U2
Jan
145
Jan
106ia July
74iy Not
106*4
55*4
Janl3
Jan 2
123*8 MaylO
1778 Aprl2
2514 Junel8
8358 Apr 6
216s
243
90%
48*4
Janl3
Aprl4
Jan28
Jan
100
441a Sept
84
Aug
1212 Dec
Jan
0i4 Mar
10812 Feb
531s
74
5
41i8
82U Jan26
8212 Dec 0
9414 Aprl9
1600 'AuglO §850
Mar25
100% Junel7 113*8 Mar26
79% Novl9
911a June24
26
Novl3
5112 Mar26
40i2
29% DeclO
4118 DeclO
76
Dec 9
DeclO
Feb20
714 Nov20
40U Aug 6
24
Dec 1
II8I4
120*8
IOD2
Apr 8
Apr 8
Jan31
11%
60
Dec
Feb
Mar
14,900
5,500
108
108
600
*102
106
100
pref
...100
Virginia Iron C A C
100
Vivaudou
Nopai
Westlnghouse Air Brake...50
Westinghouse Elec A Mfg..60
White
Motor
50
Wickwlre Spencer Steel
Willys-Overland (The)
Do
pref (new)
WilsonACo.Inc.v
95s Dec 8
48% Nov20
82
Novl9
8U Nov20
100
42%
44
1,500
*77
79
78
78
100
Do
pref A
*58
62%
58%
58%
100
Do
Dref B
Worthlngton P A M
Febll
DeclO
1012 Novl8
3978 Novl7
121
July
17
July
94ia
29
Oct
Aug
Dee
81*4 Dee
64U Nov
230%
89
Not
971a July
Oct
Oct
80*4
Jan
Jan
I09ia
151
92
Jan
104ia Not
Apr 8
13% Mar31
c67*4
Jan 2
82
Jan
547a June
9*4 Dec
63*8 July 7
34U JulylS
95ia Jan 3
1714 May
106
38*4
Jan 7
Jan
5
•184
Jan »345
60ia
22478
Jan 3
6
Oct23
Jan
115
June
120
June
725s
157
Feb
90ia
Jan
3
8018 Aug
25la
Jan
3
14
Jan
55%
3778
Apr 7
Apr 6
4212
16*4
Jan
Feb
78*s
Jan
60
Apr
90
'Aug 6
3578 Nov20
68I2 Novl8
100
NovlO
2912 DeclO
40
DeclO
79m DeclO
1043s JunelS
491% Novl8
5
116*8 Jan 8
103*4 Jan 6
69*4 Apr 8
143*4 Jan 5
1101a
70
Janl3
Jan
3
476a Mar27
109
Jan
115*4
Jan28
80*4
Jan
5
3
Aug25
14
Oct23
3914 Dec 8
32
DeclO
92
DeclO
76
Febl3
838 DeclO
4634 Nov20
97
Apr 10
Aprl4
7
8018 Julyl3
8914 Novl9
80%
1121a Jan 7
1201a Septl7
21
Mar31
*9718 Dec
026s Not
74%
100
Oct
July
Oct
68*8 July
451s
215
Oct
Oct'
Auf
74*4 July
32*4 May
91*8 Oct
167
May
11914
38*4
May
9014
Jan
111
1714
Jan
73
Jan
5078 June
139U Nov
1191a July
78% Nov
109
Jan
43U
Jan
45
Jan
60
Mat
88I4
Feb
11512
11712
9712
21*8
July
July
July
Junv
IIU4 Dec
6518 Feb
8*4
Dec
64i2 Dec
51
Feb
110
Jan
54
Mar
62
Dee
92iy July
1157*
Oct
*88
Dee
79
May
June 7
76
Oct
97ia Dec
84*4 Dec
Apr20
6
92*8
119
51U Nov
92is May
Oct23
82
Jan
8
9412
Jan
Jan
3
4012
Jan
597g June
45
Jan
80
23U
Jan
40®4 Nov20
Dec 9
09ia Mar29
Nov 19
Sept
126
July
3214 Sept20
3118
19
5%
20
37
lOO
103
7
Dec 7
DeclO
June 3
Dec
100
19
42U Novl9
77
Nov24
100
57
C..100
Oo»
Dee
Nov
45*4
1913 Dec 8
6538 Dec 7
100
v t
DeclO
63i4
100
pref.
45%
3178
170
No par
t c
Woolworth (F W)
Do
5
25
27ia July
20*8 Septl3
41
85
Dec
Jan
66%
37
105ia
63*4
63
4,700 United Alloy Steel
No par
7,200 United Fruit
100
28,300 United Retail Stores
No par
2,850 U 8 Cast I Pipe A Fdy
100
67%
102
Dec
Jan
65%
42%
Aug
Jan
71%
....
100
.No par
08
46
75
66%
40
pref
Jan 3
34% Dec
37*8 Jan
200
42
Do
Transcontinental Oil
DeclO
94
931a July 7
124*4 Jan 3
87i4
41,500
42
Times Sq Auto Supply.No par
Tobacco Products Corp... 100
40
2318 Aug 0
51
Nov20
1071a Not
112
June
Feb
Jan 6
74
41%
64%
10
9712 DeclO
Dee
Mar
Aprl4
20%
52%
68%
pa-
1434 DeclO
3
Novl2
98%
19
38
19%
65
nt
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
25
*12% Dec 9
4
DeclO
Ja»
132ia July
104
127
*6%
42%
,.100
Dec 9
Dec 9
Oct
Oct
July
Jan 6
73i2May22
7%
42%
68%
pref...
Superior Oil
I6I4
63
Feb
May
Nov 3
3834 Dec 9
21%
67%
par
(The).—100
Do
63% Novl9
89
Nov22
0812
91*4
Oct
22*4
20% Dec 1
20
67%
92%
106
Transue A Williams St.No par
2,200
6%
*
Mar
100 Union Bag A Paper Corp.. 100
21,900 Union Oil
__...JVopar
22%
*6%
Studebaker Corp
400
6%
41%
46%
50%
9
1,500
.191-
4334
"678
10
7%
69%
86%
10
86
8%
38*4
77
*34%
53
50%
*82
..
122,900
39% 150,500 Texas Pacific Coal A Oil
26%
68
*4734
37b
r....
9,600
23
41
9%
12
29%
69%
90
....
41%
*78
400
25%
41~~
82%
..100
Stromberg-Carburet...No
67*4
106% 106%
52
51%
9%
9%
Standard Oil of N J
Do
pref non-voting
7,300
81
93
29%
71%
100
30%
*82%
57I2
preferred
29%
86
*200
4,300
Do
32
54
32%
Transp A Trading...£2
29%
54
75
Shell
40
*82
23%
32%
Saxon Motor Car Corp .No par
Sears, Roebuck A Co
100
35
86
4134
100
40%
55
75
Savage Arms Corp
100
Steel A Tube of A m pref.
100
Stewart Warn Sp Corp.No par
531
41
100
1,300
10%
53%
22%
pref
47
*83
9%
Do
81
10%
9%
407
100
Apr
34i2 Feb26
3Ha
109
Dec
Remington Typewriter v t clOO
Replogle Steel..
No par
Republic Iron A Steel
100
98
Feb
Nov
107
111
*59
51
27%
81
*273^
50%
31%
10%
*82
625
Feb
00
100
§616
12*8
110
Sinclair Cons Oil Corp .No par
1,000 Sloss-Sheffield Steel A Iron 100
85
Aprl2
104% Feb 2
Feb
8512 Mar
Jan28
85,700
*81
Jan24
Jan 6
Aprl9
*42% July 7
10012 Aprl2
81
85
45
29
7,400
45
105ia Oct
746s July
Marl9
27
45%
497g
•
51
Dec
08
81
44
8%
25
93
120
273;
43%
8
41'
"51
Jan 7
124
81
44%
4434
40
24%
*
Oct
Sept24
27%
28l»
14
„
Apt
99 '
0012 Novl9
83%
28
131
18,100
3
May
43
98
113*4
27%
*81
30
47
97% 101*
57
Jan
285s May
Nov20
9,600 Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
600 St Joseph Lead
10
1,700 San Cecilia Sugar v t c.No par
1,400
4,400
Dec
Jan
77
46,500
15%
3%
Oct
Dee
July
10
72% Sept23
DeclO
Ocl
IOU2
27%
32
Oct
80
75U July
41
Dee
Jan 8
Jan 8
91i4
9218 May 3
10
Novl8
74
IO8I2
23U
Febl3
25
Not
3914 Not
58
40«4 Novl9
130
Novl9
81
Novl9
Company..
11% Not
149"
Jan
Jan
DeclO
27%
82
.......
4
88*4
Augl8
29%
42%
82
*28%
42%
46%
4
*14*4
*82%
8884 *82%
88%
*82%
*82%
87%
628
637
8625
626
§623
624
625
§623
§620
§624
104
10378 104%
104%
10334 104%
103% 104%
103% 104
mmmm
13
T2%
4%
80
July
Jun»
14014
1047»
Jan
50
600
90
21%
4%
17
*54
"18"
23
.
67*4
13%
32
511*
Railway Steel Spring
100
Do
pref
100
18,700 Ray Consolidated Copper.. 10
70%
*
Oct25
JanlO
4412 July 2
8278 Jan 3
12
100
11%
Jan
45
.
84
2,200
32
.
92*4 Dec
2712 Apr
07
100
*98
32
22
Aprl4
Aprl4
Apr 8
100
*99
111%
5812 Dec
Nov22
Punta Alegre Sugar....
Pure Oil (The) k
12
8
Aug 6
7784 Nov20
Dec
70*4
93
Pullman
34%
Dec
11
Mar
64
8,600
11%
59
Dec
3412
40
100
4,400
13,900
19% Dec 8
Nov
4212
DeclO
27
Aug 9
301s AuglO
30% Nov22
512 Mar
128""
pref
PublicServ Corp of N J
50
105
46
110*8
111*4
36%
100
102
105
Janl3
8
Jan 5
June22
6D4
10
102% 102%
50
51%
33%
32*4
85
84%
33
11%
55%
102%
52%
32% 33%
4%
8434
Dec
2
100
pref..
Do
*58
Novl7
May20
41%May20
Pressed Steel Car
63
1334
73*
11*4
79%
3i2 Novl9
107
100
Pond Creek Coal..
*60
19%
3U Nov20
23
Jan
50
12%
*85
*3
97
65
Class B
76
14
104
67
Jan
1312 Novl6
Pacific Teleph A Teleg
Pan-Am Pet A Trans
11%
88
13%
4%
I684
Jan
45i8 Augl9
Pacific Development
Pacific Gas A Electric
59
62%
434
16%
3%
47
46
26
12%
14
mmmrn
Oct25
9
Oe»
July
2178 July
145*4 Oct
70*4 July
75
July
Jan 5
Aprl7
5*4 Mar 8
9% Apr 6
28*4 Sept20
157
Aprl4
417« Jan 5
4,800 Penn-Seaboard St'l v t c No par
20,400 People's G L A C (Chic).. 100
2,700 Philadelphia Co (Plttsb)
50
7,400
94ia
112
61*4
Dec
No par
Steel—..
Do
24*4 July
88*8 June
May
004
7714
22*8
No par
Owens Bottle
12,100
Jan 5
Jan 3
13U Nov
9U4 Feb
1912 Feb
44% Mar
IO8I4 May
Jan 3
No par
Otis Elevator
12
61%
103% 104%
6284
53%
II714
4812
Nov22
Jan 6
Oct
July
92
01
1,100 Ontario Silver Mining.... 100
Orpheum Circuit, Inc..
1
700
31%
,
*85
434
*16*4
Sept
1712
Jan
93
Nov
75
lOUa
18
2,100
77%
.
Jan
102
110
8I2 Dec
45i8 Feb
43% July
100
preferred
16,600 Oklahoma Prod A Ref of Am.5
80®4 100,300
35%
Do
123s
.
04
Jan 3
13
8912
29ia
100
New York Dock
35%
32%
23%
78%
mmmrn
«
Aprl2
12
36
m
9314
59
351s Nov22
83
65%
Dec
100
76%
91
103
102U
Jan 13
Apr 7
Jan 2
Jan 7
North American Co
72%
mm
102ii
Nunnally Co (The)
35%
6884
Novll
66
Nova Scotia Steel A Coal.. 100
35%
31%
mmmrn
Jan
100
32%
mm mm
70
1,500
36%
36%
67%
Nov
Jan 3
1,800
3178
mmmm
87
80
13
36
mmmm
90% Nov 1
Dec 9
36
35
'
DeclO
27'8
61%
9%
6834
45
Jan
Sept
50%
35%
,
Marl9
Oct 26
36
9%
117s
40
*12
79
85
Fel
28^2 Nov20
45% Nov20
12
83%
34
106U
36
77
86
Nov
Mar25
12
81%
104
100
40
51
76
86
July
6
Feb
100*4
136
87%
81%
9%
*100
83
Jan
an
May 4
14V Dec 8
13
978
104% 10434
53%
54*4
34%
34%
Nov
37
38
♦
64
52
81%
*0 m mm
4014
7
37
75%
-
6
Jan
51%
8134
84
32
Jan
*12
8634
m
Jan 6
14
84%
m
71*4
52*4
37
48
12%
8134
Aug 6
52%
4734
m m
pref
10
40% Nov20
48
May20
79%
36%
Do
100
*43
ctfs dep
preferred
Jan 0
6
3*2 Dec 8
6,000 Nat Conduit A Cable-No par
45
Novl9
2,600 Nat Enam'g A Stamp'g„._100
88
Novll
Do
200
pref
100
66% Novl8
....100
1,700 National Lead
V 400
Do
pref
100 *100% May21
8
Novl8
5
17,600 Nevada Consol Copper..
78
Nov 13
1,600 New York Air Brake...... 100
82
19
46
..
15%
49%
*18
18%
4734
19
44
3%
48%
*88
3%
3®8
3%
3%
3%
33s
3%
3%
4
4
4%
4%
4%
4%
26526l->
26%
26%
26%
26%
25% 20"
*126
131
*126
128
131
126% 126% *126
15
15 14®4
15%
14%
14%
1434
15%
*49
50
50
62
50
49% 49% *49
15
17
15
17
18
16
18
18%
47%
47%
47%
47%
47% 47%
47%
47%
4%
15
3%
*43%
20
44
200
Do
20
37
27
49%
20
47
70
Nat Anil A Chetn Cons ctfs__
National Cloak A Suit
105
Dec 6
86
50
National Acme
600
600
Pref
Marl3
52%
131
50
21%
12,500
80
Do
Mont Wd&Co Ills Corp .No par
July
Dw
131*4
15's
88
*13
13
3%
4%
26%
5
80
20%
37%
*12
3%
*4%
27%
15
50
90
*43
53
*52
14
*49
49
92
*82
85
*20%
*126
50%
102% 102%
8%
8%
4934
27%
*65
67%
*88
3%
600
86
*50
3%
29
13,500
27%
28
4
*71%
9
8%
51%
200
15%
*28%
47%
I—27%
67%
3%
92
74%
103
*102
28®4
51
*88
9
53
96
14%
3%
50
92
74
74%
103
8%
51%
16
60%
50
*88
90
*102
mm
4%
3%
4%
50%
50%
*88
m
m
mm
m
*95
95%
14%
285s
49%
29
*70
Middle States Oil Corp
48,200
89
30
89%
27®g
88
*27%
43,800
1,100
*03
797, May
107
12%
31%
51%
115
Dee
222
*117g
31%
Montana Power
245
Jan
63
06
13%
31%
50%
July
July
Apr
107
137
12%
31%
53
147*4
July
June
Jan
6,900
*51%
95%
52
Dw
81
120
Aug
15%
100
5
10
75*8
Feb
June
"15%
pref
25ig Dec
40% Feb
94
00
15*/.
Do
$ per shan
130
96%
Miami Copper..
Jan 19
Highest
% per share
13712 Aprl9
15%
100
3
Aug26
125
96%
16
15%
12%
16%
16%
1919
Lowest
f per share
28
Jan 3
9% Nov20
No par
Loft Incorporated
Mackay Companies
Do
pref
74%
Par
Loose-Wiles Biscuit tr ctfs.100
57%
72
*70
75
Indus. Sc Miscell. (Con.)
'
*95%
170% 177%
mm*im
172
72%
130
Lowest
72
*57
58
72%
*71
73%
"
17212 180%
57%
131
500
Year
EXCHANGE
6,800
36
'
*97
$ per share
1 $
110
73
72*8
$ per share
Range for P evions
Week
*29%
58%
♦73i2
the
Dec. 10
*103%
■
102
*57
Friday
Dec. 9
30
135l2 137
58
Thursday
Dec. 8
7
.
$ per share
10
9%
30
115
*100
Dec
*103% 115
36
♦29
*103%
Wednesday
Tuesday
STOCK
YORK
PER SHARE
Range since Jan. 1
On basis of 100-share lots
STOCKS
Sales
July
Nov22
55is
Oct
93
Jan 5
8218
Jan
145
Jan 5
Aprl4
4014 June
98I4 May
10471 July
120
Feb
136*8 May
11014
Jan 0
112*4 Dec
1171a July
95
Jan27
50
Feb
93*4
Janl3
88
Jan
98ii
Oct
70
Jan
6
00
Jan
81
Oe»
32
Jan
3
87*4
065s
Jan
117
Ocl
sales on this day.
| Less than 100 shares,
t Ex-rights,
a Ex-div. and rights.
* Ex-dlv.
0 Reduced to basis of 825 par.
n Par 8100.
Name changed from Ohio Cities Gas to present title July 1 1920, range lncl. prices from July 1 only; range for Ohio Cities Gas Jan. lto July 31, 37; May 20.50H Jan. 3.
New York Stock
Exchange—BOND Record, Friday, Weekly and Yearly
3-n
BONDS
Week ending Deo.
U.
S.
Friday
fa
i*
Last Sale
10
Dec.
10
Government.
first Liberty
Week's
Range or
Price
W. Y. STOCK EXCHANGE
Since
No.
High
AskLow
Bid
BONDS
If. Y. STOCK EXCHANGE
Range
Week ending Dec.
Jan. 1
Low
90.30 Sale
86.04 Sale
85 90
86.26 Sale
186-00
94.00
194.00
Third Liberty Loan—
r
86.00 101.10
85.44 Sale 185.12
85.94
11092.
81.10 92.86
M
88.10 Sale
88.00
88,48;
1032o|
85.80 95.00
A
85.98 Sale
85.42
86.20,23330'
82.00 93.00
Registered
4\i% of 1933 1938...
Victory Liberty Loan—
454% Notes of 1922 1923.
95.36 Sale
95.34
100
101% 100% Nov'20
100i2 June'20
._dl930 Q
1925 Q
4s coupon
1925 Q
Pan Canal 10-30-yr 2s.....*1936 Q
Pan Canal 10-30-yr 2s reg._1938 Q
Panama Canal 3s g
1931 Q
Registered
1961 Q
Philippine Islands4a.._. 1914-34 Q
...
...
105
104
106
Dec '20
89
Foreign Government.
Argentine Internal 5s of 1909
M
1940
69%
70%
196
96% 101
99%
7
98% 100
89
91%
50
Sale
94b
421
94%
99%
Illinois Dlv 3 Ha.—
Sale
79
95%
79'4
11
79
92%
Illinois Dlv 4s
Sale
41
42%
42
40%
50
Joint bonds
95
9834
40
95
99
72
73%
110;
72
80*4
Sale
77
78
221
76
79
79
79
86
Sale
60 '4
62
11!
603;
76
7434 Sale
74%
75
8
87*4
98% Sale
98%
90:,4 Sale
90'4
98%
91%
74%
95%
109
89
96
97%
89%
90%
50
98%
101
89%
90%
116
100%
522
100
102%
•
99
73
84
88% Sale
87%
88%
90% Oct '19
11
83%
92
55
07
82%
41
"76% Safe
36
—
34
Nov'20
20%
33%
—
33% Doc '20
93% Nov'20
19%
87%
41
68
84
50
85%
94
75% Sale
75%
70
80
84
53
60
93
91
97
67%
80%
79
Dec '20
79
80%
78
77
1947 J
J
08
Mar'20
08
52%
71
J
63
May'19
1st 4Hs_. 1969 J
Ch M A St P gen g 4s ser A_el989 J
D
m
m
m
„
m
79% Sale
34
5634
57%
I§I
79%
13
79
92*4
Ind A Loulsv 1st gu 4s...1956 J
J
Chic Ind A Sou 50-yr 4s
1956
19
79
93%
Ohio L S A East
29%
50
26
39%
88%
95%
79
79
793'
45%
93% Sale
102% Sale
Sale
*
■
93%
102
45%
127,
35%
29
94%
102%
43
34%
35
453
76 '
357
46
158
1.7
45%
61
97% Sale
97%
981s
436
83% Sale
82%
84%
386
83
95*4
89%
95%
88% Sale
88%
89
369
95
94%
95%
248
95
96
Sale
95% Sale
67
92% 99%
81% 90%
94
99
J
87%
86i2 '
87i2
81%
87'4
87*2
84
84
93
4Hs Corporate stock July 1967
91%
9212
Corporate stock
1965 j"
4Hs Corporate stock....1963 M
91%
92%
91i4 Sale
4% Corporate stock..... 1959 M
4% Corporate stock
1958 M
83
Sale
91%
83
84
82U
92%
_
90
100%
8978 100%
93 i8 Dec '20
83
4 Ha
jjf. 88
21
100%
80
Dec '20
90%
91
534
52%
66
87
60
76
J
D
67
Sale
60
70
103
61
76
79
Sale
79
80%
30
70
60%
60%
97%
97%
93% Feb '20
7
53
6712
2
94%
97%
93%
93%
Convertible 4Ha....
Permanent 4s.
1932
J
89
J
D
25-year debenture 4s.....1934
J
60% Sale
Chic A L Sup Dlv g 5s
Chic A Mo Rlv Dlv 5s
J
J
97%
J
J
J
J
99
J
64
J
91
1921
1926
98
A
80%
83%
81%
92
A
81
81
N
65% Sale
59%
70%
1987
Registered
94'2
89
97
101
108
Nov'20
99
Mar'20
99
102
May'20
100
95
July'20
71% Oot *20
75% Nov'20
95
95
"7778 Safe
74
95%
IIII "90"
"96* III.
o
76l4
N
89%
M
N
J
D
S
o
101%
90%
*1990 Q
Atchison Topeka A Santa Fe—
Gen g 4s
1995 A
Registered
1995 A
50'4 Sale
J
O
74
O
♦75
Sale
50
Sale"
71%
ManG B A N W lst3Hs-1941
J
70%
Milw A 3 L 1st gu 3Hs
1941
Mil L S A West 1st g 0s...1921
J
61%
68%
68
50
53
s
99%
99%
A
Ashland Dlv 1st g 0s
1925
Mich Dlv 1st gold 6s...1924
8
93%
98%
73%
74
70%
68>s Sale
68%
71%
47
D
67
67
68%
35
D
82 % Sale
82%
84 4
66,
69'2
Nov
..I960 J
70'2
Sale
8
83'2
84!2
83%
83%
4
J
1928 M
Rocky Mtn Dlv 1st 4s... 1965 J
Mil Spar A N W 1st gu 4s. 1947
St L Peo A N W 1st gu 5s 1948
66'2
67
66
66
1
74i2
75U
91
82
89%
64%
71
8
Burl C R A N liw As
1934
C R I F A N W 1st gu «*..1921
Ch Okla A G cohs 5s
1952 M
77%
Keok A Des Moines 1st 5s 1923
87%
77%
69%
80
72% Sale
72%
92%
92
J
102%
107
60
129%
69
71%
Nov'20
100 It 104*4 100%
1934 a
o
1934
O
oo%
91
j
805s Sale
80%
*1925
78
J
*1948
O
65
"
Sale
78
81
81%
Apr'20
64%
68 %
91
-ii,
139
Feb'20
67%
272!
64
67%
95
89
89
91
76
Sale
N
*75 ~ mi
M
n
6178 Sale
Iouthw Dlv 1st gold 3 H a. 1925 J
Cent Ohio 1st c g 4Ms~. 1930 M
S
*7812
.
j
63
64% Sale
D
112
j
74!4 Sale
J
O
D
Pitts Clev ATol 1st g 6s..1922 A
Tol A Cln dlv 1st ref 4s A .1959 J
Buffalo RAP gen g 58
1937 M
83
..
91
78
85
81
81
57%
74%
N
74%
80
Roch A Pitts 1st gold 6s..1921 F
A
58%
O Ind A W 1st pref 5s
92%
Peoria A East 1st cons 4a. 1940 A
D
98%
O
84
85
D
73
74'2
asked
a
____
99
Due Jan
cons
73%
85
Apr'20
70%
73%
85
83%
99% 100%
Nov'20
"24
97% 106
Income 4s
91
Conn
75%
Cuba
'19
84
Nov'16
Nov'20
"80% "88"
88
"09 ~
82
17
;
60
27%
27% Dec
83%
23
O
84
84%!
2
77%
80%
72% |
34
78
79
70
Sale
6s...l92l'J
A Pas Rlvs 1st g 4s...1943 A
RR 1st 50-year 5s g..l952 J
93
Due June. ftDne July. *Due Aug. #Due
62
60
57
70
93%
95
60~" "66%
07
98
74
Nov'20—
88
98
Nov'20
74
O
88
Nov'20
98
98%
Ft W A Den C 1st g
691#
70
73
82% Sept'19
Apr
A
75
56%
60*4
11
")A
80
1935,m
Refund A Ext 4Ha
77%
S Due April. «Due May.
1061
1920
90
68
61%
62
<11938 Q
...1990
Nov'20
88
88
89
73%
1st g 5s...1928 J
Cleve Short L 1st gu 4Ha
Colorado A Sou 1st g 4s
74
80
79
'20
74% Jan
*65
C C C A I gen cons g 6s..1934 J
Ind B A W 1st pref 4S....1940 A
Nov'20
86
I 84%
74% Nov'20
Registered
Cln S A Ct
72%
Oct
.
1940 J
*1036 Q
*1936 Q
41%
88%
88
"99"^ mil 9d34
72
69
71% Dec '20—
1040
90%
85
J
81
60
76
61%
Cln W A M Dlv 1st g 4s..1901 J
St L Dlv 1st coll tr g 4s...1000 M
M
Spr A Col Dlv 1st
90%
"l6
81
67%
70%
.1939 i
85
80%
Jan'20
67%
lmpt 6s Series A... 1929
W W Va! Dlv lat g 4s
CI St L A C 1st g 4s
64
73%
Cairo Dlv 1st gold 4s
91%
Jan'20
81
103
52%
Sale
81%
79
79%
98
May'17
Mar'17
88
85
73%
70's
65
58
67% Sale
91
5
69%
88
4Hs 1931
4b
87%
101%
56
90
"73% IIII
79
78
May* 18
101%
Sale
67%
92% Nov'20
93
Sale
Sale
5
80
95
75%
Nov'16
89
76%
27,
80
88
g
82
79%
79% Sept 20
118
73%
Mar'20
9134
87
56
Mar'20
53%
86
87
"
"
69
81
101
70
91
52%
Feb'19
104
82
81
71
98
100%
1931
92%
69
85%
90%
65
101% Sale
Clev Cln Ch A St L gen 4s.. 1993
Ref A
58%
58
1903
Aug* 19
99% Mar'18
O
cons
60%
62
64%
81
Superior Short L 1st 5s g.el930
71
'281
Nov'20
100
Chic A West Ind gen g 6s_.el932
Consol 50-year 4s
1952
71
Nov'20
81%
1930
76%
74
General 5s Series B__
60
69%
90% Mar'20
84
N
5s
88
65
64
20-year deb 4%s
60
51*4
94
A
Debenture
79
82
81
Cons 6s reduced to 3Hs..l930
77%
70
72
75
1100% Sale
1930
99%
100%
Sale
57%. 75%
57%
70%
~60"
52*4 Sale
........1957 M
6s
"81" IIII
62
90%
Apr'20
76
'20
J
O
87%
97%
64
85
8954
88
O
North Wisconsin 1st 6s...1930
Day A Mich 1st
61%
Oct
61%
cons
A
Cln H A D 2d gold 4H*
1937
C Find A Ft W 1st gu 4s g 1923
Jan'12
81
..
8212
O
CI Lor A W con 1st g 5s..1933 A
Ohio River RR 1st g 5fl... 1936 J
General gold 5s
1937 A
86U
"60% "73"
98% 10118
63% Sale
1929 J
1921 r
VI
334sl92
79%
65%
Cbio T H A So East 1st 53.. 1960
20.
Oct '20
60%
J
.*1948
68
Aug'15
69
Chic St P M A O
95% 103%
78%
90% 92%
74
Sept'20
79% Oct *20
76
J
N
101%
63%
o
St Paul A K C 9h L 1st 4Hs '41
77'4
60
Sale
O
82
S
64%
64
101"%
98%
95%
Nov'20
04% Sale
90% 90%
99% 104
62
P8%
71%
"i%
101%
Nov'20
O
82
n
10-yr conv 434s
1933
Refund A gen 5s Series A. 1995 J
88
70
1934
67
73
Nov'20
87
1988
Registered
68%
D
1925
77%
J
J
R I Ark A Louis 1st 4Ha..1934
99
96
83%
Nov'20
8
71
99
94%
94%
99% Dec '20
99% Apr'20
100
Sept'19
Sale
98
103
90%
15
89%
90% Nov'20
101%
104
62
84%
Mar'19
98%
J
Refunding gold 4s
89%
99
98% Sale
75%
J
1988
75%
75'4
77% Dec '20
N
Charles A Sav 1st gold 78.1936 J
LAN coll gold 4s
..01952 M
77%
62
Chic R IA P—Ry gen 4s
87% Nov'20
1984 J
•No price Friday; latest bid and
60
73%
74%
70%
75'4
1930 M
1st gu gold 5a... 1928 M
Brans A W 1st gu gold 43.1938 I
ita Mid
38, J
79
62
87
77U Sale
101% Sale
Car Clinch A Ohio 1st 30-yr 5a
82*4
67%
S
J
1962 M
Canada Sou cons gu A 5s... 1962, A
5
69
58
8
Trans Con Short L 1st 43.1958 J
B Fe Pres A Ph 1st g 5s... 1942 M
Atl Coast L 1st gold 4s
*1952 M
1922 J
500,
"i3
69%
Nov
H955 J
Consol 1st g 68
75%
Dec '20
47*4
99
79%
70
09
101%
Oct'16
70%
101% 102% 101% Dec '20
71%
Railroad.
Ann Arbor 1st g 4s
5
34
Apr'20
109% Apr* 10
94% Nov'20
94% Feb'20
98
97%
M
Ext A Imp s f gold 5s...1929
64%
75%
J
5s deferred Brown Bros ctfa
"l2 "07" " "80"
74
1921 A
1930
78
99
o
.....1933
76
93%
75
o
Des Plalnes Val 1st gu 4Hs '471M
Frem Elk A Mo V 1st 0s..1933 A
10
"43
Apr'19
96
o
g
65%
93%-Sale
1921 A
1933
80%
July'20
70%
O
1879-1929
81
64%
74%
A
5s
80%
N
1879-1929 A
Registered
10-year secured 7s
89%
N
.1879-1929 A
Registered
99
Sale"
Nov'20
O
M
M
Sinking fund deb 5s
107%
N
1987
1879-1929 A
Registered
91
93
101
*10112 104
1987
79%
F
1987 M
94'2
Debenture
M
.....pl987 Q
Registered
91
D
Registered..... ..1886-1926 F
General gold 3Hs
Sinking fund 5s
July'20
80
77%
71*4
June'20
78"
mmmm '
94
7134
93
70
58
75%
90
91
99%
94%
75% Sept'20
75i2
89
5
97%
Stamped 4s
90
'"28
78
92i2
89
80
99%
66
Sept'19
Nov'20
gj78
74
Sept'20
102
83
J
91'4
r
64
65%
1
80
07%
J
Wis A Minn Dlv g 5s
1921
Chic A N'west Ex 4s.._1886-'26 F
Sinking fund 0s
Canal Imrpovement 4s
1981 J
Canal Improvement 4a... 19*2 J
Canal Improvement 4s... 1960 J
Canal Improvement 4>$8.1964 J
99
Sale
21
D
General 5s stamped
81
92
53%
Milw A Nor 1st ext 4H8..1934 J
J
Cons extended 4Ha
1934
General 4s
91
76% Sale
J
...1925
.
90
90
"61%
77%
59%
68%
89% 100%
90
""§
"57%
68%
65
82%
I
58%
72
Feb* 16
Sale
92%
57%
76%
58%
Nov'20
Aug'20
82
80
54
67
Sale
82% Oct *20
91
Nov'20
Sale
65
91
*90
68
"73"
62%
58% Salei'
8312
93%
75
73%
S67
73
A
92%
85
73
Sale
O
91'4
"83"'
73
J
79%
80%
82'4
IIII ~72"%
Mar'17
Gen'l gold 3%sSer B
el989 J
General 4Hs Series C...el989 J
82
4% Corporate stock
1957 M
4% Corporate stock reg..l956 M
New 434s
1957 M
32
J
1921
OMA Puget 8d 1st gu 48.1949 J
Fargo A Sou assum g 6s.. 1924 J
87% Dec *20
93i2 Dec '20
lanal Improvement 4 J$s_ 1965 J
Highway Improv t4Hs..l963 M
Highway Improv t 434a..1965 M
J
el989 Q
Registered
Chic A P W 1st g 5s
86i2
434% Corporate stock... 1957 M
334% Corporate stock...1954 M
N Y State—Is
1961 M
1947
J
A
Gen Aref Ser A 4Ha
a2014
Gen ref conv Ser B 5s._.a2014 F
100% 104%
87
1998
5s..1943 J
58%
50
93%
J
87'2
P L E A W Va Sysref 43..191
50
50% Sale
J
86
Registered
54%
Ql
s
J
4s__1959
Refunding gold 5s
Refunding 4s Series C
86
Registered
85%
Chic Ind A Loulsv—Ref 6s .1947 J
1966 A
1st 50-year go!d 4s
52
82
1964 M
Bait A Ohio prior 3 Hi
50
04%
82
4Hs Corporate stock
1st gold 5s
93%
95%
4Hs Corporate stock
8a V F A W 1st gold 6S.
76
Nov'20
69
95%
95%
10-year secured 7a
Gen unified 4Ha
30
50
May'20
85% Oct '20
97% Feb'13
Guar Tr Co ctfs of dep
Purch money 1st coal 5s..1942 F
75%
Jan'20
.
Oal-Arlz 1st A ref 4Ha"A
77%'
76%
85
State and City Securitlas.
N Y City—4#8 Corp stock.I960 M
All A West 1st g 4s gu
81%
8
F
F
F
A
the basis of %5to£
Clear A Mah 1st gu g
73
80%
156
20-year gold bond 5X8..1937
10-year conv 5Hs_.
1929
5-year conv 5Hs..__.__pl922
Zurich (City of) a f 8s
1945
Oonsol 4 Hs
64
260
1921 M
P June A M Dlv 1st g
70%
85
7934 Sale
t 43
Sale^
a f 8s 1940 J
Tokyo City 5s loan of 1912
M
U K of Gt Brit A Ireland—
East Okia Dlv 1st g 4s
98
70%
76
85
$ 5634 Sale
Switzerland (Govt of)
*1995
40
96
75
1934 M
Jonv gold 4s
49%
29%
Feb'20
75%
m
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
Gold debt 4s of 1904..... 1954 J
Paris (City of) 5-year 6s
1921 A
Temporary 10-yr 631
Pitts June 1st gold 8s
34%
85
83
...1931 J
Conv 4s Issue of 1910
41
35%
44
Sale
t 75% Sale
"German stamp"
*1995
46
72
Feb'15
t 75% Sale
Italy (Kingdom of),8er A 0Ha'25 F
Japanese Go vt—£ loan 4%a.l925 F
Second aeries 4Hs
1925 J
kdjustment gold 4s
Stamped
75
Chic A Ind C Ry 1st 5s...1936 J
M
Chicago Great West 1st
100
100% Sale
French Republic 25-yr ext 8a 1945 M
Virginia funded debt 2-3s._1991
01%
68%
80'4 Sale
Stamped
92%
77%
89%
63%
70
57%
_70"% "71%
U S Mtg A Tr Go ctfs of dep
98%
79
See Great North
86%
84%
93%
Sale
293
82%
66%
116
95
69%
72%
98
...1949
99
89% Sale
Bale
35
U 3 Mtg A Tr Co cts of dep...
1st consol gold 6s
...1930
General consol 1st 6s
1937
98% Sale
90
...1931 A
84
78%
3\
Nov'20
113
44
1949
89%
78
86%
88% Sept'16
65
Nebraska Extension 4s... 1927
Registered
.J
1927
General 4s
1958
Chic A E 111 ref A imp 4s g._1955
92%
98%
79
June'19
72
71%
Alton RR ref g 3s.. 1949
Railuay 1st lien 3Hs
1950
Chic B A Q—Denver Dlv 4s. 1922
98
96%
1
73
?0%
68%
Chic A
97
89
69
72%
.1989
99%
Sale
»-yr 5H a gold notes Aug 1921. F
...1929.F
on
75
Sale
10-year 5H8._„.
5-rear 5M % notes
68
82
Dominion of Canada g 5a.. .1921 A
uo
do
...1926 A
oa
5
99%
82% May'19
78% Dec'19
71%
4S...1989
oon g
100%
87%
- —
84%
03% July'20
Sale
84
90
81
1946
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5s..1941
62
1949 P
Dominican Rep Cons Adm s f 5s 58 F
82
71%
85
79
75%
Mar'17
86
65
Sale
A..49 F
71
Craig Valley 1st
77
External loan 454 s
71% Sale
Coal River Ry 1st gu 4s. .1945
Sale
98
72%
Potts Creek Br 1st 4s
R A A Dlv 1st
94
76%
Sept'20
80%
98%
90
92%
78% June'20
Sale
93
87%
g 5s
88
83
4
97% Nov'20
100% Jan'18
84%
84%
72% Sale
68
69
89%
72
Copenhagen 25-yr a f 5Ha__1944 j
Cuba—Externa! debt 5s of 1904. M
do
70%
90
86%
Sale
97
Belgium 25-yr ext a 17Hs g.1945 J
D
99%
1-year 6% notes.....Jan 1921
90
5-year 6% notes
Jan 1925
95%
Berne (City of) a f 8a
1945 M N
Bordeaux (City of) 15-yr 6s. 1934 M N
793i
t 41
Chinese (tlukuang Ry) 5s of 1911 J
95
Christians (City) a f 8s
1945 A
of 6a 1914 ser
70
70
693:
S
98%
--
*
1939
1992
79%
Feb *15
100
90
81%
81
30-year conv secured 5s.. 1946
Big §andy 1st 4s
...1944
July'18
79*4 Apr '20
871
Mar'20
90
80%
99%
97% Dec '20
Registered........
1992
20-year convertible 4 H 3. .1930
98% Mar'19
95%
75%
May'18
85
81
98%
...1939
Registered
22
86
97% June'17
~8<T IIII
83%
2d consol gold 4s
yihese are prices
90
82
High
85
Dec '20
88%
74% May'19
75
IIII "98%
1st consol gold 5s
NO., low
87
85
ft 1987
General gold 4Ha
101%
100% 101
105
106%
104
108%
July'20
104
104
Sterling loan 4s..
Lyons (City of) 15-yr
82%
Range
High
83%
93
92
Am Dock A Imp gu 5s... 1921
N Y A Long Br gen g 4s_.1941
95.60 6549 94.70 99.40
95.60 4195 94.64 99.40
95.32
95.34 Sale
J
J
354% Notes of 1922 1923
2s oonsol registered
dl930 Q
do
83% Sale
Chesa A O fund A impt 5s..1929
fourth Liberty Loan—
do
Ask Low
87%
M
1947
Mobile Dlv 1st g 5s
1946
Cent RR A B of Ga coll g 5s. 1937
Cent of N J gen gold 5s
1987
131 81.40 92.90
85.60
i
4%% of 1928
do
Jan. 1
Mid Ga A Atl Dlv 58
85.20 Sale 185.10
M
4% Of 1927 1942.
Conv 4H% of 1927 1942..... M
Exter dt
Since
Last Sale
10
F
Chatt Dlv pur money g 4s 1951
Mac A Nor Dlv 1st g 5S..1946
Second Llbery Loan—
2s oonsol coupon
4s registered
Week's
Range or
Dec.
10-yr remp secur 6s June. 1929
84.00 94.00
86.48 1202
94.00
1
Price
Friday
,3 Js
Bid
Central of Ga 1st gold 5s.._pl945
Congo gold 5s
;
1945
90-50 6045 89.10 100.40
86.18
7, 83.00 93.48
90 02
10
High
Loan
J
3H% Of 1932 1947
Conv 4% of 1932 1947
J
Conv 4H% of 1932 1947
J
2d conv 4H% of 1932 1947.,. J
2311
changed and prices are now—"and interest"—except for income and defaulted bonds.
Jan. 1 1909 ihe Exchange method of quoting bonds was
74
"47"
67
10
*20'
53
Nov'20j
Nov'20;....
30
73
89
74
8512
60%
79
91%
98
63
73
Oot. pDue Nov. oDue Deo. « Option
sale
2312
New York BOND Record—Continued—Page 2
BONDS
Week'1
Pricg
N. T. STOCK EXCHANGE
Week ending Deo. 10
Friday
Dei Lack A Western—
Range
Dec.
Atk Low
Bid
Morris & Essex 1st gu 3^ 82000 J
671*. 81
N Y Lack A W 1st 68
9912 100%
91%
1021 J
1923 F
Construction 6s
Term & Improv
Range
BONDS
Since
N. Y. STOCK EXCHANGE
Frtdat
Jan. 1
Latt Bale
10
Week ending Dec. 10
Dec. 10
or
No. Low
High
69*2 Nov'2
99%
99*2
72*2
98% 100%
92*2 97*%
1st lien equip g
91
Nov'20|
102%
Feb'08
95%
75%
83%
94-%
96%
Registered
78%
30
67
1st lnt reduced to 4s
N
1935 A
.1930 J
10-year conv 5a
10~year secured 7s
7512
13
73
ten A RGr—1st cons g 43.1936 1
103*2 104
70 >2
1936 J
Improvement gold 6s
1928 J
1st A refunding 5s
1956 F
Trust Co certlls of deposit
J
D
Elo Gr June 1st gu 63—1939 J
D
J
63% Sale
70*2
100% July'20
63
64%!
Dee'20
Sale
69
70%
46% Sale
/
45
49*2
46
94
90
99% 105*4
05
72%
100% 100%
69; 58% 68
62% 72%
63
74i2
561 38
56
46
69
*
48%
72
....
40
J
12
J
Elo Gr West 1st gold 48—1939 J
104
67%
A
Bio Or Sou 1st gold 4s___-1940 J
Guaranteed-1940 J
104
70%
104
100
J
Consol gold 4>$s—
Sale
84
O
D
O
N
Alb A Susq conv 3)48——1940 A
Reuse A Saratoga 1st 7s.. 1921 M
63
—.
Sale
1
15
15
63
64%
53%
Mtge A coll trust 4s A—1949 A
O
52% Sale
52%
D
453
82
03
Registered
N
J
O
1937 A
93
—
77
'
68*2
J
8!gln Jollet A East Istg6s..l941 M
srrle 1st consol gold 7s
1920 M
N
III. ~m
87%
M
90
N
S
1920 A
O
6th ext gold 4s
1928 J
N Y L E A W 1st g fd 7S..1920 M
Erie 1st cons g 4s prior...1996 J
Registered
J
J
A
60-year
O
68*2
Atl Knox A Nor 1st g 5s.. 1946
40%
Sale"
39*2
75
72%
72*2.
1
37
95
46
30
54
34
73
....
42%
O
37%
43
Sale
43
47
N
77
Sale
77
J
*80
g
O
//'
106%
77*2
Jan'17
*96%
....
88
1U3
*80
91
77
85
57
58%
100%
"62"
*55
78
78
72
Dee'20
Nov'19
00
8ept'20
4*8"" *60
Terminal 1st gold 5s... 1943 M
N
81
78
Mid of N J 1st ext 6s
1940 A
Wilk A East 1st gu g 5S..1942 J
«v A Ind 1st cons gu g 6a. .1926 J
O
D
J
6S..1921 J
J
1942 A
O
O
47
J
J
O
1st A ref 4lis
J
J
141821 Q
Series A.... 1961 J
Registered
8t Paul M A Man 4s
J
....
"59*2
80
—
II
96
Sale
78% Salo
83
1961 J
J
J
"81%
J
102% 108
J
101
Registered
1933 J
Reduced to gold 4H8.1933 J
Registered
1933 J
Mont ext 1st gold 4s._. 1937 J
Registered
1937 J
Pacific ext guar 4s £
1940
EMlnn Nor Dlv
lstg4s._1948
Minn UuWn 1st g 6s
1922
Mont C 1st gu g 0s
1937
J
•
D
J
J
A
J
O
J
J
J
Registered
1937 J
1937 J
J
WJIAS Fist gold 5s..1938 J
D
Feb
Debenture ctfs "B"
Feb
Gre eni'ay A W deb ctfs "A"
Gulf A 8 11st ref A t
g 5s..61952
Hocking Val 1st cons g 4Hs. 1999
81"
"90*2 "92" *
90%
93
91%
65
73
8
Sale
*66~% IIII
1955'M
N
_1952!J
L N O A Texas gold 4s... 1953 M
Registered...-.
1953'M
16-year secured 5)4 8
.1934, J
3
1950 J
"74" Sale"
65
83
79*8
83*8
1951 J
73
77
J
58
3
66*2 Sale
J
J
81
98
J
1951 F
A
I Registered
1951 F
64%
70
75
....
Registered
1951 3
D
Gold
1951 J
D
Joint 1st ref 5s Series A .1963 J
D
61*2 IIII
81% Sale
D
67%....
James Frank A Ciear 1st 4s. 1959 J
Kansas City Sou 1st gold 3s_1950 A
1950 A
Apr 1950 J
1st 4a...I960 J
J 937 3
*73%IIII
3
75
N
89
90
D
74
Sale
O
O
62% Sale
J
J
L8b Val N Y 1st gu g 4V4S..1940 J
J
J
O
J
1940 J
....
"70% *71"
74
52%
70*4
80
69
80
71%
70%
Nov'20
72
Nov'20|
65
86
83% Nov'20
81
83
69
78
a
82*2
8
85
85
92%
88
"38"
Dec'16
58
;
174
35
55%
33*4
48
88
"84%
69%
09%
5
xo.
5'
198
08%
8784
74%
93
74
78
49%
59
143
62%
76%
72
84
07
72
"79"
25
Oct'20
23*4
Nov'20
24
50
26*2
23
20*2
39
41
28
53
Sale
57
"45'
42
67
71
55
68*2
58
9
25
4,
:
42
51
55
55
33*2
60
1
48*4
72%
62%
Dec'16
Oct'20
80
79*2
87%
60
45
1
Oct'20
62%
48
62
J
.—!l 20
29%
40
74*8
84
83%
91%
74*2
89%
51
60
Missouri Pacific (reorg Co)—
General 4s
79%
87*2
80
1975
—
W|M
s
1938 m
N
1948 j
D
Pac R of Mo 1st ext g 4s.. 1938 f
2d extended gold 5s....1938 j
ftl927 Q
1938 M
General gold 4s
Montgomery Dlv 1st
1st consol 4s
1951 A
NO AN'Eist ref A imp 4%sA.'52
New Orleans Term 1st 48... 1953 J
..
80
51%
66%
IIII
73
84*2
85%
"69%
Sale
N
"96%
91%
A
D
75
86%
51%
76%
Nov'20,
75
95%
64%
80
80%
72
68
77"
92
84
97%
99
20
25%
34*2
34%
23
22
110*4 Mar'17
23%
31
O
25
73
Sale
73/
59
Sale
59
..
3
90
D
91*2
80
55% Sale
55
90*2 Sale
101% Sale
90
101%
66%
66%
72
*17% 30*
26
Nov'201
13
25
34*2!
25
40*8
15
24
Dee'20
80
67
96
16
41% 64 ]
57*2!
86
93%
91% 225
103
97 100% 103%
23
67
63
72%
73
60%
2! 73
13
56%
90
4
74
70
76%
67*2
67*2 Nov'20
| 69% 82%
105
70'8
53
77%;
06*2 June'2i»|
59*-
62
60
55
60%
57%
70%
67%
09
82%
70%
61%
1
65
70% Nov'20
61%
52*2 May'20
64
Nov'20
1998 F
^
66*4
66*8
77
"73" IIII
Mich Cent coll gold 3)4S..199S F
90%
.
67
66% Sale
*
59*2 8a!e
"l2
76%
55
66
52%
60
64
66
58
Aug'20
58
*46
49
Feb'20
49
58
49%
81
81
81
82%
73
73
.....1998 F
Battle Cr A Stur 1st gu 3s. 1989 J
Beech Creek 1st gu g 4S..1936 J
81
95% Nov'16
...1936 J
*75" IIII
1936 J
1936, J
104
May'16
73
June'20
*55% IIII
Beech Cr Ext lat g 3)4s.&1951
Cart A Ad lat gu g 4a....1981
Gouv A Oawe 1st gu g 5a..l942
67
82
85
5«_. than
Due Sept.
Dec'20
Nov'20
72%
87
102%
72
1998 F
n
91
92
J
h Due July,
80
"31
72%
65%
Due June,
97
93*2
72% Sale
mi g
Sept'20
*30 "03%
64*2 Nov'20
*76"
J
O
2d guar gold 5s
67
98
J
.1942 J
~ "70"*
Oct'17
72
O
1934 M
66
18
87*
95%
92
J
N
71%
76%
80
.3?i
74
"61%
72%
73%
July'14
*70 " ~79%
80
90%
J
S
S
Registered
86*2
97
O
•_
Aug'20
87
A
Registered
Nov'20
85%
*59*18 "7"2
June'lO
97%
1930 M
Registered..
Oct'20
90
g
o
N
1934 M
223
71
69%
80%
66%
j
1998 F
Debenture gold 4s
51
Oct'18
102
Sale
67
j
J
1
68
89
O
1997 J
14
80
74
77
79
O
...1997 J
6
79*2
*01%
j
1935 A
79%
88*2
,
58
A
6s. 1935 M
deb
conv
88%
Sale
51% Sale
N
1945 m
TCa A A n R i«t.
b Due Feb.
63%
46%
46%
35%
60*2
60%
48%
37
57
Registered
87%
17
30%
60*2
37
Registered..
"w "03"% "78 "
27*2
28% Nov'20
52
Nov'20
42
Mortgage 314s.
70%
52%
23%
34*8
26%
*51 ~
Registered..16
1
36% Nov'20
10-year coll tr 7s.
Sent.'lO
Due Jan.
91
4
*'*»
36
36*8
Ref A imp 4Hs "A .....2013 A
New York Cent A Hud Riv—
Aug' 19
Sale
88
I
85
•
26%
31
Consol 4s Series A
93
14
89*8!
82*2
89*8
37
Non-cum income 5s A
84
50%
68% 75
35*21 48%
70%' 82%
5
79
56
40
—-
42
30
NY Cent RR
Oct'09
90
70
price Friday,* latest bid and asked this week
74
32
47%
46*2
42
-
90% Nov'20
34
97%
75%
49%
34%
68%
Oct'20
Lake Sbore coll g 354s
52%
O
Kan City A Pac 1st g 4s..1990
30-year deb 4s
88%
J
A
1936
Mo K A E 1st gu g 58
1942
M K A Okla 1st guar 5s..1942
M K A T of T 1st gu g 58.1942
Aug'l9
88%
J
43%
"extu.1916
77%
74
24
43*4
2004
Nov'17
74
....
_
N O Tex A Mexico 1st 6s...1925 J
Oct'20
78
J
2d gold 5s
...1941 J
North Ohio 1st guar g 5s..1945 A
Trust Co certfs of deposit..
1st ext gold 5s.
1944
05
D
S
58%
05
JulyT8|
84%
69*2 Sept'20
88*2
95
65%
43
75*2
99
95
91
.
70
85
,
Dec'20
41*8
85%
61
.
Nov'20
95
J
61%
Dec'20
81%
85
Sale
33% Sale
34%
O
NovTO
65*2
70%
-56%
09
Mar'19
88
43
-
60
79% May, 19
88%
49
74%
86%
Jasper Branch 1st g 6s...1923 J
Nat Ry8 of Mex pr Hen 4)48-1957 J
Guaranteed general 4s
1977 A
117% May'10;
88
50
43
80
80
80% Nov'16
73
47
41*8 Sale
76% 78%
90*4
10
68%
42*2
41
83
June'16
92
A
68
' 76%
...
July'20
Mar'20
42*8
....
g 59.1947 F
St Louis Dlv 53
1927 J
St L A Cairo guar g 4s..1931 J
Nashv Chatt A St L 1st 5s.. 1928 A
53
Oet'20
80
"65" II11
65
70%
98 " "98"
...i| 93% 96
Sept'20
42*8 Sale
Nat of Mex prior Hen 4^8.1926 J
58% Sept'20
66
95
91
67*2
Mo Kan A Tex—1st gold 48.1990
2d gold 4s.
(11990
1st ext gold 6a
*52" *02"
69%
III1
Oct'29
99
99
...
92%
54
58%
82
NovTO
0O»4
65*2
62
75
94
69
74
68*2
93%
63
17, 58
76
88*2
97% May'16
90
62" *74%
62%
59%
63%
Mar'10
Riv AG Div lstg 4s...1933 M
Verdi V I A W 1st g 5s...1926 rn
Mob A Ohio new gold 6a.__.1927 j
June'16
58%
77
0284
65"" "78"%
54
"2 !"ss~ "91*
65%
68
3
66
Nov'20
65%
57
60
15
Oct'20i
60
I>
8
D
66%
68
102
■
3
1951 J
St Louis Sou 1st gu g 4s..1931 M
Ind 111 A Iowa 1st g 48
1950 J
lot A Great Nor 1st g ext 7s 1922 M
35
*>
Western Lines 1st g 4s
4s...1951 J
1951 J
68%
68*2
9Ds
90%
3pringf Div lstg3)4s
Bellev A Car 1st 6s
1923 3
Carb A Shaw 1st, gold 4s..1932 M
Chic St L A N O gold 5s..1951 3
4
66% Sale
A
F
a
90*2 Sale
64
Gen con stamp gug5s._1931 A
Unified A ref gold 48...1929 j
Registered..
1929 j
02%
66%
*68%....
64*2 Sale
StLIrM A 8 gen con g 5s 1931 a
"03% "72"
71%
95% 8ept'l2
74
75%
J
Omaha Div 1st gold 3s...1951
No
69
78
1
68
80%
1938
5% secured notes
2
4
79%
.—'1 72
90% Nov'20
85*8 Oct'20
3d 7b extended at 4%
Cent Br U P 1st g 4b
JulV'09
71
N
A
9t Louis Dlv A Term
g 3s. 1951 J
Gold 3*48
1951 J
71%
N
Litchfield Dlv 1st gold 3s.1951(J
LouisvDiv A Terra g 3)4s. 1953 J
Middle Div reg 5s.
1921 F
•
7784
69
10
62% June'20
80
71%
98
92%
Missouri Pac 40-year 4s
Nov'20
Nov'15
84
....
13
63
Sept'17
67
99%
89
refunding 5s Ser A--1965
1st A refunding 5s Ser Ba.1923
1st A refunding 5s Ser C..1926
5934
Nov 20
60%
*69%
09%
98*2
1st A
7
Nov'20
92
73
58*2
72*2
73*2 June'18
73% Oct'18
83*8
91%
55
70
83%
80%
1951
Trust Co certfs of dep
Gen sinking fund 4)4fl
45*2
j 60*2 76
III 101"% 104"
88
£
g4sintgu. 1938
1st A refunding 4s
1
12
Feb'05
88
Texas A Okla 1st gug5s._1943
" "94"
O
Purchased lines 3Hs
Registered
" *83" "
91%
68
69
Sale
|
t
Sher Sh A So lat gu g 5s..1942
85
9*2 Nov'20
83
8
O
Lake Erie A West 1st g 5s—
83*1
96% 100*2
Apr'20
Oct'20
68
95
88
90
99% 103
100
100
75%
75%
28
96% 100%
I
66
105
3
Aue'20
66
91
99
...
71%
99
100%
51%
51%
71
72%
95% Nov' 19
104
72
!
9
100%,
Feb'20f
85% .85%
,85%
79*2 82 j 79% Nov'20
66
Sale j 65%
66
Dall A Waco 1st gu g 6s.. 1940
Nov'20
....
8
Ref A lmpt 5s
92
81%
1951 M
Kansas City Term
76"%
82
102%
102%
136% May'06
85*2
48—1952; M
1952; A
Registered
24
99
102% Salo
71%
67*2
85*8
1963(2,
Trust Co certfs of deposit
St Louis Dlv 1st ref g 4s..2001
82
....
1951 A
99
92
97
83%
...1951 3
g
83%
Mar'20
68%
Registered
Registered
99
Sept'19
J
J
J
J
O
Memph Dlv 1st
96% 105%
88
A
.....1951 J
3H8-
88
*88%
76%
J
Registered
81%
Feb'20
O
Cairo Bridge gold 4s
Dec'20
Nov'20!
6ept20
97
1948 A
1955 F
Registered
June'ld
83
71
1st gold 3Hs
70
99%
J
lot refunding 4s
106,
98
J
—
79*2
96%
85*2
Dec'20
1999 J
1st gold 3s sterling
Collateral trust gold
78%
89"
70%
Col A H V 1st ext g 4s
Col A Toll st ext 4s
1951 J
*64"
84*2
84
85
82 j
..
71%
j
51
1934
cons 5s
72
1 i
105
,
1st Chic Term s f 4s
1941
M S S M A A 1st g 4s lnt gu. 26
92"% 9*6%
78
Registered
Registered
96%
45
80
70
68
Extended 1st gold 3Hs—1951 A
017;
82%
73%
Mlasisslppi Central 1st 5s... 1949
96%
96
1st
80
75%
J
Registered
51%
Dec' 19
120*2 May'16
93*2 80%
81
*«»«•■»
J
J
Houston Belt, A Term 1st Ss.1937 J
Illinois Central 1st gold 4a.. 1951 J
73%
77
80*2
87%
8638 Sept'20
83
Ref A ext 50-yr 5s Ser A.. 1962
Des M A Ft D 1st gu 4a.. 1935
con
99%
104
68
1921
Reflnding gold 4s
75
91%
78%
88
50%
n
{. "
refunding gold 4fl...1949
M St P ASS M
96
102
50-year 5s..
62*2
87% 100
Nov'20,
87%
100*2 Sale
Iowa Central 1st gold 5s.. 1938
91
J
1st guar gold 5s
88*2
67
64
99
87%
J
D
83%
cons gu
*92
Aug'io
96%
S
S
N
5a...1936}^
67
81*4
Dec'20
76
"96% Safe"
lat A
June'12
60
Gen
Safe"
71%
N-Sputh M joint 4a._1952
Pensac A Atl 1st gu g 6s.. 1921
SAN Ala cons gu g
87~ "89 *
68%
68%!
99% Nov'20
100
100% 101
92
100'4 100
7
L A
Registered
A1952
N Fla A S 1st gu g 5s_...1937
N A C Bdge gen gug4)4s,1945
Pacific Ext 1st, gold 6s
1st consol gold 5s
Nov'll
95
76%
92
77%
..1933 J
1933 J
1st consol g 6s
Nov'20
8ept'20
108
47
O
D
J
J
A
Stamped guaranteed
1977
Midland Term—1st s f g 6S.1925
Minn St Louis 1st 7s
1927
Jan'17
90
67
70%
A
J
J
51
23*2
.III "97"
A
Great Nor C B A Q coll 4s.. 1921 J
Registered.
~5l" "70"
f g 6s..1931
74
Dec'19
Mex Internat 1st cons g 4s.. 1977
58%
60
Nov'20
68%
86
La A Jeff Bdge Co gu g 4s—.194f>
Manila RR—Sou Hues 4s...1936
91
91
36"
IIII "si
Ft Worth A Rio Gr 1st g 4s. 1928 J
Galv Hous A Hend 1st 6s...1933 A
"
s
74
87
104% Kale
Kentucky Centra! gold 4s. 1987a
Lex A East 1st 50-yr 5s gu 1965
LAN AM AM lstg 4)4sl945
,
40
A
Mt Vernon 1st gold 6s...1923
Bull Co Branch 1st g 6a. .1930
Florida E Coast 1st 4)48—1959
Fort St U D Co lstg 4M8--1941
80
Dec'06
55
A
cons
90
Jan'18
N
J
1937 F
1st general gold 5s
00%
47
46%
53%
85
79
Feb'20
1940 F
Fvansv A T H 1st
"7*9%
Jan'18
J
cur gu 6S..1922 M
Dock A Impt 1st ext 6s...1943 J
flf Y A Green L gu g 5s...1946 M
W Y Susq A W 1st ref 5a.. 1937 J
Hender Bdge 1st
50
38
67%
30%
108% Sept* 19
N
Coal A RR 1st
y
78%
6
83%
86% Nov'20
—83*2 Nov'20
J
J
6s.—1935 A
2d gold 4HS
General gold 5s
....
145
60
90% June'19
"87"" "89"
N
M
June'16
O
Long Dock consol
102j
Oct'20
1953 A
Erie A Jersey 1st s f 6s
1955 J
Genesee River 1st a f 6s... 1957 J
N
58%
53%
Gen conv 4a Series D—1953 A
Chic A Erie 1st gold 6s... 1982 M
Cleve A Mahon Vail g5s._ 1938 J
Series B
M
St Louis Dlv 1st gold 6s.. 1921
M
2d gold 33
1980
Atl Knox A Cin Div 4s... 1955
Aug'19
68%
67%
81% Sept'19
N
60
80
80
59*8
67%
88
78%
M
47
99%
65
65
Jan'T l
1940
92
40*2
40%
do
1940
Collateral trust gold 5s... 1931
*61% *73%
72*2
88%
67%
90
51
j
79
72%
92%
91
72%
65
92
.1937
93
58%
J
4s Ser A.. 1953 A
Unified gold 4s
5s
77
64%
Oct'20
86
91%
Jan'20
June'20
37% Sale
37% Sale
conv
91
92
*84% "92"
May'20
92
10-year secured 7s
.1930
M
L Cin A Lex gold 4)4s._.1931
J
NOAM 1st gold 6s._...1930
J
2d gold 68
1930
F
Paducah & Mem Dlv 4s..1946
98%
51% Sale
J
Registered
1996 J
Penn coll trust gold 4s.. 1951 F
Gold
84
"73 " "73"
Oct'20
95
*
Louisiana A Ark 1st g 08
1927
Louisville A Nashv gen 6s.. 1930
80
93*2
93%
99
98*8
Jan'20
05*8 Nov'20
,
65
gu 5s.ol932
con g
Registered
Oct'20
80
67
66
N Y B A M B 1st con g 5s. 1935
N Y A R B 1st gold 5s
1927
69
94% Nov'15
S
1990 J
lat consul gen lien g 43.1996
....
D
J
92
91%
92% Nov'20
99% Oct'06
1949
92%
*77% "79 "
"92" "163"
Oct'13
72%
...
60
1937
86
Nov'20|
High
79
65
72%
91% Sept'20
♦70
1923 M
2
99
98
4th ext gold 56
20
93%
95
94
*
93
S
3rd ext gold 4^s
'6*3"" *63"
77%
93*2
83
89%
77
91%
..1934
Registered..
Nor Sh B 1st
76%
78
56
73%
69
73
....
1949
20-year p m deb 5s
58
88% Nov'20
105*2 Mar'08
O
Dul Sou Shore A Atl g 58—1937 J
W Y A Erie 1st ext g 48—1947
"75% "77"
82
....
1932
Unified gold 4s
75
48
60
11
90
87%
*84% ~87
1922
Debenture gold 5s
16
Nov'20
D
Ferry gold 4>4s
Gold 4s
"l5" *15 "*
Low
20
105
Guar refunding gold 4a...1949
7
No.
69%
80%
1945
54
21
High
78
75%
1945
Registered
39
Dec* 10
68
Leh A N Y 1st guar g 4s
Since
Jan. I
92*8 Nov'20
113
Mar'12
97%
98%
93
92%
-.
98*2 Sale
93%
Long laid 1st cons gold 5s. J41931
1st consol gold 4s
ftl931
General gold 4s.
1938
70*8
70% July'20
61% Apr'll
cat A Mack—1st lien g 4s_. 1996 3
Gold 4s
——.——1995 J
LetRlv TunTerTun4348._1961 M
Dul Mlssabe A Nor gen 6S--1941 J
Oul A Iron Range 1st 6s
1937 A
92%
1933
84
86%
87%
96
J
1st A ref 48-.-—.———1943 M
77%
77*2
Range
or
Latt Sale
1933
76<s
93
1922 3
4)4s
Lehigh Val (Pa) cons g 4S..2003
General cone 4)4a
2003
Leh V Term Rylst gu g 5a.. 1941
Registered
1941
Leh Val RR 10-yr coll 6s..»1928
Leh Val Coal Co 1st gu g 58.1933
....
1923 M
Warren 1st ref gu g 3^8—2000 F
elaware A Hudson—
»
Week'1
Range
r
\Bid
AtklLow
68
68*2 Sale
High
63
92*« May'20
Price
0
Due Oct.
» Option sale.
New York BOND Record —Continued—Page 3
BONDS
Price
N. Y. STOCK EXCHANGE
Week ending Dec. 10
Dec. 10
N Y Cent A H R RR
(Con)—
Lake Shore gold 3Xb
Registered
Debenture gold 4s
D
1997 J
D
1928 M
68% Sale
No.
High
68
N
Low
10
84
High
8034
82
65
87%
74%
63
84%
Sunbury & Lewis 1st g 4s. 1936
U N J RR A Can gen 4S..1944
Peoria A Pekin Un 1st 6s
g._1921
2d gold 4Xs
61921
84% Nov'19
"69"
69
93% May'20
99% Aug'17
86%
1931 M
89
"69 " "75%
69
92
Registered
1931 Q
87%
74%
82
Pere
98% Nov* 18
1940 J
93%
93%
Registered
1940 J
J L A S 1st
gold 3 Ha
hM
1951
!at gold 3Xs
1952 M
20-year debenture 43—1929 A
N Y Chic A St L 1st
g 4a
7712
79%
1
1936 F
1
1
g 3Xs
2000 M
N Y A Northern 1st
g 5a. 1923 A
N Y A Pu lat cons
Sale
Pine Creek reg
guar 6s.._ 1932 R W A O con 1st ext 5a..51922 A
Rutland lat con g 4X8...1941 X
97
98
55
lat 4a
91%
99
68%
68% Sale
2361! J
NYC Lloes eq tr 5a_. 1920-22 M
Equip trust 4 Xs._ 1920-1925
!f Y Connect
letgu 4Xs A..1953
V Y N H A Hartford—
i
TTon-conv deben 4s
1956 M
"75""
Cona
•
Nov'16
45
*
Nov'20
40
55
44
44
45
N
Consol gold 4a....
65
73
lat terminal A
1954 J
91i2
60
N
"
Cent New Eng 1st gu 4a..1961 J
Hartford St Ry 1st 4a.... 1930 M
Houaatonlc Ry
cons g
Naugatuck RR 1st 4s
65'4
60%
6834
——
56
39%
87%
71%
60
"34"% "Si"
70
Nov'20
1
1
to'
Feb'14
62'
59'2
60
51
57-8
54
77
60%
F
—
-
76
M
101%
1931 fR
_
101
.1934 F
61
48
62
71%
82
No of Cal guar g
Ore A Cal lat guar g 58—1927
So Pac of Cal—Gu g 5s... 1937
So Pac Coast lat gu 4a g._ 1937
100
Sale
75
76
"27
76
76
3!
'20
Oct
70
Nov'20
08%
Jan'20
75%
96%
74
75
80
San Fran Terml lat 4s
76
64
Dec
75% Sale
Develop A
gen 4a Ser A... 1956
Mob A Ohio col) tr g 4s... 1938
Mem Dlv lat g 4X8-58—1996
St Louts dlv
82
83
100
100
96
Ala Gt 8011 lat cona A 6.3
77
At! A Charl A L laf A 4Xsl944
1st 30-year 5a Ser B
1944
61
70
60%
85
106
92%
68
73%
77
70
104
75
...
85
8534
85%
85
84%
Series C guar
1942,M
1945;M N
19491F
A
1953; J
19571M
N
"
A
D
Mked.
.
82%
83%
80%
82%
82%
82%
84%
82
83%
W Mln W A N W 1st gu 5h1930
Tol A Ohio Cent 1st gu 68..1935
1935
1935
80
lat gu g
431
1990
1927
2d 20-year 5a
Trust
68
75
1917
3Xs-1925
1950
1917
"80%
80
80
1st refunding g 4«
Union Pacific let g 4.3
"86%
20-year
conv
74%
79%
99
90
80
82is
78
80
72%
84
Apr'20
82%
82%
82% Nov'20
73%
82%
---
82
6 Due Feb.
76
331 74%
88%
86
0 Due June
F
J
A
J
A
J
J
J
A
F
Sale
887
69
Sale
» «or aw.
*264
930
173
10
4
"74" "82%
60%
82%
84%
Mar'19
83
" "87 "
95-%
91%
93%
85%
93%
96
96
80%
84
83
74%
69%
85%
.
262
81
*6S" " "foX
11
60
62%
71%
61%
90
67% Nov'20
Nov'20
Nov'20
65%
8l
65
70%
70%
74%
81%
|
65%
89%
55
86
2
84%
54
7,
|
Nov'20
86
90
126'
59%;
81
73%
77
84%
59
86
62%
69
86
81%
Mar lb!
67
65% Dec '20
90
87%
89% Dec '20
87
87%
87%
90
Dec '20
90
57
97
63
Nov'20
46%
97
Dec '20
96
Nov'20
9.i%
75%
95%
July'19
62
87
82%'
93%
97%
93
Sept'20
96% Sept'20!
91% Apr'20
86%
63'4
87%
65
57
(;
69%
60
Feb
53
100
97
97%
90%
—1
"91 *
87%
*20,
60
102% June'lf
88% Dec '20
87%
91
80%
Aug'19.
87% Nov'20
88%
92%
90
96
65
70
"67
60%
8912
79%
22
80% May'20
...a
87%
74%
" "87""
"81% "85%
Dec '20
57%
.
70% 70%
73% 81%
93% 117
65%
78
Nov'18!
85
__
73
85
83% Sept'20,
82% Aug *20'
85
81
92
61%
-I
.—
'20!
57%
60
*88% "95
104% Dec 'lftt
87
98
80
'IJ
Nov'20
"
"90
84%
80!4
80%
3
79
63%
66
63%
63%|
2
65
86%
89%
80'4 June'20,
80%
80%
70
Oct
70
70
83
Sept'20!
79
83
80
Doc '20
80
87%
71
Dec '20
62%
74%
81
july'20
81
85
75%
52%
85
8ft
70
70
65
;
80%
80%
66
.
-
69%
85
79
78
77%
'20
79
00
"65%
71%
Apr'20
70
Nov'20
85
70
*83% "93%
90%
83
....
90%
75% Nov'20
65
75%
Jul"''2u
80%
ft 5
82
68
36
Feb '10
81%-Oct '20
74
4S%
29%
50
42%
15
Nov'20
15
I'J
16
Nov'20l
15
lfi
65
05
Nov'20!
64%
78
82
July'20
68
85%
52
15
Nov'20
80%
47%
84
50
38
64%
89
Sept'20
80%
"8~0~" Safe
78%
80
Bate
80
1927 J
Due Oct.
Oot
67%
65'4
89
84%
Oct '18
82
....
63
1947 J
0
75%
76%'
98%
106 1
70%
72%!
87% Sept'lb
74
75%
69%
70 |
69
Sale
68
68%
M
10-ycar perm secured 63.. 1928 J
Ore RR A Nav con g 48.. 1946 J
Ore Short Line 1st g 6s...1922 F
let conaol g 5a...
1946 J
Guar refund 4s
...1929 J
Utah A Nor gold 5a
1926 J
1st extended 43..—. 1933 J
Vandalla cons g 4s Ber A...1955 F
CothoIs 4s Series B
1957 jM M
VeraCruz A P 1st gu 4Xs..l934'J
A Due July
53
69%
70% Oct '20
84%
"57% Bale"
86
92
84% Oct '20
J
...02008
Nov'20
73%
Sale
80
74%
84%
81
1
j
86
•
85
73% Sale
98
Dec '15;
89%
90
Apr'20
80% Aug *20
91
69
90
Nov'20;
87
91%
82%
67
64
83
88%
90%
1952 A
4a
May'20
106% Nov'04
.L..1947 J
1st A refunding 4a
64
94
99%
95%
86%
J
49
52
97% Nov'20
"84% IIII
ctfa of
Registered...
86%
97
N
J
A
38
3
87
84%
deposit..... -Tor Ham A Buff lat g 4a..*1946 J
co
Ulster A Del 1st oonag 6a...1928
70%
....
98%
J
O
D
45
97
65
95
"84% ~86%
S
S
8
O
A
J
O
30
41
85
97
J
Mar
1931 -»
Coll trust. 4s g Ser A
85%
85%
82% Sept'20
80
Oot '20
72% May'20
a Due Jan
</200Q
La Dlv B L let g 5a
50-year gold 4a....
88% Sept'17
85%
85%
81%
2nd gold Income 53
Tol St L A W pr lieu g
Apr'20
76% June'20
Sale
F
Spokane Internat 1st g 5s... 1955 *
Term Asari of 8t I. lat g 4X3 lw39 A
lat cona gold 5»3
1894-1944 F
Gen refund % f g (is
1953 J
St, L M Bridge Ter gu g 53.1930 A
Terns A Pac 1st gold 5-3
2000 J
Kan A M
Mar'10
82%
W O A W lat cy gu 43....1924
Western Dlv let g 5S
84%
i
50-year 5s.. 1959 A
Tol P A W 1st gold 4a
88% Oct '20
87% Nov* 19
69%
cona
General go'd 5s
82%
Sept'20
93
l9t
81
79% May'19
76%
1936 M
*36 ~
80
Apr'20
"87% 111;
Series E3H« guar gold.
71%
73%
Feb'17
80
Series D 48 guv
98%
97%
69%
Feb'12
69%
A
83
Dec' 12
88%
76%
1942, A
82
Doc'15
96%
69%
Vol W V A O gu 4Ha A..1931 J
Series B 4Hs
1933 J
Series C 4s
1942 M
^
105
.....
Va A So'w'n 1st gu 53..2003
66
84%
96% May'18
73
M
Ohio Connect 1st gu 4s._.1943,m
"Pitts Y A Ash 1st cons 58.1927 M
93%
83
1926 M
General5s...
67"
84%
90%
...
82
75%
73%
Feb'20
....
Serlee F 5a
73
93ia
83%
86%
92%
84%
81%
M
1926 M
38
100
98%
Virginia Mid Ser D 4-68.-1921
52
68%
Sale
J
1922
89
56
Nov'20
84
J
J
°
•
86
70%
75% Sale
84%
67%
19; 64% "64%
66
~4j 55
oJ ' 4938 61
92
82% Oct '20'
89
Oct '20
69% Sale
O
Series Eds
95%
95%
69%
79%!
77
85
70%
83
Jan'20l
80
O
S
O
i
1950 M N
5s....1938 M
S
1940 A
7,5
Nov' 1.9:
79%
J
'13
65%
65% Dec '20
92
49%
78%
72%
93%!
Aug'201
70%
84
B__1940|J
prtoe Friday; latest bid and
Nov 20
Feb'20
71
84%
1940jJ
4Xs.l94l'J
73%
62
1101
97% Oct '20'
69% Mar'20!
70
4X8.1963 F
1970 J
78%
83
63%
General 5s Series A
JU4%1
98%
79%
J
1
83
75%
1950jF
SerifH 1 eons guar
140
2
fi'i
68
19-42 A
°eries F guar 4s gold
o-ner
;
90 J
66%
Int reduced to 3H8--1942
Scries C 3Hs
1948
Series O
87
67%
Cln Leb A Nor gu 4s g.__1942
01 & Mar Ist gu g 4Hs...1935 M
R guar
3o7
67
M
Series
79%
,1
HQ-year gu?.'* 4s ctfs Ser E.1952 fit
P o O A St L gu 4X» A.. 1940
76%
80%
J
Jan
60
101
83%
J
J
J
J
J
*
Mortgage gold 4a
1945 J
J
Rich A D in deb 5s stmpd. 1927 A
O
Rich A Meek 1st g 5a
1948 M H
•
'87%
85
M
J
J
J
O
J
65
Nov'20
93%
O
16, 49
80
J
75
j ""5!
89%' 29!
97%
Guar 8Xa trust ctfsD... 1944 J
Guar 15-25-year gold 4s.. 1931 A
g
,
92%
78%
......1921 J
en
14
82%
95
J
•*
A
J
J
A
Ga Pac Ry 1st ff fla
103*% 108""
82
104
J
J
J
J
M N
J
•*
Ga Midland lat 3a
Oct* 19
93
Sale
83
Dec'16
•
N
N
J
O
N
62
82
76%
74
Knoxv A Ohio lat g 6s...1925
Mob A Blr prior lien g 5a. 1945
Nov'20
80
Guar 3X8 coll tnist reg \. 1937 M
Guar 3 Hs coll trust Ser B_ 1941 F,
Guar 3 4s trust ctfs C...1942 J
1st
S
J
Cons 1st gold 5s
E Tenn reorg Hen g
97% 102%
90
100%
87% Sale
4s... 1942 M
59%
82%
81%
104
RR A R'sre 1st gu 4s g 1936 F
gu 1st g 4X8--1921 J
ey
'20
76-4 Sale
1968 J
1930 A
77
"69"" *8*2""
Sale
1965 J
67%
j
83
81
1943 fit
1948 M
.1960 F
80%
49%
86
68%
69%
70
Dec '20
78% 3ept'20
68
RR 1st g 4s T.1923 m
Series C
76%
37%
6834 Sale
Pennavdv Co
Gr R A T
Oct
106
Pac fie Coast Co 1st. g 5s...1946 J
Paducah A Ills 1st s f
J
•trie & Pitts gu g 3Hs
D
60%
70
90
*
J
At! A Danv 1st g4s..
1948 J
2d 4s
1948 J
All A Yad lat g guar 43..1949 A
E T Va A Ga D1 v g 53
1930 *
Feb'19
92%
A
^
J
J
..1943 J
98%
09
June'20
97
98
4%sT.1955
122
.
Nov'20
89
*ash Cent 1st gold 4s
1948 Q
Nor "Pas Term Co 1st g 6s ..1933 J
Orego i-Wa^b 1st A ref 4s... 1961 J
Series D 3Xa._.
82%
w N
1951
69
'20,
76
lat g 4a
81
Nov'l«
75%
1994
1994
98%
.....
54%!
66
53%
Registered certificates.. 1923 Q
Series B
53
Sale
5a
72%
76%
75
1950
cona g
Registered
"94% 16534
74%
73
73% Sale
1955
Southern—lat
77%
78
104%
78%
70
Dee'19
103%
60 Pac RR lat ref 4a
74
74
Mar'20
Tex A N O con gold 53... 1943
80
67%
'20
77%
103% Sale
104%
100"% 103""
100
75
76
...
J
J
5s......1938 A
Nov 16
Oct
....
84%
1931
guar
1921
73
a2047 Q
Ol A P gen gu 44s Ser A. 1942
J
J
J
J
71%
48%
65
100
J
5«
1941
96%
It Paul A Duluth 1st
53 ..1931 Q
1st conso? gold Is......1988 J
Regls^red
90
60
39%
40
52
64
60%
.
6
33%
39%
84%
Louisiana West 1st 63
Sale
77%
.<12047 Q
gen guar g
63
N
A A N W 1st gu g 59
103
122
74
Ttef A Imp 4 Hs ser A
2047 J
5t Paul-T>uluth D!v g 4s ..1996 J
8? P A N P gen gold 6s... 1923 F
llleg Va!
51
O
03
102
____
41
92% 100
70
66%
81% 86%
63%
98%
Safe"
66%
1954 A
gu 4s
77
.
D R
61%
70% Sale
00
77
Scio VANE 1st gu g 4s..1989 \f
Pacific prlof Hen rail¬
way A land grant g 4s
1997 Q
Registered
...1997 Q
'O-vear secured 7s
60
Sale
A
Gen gold 4a Int guar... 1921
Waco A N W dlv lat g 6a '30
Northern
General 4Xa
General 5s..
55
A
57
75
1929 M
lonsol gold 4s...
Conso! gold 4s
Cocao! 4Hs
51
59%
99% Sale
59%
*20
73
Pocah C A C Joint 4s... 1941 J
0 C A T 1st guar
gold 5s..1922 J
Pennsylvania
30
55
D
54
lu3
4X8...1938 M
...
1
65%
J
1934
Hous E A W T 1st g 5s... 1933 M
lat guar 5a red
1933 M
H A T C 1st g 53 Int. gu... 1937, J
"64%
51
Nov'20
Oct
...
100'2
_40 "
1
Dec'19
62,
74%
57%
74
1996 A
Dlv'l 1st lien A gen
g 4s.1944 J
conv 4s
1932 J
conv 4s
1932 M
Registered...
J
01929 M
GllaVG AN let gu g 5s.. 1924
t '^1 1
1 11
Dec'13
88%
10-25-year
10-20-vear
General Hen gold 3s
conv 5s
Through St L lat
Sept'17
45
<
0l992'M
conv 63
*1949
conv 4a
2d exten
Registered
10-year
Aug' 13
39
81%
60'«
*>
6
95
63%
Cent Pac 1st ref ga g 4a. .1949 F
Registered
1949 F
Mort guar gold 8Hfi--*1929 J
July'14
99%
New River 1st gold 6s
1932 A
N A W Ry lat cons
g 43..1996 A
conv
Registered
20-year
....
44
....
10-25-year
60
38
61%
-
N
Registered $5,000 only__0l992 M
General 4s..
1955 J
ext g 6s.
64%
J
67
94%
64%
GHASAMAP lat 53.1931 M
Springfield 1st 5s.1922!<J
Providence Term 1st 4s... 1956 M
W A Con East 1st
4Xs
19431J
Improvement A
64%
44
83
rrov A
orf A West gen gold 6s
Vov'20—-
Gold 4a (Cent Pac coU)..fcl949
69
87
38% Sale
Consul 4a
1945 J
Erovidence Secur deb 48..1957! M
orfoik Sou 1st A ref A
5s__1961
orfolk A 8ou lat gold 6s.. 1941
62%
92%
67
'20
61%
81%
J
Seaboard A Roan 1st 5a..1926 J
Southern Pacific Co-
85
Oct
May'17
61% Sale
J
Consol gold 5s..
1943 J
Ga A Ala Ry lat con 5a..ol945' J
Ga Car A No 1st gu g 5a.. 1929 J
106ia May'16
,
...
96%
89% Nov'20
64% Sale
S
Fla Cent & Pen 1st ext 6a. 1923 J
lat land grant ext
g 5s. .1930 J
50
65
—
"95""
39% Sale
56
102
90
31% Sale
19591A
AtlA Blrm 30-yr 1st g 4s_el933 M
C&ro Gent 1st coo g
48—1949; J
70
60
82
67
66%
O
45
—
86%
O
A
48%
Nov'20
67%
|
____
^
1945 J
Y O A W ref 1st g 4s
Dec '20
64%
3978
*
I960 A
5a...
64%
77%
91%
56%
336
01949 F
Adjustment
Refunding 4a
20-year
5a.. 1937 M N
N
Wew England coos 5a
II
65
66
-
1954 Wl
N Y Prov A Boston
4s...1942 A
PCYW'chesAB 1st Ser I4Hs *46: J
Boston Terminal 1st 4a...l939 A
—
193
51
96
63%
*
46
S
-
65%
48
60%
52%
52
96
97%
89
J
O
O
1950 A
363
95
61% Sale
S
Oct'19
Non-con v deben 4a
1056 J
Harlem R-Pt Ches lat 4a.1954 M
BAN Y Air Line lat 43..1955 F
Sale
64
55"" ~64*'
Dec '20
48% Sale
J
»
Seaboard Air Line g 4a
Gold 4s stamped
July'18
40
47
81
unifying 5s. 1952 J
Gray's Pt Ter lat gu g 53.1947 J
A A A Pass 1st gu
g 461943 J
79
Jan 12
1955 J
62%
38
60
97%
Oct'17
64%
51
L>
44
56
66%
50
1948 J
74
80%
1932 J
40%
f
40
1956 J
62
76
43%
45%
45
60%
73%
85%
85% Sale
"95"%
96
58^
72%
M N
A
O
A O
8tLS W latg4s bond ctfa.. 1989 M N
2d g 4a Income bond
ctfa.pl989 J
J
93%
84
72
73
59
J
g 6a. 1928
K c Ft S A M
Ry ref g 4a. 1936
K C A M R A B lat
gu 58.1929
82
76%
....
90%
Sale
J
j
r
65^4
ft
64
-
64
r
94%
45
93%
*71" "88""
151
82%
Oct '20
60
f
64
li¬
43
93%
90%
1928
64%
46
Sept'20
87%
71%
40
84
1950
95%
616'
46
1955 J
Non-conv deben 4a
Non-conv deben 4a
92%
82
77
58
84%
1950
Southw Dlv 1st g 5s.-.1947 A
K C Ft S A M cona
Feb'19
46
---
4a....1930 F
non-conv
60%
Nov'20
75%
66%
Doc '20
J
Cum adjust Ser A 6a
o
61955 1
Income Series A 6s
61960 Oct
St Louis A San Fran
J
gen 6s. 1931 J
General gold 5s
1931 J
J
8t L A 8 F RR cons g 4a_.1996 J
J
60
53
25
82
66
40
92
"90"
80%
J
Prior Hen Ser B 5a
Prior Hen Ser C 0a
"
52
1954 A
debenture 3 Ha
debenture 6s.^
Ry
45 %
1947 M
J
O
Nov'16
76%
76%
.1997 J
Prior Hen Ser A 4s
71%
97% June'20
J
1947 N»
Oonv
98
71%
99 >2
N
J
F
Yon-conv deben 4s
Won-conv deben 3Xs
^oa-eonv deben 3Xs
Non-con v deben 4s
Conv
64"
May'15
67
»
Registered
71%
95% June'20
68%
69%
68
J
Jersey Central coll g 43—1951 A
Atlantic City guar 4a g._.1951 J
St Jos A Grand Isl 1st
g 4s..l947 J
St Louis A San Fran
(reorg Co)—
94
71
92% Nov'20
82
Oct '20
130% Jan'OO
83
guar...23611J
Registered
81%
92%
103
J
78%
"64~~
101
1956 J
78% Sale
60
Aug'20
6OI4 Nov'20
"60*
,
80%
J
81%
"95"
91%
80%
81
1997 J
64" "75""
97
80%
91%
80% Sept'20
81% Sale
66
67%
35
38%
84%
Reading Co
Nov 20
97
91% Oct '20
81
72%
7112 Nov'20
OgAL Cham 1st gu 4a g. 1948 J
Rut-Canada lat gu g 4a. 1949 J
St Lawr A Adlr lat
g 5s...1996 J
2d gold 6a.
1996 A
TJtica A BJk Rlv gu g
4?__1922;J
.Pitts A L Erie 2d g 53___al928'A
I Pitts McK A Y
1st gu 60.. 1932! J
23 guaranteed 6s
1934! J
Aest Shore
"
80% Nov'20
91
M N
93% Apr'20
97% Dec '17
May'20
113
97
80%
76'4
Feb* 16
71% Oct '20
72%
S
F
J
94
"72""
68
J
M
f 4s 1937 J
gold 4s
99
82%
Q
O
gen
High
96%
78
'93
1943 J
64
69%
93%
gu g 4a. 1993
Jan
1940 A
67%
70
102
66%
Nov'17
89%
No. Low
96% Oct *20
78
May'20
J
J
a
Sinoe
Jan. 1
H^)h
Ask Low
95
N
J
Range
or
Last Sale
Pitta Sh A L E 1st g 5s
1st conaol gold 5s
72
77i2
79%
79
60
1
1
Nov'20
85
•
»©
M
1931
_
63%
70
77%
79%
1937 A
N I June RR guar 1st 4a.
N Y A Harlem
66%
68%
1937 A
Registered
Debenture 4a
77
O
A 5s. 1956 J
PhlUppine Ry 1st 30-yr
69
"77"
Marquette 1st Ser
1st Series B 4a
Nov'19
7434 Sept'20
00% Mar'20
Bid
C St L A P 1st cons
g 6s..1932 A
Phlla Bait A W 1st g 4s. .1943 M
Sodus Bay A Sou 1st g 5s. 1924 J
69
Week's
Range
Dec. 10
Pennsylvania Co (Concl.)—
71%
76
""21
Aug'20
Price
Friday
Week ending Dec. 10
65
70
83
8034 Sale
BONDS
N. Y. STOCK EXCHANGE
Since
65
4s
-
Range
Jan. 1
Sale
~83~
Registered
—1931 M N
Moh A Mai 1st gu g 4a
1991 M
Mahon C'l RR lat 5a
1934 J
Michigan Central 5a
c3
Is
or
70
S
M
1931
Range
Last Sale
Ask Low
Bid
1997 J
25-year gold 4a
Week's
Friday
3313
73 % Bale
99% Sale
98%
88*
89%
Sale
77
89%
IIII "76"
p Due
79%
73
99
60
5
79
76
81%
25
66
lft
52
74%
85%
77
79
88%
78%
93
66
81
44
74%
100
95
103
3
10
60%
81
65 !
96*4 101
93
74% 85
18
84%
92%
20
28
7,1
90
78%
90%)
Feb *18
*81%
82
77%
77
85
52
231
90%
89%
73
aO
98%
88%
89
74%
22
79
62%
77
76%
98%
88%
79%
64%
.
82
—"2
80% Dec '19i_
80% June'18
.
25
25
2
Nov. # Due Dec. e Option aa e
New York BOND Record—Concluded—Page 4
3314
5*
bonds
n. y. stock
Wuk'e
Rang*
bonds
Price
Range or
Last Salt
Since
n. y. stock exchange
Week ending Dec. 10
Friday
Range or
Range
Since
Jan. i
Dec, 10
Last Sal*
Jan. 1
10
Dec.
As* Low
Bid
84*2 Sale
69
1926
1928
Kxten a Impt gold 5e
1930
Refunding 4xb series a..1966
72
84
4s—...1948 m
50
Sale
55%
56%
55
65
69%
88%
69%
Alaska Gold m deb 6s a....1925
m
15
17%
16%
17
11
88%
Conv deb 0s series b.....1926
ivi
15
17%
17% Nov'20
21%
29%
50%
55%
52
52
23
81
Sale
59%
92
J
54
63%
'17
32
"88"
76%
48%
67%
59%
j
n
70%
67%
78%
66%
71%
66
67%
72
o
j
j
22
29
29
29%
33
33
47%
"66"%
1st Ser c 6Xa
92%
84
Street
Coll tr a
conv
45%
60%
50
61
66%
71%
Nov*20
61
69
60%
74
Great Falls Pow 1st s
91
74%
Int Mercan Marine s f 6s... 1941
21
38
21%
33
Computing-Tab-Rec
9
GranbyConsMSAP
Stamped guar 4-5s
1956 f
Kings County e 1st g 4s. .1949 f
Stamped guar 4s
1949 f
connRy ALlst Arefg4)£sl951 j
Det United 1st cons g 4)$s__1932 j
Ft Smith Lt 4 Tr 1st g 58—1936 ivi
Hud 4 Manhat 5s
ser
1932 f
55
66%
Ontario Transmission 5s
2
55
68
52
6
50
60
52
53% Nov'20
50%
51
18
18
58% Sale
iii i "64%
60
60% sale
60
58
~69~% Sale"
74
78
11
24%
52
49%
60
Cent Foundry 1st s f 6s
50%
52%
49%
60%
Cent Leather 20-year
sol Tobacco g 4s
40
42
67
71
Nov'20
61
20
57
18
20
21
18
Sale
5
4
Sale
4%
49%
—
49% Sale
55
95
80
Jan
45
48%
Sale
24
75
88%
88%
73
—
66%
69
68
50
47%
21
35%
20%
35
n
28%
29
21
68
68
68
14
d
75% Sale
j
76%
Nov'20
82
82
81%
82
80% Nov 20
85
j
87
...J
""34
12:
——!
82
....
June" 19
98%
82,
79
Apr '20
<■«««>!
95% Apr '20
hl940 m
«q g l n y 1st cons g 58—.1932 ivi
Havana Eleo consol g 5s
1952 f
Hudson Co Gas 1st g 5s
1949 ivi
Kan City (Mo) Gas 1st
g 58.1922 a
Kings Co el l a p g 5a.....1937 a
s
a
77
87%
79%
87
87%
84
85%
n
83
j
a
Peop Gas a c 1st
63
cons g
6a. 1943 a
1947 m
Ch g-l a Coke 1st gu g 5s 1937
Con g Co of Ch 1st gu g 5s 1936
j
j
Sale
75% Sale
76
s
j
m
n
87
d
f 6s..1926 j
Syracuse Lighting 1st g 5s.. 1951 j
Syraouae Light a Power 5s. .1954 j
Trenton
g a ei
m
Refunding a extension 5s_1933 ivi
United Fuel Gas 1st s f 68—1936 j
Utah Power a Lt 1st 5s....1944 f
Uttea rlec l a p let. e 5a.—1950
•No price Friday; latest bid and
j
90
85
90
86%
80
81
80
81
97% Sale
74% Sale
97% Sale
90%
91
Sale
98
98
74
92% 93
92% Sale
94% Sale
84
j
j
1947 j
1930 f
6s. 1926
89
86% Nov*20
86% Nov'20
87
Sept'20
f
1931 m
f 5a
1942. m
88
77% Sale
N
J
al926 m
75
Sale
D
..19321j
5s
87%
J
1926
76
....
100
S
84%
96% 103%
191
74
95
109
97
93
37
91
91
34
90
92
91%
92%
11
92
92%
94
27
92%
97%
94%
94%
396
94%
96
87%
87%
6
85%
97%
78%
75
75%
93% July* 19
35
76
89
50
74
80%
85%
85%
77-%
85% Nov'20
D
90
A
76% Sale
76%
77
A
65%
67%
65%
65%
D
66
73%
75% Nov'20
D
86%
...
88
74
97
98%
105
95%
101
Dec'14
101
78
Sale
77%
Indiana Steel 1st 5s
Said
1926 j
6s..1923 a
D
92 %
Sale"
91
1950 m
s
95%
65
74
70
76
95
o
76%
87% >
Feb '18
Oct'20
—
—
«...
-
Jeff A Clear C A I
-
77
85%
73%
>v'2
71%
80%
72
—
—!
10
"80% ~84%
Lackawanna Steel 1st g
1st cons 53 series A
Lehigh C A Nav
Mldvale Steel A O
conv
Pleasant Val Coal 1st
92
Pocah Con Collier 1st
7334
77
Repub IAS 10-30-yr 5s
09%
82%
St L Rock Mt A P 5a stmpd.1955 j
Tenn Coal I A RR gen 59.. 1951 j
87%
75%
mm**'
m-*
*
m
s
7434
85
58%
71%
84
89
Victor Fuel 1st
78%
81
10
79%
90%
127
72%
83
s f
.
.
24
67
70%
70
80
70
100
9
92
05
82%
80%
96
71
79
78
Nov'20
85% Sale
71
72%
89
93%
85%
89
90
91% Sale
92%
468
91%
9
o
J
J
N
N
80
•IIII "52"
83% Sale
70
83%
187
86
"1
Nov'20
70
M
20-year
conv
75
J
4
30-year temp coll tr 5s
1946 J
7-year convertible 6s
1925 F
Bell Teleph of Pa S f 7s A.. 1945 A
2397
88
9934
99%
80
80
87
73
80%
Mar'19
83
83%
75
77
115
65
1
82
4
62%
77%
69
81
77% Sale
94% Sale
101% Sale
77
79%
328
72%
9334
94%
95%
167
92
99%
101%
102%
132
95«4 102%
85
85
J
Q
85
Sale
64%
J
79% Sale
90
64%
"70"
86%
Jan'18
79%
8
80
Apr'16
88
98
83%
85% Nov'20
74% Sale
86
Sale
M
f 0s.Feb 1949 F
81%
85
60
Aug'20
68U
63
3
_
N Y Telep 1st A gen s f 4Hs.l939
s
93
88%
65
70*4
30-year deben
72%
80
80
Oct'20
v
67
Sale
81
1933 M
4Xs
Sale
64%
..1936 M
4a..
7034
67%
86
96
203
72%
81%
101
75%
88%
74%
82%
84
9034
....
I
t
1
)
76
63
.
80%
80%
18
76%
88%
81
Sale
8034
81%
61
78%
85%
81
Sale
81
82
9
70%
86%
78
Sale
75
78%
70
81%
Pacific Tel A Tel 1st 5s
South Bell Tel A T 1st
—
—
81
f 58.1941 J
West Union coll tr cur 5s...1938 J
)
89
77%
78
Sale
82
82
74%
71
94%
99%
83%
85%
70
Keystone Telephone 1st 5s..1935 J
Mich State Teleph 1st 5s...1924 F
1
75% Sale
74%
76%
91
*
86
90
29
"71%
)
75%
77%
J
s
80%
70
1
Aug'20
72%
)
—
74%
91%
91%
Cumb T A T 1st A gen 5s... 1937
~85
89%
Telegraph & Telephone
Registered
85
93%
22
83%
74% Sale
83%
92%
N
Cent Dlst Tel 1st 30-year 58.1943
Commercial Cable 1st g 4s—2397
75
"72"% "84 '
78%
I
M
Am Telep A Tel coll tr 4a...1929
63
87
f.1940 a
s f 5s.
Va Iron Coal A Coke 1st g 5s 1949 M
77%
75%
Feb'19
1931 M
1953 J
Utah Fuel 1st sf 5s
77%
s
Corp—Jcoup...dl9B3
10-60-year 5sQreg
dl963
26
83
f 58.1957 j
U S Steel
""38
63
75%
s
—
J
sf 5s 1936 m
f 5a. 1928 j
90
98
J
f 4X A.. 1954 j
s
89%
7
80%
Sale
2d 5s
85
70
.
8
87
87
91
88
62
84%
86
22
75%
97%
o
90
....
93%
84
N
Sale
"68"%
70
82%
1952 m
75
75%
83
1940 a
89
1st g 5s—1949 m
Union Eleo Lt a p 1st g 58—1932
99%
83
Illinois Steel deb 4Xa
84
84
s
93%
82%
91
7
n
5s.. 1922 m
conv g
96%
95
89
Mu Fuel Gas 1st gu g 5s._ 1947
Stand Gas a el conv
88
88%
90
84
....
70
90
91
87
84
n
110
78%
88%
conv
s
89%
77
100
89%
Cahaba C M Co 1st gu 6s. .1922 j
Colo F A I Co gen s f 5s
1943 f
-
-
91
~63 ~
82
105%
97%
10-year 7xa
Debenture
89
j
99% 111
104%
80
104%
78%
70%
105
s
81
83
Buff a Susq Iron s f 5s
96% 102
—
——
Ind Nat Gas a Oil 30-yr 5s 1936 m
Philadelphia Co
87%
85
o
Refunding gold 5s
104
84%
99%
80%
99%
91
u s Realty a i conv deb g 5s 1924
u s Rubber 5-year sec 7s.-1922
Convertible
5s International Series... 1930 f
Pat a Passaic g a ei 5s
1949 m
Jan'20
Nov'20
82%
78%
62
95% 100%
74"
74
2
31
~81" Sale"
j
100%
Nov'18
5
104%
a
99
90
"31
n
nyaq el lap 1st con g 58.1930 f
Pacific g a e Co—Cal g a e—
78% Sale
91% 94
91
70%
97
86
81
92
80%
Pacific g & e gen a ref 58—1942 j
Pae Pow a Lt 1st a ref 20-yr
89
Nov'20 —!
92
74
d
104
Sale
83
95%
85%
86
"
100
88% Nov*20
66%
67
99%
82
82
Oct'20
81
88
92
71% Sale
Corp unifying a ref 5s...1937 m
80%
95%
92
o
1948 j
Purchase money g 4s_....1949 f
Ed Elec 111 1st cons
g 5s..1995 j
94%
74
102
89% 100%
190
85
Nov'20
76
104
20-yr p m a Imp s f 5s...1939! j
95%
94%!
Ed el 111 Bkn 1st con g 4s. 1939 j
Lac Gas l of 8t l Ref a ext 5s '34 a
Milwaukee Gas l 1st 4s
1927 ivi
a
80
i
92%
s
WYGELHAPg 5s
82
Col Indus 1st A coll 5s gu._1934 f
Cons Coal of Md 1st A ref 5s 1950 j
Elk Horn Coal conv 6s
.1925 j
81%
o
1925 m
d
79
Sept'19
92% Dec '19
1997 a
1948 j
Nov'20
92
96
104% Sale
89% 100%
88
1st a ref 5s guar a
91
91
9714
89% Sept'20
"73"" "74
m
j
1930 j
Beth Steel 1st ext
79
77
iiii "77
o
j
79
79
94
n
o
81%
89
Dec'18
73%
87
j
86
82%
70
•
98
92%
68
90%
89
6s.. 1938 m
conv
u 8 Smelt Ref a m
Nov'20
70
Coal, Iron & Stool
66%
—
98% Sale
s
99% Sale
74%
83%
97
88%
Westlngh e a m 7s
80
1;
f
j
66% Sale
86
Sale
Va-Caro Chem 1st 15-yr 58.1923 j
Conv deb 6s__—
rl924 a
West Electric 1st 5s Dec.... 1922 j
03
n
s
Newark Con Gas g 5s.
77
j
ref 63 series b
Purchase money 6s
Convertible deb 6s._
85
81%
...*1940 m
a
ser
75%
75%
j
Cons Gas elap of Bait 5 yr 5s'21 m
Detroit City Gas gold 5s
1923 j
Detroit Edison 1st coll tr 5s.1933 j
1st a
76%
83
74
o
Columbus Gas 1st gold 5a..1932 j
Oonsol Gas 6-yr conv 7s...1925 q
*21% *33%
71
8ept*15
88%
74
90%
July'20
Oct"20
1st a ref 5s series a
29
86
83
75%
91
88%
Stamped
29%
84%
Sale
75
92%
75
95
89% 92
82% Sale
77%
Union Oil Co of Cal 1st 5s..1931 j
June'17
81%
119
73
70
88
93
29
73
117
Oct'20
69%
89%
90
83
84
28
!
2
75%' 188
74
117
89%
Standard Milling 1st 5s
1930
Union Bag a Paper 1st 5s.. 1930
50
87% 100
89% 99%
70
89%
90%
95%
37
36
103
78
96%
8034
88%
n y Air Brake 1st
75%
'84% "98%
88
50%
Sale
28%
69%
96
..1942 m
National Tube 1st 5s
63%
4
75%
53%
82%
88
77%
:1944 a
1951 f
80
47%
63
Bklyn Un Gas 1st
1st a ref 5s
68
Oct'20
v
90
Dec'20,
76
1951 f
5s
Lorlllard Co (p) 7s
*50" "so"
27
Qai and Electric Light
Atlanta g l Co 1st g 5a
1947 j
Bkly Edison Ino gen 6s a. 1949 j
..1927 j
68
28
—
Stamped
59%
28
Eqult Tr (n y) Inter ctfs
Va Ry Pow 1st a ref 6s...1934 j
Oflcln Gas a Elec IstAref 5s 1956 a
Columbia g a e 1st 5s
1927 j
50
69'2
St Louis Transit gu 5s....1924 a
United RRs San Fr s f 4s...1927 a
Union Tr (n y) ctfs dep
—
,
90
89
m
j
j
Liggett a Myers Tobac 7s__1944 a
87%
Sept'20
12
July'19
87%
86
Sale
Sale
73
1952 m
5s
75
■J
88%
May* 19
50
90%
69% Sale
1931JF
37%
19%
72
96
81%
Nat Enam a Stampg 1st 58.1929 j
Nat Starch 20-year deb 5s..1930 j
1
63
—
%f
Dec'20
117
58—1925 a
1951 f
1931 m
1934 m
g
80
75%
45%
61
94%
Sale
74
a
a
1939 j
5s
29
88%
o
Income 0s..
1948
United Rys inv 6b Pitts iss.. 1926 m
United Rys St l 1st g 4a
1934 j
45
59
48%
24
Third Ave Ry 1st g 5s
7%
4%
27
'20
75% Sale
j
8
July'17
65
64
60
78
Int Agrlc Corp 1st 20-yr 5s..1932
Int Paper conv s f g 5s
1935
1st a ref s f conv ser a...1947
90% Feb '17
55
al960 a
Debenture
Dec '19
77
m
j
68
4%
51%
3%
Oct'20
85%
88% Sale
90%
20-year deb 6s
..Feb 1940 f
Ingersoll-Rand 1st 5s
1935 j
51
68
68
j
31
54
60
--
ny State Rys 1st Cons 4)49.1962 m
Poitland Ry 1st 4 ref 5s
1930 m
Portld Ry LtA p 1st ref 5s. 1942 f
32
20
32
Sale
17%
3%
21
4
75
19%
4
77
66
JulyM9
16
85
75%
Nov'20
70
86
j
General Baking 1st 25-yr 6s.1936 J
Gen Electric deb g 3Xa
1942 f
July'19
19
o
58.1945 m
68
62
88
70
Nov 20
Sale
87%
e i du Pont Powder 4)$s_—1936
*92_" "94%
67
81
77%
78
82% Sale
Cuba Cane Sugar conv 7s__ 1930 j
Distill Sec Cor conv 1st g 53.1927 a
Dec '19
66
Sale
93
93
94
1951 f
4s
Corn Prod Refg s f g 5s
1st 25-year s f 5s...
67
15%
27
72%
85%
93
81
81
70
40
Apr '20
88%
Oct'20
74%
79
68
58%
64%
88
91
15%
92
83%
June* 16
64
Baldw Loco Works 1st 58—1940.m
27
"*90" "95*
86
72%
60
a
Am Writ Paper 8 f 7-6s
15%
54
76%
5
64%
75% Sale
58
27
Nov'20
75
93
76%
23%
40
30
88%
10
27
j
j
Gold
'19
Oct
82%
72%
Apr'14
94
64%
41%
36% 40
15% Sale
d
s
s
a
a
j
j
cons g
Am Tobacco 40-year g 6s...1944
50%
75
n y Rys 1st re a ref 4s—.1942 j
1937 j
Tri-City Ry a Lt 1st s f 58—1923 a
Uadergr of London 4)4 s
1933 j
Am Sm a r 1st 30-yr 5s ser a '47
50% Sale
New Orl Ry a Lt gen 4)4a..1935 j
n Y MUnicip Ry lstsf 5s a.1966 j
Portland Gen Elec 1st 58.1935
St Jos Ry l h a p 1st g 5s..l937
St Paul City Cab cons g 6s—1937
Third Ave 1st ref 4s
1960
13
50% Sale
j
al942 a
68
73
11%
95%
&
45
Sale
89
78
226
95
83%
80
72%
81
Industrial
Am Agrlc Cbem 1st c 5s...11928 a
Conv deben 5s
1924 f
Am Cot Oil debenture 5a_._1931 m
63la
25%
16%
81
88
—1928
8f 6s
Manufacturing
70
68
53%
12
s
Refunding a exten 4)48—1931 j
Montreal Tram 1st a ref 58.1941 j
58%
i
conv
417
14
j 140
51% 1905
12
o
Col a 9th av 1st gu g 58—1993 m
Dex Av apf 1st gu g 58—1993 m
Met w s ei (Ohio) 1st g 4s. 1938 f
mllw Eiec Ry a Lt cons g 5s 1926 f
28
61%! 155
22%! 148
10-year
45% Sale
j
o
Stamped tax-exempt
1990 a
Manila Elec Ry 4 Lt s f 5s.. 1953 ivi
Metropolitan Street ry—
Bway a 7th a v 1st eg 58.1943 j
63%'
'2o!
21%
77% Nov'20
78
12% Sale
o
Certificates of Deposit.......
Interboro Rap Tran 1st 5s._ 1966 j
Manhat Ry (ny) cons g 4s. 1990 a
Jan
59%
95%
94
66%
60%
Sale
61
Wilson a Co 1st 25-yr s f 08 .1941
70%
60%
!
Dec'20
28
60
—-
56
18
25
61%i
78
90%
1945|m
Pub Serv Corp n j gen 5s..1959
Tennessee Cop 1st conv 6s..1925
Wash water Power 1st 5s..1939
57%
Dec'20—!
58%
66% June'20
a
Interboro-Metrop coll 4 x a. 1956 a
Adj Income 5a.
13
62
88
May'20
95
Apr'20
84% Oet*20
II— "72"%
a
62
80
90
92
83
Ontario Power n f 1st 5s. .1943 f
52
108
63
81
81
Nor States Power 25-yr 5s a 1941
52
106
90
80
81
100
13
62
484
66%
Sale
79%
"70% "83%
30
79
104%!
64
72% Sale
1939jj
f
j
a
m
Sale
1
91%'
78
ja
n y Dock 50-yr 1st g 48....1951
Niagara Falls Power 1st 5s..1932
Ref a gen 6s.
etl932
Nlag Lock a o Pow 1st 5s. .1954
62
1957
n y a Jersey 1st 5s
Certificates of deposit..
66
40% Dec '19
60%
61
21% Sale
Adjust income 6s....
Certificates of deposit
80-year adj inc 6s
88
60% Sale
a
a—1957 f
Apr *20
May* 18
80
82%
76%
85%
a—1943ij
51
j
j
j
8
1951 j
45
66
.....
90
j
a
1927 f
49
39%
34%
31%
Sale
82
71
91%
88
Mtge Bonds (n y) 4s ser 2.1966! a
10-20-year 5s series 3
1932 j
50
51
33
64
a
Nassau Eleo guar gold 4s. 1951 j
35
42
37
23
j
n
j
a
a
a
Bklyn q Co a s 1st 5s
1941 j
Bklyn Un el 1st g 4-5s._.1950 f
40%
36%
81
Sa(e
Sale
41
..
Bk q Co a s con gu g 5s.. 1941 mi
Stamped guar 4xa
42%
40
BkClty 1st cons da._1916-1941 j
Chicago Rys 1st 5s
-j
37
3-yr 7% secured notee—*1921 j
Certificates of deposit
Certificates of deposit stmp'd
Dec'20
67
73%i
Mar'18,
Sale
81
1928im
f 5s—1940! m
Morris a Co 1st s f 4Xa
6
4,
09%
114
o
85%
"82% "93"
Oct'20;—1
104
91% 92
05% Sale
con6sA1928jM
Stamped
Railway.
71
104%
n
f 6s—1941 j
51%
Dec'20
32
"75% *77 "
j
(ctfs)—.1963 j
1923; m
6s ser a—.19321a
Chile Copper 10-yr conv 7s.
68
——i
| 62,
65
69%
73
—
58
Chic Un Sta'n 1st gu 4Xs a.1963
88
Montana Power 1st 5s
.
Brooklyn Rapid Tran g 5a..1945 a
1st refund conv gold 4s.. .2002 j
73
85
73%
69%
....
Building 5s guar tax ex..1900 a
Chic c a Conn Rys e f 5s...1927 a
Feb'18
82%
73
—..
Consol 5s———————-1955 j
84
Oct'20
84
1952 a
Bush Terminal 1st 4s.
Sale
"737's "84"%
71%! 123
68
90
83
10
75%! "89
74%
Sale
69
Booth Fisheries deb s f 6s—1926
90% Mar'17
j
4s—.1949 j
47
81
81%
86% Nov'20
82
s
term 1st 4s '36 m
36
63
80%
80'2
— —
74% Sale
d
*39i j
1934'j
a
Braden Cop m coll tr sf6s—1931 f
66" " "72"
85
Oct
1920^ n
Atlantic Fruit conv deb 7s a
55
36
g
Armour a Co 1st real est 4%s
Aug'18
63
62%
coll tr
Am s3 of w Va lBt 5s
Aug '12
85
52%
Sale
1950
Miscellaneous
Adams Ex
Oct'20
82
58
kb 1st consol 4s.—.—..1949 m
Sup a Dul dlv a
17
50%
74% Oct '19
70
Nov'20
67
7012
s
a o
j
j
p a
m s
Winston-Salem 8 b 1st 48—1960 j
Wis Cent 50-yr 1st gen
72%
Aug'18
80
Western Pac 1st ser a 6s..1946 m
Wheel Dlv 1st gold 6a
Westchester Ltd gold 5a
50%
----
62
High
Oct'19
Utica Gas a Elec ref 5a..... 1957
91
88% Mar'20
85
Low
Nov'19
88
86%
79
69%
85
49*8
No.
High
87
84
72%
19
97% July'19
63
Ask Low
Bid
Gas & Electric lt—(Concl.)
High
40
90
plM3 Nov
Wheeling 4 l e 1st g 5s
Low
83
84%
77
80
72%
No
High
79
83%
Sale
79
Virginian lot 6s series a...1962 m n
Wabash 1st gold 5s........1939 m n
2d gold 5a
»
1939 f a
Debenture series b......19391j
J
lit lien equip a id g 5s
1921 m 8
1st lien 50-yr g term 4b... 1954 j
j
Det A Cb Ext 1st g 5s
1941 j
j
Des Moines Dlv 1st g 4s..1939 j
j
om Dlv latg 3^s
1941 a o
t ol a Cb Dlv g 48
1941 m s
Wash Terml 1st gu 3x8
1945 f a
1st 40-yr guar 4a........1945 f
a
West Maryland 1st g 4s.—1952 a
o
West n y a Pa 1st g 6s
1937 j
j
uen gold 4s
...1943 a o
Income 5s___.
Week's
Price
Friday
If
exchange
.Week ending doo. 10
"79" "94%
70«4
81%
95
95
s
1937 J
Fund A real est g 4Hs_..1950 M
Mut Un Tel gu ext 5s
1941, M
Northwest Tel gu 4Xb g._1934
asked. aDue Jan. hDue April, oDue May. gDue June. ADue July.
J
ADue Aug. oDue Oct.
80%
99
101% 8ept'17
94
pDue Nov.
Nov'16
I
25
..
..
fDue Deo. sOptlon sale.
BONDS
S«a next page
BOSTON STOCK EXCHANGE-Stock Record
8HARS PRICES—NOT
PER
CENTUM PRICES
Sales
for
Moi\day
Tuesday
Dec. 4
Wednesday
Thursday
Friday
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Dec. 10
STOCKS
BOSTON STOCK
the
Saturday
EXCHANGE
12284
62
121
62%
*81
24
25
*
123
6212
61%
*81
23U
35
*130
122\
6H2
*81
...
24
♦28
23i8
123%
6134
*25
130
82
23
20
791
623s
1,254
81
130
*20
62*2
81
20%
21
20%
Last Sale 35
30
130
6284
*
130
Last Sale
*4i2
*4%
*130
*
*
70
*
70
Last Sale
*4l2
*130
*130
*
70
2,099
3712
38
19i2
19i2
79
*85"
38
20i2
79
"II
*7012
*19%
♦37%
19%
*..—
*85
72
YTi2
70
21
*19
*18
37*2
35
36
736
18*2
19%
18*2
19
4,432
79
78
78
71
Yi~
*18
70
2012
20
*71
15
"85"
85
8
71
71
130
...
Last Sale 21
100
20
Dec
40
28
.....
Nov'20
Oct
Sept
pref
Mar
8
3% Nov
11
Mar
6
2% Nov
130
Jan 30
132
Jan
8
70
Nov 17
86
Jan
2
Do
pref
100
100
68
T Jan
100
35
Dec
9
N Y N H A Hartford
100
18% Dec
9
Sept 27
37*4 Sept 24
78
3
86
Jan
July21
89
75
75
*75
80*4
80*4
"""116
38
39
*38
38*2
38*2
38*2
1,294
49
50
50
50
49
49
pref
Northern New Hampshire. 100
Norwich A Worcester prel.100
Old Colony
Rutland pref
.20
.25
.21
.26
.18
.25
.15
.20
8,355
Am Oil
2
2U
2
2
is8
2
1*2
1%
4,825
912
9i2
*8
9
8*2
65
9914
99%
8*2
987s
8*2
9834
8*2
98*4
Amer Pneilmatlo Service.
Do
pref..
98*2
4,526
71
70*2
71
71
71
70
72
70%
70*8
445
.10
.10
1,380
*9
10
99%
71
71
71
.20
.20
*8
9834
7034
71
*72
*72
...
9
99*8
.10
71
10%
10%
20
4%
6U
*72.
.10
*1134
10
19%
*434
20
19%
5
98*8
7078
*72
.10
10
.10
>
...
.12
.12
12
12
12
181
1978!
4*%
12
19%
*414
19%
18*2
19
18
18
7,398
1
lis
1
Us
1
*.87
1
1
1
IX*
1
.99
*12U
1234
*12l4
4
45s
5
Deo
Dec
Dec
Connor (John T).
East Boston Land
12
Nov 18
158
15812
157i2
157
*1634
978
*3558
*25
35
5%
1234
157%
*1534
1634
10
25
*25
35
5%
36
*35*2
23
21%
1H2
91
9034
11%
9034
90
83
84
83
83
81
83
I
5934
60
60
I
98
97
*10
11%
27
27
*148
98
150
9712
1038
11%
267s
265s
*148
»265s
150
148
—.a....
85
13l2
13
13
♦13
20
1934
20
20
1234;
12%
11%
Aug 10
88
Apr
May 16
164
Nov
4
Gorton-Pew Fisheries
60
Greenfield Tap A Die
25
Internat Cement Corp.no par
35
160
5
5
1,020
12*2
11*2
11%
874
12
12
11
12
281
90
90
81%
80
80
59
60
59
59*2
*119% 124
*122
70
~80~
418
80*2
59*2
59
647
10%'
124
300
25%
25
25*4
25
25
1,195
97
I
123
25
.
97%
96*2
97
96*2
97
983
123
8-—
6?8
*56
57
105% 106
105
*55
*55
57
20
780
13%
*19*2
6*2
7
6%
55
21%
22
*21*2
22
21%
33*4
23*2
1578
21%
1,791
337S
16,379
215s
3534
36%
24l2
1734
3478
355g
34%
35*2
33%
3434
33*s
34
24
24
24
24
23*2
24
17*4
16%
*17%
16*s
17
18
17
1734
17
18
1734
1734
24%
17%
1734
24
17%
18
17*2
1734
17%
18*4
17*2
15
16
16
14*2
15
18
17%
15
*15
15
¥
26%
29
*25
29
28
*23%
28
♦25"
j *23*4
20
17*2
15
26
15
*
29
28
45
55
21*4
15*4
l",735
55
215g
19
"3",050
"
26
*25
Last Sale
Slrams Magneto
Torrlngton
Union Twist Drill
*.50
-
|
r*.i5
.25
'*.25
18*2
18%
*18*2
2%
2%
*2*2
7*8
7*2
9*2
7
9*2
9*2
*
.70
*.50
.70
48
48
|
47*4
48
*.15
.25
19*2' *18*2
3
|
2%
7*2'
6*4
19*2
.50
17%
15*4
17*4
280
975
Waltham
15
15%
Watch
Do
1st
Do
233
220
13*2
14*4
13%
230
-
221
13*2
13
634
7
6%
*9*2
225
13'4
8
277s
27%
27*2
434
4*2
534
4%
534
5-34
7
6%
7
6
8
8*4
734
8*2
2*2
3*?
*2*4
*234
2*2
*2%
2%;
2
*1%
8
3
3
*1%
"*.50
2
49%
53"
76
3*2
2
..50
.40
*.50
48"
48*2
77
77
77
76
18%
21
"3"
*2%
"3""
*2*2
3
*2*2
*1*4
2*4
134
1*2
*1*4
1*2
*1*4
1*2
2*4
2*4
2*4
♦2
2*2
*.99
1*4!
,
I We
*2*4
3*4
2
1*2
86
"85"
8*s
10%
8*2
10*2
"2
85
23
23*2
35
38
38
31
30
31
18*2
.75
1
.75
2*4
.06
.05
*.05
.06
4
334
1%
4
1%:
3*4
1*4
*3*2
♦1%
.v
*.30
.90
3*2
.90
3
3*2
3%
*3
3*2
We
1
1*4
I
*1%
.45
.35
10
.50
>
*10
*.25
76
19
17%
1%
*75*2
177*
76*2
18*2
2,073
84
4
2*2
*44
.75
134
1*2
1%1
1
1
1.5
IWe
3
3
8*s
10%
~*i%
"2"
16%
17%
*1%
l57s
23*2
3712
*30*4
23%
38
33
30
18*4
f!
*.40
*10
*.25
3
1%
""466
260
1,940
1.093
.35
.35
.35
3*4
27«
3
1,258
We
We
3*4
3%
3*4
3%
3*4
3*2
5,143
.95
1
.78
.991
.85
.90
8,019
1*4
*1%
1*4
300
*.35
.50
1,284
10*2
10%
125
.50
1®4
.40
.40
*10
10*2
.50' «*.25
.50
1
*.35
*10
1
i%!
.50'
10%
*1
*1
Last S->le .25
4 Ex-divlden
Nov'20
and rights,
200
..
2
Jan
3
40% Jan 10
Ojlbway
Feb
Jan
8
Feb
11
8
Aug1"7
2% Dec
1
25o
39
Nov
17% Dec
2% Dec
1% July
2
Dec
1%
99c
2%
22
25
25
34% Dec
~
10
3
Jan 21
5% Jan
1134
3
Jan
2
7% Jan
2
72
24
Mar 27
Jan
5
7% Jan
48
8
Oct 16
95
Sept 27
12% Jan 3
21% Apr 20
Apr
75c
Mar
37*2 Jan
5
45
Mar
3
62
Mar
5
40
Mar
l2%May24
23
Nov 11
13
2
Dec
Dec
9
1% Dec
7
11
3
Jan
7
2% Apr 15
4
Mar
1
Mar
2
1«4 Jan 10
4
3
Nov
?9
2»4 Jan 19
Oct 21
9«4 Feb 20
3% Jan 5
3% Jan
8
Jan
7
25
2
Wolverine
25
23
Wyandotte
25
Ex-divldend.
Jan 10
1% Mar 22
w
Jan
8c
7
7
AOtt AT/itt
Jan
Jan
Dec
25
40c
Jan 10
6
Nov
1
Jan
1% Mar
6% Jan 29
25c
Wt Aug
•
30% Mar
3
33c
i"Ex-rights.
Feb
25c
75c
paid,
9
Jan 27
Tuolumne Copper..
Winona
6*2 May
878 Feb
57*4 Mar
8% Jan
Jan
Nov 16
1
Jan
Feb
Feb
14*4 Mar
Jan
60
1
2
2*2
49%
Jan
6
Consolidated
Feb
58
25
Utah Metal A Tunnel
Apr
Apr
4
2% Jan 26
80c
Superior A Boston Copper. 10
Trinity
25
Victoria
2%
58
10c
6
6
Oct
Jan
65
25
Mining
2
Jan
Mar
3
7
MarlO
Superior
Apr
3%
4
Dec
Nov
75c
South Utah MAS
Mar 24
Apr
78
20
29
Seneca Copper Corp...no par
Shannon.
10
...........
5
3
3
14
1*4 Aug 2
25
24
Jan
7
3
Oct
15*4 Dec
Mar
42
478 Apr
3% Jan
978 Nov 27
*4
Feb
60c
2
Dec
7
20c
Jan
99c
Mar
79
6
4
5
8
12
Feb 16
Dec 10
75c
0% Mar 31
Mar
l%May
4
May
2% Jan
U
Nov 20
Dec 6
Nov 19
Nov 20
21
5*4 Apr
12
10
Oct
Qulncy
25
«*
Dec
Dec
6
38
Feb
75
16*2 Jan
*4 Jan 14
60
Sept 22
82 June21
Nov
Osceola
s Assessment
Jan
Mar
12*4 May
10
25
Utah
350
14% Jan
Aug
Mining
Old Dominion Co
Utah-Apex
20o
7% Nov 20
60c
South Lake
3
ft Ex-stock dividend.
.05
1*2
409
Jan
Mar
25
Lake
St Mary's Mineral Land..
3
Dec
Mar
100
5
15
710
.35
10%'
Do
280
1%
Apr
Jan
4
5
5
.
290
3
10c
6*4 Nov 20
25
_
Copper...
Idrla Quicksilver....
30
.05
0
2
5
36
1%
62% Mar
*2 Jan
39
25
23
3
Apr
1% Feb 27
Jan 3
47g Mar
Mass Consol
29*2
*.75
I
Mason Valley Mine..
North Butte.:
1*4
3
Lake Copper Co
La Salle Copper
36
1*4
.50
Sept20
48% Jan
Dec
Nov
25
25
25
Copper
1,072
Oct'20
Jan
32
7
20
7
5
2,835
2",275
Jan
88
Jan
3% Dec 10
26
25
23
.05
10*4 N jv23
1
...
pref
Nlplsslng Mines
3
1
pref
Isle Royale Copper
36%
30*4
4
*312
134
*1
205
Oct
1
...
23
.80
37
9
Jan
Feb
25
36
.80
Feb
21
33
35
Nov
25
.....
23
.83
Last Sale 2
Mar
15
6
25
....
16
.75
Aug
17
Feb
"l"6%
New River Company... ..100
17% Nov'20
28
3
39%Junel8
26
40c
3*2
.35
3%
Consolidated
1*2
16
Last Sale
44% Jan 26
2
Dec 10
2%
43*2
12*4
1,555
10
2c
25
'""I60
7
23*4 Apr
10
1%
15*4
2
Jan
32%
10
North
44
7
25
3
*1%
-50
7*4
10
2
4% Apr 7
15% Jan 5
107S Apr 27
Mohawk
Dec'20
Jan
5
5*4 Dec 2
6*2 Mar 18
25
Do
Jan
Apr 13
Jan
Aug
Mayflower-Old Colony
.35
1*4
.50
7
28
Jan
52%
20
Davis-Daly Copper
New
97*
MarlO
2
East Butte Copper Mln...
New Cornelia
7*4
29
20
Nov I0
Oct
25
*.
Daly-West
1,746
10*4
28
25
Copper Range Co
6,745
7%
19
29%May 6
23% Nov
6
Copper..
Centennial
1
10
70
32*2
116
10
Bingham Mines
14%
Last Sale .25
"
Feb
Michigan
'""206
8
2
Oct
16
15
Dec 9
14*2 Dec 9
17
517
Nov'20
Jan
Jan
10
Arizona Commercial
.75
83%'
Deo
133
42
14%
83%
15*2
19
18% Nov 20
15
Sale\43
0
Nov
25
44*2
1*4
25*2 Apr
49% Apr
5
32%Sept 10
97% Nov 13
55
Nov 19
21
Nov 15
25
44%
*.75
Dec
660
.40
3We
I We
Bid And aikad prioea.
*85
.05
2%
45
50
30
Arcadian Consolidated
44 %
Last
.75
370
1%
3
*.35
.40
10*2
85
3
2
7
77
15
44*2
15
2
31% Jan
19
9
Keweenaw
2
July
10
Dec'20
450
35
Aug
Last Sale 1%,
2*4
3
Nov
1%
2*4
*1*2
Jan
Jan
May
25
Kerr Lake
2%
65
43
Dec'20
2*4
*1%
Jan
2
19%8ept 7
18*2 Dec
25c June
Last. Sale 2%
234
14
40c
Hancock
18%
2
25
Indiana Mining.
Island Creek Coal
76*2
93
Jan
25
Helvetia
2,508
Feb
Jan 12
16
Algomah Mining..Alloue*
215
51*2
145
99
5
Mining
Consolidated..
'""180
50
36% Jan 3
34% Mar 30
176% Jan 19
Ahraeek
278
2*4 *—.
*334
*.35
77
*17®4
23%
i
*7*
*18*4
*2%
8
30*s
.08
51
10
35
"*.06
3
*.50
51
8We
23
2*2 *
1%
Sept
17
Nov
50
110
*2
*1*4
3
We
52%
51%
10*4
—1
*1*2 "2"
17*2
17*4
30
*
I
*.50
*42®4
23
*.75
*2
2
2,039
35
|
3
83
7%
Franklin
4
2*2
30
1
1,998
3%
2%
4
2*4
3434
.88
734
Dec'20
220
23
*18
734
3
18
„
7%
Last Sale 2*2
2%
17
_
7*4
2%
*2*4
234
*1%
*.80
177s
18%
3,840
1*4
....
*1*2
57«
5%
2*a
4*8
1*2
"*1*2
110
2*2
37S
*2%
15%
8*4
10*s
25
4,805
4%
*.95
1*4
8*2-
8
27*s
3%
5%
7%
1%
1.5*4
.25,
*7
Feb
47% Nov
4
25%
1
26*2
8
18
7
Dec 3
Dec
Jan 26
Nov
Feb 11
25
3%
15
10%!
8
130
63
MarlO
Calumet A Hecla
4*2
57*
138% Jan 21
Deo
19
Carson Hill Gold
27*4
00
26
3,215
*4*4
5*4
8
49
'""■403
*234
334
*2*4
15
*
*7
27
4*2
63'4 Nov
101
Dec
Jan
67*4 Nov
8
Nov
Feb
1
17
10
8%
90
Nov
86
Nov
25
28% Nov
9
13
*.95
15*2
*83*2
8
27%
*4*4
534
7*2
8
12%Sept 15
3178 Apr
101% Jan 10
5%
11
211
134
15*2
I
*7
27
.
*12%
1%
45
87
205
13
July
Dec
82%May
50
pref
Butte Balaklava
3*2
44
....I
500
1*4
2*2
44%
*43*4
1,560
9*4
Nov'20
*234
334
43*2
1*2
*4234
5*4
*9*2
223
12*4
370
*.99
3%,
134!
934
'""280
2%
6
Last Sale .05
211
19
2*2
We
44
*1*2
13*4
19
2*4
7
1*2
I
3*2
*2*2
2*
225
13
Nov'20
Mar
75
23
100
Wickwlre Spencer Steel.__
Adventure
733
*1*4
.*2%
*1*2
44
3
223"
46*2
3*2
334
1*2
134
*3
.05
*-50
*19
*21
49
934
Dec'20
45%
19*4
*9*2
.05
*7
534
778
*2*4
*234
*1%
19
234
27
*4*4
19*2
3
8
4*2
*19
46®4
Last Sale .25
*2%
28
*7
.25
934
.05 *....
"230
*.15
Last Sale .50
19
7
8
12*4 Feb
10
2d pref
46%
2
8% Apr
227S Sept
50
Nov'20
.70
Jan
80*2 Feb
33'8 Doc
Manufacturing. 20
Nov'20
47*2
May 25
29% Oct 9
60
5
WarreD Bros
Last Sale 30
46-%
8
Nov 19
June
Oct
Oct
Apr
25
Last Sale 30
*-50
6
26
25
pref
28
7*4
*9*2
9*2
.01 *
2*2
6
United Shoe Mach Corp
f
.70
47
25
Ventura Consol Oil Fields.
Waldorf System Inc
1,325
68% Feb
5
...
Stewart Mfg Corp.....no par
Swift A Co
100
1,109
21
9% Apr 30
Nov 15
90
13
25
29
*
4»4Mar 4
10% Nov 15
85
Root A V Dervoort CI A no par
Walworth
45
10
7,895
1,700
6*2 Nov 30
25
Nov 30
100
16%
16
28
24
23%
23*2 Nov'20
23*2
148
Plant (Thos G) pref
Reece Button-Hole
Do
2
118
.....
Jan
Apr
3
57
Pacific Mills
6
39
138
June
Linotype... 100
Mergenthaler
4% Jan
31% Dec
36*2 Jan
Dec
9% Dec
...100
pref
ShawmutSS
55
21%
26% *
2,600
57
2158
175s
0*4
Last Sale 33% Sept'20
101
10434
101%
104
2158
)
15
13*2
20
57
|
Do
36% Jan
283sMay
9
9
35% Nov 29
18
Apr 14
16
10
Orpheum Circuit Inc
*19*2
75g
Theatres
1,020
20
10412 10534
Loew's
McElwain (W H) 1st pref. 100
Massachusetts Gas Cos... 100
2,497
13%
8
10534
pref
...100
Island Oil A Trans Corp.. 10
Llbby, McNeill A Libby.. 10
10
148
Last Sale 20*2 Sept'20
712
106
Do
26
*13
10's
263s
5
8
105
no par
10
13%
....
Products
26
148
20
Internat
no pa?
1034
11
27%
148%
*13
20
Do
2638
10
148
1312
Eastern SS Lines Inc
Mexican Investment Inc.. 10
New England Telephone.. 100
Ohio Body A Blower
no par
*26%
27
148
6% Mar 23
62
11%
90%
82
25%
98
*25~
5
12
Nov 24
140
2,040
35
5
Nov 17
16
100
85
*13
5
22
...100
638
8
*25
6
25
14'4Septl7
100
23
28%
5i8
1212
3% Feb 14
..." 10
Manufacturing...
Jan
1,610
36
22
7*2
10
8
Deo
pref
Edison Electric Ilium
Elder Corporation
465
16*2
*3512
12
26
16%
155"
8%
*90
96
1634
9*2
9*8
Eastern
5
10
6
728
154"
157*2
16
Blgheart Prod A Refg
4*2 Dec
3
7
8
50
3534
12i2
1138
26
120
23%
9034
»119l2 124
1,462
17
75s
28%
11%
60
5934
5934
*119% 124
>119%
25
25%
26
50
25
3534
9034
11%
5
*4
24*4
16*2
70*2
70*2
155
10
13
23%
514
12%
1138
5'2
Dec
1,385
160
23%'
7
12%
159
7%
Jan
12*2
75
23i2
35*4 Apr 17
10
Apr 23
127g Apr 14
12l2
*71
7%,
Dec 10
0
*70
24
18
2%
75
*2314
714
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
17%
3
*70
*3.5%
38
6
75
7
Nov 24
7
*70
35i2
10
3% Jan
5
2412
Apr 20
10
Nov 10
17
7
Art Metal Construe Inc
Feb
Nov 26
24*2
24
Dec
97o
17
3512
10
60c
*4
1
6
Century Steel of Amer Inc. 10
24
10
Jan
Jan
Boston Mex Pet Trusteesno par
*4
24%
17%
78%
19
10c Dec
2,383
5
171
,.
25,971
1,605
18
10i2
36
Apr 20
Jan 13
79
83
6
70
par
Jan
Apr
Dec
1*8
25
10
167
Nov 12
70
Anglo-Am Comml Corp.no
2%
.85
*17
17
Nov 26
Apr 30
no par
pref
80
55c
5*4
17
11
95
Feb 10
no par
Telep A Teleg
Amoskeag Mfg
Feb 24
5
.80
2412
*.25
5
7% Mar 15
3% Nov 4
13*2 Nov 5
100% Sept 16
1
IlOO
Amer
Do
160 Nov 16
*.99
17l2
17i2
10
12%
12%
*4
170
Engineering
1*8
25
.35
Sept
.95
2434
10
Oct
47
5*s
*1612
'
82
38% Sept
.75
17i8
*1
3
6
*.99
4i2
2434
♦1%
July
1
5i2
1%
17i8
*18*8
48
6
4*2
2434
17*2
Dec
4*2
5*8
5
434
4
1,024
13
4%
578
13
.10
13
6%
*1212
.10
98
1.3
19
6
*8*4.
10-%
15
88
Miscellaneous
99
*85
Dec
5
8
55*2 Jan
2
*76
*71
45s4 Jan
.30
48
Oct
1
7
2
27*2
*4*4
94
May 17
.25
46*2
Dec
7
June 15
2
*25
Dec
July
38
.55
15
Deo
70
50
Mar
86
Vermont A Massachusetts. 100
West End Street
50
2
70
6
Jan 20
pref
Feb
25%
16
Do
Oct
84
697s
..IlOO
50
*18
75
Apr
27U Oct
89'4 Nov
2
•
77
"72" "Mar 30
69s4 Dec
75%'
140
Dec
12
...100
38%
132
99% Mar
Maine Central
50
*24
Deo
7
Nov 18
38
1934
lOo
Oct 11
3
75%
1H2
Oct 20
25o
3
.40
*
25c Oct 20
par
no
50
538
12
Jan
40
130
78
11
Deo
Oct 21
38i8
*17
Deo
Marlfi
78
*4
Deo
85
49
38
*75
62
143
49i2
I
116
9
Sept 14
Jan 28
38%
49i2
-
3
Oct 25
Nov 30
38%
49i2
—-
8
Nov
68
35
pre!
Do
35
20
70
21
89% Nov
134
Georgia Ry A Elec stampd.100
37%
...
Feb 18
124
_
195s
*85
May 25
1100
Nov'20
37%
*85
Feb 17
60
80
par
20%
79
119
Boston A Providence
100
Boston Suburban Eleo__«o
Do
38
*85
100
100
Bost A Wore Elec pre.no
par
Chlo June RyAUSY
100
Nov'20
Last Sale 74
Lowest.
_.._100
pref
Boston A Maine
Oct'20
Nov'20
3*4
Last Sale 10334 Oct'19
Last Sale 72
Mar'20
3734
19%
Do
Do
20
Oct'20
*4
Last Sale 130
70
n
39
130
Last Sale 3
*4%
*130
Boston A Albany
Boston Elevated..
Dec'20
*
Highest.
Railroads
122*2
120
*80
20
30
131
132
81
23%
6278
Range for
Year
Lowest.
61*2
122*2 123*4
61%
....
35
124
122
Range since Jan. 1.
Week
Shares
•121
3315
Half-paid.
1%
7lc
Dec
Deo
1*4 May
7%
1%
Jan
Jan
1% Mar
50c
Jan
15
Mar
40o
Mar
Previous
1919.
'
[Vol. 111.
CHRONICLE
THE
3316
Sales
Friday
Last
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Dec. 4 to Dec. 10, both inclusive:
Stock Exchange
Sates
Last
Week's Range
for
Sale.
of Prices.
Week.
Price.
Bonds-
Low.
Range since Jan. 1
Low.
High.
High.
90.04
90.44 $18,150
89.04 May
100.00
Jan
1st Lib Loan 48.1932-47
85.04
85.84
82.04 May
93.04
Jan
1,2.50
2d Lib Loan 48-1927-42
85.84
85.84
1st Lib Loan 4^81932-47
85.84
86.54
2,350
25,850
82.14 May
93.80
Jan
1927-42
85.04
85.88
41,950
81.60 May
92.98
Jan
88.54 241,650
2d Lib Loan 434s
88.00
82.04 May
92.34
Jan
86.00 May
94.96
Jan
454« 1933-38
85.34
86.20
45,000
81.74 May
92.98
Jan
Victory 4^s.... 1922-23
95.24
95.70 125,300
94.84May
99.30
Jan
Am Agric Chem 5s... 1928
Am Tel & Tel coll 48—1929
89 54
8934
1,000
8834 June
9254
Mar
76
76
8,000
81
Mar
Collateral trust 5s.. 1946
77 54
79
5,000
19,000
7254 Apr
7354 May
82
81
6954
Cbic June & US Y5s. 1940
64
1940
4s
Gt Nor-C B & Q
48—1921
1931
"7754
Miss Riv Power 5s... 1951
7554
N E Telephone
81
Mass Gas 4 34s
71
68
Aug
77
78
7,000
74
July
64
Atl G&WIS8L 5s ...1959
65
8,000
60
85.50 86.00 392,250
95.30 95.62 113,300
9654
7754
77 34
1,000
75
9654
7554
26,000
2,000
80
8154
80
80
2,000
75
Feb
96
96
13,500
92
Jan
96
8154
8254
14,000
8154
77
78
5s....1932
Swift & Co 1st 5s
1944
Western Tel & Tel 5s. 1932
.
7,000
6,000
77
m trn
m
Oct
* Oct
9354
Jan
Jan
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Dec. 4 to Dec. 10, both in¬
clusive, compiled from official sales lists:
:
.
>:
•'
!.'
\
V.
.V
!!'\
'r
Last
"'*(
Amer Rolling
Mill
com.
Week's Range
30
"13*"
Am Vitrified Prod com..50
Am Wind Glass Macb.100
"99"
Am Wind Glass Co pref 100
m
"
a.
m
Carnegie Lead & Zinc....5
Columbia Gas & El....100
Guffey Gillespie Oil (no par)
"2654
Harb-Walker Ref pref. 100
Preferred —.——-SO
10054
154
354
..1
Cons & coll tr 5s
Phila Elec 1st 5s
Reading gen As
Sou
1
1
1
Dec
515
515
354
354
4 54
454
6554
5554
28
2554
10054 10054
154
154
*""554"
Pacific
Brewing pref
Pittsb Plate Glass
.100
San Toy Mining
1
Oil—.(nop ar)
Tr anscont
Union Natural Gas
100
U 8 Steel Corp com
100
60
West'house Air Brake
West'house El & Mfg—50
rni'mm
Mm m
m
m
m'm
Jan
39
Jan
Jan
Cosden & Co
no par
Sept
July
81
Jan
79 54
86
Nov
1,000
5954
July
66
Jan
7954
8054
Apr
8654
Nov
72
23,000
4,000
72
72
72
Dec
72
Dec
......
33
33
9,000
33
Oct
49
Jan
66
6754
11,000
65
June
76
Jan
92
92
3,000
92
July
630
25
570
4854
102
July
254
Dec
60
June
12
19
Nov
581
44
Feb
no
First preferred
Indiahoma Rcfg
Lincoln Motor......
Mar
Apr
5554
5254
Mar
..25
.5
10
MtV Woodb Mills
Preferred
Northern
v t
t
v
r.
Central.
Apr
25c
Jan
Aug
53c
Jan
18
Mar
187
143
Dec
172
9,000
120
30
'
2c
Atlan & Charl 1st 58—1944
Jan
Bait Spar P & C 454s„1953
10754
Jan
Chicago Ry Tst fs
9754
734
90
Nov
11854
Jan
4154
43
2,550
41
Jan
55
.
100
100
$5,000
69
69
9454
9454
7,000
10,000
100
Nov
6654
July
9454
100
Dec
Nov
Jan
7554
96
Nov
Sates
Last
American
Week's Range
for
Sale.
Par.
cf Prices.
Week.
Price.
10
Am Pipe & Construe
Lore.
High
1854
Range since Jan. h
-■
9054
Jan
254
Feb
454
Apr
Dec
3.40
354
350
.95
5,419
354
354
200
354
554
6
845
5
Nov
3754
9054
40
50
25
Nov
84 54
Nov
30
110
1,844
Low
1854
5% notes
6% ncte3„
9254
451
82
8254
263
860
31
*
-
mm
^
'm
4
1,575
351
2954
1754
32
1,544
2954
78
80
6754
2354
26
23
94
23
Nov
29
Nov
4
615
Jan
89
Nov
2354
80
Jan
Dec
May
4554
May
23
1754
Jan
Jan
,
10354
Dec
23
m'm
m
Jan
40
7454 June
3154
954
Jan
11
Mar
Mav
454
Jan
Dec
44 54
Apr
27
Apr
Nov
17
93 54
Jan
2354
Dec
10454
Feb
:
■y.
m
10
7
7
m
■y
m
m
"V:" 1'
Nov
654
1054
Mar
754
Apr
154
580
1
Dec
2254
jiw w'
''«*«■»
2254
100
"2254
Dec
50
-
mm
—
m
20
20
10
20
Dec
70
Jan
60
398
68
Dec
95
Jan
256
60
July
70
Jan
~597A
58
mm'
6754
68
8154
8254
m
"8l54
'
70
74
Feb
8454
Nov
1254
200
12
Dec
1654
Nov
1.949
Dec
15
14
1454
388
13
May
28
"9^"
-
28
70
28
Oct
$2,000
83
954
•
954
Jan
Jan
8954
Nov
3,000
79 54
Oct
83
Mar
46,000
56 54
May
70
8754
1,000
8554
Aug
96
Jan
7.3
73
5,000
73
Dec
83
Feb
7254
7454
31,000
72
Dec
81
.....
8554
85 54
m
Jm
8054
8054
60
61
8754
m
m
m
mmmmm
m mm m
m
"7454
Aug
t'554
9.554
4.54
Dec
528
18
Oct
6454
Jan
50
602
3754
Feb
5654
Oct
Funding 5s.
Small—... ^
50
36
3554
36
130
35
40
Feb
Consol Trac of N J
100
36
36
1,312
36
Dec
40
10,000
96
Jan
9854
Apr
27,000
83
Nov
9,000
89
May
May
9754
91
95 54
75
75
1.000
73
Sept
80
Feb
85
85
1,000
85
Dec
85
Dec
m'mmm-
8454
8454
80
Dec
108
Mar
80
1,000
80
8054
8054
2,000
8054
Dec
81A
Dec
8754
8714
1,000
8754
Dec
96
Jan
8054
13,000
7654
m
rn-mm m
Jmmmrn
m
m
"80 "
.....
■
100
100
9954
99
105
4,714
96
Nov
141
Jan
37
37
37
200
37
Dec
130
Jan
100
74
74
8054
170
74
Dec
193
Jan
2934
29
2954
854
945
2754
Aug
"64 k
3354
80
200
8454
Sept
Jan
Jan
85
Jan
87
8,000
86
Aug
Sept
8654
87
8854
Oct
100
100
1,000
100
Dec
10054
Nov
6454
48,000
55
May
6254
Jan
69
Jan
Elec Storage Battery
Jan
Jan
Jan
79
9654
mm
mm
1949
Income 4a
2454
49
9654
69
9254
rn
1949
Nov
2354
1,000
7.000
mmmmm
1940
49
10054
9754
74
mrn'mrnm
Public Service Bldg 5s
United Car Trust 8?
24
July
July
Jan
Nov
96
9654
1942
par
June
9154
m.
„
100
100
9254 June
93
Jan
91
'm,
mm
HoustOil divots sm'23-'25
Md Electric Ry 1st 53.1931
Mllw Gas Lt 1st 4s.
1927
United Ry & E 4s
1,000
3,000
9754
Convertible 6s
—1923
Cosden <fe Co conv sf
Jan
J554
93 H
72 5*
Elkhorn Ccal Corp 68.1925
Fair & Clarks Trac 5s. 1938
Houston Elec 5s_
6454
Jan
2054
36
r
m
7% notes..............
Conscl Coal ref 68..—1950
Jan
Feb
1054
12
.
9354
Pennsy W & P 5s..
High
Dec
354
2954
-
23
Dec
.85
31
8254
—
1927
No Bait Trac 5s
Shares
1954
29
100
Gas
m'
General 4548-..-.—1954
Nov
Friday
Stocks—
~
'9054
Consolidate Gas 58—1939
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Dec. 4 to Dec. 10, both
inclusive, compiled from official sales lists:
Alliance Insurance
40
Sept
:
Jan
Dec
94
9454
90
Oct
82 54
Bonds—
Jan
130
94
50
;
7c
Dec
Oct
Preferred
3754
Dec
854
117
7954
"69"
Oct
2054
100
Apr
367
1949
m
»
Wash Bait & Anna p..-.50
May
67
395
86
.85
mm mm'*
Seaboard Air Line pref. 100
United Ry & Elec....—50
11
100
2354
354
.85
Pennsyl Wat & Power.. 100
Jan
Dec
30c
78
86
'.m
—50 j
1854
131
954
-
High.
78
—100
r
92
500
3c
Low.
2354
100
Aug
1154
121
Range since Jan, 1.
Shares.
'
Nov
37c
145
High.
'
5
50
8454
520
Low.
m'
par
Kentucky Cos Oil
Apr
1954
3454
Dec
6
Benesch.—...
Feb
July
28
1,226
86
I
Jan
Apr
Nov
85
Jan
50
Houston Oil pref tr ctfs. 100
11
„
Pittsb Brew 6s
Week.
Preferred-_ .5
Jan
4554
6154
654
3854
Aug
554
1054
8254
West Elec & Mfg 7s„_...
for
of Prices.
Elk horn Coal Corp
7954
mm mm
9854 Mar
Sales
Week's Range
Davison CbemicaL.no par
Apr
7954
Londs.
70
10,000
ConsGasEL&P4 54s. 1935
Mon Riv Con C <k C 6s '49
Jan
49,000
Consolidation Coal.... 100
37c
2C
July
30
77
Channel Chemical_.no par
3c
854
Dec
Jan
7854
82J4
Consol Gas E L & Pow. 100
45,200
143
Oct
98
9,000
26,000
7154
154
10054
60
10
Jan
13,926
654
120
4154
_—_—_
1154
5c
m «.
"
_
66
3c
mm m
mm
'■m
Preferred...
Dec
86
'mmm
105
5,800
77
Central Teresa Sugar... 10
Jan
154
9,413
2854
3c
Apr
9554 May
5,000
60
1
Celestine Oil
Apr
""86"
ll"
Atlantic Petroleum.—.-10
Apr
29
m
7154
2
104
10454
9754
98
8054
.100
554
28
100
Plttsb Oil & Gas
7154
154
Jan
Oct
Jan
77
Corporation.... 50
Atlan Coast L (Conn)—100
1554
254
4754
Pitts & Mt Shasta Cop—1
Jan
5
Arundel
Nov
47"
'
99
3,000
'
Jan
60
Pat
j
Alabama Co——
Nov
21
6
July
Dec
Dec
93
m —
mm m
Price
July
2054
46 54
50
Stocks—
1
'
Plttsb
85
93
m-'m
Sale.
3
600
Ohio Fuel Supply..
25
Oklahoma Natural Gas..25
June
9054
10254
7254
8254
Exchange.—Record of transactions at
Exchange, Dec. 4 to Dec. 10, both in¬
clusive, compiled from official sales lists\
93
1,320
■'m
70
Aug
9254 June
Baltimore Stock
2554 June
188
654
"
June
80
......
350
1354
5 54
59
7954
1948
4s
525
1154
11
Mar
80
81
58.1959
1997
Aug
53
4,985
11
Preferred v-—.......50
59
43
1,000
7,000
m m
«
M mm — m
stpd '51
1966
Mar
354
60
35$
254
1354
Apr
Apr
354
354 June
.
50
53
Pittsb Coal pref
..100
Plttsb-Jerome Copper.
.
1
Jan
45
51
—1
Jan
45
46
25
254
Middle States OIL —10
Ohio Fuel Oil
104
Dec
Dec
26
..50
Mar
;
Aug
51
Marland Petroleum......5
Nat Fireprooflng com.
99
34
50
Mfrs Light & Heat
Jan
230
.
Oct
1,000
8454
Jan
95
535
154
Jan
3,000
51,000
United Rys Invest 5s. 1926
Apr
135
Dec
38
..25
Lone Star Gas.
1654
July
Sept
37
354
Jan
63
Last
6454
854
3554
354
154
2754
Kay County Gas..
954
6,400
154
60
Indep Brewing com.
Jan
85
Dec
Friday
8554
108
20
9
m
354
65
Dec
43
9854
69
1921
Pub Serv Corp N J
July
36
5
Preferred
99
Dec
3554
36
35
Carbo-Hydrogen Co com.5
115
99
854
Sept
66
6854
rn'mrn
High.
„<
4454
450
8554
854
A.25
...
Low.
65
13
114
8554
Arkansas Nat Gas com.. 10
Barnsdall Corp Class
Class B
13
111
111
100
Preferred
Range since Jan, 1.
for
4454
4454
Jan
Week.
Shares.
.25
Jan
71
Baltimore Stock
Sales
Sale,
of Prices:
Price,' Low.
High.
Far.
Stocks—
Apr
Jan
Dec
Philadelphia Co—
United Rys gold tr ctf 4s'49
Friday
8254
9954
10254
1,000
98
m m
•
Properties 4-6s__ 1946
Penna RR 10-yr 7s...1930
84
Dec
June
Jan
Jan
10,500
98
Natl
Mar
85
94.60
99.34 Jan
Oct
6554
4954
Jan
92.88
94.70May
6854
Oct
9054 Sept
97
Oct
66
6854
Lehigh Val Coal 1st 5s 1933
8254
Pond Creek Coal 6s... 1923
65,000
86.40 May
82.30 May
Jan
93.10
91.91
44
4354 47
2003
P W& B ctfs 4s
9,000
100.00
43
8454
Midvale Steel & Ord 5s '36
Jan
5454
2,000
7,000
96,500
High.
89.80 Sept
85.00 Aug
83.20 May
66
Lehigh Valley coll 6S..1928
Gen consol 4s..
2003
Jan
66
53
53
43
Lehigh Coal & Nav—
Consol 454s
1954
Nov
77
m m m •»
66
Jan
83 54
New River 5s—.....1934
M
Jan
9954
6954
70
92)4
9254
10154 10254
6954
mmmmmm
May
8454
75
May
9354 July
72
Sept
6954 Mar
77
Aug
88.06 88.36 130,950
mmmmmm
7s... 1945
Consol Trac N J 1st 5s 1932
Elec & Peoples tr ctfs 4s '45
Keystone Telep 1st 5s. 1935
Lake Superior Corp 5s 1924
do
small
,"1924
Gen consol 454 s
250
86.00 86.00
85.18 85.80 185,200
m
Range since Jan. 1.
Low.
mmmmmm
Bell Telep of Pa
Jan
3d Lib Loan 4348—1928
4th Lib L'n
for
Week.
rnmmmmm.
-19 27-42
3d Lib Loan 4548—1928
4th Lib L'n 4548-1933-38
Victory 4548— .1922-23
AmerGas& Elec 5s. .2007
Baldwin Locom 1st 5s. 1940
U S Lib Loan 3J4s.l932-47
of Prices.
High.
Low.
90.20 90.44 $45,950
U 8 Lib Loan 3548-1932-47
1st Lib L'n 4548.1932-47
2d Lib L'n 4 54 8.
Friday
Week's Rangi
Sale.
Price.
Bonds—
American Rys pref
American Stores
no
Cambria Iron
General Asphalt..
Preferred
Insurance Co of N A
10
Keystone Telephone.
4
50
8
•454
3854
8
2,167
.
June
4754
Jan
4454
56,000
42
Mar
4954
64
64
1,000
56
Mar
66
Nov
64
64
500
56
Mar
6554
Nov
Wash Bait, & Annan 5" 1941
69
6954
1,000
69
Aug
7654
Jan
.
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Dec. 4 to Dec. 10, both inclusive,
compiled from official sales lists:
960
8
Sept
13
2954
854
2954
251
29
Sept
35
Feb
954
2,305
Nov
22
Mar
Last
Week's Range
72
73
1,460
57
June
80
Nov
Sale.
of Prices.
4954
53
1,872
4054 May
56
Nov
Midvale Steel & Ord_—50
3154
Mlnehill & S H.
42
3254
4254
50
6754
6754
50
80
80
40
40
40
65J4
6554
4054
6654
35
Preferred
50
...
100
Lehigh
""854
50
Lake Superior Corp
7254
Navigation..
Lehigh Valley.
Northern
North
50
...50
Central
Pennsylvania
Pa Cent Lt & Pow pref..
Pennsyl Salt Mfg...
Pennsylvania
50
50
Philadelphia Co (Pitts). .50
Pref (cumulative 6%) .50
41
935
31
Nov
8
40
May
4
60
Sept
12
79
Apr
no par
Phila Electric of Pa.._._25
Preferred
5154
Jan
6954
105
Jan
Apr
3954
Sept
4354
Jan
6354
Nov
3554
220
31
748
5154
51
5154
263
22
2154
2254
2,985
27
3154 Aug
2954 May
5054 July
2054 Sept
4254
Jan
3654
Jan
Briscoe,
5354
Oct
Jan
2754
Nov
2754
25
Sept
1554
1654
5,564
1254
July
28
Jan
5034
2,319
4954
Oct
63
Jan
254
8754
254
8854
1,600
55"
57
10
2d
preferred
58
Devel.
1
Tonopah Mining
1
Traction £
50
Union
154
1 7-16
32
United Cos of N J—.100
United Gas Impt
50
60
177
2d & 3d Sts Pass Ry
Tono-Belmont
177
154
154 17-16
2954
170
"2854"
154
3254
170
3054
500
100
550
55
3,620
6,680
Dec
Feb
Dec
6154
195
3
1-16
23
July
163
July
Dec
57
50
101
8254
920
Mar
30
39
Nov
58
Mar
6954
280
68
Dec
90
Mar
454
350
Dec
1354
25
654
60
Common
._(*)
(*)
Preferred
com.
Preferred..
Oct
Continental Motors
Cudahy Pack Co,
37
Jan
185
Jan
Deere & Co, pref
Diamond Mach___
Jan
Elder
com.
42
71
June
75
20
29
Aug
32
5754
1254
400
12
Nov
1754
654
60
380
6
Nov
2454
Apr
Sept
150
60
Oct
9854
Feb
54
632
M
Jan
154 June
554
2,425
454
Dec
1154 June
154 June
1154 June
1254
654
60
202
10154 102
75
550
1
Feb
354
Dec
36
200
May
215
1,620
100
Nov
108
Feb
Jan
Feb
64
91
91
25
91
Dec
102
99
9954
75
99
Dec
12554
Mar
15
1754
500
15
Dec
3654
Apr
6354
6954
65
1,650
60
Aug
92
Jan
71
455
6954
Dec
105
65
65
75
65
Dec
96
Jan
"id""
10
1054
1,275
10
Nov
2354
Apr
6754
64
6754
450
64
Dec
"9954"
..100
"6354
6954
Jan
Corporation.. 100
Hart, Schaff&Marx, com. 100
Hupp Motor
—10
Jan
Illinois Brick
654
3,335
930
654
5054
Jan
654
5754
100
100
75
202
Corporation.....!*)
Jan
74
Nov
1
100
100
Nov
9
454
654
Jan
25
3,730
1
102""
Jan
755
954
354
10
....
1
2754
9
454
-
•354
Feb
25
""354
Chicago Title & Trust.. 100
Commonwealth Edison. 100
354
54
454
100
100
854
31
1754
9554
40
(J I)
(*)
2d preferred..
100
Chic City & Con Ry pt sh
Feb
31
Deo
Nov
40
1254
8
73
Jan
1254
8854
High.
465
10
Hartman
73
11054
1554
954
Great Lakes D & D
50
Dec
Low.
9254
(*)
Oct
Westmoreland Coal
8654
4,475
10,754
""354
100
common
Feb
254
8954
68
Mar
Jan
Shares.
40
(*)
Preferred
Chicago Elev Ry,
Range since Jan. 1.
Highi
915$
new._(*)
Jan
260
Oct
Fisheries,
5054
10854
8
Low.
for
Week.
8654
1254
9154
Preferred
Booth
Dec
8
Nov
57
1 l-16Sept
2854
49J4
7954
Jan
103
3
10
31
254
Feb
4,625
16,239
Warwick Iron & S
York Railways preferred. 50
177
Nov
Mar
Aug
7954
Preferred
U S Steel Corporation. .100
2
65
3354
3354
1
2854
4954
1254
Case
50
50
..50
15
Bunte Bros
2554
8654
100
Board..
Oct
16
...50
Beaver
Jan
50
1st preferred
Price.
100
Preferred
44
Phil Rapid Transit.....50
Railways Co general
Par
Armour & Co, pref
Armour Leather
76
Philadelphia Traction
Reading
Stocks-
3754 Aug
726
50
Sales
Friday
Jan
50
100
3054
.
Jan
453
5,993
27
Phil Insul Wire
754
Sept
L354
1936
.1936
— .
Dec
Nov
1354
101
89
Feb
Feb
Jan
Mar
Due.
111920.]
THE
Friday
Last
(Concluded)
Preferred
of Prices.
12?*
10,360
6?*
Swift International
__15
6?*
Nov
50
5
24 K
24?*
4?*
24?*
6
1,214
6,572
24?*
4?*
Dec
Dec
45 M
44
Jan
U S
Apr
9
12
Nov
15?*
250
24
Nov
35
Mar
40?*
23?*
15
175
35?*
45
Oct
305
21?*
2,960
11?*
Dec
Dec
Dec
50 H
43
July
83
87
87?*
23?*
75
83
Sept
87
Dec
98
Dec
28
Mar
243
Apr
Apr
Anglo-Amer Oll.r
£1
South Penn Oll.r
100
Standard Oil (Calif).r.100
18?*
90
Standard Oil (Ind)_r___100
New stock par $25
Standard Oil of N Y.r.100
100
26 M
26?*
Jan
Dec
42 K
Feb
26
Nov
50?*
Apr
96
Nov
128
Jan
Jan
34
27
28?*
100?* 106
27 %
101K
Nov
34
8,900
3,900
8,900
U%
11?*
25
11H
34
93
93
14?*
19?*
10?*
37?*
71?*
"l5?*
Western Knitting Mills. (♦)
95*
9
37?*
37
71
71
4
23
Nov
330
30
Nov
49
23
Dec
52?*
Mar
94?*
61
61
34 H
59?*
34?*
59?*
39?*
Dec
74 X
Dec
42
Apr
56
May
91?*
14?*
8?*
Nov
Dec
Dec
Nov
420
37
Dec
255
70
Nov
81?*
48?
2,650
12?
36?*
100
17,790
1,625
'29%
29?*
95
62?*
34?*
60?*
39?*
30
10?*
80
39?*
42%
94?*
..1927
Adjust income 4s... 1927
Commonw Edison 5s..1943
10
79?*
39?*
Lake St Elev—1st 5s__1928
Metr W S El ext g 4s. .1938
42H
Jan
116
Jan
40
Mar
24
Nov
76
Mar
Apr
Other Oil Stocks
Allen Oll.r
Cosden & Co, com.r
Last
75
Dec
480
96
96
500
96
Dec
%
13c
Esmeralda Oil & Gas
Federal Oil
6
Oct
T"2k
Fensland Oil
(no par)
10
Dec
14
July
11?*
13,000
77
Aug
87
Feb
Gilliland Oil com.r. (no par)
Preferred.r
100
39?*
42?*
Dec
39 K
45
Dec
Glenrock Oll.r
10
Feb
Apr
61
Grenada Oil Corp Cl A.r 10
Guffey-Glllesple Oll.r..(t)
Dec
Hudson Oll.r
62
11,000
60
Aug
66?*
Nov
Inter Petrol
82?*
9,000
82
Dec
92 %
Jan
record of
the
ending Friday
wee c
Dar
42
6?*
for
Range since Jan. 1.
Week.
Low,
High.
Nov
H
1,300
7
450
35
1,000
300
,
1
Refining, r
Meridian Petrroleum
28
Nov
20
t?88
Dec
39
39
45
500
39
Automatic Fuel S.r
67 %
67?*
68
700
45?*
100
85
85?*
100
Brisco Mot Corp com.r. (f)
Britlsh-Amer Chem.r_._10
6
400
4?*
12
39
£1
Butler Bros.r
20
Car Ltg & Power.r.....25
5
12?*
12?*
39
II?*
10,100
Colombian Emer Synd
32
3,700
195
Conley Tin Foll.r..
10
Skelly Oll.r
10
Spencer Petroleum Corp. 10
Jan
Mar
Jan
July
Jan
91
Mar
Preferred.r
100
Goldwyn Picture.r (no par)
Goodyear T& R com.r.100
Hall Swltcb&Sig com r.100
Dec
29
29
1,000
27
Nov
40
July
Sept
2,000
3
%
2,000
12%
3,100
200
8
1%
151
%
21,900
12%
13%
1,400
%
2?*
13-16
49,000
2?*
2,600
r
2?*
%
Prod.r
Texas-Ranger Prod & Ref
8%
10%
500
13'*
22?*
1?*
Jan
Mar
June
1-16
Apr
1?*
Dec
I?*
10?*
10
2,600
11,400
9?*
Victoria
10?*
1%
K
Oll.r
Dec
Jan
Jan
Dec
Vulcan Oil.r
5
%
%
5,000
\4
Nov
Nov
♦2?*
9?*
West States Oil & L.r
1
%
%
1,000
% May
1?*
Jan
1%
10,300
Dec
8?*
Jan
39,400
%
9-1 e
11%
Arizona Globe Copper.-.1
35
44%
74
72
78
32,300
1,500
4
5
12,750
"28"
28
30
105
5?*
3?*
3?
1
1?*
•
Jan
Mar
4
Oct
34
Jan
28
Dec
Jan
Can'dalaria Sllver.r
5
May
Jan
..I
13 >*
33
4,900
2?*
Nov
8
Sept
17
2?*
Nov
20
17
8
500
7%
Apr
Mar
Jan
fJan
Nov
80
12
|Nov
12?*
400
10
Nov
32
Apr
15
23
2?*
1
Eureka Holly.r
35
Jan
Forty-Nine Mining.r
51
Dec
GoMfleld Consol'd
11K
Dec
24
Sept
4?*
Dec
39
Jan
Gold
8?*
Oct
Great Bend.r
14?*
Nov
5?*
5
5?*
3,000
5
May
14
14?*
500
12
Oct
300
5?*
11?*
26
Eureka Croesus Mtn.r...l
Dec
Dec
4?*
6
....
Nov
2K
1,100
3,000
5
200
100
3c
4c
15.000
2?*cNov
7c
Jan
42c
40c
42c
49,500
30c
Mar
02c
Aug
17c
16c
18c
19,100
15c
Oct
42o
14c
17c
9,800
14c
"7c"
B5P*c
53
Nov
10
Dec
20 %
Dec
17
5
24
Nov
26?*
800
Paper..(t)
4?*
5%
8,500
3%
Aug
Peerless Tr'k <fe Mot.r..5Q
20?*
20%
100
20%
Dec
1?*
5,800
85c
Oct
50
7?*
47
1?*
Jan
Goldfleld
r
Devel.r
Zone Divide.r
3
4
64c
62c
64c
1?*
Hecia Mining
Howe Sound Co
Jan
Mar
30c
21%c
l%c
21c
23c
20c
10
Blosscm.r
10c
16c
1
5c
Kerr Lake
5
2?*
Butler,
r
10
13-16
Plggly Wiggly Stores.r
13
12?*
1%
13
Dec
13
Dec
Printz
Biederman Co.r.25
25?*
24?*
25?*
800
June
36
June
Radio Corp of Amer.r.. (f)
Preferred.r
5
2?*
2
2?*
4,500
IK June
3
Jan
Lone
2?*
2?*
2?*
5,200
1% Mav
4?*
Jan
Louisiana Ccnsol
Republic Rub.r..(no par)
1?*
1?*
3,185
1?*
6
Jan
MacNamara Mining.r...l
Rockaway Roll MHLs.r.(t)
Roy de France Toilet Prod 5
5
5 J*
300
5
Apr
Magma
3?*
3?*
S00
3?*
Nov
10?*
50
33
Stutz Motor Car.r. (no par)
170
Amer.r.. 100
2?*
International.r... 15
26?*
7?*
1,100
12?*
20
Sept
Dec
11
400
10?*
Dec
33?*
200
33
Dec
15
170
Dec
190
2?*
27
9.?*
62,700
700
1,900
1%
22
Aug
5K
13?*
7
26%
41%
735
67*
Nov
59
Jan
......
Kewanus.r.
1
12,500
1 ?*c
12,200
28c
100
2?*
2%
1,200
8c
7
Dec
32
Jan
100
71
%Rrc
78
Nov
49
Dec
78
Jan
5
5
400
3
Oct
5?*
Sept
1?*
1?*
6,700
1
Aug
3?*
Jan
Prince Consol
Ray Verde Copper
I
Ophir Silver Mines.r
8%
8?*
9,000
7K
Nov
19
Jan
Sept
2?*
Dec
?*c
7.000
19?*
3.500
17
7c
10c
10.000
25c
9.500
144
11
8?
9,100
7-16
3,700
%
5-16
3,000
7,800
1
1
500
1,300
H
5-16
1
5c
5c
1
"1-16
1-16
1-16
20,400
1
?*
%
K
7.200
6c
5c
Jan
Oct
%
7
4?*
Jan
Roper Group Mining
Pick Cons'd.
Jan
13c
% Nov
1-16 May
7-16
Rex Consolidated Mln—1
Silver
27o
July
H
St Croix Silver
United Retail Stores
Aug
4c
%
144
7-J6 Feb
100
Jan
5 ?*r
7?*
Feb
8c
4,800
17c
100
Oct
Feb
15c
77c
600
3-16 Sept
5
4?*
20
16o
5?*c
73
Aug
Nov
Oct
70c
53
7
Aug
1
71
2?*
M&r
July
1
49
15-16 Jan
Jan
4?*c Mar
05o
4c
Murray-Mog M Ltd
A
1
?
Oct
40
Motherlode
Nlplsslng Mines...—
?*cJuly
12c
44c
36.600
2%c
Jan
New Jersey Zlnc.r
Jan
4?*c
Jan
Jan
1,000
June
36,000
2,000
17
2?*
11c
Apr
Jan
11c
3-10
5
Marsh
1 16-16 Apr
Nov
Jan
Mlnlng.r
I
McKinley Darragh Sav..l
June
Feb
14
162,870
16,600
18,700
?*
9-16
26c
5?*c
1
Mar
Mar
1 15-16 Jan
Feb
18c
4c
3W
16
Aug
15c
7-32
2c
1 15-10 Jan
15o
4%c
8%c
Oct
Jan
Sept
l?*c Dec
15c
8?*c
2?*
3
22,500
3,100
2?*e
65o
3c
8
4?*c
Jan
Jan
10
Dec
4%
.1
Jan
Jan
Mar
5c
2%
10c
5?*
Jan
16,800
4?*
Star.r..
Copper
11,360
%
26,000
3,613
Knox Dlvlde.r
July
12c
Mar
7c
7-32
1
Jim
19c
1 9-1.6
8
Jumbo Extension
Dec
3-16
2%
4?*
1
Honduras Amer Svnd.r (t)
Iron
lc
2
Oot
%
Fi ?*c
Aug
Mar
K Sept
Nov
53c
2c
Dec
1?*
%
43c
10c
1 ?*
52c
4,200
2,700
30,200
4o
Dec 1 1-16
4?*cJune
2?*
46c
5c
8,500
1,640
18,100
3-16
15,400
4
1?* 1 7-16
19,300
%
10,300
126,000
%
3
5c
1
32C
%
%
3
1
25c
Apr
June
IK
10
1
Harmill Dlvlde.r
Anr
July
7c
1%
"
"3%
I
Sliver
Emma
15
14?*
11?*
2K
51
11?^
5
June
2
50
51
6
K
Darwin Silver.
4,125
1,749
51
11?*
May
El Salvador Silver Mln.—1
70
2%
Jan
7-16
5
...
Divide Extension..
Dec
100
.
...
Jan
Dec
1
72
1?*
Consol Copper Mines
Consol Virginia Sllver.r .5
Cortez Rllver.f
.1
Cresson Con Gold MAM.l
Apr
7K
10,100
72
1
49c
..1
Cash Boy Consol.r
Mar
7?*
38o
2?*e Aug
Boston 4 Montana Dev..5
Mar
15-16 June
22,100
29,000
,T4?*c
3c
Tune
12,500
June
I
6
Apr
July
Oct
May
Booth,
3
2t*
15?*
1 3-16 Mar
lc
%
2o
5-16
1
Dec
Dec
% June
2c
lc
3e
7-ie
Mining
%
11H
17,500
5-16
6
r
423
14,600
H
'lKc
Big Ledge Copper Co
132
Nov
1
2,700
1
5c
Apr
14?*
600
1
4c
Nov
100
11,000
1
10c
1
2?*
1
3?*c
4?*c
Caledonia
5.700
"Ik
Belcher Extension
165
5
Kay County Gas.r
1
Lehigh Coal & Nav.r_._50
Aug
Dec
20
8
July
Jan
5
4
...1
72
300
3?*
Atlanta
1
...10c
130
1?*
Mining Stocks—
Mlnes.r
Dec
15
3?*
Woodburn Oil Corp.r..(t)
Belcher-Divide.r
35
2,300
8
Dec
Nov
9?*
%
11%
5%
8?*
Jan
7?*
8
10?*
1?*
11?*
3%
(t)
73?*
10
7-16
29?*
1%
Dec
Dec
Alaska-Brit Col Metals.. 1
Sept
5
Aug
%
America Mines.r
8
Shipyards.r
Jan
Oct
1?*
7
%
Alvarado Mln 4 Mlll_r..20
Indian PackCorp r (no par)
Intercontinental Rubb.lOO
United Profit Sharing..25c
Feb
7%
2?*
4,000
Jan
3?*
7%
14?* May
4,100
Dec
1,200
"49""
56
59,700
July
1?*
5%
Exp.r.-.(t)
1 ?*
Mar
40?* May
Nov
%
19
Apr
Todd Ship Corp, new.r. (f)
Onion Carbide A Carb.r(t)
Nov
Nov
%
9?*
26
1-16
50
Dec
Stand Gas <fc Elec com.r50
Jan
7-16
Doc
54
3?*
Jan
Jan
%
Aug
65
50
7K
9%
10?*
%
1-16
July
Dec
Flreprooflng com.r.50
Aug
Apr
Dec
%
7?*
Dec
Nat Motor Car & Veh.r (f)
N Y Shipbuilding, (no par)
Jan
Jan
5
7-16
.
M
28
""Nov
"l4k
Nov
2?*
4?*
1
300
2H
r
% May
1
5,000
19
15
•
Feb
Dee
_r
OH 4 Land
4,800
1?*
30?*
16?*
4?*
Apr
5?*
4?*
1 %
Aug
%
United Tex Petrol.r.
US Oil Coro
Texon
Jan
2?*
Mercer Motors.r__ (no par)
Morris (Philip) Co Ltd..10
1 5-16
2
3
7%
7%
JaD
9-16 June
11?*
Dec
9%
7%
Jan
Jan
%
14?*
May
3,000
4?*
July
Oct
9?*
14
65
11?*
190
4c
4?*
Nov
16?*
B.r
Aug
May
K
128
200
6?*
200
21
Jan
7,200
200
1,200
Locomobile Co.r..(no par)
21
4%
6?*
Heyden Chem.r_.(no par)
Imp Tcb cf G B & I.r._£l
Lincoln Mot Co cl A.r..50
Oct
Jan
Nov
7
10%
22,800
10,500
June
%
9%
7
5?*
22?*
4%
5
Dec
Jan
3,450
Mfrs' Light & Heat.r__.50
3,200
Dec
1?*
Aug
9,400
1
29
17
Libby McNeill & Lib.r.10
2,280
Oct
3-10 Dec
2,500
Nov
16?*
..100
2%
10?*
800
%
11
65
100
Dec
%
24,600
%
1%
144
1,800
Hercules Paper.r.. (no par)
Candy.r
14
12?*
16?*
37%
Union
6,700
Jan
15
Gen Asphalt, com.r...100
Tobacco Prod
16?*
25
65
r(t)
5%
Sweets Co of
Jan
14
Dec
1
Preferred.r
Dec
41
3
18
19
8?*
8
Jan
May
400
28
1?*
com.r
Nov
2
"3-16
Simras Petroleum r(no pari
|Sept
Dec
2?*
2%
Settled
4
18?*
Dec
100
10%
54
Nov
1.78
1,000
Salt Creek Producer
Dec
Nov
14
12,800
1
Mar
Jan
Apr
Jan
1?*
3,000
new.r
3%
16
39?*
1?*
3?*
16.410
Sapulpa Refining.r
Jan
8?*
Mar
Aug
IK May
Oot
Jan
120
1
3?*
6?*
Gardner Motor Co. (no par)
Garland
Steamship.r..(t)
Swift
700
12
(t)
Davies (Wn>) Co, Inc.r.(f)
Empire Tube & Steel...(f)
Preferred.r.
1.85
3
Continental Motors.r
r
1.78
5%
July
44?*
7,500
30,600
%
18?*
3-16
15?*
700
Nov
47
Nov
13.500
11?*
8%
7%
Dec
25?*
15?*
Tan
30?*
4?*
3,300
28?*
Jan
46?*
6,100
1,500
2?*
6%
68
5?*
14K
5%
2%
11
9?*
1?*
27?*
1%
26
5%
108
K [Dec
3?* June
29?* Aug
40
Sept
June
27
28?*
2,300
80
13
Oct
1%
300
27%
Dec
?*
86
4%
Dec
28 K
60?*
2?*
Dec
IK
Dec
4?*
| Dec
39
20
5?*
6
100
600
10
85
1,200
Jan
20?*
10
68
2,100
Mar
10
Sept
Feb
%
7-16
Cons'd.r
1-16 Dec
Nov
4%
"Ik
Ohio Range.r
Red Rock Oil 4 Gas.r
Jan
1 %
16?*
8
2?*
Oll.r
Jan
3
Feb
11%
13-16
Omar Oil 4 Gas.
1
10?*
Nov
5
Ryan
5,000
Salt Creek Produeers.r_.25
Apr
3
2%
8
76?*
Feb
Aug
Nov
11K
2?*
31?*
Dec
U?*
68
140?*
1,850
?*
Cities Serv Bankers shs r(t)
Cleveland Auto Co.._.(t)
Dec
4,800
2%
Chalmers Motor
Chicago Nipple Mfg cl A 10
4H
%
Dec
5
3-16
12
5
Pennock
20
Nov
8,000
12?*
1
Producers 4 Ref.r
200
5?*
H
27?*
2%
"l4
...1
Jan
5
1,100
17,200
3?*
Northern Texas Oll.r
Jan
30
Mar
700
"Tk
50
Prod.r
Jan
c88
July
6,800
%
16
l.r.
..10
Corp
Reflnlug.r
Midwest-Texas Oll.r
36
30
Jan
35
2?*
4%
10
Midwest
49
c88
12%
July
53
Oct
13?*
2
5
5
w
..10
40
Amer Cigar com.r
100
Amer Hawaiian S S_r._.l0
6
UK
Apr
Apr
Aug
84
"85
(no par)
Nov
Aug
16
4?*
4?*
6?*
8
Marland Oil
Mountain
H
8?*
30
11?*
Oll.r.
Nov
5
19
May
Am Chicle com.r. .(no par)
4?*
5%
1.78
Manhattan Oil_r__(no par)
Maracalbo Oil Explor.r(t)
Marland
200
Jan
20
North American Oll.r
♦
19,800
31
1-16
1
r new-..no
Invader Oll.r
Mexico Oil
Sales
5?*
22,600
10?*
2?*
26?*
79
Dec
17?*
15-16
1
Oct
Dec
40
13-16
Jaa
Jan
7?*
1?*
Jan
49?*
"fi"
Price.
Nov
Mar
72
Range
1?*
39?*
61
of Prices.
15,900
11?*
7?*
10,000
covers
1%
Apr
45
Aug
40
a
3?*
15-16
Dec
Aug
May
70
give
Nov
Nov
8 %
1 3-16
Dec
we
%
12c
100
8?*
Dec
Oct
135,500
8?*
1%
30?*
29 J*
3,000
17c
5%
May
Mar
400
1
13c
May
104?*
Jan
0%
5,000
It
660
100
7,000
17,000
Week's
r.100
Perfection T & R
Dec
Aug
39?*
Air Reduction.r..(no par)
Allied Packers.r..(no par)
Nor Am Pulp &
75
343
115
5,300
57
9?*
Preferred.r
Oot
100
548
17,000
3,000
9?*
Nat
810
75
372
10,000
Aetna Expioslves.r(no Par)
Munson Furniture,
732
75
352
10
Noble 0114 Gas
Maxwell-Chalmers
700
356"
34,000
6,300
Preferred.r
no"
1%
%
Elk Basin Petrol.r
5
Engineers Petrol Co_r__.l
1?*
9%
Havana Tobacco com
Mar
8%
Dominion Oll.r
Oct
I
com
Sept
355
1H
Oct
Feb
1
Farrell(Wm)&Son
Jan
372
Aug
Sept
7%
97 H
72%
Dec
Industrial & Miscell.
Crude Chemical,
31
Nov
%
45
Shares.
Ordinary.;
Nov
1%
8%
Feb
High.
Brlt-AmerTob ord bear -£1
Jan
July
%
60?* May
Low.
Co com.r
18?*
Jan
7?*
1%
8%
82
Sale
Borden
85
Dec
1?*
73
Fnaay
.(no par)
Dec
4?*
7-16
Merrltt Oil Corp.r..
Mexican Parmco Oil
com
10
5%,
r_6
00m
61
10, both inclusive.
Candy
100
5%
94?*
afternoon.
Amer
Dec
5
34
the transactions in the outside security market from Dec. 4
Aluminum Mfra
Aug
J&Q
Dec
Dec
240
%
Lyons Petroleum.r
1
70
60
2?*
26?*
300
Boston-Wyoming Oll.r._1
Carib Syndicate.r
Central-Petrol com.r
.5
Lyons
!
Jan
20
1?*
28,000
value.
Coal.r
Oct
45
326
5
Boone Oll.r
62
"82"
1,600
19
8?*
$2,000
45,000
New York "Curb" Market.—Below
Acme
Dec
Jan
328
8?*
72%
South Side Elev 4?*s__1924
Par
15
Jan
4H
250
18?*
.1
Allied Oll.r..
1
Arkansas Natural Gas.r. 10
61
72%
Mutual Fuel Gas 1st 581947
Stocks—
600
Nov
5
320
Union Tank Car pref.r.100
Ousting Petr Corp
Week ending Dec. 10.
100
4?*
1
Feb
3?*
243
Denny Oll.r
Chicago City Ry 5s... 1927
Chic CIty&Con Ry 5s_1927
Chicago Railways 5s. .1927
to Dec.
730
Dec
Mar
2,775
•
55
Bonds—
Armour & Co deben 7s. 1930
par
200
1?*
Subsidiaries
Dec
Nov
3,275
Swift & Co 1st s f g 58.1944
1,700
8,900
55
Former Standard Oil
19?*
17,500
1939
10
4?*
63
44?*
Morris & Co 4?*s
10
100
97
53?*
14?*
(♦) No
Second pref.r
1,805
12?*
1927
3,070
5,480
39
48, Series "B"
2,300
31?*
15?*
60?*
60
3,260
48?*
5s, Series "A".
2?*
25?*
68
40
(*)
..25
2?*
25?*
5
105
49?*
12?*
com
15
19?*
25
Wrigley Jr,
15?*
63
35
Wilson & Co, com
1?*
97
27?*
20
Sept
1?*
20
32
When issued.
1
1 ?*
63
23
10
700
1?*
Wright Mart Alr.r (no par)
Jan
K
Nov
2
100
Hith.
27
1
99?*
25?*
(*)
Ward, Montg&Co, pf__100
Preferred.r
Wayne Coal
Law.
950
31
1?*
Steamship
Range since Jan. 1.
Shares
1%
Willys Corp 1st pref.r.100
Jan
90
155
23
t c.,.50
High.
30
for
Week.
of Prices.
Mar
15,550
83
"87"
Jan
8
26?*
Week'* Range
Low.
(f)
Van Raalte Co com.r
8 Yi
Sales
10
Jan
32
v
U S Light 4 Ht, com.r..10
U 8 Ship
Corp.r..
22
26?*
36?*
21?*
11?*
Price.
00m.r.50
Aug
Thompson, J R, com...25
Co...
Jan
9K
Distributing
11
Union Carb & Carbon
Wahl
U S
1,815
Temtor Prod C & F "A"(»)
United Iron Wks
Apr
32
May
(Concluded)—Par
15
SH
Preferred
50
Stew Warn Speed, com. 100
Swift & Co
.....100
Last
Sale.
Stocks
High.
Low.
15
_~_10
Sears-Roebuck, com... 100
Shaw W W, com
(*)
Standard Gas & Electric.50
Range since Jan. 1.
Shares.
15"
4K
Pub Serv of N 111, pref.100
Quaker Oats Co, pref. .100
Reo Motor
10
for
Week.
High.
6?*
._(♦)
Orpheum Circuit, Ino
1
People's G L & Coke...100
Pick (Albert) & Co
(*)
Plggly Wlggly S tores,Inc(»)
Friday
11?*
11%
loofc
Mitchell Motor Co
National Leather
Week's Range
Par. Price. Low.
Libby, McNeill & Libby. 10
Lindsay Light
10
Middle West Utll, com. 100.
2317
Sales
Sale.
Stocks
CHRONICLE
6c
9,000
18.400
?*
97c
Jan
Jan
Dec
39
Apr
7c
Doc
32c
Jan
17c
Dec
65c
Jan
4?*cMnr
70c
144
Dec
Dec
7c
Dec
14 May
% Aug
15-16
4c
Dec
Dec
6?*cMay
78c
300
Jan
Apr
12?*
1?*
Jan
Feb
1 3-18 Jan
IK
12c
Oct
Jan
1-18 Mar
H
Jan
Nov
1 %
Sept
%
Jan
30c
Mar
Sales
Friday
Week's Range
for
of Prices.
Lota.
High.
Week.
Price.
Low.
Shares.
Realty and Surety Companies.
New York City
Range since Jan. 1.
Last
Sale.
Mining (Concluaed)—Par
[Vol. 111.
CHRONICLE
THE
2318
All price* dollar* per
High.
414
4A
900
A
lAc
3-16
2,200
2Ac
17,700
2c
3c
12,400
South Am Gold a Plat.r 10
Standard Silver-Lead
Buccess
1
...1
2c
1
Mining
2c
Sutherland Divide, r
2,930
Tonopab Belmont Dev.. _1
IK
1 7-16
Tonopab Divide _r
i
1H
1 3-16
Tonopah Extension
)
IK
IK
IK
IK
IK
IK
2,990
Tonopab Mlnlng.r
1
United Eastern Mining..!
2 7-1-6
2a
2K
6Ac
4c
5Ac
1 1-16
21,200
4Ac
..10c
Victory Divide.r
West End Consol'd
15-16
1
6
Jan
h
Jan
1
1 6-16 June
1
117
75
80
Dec
4c
July
15-16 Dec
13,150
2*Ac
12,900
IK
i.eoo
1
%
1%
Jan
Oct
Aluminum Mfrs 7b.r
51
96
60%
17,000
Sept
08%
95
53 A 203,000
95 A
52A
...
Nov
96%
Jan
Nov
83
Nov
3,000
90%
Nov
Amer Tel a Tel 6s.r—1922
94A
94 K
95 K
157,000
92%
1924
92^
90 K
92 A
93 %
84,000
90 K
91A 212,000
Amer Light & Tr 6s.r.
91A
1925
6% notee.r..
Anaconda Cop Mln 7s.r'29
84
6% notes Ser a.r_.1929
92
j an
Jan
96%
lOct
84
Nov
98%
Jan
98
19,000
95% 102,000
Aug
101
94%
Oct
98
Oct
94
95A
15,000
94
Dec
98
Nov
94
99 h
95
100
1935
"94 K
94 K
94%
60,000
..1923
7% notee.r
97%
96%
94^
Anglo Amer Oil 7hs r.'29
Armour A Co7% notes r'30
Bergen (City of) Norw 8s, *45
95 A
96 A
95 A
6,000
89
89
91
97
975*
Beth Steel Eq 7s.r
Aug
91% June
00% Dec
4,000
84
Brazilian l & Tr 6s
Brooklyn Edison 7s.r_1940
ioo %
Canadian Nat Ilys 7s. 1933
Can Northern Ry 7s__1933
Cons Gas of n y 8s...1921
16,000
99 K
95
Cons Textile deb 7s —1923
50,000
1003*
100
95
Jan
91
Dec
97%
Sept
102%
Nov
Nov
100%
Nov
Dec
99%
5,000
101%
Dec
100
465,000
Nov
Dec
99%
29,000
100 K 101
100
"9m
97
95%
Sept
89
8,000
Mar
Oct
94%
Nov
94
Dec
100
Dec
97% June
98 A 225,000
97
Dec
101
100 A
38,000
100
Nov
100%
Oct
Duquesne Light 6s... 1949
88 K
88 A
9,000
86%
Oct
Oct
Empire Gas A Fuel 6s.r. '24
83
83
9.000
83
Dec
90%
85%
Nov
5,000
93
Dec
96%
Oct
Dec
100%
Dec
"97 a
Denmark(Klngd of)8e.l945
Diamond Match 7 As.*'36
6s.r
97
100
100
93
1926
Fleishman Co 8 % notes
100 H
100 K
'30
w
Dec
110,000
Dec
99
Apr
60,000
99%
Oct
103
Nov
172,000
69,000
91A
90 A "10,000
56%
Aug
99 K
98%
93 K
~67%
Kennecott Copper 7sr. 1930
90 A
67
90A
| Laclede Gas Light 7s.r..
1940
National Leather 8s. r
86
72
76
Jan
87
Dec
98%
94%
Nov
99%
Nov
100%
Oct
99%
Nov
90
9.000
May
99h 100
42,000
65 k
65
69
87,000
65
Dec
Norway, Klngd of. 8s
99 k
99 A
99% 145,000
99%
Dec
98
97 K
98 A
10,000
97%
Oct
'40
Jan
100
Dec
Oct
84
101%
Oct
94 A
94%
20,000
94
78-r
1923
92 A
93%
92%
Nov
7s.r
1924
93 K
93 A
92
Nov
96
91
93 A
90%
Sept
96%
June
93 K
93
93 A
20,000
1,000
21,000
20,000
98% Sept
97% June
97
Sept
93
Dec
94%
July
15
5,000
15
Nov
16
16
"45"
45
52
Ohio Cities Gas 7s_r..l921
7s.r
1922
„
7s.r
1925
Pan Amer Petrol & Tr 7s'20
Russian Govt OAs ctfs.r..
„
5AB.t
Seaboard Air Line 6s
15
.1921
Sears,Roebuck a Co 7s r'21
7%
ser noies.r Oct 15 '22
7%
ser notes.r.Oct
975*
BlnoIalrConOll 7h8
94 A
94
15*23
'26
89 A
89 K
1927
99A
99 A
r...
Bolvay a Cie 8s.r
„
Oct
Oct
27
Jan
2,000
68
Nov
38
45
Dec
64
100
Co.....100
Borne Scrymser
93
Nov
99%
Oct
93
Nov
98%
Oct
94% 146,000
90% 255,000
93
Nov
98%
Oct
Apr
Aug
85
210
135
113
30
100
98
100%
7 25
6.40
Carol Cllnchfield a Ohio 5b._
7.75
7.00
Central of Georgia 4%s
7.50
6.75
Chesapeake a Ohio 6%s..
Equipment 5s
7.00
6.40
6.75
6.40
Chicago a Alton 4%s, 5a
8.50
Canadian Pacific 4%s a 6s
Chlcago a Eastern 111 5%s..
Chic Ind a Louisv 4%s
737
6.50
6.35
7.75
6.75
Erie 4%,
8.00
7.00
7.50
6.75
6.95
6.35
6.95
6.35
100 155 160
86
Indiana Pipe Line Co
5q *84
International Petrol,(no Par) •15% 15^4
26
National Transit Co...12.50 *24
165
New York Transit Co... 100 160
98
102
Northern Pipe Line Co. .100
Ohio Oil Co
25 •288 293
39
Penn Mex Fuel Co
25 *36
Prairie Oil a Gas
—100 500 510
195
205
Prairie Pipe Line
100
Solar Refining.
100 360 390
99
101
Southern Pipe Line Co..100
247
South Penn Oil
100 242
65
60
Southwest Pa Pipe Lines. 100
322
Standard Oil (California). 100 318
710
Standard Oil (Indiana).. 100 700
Illinois Pipe Line
Mom
iitAplr
,
_
Standard Oil (Kentucky) 100
Standard Oil (Nebraska). 100
Standard Oil of New Jer.100
100
.
Standard Oil of New y'k. 100
100
Preferred ............too
Swan & Finch
100
Union Tank Car Co
100
Preferred
-100
Vacuum Oil
100
Washington Oil
10
Standard Oil (Ohio)
*71
j 73
600 620
440. 460
410 430
610 630
103% 104%
363 357
400 415
105
102
45
60
100
105
95
98
310
*30
Illinois Central 5s
Equipment 4%s
Equipment 7s
6.75
6.40
6.50
6.95
6.35
Michigan Central 5s, 6s
Minn St p a s s m 4%s
6.87
6.25
7.50
6.75
Equipment 5s a 7s
Missouri Kansas a Texas 5s
7.50
8.25
7.25
Missouri Pacific 5s
8.00
7.00
Mobile a Obio 4%, 5s
7.50
6.75
7.25
6.50
Louisville a Nashville 5s
New York Cent 4%s, 5s
25 *95
Magnolia Petroleum....100 330
Midwest Refining
60 *143
Imperial Oil
7.10
6.40
7.75
7.00
Norfolk a Western 4%s
6.95
6-35
7.15
6.40
Pacific Fruit Express 7s
6.87
6.40
Pennsylvania rr 4%s
6.87
6.35
Northern
80
77%
Dec
97
Jan
90 h
Sh
Stock*—Per
32,000
94% 122,000
98
10,000
90%
Dec
97%
Dec
Amer Machine a Fdry._100
97%
Nov
97%
Nov
American Tobaooo scrip.
80
82
48,000
80
Dec
93
97 A
98
38,000
95%
Dec
99%
Apr
35
6.90
6.40
6.90
6,37
St Louis Iron Mt a Sou 5s_.
S.QO
7.00
St Louis a San Francisco 5s.
8.00
7.00
Seaboard Air Line 5s..
8.00
7.25
Equipment 4%8
Southern Pacific Co 4%s.
8-00
7.25
6.95
6.40
6.85
6.35
7.50
6.75
Equipment 7s.Southern Railway 4%s...
Bid,
v85
Ask
80
84
88
Preferred
Amer Lt a
Preferred
13
35,000
Oct
Nov
28
12%
14
15
12,500
14
Nov
31
June
22
22
22
10,000
14
Nov
31
June
10
10
31
June
13
14% 275,000
.....
~~"m
6s.r
German Govt 4s.r
Hamburg 4^8.r
Vienna
13
4As.r
3%
3A
...
3%
Dec
10
25.000
.
12%
75,000
Nov
3%
June
29% June
27% June
Dec
7%
July
Odd
lots,
value,
f Listed as a prospect.
(Listed on the Stock
Exchange this week, where additional transactions will be found,
o New stock,
r Unlisted,!
w When
Issued,
x Ex-dividend.
y Ex-rights.
z Ex-stock dividend.
t Dollars per 1.000 lire. flat.
a: Correction,
v Ex 50% stock dividend.
f No
par
price*'dollars
per
share.
•
Bid
Ask
America*
195
205
Amer
240
250
Exeb—
Atlantic
Battery Park
Bowery*
215
170
-
-
-
*
|
jMech A Met.
450
Manhattan *.
150
leo
105
125
Bronx Nat-.
145
Bryant Park*
145
Ask
Trust Co's
205
New York
Bid
Ask
13
Carolina Pow a Light com 100
155
160
100
250
253
90
95
Preferred
-
m>*
216
Bankers Trust
327
333
330
310
Central Union
335
345
Cities Service Co com...
100
63%
»9
12
..100
»78
85
Com'w'th Pow Ry a Lt__100
9
12
100
pref__100
33
35
79
82
Traction 100
6
7
100
1946.jaj
43
48
75
78
Colorado Power com
83
100
Elec Bond a Share
Scrip
Reynolds (r j) Tobacco.
100
Federal Light a
25
•80
90
25
*33
36
100
100
102
Mississippi Riv Pow com. 100
89
92
160
100
1951...jaj
Northern Ohio Elec Corp.(t)
Preferred
100
North'n States Pow com. 100
Preferred
—.100
North Texas Elec Co com 100
Preferred
100
Pacific Gas a Elec 1st pref 100
59
150
Preferred
...
...
Tobacco Prod
92
89
ioo"
Firestone Tire a Rub.com .10
•89
90
Rubber
Stocks
84
"75
76
300
500
6u2
Preferred............
100
33%
52%
75
78
92%
93
_aao
94%
95
285
290
Am Tob 7% notes
307
Farm L A Tr.
333
343
7% notes 1922
185
«
*
M
36
Fidelity Inter.
200
210
205
New York Co
135
145
Fulton
260
270
355
New York...
460
480
Guaranty Tr.
302
307
Chat a Phen
255
265
Pacific •
160
Hudson
155
165
Chelsea Exob*
145
165
Park
440
460
Law Tit A Tr
124
Chemical
535
545
Public
266
280
Lincoln
245
Republic*
Commerce
216
219
Comm'l
175
-
«•**
Trust
AnacondaCop Mln 6s'29. ja j
7s
1929
Series b
jaj
68
38
American Hardware. _—100
155
165
Beth St 7a July 15 '22.jaj 15
97%
98
Amer Typefounders com.
Mutual (West¬
Federal Sug Rfg 6s 1924 man
92
93
210
225
Union Exch..
170
Goodrich (b f) Co 7s '25 aao
87%
88
92
94
525
Hocking Valley 6s 1924mas
Interboro r t 7s 1921 mas
67
70
Celluloid
590
615
k c Term Ry 4%s 1921.jaj
95
96
83
27
*50
60
du Pont (E I) de Nemours
84%
100
79
81
Company.—t.100
140
150
Preferred
130
United States*
155
165
Title Gu A Tr
285
94
95
320
330
[Wash H'ts*__
350
425
U 8 Mtg A Tr
395
405
Laclede Gas 7s Jan 1929 faa
88
90
110
120
Yorkvllle*
375
425
United
810
830
Lehigh Pow8ec6sl927_faa
64%
65%
Cuba (Bk of).
East River...
150
185
LlggettAMyersTob68'21 j ad
9734
98%
Preferred
Penn co4%s 1921...jad15
98
98%
1st g 5s June
Fifth Avenue*
910
295
Brooklyn
6s
Nov
15
1923.-man 15
86
100
Borden Company com
Corn Exch*..
Brooklyn
80
*22
50
Preferred
Continental..
930"" Coney
31
1
500
States
169
100
Co, new
Cosmop'tan*.
170
100
Preferred
Bliss (E W)
125
N Y Life Ins.
N Y Trust—
176
60%
41
95%
460
Trust
21
137
9434
450
A
55
19
134
130
Preferred
96
220
53
59
62
94%
23d Ward*...
4
22
29
Second
Common¬
1
2
19
106
9934
105
12
35
%
100
99%
9334
chester)
100
*33
100
Brass
Anglo Amer Oil 7 %s '25 aao
Arm'rACo7sJulyl5'30jaj15
95%
....
97
•10
American Chicle com.no par
7% notes July 15 '23 jaj15
200
88
American
Canadian Pac 6s 1924.mas2
200
24
88%
84
260
State*
7%
20
92
305
m
100
82
280
m
17%
6%
and Miscellaneous—Per shar e
9958100
240
m
80
90
Mercantile Tr
—
76
70
76
Industrial
Metropolitan.
-
80
65
58
Preferred
99*4100
625
-
76
72
9934 100
600
Tradesmen's*
210
•
7% notes 1923
1921man
man
man
90
Seaboard
Ex*
wealth*
70
6% notes 1922
32
180
60
Amer Tel a Tel 6s 1924. fa a
195
170
Swlnehart Tire a r.oom.100,
305
345
235
55
10
30
42
15
100
Preferred
*100
Standard Gas a el (Del). 50
Preferred
60
Tennessee Ry l a p com. 100
Preferred
100
United Lt a Rys com
100
1st preferred
100
Western Power Corp
100
Preferred
100
30
5
20
55
100
Republic Ry a Light
South Calif Edison com..
100
25
160
Butch a Drov
350
75
100
100
150
Gent MeroanChase
Coal a Iron..
100
Portage Rubber, 00m
7534
Light—.100
Preferred
30%
13
74%
100
Puget Sd Pow a
90
100
Preferred
Goodyear Tire a r, com. 100
—
First Mtge 5s
90
295
302
Colonial*
Preferred
137
300
Nat city
Columbia*..
Preferred
Great West Pow 5s
100
Preferred
Empire
Equitable Tr.
155
Neth*—
Preferred
100
100
Young (j 8) Co
Columbia
•
64%
10%
Corp scrip
Weyman-Bruton Co, com 100
b common stock
Commercial..
160
New
Preferred
85
203
Nat American
33
92
313
165
21
78
197
....
10
18
30
100
............
307
490
5
100
Preferred
8%
60
Preferred
100
Short Term Securities—Per Cent
89
Am Cot Oil 6s 1924..mas2
'Mutual*
....
Porto Rlcan-Amer Tob. .100
'
m
79
12*2
Preferred
American
62
•10
Miller Rubber
210
NY
Liberty
Bronx
Bid
190
Irving Nat of
180
BroadwayCen
Boro*.
!
Banks
'industrial*..
48
58
Amer Power
"99"
Mohawk Rubber
Banks—N Y
44
77
*12
100
7% preferred
100
Gen'l Tire a Rub, 00m...100
AH
35%
108
bearer. £1
Tobac,
Foil
6% preferred
New York City Banks and Trust Companies.
101
1<>6
(new)...no par
Helme (Geo w) Co, com .100
Preferred
100
Brit Amer
Conley
Preferred
*
•98
*34
125s
British Amer Tobac ord._£l
Preferred
12
60
50
100
..100
•117b
96
112
Marks
Trac com
a Lt com—100
100
Amer Public Utilities com 100
Preferred
100
165
107
13
Public Utilities
Amer Gas a Elec com...
are.
MacAndrews a Forbes.. 100
13% 490,000
6.30
7.60 6.75
Municipal Bonds
13
6.75
Virginian Ry 6s...
110
12
6.75
7.50
145
95
12 A
7.50
Cental 4*—_
350
Imperial Tob of g b a Ire
6s.r..
Frankfort 4s.r
..
6.80
Johnson Tin Foil a Met. 100
(Dollars per l.ooo Marti)
....
Union Pacific 7s
German Government and
Berlin 4s.r
6.35
6.87
Equipment 4s
Reading Co 4%s_
100
*734
Cologne
Pacific 7s
Pittsb a Lake Erie 6%
-
77 A
Dec
6.75
—
Equipment 7s
Toledo a Ohio
American Cigar common. 100
Preferred
100
July
,
Equipment 6b
Tobacco
7.00
7 37
Kanawha a Michigan 4%s._
315
Other Oil St«»cka
Jan
96%
—
8.00
n y Ontario a West 4%s...
$26 Par value stock...
Standard oh (Kansas)... 100
Preferred
63
Hocking Valley 4%s, 5s
.
.
„
97
95%
6.75
7.00
Aug
Oct
7.50
7.50
Chicago r ia Pac 4%s, 5s__
Colorado a Southern 6s
90
May
7.60
8.50
Chic St Louis a n o 5s
11,000
99%
101%
—
Chicago anw4%s
93 a
Aug
m
94
93
97% June
6.30
50
Par
96%
6.90
92
'Jan
100%
33,000
95% 145,000
95 H
98 A
99%
26,000
6.30
6.30
88
96
Jan
6.90
90
Dec
Oct
6.75
7-50
6.90
48
new
Aug
t
—
4%a
Equipment 4s
Equipment 6s
100
Preferred
92
100
160
Galena Signal Oil com... 100
Preferred old
100
99%
95 A
420
Cumberland Pipe Line... 100 *125
90
Eureka Pipe Line Co
100
98
Va-Caro Chem 7ms.r.l932
Western Elec conv 7s.r.'25
400
102
new
Crescent Pipe Line Co...
10.000
100
85
150
rr. Equipments—Per Ct. Basis.
100 100
100, 110
60 *28
Preferred
Continental Oil
92 K
Switzerland Govt 5AS.1929
Texas Co 7% notes, r. 1923
Union Tank Car eq 78.1930
160
75
Buff Roch a Pittsburgh
19
103%105
Buckeye Pipe Line co— 60j *83
Chesebrough Mfg new...100! 195
Oct
86%
150
West A Bronx
Baltimore a Ohio 4%s
Ask.
Parj Bid.
Feb
190,000
71,000
97%
95
98,000
100
192
120
"and interest" except where marked "f.*
Anglo American Oil new. £l| *18*2
Atlantic Refining
100, 975 1026
63,000
1921
186
110
A
Per share
Standard Oil Stocks
77 A
1925
6»-r
Title
Quotations for Sundry Securities
All bond prices are
94%
~93~~
Southwest Bell Tel 7s. 1926
Swedish Gov 6s June 15 '39
Y
Mortgage..
94 A
Southern Ry 6% notes 1922
Swift a Co 7s.r
N
...
n y n h a Hart 4s.r 1922
r
93%
41,000
88 A
100%
89
Interboro r t 7s.r._.1921
r
Nov
93%
86
93 k
86
8s.
100%
93%
Oct
100
Galena-Signal Oil 7s.r.l930
Goodrich (bf) Co 7s. 1926
IQrand Trunk Ry 7s t 1940
Lukens 8teel
4,000
100 A
Nat
65
85
Preferred
$
Bonds—
Allied Pack conv debOe r'39
57
75
..
Assoc
Title AM G
Jan
Mar
lAc
5
29«
12©
2c
205
2 7-16 Jan
Jan
1
195
Preferred
106
Realty
Jan
Apr
60
Bond A M G.
City Investing
Apr
So
lo
19,700
65
Mtge
Jan
-
20c
1,000
8c
Yukon Gold Co.r
3%
4%
lie
Aug
l%oNov
lc
6A0
Surety-
70
Jan
May
lc
'""7c
80
Amer
Ask
100
U 8 Title Guar
112
Bond..
Surety..
Bid
(Brooklyn).
U 8 Casualty.
Lawyers Mtge
70
Alliance R'lty
,
Ask
Ask
2 16-16 Jan
aug
4c
Jan
Jan
4%
July
2h
5,510
Jan
7o
Aug
"* Aug
10c
10c
White Caps Exten
White Cape Mining
Wllbert Mining
7c
3%
%cJuue
44,260
IK
8%
1 3-16
7,100
4e
u s Continental Mines.r.l
IK
Sept
A Nov
l%cNov
13,070
4c
4
thar*.
Bid
Bid
100
162
168
Debenture stock
100
76
78
Havana Tobacco Co
100
1
100
4
6
1922. _JAD
/45
55
A Co, com
1
1%
140
155
Brooklyn
480
500
Pub Ser Corp n j 7s '22.ma8
86%
87%
Intercontlnen Rubb com. 100
Fifth
150
165
First
205
215
Hamilton
260
270
Reyn (r j) Tob 6s '22.faa
96%
97%
International Salt
100
60
First
920
940
Green point...
160
180
Kings County
630
660
Sloss Sbeff 8 a i 6s '29. fa a
85
so
1951
AAO
/68
Garfield
Manufacturers
195
203
94%
International Sliver pref. 100
*88
275
290
Southern Ry 6s 1922...mas
Swift a Co 68 1921
faa15
9334
People's
97%
98
Lehigh Valley Coal Sales.
50
*70
74
7% notes Oot 16 '25 aa015
Texas Co 7e 1923
mas
92
92%
98%
165
107
170
97-%
112
u s Rubber 7%s 1930..faa
Utah Sec Corp 6s '22.mas15
9734
98%
Phelps Dodge Corp
100
Royal Baking Pow com..100
Preferred
100
80
82
79
80
Singer Manufacturing... 100
West Elec conv 7s 1925.aao
9834
99
152
150
3%
*2»4
Island*
220
230
Homestead*..
80
100
Gotham
190
205
Mechanics'*..
85
92
Greenwich
250
Montauk*
85
95
Hanover
795
810
Harrlman
350
360
Imp a Trad..
605
515
Tr.
225
North Side*—
195
205
People's
150
160
Rldgewood
*
Nassau
200
Banks marked with (*) are State banks
this week.
i New stock
t
Ex-dlvidend
~
....
t Sale at auotlon
9
Ex-rtghts
or at
Stock Exchange
*
Per share.
f Flat
price
6 Basis,
*
Nominal
d Purchaser
1st gold 5s
£1
Singer Mfg Ltd
also
* Ex-dlvidend.
pays
9
accrued dividend
Ex-right*,
9
7
e New
71%
91
stock.
v Ex-50% gtk. dlv.
3319
tojesimmt and idaxtoad
RAILROAD GROSS EARNINGS
The
following table shows the
be obtained.
lan
gross
STEAM roads from whioh regular weekly or monthly returns
earnings for the latest week or month, and the last two
and including the latest week or month. The returns of the electric railways
earnings of various
figures give the gross
The first two columns pf
columns the earnings for
the period from Jan. 1 to
brought together separately on a subsequent page.
are
Jan. 1 to Latest
Latest Gross Earnings.
ROADS.
Week
or
Month.
Year.
Date.
ROADS.
Prevoius
Year.
Current
Previous
Year.
Current
:-
Year.
Week
Current
Previous
Year.
or
Month.
•
; •.
/
.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Year.
Previous
Year.
Current
Year.
$
$
Alabama & Vicksb. October
Ann Arbor—
4th wkNov
Atch
Topeka & S Fe October
Gulf Colo & S Fe. October
Panhandle S Fe__ October
Atlanta Birm & Atl_ October
Atlanta & West Pt_ October
Atlantic City
October
Atlantic Coast Line. October
Baltimore & Ohio.. October
B & O Ch Term.. October
Bangor & Aroostook October
Bellefonte Central._ September
Belt Ry of Chicago. October
247,273
332,685
135,658
115,199
20612086 18025 518
2.968,629 2,349.412
701,129
914.358
455,211
527,620
254,615
243,216
277,564
328.564
6,395,511 5,539,216
25015394 18917 768
239,443
281,168
482,540
671,776
11.083
15,999
Bessemer & L Erie.. October
2,156,030
39,232
63,098
Boston & Maine
October
8,713.545
130,539
Brooklyn E D Term October
Buff Roch & Pittsb. 4th wkNov
634,197
Buffalo & Susq
335,927
October
Canadian Nat Rys. 4th wkNov 3,835,347
Canadian Pacific.
4th wkNov 6,894,000
1,244,327 12,660.178
163,777 1,333,766
47,672
520,878
7,224.195 71,722,728
Charleston & W Car October
Ches & Ohio Lines.. October
Chicago & Alton
Chic Burl & Quincy.
Chicago & East 111. jOctober
Chicago Great West.October
Chic Ind & Louisv.. September
.
Chicago Junction.
October
Chic MilW & St Paul October
Chic & North West- October
Chic Peoria & St L_ October
_
Chic R I & Pacific.
98.363
286.079
245,034
Western
Colo & Southern
Ft W & Den City
Trin & Brazos Val
Wichita Valley
October
Colo & Wyoming
September
Cuba Railroad
September
Camaguey & Nuev September
-
3,198,029
2.426,957
1,617,908
387,193
17499474
17739415
286,947
13199480
2,583,423 24,893,896 20,942,490
2,246,305 19,799,260 18,354,865
1,152.262 11.506.466
107,619
109.052
57,282
90,512
1,194,589 1,094,970
140,629
143.127
Detroit Tol & Iront- October
Det & Tol Shore L. September
Dul & Iron Range— October
1,414,918
Denv & Rio Grande October
Denver & Salt Lake October
Detroit & Mackinac October
260,836
268,651
603,653
Dul Missabe & Nor. October
2,819,900 2,229,239
Dul Sou Shore & Atl 4th wkNov
227,538
114,841
176,270
269,609
October
109,587
157,832
506,655
711,683
September
October
2,809,343 1,151,891
October
1.399,749 1,168,006
October
11579587 8,751,988
October
954,229
1,499,825
October
102,969
133,253
October
812,119
1,078,116
October
123,049
102,589
October
252,573
209,552
October
101,989
256,604
October
723.781
662,870
October
162.905
91,636
AURUSt
209,451
211,963
4th wkNov 3,086,777 2,352,615
October
213,091
333,339
October
213,034
148,794
October
518,560
440,541
October
1,727,068 1,275,346
October
13261977 11790299
117,933
124,367
September
October
461,075
306,827
October
223,412
326,073
September 1.967,843 1.383,082
October
14671029 10774863
Duluth Winn & Pac October
East St Louis Conn.
East'nSteamshLines
•Elgin Joliet & EastEl Paso & Sou West
—
Chicago & Erie—
N J & N Y RR
Florida East CoastFonda Johns & Glov
Ft Smith & Western
Galveston Wharf
Georgia Railroad—
Georgia & Florida—
Grd Trk L in Can
•Grand Trunk Syst—
Atl & St Lawrence
ChDetCanGTJct
Det G H & Milw.
Grand Trk West.
Great North System
Green Bay & West.
Gulf Mobile & Nor.
Gulf & Ship Island
8,9T9,269
358.786
2,852.242 3,056,317
14798 636 138776613 125060892
14252 588 136952 506 116365 240
4,219,250 3,354,154
8,836,825 6,401,622
4,055,959 3,477,549
292,153
349,649
196,524
247,274
598.053
430,830
Delaware & Hudson October
Del Lack & Western October
.
Hocking V alley
Central
October
Illinois Terminal
Intemat & Grt Nor. October
Kan City Mex & Or October
K C Mex & O of Tex October
Kansas City South- October
Texark & Ft Sm_ October
October
Total System
Kansas City Term.. September
October
Kan Okla & Gulf
& Ishpem. September
Lake Term
o
1,453,415
231,919 2,273,328
11372558 112620286 91.777,948
October
572,534 5,482,458 4,042,612
683,752
October
3,184,708 2,818,819 26,282.971 22.682.130
4.847,536 3.600.532
532.395
October
716,932
October
307.126 3.699,177 2,563,301
417,486
3d wk Nov
529,727 27,050,647 22,635.114
697,523
October
1,330,621 1,059,220 10,542,919 9,089,144
1,105.615
October
303,671
146,812 1,690,147
910,952
October
159,748 1,420,013
172,192
October
_
Chic R I & Gulf—
Chic St P M & Om_
Chic TerreH&SE.
Lake Sup
480,310
59.675.321
969,6591
854,158
18919313 16281562 151668275 128485759
J_.(October
Cent New England. October
Central Vermont
'October
Illinois
11,226.250
1,010,966
October
Caro Clinch & Ohio. October
Central of Georgia.. October
Central RR of N
Erie Railroad
4,204,215
74,755
3.111.865
86.561
3.739,607
.October]
_.
Copper Range
7,624,251
4,816,548
2,523,843
4,153.364
59,866,284
187589 266
1,814,512
5.450,151
2,287,577
4,050,284
144822 598
17,226,312
5,121,281
4,156,670
2,256,464
3.906,677
51,815.734
151527 692
1.658,242
21,111,032,13,815,586
2,515,210 1,941,829
2,814,729 98.885,159 85,124,539
5,086,000 184893000 150068000
176,4901 2.312.338 2 189.933
220,570
571,717 6,124,904 5,168,798
789,394
2,246,462 1,952,520 21,135,712 17.690.512
5,650,965 4.077.471 41.836.692 36.973,106
765,560 6,025,184
5,617.335
900,117
559,887 5,913,471
4,827,338
725,475
300.328
296,008 2,869.512
2,507.730
10075 590 6,771,577 73,044,113 60.445,039
3,112,400 2,429,236 24,675,201 21,120,093
Can Pac Lines in Me October
Cine Ind &
176553 299
21,927,617
389 627
556.647
Bingham & Garfield October
Birmingham South. |October
2,869,816
4,748,286
October
Ry
Lehigh & Hud River
Lehigh & New EngLehigh Valley
Los Ang & Salt Lake
October
October
October
October
Louisiana & Arkan. October
Louisiana Ry & Nav September
Louisville & Nashv. October
Louisv Hend & St L October
876,724
837,889
748,172
697,907
8,388,647
9.257.083
2,072,289
2.326.084
35,734,658 28,997.866
64,840,464 59,376,607
32,090,329 27,020,629
2,396,731
2,371,081
1,380,352
1,723.348
4,230,907 3,149,024
1,819,222
1,375.456
7,397,771
10.065,045
17.813,621 18,698.783
5,343,388 4,358,076
1,588,630
2,033,012
1,202,569 1,009,936
33.742,128 33,607.471
20,279,448 16,128,294
11,949,886 10,460.981
87,664,561 76,050.004
10,490,954 8.620.445
937,212
1,102,335
10.959.368 8,260.140
1,042,374
1,192,659
1,340,391
1,600,972
726,766
1,484,109
5,177.735
5.535.072
818,535
1,251,063
1,339.559
1,152,650
2,485*580
1,761,178
1.535,038
4,004,149 3,677,046
14,358,203 11,491,544
102049 090 89,025,304
917.874
872.035
3.276,222
2,298,000
2,525.124
2,021,332
8.582,986
11.570,343
118706595 89,670,631
887,432
90,033
115,079
2,442,224 1,364,461 15,757,190
1,378,071
148,593
178.849
1,558,628
145,091
221,944
2,126,779 1,463,259 16,190,922
1,762.657
255,349
163,624
2,394,023 1,626,882 18,314,843
1.161.846
129.012
168.153
313,894
211.767 2,168,011
1,315.524
195,755
221,580
1,141,834
93,372
150,373
364,533
309,462 2,460.422
566,422
449,423 3,796,112
8,486,513 6,210,026 60,202.479
1,930,409 1,577,112 16,871,749
401,291
178,348 3,464,236
3,047,393
298,961
331,956
11592704 10450 909 103636 597
300.356
2,598,201
280,294
2,239,932 1,594,679 17,220,614
October
511,965
391.768 4,061,555
Midland Valley
4th wkNov
630,879
13,252
Mineral Range
31,720
,790,976 1,460,087 13,873.351
Minneap & St Louis October
October
Maine Central
2.538* f 28
788,160
11,742,020
1,137,714
972,009
12,360,549
1,234,948
13,595,497
1,010,412
1.232.474
823,343
930,184
2,256,903
3,219,201
53,379,837
14,080,585
1,712,103
2,583,090
89,043,902
2,445,883
14,447,154
3,269,221
696,460
11,152,329
AGGREGATE OF GROSS
Current
*
Weekly Summaries.
Previous
Year.
Decrease.
$
3d
4th
1st
2d
3d
week Sept (15 roads)
week Sept (13 roads)
,13 roads).
week Oct
week Oct
(15 roads).
week Oct
4th week Oct
1st week Nov
2d
week Nov
3d
week Nov
•4th week Nov
*
We
no
(18
(20
(20
(19
(20
(**
roads).
roads).
roads).
roads).
roads)
roads)
25,901,613
19,550.180
17,548.585
18,221,855
19,594.766
27,081,898
19,138,392
18.754,798
18,862,044
24,998,832
20.470,587
15.925.478
13.253.628
13,670.975
14,822,387
21.930.629
14,230,219
14,264,410
14,919,321
19,207,734
Beaum S L & W__ October
234,092
746,439
St L Brownsv &M October
New York Central.. Octooer
Ind
Belt. October
Harbor
Lake Erie & West October
Michigan Central October
ClevC C & St
L—(October
Cincinnati North. Gctober
Pitts & Lake Erie October
Tol & Ohio Cent. October
Kanawha & Mich October
N Y Chic & St Louis October
N Y N H & Hartf— October
N Y Ont & West
October
N Y
Suso & West.. October
Southern.. October
Norfolk
Norfolk & Western. October
October
Northern Pacific
Minn & Internat- October
Northwestern Pac.. October
Oahu Ry & Land Oo September
October
Coast.
Pacific
Pennsylv RR & Co. October
Bait Ches & Atl„ October
Cine Leb & Nor.. October
Grand Rap & Ind October
October
Long Island
Mary Del< & Va_. October
NY Phila & Norf October
October
Tol Peor & West
W
Jersey & Seash October
Pitts C O & St L. October
Peoria & Pekin Un. October
Pere
October
Marquette
October
Perkiomen
Phila Beth & N E— October
Reading... October
&
Phila
Pittsb & Shawmut— October
Pitts Shaw & North October
Pittsb &
West Va_. October
October
Port Reading
134.376
I .818
769
1.103,000
537,216
6,287,055
4,506,214
38219 521 29205871 302245348 258216642
5.447,281
644,338
7,480.658
1,126,767
9.612.857 8', 111,224
995.284
1,134,863
9,106,911 7,819,647 72,691,226 64.737.873
8,989,923 7,468,981 73,440.786 60,561,108
3,044.449 2,425,489
447,097
268,544
4,655,112 2,286.073 27.630.835 23.594.509
1,544,746 1,018.873 10,591.491 7.869.533
4,325,116 3.681,965
477,400
577,427
2,492,529 1,957,582 22,979,249 19,665.068
12407604 10346762 103107 731,87,075,144
893,950 10,589,315 9,285,770
1,145,641
3,741.635' 3.230,886
490.830
360,072
666.483
6,544,3561 5,353,564
699,721
9,336,496 7,459.599'69,019.932 63,482,642
12032 973 10703 040 91.649.489 83,246.512
1,060,376
883,061
83,190
109,465
6,722,210
5.463.239
802,853
673,861
1.620.369
1,292,336
114.603
225.656
628,089
553,404
60603431 47112 824 456155 874 4f2147_998
143,724 1,388,746
1,360,231
167,010
1,044,027
951,778
141,699
144,976
812,170 7,881,007 6,834,117
981,489
2,325,876 1,854,252 21,805,205 20,902,802
1.146,273
1,115.849
122.034
128,533
6,693.888 6,834,622
735,792
741,306
1.372,806
1,677,039
169.326
200,374
900.029 11,985,623 10,397,484
1,349,427
11636306 8,930,380 87,111,428 77,920,045
1,018,199
1,298.562
151,131
158,263
4,332,742 3,539.290 33.888,564 28,966,321
913,020
1.026,709
99,137
121,430
689,183
1,116.762
138,581
76,336
10583 897 7,277.754 74,869.8^7 61,042.066
994,737
1,443,597
132,435
209,723
973,211
1,284,765
138,999
180,948
1.145,167
2,010.264
139,347
291,663
1,541,283 2.097.422
194,895
207,774
125.634
Quincy Om & K C_. September
973.285
100.823
812,555
9.201.084 10.429.724
969.543
914,261
3.974,858
4.087.634
445,546
607,246
2,849,594 2,451,135
280,368
425,231
9,412,726 7,662.183 76.911.535 64,363.484
1.135.757
1 397.644
181.166
162,980
Rich Fred & Potom. October
October
Rutland
St Jos & Grand Isl'd October
St Louis-San Fran.. October
Ft W & Rio Grand September
7,590,818 5,457,185
663,972
995,426
St L-S F of Texas October
2.033,979 1,236,245 17,494,977 10,876,734
St Louis Southwest. October
4th wkNov 2,839,004 2,069,851 29,687.519 19,958,386
Total system
St Louis
116,191
133,595
437,229
813,368
71,283
135,606
4,334,067 3,657,284
52,820
October
195,784
October
20860067 17567 996
694,766
October
1,094.742
362,119
370,704
October
October
2,974,924 1,917,813
October
1,373,543 1,023,432
336,0'2
219,268
October
408,315
508,203
October
767,957
959.389
October
751,761
985,986
October
4th wkNov 4,372,223 4 ,341,468
939,701
October
1,035,860
October
1.879.814 1,382,590
Transfer.. October
San Ant & Aran Pass October
San Ant Uvalde & G October
October
Seaboard Air Line
South
Buffalo—
Southern Pacific.
Atlantic SSL nes
Eastern.
Galv Harris & S A
Hous & Tex Cent.
Hous E & W Tex.
Louisiana West'n.
Arizona
Morg La & Texas
Texas & New Orl.
Southern Railway..
Ala Great South.
Cin N O & Tex P
8,489,661
440.612 16,981,586 14,118,259
5,311.828
6,390,299
530,322
960,795
1,250,122
118,375
October
190.797
201
October
October
140,388
927,553
219,129
2,335
291,882
October
4th wkNov
TermRRAssn of StL
St L Mer Bdge I
Texas & Pacific
Toledo St L & West.
Ulster & Delaware-
October
511,368
507,994
October
4th wkNov 1,187,375
—
9.482,184
17,211,269 13,295,154
3.567,683
4,404,863
145,030
Tennessee Central.
Union Pacific—
Total system
3,369,652 3,077,953
21,252,09217.540,860
9,620.229 7,584,751
2,453,495! 1,943,634
4,378,567) 3,396,485
8,475.710 6,333.768
8.104,727 6,646,996
155649808 130278676
644,926
618.062
October
.
166400434 139322 831
8.520.726
5.303.766
389.804
New Orl & Nor E. October
North'n Alabama October
South Ry in Miss
Spokane Internat.
Spok Portl & Seattle
Staten Island R T_.
Tenn Ala & Georgia
925,180
1.145.222
4,852,855 3,649,245
909,946
1,281.385
40,428,691 33,956,086
830.821
1,280.551
486.889
Georgia Sou & Fla October
Mobile & Ohio—. 4th wkNov
October
October
October
October
Oregon Short Line October
Ore-Wash RR&N October
Union RR (Penn)- October
1,118.618
153,019
14743231
22418216
4,529,174
3,145,810
1,286,361
752
1.518.662
1.458,681
137,041
724,015
948,300
6.124,342
5,421
1,280,584
7,594,078
1.984.577
167,784
219.271
2.449 480
2.099,194
414,507
3,894,986
3,247,076
2.554,056
182,775
1,897,671
128,880
3.522,204
367,391
974,745 37,668?869 32,598,691
827,617
9.404.873| 6.650,029
1,249.1721 1.032,760
140,953
11825 305 108233 295 92,571,714
18602495 1-3106 957 147795463
3,951,560 37,197,148 31.619.028
2,825,629 27,676.513 237604.752
8.790.473 6,523.312
083,211
1,003,430
1,612.594
212.550
138,113
3,704,544 2.733,679
325,254
439,671
2,058.217 1,363,915 14,555.288 9.992.168
October
6,282,610 5.185,113 48,556,405 39.912.316
Wabash RR—
335.837 18,190,556 12.361.567
693,042
Western Maryland- 4tb wkNov
1,744,342 1,780,853 13,399.769 11,146,097
Western Pacific. — October
2,095,349
2,325,270
213,812
242,083
October
Western Ry of Ala2,032,726 1,324,427 14,491,915 10.843.043
Wheel & Lake Erie. October
1,593,146
1.977.831
252.745
230,737
September
Wichita Falls & N W
2,042,009 2,315,003 23,834,664 20,315,648
Yazoo & Miss Talley October
Utah
Vicks Shrev &
Pa
—
Railroad.
Virginian
October
October
October
EARNINGS—Weekly and Monthly.
Current
%
*Monthly Summaries.
Curr.Yr.
$
20.96
10.25
30.02
..232.511
..231,304
..213,434
..221,725
April
..213,206
May
..213.525
June..
July....... ..220,459
..199,957
August
September ..226,955
..231,439
October
232,210
231,017
212,770
220.918
211,040
208,598
218,918
199,418
224.922
229,935
33.28
28.05
23.48
+4,908,173 34.49
--4,490,388 31.49
--3,942.723 26.43
+5,791,098 30.15
Previous
Increase or
Year.
Year.
Decrease.
January
February
March
t Comparison with
-
...
1917 figures* not 1919*
%
$
Prev.Yr.
Mileage.
+5,431,026
+3,624,702
+4,019,303
+4,550,880
+4,772,379
+5,151,569
longer include Mexican roads in any of our totals,
Mississippi Central. October
Increase or
Year.
5,382,988 4,483,018 39,357,891 35,162,854
843,511
103,975
904,147
126,984
Missouri Kan & Tex October
3,970,639 3,235,979 32,951.581 28,328,571
Mo K & T Ry of Tex September 2,725.980 2.429.787 20.620,665 18 117.970
Mo & North Arkan. October
1,708,545 1,308,023
162,936
220,006
Missouri Pacific
October
11715985 9,398,504 95,660.483 76.882,429
3,460.398 2,989,546
368,731
Monongahela
October
/
545,893
1,515,524
2,603,617
198,814
272,967
Monongahela Conn. October
1,135.514
Montour
1.308,530
165,111
224,391
(October
Nashv Chat & St L. October
2,307,002 1,858.640 20.415.596 16,284,729
Nevada Northern.. October
1,430,475 1,264,313
78,867
158,679
323,826
372,784
11,331
8,872
Nevada-Cal-Oregon 4th wk Nov
1,067,249
1.469.560
19.435
211,148
Newburgh & Sou HhjOctober
1,914,446
New Orl Great Nor. October
2,233,281
191,846
266,218
1,660,897
N O Texas & Mex.. October
2,401,380
332,247
229,789
Minn St P & S S M. October
494,706,125 392 ,927,365
421,180,876 348 .749,787
408,582,467 347 ,090.277
387,680,982 372 ,828,115
387,330.487 348 ,701.414
430,931,483 369 ,225,761
,376.485
467*351.544
.865,628
441,423,158
594,192,321 480 ,408,546
633,852,568 503 ,281.630
m
•101778760
-72.431,089
-61,492,190
■12,852.867
-38,629.073
-61,705.722
25.90
20.77
17.72
3.45
11.08
16.99
-65.925,059 1643
•73,557.530 19.98
•113783775 23.68
•130570938 25.94
2320
THE
Latest Gross
follows
we
The table
Buffalo Rochester & Pittsburgh
Canadian National Rys—
Pacific——
Duluth South Shore & Atlantic——
Grand Trunk of Canada
the
same
1919.
$
115,199
634,197
3,835,347
6,894,000
227,538
Ann Arbor
Canadian
over
1920.
of November.
8
•
135,658
Oct '20
*19
Jan 1 to Oct 31 *20
*19
Galveston Wharf
Decrease.
$
Georgia & Florida
'19
Jan 1 to Oct 31 '20
$
286,079
348418
2,814,729 1,020,618
5,080,000 1,808,000
114,841
112,697
'19
Oct '20
Chic Det Can
Gr Trk Jet
'19
Jan 1 to Oct 31 '21
*19
j
Western—- —)
Detroit Grand Haven & Mil
3,086,777
2,352,615
734,162
31,720
426,277
13,252
225,295
18,468
200,982
644,926
8,872
2,839.004
4,372,223
2,335
1,187,375
693,042
440,612
11,331
2,069,851
4,341,468
5,421
974,745
335,837
DetGH&Milw
J
Mineral Range-..
Minneapolis & St Louis.— I
Iowa Central
J
*19
Grand Trk West
-
Mobile & Ohio
—
.
Nevada-California-Oregon
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia—
Texas & Pacific
;
Western Maryland
2,459
769453
30,755
~3~, 086
Oct *21
Gulf Mobile & Nor
Oct'21
'19
Jan 1 to Oct 31 '21
'19
Illinois Central
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Net Earnings
Section
Earnings"
way
Monthly to Latest Dates.—In
or
Supplement,
to-day's issue of the" Chronicle"
which
"Rail¬
our
accompanies
give the September figures of
earnings of all steam railroads which make it a practice to issue
monthly returns
or
ment
for full details
1
'19
so
May results
Supple¬
for
all
In the
following
'19
Mineral Range
*19
Jan 1 to Oct 31 '20
•19
the
'19
Jan 1 to Oct 31 '20
We also add the returns of the indus¬
Oross from
532,685
247,273
2,869,816
2,287,577
'19
Jan 1 to Oct 31 '20
'19
Bingham & Garf
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Mississippi Central
Net from
Railway.
Railway.
Oct '20
13,780
75,167
395,502
318,555
Net after
Taxes.
Net after
def 862
'19
Mo Kan & Texa
'19
Jan 1 to Oct 31 '20
'19
Mo & North Arkan
5,913,471defl095,344defl280,807defl435,870
Oct '20
Oct '20
*19
61,889
282,531
181,294
Jan 1 to Oct 31 '20
'19
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Oct '20
'19
Jan 1 to Oct 31 '20
Equip.Rents.
def 871
62,970
255,131
205,898
39,232
2,590
def1,920
13,926
163,777
46.642
35,094
44,673
1,333,766
322,352
249,035
367,794
1,010,966 defl34,168 def212,361 defl43,770
130,539
35,201
28,957
28,106
98,363
def31,289
def37,583
def40,001
969,659
def36,910
def99,184 def 110,531
854,158 def234,819 def287,788 def304,194
725,475
def68,382
def96,832
def96,023
559,887
def20,171
def37,578
def90.481
Bklyn E D Term
Oct '20
come
trial compames received this week.
Central Vermont
Oct '20
Minn St P & S S M
give all statements that have
we
week.
Alabama & Vicksb
Oct '20
*19
Jan 1 to Oct 31 '20
by the Inter-Stale
The reader is referred to that
regarding the
Kan Okla & Gulf
separate companies.
In the present
Oct '21
'19
Jan 1 to Oct 31 '20
we
required to do
are
Commerce Commission.
Illinois Terminal
Oct *20
'19
Jan 1 to Oct 31 '20
'19
Nevada Northern
Oct '20
*19
Jan 1 to Oct 31 '20
Oct '20
'19
Jan 1 to Oct 31 '20
4,827,338 def560,668 def734,842 def807,115
Oct-'20 18,919,313
3,966,122
3,237,074
2,855,769
*19 16,281,562
4,297,400
3,829,534
3,710,997
Jan 1 to Oct 31 '20 151668275 17,326,157
10,456,028
7,049,095
*19 128485759 29,550,398 25,002,369 23,060,912
Chicago & East 111
Oct'20
3,198,029
613,925
513,746
659,065
'19
2,583,423
408,832
351,866
382,947
Jan 1 to Oct 31 '20 24,893,896
1,277,215
304,163
1,643,133
'19 20,942,490
914,948
161,992 def359,973
Chic Great West
Oct '20
2,426,957
326,248
158,110
244,378
*19
2,266,305
423,739
337,222
_
477,746
Jan 1 to Oct 31 '20
19,799,260defl080,783defl794,854def2612,112
'19
Minn & Internat
Chicago Burl &
Quincy
T
„
Chic Peor & St L
Oct'20
'19
Jan 1 to Oct 31 '20
'19
ChicRI&Pac
2,630,745
2,061,885
2,113,989
1,646,182
2,067,030
1,701,592
6,919,445
2,439,465
'19 91,777,948 13,749,544 10,267,475
Oct'20
683,752
126,723
114,025
Chic R I & Gulf
„
'19
^
Jan 1 to Oct 31 '20
'19
Colo & Southern
Oct'20
'19
.
T
572,534
211,516
5,482,458
4,042,612
1,039,893
717,441
1,780,121
Ft W & Den City Oct '20
*19
.
Trin & Braz Val
'19
Oct '20
_
,
„
„
'19
Jan 1 to Oct 31'20
'19
Wichita Valley
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Detroit Tol & Iront
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Dul So Shore & Atl
Oct '20
^
„
1,330,621
1,059,220
9,089,144
1,552,435
191,470
271,219
975,437
2,619,092
259,748
637,736
2,535,363
4,230,907 def762,493 def853,654def1090,924
3,149,024 def314,929 def406,594 def473,389
647,873
135,403
110,403
87,708
465,743
77,927
360,881
387,215
269,609
176,270
2,033,012
1,588,630
10,436
9,158
130,215
145.534
157,832
43 215
40,351
def25,765
def28,340
Oct '20
*19
Jan 1 to Oct 31 '20
'19
East St Louis Conn
■
^
Oct '20
*19
Jan 1 to Oct 31 '20
'19
NJ&NYRR
Oct'20
'19
Jan 1 to Oct 31 '20
109,587
*
1,009,936
133,253
102,969
1,102,335
'19
937,212
Oct '20
'19
123,049
102,589
1,192,659
1,042,374
Oct'20
'19
Jan 1 to Oct 31 '20
*19
252,573
209,552
1,600,972
1,340,391
Fonda Johnsv & G1
'19
Jan 1 to Oct 31 '20
173.682
303,671
53,406
45,433
45,478
146,812
146,812 def36,930 def47,338 def57,229
~
~ —
1,690,147 def462,786 def540,923 def595,666
1,105,615 def467,722 def729,572 def610,246
172,192
52,389
47,054
28,892
159,748
82,778
78,569
75,134
1,420,013
261,491
207,004
55,477
910,952
243,631
201,838
179,518
598,053 defl 17,430 defl26,491 defl56,283
430,830
58,842
40,895
5,843
4,850,898
3.981,777
Dul Winn & Pac
Ft Smith & West
Oct '20
*19
Jan 1 to Oct 31 '20
'19
,
Cine Leb & Nor
57,910
119,620
183,995
def5,011
17,823
def73,272
83,859
def5,697
3,097 defl48,814
20,854
41,037
64,074
12,234
29,479
def40,201
^193,590 def2l7,712 def352,030
def93,472 defll8,793 def256,194
10,487
6,143
def 10,246
15,062
10,649
def7,200
65,519
41,945 def 181,207
91,617
54,816
def95,405
35,407
29,419
433,048
376,494
30 332
24 519
382 648
322.494
57,118
66,729
88,504
37 674
203,236
152 312
51.892
61 684
28,003
22,714
345,061
318,748
53,256
61,413
68,748
197,224
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Grand Rapids &
Indiana
Oct '20
Long Island
Oct '20
'19
Jan 1 to Oct 31 '20
'19
,
'19
Jan 1 to Oct 31
'20
'1Q
648,418
70,029
1,587,231
1,373,761
'19
Jan 1 to Oct 31 '20
,
'19
Bait Ches & Atl
125,671
188,456
890,483
530,866
620,675
166,407
1,505,545
'19
_
„
July 1 to Oct 31 '20
1,464,740
—
1,604,857
333,205
8,627,456
212,137
290,855
1,201,143
2,809,029
1,196,903
Jan 1 to Oct 31 '20
10,542,919
,
1 91,636
889,137
578,744
104,377
90.376
90,320
101,989
1,484,109
726,766
def2
def 12,503
def 12,503
279,583
32,060
113,000
122,522
def92,939
def92,946
162.905
defl 5,683
def 22,128
def28.968
91,636
def44,885
def49,085
49,608
1,251,063 def650,071 def714,199 def759,972
818,535 def289,994 def332,792 def328,048
148,794
213,034
1,535,038
1,761,178
6,335
100,078
216,245
777,532
1,739
95,052
171,307
733,305
def 16,294
88,636
def40,843
730,298
440,541
def32,844
def35,932
def89,966
518,560
188,400
183,611
158,792
4,004,149 def245,965 def278,619 def892,772
3,677,046
771,160
727,092
700,580
1,727,068
358,130
483,345
1,507,704
3,050,180
307,018
108,444
439,229
271,460
1,018,788 df 1,1.41,58
2,668,254
1,883,090
461,075
defl ,964
12,667
def25,173
306,827
42,696
30,620
12,036
3,276,222 def615,284 def752,589 def788,840
2,298,000
56,254
def57,015
def58,000
14,671,029
2,413,755
1,713,752
1,713,526
10,774,863
1,459,198
998,412
984,229
118706595
7,569,983
1,230,213
4,437,161
89,670,631
9,039,026
4,844,193
4,723,397
115,079
62,078
60,962
58,691
_
90,033
57,140
449,806
445,351
887,432
788.160
55,942
438,464
431,481
61,211
398,353
430,834
313,894
27,557
19,555
11,921
211,767
def 50,710
def42,123
def53,031
2,168,011 def151,224 def252,981 def332,989
1,232,474 def649,522 def735,563 def744;240
70,364
def8,755
def13.054
def557
62,918
1,687
defl ,812
513
566,940 def146,889 defl86,011 defll3,157
637,402
def56,203
def91,702
def72,841
5,382,988
990,941
707,082
729,028
4,483,018
1,032,489
790,146
723,907
39,357,891
4,033,695
1,189,326
1,193,190
35,162,854
6,940,046
4,887,009
4,189,146
126,984
13,999
8,883
16,917
103,975
10,479
'
7,652
21,181
904,147 def345,211 def390,543 def273,350
843,511
def91,814 def123,722
def81,720
3,970,639
893,170
747,744
927,269
3,235,979
678,922
618,582
543,635
32,951,581
4,135,602
2,940,216
4,503,492
28,328,571
4,562,191
3,664,825
3,972,024
220,006
40,752
36,388
26,436
162,936
3,223
def3,018
def 3,684
1,708,545 defl55,895 def203,328 def269,896
1,308,023 def410,101 def474,733 def541,050
78,867
15,456
5,291
7,858
158,679
47,045
37,271
35,026
1,430,475
470,259
368,897
346,945
1,264,313
404,866
216,286
195,406
332,247
111,922
99,669
56,643
229,789
99,987
89,975
85,032
2,401,380
477,636
358,123
155,900
1,660,897
236,520
136,303
179,104
def 5,020
109,465
def 10,031
1,514
195
83,190
def3,962
def13,155
1,060,376
def10,599
def67,189 defl79,316
def 8,294
883,061
def55,585
def59,746
553,404
40,698
628,089
88,566
2,069,631
240,882
1,916,122
219,818
1
Pennsylvania RR—
1,313,735
680,855
213,526
2,088,427
2,026,164
Jan 1 to Oct 31 '20 12,690,243
*19 10,880,419
..
Oct '20
'19
286,947
defl9,525
def26,625«
22,335
231,919
15,472
9,372
1,947
2,273,328 def278,164 def347,179 def388,016
1,453,415 def556,610 def625,391 def661,988
Oct'20 13,199,480
'19 11,372,558
Jan 1 to Oct 31 '20 112,620,286
T
'19
'19
^
'19 18,354,865
■
Oct '20
Jan 1 to Pet 31 '20
Pacific Coast
$
256,604
'
'19
N O Texas & Mex
'19
Net after
Equip .Rents.
$
"
212,630
357,205
26,004
Taxes.
'19
1,275,346
Jan 1 to Oct 31 '20 14,358,203
'19 11,491,544
204,314
24,998,832 19,207,734 5,817.102
5,791.098
..
—
Oct'21
'19
Jan 1 to Oct 31 '20
J
Canada Atlantic
Total (19 roads)...
Net increase (30.15%)
Oct '20
20,459
<
Net after
Railway.
S
week last
Increase.
Net from
Railway.
9 roada and shows
covers
30.15% increase in the aggregate
Trunk
Oross from
up
week of November.
Grand
[VOL. 111.
Earnings by Weeks.—In the table which
separately the earnings for the fourth
sum
Fourth week
CHRONICLE
Pitts C C & St L
167,010
23,757
22,757
22,039
143,724
11,681
7,677
10,640
1,388,746 defl04,618 def136,218 def 122,107
1,360,231
defl5,839
def49,993
def26,093
144,976
4,196
def2,609
def2,282
141,699
9,162
2,603
5,056
1,044,027 def163,986 def227,231 def218,102
951,778
def8,113
def53,730
def21,049
981,489
125,927
95,671
83,932
812,170
162,324
136,367
124,674
7,881,007
def61,412 def383,694 def475,878
6,834,177
854,549
596,143
488,896
2,325,876
89,125
def17,229
def59,265
1,854,252
83,271
def11,820 def105,934
21,805,205
996,496
def42,323 def380,031
90 Q09 809
4,037,638
3,111,998
2,874,795
11,636,306
1,249,994
929,125
631,292
8,930,380
def84,95l def345,372 def587442
Oct '20
*19
Jan 1 to Oct 31 '20
87,lll,428df7,303,126dfl0460,515dfl2126,124
'19 77,920,045
5,380,520
2,964,130
2,233,690
_
Pittsburgh &
Oct'20
'19
Shawmut
Jan 1 to Oct 31 '20
'19
Pittsburgh Shaw-
Oct '20
mut & Northern
'19
Jan 1 to Oct 31 '20
'19
St
Joseph &
Oct '21
Grand Island
'19
Jan 1 to Oct 31 '20
*19
St Louis-San Francisco
|
Oct '20
'19
Jan 1 to Oct 31 '20
'19
St Louis-San Fran
of Texas
Oct '21
'19
Jan 1 to Oct 31 '20
'19
St Louis Southwest
Oct '20
'19
Jan 1 to Oct 31 '20
'19
St Louis Transfer
Oct '20
'19
Jan 1 to Oct 31 '20
'19
San Antonio &
Aransas Pass
Oct '20
'19
Jan 1 to Oct 31 '20
'19
San Antonio
Uvalde & G
Oct '21
'19
Jan 1 to Oct 31 '20
'19
Southern Pacific
,
209,723
72,054
71,813
108,914
132,435
16,503
15,506
def3,662
1,443,597
158,280
149,788
515,111
994,737 def131,489 def 141,241 defl71,104
180,948
defl,445
"def3,384
23,038
138,999
954
def954
21,895
1,284,765 def344,200 def363,697
def34,918
973,211 def249,962 def268,513
23,861
425,231
90,864
81,577
72,757
280,368
5,749
def6,104
def20,792
2,849,594 def 199,919 def326,802 def379,508
2,451,135
118.493
18,109
3,822
9,412,725
2,143,134
1,884,237
1,773,569
7,662,183
1,937,070
1,727,431
1,648,893
76,911,535 10,558,284
8,053,013
6,871,403
64,363.484 15,124,329 12,845,482 12,461,868
995,426
def46,787
def59,877
defl6,072
663,972 defl 17,680 defl38,719 defl88,366
7,598,818dfl,912597df2,141,564 df1,730,865
5,457,185 def931,409df1,142,787 df1,167,671
2,033,979
682,268
626,838
644,840
1,236,245
433,370
395,555
330,227
17,494,977
6,224,827
5,618,795
5,799,296
10,876,735
2,762,388
2,341,843
2,192,869
133,595
67,826
67,554
62,138
116,191
34,100
33,958
27,100
1,145,222
278,358
275,617
204,064
925,180
237,780
236,607
185,604
813,368
289,884
281,187
283,840
437,230
def65,464
def80,473 defll5,496
4,852,855
29,692 defl09,311
32,193
3,649,245 def696,658 def847,995 def880,017
135,606
6,583
2,306
defl0,833
71,283
def59,091
def60,351
def69,700
1,281,385
87,118 def111,830 def219,688
909,946
110,918 defl33,252 defl51,396
Oct '20 20,860,066
^
6,601,597
5,683,754
5,564,790
6,372,758
6,021,059
5,564,375
31,225,116 21,854,877 21,079,872
'19 139322,830 33 106,607 26,971,085 26,181,015
'19 17,567,995
Jan 1 to Oct 31 '20
166400,433
Dec.
111920.]
THE
Gross from
Net from
Net after
Railway.
9
Railway.
$
Taxes.
,j"
Arizona Eastern
Oct *20
370,704
362,119
'19
Jan 1 to Oct 31 '20
3,369,652
3,072,953
'19
Galveston Har'
Oct '20
risburg & 8 A
II
2,974,924
1,917.813
'19
Oct '21
*19
1.373.543
1,023,432
Jan 1 to Oct 31 '20
9,620,229
/:.//,
514,628
378,654
3,034,070
172,822
200,254
def20,295 def233,091
975,152
1,029,370
,,
475,501
377,255
843,426 def255,511
.
2,929,325
207,949
248,078
Latest Gross Earnings.
Company.
Current
Month.
Hudson & Manhattan June
Hunt'g'n Dev & Gas. October
d Illinois
Traction
October
Interboro Rap Tran—
Total system
June
Kansas Gas & Elec Co July
Keokuk Electric Co.. October
7,584,751
Oct *21
336,002
'19
219,268
2,453,495
1,943,604
20,936
23,243
13,100
16,706
def4,745
def3,057
def82,480 def172,187 def283,273
385,554
321,270
283,746
508,203
408,315
4,378,567
3,396,485
67,086
192,260
1,033,253
1,145,528
32,450
183,381
680,874
1,054,116
31,188
157,415
611.612
1,006,474
959,389
767,957
36,725
263,889
1,257,462
1,056,481
def22,838
def39,037
192,158
507,467
630,768
Manhat Bdge 3c Line June
Metropol'n Edison Co October
985,986
def22,622 def248,774 def282,177
751,761
55,492
33,660
def 19,872
8.104,727 def441,129 def727,722df 1,014,472
743,514
525,603
295,289
6,646,996
Nashville Ry & Light October
Nebraska Power Co.. July
Nevada-Calif El Corp October
Texas
Jan 1 to Oct 31 '20
'19
Louisiana West-
Oct '21
ern
'19
Jan 1 to Oct 31 '20
V' ''19
Morgan's Lou-
Oct '20
isiana & Texas
'19
Jan 1 to Oct 31 '20
■G"/,:/
8,475.710
6,333,768
*19
••
Texas & New Orl
Oct '20
'19
Jan 1 to Oct 31 '20
Southern Sys
*19
\
Northern Alabama
145,030
'19
118,375
'19
'
Oct '21
'19
Jan 1 to Oct 31 '20
'19
Term RR
Assn of
13,361
21,745
163,550
38,335
def5,249
432
def75,479
41,866
43,692
44,527
463,829
302,085
38,431
40,515
412,089
258.043
29,931
35,455
344,608
224,313
345,981
288,649
1,948,842
1,975,715
248,960
229,435
1,010,724
1,383,283
148,164
98,888
443,716
435,329
1Q2.596
236,220
66,453
60,637
158,037
189,668
Oct '20
St Louis
511,368
414,507
'19
Jan 1 to Oct 31 '20
,
Oct '20
1,317,490
1,388,707
Manhattan & Queens June
eMilw El Ry & Lt Co October
Miss River Power Co October
New
England Power. September
Jersey Pow & Lt October
NewpN&HRy.G&E October
New
New York Dock Co.. October
N Y & Long Island.. June
N Y & North Shore.. April
;;
N Y & Queens County June
b N Y Railways
June
b Eighth
NorthwOhioRy&PCo
Ocean
October
Electric (L I). June
Pacific Gas & El Co.. September
Pacific Power & Light July
Penn Cent Lt&P&Sub September
October
212,550
138,113
1,612,594
1,003,430
95,604
70,154
693,634
428,675
October
357,930
Phila & Western
Phila Rap Transit Co
Portland Gas & Coke
Porto Rico Railways.
439,671
325,254
3.704.544
2,733,679
29,281
53,702
518,361
517,042
15,220
33,411
383,394
394,312
'19
Jan 1 to Oct 31 '20
'19
'
91,261
65,102
626,513
83,786
64,230
573,851
312,990
Co and
Subsid Nat Gas Cos October
10046665 8241.055
!;
October
Rutland Lt & Power. October
St L Rocky Mt & Pac October
Sandusky Gas & Elec October
Oct '20
1,744,342
1,780,853
Jan 1 to Oct 31 '20 13,399,769
'19 11,146,097
'19
499,098
978,031
3,408,954
3,188,707
Wheeling &
Oct '20
2,032,726
'19
1,324,427
Jan 1 to Oct 31 '21 14,491,915
*19 10,843,043
335,392
32,529
1,654,260
1,660,649
Lake Erie
Yazoo & Missis-
Oct '20
2,042,009
2,315,003
241,885
533,942
Jan 1 to Oct 31 '20 23,834,664
A
1,850,064
4,781,275
sippi Valley
'19
*19 20,315,648
ELECTRIC
RAILWAY
AND
PUBLIC
Latest Gross Earnings.
432,191
927,022
2,790,772
2.715,248
425,701
968,235
2,948,810
Company.
Month.
Adirondack El PowCo September
Alabama Power Co.. October
Atlantic Shore Ry
July
Bangor Ry & Electric October
Beaver Valley TracCo October
Bingham ton Lt, H & P October
fBrazilian Trac, L & P f October
13442000
June
929.385
June
June
June
Naasau
June
June
Electric...
Brooklyn
New York Consul..
Bklyn Qu Co & Suh
June
June
Cape Breton Elec Co. October
Cent Miss V El Prop. October
Chattanooga Ry & Lt October
Cities Service Co
October
Traction Co. September
Cleve Painesv & East October
Citizens
Colorado Power Co.. October
eColumbia Gas & Elec October
Columbus (Ga) El Co
October
Com'w'th P, Ry & Lt
Connecticut Power Co
Consum Pow (Mich).
Cumb Co (Me) P & L
October
October *
October
October
Dayton Pow & Light. October
d
Detroit
Edison
October
Duiuth-Superior Trac October
Duquesne LtCo subsid
light & power cos.. October
East St Louis &Sub__
East Sh G & E Subsid
Eastern Perm Ry Co.
September
Eastern Texas Elec.. October,
I
34.978
151,891
140,231
109,344
7'Elec Light & Pow Co October
31.003
cEl Paso Electric Co. October
171,151
June
Equitable Coke Co..
Erie Ltg Co & Subsid. September
123.916
108,544
Fall River Gas Works October
89,766
Federal Light & Trac. June
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. October
347.735
242,370
353,234
1046,019
General Gas & El Co. October
Georgia Lt, P & Rys.
828,144
June
G'-eat Nor Pow Co— June
e
Great West Pow Sys. October
Harrlsburg Railways.
June
..
Previous
Year.
179,649
570,379
146.244
...
17th St Incl Plane Co October
Southern Cal Edison. August
Southwest'n Pow & Lt October
139,207
244,046
Tampa Electric Co.. October
971,646
1,088,466
def89,720
1,105,681
UTILITY
COS.
Tennessee Power
October
ftTenn Ry, Lt & P Co October
Third Avenue System. October
Twin City Rap t ran.
United Rys or Bait..
Utah Power & Light.
Utah Securities Corp.
October
571,387
487,491
October
748.717
990,504
156,083
44,200
185.818
62,413
640,704
811,308
Virginia Ry & Power. October
Wash Bait & Annap.. June
West Pow Co of Can. September
Western Gas & Elec
August
Youngst & Ohio River September
Jan.
1
203,115
25,402
154.315
47,934
932,270
1,175.052
2,288,712
456,917
1,925,247
363,133
to Latest Date.
Current
Year.
Previous
Year.
:
332,583
275,142
3,398,719 2.363,801
21,891
119,582
93,030
98,274
1,013,652
879,608
2215,217 21,344,299 16,092,969
33,257
380,528
298,668
52,026
595,869
500,465
46,959
257,733 2,686,636 2',236",706
9980,000 110107000 93,539,000
(5,135,865
7,571 /832.184 \
41,467 14,614,845
239,544
204,937
1,196,530
968,173
15.611
14,834
44.408
37.271
571.858
505,128
3,121.347
2,660,462
83.374
85,005
432.318
382,474
1763,610 1464.144 10.461,584
7,008,850
137.402
165,114
912,349
729.943
63.255
50,591
520,223
477,084
42,764
37,261
402,399
341,776
115,747
93,714
1,093,583
823,346
1979,787 1498.677 20,929,315 16.606,847
62.642
82.421
65,261
56,770
673,880
577,993
.108,488
91,474
1212,999
939,758 if. SOLO 15
525" 602
128,819
128,697
1,298,028
070,067
2702,796 2289,807 25,335,042
929,618
137,558
112,770 1,215,381
025,126
1242,914 1016,947 11,554,365
161,804
266,639
241,017 2,566.872
267,147
325,091
259,176
2.974,517
302,455
2009.547 1539,273 17.483.765
130,802
154,513
163.844
1,598,985
598,771
1352,188
427,476
October
Edison El of Brockton October
29,161
63,077
77.002
294,174
Blackstone V G & El. October
South
435,405
394.420
114,824
2795,106
39,069
JfcBarcelona Trac,L&P October
Baton Rouge Elec Co October
Bklyn Rap Trail Sys
aBklyn City RR...
aBklyn Heights RR
Coney Isid & Bklyn
Coney Isid & Grave
Current
Year.
Schenectady Ry Co.. October
Second Avenue
April
2,687,360
Name of Road
or
Richmond Lt & RR__ June
261,859
261,529
150,060
340,578
468,296
453,737
963,899 def726,055
4,173,663
4,023,754
4733,162 4280,838 44,453,920 38,499,354
233,289
181,116
1,904,527
1.510,300
31,057
27,052
293,492
256,874
145,592
142.548
1,444,196
1,350,880
20,484
19,650
211,823
186,429
298,950 232,645 2,550,788 1,940,763
34,223
26,360
148,892
113,180
347,818
346,565
2.039,798 2,014.593
102,794
84,545
1,021,516
798,924
24,277
23,883
127.064
129,523
22,763
13,095
132,244
77,248
273,474
206,666
1690,571 1295,458 15,484",441 if ,937,647
237,865 211,194 2,240,665
1,902,752
314,598 269,205
221,549
174,154
265,888
189,261 2,643,440 2,180,008
558,811
382,672
4.405,940 2,922,423
43,275
33,326
233,653
226,048
2,304",607 2,385" 123
529,665
419,391
4,816,144 4,285,237
49,229
52,408
269,151
236,519
5,767
12,442
21.120
45,752
106,709
101,105
551,300
520.656
677,418
i 3,889,190
96,099
1,087,557
460,684 •7,264,767
38,400
I 165,952
87,967
67,171
1,025,099
837,858
899,926
796,765 9,308,961
7,528,102
370,034 331,137 3,276,895 2,758,069
43,254
34,955
29,308
26,182
90,169 ""7*2", 767
3173.708 2214,523 25,879.471 19,464,936
214,682
185,911
186,806
144,808
169.204
217,471
April
July
6,282,610
1,069,307
938,284
662,397
'19
5,185,113 a ,032.849
920,650
740,894
Jan 1 to Oct 31 '20 48,556,405 def133,635 df 1,429,368 df4,415,787
'20 39,912,316
3,915,901
2,822,787
945,402
Western Pacific '
8.312,325
6,724,847
42,024
370,445
310,352
74,069
693,992
623,770
23,282
264,194
243,579
1863,982 1602,692 16,909,154 14,095,468
571.237
481.397
3,131,010
3,014.543
118,990
88,052
53,179
39,855
388"912
322L505
July
October
Puget Sd Pow & LtCo October
ReadingTrans&Lt Sys October
Republic Ry & Lt Co. October
Oct'21
961.934
731,806 12,048,576 9,839,768
123,925 1,470,076
1,025,246
63,785
665,552
609,973
3 336595 3165.553 31,191,329 29,160,984
200,473
166,994
1,434,011
1,214,525
95,171
123,917
1,151,240
935,477
725,635 7,794,072 7,101,729
862,267
881,636
772,894
8,137,792
254.716 224,473
730,761 497,446
61.092
50,350
285.907
256,536
43.684
48,352
392,88
490,671
4,275",522 3,406,342
48,087
63,907
168,106
142,411
f,562,298 f,362,906
51.821
42,662
183,803
158,918
4,058
4,571
37,270
34,258
1528,108 972,974 9,147,564 6,856,625
592,464
979,792
111,991
125,948
1,199",699 1,027,795
221.817
183,930 2,030,530
1,787,528
558,248 467,507
5,293,559 4,561,787
1151,994 1030,115 10,276,967 9,437,616
1 017 81J
882,221
4.135,038 3,500.724
28,693
289,617
376,973
Wabash RR
Year.
$
792,317
38,271
63,504
21,813
/•"
1062,727
143,052
76,666
Port(Ore)Ry, L&PCo October
Oct '20
'19
Jan 1 to Oct 31 '20
'19
Previous
Year.
Philadelphia
1,919
Vicksburg Shreveport & Pacific
Current
Year.
I
Avenue.. June
b Ninth Avenue
June
Nor Caro Pub Ser Co August
Northern Ohio Elec.. October
North Texas Electric. October
Philadelphia Oil Co..
Oct'20
"!'
195,166
218,266
848,150
1,578,135
Long Island Electric. June
Louisville Railway
June
Lowell Electric Corp. October
Pennsylv Util System October
'19
Utah
y
Keystone Teleph Co. October
Key West Electric Co October
Lake Shore Elec Ry__ September
507,994
154,933
142,912
151,142
367,391
13,061
5,061
1,579
3,522,204 def282,633 def409,715 def384,871
2,554,056 def322,797 def402,806 def403,179
chants Bridge Ter
'19
Jan 1 to Oct 31 '20
v/v'G
,
3,894,986
3,247,076
'19
St Louis Mer-
...
18,724
25,545
208,680
73,043
927,553
724,015
7,954,078
6,124,342
Jan 1 to Oct 31 '20
& Seattle
750,249
140,388
137,040
1,280,584
948,300
Oct '20
'19
Spokane Portland
233,622'
737,191
1,250,122
960,795
'19
V'1-:!
8pokane Internal
___
'
Oct '20
Jan 1 to Oct 31 '20
•
_
Jan. 1 to Latest Date.
Previous
Year.
Havana El Ry, L & P September
Haverhill Gas Lt Co. October
Honolulu R T & Land October
Houghton Co Elec Lt. October
Houghton Co Trac Co October
'19
Houston E & W
'
48,319
96,806
258,523
514,804
259,512
280,798
I 484,765
1,323.342
'19 17,540,860
?
Texas Central
or
55,195
109,234
367,779
539,947
125,885
661,627
703,532
2331
Name of Road
$
580,287
528,833
1,632,697
3,567,900
Jan 1 to Oct 31 '20 21,252,092
Houston &
Net after
Equipments.
$
85,591
V
CHRONICLE
971,527 12,200,527
330,532 3,509,003
25,366
129,238
1.813.470
123,980 1,327,857
99,391
1,083,410
27,578
296,773
141,605 1,554,571
107.025
457.893
62,137
75,399
730", 674
297,350
2.258.288
104,719
1,254,242
254,514 3,132,336
834,083
691,751
1,589.326
131,650
951.118
420,450
128,634
861,948
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; thereforo.
since Oct. 18 1919. the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR companies
were formerly
leased to the New York Railways Co.. but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
all
c
Includes Milwaukee Light, Heat & Traction Co.
k Given
e
Includes
milrels.
Light &
460,677
^ElectricTRailway and Other Public Utility j>iet learn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross
1,329.461
661,195
775,573
Previous
Current
Previous
Year.
Year.
Year.
Year.
Amer Power & Light
Oct 2,093,140
Nov 1 '19 to Oct 31 '20.. 20,684,968
1,458,914
15,649,616
651,976
7,217,566
533,781
5,801,919
Philadelphia Co and
1,062,727
Subsid'y Nat Gas Cos Oct
Jan 1 to Oct 3112.048,576
4,252,867
,
731,806
9,839,768
529,604
6,632,489
61,506
53,270
27,038
979/792
9,0391898
592,464
329"020
6,180,999
3,319,788
—
160,695
'
South Canada Power Co Oct
24,482
Janl to Oct 31
Southwestern Pow & Lt.Oct
Nov 1 '19 to Oct 31 '20..
209,785
2,179,538
Fixed
Balance,
Earnings.
Net after
Taxes.
Charges.
Surplus.
$
$
$
Gross
Adirondack Pow&Lt Sept '20
'19
12
mos
'20
'19
Bangor Ry & El Co
Oct '20
mos
63,238
138,312
1,426,416
1,418,095
53,932
729,209
610,901
def27,838
84,380
697,207
807,194
114,824
45,452
44,739
456,444
395,463i
23,020
22,008
262,346
248,578
22,432
22,731
194,098
146,885
36,630
29,628
445,746
354,916
20,966
21,244
252,230
255,472
15,664
8,384
193,516
99,444
11,646
16,267
184,624
197,890
13,536
13,153
135,395
142,364
def 1,890
724,698
762,253
8,810,692
8,680,071
607,058
543,375
6,901,240
6,495.013
117,640
218,878
1,909,452
2,815,058
98,274
*20
1,228,721
1,043,481
'19
Chattanooga Ry &
Light
Oct '20
*19
mos
'20
'19
Oct *20
115,747
93,714
1,306,093
1,011,715
'19
10 mos '20
'19
65,261
56,770
673,880
577,993
Commonw'th Power Oct '20
'19
& Light
2,702,796
2,289,808
Cleve Painesv &
East System
$
435,405
332,583
4,520,709
3,808,801
'19
12
623,454
712.085
2,556,893
Net Earnings
Earnings
Current
Companies.
12
1.912.108
a
In pesetas.
9,684,754
2,614,775
1.436,848
1,137,881
882,129
237,469
1,272,473
d Includes
constituent or subsidiary companies.
/Earnings
Subsidiary companies only,
h Includes Tennessee
Power Co., the Nashville Railway & Light Co.. the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
both subway and elevated lines,
j Of Ablngton & Rockland (Mass.).
sources,
given In
Railway,
12 mos *20 30,570,323
'19 25.131,687
.
•
91,076
3,714
49,229
55,526
Gross
Net
$
■yy.
'20
'19
3,068,326
2,830,052
87,330
96,277
1,031,650
875,343
Oct '20
12
427,476
330,532
4,108,323
3,196,976
98,519
85,408
932,569
703,347
58,398
654,391
671,462
118,990
88,052
1,494,492
1,011,169
53,867
36,215
684,039
440,136
15,775
16,980
195,579
196,647
mos
,
East StLouis &
241,017
'19
Syst
12 mos'20
•
'
■
,
'19
■.
Oct *20
Huntington Dev &
*19
12 mos'20
Gas Co
*19
Lake Shore Elec
298,950
232,645
2,550,788
1,940,763
Sept '20
'19
9 mos '20
'19
12
'•
mos
'19
'20
31,486
40,427
364,293
169,814
667.352
705,529
54 954
43,565
27,010
278,178
31.885
38,092
19,235
488,460
35,180
35,449
47.886
35,832
344,132
225,409
321.950
46,312
40.446
39.769
5,866
25,530
185,366
335,969
480,291
472,973
808,942
91,690
79,094
1,004,486
820,793
26,205
26,921
289,616
284,170
158,151
862,267
Oct '20
725,635
'19
12 mos '20| 9,283,345
'19
8,480,008
316,876
248,605
2,889,152
2,908,518
204,092
188,159
2,269,825
2.269,638
60,446
619,327
638,880
'20
'19
221,817
183,930
2,409,889
2,240,848
68,326
43,259
988,306
904,538
51,991
54,440
641,098
646,432
16,335
defll,181
347,208
258,106
Tennessee Ry Lt & Oct '20
Power
'19
12 mos '20
'19
6,319,519
5,593,495
Oct '20
Nor Caro Pub Ser
'19
12 mos '20
'19
Portland Ry Lt &
Power
Tennessee Power Co Oct '20
'19
12
mos
558;248
153.997
467.507
13,883
13,206
159,917
141,243
2,138,678
2,106,488
Statement of
Nov.
12,322
13,715
129,699
126.019
112,784
128,913
128,765
25,084
12,478
1,539,890
1,525,954
(Cuba)/ New York City.
Vice-Pres. James H. Post, together with the
sub¬
/
1
"
income account and balance sheet, will be found on a
sequent page.
.
Cane Harvested by the
1920.
1917.
1918.
1919.
1916.
145,134 235,796 207,050 177,685 174,407
57,470 105,826
80,107 103,640
58,157
186,070 191,861 140,675 104.256
Company cane
Colonos—Company land
Own land...
...130,051
332/655
Total
527J392 47<L018 4
Amount of Sugar Made in Bags of 320
1920.
Soledad
Ysabel
LosCanos
69,513
Total
24L066
Yield (96-deg.test) from cane... 11.70%
22/655
1917.
1918.
152,149 137,283 114,884
108,545
98,285
62.988
97,703
71,406
73,234
358/397 306/974
11.01%
10.34%
336,820
1916.
106,100
56,451
72,877
251,106 235,428
9.57% 11.47%
INCOME ACCOUNT FOR FISCAL PERIODS.
Year to
Sept. 30'20. Sept. 30'19. Sept. 30'18.
$7,796,162
$6,034,696
$4,334,094
51,692
64,561
99,879
Sept. 30'17
$3,354,453
113,646
$7,847,854
$6^099^257
$4/433^973
$3,468,099
5,057,845
4,425.427
3,499,923
as
of
with
equivalent of the quarterly
$11,078,759 $8,824,540 $7,121,474 $6,232,017
Gross earnings
Oper. expenses, incl.
main., and repairs
taxes
6,408,476
8,408,414
5,079.347
xFixed charges..
Pref. dividend........
Bal. sur. for depreci., &c.
$695,634
$574,217
xlncluding dividends on outstanding preferred
companies.
y Cumulative and unpaid since Dec. 1 1919.
CONDENSED BALANCE SHEET NOV.
$
Securities owned..
9,770,583
Cars & equipment.
1920, AND DEC. 31
Adv. to sub. cos...
9,719,783
221,095
200,763
Notes receivable..
......
Acct, rec.(sttb.eos.)
44,803
12.663
(amort.)
Com.
stock
6,000,000
(with¬
375,000
Note payable...— 3,600,000
102,345
Car trust ets. pay.
out par
——:
..11,808,084 10,605,550
110, p. 1188.
4,000,000
13,837
1,107,377
212,503
146",790
Accounts payable.
Construction
Surplus....
Total
Total
_
.
375,000
value)..
res..
V
—
... —
27,682
11,913
485,522
Accrued accts
-V.
S
.
500,279
222,600
54,293
6,250
1919.
Nov. 30 '20 Dec. 31 '19
Liabilities-—
Liabilities— :<•{8
$
Preferred stock... 6,000,000
Preferred stock...
,
1,558,177
Cash..
Note die.
30
$371,941
$609,459
stocks of subsidiary
.-lyv'S:i ■
Nov. 30*20 Dec. 31T9
Assets—
4,109,690
$2,670,345 $2,416,064 $2,042,127 $2,122,327
1,614,711
1,481,847
1.310,186
1,152,868
y360,000
360,000
360,000
360,000
Gross income
58.010
11,808,084 10,605,550
Willys Corporation, New York.
Report.—A full report of the corporation's activities for the year 1919 was
at the beginning of the year (V. 110, p. 1637).
The present
report covers the period for the current year to date.
Earnings.—Operations in the company's plants at Toledo, Syracuse and
Poughkeepsie were increasingly active and prosperous to the date of about
Sept. 1, from which time there has been an appreciable slackening in keeping
with the general decline in business activities.
Net profits from operations
for 8 months ending Aug. 31, before taxes and dividends, were
3,604,600
This compares with net profits for the full year 1919 of
$4,141,253
It is anticipated that the profits for the last four months of the year will
not add appreciably to the total now shown.
Under these conditions it is
anticipated that the net earnings from operations after provision for Fed¬
eral taxes will be in excess of 2H times the First Pref. dividend requirements.
New Plant.—Production of the Chrysler Six automobile, which may be
regarded as the company's most important project, will begin in the spring
of 1921.
The factory at Elizabeth, N. J., is substantially completed and
is being occupied.
The total expenditure for this factory property will bo
about $9,000,000, which
approximates the company's original estimate.
It is believed that the six-cylinder car to be produced at this factory will
submitted
establish
a
new
standard of values in its class.
,
It Is fortunate that the production
the company's
tion at a time
to the
of this car has been delayed.
This is to
advantage becaue of the fact that it will come into produc¬
more favorable both for the purchase of materials and sales
public.
Overland Co.—Willys Corporation at the time
September 1919 owned 500,000 shares of the Common
Willys-Overland Co., or substantially one-third of the then issued
Common stock of that company.
In July of this year Willys-Overland
Increased Holding in Willys
stock of
increased its
capital and Willys Corporation increased its holdings corre¬
spondingly to 730,000 shares, thereby maintaining its position as a holder
Willys-Overland Co.
a
Financing.—This increased investment in Willys-Overland was made
from surplus profits and from the sale of securities junior to the First Pref.
stock.
The entire proceeds from the sale of the company's own First Pref.
stock have been devoted to the erection and equipment of the plant at
Elizabeth, and for working capital as originally contemplated.
Inventories
of one-third of the voting stock of
operations.. $2,790,009
$1,673,831
404,156
115,831
$934,050
128,464
$666,673
150,013
to
Sept. 1 1920.
2,801,425
♦Gross sugar sales
Molasses sold..
1920.)
follows:
earnings as of Oct. 31 and Condensed balance sheet
latest available, are shown below.
In accordance
and notes and accounts receivable have increased
15 Mos. to
Year to
Year to
as
of its formation in
U. S. Pounds.
1919.
...111,645
59,908
reports
INCOME ACCOUNT FOR YEARS ENDING OCT 31 (INCL. SUBSIDS.)
1920.
1919.
1918.
1917.
Company and Purchased from Colonos (tons of 2,000 lbs.).
X
October 31
1
Secretary C. B. Mertz, Nov. 18, wrote in substance:
(15^ Annual Report—Year ended Sept. 30 1920).
The report of
Ending
Dec.
(Interim Report, Dated Nov. 18 1920.)
Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
Nov. 27.
The next will appear in that of Dec. 25.
Co.
Months
Hardy
preferred dividend has been applied in reduction or the indebtedness of the
company.
Four quarterly payments of $100,000 each have been made,
reducing the amount of principal due on notes payable from $4,000,000 to
$3,600,000.
598,788
580,534
Financial
Sugar
the
30,
E.
notice sent to the stockholders Feb. 21 1920, the
FINANCIAL REPORTS.
Guantanamo
Twelve
Geo.
President
243,489
316,637
65,299
665,657
3,609,887
3,184,748
'19
V'
55,844
55,850
83,066
71,281
660,769
547,359
'
314,598
269,205
Oct '20
Nashville Ry & Lt
Co
220,019
208,062
2,214.414
2,295,511
1,735,038
Northern Ohio Electric Corporation.
(Report for
$
:
196,344
136,209
2,030,495
4,244,909
4,030,549
266,639
Cumberland County Oct' 20
Power & Lt
*19
Suburban
Balance,
[VOL. 111.
Surplus.
$
■■
416,453
'344,271
Oct '20
1,242,915
'19
1,016,948
12 mos '20 13,831,655
'19 11,013,988
Consumers' Power
Co
Fixed
Charges.
after
Taxes.
Earnings.
■
CHRONICLE
THE
2322
As
V.
to
Ill,
'a
approximately $6,600,000
'
payment of First Preferred dividend in scrip, see
p.
2237.
■
,
...
:/;/:;/n/;:
'
Total..
aProducing and manufac¬
turing expenses, &c.._
Profit
on
cOther income
Total
profits
$3,194,165
Deduri-Dept.ofmills.&c.
454,016
Cash dividends
825.000
Taxes & conting.(est.)
900,000
Adj. charged to capital..
33,479
$1,789,662
$1,062,513
$816,686
270.428
260,641
251,211
(10)300,000 (10)30,000(7^)225,000
400,000
261,000
33,479
-
Santa
Cecilia
Sugar
Corporation,
New
York.
(Report for Fiscal Year ending July 31 1920.)
President C. B. Goodrich N. Y. Dec 24 wrote in sub.:
Production.—Grinding began Dec. 29 1919, and ended May 6 1920,
during which period the factory ground 58.951 Spanish tons of cane of 2,500
lbs. each, and made 56.750 bags of sugar of 320 lbs. each.
The yield of
sugar was 12.609% of the weight of cane, the average polarity of the sugar
being 95.53 degrees. Molasses produced, 455.268 gallons of 28.77 deg. pol.
Results.— Gross income from sugar sales amounted to $1,609,314 from
sales and miscellaneous sources $31,374.
Cost of production,
including repairs and replacements, aggregated $1,299,510.
The gross
profits were $341,178.
After deducting $104,481 for depreciation at the
same rates as heretofore, $63,236 for interest on current and funded debt,
and $9,683 95 reserve for income taxes, the net profit amounted to $163,777.
The unprecedented drought experienced over the entire Island of Cuba
during the normal cane growing period resulted in curtailed production,
while costs of labor and material were extremely high throughout the year.
Bonds.—The sum of $96,759 was expended for the retirement of $100,000.
First Mortgage Bonds, reducing the amount outstanding to $500,000.
Implements, cfee.—Expenditures for the year were $139,752, distributed as
follows: Factory improvements completed and in process $46,101: railroad
& equipment $78,410;
field equipment, &c., $11,188;
miscellaneous im¬
provements $4,052.
Net expenditures for new cane plantings amounted to $9,910.
Outlook. — Weather conditions throughout the district this season have
been favorable, and a good crop for the coming year is reasonably assured.
Your property has been well maintained and all factory and plantation
equipment is in excellent condition.
President.—M. H. Lewis, on July 22 1920, resigned as President.
[The company's dividend record follows: Pref. dividend No. 1, 3H %. "was
paid in March 1919, followed by semi-annual payments to Aug. 1919 incl.,
after which 1H% was paid quarterly to apd incl. Nov. 1920.
molasses
Total deductions..._.
$2,212,495
$476,211
$821,641
$1,003,907
Balance, surplus.
$981,669
$785,755
$240,872
$340,474
*
After deducting sea freight, commissions, Ac, a Also includes shipping
expenses and office expenses in New York and Guantanamo.
c Includes
interest (net), rents (net) and miscellaneous (net).
BALANCE SHEET SEPT. 30.
1920.
x
Real est.,
1919.
$
Assets—
$
&c
5,262,704
Adv. to Guant.RR.
4,842,402
888,198
788,198
1
1
Guant. RR. stock.
Grow, crops carr'd
to
following sea8'n
437,237
1,030,570
382,869
2,117,376
100,928
48,980
Mi8c.acct3.rec.,&c.
820,395
747,343
11,447
Unexpired Insur. &c.
70,264
Liberty bonds
Invest, at cost.,.. 1,714,438
x
...10,324,733
After
and
'
23) ,604
320,000
contin¬
910,530
483,778
Depreciation funds 1,076,414
1,035,795
317,957
Replanting fund..
428,889
75,000
45,000
Surplus
4,519,151
3,537,482
Total
....10,324,733
8,971,617
Other funds
8,971,617
deducting $425,643 betterments charged to surplus July 1 1911
to June 30
Results
Taxes
3,000.000
33,000
...
Total
$
$
Capital stock
3,000,000
Accounts payable269,748
Sight drafts...
45,000
gencies
Cash
Inventories
1919.
1920.
Liabilities—
bldgs.,
1915.
of Operations of the
Guantanamo RR. for
1919-20.
$493,703
Gross income
Oper. expenses & taxes—
Net
earnings
Depreciation
Interest charges
$123,905
58,969
64,107
K Balance, surplus
Note.—At the
369,798
$828
annual meeting on
1918-19.
Years ending June 30.
1916-17.
1917-18.
$446,667
323,932
$417,133
280,070
$286,747
164,683
$122,734
$137,063
49,899
63,931
$122,064
39,949
63,931
$23,232
$18,184
56,003
64,932
$1,800
Dec.
8 it
was
stated
in reply
to
a
question by a stockholder that the item of $1,714,438 investments in the
balance sheet as of Sept. 30 includes in addition to bank acceptances, highgrade short-term notes, like Texas Go. 7s, Philippine Government shortterm bonds, Victory 4%s and 3%s, the latter tax-exempt.—V. Ill, p. 2234.
Nov. 1919.
Feb. 1920.
May & Aug. 1920. Nov. 1920'
Common divs._No. 1,
% No. 2,1M% Nos. 3&4,25c. each No. 5, 25c»
Common dividends, Nos. 1 to 4 incl., amounting to $96,250, were paid
during the fiscal
year
ending July 31 1920. See income account below.
INCOME ACCOUNT FOR
Years ending July 31— 1919-20.
Output—
1
Sugar (bags)...
56,750
Molasses (gals.)
455.268
Gross
$1,640,688
Operating expenses
1,299,510
Int., depr., taxes, &c
177,401
Preferred
dividends (7)
59,500
Common dividends (see
above)
96,250
revenue..
Balance, surplus
$8,028
YEARS ENDING JULY 31.
1918-19.
93,346
647,000
$1,786,303
1,341,442
164,818
(7)60,137
$219,906
1917-18.
71,645
511,774
$1,232,275
911,142
140,126
(7)60,774
$120,233
1916-17.
59,060
482,472
$779,076
414,782
161,356
$202,938
DEC.
111920.]
THE
CHRONICLE
GENERAL BALANCE SHEET JULY 31.
19f'
Assets-
Prop.,plant .bldge.,
mach 'y,RR
3,515,691
Inv. In oth.co's.(at
cost)
fund gold
212,309
20,181
hand
U.S.Liberty bonds
Caqh_,
355,000
188,213
928
893,123
87,360
bldgs..
RR. & rolling stock
13,269
2,087
57
Surplus, subject to
89,123
33,996
4,211.508
excess
18,326
income taxes...
4,836.575
on
11,005
4,836,575
4,211,508
hand, at prices subsequently
except 12,000 bags still unshipped but contracted for with Equali¬
Board at net contract price,
b Preferred 1,318 charges, nominal
value $1.
182 shares at cost, $13,268.
c Reduced Sept. 18 1919 to $600,-
UOO.
-
'
The
17,500 shares, par $100 to
value, the stockholders
bix no par value shares for each share of
$100 par value stock.
V. 110, p. 472,567.—V. Ill,
p. 2235.
new
Common stock of
no
par
Common
$105,000
receiving
Compare
GENERAL INVESTMENT NEWS.
RAILROADS,
INCLUDING
Central of Georgia Ry .—Bond
Application.—
company has applied to the I.-S. C, Commission for permission
i
ELECTRIC
to
issue $60,000,000 Ref. & Gen.
Mtge. bonds dated April 1 1919 and due
April 1 1959 as follows: (a) $11,000,000 to reimburse the treasury of the
road and for additions ana
betterments; (b) $31,462,300 to refund a like
amount of prior lien bonds, and
(c) $17,537,700 for the purchase of new
equipment.—V. Ill,
Central
V.,v
This is the declared common capital as of
July 31 1920.
stock was changed on Feb. 4 1920 from
shares of
2? u i
through freight rates has made necessary the pressing of the case
is set for
hearing before the Interstate Commerce Commission on
Dec. 15,"—V. Ill, p. 2227, 2139.
profit and
Tctal
1919 Including sugar|andflmolasses
zation
312,535
turing plant
89,123
bl3,269
usually
264,703
_
Deprec.on manufac¬
Deprec.on
the Pref. stock
which
9,684
55
on
19,666
Res .for inc. taxes.
115,556
RR.—Preferred Dividend Omitted.—
60,742
56,469
"38", 642
Maine
81,095
32,989
27,316
1,580
17,808
2,000
&
The directors Dec.
10, omitted the dividend
paid Jan. 1.
The dividends are cumulative.
President James H. Hustis
says: "The present uncertainty as to revenues
and expenses is the direct
cause.
Inability to obtain large amounts from the
Government, coupled with the fact that earnings have been
unsatisfactory
aiming the two months following the guarantee
period, also made this
action desirable.
Furthermore, the failure to reach an agreement through
conferences with the lines to the West in the
attempt to secure a large divi-
Accrued Interest..
Deferred charges—
In
Notes payable
187,949
V
7,952
expenditure of $3,000,000 for new shops to be located at
Everett and $1,421,000 for additional
power facilities.—V. Ill, p. 2139.
Boston
C700.000
113,521
Bd. sinking fund._
Total
1,000,000
1,750,000
500,000
a748,339
147,430
Accr.lnt .receivable
Co's. bonds
Treasury stock
authorize
bonds,
due 1927
Accounts payable.
Accrued wages
Accts. receivable..
realized
S
207,931
Materials & supp.
a
3,394,895
Boston Elevated
Ry.—Expenditure of $4,000,000 Sought.
on
^,®c- 2
a petition asking the 1921 Legislature to
the
1919.
S
Pref.stock,7% cum.1,000,000
Common stock._.xl,750,000
1st Mtge. 6% sink,
4,250
Planted & grow.cane
Advances
on
1920.
Liabilities—
$
.equip.
Ac
Sugar
1919.
3333
p.
492.
Railway of Canada.—Methods Criticised.—
Deliberate tampering with books, and
juggling of accounts, was found
by Dr. Charles Morse, registrar of the Exchequer Court, in his examination
of
the affairs of the Central Railway
Company of Canada
Claims filed
against the defendant company amounted to something like $3,000,000,
while the moneys paid into court were
$93,170 by the Dominion Govern¬
ment as the purchase
price of rails belonging to the defendant railway
company and used during the war, and a further amount of $21,250 from
the sale of the steamer "Empress," which
operates on the Ottawa River,
and the property known as the
Queen's Wharf property in Ottawa.
The chief claim against the
company was made by Charles N. Armstrong,
of Montreal, president of the
company, who asked $109,947 as remunera¬
tion for services rendered and
expenses incurred on behalf of the company
1911 to 1917,
The report of the registrar is a denunciation or the
from
ROADS.
methods
General Railroad and Electric Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less
general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
RR. Loans Still Due War Finance Corporation Nov. 30.—Out of
$70,358,210
loans by the Corporation to RRs., $52,882,210 remained
unpaid Nov. 30
($40,155,270 due on demand and $12,672,940 Jan. 1 1921 and April 1 1922),
notably Chicago Rock Island & Pacific Ry. Co., $10,430,000; Erie RR. Co.,
$12,497,940; New York Central RR. Co., $17,500,000, and Southern Ry.
Co., $7,355,270.
"Fin. Am." and "Jour, of Com." Dec. 9.
Government Guaranty,—I.-S. C. Commission urges that
prompt payment
of the 6 months' guaranty is vital to good service.
"N. Y. Times" Dec. 10,
p. 8.
Compare "Wall St. Jour." (annual report of Commission) Dec. 9,
p. 9.
Advances on same paid by U. S. Treasury to Nov. 15 aggregate
about $250,500,000, leaving over $400,000,000 subject to mandamus
pro¬
ceedings now pending.
"N. Y. Times" Dec. 10, p. 24.
•> New Demurrage Rates Filed for Dec. 1 Suspended Until March 31 1921.—
See full statement in "Coal Trade Journal" of Dec. 8, showing old and new
rates, and compare per diem rates, "Ry. Age." Nov. 26.
Short Line Decision.—Possible compensation to St.
Joseph Belt Ry. dur¬
ing Federal control.
"N. Y. Commercial" Dec. 9, p. 2.
Adverse Coal Road Decision.—See Lehigh Valley RR. below.
Intra-Slate Passenger Fares.—(1) Abstract of report of I.-S. O. Commission
in Hlinois case.
"Railway Age" Dec. 3, p. 973 to 975.
This case, in
Which the roads appealed to the Federal Court to
prevent interference
with the increased rates, will, it is expected, be made the test case rather
than the N. Y. case, which was taken by the State authorities into the State
courts.
(2) Justice Cropsey In Special Term of Supreme Court at Kingston,
N. Y., on Dec. 4 refused to vacate the injunction granted the State Nov. 27
restraining the railroads of N. Y. State from charging 3.6 cts. per mile for
intra-State passenger fares, the case to be heard on Its merits.
N. Y.
"Times" Dec. 5, p. 23; Dec. 8, p. 29.
The Erie RR., not having been
served with notice of the injunction, put the 20% increase into effect.
(3) The W. Va. State Commission has authorized the 8 railway companies
operating in W. Va. to increase their intra-State passenger rates 20% where
the present rate does not exceed 3 cts. a mile, in order to put these rates on
a par with the inter-State rates recently
put in effect by order of the I.-S. O.
Commission. "Ry. Review" Dec. 4, p. 874.
(4) The Federal Court at
Milwaukee on Dec. 3 granted the C. & N. W. Ry. a temporary injunction
restraining the State of Wisconsin from interfering with the Increase in
passenger rates from 3 to 3.6 cts. ordered by the I.-S. C. Commission.
N. Y. "Times" Dec. 4, p. 16.
Heavy Rail Orders, &c.—Orders announced this week, chiefly under pre¬
vious reservations, include: B. & O., 85,000 tons (small
portions to inde¬
pendent cos. at supposedly $57): Penn. RR., 150,000 tons; N. Y. Central,
135,000 tons; Pitts. & Lake Erie, 15,000 tons.
Further large orders ex¬
pected.
Compare "Bost. N. B." Dec. 10, p. 3.
Some equipment orders
have been canceled.
RR. Consolidations Planned by I.S. C. Commission under Act of 1920 Ex¬
pected to Await Restoration of Railroad credit. N. Y. "Times" Dec. 7, p. 23.
employed in the administration of this
claim for priority is refused, as
$^20,000.
company.
Armstrong's
also is the claim of Senator Domville for
"Monetary Times" Toronto—V. 107,
Central Wisconsin Ry.—Would
p.
2289.
Acquire Property.—
The company has applied to the I.-S. C. Commission for
authority to
acquire and operate property of Fairchild & Northeastern Ry. (V. 110, p.
970) in Clark and Eau Claire counties, Wise.
Chesapeake & Ohio Ry.—New President.—
0
W. J. Harahan has been elected President to succeed the late
George
"W. Stevens.—V. Ill, p. 2227.
Chicago Milwaukee & St. Paul Ry.—Seeks Govt. Loan.—
The company, it Is understood, has applied to the I.-S. O. Commission
tor a loan of $25,340,000.
The funds are desired to pay off the same
amount of 5% bonds which mature Jan. 1 next.—V. Ill, p. 2139, 2227.
Chicago Rock Island & Pacific Ry.—To Pledge Bonds.—
The I.-S. C. Commission has authorized the company to pledge and re-
pledge, from time to time, all
or any part of the $1,000,000 1st & Refg.
Mtge. gold bonds authorized to be issued last Oct. (V. Ill, p. 1471), as
collateral security for any note or notes hereafter issued by the company
maturing not more than two years after the date thereof, and aggregating,
together with all other then outstanding notes of a maturity of two years
or less, not more than
5% of the par value of the securities then outstand¬
ing.—V. Ill, p. 2227.
Cleveland Cincinnati Chicago &
St. Louis Ry.—-
The company has applied to the I.-S. O. Commission for permission to
guarantee $108,000 6% 10-Year promissory notes of the Louisville & Jef-
fersonville Bridge Co., payable to the Secretary of the Treasury.
The Louisville & JefTersonville Bridge Co. has asked the Commission for
authority to issue $162,000 4%
March 1 1945.
Clinton
It is
1st Mtge. gold bonds of
1895, maturing
See N. Y. Central Lines below.—V. Ill, p. 2139.
(Iowa) Street Ry.—Wages—Fares.—
reported that
a
temporary agreement has been reached whereby
the employees will receive an increase in wages of 5 cents an hour, making
the maximum 60 to 65 cents an hour, and the fares increased from 5 to 6
with 9 tickets for 50 cents.
This agreement follows the refusal of
the city at first to grant an Increase in fares, following which refusal the
employees struck for higher wages, as promised by the company, contin¬
gent on the city granting the higher fares.—V. Ill, p. 1660.
cents,
Connecticut Company.—10-Cent Fare
Upheld.—
on Dec. 3 denied the petition of the
order reducing the present 10-cent fare made by the
company within the city limits, and to provide for commutation or other
special reduced fares.
The Commission also denied the petition of the city
of New London for the establishment of a lower fare to be charged by the
company within the city limits.
The Connecticut P. U. Commission
city of Hartford for
an
The Commission in its decision states that It cannot discriminate in favor
of the petitioners, adding that the 10-cent rate, while creating a burden on
the traveling public, was imposed in order that necessary street railway ser¬
vice may be continued.—V. Ill, p. 2040.
Delaware & Hudson
RR.—Capital Stock.—
I.-S. C. Commission for permission to
20gold bonds of 1915 on the basis of 10 shares of stock for each $1,500
of bonds.—V. Ill, p. 2040.
The company has applied to the
issue $9,634,000 Common stock for the conversion of $14,451,000 5%
company
14 RRs. Plan to Acquire Fruit Growers' Express.—See Armour & Co. below.
Railroad Deterioration unQer Federal Control.—Roads ask examination
by
expert.
N. Y. "Times" Dec. 5,
p.
year
23.
Coal Bill.—The entire system now consumes about 1,150,000
tons of coal per month, costing over $5,000,000, or $4 40 a ton, agst. $2 60
3 years ago and $1 10 and $1 41 5 years prior to the war.
Cheaper coa
will mean a heavy saving. Phila. r'News Bureau" Dec. 4.
1
Mine Products in June Quarter Form 56% of Tonnage of Larger Railroads.—
Del.
Penn. RR.
"Engineering & Mining Journal" Dec. 4, p. 1102.
Public
Officials from 4 Cities Discuss Electric Railway Service
at Cost.—
"Electric Railway Journal" Dec. 4, p. 1141.
Obituary.—Arthur S. Goodeve, a member of the Canadian Railway
Board, died Nov. 23 at Toronto.
Miscellaneous.—(a) Pullman surcharge, see that company under "Indus¬
trials" below,
(b) Car production, repairs and orders to Oct. 31, see
"Railway Age" Dec. 3, p. 996.
(c) "Weekly car loading. Idem, p. 988.
(d) RR. tariffs suspended. Idem, p. 995.
(e)Calculation of maintenance
allowance. Idem, p. 990.
(f) RRs. ask mandamus to force payment of
8 months' guaranty.
Idem, p. 972.
(See Grand Trunk Western in
"Chronicle
Dec. 4, p. 2228.)
(ff) Labor Board concludes short-line hear¬
ings. Idem, p. 963.
(g) 1919 shows lowest rail consumption in 22 years.
Idem, p. 964.
(h) Australian State RRs. "Ry. Review
Dec. 4, p. 873.
(!) Colo. So. Ry. is abandoning telegraph for telephone for train dispatch¬
ing. Idem, p. 876.
(j) Relation of Penn, RR. fines to their employees,
statement by V.-Pres. Atterbury. Phila. "News Bureau" Dec. 1, p. 2.
(k) Optimistic statement by Pres. Beatty of Can. Pac. Ry.
"Fin. Am."
Dec. 4, p. 1.
Economic situation as viewed by W. B. Stone, President of
Atch. Top. & Santa Fe.
"Wall St. Jour." Dec. 7, p. 12.
(m) Before En¬
gineering Society, President Willard of B. & O. discusses RR. problems and
Chief Engineer Charles A. Morse of Ch. R. I. & Pac. suggests
propriety of
relinquishing branch line business to motor trucks.
"Jour, of Comm."
Dec. 10, p. 2.
Matters Fully Covered in "Chronicle" of Dec. 4.—(a) List of RR. loans from
Revolving Fund of 1920, p. 2186.
(b) Order of I.-S. C. Commission in¬
creasing intra-State RR. rates in Illinois, p. 2186.
(c) 15 intra-State rate
cases
pending before said Commission,
p.
2187.
Atchison Topeka & Santa Fe Ry.—New Director.—
W. E. Brown of Wichita, Kansas, has been elected
p.
a
director.—V. Ill,
2138, 1948.
Auburn (N.
Y.) & Syracuse Electric RR.—Fore Incr.—
The company recently raised the fare on its suburban lines from a basis
•f 2.75 cents to one of 3 cents a mile.
Company also raised the price of
commutation and other reduced fare tickets.—V. Ill, p. 790.
Susq. & Schuylkill RR. Co.—Dissolution.
See Lehigh Valley RR. below.—V. 81, p. 1174.
Denver & Rio Grande
RR.—Deposits Asked.—
The stockholders' protective committee, Jefferson
M. Levy, Chairman,
has called for the deposit of stock with the Lawyers Title & Trust Co. and
the payment of 20 cents a share to meet expenses of the committee.
The
committee will institute a suit in equity to vacate or enjoin the enforcement
of
a
judgment for $38,000,000 returned against the road and in favor of the
Western Pacific, which action caused the road to be ordered sold to
the judgment.—V.
Des
satisfy
Ill, p. 2227.
Moines Terminal
Co.—Litigation Ended.—
The U. S. Supreme Court on Dec. 6 in an opinion by Associate Justice
Pitney settled the litigation involving this company's property:
Two cases
were before the court.
An appeal of the Chicago Milwaukee & St. Paul Ry.
and the Wabash RR: against the Des Moines Union Ry. et al, which was
reversed, and a cross appeal brought by the Des Moines Union Ry. against
the two railroads, which was affirmed, and the cases remanded for further
proceedings in conformity with the court's decision.
The cases came from the Southern District of Iowa, and Involved the
question of the ownership of terminal property at Des Moines and the
right to surplus earnings under an operating contract of 1889.
The District
Court decided in favor of the defendants with a qualification.—( Financial
„
.
_
America").
Detroit-Toledo Shore Line RR.—To Increase Capital —
authority to
The company has applied to the I.-S. C. Commission for
Increase its Common stock from $1,500,000 to $2,500,000.—V.
Detroit United
110, p. 1088.
Ry.—Would Lease Lines to City.—
Negotiations looking toward the leasing to the city of all the city lines
operated by Detroit United Ry. have been taken up.
The submission or
the leasing proposition authorized
(1)
by the directors contemplates:
!j
with necessary equipment
.
Lease by the city of all D. U. R. city lines
^°1(2)llPay mwfby the city of a rental of 6% on the valuation of ^property.
(3)
Right of the city to purchase outright the
entire city property of the
C°
04)^°aluatior^of property
to be fixed by board of arbitration
of 7 members, two picked by city, two by company and three
by these four.
consisting
agreed on
THE
2321
purchase of the lines by the city at any time.
acceptable the company is willing to consider a plan
joint operation of the D. U. li. and municipal lines.—V. Ill, p. 2140.
Provision is also made for the
In
case
for
the plan is not
RR.—Receivership Sought.—
Eagles Mere
The Belmont Trust
Massachusetts Street Ry.—Bonds Authorized.
Eastern
The
defaulted in payment of the interest on its
that it owes large sums of money to the State for
that the road has
outstanding bonds, also
taxes.—V. 95, p. 544.
Department of Public Utilities has authorized the
Massachusetts
to issue 82,000,000 serial bonds to be used to buy additional equip¬
ment and for improvements.
This is not a new issue of bonds, but is part
of the bonds sold in March 1919 to a banking syndicate.
The bulk of the
company
proceeds of that issue has already been spent on equipment and improve¬
ments.
There will be no new issue of bonds.
("Boston Financial News.")
—v. in, p. 1949.
I.-8.
RR.—Abandonment Authorized.—
Texas
Eastern
The
vided that the company shall first offer all of the property now owned
it for sale, free of all encumbrances, for a sum not to exceed $50,000,
by
to
parties interested in the community served by it, on condition
that the purchaser at such sale shall continue the operation of the road; and
(2) Provided the company furnish to the I.-S. O. Commission a bond
secured by the St. Louis Southwestern Ry. in the penal sum of $100,000,
conditioned on the understanding that the company will, before Dec. 2
1921, settle all outstanding taxes, debts, mortgages., eto-V. Ill, p. 389.
any party or
El Paso
(Tex.) Electric Co.—Fare Increase.—
indrease fares
Council has permitted the company to
from 5 to 6 cents.—V. Ill, p. 73.
The El Paso City
on
its city lines
Erie
Fairchild &
director, died In New York City Dec. 5.—
a
Northeastern
'
See Central Wisconsin Ry.
Ry[.—Sale of Property.—
above.—V. 110,
Fort Smith & Western
RR.—Government Loan
approved a loan of $156,000 to the receiver
purchase of equipment and in making
additions, &c.. at a total estimated cost of $425,356.
The company itself
is required to finance about $270,000 to meet the loan.
The I.-S. C. Commission has authotized Arthur L. Mills, receiver, to
issue $156,000 6% receiver's certificate, to be dated Nov. 1 1920, and to
mature in five years, and to pledge said certificate with the Secretary of the
Treasury as security for the above loan of $156,000.—V. Ill, p. 1949.
.
Georgia Ry. & Power Co.—Fare Increase—Decision.—
Commission has authorized increases of 1 cent in
Atlanta and Marietta, making a total
increase of 20% on commutation books of 54 tickets
on the Atlanta Northern Ry. line, a part of the Georgia Ry. & Power Co.
Judge John J. Pendleton in the Superior Court at Atlanta has signed an
order permitting the company to increase fares on the College Park-Atlanta
line from 5 to 7 cents.
The company, however, has to post a bond for
$250,000 and give a receipt of 2 cents to each passenger.
This order supersedes the order signed Nov. 10, which upholds the
validity of a contract between the city of College Park and the company,
in which the rate of fare is fixed at 5 cents, and is effective pending the
decision of the Georgia Supreme Court in the case.
If the higher court
upholds the decision of the lower court, each 2-cent receipt will be redeemable
at the value of 2 cents with 7 %interest, within 60 days at the office of the
company in Atlanta.—V. Ill, p, 2041.
fares for each of the 7 zones between
fare of 42 cents, and an
Grand Rapids
Ry.—Fare Increase.—
The City Commission of
Grand Rapids has authorized the company to
from 7 cents to 8 cents cash, or 7 tickets
Increase its fares, effective Dec. 16,
for 50 cents.—V. Ill, p. 1661.
Grand Trunk Pacific
Ry.—Guaranteed Interest.—
The negotiations between the
ments for the refund to
Loans
Saskatchewan and the Dominion Govern¬
the province of money advanced by it to meet the
Interest falling due on the Provincially guaranteed bonds of the company
have been completed, a cheque for $862,252 being turned over by the
Dominion Government to C. A. Dunning, Provincial Treasurer.
"Mono-
19678
Mtge., and to make possible continued operation, your Committee has
made or secured for the Railway loans aggregating $2,100,000, which still
remain unpaid.
The plan will enable the company to pay its obligations
Held.—Your Committee holds, subject to the payment of
and expenses, about $400,000 in cash; aLo (a) $16,707,500
stock of International Railway Co.; (6) $3,944,000 Refunding and Improve¬
ment 5% bonds of said company; and (c)
$640,500 underlying 1st Mtge.
6% divisional bonds on property of the Railway company.
Deposits.—Out of the total of $18,335,000 bonds issued
been
Gulf Mobile & Northern RR.—5 ^Milesto
The
I. 8.
C.
Commission has authorized the
p.
a
-
—
Kansas City
to abandon its
Railways.—To Issue Receivers' Certificates.
Ry.—Denied Government Loan.—
Ill,
p.
Lehigh Valley RR.—Supreme Court Orders Dissolution.—
that
coal
and
rule
operations conform strictly with ruling of the Supreme Court in the
Del., Lackawanna & Western case.
Illinois
Central RR.—New
Louisville &
Nashville
Mason
Interborough Rapid Tr. Co .—Pres. Hedley Confident.—
President Hedley is optimistic regarding the outlook for raising
sufficient
definite statement," President Hedley says, "but we are
hopeful
of passing through the crisis safely."
*
After carrying the company through the lean years of the war period,
banking interests identified with the management are not expected to per¬
mit the system to fall into
receivership with the turn of the road in sight.—
("Wall Street Journal")—V. Ill,
International
Statement
as
to
p.
2140.
Traction
Co.,
Buffalo.—Committee's
Plan.—Respecting the plan outlined last
(p. 2228) the Protective Committee of holders of
Collateral Trust 4% bonds of 1912 Elliott C. McDougal,
Chairman, in circular of Nov. 30, says in subst:
Improved Conditions.—In view of improved operating conditions we now
feel warranted in recommending a plan of readjustment which will permit
of tne free distribution of a substantial amount of the Railway company
stock to those depositors who do not contribute to the funds required.
In
formulating this plan we have received valuable assistance from prominent
citizsns of Buffalo whose interest in the rehabilitation has led them to give
the financial support necessary for the underwriting of this plan.
Obstacles
Surmounted.—Your
committee
inherited
from
the
former
management a labor condition which for four weeks in 1918 had completely
service by a strike.
Your committee could not, in Nov. 1919,
accept the 7c. cash fare (4 tickets for 25c.) then authorized, for the reason
that while it would produce approximately $1,000,000 of added gross per
year, its acceptance at that time would have precipitated the demand of
the employees for an added annual wage of over $3,000,000.
It was not until May 1920 that the management representing your com¬
mittee had induced the men to accept such wages as could be safely covered
tied up the
City & Fort Dodge RR.—Coupons Paid—Protec¬
for Deposit of Bonds.—The interest due
Dec. 1 on the $12,000,000 1st M. 4s was paid fnot purchased]
by the Chicago Great Western RR. from funds advanced it
by the I.-S. C. Commission.
The protective committee (V. Ill, p. 2140), Mortimer N.
Buekner, Chairman, in a notice to the holders of the 1st
Mtge. 4s, states in substance (see advertising pages):
On Nov. 23 1920 the committee advised you that Chicago
RR. had issued
Great Western
notice stating that for several years the Interest on the
earned, that it had advanced the funds from time to
time with which to make
up the deficiency, but that such advances would
bonds had
a
not been
longer be continued and that the interest maturing Dec. 1 1920 would
be paid, and that accordingly the committee had been formed for the
protection of the interests of the bondholders.
Chicago Great Western RR. has since announced that at the request of
the I.-S. C. Commission, it has reconsidered its action and that from funds
[S240.000J advanced to it by the Commission for that purpose, the Dec. 1
1920 coupon will be paid, reasserting, however, that the interest has not
been earned.
The committee has been unable to obtain any assurances
no
not
week
>
RR.—Favorable Decision.—
Telegraph Co. under "Industrials" below.—V. Ill,
tive Committee Calls
Vice-President.—
funds to pay the company's year-end obligations, including the semi-annual
interest due Jan. 1 on the $161,504,00*. 1st & Ref. bonds.
"It is too early
a
Co.—Application.—
W.
.■'
2228, 1949.
to make
permitted to intrdouce
1752.
p.
Albert O. Mann, formerly Vice-President of the International Steel Corp.,
has been elected a Vice-President with headquarters at Chicago.—V. Ill,
p.
not
See Cleveland Cin. Chicago & St. Louis Ry. above.—V. 89, p. 529.
See Western Union
<
was
Ill, p. 1278.
Louisville & Jeffersonville Bridge
were necessary for the continued operation
This company, it is stated, succeeded the Pensacola
Mobile & New Orleans Ry. In 1919.—V. 107, p. 1101.
W.J. Harahan has been elected President to succeed the late George
It
this fact in the evidence taken before the Supreme Court as the suit was
started in 1914.—V.
properties.
Hocking Valley Ry.—New President.—
succeeding B. F. Hagerman.
a preceding page.
Pres. Loomis is quoted as saying that Lehigh Valley Coal Co. has
reserves amounting
to between 700,000,000 and 1,000.000,000 tons
that since he became president in Feb
1917, the company made it a
The I.-S. C. Commission has denied the application of the company for
Government loan, said to be about $500,000, on the ground that the road
Stevens.—V. Ill, p. 792, 68.
Ry.—New President.—
2041,1949.
See "Current Events" on
did not show that Federal funds
of the
Stock.—Because of industrial uncertainties your committee
The receivers have announced that they Intend to apply to Federal
Judge Stone to approve the issuance of $350,000 in receivers' certificates,
the proceeds to be used in paying taxes.
The State, county and school taxes due on the Missouri side are listed by
the receivers at $403,000; due the Kansas side, $102,000; and a franchise
tax of $16,000. "With what we can save out of our earnings, we believe an
Issue of $350,000 will be adequate," Receiver Wilson is quoted as saying.—
V. Ill, p. 2228.
1949.
be Dismantled
company
depositor of each
Operating Results as shown by the Books of the company for years, 1915 to 1920Cal.
Gross
Operation
Fixed
Net
Year.
Earnings,
and Taxes.
Charges.
Income.
1915—$6,839,883
$4,277,692
$1,363,897
$1,198,294
7,818,466
5,050,776
1,372,056
1,395,634
8,202,482
5,649,259
1,421,060
1,132,163
7,447,344
6,528,034'
1,726,619
a807,309
9,355,323
7,970,624
1,670,181
a285,482
1920 (3 mos. est.)_
11,175,000
b9,525,000
1,650,000
a Deficits for 1918 and 1919 as shown by the books:
the reserves for acci¬
dents, bad debts, &c., which should have been included in the charges in
the period to Dec. 31 1919, but which are not included in the figures given
above, make the actual deficit over $2,000,000. &c.
(b) 1920 earnings are for 9 months actual, 3 months estimated.
Operat¬
ing expenses include additional charges of approximately $400,000 to comply
with the Public Service Commission formula for the determination of the
pro ner allowance for depreciation and renewaLs.
Depositary under plan: Guaranty Trust Co. of N. Y.f 140 Broadway,
New York City, 32 Lombard St., E. C. London.
Agents for depositary.
City Trust Co., Erie Co. Bank Bldg., Buffalo; Fidelity & Columbia Trust
Co., 4th & Main Sts., Louisville.
Right to Withdraw.—If Depositors representing 30% of the deposited
Traction bonds should file written objections to the amendment, the
Committee will be obliged to abandon the Plan.
Otherwise we expect to
proceed with the readjustment as expeditiously as possible.
See plan in
V. Ill, p. 2228.
—Y.
Ellisville branch in Jones County, Miss., extending from the main line at
Ellisville Jet. to the terminus in Ellisville. about 6.6 miles and to remove
the tracks and dismantle all or any part of the structures owned or used.—
V. Ill, p. 2041.
'
Gulf Ports Terminal
Depositing Bondholder.—Under the plan the
$1,000 Traction bond will, on payment of $100, secure principal amount of
securities equal to the principal of his original investment, viz.:
<a) $400
Railway stock distributed free; (5) $500 Railway stock, and $100 Railway
5% bond for $100 cash; total, $1,000.
Kansas Oklahoma & Gulf
below.—V. Ill,
under the Inter¬
$18,147,000 bonds have
deposited with your Committee.
Underwritina.—The underwriters have agreed to purchase at the prices
stated in the plan $9,448,700 Railway stock (v.t.c.) and $2,000,000 Railway
5% bonds, less the amounts thereof which the Depositors elect to purchase.
There is no underwriting commission on the bonds:
the underwriting com¬
mission is 5% upon the full purchase price for the voting trust certificates.
The underwriting is conditioned upon the establishment of a 5-year voting
trust, &c., substantially as stated in the plan.
national Traction Co. Collateral Trust Indenture
C. F. Dos Passes has been elected President,
of Can.—More Time.—
See Southern New England RR. Corp.
;■
expenses.
Securities
its obligations
tary Times", Toronto, Nov. 19.—V. Ill, p. 1566.
Grand Trunk Ry.
of $2.100.000.—When your committee took charge the operating
To prevent foreclosure under the Railway 5 %
deficits exceeded $2,000,000.
cannot now safely present a prospectus or promise of return on the Railway
stock but it has confidence in the property and in the present management •
of the road to aid the carrier in the
The Georgia Railroad
Requirements.—Under the new conditions, we believe that the finan
of the Railway Company will be reasonably safe if enough cash
provided to pay off the existing loans and make good the operating
deficit, and If an amount of sufficient bonds for necessary renewal and con¬
struction expenditures is set aside in the hands of trustees.
Some provis on for new capital Is essential at this time since the supplemental inden¬
ture to the Railwav Refunding & Improvement 5% Mtge. requires as a
precedent to the issuance of additional bonds that the annual net earnings
shall bave equa'ed 1Yi% of the total funded debt.
The present gross
earn'ners are app oximately $11,000,000 ner annum but the net earnings
for 1920 will not exceed the present fixed charges or 5Y% of funded debt
be
Outlook for
970.
p.
The I. S. C, Commission has
•
Cash
cial position
RfSuH for
Railroad.—Obituary.—
Francis Lynde Stetson,
V. Ill, p. 2041, 1949.
the danger of a.
The attitude
and
authorized the company to abandon its
C. Commission has
road, which runs between Lufkin, Tex., and Kennard, Tex., through the
counties of Angelina. Trinity and Houston/Texas, in all about 30 miles,
and to take up, dismantle or remove any part or all of the property; (1) pro¬
However, a further increase in wages was demanded
month ago that the slowing down of industry removed
long continued strike sufficiently to warrant this plan.
of the public has also been changed to favorable comment.
by the aforesaid fare.
and it was less than a
1
Co., Phila,, on Dec. 8 filed a buit in equity in Common
appointment of a receiver for the company on
Pleas Court asking for the
the ground
[Vol. 111.
CHRONICLE
payment will be made of any future
Commission that its intervention was
attempt to adjudicate any differences
holders of the bonds or as an expression
of opinion with respect to the merits thereof, but that such differences would
have to be determined by the parties themselves.
It is thus apparent that the payment of subsequent installments of In¬
terest on the bonds Is seriously imperiled and that a situation exists which
makes it imperative in the interest of the holders of the bonds to examine
forthwith into the affairs of the railroad company and its operation, main-|
tenance and management by Chicago Great Western and to take concerted
action for the ascertainment and enforcement of their rights and for the
from
Chicago Great Western that
and was informed by the
regarded as in anywise an
between Chicago Great Western and
coupons,
not to be
protection of their interests.
The committee has already placed itself in touch with Chicago Great
Western with a view to obtaining such examination, and it is therefore
important that holders of bonds deposit same with June 1 1921 and subse¬
quent coupons attached with the depositary or sub-depositary on or before
Dec. 23 1920.
Compare V. 111. p. 2228, 2140.
DBC.
CHRONICLE
THE
111920.]
Manila Electric RR. & Lighting Corp.—Property
to Manila Electric
Leased
Co.—Merger Proposed.—
See annual report under
2325
Co., 80 Broadway, N.Y. City, so that the extension contract and new
be attached thereto, after which the bonds will be returned
coupon sheet may
without
"Financial Reports" above.—V. Ill, p.
expense to the holder.
The coupon due Feb. 1 1921 will be paid as usual.
Application has been
to the I.-8. C. Commission for
authority to extend bonds.—V.
1472.
made
Massachusetts Northeastern St. Ry.—Bond Application
company has applied to the Mass. Dept. of Public Utilities for per¬
-
110, p. 1089.
The
mission to
Pittsburgh Cincinnati Chicago & St. Louis RR.—
property
$49,000 mortgage bonds to pay for additions to
—V. Ill, p. 2140, 2135.
issue
The definitive General Mtge. 5% bonds are now ready to be exchanged
temporary bonds at the Treasurer's office of the Pennsylvania Company,
Pittsburgh, Pa., at the company' office, 85 Cedar St., N. Y. City, or at
the Treasurer's office of the Pennsylvania RR.
Co., Broad St. Station,
ror
Midi
RR.
Issue of Bonds%—The
31 1919 is shown with
82 of the last issue of
"Railway & Industrial Section."
In October 1920 A. Iselin
& Co., Hemphill, Noyes & Co, and Gude, Winmill & Co.
brought out an American issue of 50,000,000 francs 6%
bonds, redeemable at par by drawings not later than 1960.
Denom. Frs. 1,000.
Interest payable J. & D. at office of
A. Iselin & Co., 36 Wall St., New York.
See offering,
V. Ill, p. 1472, 1566, 2229.
(France).—American
bonded debt of the company as of Dec.
other details and map on pages 81 and
Missouri Pacific RR.—Final Payments.—
:
this rfport is simply a formal legal matter in connection with the transfer
of the bonds made at the time the receivership was entered into.
The
present Missouri Pacific holds most of the bonds, for which it gave securities
of the new company, and only about 20 or 30, it is stated, are in the hands
.
■
are
exchange for them
V. Ill, p. 2229.
surrendered
or
on
-V;,
County Trust Co., Little Falls, N. Y., has purchased
offering, when, as and if issued, $100,000 6% Income (preferred
claim) participation certificates secured by National Railways Service Corp.
Equipment Trust Notes; denom. $100, $500 and $1,000.
The advertisement shows: (1) The actual physical security behind these
certificates is railroad equipment operated by the railroads under carrier
rent notes or conditional sale notes held by the National Railway Service
Herkimer
is
Corp.
(2) The U. 8. Government loans to the National Railway Service
Corp. 40% and this institution carries 60% of the total amount represented
by the par value of the equipment trust notes held by this trust company.
This bank and each holder of a participation certificate has a preferred
claim as to principal and interest over the Government's claim.
"We hope to be able to offer to every purchaser the right to participate in
this 6% income for a period of ten years." - Compare V. Ill, p. 458, 493,
1661,2140.
•
New York
Lines.—Heavy Passenger Traffic
Central
—
TheCommission for an
Public Service Ry.,
a
total
10,179,378
or
of
78,617,456
15%,
as
Pittsburgh & Lake Erie
Central
Kanawha & Michigan
Toledo & Ohio Central
Lake Erie & Western
Cincinnati & Northern
Zanesville & Western
Virginia
78,617,456
'Total.
68,438,078 10,179,378
The "Twentieth Century Limited," despite an extra
has carried close to capacity.—V. 110, p. 167.
charge, for months
Railways.—Realty Sale Postponed.—
New York
Increase
6,221,608
45,903,827 39,682,219
10,628,343 1,986,717
12,615,060
6,065,397
821,761
6,887,158
650,272
5,031,957 4,381,685
4,829,399
508,084
5,337,483
1,048,393 Decl06,411
l_
941,982
637,552
63,372
700,924
644,207 Dec
4,514
639,695
240,764
3,340
244,104
163,777
26,865
190,642
116,342
8,284
124,626
Cleve., Cine. Chicago & St. Louis
r
.
foreclosure, scheduled for Dec. 7, has
postponed until Feb. 2 1921, to await action in U. 8. District Court.—
V. Ill, p. 1950. '
The sale of the real estate under
been
New York State
Railways.—Operations in Rochester
—
Nov. 9 by Commissioner C. R.
Common Council of Rochester, the operat¬
ing revenue of the Rochester lines for September was $4,627 less than
sufficient to meet operating expenses and other obligations under the 7-cent
fare which went into effect on Aug. 28.
The service-at-cost contract went
into effect on Aug. 1 last and for that month a deficit of $71,000 was re¬
ported under the 6-cent fare then in effect.
The contract between the city and the company provides for a balancing
fund of $300,000 to take care of losses and profits from operating revenue.
The present 7-cent fare is to be reduced when the balancing fund exceeds
$400,000 or increased if the fund falls below $200,000.
According
to
report submitted on
a
Barnes to the Mayor and the
Summary of the Income Statement
Railway operang
revenue.$408,648
Railway operating expenses. 302,285
for September.
Taxes assignable to oper
Net
"The rate of 7 cents with 1 cent for
$106,362 Non-operating
Net income
23
operation.$106,339
$23,728
revenue.,
Income
Return on investment...
Gross
89,000
$4,627
service-at-cost contract, this deficit is made up
fund.
The August deficit was spread out over a period
the increased fare did not go into effect until Aug, 28.
In accordance with the
from the balancing
Syracuse Common Council Rejects Service-at-Cost Contract.—
By a vote of 12 to 6 the Syracuse (N. Y.) Common Council has rejected
proposed 10-year service-at-cost contract for the Syracuse lines of the
New York State Railways.
Following the action of the Council the com¬
a
effective at once. They
P. S. Commission for a
fafe now in effect.—V. 111, p .1472.
pany announced a 20% cut in service in Syracuse,
further announced that they would appeal to the
straight 10-cent fare in place of the 6-cent
Ocklawaha Valley RR.—Seek to Prevent Sale.—
Arguments were heard in the U. S. Supreme Court on Dec. 7 in the suit
prevent the sale and dismantlement of the road.
The Florida State
"Government secured a writ of prohibition from the State Supreme Court
restraining the court below from confirming or approving the sale of the
road to any purchaser except one who would continue its operation.
The
road was bid in at a sale by William S. Hood, as trustee, for $225,000 on
Feb. 3 1919 with the right to dismantle it.—V. 108, p. 579.
to
Ohio Electric
Railway.—To Separate Lines.—
Vice-President J. H. McClure has announced that the system is to be
disintegrated into its two tributary lines, the old Ohio Electric Co. and the
Indiana Columbus & Eastern.
Under the proposed plan, it is stated that
the lines from Lima to Springfield, Dayton, Columbus and points east and
west will be under the control of the Indiana Columbus & Eastern, with
offices at Springfield.
The Ohio Electric Co. will retain Its original properties, consisting of the
Lima Street Railway Co., Lima Light & Power Co., and the interurban from
T.ima to Toledo.
Interurban from Lima to Fort Wayne, Ind., will also be
operated under a lease.
Offices of the Ohio Electric will be moved to Lima
after Jan. 1.—V. Ill, p. 1472.
Peoria & Pekin Union
Ry.—To Extend Bonds.—
"The company, under prevailing conditions not
funds to meet the [$1,495,000] First Mtge. 6s and the ($1,499,000]
Second Mtge. 4Ms due Feb. 1 1921 bonds at maturity offer to extend both
issues for a period of five years and to Increase interest thereon to 7% p. a.
lb For the purpose of accepting this extension the bondholders are requested
to deposit their bonds on or before Dec. 20 with the Central Union Trust
An advertisement states:
being in
transfer has now been in effect for
done, and is not doing, what it was thought it would accomplish.
It
provide any depreciation fund whatsoever and has resulted in
operating deficit of approximately $100,000, making a total deficit for
year of approximately $1,200,000. ■
This deficit has come about by
has faded to
an
the
further increased costs of labor and materials over and above the amount
estimated
a
year
ago."—V. Ill,
p.
2230.
Public Service Ry., New Jersey.—Fare
See Public Service
Puget
Corp. above.—V. Ill,
Sound
Power
&
p.
Light
Increase Sought.
589.
Co.—Note
Offering.—
The company is offering at par and int. to its employees and
customers an additional $1,000,000 8% 5-year gold coupon
notes, dated Sept. 1 1920, due Sept. 1 1925.
and $1,000. J,
:? v
Denom. $100,
$500,
v! i-■
In
Sept. 1920 the company offered the first $1,000,000 of these notes, of
$400,000, it was stated, was subscribed for by employees, the balance
being taken by residents and local institutions.
It is expected that this
offering will be quickly absorbed.
Compare V. Ill, p. 1183.
which
St.
Joseph (Mo.) Ry., Light, Heat & Power Co.—Court
Rate-Making.—
Holds Present Fair Value Correct Basis for
The "Electric Railway
pom the decision of
Journal" of Nov. 27, page 1122, gives extracts
Federal Judge Van Valkenburgh in the granting of an
injunction against the Missouri P U. Commission from enforcing its order
fixing fare on the company s lines on the original cost basis.
The Court,
considers present fair value the correct basis for rate-making.
See V. Ill,
p. 2230.
;:
Saginaw-Bay City (Mich.) Ry.—Service Resumed.—
was resumed in Saginaw on Nov. 25 on an agreement between the
of the company and the city in which a new franchise is to be
granted the company and the operation of the jitney bus curbed.
Pending
the passage of a new franchise the company agrees t j charge the old rate or
fare: the employees who struck for higher wages will receive their demands,
Service
in return the Council agrees to pass a regulatory jitney ordinance
which will forbid the operation of jitneys on streets where street cars run.
and
It is proposed to pass the new
franchise
on a
cost-plus basis.
("Electric
Railway Journal.")—V. Ill, p. 1950.
Shore Line Electric Ry.,
Conn.—To Be Reorganized.—
The scrapped Shore Line Electric Co. has been bought from the receivers
by Louis I. Levinson, of New York, and is to be reorganized with a capitali¬
zation of $600,000, and $600,000 1st Mtge. 7% bonds.
Subscribers to
each $1,000 bond will receive 10 shares of stock.
Voting control Is to be
with the bondholders.
It is said that $310,800 of the capitalization has already been subscribed
to, the Merchants National Bank, New Haven, being the depositary.
It is
expected that residents along the route of the trolley line will subscribe
heavily to the stocks and bonds.
Mr. Levinson is to have a large block of
Stock
••
Levinson, it is reported, paid $570,000 for the scrapped road, but
receive only $540,000 from the new organizers.
Mr. Levinson
on the ground that he has already made a profit by selling the
rails from the Stony Creek branch and those east of 8aybrook.
Mr. Levin¬
son is to turn over all the equipment, including power houses,
substations
rails and ties, transformers, poles, wires and car barns.
It is understood
that the purchasers of the scrapped road are getting the outfit at its scrapped
valuation, the rails alone costing Mr, Levinson $365,000.
It cost $3,000.000 to build the plant and it is estimated thaf its replacement value to-day is
between $5,000,000 and $6,000,000.
("Hartford Courant.")—V. Ill, p.
Mr.
he is
to
explains this
1852.
Southern New England
RR. Corp.—More Time.—
of Grand Trunk Ry. of Canada, has petitioned
time for completion and oper¬
ation of the Grand Trunk extension, consisting of right of way between
Blackstone and Palmer, from Dec. 31 1921 to Dec. 31 1923.
The extension
was
partially constructed at a cost estimated at nearly $5,000,000.—
V. 110, p. 1416.
The company, a subsidiary
the Massachusetts Legislature to extend the
Southern
1,761
$84,372
Deficit
of months as
a
year.
It was hoped it would,produce sufficient revenue to enable the
company to pay its operating expenses and fixed charges and set apart
$800,000 per year for depreciation.
Unfortunately, however, the rate has
$82,610
income
Auxiliary operation, deficit.
Net revenue from
Jersey.—Seeks Higher Fares
subsidiary, has applied to the New Jersey
officials
1919.
1920.
First Nine Months ofBoston & Albany
Kanawah & West
increase of
compared with 1919, viz.:
New York Central,
Michigan
an
passengers,
a
one
For the nine months ended Oct. 1 the roads in this system
carried
1950, 1753.
increase In fares from the present 7 cents with 1
cent for transfers to 10 cents with free transfers, and for an increase In fare
for school children from 3 to 5 cents.
President Thomas N. McCarter in a statement accompanying the appli¬
cation says:
*
securities will be given in
claim cash in the sum of $473.—
Railway Service Corp.—Equip. Notes Offered.
National
The
and
"
r»
Dec. 21, new
the holders may
p.
Public Service Corp. of New
not
-
A report filed in the U. S. District Court at St. Louis by Special Master
O. E. Robinson states that-final payments on outstanding o% refunding
bonds of the Missouri Pacific RR. will be made on Dec. 21.
The filing of
of individuals.
If these bonds
Philadelphia.—V. Ill,
Pacific
Co.—Statement
President
of
Sproule
Regarding Plan for the Segregation of the Oil Properties.—
Commenting on the plan outlined in last week's "Chronicle"
President Sproule states:
'
Southern Pacific stockholders of the
properties that are now controlled by the Southern Pacific interest.
effect, the Southern Pacific Co. will cease to be inter¬
ested in the oil business except as a purchaser of oil for fuel on the one hand
and as a common carrier of oil on the other hdnd.
\ ■
"In taking this action the company is simply responsive to the spirit
of the times and the plan puts the properties in the posssesion of the stock¬
holders as individuals, each stockholder being given the right to acquire a
share in the oil properties to the same extent that he has a share in the
railroad property.
^
„
"It will be observed that the new oil company, the Pacific Oil Co., will
include the oil lands of the Southern Pacific Land Co., as stated and so much
of the shares of the Associated Oil Co. as the Southern Pacific now holds.
The Associated Oil Co., however, and its subsidiary companies are separate
entities, regardless of whether the Southern Pacific retains its stock or
divests itself of its stock as now announced.
"The plan is intended to Inure to the benefit of Southern Pacific stock¬
holders and will place the majority stock of the Associated Oil Co. in very
strong hands for the purposes of the oU producing and refining business in
which that company is engaged.
_r
.
"The headquarters of the Pacific Oil Co. will be In New York.
The
Board of Directors, (See V. 111. p. 2230) is composed of men of the highest
reputation and responsibility so that although the properties referred to
pass into new and separate hands, the new organization starts out under
high auspices with operating machinery ready for work.
The "®w00a„n
permanent head is not yet designated.' —Compare plan In V. Ill, p. 2230.
"It is in the nature of a distribution to
oil
After the plan takes
..
.
.
Operations for First Nine
Manager J. H. Dyer reports:
.
Months
.
XT
„
of 1920.—General
t0M,°f,fre*gkt ^ring
Freight Traffic.—We moved more than 26,000,000
months ended Sept. 30 exceeding any
this enormous tonnage originated on tnese
Passenger Traffic.—we carried more than 38,000,000 passengers
nine months ended Sept .30 .an increase ofnearly
same period in 1919, the next highest period, and
more
during similar period In 1915, the year of the Panama
Previous;S^th^^inSf
nine
nearlv 752 000 tons: 60% of
lines.
during
212i.OOCipmgn aver
17.452,000
than
Pacific Exposition
at
The 48.500
day. as
urged to reach.
miles per
freight cars on the
compared with 30 miles per
38.6
day which the railroads are
line made an average of
,
2326
THE
CHRONICLE
Only 9.99% of all locomotives, and 4.11% of all freight cars on line were
in bad order Sept. 30, compared with 15.08% and
4.54%, respectively,
for
March
1920.
Carloading.—In September, shows that 79,300 freight cars were loaded
with an average of 26.3 tons per car, or 1.5 tons over
Sept. 1919, increasing
the available car supply by several hundred.
Equipment.—To keep pace wtih the rapid development of the territory
served by ft, the Southern Pacific has purchased for delivery
by the end of
this year, 30 heavy locomotives, 20 steel baggage cars, 16 steel
electric
passenger cars and 250 automobile cars.
It is also building 2,300 freight
cars in its own shops.
Roadway.—During the year to Sept. 30 148 miles of track have been
re-laid with
new
90-lb. rail and 237 miles have been
ballasted.—V.lll.p.2230.
Spokane & British Columbia Ry.—Would Abandon Road
The company has applied to the I.-S. C. Commission for
authority to
abandon its line of road between Danville and Republic,
Wash., a distance
of 36 miles.—V. 110, p. 2293.
Spokane Portland & Seattle Ry.—New President, &c.—
George T. Reid has been elected Vice-President, with headquarters at
Tacoma, Wash., succeeding W. F. Turner, who has been elected President.
—V. Ill, p. 2230, 1473.
Tennessee Central RR.—Sale Denied.—
Judge Sanford in the Federal Cour at Chattanooga on Nov. 27 denied
the application of the Mississippi Valley Trust Co., St.
Louis, trustee for
the 1st Mtge. bond-* held by the Illinois Central and Southern
railways,
for
an
order of sale of the road, stating that the conditions of the
market
right for a sale at this time
The road was offered for sale 5 times
were not
during 1917, but there were no bidders and the receivership was continued
under H. W. Stanley and W. K. McAlister.
("Railway Age.")—V. Ill,
p. 2141.
Toledo
Bowling Green &
Southern Traction Co.—
The holders of the dutstanding $1,003,500 1st mtge. 5s, due
May l 1920,
asked to agree to an extension of the bonds for 20
years, the interest
to be increased to 6%.
A notice sent to the bondholders states:
"It is advisable and expedient to ask the holders of the bonds to
agree to
an extension of the date or
maturity from May 1 1921 to
are
May 1 1941,
reserving to them all liens, securities, equities and rights which exist under
to the original bonds."—V. Ill, p. 1567.
or accrue
Trans-Mississippi Terminal Co.—Notes.—
Arrangements have been made to pay off $1,000,000 of the $3,633,000
notes which fell due Nov. 1, and extended to Nov. 1
1923, by a loan from the
Government, which has been approved by the I.-S. C. Commislon.
The
loan was made to repay some of the holders who did not desire to
extend the
obligation.
The notes are guaranteed by the Missouri Pacific and Texas &
Pacific railroads.—("Wall Street
Journal.") Compare V. Ill, p. 1473,1754.
Union Pacific RR.—New Treasurer.-—
Edward G. Smith has been elected Treasurer to succeed the
late Frederick
V. S. Crosby.—V. Ill, p. 2230, 1950.
United Rys. Co. of St.
Louis.—Receivership Suit.—
An appeal has been taken to the U. S. Supreme Court from
the decision
of the Federal Court of Appeals in St. Louis fn the
receivership suits against
the United Railways.
The original
receivership suit
filed by John W.
was
Seaman in the U. S. District Court.
In addition to asking for a receiver
for the company it sought to recover large sums from the directors.
While
this suit was pending a second receivership suit was filed
by Samuel Adler.
In the Adler suit the United Railways admitted its
insolvency.
District Judge Dyer held that the Seaman
uit should take precedence
over the Adler suit.
Mr. Adler appealed to the Circuit Court of
Appeals.
That body reversed Judge Dyer.
It held that Mr. Adler was entitled to
have a receiver appointed.
Mr. Seaman ha now taken an appeal from the
decision of the Circuit Court of
Appeals to the Supreme Court
Railway Journal."—V.
("Electric
Ill, p.
2142.
(The) United Railways & Electric Co. of Baltimore.—
Earnings for 10 Months ending Oct. 31.—
,
1920.
1919.
1920.
%
$
$
Revenue
pass___212,149,205 202391,627
Transfer
pass...
Passenger
revenue
Other
78.312.594 71.939,600
14,325,453 12,016,420
revenue
127,124
$
Power
985,210
9,994
Gen'l & miscell.
1,337,678
January
$26,193
93,269
30,175
83,719
63,575
July
pal) hydro-electric development
94,603
101,199
100,119
1919.
$44,392
def.13,044
def.53,095
103,750
Virginia Railway & Power Co.
18,124
$891,797
$94,603
-Norfolk Traction Stutus.
Under the above heading the "Electric
Railway Journal" of Dec. 4 has
article on the report of A. Merritt
Taylor and Charles B. Cooke Jr.,
which is being used as basis of solution of
street railway
problems and which
recommends a mode n franchise as well as
service rehabilitation and re¬
routing—V. Ill, p. 2042. 1950.
an
Maryland Ry.—Note Application.—
The company has applied to the
Maryland P. 8. Commission for authority
to issue $225,000 marine
equipment 6% notes, maturing serially, proceeds
to be used in the purchase or a
three-track steel car float of 26 cars
capacity.
The float is being constructed at the
works of the Bethlehem Steel
Corp.
atJElizabeth City, N. J., and is 347 ft. long.—V.
Ill, p. 2230.
Western Pacific RR.—Awards
Contract.—
The company, it is
stated, has awarded a contract to the Utah Construc¬
Ogden, for the grading in connection with a new line to be built
from Niles, Calif., to San
Jo^e, a distance of 32 miles.—V.
tion Co.,
Ill,
p.
2042.
Williamsport & North Branch RR.—Trustees' Sale.—
T*16 Fidelity Trust Co., Phila., trustee under a mortgage dated July 1
will sel
the entire
1901
road, about 45 miles, together with all rights,
franchises. Sec., at public auction on Mar. 9 1921 at the
Philadelphia Bourse
Bldg., Philadelphia.
The entire property, rights,
&c., will be sold free and
clear of liens, incumbrances, &c.
The company has $545,000 1st
Mtge.
4Hs outstanding, due July 1 1931, but the Jan. 1
1917 and subsequent cou¬
pons are in default.—V. 105, p. 608.
Ry.—Capital Increase.—
Dec.
to
increase
the
$10,000,000 to $11,000,000, and confer voting
power
&c.—V. Ill, p. 1853
2230.
stock from
the preferred stock,
common
on
INDUSTRIAL
Industrial
AND
and
MISCELLANEOUS
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding
pages under the caption
"Current Events and Discussions" (if not in the
"Editorial
Department"), either concurrently
public.
after the matter becomes
or as
early
as
practicable
Prices.—Various commodities early In the week rebounded
sharply from
leir recent extremely low prices but
subsequently fell back considerably,
ew low prices for the year have
been made as follows: (a)
OnDec.|9
(g) Seattle's (munici¬
on Skagit River may be held up by failure
"Elec. World" Dec. 4, p. 1133.
(h) N. Y. rent laws again
upheld on Dec. 6.
N. Y. "Times" Dec. 7, p. 32.
(i) Indiana Coal Com¬
mission continues to function in a limited
way.
"Coal Trade Jour." Dec.
Matters Fully Covered in "Chronicle" of Dec. 4.—(a) Industrial failures in
October, p. 2162.
Ryan,
(b) Farmers' relief talk, p. 2178 to 2180.
(c) Affairs
2184.
(d) 240 Labor disputes in N. Y. State in year
(e) Mexico and Mexican oil matters, p. 2190 and 2191.
(f) Mexican coal mines returned to owners,
p. 2191.
(g) Reply of Secre¬
tary of War Baker to report of irregularities, p. 2196.
(h) Decline in pur¬
chasing power of foreign currencies, p. 2197.
(1) Anhtracite coal shipments, p. 2199.
(j) Imports and exports for October, p. 2199, 2200.i
-*t
of Allan A.
1919-20,
p.
p.
2185.
Aetna
CoT^Inc.—Dep^sitT^of ^Stock.
Explosives
&c.—
Approximately 300,000 Shares Deposited.—J. S. Bache^ &
& Co.,
depository, in a notice to the shareholders urging
them to deposit their stock before Dec. 20 so as to accelerate
the sale of the
company to Hercules Powder Co. ,_Inc. , say:
"*We have in'hand an agrement from the Hercules Powder C0.T0 purchase,
under certain conditions, 432,000 shares of the Common stock of the
Aetna Explosives Co. out of a total of
540,000 shares, provided we tender
this quantity of stock within a
specified time limit.
The price will be such that the shareholder will receive $10
per share In
cash and $4 per share in Hercules Powder Co.
7% Preferred stock, of which
price the $10 cash and $1.50 of Hercules Preferred stock are payable upon
consummation of the sale, and the remaining $2.50 of Hercules Preferred
stock will be held in escrow for a maximum
period of one year
pending the
settlement of certain contingent liabilities, for which liabilities $1,000,000
of Government bonds and
approximtaely $250,000 of other assets are set
apart and must be exhausted before the escrow stock can be encroached.
We own and
represent more than 200,000 shares out of the requisite
432,000 and there have already been deposited, in addition nearly 100,000
shares.
In view of the hazards of the business and the limited time, It Is
desirable to have the requisite additionaly quantity of stock deposited
without delay.
The time fixed for receiving deposits is Dec. 20 1920.—
V. 111. p. 2043.
Ahmeek Mining Co.—No Dividend Declared.—
The directors have omitted the declaration of the quarterly dividend,
usually paid Dec. 31.
The previous payment was 50 cents per share in
September last.
Dividend record:
1911.
1912.
$2
,
General
Miscellaneous.—(a) Candy makers fear big loss.
N. Y. "Sun" Nov. 29,
27
(b) Shipping Board inquiry at N. Y. closes Dec. 1.
"Ev. Post"
(c) Building investigation continues.
N. Y, "Times" Dec. 8, p.
2,674,154
$122,367
August
—V. Ill, p. 2141.
4
throughout the country.
"Jour, of Comm." Dec. 10, p. 1.
Matters.—Wage reductions include notably: (a) Dan River
Corp., Danville, Va., wage reduction 25% Nov. 29; (b)
Quincy Mining Co. 15%; (c) Columbia Graphophone Co. 10%; (d) Am.
Smelt. & Ref. Co. at Tacoma,
Wash., and elsewhere, 50 cts. a day; (©)
Arondale Cotton Mills, Pell City, Ala.,
20%.
Part time work is reported at
many plants, such as (a) Am. Thread Co.,
Holyoke and Willimantic, one or two days a week.
"N. Y. Times" Dec. 2
p. 6.
(b) Cluett, Peabody & Co., 3 days a week,
(c) Int. Silver Co. at
Wallingford, reduction from 50 to 40 hours a week,
(d) Lowell Cotton
Mills, half time,
(e) Singer Mfg. Co., at Elizabeth, N. J., 5 days a week
(e) Dwight Mfg. Co., Chicopee, three 8-hour days weekly,
(f) Farr Alpaca
Mills at Holyoke, Mass., 3 days.
In Detroit it is estimated that 100,000 have been thrown out of
employ¬
ment, of whom 25,000 have left the city.
Complete temporary closing:
(a) Nashawena Cotton Mills, New Bed¬
ford; (b) U. S. Rubber Co. plant at Millville, Mass.
(c) Otis Co., Ware,
Mass.
(d) U. S. Worsted Co., Uswoco Mills, Lawrence, Mass.
Non-employment statistics, "N. Y. Times" Dec. 5, Sec. 2, p. 1; in Mass.,
"Bost. N. B. ' Dec. 4; at Detroit, "Iron
Age" Dec. 2, p. 1479.
Immigration.—(a) Canada raises entrance tax for mechanics, artisans
and laborers from $50 to
$250.
"N. Y. Times" Dec. 1, p. 4.
(b) Many
million foreigners said to be
planning emigration to U
S.
Restrictions
Other Labor
& River Side Mill
2,768.757
891,797
October
voted
workers
3,632,811
1920.
151,040
125,452
shareholders
tertain a 30% wage cut, has led to the
closing of some large establishments
and threatens to involve a strike
by several hundred thousand needle-
2,741,014
September
Winnipeg Electric
way
Dec.
13; Dec. 9; Dec. 10, p. 1.
(d) Contract cancellations.
N. Y. "Times"
Dec. 3, p. 25; Dec. 5, p. 23.
(e) Danish condensed milk reported coming.
(f) Shorter hours in Great Britain, effect on
output.
Annual report or
British Factory Inspector.
"Bost. N. B." Nov. 29.
MONTHS.
25,023
The
any
the award of the Governmental Coal Commission.
N. Y. "Times
9. p. 28; Dec. 8, p. 30.
«SRelations Between Clothing Manufacturers and
Employees at Acute Stage.—
Rejection at N. Y. and Boston of piece work and other pre-war conditions
looking to efficiency, and the refusal by the Ladies' Garment union to en¬
reopen
2,744,782
23,976
Net income....
May
»
sessions of the Joint Scale Committee of the
operators a!nd the mine work¬
ers, the latter were informed that while the
operators were willing to adjust
individual cases of injustice or inequality, they would not in
any
48,298
3,584,613
1919.
April
.
The London "Economist's"
monthly index number of average commercial
prices on Dec. 1 shows a decline during November from 7175 to
6594,
or 87A %. and
compared with April 1, the high point this year, of over 21 %.
N. Y.
Times" Dec. 6, p. 24.
"Eng. News-Record" for month of November
reports prices in building
trade: (a) Concreting material and
brick, practically no changes at N. Y.;
cement, $4 10 against $2 80 a year ago.
(b) Southern pine down 30 to 50%
since March 1920.
(c) Labor increasingly plentiful.
Packing Employees Get 5% Wage Increase for Past Five Months Only.—At
Chicago on Dec." 7 Federal Judge Alschuler, as arbitrator, granted a 5%
wage increase to some 100,000 packing
employees for the five months ended
Dec. 5, but denied a continuance of same with
living costs falling.
N. Y.
"Times" Dec. 8, p. 30.
Plan to Cut Wages of 300,000 Textile
Operatives in N. Y. and New England
22A%-—See "Current Events" above.
No Agreement as to Anthracite Miners' Demands .—On Dec.
8, following the
to sell bonds.
def.f54,189
def.60,077
Western
prices for
large rail
Price of "Chicago Tribune"
Sunday edition has been reduced from 15
to 10 cents, and "McClure's
Magazine from 25 to 15 cents.
Bradstreet's approximate index number of
commodity prices as of Dec. 1
was $13.6263, which marks a
decrease of 13% from the Nov. 1 level and
of 34.6% from the
high level reached on Feb. 1, and the lowest monthly
Index number reported since Nov. 1
1916.
N. Y. "Eve. Post" Dec. 8,
p. 16.
Compare N. Y. "Times" Dec. 6 1918 for N. Y. living costs.
p.
charges
1,650
June
The U. S. Steel
Corporation, it is stated, will continue Its old
rails at mills, viz., $47 for
open hearth, $45 for Bessemer.
For
orders see RR. Index above.
9,370,627
Gross income...
Fixed
66.756
February
March...........
about 5%.
proposed for 2 years and bill introduced for that purpose.
Application to Federal Power Commission Sept. 28 to Nov. 20.—See list
"Eng. News-Record" Dec. 2, p. 298.
Operating income.
Non-oper. income.
.NET INCOME BY
1920.
up
With general steel buying at a low
ebb, the prices of Independent compan¬
ies continue to weaken for iron and steel
products.
Black sheets No. 28
were quoted at
Pittsburgh on Dec. 7 at 4.35c. against 6c. Nov. 9; furnace
coke prompt at $6 50 against $8 on Nov. 9.
p. 2.
723,205
769,523
899,161
4,030,166
1,479
1,103,410
Conduct'g transp. 4,528,452
to effect
heavy imports of lead.
Price list of International Harvester Co. for
1921 shows several advances
such as mowers and binders,
.....10,868,064
Total
Traffic
of
605,770
1,237,911
Taxes
12,115,409
Op. Exp. & Taxes—
Way A structures.
883,615
Equipment
931,045
11, and In London 395*d.
against 8934d. Feb. 11.
(b) Raw sugar Dec. 10 4 %c. for full duty sugar
c.i.f.
(c) Iron 2x at Philadelphia $36 50 on Dec. 9 against $53
51 on Aug.
31.
A Detroit concern is
reported to have offered pig iron at $30.
[The
production of pig iron is reported at rate of 37,750,000 tons a
year, or 80%
of the March 1920
rate.]
(d) Lead ore at Joplin, Mo., on Dec. 7
dropped to $45, one of the lowest
points in a number of years.
See "Eng. & Min. Jour.1' Nov. 27 as
722,629
1,469,641
Depreciation.....
98,989
14,452,577
Total
1919.
Exp. & Tax Cone".—
[Vol. 111.
foreign silver at N. Y., 60Hc. against $1 37 Jan.
$18
1913.
$22
1914:
$6
tl915.
$15.50
1916.
$12.50
1917.
$12
1918.
$10
1919.
$3
1920.
$1.50
t This dividend was paid on 200,000 shares; previous payments were on
50,000 share capital.—V. 110, p. i291.
Ajax Rubber Co., Inc.—New President.Joseph O. Weston, formerly Vice-President, has been elected President,
succeeding Horace De Lisser.—V. Ill, p. 2043, 687.
Allied Chemical & Dye Corp.—Time for
Deposits^ to
Expire Dec. 15.—The committee in charge of the Chemical
consolidation having on Dec. 2 declared the plan operative
(V. Ill, p. 2231), has determined as follows-(see adv. pages);
(1)
Final Termination of Period for Deposits.—The period within which
going into the consolidation may become
p. 1379), by depositing their holdings, will
stockholders of the companies
parties to the plan (V. Ill,
Dec.
111920.]
THE
CHRONICLE
2337
finally
terminate on Dec. 15 1920, and stockholders who desire to
partici¬
pate in the plan, but have not
yet deposited their holdings, should deposit,
their stock certificates
(or voting trust-certificates) on or before that date
with
Guaranty Trust Co., New York, depositary.
After said date no fur¬
ther deposits will be received.
-.J2) Distribution of New
tilvlaend
i
Stock.—The
pref. and com. stock, including
adjustments in new common stock, will be distributed, as provided
P^n, to holders of deposit certificates of record Dec. 30 1920, after
/o\
further transfers of deposit certificates will be made.
^viaend Adjustments on Deposited Common Stocks.—The adjustment
.Lirlii 11 • from July 1 1920, on the deposited common stocks of the
respective consolidating
companies, to the basis of $6 per share per annum
on the new
common stock to be
exchanged therefor, as provided in the
Piap win be ma^e jn new Common stock, at the valuation (for this purpose)
?non
share, for the period from July 1 1920 to and including Dec. 31
ij
e adjustment per 100 shares of deposited Common stock is illus¬
trated by the
following tabulation:
Per 100 Shares
Total New Com.
of
New Com. Stock
Deposited Common
Stock on Exchange
for Adjustment
Stock of—
Incl. Adjustments.
of Dividends.
i
j
new
Balance
Inventories
Miscellaneous assets
Property and plants
general Chemical Co
Solvay Process
Semet-Solvay Co
266.863
6.907 shares
Co..
The Barrett Co
6.332
shares
322.415 shares
273.011 shares
7.225 shares
5.211
___
shares
34.087
shares
shares
•National Aniline & Chemical
Co., Inc.
5.455 shares
105.455 shares
No adiustment of divs. on the deposited Preferred stocks will be required,
of the three Consolidating
Companies having pref. stock (viz..
General Chemical. Co., Barrett Co. and National
Aniline & Chemical Co.,
Inc.), will pay, In cash, on orfabout Dec: 31, the divs. accrued on its Pref.
stock up to and incl. Dec. 31
1920, and divs. on the new Pref. stock will
begin to accrue from Jan. 1 1921.—V 111,
p. 2231.
.
since each
American Agricultural Chemical
Co.—Scrip Dividend,
A quarterly dividend of
2% has been declared on the Common stock,'
payable in scrip (convertible into Common stock at
par) on Jan. 15 1921,
to holders of record Dec.
20 1920.
Dividends of 2% each in cash have been
paid quarterly from Oct. 1918
t° Oct. 1920,
inclusive, as compared with quarterly dividends of 1M%
paid from Oct. 1917 to July 1918, inclusive.
Digest of
1920.
129,903
-
Ill,
p.
2044.
$55,242
250,000
290,000
53,647
Rosorvcs
998,262 Capital stock (51,700 shs.,
no par value)
$2,522,798 Surplus
Total each side
-V.
1,861,200
12,709
American Multigraph Co., Cleveland.—Notes
Offered.—
Co., Inc., and Sehultz Bros., Cleveland, are
offering at prices ranging from 99.06 and int. to 96.94 and
A. B. Leach &
a
Statement by Robert S. Bradley, Chairman of the Board.
Farmers Hold Back.—The heavy decline in
prices of all farm products
sharp curtailment in the demand for same have conspired to induce
hold their crops for higher prices and to ask for further
liquidate their indebtedness.
This is particularly true of
the attitude of the cotton
plants, the price of cotton having declined from
40 to 16 cents
per pound.
In consequence of these abnormal conditions
fertilizer collections maturing this fall have been retarded.
Extension of Notes Receivable.—A large part of our notes receivable from
spring and fall sales mature in the months of October to January, but owing
to the inability or unwillingness of the farmers to
liquidate their debts by the
sale of their crops we will be forced to
grant further time on a considerable
percentage of these receivables.
Operating Costs Increased.—Our cost of production has nearly doubled
since 1914, while our sales for the fiscal
year ended June 30 last were $10,000,000 in excess of those of the previous year and $20,000,000 greater than
and the
fro.m
to 7M% according to maturity,
$500,000 7% Serial Gold Notes.
Jil™
Dated Dec, 15 1920.
Due SIOCLOOO each Dec. 15 1921 to
1925, Inch
payable with deduction for Federal income tax
up to 2% at the
Int.
e5?^La7\ngs £ Trust Co*. Cleveland, trustee. Denom. $1,000, $500,
Red. at 102 and int. on any int. date upon 30 days' notice.
Information from Letter of Henry C. Osborn, Pres. of the
Company.
$100; $100 (c).
Security.—Notes are the direct obligation and only funded debt of th®
company.
The largest and most successful manufacturer of
multigraphs
and office
printing devices in the world.
Products are sold through its own
branch offices in
every important city In the United States and in many
foreign countries.
Purpose.—Proceeds
those of 1918.
expenses
These factors, coupled with the financing of our materials
for the coming spring's trade impose
an
unusual financial
burden upon your company.
No Losses Expected.—Based on the
opinions of our local managers in all
sections of the country and on our past experience we have every reason to
believe that our outstanding notes and accounts will be collected with
interest, our actual losses since the organization of the company in 1899
to June 30 1920. having been less than one-half of
1%.
Assets.—The book value of the common stock on June 30 last was $156
share and the
quick assets
on
that date exceeded its entire indebtedness
including outstanding bonds and debentures by over $25,000,000, leaving
the capital assets, real estate, plants,
equipment, mining properties, &c.,
valued at $52,680,150, which is several million dollars less than their
present
cost of
replacement.
Orders—New Plant, &c.—The demand for fertilizers in the Far West is
fast increasing and as a result the company has just
completed a large
plant at St. Louis.
Another new plant is under construction at Henderson,
N. C.
Extensive additions to mining plants in Florida have been made
during the last year, with the result that the output of phosphate has been
largely increased.—V. Ill, p. 1280.
American
Blower
8% p. a. upon the present amount of its common stock.
Earnings.—Earnings for the past 5-year period ending Dec. 31 1920,
$487,594 per year after Federal taxes, which is equivalent to
more
than 13 times the interest
requirements on this issue.—Compare
V. 110, p. 1975.
..■ a,;.
:"•
averaged
American Chicle
American Rolling Mill Co.—Cash and Stock Dividends.—
An extra dividend of 25 cents
per share has been declared on the Common
(par $25), in addition to the regular quarterly dividend of 50 cents
stock
per share, both payable Jan. 15 1921 to holders of record Dec. 31 1919.
Like amounts were paid extra in
July and Oct. last.
Extra cash dividend,
of 25 cents per share were also
paid quarterly from Jan. 1918 to Oct. 1919
incl.
A 5% stock dividend was also declared
payable Feb. 1 1921 to holders
Dec. 31 1920.
Like amounts were paid in stock Feb. 1 1918,
Feb. 1 1919 and Jan. 10 1920.—V. Ill,
p. 1951, 1280.
of record
American Sumatra Tobacco
Co.—Regular Divs.—Earns.
A report of earnings
prepated by Messrs. Marwick, Mitchell & Co., the
company's auditors, for the three months ending Oct. 31 1920, shows net
profits for the quarter of over $1,000,000, and current assets in excess of four
the current liabilities.
Since the date of the auditor's report the
greater part of the company's inventory available for sale has been dieposed
of at a profit.
•'
In view of this the executive committee
passed a resolution on Dec. 9
times
..
recommending to the directors the declaration of the,regular quarterly divi¬
dend of $2 50 per share on the Common stock,
payable Feb. 1 1921 to hold¬
ers of record Jan. 14 1921.
The demand for the company's tobaccos continues to exceed its
(Official.)—V. Ill,
Co.—Sells
'
1920—Nov.—1919.
$2,494,660
$3,363,183
Corp.—November Sales.—
Decrease.
J
1920—11 Mos.—1919.
$868,523 $36,479,973 $33,140,955
Increase.
$3,339,018
—V. Ill, p. 1952, 1474.
Anaconda Copper Mining Co.—Production {in Lbs.).—
-—1920—Nov.—1919.
Decrease.
11,100,000
14,120,000
—V. Ill, p. 2044, 1854.
Ansco Co.,
3,020,000
'
1—1920—11 Mos.—1919.— Increase.
149,950,000 145,602,000 4,348,000
«
Binghamton, N. Y.—To Increase Capital.—
The stockholders will vote Dec. 16
on
$300,000 to $500,000, bringing total cap,
Arizona Copper
increasing the Preferred stock from
up to $1,500,000.—V.106, p. 603.
Co.—rCopper Output—Dividend Omitted.
1920—Nov.—1919.
Decrease.) 1920—11 Mos.—1919.
Increase.
100,000(32,600,000
30.600,000
2,000,000
Exchange Weekly Official Intelligence," Nov. 22,
says: "In view of the present position of the copper indust ry the board has
decided that no interim dividend be paid."
(Dividends of 9d each were
paid on Sept. 11 1919 and June 10 1920; none since.)—V. 111. p. 1952.
2,800.000
The
Two Plants.—
The company which recently decided to concentrate the
maldng of its
products in its new plant in Long Island City, in Chicago and on the Coast,
sold through Joseph P. Day its properties in Cleveland,
consisting of a
five-story structure to the Sheets Elevator Suply Co. for $135,000 cash,
and its properties in Kansas City, consisting of a four-story
structure, to a
local man for $90,000 cash.—V. Ill, p. 1371.
supply.
p. 2044.
American Wholesale
Co.—Recapitalization.—
This company manufacturer of mechanical draft
equipment, fans, motors,
etc., a New York corporation with plants at Green Island, N. Y., and
Detroit, has increased its capital from $1,500,000 consisting of $750,000
Common stock and $750,000 6% cum Pref. stock (par $100) to $3,750,000
to consist of $1,500,000 Common.
The $1,500,000 1st Pref. 7% cum. and
$750,000 2nd Pref. 7% cum.
Subscription blanks will be issued shortly
to present stockholders.
The holders of the old 6% Pref. stock will be
allowed to exchnage for new stock.
Only part of the increased capitaliza¬
tion will be issued at the present time.—Y. 88,
p. 566.
will be used to retire bank loans and for additional
working capital.
Restrictions.—The trust agreement will provide that
company (1) will
not place any mortgage or other lien
upon its property while any of these
notes are outstanding.
(2) will not create nor assume any debts other
than these notes,
except commercial obligations due within one year from
their date and
self-liquidating.
(3) will maintain at all times current
assets of not less than
200% of its liabilitise. including this issue.
(4)
While any of these notes are
outstanding, it will not pay divs. in excess of
many farmers to
time in which to
a
of Sept. 30
as
Liabilities—
$230,935 Acc'ts payable, taxes, &c_
160,314 Notes payable
1,003,384 First Mtge. bonds assumed
,
The
and
Sheet
A. ssctS"*—*
Cash and collateral loansAccounts receivable
2,900,000
London
"Stock
Armour & Co.—To Sell Control
of Fruit Growers' Express.
The New York New Haven & Hartford RR, is one of a group of 14 rail¬
roads throughout the country formed to take over the Fruit Growers' Ex~
Co., operating refrigerator and ventilator cars.
Counsel for the road
appeared before the Mass. Department of Public Utilities on Dec. 2 repress
?[uesting approval acquiring 289 sharesinvestment by the road of $28,900
the purpose of of a contemplated
of stock In the company.
or
American Cotton Oil Co.—New President & Chairman.—
Lyman N. Hine has been elected President, succeeding William O.
Thompson who becomes Chairman of the board.—V. Ill, p. 2136, 2039.
American-Hawaiian SS.
—"Dow, Jones & Co." have
Co.—10 Months'
Earnings, &c.
obtained the following:
---$757,418 May
854,188 June
810,548 July
671,413 August
January
February
$699,106
719.564
—
486,007
540,973
——
April
Net
profits for the full
$7,500,000, or $15 a share.
American-Hawaiian
year
after taxes
are
September
$519,188
426.331
October
Total, 9 mos_$6,484,736
Coastwise
Current
stocks
$5,638,701
U. S. Certificates
Cash and loans
1,000.000
4,940,279
4,477,287
receivable
$16,056,267
Associated Oil Co.—To Retain Its
Plan
Malt
&
727,202
$2,646,709
Atlantic Fruit
Grain
Since the decisions of the IT. S. Supreme Court relating to the 18th Amend¬
ment and the Volstead Aet, the malting business in the United States has
become so demoralized that the continued operation of the company's five
plants is not warranted, and we believe the continued operation of even one
or more would result in an ultimate net loss to the stockholders.
Your
directors, therefore, after considering the present and probable future sit¬
uation, unanimously decided that for the best interest of the company and
its stockholders, the corporation should be dissolved, and the directors have
called a special meeting of stockholders for Dec. 22 1920 to vote on that
question.
2231.7
Co.—Definitive Bonds Ready.—
The Definitive bonds of the Series "A" 15-year 7%
Sinking Fund Con¬
vertible gold debenture bonds are now ready for delivery in exchange for
temporary bonds at the Guaranty
N. Y. City.—V. Ill, p. 694, 292.
$13,409,558
Co.—Dissolution—Financial
Statement.—President R. H. Landale Nov. 26 wrote in subst.:
Separate Entity under
of Southern Pacific Co. Segregation.—
See Southern Pacific Co. under "Railroads" above.—V. Ill, p.
prof.tax3,550,000
Bal. net quick assets
the formation of Alexander Manufacturing Co.
used, as heretofore, in the manufacturing of belting and under their own
supervision.
("Financial America")—V. Ill, p. 1371.
Accounts payable
$1,179,507
Bal. due for 1919 taxes.740,000
Res. for '20 tax_4,277,202
Less ex.
announce
for the purpose of separateing the manufacturing from the sales end of the
business.
Armour Leather Co.'s high-grade leather will continue to be
Trust Co.,
Atlantic Sugar Refineries,
—Compare V. 110, p. 1291.
American
|11, p. 2231.
Co.—Acquisition.—
Alexander Bros,
Liabilities—
Total
Total
individuals.—V.
Transportation
Treasury Position of the Company Sept. 30 1920
Accounts
not
Armour Leather
and
Current Assets—
and
Court under the decree issued by the
directing the "Big Five" packers to divocre themselves from
directly connected with meat packing, has approved the
sale by Armour & Co. of its interest in three wnolesalegrocery concerns.
The sales approved by the court included: (a) the disposition of various
properties in Michigan operated under the name of the Llewellyn Bean Co.
to six different corporations: (&) of the packing company's interest in the
Fremont (O.) Kraut Co. to A. E. Siessman, of Fremont; and (c) stock in
the Conway Hotel Supply Co., a Delaware corporation, to 11 different
businesses
expected to approximate
Co.'s
combined
fleets aggregate 249,455 deadweight tons.
The total fleet after the $6,797,371 replacement fund has been applied to replace four ships of 40,579
aggregate deadweight tons lost during the war, will aggregate 290,034tons.
This fleet will be owned free and clear.
In addition American Hawaiian
has $3,500,000 in cash assets, which can be applied to cost of additional
construction under the Shipping Act and $3,062,187 free working capital.
Bonds
Court Approves Sale of Grocery Concerns.—
The District of Columbia Supreme
court last Feb.
American Hawaiian Steamship Co.'s net profits for the first ten months
of this year after taxes totaled $6,484,736 (equivalent to about $13 a share
on 500,000 shares of $10 each.—Ed. "Chronicle"
viz.:
March
The express company's plant, according to the counsel, is valued at
$7,000,000, and at present is controlled by the Armour packing interests.
No opposition was voiced to the
request, which was taken under advise¬
ment.
"Springfield (Mass.) Republican/*
Trustee,
140 Broadway,
Ltd.—Approves Plan.—
The shareholders on Dec. 4 adopted two by-laws giving the board of
directors complete authority to effect whatever financing they may deem
necessary and in whatever form and terms they may be decided upon.
President D. Lorne McGibbon stated: "With the passing of the by-laws.
I have every reason to believe that we shall be able to bring the co
mpany
through the existing difficulties.
be
done."
In fact, I am confident that this will
The President also stated that it was not considered advisable
in
the interests of the company at the present juncture to make public the
extent or detailed nature of the new financing projected.
See V. Ill, P-^-H
Atlas Tack Corp.—Shipments
{in Lbs.).—
1W
Shipments for October, from the Fairhaven plant, were 967,379 lbs ..
Increase of 18% over 1919;
shipments from the Cleveland branch,
acquired May 1 1920 (V. 110, p. 1851) were 497,278 lbs.—V. Ill, p. 1755,
an
THE
2328
Co., Inc.—Bonds Sold.—Guaranty
Co. of New York, by advertisement on
another page
announce the sale
at 97% and int. to yield about 7^%
$5,000,000 Gen. Mtge. Series D 7% Gold Bonds.
Edison
Brooklyn
Due Dec. 1 1940.
Int. payable J. & D. without
Federal income tax up to 2%.
Denom. $500 and $1,000
Dated Dec. 1 1920.
deduction for any
(c* & r») $1,000, $5,000 and $10,000.
Red. on any interest date upon 30
days' notice at 107 Yi and int. up to and incl. Dec. 1 1930 and at 105% and
int. thereafter.
Autn. $100,000,000.
Outstanding, Series A 6%, $5,500,000: Series B 6% $3,W0,000; Series O 7%. $2,000,000: Series D 7%
(this issue) $5,000,000.
Central Union Trust Co., New York, trustee
Daf:a From Letter of Pres. M. S. Sloan, Brooklyn, N. Y. Dec. 4 1920,
Company.—Does all the electric light and power business* in the Borough
of Brooklyn (except the 29th Ward), City of New York, serving a population
estimated at over 1,600,000.
Number of customers served has increased
from 33,973 on Jan. 1 1913, to 125,524 on Jan. 1 1920. and to 153,546 on
Nov. 1 1920.
Number of kilowatt hours sold increased from 88,472.025
in 1912 to 255,788,798 in 1919, and for the 10 months ended Oct. 31 1920.
amounted to 240,937,715.
Purpose.—The increasing demand for service has necessitated the ex¬
penditure for additions, extensions and improvements from Oct. 1 1912,
to Oct. 31 1920 of over $21,500,000.
Against this additional investment
only $13,500,000 securities have heretofore been issued.
The proceeds
of this issue will be used further to reimburse the company for expenditures
so made and to provide funds for additional similar expenditures.
Security.—Secured by mortgage on all real and personal property,
including two steam generating plants with a rated capacity of 133,000 k. w.
and 6,799 miles of distribution lines of which 3,151 miles are underground.
Mortgage also covers all other property, real and personal, which it may
hereafter in any way acquire.
-r- V, '."v.-: v; ,■
1978
Capitalization
Capital
Upon Completion of Present Financing.
$17,355,000
stock
bonds, due 1922 and 1925
1,645,000
General mortgage bonds: Series A 5%, due 1949 (V. 108, p. 582)
$5,500,000; Series B 6%, due 1930 (V. 110, p. 972) $3,CC0,000;
Series C 7%, due 1930 (V. Ill, p. 1186) $2,000,000; Series D
7%, due 1940 (this issue)* $5,000,000
T
15,500,000
Underlying bonds: (closed mortgages)
11,996,000
Earnings.—For the year ended June 30 1920, gross income was
more
than 2.18 times the annual interest charge on all general mortgage bonds
outstanding, Including thi3 issue, and all underlying bonds.
Gross Income
for the 5 years ended Dec. 31 1919, averaged more than 3% times the
interest on the entire funded debt outstanding during that period.
As a result of the abnormal coal situation during the summer months it
is not expected that gross income for the last half of the current year will be
Conv. deb. 6%
quite as favorable a rate as for the first six months, but
rapidly returning to normal and it Is expected that results
at
months of 1921 will compare very
*
Calendar Year—
1915
-
1920(June 30
yr.) 12,098,234
the situation is
for the first six
favorably with those of the preceding year.
Gross
Exp., Tax &
Gross
Earnings
Plant Res.
Income
$7,000,814 $4,569,530 $2,431,284
8,381,055
5,511,982
2,869,073
8,854,301
6,162,445
2,691,856
10,850,114
7,499,102
3,351,012
3,388.366
8,709,868
Int.onFd.
Debt
Balance
$791,175 $1,640,109
'711,241 2,157,832
715,374
1,976,482
,954,791
2,396,221
1,037,743
2,350,623
Compare previous offering and very full description of property in V . 108,
582: V. 110, p. 972, 2659: V. 111. p. 1186.
[The holders of Edison Electric Illuminating Co. of Brooklyn certificates
Of deposit are notified by George Foster Peabody, Chairman of the Brook¬
lyn Edison stockholders' committee, that a final distribution of funds in
possession of the committee is to be made.
Holders should present their
certificates to the Central Union Trust Co. and receive in exchange for
p.
deposited 50c. in cash and bonds (or scrip) representing
Kings County Electric Light & Power Co. purchase money 6% bonds to
the extent of $4 par value, carrying coupons due April 1 1921.
Supreme Court Justice Aspinall in Brooklyn has restrained the company
temporarily from putting into effect new rates allowed by the P. S. Com¬
were declared to-day on Utah and Ray because
in which those companies find themselves.
thirteen and a half million dollars worth of Liberty
bonds at par, $500,000 of United Kingdom loan and a cash balance of more
than $2,000,000.
Its total quick assets are $24,000,000.
Ray has cash
balances in excess of $2,000,000 and other quick assets of $7,000,000, mak¬
ing a total of $9,000,000, and no indebtedness.
r'Nevada Consolidated is entirely free from debt, but its board felt that
its cash balances were no more than sufficient to carry its limited produc¬
tion of copper through the present time of slow sale without incurring some
indebtedness, and that, therefore, no dividend should be paid at this time.
Nevada bas net quick assets of about $9,000,000.
"Chino Copper Co. has already borrowed some money on copper and its
board felt that, although its earnings for the past year exceed dividends,
it snould not weaken its cash position during the present period of dull metal
market, and accordingly no dividend was declared.
Chino has net quick
"The usual dividends
of the strong financial position
See V. Ill,
p.
2231.
v|
than
Utah has more
of
assets
approximately $5,000,000.
"Large safes of copper were made within the past six weeks for all these
companies, but for delivery during the early part of 1921.
The cash from
this copper
will not be available, therefore, until after the turn of the year.*
Increase. 1—1920—11 Mos.—1919.— Increase.
250,566143,612,432 39,785,073
3,827,359
—1920—Nov.—1919.—
4,000,000
3,749,434
Successes
Past
an<f Promising Outlook of Utah, Nevada,
Ray.—Hayden, Stone & Co. in a circular recom¬
mending the purchase of the shares of the several companies,
call attention to the remarkable operating and financial
record made by each since organization, as shown in the
tabulated statements prepared by the firm, and their present
strong position as to ore reserves, net quick assets, dividends,
&c.
The firm reports in brief (1919 following the armistice,
with the unsettled condition due to war):
v
Chino and
Utah Copper Co.—To Dec. 31 1919 the company has paid $101.762,722
in dividends, or $64 75 per share (par value $10).
At $50 per share, the
approximate market price [contrasting with $130 in 19161, the company is
selling on the market for $81,224,500, of which $27,303,555 is represented
by quick assets over quick liabilities: with 368,501,300 tons of ore still in
reserve.
In addition, Utah owns mine equipment, the Magna and Arthur
mills, with a capacity of 35,000 tons of ore a day, Bingham & Garfield Ry.
and slightly over one-half of Nevada Consolidated.
Nevada Consolidated Copper Co.—To the end of 1919 the company has
paid $45,269,024 in dividends, or $22 65 per share (par $5).
At $8 50 per
share, the approximate market price [contrasting with $34 V* in 19161, the
company is selling on the market for $16,995,384, of which $10,294,674 93
is represented by quick assets over luick liabilities, with 66.414,219 tons
of ore in reserve, as well as by mine equipment, a mill with a capacity of
11,000 tons of ore a day, a large smelting plant and the Nev. NorthernRv.
Chino Copper Co.—To the end of 1919 the company has paid $29,012,982
in dividends, or $33 40 per share.
At $18 50 per share, the approximate
market price [contrasting with $74 in 1916], the company is selling on the
market for $16,094,630, of which $4,444,384 is represented by quick assets
over quick liabilities, with 94,781,525 tons of ore in reserve, as well as a
mill with a capacity of 10,000 tons of ore a day and mine equipment.
Ray Consolidated Copper Co.—To the end of 1919 the company has paid
$23,835,442 in dividends, or $15,325 per share.
At $10 50 per share, the
approximate market price, [contrasting with $37 in 1916], the company is
selling on the market for $16,560,379, of which $8,463,588 is represented
by quick assets over quick liabilities, with 84,736,384 tons of ore in reserve,
as well as a mill with a capacity of 10.000 tons of ore per day, the Ray &
Gila Valley RR„ and mine equipment.
Total
Tonnage of Ore Preserve of the
Average copper..
Co
20,000,000
1.94%
Average copper..
Co., Ltd.—Pref. Dividends
The directors Oct. 6 took no action on the payment of arrears on
Preferred stock amounting to 22%%.
Compare V. ill, p. 695.
—
the
Copper
Assumed—Conversion
Ltd.—New
Company—Bonds
Right to Continue.—
Corp.,
Letters patent have been
issued under the Seal of the Secretary of State
of Canada, dated Nov. 15 1920. incorporating this company
000,000 of auth, capital stock in shares of $5 each.
The
new company
is organized as per
and "will
Yr.
acquire all the properties of the Canada Copper Corporation and
will assume all of Its debts and obligations including the mortgage securing
the $2,500*,000 10-year 6% First Mortgage Convertible Gold bonds and
the $710,000 5-year 6% Gold Debentures
The plan does not disturb the
bonds or debentures, except that they become the obligations of the new
company in place of the old company." . The reorganization committee fur¬
ther reports:
The plan also
provides for the issue of 1,088,209 shares of the capital
company and the setting aside of 833,333 shares for con¬
version of the old company's above mentioned 1st Mtge. bonds, leaving a
balance of 78.458 shares which will be held for future corporate purposes.
This share position of the new company will be identical with that of the old
company.
The sum of $500,000 has been provided under the plan, part
of which will be employed to pay interest due on the bonds and debentures,
to meet bills due and to become due and for working capital for the new
company.
Bondholders will have the right to convert their bonds into
stock or the new company upon the same terms and conditions as those
agreed to by the old company.
To Oct 14 1920 in excess of 88% of the stock of the old company had been
deposited with the Empire Trust Co., 120 Broadway, N. Y., as depository
under the plan.
Upon the consummation of the plan, all bonds and
debentures deposited thereunder will be stamped as assenting to the plan
and the bonds and debentures will be returned to the respective owners.
The Committee will, of course, retain the coupons representing the interest
due July l 1920 and Oct. 1 1920 respectively on the bonds and debentures
which it pays.
Reorganization Committee, August Heckscher, Colgate
Hoyt, and Lucius W. Mayer.—Y. Ill, p. 1664, 1186.
stock of the
new
(Philip)
Carey Mfg.
Co., Cincinnati.—Increase in
Authorized Capital Largely to Cover Future Needs—Possible
Capitalization of a Portion of Surplus.—
The stockholders will vote Dec. 27 on a proposal to increase the Common
($1,500,000 outstanding at last advices) to $6,000,000, chiefly to provide for the present and future requirements of the com¬
pany s very rapidly growing business.
Only a moderate amount of the
new stock is intended for present use.
In addition to offering some amount
for subscription by shareholders, we understand, it is
possible the directors
will capitalize a portion of the accumulated surplus by means of a stock
stock from $2,000,000
dividend.
There is also
$2,000,000 of authorized 6% Cumu. Pref., of which $1,805,Cincinnati Stock Exchange.
manufacttes roof¬
ing materials, roofing paints, asbestos material, magnesia steam pipe and
boiler coverings, &c.—V. 95, p. 364..
000
is
listed
on
The company was incorporated in Ohio in 1888 and
earnings for the quarter ending Sept. 30
normal taxes were $183,154.—V. Ill, p. 1186,
1920, after deprec.
and
Chino Copper Co.—Dividend Data—Output.-^-Charles
Hayden of Hay den, Stone & Co. and Vice-President of the
four so-called Porphyry companies, says in substance:
"It has always been the policy of the directors of the Porphyries, for which
we
are
bankers, to keep their companies in strong financial condition and
shape their dividend policies largely with that point in view.
During
the period of favorable market and prices for copper, in 1916 and 1917, all
of these companies earned considerably more than they disbursed to the
shareholders.
They have felt during 1919 and 1920 that it was only fair
to the shareholders that they should receive during those
years some of
to
the surplus profits
accumulated in more prosperous times.
986,375
Ray Consol. Cop. Co.14,935,047
—V. Ill, p. 2232, 1953.
Commercial Credit
The stockholders
$1,000,000
Class
on
Dec. 31
Years.
18 voted to Increase the authorized capital
$1,000,000 7% Cum. Pref. and $1,000,000
(par $25) to $2,000,000 for each class of stock
dividend of 20%, payable In Common
The usual cash dividend of
to stock of record Dec* 21.
the Common stock will be continued.
David 8. Forgan and Charles W. Folds have
it is stated that in due time Louis K. Liggett, W
Ames and Charles B. Wiggin will
cial.)—V. Ill, p. 1855.
rop
*
1907-1919
466,261,930 1911.1919
512,470,288 1911-1919
40,488,706
46,011,371
Co.—Capital Increase—Stock Div.,&c.
The directors have declared a stock
a year on
711,369,001
Grand Total.
Yr. 1919.
1917.
79,636.235
88,582,649
Common,
7% Cum. Pref.
(total $6,000,000).
12%
1,444,255,848 1905-1919
Nov.
on
B
stock
Grand Total.
Yr. 1919.
1917.
Consolidated
Gas
Co.
been elected directors, and
Cameron Forbes, F Loth-
also be added to the board.
of
New
(Offi¬
York.—$25,000,000
8% Notes Offered.—The National City Co.,
New York, have
sold at par and int. yielding 8% $25,000,000 One-Year Secured 8% Gold Notes.
(See adv. pages.)
Dated Dec. 1 1920.
Due Dec. 1 1921.
Int. payable J. & D. at National
One-Year
City
Bank,
New
York.
Denom. $1,000.
V. Heely, trustee.
Not
callable.
Charles
E.
Mitchell and Augustus
Data From Letter of Pres. Geo. B. Cortelyou, New
York, Dec. 3 1920.
Company.—Directly and through subsidiaries does practically tbe
gas and electric light and power business in Manhattan
and in large parts of the Bronx and Queens and in
entire
Borough, N. Y. City,
Westchester County.
Estimated population 4,000,000.
Capacity of electric generating stations of
system aggregates 700.000 h. p. which includes over 450,000 h. p. capacity
New York Edison Co.
The artifical gas plants have a capacity of
225,000,000 cu. ft. per day (Incl. a 30,000,000 cu. ft. installation which will
be placed in operation within a few weeks) representing the largest capacity
of any system in the country.
Security.—Secured by pledge with the trustees of $34,000,000 capital stock
of New York Edison Co., the present annual dividends upon which alone
exceed the amount required for interest on these notes.
In addition
company will covenant that it will not execute any mortgage upon or make
of
any
pledge of
any of its
property other than share s of stock
owned by it.
these notes and the 7% Convertible bonds outstanding (V. 110.
362) shall be secured equally and ratably with all other debt secured
thereby.
Capitalization After This Financing.—
Authorized. Outstanding.
Capital stock, paying 7% dividends
$125,000,000 $100,000,000
One-Year secured 8% gold notes (present issue).
25,000,000
25,000,000
5-year Secured 7% con. g. bds., due Feb. 1 192525,000,000
25.000,000
The subsidiary companies have outstanding in the hands of the public a
total of $90,531,500 bonds and real estate mortgages which include $21,818,000 bonds of the Westchester Lighting Co. guaranteed by the Con¬
unless
p.
solidated Gas Co.
(J. I.) Case Plow Works Co.—Earnings.—
Net
Yr.
Chino Copper Co
from
31 1919
Years.
Produced Annually and Grand Total to Dec.
Copper Co....51,749,233 195,837,111 105,088,740
Nevada Consol. Cop. 33,283,348
82.040,508
43,971,892
with $10,-
plan of July 1 1920 (V. Ill, p. 694)
84,736,384
2.063%
77,314,470
copper..
2.17%
Utah
Yr. 1911.
Canada
Dec. 31 '11. Dec. 31 '19.
66,414,219 Ray
1.563% Average
Yr. 1909.
Calendar Year—
<
1.62.%
2.24%
Average copper..
31 '19*
94,781,525
54,970,646
Dec. 31 '08. Dec. 31 *19.
Nevada
31.
Dec. 31 '11. Dec.
Chino...
368,501,300
1.90%
1.37%
80,000,000
Utah
Total Net Pounds of Copper
Canadian Car & Foundry
Several Companies on Dec.
Dec. 31 '08. Dec. 31 '19.
each share of stock
mission.!
[VOL. 111.
CHRONICLE
Securities Owned.—The company owns
$27,769,858 bonds and notes
o*
subsidiary companies and $131,732,601 or over 98%, of their outstanding
stocks, including $69,443,400, par value, (99.99%) of New York Edison
Company's stock.
Purpose.—Proceeds
besides
providing funds for construction in the
liquidate floating debt incurred in con¬
30,000,000 cu. ft. water-gas installation,
immediate future, will be used to
nection with the construction of the
preliminary costs of a large new electric generating station and
other extensions to the gas and electric systems necessitated by the
the
increased demands for service on the part
of the public.
various
greatly
**<
of this company have been'consisten^
long period of time and after interest charges and reserves for re
newals and replacements have been and under the adjustment charge
(see under Rates below), it is estimated, will continue to be more than
sufficient to pay the present 7% annual dividends on the stock.
*
New York Edison Co.—The earnings
over
a
Dec.
■,rSl%te0Zncreases-—°n Au&- 5 1920, the U. S. District Court enjoined the
1906
80-cent
gas
rate
as
collecting $1.20 per 1,000
Supreme Court.
Pursuant
to
confiscatory and the company has since been
ft.
The case is now on appeal to the U. S.
cu.
temporary injunctions granted by the Federal Court, the
subsidiary gas companies in Manhattan and the Bronx have been charging
SI per 1.000 cu. ft. since July 1 1920 (increased to $1.10 on Nov. 26 1920)
v*. Ill, p. 76. 2232) pending the outcome of litigation in course of trial.
In
sion
addition, increases in the electric revenues will result from the exten¬
the adjustment charge to cover the increase in the price of coal,
or
heretofore
applicable only to high tension service, to all contracts of the
New York Edison Co. (V. Ill,
p. 2235) and the United Electric Light &
Power Co. from and after Dec. 1
1920.
Indenture provides for the retirement of $200,000 notes on or before Dec. 1
each year, by purchase or (and) by call—in the latter event at the then
redemption price.
So long as notes are outstanding neither the company
nor any of its subsidiaries shall
mortgage its properties or create any addi¬
tional funded or other debt maturing more than 12 months after date (ex¬
cept purchase money mortgages).
'
Data from Letter of Pres. Julius Fleischmann, N. Y., Dec. 3 1920.
Company.—Company and its predecessor copartnerships have been suc¬
cessfully engaged for over 50 years in the manufacture and distribution of
compressed yeast for commercial purposes.
The company with its sub¬
sidiaries is in addition engaged in the manufacture and distribution of malt
extract (and as by-products of yeast), of vinegar, industrial alcohol, de¬
natured
Earnings.—Gross earnings of the consolidated system for the 12 months
Oct
31 1920, were over $79,000,000 of which 57% was derived
from the electric business.
Net earnings for same period, with the charge
for gas figured at rate of 80 cents
per 1,000 cu. ft., were materially in excess
of the annual interest
requirements on the total funded debt of the system,
Including the present issue.
;
The results from the increases in the gas rates recently put into effect as
mentioned above, will not be included in the earning statements of the comPanies until final action of the U. S. Supreme Court.—Compare V. 110,
ended
alcohol, and dried grains for cattle feeding purposes.
distribution of compressed yeast, the
to
362; V. Ill,
p.
2232.
Consolidated Mining & Smelting Co. of Canada, Ltd.
The sale and
company's principal product, is made
approximately 35,000 commercial bakeries, hotels and public institutions,
a
t? approximately 175,000 grocers, through the medium of over 900
established agencies throughout the United States, Canada, Cuba, Mexico
and Porto Rico.
Sales and Net Earnings,
,
p.
2329
CHRONICLE
THE
111920.]
Calendar Years.
1910.
1913.
1916.
1919.
1920 (6 mo)
$15,729,978 $18,522,971 $25,762,057 $31,951,786 $16,343,670
Netappl.to
-'.v
int.on notes
c-'
■
&Fed.tax_
1,152,331
1,831,242
2,075,293
2,421,357
1,558,249
Purpose.—Proceeds will be used to reimburse company for capital expen¬
ditures already made and to provide increased working capital.
Capitalization after This Financing—
Authorized. Outstanding.
Common stock (all closely held)_»___
.$3,000,000 x$3,000,000
Preferred 6% Cumulative stock..
3,000,000
3,000,000
8% 10-Year Notes (this issue)
4,000,000
4,000,000
Sales._
.
—Regular Quarterly Dividend Deferred.•—
The directors Dec. 6 decided to defer action on the
dividend for the last
quarter of 1920 until the completion of the inventory at the end of the year.
They also decided that future dividend declarations would be made at the
end of the quarter instead of at the beginning.
In Oct. last, a quarterly
payment of
(623^c. per share) was made.—V. Ill, p. 1852, 264.
Corn Products Refining Co.—Cash Reserve
Am-ple—Tq
....
xAs against the $3,000,000 common stock outstanding, surplus as of
June 30 1920, and after giving effect to the present note financing, amounted
to
$13,801,284.—Y. Ill,
p.
1953.
:
;
Retire
$5,000,000 Pref. Stock—To Continue Present Extra
Dividend, &c,—Pres. E. T. Bedford is quoted as follows:
I know of no reason for the present price of the shares of this company.
Business, of course, is dull and it is true that we propose to shut down our
plants over the holidays, but that is not very unusual.
Our cash reserve is ample for all requirements in spite of the fact that
the company has made very large investments not only with its own plants
but in the purchase of a number of plants in Europe and obtained large
Interests in others here which are producers of the company's supplies.
The directors have voted to retire $5,000,000 of preferred stock held in
the treasury, which will be done when this is confirmed by the stockholders
at their next meeting.
V
v,
The bonded debt has been reduced from a maximum of $15,000,000 to
about $2,250,000.
Of course our inventories were affected by great reduc¬
tions in the price of corn, but this has all been written off and these losses
are, comparatively speaking, small as compared to those of other industries
of which I have knowledge.
As to the dividends, we expect to maintain from profits the dividends
we are now paying, and that, of course, means the extra dividend on the
common stock in addition to the
4%.—V. Ill, p. 2142.
above.—-V. 54,
p.
159.
Dr. John A. Mathews has been elected President/ succeeding H. S.
Wilkinson in that capac'ty.
Gilbert M. Black, F. B. Hufnagcl and J. M.
McComb have been eh cted Vice-Presidents.
W. J. Joralemon and H. F
respectively.—V. Ill, p.2233,2142
Dayton (O.) Power & Light Co.—Common Div. No. 2.—
A dividend of 4% has been declared on the
outstanding Common stock,
In Feb. last an
par $100, payable Dec. 20 to holders of record Dec. 10.
Initial dividend of 4% was paid.—V. Ill, p. 1953, 592.
The stockholders
on
Lack.
& Western Coal Co.—Plans Stock Div.—
The stockholders will vote Dec. 21 on a proposal to increase the capital
Btock from $6,800,000 to $20,000,000 and to distribute $4,943,025 of the
new
stock
as
stock dividend
a
payable to stockholders of record Dec. 21.
$6,590,700 so that the stock dividend
The outstanding stock amounts to
Fore River
This
The
Electric
company
of 75 cents for
excess
franchise
to pay the city of Denver all money, collected in
cu. ft.—V. 110, p. 1191.
1,000
Detroit & Cleveland Navigation
to $11,000,000.
of
-
a
subsidiary of Bethlem Steel Corp., has reduced Its
$1,000,000 (par $100) to $1,000 (par $100).—V. 108,
>
■
Fruit Growers'
•
Express Co.—Railroads to Obtain Control.
See Armour & Co. above.
General Asphalt
'
Co.—Approves Bond Issue.—
The stockholders on Dec. 7 approved the plan (a) providing for
of $4,000,000 8% 10-year sinking fund Convertible gold bonds.
creasing the authorized Common stock by $4,000,000 to
conversion of the bonds.—Compare V. Ill, p.
issue
(b) in¬
an
provide for the
2143, 2233.
Motors
a long statement, apparently authoritative
inspired, saying in part:
contained
When
the
directors
action
for
meet
on
the dividend this
if not
month it is
probable that only the 25c. a share quarterly on the common stock will be
declared, the 140th of a share dividend in common stock being eliminated.
It is learned that the new interests now dominating the affairs or that
corporation have practically decided upon a
tion of the stock dividend
which
was
policy calling for the elimina¬
the year.
initiated at a meeting earlier in
have been instrumental In
bringing about this
decision, it being pointed out that the motor industry at the moment is in
an unsettled state with no evidence of immediate recovery.
It was said
to-day that the policy of the new management will be one to gradually
stabilize the corporation's affairs and place it in a category comparable to
that of the U. S. Steel Corporation.
The board is well satisfied with the
thus
far
attained.
,.
There have been reports In Wall Street recently that the corporation
had under consideration plans calling for immediate new financing, the total
Light Co.—Decision.—
Colorado District Court has upheld the provision of the
requiring the
$2,600,000 common)
Shipbuilding Corp., Quincy, Mass.—
company,
capitalization from
p. 882.
results
would be75%.—V. 107, p. 184.
Denver Gas &
$4,100,000
8 voted to increase capital from
Dec.
(consisting of $1,500,000 pref. and
Conservatism is said to
Delaw.
Co.—Capital Increase.—
Corporation.—Probable Suspension of
the Dividends in Stock Recently Accompanying the Cash Distri¬
butions—Financial Status.— 'Financial America" Dec,
10
Crucible Steel Co. of America.—New Officers.—
Kress have been elected Sec. and Treas.,
Brothers
The directors, it is stated, have declared a stock dividend, the amount
which is not announced.—Y. Ill, p. 1665.
General
Coxe Brothers & Co .—Dissolution Ordered.—
See Lehigh Valley RR. under "Railroads"
Follansbee
Co.—Extra Dividend.—
An extra dividend of y2 of 1% has been declared on the outstanding $6,038,000 Capital stock (par $50) in addition to the regular quarterly dividend
of 2%, both payable Jan. 1 to holders of record Dec. 15.
A stock dividend
of 25% was
paid in May last.
Regular quarterly dividends of 2% each
have been paid since April last, prior to wnich semi-annual dividends of 4%
were paid to and incl. Jan. 1 1920.—V. 110, p. 1751.
mentioned being
$50,000,000.
It
may
be stated on high authority,
how¬
that no such arrangements are contemplated nor has the matter
in any way discussed by the board.
.
,
So far as the financial position of the General Motors Corporation
ever,
been
_
is con¬
cerned, it may be stated that the company is traveling on comfortable
ground, although it will close the present calendar year with some outstand¬
ing bank borrowings.
It is deemed unwise, however, at the moment, ana
it is thought probable will later on be found unnecessary, to work out a
plan for new financing of an extensive character.
It is regarded as not
improbable that the interests now in control may adopt plans which will
bring about a very large saving in operating management costs as well as
considerable saving in other directions.
One of the reasons for the General Motors Corporation having an imusur
,
Dodge Manufacturing Co.—Usual Extra Dividend.—
An
dividend
of
1% has been declared on the Common stock in
addition to the regular quarterly dividend of 1M%, both payable Jan. 3
1921 to holders of record Dec. 24 1920.
An extra dividend of 1% has
been paid quarterly since April 1919, while in Jan. 1919 2% was paid
extra.—V. Ill, p. 1187.
extra
East Butte
Copper Mining Co .—Copper Output (Lbs.).
1920—Nov.—1919
Decrease.
1,658,860
1.902,580
—V. Ill, p. 1953, 1475.
1-1920—11 Mos.—1919—
243,720
17,234,440
18,438,020
Decrease.
1,203,580
ally large inventory is said to have been the big tie-up on the railroadslast
spring when the strike of employees of those corporations was unaer way.
This
prevented deliveries and hampered operations to an unprecedented
Already, however, there has been a big reduction m inventories on
made in solving such intricate problems
the management of the corporation in
extent.
hand and much progress is being
of operation as have confronted
recent months.—V.
The stockholders
scribe
Edison
Ilium.
Electric
Co.
of
Brockton.—Stock.—
The company
mission to
has applied to the Mass. Dept. of Public Utilities for per¬
5,166 shares additional stock at $115 a share, proceeds to
floating debt and for additions.—V. 110, p. 1092, 1751.
issue
be used to pay
Fajardo Sugar Co., Porto Rico.—Earnings
—
ending July 3i 1920 are reported
$5,456,917; dividends paid, $1,352,070 in cash and $2,371,810 in stock;
leaving a balance surplus of $1,733,037.
Total profit and loss surplus
July 31 1920, $3,428,705.—V. Ill, p. 193.
Net earnings, before taxes, for the year
as
Fall River (Mass.) Elec. Light
The
Co.—Additional Stocks.—
Massachusetts
company
Department of Public Utilities has authorized the
to Issue $700,000 additional capital stock.—V. 109, p. 1529.
Farr
Alpaca Co.—To Increase Stock—75% Stock Dividend.
The directors have recommended that the capital stock be increased from
$7,200,000 to $14 400,000 (par $100), to be disposed of as follows:
(a)
$5,400,000 to be issued as a 75% stock dividend and (5) the balance $1,800,000 be issued for cash at par, the right of subscription being given to stock¬
holders pro rata.
The new stock will be issued as of Jan. 3 1921, to stock¬
holders of record on that date.
The surplus, it is said, now amounts to
more than $6,750,000 and considerable plant extensions are in progress.
Compare V. Ill, p. 993.
Federal
Mining
The suit against the
&
Smelting
Co.—Suit
Settled.—
Hecla Mining Co. for $6,000,000 has been settled.
The Hecla company pays $450,000 for title to the Russell and Mono fraction
claims and a release of all claims for trespass.
The Federal company has
sold
its other holdings
at Burke, known as the Tiger-Poorman group of
claims, to the Hecla.company for $300,000.—V. 110, p. 2079.
Fleischmann
Co., N. Y. (Yeast Manufacturers).—
Offered.—W. E. Hutton & Co., Cincinnati, and Harris,
Forbes & Co., N. Y., are offering, at 100 and int., yielding
8%, 84,000,000 8% 10-year Gold Notes.
Notes
Dated Dec. 1 1920, due Dec. 1 1930.
or
Int. payable J. & D. in New York
Cincinnati, without deduction for any Federal income tax not in
of 2%.
Dec. 1
excess
Redeemable, all or part, on any int. date, at 105 and int. through
less during each year thereafter until maturity.
(c*).
First National Bank, Cincinnati, trustee.
1921, and at
Denom. $1,000 and $500
Ill, p. 2233.
/
Goldwyn Pictures Corp., New
on
or
(v. t. c.) of record Nov.
before Dec. 20 at 95 to
York.—New Note Issue.
sub¬
Convertible'Notes.
17 are given the right to
$1,788,490 2-yeat
Subscriptions are payable in full in New York funds on Dec. 20 at Chase
National Bank, New York, trustee.
Int. at rate of 8% will be paid on
the subscription payments from Dec. 20 to Jan. 3 1921, when the notes shall
commence to bear interest.
The notes are convertible into voting trust
certificates representing stock of the corporation at $6 25 per snare,
ine
trust agreement will require that the quick assets shall at all times be
double liabilities, and will also contain otner safeguards usually provided In
such agreements.
Although the company may redeem the notes beiore
maturity, during the first year at 102% and int. and thereafter at 101%
and int., the right of conversion is preserved.
Vice-Pres. Francis A.
The
Issue is the result of
a
Gudger, Nov. 20, says in
substance:
recommendation of a committee
of directors
appointed to evolve a plan to assure sufficient cash capital to carry out
plans and to effect an economical conduct of the company s business.
The proceeds will be applied to the reduction of existing liabilities and com¬
mitments.
The entire issue has been underwritten.
The proceeds of the issue will enable the corporation to complete its pro¬
jects for the development of its business, including the acquisition of a sub¬
stantial interest in and managerial control of 37 theatres located in'^kicago,
Cincinnati, Casper, Dayton, Denver, Los Angeles, Milwaukee, Now^York
and Toledo.
All of these theatres are in popular locations, 28 io
operation, 5 are nearing completion and 4 represent excellent sites,
Resides
the theatres of Ascher Bros, of Chicago and Bishop-Cass Theatres to. oi
Denver, the Capitol Theatre of New York is Included.
.
Our volume of business has never been so large in our history,
lnede¬
velopment of the corporation which has been going on for the last tnree
years is now beginning to show results.
[Company was incorp. in Dec. 1919 in Delaware.
A holding
controlling producing and distributing companies in the U. S., Engiana
and France.
Stock authorized, 1,000,000 shares (v. t. c.), no par vaiue»
issued, about 457.592 shares.
The directors include T. Coleman du Eons,
Mesmore Kendall (Pres. of Moredall Realty Corp
controlling the Capnoi
Theatre), Edward Bowes (Managing Director of Capitol Theatre), Ro*>et
W. Chambers, William Braden and Frank H. Hitchcock (former Postmas*^
General)V. 111, p. 2047.
..
„
Goodyear Tire & Rubber Co., Akron,[O.—To Reorgan¬
Company—Permanent Financing Plans Proposed.—The
stockholders, both Pref. and Common, will vote Dec.
24
ize
upon
the following:
(1) Ratifying the reduction of the common stock from $100,000,000.
consisting of 1,000,000 shares, par $100 each, to $50,000,000, consisting of
1,000,000 shares, par $50 each.
(2) Reorganizing the corporation so as to permit the issuance of shares
without par value.
The reorganized corporation will have an authorized
capitalization of $100,000,000 7% pref. stock with the same rights and
as the outstanding pref. stock, and
shares of common stock without par value.
privileges
not to
exceed 1,500,000
The terms upon which the outstanding shares of stock are to be exchanged
for the new shares are as follows: One share of the outstanding pref. stock
will be
exchanged for one share of new pref. stock, and one share of the
outstanding common stock with par value will be exchanged for one share
of common stock without nominal or par value.
(3) Giving voting control to the holders of the preferred stock for not
more than the life of any bonds or notes the creation of which may be
authorized at such meeting, either by conferring upon such holders exclusive
voting rights or the right to eiect a majority of the directors.
(4) Authorizing the creation and issue of not to exceed $50,000,000
bonds or notes; said bonds or notes to be for such period not to exceed 25
years, to bear such interest not to exceed 8% per annum, to be issued under
such terms, &c., as the directors may determine as the stockholders shall
approve.
.
(5) Authorizing the execution and delivery by the corporation of a
mortgage or deed of trust to secure the payment of said bonds or notes.
(6) Authorizing, in connection with the sale of such bonds or notes or
otherwise the issue and disposal of the authorized and unissued common
stock without par value, or a part thereof, or the creation, issue and disposal
of rights to purchase such stock at such prices, &c., as the stockholders
shall approve, or as the directors, under authority or approval to be given,
shall determine.
(7) Consenting that holders of said bonds or notes shall have the right
to convert the
same into common stock without par value, and (or) shall
have the right to have such bonds or notes received in paymept for stock
purchased under the exercise of any right to purchase, to the amount of
interest, and of consenting that the instruments evidencing the con¬
a stipulation to this effect.
Ratifying, authorizing and consenting to any contract or other obli¬
gation entered into by the company for the sale and disposal of such bonds
or notes and (or) stock, or rights to
purchase stock, or authorizing the direc¬
tors or the officers to make or agree to make such sale and disposal.
(9) Authorizing and consenting to any plan or agreement pertaining to
the financing or refinancing of the corporation, in whole or in part, which
may be presented.
par and
tract shall contain
(8)
Condensed Extracts from Letter of Pres. F. A. Seiberling, Akron, O-,
^ 1920*
Enormous Business for Half-Year ended
April 30 1920.—During the year
1919 the company did a business of about $169,000,000, but was not able
to take care of the business which was offered to it by at least 30%.
The company on Nov. 1 1919 estimated its total business for
six months at $92,000,000, but found on April 30 that the business
done amounted to $104,251,443
This
of sales.
an
was
the first
actually
increase over the
same period for the
preceding year of 59.3%, and this percentage of increase
during the entire year—would have brought the sales to
approximately $269,000,000 for the fiscal year ending Oct. 31 1920.
Finances.—The company found itself in May in a position where It re¬
quired additional money with which to carry on its business upon the in¬
—If continued
creased
percentage of sales which had come to it, and
the stockholders Preferred and Common stock, which
[VOL. 111.
CHRONICLE
THE
3330
therefore it offered to
offering was made on
May 27 1920, and substantially $27,000,000 of additional stock was sold,
of which two-thirds was Preferred stock and one-third Common, at par.
The general buying curtailment in the country brought the sales of the
company down, at the close of the fiscal year, to approximately $205,000,000
as compared with the estimates as contained in the revised budget for the
year of $250,000,000.
Thus it will be apparent that the company had
prepared, in the matter of purchase of raw materials, to do $45,000,000
more business than it actually did, and the
company at the close of the fiscal
year finds itself with
a large surplus of raw materials—both rubber and
fabric—on hand, and in addition thereto contracts for future delivery of
Great Western Power. Co. of
Calif.—Bonds Approved.—
The California RR. Commission has authorized the company to issue
$1,500,000 General Mtge. Convertible 8% bonds, proceeds in part to be
used to reimburse the treasury for additions.
The bonds are the bal¬
ance of a $5,000,000 issue, $3,500,000 of which were sold late In August.
See offering in V. Ill, p. 899, 993, 1856.
Greene-Cananea Copper Co.—Production.—
1920—Nov.—1919.
3,500,000
Copper (lbs.)..
—
Silver (ozs.)
Gold (ozs.)
—V. Ill, p. 2234, 1856.
1920—11 Mos.—1919.
3,900.000
164,300
800
159,100
900
39,658,000
37,700,000
1,596,570
9,020
1,585,833
8,400
Guanajuato Power & Electric Co.—Coupons, &c.—
circular dated at Colorado Springs,
Dec. 1 1920 and addressed to the bondholders of Guanajuato
Curtis & Hlne, General Managers, in
Colo.,
on
Electric Co., Michoacan Power Co. and Central Mexico Light
& Power Co., say in brief;
The cash resources in this country of your companies have accumulated
to such an amount that your directors have decided to pay on Jan. 1 1921
the following coupons with Interest at 6% thereon, amounting in the aggre¬
gate for each $1,000 bond as follows:
Power &
Guanajuato, due O ct. 1 '19_x$32 25IMichoacan, due Jan. 1 '20.-y$31.80
Guanajuato, due Apr. 1 '20- x31 35 Cent. Mex., due July 1 *19._ y32 70
y32 701 Cent. Mex., due Jan. 1 '20— y3l 80
Michoacan, due July 1 *19-.
x
Payable at U. S. Mtge. & T. Co., N. Y.
y
At Old Col. T. Co., Boston.
General conditions in our part of Mexico have continued to improve.
and business
generally has Improved with a gratifying increase in our business outside
of mining.
We think that a still further improvement in general conditions
may reasonably be expected with the inauguration of President Obregon.
The only unfavorable condition at present is the recent drop in the price of
silver, which, if continued, may seriously affect our mining load.
Monetary and exchange conditions continue to be good.
All our plants
have been kept in good operative condition, and our relations with ths
Federal and State Governments continue to be very friendly.
We are extending our lines, largely with funds advanced by prospective
power users, to secure valuable commercial business, and could increase
our
earnings materially from business outside of ruining if funds were
available.
We are still operating the plants and properties under the advice
of your protective committee. [Wm. P. Bonbright or New York, Chairman.]
A more detailed report will be made after the end of the current year.
Compare V. Ill, p. 490, 498.
Bandits have almost entirely disappeared from our territory,
Guantanamo Sugar Co.—No Extra Dividend.—
quarterly dividend of 50 cents per share has been declared on the new
value stock (outstanding, 300,000 shares), payable Jan. 3 1921 to
In Sept. last, an extra dividend o*50 cents
per share was paid in addition to the quarterly dividend of 50 cents.—
V. Ill, p. 2234, 789.
A
no
par
holders of record Dec. 18 1920.
Hercules Powder Co.—Usual Extra Dividend of
2%.—
An extra dividend of 2% has been declared on the Common stock along
with the regular quarterly dividend of 2%, both payable Dec. 24 to holders
of record Dec. 15.
An extra dividend of 2% has been paid quarterly since
March 1919.
Sae Aetna Explosive Co., Inc.,
above.—V. Ill,
Herring-Hall-Marvin Safe
2047.
p.
Co.—Extra Dividend.—
An extra dividend of 1 \i% has been declared on the Common stock in
% on the Common and of
1% % on the Preferred stocks, all payable Jan. 3 1921 to holders of record
Dec. 24 1920.
In October last a like amount was paid extra on the Common *
stock, compared with 2j^% extra in July last and 2% in January last.—
V. Ill, p. 1187.
addition to the usual quarterly dividen d of 1
the same.
The sales of the company falling $45,000,000 below the budget and the
necessity of the company in carrying this raw material with the curtailment
of banldng credits, resulted in a strained financial condition on the part
of the company, and the company was unable to pay its merchandise credi¬
tors with that promptness to which they were entitled; nor was the company
able to take care of its banking obligations in a satisfactory manner.
Temporary Financing.—The company, however, has been able to arrange
through a banking syndicate for temporary loans of $28,800,000, maturing
on
Feb. 15 1921.
This temporary financing was arranged so that the
company might in the meantime and before the maturity of the loans,
arrange and carry Into effect a plan for permanently financing the company
and rehabilitating its financial credit.
»
Proposed Permanent Financing.—Negotiations with a group of bankers
are under way looking to an agreement in reg ard to
such a plan of per¬
manent financing and the sale of securities to be created And issued by
your company.
These arrangements have not yet been definitely con¬
cluded either as to the exact amount of such permanent financing as shall be
necessary or the form which it shall take.
Pending such final agreement,
however, it seems necessary to your directors to call a meeting of the stock¬
holders in view of the fact that a two weeks' notice of the meeting must
be
(D. H.) Holmes Co., New Orleans.—To Increase Capital.
The stockholders will shortly vote on increasing the capital stock from
$2,500,000 to $2,750,000.
The company, it is stated, will declare a stock
dividend.
Hoster, Columbus (O.) Co., Inc.—To Close Plants Jan. 1.
Pres. Carl J. Hoster says: "Stockholders at their meeting in Jan., will
decide the future of the business.
We will close Jan. 1 because we have
found
plant too large for the economical manufacture of soft drinks.
ample resources to pay the stockholders in full and will follow their
plant."
[The company is capitalized at $1,100,-
our
We have
wishes In regard to the
000. —V. 110, p. 171.
Houston Oil
Co.—Earnings—New Fiscal Year.—
Cash receipts from oil from the 800-acre plot in the Hull Pool, Liberty
County, Tex., amounted to over $425,000 In November, or at the rate of
over $5,000,000 per year.
These earnings, it is said, are exclusive of rereturns from the sale of land and lumber.
Compare V. Ill, p. 1954, 77.
The date of closing the fiscal year has been changed to
calendar
year.—V.
Ill, p.
coincide with the
1954.
given.
Unless necessary action is taken by the stockholders prior to the end of
December, it will not be possible to pay the dividend accriung Jan. 1 1921
the Preferred stock.
It is the expectation of your directors that before
the date of the meeting, final arrangements with the bankers will have been
entered into and that a definite plan for
refinancing will be presented
such meeting for approval by the stockholders.
While the exact details as to the proposed financing cannot be definitely
set forth at the present time, it is contemplated to raise at least sufficient
funds to pay orf the temporary loan of $28,800,000, which matures on
Feb. 15 1921.
In order to do this, securities in excess of this amount must
be created either in the form of bonds or notes, running for a period of not
to exceed 25 years, to be determined.
It will probably be necessary to have such securities secured by a mort¬
gage on the property of the corporation, and in connection with the dispo¬
sition of such securities, it may be desirable either to give conversion
privileges to the holders thereof or to sell outright, <?r to give rights to
purchase, Common stock of the company
Owing to the fact that all of the company's indebtedness, whether secured
or unsecured, is in effect a
charge against all the company's assets and must
firstbepaid before any distribution can be made to the Pref. stockholders,
the giving of a mortgage to secure the same will, in no wise, impair the
ultimate value nor affect the rights of the Preferred stock.
Exchange of Stock—No Par Value Common Shares.—Any plan of refinan¬
cing will necessarily involve converting the common stock with par value
Into common stock with no
par value.
Each holder of the present common
stock will receive the same number of shares of no par value common stock
Hudson Companies.—Balance Sheet.—
Sept. 30*20. Dec. 31T9.
upon
Assets—
Hudson
hattan RR
Other
s?
i
aLjJie conversion of the
common stock with par value into no par value
proportionate interest in the
company.
Each holder of the Preferred stock will likewise receive the
of shares of Preferred stock of the
s
j1?®/
add to
same
number
reorganized corporation, with just the
as at present except that it may be advisable to
by giving the preferred stockholders greater voting rights
i.ts and privileges
them
than they now have.
►* Outlook.—In conclusion,
we
are
pleased to say that we believe we have
been able to preserve for our stockholders the commercial good will of
company and we believe that we are doing at the present time our
proportion
t*10 business of the country in
confidence that
as
business revives, your
the
full
lines; and we have every
company will again, as it has in
our
the past, be able to give reasonable and proper return to the common
holders for their Investment in its capital stock.
[L.C. Rockhill, Sales Manager, has been elected
James P. Loomis.J—V. Hi. p. 2234, 2047.
a
Grace Steamship Co.—Bonds Retired.W. R. Grace & Co.'s Bank retired
Dec. 1 $667,000 par value of
Grace
Steamship Co. Serial First Mtge. 6% Equipment bonds maturing on that
on
In addition to the payment or the Series A maturity, the company
recently purchased and retired $316,000 par value of later maturities,
leaving $9,017,000 of bonds outstanding, against the $10,000,000 closed
mortgage securing the issue.—V. 109, p. 1895.
date.
£ Great
^The
lots
on
pound
Northern Paper Co.—To Increase Price.—
has announced that its price for newsprint in rolls, carload
contract for 1921 will be 5 cents a pound, an increase of 1 cent a
company
over
1920.—V. Ill,
p.
2143.
27.478.822 27,478,822
1,030,000
Cash
_
38,628
Total
8.380
500
875
.._27.517.850 27,518,076
-V. 108, p.
Sept. 30*20. Dec. 31*19.
$
$
4.000,000
15
Capital stock
Acc'ts
payable
4,000,000
40
Tentative surp. on
basis of par val.
for
securs.owned23,517,835 23,518,036
27,517,850 27,518.076
Total
1063.
Hudson River Vehicular Tunnel.—Bonds
See State and City Department of
.Approved.—
last week's "Chronicle
,
p.
2247.—
V. Ill, p. 1570.
Hupp Motor Car Co.—Status.—
Hupp Motor Car Co. is producing about 35% of normal output.
As is
case with most concerns, its shipments consist mostly of enclosed types.
President Chas. D. Hastings says that "business is improving daily in spite
of winter weather.
Spring, to my mind, will bring with it the same old
race of supply and demand."
("Boston News Bureau" Nov. 20.)—V. Ill,
p. 1954.
the
Imperial Oil, Ltd.—Extra Dividend.—
Carl H. Pforzheimer & Co., 25 Broad St., N. Y. City,
advised by the company regarding the extra dividend
Dec. 4 say: "We
of $1 50 a share,
payable in 1934 Dominion of Canada Victory bonds, that 34 shares of stock
is the smallest number on which the dividend will be paid in bonds, and that
on a smaller number of shares the payment will be made in cash on a pro
rata basis of the market value of the bonds, and not at an even rate of
$1 50 a share."
Compare V. Ill, p. 2144.
are
Inspiration Consolidated Copper Co.—Output (Lbs.).—
1920—Nov.—1919.—- Decrease. |—1920—11 Mos.—1919.— Increase.
7,000,000
1,650,000 | 74,250,000
71,500,000
2,750,000
Company, it is stated, has shut down another four units of its mill which
now runs ten units, and suspending all Sunday work.—V. Ill, p. 1857.
5,350,000
stock¬
director, succeeding
investments
•
Acc'ts receivable..
.
stock will preserve the Common stockholders
Man-
Liabilities—
$
$
&
Kelly-Springfield Tire Co.—New President, &c.—
F. A. Seaman has been elected President, succeeding Van H. Cartmell.
Arthur Sachs of Goldman, Sachs & Co. has been elected a director.—V. 111.
p.
1756,
1476.
_
Lawyers Title & Trust Co., N. Y.—Extra Dividend.—
An extra dividend of 1 % has been declared on the stock in addition to
the regular quarterly dividend of 1H %. both payable Jan. 3 1921 to holders
of record Dec. 15 1920.
A like amount was paid extra in January and July
last.—V. 110, p. 2572.
Lehigh Valley Coal Co.—Dissolution Ordered.—
See Lehigh Valley
RR. under "Railroads"
above.—V. 104, p. 2339.
Lehigh Valley Coal Sales Co.—Dissolution Ordered.—
See Lehigh
Valley RR. under "Railroads" above.—V. 108, p. 2246.
DEC.
111920.]
Lever
THE
CHRONICLE
Brothers, Ltd., England.—Stock Offering.—
"J?1® British, Foreign & Colonial Corp., Ltd., 57 Bishopsgate, London,
ir* 2. will shortly offer for sale at 10s. 9d. per share 4,500,000 20% Cumu¬
lative Preferred
Ordinary shares of 5s. each.
The yield at the price of issue
6s. 1 Hd.
per cent.
The interest is covered more than 3 times.
The
Vn
Co. from putting into effect the
proposed increase In rates to consumers In
the Boroughs of Manhattan and the Bronx.—V.
Ill, p. 2235.
Niagara Falls Power Co.—Bonds Sold.—
v
last Interim dividend
the
Ordinary shares was at the rate of 20% per ann.
('London Statist" Nov. 13.)—V. Ill, p. 1955, 1476.
on
Libby-Owens Sheet
Glass
The stockholders
having authorized
an
increase in
the Common stock
jrom $4,000,000 to $10,000,000 and in the 7% Preferred stock fr<5m $2,000,-
Maison
Blanche
Co.,
a
The entire $4,000,000 1st & Consol.
Mtge. 6s offered last week have been
See offering in
V.j 111, p. 2235.
sold.
North Butte Mining Co.—To Curtail Production.—
The directors have voted to curtail
production to
Co.—25% Stock Div.—
000 to $5,000,000, the directors this week declared
payable Dec, 31.
approximately 400,000
Output in Oct. was 1,390,829 lbs. of copper, com¬
pared with 1,434,159 lbs. in Sept. last.—V. Ill,
p. 2049, 1571.
lbs. of copper a month.
stock dividend of 25%
Old Dominion Co., Maine.—Production
{in Lbs.).—
op'T151 ^
Increase. J—1920—11 Mos.—1919— Increase.
Orleans.—
New
2,563 000
The stockholders will vote Dec. 28 on the following: (1) Considering and
acting upon a proposed increase of the Common stock from $2,500,000
to $6,000,000;
(2) changing the par value of the Common stock from $100
a share to
$50 a share; (3) the disposition and distribution in whole or part
or the
increased Common stock; (4) the desirability of declarnig a stock
dividend out of accumulated and undistributed surplus.
tThe company
has an authorized issue of
$300,000 7% Cum. Pref. stock.]
David Llberman, Sec.
(G. P.) Markle Company.—Suit Dismissed.—
V
Mexican Petroleum Co.,Ltd.—Offer to Exchange Renewed.
j
that the corporation would
"manufacture, sell and generally deal in
goods, wares, &c."
Incorporators of the new company are W. C. Quarles,
Julius Olds and J. A. Dietrich.—V.
Ill, p. 300.
approved the offering of 64,388 shares of new stock at $25 a share on the
one share of new stock for each four shares of old stock
Issued or
subscribed for, as outlined in circular dated Nov. 23.
Compare V, 111,
2144.
Pacific
Mining Corporation of Canada.—Dividend Omitted.—
The directors have omitted the declaration of the dividend usually paid
Dec. 15, because of labor shortage and the decline in silver prices.
In
were
paid; the dividend
was
Morris
&
Co.—President's
Statement.—Discussing the
plan suggested by the Attorney-General for disposition of
packer holdings in stockyards and stockyard terminals,
President Morris says:
\/f.
because the decree was the result of months of work and conferences, and
should now be given a chance to function.
Attorney-General,
testifying
before the
Senate
Committee,
relative to the decree, "J would like to see this decree tried out.
this is a long step forward and think it will do great good."
said
I believe
We want to dispose of this matter in good faith, and, according to the
decree entered, we stand by our plan as meeting every requirement of
that decree.
We sincerely hope the situation will not be muddled by in¬
jecting something
—V. Ill, p.
radically outside and contrary to the decree itself."
2144. 2234.
;; '/;.y v,
>v),,
(Leonard) Morton & Co., Chicago.—Shipments.—
Chairman Otto E. Osthoff announced that: "Gross mail order shipments
for Nov. were $915,211, an increase of
$358,429, or 64.3%, over 1919."
Compare V. Ill, p. 1955, 1666.
Mountain Producers Corporation.—Initial Dividend.—
This
corporation has declared an initial dividend of 20 cents a share,
payable Jan. 3 to stock of record Dec. 15.
Pres. John T. Baraett states
that it is the intention of the Board to continue dividends quarterly at this
rate and to supplement the same from time to time with extra dividends as
earnings and financial condition of the company warrant.
The company
was organized in the latter
part of May 1920, and from its organization to
Oct. 31 its earnings amount to $894,219.
These earnings were derived in
dividends from the Wyoming Associated Oil Corp.
This corporation has
350,000 shares of no par value, of which Montana Producers owns 181,097
shares, or 52%.
The President further states: "No attempt will be made
In this communication to give a detailed
report of Wyoming Associated
Oil Corporation's holdings and plans of operation, but with the announce¬
ment of the next quarterly dividend a more complete statement may be
looked for as by that time it is expected the Government will have acted
upon a number, if not all, of the Associated Corporation's applications for
leases now pending before the Department of the Interior."
"Mountain Producers Corporation balance sheet as of Oct. 31 1920, is as
follows: Cash on hand, $791,447; stock of other companies, $9,734,270;
United States Certificates of Indebtedness, $100,000; furniture and fixtures,
$2,822; total assets, $10,628,539.
Liabilities: Excess of assets over liabil¬
ities, $10,628,539; represented by capital stock authorized, $10,000,000,
less capital stock unissued and subscriptions, $265,680; capital stock out¬
standing, $9,734,320; operating profit, Oct. 31 1920, $894,219; net worth,
$10,628,439."
(Weekly circular of Carl H. Pforzheimer & Co., N. Y. City.)
Nat'l Enameling & Stamping Co., N.
Y.—Earnings.—
The qompany reports that "the volume of business for the months of
Jan. to Oct. 1920, inclusive, was in excess of the same period of 1919, and
it is fully believed that the results of the business for the year 1920 will be
at least as favorable as for the year 1919."—V. Ill, p. 300.
National
Exploration
Co.—Organization.—
Pan-American
Petroleum
2235.
&
Transport Co.—Regular
Quarterly Dividend—Offer to Exchange Renewed.—
The directors this week declared the regular
quarterly dividend of 3%
both the Class "A" and "B" Common
stocks, payable Jan. 10 1921
but not the extra dividend which was
expected in some quarters,
The directors also voted to renew to holders of Mexican Petroleum Com¬
on
mon stock the offer to exchange the same for
Pan-American "B" stock at
one share of Mexican Petroleum for two
Pan-American shares.
No date has been set as yet for the time when this
privilege will start, but
it is thought likely that the offer will remain
open until Feb. 1 next.
It is reported that the Pan-American Petroleum Co. now owns
the rate of
approxi¬
According to press dispatches, the plan suggested goes far beyond the
a new deal altogether.
It is most unfortunate for
the public generally, and especially the producers, if reports are correct,
decree itself and in fact is
The
Oil
See Southern Pacific Co. under "Railroads" above.—V.
Ill, p.
1,787,984
—V. Ill, p. 1955.
March, June and September last 12H cents each
also omitted in Dec. 1919.—V. 109, p. 2269.
Corp.—Approved Plan.—
Dec. 8 authorized the changing of the capital stock
on
basis of
p.
49,000,181
Company.—
and
Increase. |—1920—11 Mos.—1919— Increase
50,788,165
1,940,200
It is reported that the
company has been succeeded by the Pabst Corpora-
■Copper Production {in Lbs.).—•
786,2671
25,366,500
D-orV ^^h a capital of $5,QOO,uOO and the old company dissolved.
President
£tark, it ^ stated, announced that the concern was a thing of the past
Pacific Development
See Pan-American Petroleum & Transport Co. below.—V. Ill, p. 2048.
3,718,965
1477.
27,306,700
from 500,000 shares,
par $50, to 500,000 shares of no par value, the old
stock to be exchangeable for new, share for
share.
The shareholders also
See Manila Electric RR. & Lighting
Corp. under "Reports" above.
4,505,232
302,0001
,
The stockholders
Manila El9Ctric Co.—Lease—Merger Plan.—
Miami Copoer Co.
2,261.000
111, p. 1858.
Pabst Brewing Co.—Successor
See Lehigh Valley RR. under "Railroads" above.—V. 86, p. 1162.
—1920—Nov .—1919.
2331
Co.—New Officers.—
Milton J. Beaty has been elected President, succeeding J. W. R. Craw¬
ford.
The following new Vice-Presidents were elected: W.
H.
Allen,
F. L. Hadley, J. M. Hillman and E. R. Brann.
The National Exploration Co., which is affiliated with the Union Oil
Co. of Delaware, was organized in October 1919 and has acquired a sub¬
stantial valuable acreage in Oklahoma, California, Kansas,
New Mexico, Florida, Wyoming, Texas and Louisiana.
See Union Oil Co. of Delaware below.
Kentucky,
mately 75% of the outstanding stock of the Mexican Petroleum Co.—V.
Ill, p. 1858, 499.
Penn Seaboard Steel
Corp .—Additional Notes Offered.—
Frazier & Co., Phila., are offering at 94 and int. an additional
block of $370,000 3-yr. 7% Sinking Fund Cony. Gold notes.
Dated Feb. 2 1920 and due Feb. 1 1923 bringing the total
and outstanding to $2,000,000.
A circular shows:
auth.
Capitalization
Authorized.
Three-tear 7% Convertible notes
Common stock. without par value
Outstanding.
$2,000,000
350,000 sh.
$2,000,000
xl83,177 sh
50,000 additional shares have been issued for the conversion of these
Notes, and 11,000 shares are held in treasury of the corporation.
The properties owned directly or through subsidiaries are located at New¬
castle, Del., Chester, Pa., and Tacony, Phila., all on the Delaware River,
with direct deep water and rail connections in the
great industrial district
adjacent to Philadelphia.
During the past year improvements at Newcastle
have been completed with the result that steel ingots are now cast there
x
and converted into blooms and billets suitable for the
rolling mills at Tacony,
and at a saving of 30% In the previous cost of billets.
Net quick
assets, including the proceeds of these notes, will exceed
$2,000,000.
The book value of tangible assets after deducting all liabilities,
exclusive of the $2,000,000 notes, is about $9,500,000, or more than 4H
times the maximum amount of the outstanding notes.
Net earnings applicable to deprec.,
interest, &cc.\ for the 3 years ended
1919, have been reported by Day & Zimmermann, Inc., Engineers,
equal to more than 4 times all interest charges, ineluding interest on the total authorized amount of $2,000,000 7% notes.
Dec. 31
at
an
average amount
Compare previous offering in Y. 110,
p.
665
and
see
V
111, p. 1189, 1370.
Phelps Dodge Corp.—Copper Production {in Lbs.).—
1920—Nov.—1919—
8,168,000
Decrease.
8,784,000
—1920—11 Mos.—1919—
616,0001
Decrease
86,744,500 101.697,950 14,953,450
—Y.lll.p. 1956,1478.
Pierce Oil
or
Corporation.—Earnings.—
Net earnings, in October last, we learn, were approximately $600,000
about double those of October 1919.
Net earnings for the 10 months
ending Oct. 31, it
1757, 1470.
was
said, amounted to
more
than $4,200,000.—V. Ill,
p.
(Thos. G.) Plant, Boston.—Reincorporation.—The stock¬
are asked to deposit their stock on or before Jan. 1
1921, with International Trust Co. 45 Milk St., Boston,
preparatory to reincorporation:
holders
Digest of Statement by
Two
Committeepated at Boston, December 11920.
advantages
important
will
be
gained.
First:
Incorporation
in
Massachusetts will make the company's dividends exempt from the Massa¬
chusetts individual income tax and should therefore make the stock worth
every stockholders by enabling it to be sold on the Boston Stock
Exchange (when listed) on a tax exempt basis, which should mean a higher
(2) The added demand for the stock arising out of its exemption
from the Massachusetts income tax, and its consequent enhancement in
value should enable the corporation to acquire new capital whenever
needed upon more favorable terms than it can obtain as a New Jersey
corporation.
Though no new financing is now planned, such ability will
more to
price.
be valuable.
National Motor Car & Vehicle
The stockholders
Corp.—Capital Increase.
Dec. 8 voted to increase the capital stock from 80,000
shares without par value (all common) to 150,000 shares, of which 140,000
shares shall be common stock without nominal or par value, and
10,000
shares
on
8% cumulative preferred stock (par $100).—V. Ill,
Nevada Consolidated
See Chino
p.
799.
Copper Co.—No Div.—Output.—
Copper Company above.
—1920—Nov.—1919.—
Increase. I—1920—11 Mos.—1919
3.525,000
—V. Ill, p. 2235, 1956.
425,000
3,950,000
146,621,938 39.059,585
Digest of Plan Dated Dec. 1 1920.
The new company will be organized under the laws
under the same name, viz: Thomas G. Plant Company, to
of Massachusetts
acquire the capital
of (he New Jersey Company.
The capital stock Initially authorized and initially issued will be no greater
in aggregate par value than that of the New Jersey Company, but in place
of the present common stock the new company will have 50,000 shares of
2nd Pref. par $50, and 100,000 shares of Common stock of no par value.
stock
of
Increase
7,562,353
each
A
Approved.—
The Mass. Department of Public Utilities has approved the issuance of
$550,000 First Mtge. bonds under its existing mortgage but has deferred
on the company's application for the issuance of $250,000 additional
pref. stock until such time as the company, after inviting proposals for the
purchase of the bonds can acquaint the Commission of the price at which
ft can dispose of the bonds.—See V. Ill, p. 2049.
action
New River Co.—Accumulated Dividends—Coal
Output.—
The directors have declared Pref. div. No. 36 of $1 50 per share (due,
May 1 1915), payable Jan. 1 1921 to holders of record
Dec. 18 1920.
This distribution will reduce back dividends to $33 per
it is understood.
On Dec. 1 last
accumulations.
share.
Coal Output in
Tons produced
a
1920—
dividend of $1 50 per share was paid on account of
Oct.
189,000
For the full year 1,910,939 tons of coal were
tons In
1918.—V.
Ill, p. 1858,
Sept.
Aug.
July.
168,000
180,000
191,000
produced as against 2,305,000
1667.
New York Edison Co.—Stock
Pledged—Status, &c.—
See Consolidated Gas Oe. ef N. Y, above.
Assistant Corporation Ceunsel Devery on Dec. 8 obtained a temporary
Injunction restraining this campany and the United Electric Light & Power
the assets,
Showing Capitalization of Both Companies.
Co.
New Company
New Par
Outstanding Authorized Initial Issue
Value
$2,500,000
$5,000,000 $2,500,000
$100
None
2,500,000
2,500,000
50
None
$5,000,000 $2,500,000
100,000 sh
100,000 sh
None
(No par val) (No parval.)
Basis of Exchange.—The new company will exchange (a) one share of its
1st Pref. stock for each share of Pref. stock of the New Jersey Company.
(b) Two shares of its 2nd Pref. stock of the par value of $50 each and four
shares of its Common stock of no par value for each share of Common stock
of the New Jersey Company.
lst Pref. 7%.
2nd Pref. 6%
Common
Jersey
Authorized.
$5,000,000
Description of New Stock.—The new First Pref. stock of the par value
of $100 a share; will be entitled, as is the present preferred, to 7% Cumula¬
It will also (a) be payable on liquidation or
tive Preferential dividends.
dissolution at $110 a share (instead of par) and dividends; (&) be subject to
purchase by the corporation, in whole or in part, on any dividend
day, on 30 days' notice at $110 a share and accured dividends (the present
Pref. is not callable) (c) will have voting power upon a stipulated default in
the payment of dividends on such stock, in which event it will have ex¬
clusive control (except as to calling or amending the First Preferred stock)
until the corporation cures or is in position to cure such default (a) have no
prior right to subscribe to new issues of stock (e) and will have provisions
limiting the power of the corporation to declare dividends upon or purchase
junior stock, to issue further Preferred stock prior to or on a parity wita
the First Preferred first authorized, to amend its charter purposes, to dia-
call and
Nov.
170,000
Table
later
and
New
Stock
New England Power Co.—Bonds
class,
pose of or Incumber its property, &c, which
First Pref. stock as the Committee shall think
second
Preferred
stock
of
the
advisable.
value
of
par
the Committee shall think advisable.
as
Plan
Operative When.—The operation of the Plan is conditional upon
securing from stockholders deposits of stock aggregating not less than twothirds of the outstanding Preferred stock and all
stock of the New Jersey Company on or before
discretion of the Committee.—V. Ill, p. 2235.
of the outstanding Common
Jan. 5 or a later date at the
The voting trustees have
solved
be
Schulte Retail Stores Corp.—Offers Stock to Employees.
Morton Lachenbruch & Co., who recently purchased and resold to their
clients (V. Ill, p. 500), a block of stock of the corporation, announce details
of a plan by which the Schulte organization is offering 8,000 shares of Com¬
mon stock to its employees in a guaranteed investment and market
basis
which is entirely distinct from any profit-sharing plan yet devised by com¬
mercial organizations.
Subscriptions to the stock,
quarterly.—V. Ill, p. 1478, 995.
Postponed.—
Rates
on
"Further hearings on the complaint of the United Order of Commercial
Travelers and other organizations of traveling men against the 20% increase
in Pullman fares which went into effect on May 1 will be posptoned until
the rates have been in effect for a full year.
This was requested by attor¬
representing the commercial travelers at the conclusion of a hearing
before Examiner Barclay of the I. S. C. Commission at Washington on
neys
Nov. 9Q.
"
were attacked on the ground that the Pullman Company does
materials which enter into its
falling, but after L. S. Taylor, Vioe-Pres. of the company, had
presented
evidence
regarding the
company's
expenses and revenues,
showing that the latter have been materially reduced during the past
three months (since the 50% surcharge went into effect) it was decided to
pontpone the case to await more definite information as to the trend of
traffic and prices.
"It was stated, however, that the commercial travelers' organizations
propose to file shortly a complaint against all the railroads, attacking the
50% surcharge on Pullman fares, which goes to the railroads.
The reoresentaHves of the Pullman company said that the surcharge had consider¬
ably reduced the number of passengers using its service."
"Railway Age"
Dec. 3, p. 994.
v
A press despatch from Washington on Nov. 30 adds: "Vice-Pres. Taylor,
of the Pullman Co. said that the company was now making an effort to
reduce costs of operation equipment and other outgo so as to make a saving
of a million a year.
This saving, however, would be offset by the increase
of wages granted by the wage board amounting to over $3,000,000 a year.
He said that the 50% surcharge was no doubt reducing patronage of chair
cars and the company was now losing money on them.
He said the profit
The rates
not need
the increase and'that the prices of
Mr. Taylor said that if the surcharge were abandoned it would
probably
increase use of Pullmans and there might be a prospect of reduced rates.
The two sides agreed that a decision in the matter might well be deferred
until May, by which time it would be demonstrated what
adjustment should be."
Pure
A
Oil Co.-
-
the basis of an
Compare also V. Ill, p. 1957
Forms Belgium
Subsidiary.—
subsidiary has been formed, to handle its business abroad, known as
the Pvrfina Co-Operative Co., with headquarters in Antwerp with a
capital
of
20,000,000 francs, all paid in and subscribed for, one-half by the Puritan
subsidiary of the Pure Oil Co., and one-half by the Campagne Financlere Beige de Petroles of Brussels.
The new company will be largely dependent on the Pure Oil Co. for Its
Oil Co.. export
products, as the other associate, Campagne Financiere Beige de Petroles,
is not able to
products from its extensive oil properties in Rumania.
The director of the new company include A. Van de Vyvere, Belgian Min¬
ister of State; L. De Waele. director of the Guaranty Trust Co. at Brussels;
F. Carlier, director of the Bank of Antwerp; H. M. Gylsen, director and
administrator of the Lloyd Royal Belgium Steamship Co.; Col. H. Maud,
Vice-Pres. of Puritan Oil Co.; A. V. Patterson of the same company; L.
Meens, and L. Stux.—V. Ill, p. 2145, 2137.
move any
Ray Consolidated Copper Co.—Output—Dividends.—
-—1920 .—Nov.—1919.—
3,975.000
Increase.\—1920.—11 Mos.—1919.— Increase.
143,000146.436,873
3.832.000
43.269.000
3,167,873
^J3ee also Chino Copper Co. above.—V. Ill, p. 2049,1957
Remington Typewriter Co.—Voting Trust Expires.—
An advertisement states:
The
voting trust agreement will expire Dec.
31 1920.
Application is being made to the New York Stock Exchapge to
list all classes of Company's stock.
On and after Dec. 31 1920, holders
of voting trust certificates may surrender such certificates and obtain stock
certificates at the Columbia Trust Co., 60 Broadway, New York, N. Y.—
V. Ill, p. 1377.
Reo Motor Car Co., Lansing, Mich.—Earnings,
'
,
Lehigh Coal Co.—Obituary.—
Scranton &
President Thomas V. Patterson died
Dec. 2, in Brooklyn, N. Y.—V.
Shaffer Oil
& Refining Co.—Earnings.—
Oct. 31 '20. Sept. 30'20. Aug. 31 '20
$12,417,965 $12,026,083 Sll.817,185
4,286,321
4,260,768
4,188,149
12 Months ending—
earnings
Net earnings.
Gross
—V.
Ill, p.
1957, 1667.
Shattuck Arizona Copner Co. (Inc.).—Production.—
Copper (lbs.) Lead (lbs.) Silver (ozs.)
Gold |oz.O
November 1920
6.063
663,546
27,932
417.89
November 1919
238.969
697;783
11 months 1920
2,374,148
7.532,928
364,739
4,520.36
11 months 1919
1,853,638
3.603,541
86.639
257.68
—V. Ill, p. 2049, 1957.
Shell Transport &
has declared
The companv
Trading Co., Ltd.—Interim Div.—
an interim dividend of 2s. per share, payable
Dividends of 2s and 5s were paid on
1920. respectively.—V. Ill, p. 2145, 1478.
Jan. 5 1921.
& Co..
Stone
25
Broad
St.,
N. Y.
in denom. of $100. $500 and
,
$1,000; con¬
prior to maturity,
at the opmpany s
option in whole or in part on any int. day on and after three years from their
date at 105 and int., upon 60 days' notice.
Int. payable J. & JOn account of the very large volume of business taken last winter and
early spring, the company, it is stated, constructed an additional building,
equipped it with machinery to more than double the former capacity and
ordered necessary inventory for current orders.
Owing to the present
.decline in the motor vehicle and tractor business many of its customers, it is
said, have asked for deferred delivery with the result that payments will
also be delayed and income which the company had anticipated it would
now have to meet its obligations will not be forthcoming until some time in
The debentures will be issued
vertible at any time after two years from their date and
into Common stock at $10 per share, and redeemable
the
A.
future.
31
$
—V.
Oil Corp.—Production.—
1920.
1919 .
* Increase.
(gals.)13,024,551
9,737,455
3,287,096
,
Ill, p. 2145, 2049.
Solvay (N. Y.) Process Co.—New Officers —
been elected Vice-Presi¬
Martin H. Knapp and Wallace Campbell have
Mr. Campbell was also elected a director.
The company carried
of Aug. 31 up to
chinery.
&c
a5,595.704
Int. In other cos_.
5,161,475
Deferred charges._
Total
1.561,092
197,796
270,706
11,561,197
65,438
8,288.955
29.175.639
Inventories
80,788
1,063.378
b3.041,754
U. S. Lib. bonds..
1,250.820
462,980
Cash.....
Receivables
16A49.785I
Reserve for taxes.
Other
1919.
1920.
.
$
Capital stock.c... 6,937,250
Notes payable
Accounts payable. 2,400,097
Accrued pay-roll..
139,620
159,028
Surplus
2,740,303
47.605
6,390.334
23.392
Total
22.175.689
16.449.785
Includes in
$4,625,846, less
$10,000,000; unissued, $3,062,750; balance
pare V. 110, p. 665.
The official statement,
as
above, $6,937,250.
bearing date of audit, Nov. 22 1920,
Com¬
says:
The
Reo plant now has over 44 acres of floor space, and employs over 5,000 men.
The Reo Motor Car Co. was organized in 1904 and has continued in business
without interruption under the same management.
The directors are the
active executives and devote their entire time to its affairs.
Reo policy
has always been conservative.
Since 1910 Reo has been engaged in the
[The "Iron motor Nov.
froduction ofAge" of trucks11as well"Thepassenger cars. Co. expects within
as Reo Motor Car
says:
sixty days to have its plans complete for changing its production system,
whereby the present output will be increased by at least 20 % •
All buildings
and additions that have been under way for many months will be completed
at that time."]—V. 110, p. 665.
(William
A.)
Rogers,
announced that $37,000,000 is a fair
price for the properties of the company desired by the City
plans to operate the water utility
of San Francisco in connection with its
as a
municipal plant,
„.
The Commission fixed this
fix
_
.,,
city authorities
fair and reasonable price to be
a
paid by the municipality for the acquisition of specified property belonging
the Spring Valley company.
The Commission outlined its method of
procedure and gives its reasons for the belief that the city should purchase
the property.
In urging that
once,
^ndirrj-^-eevs on Pref. at 8fj%.—V. Ill, p. 301.
fe*
Royal Baking Powder^Co.—Extra Dividendof 2 %™
The directors have declared an extra dividend of 2% on the $10,000,000
outstanding common stock, par $100, along with the regular quarterly
dividend of m % on the pref. and 2% on the common, all payable Dec. 31
to holders of record Dec. 15.
An extra dividend of 2% has been paid on the
common in December since 1915.—V. 109, p. 2271.
^
_
the question of the city's
the Commission pointed out
before
(See
Standard Oil Co. of Indiana.—Reduces
The stockholders
on
Par.—
the par value of the capital
the number of shares from 1.000,000
shares of $25 par will be exchanged for each share
1957, 2236.
Dec. 9 voted to reduce
stock from $100 to $25 and to increase
to 4,000.000.
of $100
Four
new
par.—Y. Ill,
p.
Stromberg Carburetor Co. of America,
Dividend Reduced from $1 to 50 Cents.—
A
quarterly dividend
of 50 cents per
Inc.—Quarterly
share has been declared on the
outstanding 75,000 shares of Capital stock, no par
1921 to holders of record Dec. 20 1920.
Dividend
value, payable Jan. 3
record: April 1917 to
and 25c. extra
July 1918, 75c. quar.; Oct. 1918 to April 1919. 75c. quar.
quar.; July 1919 to Oct. 1920. $1 quar.; Jan. 1921, 50c.
Ltd.—Accumulations.—
% has been declared on the Pref. stock on account of
for the quarter ending Sept. 30 1918, together with the dividend for
the current auarter.
This payment, is it understood, will leave the out-
,
...
.
acquisition of the properties be
the fact that
it will be years
Hetch-Hetchy water can be possibly brought into San Francisco.
"8an Francisco Chronicle" Nov. 25).—V. 111. P- 1089.
decided at
Results for
3
A dividend of
arrears
valuation at the request of the
made last. March, that the Commission
to
1920 land, $255,325; buildings, $1,880,930; machinery and
reserve for depreciation, $1,166,398.
b In¬
cludes in 1919 miscellaneous receivables, $2,974,359; less reserves. $64,494;
due on Government contract, $131,889;
cThe total authorized stock is
a
equipment,
Ky.
The California RR. Commission has
and reasonable
514,949
211.109
9,747,310
reserves
Headquarters, Louisville,
Spring Valley Water Co.—Valuation.—
6,937,250
1,000,000
1,400.619
Williams on Nov. 29 were appointed re¬
The company has packing plants in
ceivers by Judge George Du Relle.
Stafp«horn. Ga.. and Chipley, Fla.
$
R. W. Swift, the present
succeeding Louis Krumbhaar.
Louisville.—Receivership
Southern States Packing Co.,
as
Liabilities—
Land, bldgs., ma¬
Chas. Hayden, V. -Pres.
Sinclair Consolidated
11 Months ending Nov. 30—
Product'n of casingnead gasoline
&c.—
(as shwon in Annual Report).
1919.
$
_
TT
Officers.—R. C. Anderson, Pres. & Gen. Mgr.;
A. Fisher, See. & Treas.—V. Ill, p. 1957.
Brown C. Crawford and R. M.
1920.
8% Debentures.—
of magnetos, starting and light¬
the automotive industry, including
automobiles, trucks, tractors, motor boats and stationary engines, held a
special meeting of stockholders on Nov, 30 at which approval was given to
increase the capital stock from $1,500,000 to $2,000,000.
The $500,000 increase will not be presently issued but reserved for future
corporate purposes—$250,000 thereof being specifically
^ror the
conversion into Common stock at $10 a share of an issue of $500,000 Fiveyear 8% Convertible Gold Debentures, to be dated Jan. 1 1921. whjch have
been underwritten by bankers and offered for subscription ar par to Common
stockholders of record Dec. 4 up till and including Dec. 15. to the extent of
one $100 debenture for each 20 shares of Common stock.
Subscriptions are
payable 50% at once and 50% Jan. 15, and may be paid at office of Hayden,
The Simms Magneto Co., manufacturers
$9,747,310.
Assets—
,
ing systems and ignition equipment for
Treasurer, has also been made Secretary,
—V. Ill, p. 1479, 1377.
Balance Sheet Aug.
Feb. 3 1920 and Aug .1
(The) Simms Magneto Co.—Convertible
Federal taxes and setting up a reserve of $1.000,000 for inventory deprecia¬
tion, there remained a balance of $4,000,000 for the Common stock, equivaltIie $6,937,250 of stodk outstanding.
to surplus, bringing that item
105.
2190.
p.
dents.
on
„..
..
^
^
is a holding company and controls arfl owns all of the
Schulte companies: D. A. Schulte, Inc., of New York, which
operates the New York stores; D. A. Schulte. Inc., of Delaware, which
operates the out-of-town stores; Schulte Realty Co.! which controls the real
estate; B. G. Davis Co., which operates its 3 factories; Mutual Profit Cou¬
pon Corp.. which operates the premium department.
Compare V. Ill, p.
500, 596, 699.
fol'oving
An exchange journal says: "Net earnings for the fiscal year ended Aug. 31
last
were
approximately $7,800,000.
After deducting $2,740,303 for
forward
<
„
of $6 annual principal accrual per share plus $4
investment of $40 per share, is equivalent to 25%
per annum.
Tbe corporation
on
claim for $6,000,000 for the period of Government use.
The cost, he gave,
of a Pullman car for a year was $8,500 and the company had this year 6,000
cars.
Last year it had 5.500 and the receipts were about $10,000 a car.
purchased.
The combined guarantee
dividend per share on an
expenses are
Pullman cars was slight.
"The Government did not keep up the condition of the cars during
Government control, and the company Is now considering putting in a
Jan. 20 1921.
less than 10%
on the investment plus an accrual of the principal on his investment through
the purchase bv the corporation of stock (if so desired by the employee) on
a sliding scale from the date of purchase up to and including Dec. 31
1925.
at prices ranging between $40 and $64 per share, according to the date on
which it is
Company.—Hearings
which will cost $40 a share, will be received
to Dec. 20 1920 and stock must be paid for in full by
Stock will be delivered on or before Feb. 1 1921.
The subscribing employee is guaranteed a dividend of not
An extra dividend of 1 % has been declared on the Common stock along
with the regular quarterly dividend of 1H %. hoth payable Jan. 1 to holders
of record Dec. 15.
An extra dividend of 1% was paid in October last, in
Pullman
Co.—V. 110, p. 2392.
New York Trust
up
"^Provincial Paper Mills, Ltd.—Extra Dividend.—
addition to the regular
Salt Creek Producers Association, Inc.—Voting Trust.
issued a notice that the voting trust will be dis¬
on Dec. 20 and that stock certificates will immediately thereafter
delivered to the holders of voting trust certificates upon surrender at the
might impair the security of
$50
a
share,
will be entitled (a) after the First Preferred dividends have been set aside
to 6% cumulative dividends, (&) to payment on liquidation or dissolution
at $50 a share and accrued dividends; (c) subject to call and purchase by
the corporation in whole or in part, on any dividend day on thirty days'
notice at $50 a share and accrued dividends; (d) No voting power nor any
prior right to subscribe to new issues of stock; (e) such protective provisions
The
[Vol. 111.
CHRONICLE
THE
2333
Earnings
Other income
Gross income
Adm., gen., &c., exps__
Federal tax reserve
War
and 9 Months Ending
1920—3 Mos.—1919.
Balance, surplus
1920—9 Mos.—1919.
$176,203
2,478
$785,848
23.031
$534,360
3,815
$186,804
$178,681
,$808,880
$540,634
$79,201
$51,339
$222,570
$152,836
20,000
taxes
paid
Dividend (per share).__
September 30.
$182,989
($1)75,000
$12,603
6,274
90,000
75,000
26,482
89.492
($1)50,000 ($3)225,000 ($3)150,000
25,000
$25,860
$271,310
$73,306
Dec.
111920.]
Balance
Assets—
Sheet
as
1920.
of
Sept.
1919.
Property & plant.f1,729,253
Cash
174,816
Investments
57,000
431,713
967,090
155,812
Notes & accts. rec,
CHRONICLE
THE
{640,404
46,352
53,000
30
1920
and
1919.
1919. ■'
1910.
Liabilities—
Cap. stock (no.par) x $375,000
Notes payable
150,000
Accounts
payable
$250,000
and accrued acc.
183,570
143,543
Federal tax reserve
136,033
75.000
25,358
134,331
Surplus
$3,664,439 $1,871,808
Total
Deferred charges..
Patents
Total
146,755
xRepresenting 75.000 shares.—V. Ill,
p.
191,561
135.349
2,527,275
Deferred liabilities
1,268,916
$3,664,439 $1,872,808
903.
Standard Steamship Co., Inc.—Receivership.—
Judge Mayer in the U. S. District Court on Nov. 30 appointed Theodore
Keane, Auditor for the U. S. Shipping Board, as reciver in an equity
brought by the Carter & Weekes Stevedore Co., on a claim of $32,OO0.
Office. 2 Stone St.. N. Y. City.
J.
suit
Stutz Motor Car Co. of America, Inc.—New Director.—
Aivin Untermyer has been elected a director.—V. Ill, p.
2236,
Texas Pacific Coal & Oil Co.— Revaluation.—
The U.S. Treasury Department as the result of income tax
investigations
notified the company that the value of its oil leases carried at an arbitrary
valuation of about $5,000,000 should be largely increased, press reports
say to about $87,000,000.
President Edgar L. Marston, when interviewed on the subject declined
to comment on the report or confirm its accuracy, merely pronouncing it
premature and expressing his annoyance at the publicity given the matter.—
V.
Ill, p. 2237, 1668.
Tide Water Oil Co.—99,315 Shares offered to
stockholders
($100)—Operations in Mexico to cost $12,000,000.—
The stockholders of record Dec. 16 will be given the right
to subscribe to 99,315 shares of stock at par ($100) which
is equivalent to 25% of their holdings.
at
par
The right to subscribe shall terminate Jan. 19 1921, upon which date also
first installment of 25% upon the subscription shall fall due.
The
the
remaining installments of 25% each will respectively fall due April 7,
July 7 and Oct. 7 1921.
Int. at the rate of 6% per annum will be allowed
from their due dates until Oct. 1 1921, on all installments paid.
The stock
subscribed for will participate in div. from and after Oct. 1 1921.
J
Data From Letter of Pres. R. D. Benson, New York, Dec. 1 1920.
The purpose of this stock is to apply the proceeds thereof largely on the
cost of the work company has undertaken in order to secure a supply of
crude oil.
We have under contract a number of very desirable
Mexican
properties in the Amatlan and Zacamixtle districts and
nearing the producing sand and others under way.
In order to make
our
now
have
one
well
Mexican crude available for use at our refinery in
Bayonne, N. J., it has been necessary to construct 4 tank ships at a cost
of over $8,000,000.
These ships will be delivered to us during the coming
spring and summer.
It is also necessary to build a railroad and pipe lines
from the field to the coast and to provide terminal facilities.
Tbe total
cost of operations in Mexico, as at present laid ©ut, will exceed $12,000,000.
We have in the recent past extended the capacity of our refinery to en¬
able it to run 15,000 barrels a day of domestic crude and 10,000 barrels a
day of Mexican crude.
This work is practically complete.—See report
for the nine months ending June 30 in Y. Ill, p. 2039.
Tiffany & Co. (Jewelers).—To Create No Par Value Shares.
The stockholders, it is stated, will vote Dec. 21 on authorizing the
12,000 shares of stock without par value and exchanging the present
$2,400,000 Capital stock (par $100) for the new stock on a basis of 5 shares
of new for one share of old stock.—V. 110, p. 2083.
,
Square Auto Supply Co., Inc.—Scrip Dividend.—
The company announces that it will pay in 8%
scrip the regular quarterly
dividend of 623^ cents per share on the outstanding Capital stock, no par
value.
Dividend will be payable Jan. 27 1921 to holders of record Jan. 5
1921.
The
scrip will
be dated Jan. 27 1921 and due Jan. 27 1922.
The
stockholders have
an option to convert the scrip, at maturity, into stock at
$20 per share.
Interest is payable on the scrip on July 27 1921 and Jan.
27 1922.
Dividend record: regular quarterly dividends of 62H cents per
share
were
paid in July and Oct. last; and in April last, an initial dividend of
50 cents per share was paid.—V. Ill, p. 1572.
t
Toronto Power
Co.—Hydro-Electric Power Commission of
Ontario and City of Ontario Acquire Mackenzie Interests.—
Every Mackenzie electrical interest in and about Toronto, except the
Toronto Street Ry., has been acquired by the Hydro-Electric Power Com¬
mission of Ontario and the City of Toronto.
The deal includes: Toronto Power Co.,
The price paid is $32,734,000.
Toronto & York Radial Co.,
Schomberg & Aurora Ry. Co., Toronto & Niagara Power Co., Electrical
Development Co., Toronto Electric Light Co.
The consideration will be $6,971,295 6% 20-year bonds of the city of
Toronto: $2,375,000 20-year 6% bonds of the Hydro-Electric Power Com¬
mission, and $612,528 20-year 5% bonds of the Hydro-Electric Power Com¬
mission, and the assumption by the Commission of the underlying bonds
of the Toronto Power Co., $4,355,000 bonds of the Electrical Development
Co., $13,558 bonds or debenture stock of the Toronto Power Co., $4,103,200
5% mortgage bonds of the Electrical Development Co., $840,000 3-year 6%
notes of the Toronto Electric Light Co., outstanding stock of the Electrical
Developing Co., $13,100.
•
Total purchase price
...$32,734,000
22,775,177
—
Obligations to be assumed
9,958,822
Bonds to be delivered
"The deal is subject to the
Globe'').—V. Ill, p. 2141.1
approval of the
rate
payers.
2237, 2050.
United
Fruit
The stockholders
("Toronto
;
Union Oil Co. (of Delaware).—New Officers—Status.—
special meeting of the board was held on Dec. 6 1920 to
enlarge the operating organization to meet the requirement
of the business as extended since Sept. 1 1919 by the acquisi¬
tion and consolidation of valuable producing properties.
A
following new officers and directors are announced:'
C. H. Schlacks, President during the period of development, has
become Chairman of the Board and will continue his active interest in the
The
(б) J. W. R. Crawford, who has been President of the National Explora¬
tion Co., in which the Union Oil Co. holds a large interest, has resigned that
office and has been elected to the board of the Union Oil Co. and has become
President of that company.
Mr. Crawford has for many years occupied
important executive positions in the field of oil and gas production.
(c) In addition to Mr. Crawford the following experienced oil men have
been elected to the board and also made Vice-Presidents: W. H. Allen and
M. J. Beaty, of Warren, Pa.; W. J. Broder, of Bradford, Pa.; P. L. Hadley,
of Pittsburgh, Pa., all experienced oil men; and James H.Brookmire, for¬
merly Treasurer of the Pierce Oil Corp.
The official statement further says in substance: "The company is now
The holdings represent oil territory
established on a secure foundation.
of nearly 100,000 acres and a daily production of over
The earnings are increasing steadily and are at a rate entirely
acreage
9,500 bbls.
satisfactory
The detailed earnings will be reported shortly after Jan. 1.
The Union Oil Co. (of Delaware) owns, or controls through underlying
1199376
1907
at present,
acreage
in West Virginia,
Texas, Kansas and Ohio, and is also interested in
Oklahoma, California,
large additional acreage
through its ownership of stock in the Union Oil Co. of California and the
National Exploration Co.
It now has in operation approximately 1,400
wells with a daily production, as stated, of over 9,500 bols.
In addition it
has.approximately 30 new wells drilling.—V. Ill, p. 1958, 1860.
^
Union
Sulphur Co.—Asks Court to Reduce Assessment.—
The company on Nov. 2
filed suit in the Federal Court at Shreveport,
La., seeking a reduction in its assessment from $52,000,000 to about $11,000,000.
The suit is practically on the same grounds as one started in
1919, which is still in the courts.—V.lll.p. 1860. f
£
$ United Cigar Stores
Co. of America.—Sales— Divs.—
1920—Nov.—1919.
i Increase..]—1920—11 Mos.—1919.—•
Increase.
$6,743,702
$5,86 9,077 JZ $874,6251 S70,928.689„$54.473.257J 16,455.432
&c.—
Bureau" Nov. 27, published the following
discussion of the Philadelphia gas lease question, showing
that net earnings for the last 22 years outside of those from
operation of the Philadelphia gas works, have more than
equaled dividends paid," including the regular 8% p. a. and
two extras of 10% in scrip and 2% in cash, respectively:
EARNINGS
OTHER
Years
THAN
Net Profits.
1898
1899
1900
1901
1902
1,663,726
1,932.241
1903
2,103,884
2,407.676
3,042,970
3,719,165
1904
1905
1906
3,513,908
-
1908
1909
4,337,970
4,462,024
—
—
Net Profits.
Dividends
$978,910 19101
$4,497,792
1,194,352
1,488,681
4,618,951
4,684,279
1,797,715 1912 ..v...
2,018,238
5,752,432
2,569,349 1914
6,289,510
2,929,951 1915—
5,410,688
2,937,616
5,215,564
3,288,044
4,876,424
3,663,136
5,950,621
3,670,788 1918
4,517,611
3,790,371 1919
4,225,498
2,904.019
■-
THOSE FROM THE PHILA. GAS WORKS
Dividends.
$1,061,198
$4,338,872
a5,046,080
4,440,236
4,440,236
4,440,236
4.440,236
Total for 22 years ending Dec. 31
Years
4.440,236
4,440,236
4,582,755
-
bl,110.059
4,882,384
4,882,384
—
1919 —*.-$87,188,161, $81,811,102
(a) This was a scrip dividend of 10% in addition to the regular 8% in cash.
(b) An extra cash dividend of 2 %.
Philadelphia "News Bureau" adds: "In the oast 22years,during which
period a total of $81,811,102 was paid to stockholders in dividends, nrofits
outside of Philadelphia gas works lease were $87,188,161, exceeding the
dividend disbursements by $5,377,059.
These figures, fir the first time,
indicate the magnitude of United Gas Improvement business part from that
in this city.
While the company has been losing money on its local invest¬
ment, in the past year or two, and will materially reduce its dividend, it
has continued to make a substantial part of its total net earnings from its
operations other than its Philadelphia gas works lease."
v
The
Dividend Reduced to
The directors
on
1% Quarterly—Gas Situation.—
8
Dec.
declared
a
quarterly dividend of 1% on the
$61,029,800 Common stock, payable Jan. 15 to holders of record Dec. 31,
thus reducing the annual rate for 22 years, 8% per ann., to 4%:
The Philadelphia City Council has ordered an investigation of the opera¬
tion of the city's gas works under lease to the company and has provided
$25,000 for the purpose.—V. Ill, p. 1958.
S.
Corp.—To Defer Dividend.—The
deferring the quarterly dividend
1M% usually paid Jan. 15.
U.
Food Products
directors will vote Dec. 16
of
on
Digest of Circular Signed by Secretary M. A. Holzinger, Dec. 8 1920.
Earnings for 9 Months Nearly $3,000,000.—The audit of the books of the
and its subsidiaries has been brought down to Oct. 1 and shows
for the first 9 months of this year are $2,870,998.
After making
adequate provision for shrinkage in the market value of the
inventory, Federal and State taxes of all kinds, and depreciation, the
indications are that the net earnings for the calendar year 1920 will approxi¬
mate at least $3,000,000, or 10% on the outstanding capital stock.
Dividend to Be Deferred.—Though the earnings would justify the usual
dividend of 1 M % for the 3 months ending Dec. 31 1920, the executive com¬
mittee believes, in view of existing unsettled conditions in this country,
that it is best that the cash resources should be conserved, and that, there¬
fore, the payment of the 1 M% quarterly dividend for the current quarter
company
that the net earnings
should be deferred.
Enterprises.—During the last two years the company
Investments in New
has gone into various food and feed manufacturing and business
and has invested in ships, tank cars, office building, factories,
enterprises
real estate,
Slant and machinery, nearly of the prohibition laws,new enterprises were
$10,000,000. These but notwithstanding
eemed necessary on account
these laws the earnings from the manufacture
and distribution of alcohol
Industrial and medicinal purposes have been,
be, very substantial.
for
and it is believed will
continue to
Is considered desirable at the opportune time
to capitalize the large investments made in these new enterprises and thus
to liquidate the company's floating debt and restore to working capital
the sums which were so invested, thereby leaving a substantial portion of the
earnings available for dividends.
Outlook.—The general outlook of the company's business under prevailing
conditions is not bad,! but on the contrary, quite good.—V. Ill, p. 1860,
903.
■;
'
Plan to Capitalize Same,\-—It
■
.
.
United Retail Store Corp.—Listing,
&c.—
listing on an after
Dec. 15 of 37,767 additional Common stock Class "A" (no par value)
on official notice of issuance as a 5% stock diivdend (V. Ill, p. 1573) making
the total amount applied for 666,974 (auth. 1,000,000).
'
1
Up to Nov. 11 the company had acquired 254,684 shares (par $100) of
the United Cigar Stores Co. of America Common stock by the issuance
therefor of 509,368 shares of United Retail Stores Corp. Class "A
Common
The New
York Stock Exchange has authorized the
.
stock.—V.
Ill, p. 2146.
-
,
,
Steel
United States
Corp.—Unfilled Orders.—
See under "Trade and Traffic
issue.—V.
Ill,
p.
2050,
Movements"
on a
preceding page
United Verde Extension Mining Co.—
Increase. 11920—11 Mos.—1919
354,398(38,896,212 25,245,564
1920—Nov.—1919.
2,642,812
2,288,414
—V.
of this
1958.
Increase
13,650,648
Ill, p. 1958, 1860.
United Zinc Smelting
The
stockholders will
vote
Corp.—Royalty Agreement, &c.—
Dec.
14
on
a
proposed royalty agreement
between the company and the Zinc Leasing & Development
latter corporation was incorp. in New York with a capital
(par $5) of which 57.571 shares will be issued.
United Zinc
of record Nov. 30 will be given the right to subscribe to these
Corp. The
of $300,000
Corp. stock
shares in the
one share for every ten shares held.
The Zinc Leasing & Development Corp. is to take over the various leases
of the United Zinc and operate them on a royalty basis and expend addi¬
tional money necessary for development work, mill construction, etc., on
proportion of
new
leases, one in Oklahoma and the other in
Kansas.—V. 106, p. 2238.
Co.—Output- —Dividends.—
1
Utah Copper
—192(H-Arop.—1919.—
Decrease. —1920—11 Mos.—1919.— Decrease.
2,670,107
9,120,000
9,482.451
362,451 98,877,999 101,548,106
E^See also Chino Copper Co. above.— -V.—V. Ill, p. 2050. 1958.
(V.) Vivaudou,
Inc.—Dividend—Earnings—Balance Sheet.
The directors on Nov. 26 declared a
dividend of 25 cents per
outstanding 300,000 shares of capital stock, no par
Jan. 3 1921 to holders of record Dec. 15 1920.
An initial
the
.
Increase,
"authorative figures prepared in connection with the present
to the board.
companies,
Boston.—Capital
Dec. 8 voted to increase the authorized
United Gas Improvement Co., Phila.—Earnings.—The
"News
Phila.
(а)
company.
Co.,
on
capital stock from $75,000,000 to $150,000,000.
The new
stock is to be issued as a 100% stock dividend, payable
Jan. 15 1921 to stock of record Dec. 20.
Compare V. Ill,
p. 1859, 2050.
^-Vv:' ■;
'
issuance
of
Times
.A monthly dividend of 13^ % has been declared on the Common stock for
the current month,
payable Jan. 1, 1921.
In April and November, last,
stock was paid, increasing the outstanding Common stock to
^
A cash dividend of 6% was paid in January last.—V. Ill,
p.
321,155
652,207
Inventories
2333
dividend of 50
like amount was paid in April,
share was paid in January last; a
July and October last.
An official statement says: "To meet the
cents per
share on
value, payable
.
.
,,
continuing expansion of the
company's foreign and domestic trade and the requirements of its Paris
factory and to avail itself of the opportunity afforded by the favorable
rate or exchange and low prices of raw materials, the directors believed it
advisable to employ, for the time being, a greater part of its surplus earnings
for these purposes, rather than to distribute them in the form of dividends,
2334
Oct. 31 1920. June 301920. Mar. 311920.
Quarters Ending—
Net earnings, before taxes......
$288,450
J'neW20.Nov.ZO,19.
Assets—
218,167
76,331
36,700,000
6,691,412
$274,146
680,047
100,000
873,791
1,400
Prop. A cqulpm't.
Good-will & trade¬
marks
279,934
Cash.
1,287,258
98.679
Inventories
1,435,742
IT. S, Liberty bds.
26,400
Can. Victory Loan
24,807
Call loans recelv'le
......
Capital
(no
$9,000,000 $9,000,000
Acc'ts payable
599,649
237,500
175.108
150,000
Notes payable....
Dividends payable
150,000
Accrued account..
Fedl. Inc. tax (est.)
Profit on cons, sales
26,066
13,424
95,000
Surplus
30*636
3,107
472,043
198,401
to employees from Vice-President Hulet announcing a reduction In the
schedule of working-hours of 10%, effective Jan. 1.
This letter gives a
statement of unerected orders in the factory, month by month, since Janu¬
ary
follows:
as
January
3,596 (April
February, —3,895 May
March——4,003 [June
—V. Ill, p, 2050.
179,616
4,466 July—
2,411 October
4,069 August
2,151 November,
3,705 September—1,647
Wickwire Spencer Steel
50,887 Total (each sl<le).$10,570,623 $9,561,425
Washington Pulp & Paper Corp., San Francisco.—
Due Dec. 1 1935.
Int. J, A D. at Bank of Cali¬
fornia, N. A., San Francisco,
-without deduction for the normal Federal
Income tax up to 2%. Denom. $1,000 and $500 (c*) Bed. all or part atl05.
Ownership.—Stock in this corporation s largely owned by the Zellerbach
Paper Co. and other officers of that company.
Property consists of a trunit
60-ton mechanical pulp mill and a 55-ton daily capacity paper mill, together
1,567
1,239
$12,500,000
1st Mtge. Sinking Fund 7% bonds due Jan. 1 1935. with authority to add
$130,000 on notice of issuance and payment in*uU, making the total amount
authorized to be listed $12,630,000.
Compare V. 110, p. 474.—V. Ill,
p.
Bonds
Offered.—Blyth, Witter & Co., San Francisco, New
York, etc., are offering at 100 and int. $500,000 1st Mtge.
8% Sinking Fund Gold Bonds.
A circular shows;
.
Corp.—Bonds Listed.—
The New York Stock Exchange has authorized the listing of
1287;
Dated Dec 1 1920.
[VOL. 111.
$10,000/ 00 of stock is still to be determined by the board at such time as
the financial and business conditions may warrant."
The report that the dividend was to be reduced was contained in a letter
310.277
303,234
Deferred charges..
stock
value)
$278,082
J'ne 30 '20. No*. 30 '19.
604,133
-
Other assets......
$343,525
Liabilities—
par
Acc'ts receivable..
Notes receivable—
—V. Ill, p.
CHRONICLE
THE
1754.
Willys-Overland Co.—Dividend Now Expected to Be Passed
"It was learned on high authority Dec. 7 1920 that the dividends on the
Willys-Overland Co. on both the Pref. and Common stocks probably will be
passed by the directors when they meet in the near future.
It is probable
that a special meeting of the board will be held before the end of the current
week, at which time this action will be taken.
"It is known that some of the leading directors are in favor of such
action as a matter of conservation of cash assets at the present time when
the financial situation is so unsettled.
The company at the present time has a
substantial amount of outstanding
with
complete auxiliary equipment oceuuytng 60 acres of land at Port
Angeles, Wash.
Mills will be in full operation on Dec, 1 1920.
Guaranty.'—Unconditionally guaranteed principal and interest by Isadore
bank loans, although it was learned that the amount is not nearly as large
as has been reported
Also It may be stated that the banks carrying these
loans have entered an agreement whereby the company will be permitted
Zellerbach, M. M. Oohn, M. B. Higgins, J. D. Zellerbach and E. M. Mills
surplus after taxes of $300,000.
Earnings.—Net earnings, after taxes, based on signed contracts for output
are estimated to exceed $500,000 for the first year of operation.
to continue present
until the books of the Corp. show
Western
Electric
Co.—Bonds for
Employees.—
The company is offering some 22,000 of its employees the opportunityto
purchase its 5-year 7% Convertible bonds on a partial payment plan.
The
privilege Is open to those who have been continuously In the employ of the
company for six: months prior to Dec. 1.
In no case can an employee sub¬
scribe for bonds in excess of $100 for each $300 of his annual rate of pay.—
V. 110, p. 1328, 1285.
Western Union Telegraph Co.—Loses Suit.—
The V. S. Supreme Court, on Dec. 6 refused to review the decision of
the lower courts refusing it an injunction to restrain the Louisville &
Nashville BR. from removing its telegraph lines from railroad's right-of-way.
Owing to this decision the company, it Js stated, will be forced to move
pole and all wires from the right-of-way on the main line of the rail¬
every
road between the point where the railroad enters the State of Tennessee
near Nashville to the point where it leaves the State beyond Mobile.
The telegraph company sought the right-of-way on the contention, among
others,
that it
previously owned the right-of-way, having purchased it
from another telegraph company.
The decision of the lower Court handed
down by Judge William L. Martin of the Montgomery (Ala.) Circuit Court
last month held that the company voluntarily abandoned any claim it may
have had to the right-of-way many years ago, and entered into a contract
with the railroad for the lease of space for lbs poles and wires along the rail¬
road tracks and, therefore, could not come into court at this late date and
seek to establish a claim to something which it had voluntarily surrendered
and which had been recognized as the property of another for many years.
President
Newcomb
Carlton
has
announced
that
the
company
since
Dec. 1 has refused to accept messages out of France for the United States
unless paid on the gold franc basis, because of what he terms "unfair prac¬
tices" of the French Government.
He states that the loss to the company
during the past
year
plan of financing which will care for the company's obligations perman¬
ently."
("Financial America" Dec. 8.)
See Willys Corporation under "Financial Reports" above.
a
New
(F. W.) Wool worth Co. —November Sales.—
1920.
1919.
Increase.
,$12,427,566
$10,985,136
a$1.442,430
119.375.881
100.103.872 b 19.272,009
a The gain from the old stores for Nov. 1920. it was stated, amounted to
$1,114,656, an Increase of 10.14% over the same stores in 1919.
b Gain
from old stores for the 11 months ending Nov. 30 1920, it was reported,
amounted to $15,846,275, or an Increase of 15.85% over 1919.—V. Ill,p.
1958. 1480.
11 months ending Nov. 30—..
Wright Aeronautical Corp.—Court Signs Order Prevent¬
ing Importation of British Planes.—
Federal Judge Julius Mayer on Dec. 7 granted to the company a
Zellerbach
2237.
Weirton Steel Co., Weirton, W. Va.—200% Stock Div.—
The following is understood to be correct: "A stock dividend of
200% has
been declared, increasing the total capital stock to
$22,000,000.
Hereafter
Motor
Corp.—Denies Company Intends
Dividends—No New Financing Contemplated.—
financing at the present
The announcement states in part:
'The attention of your board has been directed, at a special
meeting called
for the purpose, to a statement of its Vice-President in charge of production
to White Motor
employees that the dividend earned for the1 first 3 months
of next year and due April 1, as reflected by the opinion of the executive
time.
214 pages
compiled under the direction of Franklin Carter Jr., of the Tax Department
of the
such
Equitable Trust Co. of New York,
as one
of its invaluable series of
compilations relating to Federal and New York State tax provisions,
contains, bound together in one clearly printed and well indexed volume;
(a) the full text of the Federal Estate Tax Law which is Title IV of the
Revenue Act of 1918; (5) the
tions
Official U. S. Treasury Department Regula¬
(Regulations 37 revised); (c) certain supplementary data of rulings
relating to the payment of the estate tax by Liberty Bonds and Victory
Notes; (d) copies of the forms authorized for use in connection with the
estate
An
tax.
available matter
effort
been
has
which
is
to
whom
made
relevant
estate tax, so that the book may
to
to
present
the returns
in combined form all
and collection of the
be of practical value for reference to those
knowledge of the details required in the administration of
a
estates is essential.
—The Stock Exchange firm of Holmes, Bulkley A War drop was
Dec. 2 and
a
new
firm formed under the
name
of J. H.
dissolved
Holmes A Co.
J. H. Holmes is the sob of the late John G. Holmes who at the time of his
death in 1904 was senior partner in the banking firm of H.
Pittsburgh, which
estalished in 1822.
was
Holmes & Sons of
The other firm members are
Jay E Eddy, Frost Haviland and Robert W. Keelips of New York and
Joseph H. Holmes, Ralph S. Richards and Stewart M. Vockel of Pitts¬
burgh.
Mr. Keelips was elected a member of the New York Stock Ex¬
change Dec. 2 and will represent the firm on the exchange.
Business will be
carried
on
at the same location 61 Broadway.
—George E. Barstow, Jr., H. G. Conkling, and Seth S. Spencer, Jr.,
have formed
a
copartnership under the firm name of Barstow A Co., at
18 Exchange Place, New York
Mr.
Barstow
is
York Stock Exchange, for nine years was manager
of
member of the New
a
of the bond departmfent
Potter, Choate & Prentice, and for the last five
years was a partner
in
Kean Taylor & Company.
Mr. Conkling was formerly bond manager of
Kean Taylor & Company, and Mr. Spencer was resident partner in New
York of O'Brian, Potter & Company.
The new firm will deal in bonds for
investment ind transact
Cutting
Pres. Windsor T. White in a statement issued to the stockholders denies
that the directors intend to make any change in its
present dividend policy
And that the company docs not intend any new
NO TIC E S
—"Federal Estate Tax Law and Regulations."—T his volume of
the company
will pay dividends monthly.
Ten million dollars is now being
expended in an addition of the present plants of the company.
The com^^^kas begun the operation of 3 of 7 new open-hearth furnaces, and
additional furnaces are soon to be placed in
operation, the total daily ca¬
pacity to be 1,500 tons."
.
[At last advices the authorized capital stock was $30,000,000 in $100
Shares.
Outstanding, $5,500,000.
The present stock dividend is spoken
as20o%, but as it would require a 300% issue to raise $5,500,000 to
522,000,000, Jt would seem probable that either the dividend was for the
arge amount or that in connection with a dividend_of 200% a 100% issue
was offered for subscription.]—V.
107, p. 612.
'
Paper Corp. above.—V. Ill, p. 2146.
C U R R E NT
says;
fore, but making each share of the par value of $25 Instead of $100, as there¬
tofore, and making four times the number of shares, or 800,000 shares.
This, of course, did not Increase the capital stock, nor did it involve the
payment of any stock dividend.
within the last two weeks the company has made a further amendment to
Its charter by changing the authorized shares from 800,000 of the par value
of $25 each to the same number of shares without
par value.
The holders
of shares of stock of the par value of $25 each are to exchange the shares for
an equal number of shares without par value.
As will appear from the foregoing, there has really been no Increase in the
authorized capital stock, nor in the amount outstanding.
This amendment
has only resulted In creating a greater number of shares than formerly,
which shares are to he without nominal or par value.
As will also appear
clearly from the foregoing, there has been no declaration nor payment of
any stock dividend.
We have no funded debt,
excepting that on Nov. 1, the end of our fiscal
year, there were outstanding $835,000 5% mortgage bonds coming due in
1924 [along with 652,964 shares of no par value stock].
The company's letterhead shows: Dally
capacity, 900 tons.
Mills,
Tyrone, Pa.; Piedmont, W. Va.; Luke, Md.; Davis, w. Va.; Covington,
Va.; Mechanicville, N. Y.; Williamsburgh, Pa.; Cass, W. Va.; Spruce,
W, Va.
Officers: John G. Luke, President; David L. Luke and Thomas
Luke, Vice-Presidents, Adam K. Luke, Treasurer, and Charles A.^Cass,
Secretary.
N. Y. office, 5th Ave. Bldg., 200 5th Ave
teThe company is a very "close corporation-V. 106, p. 26611
White
Paper Co.—Stock Interest.—
See Washington Pulp A
For a number of years the authorized capital stock of this corporation
has been $20,000,000. of which there has been issued and outstanding
J516,324,100. leaving its authorized capital stock $20,000,000 just as be¬
ncorporation, A short time since the company amended Its certificate of
prelimi¬
injunction against Handley-Page, Ltd., and the Aircraft Disposal
Co., Ltd., two English corporations, and William H. Workman, their rep¬
resentative in the United States, restraining them from bringing to tins
country and selling here surplus British war planes, engines and spare parts.
The planes in question in the Wright suit, which are alleged to have been
infringements of the Wright patents, were purchased from the British Gov¬
ernment by the two corporations at about 1 % of their actual cost.
The
Wright interests asked tne Court to stop the importation of the first lot
of machines, 2,365 in number, whose selling price is $6,510,000.
See also
V. Ill, p. 302.
nary
West Virginia Pulp & Paper Co.,
New York.—No
Par Value Shares.-—President John G. Luke, Dee. 8, replying
inquiry,
'
Month of November
1
to our
Vice-President.—
Charles B. Wilson, general manager of the Wilson Foundry A Machine
Co. of Pontiac, has been elected a Vice-President, succeeding Clarence A.
Earl.—V. Ill, p. 2146, 1958.
amounted to about $1,000,000, owing to depreciation
in the French currency.—V. Ill, p.
obligations of this character until early next year.
"In the meantime it is not improbable that the management of the com¬
co-operating with a strong banking group will attempt to work out
pany
—The organization
a
general brokerage business.
of the firm known as the Casady-Dufur Bond A
Morgage Co. is announcing as successors to J. P. & J. N. Casady,
established in 1853.
Iowa
The
new
bankers,
firm, opened for business Dec. 1 at Suite 213
Building, Des Moines, Iowa.
J. N. Casady, Jr., formerly associated
with the Casady Bond Co., Des Moines, la.,
will be connected with the new
organization.
of the company is well known
•
committee should be reduced.
The board finds
upon investigation that
this statement was made by the Vice-President without consultation and
without the knowledge of his associate officers or of the executive comm ttee,
and believes it to be its duty to state to you that no such decision has been
reached, but that the contrary is the fact, namely, that it is the great
desire and expectation of this
company to continue the uninterrupted regu¬
larity of its dividends on the present.basis [$4 per annum].
"Its earnings In the past as reflected in its surplus are quite sufficient to
make this policy permissible during the ensuing year.
The earnings of the
company will be determined by the demand for the company's product.
Our dividends have been declared at a low rate considering the earnings of
the company with the view to a policy of regularity and the board hopes its
policy in this respect can be maintained.
"The existence of the issues of $ 10,000,000 of stock authorized by you
•arly in the year has led to reports that the company is in the market for
financial purposes.
There is no immediate need for the sale of securities
ay the company.
Its position is entirely comfortable and the use of the
in
F. E. Durfur, other member
hanking circles, having been
a
banker in the State of Iowa for the past
quarter of a century.
The Casady-Dufur Bond A Mortgage Company will
handle municipal, drainage and road bonds and high class farm mortgages.
—On December 1, St. John Smith
retired from the firm of Morris A Smith
On that day Laurence J.
members of the New York Stock Exchange.
Hirsch and Arthur Rittmaster, formerly of the firm of
44 Broad Street,
conduct the regular general brokerage
collateral loan business
—James
S.
G.
H.
Hirsch A Rittmaster,
became general partners of Morris &
now
Morgan,
Smith and will
business in addition to the present
carried on by Morris A Smith.
formerly with Charles P. Britton A Co., and
Ebert, formerly with E. C. Rollins, are new connected with the
Investment department
of Rollins,
Kalbfleisch A Co., members of the
New York Stock Exchange.
—Berton R. Herring, formerly of Lee, Higginson A Co., is now
With the sales department of Federal Securities Corporation,.
associated
Dec.
111920.]
THE
CHRONICLE
and
is
2335
Jtotumettis.
GUANTANAMO SUGAR COMPANY
FIFTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING SEPTEMBER 30 1920.
New
Yorkt November 29 1920.
considerably better results will be obtained
To the
Stockholders of the Guantanamo Sugar Company:
The Directors
beg to submit the accounts of your Company
for the year
ending September 30 1920, and a copy of the
together with, the report of the General
Manager on the operations of the Company.
The accounts
have been audited by Messrs. Price, Waterhouse & Com¬
pany, and a copy of their certificate is appended.
The amount of cane ground was 332,055 tons and sugar
made 38,570 tons, as compared with 527,692 tons cane
ground and 57,343 tons sugar made in 1919.
The small crop
of this year was due to the extreme
drought experienced
during the growing season.
The average rainfall was only
28.02 inches, 69% of normal.
(| In spite of the small output of sugar, the financial results
of last year's operations are the best in the
Company's his¬
tory.
The gross Profits were S3,194,164 89, from which
has been charged off $454,016 46 to cover depreciation on
buildings, machinery and equipment and for replanting
cane; proportion of difference between actual cost and pre¬
war cost of capital
expenditures made in 1918, $33,479 39,
and $900,000 00 for taxes, leaving a net profit of $1,806,balance
sheet,
669 04.
At
special meeting the stockholders, who were repre¬
sented by proxy, voted unanimously to authorize the issue
of five shares of stock of no par value for each chare of
$50 00 par value then outstanding.
In accordance with this
vote, certificates for stock of no par value have been ex¬
changed for certificates of the old stock.
Your stock has
also been listed on the New York Stock Exchange.
Regular quarterly dividends were paid at the rate of 10%
annually for the quarters ending December 31, March 31,
and June 30.
An extra dividend of $5 00 per share was paid
June 30.
on
stock
improvements.
There is anticipated a
very considerable saving to the
Company in fuel cost for a favorable contract for the pur¬
chase of fuel oil to fill our
requirements has been entered
into.
The Guantanamo Railroad has
which
there
Since
has
authorization
the
been
paid
the
of
no
value
par
regular dividend of $.50 per
share and an extra dividend of $.50 for the quarter ending
September 30.
The capital outlay for the year for additions
and improvements to your property amounted to $420,301 67
as specified
in the General Manager's report.
a
Betterments include additional houses for
the
coming
equipped to burn fuel oil.
There has been installed the
necessary equipment of tanks and burners so that fuel oil
also be used at the factories.
as a whole, the
past season has been one of unusual
prosperity, your factories have been greatly improved and
your Company is in very strong financial position.
The
prospects are that the coming crop will be considerably
larger than that of the past year.
By order of the Board of Directors.
*
may
Taken
JAMES H. POST,
PROFIT
have
crusher and
a
from
mill
Soledad,
at
roller
mill
12
rolls.
A
is
At Ysabel
now
being
ACCOUNT
FOR
SEPTEMBER
30
THE
YEAR
ENDING
1920.
etc
$7,796,161 80
sales
61,691 80
$7,847,853 60
Deduct—Producing and manufacturing costs and shipping
expenses. Including New York and Guantanamo office
expenses
5.057,844 82
Profit
operations, before providing for depreciation
of mills and equipment or for
replanting of cane
$2,790,008 78
on
Add:
'
Interest
(net)
$152,122 57
Rents (net)
123.940 94
Miscellaneous (net)
128.092 60
404.156 11
$3,194,164 89
Deduct—Provision for depreciation of mills and equipment
and for replanting of cane
454,016 46
$2,740,148 43
Deduct—Provision for taxes and contingencies, estimated.900.000 00
$1,840,148 43
Deduct—Approximately one-third of the difference between
§re-warthe year ending September 30 charged to capital
and actual cost of new work 1918
uring
Profit for year
a new
which
mill
Central Ysabel has been
I.OSS
Gross sugar sales, less sea freight, commissions,
crusher
an additional
evaporator body at Ysabel and the boiler replacements at
Ysabel and Los Canos have been completed.
A number of important improvements will be ready for
operation at the beginning of the coming crop.
Ail mills
moved
AND
Vice-President.
33.479 39
employees and
school and welfare buildings.
In the factories
and engine have been installed at Soledad,
will
formerly burned coal
brought to Cuba only at very high cost.
For
season
the railway locomotives have been
be
can
Molasses
a
at these factories
these
account of
on
installed
has
as
a
$1.806 669 04
DIRECTORS.
ERNEST
BROOKS.
R.
WALTER
GEORGE
R.
BUNKER.
O.
LEWIS.
THOMAS
A.
HOWELL.
JAMES
LEIGH.
1
H. POST.
OFFICERS.
been
President
fourth
.
Vice-President
entirely new crusher and 12
installed.
It is anticipated that
an
.
.
.
.
1
.
.
JAMES
.
H,
Vice-President and General Manager,
O.
Secretary and Treasurer,
GEORGE
.
.
.
G.
POST
SAGE.
H.
BUNKER
GUANTANAMO SUGAR COMPANY.
BALANCE
SHEET
SEPTEMBER
ASSETS.
t
Cost of Properties—
Real estate, cane lands, buildings, equipment and other
permanent investments —
$5,688,346 89
Deduct—Betterments, charged to surplus, July 1 1911
30
1920.
LIABILITIES.
.
to
June
30
1915
Capital
Issued
and
no
par
value.
outstanding:
123,335 shares of no par value
$1,233,350 00
35.333 shares of unconverted $50 par val¬
ue stock (old issue)
1,766.650 00
425.643 07
-
Stock—
Authorized—300.000 shares of
$5,262,703 82
Advances to Guantanamo Railroad jCompany
7,688 Shares Held in the Guantanamo Railroad Co--Current and Working Assets—
Growing crop carried over
to 1920-1921
season
888,198 23
1 00
8ight drafts
unpaid
$45.000 00
269.748 51
Accounts
payable
Provision
for taxes and
contingencies
910.530 43
$437,236 91
-
1,225,278 94
Inventories:
Unexpended
Raw sugar on hand—162 bags
Moiasses
$3,540 67
2,743 17
Funds—
1920 dead season
maintenance.-
For
Stores and
supplies In stock
and in transit, at cost..
924,880 63
Materials and spare parts, at
current
repairs
and
$75.000 00
For depreciation
For depreciation
and extraordinary repairs..
of live stock
For replanting-_L
984.423 99
91 990 17
428.889 09
99.405 88
cost
1.580.303 25
1,030.570 35
Insurance unexpired, etc
Surplus—
70.263 93
Balance at September 30 1919
$3,537,482 08
Add—Profit on operations for the year as
Sundry accounts receivable and advances to
Col on os
$3,000,000 00
Current Liabilities—
less
reserves—
Investments, at cost
Cash in bank and on hand (New York and
820.394 99
1,714.438 46
Cuba)
per account
100,925 62
annexed
1,806,669 04
$5,344 .151 12
825 .000 00
Deduct—Dividends
4.173.830 26
CURRENT
4,519,151 12
$10,324,733 31
$10,324,733 31
—A.
NOTICES
Webb
F.
that he has disposed of his interest In A.
announces
Webb & Co., Inc., to the other members of the firm.
—The
"Pilgrim Calendar for the Year 1921,"
an
Illustrated historical
booklet in dainty form, standing with open page for successive months, has
been
compiled,
arranged
and copyrighted by
Leaver-Howland Press. 271
are now
Daniel
Franklin St., Boston.
S.
Knowlton.
care
Copies of this calendar
being sent by the United Shoe Machinery Corporation to Its friends
and patrons.
—The
inauguration
of
a
Classified
Advertising
Department
in
the
positions to fill,
desiring to add new departments to their business to make their wants
known through the columns of this publication, with assurance that they
will reach the
right persons.
on
by the same Interests under
the
name
of A. L. Jeliey & Co., Inc,
dealing in investment securities at 170 Broadway. New York.
—Bainbridge & Ryan, dealers In Investments securities at 66 Broadway,
New
York,
announce
that
Ralph
8.
Allen, formerly
with The National
City Company, has joined their selling organization.
—
•Chronice" makes It possible for patrons having vacant
or
carried
F.
The business will be
R.
Florida
M.
Grant
&
Co.
are
offering an issue of $350,000 Dade County,
(City of Miami county seat), 6H% Highway Bonds at prices to
yield from 5.65 to 6%, according to maturity.
—Geo. B. Gibbons & Co.. 40 Wall Street. N. Y., have
giving details of a number of municipal bonds offering
their
present
market
prices.
Issued
a
circular
attractive yields at
3336
CHRONICLE
THE
[VOL. 131.
THE CENTRAL TERESA SUGAR COMPANY
'.'v >■'
Baltimore, MdNovember 22 1920.
.
To Our Stockholders:
'i.
'
:
V;''. ''1':'"
"
comparative consolidated balance sheet of The Central Teresa Sugar Company of Maryland and
its subsidiary, Central Teresa Sugar Company of New Jersey, together with a condensed statement of earnings for the first
ten months of operation, ended July 31 1920, which is the end of the company's fiscal year.
The Central Teresa Sugar
Company of Maryland was organized September 29 1919 for the purpose of acquiring the Central Teresa Sugar Company of
New Jersey through the purchase of all of the capital stock and bonds of the latter company, and to provide sufficient work¬
ing capital for the operation of the business.
The statement of earnings covers the crop year of 1920.
The entire crop of sugar was disposed of during the period.
The abnormally high prices prevailing in the sugar market
greatly increased the cost of raw material, as under the profitsharing method in vogue in Cuba the farmers are paid for their cane on the basis of the prevailing market price for raw
sugars at the time the cane is delivered.
Operating costs were also increased due to the abnormally high cost of materials
and high labor costs.
These difficulties were, however, largely offset by increased efficiency in mill operation, so that the
final results are highly gratifying.
■
During the period, the company increased its net working capital $826,437 43 after expenditures for new improvements
costing more than $150,000 and the payment of $171,794 20 in dividends on the Preferred and Common stocks, leaving
the net working capital as of July 31 1920 approximately $1,000,000.
^
The policy of improvement to lands and mill, which was inaugurated at the beginning of the year, is being continued
with the view of further reducing production costs through increased efficiency.
About 600 acres of new cane were planted
on company land during the present season, part of which will be available during the coming crop.
Additional cane will
be planted on company land as rapidly as conditions will permit.
In addition to this, tenants are preparing for a consider¬
able amount of new planting.
Further improvements to rolling stock and to the mill have been made since the close of the
period, which improvements are now nearly completed and will further add to the efficiency of operation.
Your company is in excellent financial and
physical condition. The stand of the cane in our fields is extremely good
and all facilities for making and marketing a crop in excess of that of last year have been provided.
'
The company's books in Cuba were audited monthly, by Wm. P. Field & Co., Certified Public Accountants of Havana,
and a complete audit of both companies for the year was made by the American Audit Company of New York,
Respectfully
submitted,
A. W. GIESKE, President.
We submit herewith
a
^
#
.
^
#
■
.
.
.
.
<
i
CONDENSED CONSOLIDATED
AT
OCTOBER
31
BALANCE
1919 AND
JULY 31
SHEET
1920.
ASSETS
:'-v • ;"'V
....
•Oct. 31 1919.
PROPERTY AND PLANT—Real Estate, Factory, Railroad, Livestock and Miscellaneous Equipment
$3,497,087 08
*
CASH RESERVED for the Retirement of First Mortgage Bonds due January 1 1921 (see contra)
ADVANCE PAYMENTS—Cultivation Crop 1920, and other Deferred Debits
ADJUSTMENT of Interoffice Accounts
4
.
100,000 00
612,681 86
.........
...
.
July 31
1920.
$3,651,361 67
20,000 00
523,502 70
25,062 49
_
CURRENT ASSETS—
Cash
.....;
..
Accounts Receivable
*
Advances to Planters
Advances Account Contracts
Sugar
.
-
.....
.
-
.
...
Hand.
Hand—Sold, Undelivered
Supplies on Hand and in Transit
on
Molasses
105,560 32
19,261 62
166,447 63
*
...
...
Total Current Assets..
—...I—
617,821 05
LIABILITIES
4-V.
none
11,316 39
213,129 65
1,049,850 11
$4,852,652 48
$5,244,714 48
—
ASSETS...
PREFERRED STOCK—
\
'
' Vr
'
.<
V.:'. -V',4
Authorized
$1,750,000 00
$1,750,000 00
.-$1,750,000 00
$1,589,710 00
$3,500,000 00
1,750,000 00
$3,500,000 00
1,589,710 00
$1,750,000 00
$1,910,290 00
100,000 00
20,000 00
466,232 25
5 71,823 88
$311,349 88
7,749 28
$665,860 52
2,776 50
$319,099 16
$668,637 02
...
Converted and Retired
160,290 00
,.
Outstanding
COMMON
230,475 81
3,366 71
92,708 96
...
.
...
TOTAL
'
..
.
.
on
641,220 64
26,509 98
112.670 95
45,002 50
——
STOCK—
Authorized
Held for Conversion
;
;
Outstanding
...
FUNDED DEBT—First Mortgage Bonds due January 1 1921 ($80,000 retired during year)
...
<
ADJUSTMENT of Accounts with Plantation
1,000 00
CURRENT LIABILITIES—Notes, Acceptances, Accounts Payable and
Accrued Items
RESERVES—
For Depreciation and Income Taxes
For Doubtful Accounts
...
Total Reserves
SURPLUS
to
...
.4
Date...................
$467,321 07
CONSOLIDATED
STATEMENT OF INCOME AND PROFIT AND
Sales of Sugar
Cost of Production and Delivery.
LOSS.
i___
$2,738,638 29
1,571,980 89
I
Profit
;
Expenses of Baltimore Office
Interest, Insurance and Taxes
Reserved for Depreciation
$1,166,657 40
""I
I."....II.
"""
...
~
Reserve for Income Taxes
.i
"
1111111111111111..II
...
Net Income Available for Dividends
Dividends Paid:
Preferred
FOR
57
08
85
98
$95,382 60
76,41160
YEAR
480,021 48
u
171,794 20
$514,841 72
THE CENTRAL TERESA SUGAR CO.
(of Maryland)
OFFICERS
A. W.
$49,870
75,288
169,257
185,604
$686,635 92
Common
SURPLUS
$5,244,714 48
FOR THE YEAR ENDED JULY 31 1920
1
Gross
$983,253 58
$4,852,652 48
TOTAL LIABILITIES
GIESKE, President
H. A. TINGLEY,
Vice-President
E. E. WELLS, Secretary and Treasurer
'
A. W. GETHjACH, Assistant Secretary
1
DIRECTORS
A. W. GIESKE
E. E. WELLS
PHILIP L. POE
H. A. TINGLEY
V. G. DTJNNINGTON
-
J. B. H. DUNN
ENOS S. STOCKBRIDGE
s
Dec.
THE
111920.]
An
<2£toe <&ommzxtwl %imzs.
COMMERCIAL EPITOME
trade
are
on
cases
as a
where
rule is
And retail
prices were sharply cut.
only fair where it is not quiet.
Retailers
awaiting the opportunity to unload high-priced stocks
the public at the holiday season, but many consumers
the turn of
largely a game
of hide-and-seek, a spectacle which is not too edifying.
It is
not likely to go on very long.
Wholesalers had to liquidate.
They had virtually a plain intimation to that effect some
time ago.
It is now the retailers' turn.
Their tactics have
not escaped observation, in banking quarters.
What the
country needs is a liquidation of retail stocks, a decrease in
the price of labor, increased production, and finally lower
prices, releasing funds badly needed for construction and
other purposes throughout the United States.
There is
growing unemployment.
And this, with half-time in many
of the textile and other mills, means deficient production.
Yet production everywhere should be speeded up and prices
reduced to a point that will square with the reduced biiying
power of the people and bring about a return to normal
conditions in harmony with the wTorld financial resources
on a
conservative basis.
Despite some declines in prices
since early in the year, the world is really suffering from
the heavy cost of living coincident with under-production.
There would be a big consumption in this country and
elsewhere in the world, no doubt, if production could be
increased
to a point that would bring down prices.
A
liquidation of labor, following the recent great wholesale
liquidation of merchandise, is essential, and so, of course,
is an ending of the absurd position, to put it mildly, of retailers who refuse to pass on to the consumer the big de¬
clines in wholesale prices.
In the deadlock which exists
in this country between retailers and consumers there can
be no manner of doubt that consumers will win.
It is grati¬
fying to notice that farmers are selling their wheat, corn,
hogs and potatoes more freely, even at lower prices.
In
fact, potatoes are down to the lowest price seen this year.
Butter has fallen 5 cents a pound this week, making 13
cents or more in a fortnight.
Some 10,000 casks of butter
have
just arrived
from Denmark and more is coming.
Prices for wheat, corn, oats, lard, pork, coffee &nd sugar are
all lower than a week ago.
Cotton is somewhat higher, and
the feeling in that branch of trade is rather more cheerful.
In some directions prices of merchandise show more steadi¬
ness, but iron and steel are dull and depressed.
Building
operations are on a smaller scale, although prices of ma¬
are
waiting, expecting a decline in prices after
On the part of the retailer it is
the year.
terials have been cut at Chicago.
not cut long ago,
the
things.
a
pity that they were
not only there, but everywhere
throughout
In the holiday trade fancy articles are espe¬
country.
cially dull.
It is
for useful
Western cen¬
Whatever demand exists is mostly
The mail order business of the great
tres is much smaller than a year ago.
duced here and there by
Stocks have been re¬
cutting prices; it is impossible to
The big industries of the coun¬
they were a week ago. Some
300,000 textile workers in New England and New York
State seem likely to have their wages reduced 22%%.
As
the case stands, the mills are working only two and three
days a week, something which of course keeps down pro¬
duction and keeps up living costs.
Many mills have shut
down altogether.
It is not every concern that can go on
producing for any great length of time without selling the
product.
As the case stands, labor will have to take lower
wages, for wages come out of production.
Besides, if pro¬
duction increases, it will mean lower prices, and the work¬
men's dollar will go further; it is as broad as it is long,
seeing that a dollar is worth only what it will buy..
get rid of them otherwise.
try are even less active than
Meanwhile failures are increasing.
(
In fact, they are the
past, reaching 337 for the week,
against 296 last week, 115 for this week last year, 139 in
1918, 273 in 1917, and 318 in 1916.
There appears, more¬
over, to be a decrease in the winter wheat acreage of some
3 to 5%, though on the other hand the crop is looking 5%
better than it did a year ago.
Europe, including Spain,
largest
for
increasing number of chain stores are being estab¬
lished in
this country,
four years
because of the refusal of the ordi¬
retailer to lower prices.
This may be a permanent
change for the better, so far as both the consumer and the
nary
producer
York, Friday Night, Dec. 10 1920.
Wholesale trade is even duller than it has been, except in
New
isolated
3337
CHRONICLE
to
Distribution
concerned.
are
is
done now
being
increasing extent by stores under the control of pro¬
an
ducers
who
purblind
stores.
tired
are
retailers.
There is
try, too, to buy
having their market blocked by
factories are establishing retail
tendency in some sections of the coun¬
a
directly of the producer.
Con¬
producer, in other words, are getting in
and
sumer
of
Shoe
closer
even
more
touch.
This is no doubt one of the compensations of the
blocking of distribution by the retailer who could see no
further than the tip of his nose, if that far.
_
A Boston dispatch states that
tile
workers
following
a
will
be
wages of New England tex¬
22%% within a short time,
practically all textile
reduced
meeting there in which
manufacturers of the New England States were
ed.
represent¬
Approximately 300,000 operatives, it is said,
affected.
Forty
vicinity of Philadelphia
operations.
London
and
A
predicts
maintain
are
Bradford,
"Times"
says
trouble
that the
be
700
Ifngland,
woolen
if
will
textile mills in the
closed and 25% have reduced
cent of the
per
mills
correspondent of the
merchants
insist
on
are
overstocked,
Some
contracts.
slowing down of business, coupled with
the recent big decline in prices of commodities, will result
in an accumulation of unemployed capital and an easing of
the money market.
A reduction in the working force of the
General Electric Co. at its Schenectady plant is under way,
and in the last few weeks
been laid
off indefinitely.
upwards of 3,000 employees have
Philadelphia clothiers will
suspend operations this week, as originally intended,
definite plan of action has been agreed
no
not
and
Contrac¬
upon.
tors, however, say they cannot operate their shops success¬
fully and
pay
existing union wages.
N. C., are offering
good business.
nearly
75,000
ments of the
Retailers in Raleigh,
big reductions in all lines and report a
It is the only way.
in
men
Detroit
There are said to be
without
work.
All
depart¬
Amoskeag Mfg. Co., of Manchester, N. H., ex¬
cept the worsted department, which is shut down, will op¬
A deep cut in
S. C., has, it is
declared, been made following a cut of 10% made a few
weeks ago.
A number of mills in Alabama announce wage
reductions of 20%, with hours cut from 60 a week to 55.
Sixteen thousand clothing workers of Greater New York
are locked out by manufacturers because
of their refusal
to return to the piece-work system.
The Erco Mfg. Co., of
Fall RiVer, Mass., makers of cotton waste, and the Tyer
Rubber Co., of Andover, Mass., have reduced wages.
erate only the first three days
of the week.
the cotton mill at Bennettsville,
wages at
In the stove trade manufacturers and labor unions have
failed to agree on a new wage
for
a
men
demand an increase
The National Industrial Conference Board, having
15%.
of
scale, the former holding out
11%, while the
reduction of
representing 95% of the nation's
widespread industrial depression, in
spite of which no serious or general unemployment, it is
claimed, has as yet developed.
Unemployment is greatest
in New England, because of the depression in textile in¬
dustries and in parts of the South idleness is said to be
reports from 45 States,
population,
reveals
growing generally.
Cement is down to $2 25 a
ents having met the
universal
barrel net, Chicago, independ¬
Portland cement level.
Roof¬
ing manufacturers started the downward movement with
a
cut of 25% and claim that their prices are down now
Lath dealers there propose to close out
37%%.
for $9 to
$12 stocks which cost them $16; plaster is off 11%; sand¬
stone and gravel, 17.6%; hollow clay partition tile, 25% to
27%; cement, lime, coping and flue lining, 10%, and asphalt
and shingles, 28%.
Montgomery, Ward & Co., of Chicago, report a decrease
of 22.69% in their November sales, as compared with No¬
vember last.
The Clothing Manufacturers' Association of
Boston has voted to break all relations with the Amalga¬
mated Clothing Workers of America.
They accuse the
workers' organization of disregarding agreements and en¬
couraging reduced production, thus raising costs 50%. The
First National Bank of Medina, N. D., has been closed,
making 23
State banks and one National bank closed in
recently.
The second cut in the price of
two weeks at Cleveland was announced when
North
Dakota
bread
in
Italy, Germany and Greece, is buying our grain on a big
scale.
The total exports of wheat for the week being in
pound loaves retailed at 12 cents.
Why is retail trade dull?
Because the public
8,500,000 bushels, bringing the grand total for
the season up to nearly 220,000,000 bushels, or some 70,000,000 bushels larger than during the same time last season.
pay war
round figures
Corn exports thus
some
far this season are 5,200,000 bushels, or
total up to this time last
five times larger than the
But cotton exports are .well behind those of a year
Export business in this country may, however, be in¬
creased if the project be undertaken at Chicago in a few
year.
ago.
convention of bankers and merchants is success¬
formation of an export corporation with
$100,000,000 capital, which under the Edge Act would pro¬
vide credits for ten times this amount, or $1,000,000,000.
An adverse feature of the week has been the decline in
stocks, but the mercantile community hopes and believes
that security liquidation is nearing its end.
days by a
ful, looking to the
refuses to
prices. It is said that some retailers charge $150
per yard for chambray cotton goods.
The highest whole¬
sale price this year is said to have been 37c. to 40c. per yard,
with present prices 20c. to 22%c.
Raw sugar has fallen
from 23c. to 4%c.
And refined sugar, of course, has also
had a very sharp decline.
Anthracite operators have re¬
jected workers' demands for a general $6 per day minimum
wage for eight hours.
The operators say there is plenty
of labor to be had at present rates.
Brazilian importers
plan of New York exporters, by which 66%
on merchandise be paid at once and the
remainder within six months.
The trade situation in Bra¬
approve
of
of
amounts
a
due
zil, it is stated, will be greatly relieved thereby.
William R. Chapman, a walking delegate for the
Trades'
Council,
was
arraigned with Robert
Building
P. Brindell,
I
THE
2338
president of the council, on an indictment charging extortion.
Both men pleaded not guilty.
Chapman was held in $50,000
bail.
No additional bail was asked of Brindell, who is
out
now
$100,000 bail on other indictments.
on
prime western 15.65 @15.75e.; refined to
19He.; South American 19H<l; Brazil in
of the. market and there is little being
by dealers.
Smoked ribbed sheets were quoted at
17J^@18c.; first latex crepe 18H@19c.; brown crepe, thin
clean, 15He.; Central Corinto 13@14c.; Para-up-river 20Ma.
facturers remain out
done
Continent
kegs 20 He.
Futures have declined somewhat when grain
hogs have dropped.
At other times they have ad¬
Rates at many ports are
grain, flour and lumber.
grain despite a decline in hogs.
The number of
hogs in this country is estimated as over 6,000,000 less
than a year ago.
The price of hog products based on present
cost of hogs is figured as below the cost of production.
On
the other hand however, cash trade both for home and
export account has been small.
Packers have sold. Lard
shipments were 8,570,000 lbs. against 8,919,000 the week
previous and 13,431,000 a year ago.
Today prices were
lower and they end 50 to 100 points off for the week.
DAILY
PRICES
CLOSING
OP
FUTURES
Tues.
IN
Wed.
14.75
14.75
14.95
14.02
January delivery_.cts_14.90
May delivery
14.45
PORK
LARD
Mm.
Sat.
14.52
14.55
CHICAGO.
Thurs.
14.35
14.37
COFFEE
on
13.97
13.92
mess
the spot quiet but steady; No. 7 Rio 6 Mo.;
No. 4 Santos 10@10p£c.; fair to good Cucuta ll!4@ll%c.
Futures have declined with Brazil's prices lower and trade
and
Evidently Brazil is more disposed
quotations fell.
Germany
has removed its restriction on the importation of all but the
finer grades of coffee.
Talk of a Brazilian loan and possi¬
bility of an import tax at American ports had little, if any,
effect.
Congress has hitherto been averse to taxing the
breakfast table.
To-day prices declined and they end about
40 points lower for the week
to
speculation dull.
sell.
Both
Rio and Santos
6.45 @ 6.501 May.
7.(<3@7.05|
December
March
7.42 @7.431 July
@ —
jSeptem >er___7.75@7.77
„
SUGAR
steady; centrifugal, 96-degrees test, Cuban,
5.76c.; Porto Rican, 5.61c.
Futures declined to the basis
4.50c. for Cuba cost and freight; later sales were at
4 l-16c. full duty.
Refined has been dull.
Offerings of
raw have increased at
the new "low."
Buyers have been
of
plainly averse to going ahead aggressively.
For at Cuban
ports stocks are stated at 243,896 tons, against only 57,434
tons a year ago and 145,063 tons at this time in 1918.
Peru
sold at 4.25c. e. i. f., a decline of Ma.
A Havana dispatch
says the revised Government figures place the
1920-1921
Cuban sugar crop at 3,500,000 tons, a decrease of about
250,000 tons from the previous season.
The moratorium
may be further extended until April, modified so as to permit
gradually increased withdrawals of funds from banks.
A
measure
to provide for the extension of credit to foreign
governments for purchase of sugar will be introduced in the
Cuban Congress.
To-day Porto Rico sold down to 5.01c.
o. i. f., a decline of Ma. from yesterday, and equal to 4c. for
Cuba cost and freight.
To-day prices declined and they
close at a very sharp loss for the week.
Closing prices:
December
4.61 @4.62
4.75@4.77
4.12@4.14|February -__4.36@4.41|M<w
January—__4.27@4.291 March
OILS.—Linseed
Jan.
better
demand
and
firmer.
Dec.-
carloads
bbls.
in
_4.46@4.48! July--
82@84c.; less than carloads 86@90c.; five
less 93@95c.
Linoleum interests are reported to
be inquiring for oil.
Ceylon, bbls. 13H@14c.; Cochin
13% @14.
Olive $2.75@$2.90.
Cod, domestic 75@76.
Newfoundland 80 @82.
Spirits of turpentine 83.
Common
to good strained rosin $9.50.
steady; refined in
bbls. 24.50@25.50c.;
Gasoline remains
unchanged prices; steel bbls. 33c.; wood bbls. 41c and gas
machine
50c.
According to many reports the refined
petroleum output is steadily increasing.
On the other hand
bulk 13.50@14.50c.; cases 26.50@27.50c.
at
the demand from
^
consumers
is gradually decreasing.
Ac¬
cording to the Oil City Derrick developments in the oil
fields have been favorable of late.
One Co. is said to have
struck oil in well No
3 of the Freeport Texas County.
Reports say that the well is making 500 bbls. at 1,970 feet.
No important developments were reported in the Gulf
Coastal region, but production is heavy and no further re¬
ductions
are
looked for.
$3 83 Strawn
3 77 Thrall
3 77 Healdton...
Pennsylvania.......$6 10 Indiana
Corning
4 25 Princeton
....
4 46
Cabell
Somerset,
and
32
above
Ragland
Wooster
North Lima
South
Lima
IUinoIs
3 48 Moran
Plymouth
deg.
4 50
Kansas
8c
Henrietta
Okla¬
from
$3 00
3 00
2 75
3 00
3 00
homa
3 50 Oaddo, La., light. 3 25
2 60
2 50
4 05 Oorsicana. light... 3 00 Oaddo. crude
3 40
3 73 Oorsicana, heavy. 1 75 De Soto
3 63 Electra
3 50
RUBBER
quiet and lower.
There was some demand
factory interests late in the week, but big tire manu¬
i
and
weak.
Atlantic Range to Barcelona 40 cents per
coal from Atlantic Range to a French Atlantic port $8 50
100 lbs. prompt;
lantic range to Spain 42H cents per 100 lbs. Dec.; coal from Atlantic range
to Malmo,
$9 50;
to Valparaiso $7 50 prompt;
coal from Virginia to
Ensanada-de-Mora $7 50; 10.000 ton steamer, three months' time charter,
$2 50 December; 25.000 quarters grain from a Gulf port to the Mediter¬
ranean, not East Italy 12s.;
coal from Atlantic range to West Italy $9 50:
from
Philadelphia to West coast of Italy $8 50 prompt;
mahogany from
Nicaragua to a Gulf port 89; coal from Atlantic range to Rotterdam $5 75;
18,000 quarters grain from St. John N. B. to Leith 9s, Dec.; grain from
River Plate to the Bordeaux-Hamburg range $9 if lower loading ports or
if upper ports
$ 0 50. February-March;
coal Atlantic range to west coast
South America $7.
TOBACCO has been in only moderate demand as a rule.
for the most part it has been light.
The more
grades may be held with some degree of steadiness
but lower grades are evidently in no great demand and it is
supposed that prices for such tobacco are, if anything,
tending downward.
North Carolina and Kentucky growers
complain bitterly of low prices.
Owensboro, Kentucky,
wired Dec. 6, "The lowest prices in years were quoted at the
opening of the Green River District tobacco market here
to-day when 100,000 pounds of dark leaf sold for an average
of slightly less than $5 a hundred pounds." Two-thirds of
the growers rejected the sale.
Last year's opening day
prices averaged $22 15 a hundred on a sale of 635,000
pounds.
It was rumored that growers would agree to store
their crops until prices commensurate with production costs
In
fact,
desirable
Later it
could be obtained.
was
said that all the warehouses
of the Warehousemen's Association of Eastern North Caro¬
on Dec. 17 for an indefinite period because
prices prevailing for tobacco.
An Owensboro,
Ky., despatch of Dec.9 said,that serious outbreaks are feared
there because low prices threaten the farmers of the Green
River District with bankruptcy.
Five of the seven ware¬
houses holding sales at Owensboro, Ky., have agreed to
lina will be closed
the
of
low
The sales
close.
on
the 9th instant
were
at
about $3 per
100 lbs.
higher than on the 8th inst.; 72,420 lbs. sold at an
average of $8 78 per 100 lbs.
But growers pay little atten¬
tion to this.
They want the market closed, until prices
are higher.
COPPER
steadiness
from
on
the strength of British prices, the
sterling exchange, and an increasing demand
firmer
of
domestic
consumers.
On the whole there is
a
better
feeling in the market; it is reported that surplus stocks have
been greatly reduced, by large holders, and it is expected that
the output will fall below the average consumption rate.
These things have also helped to strengthen the market.
Electrolytic was quoted at 14@14He.
TIN
higher; spot 36c.
There is a better feeling in the
a long time past.
One of the leading factors
was the fixir e of a minimum price for Singapore
tin by the Malay States government.
This naturally dis¬
courages selling both here and in London.
Lead advanced
to 5@5Ma. for spot New York.
For the first time in'two
months there were exports of lead from this port reported of
about 500 tons as compared with none in November and 100
tons two months ago.
Zinc, like other metals, advanced;
spot St. Louis was quoted at 6Mo.
trade than for
of the week
PIG IRON has been dull and depressed.
The November
output was 97,830 tons daily against 106,212 tons a day in
October.
Since Oct. 1, sixty-seven blast furnaces have been
closed down and
production is about 20% less than in the
But lowered prices tend to check
That is assuredly in some sort a
compensating circumstance not to be ignored.
active month of March.
cancellations of
or
PETROLEUM
dull
Most of the traffic is in
Bunker coal is lower.
Fri.
$30 @$31; family $44 @$49.
January
closed at $22 50 showing a decline of about $1 for the week.
Beef also quiet;
mess $19@$20;
packet $21 @23; family
$27 @$28; extra India mess $46@$48; No. 1 canned roast
beef $3 25;
No. 2 $8 25.
Cut meats quiet and lower;
pickled hams 10 to 20 lbs. 19%@19%c.; pickled bellies
10 to 12 lbs.,24@25c.
Chicago wired that last week the
shipments of cured and fresh meats from there were 54,492,-.
000 lbs. against 38,834,000 in the previous week and 91,311,000 a year ago. 'Canned meat shipments were 33,122 cases
against 19,460 in the previous week and 31,302 a year ago.
Butter, creamery extras 52H@53c.
Ten thousand casks
just arrived here from Copenhagen.
Cheese, flats 20@28c.
Eggs, fresh gathered extras 91@92c.
quiet;
remained
have
falling.
Charters included grain from
and
vanced with
FREIGHTS
OCEAN
LARD declined;
the
[VOL. 111.
CHRONICLE
orders.
STEEL has remained dull and there is talk
now
of sheet
prices being marked below the U. S. Steel Corporation level,
the West.
There is some scepticism as to reports that it
actually been done.
That such statement should be
in circulation, however, is perhaps not without a certain
significance.
As the case stands the reported lowering of
prices to the Corporation level has certainly not stimulated
trade.
Composite iron and steel has fallen within a week
$2 20.
Mill pipe in some cases is said to have been cut under
the corporation price, but even at this rate trade has not been
at all brisk.
At the moment the steel trade is drifting.
in
has
December is expected to be a quiet
month.
The production
reported by the American
showed a decided falling off, i. e.
2,638,670 tons against 3,015,982 tons in October, a decline
of about 12H%.
Of the total 1,961,000 tons were open
of steel
ingots during November,
as
Iron and Steel Institute,
hearth, 673,215 Bessemer and 3,594 all other grades.
WOOL has in the main been dull and weak.
Even the
higher grades have declined, to say nothing of medium and
lower grades.
But prices are now down, it is figured, to
or
nearly to the pre-war level.
And there is a growing
feeling that the downward swing is nearing its culmination.
Retail goods' prices have been cut to some extent and
probably will be more.
This will reduce retail stocks and
open up a chance for the mills.
They are certainly running
on a restricted scale
now, even more so, it is understood,
than on Nov. 1 when the Government investigation showed
DEC.
looms, cards, dombs and spindles.
It
7% in worsted spindles, as compared with Oct. 1.
The percentages of idle looms to the total reported were:
broad looms 46.9; narrow looms (50 inches reed space or
less) 37.7; carpet 38.5; cards 39.5; combs 32.8; worsted
spindles 34.8; woolen spindles 42.8.
Recent sales were of
fine and half-blood staple northwestern at estimated clean
costs of 70c. and 65c. for fair quality; Texas twelve months
at about 73c., clean basis quarter-blood; Ohio wool at 33c.
for choice combing; at 65c. to 70c. for best Australian; 45c.
or less for very fair Capes, but sellers few; good scoured B
supers sold at around 40@45c., and good scoured threeeighths at 50c.
At the opening session of the wool auction
at
Perth, West Australia, on Dec. 6, 5,800 bales were
offered and 2,600 bales
sold.
Greasy superior merino
reached the appraised prices; good and medium merino
averaged 15 to 20% less.
Inferior and faulty grades were
ignored.
At the wool auctions in Australia on the 7th inst.
prices were noted with a serious fall.
At Fremantle, West
Australia, report owners, it is said, withdrew 55 to 60%
of the offerings; prices were irregular; good worsted white
scouring 64s. clean landed basis of 90c.
At Melbourne
prices were weaker; offerings were rather poor; withdrawals
increase in idle
an
was
,
The following shows the week's total receipts, the total
Aug. 1 1920 and the stocks to-night, compared with
since
over
last year:
70%.; English and Continental buyers were the principal
At Sydney the selection was also poor, and
operators.
Continental operators took the bulk.
descriptions especially of the Bradford topmaking
type of merinos, were down about fourpence a clean pound.
At New Zealand sales in Christchurch on the 7th inst. only
about 40% of the 5,500 bales offered were sold.
Prices
opened rather weak but grew firmer later.
Fifty-sixes
were at 15d. first cost, or about 45 cents clean landed basis;
fifties at one shilling, or about 36 cents clean landed and
forty-sixes at 8d., or about 23 cents clean landed.
There
will be a sale at Timaru to-day when *2,500 bales will be
offered.
The sale scheduled at Dunedin on Dec. 14 has
been canceled.
At Adelaide, 10,000 bales will be offered
on Dec. 18.
At the wool auction in London sales on Dec. 7
10,800 bales were offered, but only 25% was sold. Merinos
and crossbreds were from 10 to 20% lower.
At London
on Dec. 9 offerings were of 10,934 bales, embracing good
selections of merino crossbred.
Barely 2,500 bales were
sold.
Medium greasy merino fell rather below the opening
prices.
The Government has apparently reduced its limits
on these grades.
A fair proportion of Sydney sold at 10^d.
to 23d., Queensland 18d. to 29d.; Victorian 19d. to 243^d.:
West Australian 13^d. to 22d. and a lot of New Zealand
greasy crossbred at 14)^d. to 2Id.
At Sydney, Australia,
the sales closed on the 8th inst.
Forty thousand bales were
offered and 16,000 sold.
It was a medium selection, but
prices weakened with demand small; the best merino fell
5 to 10% and medium and inferior 20 to 30%.
At the
Melbourne wool sales on the 8th inst. prices fell 10 to 20%.
The scheme of the Australian Wool Realization Association
to take over and dispose of 2,000,000 bales of wool held by
the British Government is receiving the active support of the
Commonwealth Administration.
V
withdrawals heavy.
Some
...
1920.
Alexandria, Egypt,
Nov.
This
Galveston
Texas
Since Aug
This
1 1920.
Week.
10
week
Port Arthur, &c_.
New Orleans
Mobile
Pensacola
"""935
Jacksonville
Savannah
15,405
Brunswick
326,009
200
8,474
35,570
44,154
110,255
..
Charleston
2,482
3,358
9,325
Wilmington
Norfolk
New York
922
126
99
Boston
429
N'port News, &c.
Baltimore
4,899
14,793
17,112
2,948
1,491
442
Philadelphia
Totals-
1
Since Aug.
—
we
Week. Aug.
1.
Week. Aug.
1.
71,358
5.784
25,548
19,943
25,981
8,408
12,036 132,849
59,293
7,425
40,141
7,881
5,490 54,344
14,606
4,300
2,779
1,254
14,117
79.880
32.832 286.627
—
33,404
29,529
106
188
2,504
13,409
14~, 946
210,301
227,143
147,395
158,476
200,130
243,169
200
2,482
3,358
9,325
Charleston,&c
Wilmington..
Norfolk
N'port N.,&c_
All others
Tot. this week
Since
Friday Night, Dec. 10 1920.
500 7
5.677
2,070
11,179
11,489
14,837
of
indicated by our
given below.
213,328 bales.
Sat.
Receipts at-
11,014
jralveston
rexas
Tues.
Wed.
11,327
21,129
12,830
City—■—
Flouston
10",344
—__
8,856
9,115
11",203
256
412
269
Vlobile
Pensacola
Facksonville
Savannah
Brunswick
10,751
Fri.
13,883
Total.
80,934
25",596
15,252
11,455
569
13", 567
660
the week ending this evening reach a total
122,382 bales, of which 52,199 were to Great Britain,
8,933 to France and 61,250 to other destinations.
Below
are the exports for the week and since Aug. 1 1920:
987
12.237
828
66,433
2,994
—
2,013
"950
124
"302
"l"06
"296
704
2,482
677
882
708
408
204
479
1,449
1,369
2,540
892
1,825
1,250
3,358.
9,325
126
126
"214
""60
429
1,491
1,491
100
442
3,296
1,092
200
ST'port News, &c_
STew York
""65
""34
155
3oston
Baltimore
26,543' 25,276
50.428
15,405
200
99
"i55
45
Philadelphia
Totals this week
2,218
3", 933
.
Charleston
iVilmington
Norfolk
2,853
"l42
29,488
45,129
From Aug.
10 1920.
Week ending Dec.
<
■
Exported to—
1 1920 to Dec. 10 1920.
Exported to—
Exports
Great
Great
rom—
Galveston
17,910
__
l
■
Texas City.
15^252
Houston
San Antonio
33,183
8,980
2,709
127,259
44,111
650
650
■
,
^
rnrnrnm
....
—
^
«*
..
mm
^
rnm
mm
mmrnrn
....
mm
m ^
'
650
m
177
'
1
^
,
mmmm
—
mm mm
mmmm
'mm
*mmmmm
rnmrnmmm
mm'mm
"
mm
m m m m
Mobile.....
m
1,310
11,056
New Orleans
■'
950
308,570
11,682
'**•«,
m
m
39,880
m
800
3,935
'
Savannah
7,566
5,200
m
2,531
Brunawick-z
....
rnmm
mm
m
m
M,
m mm
mm
■,
....
m m
Angeles
^
mm
m
....
m
m
m
m*Cm
mm
mm
38,036
25,575
119
3,287
2,029
39,157
5,690
3,624
mrnm
mmm
....
78,834
63,711
Total 1918..
8,933
11,550
4,610
mrnmmmm
"*
'
mmmm
2,697
10,574
mmmrnmrn
mmmmrnrn
mrnmrnrn
mm
......
....
....
52,199
2,697
■
m
•558
558
■''rnmmmmm
mm
2,441
1,882
7,427
7,452
1,246
/mm
2,441
1,882
..
196,909
m
5,399
30,650
349
mmmm
....
■
mm
10,075
6,130
mmm
«.
2,800
30,650
mmmrnmm
mm »
27,961
'mmtmm
-
■
m
5,553
3",130
2,423
New York..
mm mm
84,482
■
4,800
mm
4,
mm
2,284
4",800
Norfolk
mm
....
■mm
mm
35,206
2,599
mrnrnm
....
.
Wilmington
mm
77,221
7,427
12,766
2,531
701
'•
701
■
Jacksonville
Charleston
m
mm
....
....
mmmmmm
88,562
6,957
20,61.4 32,980
177
950
180,128
-
PortNogalez
3,377
3,377
mm mm
mmmmm
m mmmm
"
-
El Paso
Total.
474,019 1,101,424
3,073
14,762
62,023
233,393
195,243
432,162
10",344 25",596
mmm
mmmm
650
Arthur
Port
Total.
Other.
France.
Britain.
Other.
15,273
France.
Britain
10,547
4,776
3,125
14,776
3,125
791,939
329,891
902,451 2,024,281
44,946 135,330 1,169,601
894,910
69,660 137,981
217,374
855,826 2,242,801
194,199
537,2441,626,353
61,250 122,382
telegrams to-night also
give us the following amounts of cotton .on shipboard, not
cleared, at the ports named.
We add similar figures for
In addition to above exports, our
On
Shipboard; Not Cleared for—
Ger¬
Britain. France.
10 at—
New
Other
Con t't.
Orleans.
1,726
4,235
1,000
39,598
14,065
.
.
Savannah
wise.
I
_
Total
1920..
1919-- 166,381
1918.
......
59,870
Total
Total
_
Estimated,
9,186
26,800
27,074
81,031
a
33,437 210,301
245,851
395.775
142,136
242,653
9,980
64,801
19,490
67,256
300
300
200
700
...J...
3,000
......
1,100
6,000
I
2,000
ports*.
1,500
......
Stock.
95,081
46,427
9,0C0
1,500
8,132
1,000
200
York*
Other
1.000
j
al,900
Norfolk
New
Total.
34,488 : 2,000
19,080 —.
17,269
9,047
7,000
"4",007 "2",225
Mobile
Leaving
Coast-
many.
Charleston
34,516 59,168
3,671 142,001
•
50,060
4,800 167,540 1,187,942
19,413 358,266 1,261,464
16,415 174,580 1,235,215
7"
1,400 Japan.
'
■
Speculation in cotton for future delivery has been on a
but for a time at higher prices. The feeling
moderate scale,
in the fore
advanced
part of the week was
and
also
stocks.
stronger and demand was
early in the week.
vance
_.
4,000
4,715
1,659
21,326
The exports for
hopeful.
'
987
Port Arthur, &c._
STew Orleans-
Thurs.
3,214
21.615
of
*
Mon.
71,914
15,086
41,745
Aug. 1__ 2,921,265 3,164,593 2,357.795 3,179,576 4,326,808 3,645,796
Galveston
,
For the
receipts have peached
210,301 bales, against 231,762 bales last week and 219,756
bales the previous week, making the total receipts since
Aug. 1 1920 2,921,265 bal^s, against 3,164,593 bales for the
same period of 1919, showing a decrease since Aug. 1 1920
telegrams from the South to-night, is
week ending this evening the total
1915.
1916.
69
15,405
Brunswick
Dec.
OF THE CROP, as
3,823
5,297
10,590
5,663
11,792
COTTON
THE MOVEMENT
59", 156
12,522
4,233
7,672
2,994
Savannah.
Great
I
20",590
19,000
126
Mobile
14,606 146,083
Total exports
75,591
55,556
103,694
2,461
26.583
66,433
Orleans.
Total
To Manchester, &c
To America
~6~, 808
348,825
2,099
244,153
42,031
65,101
"2",059
'
To Liverpool
To Continent and India.
151,136
81,209
19,424
46,000
7,005
26,301
5,000
8,821
2,238
24,377
7,148
5,646
TexasCity,&c.
New
'
Week. Aug. 1.
456,888
25,429
18,112
36,775
8,594
50,895
2,909
24,329
2,000
7,006
1,883
10,488
42,930
1,380
47,920
5,105
28,024
69,441
19,650
46,599
10,269
29,266
3,000
14,851
80.934
Total 1919..
Exports (bales)—
442",202
1917.
1918.
1919.
1920.
Receipts at—
Galveston
San Fran
Since
Since
Since
4,649
be made with other years,
give below the totals at leading ports for six seasons:
Los
261,520
2,010,118
345,159
2.409,013
159.419
1,296,172
...
358,925
90,148
3,164,593 1,355,482 1,619,730
210,301 2,921,265 227,143
....
—
1919.
1920.
340.932
In order that comparison may
Seattle
....
Stock.
Since Aug
1 1919.
69,441 1,037,620
132,375
19,407
23,319
"243
19,390
468,871
46,599
161,270
10,269
11,170
'545
7,265
699,452
29,266
90,800
3,000
159,670
•14,851
84,367
11,489
181,562
14,837
69
1,477
256
11,474
472
9,575
55,072
5,082
9,864
1,317
80,934 1,448,695
12,283
233,393
25",596
987
7,722
615,004
66,433
38,097
2,994
City
Houston
Tacoma
This
..
1919.
Week.
Dec.
Philadelphia
1918.
17
Receipts (cantars)—
...
Receipts to
Baltimore..
SHIPMENT.
1919.
:
■
.
.
1920.
Boston
ALEXANDRIA RECEIPTS AND
2339
CHRONICLE
THE
111920.]
At times wheat
Spot
markets were reported
better.
They actually did ad¬
And some stress was laid on
the
Finance Association would be re¬
vived.
It was assumed that it would mean a notable stimu¬
lus in the export trade of cotton, grain, etc.
Also at one
time the tone in the dry goods trade was more cheerful.
reports
that
the War
rains occurred in parts of the South, and delayed
picking, etc.
Some reports said that unless
there is an advance in prices much "of the unpicked cotton
in the
Southwest will not be gathered.
Germany sent
Heavy
field
work,
cheerful reports.
And these did not come
altogether from
mo
German
THE
Some
sources.
there
over
of the
conditions
say
members of the
steadily
are
trade
improving
Some take the ground that with
many.
CHRONICLE
now
in
Ger¬
phatically
[VOL. 111.
against
it.
be established
may
the exception of
$100,000,000
however,
export
corporation
providing credits for
$1,000,000,000.
Belgium, German business is really in the best shape of
any of the Continental countries.
It needs coal and ships,
A
there,
in cotton with
but "where there's
And
is
there
will
a
there's
doubt
no
in
way."
a
the
of
minds
of
many
the
trade that the next acreage is
going to be sharply curtailed.
It
crop
is
reasoned
cents
that
the
last
cost
the
average 30
pound to raise, and therefore present prices are
Besides it is believed by
per
on
about half what it cost farmers.
Southern people
cotton taken
that Southern banks hold
good deal of
a
loans, and that they will compel the farmer
next spring to cut his acreage under pain of receiving no
on
banking accommodations.
that the banks hold the
Apart
from
sentiment
At
area.
that,
whip-hand and are going to use it.
there seems to be a general
however,
South
the
at
In other words, it is maintained
in
favor
of
Memphis there has been
reducing the planted
big convention of cotton
a
people gathered for the purpose of consulting and formu¬
carry out a drastic and universal curtail¬
lating plans to
ment of the area.
Of
anybody
course
of
this
country
the past have
and
It voted in favor of
that in
knows
the
end
business—that
on
for
usually
was
of
case
a
But this time it is
means
Those
cotton
conventions
that
it
it."
screws
is
the
banks
in
are
kind
in
effect,
of "letting the
same
believed the
position
a
business
this
passed resolutions galore to the
other fellow do
what
'with
conversant
reduction of 33%.
a
to
South
put
who
take
cotton
be
to
rather
a
contend
sentiment
public
that
pessimistic view
cutting
the
this
on
subject.
of the outlook
is
acreage
the
lowed;
is
trades
in
announced
that
the
will
declined,
stocks
with
assist
the
them
French
port on Monday caused
to be rather
through
financial
houses, presumably in the matter of loans, to buy cotton
and for other purposes.
It is of some interest, too, that
that country.
it is declared, buy cotton
freely and perhaps
more
run
on
the
of the Bureau crop estimate
eve
liquidation
cause
and
and depressed.
dull and
was
Southern
decline.
some
hedge
selling
side has abated
of Dec. 13.
have
helped
to
That hurt
weak.
more
And
that
less.
or
certainly
Also Manchester
not
was
helpful.
What is more, Liverpool at times has declined, and its spot
sales have been small.
Besides the ginning has been large.
The
National
Ginners'
Association,
it was stated, on the
10,000,000 bales, point¬
of 12,420,000 bales of lint cot¬
4th instant put the total to Dec. 1 at
ing, it
was
But
ton.
added, to
on
total ginned to Dec.
bales
for the
crop
1, at 10,144,921 bales, against 8,844,368
last year, 9,571,414 in 1918, and
time
same
9,713,529 in 1917.
such big
a
the 8th instant, the Census Bureau stated the
And there
figures, i.e.,
those
did
who
not
like
1,300,000 bales more than in the
especially as it had been repeatedly
some
time last year,
in various parts
same
are
declared
of
the
South
that
the
current
prices did not pay for picking that cotton in the fields, and
that it would not be
picked; in fact, that it would be
ploughed under rather than to accept such prices.
Yet the
ginning is the largest for some years past.
Coincident, too,
with the
large ginning, there has been
the estimates of the crop.
crease
some
tendency to in¬
The Memphis "Commer¬
cial-Appeal" put it at 12,900,000 bales, a Montgomery, Ala.,
at 12,960,000
bales, and a Chicago firm stated it at
12,823,000, or 1,449,000 bales larger than the average for
firm
five years.
world's
Meanwhile, too, the talk grows louder that the
consumption of American cotton will be noticably
smaller
than
8th
instant,
that
in
of last year.
announcing
work after Dec. 15
ion—of
would
course,
on
it
a
is
that
the
French
on
mills
the
would
three-day week, expressed the opin¬
merely
use this season
A Havre dispatch
an
not over
opinion—that
the
world
9,500,000 bales of American
cotton.
Throughout the world there is a curtailment of
production.
The world's buying power, of course, has been
greatly lessened.
In this country unemployment is spread¬
ing.
Many of the mills
days
a
week time.
are
There is
running on only two and three
a big lockout here of clothing
workers.
market
on
Dec.
recently 23 State banks and 1 National
failed, owing to the decline in grain.
It means,
of course, that there is a
monetary stringency in the Far
Northwest.
A big mail order house in
Chicago states that
its trade in November
time last year.
was
22.7% smaller than in the
The tendency of commodities in general is
Declines in prices in this, that
are
trade is dull and the
the
hands
prices to
duces
a
of
daily.
But retail
clearing off of cotton goods stocks in
retailers
is
delayed by their refusal to cut
point where the public will buy freely. This pro¬
more or
Finance
announced almost
less of
Corporation,
deadlock.
And, as regards the War
Chicago dispatches say that the im¬
a
were
said
Friday.
on
2.78
on
3,58
♦Strict low mid. "yellow" tinged.5.50
2.18
on
♦Low middling "yellow" tinged..7.80 off
.1.18
on
Good middling "yellow" stalned.3.28 of!
♦Strict mid. "yellow" stained
4.40 off
Strict low
middling
middling
Low
of'
........3.33
middling
Good middling
Strict middling.....
2.28 off
...4.68 off
♦Strict
good ordinary...
♦Good
ordinary
.6.43 off
__8.00 off
Strict good mid. "yellow" tinged.0.42 oif
♦Middling "yellow" tinged
♦Middling "yellow" stained
Strict middling "yellow" tinged..2.08 off
off
5.80 off
♦Good middling "blue" stained..4.08 off
♦Strict middling "blue" stained..5.35 off
♦Middling "blue" stained
Good middling "yellow" tinged..1.05 off
6.60 off
♦These ten grades are not
upon
deliverable
future contracts.
The official quotation for
middling upland cotton in the
day for the past week has been:
New York market each
Dee. 4 to Dec. 10—
Sat.
Mon.
Tues.
Wed. Thurs.
.16.30
16.70
16.25
16.25
*
Middling uplands
16-25
Fri.
16.25
MARKET AND SALES AT NEW YORK.
on
the spot each
week at New York*are indicated in the
For the convenience of the reader
show at
on
a
same
day during the
folio-wing statement.
also add columns which
we
glance how the market for spot and futures closed
days.
Futures
Spot
Market
Saturday...
Monday
Tuesday
Wednesday.
Thursday
Friday
SALESt
Market
Closed.
Closed.
Quiet 15 pts adv..
Quiet 40 pts adv..
Quiet 45 pts dec
Quiet unchanged.
Spot.
Contr't.
Total
Firm
Very steady
Barely steady..
Steady..
Steady.
Very steady._.
Quiet unchanged.
..
Quiet unchanged
.
200
100
Total
THE VISIBLE SUPPLY OF COTTON
up by cable and telegraph, is as follows.
well as the afloat, are this week's returns,
200
100
300
.
300
to-night, as made
Foreign stocks, as
and consequently
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.
all
foreign figures
are
December 10—
Stock at Liverpool
1920.
bales.
1918.
780,000
261.000
li.OOO
1917
401,000
21,000
35,000
Stock at Genoa
Stock at Triest
Total Continental stocks......
330,000
457,000
141,000
8,000
42.000
62,000
158,000
371,000
Rotterdam, &c
Stock at Barcelona
907,000
29,000
Stock at Bremen
Stock at Havre
116,000
15,000
94,000
140,000
11,000
82,000
Total Great Britain
Stock at Ghent
16,000
53,000
984,000
Stock at Manchester
Stock at
1919.
904,000
3,000
77,000
Stock at London
1,000
4,000
57,000
25.000
14,000
57,000
29,000
248,000
102,000
248,000
Total
European stocks
India cotton afloat for Europe
.1,355,000 1,155.000
432,000
705,000
78,000
57,000
14,000
28.000
American cotton afloat for Europe
714,209
6*6,482
265.000
245.000
Egypt.Brazil ,&c. .afloatforEurope
89.000
73,000
42.000
76,000
Stock in Alexandria, Egypt
210.000
353.000
l77,OO0
304,000
Stock in Bombay, India
880,000
490.000
*565 000
*450,000
Stock in U. S. ports
1,355,482 1,619.730 1.409.795 1.313,912
Stock in U. S. interior towns
1,586,723 1,337,311 1,343.638 1,248,095
U. S. exports to-day
12,276
41,421
25.873
5,774
Total visible
supply
Of the above,
American—
6,212,108 5,705,526 4,450.306 4.375,781
totals of American and other descriptions
Liverpool stock
Manchester stock
Continental stock
.....bales.
533,000
68,000
303,000
American afloat for Europe
U. S. port stocks
U. S. interior stocks.
U. S. exports to-day.
.
6*6,482
1,355,4*2
1,586,723
...
Total American
East Indian, Brazil, &c.—
41,421
580,000
68.000
199,000
714,209
1,619,730
1,337,311
12,276
are
as
follows:
135.000
268,000
23,000
27,000
*84,000
*208,000
265,000
245,000
1,409.795 1,313,912
1,343,638 1,248,095
25,873
5,774
.4,574,108 4,530,526 3,286,306 3,315,781
Liverpool stock
371,000
London stock
3,000
9,000
68,000
57,000
73,000
177,000
Monchester stock
Continental stock..
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt._
Stock in Bombay, India
880,000
Total East India, &c_
200.000
11,000
48,000
49,000
78,000
89,000
210,000
490.000
126,000
16,000
30.000
*18.000
14.000
42.000
353,000
565,000
133,000
21,000
8,000
*40,000
28,000
76.000
304,000
*450,000
1,638.000 1,175,000 1.164.000 1,060,000
4,574.108 4.530,526 3.286.306 3,315,781
Total American
Total visible supply
6,212,108 5,705,526 4,450.306 4,375,781
Middling uplands, Liverpool
11.42d.
25.98d.
'
*
20.07d.
22.31d.
Middling uplands, New York
16 25c.
38.00c.
28.80c.
30.70c.
Egypt, good sakel, Liverpool
29-OOd.
52.50d.
30.79d.
33.40d.
Peruvian, rough good, Liverpool38.00d.
18.00d.
38.00d.
31.00d.
Broach, fine, Liverpool
10.40d.
23.60d.
17.17d.
21.35d.
Tinnevelly, good, Liverpool
11.25d.
23.75d.
17.42d.
21.53d.
"
--
Continental
imports for past week have been 72,000 bales.
figures for 1920 show an increase over last week
bales, a gain of 506,582 bales over 1919, an excess
The above
of 183,641
of 1,761,802
session of Congress.
over
no chance of passing at this
The Secretary of the Treasury is em¬
"
♦Estimated.
pression there is that it has
Spot markets
same
believed to be downward.
and the other trade
followed,
rally in
16:
Middling fair
Strict good
India afloat for Europe
In North Dakota
bank have
a
following averages of the differences between grades,
as figures from the Dec.
9 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
Long
Moreover, print cloths have been dull
on
The
...
But at times of late interest in the bull
on
again
a
10 points over last
advance of
It is announced that the mills of New Eng¬
full time.
York
But later
rally.
a
steadier, with
the Bank of Spain will do the same for woolen interests of
land and New York State contemplate a reduction in wages
of 22^ %.
This would free the spinners' hands.
He would,
lower.
better inquiry reported in the
Carolinas and Georgia.
Futures here end about 60 points
higher for the week.
Middling uplands closed at 16.25c., an
only
textile
New
and
were
The total sales of cotton
connection
banks
it
as
stocks and covering on the eve of the Government
crop re¬
trump card that the South holds.
It
then
especially
the
the planter and will if he does not comply with
declared
This could conceivably help export trade
Germany and other Continental countries.
To-day prices were irregular, ending at a small net-ad¬
vance.
Liverpool advanced at first and New York fol¬
1917.
bales
over
1918 and
a
gain of 1,836,327 bales
Dec.
2341
CHRONICLE
THE
111920.]
-1919-
1920-
FUTURES.—The highest,
New York for the past week
at
lowest and closing prices
have been as follows:
In Sight and
Spinners'
Week.
-.210,301
Takings.
Receipts at ports to Dec. 10
Net overland to Dec. 10
Saturday,
Dec. 4.
Dec. 6.
15.40-.85 16.00-.30 15.65 -.05 15.62-. 70 15.5015.6715.67
16.10-.15 15.70
15.80
-297,529
43,670
Range
Closing
v-.
15.71-
15.50-.95 15.501.57
15.76-
15.83-.87
15.68-.70
January—
15.50-.0Q 16.02-.57 15.78 -.34 15.06-.
15.72-.
15.90-.95 16.35-.38 15.93
Range
Closing
•'
North, spinn's* takings to
February—
16.00
16.00
Range
—
a
15.87
15.85
15.90
15.65-.10 16.15-.65 15.89-
Closing
15.80-.
15.84-
15.60-.10 15.60-165
l5.95-.00 16.40-.43 16.04-
15.86-.
15.90-
15.95
15.95
...
16.40
—
—
16.00
Range
Closing
...
16.45
16.05
Closing
—
May—
—
Closing
15.96-
...
16.0416.08-
16.12-.13
16.00
16.10
16.12
...
16.50
—
—
16.50
16.25
July—
Closing
16.13
...
16.57-.59 16.25-
—
August—
Closing
*
_
light
16.25
16.30-.45 16.10-.45
16.00
16.35
—
16.10
16.40-.45
15.90
16.10
—
Closing
1 16c.
movement—that is,
receipts for the week since Aug. 1, the shipments for
week and the stocks to-night, and the same items for the
INTERIOR TOWNS the
AT THE
the
the
year—is set out in
corresponding period of the previous
:iVV~-; '■'.V'-i-.cV-
detail below:,
as a
TELEGRAPH.—Our re¬
BY
rule.
.
high 56
...
mean
43
low 40
low 32
mean
55
50
0.16 in.
0.90 in.
0.08 in.
high
high
high
high
high 70
low 44
64
58
67
71
61
66
low 39
mean
low 32
mean
low 40
mean
low 38
mean
low 33
mean
54
47
low 39
mean
53
0.46 in.
3 days
1 day
3 days
.......
low 30
high 70
dry
Dallas
1 day
Antonio
Del Rio.—.
Galveston
_.l day
3 days
0.02 in.
4.28 in.
New Orleans, La.
1 day
68
74
66
72
low 42
low 36
low 36
Vicksburg
5 days
3 days
Charlotte, N. C_
Charlotte, S. C
The
graph,
at 8
0.27 in.
1.80 in.
0.35 in.
0.72 in.
..3 days
Movement to
10 1920.
Ship¬
ments.
Dec,
Week.
10.
Season.
Week, t
a.
m.
of the dates
given:
350
6,819
150
5,976
42,373
941
31,473
1,502
55,555
1,449
3,664
22,534
1,467
26,991
103
15,773
14,721
686
1,416
1,200
8,924
32,823
23,035
9,413
812
Montgomery
900
8,581
113,054
4,679
48,055
*214
3,154
45,039
44,536
Selma
30
Ark., Helena
Little Rock_.
2,837
22,001
10,170
99,755
Pine Bluff...
6,167
91,130
5,866
2,000
66,422
Ga., Albany...
352
9,699
121,
6,363
143
22,330
8,964
2,450
61,672
31,443
6,500149,521
6,013
92,908
5,380
3,099
8,410
9,796
22,645
5,420!
Athens
14.101
288
15,976
687
25,148
18,217
230, 18,105
2,497
143,993
355,486
30,734
150,077
1,176)
7,841
2,000
39,534
57,425
1,372
56,830
4,072
6,834
84,993
2,132
5,148
51,745
13,217
74,104
69,010
2,103
2,938
2,000
3,810
4,567i
62,225
15,783
15,238
600
214,073
1,451!
1,226
Columbus..
Macon
...
1,298
Rome..
La., Shreveport
Miss..Columbus
Clarksdale
..
Greenwood.
55,839
2,8871
2,981
Augusta
4,000
.
1,349
Meridian....
800,
S? Natchez
599
VIcksb'irg
1,550
Yazoo City-Mo., St. Louis.
u
20,192;
7,510
19,059
155,293
105
_
1,413
900
25,891
900
7,134
649
19,214
17,963
15,285
1,041
28,101
23,010
12,929
28,819
748
i5i;
39
1,074
304,573
26,721
3,808
1,500
25,270
1,000
11,607
212
102
150
272
418
101
5,000
1,872
4,890
4,100
Oklahoma...
900,
3,131!
28,066
2,828
2,382 10,237
7,234
9001
7,687
2,728'
S.C., Greenville
1,646
22,812
995! 11,097
23,663
21,981
15,600
7,923
233
618
14,502
1,787
4,157
51,603
17,087
53,067
6,130
,200
11,744
Hugo
Altus
22,611 208,016
563 28,114
87,598
82,938
101' 11,557
Chlckasha.
Okla.,
19,000
6,588
47,257
35,900
13,500
11,587
9,049
14,759
6,005
4,315
2,261
666
N.C.,Gr'nsboro
Ralelgb
77,198
64,976
6,556
11,368!
Atlanta
19,404
3*852
Greenwood..
624:
10,531
10,325
452
Tenn.,Memphis
41,019,
358,731
25,061363,854
48,826
468,577
415
1,273
652
552
799
'
Charleston
Norfolk
Baltimore
600
4,189
Philadelphia
5,475
100
2,*60
7,986
41,234
2,105
19,232
20,447
801
2,698
800!
12,800
1,841
17,766
17,600
700
9,799
662
68,2451 ,497,966
51,926
5,553,
457i
31,173
....
Paris
San Antonio.
Fort Worth
47,437
5,185
*
41 towns
16 *5 5
Augusta
779
27,029
66,564 231,236
4,456 10,816
83,809 310,233
67,894
,012,730
3,359 23,051
221'
3,073
3,439
79,703
1,593
28,269
1,776
19,140
3,000
23,700
3,0001 25,000
3,502
2,320
226,7803,408,395183,1101586723 240,5553.582.170 229.3371337711
Last year's figures are
...
15.50
15.00
14.35
15.00
15.50
Memphis
Dallas
Houston
Little
Fort
Rock
Worth
NEW ORLEANS
totals show that the interior market have in¬
week 43,670 bales and are to-night 249,412
than at the same period last year. The receipts
Saturday, Monday,
Dec. 4.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
July
October
15.30-.33
15.3U-.35
15.48-. 56
15.57 —
15.85-.90
15.72-.77
15.82-.85
15.94-.99
15.95 —
15.12
15.50
have been 13,775 bales less
week last year.
March
May
telegraphic reports Friday night. The results for
since Aug. 1 in the last two years are as follows:
the week and
1919
1920
December 10—
_
_
Since
Since
,
Week.
Week.
Aug. 1.
17,963
5,384
1,320
2,576
154,216
87,858
5,606
20,572
c26,721
18,497
443
3,107
3,104
5,996
40,651
81,882
6,017
11,161
-36,343
390,785
65,946
Shipped—
Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Via St.
Aug. 1.
o312,878
198.854
8.099
38,940
.
69,681
133,230
761,689
—
—
deducted
—
Tuesday,
Including movement
14.10
15.00
15.50
14.15
Spot
Options
Quiet
—
....
Steady
Steady
Steady
Quiet
Quiet
Steady
Steady
by rail to Canada,
Arizona
-
57,286
812.912
32,709
16.063
34,924
552,064
Missouri
North Carolina
California
— -
Florida
1,261,326
Georgia
.10,144,921
8.844,368
South Carolina
TexasT^
vSSia:::::::::::::::::::
others
United States
.......
724.514
39,980
694,640
635-378
1-298.980
197 0 >4
2,099,752
17,332
3,314
Tennessee.
All
632.287
34,515
6.5.789
28,426
15.779
1,556.137
260.451
44,141
611,103
768,712
1,259,029
209,741
3,423.111
9,842
6,342
Oklahoma
and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 262,792 bales.
Steady
Steady
Counting Round as Half Bales
1919.
1918.
289,272
overland movement
34,924 bales for the week last
—
Steady
Steady
1920.
570.912
Alabama...
730.571
shows the week's net
15.26
14.80 —
15.00-.02
15.23-.25
15.41-.44
15.49-.50
15.29 —
BUREAU'S REPORT ON COTTON GIN¬
Division of Manufactures in the Census
Bureau completed and issued on Dec. 8 its report on the
amount of cotton ginned up to Dec. 1 the present season
and we give it below, comparison being made with the
returns for the like period of the two preceding years:
331,041
Revised.
14.85-.90
14.98-.02
15.27-.30
15.45-.47
15.51-.55
Dec. 10.
CENSUS
Louisiana...
a
Friday,
j
NING.—The
Mississippi
-29,228
29,228
Dec. 9.
Dec. 8.
209,6g2
7,115
29,228 bales, against
15.00
14.90 —
15.35
15.31-.34 15.02-.01
15.51-.54 15.27-.28
15.67-.73 15.44-.47
15.75 — 15.52-.53
15.12 — 15.27 —
.
year,
—
Wed'day, Thursday,
31,022
7,115
-
overland*.
The foregoing
—
the New Orleans cot¬
been as follows:
101,513
54,794
'
has been
15.38
15.00
14.10
15.00
15.50
15.00
85,985
32,084
91,556
39,752
6,967
4,136
-
*
15.38
-r
15.38
15.00
14.10
15.00
15.50
14.15
7,127
17,602
6,293
2,461
.
Leaving total net
15.00
16.00
16.50
Tone—
Arkansas
Shipments-
Total to be
15.00
16.00
16.50
15.00
16.50
Dec. 7.
Dec. 6.
15.70
Deduct
14.50
16.00
16.00
14.35
December
from
Friday
15.75
15.00
14.75
16.00
15.75
CONTRACT MARKET.—The clos¬
January
up
„.
14.75
16.25
16.50
15.00
15.50
than the same
more
..
—
Middling Cotton on—•
ing quotations for leading contracts in
ton markets for the past week have
The above
bales
..
for Cincinnati.
creased during the
at all the towns
..
—
15.75
15.25
15.75
15.50
14.75
16.50
16.50
15.25
16.50
16.50
15.63
15.00
14.30
15.15
15.75
15.75
14.75
16.50
16.50
15.63
16.00
16.95
15.88
15.00
14.70
15.50
15.50
14.75
15.75
15.25
14.75
16.00
16.00
15.00
..
31,779
20,000
-
9.75
1892
8.06
1891
9.38
1890—
-10.25
1889
Tuesday. Wed'day. Thursd'y,
Saturday. Monday.
Orleans-..
Mobile
Savannah.
25,998
700
♦
Closing Quotations for
Week ending
Dec. 10.
100
910
..
*
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
Southern and other principal cotton markets for
each day of the week:
2,635
-
—
cotton at
4,080
1,000
Clarksville
1896-C— -7.38
8.56
1895
5.75
1894
7.81
1893
MARKETS.—Below
122
Honey Grove
39.7
—
2,483
Dallas
,
—
8,967
,147
3,501
gauge.
—
84,285
*600
gauge.
—
2",176
...
Brenham
32.1
19.2
11.8
gauge.
8.00
1904_c_
1920-C.. —16.25 1912.C— —12.95
9.20 1903— .—12.25
1919.— —39.45 1911
8.50
—15.05 1902...
—29.10 1910
1918
8.50
—15.20 1901
—30.35 1909
1917
9.88
9.15 1900—
—18.75 1908
1916
7.69
__.11.85 1899...
1915— —12.50 1907—
5.81
—11.00 1898...
7.40 1906
1914
5.88
1905— —12.60 1897—
—13.40
1913
120
Nashville
Tex., Abilene..
Tota
Dec.
New
28,168
457 10,DO
45,863 265,589
4",020
14.8
29.7
11.8
12.5
gauge-
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
10 for each of the past 32 years have been as follows:
Galveston
247
11.1
4.2
NEW YORK
4,134
1,871
3
54
The
4*397
14*035
855
60,936
12,573
Houston
ShreveportVucksburg
4,248
51
45
Dec. 12. 1919
Feet.
10 1920.
Above zero of gauge-
Above zero of
Above zero of
Above zero of
Above zero of
Nashville
30
Ala., Eufaula.
...
Memphis
\ 12.
Week.
Season.
Orleans
Dec.
ments.
Week.
54
received by tele¬
showing the height of the rivers at the points named
Dec.
New
57
following statement we have also
Stocks
Ship¬
Receipts.
Slocks
Receipts.
Towns.
Dec. 12 1919.
mean
mean
high
high
high
high
high
high
0.90* in.
3 days
3 days
"...
Selma, Ala
Mobile, Ala
Savannah, Ga____
58
51
54
low 36
Feet.
Movement to Dec.
mean
mean
mean
mean
0.97 in.
San
,
Thermometer
Rainfall.
0.78 in.
1 day
...
Corpus Christi
15.99 -.24 15 93-.30 15.62-.50
15.62-.07 16.25-.50 15.95- .20 15.90-.03
16.15-.20
15.85-.89 16.05
15.90-.95 16.25 — 16.00
Range
moderate
Palestine
....
Closing
1917—Dec. 14
1916—Dec. 15
Rain.
16.05-.22
16.10
October—
or
Abilene, Texas
Brownsville
16.10
15.95
16.15
16.45
16.02
.
while rain has been
16.18-.20
*6.22
September—
Range
—
16.15
Range
Bales
5,187,893
6,449,271
-7,889.192
<
13-
1918—Dec.
South this evening denote that
quite general during the week it has been
15.90-.36 15.S0-.72
16.05-.33 16.1016.05-.06 16.13-
15.90-.35 16.37-.72 16.14-
Range
-
REPORTS
WEATHER
16.15
16.50
Closing
Since Aug. 1—
i
Bales.
-.277,505
322,481
377,995
ports by telegraph from the
June—
Range
sight in previous years:
Week—
1918—Dec. 13—
1917—Dec. 14
1916—Dec. 15
15.76-.30 15.76-.72
16.00-
15.90-.30 16.30-.72 16.0216.49-.50 16.1816.12 •
Range....
1,147,874
available.
If .05
16.00
15.95
16.10
72,036
644,757
Dec. 10 36,206
-
5,553,921
—
April—
Range
535,264
-
5,189,319
figures are consumption; takings not
These
Movement into
March—
...
5,018,657
346,285
341,199
Came into sight during week
Total in sight Dec. 10—-
3,164,593
552,064
1,302,000
335,067
11,218
4,462,537
726,782
Interior stocks in excess..
15.33-.70 15.33-.30
Aug. 1.
227,143
34,924
73,000
1,252,000
Total marketed
December—
Week.
289,272
58,000
Week.
Dec. 10.
Dec. 9.
Dec. 8.
Dec. 7.
29,228
South'n consumption to Dec. 10.a
Friday,
Tuesday, Wed'day, Thursd'y,
Monday,
Since-.,
Since
Aug. 1.
2,921,265
-
682,534
18,845
621,431
32,276
21,465
1,765.950
461,130
893,757
40,677
648,921
474,747
1-241,656
223.944
2,325,701
15,112
3,268
9,571,414
2342
THE
CHRONICLE
WORLD'S SUPPLY AND TAKINGS OP COTTON.—
The following brief but comprehensive statement indicates
Sales of the week
at
[Vol. 111.
Actual
glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the
takings, or amounts
gone out of sight, for the like period.
a
Nov. 19.
export
Forwarded
-
——
stock
Total
Of which American
Total imports for the week
Of which American
Amount afloat
Cotton Takings.
Week and Season.
1920.
Week.
Visible supply Dec. 3Visible supply Aug. 1
American in sight to Dec. 10
Bombay receipts to Dec. 9
Other India ship'ts to Dec. 9—
Season.
19280
Visible supply
4,792,518
4,956,257
5,189,319
311,000
103,000
252,000
91,000
6,212,108
346~285
spot cotton have been
5,553,921
72,000
11,000
47,000
Spot.
541.000
124,000
451.000
80,000
7,000
6,212,108 5,705,526
228,558
202,558
26,000
Of which other
4,690,468
3,600,468
5,705,526
341,968
5.836,413
4,223,413
1,613,000
279,968
112.000
1,090,000
Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
not being available—and the aggregate amounts taken
by Northern and
foreign spinners 3,438,468 bales in 1920 and 4,534,413 bales In 1919, of
which 2,348,468 bales and 2,921,413 bales American,
b Estimated.
BOMBAY
'
888,000
516,000
533,000
78,000
81,000
62,000
59,000
293,000
244,000
Z.ZZZZ
follows:
as
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.
Quiet.
Quiet.
Quiet.
Quiet.
10.92
10.76
11.04
12:15
i
Moderate
1
demand.
■
■
Mid.Upl'ds
Sales.
10.62
4,000
HOLI¬
Futures.
Market
Week.
P. M.
The
Steady at
pts. adv.
Week.
19,000
262.000
41,000
351,000
26,000
315,000
12K
Mon.
10.
February
Great
Contl
JapanA
Britain.
nent.
China.
Great
Total.
Britain.
nent.
Total.
...
HOLI¬
1920
10.000
1919
14,000
1,000
11,000
25,000
1,000
1,000
1918
11,000
13,000
15,000
183,000
128,000
1,000
2,000
6,000
1,000
2,000
256,000
375,000
54,000
November
-"i-
Wed.
Thura.
given
12 M
4
4
12^
4
Frl.
p. m.p. m
124$
4
p. m. p. m.
11.71 11.39
11.67 11.33
11.63 11.21
11.55 11.21
11.46 11.12
10.93 11.20 11.05 11.19 10.88
10.96,11.18 11.21 11.37 11.09
10.90 11.17 11.02 11.06 10.85 10.93111.01 11.18 11.32
10.97
.
618,000
54.000
Other India*
1,000
-
October
60,000
12X
4
11.15 11.49 11.30 11.35 11.18 11.23 11.43 J 1.48
11.14 11.48 11.28 11.33 11.17 11.22 11.42 11.47
11.14 11.47 11.27 11.32 11.16 11.21 11.41 11.46
11.07 11.40 11.20 11.25 11.07 11.13 11.33 11.38
10.99 11.28 11.12 11.16 11.95 11.01 11.24 11.28
July
September
Bombay—
are
10.87] 11.25
May
Japan &
China.
Irreg. at
1@21 pts.
decline.
pts. adv.
d.
d.
d.
d.
d.
d.
d.
d.
d
d.
11.17 11.17 11.01 11.06 11.29 11.38 11.67
11.33
10.91 11.29 11.19 11.19 11.01 11.06 11.29 11.38
11.68 11.37
10.98 11.36 11.24 11.25 11.08 11.14 11.36 11.42
11.72 11.31
11.05 11.44 11.30 11.32 11.14 11.20 11.42 11.48 11.76
11.49
11.12 11.47 11.30 1J .33 11.16 11.21 11.42 11.48
11.73 11.37
d
..
DAY
Contl
Tues,
pts.
decline.
Steady at
19@32
dec.
pts.
p. m. p. m. p. m.p. m. p. m.p. m. p. m.p. m
d.
December
12 M
12 H
March
Since August 1.
dec.
to 6
dec.
4
January
For the Week.
pts.
Steady at
11@13
8@15
pts.
4,000
Quiet,unch.
10@14
dec.
prices of futures at Liverpool for each day
Dec.
Aug. 1.
Quiet at
45 @70
Since
Aug. 1.
27@34
pts.
11.42
3,000
Quiet at
at
below:
1918.
Since
Week.
10@15
f
4
East
pts. adv.
Sat.
1919.
Aug. 1.
31@44
1
1
Market,
Nov. 18.
Since
3,000
Quiet at
pts. adv.
opened
to
Receipts at—
3,000
Steady at
DAY
Dec.
Exports
108,000
2,000
6,000
53,000
"3", 000
36,000
95,000
11,000
9,000
38,000
48,000
93,000
11.000
1,000
13,000
19,000
236,000
96,000
351,000
20,000
14,000
36,000
1,000
24,000
164,000
423.000
611,000
54,000
54,000
108,000
BREADSTUFFS
Friday Night, December 10
1920.
Flour has advanced at times with
all—
1919
1918
*
•
10.
16,000
14.000
7,000
53,000
904,000
(
COTTON MOVEMENT.
1920.
Bombay
Total
Saturday.
Market,
a This total embraces since Aug. 1 the total estimated
consumption by
Southern mills 1,252,000 bales in 1920 and 1,302,000 bales in
1919—takings
1920
53,000
874,000
507,000
96,000
87,000
263,000
200,000
Dec.
6,440,666 10,902,576 6,047,494 11,541,939
Total takings to Dec. 10a
Of which American
from—
23,000
15,000
5,000
53,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
P. M.
Total supply
Deduct—
*
Week.
5.564,209
341T 99
525,000
53,000
530,000
513,000
—
Dec. 3.
18,000
14,000
5,000
The tone of the
Season.
6,028,467
Alexandria receipts to Dec. 8—
Other supply to Dec. 8*--
Of which American
1919.
Nov. 26.
18,000
14,000
4,000
55,000
848,000
475,000
44,000
23,000
276,000
219,000
American
Sales,
1,000
No figures for
1918.
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market
continues quiet for both yarns and cloths.
Manufacturers
are resorting to short time.
We give prices for to-day below
and leave those for previous weeks of this and last
year for
comparison:
cable
wheat, but business has
much, if at all, increased.
Yet the big advance in wheat
recently naturally could not be ignored.
And some export
inquiry has been reported.
Here again, however, the prices
asked were a stumbling block.
Foreign buyers balkea.
An
idea prevails here that exporters have in a
way overshot the
mark, however, or rather overplayed their hand.
And it is
believed in some quarters that they must sooner or later
buy heavily to supply foreign requirements.
It looks as
though some business would be better if prices of wheat were
not
not
1920.
1919.
Cot'n
32 s Cop
Oct.
84$ lbs. Shirt¬
ings, Common
Mid.
Twist.
to Finest,
Upl's
d.
d.
s.
d.
s.
d.
d.
8 H lbs. Shirt¬
325 Cop
Twist
d.
Cot'n
ings, Common
d.
Mid.
to Finest.
Upl's
d.
s.
d.
8.
d.
15
39
@
45
28
6
@31 0
46
3
@32 3
22.17
32
@
38
27
6
@30 0
15.17 424$
15.73 45
©
22
@
494$ 27 9
@32 9
22.68
29
324$
@
404$ 26 6
@29 6
16.55 45
@
50
27
10@32 104$ 24.25
35
27
Nov.
5
26
@
40
6
@29 6
15.55 46
@
52
30
0
@34 6
12
32
@
374$ 26 6
@29 0
14.56 484$
30
6
@35 0
24.93
29
®
35
25 0
@27 6
544$ 30 6
@35 6
23.75
26
284$
@
334$ 24 0
@26 6
12.41 474$
11.23 484$
@
@
62
19
@
554$ 30 6
@35 6
24.58
3
25
@
30
22
6
@24 6
10.46 494$
@
57
31
0
10
24
@
29
21
6
@23
11.42 50 4$
©
59
34
0
@36 0
@38 0
25.98
Dec.
6
25.50
25.47
SHIPPING NEWS.—Shipments in detail:
To
2,423
—
221
60
-
Naples—Dec. 2—Lycoming, 2,098
2,098
To Piraeus—Dec. 7—Evergreen City, 750
750
GALVESTON—To Liverpool—Dec. 8—Craftsman, 17,910
17,910
To Bremen—Dec.
4—Knappingsburg, 4,728—-Dec. 7—Ea¬
4
ger n,
3,570
-
i
-
-
To
.
8,298
Antwerp—Dec. 7—Andalusier, 1,140
1,140
7—Andalusier, 1,825
1,825
To Gothenburg—Dec.
4—Bogstad, 3,110
3,110
To Christiania—Dec.
4—Bogstad, 900
900
HOUSTON—To Liverpool—Dec.
—Nevisian, 15,252
15,252
To Bremen—Dec.
7—Knoxville, 10.344
10,344
PORT ARTHUR—To
Liverpool—Nov. 29—Samokla, 650
650
NEW ORLEANS—To
Liverpool—Dec. 6—Scantic, 56
Dec. 9—
To Ghent—Dec.
Bolivian, 11,000
To Havre—Dec. 9—Roath, 1.310
To Bremen—Dec.
4—Westford, 3,523—Dec. 8—Vittorio Emmanuele III, 1,225
To
Hamburg—Dec.
7—Schoharie,
3—Queen Louise, 863. —Dec. 7—Brazilier,
1,184—Dec. 8—Vittorio Emmanuele
III, 400
To Ghent—Dec.
7—Schoharie, 650
To Genoa—Dec.
3—Nicolo
II,
5,028—Dec. 9—Shooter's
Island, 3,100--.;
far as the Minneapolis mills are con¬
practically the lowest ebb of the season.
The domestic demand is purely a hand-to-mouth
proposition
and the big mills of Minneapolis are
operating at about 50%
capacity and some of them only five days a week.
It is
as
week
more
unless
flour abroad
mills will be closed there before the end of
the
is decided improvement.
there
last
Offerings of
night at attractive prices brought no re¬
from the other side.
Wheat advanced early in the week.
That meant that it
was
up some 28 to 30c. from the recent low.
The reason
was that the statistical
position, was considered
sponse
strong and
not unnaturally with the visible
supply only about half as
large as a year ago.
It is 43,107,000 bushels against 87,-
240,000 at this time last
122,000 bushels, which of
650
To Manchester—Dec. 2—West Celina.
2,750
SAN FRANCISCO—To Japan—Dec.
2,541
5,200
-
__
6,716
150
600
ioo
—
—
—
-
2,531
7—Deranof, 2,050 2,050
_
3—Tenyo Maru
SEATNLE—To Japan—Dec. 4—Tajima
Maru, 1,882
—
2
44l
-
2,750
2,441
1,882
compared with that of a year ago.
On the 6th instant prices
up about 10 cents per bushel.
Proposed legislation in
ran
was
a
little effect.
The War Finance
said would be reestablished.
Farmers
was assumed would not sell much with a
move of this kind
in prospect.
Besides Canadian offerings fell off at one time.
It is said too that most of the wheat that can come
through
the Great Lakes before the close of
it
navigation has already
point of view the statistical position
strong.
In fact much the strongest for a long time.
And to cap the climax the export demand is
good.
It is
even very urgent.
Europe needs our wheat as it has not
often needed it in the past.
At least this is the general
assumption, and on the 8th instant it was reported that
been sold.
From every
is
some
3,500,000
bushels
were
2,000,000 bushels of Manitoba.
American and
122,382
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Last week it decreased
looks small, beside a de¬
in the same week last year of
2,483,000 bushels.
The point however, is that the visible stock is so small
as
Corporation it
2,447
year.
course
crease
favor of the farmer had not
Dec. 4—Lake Ostauaga,
BRUNSWICK—To
Liverpool—Dec. 9—Nessian, 2,531
NORFOLK—To Liverpool—To Liverpool—Dec.
demand for flour
cerned continues at
4,748
8,128
SAVANNAH—To Havre—Dec.
7—Monadnock, 5,200
To Bremen—Dec. 7—Mar
Rojo, 6,716
To Hamburg—Dec. 7—Mar
Rojo, 150
To Rotterdam—Dec.
4—Ronda, 600
To Ghent—Dec. 4—Ronda, 100
Total
prices is upward.
Others, on the contrary, are far from sanguine on that point.
In fact, the opinion in some
quarters is that lower prices are
ahead.
Minneapolis wired that both foreign and domestic
2,100
-
3—Gonzada, 315
11,056
1,310
9^—Roath,
100—Dec.
2,000
To Antwerp—Dec.
To Mexico—Dec.
2,226
it is also true that there has been some reduction of
supplies
here under the stimulus of the recent rise in wheat.
There
are those who think the
tendency of flour
said that
Bales.
NEW YORK—To Havre—Dec.
7—Tongrier, 2,423—
To Hamburg—Dec. 4—Lake Girt, 221
To Rotterdam—Dec. 2—Edgar
Luckenbach, 1
To Genoa—Dec. 8—San
Gennaro, 60
so irregular.
Up in a single day as much as 10 cents a
bushel, they are down that much, or nearly that much, the
next.
Naturally this makes buyers cautious.
In fact, they
have as a rule been buying only from hand to
mouth, though
Italy
but
sold
for
export
including
^The rest
durum. -Most of it
was
was hard winter
taken by Spain and
Portugal, Germany and Greece also bought.
Greek exchange broke badly.
Even at times when British
buyers are out of the market or profess to be, they continue
DEC.
to ask
offerings from shippers here.
France has been buying.
in Liverpool that Australia exportable surplus
has already been sold.
Rains have prevailed, it is said in
Australia and Argentina, which would tend to delay har¬
It
is
Prices
said
vesting.
V /.
.
'
V'.;.-
'
..
:
On the other hand it has latterly been
revival of the War Finance
Corporation is
reported that the
highly improbable
at this session of
Congress,
Secretary of the Treasury
Houston is well known to be opposed to the re-establishment
of this.
On the 8th inst. it was stated, too, that 4,465,000
bushels of wheat had left Fort William, Ontario, Canada, in
15 ships for United States
ports.
The other day there was a
rumor
DAILY
Federal Reserve
In Russia the Soviets claim that transport
delayed, if action is really taken.
DAILY
2
CLOSING
red—.
DAILY
CLOSING
208
__cts_198
PRICES
OF
FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
Sat.
December
delivery
March delivery....
Indian
had
corn
cts. 170%
......
NEW YORK.
Wed. Thurs,
Fri.
197
193% 196
198
WHEAT
'
166%
179
175
advanced with wheat.
63
December delivery
Besides small receipts
Rye
cts.104% 107% 102%
No. 2 yellow
DAILY CLOSING PRICES OF CORN
Sat.
cts.
May delivery...;
Thurs.
103% 103%
Fri.
Tues.
76%-
73 %
78%
76%
Wed.
Thurs.
74 %
76%
Fri.
1,075,000 bushels.
year was
DAILY
1
visible is
no
less than 33,103,000 bushels, against
,
May deUvery.........
v
The following are
closing quotations:
GRAIN.
Oats—
WheatNo. 2 red
a
year
ago.
No. 1
II 96
...
No. 1 spring
Corn—
No. 2 yellow
Nominal
...
Barley—
Feeding
Malting
10 99%
...
Rye—
1 68
No. 2
64
.
No. 2 white.
No. 3 white
'
63%
62%
.
.
90® 96
.100® 109
.
...........
...—....
FLOUR.
jy goods—Portage
Spring patents
19 25® 19 75
No. 1
16 75
Winter straights, soft
8 75 @
9 25
Nos. 2,3 and 4 pearl
7 00
Hard winter straights
9 25® ' 9 75
Nos. 2-0 and 3-0...
6 75@
Clear
7 50®
8 25
Nos. 4-0 and 5-0—
7 00
Rye flour
8 25®
9 00
Oats goods—Carload
Corn goods, 100 lbs.:
spot delivery
6 80
Yellow meal......
2 25@2 50
Corn flour..
2 60 @2 80
6 90
..........
breadstuffs to market
from figures collected by
The receipts at Western
The statement of the movement of
are
prepared by
us
Exchange.
for the week ending last Saturday
since Aug. 1 for each of the last three years have been:
the New York Produce
lake and river ports
Corn.
Wheat.
Flour.
Receip s at—
Rye.
Barley.
Oats.
.
and
bushASlbs. bushMlbs.
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
Chicago
778,000
288,000
2,132,000
.
~
2,000
351,000
604,000
112,000
49,000
8,120,000
248,000
321,000
34,000
60,000
Toledo
262,000
61,000
249,000
88,000
35,000
26,000
25,000
67,656
836,000
277,000
49,000
21,000
324,000
1,280,000
125,000
412,000
149,000
99,000
385,000
191,000
112,000
Detroit
Louis
St.
1
41,000
3*666
Mllwaukee—
Peoria
Omaha
105,000
874,000
281,000
1,072,000
2,809,000
164,000
.....
......
Indianapolis..
41,000
712,000
wk.
'20
273,000
3,339,000
'19
412,000
5,932,000
300,000
13,489,000
3,916,000
3,660,000
2,645,000
wk."18
1919
4,791,000 164,672,000
8,673,000 247,331,000
6,507,000 278,911,000
9,000
1,607,000
58,201,000
58,675,000
1918
*3*2",000
1,331,000
681,000
2,207,000
2,479,000
Same wk.
74,666
34,000
131,000
8,409,000
Total
Same
Since Aug.
1—
1920
6,697,000
424,000
the seaboard ports for
receipts of flour and grain at
follow:
Total
613,000
90,085,000 19,415,000 14,584,000
95,986,000 34,641,000 14,194,000
83,180,000 141,999,000 29,857,000 17,611,000
the week ended Dec. 4 1920
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
York...
185,000
Portland, Me.
1,000
138,000
139,000
*2* 000
*84*666
190,000
152,000
14,65c
III—
345.00C
813,000
40,000
1,019,000
33*666
mlooo
Baltimore
34,000
868,000
19,000
68,000
Newport News
New Orleans*
80,000
1,21*0* 000
4*2*666
*17,6oc
Philadelphia
.
1,000
1,720,000
Galveston
v
74* OOf
iV,666
752,000
Boston
26,000
67,000
2",000
43.00C
382,000
9,021,000
104,000
453,00C
Since Jan.1 '20 12,635,000
238,558,000
19,593,000
576.00C
2,793,OOf
107,000
Total wk. *20
"
71
Since Jan.1 '19 14,538,00C N213,363,OOCboo ,628,000
1919—
XVCCCipfbO
UU
JUU l>
841,001
519,00(
578,000
69,034,00()156,968,00C>29,143,000
^--O—
yca-aom®
«
—
through bills of lading.
The exports from
—
ftxaiu
1UU1UUC
20,000
26,250,00( 10,545,00C>48,907,000
"
oil
557,000
8,000
2,867,000
518,000
New
75%
And trade has been slow.
Little or
nothing has been heard of export inquiry.
On the other
hand, farmers have shown no anxiety to sell.
The receipts
have been but moderate.
Country of ferings have been small.
after all the decrease in the visible supply was larger
bushels
Export
OF RYE FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed. Thurs.
Fri.
—cts.153% 165% 160
1 58
159% 153
....139
147
140% 140% 142% 138%
,
Week
15,487,000
49%
PRICES
CLOSING
December delivery..
68
Besides, the total supply still
45%
48
51%
Shorts covered freely.
73
Oats have remained a bit sluggish, though now and then
they have advanced somewhat.
It was far from being an
enthusiastic response, however, to the occasional big ad¬
vances in wheat or the rise in corn.
Commission houses
have sold rather freely.
Cash markets fell on the 7th inst.
And although the United States visible did decrease last
week 858,OCX) bushels, the decrease for the same week last
Fri.
That is dwelt upon.
99%
FUTURES IN CHICAGO.
Mon.
72%
76%
December delivery
Wed.
48%
52%
Montreal
NEW YORK.
63%
IN CHICAGO.
Besides stocks are small.
Also the country seems loath to sell; it
certainly has been hard to buy cash rye. Russia was
recently reported to be inquiring for rye in this country,
though it does not appear that any actual business has
resulted.
The report is not forgotten, however, linked as it
was with small stocks, light offerings, some exports business
and nervous covering.
The United States visible supply
last week decreased 82,000 bushels against an increase in the
same time last year of 106,000 bushels.
The total is now only
4,320,000 bushels, against 17,304,000 a year ago.
On the
8th and 9th inst. export sales totaled 800,000 bushels.
Exporters were taking up December deliveries at the West.
To-day prices had a fall of 4 to 6 cents net.
But they are
about the same as a week ago, December being a little lower
and May a shade higher.
,
!
8 to 12c.
Kansas City..
DAILY CLOSING PRICES OF CORN IN
Sat.
Mon. Tins.
:
Wed. Thurs.
48 %
51%
49 %
53
65
65
irregular but in the main advanced.
was
the farmers of the country, not unnaturally
more
or
less
stimulating effect.
Shorts
r"
Tues.
Fri.
64
Thurs.
business has been reported, but also attempts of exporters to
resell.
In one day, however, the 6th inst., prices advanced
Minneapolis.
Duluth——
also have had a
have covered.
They did not like the fact that no deliveries were made on
December contracts, nor the light receipts, the "visible"
decrease and the leaping wheat market at times.
Cash corn
was strong.
But corn prices, after all, have been largely in
a sense a mere appendage to those for wheat, following these
downward as well as upward, as the case might be.
The
cash demand has been nothing to boast of.
Also the supply
of cattle in the United States is said to be 6.1 % smaller and
that of hogs 8.3% smaller than a year ago.
It was hard to
resist the conviction that these figures were more or less
menacing to the corn business of this country, especially with
no talk of export business.
Prospective feeding demand is, to
all appearance, curtailed.
And as for the visible supply, it is
still noticeably larger than a year ago, i. e., 4,597,000 bush¬
els, against 1,631,000 at this time in 1919.
To-day prices
fell and they end 4 to 5 pcents lower for the week.
}ft$|
64@64%
Mon.
47 %
51%
cts.
May delivery.......
bracing effect.
Add to that a decrease in the visible
supply last week of 1,037,000 bushels as against a decrease
last year of 254,000, and the firmness of corn at times is not
hard to understand.
Reports that the War Finance Cor¬
poration may be revived, and that something will be done for
a
64%
Sat.
166% 160%
164
157%
170% 169
167% 167
some¬
YORK.
65
65
64%
DAILY CLOSING PRICES OF OATS FUTURES
indicated below
OF WHEAT IN
Sat.
Mon. Tues.
PRICES
...
Mon.
165
_
.
No.
OATS IN NEW
Tues.
Wed.
OF
63
cts.
No.2white......
are improved, that there is a fair chance that a
trading agreement will be concluded between the United
Kingdom and the Soviets and there is a possibility that under
stress of wants, great efforts will be made by Russia to
furnish some grain and other staples for export, in order to
obtain most needed imports of clothing, hardware, &c.
If a $100,000,000 export corporation is organized at Chicago
as is now
proposed, it would form the basis under the Edge
Act of credits for $1,000,000,000.
It could have a powerful
effect on the export trade of the country.
It would not be
confined, however, to wheat.
A Broomhall Argentine
despatch said on Dec. 9: "The supertax on wheat exports
will probably be raised during to-day's trading.
Although
cutting of the new wheat started last week in the early dis¬
tricts of the North, only slow progress has been made on
account of the unseasonable weather.
To-day prices dropped
5 to 6 cents and they end 7 to 9 cents lower than a week ago.
Export sales to-day were reported of 1,250,000 bushels.
But Government action in favor of the farmers seems likely
to be
PRICES
Sat.,
tina has lifted the
embargo on exports of wheat and flour
Early to-day wheat at Chicago fell 5c.
■; j^In the United Kingdom there is widespread talk of an
increased acreage to wheat.
In France conditions are gen¬
erally favorable and there are reports of increases to wheat
acreage in some sections.
Belgium is said to be buying con¬
siderable quantities of Jugo-Slavian wheat.
In India rain
is needed.
There have been further charterings of wheat in
^
CLOSING
No. 1 white
It certainly told on the price.
The total num¬
ber of bank failures in North Dakota recently is 23 State
banks and 1 national bank.
And now it is said that Argen¬
that country,
doubt has
for the week.
institution.
conditions
no
thing to do with the smallness of the country offerings.
To-day prices were-lower and they close about 2 cents down
Minneapolis mills to devote 3,000 cars to haul¬
ing wheat from Canadian terminals to Minneapolis during
the winter, though this was not confirmed, and it had more
or less effect for a time.
So did the news of further bank
one
than a year ago.
adopted at Washington for the
be
measures are to
relief of the farmers of the United States
that the Canadian Government had completed arrange¬
Dakota, including
25 to 30 cents a bushel lower
are
Talk that
ments with
failures in North
2343
CHRONICLE
THE
111920.]
J *
T~\
.
.
^
m
Exports from—
A
the several seaboard ports for
.1*
A WWM
Wheat.
Bushels.
New York
Me
Portland
Boston
Baltimore
New Orleans
Galveston
Montreal
Total
week.
Week 1919
...
2,510,050
518,000
158,000
517,000
«
4A
X "l*
A
A
AtfA
Corn.
Flour.
Oats.
Bushels.
Barrels.
Bushels.
f7,45S
Rye.
Bushels
Barley.
Peas.
Bushels
Buhelss
73",000
30,666
121,000
75,000
33*,666
i",66o
344,458 109,601
10,129 548,937
198,000
92,000
16,000
61,000
4.663,845
the week
An T* •
1,000
781,000
692,000
V AW%
189,867 126,461
70,601
3,000
1,327,000
6,503,050
H
;
75I666
61I660
121,000 460,867 279,461
849,491 516,217 404.202 109,260
23 44
CHRONICLE
THE
The destination of these exports for
July 1 1920 is
the week and since
Representatives of some of the important Western
and other large buyers have been around the mar¬
looking over the situation, and evidently making plans
years.
below:
as
concerns
kets
Flour.
Wheat.
Corn.
to
Exports for Week
and Since
Week
Since
Week
July 1
Dec. 4.
July l
1920.
1920.
1920.
1920.
1920.
Barrels.
Bushels.
Since
Dec. 4.
July 1 to—
July
1920.
1
provide for future business.
Commercial money rates
unchanged, paper still being quoted at 7%% to
It is intimated that manufacturers and wholesalers
continue
Since
Dec. 4.
Week
8%.
will
Barrels.
United
Kingdom.
Continent
5,767,786 105,824.335
181,3 If
3,000
3~8~666
662,399
34,678
Total
2,000
6,843,306
548,937 10,291,372
DOMESTIC
3,239",356
12,342
6,503,050 172,938,848
4,663,845
344,458
check this week.
of
1,283,320
a
in
4,550,244
10,129
86,558,909
COTTON
GOODS.—The
shipment of wheat and corn for the week
ending Dec. 4 1920 and since July 1 1920 and 1919 are
shown in the following:
movement
both bleached and
,
Speaking in
a
broad sense, dealings
Jobbers have been
lower
buying very little, and are again talking
Manufacturers and their agents, on the other
prices.
hand, have appeared less anxious for business at current
Corn.
1920.
1919.
Week
Dec. 4.
North Amer.
July I,
Bushels.
Bushels.
There has been
1920,
Since
Since
Week
1.
Dec. 4*.
July 1.
Bushels.
Bushels.
July
9,209,000 211,161,000 165,383,000
423,000
for
July
1.
Bushels.
5,607,000
second hands reduced
Danube
Australia
128",000
...
India
1,240,000
38,217,000 74",705",000
13,270,000 />0,471,000
Total
....
The
864,000
10.577.000 264.168,000 292.371.000
supply
95,059.000
7.237,000
1,750,000
59,861,000
grain, comprising the stocks in
points of accumulation at lake and
of
at principal
seaboard ports Dec. 4 1920 was
granary
follows:
as
Corn.
Oats
bush.
bush.
bush.
*
Rye.
bush.
Barley.
bush
330,000
1,356,000
260,000
1,091,000
151,000
163,000
343,000
1,000
41,000
575,000
415,000
658,000
135,000
4,000
4,000
130,000
165,000
17",666
Galveston
4,353,000
2,895,000
Buffalo
3,660,000
457:666
2,725"666
304,000
42,000
923,000
11,000
"3",000
24,000
173,000
49,000
266,000
372",000
5,126,000
135,000
Boston
Philadelphia
2,024,000
2,683,000
6,000
Baltimore
Newport News
New Orleans
afloat
22,000
lb'ooo
Toledo
799,000
41,000
818,000
Chicago..
Milwaukee
1,837,000 11,835,000
100,000
1,288,000
549",000
456", 000
1,356,000
7,856,000
St. Louis.....
Kansas City
Peoria
1,000
103,000
61,000
On Lakes
4,672,000
407,000
220,000
34,000
381,000
280,000
1918...112,071,000
4,597,000 33,103,000
5,634,000 33,961,000
1,000
16,000, against 15,000 bushels
in
4,320,000
3,501,000
15,847,000
4,402,000
17,304,000
3,287,000
3,084,000
2,196,000 28,801,000
12,365,000
6,614,000
1,631,000
1919;
Oats, 16,000 bushels New York; total,
barley, New Ycrk, 5,000; Duluth, 1,000;
total, 42,000 bushels, against 12,000 bushels in 1919.
Canadian—
Montreal
269,000
Ft. William &Pt.
Other Canadian
Total Dec.
Total Nov. 27 1920.
Total Dec.
Total Dec.
6
140,000
486,000
Arthur_13,542,000
5,017,000
4 1920.
1919.
7 1918...
..18,828,000
..18,144,000
..16,622,000
..20,940,000
1,000
70,000
962,000
3,823,000
2,102,000
239,000
140,000
6,411,000
1,000
107,000
5,590,000
.,000
1,271,000
1,089,000
4,000
4,532,000
47,000
1,463,000
buyers refraining from providing for their future
requirements until they can see how the winter trade cuts
of
small
lots
216,000
It is evident that many of
liquidated quite thoroughly.
to
fill
under
admitting
in
have
been
prices asked
by the mills.
The latter,
difficulty of selling for future ship¬
the
ments, generally refuse to
name further concessions, con¬
tending that this would only serve to weaken the market
and probably would not result in business of importance.
The only dealings worth mentioning have been in worsted
dress
goods.
There
have
been
fair
sales of
season.
Some think they will be about the same as the
lowest recently ruling, while others think that in order to
stimulate distribution it will be necessary to name still
lower prices.
The latter, it is argued, will be made possible
by lower cost wool and cheaper and more efficient labor.
It is believed that there is little chance for
noteworthy style
changes and that tricotines, Poiret twills, plaids and stripes
will retain their
popularity.
It is thought that the auction
of nearly 9,000 pieces of overcoatings by the American Wool¬
4,000
413,000
4,320,000
3,501,000
1,271,000
..61,935,000
4,737,000
39,514,000
4,321,000
4,772,000
..61,373,000
r,741,000 39,551,000
1,635,000 20,379,000
4,403,000
4,367,000
.103,871,000
17,351,000
4,547,000
tainty and permit the trade to form
.133,011,000
2,412,000 32,413,000
12,369,000
7,027,000
future price tendencies.
1,000
uncertainty,
Congress will put
through extremely important, and in some cases drastic,
measures relating to
tariffs, taxes, etc.
Nor is it at all
strange that prices show remarkable irregularity.
In some
values have
dropped to still lower levels; others have
lost some of the
recovery noted last week, while still others
have made further
slight gains. In view of all this irregu¬
larity and uncertainty it is not difficult to understand
why
the majority of buyers have
adhered to their policy of buy¬
ing only in a hand-to-mouth manner,
picking up odd lots
to cover immediate needs when
prices were
attractive, hold¬
rule when higher prices were
asked, and gener¬
refusing to anticipate future requirements.
The un¬
as a
certainty is augmented somewhat by the fact that the poli¬
cies^ of various sellers show striking
differences, some in¬
sisting on straight out-and-out sales, while others are
guar¬
anteeing prices or selling on memorandum.
On the whole,
the improved undertone noted last week in
certain impor¬
quarters is still
more
in evidence.
The inquiry is broader
business-like.
Leading interests are
evidently endeavoring to stimulate business, arguing that
prices in
many
instances have been reduced
to make it much safer to
Dec. 14 will
on
FOREIGN
ally has remained decidedly small is by no means surpris¬
ing in view of the continued unsettlement of economic con¬
ditions in all
quarters, financial stringency or
and the growing belief that the
new
Co.
en
world
New York, Friday Night, Dec. 10 1920.
That the volume of business in
dry goods markets gener¬
to be
and
qualities of staple and novelty goods.
Jobbers have
given a few more orders, but cutters were the best buyers.
Opinions differ as to the opening prices for the 1921 fall
3,612,000
THE DRY GOODS TRADE.
seems
medium
best
4,597,000 33,103,000
140,000
6,411,000
Canadian
Total Dec.
4 1920.
Total Nov. 27 1920.
Total Dec.
6 1919.
Total Dec.
7 1918.
Those in need
buying from jobbers at
..43,107,000
..18,828,000
Summary—
American
as
large
while
Note.—Bonded grain not Included above:
Buffalo, 36,000;
WOOLEN GOODS.—Business in woolen goods, especially
men's wear, has been extremely slow, the majority of
for
concessions
459,000
more
one-third of former values, but the heavy buying of finished
goods for spring, usually noted at this time, is lacking.
77.000
1,197,000
7
inquiry for
piques, and cords in odd lots, but almost no call for
sheer plain or simple fancies.
There has been a little buy¬
ing of ginghams, flannels, etc., at prices representing about
890,000
56,000
organdies, and
sateens,
repps,
1,500,000
197,000
Total Dec.
to twills,
has been rather
the cutters have
468,000
43,229,000
87,249,000
paid
There
into present stock accumulations.
10,000
43,107,000
been
162,000
147,000
Total Dec, 4 1920
has
fine lawns.
129,000
1,080,000
Total Nov. 27 1920
Total Dec.
6 1919
on a basis of 10c. for 4-yard, 56x60s; 7^e.
6%c. for 5.50s; and 6c. for 6.15 yards.
Little
1,232 000
15,000
Omaha
On Canal and River
being
for 5 yards;
84,000
19,000
79,000
200,000
Indianapolis
average
222,000
105,000
first-quarter,
again available at 9^4c.; 72x76s at
7,282,000
62,000
288,000
2,864,000
Minneapolis
were
2,225,000
254,000
Duluth
and
In order to stimulate business,
on practically all constructions
prices
10y2c. to 10%c., and 4-yard, 80 squares, at 10%c. to ll^c.
Sheetings have been neglected and irregular, the general
370,000
1,760,000
Detroit
tant
spot stocks
After selling at 8c. on spot, the 38^-inch,
while the 68x72s
even
Wheat,
ally
actual
had
offered at 7%c. for both Dec. and
were
attention
GRAIN STOCKS5
United States—
New York...
of print cloths.
64x60s
1,812"666
280,000
visible
87",953"666 57,358",000
6,8 lLOOO
1,240,000
Oth. countr's
ing off
who
....
Argentina...
cases
mills
cases
sale accepted
delivery were far too low.
753,000
Russia
"
some
deadlock.
a
inquiry at prices below those recently
some
slightly less money, but on orders to be
made up for future delivery they generally remain firm.
They state that many of the bids received for first-quarter
Since
Bushels.
In
current.
1919.
Since
toward
unbleached goods have been inactive.
levels, and hence there has been somewhat of
Exports.
some years.
Few buyers have shown any interest in the gray goods lines.
The world's
Wheat.
buyers in
upon
customary for
better conditions and higher prices in cotton goods circles,
alluded to in our two preceding reviews, received somewhat
29,769
263*800
852,835
109,601
Total 1919.
2,265,760
probably impose stricter credit limits
the near future than have been
1,552,867
2,251,597
41,270
440,807
3,000
10,000
Other countries....
Bushels.
3,180,463
618,757
52,419
IndiesBrlt.No.Am.Cols.
Bushels.
(
125,143
1,748,444
West
Bushels.
471,464
61,606,397
9.504
So. & Cent. Amer.
[Vol. 111.
so substantially
buy than it has been in several
DRY
serve
to clear up some of the uncer¬
better
a
idea
GOODS.—Burlap markets all
as
over
to
the
weak and
are
irregular, prices generally being lower
than at any time since early in 1915.
With accumulations
already large in this market, with additional quantities ar¬
riving the anxiety of many sellers to liquidate before in¬
ventory taking is more marked.
With
evels it is claimed that the risks of
at any time in years.
the
on
buying side.
prices at
buying
are
new
low
smaller than
Nevertheless, little interest is shown
This is traceable partly to the fact that
prices for shipment are below our spot basis, and Calcutta
iroducers
seem
willing to consider almost
any
price for De¬
cember
shipment, and are asking only small premiums for
first-quarter goods.
Spot sales of 40-inch, 8-oz. have been
made at 4.85c. to 5c., against 5.15c. to 5.25c. last week, while
:.0-oz. has dropped from 6c. to 6.10c. to 5.50c. to 5.60c.; 40-
inch, 10y2-oz. have sold at 5%c. to 6c.
Latest Calcutta prices
4.65c. for lights and 5.40c. for heavies.
No important change is noted in the linen market.
It is
still virtually deadlocked.
In spite of the fact that produc¬
are
tion is
decreasing each week and is only
a
small fraction
of normal, and also in spite of the minimum prices for flax
and yarn in foreign markets, buyers here show no confidence
n
the
stability of prices.
Even though goods are available
here below replacement costs,
s
to
wholesale and retail demand
only fair at best, purchases in some cases being limited
a
single piece.
aging that
Still, it is regarded as somewhat
encour¬
orders are repeated, sug¬
gesting seriously depleted stocks and the necessity of con¬
many
of these small
stant replenishment.
goods continue
as
Handkerchiefs, damasks and holiday
the best sellers.
Dec.
111920.]
THE
CHRONICLE
Page.
1969—Flathead
PUBLISHED WEEKLY
Por One Year.
For Six Months
Subscription—Payable In Advance
•mkccs
for
European
00
0 00
of the fluctuation* in tho rate* of
ueaani«(
aubacriptlona and adrartiaementa must
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be made In
N*W York funda.
Subscription includes following Supplements—
Railway & Industrial (semi-annually)
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Transient display matter par agate line
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Chicago Omci—19 South La Salle Street, Telephone State 5594.
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187
WILLIAM B. DANA COMPANY, Publishers,
Front*
Pine and Dopey iter
Streets*
New York.
Jftale mid (jpitg gjeyartnuetif
SALES IN NOVEMBER.
MUNICIPAL BOND
We present
herewith
detailed list of the municipal
our
bond issues put out during the month of November, which
the crowded condition of our columns prevented our pub¬
lishing at the usual time.
The review of the month's sales
of the
"Chronicle" of Dec. 4.
given
was
on page
2246
Since then several belated
November returns have been received, changing the total
for the month to $55,708,014.
The number of municipalities
1872
issuing bonds in November
was
279 and the number of separ¬
ate issues 357.
'v!.
bond sales.
Amount.
Amount.
Page,
Name.
Rate.
Maturity.
2155-Abbeyville, Ga
6
1940
2247_-Adams Gounty, Pa_._—5h <11935-1950
2247
Adams County, Pa
» -
1926-1955
-
54,600
20,000
12,000
300,000
185,000
25,000
38,900
1928
1926-1940
1921-1932
1941-1950
1921-1929
1921-1932
1921-1930
327,000
60,000
21,000
1921-1932
1922-1929
ol939
1921-1945
25,000
100,000
3,000
14,439
70.000
25.0001
—
1967- -Brookville, Ohio
6
1921-1926
2247--Buffalo, n. y. (2 issues)-4
2063.-Buhl Ind. s. d. 3, Idaho-6
1921
1931-1940
1921-1950
1921-1936
<*1930-1935
2063--Burlington, No. Caro..—6
2063—Burlington, No. Caro
6
2247--Burlington, Colo.——_6
2155. -Burley, Idaho—
2247--Byron-Bethany Irr. Dist.,
_.
-
65,000
14,000
1921-1950
2247--Calhoun County, Iowa—5%
1967.-Cambridge, Mass-..,
5
1967--Cambridge, Mass
~~5h
1967—Camden County, n> j
5%
1923-1948
16,000
100,000
273,500
173,000
97,000
14,000
100,000
8,500
150,000
100,000
50,000
50,000
9,000
100,000
1925-1944
60,000
1932-1941
1921-1950
1921-1925
1926
2063- Cameron Par. rd. d. 1. La .5
1967- -Carlton Co. s. d. 7, Minn-4
2155--Carroll, Neb
,—6
..
2247.-Cascade County, Mont—6
2247—Caswell Co., No. Caro—6
2248—Cecil County,Md——5
ol938
1945
1968—CharlestonSp. s. d. 9, Ark.6
2064- -Charlotte, No. Caro5>£
1872--Cheektowaga u. p. s. d.
No. 9, n. y.....5h
2064-.Chestnut
Valley
Irrig.
Dist., Mont
2248--Chicago San. Dist., 111—5
2064--Chippewa County, Minn. 6
2156--Cincinnati, Ohio-5
1872--Cleveland Co. Rd. Impt.
Dist. No. 4. Ark
5h
2064--Coats s. d., No. Card—_6
1968-_Cocoa Beach Sp. Rd. &
Bridge Dist.. Fla-_—6
2248—Coffeyville s. d„ Kans—6
2156—Columbia, Tenn———__6
25,000
—-—
-
1927-1930 1,730,000
1930
150,000
1965
1,000,000
124,000
30,000
1920-1944
1940
—
Iowa
1921-1930
5
2248- -Cowlitz County, Wash2248-_Crisp s. d., Tex.......1930
2348--Cullman, Ala
———7
1927-1940
1968--Custer County, Mont-.-6
1931-1940
1968—Custer County, Mont-.-6
1924-1944
1968—Cypress Drain. Dist., Ark-6
fll939
2064--Dade County, Fla.
6h
1935
1872—Dakota Co.s.d.68,Minn_6m
1921-1940
2156—Danville, hi
5
2248—Dawson s. d- No. 68,
<*1925-1930
Mont
—-—6
2064
DelawareJState of)
4% dl921-1960
2064..Denison, Tex
__5
1921-1940
.
5.65
6.00
5.87
5.78
100
100.40
5.40
100
102.778
5.00
100
5-46
6.00
6.00
100*""
6.00
100
6.00
97.28
5.75
100.523
5.40
1930
1921-1930
1921-1950
1969—Framingham, Mass—4w
1921-1940
2248—Gaza s. d., Wa..
6
2248—Geneva, Neb.——.6
1921-1935
2156—Glenn-Colusa Irr. d.,Cal.6
1925-1934
2248—Goshen, Ind
.——6
2065.-Gonzales Co. r. d.6,Tex.5j4
01933
2065—Grant, Neb. (3 issues)...6
<*1925-1940
2065_.Green Bay, Wise.
—.6
1921-1960
1969. Greene County, Iowa.—.6
1930
2065..Greene County, Ohio
6
1921-1935
1969..Green Valley s. d., Calif.
2065—Hamilton, Ohio (2 issues) .6
1921-1930
2065—Hamilton, Ohio.—-6
1921-1925
2156--Harrison Co., Ind.(2 Iss.) .5
1922-1931
1969—Hatton, Wash
6
<*1921-1937
2348--Henderson Co., Tenn---6
ol945
1969—Herkimer County, n. y_5
1921-1950
1923-1952
2249—Hickory, No. Caro
...6
1969—Hill Co. r. d. No. 12,Tex5^
1921-1950
1969—Hillsborough Co. s. d.
——
.
—
<*1940-1960
19254939
1921-1930
1921-1930
1921-1925
5.99
100
5.00
100
6.00
100.526
90
106.13"
95.66
5.19
—
5*21
6.39
6.43
5.67
5.24
5.25
——
101.50
101.507
105.39"
100
6.04
6.75
100
103.17
100.70
6.00
5.27
5.43
35,000
100.086
5.98
100
101.559
6.00
4.86
100
6.00
87.50
100.13
4.97
100.13
4.75
106.25"
IIII
lbo
6.00
100.259
4.42
5.96
100
10,330v 100
7.200j
6"00
43,000
4,000
350,000
227,000
30,000
105,000
100
5.00
6.00
100
442
6.00
100
6.00
100
100
6,00
101.383
4.85
100
103""""
33.000
25,500
217,000
550,000
70,530
250,000
50,000
200,000
102". 08*
5.56
5.97
5.53
103.155
5.27
1926-1943 1,000,000
1928
78,000
600,000
101.712
5.73
5.42
1921-1945
40,000
——
1922-1936
1921-1924
75,000
4,000
1921-1930
1921-1930
1933-1941
.
Drain. Dist.,
Fla
—6
1873—Lakewood, Ohlo_6
1970—Lakewood s.d.. Ohio—
1970--Lauderdale Co.
Super's
d. No. 2, Miss— .—6
2348--Lawrence Co. Rd. Impt.
District, Ark---—---6
2348- -Lawrence Sch. Twp., Ind.6
2156—Lee Co. Sp. Tax s. d.
No. 1, Fla—
40,000
300,000
60,000
150,000
95,000
1923-1952
40,000
1921-1930
1934-1938
1921-1930
1921-1925
2157--Maricopa Co. s.'d. No.
66, Ariz—— ———6
2066—Maricopa Co. s. d. No.
2157--Maricopa Co. s. d. No.
68, Ariz.-..
——6
2250—Marion, Ohio.——
6
2066—Marion County, Ohio.—6
1970—Marshalltown, Iowa——6
1970--Memphis s. d., Tenn-—5h
2157—Miami, Fla.-——-----6
2066—Miami Co., Ind. (5 iss.)
2066—Miami Co., Ind———6
2066—Miami Co., Ohio (2 iss.)-6
2250--Michigan (State of)
5
2157--Middlesex Co., Mass——
2066—Middletown, Ohio--.---6
2157__Milford, Iowa.
——6
1873. -Mill to wo Boro. s. d., n • j .6
2066.-Miles City, Mont- —
1940
1922-1941
1921-1930
serially
1921-1930
1921-1930
101
100
102.
102.10
).30
100.
5.00
5.04
5.95
28,500
100
6.00
100
30,000
200,000
24,500
13,000
250,000
175,000
38,774
37,160
9.250
1940
1,000,000
1921
1921-1945
112,000
50,000
15,000
64,000
100,000
200,000
340,000
20,000
75,000
2,980,000
250,000
1940
—
Wis-_-.--.-6
1922-1943
1931-1940
1921-1940
<21931
2157—Milwaukee,Co., Wis——
2066—Mineral Wells, Tex„.—6
1970—m ishawaka Sch. City, Ind .6
2250.-Minneapolis, Minn. (8 lss,)5
2250—Minneapolis, Minn——5
2250--MissoulaCo. 8. d. No.28,
<*1930-1950
1925
Various
1950
103.10
101.428
101.737
100.751
100
102.51
100.04
100
100
97.80
100
100
<*1930-1940
6
2250—Modesto, Calif. (2 iasues) 7
1950
1922-1930
—
m
a
6.50
6.00
6.00
4.91
101.75"
5l79
102,43"
5.72
105.77"
5.23
5.24
10°
102.05
101"""
97.33
5.00
100
100,000—.—
J—
205,000
7,553
95,000
200,000
144,500
10,000
15,000
120,000
180.000
125,000
970,000
176.,000
17,600
50,000
53,000
8,000
142,000
101.125
5.71
7.00
5.92
100*"""
(f.oo
100
5.50
102.15"
103.598
5.76
6,00
5.24
102
4.50
100
5.90
5.53
1,
Mont .'
2157—Montgomery Co., Ala.i-6
2250.-Montgomery Co., Kans.-5
2250—Montgomery Co., Ohio—6
2157—Morrow County, Ore—6 m
1874—Mt. Auburn s. d., Iowa.5
1874—Nampa, Ida—
— —
1970--Nash Co., No. Caro——6
2250.-Nashville, No. Caro--—6
1971-_Nassau County, n. y-—5h
1970--Nevada (Stateof) (2iss.). w.
2250--Newburgh, n.'y————5.
1971--Newport Beach, Calif-—6
1874--New Smyrna, Fla
.7
1971—Niskayuna, n. y
5.9
1874—No. Bergen Twp., n. j—6
2066--North Platte, /Neb——.6
2066—North Platte, Neb——6
2157--Norfolk County, Mass-— —
1971—Norwalk City s. d., Ohio
(2 issues)—
6
2158—North Wildwood, n. j---6
1874--Oakland, Md
5
1874--Oakland County, Mich--4m
1971.-Oakland s. d., Calif
5
1971.-Oakland h. s. d., Calif_5
1971—Oak Park s.d.No.l8,Fla-6
2251-_Oconomowoe, Wise. (3 is.) —
1971—Onondaga County, n. y-5h
2066—Ord, Neb——
—.-6
2066—Ord, Neb—7
1971--Oregon (State of)——-4j4
2158—Owen County, Ind
5
1971— Painesville, Ohio-—--6
1971
Painesville, Ohio
6
2067--Painesville s, d., Ohio—6
2067
Palm Beach Co. Spec. Tax
s. d. No. 1, Fla
6
2067--Palm Beach Co. Spec. Tax
s.d. No. 4, Fla
6
2067—Paterson, n.j
—---534
5.99
6.00
101.076
1970--Missoula Co. s. d. No.
No.
5.67
100,000
—
28, Mont—
2250--Missoula s. d.
5.44
5.25
5.97
50,000
1940
'
——— —
102.426
5.62
5.37
5.35
5.86
6.00
5.80
<*1925-1930
8,000
1921-1930 3,000,000
1925-1934
5,000
—.——5
2066- -Maine (State of)——- —5h
6
2249—Mansfield, Ohio..-——-"
Mont
42,087
100,0004 102.66
166,724\ 100.102
6,186/
1931-1932
25,000
C1937
1,000,000
01939
1,000.000
1922-1931
72,292
01923
4,305
1922-1931
10,000
1921-1930
58,500
1873—Lucas County, Ohio-6
1970—McComb, Ohio.
__6
2157--McDonald s. d., Ohio—6
1970--Madison County, Ohio--6
2348—Madison Co. s. d. No. 11,
Ariz
6.00
100
100,000
2156—Lewisville s. d., Tex__
2249.-Lorain, Ohio
ij
6
1970-Lorain, Ohio j
-5 h
1970--Lorain, Ohio (2 issues)-—6
1970—Lorain, Ohio
-6
2157--Lorain City s. d., Ohio—6
2066- -Los Angeles s. d., Calif- -5 j4
2066—Los AngelesH.s.d.,Calif,5j|
-----
107.199
'
6
—
6.00
—
Worth
-—
101
102.40
100.02
5*73
101447
97.06
100.65
100.10
1921-1945
1921
-
6,
-ill
105,473
O1940
2065. .Knox County, Ind. _—.6
2249. Kossuth County, Iowa —5 &
u
ibi"i5~
4,000
2249—Kitsap County, Wash—.6
2249—Lake
54,000
24,700
975,000
150,000
30,000
5,000
Price. Basis.
6,000
No. 28, Fla
6
2249--Hot Spr. Co. s. d. No. 3,
Wyo
——6
2156—Idaho Falls, Ida
6
2065—Independence Hgts., Tex.6
2249—Jacksonville, Fla
2249--Jamestown s. d., n. y—5
2249.-Kansas City, Kans..-—-5
1873—Kenosha, Wis—
6
1873--Kenosha, Wis————6
2065—Kent s. d., Ohio.—.—6
1969—Kewanee-Toomsuba Sepa¬
rate Road Dist., Miss. _6
1970__Kinston, No. Caro..
6
2066--Milwaukee,
♦
142,000
36,987
300,000
12,500
42,000
200,000
75,000
1923-1939
—
100
93.17
2156—Fairfield, Ala————6
1968--Fall River, Mass.
5
1968.-Fall River, Mass...
4h
_
100
2,500
500.000
200,000
250,000
1923-1933
57,000
1945
1,000,000
575.000
1934
300,000
192~£l949
150,000
1923-1928
<*1921-1930
1935-1939
1930
-
1925
1929-1959
Atkinson, Wise
10,000
250,000
20,000
90,000
70,000
872,000
1,890,000
60,000
15,000
75,000
1,189,150
40,000
—
100.90
2348—Easton, Fa.
—
—
1968--el Centro s. d., Calif—6
2156—Elwood City, Pa-.
_5
1968--Elyria, Ohio.—
6
2064- Ent erprise, Ore.
6
1968—Erie County, Pa
5
2156—Fairfield, Ala
...
6
dl930-1940
—
2065.-Ft. Wayne Sch. City, Ind_6
2065—Ft, Worth, Tex. (7 issues)5
Mont
5.58
5.72
100""
45,000
12,000
40,000
250,000
100,000
30,000
350,000
9,000
250,000
.
—
101.82
100.52
101.15
475,000
—
1872--Dermott-CollinsR.d.,Ark
2156—Des Moines, Iowa
6
2064.-Detroit, Mich—
_5%
2064
Durham, No. Caro——5h
.
6.00
95
300,000
101.71
150,000
60,000 ploo.71
85,000
104.717
105.816
18,000
3,500
15,000
1930-1955
ol926
1950
1926-1940
2064--Columbus, Ohio—.
5%
1930
2064--Columbus, Ohio
6
<*1930-1940
Costilla Co. s. d. 12, Colo-6
—
100
100,000
Calif
2063.-Caldwell County, Tex—.6
2156—ConverseCo.s.d.17,Wyo.
1872—Council Bluffs Ind. s. d.,
6.94
22,000/
—
2247--Cascade County, Mont-.
100.325
35,000
274,000 vlOI.22
250,000
104.51
180,000
92.63
al932
al936
—
Price. Basis.
10,000
85—100,0001
100,000\ 106.53
80,000 (
5.31
102.31
150,000
<fl935-1945
5
Calif-5m
2247—Alliance, Ohio—
6
2347—Annandale, Minn....—6
1967--Arcade, n. y
-6
2155—Ashe County, No. Caro—6
1967--Ashtabula County, Ohio. 6
Atlantic Highlands, n. j.6
2063--Babylon, n. y
5H
2247—Beauregard Parish,
La.
(3 issues)——--——5
1872—Biadeford.Me.———6
2247..Bison r. h. s. d., Kan._5h
2155—Blue Earth, Minn-———6
1967—Blue Earth Co., Minn.— 5h
2063—Bonita u. h. s. d., Calif-6
2063—BoxElderCo. s. d., Utah-5
2347—BrookfieldTwp. r.s.d.,
Ohio-.-6
2247._Brookines, So. Dak—
2347_ .Alameda,
Co.s.d.44,Mont.
1943-1954
Fort
Amount.
Maturity,
1931-1940
1926-1939
5
.6
2248
...........
account
Rate.
2248—Flint, Mich—
European Subscription (including postage).
13 50
European Subscription six months (including postage)............7 75
Canadian Subscription (including postage)
.....w—.—11 60
NOTICE—Oa
Name.
1968—Farmington, Iowa
.6
2064—Fergus County, Mont—.6
<Poe CtertxMje
Terms of
2345
<21933
fll931
1941-1950
1921-1929
1921-1945
1930
1922-1929
1921-1958
1926-1930
1930-1939
1921
1925
1921-1930
1922-1951
1921-1935
1922-1932
1921-1930
1940
1925-1939
1935
1922-1931
1925-1931
1923-1932
1922-1941
100
100
105.72
10,000
50,000
290,000
21,000
12,000
30,000
375,000
750,000
250,000
5,000
25,000
160,000
35,000
80,000
1,500,000
7,900
3,500
5,000
40,000
1°°
100.25
.
97.397
5.94
5.26
100""""
6.00
101.38
V55
103
4.85
94.58
100
5.02
5.00
6.98
5.98
5.62
100.143
100.15
102.83
01935
125,000
99.30
6-07
01935
40,000
96.50
6.36
5.22
1921-1959 1,013,000
103.556
2346
CHRONICLE
THE
Name.
Rate.
Maturity.
Page.
2067. .Paterson»N. J..........6
1925-1926
1925
.Paterson, N. J...-..-..-6
2067_ -Peabody, Mass, (2 issues)4 %
1921-1925
2067. JPeabody, Mass...■ -5
1921-1930
2067. .Peabody, Mass
_5
1926
1971„ -Perth Amboy, N. J-—-—6
1921
2067. .Petersburg, Va—
—6
2158. Peterson, Mton......
4
2158. Phillips County, Mont... ..
1971. .Plainview S. D.,Neb--—6
1930-1940
Pleasant
2251 .Point
Beach,.
1921-1950
N. J
5
2067. .Pondera Co.S.D.3.Mont-6
<11925-1930
1930
2251. Port of Astoria, Ore.....6
2158
£1925-1930
Prairie Co. S.D.94,Mont.6
2067 .Quay Co. 8. D. 34, N. M.6
£1931-1940
1921-1940
2251. .Racine, Wis............6
1921-1930
2251. .Racine, Wis............6
al941
2158. -Randolph County, N. C.0
1925-1955
2251. .Ravenna City S. D., Ohio6
1921-1930
2067. .Rensselaer, Ind.........6
1921-1930
2251. -Rensselaer, Ind—.
6
1930
2158. .Renville, Minn. (2 issues) 6
1921-1930
1971, .Richland Twp., Ohio...-5
2158. Rigby, Ida. (2 issues)...-6
1971. Rio Grande Co. Consol.
S.D.No. 8, Colo-....
1921-1940
2067. Roberts Rd. Impt.D.,Ark6
1925-1940
1972. Rockford, Iovra.
.6
al931
2251. .Rockingham Co., N. C—6
1921-1930
1972. Ross County, Ohio
.6
2350. St. Paul, Neb
-v
-6 H
1972. Sacramento, Calif.......7
1924-1928
2158, _Salem, Ohio—...J..-...6
1921-1924
2251. .San Bernardino, Calif—6
1874, .Sandusky Co., Ohio..—.6
1921-1950
1972. .Santa Barbara S. D., Cal.6
1972. .Santa Cruz Co., Ariz.—6
2252. .Scarsdale U. P. S. D. No.
1941-1952
1, N. Y—
—..5
41925-1940
2158. .Scottsbluff, Neb..—.6
1921-1928
1972. -Scottsburg, Ind....——6
1921-1950
2252. -Scranton. Pa. (2 issues)-.5
2252. -Seattle, Wash—.......5M
al933
2068.,.Seattle, Wash
——6
/ /«»*»■»«**• -m m m tm
2158.,-ShelbyCo., Ind.—.. ..
mm-tie''2252. -Sherman, Tex—.......6
1875.,.Sidney .Ohio. ———6
1922^1925
2068.,.Sioux Palls Ind. S. D.,
1940
So. Dak
—5£4
1921-1938 '
2252. -Smith County, Tex
5H
Amount.
361.000
2067
100,000
600,000
4,000
150,000
40,000
m m**** *
—
..—
.....
40.0001|/103.90
10,000J
5.88
100.50
100.708
100
5.84
6.00
100
5.00
100.50
100.56
100
5.87
6.50
moo7
100
6.00
10545*
546
5.94
5*99
98.51
102.60
101.12
5.99
4.89
100.78
455,000
270,000
8,400
7,220
40,000
11,000
4.83
100,014
111,000
80,000
7,000
5.41
100"""
100
6.00
100
6.00
432,000
270,000
100.46
5.46
60,000
170,000
260,000
64,000
40,000
60,000
50,000
100.125
100.50
2068.
1875.
2068.
2068.
2068.
1972.
£1921-19321
6
1940
al926
.Springwells, Mich. (2 iss.)5^
-Stark Co., Ohio
.——6
1921-1935
-Starkville.Miss-——
6
.Steele Co., Minn, (4iss.)-5H
-Sterling, Colo.——.—6
.Strathmore IT. H. S. D.,
Calif————6
1925-1954
1972. .Summit U. S. D„ Calif-6
£1935-1940
1972. .Sweet Grass Co., Mont..6
2252. .Sweet Springs, Mo1925-1940
—6
2068. .Swift Co. Ind. S. D. No.
4, Minn—
6M
1921-1940
2068. .Syracuse, N. Y
.——5
1921-1930
2068. .Syracuse, N. Y. (2 iss.) .5
1921-1925
2068. .Syracuse, N. Y—.......5
2068. .Syracuse, N. Y——....5
1921-1923
2350. .Tillamook Co. S. D. No.
48, Ore————6
2159. .Tiro Con. S.D., Ohio
1932-1952
6
al927
2159. .Todd Sch. Dist., Calif—6
£1930-1940
1972. .Toledo, Ohio
—6
1875. .Toledo S. D„ Ohio
71921-19601
6
.........
1
£1935
£1940-1950
£1930-1940
......6
N.Mex—
2068—Twin Palls, Ida. (2 iss.)—6
1875..Union Co., Ohio.
6
2068..Utah Co., Utah (2 issues) 5
2068—Vallejo Sch, Dists., Calif.
looT.ii"
103.78
—
100.02
100
2350.
2350
100.318
100
101.75
12,000
25,000
13,000
185,000
4.93
6.00
5.86
5.93
100.42
106.40
/ 1,000,000
-—
107.325
—
......
583,000
......
1930-1953
1921-1930
..6
..6
2252..Washington Co. Cons.
S. D., Minn..........6
2069—Watertown, N. Y.———5
2252._Waukena S, D., Calif
6
2159..Wayne County, No. Car_0
2069—Weakley Co., Tenn——6
2069—Wellesley, Mass,....
.5
2069—Wellesley, Mass
5
2159._Wellston, Ohio..
.6
2069..Wheatland, Wyo. ?2 iss.)_6
2252—Wheaton Sp. Rd. D„ Mo.6
2069..Wilmington, Ohio (2 iss.)6
2069—WUmington, Ohio (2 iss.)6
2069..Wilson, No; Caro.——6 I
2069..Wilson, No. Caro...
6
2160—Wilson Co., Kan.
.5
2253.-Winnebago, Iowa
BH
2253.-Williamsville, N. Y
6
2160—Wright Co., Minn.
5H
2253.-Wyandotte, Mich
5
1875—Xenla, Ohio (2 iss.)—6
2253—Yavapai Co. S. D. 9,Ariz.6
225,000
20.000
1935
1922-1945
...
...
1921
1940
1921-1935
1921-1924
1922-1928
—
....
....
,
—
...
—
1921-1924
1930
1921-1928
1921-1930
1940
100
103.125
10,000
120,000
10045
40.000
35,000
103.33
125,000
30,000V 100.82
....
....
6.00
5.35
4.95
TOTALS POR
6.00
95
33,000\ IOOT662
7,500
466,000
64,000
300,000
100.000
2,000
50,000
80,000
80,000
85,000
5799
6.00
5.24
6.12
6.00
--------
6.60
6.61
102:72"
6.64
98.50
102.02
104.553
94.199
84.67
90.68
93.89
6.50
5.73
5.21
6.95
7.00
7.00
100
94.87
95
98.37
94.317
6.55
97.80
6.80
m$13,920,960
Page,
Name.
Rate.. Maturity.
2070--Hanover, Ont——6
1921-1940
1974.-Saskatchewan S.D.,Sask-8
2070.-Saskatchewan S.D.,Sask_—
1974-Thorold, Ont. (2issues)—6
—-—---
1921-1930
All the above sales of debentures
Amount,
$45,000
91,600
14,800
20,000
Amount.
$165,000
I-
265,000
200,000
80,000
Average date of maturity.
(except
_
54.000
250 000
160 000
...
_
I
150.000
25 000
75] 000
BONDS OP UNITED STATES POSSESSIONS.
Amount. Price. Basis.
98
——
—
---—,
94.60
— -
7.20
as
£ Subject to call in and after the earlier yea*
mature in the later year.
JfeNot including $53,423,900 of temporary
loans reported, and which do not belong in the list,
x Taken by sinking fund
as an investment,
y And other considerations,
m Not including a tem-
norary loan of $10,000
negotiated, which does not belong in the list.
NEWS
ITEMS.
Colorado.—Four Amendments Passed.—Of the ten propo¬
sitions voted on at the general election on Nov. 2 only four
were
approved.
They were:
.
100 000
60,000
""
Basis.
Price.
indicated) took
place in October.
These additional October sales make the
total sales of debentures for that month $13,040,467.
a
_
98.93
99.082
91
and
_
,262,000
Basis.
100.523
7.00
88.52
7.00
Price.
—
during November 1920—
6.00
100
100
„
1967..Hawaii (Territory of)(Oct
Sale)
4J4
IN
BY CANADIAN MUNICIPALITIES
NOVEMBER.
Page.
Name.
Rate. Maturity. Amount.
1930
1875—Alberta (Prov. oQ
$1,000,000
6
1921-1950
2253- -Charlottenburg Twp. ,Ont5 H
30,000
1945
22,000
____6
2160--Chatham, N. B__
1930
2160.-Chester R. M., Sask——8
9,500
1940
30,000
1973—Courtney, B. C
7
1935
9,700
1973.-Davidson, Sask-.OH
1940
13,835
2160—Eastview, Ont
------7
1940
11,218
2160—Eastview, Ont- —------6
1950
2160—Etobicoke Twp., Ont
25,000
6H
1921-1940
50,000
1973-Pord City, Ont-——6^
1921-1940
2351— Freeman Twp,, Ont
10,000
-7
1925
1,000
1973—Holdfast, Sask
8
2070—Lachine Oath. Sch. Com.,
1930
175,000
Que
-----6
1930
2020--Manitoba (Prov. of) -——6
750,000
1930
1,000
1973—Maple Creek, Sask--—.,—7)4
1950
50,000
2160—Minitonas, Man.
-—6
1973-Minitonas R. M., Man-0
1922-1951
50,000
2070--Montreal Catholic School
1930
500,000
Com., Que
.———.6
1930
2070--Moose Jaw, Sask-100,000
-—6
1930
4,500
1973—Moosomin, Sask
-7
1950
25,000
2160-New Castle, N. B——6
153,955
2070--Niagara Falls, Ont----.-5
*1921-1940
14,500
2253—Nottawasage Twp., Ont.6
1974,-Nova Scotia (Prov, of)-—6
1930
2,000,000
2070--Ontario (Province of)——6
1927
5,000,000
1921-1935
78.744
1974—Oshawa, Ont
—.—6
1921-1950
75,000
2070..Parry Sound, Ont
—6
1921-1935
18.745
2070—Parry Sound, Ont
6
1921-1930
33,000V
2253.-Pembroke, Ont
6
1921-1950
2253—Pembroke, Ont6
14,000/
1930
1,500
2253—Prelate, Sask-—
—8
1921-1931
2,000
2251—Rapid City, Man—.
7
2070—Renfrew County, Ont---6
1921-1940
150,000
2160.-Saskatchewan S. D.,Sask.8
28,400
2253._Saskatcrewan S. D., Sask.
9,900
1925
211,500
2253—Shawinigan Palls, Que
5H
1921-1940
2253—Smiths Palls, Ont——6H
9,200
1974- -Toronto, Ont1921-1950 2,853,000
-6
7,450
2160—Watrous, Sask
i——
1921-1960
377,548
1974-Wlndsor, Ont———5^&6
1921-1930
2253—Yellow Grass, Sask—.—7
60,000
2070—York Township, Ont-—6
1921-1925
8,765
ADDITIONAL SALES OP DEBENTURES FOR PREVIOUS MONT HS
100.90
100
100.02
95.75
Page.
Name.
889..Alpine S. D., Utah (February List)
1661..Alpine S. D., Utah (April List)---::::::;::: 7
2063..Cache Co. H. S. D., Utah (April List)...
2348—Englewood S. D. No. 1, Colo. (Aprillist)
2248
Geneseo Township, Iowa
(March List)
1873.-Glendale, Aria. (2 issues) (October List)..
~ "
2156.-Gonzales Co., Tex. (March List)
~ 1 - "*
2348..Graham Co., Ariz. (Feb. list)
""
2066—Montebello S. D., Calif. (October List)....——
1971..Panama City, Fla. (October List)
"
1973—Weld Co. S. D. No. 8, Colo. (May List)
2159—Wibaux Co., Mont. (April List)-.
Maturity.
All of the above sales (except as indicated) are for October,
102.013
The following items, included jin our totals for
previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found:
Rate.
—
Total amount of debentures sold in Canada
PREVIOUS MONTHS.
—
—
—
100
6,612
40,000
25,000
Total bond sales for November (279 municipalities, covering 357 separate Issues)...
*$55,708,014
REVISED
...
—
5.72
4.83
12,000/
—
1922-1935
1922-1931
1930
1922-1937
1921-1952
1921-1930
-
'
....
——
S. D„
Ohio
1973..Washington Co., Ind
*
....
1923-1942
Road Impt. Dist., Ark.0
1875..Warren Twp. R.
22,900
95
95,000 V100
223,500
400,000
93.76
500,000
185,500
.WaiashCo!'} Ind7 "(3Alicia H
"iss") 4
Walnut Ridge &
——
—
6.00
......
—
~"al923~"
_
.
5.95
2068..Torrance Co. S. D. No. 7,
_
_
DEBENTURES SOLD
100.167
25,000
260,000
575,000
18,500
48,000
.
,
including temporary loans) for that month $72,732,945.
100.38
30,000
25,000
60,000
20,000
—
„
These additional October issues will make the total sales (not
2158. .South Denver Park Dist.,
Colo
following additional sales for
Page..
Name.
Rale. Maturity. Amount. Price. Basis,
£1930-1940
1967—Albion, Neb
—6
76,000
100
6-00
26,000
100
1967—Albion, Neb.————6H £1930-1940
0.50
1967—Burlington, N. C. (Sept.)0
195,000
6.00
100
1921-1925
50,000
1967—Carterville Tp.,IIl. (July)5
al940
1968-lCbelait Co., Wash...
6
430,000
101.76
5.85
2,500
1968—Chelan S. f).. Wash..
1922-1936
110,000
2248. .Cowlitz Co., Wash.(May)6
2248—Cushing Ina. S. D., Tex.5
15,000
2348—Cuyahoga Falls, O. (2 iss.)
1920-1929
30,290
(March).......
-5M
2064—Dawson Co. S. D.t No. 1.
£1935-1940
Mont. (Sept.)—
32,000
100
0.00
6
£1940-1950
75,000
2064—Des Moines, N.Mex.——6
100
6.00
1968..Eagle River U. P. H. S.
D.-, Wise
—-..—..6
125,000
1940
55,000
1873—Glendale. Ariz. (2 issues).6
1921-1925
49,000
2150w-Gloversville, N, Y—4 H
1921-1940
20,000 y 100
1969—Indio S. D., Calif—.— 6
1921-1940
150,000
92.23
2156—Ironwood, Mich——5
6.10
1921-1930
100
14,000
6.00
2065—Jackson Twp., Ohio....-6
2249—Kern Co. Rd. Impt. Dist.
1920-1932
100
No. 3, Calif. (August).6
6.00
387,552
1930
100
190,000
5.75
2065..Lac Qui Parle Co., Minn.5
1926-1932
62,000
1970—.Metropolis 8. D„ 111....6
1921-1950
150,000 108.61I'M
2066—-Montebello S. D., Calif—6
1925-1940
100.29
2060—Nobles Co., Minn. (Sept.)5%
378,000
1971—Pierce Co. S. D. No. Ill,
5.75
100
Wash
3,000
————5%
1924-1926
100
6.00
1971—Pleasant Twp., Ohio
4,875
6
1922-1938
24,000
1972—San Jacinto Co., Tex
7
1932
.1972..Seattle, Wash. (1 iss.1-6
310,459
2350..Stillwater County, Mont.
£1930-1940
100
6.00
150,000
(2 Issues) (May)—6
1925-1930
2068-Tacoma, Wash. (6 iss. 1—6
29,476^
1920-1944
1972—Talbot County, Ga———5
50,000
95
2068—Vero, Fla, (July)
30,000
—.6
2069..Welsh Drain. Dist. No. 1,
La. (June).
1921-1940
5.00
130,000
100
...5
2159.-Wibaux County, No. Car.
25.000
93
(July)
6
2159..Wibaux County, No. Car.
94
25,000
(Aug.) —■—
6
35,000
1973..Woodbury, Ga. (Aug.)—6
1973-Yakima Co. S. D. No. 54,
1922-1931
Wash
18,000
100
5.50
5M
1921-1925
100
6.00
57,515
1973—Youngstown, Ohio (3 is.) .6
—-
5.87
101.55
100,000
70,000
33,850
200,000
40,000
83,000
17,088
10,277
10,000
43,500
295,000
100,000
.
rn
5.00
6.00
6.43
150,000
350,000
12,000
12,000
15,000
59,000
53,000
..
.
6.00
100
100
97
...
35,000/
,
.
100
100
130,000
1,000
500,000
1,000
—
.
4.76
We have also learned of the
previous months:
_
55.000J
,
——
Price. Basis.
101.29
5.72
5,70
81,000
101.239
650.0001
100,000 f 100.259
[Vol. 111.
f
For.
Against.
Limiting hours of employment of members of municipal
fire departments.—
Amendment to State constitution to increase
-—-113,140
educational
^
82,596
^
appropriations 1 mill for institutions of higher learning—160,268
Initiated amendment for construction of psychopathic hospital for curable insane--..—-----155,049
Referred constitutional amendment authorizing issuance
of $5,000,000 in bonds for maintenance and construction
of highways-—---—-—
100,130
52,324
50,295
70,997
Among the propositions defeated was one to provide for
the issuance of $18,000,000 bonds to build three railroad
tunnels, including one for the Denver & Salt Lake Railroad.
Dec.
•*
111920.]
CHRONICLE
THE
California.—Official Election Figures.—Secretary of State
Jordan
Dec. 3 gave out the official figures on the twenty
amendments to the California Constitution and initiative
on
voted
measures
official vote
on
the
at
on
410'
yes,
*1
no,
University tax, yes, 380,027; no, 384,667.
Community property, yes. 246,875; no, 524,133.
against,
5
of
approved
Article
16
of
proposed
the
v
State
of
County
Approved.—On
36,172 for to
amendment to
The
Constitution.
^
"Article XVI, Section 5.
No city, town or village, or any subdivision
or any sub-division of any county of the State of Wyoming, shall,
in any manner, create any indebtedness exceeding 2 per centum on the
thereof,
assessed value of the taxable property therein; provided, however, that any
city, town or village, may be authorized to create an additional indebted¬
not exceeding 4 per centum on the assessed value of the taxable
property therein as shown by the last preceding general assessment, for the
purpose of building sewerage therein; and
provided further, that any school
district may be authorized to create an additional indebtedness, not exceeding
4 per centum on the assessed value of the taxable properly therein as shown by
ness,
preceding general assessment, for the
purpose of the erection or enlarge¬
buildings therein', debts contracted for supplying water to
Harrison
follows:
ADENA VILLAGE SCHOOL DISTRICT (P. O. Adena), Jefferson
County, Ohio.—BOND OFFERING.—Prooosals for 135,000 6% coupon
school bonds will be received until 6 p. m. Dec. 28 by TJ. M. Case, Clerk of
Board
of Education.
Denom.
$500.
Date Jan.
1
1921.
semi-ann. int. payable at the Peoples' National Bank of Adena.
Prin.
Alameda
County,
Calif.—BOND
(P.
County,
SALE.—On
Nov.
16
There
ALBERT LEA, Freeborn County, Minn.—BOND SALE.—The North
6%
an
issue of $91,000
ALPINE, Brewster County, Tex.—BOND SALE.—The $20,000 5M%
sewer bonds, which were registered on Aug. 12 by the State Comptroller
(V. 111. p. 812) have been sold to the Alpine State Bank and the First
National Bank, both of Alpine.
The $15,000 5H % water-works bonds also registered on Aug. 12 by the
State Comptroller have not as yet been sold.
ANNANDALE, Wright County, Minn.—BOND SALE.—The $20,000
6% water-works bond issue—V. Ill, p. 2155—was sold on Nov. 30 at par
and Interest to Gates, White & Co.
Date Aug. 2 1920.
Due yearly on
Aug. 2 as follows: $500, 1926 to 1929, incl.: $1,000, 1930 and 1931; $1,500,
1932 to 1935, Incl.; and $2,000, 1936 to 1940. incl.
AVONDALE
(MUNICIPAL) IRRIGATION DISTRICT (P. O. Avondale),
Kootenai
County, Ida.—BOND SALE.—Carstens & Earles,
Inc., of Seattle, have purchased and are now offering to investors at par
and interest, to yield 6H%, $50,000 6H% bonds.
Denoms. $500 and
$1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at
the fiscal agency of the district in New York City, N. Y., or through the
offices of Carstens & Earles, Inc.
Due $5,000 yearly on Jan. 1 from
1931 to 1940, incl.
'
*
Financial Statement of Avondale Irrigation District.
Assessed valuation
$75,000
.
—
Estimated real value
Total bonded debt
250,000
50,000
;
Bonded
debt
Burlington
(excl.
floating debt,
437,153.
incl.
(P.
O. Bedford),
Cuya
hoga County, Ohio.—DATE OF OFFERING.—The correct date of the
re-offering of the $200,000 6% coupon school-house bonds is Dec. 27, and
not Nov. 23 as was inadvertently reported in V. Ill, p. 2247.
BELLEVILLE SCHOOL DISTRICT (P. O. Belleville), Essex County'
N. J.—NO BIDS.—There were no bids for the issue of $90,000 5% coupon
(with privilege of registration) school bonds offered on Dec. 6—V. 11,
COUNTY
(P.
O.
St.
Clairsville),
coupon
(with privilege of registration) bridge bonds described in V. Ill, p. 2247,
which was originally set for Dec. 13 has been changed to Dec. 27.
BELOIT SPECIAL SCHOOL DISTRICT
12
m.
(P. O. Beloit),
Ohio.—BOND OFFERING.—Proposals will
Dec.
Mahoning
be received until
20 by Laura C. Heacock, Clerk of Board of Education, for
$10,000 6% deficiency funding bonds.
Denom. $500.
Date Jan. 1 1921.
Principal and semi-annual interest (A. & O.) payable at the Citizens Banking
Co. of 3ebring.
Due $500 on April 1 in 1923, 1924 and 1925, and $500 each
six months from April 1 1926 to April 1 1934, inclusive.
Certified check for
Tax
or
(P. O. Bemidii), Minn.—BOND SALE.-r—The
representing Fields, Richards & Co.,
purchased the $250,000 6% road bonds (V. Ill, p. 2155) on Dec. 8.
Northern National Bank of Duluth,
BEREA, Cuyahoga County, Ohio.—BOND
Village Clerk, will receive proposals until 12 m.
OFERING.—C. E. Fox,
Dec. 20 for the following
6% coupon bonds;
$48,000 electriolight-plant bonds.
Due yearly on Oct. 1 as follows:
11921 to 1924, inclusive, and $2,500 1925 to 1940, inclusive.
$2,000
32,0001 water-works bonds.
Due yearly on Oct. 1 as follows: $2,000 1921
"to 1924, inclusive, and $1,500 1925 to 1940, inclusive.
County,
N.
J .—BOND
OFFERING
this
Issue)
Water debt (incl.),
$40,000;
assessed value 1920, $5,-
$210,950;
$19,021; sinking fund. $40,014;
rate (per $1,000), $34.50.
Durham—V. Ill, p. 2063—was never
completed.
Bow County, Mont.—BOND OFFERING—Sealed
bids will be received by Shelby Irvine, City Clerk, for $600,000 6% 10-20year (opt.) funding bonds until 5 p. m. Dec. 15Denoms., $1,000, $500
or $100 at option of purchaser.
Int. J. & J.
Cert, check for $1,000 re¬
quired.
The bonds have been declared valid by the Supreme Court, and
are
exempt from taxation.
Assessed value 1920 $91,055,485; total in¬
debtedness including this issue $1,700,000.
Present tax collection will
reduce the indebtedness $450,000.
City's other assets $400,000.
Silver
IRRIGATION
DISTRICT
(P.
O.
Byron)
County, Calif.—PRICE PAID.—The price paid for the
BYRON-BETHANY
Contra
Costa
$100,000 6% bonds, which were sold on Nov. 27 to local investors—V. Ill,
p. 2247—was par.
Denom. $1,000.
Date Nov. 1 1920.
Int. J. & J.
There were $360,000 bonds offered on Nov. 27 but, only $100,000 were
on
that day as stated above.
The remaining portion ($260,000) will
I
SCHOOL DISTRICT (P. O. Logan), Utah.—
BIDS REJECTED.—On Dec. 4 all bids received for the purchase of the
COUNTY
CACHE
$400,000 5% school bonds—V. Ill, p. 2155—were rejected.
Hardin), 111.—BOND SALE.—The Na¬
and is now offering to
5H% an issue of $110,000 6%
Date Dec. 15 1920.
Prin. and
annual interest payable at the National Bank of Commerce of St. Louis.
Due $20,000 Dec, 15 1921 and $10,000 yearly on Dec. 15 from 1922 to 1930
CALHOUN COUNTY (P. O.
tional Bank of Commerce of St. Louis has purchased
investors at prices yielding from 5.30% to
road and bridge bonds.
Denom. $1,000.
incl.
Hemphill,
CANADIAN,
$43,000 school bond8 are to
Cedar Rapids),
ELECTION.—On
Tex.—BOND
be voted
Dec.
11
(P.
O.
upon.
INDEPENDENT
RAPIDS
CEDAR
SCHOOL
DISTRICT
Linn County, Iowa.—BOND SALE.—The Harris Trust
Savings Bank of Chicago has purchased and is now offering to investors
$500,000 5% tax-free coupon bonds.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. (J. & D.) payable at the office
of the District Treasurer.
Due Dec. 1 1940.
&
at 99 and interest
Financial
♦Value of taxable
Statement.
property
Included)
♦
The
...
—
Total debt (this issue
*—
_
$48,614,423
944,000
Population, estimated, 50,000.
of the value of taxable property.
Supreme Court of Iowa defined this to be 5% of the actual value of tax¬
The constitutional debt limit is 5%
able property as
returned by the assessor and as equalized.
CHAPPELL, Deuel County, Neb.—BOND SALE.—A $7,000 6% water
bond issue has been purchased by Bosworth, Chanute & Co. of Denver.
Denom. $1,000Date Oct. 1 1920.
Prin. and semi-ann. int. payable at
the office of the County Treasurer.
Due Oct. 1 1940, optional Oct. 11925.
CHERRYVILLE.
Gaston
The $90,000 6% gold coupon
offered on Oct. 18—V. Ill,
County.
No.
Car o.—BOND SALE.—
(with privilege of registration) sewer bonds,
p.
1493—have been awarded to the First
National Bank of Cherryville at par.
CLEVELAND HEIGHTS (P. O. Warrensville), Cuyahoga County,
Ohio.—BOND SALE.—On Dec. 6 the Provident Savings & Trust Co. of
Cincinnati, was awarded at its bid of $121,040 50 (100.448) and interest,
a basis of about 5.93%,
the following four issues of 6% coupon bonds
offered on that date—V. 11, p. 2064:
'
„
.
,
Due $15,000 yearly on Oct. 1 from 1927 to 1931 incl.
Due $5,000 yearly on Oct. 1 from 1927 to 1931 incl.
15,000 sewer bonds.
Due $3,000 yearly on Oct. 1 from 1927 to 1931 incl
5,500 electric-light bonds.
Due yearly on Oct. 1 as follows: $500 1927,
$1,000 1928
1929 and 1930, and $2,000 1931.
$75,000 road bonds.
25,000 water bonds.
,
'
CLYDE, Sandusky County, Ohio.—BOND SALE.—On Dec. 6 the
$4,000 6% Motor Fire Truck & Equipment bonds described in V. Ill,
p. 1872, were awarded to the Clyde Savings Bank at par.
Date Oct. 1
1920.
Due $1,000 yearly on Oct. 1 from 1924 to 1927, incl.
COEUR
Kootenai County, Ida.—BOND OFFERING will receive bids until 5 p. m. Dec. 13 for $9,000
bonds.
Cert, check for 10% payable to the City Treas,
D'ALENE,
R. H. Hall, City Clerk,
municipal
coupon
roQuircd#
A like amount of bonds was
reported sold in V. Ill, p. 1678.
(P. O. Elba), Ala.—BOND SALE.—The Coffee
County Commissioners have sold $16,000 road bonds to the Elba Bank &
COFFEE
$200, payable to the above Clerk, required.
BELTRAMI COUNTY
other bidders.
bonds in New York about Dec. 27 1920.
Ohio.—OFFERING
DATE CHANGED.—The date of the offering of the $18,000 6%
County,
i
BURLINGTON, Alamance County, No. Caro.—BOND OFFERING.
W. McPherson, City Treasurer, will receive sealed proposals until
P- m. Dec. 20 for the purchase of $47,000 6% water street impt. and
sidewalk impt. bonds.
Denom. $500.
Date Dec. 1 1920.
Prin. and
semi-ann. int, (J. & D.) payable in New York in gold registerable as to
principal.
Due yearly Dec. 1 as follows: $1,500 1921 to 1928, incl., $2,000
1929 and 1930, and $3,000 1931 to 1936, incl., and $1,000 1937 to 1949, incl.
Cert, check or cash for $940, required.
Certification of signatures and seal
by U. S. Mtge. & Trust Co., N. Y.
Approval of legality by Chester B.
Masslich of N. Y., general and direct obligations of the city, payable from
the genera] tax without limit.
Proposals are desired on blank forms which
will be furnished by the above official or said trust company.
Delivery of
p.2063.
BELMONT
SALE.—On
7.3Q
m.
Dec. 30 for $7,500 5% John Ogilvie et al Jackson & Ohio Twps. road bonds.
Denom. $375.
Date Dec. 30 1920.
Int. M. & N.
Due $375 each six
BEDFORD VILLAGE SCHOOL DISTRICT
Y.—BOND
N.
—M.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND OFFER¬
ING.—Smith Carmichael, County Treasurer, will receive bids until 10 a.
months from May 15 1922 to Nov. 15 1931,
County,
were no
be re-advertised.
awarded
to
Marrs, City Clerk, will receive bids until 8 p. m. Dec. 21
coupon (with privilege of registration) sewer bonds, not to
$90,000.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semiann. int. (M. &
N.) payable at the City Treasurer's office.
Due yearly
on Nov. 1 as follows:
$2,000, 1921 to 1950, incl., and $3,000, 1951 to 1960,
Incl.
Cert, check on an incorporated bank or trust company, for 2% of
amount of bonds bid for, payable to the "City of Burlington," required.
Legality approved by Hawkins, Delafield & Longfellow of New York.
sold
Denom. $1,000.
Date June 1
1920.
Int. J. & D.
Due $5,000 yearly on June 1 from 1926 to 1955,incl.
These bonds are part of an Issue of $175,000 which was was referred to in
V. Ill, p. 812.
;;
;■:
was
SALE.—According
issue of 5%
the National City Co. was awarded $150,000 5H % 20-year (average) sewer
offering par,
10-year refunding bonds on Dec. 7.
14
exceed
bonds at 102.31—a basis of about 5.31%.
western Trust Co. of St. Paul,
Dec.
O.
Miss.—BOND
Westchester
BURLINGTON,
an
and
Due $500
Apr. 15 and Oct. 15 in each of the years from 1922 to 1956, incl.
Cert,
check for $500, payable to the above Clerk, required,
on
ALAMEDA,
County,
Dan E. Williams, Clerk
Apparently the sale of the above bonds on Nov. 15 to the First National
NEGOTIATIONS
AND
jy
Walter W.
BUTTE,
as
Inyo
5% 3u-year refunding bonds.
Trust Co,
PROPOSALS
DISTRICT,
will be received until 2 p. m.
notified that $62,000 of said bonds may he exchanged for a like amoun
such city or town are excepted from the operation of this section."
BOND
SCHOOL
BRUNSWICK, Glynn County. Ga.—BONDS CAN BE EXCHANGE
—The holders of the issue of $300,000 5% bonds, maturing Jan. 1 1921,
erection or enlargement of school buildings.
We
print Section 5 of Article 16 below, showing the new matter
in italics:
/.v"
this week have been
Supervisors
1921 to 1945. incl.
purpose of
of school
HIGH
BROOKFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Warren), Trumbull County, Ohio.—BOND SALE.—The Union Savin
C<j>. of Warren, was awarded at par and interest the $25,000 6
school bldg. impt. bonds offered on Nov. 15—V. Ill, p. 1773.
Date
Oct. 1 1920.
Due $500 on April 1 and Oct. 1 in each of the years from
on the assessed value of the taxable
property therein,
shown by the last preceding general assessment, for the
the last
UNION
& Trust
cent
ment
PINE
BRONXVILLE,
_
amendment provides that a school district may be authorized
to create an additional indebtedness not exceeding four per
as
can
Certified check on some
of amount bid, payable
be made upon blank
Dec. 6 the $1,500 refunding bonds offered on that date—V. Ill, p. 2155—
were awarded to Sherwood & Merrifield of New York at 101.26 for
6s, a
basis of about 5.91%.
Date Dec. 1 1920.
Due Dec. 1 1950.
i
Amendment
the
Treasurer,
required.
Bids must
be obtained from the Village Clerk.
BILOXI,
Nov. 2 the people of Wyoming, by a vote of
12,178
Principal and semi-annual interest
to
-i
Insurance Act, yes, 308,062; no, 328,115.
Irrigation District Act, yes. 314,522; no, 280,948.
Teachers'salary, yes, 806,008; no, 268,781.
Absent voters, yes, 356,539; no, 371,784.
Exempting orphanages from taxation, yes, 394,014; no, 371,658.
State aid to institutions, yes,
487,023; no, 222,247.
Single tax, yes, 196,694; no, 563,503.
Section
1 1920.
Independence).
Denom. $1,000.
Date Dec. 14 1920.
Prin. and semi-ann. int. (J. & D.) paya >le at the
County Treasurer's office.
Due $1,000 yearly on Dec. 14 from 1921 to
1935 incl.
Cert, check for 5% of the amount of bonds bid for, required.
527,130.
Poison Act, yes, 479,764; no, 270,562.
Highway bonds, yes, 435,492; no, 311,667.
Constitutional convention, yes, 203,240; no, 428,002.
Alien poll tax, yes, 667,924; no, 147,212.
Wyoming,—Constitutional
Date Aug.
reports, the $350,000 street-improvement bonds, which were mentioned
in V. 110, p. 1661—have been sold to Caldwell & Co. of Nashville.
■
466,911.
yes, 359,987; no,
272,288;
Village
BIG
Board
Other Results*
^°Wbiti°n compulsory vaccination,
Prohibiting vivisection,
which
Chiropractic Act, yes, 390,240; no,
no* 421,945.
;
the
fo' the purchase of $15,000 6% school bonds
yes,
yeS'
to
Cahf.—BOND OFFERING.—Bids
668,483; no, 222,086.
Prohibition enforcement,
yes, 400,475; no, 465,537.
Salaries for justices, yes,
232,418; no, 538,655; amending initiative
402
$500.
(A. & O.) payable at the Village Treasurer's office.
solvent bank located in Cuyahoga County, for 5%
The
general election Nov. 2.
the propositions follows:
AMENDMENTS,
law,
Denom.
2347
Trust Co.
COUNTY
of Elba.
CONNEAUT, Ashtabula County, Ohio.—BOND SALE.—On.Dec. 6
1-10 year serial special assessment sanitary sewer
bonds, aggregating $3,140—V. Ill, p. 2156—1were awardedMto E. A..
Black, of Conneaut for $3,208, equal to 102.165. a ^asis of about 5.52%
Due one-tenth yearly on Sept. 24 from 1921 to 1930, incl.
the three issues of 6%
COTTONWOOD COUNTY (P. O.
This county
Windom),
awarded $22,900 6% drainage
Minneapolis on Dec. 8. •
& Trust Co. of
Minn.—BOND SALE.—
bonds to the Minnesota Loan
CRANSTON (P. O. Providence),
[VOL. 111.
CHRONICLE
THE
3348
Providence County, R. I.—NOTE
GROSSMONT
HIGH
UNION
DISTRICT,
SCHOOL
Diego
San
OFFERING.—It is reported that the City Treasurer will receive bids until
11 a. m. Dec. 14 for $382,000 refunding and $50,000 fire station notes.
Date Dec. 15 1920.
Due June 15 1921.
County, Calif.—BOND OFFERING.—Sealed bids will be opened Dec. 28
purchased of $110,000 6% school bonds.
Denom. $1,000.
Date
Nov. 29 1920.
Int. M. & N.
Due $5,000 yearly.
Cert, check for 2% of
CULLMAN, Cullman County, Ala.—BOND SALE.—The $40,000 7%
Ill, p. 2064—was purchased on Nov. 22
by Steiner Bros, of Birmingham at 94.
Denom. $1,000.
Date Dec. 1
1920.
Int. J. & D.
Due Dec. 1 1930.
G. W. lies ton Is County Treasurer.
for the
bidjrequired.
school building bond issue—V.
COUNTY (P. O.
Cold Beach), Ore.—BOND SALE.—
State Bank of Brookings was awarded the $30,000 6%
road bonds—V. Ill, p. 1586—on Dec. 1 at par.
Date July 1 1920. Due
CURRY
The Brookings
*
July i 1934.
FALLS, Summit County, Ohio.—BOND SALES.—
The $24,000 5H% North Side Connecting and Intercepting Sewer bonds,
offered on March 3—V. 110, p. 580—were purchased by the State Indus¬
trial Commission of Ohio.
Date Sept. 1 1919.
Due yearly on Sept. 1
as follows: $2,000 1920 to 1926, incl., $3,000, 1927 and 1928: and $4,000
CUYAHOGA
1929.
Association of Cuyahoga Falls was awarded
17—V. 110, p. 999.
$500 1920 to 1926,
incl., $1,000 1927 and 1928, and $790, 1929.
The Falls Building & Loan
the $6,290 Front Street sewer bonds offered on March
Date Nov. 1 1919.
Due yearly on Nov. 1 as follows:
DAKOTA COUNTY (P. O. Hastings), Minn. —BONDS TO BE ISSUED
—The Board of County Commissioners has decided to issue $250,000 road
bonds, it is stated.
."
..
DAMASCUS TOWNSHIP (P. O. McCIure), Henry County, Ohio.—
NO BIDS.—There were no bids for the $30,000 6% coupon Memorial Bldg.
O. Noblesville), Ind.—BONDS NOT
Stanford et al Wayne Twp. gravel road
Nov. 27—V. Ill, p. 1969—were not sold, as no
impt. bonds, offered on
bids were received.
.
HAMILTON COUNTY (P. O. Cincinnati),
Ohio.—BOND OFFER¬
ING.—Albert Reinhardt, Clerk of Board of County Commissioners, will
receive bids until 12 m. Dec. 17 for the following four issues of 5H%
Cincinnati-Dayton Intercounty Highway No. 19 bonds:
$9,000 Sec. "S" assessment bonds.
76,500 Sec. "8" county's portion bonds.
17,000 Sec. "T" assessment bonds.
135.000 Sec. "T" county's portion bonds.
Denom. $500.
Date Dec. 1 1920.
Principal and semi-annual Interest
Dec. 7—V. Ill, p. 1968.
on
DUBOIS COUNTY (P. O. Jasper), Ind.-BOND SALE.—The Farmers
Merchants State Bank of Jasper was awarded at par and interest the
$30,000 5% coupon C, C. Baggerly et al, road bonds offered oh Dec. 4—
V. Ill, p. 2156.
Date Dec. 11920.
Due $1,500 each six months from May
15 1922 to Nov. 15 1931, incl.
V
&
,
DISTRICT NO. 6, La.—
BONDS NOT YET SOLD.—The $30,000 5% school bonds, offered onJVtay
12—Y. 110, p. 1662—have not as yet been sold.
PARISH
FELICIANA
SCHOOL
EASTON, Northampton County, Pa.—BOND SALE.—An issue of
$300,000 bonds was recently purchased by the Easton National Bank of
Easton.
Columbus for $31,294.52
of
funds.
COUNTY
■
ENGLEWOOD
Arapahoe
DISTRICT
NO.
1
(P.
Colo.—CORRECTION.—"We
are
SCHOOL
County,
O. Englewood),
advised that the
International Trust Co. of Denver did not obtain a $80,000 5%
bond issue during April 1920-
high-school
Apparently the item in V. 110, p. 1773—stating that the above company
had purchased $80,000 bonds from this district, was incorrect.
ESSEX COUNTY (P. O. Newark), N. J.—BOND SALE.—The issue o^
$100,000 emergency bonds offered on Dec. 8 (V. Ill, p. 2248) was awarded
to J. S. Rippel & Co. of Newark, at par for 6s.
Date Nov. 15 1920.
Due
Dec. 31 1921.
;
EVANSTON, Uinta
County,
REJECTED.—The bids
6% 15-30 year (opt.)
Wyo.—BIDS
received on Dec. 2 for the purchase of $290,000
water bonds—V. Ill, p. 1391—were turned down.
FINDLAY
TOWNSHIP
SCHOOL
DISTRICT
(P. O. Imperial),
Allegheny County, Pa.—BOND OFFERING.—Proposals for the purchase
of $100,000 5lA% tax-free coupon school bldg. bonds will be received until
8 p. m. Dec. 28 by L. H. McMichael, District Secretary.
Denom. $1.000.
Due $10,000 in 10 years: $20,000 in 15 years, $25,000 in 20 years; $30,000
in 25
,
,
,
.
INDEPENDENT
SCHOOL
(P.
NO. 1
DISTRICT
O.
Helena), Lewis & Clark Counties, Mont.—BOND OFFERING.■—This
10-20 year (opt.) coupon school
bldg. bonds, which were referred to in V. Ill, p. 109.
district on Dec. 20 will sell the $225,000 6%
SALE.—
bond issue, which was offered on Nov. 12—
sold to the Kauffman-Smith-Emert & Co. of
St. Louis.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int.
(M. & N.) payable at the First National Bank, Chicago.
Due on Nov. 1
as follows $115,000 1940, $115,000 1945 and $120,000 1950.
HENDERSON COUNTY (P. O. Lexington), Tenn.—BOND
The $350,000 6% tax-free
V. Ill, p. 1774—has been
Financial
Statement.
_
$12,000,000
Estimated actual value of taxable property—
Assessed valuation of taxable property, 1920--
8,757,162
510,000
—
including this issuePopulation, 1920 census, 18,436.,
Total bonded indebtedness
ITASCA COUNTY (P. O. Grand Rapids), Minn.—BOND SALE.—
reported that $250,000 5 %% road bonds were recently sold for $252,955
equal to 101.18.
It is
(P. O. Vernon), Ind.—BOND OFFERING.—
will receive bids until 2 p. m. Dec. 15
JENNINGS COUNTY
John F. Malott, County Treasurer,
PASO
(P. O. EI Paso), Tex.—BOND SALE.—Road
bonds to the amount of $10,000 have been purchased by various sinking
EL
funding
Bank of
(100.53) and interest a basis of
about 5.89%.
Date Nov. 1 1920.
Due $3,000 yearly on Nov. 1 from
1921 to 1928, incl., and $7,129.52 Nov. 1 1929.
There were no bids for the $80,000 6% road repair bonds described in
V. Ill, p. 2065.
■
Commerce
HELENA
Sec. "A" and "B" bonds.
Denom. $1,000.
Date'Dec. 1 1920.
Int.
semi-ann.* Due each six months as follows: $39,000 Sept. 1 1921 to Sept. 1
1924, incl., and $40,000 Mar. 1 1925 to Mar. 1 1926, incl.
Cert, check for
$200 required.
■
' ■
//, Jj.;.
.
V/:;V.
J.
Ohio.—BONDS SOLD IN PART.
HARDIN COUNTY (P. O.Kenton),
—Of the two issues of 6% bonds offered on Dec. 1 the $31,129.52
bonds described in V. Ill, p. 1969 were awarded to the National
.
Ohio .—BOND OFFERING.—
S. R. Hiatt, Cierk of Board of County Commissioners, will receive bids
until 10 a. m. Dec. 13 for $393,000 6% Inter-County Highway No. 208
DARKE COUNTY (P. O. Greenville),
EAST
Due Dec. 1 1930.
(J. & D.) payable at the County Treasurer's office.
of amount of bonds bid for, payable to Louis
Howe, County Treasurer, required.
Purchaser to pay accrued interest.
Certified check for 5%
.
bonds offered
Assessed value $2,877,123.
Total bonded debt $33,000.
HAMILTON COUNTY
(P.
SOLD.—'The $4,500 4^% Wm.
years; and
$15,000 in 30
District Treasurer, required.
FRANKLIN
COUNTY
years.
Cert,
Purchaser to
(P.
O.
ehck for $1,000, payable to the
pay
for printing of bonds.
Columbus),
Ohio.—BOND
SALE.—
The Sinking Fund Trustees have purchased an issue of $41,990 6% State
Street .No. 1 impt. bonds.
Date Oct. 1 1920.
Int. A. & O.
Due $6,990
Oct. 1 1923, and $5,000 yearly on Oct. 1 from 1924 to 1930, incl.
FULTON COUNTY (P. O. Rochester), Ind.—NO BIDS RECEIVED.
were received for the $62,000 5% W. S. Overmyer et al Richland
Twp. road bonds offered on Dec. 7—V. Ill, p. 2248.
—No bids
$14,550 4H% John Keiper et al, Marion Twp.
Denom. $727 50.
Date Dec. 15 1920.
Int. M. & N.
six months from May 15 1922 to Nov. 15 1931, incl.
for
bonds.
road impt.
Due $727 50 each
N. J .—BOND OFFERING.—James
of Revenue & Finance, will receive proposals
purchase of an issue of 5M% coupon (with privi¬
lege of registration) school bonds, not to exceed $864,000.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. (J. & D.) payable at the City
Treasurer's office.
Due yearly on Dec. 1 as follows: $24,000, 1922 to 1932,
incl.; and $25,000, 1933 to 1956, incl.
Cert, check on an incorporated
bank or trust company for 2% of amount of bonds bid for, payable to the
"City of Jersey City/' required.
Legality will be approved by Hawkins,
Delafield & Longfellow.
Bonds will be prepared under the supervision of
the U. S. Mtge. & Trust Co., which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon.
BOND SALE.—An issue of $1,271,000 6% coupon
(with privilege of
registration) impt. bonds has been sold to the National City Co. of New
York.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int.
(J. & D.) payable at the City Treasurer's office.
Due as follows: $38,000
Dec. 1 1923, $36,000 Dec. 1 1924, $7,000 June 1 1925, $190,000 Dec. 1
1925, $275,000 June 1 1926, and $725,000 Dec. 1 1926.
The bonds maturing on and before June 1 1925 are being offered to in¬
vestors at a price to yield 5% % and the later maturities are being offered
at a price to yield 5H%JERSEY CITY, Hudson County,
F. Gannon, Jr., Director
until 12 m. Dec. 16 for the
,
t
KANDIYOHI COUNTY (P. O.
—No sale was made at the
Willmar), Minn.—BONDS NOT SOLD.
offering on Dec. 3 of the $75,000 5K % funding
bonds.
_
The bonds will be reoffered for
sale
on
Dec. 23.
.
KECOUGHTON (P. O. Newport News), Warwick County, Va.—
BOND SALE.—The $12,500 6% fire dept. bonds, offered unsuccessfully
on Oct. 2—V. Ill, p. 1494—have been sold.
BONDS NOT YET SOLD.—The $18,500 6% sewer construction bonds,
which were offered unsuccessfully on the same date, have not as yet been
,
GALLATIN COUNTY
(P. O. Shawneetown), 111.—BOND SALE.—
Compton Co. of Chicago has purchased an issue of $57,000
6% road bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin, and semiann. int.
(J. & J.) payable at the Continental & Commercial National
Bank of Chicago.
Due on Noy. 1 as follows: $11,000, 1922; $14,000
1923; $15,000 1924. and $17,000 1925.
The Wm.
R.
GALLATIN COUNTY (P. O. Bozeman), Mont .—BIDS REJECTED.—
All bids received
on
Dec. 2 for the $125,000
bonds were rejected
6% road
because they were below par.
GOODING, Gooding County, Idaho.—BOND
SALE.—It is reported
bonds.
that Bosworth, Chanute & Co. of Denver purchased $7,000 6% park
A like amount of bonds was reported sold in V. 110, p. 2588.
GRAHAM
COUNTY
(P. O.
Safford), Ariz.—CORRECTION.—In
using newspaper reports we erroneously reported in V. 110, p. 785—that this
county sola $250,000 5H% serial road bonds to Wright, Swan & Co. of
Denver.
GRENADA, Grenada County, Miss.—BOND OFFERING.—Mayor
S. P. Doty, is offering for sale $125,000 6% school bonds.
Interest
payable semi-annually.
Bids less than par will not be considered.
Legal
opinion by Wood & Oakley of Chicago approving issue will be furnished
W.
successful bidder,
OFFERING.—F1.
GREENWICH, Huron County, Ohio.—BOND
H.
Daniels, Village Clerk, will receive bids until 10 a.m
Dec. 31 for the follow¬
ing 6% bonds:
$5,440 electric-light-Improvement bonds.
Denom. 1 for $440 and 10 for
$500.
Due $500 yearly-on Dec. 1 from 1921 to 1930, incl., and
.
'
$440 Dec. 1 1931.
Dat;e Dec. 1 1920.
Int. semi-ann.
Cert, check
on
a
solvent bank
for
2% of amount of bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within 10
days from date of award.
Purchaser to pay accrued interest.
0
GR|ENWO°D,
STATEMENT.—The
Greenwood
County,
So.
following financial statement
Caro.—FINANCIAL
has
co^^°^^th the offering on Dec. 15 of the $100,000
ta V
lli
p
Actual
Water
valuation
valuation
"
190 00 000
"
'40i000
"
fund
was
voted on Dec. 1.
Miss.—
recently
LABAN-BAYOU DRAINAGE DISTRICT, Bolivar County,
MATURITY.—The $246,000 6% tax free bonds, which were
purchased bv the William R. Comnton Co. of St. Louis—>V. Ill, p. 1873—
will mature on Oct. 1 as follows: $7,000 1921, $8,000 1922 to 1925,
incl.,
$11,000 1926 to 1928, incl., $12,000 1929 and 1930, $10,000 1931 to 1945,
incl.
NO. 1,
LAWRENCE COUNTY ROAD IMPROVEMENT DISTRICT
OFFERED BY BANKERS.—'The Bankers Trust Co. of
offering to investors $75,000 6% bonds.
Date April 1 1920.
Int. (F. & A.) payable at the Mercantile Trust Co., St. Louis or purchaser's
option Bankers Trust Co. N. Y.
Due yearly on Aug. 1 as follows: $3,000,
1922 and 1923;
$4,000, 1924 to 1927, incl.; $5,000, 1928 to 1931, incl.;
$6,000, 1932 and 1933, and $7,000, 1934 to 1936, incl.
Ark .—BONDS
Little Rock is
Financial
Value
or
Statement.
$1,500,000 00
property taxed for improvement
Assessed valuation.
Asscssd
benefits
Highest lien
12 00
10 00
per acre.....
Lowest lien per acre
Highest tax per acre per annum.....
.
Highest value of land per acre.
Lowest value of land per acre
Additional bonded indebtedness—$100,000,
and maturing 1922-1936,
LAWRENCE
1920.
Int.
was
M.
•
—
serials, dated June 1
1917,
inclusive.
SCHOOL
TOWNSHIP
County, Ind.—BOND SALE.—On Nov. 13
bonds
'
...
— .....
...
60
50
150 00
25 00
—;
—
Lowest tax per acre per annum
site
366,119 50
340,235 00
...——
.....
(P.
an
O. Lawrence),
Marion
issue of $4,000 6% school-
Denom. $500.
Date Nov. 13
locally at par.
Due $500 each six months from May 13 1921 to
awarded
&
N.<
Nov. 13 1924, incl.
LIBERTY
~~
the $200,000
COUNTY (P. O. Hinesville), Ga.—NO ACTION I YET
action has yet been taken looking toward the offering of
4y2% road bonds, voted on April 20—V. 110, p. 2105.
LINCOLN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 2,
Okla.— BONDS CONTRACTED FOR.—This district has contracted the
bonds, to run 20 years, interest at 7%, to
Taylor-White Co., of Oklahoma City.
sale of $20,000 school building
85,648
LYNN, Essex County, Mass .—TEMPORARY LOAN.—On Dec. 7 a
temporary loan of $100,000, dated Dec. 8 and maturing March 14 1921, was
awarded to the Manufacturers National Bank of Lynn, on a 5.35% discount
27 000
basis.
$430,000
light and sewer plants last fiscal year""I
Net revenues of same plants for same period
Original cost water and light plants
Extensions made from earnings
P*
Present value water and light plants
School district indebtedness
Township Indebtedness.
~~~
Share of County indebtedness
"
'
ftSPopulation 1920 census, 8,750.
140 000
250,000
including this issue
Gross revenues water,
■
KIRKWOOD, De Kalb County, Ga.—BONDS
VOTED.—Reports
say that the $50,000 6% gold coupon school bond issue—V. Ill, p. 1970—
TAKEN.—No
bonds
Street improvement bonds...
Sinking
extension
$3 967.289
;
and light bonds
debt
in
Statement.
1920
Sewerage
Total
sewerage
Issued
bonds, complete information of which appeared
S224^ ^
Financial
Assessed
been
sold.
23 000
40 000
151 000
$191,000
86 000
(None)
216.217
MADISON COUNTY SCHOOL DISTRICT NO. 11 (P.
O. Pony),
Mont.—BOND SALE.—The $8,000 5-10 year (opt.) coupon school build¬
ing bonds, dated Oct. 1 1920, offered on Oct. 1—V. Ill, p. 615—have been
sold to the State of Montana at par for 5s.
MARIN COUNTY MUNICIPAL WATER DISTRICT (P. O. San
Rafael), Calif.—BONDS VOTED.—At a recent election the voters sanc¬
bonds.—V. Ill, p. 1873.
tioned the issuance of $500,000
DEC.
_
MARION COUNTY (P. O. Indianapolis),
There
were bo
BIDDERS.—
Ind.—iVO
bidders for the $20,000 534 % voting machine bonds,
oniNov. 27—V. Ill,
p.
2349
CHRONICLE
THE
111920.]
offered
OREGON
CITY,
Clackamas
County,
Ore.—BOND
FmARLBORO-COUNTY~(Pr 0~Bennett8viH^TSo~CarO.—B0ND
payable in Oregon City
OFFERING.—Bids for the purchase of $150,000 6% road bonds will be
received by H. K. Covington, Clerk of the County Highway Commissioners.
che;k for 5 /<, of the amount of bonds bid for,
MAYFIELD, Santa Clara County, Calif.—BOND SALE.—This city
$3,000 6% fire apparatus bonds at par and interest.
Date Sept.
has sold
1
1920.
Due $500 yearly.
MERCER
COUNTY
(P. O.
Celina), Ohio.—BOND SALE.—On
was awarded at par the $4,000 5% coupon
Taylor Road impt. bonds, offered on that date—V. Ill, p. 2250.
Due
$500 yearly on Jan. 1 from 1922 to 1926, incl.
Dec. 4 John W. Karch of Celina
MISSOULA COUNTY (P. O. Missoula), Mont.—BOND
county sold the $100,000 6% highway bonds—V.
National City Co. of Chicago on Dec. 8.
Ill,
p.
VOTED.—
carried.
SALE.—This
2157—to the
MONTGOMERY, Montgomery County, Ala.—BOND OFFERING.—
11 a. m. Dec. 20 proposals will be received for the following 5%
bonds by C. S. Smith, City Clerk, $250,000 funding, $150,000 water
works and $50,000 sanitary and storm sewer bonds.
Denom. $1,000.
Date
Nov. 1 1920.
Prin. and semi-ann. (M.*& N.) payable at the Old Colony
Trust Co., Boston.
Due Nov. 1 1950.
Cert, check for 1% of the bonds
bid for payable to J. L. Cobbs, City Treasurer, required.
Legality will be
approved by Storey, Thorndike, Palmer & Dodge of Boston.
The bonds
will be prepared under the supervision of the Old Colony Trust Co. of Bos¬
ton, who will certify as to the genuineness of the signatures of the city
impressed thereon.
MOORE COUNTY (P. O. Carthage), No. Caro.—BOND
SALE.—
Seasongood & Mayer of Cincinnati were successful bidders on Dec. 7 for
the $65,000 6% county highway bonds—V. Ill, p. 2157—at par and
interest.
Denom. $1,000.
Date Jan. 1 1921.
Due on Jan. 1 as follows:
$20,000 1931, $20,000 1941 and $25,000 1951.
MOORESVILLE GRADED SCHOOL DISTRICT
(P. O. Mooresville), Iredell County, No. Caro .—BOND SALE.—R. M. Grant & Co.
the successful bidders on Nov. 29 for the $50,000 6% 19 year (aver.)
school bonds, dated Dec. 1 1920—V, 111, p. 2060—at 97 and interest, a
basis of about 6.28%.
'
r
were
County,
Mass.—TEMPORARY
LOAN.—
On Dec. 4 the Webster & Atlas National Bank purchased at 5.46% discount
a
temporary loan of $50,000 dated Dec. 6 and maturing April 25 1921.
ORION COMMUNITY HIGH SCHOOL DISTRICT NO. 196
Orion)
Henry County
1928, incl.; $7,000 1929
$10,000 1939 and 1940.
Tuscarawas County, Ohio.—BOND OFFER
ING.—Sealed bids for $14,500 6% special assessment River Street impt.
bonds vpill be received until 12 m. Dec. 18 by Harry Dillehay, Village Clerk.
Denom. $500.
Date Oct. 1 1920.
Int. semi-ann.
Due semi-annually
as follows: $500 Mar.
1 1921 to Mar. 1 1922, incl.; $1,000 Sept. 1 1922;
$500 Mar. 1 1923; $1,000 Sept. 1 1923; $500 Mar. 1 1924; $1,000 Sept, 1
1924 to Sept. 1 1925, inci.; $500 Mar. 1 1926; $1,000 Sept. 1 1926 Mar. 1
1927; $500 Sept. 1 1927 and Mar. 1 1928; $1,000 Sept. 1 1928 and Mar. 1
1929; $500 Sept. 1 1929 to Sept. 1 1930, incl.
Cert, check for $300, re¬
quired.
Bonds to be delivered and paid for at Newcomerstown within 10
days from date of award.
Purchaser to pay accrued interest.
rNEWwROCHELLETr Westchester County, N.
Y.—'BOND SALE.—
aggregating $768,000 offered on
was awarded
to Sherwood & Merrifield, of New York, for $541,156 (100.40)
and int.,
a basis of about 4.96%.
Date Dec. 1 1920.
Due $22,000 yearly on
May 1 from 1926 to 1949, incl., and $11,000 May 1 1950.
Of the two issues of 5% registered bonds,
Ill, p. 2250—the $539,000 issue of school bonds
There were no bidders for the $229,000 municipal
will be re-offered for sale at 11 a. m. Dec. 17 as 5.34s,
They
impt. bonds.
"NORFOLK COUNTY DRAINAGE DISTRICT NO.
1, Va.—BOND
OFFERING.-—A.
O.
Lynch, Secretary Board of Commissioners,
will
receive sealed proposals at the office of the Guaranty Title & Trust Cor¬
poration, Norfolk, until Dec. 22, for $236,500 impt. bonds.
Due on Dec.
23 as follows: $1,500 1923, $2,000 1924 and 1925, $3,000 1926, $4,000 1927
and 1928, $5,000 1929 and 1930, $6,000 1931 and 1932, $7,000 1933 and
1934, $8,000 1935 and 1936, $9,000 1937 and 1938, $10,000 1939 and 1940,
$11,000 1941 and 1942, $12,000 1943 and 1944, $13,000 1945 and 1946,
$14,000 1947 and 1948, and $15,000 1949 and 1950.
(State of).—BoWd OFFERING.—Proposals will
Dec. 15 by the State Industrial Commission
DAKOTA
NORTH
be received until
1.30 p. m.
(P. O. Bismarck) for the following coupon bonds:
$958,000 5% Bank Series.
Denoms. $50, 100 and $500.
Date July 1
1919.
Due July 1 1929.
992,000 5% Bank Series.
Denom. $1,000.
Date July 1 1919.
Due
July 1 1934.
1,000,000 6% Real Estate Series.
Denom. $1,000.
Date Jan. 1 1921.
Due March
1,000,000 6%
15 1931.
15 1936.
Date Jan.
1 192L
Denom. $1,000.
Date Jan.
1
•
Real Estate Series.
Due March
1921.
15 1941.
1,000,000 6% Mill and Elevator Series.
Denom. $1,000.
Date Jan. 1
1921.
Due Jan. 1 1941.
250,000 6% Home Building Series,
Denom. $1,000.
Date Jan. 1 1921.
Due March 15 1931 and March 15 1941.
All of the above bonds, except the Mill and Elevator Series are payaole
at the option of the Industrial Commission at any time after five years
from date of issue, upon public notice given by the Commission 1 year in
advance of the date set for payment.
Prin. and interest payable in gold
at the Bank of North Dakota, Bismarck.
Cert, check for one-half of 1%
of the amount of bonds bid for, payable to the Bank of North Dakota,
required.
Separate'bids may be filed for separate series, and each series
will be disposed of independently of all others.
Official circular states that
a previous issue
of bonds had been contested unsuccessfully,
and that
the principal and interest of all bonds previously issued have been promptly
paid at maturity and that there is no litigation pending or threatening the
corporate existence or boundaries the title of present officials and their
representative offices or the validity of these bonds.
The Bank Series
bonds are ready for immediate delivery, and the other series will be ready
in January or February.
!
Financial
value of taxable property
Assessed
valuation
(1919)
Actual
Statement.
(estimated)
—
$3,000,000,000
1,523,746,929
outstanding indebtedness
343,000
including these issues
6,543,000
Sinking Fund—For Bank Series and bonds previously issued and out¬
standing, $408,151.37.
Present
Total
debt,
Note.—Laws of North
Dakota, 1919, Chapter 148, p. 204; Chapter
153,
221; Chapter 154, p. 227; and Chapter 24, p. 35, Special Session Laws of
provide for the levying of taxes for the payment of principal and
interest in case earnings from the state industries be insufficient for that
p.
1919,
purpose.
A levy was made for the payment of interest on the Bank Series
year ending July 1 1920, the proceeds of which are
bonds for the fiscal
The Bank of North Dakota has paid
to the State Treasurer from its net earnings $100,000 for the payment of
the interest on its bonds for the current fiscal year, which amount is also
included in the total of the sinking fund.
Total population, 645,730 (1920 Census).
State taxation per one thousand dollars of assessed valuation (1920) _$1.72
included in the amount here given.
NORTH UNIT IRRIGATION DISTRICT (P. O. Madras), Jefferson
Ore.—BOND SALE.—The Ralph Schneeloch Co. of Portland,
has been granted an option, which expires early in Spring, on the $5,000,000
6%ibonds.—V. 110, p. 1900—at 90.
•
County,
^
NOTTINGHAM
SCHOOL
TOWNSHIP,
Wells" County,
Ind.—
WARRANT OFFERING.-—Thomas E.
Kizer, Township Trustee, will
receive bids until 10 a. m- Dec. 24 for $8,500 6% school fund warrants.
Den.
8 for $1,000 and 1 for $500." Date Dec. 24 1920.
Prin. andlsemiint. (J. & D.) payable at the Bank of Petroleum,
$4,000 June 24 1921 and $4,500 Dec. 24 1921.
Cert,
ann.
able to the above trustee,
of Petroleum.
Due
check for $500 pay-
required.
DISTRICT (P. O. Old Trap), Camden'County,
OFFERING.—Bids will be received at once for an issu
OLDiTRAP SCrlOOL
No. Caro.—BOND
of
$45,000 school bonds by W.
(P. O.
111.—BOND SALE.—An issue of $125,000 6%
to
1933, incl.; $8,000
DRAINAGE
1934
DISTRICT
6% bonds, offered
on
NO.
incl., and
1938
to
Kans.—BOND
1,
Nov. 30—V. Ill, p. 2067—
H. Branch of Wichita..
PALMETTO,
Manatee County, Fla.—BIDS REJECTED.—All bids
on Dec.
1 for the $20,000 municipal dock and $5,000 pile pro¬
6% 20-30 year (opt.) bonds—V. Ill, p. 1775— were rejected
because they were too low.
received
PARLIER
UNION
HIGH
SCHOOL
H. Burgess, Chairman of the School Boar d
DISTRICT,
Fresno County,
Calif.—BOND SALE.—The $150,000 6% 12-year (aver.) school bonds,
dated Nov. 3 1920, offered on Dec. 7—V. Ill, p. 2158—were sold on that
day to Council, Mailer & Co. and Bradford, Weeden & Co., jointly, at
102.14, a basis of about 5.75%.
PASSAIC, Passiac County, N. J.—BOND SALE.—On Dec. 6 the issue
privilege of registration) general impt. bonds offered
p. 2158—was awarded to the Passiac Trust & Safe
Deposit Co. of Passaic, which bid 103.13 for $344,000 bonds, a basis of
about 5.21%.
Date Dec. 1 1920.
Due yearly on Dec. 31 as follows:
$11,000, 1921 to 1938, incl.; $12,000,1939 to 1950, incl.; and $2,000, 1951.
of 534% coupon (with
on that date—V. Ill,
,
1
PAYSON, Utah County, Utah.—BOND SALE.—The $18,000 funding
bond issue, recently voted—V. Ill, p. 2067—has been sold.
PETROLEUM
SCHOOL
Calif.—BOND
DISTRICT, Kern County,
SALE.—The $10,000
6% tax-free coupon school bonds, offered on Aug. 23—
816—have been sold to Torrance, Marshall & Co., of Los Angeles.
Date Aug. 9 1920.
Due $2,000 yearly on Aug. 9 from 1921 to 1925, incl.
V. Ill, p.
PINETOPS, Edgecombe County, No. Car.—BONDS VOTED.—By a
vote of more than 4 to 1 the voters favored the issuance of an issue of electric
light and power
it is stated. ■
bonds not to exceed $25,000—V. Ill, p. 1971—on Dec. 1,
;
■,
,
PIPE CREEK TOWNSHIP, Miami County, Ind.—BOND OFFERING.
—Jesse Mumaugh, Township Trustee, will receive proposals until 2 p. m.
Dec. 27 for $75,000 Civil Twp. and $60,000 School Twp. 5% school bldg.
bonds.
Denom. $500.
Date day of sale.
Prin. and semi-ann. int. (J. &
D.) payable at the Farmers" State Bank of Bunker Hill.
Due $4,500 each
six months from June 27 1921 to Dec. 27 1935, incl.
PORTLAND, Cumberland County, Me.—BOND SALE.—On Dec. 7
school bonds offered on that date—
H. Rollins & Sons of Boston, at
100.318, a basis of about 4.97%.
Date Dec. 15 1920.
Due $20,000 yearly
on Dec. 15 from 1931 to 1940, incl.
\
the $200,000 5% tax-free coupon public
V. Ill, p. 2251—were awarded to E.
PORTLAND, O re.—BOND OFFERING .—Sealed bids for the purchase
$200,000 4% water bonds will be received until 11- a. m. Dec. 28 by Geo.
Date Dec. 1 1920.
Prin. and
City Treasurer.
Due Dec. 1
1945.
Certified check on some responsible bank in Portland for 5% of the
amount of bonds bid for, payable to William Adams, City Treasurer required.
Bidders are requested to submit alternate bids based on place of payment.
of
R. Funk, City Auditor.
Denom. $1,000.
semi-ann. int. payable at the office of the
PORTLAND, Ionia County, Mich.— BOND ELECTION.—Newspapers
proposition to issue $25,000 bonds for enlarging the
be submitted to the voters.
'
report that on Dec. 13 a
electric plant will
NO. 3.—
Little Rock has purchased
RANDOLPH COUNTY ROAD IMPROVEMENT DISTRICT
Ark.—BOND SALE.—The Bankers Trust Co. of
$60,0 0 6% bonds, which answer to the following description: Date Aug. 1
1920.
Int. (F. & A.) payable at the Mercantile Trust Co. of St. Louis,
or purchaser's option Bankers' Trust Co., N. Y.
Due yearly on Aug. 1 as
follows: $2,000, 1923 to 1925; $3,000, 1926 to 1929, incl.; $4,000, 1930 to
1934, incl., and $5,000, 1935 to 1937, incl. and $7,000, 1938.
■
Financial Statement.
V.
—---—$1,000,000 00
204,755 00
136,989 00
Estimated true value
valuation
Assessed benefits__
Assessed
—
Highest lien per acre.
_
Lowest lien per acre—
Highest value of lands per acre—
Lowest value of lands per acre
.
,»■;
—
Average value of lands per acre
Denom. $1,000.
Real Estate Series.
Due March
1,000,000 6%
COUNTY
SALE.—The $70,000
.
NEWCOMERSTOWN,
Dec. 9—V.
required..
tection
Until
Essex
Cert.
City at option of holder.
have been sold, according to reports, to Vernon
coupon
NEWBURYPORT,
New York
or
school bonds ha* been sold to the Wm. R. Compton Co. of Chicago, which
is now offering the bonds to investors.
Denom. $1,000.
Date Dec. 3 1920.
Prin. and semi-ann. int. (M. & N.) payable at the Continental & Com¬
mercial National Bank of Chicago.
Due yearly as follows: $6,000 1924 to
OSAGE
MISSISSIPPI COUNTY (P. O. Charleston), Mo.—BONDS
On Dec. 1 by 1154 "for" to 49 "against" $140,000 road bonds
officials and the sale
OFFERING.—
Sealed bids will be received for the $15,000 6% fire truck bonds, which
mentioned in V. Ill, p. 1200—, until 12 m. Dec. 15 by the City Clerk
Denom. $500 and $100.
Date July 1 1920.
Prin. ana semi-ann. Int.
were
1680.
- - -
„ _
Additional bonded indebtedness—$50,000
and maturing 1923-1938, inclusive.
serials,
dated
Aug.
11 00
6 00
150 00
25 00
75 00
1 1918,
Falls), Minn.—BOND SALE.
—Kalman, Matteson & Wood and the Merchants Trust & Savings Bank,
both of St. Paul, purchased the $65,000 6% 6-20 year serial ditch bonds—
V. Ill, p. 2158—on Dec. 3 at 101.27 (and they will furnish everything)
Denom.
$1,000.
Date Dec. 1 1920.
Int. J. & D.
REDWOOD COUNTY (P. O. Redwood
RICHLAND COUNTY SCHOOL DISTRICT NO. 52
Mont.—BOND OFFERING.—Bids will be received until
(P. O. Crane),
2 p. m. Dec. 18
by John Fagan, District Clerk
for $1,400 5-10 year (opt.) coupon school
bonds at not exceeding 6%
interest.
Denoms. $500 and $400.
Int.
senn-ann.
Cert, check or $50 payable to the above Clerk, required.
RICHMOND SCHOOL CITY (P. O. Richmond),
OFFERING.—The School Trustees will
Ind —BOND
Wayne CountyB
receive proposals
of $400,OOo Junior High School Bldg. construction
bonds, divided, according to interest rates, as follows:
$120,000 6% bonds, maturing as follows:
$20,000 semi-annually from
Jan. 1 1924 to July 1 1925, incl., and $40,000 Dec. 31 1925280,000 5% bonds, maturing $40,000 yearly on Jan. 1 from 1927 to Jan. 1
antil Dec. 22 for an issue
1931
incl.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int.
payable at the Second National Bank, of Richmond.
Bonds to be
and paid for on Jan. 1 1921.
1
ROANOKE,
Roanoke County,
(J. & J.)
delivere d
Va .—BOND OFFERING.—Proposals
2.3C p. m. Dec. 18 for all any part of $150,000 sewer
$100,000 market and $400,000 street impt. 434% 30-year
coupon
bonds by P. H. Tucker, City Clerk.
Denom. $1,000. Date
Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) pyaable at the office of the
City Treasurer.
Cert, check for 1 % of the bonds bid for, required.
Legal¬
ity has been passed upon by John C. Thomson, N. Y.
The bonds will be
prepared under the supervision of the U. S. Mtge. & Trust Co., N. Y
will be received until
and
drain,
Financial
Statement.
Actual value of taxable property (estimated)
Assessed value for taxation 1920- —
Total bonded debt including this issue-.
$85,000,000,00
43,866,791.71
Fund held for debt redemption
Population 1911 (Census) 34.876: 1920 (Census) 50,842.
Tax rate for city purposes $22.50 per $1,000.
The city has never defaulted in the payment of obligations.
Cash value of Sinking
ROCKY MOUNT,
3,149.000-00
247,005-23
Edgecombe County, No. Caro.— BOND OFFERDec. 16 by the Board of
ING.—Sealed bids will be received until 8 p. m.
$160,000 coupon (with privilege of registration) gas
supply system bonds voted on May 3—V. 110, p. 1999—Denom. $1,000.
Date July 1 1920,
Prin. and semi-ann. int. payable at the Hanover Nation¬
al Bank, N. Y.. and interest on registered bonds will, at the request of reg¬
istered holder,
be paid in New York Exchange.
Due yearlv on July 1
as follows:
$5,000, 1921 to 1948, incl.; and $10,000, 1949 and 1950.
Cert,
check or cash on an incorporated bank or trust company for 2% or tne
amount of bonds bid for, payable to the City Treasurer, required
The
successful bidder will be furnished with the opinion
Hoyt of N. Y. that the bonds are valid obligations of the City or Eocky
Alderman,
Mount.
for
The
the
bonds will be
printed under the supervision
of the U. S,
of the signa¬
Mtge. & Trust Co.. N. Y., which certify as to the genuineness
tures of the City officials and the seal impressed on the bomu.
will bear interest either at the rate of 534 % or 6% payable
The bonds
semi-annually.
2350
THE
CHRONICLE
No bid for bonds bearing interest at the rate of 6% per annum will be con¬
sidered unless no legally acceptable bid is submitted for bonds
bearing
interest at the rate of
b]4%
Ill, p. 2159—were sold to the Minneapolis Trust Co. of
Minneapolis,
and the Merchants Trust & Savings Bank of St.
Paul, jointly, at 100.98
and interest, a basis of about 5.62%.
per annum.
ROME, Floyd County, Ga.— BOND OFFERING.— Sealed bids will be
by the Rome City Commission, until 7:30 p. m. Jan. 6 for $100,000
5% public school impt. bonds.
Denom. $1,000.
Int. semi-ann.
Due
$5,000 yearly from 1930 to 1949, incl.
Cert, check for $1,000, required.
ULM IRRIGATION DISTRICT
(P. O. Ulm), Cascade County,
Mont.—BONDS TO BE ISSUED.—It is stated that
$800,000 bonds bf
this district will be put on the market as a result of approval of issue
given
by J. B. Leslie, District Judge.
Objectors to the
received
proposed reclamation
project, who had taken the matter into court, withdrew their
objections,
ROSELLE PARK SCHOOL DISTRICT (P. O. Roselle
Park), Union
N. J.—BOND OFFERING.—Proposals will be received until
with
County,
8 p. m. Dec. 21 by W. G. Klicker, District Clerk, for $167,000
6% schoolbldg. bonds.
Denom. 29 for $3,000, 1 for $2,000, 38 for $1,000 and 10 for
$4,000.
Int. M. & N.
Of the total issue $127,000 bonds, which are for
immediate purchase, mature yearly on May 1 as follows:
$3,000 1922 to
1950 incl. and $4,000 19.51 to I960 incl., and $40,0' 0 bonds, which are for
purchase upon approval of the Attorney-General, mature $2,000 Nov. 1
1922 and $1,000 yearly on Nov. 1 from 1923 to 1960 incl.
Cert, check on
an incorporated bank or trust
company, for 2% of amount of bonds bid
for, payable to the "Board of Education,' 'required.
Denom.
$1,000.
Date Dec.
1
1920.
Prin.
and
City of St. Paul's financial agency in N. Y.
for 2% of the amount of bonds bid for required.
semi-ann.
int.
payable
Certified check
or
cash
exception.
UNION COUNTY (P. O. Monroe), No. Caro .—BOND OFFERING.—
Long, Clerk Board of County Commissioners, will receive sealed
M. C.
proposals until Dec. 20 for $200,000 6% road and bridge bonds.
Denom.
f1,000.
Date Dec. 1 1920.
Prin. and semi-ann. (J. & D.) payable at the
National Park Bank.
N. Y.
Due yearly on Dec. 1 as follows:
$5 000
1921 to 1930, incl., $7,000 1931 to 1940, incl., and $8,000 1941 to 1950. incl.
Cert, check or cash on an incorporated bank or trust company for
2% of
amount of bonds bid for, required.
The successful bidder will be
furnished with the opinion of Reed, Dougherty & Hoyt, N. Y. that the
are valid obligations of Union County.
The bonds will be printed
the
ST.
at the
one
UNION, Hudson County, N. J.—BOND OFFERING POSTPONED.—
The offering of the $421,000 school and $134,000 paving
6% coupon (with
privilege of registration) bonds, originally set for Dec. 6 as stated in V. Ill
p. 2252—was postponed to Dec. 16.
ST. LOUIS COUNTY (P. O. Duluth), Minn.—BOND OFFERING.
Until 1:30 p. m. Dec. 15 W. H. Borgen, County Auditor, will receive sealed
bids for the purchase of $500,000 5% road bonds.
Int. semi-ann.
PAUL, Minn.—BOND OFFERING.—Sealed proposals will be re¬
ceived until 12 m. Dec. 20 by Jesse Foot, City Comptroller, for
$200,000
5% 30-year coupon (with privilege of registration
water-works bonds.
bonds
under the
supervision of the U. S. Mtge. & Trust Co., N. Y., which will
as to the genuineness of the signatures and the seal on the bonds.
The bonds will be delivered to the purchaser at the U. S. Mtge. & Trust
certify
Co., N. Y.
ST. PAUL, Howard County, Neb.—BOND SALE.—The $83,000
6H%
Paving District bonds, which were awarded on Nov. 15 to the Lincoln
Trust Co. of Lincoln, at par, are In denom. of $500 and are dated Oct. 1
1920.
Interest A. & O.
SACRAMENTO, Calif.—NO BIDS RECEIVED.—No bids
were
received
for an issue of $15,010 street impt. bonds recently offered.
The bonds have been turned over to the contractor.
VAN ZANDT COUNTY (P. O. Canton), Tex.—WARRANT SALE.—
An issue of $80,000 6% warrants has been awarded to Vernon H. Branch of
Wichita.
Denom. $500.
Date June 15 1920.
Int. J. & D.
Due yearly
from 1921 to 1935, incl.
WABASH
Ill, p.
2158) was awarded on Dec. 8 to RemicV. Hodges & Co., N. Y.
R. L.
Day & Co. and Merrill, Oldham & Co., Both of Boston, jointly, at 97.34
and interest, a basis of about 5.22%.
SAN JOSE, Santa Clara County, Calif.—BOND ELECTION POST"
PONED.—The bond election, which was to have taken place on Nov. 10
for the purpose of raising funds to make certain
municipal improvements,
indefinitely postponed.
SANTA CLARA SCHOOL DISTRICT, Santa Clara
County, Calif.
BOND OFFERING.—Proposals will be received by John Roll, Chairman'
Board of County Supervisors, (P. O. San Jose) until 11 a. m. Dec.
20 for
$110,000 6% bonds.
Denom. $1,000.
Prin. and semi-ann. int. (J. & D.)
payable at the office of the County Treasurer.
Due yearly as follows:
$3,000 1921 to 1954 incl., and $4,000 1955 and 1956.
Cert, check on a
reliable bank for 5% of the amount of bonds bid for
payable to Henry A.
Pfister, County Clerk, required.
SANTA CLARA HIGH SCHOOL DISTRICT, Santa Clara
County,
Calif.—BOND OFFERING.—Until 11 a, m. Dec. 20 proposals will be
received
by John Roil, Chairman Board of County Supervisors (P. O.
Jose) for $125,000 6% bonds.
Denom. $1,000.
Prin. and semi-ann.
int. (J. & D.) payable at the office of the County Treasurer.
Due yearly
as follows:
$3,000 1921 to 1955, incl., $4,000 1956 to 1960 incl.
Cert,
check on a reliable bank for 5% of the amount of bonds bid for
payable to
Henry A. Pfister, County Clerk, required.
San
SEATTLE, Wash.—BOND
SALE,
-During November Jthe city Issued
following 6% bonds:
3237
3221
3274
3296
3305
Bechtal et al
3308
3267
3266
3233
3224
3256
3275
3252
3300
3273
Date.
Purpose.
14
39
02
Grade and concrete....
00
Sewers
63
Paving
Paving
Paving
2,487 12
03
92
42
64
19,508 91
71,835 14
64,365 16
2,213 63
19,360 50
42,865
31,519
19,095
17,609
Walks
Nov.
Nov.
„
Paving
1920
5
1920
Nov.
Nov.
1
1932
5 1932
2
.Vid.
Grade and concrete
Walks
...
Grade and concrete
Walks
Trestle and concrete
Grade and concrete
Sewers
Walks
Nov.
9 1920
Nov.
9 1932
/Nov.
9 1920
Nov.
9 1932
Nov.
9 1920
Nov.
9 1920
Nov. 15 1920
Nov. 20 1920
Nov. 23 1920
Nov. 26 1920
Nov. 26 1920
Nov.
9 1932
9 1932
15 1932
Nov. 20 1932
Nov. 23 1932
Nov. 26 1920
Nov. 27 1920
Nov. 27 1920
Nov. 30 1920
Nov. 26 19.32
Nov. 27 1932
Nov. 27 1932
Nov. 30 1932
Nov.
SOUTHINGTON
TOWNSHIP
RURAL
SCHOOL
DISTRICT,
Trumbull County, Ohio.—BOND SALE.—On Nov. 9 an issue of
$5,000
6% refunding bonds was awarded to the Second National Bank of Warren
at par and interest.
Denom. $500.
Prin. and semi-ann. int. (A. & O.)
payable at the Second National Bank of Warren.
Due $500 on April 1
and Oct. 1 in each of years from 1921 to 1925, incl.
SPRINGFIELD
Greene
County,
CITY
SCHOOL
DISTRICT (P. O. Snrinefield),
SALE.—It is stated that the $600,000
referred to in V. 110, p. 2697—have been
Mo.—BOND
5% school bonds, which
were
sold.
STILLWATER COUNTY (P. O.
The following 6% bonds—V.
as follows:
110,
p.
Columbus), Mont.—BOND SALE.—
1901—were awarded at
par on
May 6
$75,000 highway bonds to C. A. Adams of Billings.
75,000 Court house bonds to James & Ainslie of Helena.
Denom. $1,000.
Date Jan. 1 1920.
Int. J. & J.
The maturities of
both issues are the same; due Jan. 1 1940.
optional yearly on Jan. 1 as
follows: $7,000 1930 to 1938, incl., and $12,000
1939.
SUMTER COUNTY (P.
B. Sawyers & Co.,
road bonds—V.
O. Sumterville),
submitting
Ill,
p.
a bid of 95,
1776—on Dec. 6.
1920.
|
SWEETWATER
County,
Fla
BOND SALE.— Geo.
awarded the $750,000 5%
Denom. $1,000.
Date Jan. 1
were
UNION
Calif.—BOND
HIGH
DISTRICT,
SCHOOL
OFFERING.—On Dec.
opened for tne purchase of $172,000 6% serial
$1,000.
follows:
1935 to
28
sealed
San
bids
school bonds.
Diego
will
be
Denom.
Nov. 29 1920.
Int. M.
& N.
Due yearlv as follows:
$6,000, 1926 to 1930, incl.; $12,000. 1931 to 1934, incl.; $16,000,
1939, Incl., and $20,000, 1940.
Cert, check for 2%, required.
Date
Assessed value $3,946,920.
G. W.
Heston is County Treasurer.
TARBORO, Edgecombe County. No. Caro.—BOND OFFERING.—
J. H. Jacocks, Town Clerk, will receive sealed
bids until 2 p. m. Dec. 21
for the following 6% gold bonds:
WALNUT RIDGE
AND ALICIA
ROAD
IMPROVEMENT
DIS'
TRICT, Lawrence County, Ark.—BOND SALE.—A $583,000 6% bond
was recently sold to the Bankers Trust Co. of Little Rock.
Date
Aug. 1 1920.
Int. (M. & 8.) payable at the Mercantile Trust Co., St.
Louis, or purchaser's option Bankers Trust Co., N. Y.
Due yearly on
Sept. 1 as follows: $18,000 1923, $19,000 1924, $20,000 1925, $31,000 1926,
$22,000 1927, $23,000 1928, $24,000 1929, $25,000 1930, $26,000 1931,
$27,000 1932, $28,000 1933, $29,000 1934, $30,000 1935, $32,000 1936,
$34,000 1937, $36,000 1938, $38,000 1939, $40,000 1940, $42,000 1941, and
$49,000 1942.
issue
_
Financial
Value of
Assessed
property
Assessed
valuation
and J. L. Morehead.
Durham.
blank forms to be furnished
by the above Clerk or said
No bid less than 95 and interest will be considered on
and no bid of less than par will be considered on
on
impt. bonds,
refunding
bonds.
par.
TODD COUNTY SCHOOL DISTRICT NO. 4
(P. O. West Union),
Minn.—BOND OFFERING.—Proposals will be received until 7
p. m. today
(Dec. 11) by the District Clerk, for an issue of $2,400 7% school bonds.
Int. ann.
Denom. $600.
TRAVERSE
Dec.
15,00
18/00
Lowest lien per acre
Highest tax per
—
1.08
acre per annum
Lowest tax per acre per annum
__
O.
TOWNSHIP
Dola),
.48
—
Average tax per acre per annum....
Highest value of land per acre
Lowest value of land per acre
Average value of land per acre
Population of district, estimated, 11,000.
(P.
8.00
—
.73
150.00
—
25.00
(
...
75.00
CONSOLIDATED
SCHOOL
DIS-
Hardin County, Ohio.— BOND OFFERING.—
Emil Overly, Clerk of Board of Education, will receive bids until 12 m.
Dec, 28 for $75,000 5bi% school bldg. addition bonds.
Denom. $1,000.
Date Aug. 1 1920.
Int. semi-ann.
Due $5,000 yearly on Oct. 1 from 1921
to 1935 incl.
Cert, check on some solvent bank in Ohio for 10% of amount
of bonds bid for, but not less than $1,000,
Board of Education, required.
payable to the Treasurer of the
Purchaser to pay accrued int.
WATERTOWN, Middlesex County, Mass.—LOAN" OFFERING.—It
reported that
is
for
the City Treasurer will receive bids until 3:30 p. m. Dec. 16
temporary loan of $150,000, maturing $50,000 on April 20, May 20
a
and June 20.
WATERTOWN,
Jefferson
County,
F. W. Mayhew, City Treasurer, will
N.
Y.—BOND
OFFERING.—
receive bids until 12 m. to-day (Dec. 11)
$70,000 5% water, light and power development bonds.
Denom. $1,000
Date July 1 1920.
Int. J. & 3.
Due $5,000 yearly on July 1 from 1931
to 1944, incl.
Cert, check on an incorporated bank or trust company,
for 2% of amount of bonds bid for, required.
Bonds to be delivered and
paid for within 10 days from date of award.
Purchaser to pay accrued int.
for
WATERVILLE, Kennebec
County, Me. —BOND OFFERING.—A. L.
Holmes, City Treasurer, will receive bids until 10 a. m. Dec. 15 for the
purchase of $20,000 5H% tax-free coupon sidewalk and sewer bonds.
Denom. $1,000.
Date Nov. 15 1920.
Prin. and semi-ann. int. M. & N.)
payable at the First National Bank of Boston.
Due Nov.
15
1940.
Bonds are engraved under the supervision of and cert fied as to genuineness
by the First National Bank of Boston; their legality will be approved by
Ropes, Gray, Boyden & Perkins, whose opinion will be furnished the pur¬
chaser.
Ail legal
papers incident to this issue will be filed with said bank,
where they may be inspected at any time.
Delivery to purchaser to be
made
on
Dec. 16 at the First National Bank of Boston.
WEST
ORANGE, Essex County, N. J.—BOND OFFERING.—George
W. Foster, Town Clerk, will receive bids until 8:15 p. m. Dec. 21
for the
purchase of the following coupon (with privilege of registration) bonds:
An issue of 5H% street-impt. bonds not to exceed $48,000.
Due $4,000
yearly on Dec. 1 from 1921 to 1932 incl.
An issue of 5H % assessment bonds not to exceed $104,000.
Due yearly
on Dec. 1 as follows: $11,000
1921 to 1924 incl. and $12,000 1925 to
1929 incl.
$90,000 temporary street-impt. bonds to bear interest at a rate not to exceed
6%.
Due Dec. 1 1926.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. Int. (J. & D.)
payable at the Town Treasurer's office; interest on registered bonds will
be remitted in New York exchange if requested.
Cert, check on an in
or trust company for 2% 'of amount bid for, payable to
Town Treasurer, required.
Bonds to be delivered to purchaser at
the U. S. Mtge. & Trust Co. of N. Y. on Dec. 30, or as soon thereafter as
corporated bank
the
they
can
be prepared.
Bids are deisred on forms which may be obtained
from the Town Clerk.
Bonds will be prepared under the supervision of
the U. S. Mtge. & Trust Co. of N. Y., which will certify as to the genuine¬
ness
&
of the signatures and the
Raymond of N. Y.,
ful
bidder.
Bonded
WICHITA
seal; legality will be approved by Caldwell
of whose opinion will be furnished the success
(incl. these issues), $957,000.
Sinking fund
Assessed value 1920, $17,402,423.
a copy
debt
FALLS,
Wichita
County,
Tex.—BOND
SALE.— The
William R. Compton Co. of St. Louis has purchased the $800,000 5% water
390).
Denom. $1,000.
Date Feb. 10 1920.
Prin. and
semi-ann. int. (F. & A.) payable at the Hanover Nat. Bank, N. Y.
Due
Feb. 10 1960, optional Feb. 10 1930.
p.
XENIA SCHOOL DISTRICT (P. O.Xenia), Greene County, Ohio.—
SALE.—On Dec. 2 the $20,000 6% school bonds described in
Ill
p. 2160—were awarded to the Detroit Trust Co. of Detroit, for
$20,151 (100.755) and interest, a basis of about 5.90%.
Date Nov. 1
BOND
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 48
(P. O. Wheeler)
Ore.— BOND SALE.— On Nov. 29 the $12,000
6% school bond issue—
V. Ill, p. 2068—was sold to the Nehalem
Valley Bank of Wheeler at
On
1,531,000.00
882,781.50
Average debt per acre
Highest lien per acre
bonds (V. 110,
approved by Chester B. Masslich, N. Y.
$7,650,000,00
--
Jan. 1 1920, $183,816.
Bids must be
improvement
for
.——
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. &
O.) payable in New
Cert, check or cash for 2% of the amount of bonds
bid for, required.
Bonds certified by U. S. Mtge. & Trust
Co., N. Y. Legality will be
trust company.
Statement.
benefits
taxed
$200,000 public impt. bonds.
Denom. $1,000.
Due yearly as follows:
$4,000 1922 to 1926, incl., and $9,000 1927 to
1946, incl.
20,000 refunding bonds.
Denom. $500.
Due $500 yearly from 1922
to 1931, incl., and $1,000 1932 to
1946, incl.
York.
National
WALLA WALLA, Walla Walla County, Wash.—WARRANT SALE.
—During November an issue of $60,000 6% Local Improvement District
warrants was sold.
Bonds will be issued later to take up these warrants.
Nov.
Nov. 26 1932
Nov. 26 1932
Lincoln
struction Co. of Loketon.
TRICT
Due.
1
bonds to the
88,000 W. H. Hornaday Chester Twp. bonds to the City Trust Co. of
Indianapolis.
WASHINGTON
Amount.
$16,249
59.473
14,131
1,059
12,031
Chester Twp.
Bank of Ft. Wayne.
Dist.
No.
is
as
31.500 J. E. Ohmart et al Pleasant Twp. bonds to the Grossnickle Con¬
5.74% discount basis.
SALT LAKE CITY, Salt Lake County, Utah.—BOND SALE.—The
$500,000 5% 20-year refunding bond issue dated Jan,
31921 (V.
the
(P. O. Wabash), Ind.—B
$ J SALE.—It
the county has sold three issues of 4H% road bonds
follows:
$66,000 A.
has been
COUNTY
reported that
SALEM, Essex County, Mass.—TEMPORARY LOAN.—The temoprary
loan of $400,000, maturing $200,000 on April 13 and May 18 1921—V.
Ill,
p. 2251—was awarded on Dec. 8 to Salomon Bros. & Hutzler, of Boston,
on a
[VOL. 111.
V.
6
the
COUNTY (P, O. Wheaton)," Minn.—BOND SAt
$86,000 5H% 10-year road bonds, dated^Dec. 1 1920—
V.
,
1920.
Due $500 each six months from May 1 1920 to Nov. 1 1940, incl
The bidders follow:
Detroit Trust Co
$20,151.00IN. S. Hill & Co., Cinn._.$20,067.50
Seasongood & Mayer, Cin. 20,143.001Provident Sav. Bank &
Daviess-BertramCo..Cin. 20.121.001
Trust Co..* Cin._-.._. 20,016.00
YAKIMA COUNTY
(P.
O.
Yakima), Wash.—BONDrOFFERING.—
by the Clerk Board of County Com¬
bonds.
If bids are desirable the whole
On Dec. 16 proposals will be received
missioners,
for
$250,000
road
.
$250,000 will be disposed of, but the right to limit the sale to
been granted to the county.
HAMILTON, Ont—DEBENTURE ELECTION.—An election is to be
$100,000 has
held Jan. 1, according to reports, at which by-laws providing for
ance of $6,114,600 municipal gasplant, $500,000 isolation hospital,
YELLOW
BOND
auction
.
MEDICINE COUNTY (P. O. Granite Falls). Minn.—
OFFERING.—G. H. Wilson, County Auditor, will sell at public
2.30 p. m. Dec. 14 $75,000 road impt. bonds.
Federal
Street
Due $25,339 yearly
m
„
Date
bonds.
Repaying
on
1920.
1
Sept.
Oct. 1 from 1921 to 1925, incl.
Due $1,000 yearly on
Date Oct. 15 1920.
Oct. 1 from 1921 to 1925, incl.
41,000 city's
*
6,480 Earie
portion
Ave.
Date
bonds.
sewer
Aug.
1
2E?rly on 0cfc- 1 from 1921 to 1925, incl.
*
1,535 Ella St.
bonds.
sewer
Date Aug.
7,305 Clay St.
2,010 Dupont St.
on
sewer
1 1920
sewer
and
Trustees.
check
on
a
Date Aug. 1 1920.
bonds.
SARNIA, Ont.—DEBENTURE ELECTION.—On Jan. 1,
$1,213
Due
SELKIRK, Man.—DEBENTURE ELECTION.—A by-law
$6,000 7% 6-installment school debentures will be submitted to
payers on Dec. 21, according to reports.
STAMFORD
TOWNSHIP,
and
SALE.—The two
$21,535, mentioned in
WALKERVILLE, Ont
TENDERS REJECTED.—All tenders
15-installment housing debentures recently
Municipalities.
were
rejected.
WINNIPEG, Man.-DEBENTURE SALE.—Harris, Forbes
$4,000 electric-light debentures.
New York have been awarded at 102.89, a basis of about
O. MacTier), Ont
DEBENTURE SALE.
—The block of $10,000 7% 20-installment coupon school-house erection
debentures offered on Nov. 27 (V. Ill, p. 1973) was awarded to R. C.
now
offering to investors at a price to yield 7.35%, an issue
coupon
gold debentures.
Denom. $1,000.
Date Dec.
FREEMAN TOWNSHIP (P.
and semi-ann. int.
Dec. 1
Co. of Toronto at 91.
& Co. of
5-72%, and are
of $800,000 6%
1 1920. Prin.
New York.
(J. & D.) payable in gold in Canada or
Due
1930.
FINANCIAL
NEW LOANS
LOANS
NEW
for an
offered
issue of $300,000 6%
BEAUSEJOUR, Man.-DEBENTURE ELECTION.—On Dec. 21, it is
stated, an election is to be held for the purpose of voting on the issuance of
Matthews &
to Issue
the rate¬
Ont .—DEBENTURE
of 6% 20-year debentures, amounting to
Ill, p. 1497, have been sold locally at 98.
V.
Provinces
according to
of
reports, the rate payers will vote on by-laws calling for the issuance
$59,000 water-main and $35,000 water-works-removal debentures.
blocks
its
De-
changed from $43,746 to $35,351.
yearly
Due $402
payable to the City Auditor, required.
at Youngstown by Jan. 10.
CANADA,
Montreal
Bank of Montreal in
1935.
Town Clerk-Treasurer, advises us that the amount of 6% 20-in¬
stallment debentures being offered on Dec. 13 (V. Ill
p. 2253) has been
$1,407 yearly
payable at the office of the Sinking Fund
solvent bank, for 2% of amount bid for,
Bonds to be delivered and paid for
semi-annual int.
Cert,
Due Dec. 1
RENFREW, Ont. —CHANGE IN AMOUNT OFFERED.—J. A.
$307 yearly on
Due
Date Aug. 1 1920.
bonds.
Winnipeg.
or
yearly on Oct. 1 from 1921 to 1925, incl.
.
Prin.
Due
the Provincial Treasurer's office, or at the
$1,296
Due
Oct 1 from 1921 to 1925, incl.
6,065 Maryland Ave.
_
1920.
venny,
Date Aug.
Oct. 1 from 1921 to 1925, incl.
_
„
bonds.
sewer
1920.
1
9.?*" 1 from 1921 to 1925, incl.
~
f6,000,000 6% 15-year gold coupon debentures. & D.) pyaable in $1,000.
)ate Dec. 1 1920.
Prin. and semi-ann. int. (J. Denom. $500 and gold at
1 1920.
Due $4,000
and $5,000 Oct. 1930. „
Dec.
Date
bonds.
impt.
on °ct- 1 from 1921 to 1929, incl.,
home,
ONTARIO (Province of)—DEBENTURE SALE.—-A syndicate com¬
posed of Dominion Securities Corporation; A. E. Ames & Co.; Wood,
Gundy & Co.; Aemilius Jarvis & Co.; W. A. Mackenzie & Co.; National
City Co.; Harris, Forbes & Co.; R. A. Daly & Co.; Osier & Hammond;
R. O. Matthews & Co.; C. H. Burrgess & Co.; Canada Bond Corporation,
Canadian Debentures Corp.; C. R. Clapp & Co.; Brent, Noxon & Co.;
Housser, Wood & Co.; Morrow & Jellett, and United Financial Corporation
has purchased and is now offering at a price to yield 6.60%, an issue of
bids until 12 m. Dec. 27
privilege of registration)
bonds:
5,000 pubhc safety bonds.
the issu¬
$300,000
$500,000 Mt. Hamilton Hospital addition and $200,000
Mountain Roadway scheme completion debentures will be voted upon.
nurses'
TPV££STOWN, Mahoning County, Ohio.—BOND OFFERING.—
A. H. Williams, City Auditor, will receive separate
for each of the following issues of 6% coupon (with
$126,695 West
2351
THE CHRONICLE
DEC. 111920.]
t
MUNICIPAL BONDS
Underwriting and distributing entire issues
We
of City, County,
District Bonds of
specialize in
School District and Road
MFG.
AMERICAN
CO.
Dealer's inquiries
Texas.
solicited.
and offerings
Circuktrt on Request.
City of Philadelphia
GLAJROXJO O.WISE&COMEAsrir
to
3s
? \
ag < 4 ♦
CORDAGE
t gap
h,
NILA. SISAL. JUTE
Housxoar.TtXAS
3y2s
4s
•
United States and Canadian
4V48
4i/2s
Bonds.
Municipal
Nobel &. West Streets,
Brooklyn., ML Y. City
5s
E. MAGRAW
F.
Biddle & Henry
104 South
waddell
Ground Floor Singer
New York
Goseaurtdal Paper
Telephone Cortlandt 3183
Fifth Street
CORPORATION
BONDS
Building
Street,
89 Liberty
MUNICIPAL AND
Local Securities of the Twin
PHILADELPHIA
Globe Building
Private
Vire to New York,
Call Canal 8437.
New Jersey
Municipal Bonds
H.
Descriptive List on Request
J.S. RIPPEL&
18 CLINTON
LOCATE CAPABLE
to
COMPANY
NEWARK. N. J.
STREET
Bttles
ST. PAUL, MINN.
M. CHANCE &. CO.
Mining Engineer, and
COAL AND MINERAL
Geol.giete
PROPERTIES
Examined, Managed, Appraised
PHILADELPHIA
Drexei Bldg.
MEN
fill vacancies in your
Approved Investment Issues
organization through the
Classified Department
of
the
FINANCIAL CHRONICLE
Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
and
profitable investment.
bonds originating in this district
Bids for and offers of
Our
Classified Department faces the
back
inside
are
solicited.
cover.
Mellon National Bank
Pittsburgh
Pennsylvania
New Jersey
Securities
Illinois Trust & Savings Bank
CUTWATER & WELLS
15 Exchange
Tel. SO Montgomery
Place
La Salle at Jackson
-
Chicago
-
Jersey City, N. J.
Of
Over
80%
f0
NATIONAL
the
Banks
New York
City
SAFETY
in
Pays Interest
George La Monte & Son
New York
on
Time
Deposits, Current and Reserve
Accounts,
Broadway
Capital and Surplus
»
r
•
$15,000,008
•
use
PAPER
FOR THEIR CHECKS
61
j
( T*. Sift Of
change.
l
Deals in Foreign Ex-
Transacts
a
Has
on
hand at all times a variety of ex-
cellent securities.
Buys and sella
Government, Municipal aad
General Trust Business.
Corporation Bonds.'
2352
THE
Whether it be
Bond
Cashier
a
or
Department Manager
i
/!¥
Pf*irnflTV
I I A \\|M| If II
vLulUUII ImI/
a
or
Executive of any kind—
an
CHRONICLE
FORMS
INVESTMENT MEN
UTILITY
PUBLIC
WANTED
BOND
to do
high grade
Utility
Bond
Trader.
A
thorough
be
All
strictly
held
A-10,
communications
confidential.
Financial
of
care
Box
90
Pine
security
to
Must be
salesman.
high
a
State
confidence.
experience
Address Box A-4,
tions.
established
known and
change house with
Statistician.
exceptional opening for
clientele.
a
Address
York
a
of
care
and
FOREIGN
BOND
by
growing foreign
men.
house.
high class investment
for
a
man
make
of excellent
connection
department of large
Address " A-18,"
possi¬
financial
required.
perience
A-l,
York
New
bond
and
and
salary
of
care
Good
statements.
Write
giving
and
know
who
man
kinds of securities.
fications.
A-8,
90 Pine Street,
has
Must
relative
the
sold
and
of
sell
can
clear vision
possess
merit
the
different
State in detail your quali¬
care
of
Financial
New York.
Chronicle,
/
Chronicle,
90
TRADER
SWITCHBOARD
with
three
valuable
and
Bankers
a
Investors
acquaintance
of
Pacific
the
Preferred
Stock
not
Address A-5
now
Philadelphia
market,
for
of
90 Pine Street, New York City.
SPANISH
will
SPEAKING.—Young
be
in that
of
to
establish
Stock
himself
with
Exchange
a
nish
of Financial
a group
of successful newspaper
90
Pine
Street,
to
New
York City.
The
Harvester
Company declared the regular dividend of $1.75
per share on the common stock of the
Company
payable January 15, 1921, to stockholders of
record at the close of business December
24, 1920.
In conformity with the
program submitted to
the stockholders at their
meeting held July 29,
1920, the Directors also declared a common stock
dividend of 2% on the common stock of the Com¬
pany payable January 25, 1921, to stockholders
of record at the close of business
December 24,
1920.
Non-dividend paying and non-interest bearing
fractional stock warrants will be issued for frac¬
tions of shares which may be
exchanged at any
time for stock certificates when
presented in
amounts equal to whole numbers of shares.
G. A. RANNEY,
Secretary.
OFFICE OF
The
United
Gas
Improvement Co.
N. W. CORNER BROAD & ARCH
STREETS
Philadelphia, Sept. 8, 1920.
The Directors have this day deciareu
dividend
of
one
and
terly
a
quar¬
three-quarters
the close of business November 30,
Checks will be mailed.
I.
W. MORRIS,
newspaper,
Financial
of
Address
Chronicle,
90
Box
1920.
Treasurer.
Allegheny Avenue & 19th Street.
Philadelphia, December 1, 1920.
Directors
have
declared
a
quarterly
dividend
of
three
dollars
($3.00)
per
share
from the net earnings of the
Company on both
Common and Preferred Stocks, payable Janu¬
ary 3, 1921, to stockholders of record at the close
of
business
on
December
15,
1920.
Checks
The
Pine
CHEMICAL COMPANY.
25 Broad St., New York, November 19,1920.
regular
quarterly dividend of one and
one-half per cent (1 H%) will be paid
January 3,
1921, to Preferred Stockholders of record at
3:00 P. M., December 17, 1920.
LANCASTER MORGAN, Treasurer.
Well
Best
educated.
references.
Good
Address
City.
New
quotation
Financial
of
care
board.
Address
Chronicle,
York.
Pine
90
.
Street,
liquibatton
The First National Bank of Frederica, located
Stotoenbft
at
Frederica, in the State of Delaware, is closing
its
AMERICAN
LOCOMOTIVE CO.
30 Church St., New York, Nov. 4, 1920.
A
Quarterly Dividend of One and Threequarters Per Cent. (1%%) upon the Preferred
Capital Stock of the American Locomotive Com¬
pany has been declared payable on December 31,
1920, to the Preferred stockholders of record at
the close of business on December 13, 1920.
A Quarterly Dividend of One and One-half
Cent.
(1J4%)
upon
December 30, 1920.
SPENCER
ROBERTSON,
Secretary.
AMERICAN CAR AND FOUNDRY COMPANY
New York Dec.
1
1920.
PREFERRED CAPITAL STOCK
.
DIVIDEND NO. 87
A dividend of one and three
quarters per cent.
on the Preferred Stock of this company
has this day been declared payable
(154 %)
Saturday,
January 1, 1921, to stockholders of record at the
or business Wednesday, December
15, 1920.
Checks will be mailed by the Guaranty Trust
Company of New York.
H.CTWICK, Secretary S. S. DELANO, Treas.
close
AMERICAN CAR AND FOUNDRY COMPANY
New York, Dec. 1, 1920.
COMMON
CAPITAL STOCK
DIVIDEND NO. 75
A quarterly dividend of three
per cent (3%)
on the Common stock of this
company has this
day been declared, payable Saturday, January 1,
1921, to stockholders of record at the close of
business,
Wednesday,
December
15,
1920.
Checks will be mailed by the
Guaranty Trust
Company of New YorkH.C.WICK,Secretary S.S.DELANO,Treas.
American Telephone &
A
dividend of
Two
20,
G.
MILNE, Treasurer.
THE PIERCE-ABROW MOTOR CAR CO.
The
Board
of
Directors
has
declared
the
regular quarterly dividend of two
cent
per
(2%) on the preferred stock of the Company,
payable January 1, 1921, to stockholders of
record
at
the
'•lose
of
and other creditors
therefore hereby notified
other claims for pay¬
Dated December 1, 1920.
THOMAS V. CAHALL,
President.
IMbfbenbtf
UNITED DVEWOOD CORPORATION.
New York, December 1, 1920.
Preferred Capital Stock Dividend No. 17.
Common Capital Stock Dividend No. 17.
The
following dividends on the stocks of
this Corporation have been declared: a dividend
of $1.75 per share (from a sum set aside for the
payment of $7.00 per share for the year 1920)
on the Preferred Stock, payable
January 3, 1921;
a
dividend of $1.50 per share on the Common
Stock, payable January 3,
1921; payable to
stockholders of record of Preferred and Common
Stocks
at
the
close
of
business
Wednesday,
December 15, 1920.
.
The Transfer Books will not be closed.
Checks
will
be
mailed
by the New
business
December
York
Trust Company of New York.
DE WITT CLINTON JONES, Treasurer.
E. W. CLARK St CO., Bankers,
Office of the
HUNTINGTON DEVELOPMENT & GAS CO.
PREFERRED
STOCK
DIVIDEND
NO.
16.
The Board of Directors of the
Huntington
Development & Gas Co. has declared the regular
Quarterly dividend of One and one-half per cent
IM %) upon the Preferred stock of the Company,
payable January 2nd, 1921, to stockholders of
record
1920.
the close of business December 15th,
Checks will be mailed to holders of Voting
Certificates of Deposit.
FRANK T. CLARK, Secretary.
at
Trustees'
Dividend
1920.
D.
are
the notes and
ment.
Dollars per share will be
on
December
All note-holders
Association
present
THE YALE & TOWNE MANUFACTURING CO.
Telegraph Go.
Eaid on of record at the close 1921, to stockSaturday, January 15, of business
olders
Monday,
to
the Common Capital
Stock of the Company has been declared payable
on
December 31, 1920, to the Common stock¬
holders of record at the close of business on De¬
cember 13,1920.
Dividend checks will be mailed
W.
affairs.
of the
15,
No.
110.
A dividend No. 110 of five per cent (5%) has
Board of Directors out of
been declared by the
past earnings, payable Jan. 3 1921, to stockholders
of record at the close of business December 17,
1920.
J. H. Towne, Secretary.
*
WALTER G. HENDERSON, Treasurer.
GENERAL
28.
SALE—Stock
Street,
vfIU bo mailed
The
desires
man
of Spanish language
A-7,
THE ELECTRIC STORAGE BATTERY CO.
■
value.
use
NOTICE OF LIQUIDATION.
Per
Directors of the International
a
of Financial Chronicle, 90 Pine Street,
care
A-15,
men on a
Ex¬
Address Box A-14, care
Chronicle,
as
A-9,
Street,
Age
FOR
$300,000 to $500,000 to become associated
growing
cellent facilities and statistical department
cooperate with him.
Box
Pine
family.
with
House.
position
A-6,
New .York City.
Consolidated
Wall
EQUIPMENT FOR SALE
care
CUSTOMERS MAN WANTED
clientele
90
lady
busy
a
a
Address
Chronicle,
position where fluent
Financial Chronicle, Box 3,
WANTED.—A business executive who will fur¬
with
WANTED.—Man
operator.
Financial
in
secure
BUSINESS EXECUTIVE WANTED
metropolitan
MAN
experience
Coast
Philadelphia
office of large New York Stock Exchange House.
Address Box A-3, care of Financial
Chronicle,
CUSTOMERS
OPERATOR.—Young
years
ex¬
perienced bond trader thoroughly conversant
with
Address A-2, care of Finan¬
New York City.
Paper, Bonds and
represented
to confer with
among
desires to represent a New York StockExchange
firm dealing in Commercial
DEPARTMENT—Bond
House desires to
switchboard
WANTED
care
possessing
BOND
Box
Wall Street Station. New York.
WANTED.—High grade,
Preferred
education.
Pine
New York
BOND
First
College
knowl¬
directing
cial Chronicle, 90 Pine Street, New York.
ex¬
Address
required.
Financial
REPRESENTATION
field.
marketing
references.
New York office.
hand¬
previous
PACIFIC COAST—A resident of San Francisco
gilt-edge securities.
At present
develop business would like
Street
„
Have'thorough
out-of-town investment house desiring to
open
Chronicle, 90 Pine Street, New York City.
WANTED—A
MAN*
unusually well qualified by broad experi¬
and past performances to organize office
ence
house,
Street, New York City.
and
Best
MANAGER
of Financial
care
BOND
Address Box A-17, care of Financial
Chronicle,
90 Pine Street, New York City.
be familiar with accounting and able to
must
proposition for the right
Replies will be held in confidence.
State
experience.
ASSISTANT
organization
Stock.
now
STATISTICIAN—Wanted assistant in statistical
ONE
Salary
in
opportunity
|Attractive
commission.
AND
handling salesmen ?
sales
man
TRADER WANTED
bond
increase
Chronicle, 90 Pine Street, New York City.
Chronicle,
and
recom¬
you an opening for a Trader
Assistant Bond Manager with experience
and
an
analyze
TRADER
Excellent
Address Box A-16, care of Financial
writing
FOREIGN EXCHANGE
TRADER
department looking
organizing
An
to
bilities.
90 Pine Street, New York City.
ONE
New
holding junior position with large investment
confidential.
Financial
and
business.
Ex¬
capable salesman with
Communications
A-ll,
Stock
to
Address A-12, care of Financial
Chronicle, 90 Pine Street, New York.
In
plan
toward
WANTED.—A wellNew
about
or
of
care
Street,
Pine
90
original underwriting.
some
arranged.
A-13,
Box
Chronicle,
be
will
interview
an
edge of bonds and stocks.
Financial
national reputation has
a
having
EXPERT STATISTICIAN capable of develop¬
house
SALESMAN
house,
retail clientele, and also undertaking
a
ing
qualifica¬
of
Exchange
AGER.—Have
Chronicle, 90 Pine Street, New York City.
SECURITY
Stock
STOCK EXCHANGE HOUSE desires services of
Salary
and
care
of assuming entire
charge of statistical department of an invest¬
banking house.
Prefer
a
New
York
ment
of experience with
years
York City.
All replies held in strict
commission basis.
STATISTICIAN—Capable
Ability,
class
of proven
man
ability and with extablished clientele.
or
POSITIONS WANTED
house.
bond
York
men
mendations.
it,
Address,
opportunity
an
New
your organization
-
develop
Financial
offers
P.M.
S
statistical and sales promotion work in a
justifies
;
SALESMAN.—A long established Bond
House
FRIDAY
If I r IV |
ililJil 1
•
Salary will be adequate with good chance for
advancement.
Write—and
if
your
letter
Street, New York
BOND
can be filled with capable
through these columns.
"
|
K
reputable New York firms absolutely essential.
will
Address
Chronicle,
CLOSE
integrity and several
knowledge of securities and ability to initiate
essential.
Vacancies in
A
r
STATISTICIAN WANTED.—Man under forty,
house has an unsual opening for an experienced
Public
k nTftffFlIT
I ||f
MJmAmL ill*
STATISTICIANS WANTED
TRADER.—A
large and well known New York Investment
business
[VOL. 111.
AMERICAN
CAN COMPANY.
dividend of one and three-quarters
has been declared on the Preferred Stock
Company, payable January 3rd, 1921,
A quarterly
per cent
of
this
to Stockholders of record at the close of business
December
16th,
1920.
Transfer
Books
will
remain open.
Checks mailed.
R. H. ISM ON, Secretary & Treasurer.
1920E.
C.
PEARSON,
Secretary.
For other dividends see pages
xxand xxi.
Dec.
111920.]
CHRONICLE
THE
YYTY
AAXA
Crostf Companies
(Sottott
Ofcas. O. Corn
Paul Schwan
August Schiereaberg
The
NEW
{Engineers
ENGLAND
Frank A. Kimbal
TRUST COMPANY
Corn, Schwarz
Co.
&
SURPLUS. 22.000 000
Safe Deposit
COMMISSION MERCHANTS
Vaults
Authorised to act as Executor, and to receive and hokl
15 William Street
New York
York Cotton
Coffee
INCORPORATED
FINANCE
industrial and public
utility properties and conduct an
Agent and Registrar of Stocks and Bends.
Interest Allowed on Deposits Subject to Check.
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York
STONE & WEBSTER
money or property in trust or on deposit from Courts of
Law or Equity. Executors. Administrators. Assignees.
Guardians. Trustees. Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
MEMBERS OF
New
A
BOSTON, MASS.
CAPITAL. $1,000,009
OFFICERS.
investment
JAME8 R. HOOPER. President
DESIGN
CHARLES E. NOTT, Secretary
H. M-Fadden &
Bro.
ORRIN C. HART, Trust Officer
EDWARD B. LADD, Asst. Treasurer
JOHN W.
PILLSBURY, Asst. Treasurer
'
FREDERICK O. MORRILL, Asst. Treas.
LEO WM. HUEGLE. Asst. Secretary
COTTON MERCHANTS
PHILADELPHIA
SEWALL E.
GEORGE
Foreign Cottons
Frederic Zerega & Co., Liverpool.
N. V. McFadden's Cle voor Import en
Rotterdam.
Soclete d'lmportatlon et de Commission, Havre.
"Fachlrl & Co., Milan.
<
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden South American
Augustus P. Lorlng.
dustrial
Robert A. Leeson
25 Congreee
Street
BOSTON, MASS.
Jr
Ernest Levering
Roger Pierce
Francis W. Fabyan
on
going concerns,
proposed extensions and new
projects.
Walworth Pierce
CharlesH. W.Foster
James M. Pendergast
Frank H. Gage
Morris Gray
Henry H. Proetor
Herbert M.
Edwin M. Richards
Sears
NEW YORK
Franklin W. Hobbs
Arthur R. Sharp
amwlterOoMPANr
OF
ILLINOIS
Members
of
J. G. WHITE ENGINEERING
Accounts
of
banks
bankers received
Nerv York Steele Exchange
New York Gotten Exchange
New York Coffee A Sugar Exchange
Members
CORPORATION
and
Correspondence Invited
New York Produce Exchange
Chicago Beard of Trade
Associate
CHICAGO
THE
CHICAGO
Under National, State and
Clearing House Supervision
BBOKEES
BOSTON
Henry L. Shattuck
COMMISSION MEBCHANTS
AND
utility and in¬
companies.
REPORT
Frederick P. Fish
James R. Hooper
Company,
Henry Hentz & Co.
William Street
NEW YORK
MANAGE public
David P. Kimball
J. D. Cameron Bradley
8. Parker Bremer
Sydney Harwood
'
-
DIRECTORS
George H. Davenport
Export,
either from their
designs or from designs of
other engineers or architects,
own
George Wlggleaworth. Chairman
Arthur Adams
FOREIGN CORRESPONDENTS.
■
ware¬
buildings.
CONSTRUCT
SWALLOW, Asst. Tr. Offr
BOYNTON,
H.
BOARD OF
Dealers in American, Egyptian and
■
\ '•
1
plants, industrial plants,
houses and
Manager Safe Deposit Vaults
67 Worth Street
•
'
'
power
ARTHUR F. THOM AS, Asst. Trust Officer
NEW YORK
25 Broad Street
Inc., Lima, Peru.
steam
stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
FREDERICK P. FISH, Vice-President
FREDERICK W. ALLEN, Treasurer
Geo.
banking business.
J
ROGER PIERCE. Vice-President
Exchange
Efficiently
of
equipped
to
handle all business pertains
Liverpool Gotten Association
lng to banking, and offer
Constructors
Engineers
a
complete service to accounts
of banks,
Hubbard Bros. & Co.
COFFEE
Buildings—Industrial Units
corporations, firm
and individuals.
Public Utilities
EXCHANGE BUILDING
Capital & Sur¬
plus 27,000,000
HANOVER SQUARE
Reports—Valuations—Estimates
42 EXCHANGE
PLACE, NEW YORK
Depos its,
260,000,000
NEW YORK
COTTON MERCHANTS
Liberal
Advances
Made
Cotton
on
CHARTERED 1853
Consignments
GWATHMEY A CO.
22-24 EXCHANGE PLACE, NEW YORK
472
FIFTH
AVENUE.
NEW
United States Trust Company of New York
45-47
WALL STREET
YORK
MEMBERS
YOEK COTTON EXCHANGE
YORK STOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
NEW
NEW
NEW
NEW
NEW
Capitol, •
•
•
•
Surplus and Undivided Profits,
•
-
$2,000,000,00
$14,SIS,928JO
This Company acts as Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives deposits subject to
check and allows Interest
on
dally balances.
It holds and manages
Stephen M. Weld & Co.
.
securities and other property, real and personal,$or
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
COTTON MERCHANTS
82-92 Beaver
Street, New York City
BOSTON.
FALL RIVER,
PROVIDENCE,
NEW BEDFORD,
PHILADELPHIA,
UTICA, N. Y„
WELD A CO.,
LIVERPOOL.
EDWARD
W.
SHELDON. President
William M. KINQSLEY, lit Vice-Pres.
WILFRED J. WORCESTER. Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT. Aset. Secretary
ROBERT S. OSBORNE. Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
THOMAS H. WILSON, Alit Secretary
WILLIAM G. GREEN, Assistant Secretary
TRUSTEES
ROBERT
MOORE
Mills
&
CO,
Building
15 Bread
Street, N. Y.
COTTON MERCHANTS
JOHN A. STEWART, Chairman of the Board
EDWARD W. SHELDON
CORNELIUS N. BLISS, JR.
CHAUNOEY KEEP
HENRY W. de FOREST
ARTHUR CURTISS JAMES
WILLIAM VINCENT ASYOB
LEWIS CASS LED YARD
WILLIAM MLKIN GSLEY
WILLIAM SLOANS
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LYMAN J. GAGE
PAYNE WHITNEY
WILLIAM
OGDEN
STfcWART TOD
MILLS
Members New York Cotton Exchange
STEINHAUSER &. CO.
Successors to
WILLIAM RAY & CO.
COTTON BROKERS.
lj Cotton Exchange
New York
Orders for future delivery contracts executed on
he New York and Liverpool Gotten Exchanges.
iopkins, Dwight & Co.
L. F. DOMMERICH & CO.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
and
COTTON-SEED OIL
COMMISSION MERCHANTS
Room
55, Cotton F
NEW
*ange
YORK.
General Offices, 254 Fourth Avenue
NEW* YORK
Building
Established* |0vei380 Years
[VOL. 111.
CHRONICLE
THE
XXX
jfinantial
financial
jfinantial
INVESTMENT
MUNICIPAL BONDS Central Bond & Mortgage Co.
know that
We
attractive
so
never
offerings
were
ames,
emerich
&co.
|&^i0ER«n0N|
BUTLER BROTHERS
111 Broadway, Rev Tork
undistributed surplus
Haa large
105 So. La Salle St., Cblcaoo
Statistical
Incorporated
DETROIT
1 at RaLBtok Bldg.,Milwaukee
Request.
Analysis Sent Free on
Dodge & Ross
Bolger, Mosser & Willaman
r
;
/ v"
GERMAN
Investment Bankers
Underwriters
Bonds
Distributors of Investment
Securities
and
BONDS
MUNICIPAL
-,
purchase of
the
for Li»t
CHICAGO
'//PRINCIPAL'^;'
recommends to conservative investors
as
Send
CHICAGO
■
to net
as
they are right now.
; And we have specialized in
Municipal Bonds for more than
a
quarter of a century—"26
Years Devoted to Making Safev
ty a Certainty."
yield
\
SECURITIES
Salle St.
208 South La
and
Our circular
Public Utility
on
Marks
application*
and.
In
Specializing
the
we
and
South
invite
curities
Bonds of
W.
CHICAGO
MONROE ST.,
from
inquiries
in
Wollenberger & Co.
INVESTMENT BANKERS
C. F. Childs & Company
se¬
105 So. La Salle St.
character.
this
of
111
Quoted
Sold
Bought
Mid-West,
interested
investors
Industrial Issues
grade
high
issues of Municipal
Specialists
Mortgage Trust
CHICAGO
Government Bonds
company missouri
ST. LOUIS
BROADWAY
NEW
CHICAGO
AT PINE.
120
208 So. La Salle St.
radon, French & Co.
Stevenson
Ws purchase and underwrite
entire Issues ef
105
La Salle St.,
So.
F. H.
PRINCE
& CO.
BANKERS
CHICAQO
BOSTON,
Telephone RandolphI5520.
opportunities
In the securities of municipalities, public
MASS,
util¬
ity. and well established industrial corpora
tious.
Correspondence Invited.
Ill
Inc.
Investment Securities
bonds and stocks ef established corporations.
We offer high-grade investment
Bros.
& Perry,
INVESTMENT
SECURITIES
YORK
Broadway
W. G. SOUDERS & CO.
HIGH-GRADE
INVESTMENTS
INVESTMENT SECURITIES
WEST MONROE STREET
Members of New York A Boston Stock Bsohaafle
South La
208
CHICAGO
Salle
Street,
CHICAGO
1
New York
Detroit
Grand Rapids
Milwaukee
McCIellan &
ENGINEERING
&
Campion
MANAGEMENT
P. W.
BROADWAY
141
NEW
Chapman & Company Day & Zimmermann, Inc.
YORK CITY
engineers
INVESTMENT SECURITIES
EMERY, PECK & ROCKWOOD
118 South La Salle St.
52 William Street
CHICAGO
NEW YORK
LONDON
INVESTMENT SECURITIES
Continental
dc
Commercial
Bank
Engineering, Construction, Reports
Building
CHICAGO
Henry S. Henschen&Co*
Railway Exchange Building
INVESTMENTfBANKERS
MILWAUKEE
108
.
So. La Salle St.
Appraisals, Audits, Management
in connection with
Publio Utilities & Industrial Properties
CHICAQO
CHRISTIAN & PARSONS CO.
Commercial
Collateral
HOME OPFICE
Buy and]Sell]High-Grade Bonds
Paper
NEW YORK OPFICE
2 Wall Street
Loans
Investment
I
Chestnut St,
Philadelphia
611
CHICAGO OFFIC1
HarrlSiTrust Bids.
Securities
LegalJInvestment for Savings Banks
in
208 S.La Salle SL
New
York and Connecticut
Chicago, IIL
RUTTER, LINDSAY & CO. Inc.
FORT WORTH, TEXAS,
FIRST
NATIONAL
BANK
INVESTMENTS
5%
RICHMOND, VA.
Capital and Surplus,
-
General Tax Bonds
$3,000,000.00
John M. Miller, Jr., President
M. Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland. Vice-President
Jas. M. Ball, Jr., Cashier
W.
Assessed valuation
$128,203,41^
debt
3,352,499
Municipal
Population, 1920 Census, 106,482
sears, roebuck 2k co.
To yield from 5.10%
71
Exempt
from
Bonds
Federal Ineome Taxes*!
5.25%
Yielding from35^% to 7%.
ELST0N
SEAS0NG00D, HAAS & MACDONALD
09 Broadway
<«Are
to
Send for List
7% NOTES
Members New York Stock
ROOKERY
CHICAGO
Maturing]serially June 1,
1929, toj[June 1, 1959
Net
Correspondence Invited
THE
Exchange
Vem To*
-nd
COMPANY
West Monroe
Street
CHICAGO
Milwaukee
Detroit
Minneapolis
THE HANCHETT BOND CO.
la«orp?rated 1216
39 Soutfcd v?re Sails Stnst
cfeCAGO
@FedFRASER